# EDGAR Filing Document

**Accession Number:** 0001131013
**File Stem:** 0002066578-25-000579
**Filing Date:** 2025-9
**Character Count:** 1896961
**Document Hash:** 701410dac092149c519004feed1f643a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002066578-25-000579.hdr.sgml**: 20250904

**ACCESSION NUMBER**: 0002066578-25-000579

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 72

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250904

**DATE AS OF CHANGE**: 20250904

**EFFECTIVENESS DATE**: 20250904

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** GuideStone Funds
- **CENTRAL INDEX KEY:** 0001131013

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

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-10263
- **FILM NUMBER:** 251292765

**BUSINESS ADDRESS:**
- **STREET 1:** 5005 LYNDON B. JOHNSON FREEWAY
- **STREET 2:** SUITE 2200
- **CITY:** DALLAS
- **STATE:** TX
- **ZIP:** 75244-6152
- **BUSINESS PHONE:** 214-720-2148

**MAIL ADDRESS:**
- **STREET 1:** 5005 LYNDON B. JOHNSON FREEWAY
- **STREET 2:** SUITE 2200
- **CITY:** DALLAS
- **STATE:** TX
- **ZIP:** 75244-6152

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** AB FUNDS TRUST/DE
- **DATE OF NAME CHANGE:** 20010405

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ANNUITY BOARD FUNDS TRUST
- **DATE OF NAME CHANGE:** 20010102

## Series and Classes Contracts Data

### Conservative Allocation Fund (Series ID: S000001153)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000003076 | Investor      | GFIZX           |
| C000169228 | Institutional | GCAYX           |

### LOW-DURATION BOND FUND (Series ID: S000001154)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000003079 | Institutional | GLDYX           |
| C000003080 | Investor      | GLDZX           |

### MEDIUM-DURATION BOND FUND (Series ID: S000001155)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000003083 | Institutional | GMDYX           |
| C000003084 | Investor      | GMDZX           |

### EQUITY INDEX FUND (Series ID: S000001157)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000003091 | Institutional | GEQYX           |
| C000003092 | Investor      | GEQZX           |

### VALUE EQUITY FUND (Series ID: S000001158)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000003095 | Institutional | GVEYX           |
| C000003096 | Investor      | GVEZX           |

### GROWTH EQUITY FUND (Series ID: S000001159)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000003099 | Institutional | GGEYX           |
| C000003100 | Investor      | GGEZX           |

### SMALL CAP EQUITY FUND (Series ID: S000001160)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000003103 | Institutional | GSCYX           |
| C000003104 | Investor      | GSCZX           |

### INTERNATIONAL EQUITY FUND (Series ID: S000001161)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000003107 | Institutional | GIEYX           |
| C000003108 | Investor      | GIEZX           |

### Balanced Allocation Fund (Series ID: S000001162)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000003111 | Investor      | GGIZX           |
| C000169229 | Institutional | GBAYX           |

### Moderately Aggressive Allocation Fund (Series ID: S000001163)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000003114 | Investor      | GCOZX           |
| C000169230 | Institutional | GGRYX           |

### Aggressive Allocation Fund (Series ID: S000001164)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000003117 | Investor      | GGBZX           |
| C000169231 | Institutional | GAGYX           |

### MONEY MARKET FUND (Series ID: S000001169)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000003124 | Institutional | GMYXX           |
| C000003125 | Investor      | GMZXX           |

### MyDestination 2015 Fund (Series ID: S000014477)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000039440 | Investor      | GMTZX           |
| C000185894 | Institutional | GMTYX           |

### MyDestination 2025 Fund (Series ID: S000014478)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000039443 | Investor      | GMWZX           |
| C000185895 | Institutional | GMWYX           |

### MyDestination 2035 Fund (Series ID: S000014479)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000039446 | Investor      | GMHZX           |
| C000185896 | Institutional | GMHYX           |

### MyDestination 2045 Fund (Series ID: S000014480)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000039449 | Investor      | GMFZX           |
| C000185897 | Institutional | GMYYX           |

### Global Bond Fund (Series ID: S000014481)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000039452 | Investor      | GGBFX           |
| C000158246 | Institutional | GGBEX           |

### Global Real Estate Securities Fund (Series ID: S000014482)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000039453 | Investor      | GREZX           |
| C000158247 | Institutional | GREYX           |

### Defensive Market Strategies Fund (Series ID: S000033730)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000104139 | Institutional | GDMYX           |
| C000104140 | Investor      | GDMZX           |

### MyDestination 2055 Fund (Series ID: S000035302)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000108559 | Investor      | GMGZX           |
| C000185898 | Institutional | GMGYX           |

### Emerging Markets Equity Fund (Series ID: S000041653)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000129313 | Institutional | GEMYX           |
| C000129314 | Investor      | GEMZX           |

### International Equity Index Fund (Series ID: S000049460)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000156358 | Institutional | GIIYX           |
| C000236040 | Investor      | GIIZX           |

### Strategic Alternatives Fund (Series ID: S000057426)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000183274 | Institutional | GFSYX           |
| C000183275 | Investor      | GFSZX           |

### Value Equity Index Fund (Series ID: S000077389)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000237791 | Investor      | GVIZX           |
| C000237792 | Institutional | GVIYX           |

### Growth Equity Index Fund (Series ID: S000077390)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000237793 | Investor      | GEIZX           |
| C000237794 | Institutional | GEIYX           |

### Impact Bond Fund (Series ID: S000079509)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000240563 | Investor      | GMBZX           |
| C000240564 | Institutional | GMBYX           |

### Impact Equity Fund (Series ID: S000079510)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000240565 | Investor      | GMEZX           |
| C000240566 | Institutional | GMEYX           |

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#### 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

#### 811-10263

#### Guidestone Funds
(Exact name of registrant as specified in charter)

------

5005 Lyndon B. Johnson Freeway, Suite 2200

Dallas, TX 75244-6152

(Address of principal executive offices)(Zip code)

Matthew A. Wolfe, Esq

Guidestone Financial Resources of the Southern Baptist Convention

5005 Lyndon B. Johnson Freeway, Suite 2200

Dallas, TX 75244-6152

(Name and address of agent for service)

#### Registrant's telephone number, including area code:

#### 214-720-4640

#### Date of fiscal year end:

#### December 31

#### Date of reporting period:

#### June 30, 2025
 **Item 1. Reports to Stockholders.**

(a) The Report to Shareholders is attached herewith

(b) Not Applicable

### MyDestination 2015 Fund

#### Class: INSTITUTIONAL \| TICKER: GMTYX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
![Logo](images_7419.jpg)

This semi-annual shareholder report contains important information about the MyDestination 2015 Fund ("Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at *GuideStoneFunds.com/Fund-Literature*. You can also request this information by contacting us at 1-888-GS-FUNDS.

#### Fund Expenses for the Last Six Months
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of $10,000 Investment<sup>1</sup>** | **Cost of $10,000 investment<br>as a percentage<sup>1</sup>** |
| MyDestination 2015 Fund<br>(Institutional Class/GMTYX) | $4 | 0.08% |

---

 *<sup>1</sup>* *Reflects applicable expense reimbursements and fee waivers.* 

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;$716306091 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;33 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate for the period** | &nbsp;&nbsp;&nbsp;&nbsp;8% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund.

TOP TEN HOLDINGS

---

| | |
|:---|:---|
| GuideStone Medium-Duration Bond Fund | 32.6% |
| GuideStone Equity Index Fund | 17.9% |
| GuideStone Defensive Market Strategies<sup>®</sup> Fund | 10.4% |
| GuideStone Low-Duration Bond Fund | 9.9% |
| GuideStone International Equity Index Fund | 9.3% |
| GuideStone Global Bond Fund | 5.5% |
| GuideStone Emerging Markets Equity Fund | 2.2% |
| GuideStone Small Cap Equity Fund | 2.0% |
| U.S. Treasury Inflationary Index Bonds 3.88%, 4/15/29 | 1.4% |
| GuideStone Money Market Fund, 4.25% | 1.1% |

---

PORTFOLIO SUMMARY

![Graphical Representation - Allocation 2 Chart](chartimages_2995361.jpg)

\*Includes, if any, short-term investments, derivatives and categories rounding to less than 1%.

Availability of Additional Information

![TSR - QR Code](images_7418.jpg)

Scan the QR code at left or visit *GuideStoneFunds.com/Fund-Literature* to view additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information. You may also request this information by contacting us at 1-888-GS-FUNDS.

#### Householding
To reduce fund expenses, we will deliver a single copy of shareholder documents to investors with multiple accounts at the same address. If you would prefer individual copies for each account please call 1-888-GS-FUNDS or contact your financial intermediary. Instructions are typically effective within 30 days.

GuideStone Funds<sup>®</sup>

### MyDestination 2015 Fund

#### Class: INVESTOR \| TICKER: GMTZX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
![Logo](images_7419.jpg)

This semi-annual shareholder report contains important information about the MyDestination 2015 Fund ("Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at *GuideStoneFunds.com/Fund-Literature*. You can also request this information by contacting us at 1-888-GS-FUNDS.

#### Fund Expenses for the Last Six Months
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of $10,000 Investment<sup>1</sup>** | **Cost of $10,000 investment<br>as a percentage<sup>1</sup>** |
| MyDestination 2015 Fund<br>(Investor Class/GMTZX) | $19 | 0.38% |

---

 *<sup>1</sup>* *Reflects applicable expense reimbursements and fee waivers.* 

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;$716306091 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;33 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate for the period** | &nbsp;&nbsp;&nbsp;&nbsp;8% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund.

TOP TEN HOLDINGS

---

| | |
|:---|:---|
| GuideStone Medium-Duration Bond Fund | 32.6% |
| GuideStone Equity Index Fund | 17.9% |
| GuideStone Defensive Market Strategies<sup>®</sup> Fund | 10.4% |
| GuideStone Low-Duration Bond Fund | 9.9% |
| GuideStone International Equity Index Fund | 9.3% |
| GuideStone Global Bond Fund | 5.5% |
| GuideStone Emerging Markets Equity Fund | 2.2% |
| GuideStone Small Cap Equity Fund | 2.0% |
| U.S. Treasury Inflationary Index Bonds 3.88%, 4/15/29 | 1.4% |
| GuideStone Money Market Fund, 4.25% | 1.1% |

---

PORTFOLIO SUMMARY

![Graphical Representation - Allocation 2 Chart](chartimages_2995333.jpg)

\*Includes, if any, short-term investments, derivatives and categories rounding to less than 1%.

Availability of Additional Information

![TSR - QR Code](images_7418.jpg)

Scan the QR code at left or visit *GuideStoneFunds.com/Fund-Literature* to view additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information. You may also request this information by contacting us at 1-888-GS-FUNDS.

#### Householding
To reduce fund expenses, we will deliver a single copy of shareholder documents to investors with multiple accounts at the same address. If you would prefer individual copies for each account please call 1-888-GS-FUNDS or contact your financial intermediary. Instructions are typically effective within 30 days.

GuideStone Funds<sup>®</sup>

### MyDestination 2025 Fund

#### Class: INSTITUTIONAL \| TICKER: GMWYX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
![Logo](images_7419.jpg)

This semi-annual shareholder report contains important information about the MyDestination 2025 Fund ("Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at *GuideStoneFunds.com/Fund-Literature*. You can also request this information by contacting us at 1-888-GS-FUNDS.

#### Fund Expenses for the Last Six Months
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of $10,000 Investment<sup>1</sup>** | **Cost of $10,000 investment<br>as a percentage<sup>1</sup>** |
| MyDestination 2025 Fund<br>(Institutional Class/GMWYX) | $4 | 0.07% |

---

 *<sup>1</sup>* *Reflects applicable expense reimbursements and fee waivers.* 

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;$2008002397 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;33 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate for the period** | &nbsp;&nbsp;&nbsp;&nbsp;9% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund.

TOP TEN HOLDINGS

---

| | |
|:---|:---|
| GuideStone Medium-Duration Bond Fund | 30.7% |
| GuideStone Equity Index Fund | 22.4% |
| GuideStone Defensive Market Strategies<sup>®</sup> Fund | 13.0% |
| GuideStone International Equity Index Fund | 11.4% |
| GuideStone Global Bond Fund | 5.3% |
| GuideStone Low-Duration Bond Fund | 4.4% |
| GuideStone Emerging Markets Equity Fund | 2.7% |
| GuideStone Small Cap Equity Fund | 2.5% |
| GuideStone Global Real Estate Securities Fund | 1.0% |
| GuideStone Strategic Alternatives Fund | 1.0% |

---

PORTFOLIO SUMMARY

![Graphical Representation - Allocation 2 Chart](chartimages_2995435.jpg)

\*Includes, if any, short-term investments, derivatives and categories rounding to less than 1%.

Availability of Additional Information

![TSR - QR Code](images_7418.jpg)

Scan the QR code at left or visit *GuideStoneFunds.com/Fund-Literature* to view additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information. You may also request this information by contacting us at 1-888-GS-FUNDS.

#### Householding
To reduce fund expenses, we will deliver a single copy of shareholder documents to investors with multiple accounts at the same address. If you would prefer individual copies for each account please call 1-888-GS-FUNDS or contact your financial intermediary. Instructions are typically effective within 30 days.

GuideStone Funds<sup>®</sup>

### MyDestination 2025 Fund

#### Class: INVESTOR \| TICKER: GMWZX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
![Logo](images_7419.jpg)

This semi-annual shareholder report contains important information about the MyDestination 2025 Fund ("Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at *GuideStoneFunds.com/Fund-Literature*. You can also request this information by contacting us at 1-888-GS-FUNDS.

#### Fund Expenses for the Last Six Months
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of $10,000 Investment<sup>1</sup>** | **Cost of $10,000 investment<br>as a percentage<sup>1</sup>** |
| MyDestination 2025 Fund<br>(Investor Class/GMWZX) | $19 | 0.37% |

---

 *<sup>1</sup>* *Reflects applicable expense reimbursements and fee waivers.* 

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;$2008002397 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;33 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate for the period** | &nbsp;&nbsp;&nbsp;&nbsp;9% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund.

TOP TEN HOLDINGS

---

| | |
|:---|:---|
| GuideStone Medium-Duration Bond Fund | 30.7% |
| GuideStone Equity Index Fund | 22.4% |
| GuideStone Defensive Market Strategies<sup>®</sup> Fund | 13.0% |
| GuideStone International Equity Index Fund | 11.4% |
| GuideStone Global Bond Fund | 5.3% |
| GuideStone Low-Duration Bond Fund | 4.4% |
| GuideStone Emerging Markets Equity Fund | 2.7% |
| GuideStone Small Cap Equity Fund | 2.5% |
| GuideStone Global Real Estate Securities Fund | 1.0% |
| GuideStone Strategic Alternatives Fund | 1.0% |

---

PORTFOLIO SUMMARY

![Graphical Representation - Allocation 2 Chart](chartimages_2995407.jpg)

\*Includes, if any, short-term investments, derivatives and categories rounding to less than 1%.

Availability of Additional Information

![TSR - QR Code](images_7418.jpg)

Scan the QR code at left or visit *GuideStoneFunds.com/Fund-Literature* to view additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information. You may also request this information by contacting us at 1-888-GS-FUNDS.

#### Householding
To reduce fund expenses, we will deliver a single copy of shareholder documents to investors with multiple accounts at the same address. If you would prefer individual copies for each account please call 1-888-GS-FUNDS or contact your financial intermediary. Instructions are typically effective within 30 days.

GuideStone Funds<sup>®</sup>

### MyDestination 2035 Fund

#### Class: INSTITUTIONAL \| TICKER: GMHYX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
![Logo](images_7419.jpg)

This semi-annual shareholder report contains important information about the MyDestination 2035 Fund ("Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at *GuideStoneFunds.com/Fund-Literature*. You can also request this information by contacting us at 1-888-GS-FUNDS.

#### Fund Expenses for the Last Six Months
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of $10,000 Investment<sup>1</sup>** | **Cost of $10,000 investment<br>as a percentage<sup>1</sup>** |
| MyDestination 2035 Fund<br>(Institutional Class/GMHYX) | $4 | 0.08% |

---

 *<sup>1</sup>* *Reflects applicable expense reimbursements and fee waivers.* 

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;$2157348591 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;33 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate for the period** | &nbsp;&nbsp;&nbsp;&nbsp;6% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund.

TOP TEN HOLDINGS

---

| | |
|:---|:---|
| GuideStone Equity Index Fund | 33.5% |
| GuideStone Medium-Duration Bond Fund | 22.3% |
| GuideStone International Equity Index Fund | 16.7% |
| GuideStone Defensive Market Strategies<sup>®</sup> Fund | 10.6% |
| GuideStone Global Bond Fund | 5.3% |
| GuideStone Emerging Markets Equity Fund | 4.1% |
| GuideStone Small Cap Equity Fund | 3.9% |
| GuideStone Global Real Estate Securities Fund | 1.4% |
| GuideStone Strategic Alternatives Fund | 1.0% |
| GuideStone Money Market Fund, 4.25% | 1.0% |

---

PORTFOLIO SUMMARY

![Graphical Representation - Allocation 2 Chart](chartimages_2995509.jpg)

\*Includes, if any, short-term investments, derivatives and categories rounding to less than 1%.

Availability of Additional Information

![TSR - QR Code](images_7418.jpg)

Scan the QR code at left or visit *GuideStoneFunds.com/Fund-Literature* to view additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information. You may also request this information by contacting us at 1-888-GS-FUNDS.

#### Householding
To reduce fund expenses, we will deliver a single copy of shareholder documents to investors with multiple accounts at the same address. If you would prefer individual copies for each account please call 1-888-GS-FUNDS or contact your financial intermediary. Instructions are typically effective within 30 days.

GuideStone Funds<sup>®</sup>

### MyDestination 2035 Fund

#### Class: INVESTOR \| TICKER: GMHZX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
![Logo](images_7419.jpg)

This semi-annual shareholder report contains important information about the MyDestination 2035 Fund ("Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at *GuideStoneFunds.com/Fund-Literature*. You can also request this information by contacting us at 1-888-GS-FUNDS.

#### Fund Expenses for the Last Six Months
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of $10,000 Investment<sup>1</sup>** | **Cost of $10,000 investment<br>as a percentage<sup>1</sup>** |
| MyDestination 2035 Fund<br>(Investor Class/GMHZX) | $19 | 0.37% |

---

 *<sup>1</sup>* *Reflects applicable expense reimbursements and fee waivers.* 

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;$2157348591 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;33 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate for the period** | &nbsp;&nbsp;&nbsp;&nbsp;6% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund.

TOP TEN HOLDINGS

---

| | |
|:---|:---|
| GuideStone Equity Index Fund | 33.5% |
| GuideStone Medium-Duration Bond Fund | 22.3% |
| GuideStone International Equity Index Fund | 16.7% |
| GuideStone Defensive Market Strategies<sup>®</sup> Fund | 10.6% |
| GuideStone Global Bond Fund | 5.3% |
| GuideStone Emerging Markets Equity Fund | 4.1% |
| GuideStone Small Cap Equity Fund | 3.9% |
| GuideStone Global Real Estate Securities Fund | 1.4% |
| GuideStone Strategic Alternatives Fund | 1.0% |
| GuideStone Money Market Fund, 4.25% | 1.0% |

---

PORTFOLIO SUMMARY

![Graphical Representation - Allocation 2 Chart](chartimages_2995481.jpg)

\*Includes, if any, short-term investments, derivatives and categories rounding to less than 1%.

Availability of Additional Information

![TSR - QR Code](images_7418.jpg)

Scan the QR code at left or visit *GuideStoneFunds.com/Fund-Literature* to view additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information. You may also request this information by contacting us at 1-888-GS-FUNDS.

#### Householding
To reduce fund expenses, we will deliver a single copy of shareholder documents to investors with multiple accounts at the same address. If you would prefer individual copies for each account please call 1-888-GS-FUNDS or contact your financial intermediary. Instructions are typically effective within 30 days.

GuideStone Funds<sup>®</sup>

### MyDestination 2045 Fund

#### Class: INSTITUTIONAL \| TICKER: GMYYX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
![Logo](images_7419.jpg)

This semi-annual shareholder report contains important information about the MyDestination 2045 Fund ("Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at *GuideStoneFunds.com/Fund-Literature*. You can also request this information by contacting us at 1-888-GS-FUNDS.

#### Fund Expenses for the Last Six Months
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of $10,000 Investment<sup>1</sup>** | **Cost of $10,000 investment<br>as a percentage<sup>1</sup>** |
| MyDestination 2045 Fund<br>(Institutional Class/GMYYX) | $6 | 0.12% |

---

 *<sup>1</sup>* *Reflects applicable expense reimbursements and fee waivers.* 

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;$1826216758 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;9 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate for the period** | &nbsp;&nbsp;&nbsp;&nbsp;3% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund.

TOP TEN HOLDINGS

---

| | |
|:---|:---|
| GuideStone Equity Index Fund | 46.4% |
| GuideStone International Equity Index Fund | 22.8% |
| GuideStone Medium-Duration Bond Fund | 9.4% |
| GuideStone Emerging Markets Equity Fund | 5.6% |
| GuideStone Small Cap Equity Fund | 5.5% |
| GuideStone Defensive Market Strategies<sup>®</sup> Fund | 5.3% |
| GuideStone Global Bond Fund | 2.3% |
| GuideStone Global Real Estate Securities Fund | 1.7% |
| GuideStone Money Market Fund, 4.25% | 1.1% |

---

PORTFOLIO SUMMARY

![Graphical Representation - Allocation 2 Chart](chartimages_2995583.jpg)

\*Includes, if any, short-term investments, derivatives and categories rounding to less than 1%.

Availability of Additional Information

![TSR - QR Code](images_7418.jpg)

Scan the QR code at left or visit *GuideStoneFunds.com/Fund-Literature* to view additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information. You may also request this information by contacting us at 1-888-GS-FUNDS.

#### Householding
To reduce fund expenses, we will deliver a single copy of shareholder documents to investors with multiple accounts at the same address. If you would prefer individual copies for each account please call 1-888-GS-FUNDS or contact your financial intermediary. Instructions are typically effective within 30 days.

GuideStone Funds<sup>®</sup>

### MyDestination 2045 Fund

#### Class: INVESTOR \| TICKER: GMFZX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
![Logo](images_7419.jpg)

This semi-annual shareholder report contains important information about the MyDestination 2045 Fund ("Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at *GuideStoneFunds.com/Fund-Literature*. You can also request this information by contacting us at 1-888-GS-FUNDS.

#### Fund Expenses for the Last Six Months
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of $10,000 Investment<sup>1</sup>** | **Cost of $10,000 investment<br>as a percentage<sup>1</sup>** |
| MyDestination 2045 Fund<br>(Investor Class/GMFZX) | $20 | 0.38% |

---

 *<sup>1</sup>* *Reflects applicable expense reimbursements and fee waivers.* 

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;$1826216758 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;9 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate for the period** | &nbsp;&nbsp;&nbsp;&nbsp;3% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund.

TOP TEN HOLDINGS

---

| | |
|:---|:---|
| GuideStone Equity Index Fund | 46.4% |
| GuideStone International Equity Index Fund | 22.8% |
| GuideStone Medium-Duration Bond Fund | 9.4% |
| GuideStone Emerging Markets Equity Fund | 5.6% |
| GuideStone Small Cap Equity Fund | 5.5% |
| GuideStone Defensive Market Strategies<sup>®</sup> Fund | 5.3% |
| GuideStone Global Bond Fund | 2.3% |
| GuideStone Global Real Estate Securities Fund | 1.7% |
| GuideStone Money Market Fund, 4.25% | 1.1% |

---

PORTFOLIO SUMMARY

![Graphical Representation - Allocation 2 Chart](chartimages_2995555.jpg)

\*Includes, if any, short-term investments, derivatives and categories rounding to less than 1%.

Availability of Additional Information

![TSR - QR Code](images_7418.jpg)

Scan the QR code at left or visit *GuideStoneFunds.com/Fund-Literature* to view additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information. You may also request this information by contacting us at 1-888-GS-FUNDS.

#### Householding
To reduce fund expenses, we will deliver a single copy of shareholder documents to investors with multiple accounts at the same address. If you would prefer individual copies for each account please call 1-888-GS-FUNDS or contact your financial intermediary. Instructions are typically effective within 30 days.

GuideStone Funds<sup>®</sup>

### MyDestination 2055 Fund

#### Class: INSTITUTIONAL \| TICKER: GMGYX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
![Logo](images_7419.jpg)

This semi-annual shareholder report contains important information about the MyDestination 2055 Fund ("Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at *GuideStoneFunds.com/Fund-Literature*. You can also request this information by contacting us at 1-888-GS-FUNDS.

#### Fund Expenses for the Last Six Months
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of $10,000 Investment<sup>1</sup>** | **Cost of $10,000 investment<br>as a percentage<sup>1</sup>** |
| MyDestination 2055 Fund<br>(Institutional Class/GMGYX) | $8 | 0.15% |

---

 *<sup>1</sup>* *Reflects applicable expense reimbursements and fee waivers.* 

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;$963193705 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;9 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate for the period** | &nbsp;&nbsp;&nbsp;&nbsp;2% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund.

TOP TEN HOLDINGS

---

| | |
|:---|:---|
| GuideStone Equity Index Fund | 50.0% |
| GuideStone International Equity Index Fund | 24.8% |
| GuideStone Emerging Markets Equity Fund | 6.1% |
| GuideStone Small Cap Equity Fund | 6.0% |
| GuideStone Defensive Market Strategies<sup>®</sup> Fund | 5.0% |
| GuideStone Medium-Duration Bond Fund | 4.1% |
| GuideStone Global Real Estate Securities Fund | 1.9% |
| GuideStone Money Market Fund, 4.25% | 1.1% |
| GuideStone Global Bond Fund | 1.0% |

---

PORTFOLIO SUMMARY

![Graphical Representation - Allocation 2 Chart](chartimages_2995657.jpg)

\*Includes, if any, short-term investments, derivatives and categories rounding to less than 1%.

Availability of Additional Information

![TSR - QR Code](images_7418.jpg)

Scan the QR code at left or visit *GuideStoneFunds.com/Fund-Literature* to view additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information. You may also request this information by contacting us at 1-888-GS-FUNDS.

#### Householding
To reduce fund expenses, we will deliver a single copy of shareholder documents to investors with multiple accounts at the same address. If you would prefer individual copies for each account please call 1-888-GS-FUNDS or contact your financial intermediary. Instructions are typically effective within 30 days.

GuideStone Funds<sup>®</sup>

### MyDestination 2055 Fund

#### Class: INVESTOR \| TICKER: GMGZX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
![Logo](images_7419.jpg)

This semi-annual shareholder report contains important information about the MyDestination 2055 Fund ("Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at *GuideStoneFunds.com/Fund-Literature*. You can also request this information by contacting us at 1-888-GS-FUNDS.

#### Fund Expenses for the Last Six Months
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of $10,000 Investment<sup>1</sup>** | **Cost of $10,000 investment<br>as a percentage<sup>1</sup>** |
| MyDestination 2055 Fund<br>(Investor Class/GMGZX) | $21 | 0.40% |

---

 *<sup>1</sup>* *Reflects applicable expense reimbursements and fee waivers.* 

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;$963193705 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;9 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate for the period** | &nbsp;&nbsp;&nbsp;&nbsp;2% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund.

TOP TEN HOLDINGS

---

| | |
|:---|:---|
| GuideStone Equity Index Fund | 50.0% |
| GuideStone International Equity Index Fund | 24.8% |
| GuideStone Emerging Markets Equity Fund | 6.1% |
| GuideStone Small Cap Equity Fund | 6.0% |
| GuideStone Defensive Market Strategies<sup>®</sup> Fund | 5.0% |
| GuideStone Medium-Duration Bond Fund | 4.1% |
| GuideStone Global Real Estate Securities Fund | 1.9% |
| GuideStone Money Market Fund, 4.25% | 1.1% |
| GuideStone Global Bond Fund | 1.0% |

---

PORTFOLIO SUMMARY

![Graphical Representation - Allocation 2 Chart](chartimages_2995629.jpg)

\*Includes, if any, short-term investments, derivatives and categories rounding to less than 1%.

Availability of Additional Information

![TSR - QR Code](images_7418.jpg)

Scan the QR code at left or visit *GuideStoneFunds.com/Fund-Literature* to view additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information. You may also request this information by contacting us at 1-888-GS-FUNDS.

#### Householding
To reduce fund expenses, we will deliver a single copy of shareholder documents to investors with multiple accounts at the same address. If you would prefer individual copies for each account please call 1-888-GS-FUNDS or contact your financial intermediary. Instructions are typically effective within 30 days.

GuideStone Funds<sup>®</sup>

### Conservative Allocation Fund

#### Class: INSTITUTIONAL \| TICKER: GCAYX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
![Logo](images_7419.jpg)

This semi-annual shareholder report contains important information about the Conservative Allocation Fund ("Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at *GuideStoneFunds.com/Fund-Literature*. You can also request this information by contacting us at 1-888-GS-FUNDS.

#### Fund Expenses for the Last Six Months
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of $10,000 Investment** | **Cost of $10,000 investment<br>as a percentage** |
| Conservative Allocation Fund<br>(Institutional Class/GCAYX) | $9 | 0.18% |

---

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;$412211796 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;16 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate for the period** | &nbsp;&nbsp;&nbsp;&nbsp;27% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund.

TOP TEN HOLDINGS

---

| | |
|:---|:---|
| GuideStone Medium-Duration Bond Fund | 32.2% |
| GuideStone Low-Duration Bond Fund | 24.5% |
| GuideStone Defensive Market Strategies<sup>®</sup> Fund | 7.4% |
| GuideStone International Equity Fund | 6.0% |
| GuideStone Strategic Alternatives Fund | 4.9% |
| GuideStone Growth Equity Fund | 4.0% |
| GuideStone Value Equity Fund | 4.0% |
| GuideStone Impact Bond Fund | 4.0% |
| GuideStone Global Bond Fund | 2.9% |
| GuideStone Emerging Markets Equity Fund | 2.4% |

---

PORTFOLIO SUMMARY

![Graphical Representation - Allocation 2 Chart](chartimages_2995731.jpg)

\*Includes, if any, short-term investments, derivatives and categories rounding to less than 1%.

Availability of Additional Information

![TSR - QR Code](images_7418.jpg)

Scan the QR code at left or visit *GuideStoneFunds.com/Fund-Literature* to view additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information. You may also request this information by contacting us at 1-888-GS-FUNDS.

#### Householding
To reduce fund expenses, we will deliver a single copy of shareholder documents to investors with multiple accounts at the same address. If you would prefer individual copies for each account please call 1-888-GS-FUNDS or contact your financial intermediary. Instructions are typically effective within 30 days.

GuideStone Funds<sup>®</sup>

### Conservative Allocation Fund

#### Class: INVESTOR \| TICKER: GFIZX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
![Logo](images_7419.jpg)

This semi-annual shareholder report contains important information about the Conservative Allocation Fund ("Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at *GuideStoneFunds.com/Fund-Literature*. You can also request this information by contacting us at 1-888-GS-FUNDS.

#### Fund Expenses for the Last Six Months
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of $10,000 Investment** | **Cost of $10,000 investment<br>as a percentage** |
| Conservative Allocation Fund<br>(Investor Class/GFIZX) | $22 | 0.43% |

---

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;$412211796 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;16 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate for the period** | &nbsp;&nbsp;&nbsp;&nbsp;27% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund.

TOP TEN HOLDINGS

---

| | |
|:---|:---|
| GuideStone Medium-Duration Bond Fund | 32.2% |
| GuideStone Low-Duration Bond Fund | 24.5% |
| GuideStone Defensive Market Strategies<sup>®</sup> Fund | 7.4% |
| GuideStone International Equity Fund | 6.0% |
| GuideStone Strategic Alternatives Fund | 4.9% |
| GuideStone Growth Equity Fund | 4.0% |
| GuideStone Value Equity Fund | 4.0% |
| GuideStone Impact Bond Fund | 4.0% |
| GuideStone Global Bond Fund | 2.9% |
| GuideStone Emerging Markets Equity Fund | 2.4% |

---

PORTFOLIO SUMMARY

![Graphical Representation - Allocation 2 Chart](chartimages_2995703.jpg)

\*Includes, if any, short-term investments, derivatives and categories rounding to less than 1%.

Availability of Additional Information

![TSR - QR Code](images_7418.jpg)

Scan the QR code at left or visit *GuideStoneFunds.com/Fund-Literature* to view additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information. You may also request this information by contacting us at 1-888-GS-FUNDS.

#### Householding
To reduce fund expenses, we will deliver a single copy of shareholder documents to investors with multiple accounts at the same address. If you would prefer individual copies for each account please call 1-888-GS-FUNDS or contact your financial intermediary. Instructions are typically effective within 30 days.

GuideStone Funds<sup>®</sup>

### Balanced Allocation Fund

#### Class: INSTITUTIONAL \| TICKER: GBAYX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
![Logo](images_7419.jpg)

This semi-annual shareholder report contains important information about the Balanced Allocation Fund ("Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at *GuideStoneFunds.com/Fund-Literature*. You can also request this information by contacting us at 1-888-GS-FUNDS.

#### Fund Expenses for the Last Six Months
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of $10,000 Investment** | **Cost of $10,000 investment<br>as a percentage** |
| Balanced Allocation Fund<br>(Institutional Class/GBAYX) | $7 | 0.13% |

---

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;$1304227409 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;16 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate for the period** | &nbsp;&nbsp;&nbsp;&nbsp;8% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund.

TOP TEN HOLDINGS

---

| | |
|:---|:---|
| GuideStone Medium-Duration Bond Fund | 29.3% |
| GuideStone International Equity Fund | 11.0% |
| GuideStone Defensive Market Strategies<sup>®</sup> Fund | 10.3% |
| GuideStone Growth Equity Fund | 7.7% |
| GuideStone Global Bond Fund | 7.7% |
| GuideStone Value Equity Fund | 7.7% |
| GuideStone Emerging Markets Equity Fund | 4.6% |
| GuideStone Strategic Alternatives Fund | 3.9% |
| GuideStone Low-Duration Bond Fund | 3.8% |
| GuideStone Growth Equity Index Fund | 2.6% |

---

PORTFOLIO SUMMARY

![Graphical Representation - Allocation 2 Chart](chartimages_2995805.jpg)

\*Includes, if any, short-term investments, derivatives and categories rounding to less than 1%.

Availability of Additional Information

![TSR - QR Code](images_7418.jpg)

Scan the QR code at left or visit *GuideStoneFunds.com/Fund-Literature* to view additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information. You may also request this information by contacting us at 1-888-GS-FUNDS.

#### Householding
To reduce fund expenses, we will deliver a single copy of shareholder documents to investors with multiple accounts at the same address. If you would prefer individual copies for each account please call 1-888-GS-FUNDS or contact your financial intermediary. Instructions are typically effective within 30 days.

GuideStone Funds<sup>®</sup>

### Balanced Allocation Fund

#### Class: INVESTOR \| TICKER: GGIZX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
![Logo](images_7419.jpg)

This semi-annual shareholder report contains important information about the Balanced Allocation Fund ("Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at *GuideStoneFunds.com/Fund-Literature*. You can also request this information by contacting us at 1-888-GS-FUNDS.

#### Fund Expenses for the Last Six Months
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of $10,000 Investment** | **Cost of $10,000 investment<br>as a percentage** |
| Balanced Allocation Fund<br>(Investor Class/GGIZX) | $20 | 0.39% |

---

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;$1304227409 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;16 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate for the period** | &nbsp;&nbsp;&nbsp;&nbsp;8% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund.

TOP TEN HOLDINGS

---

| | |
|:---|:---|
| GuideStone Medium-Duration Bond Fund | 29.3% |
| GuideStone International Equity Fund | 11.0% |
| GuideStone Defensive Market Strategies<sup>®</sup> Fund | 10.3% |
| GuideStone Growth Equity Fund | 7.7% |
| GuideStone Global Bond Fund | 7.7% |
| GuideStone Value Equity Fund | 7.7% |
| GuideStone Emerging Markets Equity Fund | 4.6% |
| GuideStone Strategic Alternatives Fund | 3.9% |
| GuideStone Low-Duration Bond Fund | 3.8% |
| GuideStone Growth Equity Index Fund | 2.6% |

---

PORTFOLIO SUMMARY

![Graphical Representation - Allocation 2 Chart](chartimages_2995777.jpg)

\*Includes, if any, short-term investments, derivatives and categories rounding to less than 1%.

Availability of Additional Information

![TSR - QR Code](images_7418.jpg)

Scan the QR code at left or visit *GuideStoneFunds.com/Fund-Literature* to view additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information. You may also request this information by contacting us at 1-888-GS-FUNDS.

#### Householding
To reduce fund expenses, we will deliver a single copy of shareholder documents to investors with multiple accounts at the same address. If you would prefer individual copies for each account please call 1-888-GS-FUNDS or contact your financial intermediary. Instructions are typically effective within 30 days.

GuideStone Funds<sup>®</sup>

### Moderately Aggressive Allocation Fund

#### Class: INSTITUTIONAL \| TICKER: GGRYX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
![Logo](images_7419.jpg)

This semi-annual shareholder report contains important information about the Moderately Aggressive Allocation Fund ("Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at *GuideStoneFunds.com/Fund-Literature*. You can also request this information by contacting us at 1-888-GS-FUNDS.

#### Fund Expenses for the Last Six Months
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of $10,000 Investment** | **Cost of $10,000 investment<br>as a percentage** |
| Moderately Aggressive Allocation Fund<br>(Institutional Class/GGRYX) | $7 | 0.14% |

---

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;$1122400837 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;16 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate for the period** | &nbsp;&nbsp;&nbsp;&nbsp;8% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund.

TOP TEN HOLDINGS

---

| | |
|:---|:---|
| GuideStone International Equity Fund | 19.4% |
| GuideStone Growth Equity Fund | 13.9% |
| GuideStone Value Equity Fund | 13.8% |
| GuideStone Medium-Duration Bond Fund | 12.3% |
| GuideStone Emerging Markets Equity Fund | 8.2% |
| GuideStone Growth Equity Index Fund | 4.6% |
| GuideStone Defensive Market Strategies<sup>®</sup> Fund | 4.6% |
| GuideStone Value Equity Index Fund | 4.6% |
| GuideStone Small Cap Equity Fund | 3.4% |
| GuideStone Global Bond Fund | 3.1% |

---

PORTFOLIO SUMMARY

![Graphical Representation - Allocation 2 Chart](chartimages_2995879.jpg)

\*Includes, if any, short-term investments, derivatives and categories rounding to less than 1%.

Availability of Additional Information

![TSR - QR Code](images_7418.jpg)

Scan the QR code at left or visit *GuideStoneFunds.com/Fund-Literature* to view additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information. You may also request this information by contacting us at 1-888-GS-FUNDS.

#### Householding
To reduce fund expenses, we will deliver a single copy of shareholder documents to investors with multiple accounts at the same address. If you would prefer individual copies for each account please call 1-888-GS-FUNDS or contact your financial intermediary. Instructions are typically effective within 30 days.

GuideStone Funds<sup>®</sup>

### Moderately Aggressive Allocation Fund

#### Class: INVESTOR \| TICKER: GCOZX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
![Logo](images_7419.jpg)

This semi-annual shareholder report contains important information about the Moderately Aggressive Allocation Fund ("Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at *GuideStoneFunds.com/Fund-Literature*. You can also request this information by contacting us at 1-888-GS-FUNDS.

#### Fund Expenses for the Last Six Months
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of $10,000 Investment** | **Cost of $10,000 investment<br>as a percentage** |
| Moderately Aggressive Allocation Fund<br>(Investor Class/GCOZX) | $20 | 0.39% |

---

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;$1122400837 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;16 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate for the period** | &nbsp;&nbsp;&nbsp;&nbsp;8% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund.

TOP TEN HOLDINGS

---

| | |
|:---|:---|
| GuideStone International Equity Fund | 19.4% |
| GuideStone Growth Equity Fund | 13.9% |
| GuideStone Value Equity Fund | 13.8% |
| GuideStone Medium-Duration Bond Fund | 12.3% |
| GuideStone Emerging Markets Equity Fund | 8.2% |
| GuideStone Growth Equity Index Fund | 4.6% |
| GuideStone Defensive Market Strategies<sup>®</sup> Fund | 4.6% |
| GuideStone Value Equity Index Fund | 4.6% |
| GuideStone Small Cap Equity Fund | 3.4% |
| GuideStone Global Bond Fund | 3.1% |

---

PORTFOLIO SUMMARY

![Graphical Representation - Allocation 2 Chart](chartimages_2995851.jpg)

\*Includes, if any, short-term investments, derivatives and categories rounding to less than 1%.

Availability of Additional Information

![TSR - QR Code](images_7418.jpg)

Scan the QR code at left or visit *GuideStoneFunds.com/Fund-Literature* to view additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information. You may also request this information by contacting us at 1-888-GS-FUNDS.

#### Householding
To reduce fund expenses, we will deliver a single copy of shareholder documents to investors with multiple accounts at the same address. If you would prefer individual copies for each account please call 1-888-GS-FUNDS or contact your financial intermediary. Instructions are typically effective within 30 days.

GuideStone Funds<sup>®</sup>

### Aggressive Allocation Fund

#### Class: INSTITUTIONAL \| TICKER: GAGYX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
![Logo](images_7419.jpg)

This semi-annual shareholder report contains important information about the Aggressive Allocation Fund ("Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at *GuideStoneFunds.com/Fund-Literature*. You can also request this information by contacting us at 1-888-GS-FUNDS.

#### Fund Expenses for the Last Six Months
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of $10,000 Investment** | **Cost of $10,000 investment<br>as a percentage** |
| Aggressive Allocation Fund<br>(Institutional Class/GAGYX) | $7 | 0.14% |

---

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;$1149457162 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;9 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate for the period** | &nbsp;&nbsp;&nbsp;&nbsp;7% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund.

TOP TEN HOLDINGS

---

| | |
|:---|:---|
| GuideStone International Equity Fund | 27.1% |
| GuideStone Growth Equity Fund | 19.5% |
| GuideStone Value Equity Fund | 19.3% |
| GuideStone Emerging Markets Equity Fund | 11.4% |
| GuideStone Growth Equity Index Fund | 6.5% |
| GuideStone Value Equity Index Fund | 6.4% |
| GuideStone Small Cap Equity Fund | 4.9% |
| GuideStone Impact Equity Fund | 4.0% |
| GuideStone Money Market Fund, 4.25% | 0.9% |

---

PORTFOLIO SUMMARY

![Graphical Representation - Allocation 2 Chart](chartimages_2995953.jpg)

\*Includes, if any, short-term investments, derivatives and categories rounding to less than 1%.

Availability of Additional Information

![TSR - QR Code](images_7418.jpg)

Scan the QR code at left or visit *GuideStoneFunds.com/Fund-Literature* to view additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information. You may also request this information by contacting us at 1-888-GS-FUNDS.

#### Householding
To reduce fund expenses, we will deliver a single copy of shareholder documents to investors with multiple accounts at the same address. If you would prefer individual copies for each account please call 1-888-GS-FUNDS or contact your financial intermediary. Instructions are typically effective within 30 days.

GuideStone Funds<sup>®</sup>

### Aggressive Allocation Fund

#### Class: INVESTOR \| TICKER: GGBZX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
![Logo](images_7419.jpg)

This semi-annual shareholder report contains important information about the Aggressive Allocation Fund ("Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at *GuideStoneFunds.com/Fund-Literature*. You can also request this information by contacting us at 1-888-GS-FUNDS.

#### Fund Expenses for the Last Six Months
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of $10,000 Investment** | **Cost of $10,000 investment<br>as a percentage** |
| Aggressive Allocation Fund<br>(Investor Class/GGBZX) | $20 | 0.39% |

---

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;$1149457162 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;9 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate for the period** | &nbsp;&nbsp;&nbsp;&nbsp;7% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund.

TOP TEN HOLDINGS

---

| | |
|:---|:---|
| GuideStone International Equity Fund | 27.1% |
| GuideStone Growth Equity Fund | 19.5% |
| GuideStone Value Equity Fund | 19.3% |
| GuideStone Emerging Markets Equity Fund | 11.4% |
| GuideStone Growth Equity Index Fund | 6.5% |
| GuideStone Value Equity Index Fund | 6.4% |
| GuideStone Small Cap Equity Fund | 4.9% |
| GuideStone Impact Equity Fund | 4.0% |
| GuideStone Money Market Fund, 4.25% | 0.9% |

---

PORTFOLIO SUMMARY

![Graphical Representation - Allocation 2 Chart](chartimages_2995925.jpg)

\*Includes, if any, short-term investments, derivatives and categories rounding to less than 1%.

Availability of Additional Information

![TSR - QR Code](images_7418.jpg)

Scan the QR code at left or visit *GuideStoneFunds.com/Fund-Literature* to view additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information. You may also request this information by contacting us at 1-888-GS-FUNDS.

#### Householding
To reduce fund expenses, we will deliver a single copy of shareholder documents to investors with multiple accounts at the same address. If you would prefer individual copies for each account please call 1-888-GS-FUNDS or contact your financial intermediary. Instructions are typically effective within 30 days.

GuideStone Funds<sup>®</sup>

### Money Market Fund

#### Class: INSTITUTIONAL \| TICKER: GMYXX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
![Logo](images_7419.jpg)

This semi-annual shareholder report contains important information about the Money Market Fund ("Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at *GuideStoneFunds.com/Fund-Literature*. You can also request this information by contacting us at 1-888-GS-FUNDS.

#### Fund Expenses for the Last Six Months
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of $10,000 Investment** | **Cost of $10,000 investment<br>as a percentage** |
| Money Market Fund<br>(Institutional Class/GMYXX) | $7 | 0.14% |

---

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;$2123586618 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;109 |

---

#### Graphical Representation of Holdings
The table below shows the investment makeup of the Fund, representing percentage of the total net assets of the Fund.

MATURITY TABLE

![Graphical Representation - Allocation 2 Chart](chartimages_2996027.jpg)

Availability of Additional Information

![TSR - QR Code](images_7418.jpg)

Scan the QR code at left or visit *GuideStoneFunds.com/Fund-Literature* to view additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information. You may also request this information by contacting us at 1-888-GS-FUNDS.

You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not a bank account and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund's sponsor is not required to reimburse the Fund for losses, and you should not expect that the sponsor will provide financial support to the Fund at any time, including during periods of market stress.

#### Householding
To reduce fund expenses, we will deliver a single copy of shareholder documents to investors with multiple accounts at the same address. If you would prefer individual copies for each account please call 1-888-GS-FUNDS or contact your financial intermediary. Instructions are typically effective within 30 days.

GuideStone Funds<sup>®</sup>

### Money Market Fund

#### Class: INVESTOR \| TICKER: GMZXX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
![Logo](images_7419.jpg)

This semi-annual shareholder report contains important information about the Money Market Fund ("Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at *GuideStoneFunds.com/Fund-Literature*. You can also request this information by contacting us at 1-888-GS-FUNDS.

#### Fund Expenses for the Last Six Months
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of $10,000 Investment** | **Cost of $10,000 investment<br>as a percentage** |
| Money Market Fund<br>(Investor Class/GMZXX) | $21 | 0.41% |

---

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;$2123586618 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;109 |

---

#### Graphical Representation of Holdings
The table below shows the investment makeup of the Fund, representing percentage of the total net assets of the Fund.

MATURITY TABLE

![Graphical Representation - Allocation 2 Chart](chartimages_2995999.jpg)

Availability of Additional Information

![TSR - QR Code](images_7418.jpg)

Scan the QR code at left or visit *GuideStoneFunds.com/Fund-Literature* to view additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information. You may also request this information by contacting us at 1-888-GS-FUNDS.

You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not a bank account and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund's sponsor is not required to reimburse the Fund for losses, and you should not expect that the sponsor will provide financial support to the Fund at any time, including during periods of market stress.

#### Householding
To reduce fund expenses, we will deliver a single copy of shareholder documents to investors with multiple accounts at the same address. If you would prefer individual copies for each account please call 1-888-GS-FUNDS or contact your financial intermediary. Instructions are typically effective within 30 days.

GuideStone Funds<sup>®</sup>

### Low-Duration Bond Fund

#### Class: INSTITUTIONAL \| TICKER: GLDYX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
![Logo](images_7419.jpg)

This semi-annual shareholder report contains important information about the Low-Duration Bond Fund ("Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at *GuideStoneFunds.com/Fund-Literature*. You can also request this information by contacting us at 1-888-GS-FUNDS.

#### Fund Expenses for the Last Six Months
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of $10,000 Investment** | **Cost of $10,000 investment<br>as a percentage** |
| Low-Duration Bond Fund<br>(Institutional Class/GLDYX) | $18 | 0.36% |

---

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;$845919156 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;1195 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate for the period** | &nbsp;&nbsp;&nbsp;&nbsp;109% |

---

#### Graphical Representation of Holdings
The table below shows the investment makeup of the Fund, representing percentage of the total exposure of the Fund.

ASSET TYPE ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_2996101.jpg)

\*Includes, if any, short-term investments, derivatives and categories rounding to less than 1%.

Availability of Additional Information

![TSR - QR Code](images_7418.jpg)

Scan the QR code at left or visit *GuideStoneFunds.com/Fund-Literature* to view additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information. You may also request this information by contacting us at 1-888-GS-FUNDS.

#### Householding
To reduce fund expenses, we will deliver a single copy of shareholder documents to investors with multiple accounts at the same address. If you would prefer individual copies for each account please call 1-888-GS-FUNDS or contact your financial intermediary. Instructions are typically effective within 30 days.

GuideStone Funds<sup>®</sup>

### Low-Duration Bond Fund

#### Class: INVESTOR \| TICKER: GLDZX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
![Logo](images_7419.jpg)

This semi-annual shareholder report contains important information about the Low-Duration Bond Fund ("Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at *GuideStoneFunds.com/Fund-Literature*. You can also request this information by contacting us at 1-888-GS-FUNDS.

#### Fund Expenses for the Last Six Months
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of $10,000 Investment** | **Cost of $10,000 investment<br>as a percentage** |
| Low-Duration Bond Fund<br>(Investor Class/GLDZX) | $33 | 0.65% |

---

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;$845919156 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;1195 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate for the period** | &nbsp;&nbsp;&nbsp;&nbsp;109% |

---

#### Graphical Representation of Holdings
The table below shows the investment makeup of the Fund, representing percentage of the total exposure of the Fund.

ASSET TYPE ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_2996073.jpg)

\*Includes, if any, short-term investments, derivatives and categories rounding to less than 1%.

Availability of Additional Information

![TSR - QR Code](images_7418.jpg)

Scan the QR code at left or visit *GuideStoneFunds.com/Fund-Literature* to view additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information. You may also request this information by contacting us at 1-888-GS-FUNDS.

#### Householding
To reduce fund expenses, we will deliver a single copy of shareholder documents to investors with multiple accounts at the same address. If you would prefer individual copies for each account please call 1-888-GS-FUNDS or contact your financial intermediary. Instructions are typically effective within 30 days.

GuideStone Funds<sup>®</sup>

### Medium-Duration Bond Fund

#### Class: INSTITUTIONAL \| TICKER: GMDYX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
![Logo](images_7419.jpg)

This semi-annual shareholder report contains important information about the Medium-Duration Bond Fund ("Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at *GuideStoneFunds.com/Fund-Literature*. You can also request this information by contacting us at 1-888-GS-FUNDS.

#### Fund Expenses for the Last Six Months
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of $10,000 Investment** | **Cost of $10,000 investment<br>as a percentage** |
| Medium-Duration Bond Fund<br>(Institutional Class/GMDYX) | $20 | 0.39% |

---

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;$3220961065 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;2586 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate for the period** | &nbsp;&nbsp;&nbsp;&nbsp;182% |

---

#### Graphical Representation of Holdings
The table below shows the investment makeup of the Fund, representing percentage of the total exposure of the Fund.

ASSET TYPE ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_2996175.jpg)

\*Includes, if any, short-term investments, derivatives and categories rounding to less than 1%.

Availability of Additional Information

![TSR - QR Code](images_7418.jpg)

Scan the QR code at left or visit *GuideStoneFunds.com/Fund-Literature* to view additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information. You may also request this information by contacting us at 1-888-GS-FUNDS.

#### Householding
To reduce fund expenses, we will deliver a single copy of shareholder documents to investors with multiple accounts at the same address. If you would prefer individual copies for each account please call 1-888-GS-FUNDS or contact your financial intermediary. Instructions are typically effective within 30 days.

GuideStone Funds<sup>®</sup>

### Medium-Duration Bond Fund

#### Class: INVESTOR \| TICKER: GMDZX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
![Logo](images_7419.jpg)

This semi-annual shareholder report contains important information about the Medium-Duration Bond Fund ("Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at *GuideStoneFunds.com/Fund-Literature*. You can also request this information by contacting us at 1-888-GS-FUNDS.

#### Fund Expenses for the Last Six Months
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of $10,000 Investment** | **Cost of $10,000 investment<br>as a percentage** |
| Medium-Duration Bond Fund<br>(Investor Class/GMDZX) | $33 | 0.66% |

---

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;$3220961065 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;2586 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate for the period** | &nbsp;&nbsp;&nbsp;&nbsp;182% |

---

#### Graphical Representation of Holdings
The table below shows the investment makeup of the Fund, representing percentage of the total exposure of the Fund.

ASSET TYPE ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_2996147.jpg)

\*Includes, if any, short-term investments, derivatives and categories rounding to less than 1%.

Availability of Additional Information

![TSR - QR Code](images_7418.jpg)

Scan the QR code at left or visit *GuideStoneFunds.com/Fund-Literature* to view additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information. You may also request this information by contacting us at 1-888-GS-FUNDS.

#### Householding
To reduce fund expenses, we will deliver a single copy of shareholder documents to investors with multiple accounts at the same address. If you would prefer individual copies for each account please call 1-888-GS-FUNDS or contact your financial intermediary. Instructions are typically effective within 30 days.

GuideStone Funds<sup>®</sup>

### Global Bond Fund

#### Class: INSTITUTIONAL \| TICKER: GGBEX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
![Logo](images_7419.jpg)

This semi-annual shareholder report contains important information about the Global Bond Fund ("Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at *GuideStoneFunds.com/Fund-Literature*. You can also request this information by contacting us at 1-888-GS-FUNDS.

#### Fund Expenses for the Last Six Months
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of $10,000 Investment** | **Cost of $10,000 investment<br>as a percentage** |
| Global Bond Fund<br>(Institutional Class/GGBEX) | $32 | 0.63% |

---

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;$632741348 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;1505 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate for the period** | &nbsp;&nbsp;&nbsp;&nbsp;35% |

---

#### Graphical Representation of Holdings
The table below shows the investment makeup of the Fund, representing percentage of the total exposure of the Fund.

ASSET TYPE ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_2996249.jpg)

\*Includes, if any, short-term investments, derivatives and categories rounding to less than 1%.

Availability of Additional Information

![TSR - QR Code](images_7418.jpg)

Scan the QR code at left or visit *GuideStoneFunds.com/Fund-Literature* to view additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information. You may also request this information by contacting us at 1-888-GS-FUNDS.

#### Householding
To reduce fund expenses, we will deliver a single copy of shareholder documents to investors with multiple accounts at the same address. If you would prefer individual copies for each account please call 1-888-GS-FUNDS or contact your financial intermediary. Instructions are typically effective within 30 days.

GuideStone Funds<sup>®</sup>

### Global Bond Fund

#### Class: INVESTOR \| TICKER: GGBFX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
![Logo](images_7419.jpg)

This semi-annual shareholder report contains important information about the Global Bond Fund ("Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at *GuideStoneFunds.com/Fund-Literature*. You can also request this information by contacting us at 1-888-GS-FUNDS.

#### Fund Expenses for the Last Six Months
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of $10,000 Investment** | **Cost of $10,000 investment<br>as a percentage** |
| Global Bond Fund<br>(Investor Class/GGBFX) | $48 | 0.95% |

---

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;$632741348 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;1505 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate for the period** | &nbsp;&nbsp;&nbsp;&nbsp;35% |

---

#### Graphical Representation of Holdings
The table below shows the investment makeup of the Fund, representing percentage of the total exposure of the Fund.

ASSET TYPE ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_2996221.jpg)

\*Includes, if any, short-term investments, derivatives and categories rounding to less than 1%.

Availability of Additional Information

![TSR - QR Code](images_7418.jpg)

Scan the QR code at left or visit *GuideStoneFunds.com/Fund-Literature* to view additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information. You may also request this information by contacting us at 1-888-GS-FUNDS.

#### Householding
To reduce fund expenses, we will deliver a single copy of shareholder documents to investors with multiple accounts at the same address. If you would prefer individual copies for each account please call 1-888-GS-FUNDS or contact your financial intermediary. Instructions are typically effective within 30 days.

GuideStone Funds<sup>®</sup>

### Impact Bond Fund

#### Class: INSTITUTIONAL \| TICKER: GMBYX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
![Logo](images_7419.jpg)

This semi-annual shareholder report contains important information about the Impact Bond Fund ("Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at *GuideStoneFunds.com/Fund-Literature*. You can also request this information by contacting us at 1-888-GS-FUNDS.

#### Fund Expenses for the Last Six Months
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of $10,000 Investment<sup>1</sup>** | **Cost of $10,000 investment<br>as a percentage<sup>1</sup>** |
| Impact Bond Fund<br>(Institutional Class/GMBYX) | $25 | 0.49% |

---

 *<sup>1</sup>* *Reflects applicable expense reimbursements and fee waivers.* 

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;$89587989 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;171 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate for the period** | &nbsp;&nbsp;&nbsp;&nbsp;59% |

---

#### Graphical Representation of Holdings
The table below shows the investment makeup of the Fund, representing percentage of the total net assets of the Fund.

ASSET TYPE ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_2997183.jpg)

\*Includes, if any, short-term investments, derivatives and categories rounding to less than 1%.

Availability of Additional Information

![TSR - QR Code](images_7418.jpg)

Scan the QR code at left or visit *GuideStoneFunds.com/Fund-Literature* to view additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information. You may also request this information by contacting us at 1-888-GS-FUNDS.

#### Householding
To reduce fund expenses, we will deliver a single copy of shareholder documents to investors with multiple accounts at the same address. If you would prefer individual copies for each account please call 1-888-GS-FUNDS or contact your financial intermediary. Instructions are typically effective within 30 days.

GuideStone Funds<sup>®</sup>

### Impact Bond Fund

#### Class: INVESTOR \| TICKER: GMBZX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
![Logo](images_7419.jpg)

This semi-annual shareholder report contains important information about the Impact Bond Fund ("Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at *GuideStoneFunds.com/Fund-Literature*. You can also request this information by contacting us at 1-888-GS-FUNDS.

#### Fund Expenses for the Last Six Months
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of $10,000 Investment<sup>1</sup>** | **Cost of $10,000 investment<br>as a percentage<sup>1</sup>** |
| Impact Bond Fund<br>(Investor Class/GMBZX) | $39 | 0.78% |

---

 *<sup>1</sup>* *Reflects applicable expense reimbursements and fee waivers.* 

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;$89587989 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;171 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate for the period** | &nbsp;&nbsp;&nbsp;&nbsp;59% |

---

#### Graphical Representation of Holdings
The table below shows the investment makeup of the Fund, representing percentage of the total net assets of the Fund.

ASSET TYPE ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_2997210.jpg)

\*Includes, if any, short-term investments, derivatives and categories rounding to less than 1%.

Availability of Additional Information

![TSR - QR Code](images_7418.jpg)

Scan the QR code at left or visit *GuideStoneFunds.com/Fund-Literature* to view additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information. You may also request this information by contacting us at 1-888-GS-FUNDS.

#### Householding
To reduce fund expenses, we will deliver a single copy of shareholder documents to investors with multiple accounts at the same address. If you would prefer individual copies for each account please call 1-888-GS-FUNDS or contact your financial intermediary. Instructions are typically effective within 30 days.

GuideStone Funds<sup>®</sup>

### Defensive Market Strategies <sup>®</sup> Fund

#### Class: INSTITUTIONAL \| TICKER: GDMYX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
![Logo](images_7419.jpg)

This semi-annual shareholder report contains important information about the Defensive Market Strategies Fund ("Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at *GuideStoneFunds.com/Fund-Literature*. You can also request this information by contacting us at 1-888-GS-FUNDS.

#### Fund Expenses for the Last Six Months
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of $10,000 Investment** | **Cost of $10,000 investment<br>as a percentage** |
| Defensive Market Strategies Fund<br>(Institutional Class/GDMYX) | $32 | 0.64% |

---

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;$1396719297 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;216 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate for the period** | &nbsp;&nbsp;&nbsp;&nbsp;37% |

---

#### Graphical Representation of Holdings
The table below shows the investment makeup of the Fund, representing percentage of the total exposure of the Fund.

ASSET TYPE ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_2996295.jpg)

Availability of Additional Information

![TSR - QR Code](images_7418.jpg)

Scan the QR code at left or visit *GuideStoneFunds.com/Fund-Literature* to view additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information. You may also request this information by contacting us at 1-888-GS-FUNDS.

#### Householding
To reduce fund expenses, we will deliver a single copy of shareholder documents to investors with multiple accounts at the same address. If you would prefer individual copies for each account please call 1-888-GS-FUNDS or contact your financial intermediary. Instructions are typically effective within 30 days.

GuideStone Funds<sup>®</sup>

### Defensive Market Strategies <sup>®</sup> Fund

#### Class: INVESTOR \| TICKER: GDMZX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
![Logo](images_7419.jpg)

This semi-annual shareholder report contains important information about the Defensive Market Strategies Fund ("Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at *GuideStoneFunds.com/Fund-Literature*. You can also request this information by contacting us at 1-888-GS-FUNDS.

#### Fund Expenses for the Last Six Months
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of $10,000 Investment** | **Cost of $10,000 investment<br>as a percentage** |
| Defensive Market Strategies Fund<br>(Investor Class/GDMZX) | $46 | 0.92% |

---

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;$1396719297 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;216 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate for the period** | &nbsp;&nbsp;&nbsp;&nbsp;37% |

---

#### Graphical Representation of Holdings
The table below shows the investment makeup of the Fund, representing percentage of the total exposure of the Fund.

ASSET TYPE ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_2996323.jpg)

Availability of Additional Information

![TSR - QR Code](images_7418.jpg)

Scan the QR code at left or visit *GuideStoneFunds.com/Fund-Literature* to view additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information. You may also request this information by contacting us at 1-888-GS-FUNDS.

#### Householding
To reduce fund expenses, we will deliver a single copy of shareholder documents to investors with multiple accounts at the same address. If you would prefer individual copies for each account please call 1-888-GS-FUNDS or contact your financial intermediary. Instructions are typically effective within 30 days.

GuideStone Funds<sup>®</sup>

### Impact Equity Fund

#### Class: INSTITUTIONAL \| TICKER: GMEYX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
![Logo](images_7419.jpg)

This semi-annual shareholder report contains important information about the Impact Equity Fund ("Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at *GuideStoneFunds.com/Fund-Literature*. You can also request this information by contacting us at 1-888-GS-FUNDS.

#### Fund Expenses for the Last Six Months
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of $10,000 Investment** | **Cost of $10,000 investment<br>as a percentage** |
| Impact Equity Fund<br>(Institutional Class/GMEYX) | $45 | 0.84% |

---

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;$120403899 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;7 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate for the period** | &nbsp;&nbsp;&nbsp;&nbsp;12% |

---

#### Graphical Representation of Holdings
The table below shows the investment makeup of the Fund, representing percentage of the total net assets of the Fund.

INDUSTRY SECTOR ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_2997257.jpg)

\*Includes, if any, short-term investments, derivatives and categories rounding to less than 1%.

Availability of Additional Information

![TSR - QR Code](images_7418.jpg)

Scan the QR code at left or visit *GuideStoneFunds.com/Fund-Literature* to view additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information. You may also request this information by contacting us at 1-888-GS-FUNDS.

#### Householding
To reduce fund expenses, we will deliver a single copy of shareholder documents to investors with multiple accounts at the same address. If you would prefer individual copies for each account please call 1-888-GS-FUNDS or contact your financial intermediary. Instructions are typically effective within 30 days.

GuideStone Funds<sup>®</sup>

### Impact Equity Fund

#### Class: INVESTOR \| TICKER: GMEZX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
![Logo](images_7419.jpg)

This semi-annual shareholder report contains important information about the Impact Equity Fund ("Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at *GuideStoneFunds.com/Fund-Literature*. You can also request this information by contacting us at 1-888-GS-FUNDS.

#### Fund Expenses for the Last Six Months
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of $10,000 Investment<sup>1</sup>** | **Cost of $10,000 investment<br>as a percentage<sup>1</sup>** |
| Impact Equity Fund<br>(Investor Class/GMEZX) | $64 | 1.21% |

---

 *<sup>1</sup>* *Reflects applicable expense reimbursements and fee waivers.* 

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;$120403899 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;7 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate for the period** | &nbsp;&nbsp;&nbsp;&nbsp;12% |

---

#### Graphical Representation of Holdings
The table below shows the investment makeup of the Fund, representing percentage of the total net assets of the Fund.

INDUSTRY SECTOR ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_2997284.jpg)

\*Includes, if any, short-term investments, derivatives and categories rounding to less than 1%.

Availability of Additional Information

![TSR - QR Code](images_7418.jpg)

Scan the QR code at left or visit *GuideStoneFunds.com/Fund-Literature* to view additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information. You may also request this information by contacting us at 1-888-GS-FUNDS.

#### Householding
To reduce fund expenses, we will deliver a single copy of shareholder documents to investors with multiple accounts at the same address. If you would prefer individual copies for each account please call 1-888-GS-FUNDS or contact your financial intermediary. Instructions are typically effective within 30 days.

GuideStone Funds<sup>®</sup>

### Equity Index Fund

#### Class: INSTITUTIONAL \| TICKER: GEQYX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
![Logo](images_7419.jpg)

This semi-annual shareholder report contains important information about the Equity Index Fund ("Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at *GuideStoneFunds.com/Fund-Literature*. You can also request this information by contacting us at 1-888-GS-FUNDS.

#### Fund Expenses for the Last Six Months
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of $10,000 Investment** | **Cost of $10,000 investment<br>as a percentage** |
| Equity Index Fund<br>(Institutional Class/GEQYX) | $6 | 0.12% |

---

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;$5312706983 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;488 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate for the period** | &nbsp;&nbsp;&nbsp;&nbsp;1% |

---

#### Graphical Representation of Holdings
The table below shows the investment makeup of the Fund, representing percentage of the total net assets of the Fund.

INDUSTRY SECTOR ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_2996369.jpg)

\*Includes, if any, short-term investments, derivatives and categories rounding to less than 1%.

Availability of Additional Information

![TSR - QR Code](images_7418.jpg)

Scan the QR code at left or visit *GuideStoneFunds.com/Fund-Literature* to view additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information. You may also request this information by contacting us at 1-888-GS-FUNDS.

#### Householding
To reduce fund expenses, we will deliver a single copy of shareholder documents to investors with multiple accounts at the same address. If you would prefer individual copies for each account please call 1-888-GS-FUNDS or contact your financial intermediary. Instructions are typically effective within 30 days.

GuideStone Funds<sup>®</sup>

### Equity Index Fund

#### Class: INVESTOR \| TICKER: GEQZX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
![Logo](images_7419.jpg)

This semi-annual shareholder report contains important information about the Equity Index Fund ("Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at *GuideStoneFunds.com/Fund-Literature*. You can also request this information by contacting us at 1-888-GS-FUNDS.

#### Fund Expenses for the Last Six Months
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of $10,000 Investment** | **Cost of $10,000 investment<br>as a percentage** |
| Equity Index Fund<br>(Investor Class/GEQZX) | $19 | 0.38% |

---

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;$5312706983 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;488 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate for the period** | &nbsp;&nbsp;&nbsp;&nbsp;1% |

---

#### Graphical Representation of Holdings
The table below shows the investment makeup of the Fund, representing percentage of the total net assets of the Fund.

INDUSTRY SECTOR ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_2996397.jpg)

\*Includes, if any, short-term investments, derivatives and categories rounding to less than 1%.

Availability of Additional Information

![TSR - QR Code](images_7418.jpg)

Scan the QR code at left or visit *GuideStoneFunds.com/Fund-Literature* to view additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information. You may also request this information by contacting us at 1-888-GS-FUNDS.

#### Householding
To reduce fund expenses, we will deliver a single copy of shareholder documents to investors with multiple accounts at the same address. If you would prefer individual copies for each account please call 1-888-GS-FUNDS or contact your financial intermediary. Instructions are typically effective within 30 days.

GuideStone Funds<sup>®</sup>

### Value Equity Index Fund

#### Class: INSTITUTIONAL \| TICKER: GVIYX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
![Logo](images_7419.jpg)

This semi-annual shareholder report contains important information about the Value Equity Index Fund ("Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at *GuideStoneFunds.com/Fund-Literature*. You can also request this information by contacting us at 1-888-GS-FUNDS.

#### Fund Expenses for the Last Six Months
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of $10,000 Investment<sup>1</sup>** | **Cost of $10,000 investment<br>as a percentage<sup>1</sup>** |
| Value Equity Index Fund<br>(Institutional Class/GVIYX) | $13 | 0.25% |

---

 *<sup>1</sup>* *Reflects applicable expense reimbursements and fee waivers.* 

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;$207794820 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;816 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate for the period** | &nbsp;&nbsp;&nbsp;&nbsp;17% |

---

#### Graphical Representation of Holdings
The table below shows the investment makeup of the Fund, representing percentage of the total net assets of the Fund.

INDUSTRY SECTOR ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_2997035.jpg)

\*Includes, if any, short-term investments, derivatives and categories rounding to less than 1%.

Availability of Additional Information

![TSR - QR Code](images_7418.jpg)

Scan the QR code at left or visit *GuideStoneFunds.com/Fund-Literature* to view additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information. You may also request this information by contacting us at 1-888-GS-FUNDS.

#### Householding
To reduce fund expenses, we will deliver a single copy of shareholder documents to investors with multiple accounts at the same address. If you would prefer individual copies for each account please call 1-888-GS-FUNDS or contact your financial intermediary. Instructions are typically effective within 30 days.

GuideStone Funds<sup>®</sup>

### Value Equity Index Fund

#### Class: INVESTOR \| TICKER: GVIZX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
![Logo](images_7419.jpg)

This semi-annual shareholder report contains important information about the Value Equity Index Fund ("Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at *GuideStoneFunds.com/Fund-Literature*. You can also request this information by contacting us at 1-888-GS-FUNDS.

#### Fund Expenses for the Last Six Months
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of $10,000 Investment<sup>1</sup>** | **Cost of $10,000 investment<br>as a percentage<sup>1</sup>** |
| Value Equity Index Fund<br>(Investor Class/GVIZX) | $25 | 0.50% |

---

 *<sup>1</sup>* *Reflects applicable expense reimbursements and fee waivers.* 

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;$207794820 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;816 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate for the period** | &nbsp;&nbsp;&nbsp;&nbsp;17% |

---

#### Graphical Representation of Holdings
The table below shows the investment makeup of the Fund, representing percentage of the total net assets of the Fund.

INDUSTRY SECTOR ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_2997063.jpg)

\*Includes, if any, short-term investments, derivatives and categories rounding to less than 1%.

Availability of Additional Information

![TSR - QR Code](images_7418.jpg)

Scan the QR code at left or visit *GuideStoneFunds.com/Fund-Literature* to view additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information. You may also request this information by contacting us at 1-888-GS-FUNDS.

#### Householding
To reduce fund expenses, we will deliver a single copy of shareholder documents to investors with multiple accounts at the same address. If you would prefer individual copies for each account please call 1-888-GS-FUNDS or contact your financial intermediary. Instructions are typically effective within 30 days.

GuideStone Funds<sup>®</sup>

### Value Equity Fund

#### Class: INSTITUTIONAL \| TICKER: GVEYX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
![Logo](images_7419.jpg)

This semi-annual shareholder report contains important information about the Value Equity Fund ("Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at *GuideStoneFunds.com/Fund-Literature*. You can also request this information by contacting us at 1-888-GS-FUNDS.

#### Fund Expenses for the Last Six Months
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of $10,000 Investment** | **Cost of $10,000 investment<br>as a percentage** |
| Value Equity Fund<br>(Institutional Class/GVEYX) | $32 | 0.64% |

---

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;$1010273238 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;136 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate for the period** | &nbsp;&nbsp;&nbsp;&nbsp;29% |

---

#### Graphical Representation of Holdings
The table below shows the investment makeup of the Fund, representing percentage of the total net assets of the Fund.

INDUSTRY SECTOR ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_2996545.jpg)

\*Includes, if any, short-term investments, derivatives and categories rounding to less than 1%.

Availability of Additional Information

![TSR - QR Code](images_7418.jpg)

Scan the QR code at left or visit *GuideStoneFunds.com/Fund-Literature* to view additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information. You may also request this information by contacting us at 1-888-GS-FUNDS.

#### Householding
To reduce fund expenses, we will deliver a single copy of shareholder documents to investors with multiple accounts at the same address. If you would prefer individual copies for each account please call 1-888-GS-FUNDS or contact your financial intermediary. Instructions are typically effective within 30 days.

GuideStone Funds<sup>®</sup>

### Value Equity Fund

#### Class: INVESTOR \| TICKER: GVEZX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
![Logo](images_7419.jpg)

This semi-annual shareholder report contains important information about the Value Equity Fund ("Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at *GuideStoneFunds.com/Fund-Literature*. You can also request this information by contacting us at 1-888-GS-FUNDS.

#### Fund Expenses for the Last Six Months
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of $10,000 Investment** | **Cost of $10,000 investment<br>as a percentage** |
| Value Equity Fund<br>(Investor Class/GVEZX) | $46 | 0.90% |

---

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;$1010273238 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;136 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate for the period** | &nbsp;&nbsp;&nbsp;&nbsp;29% |

---

#### Graphical Representation of Holdings
The table below shows the investment makeup of the Fund, representing percentage of the total net assets of the Fund.

INDUSTRY SECTOR ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_2996517.jpg)

\*Includes, if any, short-term investments, derivatives and categories rounding to less than 1%.

Availability of Additional Information

![TSR - QR Code](images_7418.jpg)

Scan the QR code at left or visit *GuideStoneFunds.com/Fund-Literature* to view additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information. You may also request this information by contacting us at 1-888-GS-FUNDS.

#### Householding
To reduce fund expenses, we will deliver a single copy of shareholder documents to investors with multiple accounts at the same address. If you would prefer individual copies for each account please call 1-888-GS-FUNDS or contact your financial intermediary. Instructions are typically effective within 30 days.

GuideStone Funds<sup>®</sup>

### Growth Equity Index Fund

#### Class: INSTITUTIONAL \| TICKER: GEIYX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
![Logo](images_7419.jpg)

This semi-annual shareholder report contains important information about the Growth Equity Index Fund ("Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at *GuideStoneFunds.com/Fund-Literature*. You can also request this information by contacting us at 1-888-GS-FUNDS.

#### Fund Expenses for the Last Six Months
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of $10,000 Investment<sup>1</sup>** | **Cost of $10,000 investment<br>as a percentage<sup>1</sup>** |
| Growth Equity Index Fund<br>(Institutional Class/GEIYX) | $13 | 0.25% |

---

 *<sup>1</sup>* *Reflects applicable expense reimbursements and fee waivers.* 

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;$323745083 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;357 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate for the period** | &nbsp;&nbsp;&nbsp;&nbsp;15% |

---

#### Graphical Representation of Holdings
The table below shows the investment makeup of the Fund, representing percentage of the total net assets of the Fund.

INDUSTRY SECTOR ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_2997109.jpg)

\*Includes, if any, short-term investments, derivatives and categories rounding to less than 1%.

Availability of Additional Information

![TSR - QR Code](images_7418.jpg)

Scan the QR code at left or visit *GuideStoneFunds.com/Fund-Literature* to view additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information. You may also request this information by contacting us at 1-888-GS-FUNDS.

#### Householding
To reduce fund expenses, we will deliver a single copy of shareholder documents to investors with multiple accounts at the same address. If you would prefer individual copies for each account please call 1-888-GS-FUNDS or contact your financial intermediary. Instructions are typically effective within 30 days.

GuideStone Funds<sup>®</sup>

### Growth Equity Index Fund

#### Class: INVESTOR \| TICKER: GEIZX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
![Logo](images_7419.jpg)

This semi-annual shareholder report contains important information about the Growth Equity Index Fund ("Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at *GuideStoneFunds.com/Fund-Literature*. You can also request this information by contacting us at 1-888-GS-FUNDS.

#### Fund Expenses for the Last Six Months
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of $10,000 Investment<sup>1</sup>** | **Cost of $10,000 investment<br>as a percentage<sup>1</sup>** |
| Growth Equity Index Fund<br>(Investor Class/GEIZX) | $26 | 0.50% |

---

 *<sup>1</sup>* *Reflects applicable expense reimbursements and fee waivers.* 

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;$323745083 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;357 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate for the period** | &nbsp;&nbsp;&nbsp;&nbsp;15% |

---

#### Graphical Representation of Holdings
The table below shows the investment makeup of the Fund, representing percentage of the total net assets of the Fund.

INDUSTRY SECTOR ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_2997137.jpg)

\*Includes, if any, short-term investments, derivatives and categories rounding to less than 1%.

Availability of Additional Information

![TSR - QR Code](images_7418.jpg)

Scan the QR code at left or visit *GuideStoneFunds.com/Fund-Literature* to view additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information. You may also request this information by contacting us at 1-888-GS-FUNDS.

#### Householding
To reduce fund expenses, we will deliver a single copy of shareholder documents to investors with multiple accounts at the same address. If you would prefer individual copies for each account please call 1-888-GS-FUNDS or contact your financial intermediary. Instructions are typically effective within 30 days.

GuideStone Funds<sup>®</sup>

### Growth Equity Fund

#### Class: INSTITUTIONAL \| TICKER: GGEYX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
![Logo](images_7419.jpg)

This semi-annual shareholder report contains important information about the Growth Equity Fund ("Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at *GuideStoneFunds.com/Fund-Literature*. You can also request this information by contacting us at 1-888-GS-FUNDS.

#### Fund Expenses for the Last Six Months
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of $10,000 Investment** | **Cost of $10,000 investment<br>as a percentage** |
| Growth Equity Fund<br>(Institutional Class/GGEYX) | $33 | 0.65% |

---

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;$1721710019 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;118 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate for the period** | &nbsp;&nbsp;&nbsp;&nbsp;23% |

---

#### Graphical Representation of Holdings
The table below shows the investment makeup of the Fund, representing percentage of the total net assets of the Fund.

INDUSTRY SECTOR ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_2996619.jpg)

\*Includes, if any, short-term investments, derivatives and categories rounding to less than 1%.

Availability of Additional Information

![TSR - QR Code](images_7418.jpg)

Scan the QR code at left or visit *GuideStoneFunds.com/Fund-Literature* to view additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information. You may also request this information by contacting us at 1-888-GS-FUNDS.

#### Householding
To reduce fund expenses, we will deliver a single copy of shareholder documents to investors with multiple accounts at the same address. If you would prefer individual copies for each account please call 1-888-GS-FUNDS or contact your financial intermediary. Instructions are typically effective within 30 days.

GuideStone Funds<sup>®</sup>

### Growth Equity Fund

#### Class: INVESTOR \| TICKER: GGEZX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
![Logo](images_7419.jpg)

This semi-annual shareholder report contains important information about the Growth Equity Fund ("Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at *GuideStoneFunds.com/Fund-Literature*. You can also request this information by contacting us at 1-888-GS-FUNDS.

#### Fund Expenses for the Last Six Months
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of $10,000 Investment** | **Cost of $10,000 investment<br>as a percentage** |
| Growth Equity Fund<br>(Investor Class/GGEZX) | $46 | 0.91% |

---

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;$1721710019 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;118 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate for the period** | &nbsp;&nbsp;&nbsp;&nbsp;23% |

---

#### Graphical Representation of Holdings
The table below shows the investment makeup of the Fund, representing percentage of the total net assets of the Fund.

INDUSTRY SECTOR ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_2996591.jpg)

\*Includes, if any, short-term investments, derivatives and categories rounding to less than 1%.

Availability of Additional Information

![TSR - QR Code](images_7418.jpg)

Scan the QR code at left or visit *GuideStoneFunds.com/Fund-Literature* to view additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information. You may also request this information by contacting us at 1-888-GS-FUNDS.

#### Householding
To reduce fund expenses, we will deliver a single copy of shareholder documents to investors with multiple accounts at the same address. If you would prefer individual copies for each account please call 1-888-GS-FUNDS or contact your financial intermediary. Instructions are typically effective within 30 days.

GuideStone Funds<sup>®</sup>

### Small Cap Equity Fund

#### Class: INSTITUTIONAL \| TICKER: GSCYX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
![Logo](images_7419.jpg)

This semi-annual shareholder report contains important information about the Small Cap Equity Fund ("Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at *GuideStoneFunds.com/Fund-Literature*. You can also request this information by contacting us at 1-888-GS-FUNDS.

#### Fund Expenses for the Last Six Months
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of $10,000 Investment** | **Cost of $10,000 investment<br>as a percentage** |
| Small Cap Equity Fund<br>(Institutional Class/GSCYX) | $45 | 0.92% |

---

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;$843566934 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;720 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate for the period** | &nbsp;&nbsp;&nbsp;&nbsp;43% |

---

#### Graphical Representation of Holdings
The table below shows the investment makeup of the Fund, representing percentage of the total net assets of the Fund.

INDUSTRY SECTOR ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_2996693.jpg)

\*Includes, if any, short-term investments, derivatives and categories rounding to less than 1%.

Availability of Additional Information

![TSR - QR Code](images_7418.jpg)

Scan the QR code at left or visit *GuideStoneFunds.com/Fund-Literature* to view additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information. You may also request this information by contacting us at 1-888-GS-FUNDS.

#### Householding
To reduce fund expenses, we will deliver a single copy of shareholder documents to investors with multiple accounts at the same address. If you would prefer individual copies for each account please call 1-888-GS-FUNDS or contact your financial intermediary. Instructions are typically effective within 30 days.

GuideStone Funds<sup>®</sup>

### Small Cap Equity Fund

#### Class: INVESTOR \| TICKER: GSCZX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
![Logo](images_7419.jpg)

This semi-annual shareholder report contains important information about the Small Cap Equity Fund ("Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at *GuideStoneFunds.com/Fund-Literature*. You can also request this information by contacting us at 1-888-GS-FUNDS.

#### Fund Expenses for the Last Six Months
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of $10,000 Investment** | **Cost of $10,000 investment<br>as a percentage** |
| Small Cap Equity Fund<br>(Investor Class/GSCZX) | $59 | 1.20% |

---

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;$843566934 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;720 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate for the period** | &nbsp;&nbsp;&nbsp;&nbsp;43% |

---

#### Graphical Representation of Holdings
The table below shows the investment makeup of the Fund, representing percentage of the total net assets of the Fund.

INDUSTRY SECTOR ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_2996665.jpg)

\*Includes, if any, short-term investments, derivatives and categories rounding to less than 1%.

Availability of Additional Information

![TSR - QR Code](images_7418.jpg)

Scan the QR code at left or visit *GuideStoneFunds.com/Fund-Literature* to view additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information. You may also request this information by contacting us at 1-888-GS-FUNDS.

#### Householding
To reduce fund expenses, we will deliver a single copy of shareholder documents to investors with multiple accounts at the same address. If you would prefer individual copies for each account please call 1-888-GS-FUNDS or contact your financial intermediary. Instructions are typically effective within 30 days.

GuideStone Funds<sup>®</sup>

### International Equity Index Fund

#### Class: INSTITUTIONAL \| TICKER: GIIYX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
![Logo](images_7419.jpg)

This semi-annual shareholder report contains important information about the International Equity Index Fund ("Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at *GuideStoneFunds.com/Fund-Literature*. You can also request this information by contacting us at 1-888-GS-FUNDS.

#### Fund Expenses for the Last Six Months
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of $10,000 Investment** | **Cost of $10,000 investment<br>as a percentage** |
| International Equity Index Fund<br>(Institutional Class/GIIYX) | $10 | 0.19% |

---

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;$1492597014 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;577 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate for the period** | &nbsp;&nbsp;&nbsp;&nbsp;4% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund.

INDUSTRY SECTOR ALLOCATION

---

| | |
|:---|:---|
| Financials | 23.3% |
| Industrials | 18.3% |
| Health Care | 10.1% |
| Consumer Discretionary | 9.3% |
| Information Technology | 7.9% |
| Consumer Staples | 7.1% |
| Materials | 5.2% |
| Communication Services | 4.7% |
| Utilities | 3.5% |
| Energy | 3.3% |
| Real Estate | 1.4% |
| Other\* | 11.6% |
|  | 105.7% |

---

GEOGRAPHIC ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_2996739.jpg)

\*Includes, as applicable, short-term investments, derivatives and countries and/or categories rounding to less than 1%.

Availability of Additional Information

![TSR - QR Code](images_7418.jpg)

Scan the QR code at left or visit *GuideStoneFunds.com/Fund-Literature* to view additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information. You may also request this information by contacting us at 1-888-GS-FUNDS.

#### Householding
To reduce fund expenses, we will deliver a single copy of shareholder documents to investors with multiple accounts at the same address. If you would prefer individual copies for each account please call 1-888-GS-FUNDS or contact your financial intermediary. Instructions are typically effective within 30 days.

GuideStone Funds<sup>®</sup>

### International Equity Index Fund

#### Class: INVESTOR \| TICKER: GIIZX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
![Logo](images_7419.jpg)

This semi-annual shareholder report contains important information about the International Equity Index Fund ("Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at *GuideStoneFunds.com/Fund-Literature*. You can also request this information by contacting us at 1-888-GS-FUNDS.

#### Fund Expenses for the Last Six Months
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of $10,000 Investment<sup>1</sup>** | **Cost of $10,000 investment<br>as a percentage<sup>1</sup>** |
| International Equity Index Fund<br>(Investor Class/GIIZX) | $27 | 0.50% |

---

 *<sup>1</sup>* *Reflects applicable expense reimbursements and fee waivers.* 

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;$1492597014 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;577 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate for the period** | &nbsp;&nbsp;&nbsp;&nbsp;4% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund.

INDUSTRY SECTOR ALLOCATION

---

| | |
|:---|:---|
| Financials | 23.3% |
| Industrials | 18.3% |
| Health Care | 10.1% |
| Consumer Discretionary | 9.3% |
| Information Technology | 7.9% |
| Consumer Staples | 7.1% |
| Materials | 5.2% |
| Communication Services | 4.7% |
| Utilities | 3.5% |
| Energy | 3.3% |
| Real Estate | 1.4% |
| Other\* | 11.6% |
|  | 105.7% |

---

GEOGRAPHIC ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_2996767.jpg)

\*Includes, as applicable, short-term investments, derivatives and countries and/or categories rounding to less than 1%.

Availability of Additional Information

![TSR - QR Code](images_7418.jpg)

Scan the QR code at left or visit *GuideStoneFunds.com/Fund-Literature* to view additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information. You may also request this information by contacting us at 1-888-GS-FUNDS.

#### Householding
To reduce fund expenses, we will deliver a single copy of shareholder documents to investors with multiple accounts at the same address. If you would prefer individual copies for each account please call 1-888-GS-FUNDS or contact your financial intermediary. Instructions are typically effective within 30 days.

GuideStone Funds<sup>®</sup>

### International Equity Fund

#### Class: INSTITUTIONAL \| TICKER: GIEYX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
![Logo](images_7419.jpg)

This semi-annual shareholder report contains important information about the International Equity Fund ("Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at *GuideStoneFunds.com/Fund-Literature*. You can also request this information by contacting us at 1-888-GS-FUNDS.

#### Fund Expenses for the Last Six Months
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of $10,000 Investment** | **Cost of $10,000 investment<br>as a percentage** |
| International Equity Fund<br>(Institutional Class/GIEYX) | $46 | 0.85% |

---

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;$1442220040 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;452 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate for the period** | &nbsp;&nbsp;&nbsp;&nbsp;28% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund.

INDUSTRY SECTOR ALLOCATION

---

| | |
|:---|:---|
| Financials | 23.5% |
| Industrials | 18.7% |
| Consumer Discretionary | 11.2% |
| Information Technology | 10.7% |
| Health Care | 7.5% |
| Consumer Staples | 6.1% |
| Communication Services | 4.9% |
| Materials | 4.3% |
| Energy | 2.4% |
| Utilities | 1.9% |
| Real Estate | 1.1% |
| Other\* | 10.2% |
|  | 102.5% |

---

GEOGRAPHIC ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_2996841.jpg)

\*Includes, as applicable, short-term investments, derivatives and countries and/or categories rounding to less than 1%.

Availability of Additional Information

![TSR - QR Code](images_7418.jpg)

Scan the QR code at left or visit *GuideStoneFunds.com/Fund-Literature* to view additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information. You may also request this information by contacting us at 1-888-GS-FUNDS.

#### Householding
To reduce fund expenses, we will deliver a single copy of shareholder documents to investors with multiple accounts at the same address. If you would prefer individual copies for each account please call 1-888-GS-FUNDS or contact your financial intermediary. Instructions are typically effective within 30 days.

GuideStone Funds<sup>®</sup>

### International Equity Fund

#### Class: INVESTOR \| TICKER: GIEZX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
![Logo](images_7419.jpg)

This semi-annual shareholder report contains important information about the International Equity Fund ("Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at *GuideStoneFunds.com/Fund-Literature*. You can also request this information by contacting us at 1-888-GS-FUNDS.

#### Fund Expenses for the Last Six Months
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of $10,000 Investment** | **Cost of $10,000 investment<br>as a percentage** |
| International Equity Fund<br>(Investor Class/GIEZX) | $61 | 1.12% |

---

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;$1442220040 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;452 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate for the period** | &nbsp;&nbsp;&nbsp;&nbsp;28% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund.

INDUSTRY SECTOR ALLOCATION

---

| | |
|:---|:---|
| Financials | 23.5% |
| Industrials | 18.7% |
| Consumer Discretionary | 11.2% |
| Information Technology | 10.7% |
| Health Care | 7.5% |
| Consumer Staples | 6.1% |
| Communication Services | 4.9% |
| Materials | 4.3% |
| Energy | 2.4% |
| Utilities | 1.9% |
| Real Estate | 1.1% |
| Other\* | 10.2% |
|  | 102.5% |

---

GEOGRAPHIC ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_2996813.jpg)

\*Includes, as applicable, short-term investments, derivatives and countries and/or categories rounding to less than 1%.

Availability of Additional Information

![TSR - QR Code](images_7418.jpg)

Scan the QR code at left or visit *GuideStoneFunds.com/Fund-Literature* to view additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information. You may also request this information by contacting us at 1-888-GS-FUNDS.

#### Householding
To reduce fund expenses, we will deliver a single copy of shareholder documents to investors with multiple accounts at the same address. If you would prefer individual copies for each account please call 1-888-GS-FUNDS or contact your financial intermediary. Instructions are typically effective within 30 days.

GuideStone Funds<sup>®</sup>

### Emerging Markets Equity Fund

#### Class: INSTITUTIONAL \| TICKER: GEMYX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
![Logo](images_7419.jpg)

This semi-annual shareholder report contains important information about the Emerging Markets Equity Fund ("Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at *GuideStoneFunds.com/Fund-Literature*. You can also request this information by contacting us at 1-888-GS-FUNDS.

#### Fund Expenses for the Last Six Months
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of $10,000 Investment<sup>1</sup>** | **Cost of $10,000 investment<br>as a percentage<sup>1</sup>** |
| Emerging Markets Equity Fund<br>(Institutional Class/GEMYX) | $57 | 1.06% |

---

 *<sup>1</sup>* *Reflects applicable expense reimbursements and fee waivers.* 

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;$849754316 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;409 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate for the period** | &nbsp;&nbsp;&nbsp;&nbsp;31% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund.

INDUSTRY SECTOR ALLOCATION

---

| | |
|:---|:---|
| Financials | 25.5% |
| Information Technology | 25.3% |
| Consumer Discretionary | 13.1% |
| Communication Services | 9.0% |
| Consumer Staples | 5.3% |
| Industrials | 5.0% |
| Materials | 2.5% |
| Real Estate | 2.3% |
| Health Care | 2.1% |
| Energy | 1.9% |
| Utilities | 0.6% |
| Other\* | 5.2% |
| Warrants | 0.0% |
|  | 97.8% |

---

GEOGRAPHIC ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_2996887.jpg)

\*Includes, as applicable, short-term investments, derivatives and countries and/or categories rounding to less than 1%.

Availability of Additional Information

![TSR - QR Code](images_7418.jpg)

Scan the QR code at left or visit *GuideStoneFunds.com/Fund-Literature* to view additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information. You may also request this information by contacting us at 1-888-GS-FUNDS.

#### Householding
To reduce fund expenses, we will deliver a single copy of shareholder documents to investors with multiple accounts at the same address. If you would prefer individual copies for each account please call 1-888-GS-FUNDS or contact your financial intermediary. Instructions are typically effective within 30 days.

GuideStone Funds<sup>®</sup>

### Emerging Markets Equity Fund

#### Class: INVESTOR \| TICKER: GEMZX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
![Logo](images_7419.jpg)

This semi-annual shareholder report contains important information about the Emerging Markets Equity Fund ("Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at *GuideStoneFunds.com/Fund-Literature*. You can also request this information by contacting us at 1-888-GS-FUNDS.

#### Fund Expenses for the Last Six Months
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of $10,000 Investment<sup>1</sup>** | **Cost of $10,000 investment<br>as a percentage<sup>1</sup>** |
| Emerging Markets Equity Fund<br>(Investor Class/GEMZX) | $70 | 1.31% |

---

 *<sup>1</sup>* *Reflects applicable expense reimbursements and fee waivers.* 

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;$849754316 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;409 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate for the period** | &nbsp;&nbsp;&nbsp;&nbsp;31% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund.

INDUSTRY SECTOR ALLOCATION

---

| | |
|:---|:---|
| Financials | 25.5% |
| Information Technology | 25.3% |
| Consumer Discretionary | 13.1% |
| Communication Services | 9.0% |
| Consumer Staples | 5.3% |
| Industrials | 5.0% |
| Materials | 2.5% |
| Real Estate | 2.3% |
| Health Care | 2.1% |
| Energy | 1.9% |
| Utilities | 0.6% |
| Other\* | 5.2% |
| Warrants | 0.0% |
|  | 97.8% |

---

GEOGRAPHIC ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_2996915.jpg)

\*Includes, as applicable, short-term investments, derivatives and countries and/or categories rounding to less than 1%.

Availability of Additional Information

![TSR - QR Code](images_7418.jpg)

Scan the QR code at left or visit *GuideStoneFunds.com/Fund-Literature* to view additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information. You may also request this information by contacting us at 1-888-GS-FUNDS.

#### Householding
To reduce fund expenses, we will deliver a single copy of shareholder documents to investors with multiple accounts at the same address. If you would prefer individual copies for each account please call 1-888-GS-FUNDS or contact your financial intermediary. Instructions are typically effective within 30 days.

GuideStone Funds<sup>®</sup>

### Global Real Estate Securities Fund

#### Class: INSTITUTIONAL \| TICKER: GREYX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
![Logo](images_7419.jpg)

This semi-annual shareholder report contains important information about the Global Real Estate Securities Fund ("Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at *GuideStoneFunds.com/Fund-Literature*. You can also request this information by contacting us at 1-888-GS-FUNDS.

#### Fund Expenses for the Last Six Months
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of $10,000 Investment** | **Cost of $10,000 investment<br>as a percentage** |
| Global Real Estate Securities Fund<br>(Institutional Class/GREYX) | $45 | 0.88% |

---

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;$306925105 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;154 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate for the period** | &nbsp;&nbsp;&nbsp;&nbsp;72% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund.

INDUSTRY SECTOR ALLOCATION

---

| | |
|:---|:---|
| Real Estate | 94.8% |
| Health Care | 1.5% |
| Information Technology | 0.2% |
| Consumer Discretionary | 0.3% |
| Other\* | 5.0% |
|  | 101.8% |

---

GEOGRAPHIC ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_2996471.jpg)

\*Includes, as applicable, short-term investments, derivatives and countries and/or categories rounding to less than 1%.

Availability of Additional Information

![TSR - QR Code](images_7418.jpg)

Scan the QR code at left or visit *GuideStoneFunds.com/Fund-Literature* to view additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information. You may also request this information by contacting us at 1-888-GS-FUNDS.

#### Householding
To reduce fund expenses, we will deliver a single copy of shareholder documents to investors with multiple accounts at the same address. If you would prefer individual copies for each account please call 1-888-GS-FUNDS or contact your financial intermediary. Instructions are typically effective within 30 days.

GuideStone Funds<sup>®</sup>

### Global Real Estate Securities Fund

#### Class: INVESTOR \| TICKER: GREZX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
![Logo](images_7419.jpg)

This semi-annual shareholder report contains important information about the Global Real Estate Securities Fund ("Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at *GuideStoneFunds.com/Fund-Literature*. You can also request this information by contacting us at 1-888-GS-FUNDS.

#### Fund Expenses for the Last Six Months
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of $10,000 Investment** | **Cost of $10,000 investment<br>as a percentage** |
| Global Real Estate Securities Fund<br>(Investor Class/GREZX) | $61 | 1.20% |

---

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;$306925105 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;154 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate for the period** | &nbsp;&nbsp;&nbsp;&nbsp;72% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund.

INDUSTRY SECTOR ALLOCATION

---

| | |
|:---|:---|
| Real Estate | 94.8% |
| Health Care | 1.5% |
| Information Technology | 0.2% |
| Consumer Discretionary | 0.3% |
| Other\* | 5.0% |
|  | 101.8% |

---

GEOGRAPHIC ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_2996443.jpg)

\*Includes, as applicable, short-term investments, derivatives and countries and/or categories rounding to less than 1%.

Availability of Additional Information

![TSR - QR Code](images_7418.jpg)

Scan the QR code at left or visit *GuideStoneFunds.com/Fund-Literature* to view additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information. You may also request this information by contacting us at 1-888-GS-FUNDS.

#### Householding
To reduce fund expenses, we will deliver a single copy of shareholder documents to investors with multiple accounts at the same address. If you would prefer individual copies for each account please call 1-888-GS-FUNDS or contact your financial intermediary. Instructions are typically effective within 30 days.

GuideStone Funds<sup>®</sup>

### Strategic Alternatives Fund

#### Class: INSTITUTIONAL \| TICKER: GFSYX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
![Logo](images_7419.jpg)

This semi-annual shareholder report contains important information about the Strategic Alternatives Fund ("Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at *GuideStoneFunds.com/Fund-Literature*. You can also request this information by contacting us at 1-888-GS-FUNDS.

#### Fund Expenses for the Last Six Months
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of $10,000 Investment<sup>1</sup>** | **Cost of $10,000 investment<br>as a percentage<sup>1</sup>** |
| Strategic Alternatives Fund<br>(Institutional Class/GFSYX) | $67 | 1.34% |

---

 *<sup>1</sup>* *Reflects applicable expense reimbursements and fee waivers.* 

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;$286768663 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;649 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate for the period** | &nbsp;&nbsp;&nbsp;&nbsp;194% |

---

#### Graphical Representation of Holdings
The table below shows the investment makeup of the Fund, representing percentage of the total exposure of the Fund.

ASSET TYPE ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_2996961.jpg)

Availability of Additional Information

![TSR - QR Code](images_7418.jpg)

Scan the QR code at left or visit *GuideStoneFunds.com/Fund-Literature* to view additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information. You may also request this information by contacting us at 1-888-GS-FUNDS.

#### Householding
To reduce fund expenses, we will deliver a single copy of shareholder documents to investors with multiple accounts at the same address. If you would prefer individual copies for each account please call 1-888-GS-FUNDS or contact your financial intermediary. Instructions are typically effective within 30 days.

GuideStone Funds<sup>®</sup>

### Strategic Alternatives Fund

#### Class: INVESTOR \| TICKER: GFSZX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
![Logo](images_7419.jpg)

This semi-annual shareholder report contains important information about the Strategic Alternatives Fund ("Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at *GuideStoneFunds.com/Fund-Literature*. You can also request this information by contacting us at 1-888-GS-FUNDS.

#### Fund Expenses for the Last Six Months
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of $10,000 Investment<sup>1</sup>** | **Cost of $10,000 investment<br>as a percentage<sup>1</sup>** |
| Strategic Alternatives Fund<br>(Investor Class/GFSZX) | $80 | 1.59% |

---

 *<sup>1</sup>* *Reflects applicable expense reimbursements and fee waivers.* 

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;$286768663 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;649 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate for the period** | &nbsp;&nbsp;&nbsp;&nbsp;194% |

---

#### Graphical Representation of Holdings
The table below shows the investment makeup of the Fund, representing percentage of the total exposure of the Fund.

ASSET TYPE ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_2996989.jpg)

Availability of Additional Information

![TSR - QR Code](images_7418.jpg)

Scan the QR code at left or visit *GuideStoneFunds.com/Fund-Literature* to view additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information. You may also request this information by contacting us at 1-888-GS-FUNDS.

#### Householding
To reduce fund expenses, we will deliver a single copy of shareholder documents to investors with multiple accounts at the same address. If you would prefer individual copies for each account please call 1-888-GS-FUNDS or contact your financial intermediary. Instructions are typically effective within 30 days.

GuideStone Funds<sup>®</sup>

------

&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; **Item 2. Code of Ethics.**

Not applicable.

------

&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; **Item 3. Audit Committee Financial Expert.**

Not applicable.

------

&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; **Item 4. Principal Accountant Fees and Services**

Not applicable.

------

&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; **Item 5. Audit Committee of Listed Registrants.**

Not applicable.

------

&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; **Item 6. Investments.**

(a) Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the Financial Statements filed under Item 7 of this form.

(b) Not applicable.

------

&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; **Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.**

(a) The Financial Statements are attached herewith.

(b) The Financial Highlights are attached herewith.

------

![](g4euhssu605144wqn2px3.jpg)

**Semi-Annual Report**

**And Additional Information**

---

| | | |
|:---|:---|:---|
|  | **Institutional** | **Investor** |
| **Target Date Funds** |  |  |
| MyDestination 2015 Fund | &nbsp;&nbsp;&nbsp;&nbsp; GMTYX | &nbsp;&nbsp; GMTZX |
| MyDestination 2025 Fund | &nbsp;&nbsp;&nbsp;&nbsp; GMWYX | &nbsp;&nbsp; GMWZX |
| MyDestination 2035 Fund | &nbsp;&nbsp;&nbsp;&nbsp; GMHYX | &nbsp;&nbsp; GMHZX |
| MyDestination 2045 Fund | &nbsp;&nbsp;&nbsp;&nbsp; GMYYX | &nbsp;&nbsp; GMFZX |
| MyDestination 2055 Fund | &nbsp;&nbsp;&nbsp;&nbsp; GMGYX | &nbsp;&nbsp; GMGZX |
| **Target Risk Funds** |  |  |
| Conservative Allocation Fund | &nbsp;&nbsp;&nbsp;&nbsp; GCAYX | &nbsp;&nbsp; GFIZX |
| Balanced Allocation Fund | &nbsp;&nbsp;&nbsp;&nbsp; GBAYX | &nbsp;&nbsp; GGIZX |
| Moderately Aggressive Allocation Fund | &nbsp;&nbsp;&nbsp;&nbsp; GGRYX | &nbsp;&nbsp; GCOZX |
| Aggressive Allocation Fund | &nbsp;&nbsp;&nbsp;&nbsp; GAGYX | &nbsp;&nbsp; GGBZX |
| **Select Funds** |  |  |
| Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp; GMYXX | &nbsp;&nbsp; GMZXX |
| Low-Duration Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp; GLDYX | &nbsp;&nbsp; GLDZX |
| Medium-Duration Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp; GMDYX | &nbsp;&nbsp; GMDZX |
| Global Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp; GGBEX | &nbsp;&nbsp; GGBFX |
| Impact Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp; GMBYX | &nbsp;&nbsp; GMBZX |
| Defensive Market Strategies® Fund | &nbsp;&nbsp;&nbsp;&nbsp; GDMYX | &nbsp;&nbsp; GDMZX |
| Impact Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; GMEYX | &nbsp;&nbsp; GMEZX |
| Equity Index Fund | &nbsp;&nbsp;&nbsp;&nbsp; GEQYX | &nbsp;&nbsp; GEQZX |
| Value Equity Index Fund | &nbsp;&nbsp;&nbsp;&nbsp; GVIYX | &nbsp;&nbsp; GVIZX |
| Value Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; GVEYX | &nbsp;&nbsp; GVEZX |
| Growth Equity Index Fund | &nbsp;&nbsp;&nbsp;&nbsp; GEIYX | &nbsp;&nbsp; GEIZX |
| Growth Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; GGEYX | &nbsp;&nbsp; GGEZX |
| Small Cap Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; GSCYX | &nbsp;&nbsp; GSCZX |
| International Equity Index Fund | &nbsp;&nbsp;&nbsp;&nbsp; GIIYX | &nbsp;&nbsp; GIIZX |
| International Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; GIEYX | &nbsp;&nbsp; GIEZX |
| Emerging Markets Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; GEMYX | &nbsp;&nbsp; GEMZX |
| Global Real Estate Securities Fund | &nbsp;&nbsp;&nbsp;&nbsp; GREYX | &nbsp;&nbsp; GREZX |
| Strategic Alternatives Fund | &nbsp;&nbsp;&nbsp;&nbsp; GFSYX | &nbsp;&nbsp; GFSZX |

---

**June 30, 2025 (Unaudited)**

!

------

**(This page intentionally left blank)**

------

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| [Abbreviations, Footnotes and Index Definitions](#xx_cf1efdf4-b2ac-481e-94d5-13893d64523c_SHLD-TOCSection_1) | &nbsp;&nbsp; 2 |
| [Target Date Funds](#xx_cf1efdf4-b2ac-481e-94d5-13893d64523c_SOITD-TargetDateFunds-TOCHeader_1) | &nbsp;&nbsp; 4 |
| [MyDestination 2015 Fund](#xx_cf1efdf4-b2ac-481e-94d5-13893d64523c_SOITD-TargetDateFunds-TOCHeader_1)  | &nbsp;&nbsp; 4 |
| [MyDestination 2025 Fund](#xx_cf1efdf4-b2ac-481e-94d5-13893d64523c_SOITD-TargetDateFunds-TOCHeader_2)  | &nbsp;&nbsp; 5 |
| [MyDestination 2035 Fund](#xx_cf1efdf4-b2ac-481e-94d5-13893d64523c_SOITD-TargetDateFunds-TOCHeader_3)  | &nbsp;&nbsp; 6 |
| [MyDestination 2045 Fund](#xx_cf1efdf4-b2ac-481e-94d5-13893d64523c_SOITD-TargetDateFunds-TOCHeader_4)  | &nbsp;&nbsp; 7 |
| [MyDestination 2055 Fund](#xx_cf1efdf4-b2ac-481e-94d5-13893d64523c_SOITD-TargetDateFunds-TOCHeader_5)  | &nbsp;&nbsp; 8 |
| [Financial Statements](#xx_cf1efdf4-b2ac-481e-94d5-13893d64523c_FSTD-TargetDateFunds-FS-TOCHeader_2) | &nbsp;&nbsp; 10 |
| [Target Risk Funds](#xx_cf1efdf4-b2ac-481e-94d5-13893d64523c_SOIAA-TargetRiskFunds-TOCHeader_1) | &nbsp;&nbsp; 18 |
| [Conservative Allocation Fund](#xx_cf1efdf4-b2ac-481e-94d5-13893d64523c_SOIAA-TargetRiskFunds-TOCHeader_1)  | &nbsp;&nbsp; 18 |
| [Balanced Allocation Fund](#xx_cf1efdf4-b2ac-481e-94d5-13893d64523c_SOIAA-TargetRiskFunds-TOCHeader_2)  | &nbsp;&nbsp; 19 |
| [Moderately Aggressive Allocation Fund](#xx_cf1efdf4-b2ac-481e-94d5-13893d64523c_SOIAA-TargetRiskFunds-TOCHeader_3)  | &nbsp;&nbsp; 20 |
| [Aggressive Allocation Fund](#xx_cf1efdf4-b2ac-481e-94d5-13893d64523c_SOIAA-TargetRiskFunds-TOCHeader_4)  | &nbsp;&nbsp; 21 |
| [Financial Statements](#xx_cf1efdf4-b2ac-481e-94d5-13893d64523c_FSAA-TargetRiskFunds-FS-TOCHeader_1) | &nbsp;&nbsp; 22 |
| [Fixed Income Funds](#xx_cf1efdf4-b2ac-481e-94d5-13893d64523c_SOIFI-FixedIncomeFunds-TOCHeader-2447_1) | &nbsp;&nbsp; 28 |
| [Money Market Fund](#xx_cf1efdf4-b2ac-481e-94d5-13893d64523c_SOIFI-FixedIncomeFunds-TOCHeader-2447_1)  | &nbsp;&nbsp; 28 |
| [Low-Duration Bond Fund](#xx_cf1efdf4-b2ac-481e-94d5-13893d64523c_SOIFI-FixedIncomeFunds-TOCHeader-2447_4)  | &nbsp;&nbsp; 31 |
| [Medium-Duration Bond Fund](#xx_cf1efdf4-b2ac-481e-94d5-13893d64523c_SOIFI-FixedIncomeFunds-TOCHeader-2447_37)  | &nbsp;&nbsp; 64 |
| [Global Bond Fund](#xx_cf1efdf4-b2ac-481e-94d5-13893d64523c_SOIFI-FixedIncomeFunds-TOCHeader-2447_99)  | &nbsp;&nbsp; 126 |
| [Impact Bond Fund](#xx_cf1efdf4-b2ac-481e-94d5-13893d64523c_SOIFI-FixedIncomeFunds-TOCHeader-2447_130)  | &nbsp;&nbsp; 157 |
| [Financial Statements](#xx_cf1efdf4-b2ac-481e-94d5-13893d64523c_FSFI-FixedIncome-FS-TOCHeader_1) | &nbsp;&nbsp; 162 |
| [Equity Funds](#xx_cf1efdf4-b2ac-481e-94d5-13893d64523c_SOIE-EquityFunds-TOCHeader_1) | &nbsp;&nbsp; 171 |
| [Defensive Market Strategies](#xx_cf1efdf4-b2ac-481e-94d5-13893d64523c_SOIE-EquityFunds-TOCHeader_1)<sup>®</sup>[Fund](#xx_cf1efdf4-b2ac-481e-94d5-13893d64523c_SOIE-EquityFunds-TOCHeader_1)  | &nbsp;&nbsp; 171 |
| [Impact Equity Fund](#xx_cf1efdf4-b2ac-481e-94d5-13893d64523c_SOIE-EquityFunds-TOCHeader_7)  | &nbsp;&nbsp; 177 |
| [Equity Index Fund](#xx_cf1efdf4-b2ac-481e-94d5-13893d64523c_SOIE-EquityFunds-TOCHeader_8)  | &nbsp;&nbsp; 178 |
| [Value Equity Index Fund](#xx_cf1efdf4-b2ac-481e-94d5-13893d64523c_SOIE-EquityFunds-TOCHeader_14)  | &nbsp;&nbsp; 184 |
| [Value Equity Fund](#xx_cf1efdf4-b2ac-481e-94d5-13893d64523c_SOIE-EquityFunds-TOCHeader_23)  | &nbsp;&nbsp; 193 |
| [Growth Equity Index Fund](#xx_cf1efdf4-b2ac-481e-94d5-13893d64523c_SOIE-EquityFunds-TOCHeader_27)  | &nbsp;&nbsp; 197 |
| [Growth Equity Fund](#xx_cf1efdf4-b2ac-481e-94d5-13893d64523c_SOIE-EquityFunds-TOCHeader_32)  | &nbsp;&nbsp; 202 |
| [Small Cap Equity Fund](#xx_cf1efdf4-b2ac-481e-94d5-13893d64523c_SOIE-EquityFunds-TOCHeader_34)  | &nbsp;&nbsp; 204 |
| [International Equity Index Fund](#xx_cf1efdf4-b2ac-481e-94d5-13893d64523c_SOIE-EquityFunds-TOCHeader_43)  | &nbsp;&nbsp; 213 |
| [International Equity Fund](#xx_cf1efdf4-b2ac-481e-94d5-13893d64523c_SOIE-EquityFunds-TOCHeader_51)  | &nbsp;&nbsp; 221 |
| [Emerging Markets Equity Fund](#xx_cf1efdf4-b2ac-481e-94d5-13893d64523c_SOIE-EquityFunds-TOCHeader_64)  | &nbsp;&nbsp; 234 |
| [Financial Statements](#xx_cf1efdf4-b2ac-481e-94d5-13893d64523c_FSE-Equity-FS-TOCHeader_2) | &nbsp;&nbsp; 246 |
| [Real Assets Fund](#xx_cf1efdf4-b2ac-481e-94d5-13893d64523c_SOIRA-RealAssetFunds-TOCHeader_1) | &nbsp;&nbsp; 259 |
| [Global Real Estate Securities Fund](#xx_cf1efdf4-b2ac-481e-94d5-13893d64523c_SOIRA-RealAssetFunds-TOCHeader_1)  | &nbsp;&nbsp; 259 |
| [Financial Statements](#xx_cf1efdf4-b2ac-481e-94d5-13893d64523c_FSRA-RealAsset-FS-TOCHeader_1) | &nbsp;&nbsp; 263 |
| [Alternatives Fund](#xx_cf1efdf4-b2ac-481e-94d5-13893d64523c_SOIA-AlternativeFunds-TOCHeader_1) | &nbsp;&nbsp; 267 |
| [Strategic Alternatives Fund](#xx_cf1efdf4-b2ac-481e-94d5-13893d64523c_SOIA-AlternativeFunds-TOCHeader_1)  | &nbsp;&nbsp; 267 |
| [Financial Statements](#xx_cf1efdf4-b2ac-481e-94d5-13893d64523c_FSA-Alternative-FS-TOCHeader_1) | &nbsp;&nbsp; 283 |
| [Notes to Financial Statements](#xx_cf1efdf4-b2ac-481e-94d5-13893d64523c_NTF-NotestoFinancialStatements_1) | &nbsp;&nbsp; 287 |
| [Changes in and Disagreements with Accountants for Open-End Management](#xx_cf1efdf4-b2ac-481e-94d5-13893d64523c_CAD-CAD-TOC_1)<br> [Investment Companies](#xx_cf1efdf4-b2ac-481e-94d5-13893d64523c_CAD-CAD-TOC_1)<br>| &nbsp;&nbsp; 335 |
| [Proxy Disclosures for Open-End Management Investment Companies](#xx_cf1efdf4-b2ac-481e-94d5-13893d64523c_PD-ProxyDisclosure-TOC_1) | &nbsp;&nbsp; 336 |
| [Remuneration Paid to Directors, Officers, and Others of Open-End Management](#xx_cf1efdf4-b2ac-481e-94d5-13893d64523c_REMUN-Remuneration-TOC_1)<br> [Investment Companies (Unaudited)](#xx_cf1efdf4-b2ac-481e-94d5-13893d64523c_REMUN-Remuneration-TOC_1)<br>| &nbsp;&nbsp; 337 |
| [Statement Regarding Basis for Approval of Investment Advisory Contract](#xx_cf1efdf4-b2ac-481e-94d5-13893d64523c_AI-BoardReviewandApproval_1) | &nbsp;&nbsp; 338 |

---

This report has been prepared for shareholders of GuideStone Funds. It is not authorized for distribution to prospective investors unless accompanied or preceded by a current prospectus, which contains more complete information about the Funds. Investors are reminded to read the prospectus carefully before investing. *The performance data quoted represents past performance and does not guarantee future results. Current performance may be lower or higher than the performance quoted. Performance data current to the most recent month-end may be obtained at www.GuideStoneFunds.com. The investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost.* Fund shares are distributed by Foreside Funds Distributors LLC.

**1**

------

**ABBREVIATIONS, FOOTNOTES AND INDEX DEFINITIONS**

---

| | |
|:---|:---|
| **INVESTMENT ABBREVIATIONS:** | **INVESTMENT ABBREVIATIONS:** |
| 1M | 1 Month |
| 1Y | 1 Year |
| 10Y | 10 Year |
| 12M | 12 Month |
| 13Y | 13 Year |
| 2M | 2 Month |
| 3M | 3 Month |
| 5Y | 5 Year |
| 6M | 6 Month |
| 7Y | 7 Year |
| AB | Aktiebolag |
| ABS | Asset-Backed Security |
| ACES | Alternative Credit Enhancement Securities |
| ADR | American Depositary Receipt |
| AEX | Amsterdam Exchange |
| AG | Aktiengesellschaft |
| AGM | Assured Guarantee Municipal Corporation |
| ARM | Adjustable-Rate Mortgage |
| ASA | Allmennaksjeselskap |
| ASX | Australian Securities Exchange |
| BAM | Build America Mutual |
| BBR | Bank Bill Rate |
| BBSW | Bank Bill Swap Rate |
| BDC | Business Development Company |
| Bhd | Berhad |
| Bobl | Bundesobligation ("federal government bond") |
| BTP | Buoni del Tesoro Poliennali |
| BUBOR | Budapest Interbank Offered Rate |
| Bund | Bundesanleihe ("federal bond") |
| Buxl | German Long-term Bonds |
| BV | Besloten Vennootschap |
| CDI | Crest Depository Interest |
| CDX | A series of indexes that track North American and emerging <br> market credit derivative indexes.<br>|
| Cetip | Center for Custody and Financial Settlement of Securities |
| CFETS | China Foreign Exchange Trade System |
| CHF | Swiss Franc |
| CLO | Collateralized Loan Obligation |
| CLP-TNA | Chilean Pesos Floating Rate Index |
| CME | Chicago Mercantile Exchange |
| CMT | Constant Maturity |
| COFI | Federal Cost of Funds Index |
| CONV | Convertible |
| COP | Colombian Peso |
| COPS | Certificates of Participation |
| COP-IBR-<br> OIS<br>| Columbian Indicador Bancario De Referencia Overnight <br> Interbank Reference Rate<br>|
| CV | Capital Variable |
| CVA | Dutch Certificate |
| DAC | Designated Activity Company |
| DETNT/N | Danish Kroner Tomorrow/Next Interest Rate |
| DI | Interbank Deposit |
| EAFE | Europe, Australasia, Far East |
| EONIA | Euro Overnight Index Average |
| ESTR | Euro Short-Term Rate |
| ETF | Exchange Traded Fund |
| EURIBOR | Euro Interbank Offered Rate |
| Fannie Mae | Federal National Mortgage Association |
| FHA | Federal Housing Administration |
| FHLMC | Federal Home Loan Mortgage Corporation |
| FRA | Forward Rate Agreements |
| FTSE | Financial Times Stock Exchange |
| GDR | Global Depositary Receipt |
| GmbH | Gesellschaft mit beschrankter Haftung |

---

---

| | |
|:---|:---|
| Gtd. | Guaranteed |
| HIBOR | Hong Kong Interbank Offered Rate |
| HKD | Hong Kong Dollar |
| HOISHKD | Hong Kong Dollar Overnight Index Average |
| HSCEI | Hang Seng China Enterprises Index |
| HY | High Yield |
| IBEX | Iberia Index |
| ICE | Intercontinental Exchange |
| IFSC | International Financial Services Center |
| ILS | Israeli Shekel |
| IO | Interest Only (Principal amount shown is notional) |
| JGB | Japanese Government Bond |
| JIBAR | Johannesburg Interbank Average Rate |
| JSC | Joint Stock Company |
| KGaA | Kommanditgesellschaft auf Aktien |
| KWCDC | Korean Won Certificate of Deposit |
| LIBOR | London Interbank Offered Rate |
| LLC | Limited Liability Company |
| LP | Limited Partnership |
| MIB Index | Milano Indice di Borsa Index |
| MIBOR | Mumbai Inter-Bank Overnight Rate |
| MMY | Money Market Yield |
| MSCI | Morgan Stanley Capital International |
| MUTS-<br> CALM<br>| Bank of Japan Estimate Unsecured Overnight Call Rate |
| NA | North American |
| NIBOR | Norwegian Interbank Offered Rate |
| NIFTY | National Stock Exchange Fifty |
| NOK | Norwegian Krone |
| NV | Naamloze Vennootschap |
| NVDR | Non-Voting Depository Receipt |
| OAT | Obligations Assimilables du Trésor |
| OYJ | Julkinen Osakeyhtio |
| PAO | Public Joint Stock Company |
| PCL | Public Company Limited |
| PIK | Payment-in-Kind Bonds |
| PJSC | Public Joint Stock Company |
| PLC | Public Limited Company |
| PLN | Polish Zloty |
| PRIBOR | Prague Inter-bank Offered Rate |
| PSF | Permanent School Fund |
| PT | Perseroan Terbatas |
| QPSC | Qatari Public Shareholding Company |
| RBA | Reserve Bank of Australia |
| REIT | Real Estate Investment Trust |
| REMIC | Real Estate Mortgage Investment Conduit |
| SA | Societe Anonyme |
| SA de CV | Sociedad Anonima de Capital Variable |
| SAB de CV | Sociedad Anonima Bursatil de Capital Variable |
| S.a.r.l. | Societa a responsabilita limitata |
| SAS | Societe par Actions Simplifiee |
| SASU | Societe par Actions Simplifiee Unipersonnelle |
| SBA | Small Business Administration |
| SCA | Societe en Commandite par Actions |
| Schatz | Short Bond Future |
| SE | Societas Europaea |
| SEK | Swedish Krona |
| SGD | Singapore Dollar |
| SGPS | Sociedade Gestora de Participacoes Sociais |
| SOFR | Secured Overnight Financing Rate |
| SONIA | Sterling Overnight Index Average Rate |
| SORA | Singapore Overnight Rate Average |
| SSARON | Swiss Average Rate Overnight |
| STACR | Structured Agency Credit Risk |

---

**2**

------

**ABBREVIATIONS, FOOTNOTES AND INDEX DEFINITIONS**

---

| | |
|:---|:---|
| STEP | Stepped Coupon Bonds: Interest rates shown reflect the <br> rates currently in effect.<br>|
| STIBOR | Stockholm Interbank Offered Rate |
| STRIP | Stripped Security |
| TAIEX | Taiwan Stock Exchange Capitalization Weighted Stock <br> Index<br>|
| TBA | To be announced |
| Tbk | Terbuka |
| TELBOR | Tel Aviv Inter-Bank Offered Rate |
| TIIE | The Equilibrium Interbank Interest Rate |
| TSX | Toronto Stock Exchange |
| TWD | Taiwan Dollar |
| USFFE | United States Effective Federal Funds Rate |
| WIBOR | Warsaw Interbank Offered Rates |
| WIG20 | Warsaw Stock Exchange Index |
| 144A | Security was purchased pursuant to Rule 144A under the <br> Securities Act of 1933 and may not be resold subject to that <br> rule except to qualified institutional buyers. As of June 30, <br> 2025, the total market values and percentages of net assets <br> for 144A securities by fund were as follows:<br>|

---

---

| | | |
|:---|:---|:---|
| **Fund** | **Value of** <br>**144A Securities**<br>| **Percentage of** <br>**Net Assets**<br>|
| Low-Duration Bond | &nbsp;&nbsp; $307808576 | 36.39<br> %<br>|
| Medium-Duration Bond | &nbsp;&nbsp; 887250209 | 27.55 |
| Global Bond | &nbsp;&nbsp; 121670246 | 19.23 |
| Impact Bond | &nbsp;&nbsp; 10667078 | 11.91 |
| Defensive Market Strategies<sup>®</sup> | &nbsp;&nbsp; 49644233 | 3.55 |
| International Equity Index | &nbsp;&nbsp; 13285850 | 0.89 |
| International Equity | &nbsp;&nbsp; 22060968 | 1.53 |
| Emerging Markets Equity | &nbsp;&nbsp; 34125038 | 4.02 |
| Global Real Estate Securities | &nbsp;&nbsp; 1514428 | 0.49 |
| Strategic Alternatives | &nbsp;&nbsp; 12924050 | 4.51 |

---

---

| | |
|:---|:---|
| **INVESTMENT FOOTNOTES:** | **INVESTMENT FOOTNOTES:** |
| « | Century bond maturing in 2110. |
| ~ | Century bond maturing in 2121. |
| ‡‡ | All or a portion of the security was held as collateral for <br> open futures, options, securities sold short and/or swap <br> agreements.<br>|
| \* | Non-income producing security. |
| # | Security in default. |
| § | Security purchased with the cash proceeds from securities <br> loaned.<br>|
| ^ | Variable rate security. Security issued at a fixed coupon rate, <br> which converts to a variable rate at a specified date. Rate <br> shown is the rate in effect as of year-end.<br>|
| † | Floating rate security. Rate shown reflects the rate in effect <br> as of June 30, 2025.<br>|
| γ | Variable or floating rate security, the interest rate of which <br> adjusts periodically based on changes in current interest <br> rates and prepayments on the underlying pool of assets.<br>|
| Ω | Rate shown reflects the effective yield as of June 30, 2025. |
| ∞ | Affiliated fund. |
| Δ | Security either partially or fully on loan. |
| ††† | Security is a Level 3 investment (see Note 2 in Notes to <br> Financial Statements).<br>|
| Ø | 7-day current yield as of June 30, 2025 is disclosed. |
| ρ | Perpetual bond. Maturity date represents the next call date. |
| ◊ | Current yield is disclosed. Dividends are calculated based <br> on a percentage of the issuer's net income.<br>|
| » | Zero coupon bond. |
| ++ | Loan Commitment. The closing of the commitment was <br> held on May 31, 2023. The uncalled capital commitment at <br> June 30, 2025 was $514,000.<br>|
| Σ | All or a portion of this position has not settled. Full contract <br> rates do not take effect until settlement date.<br>|

---

---

| | | |
|:---|:---|:---|
| **FOREIGN BOND FOOTNOTES:** | **FOREIGN BOND FOOTNOTES:** | **FOREIGN BOND FOOTNOTES:** |
| (A) |  | Par is denominated in Australian Dollars (AUD). |
| (B) |  | Par is denominated in Brazilian Reals (BRL). |
| (C) |  | Par is denominated in Canadian Dollars (CAD). |
| (E) |  | Par is denominated in Euro (EUR). |
| (J) |  | Par is denominated in Japanese Yen (JPY). |
| (KW) |  | Par is denominated in South Korean Won (KRW). |
| (M) |  | Par is denominated in Mexican Pesos (MXN). |
| (P) |  | Par is denominated in Polish Zloty (PLN). |
| (S) |  | Par is denominated in South African Rand (ZAR). |
| (T) |  | Par is denominated in Turkish Lira (TRY). |
| (U) |  | Par is denominated in British Pounds (GBP). |
| (UYU) |  | Par is denominated in Uruguayan Peso (UYU). |
| (Y) |  | Par is denominated in Chinese Yuan (CNY). |
| (ZD) |  | Par is denominated in Swiss Francs (CHF). |
| (ZF) |  | Par is denominated in Thai Baht (THB). |
| (ZH) |  | Par is denominated in Indian Rupees (INR). |

---

---

| | | |
|:---|:---|:---|
| **COUNTERPARTY ABBREVIATIONS:** | **COUNTERPARTY ABBREVIATIONS:** | **COUNTERPARTY ABBREVIATIONS:** |
| BAR  |  | Counterparty to contract is Barclays Capital.  |
| BNP |  | Counterparty to contract is BNP Paribas. |
| BOA |  | Counterparty to contract is Bank of America. |
| CITI |  | Counterparty to contract is Citibank NA London. |
| DEUT |  | Counterparty to contract is Deutsche Bank AG. |
| GSC |  | Counterparty to contract is Goldman Sachs Capital Markets, <br> LP.<br>|
| HSBC |  | Counterparty to contract is HSBC Securities. |
| JPM |  | Counterparty to contract is JPMorgan Chase Bank. |
| MLIB |  | Counterparty to contract is Merrill Lynch International <br> Bank.<br>|
| MSCS |  | Counterparty to contract is Morgan Stanley Capital <br> Services.<br>|
| RBC |  | Counterparty to contract is Royal Bank of Canada. |
| SC |  | Counterparty to contract is Standard Chartered PLC. |
| SS |  | Counterparty to contract is State Street Global Markets. |
| TD |  | Counterparty to contract is Toronto-Dominion Bank. |
| UBS |  | Counterparty to contract is UBS AG. |

---

**3**

------

**MYDESTINATION 2015 FUND**

**SCHEDULE OF INVESTMENTS**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **MUTUAL FUNDS — 91.6%** | **MUTUAL FUNDS — 91.6%** | **MUTUAL FUNDS — 91.6%** |
| GuideStone Low-Duration Bond Fund <br>(Institutional Class)∞ | 5477791 | $70992172 |
| GuideStone Medium-Duration <br> Bond Fund <br>(Institutional Class)∞ | 18287103 | 233343437 |
| GuideStone Global Bond Fund <br>(Institutional Class)∞ | 4473784 | 39503515 |
| GuideStone Defensive Market <br> Strategies<sup>®</sup> Fund <br>(Institutional Class)∞ | 6324621 | 74757019 |
| GuideStone Equity Index Fund <br>(Institutional Class)∞ | 2085404 | 128356579 |
| GuideStone International Equity <br> Index Fund <br>(Institutional Class)∞ | 4798809 | 66751430 |
| GuideStone Small Cap Equity Fund <br>(Institutional Class)∞ | 827100 | 14333650 |
| GuideStone Emerging Markets <br> Equity Fund <br>(Institutional Class)∞ | 1400076 | 15386832 |
| GuideStone Global Real Estate <br> Securities Fund <br>(Institutional Class)∞ | 638984 | 5942554 |
| GuideStone Strategic <br> Alternatives Fund <br>(Institutional Class)∞ | 739605 | 6893119 |
| **Total Mutual Funds** <br>(Cost $624,318,675) | **Total Mutual Funds** <br>(Cost $624,318,675) | 656260307 |
| **MONEY MARKET FUNDS — 1.1%** | **MONEY MARKET FUNDS — 1.1%** | **MONEY MARKET FUNDS — 1.1%** |
| GuideStone Money Market Fund, <br> 4.25% <br>(Institutional Class)Ø∞ | 7872808 | 7872808 |
| Northern Institutional U.S. Treasury <br> Portfolio (Premier), 4.16%Ø | 6499 | 6499 |
| **Total Money Market Funds** <br>(Cost $7,879,307) | **Total Money Market Funds** <br>(Cost $7,879,307) | 7879307 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **U.S. TREASURY OBLIGATIONS — 7.2%** | **U.S. TREASURY OBLIGATIONS — 7.2%** | **U.S. TREASURY OBLIGATIONS — 7.2%** |
| U.S. Treasury <br> Inflationary Index <br> Bonds<br>|  |  |
| 3.88%, 04/15/29 | $9534492 | $10411482 |
| 3.38%, 04/15/32 | 2803122 | 3121495 |
| 0.75%, 02/15/42 | 728301 | 566038 |
| 0.63%, 02/15/43 | 3518947 | 2617750 |
| 0.75%, 02/15/45 | 715202 | 522623 |
| 1.00%, 02/15/48 | 1609201 | 1184643 |
| 0.13%, 02/15/51 | 2164905 | 1180461 |
| 1.50%, 02/15/53 | 727374 | 576660 |
| 2.13%, 02/15/54 | 395108 | 361896 |
| 2.38%, 02/15/55 | 540842 | 523349 |
|  |  | 21066397 |
| U.S. Treasury <br> Inflationary Index <br> Notes<br>|  |  |
| 0.13%, 07/15/26 | 6437271 | 6382208 |
| 0.38%, 07/15/27 | 5545953 | 5471689 |
| 0.25%, 07/15/29 | 2451805 | 2355104 |
| 1.63%, 10/15/29 | 1021549 | 1034407 |
| 0.13%, 01/15/30 | 2395199 | 2261105 |
| 1.63%, 04/15/30 | 1441083 | 1451903 |
| 0.63%, 07/15/32 | 5328387 | 4972298 |
| 1.38%, 07/15/33 | 1551646 | 1507575 |
| 1.75%, 01/15/34 | 753486 | 747303 |
| 1.88%, 07/15/34 | 2331980 | 2335122 |
| 2.13%, 01/15/35 | 2168194 | 2204895 |
|  |  | 30723609 |
| **Total U.S. Treasury Obligations** <br>(Cost $52,992,692) | **Total U.S. Treasury Obligations** <br>(Cost $52,992,692) | 51790006 |
| **TOTAL INVESTMENTS** — **99.9%** <br>(Cost $685,190,674) |  | 715929620 |
| **Other Assets in Excess of**<br> **Liabilities — 0.1%** |  | 376471 |
| **NET ASSETS — 100.0%** |  | $716306091 |

---

**VALUATION HIERARCHY**

The following is a summary of the inputs used, as of June 30, 2025, in valuing the Fund's investments carried at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total** <br>**Value**<br>| **Level 1** <br>**Quoted Prices**<br>| **Level 2** <br>**Other Significant** <br>**Observable Inputs**<br>| **Level 3** <br>**Significant** <br>**Unobservable Inputs**<br>|
| **Assets:** |  |  |  |  |
| **Investments in Securities:** |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; $7879307 | &nbsp;&nbsp; $7879307 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Mutual Funds | &nbsp;&nbsp; 656260307 | &nbsp;&nbsp; 656260307 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| U.S. Treasury Obligations | &nbsp;&nbsp; 51790006 | &nbsp;&nbsp; — | &nbsp;&nbsp; 51790006 | &nbsp;&nbsp; — |
| **Total Assets - Investments in Securities** | &nbsp;&nbsp; $715929620 | &nbsp;&nbsp; $664139614 | &nbsp;&nbsp; $51790006 | &nbsp;&nbsp; $— |

---

**4**

See Notes to Financial Statements.

------

**MYDESTINATION 2025 FUND**

**SCHEDULE OF INVESTMENTS**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **MUTUAL FUNDS — 94.4%** | **MUTUAL FUNDS — 94.4%** | **MUTUAL FUNDS — 94.4%** |
| GuideStone Low-Duration Bond Fund <br>(Institutional Class)∞ | 6789163 | $87987553 |
| GuideStone Medium-Duration <br> Bond Fund <br>(Institutional Class)∞ | 48250514 | 615676566 |
| GuideStone Global Bond Fund <br>(Institutional Class)∞ | 12095283 | 106801349 |
| GuideStone Defensive Market <br> Strategies<sup>®</sup> Fund <br>(Institutional Class)∞ | 22117100 | 261424119 |
| GuideStone Equity Index Fund <br>(Institutional Class)∞ | 7296644 | 449108446 |
| GuideStone International Equity <br> Index Fund <br>(Institutional Class)∞ | 16461924 | 228985357 |
| GuideStone Small Cap Equity Fund <br>(Institutional Class)∞ | 2949146 | 51108700 |
| GuideStone Emerging Markets <br> Equity Fund <br>(Institutional Class)∞ | 4994145 | 54885653 |
| GuideStone Global Real Estate <br> Securities Fund <br>(Institutional Class)∞ | 2251035 | 20934625 |
| GuideStone Strategic <br> Alternatives Fund <br>(Institutional Class)∞ | 2107012 | 19637349 |
| **Total Mutual Funds** <br>(Cost $1,766,098,673) | **Total Mutual Funds** <br>(Cost $1,766,098,673) | 1896549717 |
| **MONEY MARKET FUNDS — 1.0%** | **MONEY MARKET FUNDS — 1.0%** | **MONEY MARKET FUNDS — 1.0%** |
| GuideStone Money Market Fund, <br> 4.25% <br>(Institutional Class)Ø∞ | 19092079 | 19092079 |
| Northern Institutional U.S. Treasury <br> Portfolio (Premier), 4.16%Ø | 11570 | 11570 |
| **Total Money Market Funds** <br>(Cost $19,103,649) | **Total Money Market Funds** <br>(Cost $19,103,649) | 19103649 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **U.S. TREASURY OBLIGATIONS — 4.6%** | **U.S. TREASURY OBLIGATIONS — 4.6%** | **U.S. TREASURY OBLIGATIONS — 4.6%** |
| U.S. Treasury <br> Inflationary Index <br> Bonds<br>|  |  |
| 3.88%, 04/15/29 | $17166378 | $18745356 |
| 3.38%, 04/15/32 | 5042367 | 5615068 |
| 0.75%, 02/15/42 | 1310374 | 1018426 |
| 0.63%, 02/15/43 | 6336057 | 4713402 |
| 0.75%, 02/15/45 | 1288726 | 941717 |
| 1.00%, 02/15/48 | 2897082 | 2132741 |
| 0.13%, 02/15/51 | 3898554 | 2125770 |
| 1.50%, 02/15/53 | 1309058 | 1037818 |
| 2.13%, 02/15/54 | 710777 | 651030 |
| 2.38%, 02/15/55 | 973922 | 942423 |
|  |  | 37923751 |
| U.S. Treasury <br> Inflationary Index <br> Notes<br>|  |  |
| 0.13%, 07/15/26 | 11587088 | 11487975 |
| 0.38%, 07/15/27 | 9985076 | 9851368 |
| 0.25%, 07/15/29 | 4413248 | 4239187 |
| 1.63%, 10/15/29 | 1839196 | 1862346 |
| 0.13%, 01/15/30 | 4311607 | 4070225 |
| 1.63%, 04/15/30 | 2592941 | 2612410 |
| 0.63%, 07/15/32 | 9590213 | 8949312 |
| 1.38%, 07/15/33 | 2792751 | 2713430 |
| 1.75%, 01/15/34 | 1356693 | 1345559 |
| 1.88%, 07/15/34 | 4197769 | 4203424 |
| 2.13%, 01/15/35 | 3903360 | 3969432 |
|  |  | 55304668 |
| **Total U.S. Treasury Obligations** <br>(Cost $94,647,257) | **Total U.S. Treasury Obligations** <br>(Cost $94,647,257) | 93228419 |
| **TOTAL INVESTMENTS** — **100.0%** <br>(Cost $1,879,849,579) |  | 2008881785 |
| **Liabilities in Excess of Other**<br> **Assets — (0.0)%** |  | (879388)<br>|
| **NET ASSETS — 100.0%** |  | $2008002397 |

---

**VALUATION HIERARCHY**

The following is a summary of the inputs used, as of June 30, 2025, in valuing the Fund's investments carried at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total** <br>**Value**<br>| **Level 1** <br>**Quoted Prices**<br>| **Level 2** <br>**Other Significant** <br>**Observable Inputs**<br>| **Level 3** <br>**Significant** <br>**Unobservable Inputs**<br>|
| **Assets:** |  |  |  |  |
| **Investments in Securities:** |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; $19103649 | &nbsp;&nbsp; $19103649 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Mutual Funds | &nbsp;&nbsp; 1896549717 | &nbsp;&nbsp; 1896549717 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| U.S. Treasury Obligations | &nbsp;&nbsp; 93228419 | &nbsp;&nbsp; — | &nbsp;&nbsp; 93228419 | &nbsp;&nbsp; — |
| **Total Assets - Investments in Securities** | &nbsp;&nbsp; $2008881785 | &nbsp;&nbsp; $1915653366 | &nbsp;&nbsp; $93228419 | &nbsp;&nbsp; $— |

---

See Notes to Financial Statements.

**5**

------

**MYDESTINATION 2035 FUND**

**SCHEDULE OF INVESTMENTS**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **MUTUAL FUNDS — 98.9%** | **MUTUAL FUNDS — 98.9%** | **MUTUAL FUNDS — 98.9%** |
| GuideStone Low-Duration Bond Fund <br>(Institutional Class)∞ | 215775 | $2796447 |
| GuideStone Medium-Duration <br> Bond Fund <br>(Institutional Class)∞ | 37712314 | 481209130 |
| GuideStone Global Bond Fund <br>(Institutional Class)∞ | 12907182 | 113970416 |
| GuideStone Defensive Market <br> Strategies<sup>®</sup> Fund <br>(Institutional Class)∞ | 19356501 | 228793846 |
| GuideStone Equity Index Fund <br>(Institutional Class)∞ | 11730628 | 722020163 |
| GuideStone International Equity <br> Index Fund <br>(Institutional Class)∞ | 25936542 | 360777297 |
| GuideStone Small Cap Equity Fund <br>(Institutional Class)∞ | 4858419 | 84196399 |
| GuideStone Emerging Markets <br> Equity Fund <br>(Institutional Class)∞ | 8026522 | 88211476 |
| GuideStone Global Real Estate <br> Securities Fund <br>(Institutional Class)∞ | 3178788 | 29562724 |
| GuideStone Strategic <br> Alternatives Fund <br>(Institutional Class)∞ | 2273641 | 21190335 |
| **Total Mutual Funds** <br>(Cost $1,872,656,818) | **Total Mutual Funds** <br>(Cost $1,872,656,818) | 2132728233 |
| **MONEY MARKET FUNDS — 1.0%** | **MONEY MARKET FUNDS — 1.0%** | **MONEY MARKET FUNDS — 1.0%** |
| GuideStone Money Market Fund, <br> 4.25% <br>(Institutional Class)Ø∞ | 22588187 | 22588187 |
| Northern Institutional U.S. Treasury <br> Portfolio (Premier), 4.16%Ø | 3235 | 3235 |
| **Total Money Market Funds** <br>(Cost $22,591,422) | **Total Money Market Funds** <br>(Cost $22,591,422) | 22591422 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** |  |
| **U.S. TREASURY OBLIGATIONS — 0.2%** | **U.S. TREASURY OBLIGATIONS — 0.2%** | **U.S. TREASURY OBLIGATIONS — 0.2%** |
| U.S. Treasury <br> Inflationary Index <br> Bonds<br>|  |  |
| 3.88%, 04/15/29 | $634202 | 692536 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| 3.38%, 04/15/32 | $186152 | $207295 |
| 0.75%, 02/15/42 | 48269 | 37515 |
| 0.63%, 02/15/43 | 234410 | 174378 |
| 0.75%, 02/15/45 | 47680 | 34842 |
| 1.00%, 02/15/48 | 106673 | 78529 |
| 0.13%, 02/15/51 | 144163 | 78608 |
| 1.50%, 02/15/53 | 48564 | 38501 |
| 2.13%, 02/15/54 | 26131 | 23935 |
| 2.38%, 02/15/55 | 35582 | 34431 |
|  |  | 1400570 |
| U.S. Treasury <br> Inflationary Index <br> Notes<br>|  |  |
| 0.13%, 07/15/26 | 428259 | 424596 |
| 0.38%, 07/15/27 | 368506 | 363572 |
| 0.25%, 07/15/29 | 163036 | 156605 |
| 1.63%, 10/15/29 | 67288 | 68135 |
| 0.13%, 01/15/30 | 159597 | 150662 |
| 1.63%, 04/15/30 | 95736 | 96455 |
| 0.63%, 07/15/32 | 354416 | 330731 |
| 1.38%, 07/15/33 | 103514 | 100573 |
| 1.75%, 01/15/34 | 50093 | 49682 |
| 1.88%, 07/15/34 | 155397 | 155607 |
| 2.13%, 01/15/35 | 144343 | 146786 |
|  |  | 2043404 |
| **Total U.S. Treasury Obligations** <br>(Cost $3,413,882) | **Total U.S. Treasury Obligations** <br>(Cost $3,413,882) | 3443974 |
| **TOTAL INVESTMENTS** — **100.1%** <br>(Cost $1,898,662,122) |  | 2158763629 |
| **Liabilities in Excess of Other**<br> **Assets — (0.1)%** |  | (1415038)<br>|
| **NET ASSETS — 100.0%** |  | $2157348591 |

---

**VALUATION HIERARCHY**

The following is a summary of the inputs used, as of June 30, 2025, in valuing the Fund's investments carried at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total** <br>**Value**<br>| **Level 1** <br>**Quoted Prices**<br>| **Level 2** <br>**Other Significant** <br>**Observable Inputs**<br>| **Level 3** <br>**Significant** <br>**Unobservable Inputs**<br>|
| **Assets:** |  |  |  |  |
| **Investments in Securities:** |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; $22591422 | &nbsp;&nbsp; $22591422 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Mutual Funds | &nbsp;&nbsp; 2132728233 | &nbsp;&nbsp; 2132728233 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| U.S. Treasury Obligations | &nbsp;&nbsp; 3443974 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3443974 | &nbsp;&nbsp; — |
| **Total Assets - Investments in Securities** | &nbsp;&nbsp; $2158763629 | &nbsp;&nbsp; $2155319655 | &nbsp;&nbsp; $3443974 | &nbsp;&nbsp; $— |

---

**6**

See Notes to Financial Statements.

------

**MYDESTINATION 2045 FUND**

**SCHEDULE OF INVESTMENTS**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **MUTUAL FUNDS — 99.0%** | **MUTUAL FUNDS — 99.0%** | **MUTUAL FUNDS — 99.0%** |
| GuideStone Medium-Duration <br> Bond Fund <br>(Institutional Class)∞ | 13527698 | $172613426 |
| GuideStone Global Bond Fund <br>(Institutional Class)∞ | 4877353 | 43067028 |
| GuideStone Defensive Market <br> Strategies<sup>®</sup> Fund <br>(Institutional Class)∞ | 8143843 | 96260220 |
| GuideStone Equity Index Fund <br>(Institutional Class)∞ | 13755281 | 846637525 |
| GuideStone International Equity <br> Index Fund <br>(Institutional Class)∞ | 29887221 | 415731244 |
| GuideStone Small Cap Equity Fund <br>(Institutional Class)∞ | 5753946 | 99715887 |
| GuideStone Emerging Markets <br> Equity Fund <br>(Institutional Class)∞ | 9310275 | 102319927 |
| GuideStone Global Real Estate <br> Securities Fund <br>(Institutional Class)∞ | 3390557 | 31532183 |
| **Total Mutual Funds** <br>(Cost $1,450,883,119) | **Total Mutual Funds** <br>(Cost $1,450,883,119) | 1807877440 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **MONEY MARKET FUNDS — 1.1%** | **MONEY MARKET FUNDS — 1.1%** | **MONEY MARKET FUNDS — 1.1%** |
| GuideStone Money Market Fund, <br> 4.25% <br>(Institutional Class)Ø∞ <br>(Cost $19,294,991) | 19294991 | $19294991 |
| **TOTAL INVESTMENTS** — **100.1%** <br>(Cost $1,470,178,110) |  | 1827172431 |
| **Liabilities in Excess of Other**<br> **Assets — (0.1)%** |  | (955673)<br>|
| **NET ASSETS — 100.0%** |  | $1826216758 |

---

**VALUATION HIERARCHY**

The following is a summary of the inputs used, as of June 30, 2025, in valuing the Fund's investments carried at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total** <br>**Value**<br>| **Level 1** <br>**Quoted Prices**<br>| **Level 2** <br>**Other Significant** <br>**Observable Inputs**<br>| **Level 3** <br>**Significant** <br>**Unobservable Inputs**<br>|
| **Assets:** |  |  |  |  |
| **Investments in Securities:** |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; $19294991 | &nbsp;&nbsp; $19294991 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Mutual Funds | &nbsp;&nbsp; 1807877440 | &nbsp;&nbsp; 1807877440 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Total Assets - Investments in Securities** | &nbsp;&nbsp; $1827172431 | &nbsp;&nbsp; $1827172431 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |

---

See Notes to Financial Statements.

**7**

------

**MYDESTINATION 2055 FUND**

**SCHEDULE OF INVESTMENTS**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **MUTUAL FUNDS — 98.9%** | **MUTUAL FUNDS — 98.9%** | **MUTUAL FUNDS — 98.9%** |
| GuideStone Medium-Duration <br> Bond Fund <br>(Institutional Class)∞ | 3134513 | $39996386 |
| GuideStone Global Bond Fund <br>(Institutional Class)∞ | 1130174 | 9979434 |
| GuideStone Defensive Market <br> Strategies<sup>®</sup> Fund <br>(Institutional Class)∞ | 4069631 | 48103043 |
| GuideStone Equity Index Fund <br>(Institutional Class)∞ | 7828153 | 481822812 |
| GuideStone International Equity <br> Index Fund <br>(Institutional Class)∞ | 17184203 | 239032269 |
| GuideStone Small Cap Equity Fund <br>(Institutional Class)∞ | 3308711 | 57339956 |
| GuideStone Emerging Markets <br> Equity Fund <br>(Institutional Class)∞ | 5333282 | 58612767 |
| GuideStone Global Real Estate <br> Securities Fund <br>(Institutional Class)∞ | 1921246 | 17867589 |
| **Total Mutual Funds** <br>(Cost $764,469,671) | **Total Mutual Funds** <br>(Cost $764,469,671) | 952754256 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **MONEY MARKET FUNDS — 1.1%** | **MONEY MARKET FUNDS — 1.1%** | **MONEY MARKET FUNDS — 1.1%** |
| GuideStone Money Market Fund, <br> 4.25% <br>(Institutional Class)Ø∞ <br>(Cost $10,339,202) | 10339202 | $10339202 |
| **TOTAL INVESTMENTS** — **100.0%** <br>(Cost $774,808,873) |  | 963093458 |
| **Other Assets in Excess of**<br> **Liabilities — 0.0%** |  | 100247 |
| **NET ASSETS — 100.0%** |  | $963193705 |

---

**VALUATION HIERARCHY**

The following is a summary of the inputs used, as of June 30, 2025, in valuing the Fund's investments carried at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total** <br>**Value**<br>| **Level 1** <br>**Quoted Prices**<br>| **Level 2** <br>**Other Significant** <br>**Observable Inputs**<br>| **Level 3** <br>**Significant** <br>**Unobservable Inputs**<br>|
| **Assets:** |  |  |  |  |
| **Investments in Securities:** |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; $10339202 | &nbsp;&nbsp; $10339202 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Mutual Funds | &nbsp;&nbsp; 952754256 | &nbsp;&nbsp; 952754256 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Total Assets - Investments in Securities** | &nbsp;&nbsp; $963093458 | &nbsp;&nbsp; $963093458 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |

---

**8**

See Notes to Financial Statements.

------

**(This page intentionally left blank)**

**9**

------

**STATEMENTS OF ASSETS AND LIABILITIES**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **MyDestination**<br> **2015 Fund**<br>| **MyDestination**<br> **2025 Fund**<br>|
| **Assets** |  |  |
| Investments in securities of unaffiliated issuers, at value | &nbsp;&nbsp; $51796505 | &nbsp;&nbsp; $93239989 |
| Investments in securities of affiliated issuers, at value | &nbsp;&nbsp; 664133115 | &nbsp;&nbsp; 1915641796 |
| Total investments, at value<sup>(1)</sup> <br>| &nbsp;&nbsp; 715929620 | &nbsp;&nbsp; 2008881785 |
| Receivables: |  |  |
| Dividends | &nbsp;&nbsp; 27429 | &nbsp;&nbsp; 64569 |
| Interest | &nbsp;&nbsp; 227753 | &nbsp;&nbsp; 409985 |
| Investment securities sold | &nbsp;&nbsp; 495000 | &nbsp;&nbsp; 1145000 |
| Fund shares sold | &nbsp;&nbsp; 92401 | &nbsp;&nbsp; 99667 |
| Prepaid expenses and other assets | &nbsp;&nbsp; 38274 | &nbsp;&nbsp; 50120 |
| Total Assets | &nbsp;&nbsp; 716810477 | &nbsp;&nbsp; 2010651126 |
| **Liabilities** |  |  |
| Payables: |  |  |
| Investment securities purchased | &nbsp;&nbsp; 110000 | &nbsp;&nbsp; 1200000 |
| Fund shares redeemed | &nbsp;&nbsp; 191879 | &nbsp;&nbsp; 964757 |
| Accrued expenses: |  |  |
| Investment advisory fees | &nbsp;&nbsp; 38663 | &nbsp;&nbsp; 131642 |
| Shareholder servicing fees | &nbsp;&nbsp; 83881 | &nbsp;&nbsp; 242748 |
| Director fees | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 1063 |
| Other expenses | &nbsp;&nbsp; 79363 | &nbsp;&nbsp; 108519 |
| Total Liabilities | &nbsp;&nbsp; 504386 | &nbsp;&nbsp; 2648729 |
| Commitments and contingencies | &nbsp;&nbsp; — <br><sup>(2)</sup><br>| &nbsp;&nbsp; — <br><sup>(2)</sup><br>|
| **Net Assets** | &nbsp;&nbsp; $716306091 | &nbsp;&nbsp; $2008002397 |
| **Net Assets Consist of:** |  |  |
| Paid-in-capital | &nbsp;&nbsp; $687743316 | &nbsp;&nbsp; $1850357333 |
| Distributable earnings (loss) | &nbsp;&nbsp; 28562775 | &nbsp;&nbsp; 157645064 |
| **Net Assets** | &nbsp;&nbsp; $716306091 | &nbsp;&nbsp; $2008002397 |
| **Net Asset Value:** |  |  |
| $0.001 par value, unlimited shares authorized |  |  |
| Net assets applicable to the Institutional Class | &nbsp;&nbsp; $303322185 | &nbsp;&nbsp; $807511215 |
| Institutional shares outstanding | &nbsp;&nbsp; 29499581 | &nbsp;&nbsp; 74614882 |
| Net asset value, offering and redemption price per Institutional share | &nbsp;&nbsp; $10.28 | &nbsp;&nbsp; $10.82 |
| Net assets applicable to the Investor Class | &nbsp;&nbsp; $412983906 | &nbsp;&nbsp; $1200491182 |
| Investor shares outstanding | &nbsp;&nbsp; 40232287 | &nbsp;&nbsp; 111064700 |
| Net asset value, offering and redemption price per Investor share | &nbsp;&nbsp; $10.26 | &nbsp;&nbsp; $10.81 |
| <sup>(1)</sup>Investments in securities of unaffiliated issuers, at cost | &nbsp;&nbsp; $52999191 | &nbsp;&nbsp; $94658827 |
| Investments in securities of affiliated issuers, at cost | &nbsp;&nbsp; 632191483 | &nbsp;&nbsp; 1785190752 |
| Total investments, at cost | &nbsp;&nbsp; $685190674 | &nbsp;&nbsp; $1879849579 |
| <sup>(2)</sup>See Note 3c in Notes to Financial Statements. |  |  |

---

**10**

See Notes to Financial Statements.

------

---

| | | |
|:---|:---|:---|
| **MyDestination**<br> **2035 Fund**<br>| **MyDestination**<br> **2045 Fund**<br>| **MyDestination**<br> **2055 Fund**<br>|
| $3447209 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| 2155316420 | &nbsp;&nbsp;&nbsp;&nbsp; 1827172431 | &nbsp;&nbsp;&nbsp;&nbsp; 963093458 |
| 2158763629 | &nbsp;&nbsp;&nbsp;&nbsp; 1827172431 | &nbsp;&nbsp;&nbsp;&nbsp; 963093458 |
| 75495 | &nbsp;&nbsp;&nbsp;&nbsp; 64793 | &nbsp;&nbsp;&nbsp;&nbsp; 34813 |
| 15145 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 790000 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 702070 | &nbsp;&nbsp;&nbsp;&nbsp; 262936 | &nbsp;&nbsp;&nbsp;&nbsp; 870554 |
| 48522 | &nbsp;&nbsp;&nbsp;&nbsp; 45732 | &nbsp;&nbsp;&nbsp;&nbsp; 43704 |
| 2160394861 | &nbsp;&nbsp;&nbsp;&nbsp; 1827545892 | &nbsp;&nbsp;&nbsp;&nbsp; 964042529 |
| 1430000 | &nbsp;&nbsp;&nbsp;&nbsp; 725000 | &nbsp;&nbsp;&nbsp;&nbsp; 570000 |
| 1112092 | &nbsp;&nbsp;&nbsp;&nbsp; 154292 | &nbsp;&nbsp;&nbsp;&nbsp; 6548 |
| 149235 | &nbsp;&nbsp;&nbsp;&nbsp; 145939 | &nbsp;&nbsp;&nbsp;&nbsp; 81608 |
| 244930 | &nbsp;&nbsp;&nbsp;&nbsp; 202497 | &nbsp;&nbsp;&nbsp;&nbsp; 104040 |
| 1056 | &nbsp;&nbsp;&nbsp;&nbsp; 825 | &nbsp;&nbsp;&nbsp;&nbsp; 1040 |
| 108957 | &nbsp;&nbsp;&nbsp;&nbsp; 100581 | &nbsp;&nbsp;&nbsp;&nbsp; 85588 |
| 3046270 | &nbsp;&nbsp;&nbsp;&nbsp; 1329134 | &nbsp;&nbsp;&nbsp;&nbsp; 848824 |
| — <br><sup>(2)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(2)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(2)</sup><br>|
| $2157348591 | &nbsp;&nbsp;&nbsp;&nbsp; $1826216758 | &nbsp;&nbsp;&nbsp;&nbsp; $963193705 |
| $1861450841 | &nbsp;&nbsp;&nbsp;&nbsp; $1442224372 | &nbsp;&nbsp;&nbsp;&nbsp; $762750822 |
| 295897750 | &nbsp;&nbsp;&nbsp;&nbsp; 383992386 | &nbsp;&nbsp;&nbsp;&nbsp; 200442883 |
| $2157348591 | &nbsp;&nbsp;&nbsp;&nbsp; $1826216758 | &nbsp;&nbsp;&nbsp;&nbsp; $963193705 |
| $937454017 | &nbsp;&nbsp;&nbsp;&nbsp; $811403434 | &nbsp;&nbsp;&nbsp;&nbsp; $440347490 |
| 79978660 | &nbsp;&nbsp;&nbsp;&nbsp; 64165924 | &nbsp;&nbsp;&nbsp;&nbsp; 23646747 |
| $11.72 | &nbsp;&nbsp;&nbsp;&nbsp; $12.65 | &nbsp;&nbsp;&nbsp;&nbsp; $18.62 |
| $1219894574 | &nbsp;&nbsp;&nbsp;&nbsp; $1014813324 | &nbsp;&nbsp;&nbsp;&nbsp; $522846215 |
| 104344133 | &nbsp;&nbsp;&nbsp;&nbsp; 80509480 | &nbsp;&nbsp;&nbsp;&nbsp; 28208845 |
| $11.69 | &nbsp;&nbsp;&nbsp;&nbsp; $12.60 | &nbsp;&nbsp;&nbsp;&nbsp; $18.53 |
| $3417117 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| 1895245005 | &nbsp;&nbsp;&nbsp;&nbsp; 1470178110 | &nbsp;&nbsp;&nbsp;&nbsp; 774808873 |
| $1898662122 | &nbsp;&nbsp;&nbsp;&nbsp; $1470178110 | &nbsp;&nbsp;&nbsp;&nbsp; $774808873 |

---

See Notes to Financial Statements.

**11**

------

**STATEMENTS OF OPERATIONS**

**For the Six Months Ended June 30, 2025 (Unaudited)**

---

| | |
|:---|:---|
|  | **MyDestination**<br> **2015 Fund**<br>|
| **Investment Income** |  |
| Dividends | &nbsp;&nbsp; $450 |
| Income distributions received from affiliated funds | &nbsp;&nbsp; 9215658 |
| Interest | &nbsp;&nbsp; 1209986 |
| Total Investment Income | &nbsp;&nbsp; 10426094 |
| **Expenses** |  |
| Investment advisory fees | &nbsp;&nbsp; 373191 |
| Transfer agent fees: |  |
| Institutional shares | &nbsp;&nbsp; 4512 |
| Investor shares | &nbsp;&nbsp; 18336 |
| Custodian fees | &nbsp;&nbsp; 5999 |
| Shareholder servicing fees: |  |
| Investor shares | &nbsp;&nbsp; 503588 |
| Accounting and administration fees | &nbsp;&nbsp; 31519 |
| Professional fees | &nbsp;&nbsp; 51920 |
| Blue sky fees: |  |
| Institutional shares | &nbsp;&nbsp; 8028 |
| Investor shares | &nbsp;&nbsp; 8427 |
| Shareholder reporting fees: |  |
| Institutional shares | &nbsp;&nbsp; 211 |
| Investor shares | &nbsp;&nbsp; 7028 |
| Directors expenses | &nbsp;&nbsp; 8373 |
| Line of credit facility fees | &nbsp;&nbsp; 1200 |
| Index license fees | &nbsp;&nbsp; 10131 |
| Other expenses | &nbsp;&nbsp; 12331 |
| Recoupment of prior expenses reduced by the Advisor | &nbsp;&nbsp; — |
| Total Expenses | &nbsp;&nbsp; 1044794 |
| Expenses waived/reimbursed<sup>(1)</sup> <br>| &nbsp;&nbsp; (154673)<br>|
| Net Expenses | &nbsp;&nbsp; 890121 |
| **Net Investment Income** | &nbsp;&nbsp; 9535973 |
| **Realized and Unrealized Gain (Loss)** |  |
| Capital gain distributions received from affiliated funds | &nbsp;&nbsp; 1112858 |
| Net realized gain (loss) on investment securities of affiliated issuers | &nbsp;&nbsp; (222425)<br>|
| Net realized gain (loss) on investment securities of unaffiliated issuers | &nbsp;&nbsp; (392103)<br>|
| Net realized loss on futures transactions | &nbsp;&nbsp; — |
| Net realized gain | &nbsp;&nbsp; 498330 |
| Change in unrealized appreciation (depreciation) on investment securities of affiliated issuers | &nbsp;&nbsp; 28104216 |
| Change in unrealized appreciation (depreciation) on investment securities of unaffiliated issuers | &nbsp;&nbsp; 1531685 |
| Change in unrealized appreciation (depreciation) on futures | &nbsp;&nbsp; — |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 29635901 |
| **Net Realized and Unrealized Gain** | &nbsp;&nbsp; 30134231 |
| **Net Increase in Net Assets Resulting from Operations** | &nbsp;&nbsp; $39670204 |

---

 <br> <sup>(1)</sup> See Note 3c in Notes to Financial Statements.

**12**

See Notes to Financial Statements.

------

---

| | | | |
|:---|:---|:---|:---|
| **MyDestination**<br> **2025 Fund**<br>| **MyDestination**<br> **2035 Fund**<br>| **MyDestination**<br> **2045 Fund**<br>| **MyDestination**<br> **2055 Fund**<br>|
| $1701 | &nbsp;&nbsp;&nbsp;&nbsp; $635 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| 23325181 | &nbsp;&nbsp;&nbsp;&nbsp; 19562093 | &nbsp;&nbsp;&nbsp;&nbsp; 10821291 | &nbsp;&nbsp;&nbsp;&nbsp; 4566348 |
| 2174405 | &nbsp;&nbsp;&nbsp;&nbsp; 35878 | &nbsp;&nbsp;&nbsp;&nbsp; 5335 | &nbsp;&nbsp;&nbsp;&nbsp; 2745 |
| 25501287 | &nbsp;&nbsp;&nbsp;&nbsp; 19598606 | &nbsp;&nbsp;&nbsp;&nbsp; 10826626 | &nbsp;&nbsp;&nbsp;&nbsp; 4569093 |
| 1003804 | &nbsp;&nbsp;&nbsp;&nbsp; 1002718 | &nbsp;&nbsp;&nbsp;&nbsp; 832368 | &nbsp;&nbsp;&nbsp;&nbsp; 429745 |
| 4527 | &nbsp;&nbsp;&nbsp;&nbsp; 4559 | &nbsp;&nbsp;&nbsp;&nbsp; 4547 | &nbsp;&nbsp;&nbsp;&nbsp; 4540 |
| 21037 | &nbsp;&nbsp;&nbsp;&nbsp; 20729 | &nbsp;&nbsp;&nbsp;&nbsp; 19798 | &nbsp;&nbsp;&nbsp;&nbsp; 19773 |
| 11405 | &nbsp;&nbsp;&nbsp;&nbsp; 10918 | &nbsp;&nbsp;&nbsp;&nbsp; 9184 | &nbsp;&nbsp;&nbsp;&nbsp; 5527 |
| 1434895 | &nbsp;&nbsp;&nbsp;&nbsp; 1412608 | &nbsp;&nbsp;&nbsp;&nbsp; 1157866 | &nbsp;&nbsp;&nbsp;&nbsp; 584902 |
| 50029 | &nbsp;&nbsp;&nbsp;&nbsp; 49919 | &nbsp;&nbsp;&nbsp;&nbsp; 44749 | &nbsp;&nbsp;&nbsp;&nbsp; 32983 |
| 51974 | &nbsp;&nbsp;&nbsp;&nbsp; 51978 | &nbsp;&nbsp;&nbsp;&nbsp; 51955 | &nbsp;&nbsp;&nbsp;&nbsp; 51931 |
| 8233 | &nbsp;&nbsp;&nbsp;&nbsp; 8454 | &nbsp;&nbsp;&nbsp;&nbsp; 8233 | &nbsp;&nbsp;&nbsp;&nbsp; 8267 |
| 10702 | &nbsp;&nbsp;&nbsp;&nbsp; 9916 | &nbsp;&nbsp;&nbsp;&nbsp; 8628 | &nbsp;&nbsp;&nbsp;&nbsp; 8387 |
| 396 | &nbsp;&nbsp;&nbsp;&nbsp; 545 | &nbsp;&nbsp;&nbsp;&nbsp; 591 | &nbsp;&nbsp;&nbsp;&nbsp; 781 |
| 12703 | &nbsp;&nbsp;&nbsp;&nbsp; 12284 | &nbsp;&nbsp;&nbsp;&nbsp; 10834 | &nbsp;&nbsp;&nbsp;&nbsp; 10642 |
| 22082 | &nbsp;&nbsp;&nbsp;&nbsp; 22443 | &nbsp;&nbsp;&nbsp;&nbsp; 18483 | &nbsp;&nbsp;&nbsp;&nbsp; 10154 |
| 2792 | &nbsp;&nbsp;&nbsp;&nbsp; 2701 | &nbsp;&nbsp;&nbsp;&nbsp; 2201 | &nbsp;&nbsp;&nbsp;&nbsp; 1455 |
| 10777 | &nbsp;&nbsp;&nbsp;&nbsp; 10634 | &nbsp;&nbsp;&nbsp;&nbsp; 10428 | &nbsp;&nbsp;&nbsp;&nbsp; 10331 |
| 25045 | &nbsp;&nbsp;&nbsp;&nbsp; 24547 | &nbsp;&nbsp;&nbsp;&nbsp; 20611 | &nbsp;&nbsp;&nbsp;&nbsp; 14847 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 20370 |
| 2670401 | &nbsp;&nbsp;&nbsp;&nbsp; 2644953 | &nbsp;&nbsp;&nbsp;&nbsp; 2200476 | &nbsp;&nbsp;&nbsp;&nbsp; 1214635 |
| (263251)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (167948)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 2407150 | &nbsp;&nbsp;&nbsp;&nbsp; 2477005 | &nbsp;&nbsp;&nbsp;&nbsp; 2200476 | &nbsp;&nbsp;&nbsp;&nbsp; 1214635 |
| 23094137 | &nbsp;&nbsp;&nbsp;&nbsp; 17121601 | &nbsp;&nbsp;&nbsp;&nbsp; 8626150 | &nbsp;&nbsp;&nbsp;&nbsp; 3354458 |
| 3879963 | &nbsp;&nbsp;&nbsp;&nbsp; 3730761 | &nbsp;&nbsp;&nbsp;&nbsp; 2122004 | &nbsp;&nbsp;&nbsp;&nbsp; 1116658 |
| 13070873 | &nbsp;&nbsp;&nbsp;&nbsp; 13001551 | &nbsp;&nbsp;&nbsp;&nbsp; 3523130 | &nbsp;&nbsp;&nbsp;&nbsp; 1384266 |
| (425376)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 580 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;&nbsp;&nbsp; (1593692)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1221825)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (616911)<br>|
| 16525460 | &nbsp;&nbsp;&nbsp;&nbsp; 15139200 | &nbsp;&nbsp;&nbsp;&nbsp; 4423309 | &nbsp;&nbsp;&nbsp;&nbsp; 1884013 |
| 76991172 | &nbsp;&nbsp;&nbsp;&nbsp; 114511998 | &nbsp;&nbsp;&nbsp;&nbsp; 131058950 | &nbsp;&nbsp;&nbsp;&nbsp; 72798034 |
| 2315800 | &nbsp;&nbsp;&nbsp;&nbsp; 30092 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;&nbsp;&nbsp; 322250 | &nbsp;&nbsp;&nbsp;&nbsp; 264545 | &nbsp;&nbsp;&nbsp;&nbsp; 135345 |
| 79306972 | &nbsp;&nbsp;&nbsp;&nbsp; 114864340 | &nbsp;&nbsp;&nbsp;&nbsp; 131323495 | &nbsp;&nbsp;&nbsp;&nbsp; 72933379 |
| 95832432 | &nbsp;&nbsp;&nbsp;&nbsp; 130003540 | &nbsp;&nbsp;&nbsp;&nbsp; 135746804 | &nbsp;&nbsp;&nbsp;&nbsp; 74817392 |
| $118926569 | &nbsp;&nbsp;&nbsp;&nbsp; $147125141 | &nbsp;&nbsp;&nbsp;&nbsp; $144372954 | &nbsp;&nbsp;&nbsp;&nbsp; $78171850 |

---

See Notes to Financial Statements.

**13**

------

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **MyDestination 2015 Fund** | **MyDestination 2015 Fund** | **MyDestination 2025 Fund** | **MyDestination 2025 Fund** |
|  | &nbsp;&nbsp;&nbsp; **For the Six**<br> **Months Ended**<br>| **For the Year Ended** | &nbsp;&nbsp;&nbsp; **For the Six**<br> **Months Ended**<br>| **For the Year Ended** |
|  | **06/30/25** | **12/31/24** | **06/30/25** | **12/31/24** |
|  | **(Unaudited)** |  | **(Unaudited)** |  |
| **Operations:** |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; $9535973 | &nbsp;&nbsp;&nbsp;&nbsp; $21518401 | &nbsp;&nbsp;&nbsp;&nbsp; $23094137 | &nbsp;&nbsp;&nbsp;&nbsp; $53833460 |
| Net realized gain on investment securities <br> and futures transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp; 498330 | &nbsp;&nbsp;&nbsp;&nbsp; 16555639 | &nbsp;&nbsp;&nbsp;&nbsp; 16525460 | &nbsp;&nbsp;&nbsp;&nbsp; 82365107 |
| Net change in unrealized appreciation <br> (depreciation) on investment securities <br> and futures<br>| &nbsp;&nbsp;&nbsp;&nbsp; 29635901 | &nbsp;&nbsp;&nbsp;&nbsp; 14031903 | &nbsp;&nbsp;&nbsp;&nbsp; 79306972 | &nbsp;&nbsp;&nbsp;&nbsp; 22944234 |
| Net increase in net assets resulting from <br> operations<br>| &nbsp;&nbsp;&nbsp;&nbsp; 39670204 | &nbsp;&nbsp;&nbsp;&nbsp; 52105943 | &nbsp;&nbsp;&nbsp;&nbsp; 118926569 | &nbsp;&nbsp;&nbsp;&nbsp; 159142801 |
| **Distributions to Shareholders:** |  |  |  |  |
| Distributions paid |  |  |  |  |
| Institutional shares | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (18424944)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (57481804)<br>|
| Investor shares | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (24687042)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (83214955)<br>|
| Total distributions | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (43111986)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (140696759)<br>|
| **Capital Share Transactions:** |  |  |  |  |
| Proceeds from shares sold |  |  |  |  |
| Institutional shares | &nbsp;&nbsp;&nbsp;&nbsp; 12390652 | &nbsp;&nbsp;&nbsp;&nbsp; 77396502 | &nbsp;&nbsp;&nbsp;&nbsp; 29990378 | &nbsp;&nbsp;&nbsp;&nbsp; 106716622 |
| Investor shares | &nbsp;&nbsp;&nbsp;&nbsp; 9636605 | &nbsp;&nbsp;&nbsp;&nbsp; 27672560 | &nbsp;&nbsp;&nbsp;&nbsp; 37824134 | &nbsp;&nbsp;&nbsp;&nbsp; 121151255 |
| Reinvestment of dividends and distributions |  |  |  |  |
| Institutional shares | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 18424944 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 57481804 |
| Investor shares | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 24685609 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 83214713 |
| Total proceeds from shares sold and <br> reinvested<br>| &nbsp;&nbsp;&nbsp;&nbsp; 22027257 | &nbsp;&nbsp;&nbsp;&nbsp; 148179615 | &nbsp;&nbsp;&nbsp;&nbsp; 67814512 | &nbsp;&nbsp;&nbsp;&nbsp; 368564394 |
| Value of shares redeemed |  |  |  |  |
| Institutional shares | &nbsp;&nbsp;&nbsp;&nbsp; (16906888)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (51430228)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (39902659)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (83759750)<br>|
| Investor shares | &nbsp;&nbsp;&nbsp;&nbsp; (26380139)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (75528505)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (64649765)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (149777312)<br>|
| Total value of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (43287027)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (126958733)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (104552424)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (233537062)<br>|
| Net increase (decrease) from capital share <br> transactions<sup>(1)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; (21259770)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 21220882 | &nbsp;&nbsp;&nbsp;&nbsp; (36737912)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 135027332 |
| Total increase in net assets | &nbsp;&nbsp;&nbsp;&nbsp; 18410434 | &nbsp;&nbsp;&nbsp;&nbsp; 30214839 | &nbsp;&nbsp;&nbsp;&nbsp; 82188657 | &nbsp;&nbsp;&nbsp;&nbsp; 153473374 |
| **Net Assets:** |  |  |  |  |
| Beginning of Period | &nbsp;&nbsp;&nbsp;&nbsp; 697895657 | &nbsp;&nbsp;&nbsp;&nbsp; 667680818 | &nbsp;&nbsp;&nbsp;&nbsp; 1925813740 | &nbsp;&nbsp;&nbsp;&nbsp; 1772340366 |
| End of Period | &nbsp;&nbsp;&nbsp;&nbsp; $716306091 | &nbsp;&nbsp;&nbsp;&nbsp; $697895657 | &nbsp;&nbsp;&nbsp;&nbsp; $2008002397 | &nbsp;&nbsp;&nbsp;&nbsp; $1925813740 |

---

 <br> <sup>(1)</sup> See Note 6 in Notes to Financial Statements.

**14**

See Notes to Financial Statements.

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **MyDestination 2035 Fund** | **MyDestination 2035 Fund** | **MyDestination 2045 Fund** | **MyDestination 2045 Fund** | **MyDestination 2055 Fund** | **MyDestination 2055 Fund** |
| **For the Six**<br> **Months Ended**<br>| **For the Year Ended** | &nbsp;&nbsp;&nbsp;&nbsp; **For the Six**<br> **Months Ended**<br>| **For the Year Ended** | &nbsp;&nbsp;&nbsp;&nbsp; **For the Six**<br> **Months Ended**<br>| **For the Year Ended** |
| **06/30/25** | **12/31/24** | **06/30/25** | **12/31/24** | **06/30/25** | **12/31/24** |
| **(Unaudited)** |  | **(Unaudited)** |  | **(Unaudited)** |  |
| $17121601 | &nbsp;&nbsp;&nbsp;&nbsp; $44225834 | &nbsp;&nbsp;&nbsp;&nbsp; $8626150 | &nbsp;&nbsp;&nbsp;&nbsp; $28883666 | &nbsp;&nbsp;&nbsp;&nbsp; $3354458 | &nbsp;&nbsp;&nbsp;&nbsp; $13084253 |
| 15139200 | &nbsp;&nbsp;&nbsp;&nbsp; 88121165 | &nbsp;&nbsp;&nbsp;&nbsp; 4423309 | &nbsp;&nbsp;&nbsp;&nbsp; 67075874 | &nbsp;&nbsp;&nbsp;&nbsp; 1884013 | &nbsp;&nbsp;&nbsp;&nbsp; 25639710 |
| 114864340 | &nbsp;&nbsp;&nbsp;&nbsp; 63301632 | &nbsp;&nbsp;&nbsp;&nbsp; 131323495 | &nbsp;&nbsp;&nbsp;&nbsp; 97355524 | &nbsp;&nbsp;&nbsp;&nbsp; 72933379 | &nbsp;&nbsp;&nbsp;&nbsp; 59507742 |
| 147125141 | &nbsp;&nbsp;&nbsp;&nbsp; 195648631 | &nbsp;&nbsp;&nbsp;&nbsp; 144372954 | &nbsp;&nbsp;&nbsp;&nbsp; 193315064 | &nbsp;&nbsp;&nbsp;&nbsp; 78171850 | &nbsp;&nbsp;&nbsp;&nbsp; 98231705 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; (59580596)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (41534001)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (16578341)<br>|
|  | &nbsp;&nbsp;&nbsp;&nbsp; (74346444)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (50630709)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (19166142)<br>|
|  | &nbsp;&nbsp;&nbsp;&nbsp; (133927040)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (92164710)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (35744483)<br>|
| 43815966 | &nbsp;&nbsp;&nbsp;&nbsp; 113434711 | &nbsp;&nbsp;&nbsp;&nbsp; 43657870 | &nbsp;&nbsp;&nbsp;&nbsp; 95692913 | &nbsp;&nbsp;&nbsp;&nbsp; 38851267 | &nbsp;&nbsp;&nbsp;&nbsp; 73528040 |
| 61724982 | &nbsp;&nbsp;&nbsp;&nbsp; 141440717 | &nbsp;&nbsp;&nbsp;&nbsp; 58729987 | &nbsp;&nbsp;&nbsp;&nbsp; 105304245 | &nbsp;&nbsp;&nbsp;&nbsp; 46774004 | &nbsp;&nbsp;&nbsp;&nbsp; 83713610 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; 59580596 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 41534001 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 16578341 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; 74346236 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 50630451 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 19166038 |
| 105540948 | &nbsp;&nbsp;&nbsp;&nbsp; 388802260 | &nbsp;&nbsp;&nbsp;&nbsp; 102387857 | &nbsp;&nbsp;&nbsp;&nbsp; 293161610 | &nbsp;&nbsp;&nbsp;&nbsp; 85625271 | &nbsp;&nbsp;&nbsp;&nbsp; 192986029 |
| (26178932)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (44842532)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (12250509)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (27420394)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5204831)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (13132157)<br>|
| (32687590)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (87922190)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (28315269)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (60945416)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (14888784)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (31716478)<br>|
| (58866522)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (132764722)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (40565778)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (88365810)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (20093615)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (44848635)<br>|
| 46674426 | &nbsp;&nbsp;&nbsp;&nbsp; 256037538 | &nbsp;&nbsp;&nbsp;&nbsp; 61822079 | &nbsp;&nbsp;&nbsp;&nbsp; 204795800 | &nbsp;&nbsp;&nbsp;&nbsp; 65531656 | &nbsp;&nbsp;&nbsp;&nbsp; 148137394 |
| 193799567 | &nbsp;&nbsp;&nbsp;&nbsp; 317759129 | &nbsp;&nbsp;&nbsp;&nbsp; 206195033 | &nbsp;&nbsp;&nbsp;&nbsp; 305946154 | &nbsp;&nbsp;&nbsp;&nbsp; 143703506 | &nbsp;&nbsp;&nbsp;&nbsp; 210624616 |
| 1963549024 | &nbsp;&nbsp;&nbsp;&nbsp; 1645789895 | &nbsp;&nbsp;&nbsp;&nbsp; 1620021725 | &nbsp;&nbsp;&nbsp;&nbsp; 1314075571 | &nbsp;&nbsp;&nbsp;&nbsp; 819490199 | &nbsp;&nbsp;&nbsp;&nbsp; 608865583 |
| $2157348591 | &nbsp;&nbsp;&nbsp;&nbsp; $1963549024 | &nbsp;&nbsp;&nbsp;&nbsp; $1826216758 | &nbsp;&nbsp;&nbsp;&nbsp; $1620021725 | &nbsp;&nbsp;&nbsp;&nbsp; $963193705 | &nbsp;&nbsp;&nbsp;&nbsp; $819490199 |

---

See Notes to Financial Statements.

**15**

------

**FINANCIAL HIGHLIGHTS (Unaudited)**

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *For a Share Outstanding For the Years Ending December 31, unless otherwise indicated*  | *For a Share Outstanding For the Years Ending December 31, unless otherwise indicated*  | *For a Share Outstanding For the Years Ending December 31, unless otherwise indicated*  | *For a Share Outstanding For the Years Ending December 31, unless otherwise indicated*  | *For a Share Outstanding For the Years Ending December 31, unless otherwise indicated*  | *For a Share Outstanding For the Years Ending December 31, unless otherwise indicated*  |  |  |  |  |  | **Ratios to Average Net Assets**  | **Ratios to Average Net Assets**  | **Ratios to Average Net Assets**  |  |
|  | &nbsp;&nbsp; **Net Asset**<br> **Value,**<br> **Beginning**<br> **of Period**<br>| &nbsp;&nbsp; **Net Investment**<br> **Income#(1)**<br>| **Realized**<br> **and**<br> **Unrealized**<br> **Gain**<br> **(Loss) on**<br> **Investments**<br>| &nbsp;&nbsp; **Total Income**<br> **From Investment**<br> **Operations**<br>| &nbsp;&nbsp; **Dividends**<br> **from Net**<br> **Investment**<br> **Income**<br>| **Distributions**<br> **from Net**<br> **Realized**<br> **Capital**<br> **Gains**<br>| &nbsp;&nbsp; **Total**<br> **Distributions**<br> **Paid**<br>| **Net Asset**<br> **Value,**<br> **End of**<br> **Period**<br>| **Total**<br> **Return**<br>| **Net Assets,**<br> **End of Period**<br> **(000)**<br>| **Expenses,**<br> **Net(2)**<br>| **Expenses,**<br> **Gross(2)**<br>| **Investment**<br> **Income,**<br> **Net(1)**<br>| &nbsp;&nbsp; **Portfolio**<br> **Turnover**<br> **Rate**<br>|
| **MyDestination 2015 Fund** | **MyDestination 2015 Fund** | **MyDestination 2015 Fund** | **MyDestination 2015 Fund** | **MyDestination 2015 Fund** | **MyDestination 2015 Fund** | **MyDestination 2015 Fund** | **MyDestination 2015 Fund** | **MyDestination 2015 Fund** | **MyDestination 2015 Fund** | **MyDestination 2015 Fund** | **MyDestination 2015 Fund** | **MyDestination 2015 Fund** | **MyDestination 2015 Fund** | **MyDestination 2015 Fund** |
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
| 2025(3) | &nbsp;&nbsp;&nbsp; $9.71 | &nbsp;&nbsp;&nbsp; $0.15 | &nbsp;&nbsp;&nbsp; $0.42 | &nbsp;&nbsp;&nbsp; $0.57 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $10.28 | &nbsp;&nbsp;&nbsp;&nbsp; 5.87<br> %<br>| &nbsp;&nbsp;&nbsp; $303322 | &nbsp;&nbsp;&nbsp;&nbsp; 0.08<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.96<br> %<br>| &nbsp;&nbsp;&nbsp; 8<br> %<br>|
| 2024 | &nbsp;&nbsp;&nbsp;&nbsp;9.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp;&nbsp; (0.65)<br>| &nbsp;&nbsp;&nbsp;&nbsp;9.71 | &nbsp;&nbsp;&nbsp;&nbsp;7.80 | &nbsp;&nbsp;&nbsp; 290928 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;3.27 | &nbsp;&nbsp;&nbsp; 32 |
| 2023 | &nbsp;&nbsp;&nbsp;&nbsp;8.99 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp;&nbsp;&nbsp;9.60 | &nbsp;&nbsp;&nbsp;&nbsp;11.17 | &nbsp;&nbsp;&nbsp; 242558 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;2.69 | &nbsp;&nbsp;&nbsp; 27 |
| 2022 | &nbsp;&nbsp;&nbsp;&nbsp;11.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp; (1.61)<br>| &nbsp;&nbsp;&nbsp; (1.42)<br>| &nbsp;&nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp;&nbsp; (0.68)<br>| &nbsp;&nbsp;&nbsp;&nbsp;8.99 | &nbsp;&nbsp;&nbsp; (12.87)<br>| &nbsp;&nbsp;&nbsp; 224236 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;1.91 | &nbsp;&nbsp;&nbsp; 21 |
| 2021 | &nbsp;&nbsp;&nbsp;&nbsp;10.95 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp;&nbsp; (0.62)<br>| &nbsp;&nbsp;&nbsp;&nbsp;11.09 | &nbsp;&nbsp;&nbsp;&nbsp;6.98 | &nbsp;&nbsp;&nbsp; 207506 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;1.46 | &nbsp;&nbsp;&nbsp; 17 |
| 2020 | &nbsp;&nbsp;&nbsp;&nbsp;10.40 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp;&nbsp;&nbsp;10.95 | &nbsp;&nbsp;&nbsp;&nbsp;9.41 | &nbsp;&nbsp;&nbsp; 169812 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;1.58 | &nbsp;&nbsp;&nbsp; 23 |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| 2025(3) | &nbsp;&nbsp;&nbsp; $9.71 | &nbsp;&nbsp;&nbsp; $0.13 | &nbsp;&nbsp;&nbsp; $0.42 | &nbsp;&nbsp;&nbsp; $0.55 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $10.26 | &nbsp;&nbsp;&nbsp;&nbsp; 5.66<br> %<br>| &nbsp;&nbsp;&nbsp; $412984 | &nbsp;&nbsp;&nbsp;&nbsp; 0.38<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.58<br> %<br>| &nbsp;&nbsp;&nbsp; 8<br> %<br>|
| 2024 | &nbsp;&nbsp;&nbsp;&nbsp;9.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp;&nbsp; (0.62)<br>| &nbsp;&nbsp;&nbsp;&nbsp;9.71 | &nbsp;&nbsp;&nbsp;&nbsp;7.48 | &nbsp;&nbsp;&nbsp; 406968 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;2.92 | &nbsp;&nbsp;&nbsp; 32 |
| 2023 | &nbsp;&nbsp;&nbsp;&nbsp;8.98 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp;&nbsp;&nbsp;9.60 | &nbsp;&nbsp;&nbsp;&nbsp;10.99 | &nbsp;&nbsp;&nbsp; 425123 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;2.38 | &nbsp;&nbsp;&nbsp; 27 |
| 2022 | &nbsp;&nbsp;&nbsp;&nbsp;11.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp; (1.60)<br>| &nbsp;&nbsp;&nbsp; (1.45)<br>| &nbsp;&nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp;&nbsp; (0.66)<br>| &nbsp;&nbsp;&nbsp;&nbsp;8.98 | &nbsp;&nbsp;&nbsp; (13.10)<br>| &nbsp;&nbsp;&nbsp; 417603 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;1.50 | &nbsp;&nbsp;&nbsp; 21 |
| 2021 | &nbsp;&nbsp;&nbsp;&nbsp;10.95 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp;&nbsp; (0.59)<br>| &nbsp;&nbsp;&nbsp;&nbsp;11.09 | &nbsp;&nbsp;&nbsp;&nbsp;6.72 | &nbsp;&nbsp;&nbsp; 539194 | &nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;1.15 | &nbsp;&nbsp;&nbsp; 17 |
| 2020 | &nbsp;&nbsp;&nbsp;&nbsp;10.40 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp;&nbsp;&nbsp;10.95 | &nbsp;&nbsp;&nbsp;&nbsp;9.16 | &nbsp;&nbsp;&nbsp; 528088 | &nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;1.29 | &nbsp;&nbsp;&nbsp; 23 |
| **MyDestination 2025 Fund** | **MyDestination 2025 Fund** | **MyDestination 2025 Fund** | **MyDestination 2025 Fund** | **MyDestination 2025 Fund** | **MyDestination 2025 Fund** | **MyDestination 2025 Fund** | **MyDestination 2025 Fund** | **MyDestination 2025 Fund** | **MyDestination 2025 Fund** | **MyDestination 2025 Fund** | **MyDestination 2025 Fund** | **MyDestination 2025 Fund** | **MyDestination 2025 Fund** | **MyDestination 2025 Fund** |
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
| 2025(3) | &nbsp;&nbsp;&nbsp; $10.17 | &nbsp;&nbsp;&nbsp; $0.14 | &nbsp;&nbsp;&nbsp; $0.51 | &nbsp;&nbsp;&nbsp; $0.65 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $10.82 | &nbsp;&nbsp;&nbsp;&nbsp; 6.39<br> %<br>| &nbsp;&nbsp;&nbsp; $807511 | &nbsp;&nbsp;&nbsp;&nbsp; 0.07<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.13<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.66<br> %<br>| &nbsp;&nbsp;&nbsp; 9<br> %<br>|
| 2024 | &nbsp;&nbsp;&nbsp;&nbsp;10.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp;&nbsp; (0.80)<br>| &nbsp;&nbsp;&nbsp;&nbsp;10.17 | &nbsp;&nbsp;&nbsp;&nbsp;9.17 | &nbsp;&nbsp;&nbsp; 768941 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;3.07 | &nbsp;&nbsp;&nbsp; 26 |
| 2023 | &nbsp;&nbsp;&nbsp;&nbsp;9.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;1.18 | &nbsp;&nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp;&nbsp;&nbsp;10.04 | &nbsp;&nbsp;&nbsp;&nbsp;12.83 | &nbsp;&nbsp;&nbsp; 680628 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;2.58 | &nbsp;&nbsp;&nbsp; 31 |
| 2022 | &nbsp;&nbsp;&nbsp;&nbsp;11.53 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp; (1.80)<br>| &nbsp;&nbsp;&nbsp; (1.62)<br>| &nbsp;&nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp;&nbsp; (0.53)<br>| &nbsp;&nbsp;&nbsp; (0.70)<br>| &nbsp;&nbsp;&nbsp;&nbsp;9.21 | &nbsp;&nbsp;&nbsp; (14.11)<br>| &nbsp;&nbsp;&nbsp; 606791 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;1.76 | &nbsp;&nbsp;&nbsp; 14 |
| 2021 | &nbsp;&nbsp;&nbsp;&nbsp;11.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp;&nbsp; (0.58)<br>| &nbsp;&nbsp;&nbsp;&nbsp;11.53 | &nbsp;&nbsp;&nbsp;&nbsp;9.17 | &nbsp;&nbsp;&nbsp; 524604 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;1.41 | &nbsp;&nbsp;&nbsp; 9 |
| 2020 | &nbsp;&nbsp;&nbsp;&nbsp;10.42 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;1.14 | &nbsp;&nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp;&nbsp; (0.46)<br>| &nbsp;&nbsp;&nbsp;&nbsp;11.10 | &nbsp;&nbsp;&nbsp;&nbsp;10.95 | &nbsp;&nbsp;&nbsp; 449798 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;1.60 | &nbsp;&nbsp;&nbsp; 19 |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| 2025(3) | &nbsp;&nbsp;&nbsp; $10.18 | &nbsp;&nbsp;&nbsp; $0.12 | &nbsp;&nbsp;&nbsp; $0.51 | &nbsp;&nbsp;&nbsp; $0.63 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $10.81 | &nbsp;&nbsp;&nbsp;&nbsp; 6.19<br> %<br>| &nbsp;&nbsp;&nbsp; $1200491 | &nbsp;&nbsp;&nbsp;&nbsp; 0.37<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.38<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.33<br> %<br>| &nbsp;&nbsp;&nbsp; 9<br> %<br>|
| 2024 | &nbsp;&nbsp;&nbsp;&nbsp;10.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp;&nbsp; (0.77)<br>| &nbsp;&nbsp;&nbsp;&nbsp;10.18 | &nbsp;&nbsp;&nbsp;&nbsp;8.86 | &nbsp;&nbsp;&nbsp; 1156873 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;2.75 | &nbsp;&nbsp;&nbsp; 26 |
| 2023 | &nbsp;&nbsp;&nbsp;&nbsp;9.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;1.16 | &nbsp;&nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp;&nbsp;&nbsp;10.05 | &nbsp;&nbsp;&nbsp;&nbsp;12.64 | &nbsp;&nbsp;&nbsp; 1091712 | &nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;2.27 | &nbsp;&nbsp;&nbsp; 31 |
| 2022 | &nbsp;&nbsp;&nbsp;&nbsp;11.54 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp; (1.79)<br>| &nbsp;&nbsp;&nbsp; (1.65)<br>| &nbsp;&nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp;&nbsp; (0.53)<br>| &nbsp;&nbsp;&nbsp; (0.68)<br>| &nbsp;&nbsp;&nbsp;&nbsp;9.21 | &nbsp;&nbsp;&nbsp; (14.40)<br>| &nbsp;&nbsp;&nbsp; 1018527 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;1.34 | &nbsp;&nbsp;&nbsp; 14 |
| 2021 | &nbsp;&nbsp;&nbsp;&nbsp;11.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp;&nbsp; (0.55)<br>| &nbsp;&nbsp;&nbsp;&nbsp;11.54 | &nbsp;&nbsp;&nbsp;&nbsp;8.91 | &nbsp;&nbsp;&nbsp; 1262088 | &nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;1.15 | &nbsp;&nbsp;&nbsp; 9 |
| 2020 | &nbsp;&nbsp;&nbsp;&nbsp;10.43 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp;&nbsp;&nbsp;11.11 | &nbsp;&nbsp;&nbsp;&nbsp;10.69 | &nbsp;&nbsp;&nbsp; 1118397 | &nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;1.31 | &nbsp;&nbsp;&nbsp; 19 |
| **MyDestination 2035 Fund** | **MyDestination 2035 Fund** | **MyDestination 2035 Fund** | **MyDestination 2035 Fund** | **MyDestination 2035 Fund** | **MyDestination 2035 Fund** | **MyDestination 2035 Fund** | **MyDestination 2035 Fund** | **MyDestination 2035 Fund** | **MyDestination 2035 Fund** | **MyDestination 2035 Fund** | **MyDestination 2035 Fund** | **MyDestination 2035 Fund** | **MyDestination 2035 Fund** | **MyDestination 2035 Fund** |
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
| 2025(3) | &nbsp;&nbsp;&nbsp; $10.91 | &nbsp;&nbsp;&nbsp; $0.10 | &nbsp;&nbsp;&nbsp; $0.71 | &nbsp;&nbsp;&nbsp; $0.81 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $11.72 | &nbsp;&nbsp;&nbsp;&nbsp; 7.42<br> %<br>| &nbsp;&nbsp;&nbsp; $937454 | &nbsp;&nbsp;&nbsp;&nbsp; 0.08<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.12<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.87<br> %<br>| &nbsp;&nbsp;&nbsp; 6<br> %<br>|
| 2024 | &nbsp;&nbsp;&nbsp;&nbsp;10.46 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;1.26 | &nbsp;&nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp;&nbsp; (0.81)<br>| &nbsp;&nbsp;&nbsp;&nbsp;10.91 | &nbsp;&nbsp;&nbsp;&nbsp;11.83 | &nbsp;&nbsp;&nbsp; 855212 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;2.59 | &nbsp;&nbsp;&nbsp; 19 |
| 2023 | &nbsp;&nbsp;&nbsp;&nbsp;9.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;1.28 | &nbsp;&nbsp;&nbsp;&nbsp;1.51 | &nbsp;&nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp;&nbsp;&nbsp;10.46 | &nbsp;&nbsp;&nbsp;&nbsp;16.23 | &nbsp;&nbsp;&nbsp; 699632 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;2.33 | &nbsp;&nbsp;&nbsp; 11 |
| 2022 | &nbsp;&nbsp;&nbsp;&nbsp;12.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp; (2.11)<br>| &nbsp;&nbsp;&nbsp; (1.94)<br>| &nbsp;&nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp;&nbsp; (0.54)<br>| &nbsp;&nbsp;&nbsp; (0.70)<br>| &nbsp;&nbsp;&nbsp;&nbsp;9.36 | &nbsp;&nbsp;&nbsp; (16.26)<br>| &nbsp;&nbsp;&nbsp; 572407 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;1.67 | &nbsp;&nbsp;&nbsp; 11 |
| 2021 | &nbsp;&nbsp;&nbsp;&nbsp;11.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;1.32 | &nbsp;&nbsp;&nbsp;&nbsp;1.49 | &nbsp;&nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp;&nbsp; (0.68)<br>| &nbsp;&nbsp;&nbsp;&nbsp;12.00 | &nbsp;&nbsp;&nbsp;&nbsp;13.29 | &nbsp;&nbsp;&nbsp; 488921 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;1.43 | &nbsp;&nbsp;&nbsp; 10 |
| 2020 | &nbsp;&nbsp;&nbsp;&nbsp;10.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;1.18 | &nbsp;&nbsp;&nbsp;&nbsp;1.34 | &nbsp;&nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp;&nbsp;&nbsp;11.19 | &nbsp;&nbsp;&nbsp;&nbsp;13.15 | &nbsp;&nbsp;&nbsp; 379986 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;1.61 | &nbsp;&nbsp;&nbsp; 11 |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| 2025(3) | &nbsp;&nbsp;&nbsp; $10.89 | &nbsp;&nbsp;&nbsp; $0.09 | &nbsp;&nbsp;&nbsp; $0.71 | &nbsp;&nbsp;&nbsp; $0.80 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $11.69 | &nbsp;&nbsp;&nbsp;&nbsp; 7.35<br> %<br>| &nbsp;&nbsp;&nbsp; $1219895 | &nbsp;&nbsp;&nbsp;&nbsp; 0.37<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.37<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.58<br> %<br>| &nbsp;&nbsp;&nbsp; 6<br> %<br>|
| 2024 | &nbsp;&nbsp;&nbsp;&nbsp;10.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;1.22 | &nbsp;&nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp;&nbsp; (0.78)<br>| &nbsp;&nbsp;&nbsp;&nbsp;10.89 | &nbsp;&nbsp;&nbsp;&nbsp;11.46 | &nbsp;&nbsp;&nbsp; 1108337 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;2.30 | &nbsp;&nbsp;&nbsp; 19 |
| 2023 | &nbsp;&nbsp;&nbsp;&nbsp;9.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;1.27 | &nbsp;&nbsp;&nbsp;&nbsp;1.47 | &nbsp;&nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp;&nbsp;&nbsp;10.45 | &nbsp;&nbsp;&nbsp;&nbsp;15.82 | &nbsp;&nbsp;&nbsp; 946158 | &nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;2.04 | &nbsp;&nbsp;&nbsp; 11 |
| 2022 | &nbsp;&nbsp;&nbsp;&nbsp;12.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp; (2.10)<br>| &nbsp;&nbsp;&nbsp; (1.97)<br>| &nbsp;&nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp;&nbsp; (0.54)<br>| &nbsp;&nbsp;&nbsp; (0.67)<br>| &nbsp;&nbsp;&nbsp;&nbsp;9.36 | &nbsp;&nbsp;&nbsp; (16.46)<br>| &nbsp;&nbsp;&nbsp; 801499 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;1.22 | &nbsp;&nbsp;&nbsp; 11 |
| 2021 | &nbsp;&nbsp;&nbsp;&nbsp;11.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;1.32 | &nbsp;&nbsp;&nbsp;&nbsp;1.46 | &nbsp;&nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp;&nbsp; (0.65)<br>| &nbsp;&nbsp;&nbsp;&nbsp;12.00 | &nbsp;&nbsp;&nbsp;&nbsp;13.04 | &nbsp;&nbsp;&nbsp; 940687 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;1.16 | &nbsp;&nbsp;&nbsp; 10 |
| 2020 | &nbsp;&nbsp;&nbsp;&nbsp;10.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp;&nbsp;1.32 | &nbsp;&nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp;&nbsp;&nbsp;11.19 | &nbsp;&nbsp;&nbsp;&nbsp;12.90 | &nbsp;&nbsp;&nbsp; 765874 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;1.29 | &nbsp;&nbsp;&nbsp; 11 |

---

# Calculated using the average shares outstanding method.

(1) Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests. 

(2) Does not include income and expenses of the investment companies in which the Fund invests. Estimated acquired fund fees and expenses (*i.e.,* the fees and expenses incurred by the underlying funds) for the MyDestination 2015 Fund, MyDestination 2025 Fund, MyDestination 2035 Fund, MyDestination 2045 Fund and MyDestination 2055 Fund were 0.37%, 0.38%, 0.37%, 0.31% and 0.30%, respectively, for 2025. These acquired fund fees and expenses impact the net asset value of the underlying funds in which each Fund invests, and therefore the effect of the acquired fund fees and expenses is reflected in each Fund's total return. 

(3) For the six months ended June 30, 2025, all ratios have been annualized with the exception of total return and portfolio turnover which have not been annualized. 

**16**

See Notes to Financial Statements.

------

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *For a Share Outstanding For the Years Ending December 31, unless otherwise indicated*  | *For a Share Outstanding For the Years Ending December 31, unless otherwise indicated*  | *For a Share Outstanding For the Years Ending December 31, unless otherwise indicated*  | *For a Share Outstanding For the Years Ending December 31, unless otherwise indicated*  | *For a Share Outstanding For the Years Ending December 31, unless otherwise indicated*  | *For a Share Outstanding For the Years Ending December 31, unless otherwise indicated*  |  |  |  |  |  | **Ratios to Average Net Assets**  | **Ratios to Average Net Assets**  | **Ratios to Average Net Assets**  |  |
|  | &nbsp;&nbsp; **Net Asset**<br> **Value,**<br> **Beginning**<br> **of Period**<br>| &nbsp;&nbsp; **Net Investment**<br> **Income#(1)**<br>| **Realized**<br> **and**<br> **Unrealized**<br> **Gain**<br> **(Loss) on**<br> **Investments**<br>| &nbsp;&nbsp; **Total Income**<br> **From Investment**<br> **Operations**<br>| &nbsp;&nbsp; **Dividends**<br> **from Net**<br> **Investment**<br> **Income**<br>| **Distributions**<br> **from Net**<br> **Realized**<br> **Capital**<br> **Gains**<br>| &nbsp;&nbsp; **Total**<br> **Distributions**<br> **Paid**<br>| **Net Asset**<br> **Value,**<br> **End of**<br> **Period**<br>| **Total**<br> **Return**<br>| **Net Assets,**<br> **End of Period**<br> **(000)**<br>| **Expenses,**<br> **Net(2)**<br>| **Expenses,**<br> **Gross(2)**<br>| **Investment**<br> **Income,**<br> **Net(1)**<br>| &nbsp;&nbsp; **Portfolio**<br> **Turnover**<br> **Rate**<br>|
| **MyDestination 2045 Fund** | **MyDestination 2045 Fund** | **MyDestination 2045 Fund** | **MyDestination 2045 Fund** | **MyDestination 2045 Fund** | **MyDestination 2045 Fund** | **MyDestination 2045 Fund** | **MyDestination 2045 Fund** | **MyDestination 2045 Fund** | **MyDestination 2045 Fund** | **MyDestination 2045 Fund** | **MyDestination 2045 Fund** | **MyDestination 2045 Fund** | **MyDestination 2045 Fund** | **MyDestination 2045 Fund** |
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
| 2025(3) | &nbsp;&nbsp;&nbsp; $11.63 | &nbsp;&nbsp;&nbsp; $0.07 | &nbsp;&nbsp;&nbsp; $0.95 | &nbsp;&nbsp;&nbsp; $1.02 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $12.65 | &nbsp;&nbsp;&nbsp;&nbsp; 8.77<br> %<br>| &nbsp;&nbsp;&nbsp; $811404 | &nbsp;&nbsp;&nbsp;&nbsp; 0.12<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.12<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.18<br> %<br>| &nbsp;&nbsp;&nbsp; 3<br> %<br>|
| 2024 | &nbsp;&nbsp;&nbsp;&nbsp;10.76 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;1.33 | &nbsp;&nbsp;&nbsp;&nbsp;1.58 | &nbsp;&nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp;&nbsp; (0.71)<br>| &nbsp;&nbsp;&nbsp;&nbsp;11.63 | &nbsp;&nbsp;&nbsp;&nbsp;14.52 | &nbsp;&nbsp;&nbsp; 715306 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;2.09 | &nbsp;&nbsp;&nbsp; 17 |
| 2023 | &nbsp;&nbsp;&nbsp;&nbsp;9.37 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;1.55 | &nbsp;&nbsp;&nbsp;&nbsp;1.77 | &nbsp;&nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp;&nbsp;&nbsp;10.76 | &nbsp;&nbsp;&nbsp;&nbsp;18.94 | &nbsp;&nbsp;&nbsp; 561262 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;2.12 | &nbsp;&nbsp;&nbsp; 10 |
| 2022 | &nbsp;&nbsp;&nbsp;&nbsp;12.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp; (2.24)<br>| &nbsp;&nbsp;&nbsp; (2.07)<br>| &nbsp;&nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp;&nbsp; (0.66)<br>| &nbsp;&nbsp;&nbsp;&nbsp;9.37 | &nbsp;&nbsp;&nbsp; (17.08)<br>| &nbsp;&nbsp;&nbsp; 437044 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;1.61 | &nbsp;&nbsp;&nbsp; 7 |
| 2021 | &nbsp;&nbsp;&nbsp;&nbsp;10.97 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;1.65 | &nbsp;&nbsp;&nbsp;&nbsp;1.82 | &nbsp;&nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp;&nbsp; (0.69)<br>| &nbsp;&nbsp;&nbsp;&nbsp;12.10 | &nbsp;&nbsp;&nbsp;&nbsp;16.61 | &nbsp;&nbsp;&nbsp; 422303 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;1.41 | &nbsp;&nbsp;&nbsp; 10 |
| 2020 | &nbsp;&nbsp;&nbsp;&nbsp;9.87 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;&nbsp;&nbsp;1.39 | &nbsp;&nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp;&nbsp;&nbsp;10.97 | &nbsp;&nbsp;&nbsp;&nbsp;14.06 | &nbsp;&nbsp;&nbsp; 323697 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;1.58 | &nbsp;&nbsp;&nbsp; 7 |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| 2025(3) | &nbsp;&nbsp;&nbsp; $11.61 | &nbsp;&nbsp;&nbsp; $0.05 | &nbsp;&nbsp;&nbsp; $0.94 | &nbsp;&nbsp;&nbsp; $0.99 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $12.60 | &nbsp;&nbsp;&nbsp;&nbsp; 8.53<br> %<br>| &nbsp;&nbsp;&nbsp; $1014813 | &nbsp;&nbsp;&nbsp;&nbsp; 0.38<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.38<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.92<br> %<br>| &nbsp;&nbsp;&nbsp; 3<br> %<br>|
| 2024 | &nbsp;&nbsp;&nbsp;&nbsp;10.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;1.33 | &nbsp;&nbsp;&nbsp;&nbsp;1.54 | &nbsp;&nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp;&nbsp; (0.68)<br>| &nbsp;&nbsp;&nbsp;&nbsp;11.61 | &nbsp;&nbsp;&nbsp;&nbsp;14.19 | &nbsp;&nbsp;&nbsp; 904716 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;1.82 | &nbsp;&nbsp;&nbsp; 17 |
| 2023 | &nbsp;&nbsp;&nbsp;&nbsp;9.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;1.55 | &nbsp;&nbsp;&nbsp;&nbsp;1.74 | &nbsp;&nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp;&nbsp;&nbsp;10.75 | &nbsp;&nbsp;&nbsp;&nbsp;18.69 | &nbsp;&nbsp;&nbsp; 752813 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;1.85 | &nbsp;&nbsp;&nbsp; 10 |
| 2022 | &nbsp;&nbsp;&nbsp;&nbsp;12.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp; (2.22)<br>| &nbsp;&nbsp;&nbsp; (2.09)<br>| &nbsp;&nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp;&nbsp; (0.64)<br>| &nbsp;&nbsp;&nbsp;&nbsp;9.36 | &nbsp;&nbsp;&nbsp; (17.38)<br>| &nbsp;&nbsp;&nbsp; 606007 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp;&nbsp; 7 |
| 2021 | &nbsp;&nbsp;&nbsp;&nbsp;10.97 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;1.64 | &nbsp;&nbsp;&nbsp;&nbsp;1.78 | &nbsp;&nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp;&nbsp; (0.66)<br>| &nbsp;&nbsp;&nbsp;&nbsp;12.09 | &nbsp;&nbsp;&nbsp;&nbsp;16.26 | &nbsp;&nbsp;&nbsp; 692409 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;1.15 | &nbsp;&nbsp;&nbsp; 10 |
| 2020 | &nbsp;&nbsp;&nbsp;&nbsp;9.87 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;&nbsp;&nbsp;1.36 | &nbsp;&nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp;&nbsp;&nbsp;10.97 | &nbsp;&nbsp;&nbsp;&nbsp;13.80 | &nbsp;&nbsp;&nbsp; 553181 | &nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;1.26 | &nbsp;&nbsp;&nbsp; 7 |
| **MyDestination 2055 Fund** | **MyDestination 2055 Fund** | **MyDestination 2055 Fund** | **MyDestination 2055 Fund** | **MyDestination 2055 Fund** | **MyDestination 2055 Fund** | **MyDestination 2055 Fund** | **MyDestination 2055 Fund** | **MyDestination 2055 Fund** | **MyDestination 2055 Fund** | **MyDestination 2055 Fund** | **MyDestination 2055 Fund** | **MyDestination 2055 Fund** | **MyDestination 2055 Fund** | **MyDestination 2055 Fund** |
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
| 2025(3) | &nbsp;&nbsp;&nbsp; $17.07 | &nbsp;&nbsp;&nbsp; $0.08 | &nbsp;&nbsp;&nbsp; $1.47 | &nbsp;&nbsp;&nbsp; $1.55 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $18.62 | &nbsp;&nbsp;&nbsp;&nbsp; 9.08<br> %<br>| &nbsp;&nbsp;&nbsp; $440348 | &nbsp;&nbsp;&nbsp;&nbsp; 0.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.92<br> %<br>| &nbsp;&nbsp;&nbsp; 2<br> %<br>|
| 2024 | &nbsp;&nbsp;&nbsp;&nbsp;15.47 | &nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;2.07 | &nbsp;&nbsp;&nbsp;&nbsp;2.40 | &nbsp;&nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp;&nbsp; (0.80)<br>| &nbsp;&nbsp;&nbsp;&nbsp;17.07 | &nbsp;&nbsp;&nbsp;&nbsp;15.38 | &nbsp;&nbsp;&nbsp; 370740 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;1.96 | &nbsp;&nbsp;&nbsp; 15 |
| 2023 | &nbsp;&nbsp;&nbsp;&nbsp;13.31 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;2.34 | &nbsp;&nbsp;&nbsp;&nbsp;2.64 | &nbsp;&nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp;&nbsp;&nbsp;15.47 | &nbsp;&nbsp;&nbsp;&nbsp;19.88 | &nbsp;&nbsp;&nbsp; 266002 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;2.08 | &nbsp;&nbsp;&nbsp; 9 |
| 2022 | &nbsp;&nbsp;&nbsp;&nbsp;17.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp; (3.20)<br>| &nbsp;&nbsp;&nbsp; (2.97)<br>| &nbsp;&nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp;&nbsp; (0.62)<br>| &nbsp;&nbsp;&nbsp; (0.83)<br>| &nbsp;&nbsp;&nbsp;&nbsp;13.31 | &nbsp;&nbsp;&nbsp; (17.43)<br>| &nbsp;&nbsp;&nbsp; 184087 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;1.56 | &nbsp;&nbsp;&nbsp; 7 |
| 2021 | &nbsp;&nbsp;&nbsp;&nbsp;15.37 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;2.44 | &nbsp;&nbsp;&nbsp;&nbsp;2.68 | &nbsp;&nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp;&nbsp; (0.52)<br>| &nbsp;&nbsp;&nbsp; (0.94)<br>| &nbsp;&nbsp;&nbsp;&nbsp;17.11 | &nbsp;&nbsp;&nbsp;&nbsp;17.46 | &nbsp;&nbsp;&nbsp; 178971 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;1.39 | &nbsp;&nbsp;&nbsp; 11 |
| 2020 | &nbsp;&nbsp;&nbsp;&nbsp;13.77 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;1.74 | &nbsp;&nbsp;&nbsp;&nbsp;1.95 | &nbsp;&nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp;&nbsp;&nbsp;15.37 | &nbsp;&nbsp;&nbsp;&nbsp;14.23 | &nbsp;&nbsp;&nbsp; 130214 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;1.58 | &nbsp;&nbsp;&nbsp; 12 |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| 2025(3) | &nbsp;&nbsp;&nbsp; $17.01 | &nbsp;&nbsp;&nbsp; $0.06 | &nbsp;&nbsp;&nbsp; $1.46 | &nbsp;&nbsp;&nbsp; $1.52 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $18.53 | &nbsp;&nbsp;&nbsp;&nbsp; 8.94<br> %<br>| &nbsp;&nbsp;&nbsp; $522846 | &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.66<br> %<br>| &nbsp;&nbsp;&nbsp; 2<br> %<br>|
| 2024 | &nbsp;&nbsp;&nbsp;&nbsp;15.42 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;2.07 | &nbsp;&nbsp;&nbsp;&nbsp;2.35 | &nbsp;&nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp;&nbsp; (0.76)<br>| &nbsp;&nbsp;&nbsp;&nbsp;17.01 | &nbsp;&nbsp;&nbsp;&nbsp;15.11 | &nbsp;&nbsp;&nbsp; 448750 | &nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;1.68 | &nbsp;&nbsp;&nbsp; 15 |
| 2023 | &nbsp;&nbsp;&nbsp;&nbsp;13.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;2.32 | &nbsp;&nbsp;&nbsp;&nbsp;2.58 | &nbsp;&nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp;&nbsp;&nbsp;15.42 | &nbsp;&nbsp;&nbsp;&nbsp;19.49 | &nbsp;&nbsp;&nbsp; 342864 | &nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;1.82 | &nbsp;&nbsp;&nbsp; 9 |
| 2022 | &nbsp;&nbsp;&nbsp;&nbsp;17.07 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp; (3.18)<br>| &nbsp;&nbsp;&nbsp; (2.99)<br>| &nbsp;&nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp;&nbsp; (0.62)<br>| &nbsp;&nbsp;&nbsp; (0.80)<br>| &nbsp;&nbsp;&nbsp;&nbsp;13.28 | &nbsp;&nbsp;&nbsp; (17.61)<br>| &nbsp;&nbsp;&nbsp; 255261 | &nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;1.27 | &nbsp;&nbsp;&nbsp; 7 |
| 2021 | &nbsp;&nbsp;&nbsp;&nbsp;15.34 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;2.44 | &nbsp;&nbsp;&nbsp;&nbsp;2.63 | &nbsp;&nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp;&nbsp; (0.52)<br>| &nbsp;&nbsp;&nbsp; (0.90)<br>| &nbsp;&nbsp;&nbsp;&nbsp;17.07 | &nbsp;&nbsp;&nbsp;&nbsp;17.18 | &nbsp;&nbsp;&nbsp; 262341 | &nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;1.15 | &nbsp;&nbsp;&nbsp; 11 |
| 2020 | &nbsp;&nbsp;&nbsp;&nbsp;13.76 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;1.73 | &nbsp;&nbsp;&nbsp;&nbsp;1.90 | &nbsp;&nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp;&nbsp;&nbsp;15.34 | &nbsp;&nbsp;&nbsp;&nbsp;13.85 | &nbsp;&nbsp;&nbsp; 189213 | &nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;1.27 | &nbsp;&nbsp;&nbsp; 12 |

---

# Calculated using the average shares outstanding method.

(1) Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests. 

(2) Does not include income and expenses of the investment companies in which the Fund invests. Estimated acquired fund fees and expenses (*i.e.,* the fees and expenses incurred by the underlying funds) for the MyDestination 2015 Fund, MyDestination 2025 Fund, MyDestination 2035 Fund, MyDestination 2045 Fund and MyDestination 2055 Fund were 0.37%, 0.38%, 0.37%, 0.31% and 0.30%, respectively, for 2025. These acquired fund fees and expenses impact the net asset value of the underlying funds in which each Fund invests, and therefore the effect of the acquired fund fees and expenses is reflected in each Fund's total return. 

(3) For the six months ended June 30, 2025, all ratios have been annualized with the exception of total return and portfolio turnover which have not been annualized. 

See Notes to Financial Statements.

**17**

------

**CONSERVATIVE ALLOCATION FUND**

**SCHEDULE OF INVESTMENTS**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **MUTUAL FUNDS — 98.8%** | **MUTUAL FUNDS — 98.8%** | **MUTUAL FUNDS — 98.8%** |
| GuideStone Low-Duration Bond Fund <br>(Institutional Class)∞ | 7803253 | $101130162 |
| GuideStone Medium-Duration <br> Bond Fund <br>(Institutional Class)∞ | 10387564 | 132545316 |
| GuideStone Global Bond Fund <br>(Institutional Class)∞ | 1362699 | 12032630 |
| GuideStone Defensive Market <br> Strategies<sup>®</sup> Fund <br>(Institutional Class)∞ | 2580358 | 30499827 |
| GuideStone Impact Bond Fund <br>(Institutional Class)∞ | 1688072 | 16289892 |
| GuideStone Impact Equity Fund <br>(Institutional Class)∞ | 563731 | 7469429 |
| GuideStone Value Equity Index Fund <br>(Institutional Class)∞ | 450701 | 5489536 |
| GuideStone Value Equity Fund <br>(Institutional Class)∞ | 875707 | 16419514 |
| GuideStone Growth Equity <br> Index Fund <br>(Institutional Class)∞ | 318338 | 5500879 |
| GuideStone Growth Equity Fund <br>(Institutional Class)∞ | 583931 | 16472706 |
| GuideStone Small Cap Equity Fund <br>(Institutional Class)∞ | 208771 | 3618009 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| GuideStone International Equity Fund <br>(Institutional Class)∞ | 1496345 | $24704663 |
| GuideStone Emerging Markets <br> Equity Fund <br>(Institutional Class)∞ | 911896 | 10021736 |
| GuideStone Global Real Estate <br> Securities Fund <br>(Institutional Class)∞ | 523485 | 4868408 |
| GuideStone Strategic <br> Alternatives Fund <br>(Institutional Class)∞ | 2172033 | 20243349 |
| **Total Mutual Funds** <br>(Cost $398,464,447) | **Total Mutual Funds** <br>(Cost $398,464,447) | 407306056 |
| **MONEY MARKET FUNDS — 1.2%** | **MONEY MARKET FUNDS — 1.2%** | **MONEY MARKET FUNDS — 1.2%** |
| GuideStone Money Market Fund, <br> 4.25% <br>(Institutional Class)Ø∞ <br>(Cost $4,798,076) | 4798076 | 4798076 |
| **TOTAL INVESTMENTS** — **100.0%** <br>(Cost $403,262,523) |  | 412104132 |
| **Other Assets in Excess of**<br> **Liabilities — 0.0%** |  | 107664 |
| **NET ASSETS — 100.0%** |  | $412211796 |

---

**VALUATION HIERARCHY**

The following is a summary of the inputs used, as of June 30, 2025, in valuing the Fund's investments carried at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total** <br>**Value**<br>| **Level 1** <br>**Quoted Prices**<br>| **Level 2** <br>**Other Significant** <br>**Observable Inputs**<br>| **Level 3** <br>**Significant** <br>**Unobservable Inputs**<br>|
| **Assets:** |  |  |  |  |
| **Investments in Securities:** |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; $4798076 | &nbsp;&nbsp; $4798076 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Mutual Funds | &nbsp;&nbsp; 407306056 | &nbsp;&nbsp; 407306056 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Total Assets - Investments in Securities** | &nbsp;&nbsp; $412104132 | &nbsp;&nbsp; $412104132 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |

---

**18**

See Notes to Financial Statements.

------

**BALANCED ALLOCATION FUND**

**SCHEDULE OF INVESTMENTS**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **MUTUAL FUNDS — 99.1%** | **MUTUAL FUNDS — 99.1%** | **MUTUAL FUNDS — 99.1%** |
| GuideStone Low-Duration Bond Fund <br>(Institutional Class)∞ | 3853326 | $49939109 |
| GuideStone Medium-Duration <br> Bond Fund <br>(Institutional Class)∞ | 29982467 | 382576271 |
| GuideStone Global Bond Fund <br>(Institutional Class)∞ | 11327808 | 100024541 |
| GuideStone Defensive Market <br> Strategies<sup>®</sup> Fund <br>(Institutional Class)∞ | 11411725 | 134886593 |
| GuideStone Impact Bond Fund <br>(Institutional Class)∞ | 2131618 | 20570111 |
| GuideStone Impact Equity Fund <br>(Institutional Class)∞ | 2354799 | 31201088 |
| GuideStone Value Equity Index Fund <br>(Institutional Class)∞ | 2739135 | 33362666 |
| GuideStone Value Equity Fund <br>(Institutional Class)∞ | 5329902 | 99935661 |
| GuideStone Growth Equity <br> Index Fund <br>(Institutional Class)∞ | 1935916 | 33452635 |
| GuideStone Growth Equity Fund <br>(Institutional Class)∞ | 3559199 | 100405009 |
| GuideStone Small Cap Equity Fund <br>(Institutional Class)∞ | 1367136 | 23692470 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| GuideStone International Equity Fund <br>(Institutional Class)∞ | 8701708 | $143665190 |
| GuideStone Emerging Markets <br> Equity Fund <br>(Institutional Class)∞ | 5459971 | 60005085 |
| GuideStone Global Real Estate <br> Securities Fund <br>(Institutional Class)∞ | 2910981 | 27072125 |
| GuideStone Strategic <br> Alternatives Fund <br>(Institutional Class)∞ | 5511033 | 51362829 |
| **Total Mutual Funds** <br>(Cost $1,283,225,993) | **Total Mutual Funds** <br>(Cost $1,283,225,993) | 1292151383 |
| **MONEY MARKET FUNDS — 1.0%** | **MONEY MARKET FUNDS — 1.0%** | **MONEY MARKET FUNDS — 1.0%** |
| GuideStone Money Market Fund, <br> 4.25% <br>(Institutional Class)Ø∞ <br>(Cost $13,544,939) | 13544939 | 13544939 |
| **TOTAL INVESTMENTS** — **100.1%** <br>(Cost $1,296,770,932) |  | 1305696322 |
| **Liabilities in Excess of Other**<br> **Assets — (0.1)%** |  | (1468913)<br>|
| **NET ASSETS — 100.0%** |  | $1304227409 |

---

**VALUATION HIERARCHY**

The following is a summary of the inputs used, as of June 30, 2025, in valuing the Fund's investments carried at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total** <br>**Value**<br>| **Level 1** <br>**Quoted Prices**<br>| **Level 2** <br>**Other Significant** <br>**Observable Inputs**<br>| **Level 3** <br>**Significant** <br>**Unobservable Inputs**<br>|
| **Assets:** |  |  |  |  |
| **Investments in Securities:** |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; $13544939 | &nbsp;&nbsp; $13544939 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Mutual Funds | &nbsp;&nbsp; 1292151383 | &nbsp;&nbsp; 1292151383 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Total Assets - Investments in Securities** | &nbsp;&nbsp; $1305696322 | &nbsp;&nbsp; $1305696322 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |

---

See Notes to Financial Statements.

**19**

------

**MODERATELY AGGRESSIVE ALLOCATION FUND**

**SCHEDULE OF INVESTMENTS**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **MUTUAL FUNDS — 99.0%** | **MUTUAL FUNDS — 99.0%** | **MUTUAL FUNDS — 99.0%** |
| GuideStone Low-Duration Bond Fund <br>(Institutional Class)∞ | 1360880 | $17637005 |
| GuideStone Medium-Duration <br> Bond Fund <br>(Institutional Class)∞ | 10848939 | 138432465 |
| GuideStone Global Bond Fund <br>(Institutional Class)∞ | 3989069 | 35223479 |
| GuideStone Defensive Market <br> Strategies<sup>®</sup> Fund <br>(Institutional Class)∞ | 4357835 | 51509610 |
| GuideStone Impact Bond Fund <br>(Institutional Class)∞ | 1816313 | 17527416 |
| GuideStone Impact Equity Fund <br>(Institutional Class)∞ | 2027917 | 26869898 |
| GuideStone Value Equity Index Fund <br>(Institutional Class)∞ | 4203747 | 51201641 |
| GuideStone Value Equity Fund <br>(Institutional Class)∞ | 8260808 | 154890159 |
| GuideStone Growth Equity <br> Index Fund <br>(Institutional Class)∞ | 3002553 | 51884120 |
| GuideStone Growth Equity Fund <br>(Institutional Class)∞ | 5521856 | 155771547 |
| GuideStone Small Cap Equity Fund <br>(Institutional Class)∞ | 2220185 | 38475803 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| GuideStone International Equity Fund <br>(Institutional Class)∞ | 13192325 | $217805281 |
| GuideStone Emerging Markets <br> Equity Fund <br>(Institutional Class)∞ | 8366000 | 91942338 |
| GuideStone Global Real Estate <br> Securities Fund <br>(Institutional Class)∞ | 3722728 | 34621371 |
| GuideStone Strategic <br> Alternatives Fund <br>(Institutional Class)∞ | 2945292 | 27450121 |
| **Total Mutual Funds** <br>(Cost $1,023,459,029) | **Total Mutual Funds** <br>(Cost $1,023,459,029) | 1111242254 |
| **MONEY MARKET FUNDS — 1.0%** | **MONEY MARKET FUNDS — 1.0%** | **MONEY MARKET FUNDS — 1.0%** |
| GuideStone Money Market Fund, <br> 4.25% <br>(Institutional Class)Ø∞ <br>(Cost $11,027,665) | 11027665 | 11027665 |
| **TOTAL INVESTMENTS** — **100.0%** <br>(Cost $1,034,486,694) |  | 1122269919 |
| **Other Assets in Excess of**<br> **Liabilities — 0.0%** |  | 130918 |
| **NET ASSETS — 100.0%** |  | $1122400837 |

---

**VALUATION HIERARCHY**

The following is a summary of the inputs used, as of June 30, 2025, in valuing the Fund's investments carried at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total** <br>**Value**<br>| **Level 1** <br>**Quoted Prices**<br>| **Level 2** <br>**Other Significant** <br>**Observable Inputs**<br>| **Level 3** <br>**Significant** <br>**Unobservable Inputs**<br>|
| **Assets:** |  |  |  |  |
| **Investments in Securities:** |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; $11027665 | &nbsp;&nbsp; $11027665 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Mutual Funds | &nbsp;&nbsp; 1111242254 | &nbsp;&nbsp; 1111242254 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Total Assets - Investments in Securities** | &nbsp;&nbsp; $1122269919 | &nbsp;&nbsp; $1122269919 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |

---

**20**

See Notes to Financial Statements.

------

**AGGRESSIVE ALLOCATION FUND**

**SCHEDULE OF INVESTMENTS**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **MUTUAL FUNDS — 99.1%** | **MUTUAL FUNDS — 99.1%** | **MUTUAL FUNDS — 99.1%** |
| GuideStone Impact Equity Fund <br>(Institutional Class)∞ | 3439880 | $45578410 |
| GuideStone Value Equity Index Fund <br>(Institutional Class)∞ | 6024132 | 73373933 |
| GuideStone Value Equity Fund <br>(Institutional Class)∞ | 11831168 | 221834400 |
| GuideStone Growth Equity <br> Index Fund <br>(Institutional Class)∞ | 4324723 | 74731221 |
| GuideStone Growth Equity Fund <br>(Institutional Class)∞ | 7953029 | 224354959 |
| GuideStone Small Cap Equity Fund <br>(Institutional Class)∞ | 3226262 | 55911124 |
| GuideStone International Equity Fund <br>(Institutional Class)∞ | 18867294 | 311499015 |
| GuideStone Emerging Markets <br> Equity Fund <br>(Institutional Class)∞ | 11968487 | 131533666 |
| **Total Mutual Funds** <br>(Cost $1,001,583,222) | **Total Mutual Funds** <br>(Cost $1,001,583,222) | 1138816728 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **MONEY MARKET FUNDS — 0.9%** | **MONEY MARKET FUNDS — 0.9%** | **MONEY MARKET FUNDS — 0.9%** |
| GuideStone Money Market Fund, <br> 4.25% <br>(Institutional Class)Ø∞ <br>(Cost $10,968,773) | 10968773 | $10968773 |
| **TOTAL INVESTMENTS** — **100.0%** <br>(Cost $1,012,551,995) |  | 1149785501 |
| **Liabilities in Excess of Other**<br> **Assets — (0.0)%** |  | (328339)<br>|
| **NET ASSETS — 100.0%** |  | $1149457162 |

---

**VALUATION HIERARCHY**

The following is a summary of the inputs used, as of June 30, 2025, in valuing the Fund's investments carried at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total** <br>**Value**<br>| **Level 1** <br>**Quoted Prices**<br>| **Level 2** <br>**Other Significant** <br>**Observable Inputs**<br>| **Level 3** <br>**Significant** <br>**Unobservable Inputs**<br>|
| **Assets:** |  |  |  |  |
| **Investments in Securities:** |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; $10968773 | &nbsp;&nbsp; $10968773 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Mutual Funds | &nbsp;&nbsp; 1138816728 | &nbsp;&nbsp; 1138816728 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Total Assets - Investments in Securities** | &nbsp;&nbsp; $1149785501 | &nbsp;&nbsp; $1149785501 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |

---

See Notes to Financial Statements.

**21**

------

**STATEMENTS OF ASSETS AND LIABILITIES**

**June 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Conservative**<br> **Allocation Fund**<br>| **Balanced**<br> **Allocation Fund**<br>| **Moderately Aggressive**<br> **Allocation Fund**<br>| **Aggressive**<br> **Allocation Fund**<br>|
| **Assets** |  |  |  |  |
| Investments in securities of affiliated issuers, at value | &nbsp;&nbsp; $412104132 | &nbsp;&nbsp; $1305696322 | &nbsp;&nbsp; $1122269919 | &nbsp;&nbsp; $1149785501 |
| Total investments, at value<sup>(1)</sup> <br>| &nbsp;&nbsp; 412104132 | &nbsp;&nbsp; 1305696322 | &nbsp;&nbsp; 1122269919 | &nbsp;&nbsp; 1149785501 |
| Cash | &nbsp;&nbsp; 10 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Receivables: |  |  |  |  |
| Dividends from affiliated funds | &nbsp;&nbsp; 17260 | &nbsp;&nbsp; 42578 | &nbsp;&nbsp; 36733 | &nbsp;&nbsp; 37317 |
| Investment securities sold | &nbsp;&nbsp; 330000 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 515001 | &nbsp;&nbsp; 295001 |
| Fund shares sold | &nbsp;&nbsp; 5529 | &nbsp;&nbsp; 105207 | &nbsp;&nbsp; 270563 | &nbsp;&nbsp; 18812 |
| Prepaid expenses and other assets | &nbsp;&nbsp; 37527 | &nbsp;&nbsp; 50400 | &nbsp;&nbsp; 49743 | &nbsp;&nbsp; 42107 |
| Total Assets | &nbsp;&nbsp; 412494458 | &nbsp;&nbsp; 1306394507 | &nbsp;&nbsp; 1123141959 | &nbsp;&nbsp; 1150178738 |
| **Liabilities** |  |  |  |  |
| Cash Overdraft | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 616 | &nbsp;&nbsp; — |
| Payables: |  |  |  |  |
| Investment securities purchased | &nbsp;&nbsp; — | &nbsp;&nbsp; 1355000 | &nbsp;&nbsp; 390000 | &nbsp;&nbsp; — |
| Fund shares redeemed | &nbsp;&nbsp; 111586 | &nbsp;&nbsp; 408114 | &nbsp;&nbsp; 12614 | &nbsp;&nbsp; 363221 |
| Accrued expenses: |  |  |  |  |
| Investment advisory fees | &nbsp;&nbsp; 33539 | &nbsp;&nbsp; 105564 | &nbsp;&nbsp; 90363 | &nbsp;&nbsp; 92132 |
| Shareholder servicing fees | &nbsp;&nbsp; 60999 | &nbsp;&nbsp; 196413 | &nbsp;&nbsp; 164748 | &nbsp;&nbsp; 170869 |
| Director fees | &nbsp;&nbsp; 851 | &nbsp;&nbsp; 1424 | &nbsp;&nbsp; 1174 | &nbsp;&nbsp; 1044 |
| Other expenses | &nbsp;&nbsp; 75687 | &nbsp;&nbsp; 100583 | &nbsp;&nbsp; 81607 | &nbsp;&nbsp; 94310 |
| Total Liabilities | &nbsp;&nbsp; 282662 | &nbsp;&nbsp; 2167098 | &nbsp;&nbsp; 741122 | &nbsp;&nbsp; 721576 |
| **Net Assets** | &nbsp;&nbsp; $412211796 | &nbsp;&nbsp; $1304227409 | &nbsp;&nbsp; $1122400837 | &nbsp;&nbsp; $1149457162 |
| **Net Assets Consist of:** |  |  |  |  |
| Paid-in-capital | &nbsp;&nbsp; $410311663 | &nbsp;&nbsp; $1289551503 | &nbsp;&nbsp; $1007037791 | &nbsp;&nbsp; $957922978 |
| Distributable earnings (loss) | &nbsp;&nbsp; 1900133 | &nbsp;&nbsp; 14675906 | &nbsp;&nbsp; 115363046 | &nbsp;&nbsp; 191534184 |
| **Net Assets** | &nbsp;&nbsp; $412211796 | &nbsp;&nbsp; $1304227409 | &nbsp;&nbsp; $1122400837 | &nbsp;&nbsp; $1149457162 |
| **Net Asset Value:** |  |  |  |  |
| $0.001 par value, unlimited shares authorized |  |  |  |  |
| Net assets applicable to the Institutional Class | &nbsp;&nbsp; $112134479 | &nbsp;&nbsp; $333462321 | &nbsp;&nbsp; $303816967 | &nbsp;&nbsp; $296963088 |
| Institutional shares outstanding | &nbsp;&nbsp; 9718215 | &nbsp;&nbsp; 27171936 | &nbsp;&nbsp; 22117352 | &nbsp;&nbsp; 20831969 |
| Net asset value, offering and redemption price per Institutional share | &nbsp;&nbsp; $11.54 | &nbsp;&nbsp; $12.27 | &nbsp;&nbsp; $13.74 | &nbsp;&nbsp; $14.26 |
| Net assets applicable to the Investor Class | &nbsp;&nbsp; $300077317 | &nbsp;&nbsp; $970765088 | &nbsp;&nbsp; $818583870 | &nbsp;&nbsp; $852494074 |
| Investor shares outstanding | &nbsp;&nbsp; 26034374 | &nbsp;&nbsp; 79243224 | &nbsp;&nbsp; 59744285 | &nbsp;&nbsp; 60266527 |
| Net asset value, offering and redemption price per Investor share | &nbsp;&nbsp; $11.53 | &nbsp;&nbsp; $12.25 | &nbsp;&nbsp; $13.70 | &nbsp;&nbsp; $14.15 |
| <sup>(1)</sup>Investments in securities of affiliated issuers, at cost | &nbsp;&nbsp; 403262523 | &nbsp;&nbsp; 1296770932 | &nbsp;&nbsp; 1034486694 | &nbsp;&nbsp; 1012551995 |
| Total investments, at cost | &nbsp;&nbsp; $403262523 | &nbsp;&nbsp; $1296770932 | &nbsp;&nbsp; $1034486694 | &nbsp;&nbsp; $1012551995 |

---

**22**

See Notes to Financial Statements.

------

**STATEMENTS OF OPERATIONS**

**For the Six Months Ended June 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Conservative**<br> **Allocation Fund**<br>| **Balanced**<br> **Allocation Fund**<br>| **Moderately Aggressive**<br> **Allocation Fund**<br>| **Aggressive**<br> **Allocation Fund**<br>|
| **Investment Income** |  |  |  |  |
| Income distributions received from affiliated funds | &nbsp;&nbsp; $6389552 | &nbsp;&nbsp; $15430296 | &nbsp;&nbsp; $7976435 | &nbsp;&nbsp; $3054458 |
| Interest | &nbsp;&nbsp; 58 | &nbsp;&nbsp; 112 | &nbsp;&nbsp; 164 | &nbsp;&nbsp; — |
| Total Investment Income | &nbsp;&nbsp; 6389610 | &nbsp;&nbsp; 15430408 | &nbsp;&nbsp; 7976599 | &nbsp;&nbsp; 3054458 |
| **Expenses** |  |  |  |  |
| Investment advisory fees | &nbsp;&nbsp; 201092 | &nbsp;&nbsp; 628082 | &nbsp;&nbsp; 533091 | &nbsp;&nbsp; 537203 |
| Transfer agent fees: |  |  |  |  |
| Institutional shares | &nbsp;&nbsp; 4633 | &nbsp;&nbsp; 4715 | &nbsp;&nbsp; 4600 | &nbsp;&nbsp; 4550 |
| Investor shares | &nbsp;&nbsp; 20799 | &nbsp;&nbsp; 24652 | &nbsp;&nbsp; 22945 | &nbsp;&nbsp; 22382 |
| Custodian fees | &nbsp;&nbsp; 5104 | &nbsp;&nbsp; 9674 | &nbsp;&nbsp; 8523 | &nbsp;&nbsp; 7770 |
| Shareholder servicing fees: |  |  |  |  |
| Investor shares | &nbsp;&nbsp; 365376 | &nbsp;&nbsp; 1172377 | &nbsp;&nbsp; 972458 | &nbsp;&nbsp; 999794 |
| Accounting and administration fees | &nbsp;&nbsp; 26429 | &nbsp;&nbsp; 39748 | &nbsp;&nbsp; 36642 | &nbsp;&nbsp; 36627 |
| Professional fees | &nbsp;&nbsp; 51918 | &nbsp;&nbsp; 51963 | &nbsp;&nbsp; 52341 | &nbsp;&nbsp; 51937 |
| Blue sky fees: |  |  |  |  |
| Institutional shares | &nbsp;&nbsp; 7800 | &nbsp;&nbsp; 8296 | &nbsp;&nbsp; 8321 | &nbsp;&nbsp; 8296 |
| Investor shares | &nbsp;&nbsp; 8723 | &nbsp;&nbsp; 8716 | &nbsp;&nbsp; 9744 | &nbsp;&nbsp; 8288 |
| Shareholder reporting fees: |  |  |  |  |
| Institutional shares | &nbsp;&nbsp; 377 | &nbsp;&nbsp; 645 | &nbsp;&nbsp; 388 | &nbsp;&nbsp; 320 |
| Investor shares | &nbsp;&nbsp; 9839 | &nbsp;&nbsp; 16903 | &nbsp;&nbsp; 14695 | &nbsp;&nbsp; 13917 |
| Directors expenses | &nbsp;&nbsp; 5796 | &nbsp;&nbsp; 15891 | &nbsp;&nbsp; 13343 | &nbsp;&nbsp; 13165 |
| Line of credit facility fees | &nbsp;&nbsp; 1162 | &nbsp;&nbsp; 2574 | &nbsp;&nbsp; 2135 | &nbsp;&nbsp; 2026 |
| Index license fees | &nbsp;&nbsp; 11273 | &nbsp;&nbsp; 12084 | &nbsp;&nbsp; 11748 | &nbsp;&nbsp; 10686 |
| Other expenses | &nbsp;&nbsp; 13171 | &nbsp;&nbsp; 25854 | &nbsp;&nbsp; 21968 | &nbsp;&nbsp; 20979 |
| Total Expenses | &nbsp;&nbsp; 733492 | &nbsp;&nbsp; 2022174 | &nbsp;&nbsp; 1712942 | &nbsp;&nbsp; 1737940 |
| **Net Investment Income** | &nbsp;&nbsp; 5656118 | &nbsp;&nbsp; 13408234 | &nbsp;&nbsp; 6263657 | &nbsp;&nbsp; 1316518 |
| **Realized and Unrealized Gain (Loss)** |  |  |  |  |
| Capital gain distributions received from affiliated funds | &nbsp;&nbsp; 1359655 | &nbsp;&nbsp; 7478233 | &nbsp;&nbsp; 9468365 | &nbsp;&nbsp; 12643549 |
| Net realized gain (loss) on investment securities of affiliated issuers | &nbsp;&nbsp; (1614517)<br>| &nbsp;&nbsp; 5322206 | &nbsp;&nbsp; 2712921 | &nbsp;&nbsp; 10165749 |
| Net realized gain on futures transactions | &nbsp;&nbsp; 80 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Net realized gain (loss) | &nbsp;&nbsp; (254782)<br>| &nbsp;&nbsp; 12800439 | &nbsp;&nbsp; 12181286 | &nbsp;&nbsp; 22809298 |
| Change in unrealized appreciation (depreciation) on investment securities of affiliated <br> issuers<br>| &nbsp;&nbsp; 14048609 | &nbsp;&nbsp; 53981620 | &nbsp;&nbsp; 68676333 | &nbsp;&nbsp; 82071877 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 14048609 | &nbsp;&nbsp; 53981620 | &nbsp;&nbsp; 68676333 | &nbsp;&nbsp; 82071877 |
| **Net Realized and Unrealized Gain** | &nbsp;&nbsp; 13793827 | &nbsp;&nbsp; 66782059 | &nbsp;&nbsp; 80857619 | &nbsp;&nbsp; 104881175 |
| **Net Increase in Net Assets Resulting from Operations** | &nbsp;&nbsp; $19449945 | &nbsp;&nbsp; $80190293 | &nbsp;&nbsp; $87121276 | &nbsp;&nbsp; $106197693 |

---

See Notes to Financial Statements.

**23**

------

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Conservative Allocation Fund** | **Conservative Allocation Fund** | **Balanced Allocation Fund** | **Balanced Allocation Fund** |
|  | &nbsp;&nbsp;&nbsp; **For the Six**<br> **Months Ended**<br>| **For the Year Ended** | &nbsp;&nbsp;&nbsp; **For the Six**<br> **Months Ended**<br>| **For the Year Ended** |
|  | **06/30/25** | **12/31/24** | **06/30/25** | **12/31/24** |
|  | **(Unaudited)** |  | **(Unaudited)** |  |
| **Operations:** |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; $5656118 | &nbsp;&nbsp;&nbsp;&nbsp; $13132384 | &nbsp;&nbsp;&nbsp;&nbsp; $13408234 | &nbsp;&nbsp;&nbsp;&nbsp; $32549697 |
| Net realized gain (loss) on investment <br> securities and futures transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp; (254782)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 17026678 | &nbsp;&nbsp;&nbsp;&nbsp; 12800439 | &nbsp;&nbsp;&nbsp;&nbsp; 56164156 |
| Net change in unrealized appreciation <br> (depreciation) on investment securities <br> and futures<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14048609 | &nbsp;&nbsp;&nbsp;&nbsp; (2438418)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 53981620 | &nbsp;&nbsp;&nbsp;&nbsp; 13494741 |
| Net increase in net assets resulting from <br> operations<br>| &nbsp;&nbsp;&nbsp;&nbsp; 19449945 | &nbsp;&nbsp;&nbsp;&nbsp; 27720644 | &nbsp;&nbsp;&nbsp;&nbsp; 80190293 | &nbsp;&nbsp;&nbsp;&nbsp; 102208594 |
| **Distributions to Shareholders:** |  |  |  |  |
| Distributions paid |  |  |  |  |
| Institutional shares | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (5294712)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (14324689)<br>|
| Investor shares | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (13534481)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (40108260)<br>|
| Total distributions | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (18829193)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (54432949)<br>|
| **Capital Share Transactions:** |  |  |  |  |
| Proceeds from shares sold |  |  |  |  |
| Institutional shares | &nbsp;&nbsp;&nbsp;&nbsp; 5341303 | &nbsp;&nbsp;&nbsp;&nbsp; 11898095 | &nbsp;&nbsp;&nbsp;&nbsp; 8712410 | &nbsp;&nbsp;&nbsp;&nbsp; 27096614 |
| Investor shares | &nbsp;&nbsp;&nbsp;&nbsp; 12279521 | &nbsp;&nbsp;&nbsp;&nbsp; 17355922 | &nbsp;&nbsp;&nbsp;&nbsp; 16602236 | &nbsp;&nbsp;&nbsp;&nbsp; 36944038 |
| Reinvestment of dividends and distributions |  |  |  |  |
| Institutional shares | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5269040 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 14272511 |
| Investor shares | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 13485925 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 40067331 |
| Total proceeds from shares sold and <br> reinvested<br>| &nbsp;&nbsp;&nbsp;&nbsp; 17620824 | &nbsp;&nbsp;&nbsp;&nbsp; 48008982 | &nbsp;&nbsp;&nbsp;&nbsp; 25314646 | &nbsp;&nbsp;&nbsp;&nbsp; 118380494 |
| Value of shares redeemed |  |  |  |  |
| Institutional shares | &nbsp;&nbsp;&nbsp;&nbsp; (8570282)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (19841509)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (14925425)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (34530528)<br>|
| Investor shares | &nbsp;&nbsp;&nbsp;&nbsp; (22456779)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (53694194)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (50215592)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (111618682)<br>|
| Total value of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (31027061)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (73535703)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (65141017)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (146149210)<br>|
| Net decrease from capital share <br> transactions<sup>(1)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; (13406237)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (25526721)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (39826371)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (27768716)<br>|
| Total increase (decrease) in net assets | &nbsp;&nbsp;&nbsp;&nbsp; 6043708 | &nbsp;&nbsp;&nbsp;&nbsp; (16635270)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 40363922 | &nbsp;&nbsp;&nbsp;&nbsp; 20006929 |
| **Net Assets:** |  |  |  |  |
| Beginning of Period | &nbsp;&nbsp;&nbsp;&nbsp; 406168088 | &nbsp;&nbsp;&nbsp;&nbsp; 422803358 | &nbsp;&nbsp;&nbsp;&nbsp; 1263863487 | &nbsp;&nbsp;&nbsp;&nbsp; 1243856558 |
| End of Period | &nbsp;&nbsp;&nbsp;&nbsp; $412211796 | &nbsp;&nbsp;&nbsp;&nbsp; $406168088 | &nbsp;&nbsp;&nbsp;&nbsp; $1304227409 | &nbsp;&nbsp;&nbsp;&nbsp; $1263863487 |

---

 <br> <sup>(1)</sup> See Note 6 in Notes to Financial Statements.

**24**

See Notes to Financial Statements.

------

---

| | | | |
|:---|:---|:---|:---|
| **Moderately Aggressive Allocation Fund** | **Moderately Aggressive Allocation Fund** | **Aggressive Allocation Fund** | **Aggressive Allocation Fund** |
| **For the Six**<br> **Months Ended**<br>| **For the Year Ended** | &nbsp;&nbsp;&nbsp;&nbsp; **For the Six**<br> **Months Ended**<br>| **For the Year Ended** |
| **06/30/25** | **12/31/24** | **06/30/25** | **12/31/24** |
| **(Unaudited)** |  | **(Unaudited)** |  |
| $6263657 | &nbsp;&nbsp;&nbsp;&nbsp; $18088252 | &nbsp;&nbsp;&nbsp;&nbsp; $1316518 | &nbsp;&nbsp;&nbsp;&nbsp; $9539593 |
| 12181286 | &nbsp;&nbsp;&nbsp;&nbsp; 64460155 | &nbsp;&nbsp;&nbsp;&nbsp; 22809298 | &nbsp;&nbsp;&nbsp;&nbsp; 90198606 |
| 68676333 | &nbsp;&nbsp;&nbsp;&nbsp; 37608690 | &nbsp;&nbsp;&nbsp;&nbsp; 82071877 | &nbsp;&nbsp;&nbsp;&nbsp; 49626300 |
| 87121276 | &nbsp;&nbsp;&nbsp;&nbsp; 120157097 | &nbsp;&nbsp;&nbsp;&nbsp; 106197693 | &nbsp;&nbsp;&nbsp;&nbsp; 149364499 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; (10520643)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (9573024)<br>|
|  | &nbsp;&nbsp;&nbsp;&nbsp; (26365619)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (26432611)<br>|
|  | &nbsp;&nbsp;&nbsp;&nbsp; (36886262)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (36005635)<br>|
| 6363511 | &nbsp;&nbsp;&nbsp;&nbsp; 26241462 | &nbsp;&nbsp;&nbsp;&nbsp; 7743714 | &nbsp;&nbsp;&nbsp;&nbsp; 20207333 |
| 16445028 | &nbsp;&nbsp;&nbsp;&nbsp; 29946954 | &nbsp;&nbsp;&nbsp;&nbsp; 14638254 | &nbsp;&nbsp;&nbsp;&nbsp; 27194888 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; 10511947 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9570056 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; 26347393 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 26429825 |
| 22808539 | &nbsp;&nbsp;&nbsp;&nbsp; 93047756 | &nbsp;&nbsp;&nbsp;&nbsp; 22381968 | &nbsp;&nbsp;&nbsp;&nbsp; 83402102 |
| (16428456)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (33640443)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (11201785)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (25595757)<br>|
| (41673129)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (95645740)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (43011310)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (78778450)<br>|
| (58101585)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (129286183)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (54213095)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (104374207)<br>|
| (35293046)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (36238427)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (31831127)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (20972105)<br>|
| 51828230 | &nbsp;&nbsp;&nbsp;&nbsp; 47032408 | &nbsp;&nbsp;&nbsp;&nbsp; 74366566 | &nbsp;&nbsp;&nbsp;&nbsp; 92386759 |
| 1070572607 | &nbsp;&nbsp;&nbsp;&nbsp; 1023540199 | &nbsp;&nbsp;&nbsp;&nbsp; 1075090596 | &nbsp;&nbsp;&nbsp;&nbsp; 982703837 |
| $1122400837 | &nbsp;&nbsp;&nbsp;&nbsp; $1070572607 | &nbsp;&nbsp;&nbsp;&nbsp; $1149457162 | &nbsp;&nbsp;&nbsp;&nbsp; $1075090596 |

---

See Notes to Financial Statements.

**25**

------

**FINANCIAL HIGHLIGHTS (Unaudited)**

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *For a Share Outstanding For the Years Ending December 31, unless otherwise indicated*  | *For a Share Outstanding For the Years Ending December 31, unless otherwise indicated*  | *For a Share Outstanding For the Years Ending December 31, unless otherwise indicated*  | *For a Share Outstanding For the Years Ending December 31, unless otherwise indicated*  | *For a Share Outstanding For the Years Ending December 31, unless otherwise indicated*  | *For a Share Outstanding For the Years Ending December 31, unless otherwise indicated*  |  |  |  |  |  | **Ratios to Average Net Assets**  | **Ratios to Average Net Assets**  | **Ratios to Average Net Assets**  |  |
|  | &nbsp;&nbsp; **Net Asset**<br> **Value,**<br> **Beginning**<br> **of Period**<br>| &nbsp;&nbsp; **Net Investment**<br> **Income#(1)**<br>| **Realized**<br> **and**<br> **Unrealized**<br> **Gain**<br> **(Loss) on**<br> **Investments**<br>| &nbsp;&nbsp; **Total Income**<br> **From Investment**<br> **Operations**<br>| &nbsp;&nbsp; **Dividends**<br> **from Net**<br> **Investment**<br> **Income**<br>| **Distributions**<br> **from Net**<br> **Realized**<br> **Capital**<br> **Gains**<br>| &nbsp;&nbsp; **Total**<br> **Distributions**<br> **Paid**<br>| **Net Asset**<br> **Value,**<br> **End of**<br> **Period**<br>| **Total**<br> **Return**<br>| **Net Assets,**<br> **End of Period**<br> **(000)**<br>| **Expenses,**<br> **Net(2)**<br>| **Expenses,**<br> **Gross(2)**<br>| **Investment**<br> **Income,**<br> **Net(1)**<br>| &nbsp;&nbsp; **Portfolio**<br> **Turnover**<br> **Rate**<br>|
| **Conservative Allocation Fund** | **Conservative Allocation Fund** | **Conservative Allocation Fund** | **Conservative Allocation Fund** | **Conservative Allocation Fund** | **Conservative Allocation Fund** | **Conservative Allocation Fund** | **Conservative Allocation Fund** | **Conservative Allocation Fund** | **Conservative Allocation Fund** | **Conservative Allocation Fund** | **Conservative Allocation Fund** | **Conservative Allocation Fund** | **Conservative Allocation Fund** | **Conservative Allocation Fund** |
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
| 2025(3) | &nbsp;&nbsp;&nbsp; $10.99 | &nbsp;&nbsp;&nbsp; $0.17 | &nbsp;&nbsp;&nbsp; $0.38 | &nbsp;&nbsp;&nbsp; $0.55 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $11.54 | &nbsp;&nbsp;&nbsp;&nbsp; 5.00<br> %<br>| &nbsp;&nbsp;&nbsp; $112134 | &nbsp;&nbsp;&nbsp;&nbsp; 0.18<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.18<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.99<br> %<br>| &nbsp;&nbsp;&nbsp; 27<br> %<br>|
| 2024 | &nbsp;&nbsp;&nbsp;&nbsp;10.79 | &nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp;&nbsp; (0.55)<br>| &nbsp;&nbsp;&nbsp;&nbsp;10.99 | &nbsp;&nbsp;&nbsp;&nbsp;6.96 | &nbsp;&nbsp;&nbsp; 109996 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;3.33 | &nbsp;&nbsp;&nbsp; 23 |
| 2023 | &nbsp;&nbsp;&nbsp;&nbsp;10.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp;&nbsp;&nbsp;10.79 | &nbsp;&nbsp;&nbsp;&nbsp;9.08 | &nbsp;&nbsp;&nbsp; 110243 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;2.85 | &nbsp;&nbsp;&nbsp; 43 |
| 2022 | &nbsp;&nbsp;&nbsp;&nbsp;11.99 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp; (1.33)<br>| &nbsp;&nbsp;&nbsp; (1.19)<br>| &nbsp;&nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp;&nbsp;&nbsp;10.29 | &nbsp;&nbsp;&nbsp; (9.93)<br>| &nbsp;&nbsp;&nbsp; 98566 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;1.28 | &nbsp;&nbsp;&nbsp; 15 |
| 2021 | &nbsp;&nbsp;&nbsp;&nbsp;11.97 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp;&nbsp;&nbsp;11.99 | &nbsp;&nbsp;&nbsp;&nbsp;4.07 | &nbsp;&nbsp;&nbsp; 146436 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp; 6 |
| 2020 | &nbsp;&nbsp;&nbsp;&nbsp;11.52 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp;&nbsp;&nbsp;11.97 | &nbsp;&nbsp;&nbsp;&nbsp;7.17 | &nbsp;&nbsp;&nbsp; 135681 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp;&nbsp; 15 |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| 2025(3) | &nbsp;&nbsp;&nbsp; $10.99 | &nbsp;&nbsp;&nbsp; $0.15 | &nbsp;&nbsp;&nbsp; $0.39 | &nbsp;&nbsp;&nbsp; $0.54 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $11.53 | &nbsp;&nbsp;&nbsp;&nbsp; 4.91<br> %<br>| &nbsp;&nbsp;&nbsp; $300077 | &nbsp;&nbsp;&nbsp;&nbsp; 0.43<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.43<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.75<br> %<br>| &nbsp;&nbsp;&nbsp; 27<br> %<br>|
| 2024 | &nbsp;&nbsp;&nbsp;&nbsp;10.79 | &nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp;&nbsp; (0.52)<br>| &nbsp;&nbsp;&nbsp;&nbsp;10.99 | &nbsp;&nbsp;&nbsp;&nbsp;6.68 | &nbsp;&nbsp;&nbsp; 296172 | &nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;3.07 | &nbsp;&nbsp;&nbsp; 23 |
| 2023 | &nbsp;&nbsp;&nbsp;&nbsp;10.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp;&nbsp;&nbsp;10.79 | &nbsp;&nbsp;&nbsp;&nbsp;8.80 | &nbsp;&nbsp;&nbsp; 312560 | &nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;2.49 | &nbsp;&nbsp;&nbsp; 43 |
| 2022 | &nbsp;&nbsp;&nbsp;&nbsp;11.99 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp; (1.35)<br>| &nbsp;&nbsp;&nbsp; (1.22)<br>| &nbsp;&nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp;&nbsp;&nbsp;10.29 | &nbsp;&nbsp;&nbsp; (10.17)<br>| &nbsp;&nbsp;&nbsp; 334419 | &nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;1.14 | &nbsp;&nbsp;&nbsp; 15 |
| 2021 | &nbsp;&nbsp;&nbsp;&nbsp;11.97 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp;&nbsp;&nbsp;11.99 | &nbsp;&nbsp;&nbsp;&nbsp;3.81 | &nbsp;&nbsp;&nbsp; 423571 | &nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp; 6 |
| 2020 | &nbsp;&nbsp;&nbsp;&nbsp;11.52 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp;&nbsp;&nbsp;11.97 | &nbsp;&nbsp;&nbsp;&nbsp;6.92 | &nbsp;&nbsp;&nbsp; 415174 | &nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp; 15 |
| **Balanced Allocation Fund** | **Balanced Allocation Fund** | **Balanced Allocation Fund** | **Balanced Allocation Fund** | **Balanced Allocation Fund** | **Balanced Allocation Fund** | **Balanced Allocation Fund** | **Balanced Allocation Fund** | **Balanced Allocation Fund** | **Balanced Allocation Fund** | **Balanced Allocation Fund** | **Balanced Allocation Fund** | **Balanced Allocation Fund** | **Balanced Allocation Fund** | **Balanced Allocation Fund** |
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
| 2025(3) | &nbsp;&nbsp;&nbsp; $11.51 | &nbsp;&nbsp;&nbsp; $0.14 | &nbsp;&nbsp;&nbsp; $0.62 | &nbsp;&nbsp;&nbsp; $0.76 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $12.27 | &nbsp;&nbsp;&nbsp;&nbsp; 6.60<br> %<br>| &nbsp;&nbsp;&nbsp; $333462 | &nbsp;&nbsp;&nbsp;&nbsp; 0.13<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.13<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.33<br> %<br>| &nbsp;&nbsp;&nbsp; 8<br> %<br>|
| 2024 | &nbsp;&nbsp;&nbsp;&nbsp;11.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp;&nbsp; (0.54)<br>| &nbsp;&nbsp;&nbsp;&nbsp;11.51 | &nbsp;&nbsp;&nbsp;&nbsp;8.59 | &nbsp;&nbsp;&nbsp; 318839 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;2.77 | &nbsp;&nbsp;&nbsp; 27 |
| 2023 | &nbsp;&nbsp;&nbsp;&nbsp;10.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;1.02 | &nbsp;&nbsp;&nbsp;&nbsp;1.28 | &nbsp;&nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp;&nbsp;&nbsp;11.09 | &nbsp;&nbsp;&nbsp;&nbsp;12.60 | &nbsp;&nbsp;&nbsp; 300115 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;2.38 | &nbsp;&nbsp;&nbsp; 14 |
| 2022 | &nbsp;&nbsp;&nbsp;&nbsp;13.03 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp; (2.14)<br>| &nbsp;&nbsp;&nbsp; (2.01)<br>| &nbsp;&nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp;&nbsp; (0.57)<br>| &nbsp;&nbsp;&nbsp; (0.74)<br>| &nbsp;&nbsp;&nbsp;&nbsp;10.28 | &nbsp;&nbsp;&nbsp; (15.34)<br>| &nbsp;&nbsp;&nbsp; 290280 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp;&nbsp; 18 |
| 2021 | &nbsp;&nbsp;&nbsp;&nbsp;12.88 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp;&nbsp; (0.77)<br>| &nbsp;&nbsp;&nbsp;&nbsp;13.03 | &nbsp;&nbsp;&nbsp;&nbsp;7.17 | &nbsp;&nbsp;&nbsp; 481118 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp; 19 |
| 2020 | &nbsp;&nbsp;&nbsp;&nbsp;12.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;1.18 | &nbsp;&nbsp;&nbsp;&nbsp;1.33 | &nbsp;&nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp;&nbsp; (0.64)<br>| &nbsp;&nbsp;&nbsp;&nbsp;12.88 | &nbsp;&nbsp;&nbsp;&nbsp;11.00 | &nbsp;&nbsp;&nbsp; 450122 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;1.21 | &nbsp;&nbsp;&nbsp; 15 |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| 2025(3) | &nbsp;&nbsp;&nbsp; $11.51 | &nbsp;&nbsp;&nbsp; $0.12 | &nbsp;&nbsp;&nbsp; $0.62 | &nbsp;&nbsp;&nbsp; $0.74 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $12.25 | &nbsp;&nbsp;&nbsp;&nbsp; 6.43<br> %<br>| &nbsp;&nbsp;&nbsp; $970765 | &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.07<br> %<br>| &nbsp;&nbsp;&nbsp; 8<br> %<br>|
| 2024 | &nbsp;&nbsp;&nbsp;&nbsp;11.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp;&nbsp;&nbsp;11.51 | &nbsp;&nbsp;&nbsp;&nbsp;8.32 | &nbsp;&nbsp;&nbsp; 945024 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;2.50 | &nbsp;&nbsp;&nbsp; 27 |
| 2023 | &nbsp;&nbsp;&nbsp;&nbsp;10.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;1.26 | &nbsp;&nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp;&nbsp;&nbsp;11.09 | &nbsp;&nbsp;&nbsp;&nbsp;12.32 | &nbsp;&nbsp;&nbsp; 943742 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;2.12 | &nbsp;&nbsp;&nbsp; 14 |
| 2022 | &nbsp;&nbsp;&nbsp;&nbsp;13.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp; (2.14)<br>| &nbsp;&nbsp;&nbsp; (2.03)<br>| &nbsp;&nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp;&nbsp; (0.57)<br>| &nbsp;&nbsp;&nbsp; (0.71)<br>| &nbsp;&nbsp;&nbsp;&nbsp;10.28 | &nbsp;&nbsp;&nbsp; (15.58)<br>| &nbsp;&nbsp;&nbsp; 928515 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp; 18 |
| 2021 | &nbsp;&nbsp;&nbsp;&nbsp;12.87 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp;&nbsp; (0.74)<br>| &nbsp;&nbsp;&nbsp;&nbsp;13.02 | &nbsp;&nbsp;&nbsp;&nbsp;6.92 | &nbsp;&nbsp;&nbsp; 1230755 | &nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp; 19 |
| 2020 | &nbsp;&nbsp;&nbsp;&nbsp;12.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;1.18 | &nbsp;&nbsp;&nbsp;&nbsp;1.29 | &nbsp;&nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp;&nbsp; (0.61)<br>| &nbsp;&nbsp;&nbsp;&nbsp;12.87 | &nbsp;&nbsp;&nbsp;&nbsp;10.66 | &nbsp;&nbsp;&nbsp; 1219621 | &nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp; 15 |

---

# Calculated using the average shares outstanding method.

(1) Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests. 

(2) Does not include income and expenses of the investment companies in which the Fund invests. Estimated acquired fund fees and expenses (*i.e.,* the fees and expenses incurred by the underlying funds) for the Conservative Allocation Fund, Balanced Allocation Fund, Moderately Aggressive Allocation Fund and Aggressive Allocation Fund were 0.53%, 0.61%, 0.67% and 0.71%, respectively for 2025. These acquired fund fees and expenses impact the net asset value of the underlying funds in which each Fund invests, and therefore the effect of the acquired fund fees and expenses is reflected in each Fund's total return. 

(3) For the six months ended June 30, 2025, all ratios have been annualized with the exception of total return and portfolio turnover which have not been annualized. 

**26**

See Notes to Financial Statements.

------

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *For a Share Outstanding For the Years Ending December 31, unless otherwise indicated*  | *For a Share Outstanding For the Years Ending December 31, unless otherwise indicated*  | *For a Share Outstanding For the Years Ending December 31, unless otherwise indicated*  | *For a Share Outstanding For the Years Ending December 31, unless otherwise indicated*  | *For a Share Outstanding For the Years Ending December 31, unless otherwise indicated*  | *For a Share Outstanding For the Years Ending December 31, unless otherwise indicated*  |  |  |  |  |  | **Ratios to Average Net Assets**  | **Ratios to Average Net Assets**  | **Ratios to Average Net Assets**  |  |
|  | &nbsp;&nbsp; **Net Asset**<br> **Value,**<br> **Beginning**<br> **of Period**<br>| &nbsp;&nbsp; **Net Investment**<br> **Income#(1)**<br>| **Realized**<br> **and**<br> **Unrealized**<br> **Gain**<br> **(Loss) on**<br> **Investments**<br>| &nbsp;&nbsp; **Total Income**<br> **From Investment**<br> **Operations**<br>| &nbsp;&nbsp; **Dividends**<br> **from Net**<br> **Investment**<br> **Income**<br>| **Distributions**<br> **from Net**<br> **Realized**<br> **Capital**<br> **Gains**<br>| &nbsp;&nbsp; **Total**<br> **Distributions**<br> **Paid**<br>| **Net Asset**<br> **Value,**<br> **End of**<br> **Period**<br>| **Total**<br> **Return**<br>| **Net Assets,**<br> **End of Period**<br> **(000)**<br>| **Expenses,**<br> **Net(2)**<br>| **Expenses,**<br> **Gross(2)**<br>| **Investment**<br> **Income,**<br> **Net(1)**<br>| &nbsp;&nbsp; **Portfolio**<br> **Turnover**<br> **Rate**<br>|
| **Moderately Aggressive Allocation Fund** | **Moderately Aggressive Allocation Fund** | **Moderately Aggressive Allocation Fund** | **Moderately Aggressive Allocation Fund** | **Moderately Aggressive Allocation Fund** | **Moderately Aggressive Allocation Fund** | **Moderately Aggressive Allocation Fund** | **Moderately Aggressive Allocation Fund** | **Moderately Aggressive Allocation Fund** | **Moderately Aggressive Allocation Fund** | **Moderately Aggressive Allocation Fund** | **Moderately Aggressive Allocation Fund** | **Moderately Aggressive Allocation Fund** | **Moderately Aggressive Allocation Fund** | **Moderately Aggressive Allocation Fund** |
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
| 2025(3) | &nbsp;&nbsp;&nbsp; $12.66 | &nbsp;&nbsp;&nbsp; $0.09 | &nbsp;&nbsp;&nbsp; $0.99 | &nbsp;&nbsp;&nbsp; $1.08 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $13.74 | &nbsp;&nbsp;&nbsp;&nbsp; 8.53<br> %<br>| &nbsp;&nbsp;&nbsp; $303817 | &nbsp;&nbsp;&nbsp;&nbsp; 0.14<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.14<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.36<br> %<br>| &nbsp;&nbsp;&nbsp; 8<br> %<br>|
| 2024 | &nbsp;&nbsp;&nbsp;&nbsp;11.70 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp;&nbsp;1.43 | &nbsp;&nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp;&nbsp;&nbsp;12.66 | &nbsp;&nbsp;&nbsp;&nbsp;12.20 | &nbsp;&nbsp;&nbsp; 290068 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;1.90 | &nbsp;&nbsp;&nbsp; 30 |
| 2023 | &nbsp;&nbsp;&nbsp;&nbsp;10.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;1.52 | &nbsp;&nbsp;&nbsp;&nbsp;1.74 | &nbsp;&nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp;&nbsp;&nbsp;11.70 | &nbsp;&nbsp;&nbsp;&nbsp;16.82 | &nbsp;&nbsp;&nbsp; 264645 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;1.94 | &nbsp;&nbsp;&nbsp; 15 |
| 2022 | &nbsp;&nbsp;&nbsp;&nbsp;13.83 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp; (2.55)<br>| &nbsp;&nbsp;&nbsp; (2.44)<br>| &nbsp;&nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp;&nbsp; (0.98)<br>| &nbsp;&nbsp;&nbsp; (1.01)<br>| &nbsp;&nbsp;&nbsp;&nbsp;10.38 | &nbsp;&nbsp;&nbsp; (17.73)<br>| &nbsp;&nbsp;&nbsp; 236709 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp; 22 |
| 2021 | &nbsp;&nbsp;&nbsp;&nbsp;13.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;1.42 | &nbsp;&nbsp;&nbsp;&nbsp;1.56 | &nbsp;&nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp;&nbsp; (0.58)<br>| &nbsp;&nbsp;&nbsp; (0.98)<br>| &nbsp;&nbsp;&nbsp;&nbsp;13.83 | &nbsp;&nbsp;&nbsp;&nbsp;11.82 | &nbsp;&nbsp;&nbsp; 440338 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp; 17 |
| 2020 | &nbsp;&nbsp;&nbsp;&nbsp;12.31 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;1.51 | &nbsp;&nbsp;&nbsp;&nbsp;1.62 | &nbsp;&nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp;&nbsp; (0.50)<br>| &nbsp;&nbsp;&nbsp; (0.68)<br>| &nbsp;&nbsp;&nbsp;&nbsp;13.25 | &nbsp;&nbsp;&nbsp;&nbsp;13.30 | &nbsp;&nbsp;&nbsp; 404479 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp; 15 |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| 2025(3) | &nbsp;&nbsp;&nbsp; $12.65 | &nbsp;&nbsp;&nbsp; $0.07 | &nbsp;&nbsp;&nbsp; $0.98 | &nbsp;&nbsp;&nbsp; $1.05 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $13.70 | &nbsp;&nbsp;&nbsp;&nbsp; 8.30<br> %<br>| &nbsp;&nbsp;&nbsp; $818584 | &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.11<br> %<br>| &nbsp;&nbsp;&nbsp; 8<br> %<br>|
| 2024 | &nbsp;&nbsp;&nbsp;&nbsp;11.68 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;1.20 | &nbsp;&nbsp;&nbsp;&nbsp;1.41 | &nbsp;&nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp;&nbsp;&nbsp;12.65 | &nbsp;&nbsp;&nbsp;&nbsp;12.03 | &nbsp;&nbsp;&nbsp; 780505 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;1.63 | &nbsp;&nbsp;&nbsp; 30 |
| 2023 | &nbsp;&nbsp;&nbsp;&nbsp;10.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;1.52 | &nbsp;&nbsp;&nbsp;&nbsp;1.71 | &nbsp;&nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp;&nbsp;&nbsp;11.68 | &nbsp;&nbsp;&nbsp;&nbsp;16.57 | &nbsp;&nbsp;&nbsp; 758895 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;1.67 | &nbsp;&nbsp;&nbsp; 15 |
| 2022 | &nbsp;&nbsp;&nbsp;&nbsp;13.82 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp; (2.59)<br>| &nbsp;&nbsp;&nbsp; (2.48)<br>| &nbsp;&nbsp;&nbsp; (—)†<br>| &nbsp;&nbsp;&nbsp; (0.98)<br>| &nbsp;&nbsp;&nbsp; (0.98)<br>| &nbsp;&nbsp;&nbsp;&nbsp;10.36 | &nbsp;&nbsp;&nbsp; (18.03)<br>| &nbsp;&nbsp;&nbsp; 709931 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp; 22 |
| 2021 | &nbsp;&nbsp;&nbsp;&nbsp;13.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;1.43 | &nbsp;&nbsp;&nbsp;&nbsp;1.53 | &nbsp;&nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp;&nbsp; (0.58)<br>| &nbsp;&nbsp;&nbsp; (0.95)<br>| &nbsp;&nbsp;&nbsp;&nbsp;13.82 | &nbsp;&nbsp;&nbsp;&nbsp;11.56 | &nbsp;&nbsp;&nbsp; 968891 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp; 17 |
| 2020 | &nbsp;&nbsp;&nbsp;&nbsp;12.31 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;1.51 | &nbsp;&nbsp;&nbsp;&nbsp;1.58 | &nbsp;&nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp;&nbsp; (0.50)<br>| &nbsp;&nbsp;&nbsp; (0.65)<br>| &nbsp;&nbsp;&nbsp;&nbsp;13.24 | &nbsp;&nbsp;&nbsp;&nbsp;12.96 | &nbsp;&nbsp;&nbsp; 919826 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp; 15 |
| **Aggressive Allocation Fund** | **Aggressive Allocation Fund** | **Aggressive Allocation Fund** | **Aggressive Allocation Fund** | **Aggressive Allocation Fund** | **Aggressive Allocation Fund** | **Aggressive Allocation Fund** | **Aggressive Allocation Fund** | **Aggressive Allocation Fund** | **Aggressive Allocation Fund** | **Aggressive Allocation Fund** | **Aggressive Allocation Fund** | **Aggressive Allocation Fund** | **Aggressive Allocation Fund** | **Aggressive Allocation Fund** |
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
| 2025(3) | &nbsp;&nbsp;&nbsp; $12.93 | &nbsp;&nbsp;&nbsp; $0.03 | &nbsp;&nbsp;&nbsp; $1.30 | &nbsp;&nbsp;&nbsp; $1.33 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $14.26 | &nbsp;&nbsp;&nbsp;&nbsp; 10.29<br> %<br>| &nbsp;&nbsp;&nbsp; $296963 | &nbsp;&nbsp;&nbsp;&nbsp; 0.14<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.14<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.45<br> %<br>| &nbsp;&nbsp;&nbsp; 7<br> %<br>|
| 2024 | &nbsp;&nbsp;&nbsp;&nbsp;11.57 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;1.69 | &nbsp;&nbsp;&nbsp;&nbsp;1.83 | &nbsp;&nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp;&nbsp;&nbsp;12.93 | &nbsp;&nbsp;&nbsp;&nbsp;15.70 | &nbsp;&nbsp;&nbsp; 272681 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp; 27 |
| 2023 | &nbsp;&nbsp;&nbsp;&nbsp;9.93 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;1.92 | &nbsp;&nbsp;&nbsp;&nbsp;2.07 | &nbsp;&nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp;&nbsp;&nbsp;11.57 | &nbsp;&nbsp;&nbsp;&nbsp;20.92 | &nbsp;&nbsp;&nbsp; 240031 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;1.42 | &nbsp;&nbsp;&nbsp; 15 |
| 2022 | &nbsp;&nbsp;&nbsp;&nbsp;13.92 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp; (2.78)<br>| &nbsp;&nbsp;&nbsp; (2.66)<br>| &nbsp;&nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp;&nbsp; (1.30)<br>| &nbsp;&nbsp;&nbsp; (1.33)<br>| &nbsp;&nbsp;&nbsp;&nbsp;9.93 | &nbsp;&nbsp;&nbsp; (19.29)<br>| &nbsp;&nbsp;&nbsp; 213158 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp; 30 |
| 2021 | &nbsp;&nbsp;&nbsp;&nbsp;13.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;1.85 | &nbsp;&nbsp;&nbsp;&nbsp;1.97 | &nbsp;&nbsp;&nbsp; (0.46)<br>| &nbsp;&nbsp;&nbsp; (0.65)<br>| &nbsp;&nbsp;&nbsp; (1.11)<br>| &nbsp;&nbsp;&nbsp;&nbsp;13.92 | &nbsp;&nbsp;&nbsp;&nbsp;15.09 | &nbsp;&nbsp;&nbsp; 331642 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp; 12 |
| 2020 | &nbsp;&nbsp;&nbsp;&nbsp;12.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;1.80 | &nbsp;&nbsp;&nbsp;&nbsp;1.87 | &nbsp;&nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp;&nbsp; (0.70)<br>| &nbsp;&nbsp;&nbsp; (0.81)<br>| &nbsp;&nbsp;&nbsp;&nbsp;13.06 | &nbsp;&nbsp;&nbsp;&nbsp;15.75 | &nbsp;&nbsp;&nbsp; 290969 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp; 13 |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| 2025(3) | &nbsp;&nbsp;&nbsp; $12.85 | &nbsp;&nbsp;&nbsp; $0.01 | &nbsp;&nbsp;&nbsp; $1.29 | &nbsp;&nbsp;&nbsp; $1.30 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $14.15 | &nbsp;&nbsp;&nbsp;&nbsp; 10.12<br> %<br>| &nbsp;&nbsp;&nbsp; $852494 | &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.18<br> %<br>| &nbsp;&nbsp;&nbsp; 7<br> %<br>|
| 2024 | &nbsp;&nbsp;&nbsp;&nbsp;11.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;1.68 | &nbsp;&nbsp;&nbsp;&nbsp;1.79 | &nbsp;&nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp;&nbsp;&nbsp;12.85 | &nbsp;&nbsp;&nbsp;&nbsp;15.43 | &nbsp;&nbsp;&nbsp; 802410 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp; 27 |
| 2023 | &nbsp;&nbsp;&nbsp;&nbsp;9.87 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;1.90 | &nbsp;&nbsp;&nbsp;&nbsp;2.03 | &nbsp;&nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp;&nbsp;&nbsp;11.50 | &nbsp;&nbsp;&nbsp;&nbsp;20.66 | &nbsp;&nbsp;&nbsp; 742673 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;1.18 | &nbsp;&nbsp;&nbsp; 15 |
| 2022 | &nbsp;&nbsp;&nbsp;&nbsp;13.86 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp; (2.78)<br>| &nbsp;&nbsp;&nbsp; (2.68)<br>| &nbsp;&nbsp;&nbsp; (—)†<br>| &nbsp;&nbsp;&nbsp; (1.31)<br>| &nbsp;&nbsp;&nbsp; (1.31)<br>| &nbsp;&nbsp;&nbsp;&nbsp;9.87 | &nbsp;&nbsp;&nbsp; (19.57)<br>| &nbsp;&nbsp;&nbsp; 665590 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp; 30 |
| 2021 | &nbsp;&nbsp;&nbsp;&nbsp;13.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;1.85 | &nbsp;&nbsp;&nbsp;&nbsp;1.93 | &nbsp;&nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp;&nbsp; (0.65)<br>| &nbsp;&nbsp;&nbsp; (1.07)<br>| &nbsp;&nbsp;&nbsp;&nbsp;13.86 | &nbsp;&nbsp;&nbsp;&nbsp;14.89 | &nbsp;&nbsp;&nbsp; 904521 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp; 12 |
| 2020 | &nbsp;&nbsp;&nbsp;&nbsp;11.95 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;1.80 | &nbsp;&nbsp;&nbsp;&nbsp;1.83 | &nbsp;&nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp;&nbsp; (0.70)<br>| &nbsp;&nbsp;&nbsp; (0.78)<br>| &nbsp;&nbsp;&nbsp;&nbsp;13.00 | &nbsp;&nbsp;&nbsp;&nbsp;15.49 | &nbsp;&nbsp;&nbsp; 849922 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp; 13 |

---

---

| | |
|:---|:---|
| #  | Calculated using the average shares outstanding method. |
| † | Amount represents less than $0.005 per share. |
| (1) | Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment <br> companies in which the Fund invests.<br>|
| (2) | Does not include income and expenses of the investment companies in which the Fund invests. Estimated acquired fund fees and expenses <br> (*i.e.,* the fees and expenses incurred by the underlying funds) for the Conservative Allocation Fund, Balanced Allocation Fund, Moderately <br> Aggressive Allocation Fund and Aggressive Allocation Fund were 0.53%, 0.61%, 0.67% and 0.71%, respectively for 2025. These acquired <br> fund fees and expenses impact the net asset value of the underlying funds in which each Fund invests, and therefore the effect of the <br> acquired fund fees and expenses is reflected in each Fund's total return.<br>|
| (3) | For the six months ended June 30, 2025, all ratios have been annualized with the exception of total return and portfolio turnover which have <br> not been annualized.<br>|

---

See Notes to Financial Statements.

**27**

------

**MONEY MARKET FUND**

**SCHEDULE OF INVESTMENTS**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **AGENCY OBLIGATIONS — 20.5%** | **AGENCY OBLIGATIONS — 20.5%** | **AGENCY OBLIGATIONS — 20.5%** |
| Federal Farm Credit <br> Banks Funding <br> Corporation<br>|  |  |
| (Floating, U.S. SOFR + 0.07%), <br> 4.51%, 11/17/25† | $2400000 | $2400000 |
| (Floating, U.S. SOFR + 0.10%), <br> 4.54%, 06/24/26† | 1000000 | 1000000 |
| (Floating, U.S. SOFR + 0.10%), <br> 4.54%, 06/26/26† | 2550000 | 2550000 |
| (Floating, U.S. SOFR + 0.14%), <br> 4.58%, 10/15/26† | 14000000 | 13999003 |
| (Floating, U.S. Treasury 3M Bill <br> MMY + 0.27%), 4.55%, <br> 10/16/26† | 7700000 | 7700000 |
| (Floating, U.S. SOFR + 0.14%), <br> 4.58%, 12/23/26† | 1400000 | 1400000 |
| (Floating, U.S. SOFR + 0.14%), <br> 4.58%, 12/30/26† | 1200000 | 1200000 |
| (Floating, U.S. SOFR + 0.08%), <br> 4.52%, 02/01/27† | 5200000 | 5200000 |
| (Floating, U.S. SOFR + 0.07%), <br> 4.51%, 03/26/27† | 2000000 | 2000000 |
| Federal Home Loan <br> Bank<br>|  |  |
| (Floating, U.S. SOFR + 0.01%), <br> 4.46%, 07/03/25† | 36725000 | 36725000 |
| (Floating, U.S. SOFR + 0.01%), <br> 4.45%, 07/09/25† | 4800000 | 4800000 |
| (Floating, U.S. SOFR - 0.01%), <br> 4.44%, 07/21/25† | 3670000 | 3670000 |
| (Floating, U.S. SOFR + 0.16%), <br> 4.60%, 07/21/25† | 12830000 | 12830000 |
| (Floating, U.S. SOFR + 0.01%), <br> 4.45%, 08/04/25† | 11390000 | 11390000 |
| (Floating, U.S. SOFR + 0.01%), <br> 4.45%, 08/05/25† | 26550000 | 26550000 |
| (Floating, U.S. SOFR + 0.01%), <br> 4.45%, 08/11/25† | 2100000 | 2100000 |
| (Floating, U.S. SOFR + 0.01%), <br> 4.45%, 08/12/25† | 3100000 | 3100000 |
| (Floating, U.S. SOFR + 0.00%), <br> 4.44%, 08/14/25† | 12590000 | 12590000 |
| (Floating, U.S. SOFR + 0.00%), <br> 4.44%, 08/21/25† | 2555000 | 2555000 |
| (Floating, U.S. SOFR + 0.01%), <br> 4.45%, 08/26/25† | 3600000 | 3600000 |
| (Floating, U.S. SOFR + 0.00%), <br> 4.44%, 08/29/25† | 18570000 | 18570000 |
| (Floating, U.S. SOFR + 0.01%), <br> 4.45%, 09/02/25† | 5200000 | 5200000 |
| (Floating, U.S. SOFR + 0.01%), <br> 4.45%, 09/03/25† | 2600000 | 2600000 |
| (Floating, U.S. SOFR + 0.01%), <br> 4.45%, 09/12/25† | 10490000 | 10490000 |
| (Floating, U.S. SOFR - 0.01%), <br> 4.44%, 10/06/25† | 2400000 | 2400000 |
| 4.13%, 11/07/25 | 5000000 | 4997059 |
| (Floating, U.S. SOFR + 0.02%), <br> 4.46%, 12/12/25† | 5100000 | 5100000 |
| (Floating, U.S. SOFR + 0.00%), <br> 4.44%, 12/18/25† | 2590000 | 2590000 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| (Floating, U.S. SOFR + 0.00%), <br> 4.44%, 12/19/25† | $3270000 | $3270000 |
| (Floating, U.S. SOFR + 0.00%), <br> 4.44%, 12/22/25† | 1035000 | 1035000 |
| (Floating, U.S. SOFR + 0.00%), <br> 4.44%, 12/24/25† | 5390000 | 5390000 |
| (Floating, U.S. SOFR + 0.00%), <br> 4.44%, 12/26/25† | 7635000 | 7635000 |
| (Floating, U.S. SOFR + 0.00%), <br> 4.44%, 12/30/25† | 7800000 | 7800000 |
| (Floating, U.S. SOFR + 0.01%), <br> 4.45%, 02/17/26† | 2725000 | 2725000 |
| 4.38%, 03/23/26 | 9100000 | 9100000 |
| 4.34%, 04/17/26 | 5185000 | 5185000 |
| 4.34%, 04/17/26 | 16205000 | 16205000 |
| 4.25%, 05/22/26 | 14000000 | 13995832 |
| 4.35%, 06/05/26 | 7800000 | 7797791 |
| (Floating, U.S. SOFR + 0.10%), <br> 4.54%, 06/26/26† | 7035000 | 7035000 |
| (Floating, U.S. SOFR + 0.07%), <br> 4.51%, 03/25/27† | 4135000 | 4135000 |
| Federal Home Loan <br> Bank Discount <br> Notes<br>|  |  |
| 4.21%, 07/11/25Ω | 27360000 | 27328004 |
| 4.15%, 08/29/25Ω | 29345000 | 29143852 |
| 4.15%, 11/28/25Ω | 8825000 | 8671482 |
| 3.95%, 12/01/25Ω | 15650000 | 15387276 |
| Federal Home Loan <br> Mortgage <br> Corporation<br>|  |  |
| 0.38%, 09/23/25 | 6500000 | 6443470 |
| (Floating, U.S. SOFR + 0.14%), <br> 4.58%, 09/23/26† | 4400000 | 4400000 |
| (Floating, U.S. SOFR + 0.14%), <br> 4.58%, 10/16/26† | 3500000 | 3500000 |
| (Floating, U.S. SOFR + 0.12%), <br> 4.56%, 05/05/27† | 3300000 | 3300000 |
| Federal National <br> Mortgage <br> Association<br>|  |  |
| (Floating, U.S. SOFR + 0.12%), <br> 4.56%, 07/29/26† | 13320000 | 13320000 |
| (Floating, U.S. SOFR + 0.14%), <br> 4.58%, 08/21/26† | 4100000 | 4100000 |
| (Floating, U.S. SOFR + 0.14%), <br> 4.58%, 10/23/26† | 5575000 | 5575000 |
| (Floating, U.S. SOFR + 0.14%), <br> 4.58%, 11/20/26† | 6400000 | 6400000 |
| (Floating, U.S. SOFR + 0.14%), <br> 4.58%, 12/11/26† | 5900000 | 5900000 |
| **Total Agency Obligations** <br>(Cost $434,083,769) |  | 434083769 |
| **U.S. TREASURY OBLIGATIONS — 41.7%** | **U.S. TREASURY OBLIGATIONS — 41.7%** | **U.S. TREASURY OBLIGATIONS — 41.7%** |
| U.S. Treasury Bills |  |  |
| 4.62%, 07/10/25Ω | 16015000 | 15996334 |
| 4.01%, 07/15/25Ω | 3700000 | 3693993 |
| 4.09%, 07/17/25Ω | 35000000 | 34934278 |
| 4.00%, 08/05/25Ω | 71900000 | 71606445 |

---

**28**

See Notes to Financial Statements.

------

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| 4.04%, 08/12/25Ω | $35565000 | $35388716 |
| 4.02%, 08/26/25Ω | 21451000 | 21310571 |
| 4.15%, 08/28/25Ω | 4000000 | 3973127 |
| 4.01%, 09/02/25Ω | 40700000 | 40401427 |
| 4.04%, 09/04/25Ω | 41000000 | 40691492 |
| 4.00%, 09/09/25Ω | 64564700 | 64037518 |
| 4.04%, 09/16/25Ω | 11900000 | 11792080 |
| 4.07%, 09/18/25Ω | 8425000 | 8349291 |
| 4.03%, 09/23/25Ω | 26500000 | 26238445 |
| 4.03%, 09/25/25Ω | 11883700 | 11766661 |
| 4.02%, 09/30/25Ω | 14919600 | 14760460 |
| 4.04%, 10/02/25Ω | 4641500 | 4592944 |
| 4.09%, 10/23/25Ω | 2600000 | 2566161 |
| 3.99%, 10/28/25Ω | 17600000 | 17355944 |
| 4.06%, 10/30/25Ω | 19650000 | 19379480 |
| 4.00%, 11/06/25Ω | 6526200 | 6431373 |
| 4.07%, 11/20/25Ω | 25335000 | 24921280 |
| 4.12%, 11/28/25Ω | 14200000 | 13954024 |
| 4.08%, 12/04/25Ω | 14737200 | 14472166 |
| 4.08%, 12/11/25Ω | 15825000 | 15527682 |
| 4.07%, 12/18/25Ω | 26200000 | 25685934 |
| 4.04%, 12/26/25Ω | 32975000 | 32307756 |
| 4.04%, 01/02/26Ω | 20640000 | 20208779 |
| 3.91%, 05/14/26Ω | 17132900 | 16540002 |
| 3.92%, 06/11/26Ω | 15520400 | 14934378 |
|  |  | 633818741 |
| U.S. Treasury Floating <br> Rate Notes<br>|  |  |
| (Floating, U.S. Treasury 3M Bill <br> MMY + 0.13%), 4.41%, <br> 07/31/25† | 32140000 | 32139754 |
| (Floating, U.S. Treasury 3M Bill <br> MMY + 0.17%), 4.45%, <br> 10/31/25† | 21865000 | 21864222 |
| (Floating, U.S. Treasury 3M Bill <br> MMY + 0.25%), 4.53%, <br> 01/31/26† | 18355000 | 18355000 |
| (Floating, U.S. Treasury 3M Bill <br> MMY + 0.15%), 4.43%, <br> 04/30/26† | 23600000 | 23601112 |
| (Variable, U.S. Treasury 3M Bill <br> MMY + 0.18%), 4.46%, <br> 07/31/26† | 14750000 | 14741575 |
| (Floating, U.S. Treasury 3M Bill <br> MMY + 0.21%), 4.49%, <br> 10/31/26† | 57115000 | 57137787 |
| (Floating, U.S. Treasury 3M Bill <br> MMY + 0.10%), 4.38%, <br> 01/31/27† | 42465000 | 42463552 |
|  |  | 210303002 |
| U.S. Treasury Notes |  |  |
| 0.38%, 11/30/25 | 800000 | 786902 |
| 0.38%, 12/31/25 | 4305000 | 4223941 |
| 4.25%, 12/31/25 | 1815000 | 1814939 |
| 0.38%, 01/31/26 | 410000 | 401014 |
| 0.50%, 02/28/26 | 1300000 | 1269790 |
| 4.63%, 02/28/26 | 1600000 | 1605187 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| 0.75%, 03/31/26 | $20400000 | $19912594 |
| 1.63%, 05/15/26 | 3200000 | 3134622 |
| 0.88%, 06/30/26 | 990000 | 958623 |
| 4.63%, 06/30/26 | 7220000 | 7252832 |
|  |  | 41360444 |
| **Total U.S. Treasury Obligations** <br>(Cost $885,482,187) |  | 885482187 |
| **REPURCHASE AGREEMENTS — 40.0%** | **REPURCHASE AGREEMENTS — 40.0%** | **REPURCHASE AGREEMENTS — 40.0%** |
| Bank of Nova Scotia |  |  |
| 4.41% (dated 6/30/2025, due <br> 7/1/2025, repurchase price <br> $85,010,413, collateralized by <br> U.S. Treasury Notes, 0.125% <br> to 5.000%, due 8/31/2025 to <br> 7/15/2033, total market value <br> $86,710,639) | 85000000 | 85000000 |
| BNP Paribas |  |  |
| 4.39% (dated 6/30/2025, due <br> 7/1/2025, repurchase price <br> $60,007,317 collateralized by <br> U.S. Treasury Bonds and <br> U.S. Treasury Notes, 0.000% <br> to 4.625%, due 9/15/2026 to <br> 2/15/2053, total market value <br> $61,200,002) | 60000000 | 60000000 |
| 4.40% (dated 6/30/2025, due <br> 7/1/2025, repurchase price <br> $75,009,167, collateralized by <br> Federal National Mortgage <br> Association, Government <br> National Mortgage <br> Association and Federal Home <br> Loan Mortgage Corporation, <br> 1.838% to 7.605%, due <br> 4/1/2027 to 6/15/2060, total <br> market value $77,151,121) | 75000000 | 75000000 |
| Citigroup Global Markets, Inc. |  |  |
| 4.40% (dated 6/30/2025, due <br> 7/1/2025, repurchase price <br> $125,015,278, collateralized <br> by U.S. Treasury Notes, <br> 3.875% to 4.625%, due <br> 4/30/2021 to 8/15/2033, total <br> market value $127,500,068) | 125000000 | 125000000 |
| Goldman Sachs & Co. |  |  |
| 4.40% (dated 6/30/2025, due <br> 7/1/2025, repurchase price <br> $125,015,278, collateralized <br> by Government National <br> Mortgage Association, 3.000% <br> to 7.000%, due 3/20/2029 to <br> 6/20/2055, total market value <br> $127,500,000) | 125000000 | 125000000 |

---

See Notes to Financial Statements.

**29**

------

**MONEY MARKET FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Mitsubishi UFJ Securities USA, Inc. |  |  |
| 4.40% (dated 6/30/2025, due <br> 7/1/2025, repurchase price <br> $125,015,278, collateralized <br> by Government National <br> Mortgage Association, 2.000% <br> to 6.500%, due 2/28/2026 to <br> 1/15/2035, total market value <br> $127,500,000) | $125000000 | $125000000 |
| Mizuho Securities USA, Inc. |  |  |
| 4.40% (dated 6/30/2025, due <br> 7/1/2025, repurchase price <br> $125,015,278, collateralized <br> by U.S. Treasury Notes, <br> 0.375% to 4.250%, due <br> 12/15/2025 to 6/30/2031, total <br> market value $127,500,010) | 125000000 | 125000000 |
| Natixis S.A. |  |  |
| 4.39% (dated 6/30/2025, due <br> 7/1/2025, repurchase price <br> $5,000,610, collateralized by <br> U.S. Treasury Notes, 0.500% <br> to 2.125%, due 2/28/2026 to <br> 1/15/2035, total market value <br> $5,100,039) | 5000000 | 5000000 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| TD Securities USA LLC |  |  |
| 4.41% (dated 6/30/2025, due <br> 7/1/2025, repurchase price <br> $125,015,313, collateralized <br> by Federal National Mortgage <br> Association and Federal Home <br> Loan Mortgage Corporation, <br> 4.000% to 6.500%, due <br> 10/1/2048 to 6/1/2055, total <br> market value $128,750,000) | $125000000 | $125000000 |
| **Total Repurchase Agreements** <br>(Cost $850,000,000) |  | 850000000 |
| **TOTAL INVESTMENTS — 102.2**% <br>(Cost $2,169,565,956) |  | 2169565956 |
| **Liabilities in Excess of Other**<br> **Assets — (2.2)%** |  | (45979338)<br>|
| **NET ASSETS — 100.0%** |  | $2123586618 |

---

**VALUATION HIERARCHY**

The following is a summary of the inputs used, as of June 30, 2025, in valuing the Fund's investments carried at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total** <br>**Value**<br>| **Level 1** <br>**Quoted Prices**<br>| **Level 2** <br>**Other Significant** <br>**Observable Inputs**<br>| **Level 3** <br>**Significant** <br>**Unobservable Inputs**<br>|
| **Assets:** |  |  |  |  |
| **Investments in Securities:** |  |  |  |  |
| Agency Obligations | &nbsp;&nbsp; $434083769 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $434083769 | &nbsp;&nbsp; $— |
| Repurchase Agreements | &nbsp;&nbsp; 850000000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 850000000 | &nbsp;&nbsp; — |
| U.S. Treasury Obligations | &nbsp;&nbsp; 885482187 | &nbsp;&nbsp; — | &nbsp;&nbsp; 885482187 | &nbsp;&nbsp; — |
| **Total Assets - Investments in Securities** | &nbsp;&nbsp; $2169565956 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2169565956 | &nbsp;&nbsp; $— |

---

**30**

See Notes to Financial Statements.

------

**LOW-DURATION BOND FUND**

**SCHEDULE OF INVESTMENTS**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **AGENCY OBLIGATIONS — 0.8%** | **AGENCY OBLIGATIONS — 0.8%** | **AGENCY OBLIGATIONS — 0.8%** |
| Federal Farm Credit <br> Banks Funding <br> Corporation<br>|  |  |
| 0.70%, 01/27/27 | $2000000 | $1904857 |
| 2.25%, 08/15/29 | 1000000 | 936667 |
| 1.30%, 02/03/31 | 870000 | 751771 |
| 1.68%, 09/17/35 | 2300000 | 1738602 |
| Federal Home Loan <br> Bank<br>|  |  |
| 2.18%, 11/06/29 | 750000 | 698899 |
| 1.61%, 01/27/33 | 600000 | 493222 |
| **Total Agency Obligations** <br>(Cost $6,421,025) |  | 6524018 |
| **ASSET-BACKED SECURITIES — 18.9%** | **ASSET-BACKED SECURITIES — 18.9%** | **ASSET-BACKED SECURITIES — 18.9%** |
| Acrec LLC, Series 2025-FL3, Class A |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.31%), 5.62%, 08/18/42 <br> 144A † | 800000 | 798594 |
| Affirm Asset Securitization Trust, <br> Series 2025-X1, Class A |  |  |
| 5.08%, 04/15/30 144A | 218837 | 219070 |
| AGL CLO 28, Ltd., Series 2023-28A, <br> Class AL2 |  |  |
| (Floating, CME Term SOFR 3M + <br> 1.70%, 1.70% Floor), 5.97%, <br> 01/21/37 144A † | 430000 | 432192 |
| American Express Credit Account <br> Master Trust, Series 2025-3, <br> Class A |  |  |
| 4.51%, 04/15/32 | 950000 | 964967 |
| American Heritage Auto Receivables <br> Trust, Series 2024-1A, Class A2 |  |  |
| 4.83%, 03/15/28 144A | 1777837 | 1779478 |
| Amur Equipment Finance Receivables <br> XV LLC, Series 2025-1A, <br> Class A2 |  |  |
| 4.70%, 09/22/31 144A | 1270000 | 1278578 |
| Anchorage Capital CLO 7, Ltd., <br> Series 2015-7A, Class CR3 |  |  |
| (Floating, CME Term SOFR 3M + <br> 2.45%, 2.45% Floor), 6.73%, <br> 04/28/37 144A † | 450000 | 453032 |
| Apidos CLO XXII, Series 2015-22A, <br> Class A2R |  |  |
| (Floating, CME Term SOFR 3M + <br> 1.76%), 6.03%, 04/20/31 <br> 144A † | 250000 | 250689 |
| Apidos CLO XXIV, Series 2016-24A, <br> Class A1AL |  |  |
| (Floating, CME Term SOFR 3M + <br> 1.21%, 0.95% Floor), 5.48%, <br> 10/20/30 144A † γ | 152026 | 152143 |
| Ares LVI CLO, Ltd., Series <br> 2020-56A, Class A1R2 |  |  |
| (Floating, CME Term SOFR 3M + <br> 1.25%), 5.53%, 01/25/38 <br> 144A † | 250000 | 250599 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| ARI Fleet Lease Trust, Series 2024-A, <br> Class A2 |  |  |
| 5.30%, 11/15/32 144A | $129691 | $130296 |
| ARI Fleet Lease Trust, Series 2024-B, <br> Class A2 |  |  |
| 5.54%, 04/15/33 144A | 760101 | 764997 |
| ARI Fleet Lease Trust, Series 2024-B, <br> Class A3 |  |  |
| 5.26%, 04/15/33 144A | 900000 | 915539 |
| ARI Fleet Lease Trust, Series 2025-B, <br> Class A2 |  |  |
| 4.59%, 03/15/34 144A | 2117000 | 2126022 |
| AutoNation Finance Trust, Series <br> 2025-1A, Class A2 |  |  |
| 4.72%, 04/10/28 144A | 1250000 | 1251589 |
| AutoNation Finance Trust, Series <br> 2025-1A, Class A3 |  |  |
| 4.62%, 11/13/29 144A | 34000 | 34289 |
| Avis Budget Rental Car Funding <br> AESOP LLC, Series 2025-1A, <br> Class A |  |  |
| 4.80%, 08/20/29 144A | 1250000 | 1265488 |
| Bain Capital Credit CLO, Ltd., Series <br> 2021-4A, Class A1R |  |  |
| (Floating, CME Term SOFR 3M + <br> 1.20%, 1.20% Floor), 5.47%, <br> 10/20/34 144A † | 165000 | 165363 |
| Benefit Street Partners CLO V-B, <br> Ltd., Series 2018-5BA, Class A1R |  |  |
| (Floating, CME Term SOFR 3M + <br> 1.53%, 1.53% Floor), 5.80%, <br> 07/20/37 144A † | 315000 | 316524 |
| Birch Grove CLO 2, Ltd., Series <br> 2021-2A, Class A1R |  |  |
| (Floating, CME Term SOFR 3M + <br> 1.40%, 1.40% Floor), 5.67%, <br> 10/19/37 144A † | 250000 | 250968 |
| Blueberry Park CLO, Ltd., Series <br> 2024-1A, Class A |  |  |
| (Floating, CME Term SOFR 3M + <br> 1.35%, 1.35% Floor), 5.62%, <br> 10/20/37 144A † | 500000 | 502010 |
| BlueMountain CLO XXII, Ltd., Series <br> 2018-22A, Class A1 |  |  |
| (Floating, CME Term SOFR 3M + <br> 1.34%, 1.08% Floor), 5.60%, <br> 07/15/31 144A † | 133414 | 133584 |
| BofA Auto Trust, Series 2025-1A, <br> Class A2A |  |  |
| 4.52%, 11/22/27 144A | 1000000 | 1000842 |
| BRSP, Ltd., Series 2021-FL1, Class A |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.26%, 1.15% Floor), 5.58%, <br> 08/19/38 144A † | 987341 | 979089 |
| BSPRT Issuer LLC, Series <br> 2024-FL11, Class A |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.64%, 1.64% Floor), 5.95%, <br> 07/15/39 144A † | 1300000 | 1305635 |

---

See Notes to Financial Statements.

**31**

------

**LOW-DURATION BOND FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| BSPRT Issuer, Ltd., Series <br> 2023-FL10, Class A |  |  |
| (Floating, CME Term SOFR 1M + <br> 2.26%, 2.26% Floor), 6.57%, <br> 09/15/35 144A † | $1280184 | $1282611 |
| Capital One Prime Auto Receivables <br> Trust, Series 2024-1, Class A3 |  |  |
| 4.62%, 07/16/29 | 1500000 | 1510376 |
| CarMax Auto Owner Trust, Series <br> 2024-4, Class A2A |  |  |
| 4.67%, 12/15/27 | 1223820 | 1224966 |
| Carmax Auto Owner Trust, Series <br> 2025-2, Class A2A |  |  |
| 4.59%, 07/17/28 | 1310000 | 1314724 |
| CARS-DB5 LP, Series 2021-1A, <br> Class A1 |  |  |
| 1.44%, 08/15/51 144A | 1894703 | 1816568 |
| Carvana Auto Receivables Trust, <br> Series 2023-P5, Class A3 |  |  |
| 5.62%, 01/10/29 144A | 1000000 | 1008177 |
| Carvana Auto Receivables Trust, <br> Series 2024-P1, Class A3 |  |  |
| 5.05%, 04/10/29 144A | 3000000 | 3018568 |
| Carvana Auto Receivables Trust, <br> Series 2024-P4, Class A3 |  |  |
| 4.64%, 01/10/30 | 1300000 | 1308410 |
| Chase Auto Owner Trust, Series <br> 2024-5A, Class A3 |  |  |
| 4.18%, 08/27/29 144A | 200000 | 199897 |
| Chesapeake Funding II LLC, Series <br> 2023-2A, Class A1 |  |  |
| 6.16%, 10/15/35 144A | 233229 | 236410 |
| Chesapeake Funding II LLC, Series <br> 2024-1A, Class A1 |  |  |
| 5.52%, 05/15/36 144A | 301839 | 304988 |
| CIFC Funding, Ltd., Series 2021-4A, <br> Class BR |  |  |
| (Floating, CME Term SOFR 3M + <br> 1.65%, 1.65% Floor), 5.93%, <br> 07/23/37 144A † | 250000 | 250518 |
| CIFC Funding, Ltd., Series 2021-7A, <br> Class A1 |  |  |
| (Floating, CME Term SOFR 3M + <br> 1.39%, 1.13% Floor), 5.67%, <br> 01/23/35 144A † γ | 450000 | 451235 |
| Citizens Auto Receivables Trust, <br> Series 2023-1, Class A4 |  |  |
| 5.78%, 10/15/30 144A | 3000000 | 3052039 |
| CNH Equipment Trust, Series <br> 2024-A, Class A3 |  |  |
| 4.77%, 06/15/29 | 384752 | 386912 |
| College Ave Student Loans LLC, <br> Series 2021-B, Class A1 |  |  |
| (Floating, CME Term SOFR 1M + <br> 0.91%, 0.80% Floor), 5.24%, <br> 06/25/52 144A † | 133052 | 131250 |
| College Ave Student Loans LLC, <br> Series 2021-C, Class B |  |  |
| 2.72%, 07/26/55 144A | 70972 | 64890 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| College Ave Student Loans LLC, <br> Series 2023-A, Class A1 |  |  |
| (Floating, U.S. 30-Day Average <br> SOFR + 1.90%, 1.90% Floor), <br> 6.21%, 05/25/55 144A † | $411216 | $416790 |
| CSAB Mortgage-Backed Trust, Series <br> 2006-2, Class A6A |  |  |
| (Step to 6.20% on 02/25/36), <br> 6.22%, 09/25/36 STEP | 216110 | 60581 |
| CWABS, Inc. Asset-Backed <br> Certificates Trust, Series 2004-6, <br> Class 1A1 |  |  |
| (Floating, CME Term SOFR 1M + <br> 0.65%, 0.54% Floor), 4.97%, <br> 12/25/34† | 442440 | 432590 |
| CyrusOne Data Centers Issuer I LLC, <br> Series 2024-2A, Class A2 |  |  |
| 4.50%, 05/20/49 144A | 1000000 | 975116 |
| Dell Equipment Finance Trust, Series <br> 2025-1, Class A2 |  |  |
| 4.68%, 07/22/27 144A | 1445000 | 1451398 |
| Dell Equipment Finance Trust, Series <br> 2025-1, Class A3 |  |  |
| 4.61%, 02/24/31 144A | 215000 | 217269 |
| Diamond Infrastructure Funding LLC, <br> Series 2021-1A, Class A |  |  |
| 1.76%, 04/15/49 144A | 1650000 | 1570179 |
| Diamond Issuer LLC, Series 2021-1A, <br> Class A |  |  |
| 2.31%, 11/20/51 144A | 1750000 | 1651793 |
| Drive Auto Receivables Trust, Series <br> 2025-S1, Class R1 |  |  |
| 6.04%, 06/16/29 144A | 877680 | 881105 |
| EDvestinU Private Education Loan <br> Issue No. 1 LLC, Series 2019-A, <br> Class A |  |  |
| 3.58%, 11/25/38 144A | 74605 | 73034 |
| EDvestinU Private Education Loan <br> Issue No. 3 LLC, Series 2021-A, <br> Class A |  |  |
| 1.80%, 11/25/45 144A | 42058 | 38647 |
| ELFI Graduate Loan Program LLC, <br> Series 2021-A, Class A |  |  |
| 1.53%, 12/26/46 144A | 741986 | 660388 |
| ELFI Graduate Loan Program LLC, <br> Series 2022-A, Class A |  |  |
| 4.51%, 08/26/47 144A | 314106 | 307704 |
| ELFI Graduate Loan Program LLC, <br> Series 2023-A, Class A |  |  |
| 6.37%, 02/04/48 144A | 417491 | 434915 |
| Elmwood CLO 30, Ltd., Series <br> 2024-6A, Class A |  |  |
| (Floating, CME Term SOFR 3M + <br> 1.43%, 1.43% Floor), 5.71%, <br> 07/17/37 144A † | 685000 | 687641 |
| Enterprise Fleet Financing LLC, <br> Series 2023-1, Class A2 |  |  |
| 5.51%, 01/22/29 144A | 808954 | 811583 |

---

**32**

See Notes to Financial Statements.

------

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Enterprise Fleet Financing LLC, <br> Series 2023-2, Class A2 |  |  |
| 5.56%, 04/22/30 144A | $503768 | $506881 |
| Enterprise Fleet Financing LLC, <br> Series 2024-1, Class A2 |  |  |
| 5.23%, 03/20/30 144A | 262269 | 264229 |
| Enterprise Fleet Financing LLC, <br> Series 2024-1, Class A3 |  |  |
| 5.16%, 09/20/30 144A | 50000 | 50979 |
| Enterprise Fleet Financing LLC, <br> Series 2024-3, Class A3 |  |  |
| 4.98%, 08/21/28 144A | 1757000 | 1781097 |
| Enterprise Fleet Financing LLC, <br> Series 2024-3, Class A4 |  |  |
| 5.06%, 03/20/31 144A | 51000 | 52105 |
| Enterprise Fleet Financing LLC, <br> Series 2024-4, Class A3 |  |  |
| 4.56%, 11/20/28 144A | 149000 | 149904 |
| Enterprise Fleet Financing LLC, <br> Series 2025-1, Class A3 |  |  |
| 4.82%, 02/20/29 144A | 1000000 | 1015443 |
| Enterprise Fleet Financing LLC, <br> Series 2025-2, Class A2 |  |  |
| 4.51%, 02/22/28 144A | 1270000 | 1272255 |
| Enterprise Fleet Financing LLC, <br> Series 2025-2, Class A3 |  |  |
| 4.41%, 06/20/29 144A | 220000 | 221294 |
| Exeter Automobile Receivables Trust, <br> Series 2025-3A, Class A3 |  |  |
| 4.78%, 07/16/29 | 1270000 | 1276804 |
| Ford Auto Securitization Trust, Series <br> 2024-AA, Class A2 |  |  |
| 5.05%, 07/15/28(C) 144A | 2352844 | 1753657 |
| Ford Credit Auto Owner Trust, Series <br> 2023-1, Class A |  |  |
| 4.85%, 08/15/35 144A | 1453000 | 1475228 |
| Ford Credit Auto Owner Trust, Series <br> 2023-2, Class A |  |  |
| 5.28%, 02/15/36 144A | 2000000 | 2062022 |
| Ford Credit Auto Owner Trust, Series <br> 2025-1, Class A |  |  |
| 4.86%, 08/15/37 144A STEP | 520000 | 531168 |
| Ford Credit Floorplan Master Owner <br> Trust, Series 2023-1, Class A1 |  |  |
| 4.92%, 05/15/28 144A | 658000 | 661074 |
| Ford Credit Floorplan Master Owner <br> Trust, Series 2023-1, Class A2 |  |  |
| (Floating, U.S. 30-Day Average <br> SOFR + 1.25%), 5.55%, <br> 05/15/28 144A † | 290000 | 291934 |
| Ford Credit Floorplan Master Owner <br> Trust, Series 2023-1, Class B |  |  |
| 5.31%, 05/15/28 144A | 310000 | 311592 |
| Ford Credit Floorplan Master Owner <br> Trust, Series 2024-3, Class A2 |  |  |
| (Floating, U.S. 30-Day Average <br> SOFR + 0.77%), 5.07%, <br> 09/15/29 144A † | 1000000 | 1002515 |
| Foundation Finance Trust, Series <br> 2024-1A, Class A |  |  |
| 5.50%, 12/15/49 144A | 197804 | 202143 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Foundation Finance Trust, Series <br> 2025-1A, Class A |  |  |
| 4.95%, 04/15/50 144A | $252617 | $254332 |
| FS RIALTO, Series 2021-FL2, <br> Class A |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.33%, 1.33% Floor), 5.65%, <br> 05/16/38 144A † | 127712 | 127536 |
| GLS Auto Select Receivables Trust, <br> Series 2025-1A, Class A2 |  |  |
| 4.71%, 04/15/30 144A | 585101 | 586664 |
| GM Financial Automobile Leasing <br> Trust, Series 2025-1, Class A3 |  |  |
| 4.66%, 02/21/28 | 2000000 | 2014299 |
| GM Financial Consumer Automobile <br> Receivables Trust, Series 2025-1, <br> Class A3 |  |  |
| 4.62%, 12/17/29 | 1500000 | 1514310 |
| GM Financial Consumer Automobile <br> Receivables Trust, Series 2025-2, <br> Class A2A |  |  |
| 4.40%, 02/16/28 | 1270000 | 1271628 |
| GM Financial Revolving Receivables <br> Trust, Series 2024-1, Class A |  |  |
| 4.98%, 12/11/36 144A | 214000 | 218997 |
| GM Financial Revolving Receivables <br> Trust, Series 2024-2, Class A |  |  |
| 4.52%, 03/11/37 144A | 150000 | 151083 |
| GMF Floorplan Owner Revolving <br> Trust, Series 2023-1, Class A1 |  |  |
| 5.34%, 06/15/28 144A | 3000000 | 3029257 |
| Golden Credit Card Trust, Series <br> 2022-1A, Class A |  |  |
| 1.97%, 01/15/29 144A | 2000000 | 1931989 |
| Goldentree Loan Management U.S. <br> CLO 8, Ltd., Series 2020-8A, <br> Class ARR |  |  |
| (Floating, CME Term SOFR 3M + <br> 1.15%, 1.15% Floor), 5.42%, <br> 10/20/34 144A † | 250000 | 250113 |
| GoodLeap Sustainable Home <br> Solutions Trust, Series 2022-2CS, <br> Class A |  |  |
| 4.00%, 04/20/49 144A | 31090 | 27164 |
| GreatAmerica Leasing <br> Receivables Funding LLC, Series <br> 2024-2, Class A2 |  |  |
| 5.28%, 03/15/27 144A | 164663 | 165373 |
| GreatAmerica Leasing <br> Receivables Funding LLC, Series <br> 2025-1, Class A3 |  |  |
| 4.49%, 04/16/29 144A | 1000000 | 1003384 |
| Honda Auto Receivables Owner Trust, <br> Series 2025-2, Class A2A |  |  |
| 4.30%, 01/18/28 | 1270000 | 1269202 |
| Huntington Auto Trust, Series <br> 2024-1A, Class A3 |  |  |
| 5.23%, 01/16/29 144A | 1000000 | 1009210 |
| Hyundai Auto Receivables Trust, <br> Series 2022-B, Class A3 |  |  |
| 3.72%, 11/16/26 | 73203 | 73117 |

---

See Notes to Financial Statements.

**33**

------

**LOW-DURATION BOND FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Hyundai Auto Receivables Trust, <br> Series 2024-A, Class A3 |  |  |
| 4.99%, 02/15/29 | $900000 | $908431 |
| John Deere Owner Trust, Series <br> 2024-A, Class A3 |  |  |
| 4.96%, 11/15/28 | 2000000 | 2019440 |
| John Deere Owner Trust, Series <br> 2024-C, Class A3 |  |  |
| 4.06%, 06/15/29 | 2600000 | 2600911 |
| KKR CLO, Ltd., Series 21, Class A |  |  |
| (Floating, CME Term SOFR 3M + <br> 1.26%), 5.52%, 04/15/31 <br> 144A † | 138316 | 138603 |
| Kubota Credit Owner Trust, Series <br> 2025-2A, Class A3 |  |  |
| 4.42%, 09/17/29 144A ††† | 2000000 | 2010457 |
| Lendmark Funding Trust, Series <br> 2025-1A, Class A |  |  |
| 4.94%, 09/20/34 144A | 1270000 | 1282163 |
| LoanCore Issuer, Ltd., Series <br> 2021-CRE5, Class A |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.41%, 1.41% Floor), 5.73%, <br> 07/15/36 144A † | 869200 | 869378 |
| M&T Bank Auto Receivables Trust, <br> Series 2024-1A, Class A3 |  |  |
| 5.22%, 02/17/32 144A | 700000 | 708743 |
| M&T Equipment Notes, Series <br> 2025-1A, Class A2 |  |  |
| 4.70%, 12/16/27 144A | 53000 | 53249 |
| M&T Equipment Notes, Series <br> 2025-1A, Class A3 |  |  |
| 4.78%, 09/17/29 144A | 1000000 | 1014860 |
| Mariner Finance Issuance Trust, <br> Series 2025-AA, Class B |  |  |
| 0.00%, 05/20/38 144A | 760000 | 774899 |
| Master Credit Card Trust II, Series <br> 2023-2A, Class A |  |  |
| (Floating, U.S. 30-Day Average <br> SOFR + 0.85%), 5.15%, <br> 01/21/27 144A † | 2100000 | 2099157 |
| MMAF Equipment Finance LLC, <br> Series 2024-A, Class A3 |  |  |
| 4.95%, 07/14/31 144A | 134685 | 136823 |
| Morgan Stanley Eaton Vance CLO, <br> Ltd., Series 2021-1A, Class B |  |  |
| (Floating, CME Term SOFR 3M + <br> 1.91%, 1.65% Floor), 6.19%, <br> 10/20/34 144A † | 255000 | 255205 |
| Navient Private Education Loan Trust, <br> Series 2020-A, Class A2A |  |  |
| 2.46%, 11/15/68 144A | 231107 | 222317 |
| Navient Private Education Loan Trust, <br> Series 2020-A, Class A2B |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.01%), 5.33%, 11/15/68 <br> 144A † | 38518 | 38429 |
| Navient Private Education <br> Refinancing Loan Trust, Series <br> 2018-DA, Class A2A |  |  |
| 4.00%, 12/15/59 144A | 151003 | 149478 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Navient Private Education <br> Refinancing Loan Trust, Series <br> 2019-CA, Class A2 |  |  |
| 3.13%, 02/15/68 144A | $60207 | $59051 |
| Navient Private Education <br> Refinancing Loan Trust, Series <br> 2019-EA, Class A2B |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.03%), 5.35%, 05/15/68 <br> 144A † | 122893 | 122754 |
| Navient Private Education <br> Refinancing Loan Trust, Series <br> 2019-GA, Class A |  |  |
| 2.40%, 10/15/68 144A | 92193 | 88969 |
| Navient Private Education <br> Refinancing Loan Trust, Series <br> 2020-DA, Class A |  |  |
| 1.69%, 05/15/69 144A | 330855 | 313590 |
| Navient Private Education <br> Refinancing Loan Trust, Series <br> 2020-FA, Class A |  |  |
| 1.22%, 07/15/69 144A | 151717 | 141504 |
| Navient Private Education <br> Refinancing Loan Trust, Series <br> 2020-HA, Class A |  |  |
| 1.31%, 01/15/69 144A | 219041 | 205957 |
| Navient Private Education <br> Refinancing Loan Trust, Series <br> 2020-IA, Class A1B |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.11%, 1.00% Floor), 5.43%, <br> 04/15/69 144A † | 871203 | 867231 |
| Navient Private Education <br> Refinancing Loan Trust, Series <br> 2021-A, Class A |  |  |
| 0.84%, 05/15/69 144A | 28816 | 26286 |
| Navient Private Education <br> Refinancing Loan Trust, Series <br> 2021-CA, Class A |  |  |
| 1.06%, 10/15/69 144A | 227665 | 205056 |
| Navient Student Loan Trust, Series <br> 2017-5A, Class A |  |  |
| (Floating, U.S. 30-Day Average <br> SOFR + 0.91%), 5.22%, <br> 07/26/66 144A † | 487255 | 483528 |
| Navient Student Loan Trust, Series <br> 2018-EA, Class A2 |  |  |
| 4.00%, 12/15/59 144A | 7778 | 7754 |
| Navient Student Loan Trust, Series <br> 2019-BA, Class A2A |  |  |
| 3.39%, 12/15/59 144A | 106429 | 104121 |
| Navient Student Loan Trust, Series <br> 2019-BA, Class A2B |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.09%), 5.41%, 12/15/59 <br> 144A † | 92785 | 92650 |
| Navistar Financial Dealer Note Master <br> Owner Trust II, Series 2023-1, <br> Class A |  |  |
| 6.18%, 08/25/28 144A | 184000 | 184232 |

---

**34**

See Notes to Financial Statements.

------

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Navistar Financial Dealer Note Master <br> Owner Trust, Series 2024-1, <br> Class A |  |  |
| 5.59%, 04/25/29 144A | $292000 | $294489 |
| Nelnet Student Loan Trust, Series <br> 2016-1A, Class A |  |  |
| (Floating, U.S. 30-Day Average <br> SOFR + 0.91%), 5.22%, <br> 09/25/65 144A † | 285942 | 285650 |
| Nelnet Student Loan Trust, Series <br> 2021-A, Class APT2 |  |  |
| 1.36%, 04/20/62 144A | 320716 | 301831 |
| Nelnet Student Loan Trust, Series <br> 2021-BA, Class AFX |  |  |
| 1.42%, 04/20/62 144A | 300061 | 280784 |
| Nelnet Student Loan Trust, Series <br> 2025-AA, Class A1B |  |  |
| (Floating, U.S. 30-Day Average <br> SOFR + 1.10%), 5.40%, <br> 03/15/57 144A † | 284795 | 283148 |
| Neuberger Berman Loan Advisers <br> CLO 50, Ltd., Series 2022-50A, <br> Class AR |  |  |
| (Floating, CME Term SOFR 3M + <br> 1.25%, 1.25% Floor), 5.53%, <br> 07/23/36 144A | 330000 | 330330 |
| OHA Credit Funding 3, Ltd., Series <br> 2019-3A, Class AR2 |  |  |
| (Floating, CME Term SOFR 3M + <br> 1.32%), 5.59%, 01/20/38 <br> 144A † | 250000 | 250752 |
| OHA Credit Partners XVI, Series <br> 2021-16A, Class AR |  |  |
| (Floating, CME Term SOFR 3M + <br> 1.35%, 1.35% Floor), 5.62%, <br> 10/18/37 144A † | 330000 | 331328 |
| OneMain Direct Auto Receivables <br> Trust, Series 2023-1A, Class A |  |  |
| 5.41%, 11/14/29 144A | 3080000 | 3109816 |
| OneMain Financial Issuance Trust, <br> Series 2019-2A, Class A |  |  |
| 3.14%, 10/14/36 144A | 221000 | 215712 |
| OneMain Financial Issuance Trust, <br> Series 2022-2A, Class A |  |  |
| 4.89%, 10/14/34 144A | 741942 | 741888 |
| OneMain Financial Issuance Trust, <br> Series 2022-3A, Class A |  |  |
| 5.94%, 05/15/34 144A | 1083465 | 1089569 |
| OneMain Financial Issuance Trust, <br> Series 2023-1A, Class A |  |  |
| 5.50%, 06/14/38 144A | 150000 | 154882 |
| OneMain Financial Issuance Trust, <br> Series 2025-1A, Class A |  |  |
| 4.82%, 07/14/38 144A ††† | 1900000 | 1912136 |
| Oportun Issuance Trust, Series <br> 2025-B, Class A |  |  |
| 4.88%, 05/09/33 144A | 880000 | 884873 |
| Pagaya AI Technology in Housing <br> Trust, Series 2023-1, Class A |  |  |
| 3.60%, 10/25/40 144A | 444000 | 429657 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Palmer Square CLO, Ltd., Series <br> 2024-2A, Class A1 |  |  |
| (Floating, CME Term SOFR 3M + <br> 1.40%, 1.40% Floor), 5.67%, <br> 07/20/37 144A † | $250000 | $250954 |
| Park Blue CLO, Ltd., Series 2024-5A, <br> Class A1 |  |  |
| (Floating, CME Term SOFR 3M + <br> 1.48%, 1.48% Floor), 5.76%, <br> 07/25/37 144A † | 325000 | 326107 |
| PFS Financing Corporation, Series <br> 2022-D, Class A |  |  |
| 4.27%, 08/15/27 144A | 167000 | 166920 |
| PFS Financing Corporation, Series <br> 2023-A, Class A |  |  |
| 5.80%, 03/15/28 144A | 1097000 | 1106498 |
| PFS Financing Corporation, Series <br> 2023-C, Class A |  |  |
| 5.52%, 10/15/28 144A | 1000000 | 1015263 |
| PFS Financing Corporation, Series <br> 2024-B, Class A |  |  |
| 4.95%, 02/15/29 144A | 2400000 | 2425201 |
| PFS Financing Corporation, Series <br> 2024-D, Class A |  |  |
| 5.34%, 04/15/29 144A | 160000 | 162875 |
| PFS Financing Corporation, Series <br> 2025-B, Class A |  |  |
| 4.85%, 02/15/30 144A | 456000 | 462156 |
| PFS Financing Corporation, Series <br> 2025-D, Class A |  |  |
| 4.47%, 05/15/30 144A | 1270000 | 1276774 |
| Point Broadband Funding LLC, Series <br> 2025-1A, Class A2 |  |  |
| 5.34%, 07/20/55 144A | 69000 | 68999 |
| Polus U.S. CLO II, Ltd., Series <br> 2025-2A, Class A1 |  |  |
| (Floating, CME Term SOFR 3M + <br> 1.52%), 5.80%, 07/20/38 <br> 144A † γ | 135000 | 135608 |
| Porsche Financial Auto Securitization <br> Trust, Series 2023-1A, Class A3 |  |  |
| 4.81%, 09/22/28 144A | 772052 | 773329 |
| Porsche Financial Auto Securitization <br> Trust, Series 2023-2A, Class A3 |  |  |
| 5.79%, 01/22/29 144A | 353874 | 356639 |
| Porsche Financial Auto Securitization <br> Trust, Series 2024-1A, Class A3 |  |  |
| 4.44%, 01/22/30 144A | 1097000 | 1102629 |
| Post Road Equipment Finance LLC, <br> Series 2025-1A, Class A2 |  |  |
| 4.90%, 05/15/31 144A | 600000 | 603722 |
| Prodigy Finance CM DAC, Series <br> 2021-1A, Class A |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.36%), 5.68%, 07/25/51 <br> 144A † | 34868 | 34869 |
| Progress Residential Trust, Series <br> 2021-SFR10, Class A |  |  |
| 2.39%, 12/17/40 144A | 128590 | 121071 |

---

See Notes to Financial Statements.

**35**

------

**LOW-DURATION BOND FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| QTS Issuer ABS I LLC, Series <br> 2025-1A, Class A2 |  |  |
| 5.44%, 05/25/55 144A | $730000 | $740877 |
| RCKT Mortgage Trust, Series <br> 2025-CES5, Class A1A |  |  |
| (Step to 6.69% on 06/25/29), <br> 5.69%, 05/25/55 144A STEP | 989638 | 999168 |
| RCKT Mortgage Trust, Series <br> 2025-CES6, Class A1A |  |  |
| (Step to 6.47% on 07/25/29), <br> 5.47%, 06/25/55 144A STEP | 500000 | 499997 |
| Regional Management Issuance Trust, <br> Series 2021-1, Class A |  |  |
| 1.68%, 03/17/31 144A | 5548 | 5536 |
| Regional Management Issuance Trust, <br> Series 2024-1, Class A |  |  |
| 5.83%, 07/15/36 144A | 103000 | 105401 |
| Regional Management Issuance Trust, <br> Series 2024-2, Class A |  |  |
| 5.11%, 12/15/33 144A | 100000 | 100614 |
| Regional Management Issuance Trust, <br> Series 2025-1, Class A |  |  |
| 4.99%, 04/17/34 144A | 1310000 | 1321097 |
| RR 21, Ltd., Series 2022-21A, <br> Class A1AR |  |  |
| (Floating, CME Term SOFR 3M + <br> 1.40%, 1.40% Floor), 5.66%, <br> 07/15/39 144A † γ | 250000 | 250947 |
| Santander Bank Auto Credit-Linked <br> Notes, Series 2022-C, Class C |  |  |
| 6.99%, 12/15/32 144A | 36762 | 36811 |
| Santander Bank Auto Credit-Linked <br> Notes, Series 2022-C, Class D |  |  |
| 8.20%, 12/15/32 144A | 16710 | 16743 |
| Santander Drive Auto Receivables <br> Trust, Series 2023-5, Class A3 |  |  |
| 6.02%, 09/15/28 | 865865 | 869549 |
| Santander Drive Auto Receivables <br> Trust, Series 2023-6, Class A3 |  |  |
| 5.93%, 07/17/28 | 1268032 | 1274573 |
| Santander Drive Auto Receivables <br> Trust, Series 2024-S1, Class R1 |  |  |
| 6.53%, 03/16/29 144A | 972283 | 973302 |
| Santander Drive Auto Receivables <br> Trust, Series 2024-S2, Class R1 |  |  |
| 5.80%, 12/16/28 144A | 1442382 | 1441999 |
| Santander Drive Auto Receivables <br> Trust, Series 2024-S3, Class R1 |  |  |
| 5.81%, 10/16/28 144A | 973549 | 973504 |
| SBNA Auto Lease Trust, Series <br> 2024-C, Class A3 |  |  |
| 4.56%, 02/22/28 144A | 1000000 | 1002309 |
| SBNA Auto Lease Trust, Series <br> 2025-A, Class A3 |  |  |
| 4.83%, 04/20/28 144A | 1000000 | 1006652 |
| SCCU Auto Receivables Trust, Series <br> 2023-1A, Class A2 |  |  |
| 5.85%, 05/17/27 144A | 55900 | 55970 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| SFS Auto Receivables Securitization <br> Trust, Series 2024-2A, Class A3 |  |  |
| 5.33%, 11/20/29 144A | $3200000 | $3240261 |
| SFS Auto Receivables Securitization <br> Trust, Series 2025-1A, Class A3 |  |  |
| 4.75%, 07/22/30 144A | 325000 | 328628 |
| Signal Peak CLO 5, Ltd., Series <br> 2018-5A, Class A1R |  |  |
| (Floating, CME Term SOFR 3M + <br> 1.55%, 1.55% Floor), 5.83%, <br> 04/25/37 144A † | 400000 | 401660 |
| Signal Peak CLO 8, Ltd., Series <br> 2020-8A, Class A1R |  |  |
| (Floating, CME Term SOFR 3M + <br> 1.39%, 1.39% Floor), 5.66%, <br> 10/20/37 144A † | 1000000 | 1005071 |
| SLM Private Credit Student Loan <br> Trust, Series 2004-A, Class A3 |  |  |
| (Floating, CME Term SOFR 3M + <br> 0.66%), 4.98%, 06/15/33† | 58747 | 58521 |
| SLM Private Credit Student Loan <br> Trust, Series 2007-A, Class A4A |  |  |
| (Floating, CME Term SOFR 3M + <br> 0.50%), 4.82%, 12/16/41† | 80313 | 78383 |
| SLM Private Education Loan Trust, <br> Series 2010-C, Class A5 |  |  |
| (Floating, CME Term SOFR 1M + <br> 4.86%), 9.18%, 10/15/41 <br> 144A † | 55975 | 58701 |
| SMB Private Education Loan Trust, <br> Series 2018-B, Class A2B |  |  |
| (Floating, CME Term SOFR 1M + <br> 0.83%), 5.15%, 01/15/37 <br> 144A † | 95592 | 95426 |
| SMB Private Education Loan Trust, <br> Series 2020-A, Class A2A |  |  |
| 2.23%, 09/15/37 144A | 335178 | 322985 |
| SMB Private Education Loan Trust, <br> Series 2020-A, Class A2B |  |  |
| (Floating, CME Term SOFR 1M + <br> 0.94%), 5.26%, 09/15/37 <br> 144A † | 33518 | 33505 |
| SMB Private Education Loan Trust, <br> Series 2020-PTA, Class A2B |  |  |
| (Floating, CME Term SOFR 1M + <br> 0.96%), 5.28%, 09/15/54 <br> 144A † | 1013150 | 1010208 |
| SMB Private Education Loan Trust, <br> Series 2021-A, Class APL |  |  |
| (Floating, CME Term SOFR 1M + <br> 0.84%), 5.16%, 01/15/53 <br> 144A † | 365553 | 362946 |
| SMB Private Education Loan Trust, <br> Series 2021-A, Class B |  |  |
| 2.31%, 01/15/53 144A | 101958 | 98981 |
| SMB Private Education Loan Trust, <br> Series 2021-B, Class A |  |  |
| 1.31%, 07/17/51 144A | 535015 | 501881 |

---

**36**

See Notes to Financial Statements.

------

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| SMB Private Education Loan Trust, <br> Series 2021-D, Class A1A |  |  |
| 1.34%, 03/17/53 144A | $352892 | $329743 |
| SMB Private Education Loan Trust, <br> Series 2022-D, Class A1B |  |  |
| (Floating, U.S. 30-Day Average <br> SOFR + 1.80%, 1.80% Floor), <br> 6.10%, 10/15/58 144A † | 567787 | 578391 |
| SMB Private Education Loan Trust, <br> Series 2023-A, Class A1B |  |  |
| (Floating, U.S. 30-Day Average <br> SOFR + 1.50%, 1.50% Floor), <br> 5.80%, 01/15/53 144A † | 249542 | 251495 |
| SMB Private Education Loan Trust, <br> Series 2023-C, Class A1A |  |  |
| 5.67%, 11/15/52 144A | 138397 | 142209 |
| SMB Private Education Loan Trust, <br> Series 2024-C, Class A1A |  |  |
| 5.50%, 06/17/52 144A | 350533 | 359290 |
| SMB Private Education Loan Trust, <br> Series 2024-D, Class A1B |  |  |
| (Floating, U.S. 30-Day Average <br> SOFR + 1.10%, 1.10% Floor), <br> 5.40%, 07/05/53 144A † | 333217 | 333729 |
| SoFi Consumer Loan Program Trust, <br> Series 2025-1, Class A |  |  |
| 4.80%, 02/27/34 144A | 1132489 | 1134942 |
| SoFi Consumer Loan Program Trust, <br> Series 2025-2, Class A |  |  |
| 4.82%, 06/25/34 144A | 637000 | 638193 |
| SoFi Personal Loan Trust, Series <br> 2024-1A, Class A |  |  |
| 6.06%, 02/12/31 144A | 128101 | 128862 |
| SoFi Professional Loan Program LLC, <br> Series 2019-B, Class A2FX |  |  |
| 3.09%, 08/17/48 144A | 35779 | 35027 |
| SoFi Professional Loan Program <br> Trust, Series 2018-C, Class A2FX |  |  |
| 3.59%, 01/25/48 144A | 26512 | 26226 |
| SoFi Professional Loan Program <br> Trust, Series 2020-A, Class A2FX |  |  |
| 2.54%, 05/15/46 144A | 164340 | 158190 |
| SoFi Professional Loan Program <br> Trust, Series 2021-A, Class AFX |  |  |
| 1.03%, 08/17/43 144A | 111926 | 99801 |
| SoFi Professional Loan Program, <br> Series 2018-B, Class A2FX |  |  |
| 3.34%, 08/25/47 144A | 23859 | 23751 |
| Stack Infrastructure Issuer LLC, <br> Series 2021-1A, Class A2 |  |  |
| 1.88%, 03/26/46 144A | 1600000 | 1562857 |
| Store Master Funding, Series <br> 2024-1A, Class A1 |  |  |
| 5.69%, 05/20/54 144A | 795333 | 805635 |
| Structured Asset Securities <br> Corporation Mortgage Loan Trust, <br> Series 2005-7XS, Class 2A1A |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.61%, 1.50% Floor), 5.94%, <br> 04/25/35† | 10386 | 10349 |
| Switch ABS Issuer LLC, Series <br> 2024-2A, Class A2 |  |  |
| 5.44%, 06/25/54 144A | 1100000 | 1109696 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Synchrony Card Funding LLC, Series <br> 2023-A1, Class A |  |  |
| 5.54%, 07/15/29 | $1200000 | $1214130 |
| Synchrony Card Issuance Trust, Series <br> 2025-A1, Class A |  |  |
| 4.78%, 02/15/31 | 1500000 | 1524476 |
| TierPoint Issuer LLC, Series 2023-1A, <br> Class A2 |  |  |
| 6.00%, 06/25/53 144A | 266667 | 266826 |
| T-Mobile U.S. Trust, Series 2024-1A, <br> Class A |  |  |
| 5.05%, 09/20/29 144A | 1300000 | 1310650 |
| Toyota Lease Owner Trust, Series <br> 2025-A, Class A3 |  |  |
| 4.75%, 02/22/28 144A | 2900000 | 2926169 |
| TRESTLES CLO, Ltd., Series <br> 2017-1A, Class A1RR |  |  |
| (Floating, CME Term SOFR 3M + <br> 1.46%, 1.46% Floor), 5.74%, <br> 07/25/37 144A † | 250000 | 251231 |
| Trillium Credit Card Trust II, Series <br> 2023-3A, Class A |  |  |
| (Floating, U.S. SOFR + 0.85%), <br> 5.26%, 08/26/28 144A † | 1500000 | 1501126 |
| Trinitas CLO XVIII, Ltd., Series <br> 2021-18A, Class A1 |  |  |
| (Floating, CME Term SOFR 3M + <br> 1.43%, 1.17% Floor), 5.70%, <br> 01/20/35 144A † | 250000 | 250562 |
| United Airlines Pass-Through Trust, <br> Series 2020-1, Class A |  |  |
| 5.88%, 10/15/27 | 59624 | 60893 |
| United Airlines Pass-Through Trust, <br> Series 2020-1, Class B |  |  |
| 4.88%, 01/15/26Δ | 13295 | 13280 |
| Vantage Data Centers Issuer LLC, <br> Series 2024-1A, Class A2 |  |  |
| 5.10%, 09/15/54 144A | 1300000 | 1292934 |
| VB-S1 Issuer LLC, Series 2024-1A, <br> Class F |  |  |
| 8.87%, 05/15/54 144A | 300000 | 313492 |
| Verizon Master Trust, Series 2024-1, <br> Class A1A |  |  |
| 5.00%, 12/20/28 | 830000 | 831828 |
| Verizon Master Trust, Series 2024-2, <br> Class A |  |  |
| 4.83%, 12/22/31 144A | 113000 | 115311 |
| Verizon Master Trust, Series 2024-6, <br> Class A1A |  |  |
| 4.17%, 08/20/30 | 1100000 | 1102508 |
| Verizon Master Trust, Series 2024-8, <br> Class A1A |  |  |
| 4.62%, 11/20/30 | 440000 | 445805 |
| Verizon Master Trust, Series 2025-4, <br> Class A |  |  |
| 4.76%, 03/21/33 144A | 1310000 | 1333253 |
| Veros Auto Receivables Trust, Series <br> 2025-1, Class A |  |  |
| 5.31%, 09/15/28 144A | 1166857 | 1168558 |
| Westlake Automobile Receivables <br> Trust, Series 2024-1A, Class B |  |  |
| 5.55%, 11/15/27 144A | 700000 | 703656 |

---

See Notes to Financial Statements.

**37**

------

**LOW-DURATION BOND FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Westlake Automobile Receivables <br> Trust, Series 2025-P1, Class A3 |  |  |
| 4.58%, 06/15/29 144A | $131000 | $131744 |
| Whitebox CLO I, Ltd., Series <br> 2019-1A, Class A1RR |  |  |
| (Floating, CME Term SOFR 3M + <br> 1.32%, 1.32% Floor), 5.60%, <br> 07/24/36 144A † | 315000 | 315452 |
| Wingstop Funding LLC, Series <br> 2020-1A, Class A2 |  |  |
| 2.84%, 12/05/50 144A | 1034250 | 981472 |
| **Total Asset-Backed Securities** <br>(Cost $159,841,427) |  | 160262464 |
| **CORPORATE BONDS — 26.2%** | **CORPORATE BONDS — 26.2%** | **CORPORATE BONDS — 26.2%** |
| 3M Co. |  |  |
| 4.80%, 03/15/30 | 64000 | 65085 |
| AAR Escrow Issuer LLC |  |  |
| 6.75%, 03/15/29 144A | 245000 | 254062 |
| AEP Texas, Inc. |  |  |
| 5.45%, 05/15/29 | 167000 | 172453 |
| AES Corporation (The) |  |  |
| 1.38%, 01/15/26 | 1700000 | 1667868 |
| AGCO Corporation |  |  |
| 5.45%, 03/21/27 | 310000 | 313945 |
| Albertsons Cos., Inc. |  |  |
| 3.25%, 03/15/26 144A | 590000 | 582435 |
| Alliant Energy Finance LLC |  |  |
| 5.40%, 06/06/27 144A | 380000 | 384801 |
| Allison Transmission, Inc. |  |  |
| 4.75%, 10/01/27 144A Δ | 590000 | 585003 |
| Ally Financial, Inc. |  |  |
| 5.75%, 11/20/25Δ | 200000 | 200472 |
| (Variable, U.S. SOFR Index + <br> 1.96%), 5.74%, 05/15/29^ | 265000 | 269774 |
| (Variable, U.S. SOFR + 2.82%), <br> 6.85%, 01/03/30^ | 640000 | 675970 |
| Amcor Flexibles North America, Inc. |  |  |
| 4.80%, 03/17/28 144A | 660001 | 664911 |
| 5.10%, 03/17/30 144A | 35000 | 35612 |
| American Airlines, Inc. |  |  |
| 5.50%, 04/20/26 144A | 533334 | 532443 |
| American Express Co. |  |  |
| (Variable, U.S. SOFR Index + <br> 0.75%), 5.65%, 04/23/27^ | 650000 | 656139 |
| (Variable, U.S. SOFR + 0.97%), <br> 5.39%, 07/28/27^ | 2015000 | 2035458 |
| (Floating, U.S. SOFR + 0.93%), <br> 5.30%, 07/26/28† Δ | 1800000 | 1808963 |
| (Variable, U.S. SOFR + 1.26%), <br> 4.73%, 04/25/29^ | 1235000 | 1249286 |
| American National Global Funding |  |  |
| 5.55%, 01/28/30 144A | 650000 | 664217 |
| 5.25%, 06/03/30 144A | 440000 | 442428 |
| American Tower Corporation REIT |  |  |
| 1.60%, 04/15/26 | 1500000 | 1467032 |
| 3.38%, 10/15/26 | 283000 | 279485 |
| 3.55%, 07/15/27 | 158000 | 155771 |
| 5.20%, 02/15/29 | 98000 | 100321 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| 2.90%, 01/15/30 | $162000 | $151026 |
| 5.00%, 01/31/30 | 630000 | 642531 |
| 4.90%, 03/15/30 | 245000 | 248573 |
| Amgen, Inc. |  |  |
| 4.05%, 08/18/29 | 151000 | 149287 |
| Antero Midstream Partners LP |  |  |
| 5.75%, 03/01/27 144A | 820000 | 819510 |
| AppLovin Corporation |  |  |
| 5.13%, 12/01/29 | 799000 | 809632 |
| Archer-Daniels-Midland Co. |  |  |
| 3.25%, 03/27/30Δ | 710000 | 677815 |
| Ares Capital Corporation |  |  |
| 3.25%, 07/15/25 | 1310000 | 1309213 |
| Ares Strategic Income Fund |  |  |
| 5.45%, 09/09/28 144A | 1120000 | 1120799 |
| Arrow Electronics, Inc. |  |  |
| 5.15%, 08/21/29 | 700000 | 711052 |
| AS Mileage Plan IP, Ltd. |  |  |
| 5.02%, 10/20/29 144A | 380000 | 376258 |
| Ashtead Capital, Inc. |  |  |
| 4.25%, 11/01/29 144A Δ | 685000 | 671102 |
| AT&T, Inc. |  |  |
| 4.70%, 08/15/30 | 143000 | 144332 |
| Athene Global Funding |  |  |
| (Floating, U.S. SOFR Index + <br> 0.75%), 5.11%, 07/16/26 <br> 144A † | 1000000 | 1001503 |
| 5.52%, 03/25/27 144A Δ | 2000000 | 2034171 |
| 4.83%, 05/09/28 144A | 670000 | 673962 |
| 5.53%, 07/11/31 144A | 660000 | 674734 |
| 5.32%, 11/13/31 144A | 670000 | 675839 |
| Aviation Capital Group LLC |  |  |
| 4.75%, 04/14/27 144A Δ | 305000 | 305427 |
| Axon Enterprise, Inc. |  |  |
| 6.13%, 03/15/30 144A | 885000 | 912311 |
| Ball Corporation |  |  |
| 6.00%, 06/15/29 | 465000 | 477288 |
| Bank of America Corporation |  |  |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 5Y + <br> 2.76%), 4.38%, 01/27/27ρ ^ | 680000 | 668935 |
| (Variable, U.S. SOFR + 0.91%), <br> 1.66%, 03/11/27^ | 800000 | 784877 |
| (Variable, U.S. SOFR + 0.96%), <br> 1.73%, 07/22/27^ | 170000 | 165271 |
| (Variable, U.S. SOFR + 2.04%), <br> 4.95%, 07/22/28^ | 655000 | 662679 |
| (Variable, CME Term SOFR 3M + <br> 1.30%), 3.42%, 12/20/28^ | 155000 | 151540 |
| (Variable, U.S. SOFR + 0.83%), <br> 4.98%, 01/24/29^ | 1240000 | 1257998 |
| (Variable, U.S. SOFR + 1.11%), <br> 4.62%, 05/09/29^ | 1475000 | 1484559 |
| (Variable, U.S. SOFR + 1.00%), <br> 5.16%, 01/24/31^ | 20000 | 20504 |
| Bank of New York Mellon (The) |  |  |
| (Variable, U.S. SOFR + 0.69%), <br> 4.59%, 04/20/27^ | 415000 | 416021 |

---

**38**

See Notes to Financial Statements.

------

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| (Variable, U.S. SOFR + 1.14%), <br> 4.73%, 04/20/29^ | $440000 | $446282 |
| Bank of New York Mellon <br> Corporation (The) |  |  |
| (Variable, CME Term SOFR 3M + <br> 1.33%), 3.44%, 02/07/28^ | 670000 | 662855 |
| Becton, Dickinson and Co. |  |  |
| 5.08%, 06/07/29 | 164000 | 167621 |
| Berry Global, Inc. |  |  |
| 4.88%, 07/15/26 144A | 233000 | 232900 |
| Big River Steel LLC |  |  |
| 6.63%, 01/31/29 144A | 260000 | 262268 |
| Blackstone Private Credit Fund |  |  |
| 3.25%, 03/15/27Δ | 700000 | 680999 |
| Blue Owl Capital Corporation |  |  |
| 3.75%, 07/22/25 | 510000 | 509610 |
| Blue Owl Technology Finance <br> Corporation |  |  |
| 3.75%, 06/17/26 144A | 345000 | 338297 |
| 6.75%, 04/04/29 | 1325000 | 1351872 |
| BMW U.S. Capital LLC |  |  |
| 5.05%, 03/21/30 144A | 655000 | 667233 |
| Boeing Co. (The) |  |  |
| 2.75%, 02/01/26 | 1400000 | 1384260 |
| 2.20%, 02/04/26 | 700000 | 689173 |
| 6.26%, 05/01/27 | 570000 | 586659 |
| 6.30%, 05/01/29 | 140000 | 148047 |
| Brighthouse Financial Global Funding |  |  |
| 1.55%, 05/24/26 144A | 300000 | 291888 |
| Brink's Co. (The) |  |  |
| 6.50%, 06/15/29 144A | 125000 | 128942 |
| Broadcom, Inc. |  |  |
| 5.05%, 07/12/29 | 527000 | 539859 |
| 4.15%, 11/15/30 | 87000 | 85634 |
| Brown & Brown, Inc. |  |  |
| 4.70%, 06/23/28 | 245000 | 247141 |
| Bunge, Ltd. Finance Corporation |  |  |
| 4.20%, 09/17/29 | 675000 | 667671 |
| Capital One Financial Corporation |  |  |
| (Variable, U.S. SOFR + 2.16%), <br> 4.99%, 07/24/26^ | 655000 | 654980 |
| (Variable, U.S. SOFR + 2.44%), <br> 7.15%, 10/29/27^ | 930000 | 961156 |
| (Variable, U.S. SOFR + 1.79%), <br> 3.27%, 03/01/30^ | 705000 | 674479 |
| Cargill, Inc. |  |  |
| 4.50%, 06/24/26 144A | 655000 | 657009 |
| 4.63%, 02/11/28 144A | 655000 | 663249 |
| Carnival Corporation |  |  |
| 5.75%, 03/15/30 144A Δ | 260000 | 264567 |
| Caterpillar Financial Services <br> Corporation |  |  |
| 4.38%, 08/16/29Δ | 655000 | 660265 |
| CCO Holdings LLC |  |  |
| 5.13%, 05/01/27 144A | 1330000 | 1326632 |
| Celanese U.S. Holdings LLC |  |  |
| 6.85%, 11/15/28 | 46000 | 48367 |
| Cencora, Inc. |  |  |
| 4.63%, 12/15/27 | 350000 | 353015 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Chart Industries, Inc. |  |  |
| 7.50%, 01/01/30 144A | $125000 | $131022 |
| Cheniere Corpus Christi <br> Holdings LLC |  |  |
| 3.70%, 11/15/29 | 101000 | 97464 |
| Cheniere Energy Partners LP |  |  |
| 4.50%, 10/01/29 | 516000 | 510655 |
| Citigroup, Inc. |  |  |
| (Variable, U.S. SOFR + 1.55%), <br> 5.61%, 09/29/26^ | 1205000 | 1207764 |
| (Variable, U.S. SOFR + 0.77%), <br> 1.46%, 06/09/27^ | 380000 | 369295 |
| (Variable, CME Term SOFR 3M + <br> 1.82%), 3.89%, 01/10/28^ | 670000 | 664113 |
| (Variable, U.S. SOFR + 1.14%), <br> 4.64%, 05/07/28^ | 1958000 | 1963449 |
| (Variable, U.S. SOFR + 0.87%), <br> 4.79%, 03/04/29^ | 1530000 | 1541186 |
| Clarivate Science Holdings <br> Corporation |  |  |
| 3.88%, 07/01/28 144A | 330000 | 316577 |
| CNH Industrial Capital LLC |  |  |
| 1.88%, 01/15/26 | 1340000 | 1320119 |
| Columbia Pipelines Holding Co. LLC |  |  |
| 6.06%, 08/15/26 144A Δ | 755000 | 764451 |
| Comerica, Inc. |  |  |
| (Variable, U.S. SOFR + 2.16%), <br> 5.98%, 01/30/30^ | 1305000 | 1337010 |
| CommonSpirit Health |  |  |
| 1.55%, 10/01/25 | 800000 | 793584 |
| Conagra Brands, Inc. |  |  |
| 5.30%, 10/01/26 | 975000 | 985200 |
| Concentrix Corporation |  |  |
| 6.65%, 08/02/26 | 1045000 | 1064315 |
| Consumers Energy Co. |  |  |
| 4.50%, 01/15/31Δ | 115000 | 115489 |
| Corebridge Financial, Inc. |  |  |
| 3.65%, 04/05/27 | 600000 | 592299 |
| Crown Castle, Inc. REIT |  |  |
| 3.70%, 06/15/26 | 2665000 | 2642482 |
| Daimler Truck Finance North <br> America LLC |  |  |
| 5.13%, 09/25/27 144A | 1205000 | 1222545 |
| 4.95%, 01/13/28 144A | 350000 | 354613 |
| Darden Restaurants, Inc. |  |  |
| 4.35%, 10/15/27 | 640000 | 641443 |
| Delta Air Lines, Inc. |  |  |
| 4.75%, 10/20/28 144A | 660000 | 661841 |
| Diamondback Energy, Inc. |  |  |
| 3.50%, 12/01/29 | 200000 | 191377 |
| 5.15%, 01/30/30 | 130000 | 133011 |
| Dominion Energy, Inc. |  |  |
| 5.00%, 06/15/30 | 90000 | 91886 |
| DTE Energy Co. |  |  |
| 4.95%, 07/01/27 | 455000 | 460445 |
| Duke Energy Carolinas LLC |  |  |
| 4.85%, 03/15/30 | 127000 | 129871 |
| Duke Energy Corporation |  |  |
| 2.65%, 09/01/26 | 271000 | 265998 |

---

See Notes to Financial Statements.

**39**

------

**LOW-DURATION BOND FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| 4.30%, 03/15/28 | $67000 | $67101 |
| 4.85%, 01/05/29 | 126000 | 128041 |
| 3.40%, 06/15/29Δ | 75000 | 72269 |
| Duke Energy Progress LLC |  |  |
| 5.10%, 03/15/34 | 655000 | 664750 |
| Edison International |  |  |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 5Y + <br> 4.70%), 5.38%, 03/09/26ρ ^ | 685000 | 646655 |
| EMRLD Borrower LP |  |  |
| 6.63%, 12/15/30 144A | 300000 | 307027 |
| Energy Transfer LP |  |  |
| 6.05%, 12/01/26 | 1330000 | 1358425 |
| 4.20%, 04/15/27 | 78000 | 77718 |
| 5.50%, 06/01/27 | 286000 | 291235 |
| 6.10%, 12/01/28 | 152000 | 159731 |
| 5.25%, 07/01/29 | 100000 | 102478 |
| EOG Resources, Inc. |  |  |
| 4.40%, 07/15/28 | 435000 | 437600 |
| EQT Corporation |  |  |
| 3.13%, 05/15/26 144A | 1480000 | 1457498 |
| 6.50%, 07/01/27 144A | 100000 | 102287 |
| 3.90%, 10/01/27 | 62000 | 61197 |
| 5.50%, 07/15/28 144A | 220000 | 223541 |
| 4.50%, 01/15/29 144A | 175000 | 172938 |
| 5.00%, 01/15/29 | 135000 | 136197 |
| 6.38%, 04/01/29 144A | 350000 | 361133 |
| 7.00%, 02/01/30 | 292000 | 316688 |
| 7.50%, 06/01/30 144A Δ | 540000 | 593732 |
| 4.75%, 01/15/31 144A | 230000 | 226516 |
| Equinix, Inc. REIT |  |  |
| 1.80%, 07/15/27Δ | 368000 | 350980 |
| 3.20%, 11/18/29Δ | 420000 | 398702 |
| 2.15%, 07/15/30 | 42000 | 37393 |
| Equitable Financial Life <br> Global Funding |  |  |
| 5.00%, 03/27/30 144A | 1315000 | 1335567 |
| Evergy Kansas Central, Inc. |  |  |
| 4.70%, 03/13/28Δ | 525000 | 531230 |
| Eversource Energy |  |  |
| 5.45%, 03/01/28 | 176000 | 180615 |
| Exelon Corporation |  |  |
| 5.15%, 03/15/28 | 84000 | 85886 |
| 5.15%, 03/15/29 | 80000 | 82111 |
| Expand Energy Corporation |  |  |
| 5.38%, 03/15/30 | 212000 | 212745 |
| F&G Annuities & Life, Inc. |  |  |
| 7.40%, 01/13/28 | 635000 | 665428 |
| Fifth Third Bancorp |  |  |
| (Variable, U.S. SOFR Index + <br> 2.19%), 6.36%, 10/27/28^ | 650000 | 677761 |
| FirstEnergy Corporation |  |  |
| 3.90%, 07/15/27 | 312000 | 308600 |
| FirstEnergy Pennsylvania Electric Co. |  |  |
| 5.15%, 03/30/26 144A | 480000 | 481178 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| FirstEnergy Transmission LLC |  |  |
| 4.55%, 01/15/30 | $79000 | $79077 |
| Ford Motor Credit Co. LLC |  |  |
| 6.80%, 05/12/28 | 1305000 | 1349101 |
| FS KKR Capital Corporation |  |  |
| 7.88%, 01/15/29 | 625000 | 659847 |
| General Motors Financial Co., Inc. |  |  |
| 1.25%, 01/08/26 | 1350000 | 1325356 |
| 5.40%, 04/06/26 | 1310000 | 1316189 |
| 5.40%, 05/08/27 | 415000 | 421201 |
| 5.35%, 07/15/27Δ | 945000 | 959428 |
| Glencore Funding LLC |  |  |
| 1.63%, 04/27/26 144A | 183000 | 178916 |
| 4.00%, 03/27/27 144A | 554000 | 549682 |
| 5.34%, 04/04/27 144A Δ | 545000 | 552751 |
| 4.91%, 04/01/28 144A Δ | 102000 | 103065 |
| 5.37%, 04/04/29 144A Δ | 246000 | 252310 |
| 5.19%, 04/01/30 144A | 30000 | 30600 |
| Global Payments, Inc. |  |  |
| 1.20%, 03/01/26 | 2200000 | 2148683 |
| Goldman Sachs Bank U.S.A. |  |  |
| (Floating, U.S. SOFR + 0.75%), <br> 5.15%, 05/21/27† | 3000000 | 3009265 |
| Goldman Sachs Group, Inc. (The) |  |  |
| (Variable, U.S. SOFR + 1.08%), <br> 5.80%, 08/10/26^ | 1755000 | 1757482 |
| 3.85%, 01/26/27 | 389000 | 386565 |
| (Variable, U.S. SOFR + 0.80%), <br> 1.43%, 03/09/27^ | 800000 | 782835 |
| (Variable, U.S. SOFR + 0.91%), <br> 1.95%, 10/21/27^ | 691000 | 669247 |
| (Variable, U.S. SOFR + 1.32%), <br> 4.94%, 04/23/28^ | 1695000 | 1708868 |
| (Variable, CME Term SOFR 3M + <br> 1.77%), 3.69%, 06/05/28^ | 318000 | 313614 |
| (Variable, U.S. SOFR + 1.73%), <br> 4.48%, 08/23/28^ | 895000 | 896359 |
| (Variable, U.S. SOFR + 1.77%), <br> 6.48%, 10/24/29^ | 340000 | 360714 |
| (Variable, U.S. SOFR + 1.21%), <br> 5.05%, 07/23/30^ | 55000 | 55926 |
| (Variable, U.S. SOFR + 1.08%), <br> 5.21%, 01/28/31^ | 58000 | 59375 |
| (Variable, U.S. SOFR + 1.58%), <br> 5.22%, 04/23/31^ | 287000 | 294299 |
| Golub Capital BDC, Inc. |  |  |
| 2.50%, 08/24/26Δ | 690000 | 671662 |
| Golub Capital Private Credit Fund |  |  |
| 5.80%, 09/12/29 | 660000 | 659577 |
| Graham Holdings Co. |  |  |
| 5.75%, 06/01/26 144A | 200000 | 200018 |
| Group 1 Automotive, Inc. |  |  |
| 6.38%, 01/15/30 144A Δ | 165000 | 169742 |
| Guardian Life Global Funding |  |  |
| 3.25%, 03/29/27 144A | 655000 | 645168 |
| 4.80%, 04/28/30 144A | 340000 | 346057 |

---

**40**

See Notes to Financial Statements.

------

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| HA Sustainable Infrastructure Capital, <br> Inc. |  |  |
| 6.15%, 01/15/31 | $530000 | $536802 |
| Harvest Midstream I LP |  |  |
| 7.50%, 09/01/28 144A | 655000 | 666624 |
| HAT Holdings I LLC |  |  |
| 3.38%, 06/15/26 144A Δ | 670000 | 656219 |
| HCA, Inc. |  |  |
| 5.88%, 02/15/26 | 2030000 | 2032264 |
| 5.00%, 03/01/28Δ | 1246000 | 1264882 |
| 4.13%, 06/15/29 | 483000 | 474678 |
| 5.25%, 03/01/30Δ | 250000 | 256395 |
| Hess Midstream Operations LP |  |  |
| 5.88%, 03/01/28 144A | 735000 | 746415 |
| 6.50%, 06/01/29 144A | 190000 | 195525 |
| Hexcel Corporation |  |  |
| 4.20%, 02/15/27 | 750000 | 743167 |
| Hilton Domestic Operating Co., Inc. |  |  |
| 5.88%, 04/01/29 144A | 265000 | 270830 |
| Honeywell International, Inc. |  |  |
| 4.70%, 02/01/30 | 160000 | 162441 |
| Hormel Foods Corporation |  |  |
| 4.80%, 03/30/27Δ | 655000 | 661971 |
| HPS Corporate Lending Fund |  |  |
| 5.30%, 06/05/27 144A Δ | 1490000 | 1493114 |
| Huntington Bancshares, Inc. |  |  |
| (Variable, U.S. SOFR + 1.97%), <br> 4.44%, 08/04/28^ | 670000 | 669737 |
| Huntington Ingalls Industries, Inc. |  |  |
| 5.35%, 01/15/30 | 1600000 | 1645279 |
| Huntington National Bank (The) |  |  |
| (Variable, U.S. SOFR + 0.72%), <br> 4.87%, 04/12/28^ | 690000 | 694565 |
| Hyatt Hotels Corporation |  |  |
| 5.05%, 03/30/28 | 400000 | 404448 |
| Hyundai Capital America |  |  |
| 5.65%, 06/26/26 144A Δ | 2200000 | 2222553 |
| 4.85%, 03/25/27 144A | 970000 | 974574 |
| 5.68%, 06/26/28 144A | 650000 | 667282 |
| 5.15%, 03/27/30 144A | 300000 | 303712 |
| Illumina, Inc. |  |  |
| 5.80%, 12/12/25 | 300000 | 301312 |
| IQVIA, Inc. |  |  |
| 5.00%, 05/15/27 144A | 200000 | 199455 |
| Iron Mountain, Inc. REIT |  |  |
| 7.00%, 02/15/29 144A | 255000 | 264146 |
| John Deere Capital Corporation |  |  |
| 4.40%, 09/08/31 | 670000 | 668697 |
| JPMorgan Chase & Co. |  |  |
| (Variable, U.S. SOFR + 0.80%), <br> 1.05%, 11/19/26^ | 580000 | 572216 |
| (Variable, U.S. SOFR + 0.89%), <br> 1.58%, 04/22/27^ | 500000 | 488493 |
| (Variable, U.S. SOFR + 0.77%), <br> 1.47%, 09/22/27^ | 105000 | 101327 |
| (Variable, U.S. SOFR + 1.19%), <br> 5.04%, 01/23/28^ | 1060000 | 1070392 |
| (Variable, U.S. SOFR + 0.93%), <br> 5.57%, 04/22/28^ | 1000000 | 1020915 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| (Variable, U.S. SOFR + 0.93%), <br> 4.98%, 07/22/28^ | $755000 | $764842 |
| (Variable, U.S. SOFR + 0.86%), <br> 4.51%, 10/22/28^ | 1379000 | 1383390 |
| (Variable, U.S. SOFR + 0.80%), <br> 4.92%, 01/24/29^ | 3550000 | 3598540 |
| (Variable, U.S. SOFR + 1.45%), <br> 5.30%, 07/24/29^ | 267000 | 274185 |
| (Variable, U.S. SOFR + 1.13%), <br> 5.00%, 07/22/30^ | 106000 | 107959 |
| (Variable, U.S. SOFR + 1.01%), <br> 5.14%, 01/24/31^ | 65000 | 66672 |
| (Variable, U.S. SOFR + 1.44%), <br> 5.10%, 04/22/31Δ ^ | 80000 | 82005 |
| Keysight Technologies, Inc. |  |  |
| 5.35%, 07/30/30 | 740000 | 763443 |
| KFC Holding Co. |  |  |
| 4.75%, 06/01/27 144A | 265000 | 264520 |
| Kinder Morgan, Inc. |  |  |
| 5.15%, 06/01/30 | 70000 | 71500 |
| M&T Bank Corporation |  |  |
| (Variable, U.S. SOFR + 0.93%), <br> 4.83%, 01/16/29^ | 515000 | 519348 |
| Macy's Retail Holdings LLC |  |  |
| 5.88%, 03/15/30 144A Δ | 685000 | 673756 |
| Main Street Capital Corporation |  |  |
| 3.00%, 07/14/26 | 680000 | 666008 |
| Manufacturers & Traders Trust Co. |  |  |
| (Variable, U.S. SOFR + 0.95%), <br> 4.76%, 07/06/28^ | 930000 | 936615 |
| Mars, Inc. |  |  |
| 4.45%, 03/01/27 144A | 680000 | 682649 |
| 5.00%, 03/01/32 144A | 300000 | 304140 |
| Medline Borrower LP |  |  |
| 3.88%, 04/01/29 144A | 625000 | 599960 |
| Mercedes-Benz Finance North <br> America LLC |  |  |
| 4.65%, 04/01/27 144A Δ | 1550000 | 1556347 |
| Meritage Homes Corporation |  |  |
| 5.13%, 06/06/27 | 580000 | 587038 |
| Met Tower Global Funding |  |  |
| 5.25%, 04/12/29 144A | 650000 | 669451 |
| Microchip Technology, Inc. |  |  |
| 4.90%, 03/15/28 | 550000 | 556170 |
| MidAmerican Energy Co. |  |  |
| 3.65%, 04/15/29 | 690000 | 677177 |
| Mondelez International, Inc. |  |  |
| 4.25%, 05/06/28 | 816000 | 817457 |
| Morgan Stanley |  |  |
| (Variable, U.S. SOFR + 1.77%), <br> 6.14%, 10/16/26^ | 980000 | 984273 |
| (Variable, U.S. SOFR + 0.88%), <br> 1.59%, 05/04/27^ | 330000 | 322081 |
| (Variable, U.S. SOFR + 1.01%), <br> 5.65%, 04/13/28^ | 2100000 | 2147450 |
| (Variable, CME Term SOFR 3M + <br> 1.40%), 3.77%, 01/24/29^ | 57000 | 56194 |
| (Variable, U.S. SOFR + 1.38%), <br> 4.99%, 04/12/29^ | 1185000 | 1202398 |

---

See Notes to Financial Statements.

**41**

------

**LOW-DURATION BOND FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| (Variable, U.S. SOFR + 1.63%), <br> 5.45%, 07/20/29^ | $254000 | $261269 |
| (Variable, U.S. SOFR + 1.45%), <br> 5.17%, 01/16/30^ | 110000 | 112326 |
| (Variable, U.S. SOFR + 1.26%), <br> 5.66%, 04/18/30^ | 254000 | 263881 |
| (Variable, U.S. SOFR + 1.10%), <br> 4.65%, 10/18/30^ | 245000 | 245515 |
| (Variable, U.S. SOFR + 3.12%), <br> 3.62%, 04/01/31^ | 163000 | 156349 |
| Morgan Stanley Bank NA |  |  |
| (Variable, U.S. SOFR + 1.08%), <br> 4.95%, 01/14/28^ | 730000 | 736113 |
| (Variable, U.S. SOFR + 0.93%), <br> 4.97%, 07/14/28^ | 765000 | 774315 |
| (Variable, U.S. SOFR + 0.91%), <br> 5.02%, 01/12/29^ | 655000 | 665328 |
| Mutual of Omaha Cos. <br> Global Funding |  |  |
| 5.00%, 04/01/30 144A | 1315000 | 1340765 |
| National Fuel Gas Co. |  |  |
| 5.50%, 10/01/26 | 1500000 | 1516178 |
| Navient Corporation |  |  |
| 9.38%, 07/25/30 | 245000 | 270429 |
| Nestle Capital Corporation |  |  |
| 4.75%, 03/12/31 144A | 650000 | 663709 |
| Netflix, Inc. |  |  |
| 5.88%, 11/15/28 | 145000 | 152887 |
| New York Life Global Funding |  |  |
| 4.85%, 01/09/28 144A | 655000 | 666566 |
| NextEra Energy Capital Holdings, <br> Inc. |  |  |
| 4.85%, 02/04/28 | 11000 | 11156 |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 5Y + <br> 2.46%), 6.75%, 06/15/54Δ ^ | 650000 | 675981 |
| Nissan Motor Acceptance Co. LLC |  |  |
| 1.85%, 09/16/26 | 700000 | 668079 |
| Northwestern Mutual Global Funding |  |  |
| 5.07%, 03/25/27 144A | 655000 | 665584 |
| Novelis Corporation |  |  |
| 3.25%, 11/15/26 144A | 320000 | 315088 |
| NRG Energy, Inc. |  |  |
| 2.45%, 12/02/27 144A | 185000 | 175649 |
| Oaktree Strategic Credit Fund |  |  |
| 6.50%, 07/23/29Δ | 645000 | 660836 |
| Ohio Edison Co. |  |  |
| 4.95%, 12/15/29 144A | 81000 | 82137 |
| Olin Corporation |  |  |
| 6.63%, 04/01/33 144A | 670000 | 660264 |
| Oncor Electric Delivery Co. LLC |  |  |
| 4.65%, 11/01/29 | 152000 | 153824 |
| OneMain Finance Corporation |  |  |
| 7.13%, 03/15/26 | 202000 | 205116 |
| ONEOK, Inc. |  |  |
| 5.55%, 11/01/26 | 715000 | 725031 |
| 4.40%, 10/15/29 | 800000 | 794200 |
| Oracle Corporation |  |  |
| 2.80%, 04/01/27 | 30000 | 29257 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| 4.20%, 09/27/29 | $146000 | $145036 |
| Pacific Gas and Electric Co. |  |  |
| (Floating, U.S. SOFR Index + <br> 0.95%), 5.37%, 09/04/25† | 107000 | 107002 |
| 3.15%, 01/01/26 | 2300000 | 2278295 |
| 2.10%, 08/01/27 | 600000 | 568437 |
| 5.55%, 05/15/29 | 492000 | 500106 |
| Pacific Life Global Funding II |  |  |
| 4.45%, 05/01/28 144A Δ | 1315000 | 1325727 |
| Paychex, Inc. |  |  |
| 5.10%, 04/15/30 | 87000 | 89144 |
| PBF Holding Co. LLC |  |  |
| 9.88%, 03/15/30 144A | 305000 | 296907 |
| PeaceHealth Obligated Group |  |  |
| 1.38%, 11/15/25 | 104000 | 102539 |
| Penske Truck Leasing Co. LP |  |  |
| 5.35%, 01/12/27 144A | 300000 | 303493 |
| Permian Resources Operating LLC |  |  |
| 5.88%, 07/01/29 144A | 310000 | 311407 |
| PNC Bank NA |  |  |
| (Variable, U.S. SOFR + 0.63%), <br> 4.54%, 05/13/27^ | 610000 | 610390 |
| PNC Financial Services Group, Inc. <br> (The) |  |  |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 5Y + <br> 2.60%), 3.40%, 09/15/26ρ Δ ^ | 500000 | 484122 |
| (Variable, U.S. SOFR Index + <br> 1.73%), 6.62%, 10/20/27^ | 655000 | 673526 |
| (Variable, U.S. SOFR + 1.34%), <br> 5.30%, 01/21/28Δ ^ | 290000 | 294457 |
| Principal Life Global Funding II |  |  |
| 4.95%, 11/27/29 144A | 670000 | 681659 |
| Protective Life Global Funding |  |  |
| 4.34%, 09/13/27 144A | 1150000 | 1150501 |
| 4.80%, 06/05/30 144A | 300000 | 303891 |
| Public Service Enterprise Group, Inc. |  |  |
| 4.90%, 03/15/30 | 98000 | 99722 |
| Quikrete Holdings, Inc. |  |  |
| 6.38%, 03/01/32 144A | 130000 | 133763 |
| Regal Rexnord Corporation |  |  |
| 6.05%, 02/15/26 | 825000 | 829890 |
| RGA Global Funding |  |  |
| 5.50%, 01/11/31 144A | 645000 | 665732 |
| Roche Holdings, Inc. |  |  |
| 5.59%, 11/13/33 144A | 640000 | 678933 |
| RTX Corporation |  |  |
| 3.95%, 08/16/25 | 740000 | 739128 |
| Ryder System, Inc. |  |  |
| 2.85%, 03/01/27 | 179000 | 174424 |
| 5.30%, 03/15/27 | 465000 | 472148 |
| Sabine Pass Liquefaction LLC |  |  |
| 5.00%, 03/15/27 | 253000 | 254601 |
| 4.20%, 03/15/28 | 136000 | 135312 |
| Santander Holdings U.S.A., Inc. |  |  |
| (Variable, U.S. SOFR + 1.23%), <br> 6.12%, 05/31/27Δ ^ | 240000 | 242744 |

---

**42**

See Notes to Financial Statements.

------

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| (Variable, U.S. SOFR + 2.36%), <br> 6.50%, 03/09/29Δ ^ | $635000 | $662238 |
| (Variable, U.S. SOFR + 1.61%), <br> 5.47%, 03/20/29^ | 1450000 | 1474625 |
| (Variable, U.S. SOFR + 1.88%), <br> 5.74%, 03/20/31Δ ^ | 435000 | 446700 |
| SBA Tower Trust |  |  |
| 1.88%, 01/15/26 144A | 680000 | 668964 |
| SBA Tower Trust REIT |  |  |
| 1.63%, 11/15/26 144A | 800000 | 767779 |
| 4.83%, 10/15/29 144A | 800000 | 801672 |
| Seagate HDD Cayman |  |  |
| 4.09%, 06/01/29 | 280000 | 268467 |
| 8.25%, 12/15/29Δ | 240000 | 256200 |
| Sealed Air Corporation |  |  |
| 6.13%, 02/01/28 144A | 130000 | 131987 |
| Sensata Technologies, Inc. |  |  |
| 4.38%, 02/15/30 144A Δ | 140000 | 133788 |
| Sirius XM Radio LLC |  |  |
| 3.13%, 09/01/26 144A Δ | 600000 | 589137 |
| 5.00%, 08/01/27 144A | 265000 | 262917 |
| Sixth Street Specialty Lending, Inc. |  |  |
| 2.50%, 08/01/26 | 1111000 | 1086529 |
| SM Energy Co. |  |  |
| 6.75%, 08/01/29 144A | 210000 | 209411 |
| Southern California Edison Co. |  |  |
| 4.70%, 06/01/27 | 500000 | 501952 |
| 3.65%, 03/01/28 | 200000 | 194516 |
| 5.65%, 10/01/28 | 300000 | 307403 |
| 5.25%, 03/15/30 | 1700000 | 1718229 |
| Southern Co. (The) |  |  |
| 5.50%, 03/15/29 | 164000 | 170792 |
| Standard Industries, Inc. |  |  |
| 5.00%, 02/15/27 144A | 580000 | 579094 |
| 4.75%, 01/15/28 144A | 270000 | 267194 |
| Starwood Property Trust, Inc. |  |  |
| 7.25%, 04/01/29 144A Δ | 655000 | 689761 |
| 6.50%, 07/01/30 144A | 215000 | 222210 |
| State Street Corporation |  |  |
| (Variable, U.S. SOFR + 1.72%), <br> 5.82%, 11/04/28^ | 1245000 | 1290803 |
| Sunoco LP |  |  |
| 7.00%, 05/01/29 144A | 815000 | 849306 |
| Synchrony Financial |  |  |
| (Variable, U.S. SOFR + 1.68%), <br> 5.45%, 03/06/31Δ ^ | 259000 | 261336 |
| Synopsys, Inc. |  |  |
| 4.55%, 04/01/27Δ | 660000 | 663591 |
| 4.65%, 04/01/28 | 750000 | 757786 |
| 4.85%, 04/01/30 | 17000 | 17241 |
| TEGNA, Inc. |  |  |
| 4.63%, 03/15/28Δ | 510000 | 497551 |
| Teleflex, Inc. |  |  |
| 4.25%, 06/01/28 144A | 270000 | 263974 |
| TerraForm Power Operating LLC |  |  |
| 5.00%, 01/31/28 144A | 595000 | 589344 |
| Texas Electric Market <br> Stabilization Funding N LLC |  |  |
| 4.27%, 08/01/34 144A | 230699 | 228646 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| T-Mobile U.S.A., Inc. |  |  |
| 1.50%, 02/15/26 | $87000 | $85308 |
| 3.75%, 04/15/27 | 135000 | 133652 |
| 4.75%, 02/01/28 | 13000 | 13006 |
| 3.38%, 04/15/29 | 175000 | 168505 |
| 3.88%, 04/15/30 | 315000 | 306030 |
| Toyota Motor Credit Corporation |  |  |
| 4.50%, 05/14/27 | 430000 | 433158 |
| 5.05%, 05/16/29 | 650000 | 667475 |
| TransDigm, Inc. |  |  |
| 6.38%, 03/01/29 144A | 295000 | 303021 |
| Travel + Leisure Co. |  |  |
| 6.63%, 07/31/26 144A | 580000 | 586737 |
| Truist Bank |  |  |
| (Variable, U.S. SOFR + 0.59%), <br> 4.67%, 05/20/27^ | 635000 | 636041 |
| Truist Financial Corporation |  |  |
| (Variable, U.S. SOFR + 2.45%), <br> 7.16%, 10/30/29^ | 625000 | 676175 |
| Twilio, Inc. |  |  |
| 3.63%, 03/15/29 | 140000 | 133411 |
| U.S. Bancorp |  |  |
| (Variable, U.S. SOFR + 2.02%), <br> 5.78%, 06/12/29^ | 655000 | 680257 |
| U.S. Bank NA |  |  |
| (Variable, U.S. SOFR + 0.91%), <br> 4.73%, 05/15/28^ | 1250000 | 1256697 |
| Uber Technologies, Inc. |  |  |
| 7.50%, 09/15/27 144A Δ | 500000 | 504789 |
| 6.25%, 01/15/28 144A | 400000 | 402160 |
| 4.50%, 08/15/29 144A Δ | 959000 | 954029 |
| United Airlines, Inc. |  |  |
| 4.38%, 04/15/26 144A | 540000 | 536768 |
| Venture Global LNG, Inc. |  |  |
| 9.50%, 02/01/29 144A | 275000 | 299751 |
| Vertiv Group Corporation |  |  |
| 4.13%, 11/15/28 144A | 135000 | 131747 |
| Viper Energy, Inc. |  |  |
| 7.38%, 11/01/31 144A | 1465000 | 1555610 |
| Vistra Operations Co. LLC |  |  |
| 5.05%, 12/30/26 144A | 1270000 | 1277003 |
| 5.63%, 02/15/27 144A | 250000 | 250327 |
| 5.00%, 07/31/27 144A | 200000 | 199887 |
| Volkswagen Group of America <br> Finance LLC |  |  |
| 1.25%, 11/24/25 144A | 1400000 | 1381042 |
| 4.95%, 03/25/27 144A | 700000 | 702366 |
| 5.05%, 03/27/28 144A | 580000 | 583482 |
| Warnermedia Holdings, Inc. |  |  |
| 3.76%, 03/15/27 | 37000 | 34529 |
| Wells Fargo & Co. |  |  |
| (Variable, U.S. SOFR + 0.78%), <br> 4.90%, 01/24/28^ | 3510000 | 3536559 |
| (Variable, U.S. SOFR + 1.07%), <br> 5.71%, 04/22/28^ | 590000 | 603012 |
| (Variable, CME Term SOFR 3M + <br> 1.57%), 3.58%, 05/22/28^ | 21000 | 20685 |
| (Variable, U.S. SOFR + 1.98%), <br> 4.81%, 07/25/28^ | 1045000 | 1053994 |

---

See Notes to Financial Statements.

**43**

------

**LOW-DURATION BOND FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| (Variable, U.S. SOFR + 1.37%), <br> 4.97%, 04/23/29^ | $1800000 | $1825425 |
| (Variable, U.S. SOFR + 1.74%), <br> 5.57%, 07/25/29^ | 22000 | 22719 |
| Western-Southern Global Funding |  |  |
| 4.90%, 05/01/30 144A | 1050000 | 1060416 |
| **Total Corporate Bonds** <br>(Cost $219,519,698) |  | 221524831 |
| **FOREIGN BONDS — 7.5%** | **FOREIGN BONDS — 7.5%** | **FOREIGN BONDS — 7.5%** |
| **Australia — 0.9%** | **Australia — 0.9%** |  |
| Alumina Pty, Ltd. |  |  |
| 6.13%, 03/15/30 144A | 265000 | 269168 |
| Dyno Nobel, Ltd. |  |  |
| 4.30%, 03/18/26(A) | 2000000 | 1316247 |
| NBN Co., Ltd. |  |  |
| 1.00%, 12/03/25(A) | 5000000 | 3249544 |
| Scentre Group Trust REIT |  |  |
| 3.63%, 01/28/26 144A Δ | 655000 | 651205 |
| Woodside Finance, Ltd. |  |  |
| 3.70%, 09/15/26 144A | 400000 | 396024 |
| 4.90%, 05/19/28 | 1270000 | 1278873 |
|  |  | 7161061 |
| **Canada — 0.7%** | **Canada — 0.7%** |  |
| Bank of Montreal |  |  |
| 5.30%, 06/05/26Δ | 650000 | 655733 |
| Bank of Nova Scotia (The) |  |  |
| 2.95%, 03/11/27 | 675000 | 662134 |
| Canadian Imperial Bank of Commerce |  |  |
| 5.00%, 04/28/28Δ | 665000 | 678515 |
| Canadian Natural Resources, Ltd. |  |  |
| 5.00%, 12/15/29 144A | 300000 | 302850 |
| CDP Financial, Inc. |  |  |
| 1.00%, 05/26/26 144A | 520000 | 505979 |
| 4.63%, 01/24/30 144A | 360000 | 369494 |
| National Bank of Canada |  |  |
| (Floating, U.S. SOFR Index + <br> 1.03%), 5.50%, 07/02/27† Δ | 1000000 | 1002322 |
| OMERS Finance Trust |  |  |
| 1.10%, 03/26/26 144A | 675000 | 660112 |
| 4.00%, 04/20/28 144A | 555000 | 556362 |
| 4.38%, 03/20/30 144A | 395000 | 400570 |
| Ontario Teachers' Finance Trust |  |  |
| 4.25%, 04/25/28 144A | 315000 | 317955 |
| Rogers Communications, Inc. |  |  |
| 3.20%, 03/15/27 | 80000 | 78464 |
| 5.00%, 02/15/29Δ | 28000 | 28403 |
|  |  | 6218893 |
| **China — 0.1%** | **China — 0.1%** |  |
| Avolon Holdings Funding, Ltd. |  |  |
| 5.50%, 01/15/26 144A | 700000 | 701143 |
| 2.13%, 02/21/26 144A | 81000 | 79517 |
|  |  | 780660 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Denmark — 0.1%** | **Denmark — 0.1%** |  |
| Danske Bank A/S |  |  |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 1Y + <br> 0.95%), 5.43%, 03/01/28 <br> 144A ^ | $595000 | $605469 |
| **France — 0.6%** | **France — 0.6%** |  |
| Banque Federative du Credit Mutuel <br> SA |  |  |
| 5.09%, 01/23/27 144A | 650000 | 657496 |
| (Floating, Australian BBSW 3M + <br> 1.07%), 4.78%, 05/24/27(A) † | 1000000 | 658756 |
| BNP Paribas SA |  |  |
| (Variable, U.S. SOFR + 1.45%), <br> 4.79%, 05/09/29 144A ^ | 2030000 | 2040760 |
| BPCE SA |  |  |
| (Variable, U.S. SOFR + 2.10%), <br> 5.98%, 01/18/27 144A ^ | 1815000 | 1827536 |
| Credit Agricole SA |  |  |
| (Variable, U.S. SOFR + 0.89%), <br> 1.25%, 01/26/27 144A ^ | 250000 | 245261 |
|  |  | 5429809 |
| **Ireland — 0.3%** | **Ireland — 0.3%** |  |
| AerCap Ireland Capital DAC |  |  |
| 4.88%, 04/01/28Δ | 1240000 | 1252814 |
| Icon Investments Six DAC |  |  |
| 5.81%, 05/08/27 | 460000 | 469791 |
| James Hardie International Finance <br> DAC |  |  |
| 5.00%, 01/15/28 144A | 675000 | 672124 |
|  |  | 2394729 |
| **Israel — 0.2%** | **Israel — 0.2%** |  |
| Israel Government International Bond |  |  |
| 5.00%, 10/30/26(E) | 600000 | 727249 |
| 5.38%, 02/19/30 | 500000 | 510164 |
|  |  | 1237413 |
| **Italy — 0.0%** | **Italy — 0.0%** |  |
| Cassa Depositi e Prestiti SpA |  |  |
| 5.88%, 04/30/29 144A | 300000 | 314035 |
| **Japan — 0.7%** | **Japan — 0.7%** |  |
| Mitsubishi UFJ Financial Group, Inc. |  |  |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 1Y + <br> 1.30%), 4.08%, 04/19/28^ | 1340000 | 1332844 |
| Nissan Motor Co., Ltd. |  |  |
| 3.52%, 09/17/25 144A | 800000 | 795551 |
| Nomura Holdings, Inc. |  |  |
| 5.71%, 01/09/26 | 400000 | 402104 |
| 2.33%, 01/22/27 | 600000 | 580516 |
| (Floating, U.S. SOFR + 1.25%), <br> 5.71%, 07/02/27† | 200000 | 201430 |
| NTT Finance Corporation |  |  |
| 1.16%, 04/03/26 144A Δ | 2000000 | 1951298 |

---

**44**

See Notes to Financial Statements.

------

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Rakuten Group, Inc. |  |  |
| 9.75%, 04/15/29 144A | $230000 | $252580 |
|  |  | 5516323 |
| **Jersey — 0.1%** | **Jersey — 0.1%** |  |
| Aptiv Swiss Holdings, Ltd. |  |  |
| 4.65%, 09/13/29Δ | 320000 | 319303 |
| TER Finance Jersey, Ltd. |  |  |
| 0.00%, 09/25/25» | 470000 | 460600 |
|  |  | 779903 |
| **Luxembourg — 0.2%** | **Luxembourg — 0.2%** |  |
| ArcelorMittal SA |  |  |
| 6.55%, 11/29/27 | 1625000 | 1694499 |
| **Netherlands — 0.4%** | **Netherlands — 0.4%** |  |
| ABN AMRO Bank NV |  |  |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 1Y + <br> 1.65%), 6.34%, 09/18/27 <br> 144A ^ | 900000 | 919804 |
| (Floating, U.S. SOFR Index + <br> 1.00%), 5.42%, 12/03/28 <br> 144A † Δ | 1400000 | 1399801 |
| ING Groep NV |  |  |
| (Floating, U.S. SOFR Index + <br> 1.01%), 5.47%, 03/25/29† | 1100000 | 1101142 |
| Stellantis NV |  |  |
| 3.38%, 11/19/28(E) | 200000 | 237927 |
|  |  | 3658674 |
| **Norway — 0.1%** | **Norway — 0.1%** |  |
| DNB Bank ASA |  |  |
| (Variable, U.S. SOFR Index + <br> 1.95%), 5.90%, 10/09/26 <br> 144A ^ | 655000 | 657453 |
| Var Energi ASA |  |  |
| 7.50%, 01/15/28 144A | 410000 | 434321 |
|  |  | 1091774 |
| **Singapore — 0.1%** | **Singapore — 0.1%** |  |
| United Overseas Bank, Ltd. |  |  |
| (Floating, U.S. SOFR + 0.58%), <br> 5.04%, 04/02/28 144A † | 900000 | 901720 |
| **Spain — 0.2%** | **Spain — 0.2%** |  |
| Banco Santander SA |  |  |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 1Y + <br> 0.95%), 5.37%, 07/15/28^ | 1000000 | 1018912 |
| CaixaBank SA |  |  |
| (Variable, U.S. SOFR + 1.14%), <br> 4.63%, 07/03/29 144A ^ | 835000 | 837264 |
|  |  | 1856176 |
| **Sweden — 0.6%** | **Sweden — 0.6%** |  |
| Skandinaviska Enskilda Banken AB |  |  |
| 5.38%, 03/05/29 144A | 1285000 | 1324010 |
| Svensk Exportkredit AB |  |  |
| 4.00%, 07/15/25 | 780000 | 779832 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Svenska Handelsbanken AB |  |  |
| 4.38%, 05/23/28 144A | $615000 | $620369 |
| 5.50%, 06/15/28 144A | 645000 | 666707 |
| Swedbank AB |  |  |
| 5.34%, 09/20/27 144A | 2000000 | 2041135 |
|  |  | 5432053 |
| **Switzerland — 0.5%** | **Switzerland — 0.5%** |  |
| Amrize Finance U.S. LLC |  |  |
| 4.60%, 04/07/27 144A | 800000 | 803593 |
| 4.70%, 04/07/28 144A | 990000 | 999260 |
| Tyco Electronics Group SA |  |  |
| 4.50%, 02/09/31 | 112000 | 111929 |
| UBS Group AG |  |  |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 1Y + <br> 1.55%), 5.71%, 01/12/27 <br> 144A ^ | 650000 | 653967 |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 1Y + <br> 1.60%), 6.33%, 12/22/27 <br> 144A ^ | 1675000 | 1720251 |
|  |  | 4289000 |
| **United Kingdom — 1.7%** | **United Kingdom — 1.7%** |  |
| Anglo American Capital PLC |  |  |
| 3.75%, 06/15/29(E) | 102000 | 123795 |
| Atlantica Sustainable Infrastructure, <br> Ltd. |  |  |
| 4.13%, 06/15/28 144A | 380000 | 363559 |
| BAE Systems PLC |  |  |
| 5.00%, 03/26/27 144A | 365000 | 369362 |
| HSBC Holdings PLC |  |  |
| (Floating, CME Term SOFR 3M + <br> 1.64%), 5.97%, 09/12/26† | 3000000 | 3008356 |
| (Variable, U.S. SOFR + 3.35%), <br> 7.39%, 11/03/28^ | 1250000 | 1327751 |
| Lloyds Banking Group PLC |  |  |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 1Y + <br> 1.75%), 4.72%, 08/11/26^ | 1000000 | 999612 |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 1Y + <br> 1.80%), 3.75%, 03/18/28^ | 1025000 | 1012802 |
| NatWest Group PLC |  |  |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 1Y + <br> 1.35%), 5.85%, 03/02/27^ | 1555000 | 1568899 |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 1Y + <br> 1.10%), 5.58%, 03/01/28^ | 650000 | 661875 |
| NatWest Markets PLC |  |  |
| 4.79%, 03/21/28 144A Δ | 260000 | 262961 |
| Santander UK Group Holdings PLC |  |  |
| (Variable, U.S. SOFR + 2.75%), <br> 6.83%, 11/21/26^ | 500000 | 504130 |
| Santander UK PLC |  |  |
| 4.50%, 12/12/27 144A | 1400000 | 1416346 |

---

See Notes to Financial Statements.

**45**

------

**LOW-DURATION BOND FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Smith & Nephew PLC |  |  |
| 5.15%, 03/20/27Δ | $325000 | $329015 |
| Standard Chartered Bank |  |  |
| 4.85%, 12/03/27 | 2000000 | 2035119 |
|  |  | 13983582 |
| **Total Foreign Bonds** <br>(Cost $62,781,699) | **Total Foreign Bonds** <br>(Cost $62,781,699) | 63345773 |
| **MORTGAGE-BACKED SECURITIES — 20.8%** | **MORTGAGE-BACKED SECURITIES — 20.8%** | **MORTGAGE-BACKED SECURITIES — 20.8%** |
| ACRA Trust, Series 2024-NQM1, <br> Class A1 |  |  |
| (Step to 6.61% on 11/25/28), <br> 5.61%, 10/25/64 144A STEP | 314279 | 314703 |
| AG Trust, Series 2024-NLP, Class A |  |  |
| (Floating, CME Term SOFR 1M + <br> 2.02%, 2.02% Floor), 6.33%, <br> 07/15/41 144A † | 475166 | 476695 |
| ALA Trust, Series 2025-OANA, <br> Class A |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.74%, 1.74% Floor), 6.04%, <br> 06/15/30 144A † γ | 183000 | 184288 |
| ALA Trust, Series 2025-OANA, <br> Class B |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.84%, 1.84% Floor), 6.14%, <br> 06/15/30 144A † γ | 131000 | 131295 |
| Alen Mortgage Trust, Series <br> 2021-ACEN, Class A |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.26%, 1.15% Floor), 5.58%, <br> 04/15/34 144A † | 350000 | 335544 |
| American Home Mortgage Assets <br> Trust, Series 2006-5, Class A1 |  |  |
| (Floating, Federal Reserve U.S. 12 <br> 1Y CMT + 0.92%, 0.92% <br> Floor), 5.32%, 11/25/46† | 530712 | 128835 |
| Angel Oak Mortgage Trust, Series <br> 2023-6, Class A1 |  |  |
| (Step to 6.48% on 08/25/25), <br> 6.50%, 12/25/67 144A STEP | 153817 | 155002 |
| ARES Commercial Mortgage Trust, <br> Series 2024-IND, Class A |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.69%, 1.69% Floor), 6.00%, <br> 07/15/41 144A † | 1000000 | 1003058 |
| ARES Trust, Series 2025-IND3, <br> Class A |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.50%, 1.50% Floor), 5.81%, <br> 04/15/27 144A † γ | 199000 | 199549 |
| Arroyo Mortgage Trust, Series <br> 2022-2, Class A1 |  |  |
| (Step to 5.95% on 07/25/26), <br> 4.95%, 07/25/57 144A STEP | 176845 | 176325 |
| Banc of America Mortgage Trust, <br> Series 2003-L, Class 3A1 |  |  |
| 6.87%, 01/25/34† γ | 17578 | 16912 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| BANK, Series 2019-BNK18, <br> Class A2 |  |  |
| 3.47%, 05/15/62 | $610000 | $599618 |
| BANK, Series 2021-BN33, <br> Class ASB |  |  |
| 2.22%, 05/15/64 | 460000 | 431115 |
| BANK, Series 2024-BNK48, <br> Class A5 |  |  |
| 5.05%, 10/15/57 | 190000 | 191226 |
| BANK5, Series 2024-5YR11, <br> Class A3 |  |  |
| 5.89%, 11/15/57 | 145000 | 152034 |
| BAY Mortgage Trust, Series <br> 2025-LIVN, Class A |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.80%, 1.80% Floor), 6.11%, <br> 05/15/35 144A † γ | 236000 | 236639 |
| BBCMS Mortgage Trust, Series <br> 2018-TALL, Class A |  |  |
| (Floating, CME Term SOFR 1M + <br> 0.92%, 0.87% Floor), 5.23%, <br> 03/15/37 144A † | 170000 | 160983 |
| BBCMS Mortgage Trust, Series <br> 2025-5C33, Class A4 |  |  |
| 5.84%, 03/15/58 | 180000 | 188589 |
| Bear Stearns ARM Trust, Series <br> 2003-8, Class 4A1 |  |  |
| 6.88%, 01/25/34† γ | 40594 | 40715 |
| Bear Stearns ARM Trust, Series <br> 2004-5, Class 2A |  |  |
| 4.20%, 07/25/34† γ | 32487 | 30632 |
| Benchmark Mortgage Trust, Series <br> 2019-B12, Class AAB |  |  |
| 3.04%, 08/15/52 | 867774 | 844267 |
| Benchmark Mortgage Trust, Series <br> 2022-B34, Class AM |  |  |
| 3.96%, 04/15/55† γ | 225000 | 201016 |
| Benchmark Mortgage Trust, Series <br> 2023-V3, Class A3 |  |  |
| 6.36%, 07/15/56 | 355000 | 372310 |
| Benchmark Mortgage Trust, Series <br> 2024-V12, Class A3 |  |  |
| 5.74%, 12/15/57 | 300000 | 312740 |
| Benchmark Mortgage Trust, Series <br> 2024-V5, Class A3 |  |  |
| 5.81%, 01/10/57 | 260000 | 270082 |
| BFLD Commercial Mortgage Trust, <br> Series 2024-UNIV, Class A |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.49%, 1.49% Floor), 5.80%, <br> 11/15/29 144A † | 70000 | 70188 |
| BFLD Commercial Mortgage Trust, <br> Series 2024-UNIV, Class B |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.84%, 1.84% Floor), 6.15%, <br> 11/15/29 144A † | 60000 | 60180 |

---

**46**

See Notes to Financial Statements.

------

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| BFLD Mortgage Trust, Series <br> 2021-FPM, Class A |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.71%, 1.60% Floor), 6.03%, <br> 06/15/38 144A † | $150000 | $150064 |
| BFLD Mortgage Trust, Series <br> 2024-WRHS, Class A |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.49%, 1.49% Floor), 5.80%, <br> 08/15/26 144A † | 213209 | 213504 |
| BFLD Trust, Series 2025-EWEST, <br> Class A |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.55%, 1.55% Floor), 5.85%, <br> 06/15/42 144A † γ | 520000 | 521174 |
| BMO Mortgage Trust, Series <br> 2024-5C3, Class A3 |  |  |
| 5.74%, 02/15/57 | 440000 | 454977 |
| BMO Mortgage Trust, Series <br> 2024-5C6, Class A3 |  |  |
| 5.32%, 09/15/57 | 270000 | 276629 |
| BMO Mortgage Trust, Series <br> 2024-5C8, Class A3 |  |  |
| 5.63%, 12/15/57 | 290000 | 301202 |
| BMO Mortgage Trust, Series <br> 2025-5C9, Class AS |  |  |
| 6.16%, 12/15/57 | 103519 | 108364 |
| BMO Mortgage Trust, Series <br> 2025-C11, Class A5 |  |  |
| 5.69%, 02/15/58 | 156000 | 163434 |
| BMO Mortgage Trust, Series <br> 2025-C11, Class ASB |  |  |
| 5.68%, 02/15/58 | 125000 | 131876 |
| BPR Mortgage Trust, Series <br> 2025-ALDR, Class A |  |  |
| 5.67%, 06/05/42 144A | 152000 | 154180 |
| BRAVO Residential Funding Trust, <br> Series 2023-NQM6, Class A1 |  |  |
| (Step to 7.60% on 09/25/27), <br> 6.60%, 09/25/63 144A STEP | 333510 | 336659 |
| BRAVO Residential Funding Trust, <br> Series 2025-NQM2, Class A1 |  |  |
| (Step to 6.68% on 03/25/29), <br> 5.68%, 11/25/64 144A STEP | 215046 | 216242 |
| Bravo Residential Funding Trust, <br> Series 2025-NQM3, Class A1 |  |  |
| (Step to 6.57% on 04/25/29), <br> 5.57%, 03/25/28 <br> 144A ρ STEP | 144790 | 145798 |
| BRAVO Residential Funding Trust, <br> Series 2025-NQM4, Class A1 |  |  |
| (Step to 6.61% on 05/25/29), <br> 5.61%, 02/25/65 144A STEP | 196205 | 197707 |
| BSTN Commercial Mortgage Trust, <br> Series 2025-1C, Class A |  |  |
| 5.55%, 06/15/44 144A † γ | 100000 | 102403 |
| BX Commercial Mortgage Trust, <br> Series 2024-AIR2, Class A |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.49%, 1.49% Floor), 5.80%, <br> 10/15/41 144A † | 1630606 | 1635924 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| BX Commercial Mortgage Trust, <br> Series 2024-AIRC, Class B |  |  |
| (Floating, CME Term SOFR 1M + <br> 2.14%, 2.14% Floor), 6.45%, <br> 08/15/39 144A † | $247533 | $248469 |
| BX Commercial Mortgage Trust, <br> Series 2024-BRBK, Class A |  |  |
| (Floating, CME Term SOFR 1M + <br> 2.88%, 2.88% Floor), 7.19%, <br> 10/15/41 144A † | 160887 | 162292 |
| BX Commercial Mortgage Trust, <br> Series 2024-GPA2, Class A |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.54%, 1.54% Floor), 5.85%, <br> 11/15/29 144A † | 1500000 | 1506473 |
| BX Commercial Mortgage Trust, <br> Series 2024-GPA3, Class A |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.29%, 1.29% Floor), 5.60%, <br> 12/15/39 144A † | 178166 | 178559 |
| BX Commercial Mortgage Trust, <br> Series 2024-MF, Class B |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.69%, 1.69% Floor), 6.00%, <br> 02/15/39 144A † | 97400 | 97714 |
| BX Commercial Mortgage Trust, <br> Series 2024-XL4, Class B |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.79%, 1.79% Floor), 6.10%, <br> 02/15/39 144A † | 662879 | 665269 |
| BX Commercial Mortgage Trust, <br> Series 2024-XL5, Class B |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.69%, 1.69% Floor), 6.00%, <br> 03/15/39 144A † | 777081 | 779129 |
| BX Trust, Series 2021-VIEW, Class A |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.39%, 1.28% Floor), 5.71%, <br> 06/15/36 144A † | 150000 | 149328 |
| BX Trust, Series 2024-CNYN, <br> Class A |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.44%, 1.44% Floor), 5.75%, <br> 04/15/41 144A † | 138475 | 138939 |
| BX Trust, Series 2024-PAT, Class A |  |  |
| (Floating, CME Term SOFR 1M + <br> 2.09%, 2.09% Floor), 6.40%, <br> 03/15/41 144A † | 190000 | 190328 |
| BX Trust, Series 2024-PAT, Class B |  |  |
| (Floating, CME Term SOFR 1M + <br> 3.04%, 3.04% Floor), 7.35%, <br> 03/15/26 144A † | 80000 | 80193 |
| BX Trust, Series 2024-VLT4, Class A |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.49%, 1.49% Floor), 5.80%, <br> 07/15/29 144A † | 275000 | 275282 |
| BX Trust, Series 2024-VLT4, Class B |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.94%, 1.94% Floor), 6.25%, <br> 07/15/29 144A † | 1100000 | 1101213 |

---

See Notes to Financial Statements.

**47**

------

**LOW-DURATION BOND FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| BX Trust, Series 2025-LUNR, <br> Class A |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.50%, 1.50% Floor), 5.81%, <br> 06/09/40 144A † γ | $1045000 | $1047943 |
| BX Trust, Series 2025-ROIC, Class A |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.14%, 1.14% Floor), 5.46%, <br> 03/15/30 144A † | 580000 | 577139 |
| BX Trust, Series 2025-TAIL, Class A |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.40%, 1.40% Floor), 5.71%, <br> 06/15/35 144A † γ | 1382000 | 1386224 |
| Cali, Series 2024-SUN, Class A |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.89%, 1.89% Floor), 6.20%, <br> 07/15/41 144A † | 210000 | 210614 |
| CENT Trust, Series 2023-CITY, <br> Class A |  |  |
| (Floating, CME Term SOFR 1M + <br> 2.62%, 2.62% Floor), 6.93%, <br> 09/15/28 144A † | 490000 | 491491 |
| CFCRE Commercial Mortgage Trust, <br> Series 2017-C8, Class ASB |  |  |
| 3.37%, 06/15/50 | 463782 | 459356 |
| Chase Home Lending Mortgage Trust, <br> Series 2019-ATR2, Class A11 |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.01%, 6.50% Cap), 5.33%, <br> 07/25/49 144A † | 28255 | 26910 |
| Chase Home Lending Mortgage Trust, <br> Series 2019-ATR2, Class A3 |  |  |
| 3.50%, 07/25/49 144A † γ | 57722 | 52493 |
| Chase Home Lending Mortgage Trust, <br> Series 2025-3, Class A11 |  |  |
| (Floating, U.S. 30-Day Average <br> SOFR + 1.30%, 7.50% Cap), <br> 7.50%, 02/25/56 144A † | 411440 | 412588 |
| Citigroup Commercial Mortgage <br> Trust, Series 2016-P4, Class AAB |  |  |
| 2.78%, 07/10/49 | 289543 | 286783 |
| COAST Commercial Mortgage Trust, <br> Series 2023-2HTL, Class A |  |  |
| (Floating, CME Term SOFR 1M + <br> 2.59%, 2.59% Floor), 6.90%, <br> 08/15/36 144A † | 335000 | 335791 |
| COLT Mortgage Loan Trust, Series <br> 2022-3, Class A1 |  |  |
| 3.90%, 02/25/67 144A † γ | 170485 | 166848 |
| COLT Mortgage Loan Trust, Series <br> 2024-6, Class A1 |  |  |
| (Step to 6.39% on 11/25/28), <br> 5.39%, 11/25/69 144A STEP | 906770 | 908067 |
| COLT Mortgage Loan Trust, Series <br> 2024-7, Class A1 |  |  |
| (Step to 6.54% on 12/25/28), <br> 5.54%, 12/26/69 144A STEP | 1304030 | 1308648 |
| COLT Mortgage Loan Trust, Series <br> 2025-6, Class A1 |  |  |
| (Step to 6.53% on 08/25/29), <br> 5.53%, 08/25/70 <br> 144A ††† STEP | 1400000 | 1409956 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| COLT Mortgage Loan Trust, Series <br> 2025-INV2, Class A1 |  |  |
| (Step to 6.60% on 03/25/29), <br> 5.60%, 02/25/70 144A STEP | $130394 | $131220 |
| COMM Mortgage Trust, Series <br> 2024-WCL1, Class A |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.84%, 1.84% Floor), 6.15%, <br> 06/15/41 144A † | 260000 | 260344 |
| CONE Trust, Series 2024-DFW1, <br> Class A |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.64%, 1.64% Floor), 5.95%, <br> 08/15/26 144A † | 150000 | 149676 |
| Connecticut Avenue Securities Trust, <br> Series 2019-HRP1, Class M2 |  |  |
| (Floating, U.S. 30-Day Average <br> SOFR + 2.26%), 6.57%, <br> 11/25/39 144A † | 86118 | 86125 |
| Connecticut Avenue Securities Trust, <br> Series 2021-R01, Class 1M2 |  |  |
| (Floating, U.S. 30-Day Average <br> SOFR + 1.55%), 5.86%, <br> 10/25/41 144A † | 684283 | 686169 |
| Connecticut Avenue Securities Trust, <br> Series 2022-R01, Class 1B1 |  |  |
| (Floating, U.S. 30-Day Average <br> SOFR + 3.15%), 7.46%, <br> 12/25/41 144A † | 1200000 | 1232746 |
| Connecticut Avenue Securities Trust, <br> Series 2024-R02, Class 1M2 |  |  |
| (Floating, U.S. 30-Day Average <br> SOFR + 1.80%), 6.11%, <br> 02/25/44 144A † | 500000 | 504977 |
| Connecticut Avenue Securities Trust, <br> Series 2024-R06, Class 1M2 |  |  |
| (Floating, U.S. 30-Day Average <br> SOFR + 1.60%), 5.91%, <br> 09/25/44 144A † | 400000 | 401862 |
| Cross Mortgage Trust, Series <br> 2024-H7, Class A1 |  |  |
| 5.59%, 11/25/69 144A † γ | 889695 | 892877 |
| Cross Mortgage Trust, Series <br> 2024-H8, Class A1 |  |  |
| 5.55%, 12/25/69 144A † γ | 950225 | 955187 |
| Cross Mortgage Trust, Series <br> 2025-H2, Class A1 |  |  |
| 5.36%, 03/25/70 144A † γ | 243045 | 243240 |
| CSAIL Commercial Mortgage Trust, <br> Series 2016-C6, Class XA |  |  |
| 2.01%, 01/15/49† IO γ | 571906 | 2703 |
| CSMC, Series 2022-ATH1, <br> Class A1A |  |  |
| 2.87%, 01/25/67 144A † γ | 210604 | 203585 |
| DBGS, Series 2024-SBL, Class A |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.88%, 1.88% Floor), 6.19%, <br> 08/15/34 144A † | 180000 | 180311 |

---

**48**

See Notes to Financial Statements.

------

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Deutsche Alt-B Securities Mortgage <br> Loan Trust, Series 2006-AB4, <br> Class A6A1 |  |  |
| (Step to 5.02% on 08/25/25), <br> 6.37%, 10/25/36 STEP | $73574 | $64210 |
| Deutsche Alt-B Securities Mortgage <br> Loan Trust, Series 2006-AB4, <br> Class A6A2 |  |  |
| (Step to 5.02% on 08/25/25), <br> 6.39%, 10/25/36 STEP | 73574 | 64209 |
| EFMT, Series 2025-INV2, Class A1 |  |  |
| (Step to 6.39% on 05/25/29), <br> 5.39%, 05/26/70 144A STEP | 249150 | 249667 |
| ELM Trust, Series 2024-ELM, <br> Class A10 |  |  |
| 5.99%, 06/10/39 144A † γ | 540000 | 546079 |
| ELM Trust, Series 2024-ELM, <br> Class A15 |  |  |
| 5.99%, 06/10/39 144A † γ | 540000 | 544505 |
| Extended Stay America Trust, Series <br> 2021-ESH, Class A |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.19%, 1.08% Floor), 5.51%, <br> 07/15/38 144A † | 1458137 | 1459422 |
| Fannie Mae Connecticut Avenue <br> Securities, Series 2021-R02, Class <br> 2M2 |  |  |
| (Floating, U.S. 30-Day Average <br> SOFR + 2.00%), 6.31%, <br> 11/25/41 144A † | 2981493 | 3003409 |
| Federal Home Loan Mortgage <br> Corporation |  |  |
| 3.00%, 10/01/26 | 180286 | 178564 |
| 3.00%, 01/01/27 | 580334 | 574246 |
| (Floating, U.S. Treasury Yield <br> Curve Rate CMT 1Y + 2.36%, <br> 2.36% Floor, 13.23% Cap), <br> 7.48%, 07/01/27† | 178 | 178 |
| (Floating, U.S. Treasury Yield <br> Curve Rate CMT 1Y + 2.25%, <br> 2.25% Floor, 11.24% Cap), <br> 6.68%, 11/01/31† | 5513 | 5609 |
| 3.00%, 12/01/31 | 121566 | 118376 |
| 3.50%, 04/01/32 | 68012 | 66730 |
| (Floating, U.S. Treasury Yield <br> Curve Rate CMT 1Y + 2.25%, <br> 2.25% Floor, 10.91% Cap), <br> 6.50%, 04/01/32† | 1330 | 1357 |
| (Floating, U.S. Treasury Yield <br> Curve Rate CMT 1Y + 2.04%, <br> 2.04% Floor, 9.67% Cap), <br> 6.20%, 06/01/33† | 111873 | 114757 |
| (Floating, Refinitiv USD IBOR <br> Consumer Cash Fallbacks 1Y <br> Index + 1.75%, 1.75% Floor, <br> 10.85% Cap), 6.50%, <br> 08/01/35† | 18727 | 19051 |
| (Floating, Refinitiv USD IBOR <br> Consumer Cash Fallbacks 1Y <br> Index + 1.35%, 1.35% Floor, <br> 10.48% Cap), 7.04%, <br> 09/01/35† | 34848 | 35671 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| (Floating, Refinitiv USD IBOR <br> Consumer Cash Fallbacks 1Y <br> Index + 1.63%, 1.63% Floor, <br> 10.95% Cap), 7.13%, <br> 10/01/35† | $21719 | $22221 |
| 3.00%, 02/01/36 | 30100 | 28649 |
| 4.00%, 11/01/36 | 3562 | 3529 |
| 2.50%, 03/01/37 | 125436 | 117279 |
| 4.00%, 06/01/37 | 48575 | 47961 |
| 3.50%, 11/01/38 | 44766 | 43158 |
| 4.50%, 03/01/49 | 1249521 | 1230292 |
| 4.00%, 10/01/52 | 431067 | 401807 |
| 4.00%, 12/01/52 | 471714 | 439080 |
| 4.00%, 04/01/53 | 279832 | 260581 |
| Federal Home Loan Mortgage <br> Corporation REMIC, Series 3228 |  |  |
| (Floating, U.S. 30-Day Average <br> SOFR + 0.61%, 0.50% Floor, <br> 6.50% Cap), 4.92%, 10/15/36† | 430120 | 427232 |
| Federal Home Loan Mortgage <br> Corporation REMIC, Series 3710 |  |  |
| 4.00%, 08/15/25 STEP | 37 | 37 |
| Federal Home Loan Mortgage <br> Corporation REMIC, Series 3959 |  |  |
| 4.50%, 11/15/41 | 49960 | 50221 |
| Federal Home Loan Mortgage <br> Corporation REMIC, Series 4459 |  |  |
| 3.00%, 08/15/43 | 181906 | 169659 |
| Federal Home Loan Mortgage <br> Corporation REMIC, Series 4494 |  |  |
| 3.75%, 10/15/42 | 20073 | 20001 |
| Federal Home Loan Mortgage <br> Corporation REMIC, Series 4752 |  |  |
| 3.00%, 09/15/46 | 147620 | 143877 |
| Federal Home Loan Mortgage <br> Corporation REMIC, Series 4777 |  |  |
| 3.50%, 10/15/45 | 178740 | 177083 |
| Federal Home Loan Mortgage <br> Corporation REMIC, Series 4904 |  |  |
| (Floating, U.S. 30-Day Average <br> SOFR + 0.56%, 0.45% Floor, <br> 6.50% Cap), 4.87%, 06/15/49† | 282122 | 273417 |
| Federal Home Loan Mortgage <br> Corporation REMIC, Series 4941 |  |  |
| 3.00%, 07/25/49 | 134868 | 122048 |
| Federal Home Loan Mortgage <br> Corporation REMIC, Series 4948 |  |  |
| 2.50%, 10/25/48 | 88347 | 80871 |
| Federal Home Loan Mortgage <br> Corporation REMIC, Series 5000 |  |  |
| 2.00%, 06/25/44 | 102882 | 96302 |
| Federal Home Loan Mortgage <br> Corporation REMIC, Series 5006 |  |  |
| 2.00%, 06/25/45 | 300965 | 276152 |
| Federal Home Loan Mortgage <br> Corporation REMIC, Series 5047 |  |  |
| 0.75%, 10/15/28 | 1322407 | 1271370 |

---

See Notes to Financial Statements.

**49**

------

**LOW-DURATION BOND FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Federal Home Loan Mortgage <br> Corporation REMIC, Series 5057 |  |  |
| 1.00%, 04/15/54 | $1124803 | $1043630 |
| Federal Home Loan Mortgage <br> Corporation REMIC, Series 5105 |  |  |
| 1.50%, 04/15/44 | 228862 | 221949 |
| Federal Home Loan Mortgage <br> Corporation REMIC, Series 5115 |  |  |
| 1.00%, 02/25/42 | 1431089 | 1261020 |
| Federal Home Loan Mortgage <br> Corporation REMIC, Series 5426 |  |  |
| (Floating, U.S. 30-Day Average <br> SOFR + 0.90%), 5.25%, <br> 03/15/50† | 1013735 | 1017071 |
| Federal Home Loan Mortgage <br> Corporation REMIC, Series 5472 |  |  |
| (Floating, U.S. 30-Day Average <br> SOFR + 1.10%, 1.10% Floor, <br> 6.50% Cap), 5.41%, 11/25/54† | 2036290 | 2025888 |
| Federal Home Loan Mortgage <br> Corporation REMIC, Series 5478 |  |  |
| (Floating, U.S. 30-Day Average <br> SOFR + 1.45%, 1.45% Floor, <br> 6.50% Cap), 5.76%, 04/25/54† | 662739 | 665263 |
| Federal Home Loan Mortgage <br> Corporation REMIC, Series 5480 |  |  |
| (Floating, U.S. 30-Day Average <br> SOFR + 1.45%, 1.45% Floor, <br> 6.50% Cap), 5.76%, 03/25/54† | 641365 | 645420 |
| Federal Home Loan Mortgage <br> Corporation REMIC, Series 5484 |  |  |
| (Floating, U.S. 30-Day Average <br> SOFR + 1.20%, 1.20% Floor, <br> 7.00% Cap), 5.51%, 12/25/54† | 689991 | 691758 |
| Federal Home Loan Mortgage <br> Corporation REMIC, Series 5485 |  |  |
| (Floating, U.S. 30-Day Average <br> SOFR + 1.20%, 1.20% Floor, <br> 7.00% Cap), 5.51%, 12/25/54† | 1846663 | 1847531 |
| Federal Home Loan Mortgage <br> Corporation REMIC, Series 5493 |  |  |
| (Floating, U.S. 30-Day Average <br> SOFR + 1.15%, 1.15% Floor, <br> 7.00% Cap), 5.46%, 01/25/55† | 1008487 | 1006160 |
| Federal Home Loan Mortgage <br> Corporation REMIC, Series 5500 |  |  |
| (Floating, U.S. 30-Day Average <br> SOFR + 1.20%, 1.20% Floor, <br> 7.00% Cap), 5.51%, 02/25/55† | 1217423 | 1220285 |
| Federal Home Loan Mortgage <br> Corporation REMIC, Series 5511 |  |  |
| (Floating, U.S. 30-Day Average <br> SOFR + 1.15%, 1.15% Floor, <br> 7.00% Cap), 5.46%, 03/25/55† | 799575 | 800182 |
| Federal Home Loan Mortgage <br> Corporation REMIC, Series 5513 |  |  |
| (Floating, U.S. 30-Day Average <br> SOFR + 0.94%, 0.94% Floor, <br> 8.00% Cap), 5.25%, 11/25/54† | 3963902 | 3955808 |
| Federal Home Loan Mortgage <br> Corporation Seasoned Credit Risk <br> Transfer Trust, Series 2018-2, <br> Class MA |  |  |
| 3.50%, 11/25/57 | 146493 | 142107 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Federal Home Loan Mortgage <br> Corporation Seasoned Credit Risk <br> Transfer Trust, Series 2018-3, <br> Class MA |  |  |
| 3.50%, 08/25/57 | $180196 | $173790 |
| Federal Home Loan Mortgage <br> Corporation Seasoned Credit Risk <br> Transfer Trust, Series 2019-4, <br> Class MA |  |  |
| 3.00%, 02/25/59 | 435747 | 404106 |
| Federal Home Loan Mortgage <br> Corporation STACR REMIC <br> Trust, Series 2021-DNA5, <br> Class M2 |  |  |
| (Floating, U.S. 30-Day Average <br> SOFR + 1.65%), 5.96%, <br> 01/25/34 144A † | 370707 | 372422 |
| Federal Home Loan Mortgage <br> Corporation STACR REMIC <br> Trust, Series 2021-DNA6, <br> Class B1 |  |  |
| (Floating, U.S. 30-Day Average <br> SOFR + 3.40%), 7.71%, <br> 10/25/41 144A † | 1000000 | 1027589 |
| Federal Home Loan Mortgage <br> Corporation STACR REMIC <br> Trust, Series 2021-DNA6, <br> Class M2 |  |  |
| (Floating, U.S. 30-Day Average <br> SOFR + 1.50%), 5.81%, <br> 10/25/41 144A † | 1699456 | 1706543 |
| Federal Home Loan Mortgage <br> Corporation STACR REMIC <br> Trust, Series 2021-DNA7, <br> Class B1 |  |  |
| (Floating, U.S. 30-Day Average <br> SOFR + 3.65%), 7.96%, <br> 11/25/41 144A † | 1400000 | 1446766 |
| Federal Home Loan Mortgage <br> Corporation STACR REMIC <br> Trust, Series 2021-HQA4, <br> Class M1 |  |  |
| (Floating, U.S. 30-Day Average <br> SOFR + 0.95%), 5.26%, <br> 12/25/41 144A † | 1468122 | 1466039 |
| Federal Home Loan Mortgage <br> Corporation STACR REMIC <br> Trust, Series 2022-HQA1, <br> Class M1A |  |  |
| (Floating, U.S. 30-Day Average <br> SOFR + 2.10%), 6.41%, <br> 03/25/42 144A † | 166246 | 167264 |
| Federal National Mortgage <br> Association |  |  |
| 3.00%, 02/01/31 | 480532 | 468532 |
| 1.50%, 06/01/31 | 1289724 | 1212458 |
| 5.81%, 06/01/31 | 1036000 | 1075125 |
| (Floating, U.S. Treasury Yield <br> Curve Rate CMT 1Y + 2.22%, <br> 2.22% Floor, 11.65% Cap), <br> 6.72%, 09/01/31† | 10420 | 10530 |
| 2.50%, 10/01/31 | 169649 | 163536 |
| 2.50%, 11/01/31 | 377819 | 363566 |
| 2.50%, 01/01/32 | 2640 | 2548 |

---

**50**

See Notes to Financial Statements.

------

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| 3.00%, 03/01/32 | $259485 | $252190 |
| 3.00%, 07/01/32 | 269291 | 261841 |
| (Floating, Refinitiv USD IBOR <br> Consumer Cash Fallbacks 1M <br> Index + 1.29%, 1.29% Floor, <br> 11.27% Cap), 5.66%, <br> 08/01/32† | 28201 | 28097 |
| 3.00%, 12/01/32 | 261529 | 254300 |
| (Floating, U.S. Treasury Yield <br> Curve Rate CMT 1Y + 2.25%, <br> 2.25% Floor, 9.72% Cap), <br> 6.49%, 12/01/32† | 158098 | 162233 |
| (Floating, U.S. Treasury Yield <br> Curve Rate CMT 1Y + 2.41%, <br> 2.41% Floor, 9.66% Cap), <br> 7.54%, 06/01/33† | 3001 | 3087 |
| 4.00%, 09/01/33 | 521712 | 520646 |
| 3.00%, 02/01/34 | 526483 | 511891 |
| 4.00%, 05/01/34 | 239372 | 238833 |
| (Floating, Refinitiv USD IBOR <br> Consumer Cash Fallbacks 1Y <br> Index + 1.66%, 1.66% Floor, <br> 10.15% Cap), 6.50%, <br> 02/01/35† | 15157 | 15414 |
| 3.00%, 09/01/35 | 52240 | 49484 |
| 3.50%, 05/01/37 | 280416 | 274530 |
| 4.00%, 07/01/37 | 17163 | 16923 |
| 4.50%, 08/01/37 | 334919 | 334205 |
| 4.00%, 09/01/37 | 21067 | 20766 |
| 4.50%, 10/01/37 | 542947 | 540481 |
| 5.00%, 02/01/38 | 1400199 | 1419952 |
| 4.00%, 03/01/38 | 14499 | 14284 |
| (Floating, Refinitiv USD IBOR <br> Consumer Cash Fallbacks 1Y <br> Index + 1.73%, 1.73% Floor, <br> 9.50% Cap), 7.02%, 05/01/38† | 279141 | 289693 |
| 5.70%, 08/01/42† | 88820 | 89161 |
| (Floating, Refinitiv USD IBOR <br> Consumer Cash Fallbacks 1Y <br> Index + 1.74%, 1.74% Floor, <br> 8.81% Cap), 6.83%, 09/01/42† | 53603 | 55690 |
| (Floating, Refinitiv USD IBOR <br> Consumer Cash Fallbacks 1Y <br> Index + 1.70%, 1.70% Floor, <br> 7.73% Cap), 6.79%, 07/01/43† | 82100 | 85345 |
| (Floating, Federal Reserve U.S. 12 <br> 1Y CMT + 1.20%, 1.20% <br> Floor, 8.53% Cap), 5.70%, <br> 07/01/44† | 27115 | 27368 |
| (Floating, Federal Reserve U.S. 12 <br> 1Y CMT + 1.20%, 1.20% <br> Floor, 9.16% Cap), 5.70%, <br> 10/01/44† | 21575 | 21626 |
| (Floating, Refinitiv USD IBOR <br> Consumer Cash Fallbacks 1Y <br> Index + 1.59%, 1.59% Floor, <br> 8.01% Cap), 7.47%, 06/01/45† | 102948 | 105950 |
| 4.50%, 05/01/47 | 241254 | 235177 |
| 4.50%, 11/01/47 | 268453 | 261484 |
| 4.50%, 11/01/48 | 131719 | 129114 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| 4.50%, 02/01/49 | $398135 | $390703 |
| 4.00%, 09/01/52 | 1152254 | 1073660 |
| 4.00%, 11/01/52 | 548075 | 510837 |
| 4.00%, 12/01/52 | 363854 | 338681 |
| 4.00%, 01/01/53 | 626094 | 583157 |
| 4.00%, 02/01/53 | 505057 | 470845 |
| Federal National Mortgage <br> Association REMIC, Series <br> 2006-98 |  |  |
| (Floating, U.S. 30-Day Average <br> SOFR + 0.54%, 0.43% Floor, <br> 7.00% Cap), 4.85%, 10/25/36† | 72743 | 72146 |
| Federal National Mortgage <br> Association REMIC, Series <br> 2007-100 |  |  |
| (Floating, U.S. 30-Day Average <br> SOFR + 0.66%, 0.55% Floor, <br> 7.00% Cap), 4.97%, 10/25/37† | 255976 | 254673 |
| Federal National Mortgage <br> Association REMIC, Series <br> 2011-48 |  |  |
| 4.00%, 06/25/26 STEP | 4893 | 4872 |
| Federal National Mortgage <br> Association REMIC, Series <br> 2012-79 |  |  |
| (Floating, U.S. 30-Day Average <br> SOFR + 0.56%, 0.45% Floor, <br> 6.50% Cap), 4.87%, 07/25/42† | 79093 | 78129 |
| Federal National Mortgage <br> Association REMIC, Series <br> 2015-38 |  |  |
| (Floating, U.S. 30-Day Average <br> SOFR + 0.42%, 0.31% Floor), <br> 4.77%, 06/25/55† | 73187 | 72408 |
| Federal National Mortgage <br> Association REMIC, Series <br> 2016-11 |  |  |
| (Floating, U.S. 30-Day Average <br> SOFR + 0.61%, 0.50% Floor), <br> 4.96%, 03/25/46† | 353761 | 351712 |
| Federal National Mortgage <br> Association REMIC, Series <br> 2016-40 |  |  |
| (Floating, U.S. 30-Day Average <br> SOFR + 0.56%, 0.45% Floor), <br> 4.91%, 07/25/46† | 412362 | 409805 |
| Federal National Mortgage <br> Association REMIC, Series <br> 2018-21 |  |  |
| 3.50%, 04/25/45 | 32955 | 32759 |
| Federal National Mortgage <br> Association REMIC, Series <br> 2019-30 |  |  |
| (Floating, U.S. 30-Day Average <br> SOFR + 0.61%, 0.50% Floor, <br> 6.50% Cap), 4.92%, 07/25/49† | 387396 | 376423 |

---

See Notes to Financial Statements.

**51**

------

**LOW-DURATION BOND FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Federal National Mortgage <br> Association REMIC, Series <br> 2019-53 |  |  |
| (Floating, U.S. 30-Day Average <br> SOFR + 0.51%, 0.40% Floor), <br> 4.86%, 09/25/49† | $541173 | $529174 |
| Federal National Mortgage <br> Association REMIC, Series <br> 2019-60 |  |  |
| (Floating, U.S. 30-Day Average <br> SOFR + 0.51%, 0.40% Floor), <br> 4.86%, 10/25/59† | 516217 | 511543 |
| Federal National Mortgage <br> Association REMIC, Series <br> 2019-9 |  |  |
| 3.50%, 06/25/48 | 503820 | 482858 |
| Federal National Mortgage <br> Association REMIC, Series <br> 2020-79 |  |  |
| 1.50%, 11/25/50 | 425438 | 389439 |
| Federal National Mortgage <br> Association REMIC, Series <br> 2024-103 |  |  |
| (Floating, U.S. 30-Day Average <br> SOFR + 1.15%, 1.15% Floor, <br> 7.00% Cap), 5.46%, 01/25/55† | 1499011 | 1498834 |
| Federal National Mortgage <br> Association REMIC, Series <br> 2024-38 |  |  |
| (Floating, U.S. 30-Day Average <br> SOFR + 0.80%, 0.80% Floor), <br> 5.15%, 01/25/51† | 1145265 | 1146005 |
| Federal National Mortgage <br> Association REMIC, Series <br> 2024-88 |  |  |
| (Floating, U.S. 30-Day Average <br> SOFR + 1.20%, 1.20% Floor, <br> 7.00% Cap), 5.51%, 12/25/54† | 1768888 | 1773403 |
| Federal National Mortgage <br> Association REMIC, Series <br> 2024-90 |  |  |
| (Floating, U.S. 30-Day Average <br> SOFR + 1.25%, 1.25% Floor, <br> 7.00% Cap), 5.56%, 11/25/53† | 1098659 | 1103094 |
| Federal National Mortgage <br> Association REMIC, Series <br> 2024-91 |  |  |
| (Floating, U.S. 30-Day Average <br> SOFR + 1.20%, 1.20% Floor, <br> 7.00% Cap), 5.51%, 12/25/54† | 855588 | 857771 |
| Federal National Mortgage <br> Association REMIC, Series <br> 2024-94 |  |  |
| (Floating, U.S. 30-Day Average <br> SOFR + 1.42%, 1.42% Floor, <br> 6.50% Cap), 5.73%, 12/25/54† | 196162 | 196041 |
| Federal National Mortgage <br> Association REMIC, Series <br> 2024-95 |  |  |
| (Floating, U.S. 30-Day Average <br> SOFR + 1.10%, 1.10% Floor, <br> 7.00% Cap), 5.41%, 12/25/54† | 552014 | 551863 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Federal National Mortgage <br> Association REMIC, Series <br> 2025-16 |  |  |
| (Floating, U.S. 30-Day Average <br> SOFR + 1.15%, 1.15% Floor, <br> 7.00% Cap), 5.46%, 03/25/55† | $845773 | $845887 |
| Federal National Mortgage <br> Association REMIC, Series <br> 2025-18 |  |  |
| (Floating, U.S. 30-Day Average <br> SOFR + 0.90%, 0.90% Floor, <br> 8.00% Cap), 5.21%, 09/25/54† | 2839839 | 2830457 |
| Federal National Mortgage <br> Association REMIC, Series <br> 2025-19 |  |  |
| (Floating, U.S. 30-Day Average <br> SOFR + 1.16%, 1.16% Floor, <br> 7.00% Cap), 5.47%, 03/25/55† | 857961 | 858272 |
| Federal National Mortgage <br> Association REMIC, Series <br> 2025-4 |  |  |
| (Floating, U.S. 30-Day Average <br> SOFR + 1.20%, 1.20% Floor, <br> 7.00% Cap), 5.51%, 12/25/53† | 353543 | 354449 |
| Federal National Mortgage <br> Association REMIC, Series <br> 2025-6 |  |  |
| (Floating, U.S. 30-Day Average <br> SOFR + 1.25%, 1.25% Floor, <br> 7.00% Cap), 5.56%, 02/25/55† | 360816 | 362386 |
| FHLMC Multifamily Structured <br> Pass-Through Certificates, Series <br> K121 |  |  |
| 1.11%, 10/25/30† IO γ | 583956 | 24801 |
| FHLMC Multifamily Structured <br> Pass-Through Certificates, Series <br> KIR2 |  |  |
| 2.75%, 03/25/27 | 105847 | 104167 |
| FHLMC Multifamily Structured <br> Pass-Through Certificates, Series <br> Q029 |  |  |
| (Floating, U.S. 30-Day Average <br> SOFR + 0.55%, 0.55% Floor), <br> 4.86%, 08/25/27† | 2500000 | 2499859 |
| FHLMC Structured Pass-Through <br> Certificates, Series T-32, Class A1 |  |  |
| (Floating, CME Term SOFR 1M + <br> 0.37%, 0.26% Floor), 4.69%, <br> 08/25/31† | 76130 | 76113 |
| FHLMC Structured Pass-Through <br> Certificates, Series T-56, Class <br> 3AF |  |  |
| (Floating, U.S. 30-Day Average <br> SOFR + 1.11%, 1.00% Floor, <br> 8.50% Cap), 5.42%, 05/25/43† | 269018 | 272025 |
| FHLMC Structured Pass-Through <br> Certificates, Series T-61, Class <br> 1A1 |  |  |
| (Floating, Federal Reserve U.S. 12 <br> 1Y CMT + 1.40%, 1.40% <br> Floor), 5.80%, 07/25/44† | 176542 | 170659 |

---

**52**

See Notes to Financial Statements.

------

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| First Horizon Alternative Mortgage <br> Securities Trust, Series 2004-AA1, <br> Class A1 |  |  |
| 5.88%, 06/25/34† γ | $47564 | $47621 |
| FIVE Mortgage Trust, Series <br> 2023-V1, Class A3 |  |  |
| 5.67%, 02/10/56 | 490000 | 502344 |
| Flagstar Mortgage Trust, Series <br> 2021-12, Class A19 |  |  |
| 5.00%, 11/25/51 144A † γ | 1024766 | 1007257 |
| GCAT Trust, Series 2021-NQM7, <br> Class A1 |  |  |
| 1.92%, 08/25/66 144A | 151042 | 140191 |
| Gemgarto PLC, Series 2021-1A, <br> Class A |  |  |
| (Floating, SONIA Interest Rate + <br> 0.89%), 5.12%, 12/16/67(U) <br> 144A † | 240279 | 330523 |
| Government National Mortgage <br> Association |  |  |
| (Floating, U.S. Treasury Yield <br> Curve Rate CMT 1Y + 1.50%, <br> 1.50% Floor, 11.50% Cap), <br> 4.63%, 07/20/25† | 27 | 27 |
| (Floating, U.S. Treasury Yield <br> Curve Rate CMT 1Y + 1.50%, <br> 1.50% Floor, 11.00% Cap), <br> 4.63%, 08/20/25† | 43 | 43 |
| (Floating, U.S. Treasury Yield <br> Curve Rate CMT 1Y + 1.50%, <br> 1.50% Floor, 11.00% Cap), <br> 4.75%, 11/20/25† | 551 | 550 |
| 3.00%, 09/20/26 | 67561 | 66934 |
| 3.00%, 11/20/26 | 148938 | 147481 |
| (Floating, U.S. Treasury Yield <br> Curve Rate CMT 1Y + 1.50%, <br> 1.50% Floor, 11.50% Cap), <br> 4.75%, 12/20/26† | 3429 | 3453 |
| 3.00%, 02/20/27 | 236120 | 233642 |
| (Floating, U.S. Treasury Yield <br> Curve Rate CMT 1Y + 1.50%, <br> 1.50% Floor, 11.00% Cap), <br> 4.63%, 07/20/27† | 104 | 104 |
| (Floating, U.S. Treasury Yield <br> Curve Rate CMT 1Y + 1.50%, <br> 1.50% Floor, 10.00% Cap), <br> 4.75%, 10/20/27† | 1902 | 1920 |
| 3.00%, 01/20/29 | 532448 | 523673 |
| 8.50%, 10/15/29 | 10008 | 10023 |
| 8.50%, 05/15/30 | 30456 | 30670 |
| (Floating, U.S. Treasury Yield <br> Curve Rate CMT 1Y + 1.50%, <br> 1.50% Floor, 11.50% Cap), <br> 4.88%, 05/20/30† | 5723 | 5729 |
| 8.50%, 07/15/30 | 11050 | 11110 |
| 8.50%, 08/15/30 | 1662 | 1664 |
| 8.50%, 11/15/30 | 1834 | 1837 |
| 8.50%, 12/15/30 | 1689 | 1691 |
| 7.00%, 06/20/55 | 900000 | 929294 |
| Government National Mortgage <br> Association, Series 2007-30 |  |  |
| (Floating, CME Term SOFR 1M + <br> 0.41%, 0.30% Floor, 6.50% <br> Cap), 4.73%, 05/20/37† | 35270 | 34831 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Government National Mortgage <br> Association, Series 2011-H08 |  |  |
| (Floating, CME Term SOFR 1M + <br> 0.71%, 0.60% Floor, 10.50% <br> Cap), 5.05%, 02/20/61† | $65288 | $65529 |
| Government National Mortgage <br> Association, Series 2013-H13 |  |  |
| (Floating, U.S. Treasury Yield <br> Curve Rate CMT 1Y + 0.45%, <br> 0.45% Floor, 15.00% Cap), <br> 4.37%, 05/20/63† | 81951 | 81649 |
| Government National Mortgage <br> Association, Series 2016-H07 |  |  |
| (Floating, CME Term SOFR 1M + <br> 0.88%, 0.77% Floor), 5.22%, <br> 02/20/66† | 1565 | 1568 |
| Government National Mortgage <br> Association, Series 2016-H22 |  |  |
| (Floating, CME Term SOFR 1M + <br> 0.88%, 0.77% Floor, 7.50% <br> Cap), 5.22%, 10/20/66† | 514691 | 515814 |
| Government National Mortgage <br> Association, Series 2017-136 |  |  |
| 3.00%, 03/20/47 | 65492 | 61424 |
| Government National Mortgage <br> Association, Series 2017-H09 |  |  |
| (Floating, CME Term SOFR 12M <br> + 1.47%, 0.75% Floor, 7.50% <br> Cap), 5.59%, 04/20/67† | 892200 | 903484 |
| Government National Mortgage <br> Association, Series 2017-H10 |  |  |
| (Floating, CME Term SOFR 12M <br> + 1.47%, 0.75% Floor, 7.50% <br> Cap), 5.59%, 04/20/67† | 1041019 | 1056306 |
| Government National Mortgage <br> Association, Series 2018-H02 |  |  |
| (Floating, CME Term SOFR 12M <br> + 0.80%, 0.08% Floor, 7.50% <br> Cap), 4.96%, 01/20/68† | 1298068 | 1305646 |
| Government National Mortgage <br> Association, Series 2020-127 |  |  |
| 1.50%, 06/20/50 | 421914 | 339287 |
| Government National Mortgage <br> Association, Series 2020-17 |  |  |
| 2.50%, 10/20/49 | 62600 | 55801 |
| Government National Mortgage <br> Association, Series 2022-H22 |  |  |
| (Floating, U.S. 30-Day Average <br> SOFR + 0.75%, 0.75% Floor, <br> 11.00% Cap), 5.05%, <br> 10/20/72† | 422682 | 423452 |
| Government National Mortgage <br> Association, Series 2023-H23 |  |  |
| (Floating, U.S. 30-Day Average <br> SOFR + 0.98%, 0.98% Floor, <br> 10.00% Cap), 5.28%, <br> 09/20/73† | 2318040 | 2341722 |
| Government National Mortgage <br> Association, Series 2024-H07 |  |  |
| (Floating, U.S. 30-Day Average <br> SOFR + 0.65%, 0.65% Floor), <br> 4.95%, 02/20/74† | 1448410 | 1446549 |

---

See Notes to Financial Statements.

**53**

------

**LOW-DURATION BOND FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Government National Mortgage <br> Association, Series 2024-H20 |  |  |
| (Floating, U.S. 30-Day Average <br> SOFR + 0.76%, 0.76% Floor), <br> 5.06%, 11/20/74† | $973742 | $971114 |
| GreenPoint Mortgage Funding Trust, <br> Series 2005-AR5, Class 1A1 |  |  |
| (Floating, CME Term SOFR 1M + <br> 0.65%, 0.54% Floor, 10.50% <br> Cap), 4.97%, 11/25/45† | 44850 | 42211 |
| GreenPoint Mortgage Funding Trust, <br> Series 2006-OH1, Class A1 |  |  |
| (Floating, CME Term SOFR 1M + <br> 0.47%, 0.36% Floor), 4.79%, <br> 01/25/37† | 184460 | 168845 |
| GS Mortgage Securities Corporation <br> Trust, Series 2023-FUN, Class B |  |  |
| (Floating, CME Term SOFR 1M + <br> 2.79%, 2.79% Floor), 7.10%, <br> 03/15/28 144A † | 250000 | 251325 |
| GS Mortgage Securities Corporation <br> Trust, Series 2023-SHIP, Class B |  |  |
| 5.10%, 09/06/26 144A † γ | 1200000 | 1196942 |
| GS Mortgage Securities Corporation <br> Trust, Series 2024-RVR, Class A |  |  |
| 5.37%, 08/10/29 144A † γ | 100000 | 101226 |
| GS Mortgage Securities Trust, Series <br> 2011-GC5, Class AS |  |  |
| 5.21%, 08/10/44 144A † γ | 161466 | 157954 |
| GS Mortgage Securities Trust, Series <br> 2015-GC32, Class A4 |  |  |
| 3.76%, 07/10/48 | 37433 | 37387 |
| GS Mortgage-Backed Securities <br> Corporation Trust, Series <br> 2020-PJ4, Class A2 |  |  |
| 3.00%, 01/25/51 144A † γ | 140965 | 122110 |
| GSAT Trust, Series 2025-BMF, <br> Class A |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.50%, 1.50% Floor), 5.82%, <br> 07/15/30 144A † γ | 530000 | 531014 |
| GSR Mortgage Loan Trust, Series <br> 2004-11, Class 5A1 |  |  |
| 7.88%, 09/25/34† γ | 25386 | 25348 |
| GSR Mortgage Loan Trust, Series <br> 2005-AR6, Class 2A1 |  |  |
| 5.29%, 09/25/35† γ | 23211 | 22322 |
| Homes Trust, Series 2024-NQM2, <br> Class A1 |  |  |
| (Step to 6.72% on 12/25/28), <br> 5.72%, 10/25/69 144A STEP | 342738 | 344558 |
| Homeward Opportunities Fund I <br> Trust, Series 2020-2, Class A3 |  |  |
| 3.20%, 05/25/65 144A | 118993 | 117777 |
| Homeward Opportunities Fund Trust, <br> Series 2022-1, Class A1 |  |  |
| (Step to 5.04% on 08/25/25), <br> 5.08%, 07/25/67 144A STEP | 120265 | 119698 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| IndyMac INDX Mortgage Loan Trust, <br> Series 2006-AR12, Class A1 |  |  |
| (Floating, CME Term SOFR 1M + <br> 0.49%, 0.38% Floor), 4.81%, <br> 09/25/46† | $223145 | $201200 |
| IndyMac INDX Mortgage Loan Trust, <br> Series 2007-FLX3, Class A2 |  |  |
| (Floating, CME Term SOFR 1M + <br> 0.65%, 0.54% Floor), 4.97%, <br> 06/25/37† | 81975 | 101852 |
| Intown Mortgage Trust, Series <br> 2025-STAY, Class A |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.35%, 1.35% Floor), 5.66%, <br> 03/15/42 144A † | 320000 | 319073 |
| INV Mortgage Trust, Series <br> 2024-IND, Class A |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.74%, 1.74% Floor), 6.05%, <br> 11/15/41 144A † | 110000 | 110125 |
| JP Morgan Chase Commercial <br> Mortgage Securities Trust, Series <br> 2018-WPT, Class AFX |  |  |
| 4.25%, 07/05/33 144A | 190000 | 180518 |
| JP Morgan Chase Commercial <br> Mortgage Securities Trust, Series <br> 2024-IGLG, Class A |  |  |
| 5.35%, 11/09/39 144A † γ | 190000 | 191586 |
| JP Morgan Mortgage Trust, Series <br> 2005-A1, Class 6T1 |  |  |
| 5.88%, 02/25/35† γ | 5241 | 5128 |
| JP Morgan Mortgage Trust, Series <br> 2020-LTV1, Class A11 |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.11%, 6.00% Cap), 5.44%, <br> 06/25/50 144A † | 5880 | 5854 |
| JP Morgan Mortgage Trust, Series <br> 2021-12, Class A11 |  |  |
| (Floating, U.S. 30-Day Average <br> SOFR + 0.85%, 5.00% Cap), <br> 5.00%, 02/25/52 144A † | 143054 | 132814 |
| JP Morgan Mortgage Trust, Series <br> 2021-14, Class A12 |  |  |
| 5.00%, 05/25/52 144A † γ | 233963 | 226290 |
| JP Morgan Mortgage Trust, Series <br> 2023-DSC1, Class A1 |  |  |
| 4.63%, 07/25/63 144A | 371437 | 361885 |
| JP Morgan Mortgage Trust, Series <br> 2024-NQM1, Class A1 |  |  |
| (Step to 6.59% on 01/25/29), <br> 5.59%, 02/25/64 144A STEP | 687931 | 692144 |
| JPMCC Commercial Mortgage <br> Securities Trust, Series 2017-JP7, <br> Class A3 |  |  |
| 3.38%, 09/15/50 | 290877 | 284171 |
| LEX Mortgage Trust, Series <br> 2024-BBG, Class A |  |  |
| 5.04%, 10/13/33 144A † γ | 1000000 | 1006035 |

---

**54**

See Notes to Financial Statements.

------

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Luminent Mortgage Trust, Series <br> 2006-7, Class 2A1 |  |  |
| (Floating, CME Term SOFR 1M + <br> 0.45%, 0.34% Floor, 10.50% <br> Cap), 4.77%, 12/25/36† | $193288 | $176451 |
| LUX, Series 2023-LION, Class A |  |  |
| (Floating, CME Term SOFR 1M + <br> 2.69%, 2.69% Floor), 7.00%, <br> 08/15/28 144A † | 206513 | 208235 |
| MASTR Adjustable Rate Mortgages <br> Trust, Series 2003-6, Class 3A1 |  |  |
| 4.29%, 12/25/33† γ | 5674 | 5632 |
| MF1, Series 2021-W10, Class A |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.07%, 1.07% Floor), 5.38%, <br> 12/15/34 144A † | 110000 | 109735 |
| MFA Trust, Series 2021-INV2, <br> Class A1 |  |  |
| 1.91%, 11/25/56 144A | 198918 | 178347 |
| MFA Trust, Series 2021-RPL1, <br> Class A1 |  |  |
| 1.13%, 07/25/60 144A | 536118 | 488479 |
| MFA Trust, Series 2023-INV2, <br> Class A1 |  |  |
| (Step to 7.74% on 10/25/27), <br> 6.78%, 10/25/58 144A STEP | 150598 | 152293 |
| MFA Trust, Series 2023-NQM3, <br> Class A1 |  |  |
| (Step to 7.49% on 09/25/27), <br> 6.62%, 07/25/68 144A STEP | 420865 | 424237 |
| MFA Trust, Series 2023-NQM4, <br> Class A1 |  |  |
| (Step to 7.11% on 01/25/28), <br> 6.11%, 12/25/68 144A STEP | 197789 | 198922 |
| MFA Trust, Series 2025-NQM2, <br> Class A1 |  |  |
| (Step to 6.68% on 06/25/29), <br> 5.68%, 05/27/70 144A STEP | 192073 | 193215 |
| Mill City Mortgage Loan Trust, Series <br> 2017-1, Class M2 |  |  |
| 3.25%, 11/25/58 144A | 89711 | 88395 |
| Mill City Mortgage Loan Trust, Series <br> 2017-3, Class A1 |  |  |
| 2.75%, 01/25/61 144A | 1178 | 1175 |
| Mill City Mortgage Loan Trust, Series <br> 2018-3, Class A1 |  |  |
| 3.50%, 08/25/58 144A | 80950 | 79690 |
| Morgan Stanley Bank of America <br> Merrill Lynch Trust, Series <br> 2015-C24, Class A4 |  |  |
| 3.73%, 05/15/48 | 161395 | 160968 |
| Morgan Stanley Bank of America <br> Merrill Lynch Trust, Series <br> 2015-C25, Class A5 |  |  |
| 3.64%, 10/15/48 | 484555 | 483296 |
| Morgan Stanley Bank of America <br> Merrill Lynch Trust, Series <br> 2016-C32, Class XA |  |  |
| 0.78%, 12/15/49† IO γ | 1703976 | 11870 |
| Morgan Stanley Bank of America <br> Merrill Lynch Trust, Series <br> 2025-5C1, Class A3 |  |  |
| 5.64%, 03/15/58 | 342000 | 355673 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Morgan Stanley Capital I Trust, Series <br> 2024-NSTB, Class A |  |  |
| 3.90%, 07/20/32 144A | $117013 | $113400 |
| Morgan Stanley Residential Mortgage <br> Loan Trust, Series 2025-DSC1, <br> Class A1 |  |  |
| (Step to 6.56% on 05/25/29), <br> 5.56%, 03/25/70 144A STEP | 253827 | 255452 |
| NCMF Trust, Series 2025-MFS, <br> Class A |  |  |
| 4.88%, 06/10/33 144A † γ | 244000 | 243747 |
| NCMF Trust, Series 2025-MFS, <br> Class B |  |  |
| 5.51%, 06/10/33 144A † γ | 149000 | 150247 |
| New Residential Mortgage Loan <br> Trust, Series 2017-4A, Class A1 |  |  |
| 4.00%, 05/25/57 144A † γ | 391009 | 375966 |
| New Residential Mortgage Loan <br> Trust, Series 2019-RPL3, <br> Class A1 |  |  |
| 2.75%, 07/25/59 144A | 590565 | 567396 |
| New Residential Mortgage Loan <br> Trust, Series 2020-1A, Class A1B |  |  |
| 3.50%, 10/25/59 144A † γ | 287529 | 270027 |
| New Residential Mortgage Loan <br> Trust, Series 2020-RPL1, <br> Class A1 |  |  |
| 2.75%, 11/25/59 144A | 766340 | 734803 |
| New Residential Mortgage Loan <br> Trust, Series 2025-NQM2, <br> Class A1 |  |  |
| (Step to 6.57% on 02/25/46), <br> 5.57%, 04/25/65 144A STEP | 180946 | 182156 |
| NY Commercial Mortgage Trust, <br> Series 2025-299P, Class A |  |  |
| 5.85%, 02/10/47 144A † γ | 150000 | 156169 |
| NYC Commercial Mortgage Trust, <br> Series 2025-3BP, Class A |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.21%, 1.21% Floor), 5.52%, <br> 02/15/42 144A † | 132000 | 131015 |
| OBX Trust, Series 2020-EXP3, Class <br> 2A1B |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.01%), 5.33%, 01/25/60 <br> 144A † | 205833 | 205076 |
| OBX Trust, Series 2023-NQM5, <br> Class A1A |  |  |
| (Step to 7.52% on 07/25/27), <br> 6.57%, 06/25/63 144A STEP | 169524 | 170907 |
| OBX Trust, Series 2023-NQM6, <br> Class A1 |  |  |
| (Step to 7.52% on 08/25/27), <br> 6.52%, 07/25/63 144A STEP | 443633 | 447426 |
| OBX Trust, Series 2024-NQM12, <br> Class A1 |  |  |
| (Step to 6.48% on 09/25/28), <br> 5.48%, 07/25/64 144A STEP | 1000792 | 1001552 |
| OBX Trust, Series 2024-NQM13, <br> Class A1 |  |  |
| 5.12%, 06/25/64 144A | 794923 | 792416 |

---

See Notes to Financial Statements.

**55**

------

**LOW-DURATION BOND FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| OBX Trust, Series 2024-NQM14, <br> Class A1 |  |  |
| (Step to 5.94% on 10/25/28), <br> 4.94%, 09/25/64 144A STEP | $846193 | $841950 |
| OBX Trust, Series 2024-NQM15, <br> Class A1 |  |  |
| (Step to 6.32% on 11/25/28), <br> 5.32%, 10/25/64 144A STEP | 603696 | 603022 |
| OBX Trust, Series 2025-NQM3, <br> Class A1 |  |  |
| (Step to 6.65% on 03/25/29), <br> 5.65%, 12/01/64 144A STEP | 119517 | 120252 |
| OBX Trust, Series 2025-NQM4, <br> Class A1 |  |  |
| (Step to 6.40% on 03/25/29), <br> 5.40%, 02/25/55 144A STEP | 253032 | 253316 |
| OBX Trust, Series 2025-NQM6, <br> Class A1 |  |  |
| (Step to 6.60% on 04/25/29), <br> 5.60%, 03/25/65 144A STEP | 179983 | 180831 |
| Oceanview Mortgage Trust, Series <br> 2025-3, Class AF1 |  |  |
| (Floating, U.S. 30-Day Average <br> SOFR + 0.95%, 7.50% Cap), <br> 5.26%, 05/25/55 144A † γ | 300000 | 300750 |
| ONE Mortgage Trust, Series <br> 2021-PARK, Class A |  |  |
| (Floating, CME Term SOFR 1M + <br> 0.81%, 0.70% Floor), 5.13%, <br> 03/15/36 144A † | 1600000 | 1571594 |
| One New York Plaza Trust, Series <br> 2020-1NYP, Class A |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.06%, 0.95% Floor), 5.38%, <br> 01/15/36 144A † | 240000 | 233450 |
| PRET Trust, Series 2025-RPL2, <br> Class A1 |  |  |
| (Step to 4.35% on 04/25/29), <br> 4.00%, 08/25/64 144A STEP | 97376 | 94284 |
| PRKCM Trust, Series 2021-AFC2, <br> Class A1 |  |  |
| 2.07%, 11/25/56 144A | 251041 | 222757 |
| PRM5 Trust, Series 2025-PRM5, <br> Class A |  |  |
| 4.62%, 02/10/28 144A † γ | 270000 | 269077 |
| Progress Trust, Series 2020-1, Class A |  |  |
| (Floating, Australian BBSW 1M + <br> 1.00%), 4.69%, 01/21/51(A) † | 540570 | 356141 |
| PRPM LLC, Series 2024-RCF1, <br> Class A1 |  |  |
| (Step to 5.00% on 02/25/28), <br> 4.00%, 01/25/54 144A STEP | 81151 | 79641 |
| PRPM Trust, Series 2023-NQM2, <br> Class A1 |  |  |
| (Step to 6.94% on 10/25/27), <br> 6.25%, 08/25/68 144A STEP | 84142 | 84612 |
| PRPM Trust, Series 2024-NQM2, <br> Class A1 |  |  |
| (Step to 7.33% on 08/25/28), <br> 6.33%, 06/25/69 144A STEP | 80906 | 82413 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| PRPM Trust, Series 2025-NQM1, <br> Class A1 |  |  |
| (Step to 6.80% on 03/25/29), <br> 5.80%, 11/25/69 144A STEP | $186112 | $187770 |
| Residential Mortgage Loan Trust, <br> Series 2019-3, Class M1 |  |  |
| 3.26%, 09/25/59 144A | 282597 | 278677 |
| RFMSI Trust, Series 2003-S9, <br> Class A1 |  |  |
| 6.50%, 03/25/32 | 2390 | 2415 |
| Sequoia Mortgage Trust, Series <br> 2017-CH1, Class A2 |  |  |
| 3.50%, 08/25/47 144A | 9378 | 8702 |
| Sequoia Mortgage Trust, Series <br> 2024-HYB1, Class A1A |  |  |
| 4.47%, 11/25/63 144A † γ | 1463029 | 1478799 |
| SG Residential Mortgage Trust, Series <br> 2022-2, Class A1 |  |  |
| (Step to 5.29% on 08/25/25), <br> 5.35%, 08/25/62 144A STEP | 102188 | 102058 |
| Starwood Mortgage Residential Trust, <br> Series 2020-3, Class A1 |  |  |
| 1.49%, 04/25/65 144A | 85712 | 82765 |
| Starwood Mortgage Residential Trust, <br> Series 2020-INV1, Class A1 |  |  |
| 1.03%, 11/25/55 144A | 52012 | 49180 |
| Structured Adjustable Rate Mortgage <br> Loan Trust, Series 2004-13, <br> Class A2 |  |  |
| (Floating, CME Term SOFR 1M + <br> 0.41%, 0.30% Floor), 4.73%, <br> 09/25/34† | 30538 | 28161 |
| Structured Asset Mortgage <br> Investments II Trust, Series <br> 2005-AR5, Class A1 |  |  |
| (Floating, CME Term SOFR 1M + <br> 0.61%, 0.50% Floor, 11.00% <br> Cap), 4.93%, 07/19/35† | 16828 | 16106 |
| Structured Asset Mortgage <br> Investments II Trust, Series <br> 2005-AR8, Class A1A |  |  |
| (Floating, CME Term SOFR 1M + <br> 0.67%, 0.56% Floor, 10.50% <br> Cap), 4.99%, 02/25/36† | 106980 | 89434 |
| TBW Mortgage-Backed Trust, Series <br> 2007-2, Class A6A |  |  |
| (Step to 4.23% on 08/25/25), <br> 6.51%, 07/25/37 STEP | 149852 | 54990 |
| TCO Commercial Mortgage Trust, <br> Series 2024-DPM, Class A |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.24%, 1.24% Floor), 5.55%, <br> 12/15/39 144A † | 315000 | 315295 |
| TEXAS Commercial Mortgage Trust, <br> Series 2025-TWR, Class A |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.29%, 1.29% Floor), 5.60%, <br> 04/15/42 144A † | 234000 | 233881 |

---

**56**

See Notes to Financial Statements.

------

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Towd Point Mortgage Trust, Series <br> 2015-1, Class A5 |  |  |
| 4.68%, 10/25/53 144A † γ | $288452 | $286864 |
| Towd Point Mortgage Trust, Series <br> 2016-2, Class M1 |  |  |
| 3.00%, 08/25/55 144A | 145414 | 143070 |
| Towd Point Mortgage Trust, Series <br> 2017-4, Class A1 |  |  |
| 2.75%, 06/25/57 144A | 86907 | 84771 |
| Towd Point Mortgage Trust, Series <br> 2018-1, Class A1 |  |  |
| 3.00%, 01/25/58 144A | 211627 | 208954 |
| Towd Point Mortgage Trust, Series <br> 2018-2, Class A1 |  |  |
| 3.25%, 03/25/58 144A | 238115 | 235377 |
| Towd Point Mortgage Trust, Series <br> 2018-6, Class A1A |  |  |
| 3.75%, 03/25/58 144A | 336846 | 333634 |
| Towd Point Mortgage Trust, Series <br> 2020-1, Class A1 |  |  |
| 2.71%, 01/25/60 144A † γ | 320884 | 308301 |
| Towd Point Mortgage Trust, Series <br> 2020-2, Class A1A |  |  |
| 1.64%, 04/25/60 144A | 1194126 | 1085823 |
| Towd Point Mortgage Trust, Series <br> 2021-SJ2, Class A1A |  |  |
| 2.25%, 12/25/61 144A | 361618 | 350290 |
| Triton Bond Trust, Series 2021-2, <br> Class A1AU |  |  |
| (Floating, Australian BBSW 1M + <br> 0.70%), 4.46%, 02/09/53(A) † | 281288 | 184859 |
| UBS Commercial Mortgage Trust, <br> Series 2019-C16, Class ASB |  |  |
| 3.46%, 04/15/52 | 411582 | 404052 |
| Uniform Mortgage Backed Securities |  |  |
| 4.00%, 08/01/52 TBA | 5100000 | 4741806 |
| 5.00%, 07/01/53 TBA | 5100000 | 4998686 |
| 6.00%, 07/01/53 TBA | 2160000 | 2195163 |
| 6.00%, 08/01/53 TBA | 13300000 | 13503524 |
| VDCM Commercial Mortgage Trust, <br> Series 2025-AZ, Class A |  |  |
| 5.23%, 07/13/44 144A † ††† γ | 1400000 | 1405556 |
| Verus Securitization Trust, Series <br> 2021-6, Class A1 |  |  |
| 1.63%, 10/25/66 144A | 698034 | 610955 |
| Verus Securitization Trust, Series <br> 2022-1, Class A1 |  |  |
| (Step to 3.72% on 02/25/26), <br> 2.72%, 01/25/67 144A STEP | 126944 | 118906 |
| Verus Securitization Trust, Series <br> 2022-INV2, Class A1 |  |  |
| (Step to 6.77% on 08/25/25), <br> 6.79%, 10/25/67 144A STEP | 147318 | 147365 |
| Verus Securitization Trust, Series <br> 2023-2, Class A1 |  |  |
| (Step to 7.19% on 04/25/27), <br> 6.19%, 03/25/68 144A STEP | 75819 | 75998 |
| Verus Securitization Trust, Series <br> 2024-1, Class A1 |  |  |
| (Step to 6.71% on 02/25/28), <br> 5.71%, 01/25/69 144A STEP | 256349 | 257033 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Verus Securitization Trust, Series <br> 2024-R1, Class A1 |  |  |
| 5.22%, 04/25/65 144A † γ | $443573 | $443690 |
| Verus Securitization Trust, Series <br> 2025-3, Class A1 |  |  |
| (Step to 6.62% on 05/25/29), <br> 5.62%, 05/25/70 144A STEP | 339658 | 341651 |
| Washington Mutual Mortgage <br> Pass-Through Certificates Trust, <br> Series 2002-AR6, Class A |  |  |
| (Floating, Federal Reserve U.S. 12 <br> 1Y CMT + 1.40%, 1.40% <br> Floor), 5.80%, 06/25/42† | 1732 | 1619 |
| Washington Mutual Mortgage <br> Pass-Through Certificates Trust, <br> Series 2003-AR8, Class A |  |  |
| 6.17%, 08/25/33† γ | 46226 | 45258 |
| Washington Mutual Mortgage <br> Pass-Through Certificates Trust, <br> Series 2005-AR2, Class 2A1A |  |  |
| (Floating, CME Term SOFR 1M + <br> 0.73%, 0.62% Floor, 10.50% <br> Cap), 5.05%, 01/25/45† | 63931 | 63630 |
| Washington Mutual Mortgage <br> Pass-Through Certificates Trust, <br> Series 2006-AR19, Class 1A |  |  |
| (Floating, Federal Reserve U.S. 12 <br> 1Y CMT + 0.74%, 0.74% <br> Floor), 5.14%, 01/25/47† | 115829 | 105164 |
| Washington Mutual Mortgage <br> Pass-Through Certificates Trust, <br> Series 2006-AR5, Class A12A |  |  |
| (Floating, Federal Reserve U.S. 12 <br> 1Y CMT + 0.98%, 0.98% <br> Floor), 5.38%, 06/25/46† | 243135 | 226763 |
| Washington Mutual Mortgage <br> Pass-Through Certificates Trust, <br> Series 2007-HY1, Class 1A1 |  |  |
| 4.45%, 02/25/37† γ | 86872 | 77630 |
| Washington Mutual Mortgage <br> Pass-Through Certificates Trust, <br> Series 2007-HY5, Class 2A1 |  |  |
| 3.41%, 05/25/37† γ | 112129 | 90935 |
| Washington Mutual Mortgage <br> Pass-Through Certificates Trust, <br> Series 2007-OA5, Class A1B |  |  |
| (Floating, Federal Reserve U.S. 12 <br> 1Y CMT + 0.84%, 0.84% <br> Floor), 5.24%, 05/25/47† | 14592 | 18469 |
| Wells Fargo Commercial Mortgage <br> Trust, Series 2016-NXS5, <br> Class A6FL |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.66%, 1.55% Floor), 5.98%, <br> 01/15/59 144A † | 2000000 | 1995569 |
| Wells Fargo Commercial Mortgage <br> Trust, Series 2024-5C2, Class A3 |  |  |
| 5.92%, 11/15/57 | 60000 | 62896 |
| Wells Fargo Commercial Mortgage <br> Trust, Series 2025-DWHP, Class A |  |  |
| (Floating, CME Term SOFR 1M + <br> 2.34%, 2.34% Floor), 6.65%, <br> 04/15/38 144A † γ | 1280000 | 1280397 |

---

See Notes to Financial Statements.

**57**

------

**LOW-DURATION BOND FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Wells Fargo Mortgage Backed <br> Securities Trust, Series 2020-RR1, <br> Class A1 |  |  |
| 3.00%, 05/25/50 144A † γ | $56033 | $47821 |
| WEST Trust, Series 2025-ROSE, <br> Class A |  |  |
| 5.45%, 04/10/30 144A † γ | 217000 | 220025 |
| **Total Mortgage-Backed Securities** <br>(Cost $176,857,709) |  | 175711710 |
| **MUNICIPAL BONDS — 0.4%** | **MUNICIPAL BONDS — 0.4%** | **MUNICIPAL BONDS — 0.4%** |
| Maricopa County Industrial <br> Development Authority, Grand <br> Canyon University Project, <br> Revenue Bond |  |  |
| 7.38%, 10/01/29 144A | 180000 | 186518 |
| Massachusetts State Educational <br> Financing Authority, Revenue <br> Bond, Senior Series A |  |  |
| 6.35%, 07/01/49 | 145000 | 149139 |
| Texas Natural Gas Securitization <br> Finance Corporation, Revenue <br> Bond |  |  |
| 5.10%, 04/01/35 | 2833373 | 2899578 |
| **Total Municipal Bonds** <br>(Cost $3,158,373) |  | 3235235 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of** <br>**Contracts**<br>| **Notional** <br>**Amount**<br>|  |
| **PURCHASED OPTIONS — 0.0%** | **PURCHASED OPTIONS — 0.0%** | **PURCHASED OPTIONS — 0.0%** | **PURCHASED OPTIONS — 0.0%** |
| **Call Swaption — 0.0%** | **Call Swaption — 0.0%** | **Call Swaption — 0.0%** | **Call Swaption — 0.0%** |
| Pay 1-Day SOFR <br> (Annually); <br> Receive 3.6% <br> (Annually); Interest <br> Rate Swap <br> Maturing <br> 08/14/2026 USD, <br> Strike Price $3.60, <br> Expires 08/12/25 <br> (MSCS)<br>| 1 | $76800000 | 54605 |
| **Put Swaptions — 0.0%** | **Put Swaptions — 0.0%** | **Put Swaptions — 0.0%** | **Put Swaptions — 0.0%** |
| Pay 4.6% (Annually); <br> Receive 1-Day <br> SOFR (Annually); <br> Interest Rate Swap <br> Maturing <br> 08/14/2026 USD, <br> Strike Price <br>$4.60, Expires <br>08/12/25 (MSCS)<br>| 1 | 76800000 | 1 |
| Pay 5.4% (Annually); <br> Receive 1-Day <br> SOFR (Annually); <br> Interest Rate Swap <br> Maturing <br> 09/30/2026 USD, <br> Strike Price <br>$5.40, Expires <br>09/26/25 (BAR)<br>| 1 | 9200000 | —  |
|  |  |  | 1 |
| **Total Purchased Options** <br>(Premiums paid $124,658) | **Total Purchased Options** <br>(Premiums paid $124,658) |  | 54606 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **U.S. TREASURY OBLIGATIONS — 21.7%** | **U.S. TREASURY OBLIGATIONS — 21.7%** | **U.S. TREASURY OBLIGATIONS — 21.7%** |
| U.S. Treasury Bills |  |  |
| 4.56%, 07/10/25Ω ‡‡ | $61000 | $60936 |
| 3.68%, 04/16/26Ω | 3000000 | 2907520 |
|  |  | 2968456 |
| U.S. Treasury <br> Inflationary Index <br> Notes<br>|  |  |
| 0.13%, 07/15/26 | 1739803 | 1724921 |
| 0.13%, 10/15/26‡‡ | 469588 | 464243 |
| 2.13%, 04/15/29‡‡ | 1088997 | 1118555 |
|  |  | 3307719 |
| U.S. Treasury Notes |  |  |
| 4.88%, 04/30/26Δ | 4595000 | 4624093 |
| 3.63%, 05/15/26Δ | 9835000 | 9799336 |
| 4.88%, 05/31/26 | 1600000 | 1611581 |
| 4.38%, 07/31/26 | 260000 | 261082 |
| 4.38%, 08/15/26 | 46728000 | 46938824 |
| 3.50%, 09/30/26 | 4935000 | 4910325 |
| 4.25%, 12/31/26Δ | 5795000 | 5829634 |
| 3.75%, 04/30/27 | 8400000 | 8400000 |
| 4.50%, 05/15/27Δ | 2420000 | 2452235 |
| 4.63%, 06/15/27 | 500000 | 508359 |
| 2.75%, 07/31/27Δ | 2000000 | 1961211 |
| 3.75%, 08/15/27 | 9390000 | 9395869 |
| 3.38%, 09/15/27Δ | 11760000 | 11680528 |
| 3.88%, 10/15/27 | 1420000 | 1425159 |
| 4.13%, 11/15/27 | 275000 | 277589 |
| 4.25%, 02/15/28 | 1015000 | 1028877 |
| 3.75%, 04/15/28 | 600000 | 600844 |
| 3.50%, 04/30/28 | 21195000 | 21083229 |
| 2.88%, 05/15/28 | 700000 | 684496 |
| 3.75%, 05/15/28 | 17625000 | 17653916 |
| 3.88%, 06/15/28 | 19700000 | 19805426 |
| 1.25%, 09/30/28 | 7000000 | 6477461 |
|  |  | 177410074 |
| **Total U.S. Treasury Obligations** <br>(Cost $183,154,123) |  | 183686249 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **MONEY MARKET FUNDS — 6.0%** | **MONEY MARKET FUNDS — 6.0%** | **MONEY MARKET FUNDS — 6.0%** |
| Northern Institutional Liquid Assets <br> Portfolio (Shares), 4.39%Ø § | 9147944 | 9147944 |
| GuideStone Money Market Fund, <br> 4.25% <br>(Institutional Class)Ø ∞ | 41676098 | 41676098 |
| **Total Money Market Funds** <br>(Cost $50,824,042) |  | 50824042 |

---

**58**

See Notes to Financial Statements.

------

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **REPURCHASE AGREEMENTS — 2.1%** | **REPURCHASE AGREEMENTS — 2.1%** | **REPURCHASE AGREEMENTS — 2.1%** |
| Deutsche Bank Securities, Inc. |  |  |
| 4.49% (dated 06/30/25, due <br> 07/01/25, repurchase price <br> $3,600, collateralized by <br> U.S. Treasury Notes, 4.25%, <br> due 06/30/29, total market <br> value $3,676,207) | $3600000 | $3600000 |
| 4.44% (dated 06/30/25, due <br> 07/01/25, repurchase price <br> $14,102, collateralized by <br> U.S. Treasury Bonds, 4.75%, <br> due 05/15/54, total market <br> value $14,339,924) | 14100000 | 14100000 |
| **Total Repurchase Agreements** <br>(Cost $17,700,000) |  | 17700000 |
| **TOTAL INVESTMENTS — 104.4**% <br>(Cost $880,382,754) |  | 882868928 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of** <br>**Contracts**<br>| **Notional** <br>**Amount**<br>|  |
| **WRITTEN OPTIONS — (0.0)%** | **WRITTEN OPTIONS — (0.0)%** | **WRITTEN OPTIONS — (0.0)%** | **WRITTEN OPTIONS — (0.0)%** |
| **Call Swaptions — (0.0)%** | **Call Swaptions — (0.0)%** | **Call Swaptions — (0.0)%** | **Call Swaptions — (0.0)%** |
| CDX CDX.NA.IG.43 <br> (Pay Quarterly); <br> Credit Default <br> Swap Maturing <br> 07/16/2025 USD, <br> Strike Price <br>$90.00, Expires <br>07/16/25 (GSC)<br>| (1)<br>| $(12700000)<br>| (861)<br>|
| CDX CDX.NA.IG.43 <br> (Pay Quarterly); <br> Credit Default <br> Swap Maturing <br> 07/16/2025 USD, <br> Strike Price <br>$100.00, Expires <br>07/16/25 (JPM)<br>| (1)<br>| (1800000)<br>| (112)<br>|
| **Total Written Options** <br>(Premiums received $(16196)) | **Total Written Options** <br>(Premiums received $(16196)) |  | (973)<br>|
| **Liabilities in Excess of Other**<br> **Assets — (4.4)%** | **Liabilities in Excess of Other**<br> **Assets — (4.4)%** |  | (36948799)<br>|
| **NET ASSETS — 100.0%** | **NET ASSETS — 100.0%** |  | $845919156 |

---

Futures Contracts outstanding at June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Future Type** | **Expiration Date** | **Open Long** <br>**(Short) Contracts**<br>| **Notional** <br>**Market Value** <br>**of Contracts**<br>| **Value and** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| Euro-Bobl | 09/2025 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; $138621 | &nbsp;&nbsp;&nbsp; $(337)<br>|
| Euro-Schatz | 09/2025 | &nbsp;&nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp; 2400368 | &nbsp;&nbsp;&nbsp; (36)<br>|
| 3-Month CME SOFR | 09/2025 | &nbsp;&nbsp;&nbsp; 312 | &nbsp;&nbsp;&nbsp; 74618700 | &nbsp;&nbsp;&nbsp; (17550)<br>|
| 10-Year Bond | 09/2025 | &nbsp;&nbsp;&nbsp; (5)<br>| &nbsp;&nbsp;&nbsp; (447953)<br>| &nbsp;&nbsp;&nbsp; (4319)<br>|
| 10-Year U.S. Treasury Note | 09/2025 | &nbsp;&nbsp;&nbsp; (89)<br>| &nbsp;&nbsp;&nbsp; (9979125)<br>| &nbsp;&nbsp;&nbsp; (172628)<br>|
| U.S. Treasury Long Bond | 09/2025 | &nbsp;&nbsp;&nbsp; (13)<br>| &nbsp;&nbsp;&nbsp; (1501094)<br>| &nbsp;&nbsp;&nbsp; (58386)<br>|
| Ultra 10-Year U.S. Treasury Note | 09/2025 | &nbsp;&nbsp;&nbsp; (121)<br>| &nbsp;&nbsp;&nbsp; (13826141)<br>| &nbsp;&nbsp;&nbsp; (347408)<br>|

---

See Notes to Financial Statements.

**59**

------

**LOW-DURATION BOND FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Future Type** | **Expiration Date** | **Open Long**<br> **(Short) Contracts**<br>| **Notional**<br> **Market Value**<br> **of Contracts**<br>| **Value and**<br> **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>|
| Ultra Long U.S. Treasury Bond | 09/2025 | &nbsp;&nbsp;&nbsp; (85)<br>| &nbsp;&nbsp;&nbsp; $(10125625)<br>| &nbsp;&nbsp;&nbsp; $(248368)<br>|
| 2-Year U.S. Treasury Note | 09/2025 | &nbsp;&nbsp;&nbsp; 722 | &nbsp;&nbsp;&nbsp; 150192922 | &nbsp;&nbsp;&nbsp; 508267 |
| 5-Year U.S. Treasury Note | 09/2025 | &nbsp;&nbsp;&nbsp; 781 | &nbsp;&nbsp;&nbsp; 85129000 | &nbsp;&nbsp;&nbsp; 820493 |
| 3-Month CME SOFR | 06/2026 | &nbsp;&nbsp;&nbsp; 696 | &nbsp;&nbsp;&nbsp; 168084000 | &nbsp;&nbsp;&nbsp; 344700 |
| Total Futures Contracts outstanding at June 30, 2025 |  |  | &nbsp;&nbsp;&nbsp; $444683673 | &nbsp;&nbsp;&nbsp; $824428 |

---

Forward Foreign Currency Contracts outstanding at June 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Expiration Date** | **Currency** <br>**Purchased**<br>| **Amount** <br>**of Currency** <br>**Purchased**<br>| **Currency** <br>**Sold**<br>| **Amount** <br>**of Currency** <br>**Sold**<br>| **Counter-** <br>**party**<br>| **Net Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| 08/20/25 | Taiwan Dollars | &nbsp;&nbsp; 7933075 | U.S. Dollars | &nbsp;&nbsp; 244000 | BNP | &nbsp;&nbsp; $32095 |
| 07/02/25 | Euro | &nbsp;&nbsp; 907000 | U.S. Dollars | &nbsp;&nbsp; 1041221 | HSBC | &nbsp;&nbsp; 27180 |
| 07/02/25 | Brazilian Reals | &nbsp;&nbsp; 1920178 | U.S. Dollars | &nbsp;&nbsp; 335704 | CITI | &nbsp;&nbsp; 17718 |
| 07/02/25 | Australian Dollars | &nbsp;&nbsp; 1315000 | U.S. Dollars | &nbsp;&nbsp; 851638 | BOA | &nbsp;&nbsp; 13829 |
| 07/10/25 | Polish Zloty | &nbsp;&nbsp; 750965 | U.S. Dollars | &nbsp;&nbsp; 199951 | JPM | &nbsp;&nbsp; 8343 |
| 07/10/25 | Polish Zloty | &nbsp;&nbsp; 536882 | U.S. Dollars | &nbsp;&nbsp; 143382 | HSBC | &nbsp;&nbsp; 5533 |
| 07/16/25 | Taiwan Dollars | &nbsp;&nbsp; 6222163 | U.S. Dollars | &nbsp;&nbsp; 209220 | CITI | &nbsp;&nbsp; 5070 |
| 10/02/25 | Brazilian Reals | &nbsp;&nbsp; 1960847 | U.S. Dollars | &nbsp;&nbsp; 347748 | GSC | &nbsp;&nbsp; 4592 |
| 07/16/25 | Taiwan Dollars | &nbsp;&nbsp; 1021548 | U.S. Dollars | &nbsp;&nbsp; 32236 | HSBC | &nbsp;&nbsp; 2946 |
| 08/20/25 | Chinese Offshore Yuan | &nbsp;&nbsp; 1460000 | U.S. Dollars | &nbsp;&nbsp; 201905 | BNP | &nbsp;&nbsp; 2896 |
| 08/20/25 | Chinese Offshore Yuan | &nbsp;&nbsp; 1885000 | U.S. Dollars | &nbsp;&nbsp; 262590 | BAR | &nbsp;&nbsp; 1828 |
| 08/20/25 | Chinese Offshore Yuan | &nbsp;&nbsp; 403000 | U.S. Dollars | &nbsp;&nbsp; 55625 | SC | &nbsp;&nbsp; 905 |
| 07/16/25 | South Korean Won | &nbsp;&nbsp; 109787274 | U.S. Dollars | &nbsp;&nbsp; 80537 | BOA | &nbsp;&nbsp; 787 |
| 07/10/25 | Polish Zloty | &nbsp;&nbsp; 69891 | U.S. Dollars | &nbsp;&nbsp; 18655 | BAR | &nbsp;&nbsp; 731 |
| 08/20/25 | Indian Rupees | &nbsp;&nbsp; 10573769 | U.S. Dollars | &nbsp;&nbsp; 122380 | CITI | &nbsp;&nbsp; 694 |
| 08/04/25 | Japanese Yen | &nbsp;&nbsp; 12764966 | U.S. Dollars | &nbsp;&nbsp; 88388 | MSCS | &nbsp;&nbsp; 631 |
| 07/23/25 | South African Rand | &nbsp;&nbsp; 544468 | U.S. Dollars | &nbsp;&nbsp; 30121 | BAR | &nbsp;&nbsp; 576 |
| 08/20/25 | Chinese Offshore Yuan | &nbsp;&nbsp; 248000 | U.S. Dollars | &nbsp;&nbsp; 34271 | DEUT | &nbsp;&nbsp; 517 |
| 08/20/25 | Indian Rupees | &nbsp;&nbsp; 7126765 | U.S. Dollars | &nbsp;&nbsp; 82518 | DEUT | &nbsp;&nbsp; 434 |
| 07/16/25 | Indonesian Rupiahs | &nbsp;&nbsp; 1011236670 | U.S. Dollars | &nbsp;&nbsp; 62060 | SC | &nbsp;&nbsp; 361 |
| 08/20/25 | Indian Rupees | &nbsp;&nbsp; 2493654 | U.S. Dollars | &nbsp;&nbsp; 28689 | BNP | &nbsp;&nbsp; 336 |
| 07/16/25 | Taiwan Dollars | &nbsp;&nbsp; 428082 | U.S. Dollars | &nbsp;&nbsp; 14414 | JPM | &nbsp;&nbsp; 329 |
| 08/20/25 | Indian Rupees | &nbsp;&nbsp; 2781150 | U.S. Dollars | &nbsp;&nbsp; 32076 | JPM | &nbsp;&nbsp; 295 |
| 07/16/25 | Indonesian Rupiahs | &nbsp;&nbsp; 916654505 | U.S. Dollars | &nbsp;&nbsp; 56290 | CITI | &nbsp;&nbsp; 292 |
| 07/02/25 | Brazilian Reals | &nbsp;&nbsp; 55794 | U.S. Dollars | &nbsp;&nbsp; 10000 | BNP | &nbsp;&nbsp; 269 |
| 07/16/25 | Taiwan Dollars | &nbsp;&nbsp; 2446303 | U.S. Dollars | &nbsp;&nbsp; 84040 | SC | &nbsp;&nbsp; 210 |
| 07/14/25 | Taiwan Dollars | &nbsp;&nbsp; 230517 | U.S. Dollars | &nbsp;&nbsp; 7747 | BNP | &nbsp;&nbsp; 186 |
| 08/20/25 | Chinese Offshore Yuan | &nbsp;&nbsp; 95000 | U.S. Dollars | &nbsp;&nbsp; 13156 | CITI | &nbsp;&nbsp; 170 |
| 07/16/25 | Indonesian Rupiahs | &nbsp;&nbsp; 239490093 | U.S. Dollars | &nbsp;&nbsp; 14659 | BNP | &nbsp;&nbsp; 124 |
| 07/02/25 | Japanese Yen | &nbsp;&nbsp; 2621874 | U.S. Dollars | &nbsp;&nbsp; 18114 | UBS | &nbsp;&nbsp; 93 |
| 07/02/25 | Japanese Yen | &nbsp;&nbsp; 4018410 | U.S. Dollars | &nbsp;&nbsp; 27816 | MSCS | &nbsp;&nbsp; 89 |
| 07/16/25 | Indonesian Rupiahs | &nbsp;&nbsp; 217440480 | U.S. Dollars | &nbsp;&nbsp; 13344 | GSC | &nbsp;&nbsp; 78 |
| 07/23/25 | South African Rand | &nbsp;&nbsp; 154371 | U.S. Dollars | &nbsp;&nbsp; 8638 | JPM | &nbsp;&nbsp; 65 |
| 07/14/25 | Taiwan Dollars | &nbsp;&nbsp; 50278 | U.S. Dollars | &nbsp;&nbsp; 1690 | DEUT | &nbsp;&nbsp; 40 |
| 08/04/25 | Japanese Yen | &nbsp;&nbsp; 1433740 | U.S. Dollars | &nbsp;&nbsp; 9964 | SC | &nbsp;&nbsp; 34 |
| 07/16/25 | Indonesian Rupiahs | &nbsp;&nbsp; 182570812 | U.S. Dollars | &nbsp;&nbsp; 11238 | HSBC | &nbsp;&nbsp; 32 |
| 07/14/25 | Indonesian Rupiahs | &nbsp;&nbsp; 91981239 | U.S. Dollars | &nbsp;&nbsp; 5650 | BNP | &nbsp;&nbsp; 26 |
| 07/14/25 | Indonesian Rupiahs | &nbsp;&nbsp; 45258400 | U.S. Dollars | &nbsp;&nbsp; 2780 | DEUT | &nbsp;&nbsp; 13 |
| 07/14/25 | Taiwan Dollars | &nbsp;&nbsp; 16746 | U.S. Dollars | &nbsp;&nbsp; 563 | HSBC | &nbsp;&nbsp; 13 |
| 07/14/25 | Indonesian Rupiahs | &nbsp;&nbsp; 25552672 | U.S. Dollars | &nbsp;&nbsp; 1570 | HSBC | &nbsp;&nbsp; 7 |
| Subtotal Appreciation | Subtotal Appreciation |  |  |  |  | &nbsp;&nbsp; $130367 |

---

**60**

See Notes to Financial Statements.

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Expiration Date** | **Currency**<br> **Purchased**<br>| **Amount**<br> **of Currency**<br> **Purchased**<br>| **Currency**<br> **Sold**<br>| **Amount**<br> **of Currency**<br> **Sold**<br>| **Counter-**<br> **party**<br>| **Net Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>|
| 07/02/25 | Japanese Yen | &nbsp;&nbsp; 322591 | U.S. Dollars | &nbsp;&nbsp; 2243 | BAR | &nbsp;&nbsp; $(3)<br>|
| 08/20/25 | Indian Rupees | &nbsp;&nbsp; 2151996 | U.S. Dollars | &nbsp;&nbsp; 25066 | SC | &nbsp;&nbsp; (18)<br>|
| 07/02/25 | U.S. Dollars | &nbsp;&nbsp; 1679 | Israeli Shekels | &nbsp;&nbsp; 5821 | SC | &nbsp;&nbsp; (49)<br>|
| 08/20/25 | Indian Rupees | &nbsp;&nbsp; 4265268 | U.S. Dollars | &nbsp;&nbsp; 49720 | CITI | &nbsp;&nbsp; (74)<br>|
| 07/14/25 | U.S. Dollars | &nbsp;&nbsp; 10000 | South Korean Won | &nbsp;&nbsp; 13636200 | DEUT | &nbsp;&nbsp; (101)<br>|
| 07/02/25 | Japanese Yen | &nbsp;&nbsp; 7802798 | U.S. Dollars | &nbsp;&nbsp; 54309 | HSBC | &nbsp;&nbsp; (125)<br>|
| 07/16/25 | U.S. Dollars | &nbsp;&nbsp; 13657 | South Korean Won | &nbsp;&nbsp; 18711891 | JPM | &nbsp;&nbsp; (204)<br>|
| 08/20/25 | U.S. Dollars | &nbsp;&nbsp; 133508 | Chinese Offshore Yuan | &nbsp;&nbsp; 953601 | BNP | &nbsp;&nbsp; (258)<br>|
| 07/09/25 | U.S. Dollars | &nbsp;&nbsp; 112230 | Israeli Shekels | &nbsp;&nbsp; 378909 | BAR | &nbsp;&nbsp; (269)<br>|
| 08/20/25 | U.S. Dollars | &nbsp;&nbsp; 142626 | Chinese Offshore Yuan | &nbsp;&nbsp; 1019719 | JPM | &nbsp;&nbsp; (415)<br>|
| 08/04/25 | U.S. Dollars | &nbsp;&nbsp; 71919 | Danish Kroner | &nbsp;&nbsp; 456894 | DEUT | &nbsp;&nbsp; (420)<br>|
| 07/02/25 | U.S. Dollars | &nbsp;&nbsp; 11000 | Brazilian Reals | &nbsp;&nbsp; 62626 | CITI | &nbsp;&nbsp; (527)<br>|
| 08/20/25 | U.S. Dollars | &nbsp;&nbsp; 336467 | Chinese Offshore Yuan | &nbsp;&nbsp; 2403549 | SC | &nbsp;&nbsp; (690)<br>|
| 08/20/25 | U.S. Dollars | &nbsp;&nbsp; 194817 | Chinese Offshore Yuan | &nbsp;&nbsp; 1394731 | MSCS | &nbsp;&nbsp; (828)<br>|
| 07/18/25 | U.S. Dollars | &nbsp;&nbsp; 16138 | Israeli Shekels | &nbsp;&nbsp; 57907 | UBS | &nbsp;&nbsp; (1056)<br>|
| 07/02/25 | U.S. Dollars | &nbsp;&nbsp; 69309 | Danish Kroner | &nbsp;&nbsp; 457636 | JPM | &nbsp;&nbsp; (2945)<br>|
| 07/02/25 | U.S. Dollars | &nbsp;&nbsp; 110405 | Israeli Shekels | &nbsp;&nbsp; 382658 | DEUT | &nbsp;&nbsp; (3201)<br>|
| 08/04/25 | U.S. Dollars | &nbsp;&nbsp; 423207 | British Pounds | &nbsp;&nbsp; 311000 | BAR | &nbsp;&nbsp; (3766)<br>|
| 07/02/25 | U.S. Dollars | &nbsp;&nbsp; 114306 | Swiss Francs | &nbsp;&nbsp; 93934 | HSBC | &nbsp;&nbsp; (4081)<br>|
| 09/17/25 | U.S. Dollars | &nbsp;&nbsp; 309320 | Euro | &nbsp;&nbsp; 265000 | BNP | &nbsp;&nbsp; (4506)<br>|
| 07/02/25 | U.S. Dollars | &nbsp;&nbsp; 347748 | Brazilian Reals | &nbsp;&nbsp; 1916961 | GSC | &nbsp;&nbsp; (5082)<br>|
| 07/16/25 | U.S. Dollars | &nbsp;&nbsp; 326959 | South Korean Won | &nbsp;&nbsp; 448652422 | CITI | &nbsp;&nbsp; (5376)<br>|
| 07/18/25 | U.S. Dollars | &nbsp;&nbsp; 114094 | Israeli Shekels | &nbsp;&nbsp; 409073 | BAR | &nbsp;&nbsp; (7367)<br>|
| 07/02/25 | U.S. Dollars | &nbsp;&nbsp; 418973 | British Pounds | &nbsp;&nbsp; 311000 | JPM | &nbsp;&nbsp; (7921)<br>|
| 08/04/25 | U.S. Dollars | &nbsp;&nbsp; 727378 | Euro | &nbsp;&nbsp; 625622 | DEUT | &nbsp;&nbsp; (11417)<br>|
| 07/02/25 | U.S. Dollars | &nbsp;&nbsp; 2100457 | Canadian Dollars | &nbsp;&nbsp; 2884904 | HSBC | &nbsp;&nbsp; (18070)<br>|
| 08/05/25 | U.S. Dollars | &nbsp;&nbsp; 2099486 | Canadian Dollars | &nbsp;&nbsp; 2881134 | HSBC | &nbsp;&nbsp; (20474)<br>|
| 08/05/25 | U.S. Dollars | &nbsp;&nbsp; 5967724 | Australian Dollars | &nbsp;&nbsp; 9099692 | JPM | &nbsp;&nbsp; (25767)<br>|
| 07/02/25 | U.S. Dollars | &nbsp;&nbsp; 1744233 | Euro | &nbsp;&nbsp; 1534000 | BOA | &nbsp;&nbsp; (62742)<br>|
| 08/20/25 | U.S. Dollars | &nbsp;&nbsp; 792633 | Taiwan Dollars | &nbsp;&nbsp; 25949291 | BNP | &nbsp;&nbsp; (110480)<br>|
| 07/02/25 | U.S. Dollars | &nbsp;&nbsp; 6711800 | Australian Dollars | &nbsp;&nbsp; 10414692 | BAR | &nbsp;&nbsp; (142630)<br>|
| Subtotal Depreciation | Subtotal Depreciation |  |  |  |  | &nbsp;&nbsp; $(440862)<br>|
| Total Forward Foreign Currency Contracts outstanding at June 30, 2025 | Total Forward Foreign Currency Contracts outstanding at June 30, 2025 | Total Forward Foreign Currency Contracts outstanding at June 30, 2025 | Total Forward Foreign Currency Contracts outstanding at June 30, 2025 | Total Forward Foreign Currency Contracts outstanding at June 30, 2025 |  | &nbsp;&nbsp; $(310495)<br>|

---

Swap Agreements outstanding at June 30, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Obligation** | **Fixed** <br>**Deal** <br>**(Pay) Rate**<br>| **Maturity** <br>**Date**<br>| **Currency** | **Notional** <br>**Amount**<br>| **Market Value** | **Upfront** <br>**Premiums** <br>**Paid/** <br>**(Received)**<br>| **Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| **Centrally Cleared Credit Default Swaps on Credit** <br> **Indexes—Buy Protection**<br>|  |  |  |  |  |  |  |
| Markit CDX.NA.IG.44 Index (Pay Quarterly) | &nbsp;&nbsp; (1.00)%<br>| &nbsp;&nbsp;&nbsp; 6/20/2030 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 7200000 | &nbsp;&nbsp; $(163287)<br>| &nbsp;&nbsp; $(102959)<br>| &nbsp;&nbsp; $(60328)<br>|
|  |  |  |  |  | &nbsp;&nbsp; $(163287)<br>| &nbsp;&nbsp; $(102959)<br>| &nbsp;&nbsp; $(60328)<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay Rate Index/Pay Rate** | **Receive** <br>**Rate Index/Receive** <br>**Rate**<br>| **Maturity** <br>**Date**<br>| **Currency** | **Notional** <br>**Amount**<br>| **Market Value** | **Upfront** <br>**Premiums** <br>**Paid/** <br>**(Received)**<br>| **Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| **Centrally Cleared Interest Rate** <br> **Swaps**<br>|  |  |  |  |  |  |  |
| 4.10% (Annually) | 1-Day SOFR (Annually) | 2/11/2026 | USD | 24600000 | $31670 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $31670 |
| 1-Day SONIA (Annually) | 3.50% (Annually) | 3/19/2030 | GBP | 7000000 | (83685)<br>| &nbsp;&nbsp; (191377)<br>| &nbsp;&nbsp; 107692 |

---

See Notes to Financial Statements.

**61**

------

**LOW-DURATION BOND FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay Rate Index/Pay Rate** | **Receive**<br> **Rate Index/Receive**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Currency** | **Notional**<br> **Amount**<br>| **Market Value** | **Upfront**<br> **Premiums**<br> **Paid/**<br> **(Received)**<br>| **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>|
| 6-Month ASX BBSW (Semiannually) | 4.50% (Semiannually) | 9/20/2033 | AUD | 1600000 | $41860 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $41860 |
| Subtotal Appreciation |  |  |  |  | $(10155)<br>| &nbsp;&nbsp; $(191377)<br>| &nbsp;&nbsp; $181222 |
| 3.86% (Annually) | 1-Day SOFR (Annually) | 2/28/2029 | USD | 6100000 | $(86398)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(86398)<br>|
| 3.62% (Annually) | 1-Day SOFR (Annually) | 11/30/2029 | USD | 89254000 | (908524)<br>| &nbsp;&nbsp; 22852 | &nbsp;&nbsp; (931376)<br>|
| 3.75% (Annually) | 1-Day SOFR (Annually) | 12/18/2029 | USD | 1700000 | (17827)<br>| &nbsp;&nbsp; 7323 | &nbsp;&nbsp; (25150)<br>|
| Subtotal Depreciation |  |  |  |  | $(1012749)<br>| &nbsp;&nbsp; $30175 | &nbsp;&nbsp; $(1042924)<br>|
| Net Centrally Cleared Interest Rate Swaps outstanding at June 30, 2025 | Net Centrally Cleared Interest Rate Swaps outstanding at June 30, 2025 | Net Centrally Cleared Interest Rate Swaps outstanding at June 30, 2025 | Net Centrally Cleared Interest Rate Swaps outstanding at June 30, 2025 | Net Centrally Cleared Interest Rate Swaps outstanding at June 30, 2025 | $(1022904)<br>| &nbsp;&nbsp; $(161202)<br>| &nbsp;&nbsp; $(861702)<br>|

---

**62**

See Notes to Financial Statements.

------

**VALUATION HIERARCHY**

The following is a summary of the inputs used, as of June 30, 2025, in valuing the Fund's investments carried at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total** <br>**Value**<br>| **Level 1** <br>**Quoted Prices**<br>| **Level 2** <br>**Other Significant** <br>**Observable Inputs**<br>| **Level 3** <br>**Significant** <br>**Unobservable Inputs**<br>|
| **Assets:** |  |  |  |  |
| **Investments in Securities:** |  |  |  |  |
| Agency Obligations | &nbsp;&nbsp; $6524018 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $6524018 | &nbsp;&nbsp; $— |
| Asset-Backed Securities | &nbsp;&nbsp; 160262464 | &nbsp;&nbsp; — | &nbsp;&nbsp; 156339871 | &nbsp;&nbsp; 3922593 |
| Corporate Bonds | &nbsp;&nbsp; 221524831 | &nbsp;&nbsp; — | &nbsp;&nbsp; 221524831 | &nbsp;&nbsp; — |
| Foreign Bonds | &nbsp;&nbsp; 63345773 | &nbsp;&nbsp; — | &nbsp;&nbsp; 63345773 | &nbsp;&nbsp; — |
| Money Market Funds | &nbsp;&nbsp; 50824042 | &nbsp;&nbsp; 50824042 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Mortgage-Backed Securities | &nbsp;&nbsp; 175711710 | &nbsp;&nbsp; — | &nbsp;&nbsp; 172896198 | &nbsp;&nbsp; 2815512 |
| Municipal Bonds | &nbsp;&nbsp; 3235235 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3235235 | &nbsp;&nbsp; — |
| Purchased Options: |  |  |  |  |
| Call Swaption | &nbsp;&nbsp; 54605 | &nbsp;&nbsp; 54605 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Put Swaptions | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total Purchased Options | &nbsp;&nbsp; 54606 | &nbsp;&nbsp; 54606 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Repurchase Agreements | &nbsp;&nbsp; 17700000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 17700000 | &nbsp;&nbsp; — |
| U.S. Treasury Obligations | &nbsp;&nbsp; 183686249 | &nbsp;&nbsp; — | &nbsp;&nbsp; 183686249 | &nbsp;&nbsp; — |
| **Total Assets - Investments in Securities** | &nbsp;&nbsp; $882868928 | &nbsp;&nbsp; $50878648 | &nbsp;&nbsp; $825252175 | &nbsp;&nbsp; $6738105 |
| **Other Financial Instruments\*\*\*** |  |  |  |  |
| Forward Foreign Currency Contracts | &nbsp;&nbsp; $130367 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $130367 | &nbsp;&nbsp; $— |
| Futures Contracts | &nbsp;&nbsp; 1673460 | &nbsp;&nbsp; 1673460 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Swap Agreements | &nbsp;&nbsp; 181222 | &nbsp;&nbsp; — | &nbsp;&nbsp; 181222 | &nbsp;&nbsp; — |
| **Total Assets - Other Financial Instruments** | &nbsp;&nbsp; $1985049 | &nbsp;&nbsp; $1673460 | &nbsp;&nbsp; $311589 | &nbsp;&nbsp; $— |
| **Liabilities:** |  |  |  |  |
| **Investments in Securities:** |  |  |  |  |
| Written Options: |  |  |  |  |
| Call Swaptions | &nbsp;&nbsp; $(973)<br>| &nbsp;&nbsp; $(973)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| **Total Liabilities - Investments in Securities** | &nbsp;&nbsp; $(973)<br>| &nbsp;&nbsp; $(973)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| **Other Financial Instruments\*\*\*** |  |  |  |  |
| Forward Foreign Currency Contracts | &nbsp;&nbsp; $(440862)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(440862)<br>| &nbsp;&nbsp; $— |
| Futures Contracts | &nbsp;&nbsp; (849032)<br>| &nbsp;&nbsp; (849032)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Swap Agreements | &nbsp;&nbsp; (1103252)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (1103252)<br>| &nbsp;&nbsp; — |
| **Total Liabilities - Other Financial Instruments** | &nbsp;&nbsp; $(2393146)<br>| &nbsp;&nbsp; $(849032)<br>| &nbsp;&nbsp; $(1544114)<br>| &nbsp;&nbsp; $— |

---

\*\*\* Other financial instruments are derivative instruments, such as futures contracts, forward foreign currency contracts and swap agreements, which are valued at the unrealized appreciation (depreciation) on the investment. Further details regarding the value of these investments can be found in the preceding "Futures Contracts outstanding", "Forward Foreign Currency Contracts outstanding" and "Swap Agreements outstanding" disclosures. 

Management has determined that the amount of transfers between Level 3 and Level 2 compared to total net assets is not material; therefore, the amount of transfers between Level 3 and Level 2 is not shown for the year ended June 30, 2025.

Management has determined that the amount of Level 3 securities compared to total net assets is not material; therefore, the reconciliation of Level 3 securities and assumptions is not shown for the year ended June 30, 2025.

See Notes to Financial Statements.

**63**

------

**MEDIUM-DURATION BOND FUND**

**SCHEDULE OF INVESTMENTS**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **AGENCY OBLIGATIONS — 1.2%** | **AGENCY OBLIGATIONS — 1.2%** | **AGENCY OBLIGATIONS — 1.2%** |
| Federal Farm Credit <br> Banks Funding <br> Corporation<br>|  |  |
| 2.90%, 04/12/32 | $2640000 | $2450249 |
| 3.30%, 05/19/32 | 1310000 | 1229761 |
| 2.85%, 03/28/34 | 2880000 | 2555199 |
| 1.70%, 04/23/35 | 3800000 | 2921406 |
| 3.08%, 03/30/37 | 1770000 | 1507724 |
| Federal Home Loan <br> Mortgage <br> Corporation<br>|  |  |
| 0.65%, 10/22/25 | 7100000 | 7020609 |
| 0.65%, 10/27/25 | 7200000 | 7114420 |
| 0.80%, 10/28/26‡‡ | 7200000 | 6907589 |
| Tennessee Valley <br> Authority<br>|  |  |
| 3.50%, 12/15/42 | 500000 | 407136 |
| 4.25%, 09/15/52 | 1050000 | 874868 |
| 5.25%, 02/01/55 | 50000 | 48879 |
| 4.63%, 09/15/60 | 50000 | 43615 |
| 4.25%, 09/15/65 | 5400000 | 4363875 |
| Tennessee Valley <br> Authority Principal <br> Strip<br>|  |  |
| 3.50%, 09/15/39Ω | 400000 | 196183 |
| 3.06%, 01/15/48Ω | 600000 | 178151 |
| 2.25%, 04/01/56Ω | 1000000 | 179756 |
| **Total Agency Obligations** <br>(Cost $40,347,186) |  | 37999420 |
| **ASSET-BACKED SECURITIES — 11.7%** | **ASSET-BACKED SECURITIES — 11.7%** | **ASSET-BACKED SECURITIES — 11.7%** |
| 1988 CLO 4, Ltd., Series 2024-4A, <br> Class D |  |  |
| (Floating, CME Term SOFR 3M + <br> 4.25%, 4.25% Floor), 8.51%, <br> 04/15/37 144A † | 1750000 | 1756310 |
| Aaset Trust, Series 2021-1A, Class A |  |  |
| 2.95%, 11/16/41 144A | 470921 | 448004 |
| Aaset Trust, Series 2021-2A, Class A |  |  |
| 2.80%, 01/15/47 144A | 676251 | 630440 |
| AASET, Ltd., Series 2024-2A, <br> Class A |  |  |
| 5.93%, 09/16/49 144A | 995803 | 1013325 |
| AASET, Ltd., Series 2025-2A, <br> Class A |  |  |
| 5.52%, 02/16/50 144A | 350000 | 354248 |
| AASET, Series 2024-1A, Class A1 |  |  |
| 6.26%, 05/16/49 144A | 945319 | 972529 |
| AASET, Series 2024-1A, Class A2 |  |  |
| 6.26%, 05/16/49 144A | 756255 | 778023 |
| AASET, Series 2025-1A, Class A |  |  |
| 5.94%, 02/16/50 144A | 1497404 | 1527892 |
| ACE Securities Corporation Home <br> Equity Loan Trust, Series <br> 2007-ASP1, Class A2B |  |  |
| (Floating, CME Term SOFR 1M + <br> 0.51%, 0.40% Floor), 4.83%, <br> 03/25/37† | 2167902 | 875949 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| ACHM Trust, Series 2025-HE1, <br> Class A |  |  |
| 5.92%, 03/25/55 144A | $235110 | $237712 |
| Acrec LLC, Series 2025-FL3, Class B |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.94%), 6.26%, 08/18/42 <br> 144A † | 1250000 | 1238629 |
| Affirm Asset Securitization Trust, <br> Series 2024-X2, Class A |  |  |
| 5.22%, 12/17/29 144A | 510274 | 510574 |
| Affirm Master Trust, Series 2025-1A, <br> Class A |  |  |
| 4.99%, 02/15/33 144A | 635000 | 640220 |
| AGL CLO 39, Ltd., Series 2025-39A, <br> Class B |  |  |
| (Floating, CME Term SOFR 3M + <br> 1.50%), 5.71%, 04/20/38 <br> 144A † | 900000 | 901347 |
| AIMCO CLO 21, Ltd., Series <br> 2024-21A, Class B |  |  |
| (Floating, CME Term SOFR 3M + <br> 1.92%, 1.92% Floor), 6.19%, <br> 04/18/37 144A † | 385000 | 386448 |
| Alaska Airlines Pass-Through Trust, <br> Series 2020-1, Class A |  |  |
| 4.80%, 08/15/27 144A | 1100330 | 1102152 |
| Aligned Data Centers Issuer LLC, <br> Series 2021-1A, Class A2 |  |  |
| 1.94%, 08/15/46 144A | 3400000 | 3287212 |
| Allegro CLO VII, Ltd., Series <br> 2018-1A, Class CR |  |  |
| (Floating, CME Term SOFR 3M + <br> 2.00%, 2.00% Floor), 6.26%, <br> 06/13/31 144A † | 1950000 | 1957131 |
| ALLO Issuer LLC, Series 2024-1A, <br> Class A2 |  |  |
| 5.94%, 07/20/54 144A | 1000000 | 1016296 |
| ALLO Issuer LLC, Series 2025-1A, <br> Class A2 |  |  |
| 5.53%, 04/20/55 144A | 500000 | 507677 |
| ALTDE Trust, Series 2025-1A, <br> Class A |  |  |
| 5.90%, 08/15/50 144A | 1420089 | 1451238 |
| American Airlines Pass-Through <br> Trust, Series 2017-2, Class AA |  |  |
| 3.35%, 10/15/29 | 1304403 | 1243197 |
| American Airlines Pass-Through <br> Trust, Series 2021-1, Class A |  |  |
| 2.88%, 07/11/34Δ | 1991667 | 1758746 |
| American Credit Acceptance <br> Receivables Trust, Series 2022-4, <br> Class D |  |  |
| 8.00%, 02/15/29 144A | 1204765 | 1219738 |
| American Credit Acceptance <br> Receivables Trust, Series 2025-1, <br> Class D |  |  |
| 5.54%, 08/12/31 144A | 1390000 | 1401336 |

---

**64**

See Notes to Financial Statements.

------

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| American Express Credit Account <br> Master Trust, Series 2025-3, <br> Class A |  |  |
| 4.51%, 04/15/32 | $2600000 | $2640961 |
| Ameriquest Mortgage Securities, Inc. <br> Asset-Backed Pass-Through <br> Certificates, Series 2005-R10, <br> Class M3 |  |  |
| (Floating, CME Term SOFR 1M + <br> 0.79%, 0.68% Floor), 5.11%, <br> 01/25/36† | 578045 | 575665 |
| AMMC CLO 30, Ltd., Series <br> 2024-30A, Class E |  |  |
| (Floating, CME Term SOFR 3M + <br> 7.73%, 7.73% Floor), 11.99%, <br> 01/25/36 144A † | 1000000 | 1012015 |
| Anchorage Credit Funding 13, Ltd., <br> Series 2021-13A, Class A2 |  |  |
| 2.80%, 07/27/39 144A | 1000000 | 938973 |
| Applebee's Funding LLC, Series <br> 2025-1A, Class A2 |  |  |
| 6.72%, 06/07/55 144A ††† | 2095000 | 2087647 |
| Aqua Finance Issuer Trust, Series <br> 2025-A, Class A |  |  |
| 5.25%, 12/19/50 144A | 540245 | 544046 |
| Aqua Finance Trust, Series 2024-A, <br> Class B |  |  |
| 5.06%, 04/18/50 144A | 1515000 | 1507239 |
| Arbor Realty Commercial Real Estate <br> Notes, Ltd., Series 2022-FL1, <br> Class A |  |  |
| (Floating, U.S. 30-Day Average <br> SOFR + 1.45%, 1.45% Floor), <br> 5.75%, 01/15/37 144A † | 859846 | 859528 |
| Arbys Funding LLC, Series 2020-1A, <br> Class A2 |  |  |
| 3.24%, 07/30/50 144A | 2095500 | 2001048 |
| AREIT, Ltd., Series 2025-CRE10, <br> Class A |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.39%), 5.70%, 12/17/29 <br> 144A † | 1300000 | 1288132 |
| Ares Direct Lending CLO 2 LLC, <br> Series 2024-2A, Class C |  |  |
| (Floating, CME Term SOFR 3M + <br> 2.35%, 2.35% Floor), 6.62%, <br> 10/20/36 144A † | 1500000 | 1503229 |
| Ares European CLO XXI DAC, Series <br> 21A, Class B |  |  |
| (Floating, Euribor 3M + 1.70%), <br> 4.15%, 04/15/38(E) 144A † | 610000 | 720814 |
| Ares LVI CLO, Ltd., Series <br> 2020-56A, Class CR2 |  |  |
| (Floating, CME Term SOFR 3M + <br> 1.90%), 6.18%, 01/25/38 <br> 144A † | 1000000 | 1003300 |
| AutoNation Finance Trust, Series <br> 2025-1A, Class C |  |  |
| 5.19%, 12/10/30 144A | 100000 | 101547 |
| AutoNation Finance Trust, Series <br> 2025-1A, Class D |  |  |
| 5.63%, 09/10/32 144A | 100000 | 101500 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Avis Budget Rental Car Funding <br> AESOP LLC, Series 2023-1A, <br> Class A |  |  |
| 5.25%, 04/20/29 144A | $1075000 | $1097139 |
| Avis Budget Rental Car Funding <br> AESOP LLC, Series 2023-1A, <br> Class D |  |  |
| 7.59%, 04/20/29 144A | 240000 | 244608 |
| Avis Budget Rental Car Funding <br> AESOP LLC, Series 2023-5A, <br> Class D |  |  |
| 7.35%, 04/20/28 144A | 250000 | 252919 |
| Avis Budget Rental Car Funding <br> AESOP LLC, Series 2023-8A, <br> Class C |  |  |
| 7.34%, 02/20/30 144A | 1305000 | 1380940 |
| Avis Budget Rental Car Funding <br> AESOP LLC, Series 2024-1A, <br> Class A |  |  |
| 5.36%, 06/20/30 144A | 1880000 | 1932559 |
| Avis Budget Rental Car Funding <br> AESOP LLC, Series 2024-1A, <br> Class B |  |  |
| 5.85%, 06/20/30 144A | 1000000 | 1035202 |
| Avis Budget Rental Car Funding <br> AESOP LLC, Series 2024-1A, <br> Class C |  |  |
| 6.48%, 06/20/30 144A | 250000 | 257853 |
| Avis Budget Rental Car Funding <br> AESOP LLC, Series 2024-3A, <br> Class A |  |  |
| 5.23%, 12/20/30 144A | 1345000 | 1376886 |
| Avis Budget Rental Car Funding <br> AESOP LLC, Series 2024-3A, <br> Class C |  |  |
| 6.11%, 12/20/30 144A | 250000 | 254561 |
| Bain Capital Credit CLO, Ltd., Series <br> 2017-2A, Class BR3 |  |  |
| (Floating, CME Term SOFR 3M + <br> 1.75%, 1.75% Floor), 6.03%, <br> 07/25/37 144A † | 1925000 | 1928469 |
| Bain Capital Credit CLO, Ltd., Series <br> 2023-3A, Class A |  |  |
| (Floating, CME Term SOFR 3M + <br> 1.80%, 1.80% Floor), 6.08%, <br> 07/24/36 144A † | 1750000 | 1755913 |
| Bain Capital Credit CLO, Ltd., Series <br> 2024-6A, Class B |  |  |
| (Floating, CME Term SOFR 3M + <br> 1.70%, 1.70% Floor), 6.02%, <br> 01/21/38 144A † | 1715000 | 1720699 |
| Bank of America Auto Trust, Series <br> 2023-2A, Class A2 |  |  |
| 5.85%, 08/17/26 144A | 13998 | 14006 |
| Barclays Dryrock Issuance Trust, <br> Series 2023-1, Class A |  |  |
| 4.72%, 02/15/29 | 2400000 | 2406552 |
| Barclays Dryrock Issuance Trust, <br> Series 2023-2, Class A |  |  |
| (Floating, U.S. 30-Day Average <br> SOFR + 0.90%), 5.20%, <br> 08/15/28† | 1600000 | 1602883 |

---

See Notes to Financial Statements.

**65**

------

**MEDIUM-DURATION BOND FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Barings CLO, Ltd., Series 2024-1A, <br> Class D |  |  |
| (Floating, CME Term SOFR 3M + <br> 4.00%, 4.00% Floor), 8.27%, <br> 01/20/37 144A † | $1325000 | $1345654 |
| BCRED CLO LLC, Series 2025-1A, <br> Class C |  |  |
| (Floating, CME Term SOFR 3M + <br> 2.00%), 6.28%, 04/20/37 <br> 144A † | 900000 | 900163 |
| BDS LLC, Series 2024-FL13, <br> Class AS |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.99%, 1.99% Floor), 6.31%, <br> 09/19/39 144A † | 1000000 | 1005962 |
| BDS LLC, Series 2025-FL14, Class B |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.69%), 6.01%, 10/21/42 <br> 144A † | 1350000 | 1334266 |
| BHG Securitization Trust, Series <br> 2025-1CON, Class A |  |  |
| 4.82%, 04/17/36 144A | 505847 | 509332 |
| BHG Securitization Trust, Series <br> 2025-1CON, Class B |  |  |
| 5.26%, 04/17/36 144A | 100000 | 100885 |
| Blue Stream Issuer LLC, Series <br> 2023-1A, Class A2 |  |  |
| 5.40%, 05/20/53 144A | 1000000 | 1004134 |
| BRSP, Ltd., Series 2024-FL2, Class A |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.95%, 1.95% Floor), 6.26%, <br> 08/19/37 144A † | 750000 | 749581 |
| BSPRT Issuer LLC, Series <br> 2024-FL11, Class B |  |  |
| (Floating, CME Term SOFR 1M + <br> 2.29%, 2.29% Floor), 6.61%, <br> 07/15/39 144A † | 250000 | 250105 |
| BSPRT Issuer, Ltd., Series 2022-FL9, <br> Class B |  |  |
| (Floating, CME Term SOFR 1M + <br> 3.37%, 3.37% Floor), 7.68%, <br> 07/15/39 144A † | 2000000 | 2010652 |
| CAL Funding IV, Ltd., Series <br> 2020-1A, Class A |  |  |
| 2.22%, 09/25/45 144A | 124819 | 117912 |
| Capital Automotive REIT, Series <br> 2024-3A, Class A2 |  |  |
| 4.55%, 10/15/54 144A | 1188750 | 1127993 |
| Capital One Multi-Asset Execution <br> Trust, Series 2022-A3, Class A |  |  |
| 4.95%, 10/15/27 | 1200000 | 1201525 |
| Carlyle U.S. CLO, Ltd., Series <br> 2025-3A, Class A |  |  |
| (Floating, CME Term SOFR 3M + <br> 1.38%), 5.64%, 07/25/38 <br> 144A † | 4050000 | 4050000 |
| CarMax Select Receivables Trust, <br> Series 2025-A, Class C |  |  |
| 5.46%, 07/15/31 | 485000 | 496409 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| CarMax Select Receivables Trust, <br> Series 2025-A, Class D |  |  |
| 5.86%, 07/15/31 | $840000 | $861601 |
| Carrington Mortgage Loan Trust, <br> Series 2006-NC5, Class A3 |  |  |
| (Floating, CME Term SOFR 1M + <br> 0.26%, 0.15% Floor, 14.50% <br> Cap), 4.58%, 01/25/37† | 945483 | 844887 |
| CARS-DB7 LP, Series 2023-1A, <br> Class A1 |  |  |
| 5.75%, 09/15/53 144A | 516313 | 520173 |
| Carvana Auto Receivables Trust, <br> Series 2024-P4, Class C |  |  |
| 5.10%, 05/12/31 | 840000 | 853687 |
| Carvana Auto Receivables Trust, <br> Series 2024-P4, Class D |  |  |
| 5.60%, 12/10/32 | 1250000 | 1266932 |
| Carvana Auto Receivables Trust, <br> Series 2025-P1, Class C |  |  |
| 5.34%, 08/11/31 | 1495000 | 1515441 |
| Castlelake Aircraft Structured Trust, <br> Series 2019-1A, Class A |  |  |
| 3.97%, 04/15/39 144A | 186786 | 177108 |
| Castlelake Aircraft Structured Trust, <br> Series 2025-1A, Class A |  |  |
| 5.78%, 02/15/50 144A | 973456 | 988430 |
| Ceamer Finance III LLC |  |  |
| 6.79%, 11/15/39††† | 579131 | 583459 |
| Cedar Funding IX CLO, Ltd., Series <br> 2018-9A, Class AR |  |  |
| (Floating, CME Term SOFR 3M + <br> 1.42%, 1.42% Floor), 5.69%, <br> 07/20/37 144A † | 1085000 | 1089743 |
| Cerberus Loan Funding 50 LLC, <br> Series 2025-1A, Class A |  |  |
| (Floating, 1.65% - CME Term <br> SOFR 3M), 0.00%, 07/15/37 <br> 144A † | 1250000 | 1250000 |
| Cerberus Loan Funding 50 LLC, <br> Series 2025-1A, Class B |  |  |
| (Floating, 1.95% - CME Term <br> SOFR 3M), 0.00%, 07/15/37 <br> 144A † | 300000 | 300000 |
| Cerberus Loan Funding XL LLC, <br> Series 2023-1A, Class A |  |  |
| (Floating, CME Term SOFR 3M + <br> 2.40%, 2.40% Floor), 6.66%, <br> 03/22/35 144A † | 1250000 | 1255082 |
| Cerberus Loan Funding XLII LLC, <br> Series 2023-3A, Class B |  |  |
| (Floating, CME Term SOFR 3M + <br> 3.35%, 3.35% Floor), 7.61%, <br> 09/13/35 144A † | 750000 | 754970 |
| Cerberus Loan Funding XLIV LLC, <br> Series 2023-5A, Class A |  |  |
| (Floating, CME Term SOFR 3M + <br> 2.35%, 2.35% Floor), 6.61%, <br> 01/15/36 144A † | 1750000 | 1756920 |

---

**66**

See Notes to Financial Statements.

------

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Cerberus Loan Funding XLIV LLC, <br> Series 2023-5A, Class B |  |  |
| (Floating, CME Term SOFR 3M + <br> 3.20%, 3.20% Floor), 7.46%, <br> 01/15/36 144A † | $1000000 | $1006316 |
| Cerberus Loan Funding XLV LLC, <br> Series 2024-1A, Class B |  |  |
| (Floating, CME Term SOFR 3M + <br> 2.40%, 2.40% Floor), 6.66%, <br> 04/15/36 144A † | 1500000 | 1507078 |
| Cerberus Loan Funding XLVII LLC, <br> Series 2024-3A, Class C |  |  |
| (Floating, CME Term SOFR 3M + <br> 2.55%, 2.55% Floor), 6.81%, <br> 07/15/36 144A † | 1000000 | 1000967 |
| Cerberus Loan Funding XLVIII LLC, <br> Series 2024-4A, Class B |  |  |
| (Floating, CME Term SOFR 3M + <br> 1.85%, 1.85% Floor), 6.11%, <br> 10/15/36 144A † | 950000 | 945545 |
| Cerberus Loan Funding XXXII LP, <br> Series 2021-2A, Class A |  |  |
| (Floating, CME Term SOFR 3M + <br> 1.88%, 1.88% Floor), 6.14%, <br> 04/22/33 144A † | 1000000 | 1002962 |
| Cerberus Loan Funding XXXIII LP, <br> Series 2021-3A, Class A |  |  |
| (Floating, CME Term SOFR 3M + <br> 1.82%, 1.56% Floor), 6.08%, <br> 07/23/33 144A † | 1250000 | 1253675 |
| Cerberus Loan Funding XXXV LP, <br> Series 2021-5A, Class A |  |  |
| (Floating, CME Term SOFR 3M + <br> 1.76%, 1.50% Floor), 6.02%, <br> 09/22/33 144A † | 1250000 | 1254822 |
| Cerberus Loan Funding XXXVIII LP, <br> Series 2022-2A, Class A1 |  |  |
| (Floating, CME Term SOFR 3M + <br> 2.75%, 2.75% Floor), 7.01%, <br> 10/15/34 144A † | 1250000 | 1256287 |
| CF Hippolyta Issuer LLC, Series <br> 2022-1A, Class A2 |  |  |
| 6.11%, 08/15/62 144A | 1709978 | 1721961 |
| CFMT LLC Series 2022-HB9, <br> Class A |  |  |
| 3.25%, 09/25/37 144A | 660106 | 652654 |
| Chase Auto Owner Trust, Series <br> 2024-1A, Class A2 |  |  |
| 5.48%, 04/26/27 144A | 314666 | 315097 |
| CIFC Funding, Ltd., Series 2018-1A, <br> Class A1R |  |  |
| (Floating, CME Term SOFR 3M + <br> 1.32%, 1.32% Floor), 5.59%, <br> 01/18/38 144A † | 2720000 | 2728160 |
| CIFC Funding, Ltd., Series 2019-4A, <br> Class A1R2 |  |  |
| (Floating, 1.30% - CME Term <br> SOFR 3M), 0.00%, 07/15/38 <br> 144A † | 6200000 | 6200000 |
| Cifc Funding, Ltd., Series 2023-3A, <br> Class B |  |  |
| (Floating, CME Term SOFR 3M + <br> 2.30%, 2.30% Floor), 6.57%, <br> 01/20/37 144A † | 1200000 | 1209982 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Citibank Credit Card Issuance Trust, <br> Series 2023-A1, Class A1 |  |  |
| 5.23%, 12/08/27 | $1250000 | $1253932 |
| Citibank Credit Card Issuance Trust, <br> Series 2025-A2, Class A |  |  |
| 4.49%, 06/21/32 | 1850000 | 1866331 |
| Citigroup Mortgage Loan Trust, <br> Series 2006-WF1, Class A1 |  |  |
| (Step to 4.91% on 08/25/25), <br> 4.94%, 03/25/36 STEP | 1805468 | 877100 |
| Citizens Auto Receivables Trust, <br> Series 2023-1, Class A3 |  |  |
| 5.84%, 01/18/28 144A | 2006464 | 2019582 |
| CLI Funding VI LLC, Series <br> 2020-3A, Class A |  |  |
| 2.07%, 10/18/45 144A | 48333 | 45048 |
| CLI Funding VIII LLC, Series <br> 2021-1A, Class A |  |  |
| 1.64%, 02/18/46 144A | 812248 | 745711 |
| CLI Funding VIII LLC, Series <br> 2022-1A, Class A1 |  |  |
| 2.72%, 01/18/47 144A | 179533 | 164170 |
| CMFT Net Lease Master Issuer LLC, <br> Series 2021-1, Class A4 |  |  |
| 3.04%, 07/20/51 144A | 800000 | 688448 |
| Compass Datacenters Issuer II LLC, <br> Series 2025-1A, Class A1 |  |  |
| 5.32%, 05/25/50 144A ††† | 500000 | 507474 |
| Compass Datacenters Issuer III LLC, <br> Series 2025-1A, Class A2 |  |  |
| 5.66%, 02/25/50 144A | 600000 | 607084 |
| Compass Datacenters Issuer III LLC, <br> Series 2025-1A, Class A3 |  |  |
| 5.85%, 02/25/50 144A | 200000 | 202003 |
| Corevest American Finance Trust, <br> Series 2021-1, Class D |  |  |
| 3.25%, 04/15/53 144A | 240000 | 213550 |
| CoreVest American Finance Trust, <br> Series 2021-3, Class D |  |  |
| 3.47%, 10/15/54 144A | 100000 | 89714 |
| Crown City CLO IV, Series 2022-4A, <br> Class C1R |  |  |
| (Floating, CME Term SOFR 3M + <br> 4.50%, 4.50% Floor), 8.77%, <br> 04/20/37 144A † | 1400000 | 1416725 |
| CVC Cordatus Loan Fund III DAC, <br> Series 3A, Class B1R3 |  |  |
| (Floating, Euribor 3M + 1.65%), <br> 3.94%, 05/26/38(E) 144A † | 1600000 | 1884373 |
| CWABS, Inc. Asset-Backed <br> Certificates, Series 2004-1, <br> Class M1 |  |  |
| (Floating, CME Term SOFR 1M + <br> 0.86%, 0.75% Floor), 5.18%, <br> 03/25/34† | 56528 | 57566 |
| CWHEQ Revolving Home Equity <br> Loan Trust, Series 2005-F, Class <br> 2A |  |  |
| (Floating, CME Term SOFR 1M + <br> 0.35%, 0.24% Floor, 16.00% <br> Cap), 4.67%, 12/15/35† | 10262 | 9916 |

---

See Notes to Financial Statements.

**67**

------

**MEDIUM-DURATION BOND FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| CyrusOne Data Centers Issuer I LLC, <br> Series 2024-2A, Class A2 |  |  |
| 4.50%, 05/20/49 144A | $100000 | $97512 |
| CyrusOne Data Centers Issuer I LLC, <br> Series 2024-3A, Class A2 |  |  |
| 4.65%, 05/20/49 144A | 450000 | 429306 |
| CyrusOne Data Centers Issuer I LLC, <br> Series 2025-1A, Class A2 |  |  |
| 5.91%, 02/20/50 144A | 100000 | 102103 |
| DB Master Finance LLC, Series <br> 2019-1A, Class A2II |  |  |
| 4.02%, 05/20/49 144A | 329875 | 327160 |
| Discover Card Execution Note Trust, <br> Series 2023-A1, Class A |  |  |
| 4.31%, 03/15/28 | 1200000 | 1199168 |
| Domino's Pizza Master Issuer LLC, <br> Series 2021-1A, Class A2II |  |  |
| 3.15%, 04/25/51 144A | 272300 | 245813 |
| Dryden 54 Senior Loan Fund, Series <br> 2017-54A, Class C |  |  |
| (Floating, CME Term SOFR 3M + <br> 2.41%), 6.68%, 10/19/29 <br> 144A † | 1000000 | 1002755 |
| Dryden XXVI Senior Loan Fund, <br> Series 2013-26A, Class CR |  |  |
| (Floating, CME Term SOFR 3M + <br> 2.11%), 6.37%, 04/15/29 <br> 144A † | 1500000 | 1504097 |
| ECMC Group Student Loan Trust, <br> Series 2017-1A, Class A |  |  |
| (Floating, U.S. 30-Day Average <br> SOFR + 1.31%), 5.62%, <br> 12/27/66 144A † | 553884 | 557443 |
| Elmwood CLO X, Ltd., Series <br> 2021-3A, Class AR2 |  |  |
| (Floating, 1.30% - CME Term <br> SOFR 3M), 0.00%, 07/20/38 <br> 144A † | 1000000 | 1000000 |
| EWC Master Issuer LLC, Series <br> 2022-1A, Class A2 |  |  |
| 5.50%, 03/15/52 144A | 1382250 | 1363183 |
| Exeter Automobile Receivables Trust, <br> Series 2024-3A, Class C |  |  |
| 5.70%, 07/16/29 | 100000 | 101219 |
| Exeter Automobile Receivables Trust, <br> Series 2024-4A, Class D |  |  |
| 5.81%, 12/16/30 | 850000 | 868401 |
| Exeter Automobile Receivables Trust, <br> Series 2025-1A, Class A2 |  |  |
| 4.70%, 09/15/27 | 835300 | 835406 |
| Exeter Automobile Receivables Trust, <br> Series 2025-1A, Class A3 |  |  |
| 4.67%, 08/15/28 | 475000 | 475774 |
| Exeter Automobile Receivables Trust, <br> Series 2025-1A, Class D |  |  |
| 5.49%, 05/15/31 | 1365000 | 1392180 |
| FIGRE Trust, Series 2024-HE1, <br> Class A |  |  |
| 6.17%, 03/25/54 144A | 220757 | 225094 |
| FIGRE Trust, Series 2024-HE2, <br> Class A |  |  |
| 6.38%, 05/25/54 144A | 1430966 | 1462401 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| FIGRE Trust, Series 2024-HE3, <br> Class A |  |  |
| 5.94%, 07/25/54 144A | $803723 | $815413 |
| FIGRE Trust, Series 2024-HE3, <br> Class B |  |  |
| 6.13%, 07/25/54 144A | 401862 | 408450 |
| FIGRE Trust, Series 2024-HE4, <br> Class A |  |  |
| 5.06%, 09/25/54 144A | 379340 | 379603 |
| FIGRE Trust, Series 2024-HE5, <br> Class A |  |  |
| 5.44%, 10/25/54 144A | 1375603 | 1384152 |
| FIGRE Trust, Series 2024-HE6, <br> Class A |  |  |
| 5.72%, 12/25/54 144A | 580417 | 586286 |
| FIGRE Trust, Series 2025-HE1, <br> Class A |  |  |
| 5.83%, 01/25/55 144A | 541335 | 547659 |
| FIGRE Trust, Series 2025-PF1, <br> Class A |  |  |
| 5.76%, 06/25/55 144A | 1433227 | 1449044 |
| FirstKey Homes Trust, Series <br> 2020-SFR2, Class F3 |  |  |
| 3.37%, 10/19/37 144A | 150000 | 148419 |
| FirstKey Homes Trust, Series <br> 2020-SFR2, Class G1 |  |  |
| 4.00%, 10/19/37 144A | 250000 | 247712 |
| FirstKey Homes Trust, Series <br> 2020-SFR2, Class G2 |  |  |
| 4.50%, 10/19/37 144A | 250000 | 247948 |
| FirstKey Homes Trust, Series <br> 2022-SFR3, Class B |  |  |
| 4.50%, 07/17/26 144A | 1500000 | 1490760 |
| Five Guys Holdings, Inc., Series <br> 2023-1A, Class A2 |  |  |
| 7.55%, 01/26/54 144A | 995000 | 1029622 |
| FOCUS Brands Funding, Series <br> 2023-2, Class A2 |  |  |
| 8.24%, 10/30/53 144A | 640250 | 676921 |
| Ford Credit Auto Lease Trust, Series <br> 2024-A, Class A2A |  |  |
| 5.24%, 07/15/26 | 33792 | 33803 |
| Ford Credit Auto Owner Trust, Series <br> 2022-B, Class A3 |  |  |
| 3.74%, 09/15/26 | 104610 | 104545 |
| Ford Credit Auto Owner Trust, Series <br> 2023-C, Class A2A |  |  |
| 5.68%, 09/15/26 | 93326 | 93380 |
| Ford Credit Auto Owner Trust, Series <br> 2024-1, Class A |  |  |
| 4.87%, 08/15/36 144A STEP | 1700000 | 1734597 |
| FORT CRE Issuer LLC, Series <br> 2022-FL3, Class A |  |  |
| (Floating, U.S. 30-Day Average <br> SOFR + 1.85%, 1.85% Floor), <br> 6.15%, 02/23/39 144A † | 13819 | 13804 |
| Fortress Credit BSL XV, Ltd., Series <br> 2022-2A, Class BR |  |  |
| (Floating, CME Term SOFR 3M + <br> 2.00%, 2.00% Floor), 6.27%, <br> 10/18/33 144A † | 1250000 | 1257280 |

---

**68**

See Notes to Financial Statements.

------

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Foundation Finance Trust, Series <br> 2024-1A, Class B |  |  |
| 5.95%, 12/15/49 144A | $441147 | $450847 |
| Foundation Finance Trust, Series <br> 2025-1A, Class A |  |  |
| 4.95%, 04/15/50 144A | 183056 | 184299 |
| Frontier Issuer LLC, Series 2023-1, <br> Class A2 |  |  |
| 6.60%, 08/20/53 144A | 1380000 | 1402613 |
| FS Rialto Issuer LLC, Series <br> 2024-FL9, Class AS |  |  |
| (Floating, CME Term SOFR 1M + <br> 2.09%, 2.09% Floor), 6.41%, <br> 10/19/39 144A † | 450000 | 449820 |
| FS Rialto Issuer LLC, Series <br> 2025-FL10, Class AS |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.59%), 5.91%, 08/01/30 <br> 144A † | 400000 | 396725 |
| FS Rialto Issuer LLC, Series <br> 2025-FL10, Class B |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.85%), 6.16%, 08/01/30 <br> 144A † | 300000 | 297031 |
| FS Rialto, Series 2021-FL3, Class B |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.91%, 1.91% Floor), 6.23%, <br> 11/16/36 144A † | 1000000 | 996965 |
| Gilead Aviation LLC, Series 2025-1A, <br> Class A |  |  |
| 5.79%, 03/15/50 144A | 642050 | 655189 |
| GLS Auto Receivables Issuer Trust, <br> Series 2025-2A, Class A2 |  |  |
| 4.75%, 03/15/28 144A | 1800000 | 1801634 |
| GLS Auto Receivables Issuer Trust, <br> Series 2025-2A, Class D |  |  |
| 5.59%, 01/15/31 144A | 100000 | 101821 |
| GLS Auto Select Receivables Trust, <br> Series 2024-4A, Class D |  |  |
| 5.28%, 10/15/31 144A | 1442000 | 1455542 |
| GLS Auto Select Receivables Trust, <br> Series 2025-1A, Class B |  |  |
| 5.04%, 02/15/31 144A | 1090000 | 1107068 |
| GLS Auto Select Receivables Trust, <br> Series 2025-1A, Class C |  |  |
| 5.26%, 03/15/31 144A | 825000 | 840590 |
| GLS Auto Select Receivables Trust, <br> Series 2025-1A, Class D |  |  |
| 5.74%, 04/15/32 144A | 825000 | 844741 |
| GLS Auto Select Receivables Trust, <br> Series 2025-3A, Class C |  |  |
| 4.94%, 09/15/31 144A | 100000 | 100283 |
| GM Financial Consumer Automobile <br> Receivables Trust, Series 2023-4, <br> Class A2A |  |  |
| 5.89%, 11/16/26 | 71031 | 71106 |
| GMF Floorplan Owner Revolving <br> Trust, Series 2023-1, Class A1 |  |  |
| 5.34%, 06/15/28 144A | 1200000 | 1211703 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Goldentree Loan Management U.S. <br> CLO 9, Ltd., Series 2021-9A, <br> Class CR |  |  |
| (Floating, CME Term SOFR 3M + <br> 2.40%, 2.40% Floor), 6.67%, <br> 04/20/37 144A † | $1000000 | $1006767 |
| Golub Capital Partners CLO 31M, <br> Ltd., Series 2016-31A, Class CRR |  |  |
| (Floating, CME Term SOFR 3M + <br> 2.30%, 2.30% Floor), 6.56%, <br> 11/05/37 144A † | 1000000 | 1000278 |
| Golub Capital Partners CLO, Series <br> 2013-16A, Class A1R3 |  |  |
| (Floating, CME Term SOFR 3M + <br> 1.63%), 5.95%, 08/09/39 <br> 144A † γ | 1050000 | 1050000 |
| Golub Capital Partners CLO, Series <br> 2013-16A, Class BR3 |  |  |
| (Floating, CME Term SOFR 3M + <br> 1.95%), 6.27%, 08/09/39 <br> 144A | 400000 | 400000 |
| GoodLeap Home Improvement <br> Solutions Trust, Series 2024-1A, <br> Class A |  |  |
| 5.35%, 10/20/46 144A | 1473429 | 1491717 |
| GoodLeap Sustainable Home <br> Solutions Trust, Series 2021-3CS, <br> Class A |  |  |
| 2.10%, 05/20/48 144A | 1562192 | 1227223 |
| GoodLeap Sustainable Home <br> Solutions Trust, Series 2022-2CS, <br> Class A |  |  |
| 4.00%, 04/20/49 144A | 1582003 | 1382231 |
| GPMT, Ltd., Series 2021-FL3, <br> Class A |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.61%, 1.36% Floor), 5.93%, <br> 07/16/35 144A † | 629278 | 618653 |
| Halseypoint CLO 7, Ltd., Series <br> 2023-7A, Class A1R |  |  |
| (Floating, CME Term SOFR 3M + <br> 1.45%), 5.80%, 07/20/38 <br> 144A † | 2500000 | 2500000 |
| Halseypoint CLO II, Ltd., Series <br> 2020-2A, Class BR |  |  |
| (Floating, CME Term SOFR 3M + <br> 1.95%, 1.95% Floor), 6.22%, <br> 07/20/37 144A † | 1100000 | 1105182 |
| HERA Commercial Mortgage, Ltd., <br> Series 2021-FL1, Class A |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.16%, 1.05% Floor), 5.48%, <br> 02/18/38 144A † | 208477 | 208304 |
| Hilton Grand Vacations Trust, Series <br> 2023-1A, Class C |  |  |
| 6.94%, 01/25/38 144A | 419074 | 432544 |
| Hilton Grand Vacations Trust, Series <br> 2025-1A, Class C |  |  |
| 5.52%, 05/27/42 144A | 100000 | 100970 |

---

See Notes to Financial Statements.

**69**

------

**MEDIUM-DURATION BOND FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| HINNT LLC, Series 2024-A, Class A |  |  |
| 5.49%, 03/15/43 144A | $395295 | $402417 |
| Hlend CLO LLC, Series 2025-3A, <br> Class A |  |  |
| (Floating, CME Term SOFR 3M + <br> 1.40%), 5.67%, 01/20/37 <br> 144A † | 2550000 | 2548407 |
| Honda Auto Receivables Owner Trust, <br> Series 2023-4, Class A3 |  |  |
| 5.67%, 06/21/28 | 2450000 | 2476772 |
| Horizon Aircraft Finance I, Ltd., <br> Series 2018-1, Class A |  |  |
| 4.46%, 12/15/38 144A | 100313 | 95851 |
| Hotwire Funding LLC, Series 2021-1, <br> Class A2 |  |  |
| 2.31%, 11/20/51 144A | 1350000 | 1300004 |
| Hotwire Funding LLC, Series <br> 2023-1A, Class C |  |  |
| 8.84%, 05/20/53 144A | 750000 | 774089 |
| HPS Private Credit CLO LLC, Series <br> 2025-3A, Class A1 |  |  |
| (Floating, CME Term SOFR 3M + <br> 1.65%), 5.91%, 07/20/37 <br> 144A | 1000000 | 1000000 |
| Hyundai Auto Receivables Trust, <br> Series 2025-A, Class C |  |  |
| 4.76%, 06/15/32 | 400000 | 401665 |
| ICG U.S. CLO, Ltd., Series 2017-1A, <br> Class ARR |  |  |
| (Floating, CME Term SOFR 3M + <br> 1.43%, 1.17% Floor), 5.71%, <br> 07/28/34 144A † | 1500000 | 1503030 |
| Invesco U.S. CLO, Ltd., Series <br> 2024-4A, Class A1 |  |  |
| (Floating, CME Term SOFR 3M + <br> 1.33%, 1.33% Floor), 5.65%, <br> 01/15/38 144A † | 2720000 | 2729704 |
| Invitation Homes Trust, Series <br> 2024-SFR1, Class B |  |  |
| 4.00%, 09/17/29 144A | 650000 | 626219 |
| Island Finance Trust, Series 2025-1A, <br> Class A |  |  |
| 6.54%, 03/19/35 144A | 100000 | 102065 |
| J.G. Wentworth XXXVIII LLC, Series <br> 2017-1A, Class A |  |  |
| 3.99%, 08/16/60 144A | 155581 | 142335 |
| Jack in the Box Funding LLC, Series <br> 2019-1A, Class A2II |  |  |
| 4.48%, 08/25/49 144A | 58407 | 57593 |
| Jamestown CLO XII, Ltd., Series <br> 2019-1A, Class A2BR |  |  |
| (Floating, CME Term SOFR 3M + <br> 1.85%, 1.85% Floor), 6.12%, <br> 04/20/32 144A † | 1400000 | 1403397 |
| JetBlue Pass-Through Trust, Series <br> 2019-1, Class AA |  |  |
| 2.75%, 05/15/32Δ | 1562295 | 1370896 |
| JG Wentworth XXXV LLC, Series <br> 2015-2A, Class A |  |  |
| 3.87%, 03/15/58 144A | 53583 | 49143 |
| JOL Air, Ltd., Series 2019-1, Class A |  |  |
| 3.97%, 04/15/44 144A | 137568 | 136248 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| JP Morgan Mortgage Trust, Series <br> 2023-HE3, Class A1 |  |  |
| (Floating, U.S. 30-Day Average <br> SOFR + 1.60%), 5.90%, <br> 05/20/54 144A † | $316778 | $318556 |
| KDAC Aviation Finance, Ltd., Series <br> 2017-1A, Class A |  |  |
| 4.21%, 12/15/42 144A | 811903 | 790781 |
| Kestrel Aircraft Funding, Ltd., Series <br> 2018-1A, Class A |  |  |
| 4.25%, 12/15/38 144A | 1036449 | 1016077 |
| KKR CLO, Ltd., Series 16, <br> Class A2R2 |  |  |
| (Floating, CME Term SOFR 3M + <br> 2.01%, 1.75% Floor), 6.28%, <br> 10/20/34 144A † | 2500000 | 2509349 |
| KREF, Ltd., Series 2021-FL2, <br> Class AS |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.41%, 1.30% Floor), 5.73%, <br> 02/15/39 144A † | 300000 | 299428 |
| Labrador Aviation Finance, Ltd., <br> Series 2016-1A, Class A1 |  |  |
| 4.30%, 01/15/42 144A | 98732 | 96021 |
| LAD Auto Receivables Trust, Series <br> 2024-3A, Class C |  |  |
| 4.93%, 03/15/30 144A | 825000 | 829294 |
| LAD Auto Receivables Trust, Series <br> 2024-3A, Class D |  |  |
| 5.18%, 02/17/32 144A | 550000 | 551203 |
| Lendmark Funding Trust, Series <br> 2021-1A, Class A |  |  |
| 1.90%, 11/20/31 144A | 2200000 | 2109988 |
| LoanCore Issuer LLC, Series <br> 2025-CRE8, Class B |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.84%), 6.16%, 08/17/42 <br> 144A † | 1000000 | 994469 |
| LoanCore Issuer, Ltd., Series <br> 2021-CRE5, Class AS |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.86%, 1.86% Floor), 6.18%, <br> 07/15/36 144A † | 1100000 | 1100241 |
| LoanCore Issuer, Ltd., Series <br> 2021-CRE6, Class AS |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.76%, 1.65% Floor), 6.08%, <br> 11/15/38 144A † | 940000 | 936463 |
| Lunar Structured Aircraft Portfolio <br> Notes, Series 2021-1, Class A |  |  |
| 2.64%, 10/15/46 144A | 763622 | 712497 |
| MACH 1 Cayman, Ltd., Series <br> 2019-1, Class A |  |  |
| 3.47%, 10/15/39 144A | 290607 | 282911 |
| Madison Park Funding LXXI, Ltd., <br> Series 2025-71A, Class B |  |  |
| (Floating, CME Term SOFR 3M + <br> 1.50%), 5.77%, 04/23/38 <br> 144A † | 650000 | 649527 |
| Mariner Finance Issuance Trust, <br> Series 2021-AA, Class A |  |  |
| 1.86%, 03/20/36 144A | 2200000 | 2131343 |

---

**70**

See Notes to Financial Statements.

------

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Marlette Funding Trust, Series <br> 2024-1A, Class D |  |  |
| 6.93%, 07/17/34 144A | $1335000 | $1372927 |
| MC Ltd., Series 2021-1, Class A |  |  |
| 2.63%, 11/05/35 144A | 756340 | 707139 |
| Mercedes-Benz Auto Receivables <br> Trust, Series 2023-2, Class A2 |  |  |
| 5.92%, 11/16/26 | 2332 | 2333 |
| MF1, Ltd., Series 2021-FL6, Class A |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.21%, 1.10% Floor), 5.53%, <br> 07/16/36 144A † | 179850 | 179626 |
| MF1, Ltd., Series 2022-FL8, Class A |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.35%, 1.35% Floor), 5.67%, <br> 02/19/37 144A † | 618952 | 618225 |
| Mission Lane Credit Card Master <br> Trust, Series 2024-B, Class A |  |  |
| 5.88%, 01/15/30 144A | 1360000 | 1371436 |
| Mississippi Higher Education <br> Assistance Corporation, Series <br> 2014-1, Class A1 |  |  |
| (Floating, U.S. 30-Day Average <br> SOFR + 0.79%, 0.68% Floor), <br> 5.10%, 10/25/35† | 151039 | 150279 |
| Morgan Stanley ABS Capital I, Inc. <br> Trust, Series 2007-NC3, <br> Class A2C |  |  |
| (Floating, CME Term SOFR 1M + <br> 0.30%, 0.19% Floor), 4.62%, <br> 05/25/37† | 1197088 | 921070 |
| Morgan Stanley IXIS Real Estate <br> Capital Trust, Series 2006-2, <br> Class A3 |  |  |
| (Floating, CME Term SOFR 1M + <br> 0.41%, 0.15% Floor), 4.73%, <br> 11/25/36† | 4599386 | 1480135 |
| Mosaic Solar Loan Trust, Series <br> 2022-1A, Class A |  |  |
| 2.64%, 01/20/53 144A | 1415915 | 1218614 |
| MVW LLC, Series 2021-1WA, <br> Class C |  |  |
| 1.94%, 01/22/41 144A | 306255 | 291611 |
| MVW LLC, Series 2021-2A, Class C |  |  |
| 2.23%, 05/20/39 144A | 126260 | 118913 |
| MVW LLC, Series 2023-1A, Class A |  |  |
| 4.93%, 10/20/40 144A | 79495 | 80207 |
| Nationstar Home Equity Loan Trust, <br> Series 2007-C, Class 1AV1 |  |  |
| (Floating, CME Term SOFR 1M + <br> 0.29%, 0.18% Floor), 4.61%, <br> 06/25/37† | 1164392 | 1139509 |
| Navient Private Education Loan Trust, <br> Series 2015-BA, Class A3 |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.56%), 5.88%, 07/16/40 <br> 144A † | 708298 | 711862 |
| Navient Private Education <br> Refinancing Loan Trust, Series <br> 2021-A, Class B |  |  |
| 2.24%, 05/15/69 144A | 280000 | 222899 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Navigator Aircraft ABS, Ltd., Series <br> 2021-1, Class A |  |  |
| 2.77%, 11/15/46 144A STEP | $1031873 | $965895 |
| Navigator Aviation, Ltd., Series <br> 2024-1, Class A |  |  |
| 5.40%, 08/15/49 144A | 987500 | 978789 |
| Neuberger Berman Loan Advisers <br> CLO 27, Ltd., Series 2018-27A, <br> Class CR |  |  |
| (Floating, CME Term SOFR 3M + <br> 2.10%, 2.10% Floor), 6.36%, <br> 07/15/38 144A † | 1100000 | 1105622 |
| New Economy Assets - Phase 1 <br> Sponsor LLC, Series 2021-1, <br> Class A1 |  |  |
| 1.91%, 10/20/61 144A | 230000 | 216728 |
| Nissan Auto Lease Trust, Series <br> 2024-A, Class A2A |  |  |
| 5.11%, 10/15/26 | 1426188 | 1427903 |
| Nissan Auto Receivables Owner Trust, <br> Series 2023-B, Class A3 |  |  |
| 5.93%, 03/15/28 | 425000 | 428433 |
| Obra Capital, Inc. |  |  |
| 6.00%, 06/30/39††† | 1400000 | 1377180 |
| OBX Trust, Series 2025-HE1, <br> Class A1 |  |  |
| (Floating, U.S. 30-Day Average <br> SOFR + 1.60%), 5.91%, <br> 02/25/55 144A † | 475500 | 476985 |
| OBX Trust, Series 2025-HE1, <br> Class M1 |  |  |
| (Floating, U.S. 30-Day Average <br> SOFR + 1.90%), 6.21%, <br> 02/25/55 144A † | 1000000 | 1000746 |
| OCP CLO, Ltd., Series 2016-11A, <br> Class A1R2 |  |  |
| (Floating, CME Term SOFR 3M + <br> 1.42%, 1.42% Floor), 5.70%, <br> 04/26/36 144A † | 2400000 | 2405265 |
| OCP CLO, Ltd., Series 2016-11A, <br> Class AR3 |  |  |
| (Floating, 1.30% - CME Term <br> SOFR 3M), 0.00%, 07/26/38 <br> 144A † | 2400000 | 2400000 |
| OCP CLO, Ltd., Series 2024-38A, <br> Class A |  |  |
| (Floating, CME Term SOFR 3M + <br> 1.33%, 1.33% Floor), 5.68%, <br> 01/21/38 144A † | 1265000 | 1269446 |
| OneMain Financial Issuance Trust, <br> Series 2019-2A, Class D |  |  |
| 4.05%, 10/14/36 144A | 100000 | 95643 |
| OneMain Financial Issuance Trust, <br> Series 2025-1A, Class D |  |  |
| 5.79%, 07/14/38 144A ††† | 125000 | 125997 |
| Option One Mortgage Loan Trust, <br> Series 2007-5, Class 2A4 |  |  |
| (Floating, CME Term SOFR 1M + <br> 0.41%, 0.30% Floor), 4.73%, <br> 05/25/37† | 1495425 | 802218 |

---

See Notes to Financial Statements.

**71**

------

**MEDIUM-DURATION BOND FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Owl Rock CLO I LLC, Series <br> 2019-1A, Class ANR |  |  |
| (Floating, CME Term SOFR 3M + <br> 2.40%, 2.40% Floor), 6.72%, <br> 02/20/36 144A † | $1000000 | $1004496 |
| Owl Rock CLO III, Ltd., Series <br> 2020-3A, Class BR |  |  |
| (Floating, CME Term SOFR 3M + <br> 2.35%, 2.35% Floor), 6.62%, <br> 04/20/36 144A † | 1000000 | 1004438 |
| Owl Rock CLO VII LLC, Series <br> 2022-7A, Class AR |  |  |
| (Floating, CME Term SOFR 3M + <br> 1.40%), 5.72%, 04/20/38 <br> 144A † | 800000 | 796000 |
| Owl Rock CLO XVI LLC, Series <br> 2024-16A, Class A |  |  |
| (Floating, CME Term SOFR 3M + <br> 2.00%, 2.00% Floor), 6.27%, <br> 04/20/36 144A † | 1000000 | 1003057 |
| Owl Rock CLO XVI LLC, Series <br> 2024-16A, Class B |  |  |
| (Floating, CME Term SOFR 3M + <br> 2.50%, 2.50% Floor), 6.77%, <br> 04/20/36 144A † | 1000000 | 1004717 |
| Owl Rock CLO XVII LLC, Series <br> 2024-17A, Class B |  |  |
| (Floating, CME Term SOFR 3M + <br> 1.95%, 1.95% Floor), 6.21%, <br> 07/15/36 144A † | 2200000 | 2207938 |
| OWL Rock CLO XXI LLC, Series <br> 2025-21A, Class B |  |  |
| (Floating, CME Term SOFR 3M + <br> 1.90%), 6.22%, 07/24/34 <br> 144A † γ | 300000 | 301559 |
| Palmer Square CLO, Ltd., Series <br> 2023-4A, Class CR |  |  |
| (Floating, CME Term SOFR 3M + <br> 1.85%, 1.85% Floor), 6.12%, <br> 10/20/37 144A † | 1000000 | 1001572 |
| Palmer Square Loan Funding, Ltd., <br> Series 2022-2A, Class A2 |  |  |
| (Floating, CME Term SOFR 3M + <br> 1.90%, 1.90% Floor), 6.16%, <br> 10/15/30 144A † | 1000000 | 1003732 |
| Palmer Square Loan Funding, Ltd., <br> Series 2022-3A, Class A1BR |  |  |
| (Floating, CME Term SOFR 3M + <br> 1.40%, 1.40% Floor), 5.66%, <br> 04/15/31 144A † | 1600000 | 1601810 |
| Penta CLO DAC, Series 2021-2A, <br> Class BR |  |  |
| (Floating, Euribor 3M + 1.65%), <br> 4.01%, 04/15/38(E) 144A † | 1350000 | 1587751 |
| PFP, Ltd., Series 2024-11, Class AS |  |  |
| (Floating, CME Term SOFR 1M + <br> 2.19%, 2.19% Floor), 6.50%, <br> 09/17/39 144A † | 94513 | 94592 |
| PHEAA Student Loan Trust, Series <br> 2016-1A, Class A |  |  |
| (Floating, U.S. 30-Day Average <br> SOFR + 1.26%, 1.15% Floor), <br> 5.57%, 09/25/65 144A † | 140899 | 141346 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| PHEAA Student Loan Trust, Series <br> 2016-2A, Class A |  |  |
| (Floating, U.S. 30-Day Average <br> SOFR + 1.06%), 5.37%, <br> 11/25/65 144A † | $142430 | $142214 |
| Pk Alift Loan Funding 6 LP, Series <br> 2025-1, Class A |  |  |
| 5.37%, 11/15/42 144A | 1000000 | 1004645 |
| Polen Capital CLO, Ltd., Series <br> 2025-1A, Class B |  |  |
| (Floating, CME Term SOFR 3M + <br> 1.70%), 5.96%, 03/06/38 <br> 144A † | 2150000 | 2152801 |
| PRET LLC, Series 2024-NPL7, <br> Class A1 |  |  |
| (Step to 8.93% on 11/25/27), <br> 5.93%, 10/25/54 144A STEP | 1272080 | 1269710 |
| Progress Residential Trust, Series <br> 2022-SFR5, Class B |  |  |
| 4.90%, 06/17/39 144A | 1385000 | 1384740 |
| Progress Residential Trust, Series <br> 2022-SFR5, Class C |  |  |
| 5.19%, 06/17/39 144A | 2580000 | 2586295 |
| QTS Issuer ABS I LLC, Series <br> 2025-1A, Class A2 |  |  |
| 5.44%, 05/25/55 144A | 1550000 | 1573095 |
| RCKT Mortgage Trust, Series <br> 2024-CES4, Class A1A |  |  |
| (Step to 7.15% on 06/25/28), <br> 6.15%, 06/25/44 144A STEP | 443795 | 448011 |
| Ready Capital Mortgage <br> Financing LLC, Series 2021-FL7, <br> Class A |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.31%, 1.20% Floor), 5.63%, <br> 11/25/36 144A † | 552248 | 552544 |
| Regatta 30 Funding, Ltd., Series <br> 2024-4A, Class A1 |  |  |
| (Floating, CME Term SOFR 3M + <br> 1.32%, 1.32% Floor), 5.63%, <br> 01/25/38 144A † γ | 6650000 | 6675344 |
| Regatta XI Funding, Ltd., Series <br> 2018-1A, Class AR |  |  |
| (Floating, CME Term SOFR 3M + <br> 1.40%, 1.40% Floor), 5.68%, <br> 07/17/37 144A † | 250000 | 250953 |
| Regatta XI Funding, Ltd., Series <br> 2018-1A, Class BR |  |  |
| (Floating, CME Term SOFR 3M + <br> 1.75%, 1.75% Floor), 6.03%, <br> 07/17/37 144A † | 1825000 | 1831027 |
| Regional Management Issuance Trust, <br> Series 2024-2, Class A |  |  |
| 5.11%, 12/15/33 144A | 1370000 | 1378417 |
| Regional Management Issuance Trust, <br> Series 2024-2, Class C |  |  |
| 5.74%, 12/15/33 144A | 550000 | 555488 |
| Regional Management Issuance Trust, <br> Series 2025-1, Class B |  |  |
| 5.53%, 04/17/34 144A | 1000000 | 1012111 |

---

**72**

See Notes to Financial Statements.

------

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Republic Finance Issuance Trust, <br> Series 2024-B, Class A |  |  |
| 5.42%, 11/20/37 144A | $1270000 | $1290093 |
| RR 29, Ltd., Series 2024-29RA, <br> Class A1R |  |  |
| (Floating, CME Term SOFR 3M + <br> 1.39%, 1.39% Floor), 5.65%, <br> 07/15/39 144A † | 1600000 | 1605913 |
| RR 40, Ltd., Series 2025-40A, <br> Class A1 |  |  |
| (Floating, CME Term SOFR 3M + <br> 1.34%), 5.64%, 07/15/38 <br> 144A † γ | 6950000 | 6950000 |
| Sabey Data Center Issuer LLC, Series <br> 2021-1, Class A2 |  |  |
| 1.88%, 06/20/46 144A | 815000 | 790330 |
| Saluda Grade Alternative Mortgage <br> Trust, Series 2023-FIG4, Class A |  |  |
| 6.72%, 11/25/53 144A | 257005 | 265337 |
| Santander Drive Auto Receivables <br> Trust, Series 2024-2, Class D |  |  |
| 6.28%, 08/15/31 | 2000000 | 2066697 |
| Santander Drive Auto Receivables <br> Trust, Series 2025-1, Class A2 |  |  |
| 4.76%, 08/16/27 | 553028 | 553258 |
| Santander Drive Auto Receivables <br> Trust, Series 2025-1, Class A3 |  |  |
| 4.74%, 01/16/29 | 1675000 | 1682071 |
| Santander Drive Auto Receivables <br> Trust, Series 2025-2, Class A2 |  |  |
| 4.71%, 06/15/28 | 2025000 | 2025999 |
| Santander Drive Auto Receivables <br> Trust, Series 2025-2, Class D |  |  |
| 5.47%, 05/15/31 | 800000 | 814510 |
| Saxon Asset Securities Trust, Series <br> 2004-1, Class M1 |  |  |
| (Floating, CME Term SOFR 1M + <br> 0.91%, 0.80% Floor, 10.28% <br> Cap), 1.54%, 03/25/35† | 34586 | 30670 |
| SEB Funding LLC, Series 2021-1A, <br> Class A2 |  |  |
| 4.97%, 01/30/52 144A | 1406475 | 1381482 |
| SEB Funding LLC, Series 2024-1A, <br> Class A2 |  |  |
| 7.39%, 04/30/54 144A | 150000 | 153596 |
| Securitized Asset Backed <br> Receivables LLC Trust, Series <br> 2006-WM4, Class A2C |  |  |
| (Floating, CME Term SOFR 1M + <br> 0.43%, 0.32% Floor), 4.75%, <br> 11/25/36† | 1728008 | 480451 |
| Securitized Asset Backed <br> Receivables LLC Trust, Series <br> 2007-BR2, Class A1 |  |  |
| (Floating, CME Term SOFR 1M + <br> 0.47%, 0.36% Floor), 4.79%, <br> 02/25/37 144A † | 1583241 | 1366245 |
| Service Experts Issuer LLC, Series <br> 2024-1A, Class A |  |  |
| 6.39%, 11/20/35 144A | 314356 | 320347 |
| SERVPRO Master Issuer LLC, Series <br> 2019-1A, Class A2 |  |  |
| 3.88%, 10/25/49 144A | 1275750 | 1255626 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| SERVPRO Master Issuer LLC, Series <br> 2021-1A, Class A2 |  |  |
| 2.39%, 04/25/51 144A | $480000 | $448226 |
| SERVPRO Master Issuer LLC, Series <br> 2024-1A, Class A2 |  |  |
| 6.17%, 01/25/54 144A | 641875 | 662346 |
| SFS Auto Receivables Securitization <br> Trust, Series 2025-1A, Class B |  |  |
| 5.11%, 02/20/31 144A | 100000 | 102316 |
| SFS Auto Receivables Securitization <br> Trust, Series 2025-1A, Class C |  |  |
| 5.20%, 10/20/32 144A | 300000 | 304326 |
| SFS Auto Receivables Securitization <br> Trust, Series 2025-2A, Class C |  |  |
| 5.05%, 04/20/33 144A ††† | 300000 | 302491 |
| Slam, Ltd., Series 2021-1A, Class A |  |  |
| 2.43%, 06/15/46 144A | 1886250 | 1769531 |
| Slam, Ltd., Series 2024-1A, Class A |  |  |
| 5.34%, 09/15/49 144A | 619139 | 618906 |
| SLAM, Ltd., Series 2025-1A, Class A |  |  |
| 5.81%, 05/15/50 144A | 2750000 | 2850189 |
| SMB Private Education Loan Trust, <br> Series 2020-A, Class A2A |  |  |
| 2.23%, 09/15/37 144A | 150830 | 145343 |
| SMB Private Education Loan Trust, <br> Series 2021-D, Class A1A |  |  |
| 1.34%, 03/17/53 144A | 1243943 | 1162343 |
| SMB Private Education Loan Trust, <br> Series 2024-A, Class C |  |  |
| 6.22%, 03/15/56 144A | 1905000 | 1939205 |
| SMB Private Education Loan Trust, <br> Series 2024-C, Class A1A |  |  |
| 5.50%, 06/17/52 144A | 694126 | 711465 |
| Sonic Capital LLC, Series 2020-1A, <br> Class A2I |  |  |
| 3.85%, 01/20/50 144A | 618583 | 605871 |
| Sonic Capital LLC, Series 2020-1A, <br> Class A2II |  |  |
| 4.34%, 01/20/50 144A | 475833 | 455453 |
| Sonic Capital LLC, Series 2021-1A, <br> Class A2II |  |  |
| 2.64%, 08/20/51 144A | 770000 | 655567 |
| Sound Point Euro CLO 14 Funding <br> DAC, Series 14A, Class B |  |  |
| (Floating, Euribor 3M + 1.60%), <br> 3.89%, 04/20/39(E) 144A † | 1330000 | 1565071 |
| Soundview Home Loan Trust, Series <br> 2007-OPT1, Class 2A4 |  |  |
| (Floating, CME Term SOFR 1M + <br> 0.39%, 0.28% Floor), 4.71%, <br> 06/25/37† | 1419367 | 934456 |
| Spirit Airlines Pass-Through Trust, <br> Series 2015-1, Class A |  |  |
| 4.10%, 04/01/28 | 736208 | 676514 |
| Stack Infrastructure Issuer LLC, <br> Series 2023-1A, Class A2 |  |  |
| 5.90%, 03/25/48 144A | 1000000 | 1004929 |
| Stack Infrastructure Issuer LLC, <br> Series 2023-2A, Class A2 |  |  |
| 5.90%, 07/25/48 144A | 1000000 | 1008531 |

---

See Notes to Financial Statements.

**73**

------

**MEDIUM-DURATION BOND FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Stack Infrastructure Issuer LLC, <br> Series 2025-1A, Class A2 |  |  |
| 5.00%, 05/25/50 144A | $650000 | $644321 |
| Stellantis Financial Underwritten <br> Enhanced Lease Trust, Series <br> 2025-AA, Class A2 |  |  |
| 4.63%, 07/20/27 144A | 2100000 | 2105757 |
| Stonepeak, Series 2021-1A, Class AA |  |  |
| 2.30%, 02/28/33 144A | 721172 | 691012 |
| Store Master Funding, Series <br> 2024-1A, Class A1 |  |  |
| 5.69%, 05/20/54 144A | 497083 | 503522 |
| Stream Innovations Issuer Trust, <br> Series 2024-1A, Class A |  |  |
| 6.27%, 07/15/44 144A | 811778 | 843693 |
| Stream Innovations Issuer Trust, <br> Series 2024-2A, Class A |  |  |
| 5.21%, 02/15/45 144A | 1523991 | 1542580 |
| Structured Asset Investment Loan <br> Trust, Series 2005-1, Class M3 |  |  |
| (Floating, CME Term SOFR 1M + <br> 0.89%, 0.78% Floor), 5.21%, <br> 02/25/35 144A † | 844262 | 834706 |
| Structured Asset Securities <br> Corporation Mortgage Loan Trust, <br> Series 2007-BC4, Class A1 |  |  |
| (Floating, CME Term SOFR 1M + <br> 0.74%, 0.63% Floor), 5.06%, <br> 11/25/37† | 1443122 | 1400669 |
| Subway Funding LLC, Series <br> 2024-1A, Class A23 |  |  |
| 6.51%, 07/30/54 144A | 796000 | 818817 |
| Subway Funding LLC, Series <br> 2024-1A, Class A2I |  |  |
| 6.03%, 07/30/54 144A | 1482550 | 1510629 |
| Subway Funding LLC, Series <br> 2024-1A, Class A2II |  |  |
| 6.27%, 07/30/54 144A | 348250 | 357766 |
| Subway Funding LLC, Series <br> 2024-3A, Class A23 |  |  |
| 5.91%, 07/30/54 144A | 696500 | 691558 |
| Subway Funding LLC, Series <br> 2024-3A, Class A2I |  |  |
| 5.25%, 07/30/54 144A | 1378075 | 1373207 |
| Sunnova Hestia I Issuer LLC, Series <br> 2023-GRID1, Class 1A |  |  |
| 5.75%, 12/20/50 144A | 155788 | 157187 |
| Sunrun Demeter Issuer LLC, Series <br> 2021-2A, Class A |  |  |
| 2.27%, 01/30/57 144A | 1880319 | 1666989 |
| SVC ABS LLC, Series 2023-1A, <br> Class A |  |  |
| 5.15%, 02/20/53 144A | 642417 | 637969 |
| Switch ABS Issuer LLC, Series <br> 2024-1A, Class A2 |  |  |
| 6.28%, 03/25/54 144A | 700000 | 714332 |
| Switch ABS Issuer LLC, Series <br> 2024-2A, Class A2 |  |  |
| 5.44%, 06/25/54 144A | 350000 | 353085 |
| Switch ABS Issuer LLC, Series <br> 2025-1A, Class A2 |  |  |
| 5.04%, 03/25/55 144A | 1000000 | 988092 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Sycamore Tree CLO, Ltd., Series <br> 2021-1A, Class CR |  |  |
| (Floating, CME Term SOFR 3M + <br> 2.05%, 2.05% Floor), 6.32%, <br> 01/20/38 144A † | $1475000 | $1482083 |
| Taco Bell Funding LLC, Series <br> 2016-1A, Class A23 |  |  |
| 4.97%, 05/25/46 144A | 609375 | 609669 |
| Textainer Marine Containers VII, Ltd., <br> Series 2021-2A, Class A |  |  |
| 2.23%, 04/20/46 144A | 666667 | 622594 |
| Textainer Marine Containers VII, Ltd., <br> Series 2021-3A, Class A |  |  |
| 1.94%, 08/20/46 144A | 693333 | 617699 |
| TIF Funding II LLC, Series 2021-1A, <br> Class A |  |  |
| 1.65%, 02/20/46 144A | 966875 | 870147 |
| TIF Funding III LLC, Series 2024-1A, <br> Class A |  |  |
| 5.48%, 05/22/34 144A | 498437 | 506823 |
| TIF Funding III LLC, Series 2024-2A, <br> Class A |  |  |
| 5.54%, 07/20/49 144A | 1204342 | 1224777 |
| Tikehau US CLO III, Ltd., Series <br> 2022-2A, Class C1R |  |  |
| (Floating, CME Term SOFR 3M + <br> 3.20%, 3.20% Floor), 7.47%, <br> 01/20/36 144A † | 900000 | 906390 |
| Towd Point Mortgage Trust, Series <br> 2023-CES2, Class A1A |  |  |
| 7.29%, 10/25/63 144A | 799896 | 813637 |
| Toyota Auto Loan Extended <br> Note Trust, Series 2025-1A, <br> Class A |  |  |
| 4.65%, 05/25/38 144A | 2775000 | 2816580 |
| Tricon Residential Trust, Series <br> 2023-SFR1, Class C |  |  |
| 5.10%, 07/17/40 144A | 1000000 | 996562 |
| Tricon Residential Trust, Series <br> 2023-SFR2, Class C |  |  |
| 5.00%, 12/17/28 144A | 500000 | 496302 |
| Tricon Residential Trust, Series <br> 2024-SFR1, Class C |  |  |
| 4.85%, 04/17/29 144A | 1000000 | 986462 |
| Tricon Residential Trust, Series <br> 2024-SFR2, Class B |  |  |
| 5.70%, 06/17/28 144A | 300000 | 305206 |
| Tricon Residential Trust, Series <br> 2024-SFR3, Class C |  |  |
| 5.25%, 08/17/41 144A | 500000 | 498907 |
| Tricon Residential Trust, Series <br> 2025-SFR1, Class B |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.35%, 1.35% Floor), 5.66%, <br> 03/17/42 144A † | 1500000 | 1502881 |
| Triton Container Finance VIII LLC, <br> Series 2021-1A, Class A |  |  |
| 1.86%, 03/20/46 144A | 919800 | 841049 |
| Triumph Rail Holdings LLC, Series <br> 2021-2, Class A |  |  |
| 2.15%, 06/19/51 144A | 1924882 | 1825103 |

---

**74**

See Notes to Financial Statements.

------

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| TRTX Issuer, Ltd., Series 2025-FL6, <br> Class A |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.54%), 5.85%, 09/18/42 <br> 144A † | $1100000 | $1101273 |
| Turkish Airlines Pass-Through Trust, <br> Series 2015-1, Class A |  |  |
| 4.20%, 03/15/27 144A | 433257 | 419713 |
| United Airlines Pass-Through Trust, <br> Series 2016-2, Class A |  |  |
| 3.10%, 10/07/28 | 498898 | 465664 |
| United Airlines Pass-Through Trust, <br> Series 2016-2, Class AA |  |  |
| 2.88%, 10/07/28Δ | 498898 | 471757 |
| United Airlines Pass-Through Trust, <br> Series 2020-1, Class A |  |  |
| 5.88%, 10/15/27 | 874491 | 893103 |
| United Airlines Pass-Through Trust, <br> Series 2023-1, Class A |  |  |
| 5.80%, 01/15/36 | 573188 | 586700 |
| United Airlines Pass-Through Trust, <br> Series 2024-1, Class AA |  |  |
| 5.45%, 02/15/37 | 198259 | 200774 |
| Uniti Fiber Abs Issuer LLC, Series <br> 2025-1A, Class A2 |  |  |
| 5.88%, 04/20/55 144A | 100000 | 102486 |
| USB Auto Owner Trust, Series <br> 2025-1A, Class D |  |  |
| 5.40%, 12/15/32 144A | 100000 | 101077 |
| Vantage Data Centers Issuer LLC, <br> Series 2020-1A, Class A2 |  |  |
| 1.65%, 09/15/45 144A | 500000 | 496136 |
| Vantage Data Centers Issuer LLC, <br> Series 2024-1A, Class A2 |  |  |
| 5.10%, 09/15/54 144A | 150000 | 149185 |
| VB-S1 Issuer LLC, Series 2024-1A, <br> Class D |  |  |
| 6.64%, 05/15/54 144A | 1100000 | 1130125 |
| Vista Point Securitization Trust, Series <br> 2024-CES1, Class A1 |  |  |
| (Step to 7.67% on 05/25/28), <br> 6.68%, 05/25/54 144A STEP | 906319 | 918494 |
| Vista Point Securitization Trust, Series <br> 2024-CES2, Class A1 |  |  |
| (Step to 6.25% on 10/25/28), <br> 5.25%, 10/25/54 144A STEP | 712463 | 708516 |
| Vista Point Securitization Trust, Series <br> 2025-CES1, Class A1 |  |  |
| (Step to 6.81% on 04/25/29), <br> 5.81%, 04/25/55 144A STEP | 866786 | 871369 |
| Volofin Finance Designated Activity <br> Co., Series 2024-1A, Class A |  |  |
| 5.94%, 06/15/37 144A | 585742 | 592266 |
| Voya CLO, Ltd., Series 2019-1A, <br> Class A1RR |  |  |
| (Floating, CME Term SOFR 3M + <br> 1.37%, 1.37% Floor), 5.63%, <br> 10/15/37 144A † | 925000 | 929137 |
| Voya CLO, Ltd., Series 2020-2A, <br> Class A1RR |  |  |
| (Floating, CME Term SOFR 3M + <br> 1.31%), 5.59%, 01/20/38 <br> 144A † γ | 4300000 | 4315895 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| WAVE LLC, Series 2019-1, Class A |  |  |
| 3.60%, 09/15/44 144A | $128337 | $123170 |
| WAVE Trust, Series 2017-1A, Class A |  |  |
| 3.84%, 11/15/42 144A | 73717 | 71512 |
| Wellfleet CLO X, Ltd., Series <br> 2019-XA, Class A1R2 |  |  |
| (Floating, CME Term SOFR 3M + <br> 1.12%, 1.12% Floor), 5.39%, <br> 07/20/32 144A † | 6189586 | 6192681 |
| Wellfleet CLO, Ltd., Series 2022-2A, <br> Class BR |  |  |
| (Floating, CME Term SOFR 3M + <br> 1.85%, 1.85% Floor), 6.12%, <br> 10/18/37 144A † | 1250000 | 1252454 |
| Westlake Automobile Receivables <br> Trust, Series 2024-3A, Class D |  |  |
| 5.21%, 04/15/30 144A | 2090000 | 2105271 |
| Westlake Automobile Receivables <br> Trust, Series 2025-1A, Class D |  |  |
| 5.54%, 11/15/30 144A | 1400000 | 1422658 |
| Wheels Fleet Lease Funding 1 LLC, <br> Series 2024-3A, Class A1 |  |  |
| 4.80%, 09/19/39 144A | 1360000 | 1367320 |
| Willis Engine Structured Trust VII, <br> Series 2023-A, Class A |  |  |
| 8.00%, 10/15/48 144A | 276945 | 285856 |
| Wingstop Funding LLC, Series <br> 2020-1A, Class A2 |  |  |
| 2.84%, 12/05/50 144A | 1244892 | 1181366 |
| Wingstop Funding LLC, Series <br> 2022-1A, Class A2 |  |  |
| 3.73%, 03/05/52 144A | 397000 | 379123 |
| Ziply Fiber Issuer LLC, Series <br> 2024-1A, Class A2 |  |  |
| 6.64%, 04/20/54 144A | 1345000 | 1382442 |
| **Total Asset-Backed Securities** <br>(Cost $376,998,055) |  | 377634714 |
| **COMMERCIAL PAPER — 0.8%** | **COMMERCIAL PAPER — 0.8%** | **COMMERCIAL PAPER — 0.8%** |
| Alimentation Couche-Tard, Inc. |  |  |
| 4.56%, 07/29/25 | 1320000 | 1315017 |
| American Honda Finance Corporation |  |  |
| 4.64%, 08/18/25 | 2526000 | 2510050 |
| Dominion Energy, Inc. |  |  |
| 4.58%, 08/27/25 | 8178000 | 8117352 |
| Hyundai Capital America |  |  |
| 4.59%, 08/27/25 | 4168000 | 4136889 |
| PPG Industries, Inc. |  |  |
| 0.00%, 08/15/25 | 1608000 | 1598734 |
| Reckitt Benckiser Treasury Services <br> PLC |  |  |
| 4.52%, 07/14/25 | 6849000 | 6837198 |
| **Total Commercial Paper** <br>(Cost $24,518,449) |  | 24515240 |
| **CORPORATE BONDS — 25.1%** | **CORPORATE BONDS — 25.1%** | **CORPORATE BONDS — 25.1%** |
| 7-Eleven, Inc. |  |  |
| 1.30%, 02/10/28 144A Δ | 725000 | 668843 |
| Accident Fund Insurance Co. of <br> America |  |  |
| 8.50%, 08/01/32 144A | 100000 | 99834 |

---

See Notes to Financial Statements.

**75**

------

**MEDIUM-DURATION BOND FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Acrisure LLC |  |  |
| 6.75%, 07/01/32 144A | $710000 | $720684 |
| Acushnet Co. |  |  |
| 7.38%, 10/15/28 144A Δ | 750000 | 782683 |
| Adventist Health System |  |  |
| 2.95%, 03/01/29 | 160000 | 148777 |
| 5.76%, 12/01/34 | 450000 | 451176 |
| AGCO Corporation |  |  |
| 5.80%, 03/21/34 | 443000 | 449892 |
| Air Lease Corporation |  |  |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 5Y + <br> 3.15%), 4.13%, 12/15/26ρ ^ | 600000 | 583235 |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 5Y + <br> 3.44%), 6.00%, 09/24/29ρ Δ ^ | 540000 | 529399 |
| Alcon Finance Corporation |  |  |
| 3.00%, 09/23/29 144A | 2010000 | 1892810 |
| Alexandria Real Estate Equities, Inc. <br> REIT |  |  |
| 2.75%, 12/15/29Δ | 1400000 | 1293461 |
| 3.38%, 08/15/31 | 325000 | 300682 |
| 5.15%, 04/15/53 | 600000 | 525884 |
| Allegion U.S. Holding Co., Inc. |  |  |
| 5.60%, 05/29/34 | 527000 | 541674 |
| Alliant Energy Finance LLC |  |  |
| 4.25%, 06/15/28 144A | 75000 | 74081 |
| Amazon.com, Inc. |  |  |
| 4.80%, 12/05/34Δ | 75000 | 76585 |
| Amdocs, Ltd. |  |  |
| 2.54%, 06/15/30 | 1600000 | 1450130 |
| American Express Co. |  |  |
| (Variable, U.S. SOFR + 1.42%), <br> 5.28%, 07/26/35^ | 1200000 | 1215336 |
| American Homes 4 Rent LP REIT |  |  |
| 4.90%, 02/15/29 | 309000 | 312841 |
| 2.38%, 07/15/31 | 205000 | 178626 |
| American International Group, Inc. |  |  |
| 3.40%, 06/30/30 | 250000 | 237867 |
| American National Group, Inc. |  |  |
| 5.00%, 06/15/27 | 1250000 | 1255552 |
| 5.75%, 10/01/29 | 250000 | 256132 |
| 6.14%, 06/13/32 144A Δ | 600000 | 615952 |
| American Tower Corporation REIT |  |  |
| 3.38%, 10/15/26 | 1200000 | 1185095 |
| 3.95%, 03/15/29 | 300000 | 293804 |
| 5.90%, 11/15/33 | 4260000 | 4497961 |
| Americo Life, Inc. |  |  |
| 3.45%, 04/15/31 144A | 1450000 | 1294529 |
| AmFam Holdings, Inc. |  |  |
| 3.83%, 03/11/51 144A | 1000000 | 633804 |
| Amgen, Inc. |  |  |
| 5.25%, 03/02/30 | 1873000 | 1930448 |
| 4.20%, 03/01/33Δ | 2775000 | 2664759 |
| 5.25%, 03/02/33 | 995000 | 1019251 |
| Antares Holdings LP |  |  |
| 3.75%, 07/15/27 144A | 2895000 | 2784373 |
| Appalachian Power Co. |  |  |
| 2.70%, 04/01/31 | 2200000 | 1977506 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| AppLovin Corporation |  |  |
| 5.13%, 12/01/29 | $585000 | $592785 |
| 5.38%, 12/01/31 | 640000 | 651531 |
| 5.50%, 12/01/34Δ | 4538000 | 4609372 |
| Aquila FDG |  |  |
| 7.45%, 09/30/45††† | 400000 | 405042 |
| Arch Capital Finance LLC |  |  |
| 4.01%, 12/15/26 | 600000 | 597562 |
| Arch Capital Group, Ltd. |  |  |
| 7.35%, 05/01/34 | 175000 | 202460 |
| Archer-Daniels-Midland Co. |  |  |
| 3.25%, 03/27/30 | 150000 | 143200 |
| Ares Finance Co. II LLC |  |  |
| 3.25%, 06/15/30 144A | 482000 | 448706 |
| Arsenal AIC Parent LLC |  |  |
| 8.00%, 10/01/30 144A | 100000 | 106844 |
| Arthur J Gallagher & Co. |  |  |
| 5.00%, 02/15/32 | 120000 | 121727 |
| 5.15%, 02/15/35 | 320000 | 320336 |
| AS Mileage Plan IP, Ltd. |  |  |
| 5.31%, 10/20/31 144A | 850000 | 836766 |
| Ashtead Capital, Inc. |  |  |
| 1.50%, 08/12/26 144A | 350000 | 338698 |
| 5.95%, 10/15/33 144A | 1900000 | 1969125 |
| 5.80%, 04/15/34 144A Δ | 752000 | 770035 |
| Aspen Insurance Holdings, Ltd. |  |  |
| 5.75%, 07/01/30 | 175000 | 177974 |
| Assurant, Inc. |  |  |
| 6.10%, 02/27/26 | 800000 | 804498 |
| AT&T, Inc. |  |  |
| 2.75%, 06/01/31 | 175000 | 158724 |
| 2.25%, 02/01/32Δ | 275000 | 236771 |
| 2.55%, 12/01/33 | 3719000 | 3113793 |
| 5.38%, 08/15/35Δ | 1675000 | 1706224 |
| 4.90%, 08/15/37 | 200000 | 191811 |
| 3.50%, 06/01/41 | 400000 | 314015 |
| 5.15%, 11/15/46 | 125000 | 115452 |
| 3.65%, 06/01/51 | 500000 | 355548 |
| 3.50%, 09/15/53 | 1664000 | 1127172 |
| Athene Global Funding |  |  |
| (Floating, Euribor 3M + 1.00%), <br> 3.05%, 02/23/27(E) † | 1700000 | 2012670 |
| Atlassian Corporation |  |  |
| 5.50%, 05/15/34 | 3175000 | 3261918 |
| AutoNation, Inc. |  |  |
| 1.95%, 08/01/28Δ | 150000 | 139115 |
| 4.75%, 06/01/30 | 225000 | 223843 |
| Aviation Capital Group LLC |  |  |
| 5.13%, 04/10/30 144A | 15000 | 15149 |
| 6.38%, 07/15/30 144A | 2770000 | 2941135 |
| Axon Enterprise, Inc. |  |  |
| 6.13%, 03/15/30 144A | 155000 | 159783 |
| 6.25%, 03/15/33 144A | 155000 | 159985 |
| AZ BATTERY PROPERTY LLC |  |  |
| 6.73%, 02/20/46††† | 280000 | 263788 |
| Bank of America Corporation |  |  |
| (Variable, U.S. SOFR + 1.29%), <br> 5.08%, 01/20/27^ | 1000000 | 1002771 |

---

**76**

See Notes to Financial Statements.

------

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 5Y + <br> 2.76%), 4.38%, 01/27/27ρ ^ | $700000 | $688609 |
| (Variable, CME Term SOFR 3M + <br> 1.77%), 3.71%, 04/24/28^ | 2000000 | 1976960 |
| (Variable, U.S. SOFR + 1.63%), <br> 5.20%, 04/25/29^ | 4385000 | 4482009 |
| (Variable, U.S. SOFR + 1.11%), <br> 4.62%, 05/09/29Δ ^ | 1600000 | 1610369 |
| (Variable, CME Term SOFR 3M + <br> 1.57%), 4.27%, 07/23/29^ | 525000 | 523345 |
| (Variable, CME Term SOFR 3M + <br> 1.47%), 3.97%, 02/07/30^ | 2500000 | 2461200 |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 5Y + <br> 2.68%), 6.63%, 05/01/30ρ ^ | 350000 | 363354 |
| (Variable, CME Term SOFR 3M + <br> 1.25%), 2.50%, 02/13/31^ | 75000 | 68519 |
| (Variable, U.S. SOFR + 1.53%), <br> 1.90%, 07/23/31^ | 1150000 | 1010744 |
| (Variable, U.S. SOFR + 1.22%), <br> 2.65%, 03/11/32^ | 3254000 | 2921801 |
| (Variable, U.S. SOFR + 1.22%), <br> 2.30%, 07/21/32^ | 755000 | 658125 |
| (Variable, U.S. SOFR + 1.33%), <br> 2.97%, 02/04/33^ | 425000 | 380693 |
| (Variable, U.S. SOFR + 1.83%), <br> 4.57%, 04/27/33Δ ^ | 1065000 | 1048339 |
| (Variable, U.S. SOFR + 2.16%), <br> 5.02%, 07/22/33^ | 600000 | 607204 |
| (Variable, U.S. SOFR + 1.91%), <br> 5.29%, 04/25/34^ | 2700000 | 2755082 |
| (Variable, U.S. SOFR + 1.65%), <br> 5.47%, 01/23/35^ | 5780000 | 5940260 |
| (Variable, U.S. SOFR + 1.74%), <br> 5.52%, 10/25/35^ | 195000 | 195090 |
| (Variable, U.S. SOFR + 1.31%), <br> 5.51%, 01/24/36Δ ^ | 1775000 | 1825757 |
| (Variable, U.S. SOFR + 1.70%), <br> 5.74%, 02/12/36Δ ^ | 25000 | 25416 |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 5Y + <br> 1.20%), 2.48%, 09/21/36^ | 1712000 | 1451143 |
| Bank of New York Mellon <br> Corporation (The) |  |  |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 5Y + <br> 2.63%), 3.75%, 12/20/26ρ Δ ^ | 700000 | 685413 |
| Banner Health |  |  |
| 2.34%, 01/01/30 | 865000 | 795889 |
| Baylor Scott & White Holdings |  |  |
| 1.78%, 11/15/30 | 305000 | 267332 |
| Beacon Funding Trust |  |  |
| 6.27%, 08/15/54 144A | 1850000 | 1833241 |
| Becton, Dickinson and Co. |  |  |
| 2.82%, 05/20/30 | 3625000 | 3357054 |
| Belrose Funding Trust II |  |  |
| 6.79%, 05/15/55 144A | 500000 | 511532 |
| Belvoir Land LLC |  |  |
| 5.60%, 12/15/35 144A | 1000000 | 942915 |
| Berkshire Hathaway Energy Co. |  |  |
| 3.70%, 07/15/30 | 400000 | 388292 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Berkshire Hathaway Finance <br> Corporation |  |  |
| 1.85%, 03/12/30 | $725000 | $656910 |
| Berry Global, Inc. |  |  |
| 1.57%, 01/15/26 | 2100000 | 2062725 |
| 4.88%, 07/15/26 144A | 450000 | 449806 |
| 5.80%, 06/15/31 | 450000 | 473085 |
| BGC Group, Inc. |  |  |
| 6.15%, 04/02/30 144A | 1105000 | 1120720 |
| Bimbo Bakeries U.S.A., Inc. |  |  |
| 5.38%, 01/09/36 144A | 725000 | 716767 |
| Black Hills Corporation |  |  |
| 2.50%, 06/15/30Δ | 490000 | 441165 |
| Block Financial LLC |  |  |
| 3.88%, 08/15/30 | 1600000 | 1519463 |
| Block, Inc. |  |  |
| 3.50%, 06/01/31Δ | 1505000 | 1381655 |
| Blue Owl Capital Corporation |  |  |
| 2.88%, 06/11/28 | 2200000 | 2050110 |
| Blue Owl Finance LLC |  |  |
| 6.25%, 04/18/34 | 1285000 | 1322920 |
| BMW U.S. Capital LLC |  |  |
| 4.75%, 03/21/28 144A | 1400000 | 1416444 |
| Boardwalk Pipelines LP |  |  |
| 3.60%, 09/01/32 | 700000 | 635542 |
| 5.63%, 08/01/34 | 350000 | 355221 |
| Boeing Co. (The) |  |  |
| 6.26%, 05/01/27 | 400000 | 411691 |
| 6.30%, 05/01/29 | 400000 | 422990 |
| 2.95%, 02/01/30Δ | 149000 | 138197 |
| 5.15%, 05/01/30 | 1256000 | 1279313 |
| 6.39%, 05/01/31Δ | 400000 | 430056 |
| 6.53%, 05/01/34 | 5650000 | 6142587 |
| 3.25%, 02/01/35 | 25000 | 21070 |
| 5.71%, 05/01/40 | 1075000 | 1062770 |
| 3.85%, 11/01/48 | 25000 | 17976 |
| 3.75%, 02/01/50Δ | 183000 | 129357 |
| 5.81%, 05/01/50 | 4275000 | 4103675 |
| 6.86%, 05/01/54 | 1960000 | 2147554 |
| 7.01%, 05/01/64 | 300000 | 329824 |
| Boost Newco Borrower LLC |  |  |
| 7.50%, 01/15/31 144A | 500000 | 531113 |
| Boston Properties LP REIT |  |  |
| 4.50%, 12/01/28 | 900000 | 893195 |
| 2.55%, 04/01/32 | 1100000 | 928554 |
| BP Capital Markets America, Inc. |  |  |
| 4.23%, 11/06/28 | 150000 | 150094 |
| Brandywine Operating Partnership LP <br> REIT |  |  |
| 8.88%, 04/12/29 | 500000 | 541729 |
| Brink's Co. (The) |  |  |
| 6.50%, 06/15/29 144A | 160000 | 165045 |
| Broadcom, Inc. |  |  |
| 2.45%, 02/15/31 144A | 2000000 | 1789002 |
| 4.15%, 04/15/32 144A | 2420000 | 2333288 |
| 3.42%, 04/15/33 144A | 900000 | 816517 |
| 3.47%, 04/15/34 144A | 9530000 | 8516639 |

---

See Notes to Financial Statements.

**77**

------

**MEDIUM-DURATION BOND FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| 3.14%, 11/15/35 144A | $2908000 | $2453887 |
| 3.19%, 11/15/36 144A | 28000 | 23223 |
| 3.50%, 02/15/41 144A | 325000 | 257735 |
| Brookfield Capital Finance LLC |  |  |
| 6.09%, 06/14/33 | 150000 | 158768 |
| Brooklyn Union Gas Co. (The) |  |  |
| 6.39%, 09/15/33 144A Δ | 1250000 | 1332225 |
| Brown & Brown, Inc. |  |  |
| 5.65%, 06/11/34 | 350000 | 359704 |
| 5.55%, 06/23/35Δ | 385000 | 392745 |
| 6.25%, 06/23/55 | 125000 | 128971 |
| Builders FirstSource, Inc. |  |  |
| 6.38%, 03/01/34 144A | 1000000 | 1020323 |
| 6.75%, 05/15/35 144A | 950000 | 979322 |
| Bunge, Ltd. Finance Corporation |  |  |
| 4.20%, 09/17/29 | 728000 | 720095 |
| 4.65%, 09/17/34 | 728000 | 706645 |
| CACI International, Inc. |  |  |
| 6.38%, 06/15/33 144A | 445000 | 459773 |
| Capital One Financial Corporation |  |  |
| (Variable, U.S. SOFR + 2.60%), <br> 5.25%, 07/26/30^ | 1200000 | 1227897 |
| Cardinal Health, Inc. |  |  |
| 5.13%, 02/15/29Δ | 510000 | 523166 |
| 5.35%, 11/15/34Δ | 1305000 | 1331482 |
| Carnival Corporation |  |  |
| 5.75%, 03/15/30 144A Δ | 1460000 | 1485645 |
| 5.88%, 06/15/31 144A | 2565000 | 2614697 |
| 6.13%, 02/15/33 144A Δ | 2325000 | 2380282 |
| Carrier Global Corporation |  |  |
| 2.72%, 02/15/30 | 650000 | 604280 |
| 2.70%, 02/15/31Δ | 950000 | 864716 |
| 5.90%, 03/15/34 | 1036000 | 1103635 |
| CBRE Services, Inc. |  |  |
| 4.80%, 06/15/30 | 100000 | 100355 |
| 5.50%, 06/15/35 | 2500000 | 2516931 |
| CDW LLC |  |  |
| 3.57%, 12/01/31 | 5040000 | 4642387 |
| Celanese U.S. Holdings LLC |  |  |
| 6.85%, 11/15/28Δ | 940000 | 988359 |
| Centene Corporation |  |  |
| 4.25%, 12/15/27 | 88000 | 86722 |
| 2.50%, 03/01/31 | 4845000 | 4174703 |
| CenterPoint Energy Resources <br> Corporation |  |  |
| 5.40%, 07/01/34 | 1300000 | 1322426 |
| Central Parent, Inc. |  |  |
| 7.25%, 06/15/29 144A | 600000 | 489846 |
| Charles Schwab Corporation (The) |  |  |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 10Y + <br> 3.08%), 4.00%, 12/01/30ρ ^ | 1000000 | 928909 |
| Charter Communications <br> Operating LLC |  |  |
| 2.25%, 01/15/29Δ | 2300000 | 2118699 |
| 6.65%, 02/01/34 | 430000 | 460630 |
| 6.55%, 06/01/34Δ | 970000 | 1035348 |
| 6.38%, 10/23/35 | 945000 | 993020 |
| 4.80%, 03/01/50 | 45000 | 36030 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| 5.25%, 04/01/53 | $35000 | $29756 |
| 3.95%, 06/30/62Δ | 8445000 | 5445596 |
| Cheniere Energy Partners LP |  |  |
| 5.95%, 06/30/33 | 4095000 | 4276350 |
| 5.75%, 08/15/34Δ | 50000 | 51374 |
| 5.55%, 10/30/35 144A | 300000 | 302473 |
| Cheniere Energy, Inc. |  |  |
| 5.65%, 04/15/34 | 200000 | 204932 |
| Choice Hotels International, Inc. |  |  |
| 3.70%, 12/01/29 | 1500000 | 1417971 |
| 5.85%, 08/01/34 | 1894000 | 1909969 |
| Chubb Corporation (The) |  |  |
| 6.80%, 11/15/31 | 854000 | 953391 |
| Cigna Group (The) |  |  |
| 2.40%, 03/15/30Δ | 550000 | 502026 |
| 2.38%, 03/15/31 | 1100000 | 978265 |
| 5.13%, 05/15/31Δ | 1240000 | 1276114 |
| 3.20%, 03/15/40 | 675000 | 517238 |
| 4.90%, 12/15/48Δ | 300000 | 262135 |
| Citadel Securities Global <br> Holdings LLC |  |  |
| 6.20%, 06/18/35 144A | 250000 | 256616 |
| Citigroup, Inc. |  |  |
| (Variable, CME Term SOFR 3M + <br> 4.78%), 6.25%, 08/15/26ρ ^ | 150000 | 151841 |
| 4.30%, 11/20/26 | 75000 | 74914 |
| 4.45%, 09/29/27 | 150000 | 150175 |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 5Y + <br> 3.21%), 7.38%, 05/15/28ρ Δ ^ | 800000 | 843606 |
| (Variable, CME Term SOFR 3M + <br> 1.65%), 3.67%, 07/24/28^ | 150000 | 147685 |
| (Variable, U.S. SOFR + 1.36%), <br> 5.17%, 02/13/30^ | 2600000 | 2653189 |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 5Y + <br> 2.57%), 6.75%, 02/15/30ρ ^ | 200000 | 201973 |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 5Y + <br> 2.73%), 6.95%, 02/15/30ρ ^ | 650000 | 665482 |
| (Variable, U.S. SOFR + 1.83%), <br> 6.02%, 01/24/36^ | 2045000 | 2101126 |
| Civitas Resources, Inc. |  |  |
| 8.38%, 07/01/28 144A Δ | 290000 | 297297 |
| CMS Energy Corporation |  |  |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 5Y + <br> 1.96%), 6.50%, 06/01/55^ | 490000 | 492398 |
| CNO Financial Group, Inc. |  |  |
| 6.45%, 06/15/34 | 1620000 | 1700073 |
| CoBank ACB |  |  |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 5Y + <br> 3.49%), 6.45%, 10/01/27ρ ^ | 600000 | 607559 |
| Coca-Cola Consolidated, Inc. |  |  |
| 5.45%, 06/01/34 | 470000 | 484606 |
| Cogent Communications Group LLC |  |  |
| 7.00%, 06/15/27 144A | 262000 | 263436 |
| Columbia Pipelines Operating Co. <br> LLC |  |  |
| 6.04%, 11/15/33 144A | 970000 | 1018360 |

---

**78**

See Notes to Financial Statements.

------

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Comcast Corporation |  |  |
| 5.30%, 06/01/34 | $1157000 | $1185571 |
| 3.75%, 04/01/40 | 75000 | 62301 |
| CommonSpirit Health |  |  |
| 6.46%, 11/01/52 | 1005000 | 1067066 |
| Continental Resources, Inc. |  |  |
| 5.75%, 01/15/31 144A | 8710000 | 8797570 |
| Corebridge Financial, Inc. |  |  |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 5Y + <br> 3.85%), 6.88%, 12/15/52^ | 680000 | 701766 |
| Corebridge Global Funding |  |  |
| 5.20%, 06/24/29 144A | 600000 | 614344 |
| CoStar Group, Inc. |  |  |
| 2.80%, 07/15/30 144A | 625000 | 565667 |
| Costco Wholesale Corporation |  |  |
| 1.60%, 04/20/30 | 550000 | 490925 |
| CRH America Finance, Inc. |  |  |
| 3.40%, 05/09/27 144A Δ | 2100000 | 2066003 |
| 3.95%, 04/04/28 144A Δ | 500000 | 495506 |
| Crown Americas LLC |  |  |
| 5.88%, 06/01/33 144A | 910000 | 916789 |
| CSC Holdings LLC |  |  |
| 5.38%, 02/01/28 144A Δ | 1295000 | 1186752 |
| 7.50%, 04/01/28 144A Δ | 1580000 | 1174043 |
| CSX Corporation |  |  |
| 3.80%, 04/15/50 | 250000 | 189495 |
| CubeSmart LP REIT |  |  |
| 2.50%, 02/15/32 | 105000 | 90477 |
| Dell International LLC |  |  |
| 5.30%, 10/01/29 | 125000 | 128681 |
| 8.35%, 07/15/46 | 19000 | 24254 |
| Devon Energy Corporation |  |  |
| 5.60%, 07/15/41 | 77000 | 71295 |
| 4.75%, 05/15/42Δ | 480000 | 402282 |
| DH Europe Finance II S.a.r.l. |  |  |
| 2.60%, 11/15/29 | 225000 | 210172 |
| Diamondback Energy, Inc. |  |  |
| 5.55%, 04/01/35 | 95000 | 96074 |
| Discovery Communications LLC |  |  |
| 3.63%, 05/15/30Δ | 1800000 | 1466460 |
| DOC DR LLC REIT |  |  |
| 3.95%, 01/15/28 | 2400000 | 2379724 |
| Dominion Energy, Inc. |  |  |
| 3.38%, 04/01/30Δ | 225000 | 213913 |
| 5.00%, 06/15/30 | 500000 | 510478 |
| 2.25%, 08/15/31Δ | 2300000 | 2012207 |
| Dow Chemical Co. (The) |  |  |
| 6.90%, 05/15/53Δ | 280000 | 301546 |
| DR Horton, Inc. |  |  |
| 5.50%, 10/15/35Δ | 440000 | 448335 |
| Duke Energy Carolinas LLC |  |  |
| 4.85%, 01/15/34Δ | 1000000 | 999147 |
| Duke Energy Corporation |  |  |
| 2.45%, 06/01/30Δ | 1800000 | 1634036 |
| 5.45%, 06/15/34Δ | 1485000 | 1526247 |
| Duke Energy Florida LLC |  |  |
| 5.88%, 11/15/33 | 2000000 | 2132941 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Duke Energy Progress LLC |  |  |
| 3.40%, 04/01/32Δ | $2300000 | $2137326 |
| DuPont de Nemours, Inc. |  |  |
| 4.49%, 11/15/25 | 350000 | 349509 |
| DYAL CAPITAL PARTNERS III <br> ISSUER A |  |  |
| 6.55%, 06/15/44††† | 644000 | 645439 |
| DYAL CAPITAL PARTNERS III <br> ISSUER B |  |  |
| 6.55%, 06/15/44††† | 506000 | 507130 |
| East Ohio Gas Co. (The) |  |  |
| 2.00%, 06/15/30 144A | 125000 | 111237 |
| EchoStar Corporation |  |  |
| 10.75%, 11/30/29 | 3136816 | 3233587 |
| 3.88%, 11/30/30 CONV 1 | 562704 | 663991 |
| Ecolab, Inc. |  |  |
| 2.75%, 08/18/55 | 68000 | 40596 |
| Elevance Health, Inc. |  |  |
| 5.20%, 02/15/35 | 685000 | 692514 |
| Encore Capital Group, Inc. |  |  |
| 8.50%, 05/15/30 144A | 600000 | 644052 |
| Enel Finance America LLC |  |  |
| 2.88%, 07/12/41 144A | 2300000 | 1568587 |
| Energy Transfer LP |  |  |
| 5.95%, 12/01/25 | 300000 | 300512 |
| 5.63%, 05/01/27 144A | 200000 | 200398 |
| 5.50%, 06/01/27 | 675000 | 687355 |
| 4.95%, 05/15/28 | 900000 | 912937 |
| 5.25%, 04/15/29 | 700000 | 717107 |
| 5.75%, 02/15/33 | 4790000 | 4974254 |
| 5.70%, 04/01/35Δ | 2385000 | 2430400 |
| 5.30%, 04/15/47 | 125000 | 110363 |
| 5.40%, 10/01/47 | 50000 | 44574 |
| 6.00%, 06/15/48 | 50000 | 48064 |
| EnerSys |  |  |
| 6.63%, 01/15/32 144A | 1000000 | 1023776 |
| Enstar Group, Ltd. |  |  |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 5Y + <br> 3.19%), 7.50%, 04/01/45 <br> 144A ^ | 350000 | 360902 |
| Entegris, Inc. |  |  |
| 4.75%, 04/15/29 144A | 2755000 | 2726983 |
| Enterprise Products Operating LLC |  |  |
| 4.20%, 01/31/50 | 550000 | 436332 |
| EPR Properties REIT |  |  |
| 4.75%, 12/15/26 | 1200000 | 1198692 |
| 3.60%, 11/15/31 | 2300000 | 2090573 |
| EQT Corporation |  |  |
| 3.63%, 05/15/31 144A | 2500000 | 2319343 |
| Equifax, Inc. |  |  |
| 5.10%, 12/15/27 | 1800000 | 1829330 |
| Equinix Europe 2 Financing <br> Corporation LLC REIT |  |  |
| 5.50%, 06/15/34 | 170000 | 174188 |
| Equinix, Inc. REIT |  |  |
| 1.55%, 03/15/28Δ | 2200000 | 2051399 |
| 2.15%, 07/15/30 | 3470000 | 3089354 |

---

See Notes to Financial Statements.

**79**

------

**MEDIUM-DURATION BOND FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Equitable Holdings, Inc. |  |  |
| 4.35%, 04/20/28 | $2600000 | $2595911 |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 5Y + <br> 2.39%), 6.70%, 03/28/55Δ ^ | 752000 | 771827 |
| Essential Utilities, Inc. |  |  |
| 5.38%, 01/15/34 | 925000 | 938225 |
| Exelon Corporation |  |  |
| 4.05%, 04/15/30 | 325000 | 319846 |
| 4.70%, 04/15/50 | 25000 | 21105 |
| Expedia Group, Inc. |  |  |
| 4.63%, 08/01/27 | 303000 | 304413 |
| 3.80%, 02/15/28 | 300000 | 295643 |
| 3.25%, 02/15/30Δ | 3445000 | 3251080 |
| 2.95%, 03/15/31 | 95000 | 86630 |
| 5.40%, 02/15/35 | 2530000 | 2548684 |
| Extra Space Storage LP REIT |  |  |
| 3.88%, 12/15/27Δ | 900000 | 890214 |
| F&G Global Funding |  |  |
| 5.15%, 07/07/25 144A | 1200000 | 1200038 |
| Fair Isaac Corporation |  |  |
| 6.00%, 05/15/33 144A | 995000 | 1006607 |
| Farmers Insurance Exchange |  |  |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 10Y + <br> 3.86%), 7.00%, 10/15/64 <br> 144A ^ | 580000 | 577157 |
| Federal Realty OP LP REIT |  |  |
| 3.50%, 06/01/30Δ | 1900000 | 1808424 |
| FedEx Corporation |  |  |
| 4.10%, 02/01/45 144A | 150000 | 114930 |
| 4.05%, 02/15/48 144A | 375000 | 277867 |
| Fidelity National Information <br> Services, Inc. |  |  |
| 1.15%, 03/01/26 | 2200000 | 2152680 |
| First American Financial Corporation |  |  |
| 4.00%, 05/15/30Δ | 450000 | 431400 |
| 5.45%, 09/30/34 | 700000 | 686077 |
| First Horizon Corporation |  |  |
| (Variable, U.S. SOFR + 1.77%), <br> 5.51%, 03/07/31^ | 780000 | 791419 |
| Fiserv, Inc. |  |  |
| 4.20%, 10/01/28 | 375000 | 373088 |
| 2.65%, 06/01/30Δ | 120000 | 110020 |
| 5.60%, 03/02/33Δ | 52000 | 53942 |
| 5.63%, 08/21/33 | 2140000 | 2226106 |
| 5.15%, 08/12/34Δ | 400000 | 401669 |
| Florida Power & Light Co. |  |  |
| 3.80%, 12/15/42 | 425000 | 346600 |
| Ford Motor Credit Co. LLC |  |  |
| 6.95%, 03/06/26Δ | 2500000 | 2524464 |
| 5.92%, 03/20/28Δ | 1100000 | 1111388 |
| Fort Moore Family Communities LLC |  |  |
| 6.09%, 01/15/51 144A | 1125049 | 1012647 |
| Fortitude Group Holdings LLC |  |  |
| 6.25%, 04/01/30 144A | 350000 | 360236 |
| Foundry JV Holdco LLC |  |  |
| 5.90%, 01/25/33 144A | 1500000 | 1556416 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| 5.88%, 01/25/34 144A | $640000 | $650959 |
| 6.20%, 01/25/37 144A | 500000 | 521079 |
| Fox Corporation |  |  |
| 4.71%, 01/25/29 | 250000 | 252100 |
| 3.50%, 04/08/30 | 125000 | 119611 |
| 6.50%, 10/13/33 | 750000 | 811725 |
| GA Global Funding Trust |  |  |
| 2.90%, 01/06/32 144A | 1450000 | 1268378 |
| GATX Corporation |  |  |
| 6.90%, 05/01/34 | 1550000 | 1720491 |
| GE HealthCare Technologies, Inc. |  |  |
| 6.38%, 11/22/52Δ | 320000 | 345075 |
| General Motors Co. |  |  |
| 5.95%, 04/01/49 | 214000 | 200216 |
| General Motors Financial Co., Inc. |  |  |
| 6.00%, 01/09/28Δ | 1405000 | 1447536 |
| 5.05%, 04/04/28Δ | 600000 | 604696 |
| 2.40%, 04/10/28 | 150000 | 141160 |
| Gilead Sciences, Inc. |  |  |
| 4.50%, 02/01/45Δ | 275000 | 239771 |
| Glencore Funding LLC |  |  |
| 2.63%, 09/23/31 144A | 575000 | 505380 |
| 6.50%, 10/06/33 144A | 10090000 | 10946311 |
| Global Atlantic Fin Co. |  |  |
| 7.95%, 06/15/33 144A | 756000 | 856759 |
| Global Partners LP |  |  |
| 8.25%, 01/15/32 144A | 550000 | 578873 |
| Global Payments, Inc. |  |  |
| 5.30%, 08/15/29 | 550000 | 560153 |
| 2.90%, 05/15/30 | 1600000 | 1471592 |
| 5.40%, 08/15/32Δ | 3650000 | 3727773 |
| Globe Life, Inc. |  |  |
| 5.85%, 09/15/34 | 210000 | 217568 |
| Goldman Sachs Group, Inc. (The) |  |  |
| (Floating, CME Term SOFR 3M + <br> 2.01%), 6.29%, 10/28/27† | 1800000 | 1830339 |
| (Variable, CME Term SOFR 3M + <br> 1.56%), 4.22%, 05/01/29^ | 3200000 | 3182271 |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 5Y + <br> 2.81%), 7.50%, 05/10/29ρ ^ | 1050000 | 1108198 |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 5Y + <br> 2.46%), 6.85%, 02/10/30ρ ^ | 650000 | 672417 |
| (Variable, U.S. SOFR + 1.27%), <br> 5.73%, 04/25/30^ | 5200000 | 5414071 |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 10Y + <br> 2.40%), 6.13%, 11/10/34ρ Δ ^ | 200000 | 200763 |
| Goodman U.S. Finance Five LLC <br> REIT |  |  |
| 4.63%, 05/04/32 144A Δ | 2000000 | 1963594 |
| Goodman U.S. Finance Three LLC <br> REIT |  |  |
| 3.70%, 03/15/28 144A | 1000000 | 980545 |
| Greensaif Pipelines Bidco S.a.r.l. |  |  |
| 5.85%, 02/23/36 144A | 200000 | 202470 |
| 6.13%, 02/23/38 144A | 200000 | 206361 |

---

**80**

See Notes to Financial Statements.

------

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| 6.10%, 08/23/42 144A | $250000 | $250364 |
| GXO Logistics, Inc. |  |  |
| 6.25%, 05/06/29 | 250000 | 261128 |
| 6.50%, 05/06/34Δ | 250000 | 261672 |
| HAH Group Holding Co. LLC |  |  |
| 9.75%, 10/01/31 144A Δ | 440000 | 436536 |
| Hasbro, Inc. |  |  |
| 6.05%, 05/14/34Δ | 400000 | 412763 |
| HCA, Inc. |  |  |
| 5.88%, 02/15/26 | 300000 | 300335 |
| 5.38%, 09/01/26 | 1600000 | 1608370 |
| 3.13%, 03/15/27Δ | 2100000 | 2057063 |
| 5.45%, 04/01/31 | 5456000 | 5627656 |
| 3.63%, 03/15/32 | 700000 | 645951 |
| 5.60%, 04/01/34 | 4505000 | 4611108 |
| Healthcare Realty Holdings LP REIT |  |  |
| 3.10%, 02/15/30Δ | 1500000 | 1392235 |
| 2.05%, 03/15/31 | 175000 | 146537 |
| Helmerich & Payne, Inc. |  |  |
| 5.50%, 12/01/34 144A Δ | 4650000 | 4242005 |
| Henneman Trust |  |  |
| 6.58%, 05/15/55 144A | 450000 | 452646 |
| Hess Midstream Operations LP |  |  |
| 4.25%, 02/15/30 144A | 870000 | 837177 |
| Hewlett Packard Enterprise Co. |  |  |
| 5.00%, 10/15/34 | 793000 | 769582 |
| 6.35%, 10/15/45Δ | 30000 | 30801 |
| HF Sinclair Corporation |  |  |
| 6.25%, 01/15/35Δ | 400000 | 406289 |
| Highmark, Inc. |  |  |
| 2.55%, 05/10/31 144A | 300000 | 257375 |
| Hillenbrand, Inc. |  |  |
| 6.25%, 02/15/29Δ | 1035000 | 1056026 |
| 3.75%, 03/01/31 | 416000 | 372878 |
| Hilton Domestic Operating Co., Inc. |  |  |
| 6.13%, 04/01/32 144A | 200000 | 204959 |
| 5.88%, 03/15/33 144A | 121000 | 123363 |
| Home Depot, Inc. (The) |  |  |
| 3.90%, 12/06/28 | 250000 | 249350 |
| 3.25%, 04/15/32Δ | 625000 | 578575 |
| Host Hotels & Resorts LP REIT |  |  |
| 2.90%, 12/15/31 | 267000 | 234118 |
| 5.70%, 07/01/34Δ | 1100000 | 1107643 |
| 5.50%, 04/15/35 | 1915000 | 1896541 |
| HP, Inc. |  |  |
| 4.00%, 04/15/29 | 105000 | 102803 |
| Humana, Inc. |  |  |
| 5.50%, 03/15/53Δ | 191000 | 171623 |
| Huntsman International LLC |  |  |
| 4.50%, 05/01/29 | 325000 | 308463 |
| 2.95%, 06/15/31 | 250000 | 210561 |
| Hyatt Hotels Corporation |  |  |
| 5.50%, 06/30/34Δ | 1293000 | 1292984 |
| Hyundai Capital America |  |  |
| 1.65%, 09/17/26 144A Δ | 2300000 | 2220655 |
| 5.30%, 03/19/27 144A | 1000000 | 1011327 |
| Ingersoll Rand, Inc. |  |  |
| 5.31%, 06/15/31Δ | 358000 | 371363 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| 5.70%, 08/14/33 | $2815000 | $2949565 |
| 5.45%, 06/15/34 | 413000 | 424987 |
| Insulet Corporation |  |  |
| 6.50%, 04/01/33 144A Δ | 130000 | 135628 |
| Intel Corporation |  |  |
| 5.20%, 02/10/33Δ | 825000 | 832320 |
| 5.15%, 02/21/34Δ | 328000 | 327472 |
| 5.70%, 02/10/53 | 225000 | 209549 |
| Intercontinental Exchange, Inc. |  |  |
| 3.63%, 09/01/28 | 345000 | 338250 |
| 3.00%, 06/15/50 | 1500000 | 982857 |
| International Flavors & Fragrances, <br> Inc. |  |  |
| 1.23%, 10/01/25 144A Δ | 116000 | 114882 |
| 1.83%, 10/15/27 144A | 170000 | 160253 |
| Invitation Homes Operating <br> Partnership LP REIT |  |  |
| 2.30%, 11/15/28 | 375000 | 351262 |
| IPALCO Enterprises, Inc. |  |  |
| 4.25%, 05/01/30 | 2450000 | 2353711 |
| IQVIA, Inc. |  |  |
| 6.25%, 06/01/32 144A | 1350000 | 1387082 |
| ITC Holdings Corporation |  |  |
| 2.95%, 05/14/30 144A | 1900000 | 1768013 |
| J M Smucker Co. (The) |  |  |
| 6.20%, 11/15/33 | 2135000 | 2292606 |
| Jackson National Life Global Funding |  |  |
| 5.55%, 07/02/27 144A Δ | 700000 | 714539 |
| Jane Street Group |  |  |
| 7.13%, 04/30/31 144A | 1220000 | 1284516 |
| 6.75%, 05/01/33 144A | 1370000 | 1409498 |
| JBS U.S.A. Holding Lux S.a.r.l. |  |  |
| 6.75%, 03/15/34 | 290000 | 316764 |
| 5.50%, 01/15/36 144A | 2680000 | 2685615 |
| JBS U.S.A. LUX S.a.r.l. |  |  |
| 5.95%, 04/20/35 144A | 905000 | 938467 |
| Jefferies Finance LLC |  |  |
| 6.63%, 10/15/31 144A | 950000 | 947461 |
| Jefferies Financial Group, Inc. |  |  |
| 6.20%, 04/14/34 | 5400000 | 5651227 |
| JH North America Holdings, Inc. |  |  |
| 5.88%, 01/31/31 144A | 180000 | 181684 |
| 6.13%, 07/31/32 144A | 255000 | 259393 |
| JPMorgan Chase & Co. |  |  |
| 2.95%, 10/01/26Δ | 700000 | 690018 |
| 3.63%, 12/01/27 | 900000 | 888073 |
| (Variable, CME Term SOFR 3M + <br> 1.60%), 3.78%, 02/01/28^ | 1069000 | 1060095 |
| (Floating, U.S. SOFR + 0.92%), <br> 5.28%, 04/22/28† Δ | 1700000 | 1705219 |
| (Variable, U.S. SOFR + 0.93%), <br> 5.57%, 04/22/28^ | 1900000 | 1939738 |
| (Variable, CME Term SOFR 3M + <br> 1.21%), 3.51%, 01/23/29^ | 1000000 | 979690 |
| (Variable, U.S. SOFR + 1.45%), <br> 5.30%, 07/24/29^ | 2000000 | 2053823 |
| (Variable, CME Term SOFR 3M + <br> 1.59%), 4.45%, 12/05/29Δ ^ | 800000 | 801664 |

---

See Notes to Financial Statements.

**81**

------

**MEDIUM-DURATION BOND FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 5Y + <br> 2.15%), 6.50%, 04/01/30ρ Δ ^ | $2625000 | $2717594 |
| (Variable, U.S. SOFR + 1.16%), <br> 5.58%, 04/22/30^ | 1000000 | 1038548 |
| (Variable, U.S. SOFR + 1.75%), <br> 4.57%, 06/14/30^ | 1200000 | 1205503 |
| (Variable, CME Term SOFR 3M + <br> 3.79%), 4.49%, 03/24/31^ | 1135000 | 1133813 |
| (Variable, U.S. SOFR + 2.04%), <br> 2.52%, 04/22/31^ | 3650000 | 3338038 |
| (Variable, CME Term SOFR 3M + <br> 2.52%), 2.96%, 05/13/31^ | 200000 | 184991 |
| (Variable, U.S. SOFR + 1.85%), <br> 5.35%, 06/01/34^ | 3210000 | 3303578 |
| (Variable, U.S. SOFR + 1.34%), <br> 4.95%, 10/22/35^ | 1090000 | 1079000 |
| (Variable, U.S. SOFR + 1.32%), <br> 5.50%, 01/24/36^ | 350000 | 360645 |
| (Variable, U.S. SOFR + 1.68%), <br> 5.57%, 04/22/36^ | 2695000 | 2793999 |
| Kilroy Realty LP REIT |  |  |
| 4.75%, 12/15/28 | 1678000 | 1665928 |
| Kinder Morgan Energy Partners LP |  |  |
| 5.80%, 03/15/35 | 150000 | 155150 |
| Kinder Morgan, Inc. |  |  |
| 5.20%, 06/01/33 | 250000 | 251313 |
| Kinetik Holdings LP |  |  |
| 6.63%, 12/15/28 144A | 850000 | 869916 |
| Kroger Co. (The) |  |  |
| 5.00%, 09/15/34 | 1115000 | 1107717 |
| 5.50%, 09/15/54 | 250000 | 237480 |
| L3Harris Technologies, Inc. |  |  |
| 5.40%, 07/31/33 | 1285000 | 1320542 |
| 5.35%, 06/01/34 | 1350000 | 1380710 |
| Lazard Group LLC |  |  |
| 6.00%, 03/15/31Δ | 720000 | 756417 |
| LBJ Infrastructure Group LLC |  |  |
| 3.80%, 12/31/57 144A | 1000000 | 680694 |
| Leidos, Inc. |  |  |
| 5.40%, 03/15/32 | 660000 | 674092 |
| 5.75%, 03/15/33Δ | 1825000 | 1902809 |
| 5.50%, 03/15/35 | 1335000 | 1356315 |
| LKQ Corporation |  |  |
| 6.25%, 06/15/33Δ | 250000 | 263831 |
| Lowe's Cos., Inc. |  |  |
| 1.70%, 09/15/28 | 900000 | 832729 |
| 1.70%, 10/15/30 | 675000 | 587788 |
| 3.00%, 10/15/50 | 150000 | 93812 |
| 4.25%, 04/01/52 | 475000 | 372156 |
| LPL Holdings, Inc. |  |  |
| 4.38%, 05/15/31 144A | 500000 | 478627 |
| 6.00%, 05/20/34 | 400000 | 413842 |
| 5.75%, 06/15/35 | 300000 | 303636 |
| M&T Bank Corporation |  |  |
| (Variable, U.S. SOFR + 1.85%), <br> 5.05%, 01/27/34^ | 685000 | 676415 |
| Maple Grove Funding Trust I |  |  |
| 4.16%, 08/15/51 144A | 495000 | 336381 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Marathon Petroleum Corporation |  |  |
| 3.80%, 04/01/28 | $125000 | $123284 |
| Marriott International, Inc. |  |  |
| 4.90%, 04/15/29 | 325000 | 330899 |
| 4.88%, 05/15/29 | 455000 | 461581 |
| 4.63%, 06/15/30 | 600000 | 601638 |
| 2.85%, 04/15/31 | 950000 | 862966 |
| 5.35%, 03/15/35 | 100000 | 100866 |
| 5.50%, 04/15/37 | 1770000 | 1771428 |
| Mars, Inc. |  |  |
| 4.80%, 03/01/30 144A | 2075000 | 2103145 |
| 3.20%, 04/01/30 144A | 375000 | 355835 |
| 5.00%, 03/01/32 144A | 1825000 | 1850184 |
| 5.20%, 03/01/35 144A | 4015000 | 4065109 |
| Marsh & McLennan Cos., Inc. |  |  |
| 4.38%, 03/15/29 | 500000 | 502109 |
| 5.00%, 03/15/35 | 1530000 | 1530371 |
| Martin Marietta Materials, Inc. |  |  |
| 3.20%, 07/15/51Δ | 325000 | 215803 |
| Masco Corporation |  |  |
| 1.50%, 02/15/28 | 2200000 | 2044586 |
| Matador Resources Co. |  |  |
| 6.50%, 04/15/32 144A | 40000 | 40047 |
| Mercedes-Benz Finance North <br> America LLC |  |  |
| 4.90%, 11/15/27 144A | 1400000 | 1416335 |
| Meritage Homes Corporation |  |  |
| 5.65%, 03/15/35Δ | 2100000 | 2107518 |
| Meta Platforms, Inc. |  |  |
| 3.85%, 08/15/32 | 3000 | 2886 |
| 5.75%, 05/15/63 | 790000 | 799247 |
| MetLife, Inc. |  |  |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 5Y + <br> 3.58%), 3.85%, 09/15/25ρ ^ | 1000000 | 997334 |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 5Y + <br> 2.08%), 6.35%, 03/15/55Δ ^ | 600000 | 617206 |
| Metropolitan Life Global Funding I |  |  |
| 3.45%, 12/18/26 144A | 2000000 | 1978744 |
| Micron Technology, Inc. |  |  |
| 5.88%, 09/15/33Δ | 2895000 | 3025530 |
| MidAmerican Energy Co. |  |  |
| 3.65%, 04/15/29 | 350000 | 343496 |
| Miter Brands Acquisition Holdco, Inc. |  |  |
| 6.75%, 04/01/32 144A | 650000 | 667084 |
| Morgan Stanley |  |  |
| (Variable, U.S. SOFR + 1.30%), <br> 5.05%, 01/28/27^ | 200000 | 200630 |
| 3.95%, 04/23/27 | 398000 | 395676 |
| (Floating, U.S. SOFR + 1.02%), <br> 5.38%, 04/13/28† | 3100000 | 3118482 |
| (Variable, U.S. SOFR + 1.01%), <br> 5.65%, 04/13/28^ | 800000 | 818076 |
| (Variable, U.S. SOFR + 1.73%), <br> 5.12%, 02/01/29^ | 2400000 | 2442441 |
| (Variable, U.S. SOFR + 1.59%), <br> 5.16%, 04/20/29^ | 2130000 | 2172125 |

---

**82**

See Notes to Financial Statements.

------

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| (Variable, CME Term SOFR 3M + <br> 1.89%), 4.43%, 01/23/30^ | $175000 | $174784 |
| (Variable, U.S. SOFR + 1.26%), <br> 5.66%, 04/18/30^ | 800000 | 831123 |
| (Variable, U.S. SOFR + 1.11%), <br> 5.23%, 01/15/31^ | 300000 | 307189 |
| (Variable, U.S. SOFR + 1.14%), <br> 2.70%, 01/22/31^ | 1075000 | 991515 |
| (Variable, U.S. SOFR + 1.03%), <br> 1.79%, 02/13/32^ | 725000 | 620461 |
| (Variable, U.S. SOFR + 2.08%), <br> 4.89%, 07/20/33^ | 1200000 | 1201583 |
| (Variable, U.S. SOFR + 1.58%), <br> 5.83%, 04/19/35^ | 8855000 | 9280662 |
| (Variable, U.S. SOFR + 1.56%), <br> 5.32%, 07/19/35^ | 700000 | 708828 |
| (Variable, U.S. SOFR + 1.76%), <br> 5.66%, 04/17/36^ | 725000 | 751561 |
| (Variable, U.S. SOFR + 1.36%), <br> 2.48%, 09/16/36^ | 1100000 | 935010 |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 5Y + <br> 1.80%), 5.94%, 02/07/39^ | 400000 | 410750 |
| Motorola Solutions, Inc. |  |  |
| 5.40%, 04/15/34 | 2185000 | 2229335 |
| 5.55%, 08/15/35Δ | 1900000 | 1937965 |
| MPLX LP |  |  |
| 4.80%, 02/15/29Δ | 525000 | 530237 |
| 4.50%, 04/15/38 | 100000 | 88521 |
| 5.50%, 02/15/49 | 385000 | 348009 |
| 5.65%, 03/01/53 | 50000 | 45960 |
| 5.95%, 04/01/55 | 600000 | 572010 |
| MSC Mediterranean Shipping Co. SA |  |  |
| 5.63%, 07/09/32 | 1000000 | 1000000 |
| MSCI, Inc. |  |  |
| 3.88%, 02/15/31 144A | 1380000 | 1302231 |
| 3.63%, 11/01/31 144A | 250000 | 230521 |
| Mutual of Omaha Insurance Co. |  |  |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 10Y + <br> 2.95%), 6.14%, 01/16/64 <br> 144A ^ | 1000000 | 998901 |
| Nature Conservancy (The) |  |  |
| 0.94%, 07/01/26 | 25000 | 23944 |
| 1.30%, 07/01/28 | 25000 | 22662 |
| Neogen Food Safety Corporation |  |  |
| 8.63%, 07/20/30 144A | 625000 | 646989 |
| NetApp, Inc. |  |  |
| 5.50%, 03/17/32 | 1495000 | 1540429 |
| 5.70%, 03/17/35 | 550000 | 565042 |
| NextEra Energy Capital Holdings, <br> Inc. |  |  |
| 1.90%, 06/15/28 | 965000 | 901998 |
| 2.25%, 06/01/30Δ | 1900000 | 1711937 |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 5Y + <br> 2.05%), 6.38%, 08/15/55^ | 250000 | 255914 |
| Niagara Mohawk Power Corporation |  |  |
| 4.28%, 12/15/28 144A | 2000000 | 1985315 |
| NiSource, Inc. |  |  |
| 3.60%, 05/01/30Δ | 100000 | 95966 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| 3.95%, 03/30/48 | $450000 | $347787 |
| Nissan Motor Acceptance Co. LLC |  |  |
| 2.75%, 03/09/28 144A | 2200000 | 2009964 |
| NNN REIT, Inc. REIT |  |  |
| 3.60%, 12/15/26 | 250000 | 247079 |
| Northwestern Mutual Life Insurance <br> Co. (The) |  |  |
| 6.06%, 03/30/40 144A | 300000 | 316006 |
| 3.85%, 09/30/47 144A | 250000 | 191465 |
| NRG Energy, Inc. |  |  |
| 7.00%, 03/15/33 144A | 700000 | 769013 |
| NuStar Logistics LP |  |  |
| 6.38%, 10/01/30Δ | 615000 | 637724 |
| Nuveen LLC |  |  |
| 5.55%, 01/15/30 144A Δ | 150000 | 156304 |
| 5.85%, 04/15/34 144A | 300000 | 312398 |
| Occidental Petroleum Corporation |  |  |
| 7.88%, 09/15/31 | 395000 | 443058 |
| 5.38%, 01/01/32 | 1350000 | 1339883 |
| 6.45%, 09/15/36 | 125000 | 127979 |
| Old Republic International <br> Corporation |  |  |
| 5.75%, 03/28/34 | 550000 | 566657 |
| Omega Healthcare Investors, Inc. <br> REIT |  |  |
| 3.63%, 10/01/29 | 1600000 | 1524047 |
| OneMain Finance Corporation |  |  |
| 7.88%, 03/15/30 | 300000 | 318985 |
| 7.50%, 05/15/31 | 755000 | 789403 |
| 7.13%, 11/15/31Δ | 800000 | 832908 |
| ONEOK, Inc. |  |  |
| 5.38%, 06/01/29 | 100000 | 102174 |
| 6.35%, 01/15/31 | 1600000 | 1710335 |
| 5.65%, 09/01/34 | 100000 | 101321 |
| 5.05%, 11/01/34 | 3100000 | 3018303 |
| Oracle Corporation |  |  |
| 4.20%, 09/27/29Δ | 2930000 | 2910656 |
| 2.95%, 04/01/30 | 121000 | 113031 |
| 4.65%, 05/06/30Δ | 625000 | 630962 |
| 2.88%, 03/25/31 | 1595000 | 1455309 |
| 6.25%, 11/09/32Δ | 1125000 | 1217828 |
| 4.90%, 02/06/33 | 946000 | 948859 |
| 3.60%, 04/01/40 | 400000 | 320378 |
| 4.00%, 07/15/46 | 250000 | 192984 |
| 6.90%, 11/09/52 | 775000 | 862758 |
| Otis Worldwide Corporation |  |  |
| 2.57%, 02/15/30 | 25000 | 23073 |
| 5.13%, 11/19/31 | 325000 | 334884 |
| Ovintiv, Inc. |  |  |
| 6.50%, 08/15/34Δ | 240000 | 249250 |
| Owens Corning |  |  |
| 5.70%, 06/15/34Δ | 2895000 | 3008329 |
| 5.95%, 06/15/54Δ | 280000 | 283468 |
| Pacific Beacon LLC |  |  |
| 5.51%, 07/15/36 144A | 750000 | 738894 |
| Pacific Gas and Electric Co. |  |  |
| 3.15%, 01/01/26 | 1300000 | 1287732 |
| 2.95%, 03/01/26 | 800000 | 789606 |

---

See Notes to Financial Statements.

**83**

------

**MEDIUM-DURATION BOND FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| 2.10%, 08/01/27 | $250000 | $236849 |
| 4.55%, 07/01/30 | 1800000 | 1757752 |
| 2.50%, 02/01/31 | 450000 | 390860 |
| 6.40%, 06/15/33 | 2000000 | 2091760 |
| 5.80%, 05/15/34 | 2545000 | 2546024 |
| 3.30%, 08/01/40 | 125000 | 89519 |
| PacifiCorp |  |  |
| 5.80%, 01/15/55 | 1325000 | 1269423 |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 5Y + <br> 3.32%), 7.38%, 09/15/55^ | 600000 | 625236 |
| Paramount Global |  |  |
| 5.90%, 10/15/40 | 187000 | 170642 |
| 5.25%, 04/01/44 | 223000 | 177646 |
| 4.90%, 08/15/44 | 291000 | 224650 |
| PartnerRe Finance B LLC |  |  |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 5Y + <br> 3.82%), 4.50%, 10/01/50^ | 400000 | 376830 |
| Paychex, Inc. |  |  |
| 5.60%, 04/15/35 | 440000 | 455021 |
| PayPal Holdings, Inc. |  |  |
| 2.65%, 10/01/26 | 50000 | 49117 |
| 2.85%, 10/01/29 | 50000 | 47204 |
| PennyMac Financial Services, Inc. |  |  |
| 7.88%, 12/15/29 144A | 300000 | 318781 |
| 6.88%, 02/15/33 144A Δ | 250000 | 256563 |
| Penske Truck Leasing Co. LP |  |  |
| 5.25%, 07/01/29 144A | 2550000 | 2611974 |
| Pershing Square Holdings, Ltd. |  |  |
| 3.25%, 11/15/30 | 250000 | 227362 |
| Pilgrim's Pride Corporation |  |  |
| 4.25%, 04/15/31 | 5000 | 4825 |
| 3.50%, 03/01/32 | 3430000 | 3091125 |
| Plains All American Pipeline LP |  |  |
| 5.70%, 09/15/34 | 1300000 | 1326012 |
| Post Holdings, Inc. |  |  |
| 5.50%, 12/15/29 144A Δ | 825000 | 821960 |
| Prime Property Fund, LLC |  |  |
| 5.81%, 07/15/35 | 800000 | 800000 |
| Progress Energy, Inc. |  |  |
| 7.75%, 03/01/31 | 350000 | 403303 |
| Prologis LP REIT |  |  |
| 4.63%, 01/15/33Δ | 650000 | 647089 |
| 4.20%, 02/15/33(C) | 900000 | 664434 |
| Prudential Financial, Inc. |  |  |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 5Y + <br> 3.23%), 6.00%, 09/01/52^ | 600000 | 605719 |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 5Y + <br> 2.85%), 6.75%, 03/01/53Δ ^ | 400000 | 419621 |
| Public Service Co. of Colorado |  |  |
| 5.35%, 05/15/34 | 250000 | 253699 |
| Public Service Enterprise Group, Inc. |  |  |
| 6.13%, 10/15/33 | 950000 | 1009756 |
| Public Storage Operating Co. REIT |  |  |
| 0.50%, 09/09/30(E) | 2000000 | 2062989 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Quanta Services, Inc. |  |  |
| 5.25%, 08/09/34Δ | $457000 | $462887 |
| Quikrete Holdings, Inc. |  |  |
| 6.38%, 03/01/32 144A | 300000 | 308683 |
| QXO Building Products, Inc. |  |  |
| 6.75%, 04/30/32 144A | 1035000 | 1068847 |
| Regency Centers LP REIT |  |  |
| 2.95%, 09/15/29 | 775000 | 733831 |
| Regeneron Pharmaceuticals, Inc. |  |  |
| 1.75%, 09/15/30 | 1500000 | 1303190 |
| Reinsurance Group of America, Inc. |  |  |
| 5.75%, 09/15/34 | 750000 | 770326 |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 5Y + <br> 2.39%), 6.65%, 09/15/55^ | 150000 | 149880 |
| Republic Services, Inc. |  |  |
| 4.88%, 04/01/29Δ | 350000 | 357654 |
| RGA Global Funding |  |  |
| 5.50%, 01/11/31 144A | 975000 | 1006340 |
| RHP Hotel Properties LP REIT |  |  |
| 6.50%, 06/15/33 144A | 270000 | 277930 |
| Roche Holdings, Inc. |  |  |
| 4.99%, 03/08/34 144A | 1465000 | 1493541 |
| Rocket Cos., Inc. |  |  |
| 6.13%, 08/01/30 144A | 750000 | 764741 |
| 6.38%, 08/01/33 144A | 895000 | 916883 |
| Rocket Mortgage LLC |  |  |
| 4.00%, 10/15/33 144A Δ | 6090000 | 5452731 |
| Roper Technologies, Inc. |  |  |
| 4.20%, 09/15/28 | 500000 | 498367 |
| Royal Caribbean Cruises, Ltd. |  |  |
| 6.00%, 02/01/33 144A | 4840000 | 4936326 |
| RTX Corporation |  |  |
| 3.95%, 08/16/25 | 350000 | 349588 |
| 3.50%, 03/15/27 | 550000 | 543611 |
| 4.13%, 11/16/28 | 525000 | 523063 |
| 6.10%, 03/15/34Δ | 3220000 | 3482704 |
| Sabine Pass Liquefaction LLC |  |  |
| 5.00%, 03/15/27 | 425000 | 427689 |
| Sabra Health Care LP REIT |  |  |
| 3.90%, 10/15/29 | 1500000 | 1428398 |
| Safehold GL Holdings LLC REIT |  |  |
| 2.85%, 01/15/32 | 750000 | 653995 |
| 6.10%, 04/01/34Δ | 400000 | 416590 |
| Santander Holdings U.S.A., Inc. |  |  |
| 3.24%, 10/05/26Δ | 1100000 | 1083282 |
| SBA Tower Trust REIT |  |  |
| 1.84%, 04/15/27 144A | 1000000 | 952591 |
| 2.33%, 01/15/28 144A | 2300000 | 2175733 |
| Sealed Air Corporation |  |  |
| 6.50%, 07/15/32 144A Δ | 199000 | 206341 |
| Selective Insurance Group, Inc. |  |  |
| 5.90%, 04/15/35 | 300000 | 306944 |
| Sempra |  |  |
| 3.40%, 02/01/28 | 275000 | 268568 |

---

**84**

See Notes to Financial Statements.

------

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Sensata Technologies, Inc. |  |  |
| 3.75%, 02/15/31 144A | $1210000 | $1104109 |
| ServiceNow, Inc. |  |  |
| 1.40%, 09/01/30 | 675000 | 585223 |
| Sherwin-Williams Co. (The) |  |  |
| 2.95%, 08/15/29 | 475000 | 448867 |
| Shift4 Payments LLC |  |  |
| 6.75%, 08/15/32 144A Δ | 40000 | 41568 |
| Skyworks Solutions, Inc. |  |  |
| 1.80%, 06/01/26 | 2200000 | 2140277 |
| Smithfield Foods, Inc. |  |  |
| 5.20%, 04/01/29 144A | 650000 | 654592 |
| 2.63%, 09/13/31 144A Δ | 250000 | 216002 |
| Sodexo, Inc. |  |  |
| 2.72%, 04/16/31 144A | 2000000 | 1783199 |
| Solventum Corporation |  |  |
| 5.40%, 03/01/29Δ | 780000 | 803421 |
| 5.60%, 03/23/34 | 715000 | 736148 |
| Sotheby's |  |  |
| 5.88%, 06/01/29 144A | 325000 | 294295 |
| Southern California Edison Co. |  |  |
| 3.70%, 08/01/25 | 2800000 | 2796552 |
| 4.20%, 03/01/29 | 400000 | 391763 |
| Southern California Gas Co. |  |  |
| 2.95%, 04/15/27Δ | 2100000 | 2058168 |
| Southern Co. (The) |  |  |
| 5.70%, 03/15/34Δ | 2835000 | 2964176 |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 5Y + <br> 2.92%), 3.75%, 09/15/51^ | 150000 | 148172 |
| Southern Co. Gas Capital Corporation |  |  |
| 3.25%, 06/15/26 | 300000 | 296734 |
| Southern Power Co. |  |  |
| 0.90%, 01/15/26 | 2200000 | 2154170 |
| Spire Missouri, Inc. |  |  |
| 5.15%, 08/15/34Δ | 800000 | 814414 |
| Sprint Capital Corporation |  |  |
| 6.88%, 11/15/28 | 1500000 | 1610679 |
| 8.75%, 03/15/32 | 1205000 | 1462452 |
| Standard Industries, Inc. |  |  |
| 5.00%, 02/15/27 144A | 200000 | 199688 |
| Stanley Black & Decker, Inc. |  |  |
| 3.00%, 05/15/32 | 500000 | 439508 |
| Starbucks Corporation |  |  |
| 4.00%, 11/15/28Δ | 475000 | 471768 |
| 2.55%, 11/15/30 | 1900000 | 1722611 |
| Starwood Property Trust, Inc. |  |  |
| 7.25%, 04/01/29 144A Δ | 1820000 | 1916588 |
| State Street Corporation |  |  |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 5Y + <br> 2.61%), 6.70%, 03/15/29ρ Δ ^ | 950000 | 994452 |
| (Variable, U.S. SOFR + 2.65%), <br> 3.15%, 03/30/31^ | 50000 | 47254 |
| Steel Dynamics, Inc. |  |  |
| 1.65%, 10/15/27 | 275000 | 259382 |
| 5.25%, 05/15/35 | 785000 | 786176 |
| 5.75%, 05/15/55 | 600000 | 582152 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Stellantis Finance U.S., Inc. |  |  |
| 5.75%, 03/18/30 144A | $500000 | $504635 |
| Stewart Information Services <br> Corporation |  |  |
| 3.60%, 11/15/31 | 3360000 | 3012647 |
| Stifel Financial Corporation |  |  |
| 4.00%, 05/15/30 | 1900000 | 1827320 |
| Stolthaven Houston, Inc. |  |  |
| 5.98%, 07/17/34††† | 594000 | 586182 |
| Stonex Escrow Issuer LLC |  |  |
| 6.88%, 07/15/32 144A | 1120000 | 1132167 |
| Stryker Corporation |  |  |
| 4.63%, 09/11/34Δ | 1900000 | 1871493 |
| Sunoco LP |  |  |
| 6.25%, 07/01/33 144A | 455000 | 462882 |
| Synchrony Financial |  |  |
| (Variable, U.S. SOFR + 1.68%), <br> 5.45%, 03/06/31^ | 520000 | 524690 |
| Synopsys, Inc. |  |  |
| 5.00%, 04/01/32 | 776000 | 786356 |
| 5.15%, 04/01/35 | 1298000 | 1308837 |
| 5.70%, 04/01/55Δ | 895000 | 890494 |
| Sysco Corporation |  |  |
| 6.60%, 04/01/40 | 625000 | 683813 |
| Targa Resources Corporation |  |  |
| 4.20%, 02/01/33 | 330000 | 309374 |
| 6.50%, 03/30/34 | 4090000 | 4397231 |
| 5.50%, 02/15/35Δ | 400000 | 401595 |
| Targa Resources Partners LP |  |  |
| 6.50%, 07/15/27 | 355000 | 355239 |
| 6.88%, 01/15/29 | 924000 | 942563 |
| TD SYNNEX Corporation |  |  |
| 6.10%, 04/12/34 | 4200000 | 4422973 |
| Textron, Inc. |  |  |
| 2.45%, 03/15/31Δ | 1700000 | 1507889 |
| 6.10%, 11/15/33Δ | 2810000 | 2994009 |
| The Campbell's Company |  |  |
| 5.40%, 03/21/34 | 1404000 | 1426796 |
| Time Warner Cable LLC |  |  |
| 6.55%, 05/01/37 | 25000 | 25833 |
| 5.88%, 11/15/40 | 100000 | 96070 |
| T-Mobile U.S.A., Inc. |  |  |
| 3.75%, 04/15/27 | 1800000 | 1782027 |
| 3.88%, 04/15/30 | 146000 | 141842 |
| 2.55%, 02/15/31 | 1200000 | 1074829 |
| 5.20%, 01/15/33 | 4475000 | 4560354 |
| 5.75%, 01/15/34 | 8350000 | 8748326 |
| 3.00%, 02/15/41 | 325000 | 237977 |
| Toyota Motor Credit Corporation |  |  |
| (Floating, U.S. SOFR + 0.77%), <br> 5.15%, 08/07/26† | 1200000 | 1205393 |
| 5.05%, 05/16/29 | 7885000 | 8096984 |
| TPG Operating Group II LP |  |  |
| 5.88%, 03/05/34Δ | 629000 | 654042 |
| TransDigm, Inc. |  |  |
| 6.63%, 03/01/32 144A Δ | 150000 | 155497 |
| 6.00%, 01/15/33 144A | 300000 | 301824 |

---

See Notes to Financial Statements.

**85**

------

**MEDIUM-DURATION BOND FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Travel + Leisure Co. |  |  |
| 4.63%, 03/01/30 144A | $1465000 | $1405481 |
| Trimble, Inc. |  |  |
| 6.10%, 03/15/33Δ | 2740000 | 2912015 |
| TriNet Group, Inc. |  |  |
| 7.13%, 08/15/31 144A | 1000000 | 1042301 |
| Trinity Industries, Inc. |  |  |
| 7.75%, 07/15/28 144A | 750000 | 781621 |
| Truist Financial Corporation |  |  |
| (Variable, U.S. SOFR + 2.05%), <br> 6.05%, 06/08/27^ | 215000 | 217931 |
| Trustage Financial Group, Inc. |  |  |
| 4.63%, 04/15/32 144A | 1300000 | 1232441 |
| Tyson Foods, Inc. |  |  |
| 5.70%, 03/15/34Δ | 100000 | 103584 |
| U.S. Bancorp |  |  |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 5Y + <br> 2.54%), 3.70%, 01/15/27ρ Δ ^ | 775000 | 747003 |
| (Variable, U.S. SOFR + 2.02%), <br> 5.78%, 06/12/29^ | 580000 | 602365 |
| (Variable, U.S. SOFR + 2.11%), <br> 4.97%, 07/22/33^ | 2235000 | 2208333 |
| (Variable, U.S. SOFR + 2.09%), <br> 5.85%, 10/21/33^ | 2075000 | 2183796 |
| Uber Technologies, Inc. |  |  |
| 4.50%, 08/15/29 144A Δ | 2740000 | 2725797 |
| UDR, Inc. REIT |  |  |
| 3.20%, 01/15/30 | 1200000 | 1137594 |
| 2.10%, 08/01/32 | 150000 | 124309 |
| United Rentals North America, Inc. |  |  |
| 6.13%, 03/15/34 144A | 1880000 | 1938793 |
| United Wholesale Mortgage LLC |  |  |
| 5.50%, 04/15/29 144A Δ | 1000000 | 971560 |
| Universal Health Services, Inc. |  |  |
| 2.65%, 10/15/30 | 700000 | 624347 |
| Ventas Realty LP REIT |  |  |
| 3.00%, 01/15/30Δ | 1700000 | 1596149 |
| Venture Global Calcasieu Pass LLC |  |  |
| 6.25%, 01/15/30 144A | 475000 | 490255 |
| 3.88%, 11/01/33 144A Δ | 910000 | 796531 |
| Venture Global LNG, Inc. |  |  |
| 9.50%, 02/01/29 144A | 400000 | 436001 |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 5Y + <br> 5.44%), 9.00%, 09/30/29 <br> 144A ρ ^ | 450000 | 437917 |
| 8.38%, 06/01/31 144A | 645000 | 670381 |
| 9.88%, 02/01/32 144A Δ | 150000 | 162088 |
| Venture Global Plaquemines <br> LNG LLC |  |  |
| 7.50%, 05/01/33 144A | 555000 | 594692 |
| 7.75%, 05/01/35 144A | 555000 | 601227 |
| 6.75%, 01/15/36 | 250000 | 250000 |
| Veralto Corporation |  |  |
| 5.45%, 09/18/33 | 3255000 | 3359008 |
| Verisk Analytics, Inc. |  |  |
| 5.25%, 03/15/35 | 820000 | 824985 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Verizon Communications, Inc. |  |  |
| 1.75%, 01/20/31 | $650000 | $560263 |
| 2.55%, 03/21/31 | 1000000 | 897199 |
| VFH Parent LLC |  |  |
| 7.50%, 06/15/31 144A | 1340000 | 1407186 |
| Viper Energy, Inc. |  |  |
| 5.38%, 11/01/27 144A | 192000 | 192335 |
| 7.38%, 11/01/31 144A | 575000 | 610564 |
| Vistra Operations Co. LLC |  |  |
| 5.70%, 12/30/34 144A | 235000 | 239491 |
| VMware LLC |  |  |
| 4.65%, 05/15/27 | 700000 | 704386 |
| 3.90%, 08/21/27 | 500000 | 495797 |
| 1.80%, 08/15/28Δ | 225000 | 208229 |
| 2.20%, 08/15/31 | 600000 | 520982 |
| Volkswagen Group of America <br> Finance LLC |  |  |
| 5.05%, 03/27/28 144A | 600000 | 603602 |
| 5.65%, 09/12/28 144A | 300000 | 306560 |
| 5.35%, 03/27/30 144A Δ | 900000 | 915908 |
| 5.65%, 03/25/32 144A | 900000 | 915256 |
| Vontier Corporation |  |  |
| 2.40%, 04/01/28 | 700000 | 659179 |
| Warnermedia Holdings, Inc. |  |  |
| 4.05%, 03/15/29 | 2776000 | 2407978 |
| 4.28%, 03/15/32 | 742000 | 555573 |
| 5.14%, 03/15/52 | 347000 | 243768 |
| Waste Management, Inc. |  |  |
| 1.15%, 03/15/28Δ | 250000 | 231765 |
| 4.95%, 07/03/31 | 788000 | 809366 |
| 4.95%, 03/15/35 | 1205000 | 1210573 |
| Wells Fargo & Co. |  |  |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 5Y + <br> 3.45%), 3.90%, 03/15/26ρ ^ | 1050000 | 1039894 |
| (Variable, U.S. SOFR + 1.56%), <br> 4.54%, 08/15/26Δ ^ | 1700000 | 1699678 |
| 3.00%, 10/23/26 | 1000000 | 983163 |
| 4.30%, 07/22/27 | 1125000 | 1125448 |
| (Floating, U.S. SOFR + 1.07%), <br> 5.43%, 04/22/28† | 2600000 | 2618396 |
| (Variable, U.S. SOFR + 1.07%), <br> 5.71%, 04/22/28Δ ^ | 1900000 | 1941903 |
| (Variable, U.S. SOFR + 1.98%), <br> 4.81%, 07/25/28^ | 1800000 | 1815493 |
| 4.15%, 01/24/29 | 125000 | 124554 |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 5Y + <br> 2.77%), 6.85%, 09/15/29ρ Δ ^ | 750000 | 789982 |
| (Variable, U.S. SOFR + 1.50%), <br> 5.20%, 01/23/30^ | 3100000 | 3175977 |
| (Variable, U.S. SOFR + 1.11%), <br> 5.24%, 01/24/31^ | 1895000 | 1944487 |
| (Variable, U.S. SOFR + 2.10%), <br> 4.90%, 07/25/33^ | 1953000 | 1953998 |
| (Variable, U.S. SOFR + 2.02%), <br> 5.39%, 04/24/34^ | 2000000 | 2047234 |

---

**86**

See Notes to Financial Statements.

------

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| (Variable, U.S. SOFR + 1.74%), <br> 5.61%, 04/23/36^ | $1505000 | $1554075 |
| Welltower OP LLC REIT |  |  |
| 4.25%, 04/01/26 | 898000 | 895662 |
| WESCO Distribution, Inc. |  |  |
| 6.38%, 03/15/33 144A Δ | 170000 | 175830 |
| Western Digital Corporation |  |  |
| 4.75%, 02/15/26 | 179000 | 178662 |
| Western Midstream Operating LP |  |  |
| 5.45%, 11/15/34 | 2910000 | 2854347 |
| 5.45%, 04/01/44 | 75000 | 65570 |
| 5.30%, 03/01/48 | 45000 | 37595 |
| Whirlpool Corporation |  |  |
| 6.13%, 06/15/30 | 55000 | 55518 |
| 6.50%, 06/15/33 | 60000 | 60249 |
| 5.75%, 03/01/34Δ | 300000 | 292705 |
| 4.60%, 05/15/50 | 50000 | 38122 |
| Whistler Pipeline LLC |  |  |
| 5.70%, 09/30/31 144A | 850000 | 867074 |
| William Carter Co. (The) |  |  |
| 5.63%, 03/15/27 144A Δ | 550000 | 547038 |
| Williams Cos., Inc. (The) |  |  |
| 5.65%, 03/15/33 | 525000 | 545864 |
| Workday, Inc. |  |  |
| 3.70%, 04/01/29Δ | 325000 | 317531 |
| 3.80%, 04/01/32 | 225000 | 211506 |
| WP Carey, Inc. REIT |  |  |
| 3.85%, 07/15/29 | 900000 | 876574 |
| WRKCo, Inc. |  |  |
| 4.00%, 03/15/28Δ | 1100000 | 1089991 |
| Yum! Brands, Inc. |  |  |
| 4.63%, 01/31/32 | 1450000 | 1397542 |
| ZF North America Capital, Inc. |  |  |
| 6.88%, 04/23/32 144A | 1065000 | 985158 |
| **Total Corporate Bonds** <br>(Cost $812,255,271) |  | 809022405 |
| **FOREIGN BONDS — 10.8%** | **FOREIGN BONDS — 10.8%** | **FOREIGN BONDS — 10.8%** |
| **Australia — 0.1%** | **Australia — 0.1%** |  |
| Alumina Pty, Ltd. |  |  |
| 6.13%, 03/15/30 144A | 1210000 | 1229032 |
| 6.38%, 09/15/32 144A | 380000 | 387384 |
| Macquarie Bank, Ltd. |  |  |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 5Y + <br> 1.70%), 3.05%, 03/03/36 <br> 144A ^ | 225000 | 199720 |
| Macquarie Group, Ltd. |  |  |
| (Variable, U.S. SOFR + 0.91%), <br> 1.63%, 09/23/27 144A ^ | 850000 | 820288 |
| (Variable, U.S. SOFR + 1.53%), <br> 2.87%, 01/14/33 144A ^ | 600000 | 524846 |
| (Variable, U.S. SOFR + 2.41%), <br> 4.44%, 06/21/33 144A Δ ^ | 650000 | 622819 |
| National Australia Bank, Ltd. |  |  |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 1Y + <br> 1.30%), 5.90%, 01/14/36 <br> 144A ^ | 550000 | 563785 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Westpac Banking Corporation |  |  |
| (Variable, USD SOFR ICE Swap <br> Rate 5Y + 2.24%), 4.32%, <br> 11/23/31^ | $175000 | $173907 |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 5Y + <br> 2.00%), 4.11%, 07/24/34^ | 275000 | 265889 |
|  |  | 4787670 |
| **Bermuda — 0.1%** | **Bermuda — 0.1%** |  |
| DaVinciRe Holdings, Ltd. |  |  |
| 5.95%, 04/15/35 144A | 950000 | 956548 |
| RenaissanceRe Holdings, Ltd. |  |  |
| 5.80%, 04/01/35 | 600000 | 616888 |
|  |  | 1573436 |
| **Brazil — 1.1%** | **Brazil — 1.1%** |  |
| Brazil Letras do Tesouro Nacional |  |  |
| 0.00%, 10/01/25(B) » | 169837000 | 30150565 |
| Brazil Notas do Tesouro Nacional <br> Serie F |  |  |
| 10.00%, 01/01/31(B) ††† | 17811000 | 2724424 |
| Brazilian Government International <br> Bond |  |  |
| 6.13%, 03/15/34 | 400000 | 397024 |
| 7.13%, 05/13/54 | 800000 | 768114 |
| Raizen Fuels Finance SA |  |  |
| 5.70%, 01/17/35Δ | 200000 | 187400 |
| 6.70%, 02/25/37 144A | 440000 | 432300 |
| 6.95%, 03/05/54 144A | 380000 | 352822 |
| Vale Overseas, Ltd. |  |  |
| 6.40%, 06/28/54Δ | 980000 | 964093 |
|  |  | 35976742 |
| **Canada — 1.4%** | **Canada — 1.4%** |  |
| 1011778 BC ULC |  |  |
| 5.63%, 09/15/29 144A | 545000 | 553378 |
| 4.00%, 10/15/30 144A | 605000 | 564416 |
| Alimentation Couche-Tard, Inc. |  |  |
| 3.55%, 07/26/27 144A | 75000 | 73824 |
| 3.80%, 01/25/50 144A | 50000 | 35973 |
| Ascot Group, Ltd. |  |  |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 5Y + <br> 2.38%), 6.35%, 06/15/35 <br> 144A ^ | 550000 | 567496 |
| Bell Telephone Co. of Canada |  |  |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 5Y + <br> 2.36%), 7.00%, 09/15/55^ | 550000 | 559238 |
| Brookfield Asset Management, Ltd. |  |  |
| 5.80%, 04/24/35 | 400000 | 410613 |
| Brookfield Finance, Inc. |  |  |
| 5.68%, 01/15/35 | 550000 | 565045 |
| 3.50%, 03/30/51 | 800000 | 543305 |
| Canadian Natural Resources, Ltd. |  |  |
| 5.40%, 12/15/34 144A Δ | 2985000 | 2967389 |
| CGI, Inc. |  |  |
| 1.45%, 09/14/26 | 2300000 | 2222076 |

---

See Notes to Financial Statements.

**87**

------

**MEDIUM-DURATION BOND FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Clarios Global LP |  |  |
| 6.75%, 02/15/30 144A | $600000 | $624352 |
| Constellation Software, Inc. |  |  |
| 5.46%, 02/16/34 144A | 1476000 | 1506382 |
| CPPIB Capital, Inc. |  |  |
| 4.30%, 06/02/34(C) | 2500000 | 1916119 |
| Enbridge, Inc. |  |  |
| 2.50%, 08/01/33 | 850000 | 706686 |
| 5.63%, 04/05/34 | 400000 | 411158 |
| 5.55%, 06/20/35 | 700000 | 711896 |
| Fairfax Financial Holdings, Ltd. |  |  |
| 5.63%, 08/16/32 | 800000 | 822325 |
| 6.00%, 12/07/33 | 500000 | 521820 |
| 5.75%, 05/20/35 144A | 400000 | 405730 |
| First Quantum Minerals, Ltd. |  |  |
| 9.38%, 03/01/29 144A | 1290000 | 1370750 |
| GFL Environmental, Inc. |  |  |
| 6.75%, 01/15/31 144A | 190000 | 199058 |
| Intact Financial Corporation |  |  |
| 5.46%, 09/22/32 144A Δ | 600000 | 614692 |
| Magna International, Inc. |  |  |
| 5.88%, 06/01/35Δ | 950000 | 975366 |
| Parkland Corporation |  |  |
| 6.63%, 08/15/32 144A | 800000 | 818165 |
| Province of British Columbia Canada |  |  |
| 4.15%, 06/18/34(C) | 2600000 | 1969833 |
| Province of Ontario Canada |  |  |
| 3.80%, 12/02/34(C) | 9000000 | 6607259 |
| Province of Quebec Canada |  |  |
| 0.60%, 07/23/25 | 3990000 | 3980644 |
| 4.45%, 09/01/34(C) | 10000000 | 7730274 |
| Rogers Communications, Inc. |  |  |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 5Y + <br> 2.62%), 7.13%, 04/15/55^ | 150000 | 152117 |
| TELUS Corporation |  |  |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 5Y + <br> 2.77%), 6.63%, 10/15/55^ | 275000 | 276711 |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 5Y + <br> 2.71%), 7.00%, 10/15/55Δ ^ | 275000 | 277528 |
| Toronto-Dominion Bank (The) |  |  |
| 4.46%, 06/08/32Δ | 775000 | 761045 |
| Triton Container International, Ltd. |  |  |
| 3.15%, 06/15/31 144A | 564000 | 489992 |
| 3.25%, 03/15/32 | 975000 | 843114 |
|  |  | 43755769 |
| **Cayman Islands — 0.1%** | **Cayman Islands — 0.1%** |  |
| AP Grange Holdings LLC |  |  |
| 5.00%, 03/20/45††† | 300000 | 303000 |
| 6.50%, 03/20/45††† | 2706484 | 2730166 |
|  |  | 3033166 |
| **Chile — 0.1%** | **Chile — 0.1%** |  |
| Chile Government International Bond |  |  |
| 4.95%, 01/05/36 | 1611005 | 1582603 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| 5.65%, 01/13/37 | $600000 | $619560 |
| 4.34%, 03/07/42 | 410000 | 355925 |
| 3.10%, 01/22/61 | 1360000 | 827261 |
| 3.25%, 09/21/71 | 2115000 | 1288775 |
|  |  | 4674124 |
| **China — 0.0%** | **China — 0.0%** |  |
| Avolon Holdings Funding, Ltd. |  |  |
| 2.13%, 02/21/26 144A | 1001000 | 982669 |
| 5.38%, 05/30/30 144A | 430000 | 438210 |
|  |  | 1420879 |
| **Colombia — 0.1%** | **Colombia — 0.1%** |  |
| Colombia Government International <br> Bond |  |  |
| 8.00%, 04/20/33 | 1765000 | 1828416 |
| Ecopetrol SA |  |  |
| 8.63%, 01/19/29 | 90000 | 95229 |
| 6.88%, 04/29/30 | 40000 | 39669 |
| 7.75%, 02/01/32 | 120000 | 118005 |
| 8.88%, 01/13/33 | 110000 | 113554 |
| 8.38%, 01/19/36 | 425000 | 410342 |
|  |  | 2605215 |
| **Denmark — 0.1%** | **Denmark — 0.1%** |  |
| Danske Bank A/S |  |  |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 1Y + <br> 1.35%), 1.62%, 09/11/26 <br> 144A Δ ^ | 1800000 | 1789001 |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 1Y + <br> 1.40%), 5.71%, 03/01/30 <br> 144A ^ | 2100000 | 2179402 |
|  |  | 3968403 |
| **Dominican Republic — 0.0%** | **Dominican Republic — 0.0%** |  |
| Dominican Republic International <br> Bond |  |  |
| 7.05%, 02/03/31 | 258000 | 270952 |
| 6.60%, 06/01/36 144A | 198000 | 199673 |
|  |  | 470625 |
| **Finland — 0.0%** | **Finland — 0.0%** |  |
| Nokia OYJ |  |  |
| 4.38%, 06/12/27 | 9000 | 8948 |
| **France — 0.4%** | **France — 0.4%** |  |
| BNP Paribas SA |  |  |
| (Variable, U.S. SOFR + 1.61%), <br> 1.90%, 09/30/28 144A ^ | 1800000 | 1699252 |
| (Variable, U.S. SOFR + 1.59%), <br> 5.50%, 05/20/30 144A ^ | 280000 | 287593 |
| BPCE SA |  |  |
| (Variable, U.S. SOFR + 1.98%), <br> 6.61%, 10/19/27 144A ^ | 1500000 | 1535942 |
| 4.63%, 09/12/28 144A | 375000 | 375296 |
| (Variable, U.S. SOFR + 1.31%), <br> 2.28%, 01/20/32 144A ^ | 375000 | 324667 |
| (Variable, U.S. SOFR + 2.87%), <br> 5.75%, 07/19/33 144A ^ | 600000 | 615384 |

---

**88**

See Notes to Financial Statements.

------

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| (Variable, U.S. SOFR + 2.59%), <br> 7.00%, 10/19/34 144A ^ | $1000000 | $1099130 |
| Credit Agricole SA |  |  |
| (Floating, U.S. SOFR + 1.21%), <br> 5.65%, 09/11/28 144A † | 900000 | 905471 |
| (Variable, U.S. SOFR + 1.46%), <br> 5.22%, 05/27/31 144A ^ | 1500000 | 1528500 |
| (Variable, U.S. SOFR + 2.67%), <br> 6.25%, 01/10/35 144A ^ | 2055000 | 2137802 |
| Opal Bidco SAS |  |  |
| 6.50%, 03/31/32 144A Δ | 1720000 | 1756572 |
| SNF Group SACA |  |  |
| 3.38%, 03/15/30 144A | 425000 | 392525 |
| Societe Generale SA |  |  |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 1Y + <br> 1.50%), 5.52%, 01/19/28 <br> 144A ^ | 950000 | 962046 |
|  |  | 13620180 |
| **Germany — 0.4%** | **Germany — 0.4%** |  |
| Bundesschatzanweisungen |  |  |
| 2.20%, 03/11/27(E) | 755000 | 894514 |
| Deutsche Bank AG |  |  |
| (Variable, U.S. SOFR + 3.19%), <br> 6.12%, 07/14/26Δ ^ | 1800000 | 1800773 |
| (Variable, 1.85% - Euribor 3M), <br> 1.38%, 09/03/26(E) ^ | 1500000 | 1763632 |
| (Variable, U.S. SOFR + 1.87%), <br> 2.13%, 11/24/26^ | 450000 | 445485 |
| (Variable, 2.05% - Euribor 3M), <br> 1.75%, 11/19/30(E) ^ | 900000 | 994939 |
| (Variable, 2.05% - Euribor 3M), <br> 1.75%, 11/19/30(E) ^ | 800000 | 884390 |
| Kreditanstalt fuer Wiederaufbau |  |  |
| 5.13%, 09/29/25 | 3840000 | 3846892 |
| Muenchener <br> Rueckversicherungs-Gesellschaft <br> AG in Muenchen |  |  |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 5Y + <br> 3.98%), 5.88%, 05/23/42 <br> 144A ^ | 1200000 | 1229280 |
|  |  | 11859905 |
| **Hong Kong — 0.0%** | **Hong Kong — 0.0%** |  |
| AIA Group, Ltd. |  |  |
| 3.90%, 04/06/28 144A Δ | 200000 | 198475 |
| **Hungary — 0.0%** | **Hungary — 0.0%** |  |
| Hungary Government International <br> Bond |  |  |
| 6.13%, 05/22/28 | 500000 | 516800 |
| 3.13%, 09/21/51 | 1290000 | 763537 |
|  |  | 1280337 |
| **Ireland — 0.4%** | **Ireland — 0.4%** |  |
| AerCap Ireland Capital DAC |  |  |
| 6.50%, 07/15/25 | 290000 | 290188 |
| 2.45%, 10/29/26 | 800000 | 779659 |
| 3.00%, 10/29/28 | 800000 | 762388 |
| 6.15%, 09/30/30 | 2095000 | 2235105 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| 3.30%, 01/30/32 | $4460000 | $4043218 |
| SMBC Aviation Capital Finance DAC |  |  |
| 5.30%, 04/03/29 144A | 1275000 | 1301764 |
| 5.10%, 04/01/30 144A Δ | 785000 | 797239 |
| Smurfit Kappa Treasury ULC |  |  |
| 5.44%, 04/03/34 | 350000 | 354928 |
| STERIS Irish FinCo Unlimited Co. |  |  |
| 2.70%, 03/15/31 | 843000 | 757488 |
|  |  | 11321977 |
| **Israel — 0.1%** | **Israel — 0.1%** |  |
| Energean Israel Finance, Ltd. |  |  |
| 5.38%, 03/30/28 144A | 940000 | 897465 |
| Israel Government International Bond |  |  |
| 5.38%, 03/12/29 | 2000000 | 2042447 |
| 5.63%, 02/19/35 | 1300000 | 1323722 |
| Leviathan Bond, Ltd. |  |  |
| 6.50%, 06/30/27 144A | 45000 | 44811 |
|  |  | 4308445 |
| **Italy — 0.3%** | **Italy — 0.3%** |  |
| Cassa Depositi e Prestiti SpA |  |  |
| 5.88%, 04/30/29 144A | 4400000 | 4605851 |
| Eni SpA |  |  |
| 5.75%, 05/19/35 144A | 2400000 | 2455937 |
| UniCredit SpA |  |  |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 1Y + <br> 1.55%), 3.13%, 06/03/32 <br> 144A ^ | 800000 | 724943 |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 5Y + <br> 4.75%), 5.46%, 06/30/35 <br> 144A ^ | 275000 | 273532 |
|  |  | 8060263 |
| **Ivory Coast — 0.0%** | **Ivory Coast — 0.0%** |  |
| Ivory Coast Government International <br> Bond |  |  |
| 8.08%, 04/01/36 144A | 520000 | 502575 |
| **Japan — 0.9%** | **Japan — 0.9%** |  |
| Aircastle, Ltd. |  |  |
| 6.50%, 07/18/28 144A | 1820000 | 1901005 |
| 5.25%, 03/15/30 144A | 285000 | 287523 |
| Dai-ichi Life Insurance Co., Ltd. <br> (The) |  |  |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 5Y + <br> 2.52%), 6.20%, 01/16/35 <br> 144A ρ ^ | 550000 | 556366 |
| Japan Government Forty Year Bond |  |  |
| 2.20%, 03/20/64(J) | 508000000 | 2838814 |
| Japan Government Thirty Year Bond |  |  |
| 2.30%, 12/20/54(J) | 330000000 | 2059502 |
| Japan Government Twenty Year Bond |  |  |
| 2.00%, 12/20/44(J) | 430000000 | 2828957 |

---

See Notes to Financial Statements.

**89**

------

**MEDIUM-DURATION BOND FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Meiji Yasuda Life Insurance Co. |  |  |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 5Y + <br> 3.03%), 5.80%, 09/11/54 <br> 144A ^ | $232000 | $228705 |
| Mitsubishi UFJ Financial Group, Inc. |  |  |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 1Y + <br> 2.13%), 5.13%, 07/20/33^ | 1250000 | 1266108 |
| Mizuho Financial Group, Inc. |  |  |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 1Y + <br> 2.05%), 5.41%, 09/13/28Δ ^ | 1700000 | 1738523 |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 1Y + <br> 1.25%), 3.26%, 05/22/30Δ ^ | 2100000 | 2006823 |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 1Y + <br> 1.30%), 5.59%, 07/10/35Δ ^ | 1800000 | 1853311 |
| Nippon Life Insurance Co. |  |  |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 5Y + <br> 2.59%), 5.95%, 04/16/54 <br> 144A Δ ^ | 1000000 | 1007952 |
| Nissan Motor Co., Ltd. |  |  |
| 3.52%, 09/17/25 144A | 2100000 | 2088323 |
| Nomura Holdings, Inc. |  |  |
| 2.61%, 07/14/31 | 270000 | 238419 |
| Sumitomo Mitsui Financial Group, <br> Inc. |  |  |
| 1.90%, 09/17/28 | 2300000 | 2135668 |
| 5.42%, 07/09/31 | 1300000 | 1349588 |
| 5.77%, 01/13/33Δ | 1740000 | 1831058 |
| Sumitomo Mitsui Trust Bank, Ltd. |  |  |
| 5.20%, 03/07/27 144A | 1700000 | 1726317 |
|  |  | 27942962 |
| **Jersey — 0.0%** | **Jersey — 0.0%** |  |
| Ardonagh Finco, Ltd. |  |  |
| 6.88%, 02/15/31(E) 144A | 300000 | 364002 |
| 7.75%, 02/15/31 144A | 200000 | 209248 |
| Galaxy Pipeline Assets Bidco, Ltd. |  |  |
| 2.94%, 09/30/40 | 830246 | 681771 |
|  |  | 1255021 |
| **Kuwait — 0.1%** | **Kuwait — 0.1%** |  |
| National Bank of Kuwait |  |  |
| 4.63%, 08/28/25 | 2147000 | 2147686 |
| **Kyrgyzstan — 0.0%** | **Kyrgyzstan — 0.0%** |  |
| Kyrgyz Republic International Bond |  |  |
| 7.75%, 06/03/30 144A | 920000 | 907581 |
| **Luxembourg — 0.0%** | **Luxembourg — 0.0%** |  |
| ArcelorMittal SA |  |  |
| 6.75%, 03/01/41 | 1415000 | 1492774 |
| **Malaysia — 0.0%** | **Malaysia — 0.0%** |  |
| Petronas Capital, Ltd. |  |  |
| 4.95%, 01/03/31 144A Δ | 470000 | 479825 |
| 5.34%, 04/03/35 144A | 460000 | 471290 |
|  |  | 951115 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Mexico — 0.4%** | **Mexico — 0.4%** |  |
| Cemex SAB de CV |  |  |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 5Y + <br> 4.53%), 5.13%, 06/08/26 <br> 144A ρ ^ | $615000 | $605286 |
| 3.88%, 07/11/31 144A Δ | 3305000 | 3049510 |
| Mexican Bonos |  |  |
| 7.75%, 11/23/34(M) | 62984300 | 3063815 |
| Mexico City Airport Trust |  |  |
| 3.88%, 04/30/28 144A | 360000 | 349958 |
| Mexico Government International <br> Bond |  |  |
| 6.00%, 05/13/30 | 600000 | 621600 |
| 4.75%, 04/27/32 | 2300000 | 2190543 |
| 6.35%, 02/09/35Δ | 430000 | 441008 |
| 3.77%, 05/24/61 | 2232000 | 1323855 |
|  |  | 11645575 |
| **Morocco — 0.1%** | **Morocco — 0.1%** |  |
| OCP SA |  |  |
| 6.75%, 05/02/34 144A | 880000 | 913403 |
| 7.50%, 05/02/54 | 880000 | 881342 |
|  |  | 1794745 |
| **Netherlands — 0.5%** | **Netherlands — 0.5%** |  |
| ABN AMRO Bank NV |  |  |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 1Y + <br> 1.10%), 2.47%, 12/13/29 <br> 144A ^ | 2500000 | 2331863 |
| Alcoa Nederland Holding BV |  |  |
| 7.13%, 03/15/31 144A Δ | 400000 | 420071 |
| Argentum Netherlands BV for Swiss <br> Re, Ltd. |  |  |
| (Variable, ICE LIBOR USD 3M + <br> 3.78%), 5.63%, 08/15/52Δ ^ | 900000 | 904682 |
| Cooperatieve Rabobank UA |  |  |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 1Y + <br> 1.75%), 4.66%, 08/22/28 <br> 144A ^ | 1700000 | 1710234 |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 1Y + <br> 1.12%), 5.45%, 03/05/30 <br> 144A Δ ^ | 2200000 | 2269523 |
| Darling Global Finance BV |  |  |
| 4.50%, 07/15/32(E) 144A | 150000 | 179049 |
| ING Groep NV |  |  |
| 4.63%, 01/06/26 144A | 1600000 | 1600737 |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 1Y + <br> 1.10%), 1.40%, 07/01/26 <br> 144A ^ | 1000000 | 1000000 |
| (Variable, U.S. SOFR + 1.77%), <br> 5.55%, 03/19/35^ | 2600000 | 2663355 |
| (Variable, U.S. SOFR + 1.61%), <br> 5.53%, 03/25/36^ | 200000 | 203690 |
| NXP BV |  |  |
| 3.88%, 06/18/26 | 1500000 | 1491629 |
| 3.40%, 05/01/30 | 250000 | 236700 |

---

**90**

See Notes to Financial Statements.

------

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| 2.50%, 05/11/31 | $200000 | $176700 |
| Prosus NV |  |  |
| 3.83%, 02/08/51 144A | 200000 | 128750 |
|  |  | 15316983 |
| **New Zealand — 0.1%** | **New Zealand — 0.1%** |  |
| ANZ Bank New Zealand, Ltd. |  |  |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 5Y + <br> 1.50%), 5.90%, 07/10/34 <br> 144A Δ ^ | 1350000 | 1387291 |
| ASB Bank, Ltd. |  |  |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 5Y + <br> 2.25%), 5.28%, 06/17/32 <br> 144A ^ | 600000 | 603739 |
|  |  | 1991030 |
| **Norway — 0.1%** | **Norway — 0.1%** |  |
| Aker BP ASA |  |  |
| 4.00%, 01/15/31 144A | 1595000 | 1515704 |
| Var Energi ASA |  |  |
| 8.00%, 11/15/32 144A | 2610000 | 2960845 |
|  |  | 4476549 |
| **Oman — 0.1%** | **Oman — 0.1%** |  |
| Oman Government International Bond |  |  |
| 6.00%, 08/01/29Δ | 2180000 | 2288648 |
| **Panama — 0.0%** | **Panama — 0.0%** |  |
| Panama Government International <br> Bond |  |  |
| 6.40%, 02/14/35Δ | 600000 | 585621 |
| 4.50%, 04/16/50 | 250000 | 169521 |
| 6.85%, 03/28/54Δ | 240000 | 220471 |
|  |  | 975613 |
| **Peru — 0.0%** | **Peru — 0.0%** |  |
| Peruvian Government International <br> Bond |  |  |
| 5.38%, 02/08/35 | 100000 | 100067 |
| 2.78%, 12/01/60 | 10000 | 5397 |
| 3.23%, 07/28/21~ | 50000 | 26950 |
|  |  | 132414 |
| **Philippines — 0.1%** | **Philippines — 0.1%** |  |
| Philippine Government International <br> Bond |  |  |
| 2.95%, 05/05/45Δ | 1730000 | 1186737 |
| 2.65%, 12/10/45 | 1000000 | 649525 |
| 5.90%, 02/04/50Δ | 600000 | 612692 |
|  |  | 2448954 |
| **Poland — 0.0%** | **Poland — 0.0%** |  |
| Republic of Poland Government <br> International Bond |  |  |
| 5.13%, 09/18/34 | 610000 | 613747 |
| **Qatar — 0.0%** | **Qatar — 0.0%** |  |
| Qatar Government International Bond |  |  |
| 5.10%, 04/23/48 | 1000000 | 944179 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Romania — 0.3%** | **Romania — 0.3%** |  |
| Romanian Government International <br> Bond |  |  |
| 3.00%, 02/27/27 144A | $2200000 | $2128021 |
| 3.62%, 05/26/30(E) 144A | 250000 | 280162 |
| 5.88%, 07/11/32(E) 144A | 3240000 | 3840998 |
| 2.00%, 04/14/33(E) | 2400000 | 2169772 |
| 6.38%, 01/30/34 | 70000 | 68694 |
| 6.25%, 09/10/34(E) 144A Δ | 1125000 | 1340082 |
| 5.63%, 02/22/36(E) | 1060000 | 1192419 |
| 3.38%, 01/28/50(E) 144A | 60000 | 42740 |
| 3.38%, 01/28/50(E) | 70000 | 49863 |
|  |  | 11112751 |
| **Saudi Arabia — 0.0%** | **Saudi Arabia — 0.0%** |  |
| Saudi Arabian Oil Co. |  |  |
| 5.75%, 07/17/54 144A | 290000 | 272542 |
| Saudi Government International Bond |  |  |
| 5.38%, 01/13/31 144A | 600000 | 622685 |
|  |  | 895227 |
| **Singapore — 0.0%** | **Singapore — 0.0%** |  |
| Greenko Power II, Ltd. |  |  |
| 4.30%, 12/13/28 144A | 159500 | 150207 |
| Seagate Data Storage Technology Pte, <br> Ltd. |  |  |
| 5.88%, 07/15/30 144A | 545000 | 554499 |
|  |  | 704706 |
| **South Africa — 0.2%** | **South Africa — 0.2%** |  |
| Republic of South Africa Government <br> Bond |  |  |
| 9.00%, 01/31/40(S) | 108735000 | 5318303 |
| Republic of South Africa Government <br> International Bond |  |  |
| 4.30%, 10/12/28 | 280000 | 270711 |
| 5.88%, 04/20/32Δ | 360000 | 352864 |
| 7.30%, 04/20/52 | 370000 | 333917 |
|  |  | 6275795 |
| **South Korea — 0.1%** | **South Korea — 0.1%** |  |
| Export-Import Bank of Korea |  |  |
| 5.13%, 01/11/33 | 200000 | 206503 |
| Korea Hydro & Nuclear Power Co., <br> Ltd. |  |  |
| 4.25%, 07/27/27 144A | 250000 | 249911 |
| LG Energy Solution, Ltd. |  |  |
| 5.50%, 07/02/34 144A | 1300000 | 1277438 |
|  |  | 1733852 |
| **Spain — 0.2%** | **Spain — 0.2%** |  |
| Banco Santander SA |  |  |
| 3.31%, 06/27/29 | 400000 | 384198 |
| 5.57%, 01/17/30 | 2200000 | 2284764 |
| 2.75%, 12/03/30 | 200000 | 178203 |
| 5.44%, 07/15/31Δ | 1000000 | 1039293 |
| 6.92%, 08/08/33 | 1200000 | 1301351 |

---

See Notes to Financial Statements.

**91**

------

**MEDIUM-DURATION BOND FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| CaixaBank SA |  |  |
| (Variable, U.S. SOFR + 1.79%), <br> 5.58%, 07/03/36 144A ^ | $630000 | $636704 |
|  |  | 5824513 |
| **Supranational — 0.2%** | **Supranational — 0.2%** |  |
| European Union |  |  |
| 2.88%, 10/05/29(E) | 6300000 | 7572176 |
| **Sweden — 0.0%** | **Sweden — 0.0%** |  |
| EQT AB |  |  |
| 5.85%, 05/08/35 144A | 550000 | 561435 |
| **Switzerland — 0.6%** | **Switzerland — 0.6%** |  |
| Amrize Finance U.S. LLC |  |  |
| 5.40%, 04/07/35 144A | 700000 | 710575 |
| UBS Group AG |  |  |
| 4.28%, 01/09/28 144A | 1800000 | 1792419 |
| (Variable, ICE LIBOR USD 3M + <br> 1.41%), 3.87%, 01/12/29 <br> 144A ^ | 425000 | 418535 |
| (Variable, U.S. SOFR + 3.73%), <br> 4.19%, 04/01/31 144A ^ | 2650000 | 2595564 |
| (Variable, U.S. SOFR + 1.73%), <br> 3.09%, 05/14/32 144A ^ | 395000 | 358670 |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 1Y + <br> 2.40%), 4.99%, 08/05/33 <br> 144A ^ | 600000 | 598276 |
| (Variable, U.S. SOFR + 3.92%), <br> 6.54%, 08/12/33 144A ^ | 3900000 | 4243447 |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 5Y + <br> 4.76%), 9.25%, 11/13/33 <br> 144A ρ ^ | 220000 | 254960 |
| (Variable, U.S. SOFR + 5.02%), <br> 9.02%, 11/15/33 144A ^ | 700000 | 865740 |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 1Y + <br> 1.77%), 5.70%, 02/08/35 <br> 144A ^ | 5220000 | 5424067 |
| (Variable, U.S. SOFR + 1.76%), <br> 5.58%, 05/09/36 144A ^ | 1225000 | 1253178 |
|  |  | 18515431 |
| **Turkey — 0.1%** | **Turkey — 0.1%** |  |
| Turkiye Government Bond |  |  |
| 37.00%, 02/18/26(T) | 86225000 | 2148398 |
| 36.00%, 08/12/26(T) | 50265000 | 1234414 |
|  |  | 3382812 |
| **United Arab Emirates — 0.2%** | **United Arab Emirates — 0.2%** |  |
| Abu Dhabi Developmental Holding <br> Co. PJSC |  |  |
| 5.50%, 05/08/34 144A | 1000000 | 1040468 |
| Adnoc Murban Rsc, Ltd. |  |  |
| 4.25%, 09/11/29 144A Δ | 2500000 | 2490126 |
| DP World Crescent, Ltd. |  |  |
| 5.50%, 05/08/35 144A | 1330000 | 1342006 |
|  |  | 4872600 |
| **United Kingdom — 1.5%** | **United Kingdom — 1.5%** |  |
| Anglo American Capital PLC |  |  |
| 5.75%, 04/05/34 144A Δ | 1000000 | 1033162 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| BAE Systems PLC |  |  |
| 5.30%, 03/26/34 144A Δ | $2925000 | $2991711 |
| Barclays PLC |  |  |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 1Y + <br> 3.05%), 7.33%, 11/02/26^ | 525000 | 529396 |
| (Variable, U.S. SOFR + 1.88%), <br> 6.50%, 09/13/27^ | 1900000 | 1942582 |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 1Y + <br> 3.30%), 7.39%, 11/02/28^ | 1000000 | 1061704 |
| (Variable, ICE LIBOR USD 3M + <br> 1.90%), 4.97%, 05/16/29^ | 1500000 | 1515957 |
| BP Capital Markets PLC |  |  |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 5Y + <br> 4.40%), 4.88%, 03/22/30ρ Δ ^ | 650000 | 645295 |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 5Y + <br> 2.15%), 6.45%, 12/01/33ρ Δ ^ | 350000 | 358666 |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 5Y + <br> 1.92%), 6.13%, 03/18/35ρ ^ | 800000 | 800683 |
| CK Hutchison International 23, Ltd. |  |  |
| 4.75%, 04/21/28 144A | 200000 | 201528 |
| Fidelis Insurance Holdings, Ltd. |  |  |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 5Y + <br> 4.28%), 7.75%, 06/15/55^ | 200000 | 206843 |
| Hammerson PLC REIT |  |  |
| 3.50%, 10/27/25(U) | 100000 | 136600 |
| Harbour Energy PLC |  |  |
| 6.33%, 04/01/35 144A Δ | 500000 | 497583 |
| HSBC Holdings PLC |  |  |
| (Variable, U.S. SOFR + 1.97%), <br> 6.16%, 03/09/29^ | 2400000 | 2495884 |
| (Variable, CME Term SOFR 3M + <br> 1.80%), 4.58%, 06/19/29^ | 1700000 | 1702718 |
| (Variable, U.S. SOFR + 1.46%), <br> 5.55%, 03/04/30^ | 2100000 | 2162946 |
| 4.95%, 03/31/30 | 200000 | 203456 |
| (Variable, U.S. SOFR + 1.29%), <br> 5.13%, 03/03/31^ | 350000 | 354766 |
| (Variable, U.S. SOFR + 1.19%), <br> 2.80%, 05/24/32^ | 2190000 | 1946375 |
| (Variable, U.S. SOFR + 3.02%), <br> 7.40%, 11/13/34^ | 1980000 | 2215245 |
| Lloyds Bank PLC |  |  |
| 0.00%, 04/02/32 STEP | 2000000 | 1451828 |
| Lloyds Banking Group PLC |  |  |
| 4.38%, 03/22/28 | 2200000 | 2197674 |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 1Y + <br> 1.70%), 5.87%, 03/06/29^ | 600000 | 620355 |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 1Y + <br> 1.20%), 5.59%, 11/26/35^ | 200000 | 203531 |
| Macquarie Airfinance Holdings, Ltd. |  |  |
| 5.20%, 03/27/28 144A | 865000 | 875249 |
| 6.40%, 03/26/29 144A | 775000 | 809657 |
| Nationwide Building Society |  |  |
| 4.85%, 07/27/27 144A Δ | 650000 | 657156 |

---

**92**

See Notes to Financial Statements.

------

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| NatWest Group PLC |  |  |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 1Y + <br> 2.85%), 7.47%, 11/10/26^ | $600000 | $605970 |
| (Variable, ICE LIBOR USD 3M + <br> 1.91%), 5.08%, 01/27/30^ | 2900000 | 2943370 |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 1Y + <br> 1.05%), 5.12%, 05/23/31^ | 500000 | 508362 |
| Rio Tinto Finance U.S.A. PLC |  |  |
| 5.25%, 03/14/35Δ | 250000 | 254508 |
| Royalty Pharma PLC |  |  |
| 1.20%, 09/02/25 | 1000000 | 993432 |
| 5.40%, 09/02/34Δ | 947000 | 959975 |
| Santander UK Group Holdings PLC |  |  |
| (Variable, U.S. SOFR + 2.75%), <br> 6.83%, 11/21/26^ | 300000 | 302478 |
| (Variable, ICE LIBOR USD 3M + <br> 1.40%), 3.82%, 11/03/28^ | 2300000 | 2254585 |
| (Variable, U.S. SOFR Index + <br> 1.55%), 4.86%, 09/11/30^ | 1200000 | 1198844 |
| (Variable, U.S. SOFR + 1.48%), <br> 2.90%, 03/15/32^ | 1200000 | 1071605 |
| Standard Chartered PLC |  |  |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 5Y + <br> 2.30%), 3.27%, 02/18/36 <br> 144A ^ | 680000 | 613651 |
| United Kingdom Gilt |  |  |
| 4.50%, 03/07/35(U) | 3440000 | 4724372 |
| Vodafone Group PLC |  |  |
| 5.88%, 06/28/64 | 1300000 | 1250790 |
|  |  | 47500492 |
| **Uruguay — 0.1%** | **Uruguay — 0.1%** |  |
| Uruguay Government International <br> Bond |  |  |
| 8.50%, 03/15/28(UYU) | 31840000 | 794747 |
| 9.75%, 07/20/33(UYU) | 32470000 | 858934 |
|  |  | 1653681 |
| **Uzbekistan — 0.2%** | **Uzbekistan — 0.2%** |  |
| Republic of Uzbekistan International <br> Bond |  |  |
| 5.38%, 05/29/27(E) 144A | 735000 | 888218 |
| 5.10%, 02/25/29(E) 144A | 480000 | 579694 |
| 3.90%, 10/19/31Δ | 735000 | 649030 |
| 6.90%, 02/28/32 144A | 2860000 | 2948361 |
| 6.95%, 05/25/32 144A | 805000 | 829708 |
|  |  | 5895011 |
| **Total Foreign Bonds** <br>(Cost $342,254,134) | **Total Foreign Bonds** <br>(Cost $342,254,134) | 347253192 |
| **LOAN AGREEMENTS — 1.0%** | **LOAN AGREEMENTS — 1.0%** | **LOAN AGREEMENTS — 1.0%** |
| AL GCX Holdings LLC Initial Term <br> Loan |  |  |
| (Floating, ICE CME Term SOFR <br> USD 1M + 2.00%, 0.50% <br> Floor), 6.31%, 05/17/29† | 981918 | 984633 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Alliant Holdings Intermediate LLC <br> Initial Term Loan |  |  |
| (Floating, ICE CME Term SOFR <br> USD 1M + 2.75%), 7.07%, <br> 09/19/31† | $545875 | $546617 |
| Aramark Intermediate HoldCo <br> Corporation U.S. Term B-7 Loan |  |  |
| (Floating, ICE CME Term SOFR <br> USD 1M + 2.00%), 6.33%, <br> 04/06/28† | 140000 | 140426 |
| Aramark Intermediate HoldCo <br> Corporation U.S. Term B-8 Loan |  |  |
| (Floating, ICE CME Term SOFR <br> USD 1M + 2.00%), 6.33%, <br> 06/22/30† | 1259387 | 1264633 |
| Arsenal AIC Parent LLC 2025 <br> Refinancing Term B Loan |  |  |
| (Floating, ICE CME Term SOFR <br> USD 1M + 2.75%), 7.08%, <br> 08/18/30† | 788060 | 788454 |
| Asurion LLC New B-12 Term Loan |  |  |
| (Floating, ICE CME Term SOFR <br> USD 1M + 4.25%), 8.58%, <br> 09/19/30† | 496250 | 484581 |
| Bombardier Recreational Products, <br> Inc. 2023 Replacement Term Loan |  |  |
| (Floating, ICE CME Term SOFR <br> USD 1M + 2.75%, 0.50% <br> Floor), 7.08%, 12/13/29† | 243783 | 244418 |
| Boost Newco Borrower LLC USD <br> Term B-2 Loan |  |  |
| (Floating, ICE CME Term SOFR <br> USD 3M + 2.00%), 6.30%, <br> 01/31/31† | 746255 | 749053 |
| Brown Group Holding LLC <br> Incremental Term B-2 Facility |  |  |
| (Floating, ICE CME Term SOFR <br> USD 3M + 2.50%, 0.50% <br> Floor), 6.78%, 07/01/31† | 915593 | 917726 |
| Brown Group Holding LLC Initial <br> Term Loan |  |  |
| (Floating, ICE CME Term SOFR <br> USD 1M + 2.50%, 0.50% <br> Floor), 6.83%, 07/01/31† | 366215 | 367005 |
| Capstone Acquisition Holdings, Inc. <br> 2024 Term Loan |  |  |
| (Floating, ICE CME Term SOFR <br> USD 1M + 4.50%, 1.00% <br> Floor), 8.93%, 11/13/29† | 456300 | 454803 |
| Capstone Acquisition Holdings, Inc. <br> 2024-A DDTL Loan |  |  |
| 0.00%, 11/13/29† Σ | 40252 | 40120 |
| Carnival Corporation 2025 Repricing <br> Term Loan |  |  |
| (Floating, ICE CME Term SOFR <br> USD 1M + 2.00%, 0.75% <br> Floor), 6.31%, 10/18/28† | 210000 | 210426 |
| Citadel Securities LP 2024-1 Term <br> Loan |  |  |
| 0.00%, 10/31/31† Σ | 306839 | 308431 |

---

See Notes to Financial Statements.

**93**

------

**MEDIUM-DURATION BOND FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| (Floating, ICE CME Term SOFR <br> USD 1M + 2.00%), 6.33%, <br> 10/31/31† | $985116 | $990229 |
| Citco Funding LLC 2024 Term Loan |  |  |
| (Floating, ICE CME Term SOFR <br> USD 6M + 2.75%, 0.50% <br> Floor), 6.93%, 04/27/28† | 786050 | 790766 |
| Claudius Finance Parent S.a r.l. <br> Facility B-5 |  |  |
| (Floating, ICE Euribor USD 3M + <br> 3.25%), 5.44%, 07/10/28† | 1000000 | 1180430 |
| Clearwater Analytics LLC Initial Term <br> Loan |  |  |
| (Floating, ICE CME Term SOFR <br> USD 3M + 2.25%), 6.52%, <br> 04/21/32† | 1250000 | 1251562 |
| Concentra Health Services, Inc. <br> Tranche B-1 Term Loan |  |  |
| (Floating, ICE CME Term SOFR <br> USD 1M + 2.00%), 6.33%, <br> 07/26/31† | 1293508 | 1299976 |
| CPI Holdco B LLC First Amendment <br> Incremental Term Loan |  |  |
| (Floating, ICE CME Term SOFR <br> USD 1M + 2.25%), 6.58%, <br> 05/17/31† | 150000 | 150047 |
| CPI Holdco B LLC Initial Term Loan |  |  |
| (Floating, ICE CME Term SOFR <br> USD 1M + 2.00%), 6.33%, <br> 05/17/31† | 397000 | 396305 |
| DaVita, Inc. Extended Tranche B-1 <br> Term Loan |  |  |
| 0.00%, 05/09/31† Σ | 285601 | 287459 |
| Drive Bidco B.V. Facility B |  |  |
| (Floating, ICE Euribor USD 3M + <br> 3.75%), 6.36%, 07/23/31† | 1000000 | 1189730 |
| Eisner Advisory Group LLC February <br> 2024 Incremental Term Loan |  |  |
| (Floating, ICE CME Term SOFR <br> USD 1M + 4.00%, 0.50% <br> Floor), 8.33%, 02/28/31† | 295521 | 297183 |
| EMRLD Borrower LP Initial Term B <br> Loan |  |  |
| (Floating, ICE CME Term SOFR <br> USD 3M + 2.50%), 6.83%, <br> 05/31/30† | 985000 | 985409 |
| EyeCare Partners LLC Tranche A <br> Term Loan |  |  |
| (Floating, ICE CME Term SOFR <br> USD 6M + 5.75%), 9.88%, <br> 08/31/28† | 122535 | 124925 |
| EyeCare Partners LLC Tranche B <br> Term Loan |  |  |
| (Floating, ICE CME Term SOFR <br> USD 6M + 1.00%), 5.23%, <br> 11/30/28† | 435192 | 345797 |
| First Brands Group LLC 2021 Term <br> Loan |  |  |
| (Floating, ICE CME Term SOFR <br> USD 3M + 5.00%, 1.00% <br> Floor), 9.54%, 03/30/27† | 339761 | 321935 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Herc Holdings, Inc. Initial Term Loan |  |  |
| 0.00%, 06/02/32† Σ | $255000 | $256275 |
| HighTower Holding, LLC Initial Term <br> Loan |  |  |
| (Floating, ICE CME Term SOFR <br> USD 3M + 3.00%), 7.26%, <br> 02/03/32† | 448108 | 447736 |
| HV Eight LLC Loan |  |  |
| (Floating, ICE EURIBOR USD <br> 3M + 3.50%), 5.44%, <br> 12/22/25† ††† | 802383 | 942804 |
| Iqvia, Inc. Incremental Term B-5 <br> Dollar Loan |  |  |
| (Floating, ICE CME Term SOFR <br> USD 3M + 1.75%), 6.05%, <br> 01/02/31† | 666825 | 670472 |
| ISolved, Inc. Term B-2 Loan |  |  |
| (Floating, ICE CME Term SOFR <br> USD 1M + 3.00%), 7.33%, <br> 10/15/30† | 493772 | 496317 |
| ITT Holdings LLC Refinancing Term <br> Loan |  |  |
| (Floating, ICE CME Term SOFR <br> USD 1M + 2.73%, 0.50% <br> Floor), 7.05%, 10/11/30† | 1091709 | 1095939 |
| Jefferies Finance LLC Initial Term <br> Loan |  |  |
| (Floating, ICE CME Term SOFR <br> USD 1M + 3.00%), 7.32%, <br> 10/21/31† | 149250 | 149716 |
| Level 3 Financing, Inc. Term B-3 <br> Refinancing Loan |  |  |
| (Floating, ICE CME Term SOFR <br> USD 1M + 4.25%, 0.50% <br> Floor), 8.58%, 03/29/32† | 1510000 | 1528565 |
| Open Text Corporation 2023 <br> Replacement Term Loan |  |  |
| (Floating, ICE CME Term SOFR <br> USD 1M + 1.75%, 0.50% <br> Floor), 6.08%, 01/31/30† | 1306306 | 1307534 |
| Peer Holding III BV Term Loan B-5B |  |  |
| (Floating, ICE CME Term SOFR <br> USD 3M + 2.50%), 6.80%, <br> 07/01/31† | 1296750 | 1305341 |
| PMH Newco LP Term Loan |  |  |
| (Floating, ICE CME Term SOFR <br> USD 3M + 2.60%), 6.90%, <br> 01/26/27† | 915597 | 919058 |
| PMH SPV - C LLC Term Loan |  |  |
| (Floating, ICE CME Term SOFR <br> USD 3M + 2.80%), 7.10%, <br> 01/26/27† | 253717 | 255059 |
| Quikrete Holdings, Inc. Tranche B-2 <br> Term Loan |  |  |
| (Floating, ICE CME Term SOFR <br> USD 1M + 2.25%), 6.58%, <br> 03/19/29† | 194018 | 194195 |

---

**94**

See Notes to Financial Statements.

------

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Quikrete Holdings, Inc. Tranche B-3 <br> Term Loan |  |  |
| (Floating, ICE CME Term SOFR <br> USD 1M + 2.25%), 6.58%, <br> 02/10/32† | $867825 | $867717 |
| Southern Veterinary Partners LLC <br> 2024-3 New Term Loan |  |  |
| (Floating, ICE CME Term SOFR <br> USD 3M + 3.25%), 7.53%, <br> 12/04/31† | 381982 | 382861 |
| Terex Corporation U.S. Term Loan |  |  |
| 0.00%, 10/08/31† Σ | 225724 | 227300 |
| TransDigm, Inc. Tranche L Term Loan |  |  |
| (Floating, ICE CME Term SOFR <br> USD 3M + 2.50%), 6.80%, <br> 01/19/32† | 297750 | 298535 |
| TripAdvisor, Inc. Initial Term B Loan |  |  |
| (Floating, ICE CME Term SOFR <br> USD 1M + 2.75%), 7.08%, <br> 07/08/31† | 1290250 | 1288637 |
| UGI Energy Services LLC 2024 <br> Refinancing Term Loan |  |  |
| (Floating, ICE CME Term SOFR <br> USD 1M + 2.50%, 0.50% <br> Floor), 6.83%, 02/22/30† | 1283544 | 1290443 |
| VFH Parent LLC Term B-2 Loan |  |  |
| (Floating, ICE CME Term SOFR <br> USD 1M + 2.50%), 6.83%, <br> 06/21/31† | 250000 | 251250 |
| Waystar Technologies, Inc. New Term <br> Loan Facility |  |  |
| (Floating, ICE CME Term SOFR <br> USD 1M + 2.25%), 6.58%, <br> 10/22/29† | 376666 | 378552 |
| WhiteWater DBR Holdco LLC Term <br> B-1 Loan |  |  |
| (Floating, ICE CME Term SOFR <br> USD 3M + 2.25%), 6.56%, <br> 03/03/31† | 496256 | 497445 |
| XPO, Inc. Term B-3 Loan |  |  |
| (Floating, ICE CME Term SOFR <br> USD 1M + 1.75%), 6.08%, <br> 02/03/31† | 1695750 | 1704865 |
| **Total Loan Agreements** <br>(Cost $33,577,412) |  | 33869695 |
| **MORTGAGE-BACKED SECURITIES — 39.5%** | **MORTGAGE-BACKED SECURITIES — 39.5%** | **MORTGAGE-BACKED SECURITIES — 39.5%** |
| 280 Park Avenue Mortgage Trust, <br> Series 2017-280P, Class A |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.18%, 1.13% Floor), 5.49%, <br> 09/15/34 144A † | 1200000 | 1189431 |
| 3650R Commercial Mortgage Trust, <br> Series 2021-PF1, Class AS |  |  |
| 2.78%, 11/15/54 | 750000 | 643725 |
| ALA Trust, Series 2025-OANA, <br> Class A |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.74%, 1.74% Floor), 6.04%, <br> 06/15/30 144A † γ | 200000 | 201407 |
| Alba PLC, Series 2007-1, Class A3 |  |  |
| (Floating, SONIA Interest Rate + <br> 0.29%), 4.53%, 03/17/39(U) † | 275022 | 370804 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Alternative Loan Trust, Series <br> 2006-OA11, Class A1B |  |  |
| (Floating, CME Term SOFR 1M + <br> 0.49%, 0.38% Floor), 4.81%, <br> 09/25/46† | $124412 | $120929 |
| Angel Oak Mortgage Trust, Series <br> 2024-2, Class A3 |  |  |
| (Step to 6.26% on 02/25/28), <br> 6.25%, 01/25/69 144A STEP | 779811 | 782849 |
| Arbor Multifamily Mortgage <br> Securities Trust, Series 2020-MF1, <br> Class A5 |  |  |
| 2.76%, 05/15/53 144A | 1300000 | 1200655 |
| ATLX Trust, Series 2024-RPL1, <br> Class A1 |  |  |
| (Step to 4.59% on 09/25/28), <br> 3.85%, 04/25/64 144A STEP | 930445 | 899812 |
| ATLX Trust, Series 2024-RPL2, <br> Class A1 |  |  |
| (Step to 4.05% on 11/25/28), <br> 3.85%, 04/25/63 144A STEP | 1851665 | 1779184 |
| BAMLL Commercial Mortgage <br> Securities Trust, Series <br> 2020-BOC, Class A |  |  |
| 2.63%, 01/15/32 144A | 1750000 | 1534476 |
| BAMLL Commercial Mortgage <br> Securities Trust, Series <br> 2021-JACX, Class A |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.16%, 1.05% Floor), 5.48%, <br> 09/15/38 144A † | 2300000 | 2199544 |
| Banc of America Funding Trust, <br> Series 2005-D, Class A1 |  |  |
| 5.49%, 05/25/35† γ | 118696 | 110793 |
| Banc of America Mortgage Trust, <br> Series 2004-F, Class 1A1 |  |  |
| 5.86%, 07/25/34† γ | 12051 | 11619 |
| BANK, Series 2022-BNK39, <br> Class A4 |  |  |
| 2.93%, 02/15/55 | 2025000 | 1806517 |
| BANK, Series 2022-BNK40, <br> Class A4 |  |  |
| 3.50%, 03/15/64† γ | 2100000 | 1931997 |
| BANK, Series 2022-BNK43, <br> Class A5 |  |  |
| 4.40%, 08/15/55 | 1000000 | 968417 |
| BANK, Series 2023-BNK46, <br> Class A4 |  |  |
| 5.75%, 08/15/56 | 1450000 | 1520663 |
| BANK5, Series 2024-5YR10, <br> Class AS |  |  |
| 5.64%, 10/15/57 | 500000 | 512741 |
| BANK5, Series 2024-5YR11, <br> Class A3 |  |  |
| 5.89%, 11/15/57 | 1450000 | 1520338 |
| BANK5, Series 2024-5YR11, <br> Class AS |  |  |
| 6.14%, 11/15/57 | 650000 | 679456 |
| BANK5, Series 2025-5YR15, <br> Class A3 |  |  |
| 5.45%, 06/15/30††† | 1700000 | 1755355 |

---

See Notes to Financial Statements.

**95**

------

**MEDIUM-DURATION BOND FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Barclays Commercial Mortgage Trust, <br> Series 2019-C3, Class C |  |  |
| 4.18%, 05/15/52 | $864000 | $764786 |
| BBCCRE Trust, Series 2015-GTP, <br> Class A |  |  |
| 3.97%, 08/10/33 144A | 1600000 | 1479356 |
| BBCMS Mortgage Trust, Series <br> 2018-C2, Class A5 |  |  |
| 4.31%, 12/15/51 | 1700000 | 1670278 |
| BBCMS Mortgage Trust, Series <br> 2018-TALL, Class A |  |  |
| (Floating, CME Term SOFR 1M + <br> 0.92%, 0.87% Floor), 5.23%, <br> 03/15/37 144A † | 1425000 | 1349413 |
| BBCMS Mortgage Trust, Series <br> 2018-TALL, Class B |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.17%, 1.12% Floor), 5.48%, <br> 03/15/37 144A † | 525000 | 484393 |
| BBCMS Mortgage Trust, Series <br> 2020-C6, Class ASB |  |  |
| 2.60%, 02/15/53 | 1656668 | 1595782 |
| BBCMS Mortgage Trust, Series <br> 2024-C24, Class A5 |  |  |
| 5.42%, 02/15/57 | 850000 | 879330 |
| BBCMS Mortgage Trust, Series <br> 2024-C24, Class AS |  |  |
| 5.87%, 02/15/57 | 700000 | 726512 |
| BCAP LLC Trust, Series 2006-AA2, <br> Class A1 |  |  |
| (Floating, CME Term SOFR 1M + <br> 0.45%, 0.34% Floor), 4.77%, <br> 01/25/37† | 1945834 | 1792302 |
| Bear Stearns ALT-A Trust, Series <br> 2005-4, Class 23A2 |  |  |
| 5.47%, 05/25/35† γ | 39858 | 38167 |
| Bear Stearns ARM Trust, Series <br> 2002-11, Class 1A1 |  |  |
| 6.25%, 02/25/33† γ | 251 | 261 |
| Bear Stearns Structured Products, Inc. <br> Trust, Series 2007-R6, Class 1A1 |  |  |
| 5.06%, 01/26/36† γ | 142552 | 106481 |
| Benchmark Mortgage Trust, Series <br> 2019-B9, Class A5 |  |  |
| 4.02%, 03/15/52 | 1800000 | 1753702 |
| Benchmark Mortgage Trust, Series <br> 2023-B39, Class A5 |  |  |
| 5.75%, 07/15/56 | 950000 | 1002359 |
| BFLD Commercial Mortgage Trust, <br> Series 2024-UNIV, Class A |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.49%, 1.49% Floor), 5.80%, <br> 11/15/29 144A † | 2000000 | 2005360 |
| BLP Commercial Mortgage Trust, <br> Series 2024-IND2, Class A |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.34%, 1.34% Floor), 5.65%, <br> 03/15/41 144A † | 1233476 | 1236378 |
| Blue Owl GP Stakes V Issuer A |  |  |
| 7.21%, 08/22/43††† | 374250 | 383707 |
| Blue Owl GP Stakes V Issuer B, <br> Class A2 |  |  |
| 7.21%, 08/22/43††† | 375750 | 385245 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| BMO Mortgage Trust, Series <br> 2023-C7, Class A5 |  |  |
| 6.16%, 12/15/56 | $2100000 | $2251654 |
| BMO Mortgage Trust, Series <br> 2024-5C3, Class C |  |  |
| 7.09%, 02/15/57† γ | 750000 | 767587 |
| BMO Mortgage Trust, Series <br> 2025-5C11, Class A3 |  |  |
| 5.67%, 07/15/58 | 1700000 | 1771898 |
| BMP, Series 2024-MF23, Class B |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.64%, 1.64% Floor), 5.95%, <br> 06/15/41 144A † | 1000000 | 1002680 |
| BPR Trust, Series 2024-PMDW, <br> Class A |  |  |
| 5.36%, 11/05/29 144A | 1200000 | 1219667 |
| BRAVO Residential Funding Trust, <br> Series 2024-NQM3, Class A2 |  |  |
| (Step to 7.39% on 04/25/28), <br> 6.39%, 03/25/64 144A STEP | 425628 | 429530 |
| BRAVO Residential Funding Trust, <br> Series 2024-NQM3, Class A3 |  |  |
| (Step to 7.50% on 04/25/28), <br> 6.50%, 03/25/64 144A STEP | 425628 | 429201 |
| BRAVO Residential Funding Trust, <br> Series 2025-NQM4, Class A1 |  |  |
| (Step to 6.61% on 05/25/29), <br> 5.61%, 02/25/65 144A STEP | 1960913 | 1975920 |
| BWAY Mortgage Trust, Series <br> 2021-1450, Class A |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.36%, 1.25% Floor), 5.68%, <br> 09/15/36 144A † | 2300000 | 2220306 |
| BX Commercial Mortgage Trust, <br> Series 2021-21M, Class A |  |  |
| (Floating, CME Term SOFR 1M + <br> 0.84%, 0.73% Floor), 5.16%, <br> 10/15/36 144A † | 684291 | 684267 |
| BX Commercial Mortgage Trust, <br> Series 2021-VOLT, Class D |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.76%, 1.65% Floor), 6.08%, <br> 09/15/36 144A † | 1307918 | 1302596 |
| BX Commercial Mortgage Trust, <br> Series 2024-AIRC, Class A |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.69%, 1.69% Floor), 6.00%, <br> 08/15/39 144A † | 728040 | 731843 |
| BX Commercial Mortgage Trust, <br> Series 2024-AIRC, Class B |  |  |
| (Floating, CME Term SOFR 1M + <br> 2.14%, 2.14% Floor), 6.45%, <br> 08/15/39 144A † | 582432 | 584634 |
| BX Commercial Mortgage Trust, <br> Series 2024-VLT5, Class A |  |  |
| 5.59%, 11/13/46 144A † γ | 1095000 | 1109208 |
| BX Commercial Mortgage Trust, <br> Series 2024-VLT5, Class B |  |  |
| 6.00%, 11/13/46 144A † γ | 825000 | 842113 |
| BX Trust, Series 2023-DELC, Class B |  |  |
| (Floating, CME Term SOFR 1M + <br> 3.34%, 3.34% Floor), 7.65%, <br> 05/15/38 144A † | 500000 | 505067 |

---

**96**

See Notes to Financial Statements.

------

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| BX Trust, Series 2024-VLT4, Class A |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.49%, 1.49% Floor), 5.80%, <br> 07/15/29 144A † | $145000 | $145149 |
| BX Trust, Series 2024-VLT4, Class B |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.94%, 1.94% Floor), 6.25%, <br> 07/15/29 144A † | 300000 | 300331 |
| BX Trust, Series 2024-VLT4, Class C |  |  |
| (Floating, CME Term SOFR 1M + <br> 2.14%, 2.14% Floor), 6.45%, <br> 07/15/29 144A † | 350000 | 349922 |
| BX Trust, Series 2025-VLT6, Class A |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.44%, 1.44% Floor), 5.76%, <br> 03/15/30 144A † | 2695000 | 2697415 |
| CAFL Issuer LLC, Series 2023-RTL1, <br> Class A1 |  |  |
| (Step to 9.05% on 07/28/26), <br> 7.55%, 12/28/30 144A STEP | 545000 | 550030 |
| Chase Home Lending Mortgage Trust, <br> Series 2024-3, Class A5 |  |  |
| 6.00%, 02/25/55 144A † γ | 350000 | 354270 |
| Chase Home Lending Mortgage Trust, <br> Series 2024-3, Class A5A |  |  |
| 5.50%, 02/25/55 144A | 500000 | 492727 |
| Chase Home Lending Mortgage Trust, <br> Series 2024-3, Class A7 |  |  |
| 6.00%, 02/25/55 144A † γ | 150000 | 151614 |
| Chase Home Lending Mortgage Trust, <br> Series 2024-7, Class A11 |  |  |
| (Floating, U.S. 30-Day Average <br> SOFR + 1.30%, 8.00% Cap), <br> 5.61%, 06/25/55 144A † | 1942744 | 1948166 |
| Chase Home Lending Mortgage Trust, <br> Series 2024-RPL2, Class A1A |  |  |
| 3.25%, 08/25/64 144A † γ | 1849016 | 1640936 |
| Chase Home Lending Mortgage Trust, <br> Series 2024-RPL3, Class A1A |  |  |
| 3.25%, 09/25/64 144A † γ | 2054448 | 1830753 |
| Chase Home Lending Mortgage Trust, <br> Series 2025-5, Class A4A |  |  |
| 5.50%, 10/25/55 144A † γ | 1280618 | 1285663 |
| CHI Commercial Mortgage Trust, <br> Series 2025-SFT, Class A |  |  |
| 5.67%, 04/15/42 144A † γ | 2085000 | 2126614 |
| CHL Mortgage Pass-Through Trust, <br> Series 2003-58, Class 2A2 |  |  |
| 6.61%, 02/19/34† γ | 87322 | 86042 |
| CIM Trust, Series 2025-I1, Class A2 |  |  |
| (Step to 6.91% on 02/25/29), <br> 5.91%, 10/25/69 144A STEP | 1294032 | 1306352 |
| CIM Trust, Series 2025-R1, Class A1 |  |  |
| (Step to 5.13% on 04/25/28), <br> 5.00%, 02/25/99 144A STEP | 831340 | 822525 |
| Citigroup Commercial Mortgage <br> Trust, Series 2019-C7, Class A4 |  |  |
| 3.10%, 12/15/72 | 360000 | 337236 |
| Citigroup Commercial Mortgage <br> Trust, Series 2021-KEYS, Class A |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.29%, 1.18% Floor), 5.61%, <br> 10/15/36 144A † | 2300000 | 2288293 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Citigroup Mortgage Loan Trust, <br> Series 2022-A, Class A1 |  |  |
| (Step to 9.17% on 09/25/25), <br> 6.17%, 09/25/62 144A STEP | $924108 | $923808 |
| Citigroup Mortgage Loan Trust, <br> Series 2024-1, Class A11 |  |  |
| (Floating, U.S. 30-Day Average <br> SOFR + 1.35%, 8.00% Cap), <br> 5.66%, 07/25/54 144A † | 1950493 | 1959512 |
| COLT Mortgage Loan Trust, Series <br> 2023-3, Class A1 |  |  |
| (Step to 7.80% on 10/25/27), <br> 7.18%, 09/25/68 144A STEP | 1071959 | 1088606 |
| COLT Mortgage Loan Trust, Series <br> 2023-3, Class A3 |  |  |
| (Step to 7.80% on 10/25/27), <br> 7.58%, 09/25/68 144A STEP | 536001 | 544212 |
| COLT Mortgage Loan Trust, Series <br> 2024-3, Class A1 |  |  |
| (Step to 7.39% on 06/25/28), <br> 6.39%, 06/25/69 144A STEP | 1624570 | 1645975 |
| COLT Mortgage Loan Trust, Series <br> 2025-3, Class A2 |  |  |
| (Step to 6.56% on 03/25/29), <br> 5.56%, 03/25/70 144A STEP | 481935 | 482313 |
| COMM Mortgage Trust, Series <br> 2024-277P, Class A |  |  |
| 6.34%, 08/10/44 144A | 2125000 | 2242097 |
| COMM Mortgage Trust, Series <br> 2024-CBM, Class A2 |  |  |
| 5.87%, 12/10/41 144A | 1890000 | 1925212 |
| Connecticut Avenue Securities Trust, <br> Series 2021-R01, Class 1M2 |  |  |
| (Floating, U.S. 30-Day Average <br> SOFR + 1.55%), 5.86%, <br> 10/25/41 144A † | 181824 | 182325 |
| Connecticut Avenue Securities Trust, <br> Series 2021-R03, Class 1M2 |  |  |
| (Floating, U.S. 30-Day Average <br> SOFR + 1.65%), 5.96%, <br> 12/25/41 144A † | 245000 | 246598 |
| Connecticut Avenue Securities Trust, <br> Series 2024-R01, Class 1B1 |  |  |
| (Floating, U.S. 30-Day Average <br> SOFR + 2.70%), 7.01%, <br> 01/25/44 144A † | 1775000 | 1821779 |
| Connecticut Avenue Securities Trust, <br> Series 2024-R01, Class 1M2 |  |  |
| (Floating, U.S. 30-Day Average <br> SOFR + 1.80%), 6.11%, <br> 01/25/44 144A † | 450000 | 455431 |
| Connecticut Avenue Securities Trust, <br> Series 2024-R03, Class 2B1 |  |  |
| (Floating, U.S. 30-Day Average <br> SOFR + 2.80%), 7.11%, <br> 03/25/44 144A † | 1375000 | 1414888 |
| Connecticut Avenue Securities Trust, <br> Series 2024-R03, Class 2M2 |  |  |
| (Floating, U.S. 30-Day Average <br> SOFR + 1.95%), 6.26%, <br> 03/25/44 144A † | 25000 | 25242 |

---

See Notes to Financial Statements.

**97**

------

**MEDIUM-DURATION BOND FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Connecticut Avenue Securities Trust, <br> Series 2024-R04, Class 1M2 |  |  |
| (Floating, U.S. 30-Day Average <br> SOFR + 1.65%), 5.96%, <br> 05/25/44 144A † | $550000 | $553623 |
| Connecticut Avenue Securities Trust, <br> Series 2024-R05, Class 2M1 |  |  |
| (Floating, U.S. 30-Day Average <br> SOFR + 1.00%), 5.31%, <br> 07/25/44 144A † | 396920 | 396673 |
| Connecticut Avenue Securities, Series <br> 2025-R01, Class 1B1 |  |  |
| (Floating, U.S. 30-Day Average <br> SOFR + 1.70%), 6.01%, <br> 01/25/45 144A † | 650000 | 651209 |
| Cross Mortgage Trust, Series <br> 2024-H7, Class A2 |  |  |
| (Step to 6.82% on 11/25/28), <br> 5.82%, 11/25/69 144A STEP | 444848 | 447313 |
| Cross Mortgage Trust, Series <br> 2024-H7, Class A3 |  |  |
| (Step to 6.97% on 11/25/28), <br> 5.97%, 11/25/69 144A STEP | 311393 | 313097 |
| Cross Mortgage Trust, Series <br> 2025-H1, Class A2 |  |  |
| (Step to 6.89% on 02/25/29), <br> 5.89%, 02/25/70 144A STEP | 945477 | 951020 |
| Cross Mortgage Trust, Series <br> 2025-H2, Class A3 |  |  |
| (Step to 6.66% on 03/25/29), <br> 5.66%, 03/25/70 144A STEP | 962166 | 963115 |
| CRSNT Trust, Series 2021-MOON, <br> Class A |  |  |
| (Floating, CME Term SOFR 1M + <br> 0.93%, 0.82% Floor), 5.25%, <br> 04/15/36 144A † | 2500000 | 2469930 |
| CSAIL Commercial Mortgage Trust, <br> Series 2021-C20, Class A3 |  |  |
| 2.81%, 03/15/54 | 800000 | 720471 |
| CSMC Trust, Series 2010-16, <br> Class B9 |  |  |
| 4.91%, 06/25/50 144A † γ | 1644797 | 1402829 |
| CSMC Trust, Series 2017-RPL1, <br> Class M1 |  |  |
| 2.97%, 07/25/57 144A † γ | 970000 | 828892 |
| CSMC Trust, Series 2021-RPL4, <br> Class A1 |  |  |
| 4.12%, 12/27/60 144A † γ | 2356733 | 2349002 |
| CSMC, Series 2021-ADV, Class A |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.51%, 1.40% Floor), 5.83%, <br> 07/15/38 144A † | 2600000 | 2346442 |
| CSWF, Series 2021-SOP2, Class A |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.18%, 1.07% Floor), 5.49%, <br> 06/15/34 144A † | 149845 | 144616 |
| DC Commercial Mortgage Trust, <br> Series 2023-DC, Class C |  |  |
| 7.38%, 09/12/40 144A † γ | 440000 | 461341 |
| DC Trust, Series 2024-HLTN, Class A |  |  |
| 5.93%, 04/13/28 144A † γ | 750000 | 758847 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Deephaven Residential Mortgage <br> Trust, Series 2021-4, Class A2 |  |  |
| 2.09%, 11/25/66 144A | $1376528 | $1206968 |
| Deutsche Alt-A Securities, Inc. <br> Mortgage Loan Trust, Series <br> 2006-AR1, Class 3A1 |  |  |
| 4.46%, 02/25/36† γ | 449445 | 280710 |
| DOLP Trust, Series 2021-NYC, <br> Class A |  |  |
| 2.96%, 05/10/41 144A | 4350000 | 3877591 |
| Ellington Financial Mortgage Trust, <br> Series 2021-2, Class A1 |  |  |
| 0.93%, 06/25/66 144A | 2036186 | 1704099 |
| EQUS Mortgage Trust, Series <br> 2021-EQAZ, Class A |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.02%, 0.76% Floor), 5.33%, <br> 10/15/38 144A † | 1099876 | 1099889 |
| Eurohome UK Mortgages PLC, Series <br> 2007-1, Class A |  |  |
| (Floating, SONIA Interest Rate + <br> 0.27%), 4.51%, 06/15/44(U) † | 206844 | 282631 |
| Extended Stay America Trust, Series <br> 2021-ESH, Class A |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.19%, 1.08% Floor), 5.51%, <br> 07/15/38 144A † | 5746776 | 5751838 |
| Fashion Show Mall LLC, Series <br> 2024-SHOW, Class A |  |  |
| 5.27%, 10/10/29 144A † γ | 1050000 | 1061545 |
| Federal Home Loan Mortgage <br> Corporation |  |  |
| 5.50%, 02/01/27 | 1562 | 1564 |
| 7.50%, 11/01/29 | 764 | 787 |
| 7.50%, 12/01/29 | 771 | 798 |
| (Floating, U.S. Treasury Yield <br> Curve Rate CMT 1Y + 2.23%, <br> 2.23% Floor, 11.36% Cap), <br> 7.36%, 07/01/31† | 1554 | 1575 |
| 5.00%, 08/01/33 | 1308 | 1327 |
| 5.00%, 09/01/33 | 205 | 208 |
| 5.00%, 10/01/33 | 742 | 752 |
| (Floating, U.S. Treasury Yield <br> Curve Rate CMT 1Y + 2.37%, <br> 2.37% Floor, 9.28% Cap), <br> 6.62%, 03/01/34† | 357 | 366 |
| 5.00%, 12/01/34 | 12472 | 12663 |
| 5.00%, 07/01/35 | 979 | 994 |
| 5.00%, 11/01/35 | 1 | 1 |
| 5.00%, 12/01/35 | 3071 | 3123 |
| 5.00%, 02/01/37 | 3923 | 3993 |
| 4.00%, 02/01/41 | 11945 | 11570 |
| 5.00%, 06/01/41 | 800 | 812 |
| 3.50%, 04/01/47 | 3177754 | 2935168 |
| 4.50%, 08/01/48 | 438512 | 427227 |
| 3.00%, 02/01/49 | 741978 | 661741 |
| 3.50%, 07/01/49 | 81850 | 75420 |
| 3.00%, 09/01/49 | 1458255 | 1297302 |
| 4.50%, 09/01/49 | 202585 | 196400 |

---

**98**

See Notes to Financial Statements.

------

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| 4.50%, 12/01/49 | $272478 | $263873 |
| 4.00%, 03/01/50 | 2844285 | 2689979 |
| 4.50%, 03/01/50 | 6446000 | 6232987 |
| 4.50%, 05/01/50 | 150257 | 145234 |
| 2.50%, 11/01/50 | 99914 | 84286 |
| 3.00%, 12/01/50 | 2151775 | 1900067 |
| 2.50%, 02/01/51 | 837801 | 700965 |
| 2.00%, 03/01/51 | 5078451 | 4058843 |
| 2.00%, 05/01/51 | 5571147 | 4436097 |
| 2.50%, 05/01/51 | 7053088 | 5933148 |
| 2.50%, 08/01/51 | 11521601 | 9715294 |
| 2.50%, 09/01/51 | 1455404 | 1221908 |
| 2.00%, 03/01/52 | 297777 | 236546 |
| 4.50%, 03/01/52 | 197009 | 188842 |
| 3.00%, 05/01/52 | 2806656 | 2434561 |
| 3.00%, 07/01/52 | 1540392 | 1336988 |
| 6.00%, 11/01/52 | 860564 | 885903 |
| 6.00%, 01/01/53 | 1542377 | 1583068 |
| 5.00%, 03/01/53 | 733369 | 720959 |
| 5.00%, 04/01/53‡‡ | 2133176 | 2101169 |
| 5.50%, 04/01/53 | 173611 | 173985 |
| 4.50%, 05/01/53 | 5044232 | 4891841 |
| 5.50%, 08/01/53 | 8648275 | 8660197 |
| 5.50%, 09/01/53 | 11857829 | 11866537 |
| 6.00%, 09/01/53 | 5359937 | 5492404 |
| 6.50%, 12/01/53 | 1492566 | 1552497 |
| 6.50%, 06/01/54 | 7115943 | 7465780 |
| 5.50%, 04/01/55 | 629572 | 631444 |
| Federal Home Loan Mortgage <br> Corporation REMIC, Series 3325 |  |  |
| (Floating, U.S. 30-Day Average <br> SOFR + 0.61%, 0.50% Floor, <br> 6.75% Cap), 4.92%, 06/15/37† | 33375 | 33044 |
| Federal Home Loan Mortgage <br> Corporation REMIC, Series 4638 |  |  |
| (Floating, U.S. 30-Day Average <br> SOFR + 0.55%), 4.90%, <br> 07/15/40† | 86531 | 85843 |
| Federal Home Loan Mortgage <br> Corporation REMIC, Series 4989 |  |  |
| (Floating, U.S. 30-Day Average <br> SOFR + 0.46%), 4.81%, <br> 08/15/40† | 356860 | 351755 |
| (Floating, U.S. 30-Day Average <br> SOFR + 0.46%), 4.81%, <br> 10/15/40† | 300429 | 295986 |
| Federal Home Loan Mortgage <br> Corporation REMIC, Series 5499 |  |  |
| 5.50%, 07/25/53 | 695424 | 699453 |
| Federal Home Loan Mortgage <br> Corporation REMIC, Series 5502 |  |  |
| (Floating, U.S. 30-Day Average <br> SOFR + 1.00%, 1.00% Floor, <br> 6.50% Cap), 5.31%, 02/25/55† | 1393526 | 1380837 |
| Federal Home Loan Mortgage <br> Corporation REMIC, Series 5549 |  |  |
| (Floating, U.S. 30-Day Average <br> SOFR + 1.20%, 1.20% Floor, <br> 7.00% Cap), 5.51%, <br> 02/25/55† γ | 2564826 | 2572130 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Federal Home Loan Mortgage <br> Corporation REMIC, Series 5554 |  |  |
| 5.25%, 04/25/53††† | $400000 | $400950 |
| Federal Home Loan Mortgage <br> Corporation STACR REMIC <br> Trust, Series 2021-DNA5, <br> Class M2 |  |  |
| (Floating, U.S. 30-Day Average <br> SOFR + 1.65%), 5.96%, <br> 01/25/34 144A † | 67401 | 67713 |
| Federal Home Loan Mortgage <br> Corporation STACR REMIC <br> Trust, Series 2024-DNA3, <br> Class A1 |  |  |
| (Floating, U.S. 30-Day Average <br> SOFR + 1.05%), 5.36%, <br> 10/25/44 144A † | 496875 | 497143 |
| Federal National Mortgage <br> Association |  |  |
| (Floating, Enterprise 11th <br> District COFI Index + 1.35%, <br> 1.35% Floor, 12.05% Cap), <br> 4.28%, 07/01/27† | 1043 | 1034 |
| (Floating, U.S. Treasury Yield <br> Curve Rate CMT 1Y + 2.13%, <br> 2.13% Floor, 11.76% Cap), <br> 6.46%, 08/01/27† | 505 | 505 |
| (Floating, Federal Reserve U.S. 12 <br> 1Y CMT + 1.15%, 1.15% <br> Floor, 10.35% Cap), 5.65%, <br> 11/01/27 CONV † | 855 | 844 |
| (Floating, U.S. Treasury Yield <br> Curve Rate CMT 1Y + 2.51%, <br> 2.51% Floor, 12.62% Cap), <br> 6.63%, 12/01/30 CONV † | 817 | 824 |
| (Floating, Federal Reserve U.S. 12 <br> 1Y CMT + 1.13%, 1.13% <br> Floor, 10.95% Cap), 5.62%, <br> 06/01/32† | 4129 | 4133 |
| (Floating, Enterprise 11th <br> District COFI Index + 1.25%, <br> 1.25% Floor, 12.19% Cap), <br> 4.19%, 08/01/32† | 3927 | 3843 |
| (Floating, Enterprise 11th <br> District COFI Index + 1.33%, <br> 1.33% Floor, 11.97% Cap), <br> 4.27%, 05/01/33† | 3083 | 3017 |
| (Floating, Refinitiv USD IBOR <br> Consumer Cash Fallbacks 1Y <br> Index + 1.55%, 1.55% Floor, <br> 9.67% Cap), 6.42%, 12/01/34† | 8929 | 9071 |
| (Floating, Enterprise 11th <br> District COFI Index + 1.26%, <br> 3.98% Floor, 12.80% Cap), <br> 4.60%, 05/01/36† | 4759 | 4702 |
| (Floating, Enterprise 11th <br> District COFI Index + 1.24%, <br> 1.24% Floor, 10.69% Cap), <br> 4.80%, 12/01/37† | 2490 | 2467 |
| (Floating, Federal Reserve U.S. 12 <br> 1Y CMT + 1.15%, 1.15% <br> Floor, 10.60% Cap), 5.65%, <br> 01/01/38† | 840 | 839 |

---

See Notes to Financial Statements.

**99**

------

**MEDIUM-DURATION BOND FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| (Floating, Federal Reserve U.S. 12 <br> 1Y CMT + 1.40%, 1.40% <br> Floor, 9.72% Cap), 5.90%, <br> 06/01/40† | $5626 | $5627 |
| 5.90%, 10/01/40† | 10771 | 10840 |
| (Floating, Federal Reserve U.S. 12 <br> 1Y CMT + 1.18%, 1.18% <br> Floor, 10.25% Cap), 5.67%, <br> 11/01/40† | 2240 | 2238 |
| 4.50%, 04/01/41 | 37173 | 36937 |
| 4.50%, 08/01/41 | 14677 | 14602 |
| 2.50%, 11/01/42 | 8094 | 7164 |
| 2.50%, 12/01/42 | 4191 | 3675 |
| 3.00%, 12/01/42 | 5454 | 4960 |
| 2.50%, 01/01/43 | 5885 | 5191 |
| 3.00%, 01/01/43 | 29415 | 26717 |
| 2.50%, 02/01/43 | 6646 | 5786 |
| 2.50%, 03/01/43 | 536900 | 471242 |
| 3.00%, 03/01/43 | 77858 | 70487 |
| 2.50%, 04/01/43 | 673054 | 592557 |
| 3.00%, 04/01/43 | 120575 | 109084 |
| 2.50%, 05/01/43 | 9668 | 8508 |
| 3.00%, 05/01/43 | 74316 | 67208 |
| 2.50%, 06/01/43 | 11744 | 10395 |
| 3.00%, 06/01/43 | 24896 | 22497 |
| 3.00%, 07/01/43 | 196994 | 178002 |
| 2.50%, 08/01/43 | 109236 | 95518 |
| 2.50%, 10/01/43 | 18736 | 16584 |
| 4.50%, 10/01/43 | 1332 | 1311 |
| 4.50%, 04/01/45 | 191042 | 187489 |
| 4.50%, 05/01/45 | 23204 | 22725 |
| 4.50%, 06/01/45 | 177563 | 173933 |
| 4.00%, 08/01/45 | 1401192 | 1346290 |
| 3.00%, 11/01/45 | 415649 | 369807 |
| 4.50%, 11/01/46 | 151810 | 148112 |
| 4.50%, 01/01/47 | 15731 | 15364 |
| 4.50%, 03/01/47 | 210133 | 204230 |
| 4.50%, 06/01/47 | 181550 | 175425 |
| 4.50%, 07/01/47 | 326935 | 318599 |
| 3.50%, 09/01/47 | 6784797 | 6190323 |
| 3.50%, 10/01/47 | 7947338 | 7234583 |
| 3.50%, 11/01/47 | 10255477 | 9347364 |
| 4.50%, 11/01/47 | 84785 | 82649 |
| 3.50%, 12/01/47 | 10062406 | 9157360 |
| 4.00%, 12/01/47 | 158137 | 149832 |
| 4.00%, 01/01/48 | 149900 | 142004 |
| 4.00%, 02/01/48 | 574765 | 544506 |
| 4.00%, 03/01/48 | 398082 | 377075 |
| 4.00%, 06/01/48 | 233669 | 221363 |
| 4.00%, 07/01/48 | 485885 | 460166 |
| 3.50%, 08/01/48 | 2124892 | 1936504 |
| 4.00%, 08/01/48 | 1141191 | 1081192 |
| 4.50%, 09/01/48 | 228704 | 222495 |
| 5.00%, 09/01/48 | 108140 | 107359 |
| 5.00%, 11/01/48 | 984270 | 984720 |
| 4.50%, 01/01/49 | 196194 | 190778 |
| 4.50%, 02/01/49 | 40344 | 39211 |
| 4.50%, 05/01/49 | 630747 | 613522 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| 4.50%, 06/01/49 | $395555 | $383700 |
| 4.50%, 07/01/49 | 331557 | 322314 |
| 4.50%, 09/01/49 | 48624 | 47012 |
| 3.00%, 12/01/49 | 498885 | 442762 |
| 4.50%, 01/01/50 | 4436 | 4316 |
| 4.50%, 03/01/50 | 4131 | 3973 |
| 4.50%, 05/01/50 | 502404 | 487437 |
| 2.50%, 06/01/50 | 658620 | 555707 |
| 4.50%, 06/01/50 | 47005 | 45636 |
| 4.50%, 07/01/50 | 24406 | 23563 |
| 2.50%, 09/01/50 | 2299896 | 1942874 |
| 2.00%, 10/01/50 | 5185694 | 4141341 |
| 2.00%, 11/01/50 | 6048005 | 4831881 |
| 2.50%, 11/01/50 | 857039 | 724770 |
| 4.50%, 12/01/50 | 357440 | 347382 |
| 2.50%, 01/01/51 | 1718300 | 1436520 |
| 2.50%, 02/01/51 | 41984 | 35417 |
| 4.50%, 02/01/51 | 749261 | 720597 |
| 2.50%, 03/01/51 | 132542 | 111961 |
| 2.00%, 04/01/51 | 997051 | 793871 |
| 2.00%, 05/01/51 | 4360390 | 3472040 |
| 2.50%, 09/01/51 | 166625 | 140499 |
| 2.50%, 10/01/51 | 653474 | 550410 |
| 2.50%, 11/01/51 | 686192 | 577826 |
| 2.00%, 04/01/52 | 7986409 | 6349776 |
| 3.00%, 04/01/52 | 780855 | 679280 |
| 2.00%, 05/01/52 | 835413 | 662971 |
| 3.00%, 05/01/52 | 3512053 | 3046439 |
| 3.00%, 06/01/52 | 830905 | 720534 |
| 3.00%, 07/01/52 | 665375 | 577214 |
| 4.00%, 09/01/52 | 857005 | 797712 |
| 5.50%, 09/01/52 | 1584444 | 1604397 |
| 4.00%, 12/01/52 | 365012 | 339758 |
| 6.00%, 12/01/52 | 748477 | 769671 |
| 5.00%, 04/01/53 | 1278562 | 1259609 |
| 5.50%, 04/01/53 | 2392371 | 2412929 |
| 4.00%, 05/01/53 | 892889 | 831988 |
| 5.00%, 05/01/53 | 11319411 | 11148165 |
| 5.00%, 06/01/53 | 1183686 | 1170045 |
| 5.00%, 08/01/53‡‡ | 862867 | 849876 |
| 6.50%, 09/01/53 | 832492 | 860933 |
| 5.50%, 10/01/53‡‡ | 2252 | 2260 |
| 6.50%, 10/01/53 | 1413684 | 1461690 |
| 6.00%, 11/01/53 | 20535813 | 20911445 |
| 6.50%, 11/01/53 | 1257177 | 1299361 |
| 6.50%, 12/01/53 | 3602629 | 3730571 |
| 6.00%, 06/01/54 | 2737031 | 2810678 |
| 6.00%, 09/01/54 | 2570938 | 2634176 |
| 5.50%, 02/01/55 | 4615949 | 4651806 |
| 5.50%, 03/01/55 | 2025810 | 2038152 |
| 7.00%, 03/01/55‡‡ | 1301 | 1372 |
| 5.50%, 04/01/55 | 4602694 | 4635438 |
| 5.50%, 05/01/55‡‡ | 6617599 | 6637287 |
| 5.69%, 07/01/55 | 750000 | 750469 |

---

**100**

See Notes to Financial Statements.

------

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Federal National Mortgage <br> Association ACES, Series <br> 2020-M33 |  |  |
| 2.35%, 01/25/31† IO γ | $6897282 | $403333 |
| Federal National Mortgage <br> Association REMIC, Series <br> 2000-32 |  |  |
| (Floating, U.S. 30-Day Average <br> SOFR + 0.56%, 0.45% Floor, <br> 9.00% Cap), 4.87%, 10/18/30† | 1972 | 1969 |
| Federal National Mortgage <br> Association REMIC, Series <br> 2011-52 |  |  |
| 5.00%, 06/25/41 | 84031 | 85752 |
| Federal National Mortgage <br> Association REMIC, Series <br> 2012-111 |  |  |
| 7.00%, 10/25/42 | 7788 | 8421 |
| Federal National Mortgage <br> Association REMIC, Series <br> 2012-153 |  |  |
| 7.00%, 07/25/42 | 26060 | 28509 |
| Federal National Mortgage <br> Association REMIC, Series <br> 2013-17 |  |  |
| 3.00%, 03/25/28 IO | 100453 | 2603 |
| Federal National Mortgage <br> Association REMIC, Series <br> 2023-54 |  |  |
| 6.50%, 04/25/49 | 544753 | 555540 |
| Federal National Mortgage <br> Association REMIC, Series <br> 2025-11 |  |  |
| (Floating, U.S. 30-Day Average <br> SOFR + 1.00%, 1.00% Floor, <br> 7.00% Cap), 5.31%, 03/25/55† | 2016639 | 2006957 |
| Federal National Mortgage <br> Association REMIC, Series <br> 2025-54 |  |  |
| (Floating, U.S. 30-Day Average <br> SOFR + 1.10%, 1.10% Floor, <br> 7.00% Cap), 5.40%, <br> 07/25/55† γ | 1300000 | 1299881 |
| FHLMC Multifamily Structured <br> Pass-Through Certificates, Series <br> K-152 |  |  |
| 3.78%, 11/25/32 | 1000000 | 960771 |
| FHLMC Multifamily Structured <br> Pass-Through Certificates, Series <br> K-161 |  |  |
| 4.90%, 10/25/33 | 1550000 | 1593023 |
| FHLMC Multifamily Structured <br> Pass-Through Certificates, Series <br> K510 |  |  |
| 5.07%, 10/25/28 | 600000 | 616403 |
| FHLMC Multifamily Structured <br> Pass-Through Certificates, Series <br> KF153 |  |  |
| (Floating, U.S. 30-Day Average <br> SOFR + 0.68%, 0.68% Floor), <br> 4.99%, 02/25/33† | 536022 | 536959 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| FHLMC Structured Pass-Through <br> Certificates, Series T-61, Class <br> 1A1 |  |  |
| (Floating, Federal Reserve U.S. 12 <br> 1Y CMT + 1.40%, 1.40% <br> Floor), 5.80%, 07/25/44† | $178118 | $172182 |
| First Horizon Alternative Mortgage <br> Securities Trust, Series 2004-AA1, <br> Class A1 |  |  |
| 5.88%, 06/25/34† γ | 63419 | 63495 |
| GCAT Trust, Series 2022-NQM3, <br> Class A3 |  |  |
| 4.35%, 04/25/67 144A † γ | 1993584 | 1890214 |
| GCAT Trust, Series 2022-NQM4, <br> Class A2 |  |  |
| (Step to 5.73% on 09/25/26), <br> 5.73%, 08/25/67 144A STEP | 455831 | 456044 |
| GCAT Trust, Series 2022-NQM4, <br> Class A3 |  |  |
| (Step to 5.73% on 09/25/26), <br> 5.73%, 08/25/67 144A STEP | 1367494 | 1366772 |
| GCAT Trust, Series 2024-NQM2, <br> Class A1 |  |  |
| (Step to 7.36% on 06/25/28), <br> 6.09%, 06/25/59 144A STEP | 1207211 | 1217833 |
| GFH Mortgage Trust, Series <br> 2025-IND, Class A |  |  |
| 5.15%, 06/15/33 144A | 1245000 | 1250276 |
| Government National Mortgage <br> Association |  |  |
| (Floating, U.S. Treasury Yield <br> Curve Rate CMT 1Y + 1.50%, <br> 1.50% Floor, 11.00% Cap), <br> 4.75%, 11/20/29† | 4902 | 4913 |
| 8.50%, 11/20/30 | 2135 | 2248 |
| 5.50%, 11/15/32 | 2141 | 2188 |
| 5.50%, 01/15/33 | 883 | 881 |
| 5.50%, 02/15/33 | 4177 | 4217 |
| 5.50%, 03/15/33 | 3818 | 3857 |
| 5.50%, 07/15/33 | 4556 | 4621 |
| 5.50%, 08/15/33 | 2056 | 2062 |
| 5.50%, 09/15/33 | 814 | 831 |
| 5.50%, 04/15/34 | 2142 | 2177 |
| 5.50%, 05/15/34 | 1798 | 1852 |
| 5.50%, 09/15/34 | 19169 | 19549 |
| 5.50%, 12/15/34 | 18665 | 19031 |
| 5.50%, 01/15/35 | 16197 | 16729 |
| 4.00%, 10/20/40 | 1849 | 1769 |
| 4.00%, 08/20/43 | 109333 | 104493 |
| 3.00%, 01/15/45 | 518376 | 463877 |
| 3.50%, 04/15/45 | 177071 | 165156 |
| 4.00%, 05/20/45 | 9362 | 8900 |
| 4.00%, 10/20/45 | 67805 | 64789 |
| 4.50%, 05/20/48 | 392868 | 383731 |
| 5.00%, 07/20/48 | 86988 | 87010 |
| 4.50%, 08/20/48 | 970901 | 946320 |
| 5.00%, 08/20/48 | 100456 | 100321 |

---

See Notes to Financial Statements.

**101**

------

**MEDIUM-DURATION BOND FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| 4.50%, 09/20/48 | $669558 | $652331 |
| 5.00%, 10/20/48 | 422623 | 422943 |
| 5.00%, 11/20/48 | 728659 | 727603 |
| 4.50%, 12/20/48 | 385277 | 376731 |
| 5.00%, 12/20/48 | 430930 | 431124 |
| 4.50%, 01/20/49 | 1403774 | 1372141 |
| 5.00%, 01/20/49 | 1335670 | 1338055 |
| 4.00%, 02/20/49 | 762275 | 718957 |
| 4.50%, 02/20/49 | 156322 | 152743 |
| 5.00%, 02/20/49 | 30996 | 30943 |
| 4.00%, 03/20/49 | 438373 | 413461 |
| 4.50%, 03/20/49 | 111274 | 108727 |
| 5.00%, 03/20/49 | 139363 | 139139 |
| 3.00%, 08/20/49 | 1091083 | 970192 |
| 5.00%, 08/20/49 | 2040573 | 2037825 |
| 4.50%, 10/20/49 | 134687 | 130888 |
| 5.00%, 11/20/49 | 177510 | 177280 |
| 3.50%, 02/20/50 | 485708 | 445454 |
| 3.00%, 03/20/50 | 6069532 | 5387117 |
| 2.50%, 09/20/51 | 326540 | 273534 |
| 2.50%, 10/20/51 | 777990 | 653291 |
| 2.50%, 11/20/51 | 486840 | 411454 |
| 3.00%, 11/20/51 | 707326 | 626362 |
| 2.50%, 12/20/51 | 1063215 | 894334 |
| 3.00%, 12/20/51 | 717682 | 635531 |
| 4.50%, 09/20/52 | 3196414 | 3087755 |
| 3.50%, 02/20/53 | 1631152 | 1493059 |
| 2.00%, 07/01/53 TBA | 5000000 | 4073344 |
| 5.50%, 07/01/53 TBA | 12000000 | 12019497 |
| 6.00%, 07/01/53 TBA | 22000000 | 22328235 |
| 5.00%, 08/01/53 TBA | 5295000 | 5199022 |
| 5.50%, 08/01/53 TBA | 5530000 | 5533585 |
| 2.50%, 07/01/55 TBA | 8000000 | 6798015 |
| 6.50%, 07/01/55 TBA | 4000000 | 4107368 |
| Government National Mortgage <br> Association, Series 2007-30 |  |  |
| (Floating, CME Term SOFR 1M + <br> 0.41%, 0.30% Floor, 6.50% <br> Cap), 4.73%, 05/20/37† | 36408 | 35955 |
| Government National Mortgage <br> Association, Series 2015-H11 |  |  |
| (Floating, CME Term SOFR 1M + <br> 0.66%, 0.55% Floor, 7.50% <br> Cap), 5.00%, 05/20/65† | 547318 | 547130 |
| Government National Mortgage <br> Association, Series 2015-H14 |  |  |
| (Floating, CME Term SOFR 1M + <br> 0.54%, 0.43% Floor, 11.00% <br> Cap), 4.88%, 05/20/65† | 173847 | 174090 |
| (Floating, CME Term SOFR 1M + <br> 0.68%, 0.57% Floor, 7.50% <br> Cap), 5.02%, 06/20/65† | 749397 | 749166 |
| Government National Mortgage <br> Association, Series 2015-H15 |  |  |
| (Floating, CME Term SOFR 1M + <br> 0.69%, 0.58% Floor, 7.50% <br> Cap), 5.03%, 06/20/65† | 526058 | 526016 |
| (Floating, CME Term SOFR 1M + <br> 0.71%, 0.60% Floor, 7.50% <br> Cap), 5.05%, 06/20/65† | 809269 | 809405 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Government National Mortgage <br> Association, Series 2015-H16 |  |  |
| (Floating, CME Term SOFR 1M + <br> 0.71%, 0.60% Floor), 5.05%, <br> 07/20/65† | $937871 | $937927 |
| Government National Mortgage <br> Association, Series 2015-H17 |  |  |
| (Floating, CME Term SOFR 1M + <br> 0.57%, 0.46% Floor), 4.89%, <br> 06/20/65† | 49318 | 49399 |
| Government National Mortgage <br> Association, Series 2015-H18 |  |  |
| (Floating, CME Term SOFR 1M + <br> 0.71%, 0.60% Floor, 7.50% <br> Cap), 5.05%, 07/20/65† | 121241 | 121259 |
| Government National Mortgage <br> Association, Series 2015-H19 |  |  |
| (Floating, CME Term SOFR 1M + <br> 0.71%, 0.60% Floor), 5.05%, <br> 08/20/65† | 145200 | 145182 |
| Government National Mortgage <br> Association, Series 2015-H22 |  |  |
| (Floating, CME Term SOFR 1M + <br> 0.71%, 0.60% Floor, 7.50% <br> Cap), 5.05%, 09/20/65† | 193468 | 193514 |
| Government National Mortgage <br> Association, Series 2015-H23 |  |  |
| (Floating, CME Term SOFR 1M + <br> 0.73%, 0.62% Floor, 7.50% <br> Cap), 5.07%, 09/20/65† | 223714 | 223797 |
| Government National Mortgage <br> Association, Series 2015-H26 |  |  |
| (Floating, CME Term SOFR 1M + <br> 0.63%, 0.52% Floor, 11.00% <br> Cap), 4.97%, 10/20/65† | 424344 | 425247 |
| Government National Mortgage <br> Association, Series 2015-H30 |  |  |
| (Floating, CME Term SOFR 1M + <br> 0.79%, 0.68% Floor), 5.13%, <br> 08/20/61† | 1321 | 1320 |
| Government National Mortgage <br> Association, Series 2017-H15 |  |  |
| (Floating, CME Term SOFR 12M <br> + 1.52%, 0.80% Floor, 7.50% <br> Cap), 6.72%, 07/20/67† | 631871 | 641385 |
| Government National Mortgage <br> Association, Series 2021-135 |  |  |
| 2.00%, 08/20/51 | 3348373 | 2701786 |
| Government National Mortgage <br> Association, Series 2025-1 |  |  |
| 5.00%, 01/20/55 | 952027 | 945589 |
| GreenPoint Mortgage Funding Trust, <br> Series 2006-OH1, Class A1 |  |  |
| (Floating, CME Term SOFR 1M + <br> 0.47%, 0.36% Floor), 4.79%, <br> 01/25/37† | 233649 | 213870 |
| GS Mortgage Securities Corporation <br> Trust, Series 2013-PEMB, Class A |  |  |
| 3.67%, 03/05/33 144A † γ | 1355000 | 1174785 |
| GS Mortgage-Backed Securities Trust, <br> Series 2022-GR2, Class A2 |  |  |
| 3.00%, 08/26/52 144A † γ | 2112804 | 1803700 |

---

**102**

See Notes to Financial Statements.

------

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| GSR Mortgage Loan Trust, Series <br> 2005-AR6, Class 2A1 |  |  |
| 5.29%, 09/25/35† γ | $111958 | $107673 |
| HIT Trust, Series 2022-HI32, Class C |  |  |
| (Floating, CME Term SOFR 1M + <br> 3.74%, 3.74% Floor), 8.05%, <br> 07/09/25 144A † | 1056336 | 1060589 |
| Houston Galleria Mall Trust, Series <br> 2025-HGLR, Class A |  |  |
| 5.64%, 02/05/45 144A † γ | 1100000 | 1130790 |
| Impac CMB Trust, Series 2004-8, <br> Class 1A |  |  |
| (Floating, CME Term SOFR 1M + <br> 0.83%, 0.72% Floor, 11.00% <br> Cap), 5.15%, 10/25/34† | 3919 | 3849 |
| IndyMac ARM Trust, Series 2001-H2, <br> Class A1 |  |  |
| 6.62%, 01/25/32† γ | 2278 | 2227 |
| IRV Trust, Series 2025-200P, Class A |  |  |
| 5.47%, 03/14/47 144A † γ | 2800000 | 2836367 |
| JP Morgan Chase Commercial <br> Mortgage Securities Trust, Series <br> 2021-410T, Class A |  |  |
| 2.29%, 03/05/42 144A | 1900000 | 1754930 |
| JP Morgan Chase Commercial <br> Mortgage Securities Trust, Series <br> 2022-NLP, Class B |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.36%, 1.11% Floor), 5.67%, <br> 04/15/37 144A † | 1147128 | 1128173 |
| JP Morgan Chase Commercial <br> Mortgage Securities Trust, Series <br> 2024-OMNI, Class A |  |  |
| 5.99%, 10/05/39 144A † γ | 1350000 | 1378166 |
| JP Morgan Chase Commercial <br> Mortgage Securities Trust, Series <br> 2025-BMS, Class A |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.60%, 1.60% Floor), 5.91%, <br> 01/15/42 144A † | 400000 | 398690 |
| JP Morgan Chase Commercial <br> Mortgage Securities Trust, Series <br> 2025-BMS, Class B |  |  |
| (Floating, CME Term SOFR 1M + <br> 2.00%, 2.00% Floor), 6.31%, <br> 01/15/42 144A † | 300000 | 299522 |
| JP Morgan Chase Commercial <br> Mortgage Securities Trust, Series <br> 2025-NSLB, Class A |  |  |
| 6.23%, 06/05/42 144A | 1700000 | 1767742 |
| JP Morgan Mortgage Trust, Series <br> 2005-A1, Class 6T1 |  |  |
| 5.88%, 02/25/35† γ | 6878 | 6731 |
| JP Morgan Mortgage Trust, Series <br> 2021-12, Class A6 |  |  |
| 2.50%, 02/25/52 144A † γ | 1446388 | 1347620 |
| JP Morgan Mortgage Trust, Series <br> 2021-13, Class A6 |  |  |
| 2.50%, 04/25/52 144A † γ | 641862 | 598545 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| JP Morgan Mortgage Trust, Series <br> 2021-14, Class A11 |  |  |
| (Floating, U.S. 30-Day Average <br> SOFR + 0.95%, 5.00% Cap), <br> 5.00%, 05/25/52 144A † | $1735853 | $1621783 |
| JP Morgan Mortgage Trust, Series <br> 2021-LTV2, Class A1 |  |  |
| 2.52%, 05/25/52 144A | 810690 | 699825 |
| JP Morgan Mortgage Trust, Series <br> 2022-INV1, Class A3 |  |  |
| 3.00%, 03/25/52 144A † γ | 1764130 | 1508326 |
| JP Morgan Mortgage Trust, Series <br> 2022-LTV2, Class A3 |  |  |
| 3.50%, 09/25/52 144A † γ | 1695178 | 1497811 |
| JP Morgan Mortgage Trust, Series <br> 2023-DSC1, Class A1 |  |  |
| 4.63%, 07/25/63 144A | 1477759 | 1439759 |
| JP Morgan Mortgage Trust, Series <br> 2024-1, Class A4 |  |  |
| 6.00%, 06/25/54 144A | 878982 | 887303 |
| JP Morgan Mortgage Trust, Series <br> 2024-VIS2, Class A1 |  |  |
| (Step to 6.85% on 08/25/28), <br> 5.85%, 11/25/64 144A STEP | 1364455 | 1373899 |
| JP Morgan Mortgage Trust, Series <br> 2025-1, Class A4 |  |  |
| 6.00%, 06/25/55 144A † γ | 893332 | 903114 |
| JP Morgan Mortgage Trust, Series <br> 2025-VIS1, Class A1 |  |  |
| 5.49%, 08/25/55 144A † γ | 2010269 | 2017465 |
| JPMBB Commercial Mortgage <br> Securities Trust, Series 2015-C32, <br> Class ASB |  |  |
| 3.36%, 11/15/48 | 26320 | 26263 |
| KIND Commercial Mortgage Trust, <br> Series 2024-1, Class A |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.89%, 1.89% Floor), 6.20%, <br> 08/15/29 144A † | 1000000 | 1002956 |
| KRE Commercial Mortgage Trust, <br> Series 2025-AIP4, Class A |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.30%, 1.30% Floor), 5.61%, <br> 03/15/42 144A † | 2050000 | 2047787 |
| KREST Commercial Mortgage <br> Securities Trust, Series <br> 2021-CHIP, Class A |  |  |
| 2.56%, 11/05/44 144A | 2300000 | 1793042 |
| Legacy Mortgage Asset Trust, Series <br> 2021-GS3, Class A1 |  |  |
| 5.75%, 07/25/61 144A STEP | 438322 | 437256 |
| Legacy Mortgage Asset Trust, Series <br> 2021-GS4, Class A1 |  |  |
| (Step to 5.65% on 09/25/25), <br> 4.65%, 11/25/60 144A STEP | 879947 | 880448 |
| LEX Mortgage Trust, Series <br> 2024-BBG, Class A |  |  |
| 5.04%, 10/13/33 144A † γ | 1600000 | 1609657 |

---

See Notes to Financial Statements.

**103**

------

**MEDIUM-DURATION BOND FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| LHOME Mortgage Trust, Series <br> 2024-RTL5, Class A1 |  |  |
| (Step to 6.32% on 04/25/27), <br> 5.32%, 09/25/39 144A STEP | $550000 | $548868 |
| LSTAR Securities Investment, Ltd., <br> Series 2024-1, Class A |  |  |
| (Floating, U.S. 30-Day Average <br> SOFR + 3.10%, 3.10% Floor), <br> 7.41%, 01/01/29 144A † | 188211 | 188975 |
| Ludgate Funding PLC, Series 2007-1, <br> Class A2A |  |  |
| (Floating, SONIA Interest Rate + <br> 0.28%), 4.52%, 01/01/61(U) † | 328365 | 442667 |
| Ludgate Funding PLC, Series <br> 2008-W1X, Class A1 |  |  |
| (Floating, SONIA Interest Rate + <br> 0.72%), 4.96%, 01/01/61(U) † | 234983 | 319394 |
| Manhattan West Mortgage Trust, <br> Series 2020-OMW, Class A |  |  |
| 2.13%, 09/10/39 144A | 3075000 | 2909615 |
| Mansard Mortgages PLC, Series <br> 2007-1X, Class A2 |  |  |
| (Floating, SONIA Interest Rate + <br> 0.30%), 4.62%, 04/15/47(U) † | 273729 | 371857 |
| MASTR Adjustable Rate Mortgages <br> Trust, Series 2004-13, Class 3A7 |  |  |
| 6.04%, 11/21/34† γ | 54487 | 52627 |
| MASTR Adjustable Rate Mortgages <br> Trust, Series 2004-4, Class 4A1 |  |  |
| 5.87%, 05/25/34† γ | 25247 | 24624 |
| Metis Issuer, Series 2025-1, Class A |  |  |
| 6.89%, 05/15/55 | 650000 | 640351 |
| Mill City Mortgage Loan Trust, Series <br> 2017-2, Class A3 |  |  |
| 3.25%, 07/25/59 144A | 70301 | 68737 |
| Mill City Mortgage Loan Trust, Series <br> 2019-1, Class M1 |  |  |
| 3.50%, 10/25/69 144A | 479118 | 453915 |
| Mill City Mortgage Loan Trust, Series <br> 2019-GS2, Class M1 |  |  |
| 3.00%, 08/25/59 144A | 870000 | 804591 |
| Mill City Securities, Ltd., Series <br> 2024-RS1, Class A1 |  |  |
| (Step to 6.00% on 10/25/27), <br> 3.00%, 11/01/69 144A STEP | 1005739 | 941590 |
| Mill City Securities, Ltd., Series <br> 2024-RS2, Class A1 |  |  |
| (Step to 6.00% on 12/25/27), <br> 3.00%, 08/01/69 144A STEP | 581978 | 549332 |
| Morgan Stanley Capital I Trust, Series <br> 2020-CNP, Class A |  |  |
| 2.51%, 04/05/42 144A † γ | 1600000 | 1398220 |
| Morgan Stanley Capital I Trust, Series <br> 2022-L8, Class A5 |  |  |
| 3.92%, 04/15/55† γ | 1475000 | 1376369 |
| MortgageIT Trust, Series 2005-4, <br> Class A1 |  |  |
| (Floating, CME Term SOFR 1M + <br> 0.67%, 0.56% Floor, 11.50% <br> Cap), 4.99%, 10/25/35† | 34440 | 34331 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| New Residential Mortgage Loan <br> Trust, Series 2022-NQM5, <br> Class A2 |  |  |
| (Step to 6.33% on 08/25/25), <br> 6.50%, 11/25/52 144A STEP | $334657 | $333915 |
| New Residential Mortgage Loan <br> Trust, Series 2025-NQM1, <br> Class A1 |  |  |
| (Step to 5.64% on 08/25/25), <br> 0.00%, 01/25/65 144A STEP | 1266931 | 1276044 |
| New Residential Mortgage Loan <br> Trust, Series 2025-NQM3, <br> Class A1 |  |  |
| (Step to 6.53% on 11/25/30), <br> 5.53%, 05/25/65 144A STEP | 396563 | 399090 |
| NY Commercial Mortgage Trust, <br> Series 2025-299P, Class C |  |  |
| 6.38%, 02/10/35 144A † γ | 1650000 | 1699687 |
| NYC Commercial Mortgage Trust, <br> Series 2025-3BP, Class B |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.69%, 1.69% Floor), 6.00%, <br> 02/15/42 144A † | 1400000 | 1388943 |
| NYMT Loan Trust, Series 2021-SP1, <br> Class A1 |  |  |
| (Step to 5.67% on 09/25/25), <br> 4.67%, 08/25/61 144A STEP | 873660 | 867943 |
| NYMT Loan Trust, Series 2022-SP1, <br> Class A1 |  |  |
| (Step to 8.25% on 08/25/25), <br> 5.25%, 07/25/62 144A STEP | 2797725 | 2870189 |
| NYMT Loan Trust, Series <br> 2024-BPL2, Class A1 |  |  |
| (Step to 7.51% on 12/25/26), <br> 6.51%, 05/25/39 144A STEP | 1000000 | 1011484 |
| NYO Commercial Mortgage Trust, <br> Series 2021-1290, Class A |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.21%, 1.10% Floor), 5.52%, <br> 11/15/38 144A † | 2300000 | 2296966 |
| OBX Trust, Series 2018-1, Class A2 |  |  |
| (Floating, CME Term SOFR 1M + <br> 0.76%), 5.08%, 06/25/57 <br> 144A † | 497642 | 488404 |
| OBX Trust, Series 2022-NQM7, <br> Class A3 |  |  |
| (Step to 5.70% on 09/25/26), <br> 5.70%, 08/25/62 144A STEP | 1490911 | 1489127 |
| OBX Trust, Series 2022-NQM8, <br> Class A2 |  |  |
| (Step to 6.17% on 10/25/26), <br> 6.10%, 09/25/62 144A STEP | 360137 | 359323 |
| OBX Trust, Series 2022-NQM9, <br> Class A1A |  |  |
| (Step to 6.42% on 08/25/25), <br> 6.45%, 09/25/62 144A STEP | 105824 | 105895 |
| OBX Trust, Series 2022-NQM9, <br> Class A2 |  |  |
| (Step to 6.42% on 08/25/25), <br> 6.45%, 09/25/62 144A STEP | 952422 | 952022 |

---

**104**

See Notes to Financial Statements.

------

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| OBX Trust, Series 2023-NQM1, <br> Class A3 |  |  |
| 6.50%, 11/25/62 144A † γ | $302442 | $302381 |
| OBX Trust, Series 2024-NQM10, <br> Class A2 |  |  |
| (Step to 7.33% on 07/25/28), <br> 6.33%, 05/25/64 144A STEP | 1390373 | 1402830 |
| OBX Trust, Series 2024-NQM2, <br> Class A1 |  |  |
| (Step to 6.88% on 02/25/28), <br> 5.88%, 12/25/63 144A STEP | 1325874 | 1332889 |
| OBX Trust, Series 2024-NQM3, <br> Class A3 |  |  |
| (Step to 7.43% on 03/25/28), <br> 6.43%, 12/25/63 144A STEP | 675567 | 680816 |
| OBX Trust, Series 2024-NQM4, <br> Class A2 |  |  |
| (Step to 7.22% on 03/25/28), <br> 6.22%, 01/25/64 144A STEP | 721488 | 726706 |
| OBX Trust, Series 2024-NQM5, <br> Class A2 |  |  |
| (Step to 7.29% on 04/25/28), <br> 6.29%, 03/25/28 144A STEP | 342191 | 345066 |
| OBX Trust, Series 2024-NQM6, <br> Class A3 |  |  |
| (Step to 7.85% on 05/25/28), <br> 6.85%, 02/25/64 144A STEP | 251843 | 255561 |
| OBX Trust, Series 2024-NQM8, <br> Class A1 |  |  |
| (Step to 7.23% on 06/25/28), <br> 6.23%, 05/25/64 144A STEP | 1504994 | 1522459 |
| OBX Trust, Series 2024-NQM8, <br> Class A3 |  |  |
| (Step to 7.59% on 06/25/28), <br> 6.59%, 05/25/64 144A STEP | 188124 | 190419 |
| OBX Trust, Series 2024-NQM9, <br> Class A2 |  |  |
| (Step to 7.46% on 07/25/28), <br> 6.28%, 01/25/64 144A STEP | 973069 | 983453 |
| OBX Trust, Series 2024-NQM9, <br> Class A3 |  |  |
| (Step to 7.66% on 07/25/28), <br> 6.44%, 01/25/64 144A STEP | 973069 | 983393 |
| OBX Trust, Series 2025-NQM10, <br> Class A3 |  |  |
| (Step to 6.71% on 06/25/29), <br> 5.71%, 05/25/65 144A STEP | 994170 | 999277 |
| One New York Plaza Trust, Series <br> 2020-1NYP, Class A |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.06%, 0.95% Floor), 5.38%, <br> 01/15/36 144A † | 1725000 | 1677920 |
| OSAT Trust, Series 2021-RPL1, <br> Class A1 |  |  |
| (Step to 3.76% on 07/25/25), <br> 6.12%, 05/25/65 144A STEP | 886605 | 887463 |
| PRET Trust, Series 2024-RPL2, <br> Class A1 |  |  |
| 4.08%, 06/25/64 144A † γ | 641890 | 612962 |
| Provident Funding Mortgage Trust, <br> Series 2025-1, Class A3 |  |  |
| 5.50%, 02/25/55 144A | 766889 | 769910 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| PRPM LLC, Series 2024-4, Class A1 |  |  |
| (Step to 9.41% on 09/25/27), <br> 6.41%, 08/25/29 144A STEP | $261780 | $262634 |
| PRPM LLC, Series 2024-5, Class A1 |  |  |
| (Step to 7.12% on 10/25/27), <br> 5.69%, 09/25/29 144A STEP | 882180 | 883411 |
| PRPM LLC, Series 2024-6, Class A1 |  |  |
| (Step to 8.70% on 12/25/27), <br> 5.70%, 11/25/29 144A STEP | 463814 | 465246 |
| PRPM LLC, Series 2024-7, Class A1 |  |  |
| (Step to 8.87% on 12/25/27), <br> 5.87%, 11/25/29 144A STEP | 1164580 | 1165111 |
| PRPM LLC, Series 2024-RCF1, <br> Class A1 |  |  |
| (Step to 5.00% on 02/25/28), <br> 4.00%, 01/25/54 144A STEP | 1237550 | 1214530 |
| PRPM LLC, Series 2024-RPL2, <br> Class A2 |  |  |
| (Step to 4.50% on 06/25/28), <br> 3.50%, 05/25/54 144A STEP | 1140000 | 1066459 |
| PRPM LLC, Series 2025-RCF1, <br> Class A1 |  |  |
| (Step to 5.50% on 03/25/29), <br> 4.50%, 02/25/55 144A STEP | 319537 | 315381 |
| Resloc UK PLC, Series 2007-1X, <br> Class A3A |  |  |
| (Floating, Euribor 3M + 0.16%), <br> 2.14%, 12/15/43(E) † | 470221 | 543151 |
| Resloc UK PLC, Series 2007-1X, <br> Class A3B |  |  |
| (Floating, SONIA Interest Rate + <br> 0.28%), 4.52%, 12/15/43(U) † | 117555 | 158634 |
| Roc Mortgage Trust, Series <br> 2024-RTL1, Class A1 |  |  |
| (Step to 6.59% on 05/25/27), <br> 5.59%, 10/25/39 144A STEP | 1370000 | 1370296 |
| ROCK Trust, Series 2024-CNTR, <br> Class A |  |  |
| 5.39%, 11/13/41 144A | 2650000 | 2713638 |
| ROCK Trust, Series 2024-CNTR, <br> Class C |  |  |
| 6.47%, 11/13/41 144A | 1050000 | 1089378 |
| Santander Mortgage Asset Receivable <br> Trust, Series 2025-NQM1, <br> Class A1 |  |  |
| (Step to 6.55% on 04/25/29), <br> 5.55%, 01/25/65 144A STEP | 1900556 | 1907295 |
| SCOTT Trust, Series 2023-SFS, <br> Class A |  |  |
| 5.91%, 03/15/28 144A | 1905000 | 1955248 |
| Sequoia Mortgage Trust, Series <br> 2024-5, Class A5 |  |  |
| 6.00%, 06/25/54 144A † γ | 224823 | 226805 |
| Sequoia Mortgage Trust, Series <br> 2025-5, Class A5 |  |  |
| 5.50%, 06/25/55 144A † γ | 1000000 | 1005350 |
| Sequoia Mortgage Trust, Series <br> 2025-6, Class A11 |  |  |
| 5.50%, 03/25/38 144A † ††† ρ γ | 300000 | 301576 |

---

See Notes to Financial Statements.

**105**

------

**MEDIUM-DURATION BOND FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Sequoia Mortgage Trust, Series 6, <br> Class A |  |  |
| (Floating, CME Term SOFR 1M + <br> 0.75%, 0.64% Floor, 11.00% <br> Cap), 5.07%, 04/19/27† | $25980 | $25386 |
| SLG Office Trust, Series 2021-OVA, <br> Class A |  |  |
| 2.59%, 07/15/41 144A | 775000 | 680748 |
| SREIT Trust, Series 2021-IND, <br> Class A |  |  |
| (Floating, CME Term SOFR 1M + <br> 0.81%, 0.70% Floor), 5.13%, <br> 10/15/38 144A † | 2300000 | 2293612 |
| Station Place Securitization Trust, <br> Series 2024-SP1, Class A1 |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.40%, 1.40% Floor), 5.73%, <br> 08/12/25 144A † ††† ρ | 1300000 | 1300000 |
| Station Place Securitization Trust, <br> Series 2024-SP2, Class A1 |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.70%, 1.70% Floor), 6.01%, <br> 07/12/26 144A † ††† | 1300000 | 1300000 |
| Station Place Securitization Trust, <br> Series 2024-SP3, Class A1 |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.30%, 1.30% Floor), 5.61%, <br> 11/17/25 144A † ††† | 200000 | 200000 |
| Station Place Securitization Trust, <br> Series 2024-SP4, Class A1 |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.30%, 1.30% Floor), 5.61%, <br> 11/17/25 144A † ††† | 400000 | 400000 |
| Station Place Securitization Trust, <br> Series 2025-SP1, Class A1 |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.30%), 5.62%, 07/02/26 <br> 144A † ††† γ | 1250000 | 1250000 |
| Structured Asset Mortgage <br> Investments II Trust, Series <br> 2005-AR5, Class A1 |  |  |
| (Floating, CME Term SOFR 1M + <br> 0.61%, 0.50% Floor, 11.00% <br> Cap), 4.93%, 07/19/35† | 22087 | 21139 |
| TCO Commercial Mortgage Trust, <br> Series 2024-DPM, Class A |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.24%, 1.24% Floor), 5.55%, <br> 12/15/39 144A † | 1955000 | 1956833 |
| Thornburg Mortgage Securities Trust, <br> Series 2003-4, Class A1 |  |  |
| (Floating, CME Term SOFR 1M + <br> 0.75%, 0.64% Floor, 11.50% <br> Cap), 5.07%, 09/25/43† | 1751 | 1734 |
| Thornburg Mortgage Securities Trust, <br> Series 2005-1, Class A3 |  |  |
| 5.64%, 04/25/45† γ | 10490 | 10280 |
| Towd Point Mortgage Trust, Series <br> 2024-4, Class A1A |  |  |
| 4.44%, 10/27/64 144A † γ | 713044 | 716854 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Towd Point Mortgage Trust, Series <br> 2024-5, Class A1A |  |  |
| 4.52%, 10/25/64 144A † γ | $2350223 | $2348540 |
| Towd Point Mortgage Trust, Series <br> 2024-A, Class A |  |  |
| 7.51%, 11/01/40 | 477157 | 479305 |
| TYSN Mortgage Trust, Series <br> 2023-CRNR, Class A |  |  |
| 6.80%, 12/10/33 144A † γ | 1010000 | 1070750 |
| Uniform Mortgage Backed Securities |  |  |
| 5.00%, 08/01/40 TBA | 11110000 | 11187208 |
| 2.00%, 07/01/52 TBA | 3240000 | 2565615 |
| 2.50%, 07/01/52 TBA | 44689960 | 37060630 |
| 3.00%, 08/01/52 TBA | 9990000 | 8643534 |
| 4.00%, 08/01/52 TBA | 56330000 | 52373712 |
| 3.00%, 07/01/53 TBA | 34208964 | 29606252 |
| 3.50%, 07/01/53 TBA | 15000000 | 13506596 |
| 5.00%, 07/01/53 TBA | 40044691 | 39249185 |
| 5.50%, 07/01/53 TBA | 96100000 | 96093030 |
| 6.00%, 07/01/53 TBA | 7000000 | 7113954 |
| 6.50%, 07/01/53 TBA | 4000000 | 4130531 |
| 2.00%, 08/01/53 TBA | 25100000 | 19883438 |
| 2.50%, 08/01/53 TBA | 29170040 | 24194780 |
| 4.50%, 08/01/53 TBA | 118200000 | 113021316 |
| 5.00%, 08/01/53 TBA | 136499309 | 133702375 |
| 5.50%, 08/01/53 TBA | 6210000 | 6204455 |
| 6.00%, 08/01/53 TBA | 25200000 | 25585624 |
| 6.50%, 08/01/53 TBA | 21700000 | 22375075 |
| 7.00%, 08/01/55 TBA | 5790000 | 6073884 |
| UWM Mortgage Trust, Series <br> 2021-INV2, Class A9 |  |  |
| (Floating, U.S. 30-Day Average <br> SOFR + 1.00%, 5.00% Cap), <br> 5.00%, 09/25/51 144A † | 1774808 | 1651231 |
| UWM Mortgage Trust, Series <br> 2021-INV3, Class A3 |  |  |
| 2.50%, 11/25/51 144A † γ | 2499300 | 2032431 |
| UWM Mortgage Trust, Series <br> 2021-INV3, Class A9 |  |  |
| (Floating, U.S. 30-Day Average <br> SOFR + 0.95%, 5.00% Cap), <br> 5.00%, 11/25/51 144A † | 1796372 | 1675222 |
| UWM Mortgage Trust, Series <br> 2021-INV4, Class A3 |  |  |
| 2.50%, 12/25/51 144A † γ | 1734253 | 1410619 |
| VDCM Commercial Mortgage Trust, <br> Series 2025-AZ, Class A |  |  |
| 5.23%, 07/13/44 144A † ††† γ | 600000 | 602381 |
| Verus Securitization Trust, Series <br> 2021-7, Class A1 |  |  |
| (Step to 2.83% on 12/25/25), <br> 1.83%, 10/25/66 144A STEP | 1657562 | 1492248 |
| Verus Securitization Trust, Series <br> 2022-6, Class A3 |  |  |
| (Step to 4.91% on 07/25/26), <br> 4.91%, 06/25/67 144A STEP | 1766641 | 1747437 |

---

**106**

See Notes to Financial Statements.

------

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Verus Securitization Trust, Series <br> 2022-8, Class A2 |  |  |
| (Step to 6.08% on 08/25/25), <br> 6.13%, 09/25/67 144A STEP | $770637 | $769740 |
| Verus Securitization Trust, Series <br> 2023-7, Class A3 |  |  |
| (Step to 7.89% on 11/25/27), <br> 7.42%, 10/25/68 144A STEP | 656195 | 666902 |
| Verus Securitization Trust, Series <br> 2024-1, Class A3 |  |  |
| (Step to 7.12% on 02/25/28), <br> 6.12%, 01/25/69 144A STEP | 608835 | 611062 |
| Verus Securitization Trust, Series <br> 2024-4, Class A1 |  |  |
| (Step to 7.22% on 06/25/28), <br> 6.22%, 06/25/69 144A STEP | 1467589 | 1484534 |
| Verus Securitization Trust, Series <br> 2024-5, Class A1 |  |  |
| (Step to 7.19% on 07/25/28), <br> 6.19%, 06/25/69 144A STEP | 1769720 | 1788283 |
| Verus Securitization Trust, Series <br> 2025-2, Class A2 |  |  |
| (Step to 6.51% on 04/25/29), <br> 5.51%, 03/25/70 144A STEP | 962451 | 963170 |
| Verus Securitization Trust, Series <br> 2025-INV1, Class A1 |  |  |
| (Step to 6.58% on 03/25/29), <br> 5.55%, 02/25/70 144A STEP | 1296744 | 1302703 |
| Vista Point Securitization Trust, Series <br> 2024-CES3, Class A1 |  |  |
| (Step to 6.68% on 01/25/29), <br> 5.68%, 01/25/55 144A STEP | 644377 | 645601 |
| Washington Mutual Mortgage <br> Pass-Through Certificates Trust, <br> Series 2002-AR19, Class A7 |  |  |
| 5.66%, 02/25/33† γ | 1085 | 1060 |
| Washington Mutual Mortgage <br> Pass-Through Certificates Trust, <br> Series 2002-AR6, Class A |  |  |
| (Floating, Federal Reserve U.S. 12 <br> 1Y CMT + 1.40%, 1.40% <br> Floor), 5.80%, 06/25/42† | 2057 | 1922 |
| Washington Mutual Mortgage <br> Pass-Through Certificates Trust, <br> Series 2005-AR1, Class A1B |  |  |
| (Floating, CME Term SOFR 1M + <br> 0.89%, 0.78% Floor, 10.50% <br> Cap), 5.21%, 01/25/45† | 373171 | 359083 |
| Washington Mutual Mortgage <br> Pass-Through Certificates Trust, <br> Series 2005-AR13, Class A1A1 |  |  |
| (Floating, CME Term SOFR 1M + <br> 0.69%, 0.58% Floor, 10.50% <br> Cap), 5.01%, 10/25/45† | 213858 | 214793 |
| Washington Mutual Mortgage <br> Pass-Through Certificates Trust, <br> Series 2007-HY1, Class 1A1 |  |  |
| 4.45%, 02/25/37† γ | 86955 | 77704 |
| Washington Mutual Mortgage <br> Pass-Through Certificates Trust, <br> Series 2007-HY1, Class 2A3 |  |  |
| 4.38%, 02/25/37† γ | 56301 | 52125 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Washington Mutual Mortgage <br> Pass-Through Certificates Trust, <br> Series 2007-OA3, Class 2A1A |  |  |
| (Floating, Federal Reserve U.S. 12 <br> 1Y CMT + 0.76%, 0.76% <br> Floor), 5.16%, 04/25/47† | $191628 | $174279 |
| Washington Mutual Mortgage <br> Pass-Through Certificates, Series <br> 2005-AR8, Class 1A1A |  |  |
| (Floating, CME Term SOFR 1M + <br> 0.65%, 0.54% Floor, 10.50% <br> Cap), 4.97%, 07/25/45† | 171480 | 168013 |
| Washington Mutual Mortgage <br> Pass-Through Certificates, Series <br> 2005-AR8, Class 2A1A |  |  |
| (Floating, CME Term SOFR 1M + <br> 0.69%, 0.58% Floor, 10.50% <br> Cap), 5.01%, 07/25/45† | 50481 | 49737 |
| WB Commercial Mortgage Trust, <br> Series 2024-HQ, Class B |  |  |
| 6.63%, 03/15/40 144A † γ | 1900000 | 1908310 |
| Wells Fargo Alternative Loan Trust, <br> Series 2007-PA6, Class A1 |  |  |
| 6.50%, 12/28/37† γ | 102869 | 94002 |
| Wells Fargo Commercial Mortgage <br> Trust, Series 2017-RC1, Class D |  |  |
| 3.25%, 01/15/60 144A | 150000 | 131239 |
| Wells Fargo Commercial Mortgage <br> Trust, Series 2019-C51, <br> Class ASB |  |  |
| 3.16%, 06/15/52 | 238382 | 232845 |
| Wells Fargo Commercial Mortgage <br> Trust, Series 2021-C59, Class A5 |  |  |
| 2.63%, 04/15/54 | 1350000 | 1199256 |
| Wells Fargo Commercial Mortgage <br> Trust, Series 2024-1CHI, Class A |  |  |
| 5.48%, 07/15/35 144A † γ | 1750000 | 1761575 |
| Wells Fargo Commercial Mortgage <br> Trust, Series 2024-1CHI, Class B |  |  |
| 5.94%, 07/15/35 144A † γ | 1075000 | 1082138 |
| Wells Fargo Commercial Mortgage <br> Trust, Series 2024-MGP, <br> Class A12 |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.69%, 1.69% Floor), 6.00%, <br> 08/15/41 144A † | 1700000 | 1694344 |
| Wells Fargo Commercial Mortgage <br> Trust, Series 2024-MGP, <br> Class B12 |  |  |
| (Floating, CME Term SOFR 1M + <br> 2.29%, 2.29% Floor), 6.60%, <br> 08/15/41 144A † | 800000 | 789894 |
| Wells Fargo Mortgage Backed <br> Securities Trust, Series 2019-3, <br> Class A1 |  |  |
| 3.50%, 07/25/49 144A † γ | 23637 | 21534 |
| Worldwide Plaza Trust, Series <br> 2017-WWP, Class A |  |  |
| 3.53%, 11/10/36 144A | 1900000 | 1350690 |
| **Total Mortgage-Backed Securities** <br>(Cost $1,278,398,876) |  | 1274078223 |

---

See Notes to Financial Statements.

**107**

------

**MEDIUM-DURATION BOND FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **MUNICIPAL BONDS — 0.3%** | **MUNICIPAL BONDS — 0.3%** | **MUNICIPAL BONDS — 0.3%** |
| American Municipal Power, Inc., <br> Hydroelectric Projects, Revenue <br> Bond, Series B |  |  |
| 8.08%, 02/15/50 | $600000 | $761827 |
| American Municipal Power, Inc., <br> Revenue Bond, Series E |  |  |
| 6.27%, 02/15/50 | 210000 | 216091 |
| California Statewide Communities <br> Development Authority, Revenue <br> Bond (AGM Insured) |  |  |
| 7.14%, 08/15/47 | 1185000 | 1246521 |
| Chicago Transit Authority Sales & <br> Transfer Tax Receipts, Revenue <br> Bond, Series A |  |  |
| 6.90%, 12/01/40 | 638214 | 707401 |
| Chicago Transit Authority Sales & <br> Transfer Tax Receipts, Revenue <br> Bond, Series B |  |  |
| 6.90%, 12/01/40 | 272182 | 301688 |
| Louisiana Local Government <br> Environmental Facilities & <br> Community Development <br> Authority, Revenue Bond |  |  |
| 4.28%, 02/01/36 | 1300000 | 1265186 |
| Maryland State Economic <br> Development Corporation, <br> Revenue Bond |  |  |
| 4.79%, 11/30/29 | 435000 | 443970 |
| 4.83%, 11/30/30 | 335000 | 342057 |
| 4.93%, 11/30/31 | 400000 | 409239 |
| Metropolitan Transportation <br> Authority, Revenue Bond |  |  |
| 5.18%, 11/15/49 | 65000 | 58293 |
| Port Authority of New York & New <br> Jersey, Revenue Bond, Series 192 |  |  |
| 4.81%, 10/15/65 | 300000 | 269449 |
| State Board of Administration Finance <br> Corporation, Revenue Bond, <br> Series A |  |  |
| 2.15%, 07/01/30 | 235000 | 210462 |
| State of California, General <br> Obligation |  |  |
| 7.55%, 04/01/39 | 410000 | 491865 |
| State of Illinois, General Obligation |  |  |
| 5.10%, 06/01/33 | 353382 | 354743 |
| 6.63%, 02/01/35 | 380769 | 400238 |
| 7.35%, 07/01/35 | 365357 | 390885 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Tarrant County Cultural Education <br> Facilities Finance Corporation, <br> Revenue Bond (AGM Insured) |  |  |
| 2.78%, 09/01/34 | $1000000 | $850724 |
| **Total Municipal Bonds** <br>(Cost $8,963,332) |  | 8720639 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of** <br>**Contracts**<br>| **Notional** <br>**Amount**<br>|  |
| **PURCHASED OPTIONS — 0.0%** | **PURCHASED OPTIONS — 0.0%** | **PURCHASED OPTIONS — 0.0%** | **PURCHASED OPTIONS — 0.0%** |
| **Call Swaptions — 0.0%** | **Call Swaptions — 0.0%** | **Call Swaptions — 0.0%** | **Call Swaptions — 0.0%** |
| Pay 1-Day SOFR <br> (Annually); <br> Receive 3.5% <br> (Annually); Interest <br> Rate Swap <br> Maturing <br> 02/18/2031 USD, <br> Strike Price <br>$3.50, Expires <br>02/13/26 (BNP)<br>| 1 | $9770000 | 167878 |
| Pay 1-Day SOFR <br> (Annually); <br> Receive 3.5% <br> (Annually); Interest <br> Rate Swap <br> Maturing <br> 02/18/2031 USD, <br> Strike Price <br>$3.50, Expires <br>02/13/26 (TD)<br>| 1 | 9770000 | 167878 |
| Pay 1-Day SOFR <br> (Annually); <br> Receive 3.5% <br> (Annually); Interest <br> Rate Swap <br> Maturing <br> 02/18/2031 USD, <br> Strike Price <br>$3.50, Expires <br>02/13/26 (BNP)<br>| 1 | 9770000 | 167878 |
| Pay 1-Day SOFR <br> (Annually); <br> Receive 3.5% <br> (Annually); Interest <br> Rate Swap <br> Maturing <br> 02/18/2031 USD, <br> Strike Price <br>$3.50, Expires <br>02/13/26 (MSCS)<br>| 1 | 9770000 | 167878 |

---

**108**

See Notes to Financial Statements.

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of**<br> **Contracts**<br>| **Notional**<br> **Amount**<br>| **Value** |
| Pay 1-Day SOFR <br> (Annually); <br> Receive 3.75% <br> (Annually); Interest <br> Rate Swap <br> Maturing <br> 11/03/2026 USD, <br> Strike Price <br>$3.75, Expires <br>10/30/25 (DEUT)<br>| 1 | $85800000 | $303294 |
| Pay 1-Day SONIA <br> (Annually); <br> Receive 3.5% <br> (Annually); Interest <br> Rate Swap <br> Maturing <br> 08/19/2028 GBP, <br> Strike Price <br>$3.50, Expires <br>08/19/26 (MSCS)<br>| 1 | 11500000 | 110205 |
|  |  |  | 1085011 |
| **Call Option — 0.0%** | **Call Option — 0.0%** | **Call Option — 0.0%** | **Call Option — 0.0%** |
| U.S. Dollar vs. Swedish <br> Krona, Strike Price <br> $10.20, Expires <br> 11/26/25 (BAR)<br>| 1 | 2097000 | 11024 |
| **Put Options — 0.0%** | **Put Options — 0.0%** | **Put Options — 0.0%** | **Put Options — 0.0%** |
| Euro vs. U.S. Dollar, <br> Strike Price <br>$1.01, Expires <br>11/24/25 (BOA)<br>| 1 | 5799000 | 1303 |
| Euro vs. U.S. Dollar, <br> Strike Price <br>$1.01, Expires <br>11/24/25 (BOA)<br>| 1 | 5799000 | 1303 |
| Euro vs. U.S. Dollar, <br> Strike Price <br>$1.01, Expires <br>11/26/25 (BOA)<br>| 1 | 2040000 | 470 |
| Euro vs. U.S. Dollar, <br> Strike Price <br>$1.01, Expires <br>11/26/25 (BOA)<br>| 1 | 4059000 | 936 |
| Euro vs. U.S. Dollar, <br> Strike Price <br>$1.01, Expires <br>11/26/25 (BOA)<br>| 1 | 1740000 | 401 |
| Euro vs. U.S. Dollar, <br> Strike Price <br>$1.01, Expires <br>11/26/25 (BOA)<br>| 1 | 336000 | 77 |
| Euro vs. U.S. Dollar, <br> Strike Price <br>$1.10, Expires <br>12/17/25 (GSC)<br>| 1 | 162500 | 12240 |
| Euro vs. U.S. Dollar, <br> Strike Price <br>$1.10, Expires <br>12/23/25 (HSBC)<br>| 1 | 354500 | 25355 |
| Euro vs. U.S. Dollar, <br> Strike Price <br>$1.11, Expires <br>11/24/25 (MSCS)<br>| 1 | 6588000 | 19226 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of**<br> **Contracts**<br>| **Notional**<br> **Amount**<br>| **Value** |
| U.S. Dollar vs. <br> Japanese Yen, <br> Strike Price <br>$123.50, Expires <br>05/20/26 (JPM)<br>| 1 | $617000 | $103112 |
| U.S. Dollar vs. <br> Japanese Yen, <br> Strike Price <br>$140.00, Expires <br>11/19/25 (UBS)<br>| 1 | 3323000 | 66048 |
| U.S. Dollar vs. <br> Japanese Yen, <br> Strike Price <br>$140.00, Expires <br>11/19/25 (UBS)<br>| 1 | 997000 | 19816 |
| U.S. Dollar vs. <br> Japanese Yen, <br> Strike Price <br>$140.00, Expires <br>04/01/26 (BOA)<br>| 1 | 2980000 | 100635 |
|  |  |  | 350922 |
| **Put Swaption — 0.0%** | **Put Swaption — 0.0%** | **Put Swaption — 0.0%** | **Put Swaption — 0.0%** |
| Pay 5.5% (Annually); <br> Receive 1-Day <br> SONIA (Annually); <br> Interest Rate Swap <br> Maturing <br> 08/19/2028 GBP, <br> Strike Price $5.50, <br> Expires 08/19/26 <br> (MSCS)<br>| 1 | 11500000 | 5063 |
| **Total Purchased Options** <br>(Premiums paid $1,649,843) | **Total Purchased Options** <br>(Premiums paid $1,649,843) |  | 1452020 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** |  |
| **U.S. TREASURY OBLIGATIONS — 20.1%** | **U.S. TREASURY OBLIGATIONS — 20.1%** | **U.S. TREASURY OBLIGATIONS — 20.1%** |
| U.S. Treasury Bills |  |  |
| 4.16%, 07/03/25Ω ‡‡ | $8076100 | 8074222 |
| 4.25%, 09/11/25Ω ‡‡ | 11000 | 10907 |
| 4.17%, 09/16/25Ω ‡‡ | 911000 | 902738 |
| 4.13%, 11/28/25Ω | 3775000 | 3710180 |
| 4.13%, 12/11/25Ω | 1600000 | 1570262 |
| 4.06%, 12/18/25Ω | 1795000 | 1760109 |
| 4.08%, 12/26/25Ω | 1615000 | 1582208 |
|  |  | 17610626 |
| U.S. Treasury Bonds |  |  |
| 4.25%, 05/15/39 | 4300000 | 4187629 |
| 4.38%, 11/15/39‡‡ | 200000 | 196117 |
| 1.38%, 11/15/40 | 32300000 | 20587465 |
| 1.88%, 02/15/41 | 6800000 | 4679250 |
| 4.75%, 02/15/41‡‡ Δ | 15900000 | 16111793 |
| 2.25%, 05/15/41‡‡ | 1700000 | 1235156 |
| 3.13%, 11/15/41 | 3580000 | 2937138 |
| 2.38%, 02/15/42 | 2800000 | 2037875 |
| 3.25%, 05/15/42Δ | 6900000 | 5710559 |
| 2.75%, 08/15/42‡‡ | 10430000 | 7984246 |
| 2.75%, 11/15/42 | 7050000 | 5372596 |
| 2.88%, 05/15/43Δ | 3200000 | 2467375 |

---

See Notes to Financial Statements.

**109**

------

**MEDIUM-DURATION BOND FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| 3.63%, 02/15/44 | $5700000 | $4881738 |
| 3.38%, 05/15/44‡‡ | 3200000 | 2633125 |
| 4.63%, 05/15/44 | 14760000 | 14479214 |
| 3.13%, 08/15/44 | 4800000 | 3786187 |
| 4.13%, 08/15/44 | 11875000 | 10882788 |
| 3.00%, 11/15/44‡‡ | 3100000 | 2388090 |
| 4.63%, 11/15/44 | 2000000 | 1958437 |
| 4.75%, 02/15/45 | 31095000 | 30939525 |
| 5.00%, 05/15/45Δ | 28020000 | 28788361 |
| 2.88%, 08/15/45‡‡ | 700000 | 523605 |
| 3.13%, 05/15/48 | 3340000 | 2535138 |
| 3.00%, 08/15/48 | 11300000 | 8360676 |
| 3.38%, 11/15/48Δ | 3220000 | 2548202 |
| 3.00%, 02/15/49 | 300000 | 221133 |
| 2.88%, 05/15/49Δ | 9580000 | 6880012 |
| 2.25%, 08/15/49Δ | 5000000 | 3138086 |
| 2.38%, 11/15/49‡‡ | 3800000 | 2445211 |
| 1.38%, 08/15/50Δ | 4900000 | 2417461 |
| 1.63%, 11/15/50 | 9200000 | 4849766 |
| 4.75%, 11/15/53Δ | 1130000 | 1120113 |
| 4.25%, 08/15/54‡‡ | 31350000 | 28638715 |
| 4.75%, 05/15/55‡‡ Δ | 7570000 | 7528602 |
|  |  | 245451384 |
| U.S. Treasury <br> Inflationary Index <br> Notes<br>|  |  |
| 0.38%, 07/15/25 | 270550 | 270423 |
| 1.25%, 04/15/28 | 3133635 | 3128350 |
| 2.13%, 04/15/29 | 6845124 | 7030917 |
| 1.63%, 10/15/29 | 5352428 | 5419799 |
| 0.63%, 07/15/32 | 20315440 | 18957789 |
| 1.13%, 01/15/33 | 14754078 | 14105134 |
| 1.38%, 07/15/33 | 348566 | 338666 |
| 1.75%, 01/15/34‡‡ | 7618353 | 7555830 |
| 1.88%, 07/15/34 | 17079379 | 17102388 |
| 2.13%, 01/15/35 | 12665590 | 12879979 |
|  |  | 86789275 |
| U.S. Treasury <br> Inflationary <br> Indexed Bonds<br>|  |  |
| 1.50%, 02/15/53 | 4698793 | 3725191 |
| U.S. Treasury Notes |  |  |
| 4.25%, 12/31/26Δ | 16215000 | 16311910 |
| 3.88%, 03/31/27 | 2730000 | 2734692 |
| 4.63%, 06/15/27 | 7640000 | 7767731 |
| 0.50%, 06/30/27 | 9940000 | 9329040 |
| 2.75%, 02/15/28‡‡ | 1400000 | 1366914 |
| 1.25%, 03/31/28‡‡ | 510000 | 477627 |
| 1.25%, 05/31/28 | 13250000 | 12362871 |
| 1.25%, 06/30/28 | 18800000 | 17506031 |
| 4.63%, 09/30/28‡‡ | 1000000 | 1027930 |
| 4.13%, 11/30/29 | 1060000 | 1075817 |
| 4.25%, 01/31/30Δ | 6500000 | 6629746 |
| 1.50%, 02/15/30 | 2870000 | 2597686 |
| 3.63%, 03/31/30 | 2241300 | 2225716 |
| 4.00%, 03/31/30 | 2200000 | 2220969 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| 3.88%, 04/30/30‡‡ Δ | $27175000 | $27287522 |
| 0.63%, 05/15/30 | 37760000 | 32495725 |
| 3.75%, 06/30/30Δ | 9990000 | 9966586 |
| 3.88%, 06/30/30Δ | 15050000 | 15108201 |
| 4.13%, 03/31/31Δ | 17280000 | 17501400 |
| 4.63%, 04/30/31 | 1730000 | 1796632 |
| 4.00%, 04/30/32‡‡ | 17500000 | 17525977 |
| 4.00%, 06/30/32 | 15110000 | 15122985 |
| 3.38%, 05/15/33‡‡ | 2000000 | 1907109 |
| 4.25%, 11/15/34Δ | 13300000 | 13347797 |
| 4.63%, 02/15/35‡‡ Δ | 1220000 | 1259078 |
| 4.25%, 05/15/35 | 5120000 | 5128400 |
|  |  | 242082092 |
| U.S. Treasury Strips |  |  |
| 3.27%, 11/15/29Ω Δ | 7660800 | 6481053 |
| 3.26%, 08/15/30Ω | 1540000 | 1262117 |
| 3.27%, 11/15/30Ω | 1540000 | 1247604 |
| 3.92%, 08/15/31Ω | 3810000 | 2980744 |
| 3.72%, 11/15/31Ω | 5260000 | 4066191 |
| 3.26%, 05/15/32Ω Δ | 3306100 | 2499279 |
| 3.22%, 08/15/33Ω | 1540000 | 1094956 |
| 3.68%, 08/15/35Ω | 2900000 | 1857505 |
| 2.22%, 02/15/40Ω ‡‡ | 2790000 | 1382238 |
| 2.18%, 08/15/41Ω | 1080000 | 491538 |
| 1.98%, 05/15/52Ω ‡‡ | 40250000 | 10886389 |
| 2.42%, 08/15/53Ω | 17000000 | 4374138 |
| 2.35%, 11/15/53Ω | 16400000 | 4193326 |
| 2.34%, 05/15/54Ω | 19000000 | 4745412 |
| 2.53%, 08/15/54Ω | 3810000 | 943358 |
| 2.41%, 02/15/55Ω | 9000000 | 2193391 |
|  |  | 50699239 |
| **Total U.S. Treasury Obligations** <br>(Cost $670,045,832) |  | 646357807 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **PREFERRED STOCKS — 0.1%** | **PREFERRED STOCKS — 0.1%** | **PREFERRED STOCKS — 0.1%** |
| American National Group, Inc. |  |  |
| 7.38%  | 12000 | 312840 |
| Boeing Co. (The) |  |  |
| 6.00% CONV | 17674 | 1201832 |
| Jackson Financial, Inc. |  |  |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 5Y + <br> 3.73%), 8.00% † | 6000 | 151920 |
| NextEra Energy Capital Holdings, <br> Inc. |  |  |
| 6.50%  | 1000000 | 250390 |
| **Total Preferred Stocks** <br>(Cost $1,609,716) |  | 1916982 |
| **MONEY MARKET FUNDS — 5.9%** | **MONEY MARKET FUNDS — 5.9%** | **MONEY MARKET FUNDS — 5.9%** |
| Northern Institutional Liquid Assets <br> Portfolio (Shares), 4.39%Ø § | 57827213 | 57827213 |

---

**110**

See Notes to Financial Statements.

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| GuideStone Money Market Fund, <br> 4.25% <br>(Institutional Class)Ø ∞ | 133514246 | $133514246 |
| **Total Money Market Funds** <br>(Cost $191,341,459) |  | 191341459 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** |  |
| **REPURCHASE AGREEMENTS — 13.7%** | **REPURCHASE AGREEMENTS — 13.7%** | **REPURCHASE AGREEMENTS — 13.7%** |
| Citigroup Global Markets, Inc. |  |  |
| 4.41% (dated 06/30/25, due <br> 07/02/25, repurchase price <br> $202,249,539, collateralized <br> by U.S. Treasury Notes, <br> 3.875%, due 05/31/27, total <br> market value $205,511,742) | $202200000 | 202200000 |
| 4.44% (dated 06/30/25, due <br> 07/01/25, repurchase price <br> $237,629,304, collateralized <br> by U.S. Treasury Bill, 0.000%, <br> due 07/10/25, total market <br> value $242,442,373) | 237600000 | 237600000 |
| Deutsche Bank Securities, Inc. |  |  |
| 4.42% (dated 06/30/25, due <br> 07/01/25, repurchase price <br> $100,000, collateralized by <br> U.S. Treasury Bonds, 1.750%, <br> due 08/15/41, total market <br> value $101,976) | 100000 | 100000 |
| **Total Repurchase Agreements** <br>(Cost $439,900,000) |  | 439900000 |
| **TOTAL INVESTMENTS — 130.2**% <br>(Cost $4,221,859,565) |  | 4194061796 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of** <br>**Contracts**<br>| **Notional** <br>**Amount**<br>|  |
| **WRITTEN OPTIONS — (0.1)%** | **WRITTEN OPTIONS — (0.1)%** | **WRITTEN OPTIONS — (0.1)%** | **WRITTEN OPTIONS — (0.1)%** |
| **Call Options — (0.1)%** | **Call Options — (0.1)%** | **Call Options — (0.1)%** | **Call Options — (0.1)%** |
| 10-Year U.S. Treasury <br> Note Future <br> expiration date <br> 08/2025, Strike <br> Price <br>$112.00, Expires <br>07/25/25 (MSCS)<br>| (12)<br>| $(1345500)<br>| (9000)<br>|
| 10-Year U.S. Treasury <br> Note Future <br> expiration date <br> 08/2025, Strike <br> Price <br>$112.50, Expires <br>07/25/25 (MSCS)<br>| (41)<br>| (4597125)<br>| (21781)<br>|
| 10-Year U.S. Treasury <br> Note Future <br> expiration date <br> 08/2025, Strike <br> Price <br>$113.20, Expires <br>07/25/25 (MSCS)<br>| (7)<br>| (784875)<br>| (1792100)<br>|

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of**<br> **Contracts**<br>| **Notional**<br> **Amount**<br>| **Value** |
| Euro-Bobl, Strike Price <br>$118.50, Expires <br>07/25/25 (GSC)<br>| (3)<br>| $(353040)<br>| $(389)<br>|
| Euro-Bund, Strike <br> Price <br>$132.50, Expires <br>07/25/25 (GSC)<br>| (2)<br>| (235360)<br>| (330)<br>|
|  |  |  | (1823600)<br>|
| **Call Swaptions — (0.0)%** | **Call Swaptions — (0.0)%** | **Call Swaptions — (0.0)%** | **Call Swaptions — (0.0)%** |
| CDX CDX.NA.IG.44 <br> (Pay Quarterly); <br> Credit Default <br> Swap Maturing <br> 07/16/2025 USD, <br> Strike Price <br>$85.00, Expires <br>07/16/25 (GSC)<br>| (1)<br>| (700000)<br>| (50)<br>|
| Pay 2.83% (Annually); <br> Receive 1-Day <br> SOFR (Annually); <br> Interest Rate Swap <br> Maturing <br> 11/03/2026 USD, <br> Strike Price <br>$2.83, Expires <br>10/30/25 (DEUT)<br>| (1)<br>| (85800000)<br>| (52158)<br>|
| Pay 3% (Annually); <br> Receive 1-Day <br> SOFR (Annually); <br> Interest Rate Swap <br> Maturing <br> 02/18/2031 USD, <br> Strike Price <br>$3.00, Expires <br>02/13/26 (TD)<br>| (1)<br>| (9770000)<br>| (73536)<br>|
| Pay 3% (Annually); <br> Receive 1-Day <br> SOFR (Annually); <br> Interest Rate Swap <br> Maturing <br> 02/18/2031 USD, <br> Strike Price <br>$3.00, Expires <br>02/13/26 (BNP)<br>| (1)<br>| (9770000)<br>| (73536)<br>|
| Pay 3% (Annually); <br> Receive 1-Day <br> SOFR (Annually); <br> Interest Rate Swap <br> Maturing <br> 02/18/2031 USD, <br> Strike Price <br>$3.00, Expires <br>02/13/26 (BNP)<br>| (1)<br>| (9770000)<br>| (73536)<br>|

---

See Notes to Financial Statements.

**111**

------

**MEDIUM-DURATION BOND FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of**<br> **Contracts**<br>| **Notional**<br> **Amount**<br>| **Value** |
| Pay 3% (Annually); <br> Receive 1-Day <br> SOFR (Annually); <br> Interest Rate Swap <br> Maturing <br> 02/18/2031 USD, <br> Strike Price <br>$3.00, Expires <br>02/13/26 (MSCS)<br>| (1)<br>| $(9770000)<br>| $(73536)<br>|
| Pay 3% (Annually); <br> Receive 1-Day <br> SONIA (Annually); <br> Interest Rate Swap <br> Maturing <br> 08/19/2028 GBP, <br> Strike Price <br>$3.00, Expires <br>08/19/26 (MSCS)<br>| (1)<br>| (11500000)<br>| (55423)<br>|
| Pay 3.29% (Annually); <br> Receive 1-Day <br> SOFR (Annually); <br> Interest Rate Swap <br> Maturing <br> 11/03/2026 USD, <br> Strike Price <br>$3.29, Expires <br>10/30/25 (DEUT)<br>| (1)<br>| (85800000)<br>| (126100)<br>|
| Pay 3.525% <br> (Annually); <br> Receive 1-Day <br> SOFR (Annually); <br> Interest Rate Swap <br> Maturing <br> 07/30/2035 USD, <br> Strike Price <br>$3.53, Expires <br>07/28/25 (GSC)<br>| (1)<br>| (1900000)<br>| (6096)<br>|
| Pay 3.555% <br> (Annually); <br> Receive 1-Day <br> SOFR (Annually); <br> Interest Rate Swap <br> Maturing <br> 07/28/2035 USD, <br> Strike Price <br>$3.56, Expires <br>07/24/25 (BOA)<br>| (1)<br>| (1300000)<br>| (4319)<br>|
| Pay 3.583% <br> (Annually); <br> Receive 1-Day <br> SOFR (Annually); <br> Interest Rate Swap <br> Maturing <br> 07/25/2035 USD, <br> Strike Price <br>$3.58, Expires <br>07/23/25 (GSC)<br>| (1)<br>| (500000)<br>| (1928)<br>|
| Pay 3.637% <br> (Annually); <br> Receive 1-Day <br> SOFR (Annually); <br> Interest Rate Swap <br> Maturing <br> 07/22/2035 USD, <br> Strike Price <br>$3.64, Expires <br>07/18/25 (BOA)<br>| (1)<br>| (700000)<br>| (3223)<br>|

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of**<br> **Contracts**<br>| **Notional**<br> **Amount**<br>| **Value** |
| Pay 3.6525% <br> (Annually); <br> Receive 1-Day <br> SOFR (Annually); <br> Interest Rate Swap <br> Maturing <br> 07/16/2035 USD, <br> Strike Price <br>$3.65, Expires <br>07/14/25 (GSC)<br>| (1)<br>| $(600000)<br>| $(2611)<br>|
| Pay 3.664% <br> (Annually); <br> Receive 1-Day <br> SOFR (Annually); <br> Interest Rate Swap <br> Maturing <br> 07/16/2035 USD, <br> Strike Price <br>$3.66, Expires <br>07/14/25 (MSCS)<br>| (1)<br>| (300000)<br>| (1429)<br>|
| Pay 3.669% <br> (Annually); <br> Receive 1-Day <br> SOFR (Annually); <br> Interest Rate Swap <br> Maturing <br> 07/09/2035 USD, <br> Strike Price <br>$3.67, Expires <br>07/07/25 (MSCS)<br>| (1)<br>| (200000)<br>| (650)<br>|
| Pay 3.68% (Annually); <br> Receive 1-Day <br> SOFR (Annually); <br> Interest Rate Swap <br> Maturing <br> 07/09/2035 USD, <br> Strike Price <br>$3.68, Expires <br>07/07/25 (GSC)<br>| (1)<br>| (400000)<br>| (1465)<br>|
| Pay 3.697% <br> (Annually); <br> Receive 1-Day <br> SOFR (Annually); <br> Interest Rate Swap <br> Maturing <br> 07/18/2035 USD, <br> Strike Price <br>$3.70, Expires <br>07/16/25 (MSCS)<br>| (1)<br>| (1000000)<br>| (6490)<br>|
| Pay 3.725% <br> (Annually); <br> Receive 1-Day <br> SOFR (Annually); <br> Interest Rate Swap <br> Maturing <br> 07/08/2035 USD, <br> Strike Price <br>$3.73, Expires <br>07/03/25 (MSCS)<br>| (1)<br>| (1200000)<br>| (5262)<br>|
|  |  |  | (561348)<br>|

---

**112**

See Notes to Financial Statements.

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of**<br> **Contracts**<br>| **Notional**<br> **Amount**<br>| **Value** |
| **Put Options — (0.0)%** | **Put Options — (0.0)%** | **Put Options — (0.0)%** | **Put Options — (0.0)%** |
| 10-Year U.S. Treasury <br> Note Future <br> expiration date <br> 08/2025, Strike <br> Price <br>$108.50, Expires <br>07/25/25 (MSCS)<br>| (12)<br>| $(1345500)<br>| $(375)<br>|
| 10-Year U.S. Treasury <br> Note Future <br> expiration date <br> 08/2025, Strike <br> Price <br>$109.00, Expires <br>07/25/25 (MSCS)<br>| (31)<br>| (3475875)<br>| (968)<br>|
| 10-Year U.S. Treasury <br> Note Future <br> expiration date <br> 08/2025, Strike <br> Price <br>$109.50, Expires <br>07/25/25 (MSCS)<br>| (10)<br>| (1121250)<br>| (625)<br>|
| 10-Year U.S. Treasury <br> Note Future <br> expiration date <br> 08/2025, Strike <br> Price <br>$110.70, Expires <br>07/25/25 (MSCS)<br>| (7)<br>| (784875)<br>| (1471230)<br>|
| Euro-Bobl, Strike Price <br>$117.25, Expires <br>07/25/25 (GSC)<br>| (3)<br>| (353040)<br>| (636)<br>|
| Euro-Bund, Strike <br> Price <br>$129.00, Expires <br>07/25/25 (GSC)<br>| (2)<br>| (235360)<br>| (801)<br>|
| U.S. Dollar vs. <br> Japanese Yen, <br> Strike Price <br>$130.00, Expires <br>11/19/25 (UBS)<br>| (1)<br>| (3323000)<br>| (15698)<br>|
| U.S. Dollar vs. <br> Japanese Yen, <br> Strike Price <br>$130.00, Expires <br>11/19/25 (UBS)<br>| (1)<br>| (997000)<br>| (4710)<br>|
|  |  |  | (1495043)<br>|
| **Put Swaptions — (0.0)%** | **Put Swaptions — (0.0)%** | **Put Swaptions — (0.0)%** | **Put Swaptions — (0.0)%** |
| Pay 1-Day SOFR <br> (Annually); <br> Receive 3.875% <br> (Annually); Interest <br> Rate Swap <br> Maturing <br> 07/30/2035 USD, <br> Strike Price <br>$3.88, Expires <br>07/28/25 (GSC)<br>| (1)<br>| (1900000)<br>| (5013)<br>|

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of**<br> **Contracts**<br>| **Notional**<br> **Amount**<br>| **Value** |
| Pay 1-Day SOFR <br> (Annually); <br> Receive 3.905% <br> (Annually); Interest <br> Rate Swap <br> Maturing <br> 07/28/2035 USD, <br> Strike Price <br>$3.91, Expires <br>07/24/25 (BOA)<br>| (1)<br>| $(1300000)<br>| $(2267)<br>|
| Pay 1-Day SOFR <br> (Annually); <br> Receive 3.933% <br> (Annually); Interest <br> Rate Swap <br> Maturing <br> 07/25/2035 USD, <br> Strike Price <br>$3.93, Expires <br>07/23/25 (GSC)<br>| (1)<br>| (500000)<br>| (653)<br>|
| Pay 1-Day SOFR <br> (Annually); <br> Receive 4.019% <br> (Annually); Interest <br> Rate Swap <br> Maturing <br> 07/09/2035 USD, <br> Strike Price <br>$4.02, Expires <br>07/07/25 (MSCS)<br>| (1)<br>| (200000)<br>| (3)<br>|
| Pay 1-Day SOFR <br> (Annually); <br> Receive 4.03% <br> (Annually); Interest <br> Rate Swap <br> Maturing <br> 07/09/2035 USD, <br> Strike Price <br>$4.03, Expires <br>07/07/25 (GSC)<br>| (1)<br>| (400000)<br>| (4)<br>|
| Pay 1-Day SOFR <br> (Annually); <br> Receive 4.037% <br> (Annually); Interest <br> Rate Swap <br> Maturing <br> 07/22/2035 USD, <br> Strike Price <br>$4.04, Expires <br>07/18/25 (BOA)<br>| (1)<br>| (700000)<br>| (203)<br>|
| Pay 1-Day SOFR <br> (Annually); <br> Receive 4.0525% <br> (Annually); Interest <br> Rate Swap <br> Maturing <br> 07/16/2035 USD, <br> Strike Price <br>$4.05, Expires <br>07/14/25 (GSC)<br>| (1)<br>| (600000)<br>| (69)<br>|

---

See Notes to Financial Statements.

**113**

------

**MEDIUM-DURATION BOND FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of**<br> **Contracts**<br>| **Notional**<br> **Amount**<br>| **Value** |
| Pay 1-Day SOFR <br> (Annually); <br> Receive 4.064% <br> (Annually); Interest <br> Rate Swap <br> Maturing <br> 07/16/2035 USD, <br> Strike Price <br>$4.06, Expires <br>07/14/25 (MSCS)<br>| (1)<br>| $(300000)<br>| $(29)<br>|
| Pay 1-Day SOFR <br> (Annually); <br> Receive 4.075% <br> (Annually); Interest <br> Rate Swap <br> Maturing <br> 07/08/2035 USD, <br> Strike Price <br>$4.08, Expires <br>07/03/25 (MSCS)<br>| (1)<br>| (1200000)<br>| (—)<br>|
| Pay 1-Day SOFR <br> (Annually); <br> Receive 4.097% <br> (Annually); Interest <br> Rate Swap <br> Maturing <br> 07/18/2035 USD, <br> Strike Price <br>$4.10, Expires <br>07/16/25 (MSCS)<br>| (1)<br>| (1000000)<br>| (100)<br>|
| Pay 1-Day SONIA <br> (Annually); <br> Receive 4.5% <br> (Annually); Interest <br> Rate Swap <br> Maturing <br> 08/19/2028 GBP, <br> Strike Price <br>$4.50, Expires <br>08/19/26 (MSCS)<br>| (1)<br>| (11500000)<br>| (23743)<br>|
|  |  |  | (32084)<br>|
| **Total Written Options** <br>(Premiums received $(931042)) | **Total Written Options** <br>(Premiums received $(931042)) |  | (3912075)<br>|

---

---

| | | |
|:---|:---|:---|
|  | **Par** |  |
| **TBA SALE COMMITMENTS — (1.2)%** | **TBA SALE COMMITMENTS — (1.2)%** | **TBA SALE COMMITMENTS — (1.2)%** |
| Uniform Mortgage Backed Securities <br>3.50%, 07/01/53 TBA | $(100000)<br>| (90044)<br>|
| Uniform Mortgage Backed Securities <br>4.00%, 07/01/52 TBA | (6000000)<br>| (5579767)<br>|
| Uniform Mortgage Backed Securities <br>4.50%, 07/01/53 TBA | (17000000)<br>| (16263150)<br>|
| Government National Mortgage <br> Association <br>4.00%, 07/01/53 TBA | (1000000)<br>| (929933)<br>|
| Uniform Mortgage Backed Securities <br>2.00%, 07/01/52 TBA | (5000000)<br>| (3959282)<br>|
| Government National Mortgage <br> Association <br>3.00%, 07/01/53 TBA | (3000000)<br>| (2654015)<br>|
| Government National Mortgage <br> Association <br>4.50%, 07/01/53 TBA | (7000000)<br>| (6701593)<br>|

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Government National Mortgage <br> Association <br>3.50%, 07/01/53 TBA | $(2000000)<br>| $(1818536)<br>|
| **Total TBA Sale Commitments** <br>(Proceeds $(37468344)) |  | (37996320)<br>|
| **Liabilities in Excess of Other**<br> **Assets — (28.9)%** |  | (931192336)<br>|
| **NET ASSETS — 100.0%** |  | $3220961065 |

---

**114**

See Notes to Financial Statements.

------

Futures Contracts outstanding at June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Future Type** | **Expiration Date** | **Open Long** <br>**(Short) Contracts**<br>| **Notional** <br>**Market Value** <br>**of Contracts**<br>| **Value and** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| 30-Year Euro Buxl | 09/2025 | &nbsp;&nbsp;&nbsp; (3)<br>| &nbsp;&nbsp;&nbsp; $(419609)<br>| &nbsp;&nbsp;&nbsp; $8780 |
| Euro-Bobl | 09/2025 | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; 415863 | &nbsp;&nbsp;&nbsp; (1841)<br>|
| Euro-OAT | 09/2025 | &nbsp;&nbsp;&nbsp; (1)<br>| &nbsp;&nbsp;&nbsp; (145877)<br>| &nbsp;&nbsp;&nbsp; 877 |
| Euro-Bund | 09/2025 | &nbsp;&nbsp;&nbsp; (180)<br>| &nbsp;&nbsp;&nbsp; (27595837)<br>| &nbsp;&nbsp;&nbsp; 197051 |
| 10-Year Japanese Treasury Bond | 09/2025 | &nbsp;&nbsp;&nbsp; (12)<br>| &nbsp;&nbsp;&nbsp; (11584598)<br>| &nbsp;&nbsp;&nbsp; (33644)<br>|
| 3-Month CME SOFR | 09/2025 | &nbsp;&nbsp;&nbsp; 116 | &nbsp;&nbsp;&nbsp; 27742850 | &nbsp;&nbsp;&nbsp; (187050)<br>|
| 10-Year Bond | 09/2025 | &nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp; 4031577 | &nbsp;&nbsp;&nbsp; 33885 |
| 10-Year U.S. Treasury Note | 09/2025 | &nbsp;&nbsp;&nbsp; 386 | &nbsp;&nbsp;&nbsp; 43280250 | &nbsp;&nbsp;&nbsp; 657943 |
| U.S. Treasury Long Bond | 09/2025 | &nbsp;&nbsp;&nbsp; 117 | &nbsp;&nbsp;&nbsp; 13509844 | &nbsp;&nbsp;&nbsp; 226450 |
| Ultra 10-Year U.S. Treasury Note | 09/2025 | &nbsp;&nbsp;&nbsp; (617)<br>| &nbsp;&nbsp;&nbsp; (70501891)<br>| &nbsp;&nbsp;&nbsp; (1320407)<br>|
| Ultra Long U.S. Treasury Bond | 09/2025 | &nbsp;&nbsp;&nbsp; 502 | &nbsp;&nbsp;&nbsp; 59800750 | &nbsp;&nbsp;&nbsp; 2041769 |
| Long GILT | 09/2025 | &nbsp;&nbsp;&nbsp; 41 | &nbsp;&nbsp;&nbsp; 5235603 | &nbsp;&nbsp;&nbsp; 109910 |
| 2-Year U.S. Treasury Note | 09/2025 | &nbsp;&nbsp;&nbsp; 1321 | &nbsp;&nbsp;&nbsp; 274798961 | &nbsp;&nbsp;&nbsp; 1111426 |
| 5-Year U.S. Treasury Note | 09/2025 | &nbsp;&nbsp;&nbsp; 2216 | &nbsp;&nbsp;&nbsp; 241544000 | &nbsp;&nbsp;&nbsp; 2539209 |
| 3-Month CME SOFR | 12/2025 | &nbsp;&nbsp;&nbsp; 116 | &nbsp;&nbsp;&nbsp; 27837100 | &nbsp;&nbsp;&nbsp; (150800)<br>|
| 3-Month CME SOFR | 03/2026 | &nbsp;&nbsp;&nbsp; 116 | &nbsp;&nbsp;&nbsp; 27935700 | &nbsp;&nbsp;&nbsp; (87000)<br>|
| 3-Month SONIA SO3 | 03/2026 | &nbsp;&nbsp;&nbsp; 195 | &nbsp;&nbsp;&nbsp; 64497652 | &nbsp;&nbsp;&nbsp; 90091 |
| 3-Month CME SOFR | 06/2026 | &nbsp;&nbsp;&nbsp; 116 | &nbsp;&nbsp;&nbsp; 28014000 | &nbsp;&nbsp;&nbsp; (30450)<br>|
| 3-Month CME SOFR | 09/2026 | &nbsp;&nbsp;&nbsp; 116 | &nbsp;&nbsp;&nbsp; 28077800 | &nbsp;&nbsp;&nbsp; 21750 |
| Total Futures Contracts outstanding at June 30, 2025 |  |  | &nbsp;&nbsp;&nbsp; $736474138 | &nbsp;&nbsp;&nbsp; $5227949 |

---

Forward Foreign Currency Contracts outstanding at June 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Expiration Date** | **Currency** <br>**Purchased**<br>| **Amount** <br>**of Currency** <br>**Purchased**<br>| **Currency** <br>**Sold**<br>| **Amount** <br>**of Currency** <br>**Sold**<br>| **Counter-** <br>**party**<br>| **Net Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| 07/02/25 | Brazilian Reals | &nbsp;&nbsp; 43446422 | U.S. Dollars | &nbsp;&nbsp; 7619439 | BNP | &nbsp;&nbsp; $377178 |
| 10/02/25 | Brazilian Reals | &nbsp;&nbsp; 51593361 | U.S. Dollars | &nbsp;&nbsp; 9149868 | GSC | &nbsp;&nbsp; 120814 |
| 09/17/25 | Euro | &nbsp;&nbsp; 3029064 | U.S. Dollars | &nbsp;&nbsp; 3481039 | MSCS | &nbsp;&nbsp; 106130 |
| 07/02/25 | Brazilian Reals | &nbsp;&nbsp; 6897064 | U.S. Dollars | &nbsp;&nbsp; 1178804 | JPM | &nbsp;&nbsp; 90649 |
| 07/16/25 | Taiwan Dollars | &nbsp;&nbsp; 199447071 | U.S. Dollars | &nbsp;&nbsp; 6819560 | SC | &nbsp;&nbsp; 49364 |
| 07/02/25 | Australian Dollars | &nbsp;&nbsp; 3299717 | U.S. Dollars | &nbsp;&nbsp; 2126519 | BAR | &nbsp;&nbsp; 45190 |
| 07/16/25 | Taiwan Dollars | &nbsp;&nbsp; 13001142 | U.S. Dollars | &nbsp;&nbsp; 410260 | HSBC | &nbsp;&nbsp; 37497 |
| 09/17/25 | British Pounds | &nbsp;&nbsp; 1716940 | U.S. Dollars | &nbsp;&nbsp; 2323881 | BNP | &nbsp;&nbsp; 34099 |
| 07/18/25 | Polish Zloty | &nbsp;&nbsp; 4698994 | U.S. Dollars | &nbsp;&nbsp; 1271307 | JPM | &nbsp;&nbsp; 31772 |
| 07/16/25 | Taiwan Dollars | &nbsp;&nbsp; 37191996 | U.S. Dollars | &nbsp;&nbsp; 1252340 | JPM | &nbsp;&nbsp; 28546 |
| 08/20/25 | Taiwan Dollars | &nbsp;&nbsp; 6487323 | U.S. Dollars | &nbsp;&nbsp; 198158 | BNP | &nbsp;&nbsp; 27620 |
| 08/20/25 | Chinese Offshore Yuan | &nbsp;&nbsp; 11680000 | U.S. Dollars | &nbsp;&nbsp; 1615236 | BNP | &nbsp;&nbsp; 23170 |
| 07/16/25 | South Korean Won | &nbsp;&nbsp; 2369019803 | U.S. Dollars | &nbsp;&nbsp; 1733661 | JPM | &nbsp;&nbsp; 21169 |
| 09/17/25 | Canadian Dollars | &nbsp;&nbsp; 3225043 | U.S. Dollars | &nbsp;&nbsp; 2358070 | BNP | &nbsp;&nbsp; 19829 |
| 08/20/25 | Chinese Offshore Yuan | &nbsp;&nbsp; 7092000 | U.S. Dollars | &nbsp;&nbsp; 975292 | BAR | &nbsp;&nbsp; 19535 |
| 07/16/25 | Taiwan Dollars | &nbsp;&nbsp; 5179328 | U.S. Dollars | &nbsp;&nbsp; 159242 | GSC | &nbsp;&nbsp; 19134 |
| 09/17/25 | Australian Dollars | &nbsp;&nbsp; 1819225 | U.S. Dollars | &nbsp;&nbsp; 1186062 | MSCS | &nbsp;&nbsp; 13261 |
| 07/09/25 | Turkish Lira | &nbsp;&nbsp; 28190825 | U.S. Dollars | &nbsp;&nbsp; 690765 | BAR | &nbsp;&nbsp; 11668 |
| 08/20/25 | Chinese Offshore Yuan | &nbsp;&nbsp; 5155000 | U.S. Dollars | &nbsp;&nbsp; 711534 | SC | &nbsp;&nbsp; 11581 |
| 08/20/25 | Chinese Offshore Yuan | &nbsp;&nbsp; 20738000 | U.S. Dollars | &nbsp;&nbsp; 2899532 | BOA | &nbsp;&nbsp; 9481 |
| 08/05/25 | Australian Dollars | &nbsp;&nbsp; 3299717 | U.S. Dollars | &nbsp;&nbsp; 2164007 | JPM | &nbsp;&nbsp; 9343 |
| 07/16/25 | Taiwan Dollars | &nbsp;&nbsp; 12193800 | U.S. Dollars | &nbsp;&nbsp; 410842 | BNP | &nbsp;&nbsp; 9110 |
| 09/17/25 | Canadian Dollars | &nbsp;&nbsp; 3103024 | U.S. Dollars | &nbsp;&nbsp; 2280339 | SS | &nbsp;&nbsp; 7593 |
| 09/17/25 | Euro | &nbsp;&nbsp; 1006115 | U.S. Dollars | &nbsp;&nbsp; 1184000 | SS | &nbsp;&nbsp; 7492 |
| 08/29/25 | Mexican Pesos | &nbsp;&nbsp; 14110452 | U.S. Dollars | &nbsp;&nbsp; 739832 | BNP | &nbsp;&nbsp; 7298 |

---

See Notes to Financial Statements.

**115**

------

**MEDIUM-DURATION BOND FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Expiration Date** | **Currency**<br> **Purchased**<br>| **Amount**<br> **of Currency**<br> **Purchased**<br>| **Currency**<br> **Sold**<br>| **Amount**<br> **of Currency**<br> **Sold**<br>| **Counter-**<br> **party**<br>| **Net Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>|
| 09/17/25 | Euro | &nbsp;&nbsp; 1005867 | U.S. Dollars | &nbsp;&nbsp; 1184000 | BNP | &nbsp;&nbsp; $7198 |
| 07/02/25 | U.S. Dollars | &nbsp;&nbsp; 2985849 | Japanese Yen | &nbsp;&nbsp; 428984866 | HSBC | &nbsp;&nbsp; 6891 |
| 07/23/25 | South African Rand | &nbsp;&nbsp; 6374535 | U.S. Dollars | &nbsp;&nbsp; 352653 | BAR | &nbsp;&nbsp; 6741 |
| 08/20/25 | Chinese Offshore Yuan | &nbsp;&nbsp; 3149000 | U.S. Dollars | &nbsp;&nbsp; 435153 | DEUT | &nbsp;&nbsp; 6571 |
| 07/08/25 | South Korean Won | &nbsp;&nbsp; 767940291 | U.S. Dollars | &nbsp;&nbsp; 562470 | BAR | &nbsp;&nbsp; 6459 |
| 09/17/25 | U.S. Dollars | &nbsp;&nbsp; 2373456 | Swedish Kronor | &nbsp;&nbsp; 22281749 | BNP | &nbsp;&nbsp; 5835 |
| 07/16/25 | Thai Baht | &nbsp;&nbsp; 21604114 | U.S. Dollars | &nbsp;&nbsp; 660000 | BAR | &nbsp;&nbsp; 5415 |
| 07/16/25 | Indonesian Rupiahs | &nbsp;&nbsp; 11650130846 | U.S. Dollars | &nbsp;&nbsp; 713932 | BNP | &nbsp;&nbsp; 5196 |
| 07/01/25 | Turkish Lira | &nbsp;&nbsp; 11595028 | U.S. Dollars | &nbsp;&nbsp; 286191 | BAR | &nbsp;&nbsp; 5011 |
| 09/17/25 | Swiss Francs | &nbsp;&nbsp; 940251 | Euro | &nbsp;&nbsp; 1007000 | BNP | &nbsp;&nbsp; 4494 |
| 08/05/25 | Singapore Dollars | &nbsp;&nbsp; 323579 | U.S. Dollars | &nbsp;&nbsp; 250792 | HSBC | &nbsp;&nbsp; 4423 |
| 07/16/25 | Indonesian Rupiahs | &nbsp;&nbsp; 11856790692 | U.S. Dollars | &nbsp;&nbsp; 727656 | SC | &nbsp;&nbsp; 4228 |
| 09/17/25 | Swedish Kronor | &nbsp;&nbsp; 11147483 | U.S. Dollars | &nbsp;&nbsp; 1181000 | DEUT | &nbsp;&nbsp; 3513 |
| 07/16/25 | South Korean Won | &nbsp;&nbsp; 766355778 | U.S. Dollars | &nbsp;&nbsp; 565352 | UBS | &nbsp;&nbsp; 2319 |
| 07/02/25 | Singapore Dollars | &nbsp;&nbsp; 312529 | U.S. Dollars | &nbsp;&nbsp; 243615 | HSBC | &nbsp;&nbsp; 2180 |
| 08/20/25 | Chinese Offshore Yuan | &nbsp;&nbsp; 8664000 | U.S. Dollars | &nbsp;&nbsp; 1213224 | HSBC | &nbsp;&nbsp; 2115 |
| 07/16/25 | Taiwan Dollars | &nbsp;&nbsp; 2417379 | U.S. Dollars | &nbsp;&nbsp; 81341 | DEUT | &nbsp;&nbsp; 1913 |
| 07/31/25 | Turkish Lira | &nbsp;&nbsp; 13528409 | U.S. Dollars | &nbsp;&nbsp; 328910 | BAR | &nbsp;&nbsp; 1637 |
| 08/20/25 | Chinese Offshore Yuan | &nbsp;&nbsp; 4392000 | U.S. Dollars | &nbsp;&nbsp; 614504 | JPM | &nbsp;&nbsp; 1581 |
| 07/21/25 | Turkish Lira | &nbsp;&nbsp; 3113676 | U.S. Dollars | &nbsp;&nbsp; 75527 | BAR | &nbsp;&nbsp; 1237 |
| 07/23/25 | Turkish Lira | &nbsp;&nbsp; 2886069 | U.S. Dollars | &nbsp;&nbsp; 69862 | BAR | &nbsp;&nbsp; 1164 |
| 07/14/25 | Turkish Lira | &nbsp;&nbsp; 2970588 | U.S. Dollars | &nbsp;&nbsp; 72556 | BAR | &nbsp;&nbsp; 1137 |
| 07/11/25 | Turkish Lira | &nbsp;&nbsp; 3080897 | U.S. Dollars | &nbsp;&nbsp; 75527 | BAR | &nbsp;&nbsp; 1105 |
| 07/10/25 | Turkish Lira | &nbsp;&nbsp; 3087069 | U.S. Dollars | &nbsp;&nbsp; 75755 | BAR | &nbsp;&nbsp; 1098 |
| 09/17/25 | U.S. Dollars | &nbsp;&nbsp; 459000 | Norwegian Kroner | &nbsp;&nbsp; 4613409 | JPM | &nbsp;&nbsp; 1066 |
| 07/02/25 | Singapore Dollars | &nbsp;&nbsp; 130094 | U.S. Dollars | &nbsp;&nbsp; 101279 | JPM | &nbsp;&nbsp; 1037 |
| 08/07/25 | Turkish Lira | &nbsp;&nbsp; 5642626 | U.S. Dollars | &nbsp;&nbsp; 135980 | BAR | &nbsp;&nbsp; 980 |
| 07/16/25 | Thai Baht | &nbsp;&nbsp; 3276580 | U.S. Dollars | &nbsp;&nbsp; 100000 | MLIB | &nbsp;&nbsp; 920 |
| 07/16/25 | Indonesian Rupiahs | &nbsp;&nbsp; 2549466815 | U.S. Dollars | &nbsp;&nbsp; 156457 | GSC | &nbsp;&nbsp; 914 |
| 07/02/25 | U.S. Dollars | &nbsp;&nbsp; 6383830 | Canadian Dollars | &nbsp;&nbsp; 8692000 | JPM | &nbsp;&nbsp; 867 |
| 07/23/25 | South African Rand | &nbsp;&nbsp; 1807438 | U.S. Dollars | &nbsp;&nbsp; 101137 | JPM | &nbsp;&nbsp; 766 |
| 08/05/25 | Singapore Dollars | &nbsp;&nbsp; 64448 | U.S. Dollars | &nbsp;&nbsp; 50081 | SC | &nbsp;&nbsp; 751 |
| 07/16/25 | South Korean Won | &nbsp;&nbsp; 107307816 | U.S. Dollars | &nbsp;&nbsp; 78990 | BNP | &nbsp;&nbsp; 497 |
| 07/16/25 | Indonesian Rupiahs | &nbsp;&nbsp; 2140746052 | U.S. Dollars | &nbsp;&nbsp; 131772 | HSBC | &nbsp;&nbsp; 370 |
| 07/16/25 | Thai Baht | &nbsp;&nbsp; 655144 | U.S. Dollars | &nbsp;&nbsp; 20000 | GSC | &nbsp;&nbsp; 179 |
| 07/08/25 | Indonesian Rupiahs | &nbsp;&nbsp; 6710119103 | U.S. Dollars | &nbsp;&nbsp; 413579 | UBS | &nbsp;&nbsp; 174 |
| 08/05/25 | Singapore Dollars | &nbsp;&nbsp; 18542 | U.S. Dollars | &nbsp;&nbsp; 14514 | BOA | &nbsp;&nbsp; 110 |
| 09/17/25 | Euro | &nbsp;&nbsp; 1008000 | Swedish Kronor | &nbsp;&nbsp; 11233296 | BNP | &nbsp;&nbsp; 93 |
| 07/18/25 | Polish Zloty | &nbsp;&nbsp; 13614 | U.S. Dollars | &nbsp;&nbsp; 3692 | MSCS | &nbsp;&nbsp; 83 |
| 08/05/25 | Singapore Dollars | &nbsp;&nbsp; 12141 | U.S. Dollars | &nbsp;&nbsp; 9504 | JPM | &nbsp;&nbsp; 72 |
| 08/20/25 | Indian Rupees | &nbsp;&nbsp; 38748963 | U.S. Dollars | &nbsp;&nbsp; 450960 | DEUT | &nbsp;&nbsp; 61 |
| 08/05/25 | Singapore Dollars | &nbsp;&nbsp; 8436 | U.S. Dollars | &nbsp;&nbsp; 6634 | GSC | &nbsp;&nbsp; 20 |
| 09/17/25 | Mexican Pesos | &nbsp;&nbsp; 202 | U.S. Dollars | &nbsp;&nbsp; 11 | DEUT | &nbsp;&nbsp; — |
| Subtotal Appreciation | Subtotal Appreciation |  |  |  |  | &nbsp;&nbsp; $1236944 |
| 07/08/25 | Indonesian Rupiahs | &nbsp;&nbsp; 1193378537 | U.S. Dollars | &nbsp;&nbsp; 73593 | UBS | &nbsp;&nbsp; $(8)<br>|
| 07/02/25 | U.S. Dollars | &nbsp;&nbsp; 14514 | Singapore Dollars | &nbsp;&nbsp; 18585 | BOA | &nbsp;&nbsp; (103)<br>|
| 08/04/25 | U.S. Dollars | &nbsp;&nbsp; 183533 | Norwegian Kroner | &nbsp;&nbsp; 1850970 | MSCS | &nbsp;&nbsp; (147)<br>|
| 08/20/25 | Indian Rupees | &nbsp;&nbsp; 23740556 | U.S. Dollars | &nbsp;&nbsp; 276525 | SC | &nbsp;&nbsp; (196)<br>|
| 07/16/25 | U.S. Dollars | &nbsp;&nbsp; 28162 | Indonesian Rupiahs | &nbsp;&nbsp; 459406706 | GSC | &nbsp;&nbsp; (196)<br>|
| 07/02/25 | U.S. Dollars | &nbsp;&nbsp; 19207 | Norwegian Kroner | &nbsp;&nbsp; 195640 | BAR | &nbsp;&nbsp; (203)<br>|
| 07/16/25 | U.S. Dollars | &nbsp;&nbsp; 11822 | South Korean Won | &nbsp;&nbsp; 16248058 | BAR | &nbsp;&nbsp; (213)<br>|
| 07/14/25 | U.S. Dollars | &nbsp;&nbsp; 24693 | Turkish Lira | &nbsp;&nbsp; 1004326 | BNP | &nbsp;&nbsp; (221)<br>|
| 07/16/25 | U.S. Dollars | &nbsp;&nbsp; 21683 | British Pounds | &nbsp;&nbsp; 16000 | MSCS | &nbsp;&nbsp; (281)<br>|
| 07/02/25 | U.S. Dollars | &nbsp;&nbsp; 172305 | Swedish Kronor | &nbsp;&nbsp; 1635000 | BAR | &nbsp;&nbsp; (512)<br>|
| 07/02/25 | U.S. Dollars | &nbsp;&nbsp; 50081 | Singapore Dollars | &nbsp;&nbsp; 64595 | SC | &nbsp;&nbsp; (721)<br>|

---

**116**

See Notes to Financial Statements.

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Expiration Date** | **Currency**<br> **Purchased**<br>| **Amount**<br> **of Currency**<br> **Purchased**<br>| **Currency**<br> **Sold**<br>| **Amount**<br> **of Currency**<br> **Sold**<br>| **Counter-**<br> **party**<br>| **Net Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>|
| 07/16/25 | U.S. Dollars | &nbsp;&nbsp; 487172 | Indonesian Rupiahs | &nbsp;&nbsp; 7905558377 | UBS | &nbsp;&nbsp; $(814)<br>|
| 08/20/25 | U.S. Dollars | &nbsp;&nbsp; 9524 | Taiwan Dollars | &nbsp;&nbsp; 310512 | MLIB | &nbsp;&nbsp; (1283)<br>|
| 07/02/25 | U.S. Dollars | &nbsp;&nbsp; 182012 | Norwegian Kroner | &nbsp;&nbsp; 1848352 | UBS | &nbsp;&nbsp; (1367)<br>|
| 09/17/25 | Japanese Yen | &nbsp;&nbsp; 85976619 | U.S. Dollars | &nbsp;&nbsp; 603919 | MSCS | &nbsp;&nbsp; (1448)<br>|
| 07/16/25 | U.S. Dollars | &nbsp;&nbsp; 81233 | Thai Baht | &nbsp;&nbsp; 2684847 | BNP | &nbsp;&nbsp; (1462)<br>|
| 09/17/25 | Swedish Kronor | &nbsp;&nbsp; 22466592 | Euro | &nbsp;&nbsp; 2017135 | UBS | &nbsp;&nbsp; (1530)<br>|
| 07/18/25 | U.S. Dollars | &nbsp;&nbsp; 226575 | Turkish Lira | &nbsp;&nbsp; 9234744 | BAR | &nbsp;&nbsp; (1706)<br>|
| 07/02/25 | U.S. Dollars | &nbsp;&nbsp; 80904 | New Zealand Dollars | &nbsp;&nbsp; 135656 | JPM | &nbsp;&nbsp; (1785)<br>|
| 08/04/25 | U.S. Dollars | &nbsp;&nbsp; 526098 | Japanese Yen | &nbsp;&nbsp; 75701346 | SC | &nbsp;&nbsp; (1818)<br>|
| 07/02/25 | U.S. Dollars | &nbsp;&nbsp; 166809 | Canadian Dollars | &nbsp;&nbsp; 229657 | BNP | &nbsp;&nbsp; (1840)<br>|
| 07/01/25 | U.S. Dollars | &nbsp;&nbsp; 294163 | Turkish Lira | &nbsp;&nbsp; 11793912 | BAR | &nbsp;&nbsp; (2034)<br>|
| 08/20/25 | U.S. Dollars | &nbsp;&nbsp; 309071 | Indian Rupees | &nbsp;&nbsp; 26736442 | JPM | &nbsp;&nbsp; (2129)<br>|
| 09/17/25 | U.S. Dollars | &nbsp;&nbsp; 945000 | Australian Dollars | &nbsp;&nbsp; 1436876 | JPM | &nbsp;&nbsp; (2259)<br>|
| 08/20/25 | U.S. Dollars | &nbsp;&nbsp; 174426 | Indian Rupees | &nbsp;&nbsp; 15183975 | DEUT | &nbsp;&nbsp; (2309)<br>|
| 07/10/25 | U.S. Dollars | &nbsp;&nbsp; 60118 | Polish Zloty | &nbsp;&nbsp; 225238 | BAR | &nbsp;&nbsp; (2356)<br>|
| 07/08/25 | U.S. Dollars | &nbsp;&nbsp; 565352 | South Korean Won | &nbsp;&nbsp; 766726479 | UBS | &nbsp;&nbsp; (2677)<br>|
| 08/04/25 | U.S. Dollars | &nbsp;&nbsp; 466535 | Danish Kroner | &nbsp;&nbsp; 2963838 | DEUT | &nbsp;&nbsp; (2727)<br>|
| 07/16/25 | U.S. Dollars | &nbsp;&nbsp; 341801 | Chinese Offshore Yuan | &nbsp;&nbsp; 2463189 | HSBC | &nbsp;&nbsp; (2761)<br>|
| 07/08/25 | U.S. Dollars | &nbsp;&nbsp; 486560 | Indonesian Rupiahs | &nbsp;&nbsp; 7940902480 | SC | &nbsp;&nbsp; (3084)<br>|
| 08/20/25 | U.S. Dollars | &nbsp;&nbsp; 270662 | Indian Rupees | &nbsp;&nbsp; 23525995 | BNP | &nbsp;&nbsp; (3170)<br>|
| 07/16/25 | U.S. Dollars | &nbsp;&nbsp; 173349 | Euro | &nbsp;&nbsp; 150000 | MSCS | &nbsp;&nbsp; (3549)<br>|
| 07/16/25 | U.S. Dollars | &nbsp;&nbsp; 481626 | Indonesian Rupiahs | &nbsp;&nbsp; 7865097068 | BAR | &nbsp;&nbsp; (3863)<br>|
| 08/20/25 | U.S. Dollars | &nbsp;&nbsp; 1206325 | Chinese Offshore Yuan | &nbsp;&nbsp; 8627869 | BNP | &nbsp;&nbsp; (3946)<br>|
| 08/20/25 | U.S. Dollars | &nbsp;&nbsp; 2022767 | Chinese Offshore Yuan | &nbsp;&nbsp; 14449635 | SC | &nbsp;&nbsp; (4149)<br>|
| 07/18/25 | U.S. Dollars | &nbsp;&nbsp; 65057 | Israeli Shekels | &nbsp;&nbsp; 233440 | UBS | &nbsp;&nbsp; (4255)<br>|
| 07/02/25 | U.S. Dollars | &nbsp;&nbsp; 250792 | Singapore Dollars | &nbsp;&nbsp; 324324 | HSBC | &nbsp;&nbsp; (4280)<br>|
| 07/16/25 | U.S. Dollars | &nbsp;&nbsp; 644193 | Indonesian Rupiahs | &nbsp;&nbsp; 10509873104 | BOA | &nbsp;&nbsp; (4550)<br>|
| 08/20/25 | U.S. Dollars | &nbsp;&nbsp; 341874 | Chinese Offshore Yuan | &nbsp;&nbsp; 2470040 | HSBC | &nbsp;&nbsp; (4610)<br>|
| 07/02/25 | U.S. Dollars | &nbsp;&nbsp; 1468632 | Japanese Yen | &nbsp;&nbsp; 212164453 | MSCS | &nbsp;&nbsp; (4681)<br>|
| 07/02/25 | U.S. Dollars | &nbsp;&nbsp; 956414 | Japanese Yen | &nbsp;&nbsp; 138434231 | UBS | &nbsp;&nbsp; (4901)<br>|
| 08/20/25 | U.S. Dollars | &nbsp;&nbsp; 1171205 | Chinese Offshore Yuan | &nbsp;&nbsp; 8384872 | MSCS | &nbsp;&nbsp; (4979)<br>|
| 07/16/25 | U.S. Dollars | &nbsp;&nbsp; 540170 | Chinese Offshore Yuan | &nbsp;&nbsp; 3898505 | JPM | &nbsp;&nbsp; (5171)<br>|
| 07/09/25 | U.S. Dollars | &nbsp;&nbsp; 715195 | Turkish Lira | &nbsp;&nbsp; 28927260 | BAR | &nbsp;&nbsp; (5589)<br>|
| 08/20/25 | U.S. Dollars | &nbsp;&nbsp; 911336 | Chinese Offshore Yuan | &nbsp;&nbsp; 6540000 | BAR | &nbsp;&nbsp; (6059)<br>|
| 07/16/25 | U.S. Dollars | &nbsp;&nbsp; 372627 | Thai Baht | &nbsp;&nbsp; 12334048 | HSBC | &nbsp;&nbsp; (7267)<br>|
| 07/16/25 | U.S. Dollars | &nbsp;&nbsp; 337028 | Thai Baht | &nbsp;&nbsp; 11198429 | UBS | &nbsp;&nbsp; (7888)<br>|
| 09/17/25 | U.S. Dollars | &nbsp;&nbsp; 364419 | Mexican Pesos | &nbsp;&nbsp; 7064355 | UBS | &nbsp;&nbsp; (8854)<br>|
| 09/17/25 | Canadian Dollars | &nbsp;&nbsp; 3151255 | U.S. Dollars | &nbsp;&nbsp; 2334000 | BNP | &nbsp;&nbsp; (10507)<br>|
| 09/17/25 | U.S. Dollars | &nbsp;&nbsp; 1208000 | Australian Dollars | &nbsp;&nbsp; 1851077 | BNP | &nbsp;&nbsp; (12321)<br>|
| 09/17/25 | U.S. Dollars | &nbsp;&nbsp; 443267 | Peruvian Nuevo Soles | &nbsp;&nbsp; 1619255 | BAR | &nbsp;&nbsp; (12795)<br>|
| 08/20/25 | U.S. Dollars | &nbsp;&nbsp; 2004518 | Chinese Offshore Yuan | &nbsp;&nbsp; 14399692 | JPM | &nbsp;&nbsp; (15392)<br>|
| 09/17/25 | U.S. Dollars | &nbsp;&nbsp; 2351000 | Canadian Dollars | &nbsp;&nbsp; 3210996 | BNP | &nbsp;&nbsp; (16542)<br>|
| 07/02/25 | U.S. Dollars | &nbsp;&nbsp; 467081 | Swiss Francs | &nbsp;&nbsp; 383838 | HSBC | &nbsp;&nbsp; (16676)<br>|
| 07/10/25 | U.S. Dollars | &nbsp;&nbsp; 462082 | Polish Zloty | &nbsp;&nbsp; 1730229 | HSBC | &nbsp;&nbsp; (17830)<br>|
| 07/02/25 | U.S. Dollars | &nbsp;&nbsp; 449600 | Danish Kroner | &nbsp;&nbsp; 2968653 | JPM | &nbsp;&nbsp; (19104)<br>|
| 07/16/25 | U.S. Dollars | &nbsp;&nbsp; 2069061 | South Korean Won | &nbsp;&nbsp; 2820523674 | BOA | &nbsp;&nbsp; (20216)<br>|
| 08/04/25 | U.S. Dollars | &nbsp;&nbsp; 2358258 | British Pounds | &nbsp;&nbsp; 1733000 | BAR | &nbsp;&nbsp; (20986)<br>|
| 09/17/25 | Japanese Yen | &nbsp;&nbsp; 168353643 | Euro | &nbsp;&nbsp; 1018000 | CITI | &nbsp;&nbsp; (25850)<br>|
| 08/28/25 | U.S. Dollars | &nbsp;&nbsp; 1880527 | British Pounds | &nbsp;&nbsp; 1388807 | SS | &nbsp;&nbsp; (26535)<br>|
| 07/10/25 | U.S. Dollars | &nbsp;&nbsp; 644391 | Polish Zloty | &nbsp;&nbsp; 2420169 | JPM | &nbsp;&nbsp; (26889)<br>|
| 09/17/25 | U.S. Dollars | &nbsp;&nbsp; 3561770 | New Zealand Dollars | &nbsp;&nbsp; 5872150 | UBS | &nbsp;&nbsp; (27283)<br>|
| 09/17/25 | U.S. Dollars | &nbsp;&nbsp; 2334000 | British Pounds | &nbsp;&nbsp; 1720260 | BNP | &nbsp;&nbsp; (28538)<br>|
| 07/18/25 | U.S. Dollars | &nbsp;&nbsp; 459955 | Israeli Shekels | &nbsp;&nbsp; 1649123 | BAR | &nbsp;&nbsp; (29698)<br>|
| 09/23/25 | U.S. Dollars | &nbsp;&nbsp; 5772712 | Euro | &nbsp;&nbsp; 4898381 | DEUT | &nbsp;&nbsp; (30456)<br>|
| 09/17/25 | U.S. Dollars | &nbsp;&nbsp; 1172000 | Euro | &nbsp;&nbsp; 1016295 | DEUT | &nbsp;&nbsp; (31548)<br>|
| 08/04/25 | U.S. Dollars | &nbsp;&nbsp; 4666655 | Japanese Yen | &nbsp;&nbsp; 673956877 | MSCS | &nbsp;&nbsp; (33294)<br>|

---

See Notes to Financial Statements.

**117**

------

**MEDIUM-DURATION BOND FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Expiration Date** | **Currency**<br> **Purchased**<br>| **Amount**<br> **of Currency**<br> **Purchased**<br>| **Currency**<br> **Sold**<br>| **Amount**<br> **of Currency**<br> **Sold**<br>| **Counter-**<br> **party**<br>| **Net Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>|
| 07/29/25 | U.S. Dollars | &nbsp;&nbsp; 1112124 | Swiss Francs | &nbsp;&nbsp; 906948 | MSCS | &nbsp;&nbsp; $(35511)<br>|
| 09/17/25 | Norwegian Kroner | &nbsp;&nbsp; 26975172 | U.S. Dollars | &nbsp;&nbsp; 2718613 | CITI | &nbsp;&nbsp; (41015)<br>|
| 07/02/25 | U.S. Dollars | &nbsp;&nbsp; 2334663 | British Pounds | &nbsp;&nbsp; 1733000 | JPM | &nbsp;&nbsp; (44140)<br>|
| 08/20/25 | U.S. Dollars | &nbsp;&nbsp; 361774 | Taiwan Dollars | &nbsp;&nbsp; 11803781 | SC | &nbsp;&nbsp; (49033)<br>|
| 07/16/25 | U.S. Dollars | &nbsp;&nbsp; 452536 | Taiwan Dollars | &nbsp;&nbsp; 14748601 | HSBC | &nbsp;&nbsp; (55403)<br>|
| 09/17/25 | U.S. Dollars | &nbsp;&nbsp; 2302079 | Swiss Francs | &nbsp;&nbsp; 1869353 | MSCS | &nbsp;&nbsp; (77795)<br>|
| 07/16/25 | U.S. Dollars | &nbsp;&nbsp; 3550010 | Euro | &nbsp;&nbsp; 3083000 | BAR | &nbsp;&nbsp; (85836)<br>|
| 08/04/25 | U.S. Dollars | &nbsp;&nbsp; 2124734 | Brazilian Reals | &nbsp;&nbsp; 12132444 | JPM | &nbsp;&nbsp; (88361)<br>|
| 07/16/25 | U.S. Dollars | &nbsp;&nbsp; 774296 | Taiwan Dollars | &nbsp;&nbsp; 25185577 | JPM | &nbsp;&nbsp; (93091)<br>|
| 07/16/25 | U.S. Dollars | &nbsp;&nbsp; 813891 | Taiwan Dollars | &nbsp;&nbsp; 26452452 | BNP | &nbsp;&nbsp; (97127)<br>|
| 07/02/25 | U.S. Dollars | &nbsp;&nbsp; 12438053 | Canadian Dollars | &nbsp;&nbsp; 17083230 | HSBC | &nbsp;&nbsp; (107003)<br>|
| 08/20/25 | U.S. Dollars | &nbsp;&nbsp; 1004380 | Taiwan Dollars | &nbsp;&nbsp; 32700343 | HSBC | &nbsp;&nbsp; (133689)<br>|
| 07/02/25 | U.S. Dollars | &nbsp;&nbsp; 9149868 | Brazilian Reals | &nbsp;&nbsp; 50438647 | GSC | &nbsp;&nbsp; (133717)<br>|
| 08/20/25 | U.S. Dollars | &nbsp;&nbsp; 1345106 | Taiwan Dollars | &nbsp;&nbsp; 43900206 | BNP | &nbsp;&nbsp; (182753)<br>|
| 08/05/25 | U.S. Dollars | &nbsp;&nbsp; 18925033 | Canadian Dollars | &nbsp;&nbsp; 25970898 | HSBC | &nbsp;&nbsp; (184559)<br>|
| 07/16/25 | U.S. Dollars | &nbsp;&nbsp; 2026742 | Taiwan Dollars | &nbsp;&nbsp; 65925878 | GSC | &nbsp;&nbsp; (243734)<br>|
| 08/20/25 | U.S. Dollars | &nbsp;&nbsp; 2019606 | Taiwan Dollars | &nbsp;&nbsp; 65802093 | JPM | &nbsp;&nbsp; (270504)<br>|
| 08/04/25 | U.S. Dollars | &nbsp;&nbsp; 17557198 | Euro | &nbsp;&nbsp; 15101036 | DEUT | &nbsp;&nbsp; (275588)<br>|
| 07/02/25 | U.S. Dollars | &nbsp;&nbsp; 17208446 | Euro | &nbsp;&nbsp; 15134305 | BOA | &nbsp;&nbsp; (619010)<br>|
| 10/02/25 | U.S. Dollars | &nbsp;&nbsp; 9330193 | Brazilian Reals | &nbsp;&nbsp; 55700000 | BNP | &nbsp;&nbsp; (678401)<br>|
| 10/02/25 | U.S. Dollars | &nbsp;&nbsp; 18762157 | Brazilian Reals | &nbsp;&nbsp; 114137000 | GSC | &nbsp;&nbsp; (1746835)<br>|
| Subtotal Depreciation | Subtotal Depreciation |  |  |  |  | &nbsp;&nbsp; $(5797516)<br>|
| Total Forward Foreign Currency Contracts outstanding at June 30, 2025 | Total Forward Foreign Currency Contracts outstanding at June 30, 2025 | Total Forward Foreign Currency Contracts outstanding at June 30, 2025 | Total Forward Foreign Currency Contracts outstanding at June 30, 2025 | Total Forward Foreign Currency Contracts outstanding at June 30, 2025 |  | &nbsp;&nbsp; $(4560572)<br>|

---

Swap Agreements outstanding at June 30, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Obligation** | **Fixed** <br>**Deal** <br>**Receive Rate**<br>| **Maturity** <br>**Date**<br>| **Counterparty** | **Currency** | **Notional** <br>**Amount**<br>| **Market Value** | **Upfront** <br>**Premiums** <br>**Paid/** <br>**(Received)**<br>| **Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| **Credit Default Swaps on Corporate** <br> **Issuers—Sell Protection**<br>|  |  |  |  |  |  |  |  |
| Softbank Group Corp. 2.84% 12/14/2029 <br> (Receive Quarterly)<br>| 1.00<br> %<br>| &nbsp;&nbsp;&nbsp; 6/20/2026 | &nbsp;&nbsp; GSC | &nbsp;&nbsp; USD | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; $(2184)<br>| &nbsp;&nbsp; $(4251)<br>| &nbsp;&nbsp; $2067 |
|  |  |  |  |  |  | &nbsp;&nbsp; $(2184)<br>| &nbsp;&nbsp; $(4251)<br>| &nbsp;&nbsp; $2067 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Obligation** | **Implied** <br>**Credit** <br>**Spread**<br>| **Fixed** <br>**Deal** <br>**Receive Rate**<br>| **Maturity** <br>**Date**<br>| **Currency** | **Notional** <br>**Amount**<br>| **Market Value** | **Upfront** <br>**Premiums** <br>**Paid/** <br>**(Received)**<br>| **Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| **Centrally Cleared Credit Default Swaps** <br> **on Corporate Issuers—Sell Protection**<br>|  |  |  |  |  |  |  |  |
| Devon Energy Corporation 7.95% due <br> 4/15/32 (Receive Quarterly)<br>| 0.29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.00<br> %<br>| &nbsp;&nbsp; 6/20/2026 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 2800000 | &nbsp;&nbsp; $19975 | &nbsp;&nbsp; $(26054)<br>| &nbsp;&nbsp; $46029 |
| General Electric Co, 2.7% due 10/9/22 <br> (Receive Quarterly)<br>| 0.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.00<br> %<br>| &nbsp;&nbsp; 6/20/2026 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 2100000 | &nbsp;&nbsp; 19027 | &nbsp;&nbsp; 11126 | &nbsp;&nbsp; 7901 |
| Goldman Sachs Group, 6.484% 10/24/2029 <br> (Receive Quarterly)<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; 1.00<br> %<br>| &nbsp;&nbsp; 6/20/2026 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 300000 | &nbsp;&nbsp; 2047 | &nbsp;&nbsp; 1868 | &nbsp;&nbsp; 179 |
| Morgan Stanley, 7.25% due 4/1/2032 <br> (Receive Quarterly)<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; 1.00<br> %<br>| &nbsp;&nbsp; 6/20/2026 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1150000 | &nbsp;&nbsp; 8194 | &nbsp;&nbsp; 7275 | &nbsp;&nbsp; 919 |
| The Boeing Company, 2.6% due 10/30/25 <br> (Receive Quarterly)<br>| 0.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.00<br> %<br>| &nbsp;&nbsp; 6/20/2026 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 2400000 | &nbsp;&nbsp; 16952 | &nbsp;&nbsp; (17161)<br>| &nbsp;&nbsp; 34113 |
| General Electric Co, 2.7% due 10/9/22 <br> (Receive Quarterly)<br>| 0.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.00<br> %<br>| &nbsp;&nbsp; 12/20/2026 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 2600000 | &nbsp;&nbsp; 34305 | &nbsp;&nbsp; 29130 | &nbsp;&nbsp; 5175 |

---

**118**

See Notes to Financial Statements.

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Obligation** | **Implied**<br> **Credit**<br> **Spread**<br>| **Fixed**<br> **Deal**<br> **Receive Rate**<br>| **Maturity**<br> **Date**<br>| **Currency** | **Notional**<br> **Amount**<br>| **Market Value** | **Upfront**<br> **Premiums**<br> **Paid/**<br> **(Received)**<br>| **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>|
| British Telecommunications 5.75% due <br> 12/7/28 (Receive Quarterly)<br>| 0.29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.00<br> %<br>| &nbsp;&nbsp; 6/20/2028 | &nbsp;&nbsp; EUR | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; $49694 | &nbsp;&nbsp; $(11393)<br>| &nbsp;&nbsp; $61087 |
| General Motors Co., 4.2% due 10/1/27 <br> (Receive Quarterly)<br>| 0.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.00<br> %<br>| &nbsp;&nbsp; 6/20/2028 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 995000 | &nbsp;&nbsp; 120361 | &nbsp;&nbsp; 119736 | &nbsp;&nbsp; 625 |
| Verizon Communications, 4.125% due <br> 3/16/27 (Receive Quarterly)<br>| 0.42<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.00<br> %<br>| &nbsp;&nbsp; 6/20/2028 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1400000 | &nbsp;&nbsp; 23518 | &nbsp;&nbsp; (4067)<br>| &nbsp;&nbsp; 27585 |
| British Telecommunications 5.75% due <br> 12/7/28 (Receive Quarterly)<br>| 0.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.00<br> %<br>| &nbsp;&nbsp; 12/20/2028 | &nbsp;&nbsp; EUR | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 52335 | &nbsp;&nbsp; (23988)<br>| &nbsp;&nbsp; 76323 |
| Verizon Communications, 4.125% due <br> 3/16/27 (Receive Quarterly)<br>| 0.46<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.00<br> %<br>| &nbsp;&nbsp; 12/20/2028 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 300000 | &nbsp;&nbsp; 5367 | &nbsp;&nbsp; (746)<br>| &nbsp;&nbsp; 6113 |
| Deutsche Bank AG,Floating Rate due <br> 12/7/2020 (Receive Quarterly)<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; 1.00<br> %<br>| &nbsp;&nbsp; 6/20/2030 | &nbsp;&nbsp; EUR | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 5551 | &nbsp;&nbsp; 4222 | &nbsp;&nbsp; 1329 |
| Subtotal Appreciation |  |  |  |  |  | &nbsp;&nbsp; $357326 | &nbsp;&nbsp; $89948 | &nbsp;&nbsp; $267378 |
| General Motors Co., 4.88% due 10/2/23 <br> (Receive Quarterly)<br>| 0.49<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.00<br> %<br>| &nbsp;&nbsp; 12/20/2026 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 870000 | &nbsp;&nbsp; $57772 | &nbsp;&nbsp; $175392 | &nbsp;&nbsp; $(117620)<br>|
| Subtotal Depreciation |  |  |  |  |  | &nbsp;&nbsp; $57772 | &nbsp;&nbsp; $175392 | &nbsp;&nbsp; $(117620)<br>|
| Net Centrally Cleared Credit Default Swaps on Corporate Issuers—Sell Protection outstanding at <br>June 30, 2025 | Net Centrally Cleared Credit Default Swaps on Corporate Issuers—Sell Protection outstanding at <br>June 30, 2025 | Net Centrally Cleared Credit Default Swaps on Corporate Issuers—Sell Protection outstanding at <br>June 30, 2025 | Net Centrally Cleared Credit Default Swaps on Corporate Issuers—Sell Protection outstanding at <br>June 30, 2025 | Net Centrally Cleared Credit Default Swaps on Corporate Issuers—Sell Protection outstanding at <br>June 30, 2025 | Net Centrally Cleared Credit Default Swaps on Corporate Issuers—Sell Protection outstanding at <br>June 30, 2025 | &nbsp;&nbsp; $415098 | &nbsp;&nbsp; $265340 | &nbsp;&nbsp; $149758 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Obligation** | **Fixed** <br>**Deal** <br>**(Pay) Rate**<br>| **Maturity** <br>**Date**<br>| **Counterparty** | **Currency** | **Notional** <br>**Amount**<br>| **Market Value** | **Upfront** <br>**Premiums** <br>**Paid/** <br>**(Received)**<br>| **Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| **Credit Default Swaps on Credit** <br>**Indexes—Buy Protection**<br>|  |  |  |  |  |  |  |  |
| Markit CDX.NA.HY.43 Index (Pay <br> Quarterly)<br>| &nbsp;&nbsp; (5.00)%<br>| &nbsp;&nbsp;&nbsp; 12/20/2029 | &nbsp;&nbsp; MSCS | &nbsp;&nbsp; USD | &nbsp;&nbsp; 150000 | &nbsp;&nbsp; $(22828)<br>| &nbsp;&nbsp; $(23175)<br>| &nbsp;&nbsp; $347 |
| Subtotal Appreciation |  |  |  |  |  | &nbsp;&nbsp; $(22828)<br>| &nbsp;&nbsp; $(23175)<br>| &nbsp;&nbsp; $347 |
| **Credit Default Swaps on Credit** <br>**Indexes—Buy Protection**<br>|  |  |  |  |  |  |  |  |
| Markit CDX.NA.HY.43 Index (Pay <br> Quarterly)<br>| &nbsp;&nbsp; (5.00)%<br>| &nbsp;&nbsp;&nbsp; 12/20/2029 | &nbsp;&nbsp; MSCS | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1710000 | &nbsp;&nbsp; $(187575)<br>| &nbsp;&nbsp; $(176280)<br>| &nbsp;&nbsp; $(11295)<br>|
| Subtotal Appreciation |  |  |  |  |  | &nbsp;&nbsp; $(187575)<br>| &nbsp;&nbsp; $(176280)<br>| &nbsp;&nbsp; $(11295)<br>|
| Net Credit Default Swaps on Credit Indexes—Buy Protection outstanding at June 30, 2025 | Net Credit Default Swaps on Credit Indexes—Buy Protection outstanding at June 30, 2025 | Net Credit Default Swaps on Credit Indexes—Buy Protection outstanding at June 30, 2025 | Net Credit Default Swaps on Credit Indexes—Buy Protection outstanding at June 30, 2025 | Net Credit Default Swaps on Credit Indexes—Buy Protection outstanding at June 30, 2025 | Net Credit Default Swaps on Credit Indexes—Buy Protection outstanding at June 30, 2025 | &nbsp;&nbsp; $(210403)<br>| &nbsp;&nbsp; $(199455)<br>| &nbsp;&nbsp; $(10948)<br>|

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Obligation** | **Implied** <br>**Credit** <br>**Spread**<br>| **Fixed** <br>**Deal** <br>**Receive Rate**<br>| **Maturity** <br>**Date**<br>| **Currency** | **Notional** <br>**Amount**<br>| **Market Value** | **Upfront** <br>**Premiums** <br>**Paid/** <br>**(Received)**<br>| **Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| **Centrally Cleared Credit Default Swaps** <br> **on Credit Indexes—Sell Protection**<br>|  |  |  |  |  |  |  |  |
| Markit CDX.NA.IG.41 Index (Receive <br> Quarterly)<br>| 0.34<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.00<br> %<br>| &nbsp;&nbsp; 12/20/2028 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 5960000 | &nbsp;&nbsp; $130772 | &nbsp;&nbsp; $105160 | &nbsp;&nbsp; $25612 |
| Markit CDX.NA.IG.42 Index (Receive <br> Quarterly)<br>| 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.00<br> %<br>| &nbsp;&nbsp; 6/20/2029 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 31949097 | &nbsp;&nbsp; 719400 | &nbsp;&nbsp; 664970 | &nbsp;&nbsp; 54430 |
| Markit CDX.NA.IG.43 Index (Receive <br> Quarterly)<br>| 0.46<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.00<br> %<br>| &nbsp;&nbsp; 12/20/2029 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 52625000 | &nbsp;&nbsp; 1196733 | &nbsp;&nbsp; 1051875 | &nbsp;&nbsp; 144858 |
| Markit CDX.NA.IG.44 Index (Receive <br> Quarterly)<br>| 0.51<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.00<br> %<br>| &nbsp;&nbsp; 6/20/2030 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 8265000 | &nbsp;&nbsp; 183969 | &nbsp;&nbsp; 156430 | &nbsp;&nbsp; 27539 |
|  |  |  |  |  |  | &nbsp;&nbsp; $2230874 | &nbsp;&nbsp; $1978435 | &nbsp;&nbsp; $252439 |

---

See Notes to Financial Statements.

**119**

------

**MEDIUM-DURATION BOND FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay Rate Index/Pay Rate** | **Receive** <br>**Rate Index/Receive** <br>**Rate**<br>| **Maturity** <br>**Date**<br>| **Currency** | **Notional Amount** | **Market Value** | **Upfront** <br>**Premiums** <br>**Paid/** <br>**(Received)**<br>| **Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| **Centrally Cleared Interest Rate Swaps** | **Centrally Cleared Interest Rate Swaps** |  |  |  |  |  |  |
| 1-Day SOFR (Annually) | 4.99% (Annually) | 10/11/2025 | USD | 19749000 | $101450 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $101450 |
| 3.50% (Annually) | 1-Day SOFR (Annually) | 12/18/2025 | USD | 7370000 | 60840 | &nbsp;&nbsp; 6695 | &nbsp;&nbsp; 54145 |
| 13.75% (Upon termination) | 1-Day Brazil Cetip DI Interbank <br> Deposit Rate (Upon termination)<br>| 1/4/2027 | BRL | 7632032 | 6480 | &nbsp;&nbsp; 2051 | &nbsp;&nbsp; 4429 |
| 1-Day SOFR (Annually) | 3.95% (Annually) | 1/30/2027 | USD | 13500000 | 44856 | &nbsp;&nbsp; — | &nbsp;&nbsp; 44856 |
| 6-Month EURIBOR (Semiannually) | 1.00% (Annually) | 5/18/2027 | EUR | 3600000 | (84643)<br>| &nbsp;&nbsp; (163593)<br>| &nbsp;&nbsp; 78950 |
| 1-Day SOFR (Annually) | 4.28% (Annually) | 6/26/2027 | USD | 8000000 | 119858 | &nbsp;&nbsp; — | &nbsp;&nbsp; 119858 |
| 1-Day SOFR (Annually) | 3.62% (Annually) | 6/30/2027 | USD | 50390000 | 194847 | &nbsp;&nbsp; (28846)<br>| &nbsp;&nbsp; 223693 |
| Central Bank of Mexico Overnight <br> TIIE Funding Rate (Lunar)<br>| 8.25% (Lunar) | 9/15/2027 | MXN | 26410000 | 20697 | &nbsp;&nbsp; 17838 | &nbsp;&nbsp; 2859 |
| 1-Day CLP-TNA (Semiannually) | 5.50% (Semiannually) | 9/17/2027 | CLP | 531910000 | 12460 | &nbsp;&nbsp; 11865 | &nbsp;&nbsp; 595 |
| 1-Day MIBOR (Semiannually) | 6.00% (Semiannually) | 9/17/2027 | INR | 539410000 | 54382 | &nbsp;&nbsp; 16575 | &nbsp;&nbsp; 37807 |
| 1-Day SOFR (Annually) | 3.50% (Annually) | 9/17/2027 | USD | 640000 | 1755 | &nbsp;&nbsp; (574)<br>| &nbsp;&nbsp; 2329 |
| 1-Day SONIA (Annually) | 3.75% (Annually) | 9/17/2027 | GBP | 50020000 | 271934 | &nbsp;&nbsp; 33764 | &nbsp;&nbsp; 238170 |
| 1-Day SONIA (Annually) | 3.50% (Annually) | 9/17/2027 | GBP | 1170000 | (1191)<br>| &nbsp;&nbsp; (7118)<br>| &nbsp;&nbsp; 5927 |
| 3-Month ASX BBSW (Quarterly) | 3.50% (Quarterly) | 9/17/2027 | AUD | 9840000 | 48711 | &nbsp;&nbsp; 37181 | &nbsp;&nbsp; 11530 |
| 3-Month STIBOR (Quarterly) | 2.25% (Annually) | 9/17/2027 | SEK | 456770000 | 369079 | &nbsp;&nbsp; 211635 | &nbsp;&nbsp; 157444 |
| 6-Month NIBOR (Semiannually) | 4.25% (Annually) | 9/17/2027 | NOK | 438780000 | 405613 | &nbsp;&nbsp; 169432 | &nbsp;&nbsp; 236181 |
| 6-Month WIBOR (Semiannually) | 4.75% (Annually) | 9/17/2027 | PLN | 8540000 | 25509 | &nbsp;&nbsp; 13015 | &nbsp;&nbsp; 12494 |
| 7-Day CFETS Repo Rate <br> (Quarterly)<br>| 1.50% (Quarterly) | 9/17/2027 | CNY | 86380000 | 10272 | &nbsp;&nbsp; (7209)<br>| &nbsp;&nbsp; 17481 |
| 8.25% (Quarterly) | 1-Day COP-IBR-OIS (Quarterly) | 9/17/2027 | COP | 11651510000 | 3291 | &nbsp;&nbsp; (19187)<br>| &nbsp;&nbsp; 22478 |
| Bank Of Canada Overnight Repo <br> Rate (Semiannually)<br>| 2.75% (Semiannually) | 9/17/2027 | CAD | 68540000 | 289772 | &nbsp;&nbsp; 177648 | &nbsp;&nbsp; 112124 |
| Bank Of Canada Overnight Repo <br> Rate (Semiannually)<br>| 2.50% (Semiannually) | 9/17/2027 | CAD | 3520000 | 2415 | &nbsp;&nbsp; 451 | &nbsp;&nbsp; 1964 |
| Thai Overnight Repurchase Rate <br> (Quarterly)<br>| 1.75% (Quarterly) | 9/17/2027 | THB | 22270000 | 7798 | &nbsp;&nbsp; 1668 | &nbsp;&nbsp; 6130 |
| 3-Month EURIBOR (Quarterly) | 2.14% (Annually) | 11/20/2027 | EUR | 216950000 | 277071 | &nbsp;&nbsp; (46894)<br>| &nbsp;&nbsp; 323965 |
| 1-Day SOFR (Annually) | 3.55% (Annually) | 4/25/2028 | USD | 10000000 | 19933 | &nbsp;&nbsp; — | &nbsp;&nbsp; 19933 |
| 6-Month EURIBOR (Semiannually) | 2.50% (Annually) | 5/14/2028 | EUR | 13844810 | 119883 | &nbsp;&nbsp; 85373 | &nbsp;&nbsp; 34510 |
| 1-Day SOFR (Annually) | 3.70% (Annually) | 6/9/2028 | USD | 800000 | 6094 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6094 |
| 1-Day SOFR (Annually) | 3.37% (Annually) | 6/23/2028 | USD | 66510000 | 90546 | &nbsp;&nbsp; 4636 | &nbsp;&nbsp; 85910 |
| 1-Day SOFR (Annually) | 3.60% (Annually) | 12/18/2028 | USD | 13000000 | 28279 | &nbsp;&nbsp; — | &nbsp;&nbsp; 28279 |
| 1-Day Brazil Cetip DI Interbank <br> Deposit Rate (Upon termination)<br>| 13.25% (Upon termination) | 1/2/2029 | BRL | 12462881 | 14799 | &nbsp;&nbsp; (10738)<br>| &nbsp;&nbsp; 25537 |
| 6-Month EURIBOR (Semiannually) | 2.33% (Annually) | 2/25/2029 | EUR | 12444117 | 5943 | &nbsp;&nbsp; (17502)<br>| &nbsp;&nbsp; 23445 |
| 1-Day SOFR (Annually) | 3.96% (Annually) | 3/6/2029 | USD | 6550000 | 117572 | &nbsp;&nbsp; — | &nbsp;&nbsp; 117572 |
| 1-Day SOFR (Annually) | 4.10% (Annually) | 3/20/2029 | USD | 5500000 | 130062 | &nbsp;&nbsp; — | &nbsp;&nbsp; 130062 |
| 2.05% (Annually) | 1-Day ESTR (Annually) | 10/5/2029 | EUR | 1400000 | 2183 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2183 |
| 2.06% (Annually) | 1-Day ESTR (Annually) | 10/5/2029 | EUR | 4900000 | 5285 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5285 |
| 1-Day SONIA (Annually) | 3.50% (Annually) | 3/19/2030 | GBP | 15400000 | (184106)<br>| &nbsp;&nbsp; (418801)<br>| &nbsp;&nbsp; 234695 |
| 1-Day SOFR (Annually) | 3.94% (Annually) | 6/5/2030 | USD | 31600000 | 264921 | &nbsp;&nbsp; 240 | &nbsp;&nbsp; 264681 |
| Central Bank of Mexico Overnight <br> TIIE Funding Rate (Lunar)<br>| 8.50% (Lunar) | 9/11/2030 | MXN | 36900000 | 63085 | &nbsp;&nbsp; 60944 | &nbsp;&nbsp; 2141 |
| 1-Day SONIA (Annually) | 3.75% (Annually) | 9/17/2030 | GBP | 12260000 | 78227 | &nbsp;&nbsp; (59415)<br>| &nbsp;&nbsp; 137642 |
| 3-Month JIBAR (Quarterly) | 8.00% (Quarterly) | 9/17/2030 | ZAR | 34840000 | 51623 | &nbsp;&nbsp; 30126 | &nbsp;&nbsp; 21497 |
| 3-Month New Zealand BBR FRA <br> (Quarterly)<br>| 3.75% (Semiannually) | 9/17/2030 | NZD | 22120000 | 87812 | &nbsp;&nbsp; 67746 | &nbsp;&nbsp; 20066 |
| 6-Month EURIBOR (Semiannually) | 2.25% (Annually) | 9/17/2030 | EUR | 4000000 | (9406)<br>| &nbsp;&nbsp; (57337)<br>| &nbsp;&nbsp; 47931 |
| Bank Of Canada Overnight Repo <br> Rate (Semiannually)<br>| 2.75% (Semiannually) | 9/17/2030 | CAD | 9910000 | 41307 | &nbsp;&nbsp; 3918 | &nbsp;&nbsp; 37389 |
| 1-Day SOFR (Annually) | 4.55% (Annually) | 10/19/2030 | USD | 700000 | 37546 | &nbsp;&nbsp; — | &nbsp;&nbsp; 37546 |
| 3.55% (Annually) | 1-Day SOFR (Annually) | 10/31/2030 | USD | 1000000 | 1347 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1347 |

---

**120**

See Notes to Financial Statements.

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay Rate Index/Pay Rate** | **Receive**<br> **Rate Index/Receive**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Currency** | **Notional Amount** | **Market Value** | **Upfront**<br> **Premiums**<br> **Paid/**<br> **(Received)**<br>| **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>|
| 1-Day SOFR (Annually) | 3.85% (Annually) | 5/21/2032 | USD | 10940000 | $147645 | &nbsp;&nbsp; $682 | &nbsp;&nbsp; $146963 |
| 1-Day SOFR (Annually) | 3.75% (Annually) | 9/17/2032 | USD | 180000 | 2601 | &nbsp;&nbsp; (136)<br>| &nbsp;&nbsp; 2737 |
| 2.00% (Annually) | 1-Day SOFR (Annually) | 12/21/2032 | USD | 10100000 | 1165444 | &nbsp;&nbsp; 1040439 | &nbsp;&nbsp; 125005 |
| 3.75% (Annually) | 1-Day SOFR (Annually) | 12/18/2034 | USD | 28100000 | (71827)<br>| &nbsp;&nbsp; (609717)<br>| &nbsp;&nbsp; 537890 |
| 2.40% (Annually) | 6-Month EURIBOR (Semiannually) | 2/12/2035 | EUR | 200000 | 3956 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3956 |
| 3.75% (Annually) | 6-Month PRIBOR (Semiannually) | 3/19/2035 | CZK | 17240000 | 6652 | &nbsp;&nbsp; (219)<br>| &nbsp;&nbsp; 6871 |
| 6-Month EURIBOR (Semiannually) | 2.61% (Annually) | 3/24/2035 | EUR | 100000 | 167 | &nbsp;&nbsp; — | &nbsp;&nbsp; 167 |
| 2.51% (Annually) | 6-Month EURIBOR (Semiannually) | 4/9/2035 | EUR | 400000 | 3411 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3411 |
| 2.52% (Annually) | 6-Month EURIBOR (Semiannually) | 4/9/2035 | EUR | 200000 | 1496 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1496 |
| 2.55% (Annually) | 6-Month EURIBOR (Semiannually) | 4/16/2035 | EUR | 300000 | 1249 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1249 |
| 2.45% (Annually) | 6-Month EURIBOR (Semiannually) | 5/5/2035 | EUR | 700000 | 10369 | &nbsp;&nbsp; — | &nbsp;&nbsp; 10369 |
| 1-Day SOFR (Annually) | 4.10% (Annually) | 6/24/2035 | USD | 17060000 | 61398 | &nbsp;&nbsp; (3035)<br>| &nbsp;&nbsp; 64433 |
| Central Bank of Mexico Overnight <br> TIIE Funding Rate (Lunar)<br>| 8.75% (Lunar) | 9/5/2035 | MXN | 16230000 | 36871 | &nbsp;&nbsp; 13517 | &nbsp;&nbsp; 23354 |
| 1-Day SONIA (Annually) | 3.75% (Annually) | 9/17/2035 | GBP | 2350000 | (65953)<br>| &nbsp;&nbsp; (96071)<br>| &nbsp;&nbsp; 30118 |
| 3-Month JIBAR (Quarterly) | 9.25% (Quarterly) | 9/17/2035 | ZAR | 14070000 | 42883 | &nbsp;&nbsp; 15730 | &nbsp;&nbsp; 27153 |
| 3-Month New Zealand BBR FRA <br> (Quarterly)<br>| 4.25% (Semiannually) | 9/17/2035 | NZD | 11370000 | 79372 | &nbsp;&nbsp; 68437 | &nbsp;&nbsp; 10935 |
| 3-Month STIBOR (Quarterly) | 2.75% (Annually) | 9/17/2035 | SEK | 32900000 | 61561 | &nbsp;&nbsp; 23730 | &nbsp;&nbsp; 37831 |
| 6-Month BUBOR (Semiannually) | 6.75% (Annually) | 9/17/2035 | HUF | 92080000 | 3827 | &nbsp;&nbsp; 2121 | &nbsp;&nbsp; 1706 |
| 6-Month EURIBOR (Semiannually) | 2.25% (Annually) | 9/17/2035 | EUR | 29710000 | (1162656)<br>| &nbsp;&nbsp; (1439985)<br>| &nbsp;&nbsp; 277329 |
| Bank Of Canada Overnight Repo <br> Rate (Semiannually)<br>| 3.00% (Semiannually) | 9/17/2035 | CAD | 3810000 | 3451 | &nbsp;&nbsp; (24087)<br>| &nbsp;&nbsp; 27538 |
| 2.00% (Annually) | 6-Month EURIBOR (Semiannually) | 5/17/2053 | EUR | 4959896 | 418524 | &nbsp;&nbsp; 54612 | &nbsp;&nbsp; 363912 |
| 2.50% (Annually) | 6-Month EURIBOR (Semiannually) | 11/10/2053 | EUR | 3744858 | 116810 | &nbsp;&nbsp; (18820)<br>| &nbsp;&nbsp; 135630 |
| 3.50% (Annually) | 1-Day SOFR (Annually) | 6/20/2054 | USD | 9700000 | 710612 | &nbsp;&nbsp; (4872)<br>| &nbsp;&nbsp; 715484 |
| 1.75% (Annually) | 6-Month EURIBOR (Semiannually) | 9/17/2055 | EUR | 3780000 | 924334 | &nbsp;&nbsp; 818179 | &nbsp;&nbsp; 106155 |
| 2.25% (Annually) | 6-Month EURIBOR (Semiannually) | 9/17/2055 | EUR | 5200000 | 647644 | &nbsp;&nbsp; 424729 | &nbsp;&nbsp; 222915 |
| 2.61% (Annually) | 6-Month EURIBOR (Semiannually) | 3/19/2056 | EUR | 4180000 | 173802 | &nbsp;&nbsp; 38079 | &nbsp;&nbsp; 135723 |
| 2.50% (Annually) | 6-Month EURIBOR (Semiannually) | 9/17/2075 | EUR | 1450000 | 84378 | &nbsp;&nbsp; 26934 | &nbsp;&nbsp; 57444 |
| Subtotal Appreciation |  |  |  |  | $6624212 | &nbsp;&nbsp; $445834 | &nbsp;&nbsp; $6178378 |
| 1-Day ESTR (Annually) | 1.89% (Annually) | 9/17/2025 | EUR | 459540000 | $(8710)<br>| &nbsp;&nbsp; $(15)<br>| &nbsp;&nbsp; $(8695)<br>|
| 1-Day Brazil Cetip DI Interbank <br> Deposit Rate (Upon termination)<br>| 11.50% (Upon termination) | 1/4/2027 | BRL | 100993978 | (841011)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (841011)<br>|
| 1-Day Brazil Cetip DI Interbank <br> Deposit Rate (Upon termination)<br>| 11.57% (Upon termination) | 1/4/2027 | BRL | 2651795 | (21249)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (21249)<br>|
| 1-Day SOFR (Annually) | 2.87% (Annually) | 7/22/2027 | USD | 1700000 | (50325)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (50325)<br>|
| 0.75% (Annually) | Bank of Japan Unsecured Overnight <br> Call Rate (Annually)<br>| 9/17/2027 | JPY | 3778000000 | 11147 | &nbsp;&nbsp; 20717 | &nbsp;&nbsp; (9570)<br>|
| 1-Day ESTR (Annually) | 2.00% (Annually) | 9/17/2027 | EUR | 6030000 | 31097 | &nbsp;&nbsp; 31797 | &nbsp;&nbsp; (700)<br>|
| 2.50% (Quarterly) | 3-Month KWCDC (Quarterly) | 9/17/2027 | KRW | 2365020000 | (4320)<br>| &nbsp;&nbsp; (1843)<br>| &nbsp;&nbsp; (2477)<br>|
| 3.75% (Annually) | 1-Day SOFR (Annually) | 9/17/2027 | USD | 78660000 | (590846)<br>| &nbsp;&nbsp; (188666)<br>| &nbsp;&nbsp; (402180)<br>|
| 3.75% (Quarterly) | 3-Month ASX BBSW (Quarterly) | 9/17/2027 | AUD | 123320000 | (999896)<br>| &nbsp;&nbsp; (886197)<br>| &nbsp;&nbsp; (113699)<br>|
| 4.25% (Annually) | 6-Month WIBOR (Semiannually) | 9/17/2027 | PLN | 19260000 | (8014)<br>| &nbsp;&nbsp; (4007)<br>| &nbsp;&nbsp; (4007)<br>|
| 6-Month BUBOR (Semiannually) | 6.25% (Annually) | 9/17/2027 | HUF | 1134670000 | 17147 | &nbsp;&nbsp; 32370 | &nbsp;&nbsp; (15223)<br>|
| 6-Month EURIBOR (Semiannually) | 1.50% (Annually) | 9/17/2027 | EUR | 5400000 | (62236)<br>| &nbsp;&nbsp; (57919)<br>| &nbsp;&nbsp; (4317)<br>|
| 6-Month PRIBOR (Semiannually) | 3.50% (Annually) | 9/17/2027 | CZK | 16950000 | (351)<br>| &nbsp;&nbsp; 4757 | &nbsp;&nbsp; (5108)<br>|
| 7.50% (Quarterly) | 3-Month JIBAR (Quarterly) | 9/17/2027 | ZAR | 35830000 | (21160)<br>| &nbsp;&nbsp; (19737)<br>| &nbsp;&nbsp; (1423)<br>|
| 2.18% (Annually) | 6-Month EURIBOR (Semiannually) | 11/20/2027 | EUR | 216950000 | (161867)<br>| &nbsp;&nbsp; 67480 | &nbsp;&nbsp; (229347)<br>|
| 3.58% (Annually) | 1-Day SOFR (Annually) | 6/3/2028 | USD | 13000000 | (53637)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (53637)<br>|
| 2.70% (Annually) | 6-Month EURIBOR (Semiannually) | 8/13/2029 | EUR | 500000 | (19789)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (19789)<br>|
| 2.65% (Annually) | 6-Month EURIBOR (Semiannually) | 8/14/2029 | EUR | 200000 | (7342)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (7342)<br>|
| 2.30% (Annually) | 6-Month EURIBOR (Semiannually) | 9/25/2029 | EUR | 500000 | (8268)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (8268)<br>|
| 2.36% (Annually) | 6-Month EURIBOR (Semiannually) | 10/7/2029 | EUR | 700000 | (14296)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (14296)<br>|

---

See Notes to Financial Statements.

**121**

------

**MEDIUM-DURATION BOND FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay Rate Index/Pay Rate** | **Receive**<br> **Rate Index/Receive**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Currency** | **Notional Amount** | **Market Value** | **Upfront**<br> **Premiums**<br> **Paid/**<br> **(Received)**<br>| **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>|
| 3.60% (Annually) | 1-Day SOFR (Annually) | 11/30/2029 | USD | 48150000 | $(452412)<br>| &nbsp;&nbsp; $54134 | &nbsp;&nbsp; $(506546)<br>|
| 3.62% (Annually) | 1-Day SOFR (Annually) | 11/30/2029 | USD | 57150000 | (581734)<br>| &nbsp;&nbsp; (44092)<br>| &nbsp;&nbsp; (537642)<br>|
| 3.75% (Annually) | 1-Day SOFR (Annually) | 12/18/2029 | USD | 20800000 | (215203)<br>| &nbsp;&nbsp; 46270 | &nbsp;&nbsp; (261473)<br>|
| 2.28% (Annually) | 6-Month EURIBOR (Semiannually) | 3/4/2030 | EUR | 200000 | (204)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (204)<br>|
| 2.40% (Annually) | 6-Month EURIBOR (Semiannually) | 4/9/2030 | EUR | 400000 | (3031)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (3031)<br>|
| 3.60% (Annually) | 1-Day SOFR (Annually) | 6/23/2030 | USD | 70080000 | (170525)<br>| &nbsp;&nbsp; 1924 | &nbsp;&nbsp; (172449)<br>|
| 1.00% (Annually) | Bank of Japan Unsecured Overnight <br> Call Rate (Annually)<br>| 9/17/2030 | JPY | 14014660000 | (359687)<br>| &nbsp;&nbsp; (243075)<br>| &nbsp;&nbsp; (116612)<br>|
| 1.50% (Quarterly) | 7-Day CFETS Repo Rate <br> (Quarterly)<br>| 9/17/2030 | CNY | 34020000 | (5684)<br>| &nbsp;&nbsp; 22045 | &nbsp;&nbsp; (27729)<br>|
| 1-Day COP-IBR-OIS (Quarterly) | 8.75% (Quarterly) | 9/17/2030 | COP | 4744920000 | 1709 | &nbsp;&nbsp; 23956 | &nbsp;&nbsp; (22247)<br>|
| 2.00% (Quarterly) | Thai Overnight Repurchase Rate <br> (Quarterly)<br>| 9/17/2030 | THB | 95410000 | (103445)<br>| &nbsp;&nbsp; (31166)<br>| &nbsp;&nbsp; (72279)<br>|
| 6-Month EURIBOR (Semiannually) | 2.00% (Annually) | 9/17/2030 | EUR | 14210000 | (229880)<br>| &nbsp;&nbsp; (214851)<br>| &nbsp;&nbsp; (15029)<br>|
| 3.58% (Annually) | 1-Day SOFR (Annually) | 10/31/2030 | USD | 9200000 | (5984)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (5984)<br>|
| 3.59% (Annually) | 1-Day SOFR (Annually) | 10/31/2030 | USD | 20200000 | (21161)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (21161)<br>|
| 3.60% (Annually) | 1-Day SOFR (Annually) | 10/31/2030 | USD | 12400000 | (19203)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (19203)<br>|
| 3.62% (Annually) | 1-Day SOFR (Annually) | 10/31/2030 | USD | 1800000 | (5321)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (5321)<br>|
| 3.66% (Annually) | 1-Day SOFR (Annually) | 10/31/2030 | USD | 1200000 | (6232)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (6232)<br>|
| 3.68% (Annually) | 1-Day SOFR (Annually) | 10/31/2030 | USD | 1000000 | (5905)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (5905)<br>|
| 3.69% (Annually) | 1-Day SOFR (Annually) | 10/31/2030 | USD | 6200000 | (41061)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (41061)<br>|
| 3.72% (Annually) | 1-Day SOFR (Annually) | 10/31/2030 | USD | 4100000 | (34452)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (34452)<br>|
| 3.74% (Annually) | 1-Day SOFR (Annually) | 10/31/2030 | USD | 4200000 | (38704)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (38704)<br>|
| 3.75% (Annually) | 1-Day SOFR (Annually) | 5/15/2032 | USD | 40800000 | (609291)<br>| &nbsp;&nbsp; (8963)<br>| &nbsp;&nbsp; (600328)<br>|
| 3.50% (Semiannually) | Bank Of Canada Overnight Repo <br> Rate (Semiannually)<br>| 6/1/2032 | CAD | 11000000 | (383086)<br>| &nbsp;&nbsp; 45028 | &nbsp;&nbsp; (428114)<br>|
| 3.00% (Semiannually) | Bank Of Canada Overnight Repo <br> Rate (Semiannually)<br>| 6/1/2033 | CAD | 1500000 | (13450)<br>| &nbsp;&nbsp; 5423 | &nbsp;&nbsp; (18873)<br>|
| 3.75% (Semiannually) | Bank Of Canada Overnight Repo <br> Rate (Semiannually)<br>| 12/20/2033 | CAD | 3200000 | (156510)<br>| &nbsp;&nbsp; (11985)<br>| &nbsp;&nbsp; (144525)<br>|
| 3.00% (Semiannually) | Bank Of Canada Overnight Repo <br> Rate (Semiannually)<br>| 6/1/2034 | CAD | 8200000 | (48489)<br>| &nbsp;&nbsp; 5897 | &nbsp;&nbsp; (54386)<br>|
| 1.30% (Annually) | Bank of Japan Unsecured Overnight <br> Call Rate (Annually)<br>| 8/2/2034 | JPY | 2082796834 | 59663 | &nbsp;&nbsp; 82598 | &nbsp;&nbsp; (22935)<br>|
| 6-Month EURIBOR (Semiannually) | 2.22% (Annually) | 1/8/2035 | EUR | 200000 | (7704)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (7704)<br>|
| 3.89% (Annually) | 1-Day SOFR (Annually) | 3/3/2035 | USD | 300000 | (4765)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (4765)<br>|
| 3.87% (Annually) | 1-Day SOFR (Annually) | 3/5/2035 | USD | 800000 | (11544)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (11544)<br>|
| 6-Month EURIBOR (Semiannually) | 2.42% (Annually) | 3/7/2035 | EUR | 100000 | (1746)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (1746)<br>|
| 6-Month EURIBOR (Semiannually) | 2.46% (Annually) | 3/13/2035 | EUR | 300000 | (4099)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (4099)<br>|
| 6-Month EURIBOR (Semiannually) | 2.52% (Annually) | 3/27/2035 | EUR | 300000 | (2314)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (2314)<br>|
| 6-Month EURIBOR (Semiannually) | 2.46% (Annually) | 4/1/2035 | EUR | 100000 | (1404)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (1404)<br>|
| 1.25% (Annually) | Bank of Japan Unsecured Overnight <br> Call Rate (Annually)<br>| 9/17/2035 | JPY | 3580000000 | (36512)<br>| &nbsp;&nbsp; 76999 | &nbsp;&nbsp; (113511)<br>|
| 1-Day CLP-TNA (Semiannually) | 5.75% (Semiannually) | 9/17/2035 | CLP | 943880000 | 50280 | &nbsp;&nbsp; 53665 | &nbsp;&nbsp; (3385)<br>|
| 1-Day COP-IBR-OIS (Quarterly) | 9.25% (Quarterly) | 9/17/2035 | COP | 884510000 | (636)<br>| &nbsp;&nbsp; 7209 | &nbsp;&nbsp; (7845)<br>|
| 3.75% (Annually) | 1-Day SOFR (Annually) | 9/17/2035 | USD | 4500000 | (24988)<br>| &nbsp;&nbsp; 61931 | &nbsp;&nbsp; (86919)<br>|
| 4.25% (Annually) | 6-Month NIBOR (Semiannually) | 9/17/2035 | NOK | 84250000 | (336452)<br>| &nbsp;&nbsp; (170835)<br>| &nbsp;&nbsp; (165617)<br>|
| 4.50% (Semiannually) | 6-Month ASX BBSW <br> (Semiannually)<br>| 9/17/2035 | AUD | 2530000 | (55709)<br>| &nbsp;&nbsp; (48052)<br>| &nbsp;&nbsp; (7657)<br>|
| 6-Month EURIBOR (Semiannually) | 2.00% (Annually) | 9/17/2035 | EUR | 3060000 | (199171)<br>| &nbsp;&nbsp; (179474)<br>| &nbsp;&nbsp; (19697)<br>|
| Swiss Average Overnight Rate <br> (Annually)<br>| 0.50% (Annually) | 9/17/2035 | CHF | 230000 | (1470)<br>| &nbsp;&nbsp; (1111)<br>| &nbsp;&nbsp; (359)<br>|
| Bank of Japan Unsecured Overnight <br> Call Rate (Annually)<br>| 2.16% (Annually) | 8/2/2044 | JPY | 2345190000 | (527949)<br>| &nbsp;&nbsp; (144729)<br>| &nbsp;&nbsp; (383220)<br>|
| 6-Month EURIBOR (Semiannually) | 2.00% (Annually) | 9/17/2045 | EUR | 2870000 | (429759)<br>| &nbsp;&nbsp; (370992)<br>| &nbsp;&nbsp; (58767)<br>|

---

**122**

See Notes to Financial Statements.

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay Rate Index/Pay Rate** | **Receive**<br> **Rate Index/Receive**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Currency** | **Notional Amount** | **Market Value** | **Upfront**<br> **Premiums**<br> **Paid/**<br> **(Received)**<br>| **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>|
| 4.21% (Annually) | 1-Day SOFR (Annually) | 5/21/2055 | USD | 6310000 | $(57986)<br>| &nbsp;&nbsp; $41301 | &nbsp;&nbsp; $(99287)<br>|
| Bank of Japan Unsecured Overnight <br> Call Rate (Annually)<br>| 2.00% (Annually) | 6/18/2055 | JPY | 280000000 | (99118)<br>| &nbsp;&nbsp; 63706 | &nbsp;&nbsp; (162824)<br>|
| Bank of Japan Unsecured Overnight <br> Call Rate (Annually)<br>| 1.75% (Annually) | 9/17/2055 | JPY | 1097000000 | (807310)<br>| &nbsp;&nbsp; (803846)<br>| &nbsp;&nbsp; (3464)<br>|
| 1-Day ESTR (Annually) | 2.53% (Annually) | 3/19/2056 | EUR | 4180000 | (155608)<br>| &nbsp;&nbsp; (33631)<br>| &nbsp;&nbsp; (121977)<br>|
| Subtotal Depreciation |  |  |  |  | $(8979172)<br>| &nbsp;&nbsp; $(2715979)<br>| &nbsp;&nbsp; $(6263193)<br>|
| Net Centrally Cleared Interest Rate Swaps outstanding at June 30, 2025 | Net Centrally Cleared Interest Rate Swaps outstanding at June 30, 2025 | Net Centrally Cleared Interest Rate Swaps outstanding at June 30, 2025 | Net Centrally Cleared Interest Rate Swaps outstanding at June 30, 2025 | Net Centrally Cleared Interest Rate Swaps outstanding at June 30, 2025 | $(2354960)<br>| &nbsp;&nbsp; $(2270145)<br>| &nbsp;&nbsp; $(84815)<br>|

---

See Notes to Financial Statements.

**123**

------

**MEDIUM-DURATION BOND FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

**VALUATION HIERARCHY**

The following is a summary of the inputs used, as of June 30, 2025, in valuing the Fund's investments carried at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total** <br>**Value**<br>| **Level 1** <br>**Quoted Prices**<br>| **Level 2** <br>**Other Significant** <br>**Observable Inputs**<br>| **Level 3** <br>**Significant** <br>**Unobservable Inputs**<br>|
| **Assets:** |  |  |  |  |
| **Investments in Securities:** |  |  |  |  |
| Agency Obligations | &nbsp;&nbsp; $37999420 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $37999420 | &nbsp;&nbsp; $— |
| Asset-Backed Securities | &nbsp;&nbsp; 377634714 | &nbsp;&nbsp; — | &nbsp;&nbsp; 372650466 | &nbsp;&nbsp; 4984248 |
| Commercial Paper | &nbsp;&nbsp; 24515240 | &nbsp;&nbsp; — | &nbsp;&nbsp; 24515240 | &nbsp;&nbsp; — |
| Corporate Bonds | &nbsp;&nbsp; 809022405 | &nbsp;&nbsp; — | &nbsp;&nbsp; 806614824 | &nbsp;&nbsp; 2407581 |
| Foreign Bonds |  |  |  |  |
| Brazil | &nbsp;&nbsp; 35976742 | &nbsp;&nbsp; — | &nbsp;&nbsp; 33252318 | &nbsp;&nbsp; 2724424 |
| Cayman Islands | &nbsp;&nbsp; 3033166 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3033166 |
| Other<sup>^^</sup> <br>| &nbsp;&nbsp; 308243284 | &nbsp;&nbsp; — | &nbsp;&nbsp; 308243284 | &nbsp;&nbsp; — |
| Total Foreign Bonds | &nbsp;&nbsp; 347253192 | &nbsp;&nbsp; — | &nbsp;&nbsp; 341495602 | &nbsp;&nbsp; 5757590 |
| Loan Agreements | &nbsp;&nbsp; 33869695 | &nbsp;&nbsp; — | &nbsp;&nbsp; 33869695 | &nbsp;&nbsp; — |
| Money Market Funds | &nbsp;&nbsp; 191341459 | &nbsp;&nbsp; 191341459 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Mortgage-Backed Securities | &nbsp;&nbsp; 1274078223 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1265799009 | &nbsp;&nbsp; 8279214 |
| Municipal Bonds | &nbsp;&nbsp; 8720639 | &nbsp;&nbsp; — | &nbsp;&nbsp; 8720639 | &nbsp;&nbsp; — |
| Preferred Stocks |  |  |  |  |
| Utilities | &nbsp;&nbsp; 250390 | &nbsp;&nbsp; — | &nbsp;&nbsp; 250390 | &nbsp;&nbsp; — |
| Other | &nbsp;&nbsp; 1666592 | &nbsp;&nbsp; 1666592 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total Preferred Stocks | &nbsp;&nbsp; 1916982 | &nbsp;&nbsp; 1666592 | &nbsp;&nbsp; 250390 | &nbsp;&nbsp; — |
| Purchased Options: |  |  |  |  |
| Call Option | &nbsp;&nbsp; 11024 | &nbsp;&nbsp; 11024 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Call Swaptions | &nbsp;&nbsp; 1085011 | &nbsp;&nbsp; 1085011 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Put Options | &nbsp;&nbsp; 350922 | &nbsp;&nbsp; 350922 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Put Swaption | &nbsp;&nbsp; 5063 | &nbsp;&nbsp; 5063 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total Purchased Options | &nbsp;&nbsp; 1452020 | &nbsp;&nbsp; 1452020 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Repurchase Agreements | &nbsp;&nbsp; 439900000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 439900000 | &nbsp;&nbsp; — |
| U.S. Treasury Obligations | &nbsp;&nbsp; 646357807 | &nbsp;&nbsp; — | &nbsp;&nbsp; 646357807 | &nbsp;&nbsp; — |
| **Total Assets - Investments in Securities** | &nbsp;&nbsp; $4194061796 | &nbsp;&nbsp; $194460071 | &nbsp;&nbsp; $3978173092 | &nbsp;&nbsp; $21428633 |
| **Other Financial Instruments\*\*\*** |  |  |  |  |
| Forward Foreign Currency Contracts | &nbsp;&nbsp; $1236944 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1236944 | &nbsp;&nbsp; $— |
| Futures Contracts | &nbsp;&nbsp; 7039141 | &nbsp;&nbsp; 7039141 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Swap Agreements | &nbsp;&nbsp; 6700609 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6700609 | &nbsp;&nbsp; — |
| **Total Assets - Other Financial Instruments** | &nbsp;&nbsp; $14976694 | &nbsp;&nbsp; $7039141 | &nbsp;&nbsp; $7937553 | &nbsp;&nbsp; $— |

---

**124**

See Notes to Financial Statements.

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total**<br> **Value**<br>| **Level 1**<br> **Quoted Prices**<br>| **Level 2**<br> **Other Significant**<br> **Observable Inputs**<br>| **Level 3**<br> **Significant**<br> **Unobservable Inputs**<br>|
| **Liabilities:** |  |  |  |  |
| **Investments in Securities:** |  |  |  |  |
| TBA Sale Commitments | &nbsp;&nbsp; $(37996320)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(37996320)<br>| &nbsp;&nbsp; $— |
| Written Options: |  |  |  |  |
| Call Options | &nbsp;&nbsp; (1823600)<br>| &nbsp;&nbsp; (1823600)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Call Swaptions | &nbsp;&nbsp; (561348)<br>| &nbsp;&nbsp; (561348)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Put Options | &nbsp;&nbsp; (1495043)<br>| &nbsp;&nbsp; (1495043)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Put Swaptions | &nbsp;&nbsp; (32084)<br>| &nbsp;&nbsp; (32084)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total Written Options | &nbsp;&nbsp; (3912075)<br>| &nbsp;&nbsp; (3912075)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Total Liabilities - Investments in Securities** | &nbsp;&nbsp; $(41908395)<br>| &nbsp;&nbsp; $(3912075)<br>| &nbsp;&nbsp; $(37996320)<br>| &nbsp;&nbsp; $— |
| **Other Financial Instruments\*\*\*** |  |  |  |  |
| Forward Foreign Currency Contracts | &nbsp;&nbsp; $(5797516)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(5797516)<br>| &nbsp;&nbsp; $— |
| Futures Contracts | &nbsp;&nbsp; (1811192)<br>| &nbsp;&nbsp; (1811192)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Swap Agreements | &nbsp;&nbsp; (6392108)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (6392108)<br>| &nbsp;&nbsp; — |
| **Total Liabilities - Other Financial Instruments** | &nbsp;&nbsp; $(14000816)<br>| &nbsp;&nbsp; $(1811192)<br>| &nbsp;&nbsp; $(12189624)<br>| &nbsp;&nbsp; $— |

---

---

| | |
|:---|:---|
| ^^ | Classifications as defined in the Schedule of Investments. |
| \*\*\* | Other financial instruments are derivative instruments, such as futures contracts, forward foreign currency contracts and swap agreements, which are valued <br> at the unrealized appreciation (depreciation) on the investment. Further details regarding the value of these investments can be found in the preceding <br> "Futures Contracts outstanding", "Forward Foreign Currency Contracts outstanding" and "Swap Agreements outstanding" disclosures.<br>|

---

Management has determined that the amount of transfers between Level 3 and Level 2 compared to total net assets is not material; therefore, the amount of transfers between Level 3 and Level 2 is not shown for the period ended June 30, 2025.

Management has determined that the amount of Level 3 securities compared to total net assets is not material; therefore, the reconciliation of Level 3 securities and assumptions is not shown for the period ended June 30, 2025

See Notes to Financial Statements.

**125**

------

**GLOBAL BOND FUND**

**SCHEDULE OF INVESTMENTS**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **AGENCY OBLIGATION — 0.0%** | **AGENCY OBLIGATION — 0.0%** | **AGENCY OBLIGATION — 0.0%** |
| Tennessee Valley <br> Authority<br>|  |  |
| 5.25%, 02/01/55 <br>(Cost $123,156) | $125000 | $122197 |
| **ASSET-BACKED SECURITIES — 4.8%** | **ASSET-BACKED SECURITIES — 4.8%** | **ASSET-BACKED SECURITIES — 4.8%** |
| Aaset Trust, Series 2021-2A, Class A |  |  |
| 2.80%, 01/15/47 144A | 169063 | 157610 |
| AASET, Ltd., Series 2024-2A, <br> Class A |  |  |
| 5.93%, 09/16/49 144A | 237096 | 241268 |
| AGL CLO 22, Ltd., Series 2022-22A, <br> Class D1R |  |  |
| (Floating, CME Term SOFR 3M + <br> 2.70%, 2.70% Floor), 6.97%, <br> 01/20/37 144A † | 800000 | 804473 |
| AGL CLO 35, Ltd., Series 2024-35A, <br> Class D1 |  |  |
| (Floating, CME Term SOFR 3M + <br> 2.85%, 2.85% Floor), 7.12%, <br> 01/21/38 144A † | 1030000 | 1036969 |
| Air Canada Pass-Through Trust, <br> Series 2020-2, Class A |  |  |
| 5.25%, 04/01/29 144A | 247816 | 250429 |
| American Airlines Pass-Through <br> Trust, Series 2016-3, Class B |  |  |
| 3.75%, 10/15/25 | 101137 | 100457 |
| Apex Credit CLO, Ltd., Series <br> 2019-2A, Class D1NR |  |  |
| (Floating, CME Term SOFR 3M + <br> 3.50%), 7.78%, 01/25/38 <br> 144A † | 480000 | 480076 |
| Apidos CLO L, Series 2024-50A, <br> Class D1 |  |  |
| (Floating, CME Term SOFR 3M + <br> 2.80%, 2.80% Floor), 7.07%, <br> 01/20/38 144A † | 950000 | 957506 |
| Applebee's Funding LLC, Series <br> 2023-1A, Class A2 |  |  |
| 7.82%, 03/05/53 144A | 100000 | 101534 |
| Applebee's Funding LLC, Series <br> 2025-1A, Class A2 |  |  |
| 6.72%, 06/07/55 144A ††† | 310000 | 308912 |
| Arbys Funding LLC, Series 2020-1A, <br> Class A2 |  |  |
| 3.24%, 07/30/50 144A | 1181100 | 1127864 |
| Avis Budget Rental Car Funding <br> AESOP LLC, Series 2023-3A, <br> Class C |  |  |
| 7.05%, 02/22/28 144A | 400000 | 408881 |
| Avis Budget Rental Car Funding <br> AESOP LLC, Series 2024-1A, <br> Class C |  |  |
| 6.48%, 06/20/30 144A | 710000 | 732301 |
| BHG Securitization Trust, Series <br> 2022-A, Class B |  |  |
| 2.70%, 02/20/35 144A | 76690 | 75841 |
| Bravo Mortgage Asset Trust, Series <br> 2006-1A, Class M1 |  |  |
| (Floating, CME Term SOFR 1M + <br> 0.71%, 0.60% Floor), 5.03%, <br> 07/25/36 144A † | 484427 | 435431 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Bridgecrest Lending Auto <br> Securitization Trust, Series <br> 2023-1, Class D |  |  |
| 7.84%, 08/15/29 | $125000 | $131712 |
| Bridgecrest Lending Auto <br> Securitization Trust, Series <br> 2024-2, Class D |  |  |
| 6.30%, 02/15/30 | 115000 | 117999 |
| CarVal CLO VII-C, Ltd., Series <br> 2023-1A, Class D1R |  |  |
| (Floating, CME Term SOFR 3M + <br> 3.15%, 3.15% Floor), 7.42%, <br> 07/20/37 144A † | 920000 | 924771 |
| CarVal CLO XI C, Ltd., Series <br> 2024-3A, Class D1 |  |  |
| (Floating, CME Term SOFR 3M + <br> 3.00%, 3.00% Floor), 7.27%, <br> 10/20/37 144A † | 670000 | 672732 |
| Carvana Auto Receivables Trust, <br> Series 2021-N4, Class D |  |  |
| 2.30%, 09/11/28 | 9965 | 9685 |
| Carvana Auto Receivables Trust, <br> Series 2021-P4, Class C |  |  |
| 2.33%, 02/10/28 | 25000 | 23965 |
| CBAM, Ltd., Series 2017-3A, <br> Class DR |  |  |
| (Floating, CME Term SOFR 3M + <br> 3.76%, 3.50% Floor), 8.04%, <br> 07/17/34 144A † | 440000 | 442636 |
| CLI Funding VI LLC, Series <br> 2020-1A, Class B |  |  |
| 3.62%, 09/18/45 144A | 701194 | 663168 |
| College Ave Student Loans LLC, <br> Series 2024-B, Class A1A |  |  |
| 5.69%, 08/25/54 144A | 90685 | 93194 |
| College Ave Student Loans LLC, <br> Series 2024-B, Class B |  |  |
| 6.08%, 08/25/54 144A | 100000 | 102421 |
| Compass Datacenters Issuer II LLC, <br> Series 2025-1A, Class A1 |  |  |
| 5.32%, 05/25/50 144A ††† | 85000 | 86271 |
| Compass Datacenters Issuer III LLC, <br> Series 2025-1A, Class A2 |  |  |
| 5.66%, 02/25/50 144A | 90000 | 91063 |
| Compass Datacenters Issuer III LLC, <br> Series 2025-1A, Class A3 |  |  |
| 5.85%, 02/25/50 144A | 35000 | 35351 |
| CyrusOne Data Centers Issuer I LLC, <br> Series 2024-3A, Class A2 |  |  |
| 4.65%, 05/20/49 144A | 60000 | 57241 |
| DT Auto Owner Trust, Series <br> 2022-1A, Class D |  |  |
| 3.40%, 12/15/27 144A | 68938 | 68458 |
| DT Auto Owner Trust, Series <br> 2023-3A, Class D |  |  |
| 7.12%, 05/15/29 144A | 50000 | 52072 |
| Exeter Automobile Receivables Trust, <br> Series 2022-6A, Class C |  |  |
| 6.32%, 05/15/28 | 16642 | 16722 |

---

**126**

See Notes to Financial Statements.

------

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Exeter Automobile Receivables Trust, <br> Series 2023-2A, Class D |  |  |
| 6.32%, 08/15/29 | $40000 | $40730 |
| Exeter Automobile Receivables Trust, <br> Series 2023-3A, Class D |  |  |
| 6.68%, 04/16/29 | 20000 | 20431 |
| Exeter Automobile Receivables Trust, <br> Series 2023-5A, Class D |  |  |
| 7.13%, 02/15/30 | 100000 | 104044 |
| Exeter Automobile Receivables Trust, <br> Series 2025-1A, Class D |  |  |
| 5.49%, 05/15/31 | 110000 | 112190 |
| Flagship Credit Auto Trust, Series <br> 2021-2, Class D |  |  |
| 1.59%, 06/15/27 144A | 40000 | 39041 |
| Flagship Credit Auto Trust, Series <br> 2021-3, Class D |  |  |
| 1.65%, 09/15/27 144A | 50000 | 48027 |
| Ford Credit Auto Lease Trust, Series <br> 2023-B, Class D |  |  |
| 6.97%, 06/15/28 | 25000 | 25314 |
| Foundation Finance Trust, Series <br> 2025-1A, Class B |  |  |
| 5.26%, 04/15/50 144A | 100000 | 100774 |
| Foundation Finance Trust, Series <br> 2025-1A, Class D |  |  |
| 6.09%, 04/15/50 144A | 100000 | 99657 |
| Frontier Issuer LLC, Series 2023-1, <br> Class A2 |  |  |
| 6.60%, 08/20/53 144A | 190000 | 193113 |
| Frontier Issuer LLC, Series 2023-1, <br> Class C |  |  |
| 11.50%, 08/20/53 144A | 50000 | 52621 |
| Frontier Issuer LLC, Series 2024-1, <br> Class C |  |  |
| 11.16%, 06/20/54 144A | 100000 | 112429 |
| Gallatin CLO XI, Ltd., Series <br> 2024-1A, Class C |  |  |
| (Floating, CME Term SOFR 3M + <br> 2.30%, 2.30% Floor), 6.57%, <br> 10/20/37 144A † | 1100000 | 1107113 |
| GITSIT Mortgage Loan Trust, Series <br> 2024-NPL1, Class A1 |  |  |
| 7.47%, 06/25/54 144A STEP | 23663 | 23681 |
| GITSIT Mortgage Loan Trust, Series <br> 2025-NPL1, Class A1 |  |  |
| 6.28%, 02/25/55 144A STEP | 248804 | 249012 |
| GLS Auto Receivables Issuer Trust, <br> Series 2021-1A, Class D |  |  |
| 1.68%, 01/15/27 144A | 6445 | 6437 |
| GLS Auto Receivables Issuer Trust, <br> Series 2023-2A, Class D |  |  |
| 6.31%, 03/15/29 144A | 30000 | 30637 |
| GLS Auto Receivables Issuer Trust, <br> Series 2024-2A, Class D |  |  |
| 6.19%, 02/15/30 144A | 30000 | 30779 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| GLS Auto Select Receivables Trust, <br> Series 2024-2A, Class C |  |  |
| 5.93%, 06/17/30 144A | $10000 | $10293 |
| Goldentree Loan Management U.S. <br> CLO 7, Ltd., Series 2020-7A, <br> Class DRR |  |  |
| (Floating, CME Term SOFR 3M + <br> 2.80%, 2.80% Floor), 7.07%, <br> 04/20/34 144A † | 940000 | 945122 |
| Goldentree Loan Management U.S. <br> CLO 8, Ltd., Series 2020-8A, <br> Class DRR |  |  |
| (Floating, CME Term SOFR 3M + <br> 2.90%, 2.90% Floor), 7.17%, <br> 10/20/34 144A † | 860000 | 856205 |
| GoodLeap Home Improvement <br> Solutions Trust, Series 2024-1A, <br> Class A |  |  |
| 5.35%, 10/20/46 144A | 26790 | 27122 |
| Hardee's Funding LLC, Series <br> 2024-1A, Class A2 |  |  |
| 7.25%, 03/20/54 144A | 24687 | 25518 |
| Hertz Vehicle Financing III LLC, <br> Series 2025-3A, Class C |  |  |
| 6.13%, 12/26/29 144A ††† | 105000 | 105761 |
| HPS Loan Management, Ltd., Series <br> 2024-22A, Class D1 |  |  |
| (Floating, CME Term SOFR 3M + <br> 2.90%, 2.90% Floor), 7.30%, <br> 10/20/37 144A † | 910000 | 915696 |
| InStar Leasing III LLC, Series <br> 2021-1A, Class A |  |  |
| 2.30%, 02/15/54 144A | 922286 | 858526 |
| JP Morgan Mortgage Trust, Series <br> 2023-HE3, Class A1 |  |  |
| (Floating, U.S. 30-Day Average <br> SOFR + 1.60%), 5.90%, <br> 05/20/54 144A † | 71904 | 72307 |
| Kapitus Asset Securitization IV LLC, <br> Series 2024-1A, Class 1A |  |  |
| 5.49%, 09/10/31 144A | 100000 | 100007 |
| LCM 39, Ltd. |  |  |
| (Floating, CME Term SOFR 3M + <br> 3.25%, 3.25% Floor), 7.51%, <br> 10/15/34 144A † | 900000 | 906266 |
| Marlette Funding Trust, Series <br> 2023-4A, Class B |  |  |
| 8.15%, 12/15/33 144A | 100000 | 104533 |
| Merchants Fleet Funding LLC, Series <br> 2023-1A, Class A |  |  |
| 7.21%, 05/20/36 144A | 59903 | 60401 |
| Mercury Financial Credit Card Master <br> Trust, Series 2024-2A, Class A |  |  |
| 6.56%, 07/20/29 144A | 100000 | 100918 |
| Mission Lane Credit Card Master <br> Trust, Series 2024-B, Class A |  |  |
| 5.88%, 01/15/30 144A | 100000 | 100841 |

---

See Notes to Financial Statements.

**127**

------

**GLOBAL BOND FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Mission Lane Credit Card Master <br> Trust, Series 2025-A, Class A |  |  |
| 5.80%, 05/15/30 144A | $100000 | $100272 |
| MVW LLC, Series 2021-2A, Class C |  |  |
| 2.23%, 05/20/39 144A | 36234 | 34125 |
| Navient Private Education <br> Refinancing Loan Trust, Series <br> 2021-FA, Class B |  |  |
| 2.12%, 02/18/70 144A | 100000 | 68403 |
| Navient Student Loan Trust, Series <br> 2018-EA, Class B |  |  |
| 4.44%, 12/15/59 144A | 560000 | 550369 |
| Neighborly Issuer, Series 2023-1A, <br> Class A2 |  |  |
| 7.31%, 01/30/53 144A | 1212100 | 1238230 |
| Nelnet Student Loan Trust, Series <br> 2021-CA, Class D |  |  |
| 4.44%, 04/20/62 144A | 1040000 | 917418 |
| New Century Home Equity Loan <br> Trust, Series 2003-6, Class M1 |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.19%, 1.08% Floor, 12.50% <br> Cap), 5.51%, 01/25/34† | 111912 | 112069 |
| NYMT Loan Trust, Series 2025-R1, <br> Class A |  |  |
| 6.38%, 02/25/30 144A STEP | 48943 | 48978 |
| Oaktree CLO, Ltd., Series 2022-2A, <br> Class D1R2 |  |  |
| (Floating, CME Term SOFR 3M + <br> 3.25%, 3.25% Floor), 7.51%, <br> 10/15/37 144A † | 910000 | 914987 |
| Obra CLO 1, Ltd., Series 2024-1A, <br> Class D1 |  |  |
| (Floating, CME Term SOFR 3M + <br> 3.40%, 3.40% Floor), 7.82%, <br> 01/20/38 144A † | 1080000 | 1086115 |
| Ocean Trails CLO XIV, Ltd., Series <br> 2023-14A, Class D1R |  |  |
| (Floating, CME Term SOFR 3M + <br> 3.10%), 7.37%, 01/20/38 <br> 144A † | 940000 | 943513 |
| Ocean Trails CLO XVI, Ltd., Series <br> 2024-16A, Class D1 |  |  |
| (Floating, CME Term SOFR 3M + <br> 3.30%, 3.30% Floor), 7.57%, <br> 01/20/38 144A † | 900000 | 904902 |
| OWN Equipment Fund I LLC, Series <br> 2024-2M, Class A |  |  |
| 5.70%, 12/20/32 144A | 131882 | 133975 |
| OWN Equipment Fund II LLC, Series <br> 2025-1M, Class A |  |  |
| 5.48%, 09/26/33 144A | 100000 | 100728 |
| Planet Fitness Master Issuer LLC, <br> Series 2024-1A, Class A2I |  |  |
| 5.77%, 06/05/54 144A | 148875 | 151267 |
| Prestige Auto Receivables Trust, <br> Series 2022-1A, Class D |  |  |
| 8.08%, 08/15/28 144A | 80000 | 81781 |
| PRET LLC, Series 2025-NPL3, <br> Class A1 |  |  |
| (Step to 9.71% on 05/25/28), <br> 6.71%, 04/25/55 144A STEP | 99285 | 100157 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| PRET LLC, Series 2025-NPL6, <br> Class A1 |  |  |
| (Step to 8.01% on 07/25/28), <br> 5.74%, 06/25/55 144A STEP | $100000 | $100257 |
| Progress Residential, Series <br> 2021-SFR3, Class E1 |  |  |
| 2.54%, 05/17/26 144A | 20000 | 19668 |
| RCO IX Mortgage LLC, Series <br> 2025-2, Class A1 |  |  |
| (Step to 9.51% on 05/25/28), <br> 6.51%, 04/25/30 144A STEP | 190016 | 191546 |
| Santander Drive Auto Receivables <br> Trust, Series 2024-3, Class D |  |  |
| 5.97%, 10/15/31 | 105000 | 108010 |
| SEB Funding LLC, Series 2024-1A, <br> Class A2 |  |  |
| 7.39%, 04/30/54 144A | 100000 | 102397 |
| ServiceMaster Funding LLC, Series <br> 2021-1, Class A2II |  |  |
| 3.11%, 07/30/51 144A | 901541 | 759641 |
| SLM Student Loan Trust, Series <br> 2003-4, Class A5E |  |  |
| (Floating, U.S. 90-Day Average <br> SOFR + 1.01%), 5.35%, <br> 03/15/33 144A † | 61045 | 59546 |
| SLM Student Loan Trust, Series <br> 2006-10, Class A6 |  |  |
| (Floating, U.S. 90-Day Average <br> SOFR + 0.41%), 4.77%, <br> 03/25/44† | 63540 | 61896 |
| SMB Private Education Loan Trust, <br> Seres 2021-A, Class A2A2 |  |  |
| (Floating, CME Term SOFR 1M + <br> 0.84%), 5.16%, 01/15/53 <br> 144A † | 51026 | 50662 |
| SMB Private Education Loan Trust, <br> Series 2021-E, Class B |  |  |
| 2.49%, 02/15/51 144A | 100000 | 84968 |
| Subway Funding LLC, Series <br> 2024-1A, Class A2I |  |  |
| 6.03%, 07/30/54 144A | 228850 | 233184 |
| Sunnova Helios X Issuer LLC, Series <br> 2022-C, Class C |  |  |
| 6.00%, 11/22/49 144A | 86915 | 36118 |
| Textainer Marine Containers VII, Ltd., <br> Series 2021-1A, Class A |  |  |
| 1.68%, 02/20/46 144A | 65333 | 60156 |
| TMCL VII Holdings, Ltd., Series <br> 2025-1H, Class A |  |  |
| 6.43%, 07/23/50 144A | 160000 | 159997 |
| Trafigura Securitisation Finance PLC, <br> Series 2024-1A, Class A1 |  |  |
| (Floating, U.S. SOFR + 1.40%, <br> 1.40% Floor), 5.75%, 11/15/27 <br> 144A † | 200000 | 199631 |
| United Airlines Pass-Through Trust, <br> Series 2023-1, Class A |  |  |
| 5.80%, 01/15/36 | 133744 | 136897 |

---

**128**

See Notes to Financial Statements.

------

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Valley Stream Park CLO, Ltd., Series <br> 2022-1A, Class DRR |  |  |
| (Floating, CME Term SOFR 3M + <br> 2.70%, 2.70% Floor), 6.97%, <br> 01/20/37 144A † | $570000 | $573389 |
| VCAT LLC, Series 2025-NPL1, <br> Class A1 |  |  |
| (Step to 8.88% on 02/25/28), <br> 5.88%, 01/25/55 144A STEP | 84700 | 84928 |
| VCAT LLC, Series 2025-NPL3, <br> Class A1 |  |  |
| (Step to 8.89% on 03/25/28), <br> 5.89%, 02/25/55 144A STEP | 162118 | 162344 |
| VOLT XCVII LLC, Series <br> 2021-NPL6, Class A1 |  |  |
| (Step to 6.24% on 07/25/25), <br> 5.24%, 04/25/51 144A STEP | 11022 | 11019 |
| WAVE Trust, Series 2017-1A, Class A |  |  |
| 3.84%, 11/15/42 144A | 73717 | 71512 |
| Westlake Automobile Receivables <br> Trust, Series 2023-4A, Class D |  |  |
| 7.19%, 07/16/29 144A | 100000 | 104187 |
| Whitebox CLO II, Ltd., Series <br> 2020-2A, Class D1R2 |  |  |
| (Floating, CME Term SOFR 3M + <br> 2.90%, 2.90% Floor), 7.18%, <br> 10/24/37 144A † | 580000 | 581962 |
| Wingstop Funding LLC, Series <br> 2024-1A, Class A2 |  |  |
| 5.86%, 12/05/54 144A | 100000 | 102082 |
| Ziply Fiber Issuer LLC, Series <br> 2024-1A, Class A2 |  |  |
| 6.64%, 04/20/54 144A | 100000 | 102784 |
| Ziply Fiber Issuer LLC, Series <br> 2024-1A, Class B |  |  |
| 7.81%, 04/20/54 144A | 65000 | 68017 |
| **Total Asset-Backed Securities** <br>(Cost $29,957,433) |  | 30108646 |
| **CORPORATE BONDS — 16.4%** | **CORPORATE BONDS — 16.4%** | **CORPORATE BONDS — 16.4%** |
| Advanced Energy Industries, Inc. |  |  |
| 2.50%, 09/15/28 CONV | 12000 | 14435 |
| Air Lease Corporation |  |  |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 5Y + <br> 4.08%), 4.65%, 06/15/26ρ ^ | 120000 | 119608 |
| 3.70%, 04/15/30(E) | 1270000 | 1526946 |
| Alliant Holdings Intermediate LLC |  |  |
| 6.50%, 10/01/31 144A | 90000 | 91786 |
| Allison Transmission, Inc. |  |  |
| 3.75%, 01/30/31 144A | 75000 | 68790 |
| Ally Financial, Inc. |  |  |
| (Variable, U.S. SOFR Index + <br> 1.73%), 5.54%, 01/17/31^ | 40000 | 40581 |
| Alphabet, Inc. |  |  |
| 3.38%, 05/06/37(E) | 200000 | 231538 |
| American Airlines, Inc. |  |  |
| 5.50%, 04/20/26 144A | 260000 | 259566 |
| 7.25%, 02/15/28 144A | 830000 | 848197 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| 5.75%, 04/20/29 144A | $750000 | $749811 |
| American Electric Power Co., Inc. |  |  |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 5Y + <br> 2.75%), 7.05%, 12/15/54^ | 105000 | 109329 |
| American Homes 4 Rent LP REIT |  |  |
| 2.38%, 07/15/31 | 20000 | 17427 |
| American Tower Corporation REIT |  |  |
| 0.50%, 01/15/28(E) | 400000 | 447086 |
| 5.90%, 11/15/33 | 600000 | 633516 |
| Amgen, Inc. |  |  |
| 5.75%, 03/02/63 | 55000 | 53512 |
| Antares Holdings LP |  |  |
| 3.75%, 07/15/27 144A | 505000 | 485702 |
| Aon North America, Inc. |  |  |
| 5.75%, 03/01/54 | 115000 | 113462 |
| AppLovin Corporation |  |  |
| 5.13%, 12/01/29 | 100000 | 101331 |
| 5.38%, 12/01/31 | 45000 | 45811 |
| 5.50%, 12/01/34Δ | 435000 | 441842 |
| Aramark International Finance S.a.r.l. |  |  |
| 4.38%, 04/15/33(E) | 100000 | 116511 |
| Ares Capital Corporation |  |  |
| 3.20%, 11/15/31 | 375000 | 326626 |
| Arrow Electronics, Inc. |  |  |
| 2.95%, 02/15/32 | 30000 | 26368 |
| Arthur J Gallagher & Co. |  |  |
| 5.00%, 02/15/32 | 20000 | 20288 |
| 5.45%, 07/15/34 | 30000 | 30688 |
| 5.15%, 02/15/35 | 55000 | 55058 |
| Ashtead Capital, Inc. |  |  |
| 5.95%, 10/15/33 144A | 200000 | 207276 |
| AT&T, Inc. |  |  |
| 2.90%, 12/04/26(U) | 1650000 | 2215689 |
| 3.60%, 06/01/33(E) | 760000 | 902811 |
| 5.38%, 08/15/35Δ | 250000 | 254660 |
| 3.65%, 06/01/51 | 165000 | 117331 |
| 3.50%, 09/15/53 | 150000 | 101608 |
| Athene Holding, Ltd. |  |  |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 5Y + <br> 2.58%), 6.88%, 06/28/55^ | 160000 | 159616 |
| Atlassian Corporation |  |  |
| 5.50%, 05/15/34 | 285000 | 292802 |
| Avantor Funding, Inc. |  |  |
| 3.88%, 07/15/28(E) | 137000 | 161188 |
| 4.63%, 07/15/28 144A | 55000 | 54047 |
| Aviation Capital Group LLC |  |  |
| 6.25%, 04/15/28 144A | 55000 | 57326 |
| 6.75%, 10/25/28 144A | 100000 | 106338 |
| 6.38%, 07/15/30 144A | 105000 | 111487 |
| Axon Enterprise, Inc. |  |  |
| 6.13%, 03/15/30 144A | 30000 | 30926 |
| 6.25%, 03/15/33 144A | 20000 | 20643 |

---

See Notes to Financial Statements.

**129**

------

**GLOBAL BOND FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Bank of America Corporation |  |  |
| (Variable, CME Term SOFR 3M + <br> 3.19%), 5.88%, 03/15/28ρ ^ | $900000 | $916575 |
| (Variable, CME Term SOFR 3M + <br> 1.77%), 3.71%, 04/24/28^ | 205000 | 202638 |
| (Variable, U.S. SOFR + 1.37%), <br> 1.92%, 10/24/31^ | 360000 | 314038 |
| (Variable, U.S. SOFR + 1.33%), <br> 2.97%, 02/04/33^ | 135000 | 120926 |
| (Variable, U.S. SOFR + 2.16%), <br> 5.02%, 07/22/33^ | 25000 | 25300 |
| (Variable, U.S. SOFR + 1.91%), <br> 5.29%, 04/25/34^ | 290000 | 295916 |
| (Variable, U.S. SOFR + 1.84%), <br> 5.87%, 09/15/34^ | 90000 | 95007 |
| (Variable, U.S. SOFR + 1.65%), <br> 5.47%, 01/23/35^ | 145000 | 149020 |
| (Variable, U.S. SOFR + 1.74%), <br> 5.52%, 10/25/35^ | 30000 | 30014 |
| (Variable, U.S. SOFR + 1.31%), <br> 5.51%, 01/24/36^ | 175000 | 180004 |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 5Y + <br> 1.20%), 2.48%, 09/21/36^ | 60000 | 50858 |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 5Y + <br> 2.00%), 3.85%, 03/08/37Δ ^ | 105000 | 96116 |
| (Variable, U.S. SOFR + 1.58%), <br> 3.31%, 04/22/42^ | 1860000 | 1428397 |
| (Variable, CME Term SOFR 3M + <br> 3.41%), 4.08%, 03/20/51^ | 170000 | 135116 |
| Becton, Dickinson and Co. |  |  |
| 3.83%, 06/07/32(E) | 251000 | 302561 |
| Belden, Inc. |  |  |
| 3.88%, 03/15/28(E) | 100000 | 118596 |
| BGC Group, Inc. |  |  |
| 6.15%, 04/02/30 144A | 110000 | 111565 |
| BioMarin Pharmaceutical, Inc. |  |  |
| 1.25%, 05/15/27 CONV | 50000 | 47252 |
| Blackstone Private Credit Fund |  |  |
| 6.00%, 01/29/32Δ | 6000 | 6036 |
| Block, Inc. |  |  |
| 3.50%, 06/01/31Δ | 285000 | 261642 |
| Blue Owl Finance LLC |  |  |
| 6.25%, 04/18/34 | 170000 | 175017 |
| Boeing Co. (The) |  |  |
| 6.39%, 05/01/31 | 35000 | 37630 |
| 6.53%, 05/01/34 | 585000 | 636002 |
| 5.71%, 05/01/40 | 120000 | 118635 |
| 5.81%, 05/01/50 | 455000 | 436765 |
| 6.86%, 05/01/54 | 440000 | 482104 |
| 5.93%, 05/01/60 | 10000 | 9514 |
| 7.01%, 05/01/64 | 50000 | 54971 |
| Booking Holdings, Inc. |  |  |
| 0.50%, 03/08/28(E) Δ | 275000 | 307644 |
| 4.00%, 03/01/44(E) | 100000 | 113064 |
| 3.88%, 03/21/45(E) | 300000 | 331143 |
| Boost Newco Borrower LLC |  |  |
| 7.50%, 01/15/31 144A | 680000 | 722313 |
| BorgWarner, Inc. |  |  |
| 5.40%, 08/15/34Δ | 50000 | 50596 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Broadcom, Inc. |  |  |
| 3.47%, 04/15/34 144A | $670000 | $598756 |
| 3.14%, 11/15/35 144A | 240000 | 202522 |
| Brown & Brown, Inc. |  |  |
| 5.55%, 06/23/35 | 40000 | 40805 |
| Capital One Financial Corporation |  |  |
| (Variable, U.S. SOFR + 1.99%), <br> 5.88%, 07/26/35^ | 40000 | 41259 |
| (Variable, U.S. SOFR + 2.04%), <br> 6.18%, 01/30/36^ | 215000 | 218978 |
| Carnival Corporation |  |  |
| 5.75%, 03/01/27 144A | 80000 | 80711 |
| 5.75%, 12/01/27 CONV | 15000 | 33030 |
| 4.00%, 08/01/28 144A | 95000 | 93041 |
| 6.00%, 05/01/29 144A | 45000 | 45498 |
| 5.75%, 03/15/30 144A | 230000 | 234040 |
| 6.13%, 02/15/33 144A Δ | 265000 | 271301 |
| CDW LLC |  |  |
| 3.25%, 02/15/29 | 55000 | 52142 |
| 3.57%, 12/01/31 | 210000 | 193433 |
| 5.55%, 08/22/34Δ | 185000 | 184720 |
| Cencora, Inc. |  |  |
| 2.88%, 05/22/28(E) | 100000 | 118297 |
| Centene Corporation |  |  |
| 2.45%, 07/15/28 | 5000 | 4647 |
| 4.63%, 12/15/29Δ | 175000 | 170327 |
| 3.38%, 02/15/30Δ | 50000 | 46088 |
| 3.00%, 10/15/30 | 190000 | 169892 |
| 2.50%, 03/01/31 | 225000 | 193872 |
| CenterPoint Energy, Inc. |  |  |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 5Y + <br> 2.59%), 6.70%, 05/15/55^ | 65000 | 65760 |
| Charles Schwab Corporation (The) |  |  |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 10Y + <br> 3.08%), 4.00%, 12/01/30ρ ^ | 490000 | 455165 |
| Charter Communications <br> Operating LLC |  |  |
| 6.65%, 02/01/34 | 35000 | 37493 |
| 6.55%, 06/01/34Δ | 95000 | 101400 |
| 6.38%, 10/23/35 | 45000 | 47287 |
| 3.50%, 06/01/41 | 370000 | 268599 |
| 5.75%, 04/01/48 | 890000 | 809956 |
| 4.80%, 03/01/50 | 285000 | 228191 |
| 5.25%, 04/01/53 | 45000 | 38257 |
| 3.95%, 06/30/62Δ | 210000 | 135414 |
| Cheniere Energy Partners LP |  |  |
| 4.50%, 10/01/29 | 20000 | 19793 |
| 4.00%, 03/01/31 | 235000 | 223735 |
| 3.25%, 01/31/32Δ | 55000 | 49333 |
| 5.95%, 06/30/33 | 185000 | 193193 |
| Choice Hotels International, Inc. |  |  |
| 5.85%, 08/01/34 | 30000 | 30253 |
| Cigna Group (The) |  |  |
| 4.80%, 08/15/38 | 280000 | 263404 |
| 3.40%, 03/15/50 | 260000 | 176439 |

---

**130**

See Notes to Financial Statements.

------

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Citigroup, Inc. |  |  |
| (Variable, U.S. SOFR + 1.83%), <br> 6.02%, 01/24/36^ | $190000 | $195215 |
| Civitas Resources, Inc. |  |  |
| 8.38%, 07/01/28 144A Δ | 65000 | 66635 |
| 8.63%, 11/01/30 144A | 25000 | 25401 |
| CMS Energy Corporation |  |  |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 5Y + <br> 1.96%), 6.50%, 06/01/55^ | 35000 | 35171 |
| Coinbase Global, Inc. |  |  |
| 0.25%, 04/01/30 CONV | 11000 | 14416 |
| Continental Resources, Inc. |  |  |
| 5.75%, 01/15/31 144A | 1170000 | 1181763 |
| 2.88%, 04/01/32 144A Δ | 245000 | 206093 |
| 4.90%, 06/01/44 | 270000 | 212377 |
| COPT Defense Properties LP REIT |  |  |
| 2.75%, 04/15/31 | 20000 | 17701 |
| Coty, Inc. |  |  |
| 3.88%, 04/15/26(E) | 100000 | 117983 |
| CSC Holdings LLC |  |  |
| 11.25%, 05/15/28 144A | 200000 | 199401 |
| 4.13%, 12/01/30 144A Δ | 200000 | 141277 |
| 4.63%, 12/01/30 144A | 400000 | 186374 |
| 3.38%, 02/15/31 144A Δ | 200000 | 138752 |
| Dana Financing Luxembourg S.a.r.l. |  |  |
| 3.00%, 07/15/29(E) | 100000 | 116974 |
| Datadog, Inc. |  |  |
| 0.00%, 12/01/29 <br> 144A CONV Δ » | 59000 | 56670 |
| DCP Midstream Operating LP |  |  |
| 5.13%, 05/15/29 | 20000 | 20325 |
| 3.25%, 02/15/32 | 135000 | 119382 |
| 6.75%, 09/15/37 144A | 500000 | 527123 |
| Dell International LLC |  |  |
| 5.50%, 04/01/35 | 55000 | 55568 |
| Delta Air Lines, Inc. |  |  |
| 5.25%, 07/10/30 | 75000 | 75531 |
| Devon Energy Corporation |  |  |
| 5.88%, 06/15/28 | 384000 | 384176 |
| 5.20%, 09/15/34 | 1100000 | 1068901 |
| DH Europe Finance II S.a.r.l. |  |  |
| 0.45%, 03/18/28(E) | 275000 | 306845 |
| Diamondback Energy, Inc. |  |  |
| 5.55%, 04/01/35 | 15000 | 15170 |
| 6.25%, 03/15/53 | 65000 | 64344 |
| 5.75%, 04/18/54 | 45000 | 41814 |
| Digital Euro Finco LLC REIT |  |  |
| 1.13%, 04/09/28(E) | 305000 | 343391 |
| Dillard's, Inc. |  |  |
| 7.75%, 07/15/26 | 450000 | 456967 |
| Directv Financing LLC |  |  |
| 8.88%, 02/01/30 144A | 40000 | 39260 |
| 10.00%, 02/15/31 144A | 130000 | 126297 |
| Discovery Communications LLC |  |  |
| 3.63%, 05/15/30 | 110000 | 89617 |
| 6.35%, 06/01/40 | 50000 | 35107 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| DISH DBS Corporation |  |  |
| 7.75%, 07/01/26Δ | $1335000 | $1186821 |
| 5.75%, 12/01/28 144A | 885000 | 767737 |
| DoorDash, Inc. |  |  |
| 0.00%, 05/15/30 144A CONV » | 18000 | 19545 |
| DR Horton, Inc. |  |  |
| 5.00%, 10/15/34 | 85000 | 84091 |
| 5.50%, 10/15/35Δ | 70000 | 71326 |
| DTE Energy Co. |  |  |
| 3.40%, 06/15/29 | 122000 | 117118 |
| Duke Energy Corporation |  |  |
| 5.45%, 06/15/34Δ | 165000 | 169583 |
| EchoStar Corporation |  |  |
| 10.75%, 11/30/29 | 1544286 | 1591927 |
| 3.88%, 11/30/30 CONV 1 | 170900 | 201662 |
| EchoStar Corporation PIK |  |  |
| 6.75%, 11/30/30Δ 1 | 273005 | 249353 |
| El Paso Natural Gas Co. LLC |  |  |
| 8.38%, 06/15/32 | 50000 | 58799 |
| Elevance Health, Inc. |  |  |
| 4.10%, 05/15/32 | 25000 | 24017 |
| 5.20%, 02/15/35Δ | 835000 | 844159 |
| Energy Transfer LP |  |  |
| 5.75%, 02/15/33 | 225000 | 233655 |
| 6.55%, 12/01/33 | 280000 | 303949 |
| 5.60%, 09/01/34 | 1535000 | 1559739 |
| 5.70%, 04/01/35Δ | 175000 | 178331 |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 5Y + <br> 4.02%), 8.00%, 05/15/54^ | 360000 | 383248 |
| Entegris, Inc. |  |  |
| 4.75%, 04/15/29 144A | 275000 | 272203 |
| Entergy Mississippi LLC |  |  |
| 5.80%, 04/15/55 | 50000 | 50075 |
| Enterprise Products Operating LLC |  |  |
| 4.80%, 02/01/49 | 290000 | 253331 |
| EPR Properties REIT |  |  |
| 3.60%, 11/15/31 | 35000 | 31813 |
| EQT Corporation |  |  |
| 7.00%, 02/01/30Δ | 50000 | 54227 |
| 3.63%, 05/15/31 144A | 225000 | 208741 |
| Equitable Holdings, Inc. |  |  |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 5Y + <br> 2.39%), 6.70%, 03/28/55Δ ^ | 85000 | 87241 |
| ERAC U.S.A. Finance LLC |  |  |
| 7.00%, 10/15/37 144A | 535000 | 614358 |
| Evergy, Inc. |  |  |
| 4.50%, 12/15/27 CONV | 23000 | 26942 |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 5Y + <br> 2.56%), 6.65%, 06/01/55^ | 70000 | 71241 |
| Expand Energy Corporation |  |  |
| 4.75%, 02/01/32 | 760000 | 739522 |
| Expedia Group, Inc. |  |  |
| 2.95%, 03/15/31 | 490000 | 446827 |
| 5.40%, 02/15/35Δ | 395000 | 397917 |

---

See Notes to Financial Statements.

**131**

------

**GLOBAL BOND FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Fair Isaac Corporation |  |  |
| 6.00%, 05/15/33 144A | $140000 | $141633 |
| Fiserv, Inc. |  |  |
| 5.63%, 08/21/33 | 300000 | 312071 |
| Florida Power & Light Co. |  |  |
| 5.30%, 06/15/34 | 270000 | 278431 |
| Ford Motor Credit Co. LLC |  |  |
| 3.82%, 11/02/27 | 400000 | 386263 |
| 4.00%, 11/13/30 | 630000 | 575371 |
| Foundry JV Holdco LLC |  |  |
| 6.10%, 01/25/36 144A | 320000 | 331456 |
| Freedom Mortgage Holdings LLC |  |  |
| 9.13%, 05/15/31 144A | 25000 | 25801 |
| 8.38%, 04/01/32 144A Δ | 10000 | 10116 |
| Freeport-McMoRan, Inc. |  |  |
| 4.63%, 08/01/30Δ | 5000 | 4952 |
| Freshpet, Inc. |  |  |
| 3.00%, 04/01/28 CONV | 14000 | 17423 |
| Gartner, Inc. |  |  |
| 3.63%, 06/15/29 144A | 65000 | 61848 |
| 3.75%, 10/01/30 144A | 10000 | 9364 |
| General Electric Co. |  |  |
| 4.13%, 09/19/35(E) | 110000 | 135954 |
| General Motors Financial Co., Inc. |  |  |
| 5.85%, 04/06/30 | 5000 | 5171 |
| Glencore Funding LLC |  |  |
| 6.13%, 10/06/28 144A Δ | 150000 | 157042 |
| 2.50%, 09/01/30 144A | 55000 | 49577 |
| 6.38%, 10/06/30 144A | 180000 | 193290 |
| 2.85%, 04/27/31 144A Δ | 420000 | 378947 |
| 5.70%, 05/08/33 144A Δ | 120000 | 124309 |
| 6.50%, 10/06/33 144A | 740000 | 802802 |
| 5.67%, 04/01/35 144A | 510000 | 520521 |
| Global Payments, Inc. |  |  |
| 5.30%, 08/15/29 | 30000 | 30554 |
| 2.90%, 05/15/30 | 65000 | 59783 |
| 1.50%, 03/01/31 CONV | 35000 | 31430 |
| 5.40%, 08/15/32Δ | 375000 | 382990 |
| Go Daddy Operating Co. LLC |  |  |
| 5.25%, 12/01/27 144A | 85000 | 85000 |
| 3.50%, 03/01/29 144A | 105000 | 99313 |
| Goldman Sachs Capital II |  |  |
| (Variable, CME Term SOFR 3M + <br> 1.03%), 5.36%, 07/30/25† ρ | 40000 | 34629 |
| Goldman Sachs Group, Inc. (The) |  |  |
| (Variable, U.S. SOFR + 0.79%), <br> 1.09%, 12/09/26^ | 360000 | 354440 |
| (Variable, CME Term SOFR 3M + <br> 1.77%), 3.69%, 06/05/28^ | 205000 | 202172 |
| (Variable, CME Term SOFR 3M + <br> 1.42%), 3.81%, 04/23/29^ | 280000 | 275588 |
| (Variable, U.S. SOFR + 1.28%), <br> 2.62%, 04/22/32^ | 220000 | 195607 |
| (Variable, U.S. SOFR + 1.41%), <br> 3.10%, 02/24/33^ | 25000 | 22508 |
| 6.75%, 10/01/37 | 180000 | 197743 |
| Granite Construction, Inc. |  |  |
| 3.75%, 05/15/28 CONV | 9000 | 18734 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Guidewire Software, Inc. |  |  |
| 1.25%, 11/01/29 144A CONV Δ | $21000 | $24812 |
| HCA, Inc. |  |  |
| 5.38%, 09/01/26 | 18000 | 18094 |
| 4.13%, 06/15/29 | 70000 | 68794 |
| 3.50%, 09/01/30 | 50000 | 47297 |
| 2.38%, 07/15/31Δ | 30000 | 26122 |
| 3.63%, 03/15/32 | 180000 | 166102 |
| 5.50%, 06/01/33 | 210000 | 215091 |
| 5.60%, 04/01/34 | 85000 | 87002 |
| 5.45%, 09/15/34 | 190000 | 191727 |
| 5.13%, 06/15/39 | 125000 | 117642 |
| 5.25%, 06/15/49 | 145000 | 128922 |
| Helmerich & Payne, Inc. |  |  |
| 5.50%, 12/01/34 144A Δ | 655000 | 597530 |
| Hercules LLC |  |  |
| 6.50%, 06/30/29 | 130000 | 130992 |
| Hess Midstream Operations LP |  |  |
| 4.25%, 02/15/30 144A | 145000 | 139530 |
| Hilton Domestic Operating Co., Inc. |  |  |
| 3.63%, 02/15/32 144A | 155000 | 140505 |
| Hilton Grand Vacations <br> Borrower LLC |  |  |
| 4.88%, 07/01/31 144A Δ | 20000 | 18444 |
| 6.63%, 01/15/32 144A | 45000 | 45727 |
| Hologic, Inc. |  |  |
| 3.25%, 02/15/29 144A | 165000 | 157359 |
| Host Hotels & Resorts LP REIT |  |  |
| 5.50%, 04/15/35 | 180000 | 178265 |
| Ingersoll Rand, Inc. |  |  |
| 5.70%, 08/14/33 | 370000 | 387687 |
| InterDigital, Inc. |  |  |
| 3.50%, 06/01/27 CONV | 8000 | 23320 |
| Invitation Homes Operating <br> Partnership LP REIT |  |  |
| 4.88%, 02/01/35 | 40000 | 38772 |
| IQVIA, Inc. |  |  |
| 2.25%, 01/15/28(E) | 100000 | 114876 |
| 2.88%, 06/15/28(E) | 100000 | 116434 |
| Iron Mountain, Inc. REIT |  |  |
| 5.25%, 07/15/30 144A | 145000 | 143122 |
| Itron, Inc. |  |  |
| 1.38%, 07/15/30 CONV | 13000 | 15522 |
| JBS U.S.A. Holding Lux S.a.r.l. |  |  |
| 3.00%, 02/02/29Δ | 45000 | 42780 |
| 3.75%, 12/01/31 | 50000 | 46627 |
| 6.75%, 03/15/34 | 60000 | 65537 |
| 5.50%, 01/15/36 144A | 105000 | 105220 |
| JBS U.S.A. LUX S.a.r.l. |  |  |
| 5.95%, 04/20/35 144A | 135000 | 139992 |
| 6.38%, 02/25/55 144A Δ | 205000 | 210656 |
| Jefferies Financial Group, Inc. |  |  |
| 6.25%, 01/15/36 | 350000 | 362963 |
| 6.50%, 01/20/43 | 260000 | 271771 |
| JH North America Holdings, Inc. |  |  |
| 5.88%, 01/31/31 144A | 117000 | 118095 |
| 6.13%, 07/31/32 144A | 165000 | 167843 |

---

**132**

See Notes to Financial Statements.

------

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| JPMorgan Chase & Co. |  |  |
| (Variable, Euribor 3M + 0.84%), <br> 1.64%, 05/18/28(E) ^ | $250000 | $290269 |
| (Variable, CME Term SOFR 3M + <br> 2.52%), 2.96%, 05/13/31^ | 515000 | 476352 |
| (Variable, U.S. SOFR + 2.08%), <br> 4.91%, 07/25/33^ | 25000 | 25152 |
| (Variable, U.S. SOFR + 1.32%), <br> 5.50%, 01/24/36^ | 70000 | 72129 |
| (Variable, U.S. SOFR + 2.44%), <br> 3.11%, 04/22/51^ | 460000 | 309803 |
| (Variable, U.S. SOFR + 1.58%), <br> 3.33%, 04/22/52^ | 1880000 | 1318394 |
| Kinder Morgan Energy Partners LP |  |  |
| 6.50%, 02/01/37 | 40000 | 42371 |
| 6.95%, 01/15/38 | 50000 | 55484 |
| Kinder Morgan, Inc. |  |  |
| 7.75%, 01/15/32 | 560000 | 646818 |
| 5.85%, 06/01/35 | 170000 | 176284 |
| Kroger Co. (The) |  |  |
| 5.00%, 09/15/34 | 360000 | 357648 |
| Kronos International, Inc. |  |  |
| 9.50%, 03/15/29(E) | 100000 | 127238 |
| L3Harris Technologies, Inc. |  |  |
| 5.40%, 01/15/27 | 30000 | 30509 |
| 5.40%, 07/31/33 | 160000 | 164426 |
| 5.35%, 06/01/34 | 230000 | 235232 |
| Lamb Weston Holdings, Inc. |  |  |
| 4.88%, 05/15/28 144A | 35000 | 34815 |
| Leidos, Inc. |  |  |
| 4.38%, 05/15/30 | 370000 | 364737 |
| 2.30%, 02/15/31 | 35000 | 30640 |
| 5.75%, 03/15/33Δ | 140000 | 145969 |
| Lennar Corporation |  |  |
| 4.75%, 11/29/27 | 720000 | 725248 |
| Marriott International, Inc. |  |  |
| 2.85%, 04/15/31 | 75000 | 68129 |
| 5.30%, 05/15/34 | 50000 | 50631 |
| 5.50%, 04/15/37 | 200000 | 200161 |
| Marriott Ownership Resorts, Inc. |  |  |
| 4.50%, 06/15/29 144A Δ | 45000 | 43246 |
| Mars, Inc. |  |  |
| 5.20%, 03/01/35 144A | 60000 | 60749 |
| Marsh & McLennan Cos., Inc. |  |  |
| 5.00%, 03/15/35 | 225000 | 225055 |
| Masco Corporation |  |  |
| 6.50%, 08/15/32 | 27000 | 28805 |
| Matador Resources Co. |  |  |
| 6.88%, 04/15/28 144A | 20000 | 20408 |
| 6.50%, 04/15/32 144A | 10000 | 10012 |
| MBIA Insurance Corporation |  |  |
| 15.78%, 01/15/33 144A # | 215000 | 10213 |
| McDonald's Corporation |  |  |
| 1.60%, 03/15/31(E) | 400000 | 435081 |
| Medline Borrower LP |  |  |
| 6.25%, 04/01/29 144A | 80000 | 82283 |
| Medtronic, Inc. |  |  |
| 4.15%, 10/15/53(E) | 181000 | 206253 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Meritage Homes Corporation |  |  |
| 5.65%, 03/15/35Δ | $325000 | $326164 |
| MetLife, Inc. |  |  |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 5Y + <br> 2.08%), 6.35%, 03/15/55Δ ^ | 45000 | 46290 |
| Micron Technology, Inc. |  |  |
| 5.88%, 09/15/33 | 315000 | 329203 |
| 6.05%, 11/01/35 | 230000 | 240801 |
| Molina Healthcare, Inc. |  |  |
| 4.38%, 06/15/28 144A | 55000 | 53797 |
| 3.88%, 05/15/32 144A | 130000 | 118417 |
| Morgan Stanley |  |  |
| (Variable, U.S. SOFR + 1.14%), <br> 2.70%, 01/22/31^ | 285000 | 262867 |
| (Variable, Euribor 3M + 1.32%), <br> 3.52%, 05/22/31(E) ^ | 500000 | 598959 |
| (Variable, U.S. SOFR + 2.56%), <br> 6.34%, 10/18/33^ | 20000 | 21721 |
| (Variable, SONIA Interest Rate + <br> 2.25%), 5.79%, 11/18/33(U) ^ | 820000 | 1175102 |
| (Variable, U.S. SOFR + 1.87%), <br> 5.25%, 04/21/34^ | 120000 | 122115 |
| (Variable, U.S. SOFR + 1.88%), <br> 5.42%, 07/21/34^ | 100000 | 102477 |
| (Variable, Euribor 3M + 1.24%), <br> 3.96%, 03/21/35(E) ^ | 200000 | 241093 |
| (Variable, U.S. SOFR + 1.58%), <br> 5.83%, 04/19/35^ | 830000 | 869898 |
| (Variable, U.S. SOFR + 1.56%), <br> 5.32%, 07/19/35^ | 75000 | 75946 |
| (Variable, U.S. SOFR + 1.36%), <br> 2.48%, 09/16/36^ | 190000 | 161502 |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 5Y + <br> 2.43%), 5.95%, 01/19/38^ | 360000 | 370481 |
| Motorola Solutions, Inc. |  |  |
| 5.40%, 04/15/34 | 280000 | 285681 |
| 5.55%, 08/15/35 | 145000 | 147897 |
| MPLX LP |  |  |
| 5.00%, 03/01/33 | 25000 | 24665 |
| 4.70%, 04/15/48 | 80000 | 64974 |
| Mutual of Omaha Insurance Co. |  |  |
| 6.80%, 06/15/36 144A | 605000 | 665310 |
| Navient Corporation |  |  |
| 6.75%, 06/15/26 | 125000 | 126589 |
| NCL Corporation, Ltd. |  |  |
| 5.88%, 03/15/26 144A | 11000 | 11057 |
| 8.13%, 01/15/29 144A | 5000 | 5274 |
| 0.88%, 04/15/30 144A CONV | 39000 | 41901 |
| 6.75%, 02/01/32 144A Δ | 95000 | 97114 |
| NCL Finance, Ltd. |  |  |
| 6.13%, 03/15/28 144A | 25000 | 25422 |
| NetApp, Inc. |  |  |
| 5.50%, 03/17/32 | 90000 | 92735 |
| 5.70%, 03/17/35 | 85000 | 87325 |
| Netflix, Inc. |  |  |
| 3.63%, 05/15/27(E) | 100000 | 120420 |

---

See Notes to Financial Statements.

**133**

------

**GLOBAL BOND FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| NextEra Energy Capital Holdings, <br> Inc. |  |  |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 5Y + <br> 2.05%), 6.38%, 08/15/55^ | $35000 | $35828 |
| Nordson Corporation |  |  |
| 5.80%, 09/15/33Δ | 25000 | 26421 |
| Northern Oil & Gas, Inc. |  |  |
| 3.63%, 04/15/29 CONV | 21000 | 21971 |
| Nutanix, Inc. |  |  |
| 0.25%, 10/01/27 CONV | 19000 | 26828 |
| Occidental Petroleum Corporation |  |  |
| 3.50%, 08/15/29 | 280000 | 260482 |
| 5.38%, 01/01/32 | 800000 | 794005 |
| 6.05%, 10/01/54 | 35000 | 32104 |
| Olympus Water U.S. Holding <br> Corporation |  |  |
| 3.88%, 10/01/28(E) | 100000 | 115645 |
| 9.63%, 11/15/28(E) | 100000 | 123998 |
| ONEOK, Inc. |  |  |
| 6.50%, 09/01/30 144A | 10000 | 10688 |
| Open Text Holdings, Inc. |  |  |
| 4.13%, 02/15/30 144A | 300000 | 283812 |
| Oracle Corporation |  |  |
| 4.00%, 07/15/46 | 185000 | 142808 |
| 3.95%, 03/25/51 | 150000 | 110812 |
| Ovintiv, Inc. |  |  |
| 6.50%, 08/15/34Δ | 25000 | 25964 |
| Owens Corning |  |  |
| 7.00%, 12/01/36 | 523000 | 589051 |
| Pacific Gas and Electric Co. |  |  |
| 4.55%, 07/01/30 | 200000 | 195306 |
| 3.25%, 06/01/31 | 160000 | 143680 |
| 5.80%, 05/15/34 | 280000 | 280113 |
| 3.30%, 08/01/40 | 95000 | 68034 |
| 4.95%, 07/01/50 | 103019 | 83137 |
| Parsons Corporation |  |  |
| 2.63%, 03/01/29 CONV | 46000 | 49128 |
| Paychex, Inc. |  |  |
| 5.60%, 04/15/35 | 70000 | 72390 |
| Penn Mutual Life Insurance Co. (The) |  |  |
| 7.63%, 06/15/40 144A | 345000 | 395560 |
| Permian Resources Operating LLC |  |  |
| 3.25%, 04/01/28 CONV | 6000 | 14523 |
| Pilgrim's Pride Corporation |  |  |
| 4.25%, 04/15/31Δ | 35000 | 33777 |
| 3.50%, 03/01/32 | 340000 | 306409 |
| Pinnacle West Capital Corporation |  |  |
| 4.75%, 06/15/27 CONV | 10000 | 10855 |
| Plains All American Pipeline LP |  |  |
| 3.80%, 09/15/30Δ | 85000 | 81276 |
| Post Holdings, Inc. |  |  |
| 2.50%, 08/15/27 CONV | 34000 | 38896 |
| 5.50%, 12/15/29 144A Δ | 30000 | 29889 |
| 4.50%, 09/15/31 144A | 50000 | 46455 |
| Primo Water Holdings, Inc. |  |  |
| 3.88%, 10/31/28(E) | 100000 | 117681 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Quikrete Holdings, Inc. |  |  |
| 6.38%, 03/01/32 144A | $290000 | $298394 |
| Range Resources Corporation |  |  |
| 4.75%, 02/15/30 144A | 840000 | 817739 |
| RAY Financing LLC |  |  |
| 6.50%, 07/15/31(E) 144A | 580000 | 714851 |
| 6.50%, 07/15/31(E) | 130000 | 160225 |
| Reinsurance Group of America, Inc. |  |  |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 5Y + <br> 2.39%), 6.65%, 09/15/55^ | 20000 | 19984 |
| Rocket Mortgage LLC |  |  |
| 2.88%, 10/15/26 144A Δ | 370000 | 361098 |
| 3.63%, 03/01/29 144A | 15000 | 14265 |
| 3.63%, 03/01/29 | 130000 | 123631 |
| 3.88%, 03/01/31 144A Δ | 570000 | 528837 |
| 4.00%, 10/15/33 144A Δ | 165000 | 147734 |
| Rockies Express Pipeline LLC |  |  |
| 6.88%, 04/15/40 144A | 1340000 | 1345692 |
| Royal Caribbean Cruises, Ltd. |  |  |
| 4.25%, 07/01/26 144A | 10000 | 9956 |
| 5.50%, 04/01/28 144A | 375000 | 379900 |
| 5.63%, 09/30/31 144A | 210000 | 211414 |
| 6.25%, 03/15/32 144A | 50000 | 51425 |
| 6.00%, 02/01/33 144A | 200000 | 203980 |
| Rubrik, Inc. |  |  |
| 0.00%, 06/15/30 144A CONV » | 25000 | 26234 |
| Sasol Financing U.S.A. LLC |  |  |
| 5.50%, 03/18/31 | 1470000 | 1209359 |
| Seagate HDD Cayman |  |  |
| 3.50%, 06/01/28 CONV | 8000 | 14403 |
| Sempra |  |  |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 5Y + <br> 2.63%), 6.40%, 10/01/54Δ ^ | 120000 | 114219 |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 5Y + <br> 2.14%), 6.55%, 04/01/55^ | 140000 | 133106 |
| Sensata Technologies, Inc. |  |  |
| 4.38%, 02/15/30 144A | 720000 | 688053 |
| 3.75%, 02/15/31 144A Δ | 205000 | 187060 |
| Shift4 Payments LLC |  |  |
| 5.50%, 05/15/33(E) 144A | 250000 | 305370 |
| SM Energy Co. |  |  |
| 6.75%, 08/01/29 144A | 90000 | 89747 |
| Snowflake, Inc. |  |  |
| 0.00%, 10/01/29 144A CONV » | 18000 | 28042 |
| Southern Co. (The) |  |  |
| 5.70%, 03/15/34Δ | 370000 | 386859 |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 5Y + <br> 3.73%), 4.00%, 01/15/51^ | 140000 | 139416 |
| (Variable, 2.11% - EUR Swap <br> Rate 5Y), 1.88%, <br> 09/15/81(E) ^ | 350000 | 395643 |
| Southern Co. Gas Capital Corporation |  |  |
| 5.75%, 09/15/33 | 30000 | 31507 |

---

**134**

See Notes to Financial Statements.

------

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Spotify U.S.A., Inc. |  |  |
| 0.00%, 03/15/26 CONV » | $10000 | $15174 |
| Sprint Capital Corporation |  |  |
| 8.75%, 03/15/32 | 165000 | 200253 |
| Steel Dynamics, Inc. |  |  |
| 5.38%, 08/15/34 | 30000 | 30482 |
| 5.25%, 05/15/35 | 110000 | 110165 |
| Stewart Information Services <br> Corporation |  |  |
| 3.60%, 11/15/31 | 220000 | 197257 |
| Stryker Corporation |  |  |
| 3.38%, 09/11/32(E) | 140000 | 165778 |
| Synchrony Financial |  |  |
| (Variable, U.S. SOFR Index + <br> 2.13%), 5.94%, 08/02/30^ | 90000 | 92537 |
| (Variable, U.S. SOFR + 1.68%), <br> 5.45%, 03/06/31Δ ^ | 65000 | 65586 |
| Synopsys, Inc. |  |  |
| 5.15%, 04/01/35 | 120000 | 121002 |
| 5.70%, 04/01/55Δ | 335000 | 333313 |
| Sysco Corporation |  |  |
| 6.60%, 04/01/50Δ | 37000 | 40105 |
| Tapestry, Inc. |  |  |
| 5.50%, 03/11/35 | 90000 | 90395 |
| Targa Resources Corporation |  |  |
| 6.13%, 03/15/33 | 115000 | 121252 |
| 6.50%, 03/30/34 | 320000 | 344038 |
| 5.50%, 02/15/35Δ | 10000 | 10040 |
| 5.55%, 08/15/35 | 100000 | 100553 |
| Targa Resources Partners LP |  |  |
| 5.50%, 03/01/30 | 280000 | 284230 |
| 4.00%, 01/15/32 | 95000 | 88591 |
| TD SYNNEX Corporation |  |  |
| 6.10%, 04/12/34 | 435000 | 458094 |
| Textron, Inc. |  |  |
| 2.45%, 03/15/31 | 25000 | 22175 |
| 6.10%, 11/15/33 | 595000 | 633963 |
| The Campbell's Company |  |  |
| 5.40%, 03/21/34 | 85000 | 86380 |
| Time Warner Cable LLC |  |  |
| 6.55%, 05/01/37 | 35000 | 36167 |
| Timken Co. (The) |  |  |
| 4.13%, 05/23/34(E) | 195000 | 228667 |
| T-Mobile U.S.A., Inc. |  |  |
| 3.88%, 04/15/30 | 420000 | 408040 |
| 2.70%, 03/15/32 | 260000 | 229232 |
| 5.13%, 05/15/32 | 1520000 | 1550640 |
| 5.75%, 01/15/34 | 505000 | 529090 |
| 4.50%, 04/15/50 | 235000 | 194444 |
| Transcontinental Gas Pipe Line Co. <br> LLC |  |  |
| 3.25%, 05/15/30 | 320000 | 301960 |
| 4.45%, 08/01/42 | 750000 | 635887 |
| TransDigm, Inc. |  |  |
| 6.75%, 08/15/28 144A | 35000 | 35784 |
| Travel + Leisure Co. |  |  |
| 6.63%, 07/31/26 144A | 10000 | 10116 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| 6.00%, 04/01/27 | $10000 | $10095 |
| 4.50%, 12/01/29 144A | 110000 | 106385 |
| 4.63%, 03/01/30 144A | 70000 | 67156 |
| Trimble, Inc. |  |  |
| 6.10%, 03/15/33 | 280000 | 297578 |
| TriNet Group, Inc. |  |  |
| 3.50%, 03/01/29 144A | 160000 | 150484 |
| Tyler Technologies, Inc. |  |  |
| 0.25%, 03/15/26 CONV | 12000 | 14808 |
| Uber Technologies, Inc. |  |  |
| 0.88%, 12/01/28 CONV | 16000 | 22904 |
| 4.80%, 09/15/34 | 70000 | 68802 |
| 5.35%, 09/15/54 | 130000 | 121343 |
| UGI International LLC |  |  |
| 2.50%, 12/01/29(E) | 200000 | 220406 |
| United Rentals North America, Inc. |  |  |
| 3.88%, 02/15/31 | 1290000 | 1213945 |
| 6.13%, 03/15/34 144A | 665000 | 685797 |
| UnitedHealth Group, Inc. |  |  |
| 4.65%, 01/15/31 | 65000 | 65350 |
| 5.30%, 06/15/35 | 20000 | 20392 |
| 5.95%, 06/15/55 | 20000 | 20326 |
| Utah Acquisition Sub, Inc. |  |  |
| 3.13%, 11/22/28(E) | 410000 | 480722 |
| Venture Global Calcasieu Pass LLC |  |  |
| 6.25%, 01/15/30 144A | 45000 | 46445 |
| 4.13%, 08/15/31 144A | 265000 | 245474 |
| Venture Global LNG, Inc. |  |  |
| 8.38%, 06/01/31 144A Δ | 35000 | 36377 |
| Venture Global Plaquemines <br> LNG LLC |  |  |
| 7.50%, 05/01/33 144A | 140000 | 150013 |
| 6.50%, 01/15/34 | 15000 | 15000 |
| 7.75%, 05/01/35 144A | 140000 | 151661 |
| 6.75%, 01/15/36 | 15000 | 15000 |
| Verizon Communications, Inc. |  |  |
| 1.13%, 11/03/28(U) | 290000 | 360177 |
| 2.36%, 03/15/32 | 465000 | 400995 |
| 5.50%, 02/23/54Δ | 35000 | 33851 |
| Vertex, Inc. |  |  |
| 0.75%, 05/01/29 CONV | 17000 | 20409 |
| VF Corporation |  |  |
| 4.25%, 03/07/29(E) | 100000 | 113154 |
| Viking Cruises, Ltd. |  |  |
| 5.88%, 09/15/27 144A | 90000 | 90107 |
| Viking Ocean Cruises Ship VII, Ltd. |  |  |
| 5.63%, 02/15/29 144A | 900000 | 896173 |
| Viper Energy, Inc. |  |  |
| 7.38%, 11/01/31 144A | 40000 | 42474 |
| Vistra Operations Co. LLC |  |  |
| 6.88%, 04/15/32 144A | 170000 | 177842 |
| 5.70%, 12/30/34 144A | 40000 | 40764 |
| VMware LLC |  |  |
| 2.20%, 08/15/31 | 140000 | 121562 |
| VOC Escrow, Ltd. |  |  |
| 5.00%, 02/15/28 144A | 280000 | 278761 |

---

See Notes to Financial Statements.

**135**

------

**GLOBAL BOND FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Warnermedia Holdings, Inc. |  |  |
| 4.28%, 03/15/32 | $280000 | $209650 |
| 4.69%, 05/17/33(E) | 217000 | 241617 |
| 5.05%, 03/15/42 | 510000 | 303144 |
| Wells Fargo & Co. |  |  |
| (Variable, CME Term SOFR 3M + <br> 1.26%), 2.57%, 02/11/31^ | 200000 | 183270 |
| (Variable, U.S. SOFR + 2.02%), <br> 5.39%, 04/24/34^ | 1380000 | 1412592 |
| (Variable, U.S. SOFR + 2.06%), <br> 6.49%, 10/23/34^ | 80000 | 87475 |
| (Variable, CME Term SOFR 3M + <br> 4.50%), 5.01%, 04/04/51^ | 840000 | 765442 |
| Western Digital Corporation |  |  |
| 4.75%, 02/15/26 | 31000 | 30942 |
| 2.85%, 02/01/29 | 65000 | 60319 |
| Western Midstream Operating LP |  |  |
| 4.05%, 02/01/30 | 20000 | 19242 |
| 6.15%, 04/01/33 | 265000 | 275936 |
| 5.45%, 11/15/34 | 95000 | 93183 |
| 5.45%, 04/01/44 | 10000 | 8743 |
| 5.30%, 03/01/48 | 50000 | 41772 |
| 5.50%, 08/15/48 | 835000 | 718733 |
| 5.25%, 02/01/50 | 25000 | 21050 |
| Weyerhaeuser Co. REIT |  |  |
| 6.88%, 12/15/33 | 250000 | 276431 |
| Whirlpool Corporation |  |  |
| 6.13%, 06/15/30 | 30000 | 30283 |
| 6.50%, 06/15/33 | 30000 | 30124 |
| Whistler Pipeline LLC |  |  |
| 5.70%, 09/30/31 144A | 30000 | 30603 |
| 5.95%, 09/30/34 144A | 35000 | 35501 |
| Williams Cos., Inc. (The) |  |  |
| 5.15%, 03/15/34 | 115000 | 114802 |
| 5.75%, 06/24/44 | 320000 | 313938 |
| WMG Acquisition Corporation |  |  |
| 2.25%, 08/15/31(E) | 100000 | 109463 |
| Yum! Brands, Inc. |  |  |
| 4.63%, 01/31/32 | 255000 | 245775 |
| ZF North America Capital, Inc. |  |  |
| 6.88%, 04/14/28 144A | 150000 | 150592 |
| 6.75%, 04/23/30 144A Δ | 150000 | 144235 |
| **Total Corporate Bonds** <br>(Cost $104,833,594) |  | 103853484 |
| **FOREIGN BONDS — 40.2%** | **FOREIGN BONDS — 40.2%** | **FOREIGN BONDS — 40.2%** |
| **Andorra — 0.0%** | **Andorra — 0.0%** |  |
| Andorra International Bond |  |  |
| 1.25%, 02/23/27(E) | 100000 | 115418 |
| **Argentina — 0.3%** | **Argentina — 0.3%** |  |
| Argentine Republic Government <br> International Bond |  |  |
| (Step to 4.75% on 07/09/27), <br> 4.13%, 07/09/35 STEP | 370000 | 249831 |
| Pampa Energia SA |  |  |
| 7.95%, 09/10/31 144A | 610000 | 621107 |
| Pan American Energy LLC |  |  |
| 8.50%, 04/30/32 144A | 960000 | 1032797 |
|  |  | 1903735 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Australia — 0.4%** | **Australia — 0.4%** |  |
| Australia Government Bond |  |  |
| 2.75%, 06/21/35(A) | $757000 | $441335 |
| 1.75%, 06/21/51(A) | 2000000 | 715732 |
| FMG Resources August 2006 Pty, Ltd. |  |  |
| 4.38%, 04/01/31 144A Δ | 100000 | 93512 |
| Mineral Resources, Ltd. |  |  |
| 8.00%, 11/01/27 144A | 5000 | 5027 |
| 9.25%, 10/01/28 144A | 15000 | 15370 |
| 8.50%, 05/01/30 144A Δ | 25000 | 24896 |
| Queensland Treasury Corporation |  |  |
| 4.50%, 03/09/33(A) 144A | 2133000 | 1407659 |
|  |  | 2703531 |
| **Austria — 0.2%** | **Austria — 0.2%** |  |
| Benteler International AG |  |  |
| 9.38%, 05/15/28(E) | 100000 | 123574 |
| Republic of Austria Government Bond |  |  |
| 0.90%, 02/20/32(E) 144A | 17000 | 17925 |
| Sappi Papier Holding GmbH |  |  |
| 3.63%, 03/15/28(E) | 100000 | 117291 |
| Suzano Austria GmbH |  |  |
| 5.00%, 01/15/30 | 730000 | 727917 |
| 3.75%, 01/15/31 | 100000 | 93741 |
|  |  | 1080448 |
| **Azerbaijan — 0.0%** | **Azerbaijan — 0.0%** |  |
| State Oil Co. of the Azerbaijan <br> Republic |  |  |
| 6.95%, 03/18/30 | 200000 | 210982 |
| **Belgium — 0.3%** | **Belgium — 0.3%** |  |
| Azelis Finance NV |  |  |
| 4.75%, 09/25/29(E) 144A | 300000 | 363460 |
| Crelan SA |  |  |
| (Variable, EURIBOR ICE SWAP <br> RATE + 2.85%), 6.00%, <br> 02/28/30(E) Δ ^ | 500000 | 648323 |
| Elia Transmission Belgium SA |  |  |
| 0.88%, 04/28/30(E) Δ | 500000 | 536309 |
| Kingdom of Belgium Government <br> Bond |  |  |
| 1.45%, 06/22/37(E) 144A | 84000 | 80779 |
| 1.70%, 06/22/50(E) 144A | 24000 | 18498 |
| Manuchar Group S.a.r.l. |  |  |
| 7.25%, 06/30/27(E) | 100000 | 120117 |
| Proximus SADP |  |  |
| (Variable, EURIBOR ICE Swap <br> Rate 5Y + 2.41%), 4.75%, <br> 07/02/31(E) ρ ^ | 200000 | 236224 |
|  |  | 2003710 |
| **Brazil — 0.2%** | **Brazil — 0.2%** |  |
| Brazil Minas SPE via State of Minas <br> Gerais |  |  |
| 5.33%, 02/15/28 | 120000 | 119566 |
| Brazil Notas do Tesouro Nacional <br> Serie F |  |  |
| 10.00%, 01/01/31(B) ††† | 4476000 | 721356 |

---

**136**

See Notes to Financial Statements.

------

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Brazilian Government International <br> Bond |  |  |
| 5.63%, 01/07/41 | $100000 | $89081 |
|  |  | 930003 |
| **Bulgaria — 0.0%** | **Bulgaria — 0.0%** |  |
| Bulgaria Government International <br> Bond |  |  |
| 4.38%, 05/13/31(E) | 12000 | 15338 |
| 3.63%, 09/05/32(E) | 11000 | 13447 |
| 4.50%, 01/27/33(E) | 41000 | 52482 |
| 4.88%, 05/13/36(E) | 45000 | 58941 |
| 4.13%, 05/07/38(E) Δ | 19000 | 22823 |
|  |  | 163031 |
| **Canada — 1.5%** | **Canada — 1.5%** |  |
| 1011778 BC ULC |  |  |
| 3.88%, 01/15/28 144A | 10000 | 9750 |
| 3.50%, 02/15/29 144A | 40000 | 38132 |
| 5.63%, 09/15/29 144A | 100000 | 101537 |
| 4.00%, 10/15/30 144A | 85000 | 79298 |
| 1261229 BC, Ltd. |  |  |
| 10.00%, 04/15/32 144A | 1200000 | 1211388 |
| Bausch Health Cos., Inc. |  |  |
| 4.88%, 06/01/28 144A | 170000 | 143544 |
| Bell Telephone Co. of Canada |  |  |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 5Y + <br> 2.39%), 6.88%, 09/15/55Δ ^ | 65000 | 66788 |
| Brookfield Asset Management, Ltd. |  |  |
| 5.80%, 04/24/35 | 40000 | 41061 |
| Canadian Government Bond |  |  |
| 3.50%, 03/01/28(C) | 3476000 | 2607211 |
| 4.00%, 03/01/29(C) | 275000 | 210739 |
| 3.00%, 06/01/34(C) | 885000 | 638994 |
| Canadian Natural Resources, Ltd. |  |  |
| 5.00%, 12/15/29 144A | 410000 | 413895 |
| 5.40%, 12/15/34 144A Δ | 125000 | 124263 |
| Enbridge, Inc. |  |  |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 5Y + <br> 2.97%), 7.20%, 06/27/54^ | 62000 | 63850 |
| First Quantum Minerals, Ltd. |  |  |
| 9.38%, 03/01/29 144A | 400000 | 425039 |
| GFL Environmental, Inc. |  |  |
| 4.38%, 08/15/29 144A | 65000 | 63170 |
| Glencore Finance Canada, Ltd. |  |  |
| 6.00%, 11/15/41 | 340000 | 343385 |
| Magna International, Inc. |  |  |
| 3.63%, 05/21/31(E) | 150000 | 178089 |
| Open Text Corporation |  |  |
| 6.90%, 12/01/27 144A | 40000 | 41445 |
| 3.88%, 02/15/28 144A | 190000 | 184435 |
| Province of British Columbia Canada |  |  |
| 4.70%, 01/24/28 | 1600000 | 1633676 |
| 3.50%, 05/29/40(E) | 188000 | 218352 |
| Province of Quebec Canada |  |  |
| 3.25%, 05/22/35(E) | 320000 | 376171 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| 5.10%, 06/04/35(A) | $378000 | $251278 |
| Rogers Communications, Inc. |  |  |
| 3.80%, 03/15/32 | 141000 | 131083 |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 5Y + <br> 2.65%), 7.00%, 04/15/55^ | 75000 | 76864 |
|  |  | 9673437 |
| **Chile — 0.1%** | **Chile — 0.1%** |  |
| Chile Government International Bond |  |  |
| 5.65%, 01/13/37 | 200000 | 206520 |
| 3.10%, 01/22/61 | 570000 | 346720 |
| 3.25%, 09/21/71 | 400000 | 243740 |
|  |  | 796980 |
| **China — 3.4%** | **China — 3.4%** |  |
| Avolon Holdings Funding, Ltd. |  |  |
| 4.25%, 04/15/26 144A | 680000 | 676305 |
| 5.38%, 05/30/30 144A | 65000 | 66241 |
| China Government Bond |  |  |
| 2.20%, 07/27/25(Y) | 29500000 | 4123620 |
| 3.85%, 12/12/26(Y) | 18000000 | 2602489 |
| 3.48%, 06/29/27(Y) | 33000000 | 4791478 |
| 4.15%, 12/04/27(Y) | 13000000 | 1933951 |
| 4.29%, 05/22/29(Y) | 16500000 | 2548829 |
| 3.60%, 05/21/30(Y) | 7000000 | 1073776 |
| 2.88%, 02/25/33(Y) | 18720000 | 2850135 |
| 3.95%, 06/29/43(Y) | 4000000 | 714073 |
| 4.10%, 05/21/45(Y) | 1000000 | 184414 |
| Times China Holdings, Ltd. |  |  |
| 6.75%, 07/08/25 | 200000 | 7500 |
| Yuzhou Group Holdings Co., Ltd. |  |  |
| 7.70%, 02/20/25# | 495000 | 37437 |
|  |  | 21610248 |
| **Colombia — 0.6%** | **Colombia — 0.6%** |  |
| Colombia Government International <br> Bond |  |  |
| 3.00%, 01/30/30 | 315000 | 273090 |
| 8.00%, 04/20/33 | 400000 | 414372 |
| 5.63%, 02/26/44 | 3170000 | 2350713 |
| Ecopetrol SA |  |  |
| 8.88%, 01/13/33 | 690000 | 712291 |
| 8.38%, 01/19/36 | 75000 | 72413 |
|  |  | 3822879 |
| **Croatia — 0.1%** | **Croatia — 0.1%** |  |
| Croatia Government International <br> Bond |  |  |
| 3.38%, 03/12/34(E) | 130000 | 157360 |
| 3.25%, 02/11/37(E) | 100000 | 115467 |
|  |  | 272827 |
| **Czech Republic — 0.1%** | **Czech Republic — 0.1%** |  |
| CPI Property Group SA |  |  |
| 4.00%, 01/22/28(U) STEP | 100000 | 130980 |
| (Variable, 4.34% - EUR Swap <br> Rate 5Y), 3.75%, <br> 04/28/28(E) ρ ^ | 100000 | 107567 |

---

See Notes to Financial Statements.

**137**

------

**GLOBAL BOND FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| 1.75%, 01/14/30(E) | $100000 | $103469 |
|  |  | 342016 |
| **Denmark — 0.0%** | **Denmark — 0.0%** |  |
| Orsted AS |  |  |
| (Variable, EUR Swap Rate 5Y + <br> 2.62%), 5.25%, <br> 12/08/99(E) Δ ^ | 200000 | 240303 |
| **Dominican Republic — 0.3%** | **Dominican Republic — 0.3%** |  |
| Aeropuertos Dominicanos Siglo XXI <br> SA |  |  |
| 7.00%, 06/30/34 144A | 540000 | 562499 |
| Dominican Republic International <br> Bond |  |  |
| 4.88%, 09/23/32 | 150000 | 138878 |
| 4.88%, 09/23/32 144A | 990000 | 916591 |
|  |  | 1617968 |
| **Ecuador — 0.1%** | **Ecuador — 0.1%** |  |
| Ecuador Government International <br> Bond |  |  |
| 6.90%, 07/31/30 STEP | 80000 | 69700 |
| (Step to 6.90% on 07/31/25), <br> 5.50%, 07/31/35 STEP | 315000 | 229396 |
|  |  | 299096 |
| **Egypt — 0.2%** | **Egypt — 0.2%** |  |
| Egypt Government International Bond |  |  |
| 6.38%, 04/11/31(E) | 1200000 | 1312800 |
| 7.90%, 02/21/48 | 200000 | 153809 |
|  |  | 1466609 |
| **El Salvador — 0.0%** | **El Salvador — 0.0%** |  |
| El Salvador Government International <br> Bond |  |  |
| 7.65%, 06/15/35 | 62000 | 60140 |
| 9.50%, 07/15/52 | 150000 | 154312 |
|  |  | 214452 |
| **Finland — 0.0%** | **Finland — 0.0%** |  |
| Ahlstrom Holding 3 Oy |  |  |
| 3.63%, 02/04/28(E) | 100000 | 115764 |
| **France — 2.7%** | **France — 2.7%** |  |
| Accor SA |  |  |
| (Variable, EURIBOR ICE Swap <br> Rate 5Y + 2.67%), 4.88%, <br> 06/06/30(E) ρ ^ | 100000 | 120605 |
| Afflelou SAS |  |  |
| 6.00%, 07/25/29(E) 144A | 210000 | 257882 |
| Air France-KLM |  |  |
| 4.63%, 05/23/29(E) Δ | 100000 | 121784 |
| Altice France SA |  |  |
| 8.13%, 02/01/27 144A | 750000 | 675566 |
| 3.38%, 01/15/28(E) | 100000 | 98921 |
| Atos SE |  |  |
| (Step to 9.36% on 12/18/25), <br> 9.00%, 12/18/29(E) STEP | 100000 | 131867 |
| BNP Paribas SA |  |  |
| (Variable, USD ICE Swap Rate <br> 5Y + 5.15%), 7.38%, 08/19/25 <br> 144A ρ ^ | 740000 | 741724 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| (Variable, USD SOFR ICE Swap <br> Rate 5Y + 3.98%), 7.00%, <br> 08/16/28 144A ρ ^ | $300000 | $306580 |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 5Y + <br> 4.90%), 7.75%, 08/16/29 <br> 144A ρ ^ | 860000 | 906676 |
| (Variable, Euribor 3M + 1.60%), <br> 4.75%, 11/13/32(E) ^ | 500000 | 632221 |
| BPCE SA |  |  |
| 0.25%, 01/14/31(E) | 500000 | 507866 |
| (Variable, U.S. SOFR + 2.61%), <br> 6.92%, 01/14/46 144A ^ | 250000 | 260881 |
| Bpifrance SACA |  |  |
| 2.00%, 09/02/30(E) | 100000 | 113584 |
| CAB SELAS |  |  |
| 3.38%, 02/01/28(E) 144A | 600000 | 673331 |
| Credit Agricole SA |  |  |
| (Variable, ICE SWAP Rate GBP <br> SONIA 5Y + 4.81%), 7.50%, <br> 06/23/26(U) ρ ^ | 1590000 | 2212245 |
| (Variable, U.S. SOFR + 2.67%), <br> 6.25%, 01/10/35 144A ^ | 540000 | 561758 |
| (Variable, U.S. SOFR + 1.74%), <br> 5.86%, 01/09/36^ | 810000 | 840063 |
| Electricite de France SA |  |  |
| (Variable, GBP Swap Rate 13Y + <br> 4.23%), 6.00%, <br> 01/29/26(U) ρ ^ | 300000 | 412356 |
| Elior Group SA |  |  |
| 5.63%, 03/15/30(E) | 100000 | 120520 |
| Engie SA |  |  |
| 3.88%, 03/06/36(E) | 600000 | 714434 |
| Eutelsat SA |  |  |
| 2.25%, 07/13/27(E) | 100000 | 114945 |
| Fnac Darty SA |  |  |
| 6.00%, 04/01/29(E) | 200000 | 247299 |
| Forvia SE |  |  |
| 5.63%, 06/15/30(E) | 100000 | 118108 |
| French Republic Government Bond <br> OAT |  |  |
| 2.75%, 02/25/29(E) 144A | 1201000 | 1434876 |
| 0.00%, 11/25/31(E) 144A | 943000 | 932266 |
| 1.25%, 05/25/38(E) 144A | 525000 | 473566 |
| 3.25%, 05/25/55(E) 144A | 371000 | 377829 |
| Goldstory SAS |  |  |
| 6.75%, 02/01/30(E) Δ | 100000 | 122762 |
| 6.75%, 02/01/30(E) 144A | 620000 | 761124 |
| Holding d'Infrastructures des Metiers <br> de l'Environnement |  |  |
| 4.88%, 10/24/29(E) | 200000 | 244700 |
| Iliad Holding SASU |  |  |
| 5.63%, 10/15/28(E) | 200000 | 240228 |
| Kapla Holding SAS |  |  |
| 5.00%, 04/30/31(E) 144A | 540000 | 644553 |
| Nexans SA |  |  |
| 4.25%, 03/11/30(E) | 200000 | 243556 |

---

**138**

See Notes to Financial Statements.

------

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Roquette Freres SA |  |  |
| (Variable, EURIBOR ICE Swap <br> Rate 5Y + 3.25%), 5.49%, <br> 11/25/29(E) ρ ^ | $100000 | $119414 |
| SNF Group SACA |  |  |
| 2.63%, 02/01/29(E) | 100000 | 115281 |
| Valeo SE |  |  |
| 5.88%, 04/12/29(E) | 100000 | 125635 |
| 4.50%, 04/11/30(E) | 100000 | 117380 |
| Veolia Environnement SA |  |  |
| (Variable, 2.71% - EUR Swap <br> Rate 5Y), 2.25%, <br> 01/20/26(E) ρ ^ | 200000 | 233692 |
|  |  | 17078078 |
| **Germany — 7.6%** | **Germany — 7.6%** |  |
| Allianz SE |  |  |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 5Y + <br> 2.17%), 3.20%, 10/30/27 <br> 144A ρ ^ | 2000000 | 1756933 |
| Birkenstock Financing S.a.r.l. |  |  |
| 5.25%, 04/30/29(E) | 200000 | 239328 |
| Bundesobligation |  |  |
| 2.40%, 04/18/30(E) | 351000 | 417884 |
| Bundesrepublik Deutschland <br> Bundesanleihe |  |  |
| 0.00%, 02/15/31(E) | 17500000 | 18236906 |
| 1.70%, 08/15/32(E) | 16940000 | 19107746 |
| 2.60%, 08/15/34(E) | 290000 | 342785 |
| 1.00%, 05/15/38(E) | 161000 | 152570 |
| 4.25%, 07/04/39(E) | 470000 | 641704 |
| 2.50%, 07/04/44(E) | 452000 | 495519 |
| 2.50%, 08/15/54(E) | 349000 | 365336 |
| Bundesschatzanweisungen |  |  |
| 2.70%, 09/17/26(E) | 525000 | 624679 |
| 2.20%, 03/11/27(E) | 200000 | 236957 |
| CECONOMY AG |  |  |
| 6.25%, 07/15/29(E) | 120000 | 147945 |
| Cheplapharm Arzneimittel GmbH |  |  |
| 7.50%, 05/15/30(E) Δ | 100000 | 120441 |
| CT Investment GmbH |  |  |
| 6.38%, 04/15/30(E) Δ | 100000 | 121832 |
| 6.38%, 04/15/30(E) 144A | 370000 | 450780 |
| Ctec II GmbH |  |  |
| 5.25%, 02/15/30(E) | 100000 | 100797 |
| Deutsche Lufthansa AG |  |  |
| (Variable, EURIBOR ICE Swap <br> Rate 5Y + 2.86%), 5.25%, <br> 01/15/55(E) ^ | 100000 | 117121 |
| E.ON SE |  |  |
| 3.50%, 04/16/33(E) | 540000 | 642985 |
| 4.00%, 01/16/40(E) | 210000 | 247228 |
| Fressnapf Holding SE |  |  |
| 5.25%, 10/31/31(E) | 100000 | 119410 |
| Gruenenthal GmbH |  |  |
| 4.13%, 05/15/28(E) | 160000 | 189227 |
| Kreditanstalt fuer Wiederaufbau |  |  |
| 0.00%, 06/15/26(E) | 77000 | 89072 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| 2.38%, 08/05/27(E) | $200000 | $237356 |
| 0.75%, 06/28/28(E) | 61000 | 69041 |
| 0.75%, 01/15/29(E) | 43000 | 48166 |
| 2.88%, 12/28/29(E) | 121000 | 145631 |
| 3.75%, 07/15/30 | 395000 | 394050 |
| 0.00%, 09/15/31(E) | 33000 | 33283 |
| 2.50%, 10/15/31(E) | 34000 | 39958 |
| Norddeutsche <br> Landesbank-Girozentrale |  |  |
| (Variable, EURIBOR ICE Swap <br> Rate 5Y + 2.95%), 5.63%, <br> 08/23/34(E) ^ | 300000 | 366826 |
| ProGroup AG |  |  |
| 5.38%, 04/15/31(E) Δ | 200000 | 234265 |
| Schaeffler AG |  |  |
| 4.75%, 08/14/29(E) | 100000 | 119551 |
| 4.50%, 03/28/30(E) Δ | 100000 | 118061 |
| State of Hesse |  |  |
| 2.90%, 06/18/35(E) | 160000 | 187673 |
| State of North Rhine-Westphalia <br> Germany |  |  |
| 0.13%, 06/04/31(E) | 49000 | 49966 |
| 1.65%, 02/22/38(E) | 11000 | 10875 |
| Techem Verwaltungsgesellschaft 674 <br> mbH |  |  |
| 6.00%, 07/30/26(E) | 175840 | 207583 |
| TK Elevator Holdco GmbH |  |  |
| 6.63%, 07/15/28(E) | 90000 | 106455 |
| TK Elevator Midco GmbH |  |  |
| 4.38%, 07/15/27(E) 144A | 350000 | 412773 |
| 4.38%, 07/15/27(E) Δ | 200000 | 235870 |
|  |  | 47982568 |
| **Guatemala — 0.1%** | **Guatemala — 0.1%** |  |
| Guatemala Government Bond |  |  |
| 6.60%, 06/13/36 | 200000 | 203350 |
| Millicom International Cellular SA |  |  |
| 5.13%, 01/15/28 144A | 540000 | 534095 |
|  |  | 737445 |
| **Hong Kong — 0.0%** | **Hong Kong — 0.0%** |  |
| Shimao Group Holdings, Ltd. |  |  |
| 6.13%, 02/21/24# | 200000 | 10802 |
| **Hungary — 0.0%** | **Hungary — 0.0%** |  |
| Hungary Government International <br> Bond |  |  |
| 5.38%, 09/12/33(E) | 14000 | 17794 |
| 4.88%, 03/22/40(E) | 22000 | 25409 |
| Magyar Export-Import Bank Zrt |  |  |
| 6.00%, 05/16/29(E) | 100000 | 127270 |
|  |  | 170473 |
| **Indonesia — 0.3%** | **Indonesia — 0.3%** |  |
| Indonesia Government International <br> Bond |  |  |
| 1.40%, 10/30/31(E) | 100000 | 104561 |
| 5.25%, 01/17/42 144A | 1230000 | 1208703 |
| 5.25%, 01/17/42 | 370000 | 363594 |

---

See Notes to Financial Statements.

**139**

------

**GLOBAL BOND FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Perusahaan Perseroan Persero PT <br> Perusahaan Listrik Negara |  |  |
| 1.88%, 11/05/31(E) | $100000 | $102916 |
|  |  | 1779774 |
| **Ireland — 0.5%** | **Ireland — 0.5%** |  |
| AerCap Ireland Capital DAC |  |  |
| 5.75%, 06/06/28Δ | 150000 | 155229 |
| 3.30%, 01/30/32 | 1110000 | 1006272 |
| 4.95%, 09/10/34Δ | 300000 | 293619 |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 5Y + <br> 2.72%), 6.95%, 03/10/55^ | 820000 | 852616 |
| Fiserv Funding ULC |  |  |
| 2.88%, 06/15/28(E) | 200000 | 236499 |
| Ireland Government Bond |  |  |
| 0.20%, 10/18/30(E) | 20000 | 20989 |
| Linde PLC |  |  |
| 3.63%, 06/12/34(E) | 500000 | 601804 |
| SMBC Aviation Capital Finance DAC |  |  |
| 5.10%, 04/01/30 144A Δ | 230000 | 233586 |
|  |  | 3400614 |
| **Israel — 0.0%** | **Israel — 0.0%** |  |
| Energean Israel Finance, Ltd. |  |  |
| 5.38%, 03/30/28 144A | 115000 | 109796 |
| 5.88%, 03/30/31 144A | 90000 | 83183 |
| Leviathan Bond, Ltd. |  |  |
| 6.50%, 06/30/27 144A | 15000 | 14937 |
|  |  | 207916 |
| **Italy — 2.8%** | **Italy — 2.8%** |  |
| A2A SpA |  |  |
| (Variable, EURIBOR ICE Swap <br> Rate 5Y + 2.26%), 5.00%, <br> 06/11/29(E) ρ ^ | 100000 | 122254 |
| Bubbles Bidco SpA |  |  |
| 6.50%, 09/30/31(E) Δ | 100000 | 119865 |
| Cassa Depositi e Prestiti SpA |  |  |
| 2.00%, 04/20/27(E) | 100000 | 117382 |
| Fedrigoni SpA |  |  |
| 6.13%, 06/15/31(E) | 100000 | 113064 |
| Fibercop SpA |  |  |
| 7.88%, 07/31/28(E) | 100000 | 129541 |
| 1.63%, 01/18/29(E) | 100000 | 108044 |
| Italy Buoni Poliennali Del Tesoro |  |  |
| 2.10%, 07/15/26(E) | 2900000 | 3422969 |
| 2.05%, 08/01/27(E) | 4190000 | 4939905 |
| 2.65%, 06/15/28(E) | 217000 | 258636 |
| 1.35%, 04/01/30(E) | 290000 | 323798 |
| 0.60%, 08/01/31(E) 144A | 1094000 | 1129631 |
| 3.85%, 07/01/34(E) | 2200000 | 2703918 |
| 3.65%, 08/01/35(E) 144A | 188000 | 225504 |
| 3.10%, 03/01/40(E) 144A | 371000 | 403216 |
| 3.85%, 10/01/40(E) 144A | 20000 | 23472 |
| 4.30%, 10/01/54(E) 144A | 344000 | 406484 |
| Multiversity SpA |  |  |
| (Floating, Euribor 3M + 4.25%), <br> 6.44%, 10/30/28(E) † | 100000 | 118551 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Neopharmed Gentili SpA |  |  |
| 7.13%, 04/08/30(E) | $100000 | $123832 |
| Pachelbel Bidco SpA |  |  |
| 7.13%, 05/17/31(E) | 100000 | 127252 |
| Rossini S.a.r.l. |  |  |
| 6.75%, 12/31/29(E) | 100000 | 124615 |
| TeamSystem SpA |  |  |
| (Floating, Euribor 3M + 3.50%), <br> 5.78%, 07/31/31(E) 144A † | 710000 | 838881 |
| Telecom Italia SpA |  |  |
| 2.38%, 10/12/27(E) | 1400000 | 1661678 |
| 7.88%, 07/31/28(E) | 100000 | 132490 |
|  |  | 17674982 |
| **Ivory Coast — 0.1%** | **Ivory Coast — 0.1%** |  |
| Ivory Coast Government International <br> Bond |  |  |
| 5.25%, 03/22/30(E) | 410000 | 462781 |
| 5.88%, 10/17/31(E) | 100000 | 111646 |
| 4.88%, 01/30/32(E) 144A | 101000 | 106811 |
|  |  | 681238 |
| **Japan — 2.0%** | **Japan — 2.0%** |  |
| Aircastle, Ltd. |  |  |
| 6.50%, 07/18/28 144A | 120000 | 125341 |
| 5.95%, 02/15/29 144A | 35000 | 36176 |
| 5.75%, 10/01/31 144A | 225000 | 231512 |
| Japan Government Forty Year Bond |  |  |
| 1.30%, 03/20/63(J) | 298750000 | 1272064 |
| Japan Government Ten Year Bond |  |  |
| 0.10%, 06/20/28(J) | 227900000 | 1550937 |
| 0.10%, 06/20/30(J) | 365700000 | 2431026 |
| Japan Government Twenty Year Bond |  |  |
| 1.30%, 06/20/35(J) | 317750000 | 2175693 |
| 0.40%, 09/20/40(J) | 225500000 | 1231569 |
| 1.80%, 09/20/44(J) | 517600000 | 3303485 |
| SoftBank Group Corporation |  |  |
| 4.63%, 07/06/28 | 200000 | 192703 |
|  |  | 12550506 |
| **Jersey — 0.1%** | **Jersey — 0.1%** |  |
| AA Bond Co., Ltd. |  |  |
| 6.50%, 01/31/26(U) | 17321 | 23809 |
| Aptiv Swiss Holdings, Ltd. |  |  |
| 3.25%, 03/01/32 | 25000 | 22386 |
| CPUK Finance, Ltd. |  |  |
| 6.50%, 08/28/26(U) | 100000 | 136666 |
| TVL Finance PLC |  |  |
| 10.25%, 04/28/28(U) | 100000 | 137512 |
|  |  | 320373 |
| **Kazakhstan — 0.1%** | **Kazakhstan — 0.1%** |  |
| KazMunayGas National Co. JSC |  |  |
| 5.38%, 04/24/30 144A | 500000 | 504585 |
| **Kenya — 0.1%** | **Kenya — 0.1%** |  |
| Republic of Kenya Government <br> International Bond |  |  |
| 9.75%, 02/16/31 144A | 860000 | 874329 |

---

**140**

See Notes to Financial Statements.

------

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Kyrgyzstan — 0.0%** | **Kyrgyzstan — 0.0%** |  |
| Kyrgyz Republic International Bond |  |  |
| 7.75%, 06/03/30 144A | $245000 | $241693 |
| **Latvia — 0.0%** | **Latvia — 0.0%** |  |
| Latvia Government International <br> Bond |  |  |
| 2.88%, 05/21/30(E) | 27000 | 31968 |
| **Luxembourg — 0.3%** | **Luxembourg — 0.3%** |  |
| Adler Financing S.a.r.l. PIK |  |  |
| 8.25%, 12/31/28(E) 1 | 86130 | 106529 |
| ArcelorMittal SA |  |  |
| 6.75%, 03/01/41 | 160000 | 168794 |
| Currenta Group Holdings S.a.r.l. |  |  |
| 5.50%, 05/15/30(E) 144A | 240000 | 289280 |
| Ephios Subco 3 S.a.r.l. |  |  |
| 7.88%, 01/31/31(E) Δ | 200000 | 254462 |
| Essendi SA |  |  |
| 6.38%, 10/15/29(E) 144A | 180000 | 222676 |
| 5.38%, 05/15/30(E) 144A | 220000 | 264680 |
| Eurofins Scientific SE |  |  |
| (Variable, Euribor 3M + 4.24%), <br> 6.75%, 04/24/28(E) ρ ^ | 200000 | 251924 |
| Monitchem HoldCo 3 SA |  |  |
| 8.75%, 05/01/28(E) | 100000 | 119612 |
|  |  | 1677957 |
| **Mexico — 1.1%** | **Mexico — 1.1%** |  |
| Banco Mercantil del Norte SA |  |  |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 10Y + <br> 5.47%), 7.50%, 06/27/29 <br> 144A ρ ^ | 1125000 | 1114355 |
| BBVA Mexico SA Institucion De <br> Banca Multiple Grupo Financiero <br> BBVA Mexico |  |  |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 5Y + <br> 2.65%), 5.13%, 01/18/33 <br> 144A ^ | 630000 | 605890 |
| Cemex SAB de CV |  |  |
| 5.20%, 09/17/30 144A Δ | 200000 | 199694 |
| 3.88%, 07/11/31 144A Δ | 400000 | 369079 |
| Mexican Bonos |  |  |
| 7.75%, 05/29/31(M) | 13790000 | 700733 |
| 7.50%, 05/26/33(M) | 45060000 | 2194326 |
| 7.75%, 11/23/34(M) | 16627600 | 808835 |
| Mexico Government International <br> Bond |  |  |
| 4.60%, 01/23/46 | 800000 | 605372 |
| 5.75%, 10/12/10« | 30000 | 23745 |
| Petroleos Mexicanos |  |  |
| 7.69%, 01/23/50 | 500000 | 393605 |
|  |  | 7015634 |
| **Morocco — 0.1%** | **Morocco — 0.1%** |  |
| OCP SA |  |  |
| 4.50%, 10/22/25 144A | 320000 | 319089 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Netherlands — 1.8%** | **Netherlands — 1.8%** |  |
| Abertis Infraestructuras Finance BV |  |  |
| (Variable, EURIBOR ICE Swap <br> Rate 5Y + 2.62%), 4.87%, <br> 11/28/29(E) ρ Δ ^ | $100000 | $120666 |
| BE Semiconductor Industries NV |  |  |
| 4.50%, 07/15/31(E) | 100000 | 122212 |
| Boels Topholding BV |  |  |
| 5.75%, 05/15/30(E) 144A | 610000 | 746786 |
| 5.75%, 05/15/30(E) | 100000 | 122424 |
| Boost Newco Borrower LLC |  |  |
| 8.50%, 01/15/31(U) 144A | 140000 | 206631 |
| Cooperatieve Rabobank UA |  |  |
| (Variable, 3.70% - EUR Swap <br> Rate 5Y), 3.25%, <br> 12/29/26(E) ρ ^ | 1000000 | 1158402 |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 1Y + <br> 1.22%), 3.65%, 04/06/28 <br> 144A ^ | 250000 | 246851 |
| CTP NV |  |  |
| 3.63%, 03/10/31(E) | 600000 | 702147 |
| E.ON International Finance BV |  |  |
| 6.38%, 06/07/32(U) | 155000 | 229546 |
| EnBW International Finance BV |  |  |
| 4.00%, 01/24/35(U) | 100000 | 121579 |
| Energizer Gamma Acquisition BV |  |  |
| 3.50%, 06/30/29(E) Δ | 100000 | 112815 |
| Heimstaden Bostad Treasury BV |  |  |
| 1.38%, 07/24/28(E) | 350000 | 391304 |
| 1.63%, 10/13/31(E) | 300000 | 305928 |
| IPD 3 BV |  |  |
| (Floating, Euribor 3M + 3.38%), <br> 5.35%, 06/15/31(E) 144A † | 310000 | 365507 |
| 5.50%, 06/15/31(E) 144A | 280000 | 334903 |
| Koninklijke KPN NV |  |  |
| (Variable, EUR Swap Rate 5Y + <br> 3.77%), 6.00%, <br> 09/21/27(E) ρ ^ | 131000 | 164244 |
| Odido Holding BV |  |  |
| 3.75%, 01/15/29(E) 144A | 480000 | 560822 |
| 3.75%, 01/15/29(E) | 100000 | 116838 |
| Petrobras Global Finance BV |  |  |
| 6.88%, 01/20/40 | 80000 | 79676 |
| 6.90%, 03/19/49 | 880000 | 836589 |
| Prosus NV |  |  |
| 3.83%, 02/08/51 | 1020000 | 656625 |
| Q-Park Holding I BV |  |  |
| 5.13%, 03/01/29(E) | 100000 | 121698 |
| Stellantis NV |  |  |
| 4.00%, 03/19/34(E) | 200000 | 226294 |
| Sunrise HoldCo IV BV |  |  |
| 5.50%, 01/15/28 144A | 310000 | 308204 |
| Telefonica Europe BV |  |  |
| (Variable, EUR Swap Rate 7Y + <br> 3.35%), 6.14%, <br> 02/03/30(E) ρ ^ | 300000 | 379118 |

---

See Notes to Financial Statements.

**141**

------

**GLOBAL BOND FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| United Group BV |  |  |
| 5.25%, 02/01/30(E) 144A | $500000 | $584421 |
| 6.75%, 02/15/31(E) | 200000 | 241993 |
| UPCB Finance VII, Ltd. |  |  |
| 3.63%, 06/15/29(E) | 100000 | 116564 |
| VZ Secured Financing BV |  |  |
| 5.00%, 01/15/32 144A | 1370000 | 1219914 |
| Wintershall Dea Finance 2 BV |  |  |
| (Variable, 3.32% - EUR Swap <br> Rate 5Y), 3.00%, <br> 07/20/28(E) ρ ^ | 100000 | 110811 |
| ZF Europe Finance BV |  |  |
| 3.00%, 10/23/29(E) Δ | 200000 | 204297 |
| Ziggo BV |  |  |
| 2.88%, 01/15/30(E) | 130000 | 144029 |
|  |  | 11359838 |
| **Nigeria — 0.2%** | **Nigeria — 0.2%** |  |
| Nigeria Government International <br> Bond |  |  |
| 7.14%, 02/23/30 144A | 440000 | 419496 |
| 7.88%, 02/16/32 | 200000 | 190126 |
| 7.63%, 11/28/47 144A | 940000 | 748506 |
|  |  | 1358128 |
| **Norway — 0.3%** | **Norway — 0.3%** |  |
| Aker BP ASA |  |  |
| 4.00%, 01/15/31 144A | 230000 | 218565 |
| Public Property Invest AS |  |  |
| 4.63%, 03/12/30(E) | 600000 | 723142 |
| Var Energi ASA |  |  |
| 8.00%, 11/15/32 144A | 540000 | 612589 |
|  |  | 1554296 |
| **Oman — 0.1%** | **Oman — 0.1%** |  |
| Oman Government International Bond |  |  |
| 6.00%, 08/01/29Δ | 580000 | 608906 |
| 6.75%, 01/17/48 | 200000 | 206934 |
|  |  | 815840 |
| **Panama — 0.0%** | **Panama — 0.0%** |  |
| Panama Government International <br> Bond |  |  |
| 6.70%, 01/26/36Δ | 50000 | 49844 |
| **Peru — 0.1%** | **Peru — 0.1%** |  |
| Peruvian Government International <br> Bond |  |  |
| 3.00%, 01/15/34 | 10000 | 8449 |
| 5.50%, 03/30/36(ZB) | 30000 | 30057 |
| 6.55%, 03/14/37 | 30000 | 32634 |
| Petroleos del Peru SA |  |  |
| 5.63%, 06/19/47 144A | 550000 | 348361 |
|  |  | 419501 |
| **Philippines — 0.1%** | **Philippines — 0.1%** |  |
| Philippine Government International <br> Bond |  |  |
| 1.75%, 04/28/41(E) | 100000 | 84228 |
| 2.95%, 05/05/45Δ | 455000 | 312119 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| 2.65%, 12/10/45 | $200000 | $129905 |
| 5.90%, 02/04/50Δ | 200000 | 204230 |
|  |  | 730482 |
| **Poland — 0.6%** | **Poland — 0.6%** |  |
| Globalworth Real Estate Investments, <br> Ltd. |  |  |
| 6.25%, 03/31/30(E) | 94000 | 112760 |
| Republic of Poland Government Bond |  |  |
| 1.75%, 04/25/32(P) | 15760000 | 3529120 |
|  |  | 3641880 |
| **Portugal — 0.1%** | **Portugal — 0.1%** |  |
| EDP SA |  |  |
| (Variable, EURIBOR ICE Swap <br> Rate 5Y + 2.05%), 4.75%, <br> 05/29/54(E) Δ ^ | 200000 | 241839 |
| Transportes Aereos Portugueses SA |  |  |
| 5.13%, 11/15/29(E) | 100000 | 118517 |
|  |  | 360356 |
| **Romania — 0.3%** | **Romania — 0.3%** |  |
| Digi Romania SA |  |  |
| 3.25%, 02/05/28(E) | 100000 | 115681 |
| Romanian Government International <br> Bond |  |  |
| 5.25%, 05/30/32(E) | 29000 | 33729 |
| 5.88%, 07/11/32(E) 144A Δ | 890000 | 1055089 |
| 6.38%, 09/18/33(E) | 18000 | 21904 |
| 6.25%, 09/10/34(E) 144A Δ | 310000 | 369267 |
| 5.75%, 03/24/35 | 52000 | 48154 |
| 5.63%, 02/22/36(E) | 235000 | 264357 |
| 6.75%, 07/11/39(E) | 38000 | 45049 |
|  |  | 1953230 |
| **Serbia — 0.0%** | **Serbia — 0.0%** |  |
| Serbia International Bond |  |  |
| 2.13%, 12/01/30 | 200000 | 169216 |
| **Singapore — 0.0%** | **Singapore — 0.0%** |  |
| Sea, Ltd. |  |  |
| 2.38%, 12/01/25 CONV | 16000 | 28500 |
| Seagate Data Storage Technology Pte, <br> Ltd. |  |  |
| 4.09%, 06/01/29 144A | 5000 | 4782 |
| 9.63%, 12/01/32 144A | 7650 | 8624 |
|  |  | 41906 |
| **Slovakia — 0.0%** | **Slovakia — 0.0%** |  |
| Slovakia Government Bond |  |  |
| 3.75%, 03/06/34(E) | 27000 | 32890 |
| 3.75%, 02/27/40(E) | 28000 | 32394 |
|  |  | 65284 |
| **South Africa — 1.1%** | **South Africa — 1.1%** |  |
| Republic of South Africa Government <br> Bond |  |  |
| 8.88%, 02/28/35(S) | 2970000 | 157061 |
| 6.25%, 03/31/36(S) | 2140000 | 90283 |
| 9.00%, 01/31/40(S) | 25760000 | 1259939 |

---

**142**

See Notes to Financial Statements.

------

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| 6.50%, 02/28/41(S) | $75016000 | $2867785 |
| Republic of South Africa Government <br> International Bond |  |  |
| 4.85%, 09/30/29 | 2190000 | 2113837 |
| 5.75%, 09/30/49 | 970000 | 731309 |
|  |  | 7220214 |
| **South Korea — 0.1%** | **South Korea — 0.1%** |  |
| Korea Treasury Bond |  |  |
| 4.25%, 12/10/32(KW) | 830110000 | 676884 |
| **Spain — 1.7%** | **Spain — 1.7%** |  |
| Adif Alta Velocidad |  |  |
| 3.13%, 10/31/32(E) | 400000 | 469475 |
| Autonomous Community of Madrid <br> Spain |  |  |
| 2.49%, 07/30/30(E) | 2358000 | 2769653 |
| CaixaBank SA |  |  |
| (Variable, U.S. SOFR + 2.26%), <br> 6.04%, 06/15/35 144A ^ | 370000 | 387330 |
| Cellnex Finance Co. SA |  |  |
| 2.00%, 02/15/33(E) | 1000000 | 1047484 |
| Eroski S Coop |  |  |
| 10.63%, 04/30/29(E) | 100000 | 126924 |
| Grifols SA |  |  |
| 7.50%, 05/01/30(E) | 150000 | 185281 |
| Lorca Telecom Bondco SA |  |  |
| 4.00%, 09/18/27(E) | 680000 | 801577 |
| 4.00%, 09/18/27(E) 144A | 300000 | 353637 |
| Spain Government Bond |  |  |
| 3.45%, 10/31/34(E) 144A | 2303000 | 2786616 |
| 3.15%, 04/30/35(E) 144A | 191000 | 224686 |
| 3.50%, 01/31/41(E) 144A | 695000 | 802046 |
| 2.90%, 10/31/46(E) 144A | 468000 | 479607 |
| 4.00%, 10/31/54(E) 144A | 287000 | 337306 |
|  |  | 10771622 |
| **Supranational — 2.1%** | **Supranational — 2.1%** |  |
| Asian Development Bank |  |  |
| 4.13%, 05/30/30 | 350000 | 354574 |
| Corporación Andina de Fomento |  |  |
| 4.13%, 06/30/28 | 1235000 | 1238890 |
| European Bank for Reconstruction & <br> Development |  |  |
| 6.30%, 10/26/27(ZH) | 351800000 | 4093858 |
| European Union |  |  |
| 2.50%, 12/04/31(E) | 102000 | 119008 |
| 3.25%, 07/04/34(E) | 1740000 | 2098692 |
| 3.38%, 10/04/39(E) | 601975 | 702294 |
| 3.25%, 02/04/50(E) | 278000 | 300744 |
| International Bank for Reconstruction <br> & Development |  |  |
| 6.75%, 07/13/29(ZH) | 366100000 | 4315105 |
| 4.00%, 05/06/32 | 275000 | 274458 |
|  |  | 13497623 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Sweden — 0.5%** | **Sweden — 0.5%** |  |
| Assemblin Caverion Group AB |  |  |
| 6.25%, 07/01/30(E) | $100000 | $121529 |
| Castellum AB |  |  |
| (Variable, 3.45% - EUR Swap <br> Rate 5Y), 3.13%, <br> 12/02/26(E) ρ ^ | 100000 | 115479 |
| Fastighets AB Balder |  |  |
| 4.00%, 02/19/32(E) Δ | 600000 | 705872 |
| Heimstaden AB |  |  |
| 4.38%, 03/06/27(E) | 100000 | 114556 |
| Svensk Exportkredit AB |  |  |
| 3.75%, 05/08/28 | 335000 | 334696 |
| Verisure Holding AB |  |  |
| 3.25%, 02/15/27(E) | 100000 | 117211 |
| 7.13%, 02/01/28(E) 144A | 970000 | 1191212 |
| 7.13%, 02/01/28(E) | 100000 | 122805 |
| Verisure Midholding AB |  |  |
| 5.25%, 02/15/29(E) 144A | 240000 | 284480 |
| 5.25%, 02/15/29(E) Δ | 100000 | 118533 |
|  |  | 3226373 |
| **Switzerland — 0.4%** | **Switzerland — 0.4%** |  |
| Amrize Finance U.S. LLC |  |  |
| 5.40%, 04/07/35 144A | 70000 | 71057 |
| Swiss Confederation Government <br> Bond |  |  |
| 3.50%, 04/08/33(ZD) | 370000 | 581951 |
| 1.25%, 06/27/37(ZD) | 330000 | 451519 |
| UBS Group AG |  |  |
| (Variable, USD SOFR ICE Swap <br> Rate 1Y + 1.34%), 5.62%, <br> 09/13/30 144A ^ | 415000 | 431022 |
| 0.63%, 01/18/33(E) | 350000 | 336994 |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 1Y + <br> 1.77%), 5.70%, 02/08/35 <br> 144A ^ | 400000 | 415637 |
|  |  | 2288180 |
| **Thailand — 0.1%** | **Thailand — 0.1%** |  |
| Thailand Government Bond |  |  |
| 2.00%, 12/17/31(ZF) | 13906000 | 441620 |
| **Turkey — 0.5%** | **Turkey — 0.5%** |  |
| Turkiye Government Bond |  |  |
| 37.00%, 02/18/26(T) | 26055000 | 649191 |
| 36.00%, 08/12/26(T) | 9795000 | 240547 |
| Turkiye Government International <br> Bond |  |  |
| 6.00%, 03/25/27 | 1570000 | 1584715 |
| 9.13%, 07/13/30 | 200000 | 222072 |
| 4.88%, 04/16/43 | 500000 | 353105 |
|  |  | 3049630 |

---

See Notes to Financial Statements.

**143**

------

**GLOBAL BOND FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Ukraine — 0.0%** | **Ukraine — 0.0%** |  |
| Ukraine Government International <br> Bond |  |  |
| (Step to 4.50% on 08/01/25), <br> 1.75%, 02/01/34 STEP | $25000 | $12862 |
| (Step to 4.50% on 08/01/25), <br> 1.75%, 02/01/36 STEP | 30980 | 15116 |
|  |  | 27978 |
| **United Arab Emirates — 0.0%** | **United Arab Emirates — 0.0%** |  |
| Abu Dhabi Crude Oil Pipeline LLC |  |  |
| 4.60%, 11/02/47Δ | 200000 | 179076 |
| **United Kingdom — 4.0%** | **United Kingdom — 4.0%** |  |
| Alexandrite Monnet UK Holdco PLC <br> REIT |  |  |
| 10.50%, 05/15/29(E) | 100000 | 129996 |
| Amber Finco PLC |  |  |
| 6.63%, 07/15/29(E) Δ | 100000 | 123467 |
| Anglo American Capital PLC |  |  |
| 4.75%, 04/10/27 144A | 200000 | 201085 |
| 4.13%, 03/15/32(E) | 750000 | 907026 |
| B&M European Value Retail SA |  |  |
| 4.00%, 11/15/28(U) | 100000 | 130380 |
| 6.50%, 11/27/31(U) | 100000 | 138761 |
| Barclays PLC |  |  |
| (Variable, 1.26% - EUR Swap <br> Rate 1Y), 0.58%, <br> 08/09/29(E) Δ ^ | 410000 | 451732 |
| (Variable, U.S. SOFR + 1.59%), <br> 5.79%, 02/25/36^ | 300000 | 306779 |
| BCP V Modular Services Finance II <br> PLC |  |  |
| 4.75%, 11/30/28(E) Δ | 100000 | 116077 |
| British Telecommunications PLC |  |  |
| (Variable, UK Gilts 5Y + 3.82%), <br> 8.38%, 12/20/83(U) ^ | 300000 | 442561 |
| Co-operative Group Holdings 2011, <br> Ltd. |  |  |
| 7.50%, 07/08/26(U) STEP | 100000 | 139031 |
| Deuce Finco PLC |  |  |
| 5.50%, 06/15/27(U) | 100000 | 136417 |
| Edge Finco PLC |  |  |
| 8.13%, 08/15/31(U) | 100000 | 143229 |
| Gatwick Airport Finance PLC |  |  |
| 4.38%, 04/07/26(U) | 1480000 | 2020504 |
| HSBC Holdings PLC |  |  |
| (Variable, U.S. SOFR + 2.61%), <br> 5.21%, 08/11/28^ | 680000 | 689737 |
| (Variable, U.S. SOFR + 2.53%), <br> 4.76%, 03/29/33^ | 200000 | 195899 |
| INEOS Quattro Finance 2 PLC |  |  |
| 8.50%, 03/15/29(E) | 100000 | 117823 |
| 6.75%, 04/15/30(E) 144A | 500000 | 545993 |
| Jaguar Land Rover Automotive PLC |  |  |
| 4.50%, 07/15/28(E) | 100000 | 119246 |
| Kier Group PLC |  |  |
| 9.00%, 02/15/29(U) | 100000 | 146324 |
| Lloyds Banking Group PLC |  |  |
| (Variable, EUR Swap Rate 1Y + <br> 1.50%), 3.13%, 08/24/30(E) ^ | 425000 | 503762 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Macquarie Airfinance Holdings, Ltd. |  |  |
| 5.20%, 03/27/28 144A | $95000 | $96126 |
| 6.40%, 03/26/29 144A | 10000 | 10447 |
| 5.15%, 03/17/30 144A | 20000 | 20003 |
| 6.50%, 03/26/31 144A | 85000 | 90023 |
| Maison Finco PLC |  |  |
| 6.00%, 10/31/27(U) | 100000 | 135973 |
| Miller Homes Group Finco PLC |  |  |
| 7.00%, 05/15/29(U) | 100000 | 138473 |
| National Grid PLC |  |  |
| 4.28%, 01/16/35(E) | 500000 | 613810 |
| NatWest Group PLC |  |  |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 1Y + <br> 2.55%), 3.07%, 05/22/28Δ ^ | 120000 | 117051 |
| Pension Insurance Corporation PLC |  |  |
| 8.00%, 11/13/33(U) | 300000 | 451635 |
| PEU Fin PLC |  |  |
| 7.25%, 07/01/28(E) 144A | 390000 | 477796 |
| 7.25%, 07/01/28(E) | 520000 | 637061 |
| Pinewood Finco PLC |  |  |
| 6.00%, 03/27/30(U) 144A | 1000000 | 1360385 |
| 6.00%, 03/27/30(U) | 100000 | 136038 |
| Pinnacle Bidco PLC |  |  |
| 10.00%, 10/11/28(U) 144A | 600000 | 872722 |
| 10.00%, 10/11/28(U) | 100000 | 145454 |
| Premier Foods Finance PLC |  |  |
| 3.50%, 10/15/26(U) | 920000 | 1253916 |
| RAC Bond Co. PLC |  |  |
| 5.25%, 11/04/27(U) | 100000 | 135296 |
| Rio Tinto Finance U.S.A. PLC |  |  |
| 5.88%, 03/14/65 | 135000 | 135737 |
| SSE PLC |  |  |
| 1.75%, 04/16/30(E) | 350000 | 389122 |
| Synthomer PLC |  |  |
| 7.38%, 05/02/29(E) | 100000 | 117226 |
| Tesco Property Finance 6 PLC |  |  |
| 5.41%, 07/13/44(U) | 353360 | 467223 |
| United Kingdom Gilt |  |  |
| 1.50%, 07/22/26(U) | 2060000 | 2762397 |
| 0.50%, 01/31/29(U) | 1988000 | 2434797 |
| 4.13%, 07/22/29(U) | 617000 | 854827 |
| 4.50%, 09/07/34(U) | 160000 | 221436 |
| 4.50%, 03/07/35(U) | 860000 | 1181093 |
| 4.50%, 12/07/42(U) | 215000 | 276409 |
| 4.50%, 12/07/42(U) | 285000 | 366500 |
| 1.25%, 07/31/51(U) | 1309000 | 785920 |
| Virgin Media Secured Finance PLC |  |  |
| 4.25%, 01/15/30(U) | 200000 | 251792 |
| Vodafone Group PLC |  |  |
| 4.88%, 06/19/49 | 170000 | 146404 |
| 5.75%, 06/28/54 | 135000 | 129435 |
| (Variable, EUR Swap Rate 5Y + <br> 3.43%), 4.20%, 10/03/78(E) ^ | 100000 | 119926 |
| (Variable, 3.48% - EUR Swap <br> Rate 5Y), 3.00%, <br> 08/27/80(E) Δ ^ | 100000 | 111970 |

---

**144**

See Notes to Financial Statements.

------

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Wessex Water Services Finance PLC |  |  |
| 1.50%, 09/17/29(U) | $300000 | $356032 |
|  |  | 25506284 |
| **Uruguay — 0.1%** | **Uruguay — 0.1%** |  |
| Uruguay Government International <br> Bond |  |  |
| 8.50%, 03/15/28(UYU) | 9705000 | 242243 |
| 9.75%, 07/20/33(UYU) | 9485000 | 250908 |
|  |  | 493151 |
| **Uzbekistan — 0.3%** | **Uzbekistan — 0.3%** |  |
| Republic of Uzbekistan International <br> Bond |  |  |
| 5.38%, 05/29/27(E) 144A | 105000 | 126888 |
| 5.10%, 02/25/29(E) 144A | 215000 | 259655 |
| 3.70%, 11/25/30 | 400000 | 357537 |
| 3.90%, 10/19/31Δ | 230000 | 203098 |
| 6.90%, 02/28/32 144A | 265000 | 273187 |
| 6.95%, 05/25/32 144A | 470000 | 484426 |
|  |  | 1704791 |
| **Zambia — 0.0%** | **Zambia — 0.0%** |  |
| Zambia Government International <br> Bond |  |  |
| (Step to 7.50% on 06/30/31), <br> 5.75%, 06/30/33 STEP | 112012 | 103122 |
| **Total Foreign Bonds** <br>(Cost $252,992,282) | **Total Foreign Bonds** <br>(Cost $252,992,282) | 254549810 |
| **LOAN AGREEMENTS — 0.3%** | **LOAN AGREEMENTS — 0.3%** | **LOAN AGREEMENTS — 0.3%** |
| Asplundh Tree Expert LLC 2024 <br> Incremental Term Loan |  |  |
| (Floating, ICE CME Term SOFR <br> USD 1M + 1.75%), 6.08%, <br> 05/23/31† | 188032 | 188551 |
| Carnival Corporation 2025 Repricing <br> Term Loan |  |  |
| (Floating, ICE CME Term SOFR <br> USD 1M + 2.00%, 0.75% <br> Floor), 6.31%, 08/08/27† | 757 | 759 |
| (Floating, ICE CME Term SOFR <br> USD 1M + 2.00%, 0.75% <br> Floor), 6.31%, 10/18/28† | 34613 | 34683 |
| Ciena Corporation 2025 Term Loan |  |  |
| (Floating, ICE CME Term SOFR <br> USD 1M + 1.75%), 6.07%, <br> 10/24/30† | 45457 | 45717 |
| CSC Holdings LLC 2022 Refinancing <br> Term Loan |  |  |
| (Floating, ICE CME Term SOFR <br> USD 1M + 4.50%), 8.81%, <br> 01/18/28† | 46709 | 46151 |
| Herc Holdings, Inc. Initial Term Loan |  |  |
| 0.00%, 06/02/32† Σ | 35000 | 35175 |
| Hilton Domestic Operating Company, <br> Inc. Series B-4 Term Loan |  |  |
| (Floating, ICE CME Term SOFR <br> USD 1M + 1.75%), 6.07%, <br> 11/08/30† | 145172 | 145830 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Hilton Grand Vacations <br> Borrower LLC Amendment No. 4 <br> Term Loan |  |  |
| (Floating, ICE CME Term SOFR <br> USD 1M + 2.00%), 6.33%, <br> 01/17/31† | $245143 | $245164 |
| Hilton Grand Vacations <br> Borrower LLC Initial Term Loan |  |  |
| (Floating, ICE CME Term SOFR <br> USD 1M + 2.00%), 6.33%, <br> 08/02/28† | 6742 | 6747 |
| NRG Energy, Inc. 2024 New Term <br> Loan |  |  |
| (Floating, ICE CME Term SOFR <br> USD 3M + 1.75%), 6.03%, <br> 04/16/31† | 44661 | 44800 |
| Open Text Corporation 2023 <br> Replacement Term Loan |  |  |
| (Floating, ICE CME Term SOFR <br> USD 1M + 1.75%, 0.50% <br> Floor), 6.08%, 01/31/30† | 204772 | 204965 |
| Resideo Funding, Inc. Fourth <br> Amendment Term Loan |  |  |
| (Floating, ICE CME Term SOFR <br> USD 3M + 1.75%), 6.07%, <br> 06/13/31† | 142087 | 142132 |
| Resideo Funding, Inc. Initial Term <br> Loan |  |  |
| (Floating, ICE CME Term SOFR <br> USD 1M + 1.75%), 6.06%, <br> 02/11/28† | 30132 | 30169 |
| Ryan Specialty LLC 2024 Term Loan |  |  |
| (Floating, ICE CME Term SOFR <br> USD 1M + 2.25%), 6.58%, <br> 09/15/31† | 22885 | 22914 |
| SBA Senior Finance II LLC Initial <br> Term Loan 2024 |  |  |
| (Floating, ICE CME Term SOFR <br> USD 1M + 1.75%), 6.08%, <br> 01/25/31† | 59389 | 59530 |
| Six Flags Entertainment Corporation <br> Initial Term B Loan |  |  |
| (Floating, ICE CME Term SOFR <br> USD 1M + 2.00%), 6.33%, <br> 05/01/31† | 34650 | 34724 |
| Trans Union LLC 2024 Refinancing <br> Term B-8 Loan |  |  |
| (Floating, ICE CME Term SOFR <br> USD 1M + 1.75%), 6.08%, <br> 06/24/31† | 367895 | 368775 |
| TransDigm, Inc. New Tranche J Term <br> Loan |  |  |
| (Floating, ICE CME Term SOFR <br> USD 3M + 2.50%), 6.80%, <br> 02/28/31† | 9875 | 9904 |
| TransDigm, Inc. Tranche I Term Loan |  |  |
| (Floating, ICE CME Term SOFR <br> USD 3M + 2.75%), 7.05%, <br> 08/24/28† | 21833 | 21935 |

---

See Notes to Financial Statements.

**145**

------

**GLOBAL BOND FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Truist Insurance Holdings LLC <br> Amendment No. 1 Replacement <br> Term Loan |  |  |
| (Floating, ICE CME Term SOFR <br> USD 3M + 2.75%), 7.05%, <br> 05/06/31† | $36370 | $36431 |
| Wyndham Hotels & Resorts, Inc. <br> 2024 Term B Loan |  |  |
| (Floating, ICE CME Term SOFR <br> USD 1M + 1.75%), 6.08%, <br> 05/24/30† | 356574 | 358419 |
| **Total Loan Agreements** <br>(Cost $2,078,579) |  | 2083475 |
| **MORTGAGE-BACKED SECURITIES — 7.7%** | **MORTGAGE-BACKED SECURITIES — 7.7%** | **MORTGAGE-BACKED SECURITIES — 7.7%** |
| ALA Trust, Series 2025-OANA, <br> Class A |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.74%, 1.74% Floor), 6.04%, <br> 06/15/30 144A † γ | 45000 | 45317 |
| BANK, Series 2018-BNK15, Class B |  |  |
| 4.82%, 11/15/61† γ | 260000 | 248061 |
| BANK, Series 2021-BN35, Class AS |  |  |
| 2.46%, 06/15/64 | 85000 | 72887 |
| BINOM Securitization Trust, Series <br> 2022-RPL1, Class M1 |  |  |
| 3.00%, 02/25/61 144A † γ | 100000 | 81391 |
| BPR Trust, Series 2021-NRD, Class B |  |  |
| (Floating, CME Term SOFR 1M + <br> 2.12%, 2.12% Floor), 6.44%, <br> 12/15/38 144A † | 25000 | 24534 |
| BPR Trust, Series 2021-NRD, Class C |  |  |
| (Floating, CME Term SOFR 1M + <br> 2.42%, 2.42% Floor), 6.74%, <br> 12/15/38 144A † | 25000 | 24294 |
| BPR Trust, Series 2021-NRD, Class D |  |  |
| (Floating, CME Term SOFR 1M + <br> 3.72%, 3.72% Floor), 8.04%, <br> 12/15/38 144A † | 20000 | 19249 |
| BPR Trust, Series 2022-STAR, <br> Class A |  |  |
| (Floating, CME Term SOFR 1M + <br> 3.23%, 3.23% Floor), 7.54%, <br> 08/15/39 144A † | 65000 | 65017 |
| BX Trust, Series 2025-VLT6, Class A |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.44%, 1.44% Floor), 5.76%, <br> 03/15/30 144A † | 415000 | 415372 |
| CAFL Issuer LLC, Series 2021-RTL1, <br> Class A1 |  |  |
| 4.24%, 03/28/29 144A STEP | 27462 | 27463 |
| Connecticut Avenue Securities Trust, <br> Series 2019-R05, Class 1B1 |  |  |
| (Floating, U.S. 30-Day Average <br> SOFR + 4.21%), 8.52%, <br> 07/25/39 144A † | 426542 | 437627 |
| Connecticut Avenue Securities Trust, <br> Series 2021-R01, Class 1B1 |  |  |
| (Floating, U.S. 30-Day Average <br> SOFR + 3.10%), 7.41%, <br> 10/25/41 144A † | 1075000 | 1101703 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Connecticut Avenue Securities Trust, <br> Series 2021-R03, Class 1B1 |  |  |
| (Floating, U.S. 30-Day Average <br> SOFR + 2.75%), 7.06%, <br> 12/25/41 144A † | $420000 | $429176 |
| Connecticut Avenue Securities Trust, <br> Series 2022-R01, Class 1M2 |  |  |
| (Floating, U.S. 30-Day Average <br> SOFR + 1.90%), 6.21%, <br> 12/25/41 144A † | 706000 | 712160 |
| Connecticut Avenue Securities Trust, <br> Series 2022-R02, Class 2M2 |  |  |
| (Floating, U.S. 30-Day Average <br> SOFR + 3.00%), 7.31%, <br> 01/25/42 144A † | 385000 | 394014 |
| Connecticut Avenue Securities Trust, <br> Series 2022-R03, Class 1M2 |  |  |
| (Floating, U.S. 30-Day Average <br> SOFR + 3.50%), 7.81%, <br> 03/25/42 144A † | 365000 | 379477 |
| Connecticut Avenue Securities Trust, <br> Series 2022-R04, Class 1M2 |  |  |
| (Floating, U.S. 30-Day Average <br> SOFR + 3.10%), 7.41%, <br> 03/25/42 144A † | 512000 | 527810 |
| Connecticut Avenue Securities Trust, <br> Series 2022-R08, Class 1M2 |  |  |
| (Floating, U.S. 30-Day Average <br> SOFR + 3.60%), 7.91%, <br> 07/25/42 144A † | 329000 | 343540 |
| Connecticut Avenue Securities Trust, <br> Series 2024-R01, Class 1M2 |  |  |
| (Floating, U.S. 30-Day Average <br> SOFR + 1.80%), 6.11%, <br> 01/25/44 144A † | 250000 | 253017 |
| CSAIL Commercial Mortgage Trust, <br> Series 2015-C3, Class C |  |  |
| 4.42%, 08/15/48† γ | 380000 | 326128 |
| CSAIL Commercial Mortgage Trust, <br> Series 2016-C7, Class C |  |  |
| 4.51%, 11/15/49† γ | 1060000 | 988148 |
| DC Commercial Mortgage Trust, <br> Series 2023-DC, Class C |  |  |
| 7.38%, 09/12/40 144A † γ | 100000 | 104850 |
| Extended Stay America Trust, Series <br> 2021-ESH, Class D |  |  |
| (Floating, CME Term SOFR 1M + <br> 2.36%, 2.25% Floor), 6.68%, <br> 07/15/38 144A † | 85773 | 85973 |
| Fannie Mae Connecticut Avenue <br> Securities, Series 2018-C04, Class <br> 2M2 |  |  |
| (Floating, U.S. 30-Day Average <br> SOFR + 2.66%), 6.97%, <br> 12/25/30† | 620970 | 640033 |
| Federal Home Loan Mortgage <br> Corporation |  |  |
| 3.00%, 03/01/50 | 58441 | 51791 |
| 3.50%, 04/01/50 | 34637 | 31582 |
| 3.00%, 07/01/50 | 71351 | 62550 |
| 2.50%, 12/01/50 | 376527 | 312910 |

---

**146**

See Notes to Financial Statements.

------

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| 2.50%, 08/01/51 | $119805 | $99772 |
| 2.50%, 09/01/51 | 516270 | 429793 |
| 2.50%, 01/01/52 | 266600 | 222288 |
| 2.50%, 02/01/52 | 1063081 | 884288 |
| 2.50%, 03/01/52 | 983263 | 819397 |
| 2.50%, 04/01/52 | 250626 | 208478 |
| 2.50%, 05/01/52 | 243962 | 203104 |
| 3.50%, 05/01/52 | 29010 | 26146 |
| 2.50%, 06/01/52 | 260104 | 215994 |
| 4.50%, 08/01/52 | 619231 | 593751 |
| 3.00%, 09/01/52 | 192903 | 167308 |
| 4.50%, 09/01/52 | 186182 | 178527 |
| 5.50%, 09/01/52 | 348629 | 351827 |
| 5.00%, 10/01/52 | 329291 | 324422 |
| 5.50%, 10/01/52 | 312292 | 313221 |
| 5.00%, 11/01/52 | 495831 | 488571 |
| 5.50%, 12/01/52 | 68147 | 68576 |
| 5.00%, 01/01/53 | 335787 | 330852 |
| 5.00%, 02/01/53 | 633537 | 623379 |
| 5.50%, 02/01/53 | 239574 | 240212 |
| 6.00%, 03/01/53 | 191819 | 195271 |
| 5.00%, 04/01/53 | 368402 | 362875 |
| 6.00%, 04/01/53 | 489327 | 499104 |
| 5.50%, 05/01/53 | 300681 | 301328 |
| 6.00%, 05/01/53 | 831389 | 847112 |
| 6.00%, 06/01/53 | 719601 | 733013 |
| 5.00%, 08/01/53 | 59491 | 58491 |
| 5.50%, 08/01/53 | 152619 | 152888 |
| 6.00%, 09/01/53 | 325631 | 332654 |
| 6.00%, 10/01/53 | 39794 | 40510 |
| 5.00%, 11/01/53 | 296924 | 291794 |
| 6.00%, 02/01/54 | 212449 | 216213 |
| 4.50%, 07/01/54 | 151805 | 145337 |
| 5.50%, 07/01/54 | 498536 | 498903 |
| 6.00%, 08/01/54 | 218402 | 222117 |
| 5.00%, 10/01/54 | 322808 | 316632 |
| 6.00%, 06/01/55 | 129888 | 132073 |
| Federal Home Loan Mortgage <br> Corporation Seasoned Credit Risk <br> Transfer Trust, Series 2017-2, <br> Class M1 |  |  |
| 4.00%, 08/25/56 144A | 65266 | 64973 |
| Federal Home Loan Mortgage <br> Corporation Seasoned Credit Risk <br> Transfer Trust, Series 2019-1, <br> Class M |  |  |
| 4.75%, 07/25/58 144A | 630366 | 611827 |
| Federal Home Loan Mortgage <br> Corporation Seasoned Credit Risk <br> Transfer Trust, Series 2020-2, <br> Class M |  |  |
| 4.25%, 11/25/59 144A | 1074626 | 1035780 |
| Federal Home Loan Mortgage <br> Corporation STACR REMIC <br> Trust, Series 2021-DNA1, <br> Class B1 |  |  |
| (Floating, U.S. 30-Day Average <br> SOFR + 2.65%), 6.96%, <br> 01/25/51 144A † | 500000 | 525418 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Federal Home Loan Mortgage <br> Corporation STACR REMIC <br> Trust, Series 2021-DNA6, <br> Class B1 |  |  |
| (Floating, U.S. 30-Day Average <br> SOFR + 3.40%), 7.71%, <br> 10/25/41 144A † | $470000 | $482967 |
| Federal Home Loan Mortgage <br> Corporation STACR REMIC <br> Trust, Series 2022-DNA6, <br> Class M2 |  |  |
| (Floating, U.S. 30-Day Average <br> SOFR + 5.75%), 10.06%, <br> 09/25/42 144A † | 380000 | 415022 |
| Federal Home Loan Mortgage <br> Corporation STACR REMIC <br> Trust, Series 2024-DNA3, <br> Class M2 |  |  |
| (Floating, U.S. 30-Day Average <br> SOFR + 1.45%), 5.76%, <br> 10/25/44 144A † | 730000 | 731859 |
| Federal Home Loan Mortgage <br> Corporation STACR REMIC <br> Trust, Series 2025-DNA1, <br> Class M2 |  |  |
| (Floating, U.S. 30-Day Average <br> SOFR + 1.35%), 5.66%, <br> 01/25/45 144A † | 250000 | 250150 |
| Federal National Mortgage <br> Association |  |  |
| 3.00%, 08/01/46 | 66615 | 59159 |
| 3.00%, 12/01/47 | 200702 | 178134 |
| 3.50%, 08/01/49 | 87258 | 79553 |
| 4.00%, 08/01/49 | 74495 | 70293 |
| 3.50%, 09/01/49 | 151319 | 137925 |
| 4.00%, 10/01/49 | 112007 | 105619 |
| 3.00%, 03/01/50 | 95698 | 83889 |
| 3.00%, 05/01/50 | 104952 | 91925 |
| 3.50%, 06/01/50 | 28168 | 25654 |
| 2.50%, 07/01/50 | 48835 | 40981 |
| 3.00%, 07/01/50 | 29348 | 25675 |
| 2.50%, 12/01/50 | 464524 | 386040 |
| 2.50%, 05/01/51 | 980304 | 813905 |
| 3.00%, 07/01/51 | 169200 | 146839 |
| 2.50%, 09/01/51 | 560714 | 467865 |
| 2.50%, 01/01/52 | 287322 | 239263 |
| 3.00%, 02/01/52 | 273765 | 237586 |
| 2.50%, 03/01/52 | 880366 | 732817 |
| 2.50%, 04/01/52 | 651983 | 542558 |
| 3.00%, 05/01/52 | 323830 | 280578 |
| 3.50%, 05/01/52 | 392609 | 356398 |
| 4.00%, 07/01/52 | 180726 | 169220 |
| 4.00%, 08/01/52 | 126861 | 118372 |
| 5.00%, 08/01/52 | 192029 | 189267 |
| 4.50%, 09/01/52 | 740257 | 709823 |
| 4.50%, 10/01/52 | 587152 | 563033 |
| 5.00%, 11/01/52 | 165528 | 163095 |
| 6.00%, 12/01/52 | 828048 | 846023 |
| 4.50%, 01/01/53 | 801478 | 767742 |
| 5.00%, 01/01/53 | 480733 | 473718 |

---

See Notes to Financial Statements.

**147**

------

**GLOBAL BOND FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| 5.50%, 01/01/53 | $897833 | $900921 |
| 5.00%, 02/01/53 | 149057 | 146667 |
| 5.50%, 02/01/53 | 429194 | 430504 |
| 5.00%, 03/01/53 | 676780 | 666130 |
| 5.00%, 04/01/53 | 702145 | 690775 |
| 5.50%, 07/01/53 | 717102 | 718809 |
| 6.00%, 07/01/53 | 641306 | 653184 |
| 5.50%, 10/01/53 | 110452 | 110632 |
| 5.50%, 01/01/54 | 786732 | 787715 |
| 6.50%, 01/01/54 | 228003 | 236369 |
| 5.50%, 02/01/54 | 260873 | 261827 |
| 5.50%, 03/01/54 | 612080 | 612530 |
| 6.00%, 06/01/54 | 50192 | 51061 |
| 5.00%, 09/01/54 | 191605 | 187968 |
| 5.00%, 11/01/54 | 288215 | 282701 |
| 5.50%, 11/01/54 | 301037 | 301258 |
| 5.50%, 03/01/55 | 252382 | 252508 |
| 6.00%, 05/01/55 | 317876 | 323218 |
| GCAT Trust, Series 2019-RPL1, <br> Class A1 |  |  |
| 2.65%, 10/25/68 144A | 22323 | 21663 |
| Government National Mortgage <br> Association |  |  |
| 4.50%, 09/20/52 | 177330 | 171301 |
| 5.00%, 11/20/52 | 100503 | 99284 |
| 5.00%, 03/20/53 | 164833 | 162858 |
| 5.50%, 03/20/53 | 244522 | 246256 |
| 5.00%, 07/20/53 | 136543 | 134543 |
| 5.50%, 07/20/53 | 52601 | 52969 |
| 5.50%, 10/20/53 | 41027 | 41293 |
| 5.00%, 11/20/53 | 87134 | 85893 |
| 5.00%, 01/20/54 | 124723 | 122717 |
| 5.50%, 02/20/54 | 152485 | 153221 |
| 4.50%, 04/20/54 | 140158 | 134367 |
| 5.00%, 07/20/54 | 97090 | 95478 |
| 5.50%, 08/20/54 | 206560 | 207172 |
| 4.50%, 09/20/54 | 58633 | 56180 |
| 5.00%, 10/20/54 | 136842 | 134545 |
| Hilton U.S.A. Trust, Series <br> 2016-HHV, Class D |  |  |
| 4.33%, 11/05/38 144A † γ | 540000 | 529290 |
| JP Morgan Chase Commercial <br> Mortgage Securities Trust, Series <br> 2025-BMS, Class A |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.60%, 1.60% Floor), 5.91%, <br> 01/15/42 144A † | 100000 | 99673 |
| JPMBB Commercial Mortgage <br> Securities Trust, Series 2015-C30, <br> Class AS |  |  |
| 4.23%, 07/15/48 | 970000 | 954410 |
| Legacy Mortgage Asset Trust, Series <br> 2020-RPL1, Class A2 |  |  |
| 3.25%, 09/25/59 144A | 120000 | 108644 |
| NYMT Loan Trust, Series 2024-CP1, <br> Class A1 |  |  |
| 3.75%, 02/25/68 144A | 87051 | 80635 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| OBX Trust, Series 2024-NQM1, <br> Class A1 |  |  |
| (Step to 6.93% on 01/25/28), <br> 5.93%, 11/25/63 144A STEP | $628707 | $631358 |
| PRET LLC, Series 2024-NPL8, <br> Class A1 |  |  |
| (Step to 8.96% on 12/25/27), <br> 5.96%, 11/25/54 144A STEP | 110189 | 110320 |
| PRPM LLC, Series 2024-7, Class A1 |  |  |
| (Step to 8.87% on 12/25/27), <br> 5.87%, 11/25/29 144A STEP | 85631 | 85670 |
| RCO VIII Mortgage LLC, Series <br> 2025-3, Class A1 |  |  |
| (Step to 9.44% on 06/25/28), <br> 6.43%, 05/25/30 144A STEP | 93705 | 95432 |
| RCO X Mortgage LLC, Series <br> 2025-1, Class A1 |  |  |
| (Step to 8.88% on 02/25/28), <br> 5.88%, 01/25/30 144A STEP | 206654 | 206854 |
| Redwood Funding Trust, Series <br> 2025-1, Class A |  |  |
| 7.58%, 05/27/55 144A STEP | 130393 | 136031 |
| Roc Mortgage Trust, Series <br> 2024-RTL1, Class A1 |  |  |
| (Step to 6.59% on 05/25/27), <br> 5.59%, 10/25/39 144A STEP | 120000 | 120026 |
| SFO Commercial Mortgage Trust, <br> Series 2021-555, Class D |  |  |
| (Floating, CME Term SOFR 1M + <br> 2.51%, 2.40% Floor), 6.83%, <br> 05/15/38 144A † | 760000 | 746505 |
| Towd Point Mortgage Trust, Series <br> 2019-4, Class A1 |  |  |
| 2.90%, 10/25/59 144A | 39592 | 38044 |
| TVC Mortgage Trust, Series <br> 2024-RRTL1, Class A1 |  |  |
| (Step to 6.55% on 03/25/27), <br> 5.55%, 07/25/39 144A STEP | 110000 | 109968 |
| UBS Commercial Mortgage Trust, <br> Series 2017-C3, Class C |  |  |
| 4.50%, 08/15/50† γ | 410000 | 388411 |
| UBS Commercial Mortgage Trust, <br> Series 2018-C13, Class B |  |  |
| 4.79%, 10/15/51 | 270000 | 255748 |
| Verus Securitization Trust, Series <br> 2022-4, Class A1 |  |  |
| (Step to 4.90% on 05/25/26), <br> 4.47%, 04/25/67 144A STEP | 687224 | 688517 |
| Wells Fargo Commercial Mortgage <br> Trust, Series 2013-LC12, Class B |  |  |
| 3.91%, 07/15/46† γ | 1143 | 1098 |
| Wells Fargo Commercial Mortgage <br> Trust, Series 2016-C36, Class B |  |  |
| 3.67%, 11/15/59 | 25000 | 23251 |
| WFRBS Commercial Mortgage Trust, <br> Series 2013-C15, Class B |  |  |
| 4.29%, 08/15/46† γ | 34533 | 32599 |

---

**148**

See Notes to Financial Statements.

------

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| WFRBS Commercial Mortgage Trust, <br> Series 2014-C20, Class B |  |  |
| 4.38%, 05/15/47 | $24187 | $21625 |
| **Total Mortgage-Backed Securities** <br>(Cost $48,749,105) |  | 48561866 |
| **U.S. TREASURY OBLIGATIONS — 20.1%** | **U.S. TREASURY OBLIGATIONS — 20.1%** | **U.S. TREASURY OBLIGATIONS — 20.1%** |
| U.S. Treasury Bills |  |  |
| 4.04%, 07/31/25Ω ‡‡ | 3810000 | 3796833 |
| 4.06%, 12/18/25Ω | 1935000 | 1897388 |
|  |  | 5694221 |
| U.S. Treasury Bonds |  |  |
| 3.50%, 02/15/39 | 4700000 | 4245238 |
| 4.25%, 05/15/39 | 30000 | 29216 |
| 3.88%, 08/15/40 | 867100 | 797969 |
| 1.75%, 08/15/41 | 650000 | 431742 |
| 2.00%, 11/15/41 | 40000 | 27522 |
| 2.75%, 08/15/42 | 90000 | 68896 |
| 4.00%, 11/15/42 | 6480000 | 5913759 |
| 2.88%, 05/15/43 | 1590000 | 1225977 |
| 4.38%, 08/15/43 | 2229000 | 2125343 |
| 4.13%, 08/15/44 | 966000 | 885286 |
| 4.75%, 02/15/45 | 709000 | 705455 |
| 3.00%, 05/15/45 | 30000 | 22989 |
| 5.00%, 05/15/45Δ | 45000 | 46234 |
| 3.00%, 11/15/45 | 660000 | 503018 |
| 2.50%, 05/15/46 | 590000 | 407699 |
| 2.25%, 08/15/46 | 690000 | 452246 |
| 2.88%, 11/15/46 | 1520000 | 1119575 |
| 3.00%, 05/15/47 | 60000 | 44960 |
| 2.75%, 08/15/47 | 90000 | 64188 |
| 3.13%, 05/15/48 | 40000 | 30361 |
| 3.38%, 11/15/48 | 770000 | 609353 |
| 1.25%, 05/15/50 | 50000 | 24039 |
| 1.38%, 08/15/50 | 3730000 | 1840231 |
| 1.63%, 11/15/50 | 1710000 | 901424 |
| 2.38%, 05/15/51 | 870000 | 551940 |
| 3.00%, 08/15/52 | 960000 | 693263 |
| 3.63%, 05/15/53 | 930000 | 758822 |
| 4.75%, 11/15/53 | 190000 | 188338 |
| 4.75%, 05/15/55Δ | 2142300 | 2130584 |
|  |  | 26845667 |
| U.S. Treasury Notes |  |  |
| 4.63%, 02/28/26‡‡ | 1210000 | 1213447 |
| 3.75%, 04/30/27Δ | 5410000 | 5410000 |
| 3.88%, 10/15/27 | 4753000 | 4770267 |
| 3.75%, 05/15/28 | 5624000 | 5633227 |
| 4.00%, 01/31/29 | 13770000 | 13897480 |
| 4.63%, 04/30/29 | 12790000 | 13192685 |
| 4.13%, 10/31/29 | 430000 | 436248 |
| 4.00%, 03/31/30 | 9535000 | 9625880 |
| 4.00%, 05/31/30 | 6694100 | 6759995 |
| 3.88%, 06/30/30 | 413000 | 414597 |
| 4.63%, 09/30/30 | 10210000 | 10596066 |
| 0.88%, 11/15/30 | 8550000 | 7335967 |
| 1.25%, 08/15/31 | 730000 | 624635 |
| 1.38%, 11/15/31 | 550000 | 470701 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| 4.00%, 04/30/32 | $1825200 | $1827909 |
| 2.88%, 05/15/32 | 3450000 | 3219685 |
| 2.75%, 08/15/32 | 1090000 | 1005738 |
| 3.38%, 05/15/33 | 1100000 | 1048910 |
| 4.25%, 11/15/34Δ | 1856000 | 1862670 |
| 4.63%, 02/15/35Δ | 2040000 | 2105344 |
| 4.25%, 05/15/35 | 3239000 | 3244314 |
|  |  | 94695765 |
| **Total U.S. Treasury Obligations** <br>(Cost $133,402,827) |  | 127235653 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **COMMON STOCK — 0.0%** | **COMMON STOCK — 0.0%** | **COMMON STOCK — 0.0%** |
| **Communication Services — 0.0%** | **Communication Services — 0.0%** |  |
| Altice U.S.A., Inc. Class AΔ \* <br>(Cost $261,222) | 16976 | 36329 |
| **MONEY MARKET FUNDS — 10.0%** | **MONEY MARKET FUNDS — 10.0%** | **MONEY MARKET FUNDS — 10.0%** |
| Northern Institutional Liquid Assets <br> Portfolio (Shares), 4.39%Ø § | 9213012 | 9213012 |
| GuideStone Money Market Fund, <br> 4.25% <br>(Institutional Class)Ø ∞ | 53794637 | 53794637 |
| **Total Money Market Funds** <br>(Cost $63,007,649) |  | 63007649 |
| **TOTAL INVESTMENTS — 99.5**% <br>(Cost $635,405,847) |  | 629559109 |
| **Other Assets in Excess of**<br> **Liabilities — 0.5%** |  | 3182239 |
| **NET ASSETS — 100.0%** |  | $632741348 |

---

See Notes to Financial Statements.

**149**

------

**GLOBAL BOND FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

Futures Contracts outstanding at June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Future Type** | **Expiration Date** | **Open Long** <br>**(Short) Contracts**<br>| **Notional** <br>**Market Value** <br>**of Contracts**<br>| **Value and** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| Euro-Bobl | 09/2025 | &nbsp;&nbsp;&nbsp; (13)<br>| &nbsp;&nbsp;&nbsp; $(1802075)<br>| &nbsp;&nbsp;&nbsp; $2285 |
| Euro-BTP | 09/2025 | &nbsp;&nbsp;&nbsp; (1)<br>| &nbsp;&nbsp;&nbsp; (142532)<br>| &nbsp;&nbsp;&nbsp; (104)<br>|
| Euro-OAT | 09/2025 | &nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; 583509 | &nbsp;&nbsp;&nbsp; (1993)<br>|
| Euro-Schatz | 09/2025 | &nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp; 2526703 | &nbsp;&nbsp;&nbsp; (1650)<br>|
| Euro-Bund | 09/2025 | &nbsp;&nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp; 2912894 | &nbsp;&nbsp;&nbsp; (8398)<br>|
| 10 - Year Mini JGB | 09/2025 | &nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp; 676157 | &nbsp;&nbsp;&nbsp; 2234 |
| 10-Year Japanese Treasury Bond | 09/2025 | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; 2896150 | &nbsp;&nbsp;&nbsp; 2095 |
| 10-Year Commonwealth Treasury Bond | 09/2025 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 75437 | &nbsp;&nbsp;&nbsp; 781 |
| British Pounds/U.S. Dollars | 09/2025 | &nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp; 686250 | &nbsp;&nbsp;&nbsp; 7035 |
| Canadian Dollars/U.S. Dollars | 09/2025 | &nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp; 442080 | &nbsp;&nbsp;&nbsp; 1218 |
| Euro/U.S. Dollars | 09/2025 | &nbsp;&nbsp;&nbsp; 26 | &nbsp;&nbsp;&nbsp; 3846700 | &nbsp;&nbsp;&nbsp; 51346 |
| Japanese Yen/U.S. Dollars | 09/2025 | &nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp; 1311469 | &nbsp;&nbsp;&nbsp; 6015 |
| 10-Year Bond | 09/2025 | &nbsp;&nbsp;&nbsp; 22 | &nbsp;&nbsp;&nbsp; 1970993 | &nbsp;&nbsp;&nbsp; 21312 |
| 2-Year Bond | 09/2025 | &nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp; 5819626 | &nbsp;&nbsp;&nbsp; 786 |
| 5-Year Canadian Government Bond | 09/2025 | &nbsp;&nbsp;&nbsp; 29 | &nbsp;&nbsp;&nbsp; 2430101 | &nbsp;&nbsp;&nbsp; 15315 |
| 10-Year U.S. Treasury Note | 09/2025 | &nbsp;&nbsp;&nbsp; 129 | &nbsp;&nbsp;&nbsp; 14464125 | &nbsp;&nbsp;&nbsp; 184679 |
| U.S. Treasury Long Bond | 09/2025 | &nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp; 808281 | &nbsp;&nbsp;&nbsp; (13501)<br>|
| Ultra 10-Year U.S. Treasury Note | 09/2025 | &nbsp;&nbsp;&nbsp; (223)<br>| &nbsp;&nbsp;&nbsp; (25481235)<br>| &nbsp;&nbsp;&nbsp; (496254)<br>|
| Ultra Long U.S. Treasury Bond | 09/2025 | &nbsp;&nbsp;&nbsp; (15)<br>| &nbsp;&nbsp;&nbsp; (1786875)<br>| &nbsp;&nbsp;&nbsp; (63025)<br>|
| Long GILT | 09/2025 | &nbsp;&nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp; 2170860 | &nbsp;&nbsp;&nbsp; 26765 |
| 2-Year U.S. Treasury Note | 09/2025 | &nbsp;&nbsp;&nbsp; 129 | &nbsp;&nbsp;&nbsp; 26835023 | &nbsp;&nbsp;&nbsp; 107148 |
| 5-Year U.S. Treasury Note | 09/2025 | &nbsp;&nbsp;&nbsp; 489 | &nbsp;&nbsp;&nbsp; 53301000 | &nbsp;&nbsp;&nbsp; 499719 |
| Total Futures Contracts outstanding at June 30, 2025 |  |  | &nbsp;&nbsp;&nbsp; $94544641 | &nbsp;&nbsp;&nbsp; $343808 |

---

Forward Foreign Currency Contracts outstanding at June 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Expiration Date** | **Currency** <br>**Purchased**<br>| **Amount** <br>**of Currency** <br>**Purchased**<br>| **Currency** <br>**Sold**<br>| **Amount** <br>**of Currency** <br>**Sold**<br>| **Counter-** <br>**party**<br>| **Net Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| 07/16/25 | Euro | &nbsp;&nbsp; 25934321 | U.S. Dollars | &nbsp;&nbsp; 28796812 | SS | &nbsp;&nbsp; $1788070 |
| 07/16/25 | Euro | &nbsp;&nbsp; 29969426 | U.S. Dollars | &nbsp;&nbsp; 33846646 | CITI | &nbsp;&nbsp; 1496920 |
| 07/16/25 | Euro | &nbsp;&nbsp; 25251472 | U.S. Dollars | &nbsp;&nbsp; 28480507 | GSC | &nbsp;&nbsp; 1299077 |
| 07/16/25 | Euro | &nbsp;&nbsp; 17410841 | U.S. Dollars | &nbsp;&nbsp; 19389382 | SC | &nbsp;&nbsp; 1143583 |
| 07/16/25 | Australian Dollars | &nbsp;&nbsp; 33237454 | U.S. Dollars | &nbsp;&nbsp; 20862651 | GSC | &nbsp;&nbsp; 1019919 |
| 07/16/25 | Swiss Francs | &nbsp;&nbsp; 13437531 | U.S. Dollars | &nbsp;&nbsp; 16110037 | BNP | &nbsp;&nbsp; 863064 |
| 07/16/25 | Australian Dollars | &nbsp;&nbsp; 17509544 | U.S. Dollars | &nbsp;&nbsp; 10693263 | CITI | &nbsp;&nbsp; 834510 |
| 07/16/25 | New Zealand Dollars | &nbsp;&nbsp; 20028813 | U.S. Dollars | &nbsp;&nbsp; 11406028 | SS | &nbsp;&nbsp; 809393 |
| 07/16/25 | New Zealand Dollars | &nbsp;&nbsp; 28779021 | U.S. Dollars | &nbsp;&nbsp; 16797186 | GSC | &nbsp;&nbsp; 754920 |
| 07/16/25 | Swedish Kronor | &nbsp;&nbsp; 143998300 | U.S. Dollars | &nbsp;&nbsp; 14516396 | BNP | &nbsp;&nbsp; 721283 |
| 07/16/25 | Euro | &nbsp;&nbsp; 13450393 | U.S. Dollars | &nbsp;&nbsp; 15190300 | UBS | &nbsp;&nbsp; 672028 |
| 07/16/25 | Swiss Francs | &nbsp;&nbsp; 13942955 | U.S. Dollars | &nbsp;&nbsp; 16958204 | GSC | &nbsp;&nbsp; 653304 |
| 07/16/25 | Japanese Yen | &nbsp;&nbsp; 5586771926 | U.S. Dollars | &nbsp;&nbsp; 38236925 | GSC | &nbsp;&nbsp; 635247 |
| 07/16/25 | British Pounds | &nbsp;&nbsp; 7923198 | U.S. Dollars | &nbsp;&nbsp; 10243872 | SC | &nbsp;&nbsp; 632752 |
| 07/16/25 | Norwegian Kroner | &nbsp;&nbsp; 108292798 | U.S. Dollars | &nbsp;&nbsp; 10115776 | BNP | &nbsp;&nbsp; 629297 |
| 07/16/25 | British Pounds | &nbsp;&nbsp; 10897390 | U.S. Dollars | &nbsp;&nbsp; 14426013 | GSC | &nbsp;&nbsp; 533453 |
| 07/16/25 | Canadian Dollars | &nbsp;&nbsp; 25212905 | U.S. Dollars | &nbsp;&nbsp; 18013335 | GSC | &nbsp;&nbsp; 518550 |
| 07/16/25 | Mexican Pesos | &nbsp;&nbsp; 104461772 | U.S. Dollars | &nbsp;&nbsp; 5051900 | UBS | &nbsp;&nbsp; 504934 |
| 07/16/25 | British Pounds | &nbsp;&nbsp; 6117318 | U.S. Dollars | &nbsp;&nbsp; 7907928 | UBS | &nbsp;&nbsp; 489662 |
| 07/16/25 | Norwegian Kroner | &nbsp;&nbsp; 101185781 | U.S. Dollars | &nbsp;&nbsp; 9594165 | GSC | &nbsp;&nbsp; 445733 |
| 07/16/25 | Czech Republic Koruna | &nbsp;&nbsp; 117654295 | U.S. Dollars | &nbsp;&nbsp; 5178585 | SS | &nbsp;&nbsp; 429564 |
| 07/16/25 | Polish Zloty | &nbsp;&nbsp; 19070085 | U.S. Dollars | &nbsp;&nbsp; 4918362 | GSC | &nbsp;&nbsp; 370247 |

---

**150**

See Notes to Financial Statements.

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Expiration Date** | **Currency**<br> **Purchased**<br>| **Amount**<br> **of Currency**<br> **Purchased**<br>| **Currency**<br> **Sold**<br>| **Amount**<br> **of Currency**<br> **Sold**<br>| **Counter-**<br> **party**<br>| **Net Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>|
| 07/16/25 | Euro | &nbsp;&nbsp; 5760000 | U.S. Dollars | &nbsp;&nbsp; 6434015 | NT | &nbsp;&nbsp; $358872 |
| 07/16/25 | Swiss Francs | &nbsp;&nbsp; 5144306 | U.S. Dollars | &nbsp;&nbsp; 6177046 | SC | &nbsp;&nbsp; 320786 |
| 07/16/25 | Swedish Kronor | &nbsp;&nbsp; 68578240 | U.S. Dollars | &nbsp;&nbsp; 6948009 | CITI | &nbsp;&nbsp; 308835 |
| 07/16/25 | Polish Zloty | &nbsp;&nbsp; 15051239 | U.S. Dollars | &nbsp;&nbsp; 3891552 | UBS | &nbsp;&nbsp; 282531 |
| 07/16/25 | Norwegian Kroner | &nbsp;&nbsp; 41775705 | U.S. Dollars | &nbsp;&nbsp; 3864784 | RBC | &nbsp;&nbsp; 280303 |
| 07/16/25 | Swedish Kronor | &nbsp;&nbsp; 116999139 | U.S. Dollars | &nbsp;&nbsp; 12112115 | GSC | &nbsp;&nbsp; 268553 |
| 07/16/25 | Mexican Pesos | &nbsp;&nbsp; 53996596 | U.S. Dollars | &nbsp;&nbsp; 2614594 | SS | &nbsp;&nbsp; 257750 |
| 07/16/25 | Hungarian Forint | &nbsp;&nbsp; 1027187915 | U.S. Dollars | &nbsp;&nbsp; 2785757 | GSC | &nbsp;&nbsp; 239242 |
| 07/16/25 | Israeli Shekels | &nbsp;&nbsp; 7220498 | U.S. Dollars | &nbsp;&nbsp; 1922836 | UBS | &nbsp;&nbsp; 221030 |
| 07/16/25 | Euro | &nbsp;&nbsp; 3200000 | U.S. Dollars | &nbsp;&nbsp; 3563872 | RBC | &nbsp;&nbsp; 209954 |
| 07/16/25 | Mexican Pesos | &nbsp;&nbsp; 146464968 | U.S. Dollars | &nbsp;&nbsp; 7581510 | GSC | &nbsp;&nbsp; 209680 |
| 07/16/25 | South Korean Won | &nbsp;&nbsp; 3422044000 | U.S. Dollars | &nbsp;&nbsp; 2339987 | CITI | &nbsp;&nbsp; 194861 |
| 07/16/25 | Swiss Francs | &nbsp;&nbsp; 2954925 | U.S. Dollars | &nbsp;&nbsp; 3539303 | SS | &nbsp;&nbsp; 193097 |
| 07/16/25 | Czech Republic Koruna | &nbsp;&nbsp; 49720610 | U.S. Dollars | &nbsp;&nbsp; 2198630 | SC | &nbsp;&nbsp; 171369 |
| 07/16/25 | Euro | &nbsp;&nbsp; 5222667 | U.S. Dollars | &nbsp;&nbsp; 5991331 | BNP | &nbsp;&nbsp; 167869 |
| 07/16/25 | South African Rand | &nbsp;&nbsp; 30861345 | U.S. Dollars | &nbsp;&nbsp; 1575450 | GSC | &nbsp;&nbsp; 165491 |
| 07/16/25 | U.S. Dollars | &nbsp;&nbsp; 12089853 | Japanese Yen | &nbsp;&nbsp; 1716422998 | GSC | &nbsp;&nbsp; 147162 |
| 07/16/25 | New Zealand Dollars | &nbsp;&nbsp; 4726458 | U.S. Dollars | &nbsp;&nbsp; 2759171 | BNP | &nbsp;&nbsp; 123460 |
| 07/16/25 | Australian Dollars | &nbsp;&nbsp; 4634569 | U.S. Dollars | &nbsp;&nbsp; 2936127 | UBS | &nbsp;&nbsp; 115138 |
| 07/16/25 | New Zealand Dollars | &nbsp;&nbsp; 2899272 | U.S. Dollars | &nbsp;&nbsp; 1655023 | RBC | &nbsp;&nbsp; 113221 |
| 07/16/25 | Canadian Dollars | &nbsp;&nbsp; 5421677 | U.S. Dollars | &nbsp;&nbsp; 3875043 | SC | &nbsp;&nbsp; 109976 |
| 07/16/25 | Canadian Dollars | &nbsp;&nbsp; 5244920 | U.S. Dollars | &nbsp;&nbsp; 3759245 | BNP | &nbsp;&nbsp; 95855 |
| 07/16/25 | South Korean Won | &nbsp;&nbsp; 1579937630 | U.S. Dollars | &nbsp;&nbsp; 1076194 | SS | &nbsp;&nbsp; 94131 |
| 07/16/25 | Israeli Shekels | &nbsp;&nbsp; 3049553 | U.S. Dollars | &nbsp;&nbsp; 812819 | SS | &nbsp;&nbsp; 92635 |
| 07/16/25 | Hungarian Forint | &nbsp;&nbsp; 373386382 | U.S. Dollars | &nbsp;&nbsp; 1010488 | SS | &nbsp;&nbsp; 89109 |
| 07/16/25 | Czech Republic Koruna | &nbsp;&nbsp; 25099939 | U.S. Dollars | &nbsp;&nbsp; 1110027 | CITI | &nbsp;&nbsp; 86395 |
| 07/16/25 | Brazilian Reals | &nbsp;&nbsp; 6515020 | U.S. Dollars | &nbsp;&nbsp; 1111342 | GSC | &nbsp;&nbsp; 82852 |
| 07/16/25 | Canadian Dollars | &nbsp;&nbsp; 4668172 | U.S. Dollars | &nbsp;&nbsp; 3349926 | UBS | &nbsp;&nbsp; 81254 |
| 07/16/25 | Mexican Pesos | &nbsp;&nbsp; 16675780 | U.S. Dollars | &nbsp;&nbsp; 808480 | SC | &nbsp;&nbsp; 78587 |
| 07/16/25 | South African Rand | &nbsp;&nbsp; 13563919 | U.S. Dollars | &nbsp;&nbsp; 691744 | SC | &nbsp;&nbsp; 73420 |
| 07/16/25 | Polish Zloty | &nbsp;&nbsp; 4106086 | U.S. Dollars | &nbsp;&nbsp; 1065493 | RBC | &nbsp;&nbsp; 73227 |
| 07/16/25 | Singapore Dollars | &nbsp;&nbsp; 1715125 | U.S. Dollars | &nbsp;&nbsp; 1287003 | UBS | &nbsp;&nbsp; 63651 |
| 07/16/25 | Czech Republic Koruna | &nbsp;&nbsp; 18171017 | U.S. Dollars | &nbsp;&nbsp; 803669 | RBC | &nbsp;&nbsp; 62477 |
| 07/16/25 | British Pounds | &nbsp;&nbsp; 730620 | U.S. Dollars | &nbsp;&nbsp; 944630 | RBC | &nbsp;&nbsp; 58333 |
| 07/16/25 | Hungarian Forint | &nbsp;&nbsp; 245199821 | U.S. Dollars | &nbsp;&nbsp; 665703 | SC | &nbsp;&nbsp; 56394 |
| 07/16/25 | Czech Republic Koruna | &nbsp;&nbsp; 14000000 | U.S. Dollars | &nbsp;&nbsp; 619592 | GSC | &nbsp;&nbsp; 47736 |
| 07/16/25 | British Pounds | &nbsp;&nbsp; 850146 | U.S. Dollars | &nbsp;&nbsp; 1119829 | BNP | &nbsp;&nbsp; 47215 |
| 07/16/25 | Swedish Kronor | &nbsp;&nbsp; 9779892 | U.S. Dollars | &nbsp;&nbsp; 991242 | RBC | &nbsp;&nbsp; 43651 |
| 07/16/25 | Turkish Lira | &nbsp;&nbsp; 40823315 | U.S. Dollars | &nbsp;&nbsp; 972678 | UBS | &nbsp;&nbsp; 38254 |
| 07/16/25 | Japanese Yen | &nbsp;&nbsp; 736784957 | U.S. Dollars | &nbsp;&nbsp; 5093296 | SS | &nbsp;&nbsp; 33177 |
| 07/16/25 | British Pounds | &nbsp;&nbsp; 1189364 | U.S. Dollars | &nbsp;&nbsp; 1601841 | CITI | &nbsp;&nbsp; 30867 |
| 07/16/25 | Mexican Pesos | &nbsp;&nbsp; 63410706 | U.S. Dollars | &nbsp;&nbsp; 3342341 | CITI | &nbsp;&nbsp; 30785 |
| 07/16/25 | Japanese Yen | &nbsp;&nbsp; 730158769 | U.S. Dollars | &nbsp;&nbsp; 5049909 | UBS | &nbsp;&nbsp; 30459 |
| 07/16/25 | Australian Dollars | &nbsp;&nbsp; 2812450 | U.S. Dollars | &nbsp;&nbsp; 1821176 | BNP | &nbsp;&nbsp; 30459 |
| 07/16/25 | Mexican Pesos | &nbsp;&nbsp; 5705944 | U.S. Dollars | &nbsp;&nbsp; 273177 | BNP | &nbsp;&nbsp; 30350 |
| 07/16/25 | Canadian Dollars | &nbsp;&nbsp; 1148859 | U.S. Dollars | &nbsp;&nbsp; 820789 | CITI | &nbsp;&nbsp; 23640 |
| 07/16/25 | British Pounds | &nbsp;&nbsp; 275689 | U.S. Dollars | &nbsp;&nbsp; 354902 | SS | &nbsp;&nbsp; 23552 |
| 07/16/25 | South African Rand | &nbsp;&nbsp; 61916000 | U.S. Dollars | &nbsp;&nbsp; 3469408 | CITI | &nbsp;&nbsp; 23379 |
| 07/16/25 | South African Rand | &nbsp;&nbsp; 3976247 | U.S. Dollars | &nbsp;&nbsp; 202697 | BNP | &nbsp;&nbsp; 21610 |
| 07/16/25 | Indonesian Rupiahs | &nbsp;&nbsp; 14925558133 | U.S. Dollars | &nbsp;&nbsp; 899732 | UBS | &nbsp;&nbsp; 21578 |
| 07/16/25 | Brazilian Reals | &nbsp;&nbsp; 3069697 | U.S. Dollars | &nbsp;&nbsp; 542803 | UBS | &nbsp;&nbsp; 19868 |
| 07/16/25 | Swedish Kronor | &nbsp;&nbsp; 10595580 | U.S. Dollars | &nbsp;&nbsp; 1101537 | SS | &nbsp;&nbsp; 19671 |
| 07/16/25 | Australian Dollars | &nbsp;&nbsp; 486406 | U.S. Dollars | &nbsp;&nbsp; 300776 | SC | &nbsp;&nbsp; 19460 |
| 07/16/25 | Polish Zloty | &nbsp;&nbsp; 1006189 | U.S. Dollars | &nbsp;&nbsp; 260081 | SS | &nbsp;&nbsp; 18960 |
| 07/16/25 | Mexican Pesos | &nbsp;&nbsp; 3232287 | U.S. Dollars | &nbsp;&nbsp; 156876 | RBC | &nbsp;&nbsp; 15065 |
| 07/16/25 | Japanese Yen | &nbsp;&nbsp; 909310355 | U.S. Dollars | &nbsp;&nbsp; 6312157 | SC | &nbsp;&nbsp; 14729 |

---

See Notes to Financial Statements.

**151**

------

**GLOBAL BOND FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Expiration Date** | **Currency**<br> **Purchased**<br>| **Amount**<br> **of Currency**<br> **Purchased**<br>| **Currency**<br> **Sold**<br>| **Amount**<br> **of Currency**<br> **Sold**<br>| **Counter-**<br> **party**<br>| **Net Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>|
| 07/16/25 | U.S. Dollars | &nbsp;&nbsp; 4508033 | Swedish Kronor | &nbsp;&nbsp; 42467459 | GSC | &nbsp;&nbsp; $14192 |
| 07/16/25 | Chinese Yuans | &nbsp;&nbsp; 12862050 | U.S. Dollars | &nbsp;&nbsp; 1785057 | SC | &nbsp;&nbsp; 13830 |
| 07/16/25 | Hungarian Forint | &nbsp;&nbsp; 47669187 | U.S. Dollars | &nbsp;&nbsp; 129418 | RBC | &nbsp;&nbsp; 10965 |
| 07/16/25 | Canadian Dollars | &nbsp;&nbsp; 464676 | U.S. Dollars | &nbsp;&nbsp; 332161 | RBC | &nbsp;&nbsp; 9383 |
| 07/16/25 | Canadian Dollars | &nbsp;&nbsp; 450000 | U.S. Dollars | &nbsp;&nbsp; 322687 | SS | &nbsp;&nbsp; 8071 |
| 07/16/25 | Chinese Offshore Yuan | &nbsp;&nbsp; 23588000 | U.S. Dollars | &nbsp;&nbsp; 3291796 | GSC | &nbsp;&nbsp; 7804 |
| 07/16/25 | U.S. Dollars | &nbsp;&nbsp; 551629 | Norwegian Kroner | &nbsp;&nbsp; 5485736 | GSC | &nbsp;&nbsp; 7322 |
| 07/16/25 | Chinese Yuans | &nbsp;&nbsp; 2046060 | U.S. Dollars | &nbsp;&nbsp; 279978 | UBS | &nbsp;&nbsp; 6185 |
| 07/16/25 | Chinese Yuans | &nbsp;&nbsp; 2002336 | U.S. Dollars | &nbsp;&nbsp; 273951 | BNP | &nbsp;&nbsp; 6096 |
| 07/16/25 | Japanese Yen | &nbsp;&nbsp; 419913217 | U.S. Dollars | &nbsp;&nbsp; 2916429 | RBC | &nbsp;&nbsp; 5284 |
| 07/16/25 | Chinese Yuans | &nbsp;&nbsp; 610083 | U.S. Dollars | &nbsp;&nbsp; 83192 | GSC | &nbsp;&nbsp; 2134 |
| 07/16/25 | Chinese Yuans | &nbsp;&nbsp; 834291 | U.S. Dollars | &nbsp;&nbsp; 116311 | CITI | &nbsp;&nbsp; 373 |
| 07/16/25 | U.S. Dollars | &nbsp;&nbsp; 31636 | Japanese Yen | &nbsp;&nbsp; 4500000 | SS | &nbsp;&nbsp; 326 |
| 07/17/25 | Chilean Pesos | &nbsp;&nbsp; 2730427 | U.S. Dollars | &nbsp;&nbsp; 2717 | GSC | &nbsp;&nbsp; 214 |
| 07/16/25 | Indian Rupees | &nbsp;&nbsp; 27934 | U.S. Dollars | &nbsp;&nbsp; 320 | SS | &nbsp;&nbsp; 6 |
| 07/16/25 | Singapore Dollars | &nbsp;&nbsp; 64 | U.S. Dollars | &nbsp;&nbsp; 48 | GSC | &nbsp;&nbsp; 3 |
| Subtotal Appreciation | Subtotal Appreciation |  |  |  |  | &nbsp;&nbsp; $23469663 |
| 07/16/25 | British Pounds | &nbsp;&nbsp; 216304 | U.S. Dollars | &nbsp;&nbsp; 296936 | GSC | &nbsp;&nbsp; $(3)<br>|
| 07/16/25 | U.S. Dollars | &nbsp;&nbsp; 431 | Brazilian Reals | &nbsp;&nbsp; 2670 | GSC | &nbsp;&nbsp; (58)<br>|
| 07/16/25 | U.S. Dollars | &nbsp;&nbsp; 13645 | Chinese Yuans | &nbsp;&nbsp; 98575 | SC | &nbsp;&nbsp; (141)<br>|
| 07/16/25 | British Pounds | &nbsp;&nbsp; 95783 | Euro | &nbsp;&nbsp; 111714 | SC | &nbsp;&nbsp; (260)<br>|
| 07/16/25 | Canadian Dollars | &nbsp;&nbsp; 1469385 | U.S. Dollars | &nbsp;&nbsp; 1081045 | GSC | &nbsp;&nbsp; (1023)<br>|
| 07/16/25 | U.S. Dollars | &nbsp;&nbsp; 285066 | Brazilian Reals | &nbsp;&nbsp; 1563137 | SS | &nbsp;&nbsp; (1455)<br>|
| 07/16/25 | U.S. Dollars | &nbsp;&nbsp; 352537 | Canadian Dollars | &nbsp;&nbsp; 481662 | CITI | &nbsp;&nbsp; (1493)<br>|
| 07/16/25 | Swedish Kronor | &nbsp;&nbsp; 13370646 | U.S. Dollars | &nbsp;&nbsp; 1417175 | GSC | &nbsp;&nbsp; (2314)<br>|
| 09/17/25 | U.S. Dollars | &nbsp;&nbsp; 96445 | Euro | &nbsp;&nbsp; 84000 | MLIB | &nbsp;&nbsp; (3032)<br>|
| 07/16/25 | U.S. Dollars | &nbsp;&nbsp; 1075022 | Japanese Yen | &nbsp;&nbsp; 155435870 | UBS | &nbsp;&nbsp; (6484)<br>|
| 07/16/25 | U.S. Dollars | &nbsp;&nbsp; 96012 | Polish Zloty | &nbsp;&nbsp; 370000 | RBC | &nbsp;&nbsp; (6598)<br>|
| 07/16/25 | U.S. Dollars | &nbsp;&nbsp; 280205 | Colombian Pesos | &nbsp;&nbsp; 1177419430 | GSC | &nbsp;&nbsp; (7352)<br>|
| 07/16/25 | U.S. Dollars | &nbsp;&nbsp; 1056728 | Norwegian Kroner | &nbsp;&nbsp; 10724308 | BNP | &nbsp;&nbsp; (7364)<br>|
| 07/16/25 | U.S. Dollars | &nbsp;&nbsp; 89409 | Hungarian Forint | &nbsp;&nbsp; 32900893 | GSC | &nbsp;&nbsp; (7482)<br>|
| 07/16/25 | U.S. Dollars | &nbsp;&nbsp; 280075 | Colombian Pesos | &nbsp;&nbsp; 1178553325 | UBS | &nbsp;&nbsp; (7758)<br>|
| 07/16/25 | U.S. Dollars | &nbsp;&nbsp; 111702 | South Korean Won | &nbsp;&nbsp; 161635124 | RBC | &nbsp;&nbsp; (8028)<br>|
| 07/16/25 | Indian Rupees | &nbsp;&nbsp; 288908000 | U.S. Dollars | &nbsp;&nbsp; 3376395 | CITI | &nbsp;&nbsp; (9064)<br>|
| 07/16/25 | Japanese Yen | &nbsp;&nbsp; 261553855 | U.S. Dollars | &nbsp;&nbsp; 1830000 | BNP | &nbsp;&nbsp; (10136)<br>|
| 07/16/25 | Euro | &nbsp;&nbsp; 728805 | Polish Zloty | &nbsp;&nbsp; 3140000 | GSC | &nbsp;&nbsp; (11305)<br>|
| 07/16/25 | U.S. Dollars | &nbsp;&nbsp; 1020333 | Canadian Dollars | &nbsp;&nbsp; 1405805 | BNP | &nbsp;&nbsp; (12956)<br>|
| 07/16/25 | U.S. Dollars | &nbsp;&nbsp; 723438 | Chinese Yuans | &nbsp;&nbsp; 5268562 | GSC | &nbsp;&nbsp; (13423)<br>|
| 07/16/25 | U.S. Dollars | &nbsp;&nbsp; 248647 | Turkish Lira | &nbsp;&nbsp; 10606879 | SS | &nbsp;&nbsp; (14018)<br>|
| 07/16/25 | U.S. Dollars | &nbsp;&nbsp; 284113 | Israeli Shekels | &nbsp;&nbsp; 1006301 | UBS | &nbsp;&nbsp; (14671)<br>|
| 07/16/25 | U.S. Dollars | &nbsp;&nbsp; 5253857 | Japanese Yen | &nbsp;&nbsp; 757238368 | CITI | &nbsp;&nbsp; (14928)<br>|
| 07/16/25 | U.S. Dollars | &nbsp;&nbsp; 225815 | Polish Zloty | &nbsp;&nbsp; 873622 | SS | &nbsp;&nbsp; (16462)<br>|
| 07/16/25 | U.S. Dollars | &nbsp;&nbsp; 232197 | Czech Republic Koruna | &nbsp;&nbsp; 5250000 | RBC | &nbsp;&nbsp; (18051)<br>|
| 07/16/25 | U.S. Dollars | &nbsp;&nbsp; 2515284 | South Korean Won | &nbsp;&nbsp; 3422044000 | CITI | &nbsp;&nbsp; (19564)<br>|
| 07/16/25 | U.S. Dollars | &nbsp;&nbsp; 236017 | Hungarian Forint | &nbsp;&nbsp; 87191903 | BNP | &nbsp;&nbsp; (20757)<br>|
| 07/16/25 | Norwegian Kroner | &nbsp;&nbsp; 13986099 | U.S. Dollars | &nbsp;&nbsp; 1409189 | GSC | &nbsp;&nbsp; (21454)<br>|
| 07/16/25 | U.S. Dollars | &nbsp;&nbsp; 1032906 | Swiss Francs | &nbsp;&nbsp; 835287 | BNP | &nbsp;&nbsp; (22154)<br>|
| 07/16/25 | U.S. Dollars | &nbsp;&nbsp; 791896 | Canadian Dollars | &nbsp;&nbsp; 1107820 | RBC | &nbsp;&nbsp; (22370)<br>|
| 07/16/25 | U.S. Dollars | &nbsp;&nbsp; 1017965 | New Zealand Dollars | &nbsp;&nbsp; 1707224 | BNP | &nbsp;&nbsp; (23258)<br>|
| 07/16/25 | U.S. Dollars | &nbsp;&nbsp; 219472 | South African Rand | &nbsp;&nbsp; 4308235 | SS | &nbsp;&nbsp; (23563)<br>|
| 07/16/25 | U.S. Dollars | &nbsp;&nbsp; 430177 | Thai Baht | &nbsp;&nbsp; 14738298 | GSC | &nbsp;&nbsp; (23768)<br>|
| 07/16/25 | U.S. Dollars | &nbsp;&nbsp; 399413 | British Pounds | &nbsp;&nbsp; 309083 | SC | &nbsp;&nbsp; (24883)<br>|
| 07/16/25 | Taiwan Dollars | &nbsp;&nbsp; 110204629 | U.S. Dollars | &nbsp;&nbsp; 3822568 | CITI | &nbsp;&nbsp; (27139)<br>|
| 07/16/25 | U.S. Dollars | &nbsp;&nbsp; 2054482 | Swedish Kronor | &nbsp;&nbsp; 19690509 | BNP | &nbsp;&nbsp; (29138)<br>|
| 07/16/25 | U.S. Dollars | &nbsp;&nbsp; 491901 | Polish Zloty | &nbsp;&nbsp; 1895883 | CITI | &nbsp;&nbsp; (33875)<br>|

---

**152**

See Notes to Financial Statements.

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Expiration Date** | **Currency**<br> **Purchased**<br>| **Amount**<br> **of Currency**<br> **Purchased**<br>| **Currency**<br> **Sold**<br>| **Amount**<br> **of Currency**<br> **Sold**<br>| **Counter-**<br> **party**<br>| **Net Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>|
| 07/16/25 | U.S. Dollars | &nbsp;&nbsp; 3333137 | Indian Rupees | &nbsp;&nbsp; 288908000 | CITI | &nbsp;&nbsp; $(34194)<br>|
| 07/16/25 | U.S. Dollars | &nbsp;&nbsp; 5468953 | Japanese Yen | &nbsp;&nbsp; 791126731 | SS | &nbsp;&nbsp; (35624)<br>|
| 07/16/25 | U.S. Dollars | &nbsp;&nbsp; 512270 | Norwegian Kroner | &nbsp;&nbsp; 5538529 | SC | &nbsp;&nbsp; (37276)<br>|
| 07/16/25 | U.S. Dollars | &nbsp;&nbsp; 710098 | Turkish Lira | &nbsp;&nbsp; 30216436 | UBS | &nbsp;&nbsp; (38170)<br>|
| 07/16/25 | U.S. Dollars | &nbsp;&nbsp; 411525 | Mexican Pesos | &nbsp;&nbsp; 8488154 | SC | &nbsp;&nbsp; (40002)<br>|
| 07/16/25 | U.S. Dollars | &nbsp;&nbsp; 542000 | Hungarian Forint | &nbsp;&nbsp; 200275000 | SS | &nbsp;&nbsp; (47796)<br>|
| 07/16/25 | U.S. Dollars | &nbsp;&nbsp; 462496 | South African Rand | &nbsp;&nbsp; 9071066 | RBC | &nbsp;&nbsp; (49218)<br>|
| 07/16/25 | U.S. Dollars | &nbsp;&nbsp; 1599330 | Swiss Francs | &nbsp;&nbsp; 1307357 | SS | &nbsp;&nbsp; (52007)<br>|
| 07/16/25 | U.S. Dollars | &nbsp;&nbsp; 795733 | Polish Zloty | &nbsp;&nbsp; 3077053 | BNP | &nbsp;&nbsp; (57610)<br>|
| 07/16/25 | U.S. Dollars | &nbsp;&nbsp; 4784971 | Chinese Yuans | &nbsp;&nbsp; 34643193 | RBC | &nbsp;&nbsp; (60228)<br>|
| 07/16/25 | U.S. Dollars | &nbsp;&nbsp; 1290031 | Singapore Dollars | &nbsp;&nbsp; 1715253 | GSC | &nbsp;&nbsp; (60724)<br>|
| 07/16/25 | U.S. Dollars | &nbsp;&nbsp; 1042063 | British Pounds | &nbsp;&nbsp; 805979 | RBC | &nbsp;&nbsp; (64350)<br>|
| 07/16/25 | U.S. Dollars | &nbsp;&nbsp; 1160974 | Indonesian Rupiahs | &nbsp;&nbsp; 19874123899 | UBS | &nbsp;&nbsp; (65796)<br>|
| 07/16/25 | U.S. Dollars | &nbsp;&nbsp; 1591364 | Australian Dollars | &nbsp;&nbsp; 2524005 | UBS | &nbsp;&nbsp; (70368)<br>|
| 07/16/25 | U.S. Dollars | &nbsp;&nbsp; 2748676 | Canadian Dollars | &nbsp;&nbsp; 3836765 | SC | &nbsp;&nbsp; (71407)<br>|
| 07/16/25 | U.S. Dollars | &nbsp;&nbsp; 2663598 | Canadian Dollars | &nbsp;&nbsp; 3721307 | UBS | &nbsp;&nbsp; (71622)<br>|
| 07/16/25 | U.S. Dollars | &nbsp;&nbsp; 1050725 | Polish Zloty | &nbsp;&nbsp; 4047285 | SC | &nbsp;&nbsp; (71687)<br>|
| 07/16/25 | U.S. Dollars | &nbsp;&nbsp; 3220513 | Chinese Offshore Yuan | &nbsp;&nbsp; 23588000 | GSC | &nbsp;&nbsp; (79087)<br>|
| 07/16/25 | U.S. Dollars | &nbsp;&nbsp; 1105800 | Norwegian Kroner | &nbsp;&nbsp; 12025432 | UBS | &nbsp;&nbsp; (87392)<br>|
| 07/16/25 | U.S. Dollars | &nbsp;&nbsp; 1810135 | South Korean Won | &nbsp;&nbsp; 2562281611 | GSC | &nbsp;&nbsp; (87852)<br>|
| 07/16/25 | U.S. Dollars | &nbsp;&nbsp; 13419595 | Japanese Yen | &nbsp;&nbsp; 1941318353 | BNP | &nbsp;&nbsp; (87894)<br>|
| 07/16/25 | U.S. Dollars | &nbsp;&nbsp; 977582 | Mexican Pesos | &nbsp;&nbsp; 20189017 | SS | &nbsp;&nbsp; (96371)<br>|
| 07/16/25 | U.S. Dollars | &nbsp;&nbsp; 3153401 | Mexican Pesos | &nbsp;&nbsp; 61270000 | CITI | &nbsp;&nbsp; (105851)<br>|
| 07/16/25 | U.S. Dollars | &nbsp;&nbsp; 794879 | Brazilian Reals | &nbsp;&nbsp; 4919505 | UBS | &nbsp;&nbsp; (106860)<br>|
| 07/16/25 | U.S. Dollars | &nbsp;&nbsp; 1451289 | Czech Republic Koruna | &nbsp;&nbsp; 32792605 | GSC | &nbsp;&nbsp; (111814)<br>|
| 07/16/25 | U.S. Dollars | &nbsp;&nbsp; 1482244 | Czech Republic Koruna | &nbsp;&nbsp; 33520000 | SC | &nbsp;&nbsp; (115532)<br>|
| 07/16/25 | U.S. Dollars | &nbsp;&nbsp; 2324449 | Swedish Kronor | &nbsp;&nbsp; 23075074 | SS | &nbsp;&nbsp; (117320)<br>|
| 07/16/25 | U.S. Dollars | &nbsp;&nbsp; 1126028 | Israeli Shekels | &nbsp;&nbsp; 4223054 | BNP | &nbsp;&nbsp; (127856)<br>|
| 07/16/25 | U.S. Dollars | &nbsp;&nbsp; 2369431 | Australian Dollars | &nbsp;&nbsp; 3794701 | SS | &nbsp;&nbsp; (128889)<br>|
| 07/16/25 | U.S. Dollars | &nbsp;&nbsp; 2094457 | New Zealand Dollars | &nbsp;&nbsp; 3669073 | RBC | &nbsp;&nbsp; (143282)<br>|
| 07/16/25 | U.S. Dollars | &nbsp;&nbsp; 1745707 | Hungarian Forint | &nbsp;&nbsp; 643000000 | SC | &nbsp;&nbsp; (147885)<br>|
| 07/16/25 | Japanese Yen | &nbsp;&nbsp; 1080049414 | U.S. Dollars | &nbsp;&nbsp; 7664593 | GSC | &nbsp;&nbsp; (149723)<br>|
| 07/16/25 | U.S. Dollars | &nbsp;&nbsp; 1346314 | Israeli Shekels | &nbsp;&nbsp; 5040735 | GSC | &nbsp;&nbsp; (150350)<br>|
| 07/16/25 | U.S. Dollars | &nbsp;&nbsp; 2005314 | Hungarian Forint | &nbsp;&nbsp; 740763156 | UBS | &nbsp;&nbsp; (176183)<br>|
| 07/16/25 | U.S. Dollars | &nbsp;&nbsp; 3183288 | New Zealand Dollars | &nbsp;&nbsp; 5520628 | CITI | &nbsp;&nbsp; (183701)<br>|
| 07/16/25 | U.S. Dollars | &nbsp;&nbsp; 2003433 | Mexican Pesos | &nbsp;&nbsp; 41370885 | UBS | &nbsp;&nbsp; (197288)<br>|
| 07/16/25 | U.S. Dollars | &nbsp;&nbsp; 1864044 | South African Rand | &nbsp;&nbsp; 36564160 | UBS | &nbsp;&nbsp; (198602)<br>|
| 07/16/25 | U.S. Dollars | &nbsp;&nbsp; 3070073 | British Pounds | &nbsp;&nbsp; 2389881 | BNP | &nbsp;&nbsp; (210652)<br>|
| 07/16/25 | U.S. Dollars | &nbsp;&nbsp; 1955489 | Mexican Pesos | &nbsp;&nbsp; 40725181 | BNP | &nbsp;&nbsp; (210884)<br>|
| 07/16/25 | U.S. Dollars | &nbsp;&nbsp; 16770229 | Canadian Dollars | &nbsp;&nbsp; 23105982 | GSC | &nbsp;&nbsp; (213035)<br>|
| 07/16/25 | U.S. Dollars | &nbsp;&nbsp; 3175371 | Norwegian Kroner | &nbsp;&nbsp; 34311792 | CITI | &nbsp;&nbsp; (229128)<br>|
| 07/16/25 | U.S. Dollars | &nbsp;&nbsp; 7112232 | Australian Dollars | &nbsp;&nbsp; 11169454 | CITI | &nbsp;&nbsp; (241411)<br>|
| 07/16/25 | U.S. Dollars | &nbsp;&nbsp; 8896714 | Australian Dollars | &nbsp;&nbsp; 13883635 | GSC | &nbsp;&nbsp; (243866)<br>|
| 07/16/25 | U.S. Dollars | &nbsp;&nbsp; 3127309 | Czech Republic Koruna | &nbsp;&nbsp; 70911097 | UBS | &nbsp;&nbsp; (252764)<br>|
| 07/16/25 | U.S. Dollars | &nbsp;&nbsp; 4639966 | British Pounds | &nbsp;&nbsp; 3578787 | UBS | &nbsp;&nbsp; (272838)<br>|
| 07/16/25 | U.S. Dollars | &nbsp;&nbsp; 41220075 | Japanese Yen | &nbsp;&nbsp; 5963726876 | GSC | &nbsp;&nbsp; (274910)<br>|
| 07/16/25 | U.S. Dollars | &nbsp;&nbsp; 4003796 | New Zealand Dollars | &nbsp;&nbsp; 7030926 | UBS | &nbsp;&nbsp; (284312)<br>|
| 07/16/25 | U.S. Dollars | &nbsp;&nbsp; 3523222 | Czech Republic Koruna | &nbsp;&nbsp; 79959523 | BNP | &nbsp;&nbsp; (288156)<br>|
| 07/16/25 | U.S. Dollars | &nbsp;&nbsp; 11554917 | Swedish Kronor | &nbsp;&nbsp; 112132554 | GSC | &nbsp;&nbsp; (310777)<br>|
| 07/16/25 | U.S. Dollars | &nbsp;&nbsp; 8896756 | Norwegian Kroner | &nbsp;&nbsp; 92977918 | GSC | &nbsp;&nbsp; (328738)<br>|
| 07/16/25 | U.S. Dollars | &nbsp;&nbsp; 7611962 | Swedish Kronor | &nbsp;&nbsp; 75116361 | SC | &nbsp;&nbsp; (336736)<br>|
| 07/16/25 | U.S. Dollars | &nbsp;&nbsp; 3152818 | South African Rand | &nbsp;&nbsp; 61916000 | CITI | &nbsp;&nbsp; (339969)<br>|
| 07/16/25 | U.S. Dollars | &nbsp;&nbsp; 9911416 | New Zealand Dollars | &nbsp;&nbsp; 16824787 | GSC | &nbsp;&nbsp; (349894)<br>|
| 07/16/25 | U.S. Dollars | &nbsp;&nbsp; 5700151 | Australian Dollars | &nbsp;&nbsp; 9218832 | RBC | &nbsp;&nbsp; (369259)<br>|
| 07/16/25 | U.S. Dollars | &nbsp;&nbsp; 7465164 | Swiss Francs | &nbsp;&nbsp; 6208553 | RBC | &nbsp;&nbsp; (376931)<br>|
| 07/16/25 | U.S. Dollars | &nbsp;&nbsp; 6574039 | Australian Dollars | &nbsp;&nbsp; 10558590 | BNP | &nbsp;&nbsp; (377429)<br>|

---

See Notes to Financial Statements.

**153**

------

**GLOBAL BOND FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Expiration Date** | **Currency**<br> **Purchased**<br>| **Amount**<br> **of Currency**<br> **Purchased**<br>| **Currency**<br> **Sold**<br>| **Amount**<br> **of Currency**<br> **Sold**<br>| **Counter-**<br> **party**<br>| **Net Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>|
| 07/16/25 | U.S. Dollars | &nbsp;&nbsp; 7614994 | Swiss Francs | &nbsp;&nbsp; 6338340 | CITI | &nbsp;&nbsp; $(391037)<br>|
| 07/16/25 | U.S. Dollars | &nbsp;&nbsp; 6064849 | Australian Dollars | &nbsp;&nbsp; 9807911 | SC | &nbsp;&nbsp; (392393)<br>|
| 07/16/25 | U.S. Dollars | &nbsp;&nbsp; 7451365 | Euro | &nbsp;&nbsp; 6654200 | RBC | &nbsp;&nbsp; (396071)<br>|
| 07/16/25 | U.S. Dollars | &nbsp;&nbsp; 13956916 | Canadian Dollars | &nbsp;&nbsp; 19544721 | SS | &nbsp;&nbsp; (408763)<br>|
| 07/16/25 | U.S. Dollars | &nbsp;&nbsp; 6784179 | Polish Zloty | &nbsp;&nbsp; 25993585 | GSC | &nbsp;&nbsp; (424489)<br>|
| 07/16/25 | U.S. Dollars | &nbsp;&nbsp; 3356929 | Taiwan Dollars | &nbsp;&nbsp; 110204629 | CITI | &nbsp;&nbsp; (438500)<br>|
| 07/16/25 | U.S. Dollars | &nbsp;&nbsp; 8045290 | British Pounds | &nbsp;&nbsp; 6187131 | CITI | &nbsp;&nbsp; (448136)<br>|
| 07/16/25 | U.S. Dollars | &nbsp;&nbsp; 10938543 | British Pounds | &nbsp;&nbsp; 8304765 | GSC | &nbsp;&nbsp; (461879)<br>|
| 07/16/25 | U.S. Dollars | &nbsp;&nbsp; 13135026 | Swiss Francs | &nbsp;&nbsp; 10766911 | GSC | &nbsp;&nbsp; (464785)<br>|
| 07/16/25 | U.S. Dollars | &nbsp;&nbsp; 9425440 | Swedish Kronor | &nbsp;&nbsp; 93510918 | UBS | &nbsp;&nbsp; (469742)<br>|
| 07/16/25 | U.S. Dollars | &nbsp;&nbsp; 10353756 | Euro | &nbsp;&nbsp; 9260579 | SC | &nbsp;&nbsp; (567438)<br>|
| 07/16/25 | U.S. Dollars | &nbsp;&nbsp; 7688027 | Norwegian Kroner | &nbsp;&nbsp; 83724877 | SS | &nbsp;&nbsp; (619358)<br>|
| 07/16/25 | U.S. Dollars | &nbsp;&nbsp; 14645632 | Swiss Francs | &nbsp;&nbsp; 12199854 | UBS | &nbsp;&nbsp; (764145)<br>|
| 07/16/25 | U.S. Dollars | &nbsp;&nbsp; 11960256 | New Zealand Dollars | &nbsp;&nbsp; 20953497 | SC | &nbsp;&nbsp; (819123)<br>|
| 07/16/25 | U.S. Dollars | &nbsp;&nbsp; 20959556 | Euro | &nbsp;&nbsp; 18496757 | GSC | &nbsp;&nbsp; (854054)<br>|
| 07/16/25 | U.S. Dollars | &nbsp;&nbsp; 17776538 | Euro | &nbsp;&nbsp; 15979645 | UBS | &nbsp;&nbsp; (1068588)<br>|
| 07/16/25 | U.S. Dollars | &nbsp;&nbsp; 18198776 | Euro | &nbsp;&nbsp; 16346516 | BNP | &nbsp;&nbsp; (1079009)<br>|
| 07/16/25 | U.S. Dollars | &nbsp;&nbsp; 13066699 | Mexican Pesos | &nbsp;&nbsp; 268794330 | GSC | &nbsp;&nbsp; (1231790)<br>|
| 07/16/25 | U.S. Dollars | &nbsp;&nbsp; 20442204 | British Pounds | &nbsp;&nbsp; 15874112 | SS | &nbsp;&nbsp; (1349091)<br>|
| 07/16/25 | U.S. Dollars | &nbsp;&nbsp; 43932058 | Euro | &nbsp;&nbsp; 39741178 | CITI | &nbsp;&nbsp; (2935538)<br>|
| 07/16/25 | U.S. Dollars | &nbsp;&nbsp; 71633864 | Euro | &nbsp;&nbsp; 64508157 | SS | &nbsp;&nbsp; (4441943)<br>|
| Subtotal Depreciation | Subtotal Depreciation |  |  |  |  | &nbsp;&nbsp; $(29553154)<br>|
| Total Forward Foreign Currency Contracts outstanding at June 30, 2025 | Total Forward Foreign Currency Contracts outstanding at June 30, 2025 | Total Forward Foreign Currency Contracts outstanding at June 30, 2025 | Total Forward Foreign Currency Contracts outstanding at June 30, 2025 | Total Forward Foreign Currency Contracts outstanding at June 30, 2025 |  | &nbsp;&nbsp; $(6083491)<br>|

---

Swap Agreements outstanding at June 30, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Obligation** | **Implied** <br>**Credit** <br>**Spread**<br>| **Fixed** <br>**Deal** <br>**Receive Rate**<br>| **Maturity** <br>**Date**<br>| **Currency** | **Notional** <br>**Amount**<br>| **Market Value** | **Upfront** <br>**Premiums** <br>**Paid/** <br>**(Received)**<br>| **Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| **Centrally Cleared Credit Default Swaps** <br> **on Credit Indexes—Sell Protection**<br>|  |  |  |  |  |  |  |  |
| iTraxx Europe & Crossover Series 43 <br> (Receive Quarterly)<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; 5.00<br> %<br>| &nbsp;&nbsp; 6/20/2030 | &nbsp;&nbsp; EUR | &nbsp;&nbsp; 12230000 | &nbsp;&nbsp; $1363277 | &nbsp;&nbsp; $1160317 | &nbsp;&nbsp; $202960 |
| iTraxx Europe & Crossover Series 43 <br> (Receive Quarterly)<br>| 0.55<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.00<br> %<br>| &nbsp;&nbsp; 6/20/2030 | &nbsp;&nbsp; EUR | &nbsp;&nbsp; 405000 | &nbsp;&nbsp; 10316 | &nbsp;&nbsp; 8615 | &nbsp;&nbsp; 1701 |
| Markit CDX.EM.43 Index (Receive <br> Quarterly)<br>| 1.57<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.00<br> %<br>| &nbsp;&nbsp; 6/20/2030 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 4715000 | &nbsp;&nbsp; (116367)<br>| &nbsp;&nbsp; (131158)<br>| &nbsp;&nbsp; 14791 |
| Markit CDX.NA.HY.44 Index (Receive <br> Quarterly)<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; 5.00<br> %<br>| &nbsp;&nbsp; 6/20/2030 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 7042000 | &nbsp;&nbsp; 538776 | &nbsp;&nbsp; 224928 | &nbsp;&nbsp; 313848 |
| Markit CDX.NA.HY.44 Index (Receive <br> Quarterly)<br>| 3.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.00<br> %<br>| &nbsp;&nbsp; 6/20/2030 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 2225000 | &nbsp;&nbsp; 168964 | &nbsp;&nbsp; 150911 | &nbsp;&nbsp; 18053 |
| Markit CDX.NA.IG.44 Index (Receive <br> Quarterly)<br>| 0.51<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.00<br> %<br>| &nbsp;&nbsp; 6/20/2030 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 3166000 | &nbsp;&nbsp; 70459 | &nbsp;&nbsp; 66103 | &nbsp;&nbsp; 4356 |
|  |  |  |  |  |  | &nbsp;&nbsp; $2035425 | &nbsp;&nbsp; $1479716 | &nbsp;&nbsp; $555709 |

---

**154**

See Notes to Financial Statements.

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay Rate Index/Pay Rate** | **Receive** <br>**Rate Index/Receive** <br>**Rate**<br>| **Maturity** <br>**Date**<br>| **Currency** | **Notional** <br>**Amount**<br>| **Market Value** | **Upfront** <br>**Premiums** <br>**Paid/** <br>**(Received)**<br>| **Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| **Centrally Cleared Interest Rate** <br> **Swaps**<br>|  |  |  |  |  |  |  |
| 7-Day CFETS Repo Rate (Quarterly) | 2.05% (Quarterly) | 8/17/2026 | CNY | 33632000 | $30027 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $30027 |
| 3-Month KWCDC (Quarterly) | 3.36% (Quarterly) | 2/16/2029 | KRW | 2051137000 | 50572 | &nbsp;&nbsp; — | &nbsp;&nbsp; 50572 |
| 3-Month KWCDC (Quarterly) | 3.23% (Quarterly) | 3/26/2029 | KRW | 2932597000 | 62365 | &nbsp;&nbsp; — | &nbsp;&nbsp; 62365 |
| Subtotal Appreciation |  |  |  |  | $142964 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $142964 |
| 3-Month KWCDC (Quarterly) | 2.36% (Quarterly) | 6/9/2028 | KRW | 4360403000 | $(5034)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(5034)<br>|
| Subtotal Depreciation |  |  |  |  | $(5034)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(5034)<br>|
| Net Centrally Cleared Interest Rate Swaps outstanding at June 30, 2025 | Net Centrally Cleared Interest Rate Swaps outstanding at June 30, 2025 | Net Centrally Cleared Interest Rate Swaps outstanding at June 30, 2025 | Net Centrally Cleared Interest Rate Swaps outstanding at June 30, 2025 | Net Centrally Cleared Interest Rate Swaps outstanding at June 30, 2025 | $137930 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $137930 |

---

See Notes to Financial Statements.

**155**

------

**GLOBAL BOND FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

**VALUATION HIERARCHY**

The following is a summary of the inputs used, as of June 30, 2025, in valuing the Fund's investments carried at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total** <br>**Value**<br>| **Level 1** <br>**Quoted Prices**<br>| **Level 2** <br>**Other Significant** <br>**Observable Inputs**<br>| **Level 3** <br>**Significant** <br>**Unobservable Inputs**<br>|
| **Assets:** |  |  |  |  |
| **Investments in Securities:** |  |  |  |  |
| Agency Obligation | &nbsp;&nbsp; $122197 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $122197 | &nbsp;&nbsp; $— |
| Asset-Backed Securities | &nbsp;&nbsp; 30108646 | &nbsp;&nbsp; — | &nbsp;&nbsp; 29607702 | &nbsp;&nbsp; 500944 |
| Common Stock | &nbsp;&nbsp; 36329 | &nbsp;&nbsp; 36329 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Corporate Bonds | &nbsp;&nbsp; 103853484 | &nbsp;&nbsp; — | &nbsp;&nbsp; 103853484 | &nbsp;&nbsp; — |
| Foreign Bonds: |  |  |  |  |
| Brazil | &nbsp;&nbsp; 930003 | &nbsp;&nbsp; — | &nbsp;&nbsp; 208647 | &nbsp;&nbsp; 721356 |
| Other<sup>^^</sup> <br>| &nbsp;&nbsp; 253619807 | &nbsp;&nbsp; — | &nbsp;&nbsp; 253619807 | &nbsp;&nbsp; — |
| Total Foreign Bonds | &nbsp;&nbsp; 254549810 | &nbsp;&nbsp; — | &nbsp;&nbsp; 253828454 | &nbsp;&nbsp; 721356 |
| Loan Agreements | &nbsp;&nbsp; 2083475 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2083475 | &nbsp;&nbsp; — |
| Money Market Funds | &nbsp;&nbsp; 63007649 | &nbsp;&nbsp; 63007649 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Mortgage-Backed Securities | &nbsp;&nbsp; 48561866 | &nbsp;&nbsp; — | &nbsp;&nbsp; 48561866 | &nbsp;&nbsp; — |
| U.S. Treasury Obligations | &nbsp;&nbsp; 127235653 | &nbsp;&nbsp; — | &nbsp;&nbsp; 127235653 | &nbsp;&nbsp; — |
| **Total Assets - Investments in Securities** | &nbsp;&nbsp; $629559109 | &nbsp;&nbsp; $63043978 | &nbsp;&nbsp; $565292831 | &nbsp;&nbsp; $1222300 |
| **Other Financial Instruments\*\*\*** |  |  |  |  |
| Forward Foreign Currency Contracts | &nbsp;&nbsp; $23469663 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $23469663 | &nbsp;&nbsp; $— |
| Futures Contracts | &nbsp;&nbsp; 928733 | &nbsp;&nbsp; 928733 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Swap Agreements | &nbsp;&nbsp; 698673 | &nbsp;&nbsp; — | &nbsp;&nbsp; 698673 | &nbsp;&nbsp; — |
| **Total Assets - Other Financial Instruments** | &nbsp;&nbsp; $25097069 | &nbsp;&nbsp; $928733 | &nbsp;&nbsp; $24168336 | &nbsp;&nbsp; $— |
| **Liabilities:** |  |  |  |  |
| **Other Financial Instruments\*\*\*** |  |  |  |  |
| Forward Foreign Currency Contracts | &nbsp;&nbsp; $(29553154)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(29553154)<br>| &nbsp;&nbsp; $— |
| Futures Contracts | &nbsp;&nbsp; (584925)<br>| &nbsp;&nbsp; (584925)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Swap Agreements | &nbsp;&nbsp; (5034)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (5034)<br>| &nbsp;&nbsp; — |
| **Total Liabilities - Other Financial Instruments** | &nbsp;&nbsp; $(30143113)<br>| &nbsp;&nbsp; $(584925)<br>| &nbsp;&nbsp; $(29558188)<br>| &nbsp;&nbsp; $— |

---

---

| | |
|:---|:---|
| ^^ | Classifications as defined in the Schedule of Investments. |
| \*\*\* | Other financial instruments are derivative instruments, such as futures contracts, forward foreign currency contracts and swap agreements, which are valued <br> at the unrealized appreciation (depreciation) on the investment. Further details regarding the value of these investments can be found in the preceding <br> "Futures Contracts outstanding", "Forward Foreign Currency Contracts outstanding" and "Swap Agreements outstanding" disclosures.<br>|

---

Management has determined that the amount of transfers between Level 3 and Level 2 compared to total net assets is not material; therefore, the amount of transfers between Level 3 and Level 2 is not shown for the year ended June 30, 2025.

**156**

See Notes to Financial Statements.

------

**IMPACT BOND FUND**

**SCHEDULE OF INVESTMENTS**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **AGENCY OBLIGATIONS — 1.1%** | **AGENCY OBLIGATIONS — 1.1%** | **AGENCY OBLIGATIONS — 1.1%** |
| United States <br> International <br> Development <br> Finance <br> Corporation<br>|  |  |
| 1.44%, 04/15/28 | $500000 | $472610 |
| 1.65%, 04/15/28 | 500000 | 474920 |
| **Total Agency Obligations** <br>(Cost $937,177) |  | 947530 |
| **ASSET-BACKED SECURITIES — 9.9%** | **ASSET-BACKED SECURITIES — 9.9%** | **ASSET-BACKED SECURITIES — 9.9%** |
| ACM Auto Trust, Series 2023-2A, <br> Class B |  |  |
| 9.85%, 06/20/30 144A | 418752 | 426240 |
| Dext ABS LLC, Series 2021-1, <br> Class D |  |  |
| 2.81%, 03/15/29 144A | 450000 | 442373 |
| Lendbuzz Securitization Trust, Series <br> 2022-1A, Class A |  |  |
| 4.22%, 05/17/27 144A | 356984 | 356109 |
| Lendbuzz Securitization Trust, Series <br> 2023-3A, Class A2 |  |  |
| 7.50%, 12/15/28 144A | 636849 | 650644 |
| Lendbuzz Securitization Trust, Series <br> 2024-1A, Class B |  |  |
| 6.58%, 09/15/29 144A | 450000 | 460644 |
| Lendbuzz Securitization Trust, Series <br> 2024-2A, Class A2 |  |  |
| 5.99%, 05/15/29 144A | 252061 | 254251 |
| Lendbuzz Securitization Trust, Series <br> 2024-2A, Class B |  |  |
| 6.52%, 07/16/29 144A | 730000 | 751232 |
| Lendbuzz Securitization Trust, Series <br> 2025-2A, Class A2 |  |  |
| 5.18%, 05/15/30 144A ††† | 570000 | 571598 |
| Luminace ABS-2022 Issuer LLC, <br> Series 2022-1, Class B |  |  |
| 5.91%, 07/30/62 144A | 711407 | 680292 |
| Sunnova Helios II Issuer LLC, Series <br> 2021-B, Class A |  |  |
| 1.62%, 07/20/48 144A | 261849 | 218142 |
| Sunnova Helios V Issuer LLC, Series <br> 2021-A, Class A |  |  |
| 1.80%, 02/20/48 144A | 287797 | 225614 |
| Sunnova Helios VII Issuer LLC, <br> Series 2021-C, Class A |  |  |
| 2.03%, 10/20/48 144A | 393834 | 326782 |
| Sunnova Helios XI Issuer LLC, Series <br> 2023-A, Class B |  |  |
| 5.60%, 05/20/50 144A | 552124 | 412004 |
| Sunnova Helios XIII Issuer LLC, <br> Series 2024-A, Class C |  |  |
| 7.00%, 02/20/51 144A | 653681 | 489891 |
| Sunnova Sol IV Issuer LLC, Series <br> 2022-A, Class C |  |  |
| 3.53%, 02/22/49 144A | 1668405 | 913740 |
| Switch ABS Issuer LLC, Series <br> 2024-1A, Class A2 |  |  |
| 6.28%, 03/25/54 144A | 90000 | 91843 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Switch ABS Issuer LLC, Series <br> 2024-2A, Class A2 |  |  |
| 5.44%, 06/25/54 144A | $235000 | $237072 |
| Tricolor Auto Securitization Trust, <br> Series 2022-1A, Class F |  |  |
| 9.80%, 07/16/29 144A | 500000 | 503178 |
| Tricolor Auto Securitization Trust, <br> Series 2024-1A, Class D |  |  |
| 8.61%, 04/17/28 144A | 730000 | 751936 |
| Tricolor Auto Securitization Trust, <br> Series 2024-3A, Class A |  |  |
| 5.22%, 06/15/28 144A | 137923 | 138139 |
| **Total Asset-Backed Securities** <br>(Cost $9,646,296) |  | 8901724 |
| **CORPORATE BONDS — 17.4%** | **CORPORATE BONDS — 17.4%** | **CORPORATE BONDS — 17.4%** |
| Agilent Technologies, Inc. |  |  |
| 2.30%, 03/12/31 | 1550000 | 1374008 |
| American Water Capital Corporation |  |  |
| 4.45%, 06/01/32 | 1300000 | 1284010 |
| 5.25%, 03/01/35 | 810000 | 821197 |
| Amgen, Inc. |  |  |
| 5.25%, 03/02/33 | 1285000 | 1316320 |
| Avangrid, Inc. |  |  |
| 3.80%, 06/01/29 | 450000 | 439803 |
| Becton, Dickinson and Co. |  |  |
| 5.08%, 06/07/29 | 825000 | 843216 |
| Bridge Housing Corporation |  |  |
| 3.25%, 07/15/30 | 300000 | 275579 |
| DH Europe Finance II S.a.r.l. |  |  |
| 2.60%, 11/15/29 | 300000 | 280229 |
| Elevance Health, Inc. |  |  |
| 5.15%, 06/15/29 | 930000 | 956888 |
| Eli Lilly & Co. |  |  |
| 4.75%, 02/12/30 | 510000 | 523039 |
| Gilead Sciences, Inc. |  |  |
| 3.65%, 03/01/26 | 392000 | 390114 |
| HA Sustainable Infrastructure Capital, <br> Inc. |  |  |
| 6.15%, 01/15/31 | 400000 | 405134 |
| Haleon U.S. Capital LLC |  |  |
| 3.63%, 03/24/32 | 838000 | 784350 |
| HCA, Inc. |  |  |
| 5.00%, 03/01/28 | 685000 | 695380 |
| 5.45%, 09/15/34 | 538000 | 542889 |
| IQVIA, Inc. |  |  |
| 6.25%, 02/01/29 | 750000 | 784381 |
| Low Income Investment Fund |  |  |
| 3.39%, 07/01/26 | 600000 | 588699 |
| Mary Free Bed Rehabilitation <br> Hospital |  |  |
| 3.79%, 04/01/51 | 300000 | 209678 |
| NextEra Energy Capital Holdings, <br> Inc. |  |  |
| 3.55%, 05/01/27 | 500000 | 493278 |
| 2.44%, 01/15/32 | 980000 | 851742 |

---

See Notes to Financial Statements.

**157**

------

**IMPACT BOND FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Preservation Of Affordable Housing, <br> Inc. |  |  |
| 4.48%, 12/01/32 | $470000 | $443133 |
| Reinvestment Fund, Inc. (The) |  |  |
| 3.93%, 02/15/28 | 500000 | 462498 |
| Solventum Corporation |  |  |
| 5.45%, 02/25/27 | 500000 | 508365 |
| Verizon Communications, Inc. |  |  |
| 3.88%, 02/08/29 | 300000 | 296328 |
| **Total Corporate Bonds** <br>(Cost $15,363,522) |  | 15570258 |
| **FOREIGN BONDS — 1.4%** | **FOREIGN BONDS — 1.4%** | **FOREIGN BONDS — 1.4%** |
| **United Kingdom — 1.4%** | **United Kingdom — 1.4%** |  |
| Reckitt Benckiser Treasury Services <br> PLC |  |  |
| 3.00%, 06/26/27 144A | 650000 | 635730 |
| Royalty Pharma PLC |  |  |
| 5.15%, 09/02/29 | 580000 | 592340 |
| **Total Foreign Bonds** <br>(Cost $1,206,451) | **Total Foreign Bonds** <br>(Cost $1,206,451) | 1228070 |
| **LOAN AGREEMENTS — 0.0%** | **LOAN AGREEMENTS — 0.0%** | **LOAN AGREEMENTS — 0.0%** |
| Georgia Act and Healthcare Services, <br> Inc. STRIP, SBA Loan |  |  |
| 1.28%, 03/15/46 IO ††† | 272513 | 7213 |
| Ideal Therapy Rehabilitative Services <br> II LLC STRIP, SBA Loan |  |  |
| 0.48%, 01/15/46 IO ††† | 473174 | 4697 |
| MBT Industries LLC STRIP, SBA <br> Loan |  |  |
| 0.53%, 08/15/31 IO ††† | 390614 | 2845 |
| MCJT Pharmaceutical Care, Inc. <br> STRIP, SBA Loan |  |  |
| 1.28%, 08/15/46 IO ††† | 347232 | 9191 |
| N&K Market, Inc. STRIP, SBA Loan |  |  |
| 0.73%, 02/15/31 IO ††† | 218249 | 3033 |
| Southwest Technologies, Inc. STRIP, <br> SBA Loan |  |  |
| 1.23%, 06/15/31 IO ††† | 328955 | 7759 |
| **Total Loan Agreements** <br>(Cost $45,852) |  | 34738 |
| **MORTGAGE-BACKED SECURITIES — 37.5%** | **MORTGAGE-BACKED SECURITIES — 37.5%** | **MORTGAGE-BACKED SECURITIES — 37.5%** |
| BX Commercial Mortgage Trust, <br> Series 2022-AHP, Class C |  |  |
| (Floating, CME Term SOFR 1M + <br> 2.09%, 2.09% Floor), 6.40%, <br> 01/17/39 144A † | 685000 | 683008 |
| Federal Home Loan Mortgage <br> Corporation |  |  |
| 2.00%, 02/01/51 | 283945 | 226125 |
| 2.00%, 03/01/51 | 698139 | 555903 |
| 3.00%, 02/01/52 | 575507 | 499857 |
| 3.50%, 03/01/52 | 1392514 | 1256739 |
| 4.00%, 06/01/52 | 430127 | 401036 |
| 4.50%, 07/01/52 | 263536 | 252701 |
| 5.50%, 08/01/53 | 2665952 | 2681686 |
| 6.00%, 08/01/53 | 1083418 | 1113522 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| 6.00%, 09/01/53 | $500738 | $513244 |
| Federal National Mortgage <br> Association |  |  |
| 3.15%, 11/01/27 | 239289 | 234457 |
| 1.53%, 04/01/28 | 1000000 | 935072 |
| 2.52%, 07/01/28 | 831939 | 797219 |
| 5.16%, 10/01/28 | 500000 | 514509 |
| 4.97%, 11/01/28 | 750000 | 767448 |
| 4.50%, 02/01/29 | 1100000 | 1116934 |
| 4.78%, 06/01/29 | 650000 | 664740 |
| 2.45%, 10/01/29 | 312952 | 293642 |
| 4.36%, 10/01/29 | 700000 | 706845 |
| 4.66%, 04/01/30 | 875000 | 888955 |
| 1.59%, 03/01/31 | 500000 | 432679 |
| 1.61%, 03/01/31 | 454298 | 398148 |
| 1.62%, 03/01/31 | 500000 | 427694 |
| 2.03%, 04/01/31 | 250000 | 221969 |
| 2.59%, 03/01/32 | 518145 | 469635 |
| 1.65%, 03/01/33 | 487755 | 405661 |
| 2.01%, 03/01/33 | 99560 | 84786 |
| 2.00%, 03/01/51 | 1771862 | 1410916 |
| 3.00%, 02/01/52 | 1870541 | 1625594 |
| 3.50%, 04/01/52 | 635274 | 573400 |
| 4.00%, 06/01/52 | 1252075 | 1167247 |
| 4.50%, 07/01/52 | 340416 | 326456 |
| 5.00%, 09/01/52 | 420666 | 414485 |
| 5.50%, 10/01/52 | 464454 | 466374 |
| 6.00%, 11/01/52 | 214678 | 219398 |
| 6.50%, 11/01/52 | 156994 | 163620 |
| 6.50%, 12/01/52 | 173174 | 179862 |
| 6.00%, 08/01/53 | 1396646 | 1426351 |
| 6.50%, 09/01/53 | 552072 | 575478 |
| FRESB Mortgage Trust, Series <br> 2021-SB87, Class A5H |  |  |
| 0.78%, 04/25/41 | 288217 | 280547 |
| Small Business Administration |  |  |
| (Floating, Prime Rate U.S. + <br> 1.07%), 8.57%, 06/25/30† | 23127 | 24351 |
| (Floating, Prime Rate U.S. + <br> 0.95%), 8.45%, 12/25/30† | 59027 | 63101 |
| (Floating, Prime Rate U.S. + <br> 2.33%), 9.83%, 01/25/31† | 70177 | 74699 |
| (Floating, Prime Rate U.S. + <br> 1.02%), 8.52%, 02/25/31† | 73467 | 76165 |
| (Floating, Prime Rate U.S. + <br> 0.33%), 7.83%, 07/25/31† | 174911 | 184050 |
| (Floating, Prime Rate U.S. + <br> 0.73%), 8.23%, 08/25/31† | 81129 | 87404 |
| (Floating, Prime Rate U.S. + <br> 0.64%), 8.14%, 07/25/32† | 51256 | 54099 |
| (Floating, Prime Rate U.S. - <br> 2.60%), 4.90%, 03/25/34† | 35077 | 35166 |
| (Floating, Prime Rate U.S. + <br> 0.58%), 8.08%, 05/25/34† | 119451 | 128133 |
| (Floating, Prime Rate U.S. + <br> 1.63%), 9.13%, 05/25/34† | 163928 | 179317 |

---

**158**

See Notes to Financial Statements.

------

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| (Floating, Prime Rate U.S. + <br> 3.38%), 10.88%, 06/25/34† | $85541 | $96770 |
| (Floating, Prime Rate U.S. + <br> 3.63%), 11.13%, 08/25/34† | 112334 | 131240 |
| 10.88%, 10/25/34 | 191164 | 222756 |
| (Floating, Prime Rate U.S. + <br> 3.61%), 11.11%, 10/25/34† | 151924 | 176729 |
| (Floating, Prime Rate U.S. + <br> 1.61%), 9.11%, 02/25/35† | 258372 | 291693 |
| (Floating, Prime Rate U.S. + <br> 1.86%), 9.36%, 02/25/35† | 246431 | 280535 |
| (Floating, Prime Rate U.S. - <br> 0.32%), 7.18%, 12/25/45† | 116390 | 122017 |
| (Floating, Prime Rate U.S. + <br> 0.55%), 8.05%, 12/25/45† | 88663 | 95856 |
| (Floating, Prime Rate U.S. + <br> 0.11%), 7.61%, 01/25/46† | 84391 | 89587 |
| (Floating, Prime Rate U.S. + <br> 0.33%), 7.83%, 04/25/46† | 118629 | 126125 |
| (Floating, Prime Rate U.S. + <br> 0.38%), 7.88%, 08/25/46† | 327441 | 355835 |
| SWCH Commercial Mortgage Trust, <br> Series 2025-DATA, Class D |  |  |
| (Floating, CME Term SOFR 1M + <br> 2.64%, 2.59% Floor), 6.95%, <br> 02/15/42 144A † | 450000 | 446616 |
| Uniform Mortgage Backed Securities |  |  |
| 2.00%, 07/01/52 TBA | 1500000 | 1187785 |
| 2.50%, 07/01/52 TBA | 3250000 | 2695170 |
| **Total Mortgage-Backed Securities** <br>(Cost $33,856,777) |  | 33599141 |
| **MUNICIPAL BONDS — 7.3%** | **MUNICIPAL BONDS — 7.3%** | **MUNICIPAL BONDS — 7.3%** |
| California State Health Facilities <br> Financing Authority, Revenue <br> Bond |  |  |
| 1.98%, 06/01/30 | 600000 | 537843 |
| Carroll County Water Authority, <br> Revenue Bond, Series B |  |  |
| 1.96%, 07/01/29 | 150000 | 138400 |
| City & County of San Francisco, <br> General Obligation, Series A |  |  |
| 1.78%, 06/15/29 | 600000 | 550306 |
| City of Deltona Utility System, <br> Revenue Bond (BAM Insured) |  |  |
| 1.54%, 10/01/29 | 250000 | 226653 |
| City of Phoenix Civic Improvement <br> Corporation, Junior Lien Revenue <br> Bond, Series C |  |  |
| 1.84%, 07/01/29 | 640000 | 589907 |
| Connecticut Green Bank, Revenue <br> Bond |  |  |
| 2.15%, 11/15/29 | 207000 | 190095 |
| District of Columbia Housing Finance <br> Agency, Revenue Bond, Series <br> A-2 (FHA Insured) |  |  |
| 1.90%, 03/01/29 | 140000 | 127688 |
| 2.05%, 03/01/30 | 420000 | 374722 |
| Lancaster Power Authority, Revenue <br> Bond (AGM Insured) |  |  |
| 2.56%, 11/01/33 | 275000 | 236962 |
| 2.68%, 11/01/34 | 275000 | 233490 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Metropolitan Water District of Salt <br> Lake & Sandy, Revenue Bond, <br> Series B |  |  |
| 1.52%, 07/01/28 | $200000 | $186599 |
| Monterey Regional Waste <br> Management Authority, Revenue <br> Bond |  |  |
| 2.31%, 04/01/32 | 700000 | 618271 |
| Narragansett Bay Commission, <br> Revenue Bond |  |  |
| 2.09%, 09/01/30 | 500000 | 451352 |
| New York City Housing Development <br> Corporation, Revenue Bond, <br> Series B |  |  |
| 0.92%, 11/01/25 | 200000 | 197736 |
| 1.02%, 05/01/26 | 250000 | 243338 |
| Rowland Water District, Revenue <br> Bond, Series A |  |  |
| 2.56%, 12/01/36 | 590000 | 468218 |
| San Diego Public Facilities Financing <br> Authority, Revenue Bond, Series B |  |  |
| 2.13%, 08/01/29 | 290000 | 270475 |
| Santa Clara Valley Water District <br> COPS |  |  |
| 1.78%, 06/01/31 | 440000 | 380575 |
| Tift County Hospital Authority, <br> Revenue Bond (County Gtd.) |  |  |
| 1.05%, 12/01/25 | 325000 | 320748 |
| United Independent School District, <br> General Obligation (PSF-Gtd.) |  |  |
| 5.00%, 08/15/25 | 160000 | 160134 |
| **Total Municipal Bonds** <br>(Cost $6,452,577) |  | 6503512 |
| **PRIVATE INVESTMENTS — 1.9%** | **PRIVATE INVESTMENTS — 1.9%** | **PRIVATE INVESTMENTS — 1.9%** |
| Calvert Impact Capital, Inc. <br>2.50%, 01/30/26 | 1000000 | 982543 |
| FBC ROGERS 6.00% 5/15/25 <br>6.00%, 05/15/25††† | 686000 | 721558 |
| FBC ROGERS 6.00% 5/15/50 <br>0.00%, 05/16/50++ ††† | —  | —  |
| **Total Private Investments** <br>(Cost $1,686,000) |  | 1704101 |
| **U.S. TREASURY OBLIGATIONS — 24.4%** | **U.S. TREASURY OBLIGATIONS — 24.4%** | **U.S. TREASURY OBLIGATIONS — 24.4%** |
| U.S. Treasury Bonds |  |  |
| 4.50%, 02/15/36Δ | 1230000 | 1262432 |
| 4.50%, 05/15/38 | 1500000 | 1518164 |
| 4.25%, 11/15/40 | 1300000 | 1246578 |
| 3.63%, 08/15/43 | 2875000 | 2474297 |
| 4.13%, 08/15/44 | 1650000 | 1512135 |
| 3.00%, 08/15/52 | 2125000 | 1534565 |
| 4.00%, 11/15/52 | 1350000 | 1181092 |
| 3.63%, 02/15/53 | 600000 | 489984 |
| 4.25%, 02/15/54 | 1725000 | 1574062 |
| 4.63%, 02/15/55 | 1925000 | 1874469 |
|  |  | 14667778 |
| U.S. Treasury Notes |  |  |
| 3.88%, 04/30/30Δ | 1350000 | 1355590 |
| 4.00%, 05/31/30 | 1400000 | 1413781 |

---

See Notes to Financial Statements.

**159**

------

**IMPACT BOND FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| 4.63%, 02/15/35 | $2175000 | $2244668 |
| 4.25%, 05/15/35 | 2200000 | 2203610 |
|  |  | 7217649 |
| **Total U.S. Treasury Obligations** <br>(Cost $22,274,113) |  | 21885427 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **MONEY MARKET FUNDS — 4.1%** | **MONEY MARKET FUNDS — 4.1%** | **MONEY MARKET FUNDS — 4.1%** |
| GuideStone Money Market Fund, <br> 4.25% <br>(Institutional Class)Ø ∞ <br>(Cost $3,722,178) | 3722178 | 3722178 |
| **TOTAL INVESTMENTS — 105.0**% <br>(Cost $95,190,943) |  | 94096679 |
| **Liabilities in Excess of Other**<br> **Assets — (5.0)%** |  | (4508690)<br>|
| **NET ASSETS — 100.0%** |  | $89587989 |

---

Futures Contracts outstanding at June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Future Type** | **Expiration Date** | **Open Long** <br>**(Short) Contracts**<br>| **Notional** <br>**Market Value** <br>**of Contracts**<br>| **Value and** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| 10-Year U.S. Treasury Note | 09/2025 | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; $224250 | &nbsp;&nbsp;&nbsp; $3687 |
| U.S. Treasury Long Bond | 09/2025 | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; 230937 | &nbsp;&nbsp;&nbsp; 8452 |
| Ultra 10-Year U.S. Treasury Note | 09/2025 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 114266 | &nbsp;&nbsp;&nbsp; 2344 |
| Ultra Long U.S. Treasury Bond | 09/2025 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 119125 | &nbsp;&nbsp;&nbsp; 5888 |
| 2-Year U.S. Treasury Note | 09/2025 | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; 624070 | &nbsp;&nbsp;&nbsp; 2729 |
| 5-Year U.S. Treasury Note | 09/2025 | &nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; 436000 | &nbsp;&nbsp;&nbsp; 5140 |
| Total Futures Contracts outstanding at June 30, 2025 |  |  | &nbsp;&nbsp;&nbsp; $1748648 | &nbsp;&nbsp;&nbsp; $28240 |

---

Swap Agreements outstanding at June 30, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Obligation** | **Implied** <br>**Credit** <br>**Spread**<br>| **Fixed** <br>**Deal** <br>**Receive Rate**<br>| **Maturity** <br>**Date**<br>| **Currency** | **Notional** <br>**Amount**<br>| **Market Value** | **Upfront** <br>**Premiums** <br>**Paid/** <br>**(Received)**<br>| **Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| **Centrally Cleared Credit Default Swaps on** <br> **Credit Indexes—Sell Protection**<br>|  |  |  |  |  |  |  |  |
| Markit CDX.NA.IG.44 Index (Receive <br> Quarterly)<br>| 0.51<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.00<br> %<br>| &nbsp;&nbsp; 6/20/2030 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 680000 | &nbsp;&nbsp; $15205 | &nbsp;&nbsp; $12557 | &nbsp;&nbsp; $2648 |
|  |  |  |  |  |  | &nbsp;&nbsp; $15205 | &nbsp;&nbsp; $12557 | &nbsp;&nbsp; $2648 |

---

**160**

See Notes to Financial Statements.

------

**VALUATION HIERARCHY**

The following is a summary of the inputs used, as of June 30, 2025, in valuing the Fund's investments carried at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total** <br>**Value**<br>| **Level 1** <br>**Quoted Prices**<br>| **Level 2** <br>**Other Significant** <br>**Observable Inputs**<br>| **Level 3** <br>**Significant** <br>**Unobservable Inputs**<br>|
| **Assets:** |  |  |  |  |
| **Investments in Securities:** |  |  |  |  |
| Agency Obligations | &nbsp;&nbsp; $947530 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $947530 | &nbsp;&nbsp; $— |
| Asset-Backed Securities | &nbsp;&nbsp; 8901724 | &nbsp;&nbsp; — | &nbsp;&nbsp; 8330126 | &nbsp;&nbsp; 571598 |
| Corporate Bonds | &nbsp;&nbsp; 15570258 | &nbsp;&nbsp; — | &nbsp;&nbsp; 15570258 | &nbsp;&nbsp; — |
| Foreign Bonds | &nbsp;&nbsp; 1228070 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1228070 | &nbsp;&nbsp; — |
| Loan Agreements | &nbsp;&nbsp; 34738 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 34738 |
| Money Market Funds | &nbsp;&nbsp; 3722178 | &nbsp;&nbsp; 3722178 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Mortgage-Backed Securities | &nbsp;&nbsp; 33599141 | &nbsp;&nbsp; — | &nbsp;&nbsp; 33599141 | &nbsp;&nbsp; — |
| Municipal Bonds | &nbsp;&nbsp; 6503512 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6503512 | &nbsp;&nbsp; — |
| Private Investments | &nbsp;&nbsp; 1704101 | &nbsp;&nbsp; — | &nbsp;&nbsp; 982543 | &nbsp;&nbsp; 721558 |
| U.S. Treasury Obligations | &nbsp;&nbsp; 21885427 | &nbsp;&nbsp; — | &nbsp;&nbsp; 21885427 | &nbsp;&nbsp; — |
| **Total Assets - Investments in Securities** | &nbsp;&nbsp; $94096679 | &nbsp;&nbsp; $3722178 | &nbsp;&nbsp; $89046607 | &nbsp;&nbsp; $1327894 |
| **Other Financial Instruments\*\*\*** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; $28240 | &nbsp;&nbsp; $28240 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Swap Agreements | &nbsp;&nbsp; 2648 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2648 | &nbsp;&nbsp; — |
| **Total Assets - Other Financial Instruments** | &nbsp;&nbsp; $30888 | &nbsp;&nbsp; $28240 | &nbsp;&nbsp; $2648 | &nbsp;&nbsp; $— |

---

\*\*\* Other financial instruments are derivative instruments, such as futures contracts and swap agreements, which are valued at the unrealized appreciation (depreciation) on the investment. Further details regarding the value of these investments can be found in the preceding "Futures Contracts outstanding" and "Swap Agreements outstanding" disclosures. 

Management has determined that the amount of Level 3 securities compared to total net assets is not material; therefore, the reconciliation of Level 3 securities and assumptions is not shown for the period ended June 30, 2025.

See Notes to Financial Statements.

**161**

------

**STATEMENTS OF ASSETS AND LIABILITIES**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Money**<br> **Market Fund**<br>| **Low-Duration**<br> **Bond Fund**<br>|
| **Assets** |  |  |
| Investments in securities of unaffiliated issuers, at value | &nbsp;&nbsp; $1319565956 | &nbsp;&nbsp; $823492830 |
| Investments in repurchase agreements, at value | &nbsp;&nbsp; 850000000 | &nbsp;&nbsp; 17700000 |
| Investments in securities of affiliated issuers, at value | &nbsp;&nbsp; — | &nbsp;&nbsp; 41676098 |
| Total investments, at value<sup>(1), (2)</sup> <br>| &nbsp;&nbsp; 2169565956 | &nbsp;&nbsp; 882868928 |
| Cash | &nbsp;&nbsp; 332822 | &nbsp;&nbsp; 1025334 |
| Cash collateral for derivatives | &nbsp;&nbsp; — | &nbsp;&nbsp; 4494396 |
| Deposits with broker for futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 2704955 |
| Foreign currency<sup>(3)</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 662884 |
| Upfront premiums paid from swap agreements | &nbsp;&nbsp; — | &nbsp;&nbsp; 120484 |
| Receivables: |  |  |
| Dividends | &nbsp;&nbsp; — | &nbsp;&nbsp; 129591 |
| Reclaims | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Interest | &nbsp;&nbsp; 4050479 | &nbsp;&nbsp; 5865862 |
| Securities lending | &nbsp;&nbsp; — | &nbsp;&nbsp; 4570 |
| From advisor | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Investment securities sold | &nbsp;&nbsp; — | &nbsp;&nbsp; 62685321 |
| Fund shares sold | &nbsp;&nbsp; — | &nbsp;&nbsp; 365029 |
| Variation margin on futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Unrealized appreciation on foreign currency exchange contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 130367 |
| Unrealized appreciation on swap agreements | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Prepaid expenses and other assets | &nbsp;&nbsp; 81948 | &nbsp;&nbsp; 43302 |
| Total Assets | &nbsp;&nbsp; 2174031205 | &nbsp;&nbsp; 961101023 |
| **Liabilities** |  |  |
| Cash Overdraft | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| TBA sale commitments, at value<sup>(4)</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Options written, at value | &nbsp;&nbsp; — | &nbsp;&nbsp; 973 |
| Upfront premiums received from swap agreements | &nbsp;&nbsp; — | &nbsp;&nbsp; 384645 |
| Unrealized depreciation on foreign currency exchange contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 440862 |
| Unrealized depreciation on swap agreements | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Collateral held for securities on loan, at value | &nbsp;&nbsp; — | &nbsp;&nbsp; 9147944 |
| Collateral from counterparty | &nbsp;&nbsp; — | &nbsp;&nbsp; 1151380 |
| Payables: |  |  |
| Investment securities purchased | &nbsp;&nbsp; 42764723 | &nbsp;&nbsp; 103124063 |
| Fund shares redeemed | &nbsp;&nbsp; — | &nbsp;&nbsp; 349705 |
| Variation margin on centrally cleared swaps | &nbsp;&nbsp; — | &nbsp;&nbsp; 108796 |
| Variation margin on futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 26404 |
| Distributions | &nbsp;&nbsp; 7115798 | &nbsp;&nbsp; — |
| Accrued expenses: |  |  |
| Investment advisory fees | &nbsp;&nbsp; 195638 | &nbsp;&nbsp; 200571 |
| Shareholder servicing fees | &nbsp;&nbsp; 121773 | &nbsp;&nbsp; 34225 |
| Director fees | &nbsp;&nbsp; 3124 | &nbsp;&nbsp; 801 |
| Other expenses | &nbsp;&nbsp; 243531 | &nbsp;&nbsp; 211498 |
| Total Liabilities | &nbsp;&nbsp; 50444587 | &nbsp;&nbsp; 115181867 |
| Commitments and contingencies | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Net Assets** | &nbsp;&nbsp; $2123586618 | &nbsp;&nbsp; $845919156 |
| **Net Assets Consist of:** |  |  |
| Paid-in-capital | &nbsp;&nbsp; $2123565949 | &nbsp;&nbsp; $891474172 |
| Distributable earnings (loss) | &nbsp;&nbsp; 20669 | &nbsp;&nbsp; (45555016)<br>|
| **Net Assets** | &nbsp;&nbsp; $2123586618 | &nbsp;&nbsp; $845919156 |
| **Net Asset Value:** |  |  |
| $0.001 par value, unlimited shares authorized |  |  |
| Net assets applicable to the Institutional Class | &nbsp;&nbsp; $1529556254 | &nbsp;&nbsp; $679256898 |
| Institutional shares outstanding | &nbsp;&nbsp; 1529509713 | &nbsp;&nbsp; 52405545 |
| Net asset value, offering and redemption price per Institutional share | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $12.96 |
| Net assets applicable to the Investor Class | &nbsp;&nbsp; $594030364 | &nbsp;&nbsp; $166662258 |
| Investor shares outstanding | &nbsp;&nbsp; 593966312 | &nbsp;&nbsp; 12859137 |
| Net asset value, offering and redemption price per Investor share | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $12.96 |
| <sup>(1)</sup>Investments in securities of unaffiliated issuers, at cost\* | &nbsp;&nbsp; $1319565956 | &nbsp;&nbsp; $821006656 |
| Investments in repurchase agreements, at cost | &nbsp;&nbsp; 850000000 | &nbsp;&nbsp; 17700000 |
| Investments in securities of affiliated issuers, at cost | &nbsp;&nbsp; — | &nbsp;&nbsp; 41676098 |
| Total investments, at cost | &nbsp;&nbsp; $2169565956 | &nbsp;&nbsp; $880382754 |
| <sup>(2)</sup>Includes securities loaned of: | &nbsp;&nbsp; $— | &nbsp;&nbsp; $53233428 |
| <sup>(3)</sup>Foreign currency, at cost | &nbsp;&nbsp; $— | &nbsp;&nbsp; $651648 |
| <sup>(4)</sup>TBA sale commitments, at cost | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| <sup>(5)</sup>Premiums received on options written | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(16196)<br>|
| <sup>(6)</sup>The uncalled capital commitment at June 30, 2025 was $514,000. See Note 10 in the Notes to the Financial Statements. |  |  |
| <sup>(7)</sup>See Note 3c in Notes to Financial Statements. |  |  |
| \* Includes Purchased Options | \* Includes Purchased Options | \* Includes Purchased Options |

---

**162**

See Notes to Financial Statements.

------

---

| | | |
|:---|:---|:---|
| **Medium-Duration**<br> **Bond Fund**<br>| **Global**<br> **Bond Fund**<br>| **Impact Bond Fund** |
| $3620647550 | &nbsp;&nbsp;&nbsp;&nbsp; $575764472 | &nbsp;&nbsp;&nbsp;&nbsp; $90374501 |
| 439900000 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 133514246 | &nbsp;&nbsp;&nbsp;&nbsp; 53794637 | &nbsp;&nbsp;&nbsp;&nbsp; 3722178 |
| 4194061796 | &nbsp;&nbsp;&nbsp;&nbsp; 629559109 | &nbsp;&nbsp;&nbsp;&nbsp; 94096679 |
| 18813354 | &nbsp;&nbsp;&nbsp;&nbsp; 5363492 | &nbsp;&nbsp;&nbsp;&nbsp; 44648 |
| 1723684 | &nbsp;&nbsp;&nbsp;&nbsp; 1866275 | &nbsp;&nbsp;&nbsp;&nbsp; 36000 |
| 1922670 | &nbsp;&nbsp;&nbsp;&nbsp; 7057520 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 7024260 | &nbsp;&nbsp;&nbsp;&nbsp; 1610874 | &nbsp;&nbsp;&nbsp;&nbsp; 12557 |
| 560664 | &nbsp;&nbsp;&nbsp;&nbsp; 158818 | &nbsp;&nbsp;&nbsp;&nbsp; 12220 |
| 10475 | &nbsp;&nbsp;&nbsp;&nbsp; 10458 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 24086681 | &nbsp;&nbsp;&nbsp;&nbsp; 6649917 | &nbsp;&nbsp;&nbsp;&nbsp; 678638 |
| 12532 | &nbsp;&nbsp;&nbsp;&nbsp; 2215 | &nbsp;&nbsp;&nbsp;&nbsp; 363 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 19431 |
| 484601976 | &nbsp;&nbsp;&nbsp;&nbsp; 14454289 | &nbsp;&nbsp;&nbsp;&nbsp; 686000 |
| 3090321 | &nbsp;&nbsp;&nbsp;&nbsp; 1239356 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 1086613 | &nbsp;&nbsp;&nbsp;&nbsp; 6437 | &nbsp;&nbsp;&nbsp;&nbsp; 5149 |
| 1236944 | &nbsp;&nbsp;&nbsp;&nbsp; 23469663 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 2414 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 58678 | &nbsp;&nbsp;&nbsp;&nbsp; 49001 | &nbsp;&nbsp;&nbsp;&nbsp; 16885 |
| 4738293062 | &nbsp;&nbsp;&nbsp;&nbsp; 691497424 | &nbsp;&nbsp;&nbsp;&nbsp; 95608570 |
| 3411060 | &nbsp;&nbsp;&nbsp;&nbsp; 321576 | &nbsp;&nbsp;&nbsp;&nbsp; 590031 |
| 37996320 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 3912075 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 7254335 | &nbsp;&nbsp;&nbsp;&nbsp; 131158 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 5797516 | &nbsp;&nbsp;&nbsp;&nbsp; 29553154 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 11295 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 57827213 | &nbsp;&nbsp;&nbsp;&nbsp; 9213012 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 13598117 | &nbsp;&nbsp;&nbsp;&nbsp; 3440612 | &nbsp;&nbsp;&nbsp;&nbsp; 14892 |
| 1385435448 | &nbsp;&nbsp;&nbsp;&nbsp; 15573846 | &nbsp;&nbsp;&nbsp;&nbsp; 5291681 |
| 76189 | &nbsp;&nbsp;&nbsp;&nbsp; 16553 | &nbsp;&nbsp;&nbsp;&nbsp; 343 |
| 385533 | &nbsp;&nbsp;&nbsp;&nbsp; (625)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| 900128 | &nbsp;&nbsp;&nbsp;&nbsp; 260207 | &nbsp;&nbsp;&nbsp;&nbsp; 27268 |
| 113105 | &nbsp;&nbsp;&nbsp;&nbsp; 17542 | &nbsp;&nbsp;&nbsp;&nbsp; 3615 |
| 1725 | &nbsp;&nbsp;&nbsp;&nbsp; 750 | &nbsp;&nbsp;&nbsp;&nbsp; 73 |
| 611938 | &nbsp;&nbsp;&nbsp;&nbsp; 228291 | &nbsp;&nbsp;&nbsp;&nbsp; 92678 |
| 1517331997 | &nbsp;&nbsp;&nbsp;&nbsp; 58756076 | &nbsp;&nbsp;&nbsp;&nbsp; 6020581 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(6), (7)</sup><br>|
| $3220961065 | &nbsp;&nbsp;&nbsp;&nbsp; $632741348 | &nbsp;&nbsp;&nbsp;&nbsp; $89587989 |
| $3569920206 | &nbsp;&nbsp;&nbsp;&nbsp; $702287457 | &nbsp;&nbsp;&nbsp;&nbsp; $92034954 |
| (348959141)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (69546109)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2446965)<br>|
| $3220961065 | &nbsp;&nbsp;&nbsp;&nbsp; $632741348 | &nbsp;&nbsp;&nbsp;&nbsp; $89587989 |
| $2662178833 | &nbsp;&nbsp;&nbsp;&nbsp; $545720114 | &nbsp;&nbsp;&nbsp;&nbsp; $71719953 |
| 208927649 | &nbsp;&nbsp;&nbsp;&nbsp; 61769903 | &nbsp;&nbsp;&nbsp;&nbsp; 7434146 |
| $12.74 | &nbsp;&nbsp;&nbsp;&nbsp; $8.83 | &nbsp;&nbsp;&nbsp;&nbsp; $9.65 |
| $558782232 | &nbsp;&nbsp;&nbsp;&nbsp; $87021234 | &nbsp;&nbsp;&nbsp;&nbsp; $17868036 |
| 43868694 | &nbsp;&nbsp;&nbsp;&nbsp; 9913228 | &nbsp;&nbsp;&nbsp;&nbsp; 1853403 |
| $12.74 | &nbsp;&nbsp;&nbsp;&nbsp; $8.78 | &nbsp;&nbsp;&nbsp;&nbsp; $9.64 |
| $3648445319 | &nbsp;&nbsp;&nbsp;&nbsp; $581611210 | &nbsp;&nbsp;&nbsp;&nbsp; $91468765 |
| 439900000 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 133514246 | &nbsp;&nbsp;&nbsp;&nbsp; 53794637 | &nbsp;&nbsp;&nbsp;&nbsp; 3722178 |
| $4221859565 | &nbsp;&nbsp;&nbsp;&nbsp; $635405847 | &nbsp;&nbsp;&nbsp;&nbsp; $95190943 |
| $310396353 | &nbsp;&nbsp;&nbsp;&nbsp; $24932467 | &nbsp;&nbsp;&nbsp;&nbsp; $2618022 |
| $1891035 | &nbsp;&nbsp;&nbsp;&nbsp; $6937739 | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| $37468344 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| $931042 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— |

---

See Notes to Financial Statements.

**163**

------

**STATEMENTS OF OPERATIONS**

**For the Six Months Ended June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Money**<br> **Market Fund**<br>| **Low-Duration**<br> **Bond Fund**<br>|
| **Investment Income** |  |  |
| Dividends | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Income distributions received from affiliated funds | &nbsp;&nbsp; — | &nbsp;&nbsp; 954047 |
| Interest | &nbsp;&nbsp; 44969189 | &nbsp;&nbsp; 19476465 |
| Securities lending, net | &nbsp;&nbsp; — | &nbsp;&nbsp; 42740 |
| Less foreign taxes withheld | &nbsp;&nbsp; — | &nbsp;&nbsp; 44492 |
| Total Investment Income | &nbsp;&nbsp; 44969189 | &nbsp;&nbsp; 20517744 |
| **Expenses** |  |  |
| Investment advisory fees | &nbsp;&nbsp; 1127815 | &nbsp;&nbsp; 1279372 |
| Transfer agent fees: |  |  |
| Institutional shares | &nbsp;&nbsp; 5164 | &nbsp;&nbsp; 5421 |
| Investor shares | &nbsp;&nbsp; 29924 | &nbsp;&nbsp; 19242 |
| Custodian fees | &nbsp;&nbsp; 9378 | &nbsp;&nbsp; 55662 |
| Shareholder servicing fees: |  |  |
| Investor shares | &nbsp;&nbsp; 731858 | &nbsp;&nbsp; 213001 |
| Accounting and administration fees | &nbsp;&nbsp; 155978 | &nbsp;&nbsp; 86389 |
| Professional fees | &nbsp;&nbsp; 59137 | &nbsp;&nbsp; 83226 |
| Blue sky fees: |  |  |
| Institutional shares | &nbsp;&nbsp; 8945 | &nbsp;&nbsp; 10668 |
| Investor shares | &nbsp;&nbsp; 17038 | &nbsp;&nbsp; 8983 |
| Shareholder reporting fees: |  |  |
| Institutional shares | &nbsp;&nbsp; 1550 | &nbsp;&nbsp; 1527 |
| Investor shares | &nbsp;&nbsp; 24001 | &nbsp;&nbsp; 6096 |
| Directors expenses | &nbsp;&nbsp; 24915 | &nbsp;&nbsp; 10752 |
| Line of credit facility fees | &nbsp;&nbsp; 4030 | &nbsp;&nbsp; 1761 |
| Index license fees | &nbsp;&nbsp; 2151 | &nbsp;&nbsp; 2057 |
| Dividends on securities sold short | &nbsp;&nbsp; — | &nbsp;&nbsp; 5042 |
| Other expenses | &nbsp;&nbsp; 47343 | &nbsp;&nbsp; 28083 |
| Total Expenses | &nbsp;&nbsp; 2249227 | &nbsp;&nbsp; 1817282 |
| Expenses waived/reimbursed<sup>(1)</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Net Expenses | &nbsp;&nbsp; 2249227 | &nbsp;&nbsp; 1817282 |
| **Net Investment Income** | &nbsp;&nbsp; 42719962 | &nbsp;&nbsp; 18700462 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) from: |  |  |
| Investment securities | &nbsp;&nbsp; 6513 | &nbsp;&nbsp; 1180157 |
| TBA sale commitments | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Futures transactions | &nbsp;&nbsp; — | &nbsp;&nbsp; 4003978 |
| Swap agreements | &nbsp;&nbsp; — | &nbsp;&nbsp; (2815956)<br>|
| Option contracts written | &nbsp;&nbsp; — | &nbsp;&nbsp; (64168)<br>|
| Option contracts purchased | &nbsp;&nbsp; — | &nbsp;&nbsp; (29828)<br>|
| Forward foreign currency contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 689958 |
| Foreign currency | &nbsp;&nbsp; — | &nbsp;&nbsp; (538610)<br>|
| Net realized gain (loss) | &nbsp;&nbsp; 6513 | &nbsp;&nbsp; 2425531 |
| Net change in unrealized appreciation (depreciation) on: |  |  |
| Investment securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 7282590 |
| TBA sale commitments | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Futures | &nbsp;&nbsp; — | &nbsp;&nbsp; 306982 |
| Swap agreements | &nbsp;&nbsp; — | &nbsp;&nbsp; (1170153)<br>|
| Option contracts written | &nbsp;&nbsp; — | &nbsp;&nbsp; 15223 |
| Option contracts purchased | &nbsp;&nbsp; — | &nbsp;&nbsp; (69675)<br>|
| Forward foreign currency contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; (2167354)<br>|
| Foreign currency | &nbsp;&nbsp; — | &nbsp;&nbsp; 85287 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; — | &nbsp;&nbsp; 4282900 |
| **Net Realized and Unrealized Gain** | &nbsp;&nbsp; 6513 | &nbsp;&nbsp; 6708431 |
| **Net Increase in Net Assets Resulting from Operations** | &nbsp;&nbsp; $42726475 | &nbsp;&nbsp; $25408893 |

---

 <br> <sup>(1)</sup> See Note 3c in Notes to Financial Statements.

**164**

See Notes to Financial Statements.

------

---

| | | |
|:---|:---|:---|
| **Medium-Duration**<br> **Bond Fund**<br>| **Global**<br> **Bond Fund**<br>| **Impact Bond Fund** |
| $39047 | &nbsp;&nbsp;&nbsp;&nbsp; $19574 | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| 2727731 | &nbsp;&nbsp;&nbsp;&nbsp; 622771 | &nbsp;&nbsp;&nbsp;&nbsp; 78684 |
| 72028265 | &nbsp;&nbsp;&nbsp;&nbsp; 14062068 | &nbsp;&nbsp;&nbsp;&nbsp; 2159028 |
| 118380 | &nbsp;&nbsp;&nbsp;&nbsp; 60360 | &nbsp;&nbsp;&nbsp;&nbsp; 1187 |
| (9068)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 18003 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 74904355 | &nbsp;&nbsp;&nbsp;&nbsp; 14782776 | &nbsp;&nbsp;&nbsp;&nbsp; 2238899 |
| 5143912 | &nbsp;&nbsp;&nbsp;&nbsp; 1612497 | &nbsp;&nbsp;&nbsp;&nbsp; 162454 |
| 5624 | &nbsp;&nbsp;&nbsp;&nbsp; 5269 | &nbsp;&nbsp;&nbsp;&nbsp; 4549 |
| 25921 | &nbsp;&nbsp;&nbsp;&nbsp; 19926 | &nbsp;&nbsp;&nbsp;&nbsp; 14966 |
| 283777 | &nbsp;&nbsp;&nbsp;&nbsp; 111061 | &nbsp;&nbsp;&nbsp;&nbsp; 12446 |
| 649500 | &nbsp;&nbsp;&nbsp;&nbsp; 108544 | &nbsp;&nbsp;&nbsp;&nbsp; 22727 |
| 228147 | &nbsp;&nbsp;&nbsp;&nbsp; 68630 | &nbsp;&nbsp;&nbsp;&nbsp; 30365 |
| 82674 | &nbsp;&nbsp;&nbsp;&nbsp; 82524 | &nbsp;&nbsp;&nbsp;&nbsp; 68476 |
| 11581 | &nbsp;&nbsp;&nbsp;&nbsp; 9029 | &nbsp;&nbsp;&nbsp;&nbsp; 7606 |
| 11506 | &nbsp;&nbsp;&nbsp;&nbsp; 8193 | &nbsp;&nbsp;&nbsp;&nbsp; 7701 |
| 2863 | &nbsp;&nbsp;&nbsp;&nbsp; 1946 | &nbsp;&nbsp;&nbsp;&nbsp; 234 |
| 11658 | &nbsp;&nbsp;&nbsp;&nbsp; 5363 | &nbsp;&nbsp;&nbsp;&nbsp; 731 |
| 32642 | &nbsp;&nbsp;&nbsp;&nbsp; 7545 | &nbsp;&nbsp;&nbsp;&nbsp; 984 |
| 3652 | &nbsp;&nbsp;&nbsp;&nbsp; 1048 | &nbsp;&nbsp;&nbsp;&nbsp; 110 |
| 2193 | &nbsp;&nbsp;&nbsp;&nbsp; 5197 | &nbsp;&nbsp;&nbsp;&nbsp; 696 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; 6803 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 48321 | &nbsp;&nbsp;&nbsp;&nbsp; 26730 | &nbsp;&nbsp;&nbsp;&nbsp; 16223 |
| 6543971 | &nbsp;&nbsp;&nbsp;&nbsp; 2080305 | &nbsp;&nbsp;&nbsp;&nbsp; 350268 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (109820)<br>|
| 6543971 | &nbsp;&nbsp;&nbsp;&nbsp; 2080305 | &nbsp;&nbsp;&nbsp;&nbsp; 240448 |
| 68360384 | &nbsp;&nbsp;&nbsp;&nbsp; 12702471 | &nbsp;&nbsp;&nbsp;&nbsp; 1998451 |
| (6474453)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (6907153)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (388164)<br>|
| 536143 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| (3411957)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 245014 | &nbsp;&nbsp;&nbsp;&nbsp; (11272)<br>|
| (2065372)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (320274)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (136)<br>|
| 427240 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 406191 | &nbsp;&nbsp;&nbsp;&nbsp; (42431)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| (1986574)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3953203 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 389262 | &nbsp;&nbsp;&nbsp;&nbsp; (3877921)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| (12179520)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (6949562)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (399572)<br>|
| 70292054 | &nbsp;&nbsp;&nbsp;&nbsp; 35760865 | &nbsp;&nbsp;&nbsp;&nbsp; 1147502 |
| (1128458)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 8805293 | &nbsp;&nbsp;&nbsp;&nbsp; 1256522 | &nbsp;&nbsp;&nbsp;&nbsp; 55372 |
| (1211394)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 686069 | &nbsp;&nbsp;&nbsp;&nbsp; 2668 |
| (3234176)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 40431 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| (7588281)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (10561588)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| 638539 | &nbsp;&nbsp;&nbsp;&nbsp; 648129 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 66614008 | &nbsp;&nbsp;&nbsp;&nbsp; 27789997 | &nbsp;&nbsp;&nbsp;&nbsp; 1205542 |
| 54434488 | &nbsp;&nbsp;&nbsp;&nbsp; 20840435 | &nbsp;&nbsp;&nbsp;&nbsp; 805970 |
| $122794872 | &nbsp;&nbsp;&nbsp;&nbsp; $33542906 | &nbsp;&nbsp;&nbsp;&nbsp; $2804421 |

---

See Notes to Financial Statements.

**165**

------

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
|  | **Money Market Fund** | **Money Market Fund** |
|  | &nbsp;&nbsp;&nbsp; **For the Six**<br> **Months Ended**<br>| **For the Year Ended** |
|  | **06/30/25** | **12/31/24** |
|  | **(Unaudited)** |  |
| **Operations:** |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; $42719962 | &nbsp;&nbsp;&nbsp;&nbsp; $81760429 |
| Net realized gain (loss) on investment securities, foreign currency and derivatives | &nbsp;&nbsp;&nbsp;&nbsp; 6513 | &nbsp;&nbsp;&nbsp;&nbsp; 68910 |
| Net change in unrealized appreciation (depreciation) on investment securities, <br> foreign currency and derivatives<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Net increase in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp; 42726475 | &nbsp;&nbsp;&nbsp;&nbsp; 81829339 |
| **Distributions to Shareholders:** |  |  |
| Distributions paid |  |  |
| Institutional shares | &nbsp;&nbsp;&nbsp;&nbsp; (31091298)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (53466277)<br>|
| Investor shares | &nbsp;&nbsp;&nbsp;&nbsp; (11628664)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (28351902)<br>|
| Total distributions | &nbsp;&nbsp;&nbsp;&nbsp; (42719962)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (81818179)<br>|
| **Capital Share Transactions:** |  |  |
| Proceeds from shares sold |  |  |
| Institutional shares | &nbsp;&nbsp;&nbsp;&nbsp; 4317710599 | &nbsp;&nbsp;&nbsp;&nbsp; 7562465366 |
| Investor shares | &nbsp;&nbsp;&nbsp;&nbsp; 106343120 | &nbsp;&nbsp;&nbsp;&nbsp; 187920064 |
| Reinvestment of dividends and distributions |  |  |
| Institutional shares | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 21124590 |
| Investor shares | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 28178827 |
| Total proceeds from shares sold and reinvested | &nbsp;&nbsp;&nbsp;&nbsp; 4424053719 | &nbsp;&nbsp;&nbsp;&nbsp; 7799688847 |
| Value of shares redeemed |  |  |
| Institutional shares | &nbsp;&nbsp;&nbsp;&nbsp; (4129939826)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7218884917)<br>|
| Investor shares | &nbsp;&nbsp;&nbsp;&nbsp; (103253094)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (207374898)<br>|
| Total value of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (4233192920)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7426259815)<br>|
| Net increase (decrease) from capital share transactions<sup>(1)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 190860799 | &nbsp;&nbsp;&nbsp;&nbsp; 373429032 |
| Total increase (decrease) in net assets | &nbsp;&nbsp;&nbsp;&nbsp; 190867312 | &nbsp;&nbsp;&nbsp;&nbsp; 373440192 |
| **Net Assets:** |  |  |
| Beginning of Period | &nbsp;&nbsp;&nbsp;&nbsp; 1932719306 | &nbsp;&nbsp;&nbsp;&nbsp; 1559279114 |
| End of Period | &nbsp;&nbsp;&nbsp;&nbsp; $2123586618 | &nbsp;&nbsp;&nbsp;&nbsp; $1932719306 |

---

 <br> <sup>(1)</sup> See Note 6 in Notes to Financial Statements.

**166**

See Notes to Financial Statements.

------

---

| | | | |
|:---|:---|:---|:---|
| **Low-Duration Bond Fund** | **Low-Duration Bond Fund** | **Medium-Duration Bond Fund** | **Medium-Duration Bond Fund** |
| **For the Six**<br> **Months Ended**<br>| **For the Year Ended** | &nbsp;&nbsp;&nbsp;&nbsp; **For the Six**<br> **Months Ended**<br>| **For the Year Ended** |
| **06/30/25** | **12/31/24** | **06/30/25** | **12/31/24** |
| **(Unaudited)** |  | **(Unaudited)** |  |
| $18700462 | &nbsp;&nbsp;&nbsp;&nbsp; $38648315 | &nbsp;&nbsp;&nbsp;&nbsp; $68360384 | &nbsp;&nbsp;&nbsp;&nbsp; $122161628 |
| 2425531 | &nbsp;&nbsp;&nbsp;&nbsp; (3496659)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (12179520)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (65653664)<br>|
| 4282900 | &nbsp;&nbsp;&nbsp;&nbsp; 6219334 | &nbsp;&nbsp;&nbsp;&nbsp; 66614008 | &nbsp;&nbsp;&nbsp;&nbsp; (9800568)<br>|
| 25408893 | &nbsp;&nbsp;&nbsp;&nbsp; 41370990 | &nbsp;&nbsp;&nbsp;&nbsp; 122794872 | &nbsp;&nbsp;&nbsp;&nbsp; 46707396 |
| (15200995)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (29902480)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (56371639)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (104962695)<br>|
| (3475101)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (8349169)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (11204611)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (18042000)<br>|
| (18676096)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (38251649)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (67576250)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (123004695)<br>|
| 82968163 | &nbsp;&nbsp;&nbsp;&nbsp; 160559796 | &nbsp;&nbsp;&nbsp;&nbsp; 365754013 | &nbsp;&nbsp;&nbsp;&nbsp; 614350825 |
| 15547954 | &nbsp;&nbsp;&nbsp;&nbsp; 44515598 | &nbsp;&nbsp;&nbsp;&nbsp; 155864971 | &nbsp;&nbsp;&nbsp;&nbsp; 98309520 |
| 15150465 | &nbsp;&nbsp;&nbsp;&nbsp; 29882122 | &nbsp;&nbsp;&nbsp;&nbsp; 55826982 | &nbsp;&nbsp;&nbsp;&nbsp; 103923776 |
| 3467815 | &nbsp;&nbsp;&nbsp;&nbsp; 8332571 | &nbsp;&nbsp;&nbsp;&nbsp; 10955442 | &nbsp;&nbsp;&nbsp;&nbsp; 17517659 |
| 117134397 | &nbsp;&nbsp;&nbsp;&nbsp; 243290087 | &nbsp;&nbsp;&nbsp;&nbsp; 588401408 | &nbsp;&nbsp;&nbsp;&nbsp; 834101780 |
| (148883932)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (138387160)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (162890968)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (367201911)<br>|
| (67676244)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (37281618)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (47250920)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (64404755)<br>|
| (216560176)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (175668778)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (210141888)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (431606666)<br>|
| (99425779)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 67621309 | &nbsp;&nbsp;&nbsp;&nbsp; 378259520 | &nbsp;&nbsp;&nbsp;&nbsp; 402495114 |
| (92692982)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 70740650 | &nbsp;&nbsp;&nbsp;&nbsp; 433478142 | &nbsp;&nbsp;&nbsp;&nbsp; 326197815 |
| 938612138 | &nbsp;&nbsp;&nbsp;&nbsp; 867871488 | &nbsp;&nbsp;&nbsp;&nbsp; 2787482923 | &nbsp;&nbsp;&nbsp;&nbsp; 2461285108 |
| $845919156 | &nbsp;&nbsp;&nbsp;&nbsp; $938612138 | &nbsp;&nbsp;&nbsp;&nbsp; $3220961065 | &nbsp;&nbsp;&nbsp;&nbsp; $2787482923 |

---

See Notes to Financial Statements.

**167**

------

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Global Bond Fund** | **Global Bond Fund** | **Impact Bond Fund** | **Impact Bond Fund** |
|  | &nbsp;&nbsp;&nbsp; **For the Six**<br> **Months Ended**<br>| **For the Year Ended** | &nbsp;&nbsp;&nbsp; **For the Six**<br> **Months Ended**<br>| **For the Year Ended** |
|  | **06/30/25** | **12/31/24** | **06/30/25** | **12/31/24** |
|  | **(Unaudited)** |  | **(Unaudited)** |  |
| **Operations:** |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; $12702471 | &nbsp;&nbsp;&nbsp;&nbsp; $24173852 | &nbsp;&nbsp;&nbsp;&nbsp; $1998451 | &nbsp;&nbsp;&nbsp;&nbsp; $3861719 |
| Net realized loss on investment securities, <br> foreign currency and derivatives<br>| &nbsp;&nbsp;&nbsp;&nbsp; (6949562)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (13086018)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (399572)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (401809)<br>|
| Net change in unrealized appreciation <br> (depreciation) on investment securities, <br> foreign currency and derivatives<br>| &nbsp;&nbsp;&nbsp;&nbsp; 27789997 | &nbsp;&nbsp;&nbsp;&nbsp; (8347320)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1205542 | &nbsp;&nbsp;&nbsp;&nbsp; (2358349)<br>|
| Net increase in net assets resulting from <br> operations<br>| &nbsp;&nbsp;&nbsp;&nbsp; 33542906 | &nbsp;&nbsp;&nbsp;&nbsp; 2740514 | &nbsp;&nbsp;&nbsp;&nbsp; 2804421 | &nbsp;&nbsp;&nbsp;&nbsp; 1101561 |
| **Distributions to Shareholders:** |  |  |  |  |
| Distributions paid |  |  |  |  |
| Institutional shares | &nbsp;&nbsp;&nbsp;&nbsp; (9926807)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (15492298)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1499007)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3121336)<br>|
| Investor shares | &nbsp;&nbsp;&nbsp;&nbsp; (1610977)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3019318)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (372416)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (778043)<br>|
| Total distributions | &nbsp;&nbsp;&nbsp;&nbsp; (11537784)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (18511616)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1871423)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3899379)<br>|
| **Capital Share Transactions:** |  |  |  |  |
| Proceeds from shares sold |  |  |  |  |
| Institutional shares | &nbsp;&nbsp;&nbsp;&nbsp; 53824822 | &nbsp;&nbsp;&nbsp;&nbsp; 157138795 | &nbsp;&nbsp;&nbsp;&nbsp; 5829593 | &nbsp;&nbsp;&nbsp;&nbsp; 11575318 |
| Investor shares | &nbsp;&nbsp;&nbsp;&nbsp; 9720163 | &nbsp;&nbsp;&nbsp;&nbsp; 25606590 | &nbsp;&nbsp;&nbsp;&nbsp; 3927833 | &nbsp;&nbsp;&nbsp;&nbsp; 2952388 |
| Reinvestment of dividends and distributions |  |  |  |  |
| Institutional shares | &nbsp;&nbsp;&nbsp;&nbsp; 9905970 | &nbsp;&nbsp;&nbsp;&nbsp; 15464612 | &nbsp;&nbsp;&nbsp;&nbsp; 1498718 | &nbsp;&nbsp;&nbsp;&nbsp; 3120578 |
| Investor shares | &nbsp;&nbsp;&nbsp;&nbsp; 1575687 | &nbsp;&nbsp;&nbsp;&nbsp; 2962815 | &nbsp;&nbsp;&nbsp;&nbsp; 372451 | &nbsp;&nbsp;&nbsp;&nbsp; 778043 |
| Total proceeds from shares sold and reinvested | &nbsp;&nbsp;&nbsp;&nbsp; 75026642 | &nbsp;&nbsp;&nbsp;&nbsp; 201172812 | &nbsp;&nbsp;&nbsp;&nbsp; 11628595 | &nbsp;&nbsp;&nbsp;&nbsp; 18426327 |
| Value of shares redeemed |  |  |  |  |
| Institutional shares | &nbsp;&nbsp;&nbsp;&nbsp; (68486826)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (94533117)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4652602)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (9003454)<br>|
| Investor shares | &nbsp;&nbsp;&nbsp;&nbsp; (35552701)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (28165263)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4501437)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2351350)<br>|
| Total value of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (104039527)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (122698380)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (9154039)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (11354804)<br>|
| Net increase (decrease) from capital share <br> transactions<sup>(1)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; (29012885)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 78474432 | &nbsp;&nbsp;&nbsp;&nbsp; 2474556 | &nbsp;&nbsp;&nbsp;&nbsp; 7071523 |
| Total increase (decrease) in net assets | &nbsp;&nbsp;&nbsp;&nbsp; (7007763)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 62703330 | &nbsp;&nbsp;&nbsp;&nbsp; 3407554 | &nbsp;&nbsp;&nbsp;&nbsp; 4273705 |
| **Net Assets:** |  |  |  |  |
| Beginning of Period | &nbsp;&nbsp;&nbsp;&nbsp; 639749111 | &nbsp;&nbsp;&nbsp;&nbsp; 577045781 | &nbsp;&nbsp;&nbsp;&nbsp; 86180435 | &nbsp;&nbsp;&nbsp;&nbsp; 81906730 |
| End of Period | &nbsp;&nbsp;&nbsp;&nbsp; $632741348 | &nbsp;&nbsp;&nbsp;&nbsp; $639749111 | &nbsp;&nbsp;&nbsp;&nbsp; $89587989 | &nbsp;&nbsp;&nbsp;&nbsp; $86180435 |

---

 <br> <sup>(1)</sup> See Note 6 in Notes to Financial Statements.

**168**

See Notes to Financial Statements.

------

**FINANCIAL HIGHLIGHTS (Unaudited)**

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *For a Share Outstanding For the Years Ending December 31, unless otherwise indicated*  | *For a Share Outstanding For the Years Ending December 31, unless otherwise indicated*  | *For a Share Outstanding For the Years Ending December 31, unless otherwise indicated*  | *For a Share Outstanding For the Years Ending December 31, unless otherwise indicated*  | *For a Share Outstanding For the Years Ending December 31, unless otherwise indicated*  | *For a Share Outstanding For the Years Ending December 31, unless otherwise indicated*  |  |  |  |  |  | **Ratios to Average Net Assets**  | **Ratios to Average Net Assets**  | **Ratios to Average Net Assets**  |  |
|  | &nbsp;&nbsp; **Net Asset**<br> **Value,**<br> **Beginning**<br> **of Period**<br>| &nbsp;&nbsp; **Net Investment**<br> **Income#**<br>| **Realized**<br> **and**<br> **Unrealized**<br> **Gain**<br> **(Loss) on**<br> **Investments**<br>| &nbsp;&nbsp; **Total Income**<br> **From Investment**<br> **Operations**<br>| &nbsp;&nbsp; **Dividends**<br> **from Net**<br> **Investment**<br> **Income**<br>| **Distributions**<br> **from Net**<br> **Realized**<br> **Capital**<br> **Gains**<br>| &nbsp;&nbsp; **Total**<br> **Distributions**<br> **Paid**<br>| **Net Asset**<br> **Value,**<br> **End of**<br> **Period**<br>| **Total**<br> **Return**<br>| **Net Assets,**<br> **End of Period**<br> **(000)**<br>| **Expenses,**<br> **Net**<br>| **Expenses,**<br> **Gross**<br>| **Investment**<br> **Income,**<br> **Net**<br>| &nbsp;&nbsp; **Portfolio**<br> **Turnover**<br> **Rate**<br>|
| **Money Market Fund** | **Money Market Fund** | **Money Market Fund** | **Money Market Fund** | **Money Market Fund** | **Money Market Fund** | **Money Market Fund** | **Money Market Fund** | **Money Market Fund** | **Money Market Fund** | **Money Market Fund** | **Money Market Fund** | **Money Market Fund** | **Money Market Fund** | **Money Market Fund** |
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
| 2025(1) | &nbsp;&nbsp;&nbsp; $1.00 | &nbsp;&nbsp;&nbsp; $0.02 | &nbsp;&nbsp;&nbsp; $—† | &nbsp;&nbsp;&nbsp; $0.02 | &nbsp;&nbsp;&nbsp; $(0.02)<br>| &nbsp;&nbsp;&nbsp; $—† | &nbsp;&nbsp;&nbsp; $(0.02)<br>| &nbsp;&nbsp;&nbsp; $1.00 | &nbsp;&nbsp;&nbsp;&nbsp; 2.12<br> %<br>| &nbsp;&nbsp;&nbsp; $1529556 | &nbsp;&nbsp;&nbsp;&nbsp; 0.14<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.14<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.24<br> %<br>| &nbsp;&nbsp;&nbsp; N/A |
| 2024 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp; —† | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp;&nbsp; —† | &nbsp;&nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;5.19 | &nbsp;&nbsp;&nbsp; 1341781 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;5.04 | &nbsp;&nbsp;&nbsp; N/A |
| 2023 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp; —† | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp;&nbsp; —† | &nbsp;&nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;5.01 | &nbsp;&nbsp;&nbsp; 977071 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;4.89 | &nbsp;&nbsp;&nbsp; N/A |
| 2022 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp; —† | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp;&nbsp; —† | &nbsp;&nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.50 | &nbsp;&nbsp;&nbsp; 1049604 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;1.49 | &nbsp;&nbsp;&nbsp; N/A |
| 2021 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —† | &nbsp;&nbsp;&nbsp; —† | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1154219 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; N/A |
| 2020 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp; —† | &nbsp;&nbsp;&nbsp; —† | &nbsp;&nbsp;&nbsp; —† | &nbsp;&nbsp;&nbsp; —† | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —† | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp; 1168144 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp; N/A |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| 2025(1) | &nbsp;&nbsp;&nbsp; $1.00 | &nbsp;&nbsp;&nbsp; $0.02 | &nbsp;&nbsp;&nbsp; $—† | &nbsp;&nbsp;&nbsp; $0.02 | &nbsp;&nbsp;&nbsp; $(0.02)<br>| &nbsp;&nbsp;&nbsp; $—† | &nbsp;&nbsp;&nbsp; $(0.02)<br>| &nbsp;&nbsp;&nbsp; $1.00 | &nbsp;&nbsp;&nbsp;&nbsp; 1.99<br> %<br>| &nbsp;&nbsp;&nbsp; $594031 | &nbsp;&nbsp;&nbsp;&nbsp; 0.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.97<br> %<br>| &nbsp;&nbsp;&nbsp; N/A |
| 2024 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp; —† | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp;&nbsp; —† | &nbsp;&nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;4.90 | &nbsp;&nbsp;&nbsp; 590938 | &nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;4.79 | &nbsp;&nbsp;&nbsp; N/A |
| 2023 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp; —† | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp;&nbsp; —† | &nbsp;&nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;4.73 | &nbsp;&nbsp;&nbsp; 582208 | &nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;4.64 | &nbsp;&nbsp;&nbsp; N/A |
| 2022 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp; —† | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp;&nbsp; —† | &nbsp;&nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.29 | &nbsp;&nbsp;&nbsp; 517739 | &nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;1.31 | &nbsp;&nbsp;&nbsp; N/A |
| 2021 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —† | &nbsp;&nbsp;&nbsp; —† | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 449643 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; N/A |
| 2020 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp; —† | &nbsp;&nbsp;&nbsp; —† | &nbsp;&nbsp;&nbsp; —† | &nbsp;&nbsp;&nbsp; —† | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —† | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp; 475081 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp; N/A |
| **Low-Duration Bond Fund** | **Low-Duration Bond Fund** | **Low-Duration Bond Fund** | **Low-Duration Bond Fund** | **Low-Duration Bond Fund** | **Low-Duration Bond Fund** | **Low-Duration Bond Fund** | **Low-Duration Bond Fund** | **Low-Duration Bond Fund** | **Low-Duration Bond Fund** | **Low-Duration Bond Fund** | **Low-Duration Bond Fund** | **Low-Duration Bond Fund** | **Low-Duration Bond Fund** | **Low-Duration Bond Fund** |
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
| 2025(1) | &nbsp;&nbsp;&nbsp; $12.86 | &nbsp;&nbsp;&nbsp; $0.28 | &nbsp;&nbsp;&nbsp; $0.10 | &nbsp;&nbsp;&nbsp; $0.38 | &nbsp;&nbsp;&nbsp; $(0.28)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(0.28)<br>| &nbsp;&nbsp;&nbsp; $12.96 | &nbsp;&nbsp;&nbsp;&nbsp; 2.98<br> %<br>| &nbsp;&nbsp;&nbsp; $679257 | &nbsp;&nbsp;&nbsp;&nbsp; 0.36<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.36<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.36<br> %<br>| &nbsp;&nbsp;&nbsp; 109<br> %<br>|
| 2024 | &nbsp;&nbsp;&nbsp;&nbsp;12.81 | &nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp; (0.55)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.55)<br>| &nbsp;&nbsp;&nbsp;&nbsp;12.86 | &nbsp;&nbsp;&nbsp;&nbsp;4.81 | &nbsp;&nbsp;&nbsp; 724586 | &nbsp;&nbsp;&nbsp;&nbsp; 0.36<br> (2)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.36<br> (2)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.38 | &nbsp;&nbsp;&nbsp; 157 |
| 2023 | &nbsp;&nbsp;&nbsp;&nbsp;12.61 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp;&nbsp;&nbsp;12.81 | &nbsp;&nbsp;&nbsp;&nbsp;5.09 | &nbsp;&nbsp;&nbsp; 670255 | &nbsp;&nbsp;&nbsp;&nbsp; 0.34<br> (2)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.34<br> (2)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.89 | &nbsp;&nbsp;&nbsp; 209 |
| 2022 | &nbsp;&nbsp;&nbsp;&nbsp;13.42 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp; (0.78)<br>| &nbsp;&nbsp;&nbsp; (0.55)<br>| &nbsp;&nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp;&nbsp;&nbsp;12.61 | &nbsp;&nbsp;&nbsp; (4.13)<br>| &nbsp;&nbsp;&nbsp; 778792 | &nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;1.79 | &nbsp;&nbsp;&nbsp; 233 |
| 2021 | &nbsp;&nbsp;&nbsp;&nbsp;13.62 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp;&nbsp;&nbsp;13.42 | &nbsp;&nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp;&nbsp; 835297 | &nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp; 304 |
| 2020 | &nbsp;&nbsp;&nbsp;&nbsp;13.40 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp;&nbsp;&nbsp;13.62 | &nbsp;&nbsp;&nbsp;&nbsp;3.42 | &nbsp;&nbsp;&nbsp; 822079 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;1.44 | &nbsp;&nbsp;&nbsp; 220 |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| 2025(1) | &nbsp;&nbsp;&nbsp; $12.86 | &nbsp;&nbsp;&nbsp; $0.26 | &nbsp;&nbsp;&nbsp; $0.10 | &nbsp;&nbsp;&nbsp; $0.36 | &nbsp;&nbsp;&nbsp; $(0.26)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(0.26)<br>| &nbsp;&nbsp;&nbsp; $12.96 | &nbsp;&nbsp;&nbsp;&nbsp; 2.85<br> %<br>| &nbsp;&nbsp;&nbsp; $166662 | &nbsp;&nbsp;&nbsp;&nbsp; 0.65<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.65<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.07<br> %<br>| &nbsp;&nbsp;&nbsp; 109<br> %<br>|
| 2024 | &nbsp;&nbsp;&nbsp;&nbsp;12.81 | &nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp; (0.52)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.52)<br>| &nbsp;&nbsp;&nbsp;&nbsp;12.86 | &nbsp;&nbsp;&nbsp;&nbsp;4.54 | &nbsp;&nbsp;&nbsp; 214026 | &nbsp;&nbsp;&nbsp;&nbsp; 0.64<br> (2)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.64<br> (2)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.10 | &nbsp;&nbsp;&nbsp; 157 |
| 2023 | &nbsp;&nbsp;&nbsp;&nbsp;12.61 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp;&nbsp;&nbsp;12.81 | &nbsp;&nbsp;&nbsp;&nbsp;4.82 | &nbsp;&nbsp;&nbsp; 197616 | &nbsp;&nbsp;&nbsp;&nbsp; 0.61<br> (2)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.61<br> (2)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.60 | &nbsp;&nbsp;&nbsp; 209 |
| 2022 | &nbsp;&nbsp;&nbsp;&nbsp;13.43 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp; (0.78)<br>| &nbsp;&nbsp;&nbsp; (0.59)<br>| &nbsp;&nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp;&nbsp;&nbsp;12.61 | &nbsp;&nbsp;&nbsp; (4.43)<br>| &nbsp;&nbsp;&nbsp; 206664 | &nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;1.48 | &nbsp;&nbsp;&nbsp; 233 |
| 2021 | &nbsp;&nbsp;&nbsp;&nbsp;13.62 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp;&nbsp;&nbsp;13.43 | &nbsp;&nbsp;&nbsp; (0.65)<br>| &nbsp;&nbsp;&nbsp; 237602 | &nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp; 304 |
| 2020 | &nbsp;&nbsp;&nbsp;&nbsp;13.40 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp;&nbsp;&nbsp;13.62 | &nbsp;&nbsp;&nbsp;&nbsp;3.16 | &nbsp;&nbsp;&nbsp; 240682 | &nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;1.17 | &nbsp;&nbsp;&nbsp; 220 |
| **Medium-Duration Bond Fund** | **Medium-Duration Bond Fund** | **Medium-Duration Bond Fund** | **Medium-Duration Bond Fund** | **Medium-Duration Bond Fund** | **Medium-Duration Bond Fund** | **Medium-Duration Bond Fund** | **Medium-Duration Bond Fund** | **Medium-Duration Bond Fund** | **Medium-Duration Bond Fund** | **Medium-Duration Bond Fund** | **Medium-Duration Bond Fund** | **Medium-Duration Bond Fund** | **Medium-Duration Bond Fund** | **Medium-Duration Bond Fund** |
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
| 2025(1) | &nbsp;&nbsp;&nbsp; $12.52 | &nbsp;&nbsp;&nbsp; $0.29 | &nbsp;&nbsp;&nbsp; $0.22 | &nbsp;&nbsp;&nbsp; $0.51 | &nbsp;&nbsp;&nbsp; $(0.29)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(0.29)<br>| &nbsp;&nbsp;&nbsp; $12.74 | &nbsp;&nbsp;&nbsp;&nbsp; 4.11<br> %<br>| &nbsp;&nbsp;&nbsp; $2662179 | &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.55<br> %<br>| &nbsp;&nbsp;&nbsp; 182<br> %<br>|
| 2024 | &nbsp;&nbsp;&nbsp;&nbsp;12.87 | &nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp; (0.58)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.58)<br>| &nbsp;&nbsp;&nbsp;&nbsp;12.52 | &nbsp;&nbsp;&nbsp;&nbsp;1.86 | &nbsp;&nbsp;&nbsp; 2357810 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;4.60 | &nbsp;&nbsp;&nbsp; 487 |
| 2023 | &nbsp;&nbsp;&nbsp;&nbsp;12.55 | &nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp; (0.46)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.46)<br>| &nbsp;&nbsp;&nbsp;&nbsp;12.87 | &nbsp;&nbsp;&nbsp;&nbsp;6.37 | &nbsp;&nbsp;&nbsp; 2071217 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;4.03 | &nbsp;&nbsp;&nbsp; 414 |
| 2022 | &nbsp;&nbsp;&nbsp;&nbsp;15.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp; (2.55)<br>| &nbsp;&nbsp;&nbsp; (2.20)<br>| &nbsp;&nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp;&nbsp;&nbsp;12.55 | &nbsp;&nbsp;&nbsp; (14.68)<br>| &nbsp;&nbsp;&nbsp; 1672089 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;2.63 | &nbsp;&nbsp;&nbsp; 366 |
| 2021 | &nbsp;&nbsp;&nbsp;&nbsp;15.65 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp; (0.56)<br>| &nbsp;&nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp;&nbsp;&nbsp;15.04 | &nbsp;&nbsp;&nbsp; (2.01)<br>| &nbsp;&nbsp;&nbsp; 1950666 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;1.60 | &nbsp;&nbsp;&nbsp; 347 |
| 2020 | &nbsp;&nbsp;&nbsp;&nbsp;15.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;1.36 | &nbsp;&nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp;&nbsp; (0.76)<br>| &nbsp;&nbsp;&nbsp;&nbsp;15.65 | &nbsp;&nbsp;&nbsp;&nbsp;9.13 | &nbsp;&nbsp;&nbsp; 1694858 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;2.12 | &nbsp;&nbsp;&nbsp; 444 |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| 2025(1) | &nbsp;&nbsp;&nbsp; $12.52 | &nbsp;&nbsp;&nbsp; $0.27 | &nbsp;&nbsp;&nbsp; $0.22 | &nbsp;&nbsp;&nbsp; $0.49 | &nbsp;&nbsp;&nbsp; $(0.27)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(0.27)<br>| &nbsp;&nbsp;&nbsp; $12.74 | &nbsp;&nbsp;&nbsp;&nbsp; 3.99<br> %<br>| &nbsp;&nbsp;&nbsp; $558782 | &nbsp;&nbsp;&nbsp;&nbsp; 0.66<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.66<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.29<br> %<br>| &nbsp;&nbsp;&nbsp; 182<br> %<br>|
| 2024 | &nbsp;&nbsp;&nbsp;&nbsp;12.87 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp; (0.55)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.55)<br>| &nbsp;&nbsp;&nbsp;&nbsp;12.52 | &nbsp;&nbsp;&nbsp;&nbsp;1.61 | &nbsp;&nbsp;&nbsp; 429673 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;4.33 | &nbsp;&nbsp;&nbsp; 487 |
| 2023 | &nbsp;&nbsp;&nbsp;&nbsp;12.56 | &nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp;&nbsp;&nbsp;12.87 | &nbsp;&nbsp;&nbsp;&nbsp;6.01 | &nbsp;&nbsp;&nbsp; 390068 | &nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp;&nbsp;3.75 | &nbsp;&nbsp;&nbsp; 414 |
| 2022 | &nbsp;&nbsp;&nbsp;&nbsp;15.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp; (2.55)<br>| &nbsp;&nbsp;&nbsp; (2.24)<br>| &nbsp;&nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp;&nbsp;&nbsp;12.56 | &nbsp;&nbsp;&nbsp; (14.89)<br>| &nbsp;&nbsp;&nbsp; 338175 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;2.35 | &nbsp;&nbsp;&nbsp; 366 |
| 2021 | &nbsp;&nbsp;&nbsp;&nbsp;15.66 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp; (0.56)<br>| &nbsp;&nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp;&nbsp;&nbsp;15.05 | &nbsp;&nbsp;&nbsp; (2.27)<br>| &nbsp;&nbsp;&nbsp; 458302 | &nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;1.33 | &nbsp;&nbsp;&nbsp; 347 |
| 2020 | &nbsp;&nbsp;&nbsp;&nbsp;15.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;1.02 | &nbsp;&nbsp;&nbsp;&nbsp;1.31 | &nbsp;&nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp;&nbsp; (0.71)<br>| &nbsp;&nbsp;&nbsp;&nbsp;15.66 | &nbsp;&nbsp;&nbsp;&nbsp;8.84 | &nbsp;&nbsp;&nbsp; 421106 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;1.84 | &nbsp;&nbsp;&nbsp; 444 |

---

---

| | |
|:---|:---|
| #  | Calculated using the average shares outstanding method. |
| † | Amount represents less than $0.005 per share. |
| (1) | For the six months ended June 30, 2025, all ratios have been annualized with the exception of total return and portfolio turnover which have <br> not been annualized.<br>|
| (2) | The ratio for the Low-Duration Bond Fund includes the effect of dividend expense on securities sold short which increased the ratio by <br> 0.00% for 2023 and 2024.<br>|

---

See Notes to Financial Statements.

**169**

------

**FINANCIAL HIGHLIGHTS (Unaudited) (Continued)**

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *For a Share Outstanding For the Years Ending December 31, unless otherwise indicated*  | *For a Share Outstanding For the Years Ending December 31, unless otherwise indicated*  | *For a Share Outstanding For the Years Ending December 31, unless otherwise indicated*  | *For a Share Outstanding For the Years Ending December 31, unless otherwise indicated*  | *For a Share Outstanding For the Years Ending December 31, unless otherwise indicated*  | *For a Share Outstanding For the Years Ending December 31, unless otherwise indicated*  |  |  |  |  |  |  | **Ratios to Average Net Assets**  | **Ratios to Average Net Assets**  | **Ratios to Average Net Assets**  |  |
|  | &nbsp;&nbsp; **Net Asset**<br> **Value,**<br> **Beginning**<br> **of Period**<br>| &nbsp;&nbsp; **Net Investment**<br> **Income#**<br>| **Realized**<br> **and**<br> **Unrealized**<br> **Gain**<br> **(Loss) on**<br> **Investments**<br>| &nbsp;&nbsp; **Total Income**<br> **From Investment**<br> **Operations**<br>| &nbsp;&nbsp; **Dividends**<br> **from Net**<br> **Investment**<br> **Income**<br>| **Distributions**<br> **from Net**<br> **Realized**<br> **Capital**<br> **Gains**<br>| &nbsp;&nbsp; **Return**<br> **of**<br> **capital**<br>| &nbsp;&nbsp; **Total**<br> **Distributions**<br> **Paid**<br>| **Net Asset**<br> **Value,**<br> **End of**<br> **Period**<br>| **Total**<br> **Return**<br>| **Net Assets,**<br> **End of Period**<br> **(000)**<br>| **Expenses,**<br> **Net**<br>| **Expenses,**<br> **Gross**<br>| **Investment**<br> **Income,**<br> **Net**<br>| &nbsp;&nbsp; **Portfolio**<br> **Turnover**<br> **Rate**<br>|
| **Global Bond Fund** | **Global Bond Fund** | **Global Bond Fund** | **Global Bond Fund** | **Global Bond Fund** | **Global Bond Fund** | **Global Bond Fund** | **Global Bond Fund** | **Global Bond Fund** | **Global Bond Fund** | **Global Bond Fund** | **Global Bond Fund** | **Global Bond Fund** | **Global Bond Fund** | **Global Bond Fund** | **Global Bond Fund** |
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
| 2025(1) | &nbsp;&nbsp; $8.52 | &nbsp;&nbsp; $0.18 | &nbsp;&nbsp; $0.29 | &nbsp;&nbsp; $0.47 | &nbsp;&nbsp; $(0.16)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(0.16)<br>| &nbsp;&nbsp; $8.83 | &nbsp;&nbsp;&nbsp;&nbsp; 5.61<br> %<br>| &nbsp;&nbsp; $545720 | &nbsp;&nbsp;&nbsp;&nbsp; 0.63<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.63<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.20<br> %<br>| &nbsp;&nbsp; 35<br> %<br>|
| 2024 | &nbsp;&nbsp;&nbsp;&nbsp;8.73 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp;&nbsp;&nbsp;8.52 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp; 531438 | &nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;4.13 | &nbsp;&nbsp; 57 |
| 2023 | &nbsp;&nbsp;&nbsp;&nbsp;8.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp;&nbsp;&nbsp;8.73 | &nbsp;&nbsp;&nbsp;&nbsp;6.02 | &nbsp;&nbsp; 466381 | &nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;3.92 | &nbsp;&nbsp; 48 |
| 2022 | &nbsp;&nbsp;&nbsp;&nbsp;9.77 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp; (1.56)<br>| &nbsp;&nbsp; (1.30)<br>| &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp;&nbsp;&nbsp;8.35 | &nbsp;&nbsp;&nbsp; (13.37)<br>| &nbsp;&nbsp; 433956 | &nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;3.04 | &nbsp;&nbsp; 59 |
| 2021 | &nbsp;&nbsp;&nbsp;&nbsp;10.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp;&nbsp;&nbsp;9.77 | &nbsp;&nbsp;&nbsp; (2.31)<br>| &nbsp;&nbsp; 502292 | &nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;2.69 | &nbsp;&nbsp; 57 |
| 2020 | &nbsp;&nbsp;&nbsp;&nbsp;10.01 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp;&nbsp;&nbsp;10.38 | &nbsp;&nbsp;&nbsp;&nbsp;5.28 | &nbsp;&nbsp; 460852 | &nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;2.91 | &nbsp;&nbsp; 95 |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| 2025(1) | &nbsp;&nbsp; $8.47 | &nbsp;&nbsp; $0.17 | &nbsp;&nbsp; $0.29 | &nbsp;&nbsp; $0.46 | &nbsp;&nbsp; $(0.15)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(0.15)<br>| &nbsp;&nbsp; $8.78 | &nbsp;&nbsp;&nbsp;&nbsp; 5.49<br> %<br>| &nbsp;&nbsp; $87021 | &nbsp;&nbsp;&nbsp;&nbsp; 0.95<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.95<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.88<br> %<br>| &nbsp;&nbsp; 35<br> %<br>|
| 2024 | &nbsp;&nbsp;&nbsp;&nbsp;8.68 | &nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp;&nbsp;&nbsp;8.47 | &nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp; 108311 | &nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;3.83 | &nbsp;&nbsp; 57 |
| 2023 | &nbsp;&nbsp;&nbsp;&nbsp;8.31 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp;&nbsp;&nbsp;8.68 | &nbsp;&nbsp;&nbsp;&nbsp;5.64 | &nbsp;&nbsp; 110665 | &nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;3.61 | &nbsp;&nbsp; 48 |
| 2022 | &nbsp;&nbsp;&nbsp;&nbsp;9.73 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp; (1.56)<br>| &nbsp;&nbsp; (1.32)<br>| &nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp;&nbsp;&nbsp;8.31 | &nbsp;&nbsp;&nbsp; (13.62)<br>| &nbsp;&nbsp; 98071 | &nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;2.74 | &nbsp;&nbsp; 59 |
| 2021 | &nbsp;&nbsp;&nbsp;&nbsp;10.34 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp; (0.50)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp;&nbsp;&nbsp;9.73 | &nbsp;&nbsp;&nbsp; (2.53)<br>| &nbsp;&nbsp; 120702 | &nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;2.40 | &nbsp;&nbsp; 57 |
| 2020 | &nbsp;&nbsp;&nbsp;&nbsp;10.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp;&nbsp;&nbsp;10.34 | &nbsp;&nbsp;&nbsp;&nbsp;4.93 | &nbsp;&nbsp; 117947 | &nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;2.64 | &nbsp;&nbsp; 95 |
| **Impact Bond Fund** | **Impact Bond Fund** | **Impact Bond Fund** | **Impact Bond Fund** | **Impact Bond Fund** | **Impact Bond Fund** | **Impact Bond Fund** | **Impact Bond Fund** | **Impact Bond Fund** | **Impact Bond Fund** | **Impact Bond Fund** | **Impact Bond Fund** | **Impact Bond Fund** | **Impact Bond Fund** | **Impact Bond Fund** | **Impact Bond Fund** |
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
| 2025(1) | &nbsp;&nbsp; $9.55 | &nbsp;&nbsp; $0.22 | &nbsp;&nbsp; $0.09 | &nbsp;&nbsp; $0.31 | &nbsp;&nbsp; $(0.21)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(0.21)<br>| &nbsp;&nbsp; $9.65 | &nbsp;&nbsp;&nbsp;&nbsp; 3.25<br> %<br>| &nbsp;&nbsp; $71720 | &nbsp;&nbsp;&nbsp;&nbsp; 0.49<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.71<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.66<br> %<br>| &nbsp;&nbsp; 59<br> %<br>|
| 2024 | &nbsp;&nbsp;&nbsp;&nbsp;9.86 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp;&nbsp;&nbsp;9.55 | &nbsp;&nbsp;&nbsp;&nbsp;1.45 | &nbsp;&nbsp; 68269 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;4.60 | &nbsp;&nbsp; 138 |
| 2023(2) | &nbsp;&nbsp;&nbsp;&nbsp;10.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp;&nbsp;&nbsp;9.86 | &nbsp;&nbsp;&nbsp;&nbsp;2.53 | &nbsp;&nbsp; 64778 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;4.46 | &nbsp;&nbsp; 122 |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| 2025(1) | &nbsp;&nbsp; $9.54 | &nbsp;&nbsp; $0.21 | &nbsp;&nbsp; $0.09 | &nbsp;&nbsp; $0.30 | &nbsp;&nbsp; $(0.20)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(0.20)<br>| &nbsp;&nbsp; $9.64 | &nbsp;&nbsp;&nbsp;&nbsp; 3.13<br> %<br>| &nbsp;&nbsp; $17868 | &nbsp;&nbsp;&nbsp;&nbsp; 0.78<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.18<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.37<br> %<br>| &nbsp;&nbsp; 59<br> %<br>|
| 2024 | &nbsp;&nbsp;&nbsp;&nbsp;9.86 | &nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp;&nbsp;&nbsp;9.54 | &nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp; 17911 | &nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;1.14 | &nbsp;&nbsp;&nbsp;&nbsp;4.31 | &nbsp;&nbsp; 138 |
| 2023(2) | &nbsp;&nbsp;&nbsp;&nbsp;10.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp;&nbsp;&nbsp;9.86 | &nbsp;&nbsp;&nbsp;&nbsp;2.28 | &nbsp;&nbsp; 17129 | &nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;1.41 | &nbsp;&nbsp;&nbsp;&nbsp;4.20 | &nbsp;&nbsp; 122 |

---

# Calculated using the average shares outstanding method.

(1) For the six months ended June 30, 2025, all ratios have been annualized with the exception of total return and portfolio turnover which have not been annualized. 

(2) For the period January 27, 2023 (commencement of operations) through December 31, 2023. All ratios for the period have been annualized with the exception of total return and portfolio turnover which have not been annualized. 

**170**

See Notes to Financial Statements.

------

***DEFENSIVE MARKET STRATEGIES***<sup>®</sup> **FUND**

**SCHEDULE OF INVESTMENTS**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS — 19.6%** | **COMMON STOCKS — 19.6%** | **COMMON STOCKS — 19.6%** |
| **Communication Services — 0.6%** | **Communication Services — 0.6%** |  |
| Alphabet, Inc. Class A | 51194 | $9021919 |
| **Consumer Discretionary — 2.2%** | **Consumer Discretionary — 2.2%** |  |
| McDonald's Corporation | 49568 | 14482282 |
| TJX Cos., Inc. (The) | 127465 | 15740653 |
|  |  | 30222935 |
| **Consumer Staples — 1.9%** | **Consumer Staples — 1.9%** |  |
| Coca-Cola Co. (The) | 199757 | 14132808 |
| Procter & Gamble Co. (The) | 78597 | 12522074 |
|  |  | 26654882 |
| **Financials — 4.8%** | **Financials — 4.8%** |  |
| American Express Co. | 41183 | 13136553 |
| Marsh & McLennan Cos., Inc. | 65128 | 14239586 |
| Mastercard, Inc. Class A | 25627 | 14400837 |
| S&P Global, Inc. | 25804 | 13606191 |
| Visa, Inc. Class A | 32461 | 11525278 |
|  |  | 66908445 |
| **Health Care — 2.8%** | **Health Care — 2.8%** |  |
| Danaher Corporation | 62713 | 12388326 |
| Eli Lilly and Co. | 12766 | 9951480 |
| Stryker Corporation | 29409 | 11635083 |
| Zoetis, Inc. | 29537 | 4606295 |
|  |  | 38581184 |
| **Industrials — 2.0%** | **Industrials — 2.0%** |  |
| Honeywell International, Inc. | 54774 | 12755769 |
| Northrop Grumman Corporation | 22747 | 11373045 |
| Union Pacific Corporation | 18979 | 4366688 |
|  |  | 28495502 |
| **Information Technology — 5.3%** | **Information Technology — 5.3%** |  |
| Apple, Inc. | 50577 | 10376883 |
| Broadcom, Inc. | 60237 | 16604329 |
| Intuit, Inc. | 20868 | 16436263 |
| Microsoft Corporation | 31521 | 15678861 |
| Texas Instruments, Inc. | 72658 | 15085254 |
|  |  | 74181590 |
| **Total Common Stocks** <br>(Cost $244,863,730) | **Total Common Stocks** <br>(Cost $244,863,730) | 274066457 |
| **FOREIGN COMMON STOCKS — 2.8%** | **FOREIGN COMMON STOCKS — 2.8%** | **FOREIGN COMMON STOCKS — 2.8%** |
| **Ireland — 1.9%** | **Ireland — 1.9%** |  |
| Accenture PLC Class A | 37560 | 11226308 |
| Linde PLC | 32160 | 15088829 |
|  |  | 26315137 |
| **Switzerland — 0.9%** | **Switzerland — 0.9%** |  |
| Chubb, Ltd. | 42425 | 12291371 |
| **Total Foreign Common Stocks** <br>(Cost $37,867,040) | **Total Foreign Common Stocks** <br>(Cost $37,867,040) | 38606508 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** |  |
| **CORPORATE BONDS — 9.9%** | **CORPORATE BONDS — 9.9%** | **CORPORATE BONDS — 9.9%** |
| Advanced Energy <br> Industries, Inc.<br>|  |  |
| 2.50%, 09/15/28 CONV | $625000 | 751812 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Affirm Holdings, Inc. |  |  |
| 0.75%, 12/15/29 144A CONV | $947000 | $1003346 |
| Akamai Technologies, <br> Inc.<br>|  |  |
| 0.38%, 09/01/27 CONV | 1205000 | 1171561 |
| 1.13%, 02/15/29 CONV | 795000 | 756442 |
| 0.25%, 05/15/33 144A CONV | 1492000 | 1547950 |
| Alarm.com Holdings, <br> Inc.<br>|  |  |
| 2.25%, 06/01/29 CONV | 534000 | 519344 |
| Alkami Technology, <br> Inc.<br>|  |  |
| 1.50%, 03/15/30 144A CONV | 343000 | 404569 |
| Alliant Energy <br> Corporation<br>|  |  |
| 3.88%, 03/15/26 CONV | 604000 | 621818 |
| Alnylam <br> Pharmaceuticals, <br> Inc.<br>|  |  |
| 1.00%, 09/15/27 CONV | 1106000 | 1439459 |
| Alphatec Holdings, <br> Inc.<br>|  |  |
| 0.75%, 03/15/30 144A CONV | 415000 | 421362 |
| American Water <br> Capital <br> Corporation<br>|  |  |
| 3.63%, 06/15/26 CONV | 1104000 | 1113826 |
| Bentley Systems, Inc. |  |  |
| 0.13%, 01/15/26 CONV | 1223000 | 1219331 |
| BlackLine, Inc. |  |  |
| 1.00%, 06/01/29 CONV | 1473000 | 1571814 |
| Bloom Energy <br> Corporation<br>|  |  |
| 3.00%, 06/01/29 CONV | 600000 | 847632 |
| Box, Inc. |  |  |
| 1.50%, 09/15/29 144A CONV | 643000 | 663898 |
| Bridgebio Pharma, Inc. |  |  |
| 2.50%, 03/15/27 CONV | 612000 | 764158 |
| 1.75%, 03/01/31 144A CONV | 576000 | 673056 |
| CenterPoint Energy, <br> Inc.<br>|  |  |
| 4.25%, 08/15/26 CONV | 640000 | 694080 |
| Cheesecake Factory, <br> Inc. (The)<br>|  |  |
| 2.00%, 03/15/30 144A CONV | 699000 | 759289 |
| Citigroup Global <br> Markets Holdings, <br> Inc.<br>|  |  |
| 0.13%, 04/18/28 144A††† | 1671000 | 1963329 |
| Cloudflare, Inc. |  |  |
| 0.00%, 08/15/26 CONV» | 1371000 | 1624429 |
| 0.00%, 06/15/30 144A CONV» | 938000 | 1014447 |
| CMS Energy <br> Corporation<br>|  |  |
| 3.38%, 05/01/28 CONV | 870000 | 926985 |
| Coinbase Global, Inc. |  |  |
| 0.50%, 06/01/26 CONV | 1310000 | 1515670 |
| 0.25%, 04/01/30 CONV | 1331000 | 1744275 |

---

See Notes to Financial Statements.

**171**

------

***DEFENSIVE MARKET STRATEGIES***<sup>®</sup> **FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| COPT Defense <br> Properties LP REIT<br>|  |  |
| 5.25%, 09/15/28 144A CONV | $312000 | $352903 |
| Core Scientific, Inc. |  |  |
| 3.00%, 09/01/29 144A CONV | 797000 | 1375622 |
| 0.00%, 06/15/31 144A CONV» | 392000 | 427770 |
| CSG Systems <br> International, Inc.<br>|  |  |
| 3.88%, 09/15/28 CONV | 618000 | 699267 |
| Cytokinetics, Inc. |  |  |
| 3.50%, 07/01/27 CONV | 423000 | 451130 |
| Datadog, Inc. |  |  |
| 0.00%, 12/01/29 144A CONVΔ» | 1597000 | 1533918 |
| Digital Realty Trust LP <br> REIT<br>|  |  |
| 1.88%, 11/15/29 144A CONV | 1848000 | 1947607 |
| DoorDash, Inc. |  |  |
| 0.00%, 05/15/30 144A CONV» | 546000 | 592877 |
| Dropbox, Inc. |  |  |
| 0.00%, 03/01/28 CONVΔ» | 1403000 | 1428254 |
| Duke Energy <br> Corporation<br>|  |  |
| 4.13%, 04/15/26 CONV | 1822000 | 1929953 |
| EchoStar Corporation |  |  |
| 3.88%, 11/30/30 CONV1 | 1937396 | 2286127 |
| Enovis Corporation |  |  |
| 3.88%, 10/15/28 CONV | 444000 | 439338 |
| Etsy, Inc. |  |  |
| 0.13%, 10/01/26 CONV | 377000 | 365219 |
| Evergy, Inc. |  |  |
| 4.50%, 12/15/27 CONV | 1478000 | 1731292 |
| Exact Sciences <br> Corporation<br>|  |  |
| 2.00%, 03/01/30 144A CONV | 591000 | 599865 |
| Fluor Corporation |  |  |
| 1.13%, 08/15/29 CONV | 851000 | 1117576 |
| Ford Motor Co. |  |  |
| 0.00%, 03/15/26 CONV» | 1657000 | 1641258 |
| GameStop Corporation |  |  |
| 0.00%, 04/01/30 144A CONV» | 640000 | 692800 |
| Global Payments, Inc. |  |  |
| 1.50%, 03/01/31 CONVΔ | 2134000 | 1916332 |
| Granite Construction, <br> Inc.<br>|  |  |
| 3.25%, 06/15/30 CONVΔ | 404000 | 553278 |
| Greenbrier Cos., Inc. <br> (The)<br>|  |  |
| 2.88%, 04/15/28 CONV | 503000 | 535720 |
| Guardant Health, Inc. |  |  |
| 1.25%, 02/15/31 CONV | 859000 | 1003454 |
| Guidewire Software, <br> Inc.<br>|  |  |
| 1.25%, 11/01/29 144A CONVΔ | 1137000 | 1343365 |
| Haemonetics <br> Corporation<br>|  |  |
| 2.50%, 06/01/29 CONVΔ | 739000 | 736973 |
| Halozyme <br> Therapeutics, Inc.<br>|  |  |
| 0.25%, 03/01/27 CONV | 601000 | 600249 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| 1.00%, 08/15/28 CONV | $1261000 | $1438801 |
| Hims & Hers Health, <br> Inc.<br>|  |  |
| 0.00%, 05/15/30 144A CONV» | 393000 | 413043 |
| Integer Holdings <br> Corporation<br>|  |  |
| 1.88%, 03/15/30 144A CONV | 1071000 | 1118124 |
| Ionis Pharmaceuticals, <br> Inc.<br>|  |  |
| 1.75%, 06/15/28 CONV | 613000 | 645566 |
| iRhythm Technologies, <br> Inc.<br>|  |  |
| 1.50%, 09/01/29 CONV | 684000 | 879282 |
| Itron, Inc. |  |  |
| 0.00%, 03/15/26 CONV» | 484000 | 547041 |
| 1.38%, 07/15/30 CONV | 826000 | 986244 |
| Jazz Investments I, Ltd. |  |  |
| 2.00%, 06/15/26 CONV | 1171000 | 1186516 |
| 3.13%, 09/15/30 144A CONVΔ | 1040000 | 1107600 |
| JBT Marel Corporation |  |  |
| 0.25%, 05/15/26 CONV | 418000 | 416788 |
| JetBlue Airways <br> Corporation<br>|  |  |
| 2.50%, 09/01/29 144A CONV | 492000 | 453624 |
| JPMorgan Chase & Co. |  |  |
| 0.13%, 07/05/28 | 1149000 | 1183470 |
| JPMorgan Chase <br> Financial Co. LLC<br>|  |  |
| 0.50%, 06/15/27 CONV | 698000 | 806888 |
| LCI Industries |  |  |
| 3.00%, 03/01/30 144A CONV | 489000 | 490834 |
| Liberty Media <br> Corporation-Liberty <br> Formula One<br>|  |  |
| 2.25%, 08/15/27 CONV | 475000 | 632463 |
| Life360, Inc. |  |  |
| 0.00%, 06/01/30 144A CONVΔ» | 304000 | 322430 |
| LivaNova PLC |  |  |
| 2.50%, 03/15/29 CONV | 379000 | 386701 |
| Live Nation <br> Entertainment, Inc.<br>|  |  |
| 2.88%, 01/15/30 144A CONV | 1365000 | 1487850 |
| Lumentum Holdings, <br> Inc.<br>|  |  |
| 0.50%, 12/15/26 CONV | 1078000 | 1271788 |
| 0.50%, 06/15/28 CONV | 1233000 | 1278621 |
| 1.50%, 12/15/29 CONV | 472000 | 724992 |
| Lyft, Inc. |  |  |
| 0.63%, 03/01/29 CONV | 490000 | 524790 |
| MACOM Technology <br> Solutions Holdings, <br> Inc.<br>|  |  |
| 0.00%, 12/15/29 144A CONVΔ» | 759000 | 811750 |
| MARA Holdings, Inc. |  |  |
| 0.00%, 03/01/30 144A CONV» | 1541000 | 1389211 |
| 0.00%, 06/01/31 144A CONV» | 1341000 | 1153930 |
| Merit Medical <br> Systems, Inc.<br>|  |  |
| 3.00%, 02/01/29 144A CONV | 782000 | 979277 |

---

**172**

See Notes to Financial Statements.

------

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Meritage Homes <br> Corporation<br>|  |  |
| 1.75%, 05/15/28 CONV | $603000 | $586855 |
| MicroStrategy, Inc. |  |  |
| 0.00%, 12/01/29 144A CONV» | 1569000 | 1488196 |
| 0.00%, 03/01/30 144A CONV» | 2143000 | 2520953 |
| Middleby Corporation <br> (The)<br>|  |  |
| 1.00%, 09/01/25 CONV | 792000 | 890208 |
| Mirion Technologies, <br> Inc.<br>|  |  |
| 0.25%, 06/01/30 144A CONV | 695000 | 803072 |
| MKS, Inc. |  |  |
| 1.25%, 06/01/30 CONVΔ | 1304000 | 1291612 |
| MP Materials <br> Corporation<br>|  |  |
| 0.25%, 04/01/26 144A CONV | 596000 | 617978 |
| 3.00%, 03/01/30 144A CONV | 376000 | 652548 |
| NCL Corporation, Ltd. |  |  |
| 1.13%, 02/15/27 CONV | 1847000 | 1819295 |
| 0.88%, 04/15/30 144A CONV | 585000 | 628509 |
| NextEra Energy <br> Capital Holdings, <br> Inc.<br>|  |  |
| 3.00%, 03/01/27 CONV | 1030000 | 1173685 |
| Northern Oil & Gas, <br> Inc.<br>|  |  |
| 3.63%, 04/15/29 CONV | 511000 | 534634 |
| Nutanix, Inc. |  |  |
| 0.25%, 10/01/27 CONV | 272000 | 384064 |
| 0.50%, 12/15/29 144A CONV | 849000 | 964205 |
| ON Semiconductor <br> Corporation<br>|  |  |
| 0.00%, 05/01/27 CONV» | 831000 | 986937 |
| 0.50%, 03/01/29 CONV | 844000 | 783190 |
| Ormat Technologies, <br> Inc.<br>|  |  |
| 2.50%, 07/15/27 CONV | 452000 | 495392 |
| OSI Systems, Inc. |  |  |
| 2.25%, 08/01/29 144A CONV | 472000 | 641448 |
| Parsons Corporation |  |  |
| 2.63%, 03/01/29 CONV | 1413000 | 1509084 |
| Post Holdings, Inc. |  |  |
| 2.50%, 08/15/27 CONV | 723000 | 827112 |
| PPL Capital Funding, <br> Inc.<br>|  |  |
| 2.88%, 03/15/28 CONV | 1051000 | 1137763 |
| Progress Software <br> Corporation<br>|  |  |
| 1.00%, 04/15/26 CONV | 405000 | 483975 |
| 3.50%, 03/01/30 CONVΔ | 463000 | 537775 |
| Rapid7, Inc. |  |  |
| 1.25%, 03/15/29 CONVΔ | 424000 | 376300 |
| Repligen Corporation |  |  |
| 1.00%, 12/15/28 CONV | 629000 | 626170 |
| Rexford Industrial <br> Realty LP REIT<br>|  |  |
| 4.13%, 03/15/29 144A CONV | 907000 | 888406 |
| Riot Platforms, Inc. |  |  |
| 0.75%, 01/15/30 144A CONV | 1096000 | 1139840 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Rivian Automotive, <br> Inc.<br>|  |  |
| 4.63%, 03/15/29 CONV | $1405000 | $1432222 |
| 3.63%, 10/15/30 CONV | 1589000 | 1429504 |
| Rubrik, Inc. |  |  |
| 0.00%, 06/15/30 144A CONV» | 739000 | 775488 |
| Sabre GLBL, Inc. |  |  |
| 7.32%, 08/01/26 CONV | 407000 | 449939 |
| Semtech Corporation |  |  |
| 1.63%, 11/01/27 CONV | 298000 | 429995 |
| Shift4 Payments, Inc. |  |  |
| 0.00%, 12/15/25 CONV» | 620000 | 785850 |
| 0.50%, 08/01/27 CONV | 788000 | 847100 |
| Sirius XM Holdings, <br> Inc.<br>|  |  |
| 3.75%, 03/15/28 CONV | 687000 | 715511 |
| Snowflake, Inc. |  |  |
| 0.00%, 10/01/27 144A CONV» | 784000 | 1193248 |
| 0.00%, 10/01/29 144A CONV» | 364000 | 567067 |
| Southern Co. (The) |  |  |
| 4.50%, 06/15/27 CONV | 3343000 | 3694052 |
| Spectrum Brands, Inc. |  |  |
| 3.38%, 06/01/29 CONV | 231000 | 210557 |
| Spotify U.S.A., Inc. |  |  |
| 0.00%, 03/15/26 CONV» | 1553000 | 2356522 |
| Super Micro Computer, <br> Inc.<br>|  |  |
| 2.25%, 07/15/28 144A CONV | 664000 | 778881 |
| Synaptics, Inc. |  |  |
| 0.75%, 12/01/31 144A CONV | 320000 | 303176 |
| Tandem Diabetes Care, <br> Inc.<br>|  |  |
| 1.50%, 03/15/29 CONV | 301000 | 290537 |
| Tempus AI, Inc. |  |  |
| 0.75%, 07/15/30 | 1019000 | 1019000 |
| Tetra Tech, Inc. |  |  |
| 2.25%, 08/15/28 CONV | 564000 | 636615 |
| Transocean, Inc. |  |  |
| 4.63%, 09/30/29 CONV | 841000 | 892721 |
| Travere Therapeutics, <br> Inc.<br>|  |  |
| 2.25%, 03/01/29 CONV | 275000 | 262631 |
| Tyler Technologies, <br> Inc.<br>|  |  |
| 0.25%, 03/15/26 CONV | 1483000 | 1830022 |
| Uber Technologies, Inc. |  |  |
| 0.00%, 12/15/25 CONVΔ» | 1041000 | 1248679 |
| 0.00%, 05/15/28 144A CONV» | 1082000 | 1151789 |
| 0.88%, 12/01/28 CONV | 1949000 | 2789993 |
| UGI Corporation |  |  |
| 5.00%, 06/01/28 CONV | 671000 | 927975 |
| Uniti Group, Inc. REIT |  |  |
| 7.50%, 12/01/27 144A CONV | 322000 | 355971 |
| Unity Software, Inc. |  |  |
| 0.00%, 03/15/30 144A CONV» | 826000 | 846237 |
| Upstart Holdings, Inc. |  |  |
| 1.00%, 11/15/30 144A CONV | 476000 | 486115 |

---

See Notes to Financial Statements.

**173**

------

***DEFENSIVE MARKET STRATEGIES***<sup>®</sup> **FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Varonis Systems, Inc. |  |  |
| 1.00%, 09/15/29 144A CONV | $1516000 | $1542151 |
| Ventas Realty LP REIT |  |  |
| 3.75%, 06/01/26 CONV | 878000 | 1051844 |
| Vertex, Inc. |  |  |
| 0.75%, 05/01/29 CONV | 1144000 | 1373392 |
| Vishay Intertechnology, <br> Inc.<br>|  |  |
| 2.25%, 09/15/30 CONV | 603000 | 542700 |
| Wayfair, Inc. |  |  |
| 3.25%, 09/15/27 CONV | 611000 | 697762 |
| 3.50%, 11/15/28 CONV | 587000 | 794432 |
| WEC Energy Group, <br> Inc.<br>|  |  |
| 4.38%, 06/01/27 CONV | 893000 | 1010340 |
| 4.38%, 06/01/29 CONV | 874000 | 1010781 |
| Welltower OP LLC <br> REIT<br>|  |  |
| 3.13%, 07/15/29 144A CONVΔ | 985000 | 1308080 |
| Workiva, Inc. |  |  |
| 1.25%, 08/15/28 CONV | 745000 | 691919 |
| World Kinect <br> Corporation<br>|  |  |
| 3.25%, 07/01/28 CONV | 663000 | 772461 |
| **Total Corporate Bonds** <br>(Cost $129,693,130) | **Total Corporate Bonds** <br>(Cost $129,693,130) | 138966118 |
| **FOREIGN BONDS — 1.0%** | **FOREIGN BONDS — 1.0%** | **FOREIGN BONDS — 1.0%** |
| **Australia — 0.1%** | **Australia — 0.1%** |  |
| IREN, Ltd. |  |  |
| 3.50%, 12/15/29 144A CONV | 1069000 | 1387562 |
| 3.25%, 06/15/30 144A CONV | 481000 | 526454 |
|  |  | 1914016 |
| **Cameroon — 0.0%** | **Cameroon — 0.0%** |  |
| Golar LNG, Ltd. |  |  |
| 2.75%, 12/15/30 144A CONV | 250000 | 256653 |
| **Canada — 0.0%** | **Canada — 0.0%** |  |
| Shopify, Inc. |  |  |
| 0.13%, 11/01/25 CONV | 443000 | 449424 |
| **China — 0.4%** | **China — 0.4%** |  |
| H World Group, Ltd. |  |  |
| 3.00%, 05/01/26 CONV | 504000 | 533232 |
| JD.com, Inc. |  |  |
| 0.25%, 06/01/29 CONV | 2032000 | 2124456 |
| Li Auto, Inc. |  |  |
| 0.25%, 05/01/28 CONV | 647000 | 769687 |
| Trip.com Group, Ltd. |  |  |
| 1.50%, 07/01/27 CONV | 506000 | 553151 |
| 0.75%, 06/15/29 CONV | 1538000 | 1714101 |
|  |  | 5694627 |
| **Denmark — 0.1%** | **Denmark — 0.1%** |  |
| Ascendis Pharma A/S |  |  |
| 2.25%, 04/01/28 CONV | 648000 | 812576 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **France — 0.1%** | **France — 0.1%** |  |
| BNP Paribas SA |  |  |
| 0.13%, 06/17/27††† | $897000 | $1097300 |
| **Israel — 0.1%** | **Israel — 0.1%** |  |
| CyberArk Software, <br> Ltd.<br>|  |  |
| 0.00%, 06/15/30 144A CONV» | 752000 | 774560 |
| **United Kingdom — 0.2%** | **United Kingdom — 0.2%** |  |
| Barclays Bank PLC |  |  |
| 1.00%, 02/16/29 CONV††† | 2970000 | 3238339 |
| **Total Foreign Bonds** <br>(Cost $13,549,604) | **Total Foreign Bonds** <br>(Cost $13,549,604) | 14237495 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **MONEY MARKET FUNDS — 6.5%** | **MONEY MARKET FUNDS — 6.5%** | **MONEY MARKET FUNDS — 6.5%** |
| Northern Institutional Liquid Assets <br> Portfolio (Shares), 4.39%Ø§ | 7496371 | 7496371 |
| GuideStone Money Market Fund, <br> 4.25% <br>(Institutional Class)Ø∞ | 83690034 | 83690034 |
| **Total Money Market Funds** <br>(Cost $91,186,405) | **Total Money Market Funds** <br>(Cost $91,186,405) | 91186405 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** |  |
| **U.S. TREASURY OBLIGATIONS — 54.9%** | **U.S. TREASURY OBLIGATIONS — 54.9%** | **U.S. TREASURY OBLIGATIONS — 54.9%** |
| U.S. Treasury Bills |  |  |
| 4.56%, 07/10/25Ω | $70000000 | 69926733 |
| 4.16%, 09/02/25Ω‡‡Δ | 95000000 | 94291983 |
|  |  | 164218716 |
| U.S. Treasury Notes |  |  |
| 3.50%, 09/15/25‡‡Δ | 123300000 | 123171513 |
| 4.00%, 12/15/25Δ | 127000000 | 126918737 |
| 4.63%, 03/15/26Δ | 110900000 | 111298651 |
| 4.13%, 06/15/26Δ | 85300000 | 85412897 |
| 1.13%, 02/28/27 | 81000000 | 77541680 |
| 0.75%, 01/31/28 | 84000000 | 77946094 |
|  |  | 602289572 |
| **Total U.S. Treasury Obligations** <br>(Cost $774,582,245) | **Total U.S. Treasury Obligations** <br>(Cost $774,582,245) | 766508288 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of** <br>**Contracts**<br>| **Notional** <br>**Amount**<br>|  |
| **PURCHASED OPTIONS — 5.7%** | **PURCHASED OPTIONS — 5.7%** | **PURCHASED OPTIONS — 5.7%** | **PURCHASED OPTIONS — 5.7%** |
| **Call Options — 5.7%** | **Call Options — 5.7%** | **Call Options — 5.7%** |  |
| S&P 500<sup>®</sup>, Strike Price <br> $5,450.00, Expires <br> 06/11/29 (MSCS)<br>| 225 | $139611375 | 39130281 |

---

**174**

See Notes to Financial Statements.

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of**<br> **Contracts**<br>| **Notional**<br> **Amount**<br>| **Value** |
| S&P 500<sup>®</sup>, Strike Price <br> $6,100.00, Expires <br> 01/31/30 (MSCS)<br>| 270 | $167533650 | $40004994 |
| **Total Purchased Options** <br>(Premiums paid $71,670,212) | **Total Purchased Options** <br>(Premiums paid $71,670,212) |  | 79135275 |
| **TOTAL INVESTMENTS** — **100.4%** <br>(Cost $1,363,412,366) | **TOTAL INVESTMENTS** — **100.4%** <br>(Cost $1,363,412,366) |  | 1402706546 |

---

---

| | | | |
|:---|:---|:---|:---|
| **WRITTEN OPTIONS — (0.2)%** | **WRITTEN OPTIONS — (0.2)%** | **WRITTEN OPTIONS — (0.2)%** | **WRITTEN OPTIONS — (0.2)%** |
| **Put Options — (0.2)%** | **Put Options — (0.2)%** | **Put Options — (0.2)%** |  |
| S&P 500<sup>®</sup>, Strike Price <br> $5,975.00, Expires <br> 07/18/25 (MSCS)<br>| (179)<br>| (111068605)<br>| (306985)<br>|
| S&P 500<sup>®</sup>, Strike Price <br> $5,975.00, Expires <br> 07/25/25 (MSCS)<br>| (4)<br>| (2481980)<br>| (11180)<br>|
| S&P 500<sup>®</sup>, Strike Price <br> $5,985.00, Expires <br> 07/18/25 (MSCS)<br>| (1)<br>| (620495)<br>| (1815)<br>|
| S&P 500<sup>®</sup>, Strike Price <br> $5,995.00, Expires <br> 07/18/25 (MSCS)<br>| (4)<br>| (2481980)<br>| (7680)<br>|
| S&P 500<sup>®</sup>, Strike Price <br> $6,000.00, Expires <br> 07/03/25 (MSCS)<br>| (38)<br>| (23578810)<br>| (2850)<br>|
| S&P 500<sup>®</sup>, Strike Price <br> $6,000.00, Expires <br> 07/11/25 (MSCS)<br>| (55)<br>| (34127225)<br>| (50600)<br>|
| S&P 500<sup>®</sup>, Strike Price <br> $6,000.00, Expires <br> 07/18/25 (MSCS)<br>| (7)<br>| (4343465)<br>| (13860)<br>|
| S&P 500<sup>®</sup>, Strike Price <br> $6,000.00, Expires <br> 07/25/25 (MSCS)<br>| (9)<br>| (5584455)<br>| (28170)<br>|
| S&P 500<sup>®</sup>, Strike Price <br> $6,020.00, Expires <br> 07/11/25 (MSCS)<br>| (35)<br>| (21717325)<br>| (38150)<br>|
| S&P 500<sup>®</sup>, Strike Price <br> $6,030.00, Expires <br> 07/11/25 (MSCS)<br>| (51)<br>| (31645245)<br>| (59925)<br>|
| S&P 500<sup>®</sup>, Strike Price <br> $6,030.00, Expires <br> 07/18/25 (MSCS)<br>| (9)<br>| (5584455)<br>| (21195)<br>|
| S&P 500<sup>®</sup>, Strike Price <br> $6,040.00, Expires <br> 07/11/25 (MSCS)<br>| (57)<br>| (35368215)<br>| (72960)<br>|
| S&P 500<sup>®</sup>, Strike Price <br> $6,060.00, Expires <br> 07/03/25 (MSCS)<br>| (3)<br>| (1861485)<br>| (682)<br>|
| S&P 500<sup>®</sup>, Strike Price <br> $6,090.00, Expires <br> 07/25/25 (MSCS)<br>| (143)<br>| (88730785)<br>| (676390)<br>|
| S&P 500<sup>®</sup>, Strike Price <br> $6,110.00, Expires <br> 07/03/25 (MSCS)<br>| (36)<br>| (22337820)<br>| (21384)<br>|
| S&P 500<sup>®</sup>, Strike Price <br> $6,130.00, Expires <br> 07/25/25 (MSCS)<br>| (25)<br>| (15512375)<br>| (142875)<br>|
| S&P 500<sup>®</sup>, Strike Price <br> $6,150.00, Expires <br> 07/25/25 (MSCS)<br>| (16)<br>| (9927920)<br>| (99840)<br>|

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of**<br> **Contracts**<br>| **Notional**<br> **Amount**<br>| **Value** |
| S&P 500<sup>®</sup>, Strike Price <br> $6,150.00, Expires <br> 08/01/25 (MSCS)<br>| (81)<br>| $(50260095)<br>| $(622485)<br>|
| S&P 500<sup>®</sup>, Strike Price <br> $6,180.00, Expires <br> 08/01/25 (MSCS)<br>| (42)<br>| (26060790)<br>| (364140)<br>|
| **Total Written Options** <br>(Premiums received $(7061300)) | **Total Written Options** <br>(Premiums received $(7061300)) |  | (2543166)<br>|
| **Liabilities in Excess of Other**<br> **Assets — (0.2)%** | **Liabilities in Excess of Other**<br> **Assets — (0.2)%** |  | (3444083)<br>|
| **NET ASSETS — 100.0%** | **NET ASSETS — 100.0%** |  | $1396719297 |

---

See Notes to Financial Statements.

**175**

------

***DEFENSIVE MARKET STRATEGIES***<sup>®</sup> **FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

Futures Contracts outstanding at June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Future Type** | **Expiration Date** | **Open Long** <br>**(Short) Contracts**<br>| **Notional** <br>**Market Value** <br>**of Contracts**<br>| **Value and** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| 10-Year U.S. Treasury Note | 09/2025 | &nbsp;&nbsp;&nbsp; 170 | &nbsp;&nbsp;&nbsp; $19061250 | &nbsp;&nbsp;&nbsp; $340000 |
| S&P 500<sup>®</sup> E-Mini | 09/2025 | &nbsp;&nbsp;&nbsp; 73 | &nbsp;&nbsp;&nbsp; 22826187 | &nbsp;&nbsp;&nbsp; 807600 |
| U.S. Treasury Long Bond | 09/2025 | &nbsp;&nbsp;&nbsp; 69 | &nbsp;&nbsp;&nbsp; 7967344 | &nbsp;&nbsp;&nbsp; 285703 |
| 2-Year U.S. Treasury Note | 09/2025 | &nbsp;&nbsp;&nbsp; 320 | &nbsp;&nbsp;&nbsp; 66567500 | &nbsp;&nbsp;&nbsp; 255000 |
| 5-Year U.S. Treasury Note | 09/2025 | &nbsp;&nbsp;&nbsp; 535 | &nbsp;&nbsp;&nbsp; 58315000 | &nbsp;&nbsp;&nbsp; 639492 |
| Total Futures Contracts outstanding at June 30, 2025 |  |  | &nbsp;&nbsp;&nbsp; $174737281 | &nbsp;&nbsp;&nbsp; $2327795 |

---

**VALUATION HIERARCHY**

The following is a summary of the inputs used, as of June 30, 2025, in valuing the Fund's investments carried at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total** <br>**Value**<br>| **Level 1** <br>**Quoted Prices**<br>| **Level 2** <br>**Other Significant** <br>**Observable Inputs**<br>| **Level 3** <br>**Significant** <br>**Unobservable Inputs**<br>|
| **Assets:** |  |  |  |  |
| **Investments in Securities:** |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $274066457 | &nbsp;&nbsp; $274066457 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Corporate Bonds | &nbsp;&nbsp; 138966118 | &nbsp;&nbsp; — | &nbsp;&nbsp; 137002789 | &nbsp;&nbsp; 1963329 |
| Foreign Bonds: |  |  |  |  |
| France | &nbsp;&nbsp; 1097300 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1097300 |
| United Kingdom | &nbsp;&nbsp; 3238339 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3238339 |
| Other<sup>^^</sup> <br>| &nbsp;&nbsp; 9901856 | &nbsp;&nbsp; — | &nbsp;&nbsp; 9901856 | &nbsp;&nbsp; — |
| Total Foreign Bonds | &nbsp;&nbsp; 14237495 | &nbsp;&nbsp; — | &nbsp;&nbsp; 9901856 | &nbsp;&nbsp; 4335639 |
| Foreign Common Stocks | &nbsp;&nbsp; 38606508 | &nbsp;&nbsp; 38606508 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Money Market Funds | &nbsp;&nbsp; 91186405 | &nbsp;&nbsp; 91186405 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Purchased Options: |  |  |  |  |
| Call Options | &nbsp;&nbsp; 79135275 | &nbsp;&nbsp; 79135275 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| U.S. Treasury Obligations | &nbsp;&nbsp; 766508288 | &nbsp;&nbsp; — | &nbsp;&nbsp; 766508288 | &nbsp;&nbsp; — |
| **Total Assets - Investments in Securities** | &nbsp;&nbsp; $1402706546 | &nbsp;&nbsp; $482994645 | &nbsp;&nbsp; $913412933 | &nbsp;&nbsp; $6298968 |
| **Other Financial Instruments\*\*\*** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; $2327795 | &nbsp;&nbsp; $2327795 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| **Total Assets - Other Financial Instruments** | &nbsp;&nbsp; $2327795 | &nbsp;&nbsp; $2327795 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| **Liabilities:** |  |  |  |  |
| **Investments in Securities:** |  |  |  |  |
| Written Options: |  |  |  |  |
| Put Options | &nbsp;&nbsp; $(2543166)<br>| &nbsp;&nbsp; $(2543166)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| **Total Liabilities - Investments in Securities** | &nbsp;&nbsp; $(2543166)<br>| &nbsp;&nbsp; $(2543166)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |

---

---

| | |
|:---|:---|
| ^^ | Classifications as defined in the Schedule of Investments. |
| \*\*\* | Other financial instruments are derivative instruments, such as futures contracts, which are valued at the unrealized appreciation (depreciation) on the <br> investment. Further details regarding the value of these investments can be found in the preceding "Futures Contracts outstanding" disclosures.<br>|

---

There were no transfers to or from Level 3 during the year ended June 30, 2025.

Management has determined that the amount of Level 3 securities compared to total net assets is not material; therefore, the reconciliation of Level 3 securities and assumptions is not shown for the period ended June 30, 2025.

**176**

See Notes to Financial Statements.

------

**IMPACT EQUITY FUND**

**SCHEDULE OF INVESTMENTS**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **FOREIGN COMMON STOCK — 0.4%** | **FOREIGN COMMON STOCK — 0.4%** | **FOREIGN COMMON STOCK — 0.4%** |
| **Canada — 0.4%** | **Canada — 0.4%** |  |
| Innergex Renewable Energy, Inc. <br>(Cost $513,421) | 53315 | $537163 |
| **MONEY MARKET FUNDS — 92.7%** | **MONEY MARKET FUNDS — 92.7%** | **MONEY MARKET FUNDS — 92.7%** |
| GuideStone Money Market Fund, <br> 4.25% <br>(Institutional Class)Ø ∞ <br>(Cost $111,600,286) | 111600286 | 111600286 |
| **TOTAL INVESTMENTS — 93.1**% <br>(Cost $112,113,707) |  | 112137449 |
| **Other Assets in Excess of**<br> **Liabilities — 6.9%** |  | 8266450 |
| **NET ASSETS — 100.0%** |  | $120403899 |

---

Futures Contracts outstanding at June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Future Type** | **Expiration Date** | **Open Long** <br>**(Short) Contracts**<br>| **Notional** <br>**Market Value** <br>**of Contracts**<br>| **Value and** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| Canadian Dollars/U.S. Dollars | 09/2025 | &nbsp;&nbsp;&nbsp; 47 | &nbsp;&nbsp;&nbsp; $3462960 | &nbsp;&nbsp;&nbsp; $7693 |
| S&P/TSX 60 Index | 09/2025 | &nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp; 3524876 | &nbsp;&nbsp;&nbsp; 45728 |
| MSCI EAFE Index | 09/2025 | &nbsp;&nbsp;&nbsp; 189 | &nbsp;&nbsp;&nbsp; 25342065 | &nbsp;&nbsp;&nbsp; 367950 |
| MSCI Emerging Markets | 09/2025 | &nbsp;&nbsp;&nbsp; 198 | &nbsp;&nbsp;&nbsp; 12211650 | &nbsp;&nbsp;&nbsp; 365781 |
| S&P 500<sup>®</sup> E-Mini | 09/2025 | &nbsp;&nbsp;&nbsp; 238 | &nbsp;&nbsp;&nbsp; 74419625 | &nbsp;&nbsp;&nbsp; 2632276 |
| Total Futures Contracts outstanding at June 30, 2025 |  |  | &nbsp;&nbsp;&nbsp; $118961176 | &nbsp;&nbsp;&nbsp; $3419428 |

---

**VALUATION HIERARCHY**

The following is a summary of the inputs used, as of June 30, 2025, in valuing the Fund's investments carried at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total** <br>**Value**<br>| **Level 1** <br>**Quoted Prices**<br>| **Level 2** <br>**Other Significant** <br>**Observable Inputs**<br>| **Level 3** <br>**Significant** <br>**Unobservable Inputs**<br>|
| **Assets:** |  |  |  |  |
| **Investments in Securities:** |  |  |  |  |
| Foreign Common Stock | &nbsp;&nbsp; $537163 | &nbsp;&nbsp; $537163 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Money Market Funds | &nbsp;&nbsp; 111600286 | &nbsp;&nbsp; 111600286 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Total Assets - Investments in Securities** | &nbsp;&nbsp; $112137449 | &nbsp;&nbsp; $112137449 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| **Other Financial Instruments\*\*\*** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; $3419428 | &nbsp;&nbsp; $3419428 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| **Total Assets - Other Financial Instruments** | &nbsp;&nbsp; $3419428 | &nbsp;&nbsp; $3419428 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |

---

\*\*\* Other financial instruments are derivative instruments, such as futures contracts, which are valued at the unrealized appreciation (depreciation) on the investment. Further details regarding the value of these investments can be found in the preceding "Futures Contracts outstanding" disclosures. 

See Notes to Financial Statements.

**177**

------

**EQUITY INDEX FUND**

**SCHEDULE OF INVESTMENTS**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS — 95.1%** | **COMMON STOCKS — 95.1%** | **COMMON STOCKS — 95.1%** |
| **Communication Services — 9.9%** | **Communication Services — 9.9%** |  |
| Alphabet, Inc. Class A | 577074 | $101697751 |
| Alphabet, Inc. Class C | 475722 | 84388326 |
| AT&T, Inc. | 772975 | 22369896 |
| Charter Communications, Inc. <br> Class AΔ\* | 10007 | 4090962 |
| Comcast Corporation Class A | 410553 | 14652637 |
| Electronic Arts, Inc. | 25290 | 4038813 |
| Fox Corporation Class A | 31129 | 1744469 |
| Fox Corporation Class B | 22665 | 1170194 |
| Interpublic Group of Cos., Inc. (The) | 44154 | 1080890 |
| Live Nation Entertainment, Inc.Δ\* | 13806 | 2088572 |
| Meta Platforms, Inc. Class A | 219147 | 161750209 |
| Netflix, Inc.\* | 42770 | 57274590 |
| News Corporation Class A | 13865 | 412068 |
| News Corporation Class BΔ | 17149 | 588382 |
| Omnicom Group, Inc.Δ | 19263 | 1385780 |
| Paramount Global Class B | 81459 | 1050821 |
| Take-Two Interactive Software, Inc.\* | 17886 | 4343615 |
| TKO Group Holdings, Inc. | 9182 | 1670665 |
| T-Mobile US, Inc. | 53578 | 12765494 |
| Verizon Communications, Inc. | 474847 | 20546630 |
| Walt Disney Co. (The) | 185663 | 23024069 |
| Warner Bros Discovery, Inc.\* | 230946 | 2646641 |
|  |  | 524781474 |
| **Consumer Discretionary — 10.0%** | **Consumer Discretionary — 10.0%** |  |
| Airbnb, Inc. Class A\* | 41224 | 5455584 |
| Amazon.com, Inc.\* | 934041 | 204919255 |
| AutoZone, Inc.\* | 1728 | 6414733 |
| Best Buy Co., Inc. | 18981 | 1274195 |
| Booking Holdings, Inc. | 3269 | 18925026 |
| CarMax, Inc.\* | 12596 | 846577 |
| Carnival Corporation\* | 93461 | 2628123 |
| Chipotle Mexican Grill, Inc.\* | 134179 | 7534151 |
| D.R. Horton, Inc. | 32224 | 4154318 |
| Darden Restaurants, Inc. | 14447 | 3149013 |
| Deckers Outdoor Corporation\* | 12609 | 1299610 |
| Domino's Pizza, Inc.Δ | 3030 | 1365318 |
| DoorDash, Inc. Class A\* | 34633 | 8537381 |
| eBay, Inc. | 56398 | 4199395 |
| Expedia Group, Inc. | 10462 | 1764730 |
| Ford Motor Co.Δ | 360267 | 3908897 |
| General Motors Co. | 95248 | 4687154 |
| Genuine Parts Co. | 18371 | 2228586 |
| Hasbro, Inc. | 24098 | 1778914 |
| Hilton Worldwide Holdings, Inc. | 25222 | 6717627 |
| Home Depot, Inc. (The) | 98604 | 36152171 |
| Lennar Corporation Class A | 24195 | 2676209 |
| LKQ CorporationΔ | 27740 | 1026657 |
| Lowe's Cos., Inc. | 55638 | 12344403 |
| Lululemon Athletica, Inc.Δ\* | 11007 | 2615043 |
| Marriott International, Inc. Class A | 22914 | 6260334 |
| McDonald's Corporation | 74473 | 21758776 |
| Mohawk Industries, Inc.\* | 2387 | 250253 |
| NIKE, Inc. Class B | 122827 | 8725630 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Norwegian Cruise Line Holdings, <br> Ltd.\* | 34212 | $693819 |
| NVR, Inc.\* | 277 | 2045828 |
| O'Reilly Automotive, Inc.\* | 85275 | 7685836 |
| Pool CorporationΔ | 3147 | 917288 |
| PulteGroup, Inc. | 12455 | 1313504 |
| Ralph Lauren Corporation | 2445 | 670615 |
| Ross Stores, Inc. | 31270 | 3989427 |
| Royal Caribbean Cruises, Ltd.Δ | 23270 | 7286768 |
| Starbucks Corporation | 115296 | 10564572 |
| Tapestry, Inc.Δ | 22719 | 1994955 |
| Tesla, Inc.\* | 275606 | 87549002 |
| TJX Cos., Inc. (The) | 110726 | 13673554 |
| Tractor Supply Co.Δ | 50195 | 2648790 |
| Ulta Beauty, Inc.\* | 3993 | 1868005 |
| Williams-Sonoma, Inc. | 8971 | 1465592 |
| Yum! Brands, Inc. | 32953 | 4882976 |
|  |  | 532848594 |
| **Consumer Staples — 5.2%** | **Consumer Staples — 5.2%** |  |
| Archer-Daniels-Midland Co. | 58780 | 3102408 |
| Church & Dwight Co., Inc. | 27416 | 2634952 |
| Clorox Co. (The) | 14245 | 1710397 |
| Coca-Cola Co. (The) | 428871 | 30342623 |
| Colgate-Palmolive Co. | 97575 | 8869567 |
| Conagra Brands, Inc. | 100249 | 2052097 |
| Costco Wholesale Corporation | 44109 | 43665263 |
| Dollar General Corporation | 27632 | 3160548 |
| Dollar Tree, Inc.\* | 19591 | 1940293 |
| Estee Lauder Cos., Inc. (The) Class A | 24032 | 1941786 |
| General Mills, Inc. | 107180 | 5552996 |
| Hershey Co. (The)Δ | 18809 | 3121354 |
| Hormel Foods Corporation | 48902 | 1479286 |
| J.M. Smucker Co. (The) | 15075 | 1480365 |
| Kellanova | 35489 | 2822440 |
| Kenvue, Inc. | 262243 | 5488746 |
| Keurig Dr. Pepper, Inc. | 164662 | 5443726 |
| Kimberly-Clark Corporation | 38870 | 5011120 |
| Kraft Heinz Co. (The) | 178672 | 4613311 |
| Kroger Co. (The)Δ | 75797 | 5436919 |
| Lamb Weston Holdings, Inc. | 10228 | 530322 |
| McCormick & Co., Inc. (Non-Voting <br> Shares) | 30377 | 2303184 |
| Mondelez International, Inc. Class A | 169996 | 11464530 |
| Monster Beverage Corporation\* | 81543 | 5107854 |
| PepsiCo, Inc. | 167281 | 22087783 |
| Procter & Gamble Co. (The) | 251799 | 40116617 |
| Sysco Corporation | 52703 | 3991725 |
| Target Corporation | 45475 | 4486109 |
| The Campbell's Co.Δ | 41165 | 1261707 |
| Tyson Foods, Inc. Class A | 45726 | 2557912 |
| Walmart, Inc. | 435704 | 42603137 |
|  |  | 276381077 |
| **Energy — 2.9%** | **Energy — 2.9%** |  |
| APA CorporationΔ | 24228 | 443130 |
| Archrock, Inc. | 13 | 323 |

---

**178**

See Notes to Financial Statements.

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Baker Hughes Co. | 76217 | $2922160 |
| Chevron Corporation | 176251 | 25237381 |
| ConocoPhillips | 136906 | 12285944 |
| Coterra Energy, Inc. | 73032 | 1853552 |
| Devon Energy Corporation | 58094 | 1847970 |
| Diamondback Energy, Inc. | 20000 | 2748000 |
| EOG Resources, Inc. | 60355 | 7219061 |
| EQT Corporation | 56293 | 3283008 |
| Expand Energy Corporation | 20519 | 2399492 |
| Exxon Mobil Corporation | 450885 | 48605403 |
| Halliburton Co. | 53476 | 1089841 |
| Hess Corporation | 24694 | 3421107 |
| Kinder Morgan, Inc. | 212594 | 6250263 |
| Marathon Petroleum Corporation | 32177 | 5344921 |
| Occidental Petroleum CorporationΔ | 69269 | 2909991 |
| ONEOK, Inc. | 65945 | 5383090 |
| Phillips 66 | 41166 | 4911104 |
| Targa Resources Corporation | 21235 | 3696589 |
| Texas Pacific Land CorporationΔ | 1828 | 1931081 |
| Valero Energy Corporation | 31345 | 4213395 |
| Williams Cos., Inc. (The) | 130328 | 8185902 |
|  |  | 156182708 |
| **Financials — 13.4%** | **Financials — 13.4%** |  |
| Aflac, Inc. | 56520 | 5960599 |
| Allstate Corporation (The) | 27407 | 5517303 |
| American Express Co. | 50900 | 16236082 |
| American International Group, Inc. | 65815 | 5633106 |
| Ameriprise Financial, Inc. | 10345 | 5521437 |
| Apollo Global Management, Inc.Δ | 40443 | 5737648 |
| Arch Capital Group, Ltd. | 35117 | 3197403 |
| Arthur J. Gallagher & Co. | 27191 | 8704383 |
| Assurant, Inc. | 2404 | 474766 |
| Bank of America Corporation | 674462 | 31915542 |
| Bank of New York Mellon <br> Corporation (The) | 77492 | 7060296 |
| Berkshire Hathaway, Inc. Class B\* | 185356 | 90040384 |
| Blackrock, Inc. | 14307 | 15011620 |
| Blackstone, Inc. | 69916 | 10458035 |
| Brown & Brown, Inc. | 20522 | 2275274 |
| Capital One Financial Corporation | 58027 | 12345824 |
| Cboe Global Markets, Inc. | 14521 | 3386442 |
| Charles Schwab Corporation (The) | 167200 | 15255328 |
| Cincinnati Financial Corporation | 14725 | 2192847 |
| Citigroup, Inc. | 184838 | 15733411 |
| Citizens Financial Group, Inc. | 34788 | 1556763 |
| CME Group, Inc. | 41401 | 11410944 |
| Coinbase Global, Inc. Class A\* | 20749 | 7272317 |
| Corpay, Inc.\* | 5052 | 1676355 |
| Erie Indemnity Co. Class A | 1849 | 641215 |
| Everest Group, Ltd. | 3173 | 1078344 |
| FactSet Research Systems, Inc. | 4700 | 2102216 |
| Fidelity National Information <br> Services, Inc. | 54367 | 4426017 |
| Fifth Third Bancorp | 52084 | 2142215 |
| Fiserv, Inc.\* | 56603 | 9758923 |
| Franklin Resources, Inc.Δ | 37861 | 902985 |
| Global Payments, Inc. | 22769 | 1822431 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Globe Life, Inc. | 5006 | $622196 |
| Goldman Sachs Group, Inc. (The) | 29822 | 21106520 |
| Hartford Insurance Group, Inc. (The) | 28747 | 3647132 |
| Huntington Bancshares, Inc. | 118830 | 1991591 |
| Intercontinental Exchange, Inc. | 59293 | 10878487 |
| Invesco, Ltd. | 28914 | 455974 |
| Jack Henry & Associates, Inc. | 6405 | 1153989 |
| JPMorgan Chase & Co. | 280004 | 81175960 |
| KeyCorp | 64549 | 1124444 |
| KKR & Co., Inc. | 61931 | 8238681 |
| Loews Corporation | 28928 | 2651540 |
| M&T Bank Corporation | 18081 | 3507533 |
| MarketAxess Holdings, Inc. | 4271 | 953885 |
| Marsh & McLennan Cos., Inc. | 51698 | 11303251 |
| Mastercard, Inc. Class A | 80381 | 45169299 |
| MetLife, Inc. | 64005 | 5147282 |
| Moody's Corporation | 13640 | 6841688 |
| Morgan Stanley | 122245 | 17219431 |
| MSCI, Inc. | 7340 | 4233272 |
| Nasdaq, Inc. | 38291 | 3423981 |
| Northern Trust Corporation | 16617 | 2106869 |
| PayPal Holdings, Inc.\* | 91430 | 6795078 |
| PNC Financial Services Group, Inc. <br> (The) | 44111 | 8223173 |
| Principal Financial Group, Inc. | 19881 | 1579148 |
| Progressive Corporation (The) | 59797 | 15957427 |
| Prudential Financial, Inc. | 36128 | 3881592 |
| Raymond James Financial, Inc. | 15892 | 2437356 |
| Regions Financial Corporation | 64510 | 1517275 |
| S&P Global, Inc. | 31031 | 16362336 |
| State Street Corporation | 30870 | 3282716 |
| Synchrony Financial | 25095 | 1674840 |
| T. Rowe Price Group, Inc.Δ | 22044 | 2127246 |
| Travelers Cos., Inc. (The) | 24966 | 6679404 |
| Truist Financial Corporation | 139078 | 5978963 |
| U.S. Bancorp | 162438 | 7350319 |
| Visa, Inc. Class AΔ | 172651 | 61299737 |
| W.R. Berkley Corporation | 30968 | 2275219 |
| Wells Fargo & Co. | 327773 | 26261173 |
|  |  | 714084462 |
| **Health Care — 8.3%** | **Health Care — 8.3%** |  |
| Abbott Laboratories | 186861 | 25414965 |
| Agilent Technologies, Inc. | 34112 | 4025557 |
| Align Technology, Inc.\* | 5801 | 1098303 |
| Amgen, Inc.Δ | 82385 | 23002716 |
| Baxter International, Inc. | 64652 | 1957663 |
| Becton, Dickinson and Co. | 35672 | 6144502 |
| Biogen, Inc.\* | 66481 | 8349349 |
| Boston Scientific Corporation\* | 153720 | 16511065 |
| Bristol-Myers Squibb Co. | 396822 | 18368890 |
| Cardinal Health, Inc. | 30588 | 5138784 |
| Cencora, Inc. | 29391 | 8812891 |
| Centene Corporation\* | 85829 | 4658798 |
| Charles River Laboratories <br> International, Inc.\* | 6323 | 959389 |
| Cigna Group (The) | 37400 | 12363692 |
| Danaher Corporation | 71318 | 14088158 |

---

See Notes to Financial Statements.

**179**

------

**EQUITY INDEX FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| DaVita, Inc.\* | 11266 | $1604842 |
| Dexcom, Inc.\* | 39119 | 3414697 |
| Edwards Lifesciences Corporation\* | 57327 | 4483545 |
| Elevance Health, Inc. | 33812 | 13151516 |
| Eli Lilly and Co. | 84043 | 65514040 |
| GE HealthCare Technologies, Inc. | 43306 | 3207675 |
| Gilead Sciences, Inc. | 191279 | 21207103 |
| HCA Healthcare, Inc. | 25973 | 9950256 |
| Henry Schein, Inc.Δ\* | 23034 | 1682634 |
| Hologic, Inc.\* | 29305 | 1909514 |
| Humana, Inc. | 15210 | 3718541 |
| IDEXX Laboratories, Inc.\* | 7284 | 3906701 |
| Incyte Corporation\* | 72520 | 4938612 |
| Insulet Corporation\* | 6896 | 2166585 |
| Intuitive Surgical, Inc.\* | 35217 | 19137270 |
| IQVIA Holdings, Inc.\* | 19293 | 3040384 |
| Labcorp Holdings, Inc. | 16624 | 4363966 |
| McKesson Corporation | 15366 | 11259897 |
| Mettler-Toledo International, Inc.\* | 2272 | 2668964 |
| Moderna, Inc.Δ\* | 87929 | 2425961 |
| Molina Healthcare, Inc.\* | 9616 | 2864606 |
| Quest Diagnostics, Inc. | 26043 | 4678104 |
| Regeneron Pharmaceuticals, Inc. | 19789 | 10389225 |
| ResMed, Inc.Δ | 15213 | 3924954 |
| Revvity, Inc.Δ | 17319 | 1675094 |
| Solventum Corporation\* | 15682 | 1189323 |
| Stryker Corporation | 36595 | 14478080 |
| Thermo Fisher Scientific, Inc. | 43713 | 17723873 |
| Universal Health Services, Inc. <br> Class B | 11113 | 2013120 |
| Vertex Pharmaceuticals, Inc.\* | 38367 | 17080988 |
| Viatris, Inc. | 896473 | 8005504 |
| Waters Corporation\* | 7467 | 2606282 |
| West Pharmaceutical Services, Inc. | 8649 | 1892401 |
| Zimmer Biomet Holdings, Inc. | 24469 | 2231817 |
| Zoetis, Inc. | 105677 | 16480328 |
|  |  | 441881124 |
| **Industrials — 7.8%** | **Industrials — 7.8%** |  |
| 3M Co. | 52734 | 8028224 |
| A.O. Smith Corporation | 16217 | 1063349 |
| AMETEK, Inc. | 26617 | 4816612 |
| Automatic Data Processing, Inc. | 49116 | 15147374 |
| Axon Enterprise, Inc.\* | 6918 | 5727689 |
| Boeing Co. (The)\* | 72684 | 15229479 |
| Broadridge Financial Solutions, Inc. | 13628 | 3312013 |
| Builders FirstSource, Inc.\* | 8558 | 998633 |
| C.H. Robinson Worldwide, Inc. | 12459 | 1195441 |
| Carrier Global Corporation | 78938 | 5777472 |
| Caterpillar, Inc. | 45723 | 17750126 |
| Cintas Corporation | 27719 | 6177734 |
| Copart, Inc.\* | 62547 | 3069181 |
| CSX Corporation | 185964 | 6068005 |
| Cummins, Inc. | 12679 | 4152372 |
| Dayforce, Inc.\* | 12769 | 707275 |
| Deere & Co. | 25686 | 13061074 |
| Delta Air Lines, Inc. | 66318 | 3261519 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Dover Corporation | 11833 | $2168161 |
| Emerson Electric Co. | 56724 | 7563011 |
| Equifax, Inc. | 11539 | 2992870 |
| Expeditors International of <br> Washington, Inc. | 10368 | 1184544 |
| Fastenal Co. | 104892 | 4405464 |
| FedEx Corporation | 23188 | 5270864 |
| Fortive Corporation | 31205 | 1626717 |
| GE Vernova, Inc. | 27966 | 14798209 |
| Generac Holdings, Inc.\* | 3923 | 561813 |
| General Dynamics Corporation | 26183 | 7636534 |
| General Electric Co. | 102962 | 26501389 |
| Honeywell International, Inc.Δ | 63790 | 14855415 |
| Howmet Aerospace, Inc. | 32752 | 6096130 |
| Hubbell, Inc. | 4746 | 1938314 |
| Huntington Ingalls Industries, Inc. | 2805 | 677295 |
| IDEX Corporation | 6919 | 1214769 |
| Illinois ToolWorks, Inc. | 27249 | 6737315 |
| Ingersoll-Rand, Inc. | 28689 | 2386351 |
| J.B. Hunt Transport Services, Inc. | 6373 | 915163 |
| Jacobs Solutions, Inc. | 12870 | 1691762 |
| L3Harris Technologies, Inc. | 20994 | 5266135 |
| Leidos Holdings, Inc. | 16258 | 2564862 |
| Lennox International, Inc.Δ | 2901 | 1662969 |
| Lockheed Martin Corporation | 23829 | 11036163 |
| Masco Corporation | 23878 | 1536788 |
| Nordson CorporationΔ | 5292 | 1134446 |
| Norfolk Southern Corporation | 21910 | 5608303 |
| Northrop Grumman Corporation | 15674 | 7836687 |
| Old Dominion Freight Line, Inc. | 14856 | 2411129 |
| Otis Worldwide Corporation | 37638 | 3726915 |
| PACCAR, Inc. | 52087 | 4951390 |
| Parker-Hannifin Corporation | 11688 | 8163717 |
| Paychex, Inc.Δ | 37853 | 5506097 |
| Paycom Software, Inc. | 3850 | 890890 |
| Quanta Services, Inc. | 11594 | 4383460 |
| Republic Services, Inc. | 20308 | 5008156 |
| Rockwell Automation, Inc. | 11287 | 3749203 |
| Rollins, Inc. | 21375 | 1205978 |
| RTX Corporation | 149700 | 21859194 |
| Snap-on, Inc. | 5899 | 1835651 |
| Southwest Airlines Co.Δ | 69304 | 2248222 |
| Stanley Black & Decker, Inc. | 15175 | 1028106 |
| Textron, Inc. | 15886 | 1275487 |
| TransDigm Group, Inc. | 5382 | 8184084 |
| Uber Technologies, Inc.\* | 203496 | 18986177 |
| Union Pacific Corporation | 60128 | 13834250 |
| United Airlines Holdings, Inc.\* | 32343 | 2575473 |
| United Parcel Service, Inc. Class B | 80675 | 8143334 |
| United Rentals, Inc. | 5125 | 3861175 |
| Veralto Corporation | 15414 | 1556043 |
| Verisk Analytics, Inc. | 17445 | 5434117 |
| W.W. Grainger, Inc. | 3812 | 3965395 |
| Waste Management, Inc. | 35857 | 8204799 |
| Westinghouse Air Brake Technologies <br> Corporation | 13439 | 2813455 |

---

**180**

See Notes to Financial Statements.

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Xylem, Inc. | 21548 | $2787449 |
|  |  | 412001361 |
| **Information Technology — 31.7%** | **Information Technology — 31.7%** |  |
| Adobe, Inc.\* | 42463 | 16428085 |
| Advanced Micro Devices, Inc.\* | 156950 | 22271205 |
| Akamai Technologies, Inc.Δ\* | 13007 | 1037438 |
| Amphenol Corporation Class A | 117249 | 11578339 |
| Analog Devices, Inc. | 49138 | 11695827 |
| ANSYS, Inc.\* | 7568 | 2658033 |
| Apple, Inc. | 1490658 | 305838302 |
| Applied Materials, Inc. | 77381 | 14166140 |
| Arista Networks, Inc.\* | 93516 | 9567622 |
| Autodesk, Inc.\* | 18971 | 5872852 |
| Broadcom, Inc. | 463899 | 127873759 |
| Cadence Design Systems, Inc.\* | 25390 | 7823929 |
| CDW Corporation | 11947 | 2133615 |
| Cisco Systems, Inc. | 403371 | 27985880 |
| Cognizant Technology Solutions <br> Corporation Class A | 48265 | 3766118 |
| Corning, Inc. | 88163 | 4636492 |
| Crowdstrike Holdings, Inc. Class A\* | 23446 | 11941282 |
| Dell Technologies, Inc. Class C | 29747 | 3646982 |
| Enphase Energy, Inc.\* | 12624 | 500542 |
| EPAM Systems, Inc.\* | 4977 | 880033 |
| F5, Inc.\* | 3085 | 907977 |
| Fair Isaac Corporation\* | 2437 | 4454739 |
| First Solar, Inc.Δ\* | 11847 | 1961152 |
| Fortinet, Inc.\* | 60698 | 6416993 |
| Gartner, Inc.\* | 6492 | 2624196 |
| Gen Digital, Inc. | 62969 | 1851289 |
| GoDaddy, Inc. Class A\* | 13951 | 2512017 |
| Hewlett Packard Enterprise Co. | 153179 | 3132511 |
| HP, Inc. | 134667 | 3293955 |
| Intel Corporation | 422446 | 9462790 |
| International Business Machines <br> Corporation | 94536 | 27867322 |
| Intuit, Inc. | 27878 | 21957549 |
| Jabil, Inc. | 8416 | 1835530 |
| Juniper Networks, Inc. | 39466 | 1575877 |
| Keysight Technologies, Inc.\* | 13420 | 2199001 |
| KLA Corporation | 12003 | 10751567 |
| Lam Research Corporation | 117645 | 11451564 |
| Microchip Technology, Inc.Δ | 49200 | 3462204 |
| Micron Technology, Inc. | 105058 | 12948399 |
| Microsoft Corporation | 737027 | 366604600 |
| Monolithic Power Systems, Inc. | 4186 | 3061557 |
| Motorola Solutions, Inc. | 17253 | 7254196 |
| NetApp, Inc. | 23896 | 2546119 |
| NVIDIA Corporation | 2422921 | 382797289 |
| ON Semiconductor Corporation\* | 33696 | 1766007 |
| Oracle Corporation | 159885 | 34955658 |
| Palantir Technologies, Inc. Class A\* | 208695 | 28449302 |
| Palo Alto Networks, Inc.Δ\* | 63618 | 13018788 |
| PTC, Inc.\* | 8371 | 1442658 |
| QUALCOMM, Inc. | 106577 | 16973453 |
| Ralliant Corporation\* | 101 | 4881 |
| Roper Technologies, Inc. | 10888 | 6171754 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Salesforce, Inc. | 94215 | $25691488 |
| ServiceNow, Inc.\* | 20267 | 20836097 |
| Skyworks Solutions, Inc. | 15419 | 1149024 |
| Super Micro Computer, Inc.Δ\* | 46882 | 2297687 |
| Synopsys, Inc.\* | 13802 | 7076009 |
| Teledyne Technologies, Inc.\* | 5596 | 2866887 |
| Teradyne, Inc. | 9806 | 881756 |
| Texas Instruments, Inc. | 93010 | 19310736 |
| Trimble, Inc.\* | 19275 | 1464515 |
| Tyler Technologies, Inc.\* | 4548 | 2696236 |
| VeriSign, Inc. | 8842 | 2553570 |
| Western Digital Corporation | 35458 | 2268957 |
| Workday, Inc. Class A\* | 20656 | 4957440 |
| Zebra Technologies Corporation <br> Class A\* | 4187 | 1291103 |
|  |  | 1683356874 |
| **Materials — 1.3%** | **Materials — 1.3%** |  |
| Air Products and Chemicals, Inc. | 22541 | 6357914 |
| Albemarle Corporation | 9480 | 594112 |
| Avery Dennison Corporation | 5863 | 1028781 |
| Ball Corporation | 26240 | 1471802 |
| CF Industries Holdings, Inc. | 18904 | 1739168 |
| Corteva, Inc. | 68267 | 5087939 |
| Dow, Inc. | 94964 | 2514647 |
| DuPont de Nemours, Inc. | 47302 | 3244444 |
| Eastman Chemical Co. | 14389 | 1074283 |
| Ecolab, Inc. | 25073 | 6755669 |
| Freeport-McMoRan, Inc. | 125741 | 5450872 |
| International Flavors & Fragrances, <br> Inc. | 30254 | 2225182 |
| International Paper Co.Δ | 51522 | 2412775 |
| Martin Marietta Materials, Inc. | 5018 | 2754681 |
| Mosaic Co. (The) | 35598 | 1298615 |
| Newmont Corporation | 104840 | 6107978 |
| Nucor Corporation | 20449 | 2648963 |
| Packaging Corporation of America | 10735 | 2023011 |
| PPG Industries, Inc. | 19496 | 2217670 |
| Sherwin-Williams Co. (The) | 21527 | 7391511 |
| Steel Dynamics, Inc. | 10955 | 1402350 |
| Vulcan Materials Co. | 11371 | 2965784 |
|  |  | 68768151 |
| **Real Estate — 2.1%** | **Real Estate — 2.1%** |  |
| Alexandria Real Estate Equities, Inc. <br> REIT | 13587 | 986824 |
| American Tower Corporation REIT | 56714 | 12534928 |
| AvalonBay Communities, Inc. REIT | 14896 | 3031336 |
| BXP, Inc. REIT | 11272 | 760522 |
| Camden Property Trust REIT | 12210 | 1375945 |
| CBRE Group, Inc. Class A\* | 32062 | 4492527 |
| CoStar Group, Inc.\* | 43162 | 3470225 |
| Crown Castle, Inc. REIT | 71945 | 7390910 |
| Digital Realty Trust, Inc. REIT | 30269 | 5276795 |
| Equinix, Inc. REIT | 9276 | 7378780 |
| Equity Residential REIT | 40640 | 2742794 |
| Essex Property Trust, Inc. REIT | 8395 | 2379143 |
| Extra Space Storage, Inc. REIT | 23903 | 3524258 |

---

See Notes to Financial Statements.

**181**

------

**EQUITY INDEX FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Federal Realty Investment Trust REIT | 5137 | $487964 |
| Healthpeak Properties, Inc. REIT | 99693 | 1745624 |
| Host Hotels & Resorts, Inc. REIT | 47716 | 732918 |
| Invitation Homes, Inc. REIT | 60850 | 1995880 |
| Iron Mountain, Inc. REIT | 27908 | 2862524 |
| Kimco Realty Corporation REIT | 76752 | 1613327 |
| Mid-America Apartment <br> Communities, Inc. REIT | 17039 | 2521942 |
| Prologis, Inc. REIT | 93987 | 9879914 |
| Public Storage REIT | 19298 | 5662419 |
| Regency Centers Corporation REIT | 28783 | 2050213 |
| SBA Communications Corporation <br> REIT | 13516 | 3174097 |
| Simon Property Group, Inc. REIT | 30590 | 4917648 |
| UDR, Inc. REIT | 34368 | 1403245 |
| Ventas, Inc. REIT | 54188 | 3421972 |
| Welltower, Inc. REIT | 73086 | 11235511 |
| Weyerhaeuser Co. REIT | 75055 | 1928163 |
|  |  | 110978348 |
| **Utilities — 2.5%** | **Utilities — 2.5%** |  |
| AES Corporation (The) | 84414 | 888035 |
| Alliant Energy Corporation | 22632 | 1368557 |
| Ameren Corporation | 19884 | 1909659 |
| American Electric Power Co., Inc. | 64233 | 6664816 |
| American Water Works Co., Inc. | 34800 | 4841028 |
| Atmos Energy CorporationΔ | 16716 | 2576103 |
| CenterPoint Energy, Inc.Δ | 50231 | 1845487 |
| CMS Energy Corporation | 24417 | 1691610 |
| Consolidated Edison, Inc. | 54284 | 5447399 |
| Constellation Energy Corporation | 29265 | 9445571 |
| Dominion Energy, Inc. | 87308 | 4934648 |
| DTE Energy Co. | 18119 | 2400043 |
| Duke Energy Corporation | 96372 | 11371896 |
| Edison International | 41333 | 2132783 |
| Entergy Corporation | 43304 | 3599429 |
| Evergy, Inc. | 18834 | 1298228 |
| Eversource EnergyΔ | 46832 | 2979452 |
| Exelon Corporation | 123410 | 5358462 |
| FirstEnergy Corporation | 55593 | 2238174 |
| NextEra Energy, Inc. | 215822 | 14982363 |
| NiSource, Inc. | 23079 | 931007 |
| NRG Energy, Inc. | 19377 | 3111559 |
| PG&E Corporation | 188273 | 2624526 |
| Pinnacle West Capital Corporation | 5256 | 470254 |
| PPL Corporation | 65214 | 2210103 |
| Public Service Enterprise Group, Inc. | 46751 | 3935499 |
| Sempra | 64983 | 4923762 |
| Southern Co. (The) | 136927 | 12574006 |
| Vistra Corporation | 30698 | 5949579 |
| WEC Energy Group, Inc. | 35929 | 3743802 |
| Xcel Energy, Inc.Δ | 60749 | 4137007 |
|  |  | 132584847 |
| **Total Common Stocks** <br>(Cost $2,548,105,583) | **Total Common Stocks** <br>(Cost $2,548,105,583) | 5053849020 |
| **FOREIGN COMMON STOCKS — 2.7%** | **FOREIGN COMMON STOCKS — 2.7%** | **FOREIGN COMMON STOCKS — 2.7%** |
| **Canada — 0.0%** | **Canada — 0.0%** |  |
| Enerflex, Ltd. | 6 | 47 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Curacao — 0.1%** | **Curacao — 0.1%** |  |
| Schlumberger NV | 110637 | $3739531 |
| **Ireland — 2.1%** | **Ireland — 2.1%** |  |
| Accenture PLC Class A | 63226 | 18897619 |
| Allegion PLCΔ | 9625 | 1387155 |
| Aon PLC Class A | 21693 | 7739195 |
| Eaton Corporation PLC | 39307 | 14032206 |
| Johnson Controls International PLC | 67201 | 7097770 |
| Linde PLC | 48289 | 22656233 |
| Medtronic PLCΔ | 149775 | 13055887 |
| Pentair PLC | 7659 | 786273 |
| Seagate Technology Holdings PLCΔ | 23569 | 3401714 |
| Smurfit WestRock PLC | 44756 | 1931221 |
| STERIS PLC | 11916 | 2862462 |
| TE Connectivity PLC | 31453 | 5305177 |
| Trane Technologies PLC | 23477 | 10269075 |
| Willis Towers Watson PLC | 10753 | 3295794 |
|  |  | 112717781 |
| **Jersey — 0.1%** | **Jersey — 0.1%** |  |
| Amcor PLC | 174148 | 1600420 |
| Aptiv PLC\* | 26900 | 1835118 |
|  |  | 3435538 |
| **Netherlands — 0.1%** | **Netherlands — 0.1%** |  |
| LyondellBasell Industries NV <br> Class AΔ | 38136 | 2206549 |
| NXP Semiconductor NV | 24211 | 5289861 |
|  |  | 7496410 |
| **Switzerland — 0.3%** | **Switzerland — 0.3%** |  |
| Bunge Global SA | 15898 | 1276291 |
| Chubb, Ltd. | 42570 | 12333380 |
| Garmin, Ltd. | 15459 | 3226603 |
|  |  | 16836274 |
| **Total Foreign Common Stocks** <br>(Cost $86,812,441) | **Total Foreign Common Stocks** <br>(Cost $86,812,441) | 144225581 |
| **MONEY MARKET FUNDS — 2.4%** | **MONEY MARKET FUNDS — 2.4%** | **MONEY MARKET FUNDS — 2.4%** |
| Northern Institutional Liquid Assets <br> Portfolio (Shares), 4.39%Ø§ | 14934556 | 14934556 |
| GuideStone Money Market Fund, <br> 4.25% <br>(Institutional Class)Ø∞ | 112330609 | 112330609 |
| **Total Money Market Funds** <br>(Cost $127,265,165) | **Total Money Market Funds** <br>(Cost $127,265,165) | 127265165 |
| **TOTAL INVESTMENTS** — **100.2%** <br>(Cost $2,762,183,189) |  | 5325339766 |
| **Liabilities in Excess of Other**<br> **Assets — (0.2)%** |  | (12632783)<br>|
| **NET ASSETS — 100.0%** |  | $5312706983 |

---

**182**

See Notes to Financial Statements.

------

Futures Contracts outstanding at June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Future Type** | **Expiration Date** | **Open Long** <br>**(Short) Contracts**<br>| **Notional** <br>**Market Value** <br>**of Contracts**<br>| **Value and** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| S&P 500<sup>®</sup> E-Mini | 09/2025 | &nbsp;&nbsp;&nbsp; 360 | &nbsp;&nbsp;&nbsp; $112567500 | &nbsp;&nbsp;&nbsp; $3892639 |

---

**VALUATION HIERARCHY**

The following is a summary of the inputs used, as of June 30, 2025, in valuing the Fund's investments carried at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total** <br>**Value**<br>| **Level 1** <br>**Quoted Prices**<br>| **Level 2** <br>**Other Significant** <br>**Observable Inputs**<br>| **Level 3** <br>**Significant** <br>**Unobservable Inputs**<br>|
| **Assets:** |  |  |  |  |
| **Investments in Securities:** |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $5053849020 | &nbsp;&nbsp; $5053849020 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Foreign Common Stocks | &nbsp;&nbsp; 144225581 | &nbsp;&nbsp; 144225581 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Money Market Funds | &nbsp;&nbsp; 127265165 | &nbsp;&nbsp; 127265165 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Total Assets - Investments in Securities** | &nbsp;&nbsp; $5325339766 | &nbsp;&nbsp; $5325339766 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| **Other Financial Instruments\*\*\*** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; $3892639 | &nbsp;&nbsp; $3892639 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| **Total Assets - Other Financial Instruments** | &nbsp;&nbsp; $3892639 | &nbsp;&nbsp; $3892639 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |

---

\*\*\* Other financial instruments are derivative instruments, such as futures contracts, which are valued at the unrealized appreciation (depreciation) on the investment. Further details regarding the value of these investments can be found in the preceding "Futures Contracts outstanding" disclosure. 

See Notes to Financial Statements.

**183**

------

**VALUE EQUITY INDEX FUND**

**SCHEDULE OF INVESTMENTS**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS — 91.5%** | **COMMON STOCKS — 91.5%** | **COMMON STOCKS — 91.5%** |
| **Communication Services — 7.9%** | **Communication Services — 7.9%** |  |
| Alphabet, Inc. Class A | 12135 | $2138551 |
| Alphabet, Inc. Class C | 14933 | 2648965 |
| Angi, Inc.\* | 556 | 8485 |
| AST SpaceMobile, Inc.Δ\* | 198 | 9253 |
| AT&T, Inc. | 61171 | 1770289 |
| Charter Communications, Inc. <br> Class AΔ\* | 780 | 318872 |
| Comcast Corporation Class A | 31284 | 1116526 |
| Electronic Arts, Inc. | 2051 | 327545 |
| Fox Corporation Class A | 291 | 16308 |
| Fox Corporation Class B | 1986 | 102537 |
| Frontier Communications Parent, <br> Inc.\* | 1224 | 44554 |
| IAC, Inc.\* | 1060 | 39580 |
| Interpublic Group of Cos., Inc. (The) | 3732 | 91359 |
| Iridium Communications, Inc. | 304 | 9172 |
| Liberty Broadband Corporation\* | 798 | 78507 |
| Liberty Broadband Corporation <br> Class A\* | 105 | 10271 |
| Liberty Media Corporation-Liberty <br> Formula One Class A\* | 387 | 36749 |
| Liberty Media Corporation-Liberty <br> Formula One Class C\* | 905 | 94572 |
| Liberty Media Corporation-Liberty <br> Live Class A\* | 832 | 66127 |
| Liberty Media Corporation-Liberty <br> Live Class C\* | 173 | 14041 |
| Madison Square Garden Sports <br> Corporation\* | 119 | 24865 |
| Meta Platforms, Inc. Class A | 2835 | 2092485 |
| New York Times Co. (The) Class A | 831 | 46519 |
| News Corporation Class A | 2285 | 67910 |
| News Corporation Class B | 931 | 31943 |
| Nexstar Media Group, Inc. Class AΔ | 191 | 33033 |
| Omnicom Group, Inc. | 1358 | 97694 |
| Paramount Global Class B | 5200 | 67080 |
| Pinterest, Inc. Class A\* | 2745 | 98436 |
| Roku, Inc.\* | 807 | 70927 |
| Sirius XM Holdings, Inc.Δ | 1593 | 36591 |
| Take-Two Interactive Software, Inc.\* | 877 | 212979 |
| TKO Group Holdings, Inc. | 288 | 52402 |
| T-Mobile US, Inc. | 3915 | 932788 |
| Trump Media & Technology Group <br> Corporation\* | 689 | 12430 |
| Verizon Communications, Inc. | 34645 | 1499089 |
| Walt Disney Co. (The) | 14357 | 1780412 |
| Warner Bros Discovery, Inc.\* | 15574 | 178478 |
| ZoomInfo Technologies, Inc.\* | 1984 | 20078 |
|  |  | 16298402 |
| **Consumer Discretionary — 7.3%** | **Consumer Discretionary — 7.3%** |  |
| ADT, Inc. | 6083 | 51523 |
| Amazon.com, Inc.\* | 18807 | 4126068 |
| Aramark | 1888 | 79051 |
| AutoNation, Inc.\* | 138 | 27414 |
| AutoZone, Inc.\* | 95 | 352662 |
| Bath & Body Works, Inc. | 1381 | 41375 |
| Best Buy Co., Inc. | 1727 | 115933 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Booking Holdings, Inc. | 6 | $34735 |
| BorgWarner, Inc. | 2686 | 89927 |
| Bright Horizons Family Solutions, <br> Inc.\* | 438 | 54132 |
| Brunswick Corporation | 1344 | 74243 |
| CarMax, Inc.\* | 1009 | 67815 |
| Carnival Corporation\* | 4997 | 140516 |
| Crocs, Inc.\* | 470 | 47602 |
| D.R. Horton, Inc. | 2168 | 279499 |
| Darden Restaurants, Inc. | 587 | 127948 |
| Dick's Sporting Goods, Inc. | 359 | 71014 |
| Dillard's, Inc. Class AΔ | 47 | 19638 |
| Domino's Pizza, Inc.Δ | 133 | 59930 |
| eBay, Inc. | 4111 | 306105 |
| Etsy, Inc.\* | 247 | 12389 |
| Five Below, Inc.\* | 424 | 55620 |
| Floor & Decor Holdings, Inc. <br> Class A\* | 508 | 38588 |
| Ford Motor Co. | 27520 | 298592 |
| GameStop Corporation Class AΔ\* | 2685 | 65487 |
| Gap, Inc. (The) | 896 | 19542 |
| General Motors Co. | 6430 | 316420 |
| Gentex Corporation | 4135 | 90929 |
| Genuine Parts Co. | 1188 | 144116 |
| Grand Canyon Education, Inc.\* | 40 | 7560 |
| H&R Block, Inc. | 848 | 46547 |
| Harley-Davidson, Inc.Δ | 40 | 944 |
| Hasbro, Inc. | 1615 | 119219 |
| Home Depot, Inc. (The) | 1516 | 555826 |
| Hyatt Hotels Corporation Class A | 206 | 28768 |
| Lear Corporation | 1149 | 109132 |
| Lennar Corporation Class A | 1791 | 198102 |
| Lennar Corporation Class B | 444 | 46731 |
| Lithia Motors, Inc. | 189 | 63848 |
| LKQ Corporation | 2863 | 105960 |
| Lowe's Cos., Inc. | 4399 | 976006 |
| Lucid Group, Inc.Δ\* | 10614 | 22396 |
| Lululemon Athletica, Inc.\* | 338 | 80302 |
| Macy's, Inc.Δ | 4408 | 51397 |
| Marriott International, Inc. Class A | 75 | 20491 |
| Mattel, Inc.\* | 3701 | 72984 |
| McDonald's Corporation | 5610 | 1639074 |
| Mohawk Industries, Inc.\* | 337 | 35331 |
| Newell Brands, Inc. | 983 | 5308 |
| NIKE, Inc. Class B | 8385 | 595670 |
| NVR, Inc.\* | 21 | 155099 |
| O'Reilly Automotive, Inc.\* | 675 | 60838 |
| Ollie's Bargain Outlet Holdings, Inc.\* | 617 | 81308 |
| Penske Automotive Group, Inc. | 107 | 18384 |
| Pool Corporation | 296 | 86278 |
| PulteGroup, Inc. | 1309 | 138047 |
| PVH Corporation | 204 | 13994 |
| QuantumScape CorporationΔ\* | 3710 | 24931 |
| Ralph Lauren Corporation | 194 | 53210 |
| RHΔ\* | 29 | 5481 |
| Rivian Automotive, Inc. Class AΔ\* | 6171 | 84790 |
| Ross Stores, Inc. | 1947 | 248398 |
| Service Corporation International | 1129 | 91901 |

---

**184**

See Notes to Financial Statements.

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| SharkNinja, Inc.Δ\* | 291 | $28806 |
| Skechers U.S.A., Inc. Class A\* | 801 | 50543 |
| Starbucks Corporation | 6846 | 627299 |
| Tapestry, Inc.Δ | 1755 | 154107 |
| Thor Industries, Inc.Δ | 193 | 17140 |
| TJX Cos., Inc. (The) | 3622 | 447281 |
| Toll Brothers, Inc. | 526 | 60032 |
| TopBuild Corporation\* | 177 | 57302 |
| Travel + Leisure Co. | 493 | 25444 |
| Ulta Beauty, Inc.\* | 253 | 118358 |
| Under Armour, Inc. Class C\* | 968 | 6282 |
| Vail Resorts, Inc.Δ | 60 | 9428 |
| VF CorporationΔ | 3173 | 37283 |
| Wayfair, Inc. Class AΔ\* | 385 | 19689 |
| Wendy's Co. (The)Δ | 1305 | 14903 |
| Whirlpool CorporationΔ | 396 | 40162 |
| Williams-Sonoma, Inc. | 744 | 121547 |
| Wyndham Hotels & Resorts, Inc. | 521 | 42310 |
| YETI Holdings, Inc.\* | 1659 | 52292 |
| Yum! Brands, Inc. | 1543 | 228642 |
|  |  | 15211918 |
| **Consumer Staples — 7.3%** | **Consumer Staples — 7.3%** |  |
| Albertsons Cos., Inc. Class A | 4569 | 98279 |
| Archer-Daniels-Midland Co. | 4191 | 221201 |
| BellRing Brands, Inc.Δ\* | 1154 | 66851 |
| BJ's Wholesale Club Holdings, Inc.\* | 996 | 107399 |
| Casey's General Stores, Inc. | 269 | 137263 |
| Church & Dwight Co., Inc. | 1837 | 176554 |
| Clorox Co. (The) | 1167 | 140122 |
| Coca-Cola Co. (The) | 16212 | 1146999 |
| Coca-Cola Consolidated, Inc.Δ | 600 | 66990 |
| Colgate-Palmolive Co. | 3594 | 326695 |
| Conagra Brands, Inc. | 8383 | 171600 |
| Coty, Inc. Class A\* | 5539 | 25756 |
| Darling Ingredients, Inc.\* | 1055 | 40027 |
| Dollar General Corporation | 1939 | 221783 |
| Dollar Tree, Inc.\* | 1434 | 142023 |
| elf Beauty, Inc.\* | 508 | 63216 |
| Estee Lauder Cos., Inc. (The) Class A | 1989 | 160711 |
| Flowers Foods, Inc. | 5813 | 92892 |
| Freshpet, Inc.\* | 172 | 11689 |
| General Mills, Inc. | 7287 | 377540 |
| Hershey Co. (The)Δ | 1103 | 183043 |
| Hormel Foods Corporation | 4336 | 131164 |
| Ingredion, Inc. | 594 | 80558 |
| J.M. Smucker Co. (The) | 1154 | 113323 |
| Kellanova | 1622 | 128998 |
| Kenvue, Inc. | 19967 | 417909 |
| Keurig Dr. Pepper, Inc. | 13288 | 439301 |
| Kimberly-Clark Corporation | 1847 | 238115 |
| Kraft Heinz Co. (The) | 11676 | 301474 |
| Kroger Co. (The) | 5106 | 366253 |
| Lamb Weston Holdings, Inc. | 759 | 39354 |
| Maplebear, Inc.\* | 1197 | 54152 |
| McCormick & Co., Inc. (Non-Voting <br> Shares) | 2110 | 159980 |
| Mondelez International, Inc. Class A | 12410 | 836931 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| PepsiCo, Inc. | 10250 | $1353410 |
| Pilgrim's Pride Corporation | 798 | 35894 |
| Post Holdings, Inc.\* | 476 | 51898 |
| Primo Brands Corporation | 3528 | 104499 |
| Procter & Gamble Co. (The) | 17084 | 2721823 |
| Reynolds Consumer Products, Inc. | 655 | 14030 |
| Seaboard Corporation | 3 | 8584 |
| Sysco Corporation | 1906 | 144361 |
| Target Corporation | 3677 | 362736 |
| The Campbell's Co. | 4122 | 126339 |
| Tyson Foods, Inc. Class A | 2567 | 143598 |
| U.S. Foods Holding Corporation\* | 1593 | 122677 |
| Walmart, Inc. | 27971 | 2735004 |
|  |  | 15210998 |
| **Energy — 5.6%** | **Energy — 5.6%** |  |
| Antero Midstream Corporation | 305 | 5780 |
| Antero Resources Corporation\* | 1551 | 62474 |
| APA CorporationΔ | 2090 | 38226 |
| Baker Hughes Co. | 7062 | 270757 |
| Cheniere Energy, Inc. | 964 | 234753 |
| Chevron Corporation | 13629 | 1951537 |
| Chord Energy Corporation | 424 | 41064 |
| Civitas Resources, Inc. | 1174 | 32309 |
| ConocoPhillips | 10422 | 935270 |
| Coterra Energy, Inc. | 5680 | 144159 |
| Devon Energy Corporation | 3737 | 118874 |
| Diamondback Energy, Inc. | 1436 | 197307 |
| DT Midstream, Inc. | 398 | 43744 |
| EOG Resources, Inc. | 4613 | 551761 |
| EQT Corporation | 3731 | 217592 |
| Expand Energy Corporation | 1598 | 186870 |
| Exxon Mobil Corporation | 35239 | 3798764 |
| Halliburton Co. | 3363 | 68538 |
| Hess Corporation | 1215 | 168326 |
| HF Sinclair Corporation | 696 | 28592 |
| Kinder Morgan, Inc. | 11917 | 350360 |
| Marathon Petroleum Corporation | 1875 | 311456 |
| Matador Resources Co. | 371 | 17704 |
| NOV, Inc. | 2112 | 26252 |
| Occidental Petroleum CorporationΔ | 5014 | 210638 |
| ONEOK, Inc. | 4775 | 389783 |
| Ovintiv, Inc. | 1514 | 57608 |
| Permian Resources CorporationΔ | 2565 | 34935 |
| Phillips 66 | 2281 | 272123 |
| Range Resources Corporation | 1059 | 43070 |
| Valero Energy CorporationΔ | 1981 | 266286 |
| Viper Energy, Inc. | 593 | 22611 |
| Williams Cos., Inc. (The) | 7384 | 463789 |
|  |  | 11563312 |
| **Financials — 21.5%** | **Financials — 21.5%** |  |
| Affirm Holdings, Inc.\* | 693 | 47914 |
| Aflac, Inc. | 3119 | 328930 |
| AGNC Investment Corporation <br> REITΔ | 10324 | 94878 |
| Allstate Corporation (The) | 1847 | 371820 |
| Ally Financial, Inc. | 1271 | 49505 |

---

See Notes to Financial Statements.

**185**

------

**VALUE EQUITY INDEX FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| American Express Co. | 2708 | $863798 |
| American Financial Group, Inc. | 583 | 73580 |
| American International Group, Inc. | 4033 | 345184 |
| Ameriprise Financial, Inc. | 50 | 26686 |
| Annaly Capital Management, Inc. <br> REIT | 5436 | 102305 |
| Apollo Global Management, Inc. | 484 | 68665 |
| Arch Capital Group, Ltd. | 2634 | 239826 |
| Arthur J. Gallagher & Co. | 1908 | 610789 |
| Assurant, Inc. | 300 | 59247 |
| Assured Guaranty, Ltd. | 287 | 24998 |
| Axis Capital Holdings, Ltd. | 375 | 38932 |
| Bank of America Corporation | 43198 | 2044129 |
| Bank of New York Mellon <br> Corporation (The) | 4077 | 371455 |
| Bank OZK | 729 | 34307 |
| Berkshire Hathaway, Inc. Class B\* | 14561 | 7073297 |
| Blackrock, Inc. | 1018 | 1068136 |
| Block, Inc.\* | 2247 | 152639 |
| Brighthouse Financial, Inc.\* | 321 | 17260 |
| Brown & Brown, Inc. | 1828 | 202670 |
| Capital One Financial Corporation | 4612 | 981249 |
| Carlyle Group, Inc. (The) | 1259 | 64713 |
| Cboe Global Markets, Inc. | 836 | 194964 |
| Charles Schwab Corporation (The) | 11434 | 1043238 |
| Cincinnati Financial Corporation | 854 | 127178 |
| Citigroup, Inc. | 10135 | 862691 |
| Citizens Financial Group, Inc. | 3986 | 178373 |
| CME Group, Inc. | 3138 | 864896 |
| CNA Financial Corporation | 2064 | 96038 |
| Coinbase Global, Inc. Class A\* | 1339 | 469306 |
| Columbia Banking System, Inc. | 1700 | 39746 |
| Comerica, Inc. | 982 | 58576 |
| Corebridge Financial, Inc. | 264 | 9372 |
| Credit Acceptance CorporationΔ\* | 27 | 13755 |
| Cullen/Frost Bankers, Inc. | 436 | 56043 |
| East West Bancorp, Inc. | 887 | 89569 |
| Euronet Worldwide, Inc.\* | 13 | 1318 |
| Evercore, Inc. Class A | 54 | 14581 |
| Everest Group, Ltd. | 275 | 93459 |
| FactSet Research Systems, Inc. | 146 | 65303 |
| Fidelity National Financial, Inc. | 1944 | 108981 |
| Fidelity National Information <br> Services, Inc. | 3548 | 288843 |
| Fifth Third Bancorp | 5109 | 210133 |
| First American Financial Corporation | 743 | 45613 |
| First Citizens BancShares, Inc. <br> Class A | 51 | 99780 |
| First Hawaiian, Inc. | 562 | 14028 |
| First Horizon Corporation | 1893 | 40132 |
| Fiserv, Inc.\* | 3054 | 526540 |
| FNB Corporation | 3594 | 52400 |
| Franklin Resources, Inc. | 2992 | 71359 |
| Global Payments, Inc. | 1680 | 134467 |
| Globe Life, Inc. | 522 | 64879 |
| Goldman Sachs Group, Inc. (The) | 1888 | 1336232 |
| Hanover Insurance Group, Inc. (The) | 160 | 27179 |
| Hartford Insurance Group, Inc. (The) | 2154 | 273278 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Houlihan Lokey, Inc. | 294 | $52905 |
| Huntington Bancshares, Inc. | 8224 | 137834 |
| Interactive Brokers Group, Inc. <br> Class A | 2908 | 161132 |
| Intercontinental Exchange, Inc. | 4631 | 849650 |
| Invesco, Ltd. | 3293 | 51931 |
| Jack Henry & Associates, Inc. | 540 | 97292 |
| Jefferies Financial Group, Inc. | 252 | 13782 |
| JPMorgan Chase & Co. | 22339 | 6476299 |
| Kemper Corporation | 372 | 24009 |
| KeyCorp | 4063 | 70777 |
| KKR & Co., Inc. | 3595 | 478243 |
| Lazard, Inc.Δ | 15 | 720 |
| Lincoln National Corporation | 1223 | 42316 |
| Loews Corporation | 392 | 35931 |
| M&T Bank Corporation | 1439 | 279152 |
| Markel Corporation\* | 45 | 89881 |
| MarketAxess Holdings, Inc. | 359 | 80179 |
| Marsh & McLennan Cos., Inc. | 3650 | 798036 |
| MetLife, Inc. | 3650 | 293533 |
| MGIC Investment Corporation | 1510 | 42038 |
| Morgan Stanley | 8405 | 1183928 |
| Mr. Cooper Group, Inc.\* | 437 | 65205 |
| MSCI, Inc. | 182 | 104967 |
| Nasdaq, Inc. | 1492 | 133415 |
| Northern Trust Corporation | 1208 | 153162 |
| Old Republic International <br> Corporation | 957 | 36787 |
| OneMain Holdings, Inc. | 357 | 20349 |
| PayPal Holdings, Inc.\* | 7562 | 562008 |
| Pinnacle Financial Partners, Inc. | 110 | 12145 |
| PNC Financial Services Group, Inc. <br> (The) | 3232 | 602509 |
| Popular, Inc. | 32 | 3527 |
| Primerica, Inc. | 120 | 32840 |
| Principal Financial Group, Inc. | 1534 | 121846 |
| Progressive Corporation (The) | 4027 | 1074645 |
| Prosperity Bancshares, Inc. | 588 | 41301 |
| Prudential Financial, Inc. | 2657 | 285468 |
| Raymond James Financial, Inc. | 1227 | 188185 |
| Regions Financial Corporation | 7234 | 170144 |
| Reinsurance Group of America, Inc. | 466 | 92436 |
| Rithm Capital Corporation REIT | 212 | 2393 |
| RLI Corporation | 374 | 27010 |
| Robinhood Markets, Inc. Class A\* | 5155 | 482663 |
| S&P Global, Inc. | 2495 | 1315589 |
| SEI Investments Co. | 617 | 55444 |
| SLM Corporation | 120 | 3935 |
| SoFi Technologies, Inc.Δ\* | 6461 | 117655 |
| SouthState Corporation | 544 | 50064 |
| Starwood Property Trust, Inc. REITΔ | 2512 | 50416 |
| State Street Corporation | 1515 | 161105 |
| Stifel Financial Corporation | 286 | 29681 |
| Synchrony Financial | 2054 | 137084 |
| Synovus Financial Corporation | 25 | 1294 |
| T. Rowe Price Group, Inc.Δ | 1240 | 119660 |
| TFS Financial Corporation | 1046 | 13546 |

---

**186**

See Notes to Financial Statements.

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| TPG, Inc. | 46 | $2413 |
| Tradeweb Markets, Inc. Class A | 610 | 89304 |
| Travelers Cos., Inc. (The) | 1778 | 475686 |
| Truist Financial Corporation | 10926 | 469709 |
| U.S. Bancorp | 10343 | 468021 |
| Unum Group | 1074 | 86736 |
| UWM Holdings Corporation | 3777 | 15637 |
| Virtu Financial, Inc. Class A | 472 | 21141 |
| Voya Financial, Inc. | 172 | 12212 |
| W.R. Berkley Corporation | 2474 | 181765 |
| Webster Financial Corporation | 655 | 35763 |
| Wells Fargo & Co. | 26421 | 2116850 |
| Western Alliance Bancorp | 621 | 48426 |
| Western Union Co. (The)Δ | 2540 | 21387 |
| WEX, Inc.\* | 97 | 14248 |
| White Mountains Insurance Group, <br> Ltd. | 8 | 14366 |
| Zions Bancorp NA | 579 | 30073 |
|  |  | 44560945 |
| **Health Care — 9.8%** | **Health Care — 9.8%** |  |
| Abbott Laboratories | 14713 | 2001115 |
| Acadia Healthcare Co., Inc.\* | 2723 | 61785 |
| Agilent Technologies, Inc. | 2022 | 238616 |
| Align Technology, Inc.\* | 531 | 100534 |
| Amedisys, Inc.\* | 1194 | 117478 |
| Amgen, Inc.Δ | 1434 | 400387 |
| Avantor, Inc.\* | 6026 | 81110 |
| Baxter International, Inc. | 4559 | 138047 |
| Becton, Dickinson and Co. | 2438 | 419946 |
| Biogen, Inc.\* | 2477 | 311086 |
| BioMarin Pharmaceutical, Inc.\* | 3490 | 191845 |
| Bio-Rad Laboratories, Inc. Class A\* | 146 | 35233 |
| Boston Scientific Corporation\* | 8427 | 905144 |
| Bristol-Myers Squibb Co. | 24248 | 1122440 |
| Bruker Corporation | 1251 | 51541 |
| Cardinal Health, Inc. | 1804 | 303072 |
| Centene Corporation\* | 5998 | 325571 |
| Certara, Inc.\* | 2766 | 32362 |
| Charles River Laboratories <br> International, Inc.\* | 424 | 64334 |
| Chemed Corporation | 369 | 179677 |
| Cigna Group (The) | 2294 | 758351 |
| Danaher Corporation | 5163 | 1019899 |
| DENTSPLY SIRONA, Inc. | 1831 | 29076 |
| Edwards Lifesciences Corporation\* | 3850 | 301109 |
| Elanco Animal Health, Inc.\* | 12286 | 175444 |
| Elevance Health, Inc. | 2216 | 861935 |
| Encompass Health Corporation | 2203 | 270154 |
| Envista Holdings Corporation\* | 1454 | 28411 |
| Exact Sciences Corporation\* | 1941 | 103145 |
| Exelixis, Inc.\* | 1399 | 61661 |
| GE HealthCare Technologies, Inc. | 3027 | 224210 |
| Gilead Sciences, Inc. | 7579 | 840284 |
| Globus Medical, Inc. Class A\* | 722 | 42612 |
| HCA Healthcare, Inc. | 1426 | 546301 |
| Henry Schein, Inc.\* | 2191 | 160053 |
| Hologic, Inc.\* | 1938 | 126280 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Humana, Inc. | 976 | $238612 |
| Illumina, Inc.\* | 1181 | 112679 |
| Incyte Corporation\* | 1716 | 116860 |
| Insmed, Inc.\* | 432 | 43476 |
| Ionis Pharmaceuticals, Inc.\* | 1729 | 68313 |
| IQVIA Holdings, Inc.\* | 1126 | 177446 |
| Labcorp Holdings, Inc. | 1193 | 313174 |
| McKesson Corporation | 308 | 225696 |
| Mettler-Toledo International, Inc.\* | 173 | 203227 |
| Moderna, Inc.Δ\* | 3377 | 93171 |
| Molina Healthcare, Inc.\* | 488 | 145375 |
| Neurocrine Biosciences, Inc.\* | 557 | 70009 |
| Organon & Co. | 16617 | 160853 |
| Quest Diagnostics, Inc. | 1795 | 322436 |
| Regeneron Pharmaceuticals, Inc. | 1018 | 534450 |
| Repligen Corporation\* | 365 | 45399 |
| ResMed, Inc. | 834 | 215172 |
| Revolution Medicines, Inc.\* | 2285 | 84065 |
| Revvity, Inc.Δ | 1119 | 108230 |
| Roivant Sciences, Ltd.Δ\* | 9665 | 108925 |
| Solventum Corporation\* | 901 | 68332 |
| Sotera Health Co.\* | 1844 | 20505 |
| Stryker Corporation | 2196 | 868803 |
| Teleflex, Inc. | 413 | 48883 |
| Tenet Healthcare Corporation\* | 1042 | 183392 |
| Thermo Fisher Scientific, Inc. | 3164 | 1282875 |
| United Therapeutics Corporation\* | 551 | 158330 |
| Universal Health Services, Inc. <br> Class B | 1006 | 182237 |
| Veeva Systems, Inc. Class A\* | 389 | 112024 |
| Viatris, Inc. | 42294 | 377685 |
| Viking Therapeutics, Inc.Δ\* | 1539 | 40784 |
| Waters Corporation\* | 190 | 66318 |
| West Pharmaceutical Services, Inc. | 550 | 120340 |
| Zimmer Biomet Holdings, Inc. | 1710 | 155969 |
| Zoetis, Inc. | 3659 | 570621 |
|  |  | 20274914 |
| **Industrials — 11.6%** | **Industrials — 11.6%** |  |
| 3M Co. | 2911 | 443171 |
| A.O. Smith Corporation | 1446 | 94814 |
| Acuity, Inc. | 191 | 56983 |
| Advanced Drainage Systems, Inc. | 628 | 72132 |
| AECOM | 836 | 94351 |
| AGCO Corporation | 472 | 48692 |
| Air Lease Corporation | 285 | 16670 |
| Alaska Air Group, Inc.\* | 509 | 25185 |
| Allison Transmission Holdings, Inc. | 301 | 28592 |
| Amentum Holdings, Inc.\* | 1083 | 25570 |
| American Airlines Group, Inc.Δ\* | 4232 | 47483 |
| AMETEK, Inc. | 1529 | 276688 |
| API Group Corporation\* | 1596 | 81476 |
| Applied Industrial Technologies, Inc. | 151 | 35100 |
| Armstrong World Industries, Inc. | 20 | 3249 |
| ATI, Inc.\* | 853 | 73648 |
| Automatic Data Processing, Inc. | 607 | 187199 |
| Avis Budget Group, Inc.Δ\* | 89 | 15045 |

---

See Notes to Financial Statements.

**187**

------

**VALUE EQUITY INDEX FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Boeing Co. (The)\* | 4797 | $1005115 |
| Broadridge Financial Solutions, Inc. | 207 | 50307 |
| Builders FirstSource, Inc.\* | 737 | 86001 |
| BWX Technologies, Inc. | 488 | 70301 |
| C.H. Robinson Worldwide, Inc. | 732 | 70235 |
| CACI International, Inc. Class A\* | 193 | 92003 |
| Carlisle Cos., Inc.Δ | 336 | 125462 |
| Carrier Global Corporation | 6806 | 498131 |
| Caterpillar, Inc. | 3183 | 1235672 |
| Clean Harbors, Inc.\* | 102 | 23580 |
| Concentrix CorporationΔ | 396 | 20931 |
| Crane Co. | 171 | 32471 |
| CSX Corporation | 14576 | 475615 |
| Cummins, Inc. | 1075 | 352062 |
| Curtiss-Wright Corporation | 244 | 119206 |
| Dayforce, Inc.\* | 1172 | 64917 |
| Deere & Co. | 2020 | 1027150 |
| Delta Air Lines, Inc. | 5172 | 254359 |
| Donaldson Co., Inc. | 78 | 5409 |
| Dover Corporation | 587 | 107556 |
| Dun & Bradstreet Holdings, Inc. | 3147 | 28606 |
| EMCOR Group, Inc. | 224 | 119815 |
| Emerson Electric Co. | 4535 | 604652 |
| Equifax, Inc. | 713 | 184931 |
| Esab Corporation | 213 | 25677 |
| Everus Construction Group, Inc.\* | 366 | 23252 |
| Expeditors International of <br> Washington, Inc. | 729 | 83288 |
| Fastenal Co. | 974 | 40908 |
| FedEx Corporation | 1858 | 422342 |
| Ferguson Enterprises, Inc. | 1207 | 262824 |
| Flowserve Corporation | 500 | 26175 |
| Fortive Corporation | 1984 | 103426 |
| Fortune Brands Innovations, Inc. | 1033 | 53179 |
| FTI Consulting, Inc.\* | 316 | 51034 |
| Generac Holdings, Inc.\* | 524 | 75042 |
| General Dynamics Corporation | 2126 | 620069 |
| Genpact, Ltd. | 964 | 42426 |
| Graco, Inc. | 384 | 33012 |
| GXO Logistics, Inc.\* | 454 | 22110 |
| Hexcel Corporation | 239 | 13501 |
| Honeywell International, Inc. | 4451 | 1036549 |
| Hubbell, Inc.Δ | 395 | 161322 |
| Huntington Ingalls Industries, Inc. | 279 | 67367 |
| IDEX Corporation | 421 | 73915 |
| Illinois ToolWorks, Inc. | 1801 | 445297 |
| Ingersoll-Rand, Inc. | 2215 | 184244 |
| ITT, Inc. | 165 | 25877 |
| J.B. Hunt Transport Services, Inc. | 528 | 75821 |
| Jacobs Solutions, Inc. | 533 | 70063 |
| KBR, Inc. | 894 | 42858 |
| Kirby Corporation\* | 439 | 49787 |
| Knight-Swift Transportation <br> Holdings, Inc. | 1131 | 50024 |
| L3Harris Technologies, Inc. | 1607 | 403100 |
| Landstar System, Inc. | 43 | 5978 |
| Leidos Holdings, Inc. | 928 | 146401 |
| Lincoln Electric Holdings, Inc. | 233 | 48306 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Loar Holdings, Inc.\* | 116 | $9996 |
| Lockheed Martin Corporation | 1286 | 595598 |
| Lyft, Inc. Class A\* | 2601 | 40992 |
| ManpowerGroup, Inc. | 282 | 11393 |
| Masco Corporation | 1698 | 109283 |
| MasTec, Inc.Δ\* | 319 | 54367 |
| Middleby Corporation (The)\* | 368 | 52992 |
| MSA Safety, Inc. | 222 | 37192 |
| MSC Industrial Direct Co., Inc. <br> Class A | 225 | 19130 |
| Mueller Industries, Inc. | 743 | 59046 |
| Nordson Corporation | 293 | 62810 |
| Norfolk Southern Corporation | 1754 | 448971 |
| Northrop Grumman Corporation | 957 | 478481 |
| Old Dominion Freight Line, Inc. | 1216 | 197357 |
| Oshkosh Corporation | 349 | 39625 |
| Otis Worldwide Corporation | 3270 | 323795 |
| Owens Corning | 692 | 95164 |
| PACCAR, Inc. | 3697 | 351437 |
| Parker-Hannifin Corporation | 1017 | 710344 |
| Parsons CorporationΔ\* | 577 | 41411 |
| Paychex, Inc. | 1992 | 289756 |
| Paycom Software, Inc. | 155 | 35867 |
| Quanta Services, Inc. | 227 | 85824 |
| QXO, Inc.\* | 4517 | 97296 |
| RBC Bearings, Inc.\* | 135 | 51948 |
| Regal Beloit Corporation | 479 | 69436 |
| Republic Services, Inc. | 1720 | 424169 |
| Robert Half, Inc. | 712 | 29228 |
| Rockwell Automation, Inc. | 768 | 255107 |
| RTX Corporation | 11422 | 1667840 |
| Ryder System, Inc. | 126 | 20034 |
| Saia, Inc.\* | 221 | 60552 |
| Schneider National, Inc. Class BΔ | 610 | 14732 |
| Science Applications International <br> Corporation | 391 | 44031 |
| Simpson Manufacturing Co., Inc. | 235 | 36498 |
| Snap-on, Inc. | 367 | 114203 |
| Southwest Airlines Co.Δ | 2673 | 86712 |
| Spirit AeroSystems Holdings, Inc. <br> Class A\* | 553 | 21097 |
| SS&C Technologies Holdings, Inc. | 1180 | 97704 |
| Stanley Black & Decker, Inc. | 1152 | 78048 |
| Tetra Tech, Inc. | 1638 | 58902 |
| Textron, Inc. | 925 | 74268 |
| Timken Co. (The) | 215 | 15598 |
| Toro Co. (The) | 720 | 50890 |
| TransDigm Group, Inc. | 337 | 512456 |
| TransUnion | 1412 | 124256 |
| Trex Co., Inc.\* | 968 | 52640 |
| U-Haul Holding Co.Δ\* | 430 | 26041 |
| Union Pacific Corporation | 3563 | 819775 |
| United Airlines Holdings, Inc.\* | 2706 | 215479 |
| United Parcel Service, Inc. Class B | 5563 | 561529 |
| United Rentals, Inc. | 424 | 319442 |
| Valmont Industries, Inc. | 144 | 47026 |
| Veralto Corporation | 360 | 36342 |
| Verisk Analytics, Inc. | 207 | 64481 |

---

**188**

See Notes to Financial Statements.

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Vestis Corporation | 55 | $315 |
| W.W. Grainger, Inc. | 24 | 24966 |
| Watsco, Inc. | 211 | 93182 |
| WESCO International, Inc. | 274 | 50745 |
| Westinghouse Air Brake Technologies <br> Corporation | 1210 | 253313 |
| WillScot Holdings Corporation | 592 | 16221 |
| Woodward, Inc. | 276 | 67645 |
| XPO Logistics, Inc.\* | 565 | 71354 |
| Xylem, Inc. | 1878 | 242938 |
|  |  | 24184979 |
| **Information Technology — 9.3%** | **Information Technology — 9.3%** |  |
| Advanced Micro Devices, Inc.\* | 4705 | 667639 |
| Akamai Technologies, Inc.\* | 1004 | 80079 |
| Amdocs, Ltd. | 450 | 41058 |
| Amkor Technology, Inc. | 562 | 11796 |
| Analog Devices, Inc. | 3913 | 931372 |
| ANSYS, Inc.\* | 623 | 218810 |
| Applied Materials, Inc. | 3936 | 720564 |
| Arrow Electronics, Inc.\* | 438 | 55814 |
| Aurora Innovation, Inc.\* | 7385 | 38697 |
| Avnet, Inc. | 925 | 49099 |
| BILL Holdings, Inc.\* | 694 | 32104 |
| CCC Intelligent Solutions Holdings, <br> Inc.Δ\* | 5680 | 53449 |
| CDW Corporation | 909 | 162338 |
| Ciena Corporation\* | 632 | 51401 |
| Cirrus Logic, Inc.\* | 165 | 17202 |
| Cisco Systems, Inc. | 31569 | 2190257 |
| Cognex Corporation | 1100 | 34892 |
| Cognizant Technology Solutions <br> Corporation Class A | 3656 | 285278 |
| Coherent Corporation\* | 975 | 86980 |
| Corning, Inc. | 5611 | 295082 |
| Crane Holdings Co.Δ | 265 | 14284 |
| Dell Technologies, Inc. Class C | 1765 | 216389 |
| Docusign, Inc.\* | 550 | 42840 |
| Dolby Laboratories, Inc. Class A | 375 | 27848 |
| Dropbox, Inc. Class A\* | 1162 | 33233 |
| DXC Technology Co.\* | 1336 | 20427 |
| Entegris, Inc. | 724 | 58391 |
| EPAM Systems, Inc.\* | 297 | 52516 |
| F5, Inc.\* | 84 | 24723 |
| Fair Isaac Corporation\* | 31 | 56667 |
| First Solar, Inc.\* | 777 | 128625 |
| Gen Digital, Inc. | 3706 | 108956 |
| Globant SA\* | 389 | 35337 |
| Hewlett Packard Enterprise Co. | 11352 | 232148 |
| HP, Inc. | 7593 | 185725 |
| Informatica, Inc. Class A\* | 265 | 6453 |
| Intel Corporation | 32931 | 737654 |
| International Business Machines <br> Corporation | 7338 | 2163096 |
| IPG Photonics Corporation\* | 106 | 7277 |
| Jabil, Inc. | 230 | 50163 |
| Juniper Networks, Inc. | 101 | 4033 |
| Keysight Technologies, Inc.\* | 1196 | 195977 |
| Kyndryl Holdings, Inc.\* | 1014 | 42547 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Littelfuse, Inc. | 158 | $35823 |
| Lumentum Holdings, Inc.Δ\* | 189 | 17966 |
| MACOM Technology Solutions <br> Holdings, Inc.\* | 137 | 19631 |
| Marvell Technology, Inc. | 5891 | 455963 |
| Microchip Technology, Inc. | 3921 | 275921 |
| Micron Technology, Inc. | 8351 | 1029261 |
| MicroStrategy, Inc. Class AΔ\* | 1698 | 686383 |
| MKS, Inc.Δ | 116 | 11526 |
| MongoDB, Inc.\* | 503 | 105625 |
| Motorola Solutions, Inc. | 687 | 288856 |
| nCino, Inc.Δ\* | 211 | 5902 |
| NetApp, Inc. | 783 | 83429 |
| Nutanix, Inc. Class A\* | 1086 | 83014 |
| Okta, Inc.\* | 792 | 79176 |
| ON Semiconductor Corporation\* | 2668 | 139830 |
| Onto Innovation, Inc.\* | 192 | 19379 |
| Pegasystems, Inc. | 633 | 34264 |
| PTC, Inc.\* | 684 | 117881 |
| Pure Storage, Inc. Class A\* | 240 | 13819 |
| Qorvo, Inc.\* | 390 | 33115 |
| QUALCOMM, Inc. | 5820 | 926893 |
| Ralliant Corporation\* | 661 | 32052 |
| Roper Technologies, Inc. | 746 | 422863 |
| Salesforce, Inc. | 5961 | 1625505 |
| Sandisk Corporation\* | 916 | 41541 |
| SentinelOne, Inc. Class A\* | 1444 | 26396 |
| Skyworks Solutions, Inc. | 924 | 68856 |
| Super Micro Computer, Inc.\* | 2110 | 103411 |
| Synopsys, Inc.\* | 125 | 64085 |
| TD SYNNEX Corporation | 564 | 76535 |
| Teledyne Technologies, Inc.\* | 406 | 207998 |
| Teradyne, Inc. | 869 | 78140 |
| Texas Instruments, Inc. | 3663 | 760512 |
| Trimble, Inc.\* | 1233 | 93683 |
| Twilio, Inc. Class A\* | 964 | 119883 |
| Tyler Technologies, Inc.\* | 72 | 42684 |
| UiPath, Inc. Class A\* | 5051 | 64653 |
| Unity Software, Inc.Δ\* | 2430 | 58806 |
| Universal Display Corporation | 211 | 32591 |
| VeriSign, Inc. | 446 | 128805 |
| Vontier Corporation | 573 | 21144 |
| Western Digital Corporation | 2255 | 144297 |
| Wolfspeed, Inc.Δ\* | 737 | 294 |
| Zebra Technologies Corporation <br> Class A\* | 279 | 86032 |
| Zoom Communications, Inc.\* | 2028 | 158143 |
|  |  | 19391786 |
| **Materials — 2.6%** | **Materials — 2.6%** |  |
| Air Products and Chemicals, Inc. | 1880 | 530273 |
| Albemarle CorporationΔ | 891 | 55839 |
| Alcoa Corporation | 1294 | 38186 |
| AptarGroup, Inc. | 115 | 17989 |
| Ashland, Inc. | 357 | 17950 |
| Avery Dennison Corporation | 419 | 73522 |
| Axalta Coating Systems, Ltd.\* | 1013 | 30076 |
| Ball Corporation | 2181 | 122332 |

---

See Notes to Financial Statements.

**189**

------

**VALUE EQUITY INDEX FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Carpenter Technology Corporation | 228 | $63015 |
| Celanese Corporation | 700 | 38731 |
| CF Industries Holdings, Inc. | 1411 | 129812 |
| Cleveland-Cliffs, Inc.Δ\* | 3198 | 24305 |
| Corteva, Inc. | 5485 | 408797 |
| Crown Holdings, Inc. | 676 | 69614 |
| Dow, Inc. | 6431 | 170293 |
| DuPont de Nemours, Inc. | 3157 | 216539 |
| Eagle Materials, Inc. | 91 | 18392 |
| Eastman Chemical Co. | 970 | 72420 |
| Ecolab, Inc. | 1104 | 297462 |
| Element Solutions, Inc. | 799 | 18097 |
| FMC Corporation | 870 | 36323 |
| Freeport-McMoRan, Inc. | 10502 | 455262 |
| Graphic Packaging Holding Co.Δ | 2065 | 43510 |
| Huntsman Corporation | 1831 | 19079 |
| International Flavors & Fragrances, <br> Inc. | 2205 | 162178 |
| International Paper Co.Δ | 4238 | 198466 |
| Louisiana-Pacific Corporation | 156 | 13414 |
| Martin Marietta Materials, Inc. | 389 | 213545 |
| Mosaic Co. (The) | 2356 | 85947 |
| MP Materials CorporationΔ\* | 820 | 27281 |
| NewMarket Corporation | 35 | 24180 |
| Newmont Corporation | 8936 | 520611 |
| Nucor Corporation | 1710 | 221513 |
| Olin Corporation | 1045 | 20994 |
| Packaging Corporation of America | 468 | 88195 |
| PPG Industries, Inc. | 1729 | 196674 |
| Reliance, Inc. | 174 | 54619 |
| Royal Gold, Inc. | 436 | 77538 |
| RPM International, Inc. | 912 | 100174 |
| Scotts Miracle-Gro Co. (The) | 488 | 32188 |
| Sealed Air Corporation | 615 | 19083 |
| Sherwin-Williams Co. (The) | 200 | 68672 |
| Silgan Holdings, Inc. | 449 | 24327 |
| Sonoco Products Co. | 727 | 31668 |
| Steel Dynamics, Inc. | 665 | 85127 |
| Vulcan Materials Co. | 831 | 216741 |
| Westlake Corporation | 362 | 27487 |
|  |  | 5478440 |
| **Real Estate — 4.1%** | **Real Estate — 4.1%** |  |
| Agree Realty Corporation REITΔ | 1612 | 117773 |
| Alexandria Real Estate Equities, Inc. <br> REIT | 1743 | 126594 |
| American Homes 4 Rent Class A <br> REIT | 2301 | 82997 |
| Americold Realty Trust REIT | 3568 | 59336 |
| AvalonBay Communities, Inc. REIT | 1167 | 237484 |
| Brixmor Property Group, Inc. REIT | 2074 | 54007 |
| BXP, Inc. REIT | 1138 | 76781 |
| Camden Property Trust REIT | 691 | 77869 |
| CBRE Group, Inc. Class A\* | 2090 | 292851 |
| CoStar Group, Inc.\* | 3031 | 243692 |
| Cousins Properties, Inc. REITΔ | 1298 | 38979 |
| Crown Castle, Inc. REIT | 3373 | 346508 |
| CubeSmart REIT | 1816 | 77180 |
| Digital Realty Trust, Inc. REIT | 2586 | 450817 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| EastGroup Properties, Inc. REITΔ | 275 | $45958 |
| EPR Properties REITΔ | 808 | 47074 |
| Equinix, Inc. REIT | 709 | 563988 |
| Equity LifeStyle Properties, Inc. REIT | 1630 | 100522 |
| Equity Residential REIT | 2044 | 137950 |
| Essex Property Trust, Inc. REIT | 388 | 109959 |
| Extra Space Storage, Inc. REIT | 1534 | 226173 |
| Federal Realty Investment Trust REIT | 695 | 66018 |
| First Industrial Realty Trust, Inc. <br> REIT | 656 | 31573 |
| Healthcare Realty Trust, Inc. REIT | 4188 | 66422 |
| Healthpeak Properties, Inc. REIT | 6623 | 115969 |
| Highwoods Properties, Inc. REIT | 625 | 19431 |
| Host Hotels & Resorts, Inc. REIT | 5729 | 87997 |
| Howard Hughes Holdings, Inc.\* | 135 | 9112 |
| Invitation Homes, Inc. REIT | 4512 | 147994 |
| Iron Mountain, Inc. REIT | 1960 | 201037 |
| Jones Lang LaSalle, Inc.\* | 229 | 58574 |
| Kilroy Realty Corporation REITΔ | 743 | 25492 |
| Kimco Realty Corporation REIT | 6072 | 127633 |
| Lineage, Inc. REITΔ | 646 | 28114 |
| Medical Properties Trust, Inc. REITΔ | 4047 | 17443 |
| Mid-America Apartment <br> Communities, Inc. REIT | 1065 | 157631 |
| Millrose Properties, Inc. REIT | 541 | 15424 |
| National Storage Affiliates Trust <br> REIT | 423 | 13532 |
| NNN REIT, Inc. | 2252 | 97241 |
| Omega Healthcare Investors, Inc. <br> REIT | 3068 | 112442 |
| Park Hotels & Resorts, Inc. REITΔ | 7044 | 72060 |
| Prologis, Inc. REIT | 6998 | 735630 |
| Public Storage REIT | 1302 | 382033 |
| Rayonier, Inc. REIT | 927 | 20561 |
| Regency Centers Corporation REIT | 1227 | 87399 |
| Rexford Industrial Realty, Inc. REIT | 1998 | 71069 |
| SBA Communications Corporation <br> REIT | 868 | 203841 |
| Simon Property Group, Inc. REIT | 1529 | 245802 |
| STAG Industrial, Inc. REIT | 1498 | 54347 |
| Sun Communities, Inc. REIT | 1057 | 133700 |
| UDR, Inc. REIT | 1813 | 74025 |
| Ventas, Inc. REIT | 3444 | 217489 |
| Vornado Realty Trust REIT | 1242 | 47494 |
| Welltower, Inc. REIT | 5923 | 910543 |
| Weyerhaeuser Co. REIT | 6055 | 155553 |
| WP Carey, Inc. REIT | 2217 | 138296 |
| Zillow Group, Inc. Class A\* | 487 | 33355 |
| Zillow Group, Inc. Class C\* | 1218 | 85321 |
|  |  | 8582089 |
| **Utilities — 4.5%** | **Utilities — 4.5%** |  |
| AES Corporation (The) | 4331 | 45562 |
| Alliant Energy Corporation | 951 | 57507 |
| Ameren Corporation | 1411 | 135512 |
| American Electric Power Co., Inc. | 4952 | 513820 |
| American Water Works Co., Inc. | 1390 | 193363 |
| Atmos Energy CorporationΔ | 1153 | 177689 |
| CenterPoint Energy, Inc.Δ | 3559 | 130758 |

---

**190**

See Notes to Financial Statements.

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Clearway Energy, Inc. Class C | 854 | $27328 |
| CMS Energy Corporation | 1858 | 128722 |
| Consolidated Edison, Inc. | 3067 | 307773 |
| Constellation Energy Corporation | 2229 | 719432 |
| Dominion Energy, Inc. | 7009 | 396149 |
| DTE Energy Co. | 1307 | 173125 |
| Duke Energy Corporation | 7451 | 879218 |
| Edison International | 3177 | 163933 |
| Entergy Corporation | 2538 | 210959 |
| Essential Utilities, Inc. | 1884 | 69972 |
| Evergy, Inc. | 1266 | 87265 |
| Eversource Energy | 3342 | 212618 |
| Exelon Corporation | 7382 | 320526 |
| FirstEnergy Corporation | 4669 | 187974 |
| IDACORP, Inc. | 154 | 17779 |
| MDU Resources Group, Inc. | 1464 | 24405 |
| National Fuel Gas Co. | 495 | 41931 |
| NextEra Energy, Inc. | 16315 | 1132587 |
| NiSource, Inc. | 2690 | 108515 |
| OGE Energy Corporation | 1619 | 71851 |
| PG&E Corporation | 16142 | 225020 |
| Pinnacle West Capital Corporation | 571 | 51087 |
| PPL Corporation | 5529 | 187378 |
| Public Service Enterprise Group, Inc. | 3524 | 296650 |
| Sempra | 4474 | 338995 |
| Southern Co. (The) | 10166 | 933544 |
| Talen Energy Corporation\* | 288 | 83742 |
| UGI CorporationΔ | 1214 | 44214 |
| WEC Energy Group, Inc. | 3115 | 324583 |
| Xcel Energy, Inc.Δ | 4876 | 332056 |
|  |  | 9353542 |
| **Total Common Stocks** <br>(Cost $163,215,586) | **Total Common Stocks** <br>(Cost $163,215,586) | 190111325 |
| **FOREIGN COMMON STOCKS — 5.3%** | **FOREIGN COMMON STOCKS — 5.3%** | **FOREIGN COMMON STOCKS — 5.3%** |
| **Belgium — 0.0%** | **Belgium — 0.0%** |  |
| Liberty Global, Ltd. Class A\* | 314 | 3143 |
| **Bermuda — 0.1%** | **Bermuda — 0.1%** |  |
| RenaissanceRe Holdings, Ltd. | 495 | 120236 |
| **Brazil — 0.0%** | **Brazil — 0.0%** |  |
| XP, Inc. Class A | 2969 | 59974 |
| **Canada — 0.1%** | **Canada — 0.1%** |  |
| Brookfield Asset Management, Ltd. <br> Class A | 1182 | 65341 |
| Brookfield Renewable Corporation | 748 | 24519 |
| RB Global, Inc. | 955 | 101412 |
| Restaurant Brands International, Inc.Δ | 837 | 55485 |
|  |  | 246757 |
| **China — 0.0%** | **China — 0.0%** |  |
| Amer Sports, Inc.\* | 684 | 26512 |
| **Curacao — 0.2%** | **Curacao — 0.2%** |  |
| Schlumberger NV | 9428 | 318666 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Ireland — 3.6%** | **Ireland — 3.6%** |  |
| Accenture PLC Class A | 4903 | $1465458 |
| Allegion PLC | 804 | 115872 |
| Aon PLC Class A | 112 | 39957 |
| CRH PLC | 5199 | 477268 |
| Eaton Corporation PLC | 2804 | 1001000 |
| Jazz Pharmaceuticals PLC\* | 2250 | 238770 |
| Johnson Controls International PLC | 5220 | 551336 |
| Linde PLC | 3892 | 1826049 |
| Medtronic PLC | 11286 | 983801 |
| nVent Electric PLC | 909 | 66584 |
| Pentair PLC | 1088 | 111694 |
| Smurfit WestRock PLC | 3588 | 154822 |
| STERIS PLC | 790 | 189774 |
| Willis Towers Watson PLC | 654 | 200451 |
|  |  | 7422836 |
| **Jersey — 0.2%** | **Jersey — 0.2%** |  |
| Amcor PLC | 18509 | 170098 |
| Aptiv PLC\* | 2117 | 144422 |
| Clarivate PLCΔ\* | 2929 | 12595 |
| Janus Henderson Group PLC | 484 | 18798 |
|  |  | 345913 |
| **Netherlands — 0.1%** | **Netherlands — 0.1%** |  |
| CNH Industrial NV | 6960 | 90201 |
| LyondellBasell Industries NV <br> Class AΔ | 2515 | 145518 |
| QIAGEN NVΔ\* | 1666 | 80068 |
|  |  | 315787 |
| **Singapore — 0.1%** | **Singapore — 0.1%** |  |
| Flex, Ltd.\* | 2603 | 129942 |
| **Switzerland — 0.6%** | **Switzerland — 0.6%** |  |
| Bunge Global SA | 1106 | 88790 |
| Chubb, Ltd. | 3456 | 1001272 |
| Garmin, Ltd. | 1068 | 222913 |
|  |  | 1312975 |
| **United Arab Emirates — 0.0%** | **United Arab Emirates — 0.0%** |  |
| GLOBALFOUNDRIES, Inc.\* | 90 | 3438 |
| **United Kingdom — 0.3%** | **United Kingdom — 0.3%** |  |
| Anglogold Ashanti PLCΔ | 3346 | 152477 |
| Gates Industrial Corporation PLC\* | 930 | 21418 |
| Royalty Pharma PLC Class A | 12547 | 452069 |
| Sensata Technologies Holding PLC | 1040 | 31314 |
| TechnipFMC PLC | 1110 | 38228 |
|  |  | 695506 |
| **Total Foreign Common Stocks** <br>(Cost $9,094,767) | **Total Foreign Common Stocks** <br>(Cost $9,094,767) | 11001685 |
| **MUTUAL FUNDS — 1.3%** | **MUTUAL FUNDS — 1.3%** | **MUTUAL FUNDS — 1.3%** |
| iShares Russell 1000 Value ETFΔ <br>(Cost $2,480,402) | 13420 | 2606567 |

---

See Notes to Financial Statements.

**191**

------

**VALUE EQUITY INDEX FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **MONEY MARKET FUNDS — 2.2%** | **MONEY MARKET FUNDS — 2.2%** | **MONEY MARKET FUNDS — 2.2%** |
| Northern Institutional Liquid Assets <br> Portfolio (Shares), 4.39%Ø§ | 932253 | $932253 |
| GuideStone Money Market Fund, <br> 4.25% <br>(Institutional Class)Ø∞ | 3697404 | 3697404 |
| **Total Money Market Funds** <br>(Cost $4,629,657) | **Total Money Market Funds** <br>(Cost $4,629,657) | 4629657 |
| **TOTAL INVESTMENTS** — **100.3%** <br>(Cost $179,420,412) |  | 208349234 |
| **Liabilities in Excess of Other**<br> **Assets — (0.3)%** |  | (554414)<br>|
| **NET ASSETS — 100.0%** |  | $207794820 |

---

Futures Contracts outstanding at June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Future Type** | **Expiration Date** | **Open Long** <br>**(Short) Contracts**<br>| **Notional** <br>**Market Value** <br>**of Contracts**<br>| **Value and** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| S&P 500<sup>®</sup> E-Mini | 09/2025 | &nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp; $3126875 | &nbsp;&nbsp;&nbsp; $100795 |
| S&P 500<sup>®</sup> Micro E-Mini | 09/2025 | &nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp; 469031 | &nbsp;&nbsp;&nbsp; 16592 |
| Total Futures Contracts outstanding at June 30, 2025 |  |  | &nbsp;&nbsp;&nbsp; $3595906 | &nbsp;&nbsp;&nbsp; $117387 |

---

**VALUATION HIERARCHY**

The following is a summary of the inputs used, as of June 30, 2025, in valuing the Fund's investments carried at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total** <br>**Value**<br>| **Level 1** <br>**Quoted Prices**<br>| **Level 2** <br>**Other Significant** <br>**Observable Inputs**<br>| **Level 3** <br>**Significant** <br>**Unobservable Inputs**<br>|
| **Assets:** |  |  |  |  |
| **Investments in Securities:** |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $190111325 | &nbsp;&nbsp; $190111325 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Foreign Common Stocks | &nbsp;&nbsp; 11001685 | &nbsp;&nbsp; 11001685 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Money Market Funds | &nbsp;&nbsp; 4629657 | &nbsp;&nbsp; 4629657 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Mutual Funds | &nbsp;&nbsp; 2606567 | &nbsp;&nbsp; 2606567 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Total Assets - Investments in Securities** | &nbsp;&nbsp; $208349234 | &nbsp;&nbsp; $208349234 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| **Other Financial Instruments\*\*\*** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; $117387 | &nbsp;&nbsp; $117387 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| **Total Assets - Other Financial Instruments** | &nbsp;&nbsp; $117387 | &nbsp;&nbsp; $117387 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |

---

\*\*\* Other financial instruments are derivative instruments, such as futures contracts, which are valued at the unrealized appreciation (depreciation) on the investment. Further details regarding the value of these investments can be found in the preceding "Futures Contracts outstanding" disclosure. 

**192**

See Notes to Financial Statements.

------

**VALUE EQUITY FUND**

**SCHEDULE OF INVESTMENTS**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS — 82.2%** | **COMMON STOCKS — 82.2%** | **COMMON STOCKS — 82.2%** |
| **Communication Services — 6.1%** | **Communication Services — 6.1%** |  |
| Alphabet, Inc. Class A | 28620 | $5043703 |
| Alphabet, Inc. Class C | 66273 | 11756167 |
| AT&T, Inc. | 222253 | 6432001 |
| Comcast Corporation Class A | 413114 | 14744039 |
| Electronic Arts, Inc. | 60672 | 9689318 |
| Verizon Communications, Inc. | 125573 | 5433544 |
| Walt Disney Co. (The) | 69889 | 8666935 |
|  |  | 61765707 |
| **Consumer Discretionary — 4.6%** | **Consumer Discretionary — 4.6%** |  |
| Best Buy Co., Inc. | 38043 | 2553827 |
| Carnival Corporation\* | 501343 | 14097765 |
| Dick's Sporting Goods, Inc.Δ | 9171 | 1814115 |
| General Motors Co. | 156729 | 7712634 |
| Lennar Corporation Class A | 112314 | 12423052 |
| Tapestry, Inc.Δ | 86911 | 7631655 |
|  |  | 46233048 |
| **Consumer Staples — 5.7%** | **Consumer Staples — 5.7%** |  |
| Coca-Cola Co. (The) | 65272 | 4617994 |
| Estee Lauder Cos., Inc. (The) Class A | 58881 | 4757585 |
| Kenvue, Inc. | 568455 | 11897763 |
| Keurig Dr. Pepper, Inc. | 360848 | 11929635 |
| Mondelez International, Inc. Class A | 96299 | 6494404 |
| PepsiCo, Inc. | 96693 | 12767344 |
| Procter & Gamble Co. (The) | 35146 | 5599461 |
|  |  | 58064186 |
| **Energy — 5.9%** | **Energy — 5.9%** |  |
| Baker Hughes Co. | 138770 | 5320442 |
| Exxon Mobil Corporation | 290360 | 31300808 |
| Halliburton Co. | 302219 | 6159223 |
| Hess Corporation | 32086 | 4445195 |
| Permian Resources CorporationΔ | 339313 | 4621443 |
| Phillips 66 | 66568 | 7941562 |
|  |  | 59788673 |
| **Financials — 21.7%** | **Financials — 21.7%** |  |
| Allstate Corporation (The) | 15563 | 3132988 |
| American Express Co. | 19982 | 6373858 |
| American International Group, Inc. | 148147 | 12679902 |
| Ameriprise Financial, Inc. | 8927 | 4764608 |
| Apollo Global Management, Inc. | 44053 | 6249799 |
| Bank of America Corporation | 281282 | 13310264 |
| Bank of New York Mellon <br> Corporation (The) | 175853 | 16021967 |
| Berkshire Hathaway, Inc. Class B\* | 10794 | 5243401 |
| Blackrock, Inc. | 9388 | 9850359 |
| Capital One Financial Corporation | 18731 | 3985208 |
| Charles Schwab Corporation (The) | 90259 | 8235231 |
| Equitable Holdings, Inc. | 73161 | 4104332 |
| Everest Group, Ltd. | 10475 | 3559929 |
| Fidelity National Information <br> Services, Inc. | 135731 | 11049861 |
| Fiserv, Inc.\* | 56008 | 9656339 |
| Intercontinental Exchange, Inc. | 62816 | 11524852 |
| JPMorgan Chase & Co. | 88631 | 25695013 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Marsh & McLennan Cos., Inc. | 23366 | $5108742 |
| MetLife, Inc. | 87397 | 7028467 |
| Morgan Stanley | 53362 | 7516571 |
| Reinsurance Group of America, Inc. | 48225 | 9565911 |
| SLM Corporation | 119585 | 3921192 |
| Truist Financial Corporation | 305381 | 13128329 |
| Wells Fargo & Co. | 129734 | 10394288 |
| Western Alliance Bancorp | 86096 | 6713766 |
|  |  | 218815177 |
| **Health Care — 8.5%** | **Health Care — 8.5%** |  |
| Amgen, Inc.Δ | 21270 | 5938797 |
| Avantor, Inc.\* | 551296 | 7420444 |
| Becton, Dickinson and Co. | 59344 | 10222004 |
| Bristol-Myers Squibb Co. | 56035 | 2593860 |
| Elevance Health, Inc. | 19497 | 7583553 |
| GE HealthCare Technologies, Inc. | 90774 | 6723630 |
| Henry Schein, Inc.Δ\* | 86962 | 6352574 |
| Humana, Inc. | 27393 | 6697041 |
| IQVIA Holdings, Inc.\* | 46628 | 7348106 |
| McKesson Corporation | 16172 | 11850518 |
| UnitedHealth Group, Inc. | 11947 | 3727106 |
| Zimmer Biomet Holdings, Inc. | 101929 | 9296944 |
|  |  | 85754577 |
| **Industrials — 7.4%** | **Industrials — 7.4%** |  |
| AECOM | 40497 | 4570491 |
| Cummins, Inc. | 12740 | 4172350 |
| Fortive Corporation | 50138 | 2613694 |
| GE Vernova, Inc. | 12752 | 6747721 |
| J.B. Hunt Transport Services, Inc. | 63924 | 9179486 |
| Norfolk Southern Corporation | 42686 | 10926335 |
| Oshkosh Corporation | 33792 | 3836744 |
| RTX Corporation | 33034 | 4823625 |
| Textron, Inc. | 53444 | 4291019 |
| United Parcel Service, Inc. Class B | 61043 | 6161680 |
| Vertiv Holdings Co. Class A | 93750 | 12038438 |
| Xylem, Inc. | 42827 | 5540101 |
|  |  | 74901684 |
| **Information Technology — 9.6%** | **Information Technology — 9.6%** |  |
| Analog Devices, Inc. | 37831 | 9004535 |
| Cisco Systems, Inc. | 94738 | 6572922 |
| Cognizant Technology Solutions <br> Corporation Class A | 54691 | 4267539 |
| Entegris, Inc. | 107550 | 8673907 |
| F5, Inc.\* | 13875 | 4083690 |
| Intel Corporation | 186621 | 4180310 |
| International Business Machines <br> Corporation | 47360 | 13960781 |
| Microchip Technology, Inc.Δ | 100185 | 7050018 |
| NetApp, Inc. | 42106 | 4486394 |
| Oracle Corporation | 50066 | 10945930 |
| QUALCOMM, Inc. | 67580 | 10762791 |
| Ralliant Corporation\* | 16713 | 810397 |
| Salesforce, Inc. | 15214 | 4148706 |
| Texas Instruments, Inc. | 37222 | 7728032 |
|  |  | 96675952 |

---

See Notes to Financial Statements.

**193**

------

**VALUE EQUITY FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Materials — 3.3%** | **Materials — 3.3%** |  |
| Air Products and Chemicals, Inc. | 35036 | $9882254 |
| Axalta Coating Systems, Ltd.\* | 214114 | 6357045 |
| DuPont de Nemours, Inc. | 46139 | 3164674 |
| Freeport-McMoRan, Inc. | 65141 | 2823862 |
| Graphic Packaging Holding Co.Δ | 288490 | 6078484 |
| Packaging Corporation of America | 25979 | 4895743 |
|  |  | 33202062 |
| **Real Estate — 3.3%** | **Real Estate — 3.3%** |  |
| American Tower Corporation REIT | 25509 | 5637999 |
| Jones Lang LaSalle, Inc.\* | 26040 | 6660511 |
| Mid-America Apartment <br> Communities, Inc. REIT | 32603 | 4825570 |
| Prologis, Inc. REIT | 34659 | 3643354 |
| Public Storage REIT | 24765 | 7266547 |
| Simon Property Group, Inc. REIT | 32934 | 5294470 |
|  |  | 33328451 |
| **Utilities — 6.1%** | **Utilities — 6.1%** |  |
| Atmos Energy CorporationΔ | 74176 | 11431263 |
| Duke Energy Corporation | 98282 | 11597276 |
| Entergy Corporation | 151270 | 12573562 |
| NiSource, Inc. | 184906 | 7459108 |
| Pinnacle West Capital Corporation | 109261 | 9775582 |
| Xcel Energy, Inc.Δ | 130761 | 8904824 |
|  |  | 61741615 |
| **Total Common Stocks** <br>(Cost $732,230,700) | **Total Common Stocks** <br>(Cost $732,230,700) | 830271132 |
| **FOREIGN COMMON STOCKS — 13.0%** | **FOREIGN COMMON STOCKS — 13.0%** | **FOREIGN COMMON STOCKS — 13.0%** |
| **Canada — 0.6%** | **Canada — 0.6%** |  |
| Bank of Nova Scotia (The) | 114956 | 6353618 |
| **France — 0.4%** | **France — 0.4%** |  |
| TotalEnergies SE ADRΔ | 60088 | 3688802 |
| **Germany — 0.5%** | **Germany — 0.5%** |  |
| Siemens AG | 20261 | 5204204 |
| **Ireland — 7.6%** | **Ireland — 7.6%** |  |
| CRH PLC | 85350 | 7835130 |
| Johnson Controls International PLC | 186908 | 19741223 |
| Medtronic PLC | 282764 | 24648538 |
| nVent Electric PLC | 56031 | 4104271 |
| Seagate Technology Holdings PLCΔ | 30996 | 4473653 |
| TE Connectivity PLC | 38683 | 6524662 |
| Willis Towers Watson PLC | 31727 | 9724325 |
|  |  | 77051802 |
| **Jersey — 1.1%** | **Jersey — 1.1%** |  |
| Aptiv PLC\* | 163145 | 11129752 |
| **Singapore — 0.7%** | **Singapore — 0.7%** |  |
| Flex, Ltd.\* | 134683 | 6723375 |
| **Switzerland — 0.7%** | **Switzerland — 0.7%** |  |
| Roche Holding AG | 21255 | 6938055 |
| **United Kingdom — 1.4%** | **United Kingdom — 1.4%** |  |
| Reckitt Benckiser Group PLC | 54620 | 3721097 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Unilever PLC ADRΔ | 161669 | $9889293 |
|  |  | 13610390 |
| **Total Foreign Common Stocks** <br>(Cost $113,167,437) | **Total Foreign Common Stocks** <br>(Cost $113,167,437) | 130699998 |
| **MUTUAL FUNDS — 0.9%** | **MUTUAL FUNDS — 0.9%** | **MUTUAL FUNDS — 0.9%** |
| iShares Russell 1000 Value ETFΔ <br>(Cost $8,538,354) | 46733 | 9076951 |
| **MONEY MARKET FUNDS — 5.1%** | **MONEY MARKET FUNDS — 5.1%** | **MONEY MARKET FUNDS — 5.1%** |
| Northern Institutional Liquid Assets <br> Portfolio (Shares), 4.39%Ø§ | 8866587 | 8866587 |
| GuideStone Money Market Fund, <br> 4.25% <br>(Institutional Class)Ø∞ | 43015932 | 43015932 |
| **Total Money Market Funds** <br>(Cost $51,882,519) | **Total Money Market Funds** <br>(Cost $51,882,519) | 51882519 |
| **TOTAL INVESTMENTS** — **101.2%** <br>(Cost $905,819,010) |  | 1021930600 |
| **Liabilities in Excess of Other**<br> **Assets — (1.2)%** |  | (11657362)<br>|
| **NET ASSETS — 100.0%** |  | $1010273238 |

---

**194**

See Notes to Financial Statements.

------

Futures Contracts outstanding at June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Future Type** | **Expiration Date** | **Open Long** <br>**(Short) Contracts**<br>| **Notional** <br>**Market Value** <br>**of Contracts**<br>| **Value and** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| S&P 500<sup>®</sup> E-Mini | 09/2025 | &nbsp;&nbsp;&nbsp; 27 | &nbsp;&nbsp;&nbsp; $8442563 | &nbsp;&nbsp;&nbsp; $150404 |

---

Forward Foreign Currency Contracts outstanding at June 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Expiration Date** | **Currency** <br>**Purchased**<br>| **Amount** <br>**of Currency** <br>**Purchased**<br>| **Currency** <br>**Sold**<br>| **Amount** <br>**of Currency** <br>**Sold**<br>| **Counter-** <br>**party**<br>| **Net Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| 09/26/25 | British Pounds | &nbsp;&nbsp; 235230 | U.S. Dollars | &nbsp;&nbsp; 322886 | GSC | &nbsp;&nbsp; $190 |
| Subtotal Appreciation | Subtotal Appreciation |  |  |  |  | &nbsp;&nbsp; $190 |
| 09/26/25 | U.S. Dollars | &nbsp;&nbsp; 2081471 | Euro | &nbsp;&nbsp; 1793538 | JPM | &nbsp;&nbsp; $(43768)<br>|
| 09/26/25 | U.S. Dollars | &nbsp;&nbsp; 2080702 | Euro | &nbsp;&nbsp; 1793538 | GSC | &nbsp;&nbsp; (44538)<br>|
| 09/26/25 | U.S. Dollars | &nbsp;&nbsp; 2080541 | Euro | &nbsp;&nbsp; 1793538 | UBS | &nbsp;&nbsp; (44699)<br>|
| 09/26/25 | U.S. Dollars | &nbsp;&nbsp; 2392388 | Euro | &nbsp;&nbsp; 2058622 | MSCS | &nbsp;&nbsp; (46960)<br>|
| 09/26/25 | U.S. Dollars | &nbsp;&nbsp; 3312863 | Swiss Francs | &nbsp;&nbsp; 2680256 | JPM | &nbsp;&nbsp; (103119)<br>|
| 09/26/25 | U.S. Dollars | &nbsp;&nbsp; 3312782 | Swiss Francs | &nbsp;&nbsp; 2680255 | UBS | &nbsp;&nbsp; (103200)<br>|
| 09/26/25 | U.S. Dollars | &nbsp;&nbsp; 4351894 | British Pounds | &nbsp;&nbsp; 3248228 | GSC | &nbsp;&nbsp; (109382)<br>|
| 09/26/25 | U.S. Dollars | &nbsp;&nbsp; 4350962 | British Pounds | &nbsp;&nbsp; 3248228 | CITI | &nbsp;&nbsp; (110315)<br>|
| 09/26/25 | U.S. Dollars | &nbsp;&nbsp; 4350264 | British Pounds | &nbsp;&nbsp; 3248228 | MLIB | &nbsp;&nbsp; (111013)<br>|
| Subtotal Depreciation | Subtotal Depreciation |  |  |  |  | &nbsp;&nbsp; $(716994)<br>|
| Total Forward Foreign Currency Contracts outstanding at June 30, 2025 | Total Forward Foreign Currency Contracts outstanding at June 30, 2025 | Total Forward Foreign Currency Contracts outstanding at June 30, 2025 | Total Forward Foreign Currency Contracts outstanding at June 30, 2025 | Total Forward Foreign Currency Contracts outstanding at June 30, 2025 |  | &nbsp;&nbsp; $(716804)<br>|

---

See Notes to Financial Statements.

**195**

------

**VALUE EQUITY FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

**VALUATION HIERARCHY**

The following is a summary of the inputs used, as of June 30, 2025, in valuing the Fund's investments carried at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total** <br>**Value**<br>| **Level 1** <br>**Quoted Prices**<br>| **Level 2** <br>**Other Significant** <br>**Observable Inputs**<br>| **Level 3** <br>**Significant** <br>**Unobservable Inputs**<br>|
| **Assets:** |  |  |  |  |
| **Investments in Securities:** |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $830271132 | &nbsp;&nbsp; $830271132 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Foreign Common Stocks: |  |  |  |  |
| Germany | &nbsp;&nbsp; 5204204 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5204204 | &nbsp;&nbsp; — |
| Switzerland | &nbsp;&nbsp; 6938055 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6938055 | &nbsp;&nbsp; — |
| United Kingdom | &nbsp;&nbsp; 13610390 | &nbsp;&nbsp; 9889293 | &nbsp;&nbsp; 3721097 | &nbsp;&nbsp; — |
| Other<sup>^^</sup> <br>| &nbsp;&nbsp; 104947349 | &nbsp;&nbsp; 104947349 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total Foreign Common Stocks | &nbsp;&nbsp; 130699998 | &nbsp;&nbsp; 114836642 | &nbsp;&nbsp; 15863356 | &nbsp;&nbsp; — |
| Money Market Funds | &nbsp;&nbsp; 51882519 | &nbsp;&nbsp; 51882519 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Mutual Funds | &nbsp;&nbsp; 9076951 | &nbsp;&nbsp; 9076951 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Total Assets - Investments in Securities** | &nbsp;&nbsp; $1021930600 | &nbsp;&nbsp; $1006067244 | &nbsp;&nbsp; $15863356 | &nbsp;&nbsp; $— |
| **Other Financial Instruments\*\*\*** |  |  |  |  |
| Forward Foreign Currency Contracts | &nbsp;&nbsp; $190 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $190 | &nbsp;&nbsp; $— |
| Futures Contracts | &nbsp;&nbsp; 150404 | &nbsp;&nbsp; 150404 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Total Assets - Other Financial Instruments** | &nbsp;&nbsp; $150594 | &nbsp;&nbsp; $150404 | &nbsp;&nbsp; $190 | &nbsp;&nbsp; $— |
| **Liabilities:** |  |  |  |  |
| **Other Financial Instruments\*\*\*** |  |  |  |  |
| Forward Foreign Currency Contracts | &nbsp;&nbsp; $(716994)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(716994)<br>| &nbsp;&nbsp; $— |
| **Total Liabilities - Other Financial Instruments** | &nbsp;&nbsp; $(716994)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(716994)<br>| &nbsp;&nbsp; $— |

---

---

| | |
|:---|:---|
| ^^ | Classifications as defined in the Schedule of Investments. |
| \*\*\* | Other financial instruments are derivative instruments, such as futures contracts and forward foreign currency contracts, which are valued at the unrealized <br> appreciation (depreciation) on the investment. Further details regarding the value of these investments can be found in the preceding "Futures Contracts <br> outstanding" and "Forward Foreign Currency Contracts outstanding" disclosures.<br>|

---

**196**

See Notes to Financial Statements.

------

**GROWTH EQUITY INDEX FUND**

**SCHEDULE OF INVESTMENTS**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS — 96.3%** | **COMMON STOCKS — 96.3%** | **COMMON STOCKS — 96.3%** |
| **Communication Services — 11.2%** | **Communication Services — 11.2%** |  |
| Alphabet, Inc. Class A | 40122 | $7070700 |
| Alphabet, Inc. Class C | 32646 | 5791074 |
| AST SpaceMobile, Inc.Δ\* | 1678 | 78413 |
| DoubleVerify Holdings, Inc.\* | 1156 | 17305 |
| Iridium Communications, Inc. | 587 | 17710 |
| Liberty Broadband Corporation\* | 244 | 24005 |
| Liberty Media Corporation-Liberty <br> Formula One Class CΔ\* | 782 | 81719 |
| Live Nation Entertainment, Inc.Δ\* | 1643 | 248553 |
| Meta Platforms, Inc. Class A | 19175 | 14152876 |
| Netflix, Inc.\* | 4525 | 6059563 |
| Nexstar Media Group, Inc. Class AΔ | 154 | 26634 |
| Pinterest, Inc. Class A\* | 2997 | 107473 |
| Reddit, Inc. Class A\* | 1230 | 185201 |
| ROBLOX Corporation Class A\* | 6046 | 636039 |
| Roku, Inc.\* | 116 | 10195 |
| Spotify Technology SA\* | 1646 | 1263042 |
| Take-Two Interactive Software, Inc.\* | 659 | 160038 |
| TKO Group Holdings, Inc. | 294 | 53493 |
| Trade Desk, Inc. (The) Class A\* | 4724 | 340081 |
| Trump Media & Technology Group <br> CorporationΔ\* | 623 | 11239 |
|  |  | 36335353 |
| **Consumer Discretionary — 12.8%** | **Consumer Discretionary — 12.8%** |  |
| Airbnb, Inc. Class A\* | 4572 | 605058 |
| Amazon.com, Inc.\* | 74347 | 16310988 |
| AutoZone, Inc.\* | 27 | 100230 |
| Booking Holdings, Inc. | 331 | 1916238 |
| Burlington Stores, Inc.\* | 627 | 145865 |
| Carnival Corporation\* | 3588 | 100895 |
| Carvana Co.\* | 1360 | 458266 |
| Cava Group, Inc.\* | 991 | 83472 |
| Chewy, Inc. Class A\* | 2038 | 86860 |
| Chipotle Mexican Grill, Inc.\* | 14578 | 818555 |
| Choice Hotels International, Inc.Δ | 175 | 22204 |
| Coupang, Inc.\* | 13411 | 401794 |
| Darden Restaurants, Inc. | 1289 | 280963 |
| Deckers Outdoor Corporation\* | 1470 | 151513 |
| Domino's Pizza, Inc. | 143 | 64436 |
| DoorDash, Inc. Class A\* | 3827 | 943394 |
| Duolingo, Inc.\* | 395 | 161958 |
| Dutch Bros., Inc. Class A\* | 1215 | 83070 |
| Etsy, Inc.\* | 561 | 28140 |
| Expedia Group, Inc. | 1282 | 216248 |
| Floor & Decor Holdings, Inc. <br> Class A\* | 163 | 12381 |
| Grand Canyon Education, Inc.\* | 7 | 1323 |
| H&R Block, Inc. | 280 | 15369 |
| Hilton Worldwide Holdings, Inc. | 2705 | 720450 |
| Home Depot, Inc. (The) | 8280 | 3035779 |
| Lululemon Athletica, Inc.\* | 603 | 143261 |
| Marriott International, Inc. Class A | 2047 | 559261 |
| McDonald's Corporation | 659 | 192540 |
| Murphy U.S.A., Inc. | 164 | 66715 |
| Norwegian Cruise Line Holdings, <br> Ltd.\* | 4499 | 91240 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| O'Reilly Automotive, Inc.\* | 8376 | $754929 |
| Planet Fitness, Inc. Class A\* | 924 | 100762 |
| Pool CorporationΔ | 22 | 6413 |
| Ross Stores, Inc. | 578 | 73741 |
| Royal Caribbean Cruises, Ltd. | 2737 | 857064 |
| SharkNinja, Inc.\* | 118 | 11681 |
| Somnigroup International, Inc.Δ | 2273 | 154678 |
| Starbucks CorporationΔ | 1867 | 171073 |
| Tapestry, Inc. | 1802 | 158234 |
| Tesla, Inc.\* | 30008 | 9532341 |
| Texas Roadhouse, Inc. | 708 | 132686 |
| TJX Cos., Inc. (The) | 6009 | 742051 |
| Tractor Supply Co.Δ | 5563 | 293559 |
| Travel + Leisure Co. | 378 | 19509 |
| Ulta Beauty, Inc.\* | 91 | 42572 |
| Vail Resorts, Inc.Δ | 371 | 58295 |
| Valvoline, Inc.\* | 790 | 29917 |
| Viking Holdings, Ltd.\* | 2274 | 121181 |
| Wendy's Co. (The)Δ | 1581 | 18055 |
| Williams-Sonoma, Inc. | 118 | 19278 |
| Wingstop, Inc. | 306 | 103042 |
| Wyndham Hotels & Resorts, Inc. | 874 | 70977 |
| Yum! Brands, Inc. | 1321 | 195746 |
|  |  | 41486250 |
| **Consumer Staples — 2.7%** | **Consumer Staples — 2.7%** |  |
| BJ's Wholesale Club Holdings, Inc.\* | 182 | 19625 |
| Casey's General Stores, Inc. | 60 | 30616 |
| Celsius Holdings, Inc.\* | 1642 | 76173 |
| Coca-Cola Co. (The) | 21281 | 1505631 |
| Colgate-Palmolive Co. | 4977 | 452409 |
| Costco Wholesale Corporation | 4763 | 4715084 |
| Darling Ingredients, Inc.\* | 261 | 9902 |
| Freshpet, Inc.\* | 20 | 1359 |
| Hershey Co. (The)Δ | 229 | 38003 |
| Kimberly-Clark Corporation | 1709 | 220324 |
| Monster Beverage Corporation\* | 7347 | 460216 |
| PepsiCo, Inc. | 2426 | 320329 |
| Sprouts Farmers Market, Inc.\* | 1024 | 168592 |
| Sysco Corporation | 3180 | 240853 |
| Walmart, Inc. | 5140 | 502589 |
|  |  | 8761705 |
| **Energy — 0.3%** | **Energy — 0.3%** |  |
| Cheniere Energy, Inc. | 928 | 225987 |
| Phillips 66 | 83 | 9902 |
| Targa Resources Corporation | 2101 | 365742 |
| Texas Pacific Land CorporationΔ | 193 | 203883 |
| Williams Cos., Inc. (The) | 159 | 9987 |
|  |  | 815501 |
| **Financials — 6.1%** | **Financials — 6.1%** |  |
| Affirm Holdings, Inc.\* | 1656 | 114496 |
| American Express Co. | 1877 | 598725 |
| Ameriprise Financial, Inc. | 909 | 485161 |
| Apollo Global Management, Inc. | 3076 | 436392 |
| Ares Management Corporation <br> Class AΔ | 2101 | 363893 |
| Arthur J. Gallagher & Co. | 241 | 77149 |

---

See Notes to Financial Statements.

**197**

------

**GROWTH EQUITY INDEX FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Bank of America Corporation | 6500 | $307580 |
| Bank of New York Mellon <br> Corporation (The) | 772 | 70337 |
| Blackstone, Inc. | 7939 | 1187516 |
| Block, Inc.\* | 2065 | 140275 |
| Blue Owl Capital, Inc. | 6059 | 116393 |
| Brown & Brown, Inc. | 372 | 41244 |
| Charles Schwab Corporation (The) | 1681 | 153374 |
| Citigroup, Inc. | 3918 | 333500 |
| Coinbase Global, Inc. Class A\* | 207 | 72551 |
| Corpay, Inc.\* | 722 | 239574 |
| Credit Acceptance CorporationΔ\* | 47 | 23943 |
| Equitable Holdings, Inc. | 3213 | 180249 |
| Everest Group, Ltd. | 97 | 32965 |
| FactSet Research Systems, Inc. | 58 | 25942 |
| Fiserv, Inc.\* | 1694 | 292063 |
| Freedom Holding CorporationΔ\* | 155 | 22638 |
| Goldman Sachs Group, Inc. (The) | 255 | 180476 |
| Hamilton Lane, Inc. Class A | 181 | 25724 |
| Houlihan Lokey, Inc. | 168 | 30232 |
| Interactive Brokers Group, Inc. <br> Class A | 187 | 10362 |
| Jefferies Financial Group, Inc. | 681 | 37244 |
| Kinsale Capital Group, Inc.Δ | 225 | 108877 |
| KKR & Co., Inc. | 1870 | 248766 |
| Lazard, Inc.Δ | 231 | 11083 |
| LPL Financial Holdings, Inc. | 855 | 320599 |
| Markel Corporation\* | 38 | 75900 |
| Marsh & McLennan Cos., Inc. | 885 | 193496 |
| Mastercard, Inc. Class A | 8789 | 4938891 |
| Moody's Corporation | 1704 | 854709 |
| Morningstar, Inc. | 119 | 37358 |
| MSCI, Inc. | 420 | 242231 |
| Progressive Corporation (The) | 416 | 111014 |
| RLI Corporation | 450 | 32499 |
| Robinhood Markets, Inc. Class A\* | 995 | 93162 |
| Ryan Specialty Holdings, Inc.Δ | 1294 | 87979 |
| Shift4 Payments, Inc. Class AΔ\* | 588 | 58277 |
| SoFi Technologies, Inc.Δ\* | 531 | 9670 |
| Toast, Inc. Class A\* | 4669 | 206790 |
| TPG, Inc. | 1351 | 70860 |
| Tradeweb Markets, Inc. Class A | 93 | 13615 |
| Visa, Inc. Class A | 18317 | 6503451 |
| WEX, Inc.\* | 64 | 9401 |
|  |  | 19828626 |
| **Health Care — 6.8%** | **Health Care — 6.8%** |  |
| Alnylam Pharmaceuticals, Inc.\* | 1704 | 555657 |
| Amgen, Inc.Δ | 5623 | 1569998 |
| Apellis Pharmaceuticals, Inc.\* | 4513 | 78120 |
| Boston Scientific Corporation\* | 3303 | 354775 |
| Bristol-Myers Squibb Co. | 6337 | 293340 |
| Cardinal Health, Inc. | 1304 | 219072 |
| Cencora, Inc. | 2070 | 620689 |
| Chemed Corporation | 12 | 5843 |
| Cigna Group (The) | 292 | 96529 |
| Corcept Therapeutics, Inc.\* | 1226 | 89988 |
| DaVita, Inc.\* | 463 | 65954 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Dexcom, Inc.\* | 4208 | $367316 |
| Doximity, Inc. Class A\* | 1420 | 87103 |
| Eli Lilly and Co. | 8632 | 6728903 |
| Exact Sciences Corporation\* | 1761 | 93580 |
| Exelixis, Inc.\* | 5470 | 241090 |
| Gilead Sciences, Inc. | 6346 | 703581 |
| Halozyme Therapeutics, Inc.\* | 3266 | 169897 |
| HCA Healthcare, Inc. | 473 | 181206 |
| IDEXX Laboratories, Inc.\* | 890 | 477343 |
| Incyte Corporation\* | 2882 | 196264 |
| Insmed, Inc.\* | 2763 | 278068 |
| Inspire Medical Systems, Inc.\* | 339 | 43992 |
| Insulet Corporation\* | 755 | 237206 |
| Intuitive Surgical, Inc.\* | 3855 | 2094846 |
| Ionis Pharmaceuticals, Inc.\* | 5938 | 234610 |
| Masimo CorporationΔ\* | 516 | 86802 |
| McKesson Corporation | 1253 | 918173 |
| Medpace Holdings, Inc.\* | 357 | 112048 |
| Molina Healthcare, Inc.\* | 325 | 96818 |
| Natera, Inc.\* | 2039 | 344469 |
| Neurocrine Biosciences, Inc.\* | 2269 | 285191 |
| Penumbra, Inc.\* | 390 | 100086 |
| Repligen Corporation\* | 268 | 33334 |
| ResMed, Inc. | 414 | 106812 |
| Sarepta Therapeutics, Inc.\* | 3930 | 67203 |
| Sotera Health Co.\* | 2972 | 33049 |
| Stryker Corporation | 1192 | 471591 |
| Summit Therapeutics, Inc.\* | 2081 | 44284 |
| Tempus AI, Inc.Δ\* | 914 | 58076 |
| Ultragenyx Pharmaceutical, Inc.\* | 4895 | 177982 |
| Veeva Systems, Inc. Class A\* | 1303 | 375238 |
| Vertex Pharmaceuticals, Inc.\* | 3396 | 1511899 |
| Viking Therapeutics, Inc.Δ\* | 1355 | 35908 |
| Waters Corporation\* | 585 | 204188 |
| Zoetis, Inc. | 4512 | 703646 |
|  |  | 21851767 |
| **Industrials — 5.5%** | **Industrials — 5.5%** |  |
| 3M Co. | 1094 | 166551 |
| AAON, Inc.Δ | 535 | 39456 |
| Automatic Data Processing, Inc. | 4115 | 1269066 |
| Avis Budget Group, Inc.Δ\* | 56 | 9467 |
| Axon Enterprise, Inc.\* | 793 | 656556 |
| AZEK Co., Inc. (The)\* | 530 | 28805 |
| Boeing Co. (The)\* | 1124 | 235512 |
| Booz Allen Hamilton Holding <br> Corporation | 1274 | 132662 |
| Broadridge Financial Solutions, Inc. | 1142 | 277540 |
| BWX Technologies, Inc. | 165 | 23770 |
| Carlisle Cos., Inc.Δ | 65 | 24271 |
| Caterpillar, Inc. | 660 | 256219 |
| Cintas Corporation | 3752 | 836208 |
| Comfort Systems U.S.A., Inc. | 354 | 189818 |
| Copart, Inc.\* | 8778 | 430736 |
| Core & Main, Inc. Class A\* | 863 | 52082 |
| Dayforce, Inc.\* | 175 | 9693 |
| EMCOR Group, Inc. | 139 | 74350 |

---

**198**

See Notes to Financial Statements.

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Equifax, Inc. | 196 | $50836 |
| ExlService Holdings, Inc.\* | 1101 | 48213 |
| Fastenal Co. | 9797 | 411474 |
| Ferguson Enterprises, Inc. | 93 | 20251 |
| FTAI Aviation, Ltd. | 1098 | 126314 |
| GE Vernova, Inc. | 2911 | 1540356 |
| General Electric Co. | 11297 | 2907735 |
| HEICO Corporation | 472 | 154816 |
| HEICO Corporation Class A | 849 | 219679 |
| Howmet Aerospace, Inc. | 4284 | 797381 |
| Illinois ToolWorks, Inc. | 1210 | 299172 |
| Karman Holdings, Inc.Δ\* | 232 | 11686 |
| KBR, Inc. | 382 | 18313 |
| Lennox International, Inc. | 315 | 180571 |
| Leonardo DRS, Inc. | 234 | 10876 |
| Loar Holdings, Inc.\* | 411 | 35416 |
| Lockheed Martin Corporation | 683 | 316325 |
| Lyft, Inc. Class A\* | 1813 | 28573 |
| MasTec, Inc.\* | 90 | 15339 |
| Old Dominion Freight Line, Inc. | 14 | 2272 |
| Paychex, Inc. | 1145 | 166552 |
| Paycom Software, Inc. | 250 | 57850 |
| Paylocity Holding Corporation\* | 345 | 62511 |
| Quanta Services, Inc. | 1208 | 456721 |
| RBC Bearings, Inc.\* | 26 | 10005 |
| Rocket Lab Corporation\* | 4116 | 147229 |
| Rockwell Automation, Inc. | 92 | 30560 |
| Rollins, Inc. | 3045 | 171799 |
| Southwest Airlines Co.Δ | 474 | 15377 |
| Tetra Tech, Inc. | 627 | 22547 |
| TransDigm Group, Inc. | 136 | 206807 |
| Uber Technologies, Inc.\* | 21420 | 1998486 |
| U-Haul Holding Co. | 435 | 23651 |
| Union Pacific Corporation | 569 | 130915 |
| Veralto Corporation | 1037 | 104685 |
| Verisk Analytics, Inc. | 999 | 311188 |
| Vertiv Holdings Co. Class A | 4040 | 518776 |
| W.W. Grainger, Inc. | 393 | 408814 |
| Waste Management, Inc. | 4165 | 953035 |
| WillScot Holdings Corporation | 504 | 13810 |
| XPO Logistics, Inc.Δ\* | 184 | 23237 |
|  |  | 17742915 |
| **Information Technology — 49.8%** | **Information Technology — 49.8%** |  |
| Adobe, Inc.\* | 4552 | 1761078 |
| Advanced Micro Devices, Inc.\* | 10028 | 1422973 |
| Amphenol Corporation Class A | 12952 | 1279010 |
| Appfolio, Inc. Class A\* | 193 | 44444 |
| Apple, Inc. | 157442 | 32302375 |
| Applied Materials, Inc. | 2472 | 452549 |
| AppLovin Corporation Class A\* | 2540 | 889203 |
| Arista Networks, Inc.\* | 11015 | 1126945 |
| Astera Labs, Inc.\* | 1490 | 134726 |
| Atlassian Corporation Class A\* | 1726 | 350533 |
| Autodesk, Inc.\* | 2262 | 700247 |
| Bentley Systems, Inc. Class B | 1625 | 87701 |
| Broadcom, Inc. | 49298 | 13588994 |
| Cadence Design Systems, Inc.\* | 2917 | 898874 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| CDW Corporation | 133 | $23752 |
| Cloudflare, Inc. Class A\* | 3292 | 644672 |
| Confluent, Inc. Class A\* | 3093 | 77108 |
| Crowdstrike Holdings, Inc. Class A\* | 2599 | 1323697 |
| Datadog, Inc. Class A\* | 3257 | 437513 |
| Dell Technologies, Inc. Class C | 492 | 60319 |
| Docusign, Inc.\* | 1447 | 112707 |
| Dropbox, Inc. Class A\* | 71 | 2031 |
| Dynatrace, Inc.\* | 2798 | 154478 |
| Enphase Energy, Inc.\* | 1386 | 54955 |
| Entegris, Inc. | 183 | 14759 |
| Fair Isaac Corporation\* | 214 | 391183 |
| Fortinet, Inc.\* | 6769 | 715619 |
| Gartner, Inc.\* | 809 | 327014 |
| Gen Digital, Inc. | 700 | 20580 |
| Gitlab, Inc. Class A\* | 1253 | 56523 |
| Globant SAΔ\* | 258 | 23437 |
| GoDaddy, Inc. Class A\* | 1515 | 272791 |
| Guidewire Software, Inc.\* | 868 | 204371 |
| HubSpot, Inc.\* | 532 | 296127 |
| Intuit, Inc. | 2926 | 2304605 |
| Jabil, Inc. | 715 | 155941 |
| KLA Corporation | 1422 | 1273742 |
| Kyndryl Holdings, Inc.\* | 239 | 10028 |
| Lam Research Corporation | 13656 | 1329275 |
| Lattice Semiconductor CorporationΔ\* | 1217 | 59621 |
| MACOM Technology Solutions <br> Holdings, Inc.\* | 114 | 16335 |
| Manhattan Associates, Inc.\* | 580 | 114533 |
| Marvell Technology, Inc. | 586 | 45356 |
| Microsoft Corporation | 79246 | 39417753 |
| MicroStrategy, Inc. Class AΔ\* | 140 | 56592 |
| MongoDB, Inc.\* | 60 | 12599 |
| Monolithic Power Systems, Inc. | 487 | 356182 |
| Motorola Solutions, Inc. | 797 | 335107 |
| NetApp, Inc. | 978 | 104206 |
| Nutanix, Inc. Class A\* | 631 | 48234 |
| NVIDIA Corporation | 249730 | 39454843 |
| Okta, Inc.\* | 694 | 69379 |
| Onto Innovation, Inc.\* | 100 | 10093 |
| Oracle Corporation | 17765 | 3883962 |
| Palantir Technologies, Inc. Class A\* | 23280 | 3173530 |
| Palo Alto Networks, Inc.\* | 7017 | 1435959 |
| Pegasystems, Inc. | 65 | 3518 |
| Procore Technologies, Inc.Δ\* | 981 | 67120 |
| PTC, Inc.\* | 51 | 8789 |
| Pure Storage, Inc. Class A\* | 2811 | 161857 |
| QUALCOMM, Inc. | 2718 | 432869 |
| RingCentral, Inc. Class A\* | 475 | 13466 |
| Rubrik, Inc. Class A\* | 570 | 51066 |
| Salesforce, Inc. | 1149 | 313321 |
| Samsara, Inc. Class A\* | 2707 | 107684 |
| SentinelOne, Inc. Class A\* | 1653 | 30217 |
| ServiceNow, Inc.\* | 2210 | 2272057 |
| Snowflake, Inc. Class A\* | 3345 | 748511 |
| Super Micro Computer, Inc.Δ\* | 2477 | 121398 |
| Synopsys, Inc.\* | 1453 | 744924 |

---

See Notes to Financial Statements.

**199**

------

**GROWTH EQUITY INDEX FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Teradata Corporation\* | 688 | $15349 |
| Texas Instruments, Inc. | 4047 | 840238 |
| Twilio, Inc. Class A\* | 214 | 26613 |
| Tyler Technologies, Inc.\* | 368 | 218165 |
| Ubiquiti, Inc.Δ | 44 | 18113 |
| Unity Software, Inc.Δ\* | 1194 | 28895 |
| Workday, Inc. Class A\* | 2290 | 549600 |
| Zscaler, Inc.\* | 1015 | 318649 |
|  |  | 161013582 |
| **Materials — 0.3%** | **Materials — 0.3%** |  |
| Carpenter Technology Corporation | 51 | 14095 |
| Eagle Materials, Inc. | 241 | 48709 |
| Ecolab, Inc. | 692 | 186453 |
| Sherwin-Williams Co. (The) | 2290 | 786294 |
| Steel Dynamics, Inc. | 101 | 12929 |
|  |  | 1048480 |
| **Real Estate — 0.5%** | **Real Estate — 0.5%** |  |
| American Tower Corporation REIT | 5102 | 1127644 |
| CBRE Group, Inc. Class A\* | 384 | 53806 |
| CoStar Group, Inc.\* | 570 | 45828 |
| Jones Lang LaSalle, Inc.\* | 111 | 28392 |
| Lamar Advertising Co. Class A <br> REITΔ | 967 | 117355 |
| Public Storage REIT | 297 | 87146 |
| Simon Property Group, Inc. REIT | 1119 | 179890 |
| Sun Communities, Inc. REIT | 358 | 45283 |
| UDR, Inc. REIT | 488 | 19925 |
|  |  | 1705269 |
| **Utilities — 0.3%** | **Utilities — 0.3%** |  |
| NRG Energy, Inc. | 2119 | 340269 |
| Vistra Corporation | 3622 | 701980 |
|  |  | 1042249 |
| **Total Common Stocks** <br>(Cost $199,558,511) | **Total Common Stocks** <br>(Cost $199,558,511) | 311631697 |
| **FOREIGN COMMON STOCKS — 0.9%** | **FOREIGN COMMON STOCKS — 0.9%** | **FOREIGN COMMON STOCKS — 0.9%** |
| **Brazil — 0.2%** | **Brazil — 0.2%** |  |
| NU Holdings, Ltd. Class A\* | 34674 | 475727 |
| XP, Inc. Class A | 1230 | 24846 |
|  |  | 500573 |
| **Canada — 0.1%** | **Canada — 0.1%** |  |
| Brookfield Asset Management, Ltd. <br> Class A | 2146 | 118631 |
| RB Global, Inc. | 434 | 46086 |
| Restaurant Brands International, Inc.Δ | 3479 | 230623 |
|  |  | 395340 |
| **Ireland — 0.6%** | **Ireland — 0.6%** |  |
| Aon PLC Class A | 2153 | 768104 |
| Trane Technologies PLC | 2360 | 1032288 |
|  |  | 1800392 |
| **Jersey — 0.0%** | **Jersey — 0.0%** |  |
| Birkenstock Holding PLC\* | 710 | 34918 |
| **Netherlands — 0.0%** | **Netherlands — 0.0%** |  |
| Elastic NV\* | 913 | 76993 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Switzerland — 0.0%** | **Switzerland — 0.0%** |  |
| On Holding AG Class A\* | 2774 | $144387 |
| **United Kingdom — 0.0%** | **United Kingdom — 0.0%** |  |
| Anglogold Ashanti PLCΔ | 1048 | 47758 |
| **Total Foreign Common Stocks** <br>(Cost $2,722,258) | **Total Foreign Common Stocks** <br>(Cost $2,722,258) | 3000361 |
| **MUTUAL FUNDS — 0.8%** | **MUTUAL FUNDS — 0.8%** | **MUTUAL FUNDS — 0.8%** |
| iShares Russell 1000 Growth ETF <br>(Cost $2,481,861) | 6281 | 2666787 |
| **MONEY MARKET FUNDS — 1.9%** | **MONEY MARKET FUNDS — 1.9%** | **MONEY MARKET FUNDS — 1.9%** |
| Northern Institutional Liquid Assets <br> Portfolio (Shares), 4.39%Ø§ | 575839 | 575839 |
| GuideStone Money Market Fund, <br> 4.25% <br>(Institutional Class)Ø∞ | 5593701 | 5593701 |
| **Total Money Market Funds** <br>(Cost $6,169,540) | **Total Money Market Funds** <br>(Cost $6,169,540) | 6169540 |
| **TOTAL INVESTMENTS** — **99.9%** <br>(Cost $210,932,170) |  | 323468385 |
| **Other Assets in Excess of**<br> **Liabilities — 0.1%** |  | 276698 |
| **NET ASSETS — 100.0%** |  | $323745083 |

---

**200**

See Notes to Financial Statements.

------

Futures Contracts outstanding at June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Future Type** | **Expiration Date** | **Open Long** <br>**(Short) Contracts**<br>| **Notional** <br>**Market Value** <br>**of Contracts**<br>| **Value and** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| NASDAQ 100 E-Mini | 09/2025 | &nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp; $3205055 | &nbsp;&nbsp;&nbsp; $90697 |
| S&P 500<sup>®</sup> E-Mini | 09/2025 | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; 938062 | &nbsp;&nbsp;&nbsp; 23258 |
| S&P 500<sup>®</sup> Micro E-Mini | 09/2025 | &nbsp;&nbsp;&nbsp; 21 | &nbsp;&nbsp;&nbsp; 656644 | &nbsp;&nbsp;&nbsp; 23229 |
| Total Futures Contracts outstanding at June 30, 2025 |  |  | &nbsp;&nbsp;&nbsp; $4799761 | &nbsp;&nbsp;&nbsp; $137184 |

---

**VALUATION HIERARCHY**

The following is a summary of the inputs used, as of June 30, 2025, in valuing the Fund's investments carried at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total** <br>**Value**<br>| **Level 1** <br>**Quoted Prices**<br>| **Level 2** <br>**Other Significant** <br>**Observable Inputs**<br>| **Level 3** <br>**Significant** <br>**Unobservable Inputs**<br>|
| **Assets:** |  |  |  |  |
| **Investments in Securities:** |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $311631697 | &nbsp;&nbsp; $311631697 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Foreign Common Stocks | &nbsp;&nbsp; 3000361 | &nbsp;&nbsp; 3000361 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Money Market Funds | &nbsp;&nbsp; 6169540 | &nbsp;&nbsp; 6169540 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Mutual Funds | &nbsp;&nbsp; 2666787 | &nbsp;&nbsp; 2666787 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Total Assets - Investments in Securities** | &nbsp;&nbsp; $323468385 | &nbsp;&nbsp; $323468385 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| **Other Financial Instruments\*\*\*** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; $137184 | &nbsp;&nbsp; $137184 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| **Total Assets - Other Financial Instruments** | &nbsp;&nbsp; $137184 | &nbsp;&nbsp; $137184 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |

---

\*\*\* Other financial instruments are derivative instruments, such as futures contracts, which are valued at the unrealized appreciation (depreciation) on the investment. Further details regarding the value of these investments can be found in the preceding "Futures Contracts outstanding" disclosure. 

See Notes to Financial Statements.

**201**

------

**GROWTH EQUITY FUND**

**SCHEDULE OF INVESTMENTS**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS — 94.5%** | **COMMON STOCKS — 94.5%** | **COMMON STOCKS — 94.5%** |
| **Communication Services — 14.5%** | **Communication Services — 14.5%** |  |
| Alphabet, Inc. Class A | 122211 | $21537244 |
| Alphabet, Inc. Class C | 104650 | 18563863 |
| Live Nation Entertainment, Inc.Δ\* | 66956 | 10129104 |
| Meta Platforms, Inc. Class A | 158716 | 117146692 |
| Netflix, Inc.\* | 43067 | 57672312 |
| ROBLOX Corporation Class A\* | 25398 | 2671870 |
| Spotify Technology SA\* | 11570 | 8878124 |
| Walt Disney Co. (The) | 102524 | 12714001 |
|  |  | 249313210 |
| **Consumer Discretionary — 13.3%** | **Consumer Discretionary — 13.3%** |  |
| Amazon.com, Inc.\* | 478649 | 105010804 |
| AutoZone, Inc.\* | 566 | 2101122 |
| Booking Holdings, Inc. | 968 | 5603984 |
| Carvana Co.\* | 12608 | 4248392 |
| Chipotle Mexican Grill, Inc.\* | 237512 | 13336299 |
| D.R. Horton, Inc. | 19891 | 2564348 |
| DoorDash, Inc. Class A\* | 48717 | 12009228 |
| McDonald's Corporation | 14371 | 4198775 |
| MercadoLibre, Inc.\* | 2942 | 7689300 |
| NIKE, Inc. Class B | 49331 | 3504474 |
| O'Reilly Automotive, Inc.\* | 141285 | 12734017 |
| Starbucks CorporationΔ | 77497 | 7101050 |
| Tesla, Inc.\* | 136573 | 43383779 |
| Yum China Holdings, Inc. | 25962 | 1160761 |
| Yum! Brands, Inc. | 27917 | 4136741 |
|  |  | 228783074 |
| **Consumer Staples — 3.0%** | **Consumer Staples — 3.0%** |  |
| Coca-Cola Co. (The) | 88680 | 6274110 |
| Costco Wholesale Corporation | 15583 | 15426235 |
| Monster Beverage Corporation\* | 320411 | 20070545 |
| Walmart, Inc. | 102169 | 9990085 |
|  |  | 51760975 |
| **Energy — 0.1%** | **Energy — 0.1%** |  |
| Cheniere Energy, Inc. | 6603 | 1607963 |
| Venture Global, Inc. Class AΔ | 65952 | 1027532 |
|  |  | 2635495 |
| **Financials — 8.1%** | **Financials — 8.1%** |  |
| Apollo Global Management, Inc. | 37658 | 5342540 |
| Arthur J. Gallagher & Co. | 7279 | 2330153 |
| Berkshire Hathaway, Inc. Class B\* | 7363 | 3576725 |
| Blackstone, Inc. | 13496 | 2018732 |
| Block, Inc.\* | 91591 | 6221777 |
| Carlyle Group, Inc. (The) | 223803 | 11503474 |
| Charles Schwab Corporation (The) | 35938 | 3278983 |
| FactSet Research Systems, Inc. | 10628 | 4753692 |
| Goldman Sachs Group, Inc. (The) | 9699 | 6864467 |
| Intercontinental Exchange, Inc. | 28566 | 5241004 |
| KKR & Co., Inc. | 11515 | 1531840 |
| Mastercard, Inc. Class A | 75186 | 42250021 |
| PayPal Holdings, Inc.\* | 46511 | 3456698 |
| Robinhood Markets, Inc. Class A\* | 37393 | 3501107 |
| SEI Investments Co. | 60552 | 5441203 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Visa, Inc. Class AΔ | 91730 | $32568736 |
|  |  | 139881152 |
| **Health Care — 6.7%** | **Health Care — 6.7%** |  |
| Abbott Laboratories | 49474 | 6728959 |
| Agilent Technologies, Inc. | 88675 | 10464537 |
| Dexcom, Inc.\* | 40418 | 3528087 |
| Edwards Lifesciences Corporation\* | 19137 | 1496705 |
| Eli Lilly and Co. | 8403 | 6550390 |
| Gilead Sciences, Inc. | 30200 | 3348274 |
| IDEXX Laboratories, Inc.Δ\* | 27599 | 14802448 |
| Illumina, Inc.\* | 29975 | 2859915 |
| Insmed, Inc.\* | 25032 | 2519220 |
| Intuitive Surgical, Inc.\* | 20227 | 10991554 |
| McKesson Corporation | 7512 | 5504643 |
| Natera, Inc.\* | 18546 | 3133161 |
| Regeneron Pharmaceuticals, Inc. | 13877 | 7285425 |
| Thermo Fisher Scientific, Inc. | 10584 | 4291389 |
| Ultragenyx Pharmaceutical, Inc.\* | 32350 | 1176246 |
| UnitedHealth Group, Inc. | 27755 | 8658727 |
| Veeva Systems, Inc. Class A\* | 25019 | 7204972 |
| Vertex Pharmaceuticals, Inc.\* | 27364 | 12182453 |
| West Pharmaceutical Services, Inc. | 13671 | 2991215 |
|  |  | 115718320 |
| **Industrials — 5.0%** | **Industrials — 5.0%** |  |
| 3M Co. | 51954 | 7909477 |
| Axon Enterprise, Inc.\* | 2153 | 1782555 |
| Boeing Co. (The)\* | 99229 | 20791452 |
| Copart, Inc.\* | 156533 | 7681074 |
| Deere & Co. | 13636 | 6933770 |
| Expeditors International of <br> Washington, Inc. | 40341 | 4608959 |
| Quanta Services, Inc. | 7113 | 2689283 |
| RTX Corporation | 13829 | 2019311 |
| TransDigm Group, Inc. | 3175 | 4828032 |
| TransUnion | 114757 | 10098616 |
| Uber Technologies, Inc.\* | 160173 | 14944141 |
| W.W. Grainger, Inc. | 1839 | 1913001 |
|  |  | 86199671 |
| **Information Technology — 43.4%** | **Information Technology — 43.4%** |  |
| Advanced Micro Devices, Inc.\* | 20633 | 2927823 |
| Amphenol Corporation Class A | 29626 | 2925567 |
| Apple, Inc. | 618310 | 126858663 |
| AppLovin Corporation Class A\* | 10804 | 3782264 |
| Arista Networks, Inc.\* | 20898 | 2138074 |
| Atlassian Corporation Class A\* | 8988 | 1825373 |
| Autodesk, Inc.\* | 40679 | 12592998 |
| Broadcom, Inc. | 207745 | 57264909 |
| Cloudflare, Inc. Class A\* | 26492 | 5187928 |
| Crowdstrike Holdings, Inc. Class A\* | 5712 | 2909179 |
| Datadog, Inc. Class A\* | 106548 | 14312593 |
| Fair Isaac Corporation\* | 1111 | 2030863 |
| HubSpot, Inc.\* | 3789 | 2109071 |
| International Business Machines <br> Corporation | 41878 | 12344797 |
| Intuit, Inc. | 25917 | 20413007 |

---

**202**

See Notes to Financial Statements.

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Lam Research Corporation | 92173 | $8972120 |
| Microsoft Corporation | 332541 | 165409219 |
| NVIDIA Corporation | 1224665 | 193484823 |
| Oracle Corporation | 166534 | 36409328 |
| Palo Alto Networks, Inc.\* | 13886 | 2841631 |
| QUALCOMM, Inc. | 32683 | 5205095 |
| Salesforce, Inc. | 70197 | 19142020 |
| Samsara, Inc. Class A\* | 82309 | 3274252 |
| ServiceNow, Inc.\* | 24834 | 25531339 |
| Snowflake, Inc. Class A\* | 9088 | 2033622 |
| Synopsys, Inc.\* | 2657 | 1362191 |
| Twilio, Inc. Class A\* | 15121 | 1880448 |
| Tyler Technologies, Inc.\* | 13394 | 7940499 |
| Workday, Inc. Class A\* | 14175 | 3402000 |
|  |  | 746511696 |
| **Materials — 0.4%** | **Materials — 0.4%** |  |
| Martin Marietta Materials, Inc. | 11790 | 6472238 |
| **Total Common Stocks** <br>(Cost $1,084,347,165) | **Total Common Stocks** <br>(Cost $1,084,347,165) | 1627275831 |
| **FOREIGN COMMON STOCKS — 3.3%** | **FOREIGN COMMON STOCKS — 3.3%** | **FOREIGN COMMON STOCKS — 3.3%** |
| **Brazil — 0.2%** | **Brazil — 0.2%** |  |
| NU Holdings, Ltd. Class A\* | 256253 | 3515791 |
| **Canada — 1.1%** | **Canada — 1.1%** |  |
| Shopify, Inc. Class AΔ\* | 158878 | 18326577 |
| **China — 0.3%** | **China — 0.3%** |  |
| Alibaba Group Holding, Ltd. ADRΔ | 53249 | 6038969 |
| **Ireland — 0.7%** | **Ireland — 0.7%** |  |
| Eaton Corporation PLC | 4789 | 1709625 |
| Linde PLC | 16737 | 7852666 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Trane Technologies PLC | 6094 | $2665576 |
|  |  | 12227867 |
| **Netherlands — 0.0%** | **Netherlands — 0.0%** |  |
| ASML Holding NV (NASDAQ <br> Exchange) | 365 | 292508 |
| **Singapore — 0.4%** | **Singapore — 0.4%** |  |
| Sea, Ltd. ADR\* | 37999 | 6077560 |
| **Switzerland — 0.2%** | **Switzerland — 0.2%** |  |
| Roche Holding AG ADRΔ | 91775 | 3740749 |
| **Taiwan — 0.4%** | **Taiwan — 0.4%** |  |
| Taiwan Semiconductor Manufacturing <br> Co., Ltd. ADR | 29022 | 6573193 |
| **Total Foreign Common Stocks** <br>(Cost $41,337,025) | **Total Foreign Common Stocks** <br>(Cost $41,337,025) | 56793214 |
| **MONEY MARKET FUNDS — 2.6%** | **MONEY MARKET FUNDS — 2.6%** | **MONEY MARKET FUNDS — 2.6%** |
| Northern Institutional Liquid Assets <br> Portfolio (Shares), 4.39%Ø§ | 4675139 | 4675139 |
| GuideStone Money Market Fund, <br> 4.25% <br>(Institutional Class)Ø∞ | 40441672 | 40441672 |
| **Total Money Market Funds** <br>(Cost $45,116,811) | **Total Money Market Funds** <br>(Cost $45,116,811) | 45116811 |
| **TOTAL INVESTMENTS** — **100.4%** <br>(Cost $1,170,801,001) |  | 1729185856 |
| **Liabilities in Excess of Other**<br> **Assets — (0.4)%** |  | (7475837)<br>|
| **NET ASSETS — 100.0%** |  | $1721710019 |

---

**VALUATION HIERARCHY**

The following is a summary of the inputs used, as of June 30, 2025, in valuing the Fund's investments carried at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total** <br>**Value**<br>| **Level 1** <br>**Quoted Prices**<br>| **Level 2** <br>**Other Significant** <br>**Observable Inputs**<br>| **Level 3** <br>**Significant** <br>**Unobservable Inputs**<br>|
| **Assets:** |  |  |  |  |
| **Investments in Securities:** |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $1627275831 | &nbsp;&nbsp; $1627275831 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Foreign Common Stocks | &nbsp;&nbsp; 56793214 | &nbsp;&nbsp; 56793214 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Money Market Funds | &nbsp;&nbsp; 45116811 | &nbsp;&nbsp; 45116811 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Total Assets - Investments in Securities** | &nbsp;&nbsp; $1729185856 | &nbsp;&nbsp; $1729185856 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |

---

See Notes to Financial Statements.

**203**

------

**SMALL CAP EQUITY FUND**

**SCHEDULE OF INVESTMENTS**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS — 89.2%** | **COMMON STOCKS — 89.2%** | **COMMON STOCKS — 89.2%** |
| **Communication Services — 0.8%** | **Communication Services — 0.8%** |  |
| AMC Networks, Inc. Class A\* | 24100 | $151107 |
| AST SpaceMobile, Inc.Δ\* | 7168 | 334961 |
| ATN International, Inc. | 10353 | 168236 |
| Bandwidth, Inc. Class A\* | 21017 | 334170 |
| Cable One, Inc.Δ | 1837 | 249483 |
| Entravision Communications <br> Corporation Class A | 165442 | 383826 |
| Eventbrite, Inc. Class A\* | 62546 | 164496 |
| Gray Media, Inc. | 7200 | 32616 |
| iHeartMedia, Inc. Class AΔ\* | 12633 | 22234 |
| Integral Ad Science Holding <br> CorporationΔ\* | 10987 | 91302 |
| Liberty Latin America, Ltd. <br> Class CΔ\* | 38237 | 237834 |
| Magnite, Inc.Δ\* | 43250 | 1043190 |
| Nextdoor Holdings, Inc.\* | 152940 | 253880 |
| Playstudios, Inc.\* | 16289 | 21339 |
| Playtika Holding Corporation | 21869 | 103440 |
| PubMatic, Inc. Class A\* | 35789 | 445215 |
| Roku, Inc.\* | 7883 | 692837 |
| Scholastic Corporation | 28138 | 590335 |
| Spok Holdings, Inc. | 13315 | 235409 |
| Teads Holding Co.Δ\* | 29725 | 73718 |
| Thryv Holdings, Inc.\* | 13479 | 163905 |
| Townsquare Media, Inc. Class A | 12634 | 99935 |
| Webtoon Entertainment, Inc.Δ\* | 17738 | 161061 |
| Yelp, Inc.\* | 25610 | 877655 |
|  |  | 6932184 |
| **Consumer Discretionary — 9.8%** | **Consumer Discretionary — 9.8%** |  |
| 1stdibs.com, Inc.\* | 5272 | 14498 |
| Adtalem Global Education, Inc.\* | 6839 | 870126 |
| A-Mark Precious Metals, Inc.Δ | 41417 | 918629 |
| American Axle & Manufacturing <br> Holdings, Inc.Δ\* | 89715 | 366037 |
| American Outdoor Brands, Inc.Δ\* | 2950 | 30828 |
| BARK, Inc.Δ\* | 61416 | 54015 |
| Bloomin' Brands, Inc. | 61213 | 527044 |
| Boot Barn Holdings, Inc.\* | 19548 | 2971296 |
| Bright Horizons Family Solutions, <br> Inc.\* | 14500 | 1792055 |
| Brinker International, Inc.\* | 13211 | 2382340 |
| Brunswick Corporation | 24298 | 1342222 |
| Capri Holdings, Ltd.Δ\* | 38139 | 675060 |
| Carvana Co.\* | 3862 | 1301340 |
| Cava Group, Inc.Δ\* | 6445 | 542862 |
| Champion Homes, Inc.\* | 19543 | 1223587 |
| Cheesecake Factory, Inc. (The)Δ | 10530 | 659810 |
| Cooper-Standard Holdings, Inc.Δ\* | 10561 | 227061 |
| Cricut, Inc. Class AΔ | 40900 | 276893 |
| Dana, Inc. | 110198 | 1889896 |
| Dave & Buster's Entertainment, <br> Inc.Δ\* | 22818 | 686365 |
| Designer Brands, Inc. Class AΔ | 68074 | 162016 |
| Dillard's, Inc. Class AΔ | 321 | 134123 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Dutch Bros., Inc. Class A\* | 19821 | $1355162 |
| Ethan Allen Interiors, Inc.Δ | 27310 | 760583 |
| Flexsteel Industries, Inc. | 3016 | 108666 |
| Funko, Inc. Class AΔ\* | 67130 | 319539 |
| Genesco, Inc.Δ\* | 20146 | 396675 |
| G-III Apparel Group, Ltd.\* | 28000 | 627200 |
| GoPro, Inc. Class AΔ\* | 79375 | 60111 |
| Grand Canyon Education, Inc.\* | 4008 | 757512 |
| Haverty Furniture Cos., Inc. | 17394 | 353968 |
| Helen of Troy, Ltd.\* | 20890 | 592858 |
| iRobot CorporationΔ\* | 53900 | 168707 |
| Johnson Outdoors, Inc. Class AΔ | 3177 | 96168 |
| KB Home | 51130 | 2708356 |
| KinderCare Learning Cos., Inc.Δ\* | 66923 | 675922 |
| Kontoor Brands, Inc. | 35158 | 2319373 |
| Lands' End, Inc.Δ\* | 12673 | 135728 |
| La-Z-Boy, Inc. | 44222 | 1643732 |
| Leslie's, Inc.Δ\* | 111500 | 46819 |
| Life Time Group Holdings, Inc.\* | 108295 | 3284587 |
| Lovesac Co. (The)Δ\* | 1000 | 18200 |
| M/I Homes, Inc.\* | 6850 | 768022 |
| Malibu Boats, Inc. Class AΔ\* | 27992 | 877269 |
| MarineMax, Inc.Δ\* | 41554 | 1044668 |
| Meritage Homes Corporation | 46745 | 3130513 |
| Modine Manufacturing Co.Δ\* | 31300 | 3083050 |
| Movado Group, Inc.Δ | 24769 | 377727 |
| ODP Corporation (The)\* | 12400 | 224812 |
| Ollie's Bargain Outlet Holdings, <br> Inc.Δ\* | 24396 | 3214905 |
| OneWater Marine, Inc. Class AΔ\* | 34043 | 455836 |
| Papa John's International, Inc.Δ | 14937 | 731017 |
| Patrick Industries, Inc.Δ | 8985 | 829046 |
| Phinia, Inc. | 3446 | 153313 |
| Planet Fitness, Inc. Class A\* | 16701 | 1821244 |
| Pursuit Attractions and Hospitality, <br> Inc.\* | 36400 | 1049412 |
| Shoe Carnival, Inc.Δ | 21086 | 394519 |
| Sleep Number CorporationΔ\* | 42830 | 289317 |
| Sonic Automotive, Inc. Class A | 38339 | 3064436 |
| Sonos, Inc.\* | 60775 | 656978 |
| Steven Madden, Ltd.Δ | 54937 | 1317389 |
| Stitch Fix, Inc. Class AΔ\* | 157878 | 584149 |
| Stoneridge, Inc.\* | 11254 | 79228 |
| Stride, Inc.Δ\* | 8436 | 1224823 |
| Superior Group of Cos., Inc. | 5005 | 51551 |
| Taylor Morrison Home Corporation <br> Class A\* | 82383 | 5059964 |
| Traeger, Inc.\* | 16248 | 27784 |
| Tri Pointe Homes, Inc.\* | 27677 | 884280 |
| Universal Electronics, Inc.\* | 3617 | 23945 |
| Urban Outfitters, Inc.\* | 48648 | 3528926 |
| Valvoline, Inc.Δ\* | 72000 | 2726640 |
| Visteon Corporation\* | 24910 | 2324103 |
| Warby Parker, Inc. Class A\* | 156286 | 3427352 |
| Winmark Corporation | 1027 | 387805 |
| Wyndham Hotels & Resorts, Inc. | 28035 | 2276722 |

---

**204**

See Notes to Financial Statements.

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| YETI Holdings, Inc.Δ\* | 29551 | $931448 |
| Zumiez, Inc.Δ\* | 34047 | 451463 |
|  |  | 82951625 |
| **Consumer Staples — 2.5%** | **Consumer Staples — 2.5%** |  |
| Andersons, Inc. (The) | 12443 | 457280 |
| BellRing Brands, Inc.Δ\* | 8796 | 509552 |
| BJ's Wholesale Club Holdings, Inc.\* | 49000 | 5283670 |
| Calavo Growers, Inc. | 22066 | 586735 |
| Chefs' Warehouse, Inc. (The)Δ\* | 44116 | 2815042 |
| Edgewell Personal Care Co.Δ | 61098 | 1430304 |
| Freshpet, Inc.Δ\* | 15300 | 1039788 |
| Guardian Pharmacy Services, Inc. <br> Class AΔ\* | 68000 | 1449080 |
| Herbalife, Ltd.Δ\* | 59490 | 512804 |
| J&J Snack Foods Corporation | 18533 | 2101828 |
| Limoneira Co. | 2800 | 43820 |
| Medifast, Inc.Δ\* | 22025 | 309451 |
| Nature's Sunshine Products, Inc.\* | 6423 | 94996 |
| Pilgrim's Pride Corporation | 12390 | 557302 |
| PriceSmart, Inc.Δ | 5295 | 556187 |
| Spectrum Brands Holdings, Inc. | 29485 | 1562705 |
| Sprouts Farmers Market, Inc.\* | 4349 | 716020 |
| USANA Health Sciences, Inc.\* | 24162 | 737666 |
|  |  | 20764230 |
| **Energy — 4.9%** | **Energy — 4.9%** |  |
| Amplify Energy CorporationΔ\* | 71422 | 228550 |
| Archrock, Inc. | 16596 | 412079 |
| Aris Water Solutions, Inc. Class AΔ | 12768 | 301963 |
| Berry CorporationΔ | 130332 | 361020 |
| BKV CorporationΔ\* | 2100 | 50652 |
| Cactus, Inc. Class A | 23160 | 1012555 |
| ChampionX Corporation | 36660 | 910634 |
| Chord Energy Corporation | 17705 | 1714729 |
| Comstock Resources, Inc.Δ\* | 55698 | 1541164 |
| Crescent Energy Co. Class AΔ | 202953 | 1745396 |
| DMC Global, Inc.\* | 19400 | 156364 |
| Excelerate Energy, Inc. Class A | 95173 | 2790472 |
| Flowco Holdings, Inc. Class AΔ | 45807 | 815823 |
| Forum Energy Technologies, Inc.Δ\* | 7346 | 143027 |
| Granite Ridge Resources, Inc.Δ | 44700 | 284739 |
| Gulfport Energy CorporationΔ\* | 12176 | 2449446 |
| Infinity Natural Resources, Inc. <br> Class AΔ\* | 97580 | 1786690 |
| International Seaways, Inc.Δ | 29875 | 1089840 |
| Liberty Energy, Inc. | 163019 | 1871458 |
| Magnolia Oil & Gas Corporation <br> Class AΔ | 268307 | 6031541 |
| Matador Resources Co.Δ | 34100 | 1627252 |
| Northern Oil & Gas, Inc.Δ | 111551 | 3162471 |
| Oil States International, Inc.\* | 42790 | 229354 |
| Patterson-UTI Energy, Inc.Δ | 325830 | 1932172 |
| Permian Resources Corporation | 113802 | 1549983 |
| ProPetro Holding CorporationΔ\* | 51041 | 304715 |
| Ranger Energy Services, Inc. Class A | 14549 | 173715 |
| REX American Resources <br> Corporation\* | 1863 | 90747 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| RPC, Inc.Δ | 91554 | $433050 |
| SM Energy Co. | 103221 | 2550591 |
| Solaris Energy Infrastructure, Inc.Δ | 30808 | 871558 |
| Uranium Energy CorporationΔ\* | 135407 | 920768 |
| World Fuel Services CorporationΔ | 63051 | 1787496 |
|  |  | 41332014 |
| **Financials — 19.8%** | **Financials — 19.8%** |  |
| 1st Source Corporation | 633 | 39290 |
| AG Mortgage Investment Trust, Inc. <br> REITΔ | 6045 | 45640 |
| Ally Financial, Inc. | 15420 | 600609 |
| Amalgamated Financial Corporation | 7796 | 243235 |
| Amerant Bancorp, Inc. | 18829 | 343253 |
| American Coastal Insurance <br> CorporationΔ | 4167 | 46337 |
| Ameris Bancorp | 26959 | 1744247 |
| AMERISAFE, Inc. | 2160 | 94457 |
| Arrow Financial CorporationΔ | 5173 | 136671 |
| Aspen Insurance Holdings, Ltd. <br> Class A\* | 19742 | 621281 |
| Associated Banc-Corp | 140473 | 3426136 |
| Atlantic Union Bankshares <br> CorporationΔ | 33949 | 1061925 |
| Axis Capital Holdings, Ltd. | 34072 | 3537355 |
| Axos Financial, Inc.\* | 16190 | 1231088 |
| Baldwin Insurance Group, Inc. <br> (The)Δ\* | 77346 | 3311182 |
| Banc of California, Inc. | 55771 | 783583 |
| BancFirst Corporation | 2533 | 313129 |
| BankUnited, Inc. | 61482 | 2188144 |
| BayCom Corporation | 1085 | 30065 |
| BCB Bancorp, Inc.Δ | 3383 | 28485 |
| Berkshire Hills Bancorp, Inc. | 34676 | 868287 |
| BOK Financial Corporation | 1590 | 155232 |
| Bowhead Specialty Holdings, Inc.Δ\* | 2552 | 95777 |
| Bread Financial Holdings, Inc. | 40561 | 2316844 |
| Business First Bancshares, Inc. | 10501 | 258850 |
| Byline Bancorp, Inc. | 17294 | 462269 |
| Capital Bancorp, Inc.Δ | 1539 | 51680 |
| Capital City Bank Group, Inc. | 3144 | 123716 |
| Central Pacific Financial <br> CorporationΔ | 12559 | 352029 |
| Chemung Financial Corporation | 746 | 36159 |
| City Holding Co.Δ | 16052 | 1965086 |
| Civista Bancshares, Inc. | 6856 | 159059 |
| Claros Mortgage Trust, Inc. REIT | 4000 | 11707 |
| CNB Financial Corporation | 885 | 20231 |
| CNO Financial Group, Inc. | 112780 | 4351052 |
| Columbia Banking System, Inc. | 94225 | 2202980 |
| Community Trust Bancorp, Inc. | 7287 | 385628 |
| Compass Diversified Holdings | 115090 | 722765 |
| Cullen/Frost Bankers, Inc. | 2372 | 304897 |
| CVB Financial Corporation | 37492 | 741967 |
| Donegal Group, Inc. Class A | 12573 | 251774 |
| eHealth, Inc.\* | 16858 | 73332 |
| Employers Holdings, Inc. | 13596 | 641459 |
| Enact Holdings, Inc. | 30181 | 1121224 |

---

See Notes to Financial Statements.

**205**

------

**SMALL CAP EQUITY FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Enterprise Financial Services <br> Corporation | 50773 | $2797592 |
| Equity Bancshares, Inc. Class AΔ | 773 | 31538 |
| Essent Group, Ltd. | 50467 | 3064861 |
| Euronet Worldwide, Inc.\* | 22830 | 2314505 |
| EVERTEC, Inc. | 75660 | 2727543 |
| FB Financial Corporation | 25569 | 1158276 |
| First BanCorp | 36157 | 1594162 |
| First BanCorp (New York Exchange) | 168690 | 3513813 |
| First Bank/Hamilton NJΔ | 1484 | 22957 |
| First Business Financial Services, <br> Inc.Δ | 1469 | 74420 |
| First Commonwealth Financial <br> Corporation | 8150 | 132275 |
| First Financial Bancorp | 78559 | 1905841 |
| First Financial CorporationΔ | 6029 | 326712 |
| First Internet Bancorp | 3147 | 84654 |
| First Interstate BancSystem, Inc. <br> Class A | 72229 | 2081640 |
| First Merchants Corporation | 13110 | 502113 |
| First Savings Financial Group, Inc. | 1439 | 36033 |
| Flushing Financial Corporation | 20121 | 239037 |
| FNB Corporation | 212330 | 3095771 |
| FS Bancorp, Inc. | 2225 | 87621 |
| Genworth Financial, Inc.\* | 213910 | 1664220 |
| Globe Life, Inc. | 4697 | 583790 |
| Granite Point Mortgage Trust, Inc. <br> REIT | 5198 | 12839 |
| Great Southern Bancorp, Inc.Δ | 1910 | 112270 |
| Green Dot Corporation Class A\* | 51199 | 551925 |
| Greenlight Capital Re, Ltd. Class A\* | 6889 | 98995 |
| Hamilton Lane, Inc. Class AΔ | 33967 | 4827390 |
| Hanmi Financial Corporation | 26068 | 643358 |
| HBT Financial, Inc.Δ | 4134 | 104218 |
| HCI Group, Inc. | 6826 | 1038917 |
| Heritage Commerce Corporation | 33405 | 331712 |
| Heritage Financial Corporation | 1935 | 46130 |
| Heritage Insurance Holdings, Inc.\* | 36697 | 915223 |
| Hilltop Holdings, Inc. | 41613 | 1262955 |
| Home Bancorp, Inc.Δ | 2006 | 103871 |
| Home BancShares, Inc. | 82914 | 2359732 |
| HomeTrust Bancshares, Inc. | 3819 | 142869 |
| Horace Mann Educators Corporation | 9051 | 388921 |
| Independent Bank Corporation | 32911 | 2069608 |
| Independent Bank Corporation <br> (NASDAQ Exchange)Δ | 11188 | 362603 |
| International Bancshares Corporation | 24393 | 1623598 |
| Investar Holding Corporation | 2226 | 43006 |
| James River Group Holdings, Ltd. | 30301 | 177564 |
| Kearny Financial Corporation | 48470 | 313116 |
| LendingClub Corporation\* | 48619 | 584887 |
| LendingTree, Inc.\* | 1052 | 38998 |
| Live Oak Bancshares, Inc. | 14493 | 431891 |
| Marqeta, Inc. Class AΔ\* | 179473 | 1046328 |
| Merchants Bancorp | 16454 | 544134 |
| Mercury General CorporationΔ | 15487 | 1042895 |
| Metropolitan Bank Holding <br> CorporationΔ\* | 1478 | 103460 |
| Midland States Bancorp, Inc. | 14530 | 251660 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| MVB Financial Corporation | 50715 | $1142609 |
| NB Bancorp, Inc.Δ\* | 5550 | 99123 |
| NBT Bancorp, Inc. | 6340 | 263427 |
| Nicolet Bankshares, Inc.Δ | 4582 | 565785 |
| NMI Holdings, Inc.\* | 64214 | 2709189 |
| Northeast Community Bancorp, Inc. | 4203 | 97699 |
| Northfield Bancorp, Inc. | 41314 | 474285 |
| Northrim BanCorp, Inc.Δ | 2572 | 239865 |
| OceanFirst Financial Corporation | 23024 | 405453 |
| OFG Bancorp | 29117 | 1246208 |
| Old National BancorpΔ | 358062 | 7641043 |
| Old Second Bancorp, Inc.Δ | 15100 | 267874 |
| Onity Group, Inc.\* | 3321 | 126763 |
| OP Bancorp | 7585 | 98529 |
| Orange County Bancorp, Inc. | 1600 | 41344 |
| Origin Bancorp, Inc. | 1989 | 71087 |
| Pacific Premier Bancorp, Inc. | 73057 | 1540772 |
| Palomar Holdings, Inc.\* | 7674 | 1183715 |
| Paymentus Holdings, Inc. Class A\* | 99159 | 3247457 |
| PCB BancorpΔ | 1000 | 20980 |
| Peapack-Gladstone Financial <br> Corporation | 9582 | 270692 |
| Perella Weinberg PartnersΔ | 35422 | 687895 |
| PJT Partners, Inc. Class A | 16499 | 2722500 |
| Popular, Inc. | 13615 | 1500509 |
| PRA Group, Inc.\* | 52316 | 771661 |
| Primis Financial Corporation | 5767 | 62572 |
| PROG Holdings, Inc. | 46468 | 1363836 |
| Prosperity Bancshares, Inc. | 8221 | 577443 |
| QCR Holdings, Inc. | 2387 | 162077 |
| RBB Bancorp | 5931 | 102073 |
| Red River Bancshares, Inc. | 449 | 26356 |
| Regional Management CorporationΔ | 4228 | 123500 |
| Reinsurance Group of America, Inc. | 5853 | 1161001 |
| Remitly Global, Inc.\* | 15931 | 299025 |
| Renasant CorporationΔ | 69491 | 2496812 |
| Repay Holdings CorporationΔ\* | 109931 | 529867 |
| Republic Bancorp, Inc. Class AΔ | 2329 | 170273 |
| RLI Corporation | 1000 | 72220 |
| Safety Insurance Group, Inc. | 54208 | 4303573 |
| SEI Investments Co. | 1700 | 152762 |
| Selective Insurance Group, Inc. | 35920 | 3112468 |
| Selectquote, Inc.\* | 26235 | 62439 |
| Sierra Bancorp | 3141 | 93256 |
| Skyward Specialty Insurance Group, <br> Inc.\* | 20531 | 1186486 |
| Slide Insurance Holdings, Inc.Δ\* | 43852 | 949834 |
| SmartFinancial, Inc. | 408 | 13782 |
| South Plains Financial, Inc. | 4598 | 165712 |
| Southern First Bancshares, Inc.\* | 702 | 26697 |
| SouthState Corporation | 61332 | 5644384 |
| StoneX Group, Inc.\* | 16538 | 1507273 |
| Texas Capital Bancshares, Inc.\* | 30782 | 2444091 |
| Third Coast Bancshares, Inc.\* | 10574 | 345453 |
| Tompkins Financial Corporation | 5680 | 356306 |
| Towne Bank | 11032 | 377074 |
| TriCo Bancshares | 3240 | 131188 |
| Trustmark Corporation | 1020 | 37189 |

---

**206**

See Notes to Financial Statements.

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| UMB Financial Corporation | 22820 | $2399751 |
| United Bankshares, Inc.Δ | 62371 | 2272176 |
| United Community Banks, Inc. | 72985 | 2174223 |
| United Fire Group, Inc. | 6607 | 189621 |
| Unity Bancorp, Inc.Δ | 4348 | 204704 |
| Universal Insurance Holdings, Inc. | 19617 | 543979 |
| Upstart Holdings, Inc.Δ\* | 21418 | 1385316 |
| Valley National Bancorp | 196336 | 1753280 |
| Veritex Holdings, Inc. | 24352 | 635587 |
| Victory Capital Holdings, Inc. Class A | 64500 | 4106715 |
| WaFd, Inc. | 35930 | 1052030 |
| Webster Financial Corporation | 57206 | 3123448 |
| WesBanco, Inc. | 51641 | 1633405 |
| Westamerica BanCorp | 14348 | 695017 |
| WSFS Financial Corporation | 48019 | 2641045 |
|  |  | 167418346 |
| **Health Care — 11.7%** | **Health Care — 11.7%** |  |
| 10X Genomics, Inc. Class AΔ\* | 107162 | 1240936 |
| Addus HomeCare Corporation\* | 32000 | 3686080 |
| ADMA Biologics, Inc.\* | 38704 | 704800 |
| Agios Pharmaceuticals, Inc.\* | 58104 | 1932539 |
| Akebia Therapeutics, Inc.Δ\* | 28800 | 104832 |
| Aldeyra Therapeutics, Inc.Δ\* | 10200 | 39066 |
| Alector, Inc.\* | 7500 | 10500 |
| Amicus Therapeutics, Inc.\* | 209939 | 1202950 |
| Anika Therapeutics, Inc.\* | 10204 | 107958 |
| Apogee Therapeutics, Inc.\* | 22113 | 960368 |
| Arcturus Therapeutics Holdings, <br> Inc.Δ\* | 20390 | 265274 |
| Ardelyx, Inc.\* | 348077 | 1364462 |
| Artivion, Inc.Δ\* | 89985 | 2798533 |
| Arvinas, Inc.\* | 10700 | 78752 |
| Atea Pharmaceuticals, Inc.\* | 14490 | 52164 |
| AtriCure, Inc.\* | 76317 | 2500908 |
| Aveanna Healthcare Holdings, Inc.\* | 11711 | 61249 |
| Axsome Therapeutics, Inc.Δ\* | 30634 | 3197883 |
| BioAge Labs, Inc.\* | 14100 | 58233 |
| Biote Corporation Class AΔ\* | 9062 | 36429 |
| Blueprint Medicines Corporation\* | 25312 | 3244492 |
| Bridgebio Pharma, Inc.Δ\* | 89598 | 3868842 |
| CareDx, Inc.Δ\* | 43823 | 856301 |
| Cargo Therapeutics, Inc.Δ\* | 23900 | 98468 |
| Caribou Biosciences, Inc.Δ\* | 110011 | 138614 |
| Ceribell, Inc.Δ\* | 67000 | 1254910 |
| CG oncology, Inc.Δ\* | 42610 | 1107860 |
| Codexis, Inc.Δ\* | 53256 | 129945 |
| CONMED CorporationΔ | 28612 | 1490113 |
| Corcept Therapeutics, Inc.\* | 6540 | 480036 |
| Crinetics Pharmaceuticals, Inc.Δ\* | 52211 | 1501588 |
| Cytek Biosciences, Inc.\* | 63400 | 215560 |
| Edgewise Therapeutics, Inc.Δ\* | 23995 | 314574 |
| Embecta CorporationΔ | 85694 | 830375 |
| Emergent BioSolutions, Inc.\* | 8500 | 54230 |
| Enanta Pharmaceuticals, Inc.Δ\* | 7754 | 58620 |
| Enovis Corporation\* | 81008 | 2540411 |
| Entrada Therapeutics, Inc.Δ\* | 16724 | 112385 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Envista Holdings CorporationΔ\* | 43068 | $841549 |
| Fate Therapeutics, Inc.\* | 111566 | 124954 |
| Foghorn Therapeutics, Inc.Δ\* | 1000 | 4700 |
| GeneDx Holdings CorporationΔ\* | 3557 | 328347 |
| Glaukos Corporation\* | 7992 | 825494 |
| Guardant Health, Inc.\* | 34942 | 1818382 |
| Halozyme Therapeutics, Inc.\* | 39731 | 2066807 |
| HealthStream, Inc. | 10288 | 284669 |
| Hinge Health, Inc. Class AΔ\* | 9551 | 494264 |
| Inogen, Inc.Δ\* | 27721 | 194879 |
| Insmed, Inc.\* | 56643 | 5700551 |
| Inspire Medical Systems, Inc.\* | 20200 | 2621354 |
| iRhythm Technologies, Inc.\* | 9351 | 1439680 |
| Ironwood Pharmaceuticals, Inc.\* | 19442 | 13944 |
| Keros Therapeutics, Inc.Δ\* | 31788 | 424370 |
| Kodiak Sciences, Inc.\* | 18329 | 68367 |
| Krystal Biotech, Inc.\* | 9500 | 1305870 |
| Kymera Therapeutics, Inc.Δ\* | 17503 | 763831 |
| Lantheus Holdings, Inc.Δ\* | 29503 | 2415116 |
| LifeStance Health Group, Inc.\* | 14500 | 74965 |
| Ligand Pharmaceuticals, Inc.Δ\* | 33916 | 3855571 |
| MacroGenics, Inc.Δ\* | 27076 | 32762 |
| Merit Medical Systems, Inc.\* | 33058 | 3090262 |
| Myriad Genetics, Inc.\* | 69200 | 367452 |
| Natera, Inc.\* | 11730 | 1981666 |
| Nektar TherapeuticsΔ\* | 1361 | 35168 |
| NeoGenomics, Inc.\* | 147034 | 1074819 |
| Nuvalent, Inc. Class A\* | 4489 | 342511 |
| Omnicell, Inc.\* | 41345 | 1215543 |
| OraSure Technologies, Inc.Δ\* | 102831 | 308493 |
| Orthofix Medical, Inc.\* | 35220 | 392703 |
| Pacira BioSciences, Inc.Δ\* | 64639 | 1544872 |
| Phibro Animal Health Corporation <br> Class A | 3088 | 78868 |
| Prestige Consumer Healthcare, Inc.Δ\* | 43024 | 3435466 |
| Protagonist Therapeutics, Inc.Δ\* | 6860 | 379152 |
| PTC Therapeutics, Inc.\* | 14577 | 711941 |
| Rhythm Pharmaceuticals, Inc.\* | 16799 | 1061529 |
| Sage Therapeutics, Inc.\* | 55454 | 505740 |
| Scholar Rock Holding Corporation\* | 13825 | 489681 |
| Septerna, Inc.Δ\* | 42059 | 444564 |
| SIGA Technologies, Inc. | 19613 | 127877 |
| Soleno Therapeutics, Inc.\* | 27972 | 2343494 |
| Spyre Therapeutics, Inc.Δ\* | 20368 | 304909 |
| Supernus Pharmaceuticals, Inc.\* | 75319 | 2374055 |
| Tarsus Pharmaceuticals, Inc.\* | 9265 | 375325 |
| TG Therapeutics, Inc.Δ\* | 16762 | 603264 |
| TransMedics Group, Inc.Δ\* | 30699 | 4113973 |
| Travere Therapeutics, Inc.\* | 148969 | 2204741 |
| Tyra Biosciences, Inc.Δ\* | 18194 | 174117 |
| Ultragenyx Pharmaceutical, Inc.Δ\* | 12604 | 458281 |
| Vanda Pharmaceuticals, Inc.\* | 25769 | 121630 |
| Varex Imaging Corporation\* | 53847 | 466853 |
| Vericel CorporationΔ\* | 62300 | 2650865 |
| Xencor, Inc.Δ\* | 48869 | 384110 |
| Zentalis Pharmaceuticals, Inc.Δ\* | 43711 | 50705 |

---

See Notes to Financial Statements.

**207**

------

**SMALL CAP EQUITY FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Zimvie, Inc.\* | 9472 | $88563 |
|  |  | 98704858 |
| **Industrials — 20.2%** | **Industrials — 20.2%** |  |
| ABM Industries, Inc. | 51609 | 2436461 |
| ACCO Brands Corporation | 6800 | 24344 |
| ACV Auctions, Inc. Class AΔ\* | 229458 | 3721809 |
| AeroVironment, Inc.Δ\* | 5110 | 1456094 |
| Alamo Group, Inc.Δ | 7959 | 1738086 |
| Allegiant Travel Co.\* | 26541 | 1458428 |
| Applied Industrial Technologies, Inc. | 12972 | 3015341 |
| ArcBest CorporationΔ | 23656 | 1821749 |
| Arcosa, Inc. | 27747 | 2405942 |
| Astec Industries, Inc. | 18048 | 752421 |
| Atkore, Inc. | 12327 | 869670 |
| Atmus Filtration Technologies, Inc. | 7860 | 286261 |
| Axon Enterprise, Inc.\* | 2593 | 2146848 |
| AZEK Co., Inc. (The)\* | 60000 | 3261000 |
| Barrett Business Services, Inc. | 11005 | 458798 |
| Blue Bird CorporationΔ\* | 31228 | 1347800 |
| BlueLinx Holdings, Inc.\* | 7298 | 542825 |
| Boise Cascade Co. | 30718 | 2666937 |
| Brink's Co. (The) | 28088 | 2507977 |
| Casella Waste Systems, Inc. Class A\* | 72178 | 8327898 |
| Chart Industries, Inc.Δ\* | 27324 | 4498897 |
| Columbus McKinnon CorporationΔ | 66506 | 1015547 |
| Comfort Systems U.S.A., Inc. | 5175 | 2774887 |
| Conduent, Inc.Δ\* | 171295 | 452219 |
| Construction Partners, Inc. Class AΔ\* | 67131 | 7134683 |
| Covenant Logistics Group, Inc.Δ | 13823 | 333273 |
| Crane Co. | 7415 | 1408034 |
| Curtiss-Wright Corporation | 3778 | 1845742 |
| Deluxe Corporation | 22186 | 352979 |
| DNOW, Inc.\* | 57043 | 845948 |
| DXP Enterprises, Inc.\* | 9197 | 806117 |
| Dycom Industries, Inc.\* | 1281 | 313064 |
| Ennis, Inc. | 16051 | 291165 |
| Esab Corporation | 35968 | 4335942 |
| ESCO Technologies, Inc. | 20708 | 3973244 |
| ExlService Holdings, Inc.\* | 78494 | 3437252 |
| Exponent, Inc. | 25300 | 1890163 |
| Federal Signal Corporation | 47258 | 5029196 |
| First Advantage CorporationΔ\* | 60315 | 1001832 |
| Flowserve Corporation | 16068 | 841160 |
| Forrester Research, Inc.\* | 4384 | 43402 |
| FTAI Aviation, Ltd.Δ | 36897 | 4244631 |
| FTI Consulting, Inc.\* | 1885 | 304427 |
| GMS, Inc.\* | 23164 | 2519085 |
| Graco, Inc. | 4451 | 382652 |
| Great Lakes Dredge & Dock <br> Corporation\* | 5949 | 72518 |
| Healthcare Services Group, Inc.\* | 44041 | 661936 |
| Heartland Express, Inc.Δ | 38937 | 336416 |
| Heidrick & Struggles International, <br> Inc. | 7964 | 364433 |
| Herc Holdings, Inc. | 6261 | 824511 |
| Hexcel Corporation | 30900 | 1745541 |
| Hillman Solutions Corporation\* | 122467 | 874414 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Hub Group, Inc. Class A | 41963 | $1402823 |
| Hudson Technologies, Inc.\* | 14700 | 119364 |
| Huntington Ingalls Industries, Inc. | 2644 | 638420 |
| Hyster-Yale, Inc. | 2647 | 105298 |
| IBEX Holdings, Ltd.Δ\* | 12396 | 360724 |
| Insteel Industries, Inc. | 9725 | 361867 |
| ITT, Inc. | 18200 | 2854306 |
| JBT Marel CorporationΔ | 34130 | 4104474 |
| JELD-WEN Holding, Inc.\* | 132622 | 519878 |
| JetBlue Airways CorporationΔ\* | 265538 | 1123226 |
| Kadant, Inc.Δ | 9869 | 3132914 |
| Karman Holdings, Inc.Δ\* | 62605 | 3153414 |
| Kelly Services, Inc. Class A | 30479 | 356909 |
| Korn Ferry | 19927 | 1461247 |
| Kratos Defense & Security Solutions, <br> Inc.Δ\* | 93641 | 4349624 |
| L B Foster Co. Class AΔ\* | 2024 | 44265 |
| Landstar System, Inc. | 4660 | 647833 |
| Leonardo DRS, Inc. | 24644 | 1145453 |
| Lindsay Corporation | 1580 | 227915 |
| Loar Holdings, Inc.Δ\* | 31736 | 2734691 |
| Lyft, Inc. Class A\* | 28381 | 447285 |
| Manitowoc Co., Inc. (The)\* | 27033 | 324937 |
| Marten Transport, Ltd. | 34427 | 447207 |
| MasTec, Inc.Δ\* | 997 | 169919 |
| Matrix Service Co.\* | 20523 | 277266 |
| Mayville Engineering Co., Inc.Δ\* | 13469 | 214965 |
| Miller Industries, Inc. | 1480 | 65801 |
| Mistras Group, Inc.\* | 10143 | 81245 |
| Montrose Environmental Group, <br> Inc.Δ\* | 57592 | 1260689 |
| MYR Group, Inc.\* | 31039 | 5632027 |
| NEXTracker, Inc. Class A\* | 9492 | 516080 |
| NPK International, Inc.\* | 71056 | 604687 |
| NV5 Global, Inc.\* | 21255 | 490778 |
| Orion Group Holdings, Inc.Δ\* | 51013 | 462688 |
| Parsons CorporationΔ\* | 26800 | 1923436 |
| Planet Labs PBC\* | 60158 | 366964 |
| Proficient Auto Logistics, Inc.Δ\* | 28489 | 206830 |
| Radiant Logistics, Inc.Δ\* | 10210 | 62077 |
| RBC Bearings, Inc.\* | 6000 | 2308800 |
| Regal Beloit Corporation | 30000 | 4348800 |
| Resources Connection, Inc.Δ | 33353 | 179106 |
| Rocket Lab CorporationΔ\* | 27408 | 980384 |
| RXO, Inc.\* | 6860 | 107839 |
| Science Applications International <br> Corporation | 6485 | 730276 |
| Shyft Group , Inc. (The)Δ | 3941 | 49420 |
| Skillsoft CorporationΔ\* | 1300 | 20761 |
| SPX Technologies, Inc.\* | 10034 | 1682501 |
| Steelcase, Inc. Class A | 71077 | 741333 |
| Sterling Infrastructure, Inc.Δ\* | 6103 | 1408145 |
| Tetra Tech, Inc. | 85310 | 3067748 |
| Thermon Group Holdings, Inc.\* | 314 | 8817 |
| Timken Co. (The)Δ | 43638 | 3165937 |
| Titan Machinery, Inc.Δ\* | 22411 | 443962 |
| TriNet Group, Inc. | 20123 | 1471796 |

---

**208**

See Notes to Financial Statements.

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| TrueBlue, Inc.\* | 28358 | $183760 |
| Tutor Perini Corporation\* | 40466 | 1892999 |
| Virco Mfg. Corporation | 3518 | 28074 |
| Wabash National CorporationΔ | 83268 | 885139 |
| Watsco, Inc. | 497 | 219485 |
| Werner Enterprises, Inc.Δ | 60067 | 1643433 |
| WillScot Holdings CorporationΔ | 65000 | 1781000 |
| Worthington Enterprises, Inc. | 29370 | 1869107 |
| Zurn Water Solutions Corporation | 67037 | 2451543 |
|  |  | 170271690 |
| **Information Technology — 11.2%** | **Information Technology — 11.2%** |  |
| Alkami Technology, Inc.Δ\* | 22382 | 674594 |
| Ambarella, Inc.\* | 150 | 9910 |
| Amkor Technology, Inc. | 54612 | 1146306 |
| Arteris, Inc.Δ\* | 27737 | 264334 |
| ASGN, Inc.\* | 60836 | 3037542 |
| Astera Labs, Inc.\* | 16874 | 1525747 |
| AvePoint, Inc.\* | 28355 | 547535 |
| Aviat Networks, Inc.Δ\* | 20705 | 497955 |
| Avnet, Inc. | 14730 | 781868 |
| Axcelis Technologies, Inc.\* | 27031 | 1883790 |
| Benchmark Electronics, Inc. | 19587 | 760563 |
| Box, Inc. Class A\* | 41348 | 1412861 |
| Braze, Inc. Class A\* | 42500 | 1194250 |
| Clearwater Analytics Holdings, Inc. <br> Class A\* | 177778 | 3898672 |
| Coherent CorporationΔ\* | 11728 | 1046255 |
| Commvault Systems, Inc.\* | 9193 | 1602616 |
| Core Scientific, Inc.Δ\* | 59188 | 1010339 |
| Credo Technology Group Holding, <br> Ltd.\* | 70014 | 6482596 |
| CS Disco, Inc.\* | 9912 | 43316 |
| Dropbox, Inc. Class A\* | 33270 | 951522 |
| D-Wave Quantum, Inc.Δ\* | 15536 | 227447 |
| Ichor Holdings, Ltd.\* | 81891 | 1608339 |
| Ingram Micro Holding CorporationΔ | 44045 | 917898 |
| Inseego Corporation\* | 2000 | 16480 |
| Intapp, Inc.\* | 43792 | 2260543 |
| InterDigital, Inc.Δ | 4254 | 953874 |
| Jabil, Inc. | 4514 | 984503 |
| Kulicke & Soffa Industries, Inc.Δ | 36423 | 1260236 |
| Lattice Semiconductor CorporationΔ\* | 45500 | 2229045 |
| Lumentum Holdings, Inc.Δ\* | 11289 | 1073132 |
| MACOM Technology Solutions <br> Holdings, Inc.\* | 19806 | 2838002 |
| Mirion Technologies, Inc.Δ\* | 40395 | 869704 |
| N-able, Inc.\* | 53904 | 436622 |
| NETGEAR, Inc.\* | 46238 | 1344139 |
| Nutanix, Inc. Class A\* | 12719 | 972240 |
| ON24, Inc.\* | 10448 | 56733 |
| Onestream, Inc.Δ\* | 76000 | 2150800 |
| Onto Innovation, Inc.\* | 9800 | 989114 |
| Ooma, Inc.\* | 1700 | 21930 |
| OSI Systems, Inc.Δ\* | 2130 | 478952 |
| PAR Technology CorporationΔ\* | 39000 | 2705430 |
| PC Connection, Inc. | 8062 | 530318 |
| Progress Software CorporationΔ | 27457 | 1752855 |
| Q2 Holdings, Inc.\* | 73097 | 6841148 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Rackspace Technology, Inc.Δ\* | 101540 | $129971 |
| Rapid7, Inc.Δ\* | 62163 | 1437830 |
| Ribbon Communications, Inc.\* | 57602 | 230984 |
| Rimini Street, Inc.\* | 25536 | 96271 |
| Rogers Corporation\* | 8520 | 583450 |
| Rubrik, Inc. Class A\* | 12197 | 1092729 |
| ScanSource, Inc.\* | 13366 | 558833 |
| Semtech CorporationΔ\* | 79902 | 3606776 |
| ServiceTitan, Inc. Class AΔ\* | 23200 | 2486576 |
| Silicon Laboratories, Inc.\* | 24770 | 3650107 |
| SiTime CorporationΔ\* | 8290 | 1766433 |
| SmartRent, Inc.Δ\* | 121600 | 120384 |
| SPS Commerce, Inc.\* | 18061 | 2457922 |
| Telos Corporation\* | 29085 | 92200 |
| Unisys CorporationΔ\* | 77214 | 349779 |
| Varonis Systems, Inc.\* | 68880 | 3495660 |
| Verint Systems, Inc.Δ\* | 69590 | 1368835 |
| Vertex, Inc. Class AΔ\* | 90000 | 3180150 |
| Workiva, Inc.\* | 61605 | 4216862 |
| Xerox Holdings CorporationΔ | 130253 | 686433 |
| Xperi, Inc.Δ\* | 37815 | 299117 |
|  |  | 94199357 |
| **Materials — 2.5%** | **Materials — 2.5%** |  |
| AdvanSix, Inc. | 8443 | 200521 |
| American Vanguard Corporation | 22142 | 86797 |
| Carpenter Technology Corporation | 5594 | 1546070 |
| Clearwater Paper Corporation\* | 22626 | 616332 |
| Commercial Metals Co.Δ | 47091 | 2303221 |
| Compass Minerals International, Inc.\* | 4722 | 94865 |
| Core Molding Technologies, Inc.\* | 6300 | 104517 |
| Graphic Packaging Holding Co.Δ | 147413 | 3105992 |
| Huntsman Corporation | 10199 | 106274 |
| Ingevity Corporation\* | 28027 | 1207683 |
| Kaiser Aluminum CorporationΔ | 28473 | 2274993 |
| Knife River Corporation\* | 6265 | 511475 |
| Koppers Holdings, Inc. | 8049 | 258775 |
| Kronos Worldwide, Inc.Δ | 21603 | 133939 |
| Louisiana-Pacific Corporation | 6666 | 573209 |
| Mativ Holdings, Inc.Δ | 6400 | 43648 |
| Minerals Technologies, Inc. | 68657 | 3780941 |
| Olympic Steel, Inc.Δ | 12541 | 408711 |
| Origin Materials, Inc.Δ\* | 10095 | 4878 |
| Quaker Chemical CorporationΔ | 11431 | 1279586 |
| Rayonier Advanced Materials, Inc.\* | 34499 | 132821 |
| Reliance, Inc. | 781 | 245156 |
| Ryerson Holding CorporationΔ | 18466 | 398312 |
| Scotts Miracle-Gro Co. (The) | 4484 | 295765 |
| Stepan Co. | 6051 | 330263 |
| SunCoke Energy, Inc. | 85348 | 733139 |
| Valhi, Inc. | 1541 | 24902 |
| Worthington Steel, Inc. | 22837 | 681228 |
|  |  | 21484013 |
| **Real Estate — 4.4%** | **Real Estate — 4.4%** |  |
| Alexander & Baldwin, Inc. REIT | 13550 | 241597 |
| Alpine Income Property Trust, Inc. <br> REIT | 5135 | 75536 |
| American Healthcare REIT, Inc. | 14825 | 544670 |

---

See Notes to Financial Statements.

**209**

------

**SMALL CAP EQUITY FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Americold Realty Trust REIT | 85154 | $1416111 |
| Apple Hospitality REIT, Inc.Δ | 75800 | 884586 |
| Chatham Lodging Trust REIT | 38299 | 266944 |
| Community Healthcare Trust, Inc. <br> REIT | 17350 | 288530 |
| Curbline Properties Corporation REIT | 13155 | 300329 |
| DiamondRock Hospitality Co. REIT | 193341 | 1480992 |
| Easterly Government Properties, Inc. <br> REIT | 22226 | 493417 |
| EPR Properties REITΔ | 20715 | 1206856 |
| Equity LifeStyle Properties, Inc. REIT | 4437 | 273630 |
| Essential Properties Realty Trust, Inc. <br> REITΔ | 64526 | 2059025 |
| Forestar Group, Inc.Δ\* | 23690 | 473800 |
| Four Corners Property Trust, Inc. <br> REITΔ | 75762 | 2038755 |
| Howard Hughes Holdings, Inc.\* | 2696 | 181980 |
| Independence Realty Trust, Inc. <br> REITΔ | 133094 | 2354433 |
| InvenTrust Properties Corporation <br> REIT | 42023 | 1151430 |
| Kennedy-Wilson Holdings, Inc.Δ | 9100 | 61880 |
| Kite Realty Group Trust REIT | 125743 | 2848079 |
| LXP Industrial Trust REIT | 248927 | 2056137 |
| National Storage Affiliates Trust <br> REIT | 65800 | 2104942 |
| Newmark Group, Inc. Class A | 5580 | 67797 |
| NexPoint Residential Trust, Inc. REIT | 7986 | 266094 |
| Opendoor Technologies, Inc.Δ\* | 222457 | 118570 |
| Orion Properties, Inc. REITΔ | 43831 | 93360 |
| Phillips Edison & Co., Inc. REIT | 53097 | 1859988 |
| RE/MAX Holdings, Inc. Class A\* | 11590 | 94806 |
| RLJ Lodging Trust REITΔ | 119419 | 869370 |
| RMR Group, Inc. (The) Class AΔ | 15007 | 245364 |
| Ryman Hospitality Properties, Inc. <br> REIT | 20324 | 2005369 |
| SITE Centers Corporation REITΔ | 44635 | 504822 |
| Smartstop Self Storage REIT, Inc.Δ | 6842 | 247886 |
| Summit Hotel Properties, Inc. REITΔ | 97400 | 495766 |
| Sunstone Hotel Investors, Inc. REIT | 170544 | 1480322 |
| Terreno Realty Corporation REIT | 60811 | 3409673 |
| UMH Properties, Inc. REITΔ | 40041 | 672288 |
| Uniti Group, Inc. REIT\* | 9200 | 39744 |
| Whitestone REIT | 27544 | 343749 |
| Xenia Hotels & Resorts, Inc. REITΔ | 94778 | 1191359 |
|  |  | 36809986 |
| **Utilities — 1.4%** | **Utilities — 1.4%** |  |
| American States Water Co. | 10218 | 783312 |
| Avista Corporation | 38460 | 1459557 |
| Black Hills Corporation | 41221 | 2312498 |
| California Water Service Group | 11840 | 538483 |
| MDU Resources Group, Inc. | 15362 | 256085 |
| Northwest Natural Holding Co. | 11889 | 472231 |
| Northwestern Energy Group, Inc. | 45005 | 2308757 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Southwest Gas Holdings, Inc. | 19052 | $1417278 |
| Spire, Inc. | 29485 | 2152110 |
|  |  | 11700311 |
| **Total Common Stocks** <br>(Cost $711,332,263) | **Total Common Stocks** <br>(Cost $711,332,263) | 752568614 |
| **FOREIGN COMMON STOCKS — 7.2%** | **FOREIGN COMMON STOCKS — 7.2%** | **FOREIGN COMMON STOCKS — 7.2%** |
| **Bahamas — 0.2%** | **Bahamas — 0.2%** |  |
| OneSpaWorld Holdings, Ltd. | 88193 | 1798255 |
| **Belgium — 0.1%** | **Belgium — 0.1%** |  |
| Titan America SAΔ\* | 45434 | 567016 |
| **Bermuda — 0.2%** | **Bermuda — 0.2%** |  |
| Bank of NT Butterfield & Son, Ltd. <br> (The) | 22295 | 987223 |
| Hamilton Insurance Group, Ltd. <br> Class B\* | 38373 | 829624 |
|  |  | 1816847 |
| **Brazil — 0.4%** | **Brazil — 0.4%** |  |
| Embraer SA ADR | 54248 | 3087254 |
| **Canada — 1.3%** | **Canada — 1.3%** |  |
| Aurinia Pharmaceuticals, Inc.\* | 44400 | 376068 |
| Cameco CorporationΔ | 16304 | 1210246 |
| Celestica, Inc.Δ\* | 6492 | 1013466 |
| DIRTT Environmental Solutions\* | 117135 | 70644 |
| IMAX CorporationΔ\* | 99604 | 2784928 |
| Pan American Silver CorporationΔ | 35002 | 994057 |
| SSR Mining, Inc.Δ\* | 35003 | 445938 |
| Teekay Tankers, Ltd. Class A | 31731 | 1323817 |
| Xenon Pharmaceuticals, Inc.\* | 82785 | 2591171 |
|  |  | 10810335 |
| **Colombia — 0.4%** | **Colombia — 0.4%** |  |
| Tecnoglass, Inc.Δ | 43834 | 3390998 |
| **Ireland — 0.2%** | **Ireland — 0.2%** |  |
| Alkermes PLC\* | 17156 | 490833 |
| Dole PLC | 41244 | 577004 |
| Prothena Corporation PLCΔ\* | 44567 | 270522 |
| Weatherford International PLC | 6859 | 345076 |
|  |  | 1683435 |
| **Israel — 1.5%** | **Israel — 1.5%** |  |
| CyberArk Software, Ltd.\* | 9579 | 3897503 |
| Global-e Online, Ltd.\* | 48700 | 1633398 |
| JFrog, Ltd.\* | 115000 | 5046200 |
| Monday.com, Ltd.\* | 2818 | 886205 |
| Oddity Tech, Ltd. Class A\* | 16499 | 1245180 |
|  |  | 12708486 |
| **Italy — 0.3%** | **Italy — 0.3%** |  |
| Stevanato Group SpAΔ | 110000 | 2687300 |
| **Jersey — 0.3%** | **Jersey — 0.3%** |  |
| Caledonia Mining Corporation PLCΔ | 6574 | 127009 |

---

**210**

See Notes to Financial Statements.

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| WNS Holdings, Ltd.Δ\* | 37303 | $2359042 |
|  |  | 2486051 |
| **Netherlands — 0.4%** | **Netherlands — 0.4%** |  |
| Merus NV\* | 35755 | 1880713 |
| Newamsterdam Pharma Co. NVΔ\* | 73100 | 1323841 |
|  |  | 3204554 |
| **Singapore — 0.1%** | **Singapore — 0.1%** |  |
| WaVe Life Sciences, Ltd.\* | 66693 | 433505 |
| **Sweden — 0.2%** | **Sweden — 0.2%** |  |
| Loomis AB | 22942 | 964529 |
| SiriusPoint, Ltd.\* | 41442 | 845002 |
|  |  | 1809531 |
| **Thailand — 0.1%** | **Thailand — 0.1%** |  |
| FabrinetΔ\* | 4281 | 1261525 |
| **United Kingdom — 1.5%** | **United Kingdom — 1.5%** |  |
| Cushman & Wakefield PLCΔ\* | 192648 | 2132613 |
| Fidelis Insurance Holdings, Ltd. | 97064 | 1609321 |
| Gates Industrial Corporation PLC\* | 123890 | 2853187 |
| Luxfer Holdings PLCΔ | 5248 | 63921 |
| Marex Group PLC | 29801 | 1176245 |
| Sensata Technologies Holding PLC | 25638 | 771960 |
| TechnipFMC PLC | 19555 | 673474 |
| Verona Pharma PLC ADR\* | 37022 | 3501541 |
|  |  | 12782262 |
| **Total Foreign Common Stocks** <br>(Cost $50,253,833) | **Total Foreign Common Stocks** <br>(Cost $50,253,833) | 60527354 |
| **MASTER LIMITED PARTNERSHIP — 0.1%** | **MASTER LIMITED PARTNERSHIP — 0.1%** | **MASTER LIMITED PARTNERSHIP — 0.1%** |
| Mach Natural Resources LP | 47816 | 690463 |
| TXO Partners LPΔ | 24896 | 374436 |
| **Total Master Limited Partnership** <br>(Cost $1,313,577) | **Total Master Limited Partnership** <br>(Cost $1,313,577) | 1064899 |
| **RIGHTS — 0.0%** | **RIGHTS — 0.0%** | **RIGHTS — 0.0%** |
| Chinook Therapeutics, Inc.†††\* | 2713 | —  |
| Omniab, Inc.†††\* | 7376 | —  |
| Omniab, Inc. (NASDAQ <br> Exchange)†††\* | 7376 | 1 |
| **Total Rights** <br>(Cost $—) | **Total Rights** <br>(Cost $—) | 1 |
| **MONEY MARKET FUNDS — 6.4%** | **MONEY MARKET FUNDS — 6.4%** | **MONEY MARKET FUNDS — 6.4%** |
| Northern Institutional Liquid Assets <br> Portfolio (Shares), 4.39%Ø§ | 21328334 | 21328334 |
| GuideStone Money Market Fund, <br> 4.25% <br>(Institutional Class)Ø∞ | 32479228 | 32479228 |
| **Total Money Market Funds** <br>(Cost $53,807,562) | **Total Money Market Funds** <br>(Cost $53,807,562) | 53807562 |
| **TOTAL INVESTMENTS** — **102.9%** <br>(Cost $816,707,235) |  | 867968430 |
| **Liabilities in Excess of Other**<br> **Assets — (2.9)%** |  | (24401496)<br>|
| **NET ASSETS — 100.0%** |  | $843566934 |

---

See Notes to Financial Statements.

**211**

------

**SMALL CAP EQUITY FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

Futures Contracts outstanding at June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Future Type** | **Expiration Date** | **Open Long** <br>**(Short) Contracts**<br>| **Notional** <br>**Market Value** <br>**of Contracts**<br>| **Value and** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| E-Mini Russell 2000 Index | 09/2025 | &nbsp;&nbsp;&nbsp; 23 | &nbsp;&nbsp;&nbsp; $2520455 | &nbsp;&nbsp;&nbsp; $80406 |

---

Forward Foreign Currency Contracts outstanding at June 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Expiration Date** | **Currency** <br>**Purchased**<br>| **Amount** <br>**of Currency** <br>**Purchased**<br>| **Currency** <br>**Sold**<br>| **Amount** <br>**of Currency** <br>**Sold**<br>| **Counter-** <br>**party**<br>| **Net Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| 09/26/25 | U.S. Dollars | &nbsp;&nbsp; 907802 | Swedish Kronor | &nbsp;&nbsp; 8767974 | CITI | &nbsp;&nbsp; $(24418)<br>|
| Total Forward Foreign Currency Contracts outstanding at June 30, 2025 | Total Forward Foreign Currency Contracts outstanding at June 30, 2025 | Total Forward Foreign Currency Contracts outstanding at June 30, 2025 | Total Forward Foreign Currency Contracts outstanding at June 30, 2025 | Total Forward Foreign Currency Contracts outstanding at June 30, 2025 |  | &nbsp;&nbsp; $(24418)<br>|

---

**VALUATION HIERARCHY**

The following is a summary of the inputs used, as of June 30, 2025, in valuing the Fund's investments carried at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total** <br>**Value**<br>| **Level 1** <br>**Quoted Prices**<br>| **Level 2** <br>**Other Significant** <br>**Observable Inputs**<br>| **Level 3** <br>**Significant** <br>**Unobservable Inputs**<br>|
| **Assets:** |  |  |  |  |
| **Investments in Securities:** |  |  |  |  |
| Common Stocks: |  |  |  |  |
| Financials | &nbsp;&nbsp; $167418346 | &nbsp;&nbsp; $167406639 | &nbsp;&nbsp; $11707 | &nbsp;&nbsp; $— |
| Other<sup>^^</sup> <br>| &nbsp;&nbsp; 585150268 | &nbsp;&nbsp; 585150268 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total Common Stocks | &nbsp;&nbsp; 752568614 | &nbsp;&nbsp; 752556907 | &nbsp;&nbsp; 11707 | &nbsp;&nbsp; — |
| Foreign Common Stocks: |  |  |  |  |
| Sweden | &nbsp;&nbsp; 1809531 | &nbsp;&nbsp; 845002 | &nbsp;&nbsp; 964529 | &nbsp;&nbsp; — |
| Other<sup>^^</sup> <br>| &nbsp;&nbsp; 58717823 | &nbsp;&nbsp; 58717823 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total Foreign Common Stocks | &nbsp;&nbsp; 60527354 | &nbsp;&nbsp; 59562825 | &nbsp;&nbsp; 964529 | &nbsp;&nbsp; — |
| Master Limited Partnership | &nbsp;&nbsp; 1064899 | &nbsp;&nbsp; 1064899 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Money Market Funds | &nbsp;&nbsp; 53807562 | &nbsp;&nbsp; 53807562 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Rights | &nbsp;&nbsp; 1 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1 |
| **Total Assets - Investments in Securities** | &nbsp;&nbsp; $867968430 | &nbsp;&nbsp; $866992193 | &nbsp;&nbsp; $976236 | &nbsp;&nbsp; $1 |
| **Other Financial Instruments\*\*\*** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; $80406 | &nbsp;&nbsp; $80406 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| **Total Assets - Other Financial Instruments** | &nbsp;&nbsp; $80406 | &nbsp;&nbsp; $80406 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| **Liabilities:** |  |  |  |  |
| **Other Financial Instruments\*\*\*** |  |  |  |  |
| Forward Foreign Currency Contracts | &nbsp;&nbsp; $(24418)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(24418)<br>| &nbsp;&nbsp; $— |
| **Total Liabilities - Other Financial Instruments** | &nbsp;&nbsp; $(24418)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(24418)<br>| &nbsp;&nbsp; $— |

---

---

| | |
|:---|:---|
| ^^ | Classifications as defined in the Schedule of Investments. |
| \*\*\* | Other financial instruments are derivative instruments, such as futures contracts and forward foreign currency contracts, which are valued at the unrealized <br> appreciation (depreciation) on the investment. Further details regarding the value of these investments can be found in the preceding "Futures Contracts <br> outstanding" and "Forward Foreign Currency Contracts outstanding" disclosures.<br>|

---

There were no transfers to or from Level 3 during the year ended June 30, 2025.

Management has determined that the amount of Level 3 securities compared to total net assets is not material; therefore, the reconciliation of Level 3 securities and assumptions is not shown for the period ended June 30, 2025.

**212**

See Notes to Financial Statements.

------

**INTERNATIONAL EQUITY INDEX FUND**

**SCHEDULE OF INVESTMENTS**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 0.6%** | **COMMON STOCK — 0.6%** | **COMMON STOCK — 0.6%** |
| **Communication Services — 0.6%** | **Communication Services — 0.6%** |  |
| Spotify Technology SA\* <br>(Cost $6,684,384) | 13022 | $9992302 |
| **FOREIGN COMMON STOCKS — 93.2%** | **FOREIGN COMMON STOCKS — 93.2%** | **FOREIGN COMMON STOCKS — 93.2%** |
| **Australia — 6.3%** | **Australia — 6.3%** |  |
| ANZ Group Holdings, Ltd. | 314264 | 6026574 |
| APA Group | 56822 | 305519 |
| ASX, Ltd. | 9397 | 431468 |
| BHP Group, Ltd. | 387822 | 9330066 |
| BlueScope Steel, Ltd. | 21263 | 324017 |
| Brambles, Ltd. | 67348 | 1040109 |
| CAR Group, Ltd. | 113339 | 2791231 |
| Cochlear, Ltd. | 7986 | 1579439 |
| Coles Group, Ltd. | 137380 | 1883771 |
| Commonwealth Bank of Australia | 128232 | 15606896 |
| Computershare, Ltd. | 31223 | 819107 |
| CSL, Ltd. | 55664 | 8792721 |
| Fortescue, Ltd. | 97382 | 978906 |
| Goodman Group REIT | 146925 | 3312369 |
| Insurance Australia Group, Ltd. | 115449 | 686347 |
| Macquarie Group, Ltd. | 21263 | 3198075 |
| Medibank Pvt., Ltd. | 179765 | 596982 |
| National Australia Bank, Ltd. | 219242 | 5682269 |
| Northern Star Resources, Ltd. | 45766 | 565308 |
| Origin Energy, Ltd. | 81077 | 576290 |
| Qantas Airways, Ltd. | 66392 | 469031 |
| QBE Insurance Group, Ltd. | 75406 | 1161187 |
| REA Group, Ltd. | 4130 | 654022 |
| Rio Tinto, Ltd. | 19717 | 1395772 |
| Santos, Ltd. | 155840 | 785725 |
| Scentre Group REIT | 265947 | 624634 |
| SGH, Ltd. | 9000 | 320527 |
| Sonic Healthcare, Ltd. | 65006 | 1147433 |
| South32, Ltd. | 212814 | 406665 |
| Stockland REIT | 135879 | 480213 |
| Suncorp Group, Ltd. | 58007 | 826695 |
| Telstra Corporation, Ltd. | 341734 | 1089661 |
| Transurban Group | 515872 | 4746519 |
| Vicinity Centres REIT | 216299 | 353101 |
| Wesfarmers, Ltd. | 122996 | 6864083 |
| Westpac Banking Corporation | 194992 | 4345695 |
| WiseTech Global, Ltd. | 8455 | 606358 |
| Woodside Energy Group, Ltd. | 112500 | 1737777 |
| Woolworths Group, Ltd. | 99504 | 2038221 |
|  |  | 94580783 |
| **Austria — 0.2%** | **Austria — 0.2%** |  |
| Erste Group Bank AG | 21419 | 1823299 |
| OMV AG | 10806 | 587643 |
| Verbund AG | 5255 | 403723 |
|  |  | 2814665 |
| **Belgium — 0.6%** | **Belgium — 0.6%** |  |
| Ageas SA/NV | 20480 | 1385423 |
| D'ieteren Group | 2641 | 568737 |
| Groupe Bruxelles Lambert NV | 10725 | 915495 |
| KBC Group NV | 21628 | 2232218 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Lotus Bakeries NV | 78 | $751602 |
| Sofina SAΔ | 865 | 286098 |
| Syensqo SA | 9910 | 767672 |
| UCB SA | 12770 | 2512598 |
|  |  | 9419843 |
| **Denmark — 2.4%** | **Denmark — 2.4%** |  |
| AP Moeller - Maersk A/S Class AΔ | 649 | 1197380 |
| AP Moeller - Maersk A/S Class BΔ | 810 | 1506356 |
| Coloplast A/S Class BΔ | 32701 | 3113231 |
| Danske Bank A/S | 57273 | 2339248 |
| Demant A/SΔ\* | 97922 | 4091334 |
| DSV A/S | 29383 | 7047640 |
| Genmab A/S\* | 15830 | 3287391 |
| Novonesis Novozymes B | 43669 | 3135298 |
| Orsted A/S 144AΔ\* | 30730 | 1323806 |
| Pandora A/S | 15325 | 2700194 |
| ROCKWOOL A/S Class B | 20730 | 971663 |
| Tryg A/S | 23880 | 617327 |
| Vestas Wind Systems A/SΔ | 247117 | 3711935 |
|  |  | 35042803 |
| **Finland — 1.0%** | **Finland — 1.0%** |  |
| Elisa OYJ | 7229 | 401798 |
| Fortum OYJΔ | 22487 | 421672 |
| Kesko OYJ Class B | 12949 | 319376 |
| Kone OYJ Class B | 19989 | 1316890 |
| Neste OYJΔ | 21037 | 285097 |
| Nokia OYJ | 358262 | 1858889 |
| Nordea Bank Abp | 334779 | 4967354 |
| Orion OYJ Class B | 17254 | 1298079 |
| Sampo OYJ Class A | 175570 | 1889573 |
| Stora Enso OYJ, R Shares | 34560 | 375722 |
| UPM-Kymmene OYJ | 72893 | 1990564 |
|  |  | 15125014 |
| **France — 9.5%** | **France — 9.5%** |  |
| Accor SAΔ | 16778 | 879309 |
| Aeroports de Paris SA | 2268 | 284344 |
| Air Liquide SA | 52196 | 10762875 |
| Alstom SAΔ\* | 16417 | 383188 |
| Arkema SA | 2715 | 200485 |
| AXA SA | 172306 | 8461094 |
| BNP Paribas SA | 86911 | 7796066 |
| Bollore SE | 40000 | 251416 |
| Bouygues SA | 11283 | 510271 |
| Bureau Veritas SA | 15449 | 527310 |
| Capgemini SE | 16330 | 2796291 |
| Carrefour SAΔ | 98085 | 1383610 |
| Cie de Saint-Gobain SA | 46241 | 5432173 |
| Cie Generale des Etablissements <br> Michelin SCA | 56663 | 2107536 |
| Credit Agricole SAΔ | 44532 | 842469 |
| Danone SA | 65297 | 5342819 |
| Dassault Systemes SE | 41281 | 1496091 |
| Edenred SE | 19978 | 620527 |
| Eiffage SA | 6925 | 973055 |
| Engie SA | 106227 | 2496633 |

---

See Notes to Financial Statements.

**213**

------

**INTERNATIONAL EQUITY INDEX FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| EssilorLuxottica SAΔ | 33407 | $9173315 |
| Eurazeo SE | 3083 | 220412 |
| Gecina SA REIT | 2894 | 318584 |
| Getlink SE | 29669 | 572731 |
| Hermes International SCA | 2318 | 6283787 |
| Ipsen SA | 33962 | 4045479 |
| Kering SA | 5668 | 1234806 |
| Klepierre REIT | 14221 | 562289 |
| L'Oreal SA | 22503 | 9639240 |
| Legrand SA | 16102 | 2158128 |
| Orange SA | 132848 | 2023035 |
| Publicis Groupe SAΔ | 13734 | 1551184 |
| Renault SA | 16883 | 779066 |
| Rexel SA | 12000 | 370112 |
| Safran SA | 34165 | 11142034 |
| Sartorius Stedim Biotech | 3225 | 771621 |
| Schneider Electric SE | 46343 | 12442397 |
| Societe Generale SA | 58734 | 3359832 |
| Sodexo SA | 8568 | 527330 |
| Teleperformance SE | 3388 | 329067 |
| Thales SA | 6325 | 1867612 |
| TotalEnergies SE | 158051 | 9660498 |
| Unibail-Rodamco-Westfield CDI | 10140 | 47785 |
| Unibail-Rodamco-Westfield REIT\* | 6095 | 585898 |
| Veolia Environnement SA | 38312 | 1367810 |
| Vinci SA | 50394 | 7431623 |
|  |  | 142013237 |
| **Germany — 9.7%** | **Germany — 9.7%** |  |
| adidas AG | 11209 | 2616516 |
| Allianz SE | 28506 | 11568692 |
| BASF SE | 73716 | 3645959 |
| Bayerische Motoren Werke AG | 59384 | 5288701 |
| Beiersdorf AG | 11389 | 1431574 |
| Brenntag SE | 7869 | 521321 |
| Commerzbank AG | 79702 | 2511651 |
| Continental AG | 4960 | 432898 |
| Covestro AG\* | 8920 | 634642 |
| Daimler Truck Holding AG | 27061 | 1283881 |
| Delivery Hero SE 144A\* | 7927 | 215157 |
| Deutsche Bank AG | 154927 | 4592878 |
| Deutsche Boerse AG | 19154 | 6257412 |
| Deutsche Lufthansa AG | 49931 | 423896 |
| Deutsche Post AG | 60860 | 2819027 |
| Deutsche Telekom AG | 249528 | 9133624 |
| E.ON SE | 245743 | 4527972 |
| Evonik Industries AG | 13302 | 274801 |
| Fresenius Medical Care AG | 25717 | 1477575 |
| Fresenius SE & Co. KGaA | 57197 | 2878313 |
| GEA Group AG | 7555 | 529606 |
| Hannover Rueck SE | 3483 | 1097540 |
| HeidelbergCement AG | 9249 | 2178110 |
| Infineon Technologies AG | 97044 | 4141066 |
| LEG Immobilien SE | 1506 | 134051 |
| Mercedes-Benz Group AG | 67967 | 3959769 |
| MTU Aero Engines AG | 2932 | 1302551 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Muenchener <br> Rueckversicherungs-Gesellschaft <br> AG | 12326 | $8003697 |
| Nemetschek SE | 785 | 113819 |
| Rheinmetall AG | 3384 | 7166293 |
| RWE AG | 53871 | 2251172 |
| SAP SE | 78214 | 23916237 |
| Siemens AG | 61317 | 15749775 |
| Siemens Energy AG\* | 55866 | 6529670 |
| Siemens Healthineers AG 144A | 25788 | 1431605 |
| Symrise AG | 6729 | 705633 |
| Vonovia SE | 55737 | 1976066 |
| Zalando SE 144A\* | 10454 | 344954 |
|  |  | 144068104 |
| **Hong Kong — 1.7%** | **Hong Kong — 1.7%** |  |
| AIA Group, Ltd. | 822600 | 7451476 |
| BOC Hong Kong Holdings, Ltd. | 214500 | 933771 |
| CK Asset Holdings, Ltd. | 161057 | 711682 |
| CLP Holdings, Ltd. | 156000 | 1317539 |
| Futu Holdings, Ltd. ADR | 2522 | 311694 |
| Hang Seng Bank, Ltd. | 34300 | 514712 |
| Henderson Land Development Co., <br> Ltd. | 71275 | 250317 |
| HKT Trust & HKT, Ltd. | 289000 | 432076 |
| Hong Kong & China Gas Co., Ltd. | 562138 | 472640 |
| Hong Kong Exchanges and Clearing, <br> Ltd. | 127197 | 6841490 |
| Hongkong Land Holdings, Ltd. | 52200 | 301194 |
| Jardine Matheson Holdings, Ltd. | 13200 | 634428 |
| Link REIT | 167091 | 895022 |
| MTR Corporation, Ltd. | 183463 | 659714 |
| Power Assets Holdings, Ltd. | 86500 | 556158 |
| Sino Land Co., Ltd. | 356447 | 379664 |
| SITC International Holdings Co., Ltd. | 59000 | 189027 |
| Sun Hung Kai Properties, Ltd. (Hong <br> Kong Exchange) | 109500 | 1261774 |
| Swire Pacific, Ltd. Class AΔ | 22500 | 192872 |
| Techtronic Industries Co., Ltd. | 71500 | 788929 |
| WH Group, Ltd. 144A | 585591 | 564388 |
| Wharf Real Estate Investment Co., <br> Ltd. | 115000 | 326438 |
|  |  | 25987005 |
| **Ireland — 0.5%** | **Ireland — 0.5%** |  |
| Bank of Ireland Group PLC | 80800 | 1151410 |
| DCC PLC | 5616 | 364482 |
| James Hardie Industries PLC CDI\* | 37315 | 1002032 |
| Kerry Group PLC Class A | 15874 | 1753861 |
| Kingspan Group PLC | 13457 | 1146663 |
| Ryanair Holdings PLC | 60853 | 1726138 |
|  |  | 7144586 |
| **Israel — 0.8%** | **Israel — 0.8%** |  |
| Azrieli Group, Ltd. | 1239 | 114098 |
| Bank Hapoalim BM | 76213 | 1463905 |
| Bank Leumi Le-Israel BM | 172431 | 3208173 |

---

**214**

See Notes to Financial Statements.

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Check Point Software Technologies, <br> Ltd.\* | 11172 | $2471805 |
| CyberArk Software, Ltd.\* | 4881 | 1985981 |
| Elbit Systems, Ltd. | 1618 | 720712 |
| ICL Group, Ltd. | 5905 | 40540 |
| Israel Discount Bank, Ltd. Class A | 52953 | 528192 |
| Mizrahi Tefahot Bank, Ltd. | 11154 | 727596 |
| Nice, Ltd.\* | 3728 | 631945 |
| Wix.com, Ltd.\* | 2346 | 371747 |
|  |  | 12264694 |
| **Italy — 2.6%** | **Italy — 2.6%** |  |
| Enel SpA | 710480 | 6742957 |
| Eni SpA | 220136 | 3556104 |
| FinecoBank Banca Fineco SpA | 27715 | 614817 |
| Generali | 104358 | 3712173 |
| Infrastrutture Wireless Italiane SpA <br> 144AΔ | 26318 | 321816 |
| Intesa Sanpaolo SpA | 1280817 | 7378032 |
| Mediobanca Banca di Credito <br> Finanziario SpAΔ | 21353 | 496905 |
| Moncler SpA | 42849 | 2444172 |
| Nexi SpA 144A | 24702 | 147528 |
| Poste Italiane SpA 144A | 25999 | 558611 |
| Prysmian SpA | 26108 | 1848426 |
| Recordati Industria Chimica e <br> Farmaceutica SpAΔ | 16364 | 1028559 |
| Snam SpA | 116668 | 706272 |
| Terna - Rete Elettrica Nazionale | 90920 | 934746 |
| UniCredit SpA | 115651 | 7758261 |
|  |  | 38249379 |
| **Japan — 20.3%** | **Japan — 20.3%** |  |
| Advantest CorporationΔ | 72600 | 5381914 |
| Aeon Co., Ltd.Δ | 52800 | 1618468 |
| AGC, Inc.Δ | 9300 | 272822 |
| Aisin CorporationΔ | 10800 | 138158 |
| Ajinomoto Co., Inc. | 97600 | 2647221 |
| Asahi Kasei Corporation | 49000 | 348820 |
| Bandai Namco Holdings, Inc. | 35400 | 1268708 |
| Bridgestone CorporationΔ | 41300 | 1688848 |
| Canon, Inc.Δ | 66900 | 1940350 |
| Capcom Co., Ltd. | 35200 | 1202133 |
| Central Japan Railway Co.Δ | 36500 | 815942 |
| Chugai Pharmaceutical Co., Ltd.Δ | 93800 | 4898032 |
| Dai Nippon Printing Co., Ltd. | 23000 | 349136 |
| Daifuku Co., Ltd.Δ | 14100 | 362736 |
| Dai-ichi Life Holdings, Inc. | 198400 | 1508357 |
| Daiichi Sankyo Co., Ltd. | 197500 | 4575701 |
| Daikin Industries, Ltd. | 15200 | 1784233 |
| Daito Trust Construction Co., Ltd. | 3500 | 381215 |
| Daiwa House Industry Co., Ltd.Δ | 127200 | 4370949 |
| Denso CorporationΔ | 118000 | 1592444 |
| Dentsu Group, Inc.Δ | 11700 | 259248 |
| Disco CorporationΔ | 7700 | 2281074 |
| East Japan Railway Co.Δ | 51900 | 1116417 |
| Eisai Co., Ltd.Δ | 27700 | 795556 |
| ENEOS Holdings, Inc.Δ | 106250 | 526664 |
| FANUC Corporation | 55000 | 1493101 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Fast Retailing Co., Ltd.Δ | 19000 | $6514418 |
| Fuji Electric Co., Ltd.Δ | 5000 | 230260 |
| FUJIFILM Holdings CorporationΔ | 64500 | 1396785 |
| Fujitsu, Ltd. | 99000 | 2401679 |
| Hankyu Hanshin Holdings, Inc.Δ | 14100 | 383290 |
| Hikari Tsushin, Inc.Δ | 1200 | 354320 |
| Hitachi, Ltd. | 385000 | 11189776 |
| Honda Motor Co., Ltd. | 451800 | 4356642 |
| Hoya Corporation | 41700 | 4952380 |
| Inpex CorporationΔ | 52800 | 741163 |
| Isuzu Motors, Ltd.Δ | 25100 | 317965 |
| ITOCHU CorporationΔ | 91300 | 4780926 |
| Japan Exchange Group, Inc. | 51600 | 522709 |
| Japan Post Bank Co., Ltd.Δ | 120000 | 1293664 |
| Japan Post Holdings Co., Ltd. | 105100 | 973459 |
| JFE Holdings, Inc.Δ | 24900 | 289653 |
| Kansai Electric Power Co., Inc. <br> (The)Δ | 36900 | 437627 |
| Kao Corporation | 54100 | 2423983 |
| KDDI CorporationΔ | 190000 | 3262411 |
| Keyence Corporation | 15200 | 6077390 |
| Kobe Bussan Co., Ltd.Δ | 8600 | 267078 |
| Komatsu, Ltd. | 54200 | 1788250 |
| Konami Holdings Corporation | 5500 | 869560 |
| Kubota CorporationΔ | 52500 | 592037 |
| Kyocera CorporationΔ | 75600 | 907983 |
| Kyowa Kirin Co., Ltd.Δ | 87100 | 1490915 |
| Lasertec CorporationΔ | 4200 | 563055 |
| LY Corporation | 129000 | 475056 |
| M3, Inc.Δ | 36000 | 494522 |
| Marubeni Corporation | 83500 | 1683214 |
| MatsukiyoCocokara & Co. | 27000 | 555404 |
| MEIJI Holdings Co., Ltd.Δ | 16000 | 353821 |
| MINEBEA MITSUMI, Inc.Δ | 14700 | 214969 |
| Mitsubishi Chemical Group <br> Corporation | 63200 | 332181 |
| Mitsubishi CorporationΔ | 291900 | 5832712 |
| Mitsubishi Electric Corporation | 108700 | 2338026 |
| Mitsubishi Estate Co., Ltd. | 66800 | 1252308 |
| Mitsubishi Heavy Industries, Ltd.Δ | 273200 | 6836663 |
| Mitsubishi UFJ Financial Group, Inc. | 890700 | 12143441 |
| Mitsui & Co., Ltd.Δ | 163200 | 3326012 |
| Mitsui Fudosan Co., Ltd. | 157200 | 1521866 |
| Mitsui OSK Lines, Ltd.Δ | 11300 | 377417 |
| Mizuho Financial Group, Inc. | 182590 | 5068685 |
| MonotaRO Co., Ltd. | 11900 | 234262 |
| MS&AD Insurance Group Holdings, <br> Inc. | 72600 | 1623017 |
| Murata Manufacturing Co., Ltd.Δ | 100800 | 1489894 |
| NEC Corporation | 118000 | 3442656 |
| Nexon Co., Ltd.Δ | 24400 | 491455 |
| Nidec CorporationΔ | 45600 | 886149 |
| Nintendo Co., Ltd.Δ | 96000 | 9218865 |
| Nippon Building Fund, Inc. REITΔ | 345 | 318566 |
| Nippon Paint Holdings Co., Ltd.Δ | 41100 | 330537 |
| Nippon Sanso Holdings CorporationΔ | 8800 | 333005 |
| Nippon Steel CorporationΔ | 45400 | 858602 |
| Nippon Yusen KK | 25500 | 917362 |

---

See Notes to Financial Statements.

**215**

------

**INTERNATIONAL EQUITY INDEX FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Nissan Motor Co., Ltd.Δ\* | 112800 | $272929 |
| Nissin Foods Holdings Co., Ltd.Δ | 23100 | 479906 |
| Nitori Holdings Co., Ltd.Δ | 4000 | 385001 |
| Nitto Denko CorporationΔ | 35500 | 685557 |
| Nomura Holdings, Inc. | 229400 | 1511678 |
| Nomura Research Institute, Ltd.Δ | 18157 | 726233 |
| NTT Data Corporation | 20900 | 578527 |
| NTT, Inc. | 1725000 | 1844216 |
| Obic Co., Ltd. | 18000 | 699931 |
| Olympus CorporationΔ | 139900 | 1661777 |
| Omron CorporationΔ | 8300 | 223739 |
| Ono Pharmaceutical Co., Ltd.Δ | 86300 | 935300 |
| Oracle Corporation | 700 | 83433 |
| Oriental Land Co., Ltd.Δ | 82400 | 1897818 |
| ORIX Corporation | 102600 | 2315341 |
| Osaka Gas Co., Ltd.Δ | 15000 | 384749 |
| Otsuka Corporation | 13800 | 281125 |
| Otsuka Holdings Co., Ltd.Δ | 61000 | 3024338 |
| Pan Pacific International Holdings <br> Corporation | 18800 | 646627 |
| Panasonic Holdings Corporation | 133300 | 1426220 |
| Recruit Holdings Co., Ltd. | 117000 | 6880377 |
| Renesas Electronics CorporationΔ | 94400 | 1167863 |
| Resona Holdings, Inc. | 94500 | 872785 |
| Ricoh Co., Ltd.Δ | 26200 | 247260 |
| SBI Holdings, Inc.Δ | 9400 | 327544 |
| SCREEN Holdings Co., Ltd.Δ | 4000 | 325246 |
| Secom Co., Ltd.Δ | 25000 | 898123 |
| Sekisui House, Ltd. | 33600 | 739514 |
| Seven & i Holdings Co., Ltd. | 215100 | 3462105 |
| SG Holdings Co., Ltd.Δ | 13100 | 145908 |
| Shimadzu CorporationΔ | 12300 | 304093 |
| Shimano, Inc.Δ | 3600 | 521930 |
| Shin-Etsu Chemical Co., Ltd. | 154800 | 5111803 |
| Shionogi & Co., Ltd. | 231600 | 4169328 |
| Shiseido Co., Ltd.Δ | 35800 | 639411 |
| SMC CorporationΔ | 3300 | 1182596 |
| SoftBank Corporation | 1711800 | 2651495 |
| SoftBank Group Corporation | 97600 | 7096108 |
| Sompo Holdings, Inc. | 67800 | 2043140 |
| Sony Group Corporation | 521000 | 13546170 |
| Subaru Corporation | 32200 | 558232 |
| Sumitomo Corporation | 197800 | 5104570 |
| Sumitomo Electric Industries, Ltd. | 65100 | 1395966 |
| Sumitomo Metal Mining Co., Ltd.Δ | 10900 | 268630 |
| Sumitomo Mitsui Financial Group, <br> Inc. | 299600 | 7544216 |
| Sumitomo Mitsui Trust Group, Inc. | 22900 | 609081 |
| Sumitomo Realty & Development <br> Co., Ltd. | 9600 | 370746 |
| Suntory Beverage & Food, Ltd.Δ | 26700 | 853851 |
| Suzuki Motor Corporation | 84600 | 1019957 |
| Sysmex CorporationΔ | 43500 | 757214 |
| T&D Holdings, Inc. | 22500 | 493877 |
| Taisei CorporationΔ | 13300 | 774599 |
| Takeda Pharmaceutical Co., Ltd. | 208236 | 6428871 |
| TDK Corporation | 112900 | 1317832 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Terumo Corporation | 190200 | $3490528 |
| TIS, Inc.Δ | 14800 | 495943 |
| Tokio Marine Holdings, Inc. | 150500 | 6378349 |
| Tokyo Electron, Ltd. | 35500 | 6798586 |
| Tokyo Gas Co., Ltd. | 23400 | 778333 |
| Tokyu CorporationΔ | 27000 | 321196 |
| TOPPAN Holdings, Inc. | 15000 | 407505 |
| Toyota Industries CorporationΔ | 6500 | 733608 |
| Toyota Motor Corporation | 838480 | 14441134 |
| Toyota Tsusho Corporation | 30000 | 679537 |
| Trend Micro, Inc. | 8500 | 587910 |
| Unicharm CorporationΔ | 78900 | 569720 |
| West Japan Railway Co.Δ | 18600 | 425216 |
| Yakult Honsha Co., Ltd.Δ | 23000 | 433159 |
| Yamaha Motor Co., Ltd.Δ | 42900 | 321024 |
| Yokogawa Electric Corporation | 22800 | 609076 |
| ZOZO, Inc.Δ | 17100 | 184760 |
|  |  | 303498762 |
| **Jersey — 0.5%** | **Jersey — 0.5%** |  |
| Experian PLC | 81013 | 4177537 |
| Glencore PLC\* | 868456 | 3384063 |
| WPP PLC | 45700 | 321773 |
|  |  | 7883373 |
| **Luxembourg — 0.1%** | **Luxembourg — 0.1%** |  |
| ArcelorMittal SA | 34529 | 1096445 |
| Eurofins Scientific SEΔ | 12824 | 913906 |
|  |  | 2010351 |
| **Netherlands — 6.0%** | **Netherlands — 6.0%** |  |
| Adyen NV 144A\* | 2167 | 3979777 |
| Aegon, Ltd. | 118218 | 856692 |
| AerCap Holdings NV | 9818 | 1148706 |
| Airbus SE | 53921 | 11280314 |
| Akzo Nobel NV | 10566 | 741349 |
| Argenx SE\* | 8029 | 4444718 |
| ASM International NV | 2646 | 1697350 |
| ASML Holding NV | 31091 | 24914366 |
| Euronext NV 144A | 4841 | 829467 |
| EXOR NV | 6301 | 636070 |
| Ferrari NV | 10866 | 5323372 |
| Ferrovial SEΔ | 41873 | 2233619 |
| IMCD NV | 2480 | 333549 |
| ING Groep NV | 275643 | 6041458 |
| JDE Peet's NV | 20956 | 598599 |
| Koninklijke Ahold Delhaize NV | 89313 | 3730287 |
| Koninklijke KPN NV | 184467 | 899865 |
| Koninklijke Philips NV | 94563 | 2270680 |
| NN Group NV | 16401 | 1091308 |
| Prosus NV\* | 109409 | 6138557 |
| QIAGEN NV\* | 24055 | 1158961 |
| Stellantis NV | 165970 | 1662378 |
| STMicroelectronics NV | 37246 | 1142037 |
| Tenaris SA | 20000 | 374894 |
| Universal Music Group NV | 109973 | 3567586 |

---

**216**

See Notes to Financial Statements.

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Wolters Kluwer NV | 18771 | $3139227 |
|  |  | 90235186 |
| **New Zealand — 0.2%** | **New Zealand — 0.2%** |  |
| Auckland International Airport, Ltd. | 82606 | 389980 |
| Fisher & Paykel Healthcare <br> Corporation, Ltd. | 50139 | 1101289 |
| Xero, Ltd.\* | 7519 | 889718 |
|  |  | 2380987 |
| **Norway — 0.6%** | **Norway — 0.6%** |  |
| Aker BP ASA | 14477 | 369951 |
| DNB Bank ASA | 42517 | 1175790 |
| Equinor ASA | 113781 | 2873432 |
| Gjensidige Forsikring ASA | 8027 | 203484 |
| Kongsberg Gruppen ASA | 14775 | 572932 |
| Mowi ASA | 33947 | 655633 |
| Norsk Hydro ASA | 67659 | 387442 |
| Orkla ASA | 106700 | 1162122 |
| Salmar ASA | 6863 | 297414 |
| Telenor ASA | 21933 | 341545 |
| Yara International ASA | 10434 | 385042 |
|  |  | 8424787 |
| **Portugal — 0.2%** | **Portugal — 0.2%** |  |
| EDP SA | 454225 | 1973280 |
| Galp Energia SGPS SA | 27004 | 494331 |
| Jeronimo Martins SGPS SA | 19382 | 490711 |
|  |  | 2958322 |
| **Singapore — 1.6%** | **Singapore — 1.6%** |  |
| CapitaLand Ascendas REIT | 157957 | 333314 |
| CapitaLand Integrated Commercial <br> Trust REIT | 455174 | 777244 |
| Capitaland Investment, Ltd.Δ | 174460 | 363690 |
| DBS Group Holdings, Ltd. | 143506 | 5066061 |
| Grab Holdings, Ltd. Class A\* | 55000 | 276650 |
| Keppel, Ltd. | 84500 | 493444 |
| Oversea-Chinese Banking <br> Corporation, Ltd. | 265140 | 3399974 |
| Sea, Ltd. ADR\* | 28281 | 4523263 |
| Singapore Airlines, Ltd. | 190850 | 1046766 |
| Singapore Exchange, Ltd. | 108000 | 1264596 |
| Singapore Telecommunications, Ltd. | 754500 | 2274658 |
| United Overseas Bank, Ltd. | 116959 | 3310374 |
| Wilmar International, Ltd. | 258000 | 582378 |
|  |  | 23712412 |
| **South Africa — 0.0%** | **South Africa — 0.0%** |  |
| Valterra Platinum, Ltd. | 1 | 44 |
| **Spain — 3.0%** | **Spain — 3.0%** |  |
| Acciona SAΔ | 827 | 149161 |
| ACS Actividades de Construccion y <br> Servicios SAΔ | 10581 | 735460 |
| Aena SME SA 144A | 39300 | 1049066 |
| Amadeus IT Group SA | 50674 | 4281094 |
| Banco Bilbao Vizcaya Argentaria SA | 426478 | 6567023 |
| Banco Santander SA | 1246523 | 10322306 |
| CaixaBank SA | 262455 | 2274123 |
| Cellnex Telecom SA 144AΔ\* | 28971 | 1128080 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| EDP Renovaveis SAΔ | 19340 | $216409 |
| Endesa SAΔ | 13556 | 429387 |
| Grifols SAΔ\* | 31106 | 379555 |
| Iberdrola SAΔ | 478440 | 9204244 |
| Industria de Diseno Textil SA | 97714 | 5097422 |
| Redeia Corporation SA | 23715 | 507447 |
| Repsol SAΔ | 52755 | 771616 |
| Telefonica SAΔ | 320126 | 1684850 |
|  |  | 44797243 |
| **Sweden — 2.7%** | **Sweden — 2.7%** |  |
| Alfa Laval AB | 14717 | 619860 |
| Assa Abloy AB, B Shares | 75283 | 2353621 |
| Atlas Copco AB, A Shares | 262207 | 4238841 |
| Atlas Copco AB, B Shares | 218000 | 3102704 |
| Boliden AB\* | 12271 | 383462 |
| Epiroc AB, A SharesΔ | 46862 | 1019710 |
| EQT AB | 12795 | 429221 |
| Essity AB, B Shares | 59852 | 1657235 |
| Fastighets AB Balder, B SharesΔ\* | 28806 | 214728 |
| H & M Hennes & Mauritz AB, B <br> SharesΔ | 42435 | 597660 |
| Hexagon AB, B Shares | 134111 | 1351785 |
| Industrivarden AB, A Shares | 12534 | 455654 |
| Industrivarden AB, C Shares | 18571 | 672488 |
| Investment AB Latour, B Shares | 9171 | 241887 |
| Investor AB, B Shares | 158911 | 4709071 |
| L E Lundbergforetagen AB, B Shares | 5888 | 293915 |
| Nibe Industrier AB, B SharesΔ | 74413 | 317718 |
| Sagax AB, B Shares | 11741 | 269036 |
| Sandvik ABΔ | 81379 | 1868654 |
| Securitas AB, B Shares | 23710 | 354994 |
| Skandinaviska Enskilda Banken AB, <br> A Shares | 129780 | 2262135 |
| Skanska AB, B Shares | 13311 | 310074 |
| SKF AB, B Shares | 17959 | 412524 |
| Svenska Cellulosa AB SCA, B <br> SharesΔ | 49432 | 642753 |
| Svenska Handelsbanken AB, A Shares | 80926 | 1083380 |
| Swedbank AB, A Shares | 61659 | 1633121 |
| Swedish Orphan Biovitrum AB\* | 26881 | 818127 |
| Tele2 AB, B Shares | 37286 | 544279 |
| Telefonaktiebolaget LM Ericsson, B <br> Shares | 286228 | 2445911 |
| Telia Co. AB | 126527 | 455096 |
| Volvo AB, B Shares | 150875 | 4245263 |
|  |  | 40004907 |
| **Switzerland — 9.3%** | **Switzerland — 9.3%** |  |
| ABB, Ltd. | 132321 | 7929844 |
| Alcon AGΔ | 56754 | 5033114 |
| Amrize, Ltd.\* | 44626 | 2226098 |
| Barry Callebaut AGΔ | 404 | 441600 |
| Chocoladefabriken Lindt & Spruengli <br> AG | 331 | 5578542 |
| Chocoladefabriken Lindt & Spruengli <br> AG (Swiss Exchange) | 8 | 1333805 |
| Cie Financiere Richemont SA | 40877 | 7735272 |
| Coca-Cola HBC AG CDI\* | 53299 | 2784480 |

---

See Notes to Financial Statements.

**217**

------

**INTERNATIONAL EQUITY INDEX FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| DSM-Firmenich AG | 10715 | $1139917 |
| EMS-Chemie Holding AG | 227 | 171613 |
| Geberit AG | 1229 | 967893 |
| Givaudan SA | 796 | 3860224 |
| Holcim, Ltd.\* | 44626 | 3313888 |
| Julius Baer Group, Ltd. | 11052 | 749711 |
| Kuehne + Nagel International AG | 1928 | 417495 |
| Logitech International SA | 9124 | 827405 |
| Lonza Group AG | 11846 | 8471826 |
| Nestle SA | 210778 | 20956892 |
| Partners Group Holding AG | 3003 | 3928904 |
| Roche Holding AG | 64691 | 21116429 |
| Roche Holding AG (Swiss Exchange) | 12102 | 4205823 |
| Sandoz Group AG | 64284 | 3522980 |
| SGS SA | 5138 | 521690 |
| SIG Group AGΔ\* | 6984 | 129183 |
| Sika AG | 16441 | 4473332 |
| Straumann Holding AGΔ | 13370 | 1749996 |
| Swiss Life Holding AG | 1032 | 1044760 |
| Swiss Re AG | 27099 | 4687778 |
| Temenos AG | 3832 | 275272 |
| UBS Group AG | 286904 | 9740899 |
| VAT Group AG 144A | 1112 | 471190 |
| Zurich Insurance Group AG | 12183 | 8524728 |
|  |  | 138332583 |
| **United Kingdom — 13.4%** | **United Kingdom — 13.4%** |  |
| 3i Group PLC | 96813 | 5478862 |
| Admiral Group PLC | 8048 | 361408 |
| Anglo American PLCΔ | 85589 | 2522984 |
| Antofagasta PLC | 23560 | 585770 |
| Ashtead Group PLC | 30479 | 1954498 |
| Associated British Foods PLC | 48376 | 1366833 |
| Auto Trader Group PLC 144A | 54162 | 613482 |
| Aviva PLC | 188579 | 1603248 |
| BAE Systems PLC | 272243 | 7065492 |
| Barclays PLC | 1098843 | 5077502 |
| Barratt Redrow PLC | 90118 | 564318 |
| BP PLC | 1349495 | 6723586 |
| BT Group PLCΔ | 253308 | 674489 |
| Bunzl PLC | 26142 | 833054 |
| Centrica PLC | 350000 | 776571 |
| CK Hutchison Holdings, Ltd. | 212500 | 1308507 |
| CK Infrastructure Holdings, Ltd. | 35000 | 231779 |
| Coca-Cola Europacific Partners PLC | 46506 | 4312036 |
| Compass Group PLC | 173434 | 5874558 |
| Croda International PLC | 8431 | 338488 |
| Haleon PLC | 931639 | 4788282 |
| Halma PLC | 38546 | 1694256 |
| Hikma Pharmaceuticals PLC | 171485 | 4679659 |
| HSBC Holdings PLC | 1466177 | 17735159 |
| Informa PLC | 57112 | 632298 |
| InterContinental Hotels Group PLC | 22571 | 2580660 |
| Intertek Group PLC | 16272 | 1059935 |
| J Sainsbury PLC | 118172 | 470309 |
| JD Sports Fashion PLC | 259615 | 316594 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Kingfisher PLC | 252818 | $1009653 |
| Land Securities Group PLC REIT | 93472 | 811881 |
| Legal & General Group PLC | 432169 | 1512133 |
| Lloyds Banking Group PLC | 6085048 | 6398538 |
| London Stock Exchange Group PLC | 45951 | 6720206 |
| M&G PLC | 174268 | 615988 |
| Mondi PLC | 44958 | 734637 |
| National Grid PLC | 494988 | 7265762 |
| NatWest Group PLC | 721433 | 5066591 |
| Next PLC | 15694 | 2680441 |
| Pearson PLC | 41042 | 604590 |
| Phoenix Group Holdings PLC | 52209 | 472342 |
| Prudential PLC | 209227 | 2618738 |
| Reckitt Benckiser Group PLC | 86635 | 5902183 |
| RELX PLC | 157773 | 8550931 |
| Rentokil Initial PLC | 164319 | 792801 |
| Rio Tinto PLC | 108199 | 6297627 |
| Rolls-Royce Holdings PLC | 802696 | 10637848 |
| Sage Group PLC (The) | 115730 | 1987409 |
| Schroders PLC | 111805 | 556020 |
| Segro PLC REIT | 82405 | 771405 |
| Severn Trent PLC | 25238 | 948247 |
| Shell PLC | 490445 | 17111408 |
| Smith & Nephew PLC | 86838 | 1329858 |
| Smiths Group PLC | 48466 | 1494902 |
| Spirax Group PLC | 6430 | 525795 |
| SSE PLC | 93689 | 2359102 |
| Standard Chartered PLC | 147424 | 2439653 |
| Tesco PLC | 610319 | 3365008 |
| Unilever PLC | 213223 | 13012203 |
| United Utilities Group PLC | 72451 | 1137681 |
| Vodafone Group PLC | 1287411 | 1378112 |
| Whitbread PLC | 28617 | 1110512 |
|  |  | 200444822 |
| **Total Foreign Common Stocks** <br>(Cost $1,070,116,043) | **Total Foreign Common Stocks** <br>(Cost $1,070,116,043) | 1391393892 |
| **FOREIGN PREFERRED STOCKS — 0.3%** | **FOREIGN PREFERRED STOCKS — 0.3%** | **FOREIGN PREFERRED STOCKS — 0.3%** |
| **Germany — 0.3%** | **Germany — 0.3%** |  |
| Bayerische <br> MotorenWerke <br> AG 6.15%◊<br>| 7785 | 646512 |
| Dr. Ing hc F <br> Porsche AG <br> 3.55% 144A◊<br>| 6210 | 306923 |
| Henkel AG & Co. <br> KGaA 3.06%◊<br>| 13912 | 1093255 |
| Porsche Automobil <br> Holding SE <br> 5.69%◊<br>| 6933 | 275230 |
| Sartorius AG <br> 0.34%◊<br>| 2399 | 611020 |
| Volkswagen AG <br> 7.11%◊<br>| 11005 | 1163377 |
| **Total Foreign Preferred Stocks** <br>(Cost $5,328,663) | **Total Foreign Preferred Stocks** <br>(Cost $5,328,663) | 4096317 |

---

**218**

See Notes to Financial Statements.

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **MONEY MARKET FUNDS — 11.5%** | **MONEY MARKET FUNDS — 11.5%** | **MONEY MARKET FUNDS — 11.5%** |
| Northern Institutional Liquid Assets <br> Portfolio (Shares), 4.39%Ø§ | 98696539 | $98696539 |
| GuideStone Money Market Fund, <br> 4.25% <br>(Institutional Class)Ø∞ | 72579420 | 72579420 |
| **Total Money Market Funds** <br>(Cost $171,275,959) | **Total Money Market Funds** <br>(Cost $171,275,959) | 171275959 |
| **TOTAL INVESTMENTS** — **105.6%** <br>(Cost $1,253,405,049) |  | 1576758470 |
| **Liabilities in Excess of Other**<br> **Assets — (5.6)%** |  | (84161456)<br>|
| **NET ASSETS — 100.0%** |  | $1492597014 |

---

Futures Contracts outstanding at June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Future Type** | **Expiration Date** | **Open Long** <br>**(Short) Contracts**<br>| **Notional** <br>**Market Value** <br>**of Contracts**<br>| **Value and** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| MSCI EAFE Index | 09/2025 | &nbsp;&nbsp;&nbsp; 632 | &nbsp;&nbsp;&nbsp; $84741720 | &nbsp;&nbsp;&nbsp; $1030432 |

---

See Notes to Financial Statements.

**219**

------

**INTERNATIONAL EQUITY INDEX FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

**VALUATION HIERARCHY**

The following is a summary of the inputs used, as of June 30, 2025, in valuing the Fund's investments carried at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total** <br>**Value**<br>| **Level 1** <br>**Quoted Prices**<br>| **Level 2** <br>**Other Significant** <br>**Observable Inputs**<br>| **Level 3** <br>**Significant** <br>**Unobservable Inputs**<br>|
| **Assets:** |  |  |  |  |
| **Investments in Securities:** |  |  |  |  |
| Common Stock | &nbsp;&nbsp; $9992302 | &nbsp;&nbsp; $9992302 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Foreign Common Stocks: |  |  |  |  |
| Germany | &nbsp;&nbsp; 144068104 | &nbsp;&nbsp; 634642 | &nbsp;&nbsp; 143433462 | &nbsp;&nbsp; — |
| Hong Kong | &nbsp;&nbsp; 25987005 | &nbsp;&nbsp; 801915 | &nbsp;&nbsp; 25185090 | &nbsp;&nbsp; — |
| Israel | &nbsp;&nbsp; 12264694 | &nbsp;&nbsp; 4829533 | &nbsp;&nbsp; 7435161 | &nbsp;&nbsp; — |
| Netherlands | &nbsp;&nbsp; 90235186 | &nbsp;&nbsp; 1148706 | &nbsp;&nbsp; 89086480 | &nbsp;&nbsp; — |
| New Zealand | &nbsp;&nbsp; 2380987 | &nbsp;&nbsp; 389980 | &nbsp;&nbsp; 1991007 | &nbsp;&nbsp; — |
| Norway | &nbsp;&nbsp; 8424787 | &nbsp;&nbsp; 870346 | &nbsp;&nbsp; 7554441 | &nbsp;&nbsp; — |
| Singapore | &nbsp;&nbsp; 23712412 | &nbsp;&nbsp; 4799913 | &nbsp;&nbsp; 18912499 | &nbsp;&nbsp; — |
| South Africa | &nbsp;&nbsp; 44 | &nbsp;&nbsp; 44 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Spain | &nbsp;&nbsp; 44797243 | &nbsp;&nbsp; 429387 | &nbsp;&nbsp; 44367856 | &nbsp;&nbsp; — |
| Switzerland | &nbsp;&nbsp; 138332583 | &nbsp;&nbsp; 2226098 | &nbsp;&nbsp; 136106485 | &nbsp;&nbsp; — |
| United Kingdom | &nbsp;&nbsp; 200444822 | &nbsp;&nbsp; 4312036 | &nbsp;&nbsp; 196132786 | &nbsp;&nbsp; — |
| Other<sup>^^</sup> <br>| &nbsp;&nbsp; 700746025 | &nbsp;&nbsp; — | &nbsp;&nbsp; 700746025 | &nbsp;&nbsp; — |
| Total Foreign Common Stocks | &nbsp;&nbsp; 1391393892 | &nbsp;&nbsp; 20442600 | &nbsp;&nbsp; 1370951292 | &nbsp;&nbsp; — |
| Foreign Preferred Stocks | &nbsp;&nbsp; 4096317 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4096317 | &nbsp;&nbsp; — |
| Money Market Funds | &nbsp;&nbsp; 171275959 | &nbsp;&nbsp; 171275959 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Total Assets - Investments in Securities** | &nbsp;&nbsp; $1576758470 | &nbsp;&nbsp; $201710861 | &nbsp;&nbsp; $1375047609 | &nbsp;&nbsp; $— |
| **Other Financial Instruments\*\*\*** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; $1030432 | &nbsp;&nbsp; $1030432 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| **Total Assets - Other Financial Instruments** | &nbsp;&nbsp; $1030432 | &nbsp;&nbsp; $1030432 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |

---

---

| | |
|:---|:---|
| ^^ | Classifications as defined in the Schedule of Investments. |
| \*\*\* | Other financial instruments are derivative instruments, such as futures contracts, which are valued at the unrealized appreciation (depreciation) on the <br> investment. Further details regarding the value of these investments can be found in the preceding "Futures Contracts outstanding" disclosure.<br>|

---

**220**

See Notes to Financial Statements.

------

**INTERNATIONAL EQUITY FUND**

**SCHEDULE OF INVESTMENTS**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS — 3.4%** | **COMMON STOCKS — 3.4%** | **COMMON STOCKS — 3.4%** |
| **Communication Services — 0.9%** | **Communication Services — 0.9%** |  |
| Spotify Technology SA\* | 16276 | $12489226 |
| **Consumer Discretionary — 0.8%** | **Consumer Discretionary — 0.8%** |  |
| Coupang, Inc.\* | 204794 | 6135628 |
| MercadoLibre, Inc.\* | 2185 | 5710782 |
|  |  | 11846410 |
| **Financials — 1.5%** | **Financials — 1.5%** |  |
| Arch Capital Group, Ltd. | 56350 | 5130668 |
| Axis Capital Holdings, Ltd. | 55500 | 5762010 |
| Everest Group, Ltd. | 31025 | 10543846 |
|  |  | 21436524 |
| **Information Technology — 0.2%** | **Information Technology — 0.2%** |  |
| Atlassian Corporation Class A\* | 14508 | 2946429 |
| **Total Common Stocks** <br>(Cost $33,268,363) | **Total Common Stocks** <br>(Cost $33,268,363) | 48718589 |
| **FOREIGN COMMON STOCKS — 88.3%** | **FOREIGN COMMON STOCKS — 88.3%** | **FOREIGN COMMON STOCKS — 88.3%** |
| **Australia — 2.1%** | **Australia — 2.1%** |  |
| AGL Energy, Ltd. | 118320 | 758720 |
| ANZ Group Holdings, Ltd. | 167973 | 3221182 |
| ASX, Ltd. | 1363 | 62583 |
| BHP Group, Ltd. | 17844 | 429284 |
| BlueScope Steel, Ltd. | 64283 | 979579 |
| Challenger, Ltd. | 236318 | 1257632 |
| Commonwealth Bank of Australia | 20247 | 2464228 |
| Computershare, Ltd. | 91894 | 2410755 |
| Dexus REIT | 33004 | 144853 |
| Dyno Nobel, Ltd. | 28495 | 50436 |
| Evolution Mining, Ltd. | 216177 | 1125481 |
| Fortescue, Ltd. | 33184 | 333573 |
| Goodman Group REIT | 29615 | 667659 |
| GPT Group (The) REIT | 62123 | 198332 |
| JB Hi-Fi, Ltd. | 24523 | 1781996 |
| Lendlease Corporation, Ltd. | 68495 | 242726 |
| Macquarie Group, Ltd. | 11664 | 1754331 |
| Mirvac Group REIT | 210421 | 305312 |
| Northern Star Resources, Ltd. | 102752 | 1269207 |
| Pro Medicus, Ltd. | 10606 | 1984751 |
| Qantas Airways, Ltd. | 87516 | 618263 |
| QBE Insurance Group, Ltd. | 143134 | 2204139 |
| Rio Tinto, Ltd. | 2838 | 200903 |
| Scentre Group REIT | 110542 | 259632 |
| Sonic Healthcare, Ltd. | 3536 | 62415 |
| South32, Ltd. | 40571 | 77527 |
| Stockland REIT | 930718 | 3289270 |
| Suncorp Group, Ltd. | 88868 | 1266515 |
| Vicinity Centres REIT | 199290 | 325334 |
| WiseTech Global, Ltd. | 15366 | 1101986 |
|  |  | 30848604 |
| **Austria — 0.4%** | **Austria — 0.4%** |  |
| BAWAG Group AG 144A\* | 35758 | 4572783 |
| Erste Group Bank AG | 18805 | 1600782 |
|  |  | 6173565 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Belgium — 1.0%** | **Belgium — 1.0%** |  |
| Groupe Bruxelles Lambert NV | 246 | $20999 |
| KBC Group NV | 102509 | 10579916 |
| UCB SA | 16559 | 3258113 |
|  |  | 13859028 |
| **Brazil — 0.3%** | **Brazil — 0.3%** |  |
| NU Holdings, Ltd. Class A\* | 295511 | 4054411 |
| **Canada — 2.6%** | **Canada — 2.6%** |  |
| Agnico Eagle Mines, Ltd.Δ | 24958 | 2968255 |
| Barrick Mining Corporation | 17209 | 358270 |
| Canadian National Railway Co. | 67834 | 7057449 |
| Canadian Natural Resources, Ltd. | 96723 | 3040018 |
| Canadian Pacific Kansas City, Ltd. | 71800 | 5691586 |
| First Quantum Minerals, Ltd.\* | 52831 | 938485 |
| Kinross Gold Corporation | 49114 | 767502 |
| Lundin Mining Corporation | 99296 | 1044185 |
| Methanex Corporation | 13450 | 445354 |
| Shopify, Inc. Class AΔ\* | 15475 | 1785041 |
| Toronto-Dominion Bank (The) | 141236 | 10388249 |
| Waste Connections, Inc. | 17190 | 3209717 |
|  |  | 37694111 |
| **China — 0.3%** | **China — 0.3%** |  |
| Meituan Class B 144A\* | 283900 | 4566827 |
| **Denmark — 0.5%** | **Denmark — 0.5%** |  |
| AP Moeller - Maersk A/S Class BΔ | 1463 | 2720739 |
| Danske Bank A/S | 50329 | 2055629 |
| Genmab A/S\* | 3106 | 645018 |
| ISS A/S | 9425 | 263059 |
| Pandora A/S | 6279 | 1106331 |
| Vestas Wind Systems A/S | 43548 | 654133 |
|  |  | 7444909 |
| **Finland — 0.3%** | **Finland — 0.3%** |  |
| Nordea Bank Abp | 98300 | 1458547 |
| Sampo OYJ Class A | 100854 | 1085442 |
| Wartsila OYJ Abp | 52916 | 1250636 |
|  |  | 3794625 |
| **France — 10.9%** | **France — 10.9%** |  |
| Accor SAΔ | 33909 | 1777118 |
| Air Liquide SA | 61625 | 12707146 |
| Arkema SA | 7699 | 568522 |
| Ayvens SA 144A | 64225 | 715524 |
| BNP Paribas SA | 159902 | 14343484 |
| Bureau Veritas SA | 234635 | 8008630 |
| Capgemini SE | 103162 | 17665091 |
| Cie Generale des Etablissements <br> Michelin SCA | 58488 | 2175415 |
| Danone SA | 92936 | 7604334 |
| Engie SA | 586285 | 13779342 |
| Hermes International SCA | 1120 | 3036170 |
| JCDecaux SE | 56153 | 1027257 |
| Klepierre REIT | 85252 | 3370805 |
| L'Oreal SA | 28787 | 12331013 |
| Legrand SA | 22636 | 3033870 |

---

See Notes to Financial Statements.

**221**

------

**INTERNATIONAL EQUITY FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Renault SA | 22316 | $1029772 |
| Safran SA | 34529 | 11260744 |
| Schneider Electric SE | 81597 | 21907564 |
| SCOR SE | 125086 | 4154364 |
| Societe Generale SA | 62555 | 3578410 |
| TotalEnergies SE | 176452 | 10785216 |
| Valeo SE | 28980 | 318108 |
| Vinci SA | 16251 | 2396541 |
|  |  | 157574440 |
| **Germany — 11.5%** | **Germany — 11.5%** |  |
| adidas AG | 51712 | 12071129 |
| Allianz SE | 13582 | 5512032 |
| Bayerische Motoren Werke AG | 53332 | 4749714 |
| Beiersdorf AG | 76143 | 9571021 |
| BioNTech SE ADR\* | 17065 | 1816911 |
| Brenntag SE | 18923 | 1253648 |
| Commerzbank AG | 45527 | 1434694 |
| Continental AG | 10636 | 928286 |
| Daimler Truck Holding AG | 165102 | 7833094 |
| Delivery Hero SE 144A\* | 5208 | 141357 |
| Deutsche Bank AG | 9270 | 274813 |
| Deutsche Boerse AG | 87567 | 28607226 |
| Deutsche Lufthansa AG | 164429 | 1395943 |
| Deutsche Post AG | 129198 | 5984433 |
| Deutsche Telekom AG | 80696 | 2953764 |
| E.ON SE | 264484 | 4873287 |
| Fresenius Medical Care AG | 2595 | 149096 |
| Fresenius SE & Co. KGaA | 3215 | 161788 |
| Mercedes-Benz Group AG | 19053 | 1110031 |
| Muenchener <br> Rueckversicherungs-Gesellschaft <br> AG | 1410 | 915562 |
| Rheinmetall AG | 4138 | 8763038 |
| RWE AG | 28085 | 1173622 |
| SAP SE | 127286 | 38921448 |
| Scout24 SE 144A | 557 | 76893 |
| Siemens AG | 22864 | 5872806 |
| Siemens Energy AG\* | 121634 | 14216695 |
| Talanx AG | 26018 | 3373019 |
| TeamViewer AG 144A\* | 20090 | 226724 |
| thyssenkrupp AG | 124627 | 1343255 |
|  |  | 165705329 |
| **Guatemala — 0.0%** | **Guatemala — 0.0%** |  |
| Millicom International Cellular SA | 3332 | 124850 |
| **Hong Kong — 2.8%** | **Hong Kong — 2.8%** |  |
| AIA Group, Ltd. | 1473012 | 13343196 |
| Alibaba Group Holding, Ltd. Class W | 327210 | 4631969 |
| Techtronic Industries Co., Ltd. | 296602 | 3272700 |
| Tencent Holdings, Ltd. | 293400 | 18905409 |
|  |  | 40153274 |
| **India — 1.5%** | **India — 1.5%** |  |
| HDFC Bank, Ltd. | 465532 | 10868060 |
| HDFC Bank, Ltd. ADR | 70368 | 5395114 |
| ICICI Bank, Ltd. ADR | 142876 | 4806349 |
|  |  | 21069523 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Ireland — 4.6%** | **Ireland — 4.6%** |  |
| AIB Group PLC | 206932 | $1707779 |
| Aon PLC Class A | 30596 | 10915429 |
| Bank of Ireland Group PLC | 471422 | 6717823 |
| CRH PLC | 27708 | 2543594 |
| James Hardie Industries PLC ADRΔ\* | 31395 | 844212 |
| Kerry Group PLC Class A | 72279 | 7985847 |
| Linde PLC | 8399 | 3940643 |
| Medtronic PLC | 94652 | 8250815 |
| Ryanair Holdings PLC ADR | 263793 | 15212942 |
| STERIS PLC | 8991 | 2159818 |
| Willis Towers Watson PLC | 20077 | 6153601 |
|  |  | 66432503 |
| **Israel — 0.8%** | **Israel — 0.8%** |  |
| Bank Leumi Le-Israel BM | 78426 | 1459159 |
| Check Point Software Technologies, <br> Ltd.\* | 14496 | 3207240 |
| CyberArk Software, Ltd.\* | 1878 | 764121 |
| Monday.com, Ltd.\* | 16233 | 5104954 |
| Wix.com, Ltd.\* | 7097 | 1124590 |
|  |  | 11660064 |
| **Italy — 1.1%** | **Italy — 1.1%** |  |
| Banca Monte dei Paschi di Siena <br> SpAΔ | 92399 | 783688 |
| DiaSorin SpA | 20016 | 2142314 |
| Enel SpA | 69682 | 661331 |
| Eurogroup Laminations SpAΔ | 46922 | 126572 |
| FinecoBank Banca Fineco SpA | 116563 | 2585780 |
| Intesa Sanpaolo SpA | 298387 | 1718832 |
| Leonardo SpA | 31468 | 1775641 |
| Nexi SpA 144A | 122848 | 733686 |
| Poste Italiane SpA 144A | 62243 | 1337345 |
| Stevanato Group SpAΔ | 18514 | 452297 |
| UniCredit SpA | 54591 | 3662149 |
|  |  | 15979635 |
| **Japan — 14.6%** | **Japan — 14.6%** |  |
| Advantest CorporationΔ | 31497 | 2334906 |
| AGC, Inc. | 10700 | 313892 |
| Asahi Intecc Co., Ltd. | 12500 | 197750 |
| Asahi Kasei Corporation | 165100 | 1175308 |
| Asics Corporation | 13000 | 331505 |
| Bandai Namco Holdings, Inc. | 39600 | 1419233 |
| Brother Industries, Ltd. | 51200 | 883220 |
| Canon, Inc. | 8600 | 249432 |
| Chiba Bank, Ltd. (The)Δ | 108600 | 1003652 |
| Chubu Electric Power Co., Inc. | 44400 | 549425 |
| Concordia Financial Group, Ltd. | 240400 | 1560141 |
| Dai-ichi Life Holdings, Inc. | 160700 | 1221739 |
| Daiichi Sankyo Co., Ltd.Δ | 294600 | 6825324 |
| Daikin Industries, Ltd.Δ | 80100 | 9402439 |
| Daito Trust Construction Co., Ltd. | 51734 | 5634788 |
| Daiwa House Industry Co., Ltd. | 2490 | 85563 |
| eGuarantee, Inc. | 32600 | 333598 |
| ENEOS Holdings, Inc. | 28300 | 140278 |
| FANUC Corporation | 41506 | 1126775 |

---

**222**

See Notes to Financial Statements.

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Fujikura, Ltd. | 2400 | $126253 |
| Fujitsu, Ltd. | 85300 | 2069325 |
| Fukuoka Financial Group, Inc. | 8100 | 216405 |
| GMO Payment Gateway, Inc. | 18434 | 1192286 |
| Hirose Electric Co., Ltd. | 3600 | 434513 |
| Hitachi, Ltd. | 181679 | 5280383 |
| Honda Motor Co., Ltd. | 342057 | 3298406 |
| Hoya Corporation | 59900 | 7113850 |
| Inpex Corporation | 38600 | 541835 |
| Isetan Mitsukoshi Holdings, Ltd. | 27200 | 414158 |
| Isuzu Motors, Ltd.Δ | 113808 | 1441713 |
| ITOCHU CorporationΔ | 29200 | 1529059 |
| Japan Post Bank Co., Ltd. | 52300 | 563822 |
| Japan Post Holdings Co., Ltd. | 101700 | 941968 |
| Japan Real Estate Investment <br> Corporation REIT | 62 | 50757 |
| Kao Corporation | 1500 | 67208 |
| KDDI CorporationΔ | 104300 | 1790892 |
| Keyence Corporation | 5632 | 2251833 |
| Kobe Steel, Ltd. | 10900 | 118988 |
| Koito Manufacturing Co., Ltd.Δ | 76087 | 909470 |
| Komatsu, Ltd. | 15900 | 524597 |
| Kubota CorporationΔ | 481159 | 5425983 |
| LY Corporation | 116800 | 430128 |
| Makita Corporation | 17400 | 535885 |
| Marubeni Corporation | 8900 | 179408 |
| Mazda Motor Corporation | 338735 | 2037558 |
| MINEBEA MITSUMI, Inc.Δ | 215951 | 3158011 |
| MISUMI Group, Inc. | 200274 | 2675358 |
| Mitsubishi Chemical Group <br> Corporation | 21200 | 111428 |
| Mitsubishi CorporationΔ | 51700 | 1033063 |
| Mitsubishi Electric Corporation | 62900 | 1352915 |
| Mitsubishi Heavy Industries, Ltd.Δ | 461200 | 11541248 |
| Mitsubishi UFJ Financial Group, Inc. | 107044 | 1459394 |
| Mitsui & Co., Ltd.Δ | 65900 | 1343040 |
| Mitsui Chemicals, Inc. | 54800 | 1267015 |
| Mitsui Fudosan Co., Ltd. | 295600 | 2861728 |
| Mizuho Financial Group, Inc. | 103913 | 2884617 |
| MS&AD Insurance Group Holdings, <br> Inc. | 63400 | 1417346 |
| Murata Manufacturing Co., Ltd.Δ | 232444 | 3435683 |
| Nintendo Co., Ltd.Δ | 59400 | 5704173 |
| Nippon Building Fund, Inc. REIT | 55 | 50786 |
| NIPPON EXPRESS HOLDINGS, <br> INC. | 12982 | 260424 |
| Nippon Steel Corporation | 17400 | 329068 |
| Nippon Yusen KK | 39200 | 1410218 |
| Nomura Holdings, Inc. | 264600 | 1743635 |
| NTT, Inc. | 1246000 | 1332112 |
| ORIX Corporation | 18800 | 424254 |
| Osaka Gas Co., Ltd.Δ | 50100 | 1285061 |
| Otsuka Holdings Co., Ltd.Δ | 80600 | 3996092 |
| Panasonic Holdings Corporation | 180000 | 1925878 |
| Rakuten Group, Inc.\* | 40300 | 222060 |
| Recruit Holdings Co., Ltd. | 43400 | 2552208 |
| Renesas Electronics Corporation | 32900 | 407020 |
| Resona Holdings, Inc. | 140300 | 1295786 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Sanrio Co., Ltd. | 4500 | $217600 |
| Sansan, Inc.\* | 40855 | 604210 |
| Sanwa Holdings Corporation | 6400 | 212260 |
| Seiko Epson Corporation | 3900 | 51256 |
| Seven & i Holdings Co., Ltd. | 15000 | 241430 |
| Shimamura Co., Ltd. | 5772 | 404999 |
| Shimizu Corporation | 18200 | 203290 |
| Shin-Etsu Chemical Co., Ltd. | 10700 | 353335 |
| Shionogi & Co., Ltd. | 44900 | 808302 |
| Shizuoka Financial Group, Inc. | 95700 | 1113477 |
| SMC CorporationΔ | 32098 | 11502717 |
| SoftBank Corporation | 474900 | 735597 |
| Sojitz Corporation | 13660 | 335675 |
| Sompo Holdings, Inc. | 42507 | 1280940 |
| Sony Group Corporation | 541008 | 14066384 |
| Square Enix Holdings Co., Ltd. | 9000 | 673193 |
| Subaru Corporation | 4000 | 69346 |
| Sumitomo Corporation | 41600 | 1073560 |
| Sumitomo Mitsui Financial Group, <br> Inc. | 17000 | 428076 |
| Sumitomo Mitsui Trust Group, Inc. | 313376 | 8334996 |
| Sumitomo Rubber Industries, Ltd. | 30000 | 340695 |
| Suzuki Motor CorporationΔ | 608634 | 7337832 |
| Takeda Pharmaceutical Co., Ltd. | 60600 | 1870904 |
| Terumo CorporationΔ | 591900 | 10862478 |
| Tokyo Electric Power Co. Holdings, <br> Inc.\* | 197000 | 655759 |
| Tokyo Electron, Ltd. | 34532 | 6613205 |
| Tokyo Gas Co., Ltd. | 16600 | 552151 |
| Tokyu Fudosan Holdings Corporation | 27700 | 197950 |
| Toray Industries, Inc.Δ | 114200 | 781728 |
| TOTO, Ltd. | 19800 | 498583 |
| Toyo Suisan Kaisha, Ltd. | 800 | 53174 |
| Toyota Industries Corporation | 2152 | 242881 |
| Toyota Motor Corporation | 116300 | 2003034 |
| Trend Micro, Inc. | 7500 | 518744 |
| USS Co., Ltd. | 94400 | 1040376 |
| Yamaha Corporation | 13000 | 93950 |
| Yamaha Motor Co., Ltd.Δ | 370592 | 2773168 |
| Yokogawa Electric Corporation | 6600 | 176311 |
|  |  | 211078838 |
| **Jersey — 1.5%** | **Jersey — 1.5%** |  |
| CVC Capital Partners PLC 144AΔ | 39215 | 806317 |
| Experian PLC | 371780 | 19171303 |
| Glencore PLC\* | 543650 | 2118410 |
|  |  | 22096030 |
| **Mexico — 1.1%** | **Mexico — 1.1%** |  |
| Fomento Economico Mexicano SAB <br> de CV ADR | 34496 | 3552398 |
| Grupo Financiero Banorte SAB de <br> CV Series O | 606476 | 5565248 |
| Wal-Mart de Mexico SAB de CV | 1865693 | 6172412 |
|  |  | 15290058 |
| **Netherlands — 5.1%** | **Netherlands — 5.1%** |  |
| Aalberts NV | 33615 | 1220874 |
| Adyen NV 144A\* | 3907 | 7175352 |

---

See Notes to Financial Statements.

**223**

------

**INTERNATIONAL EQUITY FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Airbus SE | 2884 | $603335 |
| Akzo Nobel NV | 96010 | 6736414 |
| Argenx SE\* | 10787 | 5971500 |
| ASM International NV | 8237 | 5283852 |
| ASML Holding NV | 13388 | 10728298 |
| ASML Holding NV (NASDAQ <br> Exchange) | 6282 | 5034332 |
| Ferrari NV | 8951 | 4385193 |
| IMCD NV | 5948 | 799979 |
| ING Groep NV | 21380 | 468600 |
| Just Eat Takeaway.com NV 144A\* | 50177 | 1148858 |
| Koninklijke Ahold Delhaize NV | 1194 | 49869 |
| Koninklijke KPN NV | 268774 | 1311131 |
| Koninklijke Philips NVΔ | 219245 | 5264587 |
| NN Group NV | 14289 | 950777 |
| Prosus NV\* | 87807 | 4926544 |
| QIAGEN NVΔ\* | 248841 | 11989066 |
|  |  | 74048561 |
| **New Zealand — 0.1%** | **New Zealand — 0.1%** |  |
| Xero, Ltd.\* | 16403 | 1940955 |
| **Norway — 0.2%** | **Norway — 0.2%** |  |
| Equinor ASA | 26151 | 660419 |
| Kongsberg Gruppen ASA | 24065 | 933171 |
| Telenor ASA | 13684 | 213090 |
| TOMRA Systems ASA | 34601 | 540072 |
|  |  | 2346752 |
| **Peru — 0.2%** | **Peru — 0.2%** |  |
| Credicorp, Ltd. | 11519 | 2574727 |
| **Portugal — 0.8%** | **Portugal — 0.8%** |  |
| Galp Energia SGPS SA | 444741 | 8141361 |
| Jeronimo Martins SGPS SA | 148785 | 3766922 |
|  |  | 11908283 |
| **Singapore — 1.4%** | **Singapore — 1.4%** |  |
| CapitaLand Integrated Commercial <br> Trust REIT | 112569 | 192220 |
| Grab Holdings, Ltd. Class A\* | 336056 | 1690361 |
| Oversea-Chinese Banking <br> Corporation, Ltd. | 4000 | 51293 |
| Sea, Ltd. ADR\* | 69771 | 11159174 |
| Singapore Exchange, Ltd. | 8048 | 94236 |
| Singapore Telecommunications, Ltd. | 764300 | 2304203 |
| United Overseas Bank, Ltd. | 147500 | 4174798 |
| Yangzijiang Shipbuilding Holdings, <br> Ltd. | 590400 | 1030307 |
|  |  | 20696592 |
| **South Korea — 1.5%** | **South Korea — 1.5%** |  |
| Hana Financial Group, Inc. | 104630 | 6664724 |
| KB Financial Group, Inc. | 113811 | 9352564 |
| Samsung Electronics Co., Ltd. GDR | 5187 | 5729484 |
|  |  | 21746772 |
| **Spain — 1.6%** | **Spain — 1.6%** |  |
| Amadeus IT Group SA | 158731 | 13410078 |
| Banco Santander SA | 185480 | 1535938 |
| Bankinter SAΔ | 393790 | 5140722 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Industria de Diseno Textil SA | 43519 | $2270245 |
|  |  | 22356983 |
| **Sweden — 0.9%** | **Sweden — 0.9%** |  |
| Alfa Laval AB | 32569 | 1371762 |
| Atlas Copco AB, A Shares | 151251 | 2445125 |
| Atlas Copco AB, B Shares | 9342 | 132961 |
| Electrolux AB, B Shares\* | 134724 | 958097 |
| Epiroc AB, A SharesΔ | 69648 | 1515530 |
| Investor AB, B Shares | 13332 | 395073 |
| Saab AB Class B | 25339 | 1416787 |
| Sandvik ABΔ | 99008 | 2273458 |
| Svenska Handelsbanken AB, A Shares | 5264 | 70471 |
| Swedbank AB, A Shares | 16440 | 435435 |
| Telefonaktiebolaget LM Ericsson, B <br> Shares | 211770 | 1809643 |
| Volvo AB, B Shares | 21924 | 616889 |
|  |  | 13441231 |
| **Switzerland — 7.8%** | **Switzerland — 7.8%** |  |
| ABB, Ltd. | 26927 | 1613704 |
| Amrize, Ltd.\* | 9315 | 464664 |
| Baloise Holding AG | 2284 | 538686 |
| BKW AG | 557 | 122122 |
| Chubb, Ltd. | 47079 | 13639728 |
| Cie Financiere Richemont SA | 123305 | 23333360 |
| DSM-Firmenich AG | 12616 | 1342155 |
| Flughafen Zurich AG | 1673 | 477013 |
| Galderma Group AG | 25544 | 3712966 |
| Givaudan SA | 184 | 892313 |
| Holcim, Ltd.\* | 9315 | 691724 |
| Kuehne + Nagel International AG | 2892 | 626242 |
| Logitech International SA | 18259 | 1655808 |
| Nestle SA | 165780 | 16482904 |
| Roche Holding AG | 64267 | 20978027 |
| Sandoz Group AG | 66353 | 3636368 |
| SGS SA | 2436 | 247341 |
| Sika AG | 25899 | 7046702 |
| Swiss Re AG | 1248 | 215888 |
| Swissquote Group Holding SA | 502 | 285307 |
| Tecan Group AG | 4560 | 933191 |
| UBS Group AG | 143483 | 4871502 |
| Ypsomed Holding AG | 262 | 139870 |
| Zurich Insurance Group AG | 11756 | 8225946 |
|  |  | 112173531 |
| **Taiwan — 2.1%** | **Taiwan — 2.1%** |  |
| Taiwan Semiconductor Manufacturing <br> Co., Ltd. | 306000 | 11190222 |
| Taiwan Semiconductor Manufacturing <br> Co., Ltd. ADR | 86287 | 19543143 |
|  |  | 30733365 |
| **Turkey — 0.0%** | **Turkey — 0.0%** |  |
| Yapi ve Kredi Bankasi AS\* | 1 | 1 |
| **United Kingdom — 8.7%** | **United Kingdom — 8.7%** |  |
| 3i Group PLC | 127854 | 7235541 |
| Admiral Group PLC | 78385 | 3520003 |

---

**224**

See Notes to Financial Statements.

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Allfunds Group PLC | 141234 | $1085293 |
| Anglo American PLC | 55506 | 1636200 |
| Antofagasta PLC | 45064 | 1120422 |
| BAE Systems PLC | 517604 | 13433318 |
| Beazley PLC | 199733 | 2564575 |
| BP PLC ADR | 146418 | 4382291 |
| BT Group PLCΔ | 1028679 | 2739087 |
| Coca-Cola Europacific Partners PLC | 15580 | 1436097 |
| Compass Group PLC | 573591 | 19428680 |
| Croda International PLC | 9672 | 388312 |
| easyJet PLC | 102349 | 749022 |
| Haleon PLC | 1141787 | 5868365 |
| HSBC Holdings PLC | 369122 | 4464971 |
| IMI PLC | 45444 | 1307658 |
| Inchcape PLC | 132903 | 1324230 |
| Informa PLC | 525840 | 5821681 |
| Intermediate Capital Group PLC | 22244 | 590042 |
| Intertek Group PLC | 53550 | 3488171 |
| London Stock Exchange Group PLC | 11467 | 1677017 |
| National Grid PLCΔ | 186598 | 2739009 |
| Next PLC | 10531 | 1798632 |
| Prudential PLC | 165128 | 2066784 |
| Reckitt Benckiser Group PLC | 34966 | 2382129 |
| Rolls-Royce Holdings PLC | 815450 | 10806872 |
| Sage Group PLC (The) | 22547 | 387195 |
| Schroders PLC | 1 | 5 |
| Shell PLC | 199505 | 6960641 |
| Smith & Nephew PLC | 140669 | 2154239 |
| Subsea 7 SA | 5715 | 107281 |
| Tesco PLC | 868722 | 4789719 |
| Trainline PLC 144A\* | 145610 | 559302 |
| Unilever PLC | 78132 | 4768104 |
| Wise PLC Class A\* | 67069 | 958107 |
|  |  | 124738995 |
| **Total Foreign Common Stocks** <br>(Cost $1,033,028,289) | **Total Foreign Common Stocks** <br>(Cost $1,033,028,289) | 1274307372 |
| **FOREIGN PREFERRED STOCKS — 0.6%** | **FOREIGN PREFERRED STOCKS — 0.6%** | **FOREIGN PREFERRED STOCKS — 0.6%** |
| **Brazil — 0.4%** | **Brazil — 0.4%** |  |
| Itau Unibanco <br> Holding SA <br> 3.08%◊<br>| 829582 | 5629694 |
| **Germany — 0.2%** | **Germany — 0.2%** |  |
| Henkel AG & Co. <br> KGaA 3.06%◊<br>| 41049 | 3225778 |
| Porsche Automobil <br> Holding SE <br> 5.69%◊<br>| 1561 | 61969 |
|  |  | 3287747 |
| **Total Foreign Preferred Stocks** <br>(Cost $7,606,687) | **Total Foreign Preferred Stocks** <br>(Cost $7,606,687) | 8917441 |
| **MONEY MARKET FUNDS — 10.2%** | **MONEY MARKET FUNDS — 10.2%** | **MONEY MARKET FUNDS — 10.2%** |
| Northern Institutional Liquid Assets <br> Portfolio (Shares), 4.39%Ø§ | 75355752 | 75355752 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| GuideStone Money Market Fund, <br> 4.25% <br>(Institutional Class)Ø∞ | 71184704 | $71184704 |
| **Total Money Market Funds** <br>(Cost $146,540,456) | **Total Money Market Funds** <br>(Cost $146,540,456) | 146540456 |
| **TOTAL INVESTMENTS** — **102.5%** <br>(Cost $1,220,443,795) |  | 1478483858 |
| **Liabilities in Excess of Other**<br> **Assets — (2.5)%** |  | (36263818)<br>|
| **NET ASSETS — 100.0%** |  | $1442220040 |

---

See Notes to Financial Statements.

**225**

------

**INTERNATIONAL EQUITY FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

Futures Contracts outstanding at June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Future Type** | **Expiration Date** | **Open Long** <br>**(Short) Contracts**<br>| **Notional** <br>**Market Value** <br>**of Contracts**<br>| **Value and** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| CAC40 10 Euro | 07/2025 | &nbsp;&nbsp;&nbsp; (20)<br>| &nbsp;&nbsp;&nbsp; $(1806975)<br>| &nbsp;&nbsp;&nbsp; $(3492)<br>|
| IBEX 35 Index | 07/2025 | &nbsp;&nbsp;&nbsp; 109 | &nbsp;&nbsp;&nbsp; 17873828 | &nbsp;&nbsp;&nbsp; 109923 |
| OMXS30 Index | 07/2025 | &nbsp;&nbsp;&nbsp; 78 | &nbsp;&nbsp;&nbsp; 2055343 | &nbsp;&nbsp;&nbsp; 20537 |
| MSCI Singapore Index | 07/2025 | &nbsp;&nbsp;&nbsp; 65 | &nbsp;&nbsp;&nbsp; 2102340 | &nbsp;&nbsp;&nbsp; 25419 |
| Topix Index<sup>®</sup> | 09/2025 | &nbsp;&nbsp;&nbsp; (13)<br>| &nbsp;&nbsp;&nbsp; (2577792)<br>| &nbsp;&nbsp;&nbsp; (52993)<br>|
| ASX SPI 200 Index | 09/2025 | &nbsp;&nbsp;&nbsp; (145)<br>| &nbsp;&nbsp;&nbsp; (20367522)<br>| &nbsp;&nbsp;&nbsp; (5812)<br>|
| S&P/TSX 60 Index | 09/2025 | &nbsp;&nbsp;&nbsp; (25)<br>| &nbsp;&nbsp;&nbsp; (5874794)<br>| &nbsp;&nbsp;&nbsp; (76294)<br>|
| Dax Index | 09/2025 | &nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp; 9914983 | &nbsp;&nbsp;&nbsp; 180604 |
| FTSE 100 Index | 09/2025 | &nbsp;&nbsp;&nbsp; (39)<br>| &nbsp;&nbsp;&nbsp; (4705314)<br>| &nbsp;&nbsp;&nbsp; (4470)<br>|
| FTSE/MIB Index | 09/2025 | &nbsp;&nbsp;&nbsp; 27 | &nbsp;&nbsp;&nbsp; 6337395 | &nbsp;&nbsp;&nbsp; 65881 |
| MSCI EAFE Index | 09/2025 | &nbsp;&nbsp;&nbsp; 285 | &nbsp;&nbsp;&nbsp; 38214225 | &nbsp;&nbsp;&nbsp; 791263 |
| Total Futures Contracts outstanding at June 30, 2025 |  |  | &nbsp;&nbsp;&nbsp; $41165717 | &nbsp;&nbsp;&nbsp; $1050566 |

---

Forward Foreign Currency Contracts outstanding at June 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Expiration Date** | **Currency** <br>**Purchased**<br>| **Amount** <br>**of Currency** <br>**Purchased**<br>| **Currency** <br>**Sold**<br>| **Amount** <br>**of Currency** <br>**Sold**<br>| **Counter-** <br>**party**<br>| **Net Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| 09/17/25 | Euro | &nbsp;&nbsp; 18299000 | U.S. Dollars | &nbsp;&nbsp; 21180287 | CITI | &nbsp;&nbsp; $490307 |
| 09/17/25 | British Pounds | &nbsp;&nbsp; 14189000 | U.S. Dollars | &nbsp;&nbsp; 19144078 | CITI | &nbsp;&nbsp; 342550 |
| 09/17/25 | Australian Dollars | &nbsp;&nbsp; 18374000 | U.S. Dollars | &nbsp;&nbsp; 11884961 | CITI | &nbsp;&nbsp; 228086 |
| 09/17/25 | Norwegian Kroner | &nbsp;&nbsp; 250329777 | U.S. Dollars | &nbsp;&nbsp; 24700813 | CITI | &nbsp;&nbsp; 147313 |
| 09/17/25 | Japanese Yen | &nbsp;&nbsp; 1976250000 | U.S. Dollars | &nbsp;&nbsp; 13716629 | CITI | &nbsp;&nbsp; 131694 |
| 09/17/25 | Israeli Shekels | &nbsp;&nbsp; 6831000 | U.S. Dollars | &nbsp;&nbsp; 1911876 | CITI | &nbsp;&nbsp; 118277 |
| 09/17/25 | Canadian Dollars | &nbsp;&nbsp; 39855000 | U.S. Dollars | &nbsp;&nbsp; 29298637 | CITI | &nbsp;&nbsp; 87381 |
| 09/17/25 | Swedish Kronor | &nbsp;&nbsp; 77000000 | U.S. Dollars | &nbsp;&nbsp; 8098026 | CITI | &nbsp;&nbsp; 83866 |
| 09/17/25 | Swiss Francs | &nbsp;&nbsp; 3486000 | U.S. Dollars | &nbsp;&nbsp; 4380515 | CITI | &nbsp;&nbsp; 57514 |
| 09/17/25 | New Zealand Dollars | &nbsp;&nbsp; 5799000 | U.S. Dollars | &nbsp;&nbsp; 3488401 | CITI | &nbsp;&nbsp; 55943 |
| 09/17/25 | Singapore Dollars | &nbsp;&nbsp; 2546145 | U.S. Dollars | &nbsp;&nbsp; 1988185 | CITI | &nbsp;&nbsp; 26034 |
| 09/17/25 | U.S. Dollars | &nbsp;&nbsp; 1823415 | Swedish Kronor | &nbsp;&nbsp; 17000000 | CITI | &nbsp;&nbsp; 17024 |
| 09/17/25 | U.S. Dollars | &nbsp;&nbsp; 2819499 | Japanese Yen | &nbsp;&nbsp; 400000000 | CITI | &nbsp;&nbsp; 16549 |
| 09/17/25 | Danish Kroner | &nbsp;&nbsp; 2869000 | U.S. Dollars | &nbsp;&nbsp; 442697 | CITI | &nbsp;&nbsp; 13012 |
| 09/17/25 | U.S. Dollars | &nbsp;&nbsp; 419347 | British Pounds | &nbsp;&nbsp; 305000 | CITI | &nbsp;&nbsp; 472 |
| 09/17/25 | Hong Kong Dollars | &nbsp;&nbsp; 1209000 | U.S. Dollars | &nbsp;&nbsp; 154971 | CITI | &nbsp;&nbsp; 96 |
| 09/17/25 | U.S. Dollars | &nbsp;&nbsp; 166573 | Hong Kong Dollars | &nbsp;&nbsp; 1298000 | CITI | &nbsp;&nbsp; 92 |
| Subtotal Appreciation | Subtotal Appreciation |  |  |  |  | &nbsp;&nbsp; $1816210 |
| 09/17/25 | U.S. Dollars | &nbsp;&nbsp; 28592 | Hong Kong Dollars | &nbsp;&nbsp; 223000 | CITI | &nbsp;&nbsp; $(10)<br>|
| 09/17/25 | U.S. Dollars | &nbsp;&nbsp; 189393 | Singapore Dollars | &nbsp;&nbsp; 242000 | CITI | &nbsp;&nbsp; (2050)<br>|
| 09/17/25 | U.S. Dollars | &nbsp;&nbsp; 149435 | Israeli Shekels | &nbsp;&nbsp; 521000 | CITI | &nbsp;&nbsp; (5405)<br>|
| 09/17/25 | Canadian Dollars | &nbsp;&nbsp; 12798000 | U.S. Dollars | &nbsp;&nbsp; 9444615 | CITI | &nbsp;&nbsp; (8352)<br>|
| 09/17/25 | Hong Kong Dollars | &nbsp;&nbsp; 30869987 | U.S. Dollars | &nbsp;&nbsp; 3970544 | CITI | &nbsp;&nbsp; (11159)<br>|
| 09/17/25 | U.S. Dollars | &nbsp;&nbsp; 3838339 | Japanese Yen | &nbsp;&nbsp; 550000000 | CITI | &nbsp;&nbsp; (15717)<br>|
| 09/17/25 | Norwegian Kroner | &nbsp;&nbsp; 15000000 | U.S. Dollars | &nbsp;&nbsp; 1507189 | CITI | &nbsp;&nbsp; (18265)<br>|
| 09/17/25 | U.S. Dollars | &nbsp;&nbsp; 5867769 | Canadian Dollars | &nbsp;&nbsp; 8014750 | CITI | &nbsp;&nbsp; (41692)<br>|
| 09/17/25 | U.S. Dollars | &nbsp;&nbsp; 2233547 | Danish Kroner | &nbsp;&nbsp; 14409000 | CITI | &nbsp;&nbsp; (55164)<br>|
| 09/17/25 | U.S. Dollars | &nbsp;&nbsp; 17605753 | Swedish Kronor | &nbsp;&nbsp; 167000000 | CITI | &nbsp;&nbsp; (139389)<br>|
| 09/17/25 | Japanese Yen | &nbsp;&nbsp; 3488750000 | U.S. Dollars | &nbsp;&nbsp; 24594903 | CITI | &nbsp;&nbsp; (147927)<br>|
| 09/17/25 | U.S. Dollars | &nbsp;&nbsp; 14075583 | British Pounds | &nbsp;&nbsp; 10375000 | CITI | &nbsp;&nbsp; (173043)<br>|
| 09/17/25 | U.S. Dollars | &nbsp;&nbsp; 11149371 | Euro | &nbsp;&nbsp; 9709000 | CITI | &nbsp;&nbsp; (348515)<br>|
| 09/17/25 | U.S. Dollars | &nbsp;&nbsp; 17890091 | New Zealand Dollars | &nbsp;&nbsp; 29976000 | CITI | &nbsp;&nbsp; (431217)<br>|

---

**226**

See Notes to Financial Statements.

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Expiration Date** | **Currency**<br> **Purchased**<br>| **Amount**<br> **of Currency**<br> **Purchased**<br>| **Currency**<br> **Sold**<br>| **Amount**<br> **of Currency**<br> **Sold**<br>| **Counter-**<br> **party**<br>| **Net Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>|
| 09/17/25 | U.S. Dollars | &nbsp;&nbsp; 51665836 | Swiss Francs | &nbsp;&nbsp; 41880333 | CITI | &nbsp;&nbsp; $(1652045)<br>|
| Subtotal Depreciation | Subtotal Depreciation |  |  |  |  | &nbsp;&nbsp; $(3049950)<br>|
| Total Forward Foreign Currency Contracts outstanding at June 30, 2025 | Total Forward Foreign Currency Contracts outstanding at June 30, 2025 | Total Forward Foreign Currency Contracts outstanding at June 30, 2025 | Total Forward Foreign Currency Contracts outstanding at June 30, 2025 | Total Forward Foreign Currency Contracts outstanding at June 30, 2025 |  | &nbsp;&nbsp; $(1233740)<br>|

---

Swap Agreements outstanding at June 30, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay Rate Index/Pay Rate** | **Receive** <br>**Rate Index/Receive** <br>**Rate**<br>| **Maturity** <br>**Date**<br>| **Counterparty** | **Currency** | **Notional** <br>**Amount**<br>| **Market Value** | **Upfront** <br>**Premiums** <br>**Paid/** <br>**(Received)**<br>| **Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| **Total Return Swaps** |  |  |  |  |  |  |  |  |
| Financing Index: 1-Month <br> HIBOR + 0.14%<br>| MSCI Hong Kong Net Return <br> HKD Index (Monthly)<br>| 9/17/2025 | BAR | HKD | 13092951 | &nbsp;&nbsp; $150977 | &nbsp;&nbsp; $— | $150977 |
| Financing Index: 1-Month <br> HIBOR + 0.6%<br>| MSCI Hong Kong Net Return <br> HKD Index (Monthly)<br>| 9/17/2025 | BAR | HKD | 1769013 | &nbsp;&nbsp; 38704 | &nbsp;&nbsp; — | 38704 |
| Financing Index: 1-Month <br> TELBOR + 0.05%<br>| Tel Aviv Interbank Offered Rate <br> (Monthly)<br>| 9/17/2025 | BAR | ILS | 1897739 | &nbsp;&nbsp; 142530 | &nbsp;&nbsp; — | 142530 |
| Financing Index: Euro Short <br> Term Rate + 0.49%<br>| MSCI Netherlands Net Return <br> EUR Index (Monthly)<br>| 9/17/2025 | BAR | EUR | 1355841 | &nbsp;&nbsp; 17512 | &nbsp;&nbsp; — | 17512 |
| Subtotal Appreciation |  |  |  |  |  | &nbsp;&nbsp; $349723 | &nbsp;&nbsp; $— | $349723 |
| Decrease in total return of AEX <br> Index (At Termination)<br>| Increase in total return of AEX <br> Index (At Termination)<br>| 7/18/2025 | GSC | EUR | 4206516 | &nbsp;&nbsp; $(27024)<br>| &nbsp;&nbsp; $— | $(27024)<br>|
| Financing Index: 1-Month <br> HIBOR + 0.6%<br>| MSCI Hong Kong Net Return <br> HKD Index (Monthly)<br>| 9/17/2025 | BAR | HKD | 349296 | &nbsp;&nbsp; (3498)<br>| &nbsp;&nbsp; — | (3498)<br>|
| Financing Index: Euro Short <br> Term Rate + 0.29%<br>| MSCI Spain Net Return EUR <br> Index (Monthly)<br>| 9/17/2025 | BAR | EUR | 2835513 | &nbsp;&nbsp; (24800)<br>| &nbsp;&nbsp; — | (24800)<br>|
| Financing Index: Euro Short <br> Term Rate + 0.49%<br>| MSCI Netherlands Net Return <br> EUR Index (Monthly)<br>| 9/17/2025 | BAR | EUR | 1295740 | &nbsp;&nbsp; (11098)<br>| &nbsp;&nbsp; — | (11098)<br>|
| MSCI Canada Net Return CAD <br> Index (Monthly)<br>| Financing Index: Canadian <br> Overnight Repo Rate Average - <br> 0.2%<br>| 9/17/2025 | BAR | CAD | 1344098 | &nbsp;&nbsp; (18214)<br>| &nbsp;&nbsp; — | (18214)<br>|
| MSCI Switzerland Net Return <br> CHF Index (Monthly)<br>| Financing Index: Swiss Average <br> Rate Overnight + 0.2%<br>| 9/17/2025 | BAR | CHF | 236626 | &nbsp;&nbsp; (1042)<br>| &nbsp;&nbsp; — | (1042)<br>|
| Increase in total return of Swiss <br> Market Index (At <br> Termination)<br>| Decrease in total return of Swiss <br> Market Index (At Termination)<br>| 9/19/2025 | GSC | CHF | 5117430 | &nbsp;&nbsp; (4344)<br>| &nbsp;&nbsp; — | (4344)<br>|
| Subtotal Depreciation |  |  |  |  |  | &nbsp;&nbsp; $(90020)<br>| &nbsp;&nbsp; $— | $(90020)<br>|
| Net Total Return Swaps outstanding at June 30, 2025 | Net Total Return Swaps outstanding at June 30, 2025 | Net Total Return Swaps outstanding at June 30, 2025 | Net Total Return Swaps outstanding at June 30, 2025 | Net Total Return Swaps outstanding at June 30, 2025 | Net Total Return Swaps outstanding at June 30, 2025 | &nbsp;&nbsp; $259703 | &nbsp;&nbsp; $— | $259703 |

---

Total Return Basket Swap Agreements outstanding at June 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Maturity** <br>**Date**<br>| **Counterparty** | **Notional** <br>**Amount**<br>| **Market Value** | **Upfront** <br>**Premiums** <br>**Paid/** <br>**(Received)**<br>| **Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| The Fund receives the total return on a portfolio of long and <br> short equity positions and pays or receives the SONIA plus <br> or minus a specified spread(-0.25% to 0.25%), which is <br> denominated in GBP based on the local currencies of the <br> positions within the swap (Monthly).\*<br>| &nbsp;&nbsp; 58-60 <br> months <br> maturity <br> ranging from <br> 04/11/2030 - <br> 06/19/2030<br>| GSC | &nbsp;&nbsp; $24469182 | &nbsp;&nbsp; $363777 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $363777 |

---

See Notes to Financial Statements.

**227**

------

**INTERNATIONAL EQUITY FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Maturity**<br> **Date**<br>| **Counterparty** | **Notional**<br> **Amount**<br>| **Market Value** | **Upfront**<br> **Premiums**<br> **Paid/**<br> **(Received)**<br>| **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>|
| The Fund receives the total return on a portfolio of short equity <br> positions and receives the DETNT/N minus a specified <br> spread (-0.35%), which is denominated in DKK based on the <br> local currencies of the positions within the swap (Monthly).<br>| &nbsp;&nbsp; 58-59 <br> months <br> maturity <br> ranging from <br> 04/11/2030 - <br> 05/17/2030<br>| GSC | &nbsp;&nbsp; $12754449 | &nbsp;&nbsp; $240958 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $240958 |
| The Fund receives the total return on a portfolio of long equity <br> positions and pays HIBOR or HOISHKD plus a specified <br> spread (0.33%), which is denominated in HKD based on the <br> local currencies of the positions within the swap (Monthly).<br>| &nbsp;&nbsp; 58-69 <br> months <br> maturity <br> ranging from <br> 04/11/2030 - <br> 05/02/2030<br>| GSC | &nbsp;&nbsp; 22164145 | &nbsp;&nbsp; 114434 | &nbsp;&nbsp; — | &nbsp;&nbsp; 114434 |
| The Fund receives the total return on a portfolio of short equity <br> positions and receives the STIBOR minus a specified spread <br> (-0.70% to -0.35%), which is denominated in SEK based on <br> the local currencies of the positions within the swap <br> (Monthly).<br>| &nbsp;&nbsp; 58 months <br> maturity <br> 04/11/2030<br>| GSC | &nbsp;&nbsp; 12535891 | &nbsp;&nbsp; 57204 | &nbsp;&nbsp; — | &nbsp;&nbsp; 57204 |
| The Fund receives the total return on a portfolio of long and <br> short equity positions and pays or receives the EONIA or <br> EURIBOR plus or minus a specified spread (-1.65% to <br> 0.25%), which is denominated in EUR based on the local <br> currencies of the positions within the swap (Monthly).\*\*<br>| &nbsp;&nbsp; 58-60 <br> months <br> maturity <br> ranging from <br> 04/11/2030 - <br> 06/19/2030<br>| GSC | &nbsp;&nbsp; 34469364 | &nbsp;&nbsp; 51959 | &nbsp;&nbsp; — | &nbsp;&nbsp; 51959 |
| The Fund receives the total return on a portfolio of short equity <br> positions and receives the SSARON minus a specified spread <br> (-0.80% to -0.35%), which is denominated in CHF based on <br> the local currencies of the positions within the swap <br> (Monthly).<br>| &nbsp;&nbsp; 58 months <br> maturity <br> 04/11/2030<br>| GSC | &nbsp;&nbsp; 2381829 | &nbsp;&nbsp; 19285 | &nbsp;&nbsp; — | &nbsp;&nbsp; 19285 |
| The Fund receives the total return on a portfolio of short equity <br> positions and receives the RBA minus a specified spread (<br> -0.40%), which is denominated in AUD based on the local <br> currencies of the positions within the swap (Monthly).<br>| &nbsp;&nbsp; 58 months <br> maturity <br> 04/11/2030<br>| GSC | &nbsp;&nbsp; 12643092 | &nbsp;&nbsp; 6392 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6392 |
| Subtotal Appreciation |  |  |  | &nbsp;&nbsp; $854009 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $854009 |

---

\***The following table represents disclosures associated with the underlying components of the total return basket swap as of period end.**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Common Stocks** | **Shares** | **Notional** | **Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Percentage of** <br>**Swap Value**<br>|
| Rolls-Royce Holdings PLC | &nbsp;&nbsp; 286655 | &nbsp;&nbsp;&nbsp; $2767594 | &nbsp;&nbsp; $308396 | 84.78<br> %<br>|
| Shell PLC | &nbsp;&nbsp; 84842 | &nbsp;&nbsp;&nbsp; 2156485 | &nbsp;&nbsp; 63887 | 17.56 |
| Compass Group PLC | &nbsp;&nbsp; 73856 | &nbsp;&nbsp;&nbsp; 1822497 | &nbsp;&nbsp; (98447)<br>| &nbsp;&nbsp; (27.06)<br>|
| Lloyds Banking Group PLC | &nbsp;&nbsp; 1854155 | &nbsp;&nbsp;&nbsp; 1420375 | &nbsp;&nbsp; (12802)<br>| &nbsp;&nbsp; (3.52)<br>|
| Centrica PLC | &nbsp;&nbsp; 852984 | &nbsp;&nbsp;&nbsp; 1378777 | &nbsp;&nbsp; 3569 | 0.98 |
| NatWest Group PLC | &nbsp;&nbsp; 246261 | &nbsp;&nbsp;&nbsp; 1259957 | &nbsp;&nbsp; (52678)<br>| &nbsp;&nbsp; (14.48)<br>|
| Barclays PLC | &nbsp;&nbsp; 337988 | &nbsp;&nbsp;&nbsp; 1137774 | &nbsp;&nbsp; 16619 | 4.57 |
| HSBC Holdings PLC | &nbsp;&nbsp; 126545 | &nbsp;&nbsp;&nbsp; 1115151 | &nbsp;&nbsp; 706 | 0.19 |
| Direct Line Insurance Group | &nbsp;&nbsp; 340248 | &nbsp;&nbsp;&nbsp; 1045325 | &nbsp;&nbsp; 25428 | 6.99 |
| BP PLC | &nbsp;&nbsp; 277288 | &nbsp;&nbsp;&nbsp; 1006470 | &nbsp;&nbsp; 26082 | 7.17 |
| Vodafone Group PLC | &nbsp;&nbsp; 1275147 | &nbsp;&nbsp;&nbsp; 994414 | &nbsp;&nbsp; 114552 | 31.49 |
| Aviva PLC | &nbsp;&nbsp; 156698 | &nbsp;&nbsp;&nbsp; 970535 | &nbsp;&nbsp; 6141 | 1.69 |
| EasyJet PLC | &nbsp;&nbsp; 147482 | &nbsp;&nbsp;&nbsp; 786303 | &nbsp;&nbsp; (109435)<br>| &nbsp;&nbsp; (30.08)<br>|

---

**228**

See Notes to Financial Statements.

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Common Stocks** | **Shares** | **Notional** | **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>| **Percentage of**<br> **Swap Value**<br>|
| Tesco PLC | &nbsp;&nbsp; 186143 | &nbsp;&nbsp;&nbsp; $747681 | &nbsp;&nbsp; $63558 | 17.47<br> %<br>|
| Antofagasta PLC | &nbsp;&nbsp; (37060)<br>| &nbsp;&nbsp;&nbsp; 671270 | &nbsp;&nbsp; 42509 | 11.69 |
| Rentokil Initial PLC | &nbsp;&nbsp; (143129)<br>| &nbsp;&nbsp;&nbsp; 503088 | &nbsp;&nbsp; 1379 | 0.38 |
| Wise PLC Class A | &nbsp;&nbsp; (46715)<br>| &nbsp;&nbsp;&nbsp; 486171 | &nbsp;&nbsp; 47964 | 13.18 |
| London Stock Exchange Group PLC | &nbsp;&nbsp; 4167 | &nbsp;&nbsp;&nbsp; 443968 | &nbsp;&nbsp; (33207)<br>| &nbsp;&nbsp; (9.13)<br>|
| Kingfisher PLC | &nbsp;&nbsp; 147306 | &nbsp;&nbsp;&nbsp; 428573 | &nbsp;&nbsp; 48636 | 13.37 |
| Endeavor Mining PLC | &nbsp;&nbsp; 18826 | &nbsp;&nbsp;&nbsp; 421313 | &nbsp;&nbsp; (10849)<br>| &nbsp;&nbsp; (2.98)<br>|
| Hiscox, Ltd. | &nbsp;&nbsp; 29855 | &nbsp;&nbsp;&nbsp; 375416 | &nbsp;&nbsp; (25628)<br>| &nbsp;&nbsp; (7.04)<br>|
| 3i Group PLC | &nbsp;&nbsp; 8426 | &nbsp;&nbsp;&nbsp; 347391 | &nbsp;&nbsp; (20182)<br>| &nbsp;&nbsp; (5.55)<br>|
| Pennon Group PLC | &nbsp;&nbsp; (56030)<br>| &nbsp;&nbsp;&nbsp; 281619 | &nbsp;&nbsp; (13488)<br>| &nbsp;&nbsp; (3.71)<br>|
| Barratt Redrow PLC | &nbsp;&nbsp; (59479)<br>| &nbsp;&nbsp;&nbsp; 271342 | &nbsp;&nbsp; (4198)<br>| &nbsp;&nbsp; (1.15)<br>|
| JD Sports Fashion PLC | &nbsp;&nbsp; (262232)<br>| &nbsp;&nbsp;&nbsp; 232969 | &nbsp;&nbsp; (26338)<br>| &nbsp;&nbsp; (7.24)<br>|
| Berkeley Group Holdings PLC | &nbsp;&nbsp; (5107)<br>| &nbsp;&nbsp;&nbsp; 197133 | &nbsp;&nbsp; 22999 | 6.32 |
| WPP PLC | &nbsp;&nbsp; (36575)<br>| &nbsp;&nbsp;&nbsp; 187611 | &nbsp;&nbsp; 3565 | 0.98 |
| Ocado Group PLC | &nbsp;&nbsp; 78196 | &nbsp;&nbsp;&nbsp; 177684 | &nbsp;&nbsp; (29948)<br>| &nbsp;&nbsp; (8.23)<br>|
| Burberry Group PLC | &nbsp;&nbsp; 13632 | &nbsp;&nbsp;&nbsp; 161314 | &nbsp;&nbsp; 19936 | 5.48 |
| Itv PLC | &nbsp;&nbsp; 173801 | &nbsp;&nbsp;&nbsp; 143444 | &nbsp;&nbsp; 14372 | 3.95 |
| United Utilities Group PLC | &nbsp;&nbsp; 8932 | &nbsp;&nbsp;&nbsp; 102180 | &nbsp;&nbsp; 3684 | 1.01 |
| Spectris PLC | &nbsp;&nbsp; (2622)<br>| &nbsp;&nbsp;&nbsp; 100662 | &nbsp;&nbsp; (22144)<br>| &nbsp;&nbsp; (6.09)<br>|
| Carnival PLC | &nbsp;&nbsp; (5091)<br>| &nbsp;&nbsp;&nbsp; 94216 | &nbsp;&nbsp; (15823)<br>| &nbsp;&nbsp; (4.35)<br>|
| Reckitt Benckiser Group PLC | &nbsp;&nbsp; 1758 | &nbsp;&nbsp;&nbsp; 87253 | &nbsp;&nbsp; (3890)<br>| &nbsp;&nbsp; (1.07)<br>|
| Johnson Matthey PLC | &nbsp;&nbsp; 4042 | &nbsp;&nbsp;&nbsp; 70213 | &nbsp;&nbsp; 5182 | 1.42 |
| B&M European Value Retail SA | &nbsp;&nbsp; 14206 | &nbsp;&nbsp;&nbsp; 38545 | &nbsp;&nbsp; 3388 | 0.93 |
| Whitbread PLC | &nbsp;&nbsp; 1290 | &nbsp;&nbsp;&nbsp; 36469 | &nbsp;&nbsp; 282 | 0.08 |
|  |  | &nbsp;&nbsp;&nbsp; $24469182 | &nbsp;&nbsp; $363777 | 100.00<br> %<br>|

---

\*\***The following table represents disclosures associated with the underlying components of the total return basket swap as of period end.**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Common Stocks** | **Shares** | **Notional** | **Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Percentage of** <br>**Swap Value**<br>|
| Safran SA | &nbsp;&nbsp; 10818 | &nbsp;&nbsp;&nbsp; $2995044 | &nbsp;&nbsp; $160565 | 309.02<br> %<br>|
| Societe Generale SA | &nbsp;&nbsp; 56032 | &nbsp;&nbsp;&nbsp; 2721055 | &nbsp;&nbsp; (30823)<br>| &nbsp;&nbsp; (59.32)<br>|
| TotalEnergies SE | &nbsp;&nbsp; 37298 | &nbsp;&nbsp;&nbsp; 1935356 | &nbsp;&nbsp; 8085 | 15.56 |
| Orange SA | &nbsp;&nbsp; 146703 | &nbsp;&nbsp;&nbsp; 1896533 | &nbsp;&nbsp; 51389 | 98.90 |
| Unibail-Rodamco-Westfield REIT | &nbsp;&nbsp; (19652)<br>| &nbsp;&nbsp;&nbsp; 1603718 | &nbsp;&nbsp; 32599 | 62.74 |
| Engie SA | &nbsp;&nbsp; 77565 | &nbsp;&nbsp;&nbsp; 1547600 | &nbsp;&nbsp; 71427 | 137.47 |
| Universal Music Group NV | &nbsp;&nbsp; (52786)<br>| &nbsp;&nbsp;&nbsp; 1453718 | &nbsp;&nbsp; (16959)<br>| &nbsp;&nbsp; (32.64)<br>|
| Vinci SA | &nbsp;&nbsp; 9997 | &nbsp;&nbsp;&nbsp; 1251548 | &nbsp;&nbsp; (8514)<br>| &nbsp;&nbsp; (16.39)<br>|
| BNP Paribas SA | &nbsp;&nbsp; 15905 | &nbsp;&nbsp;&nbsp; 1211177 | &nbsp;&nbsp; (43553)<br>| &nbsp;&nbsp; (83.82)<br>|
| Koninklijke Philips NV | &nbsp;&nbsp; (56548)<br>| &nbsp;&nbsp;&nbsp; 1152723 | &nbsp;&nbsp; 16223 | 31.22 |
| Vivendi SE | &nbsp;&nbsp; 377515 | &nbsp;&nbsp;&nbsp; 1105531 | &nbsp;&nbsp; 16675 | 32.09 |
| Schneider Electric SE | &nbsp;&nbsp; 4328 | &nbsp;&nbsp;&nbsp; 986462 | &nbsp;&nbsp; 12842 | 24.72 |
| Dr. Ing hc F Porsche AG | &nbsp;&nbsp; (23209)<br>| &nbsp;&nbsp;&nbsp; 973793 | &nbsp;&nbsp; (18700)<br>| &nbsp;&nbsp; (35.99)<br>|
| Bouygues SA | &nbsp;&nbsp; 22953 | &nbsp;&nbsp;&nbsp; 881228 | &nbsp;&nbsp; 8206 | 15.79 |
| Thales SA | &nbsp;&nbsp; 3379 | &nbsp;&nbsp;&nbsp; 847008 | &nbsp;&nbsp; (33063)<br>| &nbsp;&nbsp; (63.63)<br>|
| Mapfre SA | &nbsp;&nbsp; 226198 | &nbsp;&nbsp;&nbsp; 786580 | &nbsp;&nbsp; 23963 | 46.12 |
| Banco Santander SA | &nbsp;&nbsp; 111366 | &nbsp;&nbsp;&nbsp; 782893 | &nbsp;&nbsp; (7339)<br>| &nbsp;&nbsp; (14.12)<br>|
| Carrefour SA | &nbsp;&nbsp; 64136 | &nbsp;&nbsp;&nbsp; 768044 | &nbsp;&nbsp; (75602)<br>| &nbsp;&nbsp; (145.50)<br>|
| Industria de Diseno Textil SA | &nbsp;&nbsp; 17065 | &nbsp;&nbsp;&nbsp; 755742 | &nbsp;&nbsp; (87089)<br>| &nbsp;&nbsp; (167.61)<br>|
| Valeo SE | &nbsp;&nbsp; 74043 | &nbsp;&nbsp;&nbsp; 689974 | &nbsp;&nbsp; 49379 | 95.04 |
| Eiffage SA | &nbsp;&nbsp; 4732 | &nbsp;&nbsp;&nbsp; 564463 | &nbsp;&nbsp; (3531)<br>| &nbsp;&nbsp; (6.80)<br>|
| Alstom SA | &nbsp;&nbsp; (28401)<br>| &nbsp;&nbsp;&nbsp; 562762 | &nbsp;&nbsp; (38240)<br>| &nbsp;&nbsp; (73.60)<br>|
| Interpump Group SpA | &nbsp;&nbsp; (14859)<br>| &nbsp;&nbsp;&nbsp; 524910 | &nbsp;&nbsp; 2888 | 5.56 |

---

See Notes to Financial Statements.

**229**

------

**INTERNATIONAL EQUITY FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Common Stocks** | **Shares** | **Notional** | **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>| **Percentage of**<br> **Swap Value**<br>|
| Sartorius Stedim Biotech | &nbsp;&nbsp; (2562)<br>| &nbsp;&nbsp;&nbsp; $520387 | &nbsp;&nbsp; $(26283)<br>| &nbsp;&nbsp; (50.58)%<br>|
| EssilorLuxottica SA | &nbsp;&nbsp; (2117)<br>| &nbsp;&nbsp;&nbsp; 493495 | &nbsp;&nbsp; 40360 | 77.68 |
| Kering SA | &nbsp;&nbsp; (2523)<br>| &nbsp;&nbsp;&nbsp; 466616 | &nbsp;&nbsp; (16260)<br>| &nbsp;&nbsp; (31.29)<br>|
| Airbus SE | &nbsp;&nbsp; 2604 | &nbsp;&nbsp;&nbsp; 462463 | &nbsp;&nbsp; 36130 | 69.54 |
| Teleperformance SE | &nbsp;&nbsp; 5411 | &nbsp;&nbsp;&nbsp; 446162 | &nbsp;&nbsp; (69905)<br>| &nbsp;&nbsp; (134.54)<br>|
| IMCD NV | &nbsp;&nbsp; (3208)<br>| &nbsp;&nbsp;&nbsp; 366281 | &nbsp;&nbsp; 16646 | 32.04 |
| Infineon Technologies AG | &nbsp;&nbsp; (9711)<br>| &nbsp;&nbsp;&nbsp; 351788 | &nbsp;&nbsp; (6416)<br>| &nbsp;&nbsp; (12.35)<br>|
| Aena SME SA | &nbsp;&nbsp; 14010 | &nbsp;&nbsp;&nbsp; 317484 | &nbsp;&nbsp; (10551)<br>| &nbsp;&nbsp; (20.31)<br>|
| Fluidra SA | &nbsp;&nbsp; 13596 | &nbsp;&nbsp;&nbsp; 289368 | &nbsp;&nbsp; (10442)<br>| &nbsp;&nbsp; (20.10)<br>|
| Puma SE | &nbsp;&nbsp; (12411)<br>| &nbsp;&nbsp;&nbsp; 287971 | &nbsp;&nbsp; (8309)<br>| &nbsp;&nbsp; (15.99)<br>|
| Repsol SA | &nbsp;&nbsp; 20774 | &nbsp;&nbsp;&nbsp; 257947 | &nbsp;&nbsp; 9172 | 17.65 |
| Carl Zeiss Meditec AG | &nbsp;&nbsp; (4265)<br>| &nbsp;&nbsp;&nbsp; 243830 | &nbsp;&nbsp; 18633 | 35.86 |
| Renault SA | &nbsp;&nbsp; 6042 | &nbsp;&nbsp;&nbsp; 236689 | &nbsp;&nbsp; (30246)<br>| &nbsp;&nbsp; (58.21)<br>|
| Bper Banca SpA | &nbsp;&nbsp; (29886)<br>| &nbsp;&nbsp;&nbsp; 230276 | &nbsp;&nbsp; 7934 | 15.27 |
| AXA SA | &nbsp;&nbsp; 4774 | &nbsp;&nbsp;&nbsp; 199013 | &nbsp;&nbsp; (4146)<br>| &nbsp;&nbsp; (7.98)<br>|
| SCOR SE | &nbsp;&nbsp; 5951 | &nbsp;&nbsp;&nbsp; 167787 | &nbsp;&nbsp; (5974)<br>| &nbsp;&nbsp; (11.50)<br>|
| Elia Group SA/NV | &nbsp;&nbsp; (1588)<br>| &nbsp;&nbsp;&nbsp; 155698 | &nbsp;&nbsp; (11570)<br>| &nbsp;&nbsp; (22.27)<br>|
| L'Oreal SA | &nbsp;&nbsp; 405 | &nbsp;&nbsp;&nbsp; 147276 | &nbsp;&nbsp; (7283)<br>| &nbsp;&nbsp; (14.02)<br>|
| Lotus Bakeries | &nbsp;&nbsp; (17)<br>| &nbsp;&nbsp;&nbsp; 139064 | &nbsp;&nbsp; 17006 | 32.73 |
| Banco Comercial Portugues | &nbsp;&nbsp; 192742 | &nbsp;&nbsp;&nbsp; 127470 | &nbsp;&nbsp; 1622 | 3.12 |
| CaixaBank SA | &nbsp;&nbsp; 16389 | &nbsp;&nbsp;&nbsp; 120555 | &nbsp;&nbsp; (4718)<br>| &nbsp;&nbsp; (9.08)<br>|
| S.o.i.t.e.c. | &nbsp;&nbsp; (2567)<br>| &nbsp;&nbsp;&nbsp; 120166 | &nbsp;&nbsp; 1674 | 3.22 |
| Wacker Chemie AG | &nbsp;&nbsp; (1648)<br>| &nbsp;&nbsp;&nbsp; 102592 | &nbsp;&nbsp; 3089 | 5.95 |
| Acciona SA | &nbsp;&nbsp; (600)<br>| &nbsp;&nbsp;&nbsp; 91870 | &nbsp;&nbsp; (2878)<br>| &nbsp;&nbsp; (5.54)<br>|
| Air France | &nbsp;&nbsp; 5156 | &nbsp;&nbsp;&nbsp; 47912 | &nbsp;&nbsp; 6964 | 13.40 |
| Enagas SA | &nbsp;&nbsp; 3246 | &nbsp;&nbsp;&nbsp; 46398 | &nbsp;&nbsp; 740 | 1.42 |
| Worldline SA | &nbsp;&nbsp; (9735)<br>| &nbsp;&nbsp;&nbsp; 34944 | &nbsp;&nbsp; 16142 | 31.07 |
|  |  | &nbsp;&nbsp;&nbsp; $34469364 | &nbsp;&nbsp; $51959 | 100.00<br> %<br>|

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Maturity** <br>**Date**<br>| **Counterparty** | **Notional** <br>**Amount**<br>| **Market Value** | **Upfront** <br>**Premiums** <br>**Paid/** <br>**(Received)**<br>| **Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| The Fund receives the total return on a portfolio of short <br> equity positions and pays 1-Month SORA minus a <br> specified spread (-0.40%), which is denominated in SGD <br> based on the local currencies of the positions within the <br> swap (Monthly).<br>| &nbsp;&nbsp; 58 months <br> maturity <br> 04/11/2030<br>| GSC | &nbsp;&nbsp; $327334 | &nbsp;&nbsp; $(16698)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(16698)<br>|
| The Fund receives the total return on a portfolio of short <br> equity positions and receives the MUTSCALM minus a <br> specified spread (-0.30%), which is denominated in JPY <br> based on the local currencies of the positions within the <br> swap (Monthly).\*<br>| &nbsp;&nbsp; 53-69 <br> months <br> maturity <br> ranging from <br> 11/16/2029 - <br> 06/19/2030<br>| GSC | &nbsp;&nbsp; 2354965225 | &nbsp;&nbsp; (513910)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (513910)<br>|
| Subtotal Depreciation |  |  |  | &nbsp;&nbsp; $(530608)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(530608)<br>|
| Net Total Return Basket Swaps |  |  |  | &nbsp;&nbsp; $323401 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $323401 |

---

\***The following table represents disclosures associated with the underlying components of the total return basket swap as of yearend.**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Common Stocks** | **Shares** | **Notional** | **Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Percentage of** <br>**Swap Value**<br>|
| Toyota Industries Corporation | &nbsp;&nbsp; (23800)<br>| &nbsp;&nbsp;&nbsp; $386816565 | &nbsp;&nbsp; $24125 | &nbsp;&nbsp; (4.69)%<br>|

---

**230**

See Notes to Financial Statements.

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Common Stocks** | **Shares** | **Notional** | **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>| **Percentage of**<br> **Swap Value**<br>|
| Nippon Sanso Holdings Corporation | &nbsp;&nbsp; (33600)<br>| &nbsp;&nbsp;&nbsp; $183098716 | &nbsp;&nbsp; $(39335)<br>| 7.65<br> %<br>|
| Nissan Motor Co., Ltd. | &nbsp;&nbsp; (488300)<br>| &nbsp;&nbsp;&nbsp; 170139114 | &nbsp;&nbsp; 21859 | &nbsp;&nbsp; (4.25)<br>|
| Sumitomo Metal Mining Co., Ltd. | &nbsp;&nbsp; (46300)<br>| &nbsp;&nbsp;&nbsp; 164318698 | &nbsp;&nbsp; (65746)<br>| 12.79 |
| Mitsubishi Heavy Industries | &nbsp;&nbsp; (42300)<br>| &nbsp;&nbsp;&nbsp; 152433846 | &nbsp;&nbsp; (40600)<br>| 7.90 |
| Nintendo Co., Ltd. | &nbsp;&nbsp; (10300)<br>| &nbsp;&nbsp;&nbsp; 142436406 | &nbsp;&nbsp; (124574)<br>| 24.24 |
| M3, Inc. | &nbsp;&nbsp; (64700)<br>| &nbsp;&nbsp;&nbsp; 127986631 | &nbsp;&nbsp; 49257 | &nbsp;&nbsp; (9.58)<br>|
| Yamaha Motor Co., Ltd. | &nbsp;&nbsp; (100200)<br>| &nbsp;&nbsp;&nbsp; 107975539 | &nbsp;&nbsp; (12428)<br>| 2.42 |
| Disco Corporation | &nbsp;&nbsp; (2400)<br>| &nbsp;&nbsp;&nbsp; 102385286 | &nbsp;&nbsp; (157527)<br>| 30.65 |
| Fujifilm Holdings Corporation | &nbsp;&nbsp; (31600)<br>| &nbsp;&nbsp;&nbsp; 98545008 | &nbsp;&nbsp; 3621 | &nbsp;&nbsp; (0.70)<br>|
| Nomura Research Institute, Ltd. | &nbsp;&nbsp; (14900)<br>| &nbsp;&nbsp;&nbsp; 85821430 | &nbsp;&nbsp; 12712 | &nbsp;&nbsp; (2.47)<br>|
| Chugai Pharmaceutical Co., Ltd. | &nbsp;&nbsp; (10000)<br>| &nbsp;&nbsp;&nbsp; 75196279 | &nbsp;&nbsp; 9099 | &nbsp;&nbsp; (1.77)<br>|
| Oriental Land Co., Ltd. | &nbsp;&nbsp; (21900)<br>| &nbsp;&nbsp;&nbsp; 72635530 | &nbsp;&nbsp; (13101)<br>| 2.55 |
| Yaskawa Electric Corporation | &nbsp;&nbsp; (19200)<br>| &nbsp;&nbsp;&nbsp; 62523168 | &nbsp;&nbsp; (12286)<br>| 2.39 |
| Shiseido Co., Ltd. | &nbsp;&nbsp; (22600)<br>| &nbsp;&nbsp;&nbsp; 58127727 | &nbsp;&nbsp; (29852)<br>| 5.81 |
| Lasertec Corporation | &nbsp;&nbsp; (2700)<br>| &nbsp;&nbsp;&nbsp; 52124600 | &nbsp;&nbsp; (85059)<br>| 16.55 |
| Idemitsu Kosan Co., Ltd. | &nbsp;&nbsp; (58100)<br>| &nbsp;&nbsp;&nbsp; 50738819 | &nbsp;&nbsp; (3043)<br>| 0.59 |
| Suzuki Motor Corporation | &nbsp;&nbsp; (24600)<br>| &nbsp;&nbsp;&nbsp; 42709475 | &nbsp;&nbsp; (9277)<br>| 1.80 |
| Rakuten Bank, Ltd. | &nbsp;&nbsp; (5200)<br>| &nbsp;&nbsp;&nbsp; 34328372 | &nbsp;&nbsp; 41674 | &nbsp;&nbsp; (8.11)<br>|
| Seibu Holdings, Inc. | &nbsp;&nbsp; (6000)<br>| &nbsp;&nbsp;&nbsp; 30964942 | &nbsp;&nbsp; (45397)<br>| 8.83 |
| Chiba Bank, Ltd. (The) | &nbsp;&nbsp; (21100)<br>| &nbsp;&nbsp;&nbsp; 28081045 | &nbsp;&nbsp; (5004)<br>| 0.97 |
| Mitsubishi Motors Corporation | &nbsp;&nbsp; (67700)<br>| &nbsp;&nbsp;&nbsp; 27565318 | &nbsp;&nbsp; 4217 | &nbsp;&nbsp; (0.82)<br>|
| Advantest Corporation | &nbsp;&nbsp; (2300)<br>| &nbsp;&nbsp;&nbsp; 24553055 | &nbsp;&nbsp; (17260)<br>| 3.36 |
| Nitori Holdings Co., Ltd. | &nbsp;&nbsp; (1700)<br>| &nbsp;&nbsp;&nbsp; 23562896 | &nbsp;&nbsp; 5503 | &nbsp;&nbsp; (1.07)<br>|
| Rohm Co., Ltd. | &nbsp;&nbsp; (11800)<br>| &nbsp;&nbsp;&nbsp; 21632703 | &nbsp;&nbsp; (13409)<br>| 2.61 |
| Toho Co., Ltd. | &nbsp;&nbsp; (2200)<br>| &nbsp;&nbsp;&nbsp; 18690534 | &nbsp;&nbsp; (10590)<br>| 2.06 |
| Nissin Foods Holdings Co., Ltd. | &nbsp;&nbsp; (3200)<br>| &nbsp;&nbsp;&nbsp; 9573523 | &nbsp;&nbsp; (1489)<br>| 0.29 |
|  |  | &nbsp;&nbsp;&nbsp; $2354965225 | &nbsp;&nbsp; $(513910)<br>| 100.00<br> %<br>|

---

See Notes to Financial Statements.

**231**

------

**INTERNATIONAL EQUITY FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

**VALUATION HIERARCHY**

The following is a summary of the inputs used, as of June 30, 2025, in valuing the Fund's investments carried at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total** <br>**Value**<br>| **Level 1** <br>**Quoted Prices**<br>| **Level 2** <br>**Other Significant** <br>**Observable Inputs**<br>| **Level 3** <br>**Significant** <br>**Unobservable Inputs**<br>|
| **Assets:** |  |  |  |  |
| **Investments in Securities:** |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $48718589 | &nbsp;&nbsp; $48718589 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Foreign Common Stocks: |  |  |  |  |
| Brazil | &nbsp;&nbsp; 4054411 | &nbsp;&nbsp; 4054411 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Canada | &nbsp;&nbsp; 37694111 | &nbsp;&nbsp; 37694111 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Germany | &nbsp;&nbsp; 165705329 | &nbsp;&nbsp; 1816911 | &nbsp;&nbsp; 163888418 | &nbsp;&nbsp; — |
| Guatemala | &nbsp;&nbsp; 124850 | &nbsp;&nbsp; 124850 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| India | &nbsp;&nbsp; 21069523 | &nbsp;&nbsp; 10201463 | &nbsp;&nbsp; 10868060 | &nbsp;&nbsp; — |
| Ireland | &nbsp;&nbsp; 66432503 | &nbsp;&nbsp; 50021054 | &nbsp;&nbsp; 16411449 | &nbsp;&nbsp; — |
| Israel | &nbsp;&nbsp; 11660064 | &nbsp;&nbsp; 10200905 | &nbsp;&nbsp; 1459159 | &nbsp;&nbsp; — |
| Italy | &nbsp;&nbsp; 15979635 | &nbsp;&nbsp; 578869 | &nbsp;&nbsp; 15400766 | &nbsp;&nbsp; — |
| Mexico | &nbsp;&nbsp; 15290058 | &nbsp;&nbsp; 15290058 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Netherlands | &nbsp;&nbsp; 74048561 | &nbsp;&nbsp; 5034332 | &nbsp;&nbsp; 69014229 | &nbsp;&nbsp; — |
| Norway | &nbsp;&nbsp; 2346752 | &nbsp;&nbsp; 933171 | &nbsp;&nbsp; 1413581 | &nbsp;&nbsp; — |
| Peru | &nbsp;&nbsp; 2574727 | &nbsp;&nbsp; 2574727 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Singapore | &nbsp;&nbsp; 20696592 | &nbsp;&nbsp; 12849535 | &nbsp;&nbsp; 7847057 | &nbsp;&nbsp; — |
| Switzerland | &nbsp;&nbsp; 112173531 | &nbsp;&nbsp; 14104392 | &nbsp;&nbsp; 98069139 | &nbsp;&nbsp; — |
| Taiwan | &nbsp;&nbsp; 30733365 | &nbsp;&nbsp; 19543143 | &nbsp;&nbsp; 11190222 | &nbsp;&nbsp; — |
| United Kingdom | &nbsp;&nbsp; 124738995 | &nbsp;&nbsp; 5818388 | &nbsp;&nbsp; 118920607 | &nbsp;&nbsp; — |
| Other<sup>^^</sup> <br>| &nbsp;&nbsp; 568984365 | &nbsp;&nbsp; — | &nbsp;&nbsp; 568984365 | &nbsp;&nbsp; — |
| Total Foreign Common Stocks | &nbsp;&nbsp; 1274307372 | &nbsp;&nbsp; 190840320 | &nbsp;&nbsp; 1083467052 | &nbsp;&nbsp; — |
| Foreign Preferred Stocks: |  |  |  |  |
| Brazil | &nbsp;&nbsp; 5629694 | &nbsp;&nbsp; 5629694 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Germany | &nbsp;&nbsp; 3287747 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3287747 | &nbsp;&nbsp; — |
| Total Foreign Preferred Stocks | &nbsp;&nbsp; 8917441 | &nbsp;&nbsp; 5629694 | &nbsp;&nbsp; 3287747 | &nbsp;&nbsp; — |
| Money Market Funds | &nbsp;&nbsp; 146540456 | &nbsp;&nbsp; 146540456 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Total Assets - Investments in Securities** | &nbsp;&nbsp; $1478483858 | &nbsp;&nbsp; $391729059 | &nbsp;&nbsp; $1086754799 | &nbsp;&nbsp; $— |
| **Other Financial Instruments\*\*\*** |  |  |  |  |
| Forward Foreign Currency Contracts | &nbsp;&nbsp; $1816210 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1816210 | &nbsp;&nbsp; $— |
| Futures Contracts | &nbsp;&nbsp; 1193627 | &nbsp;&nbsp; 1193627 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Swap Agreements | &nbsp;&nbsp; 1203732 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1203732 | &nbsp;&nbsp; — |
| **Total Assets - Other Financial Instruments** | &nbsp;&nbsp; $4213569 | &nbsp;&nbsp; $1193627 | &nbsp;&nbsp; $3019942 | &nbsp;&nbsp; $— |

---

**232**

See Notes to Financial Statements.

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total**<br> **Value**<br>| **Level 1**<br> **Quoted Prices**<br>| **Level 2**<br> **Other Significant**<br> **Observable Inputs**<br>| **Level 3**<br> **Significant**<br> **Unobservable Inputs**<br>|
| **Liabilities:** |  |  |  |  |
| **Other Financial Instruments\*\*\*** |  |  |  |  |
| Forward Foreign Currency Contracts | &nbsp;&nbsp; $(3049950)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(3049950)<br>| &nbsp;&nbsp; $— |
| Futures Contracts | &nbsp;&nbsp; (143061)<br>| &nbsp;&nbsp; (143061)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Swap Agreements | &nbsp;&nbsp; (620628)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (620628)<br>| &nbsp;&nbsp; — |
| **Total Liabilities - Other Financial Instruments** | &nbsp;&nbsp; $(3813639)<br>| &nbsp;&nbsp; $(143061)<br>| &nbsp;&nbsp; $(3670578)<br>| &nbsp;&nbsp; $— |

---

---

| | |
|:---|:---|
| ^^ | Classifications as defined in the Schedule of Investments. |
| \*\*\* | Other financial instruments are derivative instruments, such as futures contracts, forward foreign currency contracts and swap agreements, which are valued <br> at the unrealized appreciation (depreciation) on the investment. Further details regarding the value of these investments can be found in the preceding <br> "Futures Contracts outstanding", "Forward Foreign Currency Contracts outstanding" and "Swap Agreements outstanding" disclosures.<br>|

---

See Notes to Financial Statements.

**233**

------

**EMERGING MARKETS EQUITY FUND**

**SCHEDULE OF INVESTMENTS**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS — 1.9%** | **COMMON STOCKS — 1.9%** | **COMMON STOCKS — 1.9%** |
| **Consumer Discretionary — 1.9%** | **Consumer Discretionary — 1.9%** |  |
| Coupang, Inc.\* | 110060 | $3297397 |
| MercadoLibre, Inc.\* | 2425 | 6338053 |
| Yum China Holdings, Inc. | 140120 | 6264765 |
|  |  | 15900215 |
| **Materials — 0.0%** | **Materials — 0.0%** |  |
| Southern Copper Corporation | 2536 | 256567 |
| **Total Common Stocks** <br>(Cost $11,963,655) | **Total Common Stocks** <br>(Cost $11,963,655) | 16156782 |
| **FOREIGN COMMON STOCKS — 89.1%** | **FOREIGN COMMON STOCKS — 89.1%** | **FOREIGN COMMON STOCKS — 89.1%** |
| **Brazil — 3.2%** | **Brazil — 3.2%** |  |
| B3 SA - Brasil Bolsa Balcao | 3303858 | 8841747 |
| Banco BTG Pactual SA\* | 230006 | 1788620 |
| BB Seguridade Participacoes SA | 117000 | 772448 |
| Localiza Rent a Car SA\* | 214481 | 1610256 |
| NU Holdings, Ltd. Class A\* | 63991 | 877957 |
| PRIO SA\* | 552889 | 4306614 |
| Raia Drogasil SA | 1408505 | 3927564 |
| Rede D'Or Sao Luiz SA 144A\* | 294247 | 1916659 |
| Telefonica Brasil SA\* | 260800 | 1487584 |
| XP, Inc. Class A | 65940 | 1331988 |
|  |  | 26861437 |
| **Canada — 0.3%** | **Canada — 0.3%** |  |
| Lundin Mining Corporation | 222173 | 2336345 |
| **Chile — 0.2%** | **Chile — 0.2%** |  |
| Banco de Chile ADR | 2557 | 77784 |
| Banco Santander Chile ADR | 5175 | 130513 |
| Latam Airlines Group SA | 57082278 | 1155585 |
|  |  | 1363882 |
| **China — 15.5%** | **China — 15.5%** |  |
| Airtac International Group | 28000 | 833646 |
| Alibaba Group Holding, Ltd. ADRΔ | 117585 | 13335315 |
| Anji Microelectronics Technology <br> Shanghai Co., Ltd. Class A | 14600 | 309796 |
| ANTA Sports Products, Ltd. | 47000 | 568690 |
| AVIC Airborne Systems Co., Ltd. | 4453 | —  |
| Bank of Communications Co., Ltd. <br> Class H | 90000 | 83866 |
| Bilibili, Inc. Class Z\* | 24780 | 531884 |
| BYD Co., Ltd. Class H | 21000 | 326971 |
| China CITIC Bank Corporation, Ltd. <br> Class H | 772000 | 736010 |
| China Communications Services <br> Corporation, Ltd. Class H | 3234000 | 1755585 |
| China Construction Bank Corporation <br> Class H | 1990000 | 2013774 |
| China Everbright Bank Co., Ltd. <br> Class H | 254000 | 126839 |
| China Feihe, Ltd. 144A | 356000 | 259681 |
| China Life Insurance Co., Ltd. <br> Class H | 318000 | 767323 |
| China Mengniu Dairy Co., Ltd. | 540685 | 1114471 |
| China Merchants Bank Co., Ltd. <br> Class H | 204500 | 1434560 |
| China Pacific Insurance Group Co., <br> Ltd. Class H | 322200 | 1108486 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| China Resources Land, Ltd. | 1262987 | $4300202 |
| China Tower Corporation, Ltd. <br> Class H 144A | 721551 | 1034475 |
| China Yangtze Power Co., Ltd. <br> Class A | 68599 | 288861 |
| Contemporary Amperex Technology <br> Co., Ltd. Class A | 21958 | 774855 |
| DiDi Global, Inc. ADR\* | 728211 | 3568234 |
| Fuyao Glass Industry Group Co., Ltd. <br> Class A | 138762 | 1104937 |
| Fuyao Glass Industry Group Co., Ltd. <br> Class H 144A | 200722 | 1434238 |
| Geely Automobile Holdings, Ltd. | 342000 | 698092 |
| H World Group, Ltd. ADR | 10369 | 351716 |
| Hesai Group ADR\* | 53074 | 1164974 |
| Industrial & Commercial Bank of <br> China, Ltd. Class H | 2386000 | 1894617 |
| Innovent Biologics, Inc. 144AΔ\* | 63500 | 636567 |
| JD Health International, Inc. 144A\* | 180350 | 993337 |
| JD.com, Inc. Class A | 197000 | 3217466 |
| Jiangsu Hengrui Pharmaceuticals Co., <br> Ltd.\* | 452400 | 3100545 |
| Kanzhun, Ltd. ADR\* | 36713 | 654960 |
| KE Holdings, Inc. ADR | 124600 | 2210404 |
| Kingdee International Software Group <br> Co., Ltd.\* | 723000 | 1428997 |
| Kingsoft Corporation, Ltd. | 499400 | 2610136 |
| Kunlun Energy Co., Ltd. | 1508000 | 1465763 |
| Luxshare Precision Industry Co., Ltd. <br> Class A | 314700 | 1526356 |
| Mao Geping Cosmetics Co., Ltd. | 13200 | 182694 |
| Meituan Class B 144A\* | 470108 | 7562177 |
| Midea Group Co., Ltd. Class A | 516893 | 5215543 |
| Midea Group Co., Ltd. Class H | 16700 | 158774 |
| NARI Technology Co., Ltd. Class A | 1001167 | 3136030 |
| NAURA Technology Group Co., Ltd. <br> Class A | 32900 | 2034031 |
| NetEase, Inc. | 83101 | 2239519 |
| NetEase, Inc. ADR | 18513 | 2491480 |
| New China Life Insurance Co., Ltd. <br> Class H | 249900 | 1368392 |
| Ningbo Tuopu Group Co., Ltd. <br> Class A | 40300 | 265621 |
| OmniVision Integrated Circuits <br> Group, Inc. | 132703 | 2369344 |
| Orient Overseas International, Ltd. | 75000 | 1276420 |
| PDD Holdings, Inc. ADR\* | 62317 | 6522097 |
| People's Insurance Co. Group of <br> China, Ltd. (The) Class H | 1985000 | 1515152 |
| PICC Property & Casualty Co., Ltd. <br> Class H | 2203819 | 4282406 |
| Ping An Insurance Group Co. of <br> China, Ltd. Class H | 967996 | 6179027 |
| Pop Mart International Group, Ltd. <br> 144A | 12800 | 436086 |
| Qifu Technology, Inc. ADR | 55924 | 2424865 |
| Shenzhen Mindray Bio-Medical <br> Electronics Co., Ltd. Class A | 101290 | 3182260 |
| Shenzhen Transsion Holdings Co., <br> Ltd. Class A€ | 0 | 5 |

---

**234**

See Notes to Financial Statements.

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Shenzhou International Group <br> Holdings, Ltd. | 127000 | $907812 |
| Sichuan Kelun-Biotech <br> Biopharmaceutical Co., Ltd.\* | 36895 | 1537850 |
| Sunny Optical Technology Group Co., <br> Ltd. | 29800 | 264668 |
| Sunresin New Materials Co., Ltd. <br> Class A | 52250 | 367182 |
| Tencent Music Entertainment Group <br> ADR | 26850 | 523306 |
| Tongcheng Travel Holdings, Ltd. | 247600 | 619233 |
| Vipshop Holdings, Ltd. ADR | 13960 | 210098 |
| Weichai Power Co., Ltd. Class H | 282000 | 574157 |
| Xiaomi Corporation Class B 144A\* | 806800 | 6210534 |
| XPeng, Inc. Class A\* | 184100 | 1647996 |
| Yadea Group Holdings, Ltd. 144A | 230000 | 369051 |
| Yunnan Aluminium Co., Ltd. Class A | 231048 | 516289 |
| Zai Lab, Ltd.\* | 245909 | 866836 |
| Zai Lab, Ltd. ADRΔ\* | 30988 | 1083650 |
| Zhaojin Mining Industry Co., Ltd. <br> Class H | 29000 | 76229 |
| Zhejiang Leapmotor Technology Co., <br> Ltd. 144A\* | 422600 | 2952343 |
| Zijin Mining Group Co., Ltd. Class H | 306000 | 786974 |
|  |  | 132122760 |
| **Greece — 0.6%** | **Greece — 0.6%** |  |
| JUMBO SA | 14557 | 502419 |
| National Bank of Greece SA | 74952 | 955694 |
| Piraeus Financial Holdings SA | 497960 | 3449759 |
|  |  | 4907872 |
| **Hong Kong — 9.0%** | **Hong Kong — 9.0%** |  |
| AIA Group, Ltd. | 820627 | 7433604 |
| Alibaba Group Holding, Ltd. Class W | 652988 | 9243665 |
| China Merchants Port Holdings Co., <br> Ltd. | 402000 | 732310 |
| China Overseas Land & Investment, <br> Ltd. | 216500 | 377402 |
| China Taiping Insurance Holdings <br> Co., Ltd. | 663000 | 1297526 |
| CITIC, Ltd. | 448000 | 616835 |
| CSPC Pharmaceutical Group, Ltd.Δ | 180000 | 177059 |
| Hong Kong Exchanges and Clearing, <br> Ltd. | 218954 | 11776785 |
| Lenovo Group, Ltd. | 1710000 | 2066010 |
| Sinotruk Hong Kong, Ltd. | 297000 | 867565 |
| Techtronic Industries Co., Ltd. | 34500 | 380672 |
| Tencent Holdings, Ltd. | 639459 | 41203933 |
|  |  | 76173366 |
| **Hungary — 0.5%** | **Hungary — 0.5%** |  |
| OTP Bank Nyrt | 58548 | 4679748 |
| **India — 16.7%** | **India — 16.7%** |  |
| 360 ONE WAM, Ltd. | 20818 | 290056 |
| Amber Enterprises India, Ltd.\* | 6106 | 482203 |
| Archean Chemical Industries, Ltd. | 19525 | 144006 |
| Ashok Leyland, Ltd. | 256337 | 750351 |
| Axis Bank, Ltd. | 259184 | 3624963 |
| Bajaj Finance, Ltd. | 245290 | 2678899 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Bharat Electronics, Ltd. | 54408 | $267575 |
| Bharat Petroleum Corporation, Ltd. | 198519 | 768733 |
| Bharti Airtel, Ltd. | 347075 | 8136850 |
| BSE, Ltd. | 10364 | 335292 |
| Canara Bank | 622239 | 828777 |
| Cartrade Tech, Ltd.\* | 13932 | 276353 |
| Coforge, Ltd. | 22875 | 513405 |
| Computer Age Management Services, <br> Ltd. | 12666 | 633668 |
| Cummins India, Ltd. | 19693 | 781036 |
| DLF, Ltd. | 44362 | 433679 |
| Embassy Office Parks REIT | 532539 | 2419379 |
| Eternal, Ltd.\* | 406428 | 1251716 |
| Five-Star Business Finance, Ltd.\* | 28459 | 256341 |
| GMR Airports, Ltd.\* | 243449 | 242019 |
| Godrej Properties, Ltd.\* | 24272 | 663687 |
| HCL Technologies, Ltd. | 142241 | 2867860 |
| HDFC Asset Management Co., Ltd. <br> 144A | 27732 | 1679605 |
| HDFC Bank, Ltd. | 519088 | 12118349 |
| HDFC Bank, Ltd. ADR | 9000 | 690030 |
| HDFC Life Insurance Co., Ltd. 144A | 28680 | 272184 |
| Hero MotoCorp, Ltd. | 7894 | 390019 |
| Hindustan Aeronautics, Ltd. | 16122 | 915779 |
| ICICI Bank, Ltd. | 556447 | 9403811 |
| ICICI Lombard General Insurance <br> Co., Ltd. 144A | 44256 | 1052914 |
| Indus Towers, Ltd.\* | 245444 | 1203839 |
| Info Edge India, Ltd. | 111175 | 1930178 |
| Infosys, Ltd. | 151752 | 2835134 |
| Infosys, Ltd. ADRΔ | 271418 | 5029376 |
| InterGlobe Aviation, Ltd. 144A\* | 11028 | 769138 |
| Kotak Mahindra Bank, Ltd. | 324360 | 8183297 |
| Larsen & Toubro, Ltd. | 127364 | 5451334 |
| Macrotech Developers, Ltd. 144A | 12615 | 203955 |
| Mahindra & Mahindra, Ltd. | 372990 | 13844358 |
| MakeMyTrip, Ltd.Δ\* | 15660 | 1534993 |
| Marico, Ltd. | 917814 | 7731768 |
| Maruti Suzuki India, Ltd. | 1067 | 154343 |
| Max Financial Services, Ltd.\* | 209318 | 4018664 |
| Navin Fluorine International, Ltd. | 9828 | 552586 |
| Netweb Technologies India, Ltd. | 10859 | 233725 |
| NTPC, Ltd. | 22979 | 89731 |
| Oil & Natural Gas Corporation, Ltd. | 786930 | 2241282 |
| Page Industries, Ltd. | 2857 | 1646128 |
| PB Fintech, Ltd.\* | 56710 | 1205463 |
| Petronet LNG, Ltd. | 98976 | 348507 |
| Polycab India, Ltd. | 3546 | 270944 |
| Reliance Industries, Ltd. | 223530 | 3912495 |
| SBI Life Insurance Co., Ltd. 144A | 176181 | 3776717 |
| Sona Blw Precision Forgings, Ltd. <br> 144A | 52752 | 296115 |
| Suzlon Energy, Ltd.\* | 489358 | 386624 |
| Tata Consultancy Services, Ltd. | 307203 | 12405006 |
| Tata Consumer Products, Ltd. | 65379 | 838002 |
| Tech Mahindra, Ltd. | 113481 | 2233164 |
| TVS Motor Co., Ltd. | 12849 | 437227 |

---

See Notes to Financial Statements.

**235**

------

**EMERGING MARKETS EQUITY FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Varun Beverages, Ltd. | 345064 | $1841279 |
| Vedanta, Ltd. | 225383 | 1213586 |
|  |  | 141988497 |
| **Indonesia — 2.0%** | **Indonesia — 2.0%** |  |
| PT Astra International Tbk | 4182100 | 1159758 |
| PT Bank Central Asia Tbk | 18756887 | 10026450 |
| PT Bank Mandiri Persero Tbk | 1494300 | 448864 |
| PT BFI Finance Indonesia Tbk | 3556700 | 178547 |
| PT GoTo Gojek Tokopedia Tbk\* | 634315600 | 2266121 |
| PT Map Aktif Adiperkasa | 5906500 | 237956 |
| PT Nusantara Sejahtera Raya Tbk <br> 144A | 9762600 | 95010 |
| PT Pakuwon Jati Tbk | 6191400 | 142476 |
| PT United Tractors Tbk | 1594560 | 2106544 |
|  |  | 16661726 |
| **Jersey — 0.0%** | **Jersey — 0.0%** |  |
| Wizz Air Holdings PLC 144A\* | 29042 | 436059 |
| **Kazakhstan — 0.2%** | **Kazakhstan — 0.2%** |  |
| Kaspi.KZ JSC ADRΔ | 12406 | 1053145 |
| Kaspi.KZ JSC GDR | 3113 | 260278 |
|  |  | 1313423 |
| **Malaysia — 0.2%** | **Malaysia — 0.2%** |  |
| Hong Leong Bank Bhd. | 18200 | 84729 |
| Malayan Banking Bhd. | 51500 | 118642 |
| RHB Bank Bhd | 558700 | 835879 |
| YTL Corporation Bhd. | 1799900 | 992645 |
|  |  | 2031895 |
| **Mexico — 3.3%** | **Mexico — 3.3%** |  |
| America Movil SAB de CV Series B | 2208800 | 1977555 |
| Arca Continental SAB de CV | 43521 | 461082 |
| Banco del Bajio SA 144A | 65900 | 159091 |
| Controladora Vuela Cia de Aviacion <br> SAB de CV ADRΔ\* | 249042 | 1182950 |
| Corporation Inmobiliaria Vesta SAB <br> de CV ADRΔ | 125903 | 3448483 |
| Fibra Uno Administracion SA de CV <br> REIT | 1203604 | 1663859 |
| Fomento Economico Mexicano SAB <br> de CV ADR | 87844 | 9046175 |
| GCC SAB de CV | 20858 | 200404 |
| Gentera SAB de CVΔ | 191450 | 408519 |
| Grupo Aeroportuario del Centro Norte <br> SAB de CV ADR | 7692 | 811506 |
| Grupo Aeroportuario del Sureste SAB <br> de CV ADR | 372 | 118620 |
| Grupo Financiero Banorte SAB de <br> CV Series O | 741279 | 6802251 |
| Industrias Penoles SAB de CV\* | 26000 | 726939 |
| Prologis Property Mexico SA de CV <br> REIT | 83336 | 314212 |
| Wal-Mart de Mexico SAB de CV | 142800 | 472436 |
|  |  | 27794082 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Netherlands — 0.2%** | **Netherlands — 0.2%** |  |
| JBS NV BDR\* | 93423 | $1360825 |
| **Peru — 0.8%** | **Peru — 0.8%** |  |
| Credicorp, Ltd. | 30621 | 6844406 |
| **Philippines — 0.1%** | **Philippines — 0.1%** |  |
| BDO Unibank, Inc. | 141510 | 383856 |
| Jollibee Foods Corporation | 77940 | 298953 |
| Monde Nissin Corporation 144A | 2962300 | 389154 |
|  |  | 1071963 |
| **Poland — 0.8%** | **Poland — 0.8%** |  |
| Bank Polska Kasa Opieki SA | 37766 | 1945117 |
| Diagnostyka SA | 14084 | 654541 |
| Dino Polska SA 144A\* | 3970 | 580146 |
| PGE Polska Grupa Energetyczna SA\* | 492682 | 1559653 |
| Powszechna Kasa Oszczednosci Bank <br> Polski SA | 58729 | 1227132 |
| Powszechny Zaklad Ubezpieczen SA | 18363 | 321116 |
| Santander Bank Polska SA | 6744 | 926770 |
|  |  | 7214475 |
| **Qatar — 0.2%** | **Qatar — 0.2%** |  |
| Ooredoo QPSC | 67467 | 237121 |
| Qatar National Bank QPSC | 383384 | 1826707 |
|  |  | 2063828 |
| **Russia — 0.0%** | **Russia — 0.0%** |  |
| Gazprom PJSC ADR†††\* | 170565 | —  |
| MMC Norilsk Nickel PJSC ADR†††\* | 19198 | —  |
| Mobile TeleSystems PJSC ADR†††\* | 34508 | —  |
| Novatek PJSC GDR†††\* | 1991 | —  |
| Novolipetsk Steel PJSC GDR†††\* | 13631 | —  |
| Sberbank of Russia PJSC ADR†††\* | 75573 | —  |
| Severstal PAO GDR†††\* | 18988 | —  |
| Surgutneftegas PAO ADR†††\* | 17904 | —  |
| **Saudi Arabia — 2.0%** | **Saudi Arabia — 2.0%** |  |
| Al Rajhi Bank | 59662 | 1504846 |
| Alinma Bank | 54270 | 387969 |
| Almarai Co. JSC | 29208 | 394771 |
| Arab National Bank | 321072 | 1859273 |
| Arabian Internet & Communications <br> Services Co. | 17987 | 1277313 |
| Banque Saudi Fransi | 188745 | 898671 |
| Co for Cooperative Insurance (The) | 14392 | 606327 |
| Elm Co. | 2634 | 703301 |
| Rasan Information Technology Co.\* | 12021 | 278524 |
| Riyad Bank | 278734 | 2135261 |
| Saudi British Bank (The) | 24068 | 216198 |
| Saudi Electricity Co. | 170314 | 667162 |
| Saudi National Bank (The) | 514313 | 4952098 |
| Saudi Telecom Co. | 110462 | 1253022 |
|  |  | 17134736 |

---

**236**

See Notes to Financial Statements.

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Singapore — 0.1%** | **Singapore — 0.1%** |  |
| Grab Holdings, Ltd. Class A\* | 211592 | $1064308 |
| Nanofilm Technologies International, <br> Ltd. | 173606 | 88103 |
|  |  | 1152411 |
| **Slovenia — 0.1%** | **Slovenia — 0.1%** |  |
| Nova Ljubljanska Banka dd GDR | 18986 | 672107 |
| **South Africa — 2.4%** | **South Africa — 2.4%** |  |
| Absa Group, Ltd. | 52855 | 527445 |
| Bid Corporation, Ltd. | 11906 | 314353 |
| Capitec Bank Holdings, Ltd. | 2917 | 583242 |
| Clicks Group, Ltd. | 17769 | 372367 |
| Discovery, Ltd. | 550368 | 6690515 |
| Exxaro Resources, Ltd. | 7494 | 62196 |
| Harmony Gold Mining Co., Ltd. ADR | 95036 | 1327653 |
| JSE, Ltd. | 32842 | 246890 |
| Kumba Iron Ore, Ltd.Δ | 8227 | 132459 |
| Naspers, Ltd. Class N | 17912 | 5588788 |
| Nedbank Group, Ltd. | 46034 | 631988 |
| Old Mutual, Ltd. | 3298098 | 2248566 |
| OUTsurance Group, Ltd. | 137746 | 609455 |
| Sanlam, Ltd. | 71132 | 356268 |
| Valterra Platinum, Ltd. | 8621 | 378676 |
|  |  | 20070861 |
| **South Korea — 8.8%** | **South Korea — 8.8%** |  |
| Doosan Bobcat, Inc.\* | 27447 | 1179766 |
| Hana Financial Group, Inc. | 59050 | 3761368 |
| HD Hyundai Marine Solution Co., <br> Ltd. | 15985 | 2423486 |
| HD Korea Shipbuilding & Offshore <br> Engineering Co., Ltd. | 5355 | 1446069 |
| HMM Co., Ltd. | 7497 | 124999 |
| Hyundai Glovis Co., Ltd. | 9652 | 960960 |
| Hyundai Motor Co. | 19199 | 2882873 |
| Hyundai Rotem Co., Ltd. | 4515 | 655198 |
| Industrial Bank of Korea | 94472 | 1275942 |
| JYP Entertainment Corporation | 4156 | 228443 |
| KakaoBank Corporation | 53972 | 1196044 |
| KB Financial Group, Inc. | 48062 | 3949556 |
| Kia Corporation | 23479 | 1680026 |
| Korea Investment Holdings Co., Ltd. | 13690 | 1412718 |
| LG Electronic, Inc. | 9019 | 491853 |
| LG Innotek Co., Ltd. | 6772 | 737341 |
| LG Uplus Corporation | 13101 | 138701 |
| NCSoft Corporation | 2134 | 325968 |
| Samsung Biologics Co., Ltd. 144A\* | 831 | 609802 |
| Samsung E&A Co., Ltd. | 13229 | 215979 |
| Samsung Electronics Co., Ltd. | 331363 | 14653409 |
| Samsung Fire & Marine Insurance <br> Co., Ltd. | 24090 | 7724160 |
| Shinhan Financial Group Co., Ltd. | 43177 | 1957509 |
| SK Hynix, Inc. | 83415 | 17974399 |
| SK Square Co., Ltd.\* | 12069 | 1622182 |
| SK Telecom Co., Ltd. | 49673 | 2089919 |
| Woori Financial Group, Inc. | 168315 | 2800633 |
|  |  | 74519303 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Taiwan — 17.1%** | **Taiwan — 17.1%** |  |
| Accton Technology Corporation | 102000 | $2549364 |
| Alchip Technologies, Ltd. | 12000 | 1272384 |
| ASE Technology Holding Co., Ltd. | 125000 | 627097 |
| ASPEED Technology, Inc. | 21782 | 3542279 |
| Asustek Computer, Inc. | 41000 | 906402 |
| China Airlines, Ltd. | 207000 | 152954 |
| Chroma ATE, Inc. | 21000 | 317958 |
| Compal Electronics, Inc. | 360000 | 358072 |
| Delta Electronics, Inc. | 868116 | 12284668 |
| E Ink Holdings, Inc. | 66000 | 499543 |
| E.Sun Financial Holding Co., Ltd. | 618000 | 694678 |
| eMemory Technology, Inc. | 25000 | 2023910 |
| Far Eastern New Century Corporation | 166000 | 186971 |
| Fubon Financial Holding Co., Ltd. | 818000 | 2449625 |
| International Games System Co., Ltd. | 24000 | 704539 |
| Jentech Precision Industrial Co., Ltd. | 10000 | 517490 |
| Largan Precision Co., Ltd. | 28371 | 2317071 |
| Lotes Co., Ltd. | 9000 | 416732 |
| MediaTek, Inc. | 253825 | 10876062 |
| Merida Industry Co., Ltd. | 36000 | 126993 |
| Nien Made Enterprise Co., Ltd. | 19000 | 264880 |
| PharmaEssentia Corporation\* | 161000 | 3020037 |
| Realtek Semiconductor Corporation | 255786 | 4967619 |
| Taiwan Semiconductor Manufacturing <br> Co., Ltd. | 2349481 | 85919003 |
| Uni-President Enterprises Corporation | 2028963 | 5624088 |
| Voltronic Power Technology <br> Corporation | 56613 | 2442029 |
|  |  | 145062448 |
| **Thailand — 0.8%** | **Thailand — 0.8%** |  |
| Advanced Info Service PCL NVDR | 67100 | 575124 |
| Bangkok Dusit Medical Services PCL | 721500 | 462027 |
| Charoen Pokphand Foods PCL NVDR | 1214100 | 859792 |
| CP AXTRA PCL NVDR | 454100 | 250472 |
| Kasikornbank PCL NVDR | 162100 | 765696 |
| Krung Thai Bank PCL NVDR | 1300900 | 853346 |
| True Corporation PCL NVDR\* | 9231425 | 3157244 |
|  |  | 6923701 |
| **Turkey — 0.3%** | **Turkey — 0.3%** |  |
| Turk Hava Yollari AO | 30263 | 215600 |
| Turkcell Iletisim Hizmetleri AS | 311246 | 752863 |
| Yapi ve Kredi Bankasi AS\* | 2160952 | 1721164 |
|  |  | 2689627 |
| **United Arab Emirates — 1.3%** | **United Arab Emirates — 1.3%** |  |
| Abu Dhabi Islamic Bank PJSC | 442772 | 2592331 |
| ADNOC Drilling Co. PJSC | 376370 | 584139 |
| Adnoc Gas PLC | 485243 | 451840 |
| Aldar Properties PJSC | 1053543 | 2560106 |
| Burjeel Holdings PLC | 602646 | 219884 |
| Dubai Islamic Bank PJSC | 46557 | 114957 |
| Emaar Properties PJSC | 248285 | 921048 |
| Emirates NBD Bank PJSC | 108222 | 671857 |
| Emirates Telecommunications Group <br> Co. PJSC | 44144 | 211549 |

---

See Notes to Financial Statements.

**237**

------

**EMERGING MARKETS EQUITY FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| First Abu Dhabi Bank PJSC | 256955 | $1161264 |
| Talabat Holding PLC | 4057629 | 1479446 |
|  |  | 10968421 |
| **United Kingdom — 2.4%** | **United Kingdom — 2.4%** |  |
| Anglo American PLC | 74203 | 2187349 |
| Anglogold Ashanti PLC | 31682 | 1447281 |
| Antofagasta PLC | 361980 | 8999868 |
| Unilever PLC | 129431 | 7898690 |
|  |  | 20533188 |
| **Total Foreign Common Stocks** <br>(Cost $621,066,549) | **Total Foreign Common Stocks** <br>(Cost $621,066,549) | 756953392 |
| **FOREIGN PREFERRED STOCKS — 1.6%** | **FOREIGN PREFERRED STOCKS — 1.6%** | **FOREIGN PREFERRED STOCKS — 1.6%** |
| **Brazil — 0.6%** | **Brazil — 0.6%** |  |
| Itau Unibanco <br> Holding SA <br> 3.08%◊<br>| 96800 | 656902 |
| Banco Bradesco <br> SA 0.20%\*<br>| 1241400 | 3840889 |
| Marcopolo SA <br> 2.89%◊<br>| 178900 | 262764 |
|  |  | 4760555 |
| **South Korea — 1.0%** | **South Korea — 1.0%** |  |
| Samsung <br> Electronics Co., <br> Ltd. 2.93%◊<br>| 238666 | 8755442 |
| **Total Foreign Preferred Stocks** <br>(Cost $14,339,118) | **Total Foreign Preferred Stocks** <br>(Cost $14,339,118) | 13515997 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Warrants**<br>|  |
| **WARRANTS — 0.0%** | **WARRANTS — 0.0%** | **WARRANTS — 0.0%** |
| YTL Corporation Bhd.\* <br>(Cost $—) | 375720 | 73172 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **MONEY MARKET FUNDS — 4.8%** | **MONEY MARKET FUNDS — 4.8%** | **MONEY MARKET FUNDS — 4.8%** |
| Northern Institutional Liquid Assets <br> Portfolio (Shares), 4.39%Ø§ | 4608712 | 4608712 |
| GuideStone Money Market Fund, <br> 4.25% <br>(Institutional Class)Ø∞ | 27425800 | 27425800 |
| Northern Institutional U.S. Treasury <br> Portfolio (Premier), 4.16%Ø | 9066131 | 9066131 |
| **Total Money Market Funds** <br>(Cost $41,100,643) | **Total Money Market Funds** <br>(Cost $41,100,643) | 41100643 |
| **TOTAL INVESTMENTS** — **97.4%** <br>(Cost $688,469,965) |  | 827799986 |
| **Other Assets in Excess of**<br> **Liabilities — 2.6%** |  | 21954330 |
| **NET ASSETS — 100.0%** |  | $849754316 |

---

**238**

See Notes to Financial Statements.

------

Futures Contracts outstanding at June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Future Type** | **Expiration Date** | **Open Long** <br>**(Short) Contracts**<br>| **Notional** <br>**Market Value** <br>**of Contracts**<br>| **Value and** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| FTSE China Index | 07/2025 | &nbsp;&nbsp;&nbsp; (1106)<br>| &nbsp;&nbsp;&nbsp; $(14807128)<br>| &nbsp;&nbsp;&nbsp; $91824 |
| FTSE Taiwan Index | 07/2025 | &nbsp;&nbsp;&nbsp; (89)<br>| &nbsp;&nbsp;&nbsp; (6491660)<br>| &nbsp;&nbsp;&nbsp; (46656)<br>|
| MSCI Singapore Index | 07/2025 | &nbsp;&nbsp;&nbsp; (144)<br>| &nbsp;&nbsp;&nbsp; (4657491)<br>| &nbsp;&nbsp;&nbsp; (58693)<br>|
| Euro-BTP | 07/2025 | &nbsp;&nbsp;&nbsp; (13)<br>| &nbsp;&nbsp;&nbsp; (236659)<br>| &nbsp;&nbsp;&nbsp; (2601)<br>|
| IFSC NIFTY 50 Index | 07/2025 | &nbsp;&nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp; 972838 | &nbsp;&nbsp;&nbsp; 9819 |
| KOSPI2 Index | 09/2025 | &nbsp;&nbsp;&nbsp; 181 | &nbsp;&nbsp;&nbsp; 13952866 | &nbsp;&nbsp;&nbsp; 854806 |
| MSCI Emerging Markets | 09/2025 | &nbsp;&nbsp;&nbsp; 360 | &nbsp;&nbsp;&nbsp; 22203000 | &nbsp;&nbsp;&nbsp; 623465 |
| Thai SET50 Index | 09/2025 | &nbsp;&nbsp;&nbsp; (1016)<br>| &nbsp;&nbsp;&nbsp; (4393564)<br>| &nbsp;&nbsp;&nbsp; 75645 |
| Total Futures Contracts outstanding at June 30, 2025 |  |  | &nbsp;&nbsp;&nbsp; $6542202 | &nbsp;&nbsp;&nbsp; $1547609 |

---

Forward Foreign Currency Contracts outstanding at June 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Expiration Date** | **Currency** <br>**Purchased**<br>| **Amount** <br>**of Currency** <br>**Purchased**<br>| **Currency** <br>**Sold**<br>| **Amount** <br>**of Currency** <br>**Sold**<br>| **Counter-** <br>**party**<br>| **Net Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| 09/17/25 | Brazilian Reals | &nbsp;&nbsp; 187110623 | U.S. Dollars | &nbsp;&nbsp; 32520678 | CITI | &nbsp;&nbsp; $1231621 |
| 09/17/25 | Hungarian Forint | &nbsp;&nbsp; 5693908666 | U.S. Dollars | &nbsp;&nbsp; 15913130 | CITI | &nbsp;&nbsp; 799033 |
| 09/17/25 | Israeli Shekels | &nbsp;&nbsp; 12190000 | U.S. Dollars | &nbsp;&nbsp; 3445739 | CITI | &nbsp;&nbsp; 177094 |
| 09/17/25 | Czech Republic Koruna | &nbsp;&nbsp; 119000000 | U.S. Dollars | &nbsp;&nbsp; 5533535 | CITI | &nbsp;&nbsp; 149820 |
| 09/17/25 | Colombian Pesos | &nbsp;&nbsp; 46500000000 | U.S. Dollars | &nbsp;&nbsp; 11113564 | CITI | &nbsp;&nbsp; 142086 |
| 09/17/25 | South African Rand | &nbsp;&nbsp; 213123800 | U.S. Dollars | &nbsp;&nbsp; 11833092 | CITI | &nbsp;&nbsp; 134795 |
| 09/17/25 | Taiwan Dollars | &nbsp;&nbsp; 187441647 | U.S. Dollars | &nbsp;&nbsp; 6445984 | CITI | &nbsp;&nbsp; 118309 |
| 09/17/25 | South Korean Won | &nbsp;&nbsp; 15300000000 | U.S. Dollars | &nbsp;&nbsp; 11266929 | CITI | &nbsp;&nbsp; 97421 |
| 09/17/25 | Indian Rupees | &nbsp;&nbsp; 1778220122 | U.S. Dollars | &nbsp;&nbsp; 20604946 | CITI | &nbsp;&nbsp; 65031 |
| 09/17/25 | Chilean Pesos | &nbsp;&nbsp; 7326962497 | U.S. Dollars | &nbsp;&nbsp; 7801393 | CITI | &nbsp;&nbsp; 61903 |
| 09/17/25 | Euro | &nbsp;&nbsp; 1572000 | U.S. Dollars | &nbsp;&nbsp; 1801283 | CITI | &nbsp;&nbsp; 60358 |
| 09/17/25 | Indonesian Rupiahs | &nbsp;&nbsp; 40000000000 | U.S. Dollars | &nbsp;&nbsp; 2446852 | CITI | &nbsp;&nbsp; 22868 |
| 09/17/25 | Chinese Offshore Yuan | &nbsp;&nbsp; 53973532 | U.S. Dollars | &nbsp;&nbsp; 7568066 | CITI | &nbsp;&nbsp; 20950 |
| 09/17/25 | Thai Baht | &nbsp;&nbsp; 196102250 | U.S. Dollars | &nbsp;&nbsp; 6050459 | CITI | &nbsp;&nbsp; 18712 |
| 09/17/25 | Peruvian Nuevo Soles | &nbsp;&nbsp; 959621 | U.S. Dollars | &nbsp;&nbsp; 263355 | CITI | &nbsp;&nbsp; 6922 |
| 09/17/25 | Philippine Pesos | &nbsp;&nbsp; 30000000 | U.S. Dollars | &nbsp;&nbsp; 526176 | CITI | &nbsp;&nbsp; 5603 |
| 09/17/25 | Saudi Riyals | &nbsp;&nbsp; 26355000 | U.S. Dollars | &nbsp;&nbsp; 7014094 | CITI | &nbsp;&nbsp; 3012 |
| 09/17/25 | U.S. Dollars | &nbsp;&nbsp; 349542 | Indian Rupees | &nbsp;&nbsp; 30000000 | CITI | &nbsp;&nbsp; 823 |
| 09/17/25 | U.S. Dollars | &nbsp;&nbsp; 133100 | Hong Kong Dollars | &nbsp;&nbsp; 1037000 | CITI | &nbsp;&nbsp; 94 |
| 09/17/25 | U.S. Dollars | &nbsp;&nbsp; 214704 | Chilean Pesos | &nbsp;&nbsp; 200000000 | CITI | &nbsp;&nbsp; 64 |
| 09/17/25 | U.S. Dollars | &nbsp;&nbsp; 650426 | Thai Baht | &nbsp;&nbsp; 21015413 | CITI | &nbsp;&nbsp; 20 |
| 09/17/25 | U.S. Dollars | &nbsp;&nbsp; 201563 | Saudi Riyals | &nbsp;&nbsp; 757000 | CITI | &nbsp;&nbsp; 9 |
| Subtotal Appreciation | Subtotal Appreciation |  |  |  |  | &nbsp;&nbsp; $3116548 |
| 09/17/25 | U.S. Dollars | &nbsp;&nbsp; 11469 | Peruvian Nuevo Soles | &nbsp;&nbsp; 41000 | CITI | &nbsp;&nbsp; $(78)<br>|
| 09/17/25 | South African Rand | &nbsp;&nbsp; 4000000 | U.S. Dollars | &nbsp;&nbsp; 224720 | CITI | &nbsp;&nbsp; (102)<br>|
| 09/17/25 | Thai Baht | &nbsp;&nbsp; 36871750 | U.S. Dollars | &nbsp;&nbsp; 1141282 | CITI | &nbsp;&nbsp; (138)<br>|
| 09/17/25 | Chilean Pesos | &nbsp;&nbsp; 614106944 | U.S. Dollars | &nbsp;&nbsp; 660434 | CITI | &nbsp;&nbsp; (1375)<br>|
| 09/17/25 | U.S. Dollars | &nbsp;&nbsp; 78235 | Euro | &nbsp;&nbsp; 68000 | CITI | &nbsp;&nbsp; (2294)<br>|
| 09/17/25 | U.S. Dollars | &nbsp;&nbsp; 7268024 | Saudi Riyals | &nbsp;&nbsp; 27309863 | CITI | &nbsp;&nbsp; (3318)<br>|
| 09/17/25 | U.S. Dollars | &nbsp;&nbsp; 3828267 | Indian Rupees | &nbsp;&nbsp; 330000000 | CITI | &nbsp;&nbsp; (7643)<br>|
| 09/17/25 | U.S. Dollars | &nbsp;&nbsp; 1473532 | Israeli Shekels | &nbsp;&nbsp; 4985000 | CITI | &nbsp;&nbsp; (7995)<br>|
| 09/17/25 | U.S. Dollars | &nbsp;&nbsp; 1216799 | Indonesian Rupiahs | &nbsp;&nbsp; 19847349191 | CITI | &nbsp;&nbsp; (8636)<br>|
| 09/17/25 | Indian Rupees | &nbsp;&nbsp; 860225344 | U.S. Dollars | &nbsp;&nbsp; 10011705 | CITI | &nbsp;&nbsp; (12472)<br>|
| 09/17/25 | U.S. Dollars | &nbsp;&nbsp; 4372748 | Chilean Pesos | &nbsp;&nbsp; 4100000000 | CITI | &nbsp;&nbsp; (27372)<br>|
| 09/17/25 | U.S. Dollars | &nbsp;&nbsp; 10531489 | Thai Baht | &nbsp;&nbsp; 341231195 | CITI | &nbsp;&nbsp; (29279)<br>|
| 09/17/25 | U.S. Dollars | &nbsp;&nbsp; 1717795 | Taiwan Dollars | &nbsp;&nbsp; 50000000 | CITI | &nbsp;&nbsp; (33228)<br>|

---

See Notes to Financial Statements.

**239**

------

**EMERGING MARKETS EQUITY FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Expiration Date** | **Currency**<br> **Purchased**<br>| **Amount**<br> **of Currency**<br> **Purchased**<br>| **Currency**<br> **Sold**<br>| **Amount**<br> **of Currency**<br> **Sold**<br>| **Counter-**<br> **party**<br>| **Net Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>|
| 09/17/25 | Philippine Pesos | &nbsp;&nbsp; 235707209 | U.S. Dollars | &nbsp;&nbsp; 4228564 | CITI | &nbsp;&nbsp; $(50423)<br>|
| 07/16/25 | Chinese Offshore Yuan | &nbsp;&nbsp; 24819000 | U.S. Dollars | &nbsp;&nbsp; 3538495 | CITI | &nbsp;&nbsp; (66697)<br>|
| 09/17/25 | Hong Kong Dollars | &nbsp;&nbsp; 182921116 | U.S. Dollars | &nbsp;&nbsp; 23537715 | CITI | &nbsp;&nbsp; (76248)<br>|
| 09/17/25 | U.S. Dollars | &nbsp;&nbsp; 27214711 | Chinese Offshore Yuan | &nbsp;&nbsp; 194127036 | CITI | &nbsp;&nbsp; (80764)<br>|
| 09/17/25 | U.S. Dollars | &nbsp;&nbsp; 17071395 | South Korean Won | &nbsp;&nbsp; 23246585280 | CITI | &nbsp;&nbsp; (195425)<br>|
| 07/16/25 | U.S. Dollars | &nbsp;&nbsp; 3253457 | Chinese Offshore Yuan | &nbsp;&nbsp; 24819000 | MSCS | &nbsp;&nbsp; (218340)<br>|
| 09/17/25 | U.S. Dollars | &nbsp;&nbsp; 10487909 | Czech Republic Koruna | &nbsp;&nbsp; 228900000 | CITI | &nbsp;&nbsp; (444191)<br>|
| 09/17/25 | U.S. Dollars | &nbsp;&nbsp; 38518996 | Singapore Dollars | &nbsp;&nbsp; 49275000 | CITI | &nbsp;&nbsp; (461754)<br>|
| 09/17/25 | U.S. Dollars | &nbsp;&nbsp; 21134821 | Polish Zloty | &nbsp;&nbsp; 79147000 | CITI | &nbsp;&nbsp; (782196)<br>|
| 09/17/25 | U.S. Dollars | &nbsp;&nbsp; 34581504 | Mexican Pesos | &nbsp;&nbsp; 672009891 | CITI | &nbsp;&nbsp; (926819)<br>|
| Subtotal Depreciation | Subtotal Depreciation |  |  |  |  | &nbsp;&nbsp; $(3436787)<br>|
| Total Forward Foreign Currency Contracts outstanding at June 30, 2025 | Total Forward Foreign Currency Contracts outstanding at June 30, 2025 | Total Forward Foreign Currency Contracts outstanding at June 30, 2025 | Total Forward Foreign Currency Contracts outstanding at June 30, 2025 | Total Forward Foreign Currency Contracts outstanding at June 30, 2025 |  | &nbsp;&nbsp; $(320239)<br>|

---

Swap Agreements outstanding at June 30, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay Rate Index/Pay Rate** | **Receive** <br>**Rate Index/Receive** <br>**Rate**<br>| **Maturity** <br>**Date**<br>| **Counterparty** | **Currency** | **Notional** <br>**Amount**<br>| **Market Value** | **Upfront** <br>**Premiums** <br>**Paid/** <br>**(Received)**<br>| **Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| **Total Return Swaps** |  |  |  |  |  |  |  |  |
| Decrease in total return of <br> WIG20 Index (At <br> Termination)<br>| Increase in total return of <br> WIG20 Index (At Termination)<br>| 8/13/2025 | GSC | BRL | 92911574 | &nbsp;&nbsp; $37461 | &nbsp;&nbsp; $— | $37461 |
| Financing Index: Overnight <br> Brazil CETIP - 0.7%<br>| MSCI Brazil Net Return BRL <br> Index (Monthly)<br>| 9/17/2025 | BAR | BRL | 4648879 | &nbsp;&nbsp; 68685 | &nbsp;&nbsp; — | 68685 |
| MSCI Emerging Markets <br> Thailand Net Total Return <br> USD Index (Monthly)<br>| Financing Index: Overnight <br> Bank Funding Rate - 0.3%<br>| 9/17/2025 | BAR | USD | 6791128 | &nbsp;&nbsp; 268923 | &nbsp;&nbsp; — | 268923 |
| MSCI Mexico Net MXN Index <br> (Monthly)<br>| Central Bank of Mexico <br> Overnight TIIE Funding Rate <br> (Monthly) - 0.15%<br>| 9/17/2025 | BAR | MXN | 2857423 | &nbsp;&nbsp; 17964 | &nbsp;&nbsp; — | 17964 |
| MSCI South Africa Net Return <br> ZAR Index (Monthly)<br>| Financing Index: 1-Month SAFE <br> South Africa JIBAR - 1.1%<br>| 9/17/2025 | BAR | ZAR | 3838624 | &nbsp;&nbsp; 9598 | &nbsp;&nbsp; — | 9598 |
| Subtotal Appreciation |  |  |  |  |  | &nbsp;&nbsp; $402631 | &nbsp;&nbsp; $— | $402631 |
| Increase in total return of TAIEX <br> (At Termination)<br>| Decrease in total return of <br> TAIEX (At Termination)<br>| 7/16/2025 | CITI | TWD | 31001600 | &nbsp;&nbsp; $(19508)<br>| &nbsp;&nbsp; $— | $(19508)<br>|
| Decrease in total return of <br> HSCEI Index (At <br> Termination)<br>| Increase in total return of HSCEI <br> Index (At Termination)<br>| 7/30/2025 | CITI | HKD | 180339273 | &nbsp;&nbsp; (111692)<br>| &nbsp;&nbsp; — | (111692)<br>|
| Financing Index: 1-Month <br> HIBOR - 0.2%<br>| MSCI China Net Return HKD <br> Index (Monthly)<br>| 9/17/2025 | BAR | HKD | 2530964 | &nbsp;&nbsp; (46151)<br>| &nbsp;&nbsp; — | (46151)<br>|
| MSCI Mexico Net MXN Index <br> (Monthly)<br>| Central Bank of Mexico <br> Overnight TIIE Funding Rate <br> (Monthly) - 0.15%<br>| 9/17/2025 | BAR | MXN | 725383 | &nbsp;&nbsp; (4591)<br>| &nbsp;&nbsp; — | (4591)<br>|
| MSCI Poland Net Return PLN <br> Index (Monthly)<br>| Financing Index: 1-Month <br> WIBOR - 1.05%<br>| 9/17/2025 | BAR | PLN | 1564977 | &nbsp;&nbsp; (37029)<br>| &nbsp;&nbsp; — | (37029)<br>|
| MSCI Saudi Arabia Index <br> Futures (Monthly)<br>| Financing Index: Overnight <br> Bank Funding Rate - 0.5%<br>| 9/17/2025 | BAR | USD | 1542692 | &nbsp;&nbsp; (36103)<br>| &nbsp;&nbsp; — | (36103)<br>|
| MSCI Singapore Net Return <br> SGD Index (Monthly)<br>| Financing Index: Singapore <br> Overnight Rate + 0.25%<br>| 9/17/2025 | BAR | SGD | 5284831 | &nbsp;&nbsp; (65344)<br>| &nbsp;&nbsp; — | (65344)<br>|
| Tel Aviv Interbank Offered Rate <br> (Monthly)<br>| Financing Index: 1-Month <br> TELBOR - 0.92%<br>| 9/17/2025 | BAR | ILS | 2513934 | &nbsp;&nbsp; (189686)<br>| &nbsp;&nbsp; — | (189686)<br>|

---

**240**

See Notes to Financial Statements.

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay Rate Index/Pay Rate** | **Receive**<br> **Rate Index/Receive**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Counterparty** | **Currency** | **Notional**<br> **Amount**<br>| **Market Value** | **Upfront**<br> **Premiums**<br> **Paid/**<br> **(Received)**<br>| **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>|
| Increase in total return of <br> WIG20 Index (At <br> Termination)<br>| Decrease in total return of <br> WIG20 Index (At Termination)<br>| 9/19/2025 | CITI | PLN | 2939040 | &nbsp;&nbsp; $(40454)<br>| &nbsp;&nbsp; $— | $(40454)<br>|
| Subtotal Depreciation |  |  |  |  |  | &nbsp;&nbsp; $(550558)<br>| &nbsp;&nbsp; $— | $(550558)<br>|
| Net Total Return Swaps outstanding at June 30, 2025 | Net Total Return Swaps outstanding at June 30, 2025 | Net Total Return Swaps outstanding at June 30, 2025 | Net Total Return Swaps outstanding at June 30, 2025 | Net Total Return Swaps outstanding at June 30, 2025 | Net Total Return Swaps outstanding at June 30, 2025 | &nbsp;&nbsp; $(147927)<br>| &nbsp;&nbsp; $— | $(147927)<br>|

---

Total Return Basket Swap Agreements outstanding at June 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Maturity** <br>**Date**<br>| **Counterparty** | **Notional** <br>**Amount**<br>| **Market Value** | **Upfront** <br>**Premiums** <br>**Paid/** <br>**(Received)**<br>| **Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| The Fund receives the total return on a portfolio of long equity <br> positions and pays or receives the OBFR01 plus or minus a <br> specified spread (-2.60% to 0.40%), which is denominated in <br> USD based on the local currencies of the positions within the <br> swap (Monthly).\*<br>| &nbsp;&nbsp; 3-5 months <br> maturity <br> ranging from <br> 09/16/2025 - <br> 11/12/2025<br>| CITI | &nbsp;&nbsp; $28519105 | &nbsp;&nbsp; $1192671 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1192671 |

---

\***The following table represents disclosures associated with the underlying components of the total return basket swap as of period end.**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Common Stocks** | **Shares** | **Notional** | **Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Percentage of** <br>**Swap Value**<br>|
| SK Hynix, Inc. | &nbsp;&nbsp; 7936 | &nbsp;&nbsp;&nbsp; $1710062 | &nbsp;&nbsp; $334491 | 28.05<br> %<br>|
| Contemporary Amperex Technology Co., Ltd. Class A | &nbsp;&nbsp; 26460 | &nbsp;&nbsp;&nbsp; 932777 | &nbsp;&nbsp; 12130 | 1.02 |
| Ping An Insurance Group Co. Class A | &nbsp;&nbsp; 103200 | &nbsp;&nbsp;&nbsp; 799978 | &nbsp;&nbsp; 54152 | 4.54 |
| Cosco Shipping Holdings Co. Class A | &nbsp;&nbsp; 348600 | &nbsp;&nbsp;&nbsp; 732474 | &nbsp;&nbsp; 4547 | 0.38 |
| Huatai Securities Co., Ltd. Class A | &nbsp;&nbsp; 293900 | &nbsp;&nbsp;&nbsp; 731366 | &nbsp;&nbsp; 28516 | 2.39 |
| Bank of Hangzhou Co., Ltd. Class A | &nbsp;&nbsp; 274600 | &nbsp;&nbsp;&nbsp; 644928 | &nbsp;&nbsp; 5442 | 0.46 |
| China Yangtze Power Co., Ltd. Class A | &nbsp;&nbsp; 150400 | &nbsp;&nbsp;&nbsp; 632881 | &nbsp;&nbsp; 463 | 0.04 |
| Picc Holding Co. Class A | &nbsp;&nbsp; 512400 | &nbsp;&nbsp;&nbsp; 623681 | &nbsp;&nbsp; 18483 | 1.55 |
| Korea Electric Power Corporation | &nbsp;&nbsp; 21338 | &nbsp;&nbsp;&nbsp; 616609 | &nbsp;&nbsp; 169155 | 14.18 |
| China State Construction Class A | &nbsp;&nbsp; 763800 | &nbsp;&nbsp;&nbsp; 615527 | &nbsp;&nbsp; 8081 | 0.68 |
| S F Holding Co, Ltd. Class A | &nbsp;&nbsp; 86200 | &nbsp;&nbsp;&nbsp; 587178 | &nbsp;&nbsp; 1522 | 0.13 |
| Shandong Nanshan Aluminum Class A | &nbsp;&nbsp; 1053300 | &nbsp;&nbsp;&nbsp; 563308 | &nbsp;&nbsp; 7297 | 0.61 |
| Huaxia Bank Co., Ltd. Class A | &nbsp;&nbsp; 487307 | &nbsp;&nbsp;&nbsp; 538227 | &nbsp;&nbsp; 24769 | 2.08 |
| Wuxi Apptec Co., Ltd. Class A | &nbsp;&nbsp; 53800 | &nbsp;&nbsp;&nbsp; 522740 | &nbsp;&nbsp; 15365 | 1.29 |
| Yunnan Yuntianhua Co. Class A | &nbsp;&nbsp; 170200 | &nbsp;&nbsp;&nbsp; 522169 | &nbsp;&nbsp; (6468)<br>| &nbsp;&nbsp; (0.54)<br>|
| Yutong Bus Co., Ltd. Class A | &nbsp;&nbsp; 144300 | &nbsp;&nbsp;&nbsp; 500970 | &nbsp;&nbsp; 7757 | 0.65 |
| Zhejiang China Commodities Class A | &nbsp;&nbsp; 170000 | &nbsp;&nbsp;&nbsp; 491266 | &nbsp;&nbsp; 47780 | 4.01 |
| Gf Securities Co., Ltd. Class A | &nbsp;&nbsp; 199800 | &nbsp;&nbsp;&nbsp; 469073 | &nbsp;&nbsp; 18852 | 1.58 |
| China National Chemical Class A | &nbsp;&nbsp; 428800 | &nbsp;&nbsp;&nbsp; 459356 | &nbsp;&nbsp; (11867)<br>| &nbsp;&nbsp; (1.00)<br>|
| 37 Interactive Entertainment Class A | &nbsp;&nbsp; 185500 | &nbsp;&nbsp;&nbsp; 447983 | &nbsp;&nbsp; 58882 | 4.94 |
| Yealink Network Technology Class A | &nbsp;&nbsp; 89800 | &nbsp;&nbsp;&nbsp; 435915 | &nbsp;&nbsp; (1847)<br>| &nbsp;&nbsp; (0.16)<br>|
| Bank Of Shanghai Co., Ltd. Class A | &nbsp;&nbsp; 290300 | &nbsp;&nbsp;&nbsp; 430035 | &nbsp;&nbsp; 2248 | 0.19 |
| Industrial Bank Co., Ltd. Class A | &nbsp;&nbsp; 124600 | &nbsp;&nbsp;&nbsp; 406120 | &nbsp;&nbsp; 17845 | 1.50 |
| Luxshare Precision Industry Class A | &nbsp;&nbsp; 82400 | &nbsp;&nbsp;&nbsp; 399383 | &nbsp;&nbsp; 33961 | 2.85 |
| Shanghai Pudong Devel Bank Class A | &nbsp;&nbsp; 204100 | &nbsp;&nbsp;&nbsp; 395688 | &nbsp;&nbsp; 41483 | 3.48 |
| Petrochina Co., Ltd. Class A | &nbsp;&nbsp; 317600 | &nbsp;&nbsp;&nbsp; 379151 | &nbsp;&nbsp; (3701)<br>| &nbsp;&nbsp; (0.31)<br>|
| Bank of Beijing Co., Ltd. Class A | &nbsp;&nbsp; 394900 | &nbsp;&nbsp;&nbsp; 376609 | &nbsp;&nbsp; 17445 | 1.46 |
| Byd Co., Ltd. Class A | &nbsp;&nbsp; 8100 | &nbsp;&nbsp;&nbsp; 375587 | &nbsp;&nbsp; (22932)<br>| &nbsp;&nbsp; (1.92)<br>|
| Muyuan Foods Co., Ltd. Class A | &nbsp;&nbsp; 61700 | &nbsp;&nbsp;&nbsp; 362062 | &nbsp;&nbsp; (9720)<br>| &nbsp;&nbsp; (0.82)<br>|
| China Pacific Insurance Group Class A | &nbsp;&nbsp; 68200 | &nbsp;&nbsp;&nbsp; 357363 | &nbsp;&nbsp; 14829 | 1.24 |
| China Railway Group, Ltd. Class A | &nbsp;&nbsp; 444400 | &nbsp;&nbsp;&nbsp; 348185 | &nbsp;&nbsp; 4039 | 0.34 |

---

See Notes to Financial Statements.

**241**

------

**EMERGING MARKETS EQUITY FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Common Stocks** | **Shares** | **Notional** | **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>| **Percentage of**<br> **Swap Value**<br>|
| Hengtong Optic-Electric Co. Class A | &nbsp;&nbsp; 161000 | &nbsp;&nbsp;&nbsp; $344210 | &nbsp;&nbsp; $6212 | 0.52<br> %<br>|
| Shenergy Company Limited Class A | &nbsp;&nbsp; 280800 | &nbsp;&nbsp;&nbsp; 337262 | &nbsp;&nbsp; (5345)<br>| &nbsp;&nbsp; (0.45)<br>|
| Hundsun Technologies, Inc. Class A | &nbsp;&nbsp; 71500 | &nbsp;&nbsp;&nbsp; 335067 | &nbsp;&nbsp; 68973 | 5.78 |
| Ping An Bank Co., Ltd. Class A | &nbsp;&nbsp; 195900 | &nbsp;&nbsp;&nbsp; 330188 | &nbsp;&nbsp; 11497 | 0.96 |
| Seres Group Co., Ltd. Class A | &nbsp;&nbsp; 17100 | &nbsp;&nbsp;&nbsp; 320644 | &nbsp;&nbsp; (30)<br>| &nbsp;&nbsp; (0.00)<br>|
| Wens Foodstuff Group Co., Ltd. Class A | &nbsp;&nbsp; 127400 | &nbsp;&nbsp;&nbsp; 303925 | &nbsp;&nbsp; (12281)<br>| &nbsp;&nbsp; (1.03)<br>|
| Shanghai Baosight Software Class A Stock Connect | &nbsp;&nbsp; 90540 | &nbsp;&nbsp;&nbsp; 298681 | &nbsp;&nbsp; (9899)<br>| &nbsp;&nbsp; (0.83)<br>|
| Gree Electric Appliances I Class A | &nbsp;&nbsp; 47200 | &nbsp;&nbsp;&nbsp; 296121 | &nbsp;&nbsp; 1207 | 0.10 |
| Inner Mongolia Yili Industrial Group Co., Ltd. Class A | &nbsp;&nbsp; 70362 | &nbsp;&nbsp;&nbsp; 274032 | &nbsp;&nbsp; (2430)<br>| &nbsp;&nbsp; (0.20)<br>|
| Foxconn Industrial Internet Class A | &nbsp;&nbsp; 86100 | &nbsp;&nbsp;&nbsp; 258267 | &nbsp;&nbsp; 10509 | 0.88 |
| Tianshan Aluminum Group Co. Class A | &nbsp;&nbsp; 219500 | &nbsp;&nbsp;&nbsp; 254956 | &nbsp;&nbsp; 594 | 0.05 |
| Hithink Royalflush Informa Class A | &nbsp;&nbsp; 6600 | &nbsp;&nbsp;&nbsp; 251751 | &nbsp;&nbsp; 16292 | 1.37 |
| Bank of Nanjing Co, Ltd. Class A | &nbsp;&nbsp; 154100 | &nbsp;&nbsp;&nbsp; 250006 | &nbsp;&nbsp; 2951 | 0.25 |
| Weichai Power Co., Ltd. Class A | &nbsp;&nbsp; 115300 | &nbsp;&nbsp;&nbsp; 247757 | &nbsp;&nbsp; (1642)<br>| &nbsp;&nbsp; (0.14)<br>|
| Zhejiang Zheneng Electric Class A | &nbsp;&nbsp; 334300 | &nbsp;&nbsp;&nbsp; 247435 | &nbsp;&nbsp; (1670)<br>| &nbsp;&nbsp; (0.14)<br>|
| NARI Technology Co., Ltd. Class A | &nbsp;&nbsp; 79000 | &nbsp;&nbsp;&nbsp; 247288 | &nbsp;&nbsp; 5238 | 0.44 |
| Range Intelligent Computing Class A | &nbsp;&nbsp; 34700 | &nbsp;&nbsp;&nbsp; 239828 | &nbsp;&nbsp; 22437 | 1.88 |
| Henan Shuanghui Investment Class A | &nbsp;&nbsp; 66500 | &nbsp;&nbsp;&nbsp; 226661 | &nbsp;&nbsp; (3598)<br>| &nbsp;&nbsp; (0.30)<br>|
| Huayu Automotive Systems Class A | &nbsp;&nbsp; 87700 | &nbsp;&nbsp;&nbsp; 216027 | &nbsp;&nbsp; (5309)<br>| &nbsp;&nbsp; (0.45)<br>|
| Other | &nbsp;&nbsp; 3439172 | &nbsp;&nbsp;&nbsp; 5830348 | &nbsp;&nbsp; 195966 | 16.42 |
|  |  | &nbsp;&nbsp;&nbsp; $28519105 | &nbsp;&nbsp; $1192671 | 100.00<br> %<br>|

---

**242**

See Notes to Financial Statements.

------

**VALUATION HIERARCHY**

The following is a summary of the inputs used, as of June 30, 2025, in valuing the Fund's investments carried at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total** <br>**Value**<br>| **Level 1** <br>**Quoted Prices**<br>| **Level 2** <br>**Other Significant** <br>**Observable Inputs**<br>| **Level 3** <br>**Significant** <br>**Unobservable Inputs**<br>|
| **Assets:** |  |  |  |  |
| **Investments in Securities:** |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $16156782 | &nbsp;&nbsp; $16156782 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Foreign Common Stocks: |  |  |  |  |
| Brazil | &nbsp;&nbsp; 26861437 | &nbsp;&nbsp; 26861437 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Canada | &nbsp;&nbsp; 2336345 | &nbsp;&nbsp; 2336345 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Chile | &nbsp;&nbsp; 1363882 | &nbsp;&nbsp; 1363882 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| China | &nbsp;&nbsp; 132122760 | &nbsp;&nbsp; 39306333 | &nbsp;&nbsp; 92816427 | &nbsp;&nbsp; — |
| Greece | &nbsp;&nbsp; 4907872 | &nbsp;&nbsp; 502419 | &nbsp;&nbsp; 4405453 | &nbsp;&nbsp; — |
| Hong Kong | &nbsp;&nbsp; 76173366 | &nbsp;&nbsp; 732310 | &nbsp;&nbsp; 75441056 | &nbsp;&nbsp; — |
| India | &nbsp;&nbsp; 141988497 | &nbsp;&nbsp; 7254399 | &nbsp;&nbsp; 134734098 | &nbsp;&nbsp; — |
| Indonesia | &nbsp;&nbsp; 16661726 | &nbsp;&nbsp; 273557 | &nbsp;&nbsp; 16388169 | &nbsp;&nbsp; — |
| Kazakhstan | &nbsp;&nbsp; 1313423 | &nbsp;&nbsp; 1053145 | &nbsp;&nbsp; 260278 | &nbsp;&nbsp; — |
| Mexico | &nbsp;&nbsp; 27794082 | &nbsp;&nbsp; 27794082 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Netherlands | &nbsp;&nbsp; 1360825 | &nbsp;&nbsp; 1360825 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Peru | &nbsp;&nbsp; 6844406 | &nbsp;&nbsp; 6844406 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Philippines | &nbsp;&nbsp; 1071963 | &nbsp;&nbsp; 389154 | &nbsp;&nbsp; 682809 | &nbsp;&nbsp; — |
| Singapore | &nbsp;&nbsp; 1152411 | &nbsp;&nbsp; 1064308 | &nbsp;&nbsp; 88103 | &nbsp;&nbsp; — |
| South Africa | &nbsp;&nbsp; 20070861 | &nbsp;&nbsp; 6433981 | &nbsp;&nbsp; 13636880 | &nbsp;&nbsp; — |
| United Arab Emirates | &nbsp;&nbsp; 10968421 | &nbsp;&nbsp; 1687429 | &nbsp;&nbsp; 9280992 | &nbsp;&nbsp; — |
| Other<sup>^^</sup> <br>| &nbsp;&nbsp; 283961115 | &nbsp;&nbsp; — | &nbsp;&nbsp; 283961115 | &nbsp;&nbsp; —<br> \*\*<br>|
| Total Foreign Common Stocks | &nbsp;&nbsp; 756953392 | &nbsp;&nbsp; 125258012 | &nbsp;&nbsp; 631695380 | &nbsp;&nbsp; — |
| Foreign Preferred Stocks: |  |  |  |  |
| Brazil | &nbsp;&nbsp; 4760555 | &nbsp;&nbsp; 4760555 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| South Korea | &nbsp;&nbsp; 8755442 | &nbsp;&nbsp; — | &nbsp;&nbsp; 8755442 | &nbsp;&nbsp; — |
| Total Foreign Preferred Stocks | &nbsp;&nbsp; 13515997 | &nbsp;&nbsp; 4760555 | &nbsp;&nbsp; 8755442 | &nbsp;&nbsp; — |
| Money Market Funds | &nbsp;&nbsp; 41100643 | &nbsp;&nbsp; 41100643 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Warrants | &nbsp;&nbsp; 73172 | &nbsp;&nbsp; 73172 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Total Assets - Investments in Securities** | &nbsp;&nbsp; $827799986 | &nbsp;&nbsp; $187349164 | &nbsp;&nbsp; $640450822 | &nbsp;&nbsp; $— |
| **Other Financial Instruments\*\*\*** |  |  |  |  |
| Forward Foreign Currency Contracts | &nbsp;&nbsp; $3116548 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3116548 | &nbsp;&nbsp; $— |
| Futures Contracts | &nbsp;&nbsp; 1655559 | &nbsp;&nbsp; 1655559 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Swap Agreements | &nbsp;&nbsp; 1595302 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1595302 | &nbsp;&nbsp; — |
| **Total Assets - Other Financial Instruments** | &nbsp;&nbsp; $6367409 | &nbsp;&nbsp; $1655559 | &nbsp;&nbsp; $4711850 | &nbsp;&nbsp; $— |

---

See Notes to Financial Statements.

**243**

------

**EMERGING MARKETS EQUITY FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total**<br> **Value**<br>| **Level 1**<br> **Quoted Prices**<br>| **Level 2**<br> **Other Significant**<br> **Observable Inputs**<br>| **Level 3**<br> **Significant**<br> **Unobservable Inputs**<br>|
| **Liabilities:** |  |  |  |  |
| **Other Financial Instruments\*\*\*** |  |  |  |  |
| Forward Foreign Currency Contracts | &nbsp;&nbsp; $(3436787)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(3436787)<br>| &nbsp;&nbsp; $— |
| Futures Contracts | &nbsp;&nbsp; (107950)<br>| &nbsp;&nbsp; (107950)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Swap Agreements | &nbsp;&nbsp; (550558)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (550558)<br>| &nbsp;&nbsp; — |
| **Total Liabilities - Other Financial Instruments** | &nbsp;&nbsp; $(4095295)<br>| &nbsp;&nbsp; $(107950)<br>| &nbsp;&nbsp; $(3987345)<br>| &nbsp;&nbsp; $— |

---

---

| | |
|:---|:---|
| ^^ | Classifications as defined in the Schedule of Investments. |
| \*\* | Level 3 security has zero value. |
| \*\*\* | Other financial instruments are derivative instruments, such as futures contracts, forward foreign currency contracts and swap agreements, which are valued <br> at the unrealized appreciation (depreciation) on the investment. Further details regarding the value of these investments can be found in the preceding <br> "Futures Contracts outstanding", "Forward Foreign Currency Contracts outstanding" and "Swap Agreements outstanding" disclosures.<br>|

---

There were no transfers to or from Level 3 during the period ended June 30, 2025.

Management has determined that the amount of Level 3 securities compared to total net assets is not material; therefore, the reconciliation of Level 3 securities and assumptions is not shown for the period ended June 30, 2025.

**244**

See Notes to Financial Statements.

------

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**245**

------

**STATEMENTS OF ASSETS AND LIABILITIES**

**June 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Defensive Market**<br> **Strategies**<sup>®</sup> **Fund**<br>| **Impact Equity Fund** | **Equity Index**<br> **Fund**<br>| **Value Equity**<br> **Index Fund**<br>|
| **Assets** |  |  |  |  |
| Investments in securities of unaffiliated issuers, at value\* | &nbsp;&nbsp; $1319016512 | &nbsp;&nbsp; $537163 | &nbsp;&nbsp; $5213009157 | &nbsp;&nbsp; $204651830 |
| Investments in securities of affiliated issuers, at value | &nbsp;&nbsp; 83690034 | &nbsp;&nbsp; 111600286 | &nbsp;&nbsp; 112330609 | &nbsp;&nbsp; 3697404 |
| Total investments, at value<sup>(1), (2)</sup> <br>| &nbsp;&nbsp; 1402706546 | &nbsp;&nbsp; 112137449 | &nbsp;&nbsp; 5325339766 | &nbsp;&nbsp; 208349234 |
| Cash | &nbsp;&nbsp; 946340 | &nbsp;&nbsp; 3875 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Cash collateral for derivatives | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Deposits with broker for futures contracts | &nbsp;&nbsp; 6248 | &nbsp;&nbsp; 7776056 | &nbsp;&nbsp; 8487911 | &nbsp;&nbsp; 281319 |
| Foreign currency<sup>(3)</sup> <br>| &nbsp;&nbsp; 127018 | &nbsp;&nbsp; 11053 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Receivables: |  |  |  |  |
| Dividends | &nbsp;&nbsp; 598351 | &nbsp;&nbsp; 273351 | &nbsp;&nbsp; 2458257 | &nbsp;&nbsp; 158235 |
| Reclaims | &nbsp;&nbsp; 245391 | &nbsp;&nbsp; 34869 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Interest | &nbsp;&nbsp; 4196002 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Securities lending | &nbsp;&nbsp; 22087 | &nbsp;&nbsp; 44 | &nbsp;&nbsp; 32827 | &nbsp;&nbsp; 1125 |
| From advisor | &nbsp;&nbsp; — | &nbsp;&nbsp; 1252 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3248 |
| Investment securities sold | &nbsp;&nbsp; 705107 | &nbsp;&nbsp; — | &nbsp;&nbsp; 499455 | &nbsp;&nbsp; 1403561 |
| Fund shares sold | &nbsp;&nbsp; 393098 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1159895 | &nbsp;&nbsp; 92278 |
| Variation margin on futures contracts | &nbsp;&nbsp; 320180 | &nbsp;&nbsp; 440716 | &nbsp;&nbsp; 541860 | &nbsp;&nbsp; 17250 |
| Unrealized appreciation on foreign currency exchange contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Unrealized appreciation on swap agreements | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Prepaid expenses and other assets | &nbsp;&nbsp; 49217 | &nbsp;&nbsp; 31941 | &nbsp;&nbsp; 98623 | &nbsp;&nbsp; 15910 |
| Total Assets | &nbsp;&nbsp; 1410315585 | &nbsp;&nbsp; 120710606 | &nbsp;&nbsp; 5338618594 | &nbsp;&nbsp; 210322160 |
| **Liabilities** |  |  |  |  |
| Cash Overdraft | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1365286 |
| Options written, at value<sup>(4)</sup> <br>| &nbsp;&nbsp; 2543166 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Unrealized depreciation on foreign currency exchange contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Unrealized depreciation on swap agreements | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Collateral held for securities on loan, at value | &nbsp;&nbsp; 7496371 | &nbsp;&nbsp; — | &nbsp;&nbsp; 14934556 | &nbsp;&nbsp; 932253 |
| Collateral from counterparty | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Payables: |  |  |  |  |
| Investment securities purchased | &nbsp;&nbsp; 2207752 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 38184 |
| Fund shares redeemed | &nbsp;&nbsp; 394721 | &nbsp;&nbsp; 162227 | &nbsp;&nbsp; 9734085 | &nbsp;&nbsp; 49308 |
| Variation margin on centrally cleared swaps | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Variation margin on futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Foreign capital gains taxes | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Accrued expenses: |  |  |  |  |
| Investment advisory fees | &nbsp;&nbsp; 674227 | &nbsp;&nbsp; 32409 | &nbsp;&nbsp; 364935 | &nbsp;&nbsp; 16146 |
| Shareholder servicing fees | &nbsp;&nbsp; 55682 | &nbsp;&nbsp; 2102 | &nbsp;&nbsp; 304244 | &nbsp;&nbsp; 5645 |
| Director fees | &nbsp;&nbsp; 1167 | &nbsp;&nbsp; 40 | &nbsp;&nbsp; 2236 | &nbsp;&nbsp; 141 |
| Other expenses | &nbsp;&nbsp; 223202 | &nbsp;&nbsp; 109929 | &nbsp;&nbsp; 571555 | &nbsp;&nbsp; 120377 |
| Total Liabilities | &nbsp;&nbsp; 13596288 | &nbsp;&nbsp; 306707 | &nbsp;&nbsp; 25911611 | &nbsp;&nbsp; 2527340 |
| Commitments and contingencies | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>(5)</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>(5)</sup><br>|
| **Net Assets** | &nbsp;&nbsp; $1396719297 | &nbsp;&nbsp; $120403899 | &nbsp;&nbsp; $5312706983 | &nbsp;&nbsp; $207794820 |
| **Net Assets Consist of:** |  |  |  |  |
| Paid-in-capital | &nbsp;&nbsp; $1356237551 | &nbsp;&nbsp; $88739674 | &nbsp;&nbsp; $2737670176 | &nbsp;&nbsp; $172807833 |
| Distributable earnings (loss) | &nbsp;&nbsp; 40481746 | &nbsp;&nbsp; 31664225 | &nbsp;&nbsp; 2575036807 | &nbsp;&nbsp; 34986987 |
| **Net Assets** | &nbsp;&nbsp; $1396719297 | &nbsp;&nbsp; $120403899 | &nbsp;&nbsp; $5312706983 | &nbsp;&nbsp; $207794820 |
| **Net Asset Value:** |  |  |  |  |
| $0.001 par value, unlimited shares authorized |  |  |  |  |
| Net assets applicable to the Institutional Class | &nbsp;&nbsp; $1122229185 | &nbsp;&nbsp; $111301828 | &nbsp;&nbsp; $3788158970 | &nbsp;&nbsp; $179558901 |
| Institutional shares outstanding | &nbsp;&nbsp; 94912354 | &nbsp;&nbsp; 8403199 | &nbsp;&nbsp; 61542474 | &nbsp;&nbsp; 14738403 |
| Net asset value, offering and redemption price per Institutional share | &nbsp;&nbsp; $11.82 | &nbsp;&nbsp; $13.25 | &nbsp;&nbsp; $61.55 | &nbsp;&nbsp; $12.18 |
| Net assets applicable to the Investor Class | &nbsp;&nbsp; $274490112 | &nbsp;&nbsp; $9102071 | &nbsp;&nbsp; $1524548013 | &nbsp;&nbsp; $28235919 |
| Investor shares outstanding | &nbsp;&nbsp; 23249569 | &nbsp;&nbsp; 688397 | &nbsp;&nbsp; 24769681 | &nbsp;&nbsp; 2315679 |
| Net asset value, offering and redemption price per Investor share | &nbsp;&nbsp; $11.81 | &nbsp;&nbsp; $13.22 | &nbsp;&nbsp; $61.55 | &nbsp;&nbsp; $12.19 |
| <sup>(1)</sup>Investments in securities of unaffiliated issuers, at cost\* | &nbsp;&nbsp; $1279722332 | &nbsp;&nbsp; $513421 | &nbsp;&nbsp; $2649852580 | &nbsp;&nbsp; $175723008 |
| Investments in securities of affiliated issuers, at cost | &nbsp;&nbsp; 83690034 | &nbsp;&nbsp; 111600286 | &nbsp;&nbsp; 112330609 | &nbsp;&nbsp; 3697404 |
| Total investments, at cost | &nbsp;&nbsp; $1363412366 | &nbsp;&nbsp; $112113707 | &nbsp;&nbsp; $2762183189 | &nbsp;&nbsp; $179420412 |
| <sup>(2)</sup>Includes securities loaned of: | &nbsp;&nbsp; $298440069 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $163977512 | &nbsp;&nbsp; $10056578 |
| <sup>(3)</sup>Foreign currency, at cost | &nbsp;&nbsp; $115585 | &nbsp;&nbsp; $10987 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| <sup>(4)</sup>Premiums received on options written | &nbsp;&nbsp; $7061300 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| <sup>(5)</sup>See Note 3c in Notes to Financial Statements. |  |  |  |  |
| <sup>(6)</sup>Net of $(402927) and $(4462633) accrued foreign capital gains taxed on appreciated securities for International Equity Fund and Emerging Markets <br> Equity Fund, respectively. | <sup>(6)</sup>Net of $(402927) and $(4462633) accrued foreign capital gains taxed on appreciated securities for International Equity Fund and Emerging Markets <br> Equity Fund, respectively. | <sup>(6)</sup>Net of $(402927) and $(4462633) accrued foreign capital gains taxed on appreciated securities for International Equity Fund and Emerging Markets <br> Equity Fund, respectively. | <sup>(6)</sup>Net of $(402927) and $(4462633) accrued foreign capital gains taxed on appreciated securities for International Equity Fund and Emerging Markets <br> Equity Fund, respectively. | <sup>(6)</sup>Net of $(402927) and $(4462633) accrued foreign capital gains taxed on appreciated securities for International Equity Fund and Emerging Markets <br> Equity Fund, respectively. |
| \* Includes Purchased Options | \* Includes Purchased Options | \* Includes Purchased Options | \* Includes Purchased Options | \* Includes Purchased Options |

---

**246**

See Notes to Financial Statements.

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Value Equity**<br> **Fund**<br>| **Growth Equity**<br> **Index Fund**<br>| **Growth Equity**<br> **Fund**<br>| **Small Cap**<br> **Equity Fund**<br>| **International Equity**<br> **Index Fund**<br>| **International**<br> **Equity Fund**<br>| **Emerging Markets**<br> **Equity Fund**<br>|
| $978914668 | &nbsp;&nbsp;&nbsp;&nbsp; $317874684 | &nbsp;&nbsp;&nbsp;&nbsp; $1688744184 | &nbsp;&nbsp;&nbsp;&nbsp; $835489202 | &nbsp;&nbsp;&nbsp;&nbsp; $1504179050 | &nbsp;&nbsp;&nbsp;&nbsp; $1407299154 | &nbsp;&nbsp;&nbsp;&nbsp; $800374186 |
| 43015932 | &nbsp;&nbsp;&nbsp;&nbsp; 5593701 | &nbsp;&nbsp;&nbsp;&nbsp; 40441672 | &nbsp;&nbsp;&nbsp;&nbsp; 32479228 | &nbsp;&nbsp;&nbsp;&nbsp; 72579420 | &nbsp;&nbsp;&nbsp;&nbsp; 71184704 | &nbsp;&nbsp;&nbsp;&nbsp; 27425800 |
| 1021930600 | &nbsp;&nbsp;&nbsp;&nbsp; 323468385 | &nbsp;&nbsp;&nbsp;&nbsp; 1729185856 | &nbsp;&nbsp;&nbsp;&nbsp; 867968430 | &nbsp;&nbsp;&nbsp;&nbsp; 1576758470 | &nbsp;&nbsp;&nbsp;&nbsp; 1478483858 | &nbsp;&nbsp;&nbsp;&nbsp; 827799986 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; 175315 | &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; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 16344365 | &nbsp;&nbsp;&nbsp;&nbsp; 17470062 |
| 672000 | &nbsp;&nbsp;&nbsp;&nbsp; 308247 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 246999 | &nbsp;&nbsp;&nbsp;&nbsp; 3294214 | &nbsp;&nbsp;&nbsp;&nbsp; 7672515 | &nbsp;&nbsp;&nbsp;&nbsp; 4882664 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5206568 | &nbsp;&nbsp;&nbsp;&nbsp; 13206019 | &nbsp;&nbsp;&nbsp;&nbsp; 5700021 |
| 989367 | &nbsp;&nbsp;&nbsp;&nbsp; 76921 | &nbsp;&nbsp;&nbsp;&nbsp; 503027 | &nbsp;&nbsp;&nbsp;&nbsp; 865093 | &nbsp;&nbsp;&nbsp;&nbsp; 1943804 | &nbsp;&nbsp;&nbsp;&nbsp; 1944954 | &nbsp;&nbsp;&nbsp;&nbsp; 2262202 |
| 25909 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1846 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4304546 | &nbsp;&nbsp;&nbsp;&nbsp; 6368624 | &nbsp;&nbsp;&nbsp;&nbsp; 13014 |
| 7345 | &nbsp;&nbsp;&nbsp;&nbsp; 558 | &nbsp;&nbsp;&nbsp;&nbsp; 17702 | &nbsp;&nbsp;&nbsp;&nbsp; 19663 | &nbsp;&nbsp;&nbsp;&nbsp; 15848 | &nbsp;&nbsp;&nbsp;&nbsp; 8967 | &nbsp;&nbsp;&nbsp;&nbsp; 1543 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; 73 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1771 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 23709 |
| 2046869 | &nbsp;&nbsp;&nbsp;&nbsp; 717923 | &nbsp;&nbsp;&nbsp;&nbsp; 11286009 | &nbsp;&nbsp;&nbsp;&nbsp; 1823371 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4259804 | &nbsp;&nbsp;&nbsp;&nbsp; 12732525 |
| 35715 | &nbsp;&nbsp;&nbsp;&nbsp; 298052 | &nbsp;&nbsp;&nbsp;&nbsp; 140346 | &nbsp;&nbsp;&nbsp;&nbsp; 60828 | &nbsp;&nbsp;&nbsp;&nbsp; 622075 | &nbsp;&nbsp;&nbsp;&nbsp; 287227 | &nbsp;&nbsp;&nbsp;&nbsp; 513949 |
| 40500 | &nbsp;&nbsp;&nbsp;&nbsp; 26113 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3335 | &nbsp;&nbsp;&nbsp;&nbsp; 44350 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 43089 |
| 190 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1816210 | &nbsp;&nbsp;&nbsp;&nbsp; 3116548 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1203732 | &nbsp;&nbsp;&nbsp;&nbsp; 1595302 |
| 43393 | &nbsp;&nbsp;&nbsp;&nbsp; 17053 | &nbsp;&nbsp;&nbsp;&nbsp; 55834 | &nbsp;&nbsp;&nbsp;&nbsp; 49295 | &nbsp;&nbsp;&nbsp;&nbsp; 22436 | &nbsp;&nbsp;&nbsp;&nbsp; 46592 | &nbsp;&nbsp;&nbsp;&nbsp; 51479 |
| 1025791888 | &nbsp;&nbsp;&nbsp;&nbsp; 325088640 | &nbsp;&nbsp;&nbsp;&nbsp; 1741190620 | &nbsp;&nbsp;&nbsp;&nbsp; 871037014 | &nbsp;&nbsp;&nbsp;&nbsp; 1592214082 | &nbsp;&nbsp;&nbsp;&nbsp; 1531642867 | &nbsp;&nbsp;&nbsp;&nbsp; 876206093 |
| 138 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 240812 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 189847 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 716994 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 24418 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3049950 | &nbsp;&nbsp;&nbsp;&nbsp; 3436787 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 620628 | &nbsp;&nbsp;&nbsp;&nbsp; 550558 |
| 8866587 | &nbsp;&nbsp;&nbsp;&nbsp; 575839 | &nbsp;&nbsp;&nbsp;&nbsp; 4675139 | &nbsp;&nbsp;&nbsp;&nbsp; 21328334 | &nbsp;&nbsp;&nbsp;&nbsp; 98696539 | &nbsp;&nbsp;&nbsp;&nbsp; 75355752 | &nbsp;&nbsp;&nbsp;&nbsp; 4608712 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 634846 | &nbsp;&nbsp;&nbsp;&nbsp; 1235903 |
| 4536351 | &nbsp;&nbsp;&nbsp;&nbsp; 188508 | &nbsp;&nbsp;&nbsp;&nbsp; 12031143 | &nbsp;&nbsp;&nbsp;&nbsp; 4829642 | &nbsp;&nbsp;&nbsp;&nbsp; 329380 | &nbsp;&nbsp;&nbsp;&nbsp; 6815331 | &nbsp;&nbsp;&nbsp;&nbsp; 10598924 |
| 684425 | &nbsp;&nbsp;&nbsp;&nbsp; 392005 | &nbsp;&nbsp;&nbsp;&nbsp; 1546243 | &nbsp;&nbsp;&nbsp;&nbsp; 243437 | &nbsp;&nbsp;&nbsp;&nbsp; 87467 | &nbsp;&nbsp;&nbsp;&nbsp; 721659 | &nbsp;&nbsp;&nbsp;&nbsp; 67303 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 23231 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 20531 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 402927 | &nbsp;&nbsp;&nbsp;&nbsp; 4491392 |
| 475584 | &nbsp;&nbsp;&nbsp;&nbsp; 24719 | &nbsp;&nbsp;&nbsp;&nbsp; 832265 | &nbsp;&nbsp;&nbsp;&nbsp; 583883 | &nbsp;&nbsp;&nbsp;&nbsp; 128852 | &nbsp;&nbsp;&nbsp;&nbsp; 886695 | &nbsp;&nbsp;&nbsp;&nbsp; 573600 |
| 68085 | &nbsp;&nbsp;&nbsp;&nbsp; 23450 | &nbsp;&nbsp;&nbsp;&nbsp; 165849 | &nbsp;&nbsp;&nbsp;&nbsp; 56569 | &nbsp;&nbsp;&nbsp;&nbsp; 11436 | &nbsp;&nbsp;&nbsp;&nbsp; 96447 | &nbsp;&nbsp;&nbsp;&nbsp; 28290 |
| 424 | &nbsp;&nbsp;&nbsp;&nbsp; 627 | &nbsp;&nbsp;&nbsp;&nbsp; 1282 | &nbsp;&nbsp;&nbsp;&nbsp; 1078 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 849 | &nbsp;&nbsp;&nbsp;&nbsp; 820 |
| 170062 | &nbsp;&nbsp;&nbsp;&nbsp; 138409 | &nbsp;&nbsp;&nbsp;&nbsp; 228680 | &nbsp;&nbsp;&nbsp;&nbsp; 161907 | &nbsp;&nbsp;&nbsp;&nbsp; 363394 | &nbsp;&nbsp;&nbsp;&nbsp; 604134 | &nbsp;&nbsp;&nbsp;&nbsp; 859488 |
| 15518650 | &nbsp;&nbsp;&nbsp;&nbsp; 1343557 | &nbsp;&nbsp;&nbsp;&nbsp; 19480601 | &nbsp;&nbsp;&nbsp;&nbsp; 27470080 | &nbsp;&nbsp;&nbsp;&nbsp; 99617068 | &nbsp;&nbsp;&nbsp;&nbsp; 89422827 | &nbsp;&nbsp;&nbsp;&nbsp; 26451777 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(5)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(5)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(5)</sup><br>|
| $1010273238 | &nbsp;&nbsp;&nbsp;&nbsp; $323745083 | &nbsp;&nbsp;&nbsp;&nbsp; $1721710019 | &nbsp;&nbsp;&nbsp;&nbsp; $843566934 | &nbsp;&nbsp;&nbsp;&nbsp; $1492597014 | &nbsp;&nbsp;&nbsp;&nbsp; $1442220040 | &nbsp;&nbsp;&nbsp;&nbsp; $849754316 |
| $838641430 | &nbsp;&nbsp;&nbsp;&nbsp; $203788732 | &nbsp;&nbsp;&nbsp;&nbsp; $1070308933 | &nbsp;&nbsp;&nbsp;&nbsp; $760660345 | &nbsp;&nbsp;&nbsp;&nbsp; $1131243472 | &nbsp;&nbsp;&nbsp;&nbsp; $1129568495 | &nbsp;&nbsp;&nbsp;&nbsp; $754130240 |
| 171631808 | &nbsp;&nbsp;&nbsp;&nbsp; 119956351 | &nbsp;&nbsp;&nbsp;&nbsp; 651401086 | &nbsp;&nbsp;&nbsp;&nbsp; 82906589 | &nbsp;&nbsp;&nbsp;&nbsp; 361353542 | &nbsp;&nbsp;&nbsp;&nbsp; 312651545 <br><sup>(6)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 95624076 <br><sup>(6)</sup><br>|
| $1010273238 | &nbsp;&nbsp;&nbsp;&nbsp; $323745083 | &nbsp;&nbsp;&nbsp;&nbsp; $1721710019 | &nbsp;&nbsp;&nbsp;&nbsp; $843566934 | &nbsp;&nbsp;&nbsp;&nbsp; $1492597014 | &nbsp;&nbsp;&nbsp;&nbsp; $1442220040 | &nbsp;&nbsp;&nbsp;&nbsp; $849754316 |
| $670916919 | &nbsp;&nbsp;&nbsp;&nbsp; $203764497 | &nbsp;&nbsp;&nbsp;&nbsp; $881983357 | &nbsp;&nbsp;&nbsp;&nbsp; $564583612 | &nbsp;&nbsp;&nbsp;&nbsp; $1433750132 | &nbsp;&nbsp;&nbsp;&nbsp; $961953591 | &nbsp;&nbsp;&nbsp;&nbsp; $706418445 |
| 35779044 | &nbsp;&nbsp;&nbsp;&nbsp; 11789093 | &nbsp;&nbsp;&nbsp;&nbsp; 31260701 | &nbsp;&nbsp;&nbsp;&nbsp; 32582949 | &nbsp;&nbsp;&nbsp;&nbsp; 103066204 | &nbsp;&nbsp;&nbsp;&nbsp; 58276951 | &nbsp;&nbsp;&nbsp;&nbsp; 64248933 |
| $18.75 | &nbsp;&nbsp;&nbsp;&nbsp; $17.28 | &nbsp;&nbsp;&nbsp;&nbsp; $28.21 | &nbsp;&nbsp;&nbsp;&nbsp; $17.33 | &nbsp;&nbsp;&nbsp;&nbsp; $13.91 | &nbsp;&nbsp;&nbsp;&nbsp; $16.51 | &nbsp;&nbsp;&nbsp;&nbsp; $11.00 |
| $339356319 | &nbsp;&nbsp;&nbsp;&nbsp; $119980586 | &nbsp;&nbsp;&nbsp;&nbsp; $839726662 | &nbsp;&nbsp;&nbsp;&nbsp; $278983322 | &nbsp;&nbsp;&nbsp;&nbsp; $58846882 | &nbsp;&nbsp;&nbsp;&nbsp; $480266449 | &nbsp;&nbsp;&nbsp;&nbsp; $143335871 |
| 18124523 | &nbsp;&nbsp;&nbsp;&nbsp; 6942294 | &nbsp;&nbsp;&nbsp;&nbsp; 30749674 | &nbsp;&nbsp;&nbsp;&nbsp; 16317039 | &nbsp;&nbsp;&nbsp;&nbsp; 4230583 | &nbsp;&nbsp;&nbsp;&nbsp; 29179230 | &nbsp;&nbsp;&nbsp;&nbsp; 13106923 |
| $18.72 | &nbsp;&nbsp;&nbsp;&nbsp; $17.28 | &nbsp;&nbsp;&nbsp;&nbsp; $27.31 | &nbsp;&nbsp;&nbsp;&nbsp; $17.10 | &nbsp;&nbsp;&nbsp;&nbsp; $13.91 | &nbsp;&nbsp;&nbsp;&nbsp; $16.46 | &nbsp;&nbsp;&nbsp;&nbsp; $10.94 |
| $862803078 | &nbsp;&nbsp;&nbsp;&nbsp; $205338469 | &nbsp;&nbsp;&nbsp;&nbsp; $1130359329 | &nbsp;&nbsp;&nbsp;&nbsp; $784228007 | &nbsp;&nbsp;&nbsp;&nbsp; $1180825629 | &nbsp;&nbsp;&nbsp;&nbsp; $1149259091 | &nbsp;&nbsp;&nbsp;&nbsp; $661044165 |
| 43015932 | &nbsp;&nbsp;&nbsp;&nbsp; 5593701 | &nbsp;&nbsp;&nbsp;&nbsp; 40441672 | &nbsp;&nbsp;&nbsp;&nbsp; 32479228 | &nbsp;&nbsp;&nbsp;&nbsp; 72579420 | &nbsp;&nbsp;&nbsp;&nbsp; 71184704 | &nbsp;&nbsp;&nbsp;&nbsp; 27425800 |
| $905819010 | &nbsp;&nbsp;&nbsp;&nbsp; $210932170 | &nbsp;&nbsp;&nbsp;&nbsp; $1170801001 | &nbsp;&nbsp;&nbsp;&nbsp; $816707235 | &nbsp;&nbsp;&nbsp;&nbsp; $1253405049 | &nbsp;&nbsp;&nbsp;&nbsp; $1220443795 | &nbsp;&nbsp;&nbsp;&nbsp; $688469965 |
| $74020531 | &nbsp;&nbsp;&nbsp;&nbsp; $4493258 | &nbsp;&nbsp;&nbsp;&nbsp; $50089372 | &nbsp;&nbsp;&nbsp;&nbsp; $190392262 | &nbsp;&nbsp;&nbsp;&nbsp; $108285940 | &nbsp;&nbsp;&nbsp;&nbsp; $90514907 | &nbsp;&nbsp;&nbsp;&nbsp; $7284987 |
| $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $5133176 | &nbsp;&nbsp;&nbsp;&nbsp; $12812891 | &nbsp;&nbsp;&nbsp;&nbsp; $5734233 |
| $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— |

---

See Notes to Financial Statements.

**247**

------

**STATEMENTS OF OPERATIONS**

**For the Six Months Ended June 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Defensive Market**<br> **Strategies**<sup>®</sup> **Fund**<br>| **Impact Equity Fund** | **Equity Index**<br> **Fund**<br>| **Value Equity**<br> **Index Fund**<br>|
| **Investment Income** |  |  |  |  |
| Dividends | &nbsp;&nbsp; $2164408 | &nbsp;&nbsp; $746204 | &nbsp;&nbsp; $30980088 | &nbsp;&nbsp; $2001393 |
| Income distributions received from affiliated funds | &nbsp;&nbsp; 1994781 | &nbsp;&nbsp; 361103 | &nbsp;&nbsp; 2860089 | &nbsp;&nbsp; 83182 |
| Interest | &nbsp;&nbsp; 13850184 | &nbsp;&nbsp; 3596 | &nbsp;&nbsp; 174783 | &nbsp;&nbsp; 5865 |
| Securities lending, net | &nbsp;&nbsp; 116391 | &nbsp;&nbsp; 270 | &nbsp;&nbsp; 158011 | &nbsp;&nbsp; 4587 |
| Less foreign taxes withheld | &nbsp;&nbsp; (11368)<br>| &nbsp;&nbsp; (80432)<br>| &nbsp;&nbsp; (169835)<br>| &nbsp;&nbsp; (375)<br>|
| Total Investment Income | &nbsp;&nbsp; 18114396 | &nbsp;&nbsp; 1030741 | &nbsp;&nbsp; 34003136 | &nbsp;&nbsp; 2094652 |
| **Expenses** |  |  |  |  |
| Investment advisory fees | &nbsp;&nbsp; 4061560 | &nbsp;&nbsp; 332833 | &nbsp;&nbsp; 2086221 | &nbsp;&nbsp; 94333 |
| Transfer agent fees: |  |  |  |  |
| Institutional shares | &nbsp;&nbsp; 5427 | &nbsp;&nbsp; 4494 | &nbsp;&nbsp; 5836 | &nbsp;&nbsp; 4535 |
| Investor shares | &nbsp;&nbsp; 21103 | &nbsp;&nbsp; 15073 | &nbsp;&nbsp; 46159 | &nbsp;&nbsp; 15289 |
| Custodian fees | &nbsp;&nbsp; 32553 | &nbsp;&nbsp; 20153 | &nbsp;&nbsp; 29056 | &nbsp;&nbsp; 14963 |
| Shareholder servicing fees: |  |  |  |  |
| Investor shares | &nbsp;&nbsp; 358310 | &nbsp;&nbsp; 12291 | &nbsp;&nbsp; 1708394 | &nbsp;&nbsp; 31817 |
| Accounting and administration fees | &nbsp;&nbsp; 121335 | &nbsp;&nbsp; 31760 | &nbsp;&nbsp; 339784 | &nbsp;&nbsp; 35844 |
| Professional fees | &nbsp;&nbsp; 74406 | &nbsp;&nbsp; 60106 | &nbsp;&nbsp; 60325 | &nbsp;&nbsp; 60110 |
| Blue sky fees: |  |  |  |  |
| Institutional shares | &nbsp;&nbsp; 8844 | &nbsp;&nbsp; 7808 | &nbsp;&nbsp; 11506 | &nbsp;&nbsp; 8057 |
| Investor shares | &nbsp;&nbsp; 9330 | &nbsp;&nbsp; 7959 | &nbsp;&nbsp; 16941 | &nbsp;&nbsp; 7927 |
| Shareholder reporting fees: |  |  |  |  |
| Institutional shares | &nbsp;&nbsp; 1972 | &nbsp;&nbsp; 142 | &nbsp;&nbsp; 3908 | &nbsp;&nbsp; — |
| Investor shares | &nbsp;&nbsp; 10068 | &nbsp;&nbsp; 1015 | &nbsp;&nbsp; 27355 | &nbsp;&nbsp; 1584 |
| Directors expenses | &nbsp;&nbsp; 16620 | &nbsp;&nbsp; 1248 | &nbsp;&nbsp; 52707 | &nbsp;&nbsp; 2160 |
| Line of credit facility fees | &nbsp;&nbsp; 2159 | &nbsp;&nbsp; 153 | &nbsp;&nbsp; 6060 | &nbsp;&nbsp; 256 |
| Index license fees | &nbsp;&nbsp; 7033 | &nbsp;&nbsp; 16441 | &nbsp;&nbsp; 305069 | &nbsp;&nbsp; 17312 |
| Interest expense | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Other expenses | &nbsp;&nbsp; 56790 | &nbsp;&nbsp; 12826 | &nbsp;&nbsp; 75844 | &nbsp;&nbsp; 4892 |
| Recoupment of prior expenses reduced by the Advisor | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1526 |
| Total Expenses | &nbsp;&nbsp; 4787510 | &nbsp;&nbsp; 524302 | &nbsp;&nbsp; 4775165 | &nbsp;&nbsp; 300605 |
| Expenses waived/reimbursed<sup>(1)</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (18025)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (24883)<br>|
| Fees paid indirectly | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Net Expenses | &nbsp;&nbsp; 4787510 | &nbsp;&nbsp; 506277 | &nbsp;&nbsp; 4775165 | &nbsp;&nbsp; 275722 |
| **Net Investment Income** | &nbsp;&nbsp; 13326886 | &nbsp;&nbsp; 524464 | &nbsp;&nbsp; 29227971 | &nbsp;&nbsp; 1818930 |
| **Realized and Unrealized Gain (Loss)** |  |  |  |  |
| Net realized gain (loss) from: |  |  |  |  |
| Investment securities<br> (net of capital gains taxes of $0 and $(1137360) for International Equity Fund and <br> Emerging Markets Equity Fund, respectively)<br>| &nbsp;&nbsp; 1206717 | &nbsp;&nbsp; 27641710 | &nbsp;&nbsp; 3472178 | &nbsp;&nbsp; 5757868 |
| Futures transactions | &nbsp;&nbsp; 541414 | &nbsp;&nbsp; (630382)<br>| &nbsp;&nbsp; (2626053)<br>| &nbsp;&nbsp; (55978)<br>|
| Swap agreements | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Option contracts written | &nbsp;&nbsp; (7011486)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Option contracts purchased | &nbsp;&nbsp; 28159415 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Forward foreign currency contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Foreign currency | &nbsp;&nbsp; 4277 | &nbsp;&nbsp; (36852)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Net realized gain | &nbsp;&nbsp; 22900337 | &nbsp;&nbsp; 26974476 | &nbsp;&nbsp; 846125 | &nbsp;&nbsp; 5701890 |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| Investment securities<br> (net of estimated capital gains taxes of $(164933) and $(28759) for International <br> Equity Fund and Emerging Markets Equity Fund, respectively)<br>| &nbsp;&nbsp; 22840381 | &nbsp;&nbsp; (14356535)<br>| &nbsp;&nbsp; 261531674 | &nbsp;&nbsp; 2443341 |
| Futures | &nbsp;&nbsp; 4234242 | &nbsp;&nbsp; 3552494 | &nbsp;&nbsp; 6031996 | &nbsp;&nbsp; 222804 |
| Swap agreements | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Option contracts written | &nbsp;&nbsp; 8636452 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Option contracts purchased | &nbsp;&nbsp; (24116855)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Forward foreign currency contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Foreign currency | &nbsp;&nbsp; 40644 | &nbsp;&nbsp; 4568 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 11634864 | &nbsp;&nbsp; (10799473)<br>| &nbsp;&nbsp; 267563670 | &nbsp;&nbsp; 2666145 |
| **Net Realized and Unrealized Gain** | &nbsp;&nbsp; 34535201 | &nbsp;&nbsp; 16175003 | &nbsp;&nbsp; 268409795 | &nbsp;&nbsp; 8368035 |
| **Net Increase in Net Assets Resulting from Operations** | &nbsp;&nbsp; $47862087 | &nbsp;&nbsp; $16699467 | &nbsp;&nbsp; $297637766 | &nbsp;&nbsp; $10186965 |

---

 <br> <sup>(1)</sup> See Note 3c in Notes to Financial Statements.

**248**

See Notes to Financial Statements.

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Value Equity**<br> **Fund**<br>| **Growth Equity**<br> **Index Fund**<br>| **Growth Equity**<br> **Fund**<br>| **Small Cap**<br> **Equity Fund**<br>| **International Equity**<br> **Index Fund**<br>| **International**<br> **Equity Fund**<br>| **Emerging Markets**<br> **Equity Fund**<br>|
| $11208691 | &nbsp;&nbsp;&nbsp;&nbsp; $897314 | &nbsp;&nbsp;&nbsp;&nbsp; $4098515 | &nbsp;&nbsp;&nbsp;&nbsp; $5299722 | &nbsp;&nbsp;&nbsp;&nbsp; $27447704 | &nbsp;&nbsp;&nbsp;&nbsp; $21545893 | &nbsp;&nbsp;&nbsp;&nbsp; $12579597 |
| 798271 | &nbsp;&nbsp;&nbsp;&nbsp; 124912 | &nbsp;&nbsp;&nbsp;&nbsp; 1282128 | &nbsp;&nbsp;&nbsp;&nbsp; 769900 | &nbsp;&nbsp;&nbsp;&nbsp; 1163155 | &nbsp;&nbsp;&nbsp;&nbsp; 1296031 | &nbsp;&nbsp;&nbsp;&nbsp; 521067 |
| 22219 | &nbsp;&nbsp;&nbsp;&nbsp; 8629 | &nbsp;&nbsp;&nbsp;&nbsp; 32220 | &nbsp;&nbsp;&nbsp;&nbsp; 29694 | &nbsp;&nbsp;&nbsp;&nbsp; 59956 | &nbsp;&nbsp;&nbsp;&nbsp; 78600 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 38268 | &nbsp;&nbsp;&nbsp;&nbsp; 2634 | &nbsp;&nbsp;&nbsp;&nbsp; 46588 | &nbsp;&nbsp;&nbsp;&nbsp; 137812 | &nbsp;&nbsp;&nbsp;&nbsp; 131094 | &nbsp;&nbsp;&nbsp;&nbsp; 63908 | &nbsp;&nbsp;&nbsp;&nbsp; 23376 |
| (164997)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (26158)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (13059)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3956652)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3000018)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1392364)<br>|
| 11902452 | &nbsp;&nbsp;&nbsp;&nbsp; 1033489 | &nbsp;&nbsp;&nbsp;&nbsp; 5433293 | &nbsp;&nbsp;&nbsp;&nbsp; 6224069 | &nbsp;&nbsp;&nbsp;&nbsp; 24845257 | &nbsp;&nbsp;&nbsp;&nbsp; 19984414 | &nbsp;&nbsp;&nbsp;&nbsp; 11731676 |
| 2858157 | &nbsp;&nbsp;&nbsp;&nbsp; 141799 | &nbsp;&nbsp;&nbsp;&nbsp; 4906889 | &nbsp;&nbsp;&nbsp;&nbsp; 3523073 | &nbsp;&nbsp;&nbsp;&nbsp; 719336 | &nbsp;&nbsp;&nbsp;&nbsp; 4949544 | &nbsp;&nbsp;&nbsp;&nbsp; 3274678 |
| 5131 | &nbsp;&nbsp;&nbsp;&nbsp; 4541 | &nbsp;&nbsp;&nbsp;&nbsp; 5376 | &nbsp;&nbsp;&nbsp;&nbsp; 5520 | &nbsp;&nbsp;&nbsp;&nbsp; 4843 | &nbsp;&nbsp;&nbsp;&nbsp; 5640 | &nbsp;&nbsp;&nbsp;&nbsp; 5453 |
| 19876 | &nbsp;&nbsp;&nbsp;&nbsp; 16563 | &nbsp;&nbsp;&nbsp;&nbsp; 26637 | &nbsp;&nbsp;&nbsp;&nbsp; 23266 | &nbsp;&nbsp;&nbsp;&nbsp; 15679 | &nbsp;&nbsp;&nbsp;&nbsp; 26328 | &nbsp;&nbsp;&nbsp;&nbsp; 19106 |
| 21830 | &nbsp;&nbsp;&nbsp;&nbsp; 17030 | &nbsp;&nbsp;&nbsp;&nbsp; 30344 | &nbsp;&nbsp;&nbsp;&nbsp; 47753 | &nbsp;&nbsp;&nbsp;&nbsp; 112866 | &nbsp;&nbsp;&nbsp;&nbsp; 275134 | &nbsp;&nbsp;&nbsp;&nbsp; 632581 |
| 424971 | &nbsp;&nbsp;&nbsp;&nbsp; 130801 | &nbsp;&nbsp;&nbsp;&nbsp; 989707 | &nbsp;&nbsp;&nbsp;&nbsp; 347228 | &nbsp;&nbsp;&nbsp;&nbsp; 45737 | &nbsp;&nbsp;&nbsp;&nbsp; 529032 | &nbsp;&nbsp;&nbsp;&nbsp; 157032 |
| 95186 | &nbsp;&nbsp;&nbsp;&nbsp; 41260 | &nbsp;&nbsp;&nbsp;&nbsp; 140095 | &nbsp;&nbsp;&nbsp;&nbsp; 82856 | &nbsp;&nbsp;&nbsp;&nbsp; 111471 | &nbsp;&nbsp;&nbsp;&nbsp; 118102 | &nbsp;&nbsp;&nbsp;&nbsp; 82126 |
| 60141 | &nbsp;&nbsp;&nbsp;&nbsp; 60116 | &nbsp;&nbsp;&nbsp;&nbsp; 60156 | &nbsp;&nbsp;&nbsp;&nbsp; 69778 | &nbsp;&nbsp;&nbsp;&nbsp; 68671 | &nbsp;&nbsp;&nbsp;&nbsp; 74431 | &nbsp;&nbsp;&nbsp;&nbsp; 74731 |
| 9272 | &nbsp;&nbsp;&nbsp;&nbsp; 7982 | &nbsp;&nbsp;&nbsp;&nbsp; 9415 | &nbsp;&nbsp;&nbsp;&nbsp; 8977 | &nbsp;&nbsp;&nbsp;&nbsp; 9463 | &nbsp;&nbsp;&nbsp;&nbsp; 9160 | &nbsp;&nbsp;&nbsp;&nbsp; 8820 |
| 10759 | &nbsp;&nbsp;&nbsp;&nbsp; 8763 | &nbsp;&nbsp;&nbsp;&nbsp; 11549 | &nbsp;&nbsp;&nbsp;&nbsp; 10275 | &nbsp;&nbsp;&nbsp;&nbsp; 8419 | &nbsp;&nbsp;&nbsp;&nbsp; 10729 | &nbsp;&nbsp;&nbsp;&nbsp; 8177 |
| 1295 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1755 | &nbsp;&nbsp;&nbsp;&nbsp; 2575 | &nbsp;&nbsp;&nbsp;&nbsp; 1221 | &nbsp;&nbsp;&nbsp;&nbsp; 2397 | &nbsp;&nbsp;&nbsp;&nbsp; 2403 |
| 8437 | &nbsp;&nbsp;&nbsp;&nbsp; 4304 | &nbsp;&nbsp;&nbsp;&nbsp; 15756 | &nbsp;&nbsp;&nbsp;&nbsp; 12373 | &nbsp;&nbsp;&nbsp;&nbsp; 2102 | &nbsp;&nbsp;&nbsp;&nbsp; 11938 | &nbsp;&nbsp;&nbsp;&nbsp; 8421 |
| 11707 | &nbsp;&nbsp;&nbsp;&nbsp; 3571 | &nbsp;&nbsp;&nbsp;&nbsp; 19670 | &nbsp;&nbsp;&nbsp;&nbsp; 10517 | &nbsp;&nbsp;&nbsp;&nbsp; 13265 | &nbsp;&nbsp;&nbsp;&nbsp; 14578 | &nbsp;&nbsp;&nbsp;&nbsp; 9192 |
| 1744 | &nbsp;&nbsp;&nbsp;&nbsp; 496 | &nbsp;&nbsp;&nbsp;&nbsp; 2814 | &nbsp;&nbsp;&nbsp;&nbsp; 1692 | &nbsp;&nbsp;&nbsp;&nbsp; 1226 | &nbsp;&nbsp;&nbsp;&nbsp; 2080 | &nbsp;&nbsp;&nbsp;&nbsp; 1423 |
| 6512 | &nbsp;&nbsp;&nbsp;&nbsp; 20845 | &nbsp;&nbsp;&nbsp;&nbsp; 6889 | &nbsp;&nbsp;&nbsp;&nbsp; 6592 | &nbsp;&nbsp;&nbsp;&nbsp; 203448 | &nbsp;&nbsp;&nbsp;&nbsp; 2515 | &nbsp;&nbsp;&nbsp;&nbsp; 20915 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 19623 |
| 37463 | &nbsp;&nbsp;&nbsp;&nbsp; 8414 | &nbsp;&nbsp;&nbsp;&nbsp; 60043 | &nbsp;&nbsp;&nbsp;&nbsp; 39928 | &nbsp;&nbsp;&nbsp;&nbsp; 20548 | &nbsp;&nbsp;&nbsp;&nbsp; 62057 | &nbsp;&nbsp;&nbsp;&nbsp; 66928 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; 35068 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 3572481 | &nbsp;&nbsp;&nbsp;&nbsp; 501553 | &nbsp;&nbsp;&nbsp;&nbsp; 6287095 | &nbsp;&nbsp;&nbsp;&nbsp; 4192403 | &nbsp;&nbsp;&nbsp;&nbsp; 1338295 | &nbsp;&nbsp;&nbsp;&nbsp; 6093665 | &nbsp;&nbsp;&nbsp;&nbsp; 4391609 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; (3920)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (16160)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (128781)<br>|
| (786)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (2788)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (24696)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 3571695 | &nbsp;&nbsp;&nbsp;&nbsp; 497633 | &nbsp;&nbsp;&nbsp;&nbsp; 6284307 | &nbsp;&nbsp;&nbsp;&nbsp; 4167707 | &nbsp;&nbsp;&nbsp;&nbsp; 1322135 | &nbsp;&nbsp;&nbsp;&nbsp; 6093665 | &nbsp;&nbsp;&nbsp;&nbsp; 4262828 |
| 8330757 | &nbsp;&nbsp;&nbsp;&nbsp; 535856 | &nbsp;&nbsp;&nbsp;&nbsp; (851014)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2056362 | &nbsp;&nbsp;&nbsp;&nbsp; 23523122 | &nbsp;&nbsp;&nbsp;&nbsp; 13890749 | &nbsp;&nbsp;&nbsp;&nbsp; 7468848 |
| 69708382 | &nbsp;&nbsp;&nbsp;&nbsp; 6898190 | &nbsp;&nbsp;&nbsp;&nbsp; 141941264 | &nbsp;&nbsp;&nbsp;&nbsp; 29608422 | &nbsp;&nbsp;&nbsp;&nbsp; 2664523 | &nbsp;&nbsp;&nbsp;&nbsp; 45727447 | &nbsp;&nbsp;&nbsp;&nbsp; 18966667 |
| (426275)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 364648 | &nbsp;&nbsp;&nbsp;&nbsp; (3846385)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3843924)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6671739 | &nbsp;&nbsp;&nbsp;&nbsp; 3894814 | &nbsp;&nbsp;&nbsp;&nbsp; 2093690 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11266868 | &nbsp;&nbsp;&nbsp;&nbsp; 2025392 |
| (1463189)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (122102)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2686708 | &nbsp;&nbsp;&nbsp;&nbsp; (849631)<br>|
| (9442)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 32224 | &nbsp;&nbsp;&nbsp;&nbsp; 408269 | &nbsp;&nbsp;&nbsp;&nbsp; 1082947 | &nbsp;&nbsp;&nbsp;&nbsp; (102788)<br>|
| 67809476 | &nbsp;&nbsp;&nbsp;&nbsp; 7262838 | &nbsp;&nbsp;&nbsp;&nbsp; 138094879 | &nbsp;&nbsp;&nbsp;&nbsp; 25674620 | &nbsp;&nbsp;&nbsp;&nbsp; 9744531 | &nbsp;&nbsp;&nbsp;&nbsp; 64658784 | &nbsp;&nbsp;&nbsp;&nbsp; 22133330 |
| (31154819)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10908339 | &nbsp;&nbsp;&nbsp;&nbsp; (42608321)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (51973962)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 217562170 | &nbsp;&nbsp;&nbsp;&nbsp; 163329963 | &nbsp;&nbsp;&nbsp;&nbsp; 84996889 |
| 893981 | &nbsp;&nbsp;&nbsp;&nbsp; 321158 | &nbsp;&nbsp;&nbsp;&nbsp; 741063 | &nbsp;&nbsp;&nbsp;&nbsp; 675811 | &nbsp;&nbsp;&nbsp;&nbsp; 2957094 | &nbsp;&nbsp;&nbsp;&nbsp; 2506820 | &nbsp;&nbsp;&nbsp;&nbsp; 2279746 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 632709 | &nbsp;&nbsp;&nbsp;&nbsp; 1157963 |
| (1119381)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (34181)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1667684)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (218564)<br>|
|  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 665149 | &nbsp;&nbsp;&nbsp;&nbsp; 1410226 | &nbsp;&nbsp;&nbsp;&nbsp; (288425)<br>|
| (31380219)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11229497 | &nbsp;&nbsp;&nbsp;&nbsp; (41867258)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (51332332)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 221184413 | &nbsp;&nbsp;&nbsp;&nbsp; 166212034 | &nbsp;&nbsp;&nbsp;&nbsp; 87927609 |
| 36429257 | &nbsp;&nbsp;&nbsp;&nbsp; 18492335 | &nbsp;&nbsp;&nbsp;&nbsp; 96227621 | &nbsp;&nbsp;&nbsp;&nbsp; (25657712)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 230928944 | &nbsp;&nbsp;&nbsp;&nbsp; 230870818 | &nbsp;&nbsp;&nbsp;&nbsp; 110060939 |
| $44760014 | &nbsp;&nbsp;&nbsp;&nbsp; $19028191 | &nbsp;&nbsp;&nbsp;&nbsp; $95376607 | &nbsp;&nbsp;&nbsp;&nbsp; $(23601350)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $254452066 | &nbsp;&nbsp;&nbsp;&nbsp; $244761567 | &nbsp;&nbsp;&nbsp;&nbsp; $117529787 |

---

See Notes to Financial Statements.

**249**

------

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Defensive Market Strategies**<sup>®</sup> **Fund** | **Defensive Market Strategies**<sup>®</sup> **Fund** | **Impact Equity Fund** | **Impact Equity Fund** |
|  | &nbsp;&nbsp;&nbsp; **For the Six**<br> **Months Ended**<br>| **For the Year Ended** | &nbsp;&nbsp;&nbsp; **For the Six**<br> **Months Ended**<br>| **For the Year Ended** |
|  | **06/30/25** | **12/31/24** | **06/30/25** | **12/31/24** |
|  | **(Unaudited)** |  | **(Unaudited)** |  |
| **Operations:** |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; $13326886 | &nbsp;&nbsp;&nbsp;&nbsp; $33368693 | &nbsp;&nbsp;&nbsp;&nbsp; $524464 | &nbsp;&nbsp;&nbsp;&nbsp; $353056 |
| Net realized gain on investment securities, <br> foreign currency and derivatives <br>| &nbsp;&nbsp;&nbsp;&nbsp; 22900337 | &nbsp;&nbsp;&nbsp;&nbsp; 108163824 | &nbsp;&nbsp;&nbsp;&nbsp; 26974476 | &nbsp;&nbsp;&nbsp;&nbsp; 7292233 |
| Net change in unrealized appreciation <br> (depreciation) on investment securities, <br> foreign currency and derivatives<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11634864 | &nbsp;&nbsp;&nbsp;&nbsp; 19597523 | &nbsp;&nbsp;&nbsp;&nbsp; (10799473)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3439000 |
| Net increase in net assets resulting from <br> operations<br>| &nbsp;&nbsp;&nbsp;&nbsp; 47862087 | &nbsp;&nbsp;&nbsp;&nbsp; 161130040 | &nbsp;&nbsp;&nbsp;&nbsp; 16699467 | &nbsp;&nbsp;&nbsp;&nbsp; 11084289 |
| **Distributions to Shareholders:** |  |  |  |  |
| Distributions paid |  |  |  |  |
| Institutional shares | &nbsp;&nbsp;&nbsp;&nbsp; (26391965)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (106120883)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (7050761)<br>|
| Investor shares | &nbsp;&nbsp;&nbsp;&nbsp; (6147885)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (35077363)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (572451)<br>|
| Total distributions | &nbsp;&nbsp;&nbsp;&nbsp; (32539850)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (141198246)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (7623212)<br>|
| **Capital Share Transactions:** |  |  |  |  |
| Proceeds from shares sold |  |  |  |  |
| Institutional shares | &nbsp;&nbsp;&nbsp;&nbsp; 58949777 | &nbsp;&nbsp;&nbsp;&nbsp; 150010532 | &nbsp;&nbsp;&nbsp;&nbsp; 1931027 | &nbsp;&nbsp;&nbsp;&nbsp; 18761629 |
| Investor shares | &nbsp;&nbsp;&nbsp;&nbsp; 12847601 | &nbsp;&nbsp;&nbsp;&nbsp; 47456393 | &nbsp;&nbsp;&nbsp;&nbsp; 2863573 | &nbsp;&nbsp;&nbsp;&nbsp; 5375366 |
| Reinvestment of dividends and distributions |  |  |  |  |
| Institutional shares | &nbsp;&nbsp;&nbsp;&nbsp; 26351301 | &nbsp;&nbsp;&nbsp;&nbsp; 105903292 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7049785 |
| Investor shares | &nbsp;&nbsp;&nbsp;&nbsp; 6091997 | &nbsp;&nbsp;&nbsp;&nbsp; 34811920 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 572450 |
| Total proceeds from shares sold and <br> reinvested<br>| &nbsp;&nbsp;&nbsp;&nbsp; 104240676 | &nbsp;&nbsp;&nbsp;&nbsp; 338182137 | &nbsp;&nbsp;&nbsp;&nbsp; 4794600 | &nbsp;&nbsp;&nbsp;&nbsp; 31759230 |
| Value of shares redeemed |  |  |  |  |
| Institutional shares | &nbsp;&nbsp;&nbsp;&nbsp; (101647612)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (153138623)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (11117016)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (23280816)<br>|
| Investor shares | &nbsp;&nbsp;&nbsp;&nbsp; (134264097)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (74296871)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4136003)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (6072304)<br>|
| Total value of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (235911709)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (227435494)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (15253019)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (29353120)<br>|
| Net increase (decrease) from capital share <br> transactions<sup>(1)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; (131671033)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 110746643 | &nbsp;&nbsp;&nbsp;&nbsp; (10458419)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2406110 |
| Total increase (decrease) in net assets | &nbsp;&nbsp;&nbsp;&nbsp; (116348796)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 130678437 | &nbsp;&nbsp;&nbsp;&nbsp; 6241048 | &nbsp;&nbsp;&nbsp;&nbsp; 5867187 |
| **Net Assets:** |  |  |  |  |
| Beginning of Period | &nbsp;&nbsp;&nbsp;&nbsp; 1513068093 | &nbsp;&nbsp;&nbsp;&nbsp; 1382389656 | &nbsp;&nbsp;&nbsp;&nbsp; 114162851 | &nbsp;&nbsp;&nbsp;&nbsp; 108295664 |
| End of Period | &nbsp;&nbsp;&nbsp;&nbsp; $1396719297 | &nbsp;&nbsp;&nbsp;&nbsp; $1513068093 | &nbsp;&nbsp;&nbsp;&nbsp; $120403899 | &nbsp;&nbsp;&nbsp;&nbsp; $114162851 |

---

 <br> <sup>(1)</sup> See Note 6 in Notes to Financial Statements.

**250**

See Notes to Financial Statements.

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Equity Index Fund** | **Equity Index Fund** | **Value Equity Index Fund** | **Value Equity Index Fund** | **Value Equity Fund** | **Value Equity Fund** |
| **For the Six**<br> **Months Ended**<br>| **For the Year Ended** | &nbsp;&nbsp;&nbsp;&nbsp; **For the Six**<br> **Months Ended**<br>| **For the Year Ended** | &nbsp;&nbsp;&nbsp;&nbsp; **For the Six**<br> **Months Ended**<br>| **For the Year Ended** |
| **06/30/25** | **12/31/24** | **06/30/25** | **12/31/24** | **06/30/25** | **12/31/24** |
| **(Unaudited)** |  | **(Unaudited)** |  | **(Unaudited)** |  |
| $29227971 | &nbsp;&nbsp;&nbsp;&nbsp; $53013221 | &nbsp;&nbsp;&nbsp;&nbsp; $1818930 | &nbsp;&nbsp;&nbsp;&nbsp; $3588887 | &nbsp;&nbsp;&nbsp;&nbsp; $8330757 | &nbsp;&nbsp;&nbsp;&nbsp; $16032814 |
| 846125 | &nbsp;&nbsp;&nbsp;&nbsp; 119287340 | &nbsp;&nbsp;&nbsp;&nbsp; 5701890 | &nbsp;&nbsp;&nbsp;&nbsp; 7717630 | &nbsp;&nbsp;&nbsp;&nbsp; 67809476 | &nbsp;&nbsp;&nbsp;&nbsp; 124927211 |
| 267563670 | &nbsp;&nbsp;&nbsp;&nbsp; 765972100 | &nbsp;&nbsp;&nbsp;&nbsp; 2666145 | &nbsp;&nbsp;&nbsp;&nbsp; 13644643 | &nbsp;&nbsp;&nbsp;&nbsp; (31380219)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 15559834 |
| 297637766 | &nbsp;&nbsp;&nbsp;&nbsp; 938272661 | &nbsp;&nbsp;&nbsp;&nbsp; 10186965 | &nbsp;&nbsp;&nbsp;&nbsp; 24951160 | &nbsp;&nbsp;&nbsp;&nbsp; 44760014 | &nbsp;&nbsp;&nbsp;&nbsp; 156519859 |
| (23292916)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (127156211)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1526005)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (10588231)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (26956564)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (70995923)<br>|
| (7788250)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (41849197)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (211058)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1101688)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (13274931)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (40699486)<br>|
| (31081166)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (169005408)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1737063)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (11689919)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (40231495)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (111695409)<br>|
| 369254633 | &nbsp;&nbsp;&nbsp;&nbsp; 513614129 | &nbsp;&nbsp;&nbsp;&nbsp; 13190529 | &nbsp;&nbsp;&nbsp;&nbsp; 31512273 | &nbsp;&nbsp;&nbsp;&nbsp; 45159847 | &nbsp;&nbsp;&nbsp;&nbsp; 147797572 |
| 317116540 | &nbsp;&nbsp;&nbsp;&nbsp; 184365755 | &nbsp;&nbsp;&nbsp;&nbsp; 13577537 | &nbsp;&nbsp;&nbsp;&nbsp; 14656752 | &nbsp;&nbsp;&nbsp;&nbsp; 24026661 | &nbsp;&nbsp;&nbsp;&nbsp; 57049493 |
| 23061360 | &nbsp;&nbsp;&nbsp;&nbsp; 125728748 | &nbsp;&nbsp;&nbsp;&nbsp; 1519413 | &nbsp;&nbsp;&nbsp;&nbsp; 10586813 | &nbsp;&nbsp;&nbsp;&nbsp; 26895074 | &nbsp;&nbsp;&nbsp;&nbsp; 70867733 |
| 7707990 | &nbsp;&nbsp;&nbsp;&nbsp; 41586816 | &nbsp;&nbsp;&nbsp;&nbsp; 211058 | &nbsp;&nbsp;&nbsp;&nbsp; 1101590 | &nbsp;&nbsp;&nbsp;&nbsp; 13252484 | &nbsp;&nbsp;&nbsp;&nbsp; 40637564 |
| 717140523 | &nbsp;&nbsp;&nbsp;&nbsp; 865295448 | &nbsp;&nbsp;&nbsp;&nbsp; 28498537 | &nbsp;&nbsp;&nbsp;&nbsp; 57857428 | &nbsp;&nbsp;&nbsp;&nbsp; 109334066 | &nbsp;&nbsp;&nbsp;&nbsp; 316352362 |
| (187264488)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (650123512)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (11543168)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (48111972)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (77719452)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (190357270)<br>|
| (83802065)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (143766537)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5827382)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (10051401)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (94104227)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (84475730)<br>|
| (271066553)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (793890049)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (17370550)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (58163373)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (171823679)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (274833000)<br>|
| 446073970 | &nbsp;&nbsp;&nbsp;&nbsp; 71405399 | &nbsp;&nbsp;&nbsp;&nbsp; 11127987 | &nbsp;&nbsp;&nbsp;&nbsp; (305945)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (62489613)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 41519362 |
| 712630570 | &nbsp;&nbsp;&nbsp;&nbsp; 840672652 | &nbsp;&nbsp;&nbsp;&nbsp; 19577889 | &nbsp;&nbsp;&nbsp;&nbsp; 12955296 | &nbsp;&nbsp;&nbsp;&nbsp; (57961094)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 86343812 |
| 4600076413 | &nbsp;&nbsp;&nbsp;&nbsp; 3759403761 | &nbsp;&nbsp;&nbsp;&nbsp; 188216931 | &nbsp;&nbsp;&nbsp;&nbsp; 175261635 | &nbsp;&nbsp;&nbsp;&nbsp; 1068234332 | &nbsp;&nbsp;&nbsp;&nbsp; 981890520 |
| $5312706983 | &nbsp;&nbsp;&nbsp;&nbsp; $4600076413 | &nbsp;&nbsp;&nbsp;&nbsp; $207794820 | &nbsp;&nbsp;&nbsp;&nbsp; $188216931 | &nbsp;&nbsp;&nbsp;&nbsp; $1010273238 | &nbsp;&nbsp;&nbsp;&nbsp; $1068234332 |

---

See Notes to Financial Statements.

**251**

------

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Growth Equity Index Fund** | **Growth Equity Index Fund** | **Growth Equity Fund** | **Growth Equity Fund** |
|  | &nbsp;&nbsp;&nbsp; **For the Six**<br> **Months Ended**<br>| **For the Year Ended** | &nbsp;&nbsp;&nbsp; **For the Six**<br> **Months Ended**<br>| **For the Year Ended** |
|  | **06/30/25** | **12/31/24** | **06/30/25** | **12/31/24** |
|  | **(Unaudited)** |  | **(Unaudited)** |  |
| **Operations:** |  |  |  |  |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp; $535856 | &nbsp;&nbsp;&nbsp;&nbsp; $1115307 | &nbsp;&nbsp;&nbsp;&nbsp; $(851014)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(1628977)<br>|
| Net realized gain on investment securities, <br> foreign currency and derivatives <br>| &nbsp;&nbsp;&nbsp;&nbsp; 7262838 | &nbsp;&nbsp;&nbsp;&nbsp; 11655057 | &nbsp;&nbsp;&nbsp;&nbsp; 138094879 | &nbsp;&nbsp;&nbsp;&nbsp; 251314560 |
| Net change in unrealized appreciation <br> (depreciation) on investment securities, <br> foreign currency and derivatives<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11229497 | &nbsp;&nbsp;&nbsp;&nbsp; 57645239 | &nbsp;&nbsp;&nbsp;&nbsp; (41867258)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 191301088 |
| Net increase (decrease) in net assets resulting <br> from operations<br>| &nbsp;&nbsp;&nbsp;&nbsp; 19028191 | &nbsp;&nbsp;&nbsp;&nbsp; 70415603 | &nbsp;&nbsp;&nbsp;&nbsp; 95376607 | &nbsp;&nbsp;&nbsp;&nbsp; 440986671 |
| **Distributions to Shareholders:** |  |  |  |  |
| Distributions paid |  |  |  |  |
| Institutional shares | &nbsp;&nbsp;&nbsp;&nbsp; (1039640)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (8489499)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (21500488)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (106390869)<br>|
| Investor shares | &nbsp;&nbsp;&nbsp;&nbsp; (490127)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4281702)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (20963154)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (111868297)<br>|
| Total distributions | &nbsp;&nbsp;&nbsp;&nbsp; (1529767)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (12771201)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (42463642)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (218259166)<br>|
| **Capital Share Transactions:** |  |  |  |  |
| Proceeds from shares sold |  |  |  |  |
| Institutional shares | &nbsp;&nbsp;&nbsp;&nbsp; 32524400 | &nbsp;&nbsp;&nbsp;&nbsp; 57195927 | &nbsp;&nbsp;&nbsp;&nbsp; 63490650 | &nbsp;&nbsp;&nbsp;&nbsp; 181151467 |
| Investor shares | &nbsp;&nbsp;&nbsp;&nbsp; 28718598 | &nbsp;&nbsp;&nbsp;&nbsp; 63093459 | &nbsp;&nbsp;&nbsp;&nbsp; 33196908 | &nbsp;&nbsp;&nbsp;&nbsp; 92882222 |
| Reinvestment of dividends and distributions |  |  |  |  |
| Institutional shares | &nbsp;&nbsp;&nbsp;&nbsp; 1037851 | &nbsp;&nbsp;&nbsp;&nbsp; 8488359 | &nbsp;&nbsp;&nbsp;&nbsp; 21462991 | &nbsp;&nbsp;&nbsp;&nbsp; 106252373 |
| Investor shares | &nbsp;&nbsp;&nbsp;&nbsp; 490040 | &nbsp;&nbsp;&nbsp;&nbsp; 4280828 | &nbsp;&nbsp;&nbsp;&nbsp; 20927790 | &nbsp;&nbsp;&nbsp;&nbsp; 111670326 |
| Total proceeds from shares sold and <br> reinvested<br>| &nbsp;&nbsp;&nbsp;&nbsp; 62770889 | &nbsp;&nbsp;&nbsp;&nbsp; 133058573 | &nbsp;&nbsp;&nbsp;&nbsp; 139078339 | &nbsp;&nbsp;&nbsp;&nbsp; 491956388 |
| Value of shares redeemed |  |  |  |  |
| Institutional shares | &nbsp;&nbsp;&nbsp;&nbsp; (28455545)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (84542062)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (102156754)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (294840036)<br>|
| Investor shares | &nbsp;&nbsp;&nbsp;&nbsp; (22826728)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (21219903)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (138679554)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (158579190)<br>|
| Total value of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (51282273)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (105761965)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (240836308)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (453419226)<br>|
| Net increase (decrease) from capital share <br> transactions<sup>(1)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 11488616 | &nbsp;&nbsp;&nbsp;&nbsp; 27296608 | &nbsp;&nbsp;&nbsp;&nbsp; (101757969)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 38537162 |
| Total increase (decrease) in net assets | &nbsp;&nbsp;&nbsp;&nbsp; 28987040 | &nbsp;&nbsp;&nbsp;&nbsp; 84941010 | &nbsp;&nbsp;&nbsp;&nbsp; (48845004)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 261264667 |
| **Net Assets:** |  |  |  |  |
| Beginning of Period | &nbsp;&nbsp;&nbsp;&nbsp; 294758043 | &nbsp;&nbsp;&nbsp;&nbsp; 209817033 | &nbsp;&nbsp;&nbsp;&nbsp; 1770555023 | &nbsp;&nbsp;&nbsp;&nbsp; 1509290356 |
| End of Period | &nbsp;&nbsp;&nbsp;&nbsp; $323745083 | &nbsp;&nbsp;&nbsp;&nbsp; $294758043 | &nbsp;&nbsp;&nbsp;&nbsp; $1721710019 | &nbsp;&nbsp;&nbsp;&nbsp; $1770555023 |

---

 <br> <sup>(1)</sup> See Note 6 in Notes to Financial Statements.

**252**

See Notes to Financial Statements.

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Small Cap Equity Fund** | **Small Cap Equity Fund** | **International Equity Index Fund** | **International Equity Index Fund** | **International Equity Fund** | **International Equity Fund** |
| **For the Six**<br> **Months Ended**<br>| **For the Year Ended** | &nbsp;&nbsp;&nbsp;&nbsp; **For the Six**<br> **Months Ended**<br>| **For the Year Ended** | &nbsp;&nbsp;&nbsp;&nbsp; **For the Six**<br> **Months Ended**<br>| **For the Year Ended** |
| **06/30/25** | **12/31/24** | **06/30/25** | **12/31/24** | **06/30/25** | **12/31/24** |
| **(Unaudited)** |  | **(Unaudited)** |  | **(Unaudited)** |  |
| $2056362 | &nbsp;&nbsp;&nbsp;&nbsp; $3810845 | &nbsp;&nbsp;&nbsp;&nbsp; $23523122 | &nbsp;&nbsp;&nbsp;&nbsp; $30553723 | &nbsp;&nbsp;&nbsp;&nbsp; $13890749 | &nbsp;&nbsp;&nbsp;&nbsp; $16238592 |
| 25674620 | &nbsp;&nbsp;&nbsp;&nbsp; 46129628 | &nbsp;&nbsp;&nbsp;&nbsp; 9744531 | &nbsp;&nbsp;&nbsp;&nbsp; 22387738 | &nbsp;&nbsp;&nbsp;&nbsp; 64658784 | &nbsp;&nbsp;&nbsp;&nbsp; 79786234 |
| (51332332)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 31908403 | &nbsp;&nbsp;&nbsp;&nbsp; 221184413 | &nbsp;&nbsp;&nbsp;&nbsp; (10038575)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 166212034 | &nbsp;&nbsp;&nbsp;&nbsp; (20362568)<br>|
| (23601350)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 81848876 | &nbsp;&nbsp;&nbsp;&nbsp; 254452066 | &nbsp;&nbsp;&nbsp;&nbsp; 42902886 | &nbsp;&nbsp;&nbsp;&nbsp; 244761567 | &nbsp;&nbsp;&nbsp;&nbsp; 75662258 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; (32067622)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (35296147)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (68179290)<br>|
|  | &nbsp;&nbsp;&nbsp;&nbsp; (16741083)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (611444)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (30122740)<br>|
|  | &nbsp;&nbsp;&nbsp;&nbsp; (48808705)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (35907591)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (98302030)<br>|
| 66284201 | &nbsp;&nbsp;&nbsp;&nbsp; 216453808 | &nbsp;&nbsp;&nbsp;&nbsp; 67875222 | &nbsp;&nbsp;&nbsp;&nbsp; 427150980 | &nbsp;&nbsp;&nbsp;&nbsp; 51517672 | &nbsp;&nbsp;&nbsp;&nbsp; 136096519 |
| 20609508 | &nbsp;&nbsp;&nbsp;&nbsp; 48873531 | &nbsp;&nbsp;&nbsp;&nbsp; 36497199 | &nbsp;&nbsp;&nbsp;&nbsp; 11454089 | &nbsp;&nbsp;&nbsp;&nbsp; 55203453 | &nbsp;&nbsp;&nbsp;&nbsp; 70483920 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; 31973146 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 35254706 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 67491859 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; 16692430 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 611323 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 30030614 |
| 86893709 | &nbsp;&nbsp;&nbsp;&nbsp; 313992915 | &nbsp;&nbsp;&nbsp;&nbsp; 104372421 | &nbsp;&nbsp;&nbsp;&nbsp; 474471098 | &nbsp;&nbsp;&nbsp;&nbsp; 106721125 | &nbsp;&nbsp;&nbsp;&nbsp; 304102912 |
| (46972545)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (173371915)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (100397345)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (157318594)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (88104167)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (144496109)<br>|
| (27689686)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (60283483)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7538850)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4457213)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (33274084)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (52557529)<br>|
| (74662231)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (233655398)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (107936195)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (161775807)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (121378251)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (197053638)<br>|
| 12231478 | &nbsp;&nbsp;&nbsp;&nbsp; 80337517 | &nbsp;&nbsp;&nbsp;&nbsp; (3563774)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 312695291 | &nbsp;&nbsp;&nbsp;&nbsp; (14657126)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 107049274 |
| (11369872)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 113377688 | &nbsp;&nbsp;&nbsp;&nbsp; 250888292 | &nbsp;&nbsp;&nbsp;&nbsp; 319690586 | &nbsp;&nbsp;&nbsp;&nbsp; 230104441 | &nbsp;&nbsp;&nbsp;&nbsp; 84409502 |
| 854936806 | &nbsp;&nbsp;&nbsp;&nbsp; 741559118 | &nbsp;&nbsp;&nbsp;&nbsp; 1241708722 | &nbsp;&nbsp;&nbsp;&nbsp; 922018136 | &nbsp;&nbsp;&nbsp;&nbsp; 1212115599 | &nbsp;&nbsp;&nbsp;&nbsp; 1127706097 |
| $843566934 | &nbsp;&nbsp;&nbsp;&nbsp; $854936806 | &nbsp;&nbsp;&nbsp;&nbsp; $1492597014 | &nbsp;&nbsp;&nbsp;&nbsp; $1241708722 | &nbsp;&nbsp;&nbsp;&nbsp; $1442220040 | &nbsp;&nbsp;&nbsp;&nbsp; $1212115599 |

---

See Notes to Financial Statements.

**253**

------

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
|  | **Emerging Markets Equity Fund** | **Emerging Markets Equity Fund** |
|  | &nbsp;&nbsp;&nbsp; **For the Six**<br> **Months Ended**<br>| **For the Year Ended** |
|  | **06/30/25** | **12/31/24** |
|  | **(Unaudited)** |  |
| **Operations:** |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; $7468848 | &nbsp;&nbsp;&nbsp;&nbsp; $12283597 |
| Net realized gain on investment securities, foreign currency and derivatives  | &nbsp;&nbsp;&nbsp;&nbsp; 22133330 | &nbsp;&nbsp;&nbsp;&nbsp; 26459513 |
| Net change in unrealized appreciation (depreciation) on investment securities, foreign <br> currency and derivatives<br>| &nbsp;&nbsp;&nbsp;&nbsp; 87927609 | &nbsp;&nbsp;&nbsp;&nbsp; 23644398 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp; 117529787 | &nbsp;&nbsp;&nbsp;&nbsp; 62387508 |
| **Distributions to Shareholders:** |  |  |
| Distributions paid |  |  |
| Institutional shares | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (10492788)<br>|
| Investor shares | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1598562)<br>|
| Total distributions | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (12091350)<br>|
| **Capital Share Transactions:** |  |  |
| Proceeds from shares sold |  |  |
| Institutional shares | &nbsp;&nbsp;&nbsp;&nbsp; 33022750 | &nbsp;&nbsp;&nbsp;&nbsp; 180460751 |
| Investor shares | &nbsp;&nbsp;&nbsp;&nbsp; 25121665 | &nbsp;&nbsp;&nbsp;&nbsp; 26044652 |
| Reinvestment of dividends and distributions |  |  |
| Institutional shares | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10487413 |
| Investor shares | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1595974 |
| Total proceeds from shares sold and reinvested | &nbsp;&nbsp;&nbsp;&nbsp; 58144415 | &nbsp;&nbsp;&nbsp;&nbsp; 218588790 |
| Value of shares redeemed |  |  |
| Institutional shares | &nbsp;&nbsp;&nbsp;&nbsp; (59659303)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (287672235)<br>|
| Investor shares | &nbsp;&nbsp;&nbsp;&nbsp; (16123487)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (26330314)<br>|
| Total value of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (75782790)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (314002549)<br>|
| Net decrease from capital share transactions<sup>(1)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; (17638375)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (95413759)<br>|
| Total increase (decrease) in net assets | &nbsp;&nbsp;&nbsp;&nbsp; 99891412 | &nbsp;&nbsp;&nbsp;&nbsp; (45117601)<br>|
| **Net Assets:** |  |  |
| Beginning of Period | &nbsp;&nbsp;&nbsp;&nbsp; 749862904 | &nbsp;&nbsp;&nbsp;&nbsp; 794980505 |
| End of Period | &nbsp;&nbsp;&nbsp;&nbsp; $849754316 | &nbsp;&nbsp;&nbsp;&nbsp; $749862904 |

---

 <br> <sup>(1)</sup> See Note 6 in Notes to Financial Statements.

**254**

See Notes to Financial Statements.

------

**FINANCIAL HIGHLIGHTS (Unaudited)**

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *For a Share Outstanding For the Years Ending December 31, unless otherwise indicated*  | *For a Share Outstanding For the Years Ending December 31, unless otherwise indicated*  | *For a Share Outstanding For the Years Ending December 31, unless otherwise indicated*  | *For a Share Outstanding For the Years Ending December 31, unless otherwise indicated*  | *For a Share Outstanding For the Years Ending December 31, unless otherwise indicated*  | *For a Share Outstanding For the Years Ending December 31, unless otherwise indicated*  |  |  |  |  |  | **Ratios to Average Net Assets**  | **Ratios to Average Net Assets**  | **Ratios to Average Net Assets**  |  |
|  | &nbsp;&nbsp; **Net Asset**<br> **Value,**<br> **Beginning**<br> **of Period**<br>| &nbsp;&nbsp; **Net Investment**<br> **Income#**<br>| **Realized**<br> **and**<br> **Unrealized**<br> **Gain**<br> **(Loss) on**<br> **Investments**<br>| &nbsp;&nbsp; **Total Income**<br> **From Investment**<br> **Operations**<br>| &nbsp;&nbsp; **Dividends**<br> **from Net**<br> **Investment**<br> **Income**<br>| **Distributions**<br> **from Net**<br> **Realized**<br> **Capital**<br> **Gains**<br>| &nbsp;&nbsp; **Total**<br> **Distributions**<br> **Paid**<br>| **Net Asset**<br> **Value,**<br> **End of**<br> **Period**<br>| **Total**<br> **Return**<br>| **Net Assets,**<br> **End of Period**<br> **(000)**<br>| **Expenses,**<br> **Net**<br>| **Expenses,**<br> **Gross**<br>| **Investment**<br> **Income,**<br> **Net**<br>| &nbsp;&nbsp; **Portfolio**<br> **Turnover**<br> **Rate**<br>|
| **Defensive Market Strategies**<sup>®</sup> **Fund** | **Defensive Market Strategies**<sup>®</sup> **Fund** | **Defensive Market Strategies**<sup>®</sup> **Fund** | **Defensive Market Strategies**<sup>®</sup> **Fund** | **Defensive Market Strategies**<sup>®</sup> **Fund** | **Defensive Market Strategies**<sup>®</sup> **Fund** | **Defensive Market Strategies**<sup>®</sup> **Fund** | **Defensive Market Strategies**<sup>®</sup> **Fund** | **Defensive Market Strategies**<sup>®</sup> **Fund** | **Defensive Market Strategies**<sup>®</sup> **Fund** | **Defensive Market Strategies**<sup>®</sup> **Fund** | **Defensive Market Strategies**<sup>®</sup> **Fund** | **Defensive Market Strategies**<sup>®</sup> **Fund** | **Defensive Market Strategies**<sup>®</sup> **Fund** | **Defensive Market Strategies**<sup>®</sup> **Fund** |
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
| 2025(1) | &nbsp;&nbsp;&nbsp; $11.73 | &nbsp;&nbsp;&nbsp; $0.12 | &nbsp;&nbsp;&nbsp; $0.26 | &nbsp;&nbsp;&nbsp; $0.38 | &nbsp;&nbsp;&nbsp; $(0.13)<br>| &nbsp;&nbsp;&nbsp; $(0.16)<br>| &nbsp;&nbsp;&nbsp; $(0.29)<br>| &nbsp;&nbsp;&nbsp; $11.82 | &nbsp;&nbsp;&nbsp;&nbsp; 3.25<br> %<br>| &nbsp;&nbsp;&nbsp; $1122229 | &nbsp;&nbsp;&nbsp;&nbsp; 0.64<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.64<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.02<br> %<br>| &nbsp;&nbsp;&nbsp; 37<br> %<br>|
| 2024 | &nbsp;&nbsp;&nbsp;&nbsp;11.54 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;1.36 | &nbsp;&nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp;&nbsp; (0.79)<br>| &nbsp;&nbsp;&nbsp; (1.17)<br>| &nbsp;&nbsp;&nbsp;&nbsp;11.73 | &nbsp;&nbsp;&nbsp;&nbsp;11.71 | &nbsp;&nbsp;&nbsp; 1127769 | &nbsp;&nbsp;&nbsp;&nbsp; 0.64<br> (2)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;2.34 | &nbsp;&nbsp;&nbsp; 86 |
| 2023 | &nbsp;&nbsp;&nbsp;&nbsp;10.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;1.20 | &nbsp;&nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp;&nbsp;&nbsp;11.54 | &nbsp;&nbsp;&nbsp;&nbsp;11.43 | &nbsp;&nbsp;&nbsp; 1010266 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;2.17 | &nbsp;&nbsp;&nbsp; 68 |
| 2022 | &nbsp;&nbsp;&nbsp;&nbsp;14.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp; (1.75)<br>| &nbsp;&nbsp;&nbsp; (1.67)<br>| &nbsp;&nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp;&nbsp; (1.98)<br>| &nbsp;&nbsp;&nbsp; (2.03)<br>| &nbsp;&nbsp;&nbsp;&nbsp;10.60 | &nbsp;&nbsp;&nbsp; (11.19)<br>| &nbsp;&nbsp;&nbsp; 907990 | &nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp; 36 |
| 2021 | &nbsp;&nbsp;&nbsp;&nbsp;14.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;1.62 | &nbsp;&nbsp;&nbsp;&nbsp;1.69 | &nbsp;&nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp;&nbsp; (1.42)<br>| &nbsp;&nbsp;&nbsp; (1.53)<br>| &nbsp;&nbsp;&nbsp;&nbsp;14.30 | &nbsp;&nbsp;&nbsp;&nbsp;12.15 | &nbsp;&nbsp;&nbsp; 1049002 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp; 79 |
| 2020 | &nbsp;&nbsp;&nbsp;&nbsp;13.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp;&nbsp;1.31 | &nbsp;&nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp;&nbsp;&nbsp;14.14 | &nbsp;&nbsp;&nbsp;&nbsp;10.08 | &nbsp;&nbsp;&nbsp; 927539 | &nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp; 67 |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| 2025(1) | &nbsp;&nbsp;&nbsp; $11.71 | &nbsp;&nbsp;&nbsp; $0.10 | &nbsp;&nbsp;&nbsp; $0.27 | &nbsp;&nbsp;&nbsp; $0.37 | &nbsp;&nbsp;&nbsp; $(0.11)<br>| &nbsp;&nbsp;&nbsp; $(0.16)<br>| &nbsp;&nbsp;&nbsp; $(0.27)<br>| &nbsp;&nbsp;&nbsp; $11.81 | &nbsp;&nbsp;&nbsp;&nbsp; 3.20<br> %<br>| &nbsp;&nbsp;&nbsp; $274490 | &nbsp;&nbsp;&nbsp;&nbsp; 0.92<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.92<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.74<br> %<br>| &nbsp;&nbsp;&nbsp; 37<br> %<br>|
| 2024 | &nbsp;&nbsp;&nbsp;&nbsp;11.53 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;1.07 | &nbsp;&nbsp;&nbsp;&nbsp;1.32 | &nbsp;&nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp;&nbsp; (0.79)<br>| &nbsp;&nbsp;&nbsp; (1.14)<br>| &nbsp;&nbsp;&nbsp;&nbsp;11.71 | &nbsp;&nbsp;&nbsp;&nbsp;11.34 | &nbsp;&nbsp;&nbsp; 385299 | &nbsp;&nbsp;&nbsp;&nbsp; 0.91<br> (2)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;2.07 | &nbsp;&nbsp;&nbsp; 86 |
| 2023 | &nbsp;&nbsp;&nbsp;&nbsp;10.59 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;1.17 | &nbsp;&nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp;&nbsp;&nbsp;11.53 | &nbsp;&nbsp;&nbsp;&nbsp;11.15 | &nbsp;&nbsp;&nbsp; 372124 | &nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp;&nbsp;1.89 | &nbsp;&nbsp;&nbsp; 68 |
| 2022 | &nbsp;&nbsp;&nbsp;&nbsp;14.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp; (1.75)<br>| &nbsp;&nbsp;&nbsp; (1.70)<br>| &nbsp;&nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp;&nbsp; (1.98)<br>| &nbsp;&nbsp;&nbsp; (2.01)<br>| &nbsp;&nbsp;&nbsp;&nbsp;10.59 | &nbsp;&nbsp;&nbsp; (11.40)<br>| &nbsp;&nbsp;&nbsp; 356132 | &nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp; 36 |
| 2021 | &nbsp;&nbsp;&nbsp;&nbsp;14.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;1.61 | &nbsp;&nbsp;&nbsp;&nbsp;1.64 | &nbsp;&nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp;&nbsp; (1.42)<br>| &nbsp;&nbsp;&nbsp; (1.49)<br>| &nbsp;&nbsp;&nbsp;&nbsp;14.30 | &nbsp;&nbsp;&nbsp;&nbsp;11.79 | &nbsp;&nbsp;&nbsp; 454854 | &nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp; 79 |
| 2020 | &nbsp;&nbsp;&nbsp;&nbsp;13.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;1.20 | &nbsp;&nbsp;&nbsp;&nbsp;1.28 | &nbsp;&nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp;&nbsp;&nbsp;14.15 | &nbsp;&nbsp;&nbsp;&nbsp;9.86 | &nbsp;&nbsp;&nbsp; 409500 | &nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp; 67 |
| **Impact Equity Fund** | **Impact Equity Fund** | **Impact Equity Fund** | **Impact Equity Fund** | **Impact Equity Fund** | **Impact Equity Fund** | **Impact Equity Fund** | **Impact Equity Fund** | **Impact Equity Fund** | **Impact Equity Fund** | **Impact Equity Fund** | **Impact Equity Fund** | **Impact Equity Fund** | **Impact Equity Fund** | **Impact Equity Fund** |
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
| 2025(1) | &nbsp;&nbsp;&nbsp; $11.50 | &nbsp;&nbsp;&nbsp; $0.06 | &nbsp;&nbsp;&nbsp; $1.69 | &nbsp;&nbsp;&nbsp; $1.75 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $13.25 | &nbsp;&nbsp;&nbsp;&nbsp; 15.22<br> %<br>| &nbsp;&nbsp;&nbsp; $111302 | &nbsp;&nbsp;&nbsp;&nbsp; 0.84<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.84<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.94<br> %<br>| &nbsp;&nbsp;&nbsp; 12<br> %<br>|
| 2024 | &nbsp;&nbsp;&nbsp;&nbsp;11.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;1.17 | &nbsp;&nbsp;&nbsp;&nbsp;1.21 | &nbsp;&nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp;&nbsp; (0.81)<br>| &nbsp;&nbsp;&nbsp; (0.84)<br>| &nbsp;&nbsp;&nbsp;&nbsp;11.50 | &nbsp;&nbsp;&nbsp;&nbsp;10.44 | &nbsp;&nbsp;&nbsp; 105132 | &nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp; 29 |
| 2023(3) | &nbsp;&nbsp;&nbsp;&nbsp;10.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;1.17 | &nbsp;&nbsp;&nbsp;&nbsp;1.23 | &nbsp;&nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp;&nbsp;&nbsp;11.13 | &nbsp;&nbsp;&nbsp;&nbsp;12.33 | &nbsp;&nbsp;&nbsp; 99363 | &nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp; 44 |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| 2025(1) | &nbsp;&nbsp;&nbsp; $11.50 | &nbsp;&nbsp;&nbsp; $0.04 | &nbsp;&nbsp;&nbsp; $1.68 | &nbsp;&nbsp;&nbsp; $1.72 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $13.22 | &nbsp;&nbsp;&nbsp;&nbsp; 14.96<br> %<br>| &nbsp;&nbsp;&nbsp; $9102 | &nbsp;&nbsp;&nbsp;&nbsp; 1.21<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.58<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.59<br> %<br>| &nbsp;&nbsp;&nbsp; 12<br> %<br>|
| 2024 | &nbsp;&nbsp;&nbsp;&nbsp;11.15 | &nbsp;&nbsp;&nbsp; —† | &nbsp;&nbsp;&nbsp;&nbsp;1.16 | &nbsp;&nbsp;&nbsp;&nbsp;1.16 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.81)<br>| &nbsp;&nbsp;&nbsp; (0.81)<br>| &nbsp;&nbsp;&nbsp;&nbsp;11.50 | &nbsp;&nbsp;&nbsp;&nbsp;9.97 | &nbsp;&nbsp;&nbsp; 9031 | &nbsp;&nbsp;&nbsp;&nbsp;1.21 | &nbsp;&nbsp;&nbsp;&nbsp;1.59 | &nbsp;&nbsp;&nbsp; —<br> (4)<br>| &nbsp;&nbsp;&nbsp; 29 |
| 2023(3) | &nbsp;&nbsp;&nbsp;&nbsp;10.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;1.17 | &nbsp;&nbsp;&nbsp;&nbsp;1.21 | &nbsp;&nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp;&nbsp;&nbsp;11.15 | &nbsp;&nbsp;&nbsp;&nbsp;12.11 | &nbsp;&nbsp;&nbsp; 8933 | &nbsp;&nbsp;&nbsp;&nbsp;1.21 | &nbsp;&nbsp;&nbsp;&nbsp;1.52 | &nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp; 44 |
| **Equity Index Fund** | **Equity Index Fund** | **Equity Index Fund** | **Equity Index Fund** | **Equity Index Fund** | **Equity Index Fund** | **Equity Index Fund** | **Equity Index Fund** | **Equity Index Fund** | **Equity Index Fund** | **Equity Index Fund** | **Equity Index Fund** | **Equity Index Fund** | **Equity Index Fund** | **Equity Index Fund** |
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
| 2025(1) | &nbsp;&nbsp;&nbsp; $58.51 | &nbsp;&nbsp;&nbsp; $0.37 | &nbsp;&nbsp;&nbsp; $3.05 | &nbsp;&nbsp;&nbsp; $3.42 | &nbsp;&nbsp;&nbsp; $(0.32)<br>| &nbsp;&nbsp;&nbsp; $(0.06)<br>| &nbsp;&nbsp;&nbsp; $(0.38)<br>| &nbsp;&nbsp;&nbsp; $61.55 | &nbsp;&nbsp;&nbsp;&nbsp; 5.87<br> %<br>| &nbsp;&nbsp;&nbsp; $3788159 | &nbsp;&nbsp;&nbsp;&nbsp; 0.12<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.12<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.28<br> %<br>| &nbsp;&nbsp;&nbsp; 1<br> %<br>|
| 2024 | &nbsp;&nbsp;&nbsp;&nbsp;48.63 | &nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;11.40 | &nbsp;&nbsp;&nbsp;&nbsp;12.12 | &nbsp;&nbsp;&nbsp; (0.71)<br>| &nbsp;&nbsp;&nbsp; (1.53)<br>| &nbsp;&nbsp;&nbsp; (2.24)<br>| &nbsp;&nbsp;&nbsp;&nbsp;58.51 | &nbsp;&nbsp;&nbsp;&nbsp;24.87 | &nbsp;&nbsp;&nbsp; 3389415 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;1.30 | &nbsp;&nbsp;&nbsp; 4 |
| 2023 | &nbsp;&nbsp;&nbsp;&nbsp;40.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;9.84 | &nbsp;&nbsp;&nbsp;&nbsp;10.53 | &nbsp;&nbsp;&nbsp; (0.66)<br>| &nbsp;&nbsp;&nbsp; (1.26)<br>| &nbsp;&nbsp;&nbsp; (1.92)<br>| &nbsp;&nbsp;&nbsp;&nbsp;48.63 | &nbsp;&nbsp;&nbsp;&nbsp;26.51 | &nbsp;&nbsp;&nbsp; 2820628 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;1.54 | &nbsp;&nbsp;&nbsp; 5 |
| 2022 | &nbsp;&nbsp;&nbsp;&nbsp;50.59 | &nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp; (10.10)<br>| &nbsp;&nbsp;&nbsp; (9.48)<br>| &nbsp;&nbsp;&nbsp; (0.61)<br>| &nbsp;&nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp;&nbsp; (1.09)<br>| &nbsp;&nbsp;&nbsp;&nbsp;40.02 | &nbsp;&nbsp;&nbsp; (18.70)<br>| &nbsp;&nbsp;&nbsp; 2226390 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;1.45 | &nbsp;&nbsp;&nbsp; 4 |
| 2021 | &nbsp;&nbsp;&nbsp;&nbsp;40.83 | &nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;10.86 | &nbsp;&nbsp;&nbsp;&nbsp;11.42 | &nbsp;&nbsp;&nbsp; (0.54)<br>| &nbsp;&nbsp;&nbsp; (1.12)<br>| &nbsp;&nbsp;&nbsp; (1.66)<br>| &nbsp;&nbsp;&nbsp;&nbsp;50.59 | &nbsp;&nbsp;&nbsp;&nbsp;28.28 | &nbsp;&nbsp;&nbsp; 2403001 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;1.21 | &nbsp;&nbsp;&nbsp; 4 |
| 2020 | &nbsp;&nbsp;&nbsp;&nbsp;35.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;5.78 | &nbsp;&nbsp;&nbsp;&nbsp;6.35 | &nbsp;&nbsp;&nbsp; (0.57)<br>| &nbsp;&nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp;&nbsp; (0.97)<br>| &nbsp;&nbsp;&nbsp;&nbsp;40.83 | &nbsp;&nbsp;&nbsp;&nbsp;18.19 | &nbsp;&nbsp;&nbsp; 1772397 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;1.60 | &nbsp;&nbsp;&nbsp; 3 |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| 2025(1) | &nbsp;&nbsp;&nbsp; $58.51 | &nbsp;&nbsp;&nbsp; $0.29 | &nbsp;&nbsp;&nbsp; $3.06 | &nbsp;&nbsp;&nbsp; $3.35 | &nbsp;&nbsp;&nbsp; $(0.25)<br>| &nbsp;&nbsp;&nbsp; $(0.06)<br>| &nbsp;&nbsp;&nbsp; $(0.31)<br>| &nbsp;&nbsp;&nbsp; $61.55 | &nbsp;&nbsp;&nbsp;&nbsp; 5.76<br> %<br>| &nbsp;&nbsp;&nbsp; $1524548 | &nbsp;&nbsp;&nbsp;&nbsp; 0.38<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.38<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.02<br> %<br>| &nbsp;&nbsp;&nbsp; 1<br> %<br>|
| 2024 | &nbsp;&nbsp;&nbsp;&nbsp;48.65 | &nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;11.39 | &nbsp;&nbsp;&nbsp;&nbsp;11.96 | &nbsp;&nbsp;&nbsp; (0.57)<br>| &nbsp;&nbsp;&nbsp; (1.53)<br>| &nbsp;&nbsp;&nbsp; (2.10)<br>| &nbsp;&nbsp;&nbsp;&nbsp;58.51 | &nbsp;&nbsp;&nbsp;&nbsp;24.53 | &nbsp;&nbsp;&nbsp; 1210661 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp; 4 |
| 2023 | &nbsp;&nbsp;&nbsp;&nbsp;40.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;9.83 | &nbsp;&nbsp;&nbsp;&nbsp;10.40 | &nbsp;&nbsp;&nbsp; (0.54)<br>| &nbsp;&nbsp;&nbsp; (1.26)<br>| &nbsp;&nbsp;&nbsp; (1.80)<br>| &nbsp;&nbsp;&nbsp;&nbsp;48.65 | &nbsp;&nbsp;&nbsp;&nbsp;26.16 | &nbsp;&nbsp;&nbsp; 938776 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;1.28 | &nbsp;&nbsp;&nbsp; 5 |
| 2022 | &nbsp;&nbsp;&nbsp;&nbsp;50.61 | &nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp; (10.10)<br>| &nbsp;&nbsp;&nbsp; (9.59)<br>| &nbsp;&nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp;&nbsp; (0.97)<br>| &nbsp;&nbsp;&nbsp;&nbsp;40.05 | &nbsp;&nbsp;&nbsp; (18.91)<br>| &nbsp;&nbsp;&nbsp; 761420 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;1.17 | &nbsp;&nbsp;&nbsp; 4 |
| 2021 | &nbsp;&nbsp;&nbsp;&nbsp;40.85 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;10.86 | &nbsp;&nbsp;&nbsp;&nbsp;11.30 | &nbsp;&nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp;&nbsp; (1.12)<br>| &nbsp;&nbsp;&nbsp; (1.54)<br>| &nbsp;&nbsp;&nbsp;&nbsp;50.61 | &nbsp;&nbsp;&nbsp;&nbsp;27.95 | &nbsp;&nbsp;&nbsp; 933551 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp; 4 |
| 2020 | &nbsp;&nbsp;&nbsp;&nbsp;35.47 | &nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;5.79 | &nbsp;&nbsp;&nbsp;&nbsp;6.26 | &nbsp;&nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp;&nbsp; (0.88)<br>| &nbsp;&nbsp;&nbsp;&nbsp;40.85 | &nbsp;&nbsp;&nbsp;&nbsp;17.89 | &nbsp;&nbsp;&nbsp; 716627 | &nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;1.34 | &nbsp;&nbsp;&nbsp; 3 |

---

---

| | |
|:---|:---|
| #  | Calculated using the average shares outstanding method. |
| † | Amount represents less than $0.005 per share. |
| (1) | For the six months ended June 30, 2025, all ratios have been annualized with the exception of total return and portfolio turnover which have <br> not been annualized.<br>|
| (2) | The ratio for the Defensive Market Strategies<sup>®</sup> Fund includes the effect of fees paid indirectly which decreased the ratio by 0.00% for the <br> year 2024.<br>|
| (3) | For the period January 27, 2023 (commencement of operations) through December 31, 2023. All ratios for the period have been annualized <br> with the exception of total return and portfolio turnover which have not been annualized.<br>|
| (4) | Amount represents less than 0.005% per share |

---

See Notes to Financial Statements.

**255**

------

**FINANCIAL HIGHLIGHTS (Unaudited) (Continued)**

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *For a Share Outstanding For the Years Ending December 31, unless otherwise indicated*  | *For a Share Outstanding For the Years Ending December 31, unless otherwise indicated*  | *For a Share Outstanding For the Years Ending December 31, unless otherwise indicated*  | *For a Share Outstanding For the Years Ending December 31, unless otherwise indicated*  | *For a Share Outstanding For the Years Ending December 31, unless otherwise indicated*  | *For a Share Outstanding For the Years Ending December 31, unless otherwise indicated*  |  |  |  |  |  | **Ratios to Average Net Assets**  | **Ratios to Average Net Assets**  | **Ratios to Average Net Assets**  |  |
|  | &nbsp;&nbsp; **Net Asset**<br> **Value,**<br> **Beginning**<br> **of Period**<br>| &nbsp;&nbsp; **Net Investment**<br> **Income/ (Loss)#**<br>| **Realized**<br> **and**<br> **Unrealized**<br> **Gain**<br> **(Loss) on**<br> **Investments**<br>| &nbsp;&nbsp; **Total Income**<br> **From Investment**<br> **Operations**<br>| &nbsp;&nbsp; **Dividends**<br> **from Net**<br> **Investment**<br> **Income**<br>| **Distributions**<br> **from Net**<br> **Realized**<br> **Capital**<br> **Gains**<br>| &nbsp;&nbsp; **Total**<br> **Distributions**<br> **Paid**<br>| **Net Asset**<br> **Value,**<br> **End of**<br> **Period**<br>| **Total**<br> **Return**<br>| **Net Assets,**<br> **End of Period**<br> **(000)**<br>| **Expenses,**<br> **Net**<br>| **Expenses,**<br> **Gross**<br>| **Investment**<br> **Income/**<br> **(Loss),**<br> **Net**<br>| &nbsp;&nbsp; **Portfolio**<br> **Turnover**<br> **Rate**<br>|
| **Value Equity Index Fund** | **Value Equity Index Fund** | **Value Equity Index Fund** | **Value Equity Index Fund** | **Value Equity Index Fund** | **Value Equity Index Fund** | **Value Equity Index Fund** | **Value Equity Index Fund** | **Value Equity Index Fund** | **Value Equity Index Fund** | **Value Equity Index Fund** | **Value Equity Index Fund** | **Value Equity Index Fund** | **Value Equity Index Fund** | **Value Equity Index Fund** |
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
| 2025(1) | &nbsp;&nbsp;&nbsp; $11.67 | &nbsp;&nbsp;&nbsp; $0.11 | &nbsp;&nbsp;&nbsp; $0.51 | &nbsp;&nbsp;&nbsp; $0.62 | &nbsp;&nbsp;&nbsp; $(0.10)<br>| &nbsp;&nbsp;&nbsp; $(0.01)<br>| &nbsp;&nbsp;&nbsp; $(0.11)<br>| &nbsp;&nbsp;&nbsp; $12.18 | &nbsp;&nbsp;&nbsp;&nbsp; 5.29<br> %<br>| &nbsp;&nbsp;&nbsp; $179559 | &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.89<br> %<br>| &nbsp;&nbsp;&nbsp; 17<br> %<br>|
| 2024 | &nbsp;&nbsp;&nbsp;&nbsp;10.86 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;1.34 | &nbsp;&nbsp;&nbsp;&nbsp;1.57 | &nbsp;&nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp;&nbsp; (0.54)<br>| &nbsp;&nbsp;&nbsp; (0.76)<br>| &nbsp;&nbsp;&nbsp;&nbsp;11.67 | &nbsp;&nbsp;&nbsp;&nbsp;14.31 | &nbsp;&nbsp;&nbsp; 168858 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;1.95 | &nbsp;&nbsp;&nbsp; 31 |
| 2023 | &nbsp;&nbsp;&nbsp;&nbsp;10.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;1.20 | &nbsp;&nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp;&nbsp;&nbsp;10.86 | &nbsp;&nbsp;&nbsp;&nbsp;12.04 | &nbsp;&nbsp;&nbsp; 162254 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;2.17 | &nbsp;&nbsp;&nbsp; 21 |
| 2022(2) | &nbsp;&nbsp;&nbsp;&nbsp;10.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp;&nbsp;&nbsp;10.11 | &nbsp;&nbsp;&nbsp;&nbsp;1.84 | &nbsp;&nbsp;&nbsp; 140881 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;2.18 | &nbsp;&nbsp;&nbsp; 3 |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| 2025(1) | &nbsp;&nbsp;&nbsp; $11.68 | &nbsp;&nbsp;&nbsp; $0.10 | &nbsp;&nbsp;&nbsp; $0.51 | &nbsp;&nbsp;&nbsp; $0.61 | &nbsp;&nbsp;&nbsp; $(0.09)<br>| &nbsp;&nbsp;&nbsp; $(0.01)<br>| &nbsp;&nbsp;&nbsp; $(0.10)<br>| &nbsp;&nbsp;&nbsp; $12.19 | &nbsp;&nbsp;&nbsp;&nbsp; 5.17<br> %<br>| &nbsp;&nbsp;&nbsp; $28236 | &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.69<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.66<br> %<br>| &nbsp;&nbsp;&nbsp; 17<br> %<br>|
| 2024 | &nbsp;&nbsp;&nbsp;&nbsp;10.87 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;1.34 | &nbsp;&nbsp;&nbsp;&nbsp;1.54 | &nbsp;&nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp;&nbsp; (0.54)<br>| &nbsp;&nbsp;&nbsp; (0.73)<br>| &nbsp;&nbsp;&nbsp;&nbsp;11.68 | &nbsp;&nbsp;&nbsp;&nbsp;14.04 | &nbsp;&nbsp;&nbsp; 19359 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;1.69 | &nbsp;&nbsp;&nbsp; 31 |
| 2023 | &nbsp;&nbsp;&nbsp;&nbsp;10.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;1.16 | &nbsp;&nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp;&nbsp;&nbsp;10.87 | &nbsp;&nbsp;&nbsp;&nbsp;11.68 | &nbsp;&nbsp;&nbsp; 13008 | &nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;1.91 | &nbsp;&nbsp;&nbsp; 21 |
| 2022(2) | &nbsp;&nbsp;&nbsp;&nbsp;10.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp;&nbsp;&nbsp;10.13 | &nbsp;&nbsp;&nbsp;&nbsp;1.77 | &nbsp;&nbsp;&nbsp; 9072 | &nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;2.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.95 | &nbsp;&nbsp;&nbsp; 3 |
| **Value Equity Fund** | **Value Equity Fund** | **Value Equity Fund** | **Value Equity Fund** | **Value Equity Fund** | **Value Equity Fund** | **Value Equity Fund** | **Value Equity Fund** | **Value Equity Fund** | **Value Equity Fund** | **Value Equity Fund** | **Value Equity Fund** | **Value Equity Fund** | **Value Equity Fund** | **Value Equity Fund** |
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
| 2025(1) | &nbsp;&nbsp;&nbsp; $18.77 | &nbsp;&nbsp;&nbsp; $0.17 | &nbsp;&nbsp;&nbsp; $0.60 | &nbsp;&nbsp;&nbsp; $0.77 | &nbsp;&nbsp;&nbsp; $(0.18)<br>| &nbsp;&nbsp;&nbsp; $(0.61)<br>| &nbsp;&nbsp;&nbsp; $(0.79)<br>| &nbsp;&nbsp;&nbsp; $18.75 | &nbsp;&nbsp;&nbsp;&nbsp; 4.18<br> %<br>| &nbsp;&nbsp;&nbsp; $670917 | &nbsp;&nbsp;&nbsp;&nbsp; 0.64<br> %(3)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.64<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.79<br> %<br>| &nbsp;&nbsp;&nbsp; 29<br> %<br>|
| 2024 | &nbsp;&nbsp;&nbsp;&nbsp;17.97 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;2.64 | &nbsp;&nbsp;&nbsp;&nbsp;2.96 | &nbsp;&nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp;&nbsp; (1.87)<br>| &nbsp;&nbsp;&nbsp; (2.16)<br>| &nbsp;&nbsp;&nbsp;&nbsp;18.77 | &nbsp;&nbsp;&nbsp;&nbsp;16.12 | &nbsp;&nbsp;&nbsp; 674215 | &nbsp;&nbsp;&nbsp;&nbsp; 0.64<br> (3)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;1.62 | &nbsp;&nbsp;&nbsp; 62 |
| 2023 | &nbsp;&nbsp;&nbsp;&nbsp;17.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;1.50 | &nbsp;&nbsp;&nbsp;&nbsp;1.82 | &nbsp;&nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp;&nbsp; (0.60)<br>| &nbsp;&nbsp;&nbsp; (0.87)<br>| &nbsp;&nbsp;&nbsp;&nbsp;17.97 | &nbsp;&nbsp;&nbsp;&nbsp;10.89 | &nbsp;&nbsp;&nbsp; 616544 | &nbsp;&nbsp;&nbsp;&nbsp; 0.66<br> (3)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp;&nbsp;1.81 | &nbsp;&nbsp;&nbsp; 38 |
| 2022 | &nbsp;&nbsp;&nbsp;&nbsp;21.37 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp; (1.64)<br>| &nbsp;&nbsp;&nbsp; (1.32)<br>| &nbsp;&nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp;&nbsp; (2.55)<br>| &nbsp;&nbsp;&nbsp; (3.03)<br>| &nbsp;&nbsp;&nbsp;&nbsp;17.02 | &nbsp;&nbsp;&nbsp; (5.96)<br>| &nbsp;&nbsp;&nbsp; 558078 | &nbsp;&nbsp;&nbsp;&nbsp; 0.64<br> (3)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;1.60 | &nbsp;&nbsp;&nbsp; 34 |
| 2021 | &nbsp;&nbsp;&nbsp;&nbsp;19.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;4.38 | &nbsp;&nbsp;&nbsp;&nbsp;4.68 | &nbsp;&nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp;&nbsp; (2.26)<br>| &nbsp;&nbsp;&nbsp; (2.66)<br>| &nbsp;&nbsp;&nbsp;&nbsp;21.37 | &nbsp;&nbsp;&nbsp;&nbsp;24.61 | &nbsp;&nbsp;&nbsp; 971586 | &nbsp;&nbsp;&nbsp;&nbsp; 0.64<br> (3)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp;&nbsp; 38 |
| 2020 | &nbsp;&nbsp;&nbsp;&nbsp;19.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp;&nbsp;&nbsp;19.35 | &nbsp;&nbsp;&nbsp;&nbsp;4.19 | &nbsp;&nbsp;&nbsp; 896523 | &nbsp;&nbsp;&nbsp;&nbsp; 0.64<br> (3)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;1.80 | &nbsp;&nbsp;&nbsp; 97 |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| 2025(1) | &nbsp;&nbsp;&nbsp; $18.75 | &nbsp;&nbsp;&nbsp; $0.14 | &nbsp;&nbsp;&nbsp; $0.59 | &nbsp;&nbsp;&nbsp; $0.73 | &nbsp;&nbsp;&nbsp; $(0.15)<br>| &nbsp;&nbsp;&nbsp; $(0.61)<br>| &nbsp;&nbsp;&nbsp; $(0.76)<br>| &nbsp;&nbsp;&nbsp; $18.72 | &nbsp;&nbsp;&nbsp;&nbsp; 4.00<br> %<br>| &nbsp;&nbsp;&nbsp; $339356 | &nbsp;&nbsp;&nbsp;&nbsp; 0.90<br> %(3)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.90<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.52<br> %<br>| &nbsp;&nbsp;&nbsp; 29<br> %<br>|
| 2024 | &nbsp;&nbsp;&nbsp;&nbsp;17.95 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;2.65 | &nbsp;&nbsp;&nbsp;&nbsp;2.91 | &nbsp;&nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp;&nbsp; (1.87)<br>| &nbsp;&nbsp;&nbsp; (2.11)<br>| &nbsp;&nbsp;&nbsp;&nbsp;18.75 | &nbsp;&nbsp;&nbsp;&nbsp;15.86 | &nbsp;&nbsp;&nbsp; 394019 | &nbsp;&nbsp;&nbsp;&nbsp; 0.91<br> (3)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp;&nbsp; 62 |
| 2023 | &nbsp;&nbsp;&nbsp;&nbsp;17.01 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;1.50 | &nbsp;&nbsp;&nbsp;&nbsp;1.77 | &nbsp;&nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp;&nbsp; (0.60)<br>| &nbsp;&nbsp;&nbsp; (0.83)<br>| &nbsp;&nbsp;&nbsp;&nbsp;17.95 | &nbsp;&nbsp;&nbsp;&nbsp;10.55 | &nbsp;&nbsp;&nbsp; 365347 | &nbsp;&nbsp;&nbsp;&nbsp; 0.92<br> (3)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp;&nbsp;1.54 | &nbsp;&nbsp;&nbsp; 38 |
| 2022 | &nbsp;&nbsp;&nbsp;&nbsp;21.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp; (1.63)<br>| &nbsp;&nbsp;&nbsp; (1.36)<br>| &nbsp;&nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp;&nbsp; (2.55)<br>| &nbsp;&nbsp;&nbsp; (2.98)<br>| &nbsp;&nbsp;&nbsp;&nbsp;17.01 | &nbsp;&nbsp;&nbsp; (6.16)<br>| &nbsp;&nbsp;&nbsp; 398976 | &nbsp;&nbsp;&nbsp;&nbsp; 0.91<br> (3)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;1.36 | &nbsp;&nbsp;&nbsp; 34 |
| 2021 | &nbsp;&nbsp;&nbsp;&nbsp;19.34 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;4.37 | &nbsp;&nbsp;&nbsp;&nbsp;4.61 | &nbsp;&nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp;&nbsp; (2.26)<br>| &nbsp;&nbsp;&nbsp; (2.60)<br>| &nbsp;&nbsp;&nbsp;&nbsp;21.35 | &nbsp;&nbsp;&nbsp;&nbsp;24.27 | &nbsp;&nbsp;&nbsp; 437067 | &nbsp;&nbsp;&nbsp;&nbsp; 0.90<br> (3)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp; 38 |
| 2020 | &nbsp;&nbsp;&nbsp;&nbsp;19.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp;&nbsp;&nbsp;19.34 | &nbsp;&nbsp;&nbsp;&nbsp;3.89 | &nbsp;&nbsp;&nbsp; 342014 | &nbsp;&nbsp;&nbsp;&nbsp; 0.90<br> (3)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;1.54 | &nbsp;&nbsp;&nbsp; 97 |
| **Growth Equity Index Fund** | **Growth Equity Index Fund** | **Growth Equity Index Fund** | **Growth Equity Index Fund** | **Growth Equity Index Fund** | **Growth Equity Index Fund** | **Growth Equity Index Fund** | **Growth Equity Index Fund** | **Growth Equity Index Fund** | **Growth Equity Index Fund** | **Growth Equity Index Fund** | **Growth Equity Index Fund** | **Growth Equity Index Fund** | **Growth Equity Index Fund** | **Growth Equity Index Fund** |
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
| 2025(1) | &nbsp;&nbsp;&nbsp; $16.38 | &nbsp;&nbsp;&nbsp; $0.04 | &nbsp;&nbsp;&nbsp; $0.95 | &nbsp;&nbsp;&nbsp; $0.99 | &nbsp;&nbsp;&nbsp; $(0.04)<br>| &nbsp;&nbsp;&nbsp; $(0.05)<br>| &nbsp;&nbsp;&nbsp; $(0.09)<br>| &nbsp;&nbsp;&nbsp; $17.28 | &nbsp;&nbsp;&nbsp;&nbsp; 6.06<br> %<br>| &nbsp;&nbsp;&nbsp; $203764 | &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.45<br> %<br>| &nbsp;&nbsp;&nbsp; 15<br> %<br>|
| 2024 | &nbsp;&nbsp;&nbsp;&nbsp;12.88 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;4.18 | &nbsp;&nbsp;&nbsp;&nbsp;4.26 | &nbsp;&nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp;&nbsp; (0.69)<br>| &nbsp;&nbsp;&nbsp; (0.76)<br>| &nbsp;&nbsp;&nbsp;&nbsp;16.38 | &nbsp;&nbsp;&nbsp;&nbsp;33.02 | &nbsp;&nbsp;&nbsp; 186886 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp; 30 |
| 2023 | &nbsp;&nbsp;&nbsp;&nbsp;9.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;3.77 | &nbsp;&nbsp;&nbsp;&nbsp;3.86 | &nbsp;&nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp;&nbsp;&nbsp;12.88 | &nbsp;&nbsp;&nbsp;&nbsp;42.00 | &nbsp;&nbsp;&nbsp; 162618 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp; 21 |
| 2022(2) | &nbsp;&nbsp;&nbsp;&nbsp;10.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp; (0.80)<br>| &nbsp;&nbsp;&nbsp; (0.77)<br>| &nbsp;&nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp;&nbsp; (—)†<br>| &nbsp;&nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp;&nbsp;&nbsp;9.20 | &nbsp;&nbsp;&nbsp; (7.68)<br>| &nbsp;&nbsp;&nbsp; 132092 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp; 2 |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| 2025(1) | &nbsp;&nbsp;&nbsp; $16.38 | &nbsp;&nbsp;&nbsp; $0.02 | &nbsp;&nbsp;&nbsp; $0.95 | &nbsp;&nbsp;&nbsp; $0.97 | &nbsp;&nbsp;&nbsp; $(0.02)<br>| &nbsp;&nbsp;&nbsp; $(0.05)<br>| &nbsp;&nbsp;&nbsp; $(0.07)<br>| &nbsp;&nbsp;&nbsp; $17.28 | &nbsp;&nbsp;&nbsp;&nbsp; 5.95<br> %<br>| &nbsp;&nbsp;&nbsp; $119981 | &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.51<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.20<br> %<br>| &nbsp;&nbsp;&nbsp; 15<br> %<br>|
| 2024 | &nbsp;&nbsp;&nbsp;&nbsp;12.89 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;4.18 | &nbsp;&nbsp;&nbsp;&nbsp;4.22 | &nbsp;&nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp;&nbsp; (0.69)<br>| &nbsp;&nbsp;&nbsp; (0.73)<br>| &nbsp;&nbsp;&nbsp;&nbsp;16.38 | &nbsp;&nbsp;&nbsp;&nbsp;32.66 | &nbsp;&nbsp;&nbsp; 107872 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp; 30 |
| 2023 | &nbsp;&nbsp;&nbsp;&nbsp;9.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;3.77 | &nbsp;&nbsp;&nbsp;&nbsp;3.83 | &nbsp;&nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp;&nbsp;&nbsp;12.89 | &nbsp;&nbsp;&nbsp;&nbsp;41.60 | &nbsp;&nbsp;&nbsp; 47199 | &nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp; 21 |
| 2022(2) | &nbsp;&nbsp;&nbsp;&nbsp;10.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp; (0.80)<br>| &nbsp;&nbsp;&nbsp; (0.78)<br>| &nbsp;&nbsp;&nbsp; (—)†<br>| &nbsp;&nbsp;&nbsp; (—)†<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;9.22 | &nbsp;&nbsp;&nbsp; (7.76)<br>| &nbsp;&nbsp;&nbsp; 7159 | &nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;2.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp; 2 |
| **Growth Equity Fund** | **Growth Equity Fund** | **Growth Equity Fund** | **Growth Equity Fund** | **Growth Equity Fund** | **Growth Equity Fund** | **Growth Equity Fund** | **Growth Equity Fund** | **Growth Equity Fund** | **Growth Equity Fund** | **Growth Equity Fund** | **Growth Equity Fund** | **Growth Equity Fund** | **Growth Equity Fund** | **Growth Equity Fund** |
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
| 2025(1) | &nbsp;&nbsp;&nbsp; $27.38 | &nbsp;&nbsp;&nbsp; $—† | &nbsp;&nbsp;&nbsp; $1.53 | &nbsp;&nbsp;&nbsp; $1.53 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(0.70)<br>| &nbsp;&nbsp;&nbsp; $(0.70)<br>| &nbsp;&nbsp;&nbsp; $28.21 | &nbsp;&nbsp;&nbsp;&nbsp; 5.71<br> %<br>| &nbsp;&nbsp;&nbsp; $881983 | &nbsp;&nbsp;&nbsp;&nbsp; 0.65<br> %(4)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.65<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.02<br> %<br>| &nbsp;&nbsp;&nbsp; 23<br> %<br>|
| 2024 | &nbsp;&nbsp;&nbsp;&nbsp;23.76 | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;7.32 | &nbsp;&nbsp;&nbsp;&nbsp;7.33 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (3.71)<br>| &nbsp;&nbsp;&nbsp; (3.71)<br>| &nbsp;&nbsp;&nbsp;&nbsp;27.38 | &nbsp;&nbsp;&nbsp;&nbsp;30.39 | &nbsp;&nbsp;&nbsp; 870070 | &nbsp;&nbsp;&nbsp;&nbsp; 0.65<br> (4)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp; 31 |
| 2023 | &nbsp;&nbsp;&nbsp;&nbsp;17.56 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;7.35 | &nbsp;&nbsp;&nbsp;&nbsp;7.37 | &nbsp;&nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp;&nbsp; (1.16)<br>| &nbsp;&nbsp;&nbsp; (1.17)<br>| &nbsp;&nbsp;&nbsp;&nbsp;23.76 | &nbsp;&nbsp;&nbsp;&nbsp;42.22 | &nbsp;&nbsp;&nbsp; 759563 | &nbsp;&nbsp;&nbsp;&nbsp; 0.66<br> (4)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp; 41 |
| 2022 | &nbsp;&nbsp;&nbsp;&nbsp;29.92 | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp; (10.32)<br>| &nbsp;&nbsp;&nbsp; (10.31)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (2.05)<br>| &nbsp;&nbsp;&nbsp; (2.05)<br>| &nbsp;&nbsp;&nbsp;&nbsp;17.56 | &nbsp;&nbsp;&nbsp; (34.50)<br>| &nbsp;&nbsp;&nbsp; 611961 | &nbsp;&nbsp;&nbsp;&nbsp; 0.66<br> (4)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp; 66 |
| 2021 | &nbsp;&nbsp;&nbsp;&nbsp;30.63 | &nbsp;&nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.44 | &nbsp;&nbsp;&nbsp;&nbsp;5.38 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (6.09)<br>| &nbsp;&nbsp;&nbsp; (6.09)<br>| &nbsp;&nbsp;&nbsp;&nbsp;29.92 | &nbsp;&nbsp;&nbsp;&nbsp;17.68 | &nbsp;&nbsp;&nbsp; 1108031 | &nbsp;&nbsp;&nbsp;&nbsp; 0.68<br> (4)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp;&nbsp; 25 |
| 2020 | &nbsp;&nbsp;&nbsp;&nbsp;26.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;9.11 | &nbsp;&nbsp;&nbsp;&nbsp;9.13 | &nbsp;&nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp;&nbsp; (4.68)<br>| &nbsp;&nbsp;&nbsp; (4.73)<br>| &nbsp;&nbsp;&nbsp;&nbsp;30.63 | &nbsp;&nbsp;&nbsp;&nbsp;35.75 | &nbsp;&nbsp;&nbsp; 1064559 | &nbsp;&nbsp;&nbsp;&nbsp; 0.69<br> (4)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp; 40 |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| 2025(1) | &nbsp;&nbsp;&nbsp; $26.56 | &nbsp;&nbsp;&nbsp; $(0.03)<br>| &nbsp;&nbsp;&nbsp; $1.48 | &nbsp;&nbsp;&nbsp; $1.45 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(0.70)<br>| &nbsp;&nbsp;&nbsp; $(0.70)<br>| &nbsp;&nbsp;&nbsp; $27.31 | &nbsp;&nbsp;&nbsp;&nbsp; 5.59<br> %<br>| &nbsp;&nbsp;&nbsp; $839727 | &nbsp;&nbsp;&nbsp;&nbsp; 0.91<br> %(4)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.91<br> %<br>| &nbsp;&nbsp;&nbsp; (0.24)%<br>| &nbsp;&nbsp;&nbsp; 23<br> %<br>|
| 2024 | &nbsp;&nbsp;&nbsp;&nbsp;23.19 | &nbsp;&nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp;&nbsp;&nbsp;7.14 | &nbsp;&nbsp;&nbsp;&nbsp;7.08 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (3.71)<br>| &nbsp;&nbsp;&nbsp; (3.71)<br>| &nbsp;&nbsp;&nbsp;&nbsp;26.56 | &nbsp;&nbsp;&nbsp;&nbsp;30.05 | &nbsp;&nbsp;&nbsp; 900485 | &nbsp;&nbsp;&nbsp;&nbsp; 0.91<br> (4)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp;&nbsp; 31 |
| 2023 | &nbsp;&nbsp;&nbsp;&nbsp;17.20 | &nbsp;&nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp;&nbsp;&nbsp;7.18 | &nbsp;&nbsp;&nbsp;&nbsp;7.15 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1.16)<br>| &nbsp;&nbsp;&nbsp; (1.16)<br>| &nbsp;&nbsp;&nbsp;&nbsp;23.19 | &nbsp;&nbsp;&nbsp;&nbsp;41.81 | &nbsp;&nbsp;&nbsp; 749727 | &nbsp;&nbsp;&nbsp;&nbsp; 0.92<br> (4)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp;&nbsp; 41 |
| 2022 | &nbsp;&nbsp;&nbsp;&nbsp;29.44 | &nbsp;&nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp;&nbsp; (10.15)<br>| &nbsp;&nbsp;&nbsp; (10.19)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (2.05)<br>| &nbsp;&nbsp;&nbsp; (2.05)<br>| &nbsp;&nbsp;&nbsp;&nbsp;17.20 | &nbsp;&nbsp;&nbsp; (34.66)<br>| &nbsp;&nbsp;&nbsp; 563162 | &nbsp;&nbsp;&nbsp;&nbsp; 0.92<br> (4)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp;&nbsp; 66 |
| 2021 | &nbsp;&nbsp;&nbsp;&nbsp;30.29 | &nbsp;&nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.38 | &nbsp;&nbsp;&nbsp;&nbsp;5.24 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (6.09)<br>| &nbsp;&nbsp;&nbsp; (6.09)<br>| &nbsp;&nbsp;&nbsp;&nbsp;29.44 | &nbsp;&nbsp;&nbsp;&nbsp;17.41 | &nbsp;&nbsp;&nbsp; 979600 | &nbsp;&nbsp;&nbsp;&nbsp; 0.94<br> (4)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp;&nbsp; 25 |
| 2020 | &nbsp;&nbsp;&nbsp;&nbsp;26.02 | &nbsp;&nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp;&nbsp;&nbsp;9.02 | &nbsp;&nbsp;&nbsp;&nbsp;8.97 | &nbsp;&nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp;&nbsp; (4.68)<br>| &nbsp;&nbsp;&nbsp; (4.70)<br>| &nbsp;&nbsp;&nbsp;&nbsp;30.29 | &nbsp;&nbsp;&nbsp;&nbsp;35.39 | &nbsp;&nbsp;&nbsp; 957853 | &nbsp;&nbsp;&nbsp;&nbsp; 0.95<br> (4)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp;&nbsp; 40 |

---

---

| | |
|:---|:---|
| #  | Calculated using the average shares outstanding method. |
| † | Amount represents less than $0.005 per share. |
| (1) | For the six months ended June 30, 2025, all ratios have been annualized with the exception of total return and portfolio turnover which have <br> not been annualized.<br>|
| (2) | For the period August 31, 2022 (commencement of operations) through December 31, 2022. All ratios for the period have been annualized <br> with the exception of total return and portfolio turnover which have not been annualized.<br>|
| (3) | The ratio for the Value Equity Fund includes the effect of fees paid indirectly which decreased the ratio by 0.00% for the years 2020, 2021, <br> 2022, 2023, 2024 and for the six months ended June 30, 2025.<br>|
| (4) | The ratio for the Growth Equity Fund includes the effect of fees paid indirectly which decreased the ratio by 0.00% for the years 2020, 2021, <br> 2022, 2023, 2024 and for the six months ended June 30, 2025.<br>|

---

**256**

See Notes to Financial Statements.

------

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *For a Share Outstanding For the Years Ending December 31, unless otherwise indicated*  | *For a Share Outstanding For the Years Ending December 31, unless otherwise indicated*  | *For a Share Outstanding For the Years Ending December 31, unless otherwise indicated*  | *For a Share Outstanding For the Years Ending December 31, unless otherwise indicated*  | *For a Share Outstanding For the Years Ending December 31, unless otherwise indicated*  | *For a Share Outstanding For the Years Ending December 31, unless otherwise indicated*  |  |  |  |  |  | **Ratios to Average Net Assets**  | **Ratios to Average Net Assets**  | **Ratios to Average Net Assets**  |  |
|  | &nbsp;&nbsp; **Net Asset**<br> **Value,**<br> **Beginning**<br> **of Period**<br>| &nbsp;&nbsp; **Net Investment**<br> **Income/ (Loss)#**<br>| **Realized**<br> **and**<br> **Unrealized**<br> **Gain**<br> **(Loss) on**<br> **Investments**<br>| &nbsp;&nbsp; **Total Income**<br> **From Investment**<br> **Operations**<br>| &nbsp;&nbsp; **Dividends**<br> **from Net**<br> **Investment**<br> **Income**<br>| **Distributions**<br> **from Net**<br> **Realized**<br> **Capital**<br> **Gains**<br>| &nbsp;&nbsp; **Total**<br> **Distributions**<br> **Paid**<br>| **Net Asset**<br> **Value,**<br> **End of**<br> **Period**<br>| **Total**<br> **Return**<br>| **Net Assets,**<br> **End of Period**<br> **(000)**<br>| **Expenses,**<br> **Net**<br>| **Expenses,**<br> **Gross**<br>| **Investment**<br> **Income/**<br> **(Loss),**<br> **Net**<br>| &nbsp;&nbsp; **Portfolio**<br> **Turnover**<br> **Rate**<br>|
| **Small Cap Equity Fund** | **Small Cap Equity Fund** | **Small Cap Equity Fund** | **Small Cap Equity Fund** | **Small Cap Equity Fund** | **Small Cap Equity Fund** | **Small Cap Equity Fund** | **Small Cap Equity Fund** | **Small Cap Equity Fund** | **Small Cap Equity Fund** | **Small Cap Equity Fund** | **Small Cap Equity Fund** | **Small Cap Equity Fund** | **Small Cap Equity Fund** | **Small Cap Equity Fund** |
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
| 2025(1) | &nbsp;&nbsp;&nbsp; $17.87 | &nbsp;&nbsp;&nbsp; $0.05 | &nbsp;&nbsp;&nbsp; $(0.59)<br>| &nbsp;&nbsp;&nbsp; $(0.54)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $17.33 | &nbsp;&nbsp;&nbsp; (3.02)%<br>| &nbsp;&nbsp;&nbsp; $564584 | &nbsp;&nbsp;&nbsp;&nbsp; 0.92<br> %(2)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.93<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> %<br>| &nbsp;&nbsp;&nbsp; 43<br> %<br>|
| 2024 | &nbsp;&nbsp;&nbsp;&nbsp;17.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;1.76 | &nbsp;&nbsp;&nbsp;&nbsp;1.87 | &nbsp;&nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp;&nbsp; (1.01)<br>| &nbsp;&nbsp;&nbsp; (1.09)<br>| &nbsp;&nbsp;&nbsp;&nbsp;17.87 | &nbsp;&nbsp;&nbsp;&nbsp;10.58 | &nbsp;&nbsp;&nbsp; 559093 | &nbsp;&nbsp;&nbsp;&nbsp; 0.93<br> (2)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp; 66 |
| 2023 | &nbsp;&nbsp;&nbsp;&nbsp;15.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;2.14 | &nbsp;&nbsp;&nbsp;&nbsp;2.25 | &nbsp;&nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp;&nbsp;&nbsp;17.09 | &nbsp;&nbsp;&nbsp;&nbsp;14.90 | &nbsp;&nbsp;&nbsp; 461184 | &nbsp;&nbsp;&nbsp;&nbsp; 0.92<br> (2)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp; 54 |
| 2022 | &nbsp;&nbsp;&nbsp;&nbsp;19.54 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp; (3.54)<br>| &nbsp;&nbsp;&nbsp; (3.47)<br>| &nbsp;&nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp;&nbsp; (0.72)<br>| &nbsp;&nbsp;&nbsp; (0.78)<br>| &nbsp;&nbsp;&nbsp;&nbsp;15.29 | &nbsp;&nbsp;&nbsp; (17.80)<br>| &nbsp;&nbsp;&nbsp; 424994 | &nbsp;&nbsp;&nbsp;&nbsp; 0.92<br> (2)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp; 54 |
| 2021 | &nbsp;&nbsp;&nbsp;&nbsp;18.67 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;4.03 | &nbsp;&nbsp;&nbsp;&nbsp;4.05 | &nbsp;&nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp;&nbsp; (3.16)<br>| &nbsp;&nbsp;&nbsp; (3.18)<br>| &nbsp;&nbsp;&nbsp;&nbsp;19.54 | &nbsp;&nbsp;&nbsp;&nbsp;22.09 | &nbsp;&nbsp;&nbsp; 519549 | &nbsp;&nbsp;&nbsp;&nbsp; 0.90<br> (2)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp; 54 |
| 2020 | &nbsp;&nbsp;&nbsp;&nbsp;15.72 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;3.13 | &nbsp;&nbsp;&nbsp;&nbsp;3.15 | &nbsp;&nbsp;&nbsp; (—)†<br>| &nbsp;&nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp;&nbsp;&nbsp;18.67 | &nbsp;&nbsp;&nbsp;&nbsp;20.07 | &nbsp;&nbsp;&nbsp; 428451 | &nbsp;&nbsp;&nbsp;&nbsp; 0.98<br> (2)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp; 90 |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| 2025(1) | &nbsp;&nbsp;&nbsp; $17.66 | &nbsp;&nbsp;&nbsp; $0.03 | &nbsp;&nbsp;&nbsp; $(0.59)<br>| &nbsp;&nbsp;&nbsp; $(0.56)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $17.10 | &nbsp;&nbsp;&nbsp; (3.17)%<br>| &nbsp;&nbsp;&nbsp; $278983 | &nbsp;&nbsp;&nbsp;&nbsp; 1.20<br> %(2)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.21<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.31<br> %<br>| &nbsp;&nbsp;&nbsp; 43<br> %<br>|
| 2024 | &nbsp;&nbsp;&nbsp;&nbsp;16.90 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;1.76 | &nbsp;&nbsp;&nbsp;&nbsp;1.81 | &nbsp;&nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp;&nbsp; (1.01)<br>| &nbsp;&nbsp;&nbsp; (1.05)<br>| &nbsp;&nbsp;&nbsp;&nbsp;17.66 | &nbsp;&nbsp;&nbsp;&nbsp;10.32 | &nbsp;&nbsp;&nbsp; 295844 | &nbsp;&nbsp;&nbsp;&nbsp; 1.21<br> (2)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp; 66 |
| 2023 | &nbsp;&nbsp;&nbsp;&nbsp;15.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;2.12 | &nbsp;&nbsp;&nbsp;&nbsp;2.18 | &nbsp;&nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp;&nbsp;&nbsp;16.90 | &nbsp;&nbsp;&nbsp;&nbsp;14.57 | &nbsp;&nbsp;&nbsp; 280375 | &nbsp;&nbsp;&nbsp;&nbsp; 1.20<br> (2)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp; 54 |
| 2022 | &nbsp;&nbsp;&nbsp;&nbsp;19.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp; (3.51)<br>| &nbsp;&nbsp;&nbsp; (3.48)<br>| &nbsp;&nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp;&nbsp; (0.72)<br>| &nbsp;&nbsp;&nbsp; (0.74)<br>| &nbsp;&nbsp;&nbsp;&nbsp;15.13 | &nbsp;&nbsp;&nbsp; (18.05)<br>| &nbsp;&nbsp;&nbsp; 260960 | &nbsp;&nbsp;&nbsp;&nbsp; 1.19<br> (2)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp; 54 |
| 2021 | &nbsp;&nbsp;&nbsp;&nbsp;18.54 | &nbsp;&nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.01 | &nbsp;&nbsp;&nbsp;&nbsp;3.97 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (3.16)<br>| &nbsp;&nbsp;&nbsp; (3.16)<br>| &nbsp;&nbsp;&nbsp;&nbsp;19.35 | &nbsp;&nbsp;&nbsp;&nbsp;21.79 | &nbsp;&nbsp;&nbsp; 350691 | &nbsp;&nbsp;&nbsp;&nbsp; 1.16<br> (2)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.17 | &nbsp;&nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp;&nbsp; 54 |
| 2020 | &nbsp;&nbsp;&nbsp;&nbsp;15.66 | &nbsp;&nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.11 | &nbsp;&nbsp;&nbsp;&nbsp;3.09 | &nbsp;&nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp;&nbsp;&nbsp;18.54 | &nbsp;&nbsp;&nbsp;&nbsp;19.75 | &nbsp;&nbsp;&nbsp; 268364 | &nbsp;&nbsp;&nbsp;&nbsp; 1.24<br> (2)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp;&nbsp; 90 |
| **International Equity Index Fund** | **International Equity Index Fund** | **International Equity Index Fund** | **International Equity Index Fund** | **International Equity Index Fund** | **International Equity Index Fund** | **International Equity Index Fund** | **International Equity Index Fund** | **International Equity Index Fund** | **International Equity Index Fund** | **International Equity Index Fund** | **International Equity Index Fund** | **International Equity Index Fund** | **International Equity Index Fund** | **International Equity Index Fund** |
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
| 2025(1) | &nbsp;&nbsp;&nbsp; $11.49 | &nbsp;&nbsp;&nbsp; $0.22 | &nbsp;&nbsp;&nbsp; $2.20 | &nbsp;&nbsp;&nbsp; $2.42 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $13.91 | &nbsp;&nbsp;&nbsp;&nbsp; 21.06<br> %<br>| &nbsp;&nbsp;&nbsp; $1433750 | &nbsp;&nbsp;&nbsp;&nbsp; 0.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.57<br> %<br>| &nbsp;&nbsp;&nbsp; 4<br> %<br>|
| 2024 | &nbsp;&nbsp;&nbsp;&nbsp;11.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp;&nbsp;&nbsp;11.49 | &nbsp;&nbsp;&nbsp;&nbsp;4.66 | &nbsp;&nbsp;&nbsp; 1218367 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;2.76 | &nbsp;&nbsp;&nbsp; 12 |
| 2023 | &nbsp;&nbsp;&nbsp;&nbsp;9.87 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;1.46 | &nbsp;&nbsp;&nbsp;&nbsp;1.78 | &nbsp;&nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp;&nbsp;&nbsp;11.30 | &nbsp;&nbsp;&nbsp;&nbsp;18.08 | &nbsp;&nbsp;&nbsp; 906219 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;2.92 | &nbsp;&nbsp;&nbsp; 9 |
| 2022 | &nbsp;&nbsp;&nbsp;&nbsp;12.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp; (2.21)<br>| &nbsp;&nbsp;&nbsp; (1.89)<br>| &nbsp;&nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp;&nbsp;&nbsp;9.87 | &nbsp;&nbsp;&nbsp; (15.69)<br>| &nbsp;&nbsp;&nbsp; 787046 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;3.05 | &nbsp;&nbsp;&nbsp; 14 |
| 2021 | &nbsp;&nbsp;&nbsp;&nbsp;11.53 | &nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp;&nbsp; (0.66)<br>| &nbsp;&nbsp;&nbsp;&nbsp;12.06 | &nbsp;&nbsp;&nbsp;&nbsp;10.43 | &nbsp;&nbsp;&nbsp; 833894 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;2.52 | &nbsp;&nbsp;&nbsp; 18 |
| 2020 | &nbsp;&nbsp;&nbsp;&nbsp;10.87 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp;&nbsp;&nbsp;11.53 | &nbsp;&nbsp;&nbsp;&nbsp;8.17 | &nbsp;&nbsp;&nbsp; 779329 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;2.16 | &nbsp;&nbsp;&nbsp; 12 |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| 2025(1) | &nbsp;&nbsp;&nbsp; $11.51 | &nbsp;&nbsp;&nbsp; $0.22 | &nbsp;&nbsp;&nbsp; $2.18 | &nbsp;&nbsp;&nbsp; $2.40 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $13.91 | &nbsp;&nbsp;&nbsp;&nbsp; 20.85<br> %<br>| &nbsp;&nbsp;&nbsp; $58847 | &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.59<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.44<br> %<br>| &nbsp;&nbsp;&nbsp; 4<br> %<br>|
| 2024 | &nbsp;&nbsp;&nbsp;&nbsp;11.33 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp;&nbsp;&nbsp;11.51 | &nbsp;&nbsp;&nbsp;&nbsp;4.28 | &nbsp;&nbsp;&nbsp; 23342 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;2.46 | &nbsp;&nbsp;&nbsp; 12 |
| 2023 | &nbsp;&nbsp;&nbsp;&nbsp;9.89 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;1.48 | &nbsp;&nbsp;&nbsp;&nbsp;1.76 | &nbsp;&nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp;&nbsp;&nbsp;11.33 | &nbsp;&nbsp;&nbsp;&nbsp;17.87 | &nbsp;&nbsp;&nbsp; 15799 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;2.60 | &nbsp;&nbsp;&nbsp; 9 |
| 2022(3) | &nbsp;&nbsp;&nbsp;&nbsp;10.43 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp;&nbsp;&nbsp;9.89 | &nbsp;&nbsp;&nbsp; (2.73)<br>| &nbsp;&nbsp;&nbsp; 8074 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;1.45 | &nbsp;&nbsp;&nbsp;&nbsp;2.36 | &nbsp;&nbsp;&nbsp; 14 |

---

---

| | |
|:---|:---|
| #  | Calculated using the average shares outstanding method. |
| † | Amount represents less than $0.005 per share. |
| (1) | For the six months ended June 30, 2025, all ratios have been annualized with the exception of total return and portfolio turnover which have <br> not been annualized.<br>|
| (2) | The ratio for the Small Cap Equity Fund includes the effect of fees paid indirectly which decreased the ratio by 0.01% for the years 2020, <br> 2021, 2022, 2023, 2024 and for the six months ended June 30, 2025.<br>|
| (3) | For the period April 29, 2022 (commencement of operations) through December 31, 2022. All ratios for the period have been annualized <br> with the exception of total return and portfolio turnover which have not been annualized.<br>|

---

See Notes to Financial Statements.

**257**

------

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| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *For a Share Outstanding For the Years Ending December 31, unless otherwise indicated*  | *For a Share Outstanding For the Years Ending December 31, unless otherwise indicated*  | *For a Share Outstanding For the Years Ending December 31, unless otherwise indicated*  | *For a Share Outstanding For the Years Ending December 31, unless otherwise indicated*  | *For a Share Outstanding For the Years Ending December 31, unless otherwise indicated*  | *For a Share Outstanding For the Years Ending December 31, unless otherwise indicated*  |  |  |  |  |  |  | **Ratios to Average Net Assets**  | **Ratios to Average Net Assets**  | **Ratios to Average Net Assets**  |  |
|  | &nbsp;&nbsp; **Net Asset**<br> **Value,**<br> **Beginning**<br> **of Period**<br>| &nbsp;&nbsp; **Net Investment**<br> **Income#**<br>| **Realized**<br> **and**<br> **Unrealized**<br> **Gain**<br> **(Loss) on**<br> **Investments**<br>| &nbsp;&nbsp; **Total Income**<br> **From Investment**<br> **Operations**<br>| &nbsp;&nbsp; **Dividends**<br> **from Net**<br> **Investment**<br> **Income**<br>| **Distributions**<br> **from Net**<br> **Realized**<br> **Capital**<br> **Gains**<br>| &nbsp;&nbsp; **Return**<br> **of**<br> **capital**<br>| &nbsp;&nbsp; **Total**<br> **Distributions**<br> **Paid**<br>| **Net Asset**<br> **Value,**<br> **End of**<br> **Period**<br>| **Total**<br> **Return**<br>| **Net Assets,**<br> **End of Period**<br> **(000)**<br>| **Expenses,**<br> **Net**<br>| **Expenses,**<br> **Gross**<br>| **Investment**<br> **Income,**<br> **Net**<br>| &nbsp;&nbsp; **Portfolio**<br> **Turnover**<br> **Rate**<br>|
| **International Equity Fund** | **International Equity Fund** | **International Equity Fund** | **International Equity Fund** | **International Equity Fund** | **International Equity Fund** | **International Equity Fund** | **International Equity Fund** | **International Equity Fund** | **International Equity Fund** | **International Equity Fund** | **International Equity Fund** | **International Equity Fund** | **International Equity Fund** | **International Equity Fund** | **International Equity Fund** |
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
| 2025(1) | &nbsp;&nbsp; $13.69 | &nbsp;&nbsp; $0.17 | &nbsp;&nbsp; $2.65 | &nbsp;&nbsp; $2.82 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $16.51 | &nbsp;&nbsp;&nbsp;&nbsp; 20.60<br> %<br>| &nbsp;&nbsp; $961954 | &nbsp;&nbsp;&nbsp;&nbsp; 0.85<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.22<br> %<br>| &nbsp;&nbsp; 28<br> %<br>|
| 2024 | &nbsp;&nbsp;&nbsp;&nbsp;13.91 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (0.96)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (1.20)<br>| &nbsp;&nbsp;&nbsp;&nbsp;13.69 | &nbsp;&nbsp;&nbsp;&nbsp;6.71 | &nbsp;&nbsp; 833058 | &nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;1.44 | &nbsp;&nbsp; 59 |
| 2023 | &nbsp;&nbsp;&nbsp;&nbsp;12.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;2.00 | &nbsp;&nbsp;&nbsp;&nbsp;2.23 | &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.55)<br>| &nbsp;&nbsp;&nbsp;&nbsp;13.91 | &nbsp;&nbsp;&nbsp;&nbsp;18.39 | &nbsp;&nbsp; 788300 | &nbsp;&nbsp;&nbsp;&nbsp; 0.84<br> (2)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.84<br> (2)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.73 | &nbsp;&nbsp; 57 |
| 2022 | &nbsp;&nbsp;&nbsp;&nbsp;14.85 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp; (2.57)<br>| &nbsp;&nbsp; (2.38)<br>| &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp;&nbsp;&nbsp;12.23 | &nbsp;&nbsp;&nbsp; (16.01)<br>| &nbsp;&nbsp; 732342 | &nbsp;&nbsp;&nbsp;&nbsp; 0.85<br> (2)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85<br> (2)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.52 | &nbsp;&nbsp; 58 |
| 2021 | &nbsp;&nbsp;&nbsp;&nbsp;14.70 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp;&nbsp;&nbsp;1.39 | &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (1.06)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (1.24)<br>| &nbsp;&nbsp;&nbsp;&nbsp;14.85 | &nbsp;&nbsp;&nbsp;&nbsp;9.61 | &nbsp;&nbsp; 987439 | &nbsp;&nbsp;&nbsp;&nbsp; 0.87<br> (2)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.87<br> (2)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp; 37 |
| 2020 | &nbsp;&nbsp;&nbsp;&nbsp;13.78 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;1.07 | &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp;&nbsp;&nbsp;14.70 | &nbsp;&nbsp;&nbsp;&nbsp; 7.81<br> (3)<br>| &nbsp;&nbsp; 973352 | &nbsp;&nbsp;&nbsp;&nbsp; 0.93<br> (2)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.93<br> (2)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp; 90 |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| 2025(1) | &nbsp;&nbsp; $13.67 | &nbsp;&nbsp; $0.15 | &nbsp;&nbsp; $2.64 | &nbsp;&nbsp; $2.79 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $16.46 | &nbsp;&nbsp;&nbsp;&nbsp; 20.41<br> %<br>| &nbsp;&nbsp; $480266 | &nbsp;&nbsp;&nbsp;&nbsp; 1.12<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.12<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.99<br> %<br>| &nbsp;&nbsp; 28<br> %<br>|
| 2024 | &nbsp;&nbsp;&nbsp;&nbsp;13.89 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; (0.96)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (1.16)<br>| &nbsp;&nbsp;&nbsp;&nbsp;13.67 | &nbsp;&nbsp;&nbsp;&nbsp;6.46 | &nbsp;&nbsp; 379058 | &nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;&nbsp;1.16 | &nbsp;&nbsp; 59 |
| 2023 | &nbsp;&nbsp;&nbsp;&nbsp;12.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;1.99 | &nbsp;&nbsp;&nbsp;&nbsp;2.19 | &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.52)<br>| &nbsp;&nbsp;&nbsp;&nbsp;13.89 | &nbsp;&nbsp;&nbsp;&nbsp;18.03 | &nbsp;&nbsp; 339406 | &nbsp;&nbsp;&nbsp;&nbsp; 1.12<br> (2)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.12<br> (2)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.47 | &nbsp;&nbsp; 57 |
| 2022 | &nbsp;&nbsp;&nbsp;&nbsp;14.84 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp; (2.56)<br>| &nbsp;&nbsp; (2.41)<br>| &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp;&nbsp;&nbsp;12.22 | &nbsp;&nbsp;&nbsp; (16.25)<br>| &nbsp;&nbsp; 292201 | &nbsp;&nbsp;&nbsp;&nbsp; 1.13<br> (2)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.13<br> (2)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.22 | &nbsp;&nbsp; 58 |
| 2021 | &nbsp;&nbsp;&nbsp;&nbsp;14.69 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (1.06)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (1.20)<br>| &nbsp;&nbsp;&nbsp;&nbsp;14.84 | &nbsp;&nbsp;&nbsp;&nbsp;9.35 | &nbsp;&nbsp; 358216 | &nbsp;&nbsp;&nbsp;&nbsp; 1.14<br> (2)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.14<br> (2)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp; 37 |
| 2020 | &nbsp;&nbsp;&nbsp;&nbsp;13.81 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp;&nbsp;&nbsp;14.69 | &nbsp;&nbsp;&nbsp;&nbsp; 7.52<br> (3)<br>| &nbsp;&nbsp; 345120 | &nbsp;&nbsp;&nbsp;&nbsp; 1.20<br> (2)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.20<br> (2)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp; 90 |
| **Emerging Markets Equity Fund** | **Emerging Markets Equity Fund** | **Emerging Markets Equity Fund** | **Emerging Markets Equity Fund** | **Emerging Markets Equity Fund** | **Emerging Markets Equity Fund** | **Emerging Markets Equity Fund** | **Emerging Markets Equity Fund** | **Emerging Markets Equity Fund** | **Emerging Markets Equity Fund** | **Emerging Markets Equity Fund** | **Emerging Markets Equity Fund** | **Emerging Markets Equity Fund** | **Emerging Markets Equity Fund** | **Emerging Markets Equity Fund** | **Emerging Markets Equity Fund** |
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
| 2025(1) | &nbsp;&nbsp; $9.50 | &nbsp;&nbsp; $0.10 | &nbsp;&nbsp; $1.40 | &nbsp;&nbsp; $1.50 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $11.00 | &nbsp;&nbsp;&nbsp;&nbsp; 15.79<br> %<br>| &nbsp;&nbsp; $706418 | &nbsp;&nbsp;&nbsp;&nbsp; 1.06<br> %(4)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.08<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.96<br> %<br>| &nbsp;&nbsp; 31<br> %<br>|
| 2024 | &nbsp;&nbsp;&nbsp;&nbsp;8.92 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp;&nbsp;&nbsp;9.50 | &nbsp;&nbsp;&nbsp;&nbsp;8.23 | &nbsp;&nbsp; 634491 | &nbsp;&nbsp;&nbsp;&nbsp; 1.07<br> (4)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;1.64 | &nbsp;&nbsp; 67 |
| 2023 | &nbsp;&nbsp;&nbsp;&nbsp;8.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp;&nbsp;&nbsp;8.92 | &nbsp;&nbsp;&nbsp;&nbsp;11.07 | &nbsp;&nbsp; 687675 | &nbsp;&nbsp;&nbsp;&nbsp; 1.08<br> (4)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;1.97 | &nbsp;&nbsp; 63 |
| 2022 | &nbsp;&nbsp;&nbsp;&nbsp;10.67 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp; (2.49)<br>| &nbsp;&nbsp; (2.28)<br>| &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp;&nbsp;&nbsp;8.21 | &nbsp;&nbsp;&nbsp; (21.38)<br>| &nbsp;&nbsp; 613701 | &nbsp;&nbsp;&nbsp;&nbsp; 1.10<br> (4)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;2.31 | &nbsp;&nbsp; 62 |
| 2021 | &nbsp;&nbsp;&nbsp;&nbsp;12.33 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp; (1.35)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (1.43)<br>| &nbsp;&nbsp;&nbsp;&nbsp;10.67 | &nbsp;&nbsp;&nbsp; (1.85)<br>| &nbsp;&nbsp; 714818 | &nbsp;&nbsp;&nbsp;&nbsp; 1.04<br> (4)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp; 62 |
| 2020 | &nbsp;&nbsp;&nbsp;&nbsp;10.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;2.19 | &nbsp;&nbsp;&nbsp;&nbsp;2.26 | &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp;&nbsp;&nbsp;12.33 | &nbsp;&nbsp;&nbsp;&nbsp;22.15 | &nbsp;&nbsp; 685246 | &nbsp;&nbsp;&nbsp;&nbsp; 1.11<br> (4)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp; 67 |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| 2025(1) | &nbsp;&nbsp; $9.46 | &nbsp;&nbsp; $0.09 | &nbsp;&nbsp; $1.39 | &nbsp;&nbsp; $1.48 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $10.94 | &nbsp;&nbsp;&nbsp;&nbsp; 15.64<br> %<br>| &nbsp;&nbsp; $143336 | &nbsp;&nbsp;&nbsp;&nbsp; 1.31<br> %(4)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.74<br> %<br>| &nbsp;&nbsp; 31<br> %<br>|
| 2024 | &nbsp;&nbsp;&nbsp;&nbsp;8.88 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp;&nbsp;&nbsp;9.46 | &nbsp;&nbsp;&nbsp;&nbsp;7.99 | &nbsp;&nbsp; 115372 | &nbsp;&nbsp;&nbsp;&nbsp; 1.33<br> (4)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.41 | &nbsp;&nbsp;&nbsp;&nbsp;1.42 | &nbsp;&nbsp; 67 |
| 2023 | &nbsp;&nbsp;&nbsp;&nbsp;8.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;0.87 | &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp;&nbsp;&nbsp;8.88 | &nbsp;&nbsp;&nbsp;&nbsp;10.67 | &nbsp;&nbsp; 107306 | &nbsp;&nbsp;&nbsp;&nbsp; 1.38<br> (4)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.38 | &nbsp;&nbsp;&nbsp;&nbsp;1.67 | &nbsp;&nbsp; 63 |
| 2022 | &nbsp;&nbsp;&nbsp;&nbsp;10.63 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp; (2.48)<br>| &nbsp;&nbsp; (2.30)<br>| &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp;&nbsp;&nbsp;8.18 | &nbsp;&nbsp;&nbsp; (21.61)<br>| &nbsp;&nbsp; 94276 | &nbsp;&nbsp;&nbsp;&nbsp; 1.40<br> (4)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.40 | &nbsp;&nbsp;&nbsp;&nbsp;2.00 | &nbsp;&nbsp; 62 |
| 2021 | &nbsp;&nbsp;&nbsp;&nbsp;12.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (1.35)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (1.40)<br>| &nbsp;&nbsp;&nbsp;&nbsp;10.63 | &nbsp;&nbsp;&nbsp; (2.12)<br>| &nbsp;&nbsp; 111425 | &nbsp;&nbsp;&nbsp;&nbsp; 1.33<br> (4)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.33 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp; 62 |
| 2020 | &nbsp;&nbsp;&nbsp;&nbsp;10.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;2.17 | &nbsp;&nbsp;&nbsp;&nbsp;2.20 | &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp;&nbsp;&nbsp;12.29 | &nbsp;&nbsp;&nbsp;&nbsp;21.60 | &nbsp;&nbsp; 96362 | &nbsp;&nbsp;&nbsp;&nbsp; 1.51<br> (4)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp; 67 |

---

# Calculated using the average shares outstanding method.

(1) For the six months ended June 30, 2025, all ratios have been annualized with the exception of total return and portfolio turnover which have not been annualized. 

(2) The ratio for the International Equity Fund includes the effect of dividend expense on securities sold short which increased the ratio by 0.05%, 0.00%, 0.00% and 0.00% for the years 2020, 2021, 2022 and 2023. 

(3) Amount includes the effect of the Adviser pay-in for an economic loss. Had the pay-in not been made, the net asset value total return would have been 7.77% and 7.46% for the Institutional Class and Investor Class, respectively. In addition, the portfolio turnover calculation includes the value of securities purchased and sold related to this transaction. 

(4) The ratio for the Emerging Markets Equity Fund includes the effect of fees paid indirectly which decreased the ratio by 0.00% for the years 2020, 2021, 2022, 2023 and 2024. 

**258**

See Notes to Financial Statements.

------

**GLOBAL REAL ESTATE SECURITIES FUND**

**SCHEDULE OF INVESTMENTS**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS — 59.8%** | **COMMON STOCKS — 59.8%** | **COMMON STOCKS — 59.8%** |
| **Real Estate — 59.8%** | **Real Estate — 59.8%** |  |
| Acadia Realty Trust REIT | 75391 | $1400011 |
| Agree Realty Corporation REITΔ | 92561 | 6762507 |
| Alexandria Real Estate Equities, Inc. <br> REIT | 15043 | 1092573 |
| American Healthcare REIT, Inc. | 64022 | 2352168 |
| American Homes 4 Rent Class A <br> REIT | 151486 | 5464100 |
| Brixmor Property Group, Inc. REIT | 125873 | 3277733 |
| Broadstone Net Lease, Inc. REIT | 72592 | 1165102 |
| Cousins Properties, Inc. REIT | 51838 | 1556695 |
| CTO Realty Growth, Inc. REIT | 65792 | 1135570 |
| CubeSmart REIT | 75347 | 3202248 |
| Digital Realty Trust, Inc. REIT | 51237 | 8932146 |
| EastGroup Properties, Inc. REITΔ | 27970 | 4674346 |
| Empire State Realty Trust, Inc. <br> Class A REIT | 89957 | 727752 |
| EPR Properties REITΔ | 63408 | 3694150 |
| Equinix, Inc. REIT | 18259 | 14524487 |
| Equity LifeStyle Properties, Inc. REIT | 35780 | 2206553 |
| Equity Residential REIT | 114711 | 7741845 |
| Essential Properties Realty Trust, Inc. <br> REITΔ | 199269 | 6358674 |
| Essex Property Trust, Inc. REIT | 26341 | 7465039 |
| Extra Space Storage, Inc. REIT | 25579 | 3771368 |
| First Industrial Realty Trust, Inc. <br> REIT | 65746 | 3164355 |
| Four Corners Property Trust, Inc. <br> REITΔ | 40781 | 1097417 |
| FrontView REIT, Inc.Δ | 25939 | 311268 |
| Healthcare Realty Trust, Inc. REIT | 12506 | 198345 |
| Hudson Pacific Properties, Inc. <br> REIT\* | 219273 | 600808 |
| Independence Realty Trust, Inc. REIT | 70074 | 1239609 |
| Iron Mountain, Inc. REIT | 70063 | 7186362 |
| LTC Properties, Inc. REIT | 23949 | 828875 |
| Medical Properties Trust, Inc. REITΔ | 59395 | 255992 |
| Mid-America Apartment <br> Communities, Inc. REIT | 40322 | 5968059 |
| Omega Healthcare Investors, Inc. <br> REIT | 50161 | 1838401 |
| Outfront Media, Inc. REITΔ | 37538 | 612620 |
| Prologis, Inc. REIT | 147530 | 15508354 |
| Public Storage REIT | 27104 | 7952856 |
| Regency Centers Corporation REIT | 62945 | 4483572 |
| Ryman Hospitality Properties, Inc. <br> REIT | 21766 | 2147651 |
| Sabra Health Care REIT, Inc.Δ | 62497 | 1152445 |
| Simon Property Group, Inc. REIT | 54862 | 8819615 |
| SL Green Realty Corporation REITΔ | 26478 | 1638988 |
| Smartstop Self Storage REIT, Inc.Δ | 42096 | 1525138 |
| Sun Communities, Inc. REITΔ | 23733 | 3001987 |
| Ventas, Inc. REIT | 69868 | 4412164 |
| Welltower, Inc. REIT | 116721 | 17943519 |
| WP Carey, Inc. REIT | 63846 | 3982714 |
|  |  | 183376181 |
| **Total Common Stocks** <br>(Cost $181,885,847) | **Total Common Stocks** <br>(Cost $181,885,847) | 183376181 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **FOREIGN COMMON STOCKS — 37.0%** | **FOREIGN COMMON STOCKS — 37.0%** | **FOREIGN COMMON STOCKS — 37.0%** |
| **Australia — 5.6%** | **Australia — 5.6%** |  |
| Charter Hall Group REIT | 68604 | $869357 |
| Dexus REITΔ | 170280 | 747351 |
| Gemlife Communities Group\* | 92742 | 253919 |
| Goodman Group REIT | 298851 | 6737484 |
| GPT Group (The) REIT | 623735 | 1991319 |
| Lifestyle Communities, Ltd.Δ | 165746 | 764220 |
| Mirvac Group REIT | 1564858 | 2270544 |
| NEXTDC, Ltd.Δ\* | 45819 | 437359 |
| Region Group REIT | 87467 | 126821 |
| Scentre Group REIT | 926592 | 2176302 |
| Stockland REIT | 242462 | 856890 |
|  |  | 17231566 |
| **Belgium — 0.8%** | **Belgium — 0.8%** |  |
| Aedifica SA REIT | 14034 | 1095064 |
| VGP NVΔ | 4806 | 486121 |
| Warehouses De Pauw CVA REIT | 30060 | 736386 |
| Xior Student Housing NV REIT | 3037 | 110214 |
|  |  | 2427785 |
| **Canada — 2.3%** | **Canada — 2.3%** |  |
| Chartwell Retirement Residences | 231591 | 3161576 |
| Choice Properties Real Estate <br> Investment Trust | 120854 | 1319698 |
| First Capital Real Estate Investment <br> Trust | 76308 | 1017066 |
| Sienna Senior Living, Inc. | 104200 | 1457691 |
|  |  | 6956031 |
| **China — 0.0%** | **China — 0.0%** |  |
| GDS Holdings, Ltd. Class A\* | 39133 | 149287 |
| **France — 2.4%** | **France — 2.4%** |  |
| Carmila SA REIT\* | 7099 | 139620 |
| Covivio SA REIT | 22591 | 1432363 |
| Gecina SA REIT | 5624 | 619115 |
| ICADE REITΔ | 9599 | 270922 |
| Klepierre REIT | 45617 | 1803664 |
| Unibail-Rodamco-Westfield REIT\* | 31728 | 3049937 |
|  |  | 7315621 |
| **Germany — 2.5%** | **Germany — 2.5%** |  |
| Aroundtown SA\* | 52771 | 194135 |
| LEG Immobilien SE | 4709 | 419155 |
| Sirius Real Estate, Ltd. REIT | 605952 | 810966 |
| TAG Immobilien AG | 66903 | 1193093 |
| Vonovia SE | 146290 | 5186476 |
|  |  | 7803825 |
| **Hong Kong — 3.0%** | **Hong Kong — 3.0%** |  |
| Fortune Real Estate Investment Trust | 108829 | 66878 |
| Henderson Land Development Co., <br> Ltd. | 99937 | 350978 |
| Hongkong Land Holdings, Ltd. | 317267 | 1830631 |
| Link REIT | 624093 | 3342950 |
| Sun Hung Kai Properties, Ltd. | 8500 | 97946 |
| Sun Hung Kai Properties, Ltd. (Hong <br> Kong Exchange) | 210455 | 2425083 |

---

See Notes to Financial Statements.

**259**

------

**GLOBAL REAL ESTATE SECURITIES FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| SUNeVision Holdings, Ltd. | 316000 | $304986 |
| Wharf Real Estate Investment Co., <br> Ltd. | 234582 | 665883 |
|  |  | 9085335 |
| **Ireland — 0.2%** | **Ireland — 0.2%** |  |
| Dalata Hotel Group PLC | 24446 | 185735 |
| Irish Residential Properties REIT PLC | 289562 | 347912 |
|  |  | 533647 |
| **Japan — 9.5%** | **Japan — 9.5%** |  |
| Activia Properties, Inc. REIT | 1275 | 1086264 |
| Comforia Residential REIT, Inc. | 283 | 563226 |
| CRE Logistics REIT, Inc. | 621 | 651260 |
| Daiwa House REIT Investment <br> Corporation | 712 | 1203328 |
| Daiwa Securities Living Investments <br> Corporation REIT | 1403 | 931387 |
| GLP J-REIT | 1808 | 1628286 |
| Ichigo Office REIT Investment <br> Corporation | 1374 | 875428 |
| Industrial & Infrastructure Fund <br> Investment Corporation REIT | 1837 | 1550038 |
| Invincible Investment Corporation <br> REITΔ | 1881 | 810014 |
| Japan Metropolitan Fund Invest <br> REITΔ | 796 | 564178 |
| KDX Realty Investment Corporation <br> REITΔ | 1979 | 2147386 |
| Keihanshin Building Co., Ltd.Δ | 95800 | 995709 |
| Mitsubishi Estate Co., Ltd.Δ | 254937 | 4779334 |
| Mitsui Fudosan Co., Ltd.Δ | 353542 | 3422669 |
| Mitsui Fudosan Logistics Park, Inc. <br> REITΔ | 2716 | 1971760 |
| Mori Trust REIT, Inc. | 2762 | 1323603 |
| Nippon Building Fund, Inc. REIT | 183 | 168978 |
| Nippon Prologis REIT, Inc. | 857 | 473745 |
| Starts Proceed Investment <br> Corporation REIT | 53 | 65357 |
| Sumitomo Realty & Development <br> Co., Ltd.Δ | 76384 | 2949901 |
| Tokyu Fudosan Holdings Corporation | 40739 | 291130 |
| United Urban Investment Corporation <br> REIT | 581 | 626049 |
|  |  | 29079030 |
| **Netherlands — 0.4%** | **Netherlands — 0.4%** |  |
| CTP NV 144A | 31044 | 654024 |
| Eurocommercial Properties NV REIT | 3412 | 107904 |
| NSI NV REIT | 14059 | 395900 |
|  |  | 1157828 |
| **Norway — 0.1%** | **Norway — 0.1%** |  |
| Entra ASA 144A\* | 27943 | 370378 |
| **Singapore — 2.8%** | **Singapore — 2.8%** |  |
| CapitaLand Ascendas REIT | 1219069 | 2572425 |
| CapitaLand Integrated Commercial <br> Trust REIT | 10830 | 18493 |
| Capitaland Investment, Ltd.Δ | 436227 | 909386 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| City Developments, Ltd. | 183093 | $747459 |
| Digital Core REIT Management Pte, <br> Ltd.Δ | 2252576 | 1193947 |
| Frasers Centrepoint Trust REIT | 399300 | 717137 |
| Frasers Logistics & Commercial Trust <br> REITΔ | 576000 | 387547 |
| Mapletree Logistics Trust REITΔ | 1963220 | 1824975 |
| Mapletree Pan Asia Commercial Trust <br> REITΔ | 171489 | 170207 |
|  |  | 8541576 |
| **Spain — 0.7%** | **Spain — 0.7%** |  |
| Merlin Properties Socimi SA REIT | 124992 | 1647862 |
| Neinor Homes SA 144A\* | 25040 | 490026 |
|  |  | 2137888 |
| **Sweden — 1.8%** | **Sweden — 1.8%** |  |
| Castellum ABΔ | 65050 | 856067 |
| Catena ABΔ | 21097 | 1077003 |
| Cibus Nordic Real Estate AB publ | 23666 | 467772 |
| Fabege ABΔ | 39552 | 353886 |
| Fastighets AB Balder, B SharesΔ\* | 206305 | 1537854 |
| Intea Fastigheter AB | 19060 | 156434 |
| Nyfosa AB | 42001 | 419489 |
| Pandox AB | 7025 | 123859 |
| Samhallsbyggnadsbolaget i Norden <br> AB | 87935 | 52650 |
| Wihlborgs Fastigheter AB | 49661 | 537922 |
|  |  | 5582936 |
| **Switzerland — 0.9%** | **Switzerland — 0.9%** |  |
| PSP Swiss Property AG | 12210 | 2254143 |
| Swiss Prime Site AG | 3693 | 554408 |
|  |  | 2808551 |
| **United Kingdom — 4.0%** | **United Kingdom — 4.0%** |  |
| Big Yellow Group PLC REIT | 29567 | 411028 |
| British Land Co. PLC (The) REIT | 338927 | 1759085 |
| Derwent London PLC REIT | 5216 | 148350 |
| Empiric Student Property PLC REIT | 162505 | 229308 |
| Grainger PLC | 263640 | 801477 |
| Great Portland Estates PLC REIT | 61688 | 303564 |
| Hammerson PLC REIT | 112871 | 463864 |
| Land Securities Group PLC REIT | 40858 | 354885 |
| Life Science Reit PLC REIT | 432760 | 270957 |
| LondonMetric Property PLC REIT | 720612 | 2012236 |
| PRS REIT PLC (The) | 404663 | 601732 |
| Safestore Holdings PLC REIT | 8996 | 87426 |
| Segro PLC REIT | 244206 | 2286048 |
| Shaftesbury Capital PLC REIT | 419390 | 898013 |
| Tritax Big Box REIT PLC | 302097 | 615116 |
| UNITE Group PLC (The) REIT | 100081 | 1166418 |
|  |  | 12409507 |
| **Total Foreign Common Stocks** <br>(Cost $104,143,775) | **Total Foreign Common Stocks** <br>(Cost $104,143,775) | 113590791 |

---

**260**

See Notes to Financial Statements.

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **MONEY MARKET FUNDS — 5.0%** | **MONEY MARKET FUNDS — 5.0%** | **MONEY MARKET FUNDS — 5.0%** |
| Northern Institutional Liquid Assets <br> Portfolio (Shares), 4.39%Ø§ | 8802990 | $8802990 |
| GuideStone Money Market Fund, <br> 4.25% <br>(Institutional Class)Ø∞ | 6666870 | 6666870 |
| **Total Money Market Funds** <br>(Cost $15,469,860) | **Total Money Market Funds** <br>(Cost $15,469,860) | 15469860 |
| **TOTAL INVESTMENTS** — **101.8%** <br>(Cost $301,499,482) |  | 312436832 |
| **Liabilities in Excess of Other**<br> **Assets — (1.8)%** |  | (5511727)<br>|
| **NET ASSETS — 100.0%** |  | $306925105 |

---

Futures Contracts outstanding at June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Future Type** | **Expiration Date** | **Open Long** <br>**(Short) Contracts**<br>| **Notional** <br>**Market Value** <br>**of Contracts**<br>| **Value and** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| Dow Jones U.S. Real Estate Index | 09/2025 | &nbsp;&nbsp;&nbsp; 57 | &nbsp;&nbsp;&nbsp; $2068530 | &nbsp;&nbsp;&nbsp; $10610 |
| MSCI EAFE Index | 09/2025 | &nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp; 670425 | &nbsp;&nbsp;&nbsp; 295 |
| Total Futures Contracts outstanding at June 30, 2025 |  |  | &nbsp;&nbsp;&nbsp; $2738955 | &nbsp;&nbsp;&nbsp; $10905 |

---

See Notes to Financial Statements.

**261**

------

**GLOBAL REAL ESTATE SECURITIES FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

**VALUATION HIERARCHY**

The following is a summary of the inputs used, as of June 30, 2025, in valuing the Fund's investments carried at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total** <br>**Value**<br>| **Level 1** <br>**Quoted Prices**<br>| **Level 2** <br>**Other Significant** <br>**Observable Inputs**<br>| **Level 3** <br>**Significant** <br>**Unobservable Inputs**<br>|
| **Assets:** |  |  |  |  |
| **Investments in Securities:** |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $183376181 | &nbsp;&nbsp; $183376181 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Foreign Common Stocks: |  |  |  |  |
| Canada | &nbsp;&nbsp; 6956031 | &nbsp;&nbsp; 6956031 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Germany | &nbsp;&nbsp; 7803825 | &nbsp;&nbsp; 810966 | &nbsp;&nbsp; 6992859 | &nbsp;&nbsp; — |
| Hong Kong | &nbsp;&nbsp; 9085335 | &nbsp;&nbsp; 1830631 | &nbsp;&nbsp; 7254704 | &nbsp;&nbsp; — |
| Ireland | &nbsp;&nbsp; 533647 | &nbsp;&nbsp; 533647 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Norway | &nbsp;&nbsp; 370378 | &nbsp;&nbsp; 370378 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Sweden | &nbsp;&nbsp; 5582936 | &nbsp;&nbsp; 978092 | &nbsp;&nbsp; 4604844 | &nbsp;&nbsp; — |
| United Kingdom | &nbsp;&nbsp; 12409507 | &nbsp;&nbsp; 768648 | &nbsp;&nbsp; 11640859 | &nbsp;&nbsp; — |
| Other<sup>^^</sup> <br>| &nbsp;&nbsp; 70849132 | &nbsp;&nbsp; — | &nbsp;&nbsp; 70849132 | &nbsp;&nbsp; — |
| Total Foreign Common Stocks | &nbsp;&nbsp; 113590791 | &nbsp;&nbsp; 12248393 | &nbsp;&nbsp; 101342398 | &nbsp;&nbsp; — |
| Money Market Funds | &nbsp;&nbsp; 15469860 | &nbsp;&nbsp; 15469860 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Total Assets - Investments in Securities** | &nbsp;&nbsp; $312436832 | &nbsp;&nbsp; $211094434 | &nbsp;&nbsp; $101342398 | &nbsp;&nbsp; $— |
| **Other Financial Instruments\*\*\*** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; $10905 | &nbsp;&nbsp; $10905 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| **Total Assets - Other Financial Instruments** | &nbsp;&nbsp; $10905 | &nbsp;&nbsp; $10905 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |

---

---

| | |
|:---|:---|
| ^^ | Classifications as defined in the Schedule of Investments. |
| \*\*\* | Other financial instruments are derivative instruments, such as futures contracts, which are valued at the unrealized appreciation (depreciation) on the <br> investment. Further details regarding the value of these investments can be found in the preceding "Futures Contracts outstanding" disclosures.<br>|

---

**262**

See Notes to Financial Statements.

------

**STATEMENTS OF ASSETS AND LIABILITIES**

**June 30, 2025 (Unaudited)**

---

| | |
|:---|:---|
|  | **Global**<br> **Real Estate**<br> **Securities Fund**<br>|
| **Assets** |  |
| Investments in securities of unaffiliated issuers, at value | &nbsp;&nbsp; $305769962 |
| Investments in securities of affiliated issuers, at value | &nbsp;&nbsp; 6666870 |
| Total investments, at value<sup>(1), (2)</sup> <br>| &nbsp;&nbsp; 312436832 |
| Foreign currency<sup>(3)</sup> <br>| &nbsp;&nbsp; 576848 |
| Receivables: |  |
| Dividends | &nbsp;&nbsp; 1305898 |
| Reclaims | &nbsp;&nbsp; 112697 |
| Securities lending | &nbsp;&nbsp; 2956 |
| Investment securities sold | &nbsp;&nbsp; 901155 |
| Fund shares sold | &nbsp;&nbsp; 1809806 |
| Variation margin on futures contracts | &nbsp;&nbsp; 10905 |
| Prepaid expenses and other assets | &nbsp;&nbsp; 34417 |
| Total Assets | &nbsp;&nbsp; 317191514 |
| **Liabilities** |  |
| Cash Overdraft | &nbsp;&nbsp; 163 |
| Collateral held for securities on loan, at value | &nbsp;&nbsp; 8802990 |
| Payables: |  |
| Investment securities purchased | &nbsp;&nbsp; 1041955 |
| Fund shares redeemed | &nbsp;&nbsp; 26136 |
| Accrued expenses: |  |
| Investment advisory fees | &nbsp;&nbsp; 176110 |
| Shareholder servicing fees | &nbsp;&nbsp; 17437 |
| Director fees | &nbsp;&nbsp; 806 |
| Other expenses | &nbsp;&nbsp; 200812 |
| Total Liabilities | &nbsp;&nbsp; 10266409 |
| **Net Assets** | &nbsp;&nbsp; $306925105 |
| **Net Assets Consist of:** |  |
| Paid-in-capital | &nbsp;&nbsp; $320192741 |
| Distributable earnings (loss) | &nbsp;&nbsp; (13267636)<br>|
| **Net Assets** | &nbsp;&nbsp; $306925105 |
| **Net Asset Value:** |  |
| $0.001 par value, unlimited shares authorized |  |
| Net assets applicable to the Institutional Class | &nbsp;&nbsp; $221594179 |
| Institutional shares outstanding | &nbsp;&nbsp; 23836912 |
| Net asset value, offering and redemption price per Institutional share | &nbsp;&nbsp; $9.30 |
| Net assets applicable to the Investor Class | &nbsp;&nbsp; $85330926 |
| Investor shares outstanding | &nbsp;&nbsp; 9136563 |
| Net asset value, offering and redemption price per Investor share | &nbsp;&nbsp; $9.34 |
| <sup>(1)</sup>Investments in securities of unaffiliated issuers, at cost | &nbsp;&nbsp; $294832612 |
| Investments in securities of affiliated issuers, at cost | &nbsp;&nbsp; 6666870 |
| Total investments, at cost | &nbsp;&nbsp; $301499482 |
| <sup>(2)</sup>Includes securities loaned of: | &nbsp;&nbsp; $38715196 |
| <sup>(3)</sup>Foreign currency, at cost | &nbsp;&nbsp; $575991 |

---

See Notes to Financial Statements.

**263**

------

**STATEMENTS OF OPERATIONS**

**For the Six Months Ended June 30, 2025 (Unaudited)**

---

| | |
|:---|:---|
|  | **Global**<br> **Real Estate**<br> **Securities Fund**<br>|
| **Investment Income** |  |
| Dividends | &nbsp;&nbsp; $6446306 |
| Income distributions received from affiliated funds | &nbsp;&nbsp; 126295 |
| Interest | &nbsp;&nbsp; 3317 |
| Securities lending, net | &nbsp;&nbsp; 24113 |
| Less foreign taxes withheld | &nbsp;&nbsp; (208571)<br>|
| Total Investment Income | &nbsp;&nbsp; 6391460 |
| **Expenses** |  |
| Investment advisory fees | &nbsp;&nbsp; 1026389 |
| Transfer agent fees: |  |
| Institutional shares | &nbsp;&nbsp; 5289 |
| Investor shares | &nbsp;&nbsp; 18811 |
| Custodian fees | &nbsp;&nbsp; 90728 |
| Shareholder servicing fees: |  |
| Investor shares | &nbsp;&nbsp; 101027 |
| Accounting and administration fees | &nbsp;&nbsp; 43875 |
| Professional fees | &nbsp;&nbsp; 68654 |
| Blue sky fees: |  |
| Institutional shares | &nbsp;&nbsp; 7846 |
| Investor shares | &nbsp;&nbsp; 7797 |
| Shareholder reporting fees: |  |
| Institutional shares | &nbsp;&nbsp; 1672 |
| Investor shares | &nbsp;&nbsp; 7230 |
| Directors expenses | &nbsp;&nbsp; 4181 |
| Line of credit facility fees | &nbsp;&nbsp; 872 |
| Index license fees | &nbsp;&nbsp; 11535 |
| Other expenses | &nbsp;&nbsp; 20543 |
| Total Expenses | &nbsp;&nbsp; 1416449 |
| Fees paid indirectly | &nbsp;&nbsp; (10503)<br>|
| Net Expenses | &nbsp;&nbsp; 1405946 |
| **Net Investment Income** | &nbsp;&nbsp; 4985514 |
| **Realized and Unrealized Gain (Loss)** |  |
| Net realized gain (loss) from: |  |
| Investment securities | &nbsp;&nbsp; (1404660)<br>|
| Futures transactions | &nbsp;&nbsp; 111520 |
| Forward foreign currency contracts | &nbsp;&nbsp; (1718)<br>|
| Foreign currency | &nbsp;&nbsp; 86803 |
| Net realized loss | &nbsp;&nbsp; (1208055)<br>|
| Net change in unrealized appreciation (depreciation) on: |  |
| Investment securities | &nbsp;&nbsp; 13888099 |
| Futures | &nbsp;&nbsp; 29071 |
| Foreign currency | &nbsp;&nbsp; 18378 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 13935548 |
| **Net Realized and Unrealized Gain** | &nbsp;&nbsp; 12727493 |
| **Net Increase in Net Assets Resulting from Operations** | &nbsp;&nbsp; $17713007 |

---

**264**

See Notes to Financial Statements.

------

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
|  | **Global Real Estate Securities Fund** | **Global Real Estate Securities Fund** |
|  | &nbsp;&nbsp;&nbsp; **For the Six**<br> **Months Ended**<br>| **For the Year Ended** |
|  | **06/30/25** | **12/31/24** |
|  | **(Unaudited)** |  |
| **Operations:** |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; $4985514 | &nbsp;&nbsp;&nbsp;&nbsp; $6142483 |
| Net realized gain (loss) on investment securities, foreign currency and derivatives | &nbsp;&nbsp;&nbsp;&nbsp; (1208055)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 15011104 |
| Net change in unrealized appreciation (depreciation) on investment securities, foreign <br> currency and derivatives<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13935548 | &nbsp;&nbsp;&nbsp;&nbsp; (14843229)<br>|
| Net increase in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp; 17713007 | &nbsp;&nbsp;&nbsp;&nbsp; 6310358 |
| **Distributions to Shareholders:** |  |  |
| Distributions paid |  |  |
| Institutional shares | &nbsp;&nbsp;&nbsp;&nbsp; (5142029)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4736029)<br>|
| Investor shares | &nbsp;&nbsp;&nbsp;&nbsp; (1879667)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1851169)<br>|
| Total distributions | &nbsp;&nbsp;&nbsp;&nbsp; (7021696)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (6587198)<br>|
| **Capital Share Transactions:** |  |  |
| Proceeds from shares sold |  |  |
| Institutional shares | &nbsp;&nbsp;&nbsp;&nbsp; 15538751 | &nbsp;&nbsp;&nbsp;&nbsp; 70312449 |
| Investor shares | &nbsp;&nbsp;&nbsp;&nbsp; 9132650 | &nbsp;&nbsp;&nbsp;&nbsp; 10777717 |
| Reinvestment of dividends and distributions |  |  |
| Institutional shares | &nbsp;&nbsp;&nbsp;&nbsp; 5101222 | &nbsp;&nbsp;&nbsp;&nbsp; 4691278 |
| Investor shares | &nbsp;&nbsp;&nbsp;&nbsp; 1858907 | &nbsp;&nbsp;&nbsp;&nbsp; 1830525 |
| Total proceeds from shares sold and reinvested | &nbsp;&nbsp;&nbsp;&nbsp; 31631530 | &nbsp;&nbsp;&nbsp;&nbsp; 87611969 |
| Value of shares redeemed |  |  |
| Institutional shares | &nbsp;&nbsp;&nbsp;&nbsp; (13628557)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (25129068)<br>|
| Investor shares | &nbsp;&nbsp;&nbsp;&nbsp; (5718701)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (16146800)<br>|
| Total value of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (19347258)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (41275868)<br>|
| Net increase from capital share transactions<sup>(1)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 12284272 | &nbsp;&nbsp;&nbsp;&nbsp; 46336101 |
| Total increase in net assets | &nbsp;&nbsp;&nbsp;&nbsp; 22975583 | &nbsp;&nbsp;&nbsp;&nbsp; 46059261 |
| **Net Assets:** |  |  |
| Beginning of Period | &nbsp;&nbsp;&nbsp;&nbsp; 283949522 | &nbsp;&nbsp;&nbsp;&nbsp; 237890261 |
| End of Period | &nbsp;&nbsp;&nbsp;&nbsp; $306925105 | &nbsp;&nbsp;&nbsp;&nbsp; $283949522 |

---

 <br> <sup>(1)</sup> See Note 6 in Notes to Financial Statements.

See Notes to Financial Statements.

**265**

------

**FINANCIAL HIGHLIGHTS (Unaudited)**

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *For a Share Outstanding For the Years Ending December 31, unless otherwise indicated*  | *For a Share Outstanding For the Years Ending December 31, unless otherwise indicated*  | *For a Share Outstanding For the Years Ending December 31, unless otherwise indicated*  | *For a Share Outstanding For the Years Ending December 31, unless otherwise indicated*  | *For a Share Outstanding For the Years Ending December 31, unless otherwise indicated*  | *For a Share Outstanding For the Years Ending December 31, unless otherwise indicated*  |  |  |  |  |  | **Ratios to Average Net Assets**  | **Ratios to Average Net Assets**  | **Ratios to Average Net Assets**  |  |
|  | &nbsp;&nbsp; **Net Asset**<br> **Value,**<br> **Beginning**<br> **of Period**<br>| &nbsp;&nbsp; **Net Investment**<br> **Income#**<br>| **Realized**<br> **and**<br> **Unrealized**<br> **Gain**<br> **(Loss) on**<br> **Investments**<br>| &nbsp;&nbsp; **Total Income**<br> **From Investment**<br> **Operations**<br>| &nbsp;&nbsp; **Dividends**<br> **from Net**<br> **Investment**<br> **Income**<br>| **Distributions**<br> **from Net**<br> **Realized**<br> **Capital**<br> **Gains**<br>| &nbsp;&nbsp; **Total**<br> **Distributions**<br> **Paid**<br>| **Net Asset**<br> **Value,**<br> **End of**<br> **Period**<br>| **Total**<br> **Return**<br>| **Net Assets,**<br> **End of Period**<br> **(000)**<br>| **Expenses,**<br> **Net**<br>| **Expenses,**<br> **Gross**<br>| **Investment**<br> **Income,**<br> **Net**<br>| &nbsp;&nbsp; **Portfolio**<br> **Turnover**<br> **Rate**<br>|
| **Global Real Estate Securities Fund** | **Global Real Estate Securities Fund** | **Global Real Estate Securities Fund** | **Global Real Estate Securities Fund** | **Global Real Estate Securities Fund** | **Global Real Estate Securities Fund** | **Global Real Estate Securities Fund** | **Global Real Estate Securities Fund** | **Global Real Estate Securities Fund** | **Global Real Estate Securities Fund** | **Global Real Estate Securities Fund** | **Global Real Estate Securities Fund** | **Global Real Estate Securities Fund** | **Global Real Estate Securities Fund** | **Global Real Estate Securities Fund** |
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
| 2025(1) | &nbsp;&nbsp;&nbsp; $8.96 | &nbsp;&nbsp;&nbsp; $0.16 | &nbsp;&nbsp;&nbsp; $0.40 | &nbsp;&nbsp;&nbsp; $0.56 | &nbsp;&nbsp;&nbsp; $(0.22)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(0.22)<br>| &nbsp;&nbsp;&nbsp; $9.30 | &nbsp;&nbsp;&nbsp;&nbsp; 6.30<br> %<br>| &nbsp;&nbsp;&nbsp; $221594 | &nbsp;&nbsp;&nbsp;&nbsp; 0.88<br> %(2)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.89<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.52<br> %<br>| &nbsp;&nbsp;&nbsp; 72<br> %<br>|
| 2024 | &nbsp;&nbsp;&nbsp;&nbsp;8.94 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp;&nbsp;&nbsp;8.96 | &nbsp;&nbsp;&nbsp;&nbsp;3.09 | &nbsp;&nbsp;&nbsp; 206793 | &nbsp;&nbsp;&nbsp;&nbsp; 0.88<br> (2)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;2.50 | &nbsp;&nbsp;&nbsp; 153 |
| 2023 | &nbsp;&nbsp;&nbsp;&nbsp;8.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp;&nbsp;&nbsp;8.94 | &nbsp;&nbsp;&nbsp;&nbsp;11.45 | &nbsp;&nbsp;&nbsp; 157441 | &nbsp;&nbsp;&nbsp;&nbsp; 0.86<br> (2)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.87 | &nbsp;&nbsp;&nbsp;&nbsp;2.95 | &nbsp;&nbsp;&nbsp; 139 |
| 2022 | &nbsp;&nbsp;&nbsp;&nbsp;11.53 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp; (3.17)<br>| &nbsp;&nbsp;&nbsp; (2.95)<br>| &nbsp;&nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp;&nbsp;&nbsp;8.30 | &nbsp;&nbsp;&nbsp; (25.66)<br>| &nbsp;&nbsp;&nbsp; 164351 | &nbsp;&nbsp;&nbsp;&nbsp; 0.83<br> (2)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;2.30 | &nbsp;&nbsp;&nbsp; 102 |
| 2021 | &nbsp;&nbsp;&nbsp;&nbsp;9.47 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;2.63 | &nbsp;&nbsp;&nbsp;&nbsp;2.80 | &nbsp;&nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp;&nbsp; (0.74)<br>| &nbsp;&nbsp;&nbsp;&nbsp;11.53 | &nbsp;&nbsp;&nbsp;&nbsp;29.97 | &nbsp;&nbsp;&nbsp; 218705 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79<br> (2)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;1.59 | &nbsp;&nbsp;&nbsp; 105 |
| 2020 | &nbsp;&nbsp;&nbsp;&nbsp;10.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp; (0.67)<br>| &nbsp;&nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp;&nbsp;&nbsp;9.47 | &nbsp;&nbsp;&nbsp; (4.54)<br>| &nbsp;&nbsp;&nbsp; 175384 | &nbsp;&nbsp;&nbsp;&nbsp; 0.86<br> (2)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.87 | &nbsp;&nbsp;&nbsp;&nbsp;1.98 | &nbsp;&nbsp;&nbsp; 141 |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| 2025(1) | &nbsp;&nbsp;&nbsp; $9.01 | &nbsp;&nbsp;&nbsp; $0.15 | &nbsp;&nbsp;&nbsp; $0.39 | &nbsp;&nbsp;&nbsp; $0.54 | &nbsp;&nbsp;&nbsp; $(0.21)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(0.21)<br>| &nbsp;&nbsp;&nbsp; $9.34 | &nbsp;&nbsp;&nbsp;&nbsp; 6.01<br> %<br>| &nbsp;&nbsp;&nbsp; $85331 | &nbsp;&nbsp;&nbsp;&nbsp; 1.20<br> %(2)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.21<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.23<br> %<br>| &nbsp;&nbsp;&nbsp; 72<br> %<br>|
| 2024 | &nbsp;&nbsp;&nbsp;&nbsp;8.98 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp;&nbsp;&nbsp;9.01 | &nbsp;&nbsp;&nbsp;&nbsp;2.87 | &nbsp;&nbsp;&nbsp; 77157 | &nbsp;&nbsp;&nbsp;&nbsp; 1.20<br> (2)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.20 | &nbsp;&nbsp;&nbsp;&nbsp;2.13 | &nbsp;&nbsp;&nbsp; 153 |
| 2023 | &nbsp;&nbsp;&nbsp;&nbsp;8.34 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp;&nbsp;&nbsp;8.98 | &nbsp;&nbsp;&nbsp;&nbsp;11.06 | &nbsp;&nbsp;&nbsp; 80449 | &nbsp;&nbsp;&nbsp;&nbsp; 1.16<br> (2)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.17 | &nbsp;&nbsp;&nbsp;&nbsp;2.65 | &nbsp;&nbsp;&nbsp; 139 |
| 2022 | &nbsp;&nbsp;&nbsp;&nbsp;11.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp; (3.18)<br>| &nbsp;&nbsp;&nbsp; (2.99)<br>| &nbsp;&nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp;&nbsp;&nbsp;8.34 | &nbsp;&nbsp;&nbsp; (25.88)<br>| &nbsp;&nbsp;&nbsp; 80561 | &nbsp;&nbsp;&nbsp;&nbsp; 1.12<br> (2)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp;1.97 | &nbsp;&nbsp;&nbsp; 102 |
| 2021 | &nbsp;&nbsp;&nbsp;&nbsp;9.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;2.64 | &nbsp;&nbsp;&nbsp;&nbsp;2.78 | &nbsp;&nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp;&nbsp; (0.71)<br>| &nbsp;&nbsp;&nbsp;&nbsp;11.58 | &nbsp;&nbsp;&nbsp;&nbsp;29.61 | &nbsp;&nbsp;&nbsp; 118530 | &nbsp;&nbsp;&nbsp;&nbsp; 1.07<br> (2)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;1.31 | &nbsp;&nbsp;&nbsp; 105 |
| 2020 | &nbsp;&nbsp;&nbsp;&nbsp;10.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp; (0.67)<br>| &nbsp;&nbsp;&nbsp; (0.52)<br>| &nbsp;&nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp;&nbsp;&nbsp;9.51 | &nbsp;&nbsp;&nbsp; (4.79)<br>| &nbsp;&nbsp;&nbsp; 81053 | &nbsp;&nbsp;&nbsp;&nbsp; 1.13<br> (2)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.14 | &nbsp;&nbsp;&nbsp;&nbsp;1.68 | &nbsp;&nbsp;&nbsp; 141 |

---

# Calculated using the average shares outstanding method.

(1) For the six months ended June 30, 2025, all ratios have been annualized with the exception of total return and portfolio turnover which have not been annualized. 

(2) The ratio for the Global Real Estate Securities Fund includes the effect of fees paid indirectly which decreased the ratio by 0.01% for the years 2020, 2021, 2022, 2023, 2024 and for the six months ended June 30, 2025. 

**266**

See Notes to Financial Statements.

------

**STRATEGIC ALTERNATIVES FUND**

**SCHEDULE OF INVESTMENTS**

**June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **CORPORATE BONDS — 18.3%** | **CORPORATE BONDS — 18.3%** | **CORPORATE BONDS — 18.3%** |
| Affirm Holdings, Inc. |  |  |
| 0.00%, 11/15/26‡‡ CONV » | $274000 | $257971 |
| Airbnb, Inc. |  |  |
| 0.00%, 03/15/26‡‡ CONV » | 209000 | 201998 |
| Alarm.com Holdings, Inc. |  |  |
| 2.25%, 06/01/29‡‡ CONV | 538000 | 523234 |
| American Airlines Group, Inc. |  |  |
| 6.50%, 07/01/25 CONV | 147000 | 147129 |
| Applied Optoelectronics, Inc. |  |  |
| 2.75%, 01/15/30‡‡ CONV | 337000 | 332744 |
| Arbor Realty Trust, Inc. |  |  |
| 7.50%, 08/01/25 CONV | 890000 | 885995 |
| Array Technologies, Inc. |  |  |
| 1.00%, 12/01/28‡‡ CONV | 225000 | 179031 |
| 2.88%, 07/01/31 144A CONV | 38000 | 37688 |
| AST SpaceMobile, Inc. |  |  |
| 4.25%, 03/01/32 144A ‡‡ CONV | 418000 | 830083 |
| Bentley Systems, Inc. |  |  |
| 0.38%, 07/01/27‡‡ CONV | 605000 | 572027 |
| BILL Holdings, Inc. |  |  |
| 0.00%, 04/01/30 <br> 144A ‡‡ CONV » | 351000 | 297034 |
| Blackstone Mortgage Trust, Inc. |  |  |
| 5.50%, 03/15/27‡‡ CONV | 751000 | 732976 |
| Block, Inc. |  |  |
| 0.25%, 11/01/27‡‡ CONV | 465000 | 416756 |
| Bridgebio Pharma, Inc. |  |  |
| 2.25%, 02/01/29‡‡ CONV | 823000 | 770328 |
| Capital Southwest Corporation |  |  |
| 5.13%, 11/15/29‡‡ CONV | 371000 | 366594 |
| Carnival Corporation |  |  |
| 5.75%, 12/01/27‡‡ CONV | 158000 | 347916 |
| CenterPoint Energy, Inc. |  |  |
| 4.25%, 08/15/26‡‡ CONV | 572000 | 620334 |
| Centrus Energy Corporation |  |  |
| 2.25%, 11/01/30 144A ‡‡ CONV | 348000 | 722274 |
| Century Aluminum Co. |  |  |
| 2.75%, 05/01/28‡‡ CONV | 363000 | 433566 |
| Cheesecake Factory, Inc. (The) |  |  |
| 2.00%, 03/15/30 144A ‡‡ CONV | 829000 | 900501 |
| Cloudflare, Inc. |  |  |
| 0.00%, 06/15/30 144A CONV » | 23000 | 24875 |
| Collegium Pharmaceutical, Inc. |  |  |
| 2.88%, 02/15/29‡‡ CONV | 598000 | 643747 |
| CONMED Corporation |  |  |
| 2.25%, 06/15/27‡‡ CONV | 851000 | 808422 |
| CSG Systems International, Inc. |  |  |
| 3.88%, 09/15/28‡‡ CONV | 638000 | 721897 |
| Dayforce, Inc. |  |  |
| 0.25%, 03/15/26‡‡ CONV | 619000 | 598573 |
| Dexcom, Inc. |  |  |
| 0.38%, 05/15/28‡‡ CONV | 312000 | 294216 |
| Duke Energy Corporation |  |  |
| 4.13%, 04/15/26‡‡ CONV | 599000 | 634491 |
| Enovis Corporation |  |  |
| 3.88%, 10/15/28‡‡ CONV | 987000 | 976636 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Enphase Energy, Inc. |  |  |
| 0.00%, 03/01/26 CONV » | $411000 | $394043 |
| Evolent Health, Inc. |  |  |
| 3.50%, 12/01/29‡‡ CONV | 681000 | 581338 |
| Exact Sciences Corporation |  |  |
| 0.38%, 03/15/27‡‡ CONV | 166000 | 158364 |
| 2.00%, 03/01/30 144A CONV | 684000 | 694260 |
| EZCORP, Inc. |  |  |
| 3.75%, 12/15/29 144A ‡‡ CONV | 229000 | 332909 |
| Five9, Inc. |  |  |
| 1.00%, 03/15/29‡‡ CONV | 577000 | 505741 |
| fuboTV, Inc. |  |  |
| 3.25%, 02/15/26 CONV | 301000 | 294378 |
| GameStop Corporation |  |  |
| 0.00%, 06/15/32 <br> 144A ‡‡ CONV » | 377000 | 405652 |
| Greenbrier Cos., Inc. (The) |  |  |
| 2.88%, 04/15/28‡‡ CONV | 692000 | 737015 |
| Haemonetics Corporation |  |  |
| 0.00%, 03/01/26‡‡ CONV » | 356000 | 344828 |
| 2.50%, 06/01/29 CONV | 618000 | 616305 |
| Hims & Hers Health, Inc. |  |  |
| 0.00%, 05/15/30 <br> 144A ‡‡ CONV » | 245000 | 257495 |
| indie Semiconductor, Inc. |  |  |
| 4.50%, 11/15/27 144A ‡‡ CONV | 352000 | 314160 |
| Integer Holdings Corporation |  |  |
| 1.88%, 03/15/30 144A ‡‡ CONV | 543000 | 566892 |
| Ionis Pharmaceuticals, Inc. |  |  |
| 1.75%, 06/15/28‡‡ CONV | 324000 | 341213 |
| Jamf Holding Corporation |  |  |
| 0.13%, 09/01/26 CONV | 459000 | 433526 |
| Jazz Investments I, Ltd. |  |  |
| 3.13%, 09/15/30 144A ‡‡ CONV | 835000 | 889275 |
| LeMaitre Vascular, Inc. |  |  |
| 2.50%, 02/01/30 144A ‡‡ CONV | 576000 | 575712 |
| LendingTree, Inc. |  |  |
| 0.50%, 07/15/25 CONV | 1054000 | 1047412 |
| Liberty Broadband Corporation |  |  |
| 3.13%, 03/31/53 144A CONV | 715000 | 720073 |
| Live Nation Entertainment, Inc. |  |  |
| 3.13%, 01/15/29‡‡ CONV | 733000 | 1127720 |
| Lumentum Holdings, Inc. |  |  |
| 0.50%, 06/15/28‡‡ CONV | 366000 | 379542 |
| MARA Holdings, Inc. |  |  |
| 0.00%, 03/01/30 <br> 144A ‡‡ CONV » | 528000 | 475992 |
| Marriott Vacations Worldwide <br> Corporation |  |  |
| 3.25%, 12/15/27‡‡ CONV | 652000 | 608642 |
| Mesa Laboratories, Inc. |  |  |
| 1.38%, 08/15/25 CONV | 389000 | 386859 |
| MicroStrategy, Inc. |  |  |
| 0.00%, 12/01/29 <br> 144A ‡‡ CONV » | 568000 | 538748 |
| Mirum Pharmaceuticals, Inc. |  |  |
| 4.00%, 05/01/29‡‡ CONV | 495000 | 878996 |

---

See Notes to Financial Statements.

**267**

------

**STRATEGIC ALTERNATIVES FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| MKS, Inc. |  |  |
| 1.25%, 06/01/30 CONV | $545000 | $539823 |
| NCL Corporation, Ltd. |  |  |
| 2.50%, 02/15/27‡‡ CONV | 539000 | 539539 |
| Oddity Finance LLC |  |  |
| 0.00%, 06/15/30 <br> 144A ‡‡ CONV » | 250000 | 271766 |
| Omnicell, Inc. |  |  |
| 1.00%, 12/01/29 144A ‡‡ CONV | 711000 | 640611 |
| ON Semiconductor Corporation |  |  |
| 0.50%, 03/01/29 CONV | 694000 | 643997 |
| OSI Systems, Inc. |  |  |
| 2.25%, 08/01/29 144A ‡‡ CONV | 477000 | 648243 |
| Pacira BioSciences, Inc. |  |  |
| 2.13%, 05/15/29 CONV | 319000 | 313005 |
| Parsons Corporation |  |  |
| 2.63%, 03/01/29‡‡ CONV | 634000 | 677112 |
| Pebblebrook Hotel Trust REIT |  |  |
| 1.75%, 12/15/26‡‡ CONV | 961000 | 910627 |
| Peloton Interactive, Inc. |  |  |
| 0.00%, 02/15/26 CONV » | 135000 | 130613 |
| PennyMac Corporation |  |  |
| 5.50%, 03/15/26 CONV | 868000 | 862358 |
| 8.50%, 06/01/29 CONV | 177000 | 179655 |
| PG&E Corporation |  |  |
| 4.25%, 12/01/27‡‡ CONV | 897000 | 892336 |
| Progress Software Corporation |  |  |
| 3.50%, 03/01/30‡‡ CONV | 651000 | 756136 |
| PROS Holdings, Inc. |  |  |
| 2.25%, 09/15/27‡‡ CONV | 356000 | 337488 |
| Rapid7, Inc. |  |  |
| 1.25%, 03/15/29‡‡ CONV | 553000 | 490788 |
| Redwood Trust, Inc. |  |  |
| 7.75%, 06/15/27‡‡ CONV | 1422000 | 1408472 |
| Rivian Automotive, Inc. |  |  |
| 3.63%, 10/15/30 CONV | 225000 | 202416 |
| Rubrik, Inc. |  |  |
| 0.00%, 06/15/30 144A CONV » | 38000 | 39876 |
| Sirius XM Holdings, Inc. |  |  |
| 3.75%, 03/15/28‡‡ CONV | 913000 | 950889 |
| Snap, Inc. |  |  |
| 0.50%, 05/01/30‡‡ CONV | 741000 | 632073 |
| SolarEdge Technologies, Inc. |  |  |
| 0.00%, 09/15/25‡‡ CONV » | 749000 | 730275 |
| Spectrum Brands, Inc. |  |  |
| 3.38%, 06/01/29 CONV | 684000 | 623466 |
| Sphere Entertainment Co. |  |  |
| 3.50%, 12/01/28‡‡ CONV | 666000 | 936729 |
| Summit Hotel Properties, Inc. REIT |  |  |
| 1.50%, 02/15/26‡‡ CONV | 639000 | 619830 |
| Super Micro Computer, Inc. |  |  |
| 0.00%, 06/15/30 144A CONV » | 451000 | 506924 |
| Teladoc Health, Inc. |  |  |
| 1.25%, 06/01/27 CONV | 338000 | 312584 |
| Tempus AI, Inc. |  |  |
| 0.75%, 07/15/30 | 165000 | 165000 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Tetra Tech, Inc. |  |  |
| 2.25%, 08/15/28‡‡ CONV | $645000 | $728044 |
| Two Harbors Investment Corporation |  |  |
| 6.25%, 01/15/26‡‡ CONV | 1113000 | 1094635 |
| Upstart Holdings, Inc. |  |  |
| 0.25%, 08/15/26 CONV | 327000 | 310650 |
| Upwork, Inc. |  |  |
| 0.25%, 08/15/26‡‡ CONV | 174000 | 164600 |
| Veradigm, Inc. |  |  |
| 0.88%, 01/01/27 CONV | 173000 | 188170 |
| Verint Systems, Inc. |  |  |
| 0.25%, 04/15/26‡‡ CONV | 410000 | 394215 |
| Vishay Intertechnology, Inc. |  |  |
| 2.25%, 09/15/30‡‡ CONV | 605000 | 544500 |
| Wayfair, Inc. |  |  |
| 3.50%, 11/15/28‡‡ CONV | 523000 | 707816 |
| Western Digital Corporation |  |  |
| 3.00%, 11/15/28‡‡ CONV | 688000 | 1236680 |
| WisdomTree, Inc. |  |  |
| 5.75%, 08/15/28‡‡ CONV | 648000 | 853740 |
| XPLR Infrastructure LP |  |  |
| 0.00%, 11/15/25 <br> 144A ‡‡ CONV » | 620000 | 605275 |
| Ziff Davis, Inc. |  |  |
| 1.75%, 11/01/26‡‡ CONV | 474000 | 452078 |
| 3.63%, 03/01/28 144A CONV | 298000 | 279375 |
| **Total Corporate Bonds** <br>(Cost $48,704,956) |  | 52408535 |
| **FOREIGN BONDS — 1.1%** | **FOREIGN BONDS — 1.1%** | **FOREIGN BONDS — 1.1%** |
| **Australia — 0.1%** | **Australia — 0.1%** |  |
| IREN, Ltd. |  |  |
| 3.50%, 12/15/29 144A CONV | 98000 | 127204 |
| **Canada — 0.4%** | **Canada — 0.4%** |  |
| Equinox Gold Corporation |  |  |
| 4.75%, 10/15/28‡‡ CONV | 591000 | 712155 |
| Fortuna Mining Corporation |  |  |
| 3.75%, 06/30/29 CONV | 396000 | 501970 |
|  |  | 1214125 |
| **China — 0.1%** | **China — 0.1%** |  |
| Qifu Technology, Inc. |  |  |
| 0.50%, 04/01/30 144A ‡‡ CONV | 201000 | 197684 |
| **Denmark — 0.2%** | **Denmark — 0.2%** |  |
| Ascendis Pharma A/S |  |  |
| 2.25%, 04/01/28‡‡ CONV | 509000 | 638274 |
| **India — 0.0%** | **India — 0.0%** |  |
| MakeMyTrip, Ltd. |  |  |
| 0.00%, 07/01/30 144A CONV » | 75000 | 80118 |
| **Israel — 0.3%** | **Israel — 0.3%** |  |
| CyberArk Software, Ltd. |  |  |
| 0.00%, 06/15/30 <br> 144A ‡‡ CONV » | 135000 | 139050 |

---

**268**

See Notes to Financial Statements.

------

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Pagaya Technologies, Ltd. |  |  |
| 6.13%, 10/01/29 144A ‡‡ CONV | $453000 | $804301 |
|  |  | 943351 |
| **Total Foreign Bonds** <br>(Cost $2,686,998) | **Total Foreign Bonds** <br>(Cost $2,686,998) | 3200756 |
| **MORTGAGE-BACKED SECURITIES — 3.0%** | **MORTGAGE-BACKED SECURITIES — 3.0%** | **MORTGAGE-BACKED SECURITIES — 3.0%** |
| Federal Home Loan Mortgage <br> Corporation |  |  |
| 6.00%, 01/01/53 | 775873 | 794296 |
| Federal Home Loan Mortgage <br> Corporation REMIC, Series 4248 |  |  |
| (Floating, 5.89% - U.S. 30-Day <br> Average SOFR, 6.00% Cap), <br> 1.58%, 09/15/43† IO | 168002 | 17803 |
| Federal Home Loan Mortgage <br> Corporation REMIC, Series 4468 |  |  |
| (Floating, 5.99% - U.S. 30-Day <br> Average SOFR, 6.10% Cap), <br> 1.68%, 05/15/45† IO | 181129 | 18205 |
| Federal National Mortgage <br> Association |  |  |
| 6.50%, 09/01/53 | 1515275 | 1574018 |
| Federal National Mortgage <br> Association REMIC, Series <br> 2017-31 |  |  |
| (Floating, 5.99% - U.S. 30-Day <br> Average SOFR, 6.10% Cap), <br> 1.68%, 05/25/47† IO | 251979 | 29974 |
| Federal National Mortgage <br> Association REMIC, Series <br> 2018-8 |  |  |
| (Floating, 6.04% - U.S. 30-Day <br> Average SOFR, 6.15% Cap), <br> 1.73%, 02/25/48† IO | 142161 | 17333 |
| Federal National Mortgage <br> Association STRIP, Series 405 |  |  |
| (Floating, 4.94% - U.S. 30-Day <br> Average SOFR, 5.05% Cap), <br> 0.63%, 10/25/40† IO | 419362 | 29400 |
| Government National Mortgage <br> Association |  |  |
| 4.00%, 05/20/48 | 803910 | 760199 |
| 2.50%, 09/20/51 | 130886 | 109640 |
| 2.50%, 11/20/51 | 486840 | 411454 |
| 2.50%, 12/20/51 | 282754 | 238969 |
| 6.00%, 07/01/53 TBA | 1000000 | 1014920 |
| Government National Mortgage <br> Association, Series 2015-110 |  |  |
| (Floating, 5.59% - CME Term <br> SOFR 1M, 5.70% Cap), <br> 1.27%, 08/20/45† IO | 97190 | 10139 |
| Government National Mortgage <br> Association, Series 2018-124 |  |  |
| (Floating, 6.09% - CME Term <br> SOFR 1M, 6.20% Cap), <br> 1.77%, 09/20/48† IO | 283120 | 36356 |
| Government National Mortgage <br> Association, Series 2018-139 |  |  |
| (Floating, 6.04% - CME Term <br> SOFR 1M, 6.15% Cap), <br> 1.72%, 10/20/48† IO | 113349 | 12712 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Government National Mortgage <br> Association, Series 2018-7 |  |  |
| (Floating, 5.59% - CME Term <br> SOFR 1M, 5.70% Cap), <br> 1.27%, 01/20/48† IO | $699687 | $77167 |
| Government National Mortgage <br> Association, Series 2019-1 |  |  |
| (Floating, 5.94% - CME Term <br> SOFR 1M, 6.05% Cap), <br> 1.62%, 01/20/49† IO | 129413 | 14462 |
| Government National Mortgage <br> Association, Series 2019-110 |  |  |
| 1.67%, 09/20/49† IO | 476744 | 61608 |
| Government National Mortgage <br> Association, Series 2019-111 |  |  |
| (Floating, 6.04% - CME Term <br> SOFR 1M, 6.15% Cap), <br> 1.72%, 01/20/49† IO | 382075 | 48081 |
| Government National Mortgage <br> Association, Series 2019-151 |  |  |
| 3.50%, 10/20/49 IO | 544610 | 86377 |
| 3.50%, 12/20/49 IO | 310277 | 58228 |
| Government National Mortgage <br> Association, Series 2019-20 |  |  |
| (Floating, 3.68% - CME Term <br> SOFR 1M, 3.79% Cap), <br> 0.00%, 02/20/49† IO | 293372 | 6950 |
| Government National Mortgage <br> Association, Series 2019-6 |  |  |
| (Floating, 5.94% - CME Term <br> SOFR 1M, 6.05% Cap), <br> 1.62%, 01/20/49† IO | 110078 | 11995 |
| Government National Mortgage <br> Association, Series 2020-146 |  |  |
| 2.50%, 10/20/50 IO | 262277 | 38434 |
| Government National Mortgage <br> Association, Series 2020-21 |  |  |
| (Floating, 5.94% - CME Term <br> SOFR 1M, 6.05% Cap), <br> 1.62%, 02/20/50† IO | 252679 | 33861 |
| Government National Mortgage <br> Association, Series 2020-55 |  |  |
| (Floating, 5.94% - CME Term <br> SOFR 1M, 6.05% Cap), <br> 1.62%, 04/20/50† IO | 411387 | 56009 |
| 3.50%, 04/20/50 IO | 232008 | 46022 |
| Government National Mortgage <br> Association, Series 2020-61 |  |  |
| (Floating, 5.94% - CME Term <br> SOFR 1M, 6.05% Cap), <br> 1.62%, 08/20/49† IO | 539032 | 57475 |
| Government National Mortgage <br> Association, Series 2020-78 |  |  |
| 4.00%, 06/20/50 IO | 432229 | 99809 |
| Government National Mortgage <br> Association, Series 2020-79 |  |  |
| 4.00%, 06/20/50 IO | 138946 | 29170 |
| Government National Mortgage <br> Association, Series 2023-133 |  |  |
| (Floating, 6.50% - U.S. 30-Day <br> Average SOFR, 6.50% Cap), <br> 2.20%, 09/20/53† IO | 978987 | 76301 |

---

See Notes to Financial Statements.

**269**

------

**STRATEGIC ALTERNATIVES FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Government National Mortgage <br> Association, Series 2023-70 |  |  |
| (Floating, 6.12% - U.S. 30-Day <br> Average SOFR, 6.12% Cap), <br> 1.82%, 05/20/53† IO | $523169 | $36042 |
| Uniform Mortgage Backed Securities |  |  |
| 2.50%, 07/01/52 TBA | 1000000 | 829283 |
| 5.00%, 07/01/53 TBA | 1000000 | 980135 |
| 5.50%, 07/01/53 TBA | 1000000 | 999928 |
| **Total Mortgage-Backed Securities** <br>(Cost $8,617,570) |  | 8722755 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of** <br>**Contracts**<br>| **Notional** <br>**Amount**<br>|  |
| **PURCHASED OPTIONS — 0.1%** | **PURCHASED OPTIONS — 0.1%** | **PURCHASED OPTIONS — 0.1%** | **PURCHASED OPTIONS — 0.1%** |
| **Call Swaptions — 0.1%** | **Call Swaptions — 0.1%** | **Call Swaptions — 0.1%** | **Call Swaptions — 0.1%** |
| Pay 6-Month <br> EURIBOR <br> (Semiannually); <br> Receive 1.95% <br> (Annually); Interest <br> Rate Swap <br> Maturing <br> 05/13/2031 EUR, <br> Strike Price <br>$1.95, Expires <br>05/11/26 (BNP)<br>| 1 | $4470000 | 21165 |
| Pay 6-Month <br> EURIBOR <br> (Semiannually); <br> Receive 2% <br> (Annually); Interest <br> Rate Swap <br> Maturing <br> 11/13/2031 EUR, <br> Strike Price <br>$2.00, Expires <br>11/11/26 (BNP)<br>| 1 | 4520000 | 32500 |
| Pay 6-Month <br> EURIBOR <br> (Semiannually); <br> Receive 2.05% <br> (Annually); Interest <br> Rate Swap <br> Maturing <br> 05/15/2031 EUR, <br> Strike Price <br>$2.05, Expires <br>05/13/26 (BNP)<br>| 1 | 4520000 | 27680 |
| Pay 6-Month <br> EURIBOR <br> (Semiannually); <br> Receive 2.25% <br> (Annually); Interest <br> Rate Swap <br> Maturing <br> 03/10/2029 EUR, <br> Strike Price <br>$2.25, Expires <br>03/08/27 (BNP)<br>| 1 | 11070000 | 82367 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of**<br> **Contracts**<br>| **Notional**<br> **Amount**<br>| **Value** |
| Pay 6-Month <br> EURIBOR <br> (Semiannually); <br> Receive 2.45% <br> (Annually); Interest <br> Rate Swap <br> Maturing <br> 03/26/2036 EUR, <br> Strike Price <br>$2.45, Expires <br>03/24/26 (BNP)<br>| 1 | $2280000 | $30161 |
| **Total Purchased Options** <br>(Premiums paid $297,104) | **Total Purchased Options** <br>(Premiums paid $297,104) |  | 193873 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** |  |
| **U.S. TREASURY OBLIGATIONS — 19.6%** | **U.S. TREASURY OBLIGATIONS — 19.6%** | **U.S. TREASURY OBLIGATIONS — 19.6%** |
| U.S. Treasury Bills |  |  |
| 4.16%, 07/03/25Ω | $20000000 | 19995349 |
| 4.01%, 07/15/25Ω | 10800000 | 10782581 |
|  |  | 30777930 |
| U.S. Treasury <br> Inflationary <br> Indexed Bonds<br>|  |  |
| 1.50%, 02/15/53 | 3194402 | 2532514 |
| U.S. Treasury Notes |  |  |
| 3.88%, 06/30/30 | 11370000 | 11413970 |
| 4.00%, 06/30/32 | 11410000 | 11419805 |
|  |  | 22833775 |
| **Total U.S. Treasury Obligations** <br>(Cost $56,381,561) |  | 56144219 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **COMMON STOCKS — 9.4%** | **COMMON STOCKS — 9.4%** | **COMMON STOCKS — 9.4%** |
| **Communication Services — 0.3%** | **Communication Services — 0.3%** |  |
| AT&T, Inc. | 10391 | 300716 |
| IAC, Inc.\* | 8598 | 321049 |
| Live Nation Entertainment, Inc.\* | 1011 | 152944 |
| New York Times Co. (The) Class A | 242 | 13547 |
| News Corporation Class A | 2199 | 65354 |
| NII Holdings, Inc.††† \* | 76167 | 19804 |
| Take-Two Interactive Software, Inc.\* | 513 | 124582 |
| Trade Desk, Inc. (The) Class A\* | 100 | 7199 |
|  |  | 1005195 |
| **Consumer Discretionary — 2.0%** | **Consumer Discretionary — 2.0%** |  |
| Abercrombie & Fitch Co. Class A\* | 1979 | 163960 |
| Advance Auto Parts, Inc. | 3152 | 146536 |
| AutoZone, Inc.\* | 108 | 400921 |
| Best Buy Co., Inc. | 6512 | 437151 |
| Chewy, Inc. Class A\* | 9549 | 406978 |
| Columbia Sportswear Co. | 962 | 58759 |

---

**270**

See Notes to Financial Statements.

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| D.R. Horton, Inc. | 292 | $37645 |
| Deckers Outdoor Corporation\* | 1328 | 136877 |
| Dillard's, Inc. Class A | 332 | 138720 |
| eBay, Inc. | 3101 | 230900 |
| Etsy, Inc.\* | 3666 | 183887 |
| Hasbro, Inc. | 123 | 9080 |
| Lennar Corporation Class A | 1583 | 175096 |
| Lowe's Cos., Inc. | 1374 | 304849 |
| MercadoLibre, Inc.\* | 166 | 433863 |
| Mohawk Industries, Inc.\* | 1896 | 198777 |
| Murphy U.S.A., Inc. | 483 | 196484 |
| O'Reilly Automotive, Inc.\* | 3527 | 317888 |
| Penske Automotive Group, Inc. | 848 | 145695 |
| Polaris, Inc. | 962 | 39105 |
| Ralph Lauren Corporation | 585 | 160454 |
| Rivian Automotive, Inc. Class A\* | 22104 | 303709 |
| Ross Stores, Inc. | 1893 | 241509 |
| Taylor Morrison Home Corporation <br> Class A\* | 433 | 26595 |
| TJX Cos., Inc. (The) | 2550 | 314899 |
| Tractor Supply Co. | 1516 | 79999 |
| Ulta Beauty, Inc.\* | 305 | 142685 |
| Wayfair, Inc. Class A\* | 7642 | 390812 |
|  |  | 5823833 |
| **Consumer Staples — 1.6%** | **Consumer Staples — 1.6%** |  |
| Albertsons Cos., Inc. Class A | 8061 | 173392 |
| BJ's Wholesale Club Holdings, Inc.\* | 721 | 77746 |
| Church & Dwight Co., Inc. | 888 | 85346 |
| Clorox Co. (The) | 1660 | 199316 |
| Coca-Cola Consolidated, Inc. | 2059 | 229887 |
| Colgate-Palmolive Co. | 6559 | 596213 |
| Costco Wholesale Corporation | 260 | 257384 |
| Coty, Inc. Class A\* | 28607 | 133023 |
| Estee Lauder Cos., Inc. (The) Class A | 931 | 75225 |
| Freshpet, Inc.\* | 1647 | 111930 |
| Ingredion, Inc. | 73 | 9900 |
| Kimberly-Clark Corporation | 2286 | 294711 |
| Kroger Co. (The) | 4562 | 327232 |
| Monster Beverage Corporation\* | 4510 | 282506 |
| PepsiCo, Inc.‡‡ | 373 | 49251 |
| Pilgrim's Pride Corporation | 4782 | 215094 |
| Procter & Gamble Co. (The) | 760 | 121083 |
| Sprouts Farmers Market, Inc.\* | 947 | 155914 |
| Sysco Corporation | 2678 | 202832 |
| Target Corporation | 1350 | 133178 |
| Tyson Foods, Inc. Class A | 2184 | 122173 |
| U.S. Foods Holding Corporation\* | 2767 | 213087 |
| Walmart, Inc. | 4187 | 409405 |
|  |  | 4475828 |
| **Financials — 2.0%** | **Financials — 2.0%** |  |
| Allstate Corporation (The) | 1659 | 333973 |
| American Financial Group, Inc. | 1554 | 196130 |
| American International Group, Inc. | 452 | 38687 |
| Arch Capital Group, Ltd. | 1865 | 169808 |
| Assurant, Inc. | 208 | 41078 |
| Axis Capital Holdings, Ltd. | 1575 | 163517 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Cincinnati Financial Corporation | 2748 | $409232 |
| CNA Financial Corporation | 3876 | 180350 |
| CNO Financial Group, Inc. | 1963 | 75733 |
| Everest Group, Ltd. | 833 | 283095 |
| EZCORP, Inc. Class A\* | 11886 | 164978 |
| Fidelity National Financial, Inc. | 4158 | 233097 |
| Hanover Insurance Group, Inc. (The) | 1133 | 192463 |
| Hartford Insurance Group, Inc. (The) | 2404 | 304995 |
| Loews Corporation | 1283 | 117600 |
| Marsh & McLennan Cos., Inc. | 1315 | 287512 |
| MetLife, Inc. | 3173 | 255173 |
| Old Republic International <br> Corporation | 4686 | 180130 |
| Primerica, Inc. | 1409 | 385601 |
| Principal Financial Group, Inc. | 184 | 14615 |
| Progressive Corporation (The) | 577 | 153978 |
| Reinsurance Group of America, Inc. | 356 | 70616 |
| RLI Corporation | 2638 | 190516 |
| Selective Insurance Group, Inc. | 2817 | 244093 |
| Travelers Cos., Inc. (The) | 1787 | 478094 |
| Unum Group | 1965 | 158693 |
| W.R. Berkley Corporation | 5542 | 407171 |
|  |  | 5730928 |
| **Industrials — 0.2%** | **Industrials — 0.2%** |  |
| FedEx Corporation | 263 | 59783 |
| J.B. Hunt Transport Services, Inc. | 1195 | 171602 |
| Knight-Swift Transportation <br> Holdings, Inc. | 1545 | 68335 |
| Lyft, Inc. Class A\* | 7612 | 119965 |
| Ryder System, Inc. | 269 | 42771 |
|  |  | 462456 |
| **Information Technology — 1.7%** | **Information Technology — 1.7%** |  |
| Amkor Technology, Inc. | 7068 | 148357 |
| Amphenol Corporation Class A | 3906 | 385718 |
| Apple, Inc. | 440 | 90275 |
| Arista Networks, Inc.\* | 9746 | 997113 |
| Arrow Electronics, Inc.\* | 2295 | 292452 |
| Avnet, Inc. | 4329 | 229783 |
| Cognex Corporation | 310 | 9833 |
| Enphase Energy, Inc.\* | 1622 | 64312 |
| F5, Inc.\* | 1085 | 319337 |
| HP, Inc. | 1591 | 38916 |
| IPG Photonics Corporation\* | 3331 | 228673 |
| Jabil, Inc. | 387 | 84405 |
| MACOM Technology Solutions <br> Holdings, Inc.\* | 490 | 70212 |
| Micron Technology, Inc. | 618 | 76169 |
| NetApp, Inc. | 1066 | 113582 |
| NVIDIA Corporation | 1143 | 180583 |
| Onto Innovation, Inc.\* | 1279 | 129089 |
| Power Integrations, Inc. | 1269 | 70937 |
| Pure Storage, Inc. Class A\* | 9878 | 568775 |
| Rambus, Inc.\* | 1138 | 72855 |
| Silicon Laboratories, Inc.\* | 3177 | 468163 |
| Skyworks Solutions, Inc. | 50 | 3726 |
| Trimble, Inc.\* | 353 | 26821 |

---

See Notes to Financial Statements.

**271**

------

**STRATEGIC ALTERNATIVES FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Ubiquiti, Inc. | 420 | $172893 |
| Zebra Technologies Corporation <br> Class A\* | 314 | 96825 |
|  |  | 4939804 |
| **Materials — 1.5%** | **Materials — 1.5%** |  |
| AptarGroup, Inc. | 2176 | 340392 |
| Ashland, Inc. | 189 | 9503 |
| Avery Dennison Corporation | 1186 | 208108 |
| Cabot Corporation | 3823 | 286725 |
| CF Industries Holdings, Inc. | 1614 | 148488 |
| Commercial Metals Co. | 1619 | 79185 |
| Corteva, Inc. | 2303 | 171643 |
| Crown Holdings, Inc. | 3197 | 329227 |
| DuPont de Nemours, Inc. | 243 | 16667 |
| Ecolab, Inc. | 445 | 119901 |
| Element Solutions, Inc. | 3748 | 84892 |
| Freeport-McMoRan, Inc. | 6308 | 273452 |
| Greif, Inc. Class A | 179 | 11633 |
| Huntsman Corporation | 32927 | 343099 |
| Martin Marietta Materials, Inc. | 252 | 138338 |
| NewMarket Corporation | 310 | 214167 |
| Nucor Corporation | 134 | 17358 |
| Olin Corporation | 6345 | 127471 |
| Packaging Corporation of America | 538 | 101386 |
| Reliance, Inc. | 370 | 116143 |
| Royal Gold, Inc. | 3133 | 557173 |
| Scotts Miracle-Gro Co. (The) | 2395 | 157974 |
| Sherwin-Williams Co. (The) | 1214 | 416839 |
| Steel Dynamics, Inc. | 191 | 24450 |
| Vulcan Materials Co. | 281 | 73290 |
| Westlake Corporation | 457 | 34700 |
|  |  | 4402204 |
| **Real Estate — 0.1%** | **Real Estate — 0.1%** |  |
| CBRE Group, Inc. Class A\* | 378 | 52966 |
| Jones Lang LaSalle, Inc.\* | 877 | 224319 |
|  |  | 277285 |
| **Total Common Stocks** <br>(Cost $23,010,524) |  | 27117533 |
| **FOREIGN COMMON STOCKS — 0.6%** | **FOREIGN COMMON STOCKS — 0.6%** | **FOREIGN COMMON STOCKS — 0.6%** |
| **Belgium — 0.0%** | **Belgium — 0.0%** |  |
| Liberty Global, Ltd. Class A\* | 5996 | 60020 |
| **Bermuda — 0.0%** | **Bermuda — 0.0%** |  |
| RenaissanceRe Holdings, Ltd. | 305 | 74085 |
| **Ireland — 0.2%** | **Ireland — 0.2%** |  |
| Seagate Technology Holdings PLC | 850 | 122680 |
| TE Connectivity PLC | 2666 | 449674 |
| Willis Towers Watson PLC | 313 | 95935 |
|  |  | 668289 |
| **Netherlands — 0.1%** | **Netherlands — 0.1%** |  |
| LyondellBasell Industries NV Class A | 2984 | 172654 |
| **Switzerland — 0.2%** | **Switzerland — 0.2%** |  |
| Chubb, Ltd. | 978 | 283346 |
| Garmin, Ltd. | 868 | 181169 |
|  |  | 464515 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **United Arab Emirates — 0.1%** | **United Arab Emirates — 0.1%** |  |
| GLOBALFOUNDRIES, Inc.\* | 6681 | $255214 |
| **Total Foreign Common Stocks** <br>(Cost $1,461,485) |  | 1694777 |
| **PREFERRED STOCKS — 2.1%** | **PREFERRED STOCKS — 2.1%** | **PREFERRED STOCKS — 2.1%** |
| Albemarle Corporation |  |  |
| 7.25% CONV | 20062 | 643990 |
| AMG Capital Trust II |  |  |
| 5.15% CONV ††† | 13578 | 742038 |
| Apollo Global Management, Inc. |  |  |
| 6.75% CONV | 10047 | 752018 |
| Ares Management Corporation |  |  |
| 6.75% CONV | 14463 | 766539 |
| BrightSpring Health Services, Inc. |  |  |
| 6.75% CONV | 10173 | 839781 |
| Chart Industries, Inc. |  |  |
| 6.75% CONV | 10374 | 626590 |
| Hewlett Packard Enterprise Co. |  |  |
| 7.63% CONV | 12011 | 707208 |
| Lyondellbasell Advanced Polymers, <br> Inc. |  |  |
| 6.00% CONV | 12 | 10464 |
| NCR Voyix Corporation |  |  |
| 0.00% CONV 1 | 250 | 260450 |
| Shift4 Payments, Inc. |  |  |
| 6.00% CONV \* | 6388 | 735897 |
| **Total Preferred Stocks** <br>(Cost $5,606,052) |  | 6084975 |
| **MONEY MARKET FUNDS — 41.6%** | **MONEY MARKET FUNDS — 41.6%** | **MONEY MARKET FUNDS — 41.6%** |
| GuideStone Money Market Fund, <br> 4.25% <br>(Institutional Class)Ø ∞ | 93045602 | 93045602 |
| Northern Institutional U.S. Treasury <br> Portfolio (Premier), 4.16%Ø | 26264300 | 26264300 |
| **Total Money Market Funds** <br>(Cost $119,309,902) |  | 119309902 |
| **TOTAL INVESTMENTS — 95.8**% <br>(Cost $266,076,152) |  | 274877325 |
| **COMMON STOCKS SOLD SHORT — (6.6)%** | **COMMON STOCKS SOLD SHORT — (6.6)%** | **COMMON STOCKS SOLD SHORT — (6.6)%** |
| **Communication Services — (0.9)%** | **Communication Services — (0.9)%** |  |
| AST SpaceMobile, Inc. \* | (13125)<br>| (613331)<br>|
| Charter Communications, Inc. Class A <br> \* | (253)<br>| (103429)<br>|
| Live Nation Entertainment, Inc. \* | (5348)<br>| (809046)<br>|
| Sirius XM Holdings, Inc. | (11790)<br>| (270826)<br>|
| Snap, Inc. Class A \* | (14693)<br>| (127682)<br>|
| Sphere Entertainment Co. \* | (13820)<br>| (577676)<br>|
| Ziff Davis, Inc. \* | (155)<br>| (4692)<br>|
|  |  | (2506682)<br>|
| **Consumer Discretionary — (0.5)%** | **Consumer Discretionary — (0.5)%** |  |
| Carnival Corporation \* | (10614)<br>| (298466)<br>|
| Cheesecake Factory, Inc. (The)  | (6983)<br>| (437555)<br>|
| GameStop Corporation Class A \* | (8746)<br>| (213315)<br>|
| Marriott Vacations Worldwide <br> Corporation  | (248)<br>| (17933)<br>|

---

**272**

See Notes to Financial Statements.

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Norwegian Cruise Line Holdings, Ltd. <br> \* | (3793)<br>| $(76922)<br>|
| Rivian Automotive, Inc. Class A \* | (7725)<br>| (106141)<br>|
| Wayfair, Inc. Class A \* | (7763)<br>| (397000)<br>|
|  |  | (1547332)<br>|
| **Consumer Staples — (0.0)%** | **Consumer Staples — (0.0)%** |  |
| Spectrum Brands Holdings, Inc. | (1445)<br>| (76585)<br>|
| **Energy — (0.2)%** | **Energy — (0.2)%** |  |
| Centrus Energy Corporation Class A \* | (3095)<br>| (566942)<br>|
| **Financials — (1.1)%** | **Financials — (1.1)%** |  |
| Affiliated Managers Group, Inc. | (2121)<br>| (417349)<br>|
| Apollo Global Management, Inc. | (4568)<br>| (648062)<br>|
| Ares Management Corporation <br> Class A  | (3589)<br>| (621615)<br>|
| Block, Inc. \* | (82)<br>| (5570)<br>|
| EZCORP, Inc. Class A \* | (27910)<br>| (387391)<br>|
| Shift4 Payments, Inc. Class A \* | (5252)<br>| (520526)<br>|
| WisdomTree, Inc. | (46804)<br>| (538714)<br>|
|  |  | (3139227)<br>|
| **Health Care — (1.3)%** | **Health Care — (1.3)%** |  |
| Bridgebio Pharma, Inc. \* | (2949)<br>| (127338)<br>|
| BrightSpring Health Services, Inc. \* | (31930)<br>| (753229)<br>|
| Collegium Pharmaceutical, Inc. \* | (10232)<br>| (302560)<br>|
| CONMED Corporation  | (309)<br>| (16093)<br>|
| Dexcom, Inc. \* | (542)<br>| (47311)<br>|
| Enovis Corporation \* | (5693)<br>| (178532)<br>|
| Evolent Health, Inc. Class A \* | (3861)<br>| (43475)<br>|
| Exact Sciences Corporation \* | (5386)<br>| (286212)<br>|
| Haemonetics Corporation \* | (2396)<br>| (178765)<br>|
| Hims & Hers Health, Inc. \* | (2542)<br>| (126719)<br>|
| Integer Holdings Corporation \* | (2141)<br>| (263279)<br>|
| Ionis Pharmaceuticals, Inc. \* | (2914)<br>| (115132)<br>|
| LeMaitre Vascular, Inc. | (2802)<br>| (232706)<br>|
| Mirum Pharmaceuticals, Inc. \* | (13188)<br>| (671137)<br>|
| Omnicell, Inc. \* | (5884)<br>| (172990)<br>|
| Pacira BioSciences, Inc. \* | (4528)<br>| (108219)<br>|
|  |  | (3623697)<br>|
| **Industrials — (0.6)%** | **Industrials — (0.6)%** |  |
| Array Technologies, Inc. \* | (4000)<br>| (23600)<br>|
| Chart Industries, Inc. \* | (3216)<br>| (529514)<br>|
| CSG Systems International, Inc. | (5203)<br>| (339808)<br>|
| Greenbrier Cos., Inc. (The)  | (6434)<br>| (296286)<br>|
| Parsons Corporation \* | (3118)<br>| (223779)<br>|
| Tetra Tech, Inc. | (9078)<br>| (326445)<br>|
|  |  | (1739432)<br>|
| **Information Technology — (1.5)%** | **Information Technology — (1.5)%** |  |
| Alarm.com Holdings, Inc. \* | (2648)<br>| (149797)<br>|
| Applied Optoelectronics, Inc. \* | (5137)<br>| (131969)<br>|
| Bentley Systems, Inc. Class B  | (1629)<br>| (87917)<br>|
| BILL Holdings, Inc. \* | (1186)<br>| (54864)<br>|
| Cloudflare, Inc. Class A \* | (61)<br>| (11946)<br>|
| Five9, Inc. \* | (2099)<br>| (55581)<br>|
| Hewlett Packard Enterprise Co. | (27258)<br>| (557426)<br>|
| indie Semiconductor, Inc. Class A \* | (16280)<br>| (57957)<br>|

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Lumentum Holdings, Inc. \* | (1316)<br>| $(125099)<br>|
| MARA Holdings, Inc. \* | (12810)<br>| (200861)<br>|
| MicroStrategy, Inc. Class A \* | (528)<br>| (213433)<br>|
| MKS, Inc. | (1934)<br>| (192162)<br>|
| NCR Voyix Corporation \* | (7571)<br>| (88808)<br>|
| ON Semiconductor Corporation \* | (2534)<br>| (132807)<br>|
| OSI Systems, Inc. \* | (1909)<br>| (429258)<br>|
| Progress Software Corporation  | (6090)<br>| (388786)<br>|
| PROS Holdings, Inc. \* | (942)<br>| (14752)<br>|
| Rapid7, Inc. \* | (2331)<br>| (53916)<br>|
| Rubrik, Inc. Class A \* | (152)<br>| (13618)<br>|
| Sandisk Corporation \* | (3)<br>| (120)<br>|
| Super Micro Computer, Inc. \* | (5195)<br>| (254607)<br>|
| Vishay Intertechnology, Inc. | (7891)<br>| (125309)<br>|
| Western Digital Corporation  | (15076)<br>| (964713)<br>|
|  |  | (4305706)<br>|
| **Materials — (0.2)%** | **Materials — (0.2)%** |  |
| Albemarle Corporation  | (7759)<br>| (486257)<br>|
| Century Aluminum Co. \* | (11163)<br>| (201157)<br>|
|  |  | (687414)<br>|
| **Real Estate — (0.0)%** | **Real Estate — (0.0)%** |  |
| Pebblebrook Hotel Trust REIT  | (1992)<br>| (19900)<br>|
| **Utilities — (0.3)%** | **Utilities — (0.3)%** |  |
| CenterPoint Energy, Inc. | (8290)<br>| (304575)<br>|
| Duke Energy Corporation  | (2409)<br>| (284262)<br>|
| PG&E Corporation  | (9944)<br>| (138619)<br>|
|  |  | (727456)<br>|
| **Total Common Stocks Sold Short** <br>(Proceeds $(16247583)) |  | (18940373)<br>|
| **FOREIGN COMMON STOCKS SOLD SHORT — (0.8)%** | **FOREIGN COMMON STOCKS SOLD SHORT — (0.8)%** | **FOREIGN COMMON STOCKS SOLD SHORT — (0.8)%** |
| **Australia — (0.0)%** | **Australia — (0.0)%** |  |
| IREN, Ltd. \* | (3769)<br>| (54914)<br>|
| **Canada — (0.3)%** | **Canada — (0.3)%** |  |
| Equinox Gold Corporation \* | (67032)<br>| (385434)<br>|
| Fortuna Mining Corporation \* | (44857)<br>| (293365)<br>|
|  |  | (678799)<br>|
| **China — (0.0)%** | **China — (0.0)%** |  |
| Qifu Technology, Inc. ADR  | (1949)<br>| (84509)<br>|
| **Denmark — (0.1)%** | **Denmark — (0.1)%** |  |
| Ascendis Pharma A/S ADR \* | (1934)<br>| (333808)<br>|
| **India — (0.0)%** | **India — (0.0)%** |  |
| MakeMyTrip, Ltd. \* | (345)<br>| (33817)<br>|
| **Ireland — (0.1)%** | **Ireland — (0.1)%** |  |
| Jazz Pharmaceuticals PLC \* | (3217)<br>| (341388)<br>|
| **Israel — (0.3)%** | **Israel — (0.3)%** |  |
| CyberArk Software, Ltd. \* | (150)<br>| (61032)<br>|
| Oddity Tech, Ltd. Class A \* | (1666)<br>| (125733)<br>|

---

See Notes to Financial Statements.

**273**

------

**STRATEGIC ALTERNATIVES FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Pagaya Technologies, Ltd. Class A \* | (26531)<br>| $(565641)<br>|
|  |  | (752406)<br>|
| **Total Foreign Common Stocks Sold** <br> **Short** <br>(Proceeds $(1927494)) |  | (2279641)<br>|
| **RIGHTS SOLD SHORT — 0.0%** | **RIGHTS SOLD SHORT — 0.0%** | **RIGHTS SOLD SHORT — 0.0%** |
| Ligand Pharmaceuticals, Inc. ††† \* | (29)<br>| —  |
| Ligand Pharmaceuticals, Inc. <br> (NASDAQ Exchange) ††† \* | (29)<br>| —  |
| **Total Rights Sold Short** <br>(Proceeds $—) |  | —  |
| **TOTAL SECURITIES SOLD** <br> **SHORT — (7.4)%** <br>(Proceeds $(18175077)) |  | (21220014)<br>|

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of** <br>**Contracts**<br>| **Notional** <br>**Amount**<br>|  |
| **WRITTEN OPTIONS — (0.0)%** | **WRITTEN OPTIONS — (0.0)%** | **WRITTEN OPTIONS — (0.0)%** | **WRITTEN OPTIONS — (0.0)%** |
| **Call Option — (0.0)%** | **Call Option — (0.0)%** | **Call Option — (0.0)%** | **Call Option — (0.0)%** |
| S&P 500<sup>®</sup>, Strike Price <br>$49.00, Expires <br>09/19/25 <br> (Evercore)<br>| (16)<br>| $(78416)<br>| (11600)<br>|
|  |  |  | (11600)<br>|
| **Call Swaptions — (0.0)%** | **Call Swaptions — (0.0)%** | **Call Swaptions — (0.0)%** | **Call Swaptions — (0.0)%** |
| Pay 2.065% <br> (Annually); <br> Receive 6-Month <br> EURIBOR <br> (Semiannually); <br> Interest Rate Swap <br> Maturing <br> 05/13/2046 EUR, <br> Strike Price <br>$2.07, Expires <br>05/11/26 (BNP)<br>| (1)<br>| (1320000)<br>| (9185)<br>|
| Pay 2.0845% <br> (Annually); <br> Receive 6-Month <br> EURIBOR <br> (Semiannually); <br> Interest Rate Swap <br> Maturing <br> 11/13/2046 EUR, <br> Strike Price <br>$2.08, Expires <br>11/11/26 (BNP)<br>| (1)<br>| (1330000)<br>| (17702)<br>|
| Pay 2.105% <br> (Annually); <br> Receive 6-Month <br> EURIBOR <br> (Semiannually); <br> Interest Rate Swap <br> Maturing <br> 05/15/2046 EUR, <br> Strike Price <br>$2.11, Expires <br>05/13/26 (BNP)<br>| (1)<br>| (1330000)<br>| (10342)<br>|

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of**<br> **Contracts**<br>| **Notional**<br> **Amount**<br>| **Value** |
| Pay 2.347% <br> (Annually); <br> Receive 6-Month <br> EURIBOR <br> (Semiannually); <br> Interest Rate Swap <br> Maturing <br> 03/10/2057 EUR, <br> Strike Price <br>$2.35, Expires <br>03/08/27 (BNP)<br>| (1)<br>| $(1030000)<br>| $(44662)<br>|
| Pay 2.498% <br> (Annually); <br> Receive 6-Month <br> EURIBOR <br> (Semiannually); <br> Interest Rate Swap <br> Maturing <br> 03/26/2056 EUR, <br> Strike Price <br>$2.50, Expires <br>03/24/26 (BNP)<br>| (1)<br>| (960000)<br>| (28628)<br>|
|  |  |  | (110519)<br>|
| **Total Written Options** <br>(Premiums received $(309001)) | **Total Written Options** <br>(Premiums received $(309001)) |  | (122119)<br>|
| **Other Assets in Excess of**<br> **Liabilities — 11.6%** | **Other Assets in Excess of**<br> **Liabilities — 11.6%** |  | 33233471 |
| **NET ASSETS — 100.0%** | **NET ASSETS — 100.0%** |  | $286768663 |

---

**274**

See Notes to Financial Statements.

------

Futures Contracts outstanding at June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Future Type** | **Expiration Date** | **Open Long** <br>**(Short) Contracts**<br>| **Notional** <br>**Market Value** <br>**of Contracts**<br>| **Value and** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| Brazilian Reals/U.S. Dollars | 07/2025 | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; $36570 | &nbsp;&nbsp;&nbsp; $710 |
| Euro-BTP | 09/2025 | &nbsp;&nbsp;&nbsp; (1)<br>| &nbsp;&nbsp;&nbsp; (142532)<br>| &nbsp;&nbsp;&nbsp; (211)<br>|
| Euro-OAT | 09/2025 | &nbsp;&nbsp;&nbsp; (2)<br>| &nbsp;&nbsp;&nbsp; (291755)<br>| &nbsp;&nbsp;&nbsp; 1980 |
| Euro-Bund | 09/2025 | &nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; 613241 | &nbsp;&nbsp;&nbsp; (4235)<br>|
| Australian Dollars/U.S. Dollars | 09/2025 | &nbsp;&nbsp;&nbsp; (106)<br>| &nbsp;&nbsp;&nbsp; (6984870)<br>| &nbsp;&nbsp;&nbsp; (74106)<br>|
| British Pounds/U.S. Dollars | 09/2025 | &nbsp;&nbsp;&nbsp; (8)<br>| &nbsp;&nbsp;&nbsp; (686250)<br>| &nbsp;&nbsp;&nbsp; (10745)<br>|
| Mexican Pesos/U.S. Dollars | 09/2025 | &nbsp;&nbsp;&nbsp; (5)<br>| &nbsp;&nbsp;&nbsp; (132250)<br>| &nbsp;&nbsp;&nbsp; (2575)<br>|
| New Zealand Dollars/U.S. Dollars | 09/2025 | &nbsp;&nbsp;&nbsp; (9)<br>| &nbsp;&nbsp;&nbsp; (549945)<br>| &nbsp;&nbsp;&nbsp; (4500)<br>|
| South African Rand/U.S. Dollars | 09/2025 | &nbsp;&nbsp;&nbsp; (1)<br>| &nbsp;&nbsp;&nbsp; (28100)<br>| &nbsp;&nbsp;&nbsp; (137)<br>|
| Swiss Francs/U.S. Dollars | 09/2025 | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; 318162 | &nbsp;&nbsp;&nbsp; 10250 |
| U.S. Dollars/Norwegian Kroner | 09/2025 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 99962 | &nbsp;&nbsp;&nbsp; (350)<br>|
| U.S. Dollars/Swedish Kronor | 09/2025 | &nbsp;&nbsp;&nbsp; (2)<br>| &nbsp;&nbsp;&nbsp; (199196)<br>| &nbsp;&nbsp;&nbsp; 2775 |
| Canadian Dollars/U.S. Dollars | 09/2025 | &nbsp;&nbsp;&nbsp; (1)<br>| &nbsp;&nbsp;&nbsp; (73680)<br>| &nbsp;&nbsp;&nbsp; (384)<br>|
| Euro/U.S. Dollars | 09/2025 | &nbsp;&nbsp;&nbsp; (158)<br>| &nbsp;&nbsp;&nbsp; (23376100)<br>| &nbsp;&nbsp;&nbsp; (712284)<br>|
| Japanese Yen/U.S. Dollars | 09/2025 | &nbsp;&nbsp;&nbsp; (48)<br>| &nbsp;&nbsp;&nbsp; (4196700)<br>| &nbsp;&nbsp;&nbsp; (5316)<br>|
| 10-Year Bond | 09/2025 | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; 268772 | &nbsp;&nbsp;&nbsp; 1616 |
| 10-Year U.S. Treasury Note | 09/2025 | &nbsp;&nbsp;&nbsp; (174)<br>| &nbsp;&nbsp;&nbsp; (19509750)<br>| &nbsp;&nbsp;&nbsp; (108352)<br>|
| U.S. Treasury Long Bond | 09/2025 | &nbsp;&nbsp;&nbsp; (1)<br>| &nbsp;&nbsp;&nbsp; (115469)<br>| &nbsp;&nbsp;&nbsp; (347)<br>|
| Ultra 10-Year U.S. Treasury Note | 09/2025 | &nbsp;&nbsp;&nbsp; (21)<br>| &nbsp;&nbsp;&nbsp; (2399578)<br>| &nbsp;&nbsp;&nbsp; (45595)<br>|
| Ultra Long U.S. Treasury Bond | 09/2025 | &nbsp;&nbsp;&nbsp; (45)<br>| &nbsp;&nbsp;&nbsp; (5360625)<br>| &nbsp;&nbsp;&nbsp; (50114)<br>|
| Long GILT | 09/2025 | &nbsp;&nbsp;&nbsp; (1)<br>| &nbsp;&nbsp;&nbsp; (127697)<br>| &nbsp;&nbsp;&nbsp; (3028)<br>|
| 2-Year U.S. Treasury Note | 09/2025 | &nbsp;&nbsp;&nbsp; (207)<br>| &nbsp;&nbsp;&nbsp; (43060851)<br>| &nbsp;&nbsp;&nbsp; (125453)<br>|
| 5-Year U.S. Treasury Note | 09/2025 | &nbsp;&nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp; 65400000 | &nbsp;&nbsp;&nbsp; 630329 |
| 3-Month SONIA SO3 | 03/2026 | &nbsp;&nbsp;&nbsp; 154 | &nbsp;&nbsp;&nbsp; 50936607 | &nbsp;&nbsp;&nbsp; 71673 |
| Total Futures Contracts outstanding at June 30, 2025 |  |  | &nbsp;&nbsp;&nbsp; $10437966 | &nbsp;&nbsp;&nbsp; $(428399)<br>|

---

Forward Foreign Currency Contracts outstanding at June 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Expiration Date** | **Currency** <br>**Purchased**<br>| **Amount** <br>**of Currency** <br>**Purchased**<br>| **Currency** <br>**Sold**<br>| **Amount** <br>**of Currency** <br>**Sold**<br>| **Counter-** <br>**party**<br>| **Net Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| 09/17/25 | Euro | &nbsp;&nbsp; 4501065 | U.S. Dollars | &nbsp;&nbsp; 5174601 | MSCS | &nbsp;&nbsp; $155786 |
| 09/17/25 | Czech Republic Koruna | &nbsp;&nbsp; 69622770 | U.S. Dollars | &nbsp;&nbsp; 3221354 | MSCS | &nbsp;&nbsp; 103780 |
| 09/17/25 | Swiss Francs | &nbsp;&nbsp; 2081667 | U.S. Dollars | &nbsp;&nbsp; 2563650 | MSCS | &nbsp;&nbsp; 86522 |
| 09/17/25 | Israeli Shekels | &nbsp;&nbsp; 4374810 | U.S. Dollars | &nbsp;&nbsp; 1239145 | MSCS | &nbsp;&nbsp; 61036 |
| 09/17/25 | Polish Zloty | &nbsp;&nbsp; 6717499 | U.S. Dollars | &nbsp;&nbsp; 1806746 | MSCS | &nbsp;&nbsp; 53432 |
| 09/17/25 | British Pounds | &nbsp;&nbsp; 2051316 | U.S. Dollars | &nbsp;&nbsp; 2775018 | MSCS | &nbsp;&nbsp; 42181 |
| 09/17/25 | Australian Dollars | &nbsp;&nbsp; 4156039 | U.S. Dollars | &nbsp;&nbsp; 2699665 | MSCS | &nbsp;&nbsp; 40201 |
| 09/18/25 | Euro | &nbsp;&nbsp; 491392 | U.S. Dollars | &nbsp;&nbsp; 559539 | MSCS | &nbsp;&nbsp; 22429 |
| 09/17/25 | New Zealand Dollars | &nbsp;&nbsp; 3546398 | U.S. Dollars | &nbsp;&nbsp; 2145788 | MSCS | &nbsp;&nbsp; 21768 |
| 09/17/25 | Hungarian Forint | &nbsp;&nbsp; 177987218 | U.S. Dollars | &nbsp;&nbsp; 502001 | MSCS | &nbsp;&nbsp; 20408 |
| 09/17/25 | Chinese Offshore Yuan | &nbsp;&nbsp; 38040657 | U.S. Dollars | &nbsp;&nbsp; 5329520 | MSCS | &nbsp;&nbsp; 19234 |
| 09/17/25 | Singapore Dollars | &nbsp;&nbsp; 2643551 | U.S. Dollars | &nbsp;&nbsp; 2072330 | MSCS | &nbsp;&nbsp; 18945 |
| 09/18/25 | Israeli Shekels | &nbsp;&nbsp; 569303 | U.S. Dollars | &nbsp;&nbsp; 155185 | MSCS | &nbsp;&nbsp; 14014 |
| 09/17/25 | Mexican Pesos | &nbsp;&nbsp; 15808115 | U.S. Dollars | &nbsp;&nbsp; 821404 | MSCS | &nbsp;&nbsp; 13881 |
| 09/17/25 | Swedish Kronor | &nbsp;&nbsp; 11578882 | U.S. Dollars | &nbsp;&nbsp; 1217466 | MSCS | &nbsp;&nbsp; 12887 |
| 12/17/25 | Australian Dollars | &nbsp;&nbsp; 1036954 | U.S. Dollars | &nbsp;&nbsp; 673000 | MSCS | &nbsp;&nbsp; 11899 |
| 12/17/25 | Euro | &nbsp;&nbsp; 499444 | U.S. Dollars | &nbsp;&nbsp; 583903 | MSCS | &nbsp;&nbsp; 10947 |
| 09/17/25 | Canadian Dollars | &nbsp;&nbsp; 3514665 | U.S. Dollars | &nbsp;&nbsp; 2580810 | MSCS | &nbsp;&nbsp; 10634 |
| 09/11/25 | Japanese Yen | &nbsp;&nbsp; 198249302 | U.S. Dollars | &nbsp;&nbsp; 1377965 | MSCS | &nbsp;&nbsp; 10317 |
| 08/25/25 | Australian Dollars | &nbsp;&nbsp; 1402984 | U.S. Dollars | &nbsp;&nbsp; 914147 | MSCS | &nbsp;&nbsp; 10316 |

---

See Notes to Financial Statements.

**275**

------

**STRATEGIC ALTERNATIVES FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Expiration Date** | **Currency**<br> **Purchased**<br>| **Amount**<br> **of Currency**<br> **Purchased**<br>| **Currency**<br> **Sold**<br>| **Amount**<br> **of Currency**<br> **Sold**<br>| **Counter-**<br> **party**<br>| **Net Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>|
| 09/17/25 | Taiwan Dollars | &nbsp;&nbsp; 10480222 | U.S. Dollars | &nbsp;&nbsp; 358392 | MSCS | &nbsp;&nbsp; $8630 |
| 08/28/25 | British Pounds | &nbsp;&nbsp; 430311 | U.S. Dollars | &nbsp;&nbsp; 582487 | MSCS | &nbsp;&nbsp; 8402 |
| 09/17/25 | South Korean Won | &nbsp;&nbsp; 2830912570 | U.S. Dollars | &nbsp;&nbsp; 2094700 | MSCS | &nbsp;&nbsp; 8012 |
| 07/09/25 | Indian Rupees | &nbsp;&nbsp; 57697006 | U.S. Dollars | &nbsp;&nbsp; 666146 | MSCS | &nbsp;&nbsp; 6462 |
| 09/23/25 | Euro | &nbsp;&nbsp; 885776 | U.S. Dollars | &nbsp;&nbsp; 1043037 | MSCS | &nbsp;&nbsp; 6353 |
| 12/17/25 | Czech Republic Koruna | &nbsp;&nbsp; 2937065 | U.S. Dollars | &nbsp;&nbsp; 135729 | MSCS | &nbsp;&nbsp; 4949 |
| 07/25/25 | Taiwan Dollars | &nbsp;&nbsp; 7215250 | U.S. Dollars | &nbsp;&nbsp; 245000 | MSCS | &nbsp;&nbsp; 4333 |
| 09/17/25 | Japanese Yen | &nbsp;&nbsp; 101988052 | U.S. Dollars | &nbsp;&nbsp; 710341 | MSCS | &nbsp;&nbsp; 4328 |
| 12/17/25 | British Pounds | &nbsp;&nbsp; 159943 | U.S. Dollars | &nbsp;&nbsp; 216064 | MSCS | &nbsp;&nbsp; 3677 |
| 07/07/25 | Indian Rupees | &nbsp;&nbsp; 63762956 | U.S. Dollars | &nbsp;&nbsp; 739851 | MSCS | &nbsp;&nbsp; 3512 |
| 08/29/25 | Mexican Pesos | &nbsp;&nbsp; 5176548 | U.S. Dollars | &nbsp;&nbsp; 271414 | MSCS | &nbsp;&nbsp; 2677 |
| 09/17/25 | Turkish Lira | &nbsp;&nbsp; 8558110 | U.S. Dollars | &nbsp;&nbsp; 197465 | MSCS | &nbsp;&nbsp; 2674 |
| 09/17/25 | Chilean Pesos | &nbsp;&nbsp; 125844337 | U.S. Dollars | &nbsp;&nbsp; 132515 | MSCS | &nbsp;&nbsp; 2541 |
| 12/17/25 | Taiwan Dollars | &nbsp;&nbsp; 2270722 | U.S. Dollars | &nbsp;&nbsp; 78757 | MSCS | &nbsp;&nbsp; 2175 |
| 07/07/25 | South Korean Won | &nbsp;&nbsp; 185133033 | U.S. Dollars | &nbsp;&nbsp; 135000 | MSCS | &nbsp;&nbsp; 2158 |
| 09/18/25 | South Korean Won | &nbsp;&nbsp; 112933920 | U.S. Dollars | &nbsp;&nbsp; 81766 | MSCS | &nbsp;&nbsp; 2123 |
| 12/17/25 | Japanese Yen | &nbsp;&nbsp; 57796445 | U.S. Dollars | &nbsp;&nbsp; 406996 | MSCS | &nbsp;&nbsp; 2046 |
| 09/17/25 | Brazilian Reals | &nbsp;&nbsp; 315000 | U.S. Dollars | &nbsp;&nbsp; 54818 | MSCS | &nbsp;&nbsp; 2004 |
| 07/02/25 | South Korean Won | &nbsp;&nbsp; 182224236 | U.S. Dollars | &nbsp;&nbsp; 133216 | MSCS | &nbsp;&nbsp; 1805 |
| 09/17/25 | Norwegian Kroner | &nbsp;&nbsp; 6067186 | U.S. Dollars | &nbsp;&nbsp; 600525 | MSCS | &nbsp;&nbsp; 1713 |
| 09/17/25 | Indian Rupees | &nbsp;&nbsp; 51405213 | U.S. Dollars | &nbsp;&nbsp; 595960 | MSCS | &nbsp;&nbsp; 1573 |
| 09/18/25 | Chinese Offshore Yuan | &nbsp;&nbsp; 505149 | U.S. Dollars | &nbsp;&nbsp; 69893 | MSCS | &nbsp;&nbsp; 1140 |
| 09/17/25 | New Zealand Dollars | &nbsp;&nbsp; 1130094 | Australian Dollars | &nbsp;&nbsp; 1046000 | MSCS | &nbsp;&nbsp; 1138 |
| 09/17/25 | South African Rand | &nbsp;&nbsp; 6345644 | U.S. Dollars | &nbsp;&nbsp; 355309 | MSCS | &nbsp;&nbsp; 1029 |
| 07/02/25 | Brazilian Reals | &nbsp;&nbsp; 311641 | U.S. Dollars | &nbsp;&nbsp; 56385 | MSCS | &nbsp;&nbsp; 975 |
| 07/09/25 | U.S. Dollars | &nbsp;&nbsp; 332138 | Indian Rupees | &nbsp;&nbsp; 28411611 | MSCS | &nbsp;&nbsp; 926 |
| 09/18/25 | U.S. Dollars | &nbsp;&nbsp; 89261 | Japanese Yen | &nbsp;&nbsp; 12605678 | MSCS | &nbsp;&nbsp; 919 |
| 07/25/25 | U.S. Dollars | &nbsp;&nbsp; 134085 | Taiwan Dollars | &nbsp;&nbsp; 3855550 | MSCS | &nbsp;&nbsp; 851 |
| 07/28/25 | South Korean Won | &nbsp;&nbsp; 165693517 | U.S. Dollars | &nbsp;&nbsp; 121932 | MSCS | &nbsp;&nbsp; 777 |
| 07/09/25 | South Korean Won | &nbsp;&nbsp; 102408425 | U.S. Dollars | &nbsp;&nbsp; 75123 | MSCS | &nbsp;&nbsp; 745 |
| 09/17/25 | U.S. Dollars | &nbsp;&nbsp; 239292 | Swedish Kronor | &nbsp;&nbsp; 2246116 | MSCS | &nbsp;&nbsp; 623 |
| 07/28/25 | Indian Rupees | &nbsp;&nbsp; 28914378 | U.S. Dollars | &nbsp;&nbsp; 336292 | MSCS | &nbsp;&nbsp; 606 |
| 12/17/25 | U.S. Dollars | &nbsp;&nbsp; 223500 | Japanese Yen | &nbsp;&nbsp; 31508805 | MSCS | &nbsp;&nbsp; 503 |
| 07/28/25 | Chilean Pesos | &nbsp;&nbsp; 115054200 | U.S. Dollars | &nbsp;&nbsp; 123000 | MSCS | &nbsp;&nbsp; 501 |
| 09/17/25 | Colombian Pesos | &nbsp;&nbsp; 176607352 | U.S. Dollars | &nbsp;&nbsp; 42274 | MSCS | &nbsp;&nbsp; 475 |
| 12/17/25 | U.S. Dollars | &nbsp;&nbsp; 274100 | Indian Rupees | &nbsp;&nbsp; 23659216 | MSCS | &nbsp;&nbsp; 433 |
| 07/11/25 | South Korean Won | &nbsp;&nbsp; 181087013 | U.S. Dollars | &nbsp;&nbsp; 133836 | MSCS | &nbsp;&nbsp; 315 |
| 12/17/25 | U.S. Dollars | &nbsp;&nbsp; 139000 | Canadian Dollars | &nbsp;&nbsp; 187320 | MSCS | &nbsp;&nbsp; 292 |
| 12/17/25 | U.S. Dollars | &nbsp;&nbsp; 254287 | South Korean Won | &nbsp;&nbsp; 340176516 | MSCS | &nbsp;&nbsp; 251 |
| 09/17/25 | U.S. Dollars | &nbsp;&nbsp; 297855 | Chinese Offshore Yuan | &nbsp;&nbsp; 2117127 | MSCS | &nbsp;&nbsp; 174 |
| 12/17/25 | South Korean Won | &nbsp;&nbsp; 172683685 | U.S. Dollars | &nbsp;&nbsp; 128839 | MSCS | &nbsp;&nbsp; 118 |
| 12/17/25 | U.S. Dollars | &nbsp;&nbsp; 48725 | British Pounds | &nbsp;&nbsp; 35402 | MSCS | &nbsp;&nbsp; 87 |
| 09/17/25 | U.S. Dollars | &nbsp;&nbsp; 97145 | Indian Rupees | &nbsp;&nbsp; 8350015 | MSCS | &nbsp;&nbsp; 85 |
| 09/11/25 | U.S. Dollars | &nbsp;&nbsp; 16771 | Japanese Yen | &nbsp;&nbsp; 2386578 | MSCS | &nbsp;&nbsp; 58 |
| 09/17/25 | U.S. Dollars | &nbsp;&nbsp; 64771 | Japanese Yen | &nbsp;&nbsp; 9241131 | MSCS | &nbsp;&nbsp; 15 |
| 07/11/25 | U.S. Dollars | &nbsp;&nbsp; 72478 | Indian Rupees | &nbsp;&nbsp; 6217046 | MSCS | &nbsp;&nbsp; 6 |
| Subtotal Appreciation | Subtotal Appreciation |  |  |  |  | &nbsp;&nbsp; $835806 |
| 07/16/25 | South Korean Won | &nbsp;&nbsp; 91688479 | U.S. Dollars | &nbsp;&nbsp; 68000 | MSCS | &nbsp;&nbsp; $(83)<br>|
| 09/17/25 | British Pounds | &nbsp;&nbsp; 35413 | U.S. Dollars | &nbsp;&nbsp; 48725 | MSCS | &nbsp;&nbsp; (90)<br>|
| 09/17/25 | South Korean Won | &nbsp;&nbsp; 342190471 | U.S. Dollars | &nbsp;&nbsp; 254287 | MSCS | &nbsp;&nbsp; (119)<br>|
| 09/17/25 | U.S. Dollars | &nbsp;&nbsp; 22709 | Colombian Pesos | &nbsp;&nbsp; 94654512 | MSCS | &nbsp;&nbsp; (203)<br>|
| 12/17/25 | U.S. Dollars | &nbsp;&nbsp; 33109 | British Pounds | &nbsp;&nbsp; 24284 | MSCS | &nbsp;&nbsp; (254)<br>|
| 09/18/25 | U.S. Dollars | &nbsp;&nbsp; 70727 | Chinese Offshore Yuan | &nbsp;&nbsp; 505416 | MSCS | &nbsp;&nbsp; (343)<br>|
| 12/17/25 | U.S. Dollars | &nbsp;&nbsp; 99370 | Japanese Yen | &nbsp;&nbsp; 14089236 | MSCS | &nbsp;&nbsp; (344)<br>|
| 12/17/25 | U.S. Dollars | &nbsp;&nbsp; 210959 | Norwegian Kroner | &nbsp;&nbsp; 2129132 | MSCS | &nbsp;&nbsp; (459)<br>|

---

**276**

See Notes to Financial Statements.

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Expiration Date** | **Currency**<br> **Purchased**<br>| **Amount**<br> **of Currency**<br> **Purchased**<br>| **Currency**<br> **Sold**<br>| **Amount**<br> **of Currency**<br> **Sold**<br>| **Counter-**<br> **party**<br>| **Net Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>|
| 07/09/25 | U.S. Dollars | &nbsp;&nbsp; 339000 | Indian Rupees | &nbsp;&nbsp; 29124168 | MSCS | &nbsp;&nbsp; $(518)<br>|
| 07/09/25 | U.S. Dollars | &nbsp;&nbsp; 75583 | South Korean Won | &nbsp;&nbsp; 102753066 | MSCS | &nbsp;&nbsp; (540)<br>|
| 09/17/25 | U.S. Dollars | &nbsp;&nbsp; 158823 | Chilean Pesos | &nbsp;&nbsp; 148678083 | MSCS | &nbsp;&nbsp; (738)<br>|
| 12/17/25 | U.S. Dollars | &nbsp;&nbsp; 161044 | New Zealand Dollars | &nbsp;&nbsp; 264040 | MSCS | &nbsp;&nbsp; (773)<br>|
| 08/04/25 | U.S. Dollars | &nbsp;&nbsp; 55964 | Brazilian Reals | &nbsp;&nbsp; 311641 | MSCS | &nbsp;&nbsp; (883)<br>|
| 07/11/25 | U.S. Dollars | &nbsp;&nbsp; 133683 | South Korean Won | &nbsp;&nbsp; 181774716 | MSCS | &nbsp;&nbsp; (978)<br>|
| 12/17/25 | U.S. Dollars | &nbsp;&nbsp; 657430 | Chinese Offshore Yuan | &nbsp;&nbsp; 4652151 | MSCS | &nbsp;&nbsp; (1001)<br>|
| 08/01/25 | Taiwan Dollars | &nbsp;&nbsp; 3101754 | U.S. Dollars | &nbsp;&nbsp; 108472 | MSCS | &nbsp;&nbsp; (1032)<br>|
| 07/07/25 | Taiwan Dollars | &nbsp;&nbsp; 3855550 | U.S. Dollars | &nbsp;&nbsp; 133382 | MSCS | &nbsp;&nbsp; (1047)<br>|
| 07/31/25 | Taiwan Dollars | &nbsp;&nbsp; 2861410 | U.S. Dollars | &nbsp;&nbsp; 100189 | MSCS | &nbsp;&nbsp; (1099)<br>|
| 12/17/25 | U.S. Dollars | &nbsp;&nbsp; 137879 | Canadian Dollars | &nbsp;&nbsp; 187693 | MSCS | &nbsp;&nbsp; (1105)<br>|
| 07/14/25 | Indian Rupees | &nbsp;&nbsp; 57480093 | U.S. Dollars | &nbsp;&nbsp; 671138 | MSCS | &nbsp;&nbsp; (1149)<br>|
| 09/18/25 | Japanese Yen | &nbsp;&nbsp; 14706847 | U.S. Dollars | &nbsp;&nbsp; 104416 | MSCS | &nbsp;&nbsp; (1348)<br>|
| 09/17/25 | U.S. Dollars | &nbsp;&nbsp; 617374 | South African Rand | &nbsp;&nbsp; 11018588 | MSCS | &nbsp;&nbsp; (1371)<br>|
| 07/07/25 | U.S. Dollars | &nbsp;&nbsp; 740497 | Indian Rupees | &nbsp;&nbsp; 63642015 | MSCS | &nbsp;&nbsp; (1456)<br>|
| 12/17/25 | U.S. Dollars | &nbsp;&nbsp; 330244 | South Korean Won | &nbsp;&nbsp; 444499019 | MSCS | &nbsp;&nbsp; (1699)<br>|
| 09/17/25 | U.S. Dollars | &nbsp;&nbsp; 120866 | Brazilian Reals | &nbsp;&nbsp; 679600 | MSCS | &nbsp;&nbsp; (1725)<br>|
| 09/18/25 | U.S. Dollars | &nbsp;&nbsp; 213113 | Japanese Yen | &nbsp;&nbsp; 30657965 | MSCS | &nbsp;&nbsp; (1743)<br>|
| 07/07/25 | U.S. Dollars | &nbsp;&nbsp; 133216 | South Korean Won | &nbsp;&nbsp; 182171985 | MSCS | &nbsp;&nbsp; (1749)<br>|
| 09/17/25 | U.S. Dollars | &nbsp;&nbsp; 640242 | Norwegian Kroner | &nbsp;&nbsp; 6467696 | MSCS | &nbsp;&nbsp; (1752)<br>|
| 07/18/25 | U.S. Dollars | &nbsp;&nbsp; 127101 | South African Rand | &nbsp;&nbsp; 2286531 | MSCS | &nbsp;&nbsp; (1865)<br>|
| 09/17/25 | U.S. Dollars | &nbsp;&nbsp; 187339 | Singapore Dollars | &nbsp;&nbsp; 239297 | MSCS | &nbsp;&nbsp; (1966)<br>|
| 07/02/25 | U.S. Dollars | &nbsp;&nbsp; 134000 | South Korean Won | &nbsp;&nbsp; 183814500 | MSCS | &nbsp;&nbsp; (2199)<br>|
| 09/17/25 | Canadian Dollars | &nbsp;&nbsp; 773905 | U.S. Dollars | &nbsp;&nbsp; 572925 | MSCS | &nbsp;&nbsp; (2307)<br>|
| 07/14/25 | U.S. Dollars | &nbsp;&nbsp; 258205 | South Korean Won | &nbsp;&nbsp; 351764941 | MSCS | &nbsp;&nbsp; (2372)<br>|
| 09/11/25 | Japanese Yen | &nbsp;&nbsp; 98245330 | U.S. Dollars | &nbsp;&nbsp; 690377 | MSCS | &nbsp;&nbsp; (2393)<br>|
| 07/02/25 | U.S. Dollars | &nbsp;&nbsp; 54722 | Brazilian Reals | &nbsp;&nbsp; 311641 | MSCS | &nbsp;&nbsp; (2638)<br>|
| 07/07/25 | U.S. Dollars | &nbsp;&nbsp; 129489 | Taiwan Dollars | &nbsp;&nbsp; 3855550 | MSCS | &nbsp;&nbsp; (2845)<br>|
| 09/17/25 | U.S. Dollars | &nbsp;&nbsp; 217946 | Turkish Lira | &nbsp;&nbsp; 9447599 | MSCS | &nbsp;&nbsp; (2994)<br>|
| 07/28/25 | U.S. Dollars | &nbsp;&nbsp; 259115 | Taiwan Dollars | &nbsp;&nbsp; 7586250 | MSCS | &nbsp;&nbsp; (3333)<br>|
| 08/28/25 | U.S. Dollars | &nbsp;&nbsp; 326485 | Singapore Dollars | &nbsp;&nbsp; 417788 | MSCS | &nbsp;&nbsp; (3566)<br>|
| 09/17/25 | Japanese Yen | &nbsp;&nbsp; 226621822 | U.S. Dollars | &nbsp;&nbsp; 1591851 | MSCS | &nbsp;&nbsp; (3828)<br>|
| 09/17/25 | Indian Rupees | &nbsp;&nbsp; 194174620 | U.S. Dollars | &nbsp;&nbsp; 2261155 | MSCS | &nbsp;&nbsp; (4075)<br>|
| 12/17/25 | U.S. Dollars | &nbsp;&nbsp; 483455 | Euro | &nbsp;&nbsp; 410054 | MSCS | &nbsp;&nbsp; (4930)<br>|
| 09/11/25 | U.S. Dollars | &nbsp;&nbsp; 1437503 | Japanese Yen | &nbsp;&nbsp; 205992775 | MSCS | &nbsp;&nbsp; (5005)<br>|
| 09/23/25 | U.S. Dollars | &nbsp;&nbsp; 1078825 | Euro | &nbsp;&nbsp; 916229 | MSCS | &nbsp;&nbsp; (6642)<br>|
| 09/18/25 | U.S. Dollars | &nbsp;&nbsp; 162101 | Israeli Shekels | &nbsp;&nbsp; 569248 | MSCS | &nbsp;&nbsp; (7081)<br>|
| 09/17/25 | Norwegian Kroner | &nbsp;&nbsp; 9460559 | U.S. Dollars | &nbsp;&nbsp; 946448 | MSCS | &nbsp;&nbsp; (7378)<br>|
| 09/17/25 | U.S. Dollars | &nbsp;&nbsp; 465869 | Hungarian Forint | &nbsp;&nbsp; 162482386 | MSCS | &nbsp;&nbsp; (11032)<br>|
| 07/31/25 | U.S. Dollars | &nbsp;&nbsp; 675598 | New Zealand Dollars | &nbsp;&nbsp; 1125423 | MSCS | &nbsp;&nbsp; (11149)<br>|
| 09/19/25 | U.S. Dollars | &nbsp;&nbsp; 132904 | Euro | &nbsp;&nbsp; 122058 | MSCS | &nbsp;&nbsp; (11662)<br>|
| 12/17/25 | U.S. Dollars | &nbsp;&nbsp; 418565 | Swiss Francs | &nbsp;&nbsp; 334835 | MSCS | &nbsp;&nbsp; (12585)<br>|
| 09/17/25 | U.S. Dollars | &nbsp;&nbsp; 3416204 | Chinese Offshore Yuan | &nbsp;&nbsp; 24388621 | MSCS | &nbsp;&nbsp; (12988)<br>|
| 09/17/25 | U.S. Dollars | &nbsp;&nbsp; 1303993 | Japanese Yen | &nbsp;&nbsp; 188049783 | MSCS | &nbsp;&nbsp; (13742)<br>|
| 09/17/25 | U.S. Dollars | &nbsp;&nbsp; 645592 | Taiwan Dollars | &nbsp;&nbsp; 18833604 | MSCS | &nbsp;&nbsp; (13969)<br>|
| 09/17/25 | U.S. Dollars | &nbsp;&nbsp; 1751098 | Indian Rupees | &nbsp;&nbsp; 152007929 | MSCS | &nbsp;&nbsp; (15838)<br>|
| 12/17/25 | U.S. Dollars | &nbsp;&nbsp; 488585 | Czech Republic Koruna | &nbsp;&nbsp; 10540357 | MSCS | &nbsp;&nbsp; (16271)<br>|
| 09/17/25 | U.S. Dollars | &nbsp;&nbsp; 963560 | Swedish Kronor | &nbsp;&nbsp; 9222713 | MSCS | &nbsp;&nbsp; (16430)<br>|
| 09/18/25 | U.S. Dollars | &nbsp;&nbsp; 341984 | South Korean Won | &nbsp;&nbsp; 482839608 | MSCS | &nbsp;&nbsp; (16676)<br>|
| 08/28/25 | U.S. Dollars | &nbsp;&nbsp; 1360539 | British Pounds | &nbsp;&nbsp; 1004791 | MSCS | &nbsp;&nbsp; (19206)<br>|
| 09/17/25 | U.S. Dollars | &nbsp;&nbsp; 1780346 | Canadian Dollars | &nbsp;&nbsp; 2445490 | MSCS | &nbsp;&nbsp; (22771)<br>|
| 12/17/25 | U.S. Dollars | &nbsp;&nbsp; 418250 | Israeli Shekels | &nbsp;&nbsp; 1484252 | MSCS | &nbsp;&nbsp; (23675)<br>|
| 09/17/25 | U.S. Dollars | &nbsp;&nbsp; 1209899 | Mexican Pesos | &nbsp;&nbsp; 23369739 | MSCS | &nbsp;&nbsp; (24934)<br>|
| 09/17/25 | U.S. Dollars | &nbsp;&nbsp; 957654 | South Korean Won | &nbsp;&nbsp; 1326194823 | MSCS | &nbsp;&nbsp; (27401)<br>|
| 09/17/25 | U.S. Dollars | &nbsp;&nbsp; 978749 | Israeli Shekels | &nbsp;&nbsp; 3405947 | MSCS | &nbsp;&nbsp; (33488)<br>|
| 09/17/25 | U.S. Dollars | &nbsp;&nbsp; 3875601 | New Zealand Dollars | &nbsp;&nbsp; 6396393 | MSCS | &nbsp;&nbsp; (33869)<br>|

---

See Notes to Financial Statements.

**277**

------

**STRATEGIC ALTERNATIVES FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Expiration Date** | **Currency**<br> **Purchased**<br>| **Amount**<br> **of Currency**<br> **Purchased**<br>| **Currency**<br> **Sold**<br>| **Amount**<br> **of Currency**<br> **Sold**<br>| **Counter-**<br> **party**<br>| **Net Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>|
| 09/17/25 | U.S. Dollars | &nbsp;&nbsp; 3288513 | Australian Dollars | &nbsp;&nbsp; 5049130 | MSCS | &nbsp;&nbsp; $(40122)<br>|
| 09/17/25 | U.S. Dollars | &nbsp;&nbsp; 1437654 | Czech Republic Koruna | &nbsp;&nbsp; 31023250 | MSCS | &nbsp;&nbsp; (43995)<br>|
| 09/17/25 | U.S. Dollars | &nbsp;&nbsp; 2491208 | Polish Zloty | &nbsp;&nbsp; 9273075 | MSCS | &nbsp;&nbsp; (76649)<br>|
| 09/17/25 | U.S. Dollars | &nbsp;&nbsp; 2978222 | British Pounds | &nbsp;&nbsp; 2225812 | MSCS | &nbsp;&nbsp; (78623)<br>|
| 09/17/25 | U.S. Dollars | &nbsp;&nbsp; 2858580 | Swiss Francs | &nbsp;&nbsp; 2334296 | MSCS | &nbsp;&nbsp; (113214)<br>|
| 09/17/25 | U.S. Dollars | &nbsp;&nbsp; 6789703 | Euro | &nbsp;&nbsp; 5898049 | MSCS | &nbsp;&nbsp; (195063)<br>|
| Subtotal Depreciation | Subtotal Depreciation |  |  |  |  | &nbsp;&nbsp; $(978370)<br>|
| Total Forward Foreign Currency Contracts outstanding at June 30, 2025 | Total Forward Foreign Currency Contracts outstanding at June 30, 2025 | Total Forward Foreign Currency Contracts outstanding at June 30, 2025 | Total Forward Foreign Currency Contracts outstanding at June 30, 2025 | Total Forward Foreign Currency Contracts outstanding at June 30, 2025 |  | &nbsp;&nbsp; $(142564)<br>|

---

Swap Agreements outstanding at June 30, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay Rate Index/Pay Rate** | **Receive** <br>**Rate Index/Receive** <br>**Rate**<br>| **Maturity** <br>**Date**<br>| **Currency** | **Notional Amount** | **Market Value** | **Upfront** <br>**Premiums** <br>**Paid/** <br>**(Received)**<br>| **Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| **Centrally Cleared Interest Rate Swaps** | **Centrally Cleared Interest Rate Swaps** |  |  |  |  |  |  |
| 13.75% (Upon termination) | 1-Day Brazil Cetip DI Interbank <br> Deposit Rate (Upon termination)<br>| 1/4/2027 | BRL | 17106280 | $14524 | &nbsp;&nbsp; $4411 | &nbsp;&nbsp; $10113 |
| 1-Day SOFR (Annually) | 3.62% (Annually) | 6/30/2027 | USD | 38580000 | 149181 | &nbsp;&nbsp; (22085)<br>| &nbsp;&nbsp; 171266 |
| Central Bank of Mexico Overnight <br> TIIE Funding Rate (Lunar)<br>| 8.25% (Lunar) | 9/15/2027 | MXN | 52500000 | 41143 | &nbsp;&nbsp; 35460 | &nbsp;&nbsp; 5683 |
| 1-Day CLP-TNA (Semiannually) | 5.50% (Semiannually) | 9/17/2027 | CLP | 934020000 | 21880 | &nbsp;&nbsp; 20835 | &nbsp;&nbsp; 1045 |
| 1-Day MIBOR (Semiannually) | 6.00% (Semiannually) | 9/17/2027 | INR | 1200690000 | 121049 | &nbsp;&nbsp; 47578 | &nbsp;&nbsp; 73471 |
| 1-Day SONIA (Annually) | 3.75% (Annually) | 9/17/2027 | GBP | 38470000 | 209143 | &nbsp;&nbsp; 25656 | &nbsp;&nbsp; 183487 |
| 1-Day SONIA (Annually) | 3.50% (Annually) | 9/17/2027 | GBP | 1510000 | (1538)<br>| &nbsp;&nbsp; (9187)<br>| &nbsp;&nbsp; 7649 |
| 3-Month ASX BBSW (Quarterly) | 3.50% (Quarterly) | 9/17/2027 | AUD | 7310000 | 36186 | &nbsp;&nbsp; 27621 | &nbsp;&nbsp; 8565 |
| 3-Month STIBOR (Quarterly) | 2.25% (Annually) | 9/17/2027 | SEK | 345660000 | 279300 | &nbsp;&nbsp; 160088 | &nbsp;&nbsp; 119212 |
| 6-Month NIBOR (Semiannually) | 4.25% (Annually) | 9/17/2027 | NOK | 334150000 | 308891 | &nbsp;&nbsp; 129029 | &nbsp;&nbsp; 179862 |
| 6-Month WIBOR (Semiannually) | 4.75% (Annually) | 9/17/2027 | PLN | 16950000 | 50629 | &nbsp;&nbsp; 26880 | &nbsp;&nbsp; 23749 |
| 7-Day CFETS Repo Rate <br> (Quarterly)<br>| 1.50% (Quarterly) | 9/17/2027 | CNY | 209000000 | 24853 | &nbsp;&nbsp; (8199)<br>| &nbsp;&nbsp; 33052 |
| 8.25% (Quarterly) | 1-Day COP-IBR-OIS (Quarterly) | 9/17/2027 | COP | 22898410000 | 6467 | &nbsp;&nbsp; (37708)<br>| &nbsp;&nbsp; 44175 |
| Bank Of Canada Overnight Repo <br> Rate (Semiannually)<br>| 2.75% (Semiannually) | 9/17/2027 | CAD | 52140000 | 220437 | &nbsp;&nbsp; 135083 | &nbsp;&nbsp; 85354 |
| Bank Of Canada Overnight Repo <br> Rate (Semiannually)<br>| 2.50% (Semiannually) | 9/17/2027 | CAD | 1370000 | 940 | &nbsp;&nbsp; 175 | &nbsp;&nbsp; 765 |
| Thai Overnight Repurchase Rate <br> (Quarterly)<br>| 1.75% (Quarterly) | 9/17/2027 | THB | 43410000 | 15201 | &nbsp;&nbsp; 3252 | &nbsp;&nbsp; 11949 |
| 3-Month EURIBOR (Quarterly) | 2.14% (Annually) | 11/20/2027 | EUR | 165240000 | 211032 | &nbsp;&nbsp; (45030)<br>| &nbsp;&nbsp; 256062 |
| 6-Month EURIBOR (Semiannually) | 2.50% (Annually) | 5/14/2028 | EUR | 10120178 | 87632 | &nbsp;&nbsp; 62805 | &nbsp;&nbsp; 24827 |
| 1-Day SOFR (Annually) | 3.37% (Annually) | 6/23/2028 | USD | 50360000 | 68559 | &nbsp;&nbsp; 3386 | &nbsp;&nbsp; 65173 |
| 1-Day Brazil Cetip DI Interbank <br> Deposit Rate (Upon termination)<br>| 13.25% (Upon termination) | 1/2/2029 | BRL | 25786323 | 30619 | &nbsp;&nbsp; (22217)<br>| &nbsp;&nbsp; 52836 |
| 6-Month EURIBOR (Semiannually) | 2.33% (Annually) | 2/25/2029 | EUR | 9423961 | 4502 | &nbsp;&nbsp; (8431)<br>| &nbsp;&nbsp; 12933 |
| Central Bank of Mexico Overnight <br> TIIE Funding Rate (Lunar)<br>| 8.50% (Lunar) | 9/11/2030 | MXN | 76030000 | 129982 | &nbsp;&nbsp; 125572 | &nbsp;&nbsp; 4410 |
| 1-Day SONIA (Annually) | 3.75% (Annually) | 9/17/2030 | GBP | 9850000 | 62849 | &nbsp;&nbsp; (47736)<br>| &nbsp;&nbsp; 110585 |
| 3-Month JIBAR (Quarterly) | 8.00% (Quarterly) | 9/17/2030 | ZAR | 71530000 | 105986 | &nbsp;&nbsp; 61852 | &nbsp;&nbsp; 44134 |
| 3-Month New Zealand BBR FRA <br> (Quarterly)<br>| 3.75% (Semiannually) | 9/17/2030 | NZD | 16710000 | 66336 | &nbsp;&nbsp; 51164 | &nbsp;&nbsp; 15172 |
| Bank Of Canada Overnight Repo <br> Rate (Semiannually)<br>| 2.75% (Semiannually) | 9/17/2030 | CAD | 7500000 | 31262 | &nbsp;&nbsp; 2952 | &nbsp;&nbsp; 28310 |
| 1-Day SOFR (Annually) | 3.85% (Annually) | 5/21/2032 | USD | 8410000 | 113501 | &nbsp;&nbsp; (88)<br>| &nbsp;&nbsp; 113589 |
| 3-Month JIBAR (Quarterly) | 10.50% (Quarterly) | 12/18/2034 | ZAR | 129130000 | 169864 | &nbsp;&nbsp; 30291 | &nbsp;&nbsp; 139573 |
| 3.75% (Annually) | 6-Month PRIBOR (Semiannually) | 3/19/2035 | CZK | 33150000 | 12789 | &nbsp;&nbsp; (398)<br>| &nbsp;&nbsp; 13187 |
| Bank Of Canada Overnight Repo <br> Rate (Semiannually)<br>| 3.39% (Semiannually) | 6/3/2035 | CAD | 16460000 | 15702 | &nbsp;&nbsp; (1603)<br>| &nbsp;&nbsp; 17305 |
| 1-Day SOFR (Annually) | 4.10% (Annually) | 6/24/2035 | USD | 12930000 | 46535 | &nbsp;&nbsp; (2338)<br>| &nbsp;&nbsp; 48873 |
| Central Bank of Mexico Overnight <br> TIIE Funding Rate (Lunar)<br>| 8.75% (Lunar) | 9/5/2035 | MXN | 37390000 | 84942 | &nbsp;&nbsp; 31140 | &nbsp;&nbsp; 53802 |
| 1-Day SONIA (Annually) | 3.75% (Annually) | 9/17/2035 | GBP | 1700000 | (47710)<br>| &nbsp;&nbsp; (69498)<br>| &nbsp;&nbsp; 21788 |
| 3-Month JIBAR (Quarterly) | 9.25% (Quarterly) | 9/17/2035 | ZAR | 34530000 | 105242 | &nbsp;&nbsp; 37100 | &nbsp;&nbsp; 68142 |

---

**278**

See Notes to Financial Statements.

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay Rate Index/Pay Rate** | **Receive**<br> **Rate Index/Receive**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Currency** | **Notional Amount** | **Market Value** | **Upfront**<br> **Premiums**<br> **Paid/**<br> **(Received)**<br>| **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>|
| 3-Month New Zealand BBR FRA <br> (Quarterly)<br>| 4.25% (Semiannually) | 9/17/2035 | NZD | 9220000 | $64363 | &nbsp;&nbsp; $55496 | &nbsp;&nbsp; $8867 |
| 3-Month STIBOR (Quarterly) | 2.75% (Annually) | 9/17/2035 | SEK | 27340000 | 51157 | &nbsp;&nbsp; 19720 | &nbsp;&nbsp; 31437 |
| 6-Month BUBOR (Semiannually) | 6.75% (Annually) | 9/17/2035 | HUF | 184070000 | 7650 | &nbsp;&nbsp; 4240 | &nbsp;&nbsp; 3410 |
| Bank Of Canada Overnight Repo <br> Rate (Semiannually)<br>| 3.00% (Semiannually) | 9/17/2035 | CAD | 2460000 | 2229 | &nbsp;&nbsp; (15552)<br>| &nbsp;&nbsp; 17781 |
| 2.00% (Annually) | 6-Month EURIBOR (Semiannually) | 5/17/2053 | EUR | 3625548 | 305930 | &nbsp;&nbsp; 38068 | &nbsp;&nbsp; 267862 |
| 2.50% (Annually) | 6-Month EURIBOR (Semiannually) | 11/10/2053 | EUR | 2841140 | 88621 | &nbsp;&nbsp; (13779)<br>| &nbsp;&nbsp; 102400 |
| 3.34% (Semiannually) | Bank Of Canada Overnight Repo <br> Rate (Semiannually)<br>| 6/3/2055 | CAD | 4550000 | 17098 | &nbsp;&nbsp; 6544 | &nbsp;&nbsp; 10554 |
| 1.75% (Annually) | 6-Month EURIBOR (Semiannually) | 9/17/2055 | EUR | 2890000 | 706700 | &nbsp;&nbsp; 625522 | &nbsp;&nbsp; 81178 |
| Bank of Japan Unsecured Overnight <br> Call Rate (Annually)<br>| 1.75% (Annually) | 9/17/2055 | JPY | 815000000 | (599780)<br>| &nbsp;&nbsp; (607158)<br>| &nbsp;&nbsp; 7378 |
| 2.61% (Annually) | 6-Month EURIBOR (Semiannually) | 3/19/2056 | EUR | 3220000 | 133885 | &nbsp;&nbsp; 29277 | &nbsp;&nbsp; 104608 |
| 2.50% (Annually) | 6-Month EURIBOR (Semiannually) | 9/17/2075 | EUR | 1150000 | 66921 | &nbsp;&nbsp; 18242 | &nbsp;&nbsp; 48679 |
| Subtotal Appreciation |  |  |  |  | $3642684 | &nbsp;&nbsp; $908432 | &nbsp;&nbsp; $2734252 |
| 1-Day ESTR (Annually) | 1.89% (Annually) | 9/17/2025 | EUR | 344330000 | $(6526)<br>| &nbsp;&nbsp; $(11)<br>| &nbsp;&nbsp; $(6515)<br>|
| 0.75% (Annually) | Bank of Japan Unsecured Overnight <br> Call Rate (Annually)<br>| 9/17/2027 | JPY | 3239000000 | 9556 | &nbsp;&nbsp; 17761 | &nbsp;&nbsp; (8205)<br>|
| 1-Day ESTR (Annually) | 2.00% (Annually) | 9/17/2027 | EUR | 4050000 | 20886 | &nbsp;&nbsp; 21356 | &nbsp;&nbsp; (470)<br>|
| 3.50% (Annually) | 1-Day SOFR (Annually) | 9/17/2027 | USD | 120000 | (329)<br>| &nbsp;&nbsp; 113 | &nbsp;&nbsp; (442)<br>|
| 3.75% (Annually) | 1-Day SOFR (Annually) | 9/17/2027 | USD | 56940000 | (427698)<br>| &nbsp;&nbsp; (189783)<br>| &nbsp;&nbsp; (237915)<br>|
| 3.75% (Quarterly) | 3-Month ASX BBSW (Quarterly) | 9/17/2027 | AUD | 101000000 | (818922)<br>| &nbsp;&nbsp; (725369)<br>| &nbsp;&nbsp; (93553)<br>|
| 3-Month KWCDC (Quarterly) | 2.50% (Quarterly) | 9/17/2027 | KRW | 1667040000 | 3046 | &nbsp;&nbsp; 5896 | &nbsp;&nbsp; (2850)<br>|
| 4.25% (Annually) | 6-Month WIBOR (Semiannually) | 9/17/2027 | PLN | 39790000 | (16558)<br>| &nbsp;&nbsp; (8279)<br>| &nbsp;&nbsp; (8279)<br>|
| 6-Month BUBOR (Semiannually) | 6.25% (Annually) | 9/17/2027 | HUF | 2383950000 | 36027 | &nbsp;&nbsp; 67919 | &nbsp;&nbsp; (31892)<br>|
| 6-Month EURIBOR (Semiannually) | 1.50% (Annually) | 9/17/2027 | EUR | 4660000 | (53707)<br>| &nbsp;&nbsp; (49982)<br>| &nbsp;&nbsp; (3725)<br>|
| 6-Month PRIBOR (Semiannually) | 3.50% (Annually) | 9/17/2027 | CZK | 45350000 | (940)<br>| &nbsp;&nbsp; 12727 | &nbsp;&nbsp; (13667)<br>|
| 7.50% (Quarterly) | 3-Month JIBAR (Quarterly) | 9/17/2027 | ZAR | 72440000 | (42781)<br>| &nbsp;&nbsp; (39904)<br>| &nbsp;&nbsp; (2877)<br>|
| 2.18% (Annually) | 6-Month EURIBOR (Semiannually) | 11/20/2027 | EUR | 165240000 | (123286)<br>| &nbsp;&nbsp; 60957 | &nbsp;&nbsp; (184243)<br>|
| 3.60% (Annually) | 1-Day SOFR (Annually) | 11/30/2029 | USD | 36870000 | (346426)<br>| &nbsp;&nbsp; 41452 | &nbsp;&nbsp; (387878)<br>|
| 3.62% (Annually) | 1-Day SOFR (Annually) | 11/30/2029 | USD | 43210000 | (439838)<br>| &nbsp;&nbsp; (31890)<br>| &nbsp;&nbsp; (407948)<br>|
| 1-Day SONIA (Annually) | 0.31% (Annually) | 6/17/2030 | GBP | 10000 | (2074)<br>| &nbsp;&nbsp; 307 | &nbsp;&nbsp; (2381)<br>|
| 3.60% (Annually) | 1-Day SOFR (Annually) | 6/23/2030 | USD | 53070000 | (129134)<br>| &nbsp;&nbsp; 1660 | &nbsp;&nbsp; (130794)<br>|
| 1.00% (Annually) | Bank of Japan Unsecured Overnight <br> Call Rate (Annually)<br>| 9/17/2030 | JPY | 10519070000 | (269972)<br>| &nbsp;&nbsp; (175315)<br>| &nbsp;&nbsp; (94657)<br>|
| 1.50% (Quarterly) | 7-Day CFETS Repo Rate <br> (Quarterly)<br>| 9/17/2030 | CNY | 70390000 | (11761)<br>| &nbsp;&nbsp; 41224 | &nbsp;&nbsp; (52985)<br>|
| 1-Day COP-IBR-OIS (Quarterly) | 8.75% (Quarterly) | 9/17/2030 | COP | 10224120000 | 3684 | &nbsp;&nbsp; 51620 | &nbsp;&nbsp; (47936)<br>|
| 2.00% (Quarterly) | Thai Overnight Repurchase Rate <br> (Quarterly)<br>| 9/17/2030 | THB | 208550000 | (226114)<br>| &nbsp;&nbsp; (72940)<br>| &nbsp;&nbsp; (153174)<br>|
| 6-Month EURIBOR (Semiannually) | 2.00% (Annually) | 9/17/2030 | EUR | 10880000 | (176010)<br>| &nbsp;&nbsp; (164514)<br>| &nbsp;&nbsp; (11496)<br>|
| 1.30% (Annually) | Bank of Japan Unsecured Overnight <br> Call Rate (Annually)<br>| 8/2/2034 | JPY | 1621248612 | 46441 | &nbsp;&nbsp; 64051 | &nbsp;&nbsp; (17610)<br>|
| 1.25% (Annually) | Bank of Japan Unsecured Overnight <br> Call Rate (Annually)<br>| 9/17/2035 | JPY | 2655000000 | (27079)<br>| &nbsp;&nbsp; 62471 | &nbsp;&nbsp; (89550)<br>|
| 1-Day CLP-TNA (Semiannually) | 5.75% (Semiannually) | 9/17/2035 | CLP | 2084110000 | 111018 | &nbsp;&nbsp; 117960 | &nbsp;&nbsp; (6942)<br>|
| 1-Day COP-IBR-OIS (Quarterly) | 9.25% (Quarterly) | 9/17/2035 | COP | 3397910000 | (2441)<br>| &nbsp;&nbsp; 27696 | &nbsp;&nbsp; (30137)<br>|
| 3.75% (Annually) | 1-Day SOFR (Annually) | 9/17/2035 | USD | 2290000 | (12716)<br>| &nbsp;&nbsp; 31516 | &nbsp;&nbsp; (44232)<br>|
| 4.25% (Annually) | 6-Month NIBOR (Semiannually) | 9/17/2035 | NOK | 57310000 | (228867)<br>| &nbsp;&nbsp; (116208)<br>| &nbsp;&nbsp; (112659)<br>|
| 4.50% (Semiannually) | 6-Month ASX BBSW <br> (Semiannually)<br>| 9/17/2035 | AUD | 230000 | (5064)<br>| &nbsp;&nbsp; (4368)<br>| &nbsp;&nbsp; (696)<br>|
| 6-Month EURIBOR (Semiannually) | 2.00% (Annually) | 9/17/2035 | EUR | 2900000 | (188757)<br>| &nbsp;&nbsp; (170151)<br>| &nbsp;&nbsp; (18606)<br>|
| Swiss Average Overnight Rate <br> (Annually)<br>| 0.50% (Annually) | 9/17/2035 | CHF | 380000 | (2428)<br>| &nbsp;&nbsp; (1835)<br>| &nbsp;&nbsp; (593)<br>|
| 1-Day SONIA (Annually) | 0.40% (Annually) | 6/17/2040 | GBP | 10000 | (5898)<br>| &nbsp;&nbsp; 512 | &nbsp;&nbsp; (6410)<br>|
| Bank of Japan Unsecured Overnight <br> Call Rate (Annually)<br>| 2.16% (Annually) | 8/2/2044 | JPY | 1825140000 | (410875)<br>| &nbsp;&nbsp; (112585)<br>| &nbsp;&nbsp; (298290)<br>|
| 6-Month EURIBOR (Semiannually) | 2.00% (Annually) | 9/17/2045 | EUR | 2260000 | (338417)<br>| &nbsp;&nbsp; (293070)<br>| &nbsp;&nbsp; (45347)<br>|
| 4.21% (Annually) | 1-Day SOFR (Annually) | 5/21/2055 | USD | 4850000 | (44570)<br>| &nbsp;&nbsp; 31925 | &nbsp;&nbsp; (76495)<br>|
| 1-Day ESTR (Annually) | 2.53% (Annually) | 3/19/2056 | EUR | 3220000 | (119870)<br>| &nbsp;&nbsp; (25793)<br>| &nbsp;&nbsp; (94077)<br>|
| Subtotal Depreciation |  |  |  |  | $(4248400)<br>| &nbsp;&nbsp; $(1522874)<br>| &nbsp;&nbsp; $(2725526)<br>|
| Net Centrally Cleared Interest Rate Swaps outstanding at June 30, 2025 | Net Centrally Cleared Interest Rate Swaps outstanding at June 30, 2025 | Net Centrally Cleared Interest Rate Swaps outstanding at June 30, 2025 | Net Centrally Cleared Interest Rate Swaps outstanding at June 30, 2025 | Net Centrally Cleared Interest Rate Swaps outstanding at June 30, 2025 | $(605716)<br>| &nbsp;&nbsp; $(614442)<br>| &nbsp;&nbsp; $8726 |

---

See Notes to Financial Statements.

**279**

------

**STRATEGIC ALTERNATIVES FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

Total Return Basket Swap Agreements outstanding at June 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Maturity** <br>**Date**<br>| **Counterparty** | **Notional** <br>**Amount**<br>| **Market Value** | **Upfront** <br>**Premiums** <br>**Paid/** <br>**(Received)**<br>| **Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| The Fund receives the total return on a portfolio of long and <br> short equity positions and pays or receives the USFFE or <br> OBFR01 plus or minus a specified spread(-16.35% to <br> 0.15%), which is denominated in USD based on the local <br> currencies of the positions within the swap (Monthly).\*<br>| &nbsp;&nbsp; 23-60 <br> months <br> maturity <br> ranging from <br> 05/13/2027 - <br> 06/27/2030<br>| GSC | &nbsp;&nbsp; $165452361 | &nbsp;&nbsp; $(1064968)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(1064968)<br>|

---

\***The following table represents disclosures associated with the underlying components of the total return basket swap as of period end.**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Common Stocks** | **Shares** | **Notional** | **Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Percentage of** <br>**Swap Value**<br>|
| Booking Holdings, Inc. | &nbsp;&nbsp; 233 | &nbsp;&nbsp;&nbsp; $1348893 | &nbsp;&nbsp; $57556 | &nbsp;&nbsp; (5.40)%<br>|
| Microsoft Corporation | &nbsp;&nbsp; (2710)<br>| &nbsp;&nbsp;&nbsp; 1347981 | &nbsp;&nbsp; (67013)<br>| 6.29 |
| Alphabet, Inc. Class A | &nbsp;&nbsp; (7255)<br>| &nbsp;&nbsp;&nbsp; 1278548 | &nbsp;&nbsp; 3749 | &nbsp;&nbsp; (0.35)<br>|
| VeriSign, Inc. | &nbsp;&nbsp; 3916 | &nbsp;&nbsp;&nbsp; 1130941 | &nbsp;&nbsp; 32068 | &nbsp;&nbsp; (3.01)<br>|
| ServiceNow, Inc. | &nbsp;&nbsp; 1068 | &nbsp;&nbsp;&nbsp; 1097989 | &nbsp;&nbsp; (1154)<br>| 0.11 |
| ROBLOX Corporation Class A | &nbsp;&nbsp; 10377 | &nbsp;&nbsp;&nbsp; 1091660 | &nbsp;&nbsp; 120070 | &nbsp;&nbsp; (11.27)<br>|
| Snowflake, Inc. Class A | &nbsp;&nbsp; 4497 | &nbsp;&nbsp;&nbsp; 1006294 | &nbsp;&nbsp; 55977 | &nbsp;&nbsp; (5.26)<br>|
| CME Group, Inc. | &nbsp;&nbsp; 3459 | &nbsp;&nbsp;&nbsp; 953370 | &nbsp;&nbsp; 27391 | &nbsp;&nbsp; (2.57)<br>|
| Netflix, Inc. | &nbsp;&nbsp; (702)<br>| &nbsp;&nbsp;&nbsp; 940069 | &nbsp;&nbsp; (78745)<br>| 7.39 |
| DoorDash, Inc. Class A | &nbsp;&nbsp; 3813 | &nbsp;&nbsp;&nbsp; 939943 | &nbsp;&nbsp; 108796 | &nbsp;&nbsp; (10.22)<br>|
| PG&E Corporation | &nbsp;&nbsp; 64864 | &nbsp;&nbsp;&nbsp; 904204 | &nbsp;&nbsp; (43854)<br>| 4.12 |
| Nutanix, Inc. Class A | &nbsp;&nbsp; 11633 | &nbsp;&nbsp;&nbsp; 889227 | &nbsp;&nbsp; 9667 | &nbsp;&nbsp; (0.91)<br>|
| Veeva Systems, Inc. Class A | &nbsp;&nbsp; 3032 | &nbsp;&nbsp;&nbsp; 873155 | &nbsp;&nbsp; 12175 | &nbsp;&nbsp; (1.14)<br>|
| Datadog, Inc. Class A | &nbsp;&nbsp; 6465 | &nbsp;&nbsp;&nbsp; 868443 | &nbsp;&nbsp; 83325 | &nbsp;&nbsp; (7.82)<br>|
| Manhattan Associates, Inc. | &nbsp;&nbsp; 4177 | &nbsp;&nbsp;&nbsp; 824832 | &nbsp;&nbsp; 14144 | &nbsp;&nbsp; (1.33)<br>|
| Palo Alto Networks, Inc. | &nbsp;&nbsp; 3761 | &nbsp;&nbsp;&nbsp; 769651 | &nbsp;&nbsp; 28769 | &nbsp;&nbsp; (2.70)<br>|
| McKesson Corporation | &nbsp;&nbsp; 1050 | &nbsp;&nbsp;&nbsp; 769419 | &nbsp;&nbsp; 24868 | &nbsp;&nbsp; (2.34)<br>|
| Fortinet, Inc. | &nbsp;&nbsp; 7003 | &nbsp;&nbsp;&nbsp; 740357 | &nbsp;&nbsp; 23890 | &nbsp;&nbsp; (2.24)<br>|
| Gartner, Inc. | &nbsp;&nbsp; 1803 | &nbsp;&nbsp;&nbsp; 728809 | &nbsp;&nbsp; (26211)<br>| 2.46 |
| TechnipFMC PLC | &nbsp;&nbsp; 21120 | &nbsp;&nbsp;&nbsp; 727373 | &nbsp;&nbsp; 45362 | &nbsp;&nbsp; (4.26)<br>|
| Synopsys, Inc. | &nbsp;&nbsp; (1401)<br>| &nbsp;&nbsp;&nbsp; 718265 | &nbsp;&nbsp; (22274)<br>| 2.09 |
| JPMorgan Chase & Co. | &nbsp;&nbsp; (2468)<br>| &nbsp;&nbsp;&nbsp; 715498 | &nbsp;&nbsp; (55841)<br>| 5.24 |
| Oracle Corporation | &nbsp;&nbsp; (3247)<br>| &nbsp;&nbsp;&nbsp; 709892 | &nbsp;&nbsp; (133512)<br>| 12.54 |
| Advanced Micro Devices, Inc. | &nbsp;&nbsp; (4647)<br>| &nbsp;&nbsp;&nbsp; 659409 | &nbsp;&nbsp; (92477)<br>| 8.68 |
| Cardinal Health, Inc. | &nbsp;&nbsp; 3858 | &nbsp;&nbsp;&nbsp; 648144 | &nbsp;&nbsp; 54150 | &nbsp;&nbsp; (5.08)<br>|
| Cisco Systems, Inc. | &nbsp;&nbsp; (9250)<br>| &nbsp;&nbsp;&nbsp; 641765 | &nbsp;&nbsp; (30946)<br>| 2.91 |
| Trex Co., Inc. | &nbsp;&nbsp; (11794)<br>| &nbsp;&nbsp;&nbsp; 641358 | &nbsp;&nbsp; 33217 | &nbsp;&nbsp; (3.12)<br>|
| Natera, Inc. | &nbsp;&nbsp; 3727 | &nbsp;&nbsp;&nbsp; 629639 | &nbsp;&nbsp; 15631 | &nbsp;&nbsp; (1.47)<br>|
| Ameriprise Financial, Inc. | &nbsp;&nbsp; 1178 | &nbsp;&nbsp;&nbsp; 628734 | &nbsp;&nbsp; 15646 | &nbsp;&nbsp; (1.47)<br>|
| Zscaler, Inc. | &nbsp;&nbsp; 1980 | &nbsp;&nbsp;&nbsp; 621601 | &nbsp;&nbsp; 25777 | &nbsp;&nbsp; (2.42)<br>|
| Shift4 Payments, Inc. Class A | &nbsp;&nbsp; (6264)<br>| &nbsp;&nbsp;&nbsp; 620825 | &nbsp;&nbsp; (20702)<br>| 1.94 |
| Five9, Inc. | &nbsp;&nbsp; (23214)<br>| &nbsp;&nbsp;&nbsp; 614707 | &nbsp;&nbsp; 63095 | &nbsp;&nbsp; (5.92)<br>|
| Cadence Design Systems, Inc. | &nbsp;&nbsp; (1980)<br>| &nbsp;&nbsp;&nbsp; 610137 | &nbsp;&nbsp; (11632)<br>| 1.09 |
| Lumentum Holdings, Inc. | &nbsp;&nbsp; (6289)<br>| &nbsp;&nbsp;&nbsp; 597832 | &nbsp;&nbsp; (80389)<br>| 7.55 |
| Unity Software, Inc. | &nbsp;&nbsp; (23782)<br>| &nbsp;&nbsp;&nbsp; 575524 | &nbsp;&nbsp; 12836 | &nbsp;&nbsp; (1.21)<br>|
| MSCI, Inc. | &nbsp;&nbsp; 979 | &nbsp;&nbsp;&nbsp; 564628 | &nbsp;&nbsp; 16789 | &nbsp;&nbsp; (1.58)<br>|
| Exelixis, Inc. | &nbsp;&nbsp; 12791 | &nbsp;&nbsp;&nbsp; 563763 | &nbsp;&nbsp; 13544 | &nbsp;&nbsp; (1.27)<br>|
| Texas Roadhouse, Inc. | &nbsp;&nbsp; 2992 | &nbsp;&nbsp;&nbsp; 560731 | &nbsp;&nbsp; (21322)<br>| 2.00 |
| Robinhood Markets, Inc. Class A | &nbsp;&nbsp; (5941)<br>| &nbsp;&nbsp;&nbsp; 556256 | &nbsp;&nbsp; (119297)<br>| 11.20 |
| Zoom Communications, Inc. | &nbsp;&nbsp; 6953 | &nbsp;&nbsp;&nbsp; 542195 | &nbsp;&nbsp; (17103)<br>| 1.61 |
| General Electric Co. | &nbsp;&nbsp; 2095 | &nbsp;&nbsp;&nbsp; 539232 | &nbsp;&nbsp; 11348 | &nbsp;&nbsp; (1.07)<br>|

---

**280**

See Notes to Financial Statements.

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Common Stocks** | **Shares** | **Notional** | **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>| **Percentage of**<br> **Swap Value**<br>|
| Medpace Holdings, Inc. | &nbsp;&nbsp; 1718 | &nbsp;&nbsp;&nbsp; $539211 | &nbsp;&nbsp; $25550 | &nbsp;&nbsp; (2.40)%<br>|
| Coca-Cola Co. (The) | &nbsp;&nbsp; (7607)<br>| &nbsp;&nbsp;&nbsp; 538195 | &nbsp;&nbsp; 6168 | &nbsp;&nbsp; (0.58)<br>|
| Cintas Corporation | &nbsp;&nbsp; 2368 | &nbsp;&nbsp;&nbsp; 527756 | &nbsp;&nbsp; (4364)<br>| 0.41 |
| Royal Caribbean Cruises, Ltd. | &nbsp;&nbsp; (1678)<br>| &nbsp;&nbsp;&nbsp; 525449 | &nbsp;&nbsp; (66470)<br>| 6.24 |
| GE Vernova, Inc. | &nbsp;&nbsp; 978 | &nbsp;&nbsp;&nbsp; 517509 | &nbsp;&nbsp; 47017 | &nbsp;&nbsp; (4.41)<br>|
| AppLovin Corporation Class A | &nbsp;&nbsp; (1477)<br>| &nbsp;&nbsp;&nbsp; 517068 | &nbsp;&nbsp; 50665 | &nbsp;&nbsp; (4.76)<br>|
| Block, Inc. | &nbsp;&nbsp; (7601)<br>| &nbsp;&nbsp;&nbsp; 516336 | &nbsp;&nbsp; (14865)<br>| 1.40 |
| Adobe, Inc. | &nbsp;&nbsp; 1332 | &nbsp;&nbsp;&nbsp; 515324 | &nbsp;&nbsp; (38862)<br>| 3.65 |
| Cencora, Inc. | &nbsp;&nbsp; 1689 | &nbsp;&nbsp;&nbsp; 506447 | &nbsp;&nbsp; 25781 | &nbsp;&nbsp; (2.42)<br>|
| Other | &nbsp;&nbsp; (921886)<br>| &nbsp;&nbsp;&nbsp; 128557773 | &nbsp;&nbsp; (1182956)<br>| 111.08 |
|  |  | &nbsp;&nbsp;&nbsp; $165452361 | &nbsp;&nbsp; $(1064968)<br>| 100.00<br> %<br>|

---

**VALUATION HIERARCHY**

The following is a summary of the inputs used, as of June 30, 2025, in valuing the Fund's investments carried at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total** <br>**Value**<br>| **Level 1** <br>**Quoted Prices**<br>| **Level 2** <br>**Other Significant** <br>**Observable Inputs**<br>| **Level 3** <br>**Significant** <br>**Unobservable Inputs**<br>|
| **Assets:** |  |  |  |  |
| **Investments in Securities:** |  |  |  |  |
| Common Stocks: |  |  |  |  |
| Communication Services | &nbsp;&nbsp; $1005195 | &nbsp;&nbsp; $985391 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $19804 |
| Other<sup>^^</sup> <br>| &nbsp;&nbsp; 26112338 | &nbsp;&nbsp; 26112338 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total Common Stocks | &nbsp;&nbsp; 27117533 | &nbsp;&nbsp; 27097729 | &nbsp;&nbsp; — | &nbsp;&nbsp; 19804 |
| Corporate Bonds | &nbsp;&nbsp; 52408535 | &nbsp;&nbsp; — | &nbsp;&nbsp; 52408535 | &nbsp;&nbsp; — |
| Foreign Bonds | &nbsp;&nbsp; 3200756 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3200756 | &nbsp;&nbsp; — |
| Foreign Common Stocks | &nbsp;&nbsp; 1694777 | &nbsp;&nbsp; 1694777 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Money Market Funds | &nbsp;&nbsp; 119309902 | &nbsp;&nbsp; 119309902 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Mortgage-Backed Securities | &nbsp;&nbsp; 8722755 | &nbsp;&nbsp; — | &nbsp;&nbsp; 8722755 | &nbsp;&nbsp; — |
| Preferred Stocks: |  |  |  |  |
| Financials | &nbsp;&nbsp; 2996492 | &nbsp;&nbsp; 2254454 | &nbsp;&nbsp; — | &nbsp;&nbsp; 742038 |
| Information Technology | &nbsp;&nbsp; 967658 | &nbsp;&nbsp; 707208 | &nbsp;&nbsp; 260450 | &nbsp;&nbsp; — |
| Materials | &nbsp;&nbsp; 654454 | &nbsp;&nbsp; 643990 | &nbsp;&nbsp; 10464 | &nbsp;&nbsp; — |
| Other<sup>^^</sup> <br>| &nbsp;&nbsp; 1466371 | &nbsp;&nbsp; 1466371 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total Preferred Stocks | &nbsp;&nbsp; 6084975 | &nbsp;&nbsp; 5072023 | &nbsp;&nbsp; 270914 | &nbsp;&nbsp; 742038 |
| Purchased Options: |  |  |  |  |
| Call Swaptions | &nbsp;&nbsp; 193873 | &nbsp;&nbsp; 193873 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| U.S. Treasury Obligations | &nbsp;&nbsp; 56144219 | &nbsp;&nbsp; — | &nbsp;&nbsp; 56144219 | &nbsp;&nbsp; — |
| **Total Assets - Investments in Securities** | &nbsp;&nbsp; $274877325 | &nbsp;&nbsp; $153368304 | &nbsp;&nbsp; $120747179 | &nbsp;&nbsp; $761842 |
| **Other Financial Instruments\*\*\*** |  |  |  |  |
| Forward Foreign Currency Contracts | &nbsp;&nbsp; $835806 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $835806 | &nbsp;&nbsp; $— |
| Futures Contracts | &nbsp;&nbsp; 719333 | &nbsp;&nbsp; 719333 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Swap Agreements | &nbsp;&nbsp; 2734252 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2734252 | &nbsp;&nbsp; — |
| **Total Assets - Other Financial Instruments** | &nbsp;&nbsp; $4289391 | &nbsp;&nbsp; $719333 | &nbsp;&nbsp; $3570058 | &nbsp;&nbsp; $— |

---

See Notes to Financial Statements.

**281**

------

**STRATEGIC ALTERNATIVES FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total**<br> **Value**<br>| **Level 1**<br> **Quoted Prices**<br>| **Level 2**<br> **Other Significant**<br> **Observable Inputs**<br>| **Level 3**<br> **Significant**<br> **Unobservable Inputs**<br>|
| **Liabilities:** |  |  |  |  |
| **Investments in Securities:** |  |  |  |  |
| Common Stocks Sold Short | &nbsp;&nbsp; $(18940373)<br>| &nbsp;&nbsp; $(18940373)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Foreign Common Stocks Sold Short | &nbsp;&nbsp; (2279641)<br>| &nbsp;&nbsp; (2279641)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Rights Sold Short | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; —<br> \*\*<br>|
| Written Options: |  |  |  |  |
| Call Option | &nbsp;&nbsp; (11600)<br>| &nbsp;&nbsp; (11600)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Call Swaptions | &nbsp;&nbsp; (110519)<br>| &nbsp;&nbsp; (110519)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total Written Options | &nbsp;&nbsp; (122119)<br>| &nbsp;&nbsp; (122119)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Total Liabilities - Investments in Securities** | &nbsp;&nbsp; $(21342133)<br>| &nbsp;&nbsp; $(21342133)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| **Other Financial Instruments\*\*\*** |  |  |  |  |
| Forward Foreign Currency Contracts | &nbsp;&nbsp; $(978370)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(978370)<br>| &nbsp;&nbsp; $— |
| Futures Contracts | &nbsp;&nbsp; (1147732)<br>| &nbsp;&nbsp; (1147732)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Swap Agreements | &nbsp;&nbsp; (3790494)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (3790494)<br>| &nbsp;&nbsp; — |
| **Total Liabilities - Other Financial Instruments** | &nbsp;&nbsp; $(5916596)<br>| &nbsp;&nbsp; $(1147732)<br>| &nbsp;&nbsp; $(4768864)<br>| &nbsp;&nbsp; $— |

---

---

| | |
|:---|:---|
| ^^ | Classifications as defined in the Schedule of Investments. |
| \*\*\* | Other financial instruments are derivative instruments, such as futures contracts, forward foreign currency contracts and swap agreements, which are valued <br> at the unrealized appreciation (depreciation) on the investment. Further details regarding the value of these investments can be found in the preceding <br> "Futures Contracts outstanding", "Forward Foreign Currency Contracts outstanding" and "Swap Agreements outstanding" disclosures.<br>|
| \*\* | Level 3 security has zero value. |

---

There were no transfers to or from Level 3 during the year ended June 30, 2025.

Management has determined that the amount of Level 3 securities compared to total net assets is not material; therefore, the reconciliation of Level 3 securities and assumptions is not shown for the period ended June 30, 2025.

**282**

See Notes to Financial Statements.

------

**STATEMENTS OF ASSETS AND LIABILITIES**

**June 30, 2025 (Unaudited)**

---

| | |
|:---|:---|
|  | **Strategic Alternatives Fund** |
| **Assets** |  |
| Investments in securities of unaffiliated issuers, at value\* | &nbsp;&nbsp; $181831723 |
| Investments in securities of affiliated issuers, at value | &nbsp;&nbsp; 93045602 |
| Total investments, at value<sup>(1)</sup> <br>| &nbsp;&nbsp; 274877325 |
| Cash | &nbsp;&nbsp; 20860330 |
| Cash collateral for derivatives | &nbsp;&nbsp; 17869431 |
| Deposits with broker for futures contracts | &nbsp;&nbsp; 2805902 |
| Foreign currency<sup>(2)</sup> <br>| &nbsp;&nbsp; 23191 |
| Upfront premiums paid from swap agreements | &nbsp;&nbsp; 2844792 |
| Receivables: |  |
| Dividends | &nbsp;&nbsp; 507675 |
| Reclaims | &nbsp;&nbsp; 557 |
| Interest | &nbsp;&nbsp; 216133 |
| From advisor | &nbsp;&nbsp; 1689 |
| Investment securities sold | &nbsp;&nbsp; 103094 |
| Fund shares sold | &nbsp;&nbsp; 315120 |
| Unrealized appreciation on foreign currency exchange contracts | &nbsp;&nbsp; 835806 |
| Prepaid expenses and other assets | &nbsp;&nbsp; 28625 |
| Total Assets | &nbsp;&nbsp; 321289670 |
| **Liabilities** |  |
| Securities sold short, at value<sup>(3)</sup> <br>| &nbsp;&nbsp; 21220014 |
| Options written, at value<sup>(4)</sup> <br>| &nbsp;&nbsp; 122119 |
| Upfront premiums received from swap agreements | &nbsp;&nbsp; 3459233 |
| Unrealized depreciation on foreign currency exchange contracts | &nbsp;&nbsp; 978370 |
| Unrealized depreciation on swap agreements | &nbsp;&nbsp; 1064970 |
| Collateral from counterparty | &nbsp;&nbsp; 2735096 |
| Payables: |  |
| Investment securities purchased | &nbsp;&nbsp; 4194897 |
| Dividends on short sales | &nbsp;&nbsp; 12312 |
| Fund shares redeemed | &nbsp;&nbsp; 32687 |
| Variation margin on centrally cleared and total return basket swaps  | &nbsp;&nbsp; 47827 |
| Variation margin on futures contracts | &nbsp;&nbsp; 181169 |
| Accrued expenses: |  |
| Investment advisory fees | &nbsp;&nbsp; 219381 |
| Shareholder servicing fees | &nbsp;&nbsp; 9675 |
| Director fees | &nbsp;&nbsp; 636 |
| Other expenses | &nbsp;&nbsp; 242621 |
| Total Liabilities | &nbsp;&nbsp; 34521007 |
| Commitments and contingencies | &nbsp;&nbsp; — <br><sup>(5)</sup><br>|
| **Net Assets** | &nbsp;&nbsp; $286768663 |
| **Net Assets Consist of:** |  |
| Paid-in-capital | &nbsp;&nbsp; $306319156 |
| Distributable earnings (loss) | &nbsp;&nbsp; (19550493)<br>|
| **Net Assets** | &nbsp;&nbsp; $286768663 |
| **Net Asset Value:** |  |
| $0.001 par value, unlimited shares authorized |  |
| Net assets applicable to the Institutional Class | &nbsp;&nbsp; $238952153 |
| Institutional shares outstanding | &nbsp;&nbsp; 25645176 |
| Net asset value, offering and redemption price per Institutional share | &nbsp;&nbsp; $9.32 |
| Net assets applicable to the Investor Class | &nbsp;&nbsp; $47816510 |
| Investor shares outstanding | &nbsp;&nbsp; 5176743 |
| Net asset value, offering and redemption price per Investor share | &nbsp;&nbsp; $9.24 |
| <sup>(1)</sup>Investments in securities of unaffiliated issuers, at cost\* | &nbsp;&nbsp; $173030550 |
| Investments in securities of affiliated issuers, at cost | &nbsp;&nbsp; 93045602 |
| Total investments, at cost | &nbsp;&nbsp; $266076152 |
| <sup>(2)</sup>Foreign currency, at cost | &nbsp;&nbsp; $23226 |
| <sup>(3)</sup>Proceeds from securities sold short | &nbsp;&nbsp; $18175077 |
| <sup>(4)</sup>Premiums received on options written | &nbsp;&nbsp; $309001 |
| <sup>(5)</sup>See Note 3c in Notes to Financial Statements. |  |
| \* Includes Purchased Options | \* Includes Purchased Options |

---

See Notes to Financial Statements.

**283**

------

**STATEMENTS OF OPERATIONS**

**For the Six Months Ended June 30, 2025 (Unaudited)**

---

| | |
|:---|:---|
|  | **Strategic Alternatives Fund** |
| **Investment Income** |  |
| Dividends | &nbsp;&nbsp; $855242 |
| Income distributions received from affiliated funds | &nbsp;&nbsp; 2162753 |
| Interest | &nbsp;&nbsp; 2385307 |
| Total Investment Income | &nbsp;&nbsp; 5403302 |
| **Expenses** |  |
| Investment advisory fees | &nbsp;&nbsp; 1266087 |
| Transfer agent fees: |  |
| Institutional shares | &nbsp;&nbsp; 5109 |
| Investor shares | &nbsp;&nbsp; 16414 |
| Custodian fees | &nbsp;&nbsp; 266638 |
| Shareholder servicing fees: |  |
| Investor shares | &nbsp;&nbsp; 57049 |
| Accounting and administration fees | &nbsp;&nbsp; 48924 |
| Professional fees | &nbsp;&nbsp; 80891 |
| Blue sky fees: |  |
| Institutional shares | &nbsp;&nbsp; 7614 |
| Investor shares | &nbsp;&nbsp; 7691 |
| Shareholder reporting fees: |  |
| Institutional shares | &nbsp;&nbsp; 1410 |
| Investor shares | &nbsp;&nbsp; 4142 |
| Directors expenses | &nbsp;&nbsp; 3631 |
| Line of credit facility fees | &nbsp;&nbsp; 626 |
| Index license fees | &nbsp;&nbsp; 1216 |
| Dividends on securities sold short | &nbsp;&nbsp; 70007 |
| Other expenses | &nbsp;&nbsp; 14222 |
| Recoupment of prior expenses reduced by the Advisor | &nbsp;&nbsp; 61778 |
| Total Expenses | &nbsp;&nbsp; 1913449 |
| Expenses waived/reimbursed<sup>(1)</sup> <br>| &nbsp;&nbsp; (14055)<br>|
| Net Expenses | &nbsp;&nbsp; 1899394 |
| **Net Investment Income** | &nbsp;&nbsp; 3503908 |
| **Realized and Unrealized Gain (Loss)** |  |
| Net realized gain (loss) from: |  |
| Investment securities | &nbsp;&nbsp; 3056279 |
| Investment securities sold short | &nbsp;&nbsp; (351988)<br>|
| Futures transactions | &nbsp;&nbsp; (260727)<br>|
| Swap agreements | &nbsp;&nbsp; 1473169 |
| Option contracts written | &nbsp;&nbsp; (3603)<br>|
| Option contracts purchased | &nbsp;&nbsp; 3832 |
| Forward foreign currency contracts | &nbsp;&nbsp; (81854)<br>|
| Foreign currency | &nbsp;&nbsp; 51994 |
| Net realized gain | &nbsp;&nbsp; 3887102 |
| Net change in unrealized appreciation (depreciation) on: |  |
| Investment securities | &nbsp;&nbsp; 2268905 |
| Investment securities sold short | &nbsp;&nbsp; (1426295)<br>|
| Futures | &nbsp;&nbsp; (1118790)<br>|
| Swap agreements | &nbsp;&nbsp; (1684828)<br>|
| Option contracts written | &nbsp;&nbsp; 146723 |
| Option contracts purchased | &nbsp;&nbsp; (56933)<br>|
| Forward foreign currency contracts | &nbsp;&nbsp; (182637)<br>|
| Foreign currency | &nbsp;&nbsp; 494 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; (2053361)<br>|
| **Net Realized and Unrealized Gain** | &nbsp;&nbsp; 1833741 |
| **Net Increase in Net Assets Resulting from Operations** | &nbsp;&nbsp; $5337649 |

---

 <br> <sup>(1)</sup> See Note 3c in Notes to Financial Statements.

**284**

See Notes to Financial Statements.

------

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
|  | **Strategic Alternatives Fund** | **Strategic Alternatives Fund** |
|  | &nbsp;&nbsp;&nbsp; **For the Six**<br> **Months Ended**<br>| **For the Year Ended** |
|  | **06/30/25** | **12/31/24** |
|  | **(Unaudited)** |  |
| **Operations:** |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; $3503908 | &nbsp;&nbsp;&nbsp;&nbsp; $8960695 |
| Net realized gain on investment securities, foreign currency and derivatives  | &nbsp;&nbsp;&nbsp;&nbsp; 3887102 | &nbsp;&nbsp;&nbsp;&nbsp; 2135642 |
| Net change in unrealized appreciation (depreciation) on investment securities, foreign <br> currency and derivatives<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2053361)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7571956 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp; 5337649 | &nbsp;&nbsp;&nbsp;&nbsp; 18668293 |
| **Distributions to Shareholders:** |  |  |
| Distributions paid |  |  |
| Institutional shares | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (18244202)<br>|
| Investor shares | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (3284437)<br>|
| Total distributions | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (21528639)<br>|
| **Capital Share Transactions:** |  |  |
| Proceeds from shares sold |  |  |
| Institutional shares | &nbsp;&nbsp;&nbsp;&nbsp; 25209987 | &nbsp;&nbsp;&nbsp;&nbsp; 51741651 |
| Investor shares | &nbsp;&nbsp;&nbsp;&nbsp; 13686215 | &nbsp;&nbsp;&nbsp;&nbsp; 8866681 |
| Reinvestment of dividends and distributions |  |  |
| Institutional shares | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 18236746 |
| Investor shares | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3284437 |
| Total proceeds from shares sold and reinvested | &nbsp;&nbsp;&nbsp;&nbsp; 38896202 | &nbsp;&nbsp;&nbsp;&nbsp; 82129515 |
| Value of shares redeemed |  |  |
| Institutional shares | &nbsp;&nbsp;&nbsp;&nbsp; (15548750)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (48623071)<br>|
| Investor shares | &nbsp;&nbsp;&nbsp;&nbsp; (8243627)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (11315682)<br>|
| Total value of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (23792377)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (59938753)<br>|
| Net increase from capital share transactions<sup>(1)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 15103825 | &nbsp;&nbsp;&nbsp;&nbsp; 22190762 |
| Total increase in net assets | &nbsp;&nbsp;&nbsp;&nbsp; 20441474 | &nbsp;&nbsp;&nbsp;&nbsp; 19330416 |
| **Net Assets:** |  |  |
| Beginning of Period | &nbsp;&nbsp;&nbsp;&nbsp; 266327189 | &nbsp;&nbsp;&nbsp;&nbsp; 246996773 |
| End of Period | &nbsp;&nbsp;&nbsp;&nbsp; $286768663 | &nbsp;&nbsp;&nbsp;&nbsp; $266327189 |

---

 <br> <sup>(1)</sup> See Note 6 in Notes to Financial Statements.

See Notes to Financial Statements.

**285**

------

**FINANCIAL HIGHLIGHTS (Unaudited)**

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *For a Share Outstanding For the Years Ending December 31, unless otherwise indicated*  | *For a Share Outstanding For the Years Ending December 31, unless otherwise indicated*  | *For a Share Outstanding For the Years Ending December 31, unless otherwise indicated*  | *For a Share Outstanding For the Years Ending December 31, unless otherwise indicated*  | *For a Share Outstanding For the Years Ending December 31, unless otherwise indicated*  | *For a Share Outstanding For the Years Ending December 31, unless otherwise indicated*  |  |  |  |  |  | **Ratios to Average Net Assets**  | **Ratios to Average Net Assets**  | **Ratios to Average Net Assets**  |  |
|  | &nbsp;&nbsp; **Net Asset**<br> **Value,**<br> **Beginning**<br> **of Period**<br>| &nbsp;&nbsp; **Net Investment**<br> **Income/ (Loss)#**<br>| **Realized**<br> **and**<br> **Unrealized**<br> **Gain**<br> **(Loss) on**<br> **Investments**<br>| &nbsp;&nbsp; **Total Income**<br> **From Investment**<br> **Operations**<br>| &nbsp;&nbsp; **Dividends**<br> **from Net**<br> **Investment**<br> **Income**<br>| **Distributions**<br> **from Net**<br> **Realized**<br> **Capital**<br> **Gains**<br>| &nbsp;&nbsp; **Total**<br> **Distributions**<br> **Paid**<br>| **Net Asset**<br> **Value,**<br> **End of**<br> **Period**<br>| **Total**<br> **Return**<br>| **Net Assets,**<br> **End of Period**<br> **(000)**<br>| **Expenses,**<br> **Net**<br>| **Expenses,**<br> **Gross**<br>| **Investment**<br> **Income/**<br> **(Loss),**<br> **Net**<br>| &nbsp;&nbsp; **Portfolio**<br> **Turnover**<br> **Rate**<br>|
| **Strategic Alternatives Fund** | **Strategic Alternatives Fund** | **Strategic Alternatives Fund** | **Strategic Alternatives Fund** | **Strategic Alternatives Fund** | **Strategic Alternatives Fund** | **Strategic Alternatives Fund** | **Strategic Alternatives Fund** | **Strategic Alternatives Fund** | **Strategic Alternatives Fund** | **Strategic Alternatives Fund** | **Strategic Alternatives Fund** | **Strategic Alternatives Fund** | **Strategic Alternatives Fund** | **Strategic Alternatives Fund** |
| **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
| 2025(1) | &nbsp;&nbsp;&nbsp; $9.13 | &nbsp;&nbsp;&nbsp; $0.12 | &nbsp;&nbsp;&nbsp; $0.07 | &nbsp;&nbsp;&nbsp; $0.19 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $9.32 | &nbsp;&nbsp;&nbsp;&nbsp; 2.08<br> %<br>| &nbsp;&nbsp;&nbsp; $238952 | &nbsp;&nbsp;&nbsp;&nbsp; 1.34<br> %(2)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.34<br> %(2)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.59<br> %<br>| &nbsp;&nbsp;&nbsp; 194<br> %<br>|
| 2024 | &nbsp;&nbsp;&nbsp;&nbsp;9.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp;&nbsp; (0.78)<br>| &nbsp;&nbsp;&nbsp;&nbsp;9.13 | &nbsp;&nbsp;&nbsp;&nbsp;7.60 | &nbsp;&nbsp;&nbsp; 224781 | &nbsp;&nbsp;&nbsp;&nbsp; 1.25<br> (2)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.30<br> (2)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.53 | &nbsp;&nbsp;&nbsp; 514 |
| 2023 | &nbsp;&nbsp;&nbsp;&nbsp;9.82 | &nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp;&nbsp; (0.82)<br>| &nbsp;&nbsp;&nbsp; (1.20)<br>| &nbsp;&nbsp;&nbsp;&nbsp;9.21 | &nbsp;&nbsp;&nbsp;&nbsp;5.97 | &nbsp;&nbsp;&nbsp; 205865 | &nbsp;&nbsp;&nbsp;&nbsp; 1.16<br> (2)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.41<br> (2)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.25 | &nbsp;&nbsp;&nbsp; 718 |
| 2022 | &nbsp;&nbsp;&nbsp;&nbsp;10.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp;&nbsp;&nbsp;9.82 | &nbsp;&nbsp;&nbsp; (0.56)<br>| &nbsp;&nbsp;&nbsp; 236559 | &nbsp;&nbsp;&nbsp;&nbsp; 1.15<br> (2)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.36<br> (2)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp; 327 |
| 2021 | &nbsp;&nbsp;&nbsp;&nbsp;9.96 | &nbsp;&nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp;&nbsp;&nbsp;10.29 | &nbsp;&nbsp;&nbsp;&nbsp;4.96 | &nbsp;&nbsp;&nbsp; 312466 | &nbsp;&nbsp;&nbsp;&nbsp; 1.09<br> (2)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.17<br> (2)<br>| &nbsp;&nbsp;&nbsp; (0.46)<br>| &nbsp;&nbsp;&nbsp; 377 |
| 2020 | &nbsp;&nbsp;&nbsp;&nbsp;10.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp;&nbsp;&nbsp;9.96 | &nbsp;&nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp;&nbsp; 287088 | &nbsp;&nbsp;&nbsp;&nbsp; 1.10<br> (2)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.10<br> (2)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp; 483 |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| 2025(1) | &nbsp;&nbsp;&nbsp; $9.07 | &nbsp;&nbsp;&nbsp; $0.11 | &nbsp;&nbsp;&nbsp; $0.06 | &nbsp;&nbsp;&nbsp; $0.17 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $9.24 | &nbsp;&nbsp;&nbsp;&nbsp; 1.87<br> %<br>| &nbsp;&nbsp;&nbsp; $47817 | &nbsp;&nbsp;&nbsp;&nbsp; 1.59<br> %(2)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.65<br> %(2)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.33<br> %<br>| &nbsp;&nbsp;&nbsp; 194<br> %<br>|
| 2024 | &nbsp;&nbsp;&nbsp;&nbsp;9.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp;&nbsp; (0.75)<br>| &nbsp;&nbsp;&nbsp;&nbsp;9.07 | &nbsp;&nbsp;&nbsp;&nbsp;7.39 | &nbsp;&nbsp;&nbsp; 41547 | &nbsp;&nbsp;&nbsp;&nbsp; 1.52<br> (2)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.66<br> (2)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.26 | &nbsp;&nbsp;&nbsp; 514 |
| 2023 | &nbsp;&nbsp;&nbsp;&nbsp;9.76 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp;&nbsp; (0.82)<br>| &nbsp;&nbsp;&nbsp; (1.17)<br>| &nbsp;&nbsp;&nbsp;&nbsp;9.15 | &nbsp;&nbsp;&nbsp;&nbsp;5.70 | &nbsp;&nbsp;&nbsp; 41132 | &nbsp;&nbsp;&nbsp;&nbsp; 1.48<br> (2)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.74<br> (2)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.93 | &nbsp;&nbsp;&nbsp; 718 |
| 2022 | &nbsp;&nbsp;&nbsp;&nbsp;10.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp;&nbsp;&nbsp;9.76 | &nbsp;&nbsp;&nbsp; (0.91)<br>| &nbsp;&nbsp;&nbsp; 50786 | &nbsp;&nbsp;&nbsp;&nbsp; 1.46<br> (2)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.67<br> (2)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp; 327 |
| 2021 | &nbsp;&nbsp;&nbsp;&nbsp;9.92 | &nbsp;&nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp;&nbsp;&nbsp;10.23 | &nbsp;&nbsp;&nbsp;&nbsp;4.57 | &nbsp;&nbsp;&nbsp; 39214 | &nbsp;&nbsp;&nbsp;&nbsp; 1.41<br> (2)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.52<br> (2)<br>| &nbsp;&nbsp;&nbsp; (0.76)<br>| &nbsp;&nbsp;&nbsp; 377 |
| 2020 | &nbsp;&nbsp;&nbsp;&nbsp;10.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp;&nbsp;&nbsp;9.92 | &nbsp;&nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp;&nbsp; 45689 | &nbsp;&nbsp;&nbsp;&nbsp; 1.36<br> (2)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.36<br> (2)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp; 483 |

---

# Calculated using the average shares outstanding method.

(1) For the six months ended June 30, 2025, all ratios have been annualized with the exception of total return and portfolio turnover which have not been annualized. 

(2) The ratio for the Strategic Alternatives Fund includes the effect of dividend expense on securities sold short which increased the ratio by 0.11%, 0.04%, 0.07%, 0.05%, and 0.03% for the years 2020, 2021, 2022, 2023, and 2024 and 0.05% for the six months ended June 30, 2025. 

**286**

See Notes to Financial Statements.

------

**NOTES TO FINANCIAL STATEMENTS (Unaudited)**

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

**1. DESCRIPTION OF THE FUNDS**

GuideStone Funds (the "Trust") was organized as a Delaware statutory trust on March 2, 2000. The Trust has established 27 series (each, a "Fund" and together, the "Funds"). Each Fund, except the Growth Equity Fund, is a diversified, open-end management investment company, registered under the Investment Company Act of 1940, as amended (the "1940 Act"). The Equity Index Fund, Value Equity Index Fund, Growth Equity Index Fund and International Equity Index Fund may each become non-diversified solely as a result of a change in relative market capitalization or index weightings of one or more constituents of their respective target indexes.

The MyDestination 2015 Fund, MyDestination 2025 Fund, MyDestination 2035 Fund, MyDestination 2045 Fund and MyDestination 2055 Fund are each referred to as a "Target Date Fund" and together as the "Target Date Funds."

The Conservative Allocation Fund, Balanced Allocation Fund, Moderately Aggressive Allocation Fund and Aggressive Allocation Fund are each referred to as a "Target Risk Fund" and together as the "Target Risk Funds."

The remaining Funds are each referred to as a "Select Fund" and are together referred to as the "Select Funds." The Money Market Fund is referred to as the "Money Market Fund." The Low-Duration Bond Fund, Medium-Duration Bond Fund, Global Bond Fund and Impact Bond Fund are together referred to as the "Fixed Income Funds."

The Defensive Market Strategies<sup>®</sup> Fund, Impact Equity Fund, Equity Index Fund, Value Equity Index Fund, Value Equity Fund, Growth Equity Index Fund, Growth Equity Fund, Small Cap Equity Fund, International Equity Index Fund, International Equity Fund and Emerging Markets Equity Fund are together referred to as the "Equity Funds."

The Impact Equity Fund was liquidated and terminated on July 25, 2025. In connection with the liquidation, all remaining shareholders who had not previously exchanged or redeemed all of their shares on or about the liquidation date either received pro-rata share of a different Fund (tax-deferred accounts) or received a cash pro-rata distribution from the Fund (taxable accounts).

The Global Real Estate Securities Fund is referred to as the "Real Assets Fund."

The Strategic Alternatives Fund is referred to as the "Alternatives Fund."

There are two classes of shares issued by the Funds — the Institutional Class and the Investor Class (each, a "Class" and together the "Classes"). All Classes of shares have identical voting, dividend and liquidation rights. Income, expenses (other than class specific expenses) and realized and unrealized gains or losses on investments are allocated to each Class of shares based upon its relative net assets.

Each Fund is a separate mutual fund with its own investment objective, strategies and risks. The Select Funds invest directly in particular types of fixed-income obligations, stocks and other investments. The Target Date and Target Risk Funds primarily invest in a different mix of the Select Funds to meet a specified investment strategy. The Target Date and Target Risk Funds are commonly referred to as "Fund of Funds."

**2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES**

The following is a summary of significant accounting policies followed by the Funds in the accounting and preparation of their financial statements. The Funds are investment companies and follow accounting and reporting guidance in the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 ("ASC 946"). The policies are in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"), including but not limited to ASC 946. The preparation of financial statements requires the Funds' management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses for the period. The Funds utilize various methods to measure the value of their investments on a recurring basis. Amounts received upon the sale of such investments could differ from estimated values and those differences could be significant.

**287**

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

**a. Valuation of Securities**

Each Fund, except the Money Market Fund, values securities traded on national securities exchanges or included in national market systems at the last quoted sale price, or official close price, on the principal exchange on which they were traded, or, in the absence of any sale or official close price, at the closing bid price. Non-exchange traded securities for which an over-the-counter quotation is readily available are valued at the last quoted bid price.

Debt securities, excluding asset-backed and mortgage-backed securities, are valued at the mean of the last bid and ask prices available, which approximates fair value. Asset-backed and mortgage-backed securities are generally valued at the last bid price, if available.

Short-term securities maturing in more than 60 days from the valuation date are valued at the mean of the last bid and ask prices; those maturing in 60 days or less are generally valued at amortized cost, which approximates current market value.

Forward foreign currency contracts are valued based upon closing exchange rates from each respective foreign market.

Futures contracts are valued at the closing settlement price on the exchange on which they are primarily traded.

Options, rights and warrants for which the primary market is a national securities exchange are valued at the last sale price on the exchange on which they are traded, or, in the absence of any sale, at the closing bid price. Options, rights and warrants not traded on a national securities exchange are valued at the last quoted bid price.

Swap agreements are valued daily based upon the terms specific to each agreement with its counterparty. (Please see Note 2.i., "Derivative Financial Instruments" for additional information regarding the valuation of swap agreements).

Non-deliverable bond forward contracts are valued daily based upon the terms specific to each agreement with its counterparty. (Please see Note 2.i., "Derivative Financial Instruments" for additional information regarding the valuation of non-deliverable bond forward contracts).

To the extent available, valuations of portfolio securities are provided by independent pricing services approved by the Valuation Designee, which consists of the voting member of the Adviser's Valuation Committee. Securities for which market quotations are not readily available are valued at fair value according to methods established by the Valuation Designee. Due to the potential excessive volatility at the time valuations are developed, pricing may materially vary from the actual amounts realized upon sale of the securities.

For securities that principally trade on a foreign market or exchange, a significant gap in time can exist between the time of a particular security's last trade and the time at which a Fund calculates its Net Asset Value ("NAV"). The closing prices of such securities may no longer reflect their market value at the time the Fund calculates its NAV if an event that could materially affect the value of those securities (a "Significant Event") has occurred between the time of the security's last close and the time that the Fund calculates its NAV. A Significant Event may relate to a single issuer or to an entire market sector. If management becomes aware of a Significant Event that has occurred with respect to a security or group of securities after the closing of the exchange or market on which the security or securities principally trade, but before the time at which the Fund calculates its NAV, a Valuation Committee meeting may be called. The Funds use Intercontinental Exchange ("ICE") as a third-party fair valuation vendor. ICE provides a fair value for foreign equity securities held by the Funds based on certain factors and methodologies applied by ICE in the event that there is movement in the U.S. market that exceeds a specific threshold established by the Valuation Committee in consultation with the Board of Directors. The specific threshold may be set to 0.00% such that the adjustments to fair value for market movements occur daily to strike a more accurate NAV according to the most recently available information. Such methodologies generally involve tracking valuation correlations between the U.S. market and each non-U.S. security. This value is called the fair value trigger. The methodologies will only apply to those securities for which a "confidence interval" has been exceeded. ICE has established confidence intervals for each foreign security that determines the level of correlation between the fair value of the foreign equity security and movements in the U.S. market before a particular security will be fair valued. In the event that the threshold established by the valuation procedures is exceeded on a specific day, the Funds will typically value non-U.S. equity securities in its portfolio that exceed the applicable confidence interval based upon the fair values provided by ICE.

**288**

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Each Fund values their investments in underlying Funds daily at the closing NAV of each respective Fund.

The Financial Accounting Standards Board's "Fair Value Measurements and Disclosures" defines fair value as the price that a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes and requires disclosure of a fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into levels (Levels 1, 2, and 3). Categorizations of fair value measurements, and the criteria used to determine each categorization, are as follows:

Level 1 – quoted prices in active markets for identical securities

Level 2 – prices determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

Level 3 – prices determined using significant unobservable inputs (including the valuation committee's own assumptions in determining the fair value of investments)

Valuation levels are not necessarily an indication of the risk associated with investing in those securities. Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. In accordance with the requirements of U.S. GAAP, the amounts of transfers in and out of level 3, if material, are disclosed in the Note to Schedule of Investments for each respective fund.

**b. Fixed Income Securities**

The Fixed Income Funds, the Money Market Fund, and the Strategic Alternatives Fund may invest in mortgage-related and other asset-backed securities. These securities include mortgage pass-through securities, collateralized mortgage obligations, commercial mortgage-backed securities, stripped mortgage-backed securities, asset-backed securities, collateralized debt obligations and/or other securities that directly or indirectly represent a participation in, or are secured by and payable from, mortgage loans on real property. Mortgage-related and other asset-backed securities are interests in pools of loans or other receivables. Mortgage-related securities are created from pools of residential or commercial mortgage loans, including mortgage loans made by savings and loan institutions, mortgage bankers, commercial banks and others. Asset-backed securities are created from many types of assets, including auto loans, credit card receivables, home equity loans and student loans. These securities provide a monthly payment which consists of both interest and principal payments. Interest payments may be determined by fixed or adjustable rates. The rate of pre-payments on underlying mortgages will affect the price and volatility of a mortgage-related security and may have the effect of shortening or extending the effective duration of the security relative to what was anticipated at the time of purchase. The timely payment of principal and interest of certain mortgage-related securities is guaranteed with the full faith and credit of the U.S. government. Pools created and guaranteed by non-governmental issuers, including government-sponsored corporations, may be supported by various forms of insurance or guarantees, but there can be no assurance that the private insurers or guarantors can meet their obligations under the insurance policies or guarantee arrangements.

Collateralized Mortgage Obligations ("CMOs") are debt obligations of a legal entity that are collateralized by mortgages and divided into classes. CMOs are structured into multiple classes, often referred to as "tranches," with each class bearing a different stated maturity and entitled to a different schedule for payments of principal and interest, including pre-payments. Commercial Mortgage-Backed Securities ("CMBS") include securities that reflect an interest in, and are secured by, mortgage loans on commercial real property. Many of the risks of investing in CMBS reflect the risks of investing in the real estate securing the underlying mortgage loans. These risks reflect the effects of local and other economic conditions on real estate markets, the ability of tenants to make loan payments and the ability of a property to attract and retain tenants. CMOs and CMBS may be less liquid and may exhibit greater price volatility than other types of mortgage- or asset-backed securities.

Stripped Mortgage-Backed Securities ("SMBS") are derivative multi-class mortgage securities. SMBS are usually structured with two classes that receive different proportions of the interest and principal distributions on a pool of mortgage assets. A common type of SMBS will have one class receiving some of the interest and most of the principal from the mortgage assets, while the other class will receive most of the interest and the remainder of the principal. In the most extreme case, one class will receive all of the interest (the interest-only or "IO" class), while the other class will receive the entire principal (the principal-only or "PO"

**289**

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class). Payments received for IOs are included in interest income on the Statements of Operations. Because little to no principal will be received at the maturity of an IO, adjustments are made to the book value of the security on a monthly basis until maturity. These adjustments are included in interest income on the Statements of Operations. Payments received for POs are treated as reductions to the cost and par value of the securities.

Inflation-indexed bonds are fixed-income securities whose principal value is periodically adjusted to the rate of inflation. The interest rate on these bonds is generally fixed at issuance at a rate lower than typical bonds. Over the life of an inflation-indexed bond, however, interest will be paid based on a principal value, which is adjusted for inflation. Any increase or decrease in the principal amount of an inflation-indexed bond will be included as interest income on the Statements of Operations, even though investors do not receive their principal until maturity.

"TBA" (to be announced) commitments are commitments to purchase or sell mortgage-backed securities for a fixed price at a future date, typically not exceeding 45 days. TBAs may be considered securities in themselves and involve a risk of loss if the value of the security to be purchased declines prior to settlement date. This risk is in addition to the risk of decline in each Fund's other assets. Unsettled TBAs are valued at the current market value of the underlying securities, according to the procedures described in the section entitled "Valuation of Securities."

The Fixed Income Funds may enter into dollar roll transactions, pursuant to which they sell a mortgage-backed TBA or security and simultaneously purchase a similar, but not identical, TBA with the same issuer, rate and terms. The Funds may execute a "roll" to obtain better underlying mortgage securities or to increase yield. The Funds account for dollar roll transactions as purchases and sales, which has the effect of increasing their portfolio turnover rates. Risks associated with dollar rolls are that actual mortgages received by the Funds may be less favorable than those anticipated or that counterparties may fail to perform under the terms of the contracts.

U.S. government securities are obligations of and, in certain cases, guaranteed by, the U.S. government, its agencies or instrumentalities. The U.S. government does not guarantee the NAV of the Funds' shares. Some U.S. government securities, such as Treasury bills, notes and bonds and securities guaranteed by the Government National Mortgage Association ("GNMA" or "Ginnie Mae"), are supported by the full faith and credit of the U.S. government; others, such as those of the Federal Home Loan Bank, are supported by the right of the issuer to borrow from the U.S. Department of the Treasury (the "U.S. Treasury"); others, such as those of the Federal National Mortgage Association ("FNMA" or "Fannie Mae"), are supported by the discretionary authority of the U.S. government to purchase the agency's obligations; and still others, such as those of the Student Loan Marketing Association, are supported only by the credit of the instrumentality. U.S. government securities may include zero coupon securities, which do not distribute interest on a current basis and tend to be subject to greater risk than interest-paying securities of similar maturities.

Government-related guarantors (i.e., not backed by the full faith and credit of the U.S. government) include FNMA and the Federal Home Loan Mortgage Corporation ("FHLMC" or "Freddie Mac"). FNMA is a government-sponsored corporation, the common stock of which is owned entirely by private stockholders. FNMA purchases conventional (i.e., not insured or guaranteed by any government agency) residential mortgages from a list of approved seller/servicers which include state and federally chartered savings and loan associations, mutual savings banks, commercial banks and credit unions and mortgage bankers. Pass-through securities issued by FNMA are guaranteed as to timely payment of principal and interest by FNMA, but are not backed by the full faith and credit of the U.S. government. FHLMC issues Participation Certificates ("PCs"), which are pass-through securities, each representing an undivided interest in a pool of residential mortgages. FHLMC guarantees the timely payment of interest and ultimate collection of principal, but PCs are not backed by the full faith and credit of the U.S. government.

**c. Foreign Currency Translations**

Investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions.

The Funds isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held.

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Reported net realized foreign exchange gains or losses arise from sales of portfolio securities, sales and maturities of short-term securities, sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the values of assets and liabilities, including investments in securities at fiscal year-end, resulting from changes in the exchange rate.

**d. Loan Participations**

The Fixed Income Funds, Defensive Market Strategies<sup>®</sup> Fund and Strategic Alternatives Fund may invest in direct debt instruments which are interests in amounts owed to lenders or lending syndicates by corporate borrowers. Investments in loans may be in the form of participations in loans. A loan is often administered by a bank or other financial institution (the "lender") that acts as agent for all holders. The agent administers the terms of the loan, as specified in the loan agreement. The holder may invest in multiple series of a loan, which may have varying terms and carry different associated risks. The holder generally has no right to enforce compliance with the terms of the loan agreement with the borrower. As a result, these instruments may be subject to the credit risk of both the borrower and the lender that is selling the loan agreement. When investing in a loan participation, the holder has the right to receive payments of principal, interest and any fees to which it is entitled only from the lender selling the loan agreement and only upon receipt of payments by the lender from the borrower.

The Fixed Income Funds, Defensive Market Strategies<sup>®</sup> Fund and Strategic Alternatives Fund may invest in floating rate loans, some of which may be unfunded corporate loan commitments ("commitments"). Commitments may obligate the holder to furnish temporary financing to a borrower until permanent financing can be arranged. The holder may receive a commitment fee based on the undrawn portion of the underlying line of credit portion of a floating rate loan. In certain circumstances, the holder may receive a prepayment penalty fee upon the prepayment of a floating rate loan by a borrower. Fees earned or paid are recorded as a component of interest income or interest expense on the Statements of Operations.

**e. Real Estate Investment Securities**

Each Select Fund may invest in real estate investment trusts ("REITs") and other real estate related securities. A REIT is a company dedicated to owning, and usually operating, income-producing real estate or to financing real estate and can generally be classified as an equity REIT, mortgage REIT or hybrid REIT. Equity REITs invest directly in real property, while mortgage REITs invest in mortgages on real property. Hybrid REITs combine characteristics of both equity REITs and mortgage REITs. REITs may be subject to certain risks associated with the direct ownership of real estate, including declines in the value of real estate, risks related to general and local economic conditions, overbuilding and increased competition, increases in property taxes and operating expenses and variations in rental income. Equity REITs may be affected by changes in the value of the underlying property owned by the REITs, while mortgage REITs may be affected by the quality of credit extended. Equity and mortgage REITs are dependent upon management skill and are subject to the risks of financing projects. REITs are also subject to heavy cash flow dependency, defaults by borrowers and self-liquidation. In addition, adverse economic, business or political developments affecting the real estate sector could have a major effect on the value of a REIT and other real estate related securities.

Dividend income from REITs is recorded using management's estimate of the income included in distributions received from REIT investments. The actual amounts of income, return of capital and capital gains are only determined by each REIT after its fiscal year-end and may differ from the estimated amount. Estimates of income are adjusted in the Funds to the actual amounts when the amounts are determined.

**f. Repurchase Agreements**

Each Fund may agree to purchase securities from financial institutions subject to the seller's agreement to repurchase them at a mutually agreed-upon date and price. It is the Trust's policy that repurchase agreements are fully collateralized by U.S. Treasury and Government Agency securities, or by other securities sufficiently guaranteed and liquid in accordance with Rule 5b-3 under the 1940 Act. Any repurchase agreement entered into by a Fund will be collateralized by at least 100% of the repurchase price

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(including accrued interest) for repurchase agreements collateralized by U.S. Government securities or cash, and at least 102% of the repurchase price (including accrued interest) for other types of collateral. All collateral is held by the Fund's custodian bank or a bank with which the custodian bank has entered into a subcustodian agreement, or is segregated in the Federal Reserve Book Entry System. In connection with transactions in repurchase agreements, if the seller defaults and the value of the collateral declines, or if the seller enters an insolvency proceeding, realization of the collateral by the Fund may be delayed or limited.

Repurchase transactions are entered into by the Funds under Master Repurchase Agreements ("MRA") which permit the Funds, under certain circumstances including an event of default (such as bankruptcy or insolvency), to offset payables and/or receivables under the MRA with collateral held and/or posted to the counterparty and create one single net payment due to or from the Fund.

At June 30, 2025, the open repurchase agreements by counterparty which are subject to an MRA on a net payment basis are as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Fund/Counterparty** | **Repurchase** <br>**Agreements**<br>| **Fair Value of** <br>**Non-cash** <br>**Collateral** <br>**Received**<sup>(1)</sup><br>| **Cash** <br>**Collateral** <br>**Received**<br>| **Net Amount**<sup>(2)</sup> |
| **Money Market** |  |  |  |  |
| Bank of Nova Scotia | &nbsp;&nbsp;&nbsp; $85000000 | &nbsp;&nbsp;&nbsp; $(85000000)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| BNP Paribas | &nbsp;&nbsp;&nbsp; 135000000 | &nbsp;&nbsp;&nbsp; (135000000)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Citigroup Global Markets, Inc. | &nbsp;&nbsp;&nbsp; 125000000 | &nbsp;&nbsp;&nbsp; (125000000)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Goldman Sachs & Co. | &nbsp;&nbsp;&nbsp; 125000000 | &nbsp;&nbsp;&nbsp; (125000000)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Mitsubishi UFJ Securities USA, Inc. | &nbsp;&nbsp;&nbsp; 125000000 | &nbsp;&nbsp;&nbsp; (125000000)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Mizuho Securities USA, Inc. | &nbsp;&nbsp;&nbsp; 125000000 | &nbsp;&nbsp;&nbsp; (125000000)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Natixis S.A. | &nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp; (5000000)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| TD Securities USA LLC | &nbsp;&nbsp;&nbsp; 125000000 | &nbsp;&nbsp;&nbsp; (125000000)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Total Repurchase Agreements | &nbsp;&nbsp;&nbsp; $850000000 | &nbsp;&nbsp;&nbsp; $(850000000)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| **Low-Duration Bond** |  |  |  |  |
| Deutsche Bank Securities, Inc. | &nbsp;&nbsp;&nbsp; $17700000 | &nbsp;&nbsp;&nbsp; $(17700000)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| **Medium-Duration Bond** |  |  |  |  |
| Citigroup Global Markets, Inc. | &nbsp;&nbsp;&nbsp; $439800000 | &nbsp;&nbsp;&nbsp; $(439800000)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| Deutsche Bank Securities, Inc. | &nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; (100000)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Total Repurchase Agreements | &nbsp;&nbsp;&nbsp; $439900000 | &nbsp;&nbsp;&nbsp; $(439900000)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |

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<sup>(1)</sup> The value of the related collateral received was equal to or exceeded the value of the repurchase agreement as of June 30, 2025.

<sup>(2)</sup> Net amount represents the net amount of receivable due from (payable to) the counterparty in the event of a default.

Additional information about netting arrangements under the Master Agreements can be found in the Derivative Financial Instruments and Securities Lending sections of the Notes to Financial Statements.

**g. Short Sales**

A short sale is a transaction in which a Fund sells a security it does not own. The Fund's obligation to replace the security borrowed and sold short will be collateralized by cash equivalents maintained in a segregated account with the broker. Cash deposited with the broker is recorded as an asset on the Statements of Assets and Liabilities. If the price of the security sold short increases between the time of the short sale and the time the Fund replaces the borrowed security, the Fund will realize a loss; and if the price declines during the period, the Fund will realize a gain. Any realized gain will be decreased, and any realized loss increased, by the amount of transaction costs.

The Fixed Income Funds and Strategic Alternatives Fund may sell short U.S. Treasury securities and derivatives such as, but not limited to, swaps, futures contracts and currency forwards to manage risk (e.g., duration, currency, credit, etc.). The Fixed Income Funds may occasionally enter into a short sale to initiate a dollar roll transaction. The Low-Duration Bond Fund may be involved in dollar roll transactions with U.S. Treasury securities throughout the year. The Strategic Alternatives Fund may establish short positions in stocks of companies with a market value of up to 40% of the Fund's assets. The Defensive Market

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Strategies<sup>®</sup> Fund may establish short positions in stocks of companies with a market value of up to 30% of the Fund's assets. The International Equity Fund may establish short positions in stocks of foreign companies with a market value of up to 10% of the Fund's assets.

At June 30, 2025, the value of securities sold short was $21,220,014 in the Strategic Alternatives Fund.

**h. Synthetic Convertible Instruments**

The Defensive Market Strategies<sup>®</sup> Fund establishes synthetic convertible instruments. Synthetic convertible instruments combine fixed-income securities (which may be convertible or non-convertible) with the right to acquire equity securities. In establishing a synthetic instrument, a basket of fixed-income securities is pooled with a basket of options or warrants that produce the characteristics similar to a convertible security. The risks of investing in synthetic convertible instruments include unfavorable price movements in the underlying security and the credit risk of the issuing financial institution. There may be no guarantee of a return of principal with synthetic convertible instruments and the appreciation potential may be limited. Synthetic convertible instruments may be more volatile and less liquid than other investments held by the Fund.

**i. Derivative Financial Instruments**

The Funds may engage in various portfolio strategies to seek to increase their return by hedging their portfolios against adverse movements in the equity, debt and currency markets. Losses may arise due to changes in the value of the contract if the counterparty does not perform under the contract. The Funds, in their normal course of business, may enter into contracts that contain a variety of representations and warranties, and which provide general indemnifications. The Funds' exposure may include future claims that may be made against the Funds that have not yet occurred.

FASB "Derivatives and Hedging" includes required disclosure for (i) the nature and terms of the derivative, reasons for entering into the derivative, the events or circumstances that would require the seller to perform under the derivative, and the current status of the payment/performance risk of the derivative, (ii) the maximum potential amount of future payments (undiscounted) the seller could be required to make under the derivative, (iii) the fair value of the derivative and (iv) the nature of any recourse provisions and assets held either as collateral or by third parties. FASB "Guarantees" requires additional disclosures about the current status of the payment/performance risk of a guarantee. All of this information has been incorporated for the current period as part of the Schedules of Investments within the Swap agreements outstanding disclosure and in the Notes to Financial Statements.

**Financial Futures Contracts** — The Funds (except the Money Market Fund) may purchase or sell financial futures contracts and the options on such futures contracts for the purpose of hedging risk on existing securities, demonstrating purchase of securities or gaining market exposure on cash balances. Financial futures contracts are contracts for the delivery of securities at a specified future date at an agreed-upon price or yield. Upon entering into a contract, the Funds deposit and maintain as collateral such initial margin as required by the exchange on which the transaction is effected.

Pursuant to the contract, the Funds agree to pay to or receive from the broker an amount of cash equal to the daily fluctuation in the value of the contract. Such payments or receipts are known as variation margin and are recorded by the Funds as unrealized gains or losses until the contract is closed or settled.

Risks of entering into futures contracts include the possibility that there will be an imperfect price correlation between the futures and the underlying securities. Second, it is possible that a lack of liquidity for futures contracts could exist in the secondary market, resulting in an inability to close a futures position prior to its maturity date. Third, the purchase of a futures contract involves the risk that a Fund could lose more than the original margin deposit required to initiate a futures transaction. Futures contracts involve, to varying degrees, risk of loss in excess of the variation margin disclosed on the Statements of Assets and Liabilities.

**Foreign Currency Options and Futures** — The Fixed Income Funds, Impact Equity Fund, Global Real Estate Securities Fund, International Equity Index Fund, International Equity Fund, Emerging Markets Equity Fund, Strategic Alternatives Fund and the Defensive Market Strategies<sup>®</sup> Fund may also enter into futures contracts on foreign currencies and related options on transactions as a short or long hedge against possible variations in foreign exchange rates.

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**Forward Foreign Currency Contracts** — Certain Funds may enter into forward foreign currency contracts to hedge against adverse exchange rate fluctuation to the U.S. dollar or between different foreign currencies in connection with either specific security transactions or portfolio positions. Each contract is valued daily and the change in value is recorded as an unrealized gain or loss. When the contract is closed, a realized gain or loss is recorded equal to the difference between the opening value and the closing value of the contract. These contracts may involve market risk in excess of the unrealized gain or loss reflected on the Statements of Assets and Liabilities. The Funds could be exposed to risk if the counterparties to the contracts are unable to meet the terms of the contract and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar.

**Non-Deliverable Bond Forward Contracts** — A non-deliverable bond forward is a short-term forward contract between two parties to buy or sell a bond denominated in a non-deliverable foreign currency at a specified future time and price. Non-deliverable bond forwards are marked-to-market daily using market quotations. Unrealized gains or losses on non-deliverable bond forwards are recorded by the Fund on a daily basis, and realized gains or losses are recorded on the termination date or sale of a contract.

**Options** — Certain Funds are authorized to write and purchase put and call options. The risk in writing a covered call option is that the Funds give up the opportunity for profit if the market price of the security increases. In the case of an uncovered call option, the Fund must either purchase the underlying instrument at market price to meet its call obligations or settle the obligations with a cash payment, and there is a risk of unlimited loss. The risk in writing a put option is that the Funds may incur a loss if the market price of the security decreases and the option is exercised. The risk in purchasing an option is that the Funds pay a premium whether or not the option is exercised. The Funds also have the additional risk of being unable to enter into a closing transaction at an acceptable price if a liquid secondary market does not exist. The Funds also may write over-the-counter options where completing the obligation depends upon the credit standing of the other party and that party's ability to perform. Option contracts also involve the risk that they may not work as intended due to unanticipated developments in market conditions or other causes.

Options purchased are recorded as an asset and written options are recorded as liabilities to the extent of premiums paid or received. Each Fund will realize a gain or loss when the option transaction expires or closes. When an option is exercised, the proceeds on sales for a written call option, the purchase cost for a written put option or the cost of a security for a purchased put or call option is adjusted by the amount of the premium received or paid.

When a Fund writes a call or put option, an amount equal to the premium received is recorded as a liability and subsequently marked to market to reflect the current value of the option written. These liabilities are reflected as written options on the Statements of Assets and Liabilities.

Certain Funds may write swaption contracts to manage exposure to fluctuations in interest rates and to enhance portfolio yield. Swaption contracts written by the Funds represent an option that gives the purchaser the right, but not the obligation, to enter into a previously agreed-upon swap agreement on a future date. If a written call swaption is exercised, the writer will enter a swap and is obligated to pay the fixed-rate and receive a floating rate in exchange. If a written put swaption is exercised, the writer will enter a swap and is obligated to pay the floating rate and receive a fixed rate in exchange. Swaptions are marked-to-market daily based upon quotations from market makers. When a Fund writes a swaption, the premium received is recorded as a liability and is subsequently adjusted to the current market value of the swaption.

Entering into a swaption contract involves, to varying degrees, the elements of credit, market and interest rate risk in excess of the associated option and swap agreement amounts reported in the Statements of Assets and Liabilities. The Funds bear the market risk arising from any change in index values or interest rates.

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**Swap Agreements** — Certain Funds may enter into swap agreements, such as total return swaps. The Equity Funds may enter into equity swap agreements, and the International Equity Fund and Emerging Markets Equity Fund may also enter into cross-currency swap agreements. The Fixed Income Funds may enter into interest rate, credit default, and cross-currency swap agreements. The Strategic Alternatives Fund may enter into equity and interest rate swap agreements.

Swap agreements are privately negotiated agreements between a Fund and a counterparty to exchange or swap investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals. A swap may be entered into in order to, among other things, change the maturity of a Fund's portfolio, to protect a Fund's value from changes in interest rates, to expose a Fund to a different security or market or to help a Fund achieve a strategy relative to an index or other benchmark. By entering into a swap agreement, a Fund is exposed to the risk of unanticipated movements in interest rates or in the value of an underlying security or index (or the risk that the counterparty will not fulfill its obligation under the agreement).

Swaps are marked-to-market daily based upon values from third-party vendors or quotations from market makers to the extent available; and the change in value, if any, is recorded as an unrealized gain or loss on the Statements of Assets and Liabilities. In the event that market quotations are not readily available or deemed reliable, certain swap agreements may be valued pursuant to guidelines established by the Board of Directors. In the event that market quotes are not readily available and the swap cannot be valued pursuant to one of the valuation methods, the value of the swap will be determined in good faith by the Valuation Committee, generally based upon recommendations provided by the Fund's sub-adviser.

Payments received or made at the beginning of the measurement period are reflected as such on the Statements of Assets and Liabilities and represent payments made or received upon entering into the swap agreement to compensate for differences between the stated terms of the swap agreement and prevailing market conditions (credit spreads, currency exchange rates, interest rates, and other relevant factors). These upfront payments are recorded as realized gains or losses on the Statements of Operations upon termination or maturity of the swap. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss on the Statements of Operations. Net periodic payments received or paid by a Fund are included as part of realized gains or losses on the Statements of Operations.

Certain Funds' derivative agreements contain provisions that require a Fund to maintain a predetermined level of net assets, and/or provide limits regarding the decline of the Fund's NAV over one-month, three-month and 12-month periods. If a Fund were to violate such provisions, the counterparties to the derivative instruments could request immediate payment or demand immediate collateralization on derivative instruments in net liability positions. For the period ended June 30, 2025, all of the Funds maintained the required level of net assets and/or the NAVs of the Funds did not decline below the limits set forth in the derivative agreements.

Entering into these agreements involves, to varying degrees, elements of credit, market and documentation risk in excess of the amounts recognized on the Statements of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of contractual terms in the agreements and that there may be unfavorable changes in interest rates.

**Credit Default Swaps** — Credit default swap ("CDS") agreements involve one party making a stream of payments (referred to as the buyer of protection) to another party (the seller of protection) in exchange for the right to receive a specified return in the event of a default or other credit event for the referenced entity, obligation or index. As a seller of protection on CDS agreements, a Fund will generally receive from the buyer of protection a fixed rate of income throughout the term of the swap provided that there is no credit event. As the seller, a Fund would effectively add leverage to its portfolio because, in addition to its total net assets, a Fund would be subject to investment exposure on the notional amount of the swap. In connection with these agreements, securities are set aside as collateral by the Fund's custodian.

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Upfront payments made or received in connection with CDS agreements are amortized over the expected life of the CDS agreements as unrealized gains or losses on swap agreements. The change in value of the CDS agreements is recorded daily as unrealized appreciation or depreciation. A realized gain or loss is recorded upon a credit event (as defined in the CDS agreement) or the maturity or termination of the agreement.

The sub-advisers monitor a variety of factors including cash flow assumptions, market activity, market sentiment and valuation as part of their ongoing process of assessing payment and performance risk. As payment and performance risk increases, the value of a CDS increases, resulting in recognition of unrealized gains for long positions and unrealized losses for short positions. Conversely, as payment and performance risk decreases, unrealized gains are recognized for short positions and unrealized losses are recognized for long positions. Any current or future declines in the fair value of the swap may be partially offset by upfront payments received by the Fund as a seller of protection if applicable. The change in value is recorded within unrealized appreciation (depreciation) until the occurrence of a credit event or the termination of the swap, at which time a realized gain (loss) is recorded.

If a Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, a Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. If a Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, a Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. Recovery values are assumed by market makers considering either industry standard recovery rates or entity specific factors and considerations until a credit event occurs. If a credit event has occurred, the recovery value is determined by a facilitated auction whereby a minimum number of allowable broker bids, together with a specified valuation method, are used to calculate the settlement value.

CDS agreements on corporate issues or sovereign issues of an emerging country involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a default or other credit event. If a credit event occurs and cash settlement is not elected, a variety of other deliverable obligations may be delivered in lieu of the specific referenced obligation. The ability to deliver other obligations may result in a cheapest-to-deliver option (the buyer of protection's right to choose the deliverable obligation with the lowest value following a credit event). A Fund may use CDS on corporate issues or sovereign issues of an emerging country to provide a measure of protection against defaults of the issuers (i.e., to reduce risk where a Fund owns or has exposure to the referenced obligation) or to take an active long or short position with respect to the likelihood of a particular issuer's default.

CDS agreements on asset-backed securities involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a default or other credit event. Unlike CDS on corporate issues or sovereign issues of an emerging country, deliverable obligations in most instances would be limited to the specific referenced obligation as performance for asset-backed securities can vary across deals. Prepayments, principal paydowns, and other write down or loss events on the underlying loans will reduce the outstanding principal balance of the referenced obligation. These reductions may be temporary or permanent as defined under the terms of the swap agreement, and the notional amount for the swap agreement will be adjusted by corresponding amounts. A Fund may use CDS on asset-backed securities to provide a measure of protection against defaults of the referenced obligation or to take an active long or short position with respect to the likelihood of a particular referenced obligation's default.

CDS agreements on credit indexes involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the referenced entities comprising the credit index. A credit index is a list of a basket of credit instruments or exposures

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designed to be representative of some part of the credit market as a whole. These indexes are made up of reference credits that are judged by a poll of dealers to be the most liquid entities in the CDS market based on the sector of the index. Components of the indexes may include, but are not limited to, investment grade securities, high yield securities, asset-backed securities, emerging markets, and/or various credit ratings within each sector. Credit indexes are traded using CDS with standardized terms including a fixed spread and standard maturity dates. An index CDS references all the names in the index, and if there is a default, the credit event is settled based on that name's weight in the index. The composition of the indexes changes periodically, usually every six months, and for most indexes, each name has an equal weight in the index. A Fund may use CDS on credit indexes to hedge a portfolio of CDS or bonds with a CDS on indexes which is less expensive than it would be to buy many CDS to achieve a similar effect. CDS on indexes are benchmarks for protecting investors owning bonds against default, and traders use them to speculate on changes in credit quality.

Implied credit spreads, represented in absolute terms, utilized in determining the market value of CDS agreements on corporate issues or sovereign issues of an emerging country as of year-end are disclosed in the Schedules of Investments and serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. For CDS agreements on asset-backed securities and credit indexes, the quoted market prices and resulting values serve as the indicator of the current status of the payment/performance risk. Wider credit spreads and increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

CDS involve greater risks than if the Funds had invested in the referenced obligation directly. In addition to general market risks, CDS are subject to liquidity risk and counterparty credit risk. The Funds enter into CDS with counterparties meeting defined criteria for financial strength. A buyer also may lose its investment and recover nothing should a credit event not occur. If a credit event did occur, the value of the referenced obligation received by the seller, coupled with the periodic payments previously received, may be less than the full notional value it pays to the buyer, resulting in a loss of value.

The maximum potential amount of future payments (undiscounted) that a Fund as a seller of protection could be required to make under a CDS agreement equals the notional amount of the agreement. Notional amounts of each individual CDS agreement outstanding as of year-end for which a Fund is the seller of protection are disclosed in the Schedules of Investments. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement or net amounts received from the settlement of buy protection CDS agreements entered into by a Fund for the same referenced entity or entities.

**Centrally Cleared Swap Agreements** — Centrally cleared swaps are either interest rate or CDS agreements brokered by the Chicago Mercantile Exchange, London Clearing House or the Intercontinental Exchange (the "Exchanges"), where the Exchanges are the counterparty to both the buyer and seller of protection. Centrally cleared swaps involve a lesser degree of risk because the Exchanges, as counterparties, monitor risk factors for the involved parties. Centrally cleared swaps are subject to general market risks and to liquidity risk. Pursuant to the agreement, the Funds agree to pay to or receive from the broker an amount of cash equal to the daily fluctuation in the value of the contract (the "margin") and daily interest on the margin. In the case of centrally cleared interest rate swaps, the daily settlement also includes the daily portion of interest. Such payments are recorded by the Funds as unrealized gains or losses until the contract is closed or settled.

Centrally cleared swaps require no payments at the beginning of the measurement period, nor are there liquidation payments at the termination of the swap.

**Cross-Currency Swap Agreements** — Cross-currency swap agreements involve two parties exchanging two different currencies with an agreement to reverse the exchange at a later date at specified exchange rates. The exchange of currencies at the inception date of the contract takes place at the current spot rate. The re-exchange at maturity may take place at the same exchange rate, a specified rate, or the then current spot rate. Interest payments, if applicable, are made between the

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parties based on interest rates available in the two currencies at the inception of the contract. The terms of cross-currency swap agreements may extend for many years. Cross-currency swaps are usually negotiated with commercial and investment banks. Some cross-currency swaps may not provide for exchanging principal cash flows but only for exchanging interest cash flows.

**Interest Rate Swap Agreements** — Interest rate swap agreements involve the exchange by a Fund with another party of their respective commitments to pay or receive interest with respect to the notional amount of principal. Certain forms of interest rate swap agreements may include: (i) interest rate caps, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or "cap", (ii) interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or "floor", (iii) interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels, (iv) callable interest rate swaps, under which the counterparty may terminate the swap transaction in whole at zero cost by a predetermined date and time prior to the maturity date, (v) spread locks, which allow the interest rate swap users to lock in the forward differential (or spread) between the interest rate swap rate and a specified benchmark or (vi) basis swaps, under which two parties can exchange variable interest rates based on different money markets.

**Total Return Swap Agreements** — Total return swap agreements on commodities involve commitments where exchanged cash flows are based on the price of an underlying commodity. In return, a Fund receives either a fixed rate of interest or a rate determined by a floating rate index. One party would receive payments based on the market value of the commodity involved and pay a fixed amount. Total return swap agreements on indexes involve commitments to pay interest in exchange for a market-linked return. One counterparty pays out the total return of a specific reference asset, which may be an equity, index or bond, and in return receives a regular stream of payments. To the extent the total return of the security or index underlying the transaction exceeds or falls short of the offsetting interest rate obligation, a Fund will receive a payment from or make a payment to the counterparty.

**Forward Rate Agreements** — Forward rate agreements represent an agreement between counterparties to exchange cash flows based on the difference between two interest rates, applied to a notional principal amount on a fixed future date. The Funds enter into forward rate agreements to gain yield exposure based on anticipated market conditions at the specified termination date of the agreement.

**Variance Swap Agreements** — Variance swap agreements involve two parties exchanging cash payments based on the difference between the stated level of variance ("Variance Strike Price") and the actual variance realized on an underlying asset or index. As a receiver of the realized price variance, a Fund would receive the payoff amount when the realized price variance of the underlying asset is greater than the strike price and would owe the payoff amount when the variance is less than the strike price. As a payer of the realized price variance, a Fund would owe the payoff amount when the realized price variance of the underlying asset is greater than the strike price and would receive the payoff amount when the variance is less than the strike. A Fund may enter into variance swaps in an attempt to hedge market risk or adjust exposure to the markets.

**Offsetting of Financial and Derivative Assets and Liabilities**

Certain Funds are parties to International Swap and Derivatives Association, Inc. ("ISDA") Master Agreements ("MA") with various counterparties that govern over-the-counter derivative and foreign exchange contracts entered into from time to time. The ISDA MA may contain provisions regarding, among other things, the parties' general obligations, representations, agreements, collateral requirements, events of default and early termination. With respect to certain counterparties, in accordance with the terms of the ISDA MA, collateral posted to the Fund is held in a segregated account by the Fund's custodian and with respect to those amounts which can be sold or repledged, is presented in the Fund's portfolio or Statements of Assets and Liabilities. For

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financial reporting purposes, the Funds do not offset derivative assets and derivative liabilities that are subject to an ISDA MA in the Statements of Assets and Liabilities.

At June 30, 2025, derivative assets and liabilities (by type) held by the Funds are as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Assets** | **Liabilities** |
| **Low-Duration Bond** |  |  |
| Derivative Financial Instruments: |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $26404 |
| Forward foreign currency contracts | &nbsp;&nbsp; 130367 | &nbsp;&nbsp;&nbsp;&nbsp; 440862 |
| Options | &nbsp;&nbsp; 54606 | &nbsp;&nbsp;&nbsp;&nbsp; 973 |
| Centrally cleared swaps | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 108796 |
| Total derivative assets and liabilities in the Statements of Assets and Liabilities | &nbsp;&nbsp; 184973 | &nbsp;&nbsp;&nbsp;&nbsp; 577035 |
| Derivatives not subject to an ISDA MA or similar agreement | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 135200 |
| Total assets and liabilities subject to an ISDA MA | &nbsp;&nbsp; $184973 | &nbsp;&nbsp;&nbsp;&nbsp; $441835 |
| **Medium-Duration Bond** |  |  |
| Derivative Financial Instruments: |  |  |
| Futures contracts | &nbsp;&nbsp; $1086613 | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Forward foreign currency contracts | &nbsp;&nbsp; 1236944 | &nbsp;&nbsp;&nbsp;&nbsp; 5797516 |
| Options | &nbsp;&nbsp; 1452020 | &nbsp;&nbsp;&nbsp;&nbsp; 3912075 |
| Centrally cleared swaps | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 385533 |
| Swap agreements | &nbsp;&nbsp; 2414 | &nbsp;&nbsp;&nbsp;&nbsp; 11295 |
| Total derivative assets and liabilities in the Statements of Assets and Liabilities | &nbsp;&nbsp; 3777991 | &nbsp;&nbsp;&nbsp;&nbsp; 10106419 |
| Derivatives not subject to an ISDA MA or similar agreement | &nbsp;&nbsp; 1086613 | &nbsp;&nbsp;&nbsp;&nbsp; 3683768 |
| Total assets and liabilities subject to an ISDA MA | &nbsp;&nbsp; $2691378 | &nbsp;&nbsp;&nbsp;&nbsp; $6422651 |
| **Global Bond** |  |  |
| Derivative Financial Instruments: |  |  |
| Futures contracts | &nbsp;&nbsp; $6437 | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Forward foreign currency contracts | &nbsp;&nbsp; 23469663 | &nbsp;&nbsp;&nbsp;&nbsp; 29553154 |
| Centrally cleared swaps | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (625)<br>|
| Total derivative assets and liabilities in the Statements of Assets and Liabilities | &nbsp;&nbsp; 23476100 | &nbsp;&nbsp;&nbsp;&nbsp; 29552529 |
| Derivatives not subject to an ISDA MA or similar agreement | &nbsp;&nbsp; 6437 | &nbsp;&nbsp;&nbsp;&nbsp; (625)<br>|
| Total assets and liabilities subject to an ISDA MA | &nbsp;&nbsp; $23469663 | &nbsp;&nbsp;&nbsp;&nbsp; $29553154 |
| **Impact Bond** |  |  |
| Derivative Financial Instruments: |  |  |
| Futures contracts | &nbsp;&nbsp; $5149 | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Total derivative assets and liabilities in the Statements of Assets and Liabilities | &nbsp;&nbsp; 5149 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Derivatives not subject to an ISDA MA or similar agreement | &nbsp;&nbsp; 5149 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total assets and liabilities subject to an ISDA MA | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— |

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| | | |
|:---|:---|:---|
| **Fund** | **Assets** | **Liabilities** |
| **Defensive Market Strategies**<sup>®</sup> |  |  |
| Derivative Financial Instruments: |  |  |
| Futures contracts | &nbsp;&nbsp; $320180 | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Options | &nbsp;&nbsp; 79135275 | &nbsp;&nbsp;&nbsp;&nbsp; 2543166 |
| Total derivative assets and liabilities in the Statements of Assets and Liabilities | &nbsp;&nbsp; 79455455 | &nbsp;&nbsp;&nbsp;&nbsp; 2543166 |
| Derivatives not subject to an ISDA MA or similar agreement | &nbsp;&nbsp; 79455455 | &nbsp;&nbsp;&nbsp;&nbsp; 2543166 |
| Total assets and liabilities subject to an ISDA MA | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| **Impact Equity** |  |  |
| Derivative Financial Instruments: |  |  |
| Futures contracts | &nbsp;&nbsp; $440716 | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Total derivative assets and liabilities in the Statements of Assets and Liabilities | &nbsp;&nbsp; 440716 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Derivatives not subject to an ISDA MA or similar agreement | &nbsp;&nbsp; 440716 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total assets and liabilities subject to an ISDA MA | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| **Equity Index** |  |  |
| Derivative Financial Instruments: |  |  |
| Futures contracts | &nbsp;&nbsp; $541860 | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Total derivative assets and liabilities in the Statements of Assets and Liabilities | &nbsp;&nbsp; 541860 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Derivatives not subject to an ISDA MA or similar agreement | &nbsp;&nbsp; 541860 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total assets and liabilities subject to an ISDA MA | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| **Value Equity Index** |  |  |
| Derivative Financial Instruments: |  |  |
| Futures contracts | &nbsp;&nbsp; $17250 | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Total derivative assets and liabilities in the Statements of Assets and Liabilities | &nbsp;&nbsp; 17250 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Derivatives not subject to an ISDA MA or similar agreement | &nbsp;&nbsp; 17250 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total assets and liabilities subject to an ISDA MA | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| **Value Equity** |  |  |
| Derivative Financial Instruments: |  |  |
| Futures contracts | &nbsp;&nbsp; $40500 | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Forward foreign currency contracts | &nbsp;&nbsp; 190 | &nbsp;&nbsp;&nbsp;&nbsp; 716994 |
| Total derivative assets and liabilities in the Statements of Assets and Liabilities | &nbsp;&nbsp; 40690 | &nbsp;&nbsp;&nbsp;&nbsp; 716994 |
| Derivatives not subject to an ISDA MA or similar agreement | &nbsp;&nbsp; 40690 | &nbsp;&nbsp;&nbsp;&nbsp; 716994 |
| Total assets and liabilities subject to an ISDA MA | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| **Growth Equity Index** |  |  |
| Derivative Financial Instruments: |  |  |
| Futures contracts | &nbsp;&nbsp; $26113 | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Total derivative assets and liabilities in the Statements of Assets and Liabilities | &nbsp;&nbsp; 26113 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Derivatives not subject to an ISDA MA or similar agreement | &nbsp;&nbsp; 26113 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total assets and liabilities subject to an ISDA MA | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— |

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| | | |
|:---|:---|:---|
| **Fund** | **Assets** | **Liabilities** |
| **Small Cap Equity** |  |  |
| Derivative Financial Instruments: |  |  |
| Futures contracts | &nbsp;&nbsp; $3335 | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Forward foreign currency contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 24418 |
| Total derivative assets and liabilities in the Statements of Assets and Liabilities | &nbsp;&nbsp; 3335 | &nbsp;&nbsp;&nbsp;&nbsp; 24418 |
| Derivatives not subject to an ISDA MA or similar agreement | &nbsp;&nbsp; 3335 | &nbsp;&nbsp;&nbsp;&nbsp; 24418 |
| Total assets and liabilities subject to an ISDA MA | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| **International Equity Index** |  |  |
| Derivative Financial Instruments: |  |  |
| Futures contracts | &nbsp;&nbsp; $44350 | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Total derivative assets and liabilities in the Statements of Assets and Liabilities | &nbsp;&nbsp; 44350 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Derivatives not subject to an ISDA MA or similar agreement | &nbsp;&nbsp; 44350 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total assets and liabilities subject to an ISDA MA | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| **International Equity** |  |  |
| Derivative Financial Instruments: |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $20531 |
| Forward foreign currency contracts | &nbsp;&nbsp; 1816210 | &nbsp;&nbsp;&nbsp;&nbsp; 3049950 |
| Centrally cleared swaps | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 23231 |
| Swap agreements | &nbsp;&nbsp; 1203732 | &nbsp;&nbsp;&nbsp;&nbsp; 620628 |
| Total derivative assets and liabilities in the Statements of Assets and Liabilities | &nbsp;&nbsp; 3019942 | &nbsp;&nbsp;&nbsp;&nbsp; 3714340 |
| Derivatives not subject to an ISDA MA or similar agreement | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 43762 |
| Total assets and liabilities subject to an ISDA MA | &nbsp;&nbsp; $3019942 | &nbsp;&nbsp;&nbsp;&nbsp; $3670578 |
| **Emerging Markets Equity** |  |  |
| Derivative Financial Instruments: |  |  |
| Futures contracts | &nbsp;&nbsp; $43089 | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Forward foreign currency contracts | &nbsp;&nbsp; 3116548 | &nbsp;&nbsp;&nbsp;&nbsp; 3436787 |
| Swap agreements | &nbsp;&nbsp; 1595302 | &nbsp;&nbsp;&nbsp;&nbsp; 550558 |
| Total derivative assets and liabilities in the Statements of Assets and Liabilities | &nbsp;&nbsp; 4754939 | &nbsp;&nbsp;&nbsp;&nbsp; 3987345 |
| Derivatives not subject to an ISDA MA or similar agreement | &nbsp;&nbsp; 43089 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total assets and liabilities subject to an ISDA MA | &nbsp;&nbsp; $4711850 | &nbsp;&nbsp;&nbsp;&nbsp; $3987345 |
| **Global Real Estate Securities** |  |  |
| Derivative Financial Instruments: |  |  |
| Futures contracts | &nbsp;&nbsp; $10905 | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Total derivative assets and liabilities in the Statements of Assets and Liabilities | &nbsp;&nbsp; 10905 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Derivatives not subject to an ISDA MA or similar agreement | &nbsp;&nbsp; 10905 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total assets and liabilities subject to an ISDA MA | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— |

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| | | |
|:---|:---|:---|
| **Fund** | **Assets** | **Liabilities** |
| **Strategic Alternatives** |  |  |
| Derivative Financial Instruments: |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $181169 |
| Forward foreign currency contracts | &nbsp;&nbsp; 835806 | &nbsp;&nbsp;&nbsp;&nbsp; 978370 |
| Options | &nbsp;&nbsp; 193873 | &nbsp;&nbsp;&nbsp;&nbsp; 122119 |
| Centrally cleared and total return basket swaps | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 47827 |
| Swap agreements | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1064970 |
| Total derivative assets and liabilities in the Statements of Assets and Liabilities | &nbsp;&nbsp; 1029679 | &nbsp;&nbsp;&nbsp;&nbsp; 2394455 |
| Derivatives not subject to an ISDA MA or similar agreement | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 240598 |
| Total assets and liabilities subject to an ISDA MA | &nbsp;&nbsp; $1029679 | &nbsp;&nbsp;&nbsp;&nbsp; $2153857 |

---

The futures contracts and centrally cleared swap agreements shown above represent the variation margin shown on the Statements of Assets and Liabilities, which is the daily change in the unrealized appreciation (depreciation) for open futures and centrally cleared swap agreements.

At June 30, 2025, derivative assets and liabilities by counterparty net of amounts available for offset under an ISDA MA and net of the related collateral (received)/pledged by the Trust are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund/Sub-adviser/Counterparty** | **Derivative Assets** <br>**Subject to** <br>**an ISDA MA**<br>| **Derivative Liabilities** <br>**Subject to** <br>**an ISDA MA**<br>| **Value of** <br>**Derivatives Subject to** <br>**an ISDA MA**<br>| **Collateral** <br>**(Received)/** <br>**Pledged**<br>| **Net Exposure** |
| **Low-Duration Bond** |  |  |  |  |  |
| Sub-adviser A |  |  |  |  |  |
| Other Counterparties\* | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(4506)<br>| &nbsp;&nbsp; $(4506)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(4506)<br>|
| Sub-adviser B |  |  |  |  |  |
| Other Counterparties\* | &nbsp;&nbsp; 184973 | &nbsp;&nbsp; (437329)<br>| &nbsp;&nbsp; (252356)<br>| &nbsp;&nbsp; 85000 | &nbsp;&nbsp; (167356)<br>|
| **Total Derivatives** | &nbsp;&nbsp; $184973 | &nbsp;&nbsp; $(441835)<br>| &nbsp;&nbsp; $(256862)<br>| &nbsp;&nbsp; $85000 | &nbsp;&nbsp; $(171862)<br>|
| **Medium-Duration Bond** |  |  |  |  |  |
| Sub-adviser A |  |  |  |  |  |
| Other Counterparties\* | &nbsp;&nbsp; $217901 | &nbsp;&nbsp; $(369138)<br>| &nbsp;&nbsp; $(151237)<br>| &nbsp;&nbsp; $62227 | &nbsp;&nbsp; $(89010)<br>|
| Sub-adviser B |  |  |  |  |  |
| Other Counterparties\* | &nbsp;&nbsp; 1392249 | &nbsp;&nbsp; (5558834)<br>| &nbsp;&nbsp; (4166585)<br>| &nbsp;&nbsp; 2720827 | &nbsp;&nbsp; (1445758)<br>|
| Sub-adviser D |  |  |  |  |  |
| Other Counterparties\* | &nbsp;&nbsp; 1081228 | &nbsp;&nbsp; (494679)<br>| &nbsp;&nbsp; 586549 | &nbsp;&nbsp; — | &nbsp;&nbsp; 586549 |
| **Total Derivatives** | &nbsp;&nbsp; $2691378 | &nbsp;&nbsp; $(6422651)<br>| &nbsp;&nbsp; $(3731273)<br>| &nbsp;&nbsp; $2783054 | &nbsp;&nbsp; $(948219)<br>|
| **Global Bond** |  |  |  |  |  |
| Sub-adviser A |  |  |  |  |  |
| NT | &nbsp;&nbsp; $358872 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $358872 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $358872 |
| CITI | &nbsp;&nbsp; 1862455 | &nbsp;&nbsp; (3425462)<br>| &nbsp;&nbsp; (1563007)<br>| &nbsp;&nbsp; 340000 | &nbsp;&nbsp; (1223007)<br>|
| Other Counterparties\* | &nbsp;&nbsp; 1382940 | &nbsp;&nbsp; (1420027)<br>| &nbsp;&nbsp; (37087)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (37087)<br>|
|  | &nbsp;&nbsp; 3604267 | &nbsp;&nbsp; (4845489)<br>| &nbsp;&nbsp; (1241222)<br>| &nbsp;&nbsp; 340000 | &nbsp;&nbsp; (901222)<br>|
| Sub-adviser B |  |  |  |  |  |
| GSC | &nbsp;&nbsp; 6050954 | &nbsp;&nbsp; (4564443)<br>| &nbsp;&nbsp; 1486511 | &nbsp;&nbsp; (1100000)<br>| &nbsp;&nbsp; 386511 |
| Other Counterparties\* | &nbsp;&nbsp; 13814442 | &nbsp;&nbsp; (20140190)<br>| &nbsp;&nbsp; (6325748)<br>| &nbsp;&nbsp; 5710531 | &nbsp;&nbsp; (615217)<br>|
|  | &nbsp;&nbsp; 19865396 | &nbsp;&nbsp; (24704633)<br>| &nbsp;&nbsp; (4839237)<br>| &nbsp;&nbsp; 4610531 | &nbsp;&nbsp; (228706)<br>|
| Sub-adviser C |  |  |  |  |  |
| Other Counterparties\* | &nbsp;&nbsp; — | &nbsp;&nbsp; (3032)<br>| &nbsp;&nbsp; (3032)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (3032)<br>|
| **Total Derivatives** | &nbsp;&nbsp; $23469663 | &nbsp;&nbsp; $(29553154)<br>| &nbsp;&nbsp; $(6083491)<br>| &nbsp;&nbsp; $4950531 | &nbsp;&nbsp; $(1132960)<br>|

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund/Sub-adviser/Counterparty** | **Derivative Assets**<br> **Subject to**<br> **an ISDA MA**<br>| **Derivative Liabilities**<br> **Subject to**<br> **an ISDA MA**<br>| **Value of**<br> **Derivatives Subject to**<br> **an ISDA MA**<br>| **Collateral**<br> **(Received)/**<br> **Pledged**<br>| **Net Exposure** |
| **International Equity** |  |  |  |  |  |
| Sub-adviser A |  |  |  |  |  |
| Other Counterparties\* | &nbsp;&nbsp; $3019942 | &nbsp;&nbsp; $(3670578)<br>| &nbsp;&nbsp; $(650636)<br>| &nbsp;&nbsp; $941706 | &nbsp;&nbsp; $291070 |
| **Total Derivatives** | &nbsp;&nbsp; $3019942 | &nbsp;&nbsp; $(3670578)<br>| &nbsp;&nbsp; $(650636)<br>| &nbsp;&nbsp; $941706 | &nbsp;&nbsp; $291070 |
| **Emerging Markets Equity** |  |  |  |  |  |
| Sub-adviser A |  |  |  |  |  |
| Other Counterparties\* | &nbsp;&nbsp; $4711850 | &nbsp;&nbsp; $(3702308)<br>| &nbsp;&nbsp; $1009542 | &nbsp;&nbsp; $(1023276)<br>| &nbsp;&nbsp; $(13734)<br>|
| Sub-adviser B |  |  |  |  |  |
| Other Counterparties\* | &nbsp;&nbsp; — | &nbsp;&nbsp; (285037)<br>| &nbsp;&nbsp; (285037)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (285037)<br>|
| **Total Derivatives** | &nbsp;&nbsp; $4711850 | &nbsp;&nbsp; $(3987345)<br>| &nbsp;&nbsp; $724505 | &nbsp;&nbsp; $(1023276)<br>| &nbsp;&nbsp; $(298771)<br>|
| **Strategic Alternatives** |  |  |  |  |  |
| Sub-adviser B |  |  |  |  |  |
| Other Counterparties\* | &nbsp;&nbsp; $1029679 | &nbsp;&nbsp; $(1088889)<br>| &nbsp;&nbsp; $(59210)<br>| &nbsp;&nbsp; $142564 | &nbsp;&nbsp; $83354 |
| Sub-adviser E |  |  |  |  |  |
| Other Counterparties\* | &nbsp;&nbsp; — | &nbsp;&nbsp; (1064968)<br>| &nbsp;&nbsp; (1064968)<br>| &nbsp;&nbsp; 1064968 | &nbsp;&nbsp; — |
| **Total Derivatives** | &nbsp;&nbsp; $1029679 | &nbsp;&nbsp; $(2153857)<br>| &nbsp;&nbsp; $(1124178)<br>| &nbsp;&nbsp; $1207532 | &nbsp;&nbsp; $83354 |

---

\*Other Counterparties represent the aggregate amounts that are held with counterparties where the respective Fund's net exposure to each such counterparty is less than 0.05% of the net assets of the Fund. Those holdings are deemed individually immaterial to the respective Fund and are listed collectively.

Additional information about netting arrangements under the Master Agreements can be found in the Derivative Financial Instruments and Securities Lending sections of the Notes to Financial Statements.

**Derivative Holdings Categorized by Risk Exposure**

FASB "Derivatives and Hedging" also requires all companies to disclose information intended to enable financial statement users to understand how and why the entity uses derivative instruments, how derivatives are accounted for, and how derivative instruments affect the entity's financial position, results of operations, and cash flows.

---

| | | |
|:---|:---|:---|
|  | **Location on the Statements of Assets and Liabilities** | **Location on the Statements of Assets and Liabilities** |
| **Derivative Type** | **Asset Derivatives** | **Liability Derivatives** |
| Interest rate contracts | &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities of unaffiliated issuers, <br> at value<br>| Options written, at value |
|  | Receivables: Variation margin\* | Payables: Variation margin\* |
|  | Unrealized appreciation on swap agreements | Unrealized depreciation on swap agreements |
| Foreign exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities of unaffiliated issuers, <br> at value<br>| Options written, at value |
|  | &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on foreign currency <br> exchange contracts<br>| Unrealized depreciation on foreign currency <br> exchange contracts<br>|
| Credit contracts | Unrealized appreciation on swap agreements | Unrealized depreciation on swap agreements |
| Equity contracts | &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities of unaffiliated issuers, <br> at value<br>| Options written, at value |
|  | Receivables: Variation margin\* | Payables: Variation margin\* |

---

*\*The variation margin shown on the Statements of Assets and Liabilities is the daily change in the unrealized appreciation (depreciation) for open futures and centrally cleared swap agreements. The variation margin presented below is the cumulative change in unrealized appreciation (depreciation) from the date the contract was opened until June 30, 2025.* 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Asset Derivative Value** | **Asset Derivative Value** | **Asset Derivative Value** | **Asset Derivative Value** | **Asset Derivative Value** |
| **Fund** | **Total Value** <br>**at** <br>**6/30/25**<br>| **Interest Rate** <br>**Contracts**<br>| **Foreign** <br>**Exchange** <br>**Contracts**<br>| **Credit** <br>**Contracts**<br>| **Equity** <br>**Contracts**<br>|
| Low-Duration Bond |  |  |  |  |  |
| Forwards | &nbsp;&nbsp; $130367 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $130367 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Futures | &nbsp;&nbsp; 1673460 | &nbsp;&nbsp;&nbsp;&nbsp; 1673460 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Purchased Options | &nbsp;&nbsp; 54606 | &nbsp;&nbsp;&nbsp;&nbsp; 54606 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Swaps | &nbsp;&nbsp; 181222 | &nbsp;&nbsp;&nbsp;&nbsp; 181222 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Totals | &nbsp;&nbsp; $2039655 | &nbsp;&nbsp;&nbsp;&nbsp; $1909288 | &nbsp;&nbsp;&nbsp;&nbsp; $130367 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Medium-Duration Bond |  |  |  |  |  |
| Forwards | &nbsp;&nbsp; $1236944 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1236944 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Futures | &nbsp;&nbsp; 7039141 | &nbsp;&nbsp;&nbsp;&nbsp; 7039141 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Purchased Options | &nbsp;&nbsp; 1452020 | &nbsp;&nbsp;&nbsp;&nbsp; 1090074 | &nbsp;&nbsp;&nbsp;&nbsp; 361946 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Swaps | &nbsp;&nbsp; 6700609 | &nbsp;&nbsp;&nbsp;&nbsp; 6178378 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 522231 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Totals | &nbsp;&nbsp; $16428714 | &nbsp;&nbsp;&nbsp;&nbsp; $14307593 | &nbsp;&nbsp;&nbsp;&nbsp; $1598890 | &nbsp;&nbsp;&nbsp;&nbsp; $522231 | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Global Bond |  |  |  |  |  |
| Forwards | &nbsp;&nbsp; $23469663 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $23469663 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Futures | &nbsp;&nbsp; 928733 | &nbsp;&nbsp;&nbsp;&nbsp; 863119 | &nbsp;&nbsp;&nbsp;&nbsp; 65614 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Swaps | &nbsp;&nbsp; 698673 | &nbsp;&nbsp;&nbsp;&nbsp; 142964 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 555709 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Totals | &nbsp;&nbsp; $25097069 | &nbsp;&nbsp;&nbsp;&nbsp; $1006083 | &nbsp;&nbsp;&nbsp;&nbsp; $23535277 | &nbsp;&nbsp;&nbsp;&nbsp; $555709 | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Impact Bond |  |  |  |  |  |
| Futures | &nbsp;&nbsp; $28240 | &nbsp;&nbsp;&nbsp;&nbsp; $28240 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Swaps | &nbsp;&nbsp; 2648 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2648 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Totals | &nbsp;&nbsp; $30888 | &nbsp;&nbsp;&nbsp;&nbsp; $28240 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $2648 | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Defensive Market Strategies<sup>®</sup> |  |  |  |  |  |
| Futures | &nbsp;&nbsp; $2327795 | &nbsp;&nbsp;&nbsp;&nbsp; $1520195 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $807600 |
| Purchased Options | &nbsp;&nbsp; 79135275 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 79135275 |
| Totals | &nbsp;&nbsp; $81463070 | &nbsp;&nbsp;&nbsp;&nbsp; $1520195 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $79942875 |
| Impact Equity |  |  |  |  |  |
| Futures | &nbsp;&nbsp; $3419428 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $7693 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $3411735 |
| Equity Index |  |  |  |  |  |
| Futures | &nbsp;&nbsp; $3892639 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $3892639 |
| Value Equity Index |  |  |  |  |  |
| Futures | &nbsp;&nbsp; $117387 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $117387 |
| Value Equity |  |  |  |  |  |
| Forwards | &nbsp;&nbsp; $190 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $190 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Futures | &nbsp;&nbsp; 150404 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 150404 |
| Totals | &nbsp;&nbsp; $150594 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $190 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $150404 |
| Growth Equity Index |  |  |  |  |  |
| Futures | &nbsp;&nbsp; $137184 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $137184 |
| Small Cap Equity |  |  |  |  |  |
| Futures | &nbsp;&nbsp; $80406 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $80406 |

---

**304**

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---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Asset Derivative Value** | **Asset Derivative Value** | **Asset Derivative Value** | **Asset Derivative Value** | **Asset Derivative Value** |
| **Fund** | **Total Value**<br> **at**<br> **6/30/25**<br>| **Interest Rate**<br> **Contracts**<br>| **Foreign**<br> **Exchange**<br> **Contracts**<br>| **Credit**<br> **Contracts**<br>| **Equity**<br> **Contracts**<br>|
| International Equity Index |  |  |  |  |  |
| Futures | &nbsp;&nbsp; $1030432 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1030432 |
| International Equity |  |  |  |  |  |
| Forwards | &nbsp;&nbsp; $1816210 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1816210 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Futures | &nbsp;&nbsp; 1193627 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1193627 |
| Swaps | &nbsp;&nbsp; 1203732 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1203732 |
| Totals | &nbsp;&nbsp; $4213569 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1816210 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $2397359 |
| Emerging Markets Equity |  |  |  |  |  |
| Forwards | &nbsp;&nbsp; $3116548 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $3116548 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Futures | &nbsp;&nbsp; 1655559 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1655559 |
| Swaps | &nbsp;&nbsp; 1595302 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1595302 |
| Totals | &nbsp;&nbsp; $6367409 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $3116548 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $3250861 |
| Global Real Estate Securities |  |  |  |  |  |
| Futures | &nbsp;&nbsp; $10905 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $10905 |
| Strategic Alternatives |  |  |  |  |  |
| Forwards | &nbsp;&nbsp; $835806 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $835806 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Futures | &nbsp;&nbsp; 719333 | &nbsp;&nbsp;&nbsp;&nbsp; 705598 | &nbsp;&nbsp;&nbsp;&nbsp; 13735 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Purchased Options | &nbsp;&nbsp; 193873 | &nbsp;&nbsp;&nbsp;&nbsp; 193873 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Swaps | &nbsp;&nbsp; 2734252 | &nbsp;&nbsp;&nbsp;&nbsp; 2734252 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Totals | &nbsp;&nbsp; $4483264 | &nbsp;&nbsp;&nbsp;&nbsp; $3633723 | &nbsp;&nbsp;&nbsp;&nbsp; $849541 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Liabilities Derivative Value** | **Liabilities Derivative Value** | **Liabilities Derivative Value** | **Liabilities Derivative Value** | **Liabilities Derivative Value** |
| **Fund** | **Total Value** <br>**at** <br>**6/30/25**<br>| **Interest Rate** <br>**Contracts**<br>| **Foreign** <br>**Exchange** <br>**Contracts**<br>| **Credit** <br>**Contracts**<br>| **Equity** <br>**Contracts**<br>|
| Low-Duration Bond |  |  |  |  |  |
| Forwards | &nbsp;&nbsp; $440862 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $440862 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Futures | &nbsp;&nbsp; 849032 | &nbsp;&nbsp;&nbsp;&nbsp; 849032 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Written Options | &nbsp;&nbsp; 973 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 973 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Swaps | &nbsp;&nbsp; 1103252 | &nbsp;&nbsp;&nbsp;&nbsp; 1042924 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 60328 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Totals | &nbsp;&nbsp; $2394119 | &nbsp;&nbsp;&nbsp;&nbsp; $1891956 | &nbsp;&nbsp;&nbsp;&nbsp; $440862 | &nbsp;&nbsp;&nbsp;&nbsp; $61301 | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Medium-Duration Bond |  |  |  |  |  |
| Forwards | &nbsp;&nbsp; $5797516 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $5797516 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Futures | &nbsp;&nbsp; 1811192 | &nbsp;&nbsp;&nbsp;&nbsp; 1811192 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Written Options | &nbsp;&nbsp; 3912075 | &nbsp;&nbsp;&nbsp;&nbsp; 3891617 | &nbsp;&nbsp;&nbsp;&nbsp; 20408 | &nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Swaps | &nbsp;&nbsp; 6392108 | &nbsp;&nbsp;&nbsp;&nbsp; 6263193 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 128915 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Totals | &nbsp;&nbsp; $17912891 | &nbsp;&nbsp;&nbsp;&nbsp; $11966002 | &nbsp;&nbsp;&nbsp;&nbsp; $5817924 | &nbsp;&nbsp;&nbsp;&nbsp; $128965 | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Global Bond |  |  |  |  |  |
| Forwards | &nbsp;&nbsp; $29553154 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $29553154 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Futures | &nbsp;&nbsp; 584925 | &nbsp;&nbsp;&nbsp;&nbsp; 584925 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Swaps | &nbsp;&nbsp; 5034 | &nbsp;&nbsp;&nbsp;&nbsp; 5034 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Totals | &nbsp;&nbsp; $30143113 | &nbsp;&nbsp;&nbsp;&nbsp; $589959 | &nbsp;&nbsp;&nbsp;&nbsp; $29553154 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— |

---

**305**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Liabilities Derivative Value** | **Liabilities Derivative Value** | **Liabilities Derivative Value** | **Liabilities Derivative Value** | **Liabilities Derivative Value** |
| **Fund** | **Total Value**<br> **at**<br> **6/30/25**<br>| **Interest Rate**<br> **Contracts**<br>| **Foreign**<br> **Exchange**<br> **Contracts**<br>| **Credit**<br> **Contracts**<br>| **Equity**<br> **Contracts**<br>|
| Defensive Market Strategies<sup>®</sup> |  |  |  |  |  |
| Written Options | &nbsp;&nbsp; $2543166 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $2543166 |
| Value Equity |  |  |  |  |  |
| Forwards | &nbsp;&nbsp; $716994 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $716994 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Small Cap Equity |  |  |  |  |  |
| Forwards | &nbsp;&nbsp; $24418 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $24418 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| International Equity |  |  |  |  |  |
| Forwards | &nbsp;&nbsp; $3049950 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $3049950 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Futures | &nbsp;&nbsp; 143061 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 143061 |
| Swaps | &nbsp;&nbsp; 620628 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 620628 |
| Totals | &nbsp;&nbsp; $3813639 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $3049950 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $763689 |
| Emerging Markets Equity |  |  |  |  |  |
| Forwards | &nbsp;&nbsp; $3436787 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $3436787 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Futures | &nbsp;&nbsp; 107950 | &nbsp;&nbsp;&nbsp;&nbsp; 2601 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 105349 |
| Swaps | &nbsp;&nbsp; 550558 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 550558 |
| Totals | &nbsp;&nbsp; $4095295 | &nbsp;&nbsp;&nbsp;&nbsp; $2601 | &nbsp;&nbsp;&nbsp;&nbsp; $3436787 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $655907 |
| Strategic Alternatives |  |  |  |  |  |
| Forwards | &nbsp;&nbsp; $978370 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $978370 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Futures | &nbsp;&nbsp; 1147732 | &nbsp;&nbsp;&nbsp;&nbsp; 337335 | &nbsp;&nbsp;&nbsp;&nbsp; 810397 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Written Options | &nbsp;&nbsp; 122119 | &nbsp;&nbsp;&nbsp;&nbsp; 110519 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11600 |
| Swaps | &nbsp;&nbsp; 3790494 | &nbsp;&nbsp;&nbsp;&nbsp; 2725526 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1064968 |
| Totals | &nbsp;&nbsp; $6038715 | &nbsp;&nbsp;&nbsp;&nbsp; $3173380 | &nbsp;&nbsp;&nbsp;&nbsp; $1788767 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1076568 |

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**306**

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| | |
|:---|:---|
| **Derivative Type** | **Location on the Statements of Operations** |
| Interest rate contracts | Net realized gain (loss) from: Futures transactions |
|  | Net realized gain (loss) from: Swap agreements |
|  | Net realized gain (loss) from: Option contracts written |
|  | Net realized gain (loss) from: Option contracts purchased |
|  | Net change in unrealized appreciation (depreciation) on: Futures |
|  | Net change in unrealized appreciation (depreciation) on: Swap agreements |
|  | Net change in unrealized appreciation (depreciation) on: Option contracts written |
|  | Net change in unrealized appreciation (depreciation) on: Option contracts purchased |
| Foreign exchange contracts | Net realized gain (loss) from: Foreign currency |
|  | Net realized gain (loss) from: Option contracts written |
|  | Net realized gain (loss) from: Option contracts purchased |
|  | Net change in unrealized appreciation (depreciation) on: Foreign currency |
|  | Net change in unrealized appreciation (depreciation) on: Option contracts written |
|  | Net change in unrealized appreciation (depreciation) on: Option contracts purchased |
| Credit contracts | Net realized gain (loss) from: Swap agreements |
|  | Net change in unrealized appreciation (depreciation) on: Swap agreements |
| Equity contracts | Net realized gain (loss) from: Futures transactions |
|  | Net realized gain (loss) from: Option contracts written |
|  | Net realized gain (loss) from: Option contracts purchased |
|  | Net unrealized appreciation (depreciation) on: Futures |
|  | Net unrealized appreciation (depreciation) on: Option contracts written |
|  | Net unrealized appreciation (depreciation) on: Option contracts purchased |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Realized Gain (Loss) on Derivatives Recognized in Income** | **Realized Gain (Loss) on Derivatives Recognized in Income** | **Realized Gain (Loss) on Derivatives Recognized in Income** | **Realized Gain (Loss) on Derivatives Recognized in Income** | **Realized Gain (Loss) on Derivatives Recognized in Income** |
| **Fund** | **Total Value** <br>**at** <br>**6/30/25**<br>| **Interest Rate** <br>**Contracts**<br>| **Foreign** <br>**Exchange** <br>**Contracts**<br>| **Credit** <br>**Contracts**<br>| **Equity** <br>**Contracts**<br>|
| MyDestination 2035 |  |  |  |  |  |
| Futures | &nbsp;&nbsp; $(1593692)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(1593692)<br>|
| MyDestination 2045 |  |  |  |  |  |
| Futures | &nbsp;&nbsp; $(1221825)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(1221825)<br>|
| MyDestination 2055 |  |  |  |  |  |
| Futures | &nbsp;&nbsp; $(616911)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(616911)<br>|
| Conservative Allocation |  |  |  |  |  |
| Futures | &nbsp;&nbsp; $80 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $80 |
| Low-Duration Bond |  |  |  |  |  |
| Forwards | &nbsp;&nbsp; $689958 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $689958 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Futures | &nbsp;&nbsp; 4003978 | &nbsp;&nbsp;&nbsp;&nbsp; 4003978 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Purchased Options | &nbsp;&nbsp; (29828)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (29828)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Swaps | &nbsp;&nbsp; (2815956)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2764411)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (51545)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Written Options | &nbsp;&nbsp; (64168)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (64168)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Totals | &nbsp;&nbsp; $1783984 | &nbsp;&nbsp;&nbsp;&nbsp; $1145571 | &nbsp;&nbsp;&nbsp;&nbsp; $689958 | &nbsp;&nbsp;&nbsp;&nbsp; $(51545)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— |

---

**307**

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---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Realized Gain (Loss) on Derivatives Recognized in Income** | **Realized Gain (Loss) on Derivatives Recognized in Income** | **Realized Gain (Loss) on Derivatives Recognized in Income** | **Realized Gain (Loss) on Derivatives Recognized in Income** | **Realized Gain (Loss) on Derivatives Recognized in Income** |
| **Fund** | **Total Value**<br> **at**<br> **6/30/25**<br>| **Interest Rate**<br> **Contracts**<br>| **Foreign**<br> **Exchange**<br> **Contracts**<br>| **Credit**<br> **Contracts**<br>| **Equity**<br> **Contracts**<br>|
| Medium-Duration Bond |  |  |  |  |  |
| Forwards | &nbsp;&nbsp; $(1986574)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(1986574)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Futures | &nbsp;&nbsp; (3411957)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3411957)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Purchased Options | &nbsp;&nbsp; 406191 | &nbsp;&nbsp;&nbsp;&nbsp; 406191 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Swaps | &nbsp;&nbsp; (2065372)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2857935)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (99331)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 891894 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Written Options | &nbsp;&nbsp; 427240 | &nbsp;&nbsp;&nbsp;&nbsp; 425443 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1797 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Totals | &nbsp;&nbsp; $(6630472)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(5438258)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(2085905)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $893691 | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Global Bond |  |  |  |  |  |
| Forwards | &nbsp;&nbsp; $3953203 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $3953203 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Futures | &nbsp;&nbsp; 245014 | &nbsp;&nbsp;&nbsp;&nbsp; 39532 | &nbsp;&nbsp;&nbsp;&nbsp; 205482 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Purchased Options | &nbsp;&nbsp; (42431)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (42431)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Swaps | &nbsp;&nbsp; (320274)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2311 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (322585)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Totals | &nbsp;&nbsp; $3835512 | &nbsp;&nbsp;&nbsp;&nbsp; $(588)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $4158685 | &nbsp;&nbsp;&nbsp;&nbsp; $(322585)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Impact Bond |  |  |  |  |  |
| Futures | &nbsp;&nbsp; $(11272)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(11272)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Swaps | &nbsp;&nbsp; (136)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (136)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Totals | &nbsp;&nbsp; $(11408)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(11272)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(136)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Defensive Market Strategies<sup>®</sup> |  |  |  |  |  |
| Futures | &nbsp;&nbsp; $541414 | &nbsp;&nbsp;&nbsp;&nbsp; $6266 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $535148 |
| Purchased Options | &nbsp;&nbsp; 28159415 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 28159415 |
| Written Options | &nbsp;&nbsp; (7011486)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (7011486)<br>|
| Totals | &nbsp;&nbsp; $21689343 | &nbsp;&nbsp;&nbsp;&nbsp; $6266 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $21683077 |
| Impact Equity |  |  |  |  |  |
| Futures | &nbsp;&nbsp; $(630382)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(515)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(629867)<br>|
| Equity Index |  |  |  |  |  |
| Futures | &nbsp;&nbsp; $(2626053)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(2626053)<br>|
| Value Equity Index |  |  |  |  |  |
| Futures | &nbsp;&nbsp; $(55978)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(55978)<br>|
| Value Equity |  |  |  |  |  |
| Forwards | &nbsp;&nbsp; $(1463189)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(1463189)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Futures | &nbsp;&nbsp; (426275)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (426275)<br>|
| Totals | &nbsp;&nbsp; $(1889464)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(1463189)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(426275)<br>|
| Growth Equity Index |  |  |  |  |  |
| Futures | &nbsp;&nbsp; $364648 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $364648 |
| Growth Equity |  |  |  |  |  |
| Futures | &nbsp;&nbsp; $(3846385)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(3846385)<br>|
| Small Cap Equity |  |  |  |  |  |
| Forwards | &nbsp;&nbsp; $(122102)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(122102)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Futures | &nbsp;&nbsp; (3843924)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (3843924)<br>|
| Totals | &nbsp;&nbsp; $(3966026)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(122102)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(3843924)<br>|

---

**308**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Realized Gain (Loss) on Derivatives Recognized in Income** | **Realized Gain (Loss) on Derivatives Recognized in Income** | **Realized Gain (Loss) on Derivatives Recognized in Income** | **Realized Gain (Loss) on Derivatives Recognized in Income** | **Realized Gain (Loss) on Derivatives Recognized in Income** |
| **Fund** | **Total Value**<br> **at**<br> **6/30/25**<br>| **Interest Rate**<br> **Contracts**<br>| **Foreign**<br> **Exchange**<br> **Contracts**<br>| **Credit**<br> **Contracts**<br>| **Equity**<br> **Contracts**<br>|
| International Equity Index |  |  |  |  |  |
| Futures | &nbsp;&nbsp; $6671739 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $6671739 |
| International Equity |  |  |  |  |  |
| Forwards | &nbsp;&nbsp; $2686708 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $2686708 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Futures | &nbsp;&nbsp; 3894814 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3894814 |
| Swaps | &nbsp;&nbsp; 11266868 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11266868 |
| Totals | &nbsp;&nbsp; $17848390 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $2686708 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $15161682 |
| Emerging Markets Equity |  |  |  |  |  |
| Forwards | &nbsp;&nbsp; $(849631)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(849631)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Futures | &nbsp;&nbsp; 2093690 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2093690 |
| Swaps | &nbsp;&nbsp; 2025392 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2025392 |
| Totals | &nbsp;&nbsp; $3269451 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(849631)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $4119082 |
| Global Real Estate Securities |  |  |  |  |  |
| Forwards | &nbsp;&nbsp; $(1718)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(1718)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Futures | &nbsp;&nbsp; 111520 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 111520 |
| Totals | &nbsp;&nbsp; $109802 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(1718)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $111520 |
| Strategic Alternatives |  |  |  |  |  |
| Forwards | &nbsp;&nbsp; $(81854)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(81854)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Futures | &nbsp;&nbsp; (260727)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1583376 | &nbsp;&nbsp;&nbsp;&nbsp; (1844103)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Purchased Options | &nbsp;&nbsp; 3832 | &nbsp;&nbsp;&nbsp;&nbsp; 3832 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Swaps | &nbsp;&nbsp; 1473169 | &nbsp;&nbsp;&nbsp;&nbsp; (1574106)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3108704 | &nbsp;&nbsp;&nbsp;&nbsp; 59846 | &nbsp;&nbsp;&nbsp;&nbsp; (121275)<br>|
| Written Options | &nbsp;&nbsp; (3603)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3603)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Totals | &nbsp;&nbsp; $1130817 | &nbsp;&nbsp;&nbsp;&nbsp; $9499 | &nbsp;&nbsp;&nbsp;&nbsp; $1182747 | &nbsp;&nbsp;&nbsp;&nbsp; $59846 | &nbsp;&nbsp;&nbsp;&nbsp; $(121275)<br>|

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** |
| **Fund** | **Total Value** <br>**at** <br>**6/30/25**<br>| **Interest Rate** <br>**Contracts**<br>| **Foreign** <br>**Exchange** <br>**Contracts**<br>| **Credit** <br>**Contracts**<br>| **Equity** <br>**Contracts**<br>|
| MyDestination 2035 |  |  |  |  |  |
| Futures | &nbsp;&nbsp; $322250 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $322250 |
| MyDestination 2045 |  |  |  |  |  |
| Futures | &nbsp;&nbsp; $264545 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $264545 |
| MyDestination 2055 |  |  |  |  |  |
| Futures | &nbsp;&nbsp; $135345 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $135345 |
| Low-Duration Bond |  |  |  |  |  |
| Forwards | &nbsp;&nbsp; $(2167354)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(2167354)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Futures | &nbsp;&nbsp; 306982 | &nbsp;&nbsp;&nbsp;&nbsp; 306982 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Purchased Options | &nbsp;&nbsp; (69675)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (69675)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Swaps | &nbsp;&nbsp; (1170153)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1095859)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (74294)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Written Options | &nbsp;&nbsp; 15223 | &nbsp;&nbsp;&nbsp;&nbsp; 15223 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Totals | &nbsp;&nbsp; $(3084977)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(843329)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(2167354)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(74294)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— |

---

**309**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** |
| **Fund** | **Total Value**<br> **at**<br> **6/30/25**<br>| **Interest Rate**<br> **Contracts**<br>| **Foreign**<br> **Exchange**<br> **Contracts**<br>| **Credit**<br> **Contracts**<br>| **Equity**<br> **Contracts**<br>|
| Medium-Duration Bond |  |  |  |  |  |
| Forwards | &nbsp;&nbsp; $(7588281)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(7588281)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Futures | &nbsp;&nbsp; 8805293 | &nbsp;&nbsp;&nbsp;&nbsp; 8805293 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Purchased Options | &nbsp;&nbsp; 40431 | &nbsp;&nbsp;&nbsp;&nbsp; 40431 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Swaps | &nbsp;&nbsp; (1211394)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1403565)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 165608 | &nbsp;&nbsp;&nbsp;&nbsp; 26563 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Written Options | &nbsp;&nbsp; (3234176)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3234176)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Totals | &nbsp;&nbsp; $(3188127)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $4207983 | &nbsp;&nbsp;&nbsp;&nbsp; $(7422673)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $26563 | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Global Bond |  |  |  |  |  |
| Forwards | &nbsp;&nbsp; $(10561588)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(10561588)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Futures | &nbsp;&nbsp; 1256522 | &nbsp;&nbsp;&nbsp;&nbsp; 1201212 | &nbsp;&nbsp;&nbsp;&nbsp; 55310 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Swaps | &nbsp;&nbsp; 686069 | &nbsp;&nbsp;&nbsp;&nbsp; 79858 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 606211 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Totals | &nbsp;&nbsp; $(8618997)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1281070 | &nbsp;&nbsp;&nbsp;&nbsp; $(10506278)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $606211 | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Impact Bond |  |  |  |  |  |
| Futures | &nbsp;&nbsp; $55372 | &nbsp;&nbsp;&nbsp;&nbsp; $55372 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Swaps | &nbsp;&nbsp; 2668 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2668 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Totals | &nbsp;&nbsp; $58040 | &nbsp;&nbsp;&nbsp;&nbsp; $55372 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $2668 | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Defensive Market Strategies<sup>®</sup> |  |  |  |  |  |
| Futures | &nbsp;&nbsp; $4234242 | &nbsp;&nbsp;&nbsp;&nbsp; $2259726 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1974516 |
| Purchased Options | &nbsp;&nbsp; (24116855)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (24116855)<br>|
| Written Options | &nbsp;&nbsp; 8636452 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8636452 |
| Totals | &nbsp;&nbsp; $(11246161)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $2259726 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(13505887)<br>|
| Impact Equity |  |  |  |  |  |
| Futures | &nbsp;&nbsp; $3552494 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $9993 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $3542501 |
| Equity Index |  |  |  |  |  |
| Futures | &nbsp;&nbsp; $6031996 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $6031996 |
| Value Equity Index |  |  |  |  |  |
| Futures | &nbsp;&nbsp; $222804 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $222804 |
| Value Equity |  |  |  |  |  |
| Forwards | &nbsp;&nbsp; $(1119381)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(1119381)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Futures | &nbsp;&nbsp; 893981 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 893981 |
| Totals | &nbsp;&nbsp; $(225400)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(1119381)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $893981 |
| Growth Equity Index |  |  |  |  |  |
| Futures | &nbsp;&nbsp; $321158 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $321158 |
| Growth Equity |  |  |  |  |  |
| Futures | &nbsp;&nbsp; $741063 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $741063 |
| Small Cap Equity |  |  |  |  |  |
| Forwards | &nbsp;&nbsp; $(34181)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(34181)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Futures | &nbsp;&nbsp; 675811 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 675811 |
| Totals | &nbsp;&nbsp; $641630 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(34181)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $675811 |

---

**310**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** |
| **Fund** | **Total Value**<br> **at**<br> **6/30/25**<br>| **Interest Rate**<br> **Contracts**<br>| **Foreign**<br> **Exchange**<br> **Contracts**<br>| **Credit**<br> **Contracts**<br>| **Equity**<br> **Contracts**<br>|
| International Equity Index |  |  |  |  |  |
| Futures | &nbsp;&nbsp; $2957094 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $2957094 |
| International Equity |  |  |  |  |  |
| Forwards | &nbsp;&nbsp; $(1667684)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(1667684)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Futures | &nbsp;&nbsp; 2506820 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2506820 |
| Swaps | &nbsp;&nbsp; 632709 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 632709 |
| Totals | &nbsp;&nbsp; $1471845 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(1667684)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $3139529 |
| Emerging Markets Equity |  |  |  |  |  |
| Forwards | &nbsp;&nbsp; $(218564)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(218564)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Futures | &nbsp;&nbsp; 2279746 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2279746 |
| Swaps | &nbsp;&nbsp; 1157963 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1157963 |
| Totals | &nbsp;&nbsp; $3219145 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(218564)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $3437709 |
| Global Real Estate Securities |  |  |  |  |  |
| Futures | &nbsp;&nbsp; $29071 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $29071 |
| Strategic Alternatives |  |  |  |  |  |
| Forwards | &nbsp;&nbsp; $(182637)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(182637)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Futures | &nbsp;&nbsp; (1118790)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1118790)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Purchased Options | &nbsp;&nbsp; (56933)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (56933)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Swaps | &nbsp;&nbsp; (1684828)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 278701 | &nbsp;&nbsp;&nbsp;&nbsp; 2456 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1965985)<br>|
| Written Options | &nbsp;&nbsp; 146723 | &nbsp;&nbsp;&nbsp;&nbsp; 146723 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Totals | &nbsp;&nbsp; $(2896465)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(750299)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(180181)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(1965985)<br>|

---

**311**

------

**Volume of Derivative Transactions**

The tables below summarize the average daily notional derivative transactions by Fund during the six-month period ended June 30, 2025.

Activity for the period is measured by the number of transactions during the fiscal year and the average daily notional amount for open forward foreign currency contract transactions were as follows:

---

| | | |
|:---|:---|:---|
| **Fund**  | **Number of** <br>**transactions**<br>| **Average** <br>**notional** <br>**market value** <br>**of contracts**<br>|
| Low-Duration Bond | &nbsp;&nbsp;&nbsp; 420 | &nbsp;&nbsp;&nbsp; 253537329 |
| Medium-Duration Bond | &nbsp;&nbsp;&nbsp; 1351 | &nbsp;&nbsp;&nbsp; 1542110208 |
| Global Bond | &nbsp;&nbsp;&nbsp; 1671 | &nbsp;&nbsp;&nbsp; 2407188037 |
| Value Equity | &nbsp;&nbsp;&nbsp; 108 | &nbsp;&nbsp;&nbsp; 81264310 |
| Small Cap Equity | &nbsp;&nbsp;&nbsp; 33 | &nbsp;&nbsp;&nbsp; 2716996 |
| International Equity | &nbsp;&nbsp;&nbsp; 1117 | &nbsp;&nbsp;&nbsp; 1441468703 |
| Emerging Markets Equity | &nbsp;&nbsp;&nbsp; 2349 | &nbsp;&nbsp;&nbsp; 1942001417 |
| Global Real Estate Securities | &nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; 173257 |
| Strategic Alternatives | &nbsp;&nbsp;&nbsp; 1570 | &nbsp;&nbsp;&nbsp; 467887884 |

---

Activity for the period is measured by the average daily notional amount for long and short open future contracts. The amounts were as follows:

---

| | | |
|:---|:---|:---|
| **Fund**  | **Long average** <br>**notional** <br>**market value** <br>**of contracts** <br>| **Short average** <br>**notional** <br>**market value** <br>**of contracts** <br>|
| MyDestination 2035 | &nbsp;&nbsp;&nbsp; $1725436<br>| &nbsp;&nbsp;&nbsp; $—<br>|
| MyDestination 2045 | &nbsp;&nbsp;&nbsp; 1787358<br>| &nbsp;&nbsp;&nbsp; —<br>|
| MyDestination 2055 | &nbsp;&nbsp;&nbsp; 685052<br>| &nbsp;&nbsp;&nbsp; —<br>|
| Low-Duration Bond | &nbsp;&nbsp;&nbsp; 12611955<br>| &nbsp;&nbsp;&nbsp; 2009221<br>|
| Medium-Duration Bond | &nbsp;&nbsp;&nbsp; 6798641<br>| &nbsp;&nbsp;&nbsp; 9336888<br>|
| Global Bond | &nbsp;&nbsp;&nbsp; 1184879<br>| &nbsp;&nbsp;&nbsp; 2204922<br>|
| Impact Bond | &nbsp;&nbsp;&nbsp; 213705<br>| &nbsp;&nbsp;&nbsp; 206281<br>|
| Defensive Market Strategies<sup>®</sup> | &nbsp;&nbsp;&nbsp; 25596674<br>| &nbsp;&nbsp;&nbsp; —<br>|
| Impact Equity | &nbsp;&nbsp;&nbsp; 4019875<br>| &nbsp;&nbsp;&nbsp; 779298<br>|
| Equity Index | &nbsp;&nbsp;&nbsp; 16441022<br>| &nbsp;&nbsp;&nbsp; —<br>|
| Value Equity Index | &nbsp;&nbsp;&nbsp; 689067<br>| &nbsp;&nbsp;&nbsp; —<br>|
| Value Equity | &nbsp;&nbsp;&nbsp; 7949951<br>| &nbsp;&nbsp;&nbsp; —<br>|
| Growth Equity Index | &nbsp;&nbsp;&nbsp; 752100<br>| &nbsp;&nbsp;&nbsp; —<br>|
| Growth Equity | &nbsp;&nbsp;&nbsp; 6384269<br>| &nbsp;&nbsp;&nbsp; —<br>|
| Small Cap Equity | &nbsp;&nbsp;&nbsp; 3923750<br>| &nbsp;&nbsp;&nbsp; —<br>|
| International Equity Index | &nbsp;&nbsp;&nbsp; 2811431<br>| &nbsp;&nbsp;&nbsp; —<br>|
| International Equity | &nbsp;&nbsp;&nbsp; 3041415<br>| &nbsp;&nbsp;&nbsp; 2431693<br>|
| Emerging Markets Equity | &nbsp;&nbsp;&nbsp; 1574965<br>| &nbsp;&nbsp;&nbsp; 1491852<br>|
| Global Real Estate Securities | &nbsp;&nbsp;&nbsp; 795783<br>| &nbsp;&nbsp;&nbsp; 180830<br>|
| Strategic Alternatives | &nbsp;&nbsp;&nbsp; 3777760<br>| &nbsp;&nbsp;&nbsp; 2771347<br>|

---

**312**

------

Activity for the period is measured by the number of transactions during the fiscal year and the average daily premiums paid and received on open options transactions. The amounts were as follows:

---

| | | |
|:---|:---|:---|
| **Fund**  | **Number of** <br>**transactions** <br>| **Average** <br>**premiums** <br>**paid and** <br>**received** <br>|
| Low-Duration Bond | &nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp; $24991<br>|
| Medium-Duration Bond | &nbsp;&nbsp;&nbsp; 241 | &nbsp;&nbsp;&nbsp; 11922<br>|
| Global Bond | &nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp; 527634<br>|
| Defensive Market Strategies<sup>®</sup> | &nbsp;&nbsp;&nbsp; 245 | &nbsp;&nbsp;&nbsp; 478753<br>|
| Strategic Alternatives | &nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp; 48671<br>|

---

Activity for the period is measured by the average daily notional amount for buy and sell protection on credit default swap transactions. The amounts were as follows:

---

| | | |
|:---|:---|:---|
| **Fund**  | **Buy protection** <br>**average** <br>**notional** <br>**market value** <br>| **Sell protection** <br>**average** <br>**notional** <br>**market value** <br>|
| Low-Duration Bond | &nbsp;&nbsp;&nbsp; $3612500<br>| &nbsp;&nbsp;&nbsp; $—<br>|
| Medium-Duration Bond | &nbsp;&nbsp;&nbsp; 300000<br>| &nbsp;&nbsp;&nbsp; 5117157<br>|
| Global Bond | &nbsp;&nbsp;&nbsp; 4970000<br>| &nbsp;&nbsp;&nbsp; 1477154<br>|
| Impact Bond | &nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp; 284000<br>|

---

Activity for the period is measured by the average daily notional amount for interest rate swaps based on the payment or receipt of the fixed rate. The amounts were as follows:

---

| | | |
|:---|:---|:---|
| **Fund**  | **Paid fixed rate** <br>**average** <br>**notional** <br>**market value** <br>| **Received** <br>**fixed rate** <br>**average** <br>**notional** <br>**market value** <br>|
| Low-Duration Bond | &nbsp;&nbsp;&nbsp; $7461419 | &nbsp;&nbsp;&nbsp; $5841511<br>|
| Medium-Duration Bond | &nbsp;&nbsp;&nbsp; 6628911 | &nbsp;&nbsp;&nbsp; 10809899<br>|
| Global Bond | &nbsp;&nbsp;&nbsp; 1024000 | &nbsp;&nbsp;&nbsp; 3208774<br>|
| Strategic Alternatives | &nbsp;&nbsp;&nbsp; 5209200 | &nbsp;&nbsp;&nbsp; 8730295<br>|

---

Activity for the period is measured by the average daily notional amount for total return swaps. The amounts were as follows:

---

| | |
|:---|:---|
| **Fund**  | **Average** <br>**notional** <br>**market value** <br>**of** <br>**transactions** <br>|
| International Equity  | &nbsp;&nbsp;&nbsp; $458864<br>|
| Emerging Markets Equity  | &nbsp;&nbsp;&nbsp; 642453<br>|
| Strategic Alternatives  | &nbsp;&nbsp;&nbsp; 62459<br>|

---

**j. Dividends and Distributions to Shareholders**

The Fixed Income Funds declare and pay dividends from net investment income monthly. The Money Market Fund declares income dividends daily and pays them monthly. The Defensive Market Strategies<sup>®</sup> Fund, Equity Index Fund, Global Real Estate Securities Fund, Value Equity Fund, Growth Equity Fund, Value Equity Index Fund and Growth Equity Index Fund declare and pay dividends from net investment income semi-annually. Each of the other Funds (including all the Target Date Funds and Target Risk Funds) declares and pays dividends from net investment income annually. Each Fund also distributes to its shareholders at least annually any realized net capital gains and net gains, if any, from certain foreign currency transactions. Dividends and distributions to shareholders are recorded on the ex-dividend date.

**313**

------

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

**k. Expenses**

Expenses arising in connection with a Fund are charged directly to that Fund. Expenses common to all Funds are generally allocated to each Fund in proportion to their relative net assets. Each Class of shares bears its pro-rata portion of expenses attributable to its Class, except that each Class separately bears expenses related specifically to that Class, such as shareholder reporting, registration, transfer agent and shareholder servicing fees.

**l. Security Transactions, Income and Realized Gains and Losses**

Security transactions are accounted for on the date securities are purchased or sold (the trade date). Dividend income is recognized on the ex-dividend date, except certain dividends from foreign securities where the ex-date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Interest income is accrued daily, including the amortization of market premium and the accretion of market discount using the effective interest method. Realized gains and losses from security transactions are on an identified cost basis.

**3. FEES AND OTHER TRANSACTIONS**

**a. Investment Advisory Fees (Affiliate)**

Pursuant to a separate investment advisory agreement, GuideStone Capital Management, LLC ("GSCM") acts as the Adviser to the Funds. As the Adviser, it provides an investment program for the Funds and for such services is paid a fee. GSCM and the Trust have entered into sub-advisory agreements with various sub-advisers to manage each Select Fund's investments. Under the asset allocation and general supervision of GSCM, the sub-advisers make the day-to-day investment decisions for the Select Funds, and for such services, each sub-adviser receives a fee from the Funds. GSCM and the Trust have entered into sub-advisory agreements with Parametric Portfolio Associates LLC ("Parametric") with respect to the overlay program of each Fund (except the Money Market Fund) and the completion portfolio program of each Fund (except the Money Market Fund, Global Real Estate Securities Fund, Equity Index Fund, International Equity Index Fund, Value Equity Index Fund and Growth Equity Index Fund). When such services are utilized, Parametric receives a fee from the respective Funds. The aggregate advisory fees and sub-adviser fees are included in the Statements of Assets and Liabilities and Statements of Operations under "Investment advisory fees."

**314**

------

The advisory fees paid to GSCM and aggregate sub-advisory fees paid to the sub-advisers are computed daily based upon the net assets of each Fund. The actual advisory fees accrued and the sub-advisory fees accrued during the six-month period ended June 30, 2025, based upon average daily net assets, were as follows:

---

| | | |
|:---|:---|:---|
| **Fund**  | **Advisory Fees**  | **Sub-Adviser Fees**  |
| MyDestination 2015 | 0.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.01<br> %<br>|
| MyDestination 2025 | 0.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00<br> %<br>|
| MyDestination 2035 | 0.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00<br> %<br>|
| MyDestination 2045 | 0.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00<br> %<br>|
| MyDestination 2055 | 0.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00<br> %<br>|
| Conservative Allocation | 0.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00<br> %<br>|
| Balanced Allocation | 0.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00<br> %<br>|
| Moderately Aggressive Allocation Fund | 0.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00<br> %<br>|
| Aggressive Allocation | 0.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00<br> %<br>|
| Money Market | 0.07<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.04<br> %<br>|
| Low-Duration Bond | 0.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.18<br> %<br>|
| Medium-Duration Bond | 0.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.20<br> %<br>|
| Global Bond | 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.28<br> %<br>|
| Impact Bond | 0.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.22<br> %<br>|
| Defensive Market Strategies<sup>®</sup> | 0.33<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.27<br> %<br>|
| Impact Equity | 0.33<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>|
| Equity Index | 0.08<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.01<br> %<br>|
| Value Equity Index | 0.08<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.02<br> %<br>|
| Value Equity | 0.32<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.26<br> %<br>|
| Growth Equity Index | 0.08<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.02<br> %<br>|
| Growth Equity | 0.32<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.29<br> %<br>|
| Small Cap Equity | 0.33<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.53<br> %<br>|
| International Equity Index | 0.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.01<br> %<br>|
| International Equity | 0.33<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.43<br> %<br>|
| Emerging Markets Equity | 0.33<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.51<br> %<br>|
| Global Real Estate Securities | 0.33<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.38<br> %<br>|
| Strategic Alternatives | 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.52<br> %<br>|

---

**b. Shareholder Servicing Fees (Affiliate)**

The Board of Directors has adopted a Shareholder Service Plan for each Fund with an Investor Class. Under this Plan, the Investor Class is authorized to pay fees of 0.25% of average daily net assets to parties that provide services for and maintain shareholder accounts.

**c. Expense Limitation (Affiliate)**

The Impact Bond Fund, Strategic Alternatives Fund, Emerging Markets Equity Fund, Impact Equity Fund, Value Equity Index Fund, Growth Equity Index Fund and International Equity Index Fund entered into expense cap agreements with GSCM, pursuant to which GSCM has agreed to pay, waive, or assume operating expenses of the Class(es) of the Fund without regard to any expense reductions realized through use of directed brokerage (and excluding interest, taxes, brokerage commissions, acquired fund fees and expenses, expenses on securities sold short, and extraordinary expenses), which exceed, in the aggregate, the annual percentage rate of that Class' average daily net assets as indicated below through April 30, 2026.

The Target Date Funds have entered into an expense cap agreement with GSCM, pursuant to which GSCM has agreed to pay, waive, or assume operating expenses of the Class(es) of the Fund (excluding extraordinary expenses) which exceed, in the aggregate, the annual percentage rate of that Class' average daily net assets as indicated below through April 30, 2026.

**315**

------

The Expense Caps were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Period** <br>**January 1, 2025** <br>**to** <br>**April 30, 2025** | **For the Period** <br>**January 1, 2025** <br>**to** <br>**April 30, 2025** | **For the Period** <br>**May 1, 2025** <br>**to** <br>**June 30, 2025** | **For the Period** <br>**May 1, 2025** <br>**to** <br>**June 30, 2025** |
| **Fund**  | **Institutional** <br>**Class**<br>| **Investor** <br>**Class**<br>| **Institutional** <br>**Class**<br>| **Investor** <br>**Class**<br>|
| MyDestination 2015 | &nbsp;&nbsp;&nbsp;&nbsp; 0.45<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.45<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> %<br>|
| MyDestination 2025 | &nbsp;&nbsp;&nbsp;&nbsp; 0.45<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.45<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> %<br>|
| MyDestination 2035 | &nbsp;&nbsp;&nbsp;&nbsp; 0.45<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.45<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> %<br>|
| MyDestination 2045 | &nbsp;&nbsp;&nbsp;&nbsp; 0.45<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.45<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> %<br>|
| MyDestination 2055 | &nbsp;&nbsp;&nbsp;&nbsp; 0.45<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.45<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> %<br>|
| Impact Bond  | &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.79<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.48<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.76<br> %<br>|
| Impact Equity  | &nbsp;&nbsp;&nbsp;&nbsp; N/A<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.21<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp; 1.21<br> %<br>|
| Value Equity Index  | &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>|
| Growth Equity Index  | &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>|
| International Equity Index  | &nbsp;&nbsp;&nbsp;&nbsp; N/A<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>|
| Emerging Markets Equity  | &nbsp;&nbsp;&nbsp;&nbsp; 1.06<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.31<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.04<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.31<br> %<br>|
| Strategic Alternatives  | &nbsp;&nbsp;&nbsp;&nbsp; 1.27<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.52<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.32<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.57<br> %<br>|

---

Each Fund in turn agreed to repay GSCM for any operating expenses in excess of the expense limitation reimbursed by GSCM for that Fund during the limitation period, provided GSCM would not be entitled to reimbursement for any amount that would cause operating expenses to exceed the expense limitation in place on the date in which (1) GSCM reimbursed operating expenses, or (2) during the year in which the reimbursement would be made, whichever is lower, and provided further that no amount will be reimbursed by the respective class of that Fund more than three years after the year in which it was reimbursed.

For those Funds that had operating expenses in excess of the expense limitation paid, waived or assumed by GSCM during the limitation period, the amounts subject to possible future reimbursement under the expense limitation agreement and the expiration schedule at June 30, 2025, are as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Institutional Class**  | **Institutional Class**  | **Institutional Class**  | **Institutional Class**  | **Investor Class**  | **Investor Class**  | **Investor Class**  | **Investor Class**  |
| **Fund**  | **2025** | **2026** | **2027** | **2028** | **2025** | **2026** | **2027** | **2028** |
| MyDestination 2015 | &nbsp;&nbsp; $70345 | &nbsp;&nbsp; $111279 | &nbsp;&nbsp; $164177 | &nbsp;&nbsp; $99661 | &nbsp;&nbsp; $161238 | &nbsp;&nbsp; $76282 | &nbsp;&nbsp; $60780 | &nbsp;&nbsp; $55011 |
| MyDestination 2025 | &nbsp;&nbsp; 103517 | &nbsp;&nbsp; 263265 | &nbsp;&nbsp; 356660 | &nbsp;&nbsp; 207892 | &nbsp;&nbsp; 228539 | &nbsp;&nbsp; 117390 | &nbsp;&nbsp; 52352 | &nbsp;&nbsp; 55359 |
| MyDestination 2035 | &nbsp;&nbsp; — | &nbsp;&nbsp; 202386 | &nbsp;&nbsp; 268190 | &nbsp;&nbsp; 167948 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| MyDestination 2045 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| MyDestination 2055 | &nbsp;&nbsp; — | &nbsp;&nbsp; 18359 | &nbsp;&nbsp; 17373 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Impact Bond | &nbsp;&nbsp; N/A | &nbsp;&nbsp; 185566 | &nbsp;&nbsp; 127124 | &nbsp;&nbsp; 73033 | &nbsp;&nbsp; N/A | &nbsp;&nbsp; 72470 | &nbsp;&nbsp; 61423 | &nbsp;&nbsp; 36787 |
| Value Equity Index | &nbsp;&nbsp; 103203 | &nbsp;&nbsp; 80475 | &nbsp;&nbsp; 24283 | &nbsp;&nbsp; 1150 | &nbsp;&nbsp; 30924 | &nbsp;&nbsp; 34440 | &nbsp;&nbsp; 41774 | &nbsp;&nbsp; 23733 |
| Growth Equity Index | &nbsp;&nbsp; 39720 | &nbsp;&nbsp; 70819 | &nbsp;&nbsp; 10131 | &nbsp;&nbsp; — | &nbsp;&nbsp; 30757 | &nbsp;&nbsp; 37860 | &nbsp;&nbsp; 25353 | &nbsp;&nbsp; 3920 |
| International Equity Index | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; 28216 | &nbsp;&nbsp; 23846 | &nbsp;&nbsp; 35769 | &nbsp;&nbsp; 16160 |
| Emerging Markets Equity | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; 190955 | &nbsp;&nbsp; 83413 | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; 85452 | &nbsp;&nbsp; 45369 |
| Strategic Alternatives | &nbsp;&nbsp; 527312 | &nbsp;&nbsp; 493819 | &nbsp;&nbsp; 116865 | &nbsp;&nbsp; — | &nbsp;&nbsp; 121475 | &nbsp;&nbsp; 106325 | &nbsp;&nbsp; 58774 | &nbsp;&nbsp; 14055 |

---

The shareholder servicing agent, the Adviser, and/or the sub-adviser may voluntarily waive fees and/or reimburse expenses to the extent necessary to assist the Money Market Fund in attempting to maintain a yield of at least 0.00%. Such yield waivers and reimbursements are voluntary and could change or be terminated at any time at the discretion of the Adviser. There is no guarantee that the Money Market Fund will maintain a positive yield. These previously waived fees are not subject to recoupment.

**316**

------

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

**d. Brokerage Service Arrangements**

Subject to best execution, the Adviser directs the sub-advisers to place a certain percentage of security trades with designated brokers who have agreed to pay certain custody, transfer agency or other operating expenses through the use of Brokerage Service Arrangements on behalf of the Funds. These payments can be found on the Statements of Operations under the heading "Fees Paid Indirectly."

---

| | |
|:---|:---|
| **Fund**  | **Expenses Paid** <br>**Through Brokerage** <br>**Service Agreements** <br>|
| Value Equity  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $786<br>|
| Growth Equity  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2788<br>|
| Small Cap Equity  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24696<br>|
| Global Real Estate Securities  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10503<br>|

---

**e. Administrator, Transfer Agent and Distributor**

The Northern Trust Company ("Northern Trust") provides administrative and accounting services to the Funds. For its services as Administrator, Northern Trust is entitled to receive fees, computed daily and paid monthly, based upon the average daily net assets of each Fund. The fees, excluding out of pocket expenses, range between 0.0028% and 0.0174% of average daily net assets. For its services as Transfer Agent, BNY Mellon Investment Servicing (US) Inc. ("BNY Mellon") receives a fee based mainly upon the number of accounts serviced. Certain minimum fees and transaction charges may apply.

Foreside Funds Distributors LLC serves as the Underwriter and does not receive any fees in its capacity as Underwriter from GuideStone Funds. The fees are paid by GSCM.

**f. Investments in Affiliates**

The Target Date and Target Risk Funds do not invest in the underlying Select Funds for the purpose of exercising management or control; however, investments made by each Target Date and Target Risk Fund within each of its principal investment strategies may represent a significant portion of an underlying Select Fund's net assets. At June 30, 2025, the Target Date and Target Risk Funds were the owners of record of the following approximate percentages of the total outstanding shares of the underlying Select Funds as detailed below:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **MyDestination**<br> **2015 Fund**<br>| **MyDestination**<br> **2025 Fund**<br>| **MyDestination**<br> **2035 Fund**<br>| **MyDestination**<br> **2045 Fund**<br>| **MyDestination**<br> **2055 Fund**<br>|
| Low-Duration Bond | &nbsp;&nbsp;&nbsp;&nbsp; 8.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.33<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; —<br> %<br>|
| Medium-Duration Bond | &nbsp;&nbsp;&nbsp;&nbsp;7.23 | &nbsp;&nbsp;&nbsp;&nbsp;19.09 | &nbsp;&nbsp;&nbsp;&nbsp;14.92 | &nbsp;&nbsp;&nbsp;&nbsp;5.35 | &nbsp;&nbsp;&nbsp;&nbsp;1.24 |
| Global Bond | &nbsp;&nbsp;&nbsp;&nbsp;6.24 | &nbsp;&nbsp;&nbsp;&nbsp;16.87 | &nbsp;&nbsp;&nbsp;&nbsp;18.01 | &nbsp;&nbsp;&nbsp;&nbsp;6.80 | &nbsp;&nbsp;&nbsp;&nbsp;1.58 |
| Defensive Market Strategies<sup>®</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5.35 | &nbsp;&nbsp;&nbsp;&nbsp;18.72 | &nbsp;&nbsp;&nbsp;&nbsp;16.38 | &nbsp;&nbsp;&nbsp;&nbsp;6.89 | &nbsp;&nbsp;&nbsp;&nbsp;3.44 |
| Equity Index | &nbsp;&nbsp;&nbsp;&nbsp;2.42 | &nbsp;&nbsp;&nbsp;&nbsp;8.45 | &nbsp;&nbsp;&nbsp;&nbsp;13.59 | &nbsp;&nbsp;&nbsp;&nbsp;15.94 | &nbsp;&nbsp;&nbsp;&nbsp;9.07 |
| Small Cap Equity | &nbsp;&nbsp;&nbsp;&nbsp;1.69 | &nbsp;&nbsp;&nbsp;&nbsp;6.03 | &nbsp;&nbsp;&nbsp;&nbsp;9.94 | &nbsp;&nbsp;&nbsp;&nbsp;11.77 | &nbsp;&nbsp;&nbsp;&nbsp;6.77 |
| International Equity Index | &nbsp;&nbsp;&nbsp;&nbsp;4.47 | &nbsp;&nbsp;&nbsp;&nbsp;15.34 | &nbsp;&nbsp;&nbsp;&nbsp;24.17 | &nbsp;&nbsp;&nbsp;&nbsp;27.85 | &nbsp;&nbsp;&nbsp;&nbsp;16.02 |
| Emerging Markets Equity | &nbsp;&nbsp;&nbsp;&nbsp;1.81 | &nbsp;&nbsp;&nbsp;&nbsp;6.46 | &nbsp;&nbsp;&nbsp;&nbsp;10.38 | &nbsp;&nbsp;&nbsp;&nbsp;12.04 | &nbsp;&nbsp;&nbsp;&nbsp;6.89 |
| Global Real Estate Securities | &nbsp;&nbsp;&nbsp;&nbsp;1.94 | &nbsp;&nbsp;&nbsp;&nbsp;6.83 | &nbsp;&nbsp;&nbsp;&nbsp;9.64 | &nbsp;&nbsp;&nbsp;&nbsp;10.28 | &nbsp;&nbsp;&nbsp;&nbsp;5.83 |
| Strategic Alternatives | &nbsp;&nbsp;&nbsp;&nbsp;2.40 | &nbsp;&nbsp;&nbsp;&nbsp;6.84 | &nbsp;&nbsp;&nbsp;&nbsp;7.38 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Conservative**<br> **Allocation Fund**<br>| **Balanced**<br> **Allocation Fund**<br>| **Moderately Aggressive**<br> **Allocation Fund**<br>| **Aggressive**<br> **Allocation Fund**<br>|
| Low-Duration Bond | &nbsp;&nbsp;&nbsp;&nbsp; 11.96<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.90<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; —<br> %<br>|
| Medium-Duration Bond | &nbsp;&nbsp;&nbsp;&nbsp;4.11 | &nbsp;&nbsp;&nbsp;&nbsp;11.86 | &nbsp;&nbsp;&nbsp;&nbsp;4.29 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Global Bond | &nbsp;&nbsp;&nbsp;&nbsp;1.90 | &nbsp;&nbsp;&nbsp;&nbsp;15.80 | &nbsp;&nbsp;&nbsp;&nbsp;5.56 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Impact Bond | &nbsp;&nbsp;&nbsp;&nbsp;18.18 | &nbsp;&nbsp;&nbsp;&nbsp;22.95 | &nbsp;&nbsp;&nbsp;&nbsp;19.56 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Defensive Market Strategies<sup>®</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2.18 | &nbsp;&nbsp;&nbsp;&nbsp;9.66 | &nbsp;&nbsp;&nbsp;&nbsp;3.69 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Impact Equity | &nbsp;&nbsp;&nbsp;&nbsp;6.20 | &nbsp;&nbsp;&nbsp;&nbsp;25.90 | &nbsp;&nbsp;&nbsp;&nbsp;22.31 | &nbsp;&nbsp;&nbsp;&nbsp;37.84 |
| Value Equity Index | &nbsp;&nbsp;&nbsp;&nbsp;2.64 | &nbsp;&nbsp;&nbsp;&nbsp;16.06 | &nbsp;&nbsp;&nbsp;&nbsp;24.65 | &nbsp;&nbsp;&nbsp;&nbsp;35.32 |

---

**317**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Conservative**<br> **Allocation Fund**<br>| **Balanced**<br> **Allocation Fund**<br>| **Moderately Aggressive**<br> **Allocation Fund**<br>| **Aggressive**<br> **Allocation Fund**<br>|
| Value Equity | &nbsp;&nbsp;&nbsp;&nbsp; 1.62<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.89<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 15.33<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 21.95<br> %<br>|
| Growth Equity Index | &nbsp;&nbsp;&nbsp;&nbsp;1.70 | &nbsp;&nbsp;&nbsp;&nbsp;10.34 | &nbsp;&nbsp;&nbsp;&nbsp;16.03 | &nbsp;&nbsp;&nbsp;&nbsp;23.09 |
| Growth Equity | &nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;5.74 | &nbsp;&nbsp;&nbsp;&nbsp;8.90 | &nbsp;&nbsp;&nbsp;&nbsp;12.83 |
| Small Cap Equity | &nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;2.80 | &nbsp;&nbsp;&nbsp;&nbsp;4.54 | &nbsp;&nbsp;&nbsp;&nbsp;6.60 |
| International Equity | &nbsp;&nbsp;&nbsp;&nbsp;1.71 | &nbsp;&nbsp;&nbsp;&nbsp;9.95 | &nbsp;&nbsp;&nbsp;&nbsp;15.08 | &nbsp;&nbsp;&nbsp;&nbsp;21.57 |
| Emerging Markets Equity | &nbsp;&nbsp;&nbsp;&nbsp;1.18 | &nbsp;&nbsp;&nbsp;&nbsp;7.06 | &nbsp;&nbsp;&nbsp;&nbsp;10.81 | &nbsp;&nbsp;&nbsp;&nbsp;15.47 |
| Global Real Estate Securities | &nbsp;&nbsp;&nbsp;&nbsp;1.59 | &nbsp;&nbsp;&nbsp;&nbsp;8.83 | &nbsp;&nbsp;&nbsp;&nbsp;11.29 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Strategic Alternatives | &nbsp;&nbsp;&nbsp;&nbsp;7.05 | &nbsp;&nbsp;&nbsp;&nbsp;17.88 | &nbsp;&nbsp;&nbsp;&nbsp;9.56 | &nbsp;&nbsp;&nbsp;&nbsp; — |

---

A summary of the Funds' total long-term and short-term purchases and sales of the shares of the underlying Select Funds during the six-month period ended June 30, 2025, is as follows (amounts in thousands):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Total Value** <br>**at** <br>**12/31/24**<br>| **Purchases** | **Sales Proceeds** | **Net Realized** <br>**Gains/(Losses)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Total Value** <br>**at** <br>**6/30/25**<br>| **Dividend** <br>**Income**<br>| **Distributions** <br>**of Realized** <br>**Gains**<br>|
| **MyDestination 2015** |  |  |  |  |  |  |  |  |
| Money Market | $12632 | $37276 | $42035 | $— | $— | $7873 | $213 | $— |
| Low-Duration Bond | 68780 | 5846 | 4175 | 20 | 521 | 70992 | 1500 |  |
| Medium-Duration Bond | 225235 | 18904 | 15241 | (3672)<br>| 8117 | 233343 | 5190 |  |
| Global Bond | 38157 | 3160 | 3206 | (554)<br>| 1946 | 39503 | 725 |  |
| Defensive Market <br> Strategies<sup>®</sup><br>| 75123 | 4777 | 5800 | (459)<br>| 1116 | 74757 | 782 | 981 |
| Equity Index | 128066 | 12478 | 18959 | 3962 | 2810 | 128357 | 665 | 132 |
| International Equity Index | 58527 | 2360 | 5906 | 61 | 11709 | 66751 |  |  |
| Small Cap Equity | 15244 | 2516 | 3090 | 203 | (539)<br>| 14334 |  |  |
| Emerging Markets Equity | 14448 | 900 | 2225 | 319 | 1945 | 15387 |  |  |
| Global Real Estate Securities | 5937 | 262 | 490 | (87)<br>| 321 | 5943 | 141 |  |
| Strategic Alternatives | 6871 | 29 | 150 | (15)<br>| 158 | 6893 |  |  |
|  | $649020 | $88508 | $101277 | $(222)<br>| $28104 | $664133 | $9216 | $1113 |
| **MyDestination 2025** |  |  |  |  |  |  |  |  |
| Money Market | $26416 | $65716 | $73040 | $— | $— | $19092 | $510 | $— |
| Low-Duration Bond | 76736 | 12706 | 2095 | 33 | 608 | 87988 | 1761 |  |
| Medium-Duration Bond | 592937 | 58631 | 47590 | (11586)<br>| 23285 | 615677 | 13580 |  |
| Global Bond | 103042 | 8241 | 8220 | (1257)<br>| 4995 | 106801 | 1946 |  |
| Defensive Market <br> Strategies<sup>®</sup><br>| 256634 | 16690 | 14106 | 241 | 1965 | 261424 | 2726 | 3419 |
| Equity Index | 437565 | 35497 | 47700 | 20572 | 3174 | 449108 | 2315 | 461 |
| International Equity Index | 203127 | 5994 | 20390 | 5421 | 34833 | 228985 |  |  |
| Small Cap Equity | 52466 | 7641 | 7915 | (91)<br>| (992)<br>| 51109 |  |  |
| Emerging Markets Equity | 50517 | 979 | 4290 | (255)<br>| 7935 | 54886 |  |  |
| Global Real Estate Securities | 20546 | 1338 | 1740 | 77 | 714 | 20935 | 487 |  |
| Strategic Alternatives | 19087 | 1220 | 1060 | (84)<br>| 474 | 19637 |  |  |
|  | $1839073 | $214653 | $228146 | $13071 | $76991 | $1915642 | $23325 | $3880 |

---

**318**

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Total Value**<br> **at**<br> **12/31/24**<br>| **Purchases** | **Sales Proceeds** | **Net Realized**<br> **Gains/(Losses)**<br>| **Change in**<br> **Unrealized**<br> **Appreciation/**<br> **(Depreciation)**<br>| **Total Value**<br> **at**<br> **6/30/25**<br>| **Dividend**<br> **Income**<br>| **Distributions**<br> **of Realized**<br> **Gains**<br>|
| **MyDestination 2035** |  |  |  |  |  |  |  |  |
| Money Market | $25731 | $61074 | $64217 | $— | $— | $22588 | $503 | $— |
| Low-Duration Bond |  | 3084 | 300 | 1 | 11 | 2796 | 29 |  |
| Medium-Duration Bond | 427776 | 70891 | 26405 | (6373)<br>| 15320 | 481209 | 10190 |  |
| Global Bond | 106806 | 8933 | 5755 | (632)<br>| 4619 | 113971 | 2062 |  |
| Defensive Market <br> Strategies<sup>®</sup><br>| 207431 | 20861 | 1290 | (144)<br>| 1936 | 228794 | 2386 | 2993 |
| Equity Index | 672354 | 51905 | 39680 | 17838 | 19603 | 722020 | 3709 | 738 |
| International Equity Index | 316428 | 6618 | 25811 | 4919 | 58623 | 360777 |  |  |
| Small Cap Equity | 81218 | 11928 | 7105 | (1300)<br>| (545)<br>| 84196 |  |  |
| Emerging Markets Equity | 78571 | 1623 | 4150 | (914)<br>| 13082 | 88212 |  |  |
| Global Real Estate Securities | 27751 | 2788 | 2045 | (259)<br>| 1328 | 29563 | 683 |  |
| Strategic Alternatives | 19105 | 2955 | 1271 | (134)<br>| 535 | 21190 |  |  |
|  | $1963171 | $242660 | $178029 | $13002 | $114512 | $2155316 | $19562 | $3731 |
| **MyDestination 2045** |  |  |  |  |  |  |  |  |
| Money Market | $20595 | $48357 | $49657 | $— | $— | $19295 | $421 | $— |
| Medium-Duration Bond | 149476 | 28401 | 8450 | (1907)<br>| 5093 | 172613 | 3601 |  |
| Global Bond | 37369 | 5869 | 1605 | (274)<br>| 1708 | 43067 | 738 |  |
| Defensive Market <br> Strategies<sup>®</sup><br>| 85217 | 10510 | 182 | (38)<br>| 753 | 96260 | 1004 | 1259 |
| Equity Index | 755943 | 56721 | 9400 | 4377 | 38997 | 846638 | 4334 | 863 |
| International Equity Index | 360152 | 8192 | 25350 | 3141 | 69596 | 415731 |  |  |
| Small Cap Equity | 92217 | 11954 | 2405 | (503)<br>| (1547)<br>| 99716 |  |  |
| Emerging Markets Equity | 89402 | 3422 | 4590 | (1048)<br>| 15134 | 102320 |  |  |
| Global Real Estate Securities | 28354 | 3683 | 1605 | (225)<br>| 1325 | 31532 | 723 |  |
|  | $1618725 | $177109 | $103244 | $3523 | $131059 | $1827172 | $10821 | $2122 |
| **MyDestination 2055** |  |  |  |  |  |  |  |  |
| Money Market | $8406 | $34599 | $32666 | $— | $— | $10339 | $193 | $— |
| Medium-Duration Bond | 33193 | 7875 | 1800 | (140)<br>| 868 | 39996 | 830 |  |
| Global Bond | 8291 | 2105 | 750 | 6 | 327 | 9979 | 170 |  |
| Defensive Market <br> Strategies<sup>®</sup><br>| 41942 | 6593 | 800 | (47)<br>| 415 | 48103 | 499 | 626 |
| Equity Index | 413955 | 43424 | 150 | 70 | 24524 | 481823 | 2465 | 491 |
| International Equity Index | 197658 | 11158 | 10551 | 1465 | 39302 | 239032 |  |  |
| Small Cap Equity | 50797 | 8603 | 900 | (123)<br>| (1037)<br>| 57340 |  |  |
| Emerging Markets Equity | 48944 | 3018 | 1300 | 116 | 7835 | 58613 |  |  |
| Global Real Estate Securities | 15472 | 2095 | 300 | 37 | 564 | 17868 | 409 |  |
|  | $818658 | $119470 | $49217 | $1384 | $72798 | $963093 | $4566 | $1117 |

---

**319**

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Total Value**<br> **at**<br> **12/31/24**<br>| **Purchases** | **Sales Proceeds** | **Net Realized**<br> **Gains/(Losses)**<br>| **Change in**<br> **Unrealized**<br> **Appreciation/**<br> **(Depreciation)**<br>| **Total Value**<br> **at**<br> **6/30/25**<br>| **Dividend**<br> **Income**<br>| **Distributions**<br> **of Realized**<br> **Gains**<br>|
| **Conservative Allocation** |  |  |  |  |  |  |  |  |
| Money Market | $6086 | $22660 | $23948 | $— | $— | $4798 | $119 | $— |
| Low-Duration Bond | 182107 | 5531 | 87675 | (2916)<br>| 4083 | 101130 | 3437 |  |
| Medium-Duration Bond | 48860 | 84490 | 2686 | (37)<br>| 1918 | 132545 | 1621 |  |
| Global Bond | 12121 | 850 | 1370 | (232)<br>| 664 | 12033 | 224 |  |
| Defensive Market <br> Strategies<sup>®</sup><br>| 30757 | 2500 | 3050 | (142)<br>| 435 | 30500 | 322 | 404 |
| Impact Bond | 15999 | 626 | 510 | (17)<br>| 192 | 16290 | 345 |  |
| Impact Equity | 7181 | 250 | 1051 | 210 | 879 | 7469 |  |  |
| Value Equity Index | 5501 | 528 | 775 | 124 | 112 | 5490 | 44 | 3 |
| Value Equity | 16543 | 2350 | 2560 | 215 | (129)<br>| 16419 | 152 | 523 |
| Growth Equity Index | 5490 | 1934 | 2360 | 542 | (105)<br>| 5501 | 12 | 16 |
| Growth Equity | 16451 | 2669 | 3225 | 501 | 77 | 16473 |  | 414 |
| Small Cap Equity | 4025 | 590 | 910 | (32)<br>| (55)<br>| 3618 |  |  |
| International Equity | 21323 | 2680 | 3421 | 131 | 3992 | 24705 |  |  |
| Emerging Markets Equity | 9031 | 751 | 1185 | 110 | 1315 | 10022 |  |  |
| Global Real Estate Securities | 4834 | 114 | 265 | (4)<br>| 189 | 4868 | 114 |  |
| Strategic Alternatives | 20059 | 605 | 835 | (68)<br>| 482 | 20243 |  |  |
|  | $406368 | $129128 | $135826 | $(1615)<br>| $14049 | $412104 | $6390 | $1360 |
| **Balanced Allocation** |  |  |  |  |  |  |  |  |
| Money Market | $18182 | $38219 | $42856 | $— | $— | $13545 | $343 | $— |
| Low-Duration Bond | 50527 | 7414 | 8395 | (435)<br>| 828 | 49939 | 1064 |  |
| Medium-Duration Bond | 366771 | 24994 | 16270 | (2537)<br>| 9618 | 382576 | 8453 |  |
| Global Bond | 101118 | 13068 | 17741 | (2461)<br>| 6040 | 100024 | 1849 |  |
| Defensive Market <br> Strategies<sup>®</sup><br>| 132918 | 7970 | 7120 | (678)<br>| 1797 | 134887 | 1410 | 1769 |
| Impact Bond | 19928 | 1607 | 1195 | (39)<br>| 269 | 20570 | 432 |  |
| Impact Equity | 29723 | 1240 | 4198 | 795 | 3641 | 31201 |  |  |
| Value Equity Index | 32704 | 1610 | 2380 | 395 | 1034 | 33363 | 265 | 19 |
| Value Equity | 98197 | 10713 | 9330 | 706 | (350)<br>| 99936 | 911 | 3125 |
| Growth Equity Index | 32398 | 5723 | 6780 | 2564 | (452)<br>| 33453 | 75 | 98 |
| Growth Equity | 97341 | 15177 | 15765 | 4836 | (1184)<br>| 100405 |  | 2467 |
| Small Cap Equity | 25228 | 3690 | 4700 | (352)<br>| (174)<br>| 23692 |  |  |
| International Equity | 127524 | 4370 | 13230 | 2761 | 22240 | 143665 |  |  |
| Emerging Markets Equity | 54584 | 1400 | 4386 | 324 | 8083 | 60005 |  |  |
| Global Real Estate Securities | 26395 | 1818 | 2156 | (98)<br>| 1113 | 27072 | 628 |  |
| Strategic Alternatives | 50068 | 4875 | 4600 | (459)<br>| 1479 | 51363 |  |  |
|  | $1263606 | $143888 | $161102 | $5322 | $53982 | $1305696 | $15430 | $7478 |

---

**320**

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Total Value**<br> **at**<br> **12/31/24**<br>| **Purchases** | **Sales Proceeds** | **Net Realized**<br> **Gains/(Losses)**<br>| **Change in**<br> **Unrealized**<br> **Appreciation/**<br> **(Depreciation)**<br>| **Total Value**<br> **at**<br> **6/30/25**<br>| **Dividend**<br> **Income**<br>| **Distributions**<br> **of Realized**<br> **Gains**<br>|
| **Moderately Aggressive** <br> **Allocation Fund**<br>|  |  |  |  |  |  |  |  |
| Money Market | $15733 | $36712 | $41417 | $— | $— | $11028 | $295 | $— |
| Low-Duration Bond | 18064 | 4554 | 5125 | 61 | 83 | 17637 | 379 |  |
| Medium-Duration Bond | 130955 | 11633 | 6690 | (1634)<br>| 4168 | 138432 | 3022 |  |
| Global Bond | 36497 | 7773 | 10336 | (1572)<br>| 2862 | 35224 | 652 |  |
| Defensive Market <br> Strategies<sup>®</sup><br>| 50092 | 2591 | 1520 | (239)<br>| 586 | 51510 | 537 | 674 |
| Impact Bond | 16962 | 2327 | 1965 | (67)<br>| 270 | 17527 | 367 |  |
| Impact Equity | 25316 | 1 | 2143 | 407 | 3289 | 26870 |  |  |
| Value Equity Index | 49591 | 1556 | 2090 | 328 | 1817 | 51202 | 406 | 29 |
| Value Equity | 148892 | 14055 | 8361 | 1532 | (1228)<br>| 154890 | 1403 | 4811 |
| Growth Equity Index | 48999 | 6291 | 6381 | 2407 | 568 | 51884 | 115 | 151 |
| Growth Equity | 147149 | 17803 | 14355 | 1795 | 3380 | 155772 |  | 3803 |
| Small Cap Equity | 38412 | 4870 | 3880 | 765 | (1691)<br>| 38476 |  |  |
| International Equity | 199171 | 1550 | 21580 | (1280)<br>| 39944 | 217805 |  |  |
| Emerging Markets Equity | 84942 | 2265 | 8295 | 629 | 12401 | 91942 |  |  |
| Global Real Estate Securities | 33123 | 3085 | 2855 | (131)<br>| 1399 | 34621 | 800 |  |
| Strategic Alternatives | 26535 | 3480 | 3105 | (288)<br>| 828 | 27450 |  |  |
|  | $1070433 | $120546 | $140098 | $2713 | $68676 | $1122270 | $7976 | $9468 |
| **Aggressive Allocation** |  |  |  |  |  |  |  |  |
| Money Market | $15931 | $31948 | $36910 | $— | $— | $10969 | $294 | $— |
| Impact Equity | 42348 | 176 | 3047 | 467 | 5635 | 45579 |  |  |
| Value Equity Index | 70405 | 4164 | 4274 | 685 | 2394 | 73374 | 582 | 41 |
| Value Equity | 211075 | 23492 | 13065 | 2641 | (2309)<br>| 221834 | 2012 | 6904 |
| Growth Equity Index | 69459 | 7918 | 6790 | 2535 | 1609 | 74731 | 166 | 218 |
| Growth Equity | 208504 | 22141 | 13374 | 545 | 6539 | 224355 |  | 5481 |
| Small Cap Equity | 53917 | 4925 | 1424 | 225 | (1732)<br>| 55911 |  |  |
| International Equity | 282947 | 6230 | 32329 | 2456 | 52195 | 311499 |  |  |
| Emerging Markets Equity | 120795 | 6495 | 14109 | 612 | 17741 | 131534 |  |  |
|  | $1075381 | $107489 | $125322 | $10166 | $82072 | $1149786 | $3054 | $12644 |
| **Low-Duration Bond** |  |  |  |  |  |  |  |  |
| Money Market | $31722 | $670412 | $660458 | $— | $— | $41676 | $954 | $— |
| **Medium-Duration Bond** |  |  |  |  |  |  |  |  |
| Money Market | $220888 | $1194276 | $1281650 | $— | $— | $133514 | $2728 | $— |
| **Global Bond** |  |  |  |  |  |  |  |  |
| Money Market | $25373 | $246889 | $218467 | $— | $— | $53795 | $623 | $— |
| **Impact Bond** |  |  |  |  |  |  |  |  |
| Money Market | $3423 | $25976 | $25677 | $— | $— | $3722 | $79 | $— |
| **Defensive Market** <br> **Strategies**<sup>®</sup><br>|  |  |  |  |  |  |  |  |
| Money Market | $97190 | $641517 | $655017 | $— | $— | $83690 | $1995 | $— |

---

**321**

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Total Value**<br> **at**<br> **12/31/24**<br>| **Purchases** | **Sales Proceeds** | **Net Realized**<br> **Gains/(Losses)**<br>| **Change in**<br> **Unrealized**<br> **Appreciation/**<br> **(Depreciation)**<br>| **Total Value**<br> **at**<br> **6/30/25**<br>| **Dividend**<br> **Income**<br>| **Distributions**<br> **of Realized**<br> **Gains**<br>|
| **Impact Equity** |  |  |  |  |  |  |  |  |
| Money Market | $7009 | $230124 | $125533 | $— | $— | $111600 | $361 | $— |
| **Equity Index** |  |  |  |  |  |  |  |  |
| Money Market | $72340 | $971487 | $931496 | $— | $— | $112331 | $2860 | $— |
| **Value Equity Index** |  |  |  |  |  |  |  |  |
| Money Market | $3607 | $29907 | $29817 | $— | $— | $3697 | $83 | $— |
| **Value Equity** |  |  |  |  |  |  |  |  |
| Money Market | $43647 | $291371 | $292002 | $— | $— | $43016 | $798 | $— |
| **Growth Equity Index** |  |  |  |  |  |  |  |  |
| Money Market | $7412 | $52234 | $54052 | $— | $— | $5594 | $125 | $— |
| **Growth Equity** |  |  |  |  |  |  |  |  |
| Money Market | $58278 | $291325 | $309161 | $— | $— | $40442 | $1282 | $— |
| **Small Cap Equity** |  |  |  |  |  |  |  |  |
| Money Market | $45179 | $197094 | $209794 | $— | $— | $32479 | $770 | $— |
| **International Equity Index** |  |  |  |  |  |  |  |  |
| Money Market | $63006 | $208225 | $198652 | $— | $— | $72579 | $1163 | $— |
| **International Equity** |  |  |  |  |  |  |  |  |
| Money Market | $51700 | $351248 | $331763 | $— | $— | $71185 | $1296 | $— |
| **Emerging Markets Equity** |  |  |  |  |  |  |  |  |
| Money Market | $22776 | $108689 | $104039 | $— | $— | $27426 | $521 | $— |
| **Global Real Estate** <br> **Securities**<br>|  |  |  |  |  |  |  |  |
| Money Market | $8225 | $35101 | $36659 | $— | $— | $6667 | $126 | $— |
| **Strategic Alternatives** |  |  |  |  |  |  |  |  |
| Money Market | $88351 | $384048 | $379353 | $— | $— | $93046 | $2163 | $— |

---

\*Amount rounds to less than $1,000.

**4. SECURITIES LENDING**

Pursuant to a Securities Lending Authorization Agreement with Northern Trust, the Select Funds may lend portfolio securities to certain brokers, dealers and other financial institutions that pay the Select Funds a negotiated fee. When loaning securities, the Select Funds retain the benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. The Select Funds also have the ability to terminate the loans at any time and can do so in order to vote proxies or sell the securities. The Select Funds receive cash or U.S. government securities, such as U.S. Treasury Bills and U.S. Treasury Notes, as collateral against the loaned securities in an amount at least equal to the market value of the loaned securities. The adequacy of the collateral is monitored on a daily basis, and the market value of the securities loaned is determined at the close of each business day. It is the policy of these Funds to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. However, in the event of default or bankruptcy by the other party to the agreement, realization and/or retention of the collateral may be subject to legal proceedings. Cash collateral has been invested in a

**322**

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short-term government money market fund managed by an affiliate of Northern Trust, which invests 99.5% or more of its total assets in U.S. government securities. This investment is presented on the Funds' Schedules of Investments. The Funds do not have control of non-cash securities lending collateral, and as such, this amount is not presented on the Funds' Schedules of Investments.

The securities lending agreements with borrowers permit the Funds, under certain circumstances including an event of default (such as bankruptcy or insolvency), to offset amounts payable by the Fund to the same counterparty against amounts to be received and create one single net payment due to or from the Fund. Securities lending transactions pose certain risks to the Funds. There is a risk that a borrower may default on its obligations to return loaned securities. A Fund will be responsible for the risks associated with the investment of cash collateral, including any collateral invested in an unaffiliated or affiliated money market fund. A Fund may lose money on its investment of cash collateral or may fail to earn sufficient income on its investment to meet obligations to the borrower. In addition, delays may occur in the recovery of securities from borrowers, which could interfere with a Fund's ability to vote proxies or to settle transactions.

At June 30, 2025, the market values of loaned securities and collateral received were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund**  | **Value of** <br>**Securities Loaned** <br>| **Value of** <br>**Non-cash** <br>**Collateral** <br>| **Value of** <br>**Cash** <br>**Collateral** <br>| **Total** <br>**Value of** <br>**Collateral \*** <br>|
| Low-Duration Bond  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $53233428<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $45712160<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $9147944<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $54860104<br>|
| Medium-Duration Bond  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 310396353<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 260937477<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57827213<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 318764690<br>|
| Global Bond  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24932467<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16562079<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9213012<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25775091<br>|
| Impact Bond  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2618022<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2690869<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2690869<br>|
| Defensive Market Strategies<sup>®</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 298440069<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 298527353<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7496371<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 306023724<br>|
| Equity Index  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 163977512<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150966009<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14934556<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 165900565<br>|
| Value Equity Index  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10056578<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9300012<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 932253<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10232265<br>|
| Value Equity  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74020531<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 66899687<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8866587<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75766274<br>|
| Growth Equity Index  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4493258<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3997719<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 575839<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4573558<br>|
| Growth Equity  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50089372<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46389173<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4675139<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51064312<br>|
| Small Cap Equity  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 190392262<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 174428318<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21328334<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 195756652<br>|
| International Equity Index  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 108285940<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15216119<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 98696539<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 113912658<br>|
| International Equity  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90514907<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33280082<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75355752<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 108635834<br>|
| Emerging Markets Equity  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7284987<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2941884<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4608712<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7550596<br>|
| Global Real Estate Securities  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38715196<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31031196<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8802990<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39834186<br>|

---

\*As of the end of the reporting period, the value of the collateral pledged from the counterparty exceeded the value of the securities out on loan in certain Funds resulting in a net exposure to the Funds of $0. Refer to the Fund's Schedule of Investments for details on the securities out on loan. Additional information about master netting arrangements can be found in the Repurchase Agreements and Derivative Financial Instruments sections of the Notes to Financial Statements.

The Funds' securities lending transactions are accounted for as secured borrowings and have an overnight and continuous contractual maturity. The gross amounts of recognized liabilities for securities lending transactions outstanding as of June 30, 2025, are disclosed as "Collateral held for securities on loan, at value" on the Statements of Assets and Liabilities, where applicable.

**323**

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

**5. INVESTMENT TRANSACTIONS**

For the six-month period ended June 30, 2025, the cost of purchases and proceeds from sales and maturities for each Fund were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Cost of Purchases and** <br>**Proceeds from Sales and Maturities** <br>**of Long-Term Securities** <br>**(other than U.S. Government Obligations)**  | **Cost of Purchases and** <br>**Proceeds from Sales and Maturities** <br>**of Long-Term Securities** <br>**(other than U.S. Government Obligations)**  | **Cost of Purchases and** <br>**Proceeds from Sales and Maturities** <br>**of Long-Term U.S Government Obligations**  | **Cost of Purchases and** <br>**Proceeds from Sales and Maturities** <br>**of Long-Term U.S Government Obligations**  |
| **Fund**  | **Purchases**  | **Sale and Maturity** <br>**Proceeds** <br>| **Purchases**  | **Sale and Maturity** <br>**Proceeds** <br>|
| MyDestination 2015 | &nbsp;&nbsp; $51230257 | &nbsp;&nbsp; $59240000 | &nbsp;&nbsp; $6921605 | &nbsp;&nbsp; $7182134 |
| MyDestination 2025 | &nbsp;&nbsp; 148935208 | &nbsp;&nbsp; 155105000 | &nbsp;&nbsp; 14802397 | &nbsp;&nbsp; 10455918 |
| MyDestination 2035 | &nbsp;&nbsp; 181584453 | &nbsp;&nbsp; 113810000 | &nbsp;&nbsp; 3453077 | &nbsp;&nbsp; 62126 |
| MyDestination 2045 | &nbsp;&nbsp; 128752468 | &nbsp;&nbsp; 53585000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| MyDestination 2055 | &nbsp;&nbsp; 84870107 | &nbsp;&nbsp; 16550000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Conservative Allocation | &nbsp;&nbsp; 106465703 | &nbsp;&nbsp; 111875000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Balanced Allocation | &nbsp;&nbsp; 105665951 | &nbsp;&nbsp; 118242500 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Moderately Aggressive Allocation Fund | &nbsp;&nbsp; 83830229 | &nbsp;&nbsp; 98677500 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Aggressive Allocation | &nbsp;&nbsp; 75538953 | &nbsp;&nbsp; 88408600 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Low-Duration Bond | &nbsp;&nbsp; 282982618 | &nbsp;&nbsp; 395261412 | &nbsp;&nbsp; 614131038 | &nbsp;&nbsp; 587900462 |
| Medium-Duration Bond | &nbsp;&nbsp; 495036399 | &nbsp;&nbsp; 408761394 | &nbsp;&nbsp; 5839866206 | &nbsp;&nbsp; 5571952424 |
| Global Bond | &nbsp;&nbsp; 139662843 | &nbsp;&nbsp; 180730504 | &nbsp;&nbsp; 60672393 | &nbsp;&nbsp; 80484749 |
| Impact Bond | &nbsp;&nbsp; 6357426 | &nbsp;&nbsp; 11242043 | &nbsp;&nbsp; 47429395 | &nbsp;&nbsp; 41526003 |
| Defensive Market Strategies<sup>®</sup> | &nbsp;&nbsp; 253389499 | &nbsp;&nbsp; 330835064 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Impact Equity | &nbsp;&nbsp; 11218889 | &nbsp;&nbsp; 130866266 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Equity Index | &nbsp;&nbsp; 460189121 | &nbsp;&nbsp; 40019795 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Value Equity Index | &nbsp;&nbsp; 43606533 | &nbsp;&nbsp; 32378187 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Value Equity | &nbsp;&nbsp; 280447422 | &nbsp;&nbsp; 372111735 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Growth Equity Index | &nbsp;&nbsp; 55519790 | &nbsp;&nbsp; 43741278 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Growth Equity | &nbsp;&nbsp; 372505086 | &nbsp;&nbsp; 495913649 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Small Cap Equity | &nbsp;&nbsp; 361005610 | &nbsp;&nbsp; 340126971 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| International Equity Index | &nbsp;&nbsp; 61475929 | &nbsp;&nbsp; 45095860 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| International Equity | &nbsp;&nbsp; 340835596 | &nbsp;&nbsp; 341658246 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Emerging Markets Equity | &nbsp;&nbsp; 239378557 | &nbsp;&nbsp; 225196063 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Global Real Estate Securities | &nbsp;&nbsp; 217025786 | &nbsp;&nbsp; 207477433 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Strategic Alternatives | &nbsp;&nbsp; 50034851 | &nbsp;&nbsp; 42263000 | &nbsp;&nbsp; 201954931 | &nbsp;&nbsp; 200510223 |

---

**6. CAPITAL SHARE TRANSACTIONS**

Transactions in shares of capital stock were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended 6/30/25** | **Six Months Ended 6/30/25** | **Year Ended 12/31/24** | **Year Ended 12/31/24** |
| **Fund** | **Institutional** <br>**Class**<br>| **Investor** <br>**Class**<br>| **Institutional** <br>**Class**<br>| **Investor** <br>**Class**<br>|
| **MyDestination 2015** |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 1252270 | &nbsp;&nbsp;&nbsp;&nbsp; 983082 | &nbsp;&nbsp;&nbsp;&nbsp; 8017914 | &nbsp;&nbsp;&nbsp;&nbsp; 2747710 |
| Shares reinvested | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1849518 | &nbsp;&nbsp;&nbsp;&nbsp; 2477870 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (1714660)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2671722)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5178980)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7609141)<br>|
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp; (462390)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1688640)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4688452 | &nbsp;&nbsp;&nbsp;&nbsp; (2383561)<br>|

---

**324**

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---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended 6/30/25** | **Six Months Ended 6/30/25** | **Year Ended 12/31/24** | **Year Ended 12/31/24** |
| **Fund** | **Institutional**<br> **Class**<br>| **Investor**<br> **Class**<br>| **Institutional**<br> **Class**<br>| **Investor**<br> **Class**<br>|
| **MyDestination 2025** |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 2909445 | &nbsp;&nbsp;&nbsp;&nbsp; 3660394 | &nbsp;&nbsp;&nbsp;&nbsp; 10365520 | &nbsp;&nbsp;&nbsp;&nbsp; 11350643 |
| Shares reinvested | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5462876 | &nbsp;&nbsp;&nbsp;&nbsp; 7909981 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (3867423)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (6268228)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (8014224)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (14219908)<br>|
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp; (957978)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2607834)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7814172 | &nbsp;&nbsp;&nbsp;&nbsp; 5040716 |
| **MyDestination 2035** |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 3940453 | &nbsp;&nbsp;&nbsp;&nbsp; 5560656 | &nbsp;&nbsp;&nbsp;&nbsp; 10303446 | &nbsp;&nbsp;&nbsp;&nbsp; 12539948 |
| Shares reinvested | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5268433 | &nbsp;&nbsp;&nbsp;&nbsp; 6581458 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (2376860)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2956298)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4067780)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7934811)<br>|
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp; 1563593 | &nbsp;&nbsp;&nbsp;&nbsp; 2604358 | &nbsp;&nbsp;&nbsp;&nbsp; 11504099 | &nbsp;&nbsp;&nbsp;&nbsp; 11186595 |
| **MyDestination 2045** |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 3688758 | &nbsp;&nbsp;&nbsp;&nbsp; 4969972 | &nbsp;&nbsp;&nbsp;&nbsp; 8301517 | &nbsp;&nbsp;&nbsp;&nbsp; 8948853 |
| Shares reinvested | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3444585 | &nbsp;&nbsp;&nbsp;&nbsp; 4206825 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (1033064)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2410835)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2373708)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5247153)<br>|
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp; 2655694 | &nbsp;&nbsp;&nbsp;&nbsp; 2559137 | &nbsp;&nbsp;&nbsp;&nbsp; 9372394 | &nbsp;&nbsp;&nbsp;&nbsp; 7908525 |
| **MyDestination 2055** |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 2232425 | &nbsp;&nbsp;&nbsp;&nbsp; 2697406 | &nbsp;&nbsp;&nbsp;&nbsp; 4365502 | &nbsp;&nbsp;&nbsp;&nbsp; 4937374 |
| Shares reinvested | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 940750 | &nbsp;&nbsp;&nbsp;&nbsp; 1090981 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (301027)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (864912)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (789001)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1884970)<br>|
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp; 1931398 | &nbsp;&nbsp;&nbsp;&nbsp; 1832494 | &nbsp;&nbsp;&nbsp;&nbsp; 4517251 | &nbsp;&nbsp;&nbsp;&nbsp; 4143385 |
| **Conservative Allocation** |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 481314 | &nbsp;&nbsp;&nbsp;&nbsp; 1106687 | &nbsp;&nbsp;&nbsp;&nbsp; 1079466 | &nbsp;&nbsp;&nbsp;&nbsp; 1542709 |
| Shares reinvested | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 475538 | &nbsp;&nbsp;&nbsp;&nbsp; 1217020 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (768019)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2016744)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1767949)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4790703)<br>|
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp; (286705)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (910057)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (212945)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2030974)<br>|
| **Balanced Allocation** |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 750060 | &nbsp;&nbsp;&nbsp;&nbsp; 1415380 | &nbsp;&nbsp;&nbsp;&nbsp; 2358929 | &nbsp;&nbsp;&nbsp;&nbsp; 3165004 |
| Shares reinvested | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1224109 | &nbsp;&nbsp;&nbsp;&nbsp; 3435789 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (1271464)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4297059)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2949112)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (9611285)<br>|
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp; (521404)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2881679)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 633926 | &nbsp;&nbsp;&nbsp;&nbsp; (3010492)<br>|
| **Moderately Aggressive Allocation Fund** |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 488146 | &nbsp;&nbsp;&nbsp;&nbsp; 1270101 | &nbsp;&nbsp;&nbsp;&nbsp; 2131427 | &nbsp;&nbsp;&nbsp;&nbsp; 2363589 |
| Shares reinvested | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 817646 | &nbsp;&nbsp;&nbsp;&nbsp; 2050453 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (1276596)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3240224)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2670753)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7665201)<br>|
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp; (788450)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1970123)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 278320 | &nbsp;&nbsp;&nbsp;&nbsp; (3251159)<br>|
| **Aggressive Allocation** |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 594410 | &nbsp;&nbsp;&nbsp;&nbsp; 1117558 | &nbsp;&nbsp;&nbsp;&nbsp; 1627282 | &nbsp;&nbsp;&nbsp;&nbsp; 2152788 |
| Shares reinvested | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 719675 | &nbsp;&nbsp;&nbsp;&nbsp; 1998678 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (846516)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3297628)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2010507)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (6292614)<br>|
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp; (252106)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2180070)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 336450 | &nbsp;&nbsp;&nbsp;&nbsp; (2141148)<br>|

---

**325**

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---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended 6/30/25** | **Six Months Ended 6/30/25** | **Year Ended 12/31/24** | **Year Ended 12/31/24** |
| **Fund** | **Institutional**<br> **Class**<br>| **Investor**<br> **Class**<br>| **Institutional**<br> **Class**<br>| **Investor**<br> **Class**<br>|
| **Money Market** |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 4317710599 | &nbsp;&nbsp;&nbsp;&nbsp; 106343120 | &nbsp;&nbsp;&nbsp;&nbsp; 7562465366 | &nbsp;&nbsp;&nbsp;&nbsp; 187920064 |
| Shares reinvested | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 21124590 | &nbsp;&nbsp;&nbsp;&nbsp; 28178827 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (4129939826)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (103253094)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7218884917)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (207374898)<br>|
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp; 187770773 | &nbsp;&nbsp;&nbsp;&nbsp; 3090026 | &nbsp;&nbsp;&nbsp;&nbsp; 364705039 | &nbsp;&nbsp;&nbsp;&nbsp; 8723993 |
| **Low-Duration Bond** |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 6429468 | &nbsp;&nbsp;&nbsp;&nbsp; 1205289 | &nbsp;&nbsp;&nbsp;&nbsp; 12468608 | &nbsp;&nbsp;&nbsp;&nbsp; 3467500 |
| Shares reinvested | &nbsp;&nbsp;&nbsp;&nbsp; 1176526 | &nbsp;&nbsp;&nbsp;&nbsp; 269318 | &nbsp;&nbsp;&nbsp;&nbsp; 2328268 | &nbsp;&nbsp;&nbsp;&nbsp; 649096 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (11534583)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5254228)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (10784475)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2899613)<br>|
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp; (3928589)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3779621)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4012401 | &nbsp;&nbsp;&nbsp;&nbsp; 1216983 |
| **Medium-Duration Bond** |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 29071908 | &nbsp;&nbsp;&nbsp;&nbsp; 12412096 | &nbsp;&nbsp;&nbsp;&nbsp; 48192913 | &nbsp;&nbsp;&nbsp;&nbsp; 7716604 |
| Shares reinvested | &nbsp;&nbsp;&nbsp;&nbsp; 4440165 | &nbsp;&nbsp;&nbsp;&nbsp; 871228 | &nbsp;&nbsp;&nbsp;&nbsp; 8196898 | &nbsp;&nbsp;&nbsp;&nbsp; 1382218 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (12923889)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3741767)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (28952102)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5070412)<br>|
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp; 20588184 | &nbsp;&nbsp;&nbsp;&nbsp; 9541557 | &nbsp;&nbsp;&nbsp;&nbsp; 27437709 | &nbsp;&nbsp;&nbsp;&nbsp; 4028410 |
| **Global Bond** |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 6239780 | &nbsp;&nbsp;&nbsp;&nbsp; 1129873 | &nbsp;&nbsp;&nbsp;&nbsp; 18103991 | &nbsp;&nbsp;&nbsp;&nbsp; 2979674 |
| Shares reinvested | &nbsp;&nbsp;&nbsp;&nbsp; 1150563 | &nbsp;&nbsp;&nbsp;&nbsp; 184501 | &nbsp;&nbsp;&nbsp;&nbsp; 1795252 | &nbsp;&nbsp;&nbsp;&nbsp; 345945 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (7959924)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4185167)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (10988381)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3288957)<br>|
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp; (569581)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2870793)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8910862 | &nbsp;&nbsp;&nbsp;&nbsp; 36662 |
| **Impact Bond** |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 608781 | &nbsp;&nbsp;&nbsp;&nbsp; 406066 | &nbsp;&nbsp;&nbsp;&nbsp; 1185104 | &nbsp;&nbsp;&nbsp;&nbsp; 301218 |
| Shares reinvested | &nbsp;&nbsp;&nbsp;&nbsp; 156270 | &nbsp;&nbsp;&nbsp;&nbsp; 38856 | &nbsp;&nbsp;&nbsp;&nbsp; 321790 | &nbsp;&nbsp;&nbsp;&nbsp; 80251 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (481642)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (468690)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (923876)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (241419)<br>|
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp; 283409 | &nbsp;&nbsp;&nbsp;&nbsp; (23768)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 583018 | &nbsp;&nbsp;&nbsp;&nbsp; 140050 |
| **Defensive Market Strategies**<sup>®</sup> |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 5058259 | &nbsp;&nbsp;&nbsp;&nbsp; 1100764 | &nbsp;&nbsp;&nbsp;&nbsp; 12495737 | &nbsp;&nbsp;&nbsp;&nbsp; 3922649 |
| Shares reinvested | &nbsp;&nbsp;&nbsp;&nbsp; 2281498 | &nbsp;&nbsp;&nbsp;&nbsp; 527902 | &nbsp;&nbsp;&nbsp;&nbsp; 8727130 | &nbsp;&nbsp;&nbsp;&nbsp; 2874271 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (8595889)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (11282189)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (12599133)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (6177646)<br>|
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp; (1256132)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (9653523)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8623734 | &nbsp;&nbsp;&nbsp;&nbsp; 619274 |
| **Impact Equity** |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 170937 | &nbsp;&nbsp;&nbsp;&nbsp; 236036 | &nbsp;&nbsp;&nbsp;&nbsp; 1545909 | &nbsp;&nbsp;&nbsp;&nbsp; 438039 |
| Shares reinvested | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 577500 | &nbsp;&nbsp;&nbsp;&nbsp; 46922 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (909106)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (332664)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1906279)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (501282)<br>|
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp; (738169)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (96628)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 217130 | &nbsp;&nbsp;&nbsp;&nbsp; (16321)<br>|
| **Equity Index** |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 6414989 | &nbsp;&nbsp;&nbsp;&nbsp; 5395931 | &nbsp;&nbsp;&nbsp;&nbsp; 9553794 | &nbsp;&nbsp;&nbsp;&nbsp; 3318377 |
| Shares reinvested | &nbsp;&nbsp;&nbsp;&nbsp; 389550 | &nbsp;&nbsp;&nbsp;&nbsp; 130203 | &nbsp;&nbsp;&nbsp;&nbsp; 2109318 | &nbsp;&nbsp;&nbsp;&nbsp; 696276 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (3193659)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1446379)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (11734361)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2621795)<br>|
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp; 3610880 | &nbsp;&nbsp;&nbsp;&nbsp; 4079755 | &nbsp;&nbsp;&nbsp;&nbsp; (71249)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1392858 |

---

**326**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended 6/30/25** | **Six Months Ended 6/30/25** | **Year Ended 12/31/24** | **Year Ended 12/31/24** |
| **Fund** | **Institutional**<br> **Class**<br>| **Investor**<br> **Class**<br>| **Institutional**<br> **Class**<br>| **Investor**<br> **Class**<br>|
| **Value Equity Index** |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 1113023 | &nbsp;&nbsp;&nbsp;&nbsp; 1136025 | &nbsp;&nbsp;&nbsp;&nbsp; 2720966 | &nbsp;&nbsp;&nbsp;&nbsp; 1238363 |
| Shares reinvested | &nbsp;&nbsp;&nbsp;&nbsp; 127897 | &nbsp;&nbsp;&nbsp;&nbsp; 17751 | &nbsp;&nbsp;&nbsp;&nbsp; 872205 | &nbsp;&nbsp;&nbsp;&nbsp; 90245 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (974537)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (495506)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4063243)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (867403)<br>|
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp; 266383 | &nbsp;&nbsp;&nbsp;&nbsp; 658270 | &nbsp;&nbsp;&nbsp;&nbsp; (470072)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 461205 |
| **Value Equity** |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 2433535 | &nbsp;&nbsp;&nbsp;&nbsp; 1270359 | &nbsp;&nbsp;&nbsp;&nbsp; 7669754 | &nbsp;&nbsp;&nbsp;&nbsp; 2977033 |
| Shares reinvested | &nbsp;&nbsp;&nbsp;&nbsp; 1471284 | &nbsp;&nbsp;&nbsp;&nbsp; 725766 | &nbsp;&nbsp;&nbsp;&nbsp; 3609049 | &nbsp;&nbsp;&nbsp;&nbsp; 2072799 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (4039626)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4888357)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (9674610)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4385238)<br>|
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp; (134807)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2892232)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1604193 | &nbsp;&nbsp;&nbsp;&nbsp; 664594 |
| **Growth Equity Index** |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 2102100 | &nbsp;&nbsp;&nbsp;&nbsp; 1806119 | &nbsp;&nbsp;&nbsp;&nbsp; 3911088 | &nbsp;&nbsp;&nbsp;&nbsp; 4127856 |
| Shares reinvested | &nbsp;&nbsp;&nbsp;&nbsp; 63129 | &nbsp;&nbsp;&nbsp;&nbsp; 29808 | &nbsp;&nbsp;&nbsp;&nbsp; 510959 | &nbsp;&nbsp;&nbsp;&nbsp; 256558 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (1785185)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1478286)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5640375)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1461729)<br>|
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp; 380044 | &nbsp;&nbsp;&nbsp;&nbsp; 357641 | &nbsp;&nbsp;&nbsp;&nbsp; (1218328)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2922685 |
| **Growth Equity** |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 2433377 | &nbsp;&nbsp;&nbsp;&nbsp; 1284690 | &nbsp;&nbsp;&nbsp;&nbsp; 6785619 | &nbsp;&nbsp;&nbsp;&nbsp; 3514782 |
| Shares reinvested | &nbsp;&nbsp;&nbsp;&nbsp; 800559 | &nbsp;&nbsp;&nbsp;&nbsp; 806466 | &nbsp;&nbsp;&nbsp;&nbsp; 3736831 | &nbsp;&nbsp;&nbsp;&nbsp; 4046940 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (3749205)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5246443)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (10715947)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5989102)<br>|
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp; (515269)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3155287)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (193497)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1572620 |
| **Small Cap Equity** |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 4022413 | &nbsp;&nbsp;&nbsp;&nbsp; 1226664 | &nbsp;&nbsp;&nbsp;&nbsp; 12185325 | &nbsp;&nbsp;&nbsp;&nbsp; 2770805 |
| Shares reinvested | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1669169 | &nbsp;&nbsp;&nbsp;&nbsp; 882705 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (2719996)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1661146)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (9561648)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3489800)<br>|
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp; 1302417 | &nbsp;&nbsp;&nbsp;&nbsp; (434482)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4292846 | &nbsp;&nbsp;&nbsp;&nbsp; 163710 |
| **International Equity Index** |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 5156967 | &nbsp;&nbsp;&nbsp;&nbsp; 2808095 | &nbsp;&nbsp;&nbsp;&nbsp; 36112761 | &nbsp;&nbsp;&nbsp;&nbsp; 956442 |
| Shares reinvested | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2990221 | &nbsp;&nbsp;&nbsp;&nbsp; 51763 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (8157542)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (605952)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (13209274)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (374684)<br>|
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp; (3000575)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2202143 | &nbsp;&nbsp;&nbsp;&nbsp; 25893708 | &nbsp;&nbsp;&nbsp;&nbsp; 633521 |
| **International Equity** |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 3398555 | &nbsp;&nbsp;&nbsp;&nbsp; 3687835 | &nbsp;&nbsp;&nbsp;&nbsp; 9207299 | &nbsp;&nbsp;&nbsp;&nbsp; 4791049 |
| Shares reinvested | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4669949 | &nbsp;&nbsp;&nbsp;&nbsp; 2083668 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (5957062)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2232861)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (9732281)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3585428)<br>|
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp; (2558507)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1454974 | &nbsp;&nbsp;&nbsp;&nbsp; 4144967 | &nbsp;&nbsp;&nbsp;&nbsp; 3289289 |
| **Emerging Markets Equity** |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 3375825 | &nbsp;&nbsp;&nbsp;&nbsp; 2546673 | &nbsp;&nbsp;&nbsp;&nbsp; 19025188 | &nbsp;&nbsp;&nbsp;&nbsp; 2733188 |
| Shares reinvested | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1069058 | &nbsp;&nbsp;&nbsp;&nbsp; 163355 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (5949445)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1640481)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (30397206)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2777810)<br>|
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp; (2573620)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 906192 | &nbsp;&nbsp;&nbsp;&nbsp; (10302960)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 118733 |

---

**327**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended 6/30/25** | **Six Months Ended 6/30/25** | **Year Ended 12/31/24** | **Year Ended 12/31/24** |
| **Fund** | **Institutional**<br> **Class**<br>| **Investor**<br> **Class**<br>| **Institutional**<br> **Class**<br>| **Investor**<br> **Class**<br>|
| **Global Real Estate Securities** |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 1706655 | &nbsp;&nbsp;&nbsp;&nbsp; 996216 | &nbsp;&nbsp;&nbsp;&nbsp; 7653833 | &nbsp;&nbsp;&nbsp;&nbsp; 1184597 |
| Shares reinvested | &nbsp;&nbsp;&nbsp;&nbsp; 551483 | &nbsp;&nbsp;&nbsp;&nbsp; 200098 | &nbsp;&nbsp;&nbsp;&nbsp; 548955 | &nbsp;&nbsp;&nbsp;&nbsp; 214662 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (1489360)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (625628)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2755286)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1794887)<br>|
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp; 768778 | &nbsp;&nbsp;&nbsp;&nbsp; 570686 | &nbsp;&nbsp;&nbsp;&nbsp; 5447502 | &nbsp;&nbsp;&nbsp;&nbsp; (395628)<br>|
| **Strategic Alternatives** |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 2720095 | &nbsp;&nbsp;&nbsp;&nbsp; 1488851 | &nbsp;&nbsp;&nbsp;&nbsp; 5427690 | &nbsp;&nbsp;&nbsp;&nbsp; 937254 |
| Shares reinvested | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1957195 | &nbsp;&nbsp;&nbsp;&nbsp; 355331 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (1681965)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (894217)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5124114)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1204518)<br>|
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp; 1038130 | &nbsp;&nbsp;&nbsp;&nbsp; 594634 | &nbsp;&nbsp;&nbsp;&nbsp; 2260771 | &nbsp;&nbsp;&nbsp;&nbsp; 88067 |

---

**7. BANK BORROWINGS**

Pursuant to a Line of Credit Agreement, the Funds are permitted to borrow cash from Northern Trust up to a limit of $50 million, collectively. Each Fund is individually, and not jointly, liable for its particular advances, if any, under the line of credit. If the line of credit was utilized, interest would be charged to each Fund based on its borrowings at a rate equal to the greater of the Federal Funds Rate plus 1.00% or 1.50%. Each Fund also paid a facility fee equal to its pro rata share of the amount of the credit facility, based on average net assets, at a rate of 0.20% per annum. The agreement will expire on November 12, 2025.

There were no draws on the line of credit for the six-month period ended June 30, 2025, and there were no outstanding loans at June 30, 2025.

**8. FEDERAL INCOME TAXES**

Each Fund has elected to be treated as and intends to qualify as a regulated investment company each year by complying with all sections of the Internal Revenue Code of 1986, as amended, that apply to regulated investment companies and to distribute substantially all of its taxable income and capital gains to shareholders. No provision for income or excise taxes is thus required. Each Fund is treated as a separate entity for federal income tax purposes.

The Funds may be subject to taxes imposed by countries in which they invest in issuers existing or operating in such countries. Such taxes are generally based on income earned. The Funds accrue such taxes when the related income is earned. Gains realized by the Funds on the sale of securities in certain countries are subject to non-U.S. taxes. The Funds record a liability based on unrealized gains to provide for potential non-U.S. taxes payable upon the sale of these securities.

Management has analyzed the Funds' tax positions and has concluded that no material provision for income tax is required in the Funds' financial statements except as noted above. 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 (including court decisions). Each of the Funds' federal tax returns for the prior three fiscal years and the current year (year ended December 31, 2022, through six-month period ended June 30, 2025), remains subject to examination by the Internal Revenue Service. In regard to foreign taxes only, certain Funds have open tax years in certain foreign countries they invest in that may date back to the inception of the Funds.

**328**

------

Distributions during the years ended December 31, 2024, and December 31, 2023, were characterized as follows for tax purposes:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund**  | **Year**  | **Ordinary** <br>**Income** <br>| **Long-Term** <br>**Capital Gain** <br>| **Return** <br>**of Capital** <br>| **Total** <br>**Distribution** <br>|
| MyDestination 2015 | 2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $24863269 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $18248717 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $43111986 |
| MyDestination 2015 | 2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16899568 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8294000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25193568 |
| MyDestination 2025 | 2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65234308 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75462451 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 140696759 |
| MyDestination 2025 | 2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42103861 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14798143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56902004 |
| MyDestination 2035 | 2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54352178 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 79574862 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 133927040 |
| MyDestination 2035 | 2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33595360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26738255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60333615 |
| MyDestination 2045 | 2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34769062 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57395648 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92164710 |
| MyDestination 2045 | 2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23298048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19760728 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43058776 |
| MyDestination 2055 | 2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16198998 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19545485 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35744483 |
| MyDestination 2055 | 2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10101388 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7363770 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17465158 |
| Conservative Allocation  | 2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16391643 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2437550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18829193 |
| Conservative Allocation  | 2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12755277 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2873497 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15628774 |
| Balanced Allocation  | 2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45073165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9359784 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54432949 |
| Balanced Allocation  | 2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33012652 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16749235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49761887 |
| Moderately Aggressive <br> Allocation Fund  | 2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29429995 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7456267 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36886262 |
| Moderately Aggressive <br> Allocation Fund  | 2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34005168 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34005168 |
| Aggressive Allocation  | 2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20823504 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15182131 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36005635 |
| Aggressive Allocation  | 2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26502803 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7517720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34020523 |
| Money Market  | 2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 81813898 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4281 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 81818179 |
| Money Market  | 2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75256603 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75257813 |
| Low-Duration Bond  | 2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38251649 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38251649 |
| Low-Duration Bond  | 2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37408553 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37408553 |
| Medium-Duration Bond  | 2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 123004695 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 123004695 |
| Medium-Duration Bond  | 2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75381393 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75381393 |
| Global Bond  | 2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18511616 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18511616 |
| Global Bond  | 2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7507809 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7507809 |
| Impact Bond  | 2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3899379 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3899379 |
| Impact Bond  | 2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2734013 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2734013 |
| Defensive Market Strategies<sup>®</sup> | 2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 102993365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38204881 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 141198246 |
| Defensive Market Strategies<sup>®</sup> | 2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30326994 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30326994 |
| Impact Equity  | 2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1320219 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6302993 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7623212 |
| Impact Equity  | 2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 946034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 946034 |
| Equity Index  | 2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 63692875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 105312533 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 169005408 |
| Equity Index  | 2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48926026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 91947356 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 140873382 |
| Value Equity Index  | 2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4526925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7162994 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11689919 |
| Value Equity Index  | 2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6503854 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 423026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6926880 |
| Value Equity  | 2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19131202 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92564207 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 111695409 |
| Value Equity  | 2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15507753 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29593380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45101133 |
| Growth Equity Index  | 2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2989910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9781291 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12771201 |
| Growth Equity Index  | 2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1982547 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 711395 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2693942 |
| Growth Equity  | 2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5988292 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 212270874 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 218259166 |
| Growth Equity  | 2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 364137 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 71200221 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 71564358 |
| Small Cap Equity  | 2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16321197 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32487508 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48808705 |
| Small Cap Equity  | 2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4752645 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14380687 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19133332 |

---

**329**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund**  | **Year**  | **Ordinary**<br> **Income** <br>| **Long-Term**<br> **Capital Gain** <br>| **Return**<br> **of Capital** <br>| **Total**<br> **Distribution** <br>|
| International Equity Index  | 2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $35907591 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $35907591 |
| International Equity Index  | 2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27805924 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27805924 |
| International Equity  | 2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51331885 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46970145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 98302030 |
| International Equity  | 2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42934188 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42934188 |
| Emerging Markets Equity  | 2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12091350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12091350 |
| Emerging Markets Equity  | 2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16686232 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16686232 |
| Global Real Estate Securities  | 2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6587198 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6587198 |
| Global Real Estate Securities  | 2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7439277 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 988305 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8427582 |
| Strategic Alternatives  | 2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21528639 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21528639 |
| Strategic Alternatives  | 2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28647540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28647540 |

---

At December 31, 2024, the components of distributable earnings on a tax basis were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund**  | **Undistributed** <br>**Ordinary** <br>**Income** <br>| **Undistributed** <br>**Long-Term** <br>**Capital Gain**<br>| **Qualified** <br>**Late Year** <br>**Losses** <br>| **Net Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| MyDestination 2015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $627188 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $6798257 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(18532874)<br>|
| MyDestination 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2078954 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24266091 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12373450 |
| MyDestination 2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2055570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28024544 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 118692495 |
| MyDestination 2045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1005189 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28795377 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 209818866 |
| MyDestination 2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 452500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13398115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 108420418 |
| Conservative Allocation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 347462 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6004729 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (23902003)<br>|
| Balanced Allocation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1052018 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35420477 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (101986882)<br>|
| Moderately Aggressive <br> Allocation Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 636449 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49349202 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (21743881)<br>|
| Aggressive Allocation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 652462 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 68228385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16455644 |
| Money Market | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15441 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1285)<br>|
| Low-Duration Bond | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3092193 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4451759)<br>|
| Medium-Duration Bond | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12966938 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (127092232)<br>|
| Global Bond | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4298584 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (43045803)<br>|
| Impact Bond | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 113824 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2271109)<br>|
| Defensive Market Strategies<sup>®</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10628169 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10550582 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3980758 |
| Impact Equity | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55326 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 932247 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13977185 |
| Equity Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1945172 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4687979 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2301847056 |
| Value Equity Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 175288 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56694 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26305103 |
| Value Equity | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2244140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31468984 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 133390165 |
| Growth Equity Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 973020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 130754 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 101354153 |
| Growth Equity | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1609332 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40851793 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 556026996 |
| Small Cap Equity | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6397958 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14063743 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 86046238 |
| International Equity Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1108861 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10298068 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95494547 |
| International Equity | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1011826 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2223674 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64654478 |
| Emerging Markets Equity | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1137478 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25264502 |
| Global Real Estate Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3999739 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (16843581)<br>|
| Strategic Alternatives | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8019439 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (32907581)<br>|

---

**330**

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At June 30, 2025, the aggregate cost of investments for federal income tax purposes (including securities sold short and derivative related items) and the net unrealized appreciation from investments having an excess of value over cost and net unrealized depreciation from investments having an excess of cost over value were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund**  | **Federal Tax** <br>**Cost** <br>| **Net Unrealized** <br>**Appreciation** <br>**(Depreciation)** <br>| **Appreciated** <br>**Investments**<br>| **Depreciated** <br>**Investments**<br>|
| MyDestination 2015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $707769423 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $8160197 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $23261595 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(15101398)<br>|
| MyDestination 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1924384779 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 84497006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 117559721 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (33062715)<br>|
| MyDestination 2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1933882827 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 224880802 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 258950852 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (34070050)<br>|
| MyDestination 2045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1489538276 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 337634155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 345006555 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7372400)<br>|
| MyDestination 2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 782101348 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 180992110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 182333256 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1341146)<br>|
| Conservative Allocation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 420885570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8781438)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11796273 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (20577711)<br>|
| Balanced Allocation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1355882139 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (50185817)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2487447 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (52673264)<br>|
| Moderately Aggressive <br> Allocation Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1076277790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45992129 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57532699 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (11540570)<br>|
| Aggressive Allocation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1049559431 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100226070 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 102285898 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2059828)<br>|
| Money Market | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2169567241 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1285)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1285)<br>|
| Low-Duration Bond | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 880425046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2041254 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7877865 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5836611)<br>|
| Medium-Duration Bond | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4212866848 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (59270234)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29835708 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (89105942)<br>|
| Global Bond | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 636667195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (12245951)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40377370 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (52623321)<br>|
| Impact Bond | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95275320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1147055)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 839482 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1986537)<br>|
| Defensive Market Strategies<sup>®</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1360938690 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41552485 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56012491 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (14460006)<br>|
| Impact Equity | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 112174560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8617 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8617 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Equity Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2762075055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2567157350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2674337824 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (107180474)<br>|
| Value Equity Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 179603566 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28863055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39290255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10427200)<br>|
| Value Equity | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 919011020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 102353180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 140411436 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (38058256)<br>|
| Growth Equity Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 211298207 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 112307362 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 113789545 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1482183)<br>|
| Growth Equity | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1215367702 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 513818154 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 540497852 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (26679698)<br>|
| Small Cap Equity | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 833401261 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34623157 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 98660676 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (64037519)<br>|
| International Equity Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1263495997 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 314292905 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 364134012 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (49841107)<br>|
| International Equity | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1249224857 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 229609245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 260214795 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (30605550)<br>|
| Emerging Markets Equity | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 718580835 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 111491265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 141290767 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (29799502)<br>|
| Global Real Estate Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 314475579 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2027842)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7172099 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9199941)<br>|
| Strategic Alternatives | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 282157966 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (30220225)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14891480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (45111705)<br>|

---

The differences between book basis and tax-basis unrealized appreciation (depreciation) are attributable primarily to the tax deferral of losses on wash sales, the deferral of losses on straddles, premium amortization on convertible bonds, Ukrainian debt restructuring, convertible securities, investments in passive foreign investment companies ("PFIC"), outstanding litigations basis adjustments, swaps, basis adjustments for non-REIT securities and other securities with book and tax cost differences.

The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from U.S. GAAP. Reclassifications are made for permanent tax differences to reflect income and gains available for distribution under income tax regulations. For the period ended December 31, 2024, the capital accounts have been adjusted for current period permanent book/tax differences which arose principally from differing book/tax treatments of PFICs, paydown losses, foreign currency transactions, foreign capital gains taxes, convertible securities, distributions received from regulated investment companies, reclassifications of dividends paid, equalization, non-deductible net operating losses, swaps, REIT reclasses and basis adjustments, and convertible bonds. Net assets were not affected by these reclassifications.

**331**

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

**9. RISKS**

In the normal course of business, the Funds trade financial instruments and enter into financial transactions where the risk of potential loss exists due to changes in the market (market risk) or due to the failure of the other party to a transaction to perform (credit and counterparty risks).

**Market Risks** — A Fund's investments in derivatives and other financial instruments expose the Fund to various risks such as, but not limited to, interest rate, foreign currency, equity and commodity risks.

Interest rate risk is the risk that fixed income securities will decline in value because of changes in interest rates. As nominal interest rates rise, the value of certain fixed income securities held by a Fund is likely to decrease. A nominal interest rate can be described as the sum of a real interest rate and an expected inflation rate. Fixed income securities with longer durations tend to be more sensitive to changes in interest rates, usually making them more volatile than securities with shorter durations. Duration is useful primarily as a measure of the sensitivity of a fixed income's market price to interest rate (e.g., yield) movements.

If a Fund invests directly in foreign currencies or in securities that trade in, and receive revenues in, foreign currencies, or in derivatives that provide exposure to foreign currencies, it will be subject to the risk that those currencies will decline in value relative to the base currency of the Fund, or, in the case of hedging positions, that the Fund's base currency will decline in value relative to the currency being hedged. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates, intervention (or the failure to intervene) by U.S. or foreign governments, central banks or supranational entities such as the International Monetary Fund, or by the imposition of currency controls or other political developments in the United States or abroad. As a result, a Fund's investments in foreign currency denominated securities may reduce the returns of the Fund.

The market values of equities, such as common stocks and preferred stocks, or equity related investments such as futures and options, may decline due to general market conditions which are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment. Market values may also decline due to factors which affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. Equity securities and equity related investments generally have greater market price volatility than fixed income securities.

A Fund's investments in commodity-linked derivative instruments may subject the Fund to greater market price volatility than investments in traditional securities. The value of commodity-linked derivative instruments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or factors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, embargoes, tariffs and international economic, political and regulatory developments.

In countries with limited or developing markets, investments may present greater risks than in more developed markets and the prices of such investments may be volatile. The consequences of political, social or economic changes in these markets may have disruptive effects on the market prices of these investments and the income they generate, as well as the Fund's ability to repatriate such amounts.

Local, regional or global events such as the spread of infectious illnesses or other public health issues, recessions, natural disasters or other events could have a significant impact on the Funds and their investments.

As a result of increasingly interconnected global economies and financial markets, armed conflict between countries or in a geographic region, for example the current conflicts between Russia and Ukraine in Europe and Hamas and Israel in the Middle East, has the potential to adversely impact the Funds' investments. Such conflicts, and other corresponding events, have had, and could continue to have, severe negative effects on regional and global economic and financial markets, including increased volatility, reduced liquidity, and overall uncertainty. The negative impacts may be particularly acute in certain sectors. The timing and duration of such conflicts, resulting sanctions, related events and other implications cannot be predicted. The foregoing may result in a negative impact on Fund performance and the value of an investment in a Fund, even beyond any direct investment exposure the Fund may have to issuers located in or with significant exposure to an impacted country or geographic region.

**332**

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**Credit and Counterparty Risks** — A Fund will be exposed to credit risk on parties with whom it trades and will also bear the risk of settlement default. A Fund minimizes concentrations of credit risk by undertaking transactions with a large number of customers and counterparties on recognized and reputable exchanges. A Fund could lose money if the issuer or guarantor of a fixed income security, or the counterparty to a derivatives contract, repurchase agreement or a loan of portfolio securities, is unable or unwilling to make timely principal and/or interest payments, or to otherwise honor its obligations. Securities are subject to varying degrees of credit risk, which are often reflected in credit ratings.

Similar to credit risk, a Fund may be exposed to counterparty risk, or the risk that an institution or other entity with which the Fund has unsettled or open transactions will default. Financial assets, which potentially expose a Fund to counterparty risk, consist principally of cash due from counterparties and investments. The investment advisers minimize counterparty risks to the Funds by performing extensive reviews of each counterparty and obtaining approval from the Counterparty Risk Committee prior to entering into transactions with a third party. All transactions in listed securities are settled/paid for upon delivery using approved counterparties. The risk of default is considered minimal, as delivery of securities sold is only made once a Fund has received payment. Payment is made on a purchase once the securities have been delivered by the counterparty. The trade will fail if either party fails to meet its obligation.

**10. PRIVATE INVESTMENT**

The Impact Bond Fund entered into participation in a loan made by WatersEdge for First Baptist Church – Rogers, Arkansas, on May 31, 2023, with a total capital commitment of $1,200,000 and a maturity date of May 15, 2050. The note proceeds will be utilized by First Baptist Church – Rogers, Arkansas, to construct a new worship center adjacent to the church's existing location. As of June 30, 2025, the total uncalled commitment was $514,000 and the total called commitment was $686,000. Please see the Fund's Schedule of Investments for more information.

**11. RECENT PRONOUNCEMENTS**

In June 2022, the FASB issued ASU 2022-03 to clarify the guidance in Topic 820, Fair Value Measurement (Topic 820). The amendments in ASU 2022-03 affect all entities that have investments in equity securities measured at fair value that are subject to a contractual sale restriction. ASU 2022-03 (1) clarifies the guidance in Topic 820, when measuring the fair value of an equity security subject to contractual restrictions that prohibit the sale of equity security, (2) amends a related illustrative example, and (3) introduces new disclosure requirements for equity securities subject to contractual sale restrictions that are measured at fair value in accordance with Topic 820. For public business entities, the amendments in ASU 2022-03 are effective for fiscal years beginning after December 15, 2023, and interim periods within those fiscal years. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2024, and interim periods within those fiscal years. Early adoption is permitted for both interim and annual financial statements that have not yet been issued or made available for issuance. Management believes that there will be no material impact on the Funds' financial statements.

In 2024, the Funds adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of the enhanced standard impacted financial statement note disclosures only and did not affect any Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker (CODM) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. Subject to the oversight and, when applicable, approval of the Board of Directors, the investment advisor, GSCM, acts as the Funds' CODM, assessing performance and making decisions about resource allocation. Each Fund represents a single operating segment, as the CODM monitors the operating results of the Fund as a whole, and the Fund's long-term strategic asset allocation is established in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Fund's advisor and sub-advisers. The accounting policies of the segment are the same as those described in the summary of significant accounting policies. The financial information in the form of each Fund's portfolio composition, total returns, expense ratios and changes in net assets (i.e., changes in net assets resulting from operations, subscriptions and redemptions), which are used by the CODM to assess the segment's performance versus each Fund's comparative benchmarks and to make

**333**

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resource allocation decisions for the Fund's single segment, is consistent with that presented within each Fund's financial statements. The financial metrics include total return and income and expense ratios presented in the Financial Highlights, total assets on the Statement of Assets and Liabilities, net investment income/(loss) on the Statement of Operations, and the increase/(decrease) in net assets on the Statement of Changes in Net Assets.

In this reporting period, the Funds adopted FASB ASU 2023-09, Improvements to Income Tax Disclosures, which amends quantitative and qualitative income tax disclosure requirements to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. Adoption of the new standard impacted financial statement disclosures only and did not affect any Fund's financial position or the result of its operations.

**12. REGULATORY EXAMINATIONS**

Federal and state regulatory authorities from time to time make inquiries and conduct examinations regarding compliance by the Trust and its affiliates with securities and other laws and regulations affecting the Funds. There are currently no such matters which the Trust and its affiliates believe will be material to these financial statements.

**334**

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**CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES** 

Not applicable.

**335**

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**PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES *(Unaudited)***

Not applicable.

**336**

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**REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END**

**MANAGEMENT INVESTMENT COMPANIES *(Unaudited)***

The aggregate remuneration paid to directors, officers, and others is disclosed within the Financial Statements.

**337**

------

**STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT** *(Unaudited)*

**BOARD REVIEW OF PROPOSED NEW SUB-ADVISORY AGREEMENTS FOR THE LOW-DURATION BOND FUND ("LDBF"), THE SMALL CAP EQUITY FUND ("SCEF") AND THE GLOBAL BOND FUND ("GBF") (EACH A "FUND" AND COLLECTIVELY, THE "FUNDS")**

As required by the Investment Company Act of 1940, as amended (the "1940 Act"), the Board of Directors (the "Board" or the "Directors") of GuideStone Funds (the "Trust"), including a majority of the Directors who are not "interested persons" of the Trust (the "Independent Directors"), as the term "interested person" is defined in Section 2(a)(19) of the 1940 Act, advised by counsel to the Independent Directors ("Independent Counsel"), considered the following new sub-advisory agreements among GuideStone Capital Management, LLC ("GSCM" or the "Adviser"), the Trust and, respectively: (i) Brown Brothers Harriman & Co., through a separately identifiable department known as Brown Brothers Harriman Mutual Fund Advisory Department, ("BBH") to serve as sub-adviser to the LDBF (the "BBH Agreement"); (ii) Driehaus Capital Management LLC ("DCM") to serve as sub-adviser to the SCEF (the "DCM Agreement"); and (iii) MFS Institutional Advisors, Inc. ("MFSI") to serve as sub-adviser to the GBF (the "MFSI Agreement") (collectively with the BBH Agreement and the DCM Agreement, the "New Sub-Advisory Agreements," and each a "New Sub-Advisory Agreement"). The Board approved the BBH Agreement and the DCM Agreement at its meeting held on February 27-28, 2025 (the "February Meeting"). The Board approved the MFSI Agreement at its meetings held on May 19-20, 2025 and June 17, 2025 (the "May-June Meetings").

The Board's decision to approve the New Sub-Advisory Agreements reflects the exercise of the Board's reasonable business judgment and the Board's consideration of its fiduciary duties to the LDBF, SCEF and GBF and each Fund's shareholders. Prior to approving the New Sub-Advisory Agreements, the Board requested and received information from the Adviser and BBH, DCM and MFSI (each a "New Sub-Adviser" and collectively, the "New Sub-Advisers") and considered such information with the assistance and advice of Independent Counsel and counsel to the Trust.

The Board's consideration of various factors, and its conclusions with respect to such factors, formed the basis for the Board's determination to approve each of the New Sub-Advisory Agreements. The factors considered by the Board included, but were not limited to: (i) the personnel resources of each New Sub-Adviser; (ii) the experience and expertise of each New Sub-Adviser; (iii) the financial capabilities and resources of each New Sub-Adviser; (iv) the compliance procedures and histories of each New Sub-Adviser; (v) the performance history of each New Sub-Adviser's proposed investment strategy, including in comparison to relevant benchmarks and/or peer universes of similarly managed funds ; (vi) fee information, including the amount of the contractual sub-advisory fee proposed for each Fund and comparisons to the relevant New Sub-Adviser's other clients; (vii) the expected profitability of the each New Sub-Adviser with respect to the relevant Fund; (viii) the extent of any economies of scale and whether each New Sub-Adviser's fees reflect such economies of scale through breakpoints or otherwise; (ix) the existence of any collateral benefits realized by each New Sub-Adviser, such as the use of soft dollars; and (x) the existence of any collateral benefits realized by a Fund resulting from its relationship with its respective New Sub-Adviser. In addition, the Board considered each New Sub-Adviser's human resources, business continuity and cybersecurity practices and policies and financial condition. The Board considered how each New Sub-Adviser's strategy complements the strategies of the other sub-advisers in the relevant Fund and the role each sub-adviser plays in the overall structure of a Fund's portfolio.

In its decision to approve the New Sub-Advisory Agreements, the Board evaluated whether the approval of each New Sub-Advisory Agreement was in the best interests of the applicable Fund and its shareholders. No one factor was determinative in the Board's consideration of the New Sub-Advisory Agreements.

The Board undertook a review of the terms of the New Sub-Advisory Agreements and the nature, extent and quality of the services to be provided by the New Sub-Advisers and the proposed, respective fees in exchange for such services. The Board conducted its analysis on a Fund-by-Fund basis with respect to each New Sub-Adviser. The Adviser provided the Board with

**338**

------

**STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT** *(Unaudited)*

information in the form of reports about each New Sub-Adviser prior to and during the February Meeting and the May-June Meetings, which addressed the factors listed previously. During the February Meeting and the May-June Meetings, the Board received presentations from the Adviser and each New Sub-Adviser and each responded to questions from the Board.

In addition, the Independent Directors met separately in executive session with Independent Counsel, as did the Investment Management Committee of the Board (the "IMC"), to discuss and consider information presented in connection with the consideration of the New Sub-Advisory Agreements as well as the Board's responsibilities and duties in approving the New Sub-Advisory Agreements.

**BOARD APPROVAL OF SUB-ADVISORY AGREEMENT AMONG THE TRUST, THE ADVISER AND BBH**

At the February Meeting, the Board, including a majority of the Independent Directors, advised by Independent Counsel, considered the Adviser's recommendation to appoint BBH to manage a portion of the LDBF's portfolio pursuant to the BBH Agreement.

The Board took into account the materials provided prior to and during the February Meeting, the presentations made by the Adviser and by BBH and the extensive discussions held. The Board also took into account the IMC's review of information related to the BBH Agreement. The Board considered the terms of the BBH Agreement, the investment management team at BBH, the reasonableness of the sub-advisory fees to be paid by the LDBF to BBH and whether the appointment of BBH would be in the best interests of the LDBF and its shareholders.

The Board reviewed a number of factors that it should consider in evaluating whether to approve the BBH Agreement and the materials provided to support each factor. Such factors included the nature, extent and quality of the services to be provided by BBH; the composite performance history of the BBH Limited Duration Fixed Income Strategy (the "BBH Strategy"); the fees charged by BBH for its services; and information regarding the ownership structure, investment management experience, personnel, clients, assets under management ("AUM"), legal and regulatory history, compliance policies and procedures, brokerage and soft dollar practices and investment philosophy and processes of BBH. The Board also reviewed presentations by the Adviser regarding the comprehensive review process it used to recommend BBH. The Board received and considered information about BBH's potential to contribute economies of scale as the LDBF grows in size. The Board considered that the Adviser had been able to negotiate a fee schedule for the LDBF that was considered to be favorable compared to BBH's stated fee schedule.

Because the engagement with BBH for the LDBF is new, there was no relevant historical profitability information for the Board to assess. The Board noted, however, that BBH provided an estimate of its profitability for providing services to the LDBF. The Board concluded that the estimated profits to be realized by BBH appeared reasonable.

The Board considered the fees to be paid to BBH under the BBH Agreement, as well as the overall fee structure under the BBH Agreement, in light of the nature, extent and quality of the services to be provided to the LDBF. The Board also considered information about the fees charged by BBH to other clients.

The Board noted that the LDBF's overall management and advisory fees would increase as a result of the addition of BBH as a sub-adviser to the LDBF, but that the overall management and advisory fees would remain below the level that had last been approved by the LDBF's shareholders. The Board also noted that the LDBF, and not the Adviser, would pay the sub-advisory fees to BBH directly. In addition, the Board noted that the Adviser's profitability would not be impacted by the addition of BBH, as the advisory fee rate paid to the Adviser by the LDBF is not changing as a result of the addition of BBH and there is no expense cap for the LDBF.

**339**

------

**STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT** *(Unaudited)*

The Board considered potential "fall-out" or ancillary benefits anticipated to be received by BBH, and its affiliates, as a result of its arrangements with the LDBF. The Board concluded that any potential benefits to be derived by BBH included potential access to additional research resources, increased AUM and reputational benefits, which were consistent with those generally derived by sub-advisers offering similar services to mutual funds.

While acknowledging that past performance does not indicate future results, the Board considered the historical performance of the BBH Strategy, noting that the Strategy's performance history versus its benchmark, the Bloomberg 1-3 Year US Treasury Index, had been favorable over historic time periods, with the BBH Strategy outperforming the benchmark across all reported time periods ended December 31, 2024, and performing in the first quartile of its peer universe for all reported periods.

The Board considered the representations made that BBH would be comfortable managing its strategy in accordance with the Trust's faith-based investment ("FBI") policy.

The Board noted that the Adviser planned to use a transition manager in order to provide a cost-effective and performance-advantaged approach to reallocate assets to BBH within the LDBF.

Based on all of the information provided to the Board and its consideration of relevant factors, the Board determined that BBH would provide investment management services that are appropriate in scope and that the fees to be paid by the LDBF under the BBH Agreement would be fair and reasonable in light of the nature, extent and quality of services to be provided. In their deliberations, the Board did not identify any particular information as being all-important or controlling, and each Director may have attributed different weights to the various factors deliberated upon, among others.

**BOARD APPROVAL OF SUB-ADVISORY AGREEMENT AMONG THE TRUST, THE ADVISER AND DCM**

At the February Meeting, the Board, including a majority of the Independent Directors, advised by Independent Counsel, considered the Adviser's recommendation to appoint DCM to manage a portion of the SCEF's portfolio pursuant to the DCM Agreement.

The Board took into account the materials provided prior to and during the February Meeting, the presentations made by the Adviser and by DCM and the extensive discussions held. The Board also took into account the IMC's review of information related to the DCM Agreement. The Board considered the terms of the DCM Agreement, the investment management team at DCM, the reasonableness of the sub-advisory fees to be paid by the SCEF to DCM and whether the appointment of DCM would be in the best interests of the SCEF and its shareholders.

The Board reviewed a number of factors that it should consider in evaluating whether to approve the DCM Agreement and the materials provided to support each factor. Such factors included the nature, extent and quality of the services to be provided by DCM; the composite performance history of the DCM Small Cap Growth Strategy (the "DCM Strategy"); the fees charged by DCM for its services; and information regarding the ownership structure, investment management experience, personnel, clients, AUM, legal and regulatory history, compliance policies and procedures, brokerage and soft dollar practices and investment philosophy and processes of DCM. The Board also reviewed presentations by the Adviser regarding the comprehensive review process it used to recommend DCM. The Board received and considered information about DCM's potential to contribute economies of scale as the SCEF grows in size. The Board considered that the Adviser had been able to negotiate a fee schedule for the SCEF that was considered to be favorable compared to DCM's stated fee schedule.

Because the engagement with DCM for the SCEF is new, there was no relevant historical profitability information for the Board to assess. The Board noted, however, that DCM provided an estimate of its profitability for providing services to the SCEF. The Board concluded that the estimated profits to be realized by DCM appeared reasonable.

**340**

------

**STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT** *(Unaudited)*

The Board considered the fees to be paid to DCM under the DCM Agreement, as well as the overall fee structure under the DCM Agreement, in light of the nature, extent and quality of the services to be provided to the SCEF. The Board also considered information about the fees charged by DCM to other clients.

The Board noted that there would be no impact to the SCEF's overall management and advisory fees as a result of the addition of DCM as a sub-adviser to the SCEF. The Board also noted that the SCEF, and not the Adviser, would pay the sub-advisory fees to DCM directly. In addition, and the Board noted that the Adviser's profitability would not be impacted by the addition of DCM, as the advisory fee rate paid to the Adviser by the SCEF is not changing as a result of the addition of DCM and there is no expense cap for the SCEF.

The Board considered potential "fall-out" or ancillary benefits anticipated to be received by DCM, and its affiliates, as a result of its arrangements with the SCEF. The Board concluded that any potential benefits to be derived by DCM included potential access to additional research resources, increased AUM and reputational benefits, which were consistent with those generally derived by sub-advisers offering similar services to mutual funds.

While acknowledging that past performance does not indicate future results, the Board considered the historical performance of the DCM Strategy, noting that the DCM Strategy's performance history versus its benchmark, the Russell 2000® Growth Index, had been favorable over historic time periods, with the DCM Strategy outperforming the benchmark over all reported time periods ended December 31, 2024. It was further noted that relative to its peer universe, the DCM Strategy had a strong record of outperformance, exceeding the peer median over all time periods and placing within the top decile over all reported time periods, except the three-year period, ended December 31, 2024.

The Board considered the representations made that DCM would be comfortable managing its strategy in accordance with the Trust's FBI policy.

The Board noted that the Adviser planned to use a transition manager in order to provide a cost-effective and performance-advantaged approach to reallocate assets to DCM within the SCEF.

Based on all of the information provided to the Board and its consideration of relevant factors, the Board determined that DCM would provide investment management services that are appropriate in scope and that the fees to be paid by the SCEF under the DCM Agreement would be fair and reasonable in light of the nature, extent and quality of services to be provided. In their deliberations, the Board did not identify any particular information as being all-important or controlling, and each Director may have attributed different weights to the various factors deliberated upon, among others.

**BOARD APPROVAL OF SUB-ADVISORY AGREEMENT AMONG THE TRUST, THE ADVISER AND MFSI**

At the May-June Meetings, the Board, including a majority of the Independent Directors, advised by Independent Counsel, considered the Adviser's recommendation to appoint MFSI to manage a portion of the GBF's portfolio pursuant to the MFSI Agreement.

The Board took into account the materials provided prior to and during the May-June Meetings, the presentations made by the Adviser and by MFSI and the extensive discussions held. The Board also took into account the IMC's review of information related to the MFSI Agreement. The Board considered the terms of the MFSI Agreement, the investment management team at MFSI, the reasonableness of the sub-advisory fees to be paid by the GBF to MFSI and whether the appointment of MFSI would be in the best interests of the GBF and its shareholders.

**341**

------

**STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT** *(Unaudited)*

The Board reviewed a number of factors that it should consider in evaluating whether to approve the MFSI Agreement and the materials provided to support each factor. Such factors included the nature, extent and quality of the services to be provided by MFSI; the composite performance history of the MFS Global Aggregate Core Plus Fixed Income Strategy (the "MFSI Strategy"); the fees charged by MFSI for its services; and information regarding the ownership structure, investment management experience, personnel, clients, AUM, legal and regulatory history, compliance policies and procedures, brokerage and soft dollar practices and investment philosophy and processes of MFSI. The Board also reviewed presentations by the Adviser regarding the comprehensive review process it used to recommend MFSI. The Board received and considered information about MFSI's potential to contribute economies of scale as the GBF grows in size. The Board considered that the Adviser had been able to negotiate a fee schedule for the GBF that was considered to be favorable compared to MFSI's stated fee schedule.

Because the engagement with MFSI for the GBF is new, there was no relevant historical profitability information for the Board to assess. The Board noted, however, that MFSI provided an estimate of its profitability for providing services to the GBF. The Board concluded that the estimated profits to be realized by MFSI appeared reasonable.

The Board considered the fees to be paid to MFSI under the MFSI Agreement, as well as the overall fee structure under the MFSI Agreement, in light of the nature, extent and quality of the services to be provided to the GBF. The Board also considered information about the fees charged by MFSI to other clients.

The Board noted that the GBF's overall management and advisory fees would decrease as a result of the addition of MFSI as a sub-adviser to the GBF. The Board further noted that, since there will be a reduction in the GBF's overall management and advisory fees, no approval by the GBF's shareholders is required. The Board also noted that the GBF, and not the Adviser, would pay the sub-advisory fees to MFSI directly. In addition, the Board noted that the Adviser's profitability would not be impacted by the addition of MFSI, as the advisory fee rate paid to the Adviser by the GBF is not changing as a result of the addition of MFSI and there is no expense cap for the GBF.

The Board considered potential "fall-out" or ancillary benefits anticipated to be received by MFSI, and its affiliates, as a result of its arrangements with the GBF. The Board concluded that any potential benefits to be derived by MFSI included potential access to additional research resources, increased AUM and reputational benefits, which were consistent with those generally derived by sub-advisers offering similar services to mutual funds.

While acknowledging that past performance does not indicate future results, the Board considered the historical performance of the MFSI Strategy. The Board noted that the MFSI Strategy's performance history versus its benchmark, the Bloomberg Global Aggregate Index, had been favorable over historic time periods, with the MFSI Strategy outperforming the benchmark over all relevant time periods ended March 31, 2025, and outperforming its peer universe medians across the same time periods.

The Board considered the representations made that MFSI would be comfortable managing its strategy in accordance with the Trust's FBI policy.

The Board noted that the Adviser planned to use a transition manager in order to provide a cost-effective and performance-advantaged approach to reallocate assets to MFSI within the GBF.

Based on all of the information provided to the Board and its consideration of relevant factors, the Board determined that MFSI would provide investment management services that are appropriate in scope and that the fees to be paid by the GBF under the MFSI Agreement would be fair and reasonable in light of the nature, extent and quality of services to be provided. In their deliberations, the Board did not identify any particular information as being all-important or controlling, and each Director may have attributed different weights to the various factors deliberated upon, among others.

**342**

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![](gdfwqihd2j4s6d6t0wz0n.jpg)

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| | |
|:---|:---|
|  | Funds distributed by Foreside Funds Distributors LLC |
| 5005 LBJ Freeway, Ste. 2200, Dallas, TX 75244-6152 | Three Canal Plaza Suite 100, Portland, ME 04101 |
| 5005 LBJ Freeway, Ste. 2200, Dallas, TX 75244-6152 |  |
| **1-888-GS-FUNDS •** GuideStoneFunds.com | 1706918 08/25 2239 |

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&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; **Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.** 

Included as part of the Financial Statements under Item 7 of this Form N-CSR.

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&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; **Item 9. Proxy Disclosures for Open-End Management Investment Companies.**

Included as part of the Financial Statements under Item 7 of this Form N-CSR.

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&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; **Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.** 

Included as part of the Financial Statements under Item 7 of this Form N-CSR.

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&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; **Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.**

Included as part of the Financial Statements under Item 7 of this Form N-CSR.

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&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; **Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.** 

Not applicable.

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&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; **Item 13. Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable.

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&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; **Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.** 

Not applicable.

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&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; **Item 15. Submission of Matters to a Vote of Security Holders.**

There have been no material changes to the procedures by which the shareholders may recommend nominees to the registrant's board of directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.

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&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; **Item 16. Controls and Procedures.**

(a) The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).

(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) 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.

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&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; **Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.** 

(a) Not applicable.

(b) Not applicable.

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&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; **Item 18. Recovery of Erroneously Awarded Compensation.**

Not applicable.

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**Item 19. Exhibits**

(a)(1) Not applicable.

(a)(2) Not applicable.

(a)(3) [Certifications pursuant to Rule 30a-2(a) are filed herewith.](exhibit_a3.htm)

(a)(4) Not applicable.

(a)(5) Not applicable.

(b) [Certification pursuant to Rule 30a-2(b) is filed herewith.](exhibit_b.htm)

------

#### 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.

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| | |
|:---|:---|
| (Registrant)  | GuideStone Funds  |
| By (Signature and Title)\*  | /s/ Brandon Pizzurro  |
|  | Brandon Pizzurro, President  |
|  | (Principal Executive Officer)  |
| Date September 4, 2025  | Date September 4, 2025  |

---

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 (Signature and Title)\*  | /s/ Brandon Pizzurro  |
|  | Brandon Pizzurro, President  |
|  | (Principal Executive Officer)  |
| Date September 4, 2025  | Date September 4, 2025  |
| By (Signature and Title)\*  | /s/ Erin Wynne  |
|  | Erin Wynne, Treasurer  |
|  | (Principal Financial Officer)  |
| Date September 4, 2025  | Date September 4, 2025  |

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## Ex-99.Cert

#### Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act
I, Brandon Pizzurro, certify that:

1. I have reviewed this report on Form N-CSR of GuideStone Funds;

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:

(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;

(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;

(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

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(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

(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.

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| | | |
|:---|:---|:---|
| Date:  | September 4, 2025  | /s/ Brandon Pizzurro  |
|  |  | Brandon Pizzurro, President  |
|  |  | (Principal Executive Officer)  |

---

------

I, Erin Wynne, certify that:

1. I have reviewed this report on Form N-CSR of GuideStone Funds;

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:

(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;

(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;

(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

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(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

(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: September 4, 2025  | /s/ Erin Wynne  |
|  | Erin Wynne, Treasurer  |
|  | (Principal Financial Officer)  |

---

------

## Exhibit 99.906

#### Certification Pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act
I, Brandon Pizzurro, President of GuideStone Funds (the "Registrant"), certify that:

1. The Form N-CSR of the Registrant (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

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|:---|:---|
| Date: September 4, 2025  | /s/ Brandon Pizzurro  |
|  | Brandon Pizzurro, President  |
|  | (Principal Executive Officer)  |

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I, Erin Wynne, Treasurer of GuideStone Funds (the "Registrant"), certify that:

1. The Form N-CSR of the Registrant (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

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| | |
|:---|:---|
| Date: September 4, 2025  | /s/ Erin Wynne  |
|  | Erin Wynne, Treasurer  |
|  | (Principal Financial Officer)  |

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