# EDGAR Filing Document

**Accession Number:** 0001131013
**File Stem:** 0002066578-26-000862
**Filing Date:** 2026-3
**Character Count:** 2174546
**Document Hash:** 02f16db011477d4853a80efece465526
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002066578-26-000862.hdr.sgml**: 20260306

**ACCESSION NUMBER**: 0002066578-26-000862

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 127

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260306

**DATE AS OF CHANGE**: 20260306

**EFFECTIVENESS DATE**: 20260306

**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-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-10263
- **FILM NUMBER:** 26729334

**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           |

### MyDestination 2065 Fund (Series ID: S000098073)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000267710 | Investor      | GMMZX           |
| C000267711 | Institutional | GMMYX           |

?xml version='1.0' encoding='ASCII'? 3c964f46-08e5-4edb-94d5-e6e8d38740bc

#### 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:

#### December 31, 2025

#### Item 1. Reports to Stockholders.
(a) The Report to Shareholders is attached herewith

(b) Not Applicable

![Logo](images_7977.jpg)

### MyDestination 2015 Fund

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

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the MyDestination 2015 Fund ("Fund") for the period of January 1, 2025 to December 31, 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 Year
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of $10,000 Investment<sup>\*</sup>** | **Cost of $10,000 investment<br>as a percentage<sup>\*</sup>** |
| MyDestination 2015 Fund<br>(Institutional Class/GMTYX) | $10 | 0.09% |

---

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

#### Management's Discussion of Fund Performance
* As a fund of funds, the Fund's performance was driven by the results of its underlying investments. For the one-year period ended December 31, 2025, the Institutional Class returned 11.94%, net of fees.

* All major asset classes contributed positively to absolute performance in what was a strong year for financial markets. U.S. and non-U.S. equities both rallied, with large capitalization and growth-oriented stocks outperforming small capitalization and value-oriented stocks.

* Exposure to large capitalization U.S. equities was a key driver of positive performance. The Equity Index Fund was the largest contributor, reflecting its broad exposure to the strength of the S&P 500<sup>®</sup> Index.

* Exposure to intermediate fixed income through the Medium-Duration Bond Fund also supported results, which outperformed its benchmark by 0.92%.

* The Small Cap Equity position was a relative laggard, which underperformed its benchmark by more than 6% in 2025.

* In 2025, the Fund utilized exchange-listed equity index futures contracts to provide targeted equity exposure to the cash positions held in the Fund. Overall, derivative exposure had a positive impact on Fund performance for the year on an absolute basis.

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the completed fiscal years of the Institutional Class since its inception on May 1, 2017, compared with a broad measure of market performance and an additional index, or indexes, with characteristics relevant to the Fund.

#### GROWTH OF $1,000,000
![Fund Performance - Growth of 10K](chartimages_3205149.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Years** | **Since Inception** |
| **MyDestination 2015 Fund (Institutional Class/GMTYX)** | 11.94% | 4.57% | 5.81% |
| **Bloomberg US Aggregate Bond Index** | 7.30% | -0.36% | 1.82% |
| **Bloomberg US Treasury: 1-3 Year Index** | 5.17% | 1.75% | 1.97% |
| **Russell 3000<sup>®</sup> Index** | 17.15% | 13.15% | 14.16% |
| **MSCI ACWI (All Country World Index) ex-USA Index - Net** | 32.39% | 7.91% | 7.99% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit *www.GuideStoneFunds.com* for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

#### 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;$726932912 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;36 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid** | &nbsp;&nbsp;&nbsp;&nbsp;$489574 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate for the period** | &nbsp;&nbsp;&nbsp;&nbsp;25% |

---

#### 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 | 34.0% |
| GuideStone Equity Index Fund | 19.0% |
| GuideStone Low-Duration Bond Fund | 10.4% |
| GuideStone International Equity Index Fund | 8.7% |
| GuideStone Defensive Market Strategies<sup>®</sup> Fund | 7.5% |
| GuideStone Global Bond Fund | 5.8% |
| GuideStone Emerging Markets Equity Fund | 2.0% |
| GuideStone Money Market Fund, 3.69% | 2.0% |
| U.S. Treasury Inflationary Index Bonds 3.88%, 4/15/29 | 1.5% |
| GuideStone Small Cap Equity Fund | 1.2% |

---

PORTFOLIO SUMMARY

![Graphical Representation - Allocation 2 Chart](chartimages_3205130.jpg)

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

Availability of Additional Information

![TSR - QR Code](images_7976.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>

![Logo](images_7977.jpg)

### MyDestination 2015 Fund

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

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the MyDestination 2015 Fund ("Fund") for the period of January 1, 2025 to December 31, 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 Year
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of $10,000 Investment<sup>\*</sup>** | **Cost of $10,000 investment<br>as a percentage<sup>\*</sup>** |
| MyDestination 2015 Fund<br>(Investor Class/GMTZX) | $41 | 0.39% |

---

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

#### Management's Discussion of Fund Performance
* As a fund of funds, the Fund's performance was driven by the results of its underlying investments. For the one-year period ended December 31, 2025, the Investor Class returned 11.55%, net of fees.

* All major asset classes contributed positively to absolute performance in what was a strong year for financial markets. U.S. and non-U.S. equities both rallied, with large capitalization and growth-oriented stocks outperforming small capitalization and value-oriented stocks.

* Exposure to large capitalization U.S. equities was a key driver of positive performance. The Equity Index Fund was the largest contributor, reflecting its broad exposure to the strength of the S&P 500<sup>®</sup> Index.

* Exposure to intermediate fixed income through the Medium-Duration Bond Fund also supported results, which outperformed its benchmark by 0.92%.

* The Small Cap Equity position was a relative laggard, which underperformed its benchmark by more than 6% in 2025.

* In 2025, the Fund utilized exchange-listed equity index futures contracts to provide targeted equity exposure to the cash positions held in the Fund. Overall, derivative exposure had a positive impact on Fund performance for the year on an absolute basis.

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Investor Class compared with a broad measure of market performance and an additional index, or indexes, with characteristics relevant to the Fund.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_3205099.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Years** | **10 Years** |
| **MyDestination 2015 Fund (Investor Class/GMTZX)** | 11.55% | 4.27% | 5.95% |
| **Bloomberg US Aggregate Bond Index** | 7.30% | -0.36% | 2.01% |
| **Bloomberg US Treasury: 1-3 Year Index** | 5.17% | 1.75% | 1.83% |
| **Russell 3000<sup>®</sup> Index** | 17.15% | 13.15% | 14.29% |
| **MSCI ACWI (All Country World Index) ex-USA Index - Net** | 32.39% | 7.91% | 8.41% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit *www.GuideStoneFunds.com* for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

#### 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;$726932912 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;36 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid** | &nbsp;&nbsp;&nbsp;&nbsp;$489574 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate for the period** | &nbsp;&nbsp;&nbsp;&nbsp;25% |

---

#### 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 | 34.0% |
| GuideStone Equity Index Fund | 19.0% |
| GuideStone Low-Duration Bond Fund | 10.4% |
| GuideStone International Equity Index Fund | 8.7% |
| GuideStone Defensive Market Strategies<sup>®</sup> Fund | 7.5% |
| GuideStone Global Bond Fund | 5.8% |
| GuideStone Emerging Markets Equity Fund | 2.0% |
| GuideStone Money Market Fund, 3.69% | 2.0% |
| U.S. Treasury Inflationary Index Bonds 3.88%, 4/15/29 | 1.5% |
| GuideStone Small Cap Equity Fund | 1.2% |

---

PORTFOLIO SUMMARY

![Graphical Representation - Allocation 2 Chart](chartimages_3205118.jpg)

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

Availability of Additional Information

![TSR - QR Code](images_7976.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>

![Logo](images_7977.jpg)

### MyDestination 2025 Fund

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

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the MyDestination 2025 Fund ("Fund") for the period of January 1, 2025 to December 31, 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 Year
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of $10,000 Investment<sup>\*</sup>** | **Cost of $10,000 investment<br> as a percentage<sup>\*</sup>** |
| MyDestination 2025 Fund<br> (Institutional Class/GMWYX) | $9 | 0.08% |

---

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

#### Management's Discussion of Fund Performance
* As a fund of funds, the Fund's performance was driven by the results of its underlying investments. For the one-year period ended December 31, 2025, the Institutional Class returned 13.19%, net of fees. 

* All major asset classes contributed positively to absolute performance in what was a strong year for financial markets. U.S. and non-U.S. equities both rallied, with large capitalization and growth-oriented stocks outperforming small capitalization and value-oriented stocks. 

* Exposure to large capitalization U.S. equities was a key driver of positive performance. The Equity Index Fund was the largest contributor, reflecting its broad exposure to the strength of the S&P 500<sup>®</sup> Index. 

* Exposure to intermediate fixed income through the Medium-Duration Bond Fund also supported results, which outperformed its benchmark by 0.92%. 

* The Small Cap Equity position was a relative laggard, which underperformed its benchmark by more than 6% in 2025. 

* In 2025, the Fund utilized exchange-listed equity index futures contracts to provide targeted equity exposure to the cash positions held in the Fund. Overall, derivative exposure had a positive impact on Fund performance for the year on an absolute basis. 

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the completed fiscal years of the Institutional Class since its inception on May 1, 2017, compared with a broad measure of market performance and an additional index, or indexes, with characteristics relevant to the Fund.

#### GROWTH OF $1,000,000
![Fund Performance - Growth of 10K](chartimages_3205223.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Years** | **Since Inception** |
| **MyDestination 2025 Fund (Institutional Class/GMWYX)** | 13.19% | 5.51% | 6.92% |
| **MSCI ACWI (All Country World Index) Index - Net** | 22.34% | 11.19% | 11.58% |
| **Bloomberg US Aggregate Bond Index** | 7.30% | -0.36% | 1.82% |
| **Bloomberg US Treasury: 1-3 Year Index** | 5.17% | 1.75% | 1.97% |
| **Russell 3000<sup>®</sup> Index** | 17.15% | 13.15% | 14.16% |
| **MSCI ACWI (All Country World Index) ex USA Index - Net** | 32.39% | 7.91% | 7.99% |

---

 **Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit *www.GuideStoneFunds.com* for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

#### 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;$2109182300 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;36 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid** | &nbsp;&nbsp;&nbsp;&nbsp;$1690297 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate for the period** | &nbsp;&nbsp;&nbsp;&nbsp;24% |

---

#### 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 | 32.1% |
| GuideStone Equity Index Fund | 23.6% |
| GuideStone International Equity Index Fund | 11.0% |
| GuideStone Defensive Market Strategies<sup>®</sup> Fund | 9.3% |
| GuideStone Global Bond Fund | 5.6% |
| GuideStone Low-Duration Bond Fund | 5.1% |
| GuideStone Emerging Markets Equity Fund | 2.6% |
| GuideStone Small Cap Equity Fund | 1.8% |
| GuideStone Money Market Fund, 3.69% | 1.8% |
| U.S. Treasury Inflationary Index Bonds 3.88%, 4/15/29 | 1.0% |

---

PORTFOLIO SUMMARY

![Graphical Representation - Allocation 2 Chart](chartimages_3205204.jpg)

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

Availability of Additional Information

![TSR - QR Code](images_7976.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>

![Logo](images_7977.jpg)

### MyDestination 2025 Fund

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

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the MyDestination 2025 Fund ("Fund") for the period of January 1, 2025 to December 31, 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 Year
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of $10,000 Investment<sup>\*</sup>** | **Cost of $10,000 investment<br> as a percentage<sup>\*</sup>** |
| MyDestination 2025 Fund<br> (Investor Class/GMWZX) | $40 | 0.38% |

---

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

#### Management's Discussion of Fund Performance
* As a fund of funds, the Fund's performance was driven by the results of its underlying investments. For the one-year period ended December 31, 2025, the Investor Class returned 12.81%, net of fees. 

* All major asset classes contributed positively to absolute performance in what was a strong year for financial markets. U.S. and non-U.S. equities both rallied, with large capitalization and growth-oriented stocks outperforming small capitalization and value-oriented stocks. 

* Exposure to large capitalization U.S. equities was a key driver of positive performance. The Equity Index Fund was the largest contributor, reflecting its broad exposure to the strength of the S&P 500<sup>®</sup> Index. 

* Exposure to intermediate fixed income through the Medium-Duration Bond Fund also supported results, which outperformed its benchmark by 0.92%. 

* The Small Cap Equity position was a relative laggard, which underperformed its benchmark by more than 6% in 2025. 

* In 2025, the Fund utilized exchange-listed equity index futures contracts to provide targeted equity exposure to the cash positions held in the Fund. Overall, derivative exposure had a positive impact on Fund performance for the year on an absolute basis. 

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Investor Class compared with a broad measure of market performance and an additional index, or indexes, with characteristics relevant to the Fund.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_3205173.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Years** | **10 Years** |
| **MyDestination 2025 Fund (Investor Class/GMWZX)** | 12.81% | 5.22% | 7.13% |
| **MSCI ACWI (All Country World Index) Index - Net** | 22.34% | 11.19% | 11.72% |
| **Bloomberg US Aggregate Bond Index** | 7.30% | -0.36% | 2.01% |
| **Bloomberg US Treasury: 1-3 Year Index** | 5.17% | 1.75% | 1.83% |
| **Russell 3000<sup>®</sup> Index** | 17.15% | 13.15% | 14.29% |
| **MSCI ACWI (All Country World Index) ex USA Index - Net** | 32.39% | 7.91% | 8.41% |

---

 **Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit *www.GuideStoneFunds.com* for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

#### 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;$2109182300 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;36 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid** | &nbsp;&nbsp;&nbsp;&nbsp;$1690297 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate for the period** | &nbsp;&nbsp;&nbsp;&nbsp;24% |

---

#### 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 | 32.1% |
| GuideStone Equity Index Fund | 23.6% |
| GuideStone International Equity Index Fund | 11.0% |
| GuideStone Defensive Market Strategies<sup>®</sup> Fund | 9.3% |
| GuideStone Global Bond Fund | 5.6% |
| GuideStone Low-Duration Bond Fund | 5.1% |
| GuideStone Emerging Markets Equity Fund | 2.6% |
| GuideStone Small Cap Equity Fund | 1.8% |
| GuideStone Money Market Fund, 3.69% | 1.8% |
| U.S. Treasury Inflationary Index Bonds 3.88%, 4/15/29 | 1.0% |

---

PORTFOLIO SUMMARY

![Graphical Representation - Allocation 2 Chart](chartimages_3205192.jpg)

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

Availability of Additional Information

![TSR - QR Code](images_7976.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>

![Logo](images_7977.jpg)

### MyDestination 2035 Fund

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

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the MyDestination 2035 Fund ("Fund") for the period of January 1, 2025 to December 31, 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 Year
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of $10,000 Investment<sup>\*</sup>** | **Cost of $10,000 investment<br>as a percentage<sup>\*</sup>** |
| MyDestination 2035 Fund<br>(Institutional Class/GMHYX) | $10 | 0.09% |

---

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

#### Management's Discussion of Fund Performance
* As a fund of funds, the Fund's performance was driven by the results of its underlying investments. For the one-year period ended December 31, 2025, the Institutional Class returned 15.72%, net of fees.

* All major asset classes contributed positively to absolute performance in what was a strong year for financial markets. U.S. and non-U.S. equities both rallied, with large capitalization and growth-oriented stocks outperforming small capitalization and value-oriented stocks.

* Exposure to large capitalization U.S. equities was a key driver of positive performance. The Equity Index Fund was the largest contributor, reflecting its broad exposure to the strength of the S&P 500<sup>®</sup> Index.

* Exposure to intermediate fixed income through the Medium-Duration Bond Fund also supported results, which outperformed its benchmark by 0.92%.

* The Small Cap Equity position was a relative laggard, which underperformed its benchmark by more than 6% in 2025.

* In 2025, the Fund utilized exchange-listed equity index futures contracts to provide targeted equity exposure to the cash positions held in the Fund. Overall, derivative exposure had a positive impact on Fund performance for the year on an absolute basis.

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the completed fiscal years of the Institutional Class since its inception on May 1, 2017, compared with a broad measure of market performance and an additional index, or indexes, with characteristics relevant to the Fund.

#### GROWTH OF $1,000,000
![Fund Performance - Growth of 10K](chartimages_3205297.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Years** | **Since Inception** |
| **MyDestination 2035 Fund (Institutional Class/GMHYX)** | 15.72% | 7.37% | 8.69% |
| **MSCI ACWI (All Country World Index) Index - Net** | 22.34% | 11.19% | 11.58% |
| **Bloomberg US Aggregate Bond Index** | 7.30% | -0.36% | 1.82% |
| **Bloomberg US Treasury: 1-3 Year Index** | 5.17% | 1.75% | 1.97% |
| **Russell 3000<sup>®</sup> Index** | 17.15% | 13.15% | 14.16% |
| **MSCI ACWI (All Country World Index) ex USA Index - Net** | 32.39% | 7.91% | 7.99% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit *www.GuideStoneFunds.com* for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

#### 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;$2359198848 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;36 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid** | &nbsp;&nbsp;&nbsp;&nbsp;$1828482 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate for the period** | &nbsp;&nbsp;&nbsp;&nbsp;14% |

---

#### 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 | 34.2% |
| GuideStone Medium-Duration Bond Fund | 24.1% |
| GuideStone International Equity Index Fund | 16.2% |
| GuideStone Defensive Market Strategies<sup>®</sup> Fund | 7.8% |
| GuideStone Global Bond Fund | 5.8% |
| GuideStone Emerging Markets Equity Fund | 3.9% |
| GuideStone Small Cap Equity Fund | 3.0% |
| GuideStone Money Market Fund, 3.69% | 2.0% |
| GuideStone Global Real Estate Securities Fund | 1.3% |
| GuideStone Strategic Alternatives Fund | 1.0% |

---

PORTFOLIO SUMMARY

![Graphical Representation - Allocation 2 Chart](chartimages_3205278.jpg)

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

Availability of Additional Information

![TSR - QR Code](images_7976.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>

![Logo](images_7977.jpg)

### MyDestination 2035 Fund

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

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the MyDestination 2035 Fund ("Fund") for the period of January 1, 2025 to December 31, 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 Year
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of $10,000 Investment<sup>\*</sup>** | **Cost of $10,000 investment<br>as a percentage<sup>\*</sup>** |
| MyDestination 2035 Fund<br>(Investor Class/GMHZX) | $40 | 0.37% |

---

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

#### Management's Discussion of Fund Performance
* As a fund of funds, the Fund's performance was driven by the results of its underlying investments. For the one-year period ended December 31, 2025, the Investor Class returned 15.48%, net of fees.

* All major asset classes contributed positively to absolute performance in what was a strong year for financial markets. U.S. and non-U.S. equities both rallied, with large capitalization and growth-oriented stocks outperforming small capitalization and value-oriented stocks.

* Exposure to large capitalization U.S. equities was a key driver of positive performance. The Equity Index Fund was the largest contributor, reflecting its broad exposure to the strength of the S&P 500<sup>®</sup> Index.

* Exposure to intermediate fixed income through the Medium-Duration Bond Fund also supported results, which outperformed its benchmark by 0.92%.

* The Small Cap Equity position was a relative laggard, which underperformed its benchmark by more than 6% in 2025.

* In 2025, the Fund utilized exchange-listed equity index futures contracts to provide targeted equity exposure to the cash positions held in the Fund. Overall, derivative exposure had a positive impact on Fund performance for the year on an absolute basis.

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Investor Class compared with a broad measure of market performance and an additional index, or indexes, with characteristics relevant to the Fund.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_3205247.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Years** | **10 Years** |
| **MyDestination 2035 Fund (Investor Class/GMHZX)** | 15.48% | 7.08% | 8.80% |
| **MSCI ACWI (All Country World Index) Index - Net** | 22.34% | 11.19% | 11.72% |
| **Bloomberg US Aggregate Bond Index** | 7.30% | -0.36% | 2.01% |
| **Bloomberg US Treasury: 1-3 Year Index** | 5.17% | 1.75% | 1.83% |
| **Russell 3000<sup>®</sup> Index** | 17.15% | 13.15% | 14.29% |
| **MSCI ACWI (All Country World Index) ex USA Index - Net** | 32.39% | 7.91% | 8.41% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit *www.GuideStoneFunds.com* for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

#### 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;$2359198848 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;36 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid** | &nbsp;&nbsp;&nbsp;&nbsp;$1828482 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate for the period** | &nbsp;&nbsp;&nbsp;&nbsp;14% |

---

#### 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 | 34.2% |
| GuideStone Medium-Duration Bond Fund | 24.1% |
| GuideStone International Equity Index Fund | 16.2% |
| GuideStone Defensive Market Strategies<sup>®</sup> Fund | 7.8% |
| GuideStone Global Bond Fund | 5.8% |
| GuideStone Emerging Markets Equity Fund | 3.9% |
| GuideStone Small Cap Equity Fund | 3.0% |
| GuideStone Money Market Fund, 3.69% | 2.0% |
| GuideStone Global Real Estate Securities Fund | 1.3% |
| GuideStone Strategic Alternatives Fund | 1.0% |

---

PORTFOLIO SUMMARY

![Graphical Representation - Allocation 2 Chart](chartimages_3205266.jpg)

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

Availability of Additional Information

![TSR - QR Code](images_7976.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>

![Logo](images_7977.jpg)

### MyDestination 2045 Fund

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

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the MyDestination 2045 Fund ("Fund") for the period of January 1, 2025 to December 31, 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 Year
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of $10,000 Investment<sup>\*</sup>** | **Cost of $10,000 investment<br>as a percentage<sup>\*</sup>** |
| MyDestination 2045 Fund<br>(Institutional Class/GMYYX) | $13 | 0.12% |

---

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

#### Management's Discussion of Fund Performance
* As a fund of funds, the Fund's performance was driven by the results of its underlying investments. For the one-year period ended December 31, 2025, the Institutional Class returned 18.57%, net of fees.

* All major asset classes contributed positively to absolute performance in what was a strong year for financial markets. U.S. and non-U.S. equities both rallied, with large capitalization and growth-oriented stocks outperforming small capitalization and value-oriented stocks.

* Exposure to large capitalization U.S. equities was a key driver of positive performance. The Equity Index Fund was the largest contributor, reflecting its broad exposure to the strength of the S&P 500<sup>®</sup> Index.

* Exposure to intermediate fixed income through the Medium-Duration Bond Fund also supported results, which outperformed its benchmark by 0.92%.

* The Small Cap Equity position was a relative laggard, which underperformed its benchmark by more than 6% in 2025.

* In 2025, the Fund utilized exchange-listed equity index futures contracts to provide targeted equity exposure to the cash positions held in the Fund. Overall, derivative exposure had a positive impact on Fund performance for the year on an absolute basis.

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the completed fiscal years of the Institutional Class since its inception on May 1, 2017, compared with a broad measure of market performance and an additional index, or indexes, with characteristics relevant to the Fund.

#### GROWTH OF $1,000,000
![Fund Performance - Growth of 10K](chartimages_3205371.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Years** | **Since Inception** |
| **MyDestination 2045 Fund (Institutional Class/GMYYX)** | 18.57% | 9.30% | 10.15% |
| **MSCI ACWI (All Country World Index) Index - Net** | 22.34% | 11.19% | 11.58% |
| **Bloomberg US Aggregate Bond Index** | 7.30% | -0.36% | 1.82% |
| **Bloomberg US Treasury: 1-3 Year Index** | 5.17% | 1.75% | 1.97% |
| **Russell 3000<sup>®</sup> Index** | 17.15% | 13.15% | 14.16% |
| **MSCI ACWI (All Country World Index) ex USA Index - Net** | 32.39% | 7.91% | 7.99% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit *www.GuideStoneFunds.com* for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

#### 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;$2052647281 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;10 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid** | &nbsp;&nbsp;&nbsp;&nbsp;$1813328 |
| &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 Equity Index Fund | 46.8% |
| GuideStone International Equity Index Fund | 22.4% |
| GuideStone Medium-Duration Bond Fund | 10.5% |
| GuideStone Emerging Markets Equity Fund | 5.4% |
| GuideStone Small Cap Equity Fund | 4.6% |
| GuideStone Defensive Market Strategies<sup>®</sup> Fund | 3.9% |
| GuideStone Global Bond Fund | 2.6% |
| GuideStone Money Market Fund, 3.69% | 2.0% |
| GuideStone Global Real Estate Securities Fund | 1.7% |

---

PORTFOLIO SUMMARY

![Graphical Representation - Allocation 2 Chart](chartimages_3205352.jpg)

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

Availability of Additional Information

![TSR - QR Code](images_7976.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>

![Logo](images_7977.jpg)

### MyDestination 2045 Fund

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

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the MyDestination 2045 Fund ("Fund") for the period of January 1, 2025 to December 31, 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 Year
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of $10,000 Investment<sup>\*</sup>** | **Cost of $10,000 investment<br> as a percentage<sup>\*</sup>** |
| MyDestination 2045 Fund<br> (Investor Class/GMFZX) | $41 | 0.38% |

---

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

#### Management's Discussion of Fund Performance
* As a fund of funds, the Fund's performance was driven by the results of its underlying investments. For the one-year period ended December 31, 2025, the Investor Class returned 18.20%, net of fees. 

* All major asset classes contributed positively to absolute performance in what was a strong year for financial markets. U.S. and non-U.S. equities both rallied, with large capitalization and growth-oriented stocks outperforming small capitalization and value-oriented stocks. 

* Exposure to large capitalization U.S. equities was a key driver of positive performance. The Equity Index Fund was the largest contributor, reflecting its broad exposure to the strength of the S&P 500<sup>®</sup> Index. 

* Exposure to intermediate fixed income through the Medium-Duration Bond Fund also supported results, which outperformed its benchmark by 0.92%. 

* The Small Cap Equity position was a relative laggard, which underperformed its benchmark by more than 6% in 2025. 

* In 2025, the Fund utilized exchange-listed equity index futures contracts to provide targeted equity exposure to the cash positions held in the Fund. Overall, derivative exposure had a positive impact on Fund performance for the year on an absolute basis. 

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Investor Class compared with a broad measure of market performance and an additional index, or indexes, with characteristics relevant to the Fund.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_3205321.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Years** | **10 Years** |
| **MyDestination 2045 Fund (Investor Class/GMFZX)** | 18.20% | 9.00% | 10.16% |
| **MSCI ACWI (All Country World Index) Index - Net** | 22.34% | 11.19% | 11.72% |
| **Bloomberg US Aggregate Bond Index** | 7.30% | -0.36% | 2.01% |
| **Bloomberg US Treasury: 1-3 Year Index** | 5.17% | 1.75% | 1.83% |
| **Russell 3000<sup>®</sup> Index** | 17.15% | 13.15% | 14.29% |
| **MSCI ACWI (All Country World Index) ex USA Index - Net** | 32.39% | 7.91% | 8.41% |

---

 **Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit *www.GuideStoneFunds.com* for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

#### 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;$2052647281 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;10 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid** | &nbsp;&nbsp;&nbsp;&nbsp;$1813328 |
| &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 Equity Index Fund | 46.8% |
| GuideStone International Equity Index Fund | 22.4% |
| GuideStone Medium-Duration Bond Fund | 10.5% |
| GuideStone Emerging Markets Equity Fund | 5.4% |
| GuideStone Small Cap Equity Fund | 4.6% |
| GuideStone Defensive Market Strategies<sup>®</sup> Fund | 3.9% |
| GuideStone Global Bond Fund | 2.6% |
| GuideStone Money Market Fund, 3.69% | 2.0% |
| GuideStone Global Real Estate Securities Fund | 1.7% |

---

PORTFOLIO SUMMARY

![Graphical Representation - Allocation 2 Chart](chartimages_3205340.jpg)

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

Availability of Additional Information

![TSR - QR Code](images_7976.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>

![Logo](images_7977.jpg)

### MyDestination 2055 Fund

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

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the MyDestination 2055 Fund ("Fund") for the period of January 1, 2025 to December 31, 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 Year
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of $10,000 Investment<sup>\*</sup>** | **Cost of $10,000 investment<br>as a percentage<sup>\*</sup>** |
| MyDestination 2055 Fund<br>(Institutional Class/GMGYX) | $16 | 0.15% |

---

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

#### Management's Discussion of Fund Performance
* As a fund of funds, the Fund's performance was driven by the results of its underlying investments. For the one-year period ended December 31, 2025, the Institutional Class returned 19.42%, net of fees.

* All major asset classes contributed positively to absolute performance in what was a strong year for financial markets. U.S. and non-U.S. equities both rallied, with large capitalization and growth-oriented stocks outperforming small capitalization and value-oriented stocks.

* Exposure to large capitalization U.S. equities was a key driver of positive performance. The Equity Index Fund was the largest contributor, reflecting its broad exposure to the strength of the S&P 500<sup>®</sup> Index.

* Exposure to intermediate fixed income through the Medium-Duration Bond Fund also supported results, which outperformed its benchmark by 0.92%.

* The Small Cap Equity position was a relative laggard, which underperformed its benchmark by more than 6% in 2025.

* In 2025, the Fund utilized exchange-listed equity index futures contracts to provide targeted equity exposure to the cash positions held in the Fund. Overall, derivative exposure had a positive impact on Fund performance for the year on an absolute basis.

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the completed fiscal years of the Institutional Class since its inception on May 1, 2017, compared with a broad measure of market performance and an additional index, or indexes, with characteristics relevant to the Fund.

#### GROWTH OF $1,000,000
![Fund Performance - Growth of 10K](chartimages_3205445.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Years** | **Since Inception** |
| **MyDestination 2055 Fund (Institutional Class/GMGYX)** | 19.42% | 9.89% | 10.59% |
| **MSCI ACWI (All Country World Index) Index - Net** | 22.34% | 11.19% | 11.58% |
| **Bloomberg US Aggregate Bond Index** | 7.30% | -0.36% | 1.82% |
| **Bloomberg US Treasury: 1-3 Year Index** | 5.17% | 1.75% | 1.97% |
| **Russell 3000<sup>®</sup> Index** | 17.15% | 13.15% | 14.16% |
| **MSCI ACWI (All Country World Index) ex USA Index - Net** | 32.39% | 7.91% | 7.99% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit *www.GuideStoneFunds.com* for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

#### 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;$1127550897 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;10 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid** | &nbsp;&nbsp;&nbsp;&nbsp;$1014225 |
| &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 Equity Index Fund | 51.1% |
| GuideStone International Equity Index Fund | 24.3% |
| GuideStone Emerging Markets Equity Fund | 6.0% |
| GuideStone Small Cap Equity Fund | 5.1% |
| GuideStone Medium-Duration Bond Fund | 4.8% |
| GuideStone Defensive Market Strategies<sup>®</sup> Fund | 3.6% |
| GuideStone Money Market Fund, 3.69% | 2.1% |
| GuideStone Global Real Estate Securities Fund | 1.8% |
| GuideStone Global Bond Fund | 1.2% |

---

PORTFOLIO SUMMARY

![Graphical Representation - Allocation 2 Chart](chartimages_3205426.jpg)

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

Availability of Additional Information

![TSR - QR Code](images_7976.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>

![Logo](images_7977.jpg)

### MyDestination 2055 Fund

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

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the MyDestination 2055 Fund ("Fund") for the period of January 1, 2025 to December 31, 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 Year
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of $10,000 Investment<sup>\*</sup>** | **Cost of $10,000 investment<br>as a percentage<sup>\*</sup>** |
| MyDestination 2055 Fund<br>(Investor Class/GMGZX) | $43 | 0.39% |

---

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

#### Management's Discussion of Fund Performance
* As a fund of funds, the Fund's performance was driven by the results of its underlying investments. For the one-year period ended December 31, 2025, the Investor Class returned 19.17%, net of fees.

* All major asset classes contributed positively to absolute performance in what was a strong year for financial markets. U.S. and non-U.S. equities both rallied, with large capitalization and growth-oriented stocks outperforming small capitalization and value-oriented stocks.

* Exposure to large capitalization U.S. equities was a key driver of positive performance. The Equity Index Fund was the largest contributor, reflecting its broad exposure to the strength of the S&P 500<sup>®</sup> Index.

* Exposure to intermediate fixed income through the Medium-Duration Bond Fund also supported results, which outperformed its benchmark by 0.92%.

* The Small Cap Equity position was a relative laggard, which underperformed its benchmark by more than 6% in 2025.

* In 2025, the Fund utilized exchange-listed equity index futures contracts to provide targeted equity exposure to the cash positions held in the Fund. Overall, derivative exposure had a positive impact on Fund performance for the year on an absolute basis.

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Investor Class compared with a broad measure of market performance and an additional index, or indexes, with characteristics relevant to the Fund.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_3205395.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Years** | **10 Years** |
| **MyDestination 2055 Fund (Investor Class/GMGZX)** | 19.17% | 9.60% | 10.61% |
| **MSCI ACWI (All Country World Index) Index - Net** | 22.34% | 11.19% | 11.72% |
| **Bloomberg US Aggregate Bond Index** | 7.30% | -0.36% | 2.01% |
| **Bloomberg US Treasury: 1-3 Year Index** | 5.17% | 1.75% | 1.83% |
| **Russell 3000<sup>®</sup> Index** | 17.15% | 13.15% | 14.29% |
| **MSCI ACWI (All Country World Index) ex USA Index - Net** | 32.39% | 7.91% | 8.41% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit *www.GuideStoneFunds.com* for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

#### 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;$1127550897 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;10 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid** | &nbsp;&nbsp;&nbsp;&nbsp;$1014225 |
| &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 Equity Index Fund | 51.1% |
| GuideStone International Equity Index Fund | 24.3% |
| GuideStone Emerging Markets Equity Fund | 6.0% |
| GuideStone Small Cap Equity Fund | 5.1% |
| GuideStone Medium-Duration Bond Fund | 4.8% |
| GuideStone Defensive Market Strategies<sup>®</sup> Fund | 3.6% |
| GuideStone Money Market Fund, 3.69% | 2.1% |
| GuideStone Global Real Estate Securities Fund | 1.8% |
| GuideStone Global Bond Fund | 1.2% |

---

PORTFOLIO SUMMARY

![Graphical Representation - Allocation 2 Chart](chartimages_3205414.jpg)

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

Availability of Additional Information

![TSR - QR Code](images_7976.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>

![Logo](images_7977.jpg)

### MyDestination 2065 Fund

#### Class: INSTITUTIONAL \| TICKER: GMMYX

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the MyDestination 2065 Fund ("Fund") for the one day ended December 31, 2025 (Commencement of Operations). 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 one day ended December 31, 2025 (Commencement of Operations)
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of $10,000 Investment<sup>\*</sup>** | **Cost of $10,000 investment<br>as a percentage** |
| MyDestination 2065 Fund<br>(Institutional Class/GMMYX) | $0 | 0.00% |

---

 **<sup>\*</sup>** **The Fund commenced operations on December 31, 2025. The report covers the one-day period from the commencement of operations to the end of the annual reporting period on December 31, 2025. Expenses for the full reporting period would be higher.** 

#### 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;$6000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid** | &nbsp;&nbsp;&nbsp;&nbsp;$0 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate for the period** | &nbsp;&nbsp;&nbsp;&nbsp;N/A |

---

Availability of Additional Information

![TSR - QR Code](images_7976.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>

![Logo](images_7977.jpg)

### MyDestination 2065 Fund

#### Class: INVESTOR \| TICKER: GMMZX

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the MyDestination 2065 Fund ("Fund") for the one day ended December 31, 2025 (Commencement of Operations). 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 one day ended December 31, 2025 (Commencement of Operations)
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of $10,000 Investment<sup>\*</sup>** | **Cost of $10,000 investment<br>as a percentage** |
| MyDestination 2065 Fund<br>(Investor Class/GMMZX) | $0 | 0.00% |

---

 **<sup>\*</sup>** **The Fund commenced operations on December 31, 2025. The report covers the one-day period from the commencement of operations to the end of the annual reporting period on December 31, 2025. Expenses for the full reporting period would be higher.** 

#### 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;$6000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid** | &nbsp;&nbsp;&nbsp;&nbsp;$0 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate for the period** | &nbsp;&nbsp;&nbsp;&nbsp;N/A |

---

Availability of Additional Information

![TSR - QR Code](images_7976.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>

![Logo](images_7977.jpg)

### Conservative Allocation Fund

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

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the Conservative Allocation Fund ("Fund") for the period of January 1, 2025 to December 31, 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.

#### This report describes changes to the Fund that occurred during the reporting period.

#### Fund Expenses for the Last Year
(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) | $19 | 0.18% |

---

#### Management's Discussion of Fund Performance
* As a fund of funds, the Fund's results were driven by the performance of its underlying investments. For the one-year period ended December 31, 2025, the Institutional Class returned 9.69%, net of fees.

* Equities generally outperformed fixed income during the year, and non-U.S. equities outpaced U.S. equities.

* Notable contributors to Fund performance included allocations to short duration bonds and non-U.S. equities, spanning both developed markets and emerging markets, in a year where major asset classes broadly posted positive returns.

* Exposure to intermediate fixed income through the Medium-Duration Bond Fund also supported results, which outperformed its benchmark by 0.92%.

* The Small Cap Equity position was a relative laggard, which underperformed its benchmark by more than 6% in 2025.

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Institutional Class compared with a broad measure of market performance and an additional index, or indexes, with characteristics relevant to the Fund.

#### GROWTH OF $1,000,000
![Fund Performance - Growth of 10K](chartimages_3205519.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Years** | **10 Years** |
| **Conservative Allocation Fund (Institutional Class/GCAYX)** | 9.69% | 3.73% | 4.68% |
| **Bloomberg US Aggregate Bond Index** | 7.30% | -0.36% | 2.01% |
| **Bloomberg US Treasury: 1-3 Year Index** | 5.17% | 1.75% | 1.83% |
| **Russell 3000<sup>®</sup> Index** | 17.15% | 13.15% | 14.29% |
| **MSCI ACWI (All CountryWorld Index) ex USA Index - Net** | 32.39% | 7.91% | 8.41% |
| **Composite Benchmark\*** | 10.08% | 4.51% | 5.30% |

---

*\*The composite benchmark is 49.00% Bloomberg US Treasury: 1-3 Year Index, 16.00% Bloomberg US Aggregate Bond Index, 5.00% Bloomberg US Treasury Bills: 1-3 Months Index, 21.00% Russell 3000<sup>®</sup> Index, 1.00% FTSE EPRA Nareit Developed Index - Net and 8.00% MSCI ACWI (All Country World Index) ex USA Index - Net.* 

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit *www.GuideStoneFunds.com* for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

#### 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;$414528279 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;15 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid** | &nbsp;&nbsp;&nbsp;&nbsp;$409970 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate for the period** | &nbsp;&nbsp;&nbsp;&nbsp;39% |

---

#### 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 | 32.5% |
| GuideStone Low-Duration Bond Fund | 25.2% |
| GuideStone Growth Equity Fund | 6.6% |
| GuideStone Defensive Market Strategies<sup>®</sup> Fund | 5.7% |
| GuideStone International Equity Fund | 5.3% |
| GuideStone Strategic Alternatives Fund | 5.0% |
| GuideStone Value Equity Fund | 4.7% |
| GuideStone Impact Bond Fund | 3.9% |
| GuideStone Global Bond Fund | 3.0% |
| GuideStone Emerging Markets Equity Fund | 2.0% |

---

PORTFOLIO SUMMARY

![Graphical Representation - Allocation 2 Chart](chartimages_3205501.jpg)

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

#### Material Fund Changes
This is a summary of certain changes to the Fund since January 1, 2025. For more comprehensive information, you may review the Fund's prospectus and any applicable supplements at *GuideStoneFunds.com/Fund-Literature* or by contacting 1-888-GS-FUNDS.

* In connection with the liquidation and termination of the Impact Equity Fund on July 25, 2025, the principal investment strategies for the Conservative Allocation Fund changed to remove impact-related investments as an investment option for the Equities Asset Class.

Availability of Additional Information

![TSR - QR Code](images_7976.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>

![Logo](images_7977.jpg)

### Conservative Allocation Fund

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

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the Conservative Allocation Fund ("Fund") for the period of January 1, 2025 to December 31, 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.

#### This report describes changes to the Fund that occurred during the reporting period.

#### Fund Expenses for the Last Year
(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) | $45 | 0.43% |

---

#### Management's Discussion of Fund Performance
* As a fund of funds, the Fund's results were driven by the performance of its underlying investments. For the one-year period ended December 31, 2025, the Investor Class returned 9.46%, net of fees. 

* Equities generally outperformed fixed income during the year, and non-U.S. equities outpaced U.S. equities. 

* Notable contributors to Fund performance included allocations to short duration bonds and non-U.S. equities, spanning both developed markets and emerging markets, in a year where major asset classes broadly posted positive returns. 

* Exposure to intermediate fixed income through the Medium-Duration Bond Fund also supported results, which outperformed its benchmark by 0.92%. 

* The Small Cap Equity position was a relative laggard, which underperformed its benchmark by more than 6% in 2025. 

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Investor Class compared with a broad measure of market performance and an additional index, or indexes, with characteristics relevant to the Fund.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_3205469.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Years** | **10 Years** |
| **Conservative Allocation Fund (Investor Class/GFIZX)** | 9.46% | 3.45% | 4.42% |
| **Bloomberg US Aggregate Bond Index** | 7.30% | -0.36% | 2.01% |
| **Bloomberg US Treasury: 1-3 Year Index** | 5.17% | 1.75% | 1.83% |
| **Russell 3000<sup>®</sup> Index** | 17.15% | 13.15% | 14.29% |
| **MSCI ACWI (All CountryWorld Index) ex USA Index - Net** | 32.39% | 7.91% | 8.41% |
| **Composite Benchmark\*** | 10.08% | 4.51% | 5.30% |

---

 *\*The composite benchmark is 49.00% Bloomberg US Treasury: 1-3 Year Index, 16.00% Bloomberg US Aggregate Bond Index, 5.00% Bloomberg US Treasury Bills: 1-3 Months Index, 21.00% Russell 3000<sup>®</sup> Index, 1.00% FTSE EPRA Nareit Developed Index - Net and 8.00% MSCI ACWI (All Country World Index) ex USA Index - Net.* 

 **Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit *www.GuideStoneFunds.com* for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

#### 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;$414528279 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;15 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid** | &nbsp;&nbsp;&nbsp;&nbsp;$409970 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate for the period** | &nbsp;&nbsp;&nbsp;&nbsp;39% |

---

#### 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 | 32.5% |
| GuideStone Low-Duration Bond Fund | 25.2% |
| GuideStone Growth Equity Fund | 6.6% |
| GuideStone Defensive Market Strategies<sup>®</sup> Fund | 5.7% |
| GuideStone International Equity Fund | 5.3% |
| GuideStone Strategic Alternatives Fund | 5.0% |
| GuideStone Value Equity Fund | 4.7% |
| GuideStone Impact Bond Fund | 3.9% |
| GuideStone Global Bond Fund | 3.0% |
| GuideStone Emerging Markets Equity Fund | 2.0% |

---

PORTFOLIO SUMMARY

![Graphical Representation - Allocation 2 Chart](chartimages_3205488.jpg)

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

#### Material Fund Changes
This is a summary of certain changes to the Fund since January 1, 2025. For more comprehensive information, you may review the Fund's prospectus and any applicable supplements at *GuideStoneFunds.com/Fund-Literature* or by contacting 1-888-GS-FUNDS.

* In connection with the liquidation and termination of the Impact Equity Fund on July 25, 2025, the principal investment strategies for the Conservative Allocation Fund changed to remove impact-related investments as an investment option for the Equities Asset Class. 

Availability of Additional Information

![TSR - QR Code](images_7976.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>

![Logo](images_7977.jpg)

### Balanced Allocation Fund

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

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the Balanced Allocation Fund ("Fund") for the period of January 1, 2025 to December 31, 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.

#### This report describes changes to the Fund that occurred during the reporting period.

#### Fund Expenses for the Last Year
(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) | $14 | 0.13% |

---

#### Management's Discussion of Fund Performance
* As a fund of funds, the Fund's results were driven by the performance of its underlying investments. For the one-year period ended December 31, 2025, the Institutional Class returned 12.80%, net of fees.

* Equities generally outperformed fixed income during the year, and non-U.S. equities outpaced U.S. equities.

* Notable contributors to performance included allocations to intermediate bonds and non-U.S. equities, spanning both developed markets and emerging markets, in a year where major asset classes broadly posted positive returns.

* Exposure to intermediate fixed income through the Medium-Duration Bond Fund also supported results, which outperformed its benchmark by 0.92%.

* The Small Cap Equity position was a relative laggard, which underperformed its benchmark by more than 6% in 2025.

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Institutional Class compared with a broad measure of market performance and an additional index, or indexes, with characteristics relevant to the Fund.

#### GROWTH OF $1,000,000
![Fund Performance - Growth of 10K](chartimages_3205593.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Years** | **10 Years** |
| **Balanced Allocation Fund (Institutional Class/GBAYX)** | 12.80% | 4.57% | 6.50% |
| **MSCI ACWI (All Country World Index) Index - Net** | 22.34% | 11.19% | 11.72% |
| **Russell 3000<sup>®</sup> Index** | 17.15% | 13.15% | 14.29% |
| **MSCI ACWI (All Country World Index) ex USA Index - Net** | 32.39% | 7.91% | 8.41% |
| **Bloomberg US Aggregate Bond Index** | 7.30% | -0.36% | 2.01% |
| **Composite Benchmark\*** | 14.49% | 5.89% | 7.45% |

---

*\*The composite benchmark is 43.50% Bloomberg US Aggregate Bond Index, 4.00% Bloomberg US Treasury Bills: 1-3 Months Index, 34.50% Russell 3000<sup>®</sup> Index, 2.00% FTSE EPRA Nareit Developed Index - Net and 16.00% MSCI ACWI (All Country World Index) ex USA Index - Net.*

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit *www.GuideStoneFunds.com* for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

#### 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;$1348636737 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;15 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid** | &nbsp;&nbsp;&nbsp;&nbsp;$1299330 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate for the period** | &nbsp;&nbsp;&nbsp;&nbsp;21% |

---

#### 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 | 29.7% |
| GuideStone Growth Equity Fund | 10.8% |
| GuideStone International Equity Fund | 10.3% |
| GuideStone Defensive Market Strategies<sup>®</sup> Fund | 8.6% |
| GuideStone Value Equity Fund | 8.4% |
| GuideStone Global Bond Fund | 8.2% |
| GuideStone Emerging Markets Equity Fund | 4.2% |
| GuideStone Low-Duration Bond Fund | 4.1% |
| GuideStone Strategic Alternatives Fund | 3.9% |
| GuideStone Value Equity Index Fund | 2.6% |

---

PORTFOLIO SUMMARY

![Graphical Representation - Allocation 2 Chart](chartimages_3205575.jpg)

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

#### Material Fund Changes
This is a summary of certain changes to the Fund since January 1, 2025. For more comprehensive information, you may review the Fund's prospectus and any applicable supplements at *GuideStoneFunds.com/Fund-Literature* or by contacting 1-888-GS-FUNDS.

* In connection with the liquidation and termination of the Impact Equity Fund on July 25, 2025, the principal investment strategies for the Balanced Allocation Fund changed to remove impact-related investments as an investment option for the Equities Asset Class.

Availability of Additional Information

![TSR - QR Code](images_7976.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>

![Logo](images_7977.jpg)

### Balanced Allocation Fund

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

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the Balanced Allocation Fund ("Fund") for the period of January 1, 2025 to December 31, 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.

#### This report describes changes to the Fund that occurred during the reporting period.

#### Fund Expenses for the Last Year
(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) | $40 | 0.38% |

---

#### Management's Discussion of Fund Performance
* As a fund of funds, the Fund's results were driven by the performance of its underlying investments. For the one-year period ended December 31, 2025, the Investor Class returned 12.48%, net of fees.

* Equities generally outperformed fixed income during the year, and non-U.S. equities outpaced U.S. equities.

* Notable contributors to performance included allocations to intermediate bonds and non-U.S. equities, spanning both developed markets and emerging markets, in a year where major asset classes broadly posted positive returns.

* Exposure to intermediate fixed income through the Medium-Duration Bond Fund also supported results, which outperformed its benchmark by 0.92%.

* The Small Cap Equity position was a relative laggard, which underperformed its benchmark by more than 6% in 2025.

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Investor Class compared with a broad measure of market performance and an additional index, or indexes, with characteristics relevant to the Fund.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_3205544.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Years** | **10 Years** |
| **Balanced Allocation Fund (Investor Class/GGIZX)** | 12.48% | 4.31% | 6.24% |
| **MSCI ACWI (All Country World Index) Index - Net** | 22.34% | 11.19% | 11.72% |
| **Russell 3000<sup>®</sup> Index** | 17.15% | 13.15% | 14.29% |
| **MSCI ACWI (All Country World Index) ex USA Index - Net** | 32.39% | 7.91% | 8.41% |
| **Bloomberg US Aggregate Bond Index** | 7.30% | -0.36% | 2.01% |
| **Composite Benchmark\*** | 14.49% | 5.89% | 7.45% |

---

*\*The composite benchmark is 43.50% Bloomberg US Aggregate Bond Index, 4.00% Bloomberg US Treasury Bills: 1-3 Months Index, 34.50% Russell 3000<sup>®</sup> Index, 2.00% FTSE EPRA Nareit Developed Index - Net and 16.00% MSCI ACWI (All Country World Index) ex USA Index - Net.*

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit *www.GuideStoneFunds.com* for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

#### 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;$1348636737 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;15 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid** | &nbsp;&nbsp;&nbsp;&nbsp;$1299330 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate for the period** | &nbsp;&nbsp;&nbsp;&nbsp;21% |

---

#### 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 | 29.7% |
| GuideStone Growth Equity Fund | 10.8% |
| GuideStone International Equity Fund | 10.3% |
| GuideStone Defensive Market Strategies<sup>®</sup> Fund | 8.6% |
| GuideStone Value Equity Fund | 8.4% |
| GuideStone Global Bond Fund | 8.2% |
| GuideStone Emerging Markets Equity Fund | 4.2% |
| GuideStone Low-Duration Bond Fund | 4.1% |
| GuideStone Strategic Alternatives Fund | 3.9% |
| GuideStone Value Equity Index Fund | 2.6% |

---

PORTFOLIO SUMMARY

![Graphical Representation - Allocation 2 Chart](chartimages_3205562.jpg)

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

#### Material Fund Changes
This is a summary of certain changes to the Fund since January 1, 2025. For more comprehensive information, you may review the Fund's prospectus and any applicable supplements at *GuideStoneFunds.com/Fund-Literature* or by contacting 1-888-GS-FUNDS.

* In connection with the liquidation and termination of the Impact Equity Fund on July 25, 2025, the principal investment strategies for the Balanced Allocation Fund changed to remove impact-related investments as an investment option for the Equities Asset Class.

Availability of Additional Information

![TSR - QR Code](images_7976.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>

![Logo](images_7977.jpg)

### Moderately Aggressive Allocation Fund

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

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the Moderately Aggressive Allocation Fund ("Fund") for the period of January 1, 2025 to December 31, 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.

#### This report describes changes to the Fund that occurred during the reporting period.

#### Fund Expenses for the Last Year
(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) | $15 | 0.14% |

---

#### Management's Discussion of Fund Performance
* As a fund of funds, the Fund's results were driven by the performance of its underlying investments. For the one-year period ended December 31, 2025, the Institutional Class returned 16.49%, net of fees. 

* Equities generally outperformed fixed income during the year, and non-U.S. equities outpaced U.S. equities. 

* Notable contributors to performance included allocations to non-U.S. equities, spanning both developed markets and emerging markets, in a year where major asset classes broadly posted positive returns. 

* Exposure to intermediate fixed income through the Medium-Duration Bond Fund also supported results, which outperformed its benchmark by 0.92%. 

* The Small Cap Equity position was a relative laggard, which underperformed its benchmark by more than 6% in 2025. 

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Institutional Class compared with a broad measure of market performance and an additional index, or indexes, with characteristics relevant to the Fund.

#### GROWTH OF $1,000,000
![Fund Performance - Growth of 10K](chartimages_3205667.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Years** | **10 Years** |
| **Moderately Aggressive Allocation Fund (Institutional Class/GGRYX)** | 16.49% | 7.03% | 8.73% |
| **MSCI ACWI (All Country World Index) Index - Net** | 22.34% | 11.19% | 11.72% |
| **Bloomberg US Aggregate Bond Index** | 7.30% | -0.36% | 2.01% |
| **MSCI ACWI (All Country World Index) ex USA Index - Net** | 32.39% | 7.91% | 8.41% |
| **Russell 3000<sup>®</sup> Index** | 17.15% | 13.15% | 14.29% |
| **Composite Benchmark\*** | 18.78% | 8.57% | 9.70% |

---

 *\*The composite benchmark is 19.50% Bloomberg US Aggregate Bond Index, 2.50% Bloomberg US Treasury Bills: 1-3 Months Index, 47.00% Russell 3000<sup>®</sup> Index, 3.00% FTSE EPRA Nareit Developed Index - Net and 28.00% MSCI ACWI (All Country World Index) ex USA Index - Net.*

 **Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit *www.GuideStoneFunds.com* for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

#### 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;$1186992449 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;15 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid** | &nbsp;&nbsp;&nbsp;&nbsp;$1117180 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate for the period** | &nbsp;&nbsp;&nbsp;&nbsp;25% |

---

#### 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 Growth Equity Fund | 16.9% |
| GuideStone International Equity Fund | 16.8% |
| GuideStone Value Equity Fund | 14.5% |
| GuideStone Medium-Duration Bond Fund | 12.9% |
| GuideStone Emerging Markets Equity Fund | 8.0% |
| GuideStone Value Equity Index Fund | 7.2% |
| GuideStone Growth Equity Index Fund | 7.1% |
| GuideStone Small Cap Equity Fund | 3.5% |
| GuideStone Defensive Market Strategies<sup>®</sup> Fund | 2.7% |
| GuideStone Global Bond Fund | 2.5% |

---

PORTFOLIO SUMMARY

![Graphical Representation - Allocation 2 Chart](chartimages_3205649.jpg)

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

#### Material Fund Changes
This is a summary of certain changes to the Fund since January 1, 2025. For more comprehensive information, you may review the Fund's prospectus and any applicable supplements at *GuideStoneFunds.com/Fund-Literature* or by contacting 1-888-GS-FUNDS.

* On May 1, 2025, the Growth Allocation Fund was renamed the Moderately Aggressive Allocation Fund. 

* In connection with the liquidation and termination of the Impact Equity Fund on July 25, 2025, the principal investment strategies for the Moderately Aggressive Allocation Fund changed to remove impact-related investments as an investment option for the Equities Asset Class. 

Availability of Additional Information

![TSR - QR Code](images_7976.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>

![Logo](images_7977.jpg)

### Moderately Aggressive Allocation Fund

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

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the Moderately Aggressive Allocation Fund ("Fund") for the period of January 1, 2025 to December 31, 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.

#### This report describes changes to the Fund that occurred during the reporting period.

#### Fund Expenses for the Last Year
(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) | $42 | 0.39% |

---

#### Management's Discussion of Fund Performance
* As a fund of funds, the Fund's results were driven by the performance of its underlying investments. For the one-year period ended December 31, 2025, the Investor Class returned 16.11%, net of fees. 

* Equities generally outperformed fixed income during the year, and non-U.S. equities outpaced U.S. equities. 

* Notable contributors to performance included allocations to non-U.S. equities, spanning both developed markets and emerging markets, in a year where major asset classes broadly posted positive returns. 

* Exposure to intermediate fixed income through the Medium-Duration Bond Fund also supported results, which outperformed its benchmark by 0.92%. 

* The Small Cap Equity position was a relative laggard, which underperformed its benchmark by more than 6% in 2025. 

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Investor Class compared with a broad measure of market performance and an additional index, or indexes, with characteristics relevant to the Fund.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_3205618.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Years** | **10 Years** |
| **Moderately Aggressive Allocation Fund (Investor Class/GCOZX)** | 16.11% | 6.76% | 8.45% |
| **MSCI ACWI (All Country World Index) Index - Net** | 22.34% | 11.19% | 11.72% |
| **Bloomberg US Aggregate Bond Index** | 7.30% | -0.36% | 2.01% |
| **MSCI ACWI (All Country World Index) ex USA Index - Net** | 32.39% | 7.91% | 8.41% |
| **Russell 3000<sup>®</sup> Index** | 17.15% | 13.15% | 14.29% |
| **Composite Benchmark\*** | 18.78% | 8.57% | 9.70% |

---

 *\*The composite benchmark is 19.50% Bloomberg US Aggregate Bond Index, 2.50% Bloomberg US Treasury Bills: 1-3 Months Index, 47.00% Russell 3000<sup>®</sup> Index, 3.00% FTSE EPRA Nareit Developed Index - Net and 28.00% MSCI ACWI (All Country World Index) ex USA Index - Net.*

 **Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit *www.GuideStoneFunds.com* for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

#### 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;$1186992449 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;15 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid** | &nbsp;&nbsp;&nbsp;&nbsp;$1117180 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate for the period** | &nbsp;&nbsp;&nbsp;&nbsp;25% |

---

#### 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 Growth Equity Fund | 16.9% |
| GuideStone International Equity Fund | 16.8% |
| GuideStone Value Equity Fund | 14.5% |
| GuideStone Medium-Duration Bond Fund | 12.9% |
| GuideStone Emerging Markets Equity Fund | 8.0% |
| GuideStone Value Equity Index Fund | 7.2% |
| GuideStone Growth Equity Index Fund | 7.1% |
| GuideStone Small Cap Equity Fund | 3.5% |
| GuideStone Defensive Market Strategies<sup>®</sup> Fund | 2.7% |
| GuideStone Global Bond Fund | 2.5% |

---

PORTFOLIO SUMMARY

![Graphical Representation - Allocation 2 Chart](chartimages_3205636.jpg)

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

#### Material Fund Changes
This is a summary of certain changes to the Fund since January 1, 2025. For more comprehensive information, you may review the Fund's prospectus and any applicable supplements at *GuideStoneFunds.com/Fund-Literature* or by contacting 1-888-GS-FUNDS.

* On May 1, 2025, the Growth Allocation Fund was renamed the Moderately Aggressive Allocation Fund. 

* In connection with the liquidation and termination of the Impact Equity Fund on July 25, 2025, the principal investment strategies for the Moderately Aggressive Allocation Fund changed to remove impact-related investments as an investment option for the Equities Asset Class. 

Availability of Additional Information

![TSR - QR Code](images_7976.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>

![Logo](images_7977.jpg)

### Aggressive Allocation Fund

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

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the Aggressive Allocation Fund ("Fund") for the period of January 1, 2025 to December 31, 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.

#### This report describes changes to the Fund that occurred during the reporting period.

#### Fund Expenses for the Last Year
(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) | $14 | 0.13% |

---

#### Management's Discussion of Fund Performance
* As a fund of funds, the Fund's results were driven by the performance of its underlying investments. For the one-year period ended December 31, 2025, the Institutional Class returned 19.92%, net of fees. 

* Equities were broadly up for the year with U.S. large capitalization equities outperforming U.S. small capitalization equities, and non-U.S. equities outpacing U.S. equities. 

* Notable contributors to performance included allocations to U.S. equites and non-U.S. equities, spanning both developed markets and emerging markets. 

* The Small Cap Equity position was a relative laggard, which underperformed its benchmark by more than 6% in 2025. 

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Institutional Class compared with a broad measure of market performance and an additional index, or indexes, with characteristics relevant to the Fund.

#### GROWTH OF $1,000,000
![Fund Performance - Growth of 10K](chartimages_3205741.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Years** | **10 Years** |
| **Aggressive Allocation Fund (Institutional Class/GAGYX)** | 19.92% | 9.28% | 10.74% |
| **MSCI ACWI (All Country World Index) Index - Net** | 22.34% | 11.19% | 11.72% |
| **MSCI ACWI (All Country World Index) ex USA Index - Net** | 32.39% | 7.91% | 8.41% |
| **Russell 3000<sup>®</sup> Index** | 17.15% | 13.15% | 14.29% |
| **Composite Benchmark\*** | 23.14% | 11.14% | 12.00% |

---

 *\*The composite benchmark is 60.00% Russell 3000<sup>®</sup> Index and 40.00% MSCI ACWI (All World Country Index) ex USA Index - Net.*

 **Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit *www.GuideStoneFunds.com* for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

#### 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;$1222930071 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;8 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid** | &nbsp;&nbsp;&nbsp;&nbsp;$1138879 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate for the period** | &nbsp;&nbsp;&nbsp;&nbsp;18% |

---

#### 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 | 26.4% |
| GuideStone Growth Equity Fund | 23.7% |
| GuideStone Value Equity Fund | 19.6% |
| GuideStone Emerging Markets Equity Fund | 11.3% |
| GuideStone Value Equity Index Fund | 6.5% |
| GuideStone Growth Equity Index Fund | 6.5% |
| GuideStone Small Cap Equity Fund | 5.0% |
| GuideStone Money Market Fund, 3.69% | 1.0% |

---

PORTFOLIO SUMMARY

![Graphical Representation - Allocation 2 Chart](chartimages_3205723.jpg)

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

#### Material Fund Changes
This is a summary of certain changes to the Fund since January 1, 2025. For more comprehensive information, you may review the Fund's prospectus and any applicable supplements at *GuideStoneFunds.com/Fund-Literature* or by contacting 1-888-GS-FUNDS.

* In connection with the liquidation and termination of the Impact Equity Fund on July 25, 2025, the principal investment strategies for the Aggressive Allocation Fund changed to remove impact-related investments as an investment option for the Equities Asset Class. 

Availability of Additional Information

![TSR - QR Code](images_7976.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>

![Logo](images_7977.jpg)

### Aggressive Allocation Fund

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

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the Aggressive Allocation Fund ("Fund") for the period of January 1, 2025 to December 31, 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.

#### This report describes changes to the Fund that occurred during the reporting period.

#### Fund Expenses for the Last Year
(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) | $43 | 0.39% |

---

#### Management's Discussion of Fund Performance
* As a fund of funds, the Fund's results were driven by the performance of its underlying investments. For the one-year period ended December 31, 2025, the Investor Class returned 19.59%, net of fees. 

* Equities were broadly up for the year with U.S. large capitalization equities outperforming U.S. small capitalization equities, and non-U.S. equities outpacing U.S. equities. 

* Notable contributors to performance included allocations to U.S. equites and non-U.S. equities, spanning both developed markets and emerging markets. 

* The Small Cap Equity position was a relative laggard, which underperformed its benchmark by more than 6% in 2025. 

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Investor Class compared with a broad measure of market performance and an additional index, or indexes, with characteristics relevant to the Fund.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_3205692.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Years** | **10 Years** |
| **Aggressive Allocation Fund (Investor Class/GGBZX)** | 19.59% | 9.01% | 10.46% |
| **MSCI ACWI (All Country World Index) Index - Net** | 22.34% | 11.19% | 11.72% |
| **MSCI ACWI (All Country World Index) ex USA Index - Net** | 32.39% | 7.91% | 8.41% |
| **Russell 3000<sup>®</sup> Index** | 17.15% | 13.15% | 14.29% |
| **Composite Benchmark\*** | 23.14% | 11.14% | 12.00% |

---

 *\*The composite benchmark is 60.00% Russell 3000<sup>®</sup> Index and 40.00% MSCI ACWI (All World Country Index) ex USA Index - Net.*

 **Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit *www.GuideStoneFunds.com* for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

#### 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;$1222930071 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;8 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid** | &nbsp;&nbsp;&nbsp;&nbsp;$1138879 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate for the period** | &nbsp;&nbsp;&nbsp;&nbsp;18% |

---

#### 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 | 26.4% |
| GuideStone Growth Equity Fund | 23.7% |
| GuideStone Value Equity Fund | 19.6% |
| GuideStone Emerging Markets Equity Fund | 11.3% |
| GuideStone Value Equity Index Fund | 6.5% |
| GuideStone Growth Equity Index Fund | 6.5% |
| GuideStone Small Cap Equity Fund | 5.0% |
| GuideStone Money Market Fund, 3.69% | 1.0% |

---

PORTFOLIO SUMMARY

![Graphical Representation - Allocation 2 Chart](chartimages_3205710.jpg)

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

#### Material Fund Changes
This is a summary of certain changes to the Fund since January 1, 2025. For more comprehensive information, you may review the Fund's prospectus and any applicable supplements at *GuideStoneFunds.com/Fund-Literature* or by contacting 1-888-GS-FUNDS.

* In connection with the liquidation and termination of the Impact Equity Fund on July 25, 2025, the principal investment strategies for the Aggressive Allocation Fund changed to remove impact-related investments as an investment option for the Equities Asset Class. 

Availability of Additional Information

![TSR - QR Code](images_7976.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>

![Logo](images_7977.jpg)

### Money Market Fund

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

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the Money Market Fund ("Fund") for the period of January 1, 2025 to December 31, 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 Year
(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) | $14 | 0.14% |

---

#### Management's Discussion of Fund Performance
* The Institutional Class of the Fund underperformed its benchmark, the Bloomberg US Treasury Bills: 1-3 Months Index, for the one-year period ended December 31, 2025 (4.22% (net of fees) versus 4.29%). 

* The Fund is a government money market fund and invested no less than 99.5% of its total assets in eligible government money market fund securities. The Fund maintained a stable per share price of $1.00, while declaring dividends daily and paying them monthly based on its daily value. Underperformance relative to the benchmark index was primarily a function of the expenses of the Fund. 

* The Federal Reserve ("Fed") once again cut rates in 2025 and decreased the target range of the federal funds rate to 3.50% from 3.75% as of the end of the year. The Fed's target range started the year at 4.25% to 4.50%. 

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Institutional Class compared with a broad measure of market performance and an additional index, or indexes, with characteristics relevant to the Fund.

#### GROWTH OF $1,000,000
![Fund Performance - Growth of 10K](chartimages_3205815.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Years** | **10 Years** |
| **Money Market Fund (Institutional Class/GMYXX)** | 4.22% | 3.16% | 2.11% |
| **Bloomberg US Treasury Bills: 1-3 Months Index** | 4.29% | 3.24% | 2.18% |

---

 **Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit *www.GuideStoneFunds.com* for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

#### 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;$2023451789 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;129 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid** | &nbsp;&nbsp;&nbsp;&nbsp;$2286796 |

---

#### 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_3205797.jpg)

Availability of Additional Information

![TSR - QR Code](images_7976.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>

![Logo](images_7977.jpg)

### Money Market Fund

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

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the Money Market Fund ("Fund") for the period of January 1, 2025 to December 31, 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 Year
(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) | $42 | 0.41% |

---

#### Management's Discussion of Fund Performance
* The Investor Class of the Fund underperformed its benchmark, the Bloomberg US Treasury Bills: 1-3 Months Index, for the one-year period ended December 31, 2025 (3.94% (net of fees) versus 4.29%).

* The Fund is a government money market fund and invested no less than 99.5% of its total assets in eligible government money market fund securities. The Fund maintained a stable per share price of $1.00, while declaring dividends daily and paying them monthly based on its daily value. Underperformance relative to the benchmark index was primarily a function of the expenses of the Fund.

* The Federal Reserve ("Fed") once again cut rates in 2025 and decreased the target range of the federal funds rate to 3.50% from 3.75% as of the end of the year. The Fed's target range started the year at 4.25% to 4.50%.

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Investor Class compared with a broad measure of market performance and an additional index, or indexes, with characteristics relevant to the Fund.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_3205766.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Years** | **10 Years** |
| **Money Market Fund (Investor Class/GMZXX)** | 3.94% | 2.95% | 1.89% |
| **Bloomberg US Treasury Bills: 1-3 Months Index** | 4.29% | 3.24% | 2.18% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit *www.GuideStoneFunds.com* for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

#### 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;$2023451789 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;129 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid** | &nbsp;&nbsp;&nbsp;&nbsp;$2286796 |

---

#### 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_3205784.jpg)

Availability of Additional Information

![TSR - QR Code](images_7976.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>

![Logo](images_7977.jpg)

### Low-Duration Bond Fund

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

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the Low-Duration Bond Fund ("Fund") for the period of January 1, 2025 to December 31, 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.

#### This report describes changes to the Fund that occurred during the reporting period.

#### Fund Expenses for the Last Year
(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) | $38 | 0.37% |

---

#### Management's Discussion of Fund Performance
* The Institutional Class of the Fund outperformed its benchmark, the Bloomberg US Treasury: 1-3 Year Index, for the one-year period ended December 31, 2025 (5.66% (net of fees) versus 5.17%).

* The U.S. economy remained strong in 2025, with risk assets outperforming once again. Despite this strength, the Federal Reserve followed through with multiple rate cuts in the second half of 2025, a sign that members felt comfortable with the current trajectory of employment and, most importantly, inflation trends. Short-term market rates ended the year over 0.75% lower with optimism for further cuts in 2026, as inflation remains within expectations.

* Compared with its benchmark index, the Fund's overweight allocation to investment grade corporate bonds and asset-backed securities were the biggest positive contributors to performance. Curve positioning was also additive with the curve steepening in the second half of the year.

* In 2025, the Fund used derivatives to manage interest rate, credit and yield curve positioning. Overall, derivatives detracted from performance, primarily because derivatives were used to hedge interest rate positioning during volatile periods like April 2025. Despite the hedging with derivatives, overall rates positioning was additive to Fund performance.

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Institutional Class compared with a broad measure of market performance and an additional index, or indexes, with characteristics relevant to the Fund.

#### GROWTH OF $1,000,000
![Fund Performance - Growth of 10K](chartimages_3205889.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Years** | **10 Years** |
| **Low-Duration Bond Fund (Institutional Class/GLDYX)** | 5.66% | 2.13% | 2.28% |
| **Bloomberg US Aggregate Bond Index** | 7.30% | -0.36% | 2.01% |
| **Bloomberg US Treasury: 1-3 Year Index** | 5.17% | 1.76% | 1.83% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit *www.GuideStoneFunds.com* for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

#### 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;$902795693 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;1359 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid** | &nbsp;&nbsp;&nbsp;&nbsp;$2591301 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate for the period** | &nbsp;&nbsp;&nbsp;&nbsp;161% |

---

#### 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_3205871.jpg)

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

#### Material Fund Changes
This is a summary of certain changes to the Fund since January 1, 2025. For more comprehensive information, you may review the Fund's prospectus and any applicable supplements at *GuideStoneFunds.com/Fund-Literature* or by contacting 1-888-GS-FUNDS.

* In 2025, the Fund's management fee increased by 0.01% to 0.30%.

* During the year, there was a change to the Fund's sub-advisers. In March 2025, Brown Brothers Harriman & Co. ("BBH") began serving as a sub-adviser to the Fund. BBH recently created a new SEC-registered investment adviser U.S. subsidiary that houses the fixed income team and strategies of BBH, which is known as Brown Brothers Harriman Credit Partners, LLC (BBHCP). Effective January 1, 2026, BBHCP will become a sub-adviser to the assigned portion of the Fund that was previously allocated to BBH.

Availability of Additional Information

![TSR - QR Code](images_7976.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>

![Logo](images_7977.jpg)

### Low-Duration Bond Fund

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

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the Low-Duration Bond Fund ("Fund") for the period of January 1, 2025 to December 31, 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.

#### This report describes changes to the Fund that occurred during the reporting period.

#### Fund Expenses for the Last Year
(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) | $68 | 0.66% |

---

#### Management's Discussion of Fund Performance
* The Investor Class of the Fund outperformed its benchmark, the Bloomberg US Treasury: 1-3 Year Index, for the one-year period ended December 31, 2025 (5.29% (net of fees) versus 5.17%).

* The U.S. economy remained strong in 2025, with risk assets outperforming once again. Despite this strength, the Federal Reserve followed through with multiple rate cuts in the second half of 2025, a sign that members felt comfortable with the current trajectory of employment and, most importantly, inflation trends. Short-term market rates ended the year over 0.75% lower with optimism for further cuts in 2026, as inflation remains within expectations.

* Compared with its benchmark index, the Fund's overweight allocation to investment grade corporate bonds and asset-backed securities were the biggest positive contributors to performance. Curve positioning was also additive with the curve steepening in the second half of the year.

* In 2025, the Fund used derivatives to manage interest rate, credit and yield curve positioning. Overall, derivatives detracted from performance, primarily because derivatives were used to hedge interest rate positioning during volatile periods like April 2025. Despite the hedging with derivatives, overall rates positioning was additive to Fund performance.

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Investor Class compared with a broad measure of market performance and an additional index, or indexes, with characteristics relevant to the Fund.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_3205840.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Years** | **10 Years** |
| **Low-Duration Bond Fund (Investor Class/GLDZX)** | 5.29% | 1.84% | 2.00% |
| **Bloomberg US Aggregate Bond Index** | 7.30% | -0.36% | 2.01% |
| **Bloomberg US Treasury: 1-3 Year Index** | 5.17% | 1.76% | 1.83% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit *www.GuideStoneFunds.com* for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

#### 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;$902795693 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;1359 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid** | &nbsp;&nbsp;&nbsp;&nbsp;$2591301 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate for the period** | &nbsp;&nbsp;&nbsp;&nbsp;161% |

---

#### 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_3205858.jpg)

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

#### Material Fund Changes
This is a summary of certain changes to the Fund since January 1, 2025. For more comprehensive information, you may review the Fund's prospectus and any applicable supplements at *GuideStoneFunds.com/Fund-Literature* or by contacting 1-888-GS-FUNDS.

* In 2025, the Fund's management fee increased by 0.01% to 0.30%.

* During the year, there was a change to the Fund's sub-advisers. In March 2025, Brown Brothers Harriman & Co. ("BBH") began serving as a sub-adviser to the Fund. BBH recently created a new SEC-registered investment adviser U.S. subsidiary that houses the fixed income team and strategies of BBH, which is known as Brown Brothers Harriman Credit Partners, LLC (BBHCP). Effective January 1, 2026, BBHCP will become a sub-adviser to the assigned portion of the Fund that was previously allocated to BBH.

Availability of Additional Information

![TSR - QR Code](images_7976.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>

![Logo](images_7977.jpg)

### Medium-Duration Bond Fund

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

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the Medium-Duration Bond Fund ("Fund") for the period of January 1, 2025 to December 31, 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 Year
(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) | $41 | 0.39% |

---

#### Management's Discussion of Fund Performance
* The Institutional Class of the Fund outperformed its benchmark, the Bloomberg US Aggregate Bond Index, for the one-year period ended December 31, 2025 (8.22% (net of fees) versus 7.30%). 

* The U.S. economy remained strong in 2025, with risk assets outperforming once again. Despite this strength, the Federal Reserve followed through with multiple rate cuts in the second half of 2025, a sign that members felt comfortable with the current trajectory of employment and, most importantly, inflation trends. Intermediate-term market rates ended the year over 0.30% lower with optimism for further cuts in 2026, as inflation remains within expectations. The yield curve also steepened as short rates rallied more than long rates. 

* Compared with its benchmark index, the Fund's overweight allocation to investment grade corporate bonds (earlier in the year) and asset-backed securities were the biggest positive contributors to performance. Curve positioning was also additive with the curve steepening in the second half of the year. 

* In 2025, the Fund used derivatives to manage interest rate, credit, currency and yield curve positioning. Overall, derivative exposure added to performance on an absolute basis, primarily because the Fund used interest rate futures to add duration and an overweight to duration was positive with rates ending the year lower than they started the year. 

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Institutional Class compared with a broad measure of market performance with characteristics relevant to the Fund.

#### GROWTH OF $1,000,000
![Fund Performance - Growth of 10K](chartimages_3205963.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Years** | **10 Years** |
| **Medium-Duration Bond Fund (Institutional Class/GMDYX)** | 8.22% | -0.41% | 2.30% |
| **Bloomberg US Aggregate Bond Index** | 7.30% | -0.36% | 2.01% |

---

 **Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit *www.GuideStoneFunds.com* for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

#### 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;$3589901069 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;2743 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid** | &nbsp;&nbsp;&nbsp;&nbsp;$11098232 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate for the period** | &nbsp;&nbsp;&nbsp;&nbsp;409% |

---

#### 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_3205945.jpg)

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

Availability of Additional Information

![TSR - QR Code](images_7976.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>

![Logo](images_7977.jpg)

### Medium-Duration Bond Fund

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

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the Medium-Duration Bond Fund ("Fund") for the period of January 1, 2025 to December 31, 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 Year
(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) | $69 | 0.66% |

---

#### Management's Discussion of Fund Performance
* The Investor Class of the Fund outperformed its benchmark, the Bloomberg US Aggregate Bond Index, for the one-year period ended December 31, 2025 (7.88% (net of fees) versus 7.30%). 

* The U.S. economy remained strong in 2025, with risk assets outperforming once again. Despite this strength, the Federal Reserve followed through with multiple rate cuts in the second half of 2025, a sign that members felt comfortable with the current trajectory of employment and, most importantly, inflation trends. Intermediate-term market rates ended the year over 0.30% lower with optimism for further cuts in 2026, as inflation remains within expectations. The yield curve also steepened as short rates rallied more than long rates. 

* Compared with its benchmark index, the Fund's overweight allocation to investment grade corporate bonds (earlier in the year) and asset-backed securities were the biggest positive contributors to performance. Curve positioning was also additive with the curve steepening in the second half of the year. 

* In 2025, the Fund used derivatives to manage interest rate, credit, currency and yield curve positioning. Overall, derivative exposure added to performance on an absolute basis, primarily because the Fund used interest rate futures to add duration and an overweight to duration was positive, with rates ending the year lower than they started the year. 

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Investor Class compared with a broad measure of market performance with characteristics relevant to the Fund.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_3205914.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Years** | **10 Years** |
| **Medium-Duration Bond Fund (Investor Class/GMDZX)** | 7.88% | -0.68% | 2.03% |
| **Bloomberg US Aggregate Bond Index** | 7.30% | -0.36% | 2.01% |

---

 **Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit *www.GuideStoneFunds.com* for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

#### 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;$3589901069 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;2743 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid** | &nbsp;&nbsp;&nbsp;&nbsp;$11098232 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate for the period** | &nbsp;&nbsp;&nbsp;&nbsp;409% |

---

#### 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_3205932.jpg)

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

Availability of Additional Information

![TSR - QR Code](images_7976.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>

![Logo](images_7977.jpg)

### Global Bond Fund

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

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the Global Bond Fund ("Fund") for the period of January 1, 2025 to December 31, 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.

#### This report describes changes to the Fund that occurred during the reporting period.

#### Fund Expenses for the Last Year
(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) | $63 | 0.61% |

---

#### Management's Discussion of Fund Performance
* The Institutional Class of the Fund underperformed its composite benchmark index of 70% Bloomberg Global Aggregate Bond Index-Unhedged, 15% J.P. Morgan Emerging Markets Bond Index (EMBI) Plus and 15% Bloomberg US Corporate High Yield 2% Issuer Capped Bond Index, for the one-year period ended December 31, 2025 (7.93% (net of fees) versus 8.88%). 

* Generally, global economic growth remained strong in 2025. Rate volatility also remained elevated as central banks across both developed markets and emerging markets economies continued rate cuts with inflation generally cooling across the globe. Risk assets in global fixed income outperformed once again in 2025, with higher yielding sectors, emerging markets debt and high yield bonds, leading the way. 

* Compared with its benchmark index, the Fund's underweight to emerging markets debt was the biggest detractor. Emerging markets debt was the best performing fixed income sector in 2025. Additionally, U.S. dollar weakness in 2025 hurt the Fund, as the Fund was overweight the U.S. dollar in the first half of 2025. 

* In 2025, the Fund used derivates to manage interest rate, credit, currency and yield curve positioning. Overall, derivatives detracted from performance, primarily because the Fund used currency derivatives to overweight the U.S. dollar in the first half of 2025, and the U.S. dollar underperformed other major currencies. 

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Institutional Class compared with a broad measure of market performance and an additional index, or indexes, with characteristics relevant to the Fund.

#### GROWTH OF $1,000,000
![Fund Performance - Growth of 10K](chartimages_3206037.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Years** | **10 Years** |
| **Global Bond Fund (Institutional Class/GGBEX)** | 7.93% | -0.51% | 2.74% |
| **Bloomberg Global Aggregate Bond Index** | 7.77% | -2.90% | 3.36% |
| **J.P. Morgan Emerging Markets Bond Index (EMBI) Plus** | 12.38% | -0.82% | 2.66% |
| **Bloomberg US Corporate High Yield 2% Issuer Capped Bond Index** | 8.62% | 4.50% | 6.52% |
| **Composite Benchmark\*** | 8.88% | -0.90% | 2.40% |

---

 *\*Composite benchmark is 70% Bloomberg Global Aggregate Index, 15% J.P. Morgan Emerging Markets Bond Index (EMBI) Plus and 15% Bloomberg US Corporate High Yield 2% Issuer Capped Bond Index.*

 **Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit *www.GuideStoneFunds.com* for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

#### 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;$704970359 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;2144 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid** | &nbsp;&nbsp;&nbsp;&nbsp;$3140335 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate for the period** | &nbsp;&nbsp;&nbsp;&nbsp;144% |

---

#### 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_3206019.jpg)

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

#### Material Fund Changes
This is a summary of certain changes to the Fund since January 1, 2025. For more comprehensive information, you may review the Fund's prospectus and any applicable supplements at *GuideStoneFunds.com/Fund-Literature* or by contacting 1-888-GS-FUNDS.

* In May 2025, the Fund's management fee decreased by 0.02% to 0.45%. 

* During the year, there were changes to the Fund's sub-advisers. In June 2025, Western Asset Management Company, LLC was terminated, and in July 2025, MFS Institutional Advisors, Inc. began serving as a sub-adviser to the Fund. 

Availability of Additional Information

![TSR - QR Code](images_7976.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>

![Logo](images_7977.jpg)

### Global Bond Fund

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

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the Global Bond Fund ("Fund") for the period of January 1, 2025 to December 31, 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.

#### This report describes changes to the Fund that occurred during the reporting period.

#### Fund Expenses for the Last Year
(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) | $98 | 0.94% |

---

#### Management's Discussion of Fund Performance
* The Investor Class of the Fund underperformed its composite benchmark index of 70% Bloomberg Global Aggregate Bond Index-Unhedged, 15% J.P. Morgan Emerging Markets Bond Index (EMBI) Plus and 15% Bloomberg US Corporate High Yield 2% Issuer Capped Bond Index, for the one-year period ended December 31, 2025 (7.55% (net of fees) versus 8.88%). 

* Generally, global economic growth remained strong in 2025. Rate volatility also remained elevated as central banks across both developed markets and emerging markets economies continued rate cuts with inflation generally cooling across the globe. Risk assets in global fixed income outperformed once again in 2025, with higher yielding sectors, emerging markets debt and high yield bonds, leading the way. 

* Compared with its benchmark index, the Fund's underweight to emerging markets debt was the biggest detractor. Emerging markets debt was the best performing fixed income sector in 2025. Additionally, U.S. dollar weakness in 2025 hurt the Fund, as the Fund was overweight the U.S. dollar in the first half of 2025. 

* In 2025, the Fund used derivates to manage interest rate, credit, currency and yield curve positioning. Overall, derivatives detracted from performance, primarily because the Fund used currency derivatives to overweight the U.S. dollar in the first half of 2025, and the U.S. dollar underperformed other major currencies. 

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Investor Class compared with a broad measure of market performance and an additional index, or indexes, with characteristics relevant to the Fund.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_3205988.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Years** | **10 Years** |
| **Global Bond Fund (Investor Class/GGBFX)** | 7.55% | -0.81% | 2.44% |
| **Bloomberg Global Aggregate Bond Index** | 7.77% | -2.90% | 3.36% |
| **J.P. Morgan Emerging Markets Bond Index (EMBI) Plus** | 12.38% | -0.82% | 2.66% |
| **Bloomberg US Corporate High Yield 2% Issuer Capped Bond Index** | 8.62% | 4.50% | 6.52% |
| **Composite Benchmark\*** | 8.88% | -0.90% | 2.40% |

---

 *\*Composite benchmark is 70% Bloomberg Global Aggregate Index, 15% J.P. Morgan Emerging Markets Bond Index (EMBI) Plus and 15% Bloomberg US Corporate High Yield 2% Issuer Capped Bond Index.*

 **Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit *www.GuideStoneFunds.com* for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

#### 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;$704970359 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;2144 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid** | &nbsp;&nbsp;&nbsp;&nbsp;$3140335 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate for the period** | &nbsp;&nbsp;&nbsp;&nbsp;144% |

---

#### 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_3206006.jpg)

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

#### Material Fund Changes
This is a summary of certain changes to the Fund since January 1, 2025. For more comprehensive information, you may review the Fund's prospectus and any applicable supplements at *GuideStoneFunds.com/Fund-Literature* or by contacting 1-888-GS-FUNDS.

* In May 2025, the Fund's management fee decreased by 0.02% to 0.45%. 

* During the year, there were changes to the Fund's sub-advisers. In June 2025, Western Asset Management Company, LLC was terminated, and in July 2025, MFS Institutional Advisors, Inc. began serving as a sub-adviser to the Fund. 

Availability of Additional Information

![TSR - QR Code](images_7976.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>

![Logo](images_7977.jpg)

### Impact Bond Fund

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

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the Impact Bond Fund ("Fund") for the period of January 1, 2025 to December 31, 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.

#### This report describes changes to the Fund that occurred during the reporting period.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of $10,000 Investment<sup>\*</sup>** | **Cost of $10,000 investment<br> as a percentage<sup>\*</sup>** |
| Impact Bond Fund<br> (Institutional Class/GMBYX) | $50 | 0.49% |

---

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

#### Management's Discussion of Fund Performance
* The Institutional Class of the Fund underperformed its benchmark, the Bloomberg US Aggregate Bond Index, for the one-year period ended December 31, 2025 (5.46% (net of fees) versus 7.30%). 

* The U.S. economy remained strong in 2025, with risk assets outperforming once again. Despite this strength, the Federal Reserve followed through with multiple rate cuts in the second half of 2025, a sign that members felt comfortable with the current trajectory of employment and, most importantly, inflation trends. Intermediate-term market rates ended the year over 0.30% lower with optimism for further cuts in 2026, as inflation remains within expectations. The yield curve also steepened as short rates rallied more than long rates. 

* Compared with its benchmark index, the Fund's security selection across sectors, particularly in asset-backed securities and corporate bonds, was negative. The Fund was also underweight corporate bonds for the majority of the year, which detracted from performance. 

* In 2025, the Fund used derivatives to manage benchmark relative interest rate and credit positioning. Overall, derivatives detracted from Fund performance for the year. 

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the completed fiscal years of the Institutional Class since its inception on January 27, 2023, compared with a broad measure of market performance with characteristics relevant to the Fund.

#### GROWTH OF $1,000,000
![Fund Performance - Growth of 10K](chartimages_3206950.jpg)

---

| | | |
|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **Since Inception** |
| **Impact Bond Fund (Institutional Class/GMBYX)** | 5.46% | 3.21% |
| **Bloomberg US Aggregate Bond Index** | 7.30% | 3.74% |

---

 **Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit *www.GuideStoneFunds.com* for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

#### 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;$93848807 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;176 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid** | &nbsp;&nbsp;&nbsp;&nbsp;$101173 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate for the period** | &nbsp;&nbsp;&nbsp;&nbsp;114% |

---

#### 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_3206968.jpg)

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

#### Material Fund Changes
This is a summary of certain changes to the Fund since January 1, 2025. For more comprehensive information, you may review the Fund's prospectus and any applicable supplements at *GuideStoneFunds.com/Fund-Literature* or by contacting 1-888-GS-FUNDS.

* On May 1, 2025, the Fund's expense cap decreased from 0.50% to 0.48%. 

Availability of Additional Information

![TSR - QR Code](images_7976.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>

![Logo](images_7977.jpg)

### Impact Bond Fund

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

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the Impact Bond Fund ("Fund") for the period of January 1, 2025 to December 31, 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.

#### This report describes changes to the Fund that occurred during the reporting period.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of $10,000 Investment<sup>\*</sup>** | **Cost of $10,000 investment<br> as a percentage<sup>\*</sup>** |
| Impact Bond Fund<br> (Investor Class/GMBZX) | $79 | 0.77% |

---

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

#### Management's Discussion of Fund Performance
* The Investor Class of the Fund underperformed its benchmark, the Bloomberg US Aggregate Bond Index, for the one-year period ended December 31, 2025 (5.19% (net of fees) versus 7.30%). 

* The U.S. economy remained strong in 2025, with risk assets outperforming once again. Despite this strength, the Federal Reserve followed through with multiple rate cuts in the second half of 2025, a sign that members felt comfortable with the current trajectory of employment and most importantly, inflation trends. Intermediate-term market rates ended the year over 0.30% lower with optimism for further cuts in 2026, as inflation remains within expectations. The yield curve also steepened as short rates rallied more than long rates. 

* Compared with its benchmark index, the Fund's security selection across sectors, particularly in asset-backed securities and corporate bonds, was negative. The Fund was also underweight corporate bonds for the majority of the year, which detracted from performance. 

* In 2025, the Fund used derivatives to manage benchmark relative interest rate and credit positioning. Overall, derivatives detracted from Fund performance for the year. 

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the completed fiscal years of the Investor Class since its inception on January 27, 2023, compared with a broad measure of market performance with characteristics relevant to the Fund.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_3206999.jpg)

---

| | | |
|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **Since Inception** |
| **Impact Bond Fund (Investor Class/GMBZX)** | 5.19% | 2.91% |
| **Bloomberg US Aggregate Bond Index** | 7.30% | 3.74% |

---

 **Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit *www.GuideStoneFunds.com* for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

#### 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;$93848807 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;176 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid** | &nbsp;&nbsp;&nbsp;&nbsp;$101173 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate for the period** | &nbsp;&nbsp;&nbsp;&nbsp;114% |

---

#### 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_3206981.jpg)

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

#### Material Fund Changes
This is a summary of certain changes to the Fund since January 1, 2025. For more comprehensive information, you may review the Fund's prospectus and any applicable supplements at *GuideStoneFunds.com/Fund-Literature* or by contacting 1-888-GS-FUNDS.

* On May 1, 2025, the Fund's expense cap decreased from 0.79% to 0.76%. 

Availability of Additional Information

![TSR - QR Code](images_7976.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>

![Logo](images_7977.jpg)

### &nbsp;&nbsp;&nbsp;&nbsp; Defensive Market Strategies <sup>®</sup> Fund

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

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the Defensive Market Strategies Fund ("Fund") for the period of January 1, 2025 to December 31, 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 Year
(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) | $68 | 0.65% |

---

#### Management's Discussion of Fund Performance
* The Institutional Class of the Fund underperformed its composite benchmark of 50% S&P 500<sup>®</sup> Index and 50% Bloomberg US Treasury Bills: 1-3 Months Index, for the one-year period ended December 31, 2025 (10.46% (net of fees) versus 11.05%). 

* After early bouts of volatility, U.S. equities rallied as fear related to tariffs and trade shifted toward growth related to technology and accommodative policy. 

* The Fund's relative underperformance was due to quality factor exposure, which remained out of favor during the year. The Fund allocated its assets among three principal investment strategies – long-only equity, options equity and convertible bond. These investment strategies contributed positively to the Fund's absolute returns in 2025. Convertible bonds provided the strongest relative performance for the year, with favorable results from equity market participation as stocks rallied. 

* In 2025, the Fund's derivative exposures contributed positively to Fund performance for the year on an absolute basis. The Fund uses exchange-traded equity index futures contracts, U.S. Treasury futures contracts and S&P 500<sup>®</sup> Index call and put options. The largest source of the contribution was from put option premiums collected. 

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Institutional Class compared with a broad measure of market performance and an additional index, or indexes, with characteristics relevant to the Fund.

#### GROWTH OF $1,000,000
![Fund Performance - Growth of 10K](chartimages_3206062.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Years** | **10 Years** |
| **Defensive Market Strategies Fund (Institutional Class/GDMYX)** | 10.46% | 6.49% | 8.41% |
| **S&P 500<sup>®</sup> Index** | 17.88% | 14.43% | 14.82% |
| **Bloomberg US Treasury Bills: 1-3 Months Index** | 4.29% | 3.24% | 2.18% |
| **Composite Benchmark\*** | 11.05% | 9.00% | 8.64% |

---

 *\*Composite benchmark is 50% S&P 500<sup>®</sup> Index and 50% Bloomberg US Treasury Bills: 1-3 Months Index.*

 **Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit *www.GuideStoneFunds.com* for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

#### 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;$1214988607 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;213 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid** | &nbsp;&nbsp;&nbsp;&nbsp;$7761474 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate for the period** | &nbsp;&nbsp;&nbsp;&nbsp;68% |

---

#### 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_3206080.jpg)

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

Availability of Additional Information

![TSR - QR Code](images_7976.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>

![Logo](images_7977.jpg)

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

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

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the Defensive Market Strategies Fund ("Fund") for the period of January 1, 2025 to December 31, 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 Year
(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) | $98 | 0.93% |

---

#### Management's Discussion of Fund Performance
* The Investor Class of the Fund underperformed its composite benchmark of 50% S&P 500<sup>®</sup> Index and 50% Bloomberg US Treasury Bills: 1-3 Months Index, for the one-year period ended December 31, 2025 (10.12% (net of fees) versus 11.05%).

* After early bouts of volatility, U.S. equities rallied as fear related to tariffs and trade shifted toward growth related to technology and accommodative policy.

* The Fund's relative underperformance was due to quality factor exposure which remained out of favor during the year. The Fund allocated its assets among three principal investment strategies– long-only equity, options equity and convertible bond. These investment strategies contributed positively to the Fund's absolute returns in 2025. Convertible bonds provided the strongest relative performance for the year, with favorable results from equity market participation as stocks rallied.

* In 2025, the Fund's derivative exposures contributed positively to Fund performance for the year on an absolute basis. The Fund uses exchange-traded equity index futures contracts, U.S. Treasury futures contracts and S&P 500<sup>®</sup> Index call and put options. The largest source of the contribution was from put option premiums collected.

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Investor Class compared with a broad measure of market performance and an additional index, or indexes, with characteristics relevant to the Fund.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_3206111.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Years** | **10 Years** |
| **Defensive Market Strategies Fund (Investor Class/GDMZX)** | 10.12% | 6.18% | 8.11% |
| **S&P 500<sup>®</sup> Index** | 17.88% | 14.43% | 14.82% |
| **Bloomberg US Treasury Bills: 1-3 Months Index** | 4.29% | 3.24% | 2.18% |
| **Composite Benchmark\*** | 11.05% | 9.00% | 8.64% |

---

*\*Composite benchmark is 50% S&P 500<sup>®</sup> Index and 50% Bloomberg US Treasury Bills: 1-3 Months Index.*

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit *www.GuideStoneFunds.com* for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

#### 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;$1214988607 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;213 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid** | &nbsp;&nbsp;&nbsp;&nbsp;$7761474 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate for the period** | &nbsp;&nbsp;&nbsp;&nbsp;68% |

---

#### 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_3206093.jpg)

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

Availability of Additional Information

![TSR - QR Code](images_7976.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>

![Logo](images_7977.jpg)

### Equity Index Fund

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

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the Equity Index Fund ("Fund") for the period of January 1, 2025 to December 31, 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 Year
(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) | $13 | 0.12% |

---

#### Management's Discussion of Fund Performance
* The Fund was passively managed and attempted to replicate the performance of its benchmark, the S&P 500<sup>®</sup> Index.

* The Institutional Class of the Fund underperformed its benchmark for the one-year period ended December 31, 2025 (17.06% (net of fees) versus 17.88%). The return differential was primarily a result of the faith-based investment restrictions and expenses of the Fund.

* The benchmark logged its third consecutive year of double-digit positive performance. Returns were driven by large capitalization names, fueled by strong earnings, optimism around artificial intelligence and potential deregulation under the current administration.

* In 2025, the Fund utilized exchange-listed equity index futures contracts to provide market exposure to the cash positions held in the Fund. Overall, derivative exposure had a positive impact on Fund performance for the year.

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Institutional Class compared with a broad measure of market performance with characteristics relevant to the Fund.

#### GROWTH OF $1,000,000
![Fund Performance - Growth of 10K](chartimages_3206136.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Years** | **10 Years** |
| **Equity Index Fund (Institutional Class/GEQYX)** | 17.06% | 14.04% | 14.67% |
| **S&P 500<sup>®</sup> Index** | 17.88% | 14.43% | 14.82% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit *www.GuideStoneFunds.com* for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

#### 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;$5979439072 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;488 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid** | &nbsp;&nbsp;&nbsp;&nbsp;$4565003 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate for the period** | &nbsp;&nbsp;&nbsp;&nbsp;2% |

---

#### 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_3206154.jpg)

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

Availability of Additional Information

![TSR - QR Code](images_7976.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>

![Logo](images_7977.jpg)

### Equity Index Fund

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

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the Equity Index Fund ("Fund") for the period of January 1, 2025 to December 31, 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 Year
(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) | $42 | 0.39% |

---

#### Management's Discussion of Fund Performance
* The Fund was passively managed and attempted to replicate the performance of its benchmark, the S&P 500<sup>®</sup> Index.

* The Investor Class of the Fund underperformed its benchmark for the one-year period ended December 31, 2025 (16.78% (net of fees) versus 17.88%). The return differential was primarily a result of the faith-based investment restrictions and expenses of the Fund.

* The benchmark logged its third consecutive year of double-digit positive performance. Returns were driven by large capitalization names, fueled by strong earnings, optimism around artificial intelligence and potential deregulation under the current administration.

* In 2025, the Fund utilized exchange-listed equity index futures contracts to provide market exposure to the cash positions held in the Fund. Overall, derivative exposure had a positive impact on Fund performance for the year.

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Investor Class compared with a broad measure of market performance with characteristics relevant to the Fund.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_3206185.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Years** | **10 Years** |
| **Equity Index Fund (Investor Class/GEQZX)** | 16.78% | 13.74% | 14.36% |
| **S&P 500<sup>®</sup> Index** | 17.88% | 14.43% | 14.82% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit *www.GuideStoneFunds.com* for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

#### 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;$5979439072 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;488 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid** | &nbsp;&nbsp;&nbsp;&nbsp;$4565003 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate for the period** | &nbsp;&nbsp;&nbsp;&nbsp;2% |

---

#### 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_3206167.jpg)

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

Availability of Additional Information

![TSR - QR Code](images_7976.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>

![Logo](images_7977.jpg)

### Value Equity Index Fund

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

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the Value Equity Index Fund ("Fund") for the period of January 1, 2025 to December 31, 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 Year
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of $10,000 Investment<sup>\*</sup>** | **Cost of $10,000 investment<br>as a percentage<sup>\*</sup>** |
| Value Equity Index Fund<br>(Institutional Class/GVIYX) | $27 | 0.25% |

---

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

#### Management's Discussion of Fund Performance
* The Fund was passively managed and attempted to replicate the performance of its benchmark, the Russell 1000<sup>®</sup> Value Index.

* The Institutional Class of the Fund underperformed its benchmark for the one-year period ended December 31, 2025 (14.47% (net of fees) versus 15.91%). The return differential was primarily a result of the faith-based investment restrictions and expenses of the Fund.

* The benchmark generated a strong double-digit return as all sectors posted positive returns. The communication services sector gained over 35% and was the standout performer, while real estate and consumer staples each posted the weakest sector performance for the year.

* In 2025, the Fund utilized exchange-listed equity index futures contracts to provide market exposure to the cash positions held in the Fund. Overall, derivative exposure had a positive impact on Fund performance for the year.

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the completed fiscal years of the Institutional Class since its inception on August 31, 2022, compared with a broad measure of market performance and an additional index, or indexes, with characteristics relevant to the Fund.

#### GROWTH OF $1,000,000
![Fund Performance - Growth of 10K](chartimages_3206802.jpg)

---

| | | |
|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **Since Inception** |
| **Value Equity Index Fund (Institutional Class/GVIYX)** | 14.47% | 12.77% |
| **Russell 1000<sup>®</sup> Index** | 17.37% | 19.25% |
| **Russell 1000<sup>®</sup> Value Index** | 15.91% | 13.28% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit *www.GuideStoneFunds.com* for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

#### 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;$263108490 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;808 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid** | &nbsp;&nbsp;&nbsp;&nbsp;$189434 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate for the period** | &nbsp;&nbsp;&nbsp;&nbsp;20% |

---

#### 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_3206820.jpg)

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

Availability of Additional Information

![TSR - QR Code](images_7976.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>

![Logo](images_7977.jpg)

### Value Equity Index Fund

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

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the Value Equity Index Fund ("Fund") for the period of January 1, 2025 to December 31, 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 Year
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of $10,000 Investment<sup>\*</sup>** | **Cost of $10,000 investment<br> as a percentage<sup>\*</sup>** |
| Value Equity Index Fund<br> (Investor Class/GVIZX) | $54 | 0.50% |

---

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

#### Management's Discussion of Fund Performance
* The Fund was passively managed and attempted to replicate the performance of its benchmark, the Russell 1000<sup>®</sup> Value Index. 

* The Investor Class of the Fund underperformed its benchmark for the one-year period ended December 31, 2025 (14.15% (net of fees) versus 15.91%). The return differential was primarily a result of the faith-based investment restrictions and expenses of the Fund. 

* The benchmark generated a strong double-digit return as all sectors posted positive returns. The communication services sector gained over 35% and was the standout performer, while real estate and consumer staples each posted the weakest sector performance for the year. 

* In 2025, the Fund utilized exchange-listed equity index futures contracts to provide market exposure to the cash positions held in the Fund. Overall, derivative exposure had a positive impact on Fund performance for the year. 

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the completed fiscal years of the Investor Class since its inception on August 31, 2022, compared with a broad measure of market performance and an additional index, or indexes, with characteristics relevant to the Fund.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_3206851.jpg)

---

| | | |
|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **Since Inception** |
| **Value Equity Index Fund (Investor Class/GVIZX)** | 14.15% | 12.47% |
| **Russell 1000<sup>®</sup> Index** | 17.37% | 19.25% |
| **Russell 1000<sup>®</sup> Value Index** | 15.91% | 13.28% |

---

 **Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit *www.GuideStoneFunds.com* for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

#### 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;$263108490 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;808 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid** | &nbsp;&nbsp;&nbsp;&nbsp;$189434 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate for the period** | &nbsp;&nbsp;&nbsp;&nbsp;20% |

---

#### 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_3206833.jpg)

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

Availability of Additional Information

![TSR - QR Code](images_7976.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>

![Logo](images_7977.jpg)

### Value Equity Fund

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

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the Value Equity Fund ("Fund") for the period of January 1, 2025 to December 31, 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 Year
(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) | $67 | 0.63% |

---

#### Management's Discussion of Fund Performance
* The Institutional Class of the Fund underperformed its benchmark, the Russell 1000<sup>®</sup> Value Index, for the one-year period ended December 31, 2025 (14.23% (net of fees) versus 15.91%). 

* Large capitalization value stocks underperformed large capitalization growth stocks but still posted strong positive double-digit returns across many sectors in 2025, particularly communication services, information technology and industrials. 

* The Fund remained diversified, with a modest underweight to the industrials and health care sectors and a modest overweight to the technology sector. Security selection within the health care and financials sectors were the primary detractors from benchmark-relative returns, while security selection within the industrials sector contributed to benchmark-relative returns during the year. 

* In 2025, the Fund utilized exchange-listed equity index futures contracts to provide market exposure to the cash positions held in the Fund. In addition, the Fund used currency forwards to hedge modest foreign currency exposure back to the U.S. dollar. Overall, derivative exposure had a positive impact on Fund performance for the year. 

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Institutional Class compared with a broad measure of market performance and an additional index, or indexes, with characteristics relevant to the Fund.

#### GROWTH OF $1,000,000
![Fund Performance - Growth of 10K](chartimages_3206333.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Years** | **10 Years** |
| **Value Equity Fund (Institutional Class/GVEYX)** | 14.23% | 11.51% | 10.36% |
| **Russell 1000<sup>®</sup> Index** | 17.37% | 13.59% | 14.59% |
| **Russell 1000<sup>®</sup> Value Index** | 15.91% | 11.33% | 10.53% |

---

 **Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit *www.GuideStoneFunds.com* for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

#### 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;$1092640500 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;132 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid** | &nbsp;&nbsp;&nbsp;&nbsp;$5972968 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate for the period** | &nbsp;&nbsp;&nbsp;&nbsp;67% |

---

#### 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_3206315.jpg)

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

Availability of Additional Information

![TSR - QR Code](images_7976.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>

![Logo](images_7977.jpg)

### Value Equity Fund

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

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the Value Equity Fund ("Fund") for the period of January 1, 2025 to December 31, 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 Year
(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) | $96 | 0.90% |

---

#### Management's Discussion of Fund Performance
* The Investor Class of the Fund underperformed its benchmark, the Russell 1000<sup>®</sup> Value Index, for the one-year period ended December 31, 2025 (13.89% (net of fees) versus 15.91%). 

* Large capitalization value stocks underperformed large capitalization growth stocks but still posted strong positive double-digit returns across many sectors in 2025, particularly communication services, information technology and industrials. 

* The Fund remained diversified, with a modest underweight to the industrials and health care sectors and a modest overweight to the technology sector. 

* Security selection within the health care and financials sectors were the primary detractors from benchmark-relative returns, while security selection within the industrials sector contributed to benchmark-relative returns during the year. 

* In 2025, the Fund utilized exchange-listed equity index futures contracts to provide market exposure to the cash positions held in the Fund. In addition, the Fund used currency forwards to hedge modest foreign currency exposure back to the U.S. dollar. Overall, derivative exposure had a positive impact on Fund performance for the year. 

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Investor Class compared with a broad measure of market performance and an additional index, or indexes, with characteristics relevant to the Fund.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_3206284.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Years** | **10 Years** |
| **Value Equity Fund (Investor Class/GVEZX)** | 13.89% | 11.21% | 10.07% |
| **Russell 1000<sup>®</sup> Index** | 17.37% | 13.59% | 14.59% |
| **Russell 1000<sup>®</sup> Value Index** | 15.91% | 11.33% | 10.53% |

---

 **Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit *www.GuideStoneFunds.com* for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

#### 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;$1092640500 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;132 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid** | &nbsp;&nbsp;&nbsp;&nbsp;$5972968 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate for the period** | &nbsp;&nbsp;&nbsp;&nbsp;67% |

---

#### 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_3206302.jpg)

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

Availability of Additional Information

![TSR - QR Code](images_7976.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>

![Logo](images_7977.jpg)

### Growth Equity Index Fund

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

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the Growth Equity Index Fund ("Fund") for the period of January 1, 2025 to December 31, 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 Year
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of $10,000 Investment<sup>\*</sup>** | **Cost of $10,000 investment<br> as a percentage<sup>\*</sup>** |
| Growth Equity Index Fund<br> (Institutional Class/GEIYX) | $27 | 0.25% |

---

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

#### Management's Discussion of Fund Performance
* The Fund was passively managed and attempted to replicate the performance of its benchmark, the Russell 1000<sup>®</sup> Growth Index. 

* The Institutional Class of the Fund underperformed its benchmark for the one-year period ended December 31, 2025 (18.31% (net of fees) versus 18.56%). The return differential was primarily a result of the faith-based investment restrictions and expenses of the Fund. 

* Five of 11 sectors within the benchmark were double-digit performers. Returns for the benchmark were extraordinarily concentrated, as the top 10 issuer weights in the index accounted for approximately 80% of the index return. 

* The benchmark generated a strong double-digit return as most sectors posted positive returns. The communication services, utilities and information technology sectors experienced the strongest performance, while energy and consumer staples were the only negative performing sectors for the year. 

* In 2025, the Fund utilized exchange-listed equity index futures contracts to provide market exposure to the cash positions held in the Fund. Overall, derivative exposure had a positive impact on Fund performance for the year. 

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the completed fiscal years of the Institutional Class since its inception on August 31, 2022, compared with a broad measure of market performance and an additional index, or indexes, with characteristics relevant to the Fund.

#### GROWTH OF $1,000,000
![Fund Performance - Growth of 10K](chartimages_3206876.jpg)

---

| | | |
|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **Since Inception** |
| **Growth Equity Index Fund (Institutional Class/GEIYX)** | 18.31% | 24.26% |
| **Russell 1000<sup>®</sup> Index** | 17.37% | 19.25% |
| **Russell 1000<sup>®</sup> Growth Index** | 18.56% | 24.58% |

---

 **Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit *www.GuideStoneFunds.com* for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

#### 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;$412330501 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;366 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid** | &nbsp;&nbsp;&nbsp;&nbsp;$438218 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate for the period** | &nbsp;&nbsp;&nbsp;&nbsp;20% |

---

#### 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_3206894.jpg)

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

Availability of Additional Information

![TSR - QR Code](images_7976.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>

![Logo](images_7977.jpg)

### Growth Equity Index Fund

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

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the Growth Equity Index Fund ("Fund") for the period of January 1, 2025 to December 31, 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 Year
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of $10,000 Investment<sup>\*</sup>** | **Cost of $10,000 investment<br>as a percentage<sup>\*</sup>** |
| Growth Equity Index Fund<br>(Investor Class/GEIZX) | $55 | 0.50% |

---

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

#### Management's Discussion of Fund Performance
* The Fund was passively managed and attempted to replicate the performance of its benchmark, the Russell 1000<sup>®</sup> Growth Index.

* The Investor Class of the Fund underperformed its benchmark for the one-year period ended December 31, 2025 (18.03% (net of fees) versus 18.56%). The return differential was primarily a result of the faith-based investment restrictions and expenses of the Fund.

* Five of 11 sectors within the benchmark were double-digit performers. Returns for the benchmark were extraordinarily concentrated, as the top 10 issuer weights in the index accounted for approximately 80% of the index return.

* The benchmark generated a strong double-digit return as most sectors posted positive returns. The communication services, utilities and information technology sectors experienced the strongest performance, while energy and consumer staples were the only negative performing sectors for the year.

* In 2025, the Fund utilized exchange-listed equity index futures contracts to provide market exposure to the cash positions held in the Fund. Overall, derivative exposure had a positive impact on Fund performance for the year.

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the completed fiscal years of the Investor Class since its inception on August 31, 2022, compared with a broad measure of market performance and an additional index, or indexes, with characteristics relevant to the Fund.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_3206925.jpg)

---

| | | |
|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **Since Inception** |
| **Growth Equity Index Fund (Investor Class/GEIZX)** | 18.03% | 23.93% |
| **Russell 1000<sup>®</sup> Index** | 17.37% | 19.25% |
| **Russell 1000<sup>®</sup> Growth Index** | 18.56% | 24.58% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit *www.GuideStoneFunds.com* for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

#### 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;$412330501 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;366 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid** | &nbsp;&nbsp;&nbsp;&nbsp;$438218 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate for the period** | &nbsp;&nbsp;&nbsp;&nbsp;20% |

---

#### 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_3206907.jpg)

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

Availability of Additional Information

![TSR - QR Code](images_7976.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>

![Logo](images_7977.jpg)

### Growth Equity Fund

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

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the Growth Equity Fund ("Fund") for the period of January 1, 2025 to December 31, 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 Year
(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) | $69 | 0.65% |

---

#### Management's Discussion of Fund Performance
* The Institutional Class of the Fund underperformed its benchmark, the Russell 1000<sup>®</sup> Growth Index, for the one-year period ended December 31, 2025 (13.17% (net of fees) versus 18.56%).

* Large capitalization growth stocks outperformed large capitalization value stocks during 2025, as the market continued to reward mega capitalization stocks, which accounted for a large portion of the performance of the benchmark index. This created a significant hurdle for active management as growth managers that were underweight in these particular stocks most likely experienced underperformance for the year.

* The Fund had a modest underweight to the technology sector and a modest overweight to the communication services sector. Security selection within the information technology sector detracted from benchmark-relative performance, while security selection within the consumer staples sector benefited benchmark-relative returns during the year.

* In 2025, the Fund utilized exchange-listed equity index futures contracts to provide market exposure to the cash positions held in the Fund. Overall, derivative exposure detracted from Fund performance for the year.

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Institutional Class compared with a broad measure of market performance and an additional index, or indexes, with characteristics relevant to the Fund.

#### GROWTH OF $1,000,000
![Fund Performance - Growth of 10K](chartimages_3206407.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Years** | **10 Years** |
| **Growth Equity Fund (Institutional Class/GGEYX)** | 13.17% | 10.10% | 14.66% |
| **Russell 1000<sup>®</sup> Index** | 17.37% | 13.59% | 14.59% |
| **Russell 1000<sup>®</sup> Growth Index** | 18.56% | 15.32% | 18.12% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit *www.GuideStoneFunds.com* for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

#### 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;$1910177331 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;120 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid** | &nbsp;&nbsp;&nbsp;&nbsp;$10664003 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate for the period** | &nbsp;&nbsp;&nbsp;&nbsp;45% |

---

#### 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_3206389.jpg)

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

Availability of Additional Information

![TSR - QR Code](images_7976.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>

![Logo](images_7977.jpg)

### Growth Equity Fund

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

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the Growth Equity Fund ("Fund") for the period of January 1, 2025 to December 31, 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 Year
(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) | $96 | 0.90% |

---

#### Management's Discussion of Fund Performance
* The Investor Class of the Fund underperformed its benchmark, the Russell 1000<sup>®</sup> Growth Index, for the one-year period ended December 31, 2025 (12.85% (net of fees) versus 18.56%). 

* Large capitalization growth stocks outperformed large capitalization value stocks during 2025, as the market continued to reward mega capitalization stocks, which accounted for a large portion of the performance of the benchmark index. This created a significant hurdle for active management as growth managers that were underweight in these particular stocks most likely experienced underperformance for the year. 

* The Fund had a modest underweight to the technology sector and a modest overweight to the communication services sector. Security selection within the information technology sector detracted from benchmark-relative performance, while security selection within the consumer staples sector benefited benchmark-relative returns during the year. 

* In 2025, the Fund utilized exchange-listed equity index futures contracts to provide market exposure to the cash positions held in the Fund. Overall, derivative exposure detracted from Fund performance for the year. 

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Investor Class compared with a broad measure of market performance and an additional index, or indexes, with characteristics relevant to the Fund.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_3206358.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Years** | **10 Years** |
| **Growth Equity Fund (Investor Class/GGEZX)** | 12.85% | 9.81% | 14.36% |
| **Russell 1000<sup>®</sup> Index** | 17.37% | 13.59% | 14.59% |
| **Russell 1000<sup>®</sup> Growth Index** | 18.56% | 15.32% | 18.12% |

---

 **Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit *www.GuideStoneFunds.com* for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

#### 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;$1910177331 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;120 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid** | &nbsp;&nbsp;&nbsp;&nbsp;$10664003 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate for the period** | &nbsp;&nbsp;&nbsp;&nbsp;45% |

---

#### 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_3206376.jpg)

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

Availability of Additional Information

![TSR - QR Code](images_7976.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>

![Logo](images_7977.jpg)

### Small Cap Equity Fund

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

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the Small Cap Equity Fund ("Fund") for the period of January 1, 2025 to December 31, 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.

#### This report describes changes to the Fund that occurred during the reporting period.

#### Fund Expenses for the Last Year
(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) | $96 | 0.93% |

---

#### Management's Discussion of Fund Performance
* The Institutional Class of the Fund underperformed its benchmark, the Russell 2000<sup>®</sup> Index, for the one-year period ended December 31, 2025 (6.06% (net of fees) versus 12.81%).

* Small capitalization stocks underperformed large capitalization stocks but still generated double-digit returns during a period where most sectors posted positive returns, with the exception of the energy and consumer staples sectors. 

* The Fund maintained an allocation across all sectors, with a modest overweight to the industrials and financials sectors and a modest underweight to the health care and information technology sectors.

* The Fund struggled to keep pace with the benchmark during the low-quality rally when companies with no revenues significantly outperformed. Security selection within the technology and materials sectors were the primary detractors from benchmark-relative returns, while security selection within the health care sector contributed to benchmark-relative returns for the one-year period.

* In 2025, the Fund utilized exchange-listed equity index futures contracts to provide market exposure to the cash positions held in the Fund. In addition, the Fund used currency forwards to hedge modest foreign currency exposure back to the U.S. dollar. Overall, derivative exposure had a negative impact on Fund performance for the year.

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Institutional Class compared with a broad measure of market performance and an additional index, or indexes, with characteristics relevant to the Fund.

#### GROWTH OF $1,000,000
![Fund Performance - Growth of 10K](chartimages_3206481.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Years** | **10 Years** |
| **Small Cap Equity Fund (Institutional Class/GSCYX)** | 6.06% | 6.22% | 9.04% |
| **Russell 3000<sup>®</sup> Index** | 17.15% | 13.15% | 14.29% |
| **Russell 2000<sup>®</sup> Index** | 12.81% | 6.09% | 9.61% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit *www.GuideStoneFunds.com* for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

#### 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;$843645713 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;709 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid** | &nbsp;&nbsp;&nbsp;&nbsp;$7231441 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate for the period** | &nbsp;&nbsp;&nbsp;&nbsp;88% |

---

#### 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_3206463.jpg)

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

#### Material Fund Changes
This is a summary of certain changes to the Fund since January 1, 2025. For more comprehensive information, you may review the Fund's prospectus and any applicable supplements at *GuideStoneFunds.com/Fund-Literature* or by contacting 1-888-GS-FUNDS.

* In March 2025, the Fund's management fee increased by 0.01% to 0.87%.

* During the year, there were changes to the Fund's sub-advisers. In March 2025, Driehaus Capital Management LLC began serving as a sub-adviser to the Fund. On December 1, 2025, Nomura Holding America Inc. acquired the U.S. and European public investments asset management business of Macquarie Asset Management (the "Transaction"), which included Delaware Investments Fund Advisers ("DIFA"), a series of Macquarie Investment Management Business Trust. Upon close of the Transaction, DIFA was renamed Nomura Investments Fund Advisers.

Availability of Additional Information

![TSR - QR Code](images_7976.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>

![Logo](images_7977.jpg)

### Small Cap Equity Fund

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

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the Small Cap Equity Fund ("Fund") for the period of January 1, 2025 to December 31, 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.

#### This report describes changes to the Fund that occurred during the reporting period.

#### Fund Expenses for the Last Year
(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) | $123 | 1.20% |

---

#### Management's Discussion of Fund Performance
* The Investor Class of the Fund underperformed its benchmark, the Russell 2000<sup>®</sup> Index, for the one-year period ended December 31, 2025 (5.75% (net of fees) versus 12.81%).

* Small capitalization stocks underperformed large capitalization stocks but still generated double-digit returns during a period where most sectors posted positive returns, with the exception of the energy and consumer staples sectors. 

* The Fund maintained an allocation across all sectors, with a modest overweight to the industrials and financials sectors and a modest underweight to the health care and information technology sectors.

* The Fund struggled to keep pace with the benchmark during the low-quality rally when companies with no revenues significantly outperformed. Security selection within the technology and materials sectors were the primary detractors from benchmark-relative returns, while security selection within the health care sector contributed to benchmark-relative returns for the one-year period.

* In 2025, the Fund utilized exchange-listed equity index futures contracts to provide market exposure to the cash positions held in the Fund. In addition, the Fund used currency forwards to hedge modest foreign currency exposure back to the U.S. dollar. Overall, derivative exposure had a negative impact on Fund performance for the year.

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Investor Class compared with a broad measure of market performance and an additional index, or indexes, with characteristics relevant to the Fund.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_3206432.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Years** | **10 Years** |
| **Small Cap Equity Fund (Investor Class/GSCZX)** | 5.75% | 5.93% | 8.75% |
| **Russell 3000<sup>®</sup> Index** | 17.15% | 13.15% | 14.29% |
| **Russell 2000<sup>®</sup> Index** | 12.81% | 6.09% | 9.61% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit *www.GuideStoneFunds.com* for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

#### 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;$843645713 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;709 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid** | &nbsp;&nbsp;&nbsp;&nbsp;$7231441 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate for the period** | &nbsp;&nbsp;&nbsp;&nbsp;88% |

---

#### 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_3206450.jpg)

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

#### Material Fund Changes
This is a summary of certain changes to the Fund since January 1, 2025. For more comprehensive information, you may review the Fund's prospectus and any applicable supplements at *GuideStoneFunds.com/Fund-Literature* or by contacting 1-888-GS-FUNDS.

* In March 2025, the Fund's management fee increased by 0.01% to 0.87%.

* During the year, there were changes to the Fund's sub-advisers. In March 2025, Driehaus Capital Management LLC began serving as a sub-adviser to the Fund. On December 1, 2025, Nomura Holding America Inc. acquired the U.S. and European public investments asset management business of Macquarie Asset Management (the "Transaction"), which included Delaware Investments Fund Advisers ("DIFA"), a series of Macquarie Investment Management Business Trust. Upon close of the Transaction, DIFA was renamed Nomura Investments Fund Advisers.

Availability of Additional Information

![TSR - QR Code](images_7976.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>

![Logo](images_7977.jpg)

### International Equity Index Fund

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

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the International Equity Index Fund ("Fund") for the period of January 1, 2025 to December 31, 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 Year
(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) | $23 | 0.20% |

---

#### Management's Discussion of Fund Performance
* The Fund was passively managed and attempted to replicate the performance of its benchmark, the MSCI EAFE Index – Net.

* The Institutional Class of the Fund outperformed its benchmark for the one-year period ended December 31, 2025 (31.42% (net of fees) versus 31.22%). The return differential was primarily a result of the faith-based investment restrictions and expenses of the Fund.

* Among major foreign developed markets, Japan, the United Kingdom and Germany were strong contributors to index returns, while Denmark, New Zealand and Portugal were relative laggards. Sector contributions were strongest in financials, industrials and information technology, while real estate, energy and communication services delivered more muted gains.

* In 2025, the Fund utilized exchange-listed equity index futures contracts to provide market exposure to the cash positions held in the Fund. Overall, derivative exposure had a positive impact on Fund performance for the year on an absolute basis.

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Institutional Class compared with a broad measure of market performance with characteristics relevant to the Fund.

#### GROWTH OF $1,000,000
![Fund Performance - Growth of 10K](chartimages_3206506.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Years** | **10 Years** |
| **International Equity Index Fund (Institutional Class/GIIYX)** | 31.42% | 8.62% | 8.15% |
| **MSCI EAFE Index - Net** | 31.22% | 8.93% | 8.18% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit *www.GuideStoneFunds.com* for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

#### 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;$1643989938 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;564 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid** | &nbsp;&nbsp;&nbsp;&nbsp;$1542177 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate for the period** | &nbsp;&nbsp;&nbsp;&nbsp;5% |

---

#### 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 | 24.7% |
| Industrials | 18.6% |
| Health Care | 10.4% |
| Consumer Discretionary | 9.0% |
| Information Technology | 7.9% |
| Consumer Staples | 6.6% |
| Materials | 4.8% |
| Communication Services | 4.4% |
| Utilities | 3.3% |
| Energy | 3.3% |
| Real Estate | 1.4% |
| Other\* | 7.3% |

---

GEOGRAPHIC ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_3206524.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_7976.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>

![Logo](images_7977.jpg)

### International Equity Index Fund

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

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the International Equity Index Fund ("Fund") for the period of January 1, 2025 to December 31, 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 Year
(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> (Investor Class/GIIZX) | $58 | 0.50% |

---

#### Management's Discussion of Fund Performance
* The Fund was passively managed and attempted to replicate the performance of its benchmark, the MSCI EAFE Index – Net. 

* The Investor Class of the Fund underperformed its benchmark for the one-year period ended December 31, 2025 (30.96% (net of fees) versus 31.22%). The return differential was primarily a result of the faith-based investment restrictions and expenses of the Fund. 

* Among major foreign developed markets, Japan, the United Kingdom and Germany were strong contributors to index returns, while Denmark, New Zealand and Portugal were relative laggards. Sector contributions were strongest in financials, industrials and information technology, while real estate, energy and communication services delivered more muted gains. 

* In 2025, the Fund utilized exchange-listed equity index futures contracts to provide market exposure to the cash positions held in the Fund. Overall, derivative exposure had a positive impact on Fund performance for the year on an absolute basis. 

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the completed fiscal years of the Investor Class since its inception on April 29, 2022, compared with a broad measure of market performance with characteristics relevant to the Fund.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_3206555.jpg)

---

| | | |
|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **Since Inception** |
| **International Equity Index Fund (Investor Class/GIIZX)** | 30.96% | 12.98% |
| **MSCI EAFE Index - Net** | 31.22% | 12.98% |

---

 **Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit *www.GuideStoneFunds.com* for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

#### 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;$1643989938 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;564 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid** | &nbsp;&nbsp;&nbsp;&nbsp;$1542177 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate for the period** | &nbsp;&nbsp;&nbsp;&nbsp;5% |

---

#### 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 | 24.7% |
| Industrials | 18.6% |
| Health Care | 10.4% |
| Consumer Discretionary | 9.0% |
| Information Technology | 7.9% |
| Consumer Staples | 6.6% |
| Materials | 4.8% |
| Communication Services | 4.4% |
| Utilities | 3.3% |
| Energy | 3.3% |
| Real Estate | 1.4% |
| Other\* | 7.3% |

---

GEOGRAPHIC ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_3206537.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_7976.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>

![Logo](images_7977.jpg)

### International Equity Fund

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

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the International Equity Fund ("Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at *GuideStoneFunds.com/Fund-Literature*. You can also request this information by contacting us at 1-888-GS-FUNDS.

#### Fund Expenses for the Last Year
(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) | $97 | 0.85% |

---

#### Management's Discussion of Fund Performance
* The Fund's portfolio was diversified among a large number of companies across different industries, economic sectors and countries. 

* The Institutional Class of the Fund underperformed its benchmark, the MSCI EAFE Index – Net, for the one-year period ended December 31, 2025 (28.12% (net of fees) versus 31.22%). 

* Developed non-U.S. markets (represented by the MSCI EAFE Index) saw positive performance in 2025 and outperformed their U.S. counterparts. 

* On a country basis, the Fund's underweight allocation to Denmark contributed meaningfully to performance while an off-benchmark allocation to the United States detracted. Stock selection was the strongest in Australia and the weakest in Germany. Currency effect on performance was the strongest in Japan and the weakest in the United States. On a sector basis, an underweight allocation to health care was strongly additive to performance while an overweight allocation to consumer discretionary detracted. Stock selection was the strongest in health care and weakest in financials. 

* In 2025, the Fund utilized certain derivatives to express active views in currency and country selection. These derivative positions primarily included currency forward contracts, stock index futures and total return swaps. Overall, derivative exposure had a positive impact on Fund performance for the year. 

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Institutional Class compared with a broad measure of market performance with characteristics relevant to the Fund.

#### GROWTH OF $1,000,000
![Fund Performance - Growth of 10K](chartimages_3206629.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Years** | **10 Years** |
| **International Equity Fund (Institutional Class/GIEYX)** | 28.12% | 8.30% | 8.49% |
| **MSCI EAFE Index - Net** | 31.22% | 8.93% | 8.18% |

---

 **Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit *www.GuideStoneFunds.com* for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

#### 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;$1488137419 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;450 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid** | &nbsp;&nbsp;&nbsp;&nbsp;$10574903 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate for the period** | &nbsp;&nbsp;&nbsp;&nbsp;58% |

---

#### 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 | 24.7% |
| Industrials | 18.3% |
| Information Technology | 12.1% |
| Consumer Discretionary | 11.3% |
| Health Care | 8.1% |
| Consumer Staples | 5.3% |
| Communication Services | 4.5% |
| Materials | 4.0% |
| Energy | 2.5% |
| Utilities | 1.7% |
| Real Estate | 0.9% |
| Other\* | 6.0% |

---

GEOGRAPHIC ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_3206611.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_7976.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>

![Logo](images_7977.jpg)

### International Equity Fund

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

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the International Equity Fund ("Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at *GuideStoneFunds.com/Fund-Literature*. You can also request this information by contacting us at 1-888-GS-FUNDS.

#### Fund Expenses for the Last Year
(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) | $128 | 1.12% |

---

#### Management's Discussion of Fund Performance
* The Fund's portfolio was diversified among a large number of companies across different industries, economic sectors and countries. 

* The Investor Class of the Fund underperformed its benchmark, the MSCI EAFE Index – Net, for the one-year period ended December 31, 2025 (27.78% (net of fees) versus 31.22%). 

* Developed non-U.S. markets (represented by the MSCI EAFE Index) saw positive performance in 2025 and outperformed their U.S. counterparts. 

* On a country basis, the Fund's underweight allocation to Denmark contributed meaningfully to performance while an off-benchmark allocation to the United States detracted. Stock selection was the strongest in Australia and the weakest in Germany. Currency effect on performance was the strongest in Japan and the weakest in the United States. On a sector basis, an underweight allocation to health care was strongly additive to performance while an overweight allocation to consumer discretionary detracted. Stock selection was the strongest in health care and the weakest in financials. 

* In 2025, the Fund utilized certain derivatives to express active views in currency and country selection. These derivative positions primarily included currency forward contracts, stock index futures and total return swaps. Overall, derivative exposure had a positive impact on Fund performance for the year. 

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Investor Class compared with a broad measure of market performance with characteristics relevant to the Fund.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_3206580.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Years** | **10 Years** |
| **International Equity Fund (Investor Class/GIEZX)** | 27.78% | 8.01% | 8.20% |
| **MSCI EAFE Index - Net** | 31.22% | 8.93% | 8.18% |

---

 **Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit *www.GuideStoneFunds.com* for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

#### 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;$1488137419 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;450 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid** | &nbsp;&nbsp;&nbsp;&nbsp;$10574903 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate for the period** | &nbsp;&nbsp;&nbsp;&nbsp;58% |

---

#### 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 | 24.7% |
| Industrials | 18.3% |
| Information Technology | 12.1% |
| Consumer Discretionary | 11.3% |
| Health Care | 8.1% |
| Consumer Staples | 5.3% |
| Communication Services | 4.5% |
| Materials | 4.0% |
| Energy | 2.5% |
| Utilities | 1.7% |
| Real Estate | 0.9% |
| Other\* | 6.0% |

---

GEOGRAPHIC ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_3206598.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_7976.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>

![Logo](images_7977.jpg)

### Emerging Markets Equity Fund

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

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the Emerging Markets Equity Fund ("Fund") for the period of January 1, 2025 to December 31, 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.

#### This report describes changes to the Fund that occurred during the reporting period.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of $10,000 Investment<sup>\*</sup>** | **Cost of $10,000 investment<br> as a percentage<sup>\*</sup>** |
| Emerging Markets Equity Fund<br> (Institutional Class/GEMYX) | $123 | 1.05% |

---

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

#### Management's Discussion of Fund Performance
* The Institutional Class of the Fund outperformed its benchmark, the MSCI Emerging Markets Index – Net, for the one-year period ended December 31, 2025 (34.85% (net of fees) versus 33.57%). 

* The Fund's portfolio was diversified across regions and among many companies across different industries and economic sectors. On a sector basis, stock selection within financials, information technology and materials was the most additive to performance, but stock selection within industrials and communication services and allocation within real estate were the most detractive to performance. 

* The Fund's positions in South Africa and Indonesia were performance detractors, as the Fund did not fully capture South Africa's strong commodity-driven gains, and Indonesia was pressured by currency weakness, foreign outflows and policy uncertainty. 

* In 2025, the Fund utilized certain derivatives to express active views in currency and country selections and to provide market exposure to the cash positions held in the Fund. These derivative positions primarily included currency forward contracts, stock index futures and total return swaps. Overall, derivative exposure detracted from performance. 

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Institutional Class compared with a broad measure of market performance and an additional index, or indexes, with characteristics relevant to the Fund.

#### GROWTH OF $1,000,000
![Fund Performance - Growth of 10K](chartimages_3206654.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Years** | **10 Years** |
| **Emerging Markets Equity Fund (Institutional Class/GEMYX)** | 34.85% | 4.58% | 8.46% |
| **MSCI ACWI (All Country World Index) ex USA Index - Net** | 32.39% | 7.91% | 8.41% |
| **MSCI Emerging Markets Index - Net** | 33.57% | 4.20% | 8.42% |

---

 **Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit *www.GuideStoneFunds.com* for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

#### 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;$932503308 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;424 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid** | &nbsp;&nbsp;&nbsp;&nbsp;$6687900 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate for the period** | &nbsp;&nbsp;&nbsp;&nbsp;62% |

---

#### 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

---

| | |
|:---|:---|
| Information Technology | 28.6% |
| Financials | 21.3% |
| Consumer Discretionary | 12.6% |
| Communication Services | 7.8% |
| Industrials | 5.3% |
| Materials | 5.1% |
| Consumer Staples | 4.5% |
| Energy | 2.5% |
| Real Estate | 2.0% |
| Health Care | 1.7% |
| Utilities | 1.0% |
| Other\* | 5.9% |

---

GEOGRAPHIC ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_3206672.jpg)

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

#### Material Fund Changes
This is a summary of certain changes to the Fund since January 1, 2025. For more comprehensive information, you may review the Fund's prospectus and any applicable supplements at *GuideStoneFunds.com/Fund-Literature* or by contacting 1-888-GS-FUNDS.

* On May 1, 2025, the Fund's expense cap decreased from 1.06% to 1.04%. 

Availability of Additional Information

![TSR - QR Code](images_7976.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>

![Logo](images_7977.jpg)

### Emerging Markets Equity Fund

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

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the Emerging Markets Equity Fund ("Fund") for the period of January 1, 2025 to December 31, 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.

#### This report describes changes to the Fund that occurred during the reporting period.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of $10,000 Investment<sup>\*</sup>** | **Cost of $10,000 investment<br>as a percentage<sup>\*</sup>** |
| Emerging Markets Equity Fund<br>(Investor Class/GEMZX) | $154 | 1.31% |

---

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

#### Management's Discussion of Fund Performance
* The Investor Class of the Fund outperformed its benchmark, the MSCI Emerging Markets Index – Net, for the one-year period ended December 31, 2025 (34.54% (net of fees) versus 33.57%).

* The Fund's portfolio was diversified across regions and among many companies across different industries and economic sectors. On a sector basis, stock selection within financials, information technology and materials was the most additive to performance, but stock selection within industrials and communication services and allocation within real estate were the most detractive to performance.

* The Fund's positions in South Africa and Indonesia were detractors to performance, as the Fund did not fully capture South Africa's strong commodity-driven gains, and Indonesia was pressured by currency weakness, foreign outflows and policy uncertainty.

* In 2025, the Fund utilized certain derivatives to express active views in currency and country selections and to provide market exposure to the cash positions held in the Fund. These derivative positions primarily included currency forward contracts, stock index futures and total return swaps. Overall, derivative exposure detracted from performance.

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Investor Class compared with a broad measure of market performance and an additional index, or indexes, with characteristics relevant to the Fund.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_3206703.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Years** | **10 Years** |
| **Emerging Markets Equity Fund (Investor Class/GEMZX)** | 34.54% | 4.29% | 8.15% |
| **MSCI ACWI (All Country World Index) ex USA Index - Net** | 32.39% | 7.91% | 8.41% |
| **MSCI Emerging Markets Index - Net** | 33.57% | 4.20% | 8.42% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit *www.GuideStoneFunds.com* for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

#### 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;$932503308 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;424 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid** | &nbsp;&nbsp;&nbsp;&nbsp;$6687900 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate for the period** | &nbsp;&nbsp;&nbsp;&nbsp;62% |

---

#### 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

---

| | |
|:---|:---|
| Information Technology | 28.6% |
| Financials | 21.3% |
| Consumer Discretionary | 12.6% |
| Communication Services | 7.8% |
| Industrials | 5.3% |
| Materials | 5.1% |
| Consumer Staples | 4.5% |
| Energy | 2.5% |
| Real Estate | 2.0% |
| Health Care | 1.7% |
| Utilities | 1.0% |
| Other\* | 5.9% |

---

GEOGRAPHIC ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_3206685.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_7976.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>

![Logo](images_7977.jpg)

### Global Real Estate Securities Fund

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

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the Global Real Estate Securities Fund ("Fund") for the period of January 1, 2025 to December 31, 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 Year
(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) | $91 | 0.87% |

---

#### Management's Discussion of Fund Performance
* The Fund provides exposure to real estate by investing in equity securities of real estate investment trusts (REITs) and other real estate related companies. The Fund was diversified among property sectors and geographical locations.

* The Institutional Class of the Fund underperformed its benchmark, the FTSE EPRA Nareit Developed Index – Net, for the one-year period ended December 31, 2025 (8.98% (net of fees) versus 9.58%).

* Global real estate securities underperformed their global equity counterparts during the year. Stock selection was the strongest contributor to performance within Canada and Japan in 2025, while stock selection in the United States and the United Kingdom were the weakest. In terms of allocation, an overweight to France was the strongest contributor to performance while an underweight to Switzerland was the weakest. By property sector, stock selection delivered the strongest performance results in health care and the weakest in retail.

* In 2025, the Fund utilized exchange-listed equity index futures contracts to provide market exposure to the cash positions held in the Fund. Overall, derivative exposure had a positive impact on Fund performance for the year on an absolute basis.

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Institutional Class compared with a broad measure of market performance and an additional index, or indexes, with characteristics relevant to the Fund.

#### GROWTH OF $1,000,000
![Fund Performance - Growth of 10K](chartimages_3206259.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Years** | **10 Years** |
| **Global Real Estate Securities Fund (Institutional Class/GREYX)** | 8.98% | 3.88% | 4.73% |
| **MSCI ACWI (All Country World Index) Index - Net** | 22.34% | 11.19% | 11.72% |
| **FTSE EPRA Nareit Developed Index - Net** | 9.58% | 2.76% | 3.25% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit *www.GuideStoneFunds.com* for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

#### 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;$311836102 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;163 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid** | &nbsp;&nbsp;&nbsp;&nbsp;$2137140 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate for the period** | &nbsp;&nbsp;&nbsp;&nbsp;139% |

---

#### 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 | 95.8% |
| Health Care | 1.5% |
| Information Technology | 0.3% |
| Consumer Discretionary | 0.2% |
| Other\* | 4.4% |

---

GEOGRAPHIC ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_3206241.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_7976.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>

![Logo](images_7977.jpg)

### Global Real Estate Securities Fund

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

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the Global Real Estate Securities Fund ("Fund") for the period of January 1, 2025 to December 31, 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 Year
(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) | $124 | 1.19% |

---

#### Management's Discussion of Fund Performance
* The Fund provides exposure to real estate by investing in equity securities of real estate investment trusts (REITs) and other real estate related companies. The Fund was diversified among property sectors and geographical locations.

* The Investor Class of the Fund underperformed its benchmark, the FTSE EPRA Nareit Developed Index, for the one-year period ended December 31, 2025 (8.54% (net of fees) versus 9.58%).

* Global real estate securities underperformed their global equity counterparts during the year. Stock selection was the strongest contributor to performance within Canada and Japan in 2025, while stock selection in the United States and the United Kingdom were the weakest. In terms of allocation, an overweight to France was the strongest contributor to performance while an underweight to Switzerland was the weakest. By property sector, stock selection delivered the strongest performance results in health care and the weakest in retail.

* In 2025, the Fund utilized exchange-listed equity index futures contracts to provide market exposure to the cash positions held in the Fund. Overall, derivative exposure had a positive impact on Fund performance for the year on an absolute basis.

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Investor Class compared with a broad measure of market performance and an additional index, or indexes, with characteristics relevant to the Fund.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_3206210.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Years** | **10 Years** |
| **Global Real Estate Securities Fund (Investor Class/GREZX)** | 8.54% | 3.56% | 4.43% |
| **MSCI ACWI (All Country World Index) Index - Net** | 22.34% | 11.19% | 11.72% |
| **FTSE EPRA Nareit Developed Index - Net** | 9.58% | 2.76% | 3.25% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit *www.GuideStoneFunds.com* for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

#### 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;$311836102 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;163 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid** | &nbsp;&nbsp;&nbsp;&nbsp;$2137140 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate for the period** | &nbsp;&nbsp;&nbsp;&nbsp;139% |

---

#### 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 | 95.8% |
| Health Care | 1.5% |
| Information Technology | 0.3% |
| Consumer Discretionary | 0.2% |
| Other\* | 4.4% |

---

GEOGRAPHIC ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_3206228.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_7976.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>

![Logo](images_7977.jpg)

### Strategic Alternatives Fund

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

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the Strategic Alternatives Fund ("Fund") for the period of January 1, 2025 to December 31, 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.

#### This report describes changes to the Fund that occurred during the reporting period.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of $10,000 Investment<sup>\*</sup>** | **Cost of $10,000 investment<br>as a percentage<sup>\*</sup>** |
| Strategic Alternatives Fund<br>(Institutional Class/GFSYX) | $139 | 1.35% |

---

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

#### Management's Discussion of Fund Performance
* The Institutional Class of the Fund outperformed its benchmark, the Bloomberg US Treasury Bills: 1-3 Months Index, for the one-year period ended December 31, 2025 (5.48% (net of fees) versus 4.29%).

* During the year, the Fund allocated its assets among four principal investment strategies – long-short equity, currency trading, convertible bonds and global macro. For 2025, three strategies outperformed the Fund's benchmark index. The convertible bonds and the global macro strategies were the strongest contributors to performance for the Fund. The lone detractor for the year was the currency trading strategy. The currency component lagged, and a long U.S. dollar bias was the largest headwind in a year where the currency, down over -9%, saw its worst annual showing since 2017.

* In 2025, the Fund utilized derivatives to express active market views. These derivative positions primarily included currency forward contracts, treasury futures, swaptions, total return swaps, interest rate swaps, cross currency swaps and mortgage-backed securities derivatives. Overall, derivative exposure had a positive impact on Fund performance for the year on an absolute basis. 

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the completed fiscal years of the Institutional Class since its inception on June 30, 2017, compared with a broad measure of market performance and an additional index, or indexes, with characteristics relevant to the Fund.

#### GROWTH OF $1,000,000
![Fund Performance - Growth of 10K](chartimages_3206728.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Years** | **Since Inception** |
| **Strategic Alternatives Fund (Institutional Class/GFSYX)** | 5.48% | 4.65% | 3.46% |
| **Bloomberg US Aggregate Bond Index** | 7.30% | -0.36% | 1.78% |
| **Bloomberg US Treasury Bills: 1-3 Months Index** | 4.29% | 3.24% | 2.50% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit *www.GuideStoneFunds.com* for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

#### 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;$282826820 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;681 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid** | &nbsp;&nbsp;&nbsp;&nbsp;$2679159 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate for the period** | &nbsp;&nbsp;&nbsp;&nbsp;432% |

---

#### 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_3206746.jpg)

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

#### Material Fund Changes
This is a summary of certain changes to the Fund since January 1, 2025. For more comprehensive information, you may review the Fund's prospectus and any applicable supplements at *GuideStoneFunds.com/Fund-Literature* or by contacting 1-888-GS-FUNDS.

* On May 1, 2025, the Fund's expense cap increased from 1.27% to 1.32%.

Availability of Additional Information

![TSR - QR Code](images_7976.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>

![Logo](images_7977.jpg)

### Strategic Alternatives Fund

#### Class: INVESTOR \| TICKER: GFSZX

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the Strategic Alternatives Fund ("Fund") for the period of January 1, 2025 to December 31, 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.

#### This report describes changes to the Fund that occurred during the reporting period.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of $10,000 Investment<sup>\*</sup>** | **Cost of $10,000 investment<br>as a percentage<sup>\*</sup>** |
| Strategic Alternatives Fund<br>(Investor Class/GFSZX) | $164 | 1.60% |

---

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

#### Management's Discussion of Fund Performance
* The Investor Class of the Fund outperformed its benchmark, the Bloomberg US Treasury Bills: 1-3 Months Index, for the one-year period ended December 31, 2025 (5.10% (net of fees) versus 4.29%).

* During the year, the Fund allocated its assets among four principal investment strategies – long-short equity, currency trading, convertible bonds and global macro. For 2025, three strategies outperformed the Fund's benchmark index. The convertible bonds and the global macro strategies were the strongest contributors to performance for the Fund. The lone detractor for the year was the currency trading strategy. The currency component lagged, and a long U.S. dollar bias was the largest headwind in a year where the currency, down over -9%, saw its worst annual showing since 2017.

* In 2025, the Fund utilized derivatives to express active market views. These derivative positions primarily included currency forward contracts, treasury futures, swaptions, total return swaps, interest rate swaps, cross currency swaps and mortgage-backed securities derivatives. Overall, derivative exposure had a positive impact on Fund performance for the year on an absolute basis.

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the completed fiscal years of the Investor Class since its inception on June 30, 2017, compared with a broad measure of market performance and an additional index, or indexes, with characteristics relevant to the Fund.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_3206777.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Years** | **Since Inception** |
| **Strategic Alternatives Fund (Investor Class/GFSZX)** | 5.10% | 4.33% | 3.14% |
| **Bloomberg US Aggregate Bond Index** | 7.30% | -0.36% | 1.78% |
| **Bloomberg US Treasury Bills: 1-3 Months Index** | 4.29% | 3.24% | 2.50% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit *www.GuideStoneFunds.com* for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

#### 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;$282826820 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;681 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid** | &nbsp;&nbsp;&nbsp;&nbsp;$2679159 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate for the period** | &nbsp;&nbsp;&nbsp;&nbsp;432% |

---

#### 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_3206759.jpg)

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

#### Material Fund Changes
This is a summary of certain changes to the Fund since January 1, 2025. For more comprehensive information, you may review the Fund's prospectus and any applicable supplements at *GuideStoneFunds.com/Fund-Literature* or by contacting 1-888-GS-FUNDS.

* On May 1, 2025, the Fund's expense cap increased from 1.52% to 1.57%.

Availability of Additional Information

![TSR - QR Code](images_7976.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.
(a) The registrant, as of the end of the period covered by this report, has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party.

(c) There have been no amendments, during the period covered by this report, to a provision of the code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, and that relates to any element of the code of ethics description.

(d) The registrant has not granted any waivers, including an implicit waiver, from a provision of the code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, that relates to one or more of the items set forth in paragraph (b) of this item's instructions.

------

#### Item 3. Audit Committee Financial Expert.
As of the end of the period covered by the report, the registrant's board of directors has determined that Deanna A. Mankins is qualified to serve as audit committee financial expert serving on its audit committee and that they are "independent," as defined by Item 3 of Form N-CSR.

------

#### Item 4. Principal Accountant Fees and Services.
Audit Fees

(a) The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years are $1,129,730 and $1,146,565 for 2024 and 2025, respectively.

Audit-Related Fees

(b) The aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant's financial statements and are not reported under paragraph (a) of this Item are $0 and $0 for 2024 and 2025, respectively.

Tax Fees

(c) The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning are $435,090 and $446,460 for 2024 and 2025, respectively. Tax fees are related to tax services in connection with Funds' excise tax calculations, shareholder reporting preparation, PFIC identification services, and preparation of the Funds' and applicable tax returns in 2024 and 2025.

All Other Fees

(d) The aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item are $53,020 and $55,040 for 2024 and 2025, respectively. The fees in 2024 and 2025 were for analysis services related to Internal Revenue Code Registered Investment Company qualification testing.

(e)(1) The policy of the registrant's Audit Committee (the "Committee") is to pre-approve all permissible non-audit services (e.g., tax services) to be provided to the registrant by the independent registered public accounting firm (the "Auditor"), including the fees therefor; provided, that if the Committee chooses to delegate the authority to grant pre-approvals to one or more Committee members, each acting on behalf of the Committee, then each delegated pre-approval shall be reported to the full Committee during its next regularly scheduled meeting. In addition, the engagement to render the non-audit service must be entered into pursuant to the pre-approval policies and procedures that have been established by the Committee, and that are detailed as to the particular service(s). The Committee shall be informed of each service, and the pre-approval policies and procedures shall not include delegation of the Committee's responsibilities under the Securities Exchange Act of 1934, as amended to management. The preapproval policies and procedures are attached as an Appendix to the Committee's Charter.

The pre-approval requirement for a permitted non-audit service may be waived if:

(1) the aggregate amount of all such non-audit services provided constitutes not more than 5% of the total revenues paid by the registrant to the Auditor in the fiscal year in which the non-audit services are provided;

(2) such services were not recognized by the registrant at the time of the engagement to be non-audit services; and

(3) such services are promptly brought to the attention of, and approved by, the Committee or by a member of the Committee to whom the Committee has delegated the authority to grant such approvals, if any, prior to the Auditor's completion of the registrant's audit.

Additionally, if the Auditor's engagement by the registrant's investment adviser (the "Adviser") or an entity controlling, controlled by, or under common control with the Adviser that provides ongoing services to the registrant (each, a "Control Entity") relates directly to the operations and financial reporting of the registrant, to the extent required by Rule 2-01 of Regulation S-X, the Committee shall pre-approve the Auditor's engagements for non-audit services with the Adviser or Control Entity. The pre-approval requirement for non-audit services provided by the Auditor to the Adviser or a Control Entity shall not be waived pursuant to the foregoing paragraph unless the aggregate amount of all services provided constitutes no more than 5% of the total amount of revenues paid to the Auditor by the registrant, the Adviser, and any such Control Entity during the fiscal year in which the services are provided that would have to be pre-approved by the Committee pursuant to this paragraph (in the absence of this waiver provision).

The Auditor may not perform contemporaneously any prohibited non-audit services for the registrant, which currently include the following:

1. bookkeeping or other services related to the accounting records or financial statements of the registrant;

2. financial information systems design and implementation;

3. appraisal or valuation services, fairness opinions, or contribution-in-kind reports;

4. actuarial services;

5. internal audit outsourcing services;

6. management functions or human resources;

7. broker or dealer, investment adviser, or investment banking services;

8. legal services and expert services unrelated to the audit; and

9. any other service that the Securities and Exchange Commission or the Public Company Accounting Oversight Board determines, by regulation, is impermissible;

*except* that the Auditor may perform services 1 through 5 above if it is reasonable to conclude that the results of such services will not be subject to audit procedures during an audit of the registrant's financial statements.

The Committee shall consider whether the non-audit services provided by the Auditor to the Adviser and any Control Entity that were not pre-approved by the Committee in accordance with Rule 2-01 of Regulation S-X are compatible with maintaining the Auditor's independence.

(e)(2) The percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X are as follows:

(b) Not applicable

(c) 0%

(d) 0%

(f) The percentage of hours expended on the principal accountant's engagement to audit the registrant's financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant's full-time, permanent employees was less than fifty percent.

(g) The aggregate non-audit fees billed by the registrant's accountant for services rendered to the registrant was $488,110 and $499,824 for 2024 and 2025, respectively; for services rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) was $0 and $0 for 2024 and 2025, respectively, and to GuideStone Financial Resources was $0 and $0 for 2024 and 2025, respectively.

(h) The registrant's audit committee of the board of directors has not considered whether the provision of non-audit services that were rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant's independence.

(i) Not applicable.

(j) 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.

------

![](grnj6xn4hrxe9pisbj7gs.jpg)

**Annual Financial Statements**

**And Additional Information**

---

| | | | |
|:---|:---|:---|:---|
|  | **Institutional** | **Investor** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2025** |
| **Target Date Funds** |  |  |  |
| MyDestination 2015 Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GMTYX | &nbsp;&nbsp;&nbsp;&nbsp;GMTZX |  |
| MyDestination 2025 Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GMWYX | &nbsp;&nbsp;&nbsp;&nbsp;GMWZX |  |
| MyDestination 2035 Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GMHYX | &nbsp;&nbsp;&nbsp;&nbsp;GMHZX |  |
| MyDestination 2045 Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GMYYX | &nbsp;&nbsp;&nbsp;&nbsp;GMFZX |  |
| MyDestination 2055 Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GMGYX | &nbsp;&nbsp;&nbsp;&nbsp;GMGZX |  |
| MyDestination 2065 Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GMMYX | &nbsp;&nbsp;&nbsp;&nbsp;GMMZX |  |
| **Target Risk Funds** |  |  |  |
| Conservative Allocation Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GCAYX | &nbsp;&nbsp;&nbsp;&nbsp;GFIZX |  |
| Balanced Allocation Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GBAYX | &nbsp;&nbsp;&nbsp;&nbsp;GGIZX |  |
| Moderately Aggressive Allocation Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GGRYX | &nbsp;&nbsp;&nbsp;&nbsp;GCOZX |  |
| Aggressive Allocation Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GAGYX | &nbsp;&nbsp;&nbsp;&nbsp;GGBZX |  |
| **Select Funds** |  |  |  |
| Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GMYXX | &nbsp;&nbsp;&nbsp;&nbsp;GMZXX |  |
| Low-Duration Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GLDYX | &nbsp;&nbsp;&nbsp;&nbsp;GLDZX |  |
| Medium-Duration Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GMDYX | &nbsp;&nbsp;&nbsp;&nbsp;GMDZX |  |
| Global Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GGBEX | &nbsp;&nbsp;&nbsp;&nbsp;GGBFX |  |
| Impact Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GMBYX | &nbsp;&nbsp;&nbsp;&nbsp;GMBZX |  |
| Defensive Market Strategies® Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GDMYX | &nbsp;&nbsp;&nbsp;&nbsp;GDMZX |  |
| Equity Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GEQYX | &nbsp;&nbsp;&nbsp;&nbsp;GEQZX |  |
| Value Equity Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GVIYX | &nbsp;&nbsp;&nbsp;&nbsp;GVIZX |  |
| Value Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GVEYX | &nbsp;&nbsp;&nbsp;&nbsp;GVEZX |  |
| Growth Equity Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GEIYX | &nbsp;&nbsp;&nbsp;&nbsp;GEIZX |  |
| Growth Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GGEYX | &nbsp;&nbsp;&nbsp;&nbsp;GGEZX |  |
| Small Cap Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GSCYX | &nbsp;&nbsp;&nbsp;&nbsp;GSCZX |  |
| International Equity Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GIIYX | &nbsp;&nbsp;&nbsp;&nbsp;GIIZX |  |
| International Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GIEYX | &nbsp;&nbsp;&nbsp;&nbsp;GIEZX |  |
| Emerging Markets Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GEMYX | &nbsp;&nbsp;&nbsp;&nbsp;GEMZX |  |
| Global Real Estate Securities Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GREYX | &nbsp;&nbsp;&nbsp;&nbsp;GREZX |  |
| Strategic Alternatives Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GFSYX | &nbsp;&nbsp;&nbsp;&nbsp;GFSZX |  |

---

------

**(This page intentionally left blank)**

------

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| [Abbreviations, Footnotes and Index Definitions](#xx_cc65bc7e-e9eb-4469-b53b-3d4fac578826_SHLD-TOCSection_1) | &nbsp;&nbsp; 2 |
| [Target Date Funds](#xx_cc65bc7e-e9eb-4469-b53b-3d4fac578826_SOITD-TargetDateFunds-TOCHeader_1) | &nbsp;&nbsp; 4 |
| [Financial Statements](#xx_cc65bc7e-e9eb-4469-b53b-3d4fac578826_FSTD-TargetDateFunds-FS-TOCHeader_1) | &nbsp;&nbsp; 12 |
| [Target Risk Funds](#xx_cc65bc7e-e9eb-4469-b53b-3d4fac578826_SOIAA-TargetRiskFunds-TOCHeader_1) | &nbsp;&nbsp; 21 |
| [Financial Statements](#xx_cc65bc7e-e9eb-4469-b53b-3d4fac578826_FSAA-TargetRiskFunds-FS-TOCHeader_1) | &nbsp;&nbsp; 25 |
| [Fixed Income Funds](#xx_cc65bc7e-e9eb-4469-b53b-3d4fac578826_SOIFI-FixedIncomeFunds-TOCHeader-2447_1) | &nbsp;&nbsp; 32 |
| [Money Market Fund](#xx_cc65bc7e-e9eb-4469-b53b-3d4fac578826_SOIFI-FixedIncomeFunds-TOCHeader-2447_1)  | &nbsp;&nbsp; 32 |
| [Low-Duration Bond Fund](#xx_cc65bc7e-e9eb-4469-b53b-3d4fac578826_SOIFI-FixedIncomeFunds-TOCHeader-2447_5)  | &nbsp;&nbsp; 36 |
| [Medium-Duration Bond Fund](#xx_cc65bc7e-e9eb-4469-b53b-3d4fac578826_SOIFI-FixedIncomeFunds-TOCHeader-2447_42)  | &nbsp;&nbsp; 73 |
| [Global Bond Fund](#xx_cc65bc7e-e9eb-4469-b53b-3d4fac578826_SOIFI-FixedIncomeFunds-TOCHeader-2447_111)  | &nbsp;&nbsp; 142 |
| [Impact Bond Fund](#xx_cc65bc7e-e9eb-4469-b53b-3d4fac578826_SOIFI-FixedIncomeFunds-TOCHeader-2447_153)  | &nbsp;&nbsp; 184 |
| [Financial Statements](#xx_cc65bc7e-e9eb-4469-b53b-3d4fac578826_FSFI-FixedIncome-FS-TOCHeader_2) | &nbsp;&nbsp; 190 |
| [Equity Funds](#xx_cc65bc7e-e9eb-4469-b53b-3d4fac578826_SOIE-EquityFunds-TOCHeader_1) | &nbsp;&nbsp; 199 |
| [Defensive Market Strategies](#xx_cc65bc7e-e9eb-4469-b53b-3d4fac578826_SOIE-EquityFunds-TOCHeader_1)<sup>®</sup>[Fund](#xx_cc65bc7e-e9eb-4469-b53b-3d4fac578826_SOIE-EquityFunds-TOCHeader_1)  | &nbsp;&nbsp; 199 |
| [Equity Index Fund](#xx_cc65bc7e-e9eb-4469-b53b-3d4fac578826_SOIE-EquityFunds-TOCHeader_7)  | &nbsp;&nbsp; 205 |
| [Value Equity Index Fund](#xx_cc65bc7e-e9eb-4469-b53b-3d4fac578826_SOIE-EquityFunds-TOCHeader_13)  | &nbsp;&nbsp; 211 |
| [Value Equity Fund](#xx_cc65bc7e-e9eb-4469-b53b-3d4fac578826_SOIE-EquityFunds-TOCHeader_22)  | &nbsp;&nbsp; 220 |
| [Growth Equity Index Fund](#xx_cc65bc7e-e9eb-4469-b53b-3d4fac578826_SOIE-EquityFunds-TOCHeader_25)  | &nbsp;&nbsp; 223 |
| [Growth Equity Fund](#xx_cc65bc7e-e9eb-4469-b53b-3d4fac578826_SOIE-EquityFunds-TOCHeader_30)  | &nbsp;&nbsp; 228 |
| [Small Cap Equity Fund](#xx_cc65bc7e-e9eb-4469-b53b-3d4fac578826_SOIE-EquityFunds-TOCHeader_33)  | &nbsp;&nbsp; 231 |
| [International Equity Index Fund](#xx_cc65bc7e-e9eb-4469-b53b-3d4fac578826_SOIE-EquityFunds-TOCHeader_42)  | &nbsp;&nbsp; 240 |
| [International Equity Fund](#xx_cc65bc7e-e9eb-4469-b53b-3d4fac578826_SOIE-EquityFunds-TOCHeader_49)  | &nbsp;&nbsp; 247 |
| [Emerging Markets Equity Fund](#xx_cc65bc7e-e9eb-4469-b53b-3d4fac578826_SOIE-EquityFunds-TOCHeader_60)  | &nbsp;&nbsp; 258 |
| [Financial Statements](#xx_cc65bc7e-e9eb-4469-b53b-3d4fac578826_FSE-Equity-FS-TOCHeader_2) | &nbsp;&nbsp; 270 |
| [Real Assets Fund](#xx_cc65bc7e-e9eb-4469-b53b-3d4fac578826_SOIRA-RealAssetFunds-TOCHeader_1) | &nbsp;&nbsp; 283 |
| [Financial Statements](#xx_cc65bc7e-e9eb-4469-b53b-3d4fac578826_FSRA-RealAsset-FS-TOCHeader_1) | &nbsp;&nbsp; 287 |
| [Alternatives Fund](#xx_cc65bc7e-e9eb-4469-b53b-3d4fac578826_SOIA-AlternativeFunds-TOCHeader_1) | &nbsp;&nbsp; 291 |
| [Financial Statements](#xx_cc65bc7e-e9eb-4469-b53b-3d4fac578826_FSA-Alternative-FS-TOCHeader_1) | &nbsp;&nbsp; 309 |
| [Notes to Financial Statements](#xx_cc65bc7e-e9eb-4469-b53b-3d4fac578826_NTF-NotestoFinancialStatements_1) | &nbsp;&nbsp; 313 |
| [Report of Independent Registered Public Accounting Firm](#xx_cc65bc7e-e9eb-4469-b53b-3d4fac578826_RPA-AuditReport-TOCHeader-477_1) | &nbsp;&nbsp; 364 |
| [Notice to Shareholders](#xx_cc65bc7e-e9eb-4469-b53b-3d4fac578826_NTS-NoticetoShareholders_1) | &nbsp;&nbsp; 366 |
| [Changes in and Disagreements with Accountants for Open-End Management](#xx_cc65bc7e-e9eb-4469-b53b-3d4fac578826_CAD-CAD-TOC_1)<br> [Investment Companies](#xx_cc65bc7e-e9eb-4469-b53b-3d4fac578826_CAD-CAD-TOC_1)<br>| &nbsp;&nbsp; 369 |
| [Proxy Disclosures for Open-End Management Investment Companies](#xx_cc65bc7e-e9eb-4469-b53b-3d4fac578826_PD-ProxyDisclosure-TOC_1) | &nbsp;&nbsp; 370 |
| [Remuneration Paid to Directors, Officers, and Others of Open-End Management](#xx_cc65bc7e-e9eb-4469-b53b-3d4fac578826_REMUN-Remuneration-TOC_1)<br> [Investment Companies (Unaudited)](#xx_cc65bc7e-e9eb-4469-b53b-3d4fac578826_REMUN-Remuneration-TOC_1)<br>| &nbsp;&nbsp; 371 |
| [Statement Regarding Basis for Approval of Investment Advisory Contract](#xx_cc65bc7e-e9eb-4469-b53b-3d4fac578826_AI-BoardReviewandApproval_1) | &nbsp;&nbsp; 372 |

---

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 |
| 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 |
| 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 |
| KOSPI | Korea Composite Stock Price Index |
| 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 |
| OBFR01 | Overnight Bank Funding Rate |
| 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 |
| 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 |
| SAFE | South African Futures Exchange |
| S.a.r.l. | Societa a responsabilita limitata |
| SAS | Societe par Actions Simplifiee |
| 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 |
| SSARON | Swiss Average Rate Overnight |
| STACR | Structured Agency Credit Risk |
| STEP | Stepped Coupon Bonds: Interest rates shown reflect the <br> rates currently in effect.<br>|
| STIBOR | Stockholm Interbank Offered Rate |

---

**2**

------

**ABBREVIATIONS, FOOTNOTES AND INDEX DEFINITIONS**

---

| | |
|:---|:---|
| STRIP | Stripped Security |
| TAIEX | Taiwan Stock Exchange Capitalization Weighted Stock <br> Index<br>|
| TBA | To be announced |
| Tbk | Terbuka |
| TIIE | The Equilibrium Interbank Interest Rate |
| 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 <br> December 31, 2025, the total market values and percentages <br> of net assets 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; $346800834 | 38.41<br> %<br>|
| Medium-Duration Bond | &nbsp;&nbsp; 953199561 | 26.55 |
| Global Bond | &nbsp;&nbsp; 182549527 | 25.89 |
| Impact Bond | &nbsp;&nbsp; 8612037 | 9.18 |
| Defensive Market Strategies<sup>®</sup> | &nbsp;&nbsp; 58054715 | 4.78 |
| International Equity Index | &nbsp;&nbsp; 13240066 | 0.81 |
| International Equity | &nbsp;&nbsp; 24162982 | 1.62 |
| Emerging Markets Equity | &nbsp;&nbsp; 27913373 | 2.99 |
| Global Real Estate Securities | &nbsp;&nbsp; 954928 | 0.31 |
| Strategic Alternatives | &nbsp;&nbsp; 10926767 | 3.86 |

---

---

| | |
|:---|:---|
| **INVESTMENT FOOTNOTES:** | **INVESTMENT FOOTNOTES:** |
| ~ | 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 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 December 31, 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 December 31, <br> 2025.<br>|
| ∞ | 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 December 31, 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> December 31, 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>|
| Φ | Amount rounds to less than $1. |

---

---

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

---

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

(KW) Par is denominated in South Korean Won (KRW).

(M) Par is denominated in Mexican Pesos (MXN).

(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).

(Z) Par is denominated in New Zealand Dollars (NZD).

(ZB) Par is denominated in Peruvian Sol (PEN).

(ZD) Par is denominated in Swiss Francs (CHF).

(ZE) Par is denominated in Czech Koruna (CZK).

(ZF) Par is denominated in Thai Baht (THB).

(ZG) Par is denominated in Hungarian Forint (HUF).

(ZI) Par is denominated in Iceland Krona (ISK).

---

| | | |
|:---|:---|:---|
| **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. |
| RBS |  | Counterparty to contract is Royal Bank of Scotland. |
| 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. |
| WB |  | Counterparty to contract is Westpac Bank. |

---

**3**

------

**MYDESTINATION 2015 FUND**

**SCHEDULE OF INVESTMENTS**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **MUTUAL FUNDS — 90.4%** | **MUTUAL FUNDS — 90.4%** | **MUTUAL FUNDS — 90.4%** |
| GuideStone Low-Duration Bond Fund <br> (Institutional Class)∞ | 5801180 | $75473351 |
| GuideStone Medium-Duration <br> Bond Fund <br> (Institutional Class)∞ | 19100470 | 247160083 |
| GuideStone Global Bond Fund <br> (Institutional Class)∞ | 4722379 | 41981944 |
| GuideStone Defensive Market <br> Strategies<sup>®</sup> Fund <br> (Institutional Class)∞ | 4644622 | 54481417 |
| GuideStone Equity Index Fund <br> (Institutional Class)∞ | 2053612 | 138413470 |
| GuideStone International Equity <br> Index Fund <br> (Institutional Class)∞ | 4454842 | 63436946 |
| GuideStone Small Cap Equity Fund <br> (Institutional Class)∞ | 527116 | 8982062 |
| GuideStone Emerging Markets <br> Equity Fund <br> (Institutional Class)∞ | 1161996 | 14304171 |
| GuideStone Global Real Estate <br> Securities Fund <br> (Institutional Class)∞ | 598222 | 5617302 |
| GuideStone Strategic <br> Alternatives Fund <br> (Institutional Class)∞ | 802959 | 7210573 |
| **Total Mutual Funds** <br> (Cost $610,625,022) | **Total Mutual Funds** <br> (Cost $610,625,022) | 657061319 |
| **MONEY MARKET FUNDS — 2.0%** | **MONEY MARKET FUNDS — 2.0%** | **MONEY MARKET FUNDS — 2.0%** |
| GuideStone Money Market Fund, <br> 3.69% <br> (Institutional Class)Ø∞ | 14966901 | 14966901 |
| Northern Institutional U.S. Treasury <br> Portfolio (Premier), 3.63%Ø | 44308 | 44308 |
| **Total Money Market Funds** <br> (Cost $15,011,209) | **Total Money Market Funds** <br> (Cost $15,011,209) | 15011209 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **U.S. TREASURY OBLIGATIONS — 7.5%** | **U.S. TREASURY OBLIGATIONS — 7.5%** | **U.S. TREASURY OBLIGATIONS — 7.5%** |
| U.S. Treasury <br> Inflationary Index <br> Bonds<br>|  |  |
| 3.88%, 04/15/29 | $10034834 | $10846520 |
| 0.13%, 07/15/30 | 576399 | 546006 |
| 3.38%, 04/15/32 | 2914967 | 3230724 |
| 0.75%, 02/15/42 | 748896 | 586244 |
| 0.63%, 02/15/43 | 4387908 | 3284117 |
| 0.75%, 02/15/45 | 733788 | 538103 |
| 1.00%, 02/15/48 | 1650364 | 1212627 |
| 0.13%, 02/15/51 | 2292978 | 1246610 |
| 1.50%, 02/15/53 | 747386 | 586230 |
| 2.13%, 02/15/54 | 411683 | 372091 |
| 2.38%, 02/15/55 | 576419 | 549946 |
|  |  | 22999218 |
| U.S. Treasury <br> Inflationary Index <br> Notes<br>|  |  |
| 0.13%, 07/15/26 | 4085385 | 4071441 |
| 0.38%, 07/15/27 | 5888704 | 5836699 |
| 0.25%, 07/15/29 | 2567475 | 2482359 |
| 1.63%, 10/15/29 | 1068369 | 1082663 |
| 0.13%, 01/15/30 | 2513478 | 2392639 |
| 1.63%, 04/15/30 | 2324312 | 2344477 |
| 0.63%, 07/15/32 | 4449202 | 4191163 |
| 1.38%, 07/15/33 | 1613800 | 1579632 |
| 1.75%, 01/15/34 | 782963 | 781815 |
| 1.88%, 07/15/34 | 2449070 | 2469350 |
| 2.13%, 01/15/35 | 3061840 | 3129191 |
| 1.88%, 07/15/35 | 1084360 | 1086094 |
|  |  | 31447523 |
| **Total U.S. Treasury Obligations** <br> (Cost $55,593,410) | **Total U.S. Treasury Obligations** <br> (Cost $55,593,410) | 54446741 |
| **TOTAL INVESTMENTS** — **99.9%** <br> (Cost $681,229,641) |  | 726519269 |
| **Other Assets in Excess of**<br> **Liabilities — 0.1%** |  | 413643 |
| **NET ASSETS — 100.0%** |  | $726932912 |

---

Futures Contracts outstanding at December 31, 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 | 03/2026 | &nbsp;&nbsp;&nbsp; 79 | &nbsp;&nbsp;&nbsp; $9867100 | &nbsp;&nbsp;&nbsp; $(219556)<br>|

---

**4**

See Notes to Financial Statements.

------

**VALUATION HIERARCHY**

The following is a summary of the inputs used, as of December 31, 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; $15011209 | &nbsp;&nbsp; $15011209 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Mutual Funds | &nbsp;&nbsp; 657061319 | &nbsp;&nbsp; 657061319 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| U.S. Treasury Obligations | &nbsp;&nbsp; 54446741 | &nbsp;&nbsp; — | &nbsp;&nbsp; 54446741 | &nbsp;&nbsp; — |
| **Total Assets - Investments in Securities** | &nbsp;&nbsp; $726519269 | &nbsp;&nbsp; $672072528 | &nbsp;&nbsp; $54446741 | &nbsp;&nbsp; $— |
| **Liabilities:** |  |  |  |  |
| **Other Financial Instruments\*\*\*** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; $(219556)<br>| &nbsp;&nbsp; $(219556)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| **Total Liabilities - Other Financial Instruments** | &nbsp;&nbsp; $(219556)<br>| &nbsp;&nbsp; $(219556)<br>| &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.

**5**

------

**MYDESTINATION 2025 FUND**

**SCHEDULE OF INVESTMENTS**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **MUTUAL FUNDS — 93.1%** | **MUTUAL FUNDS — 93.1%** | **MUTUAL FUNDS — 93.1%** |
| GuideStone Low-Duration Bond Fund <br> (Institutional Class)∞ | 8256943 | $107422831 |
| GuideStone Medium-Duration <br> Bond Fund <br> (Institutional Class)∞ | 52252278 | 676144472 |
| GuideStone Global Bond Fund <br> (Institutional Class)∞ | 13212484 | 117458982 |
| GuideStone Defensive Market <br> Strategies<sup>®</sup> Fund <br> (Institutional Class)∞ | 16763293 | 196633423 |
| GuideStone Equity Index Fund <br> (Institutional Class)∞ | 7397197 | 498571095 |
| GuideStone International Equity <br> Index Fund <br> (Institutional Class)∞ | 16295695 | 232050698 |
| GuideStone Small Cap Equity Fund <br> (Institutional Class)∞ | 2247934 | 38304797 |
| GuideStone Emerging Markets <br> Equity Fund <br> (Institutional Class)∞ | 4448704 | 54763542 |
| GuideStone Global Real Estate <br> Securities Fund <br> (Institutional Class)∞ | 2209630 | 20748423 |
| GuideStone Strategic <br> Alternatives Fund <br> (Institutional Class)∞ | 2314493 | 20784152 |
| **Total Mutual Funds** <br> (Cost $1,781,410,660) | **Total Mutual Funds** <br> (Cost $1,781,410,660) | 1962882415 |
| **MONEY MARKET FUNDS — 1.8%** | **MONEY MARKET FUNDS — 1.8%** | **MONEY MARKET FUNDS — 1.8%** |
| GuideStone Money Market Fund, <br> 3.69% <br> (Institutional Class)Ø∞ | 38611938 | 38611938 |
| Northern Institutional U.S. Treasury <br> Portfolio (Premier), 3.63%Ø | 62834 | 62834 |
| **Total Money Market Funds** <br> (Cost $38,674,772) | **Total Money Market Funds** <br> (Cost $38,674,772) | 38674772 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **U.S. TREASURY OBLIGATIONS — 5.0%** | **U.S. TREASURY OBLIGATIONS — 5.0%** | **U.S. TREASURY OBLIGATIONS — 5.0%** |
| U.S. Treasury <br> Inflationary Index <br> Bonds<br>|  |  |
| 3.88%, 04/15/29 | $19500653 | $21077998 |
| 0.13%, 07/15/30 | 1105925 | 1047611 |
| 3.38%, 04/15/32 | 5705503 | 6323540 |
| 0.75%, 02/15/42 | 1464731 | 1146607 |
| 0.63%, 02/15/43 | 8566734 | 6411747 |
| 0.75%, 02/15/45 | 1448265 | 1062045 |
| 1.00%, 02/15/48 | 3303362 | 2427190 |
| 0.13%, 02/15/51 | 4447480 | 2417935 |
| 1.50%, 02/15/53 | 1488217 | 1167318 |
| 2.13%, 02/15/54 | 820190 | 741312 |
| 2.38%, 02/15/55 | 1129164 | 1077305 |
|  |  | 44900608 |
| U.S. Treasury <br> Inflationary Index <br> Notes<br>|  |  |
| 0.13%, 07/15/26 | 7920092 | 7893058 |
| 0.38%, 07/15/27 | 11421564 | 11320696 |
| 0.25%, 07/15/29 | 5006703 | 4840723 |
| 1.63%, 10/15/29 | 2089254 | 2117208 |
| 0.13%, 01/15/30 | 4890615 | 4655492 |
| 1.63%, 04/15/30 | 4537407 | 4576773 |
| 0.63%, 07/15/32 | 8563037 | 8066409 |
| 1.38%, 07/15/33 | 3174128 | 3106924 |
| 1.75%, 01/15/34 | 1521547 | 1519316 |
| 1.88%, 07/15/34 | 4771857 | 4811370 |
| 2.13%, 01/15/35 | 5969302 | 6100607 |
| 1.88%, 07/15/35 | 2134328 | 2137741 |
|  |  | 61146317 |
| **Total U.S. Treasury Obligations** <br> (Cost $107,449,880) | **Total U.S. Treasury Obligations** <br> (Cost $107,449,880) | 106046925 |
| **TOTAL INVESTMENTS** — **99.9%** <br> (Cost $1,927,535,312) |  | 2107604112 |
| **Other Assets in Excess of**<br> **Liabilities — 0.1%** |  | 1578188 |
| **NET ASSETS — 100.0%** |  | $2109182300 |

---

Futures Contracts outstanding at December 31, 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 | 03/2026 | &nbsp;&nbsp;&nbsp; 237 | &nbsp;&nbsp;&nbsp; $29601300 | &nbsp;&nbsp;&nbsp; $(654138)<br>|

---

**6**

See Notes to Financial Statements.

------

**VALUATION HIERARCHY**

The following is a summary of the inputs used, as of December 31, 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; $38674772 | &nbsp;&nbsp; $38674772 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Mutual Funds | &nbsp;&nbsp; 1962882415 | &nbsp;&nbsp; 1962882415 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| U.S. Treasury Obligations | &nbsp;&nbsp; 106046925 | &nbsp;&nbsp; — | &nbsp;&nbsp; 106046925 | &nbsp;&nbsp; — |
| **Total Assets - Investments in Securities** | &nbsp;&nbsp; $2107604112 | &nbsp;&nbsp; $2001557187 | &nbsp;&nbsp; $106046925 | &nbsp;&nbsp; $— |
| **Liabilities:** |  |  |  |  |
| **Other Financial Instruments\*\*\*** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; $(654138)<br>| &nbsp;&nbsp; $(654138)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| **Total Liabilities - Other Financial Instruments** | &nbsp;&nbsp; $(654138)<br>| &nbsp;&nbsp; $(654138)<br>| &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.

**7**

------

**MYDESTINATION 2035 FUND**

**SCHEDULE OF INVESTMENTS**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **MUTUAL FUNDS — 97.6%** | **MUTUAL FUNDS — 97.6%** | **MUTUAL FUNDS — 97.6%** |
| GuideStone Low-Duration Bond Fund <br> (Institutional Class)∞ | 508135 | $6610834 |
| GuideStone Medium-Duration <br> Bond Fund <br> (Institutional Class)∞ | 44008381 | 569468448 |
| GuideStone Global Bond Fund <br> (Institutional Class)∞ | 15275446 | 135798720 |
| GuideStone Defensive Market <br> Strategies<sup>®</sup> Fund <br> (Institutional Class)∞ | 15630694 | 183348045 |
| GuideStone Equity Index Fund <br> (Institutional Class)∞ | 11988857 | 808048963 |
| GuideStone International Equity <br> Index Fund <br> (Institutional Class)∞ | 26759809 | 381059678 |
| GuideStone Small Cap Equity Fund <br> (Institutional Class)∞ | 4202652 | 71613185 |
| GuideStone Emerging Markets <br> Equity Fund <br> (Institutional Class)∞ | 7479944 | 92078118 |
| GuideStone Global Real Estate <br> Securities Fund <br> (Institutional Class)∞ | 3362384 | 31572783 |
| GuideStone Strategic <br> Alternatives Fund <br> (Institutional Class)∞ | 2594748 | 23300834 |
| **Total Mutual Funds** <br> (Cost $1,962,586,883) | **Total Mutual Funds** <br> (Cost $1,962,586,883) | 2302899608 |
| **MONEY MARKET FUNDS — 2.0%** | **MONEY MARKET FUNDS — 2.0%** | **MONEY MARKET FUNDS — 2.0%** |
| GuideStone Money Market Fund, <br> 3.69% <br> (Institutional Class)Ø∞ | 46265980 | 46265980 |
| Northern Institutional U.S. Treasury <br> Portfolio (Premier), 3.63%Ø | 3649 | 3649 |
| **Total Money Market Funds** <br> (Cost $46,269,629) | **Total Money Market Funds** <br> (Cost $46,269,629) | 46269629 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** |  |
| **U.S. TREASURY OBLIGATIONS — 0.3%** | **U.S. TREASURY OBLIGATIONS — 0.3%** | **U.S. TREASURY OBLIGATIONS — 0.3%** |
| U.S. Treasury <br> Inflationary Index <br> Bonds<br>|  |  |
| 3.88%, 04/15/29 | $1440322 | 1556825 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| 0.13%, 07/15/30 | $67141 | $63600 |
| 3.38%, 04/15/32 | 428187 | 474570 |
| 0.75%, 02/15/42 | 100619 | 78766 |
| 0.63%, 02/15/43 | 652677 | 488494 |
| 0.75%, 02/15/45 | 99310 | 72826 |
| 1.00%, 02/15/48 | 221278 | 162587 |
| 0.13%, 02/15/51 | 360539 | 196012 |
| 1.50%, 02/15/53 | 101618 | 79707 |
| 2.13%, 02/15/54 | 69848 | 63131 |
| 2.38%, 02/15/55 | 75140 | 71689 |
|  |  | 3308207 |
| U.S. Treasury <br> Inflationary Index <br> Notes<br>|  |  |
| 0.13%, 07/15/26 | 582659 | 580670 |
| 0.38%, 07/15/27 | 843140 | 835694 |
| 0.25%, 07/15/29 | 375852 | 363392 |
| 1.63%, 10/15/29 | 140385 | 142263 |
| 0.13%, 01/15/30 | 366102 | 348501 |
| 1.63%, 04/15/30 | 339770 | 342718 |
| 0.63%, 07/15/32 | 630490 | 593923 |
| 1.38%, 07/15/33 | 238487 | 233438 |
| 1.75%, 01/15/34 | 103550 | 103398 |
| 1.88%, 07/15/34 | 356078 | 359026 |
| 2.13%, 01/15/35 | 451814 | 461753 |
| 1.88%, 07/15/35 | 143637 | 143867 |
|  |  | 4508643 |
| **Total U.S. Treasury Obligations** <br> (Cost $7,808,544) | **Total U.S. Treasury Obligations** <br> (Cost $7,808,544) | 7816850 |
| **TOTAL INVESTMENTS** — **99.9%** <br> (Cost $2,016,665,056) |  | 2356986087 |
| **Other Assets in Excess of**<br> **Liabilities — 0.1%** |  | 2212761 |
| **NET ASSETS — 100.0%** |  | $2359198848 |

---

Futures Contracts outstanding at December 31, 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 | 03/2026 | &nbsp;&nbsp;&nbsp; 277 | &nbsp;&nbsp;&nbsp; $34597300 | &nbsp;&nbsp;&nbsp; $(768218)<br>|

---

**8**

See Notes to Financial Statements.

------

**VALUATION HIERARCHY**

The following is a summary of the inputs used, as of December 31, 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; $46269629 | &nbsp;&nbsp; $46269629 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Mutual Funds | &nbsp;&nbsp; 2302899608 | &nbsp;&nbsp; 2302899608 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| U.S. Treasury Obligations | &nbsp;&nbsp; 7816850 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7816850 | &nbsp;&nbsp; — |
| **Total Assets - Investments in Securities** | &nbsp;&nbsp; $2356986087 | &nbsp;&nbsp; $2349169237 | &nbsp;&nbsp; $7816850 | &nbsp;&nbsp; $— |
| **Liabilities:** |  |  |  |  |
| **Other Financial Instruments\*\*\*** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; $(768218)<br>| &nbsp;&nbsp; $(768218)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| **Total Liabilities - Other Financial Instruments** | &nbsp;&nbsp; $(768218)<br>| &nbsp;&nbsp; $(768218)<br>| &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.

**9**

------

**MYDESTINATION 2045 FUND**

**SCHEDULE OF INVESTMENTS**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **MUTUAL FUNDS — 97.9%** | **MUTUAL FUNDS — 97.9%** | **MUTUAL FUNDS — 97.9%** |
| GuideStone Medium-Duration <br> Bond Fund <br> (Institutional Class)∞ | 16698108 | $216073512 |
| GuideStone Global Bond Fund <br> (Institutional Class)∞ | 6065886 | 53925725 |
| GuideStone Defensive Market <br> Strategies<sup>®</sup> Fund <br> (Institutional Class)∞ | 6742645 | 79091226 |
| GuideStone Equity Index Fund <br> (Institutional Class)∞ | 14257853 | 960979311 |
| GuideStone International Equity <br> Index Fund <br> (Institutional Class)∞ | 32229429 | 458947073 |
| GuideStone Small Cap Equity Fund <br> (Institutional Class)∞ | 5590283 | 95258425 |
| GuideStone Emerging Markets <br> Equity Fund <br> (Institutional Class)∞ | 9078296 | 111753817 |
| GuideStone Global Real Estate <br> Securities Fund <br> (Institutional Class)∞ | 3727630 | 35002447 |
| **Total Mutual Funds** <br> (Cost $1,555,878,770) | **Total Mutual Funds** <br> (Cost $1,555,878,770) | 2011031536 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **MONEY MARKET FUNDS — 2.0%** | **MONEY MARKET FUNDS — 2.0%** | **MONEY MARKET FUNDS — 2.0%** |
| GuideStone Money Market Fund, <br> 3.69% <br> (Institutional Class)Ø∞ <br> (Cost $40,522,341) | 40522341 | $40522341 |
| **TOTAL INVESTMENTS** — **99.9%** <br> (Cost $1,596,401,111) |  | 2051553877 |
| **Other Assets in Excess of**<br> **Liabilities — 0.1%** |  | 1093404 |
| **NET ASSETS — 100.0%** |  | $2052647281 |

---

Futures Contracts outstanding at December 31, 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 | 03/2026 | &nbsp;&nbsp;&nbsp; 243 | &nbsp;&nbsp;&nbsp; $30350700 | &nbsp;&nbsp;&nbsp; $(674512)<br>|

---

**VALUATION HIERARCHY**

The following is a summary of the inputs used, as of December 31, 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; $40522341 | &nbsp;&nbsp; $40522341 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Mutual Funds | &nbsp;&nbsp; 2011031536 | &nbsp;&nbsp; 2011031536 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Total Assets - Investments in Securities** | &nbsp;&nbsp; $2051553877 | &nbsp;&nbsp; $2051553877 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| **Liabilities:** |  |  |  |  |
| **Other Financial Instruments\*\*\*** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; $(674512)<br>| &nbsp;&nbsp; $(674512)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| **Total Liabilities - Other Financial Instruments** | &nbsp;&nbsp; $(674512)<br>| &nbsp;&nbsp; $(674512)<br>| &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. 

**10**

See Notes to Financial Statements.

------

**MYDESTINATION 2055 FUND**

**SCHEDULE OF INVESTMENTS**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **MUTUAL FUNDS — 97.9%** | **MUTUAL FUNDS — 97.9%** | **MUTUAL FUNDS — 97.9%** |
| GuideStone Medium-Duration <br> Bond Fund <br> (Institutional Class)∞ | 4156989 | $53791433 |
| GuideStone Global Bond Fund <br> (Institutional Class)∞ | 1509568 | 13420057 |
| GuideStone Defensive Market <br> Strategies<sup>®</sup> Fund <br> (Institutional Class)∞ | 3460491 | 40591556 |
| GuideStone Equity Index Fund <br> (Institutional Class)∞ | 8548675 | 576180705 |
| GuideStone International Equity <br> Index Fund <br> (Institutional Class)∞ | 19278539 | 274526398 |
| GuideStone Small Cap Equity Fund <br> (Institutional Class)∞ | 3395097 | 57852463 |
| GuideStone Emerging Markets <br> Equity Fund <br> (Institutional Class)∞ | 5477951 | 67433577 |
| GuideStone Global Real Estate <br> Securities Fund <br> (Institutional Class)∞ | 2207068 | 20724370 |
| **Total Mutual Funds** <br> (Cost $859,994,045) | **Total Mutual Funds** <br> (Cost $859,994,045) | 1104520559 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **MONEY MARKET FUNDS — 2.1%** | **MONEY MARKET FUNDS — 2.1%** | **MONEY MARKET FUNDS — 2.1%** |
| GuideStone Money Market Fund, <br> 3.69% <br> (Institutional Class)Ø∞ <br> (Cost $23,281,251) | 23281251 | $23281251 |
| **TOTAL INVESTMENTS** — **100.0%** <br> (Cost $883,275,296) |  | 1127801810 |
| **Liabilities in Excess of Other**<br> **Assets — (0.0)%** |  | (250913)<br>|
| **NET ASSETS — 100.0%** |  | $1127550897 |

---

Futures Contracts outstanding at December 31, 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 | 03/2026 | &nbsp;&nbsp;&nbsp; 132 | &nbsp;&nbsp;&nbsp; $16486800 | &nbsp;&nbsp;&nbsp; $(367664)<br>|

---

**VALUATION HIERARCHY**

The following is a summary of the inputs used, as of December 31, 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; $23281251 | &nbsp;&nbsp; $23281251 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Mutual Funds | &nbsp;&nbsp; 1104520559 | &nbsp;&nbsp; 1104520559 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Total Assets - Investments in Securities** | &nbsp;&nbsp; $1127801810 | &nbsp;&nbsp; $1127801810 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| **Liabilities:** |  |  |  |  |
| **Other Financial Instruments\*\*\*** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; $(367664)<br>| &nbsp;&nbsp; $(367664)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| **Total Liabilities - Other Financial Instruments** | &nbsp;&nbsp; $(367664)<br>| &nbsp;&nbsp; $(367664)<br>| &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.

**11**

------

**STATEMENTS OF ASSETS AND LIABILITIES**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **MyDestination**<br> **2015 Fund**<br>| **MyDestination**<br> **2025 Fund**<br>|
| **Assets** |  |  |
| Investments in securities of unaffiliated issuers, at value | &nbsp;&nbsp; $54491049 | &nbsp;&nbsp; $106109759 |
| Investments in securities of affiliated issuers, at value | &nbsp;&nbsp; 672028220 | &nbsp;&nbsp; 2001494353 |
| Total investments, at value<sup>(1)</sup> <br>| &nbsp;&nbsp; 726519269 | &nbsp;&nbsp; 2107604112 |
| Cash | &nbsp;&nbsp; 715 | &nbsp;&nbsp; 4113 |
| Deposits with broker for futures contracts | &nbsp;&nbsp; 825000 | &nbsp;&nbsp; 2511001 |
| Receivables: |  |  |
| Dividends | &nbsp;&nbsp; 45015 | &nbsp;&nbsp; 121226 |
| Interest | &nbsp;&nbsp; 258203 | &nbsp;&nbsp; 503668 |
| From adviser | &nbsp;&nbsp; — | &nbsp;&nbsp; 20193 |
| Fund shares sold | &nbsp;&nbsp; 49127 | &nbsp;&nbsp; 222523 |
| Prepaid expenses and other assets | &nbsp;&nbsp; 23940 | &nbsp;&nbsp; 31339 |
| Total Assets | &nbsp;&nbsp; 727721269 | &nbsp;&nbsp; 2111018175 |
| **Liabilities** |  |  |
| Cash Overdraft | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Payables: |  |  |
| Investment securities purchased | &nbsp;&nbsp; 385000 | &nbsp;&nbsp; 180000 |
| Fund shares redeemed | &nbsp;&nbsp; 103591 | &nbsp;&nbsp; 870415 |
| Variation margin on futures contracts | &nbsp;&nbsp; 77290 | &nbsp;&nbsp; 233445 |
| Accrued expenses: |  |  |
| Investment advisory fees | &nbsp;&nbsp; 85040 | &nbsp;&nbsp; 219254 |
| Shareholder servicing fees | &nbsp;&nbsp; 88650 | &nbsp;&nbsp; 263482 |
| Director fees | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Other expenses | &nbsp;&nbsp; 48786 | &nbsp;&nbsp; 69279 |
| Total Liabilities | &nbsp;&nbsp; 788357 | &nbsp;&nbsp; 1835875 |
| Commitments and contingencies | &nbsp;&nbsp; — <br><sup>(2)</sup><br>| &nbsp;&nbsp; — <br><sup>(2)</sup><br>|
| **Net Assets** | &nbsp;&nbsp; $726932912 | &nbsp;&nbsp; $2109182300 |
| **Net Assets Consist of:** |  |  |
| Paid-in-capital | &nbsp;&nbsp; $699243951 | &nbsp;&nbsp; $1958533507 |
| Distributable earnings (loss) | &nbsp;&nbsp; 27688961 | &nbsp;&nbsp; 150648793 |
| **Net Assets** | &nbsp;&nbsp; $726932912 | &nbsp;&nbsp; $2109182300 |
| **Net Asset Value:** |  |  |
| $0.001 par value, unlimited shares authorized |  |  |
| Net assets applicable to the Institutional Class | &nbsp;&nbsp; $307263917 | &nbsp;&nbsp; $862364776 |
| Institutional shares outstanding | &nbsp;&nbsp; 29949172 | &nbsp;&nbsp; 79967149 |
| Net asset value, offering and redemption price per Institutional share | &nbsp;&nbsp; $10.26 | &nbsp;&nbsp; $10.78 |
| Net assets applicable to the Investor Class | &nbsp;&nbsp; $419668995 | &nbsp;&nbsp; $1246817524 |
| Investor shares outstanding | &nbsp;&nbsp; 40934128 | &nbsp;&nbsp; 115657901 |
| Net asset value, offering and redemption price per Investor share | &nbsp;&nbsp; $10.25 | &nbsp;&nbsp; $10.78 |
| <sup>(1)</sup>Investments in securities of unaffiliated issuers, at cost | &nbsp;&nbsp; $55637718 | &nbsp;&nbsp; $107512714 |
| Investments in securities of affiliated issuers, at cost | &nbsp;&nbsp; 625591923 | &nbsp;&nbsp; 1820022598 |
| Total investments, at cost | &nbsp;&nbsp; $681229641 | &nbsp;&nbsp; $1927535312 |
| <sup>(2)</sup>See Note 3c in Notes to Financial Statements. |  |  |

---

**12**

See Notes to Financial Statements.

------

---

| | | | |
|:---|:---|:---|:---|
| **MyDestination**<br> **2035 Fund**<br>| **MyDestination**<br> **2045 Fund**<br>| **MyDestination**<br> **2055 Fund**<br>| **MyDestination**<br> **2065 Fund**<br>|
| $7820499 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| 2349165588 | &nbsp;&nbsp;&nbsp;&nbsp; 2051553877 | &nbsp;&nbsp;&nbsp;&nbsp; 1127801810 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 2356986087 | &nbsp;&nbsp;&nbsp;&nbsp; 2051553877 | &nbsp;&nbsp;&nbsp;&nbsp; 1127801810 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;&nbsp;&nbsp; 40609 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 3047999 | &nbsp;&nbsp;&nbsp;&nbsp; 2644000 | &nbsp;&nbsp;&nbsp;&nbsp; 1434000 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 142955 | &nbsp;&nbsp;&nbsp;&nbsp; 125558 | &nbsp;&nbsp;&nbsp;&nbsp; 70208 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 37069 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 1103319 | &nbsp;&nbsp;&nbsp;&nbsp; 295773 | &nbsp;&nbsp;&nbsp;&nbsp; 400659 | &nbsp;&nbsp;&nbsp;&nbsp; 6000000 |
| 28461 | &nbsp;&nbsp;&nbsp;&nbsp; 26179 | &nbsp;&nbsp;&nbsp;&nbsp; 25191 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 2361345890 | &nbsp;&nbsp;&nbsp;&nbsp; 2054685996 | &nbsp;&nbsp;&nbsp;&nbsp; 1129731868 | &nbsp;&nbsp;&nbsp;&nbsp; 6000000 |
| 3452 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 1275000 | &nbsp;&nbsp;&nbsp;&nbsp; 1235000 | &nbsp;&nbsp;&nbsp;&nbsp; 1685000 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 78088 | &nbsp;&nbsp;&nbsp;&nbsp; 68529 | &nbsp;&nbsp;&nbsp;&nbsp; 69500 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 272845 | &nbsp;&nbsp;&nbsp;&nbsp; 239355 | &nbsp;&nbsp;&nbsp;&nbsp; 130020 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 152097 | &nbsp;&nbsp;&nbsp;&nbsp; 172966 | &nbsp;&nbsp;&nbsp;&nbsp; 94688 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 278041 | &nbsp;&nbsp;&nbsp;&nbsp; 238515 | &nbsp;&nbsp;&nbsp;&nbsp; 127716 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp;&nbsp; 86 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 87519 | &nbsp;&nbsp;&nbsp;&nbsp; 84332 | &nbsp;&nbsp;&nbsp;&nbsp; 73961 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 2147042 | &nbsp;&nbsp;&nbsp;&nbsp; 2038715 | &nbsp;&nbsp;&nbsp;&nbsp; 2180971 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| — <br><sup>(2)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(2)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(2)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(2)</sup><br>|
| $2359198848 | &nbsp;&nbsp;&nbsp;&nbsp; $2052647281 | &nbsp;&nbsp;&nbsp;&nbsp; $1127550897 | &nbsp;&nbsp;&nbsp;&nbsp; $6000000 |
| $2027759209 | &nbsp;&nbsp;&nbsp;&nbsp; $1593692119 | &nbsp;&nbsp;&nbsp;&nbsp; $876143712 | &nbsp;&nbsp;&nbsp;&nbsp; $6000000 |
| 331439639 | &nbsp;&nbsp;&nbsp;&nbsp; 458955162 | &nbsp;&nbsp;&nbsp;&nbsp; 251407185 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| $2359198848 | &nbsp;&nbsp;&nbsp;&nbsp; $2052647281 | &nbsp;&nbsp;&nbsp;&nbsp; $1127550897 | &nbsp;&nbsp;&nbsp;&nbsp; $6000000 |
| $1039547740 | &nbsp;&nbsp;&nbsp;&nbsp; $921855240 | &nbsp;&nbsp;&nbsp;&nbsp; $520344722 | &nbsp;&nbsp;&nbsp;&nbsp; $3000000 |
| 87222917 | &nbsp;&nbsp;&nbsp;&nbsp; 70017070 | &nbsp;&nbsp;&nbsp;&nbsp; 26546762 | &nbsp;&nbsp;&nbsp;&nbsp; 300000 |
| $11.92 | &nbsp;&nbsp;&nbsp;&nbsp; $13.17 | &nbsp;&nbsp;&nbsp;&nbsp; $19.60 | &nbsp;&nbsp;&nbsp;&nbsp; $10.00 |
| $1319651108 | &nbsp;&nbsp;&nbsp;&nbsp; $1130792041 | &nbsp;&nbsp;&nbsp;&nbsp; $607206175 | &nbsp;&nbsp;&nbsp;&nbsp; $3000000 |
| 110931278 | &nbsp;&nbsp;&nbsp;&nbsp; 86117592 | &nbsp;&nbsp;&nbsp;&nbsp; 31112077 | &nbsp;&nbsp;&nbsp;&nbsp; 300000 |
| $11.90 | &nbsp;&nbsp;&nbsp;&nbsp; $13.13 | &nbsp;&nbsp;&nbsp;&nbsp; $19.52 | &nbsp;&nbsp;&nbsp;&nbsp; $10.00 |
| $7812193 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| 2008852863 | &nbsp;&nbsp;&nbsp;&nbsp; 1596401111 | &nbsp;&nbsp;&nbsp;&nbsp; 883275296 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| $2016665056 | &nbsp;&nbsp;&nbsp;&nbsp; $1596401111 | &nbsp;&nbsp;&nbsp;&nbsp; $883275296 | &nbsp;&nbsp;&nbsp;&nbsp; $— |

---

See Notes to Financial Statements.

**13**

------

**STATEMENTS OF OPERATIONS**

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

---

| | | |
|:---|:---|:---|
|  | **MyDestination**<br> **2015 Fund**<br>| **MyDestination**<br> **2025 Fund**<br>|
| **Investment Income** |  |  |
| Dividends | &nbsp;&nbsp; $1581 | &nbsp;&nbsp; $4865 |
| Income distributions received from affiliated funds | &nbsp;&nbsp; 22121135 | &nbsp;&nbsp; 60362408 |
| Interest | &nbsp;&nbsp; 2325054 | &nbsp;&nbsp; 4329755 |
| Total Investment Income | &nbsp;&nbsp; 24447770 | &nbsp;&nbsp; 64697028 |
| **Expenses** |  |  |
| Investment advisory fees | &nbsp;&nbsp; 715447 | &nbsp;&nbsp; 2026436 |
| Transfer agent fees: |  |  |
| Institutional shares | &nbsp;&nbsp; 9094 | &nbsp;&nbsp; 9134 |
| Investor shares | &nbsp;&nbsp; 36389 | &nbsp;&nbsp; 41824 |
| Custodian fees | &nbsp;&nbsp; 12012 | &nbsp;&nbsp; 24303 |
| Shareholder servicing fees: |  |  |
| Investor shares | &nbsp;&nbsp; 1027470 | &nbsp;&nbsp; 2980594 |
| Accounting and administration fees | &nbsp;&nbsp; 52683 | &nbsp;&nbsp; 90038 |
| Professional fees | &nbsp;&nbsp; 107487 | &nbsp;&nbsp; 107162 |
| Blue sky fees: |  |  |
| Institutional shares | &nbsp;&nbsp; 17219 | &nbsp;&nbsp; 17219 |
| Investor shares | &nbsp;&nbsp; 17344 | &nbsp;&nbsp; 21340 |
| Shareholder reporting fees: |  |  |
| Institutional shares | &nbsp;&nbsp; 1508 | &nbsp;&nbsp; 3217 |
| Investor shares | &nbsp;&nbsp; 16513 | &nbsp;&nbsp; 26560 |
| Directors expenses | &nbsp;&nbsp; 16332 | &nbsp;&nbsp; 43414 |
| Line of credit facility fees | &nbsp;&nbsp; 2523 | &nbsp;&nbsp; 6166 |
| Index license fees | &nbsp;&nbsp; 21225 | &nbsp;&nbsp; 25609 |
| Other expenses | &nbsp;&nbsp; 27582 | &nbsp;&nbsp; 61951 |
| Recoupment of prior expenses reduced by the Adviser | &nbsp;&nbsp; 19825 | &nbsp;&nbsp; 78282 |
| Total Expenses | &nbsp;&nbsp; 2100653 | &nbsp;&nbsp; 5563249 |
| Expenses waived/reimbursed<sup>(1)</sup> <br>| &nbsp;&nbsp; (245698)<br>| &nbsp;&nbsp; (414421)<br>|
| Net Expenses | &nbsp;&nbsp; 1854955 | &nbsp;&nbsp; 5148828 |
| **Net Investment Income** | &nbsp;&nbsp; 22592815 | &nbsp;&nbsp; 59548200 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Capital gain distributions received from affiliated funds | &nbsp;&nbsp; 7354039 | &nbsp;&nbsp; 26693900 |
| Net realized gain on investment securities of affiliated issuers | &nbsp;&nbsp; 5240496 | &nbsp;&nbsp; 28607923 |
| Net realized gain (loss) on investment securities of unaffiliated issuers | &nbsp;&nbsp; (425326)<br>| &nbsp;&nbsp; (457681)<br>|
| Net realized gain (loss) on futures transactions | &nbsp;&nbsp; 275056 | &nbsp;&nbsp; 776716 |
| Net realized gain | &nbsp;&nbsp; 12444265 | &nbsp;&nbsp; 55620858 |
| Change in unrealized appreciation (depreciation) on investment securities of affiliated issuers | &nbsp;&nbsp; 42598881 | &nbsp;&nbsp; 128011883 |
| Change in unrealized appreciation (depreciation) on investment securities of unaffiliated issuers | &nbsp;&nbsp; 1587702 | &nbsp;&nbsp; 2331683 |
| Change in unrealized appreciation (depreciation) on futures | &nbsp;&nbsp; (219556)<br>| &nbsp;&nbsp; (654138)<br>|
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 43967027 | &nbsp;&nbsp; 129689428 |
| **Net Realized and Unrealized Gain** | &nbsp;&nbsp; 56411292 | &nbsp;&nbsp; 185310286 |
| **Net Increase in Net Assets Resulting from Operations** | &nbsp;&nbsp; $79004107 | &nbsp;&nbsp; $244858486 |

---

<sup>(1)</sup> See Note 3c in Notes to Financial Statements.

**14**

See Notes to Financial Statements.

------

---

| | | | |
|:---|:---|:---|:---|
| **MyDestination**<br> **2035 Fund**<br>| **MyDestination**<br> **2045 Fund**<br>| **MyDestination**<br> **2055 Fund**<br>| **MyDestination**<br> **2065 Fund\***<br>|
| $1313 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $609 | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| 60977459 | &nbsp;&nbsp;&nbsp;&nbsp; 45517511 | &nbsp;&nbsp;&nbsp;&nbsp; 23266461 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 169454 | &nbsp;&nbsp;&nbsp;&nbsp; 20365 | &nbsp;&nbsp;&nbsp;&nbsp; 10878 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 61148226 | &nbsp;&nbsp;&nbsp;&nbsp; 45537876 | &nbsp;&nbsp;&nbsp;&nbsp; 23277948 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 2147441 | &nbsp;&nbsp;&nbsp;&nbsp; 1813328 | &nbsp;&nbsp;&nbsp;&nbsp; 958123 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 9183 | &nbsp;&nbsp;&nbsp;&nbsp; 9158 | &nbsp;&nbsp;&nbsp;&nbsp; 9151 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 41434 | &nbsp;&nbsp;&nbsp;&nbsp; 39813 | &nbsp;&nbsp;&nbsp;&nbsp; 40011 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 27367 | &nbsp;&nbsp;&nbsp;&nbsp; 22517 | &nbsp;&nbsp;&nbsp;&nbsp; 14387 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 3020414 | &nbsp;&nbsp;&nbsp;&nbsp; 2515996 | &nbsp;&nbsp;&nbsp;&nbsp; 1300433 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 91977 | &nbsp;&nbsp;&nbsp;&nbsp; 82154 | &nbsp;&nbsp;&nbsp;&nbsp; 57337 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 107157 | &nbsp;&nbsp;&nbsp;&nbsp; 107251 | &nbsp;&nbsp;&nbsp;&nbsp; 107632 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 17219 | &nbsp;&nbsp;&nbsp;&nbsp; 17218 | &nbsp;&nbsp;&nbsp;&nbsp; 17286 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 19589 | &nbsp;&nbsp;&nbsp;&nbsp; 18417 | &nbsp;&nbsp;&nbsp;&nbsp; 18129 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 4824 | &nbsp;&nbsp;&nbsp;&nbsp; 5609 | &nbsp;&nbsp;&nbsp;&nbsp; 8696 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 25163 | &nbsp;&nbsp;&nbsp;&nbsp; 23492 | &nbsp;&nbsp;&nbsp;&nbsp; 23421 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 45074 | &nbsp;&nbsp;&nbsp;&nbsp; 37844 | &nbsp;&nbsp;&nbsp;&nbsp; 20760 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 5436 | &nbsp;&nbsp;&nbsp;&nbsp; 4288 | &nbsp;&nbsp;&nbsp;&nbsp; 2430 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 24844 | &nbsp;&nbsp;&nbsp;&nbsp; 23432 | &nbsp;&nbsp;&nbsp;&nbsp; 22862 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 78251 | &nbsp;&nbsp;&nbsp;&nbsp; 70407 | &nbsp;&nbsp;&nbsp;&nbsp; 53508 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 56102 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 5665373 | &nbsp;&nbsp;&nbsp;&nbsp; 4790924 | &nbsp;&nbsp;&nbsp;&nbsp; 2710268 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| (318959)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 5346414 | &nbsp;&nbsp;&nbsp;&nbsp; 4790924 | &nbsp;&nbsp;&nbsp;&nbsp; 2710268 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 55801812 | &nbsp;&nbsp;&nbsp;&nbsp; 40746952 | &nbsp;&nbsp;&nbsp;&nbsp; 20567680 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 33098854 | &nbsp;&nbsp;&nbsp;&nbsp; 28927564 | &nbsp;&nbsp;&nbsp;&nbsp; 16771466 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 30170593 | &nbsp;&nbsp;&nbsp;&nbsp; 12088247 | &nbsp;&nbsp;&nbsp;&nbsp; 5698564 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 2953 | &nbsp;&nbsp;&nbsp;&nbsp; 2443 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| (754196)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (517437)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (227423)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| 62518204 | &nbsp;&nbsp;&nbsp;&nbsp; 40500817 | &nbsp;&nbsp;&nbsp;&nbsp; 22242607 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 194753308 | &nbsp;&nbsp;&nbsp;&nbsp; 229217395 | &nbsp;&nbsp;&nbsp;&nbsp; 129039963 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 8306 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| (445968)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (409967)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (232319)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| 194315646 | &nbsp;&nbsp;&nbsp;&nbsp; 228807428 | &nbsp;&nbsp;&nbsp;&nbsp; 128807644 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 256833850 | &nbsp;&nbsp;&nbsp;&nbsp; 269308245 | &nbsp;&nbsp;&nbsp;&nbsp; 151050251 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| $312635662 | &nbsp;&nbsp;&nbsp;&nbsp; $310055197 | &nbsp;&nbsp;&nbsp;&nbsp; $171617931 | &nbsp;&nbsp;&nbsp;&nbsp; $— |

---

\* For the one day ended December 31, 2025 (Commencement of Operations).

See Notes to Financial Statements.

**15**

------

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **MyDestination 2015 Fund** | **MyDestination 2015 Fund** | **MyDestination 2025 Fund** | **MyDestination 2025 Fund** |
|  | **For the Year Ended** | **For the Year Ended** | **For the Year Ended** | **For the Year Ended** |
|  | **12/31/25** | **12/31/24** | **12/31/25** | **12/31/24** |
| **Operations:** |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; $22592815 | &nbsp;&nbsp;&nbsp;&nbsp; $21518401 | &nbsp;&nbsp;&nbsp;&nbsp; $59548200 | &nbsp;&nbsp;&nbsp;&nbsp; $53833460 |
| Net realized gain on investment securities <br> and futures transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12444265 | &nbsp;&nbsp;&nbsp;&nbsp; 16555639 | &nbsp;&nbsp;&nbsp;&nbsp; 55620858 | &nbsp;&nbsp;&nbsp;&nbsp; 82365107 |
| Net change in unrealized appreciation <br> (depreciation) on investment securities <br> and futures<br>| &nbsp;&nbsp;&nbsp;&nbsp; 43967027 | &nbsp;&nbsp;&nbsp;&nbsp; 14031903 | &nbsp;&nbsp;&nbsp;&nbsp; 129689428 | &nbsp;&nbsp;&nbsp;&nbsp; 22944234 |
| Net increase in net assets resulting from <br> operations<br>| &nbsp;&nbsp;&nbsp;&nbsp; 79004107 | &nbsp;&nbsp;&nbsp;&nbsp; 52105943 | &nbsp;&nbsp;&nbsp;&nbsp; 244858486 | &nbsp;&nbsp;&nbsp;&nbsp; 159142801 |
| **Distributions to Shareholders:** |  |  |  |  |
| Distributions paid |  |  |  |  |
| Institutional shares | &nbsp;&nbsp;&nbsp;&nbsp; (17443601)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (18424944)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (55326440)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (57481804)<br>|
| Investor shares | &nbsp;&nbsp;&nbsp;&nbsp; (22764116)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (24687042)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (77601748)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (83214955)<br>|
| Return of capital |  |  |  |  |
| Institutional shares | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Investor shares | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp;&nbsp;&nbsp; (40207717)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (43111986)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (132928188)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (140696759)<br>|
| **Capital Share Transactions:** |  |  |  |  |
| Proceeds from shares sold |  |  |  |  |
| Institutional shares | &nbsp;&nbsp;&nbsp;&nbsp; 19034014 | &nbsp;&nbsp;&nbsp;&nbsp; 77396502 | &nbsp;&nbsp;&nbsp;&nbsp; 69394998 | &nbsp;&nbsp;&nbsp;&nbsp; 106716622 |
| Investor shares | &nbsp;&nbsp;&nbsp;&nbsp; 21697066 | &nbsp;&nbsp;&nbsp;&nbsp; 27672560 | &nbsp;&nbsp;&nbsp;&nbsp; 80997884 | &nbsp;&nbsp;&nbsp;&nbsp; 121151255 |
| Reinvestment of dividends and distributions |  |  |  |  |
| Institutional shares | &nbsp;&nbsp;&nbsp;&nbsp; 17443601 | &nbsp;&nbsp;&nbsp;&nbsp; 18424944 | &nbsp;&nbsp;&nbsp;&nbsp; 55326440 | &nbsp;&nbsp;&nbsp;&nbsp; 57481804 |
| Investor shares | &nbsp;&nbsp;&nbsp;&nbsp; 22763325 | &nbsp;&nbsp;&nbsp;&nbsp; 24685609 | &nbsp;&nbsp;&nbsp;&nbsp; 77599842 | &nbsp;&nbsp;&nbsp;&nbsp; 83214713 |
| Total proceeds from shares sold and reinvested | &nbsp;&nbsp;&nbsp;&nbsp; 80938006 | &nbsp;&nbsp;&nbsp;&nbsp; 148179615 | &nbsp;&nbsp;&nbsp;&nbsp; 283319164 | &nbsp;&nbsp;&nbsp;&nbsp; 368564394 |
| Value of shares redeemed |  |  |  |  |
| Institutional shares | &nbsp;&nbsp;&nbsp;&nbsp; (36536152)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (51430228)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (76171270)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (83759750)<br>|
| Investor shares | &nbsp;&nbsp;&nbsp;&nbsp; (54160989)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (75528505)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (135709632)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (149777312)<br>|
| Total value of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (90697141)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (126958733)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (211880902)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (233537062)<br>|
| Net increase (decrease) from capital share <br> transactions<sup>(1)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; (9759135)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 21220882 | &nbsp;&nbsp;&nbsp;&nbsp; 71438262 | &nbsp;&nbsp;&nbsp;&nbsp; 135027332 |
| Total increase in net assets | &nbsp;&nbsp;&nbsp;&nbsp; 29037255 | &nbsp;&nbsp;&nbsp;&nbsp; 30214839 | &nbsp;&nbsp;&nbsp;&nbsp; 183368560 | &nbsp;&nbsp;&nbsp;&nbsp; 153473374 |
| **Net Assets:** |  |  |  |  |
| Beginning of Year | &nbsp;&nbsp;&nbsp;&nbsp; 697895657 | &nbsp;&nbsp;&nbsp;&nbsp; 667680818 | &nbsp;&nbsp;&nbsp;&nbsp; 1925813740 | &nbsp;&nbsp;&nbsp;&nbsp; 1772340366 |
| End of Year | &nbsp;&nbsp;&nbsp;&nbsp; $726932912 | &nbsp;&nbsp;&nbsp;&nbsp; $697895657 | &nbsp;&nbsp;&nbsp;&nbsp; $2109182300 | &nbsp;&nbsp;&nbsp;&nbsp; $1925813740 |

---

<sup>(1)</sup> See Note 6 in Notes to Financial Statements.

**16**

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 Year Ended** | **For the Year Ended** | **For the Year Ended** | **For the Year Ended** | **For the Year Ended** | **For the Year Ended** |
| **12/31/25** | **12/31/24** | **12/31/25** | **12/31/24** | **12/31/25** | **12/31/24** |
| $55801812 | &nbsp;&nbsp;&nbsp;&nbsp; $44225834 | &nbsp;&nbsp;&nbsp;&nbsp; $40746952 | &nbsp;&nbsp;&nbsp;&nbsp; $28883666 | &nbsp;&nbsp;&nbsp;&nbsp; $20567680 | &nbsp;&nbsp;&nbsp;&nbsp; $13084253 |
| 62518204 | &nbsp;&nbsp;&nbsp;&nbsp; 88121165 | &nbsp;&nbsp;&nbsp;&nbsp; 40500817 | &nbsp;&nbsp;&nbsp;&nbsp; 67075874 | &nbsp;&nbsp;&nbsp;&nbsp; 22242607 | &nbsp;&nbsp;&nbsp;&nbsp; 25639710 |
| 194315646 | &nbsp;&nbsp;&nbsp;&nbsp; 63301632 | &nbsp;&nbsp;&nbsp;&nbsp; 228807428 | &nbsp;&nbsp;&nbsp;&nbsp; 97355524 | &nbsp;&nbsp;&nbsp;&nbsp; 128807644 | &nbsp;&nbsp;&nbsp;&nbsp; 59507742 |
| 312635662 | &nbsp;&nbsp;&nbsp;&nbsp; 195648631 | &nbsp;&nbsp;&nbsp;&nbsp; 310055197 | &nbsp;&nbsp;&nbsp;&nbsp; 193315064 | &nbsp;&nbsp;&nbsp;&nbsp; 171617931 | &nbsp;&nbsp;&nbsp;&nbsp; 98231705 |
| (58362988)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (59580596)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (41567897)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (41534001)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (19999330)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (16578341)<br>|
| (71605644)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (74346444)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (49151570)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (50630709)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (22482449)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (19166142)<br>|
| (129968632)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (133927040)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (90719467)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (92164710)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (42481779)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (35744483)<br>|
| 93164977 | &nbsp;&nbsp;&nbsp;&nbsp; 113434711 | &nbsp;&nbsp;&nbsp;&nbsp; 89303014 | &nbsp;&nbsp;&nbsp;&nbsp; 95692913 | &nbsp;&nbsp;&nbsp;&nbsp; 81831938 | &nbsp;&nbsp;&nbsp;&nbsp; 73528040 |
| 119029028 | &nbsp;&nbsp;&nbsp;&nbsp; 141440717 | &nbsp;&nbsp;&nbsp;&nbsp; 107967835 | &nbsp;&nbsp;&nbsp;&nbsp; 105304245 | &nbsp;&nbsp;&nbsp;&nbsp; 94286534 | &nbsp;&nbsp;&nbsp;&nbsp; 83713610 |
| 58362988 | &nbsp;&nbsp;&nbsp;&nbsp; 59580596 | &nbsp;&nbsp;&nbsp;&nbsp; 41567897 | &nbsp;&nbsp;&nbsp;&nbsp; 41534001 | &nbsp;&nbsp;&nbsp;&nbsp; 19999330 | &nbsp;&nbsp;&nbsp;&nbsp; 16578341 |
| 71602412 | &nbsp;&nbsp;&nbsp;&nbsp; 74346236 | &nbsp;&nbsp;&nbsp;&nbsp; 49143751 | &nbsp;&nbsp;&nbsp;&nbsp; 50630451 | &nbsp;&nbsp;&nbsp;&nbsp; 22481760 | &nbsp;&nbsp;&nbsp;&nbsp; 19166038 |
| 342159405 | &nbsp;&nbsp;&nbsp;&nbsp; 388802260 | &nbsp;&nbsp;&nbsp;&nbsp; 287982497 | &nbsp;&nbsp;&nbsp;&nbsp; 293161610 | &nbsp;&nbsp;&nbsp;&nbsp; 218599562 | &nbsp;&nbsp;&nbsp;&nbsp; 192986029 |
| (46541444)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (44842532)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (21957545)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (27420394)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (11350221)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (13132157)<br>|
| (82635167)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (87922190)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (52735126)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (60945416)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (28324795)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (31716478)<br>|
| (129176611)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (132764722)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (74692671)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (88365810)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (39675016)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (44848635)<br>|
| 212982794 | &nbsp;&nbsp;&nbsp;&nbsp; 256037538 | &nbsp;&nbsp;&nbsp;&nbsp; 213289826 | &nbsp;&nbsp;&nbsp;&nbsp; 204795800 | &nbsp;&nbsp;&nbsp;&nbsp; 178924546 | &nbsp;&nbsp;&nbsp;&nbsp; 148137394 |
| 395649824 | &nbsp;&nbsp;&nbsp;&nbsp; 317759129 | &nbsp;&nbsp;&nbsp;&nbsp; 432625556 | &nbsp;&nbsp;&nbsp;&nbsp; 305946154 | &nbsp;&nbsp;&nbsp;&nbsp; 308060698 | &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 |
| $2359198848 | &nbsp;&nbsp;&nbsp;&nbsp; $1963549024 | &nbsp;&nbsp;&nbsp;&nbsp; $2052647281 | &nbsp;&nbsp;&nbsp;&nbsp; $1620021725 | &nbsp;&nbsp;&nbsp;&nbsp; $1127550897 | &nbsp;&nbsp;&nbsp;&nbsp; $819490199 |

---

See Notes to Financial Statements.

**17**

------

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | |
|:---|:---|
|  | **MyDestination 2065 Fund** |
|  | **For the Period Ended** |
|  | **12/31/25\*** |
| **Operations:** |  |
| **Distributions to Shareholders:** |  |
| Distributions paid |  |
| Institutional shares | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Investor shares | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Return of capital |  |
| Institutional shares | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Investor shares | &nbsp;&nbsp;&nbsp;&nbsp; — |
| **Capital Share Transactions:** |  |
| Proceeds from shares sold |  |
| Institutional shares | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 |
| Investor shares | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 |
| Reinvestment of dividends and distributions |  |
| Institutional shares | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Investor shares | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total proceeds from shares sold and reinvested | &nbsp;&nbsp;&nbsp;&nbsp; 6000000 |
| Net increase from capital share transactions | &nbsp;&nbsp;&nbsp;&nbsp; 6000000 |
| Total increase in net assets | &nbsp;&nbsp;&nbsp;&nbsp; 6000000 |
| **Net Assets:** |  |
| Beginning of Period | &nbsp;&nbsp;&nbsp;&nbsp; — |
| End of Period | &nbsp;&nbsp;&nbsp;&nbsp; $6000000 |

---

\* For the one day ended December 31, 2025 (Commencement of Operations).

**18**

See Notes to Financial Statements.

------

**FINANCIAL HIGHLIGHTS** 

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *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 Year**<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> **Year**<br>| **Total**<br> **Return**<br>| **Net Assets,**<br> **End of Year**<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 | &nbsp;&nbsp;&nbsp; $9.71 | &nbsp;&nbsp;&nbsp; $0.34 | &nbsp;&nbsp;&nbsp; $0.82 | &nbsp;&nbsp;&nbsp; $1.16 | &nbsp;&nbsp;&nbsp; $(0.39)<br>| &nbsp;&nbsp;&nbsp; $(0.22)<br>| &nbsp;&nbsp;&nbsp; $(0.61)<br>| &nbsp;&nbsp;&nbsp; $10.26 | &nbsp;&nbsp;&nbsp;&nbsp; 11.94<br> %<br>| &nbsp;&nbsp;&nbsp; $307264 | &nbsp;&nbsp;&nbsp;&nbsp; 0.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.14<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.35<br> %<br>| &nbsp;&nbsp;&nbsp; 25<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 |
| **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 | &nbsp;&nbsp;&nbsp; $9.71 | &nbsp;&nbsp;&nbsp; $0.31 | &nbsp;&nbsp;&nbsp; $0.81 | &nbsp;&nbsp;&nbsp; $1.12 | &nbsp;&nbsp;&nbsp; $(0.36)<br>| &nbsp;&nbsp;&nbsp; $(0.22)<br>| &nbsp;&nbsp;&nbsp; $(0.58)<br>| &nbsp;&nbsp;&nbsp; $10.25 | &nbsp;&nbsp;&nbsp;&nbsp; 11.55<br> %<br>| &nbsp;&nbsp;&nbsp; $419669 | &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.05<br> %<br>| &nbsp;&nbsp;&nbsp; 25<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 |
| **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 | &nbsp;&nbsp;&nbsp; $10.17 | &nbsp;&nbsp;&nbsp; $0.34 | &nbsp;&nbsp;&nbsp; $0.99 | &nbsp;&nbsp;&nbsp; $1.33 | &nbsp;&nbsp;&nbsp; $(0.38)<br>| &nbsp;&nbsp;&nbsp; $(0.34)<br>| &nbsp;&nbsp;&nbsp; $(0.72)<br>| &nbsp;&nbsp;&nbsp; $10.78 | &nbsp;&nbsp;&nbsp;&nbsp; 13.19<br> %<br>| &nbsp;&nbsp;&nbsp; $862365 | &nbsp;&nbsp;&nbsp;&nbsp; 0.08<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.12<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.16<br> %<br>| &nbsp;&nbsp;&nbsp; 24<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 |
| **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 | &nbsp;&nbsp;&nbsp; $10.18 | &nbsp;&nbsp;&nbsp; $0.31 | &nbsp;&nbsp;&nbsp; $0.99 | &nbsp;&nbsp;&nbsp; $1.30 | &nbsp;&nbsp;&nbsp; $(0.36)<br>| &nbsp;&nbsp;&nbsp; $(0.34)<br>| &nbsp;&nbsp;&nbsp; $(0.70)<br>| &nbsp;&nbsp;&nbsp; $10.78 | &nbsp;&nbsp;&nbsp;&nbsp; 12.81<br> %<br>| &nbsp;&nbsp;&nbsp; $1246817 | &nbsp;&nbsp;&nbsp;&nbsp; 0.38<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.38<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.85<br> %<br>| &nbsp;&nbsp;&nbsp; 24<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 |
| **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 | &nbsp;&nbsp;&nbsp; $10.91 | &nbsp;&nbsp;&nbsp; $0.32 | &nbsp;&nbsp;&nbsp; $1.39 | &nbsp;&nbsp;&nbsp; $1.71 | &nbsp;&nbsp;&nbsp; $(0.36)<br>| &nbsp;&nbsp;&nbsp; $(0.34)<br>| &nbsp;&nbsp;&nbsp; $(0.70)<br>| &nbsp;&nbsp;&nbsp; $11.92 | &nbsp;&nbsp;&nbsp;&nbsp; 15.72<br> %<br>| &nbsp;&nbsp;&nbsp; $1039548 | &nbsp;&nbsp;&nbsp;&nbsp; 0.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.12<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.77<br> %<br>| &nbsp;&nbsp;&nbsp; 14<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 |
| **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 | &nbsp;&nbsp;&nbsp; $10.89 | &nbsp;&nbsp;&nbsp; $0.29 | &nbsp;&nbsp;&nbsp; $1.39 | &nbsp;&nbsp;&nbsp; $1.68 | &nbsp;&nbsp;&nbsp; $(0.33)<br>| &nbsp;&nbsp;&nbsp; $(0.34)<br>| &nbsp;&nbsp;&nbsp; $(0.67)<br>| &nbsp;&nbsp;&nbsp; $11.90 | &nbsp;&nbsp;&nbsp;&nbsp; 15.48<br> %<br>| &nbsp;&nbsp;&nbsp; $1319651 | &nbsp;&nbsp;&nbsp;&nbsp; 0.37<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.37<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.47<br> %<br>| &nbsp;&nbsp;&nbsp; 14<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 |

---

# 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. 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. 

See Notes to Financial Statements.

**19**

------

**FINANCIAL HIGHLIGHTS (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 Year**<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> **Year**<br>| **Total**<br> **Return**<br>| **Net Assets,**<br> **End of Year**<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 | &nbsp;&nbsp;&nbsp; $11.63 | &nbsp;&nbsp;&nbsp; $0.30 | &nbsp;&nbsp;&nbsp; $1.85 | &nbsp;&nbsp;&nbsp; $2.15 | &nbsp;&nbsp;&nbsp; $(0.32)<br>| &nbsp;&nbsp;&nbsp; $(0.29)<br>| &nbsp;&nbsp;&nbsp; $(0.61)<br>| &nbsp;&nbsp;&nbsp; $13.17 | &nbsp;&nbsp;&nbsp;&nbsp; 18.57<br> %<br>| &nbsp;&nbsp;&nbsp; $921855 | &nbsp;&nbsp;&nbsp;&nbsp; 0.12<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.12<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.40<br> %<br>| &nbsp;&nbsp;&nbsp; 8<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 |
| **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 | &nbsp;&nbsp;&nbsp; $11.61 | &nbsp;&nbsp;&nbsp; $0.27 | &nbsp;&nbsp;&nbsp; $1.84 | &nbsp;&nbsp;&nbsp; $2.11 | &nbsp;&nbsp;&nbsp; $(0.30)<br>| &nbsp;&nbsp;&nbsp; $(0.29)<br>| &nbsp;&nbsp;&nbsp; $(0.59)<br>| &nbsp;&nbsp;&nbsp; $13.13 | &nbsp;&nbsp;&nbsp;&nbsp; 18.20<br> %<br>| &nbsp;&nbsp;&nbsp; $1130792 | &nbsp;&nbsp;&nbsp;&nbsp; 0.38<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.38<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.12<br> %<br>| &nbsp;&nbsp;&nbsp; 8<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 |
| **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 | &nbsp;&nbsp;&nbsp; $17.07 | &nbsp;&nbsp;&nbsp; $0.42 | &nbsp;&nbsp;&nbsp; $2.89 | &nbsp;&nbsp;&nbsp; $3.31 | &nbsp;&nbsp;&nbsp; $(0.45)<br>| &nbsp;&nbsp;&nbsp; $(0.33)<br>| &nbsp;&nbsp;&nbsp; $(0.78)<br>| &nbsp;&nbsp;&nbsp; $19.60 | &nbsp;&nbsp;&nbsp;&nbsp; 19.42<br> %<br>| &nbsp;&nbsp;&nbsp; $520345 | &nbsp;&nbsp;&nbsp;&nbsp; 0.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.29<br> %<br>| &nbsp;&nbsp;&nbsp; 7<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 |
| **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 | &nbsp;&nbsp;&nbsp; $17.01 | &nbsp;&nbsp;&nbsp; $0.37 | &nbsp;&nbsp;&nbsp; $2.89 | &nbsp;&nbsp;&nbsp; $3.26 | &nbsp;&nbsp;&nbsp; $(0.42)<br>| &nbsp;&nbsp;&nbsp; $(0.33)<br>| &nbsp;&nbsp;&nbsp; $(0.75)<br>| &nbsp;&nbsp;&nbsp; $19.52 | &nbsp;&nbsp;&nbsp;&nbsp; 19.17<br> %<br>| &nbsp;&nbsp;&nbsp; $607206 | &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.02<br> %<br>| &nbsp;&nbsp;&nbsp; 7<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 |
| **MyDestination 2065 Fund**<sup>(3)</sup>  | **MyDestination 2065 Fund**<sup>(3)</sup>  | **MyDestination 2065 Fund**<sup>(3)</sup>  | **MyDestination 2065 Fund**<sup>(3)</sup>  | **MyDestination 2065 Fund**<sup>(3)</sup>  | **MyDestination 2065 Fund**<sup>(3)</sup>  | **MyDestination 2065 Fund**<sup>(3)</sup>  | **MyDestination 2065 Fund**<sup>(3)</sup>  | **MyDestination 2065 Fund**<sup>(3)</sup>  | **MyDestination 2065 Fund**<sup>(3)</sup>  | **MyDestination 2065 Fund**<sup>(3)</sup>  | **MyDestination 2065 Fund**<sup>(3)</sup>  | **MyDestination 2065 Fund**<sup>(3)</sup>  | **MyDestination 2065 Fund**<sup>(3)</sup>  | **MyDestination 2065 Fund**<sup>(3)</sup>  |

---

# 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. 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) Fund commenced operations on December 31, 2025. There was no operational activity other than the receipt of initial seed capital. As the fund has not commenced investment operations, an alternative commencement date for performance calculation purposes has been elected. The Net Asset Value and Net Assets for both share classes are disclosed on the Statements of Assets and Liabilities. 

**20**

See Notes to Financial Statements.

------

**CONSERVATIVE ALLOCATION FUND**

**SCHEDULE OF INVESTMENTS**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **MUTUAL FUNDS — 98.8%** | **MUTUAL FUNDS — 98.8%** | **MUTUAL FUNDS — 98.8%** |
| GuideStone Low-Duration Bond Fund <br> (Institutional Class)∞ | 8038794 | $104584702 |
| GuideStone Medium-Duration <br> Bond Fund <br> (Institutional Class)∞ | 10426852 | 134923461 |
| GuideStone Global Bond Fund <br> (Institutional Class)∞ | 1398709 | 12434523 |
| GuideStone Defensive Market <br> Strategies<sup>®</sup> Fund <br> (Institutional Class)∞ | 2013760 | 23621408 |
| GuideStone Impact Bond Fund <br> (Institutional Class)∞ | 1693165 | 16288248 |
| GuideStone Value Equity Index Fund <br> (Institutional Class)∞ | 452158 | 5778581 |
| GuideStone Value Equity Fund <br> (Institutional Class)∞ | 1051765 | 19436622 |
| GuideStone Growth Equity <br> Index Fund <br> (Institutional Class)∞ | 304728 | 5701458 |
| GuideStone Growth Equity Fund <br> (Institutional Class)∞ | 1004499 | 27292240 |
| GuideStone Small Cap Equity Fund <br> (Institutional Class)∞ | 224614 | 3827428 |
| GuideStone International Equity Fund <br> (Institutional Class)∞ | 1376170 | 21839819 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| GuideStone Emerging Markets <br> Equity Fund <br> (Institutional Class)∞ | 688381 | $8473971 |
| GuideStone Global Real Estate <br> Securities Fund <br> (Institutional Class)∞ | 510180 | 4790594 |
| GuideStone Strategic <br> Alternatives Fund <br> (Institutional Class)∞ | 2292731 | 20588719 |
| **Total Mutual Funds** <br> (Cost $403,658,874) | **Total Mutual Funds** <br> (Cost $403,658,874) | 409581774 |
| **MONEY MARKET FUNDS — 1.2%** | **MONEY MARKET FUNDS — 1.2%** | **MONEY MARKET FUNDS — 1.2%** |
| GuideStone Money Market Fund, <br> 3.69% <br> (Institutional Class)Ø∞ <br> (Cost $4,898,222) | 4898222 | 4898222 |
| **TOTAL INVESTMENTS** — **100.0%** <br> (Cost $408,557,096) |  | 414479996 |
| **Other Assets in Excess of**<br> **Liabilities — 0.0%** |  | 48283 |
| **NET ASSETS — 100.0%** |  | $414528279 |

---

**VALUATION HIERARCHY**

The following is a summary of the inputs used, as of December 31, 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; $4898222 | &nbsp;&nbsp; $4898222 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Mutual Funds | &nbsp;&nbsp; 409581774 | &nbsp;&nbsp; 409581774 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Total Assets - Investments in Securities** | &nbsp;&nbsp; $414479996 | &nbsp;&nbsp; $414479996 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |

---

See Notes to Financial Statements.

**21**

------

**BALANCED ALLOCATION FUND**

**SCHEDULE OF INVESTMENTS**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **MUTUAL FUNDS — 99.0%** | **MUTUAL FUNDS — 99.0%** | **MUTUAL FUNDS — 99.0%** |
| GuideStone Low-Duration Bond Fund <br> (Institutional Class)∞ | 4247444 | $55259253 |
| GuideStone Medium-Duration <br> Bond Fund <br> (Institutional Class)∞ | 30926425 | 400187940 |
| GuideStone Global Bond Fund <br> (Institutional Class)∞ | 12448055 | 110663213 |
| GuideStone Defensive Market <br> Strategies<sup>®</sup> Fund <br> (Institutional Class)∞ | 9966583 | 116908015 |
| GuideStone Impact Bond Fund <br> (Institutional Class)∞ | 2214696 | 21305371 |
| GuideStone Value Equity Index Fund <br> (Institutional Class)∞ | 2767090 | 35363409 |
| GuideStone Value Equity Fund <br> (Institutional Class)∞ | 6113371 | 112975095 |
| GuideStone Growth Equity <br> Index Fund <br> (Institutional Class)∞ | 1883437 | 35239113 |
| GuideStone Growth Equity Fund <br> (Institutional Class)∞ | 5364630 | 145756985 |
| GuideStone Small Cap Equity Fund <br> (Institutional Class)∞ | 1485982 | 25321143 |
| GuideStone International Equity Fund <br> (Institutional Class)∞ | 8730254 | 138549125 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| GuideStone Emerging Markets <br> Equity Fund <br> (Institutional Class)∞ | 4598573 | $56608437 |
| GuideStone Global Real Estate <br> Securities Fund <br> (Institutional Class)∞ | 2984251 | 28022117 |
| GuideStone Strategic <br> Alternatives Fund <br> (Institutional Class)∞ | 5961838 | 53537304 |
| **Total Mutual Funds** <br> (Cost $1,333,481,761) | **Total Mutual Funds** <br> (Cost $1,333,481,761) | 1335696520 |
| **MONEY MARKET FUNDS — 1.0%** | **MONEY MARKET FUNDS — 1.0%** | **MONEY MARKET FUNDS — 1.0%** |
| GuideStone Money Market Fund, <br> 3.69% <br> (Institutional Class)Ø∞ <br> (Cost $13,101,681) | 13101681 | 13101681 |
| **TOTAL INVESTMENTS** — **100.0%** <br> (Cost $1,346,583,442) |  | 1348798201 |
| **Liabilities in Excess of Other**<br> **Assets — (0.0)%** |  | (161464)<br>|
| **NET ASSETS — 100.0%** |  | $1348636737 |

---

**VALUATION HIERARCHY**

The following is a summary of the inputs used, as of December 31, 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; $13101681 | &nbsp;&nbsp; $13101681 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Mutual Funds | &nbsp;&nbsp; 1335696520 | &nbsp;&nbsp; 1335696520 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Total Assets - Investments in Securities** | &nbsp;&nbsp; $1348798201 | &nbsp;&nbsp; $1348798201 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |

---

**22**

See Notes to Financial Statements.

------

**MODERATELY AGGRESSIVE ALLOCATION FUND**

**SCHEDULE OF INVESTMENTS**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **MUTUAL FUNDS — 99.0%** | **MUTUAL FUNDS — 99.0%** | **MUTUAL FUNDS — 99.0%** |
| GuideStone Low-Duration Bond Fund <br> (Institutional Class)∞ | 1564286 | $20351364 |
| GuideStone Medium-Duration <br> Bond Fund <br> (Institutional Class)∞ | 11877874 | 153699688 |
| GuideStone Global Bond Fund <br> (Institutional Class)∞ | 3307716 | 29405596 |
| GuideStone Defensive Market <br> Strategies<sup>®</sup> Fund <br> (Institutional Class)∞ | 2727058 | 31988390 |
| GuideStone Impact Bond Fund <br> (Institutional Class)∞ | 1942415 | 18686026 |
| GuideStone Value Equity Index Fund <br> (Institutional Class)∞ | 6703811 | 85674707 |
| GuideStone Value Equity Fund <br> (Institutional Class)∞ | 9334048 | 172493212 |
| GuideStone Growth Equity <br> Index Fund <br> (Institutional Class)∞ | 4534583 | 84842050 |
| GuideStone Growth Equity Fund <br> (Institutional Class)∞ | 7379830 | 200509980 |
| GuideStone Small Cap Equity Fund <br> (Institutional Class)∞ | 2455556 | 41842678 |
| GuideStone International Equity Fund <br> (Institutional Class)∞ | 12549614 | 199162372 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| GuideStone Emerging Markets <br> Equity Fund <br> (Institutional Class)∞ | 7669140 | $94407108 |
| GuideStone Global Real Estate <br> Securities Fund <br> (Institutional Class)∞ | 2625292 | 24651492 |
| GuideStone Strategic <br> Alternatives Fund <br> (Institutional Class)∞ | 1961907 | 17617924 |
| **Total Mutual Funds** <br> (Cost $1,102,589,442) | **Total Mutual Funds** <br> (Cost $1,102,589,442) | 1175332587 |
| **MONEY MARKET FUNDS — 1.0%** | **MONEY MARKET FUNDS — 1.0%** | **MONEY MARKET FUNDS — 1.0%** |
| GuideStone Money Market Fund, <br> 3.69% <br> (Institutional Class)Ø∞ <br> (Cost $12,069,396) | 12069396 | 12069396 |
| **TOTAL INVESTMENTS** — **100.0%** <br> (Cost $1,114,658,838) |  | 1187401983 |
| **Liabilities in Excess of Other**<br> **Assets — (0.0)%** |  | (409534)<br>|
| **NET ASSETS — 100.0%** |  | $1186992449 |

---

**VALUATION HIERARCHY**

The following is a summary of the inputs used, as of December 31, 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; $12069396 | &nbsp;&nbsp; $12069396 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Mutual Funds | &nbsp;&nbsp; 1175332587 | &nbsp;&nbsp; 1175332587 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Total Assets - Investments in Securities** | &nbsp;&nbsp; $1187401983 | &nbsp;&nbsp; $1187401983 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |

---

See Notes to Financial Statements.

**23**

------

**AGGRESSIVE ALLOCATION FUND**

**SCHEDULE OF INVESTMENTS**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **MUTUAL FUNDS — 99.0%** | **MUTUAL FUNDS — 99.0%** | **MUTUAL FUNDS — 99.0%** |
| GuideStone Value Equity Index Fund <br> (Institutional Class)∞ | 6266272 | $80082949 |
| GuideStone Value Equity Fund <br> (Institutional Class)∞ | 12989523 | 240046387 |
| GuideStone Growth Equity <br> Index Fund <br> (Institutional Class)∞ | 4261994 | 79741915 |
| GuideStone Growth Equity Fund <br> (Institutional Class)∞ | 10644791 | 289218972 |
| GuideStone Small Cap Equity Fund <br> (Institutional Class)∞ | 3566082 | 60766030 |
| GuideStone International Equity Fund <br> (Institutional Class)∞ | 20321913 | 322508754 |
| GuideStone Emerging Markets <br> Equity Fund <br> (Institutional Class)∞ | 11241796 | 138386511 |
| **Total Mutual Funds** <br> (Cost $1,095,536,870) | **Total Mutual Funds** <br> (Cost $1,095,536,870) | 1210751518 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **MONEY MARKET FUNDS — 1.0%** | **MONEY MARKET FUNDS — 1.0%** | **MONEY MARKET FUNDS — 1.0%** |
| GuideStone Money Market Fund, <br> 3.69% <br> (Institutional Class)Ø∞ <br> (Cost $12,461,015) | 12461015 | $12461015 |
| **TOTAL INVESTMENTS** — **100.0%** <br> (Cost $1,107,997,885) |  | 1223212533 |
| **Liabilities in Excess of Other**<br> **Assets — (0.0)%** |  | (282462)<br>|
| **NET ASSETS — 100.0%** |  | $1222930071 |

---

**VALUATION HIERARCHY**

The following is a summary of the inputs used, as of December 31, 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; $12461015 | &nbsp;&nbsp; $12461015 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Mutual Funds | &nbsp;&nbsp; 1210751518 | &nbsp;&nbsp; 1210751518 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Total Assets - Investments in Securities** | &nbsp;&nbsp; $1223212533 | &nbsp;&nbsp; $1223212533 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |

---

**24**

See Notes to Financial Statements.

------

**STATEMENTS OF ASSETS AND LIABILITIES**

**December 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **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; $414479996 | &nbsp;&nbsp; $1348798201 | &nbsp;&nbsp; $1187401983 | &nbsp;&nbsp; $1223212533 |
| Total investments, at value<sup>(1)</sup> <br>| &nbsp;&nbsp; 414479996 | &nbsp;&nbsp; 1348798201 | &nbsp;&nbsp; 1187401983 | &nbsp;&nbsp; 1223212533 |
| Cash | &nbsp;&nbsp; 82832 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 14427 |
| Receivables: |  |  |  |  |
| Dividends from affiliated funds | &nbsp;&nbsp; 15321 | &nbsp;&nbsp; 41254 | &nbsp;&nbsp; 37668 | &nbsp;&nbsp; 37613 |
| Investment securities sold | &nbsp;&nbsp; 205000 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Fund shares sold | &nbsp;&nbsp; 10680 | &nbsp;&nbsp; 18978 | &nbsp;&nbsp; 190371 | &nbsp;&nbsp; 238362 |
| Prepaid expenses and other assets | &nbsp;&nbsp; 15300 | &nbsp;&nbsp; 23958 | &nbsp;&nbsp; 19198 | &nbsp;&nbsp; 18148 |
| Total Assets | &nbsp;&nbsp; 414809129 | &nbsp;&nbsp; 1349282391 | &nbsp;&nbsp; 1187649220 | &nbsp;&nbsp; 1223521083 |
| **Liabilities** |  |  |  |  |
| Cash Overdraft | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 99833 | &nbsp;&nbsp; — |
| Payables: |  |  |  |  |
| Investment securities purchased | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 80000 | &nbsp;&nbsp; 215000 |
| Fund shares redeemed | &nbsp;&nbsp; 133773 | &nbsp;&nbsp; 260706 | &nbsp;&nbsp; 134237 | &nbsp;&nbsp; 19874 |
| Accrued expenses: |  |  |  |  |
| Investment advisory fees | &nbsp;&nbsp; 35214 | &nbsp;&nbsp; 114150 | &nbsp;&nbsp; 100135 | &nbsp;&nbsp; 103341 |
| Shareholder servicing fees | &nbsp;&nbsp; 63712 | &nbsp;&nbsp; 208981 | &nbsp;&nbsp; 180656 | &nbsp;&nbsp; 189086 |
| Other expenses | &nbsp;&nbsp; 48151 | &nbsp;&nbsp; 61817 | &nbsp;&nbsp; 61910 | &nbsp;&nbsp; 63711 |
| Total Liabilities | &nbsp;&nbsp; 280850 | &nbsp;&nbsp; 645654 | &nbsp;&nbsp; 656771 | &nbsp;&nbsp; 591012 |
| **Net Assets** | &nbsp;&nbsp; $414528279 | &nbsp;&nbsp; $1348636737 | &nbsp;&nbsp; $1186992449 | &nbsp;&nbsp; $1222930071 |
| **Net Assets Consist of:** |  |  |  |  |
| Paid-in-capital | &nbsp;&nbsp; $417661161 | &nbsp;&nbsp; $1365970408 | &nbsp;&nbsp; $1097105837 | &nbsp;&nbsp; $1062498001 |
| Distributable earnings (loss) | &nbsp;&nbsp; (3132882)<br>| &nbsp;&nbsp; (17333671)<br>| &nbsp;&nbsp; 89886612 | &nbsp;&nbsp; 160432070 |
| **Net Assets** | &nbsp;&nbsp; $414528279 | &nbsp;&nbsp; $1348636737 | &nbsp;&nbsp; $1186992449 | &nbsp;&nbsp; $1222930071 |
| **Net Asset Value:** |  |  |  |  |
| $0.001 par value, unlimited shares authorized |  |  |  |  |
| Net assets applicable to the Institutional Class | &nbsp;&nbsp; $114649430 | &nbsp;&nbsp; $360737449 | &nbsp;&nbsp; $331659545 | &nbsp;&nbsp; $327323445 |
| Institutional shares outstanding | &nbsp;&nbsp; 10071684 | &nbsp;&nbsp; 30136041 | &nbsp;&nbsp; 24693052 | &nbsp;&nbsp; 23580175 |
| Net asset value, offering and redemption price per Institutional share | &nbsp;&nbsp; $11.38 | &nbsp;&nbsp; $11.97 | &nbsp;&nbsp; $13.43 | &nbsp;&nbsp; $13.88 |
| Net assets applicable to the Investor Class | &nbsp;&nbsp; $299878849 | &nbsp;&nbsp; $987899288 | &nbsp;&nbsp; $855332904 | &nbsp;&nbsp; $895606626 |
| Investor shares outstanding | &nbsp;&nbsp; 26348853 | &nbsp;&nbsp; 82616615 | &nbsp;&nbsp; 63811770 | &nbsp;&nbsp; 65032042 |
| Net asset value, offering and redemption price per Investor share | &nbsp;&nbsp; $11.38 | &nbsp;&nbsp; $11.96 | &nbsp;&nbsp; $13.40 | &nbsp;&nbsp; $13.77 |
| <sup>(1)</sup>Investments in securities of affiliated issuers, at cost | &nbsp;&nbsp; 408557096 | &nbsp;&nbsp; 1346583442 | &nbsp;&nbsp; 1114658838 | &nbsp;&nbsp; 1107997885 |
| Total investments, at cost | &nbsp;&nbsp; $408557096 | &nbsp;&nbsp; $1346583442 | &nbsp;&nbsp; $1114658838 | &nbsp;&nbsp; $1107997885 |

---

See Notes to Financial Statements.

**25**

------

**STATEMENTS OF OPERATIONS**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **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; $14565868 | &nbsp;&nbsp; $37769963 | &nbsp;&nbsp; $23112569 | &nbsp;&nbsp; $16152355 |
| Interest | &nbsp;&nbsp; 50 | &nbsp;&nbsp; 116 | &nbsp;&nbsp; 169 | &nbsp;&nbsp; — |
| Total Investment Income | &nbsp;&nbsp; 14565918 | &nbsp;&nbsp; 37770079 | &nbsp;&nbsp; 23112738 | &nbsp;&nbsp; 16152355 |
| **Expenses** |  |  |  |  |
| Investment advisory fees | &nbsp;&nbsp; 409970 | &nbsp;&nbsp; 1299330 | &nbsp;&nbsp; 1117180 | &nbsp;&nbsp; 1138879 |
| Transfer agent fees: |  |  |  |  |
| Institutional shares | &nbsp;&nbsp; 9332 | &nbsp;&nbsp; 9508 | &nbsp;&nbsp; 9253 | &nbsp;&nbsp; 9193 |
| Investor shares | &nbsp;&nbsp; 41381 | &nbsp;&nbsp; 48703 | &nbsp;&nbsp; 45704 | &nbsp;&nbsp; 44840 |
| Custodian fees | &nbsp;&nbsp; 9667 | &nbsp;&nbsp; 18060 | &nbsp;&nbsp; 16169 | &nbsp;&nbsp; 14948 |
| Shareholder servicing fees: |  |  |  |  |
| Investor shares | &nbsp;&nbsp; 743857 | &nbsp;&nbsp; 2409206 | &nbsp;&nbsp; 2031218 | &nbsp;&nbsp; 2106643 |
| Accounting and administration fees | &nbsp;&nbsp; 41433 | &nbsp;&nbsp; 67244 | &nbsp;&nbsp; 61956 | &nbsp;&nbsp; 62585 |
| Professional fees | &nbsp;&nbsp; 98133 | &nbsp;&nbsp; 98005 | &nbsp;&nbsp; 106484 | &nbsp;&nbsp; 98010 |
| Blue sky fees: |  |  |  |  |
| Institutional shares | &nbsp;&nbsp; 16631 | &nbsp;&nbsp; 17831 | &nbsp;&nbsp; 18559 | &nbsp;&nbsp; 17631 |
| Investor shares | &nbsp;&nbsp; 18064 | &nbsp;&nbsp; 18541 | &nbsp;&nbsp; 22836 | &nbsp;&nbsp; 17766 |
| Shareholder reporting fees: |  |  |  |  |
| Institutional shares | &nbsp;&nbsp; 1383 | &nbsp;&nbsp; 2659 | &nbsp;&nbsp; 2000 | &nbsp;&nbsp; 1891 |
| Investor shares | &nbsp;&nbsp; 20839 | &nbsp;&nbsp; 31869 | &nbsp;&nbsp; 33207 | &nbsp;&nbsp; 25420 |
| Directors expenses | &nbsp;&nbsp; 11412 | &nbsp;&nbsp; 31217 | &nbsp;&nbsp; 26499 | &nbsp;&nbsp; 26462 |
| Line of credit facility fees | &nbsp;&nbsp; 2184 | &nbsp;&nbsp; 5309 | &nbsp;&nbsp; 4347 | &nbsp;&nbsp; 4102 |
| Index license fees | &nbsp;&nbsp; 24966 | &nbsp;&nbsp; 30428 | &nbsp;&nbsp; 28270 | &nbsp;&nbsp; 24573 |
| Other expenses | &nbsp;&nbsp; 30156 | &nbsp;&nbsp; 58193 | &nbsp;&nbsp; 52706 | &nbsp;&nbsp; 51396 |
| Total Expenses | &nbsp;&nbsp; 1479408 | &nbsp;&nbsp; 4146103 | &nbsp;&nbsp; 3576388 | &nbsp;&nbsp; 3644339 |
| **Net Investment Income** | &nbsp;&nbsp; 13086510 | &nbsp;&nbsp; 33623976 | &nbsp;&nbsp; 19536350 | &nbsp;&nbsp; 12508016 |
| **Realized and Unrealized Gain (Loss)** |  |  |  |  |
| Capital gain distributions received from affiliated funds | &nbsp;&nbsp; 12535262 | &nbsp;&nbsp; 66090683 | &nbsp;&nbsp; 81406849 | &nbsp;&nbsp; 114456154 |
| Net realized gain on investment securities of affiliated issuers | &nbsp;&nbsp; 569147 | &nbsp;&nbsp; 6705370 | &nbsp;&nbsp; 13481390 | &nbsp;&nbsp; 18116421 |
| Net realized gain on futures transactions | &nbsp;&nbsp; 80 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Net realized gain | &nbsp;&nbsp; 13104489 | &nbsp;&nbsp; 72796053 | &nbsp;&nbsp; 94888239 | &nbsp;&nbsp; 132572575 |
| Change in unrealized appreciation (depreciation) on investment securities of affiliated <br> issuers<br>| &nbsp;&nbsp; 11129900 | &nbsp;&nbsp; 47270989 | &nbsp;&nbsp; 53636253 | &nbsp;&nbsp; 60053019 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 11129900 | &nbsp;&nbsp; 47270989 | &nbsp;&nbsp; 53636253 | &nbsp;&nbsp; 60053019 |
| **Net Realized and Unrealized Gain** | &nbsp;&nbsp; 24234389 | &nbsp;&nbsp; 120067042 | &nbsp;&nbsp; 148524492 | &nbsp;&nbsp; 192625594 |
| **Net Increase in Net Assets Resulting from Operations** | &nbsp;&nbsp; $37320899 | &nbsp;&nbsp; $153691018 | &nbsp;&nbsp; $168060842 | &nbsp;&nbsp; $205133610 |

---

**26**

See Notes to Financial Statements.

------

**(This page intentionally left blank)**

**27**

------

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Conservative Allocation Fund** | **Conservative Allocation Fund** | **Balanced Allocation Fund** | **Balanced Allocation Fund** |
|  | **For the Year Ended** | **For the Year Ended** | **For the Year Ended** | **For the Year Ended** |
|  | **12/31/25** | **12/31/24** | **12/31/25** | **12/31/24** |
| **Operations:** |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; $13086510 | &nbsp;&nbsp;&nbsp;&nbsp; $13132384 | &nbsp;&nbsp;&nbsp;&nbsp; $33623976 | &nbsp;&nbsp;&nbsp;&nbsp; $32549697 |
| Net realized gain on investment securities <br> and futures transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13104489 | &nbsp;&nbsp;&nbsp;&nbsp; 17026678 | &nbsp;&nbsp;&nbsp;&nbsp; 72796053 | &nbsp;&nbsp;&nbsp;&nbsp; 56164156 |
| Net change in unrealized appreciation <br> (depreciation) on investment securities <br> and futures<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11129900 | &nbsp;&nbsp;&nbsp;&nbsp; (2438418)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 47270989 | &nbsp;&nbsp;&nbsp;&nbsp; 13494741 |
| Net increase in net assets resulting from <br> operations<br>| &nbsp;&nbsp;&nbsp;&nbsp; 37320899 | &nbsp;&nbsp;&nbsp;&nbsp; 27720644 | &nbsp;&nbsp;&nbsp;&nbsp; 153691018 | &nbsp;&nbsp;&nbsp;&nbsp; 102208594 |
| **Distributions to Shareholders:** |  |  |  |  |
| Distributions paid |  |  |  |  |
| Institutional shares | &nbsp;&nbsp;&nbsp;&nbsp; (6500570)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5294712)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (28772836)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (14324689)<br>|
| Investor shares | &nbsp;&nbsp;&nbsp;&nbsp; (16403399)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (13534481)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (76737466)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (40108260)<br>|
| Return of capital |  |  |  |  |
| Institutional shares | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Investor shares | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp;&nbsp;&nbsp; (22903969)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (18829193)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (105510302)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (54432949)<br>|
| **Capital Share Transactions:** |  |  |  |  |
| Proceeds from shares sold |  |  |  |  |
| Institutional shares | &nbsp;&nbsp;&nbsp;&nbsp; 11568297 | &nbsp;&nbsp;&nbsp;&nbsp; 11898095 | &nbsp;&nbsp;&nbsp;&nbsp; 32244174 | &nbsp;&nbsp;&nbsp;&nbsp; 27096614 |
| Investor shares | &nbsp;&nbsp;&nbsp;&nbsp; 23353018 | &nbsp;&nbsp;&nbsp;&nbsp; 17355922 | &nbsp;&nbsp;&nbsp;&nbsp; 31687191 | &nbsp;&nbsp;&nbsp;&nbsp; 36944038 |
| Reinvestment of dividends and distributions |  |  |  |  |
| Institutional shares | &nbsp;&nbsp;&nbsp;&nbsp; 6465009 | &nbsp;&nbsp;&nbsp;&nbsp; 5269040 | &nbsp;&nbsp;&nbsp;&nbsp; 28667346 | &nbsp;&nbsp;&nbsp;&nbsp; 14272511 |
| Investor shares | &nbsp;&nbsp;&nbsp;&nbsp; 16356603 | &nbsp;&nbsp;&nbsp;&nbsp; 13485925 | &nbsp;&nbsp;&nbsp;&nbsp; 76678012 | &nbsp;&nbsp;&nbsp;&nbsp; 40067331 |
| Total proceeds from shares sold and reinvested | &nbsp;&nbsp;&nbsp;&nbsp; 57742927 | &nbsp;&nbsp;&nbsp;&nbsp; 48008982 | &nbsp;&nbsp;&nbsp;&nbsp; 169276723 | &nbsp;&nbsp;&nbsp;&nbsp; 118380494 |
| Value of shares redeemed |  |  |  |  |
| Institutional shares | &nbsp;&nbsp;&nbsp;&nbsp; (17283773)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (19841509)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (30715439)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (34530528)<br>|
| Investor shares | &nbsp;&nbsp;&nbsp;&nbsp; (46515893)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (53694194)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (101968750)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (111618682)<br>|
| Total value of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (63799666)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (73535703)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (132684189)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (146149210)<br>|
| Net increase (decrease) from capital share <br> transactions<sup>(1)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; (6056739)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (25526721)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 36592534 | &nbsp;&nbsp;&nbsp;&nbsp; (27768716)<br>|
| Total increase (decrease) in net assets | &nbsp;&nbsp;&nbsp;&nbsp; 8360191 | &nbsp;&nbsp;&nbsp;&nbsp; (16635270)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 84773250 | &nbsp;&nbsp;&nbsp;&nbsp; 20006929 |
| **Net Assets:** |  |  |  |  |
| Beginning of Year | &nbsp;&nbsp;&nbsp;&nbsp; 406168088 | &nbsp;&nbsp;&nbsp;&nbsp; 422803358 | &nbsp;&nbsp;&nbsp;&nbsp; 1263863487 | &nbsp;&nbsp;&nbsp;&nbsp; 1243856558 |
| End of Year | &nbsp;&nbsp;&nbsp;&nbsp; $414528279 | &nbsp;&nbsp;&nbsp;&nbsp; $406168088 | &nbsp;&nbsp;&nbsp;&nbsp; $1348636737 | &nbsp;&nbsp;&nbsp;&nbsp; $1263863487 |

---

<sup>(1)</sup> See Note 6 in Notes to Financial Statements.

**28**

See Notes to Financial Statements.

------

---

| | | | |
|:---|:---|:---|:---|
| **Moderately Aggressive Allocation Fund** | **Moderately Aggressive Allocation Fund** | **Aggressive Allocation Fund** | **Aggressive Allocation Fund** |
| **For the Year Ended** | **For the Year Ended** | **For the Year Ended** | **For the Year Ended** |
| **12/31/25** | **12/31/24** | **12/31/25** | **12/31/24** |
| $19536350 | &nbsp;&nbsp;&nbsp;&nbsp; $18088252 | &nbsp;&nbsp;&nbsp;&nbsp; $12508016 | &nbsp;&nbsp;&nbsp;&nbsp; $9539593 |
| 94888239 | &nbsp;&nbsp;&nbsp;&nbsp; 64460155 | &nbsp;&nbsp;&nbsp;&nbsp; 132572575 | &nbsp;&nbsp;&nbsp;&nbsp; 90198606 |
| 53636253 | &nbsp;&nbsp;&nbsp;&nbsp; 37608690 | &nbsp;&nbsp;&nbsp;&nbsp; 60053019 | &nbsp;&nbsp;&nbsp;&nbsp; 49626300 |
| 168060842 | &nbsp;&nbsp;&nbsp;&nbsp; 120157097 | &nbsp;&nbsp;&nbsp;&nbsp; 205133610 | &nbsp;&nbsp;&nbsp;&nbsp; 149364499 |
| (30010105)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (10520643)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (35135020)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (9573024)<br>|
| (76405895)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (26365619)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (94903011)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (26432611)<br>|
| (106416000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (36886262)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (130038031)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (36005635)<br>|
| 25379146 | &nbsp;&nbsp;&nbsp;&nbsp; 26241462 | &nbsp;&nbsp;&nbsp;&nbsp; 24718041 | &nbsp;&nbsp;&nbsp;&nbsp; 20207333 |
| 35559048 | &nbsp;&nbsp;&nbsp;&nbsp; 29946954 | &nbsp;&nbsp;&nbsp;&nbsp; 30608923 | &nbsp;&nbsp;&nbsp;&nbsp; 27194888 |
| 29985901 | &nbsp;&nbsp;&nbsp;&nbsp; 10511947 | &nbsp;&nbsp;&nbsp;&nbsp; 35124675 | &nbsp;&nbsp;&nbsp;&nbsp; 9570056 |
| 76360717 | &nbsp;&nbsp;&nbsp;&nbsp; 26347393 | &nbsp;&nbsp;&nbsp;&nbsp; 94861702 | &nbsp;&nbsp;&nbsp;&nbsp; 26429825 |
| 167284812 | &nbsp;&nbsp;&nbsp;&nbsp; 93047756 | &nbsp;&nbsp;&nbsp;&nbsp; 185313341 | &nbsp;&nbsp;&nbsp;&nbsp; 83402102 |
| (30096675)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (33640443)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (24237651)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (25595757)<br>|
| (82413137)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (95645740)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (88331794)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (78778450)<br>|
| (112509812)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (129286183)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (112569445)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (104374207)<br>|
| 54775000 | &nbsp;&nbsp;&nbsp;&nbsp; (36238427)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 72743896 | &nbsp;&nbsp;&nbsp;&nbsp; (20972105)<br>|
| 116419842 | &nbsp;&nbsp;&nbsp;&nbsp; 47032408 | &nbsp;&nbsp;&nbsp;&nbsp; 147839475 | &nbsp;&nbsp;&nbsp;&nbsp; 92386759 |
| 1070572607 | &nbsp;&nbsp;&nbsp;&nbsp; 1023540199 | &nbsp;&nbsp;&nbsp;&nbsp; 1075090596 | &nbsp;&nbsp;&nbsp;&nbsp; 982703837 |
| $1186992449 | &nbsp;&nbsp;&nbsp;&nbsp; $1070572607 | &nbsp;&nbsp;&nbsp;&nbsp; $1222930071 | &nbsp;&nbsp;&nbsp;&nbsp; $1075090596 |

---

See Notes to Financial Statements.

**29**

------

**FINANCIAL HIGHLIGHTS** 

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *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 Year**<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> **Year**<br>| **Total**<br> **Return**<br>| **Net Assets,**<br> **End of Year**<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 | &nbsp;&nbsp;&nbsp; $10.99 | &nbsp;&nbsp;&nbsp; $0.39 | &nbsp;&nbsp;&nbsp; $0.67 | &nbsp;&nbsp;&nbsp; $1.06 | &nbsp;&nbsp;&nbsp; $(0.47)<br>| &nbsp;&nbsp;&nbsp; $(0.20)<br>| &nbsp;&nbsp;&nbsp; $(0.67)<br>| &nbsp;&nbsp;&nbsp; $11.38 | &nbsp;&nbsp;&nbsp;&nbsp; 9.69<br> %<br>| &nbsp;&nbsp;&nbsp; $114649 | &nbsp;&nbsp;&nbsp;&nbsp; 0.18<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.18<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.38<br> %<br>| &nbsp;&nbsp;&nbsp; 39<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 |
| **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 | &nbsp;&nbsp;&nbsp; $10.99 | &nbsp;&nbsp;&nbsp; $0.36 | &nbsp;&nbsp;&nbsp; $0.67 | &nbsp;&nbsp;&nbsp; $1.03 | &nbsp;&nbsp;&nbsp; $(0.44)<br>| &nbsp;&nbsp;&nbsp; $(0.20)<br>| &nbsp;&nbsp;&nbsp; $(0.64)<br>| &nbsp;&nbsp;&nbsp; $11.38 | &nbsp;&nbsp;&nbsp;&nbsp; 9.46<br> %<br>| &nbsp;&nbsp;&nbsp; $299879 | &nbsp;&nbsp;&nbsp;&nbsp; 0.43<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.43<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.12<br> %<br>| &nbsp;&nbsp;&nbsp; 39<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 |
| **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 | &nbsp;&nbsp;&nbsp; $11.51 | &nbsp;&nbsp;&nbsp; $0.34 | &nbsp;&nbsp;&nbsp; $1.13 | &nbsp;&nbsp;&nbsp; $1.47 | &nbsp;&nbsp;&nbsp; $(0.45)<br>| &nbsp;&nbsp;&nbsp; $(0.56)<br>| &nbsp;&nbsp;&nbsp; $(1.01)<br>| &nbsp;&nbsp;&nbsp; $11.97 | &nbsp;&nbsp;&nbsp;&nbsp; 12.80<br> %<br>| &nbsp;&nbsp;&nbsp; $360738 | &nbsp;&nbsp;&nbsp;&nbsp; 0.13<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.13<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.80<br> %<br>| &nbsp;&nbsp;&nbsp; 21<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 |
| **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 | &nbsp;&nbsp;&nbsp; $11.51 | &nbsp;&nbsp;&nbsp; $0.30 | &nbsp;&nbsp;&nbsp; $1.13 | &nbsp;&nbsp;&nbsp; $1.43 | &nbsp;&nbsp;&nbsp; $(0.42)<br>| &nbsp;&nbsp;&nbsp; $(0.56)<br>| &nbsp;&nbsp;&nbsp; $(0.98)<br>| &nbsp;&nbsp;&nbsp; $11.96 | &nbsp;&nbsp;&nbsp;&nbsp; 12.48<br> %<br>| &nbsp;&nbsp;&nbsp; $987899 | &nbsp;&nbsp;&nbsp;&nbsp; 0.38<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.38<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.51<br> %<br>| &nbsp;&nbsp;&nbsp; 21<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 |

---

# 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. 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. 

**30**

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 Year**<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> **Year**<br>| **Total**<br> **Return**<br>| **Net Assets,**<br> **End of Year**<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 | &nbsp;&nbsp;&nbsp; $12.66 | &nbsp;&nbsp;&nbsp; $0.26 | &nbsp;&nbsp;&nbsp; $1.82 | &nbsp;&nbsp;&nbsp; $2.08 | &nbsp;&nbsp;&nbsp; $(0.38)<br>| &nbsp;&nbsp;&nbsp; $(0.93)<br>| &nbsp;&nbsp;&nbsp; $(1.31)<br>| &nbsp;&nbsp;&nbsp; $13.43 | &nbsp;&nbsp;&nbsp;&nbsp; 16.49<br> %<br>| &nbsp;&nbsp;&nbsp; $331659 | &nbsp;&nbsp;&nbsp;&nbsp; 0.14<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.14<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.95<br> %<br>| &nbsp;&nbsp;&nbsp; 25<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 |
| **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 | &nbsp;&nbsp;&nbsp; $12.65 | &nbsp;&nbsp;&nbsp; $0.23 | &nbsp;&nbsp;&nbsp; $1.80 | &nbsp;&nbsp;&nbsp; $2.03 | &nbsp;&nbsp;&nbsp; $(0.35)<br>| &nbsp;&nbsp;&nbsp; $(0.93)<br>| &nbsp;&nbsp;&nbsp; $(1.28)<br>| &nbsp;&nbsp;&nbsp; $13.40 | &nbsp;&nbsp;&nbsp;&nbsp; 16.11<br> %<br>| &nbsp;&nbsp;&nbsp; $855333 | &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.67<br> %<br>| &nbsp;&nbsp;&nbsp; 25<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 |
| **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 | &nbsp;&nbsp;&nbsp; $12.93 | &nbsp;&nbsp;&nbsp; $0.18 | &nbsp;&nbsp;&nbsp; $2.40 | &nbsp;&nbsp;&nbsp; $2.58 | &nbsp;&nbsp;&nbsp; $(0.34)<br>| &nbsp;&nbsp;&nbsp; $(1.29)<br>| &nbsp;&nbsp;&nbsp; $(1.63)<br>| &nbsp;&nbsp;&nbsp; $13.88 | &nbsp;&nbsp;&nbsp;&nbsp; 19.92<br> %<br>| &nbsp;&nbsp;&nbsp; $327323 | &nbsp;&nbsp;&nbsp;&nbsp; 0.13<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.13<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.32<br> %<br>| &nbsp;&nbsp;&nbsp; 18<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 |
| **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 | &nbsp;&nbsp;&nbsp; $12.85 | &nbsp;&nbsp;&nbsp; $0.14 | &nbsp;&nbsp;&nbsp; $2.38 | &nbsp;&nbsp;&nbsp; $2.52 | &nbsp;&nbsp;&nbsp; $(0.31)<br>| &nbsp;&nbsp;&nbsp; $(1.29)<br>| &nbsp;&nbsp;&nbsp; $(1.60)<br>| &nbsp;&nbsp;&nbsp; $13.77 | &nbsp;&nbsp;&nbsp;&nbsp; 19.59<br> %<br>| &nbsp;&nbsp;&nbsp; $895607 | &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.02<br> %<br>| &nbsp;&nbsp;&nbsp; 18<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 |

---

---

| | |
|:---|:---|
| #  | 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. These acquired fund fees and expenses <br> impact the net asset value of the underlying funds in which each Fund invests, and therefore the effect of the acquired fund fees and <br> expenses is reflected in each Fund's total return.<br>|

---

See Notes to Financial Statements.

**31**

------

**MONEY MARKET FUND**

**SCHEDULE OF INVESTMENTS**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **AGENCY OBLIGATIONS — 18.5%** | **AGENCY OBLIGATIONS — 18.5%** | **AGENCY OBLIGATIONS — 18.5%** |
| Federal Farm Credit <br> Banks Funding <br> Corporation<br>|  |  |
| (Floating, U.S. SOFR + 0.02%), <br> 3.89%, 02/27/26† | $8600000 | $8600000 |
| (Floating, U.S. SOFR + 0.10%), <br> 3.97%, 06/24/26† | 1000000 | 1000000 |
| (Floating, U.S. SOFR + 0.10%), <br> 3.97%, 06/26/26† | 2550000 | 2550000 |
| (Floating, U.S. SOFR + 0.14%), <br> 4.01%, 10/15/26† | 14000000 | 13999392 |
| (Floating, U.S. Treasury 3M Bill <br> MMY + 0.27%), 3.87%, <br> 10/16/26† | 7700000 | 7700000 |
| (Floating, U.S. SOFR + 0.04%), <br> 3.91%, 10/20/26† | 13315000 | 13315000 |
| (Floating, U.S. SOFR + 0.05%), <br> 3.92%, 11/06/26† | 3660000 | 3660000 |
| (Floating, U.S. SOFR + 0.04%), <br> 3.91%, 11/19/26† | 748000 | 748000 |
| (Floating, U.S. SOFR + 0.14%), <br> 4.01%, 12/23/26† | 1400000 | 1400000 |
| (Floating, U.S. SOFR + 0.14%), <br> 4.01%, 12/30/26† | 1200000 | 1200000 |
| (Floating, U.S. SOFR + 0.04%), <br> 3.91%, 01/20/27† | 5675000 | 5675000 |
| (Floating, U.S. SOFR + 0.09%), <br> 3.96%, 01/27/27† | 1807000 | 1807000 |
| (Floating, U.S. SOFR + 0.08%), <br> 3.95%, 02/01/27† | 5200000 | 5200000 |
| (Floating, U.S. SOFR + 0.07%), <br> 3.94%, 03/05/27† | 10000000 | 10000000 |
| (Floating, U.S. SOFR + 0.05%), <br> 3.92%, 03/15/27† | 2945000 | 2945000 |
| (Floating, U.S. SOFR + 0.07%), <br> 3.94%, 03/26/27† | 2000000 | 2000000 |
| (Floating, U.S. SOFR + 0.05%), <br> 3.92%, 04/19/27† | 890000 | 890000 |
| (Floating, U.S. SOFR + 0.05%), <br> 3.92%, 05/24/27† | 2555000 | 2555000 |
| (Floating, U.S. SOFR + 0.13%), <br> 4.00%, 10/22/27† | 1118000 | 1118000 |
| (Floating, U.S. SOFR + 0.11%), <br> 3.98%, 11/19/27† | 2035000 | 2035000 |
| (Floating, U.S. SOFR + 0.08%), <br> 3.95%, 11/23/27† | 645000 | 645000 |
| Federal Home Loan <br> Bank<br>|  |  |
| (Floating, U.S. SOFR + 0.00%), <br> 3.87%, 01/13/26† | 10290000 | 10290000 |
| (Floating, U.S. SOFR + 0.01%), <br> 3.88%, 02/11/26† | 27545000 | 27545000 |
| (Floating, U.S. SOFR + 0.01%), <br> 3.88%, 02/17/26† | 2725000 | 2725000 |
| (Floating, U.S. SOFR + 0.00%), <br> 3.87%, 03/20/26† | 2300000 | 2300000 |
| (Floating, U.S. SOFR + 0.01%), <br> 3.88%, 04/07/26† | 4800000 | 4800000 |
| (Floating, U.S. SOFR + 0.00%), <br> 3.87%, 04/17/26† | 2340000 | 2340000 |
| (Floating, U.S. SOFR + 0.03%), <br> 3.90%, 04/17/26† | 4900000 | 4900000 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| (Floating, U.S. SOFR + 0.01%), <br> 3.88%, 04/20/26† | $1000000 | $1000000 |
| (Floating, U.S. SOFR + 0.01%), <br> 3.88%, 05/05/26† | 4540000 | 4540000 |
| (Floating, U.S. SOFR + 0.01%), <br> 3.88%, 05/20/26† | 2400000 | 2400000 |
| (Floating, U.S. SOFR + 0.03%), <br> 3.90%, 05/28/26† | 2500000 | 2500000 |
| (Floating, U.S. SOFR + 0.01%), <br> 3.88%, 06/02/26† | 4540000 | 4540000 |
| (Floating, U.S. SOFR + 0.03%), <br> 3.90%, 06/04/26† | 5000000 | 5000000 |
| (Floating, U.S. SOFR + 0.02%), <br> 3.89%, 06/18/26† | 4685000 | 4685000 |
| (Floating, U.S. SOFR + 0.00%), <br> 3.87%, 06/22/26† | 7310000 | 7310000 |
| (Floating, U.S. SOFR + 0.00%), <br> 3.87%, 06/23/26† | 5395000 | 5395000 |
| (Floating, U.S. SOFR + 0.00%), <br> 3.87%, 06/25/26† | 2405000 | 2405000 |
| (Floating, U.S. SOFR + 0.10%), <br> 3.97%, 06/26/26† | 7035000 | 7035000 |
| (Floating, U.S. SOFR + 0.03%), <br> 3.90%, 06/30/26† | 2460000 | 2460000 |
| (Floating, U.S. SOFR + 0.03%), <br> 3.90%, 07/02/26† | 5415000 | 5415000 |
| (Floating, U.S. SOFR + 0.02%), <br> 3.89%, 07/17/26† | 4685000 | 4685000 |
| (Floating, U.S. SOFR + 0.01%), <br> 3.88%, 07/21/26† | 2400000 | 2400000 |
| (Floating, U.S. SOFR + 0.01%), <br> 3.88%, 07/21/26† | 4895000 | 4895000 |
| (Floating, U.S. SOFR + 0.01%), <br> 3.88%, 07/22/26† | 2400000 | 2400000 |
| (Floating, U.S. SOFR + 0.01%), <br> 3.88%, 07/24/26† | 4810000 | 4810000 |
| (Floating, U.S. SOFR + 0.01%), <br> 3.88%, 08/19/26† | 2425000 | 2425000 |
| (Floating, U.S. SOFR + 0.01%), <br> 3.88%, 08/21/26† | 17110000 | 17110000 |
| (Floating, U.S. SOFR + 0.01%), <br> 3.88%, 08/24/26† | 2405000 | 2405000 |
| (Floating, U.S. SOFR + 0.03%), <br> 3.90%, 01/04/27† | 2200000 | 2200000 |
| 3.50%, 01/11/27 | 14005000 | 13981791 |
| (Floating, U.S. SOFR + 0.10%), <br> 3.97%, 02/25/27† | 4885000 | 4885000 |
| (Floating, U.S. SOFR + 0.10%), <br> 3.97%, 03/18/27† | 5490000 | 5490000 |
| (Floating, U.S. SOFR + 0.07%), <br> 3.94%, 03/25/27† | 4135000 | 4135000 |
| Federal Home Loan <br> Bank Discount <br> Notes<br>|  |  |
| 3.75%, 01/02/26Ω | 10700000 | 10698850 |
| 3.85%, 02/03/26Ω | 3899000 | 3884882 |
| 3.76%, 02/13/26Ω | 2363000 | 2352275 |
| 3.52%, 03/03/26Ω | 9360000 | 9303221 |
| 3.52%, 03/12/26Ω | 14360000 | 14260318 |
| 3.52%, 04/17/26Ω | 17750000 | 17564463 |

---

**32**

See Notes to Financial Statements.

------

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Federal Home Loan <br> Mortgage <br> Corporation<br>|  |  |
| (Floating, U.S. SOFR + 0.14%), <br> 4.01%, 09/23/26† | $4400000 | $4400000 |
| (Floating, U.S. SOFR + 0.14%), <br> 4.01%, 10/16/26† | 3500000 | 3500000 |
| (Floating, U.S. SOFR + 0.12%), <br> 3.99%, 05/05/27† | 3300000 | 3300000 |
| Federal National <br> Mortgage <br> Association<br>|  |  |
| (Floating, U.S. SOFR + 0.12%), <br> 3.99%, 07/29/26† | 13320000 | 13320000 |
| (Floating, U.S. SOFR + 0.14%), <br> 4.01%, 08/21/26† | 4100000 | 4100000 |
| (Floating, U.S. SOFR + 0.14%), <br> 4.01%, 10/23/26† | 5575000 | 5575000 |
| (Floating, U.S. SOFR + 0.14%), <br> 4.01%, 11/20/26† | 6400000 | 6400000 |
| (Floating, U.S. SOFR + 0.14%), <br> 4.01%, 12/11/26† | 5900000 | 5900000 |
| **Total Agency Obligations** <br> (Cost $375,008,192) |  | 375008192 |
| **U.S. TREASURY OBLIGATIONS — 42.4%** | **U.S. TREASURY OBLIGATIONS — 42.4%** | **U.S. TREASURY OBLIGATIONS — 42.4%** |
| U.S. Treasury Bills |  |  |
| 4.04%, 01/02/26Ω | 20640000 | 20637644 |
| 3.83%, 01/20/26Ω | 842000 | 840300 |
| 3.88%, 01/22/26Ω | 3214000 | 3206621 |
| 4.05%, 01/29/26Ω | 4000000 | 3987182 |
| 3.60%, 02/03/26Ω | 31007000 | 30899548 |
| 3.92%, 02/05/26Ω | 25621000 | 25521861 |
| 3.53%, 02/10/26Ω | 22942500 | 22846547 |
| 3.80%, 02/12/26Ω | 30853000 | 30713904 |
| 3.71%, 02/17/26Ω | 5811000 | 5783564 |
| 3.73%, 02/19/26Ω | 3475000 | 3457168 |
| 3.56%, 02/24/26Ω | 8544000 | 8496132 |
| 3.83%, 02/26/26Ω | 13754000 | 13670642 |
| 3.23%, 03/03/26Ω | 800000 | 795551 |
| 3.82%, 03/05/26Ω | 26571000 | 26391298 |
| 3.57%, 03/10/26Ω | 23858000 | 23688201 |
| 3.56%, 03/12/26Ω | 5034000 | 4998338 |
| 3.65%, 03/17/26Ω | 721000 | 715337 |
| 3.63%, 03/19/26Ω | 24916000 | 24719222 |
| 0.00%, 03/24/26Ω | 41070000 | 40719691 |
| 3.61%, 03/31/26Ω | 20740000 | 20548236 |
| 3.66%, 04/02/26Ω | 8709000 | 8627271 |
| 3.52%, 04/07/26Ω | 10575000 | 10472916 |
| 3.65%, 04/09/26Ω | 12020000 | 11899038 |
| 3.64%, 04/16/26Ω | 23075000 | 22827037 |
| 3.37%, 04/21/26Ω | 9735000 | 9629700 |
| 3.60%, 04/23/26Ω | 22380000 | 22125166 |
| 3.58%, 04/30/26Ω | 37512000 | 37060647 |
| 3.91%, 05/14/26Ω | 17132900 | 16884144 |
| 3.59%, 05/28/26Ω | 32541000 | 32054019 |
| 3.58%, 06/04/26Ω | 42120000 | 41465046 |
| 3.47%, 06/11/26Ω | 8312000 | 8170917 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| 3.41%, 06/25/26Ω | $35828100 | $35221156 |
| 3.42%, 07/02/26Ω | 1690000 | 1660261 |
| 3.74%, 08/06/26Ω | 1846000 | 1804188 |
| 3.64%, 09/03/26Ω | 36936000 | 36015986 |
| 3.35%, 12/24/26Ω | 29709700 | 28713944 |
|  |  | 637268423 |
| U.S. Treasury Floating <br> Rate Notes<br>|  |  |
| (Floating, U.S. Treasury 3M Bill <br> MMY + 0.25%), 3.85%, <br> 01/31/26† | 14855000 | 14855000 |
| (Floating, U.S. Treasury 3M Bill <br> MMY + 0.15%), 3.75%, <br> 04/30/26† | 23600000 | 23600437 |
| (Floating, U.S. Treasury 3M Bill <br> MMY + 0.21%), 3.81%, <br> 10/31/26† | 57115000 | 57129178 |
| (Floating, U.S. Treasury 3M Bill <br> MMY + 0.10%), 3.70%, <br> 01/31/27† | 42465000 | 42464012 |
| (Floating, U.S. Treasury 3M Bill <br> MMY + 0.16%), 3.76%, <br> 07/31/27† | 23000000 | 23000000 |
| (Floating, U.S. Treasury 3M Bill <br> MMY + 0.19%), 3.79%, <br> 10/31/27† | 20600000 | 20610207 |
|  |  | 181658834 |
| U.S. Treasury Notes |  |  |
| 0.38%, 01/31/26 | 410000 | 408740 |
| 0.50%, 02/28/26 | 1300000 | 1292760 |
| 4.63%, 02/28/26 | 1600000 | 1601243 |
| 0.75%, 03/31/26 | 20400000 | 20241102 |
| 2.38%, 04/30/26 | 1110000 | 1103993 |
| 1.63%, 05/15/26 | 3200000 | 3172451 |
| 0.88%, 06/30/26 | 990000 | 974484 |
| 4.63%, 06/30/26 | 7220000 | 7236236 |
| 4.13%, 10/31/26 | 1003000 | 1006208 |
| 4.25%, 11/30/26 | 749000 | 752850 |
|  |  | 37790067 |
| **Total U.S. Treasury Obligations** <br> (Cost $856,717,324) |  | 856717324 |
| **REPURCHASE AGREEMENTS — 40.0%** | **REPURCHASE AGREEMENTS — 40.0%** | **REPURCHASE AGREEMENTS — 40.0%** |
| Bank of Nova Scotia |  |  |
| 3.82% (dated 12/31/25, due <br> 01/02/26, repurchase price <br> $100,021,222, collateralized <br> by U.S. Treasury Bonds and <br> U.S. Treasury Notes, 0.250% <br> to 4.750%, due 7/31/26 to <br> 2/15/55, total market value <br> $102,021,731) | 100000000 | 100000000 |

---

See Notes to Financial Statements.

**33**

------

**MONEY MARKET FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| BNP Paribas |  |  |
| 3.82% (dated 12/31/25, due <br> 01/02/26, repurchase price <br> $50,010,611, collateralized by <br> U.S. Treasury Bonds and <br> U.S. Treasury Notes, 0.000% <br> to 4.750%, due 4/30/27 to <br> 2/15/54, total market value <br> $51,000,013) | $50000000 | $50000000 |
| 3.83% (dated 12/31/25, due <br> 01/02/26, repurchase price <br> $65,013,831, collateralized by <br> Federal National Mortgage <br> Association, Government <br> National Mortgage <br> Association and Federal Home <br> Loan Mortgage Corporation, <br> 1.500% to 7.500%, due <br> 8/15/29 to 4/20/65, total <br> market value $66,300,718) | 65000000 | 65000000 |
| Citigroup Global Markets, Inc. |  |  |
| 3.83% (dated 12/31/25, due <br> 01/02/26, repurchase price <br> $95,020,214, collateralized by <br> U.S. Treasury Notes, Federal <br> Home Loan Banks, Tennessee <br> Valley Authority, Tennessee <br> Valley Authority Generic <br> STRIP and Tennessee Valley <br> Authority Principal STRIP, <br> 0.000% to 7.125%, due <br> 2/15/27 to 9/15/65, total <br> market value $96,900,037) | 95000000 | 95000000 |
| Goldman Sachs & Co. |  |  |
| 3.84% (dated 12/31/25, due <br> 01/02/26, repurchase price <br> $93,019,840, collateralized by <br> Government National <br> Mortgage Association, 4.470% <br> to 6.500%, due 7/15/40 to <br> 10/15/64, total market value <br> $94,860,000) | 93000000 | 93000000 |
| Mitsubishi UFJ Securities USA, Inc. |  |  |
| 3.83% (dated 12/31/25, due <br> 01/02/26, repurchase price <br> $107,022,767, collateralized <br> by Federal Home Loan <br> Mortgage Corporation, <br> 2.000% to 6.500%, due 4/1/30 <br> to 9/1/55, total market value <br> $110,210,000) | 107000000 | 107000000 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Mizuho Securities USA, Inc. |  |  |
| 3.84% (dated 12/31/25, due <br> 01/02/26, repurchase price <br> $120,025,600, collateralized <br> by U.S. Treasury Notes, <br> 2.750% to 3.625%, due <br> 8/31/27 to 8/15/32, total <br> market value $122,400,060) | $120000000 | $120000000 |
| Natixis S.A. |  |  |
| 3.84% (dated 12/31/25, due <br> 01/02/26, repurchase price <br> $100,021,333, collateralized <br> by U.S. Treasury Bonds, <br> U.S. Treasury Notes and <br> U.S. Treasury Bills, 0.000% to <br> 6.500%, due 1/31/26 to <br> 2/15/52, total market value <br> $102,000,000) | 100000000 | 100000000 |
| TD Securities USA LLC |  |  |
| 3.83% (dated 12/31/25, due <br> 01/02/26, repurchase price <br> $80,017,022, collateralized by <br> Government National <br> Mortgage Association and <br> U.S. Treasury Bonds, 1.875% <br> to 6.500%, due 8/15/43 to <br> 6/20/54, total market value <br> $81,600,067) | 80000000 | 80000000 |
| **Total Repurchase Agreements** <br> (Cost $810,000,000) |  | 810000000 |
| **TOTAL INVESTMENTS — 100.9**% <br> (Cost $2,041,725,516) |  | 2041725516 |
| **Liabilities in Excess of Other**<br> **Assets — (0.9)%** |  | (18273727)<br>|
| **NET ASSETS — 100.0%** |  | $2023451789 |

---

**34**

See Notes to Financial Statements.

------

**VALUATION HIERARCHY**

The following is a summary of the inputs used, as of December 31, 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; $375008192 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $375008192 | &nbsp;&nbsp; $— |
| Repurchase Agreements | &nbsp;&nbsp; 810000000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 810000000 | &nbsp;&nbsp; — |
| U.S. Treasury Obligations | &nbsp;&nbsp; 856717324 | &nbsp;&nbsp; — | &nbsp;&nbsp; 856717324 | &nbsp;&nbsp; — |
| **Total Assets - Investments in Securities** | &nbsp;&nbsp; $2041725516 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2041725516 | &nbsp;&nbsp; $— |

---

See Notes to Financial Statements.

**35**

------

**LOW-DURATION BOND FUND**

**SCHEDULE OF INVESTMENTS**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **AGENCY OBLIGATIONS — 1.0%** | **AGENCY OBLIGATIONS — 1.0%** | **AGENCY OBLIGATIONS — 1.0%** |
| Federal Farm Credit <br> Banks Funding <br> Corporation<br>|  |  |
| 0.70%, 01/27/27 | $2000000 | $1939772 |
| 2.25%, 08/15/29 | 1000000 | 952861 |
| 1.30%, 02/03/31 | 870000 | 762046 |
| 1.68%, 09/17/35 | 2300000 | 1821221 |
| Federal Home Loan <br> Bank<br>|  |  |
| 2.18%, 11/06/29 | 750000 | 708909 |
| 1.61%, 01/27/33 | 600000 | 506632 |
| Federal Home Loan <br> Mortgage <br> Corporation<br>|  |  |
| 4.13%, 11/13/28 | 2200000 | 2200965 |
| **Total Agency Obligations** <br> (Cost $8,714,838) |  | 8892406 |
| **ASSET-BACKED SECURITIES — 19.8%** | **ASSET-BACKED SECURITIES — 19.8%** | **ASSET-BACKED SECURITIES — 19.8%** |
| Affirm Asset Securitization Trust, <br> Series 2025-X1, Class A |  |  |
| 5.08%, 04/15/30 144A | 84370 | 84498 |
| Affirm Asset Securitization Trust, <br> Series 2025-X2, Class A |  |  |
| 4.45%, 10/15/30 144A | 196043 | 196258 |
| Affirm Master Trust, Series 2025-3A, <br> Class A |  |  |
| 4.45%, 10/16/34 144A | 485000 | 487204 |
| AGL CLO 28, Ltd., Series 2023-28A, <br> Class AL2 |  |  |
| (Floating, CME Term SOFR 3M + <br> 1.70%, 1.70% Floor), 5.57%, <br> 01/21/37 144A † | 430000 | 431223 |
| Ally Bank Auto Credit-Linked Notes, <br> Series 2025-A, Class D |  |  |
| 4.99%, 06/15/33 144A | 830321 | 834920 |
| Ally Bank Auto Credit-Linked Notes, <br> Series 2025-B, Class D |  |  |
| 4.94%, 09/15/33 144A | 929905 | 932617 |
| American Airlines Pass-Through <br> Trust, Series 2014-1, Class A |  |  |
| 3.70%, 10/01/26 | 131739 | 131268 |
| American Express Credit Account <br> Master Trust, Series 2025-3, <br> Class A |  |  |
| 4.51%, 04/15/32 | 950000 | 972544 |
| American Heritage Auto Receivables <br> Trust, Series 2024-1A, Class A2 |  |  |
| 4.83%, 03/15/28 144A | 995647 | 997899 |
| Amur Equipment Finance Receivables <br> XV LLC, Series 2025-1A, <br> Class A2 |  |  |
| 4.70%, 09/22/31 144A | 1233743 | 1247296 |
| Anchorage Capital CLO 7, Ltd., <br> Series 2015-7A, Class CR3 |  |  |
| (Floating, CME Term SOFR 3M + <br> 2.45%, 2.45% Floor), 6.31%, <br> 04/28/37 144A † | 450000 | 452595 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Apidos CLO XXIV, Series 2016-24A, <br> Class A1AL |  |  |
| (Floating, CME Term SOFR 3M + <br> 1.21%, 0.95% Floor), 5.10%, <br> 10/20/30 144A † γ | $85121 | $85208 |
| Ares LVI CLO, Ltd., Series <br> 2020-56A, Class A1R2 |  |  |
| (Floating, CME Term SOFR 3M + <br> 1.25%), 5.11%, 01/25/38 <br> 144A † | 250000 | 250653 |
| ARI Fleet Lease Trust, Series 2024-A, <br> Class A2 |  |  |
| 5.30%, 11/15/32 144A | 81428 | 81932 |
| ARI Fleet Lease Trust, Series 2024-B, <br> Class A2 |  |  |
| 5.54%, 04/15/33 144A | 485935 | 489508 |
| ARI Fleet Lease Trust, Series 2024-B, <br> Class A3 |  |  |
| 5.26%, 04/15/33 144A | 900000 | 918206 |
| ARI Fleet Lease Trust, Series 2025-B, <br> Class A2 |  |  |
| 4.59%, 03/15/34 144A | 2117000 | 2132806 |
| AutoNation Finance Trust, Series <br> 2025-1A, Class A2 |  |  |
| 4.72%, 04/10/28 144A | 890658 | 892718 |
| AutoNation Finance Trust, Series <br> 2025-1A, Class A3 |  |  |
| 4.62%, 11/13/29 144A | 34000 | 34330 |
| Avis Budget Rental Car Funding <br> AESOP LLC, Series 2025-1A, <br> Class A |  |  |
| 4.80%, 08/20/29 144A | 1250000 | 1271324 |
| Bain Capital Credit CLO, Ltd., Series <br> 2021-4A, Class A1R |  |  |
| (Floating, CME Term SOFR 3M + <br> 1.20%, 1.20% Floor), 5.08%, <br> 10/20/34 144A † | 165000 | 165210 |
| Benefit Street Partners CLO V-B, <br> Ltd., Series 2018-5BA, Class A1R |  |  |
| (Floating, CME Term SOFR 3M + <br> 1.53%, 1.53% Floor), 5.41%, <br> 07/20/37 144A † | 315000 | 316211 |
| Benefit Street Partners CLO XX, Ltd., <br> Series 2020-20A, Class ARR |  |  |
| (Floating, CME Term SOFR 3M + <br> 1.29%), 5.19%, 07/15/37 <br> 144A † | 260000 | 260756 |
| BHG Securitization Trust, Series <br> 2025-2CON, Class A |  |  |
| 4.84%, 09/17/36 144A | 572913 | 579321 |
| Birch Grove CLO 2, Ltd., Series <br> 2021-2A, Class A1R |  |  |
| (Floating, CME Term SOFR 3M + <br> 1.40%, 1.40% Floor), 5.28%, <br> 10/19/37 144A † | 250000 | 251062 |

---

**36**

See Notes to Financial Statements.

------

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Blueberry Park CLO, Ltd., Series <br> 2024-1A, Class A |  |  |
| (Floating, CME Term SOFR 3M + <br> 1.35%, 1.35% Floor), 5.23%, <br> 10/20/37 144A † | $500000 | $501969 |
| BlueMountain CLO XXII, Ltd., Series <br> 2018-22A, Class A1 |  |  |
| (Floating, CME Term SOFR 3M + <br> 1.34%, 1.08% Floor), 5.25%, <br> 07/15/31 144A † | 74193 | 74255 |
| BofA Auto Trust, Series 2025-1A, <br> Class A2A |  |  |
| 4.52%, 11/22/27 144A | 658543 | 659761 |
| BRSP, Ltd., Series 2021-FL1, Class A |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.26%, 1.15% Floor), 5.00%, <br> 08/19/38 144A † | 948972 | 945605 |
| BSPRT Issuer LLC, Series <br> 2024-FL11, Class A |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.64%, 1.64% Floor), 5.39%, <br> 07/15/39 144A † | 1300000 | 1304147 |
| BSPRT Issuer, Ltd., Series <br> 2023-FL10, Class A |  |  |
| (Floating, CME Term SOFR 1M + <br> 2.26%, 2.26% Floor), 6.01%, <br> 09/15/35 144A † | 838172 | 838857 |
| Capital One Multi-Asset Execution <br> Trust, Series 2019-A3, Class A3 |  |  |
| 2.06%, 08/15/28 | 1200000 | 1187336 |
| Capital One Prime Auto Receivables <br> Trust, Series 2024-1, Class A3 |  |  |
| 4.62%, 07/16/29 | 1500000 | 1515002 |
| CarMax Auto Owner Trust, Series <br> 2024-4, Class A2A |  |  |
| 4.67%, 12/15/27 | 558067 | 558967 |
| Carmax Auto Owner Trust, Series <br> 2025-1, Class A3 |  |  |
| 4.84%, 01/15/30 | 1500000 | 1522965 |
| Carmax Auto Owner Trust, Series <br> 2025-2, Class A2A |  |  |
| 4.59%, 07/17/28 | 1127637 | 1131166 |
| Carmax Auto Owner Trust, Series <br> 2025-2, Class A3 |  |  |
| 4.48%, 03/15/30 | 3456000 | 3496332 |
| Cars Alliance Auto Loans Germany V, <br> Series 2024-G1V, Class A |  |  |
| (Floating, Euribor 1M + 0.52%), <br> 2.46%, 01/18/36(E) † | 850297 | 1000191 |
| CARS-DB5 LP, Series 2021-1A, <br> Class A1 |  |  |
| 1.44%, 08/15/51 144A | 1889642 | 1849862 |
| Carvana Auto Receivables Trust, <br> Series 2024-P4, Class A3 |  |  |
| 4.64%, 01/10/30 | 1600000 | 1610351 |
| CCG Receivables Trust, Series <br> 2025-2, Class A2 |  |  |
| 4.14%, 08/15/34 144A | 680000 | 682005 |
| Chase Auto Owner Trust, Series <br> 2024-5A, Class A3 |  |  |
| 4.18%, 08/27/29 144A | 2200000 | 2208083 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Chesapeake Funding II LLC, Series <br> 2023-2A, Class A1 |  |  |
| 6.16%, 10/15/35 144A | $163347 | $165114 |
| Chesapeake Funding II LLC, Series <br> 2024-1A, Class A1 |  |  |
| 5.52%, 05/15/36 144A | 234897 | 237778 |
| CIFC Funding, Ltd., Series 2020-3A, <br> Class A1R2 |  |  |
| (Floating, CME Term SOFR 3M + <br> 1.21%), 5.07%, 10/20/38 <br> 144A † | 250000 | 250293 |
| CIFC Funding, Ltd., Series 2021-4A, <br> Class BR |  |  |
| (Floating, CME Term SOFR 3M + <br> 1.65%, 1.65% Floor), 5.51%, <br> 07/23/37 144A † | 250000 | 251224 |
| Citizens Auto Receivables Trust, <br> Series 2023-1, Class A4 |  |  |
| 5.78%, 10/15/30 144A | 3000000 | 3049548 |
| CNH Equipment Trust, Series <br> 2024-A, Class A3 |  |  |
| 4.77%, 06/15/29 | 319913 | 322691 |
| College Ave Student Loans LLC, <br> Series 2021-B, Class A1 |  |  |
| (Floating, CME Term SOFR 1M + <br> 0.91%, 0.80% Floor), 4.65%, <br> 06/25/52 144A † | 121454 | 120048 |
| College Ave Student Loans LLC, <br> Series 2021-C, Class B |  |  |
| 2.72%, 07/26/55 144A | 65332 | 60999 |
| 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> 5.77%, 05/25/55 144A † | 387197 | 394543 |
| Credit Acceptance Auto Loan Trust, <br> Series 2025-2A, Class A |  |  |
| 4.50%, 11/15/35 144A | 590000 | 593714 |
| CSAB Mortgage-Backed Trust, Series <br> 2006-2, Class A6A |  |  |
| (Step to 6.22% on 04/25/35), <br> 6.22%, 09/25/36 STEP | 213833 | 58455 |
| CWABS, Inc. Asset-Backed <br> Certificates Trust, Series 2004-6, <br> Class 1A1 |  |  |
| (Floating, CME Term SOFR 1M + <br> 0.65%, 0.54% Floor), 4.39%, <br> 12/25/34† | 399658 | 391856 |
| CyrusOne Data Centers Issuer I LLC, <br> Series 2024-2A, Class A2 |  |  |
| 4.50%, 05/20/49 144A | 1000000 | 977714 |
| Dell Equipment Finance Trust, Series <br> 2025-1, Class A2 |  |  |
| 4.68%, 07/22/27 144A | 1310000 | 1314928 |
| Dell Equipment Finance Trust, Series <br> 2025-1, Class A3 |  |  |
| 4.61%, 02/24/31 144A | 215000 | 217596 |
| Dell Equipment Finance Trust, Series <br> 2025-2, Class A3 |  |  |
| 4.12%, 03/24/31 144A | 1400000 | 1406031 |

---

See Notes to Financial Statements.

**37**

------

**LOW-DURATION BOND FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Diamond Infrastructure Funding LLC, <br> Series 2021-1A, Class A |  |  |
| 1.76%, 04/15/49 144A | $1650000 | $1604102 |
| Diamond Issuer LLC, Series 2021-1A, <br> Class A |  |  |
| 2.31%, 11/20/51 144A | 1750000 | 1680587 |
| Drive Auto Receivables Trust, Series <br> 2025-2, Class A3 |  |  |
| 4.14%, 09/15/32 | 540000 | 541546 |
| Drive Auto Receivables Trust, Series <br> 2025-2, Class D |  |  |
| 4.90%, 12/15/32 | 1400000 | 1402019 |
| Drive Auto Receivables Trust, Series <br> 2025-S1, Class R1 |  |  |
| 6.04%, 06/16/29 144A | 759621 | 767089 |
| Dryden XXVI Senior Loan Fund, <br> Series 2013-26A, Class BR |  |  |
| (Floating, CME Term SOFR 3M + <br> 1.71%), 5.62%, 04/15/29 <br> 144A † | 305000 | 305155 |
| EDvestinU Private Education Loan <br> Issue No. 1 LLC, Series 2019-A, <br> Class A |  |  |
| 3.58%, 11/25/38 144A | 59432 | 58822 |
| EDvestinU Private Education Loan <br> Issue No. 3 LLC, Series 2021-A, <br> Class A |  |  |
| 1.80%, 11/25/45 144A | 37519 | 35251 |
| ELFI Graduate Loan Program LLC, <br> Series 2021-A, Class A |  |  |
| 1.53%, 12/26/46 144A | 678095 | 610918 |
| ELFI Graduate Loan Program LLC, <br> Series 2022-A, Class A |  |  |
| 4.51%, 08/26/47 144A | 294565 | 291584 |
| ELFI Graduate Loan Program LLC, <br> Series 2023-A, Class A |  |  |
| 6.37%, 02/04/48 144A | 381005 | 399376 |
| Elmwood CLO 30, Ltd., Series <br> 2024-6A, Class A |  |  |
| (Floating, CME Term SOFR 3M + <br> 1.43%, 1.43% Floor), 5.31%, <br> 07/17/37 144A † | 685000 | 687169 |
| Enterprise Fleet Financing LLC, <br> Series 2023-1, Class A2 |  |  |
| 5.51%, 01/22/29 144A | 170394 | 170655 |
| Enterprise Fleet Financing LLC, <br> Series 2023-2, Class A2 |  |  |
| 5.56%, 04/22/30 144A | 311663 | 313426 |
| Enterprise Fleet Financing LLC, <br> Series 2024-1, Class A2 |  |  |
| 5.23%, 03/20/30 144A | 190562 | 192028 |
| Enterprise Fleet Financing LLC, <br> Series 2024-1, Class A3 |  |  |
| 5.16%, 09/20/30 144A | 50000 | 50993 |
| Enterprise Fleet Financing LLC, <br> Series 2024-3, Class A3 |  |  |
| 4.98%, 08/21/28 144A | 1757000 | 1782654 |
| Enterprise Fleet Financing LLC, <br> Series 2024-3, Class A4 |  |  |
| 5.06%, 03/20/31 144A | 51000 | 52244 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Enterprise Fleet Financing LLC, <br> Series 2024-4, Class A3 |  |  |
| 4.56%, 11/20/28 144A | $149000 | $150625 |
| Enterprise Fleet Financing LLC, <br> Series 2025-1, Class A3 |  |  |
| 4.82%, 02/20/29 144A | 1000000 | 1017716 |
| Enterprise Fleet Financing LLC, <br> Series 2025-2, Class A2 |  |  |
| 4.51%, 02/22/28 144A | 1270000 | 1276229 |
| Enterprise Fleet Financing LLC, <br> Series 2025-2, Class A3 |  |  |
| 4.41%, 06/20/29 144A | 220000 | 222481 |
| Enterprise Fleet Financing LLC, <br> Series 2025-3, Class A3 |  |  |
| 4.46%, 09/20/29 144A | 1146000 | 1161509 |
| Enterprise Fleet Financing LLC, <br> Series 2025-4, Class A2 |  |  |
| 4.05%, 08/20/28 144A | 1100000 | 1102258 |
| Evergreen Credit Card Trust, Series <br> 2025-1A, Class A |  |  |
| (Floating, U.S. SOFR + 0.59%), <br> 4.54%, 10/15/29 144A † | 1300000 | 1304903 |
| Exeter Automobile Receivables Trust, <br> Series 2025-3A, Class A3 |  |  |
| 4.78%, 07/16/29 | 1270000 | 1279313 |
| Exeter Select Automobile Receivables <br> Trust, Series 2025-3, Class A3 |  |  |
| 4.18%, 12/16/30 | 1100000 | 1101752 |
| FACT SA, Series 2024-1, Class A |  |  |
| (Floating, Euribor 1M + 0.65%), <br> 2.57%, 09/22/31(E) † | 669826 | 788931 |
| Ford Auto Securitization Trust, Series <br> 2024-AA, Class A2 |  |  |
| 5.05%, 07/15/28(C) 144A | 1553320 | 1146416 |
| Ford Credit Auto Owner Trust, Series <br> 2023-1, Class A |  |  |
| 4.85%, 08/15/35 144A | 1453000 | 1483238 |
| Ford Credit Auto Owner Trust, Series <br> 2023-2, Class A |  |  |
| 5.28%, 02/15/36 144A | 2000000 | 2069452 |
| Ford Credit Auto Owner Trust, Series <br> 2025-1, Class A |  |  |
| 4.86%, 08/15/37 144A STEP | 520000 | 535478 |
| Ford Credit Auto Owner Trust, Series <br> 2025-2, Class A |  |  |
| 4.37%, 02/15/38 144A STEP | 490000 | 495228 |
| Ford Credit Auto Owner Trust, Series <br> 2025-B, Class A2A |  |  |
| 3.88%, 06/15/28 | 1000000 | 1000547 |
| Ford Credit Floorplan Master Owner <br> Trust, Series 2023-1, Class A2 |  |  |
| (Floating, U.S. 30-Day Average <br> SOFR + 1.25%), 5.23%, <br> 05/15/28 144A † | 290000 | 291028 |
| Ford Credit Floorplan Master Owner <br> Trust, Series 2023-1, Class B |  |  |
| 5.31%, 05/15/28 144A | 310000 | 311301 |

---

**38**

See Notes to Financial Statements.

------

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Ford Credit Floorplan Master Owner <br> Trust, Series 2024-3, Class A2 |  |  |
| (Floating, U.S. 30-Day Average <br> SOFR + 0.77%), 4.75%, <br> 09/15/29 144A † | $1000000 | $1004647 |
| Foundation Finance Trust, Series <br> 2024-1A, Class A |  |  |
| 5.50%, 12/15/49 144A | 176109 | 180312 |
| Foundation Finance Trust, Series <br> 2025-1A, Class A |  |  |
| 4.95%, 04/15/50 144A | 201011 | 203678 |
| FS RIALTO, Series 2021-FL2, <br> Class A |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.33%, 1.33% Floor), 5.07%, <br> 05/16/38 144A † | 85420 | 85427 |
| GLS Auto Select Receivables Trust, <br> Series 2025-1A, Class A2 |  |  |
| 4.71%, 04/15/30 144A | 451369 | 454887 |
| GM Financial Automobile Leasing <br> Trust, Series 2025-1, Class A3 |  |  |
| 4.66%, 02/21/28 | 2000000 | 2017066 |
| GM Financial Consumer Automobile <br> Receivables Trust, Series 2025-1, <br> Class A3 |  |  |
| 4.62%, 12/17/29 | 1500000 | 1516119 |
| GM Financial Consumer Automobile <br> Receivables Trust, Series 2025-2, <br> Class A2A |  |  |
| 4.40%, 02/16/28 | 935894 | 937925 |
| GM Financial Consumer Automobile <br> Receivables Trust, Series 2025-4, <br> Class A3 |  |  |
| 3.84%, 02/18/31 | 386000 | 386674 |
| GM Financial Revolving Receivables <br> Trust, Series 2024-1, Class A |  |  |
| 4.98%, 12/11/36 144A | 214000 | 220399 |
| GM Financial Revolving Receivables <br> Trust, Series 2024-2, Class A |  |  |
| 4.52%, 03/11/37 144A | 150000 | 152715 |
| GMF Floorplan Owner Revolving <br> Trust, Series 2023-1, Class A1 |  |  |
| 5.34%, 06/15/28 144A | 3000000 | 3018598 |
| Golden Credit Card Trust, Series <br> 2022-1A, Class A |  |  |
| 1.97%, 01/15/29 144A | 2000000 | 1961175 |
| 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), 5.03%, <br> 10/20/34 144A † | 250000 | 250178 |
| Golub Capital Partners CLO, Ltd., <br> Series 2019-41A, Class AR2 |  |  |
| (Floating, CME Term SOFR 3M + <br> 1.33%), 5.21%, 07/20/38 <br> 144A † | 250000 | 250991 |
| GoodLeap Sustainable Home <br> Solutions Trust, Series 2022-2CS, <br> Class A |  |  |
| 4.00%, 04/20/49 144A | 29783 | 26620 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| GreatAmerica Leasing <br> Receivables Funding LLC, Series <br> 2024-2, Class A2 |  |  |
| 5.28%, 03/15/27 144A | $94428 | $94832 |
| GreatAmerica Leasing <br> Receivables Funding LLC, Series <br> 2025-1, Class A3 |  |  |
| 4.49%, 04/16/29 144A | 1000000 | 1012893 |
| GreenSky Home Improvement Issuer <br> Trust, Series 2025-2A, Class A4 |  |  |
| 4.89%, 06/25/60 144A | 97809 | 98624 |
| Honda Auto Receivables Owner Trust, <br> Series 2025-2, Class A2A |  |  |
| 4.30%, 01/18/28 | 1222441 | 1224963 |
| HPEFS Equipment Trust, Series <br> 2025-2A, Class A1 |  |  |
| 4.15%, 10/20/26 144A | 1169888 | 1170999 |
| Huntington Auto Trust, Series <br> 2024-1A, Class A3 |  |  |
| 5.23%, 01/16/29 144A | 867283 | 875969 |
| Hyundai Floorplan Master Owner <br> Trust, Series 2025-1A, Class A |  |  |
| 4.01%, 10/15/30 144A | 2100000 | 2107730 |
| John Deere Owner Trust, Series <br> 2024-C, Class A3 |  |  |
| 4.06%, 06/15/29 | 2600000 | 2609433 |
| KKR CLO, Ltd., Series 21, Class A |  |  |
| (Floating, CME Term SOFR 3M + <br> 1.26%), 5.17%, 04/15/31 <br> 144A † | 89408 | 89465 |
| Kubota Credit Owner Trust, Series <br> 2025-2A, Class A3 |  |  |
| 4.42%, 09/17/29 144A | 2000000 | 2022472 |
| Lendmark Funding Trust, Series <br> 2025-1A, Class A |  |  |
| 4.94%, 09/20/34 144A | 1270000 | 1286160 |
| LMDV Issuer Co. LLC, Series <br> 2025-1A, Class A2 |  |  |
| 5.31%, 12/15/55 144A | 1000000 | 1002200 |
| Lyra Music Assets Delaware LP, <br> Series 2025-1A, Class A2 |  |  |
| 5.60%, 09/20/65 144A | 92616 | 93499 |
| M&T Bank Auto Receivables Trust, <br> Series 2024-1A, Class A3 |  |  |
| 5.22%, 02/17/32 144A | 694310 | 702147 |
| M&T Equipment Notes, Series <br> 2025-1A, Class A2 |  |  |
| 4.70%, 12/16/27 144A | 53000 | 53279 |
| M&T Equipment Notes, Series <br> 2025-1A, Class A3 |  |  |
| 4.78%, 09/17/29 144A | 1000000 | 1013775 |
| Mariner Finance Issuance Trust, <br> Series 2025-AA, Class B |  |  |
| 0.00%, 05/20/38 144A | 760000 | 770868 |
| MMAF Equipment Finance LLC, <br> Series 2024-A, Class A3 |  |  |
| 4.95%, 07/14/31 144A | 134685 | 136992 |

---

See Notes to Financial Statements.

**39**

------

**LOW-DURATION BOND FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Monroe Capital MML CLO XV LLC, <br> Series 2023-1A, Class AR |  |  |
| (Floating, CME Term SOFR 3M + <br> 1.27%), 5.13%, 09/23/35 <br> 144A † | $570000 | $570004 |
| Navient Private Education Loan Trust, <br> Series 2020-A, Class A2A |  |  |
| 2.46%, 11/15/68 144A | 195312 | 189748 |
| Navient Private Education Loan Trust, <br> Series 2020-A, Class A2B |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.01%), 4.76%, 11/15/68 <br> 144A † | 32552 | 32491 |
| Navient Private Education <br> Refinancing Loan Trust, Series <br> 2018-DA, Class A2A |  |  |
| 4.00%, 12/15/59 144A | 119582 | 119049 |
| Navient Private Education <br> Refinancing Loan Trust, Series <br> 2019-CA, Class A2 |  |  |
| 3.13%, 02/15/68 144A | 43947 | 43519 |
| Navient Private Education <br> Refinancing Loan Trust, Series <br> 2019-EA, Class A2B |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.03%), 4.78%, 05/15/68 <br> 144A † | 92844 | 92897 |
| Navient Private Education <br> Refinancing Loan Trust, Series <br> 2019-GA, Class A |  |  |
| 2.40%, 10/15/68 144A | 76030 | 74262 |
| Navient Private Education <br> Refinancing Loan Trust, Series <br> 2020-DA, Class A |  |  |
| 1.69%, 05/15/69 144A | 281400 | 269027 |
| Navient Private Education <br> Refinancing Loan Trust, Series <br> 2020-FA, Class A |  |  |
| 1.22%, 07/15/69 144A | 128822 | 122312 |
| Navient Private Education <br> Refinancing Loan Trust, Series <br> 2020-HA, Class A |  |  |
| 1.31%, 01/15/69 144A | 185364 | 175567 |
| Navient Private Education <br> Refinancing Loan Trust, Series <br> 2020-IA, Class A1B |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.11%, 1.00% Floor), 4.86%, <br> 04/15/69 144A † | 769108 | 765403 |
| Navient Private Education <br> Refinancing Loan Trust, Series <br> 2021-A, Class A |  |  |
| 0.84%, 05/15/69 144A | 25203 | 23181 |
| Navient Private Education <br> Refinancing Loan Trust, Series <br> 2021-CA, Class A |  |  |
| 1.06%, 10/15/69 144A | 202918 | 186309 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Navient Refinance Loan Trust, Series <br> 2025-C, Class A |  |  |
| 4.80%, 10/15/55 144A | $484789 | $486481 |
| Navient Student Loan Trust, Series <br> 2017-5A, Class A |  |  |
| (Floating, U.S. 30-Day Average <br> SOFR + 0.91%), 4.79%, <br> 07/26/66 144A † | 466737 | 464740 |
| Navient Student Loan Trust, Series <br> 2018-EA, Class A2 |  |  |
| 4.00%, 12/15/59 144A | 2910 | 2910 |
| Navient Student Loan Trust, Series <br> 2019-BA, Class A2A |  |  |
| 3.39%, 12/15/59 144A | 87659 | 86471 |
| Navient Student Loan Trust, Series <br> 2019-BA, Class A2B |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.09%), 4.84%, 12/15/59 <br> 144A † | 76421 | 76340 |
| Navistar Financial Dealer Note Master <br> Owner Trust, Series 2024-1, <br> Class A |  |  |
| 5.59%, 04/25/29 144A | 292000 | 293430 |
| Navistar Financial Dealer Note Master <br> Owner Trust, Series 2025-1, <br> Class A |  |  |
| 4.18%, 09/25/30 144A | 1000000 | 1004862 |
| Nelnet Student Loan Trust, Series <br> 2016-1A, Class A |  |  |
| (Floating, U.S. 30-Day Average <br> SOFR + 0.91%), 4.79%, <br> 09/25/65 144A † | 264272 | 264653 |
| Nelnet Student Loan Trust, Series <br> 2021-A, Class APT2 |  |  |
| 1.36%, 04/20/62 144A | 272756 | 257976 |
| Nelnet Student Loan Trust, Series <br> 2021-BA, Class AFX |  |  |
| 1.42%, 04/20/62 144A | 255495 | 242405 |
| Nelnet Student Loan Trust, Series <br> 2025-1A, Class A1 |  |  |
| (Floating, U.S. 30-Day Average <br> SOFR + 0.75%), 4.91%, <br> 10/25/33 144A † | 400000 | 400110 |
| Nelnet Student Loan Trust, Series <br> 2025-AA, Class A1B |  |  |
| (Floating, U.S. 30-Day Average <br> SOFR + 1.10%), 5.08%, <br> 03/15/57 144A † | 258544 | 257945 |
| Nelnet Student Loan Trust, Series <br> 2025-BA, Class A1A |  |  |
| 4.84%, 05/17/55 144A | 935711 | 940463 |
| Nelnet Student Loan Trust, Series <br> 2025-BA, Class A1B |  |  |
| (Floating, U.S. 30-Day Average <br> SOFR + 1.35%), 5.33%, <br> 05/17/55 144A † | 336856 | 339601 |

---

**40**

See Notes to Financial Statements.

------

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Nelnet Student Loan Trust, Series <br> 2025-CA, Class A1A |  |  |
| 4.67%, 06/22/65 144A | $955653 | $953915 |
| Nelnet Student Loan Trust, Series <br> 2025-CA, Class A1B |  |  |
| (Floating, U.S. 30-Day Average <br> SOFR + 1.35%), 5.27%, <br> 06/22/65 144A † | 449157 | 452944 |
| 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), 5.11%, <br> 07/23/36 144A | 330000 | 330480 |
| NextGear Floorplan Master Owner <br> Trust, Series 2025-2A, Class A2 |  |  |
| 4.23%, 10/15/30 144A | 890000 | 893154 |
| NMEF Funding LLC, Series 2025-B, <br> Class A2 |  |  |
| 4.64%, 01/18/33 144A | 540000 | 542333 |
| OCP CLO, Ltd., Series 2020-8RA, <br> Class AR2 |  |  |
| (Floating, CME Term SOFR 3M + <br> 1.22%), 5.10%, 10/17/38 <br> 144A † | 355000 | 355745 |
| OHA Credit Funding 3, Ltd., Series <br> 2019-3A, Class AR2 |  |  |
| (Floating, CME Term SOFR 3M + <br> 1.32%), 5.20%, 01/20/38 <br> 144A † | 250000 | 250910 |
| OHA Credit Partners XVI, Series <br> 2021-16A, Class AR |  |  |
| (Floating, CME Term SOFR 3M + <br> 1.35%, 1.35% Floor), 5.23%, <br> 10/18/37 144A † | 330000 | 331318 |
| OneMain Direct Auto Receivables <br> Trust, Series 2023-1A, Class A |  |  |
| 5.41%, 11/14/29 144A | 3080000 | 3104075 |
| OneMain Financial Issuance Trust, <br> Series 2022-2A, Class A |  |  |
| 4.89%, 10/14/34 144A | 225793 | 225984 |
| OneMain Financial Issuance Trust, <br> Series 2022-3A, Class A |  |  |
| 5.94%, 05/15/34 144A | 456606 | 458294 |
| OneMain Financial Issuance Trust, <br> Series 2025-1A, Class A |  |  |
| 4.82%, 07/14/38 144A | 1900000 | 1924670 |
| Oportun Issuance Trust, Series <br> 2025-B, Class A |  |  |
| 4.88%, 05/09/33 144A | 880000 | 883768 |
| Oportun Issuance Trust, Series <br> 2025-C, Class A |  |  |
| 4.49%, 07/08/33 144A | 1280000 | 1283120 |
| Pagaya AI Technology in Housing <br> Trust, Series 2023-1, Class A |  |  |
| 3.60%, 10/25/40 144A | 444000 | 433068 |
| Palmer Square CLO, Ltd., Series <br> 2024-2A, Class A1 |  |  |
| (Floating, CME Term SOFR 3M + <br> 1.40%, 1.40% Floor), 5.28%, <br> 07/20/37 144A † | 250000 | 251028 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Palmer Square Loan Funding, Ltd., <br> Series 2025-3A, Class A1 |  |  |
| (Floating, CME Term SOFR 3M + <br> 0.95%), 4.66%, 01/15/34 <br> 144A † | $370000 | $370118 |
| Park Blue CLO, Ltd., Series 2024-5A, <br> Class A1 |  |  |
| (Floating, CME Term SOFR 3M + <br> 1.48%, 1.48% Floor), 5.34%, <br> 07/25/37 144A † | 325000 | 326184 |
| PFS Financing Corporation, Series <br> 2023-A, Class A |  |  |
| 5.80%, 03/15/28 144A | 1097000 | 1100866 |
| PFS Financing Corporation, Series <br> 2023-C, Class A |  |  |
| 5.52%, 10/15/28 144A | 1000000 | 1011726 |
| PFS Financing Corporation, Series <br> 2024-B, Class A |  |  |
| 4.95%, 02/15/29 144A | 2400000 | 2426368 |
| PFS Financing Corporation, Series <br> 2024-D, Class A |  |  |
| 5.34%, 04/15/29 144A | 160000 | 162886 |
| PFS Financing Corporation, Series <br> 2025-B, Class A |  |  |
| 4.85%, 02/15/30 144A | 456000 | 464708 |
| PFS Financing Corporation, Series <br> 2025-D, Class A |  |  |
| 4.47%, 05/15/30 144A | 1270000 | 1285308 |
| Planet Fitness Master Issuer LLC, <br> Series 2025-1A, Class A2II |  |  |
| 5.65%, 12/06/55 144A | 80000 | 80346 |
| Point Broadband Funding LLC, Series <br> 2025-1A, Class A2 |  |  |
| 5.34%, 07/20/55 144A | 69000 | 69617 |
| Porsche Financial Auto Securitization <br> Trust, Series 2023-1A, Class A3 |  |  |
| 4.81%, 09/22/28 144A | 411345 | 412662 |
| Porsche Financial Auto Securitization <br> Trust, Series 2023-2A, Class A3 |  |  |
| 5.79%, 01/22/29 144A | 199763 | 201325 |
| Porsche Financial Auto Securitization <br> Trust, Series 2024-1A, Class A3 |  |  |
| 4.44%, 01/22/30 144A | 1097000 | 1101382 |
| Post Road Equipment Finance LLC, <br> Series 2025-1A, Class A2 |  |  |
| 4.90%, 05/15/31 144A | 552769 | 557352 |
| Prodigy Finance CM DAC, Series <br> 2021-1A, Class A |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.36%), 5.09%, 07/25/51 <br> 144A † | 28517 | 28472 |
| Progress Residential Trust, Series <br> 2021-SFR10, Class A |  |  |
| 2.39%, 12/17/40 144A | 125257 | 119247 |
| QTS Issuer ABS I LLC, Series <br> 2025-1A, Class A2 |  |  |
| 5.44%, 05/25/55 144A | 730000 | 735816 |
| QTS Issuer ABS II LLC, Series <br> 2025-1A, Class A2 |  |  |
| 5.04%, 10/05/55 144A | 266000 | 264325 |

---

See Notes to Financial Statements.

**41**

------

**LOW-DURATION BOND FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| RCKT Mortgage Trust, Series <br> 2024-CES1, Class A1A |  |  |
| 6.03%, 02/25/44 144A | $176229 | $177811 |
| RCKT Mortgage Trust, Series <br> 2025-CES10, Class A1A |  |  |
| (Step to 5.89% on 11/25/29), <br> 4.89%, 11/01/55 144A STEP | 1370778 | 1373546 |
| RCKT Mortgage Trust, Series <br> 2025-CES2, Class A1A |  |  |
| (Step to 6.50% on 03/25/29), <br> 5.50%, 02/25/55 144A STEP | 805485 | 813413 |
| 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 | 1183299 | 1199547 |
| 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 | 444337 | 448982 |
| RCKT Mortgage Trust, Series <br> 2025-CES7, Class A1A |  |  |
| (Step to 6.38% on 08/25/29), <br> 5.38%, 07/25/55 144A STEP | 919819 | 929531 |
| RCKT Mortgage Trust, Series <br> 2025-CES9, Class A1A |  |  |
| (Step to 5.80% on 10/25/29), <br> 4.80%, 09/25/55 144A STEP | 675508 | 674876 |
| Regional Management Issuance Trust, <br> Series 2024-1, Class A |  |  |
| 5.83%, 07/15/36 144A | 103000 | 105053 |
| Regional Management Issuance Trust, <br> Series 2024-2, Class A |  |  |
| 5.11%, 12/15/33 144A | 100000 | 100811 |
| Regional Management Issuance Trust, <br> Series 2025-1, Class A |  |  |
| 4.99%, 04/17/34 144A | 1310000 | 1319885 |
| Republic Finance Issuance Trust, <br> Series 2025-A, Class A |  |  |
| 4.59%, 11/20/34 144A | 970000 | 974660 |
| RR 21, Ltd., Series 2022-21A, <br> Class A1AR |  |  |
| (Floating, CME Term SOFR 3M + <br> 1.40%, 1.40% Floor), 5.30%, <br> 07/15/39 144A † γ | 250000 | 250945 |
| Sagard-Halseypoint CLO 10, Ltd., <br> Series 2025-10A, Class A1 |  |  |
| (Floating, CME Term SOFR 3M + <br> 1.35%), 5.23%, 10/20/38 <br> 144A † | 250000 | 250849 |
| Santander Drive Auto Receivables <br> Trust, Series 2023-5, Class A3 |  |  |
| 6.02%, 09/15/28 | 308894 | 309774 |
| Santander Drive Auto Receivables <br> Trust, Series 2024-S1, Class R1 |  |  |
| 6.53%, 03/16/29 144A | 820181 | 820160 |
| SBNA Auto Lease Trust, Series <br> 2024-C, Class A3 |  |  |
| 4.56%, 02/22/28 144A | 874609 | 876790 |
| SBNA Auto Lease Trust, Series <br> 2025-A, Class A3 |  |  |
| 4.83%, 04/20/28 144A | 1000000 | 1006524 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| SFS Auto Receivables Securitization <br> Trust, Series 2024-2A, Class A3 |  |  |
| 5.33%, 11/20/29 144A | $2982329 | $3015468 |
| Signal Peak CLO 5, Ltd., Series <br> 2018-5A, Class A1R |  |  |
| (Floating, CME Term SOFR 3M + <br> 1.55%, 1.55% Floor), 5.41%, <br> 04/25/37 144A † | 400000 | 401536 |
| Signal Peak CLO 8, Ltd., Series <br> 2020-8A, Class A1R |  |  |
| (Floating, CME Term SOFR 3M + <br> 1.39%, 1.39% Floor), 5.27%, <br> 10/20/37 144A † | 1000000 | 1004127 |
| SLM Private Credit Student Loan <br> Trust, Series 2004-A, Class A3 |  |  |
| (Floating, CME Term SOFR 3M + <br> 0.66%), 4.38%, 06/15/33† | 38983 | 38878 |
| SLM Private Credit Student Loan <br> Trust, Series 2007-A, Class A4A |  |  |
| (Floating, CME Term SOFR 3M + <br> 0.50%), 4.22%, 12/16/41† | 69078 | 68461 |
| SLM Private Education Loan Trust, <br> Series 2010-C, Class A5 |  |  |
| (Floating, CME Term SOFR 1M + <br> 4.86%), 8.61%, 10/15/41 <br> 144A † | 52026 | 54745 |
| SMB Private Education Loan Trust, <br> Series 2018-B, Class A2B |  |  |
| (Floating, CME Term SOFR 1M + <br> 0.83%), 4.58%, 01/15/37 <br> 144A † | 65595 | 65556 |
| SMB Private Education Loan Trust, <br> Series 2020-A, Class A2A |  |  |
| 2.23%, 09/15/37 144A | 271076 | 263553 |
| SMB Private Education Loan Trust, <br> Series 2020-A, Class A2B |  |  |
| (Floating, CME Term SOFR 1M + <br> 0.94%), 4.69%, 09/15/37 <br> 144A † | 27108 | 27102 |
| SMB Private Education Loan Trust, <br> Series 2020-PTA, Class A2B |  |  |
| (Floating, CME Term SOFR 1M + <br> 0.96%), 4.70%, 09/15/54 <br> 144A † | 879926 | 877623 |
| SMB Private Education Loan Trust, <br> Series 2021-A, Class APL |  |  |
| 5.45%, 01/15/53 144A † | 331545 | 328694 |
| SMB Private Education Loan Trust, <br> Series 2021-A, Class B |  |  |
| 2.31%, 01/15/53 144A | 68979 | 67555 |
| SMB Private Education Loan Trust, <br> Series 2021-B, Class A |  |  |
| 1.31%, 07/17/51 144A | 455082 | 431399 |
| SMB Private Education Loan Trust, <br> Series 2021-D, Class A1A |  |  |
| 1.34%, 03/17/53 144A | 299979 | 284284 |
| 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> 5.78%, 10/15/58 144A † | 517072 | 527117 |

---

**42**

See Notes to Financial Statements.

------

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| 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> 5.48%, 01/15/53 144A † | $227764 | $229622 |
| SMB Private Education Loan Trust, <br> Series 2023-C, Class A1A |  |  |
| 5.67%, 11/15/52 144A | 121899 | 125349 |
| SMB Private Education Loan Trust, <br> Series 2024-A, Class A1A |  |  |
| 5.24%, 03/15/56 144A | 235433 | 240030 |
| SMB Private Education Loan Trust, <br> Series 2024-A, Class A1B |  |  |
| (Floating, U.S. 30-Day Average <br> SOFR + 1.45%, 1.45% Floor), <br> 5.43%, 03/15/56 144A † | 784778 | 793242 |
| SMB Private Education Loan Trust, <br> Series 2024-C, Class A1A |  |  |
| 5.50%, 06/17/52 144A | 322436 | 331451 |
| 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> 5.07%, 07/05/53 144A † | 309230 | 307183 |
| SMB Private Education Loan Trust, <br> Series 2024-F, Class A1A |  |  |
| 5.06%, 03/16/54 144A | 336253 | 340952 |
| SoFi Consumer Loan Program Trust, <br> Series 2025-1, Class A |  |  |
| 4.80%, 02/27/34 144A | 654046 | 656602 |
| SoFi Consumer Loan Program Trust, <br> Series 2025-2, Class A |  |  |
| 4.82%, 06/25/34 144A | 386638 | 388972 |
| SoFi Personal Loan Trust, Series <br> 2024-1A, Class A |  |  |
| 6.06%, 02/12/31 144A | 68301 | 67924 |
| SoFi Professional Loan Program LLC, <br> Series 2019-B, Class A2FX |  |  |
| 3.09%, 08/17/48 144A | 28178 | 27783 |
| SoFi Professional Loan Program <br> Trust, Series 2018-C, Class A2FX |  |  |
| 3.59%, 01/25/48 144A | 17582 | 17496 |
| SoFi Professional Loan Program <br> Trust, Series 2020-A, Class A2FX |  |  |
| 2.54%, 05/15/46 144A | 141334 | 136838 |
| SoFi Professional Loan Program <br> Trust, Series 2021-A, Class AFX |  |  |
| 1.03%, 08/17/43 144A | 100854 | 89492 |
| Stack Infrastructure Issuer LLC, <br> Series 2021-1A, Class A2 |  |  |
| 1.88%, 03/26/46 144A | 1600000 | 1588373 |
| STORE Master Funding LLC, Series <br> 2025-1A, Class A1 |  |  |
| 4.76%, 10/20/55 144A | 469412 | 469510 |
| Store Master Funding, Series <br> 2024-1A, Class A1 |  |  |
| 5.69%, 05/20/54 144A | 793333 | 804012 |
| Summit Issuer LLC, Series 2025-1A, <br> Class A2 |  |  |
| 5.21%, 11/20/55 144A | 171000 | 171946 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Switch ABS Issuer LLC, Series <br> 2024-2A, Class A2 |  |  |
| 5.44%, 06/25/54 144A | $1100000 | $1103980 |
| Synchrony Card Funding LLC, Series <br> 2023-A1, Class A |  |  |
| 5.54%, 07/15/29 | 1200000 | 1210297 |
| Synchrony Card Issuance Trust, Series <br> 2025-A1, Class A |  |  |
| 4.78%, 02/15/31 | 1500000 | 1526971 |
| Toyota Lease Owner Trust, Series <br> 2025-A, Class A3 |  |  |
| 4.75%, 02/22/28 144A | 2900000 | 2928914 |
| TRESTLES CLO, Ltd., Series <br> 2017-1A, Class A1RR |  |  |
| (Floating, CME Term SOFR 3M + <br> 1.46%, 1.46% Floor), 5.32%, <br> 07/25/37 144A † | 250000 | 251006 |
| Trillium Credit Card Trust II, Series <br> 2025-1A, Class A |  |  |
| (Floating, U.S. SOFR + 0.59%), <br> 4.40%, 09/26/30 144A † | 900000 | 903456 |
| Trinitas CLO XII, Ltd., Series <br> 2020-12A, Class A1R2 |  |  |
| (Floating, CME Term SOFR 3M + <br> 1.05%), 4.91%, 04/25/33 <br> 144A † | 402610 | 402817 |
| United Airlines Pass-Through Trust, <br> Series 2014-2, Class A |  |  |
| 3.75%, 09/03/26 | 222657 | 222466 |
| United Airlines Pass-Through Trust, <br> Series 2020-1, Class A |  |  |
| 5.88%, 10/15/27 | 51009 | 52343 |
| United Airlines Pass-Through Trust, <br> Series 2020-1, Class B |  |  |
| 4.88%, 01/15/26 | 9165 | 9165 |
| UPX HIL Issuer Trust, Series 2025-1, <br> Class A |  |  |
| 5.16%, 01/25/47 144A | 107639 | 108582 |
| Vantage Data Centers Issuer LLC, <br> Series 2025-2A, Class A2 |  |  |
| 5.24%, 11/15/55 144A | 616000 | 611855 |
| VB-S1 Issuer LLC, Series 2024-1A, <br> Class F |  |  |
| 8.87%, 05/15/54 144A | 300000 | 310833 |
| Verizon Master Trust, Series 2024-2, <br> Class A |  |  |
| 4.83%, 12/22/31 144A | 113000 | 115903 |
| Verizon Master Trust, Series 2024-6, <br> Class A1A |  |  |
| 4.17%, 08/20/30 | 1100000 | 1107505 |
| Verizon Master Trust, Series 2025-4, <br> Class A |  |  |
| 4.76%, 03/21/33 144A | 1310000 | 1344559 |
| Veros Auto Receivables Trust, Series <br> 2025-1, Class A |  |  |
| 5.31%, 09/15/28 144A | 718544 | 721147 |
| Westlake Automobile Receivables <br> Trust, Series 2023-1A, Class D |  |  |
| 6.79%, 11/15/28 144A | 1600000 | 1637064 |

---

See Notes to Financial Statements.

**43**

------

**LOW-DURATION BOND FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Westlake Automobile Receivables <br> Trust, Series 2024-1A, Class B |  |  |
| 5.55%, 11/15/27 144A | $700000 | $703068 |
| Westlake Automobile Receivables <br> Trust, Series 2025-3A, Class A3 |  |  |
| 4.22%, 06/15/29 144A | 850000 | 853279 |
| Westlake Automobile Receivables <br> Trust, Series 2025-P1, Class A3 |  |  |
| 4.58%, 06/15/29 144A | 131000 | 132278 |
| Wheels Fleet Lease Funding 1 LLC, <br> Series 2025-3A, Class A1 |  |  |
| 4.08%, 09/18/40 144A | 2100000 | 2107316 |
| Wingstop Funding LLC, Series <br> 2020-1A, Class A2 |  |  |
| 2.84%, 12/05/50 144A | 1034250 | 1003225 |
| **Total Asset-Backed Securities** <br> (Cost $177,711,620) |  | 178534418 |
| **CORPORATE BONDS — 26.8%** | **CORPORATE BONDS — 26.8%** | **CORPORATE BONDS — 26.8%** |
| AAR Escrow Issuer LLC |  |  |
| 6.75%, 03/15/29 144A | 245000 | 253641 |
| Adventist Health System |  |  |
| 4.74%, 12/01/30 | 1000000 | 1005201 |
| AES Corporation (The) |  |  |
| 1.38%, 01/15/26 | 1700000 | 1698065 |
| AGCO Corporation |  |  |
| 5.45%, 03/21/27 | 310000 | 314380 |
| Air Lease Corporation |  |  |
| 2.88%, 01/15/26Δ | 1600000 | 1599156 |
| Albertsons Cos., Inc. |  |  |
| 5.50%, 03/31/31 144A | 155000 | 156918 |
| Alliant Energy Finance LLC |  |  |
| 5.40%, 06/06/27 144A | 380000 | 385441 |
| Allison Transmission, Inc. |  |  |
| 4.75%, 10/01/27 144A Δ | 590000 | 589576 |
| Ally Financial, Inc. |  |  |
| (Variable, U.S. SOFR Index + <br> 1.96%), 5.74%, 05/15/29^ | 265000 | 271894 |
| (Variable, U.S. SOFR + 2.82%), <br> 6.85%, 01/03/30^ | 640000 | 679634 |
| Alphabet, Inc. |  |  |
| 3.88%, 11/15/28 | 1280000 | 1287076 |
| 4.10%, 11/15/30 | 210000 | 210927 |
| Amazon.com, Inc. |  |  |
| 3.90%, 11/20/28 | 110000 | 110415 |
| 4.10%, 11/20/30 | 80000 | 80183 |
| Amcor Flexibles North America, Inc. |  |  |
| 4.80%, 03/17/28 | 660000 | 669975 |
| American Airlines, Inc. |  |  |
| 5.50%, 04/20/26 144A | 266666 | 267184 |
| American Express Co. |  |  |
| (Variable, U.S. SOFR Index + <br> 0.75%), 5.65%, 04/23/27^ | 650000 | 653198 |
| (Variable, U.S. SOFR + 0.97%), <br> 5.39%, 07/28/27^ | 2015000 | 2030943 |
| (Variable, U.S. SOFR + 1.26%), <br> 4.73%, 04/25/29^ | 1235000 | 1254621 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| (Variable, U.S. SOFR + 0.81%), <br> 4.35%, 07/20/29^ | $1100000 | $1108577 |
| American Honda Finance Corporation |  |  |
| (Floating, U.S. SOFR + 0.62%), <br> 4.47%, 12/11/26† | 2000000 | 2003490 |
| (Floating, U.S. SOFR + 0.73%), <br> 4.58%, 03/08/27† | 200000 | 200525 |
| American National Global Funding |  |  |
| 5.55%, 01/28/30 144A | 650000 | 668617 |
| 5.25%, 06/03/30 144A | 440000 | 448050 |
| American Tower Corporation REIT |  |  |
| 1.60%, 04/15/26 | 1500000 | 1489853 |
| 3.55%, 07/15/27 | 158000 | 156875 |
| 5.20%, 02/15/29 | 98000 | 100942 |
| 2.90%, 01/15/30Δ | 162000 | 154009 |
| 5.00%, 01/31/30 | 630000 | 645997 |
| 4.90%, 03/15/30 | 355000 | 363002 |
| Amgen, Inc. |  |  |
| 4.05%, 08/18/29 | 151000 | 150998 |
| Amrize Finance U.S. LLC |  |  |
| 4.60%, 04/07/27 | 800000 | 805684 |
| 4.70%, 04/07/28 | 990000 | 1002655 |
| Antero Resources Corporation |  |  |
| 5.38%, 03/01/30 144A | 1055000 | 1070228 |
| Applied Materials, Inc. |  |  |
| 4.00%, 01/15/31 | 150000 | 149448 |
| AppLovin Corporation |  |  |
| 5.13%, 12/01/29 | 799000 | 820612 |
| Arbor Realty SR, Inc. |  |  |
| 8.50%, 12/15/28 144A Δ | 380000 | 378702 |
| 7.88%, 07/15/30 144A | 660000 | 628645 |
| Archer-Daniels-Midland Co. |  |  |
| 3.25%, 03/27/30Δ | 710000 | 686801 |
| Ares Strategic Income Fund |  |  |
| 5.45%, 09/09/28 144A | 1120000 | 1130611 |
| Arrow Electronics, Inc. |  |  |
| 5.15%, 08/21/29 | 700000 | 717371 |
| AS Mileage Plan IP, Ltd. |  |  |
| 5.02%, 10/20/29 144A | 380000 | 383582 |
| Ashtead Capital, Inc. |  |  |
| 4.25%, 11/01/29 144A | 685000 | 678242 |
| Athene Global Funding |  |  |
| (Floating, U.S. SOFR Index + <br> 0.75%), 4.72%, 07/16/26 <br> 144A † | 1000000 | 1001603 |
| 5.52%, 03/25/27 144A | 2000000 | 2032267 |
| 4.83%, 05/09/28 144A | 670000 | 676343 |
| 5.53%, 07/11/31 144A | 660000 | 677710 |
| 5.32%, 11/13/31 144A | 670000 | 680632 |
| Aviation Capital Group LLC |  |  |
| 4.75%, 04/14/27 144A | 305000 | 306789 |
| Axon Enterprise, Inc. |  |  |
| 6.13%, 03/15/30 144A | 885000 | 915797 |
| Ball Corporation |  |  |
| 6.00%, 06/15/29 | 465000 | 479176 |

---

**44**

See Notes to Financial Statements.

------

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Bank of America Corporation |  |  |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 5Y + <br> 2.76%), 4.38%, 01/27/27ρ Δ ^ | $680000 | $673014 |
| (Variable, U.S. SOFR + 0.91%), <br> 1.66%, 03/11/27^ | 800000 | 796317 |
| (Variable, U.S. SOFR + 0.96%), <br> 1.73%, 07/22/27^ | 460000 | 454222 |
| (Variable, U.S. SOFR + 2.04%), <br> 4.95%, 07/22/28^ | 655000 | 664652 |
| (Variable, CME Term SOFR 3M + <br> 1.30%), 3.42%, 12/20/28^ | 23000 | 22746 |
| (Variable, U.S. SOFR + 0.83%), <br> 4.98%, 01/24/29^ | 1240000 | 1263674 |
| (Variable, U.S. SOFR + 1.11%), <br> 4.62%, 05/09/29^ | 1475000 | 1495259 |
| (Variable, U.S. SOFR + 1.00%), <br> 5.16%, 01/24/31^ | 20000 | 20667 |
| Bank of New York Mellon (The) |  |  |
| (Variable, U.S. SOFR + 0.69%), <br> 4.59%, 04/20/27Δ ^ | 415000 | 415776 |
| (Variable, U.S. SOFR + 1.14%), <br> 4.73%, 04/20/29^ | 440000 | 447363 |
| Bank of New York Mellon <br> Corporation (The) |  |  |
| (Variable, CME Term SOFR 3M + <br> 1.33%), 3.44%, 02/07/28^ | 670000 | 667077 |
| Beignet Investor LLC |  |  |
| 6.58%, 05/30/49 144A | 280000 | 296928 |
| Berry Global, Inc. |  |  |
| 4.88%, 07/15/26 144A | 233000 | 233052 |
| Big River Steel LLC |  |  |
| 6.63%, 01/31/29 144A | 260000 | 262441 |
| Blackstone Private Credit Fund |  |  |
| 3.25%, 03/15/27 | 700000 | 688400 |
| Blue Owl Technology Finance <br> Corporation |  |  |
| 3.75%, 06/17/26 144A | 345000 | 343020 |
| 6.75%, 04/04/29Δ | 1325000 | 1356198 |
| BMW U.S. Capital LLC |  |  |
| (Floating, U.S. SOFR Index + <br> 0.78%), 4.64%, 03/19/27 <br> 144A † | 300000 | 301229 |
| 4.15%, 08/11/27 144A | 270000 | 271298 |
| (Floating, U.S. SOFR + 0.71%), <br> 4.60%, 08/11/27 144A † | 1900000 | 1905437 |
| 5.05%, 03/21/30 144A | 655000 | 673159 |
| Boeing Co. (The) |  |  |
| 2.75%, 02/01/26 | 1400000 | 1398410 |
| 2.20%, 02/04/26 | 1200000 | 1197767 |
| 6.26%, 05/01/27 | 570000 | 585143 |
| 6.30%, 05/01/29 | 140000 | 148699 |
| 5.15%, 05/01/30 | 120000 | 123464 |
| Brandywine Operating Partnership LP <br> REIT |  |  |
| 6.13%, 01/15/31Δ | 560000 | 544939 |
| Brighthouse Financial Global Funding |  |  |
| 1.55%, 05/24/26 144A | 300000 | 296822 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Brink's Co. (The) |  |  |
| 6.50%, 06/15/29 144A | $125000 | $129504 |
| Broadcom, Inc. |  |  |
| 5.05%, 07/12/29 | 527000 | 543116 |
| 4.20%, 10/15/30Δ | 70000 | 70045 |
| 4.15%, 11/15/30 | 43000 | 42879 |
| Brown & Brown, Inc. |  |  |
| 4.70%, 06/23/28Δ | 245000 | 248094 |
| Bunge, Ltd. Finance Corporation |  |  |
| 4.20%, 09/17/29 | 675000 | 676910 |
| Capital One Financial Corporation |  |  |
| (Variable, U.S. SOFR + 2.44%), <br> 7.15%, 10/29/27Δ ^ | 930000 | 952461 |
| (Variable, U.S. SOFR + 1.79%), <br> 3.27%, 03/01/30^ | 705000 | 685273 |
| (Variable, U.S. SOFR + 1.25%), <br> 4.49%, 09/11/31^ | 75000 | 74960 |
| Cargill, Inc. |  |  |
| 4.50%, 06/24/26 144A | 655000 | 657081 |
| 4.63%, 02/11/28 144A | 655000 | 665154 |
| Carnival Corporation |  |  |
| 4.00%, 08/01/28 144A | 785000 | 773834 |
| 5.13%, 05/01/29 144A | 210000 | 212434 |
| 5.75%, 03/15/30 144A | 260000 | 267886 |
| Caterpillar Financial Services <br> Corporation |  |  |
| 4.38%, 08/16/29Δ | 655000 | 665384 |
| CCO Holdings LLC |  |  |
| 5.13%, 05/01/27 144A | 1330000 | 1328943 |
| Celanese U.S. Holdings LLC |  |  |
| 6.85%, 11/15/28 | 29000 | 30363 |
| Cencora, Inc. |  |  |
| 4.63%, 12/15/27 | 350000 | 354798 |
| Chart Industries, Inc. |  |  |
| 7.50%, 01/01/30 144A | 125000 | 130437 |
| Cheniere Corpus Christi <br> Holdings LLC |  |  |
| 3.70%, 11/15/29 | 101000 | 98782 |
| Cheniere Energy Partners LP |  |  |
| 4.50%, 10/01/29 | 516000 | 517437 |
| Citigroup, Inc. |  |  |
| (Variable, U.S. SOFR + 0.77%), <br> 1.46%, 06/09/27^ | 380000 | 375700 |
| (Variable, CME Term SOFR 3M + <br> 1.82%), 3.89%, 01/10/28^ | 670000 | 669014 |
| (Variable, U.S. SOFR + 1.14%), <br> 4.64%, 05/07/28^ | 1708000 | 1722096 |
| (Variable, U.S. SOFR + 0.87%), <br> 4.79%, 03/04/29Δ ^ | 1530000 | 1552571 |
| (Variable, U.S. SOFR + 1.17%), <br> 4.50%, 09/11/31^ | 850000 | 853916 |
| Clarivate Science Holdings <br> Corporation |  |  |
| 3.88%, 07/01/28 144A | 330000 | 320596 |
| CNH Industrial Capital LLC |  |  |
| 1.88%, 01/15/26Δ | 1340000 | 1338928 |

---

See Notes to Financial Statements.

**45**

------

**LOW-DURATION BOND FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Columbia Pipelines Holding Co. LLC |  |  |
| 6.06%, 08/15/26 144A Δ | $755000 | $762174 |
| Comerica, Inc. |  |  |
| (Variable, U.S. SOFR + 2.16%), <br> 5.98%, 01/30/30^ | 1305000 | 1361918 |
| Conagra Brands, Inc. |  |  |
| 5.30%, 10/01/26 | 975000 | 983489 |
| Consumers Energy Co. |  |  |
| 4.50%, 01/15/31 | 115000 | 116506 |
| Corebridge Financial, Inc. |  |  |
| 3.65%, 04/05/27 | 600000 | 596639 |
| Crown Castle, Inc. REIT |  |  |
| 3.70%, 06/15/26 | 2665000 | 2659494 |
| Daimler Truck Finance North <br> America LLC |  |  |
| 4.30%, 08/12/27 144A | 150000 | 150776 |
| 5.13%, 09/25/27 144A | 1205000 | 1225149 |
| 4.95%, 01/13/28 144A | 350000 | 355552 |
| Darden Restaurants, Inc. |  |  |
| 4.35%, 10/15/27 | 640000 | 643513 |
| Dell International LLC |  |  |
| 4.15%, 02/15/29 | 920000 | 919966 |
| Delta Air Lines, Inc. |  |  |
| 4.75%, 10/20/28 144A | 660000 | 664186 |
| Diamondback Energy, Inc. |  |  |
| 3.50%, 12/01/29 | 200000 | 194271 |
| 5.15%, 01/30/30 | 130000 | 133978 |
| Dominion Energy, Inc. |  |  |
| 5.00%, 06/15/30 | 66000 | 67900 |
| Drawbridge Special <br> Opportunities Fund LP |  |  |
| 5.95%, 09/17/30 144A | 820000 | 783442 |
| DTE Energy Co. |  |  |
| 4.95%, 07/01/27 | 455000 | 461255 |
| Duke Energy Carolinas LLC |  |  |
| 4.85%, 03/15/30Δ | 127000 | 130985 |
| Duke Energy Corporation |  |  |
| 2.65%, 09/01/26 | 271000 | 268760 |
| 4.85%, 01/05/27 | 400000 | 403898 |
| 4.30%, 03/15/28 | 37000 | 37225 |
| 4.85%, 01/05/29Δ | 126000 | 128781 |
| Duke Energy Progress LLC |  |  |
| 5.10%, 03/15/34 | 655000 | 676511 |
| Eli Lilly & Co. |  |  |
| 4.25%, 03/15/31 | 345000 | 348052 |
| EMRLD Borrower LP |  |  |
| 6.63%, 12/15/30 144A | 300000 | 313072 |
| Enerflex, Inc. |  |  |
| 6.88%, 01/15/31 144A | 180000 | 184162 |
| Energy Transfer LP |  |  |
| 6.05%, 12/01/26 | 1330000 | 1351870 |
| 4.20%, 04/15/27 | 78000 | 78071 |
| 6.10%, 12/01/28 | 152000 | 159848 |
| 5.25%, 07/01/29 | 100000 | 103026 |
| EOG Resources, Inc. |  |  |
| 4.40%, 07/15/28 | 435000 | 440120 |
| EQT Corporation |  |  |
| 3.13%, 05/15/26 144A | 1480000 | 1471774 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| 6.50%, 07/01/27 | $100000 | $101989 |
| 3.90%, 10/01/27 | 62000 | 61778 |
| 5.50%, 07/15/28 | 220000 | 223558 |
| 4.50%, 01/15/29 | 415000 | 416256 |
| 5.00%, 01/15/29 | 135000 | 136962 |
| 6.38%, 04/01/29 | 350000 | 362372 |
| 7.00%, 02/01/30 | 292000 | 317509 |
| 7.50%, 06/01/30 | 540000 | 595285 |
| 4.75%, 01/15/31 | 230000 | 231800 |
| Equinix Europe 2 Financing <br> Corporation LLC REIT |  |  |
| 4.60%, 11/15/30 | 160000 | 160662 |
| Equinix, Inc. REIT |  |  |
| 1.80%, 07/15/27 | 368000 | 355823 |
| 3.20%, 11/18/29 | 420000 | 403713 |
| 2.15%, 07/15/30 | 42000 | 38166 |
| Equitable America Global Funding |  |  |
| 3.95%, 09/15/27 144A | 290000 | 289849 |
| Equitable Financial Life <br> Global Funding |  |  |
| 5.00%, 03/27/30 144A | 795000 | 814167 |
| Evergy Kansas Central, Inc. |  |  |
| 4.70%, 03/13/28 | 525000 | 533426 |
| Eversource Energy |  |  |
| 4.45%, 12/15/30 | 90000 | 89644 |
| Exelon Corporation |  |  |
| 5.15%, 03/15/28 | 84000 | 85878 |
| 5.15%, 03/15/29 | 80000 | 82342 |
| Expand Energy Corporation |  |  |
| 5.38%, 03/15/30 | 212000 | 215003 |
| F&G Annuities & Life, Inc. |  |  |
| 7.40%, 01/13/28 | 635000 | 665279 |
| Fifth Third Bancorp |  |  |
| (Variable, U.S. SOFR Index + <br> 2.19%), 6.36%, 10/27/28^ | 650000 | 676556 |
| FirstEnergy Corporation |  |  |
| 3.90%, 07/15/27 | 312000 | 310995 |
| 2.65%, 03/01/30Δ | 36000 | 33622 |
| FirstEnergy Transmission LLC |  |  |
| 4.55%, 01/15/30 | 48000 | 48433 |
| Ford Motor Credit Co. LLC |  |  |
| 4.39%, 01/08/26Δ | 300000 | 300021 |
| 5.13%, 11/05/26 | 1900000 | 1911014 |
| 6.80%, 05/12/28 | 1305000 | 1362412 |
| 5.88%, 11/07/29 | 220000 | 226067 |
| Foundry JV Holdco LLC |  |  |
| 5.50%, 01/25/31 144A | 200000 | 206821 |
| Franklin BSP Capital Corporation |  |  |
| 6.00%, 10/02/30 144A Δ | 275000 | 273231 |
| FS KKR Capital Corporation |  |  |
| 3.40%, 01/15/26 | 300000 | 299890 |
| GE HealthCare Technologies, Inc. |  |  |
| 4.15%, 12/15/28 | 280000 | 280941 |
| General Motors Financial Co., Inc. |  |  |
| 1.25%, 01/08/26 | 1350000 | 1349349 |
| 5.40%, 04/06/26 | 1310000 | 1314683 |
| 5.40%, 05/08/27 | 415000 | 421986 |
| 5.35%, 07/15/27 | 945000 | 962053 |

---

**46**

See Notes to Financial Statements.

------

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Glencore Funding LLC |  |  |
| 1.63%, 04/27/26 144A | $1383000 | $1371788 |
| 4.00%, 03/27/27 144A | 529000 | 528768 |
| 5.34%, 04/04/27 144A | 545000 | 553821 |
| 4.91%, 04/01/28 144A | 102000 | 103766 |
| 5.37%, 04/04/29 144A | 298000 | 307866 |
| 5.19%, 04/01/30 144A Δ | 30000 | 30880 |
| 2.50%, 09/01/30 144A | 72000 | 66091 |
| Global Payments, Inc. |  |  |
| 1.20%, 03/01/26Δ | 2200000 | 2189883 |
| 4.88%, 11/15/30 | 145000 | 145353 |
| Goldman Sachs Bank U.S.A. |  |  |
| (Floating, U.S. SOFR + 0.75%), <br> 4.63%, 05/21/27† | 3000000 | 3004792 |
| Goldman Sachs Group, Inc. (The) |  |  |
| (Variable, U.S. SOFR + 0.80%), <br> 1.43%, 03/09/27^ | 380000 | 378085 |
| (Variable, U.S. SOFR + 0.82%), <br> 1.54%, 09/10/27^ | 660000 | 648677 |
| (Variable, U.S. SOFR + 0.91%), <br> 1.95%, 10/21/27^ | 228000 | 224211 |
| (Variable, U.S. SOFR + 1.32%), <br> 4.94%, 04/23/28^ | 1349000 | 1364849 |
| (Variable, U.S. SOFR + 1.73%), <br> 4.48%, 08/23/28^ | 660000 | 664834 |
| (Variable, U.S. SOFR + 0.90%), <br> 4.15%, 10/21/29^ | 2013000 | 2013407 |
| (Variable, U.S. SOFR + 1.77%), <br> 6.48%, 10/24/29^ | 130000 | 137966 |
| (Variable, U.S. SOFR + 1.21%), <br> 5.05%, 07/23/30^ | 195000 | 199988 |
| (Variable, U.S. SOFR + 1.08%), <br> 5.21%, 01/28/31^ | 58000 | 59982 |
| (Variable, U.S. SOFR + 1.06%), <br> 4.37%, 10/21/31^ | 852000 | 851115 |
| Goldman Sachs Private Credit <br> Corporation |  |  |
| 5.38%, 01/31/29 144A | 620000 | 623019 |
| Golub Capital BDC, Inc. |  |  |
| 2.50%, 08/24/26 | 690000 | 679729 |
| Golub Capital Private Credit Fund |  |  |
| 5.80%, 09/12/29 | 660000 | 668905 |
| Group 1 Automotive, Inc. |  |  |
| 6.38%, 01/15/30 144A | 165000 | 170136 |
| Guardian Life Global Funding |  |  |
| 3.25%, 03/29/27 144A | 655000 | 650706 |
| 4.80%, 04/28/30 144A | 340000 | 347926 |
| 4.40%, 12/11/30 144A | 310000 | 311603 |
| HA Sustainable Infrastructure Capital, <br> Inc. |  |  |
| 6.15%, 01/15/31Δ | 530000 | 545603 |
| Harvest Midstream I LP |  |  |
| 7.50%, 09/01/28 144A | 655000 | 665185 |
| HAT Holdings I LLC |  |  |
| 3.38%, 06/15/26 144A | 670000 | 665880 |
| HCA, Inc. |  |  |
| 5.00%, 03/01/28 | 1230000 | 1253650 |
| 5.63%, 09/01/28 | 553000 | 570829 |
| 4.13%, 06/15/29 | 119000 | 118723 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| 5.25%, 03/01/30 | $250000 | $258352 |
| 3.50%, 09/01/30 | 300000 | 288896 |
| 4.30%, 11/15/30 | 185000 | 184535 |
| Hess Midstream Operations LP |  |  |
| 5.88%, 03/01/28 144A | 735000 | 750644 |
| 6.50%, 06/01/29 144A | 190000 | 197214 |
| Hewlett Packard Enterprise Co. |  |  |
| 4.15%, 09/15/28 | 885000 | 886277 |
| Hexcel Corporation |  |  |
| 4.20%, 02/15/27 | 750000 | 748823 |
| Hilton Domestic Operating Co., Inc. |  |  |
| 5.88%, 04/01/29 144A | 265000 | 271878 |
| Honeywell International, Inc. |  |  |
| 4.70%, 02/01/30 | 160000 | 163706 |
| Hormel Foods Corporation |  |  |
| 4.80%, 03/30/27 | 655000 | 662441 |
| Host Hotels & Resorts LP REIT |  |  |
| 4.25%, 12/15/28 | 185000 | 185322 |
| HPS Corporate Lending Fund |  |  |
| 5.30%, 06/05/27 144A | 1490000 | 1500129 |
| Humana, Inc. |  |  |
| 5.38%, 04/15/31 | 100000 | 103503 |
| Huntington Bancshares, Inc. |  |  |
| (Variable, U.S. SOFR + 1.97%), <br> 4.44%, 08/04/28^ | 670000 | 673930 |
| Huntington Ingalls Industries, Inc. |  |  |
| 5.35%, 01/15/30 | 1600000 | 1655208 |
| Huntington National Bank (The) |  |  |
| (Variable, U.S. SOFR + 0.72%), <br> 4.87%, 04/12/28^ | 690000 | 696101 |
| Hyatt Hotels Corporation |  |  |
| 5.05%, 03/30/28 | 400000 | 407608 |
| Hyundai Capital America |  |  |
| 5.65%, 06/26/26 144A Δ | 2200000 | 2216418 |
| 4.85%, 03/25/27 144A | 970000 | 979209 |
| 5.68%, 06/26/28 144A | 650000 | 671310 |
| 5.15%, 03/27/30 144A | 300000 | 307848 |
| IQVIA, Inc. |  |  |
| 5.00%, 05/15/27 144A | 200000 | 200038 |
| Iron Mountain, Inc. REIT |  |  |
| 7.00%, 02/15/29 144A | 255000 | 262108 |
| John Deere Capital Corporation |  |  |
| 4.40%, 09/08/31 | 670000 | 677449 |
| JPMorgan Chase & Co. |  |  |
| (Variable, U.S. SOFR + 0.89%), <br> 1.58%, 04/22/27^ | 500000 | 496330 |
| (Variable, U.S. SOFR + 0.77%), <br> 1.47%, 09/22/27^ | 245000 | 240594 |
| (Variable, U.S. SOFR + 1.19%), <br> 5.04%, 01/23/28^ | 1910000 | 1930481 |
| (Variable, U.S. SOFR + 0.93%), <br> 5.57%, 04/22/28^ | 1000000 | 1020277 |
| (Variable, U.S. SOFR + 0.93%), <br> 4.98%, 07/22/28^ | 755000 | 766856 |
| (Variable, U.S. SOFR + 0.86%), <br> 4.51%, 10/22/28^ | 1379000 | 1392894 |
| (Variable, U.S. SOFR + 0.80%), <br> 4.92%, 01/24/29^ | 2514000 | 2561912 |

---

See Notes to Financial Statements.

**47**

------

**LOW-DURATION BOND FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| (Variable, U.S. SOFR + 1.02%), <br> 2.07%, 06/01/29^ | $397000 | $379518 |
| (Variable, U.S. SOFR + 1.45%), <br> 5.30%, 07/24/29^ | 417000 | 430026 |
| (Variable, U.S. SOFR + 1.13%), <br> 5.00%, 07/22/30^ | 106000 | 108922 |
| (Variable, U.S. SOFR + 1.01%), <br> 5.14%, 01/24/31^ | 15000 | 15520 |
| (Variable, U.S. SOFR + 1.44%), <br> 5.10%, 04/22/31^ | 359000 | 371133 |
| (Variable, U.S. SOFR + 0.93%), <br> 4.26%, 10/22/31^ | 135000 | 134781 |
| KFC Holding Co. |  |  |
| 4.75%, 06/01/27 144A | 265000 | 264863 |
| Kyndryl Holdings, Inc. |  |  |
| 2.05%, 10/15/26 | 1000000 | 983968 |
| LYB International Finance III LLC |  |  |
| 5.13%, 01/15/31 | 45000 | 45231 |
| M&T Bank Corporation |  |  |
| (Variable, U.S. SOFR + 0.93%), <br> 4.83%, 01/16/29Δ ^ | 515000 | 523474 |
| Macy's Retail Holdings LLC |  |  |
| 5.88%, 03/15/30 144A | 220000 | 222257 |
| Main Street Capital Corporation |  |  |
| 3.00%, 07/14/26Δ | 680000 | 675186 |
| 5.40%, 08/15/28Δ | 540000 | 543149 |
| Manufacturers & Traders Trust Co. |  |  |
| (Variable, U.S. SOFR + 0.95%), <br> 4.76%, 07/06/28^ | 930000 | 938823 |
| Marriott International, Inc. |  |  |
| 4.20%, 07/15/27Δ | 285000 | 286249 |
| Mars, Inc. |  |  |
| 4.45%, 03/01/27 144A | 680000 | 685164 |
| 5.00%, 03/01/32 144A | 300000 | 309773 |
| Medline Borrower LP |  |  |
| 3.88%, 04/01/29 144A | 625000 | 610628 |
| Mercedes-Benz Finance North <br> America LLC |  |  |
| 4.65%, 04/01/27 144A | 1550000 | 1564634 |
| Meritage Homes Corporation |  |  |
| 5.13%, 06/06/27 | 580000 | 584240 |
| Met Tower Global Funding |  |  |
| 5.25%, 04/12/29 144A | 650000 | 672856 |
| Meta Platforms, Inc. |  |  |
| 4.20%, 11/15/30 | 690000 | 692544 |
| Microchip Technology, Inc. |  |  |
| 4.90%, 03/15/28 | 550000 | 557880 |
| Micron Technology, Inc. |  |  |
| 5.30%, 01/15/31 | 135000 | 140097 |
| MidAmerican Energy Co. |  |  |
| 3.65%, 04/15/29 | 690000 | 682542 |
| Morgan Stanley |  |  |
| (Variable, U.S. SOFR + 0.88%), <br> 1.59%, 05/04/27^ | 330000 | 327167 |
| (Variable, U.S. SOFR + 1.01%), <br> 5.65%, 04/13/28^ | 2100000 | 2142171 |
| (Variable, CME Term SOFR 3M + <br> 1.40%), 3.77%, 01/24/29^ | 57000 | 56705 |
| (Variable, U.S. SOFR + 1.38%), <br> 4.99%, 04/12/29^ | 1185000 | 1208978 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| (Variable, U.S. SOFR + 0.91%), <br> 4.13%, 10/18/29^ | $440000 | $440050 |
| (Variable, U.S. SOFR + 1.45%), <br> 5.17%, 01/16/30^ | 220000 | 226121 |
| (Variable, U.S. SOFR + 1.26%), <br> 5.66%, 04/18/30^ | 221000 | 230470 |
| Morgan Stanley Bank NA |  |  |
| (Variable, U.S. SOFR + 1.08%), <br> 4.95%, 01/14/28^ | 730000 | 737030 |
| (Variable, U.S. SOFR + 0.93%), <br> 4.97%, 07/14/28^ | 765000 | 776000 |
| (Variable, U.S. SOFR + 0.91%), <br> 5.02%, 01/12/29^ | 655000 | 667478 |
| Morgan Stanley Private Bank NA |  |  |
| (Variable, U.S. SOFR + 0.77%), <br> 4.47%, 07/06/28^ | 875000 | 881175 |
| (Variable, U.S. SOFR + 0.78%), <br> 4.20%, 11/17/28^ | 1005000 | 1008478 |
| (Variable, U.S. SOFR + 1.02%), <br> 4.47%, 11/19/31^ | 250000 | 250837 |
| Mosaic Co. (The) |  |  |
| 4.35%, 01/15/29 | 290000 | 291069 |
| Mutual of Omaha Cos. <br> Global Funding |  |  |
| 5.00%, 04/01/30 144A | 1315000 | 1347103 |
| National Fuel Gas Co. |  |  |
| 5.50%, 10/01/26 | 1500000 | 1515454 |
| Navient Corporation |  |  |
| 9.38%, 07/25/30Δ | 245000 | 272482 |
| Nestle Capital Corporation |  |  |
| 4.75%, 03/12/31 144A Δ | 650000 | 667571 |
| Netflix, Inc. |  |  |
| 5.88%, 11/15/28 | 145000 | 152568 |
| New York Life Global Funding |  |  |
| 4.85%, 01/09/28 144A | 655000 | 667608 |
| NextEra Energy Capital Holdings, <br> Inc. |  |  |
| 4.69%, 09/01/27 | 510000 | 516435 |
| 4.85%, 02/04/28 | 11000 | 11217 |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 5Y + <br> 2.46%), 6.75%, 06/15/54^ | 650000 | 694275 |
| Nissan Motor Acceptance Co. LLC |  |  |
| 1.85%, 09/16/26 | 700000 | 685111 |
| North Haven Private Income Fund <br> LLC |  |  |
| 5.13%, 09/25/28 144A Δ | 625000 | 624881 |
| Northwestern Mutual Global Funding |  |  |
| 5.07%, 03/25/27 144A | 655000 | 664750 |
| NRG Energy, Inc. |  |  |
| 2.45%, 12/02/27 144A | 185000 | 178975 |
| 4.73%, 10/15/30 144A | 140000 | 140290 |
| Oaktree Strategic Credit Fund |  |  |
| 6.50%, 07/23/29 | 645000 | 665312 |
| Ohio Edison Co. |  |  |
| 4.95%, 12/15/29 144A | 46000 | 47097 |
| Olin Corporation |  |  |
| 6.63%, 04/01/33 144A Δ | 670000 | 665792 |
| Oncor Electric Delivery Co. LLC |  |  |
| 4.65%, 11/01/29 | 152000 | 154811 |

---

**48**

See Notes to Financial Statements.

------

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| OneMain Finance Corporation |  |  |
| 7.13%, 03/15/26 | $202000 | $204151 |
| ONEOK, Inc. |  |  |
| 5.55%, 11/01/26 | 715000 | 723010 |
| 4.40%, 10/15/29 | 800000 | 804313 |
| Oracle Corporation |  |  |
| 2.80%, 04/01/27 | 30000 | 29421 |
| 4.20%, 09/27/29 | 146000 | 143362 |
| 4.45%, 09/26/30Δ | 140000 | 137094 |
| Pacific Gas and Electric Co. |  |  |
| 3.15%, 01/01/26 | 2300000 | 2300000 |
| 2.10%, 08/01/27 | 600000 | 582135 |
| 5.55%, 05/15/29 | 333000 | 344239 |
| 4.55%, 07/01/30 | 128000 | 127606 |
| Pacific Life Global Funding II |  |  |
| 4.45%, 05/01/28 144A | 1315000 | 1330783 |
| Paychex, Inc. |  |  |
| 5.10%, 04/15/30 | 87000 | 89686 |
| Penske Truck Leasing Co. LP |  |  |
| 5.35%, 01/12/27 144A | 300000 | 303532 |
| Permian Resources Operating LLC |  |  |
| 5.88%, 07/01/29 144A Δ | 310000 | 312837 |
| PNC Bank NA |  |  |
| (Variable, U.S. SOFR + 0.63%), <br> 4.54%, 05/13/27^ | 610000 | 610991 |
| 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 | 490552 |
| (Variable, U.S. SOFR Index + <br> 1.73%), 6.62%, 10/20/27^ | 655000 | 668286 |
| (Variable, U.S. SOFR + 1.34%), <br> 5.30%, 01/21/28^ | 290000 | 293872 |
| Principal Life Global Funding II |  |  |
| 4.95%, 11/27/29 144A | 670000 | 686905 |
| Protective Life Global Funding |  |  |
| 4.34%, 09/13/27 144A | 1150000 | 1158654 |
| 4.80%, 06/05/30 144A | 300000 | 305542 |
| Public Service Enterprise Group, Inc. |  |  |
| 4.90%, 03/15/30 | 64000 | 65526 |
| Quikrete Holdings, Inc. |  |  |
| 6.38%, 03/01/32 144A | 130000 | 135402 |
| Regal Rexnord Corporation |  |  |
| 6.05%, 02/15/26 | 825000 | 826401 |
| Repsol E&P Capital Markets U.S. <br> LLC |  |  |
| 4.81%, 09/16/28 144A | 405000 | 409049 |
| RGA Global Funding |  |  |
| 4.60%, 11/25/30 144A | 415000 | 415806 |
| 5.50%, 01/11/31 144A | 645000 | 671916 |
| Roche Holdings, Inc. |  |  |
| 5.59%, 11/13/33 144A | 640000 | 686531 |
| Royal Caribbean Cruises, Ltd. |  |  |
| 5.50%, 08/31/26 144A Δ | 2200000 | 2203564 |
| Ryder System, Inc. |  |  |
| 2.85%, 03/01/27 | 179000 | 176793 |
| 5.30%, 03/15/27 | 465000 | 471934 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Sabine Pass Liquefaction LLC |  |  |
| 5.00%, 03/15/27 | $253000 | $254780 |
| 4.20%, 03/15/28 | 136000 | 136273 |
| Santander Holdings U.S.A., Inc. |  |  |
| (Variable, U.S. SOFR + 1.23%), <br> 6.12%, 05/31/27Δ ^ | 240000 | 241679 |
| (Variable, U.S. SOFR + 2.36%), <br> 6.50%, 03/09/29^ | 635000 | 662052 |
| (Variable, U.S. SOFR + 1.61%), <br> 5.47%, 03/20/29Δ ^ | 1450000 | 1482682 |
| (Variable, U.S. SOFR + 1.88%), <br> 5.74%, 03/20/31Δ ^ | 435000 | 451073 |
| SBA Tower Trust |  |  |
| 1.88%, 01/15/26 144A | 680000 | 679248 |
| SBA Tower Trust REIT |  |  |
| 1.63%, 11/15/26 144A | 800000 | 782843 |
| 4.83%, 10/15/29 144A | 800000 | 806200 |
| Sealed Air Corporation |  |  |
| 6.13%, 02/01/28 144A | 130000 | 132225 |
| Sensata Technologies, Inc. |  |  |
| 4.38%, 02/15/30 144A | 140000 | 137321 |
| Sirius XM Radio LLC |  |  |
| 3.13%, 09/01/26 144A | 600000 | 596576 |
| 5.00%, 08/01/27 144A | 265000 | 266557 |
| Sixth Street Specialty Lending, Inc. |  |  |
| 2.50%, 08/01/26 | 1111000 | 1097715 |
| Southern California Edison Co. |  |  |
| 4.40%, 09/06/26 | 1000000 | 1001984 |
| 4.88%, 02/01/27 | 120000 | 120832 |
| 4.70%, 06/01/27 | 500000 | 504261 |
| 3.65%, 03/01/28 | 200000 | 197844 |
| 5.65%, 10/01/28Δ | 300000 | 310967 |
| Southern Co. (The) |  |  |
| 5.50%, 03/15/29 | 145000 | 150672 |
| Southwestern Electric Power Co. |  |  |
| 2.75%, 10/01/26Δ | 900000 | 892156 |
| Spectra Energy Partners LP |  |  |
| 3.38%, 10/15/26 | 400000 | 398369 |
| Standard Industries, Inc. |  |  |
| 4.75%, 01/15/28 144A | 270000 | 269490 |
| Starwood Property Trust, Inc. |  |  |
| 7.25%, 04/01/29 144A | 655000 | 692566 |
| 6.50%, 07/01/30 144A | 215000 | 225064 |
| State Street Corporation |  |  |
| (Variable, U.S. SOFR + 1.72%), <br> 5.82%, 11/04/28^ | 1245000 | 1287667 |
| Steel Dynamics, Inc. |  |  |
| 4.00%, 12/15/28 | 140000 | 139951 |
| Sunoco LP |  |  |
| 7.00%, 05/01/29 144A | 815000 | 850369 |
| Synchrony Financial |  |  |
| (Variable, U.S. SOFR + 1.40%), <br> 5.02%, 07/29/29Δ ^ | 285000 | 288774 |
| (Variable, U.S. SOFR + 1.68%), <br> 5.45%, 03/06/31^ | 259000 | 265859 |
| Synopsys, Inc. |  |  |
| 4.55%, 04/01/27 | 660000 | 665026 |
| 4.65%, 04/01/28 | 750000 | 760699 |

---

See Notes to Financial Statements.

**49**

------

**LOW-DURATION BOND FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| 4.85%, 04/01/30 | $17000 | $17381 |
| TD SYNNEX Corporation |  |  |
| 4.30%, 01/17/29 | 455000 | 454515 |
| TEGNA, Inc. |  |  |
| 4.63%, 03/15/28Δ | 510000 | 505163 |
| Teleflex, Inc. |  |  |
| 4.25%, 06/01/28 144A | 270000 | 267619 |
| TerraForm Power Operating LLC |  |  |
| 5.00%, 01/31/28 144A | 595000 | 594736 |
| Texas Electric Market <br> Stabilization Funding N LLC |  |  |
| 4.27%, 08/01/34 144A | 220322 | 220058 |
| T-Mobile U.S.A., Inc. |  |  |
| 1.50%, 02/15/26 | 87000 | 86719 |
| 3.75%, 04/15/27 | 135000 | 134635 |
| 4.75%, 02/01/28 | 13000 | 13006 |
| 3.38%, 04/15/29 | 175000 | 170731 |
| 3.88%, 04/15/30 | 315000 | 310154 |
| Toyota Motor Credit Corporation |  |  |
| 4.50%, 05/14/27 | 430000 | 434438 |
| 5.05%, 05/16/29 | 650000 | 671133 |
| TransDigm, Inc. |  |  |
| 6.38%, 03/01/29 144A | 295000 | 304593 |
| Travel + Leisure Co. |  |  |
| 6.63%, 07/31/26 144A | 580000 | 586034 |
| Truist Bank |  |  |
| (Variable, U.S. SOFR + 0.59%), <br> 4.67%, 05/20/27^ | 635000 | 636164 |
| (Variable, U.S. SOFR + 0.77%), <br> 4.42%, 07/24/28^ | 970000 | 976398 |
| Truist Financial Corporation |  |  |
| (Variable, U.S. SOFR + 2.45%), <br> 7.16%, 10/30/29^ | 625000 | 674560 |
| Twilio, Inc. |  |  |
| 3.63%, 03/15/29 | 140000 | 135478 |
| U.S. Bancorp |  |  |
| (Variable, U.S. SOFR + 2.02%), <br> 5.78%, 06/12/29^ | 655000 | 681278 |
| U.S. Bank NA |  |  |
| (Variable, U.S. SOFR + 0.91%), <br> 4.73%, 05/15/28^ | 1250000 | 1262973 |
| Uber Technologies, Inc. |  |  |
| 4.50%, 08/15/29 144A Δ | 959000 | 960916 |
| 4.15%, 01/15/31 | 200000 | 199365 |
| United Airlines, Inc. |  |  |
| 4.38%, 04/15/26 144A | 540000 | 539649 |
| Venture Global LNG, Inc. |  |  |
| 9.50%, 02/01/29 144A | 275000 | 285221 |
| Vertiv Group Corporation |  |  |
| 4.13%, 11/15/28 144A | 135000 | 133422 |
| Viper Energy Partners LLC |  |  |
| 4.90%, 08/01/30 | 430000 | 435317 |
| Vistra Operations Co. LLC |  |  |
| 5.05%, 12/30/26 144A | 1270000 | 1279718 |
| 5.63%, 02/15/27 144A | 250000 | 250226 |
| 5.00%, 07/31/27 144A | 200000 | 201170 |
| 4.30%, 10/15/28 144A | 760000 | 763115 |
| 4.30%, 07/15/29 144A | 460000 | 457293 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| 4.60%, 10/15/30 144A Δ | $150000 | $150124 |
| Volkswagen Group of America <br> Finance LLC |  |  |
| 4.95%, 03/25/27 144A | 700000 | 706258 |
| 5.05%, 03/27/28 144A | 580000 | 589379 |
| 4.55%, 09/11/28 144A | 530000 | 533367 |
| Warnermedia Holdings, Inc. |  |  |
| 3.76%, 03/15/27 | 37000 | 36819 |
| Wells Fargo & Co. |  |  |
| (Variable, U.S. SOFR + 0.78%), <br> 4.90%, 01/24/28^ | 3424000 | 3453843 |
| (Variable, U.S. SOFR + 1.07%), <br> 5.71%, 04/22/28^ | 590000 | 602417 |
| (Variable, U.S. SOFR + 1.98%), <br> 4.81%, 07/25/28^ | 1045000 | 1056986 |
| (Variable, U.S. SOFR + 1.37%), <br> 4.97%, 04/23/29^ | 1651000 | 1682532 |
| (Variable, U.S. SOFR + 1.74%), <br> 5.57%, 07/25/29^ | 22000 | 22805 |
| (Variable, U.S. SOFR + 0.88%), <br> 4.08%, 09/15/29Δ ^ | 1590000 | 1589378 |
| Western-Southern Global Funding |  |  |
| 4.50%, 07/16/28 144A | 340000 | 343016 |
| 4.90%, 05/01/30 144A | 1050000 | 1076359 |
| **Total Corporate Bonds** <br> (Cost $239,216,033) |  | 241835282 |
| **FOREIGN BONDS — 9.3%** | **FOREIGN BONDS — 9.3%** | **FOREIGN BONDS — 9.3%** |
| **Australia — 0.3%** | **Australia — 0.3%** |  |
| Alumina Pty, Ltd. |  |  |
| 6.13%, 03/15/30 144A | 265000 | 274877 |
| Scentre Group Trust REIT |  |  |
| 3.63%, 01/28/26 144A | 655000 | 654725 |
| Woodside Finance, Ltd. |  |  |
| 3.70%, 09/15/26 144A | 400000 | 398634 |
| 4.90%, 05/19/28Δ | 1270000 | 1289627 |
|  |  | 2617863 |
| **Canada — 1.9%** | **Canada — 1.9%** |  |
| Algonquin Power & Utilities <br> Corporation |  |  |
| 5.37%, 06/15/26 STEP | 2100000 | 2110390 |
| Bank of Montreal |  |  |
| 5.30%, 06/05/26 | 650000 | 653940 |
| Bank of Nova Scotia (The) |  |  |
| 2.95%, 03/11/27Δ | 675000 | 668104 |
| Canadian Imperial Bank of Commerce |  |  |
| 5.00%, 04/28/28Δ | 665000 | 680400 |
| Canadian Natural Resources, Ltd. |  |  |
| 5.00%, 12/15/29 | 300000 | 307922 |
| CDP Financial, Inc. |  |  |
| 1.00%, 05/26/26 144A | 520000 | 514440 |
| 4.63%, 01/24/30 144A | 360000 | 370410 |
| CPPIB Capital, Inc. |  |  |
| (Floating, U.S. SOFR + 0.50%), <br> 4.45%, 07/27/26 144A † | 4000000 | 4008475 |
| National Bank of Canada |  |  |
| (Variable, U.S. SOFR + 0.56%), <br> 4.70%, 03/05/27^ | 300000 | 300292 |

---

**50**

See Notes to Financial Statements.

------

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| (Floating, U.S. SOFR Index + <br> 1.03%), 4.92%, 07/02/27† | $1000000 | $1002461 |
| OMERS Finance Trust |  |  |
| 1.10%, 03/26/26 144A | 675000 | 670604 |
| 4.00%, 04/20/28 144A | 555000 | 558934 |
| 4.38%, 03/20/30 144A | 395000 | 402634 |
| Ontario Teachers' Finance Trust |  |  |
| 4.25%, 04/25/28 144A | 315000 | 319077 |
| Rogers Communications, Inc. |  |  |
| 3.20%, 03/15/27Δ | 780000 | 772592 |
| Royal Bank of Canada |  |  |
| (Floating, U.S. SOFR Index + <br> 0.79%), 4.73%, 07/23/27† | 1200000 | 1202918 |
| (Floating, U.S. SOFR Index + <br> 0.72%), 4.68%, 10/18/27† | 500000 | 501393 |
| (Floating, U.S. SOFR Index + <br> 0.82%), 4.70%, 03/27/28† | 500000 | 501893 |
| (Variable, U.S. SOFR + 0.89%), <br> 4.50%, 08/06/29Δ ^ | 1400000 | 1414623 |
|  |  | 16961502 |
| **China — 0.0%** | **China — 0.0%** |  |
| Avolon Holdings Funding, Ltd. |  |  |
| 2.13%, 02/21/26 144A | 81000 | 80738 |
| 4.38%, 05/01/26 144A | 200000 | 200076 |
|  |  | 280814 |
| **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 | 604426 |
| **France — 0.8%** | **France — 0.8%** |  |
| Banque Federative du Credit Mutuel <br> SA |  |  |
| 5.09%, 01/23/27 144A | 650000 | 657557 |
| (Floating, Australian BBSW 3M + <br> 1.07%), 4.72%, 05/24/27(A) † | 1000000 | 669062 |
| BNP Paribas SA |  |  |
| (Variable, U.S. SOFR + 1.45%), <br> 4.79%, 05/09/29 144A ^ | 2030000 | 2055086 |
| BPCE SA |  |  |
| (Variable, U.S. SOFR + 2.10%), <br> 5.98%, 01/18/27 144A ^ | 3615000 | 3617256 |
| Credit Agricole SA |  |  |
| (Variable, U.S. SOFR + 0.89%), <br> 1.25%, 01/26/27 144A ^ | 250000 | 249485 |
|  |  | 7248446 |
| **Germany — 0.1%** | **Germany — 0.1%** |  |
| Deutsche Bank AG |  |  |
| (Variable, U.S. SOFR + 1.32%), <br> 2.55%, 01/07/28^ | 700000 | 688653 |
| **Ireland — 0.3%** | **Ireland — 0.3%** |  |
| AerCap Ireland Capital DAC |  |  |
| 4.88%, 04/01/28 | 1240000 | 1261562 |
| 4.38%, 11/15/30 | 150000 | 149747 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Icon Investments Six DAC |  |  |
| 5.81%, 05/08/27 | $460000 | $469659 |
| James Hardie International Finance <br> DAC |  |  |
| 5.00%, 01/15/28 144A | 675000 | 675605 |
|  |  | 2556573 |
| **Italy — 0.0%** | **Italy — 0.0%** |  |
| Cassa Depositi e Prestiti SpA |  |  |
| 5.88%, 04/30/29 144A | 300000 | 316566 |
| **Japan — 1.1%** | **Japan — 1.1%** |  |
| Aircastle, Ltd. |  |  |
| 2.85%, 01/26/28 144A | 300000 | 291835 |
| Japan Treasury Discount Bills |  |  |
| 0.00%, 01/07/26(J) » | 275200000 | 1756738 |
| 0.00%, 01/13/26(J) » | 143500000 | 915934 |
| Mitsubishi UFJ Financial Group, Inc. |  |  |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 1Y + <br> 1.30%), 4.08%, 04/19/28^ | 1340000 | 1341026 |
| Mizuho Financial Group, Inc. |  |  |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 1Y + <br> 0.67%), 1.23%, 05/22/27Δ ^ | 900000 | 890184 |
| Nomura Holdings, Inc. |  |  |
| 5.71%, 01/09/26 | 400000 | 400119 |
| 2.33%, 01/22/27 | 600000 | 589666 |
| (Floating, U.S. SOFR + 1.25%), <br> 5.13%, 07/02/27† Δ | 200000 | 201624 |
| NTT Finance Corporation |  |  |
| 1.16%, 04/03/26 144A Δ | 2000000 | 1985398 |
| 4.62%, 07/16/28 144A Δ | 645000 | 653901 |
| Rakuten Group, Inc. |  |  |
| 9.75%, 04/15/29 144A Δ | 230000 | 257318 |
| Sumitomo Mitsui Financial Group, <br> Inc. |  |  |
| (Floating, U.S. SOFR + 1.30%), <br> 5.29%, 07/13/26† | 790000 | 794719 |
|  |  | 10078462 |
| **Jersey — 0.0%** | **Jersey — 0.0%** |  |
| Aptiv Swiss Holdings, Ltd. |  |  |
| 4.65%, 09/13/29Δ | 320000 | 326330 |
| **Luxembourg — 0.2%** | **Luxembourg — 0.2%** |  |
| ArcelorMittal SA |  |  |
| 6.55%, 11/29/27 | 1625000 | 1693373 |
| **Netherlands — 0.9%** | **Netherlands — 0.9%** |  |
| ABN AMRO Bank NV |  |  |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 1Y + <br> 1.65%), 6.34%, 09/18/27 <br> 144A Δ ^ | 900000 | 914080 |
| (Floating, U.S. SOFR Index + <br> 1.00%), 4.86%, 12/03/28 <br> 144A † | 1400000 | 1405271 |

---

See Notes to Financial Statements.

**51**

------

**LOW-DURATION BOND FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Cooperatieve Rabobank UA |  |  |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 1Y + <br> 0.55%), 1.11%, 02/24/27 <br> 144A ^ | $2200000 | $2190471 |
| Eagle Funding Luxco S.a.r.l. |  |  |
| 5.50%, 08/17/30 144A | 1200000 | 1223532 |
| Enel Finance International NV |  |  |
| 4.38%, 09/30/30 144A | 270000 | 269296 |
| ING Groep NV |  |  |
| (Variable, U.S. SOFR + 1.01%), <br> 1.73%, 04/01/27^ | 400000 | 397546 |
| (Floating, U.S. SOFR Index + <br> 1.01%), 4.88%, 03/25/29† | 1100000 | 1105310 |
| NXP BV |  |  |
| 4.30%, 08/19/28 | 630000 | 632661 |
| Stellantis NV |  |  |
| 3.38%, 11/19/28(E) | 200000 | 237539 |
|  |  | 8375706 |
| **Norway — 0.0%** | **Norway — 0.0%** |  |
| Var Energi ASA |  |  |
| 7.50%, 01/15/28 144A | 410000 | 434825 |
| **Singapore — 0.3%** | **Singapore — 0.3%** |  |
| Seagate Data Storage Technology Pte., <br> Ltd. |  |  |
| 4.09%, 06/01/29 144A Δ | 280000 | 274673 |
| 8.25%, 12/15/29 144A Δ | 240000 | 255418 |
| Temasek Financial I, Ltd. |  |  |
| (Floating, U.S. SOFR + 0.38%), <br> 4.26%, 08/20/27 144A † | 2100000 | 2103531 |
|  |  | 2633622 |
| **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 | 1019941 |
| CaixaBank SA |  |  |
| (Variable, U.S. SOFR + 1.14%), <br> 4.63%, 07/03/29 144A ^ | 835000 | 844493 |
|  |  | 1864434 |
| **Sweden — 0.9%** | **Sweden — 0.9%** |  |
| Skandinaviska Enskilda Banken AB |  |  |
| 5.38%, 03/05/29 144A | 1285000 | 1330951 |
| Svensk Exportkredit AB |  |  |
| (Floating, U.S. SOFR + 1.00%), <br> 4.91%, 05/05/27† | 5000000 | 5050462 |
| Svenska Handelsbanken AB |  |  |
| 4.38%, 05/23/28 144A | 615000 | 621500 |
| 5.50%, 06/15/28 144A | 645000 | 666802 |
|  |  | 7669715 |
| **Switzerland — 0.6%** | **Switzerland — 0.6%** |  |
| UBS Group AG |  |  |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 1Y + <br> 1.55%), 5.71%, 01/12/27 <br> 144A ^ | 650000 | 650256 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| (Variable, U.S. SOFR Index + <br> 0.98%), 1.31%, 02/02/27 <br> 144A ^ | $2000000 | $1994430 |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 1Y + <br> 1.60%), 6.33%, 12/22/27 <br> 144A ^ | 1675000 | 1710444 |
| (Variable, U.S. SOFR + 0.84%), <br> 4.15%, 12/23/29 144A ^ | 775000 | 774666 |
| (Variable, U.S. SOFR + 1.06%), <br> 4.40%, 09/23/31 144A ^ | 200000 | 199275 |
|  |  | 5329071 |
| **Taiwan — 0.1%** | **Taiwan — 0.1%** |  |
| Foxconn Far East, Ltd. |  |  |
| 1.88%, 08/25/28 | 1000000 | 928178 |
| **United Kingdom — 1.5%** | **United Kingdom — 1.5%** |  |
| Atlantica Sustainable Infrastructure, <br> Ltd. |  |  |
| 4.13%, 06/15/28 144A | 380000 | 370251 |
| BAE Systems PLC |  |  |
| 5.00%, 03/26/27 144A | 365000 | 369578 |
| Barclays PLC |  |  |
| (Variable, U.S. SOFR + 2.21%), <br> 5.83%, 05/09/27^ | 2000000 | 2011630 |
| (Variable, U.S. SOFR + 1.08%), <br> 4.48%, 11/11/29^ | 480000 | 482899 |
| HSBC Holdings PLC |  |  |
| (Variable, U.S. SOFR + 3.35%), <br> 7.39%, 11/03/28^ | 1250000 | 1322014 |
| Lloyds Banking Group PLC |  |  |
| 4.65%, 03/24/26 | 1100000 | 1101409 |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 1Y + <br> 1.80%), 3.75%, 03/18/28^ | 1025000 | 1021963 |
| Nationwide Building Society |  |  |
| (Variable, U.S. SOFR + 1.91%), <br> 6.56%, 10/18/27 144A ^ | 300000 | 305752 |
| NatWest Group PLC |  |  |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 1Y + <br> 1.35%), 5.85%, 03/02/27^ | 1555000 | 1559275 |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 1Y + <br> 1.10%), 5.58%, 03/01/28^ | 650000 | 661810 |
| NatWest Markets PLC |  |  |
| 4.79%, 03/21/28 144A | 260000 | 264549 |
| Santander UK PLC |  |  |
| 4.50%, 12/12/27 144A | 1400000 | 1418425 |
| Smith & Nephew PLC |  |  |
| 5.15%, 03/20/27 | 325000 | 328910 |
| Standard Chartered PLC |  |  |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 1Y + <br> 1.85%), 6.19%, 07/06/27^ | 1900000 | 1919675 |
|  |  | 13138140 |
| **Total Foreign Bonds** <br> (Cost $83,201,980) | **Total Foreign Bonds** <br> (Cost $83,201,980) | 83746699 |

---

**52**

See Notes to Financial Statements.

------

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **MORTGAGE-BACKED SECURITIES — 21.0%** | **MORTGAGE-BACKED SECURITIES — 21.0%** | **MORTGAGE-BACKED SECURITIES — 21.0%** |
| ACRA Trust, Series 2024-NQM1, <br> Class A1 |  |  |
| (Step to 6.61% on 11/25/28), <br> 5.61%, 10/25/64 144A STEP | $268185 | $269561 |
| AG Trust, Series 2024-NLP, Class A |  |  |
| (Floating, CME Term SOFR 1M + <br> 2.02%, 2.02% Floor), 5.77%, <br> 07/15/41 144A † | 475166 | 478354 |
| ALA Trust, Series 2025-OANA, <br> Class A |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.74%, 1.74% Floor), 5.49%, <br> 06/15/40 144A † γ | 183000 | 183983 |
| ALA Trust, Series 2025-OANA, <br> Class B |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.84%, 1.84% Floor), 5.59%, <br> 06/15/30 144A † γ | 131000 | 131556 |
| Alen Mortgage Trust, Series <br> 2021-ACEN, Class A |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.26%, 1.15% Floor), 5.02%, <br> 04/15/34 144A † | 350000 | 333666 |
| 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), 4.95%, 11/25/46† | 530712 | 128909 |
| Angel Oak Mortgage Trust, Series <br> 2023-6, Class A1 |  |  |
| (Step to 6.46% on 02/25/26), <br> 6.50%, 12/25/67 144A STEP | 137436 | 138599 |
| Angel Oak Mortgage Trust, Series <br> 2025-11, Class A1 |  |  |
| 0.00%, 10/25/70 144A † γ | 192597 | 193030 |
| ARES Commercial Mortgage Trust, <br> Series 2024-IND, Class A |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.69%, 1.69% Floor), 5.44%, <br> 07/15/41 144A † | 1000000 | 1002569 |
| ARES Trust, Series 2025-IND3, <br> Class A |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.50%, 1.50% Floor), 5.25%, <br> 04/15/27 144A † γ | 199000 | 199405 |
| 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 | 165079 | 164545 |
| Atrium Hotel Portfolio Trust, Series <br> 2025-ATRM, Class A |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.65%), 5.40%, 08/15/30 <br> 144A † | 830000 | 832247 |
| Banc of America Mortgage Trust, <br> Series 2003-L, Class 3A1 |  |  |
| 6.87%, 01/25/34† γ | 16812 | 16318 |
| BANK, Series 2019-BNK18, <br> Class A2 |  |  |
| 3.47%, 05/15/62 | 610000 | 597238 |
| BANK, Series 2021-BN33, <br> Class ASB |  |  |
| 2.22%, 05/15/64 | 460000 | 437663 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| BANK, Series 2024-BNK48, <br> Class A5 |  |  |
| 5.05%, 10/15/57 | $190000 | $193802 |
| BANK5, Series 2024-5YR11, <br> Class A3 |  |  |
| 5.89%, 11/15/57 | 145000 | 152617 |
| BAY Mortgage Trust, Series <br> 2025-LIVN, Class A |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.80%, 1.80% Floor), 5.55%, <br> 05/15/35 144A † γ | 236000 | 236573 |
| BBCMS Mortgage Trust, Series <br> 2018-TALL, Class A |  |  |
| (Floating, CME Term SOFR 1M + <br> 0.92%, 0.87% Floor), 4.67%, <br> 03/15/37 144A † | 170000 | 161204 |
| BBCMS Mortgage Trust, Series <br> 2025-5C33, Class A4 |  |  |
| 5.84%, 03/15/58 | 180000 | 189766 |
| Bear Stearns ARM Trust, Series <br> 2003-8, Class 4A1 |  |  |
| 6.88%, 01/25/34† γ | 36502 | 36309 |
| Bear Stearns ARM Trust, Series <br> 2004-5, Class 2A |  |  |
| 0.00%, 07/25/34† γ | 32238 | 30539 |
| Benchmark Mortgage Trust, Series <br> 2019-B12, Class AAB |  |  |
| 3.04%, 08/15/52 | 753414 | 741639 |
| Benchmark Mortgage Trust, Series <br> 2022-B34, Class AM |  |  |
| 3.83%, 04/15/55† γ | 225000 | 204786 |
| Benchmark Mortgage Trust, Series <br> 2023-V3, Class A3 |  |  |
| 6.36%, 07/15/56 | 355000 | 371470 |
| Benchmark Mortgage Trust, Series <br> 2024-V12, Class A3 |  |  |
| 5.74%, 12/15/57 | 300000 | 314269 |
| Benchmark Mortgage Trust, Series <br> 2024-V5, Class A3 |  |  |
| 5.81%, 01/10/57 | 260000 | 270813 |
| BFLD Commercial Mortgage Trust, <br> Series 2024-UNIV, Class A |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.49%, 1.49% Floor), 5.24%, <br> 11/15/29 144A † | 70000 | 70134 |
| BFLD Commercial Mortgage Trust, <br> Series 2024-UNIV, Class B |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.84%, 1.84% Floor), 5.59%, <br> 11/15/29 144A † | 60000 | 60187 |
| BFLD Commercial Mortgage Trust, <br> Series 2025-5MW, Class B |  |  |
| 0.00%, 10/10/42 144A † γ | 230000 | 232897 |
| BFLD Commercial Mortgage Trust, <br> Series 2025-660F, Class B |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.80%), 5.55%, 11/15/42 <br> 144A † | 195000 | 195965 |
| BFLD Mortgage Trust, Series <br> 2024-WRHS, Class A |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.49%, 1.49% Floor), 5.24%, <br> 08/15/26 144A † | 213209 | 213537 |

---

See Notes to Financial Statements.

**53**

------

**LOW-DURATION BOND FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| BFLD Trust, Series 2025-EWEST, <br> Class A |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.55%, 1.55% Floor), 5.30%, <br> 06/15/42 144A † γ | $520000 | $520792 |
| BFLD Trust, Series 2025-FPM, <br> Class A |  |  |
| 0.00%, 10/10/30 144A † γ | 175000 | 177351 |
| BFLD Trust, Series 2025-FPM, <br> Class B |  |  |
| 0.00%, 10/10/30 144A † γ | 125000 | 126929 |
| BMO Mortgage Trust, Series <br> 2024-5C3, Class A3 |  |  |
| 5.74%, 02/15/57 | 440000 | 456210 |
| BMO Mortgage Trust, Series <br> 2024-5C6, Class A3 |  |  |
| 5.32%, 09/15/57 | 270000 | 278009 |
| BMO Mortgage Trust, Series <br> 2025-5C9, Class AS |  |  |
| 6.16%, 12/15/57 | 103519 | 108714 |
| BMO Mortgage Trust, Series <br> 2025-C11, Class A5 |  |  |
| 5.69%, 02/15/58 | 156000 | 165211 |
| BMO Mortgage Trust, Series <br> 2025-C11, Class ASB |  |  |
| 5.68%, 02/15/58 | 125000 | 132660 |
| BPR Commercial Mortgage Trust, <br> Series 2025-STAR, Class B |  |  |
| 0.00%, 11/05/42 144A † γ | 130000 | 130824 |
| BPR Mortgage Trust, Series <br> 2025-ALDR, Class A |  |  |
| 5.67%, 06/05/42 144A | 152000 | 157292 |
| 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 | 304280 | 306516 |
| Bravo Residential Funding Trust, <br> Series 2025-NQM10, Class A1 |  |  |
| 0.00%, 09/25/65 144A † γ | 321791 | 321986 |
| 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 | 193761 | 195797 |
| 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 | 126654 | 127835 |
| 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 | 166374 | 168280 |
| BSTN Commercial Mortgage Trust, <br> Series 2025-1C, Class A |  |  |
| 5.37%, 06/15/44 144A † γ | 100000 | 102973 |
| BSTN Commercial Mortgage Trust, <br> Series 2025-HUB, Class A |  |  |
| 0.00%, 04/13/41 144A † γ | 100000 | 100631 |
| BX Commercial Mortgage Trust, <br> Series 2024-AIR2, Class A |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.49%, 1.49% Floor), 5.24%, <br> 10/15/41 144A † | 1630606 | 1634681 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| BX Commercial Mortgage Trust, <br> Series 2024-AIRC, Class B |  |  |
| (Floating, CME Term SOFR 1M + <br> 2.14%, 2.14% Floor), 5.89%, <br> 08/15/39 144A † | $238730 | $240302 |
| BX Commercial Mortgage Trust, <br> Series 2024-BRBK, Class A |  |  |
| (Floating, CME Term SOFR 1M + <br> 2.88%, 2.88% Floor), 6.61%, <br> 10/15/41 144A † | 160887 | 162047 |
| BX Commercial Mortgage Trust, <br> Series 2024-GPA2, Class A |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.54%, 1.54% Floor), 5.29%, <br> 11/15/29 144A † | 1500000 | 1503387 |
| BX Commercial Mortgage Trust, <br> Series 2024-GPA3, Class A |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.29%, 1.29% Floor), 5.04%, <br> 12/15/39 144A † | 152505 | 152682 |
| BX Commercial Mortgage Trust, <br> Series 2024-MF, Class B |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.69%, 1.69% Floor), 5.44%, <br> 02/15/39 144A † | 97400 | 97606 |
| BX Commercial Mortgage Trust, <br> Series 2024-XL4, Class B |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.79%, 1.79% Floor), 5.54%, <br> 02/15/39 144A † | 649625 | 651831 |
| BX Commercial Mortgage Trust, <br> Series 2024-XL5, Class B |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.69%, 1.69% Floor), 5.44%, <br> 03/15/39 144A † | 700000 | 701502 |
| BX Commercial Mortgage Trust, <br> Series 2025-BCAT, Class A |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.38%), 5.13%, 08/15/42 <br> 144A † | 479142 | 480401 |
| BX Commercial Mortgage Trust, <br> Series 2025-JDI, Class A |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.40%), 5.15%, 11/15/42 <br> 144A † | 360000 | 360866 |
| BX Trust, Series 2021-VIEW, Class A |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.39%, 1.28% Floor), 5.14%, <br> 06/15/36 144A † | 150000 | 149845 |
| BX Trust, Series 2024-CNYN, <br> Class A |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.44%, 1.44% Floor), 5.19%, <br> 04/15/41 144A † | 119000 | 119237 |
| BX Trust, Series 2024-PAT, Class A |  |  |
| (Floating, CME Term SOFR 1M + <br> 2.09%, 2.09% Floor), 5.84%, <br> 03/15/41 144A † | 190000 | 190289 |
| BX Trust, Series 2024-PAT, Class B |  |  |
| (Floating, CME Term SOFR 1M + <br> 3.04%, 3.04% Floor), 6.79%, <br> 03/15/26 144A † | 80000 | 80488 |

---

**54**

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), 5.24%, <br> 06/15/41 144A † | $275000 | $275240 |
| BX Trust, Series 2024-VLT4, Class B |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.94%, 1.94% Floor), 5.69%, <br> 07/15/29 144A † | 1100000 | 1100337 |
| BX Trust, Series 2025-LUNR, <br> Class A |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.50%, 1.50% Floor), 5.25%, <br> 06/09/40 144A † γ | 927626 | 930130 |
| BX Trust, Series 2025-ROIC, Class A |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.14%, 1.14% Floor), 4.89%, <br> 03/15/30 144A † | 577747 | 577665 |
| BX Trust, Series 2025-TAIL, Class A |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.40%, 1.40% Floor), 5.15%, <br> 06/15/35 144A † γ | 1382000 | 1383933 |
| BX Trust, Series 2025-VLT7, Class A |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.70%, 1.70% Floor), 5.45%, <br> 07/15/44 144A † | 1250000 | 1254012 |
| BX Trust, Series 2025-VOLT, Class A |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.70%), 5.45%, 12/15/44 <br> 144A † | 145000 | 145354 |
| BX Trust, Series 2025-VOLT, Class B |  |  |
| (Floating, CME Term SOFR 1M + <br> 2.10%), 5.85%, 12/15/44 <br> 144A † | 1500000 | 1507911 |
| Cali, Series 2024-SUN, Class A |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.89%, 1.89% Floor), 5.67%, <br> 07/15/41 144A † | 210000 | 210572 |
| CFCRE Commercial Mortgage Trust, <br> Series 2017-C8, Class ASB |  |  |
| 3.37%, 06/15/50 | 199614 | 198945 |
| Chase Home Lending Mortgage Trust, <br> Series 2019-ATR2, Class A11 |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.01%, 6.50% Cap), 4.75%, <br> 07/25/49 144A † | 27567 | 26264 |
| Chase Home Lending Mortgage Trust, <br> Series 2019-ATR2, Class A3 |  |  |
| 3.50%, 07/25/49 144A † γ | 56317 | 51548 |
| Chase Home Lending Mortgage Trust, <br> Series 2025-11, Class A11 |  |  |
| (Floating, U.S. 30-Day Average <br> SOFR + 1.30%), 5.17%, <br> 02/25/56 144A † | 342517 | 344150 |
| 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> 5.17%, 02/25/56 144A † | 354674 | 355065 |
| CHI Commercial Mortgage Trust, <br> Series 2025-110W, Class D |  |  |
| 0.00%, 12/13/37 144A | 100000 | 100738 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| COAST Commercial Mortgage Trust, <br> Series 2023-2HTL, Class A |  |  |
| (Floating, CME Term SOFR 1M + <br> 2.59%, 2.59% Floor), 6.34%, <br> 08/15/36 144A † | $335000 | $335485 |
| COLT Mortgage Loan Trust, Series <br> 2022-3, Class A1 |  |  |
| 3.90%, 02/25/67 144A † γ | 160404 | 158177 |
| COLT Mortgage Loan Trust, Series <br> 2023-1, Class A2 |  |  |
| (Step to 7.50% on 05/25/27), <br> 6.50%, 04/25/68 144A STEP | 187598 | 188167 |
| 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 | 799826 | 804918 |
| 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 | 1161327 | 1171098 |
| COLT Mortgage Loan Trust, Series <br> 2025-6, Class A1 |  |  |
| (Step to 6.53% on 08/25/29), <br> 5.53%, 08/25/70 144A STEP | 1329539 | 1342763 |
| COLT Mortgage Loan Trust, Series <br> 2025-8, Class A1 |  |  |
| (Step to 6.48% on 09/25/29), <br> 5.48%, 08/25/70 144A STEP | 575208 | 580725 |
| 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 | 117598 | 118927 |
| COMM Mortgage Trust, Series <br> 2024-WCL1, Class A |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.84%, 1.84% Floor), 5.59%, <br> 06/15/41 144A † | 260000 | 260690 |
| CONE Trust, Series 2024-DFW1, <br> Class A |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.64%, 1.64% Floor), 5.39%, <br> 08/15/26 144A † | 203000 | 202965 |
| Connecticut Avenue Securities Trust, <br> Series 2021-R01, Class 1M2 |  |  |
| (Floating, U.S. 30-Day Average <br> SOFR + 1.55%), 5.42%, <br> 10/25/41 144A † | 520860 | 523070 |
| Connecticut Avenue Securities Trust, <br> Series 2024-R02, Class 1M2 |  |  |
| (Floating, U.S. 30-Day Average <br> SOFR + 1.80%), 5.67%, <br> 02/25/44 144A † | 500000 | 503336 |
| Connecticut Avenue Securities Trust, <br> Series 2024-R06, Class 1M2 |  |  |
| (Floating, U.S. 30-Day Average <br> SOFR + 1.60%), 5.47%, <br> 09/25/44 144A † | 400000 | 400570 |
| Cross Mortgage Trust, Series <br> 2024-H7, Class A1 |  |  |
| 5.59%, 11/25/69 144A † γ | 787524 | 794184 |

---

See Notes to Financial Statements.

**55**

------

**LOW-DURATION BOND FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Cross Mortgage Trust, Series <br> 2024-H8, Class A1 |  |  |
| 5.55%, 12/25/69 144A † γ | $852727 | $859654 |
| Cross Mortgage Trust, Series <br> 2025-H2, Class A1 |  |  |
| 5.36%, 03/25/70 144A † γ | 210444 | 211783 |
| Cross Mortgage Trust, Series <br> 2025-H8, Class A1 |  |  |
| 0.00%, 11/25/70 144A † γ | 965160 | 967873 |
| Cross Mortgage Trust, Series <br> 2025-H8, Class A1A |  |  |
| (Step to 6.00% on 11/25/29), <br> 5.00%, 11/25/70 144A STEP | 246333 | 247084 |
| CSAIL Commercial Mortgage Trust, <br> Series 2016-C6, Class XA |  |  |
| 1.85%, 01/15/49† IO γ | 349547 | 3 |
| CSMC Trust, Series 2015-3, Class A9 |  |  |
| 3.50%, 03/25/45 144A † γ | 39578 | 37304 |
| CSMC Trust, Series 2018-RPL9, <br> Class A |  |  |
| 3.85%, 09/25/57 144A † γ | 104387 | 101278 |
| CSMC, Series 2022-ATH1, <br> Class A1A |  |  |
| 2.87%, 01/25/67 144A † γ | 185828 | 181800 |
| DBGS, Series 2024-SBL, Class A |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.88%, 1.88% Floor), 5.63%, <br> 08/15/34 144A † | 180000 | 180278 |
| Deutsche Alt-B Securities Mortgage <br> Loan Trust, Series 2006-AB4, <br> Class A6A1 |  |  |
| (Step to 4.92% on 02/25/26), <br> 6.37%, 10/25/36 STEP | 70746 | 62028 |
| Deutsche Alt-B Securities Mortgage <br> Loan Trust, Series 2006-AB4, <br> Class A6A2 |  |  |
| (Step to 4.92% on 02/25/26), <br> 6.39%, 10/25/36 STEP | 70746 | 62027 |
| DGWD Trust, Series 2025-INFL, <br> Class A |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.60%), 5.35%, 08/15/30 <br> 144A † | 1000000 | 1004913 |
| DK Trust, Series 2025-LXP, Class A |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.59%), 5.33%, 08/15/37 <br> 144A † | 60000 | 60189 |
| EFMT, Series 2025-INV2, Class A1 |  |  |
| (Step to 6.39% on 05/25/29), <br> 5.39%, 05/26/70 144A STEP | 237477 | 239477 |
| EFMT, Series 2025-NQM3, Class A1 |  |  |
| (Step to 5.49% on 08/25/29), <br> 0.00%, 08/25/70 144A STEP | 337345 | 340429 |
| EFMT, Series 2025-NQM5, Class A1 |  |  |
| 0.00%, 11/25/70 144A † γ | 373342 | 374390 |
| ELM Trust, Series 2024-ELM, <br> Class A10 |  |  |
| 5.80%, 06/10/39 144A † γ | 540000 | 543229 |
| ELM Trust, Series 2024-ELM, <br> Class A15 |  |  |
| 5.80%, 06/10/39 144A † γ | 540000 | 543229 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Extended Stay America Trust, Series <br> 2025-ESH, Class B |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.60%), 5.35%, 10/15/42 <br> 144A † | $185000 | $185596 |
| Federal Home Loan Mortgage <br> Corporation |  |  |
| 3.00%, 10/01/26 | 85261 | 84859 |
| 3.00%, 01/01/27 | 314438 | 312824 |
| (Floating, U.S. Treasury Yield <br> Curve Rate CMT 1Y + 2.36%, <br> 2.36% Floor, 13.23% Cap), <br> 6.36%, 07/01/27† | 133 | 134 |
| (Floating, U.S. Treasury Yield <br> Curve Rate CMT 1Y + 2.25%, <br> 2.25% Floor, 11.26% Cap), <br> 6.03%, 11/01/31† | 4892 | 4992 |
| 3.00%, 12/01/31 | 107599 | 105428 |
| 3.50%, 04/01/32 | 60681 | 59850 |
| (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† | 1254 | 1282 |
| (Floating, U.S. Treasury Yield <br> Curve Rate CMT 1Y + 2.04%, <br> 2.04% Floor, 9.67% Cap), <br> 6.16%, 06/01/33† | 105302 | 108911 |
| (Floating, Refinitiv USD IBOR <br> Consumer Cash Fallbacks 1Y <br> Index + 1.75%, 1.75% Floor, <br> 11.13% Cap), 6.50%, <br> 08/01/35† | 11399 | 11709 |
| (Floating, Refinitiv USD IBOR <br> Consumer Cash Fallbacks 1Y <br> Index + 1.35%, 1.35% Floor, <br> 10.47% Cap), 6.09%, <br> 09/01/35† | 31231 | 32183 |
| (Floating, Refinitiv USD IBOR <br> Consumer Cash Fallbacks 1Y <br> Index + 1.63%, 1.63% Floor, <br> 10.89% Cap), 6.38%, <br> 10/01/35† | 15460 | 15881 |
| 3.00%, 02/01/36 | 27877 | 26728 |
| 4.00%, 11/01/36 | 3352 | 3321 |
| 2.50%, 03/01/37 | 116430 | 110502 |
| 4.00%, 06/01/37 | 45433 | 44951 |
| 3.50%, 11/01/38 | 41544 | 40279 |
| 4.50%, 03/01/49 | 1179478 | 1174811 |
| 4.00%, 10/01/52 | 413992 | 395752 |
| 4.00%, 12/01/52 | 453341 | 431290 |
| 4.00%, 04/01/53 | 273388 | 261093 |
| 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), 4.60%, 10/15/36† | 409454 | 407324 |
| Federal Home Loan Mortgage <br> Corporation REMIC, Series 3959 |  |  |
| 4.50%, 11/15/41 | 42611 | 43103 |
| Federal Home Loan Mortgage <br> Corporation REMIC, Series 4459 |  |  |
| 3.00%, 08/15/43 | 171416 | 161633 |

---

**56**

See Notes to Financial Statements.

------

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Federal Home Loan Mortgage <br> Corporation REMIC, Series 4494 |  |  |
| 3.75%, 10/15/42 | $5587 | $5578 |
| Federal Home Loan Mortgage <br> Corporation REMIC, Series 4752 |  |  |
| 3.00%, 09/15/46 | 136409 | 132313 |
| Federal Home Loan Mortgage <br> Corporation REMIC, Series 4777 |  |  |
| 3.50%, 10/15/45 | 130924 | 130521 |
| 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), 4.55%, 06/15/49† | 267591 | 262351 |
| Federal Home Loan Mortgage <br> Corporation REMIC, Series 4941 |  |  |
| 3.00%, 07/25/49 | 127342 | 115673 |
| Federal Home Loan Mortgage <br> Corporation REMIC, Series 4948 |  |  |
| 2.50%, 10/25/48 | 82814 | 76591 |
| Federal Home Loan Mortgage <br> Corporation REMIC, Series 5000 |  |  |
| 2.00%, 06/25/44 | 93811 | 88635 |
| Federal Home Loan Mortgage <br> Corporation REMIC, Series 5006 |  |  |
| 2.00%, 06/25/45 | 278032 | 257517 |
| Federal Home Loan Mortgage <br> Corporation REMIC, Series 5047 |  |  |
| 0.75%, 10/15/28 | 990308 | 964545 |
| Federal Home Loan Mortgage <br> Corporation REMIC, Series 5057 |  |  |
| 1.00%, 04/15/54 | 1020567 | 955315 |
| Federal Home Loan Mortgage <br> Corporation REMIC, Series 5105 |  |  |
| 1.50%, 04/15/44 | 163224 | 159437 |
| Federal Home Loan Mortgage <br> Corporation REMIC, Series 5115 |  |  |
| 1.00%, 02/25/42 | 1301331 | 1159408 |
| Federal Home Loan Mortgage <br> Corporation REMIC, Series 5426 |  |  |
| (Floating, U.S. 30-Day Average <br> SOFR + 0.90%), 5.11%, <br> 03/15/50† | 894442 | 898137 |
| Federal Home Loan Mortgage <br> Corporation REMIC, Series 5471 |  |  |
| (Floating, U.S. 30-Day Average <br> SOFR + 1.40%, 1.40% Floor, <br> 6.50% Cap), 5.27%, 11/25/54† | 620499 | 625512 |
| 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), 4.97%, 11/25/54† | 1766624 | 1770588 |
| 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), 5.32%, 04/25/54† | 523841 | 528504 |
| 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), 5.32%, 03/25/54† | 517699 | 522233 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| 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), 5.07%, 12/25/54† | $552544 | $554620 |
| 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), 5.07%, 12/25/54† | 1602110 | 1608195 |
| 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), 5.02%, 01/25/55† | 863682 | 866868 |
| 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), 5.07%, 02/25/55† | 1054467 | 1058625 |
| 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), 5.02%, 03/25/55† | 622229 | 624385 |
| 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), 4.81%, 11/25/54† | 3406485 | 3421059 |
| Federal Home Loan Mortgage <br> Corporation REMIC, Series 5570 |  |  |
| (Floating, U.S. 30-Day Average <br> SOFR + 1.40%, 1.40% Floor, <br> 6.50% Cap), 5.27%, 05/25/55† | 161233 | 162680 |
| Federal Home Loan Mortgage <br> Corporation Seasoned Credit Risk <br> Transfer Trust, Series 2018-2, <br> Class MA |  |  |
| 3.50%, 11/25/57 | 136015 | 133770 |
| Federal Home Loan Mortgage <br> Corporation Seasoned Credit Risk <br> Transfer Trust, Series 2018-3, <br> Class MA |  |  |
| 3.50%, 08/25/57 | 168474 | 165471 |
| Federal Home Loan Mortgage <br> Corporation Seasoned Credit Risk <br> Transfer Trust, Series 2019-4, <br> Class MA |  |  |
| 3.00%, 02/25/59 | 407055 | 383584 |
| 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%), 5.52%, <br> 01/25/34 144A † | 257815 | 258577 |
| 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%), 5.37%, <br> 10/25/41 144A † | 1479973 | 1484592 |

---

See Notes to Financial Statements.

**57**

------

**LOW-DURATION BOND FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Federal Home Loan Mortgage <br> Corporation STACR REMIC <br> Trust, Series 2022-DNA4, <br> Class M1B |  |  |
| (Floating, U.S. 30-Day Average <br> SOFR + 3.35%), 7.22%, <br> 05/25/42 144A † | $1649800 | $1703282 |
| 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%), 5.97%, <br> 03/25/42 144A † | 78509 | 78687 |
| Federal National Mortgage <br> Association |  |  |
| 4.80%, 08/01/29† γ | 298967 | 306599 |
| 4.53%, 09/01/29† γ | 199789 | 203690 |
| 3.00%, 02/01/31 | 418948 | 411091 |
| 1.50%, 06/01/31 | 1133113 | 1076152 |
| 5.81%, 06/01/31 | 1036000 | 1077464 |
| (Floating, U.S. Treasury Yield <br> Curve Rate CMT 1Y + 2.22%, <br> 2.22% Floor, 11.65% Cap), <br> 6.16%, 09/01/31† | 8872 | 8988 |
| 2.50%, 10/01/31 | 143685 | 139512 |
| 2.50%, 11/01/31 | 333448 | 323058 |
| 2.50%, 01/01/32 | 2271 | 2207 |
| 3.00%, 03/01/32 | 220873 | 215993 |
| 3.00%, 07/01/32 | 237884 | 232694 |
| (Floating, Refinitiv USD IBOR <br> Consumer Cash Fallbacks 1M <br> Index + 1.29%, 1.29% Floor, <br> 11.27% Cap), 5.54%, <br> 08/01/32† | 21619 | 21553 |
| 3.00%, 12/01/32 | 227810 | 222759 |
| 4.30%, 12/01/32 | 2100000 | 2097754 |
| (Floating, U.S. Treasury Yield <br> Curve Rate CMT 1Y + 2.25%, <br> 2.25% Floor, 9.72% Cap), <br> 6.45%, 12/01/32† | 148406 | 152233 |
| (Floating, U.S. Treasury Yield <br> Curve Rate CMT 1Y + 2.41%, <br> 2.41% Floor, 9.66% Cap), <br> 6.41%, 06/01/33† | 2858 | 2946 |
| 4.00%, 09/01/33 | 457572 | 458658 |
| 3.00%, 02/01/34 | 464753 | 454583 |
| 4.00%, 05/01/34 | 210693 | 211166 |
| (Floating, Refinitiv USD IBOR <br> Consumer Cash Fallbacks 1Y <br> Index + 1.66%, 1.66% Floor, <br> 10.15% Cap), 6.42%, <br> 02/01/35† | 14143 | 14510 |
| 3.00%, 09/01/35 | 48330 | 46271 |
| 3.50%, 05/01/37 | 252074 | 248106 |
| 4.00%, 07/01/37 | 16041 | 15850 |
| 4.50%, 08/01/37 | 308451 | 311409 |
| 4.00%, 09/01/37 | 19414 | 19175 |
| 4.50%, 10/01/37 | 502436 | 505095 |
| 5.00%, 02/01/38 | 1287907 | 1317287 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| 4.00%, 03/01/38 | $13373 | $13197 |
| (Floating, Refinitiv USD IBOR <br> Consumer Cash Fallbacks 1Y <br> Index + 1.73%, 1.73% Floor, <br> 9.51% Cap), 6.50%, 05/01/38† | 252685 | 263640 |
| (Floating, Federal Reserve U.S. 12 <br> 1Y CMT + 1.20%, 1.20% <br> Floor, 10.65% Cap), 5.28%, <br> 08/01/42† | 42179 | 42228 |
| (Floating, Federal Reserve U.S. 12 <br> 1Y CMT + 1.20%, 1.20% <br> Floor, 8.84% Cap), 5.28%, <br> 08/01/42† | 41270 | 41513 |
| (Floating, Refinitiv USD IBOR <br> Consumer Cash Fallbacks 1Y <br> Index + 1.73%, 1.74% Floor, <br> 8.82% Cap), 6.66%, 09/01/42† | 39618 | 41400 |
| (Floating, Refinitiv USD IBOR <br> Consumer Cash Fallbacks 1Y <br> Index + 1.69%, 1.70% Floor, <br> 7.73% Cap), 6.60%, 07/01/43† | 69917 | 73248 |
| (Floating, Federal Reserve U.S. 12 <br> 1Y CMT + 1.20%, 1.20% <br> Floor, 8.53% Cap), 5.28%, <br> 07/01/44† | 25211 | 25334 |
| (Floating, Federal Reserve U.S. 12 <br> 1Y CMT + 1.20%, 1.20% <br> Floor, 9.16% Cap), 5.28%, <br> 10/01/44† | 20487 | 20515 |
| (Floating, Refinitiv USD IBOR <br> Consumer Cash Fallbacks 1Y <br> Index + 1.59%, 1.59% Floor, <br> 8.01% Cap), 6.22%, 06/01/45† | 101229 | 105242 |
| 4.50%, 05/01/47 | 221180 | 220248 |
| 4.50%, 11/01/47 | 246995 | 245597 |
| 4.50%, 11/01/48 | 123512 | 123595 |
| 4.50%, 02/01/49 | 379798 | 380664 |
| 4.00%, 11/01/52 | 504782 | 482509 |
| 4.00%, 12/01/52 | 351382 | 335460 |
| 4.00%, 01/01/53 | 620318 | 591805 |
| 4.00%, 02/01/53 | 496969 | 475158 |
| 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), 4.42%, 10/25/36† | 66399 | 65968 |
| 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), 4.54%, 10/25/37† | 232919 | 232268 |
| Federal National Mortgage <br> Association REMIC, Series <br> 2011-48 |  |  |
| 4.00%, 06/25/26 STEP | 1164 | 1161 |

---

**58**

See Notes to Financial Statements.

------

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| 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), 4.44%, 07/25/42† | $73260 | $72499 |
| Federal National Mortgage <br> Association REMIC, Series <br> 2015-38 |  |  |
| (Floating, U.S. 30-Day Average <br> SOFR + 0.42%, 0.31% Floor), <br> 4.63%, 06/25/55† | 66491 | 65824 |
| Federal National Mortgage <br> Association REMIC, Series <br> 2016-11 |  |  |
| (Floating, U.S. 30-Day Average <br> SOFR + 0.61%, 0.50% Floor), <br> 4.82%, 03/25/46† | 322815 | 321408 |
| Federal National Mortgage <br> Association REMIC, Series <br> 2016-40 |  |  |
| (Floating, U.S. 30-Day Average <br> SOFR + 0.56%, 0.45% Floor), <br> 4.77%, 07/25/46† | 370283 | 368157 |
| Federal National Mortgage <br> Association REMIC, Series <br> 2018-21 |  |  |
| 3.50%, 04/25/45 | 10815 | 10785 |
| 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), 4.49%, 07/25/49† | 372850 | 366547 |
| Federal National Mortgage <br> Association REMIC, Series <br> 2019-53 |  |  |
| (Floating, U.S. 30-Day Average <br> SOFR + 0.51%, 0.40% Floor), <br> 4.72%, 09/25/49† | 471619 | 461448 |
| Federal National Mortgage <br> Association REMIC, Series <br> 2019-60 |  |  |
| (Floating, U.S. 30-Day Average <br> SOFR + 0.51%, 0.40% Floor), <br> 4.72%, 10/25/59† | 466325 | 462185 |
| Federal National Mortgage <br> Association REMIC, Series <br> 2019-9 |  |  |
| 3.50%, 06/25/48 | 479381 | 465917 |
| Federal National Mortgage <br> Association REMIC, Series <br> 2020-79 |  |  |
| 1.50%, 11/25/50 | 394696 | 366274 |
| 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), 5.02%, 01/25/55† | 1302395 | 1306922 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Federal National Mortgage <br> Association REMIC, Series <br> 2024-38 |  |  |
| (Floating, U.S. 30-Day Average <br> SOFR + 0.80%, 0.80% Floor), <br> 5.01%, 01/25/51† | $1030384 | $1032257 |
| 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), 5.07%, 12/25/54† | 1491449 | 1497002 |
| 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), 5.12%, 11/25/53† | 955644 | 960328 |
| 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), 5.07%, 12/25/54† | 762392 | 765232 |
| 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), 5.29%, 12/25/54† | 172439 | 173945 |
| 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), 4.97%, 12/25/54† | 483650 | 485186 |
| 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), 5.02%, 03/25/55† | 723934 | 726513 |
| 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), 4.77%, 09/25/54† | 2425264 | 2433815 |
| 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), 5.03%, 03/25/55† | 780953 | 784193 |
| Federal National Mortgage <br> Association REMIC, Series <br> 2025-2 |  |  |
| (Floating, U.S. 30-Day Average <br> SOFR + 1.45%, 1.45% Floor, <br> 6.50% Cap), 5.32%, 02/25/55† | 152904 | 154355 |

---

See Notes to Financial Statements.

**59**

------

**LOW-DURATION BOND FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Federal National Mortgage <br> Association REMIC, Series <br> 2025-35 |  |  |
| (Floating, U.S. 30-Day Average <br> SOFR + 1.60%, 1.60% Floor, <br> 6.50% Cap), 5.47%, 05/25/55† | $210811 | $213222 |
| 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), 5.07%, 12/25/53† | 272108 | 273136 |
| Federal National Mortgage <br> Association REMIC, Series <br> 2025-41 |  |  |
| (Floating, U.S. 30-Day Average <br> SOFR + 1.50%, 1.50% Floor, <br> 6.50% Cap), 5.37%, 06/25/55† | 124962 | 126212 |
| 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), 5.12%, 02/25/55† | 289394 | 290798 |
| Federal National Mortgage <br> Association REMIC, Series <br> 2025-63 |  |  |
| (Floating, U.S. 30-Day Average <br> SOFR + 1.40%, 1.40% Floor, <br> 6.50% Cap), 5.27%, 08/25/55† | 177329 | 179033 |
| Federal National Mortgage <br> Association REMIC, Series <br> 2025-69 |  |  |
| 5.00%, 06/25/51 | 1461765 | 1476472 |
| FHLMC Multifamily Structured <br> Pass-Through Certificates, Series <br> K121 |  |  |
| 1.11%, 10/25/30† IO γ | 580283 | 22623 |
| FHLMC Multifamily Structured <br> Pass-Through Certificates, Series <br> KIR2 |  |  |
| 2.75%, 03/25/27 | 76320 | 75658 |
| FHLMC Multifamily Structured <br> Pass-Through Certificates, Series <br> Q029 |  |  |
| (Floating, U.S. 30-Day Average <br> SOFR + 0.55%, 0.55% Floor), <br> 4.56%, 08/25/27† | 1319559 | 1319489 |
| FHLMC Structured Pass-Through <br> Certificates, Series T-32, Class A1 |  |  |
| (Floating, CME Term SOFR 1M + <br> 0.37%, 0.26% Floor), 4.11%, <br> 08/25/31† | 64891 | 64758 |
| 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), 4.99%, 05/25/43† | 251541 | 252471 |
| 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), 5.43%, 07/25/44† | 166881 | 162511 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| First Horizon Alternative Mortgage <br> Securities Trust, Series 2004-AA1, <br> Class A1 |  |  |
| 5.87%, 06/25/34† γ | $44484 | $44436 |
| FIVE Mortgage Trust, Series <br> 2023-V1, Class A3 |  |  |
| 5.67%, 02/10/56 | 490000 | 502589 |
| Flagstar Mortgage Trust, Series <br> 2021-12, Class A19 |  |  |
| 5.00%, 11/25/51 144A † γ | 992461 | 980868 |
| GCAT Trust, Series 2021-NQM7, <br> Class A1 |  |  |
| 1.92%, 08/25/66 144A | 137225 | 128519 |
| GCAT Trust, Series 2025-NQM6, <br> Class A1 |  |  |
| 0.00%, 10/25/70 144A † γ | 141326 | 141543 |
| Government National Mortgage <br> Association |  |  |
| 3.00%, 09/20/26 | 26353 | 26221 |
| 3.00%, 11/20/26 | 75221 | 74817 |
| (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† | 2144 | 2156 |
| 3.00%, 02/20/27 | 137673 | 136838 |
| (Floating, U.S. Treasury Yield <br> Curve Rate CMT 1Y + 1.50%, <br> 1.50% Floor, 11.00% Cap), <br> 5.38%, 07/20/27† | 73 | 73 |
| (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† | 1382 | 1386 |
| 3.00%, 01/20/29 | 413984 | 409241 |
| 8.50%, 10/15/29 | 8933 | 9040 |
| 8.50%, 05/15/30 | 27874 | 28612 |
| (Floating, U.S. Treasury Yield <br> Curve Rate CMT 1Y + 1.50%, <br> 1.50% Floor, 11.50% Cap), <br> 5.63%, 05/20/30† | 4794 | 4812 |
| 8.50%, 07/15/30 | 9936 | 10096 |
| 8.50%, 11/15/30 | 1620 | 1638 |
| 8.50%, 12/15/30 | 1558 | 1578 |
| 7.00%, 06/20/55 | 817316 | 830546 |
| Government National Mortgage <br> Association, Series 2007-30 |  |  |
| (Floating, CME Term SOFR 1M + <br> 0.41%, 0.30% Floor, 6.50% <br> Cap), 4.15%, 05/20/37† | 31916 | 31525 |
| Government National Mortgage <br> Association, Series 2011-H08 |  |  |
| (Floating, CME Term SOFR 1M + <br> 0.71%, 0.60% Floor, 10.50% <br> Cap), 4.71%, 02/20/61† | 44490 | 44585 |
| 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> 4.11%, 05/20/63† | 70321 | 70203 |

---

**60**

See Notes to Financial Statements.

------

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Government National Mortgage <br> Association, Series 2016-H07 |  |  |
| (Floating, CME Term SOFR 1M + <br> 0.88%, 0.77% Floor), 4.88%, <br> 02/20/66† | $1494 | $1501 |
| Government National Mortgage <br> Association, Series 2016-H22 |  |  |
| (Floating, CME Term SOFR 1M + <br> 0.88%, 0.77% Floor, 7.50% <br> Cap), 4.88%, 10/20/66† | 327375 | 328572 |
| Government National Mortgage <br> Association, Series 2017-136 |  |  |
| 3.00%, 03/20/47 | 61425 | 59219 |
| 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† | 516987 | 523165 |
| 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† | 760954 | 770229 |
| 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† | 987777 | 990283 |
| Government National Mortgage <br> Association, Series 2020-127 |  |  |
| 1.50%, 06/20/50 | 409358 | 334315 |
| Government National Mortgage <br> Association, Series 2020-17 |  |  |
| 2.50%, 10/20/49 | 61386 | 55196 |
| 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), 4.67%, <br> 10/20/72† | 321294 | 322116 |
| 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), 4.90%, <br> 09/20/73† | 2284157 | 2311191 |
| Government National Mortgage <br> Association, Series 2024-H07 |  |  |
| (Floating, U.S. 30-Day Average <br> SOFR + 0.65%, 0.65% Floor), <br> 4.57%, 02/20/74† | 1190285 | 1190367 |
| Government National Mortgage <br> Association, Series 2024-H20 |  |  |
| (Floating, U.S. 30-Day Average <br> SOFR + 0.76%, 0.76% Floor), <br> 4.68%, 11/20/74† | 936496 | 938993 |
| Government National Mortgage <br> Association, Series 2025-204 |  |  |
| (Floating, U.S. 30-Day Average <br> SOFR + 0.95%), 4.89%, <br> 12/20/55† | 1000000 | 1001728 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| 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), 4.39%, 11/25/45† | $44272 | $42685 |
| GreenPoint Mortgage Funding Trust, <br> Series 2006-OH1, Class A1 |  |  |
| (Floating, CME Term SOFR 1M + <br> 0.47%, 0.36% Floor), 4.21%, <br> 01/25/37† | 170750 | 159987 |
| GS Mortgage Securities Corporation <br> Trust, Series 2023-FUN, Class B |  |  |
| (Floating, CME Term SOFR 1M + <br> 2.79%, 2.79% Floor), 6.54%, <br> 03/15/28 144A † | 250000 | 251704 |
| GS Mortgage Securities Corporation <br> Trust, Series 2023-SHIP, Class B |  |  |
| 4.94%, 09/06/26 144A † γ | 1200000 | 1200643 |
| GS Mortgage Securities Corporation <br> Trust, Series 2024-RVR, Class A |  |  |
| 5.20%, 08/10/29 144A † γ | 100000 | 101724 |
| GS Mortgage Securities Trust, Series <br> 2011-GC5, Class AS |  |  |
| 5.15%, 08/10/44 144A † γ | 96279 | 95306 |
| GS Mortgage-Backed Securities <br> Corporation Trust, Series <br> 2020-PJ4, Class A2 |  |  |
| 3.00%, 01/25/51 144A † γ | 133678 | 117095 |
| GS Mortgage-Backed Securities Trust, <br> Series 2025-DSC2, Class A1 |  |  |
| (Step to 6.04% on 11/25/29), <br> 5.04%, 01/25/66 144A STEP | 151936 | 153194 |
| GS Mortgage-Backed Securities Trust, <br> Series 2025-NQM5, Class A1 |  |  |
| (Step to 6.01% on 11/25/29), <br> 5.01%, 07/25/65 144A STEP | 109781 | 109989 |
| GS Mortgage-Backed Securities Trust, <br> Series 2025-PJ10, Class A27 |  |  |
| (Floating, U.S. 30-Day Average <br> SOFR + 1.35%), 5.22%, <br> 04/25/56 144A † | 240651 | 241359 |
| GSAT Trust, Series 2025-BMF, <br> Class A |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.50%, 1.50% Floor), 5.25%, <br> 07/15/30 144A † γ | 530000 | 531443 |
| GSR Mortgage Loan Trust, Series <br> 2004-11, Class 5A1 |  |  |
| 7.88%, 09/25/34† γ | 24349 | 24283 |
| GSR Mortgage Loan Trust, Series <br> 2005-AR6, Class 2A1 |  |  |
| 5.29%, 09/25/35† γ | 18981 | 18205 |
| HOMES Trust, Series 2023-NQM1, <br> Class A1 |  |  |
| (Step to 6.96% on 03/25/27), <br> 6.18%, 01/25/68 144A STEP | 390207 | 389651 |
| Homes Trust, Series 2024-NQM2, <br> Class A1 |  |  |
| (Step to 6.72% on 12/25/28), <br> 5.72%, 10/25/69 144A STEP | 301902 | 304718 |

---

See Notes to Financial Statements.

**61**

------

**LOW-DURATION BOND FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| IndyMac INDX Mortgage Loan Trust, <br> Series 2006-AR12, Class A1 |  |  |
| (Floating, CME Term SOFR 1M + <br> 0.49%, 0.38% Floor), 4.23%, <br> 09/25/46† | $215721 | $200984 |
| IndyMac INDX Mortgage Loan Trust, <br> Series 2007-FLX3, Class A2 |  |  |
| (Floating, CME Term SOFR 1M + <br> 0.65%, 0.54% Floor), 4.39%, <br> 06/25/37† | 76860 | 96374 |
| Intown Mortgage Trust, Series <br> 2025-STAY, Class A |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.35%, 1.35% Floor), 5.10%, <br> 03/15/42 144A † | 320000 | 320796 |
| INV Mortgage Trust, Series <br> 2024-IND, Class A |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.74%, 1.74% Floor), 5.49%, <br> 11/15/41 144A † | 110000 | 109363 |
| JP Morgan Chase Commercial <br> Mortgage Securities Trust, Series <br> 2024-IGLG, Class A |  |  |
| 5.17%, 11/09/39 144A † γ | 190000 | 192033 |
| JP Morgan Mortgage Trust, Series <br> 2005-A1, Class 6T1 |  |  |
| 5.87%, 02/25/35† γ | 5027 | 4903 |
| JP Morgan Mortgage Trust, Series <br> 2020-LTV1, Class A11 |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.11%, 6.00% Cap), 5.07%, <br> 06/25/50 144A † | 3979 | 3966 |
| JP Morgan Mortgage Trust, Series <br> 2021-12, Class A11 |  |  |
| (Floating, U.S. 30-Day Average <br> SOFR + 0.85%, 5.00% Cap), <br> 4.92%, 02/25/52 144A † | 137699 | 127902 |
| JP Morgan Mortgage Trust, Series <br> 2021-14, Class A12 |  |  |
| 5.00%, 05/25/52 144A † γ | 226206 | 220002 |
| JP Morgan Mortgage Trust, Series <br> 2023-DSC1, Class A1 |  |  |
| 4.63%, 07/25/63 144A | 350195 | 346755 |
| 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 | 568491 | 573497 |
| JP Morgan Mortgage Trust, Series <br> 2025-NQM2, Class A1 |  |  |
| 5.57%, 09/25/65 144A † γ | 731514 | 738658 |
| JP Morgan Mortgage Trust, Series <br> 2025-NQM4, Class A1 |  |  |
| 0.00%, 03/25/66 144A † γ | 429778 | 430490 |
| JPMCC Commercial Mortgage <br> Securities Trust, Series 2017-JP7, <br> Class A3 |  |  |
| 3.38%, 09/15/50 | 60885 | 60227 |
| LEX Mortgage Trust, Series <br> 2024-BBG, Class A |  |  |
| 4.87%, 10/13/33 144A † γ | 1000000 | 1006978 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| LQR Trust, Series 2025-CALI, <br> Class E |  |  |
| (Floating, CME Term SOFR 1M + <br> 3.95%), 7.68%, 01/15/43† | $156000 | $156132 |
| Luminent Mortgage Trust, Series <br> 2006-7, Class 2A1 |  |  |
| (Floating, CME Term SOFR 1M + <br> 0.45%, 0.34% Floor, 10.50% <br> Cap), 4.19%, 12/25/36† | 185655 | 165926 |
| LUX, Series 2023-LION, Class A |  |  |
| (Floating, CME Term SOFR 1M + <br> 2.69%, 2.69% Floor), 6.44%, <br> 08/15/28 144A † | 206513 | 208959 |
| MASTR Adjustable Rate Mortgages <br> Trust, Series 2003-6, Class 3A1 |  |  |
| 4.29%, 12/25/33† γ | 4897 | 4861 |
| MF1, Series 2021-W10, Class A |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.07%, 1.07% Floor), 4.82%, <br> 12/15/34 144A † | 110000 | 109969 |
| MFA Trust, Series 2021-INV2, <br> Class A1 |  |  |
| 1.91%, 11/25/56 144A | 177733 | 163865 |
| MFA Trust, Series 2021-RPL1, <br> Class A1 |  |  |
| 1.13%, 07/25/60 144A | 481053 | 444165 |
| MFA Trust, Series 2023-INV2, <br> Class A1 |  |  |
| (Step to 7.74% on 10/25/27), <br> 6.78%, 10/25/58 144A STEP | 136895 | 138342 |
| MFA Trust, Series 2023-NQM3, <br> Class A1 |  |  |
| (Step to 7.47% on 09/25/27), <br> 6.62%, 07/25/68 144A STEP | 372081 | 374370 |
| MFA Trust, Series 2023-NQM4, <br> Class A1 |  |  |
| (Step to 7.11% on 01/25/28), <br> 6.11%, 12/25/68 144A STEP | 180726 | 182310 |
| MFA Trust, Series 2025-NQM2, <br> Class A1 |  |  |
| (Step to 6.68% on 06/25/29), <br> 5.68%, 05/27/70 144A STEP | 168779 | 170337 |
| Mill City Mortgage Loan Trust, Series <br> 2017-1, Class M2 |  |  |
| 3.25%, 11/25/58 144A | 49994 | 49647 |
| Mill City Mortgage Loan Trust, Series <br> 2018-3, Class A1 |  |  |
| 3.50%, 08/25/58 144A | 63157 | 62563 |
| Morgan Stanley Bank of America <br> Merrill Lynch Trust, Series <br> 2016-C32, Class XA |  |  |
| 0.64%, 12/15/49† IO γ | 1685734 | 8194 |
| Morgan Stanley Bank of America <br> Merrill Lynch Trust, Series <br> 2025-5C1, Class A3 |  |  |
| 5.64%, 03/15/58 | 342000 | 357805 |
| Morgan Stanley Capital I Trust, Series <br> 2024-NSTB, Class A |  |  |
| 3.90%, 07/20/32 144A | 111864 | 110553 |

---

**62**

See Notes to Financial Statements.

------

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| 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 | $243690 | $246694 |
| Morgan Stanley Residential Mortgage <br> Loan Trust, Series 2025-NQM7, <br> Class A1 |  |  |
| (Step to 5.98% on 10/25/29), <br> 4.98%, 09/25/70 144A STEP | 253929 | 254373 |
| Morgan Stanley Residential Mortgage <br> Loan Trust, Series 2025-NQM8, <br> Class A1 |  |  |
| 0.00%, 09/25/70 144A † γ | 677931 | 678892 |
| NCMF Trust, Series 2025-MFS, <br> Class A |  |  |
| 4.88%, 06/10/33 144A † γ | 244000 | 245115 |
| NCMF Trust, Series 2025-MFS, <br> Class B |  |  |
| 5.51%, 06/10/33 144A † γ | 149000 | 150668 |
| New Residential Mortgage Loan <br> Trust, Series 2017-4A, Class A1 |  |  |
| 4.00%, 05/25/57 144A † γ | 358985 | 348545 |
| New Residential Mortgage Loan <br> Trust, Series 2019-RPL3, <br> Class A1 |  |  |
| 2.75%, 07/25/59 144A | 515069 | 500028 |
| New Residential Mortgage Loan <br> Trust, Series 2020-1A, Class A1B |  |  |
| 3.50%, 10/25/59 144A † γ | 267040 | 252677 |
| New Residential Mortgage Loan <br> Trust, Series 2020-RPL1, <br> Class A1 |  |  |
| 2.75%, 11/25/59 144A | 673750 | 651630 |
| New Residential Mortgage Loan <br> Trust, Series 2025-NQM2, <br> Class A1 |  |  |
| (Step to 6.57% on 02/25/35), <br> 5.57%, 04/25/65 144A STEP | 163214 | 165167 |
| New Residential Mortgage Loan <br> Trust, Series 2025-NQM5, <br> Class A1 |  |  |
| 0.00%, 08/25/65 144A † γ | 189754 | 190484 |
| NRTH Commercial Mortgage Trust, <br> Series 2025-PARK, Class A |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.39%), 5.14%, 10/15/40 <br> 144A † | 190000 | 190453 |
| NY Commercial Mortgage Trust, <br> Series 2025-299P, Class A |  |  |
| 5.66%, 02/10/47 144A † γ | 150000 | 158220 |
| NYC Commercial Mortgage Trust, <br> Series 2025-11X, Class A |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.74%), 5.49%, 10/15/37 <br> 144A † | 195000 | 195951 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| NYC Commercial Mortgage Trust, <br> Series 2025-28L, Class A |  |  |
| 0.00%, 11/05/38 144A † γ | $600000 | $601928 |
| NYC Commercial Mortgage Trust, <br> Series 2025-3BP, Class A |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.21%, 1.21% Floor), 4.96%, <br> 02/15/42 144A † | 132000 | 130999 |
| OBX Trust, Series 2020-EXP3, Class <br> 2A1B |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.01%), 4.75%, 01/25/60 <br> 144A † | 172530 | 172156 |
| OBX Trust, Series 2023-NQM5, <br> Class A1A |  |  |
| (Step to 7.42% on 07/25/27), <br> 6.57%, 06/25/63 144A STEP | 145631 | 146481 |
| OBX Trust, Series 2023-NQM6, <br> Class A1 |  |  |
| (Step to 7.52% on 08/25/27), <br> 6.52%, 07/25/63 144A STEP | 363247 | 365245 |
| OBX Trust, Series 2024-NQM12, <br> Class A1 |  |  |
| (Step to 6.48% on 09/25/28), <br> 5.48%, 07/25/64 144A STEP | 807469 | 814726 |
| OBX Trust, Series 2024-NQM13, <br> Class A1 |  |  |
| 5.12%, 06/25/64 144A | 667129 | 668913 |
| OBX Trust, Series 2024-NQM14, <br> Class A1 |  |  |
| (Step to 5.94% on 10/25/28), <br> 4.94%, 09/25/64 144A STEP | 702299 | 702988 |
| OBX Trust, Series 2024-NQM15, <br> Class A1 |  |  |
| (Step to 6.32% on 11/25/28), <br> 5.32%, 10/25/64 144A STEP | 507907 | 511263 |
| OBX Trust, Series 2025-NQM14, <br> Class A1 |  |  |
| (Step to 6.16% on 08/25/29), <br> 5.16%, 08/25/64 144A STEP | 908900 | 913706 |
| OBX Trust, Series 2025-NQM2, <br> Class A1 |  |  |
| (Step to 6.60% on 02/25/29), <br> 5.60%, 11/25/64 144A STEP | 850180 | 858447 |
| OBX Trust, Series 2025-NQM3, <br> Class A1 |  |  |
| (Step to 6.65% on 03/25/29), <br> 5.65%, 12/01/64 144A STEP | 103094 | 104192 |
| OBX Trust, Series 2025-NQM6, <br> Class A1 |  |  |
| (Step to 6.60% on 04/25/29), <br> 5.60%, 03/25/65 144A STEP | 828713 | 837408 |
| OBX Trust, Series 2025-NQM7, <br> Class A1 |  |  |
| (Step to 6.56% on 05/25/29), <br> 5.56%, 05/25/55 144A STEP | 1147428 | 1159081 |

---

See Notes to Financial Statements.

**63**

------

**LOW-DURATION BOND FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| OBX Trust, Series 2025-R1, Class A1 |  |  |
| (Step to 5.94% on 12/25/29), <br> 4.94%, 09/25/62 144A STEP | $638632 | $638350 |
| Oceanview Mortgage Trust, Series <br> 2025-3, Class AF1 |  |  |
| (Floating, U.S. 30-Day Average <br> SOFR + 0.95%, 7.50% Cap), <br> 4.82%, 05/25/55 144A † γ | 217809 | 220026 |
| ONE Mortgage Trust, Series <br> 2021-PARK, Class A |  |  |
| (Floating, CME Term SOFR 1M + <br> 0.81%, 0.70% Floor), 4.56%, <br> 03/15/36 144A † | 1600000 | 1596283 |
| One New York Plaza Trust, Series <br> 2020-1NYP, Class A |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.06%, 0.95% Floor), 4.82%, <br> 01/15/36 144A † | 240000 | 235447 |
| PRET Trust, Series 2025-RPL2, <br> Class A1 |  |  |
| (Step to 4.25% on 04/25/29), <br> 4.00%, 08/25/64 144A STEP | 92769 | 90831 |
| PRET Trust, Series 2025-RPL4, <br> Class A1 |  |  |
| (Step to 4.47% on 10/25/29), <br> 4.00%, 03/25/65 144A STEP | 685104 | 673319 |
| PRKCM Trust, Series 2021-AFC2, <br> Class A1 |  |  |
| 2.07%, 11/25/56 144A | 239860 | 215489 |
| PRM5 Trust, Series 2025-PRM5, <br> Class A |  |  |
| 4.47%, 02/10/28 144A † γ | 270000 | 270086 |
| PRPM LLC, Series 2024-RCF1, <br> Class A1 |  |  |
| (Step to 5.00% on 02/25/28), <br> 4.00%, 01/25/54 144A STEP | 72872 | 72109 |
| PRPM LLC, Series 2025-RCF5, <br> Class A1 |  |  |
| (Step to 5.84% on 11/25/29), <br> 4.84%, 10/25/55 144A STEP | 478616 | 479417 |
| PRPM Trust, Series 2023-NQM2, <br> Class A1 |  |  |
| (Step to 6.89% on 10/25/27), <br> 6.25%, 08/25/68 144A STEP | 72924 | 73325 |
| PRPM Trust, Series 2024-NQM2, <br> Class A1 |  |  |
| (Step to 7.33% on 08/25/28), <br> 6.33%, 06/25/69 144A STEP | 71729 | 72688 |
| PRPM Trust, Series 2025-NQM1, <br> Class A1 |  |  |
| (Step to 6.80% on 03/25/29), <br> 5.80%, 11/25/69 144A STEP | 155203 | 156623 |
| Residential Mortgage Loan Trust, <br> Series 2019-3, Class M1 |  |  |
| 3.26%, 09/25/59 144A | 152434 | 151408 |
| RFMSI Trust, Series 2003-S9, <br> Class A1 |  |  |
| 6.50%, 03/25/32 | 1680 | 1703 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Santander Mortgage Asset Receivable <br> Trust, Series 2025-NQM5, <br> Class A1 |  |  |
| 0.00%, 08/25/65 144A † γ | $313521 | $314267 |
| SCG Commercial Mortgage Trust, <br> Series 2025-FLWR, Class A |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.25%), 5.00%, 08/15/30 <br> 144A † | 490000 | 490927 |
| Sequoia Mortgage Trust, Series <br> 2017-CH1, Class A2 |  |  |
| 3.50%, 08/25/47 144A | 7786 | 7248 |
| Sequoia Mortgage Trust, Series <br> 2024-HYB1, Class A1A |  |  |
| 4.47%, 11/25/63 144A † γ | 1211507 | 1216123 |
| Sequoia Mortgage Trust, Series <br> 2025-10, Class A26F |  |  |
| (Floating, U.S. 30-Day Average <br> SOFR + 1.25%), 5.12%, <br> 11/25/55 144A † | 349800 | 350082 |
| SG Residential Mortgage Trust, Series <br> 2022-2, Class A1 |  |  |
| (Step to 5.26% on 02/25/26), <br> 5.35%, 08/25/62 144A STEP | 94854 | 94929 |
| SHRN Trust, Series 2025-MF18, <br> Class A |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.20%), 4.95%, 10/15/40 <br> 144A † | 760000 | 761426 |
| Starwood Mortgage Residential Trust, <br> Series 2020-3, Class A1 |  |  |
| 1.49%, 04/25/65 144A | 56722 | 55619 |
| Starwood Mortgage Residential Trust, <br> Series 2020-INV1, Class A1 |  |  |
| 1.03%, 11/25/55 144A | 38555 | 36998 |
| Structured Adjustable Rate Mortgage <br> Loan Trust, Series 2004-13, <br> Class A2 |  |  |
| (Floating, CME Term SOFR 1M + <br> 0.41%, 0.30% Floor), 4.15%, <br> 09/25/34† | 29318 | 27557 |
| 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), 4.35%, 07/19/35† | 16038 | 15615 |
| 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), 4.41%, 02/25/36† | 102859 | 88155 |
| TBW Mortgage-Backed Trust, Series <br> 2007-2, Class A6A |  |  |
| (Step to 4.17% on 02/25/26), <br> 6.51%, 07/25/37 STEP | 146727 | 54138 |

---

**64**

See Notes to Financial Statements.

------

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| TCO Commercial Mortgage Trust, <br> Series 2024-DPM, Class A |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.24%, 1.24% Floor), 4.99%, <br> 12/15/39 144A † | $315000 | $316020 |
| TEXAS Commercial Mortgage Trust, <br> Series 2025-TWR, Class A |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.29%, 1.29% Floor), 5.04%, <br> 04/15/42 144A † | 234000 | 234574 |
| Towd Point Mortgage Trust, Series <br> 2015-1, Class A5 |  |  |
| 4.68%, 10/25/53 144A † γ | 142167 | 141836 |
| Towd Point Mortgage Trust, Series <br> 2016-2, Class M1 |  |  |
| 3.00%, 08/25/55 144A | 100840 | 99900 |
| Towd Point Mortgage Trust, Series <br> 2017-4, Class A1 |  |  |
| 2.75%, 06/25/57 144A | 70012 | 68881 |
| Towd Point Mortgage Trust, Series <br> 2018-1, Class A1 |  |  |
| 3.00%, 01/25/58 144A | 104538 | 103985 |
| Towd Point Mortgage Trust, Series <br> 2018-2, Class A1 |  |  |
| 3.25%, 03/25/58 144A | 164136 | 163100 |
| Towd Point Mortgage Trust, Series <br> 2018-6, Class A1A |  |  |
| 3.75%, 03/25/58 144A | 171968 | 171301 |
| Towd Point Mortgage Trust, Series <br> 2020-1, Class A1 |  |  |
| 2.71%, 01/25/60 144A † γ | 278949 | 270038 |
| Towd Point Mortgage Trust, Series <br> 2020-2, Class A1A |  |  |
| 1.64%, 04/25/60 144A | 1109266 | 1020570 |
| Towd Point Mortgage Trust, Series <br> 2021-SJ2, Class A1A |  |  |
| 2.25%, 12/25/61 144A | 282750 | 276357 |
| Triton Bond Trust, Series 2021-2, <br> Class A1AU |  |  |
| (Floating, Australian BBSW 1M + <br> 0.70%), 4.25%, 02/09/53(A) † | 215787 | 143978 |
| UBS Commercial Mortgage Trust, <br> Series 2019-C16, Class ASB |  |  |
| 3.46%, 04/15/52 | 362005 | 358712 |
| Uniform Mortgage Backed Securities |  |  |
| 5.00%, 01/01/53 TBA | 5100000 | 5092649 |
| 6.00%, 01/01/53 TBA | 27800000 | 28555238 |
| VDCM Commercial Mortgage Trust, <br> Series 2025-AZ, Class A |  |  |
| 5.23%, 07/13/44 144A † γ | 1400000 | 1419053 |
| Verus Securitization Trust, Series <br> 2021-6, Class A1 |  |  |
| 1.63%, 10/25/66 144A | 654463 | 580103 |
| 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 | 117753 | 111012 |
| 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 | 532015 | 532101 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| 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 | $212256 | $213447 |
| Verus Securitization Trust, Series <br> 2024-R1, Class A1 |  |  |
| 5.22%, 04/25/65 144A † γ | 400466 | 401239 |
| Verus Securitization Trust, Series <br> 2025-11, Class A1 |  |  |
| 0.00%, 11/25/70 144A † γ | 1394052 | 1396653 |
| 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 | 304028 | 307396 |
| Verus Securitization Trust, Series <br> 2025-4, Class A1 |  |  |
| (Step to 6.45% on 06/25/29), <br> 5.45%, 05/25/70 144A STEP | 1095079 | 1105777 |
| Verus Securitization Trust, Series <br> 2025-9, Class A1 |  |  |
| 0.00%, 10/27/70 144A † γ | 180949 | 181317 |
| 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), 5.43%, 06/25/42† | 1644 | 1558 |
| Washington Mutual Mortgage <br> Pass-Through Certificates Trust, <br> Series 2003-AR8, Class A |  |  |
| 6.17%, 08/25/33† γ | 42510 | 41762 |
| 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), 4.47%, 01/25/45† | 56543 | 56807 |
| 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), 4.77%, 01/25/47† | 110815 | 103534 |
| 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), 5.01%, 06/25/46† | 236587 | 224376 |
| Washington Mutual Mortgage <br> Pass-Through Certificates Trust, <br> Series 2007-HY1, Class 1A1 |  |  |
| 4.45%, 02/25/37† γ | 83436 | 74633 |
| Washington Mutual Mortgage <br> Pass-Through Certificates Trust, <br> Series 2007-HY5, Class 2A1 |  |  |
| 3.41%, 05/25/37† γ | 110785 | 91528 |
| 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), 4.87%, 05/25/47† | 2914 | 8914 |

---

See Notes to Financial Statements.

**65**

------

**LOW-DURATION BOND FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Wells Fargo Commercial Mortgage <br> Trust, Series 2016-NXS5, <br> Class A6FL |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.66%, 1.55% Floor), 5.40%, <br> 01/15/59 144A † | $925582 | $925546 |
| Wells Fargo Commercial Mortgage <br> Trust, Series 2024-5C2, Class A3 |  |  |
| 5.92%, 11/15/57 | 60000 | 63241 |
| Wells Fargo Commercial Mortgage <br> Trust, Series 2025-DWHP, Class A |  |  |
| (Floating, CME Term SOFR 1M + <br> 2.34%, 2.34% Floor), 6.09%, <br> 04/15/38 144A † γ | 1280000 | 1287403 |
| Wells Fargo Commercial Mortgage <br> Trust, Series 2025-HI, Class A |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.69%), 5.44%, 10/15/42 <br> 144A † | 1400000 | 1404183 |
| Wells Fargo Mortgage Backed <br> Securities Trust, Series 2020-RR1, <br> Class A1 |  |  |
| 3.00%, 05/25/50 144A † γ | 52972 | 47018 |
| WEST Trust, Series 2025-ROSE, <br> Class A |  |  |
| 5.28%, 04/10/30 144A † γ | 217000 | 220789 |
| **Total Mortgage-Backed Securities** <br> (Cost $189,650,958) |  | 189231904 |
| **MUNICIPAL BONDS — 0.3%** | **MUNICIPAL BONDS — 0.3%** | **MUNICIPAL BONDS — 0.3%** |
| Maricopa County Industrial <br> Development Authority, Grand <br> Canyon University Project, <br> Revenue Bond |  |  |
| 7.38%, 10/01/29 144A | 180000 | 188903 |
| Massachusetts State Educational <br> Financing Authority, Revenue <br> Bond, Senior Series A |  |  |
| 6.35%, 07/01/49 | 145000 | 150085 |
| Texas Natural Gas Securitization <br> Finance Corporation, Revenue <br> Bond |  |  |
| 5.10%, 04/01/35 | 2687757 | 2760295 |
| **Total Municipal Bonds** <br> (Cost $3,012,757) |  | 3099283 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **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 2.5% <br> (Annually); Interest <br> Rate Swap <br> Maturing 02/18/27 <br> USD, Strike Price <br> $2.50, Expires <br> 02/13/26 (JPM)<br>| 1 | $88100000 | 811 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of**<br> **Contracts**<br>| **Notional**<br> **Amount**<br>| **Value** |
| **Put Swaptions — 0.0%** | **Put Swaptions — 0.0%** | **Put Swaptions — 0.0%** | **Put Swaptions — 0.0%** |
| Pay 3.65% (Annually); <br> Receive 1-Day <br> SOFR (Annually); <br> Interest Rate Swap <br> Maturing 09/11/27 <br> USD, Strike Price <br> $3.65, Expires <br> 09/09/26 (DEUT)<br>| 1 | $30700000 | $20397 |
| Pay 3.65% (Annually); <br> Receive 1-Day <br> SOFR (Annually); <br> Interest Rate Swap <br> Maturing 09/11/27 <br> USD, Strike Price <br> $3.65, Expires <br> 09/09/26 (DEUT)<br>| 1 | 26200000 | 17407 |
| Pay 3.65% (Annually); <br> Receive 1-Day <br> SOFR (Annually); <br> Interest Rate Swap <br> Maturing 09/11/27 <br> USD, Strike Price <br> $3.65, Expires <br> 09/09/26 (MSCS)<br>| 1 | 10600000 | 7043 |
| Pay 3.65% (Annually); <br> Receive 1-Day <br> SOFR (Annually); <br> Interest Rate Swap <br> Maturing 09/11/27 <br> USD, Strike Price <br> $3.65, Expires <br> 09/09/26 (DEUT)<br>| 1 | 20900000 | 13886 |
| Pay 4.25% (Annually); <br> Receive 1-Day <br> SOFR (Annually); <br> Interest Rate Swap <br> Maturing 12/11/27 <br> USD, Strike Price <br> $4.25, Expires <br> 12/09/26 (BNP)<br>| 1 | 56800000 | 14864 |
|  |  |  | 73597 |
| **Total Purchased Options** <br> (Premiums paid $165,603) | **Total Purchased Options** <br> (Premiums paid $165,603) |  | 74408 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** |  |
| **U.S. TREASURY OBLIGATIONS — 21.2%** | **U.S. TREASURY OBLIGATIONS — 21.2%** | **U.S. TREASURY OBLIGATIONS — 21.2%** |
| U.S. Treasury Bills |  |  |
| 3.65%, 04/09/26Ω | $500000 | 495221 |
| 3.64%, 04/16/26Ω | 3000000 | 2969513 |
|  |  | 3464734 |
| U.S. Treasury <br> Inflationary Index <br> Notes<br>|  |  |
| 0.13%, 07/15/26 | 1761526 | 1755513 |
| 0.13%, 10/15/26 | 475448 | 472222 |

---

**66**

See Notes to Financial Statements.

------

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| 2.13%, 04/15/29 | $1102595 | $1129639 |
|  |  | 3357374 |
| U.S. Treasury Notes |  |  |
| 3.63%, 05/15/26 | 9835000 | 9838570 |
| 4.38%, 08/15/26 | 40413000 | 40606736 |
| 0.75%, 08/31/26 | 1505000 | 1477565 |
| 1.38%, 08/31/26 | 6525000 | 6433403 |
| 3.50%, 09/30/26 | 4935000 | 4931773 |
| 1.63%, 10/31/26 | 6000000 | 5905369 |
| 2.00%, 11/15/26 | 6600000 | 6513413 |
| 4.25%, 12/31/26 | 2495000 | 2512689 |
| 3.75%, 04/30/27 | 2570000 | 2578483 |
| 4.50%, 05/15/27 | 1920000 | 1945800 |
| 3.75%, 08/15/27 | 7985000 | 8019778 |
| 3.63%, 08/31/27 | 380000 | 380905 |
| 3.38%, 09/15/27 | 10760000 | 10742557 |
| 3.50%, 04/30/28 | 20747000 | 20750242 |
| 2.88%, 05/15/28 | 700000 | 690293 |
| 3.75%, 05/15/28 | 5155000 | 5184802 |
| 3.88%, 06/15/28 | 18600000 | 18766746 |
| 3.88%, 07/15/28 | 5270000 | 5316524 |
| 3.63%, 08/15/28 | 3645000 | 3655679 |
| 3.38%, 09/15/28 | 8165000 | 8135019 |
| 1.25%, 09/30/28 | 7000000 | 6587793 |
| 3.50%, 10/15/28 | 6825000 | 6821001 |
| 3.50%, 11/15/28 | 7285000 | 7280162 |
|  |  | 185075302 |
| **Total U.S. Treasury Obligations** <br> (Cost $191,076,459) |  | 191897410 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **MONEY MARKET FUNDS — 4.0%** | **MONEY MARKET FUNDS — 4.0%** | **MONEY MARKET FUNDS — 4.0%** |
| Northern Institutional Liquid Assets <br> Portfolio (Shares), 3.81%Ø § | 9418665 | 9418665 |
| GuideStone Money Market Fund, <br> 3.69% <br> (Institutional Class)Ø ∞ | 27096097 | 27096097 |
| **Total Money Market Funds** <br> (Cost $36,514,762) |  | 36514762 |
| **TOTAL INVESTMENTS — 103.4**% <br> (Cost $929,265,010) |  | 933826572 |
| **Liabilities in Excess of Other**<br> **Assets — (3.4)%** |  | (31030879)<br>|
| **NET ASSETS — 100.0%** |  | $902795693 |

---

Futures Contracts outstanding at December 31, 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-Schatz | 03/2026 | &nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp; $5647483 | &nbsp;&nbsp;&nbsp; $(5963)<br>|
| 3-Year Commonwealth Treasury Bond | 03/2026 | &nbsp;&nbsp;&nbsp; 179 | &nbsp;&nbsp;&nbsp; 12542314 | &nbsp;&nbsp;&nbsp; 5359 |
| 10-Year U.S. Treasury Note | 03/2026 | &nbsp;&nbsp;&nbsp; (150)<br>| &nbsp;&nbsp;&nbsp; (16865625)<br>| &nbsp;&nbsp;&nbsp; 89300 |
| 5-Year Canadian Government Bond | 03/2026 | &nbsp;&nbsp;&nbsp; 57 | &nbsp;&nbsp;&nbsp; 4704769 | &nbsp;&nbsp;&nbsp; (28195)<br>|

---

See Notes to Financial Statements.

**67**

------

**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>|
| U.S. Treasury Long Bond | 03/2026 | &nbsp;&nbsp;&nbsp; (12)<br>| &nbsp;&nbsp;&nbsp; $(1387125)<br>| &nbsp;&nbsp;&nbsp; $11416 |
| Ultra 10-Year U.S. Treasury Note | 03/2026 | &nbsp;&nbsp;&nbsp; (177)<br>| &nbsp;&nbsp;&nbsp; (20357766)<br>| &nbsp;&nbsp;&nbsp; 29080 |
| Ultra Long U.S. Treasury Bond | 03/2026 | &nbsp;&nbsp;&nbsp; (24)<br>| &nbsp;&nbsp;&nbsp; (2832000)<br>| &nbsp;&nbsp;&nbsp; 17604 |
| 2-Year U.S. Treasury Note | 03/2026 | &nbsp;&nbsp;&nbsp; 1695 | &nbsp;&nbsp;&nbsp; 353897461 | &nbsp;&nbsp;&nbsp; 342857 |
| 5-Year U.S. Treasury Note | 03/2026 | &nbsp;&nbsp;&nbsp; 396 | &nbsp;&nbsp;&nbsp; 43284656 | &nbsp;&nbsp;&nbsp; (177564)<br>|
| 30-Day Federal Funds | 07/2026 | &nbsp;&nbsp;&nbsp; 31 | &nbsp;&nbsp;&nbsp; 12492708 | &nbsp;&nbsp;&nbsp; 7837 |
| 30-Day Federal Funds | 08/2026 | &nbsp;&nbsp;&nbsp; 31 | &nbsp;&nbsp;&nbsp; 12501750 | &nbsp;&nbsp;&nbsp; 9481 |
| 3-Month CME SOFR | 12/2026 | &nbsp;&nbsp;&nbsp; 52 | &nbsp;&nbsp;&nbsp; 12589850 | &nbsp;&nbsp;&nbsp; 13511 |
| 3-Month CME SOFR | 03/2028 | &nbsp;&nbsp;&nbsp; 256 | &nbsp;&nbsp;&nbsp; 61916800 | &nbsp;&nbsp;&nbsp; (57848)<br>|
| Total Futures Contracts outstanding at December 31, 2025 |  |  | &nbsp;&nbsp;&nbsp; $478135275 | &nbsp;&nbsp;&nbsp; $256875 |

---

Forward Foreign Currency Contracts outstanding at December 31, 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>|
| 01/14/26 | Australian Dollars | &nbsp;&nbsp; 5024000 | U.S. Dollars | &nbsp;&nbsp; 3288962 | HSBC | &nbsp;&nbsp; $64077 |
| 01/14/26 | Australian Dollars | &nbsp;&nbsp; 2510000 | U.S. Dollars | &nbsp;&nbsp; 1658135 | CITI | &nbsp;&nbsp; 17049 |
| 01/07/26 | U.S. Dollars | &nbsp;&nbsp; 974290 | Japanese Yen | &nbsp;&nbsp; 151100000 | HSBC | &nbsp;&nbsp; 9035 |
| 01/07/26 | U.S. Dollars | &nbsp;&nbsp; 801732 | Japanese Yen | &nbsp;&nbsp; 124100000 | JPM | &nbsp;&nbsp; 8958 |
| 01/13/26 | U.S. Dollars | &nbsp;&nbsp; 925786 | Japanese Yen | &nbsp;&nbsp; 143500000 | HSBC | &nbsp;&nbsp; 8575 |
| 02/25/26 | Mexican Pesos | &nbsp;&nbsp; 3587531 | U.S. Dollars | &nbsp;&nbsp; 191932 | HSBC | &nbsp;&nbsp; 6217 |
| 01/14/26 | New Zealand Dollars | &nbsp;&nbsp; 566429 | U.S. Dollars | &nbsp;&nbsp; 321861 | BNP | &nbsp;&nbsp; 4464 |
| 01/22/26 | U.S. Dollars | &nbsp;&nbsp; 115564 | Taiwan Dollars | &nbsp;&nbsp; 3512305 | CITI | &nbsp;&nbsp; 3868 |
| 01/16/26 | Polish Zloty | &nbsp;&nbsp; 763000 | U.S. Dollars | &nbsp;&nbsp; 209273 | CITI | &nbsp;&nbsp; 3238 |
| 01/14/26 | British Pounds | &nbsp;&nbsp; 197000 | U.S. Dollars | &nbsp;&nbsp; 262502 | HSBC | &nbsp;&nbsp; 3039 |
| 03/18/26 | U.S. Dollars | &nbsp;&nbsp; 313557 | Taiwan Dollars | &nbsp;&nbsp; 9772140 | BNP | &nbsp;&nbsp; 2924 |
| 02/24/26 | Mexican Pesos | &nbsp;&nbsp; 2433000 | U.S. Dollars | &nbsp;&nbsp; 131567 | BOA | &nbsp;&nbsp; 2826 |
| 01/22/26 | U.S. Dollars | &nbsp;&nbsp; 72953 | Taiwan Dollars | &nbsp;&nbsp; 2213779 | BNP | &nbsp;&nbsp; 2552 |
| 01/08/26 | South Korean Won | &nbsp;&nbsp; 172839648 | U.S. Dollars | &nbsp;&nbsp; 117633 | DEUT | &nbsp;&nbsp; 2305 |
| 03/18/26 | Mexican Pesos | &nbsp;&nbsp; 1896000 | U.S. Dollars | &nbsp;&nbsp; 102388 | BAR | &nbsp;&nbsp; 2103 |
| 01/23/26 | Polish Zloty | &nbsp;&nbsp; 267797 | U.S. Dollars | &nbsp;&nbsp; 72517 | JPM | &nbsp;&nbsp; 2066 |
| 01/23/26 | Polish Zloty | &nbsp;&nbsp; 484825 | U.S. Dollars | &nbsp;&nbsp; 133082 | BAR | &nbsp;&nbsp; 1944 |
| 01/23/26 | Polish Zloty | &nbsp;&nbsp; 367547 | U.S. Dollars | &nbsp;&nbsp; 100597 | GSC | &nbsp;&nbsp; 1767 |
| 01/21/26 | Thai Baht | &nbsp;&nbsp; 1923763 | U.S. Dollars | &nbsp;&nbsp; 59392 | HSBC | &nbsp;&nbsp; 1752 |
| 01/15/26 | Israeli Shekels | &nbsp;&nbsp; 491000 | U.S. Dollars | &nbsp;&nbsp; 152502 | CITI | &nbsp;&nbsp; 1672 |
| 01/23/26 | Polish Zloty | &nbsp;&nbsp; 252120 | U.S. Dollars | &nbsp;&nbsp; 68803 | UBS | &nbsp;&nbsp; 1414 |
| 01/30/26 | Indian Rupees | &nbsp;&nbsp; 32243755 | U.S. Dollars | &nbsp;&nbsp; 356331 | CITI | &nbsp;&nbsp; 1369 |
| 04/13/26 | Mexican Pesos | &nbsp;&nbsp; 1348775 | U.S. Dollars | &nbsp;&nbsp; 73236 | GSC | &nbsp;&nbsp; 891 |
| 01/22/26 | U.S. Dollars | &nbsp;&nbsp; 24368 | Taiwan Dollars | &nbsp;&nbsp; 742444 | SC | &nbsp;&nbsp; 757 |
| 01/21/26 | Chinese Offshore Yuan | &nbsp;&nbsp; 424000 | U.S. Dollars | &nbsp;&nbsp; 60147 | GSC | &nbsp;&nbsp; 716 |
| 01/22/26 | U.S. Dollars | &nbsp;&nbsp; 22456 | Taiwan Dollars | &nbsp;&nbsp; 684796 | BOA | &nbsp;&nbsp; 679 |
| 02/13/26 | U.S. Dollars | &nbsp;&nbsp; 96284 | South Korean Won | &nbsp;&nbsp; 137976351 | JPM | &nbsp;&nbsp; 588 |
| 01/21/26 | Chinese Offshore Yuan | &nbsp;&nbsp; 422000 | U.S. Dollars | &nbsp;&nbsp; 60074 | JPM | &nbsp;&nbsp; 502 |
| 02/27/26 | Mexican Pesos | &nbsp;&nbsp; 345938 | U.S. Dollars | &nbsp;&nbsp; 18635 | JPM | &nbsp;&nbsp; 469 |
| 02/27/26 | Mexican Pesos | &nbsp;&nbsp; 342753 | U.S. Dollars | &nbsp;&nbsp; 18470 | UBS | &nbsp;&nbsp; 458 |
| 01/21/26 | Chinese Offshore Yuan | &nbsp;&nbsp; 282000 | U.S. Dollars | &nbsp;&nbsp; 40043 | BNP | &nbsp;&nbsp; 437 |
| 01/26/26 | South African Rand | &nbsp;&nbsp; 146328 | U.S. Dollars | &nbsp;&nbsp; 8398 | DEUT | &nbsp;&nbsp; 421 |
| 01/26/26 | South African Rand | &nbsp;&nbsp; 143342 | U.S. Dollars | &nbsp;&nbsp; 8242 | UBS | &nbsp;&nbsp; 398 |
| 01/14/26 | New Zealand Dollars | &nbsp;&nbsp; 1093000 | U.S. Dollars | &nbsp;&nbsp; 629294 | HSBC | &nbsp;&nbsp; 393 |
| 04/13/26 | Mexican Pesos | &nbsp;&nbsp; 540225 | U.S. Dollars | &nbsp;&nbsp; 29311 | BOA | &nbsp;&nbsp; 379 |
| 03/09/26 | Mexican Pesos | &nbsp;&nbsp; 316796 | U.S. Dollars | &nbsp;&nbsp; 17211 | HSBC | &nbsp;&nbsp; 265 |

---

**68**

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>|
| 01/26/26 | South African Rand | &nbsp;&nbsp; 1721602 | U.S. Dollars | &nbsp;&nbsp; 103527 | BNP | &nbsp;&nbsp; $237 |
| 01/26/26 | South African Rand | &nbsp;&nbsp; 82107 | U.S. Dollars | &nbsp;&nbsp; 4740 | BAR | &nbsp;&nbsp; 209 |
| 01/20/26 | Taiwan Dollars | &nbsp;&nbsp; 3400184 | U.S. Dollars | &nbsp;&nbsp; 107938 | BNP | &nbsp;&nbsp; 199 |
| 03/18/26 | U.S. Dollars | &nbsp;&nbsp; 16362 | Taiwan Dollars | &nbsp;&nbsp; 509272 | CITI | &nbsp;&nbsp; 174 |
| 01/26/26 | South African Rand | &nbsp;&nbsp; 75461 | U.S. Dollars | &nbsp;&nbsp; 4377 | GSC | &nbsp;&nbsp; 171 |
| 04/09/26 | Mexican Pesos | &nbsp;&nbsp; 213349 | U.S. Dollars | &nbsp;&nbsp; 11590 | JPM | &nbsp;&nbsp; 140 |
| 01/16/26 | Polish Zloty | &nbsp;&nbsp; 180116 | U.S. Dollars | &nbsp;&nbsp; 50034 | BNP | &nbsp;&nbsp; 131 |
| 01/15/26 | Israeli Shekels | &nbsp;&nbsp; 126566 | U.S. Dollars | &nbsp;&nbsp; 39671 | DEUT | &nbsp;&nbsp; 71 |
| 01/22/26 | Indonesian Rupiahs | &nbsp;&nbsp; 747005184 | U.S. Dollars | &nbsp;&nbsp; 44672 | SC | &nbsp;&nbsp; 64 |
| 01/14/26 | U.S. Dollars | &nbsp;&nbsp; 30014 | New Zealand Dollars | &nbsp;&nbsp; 52000 | CITI | &nbsp;&nbsp; 57 |
| 01/22/26 | Indonesian Rupiahs | &nbsp;&nbsp; 449105389 | U.S. Dollars | &nbsp;&nbsp; 26849 | BNP | &nbsp;&nbsp; 46 |
| 01/21/26 | Chinese Offshore Yuan | &nbsp;&nbsp; 210000 | U.S. Dollars | &nbsp;&nbsp; 30099 | CITI | &nbsp;&nbsp; 46 |
| 03/03/26 | U.S. Dollars | &nbsp;&nbsp; 3997 | Brazilian Reals | &nbsp;&nbsp; 21988 | GSC | &nbsp;&nbsp; 40 |
| 01/20/26 | Taiwan Dollars | &nbsp;&nbsp; 290303 | U.S. Dollars | &nbsp;&nbsp; 9197 | HSBC | &nbsp;&nbsp; 36 |
| 02/19/26 | U.S. Dollars | &nbsp;&nbsp; 20166 | Israeli Shekels | &nbsp;&nbsp; 64107 | CITI | &nbsp;&nbsp; 34 |
| 01/08/26 | U.S. Dollars | &nbsp;&nbsp; 10000 | Taiwan Dollars | &nbsp;&nbsp; 313354 | BNP | &nbsp;&nbsp; 30 |
| 01/20/26 | Taiwan Dollars | &nbsp;&nbsp; 217738 | U.S. Dollars | &nbsp;&nbsp; 6897 | CITI | &nbsp;&nbsp; 28 |
| 01/21/26 | Thai Baht | &nbsp;&nbsp; 67097 | U.S. Dollars | &nbsp;&nbsp; 2107 | GSC | &nbsp;&nbsp; 26 |
| 01/30/26 | Indian Rupees | &nbsp;&nbsp; 903405 | U.S. Dollars | &nbsp;&nbsp; 10000 | BNP | &nbsp;&nbsp; 22 |
| 01/20/26 | Taiwan Dollars | &nbsp;&nbsp; 188278 | U.S. Dollars | &nbsp;&nbsp; 5968 | BOA | &nbsp;&nbsp; 20 |
| Subtotal Appreciation | Subtotal Appreciation |  |  |  |  | &nbsp;&nbsp; $162348 |
| 01/30/26 | Taiwan Dollars | &nbsp;&nbsp; 943509 | U.S. Dollars | &nbsp;&nbsp; 30000 | BNP | &nbsp;&nbsp; $(4)<br>|
| 02/02/26 | Taiwan Dollars | &nbsp;&nbsp; 40442 | U.S. Dollars | &nbsp;&nbsp; 1292 | CITI | &nbsp;&nbsp; (6)<br>|
| 03/18/26 | U.S. Dollars | &nbsp;&nbsp; 461 | Mexican Pesos | &nbsp;&nbsp; 8516 | JPM | &nbsp;&nbsp; (8)<br>|
| 02/02/26 | Taiwan Dollars | &nbsp;&nbsp; 54589 | U.S. Dollars | &nbsp;&nbsp; 1744 | DEUT | &nbsp;&nbsp; (9)<br>|
| 01/22/26 | Polish Zloty | &nbsp;&nbsp; 143838 | U.S. Dollars | &nbsp;&nbsp; 40070 | UBS | &nbsp;&nbsp; (10)<br>|
| 02/02/26 | Indian Rupees | &nbsp;&nbsp; 1867942 | U.S. Dollars | &nbsp;&nbsp; 20730 | BNP | &nbsp;&nbsp; (12)<br>|
| 02/19/26 | U.S. Dollars | &nbsp;&nbsp; 25140 | Israeli Shekels | &nbsp;&nbsp; 80096 | BOA | &nbsp;&nbsp; (13)<br>|
| 01/08/26 | U.S. Dollars | &nbsp;&nbsp; 10000 | Indian Rupees | &nbsp;&nbsp; 901447 | BNP | &nbsp;&nbsp; (22)<br>|
| 02/05/26 | Taiwan Dollars | &nbsp;&nbsp; 1014469 | U.S. Dollars | &nbsp;&nbsp; 32279 | BNP | &nbsp;&nbsp; (29)<br>|
| 01/12/26 | U.S. Dollars | &nbsp;&nbsp; 20000 | Indian Rupees | &nbsp;&nbsp; 1803134 | BNP | &nbsp;&nbsp; (38)<br>|
| 02/19/26 | U.S. Dollars | &nbsp;&nbsp; 39671 | Israeli Shekels | &nbsp;&nbsp; 126534 | DEUT | &nbsp;&nbsp; (66)<br>|
| 02/02/26 | Taiwan Dollars | &nbsp;&nbsp; 1121391 | U.S. Dollars | &nbsp;&nbsp; 35767 | BNP | &nbsp;&nbsp; (117)<br>|
| 02/19/26 | U.S. Dollars | &nbsp;&nbsp; 13561 | Israeli Shekels | &nbsp;&nbsp; 43687 | BAR | &nbsp;&nbsp; (158)<br>|
| 01/15/26 | U.S. Dollars | &nbsp;&nbsp; 10189 | Israeli Shekels | &nbsp;&nbsp; 33000 | CITI | &nbsp;&nbsp; (173)<br>|
| 01/14/26 | U.S. Dollars | &nbsp;&nbsp; 90557 | Australian Dollars | &nbsp;&nbsp; 136000 | CITI | &nbsp;&nbsp; (210)<br>|
| 01/22/26 | U.S. Dollars | &nbsp;&nbsp; 22724 | Israeli Shekels | &nbsp;&nbsp; 73099 | DEUT | &nbsp;&nbsp; (228)<br>|
| 01/12/26 | Taiwan Dollars | &nbsp;&nbsp; 934671 | U.S. Dollars | &nbsp;&nbsp; 30000 | BNP | &nbsp;&nbsp; (266)<br>|
| 01/29/26 | U.S. Dollars | &nbsp;&nbsp; 10163 | Mexican Pesos | &nbsp;&nbsp; 188744 | DEUT | &nbsp;&nbsp; (288)<br>|
| 01/22/26 | Taiwan Dollars | &nbsp;&nbsp; 1254327 | U.S. Dollars | &nbsp;&nbsp; 40177 | CITI | &nbsp;&nbsp; (288)<br>|
| 01/30/26 | Indian Rupees | &nbsp;&nbsp; 2328495 | U.S. Dollars | &nbsp;&nbsp; 26147 | JPM | &nbsp;&nbsp; (316)<br>|
| 01/14/26 | U.S. Dollars | &nbsp;&nbsp; 58694 | Canadian Dollars | &nbsp;&nbsp; 81000 | CITI | &nbsp;&nbsp; (358)<br>|
| 01/21/26 | U.S. Dollars | &nbsp;&nbsp; 39499 | Chinese Offshore Yuan | &nbsp;&nbsp; 277917 | GSC | &nbsp;&nbsp; (395)<br>|
| 01/08/26 | South Korean Won | &nbsp;&nbsp; 138157653 | U.S. Dollars | &nbsp;&nbsp; 96284 | JPM | &nbsp;&nbsp; (412)<br>|
| 01/22/26 | Taiwan Dollars | &nbsp;&nbsp; 2025523 | U.S. Dollars | &nbsp;&nbsp; 64897 | BNP | &nbsp;&nbsp; (483)<br>|
| 02/19/26 | U.S. Dollars | &nbsp;&nbsp; 49962 | Israeli Shekels | &nbsp;&nbsp; 160873 | MSCS | &nbsp;&nbsp; (558)<br>|
| 01/16/26 | U.S. Dollars | &nbsp;&nbsp; 36010 | Polish Zloty | &nbsp;&nbsp; 131375 | BNP | &nbsp;&nbsp; (581)<br>|
| 01/14/26 | U.S. Dollars | &nbsp;&nbsp; 60004 | Swiss Francs | &nbsp;&nbsp; 48000 | HSBC | &nbsp;&nbsp; (689)<br>|
| 01/30/26 | Indian Rupees | &nbsp;&nbsp; 5860876 | U.S. Dollars | &nbsp;&nbsp; 65811 | DEUT | &nbsp;&nbsp; (793)<br>|
| 01/14/26 | U.S. Dollars | &nbsp;&nbsp; 59653 | Canadian Dollars | &nbsp;&nbsp; 83000 | GSC | &nbsp;&nbsp; (858)<br>|
| 01/21/26 | U.S. Dollars | &nbsp;&nbsp; 78667 | Chinese Offshore Yuan | &nbsp;&nbsp; 554290 | SC | &nbsp;&nbsp; (899)<br>|
| 01/08/26 | U.S. Dollars | &nbsp;&nbsp; 57727 | South Korean Won | &nbsp;&nbsp; 84504823 | DEUT | &nbsp;&nbsp; (913)<br>|
| 01/21/26 | U.S. Dollars | &nbsp;&nbsp; 79142 | Chinese Offshore Yuan | &nbsp;&nbsp; 557710 | BNP | &nbsp;&nbsp; (915)<br>|
| 01/08/26 | U.S. Dollars | &nbsp;&nbsp; 59734 | South Korean Won | &nbsp;&nbsp; 87524031 | JPM | &nbsp;&nbsp; (1002)<br>|
| 01/16/26 | U.S. Dollars | &nbsp;&nbsp; 50140 | Polish Zloty | &nbsp;&nbsp; 184096 | JPM | &nbsp;&nbsp; (1134)<br>|

---

See Notes to Financial Statements.

**69**

------

**LOW-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>|
| 01/08/26 | U.S. Dollars | &nbsp;&nbsp; 95183 | South Korean Won | &nbsp;&nbsp; 138891427 | BOA | &nbsp;&nbsp; $(1198)<br>|
| 01/15/26 | U.S. Dollars | &nbsp;&nbsp; 99048 | Israeli Shekels | &nbsp;&nbsp; 320015 | GSC | &nbsp;&nbsp; (1437)<br>|
| 01/21/26 | U.S. Dollars | &nbsp;&nbsp; 164316 | Chinese Offshore Yuan | &nbsp;&nbsp; 1157245 | JPM | &nbsp;&nbsp; (1801)<br>|
| 01/30/26 | Indian Rupees | &nbsp;&nbsp; 14629921 | U.S. Dollars | &nbsp;&nbsp; 164275 | CITI | &nbsp;&nbsp; (1976)<br>|
| 03/03/26 | Brazilian Reals | &nbsp;&nbsp; 4033352 | U.S. Dollars | &nbsp;&nbsp; 727924 | GSC | &nbsp;&nbsp; (2137)<br>|
| 01/14/26 | U.S. Dollars | &nbsp;&nbsp; 427059 | Singapore Dollars | &nbsp;&nbsp; 554119 | HSBC | &nbsp;&nbsp; (4445)<br>|
| 01/15/26 | U.S. Dollars | &nbsp;&nbsp; 224387 | Israeli Shekels | &nbsp;&nbsp; 731284 | JPM | &nbsp;&nbsp; (5237)<br>|
| 01/14/26 | U.S. Dollars | &nbsp;&nbsp; 2401842 | Euro | &nbsp;&nbsp; 2069406 | HSBC | &nbsp;&nbsp; (31792)<br>|
| 01/14/26 | U.S. Dollars | &nbsp;&nbsp; 1632789 | Canadian Dollars | &nbsp;&nbsp; 2298032 | HSBC | &nbsp;&nbsp; (42586)<br>|
| 01/14/26 | U.S. Dollars | &nbsp;&nbsp; 3326012 | Australian Dollars | &nbsp;&nbsp; 5089676 | JPM | &nbsp;&nbsp; (70859)<br>|
| 01/14/26 | U.S. Dollars | &nbsp;&nbsp; 4024843 | Australian Dollars | &nbsp;&nbsp; 6183016 | BNP | &nbsp;&nbsp; (101728)<br>|
| Subtotal Depreciation | Subtotal Depreciation |  |  |  |  | &nbsp;&nbsp; $(277447)<br>|
| Total Forward Foreign Currency Contracts outstanding at December 31, 2025 | Total Forward Foreign Currency Contracts outstanding at December 31, 2025 | Total Forward Foreign Currency Contracts outstanding at December 31, 2025 | Total Forward Foreign Currency Contracts outstanding at December 31, 2025 | Total Forward Foreign Currency Contracts outstanding at December 31, 2025 |  | &nbsp;&nbsp; $(115099)<br>|

---

Swap Agreements outstanding at December 31, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 Sovereign** <br> **Issuers—Buy Protection**<br>|  |  |  |  |  |  |  |  |
| Republic of Korea, 2.75% due 1/19/2027 <br> (Pay Quarterly)<br>| &nbsp;&nbsp; (1.00)%<br>| &nbsp;&nbsp;&nbsp; 12/20/2030 | &nbsp;&nbsp; MSCS | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1600000 | &nbsp;&nbsp; $(57670)<br>| &nbsp;&nbsp; $(62820)<br>| &nbsp;&nbsp; $5150 |
|  |  |  |  |  |  | &nbsp;&nbsp; $(57670)<br>| &nbsp;&nbsp; $(62820)<br>| &nbsp;&nbsp; $5150 |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Obligation** | **Implied** <br> **Credit** <br> **Spread**<br>| **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** <br> **Credit** <br> **Indexes—Sell Protection**<br>|  |  |  |  |  |  |  |  |  |
| iTraxx Europe & Crossover <br> Series 44 (Receive <br> Quarterly)<br>| 0.58<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.00<br> %<br>| &nbsp;&nbsp; 12/20/2030 | &nbsp;&nbsp; BOA | &nbsp;&nbsp; EUR | &nbsp;&nbsp; 1200000 | &nbsp;&nbsp; $282625 | &nbsp;&nbsp; $274268 | &nbsp;&nbsp; $8356 |
| iTraxx Europe & Crossover <br> Series 44 (Receive <br> Quarterly)<br>| 0.58<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.00<br> %<br>| &nbsp;&nbsp; 12/20/2030 | &nbsp;&nbsp; JPM | &nbsp;&nbsp; EUR | &nbsp;&nbsp; 800000 | &nbsp;&nbsp; 188417 | &nbsp;&nbsp; 181744 | &nbsp;&nbsp; 6673 |
| iTraxx Europe & Crossover <br> Series 44 (Receive <br> Quarterly)<br>| 0.58<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.00<br> %<br>| &nbsp;&nbsp; 12/20/2030 | &nbsp;&nbsp; BNP | &nbsp;&nbsp; EUR | &nbsp;&nbsp; 300000 | &nbsp;&nbsp; 70656 | &nbsp;&nbsp; 68616 | &nbsp;&nbsp; 2040 |
|  |  |  |  |  |  |  | &nbsp;&nbsp; $541698 | &nbsp;&nbsp; $524628 | &nbsp;&nbsp; $17069 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 | $38897 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $38897 |
| 3.29% (Annually) | 1-Day SOFR (Annually) | 5/31/2030 | USD | 22820900 | 101824 | &nbsp;&nbsp; 1584 | &nbsp;&nbsp; 100240 |
| 3.38% (Annually) | 1-Day SOFR (Annually) | 5/31/2030 | USD | 30523700 | 36384 | &nbsp;&nbsp; 29985 | &nbsp;&nbsp; 6399 |
| 1-Day SONIA (Annually) | 3.75% (Annually) | 9/17/2030 | GBP | 7600000 | 42037 | &nbsp;&nbsp; (4105)<br>| &nbsp;&nbsp; 46142 |

---

**70**

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>|
| 3.75% (Annually) | 1-Day SOFR (Annually) | 12/17/2032 | USD | 2000000 | $(16915)<br>| &nbsp;&nbsp; $(45341)<br>| &nbsp;&nbsp; $28426 |
| Subtotal Appreciation |  |  |  |  | $202227 | &nbsp;&nbsp; $(17877)<br>| &nbsp;&nbsp; $220104 |
| 3.86% (Annually) | 1-Day SOFR (Annually) | 2/28/2029 | USD | 6100000 | $(70100)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(70100)<br>|
| 3.75% (Annually) | 1-Day SOFR (Annually) | 12/18/2029 | USD | 2200000 | (28843)<br>| &nbsp;&nbsp; 5556 | &nbsp;&nbsp; (34399)<br>|
| 6-Month ASX BBSW (Semiannually) | 4.25% (Semiannually) | 3/18/2036 | AUD | 4200000 | (124459)<br>| &nbsp;&nbsp; 7362 | &nbsp;&nbsp; (131821)<br>|
| Subtotal Depreciation |  |  |  |  | $(223402)<br>| &nbsp;&nbsp; $12918 | &nbsp;&nbsp; $(236320)<br>|
| Net Centrally Cleared Interest Rate Swaps outstanding at December 31, 2025 | Net Centrally Cleared Interest Rate Swaps outstanding at December 31, 2025 | Net Centrally Cleared Interest Rate Swaps outstanding at December 31, 2025 | Net Centrally Cleared Interest Rate Swaps outstanding at December 31, 2025 | Net Centrally Cleared Interest Rate Swaps outstanding at December 31, 2025 | $(21175)<br>| &nbsp;&nbsp; $(4959)<br>| &nbsp;&nbsp; $(16216)<br>|

---

**VALUATION HIERARCHY**

The following is a summary of the inputs used, as of December 31, 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; $8892406 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $8892406 | &nbsp;&nbsp; $— |
| Asset-Backed Securities | &nbsp;&nbsp; 178534418 | &nbsp;&nbsp; — | &nbsp;&nbsp; 178534418 | &nbsp;&nbsp; — |
| Corporate Bonds | &nbsp;&nbsp; 241835282 | &nbsp;&nbsp; — | &nbsp;&nbsp; 241835282 | &nbsp;&nbsp; — |
| Foreign Bonds | &nbsp;&nbsp; 83746699 | &nbsp;&nbsp; — | &nbsp;&nbsp; 83746699 | &nbsp;&nbsp; — |
| Money Market Funds | &nbsp;&nbsp; 36514762 | &nbsp;&nbsp; 36514762 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Mortgage-Backed Securities | &nbsp;&nbsp; 189231904 | &nbsp;&nbsp; — | &nbsp;&nbsp; 189231904 | &nbsp;&nbsp; — |
| Municipal Bonds | &nbsp;&nbsp; 3099283 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3099283 | &nbsp;&nbsp; — |
| Purchased Options: |  |  |  |  |
| Call Swaption | &nbsp;&nbsp; 811 | &nbsp;&nbsp; — | &nbsp;&nbsp; 811 | &nbsp;&nbsp; — |
| Put Swaptions | &nbsp;&nbsp; 73597 | &nbsp;&nbsp; — | &nbsp;&nbsp; 73597 | &nbsp;&nbsp; — |
| Total Purchased Options | &nbsp;&nbsp; 74408 | &nbsp;&nbsp; — | &nbsp;&nbsp; 74408 | &nbsp;&nbsp; — |
| U.S. Treasury Obligations | &nbsp;&nbsp; 191897410 | &nbsp;&nbsp; — | &nbsp;&nbsp; 191897410 | &nbsp;&nbsp; — |
| **Total Assets - Investments in Securities** | &nbsp;&nbsp; $933826572 | &nbsp;&nbsp; $36514762 | &nbsp;&nbsp; $897311810 | &nbsp;&nbsp; $— |
| **Other Financial Instruments\*\*\*** |  |  |  |  |
| Forward Foreign Currency Contracts | &nbsp;&nbsp; $162348 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $162348 | &nbsp;&nbsp; $— |
| Futures Contracts | &nbsp;&nbsp; 526445 | &nbsp;&nbsp; 526445 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Swap Agreements | &nbsp;&nbsp; 242323 | &nbsp;&nbsp; — | &nbsp;&nbsp; 242323 | &nbsp;&nbsp; — |
| **Total Assets - Other Financial Instruments** | &nbsp;&nbsp; $931116 | &nbsp;&nbsp; $526445 | &nbsp;&nbsp; $404671 | &nbsp;&nbsp; $— |

---

See Notes to Financial Statements.

**71**

------

**LOW-DURATION BOND 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; $(277447)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(277447)<br>| &nbsp;&nbsp; $— |
| Futures Contracts | &nbsp;&nbsp; (269570)<br>| &nbsp;&nbsp; (269570)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Swap Agreements | &nbsp;&nbsp; (236320)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (236320)<br>| &nbsp;&nbsp; — |
| **Total Liabilities - Other Financial Instruments** | &nbsp;&nbsp; $(783337)<br>| &nbsp;&nbsp; $(269570)<br>| &nbsp;&nbsp; $(513767)<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 December 31, 2025.

**72**

See Notes to Financial Statements.

------

**MEDIUM-DURATION BOND FUND**

**SCHEDULE OF INVESTMENTS**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **AGENCY OBLIGATIONS — 0.7%** | **AGENCY OBLIGATIONS — 0.7%** | **AGENCY OBLIGATIONS — 0.7%** |
| Federal Farm Credit <br> Banks Funding <br> Corporation<br>|  |  |
| 2.90%, 04/12/32 | $2640000 | $2492250 |
| 3.30%, 05/19/32 | 1310000 | 1263967 |
| 2.85%, 03/28/34 | 2880000 | 2602994 |
| 1.70%, 04/23/35 | 3800000 | 3012872 |
| 3.08%, 03/30/37 | 1770000 | 1560311 |
| Federal Home Loan <br> Mortgage <br> Corporation<br>|  |  |
| 0.80%, 10/28/26 | 7200000 | 7034939 |
| Tennessee Valley <br> Authority<br>|  |  |
| 3.50%, 12/15/42 | 500000 | 416325 |
| 4.25%, 09/15/52 | 1050000 | 898578 |
| 5.25%, 02/01/55 | 350000 | 348505 |
| 4.63%, 09/15/60 | 50000 | 44743 |
| 4.25%, 09/15/65 | 5400000 | 4484528 |
| Tennessee Valley <br> Authority Principal <br> Strip<br>|  |  |
| 3.50%, 09/15/39Ω | 400000 | 209577 |
| 3.06%, 01/15/48Ω | 600000 | 189073 |
| 2.25%, 04/01/56Ω | 1000000 | 194529 |
| **Total Agency Obligations** <br> (Cost $26,374,264) |  | 24753191 |
| **ASSET-BACKED SECURITIES — 10.9%** | **ASSET-BACKED SECURITIES — 10.9%** | **ASSET-BACKED SECURITIES — 10.9%** |
| 1988 CLO 4, Ltd., Series 2024-4A, <br> Class D |  |  |
| (Floating, CME Term SOFR 3M + <br> 4.25%, 4.25% Floor), 8.15%, <br> 04/15/37 144A † | 1750000 | 1756036 |
| Aaset Trust, Series 2021-1A, Class A |  |  |
| 2.95%, 11/16/41 144A | 420322 | 405130 |
| Aaset Trust, Series 2021-2A, Class A |  |  |
| 2.80%, 01/15/47 144A | 648568 | 616218 |
| AASET, Ltd., Series 2024-2A, <br> Class A |  |  |
| 5.93%, 09/16/49 144A | 957284 | 973327 |
| AASET, Ltd., Series 2025-2A, <br> Class A |  |  |
| 5.52%, 02/16/50 144A | 337301 | 343268 |
| AASET, Ltd., Series 2025-3A, <br> Class A |  |  |
| 5.24%, 02/16/50 144A | 248878 | 249883 |
| AASET, Series 2024-1A, Class A1 |  |  |
| 6.26%, 05/16/49 144A | 916928 | 944202 |
| AASET, Series 2024-1A, Class A2 |  |  |
| 6.26%, 05/16/49 144A | 733543 | 755361 |
| AASET, Series 2025-1A, Class A |  |  |
| 5.94%, 02/16/50 144A | 937791 | 957708 |
| 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), 4.25%, <br> 03/25/37† | 2095569 | 860433 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| ACHM Trust, Series 2025-HE1, <br> Class A |  |  |
| 5.92%, 03/25/55 144A | $211445 | $214545 |
| Acrec LLC, Series 2025-FL3, Class B |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.94%), 5.68%, 08/18/42 <br> 144A † | 1250000 | 1241801 |
| Affirm Asset Securitization Trust, <br> Series 2024-X2, Class A |  |  |
| 5.22%, 12/17/29 144A | 60655 | 60674 |
| Affirm Master Trust, Series 2025-1A, <br> Class A |  |  |
| 4.99%, 02/15/33 144A | 635000 | 641635 |
| Affirm Master Trust, Series 2025-3A, <br> Class B |  |  |
| 4.75%, 10/16/34 144A | 125000 | 125011 |
| AGL CLO 39, Ltd., Series 2025-39A, <br> Class B |  |  |
| (Floating, CME Term SOFR 3M + <br> 1.50%), 5.38%, 04/20/38 <br> 144A † | 900000 | 902166 |
| AGL CLO 42, Ltd., Series 2025-42A, <br> Class A1 |  |  |
| (Floating, CME Term SOFR 3M + <br> 1.30%), 5.57%, 07/22/38 <br> 144A † | 535000 | 536944 |
| AIMCO CLO 21, Ltd., Series <br> 2024-21A, Class B |  |  |
| (Floating, CME Term SOFR 3M + <br> 1.92%, 1.92% Floor), 5.80%, <br> 04/18/37 144A † | 385000 | 386966 |
| Alaska Airlines Pass-Through Trust, <br> Series 2020-1, Class A |  |  |
| 4.80%, 08/15/27 144A | 1033700 | 1040502 |
| Aligned Data Centers Issuer LLC, <br> Series 2021-1A, Class A2 |  |  |
| 1.94%, 08/15/46 144A | 3400000 | 3339762 |
| ALLO Issuer LLC, Series 2024-1A, <br> Class A2 |  |  |
| 5.94%, 07/20/54 144A | 1000000 | 1016016 |
| ALLO Issuer LLC, Series 2025-1A, <br> Class A2 |  |  |
| 5.53%, 04/20/55 144A | 500000 | 506434 |
| ALTDE Trust, Series 2025-1A, <br> Class A |  |  |
| 5.90%, 08/15/50 144A | 1371241 | 1405139 |
| American Airlines Pass-Through <br> Trust, Series 2017-2, Class AA |  |  |
| 3.35%, 10/15/29 | 1247575 | 1212944 |
| American Airlines Pass-Through <br> Trust, Series 2021-1, Class A |  |  |
| 2.88%, 07/11/34 | 1868333 | 1713533 |
| American Credit Acceptance <br> Receivables Trust, Series 2022-4, <br> Class D |  |  |
| 8.00%, 02/15/29 144A | 648746 | 654202 |
| American Credit Acceptance <br> Receivables Trust, Series 2025-1, <br> Class D |  |  |
| 5.54%, 08/12/31 144A | 1390000 | 1413150 |

---

See Notes to Financial Statements.

**73**

------

**MEDIUM-DURATION BOND FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| American Credit Acceptance <br> Receivables Trust, Series 2025-4, <br> Class B |  |  |
| 4.55%, 01/14/30 144A | $1100000 | $1105619 |
| American Express Credit Account <br> Master Trust, Series 2025-3, <br> Class A |  |  |
| 4.51%, 04/15/32 | 2600000 | 2661700 |
| 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), 4.52%, <br> 01/25/36† | 158824 | 159141 |
| AMMC CLO 30, Ltd., Series <br> 2024-30A, Class E |  |  |
| (Floating, CME Term SOFR 3M + <br> 7.73%, 7.73% Floor), 11.63%, <br> 01/25/36 144A † | 1000000 | 1004618 |
| Anchorage Capital CLO 6, Ltd., <br> Series 2015-6A, Class AR4 |  |  |
| (Floating, CME Term SOFR 3M + <br> 1.37%), 5.64%, 07/22/38 <br> 144A † | 670000 | 672648 |
| Anchorage Credit Funding 13, Ltd., <br> Series 2021-13A, Class A2 |  |  |
| 2.80%, 07/27/39 144A | 1000000 | 970928 |
| Applebee's Funding LLC, Series <br> 2025-1A, Class A2 |  |  |
| 6.72%, 06/07/55 144A | 2095000 | 2114389 |
| Aqua Finance Issuer Trust, Series <br> 2025-A, Class A |  |  |
| 5.25%, 12/19/50 144A | 449225 | 458067 |
| Aqua Finance Trust, Series 2024-A, <br> Class B |  |  |
| 5.06%, 04/18/50 144A | 1515000 | 1530977 |
| Aqueduct European CLO 14 DAC, <br> Series 2025-14A, Class B |  |  |
| (Floating, Euribor 3M + 1.85%), <br> 3.97%, 01/25/39(E) 144A † | 1100000 | 1292533 |
| 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> 5.43%, 01/15/37 144A † | 605916 | 605169 |
| Arbys Funding LLC, Series 2020-1A, <br> Class A2 |  |  |
| 3.24%, 07/30/50 144A | 2084500 | 2032174 |
| AREIT, Ltd., Series 2025-CRE10, <br> Class A |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.39%), 5.35%, 12/17/29 <br> 144A † | 1300000 | 1303858 |
| AREIT, Series 2025-CRE11, Class B |  |  |
| (Floating, CME Term SOFR 1M + <br> 2.00%), 6.00%, 06/18/43 <br> 144A † | 300000 | 300148 |
| Ares Direct Lending CLO 2 LLC, <br> Series 2024-2A, Class C |  |  |
| (Floating, CME Term SOFR 3M + <br> 2.35%, 2.35% Floor), 6.23%, <br> 10/20/36 144A † | 1500000 | 1497977 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Ares Direct Lending CLO 6 LLC, <br> Series 2025-2A, Class A1 |  |  |
| (Floating, CME Term SOFR 3M + <br> 1.45%), 5.20%, 10/16/37 <br> 144A † | $750000 | $750987 |
| Ares Direct Lending CLO 6 LLC, <br> Series 2025-2A, Class B |  |  |
| (Floating, CME Term SOFR 3M + <br> 1.80%), 5.55%, 10/16/37 <br> 144A † | 1500000 | 1502345 |
| Ares Direct Lending CLO 7 LLC, <br> Series 2025-3A, Class B |  |  |
| (Floating, CME Term SOFR 3M + <br> 1.85%), 5.58%, 01/20/38 <br> 144A † | 500000 | 500817 |
| Ares Direct Lending CLO 8 LLC, <br> Series 2025-4A, Class B |  |  |
| (Floating, CME Term SOFR 3M + <br> 1.75%), 5.42%, 01/20/39 <br> 144A † | 800000 | 800524 |
| Ares European CLO XXI DAC, Series <br> 21A, Class B |  |  |
| (Floating, Euribor 3M + 1.70%), <br> 3.71%, 04/15/38(E) 144A † | 610000 | 714438 |
| Ares LVI CLO, Ltd., Series <br> 2020-56A, Class CR2 |  |  |
| (Floating, CME Term SOFR 3M + <br> 1.90%), 5.76%, 01/25/38 <br> 144A † | 1000000 | 1004637 |
| Arini European CLO VII DAC, Series <br> 7A, Class B |  |  |
| (Floating, Euribor 3M + 1.80%), <br> 3.90%, 01/15/39(E) 144A † | 1700000 | 1997279 |
| Armada Euro CLO IX DAC, Series <br> 9A, Class B |  |  |
| (Floating, Euribor 3M + 1.85%), <br> 3.93%, 10/30/39(E) 144A † | 1400000 | 1644890 |
| Aurium CLO VIII DAC, Series 8A, <br> Class CR |  |  |
| (Floating, Euribor 3M + 2.15%), <br> 4.16%, 10/16/38(E) 144A † | 1600000 | 1880093 |
| AutoNation Finance Trust, Series <br> 2025-1A, Class C |  |  |
| 5.19%, 12/10/30 144A | 100000 | 102008 |
| AutoNation Finance Trust, Series <br> 2025-1A, Class D |  |  |
| 5.63%, 09/10/32 144A | 100000 | 101991 |
| Avis Budget Rental Car Funding <br> AESOP LLC, Series 2023-1A, <br> Class A |  |  |
| 5.25%, 04/20/29 144A | 1075000 | 1099325 |
| Avis Budget Rental Car Funding <br> AESOP LLC, Series 2023-5A, <br> Class D |  |  |
| 7.35%, 04/20/28 144A | 250000 | 254143 |
| Avis Budget Rental Car Funding <br> AESOP LLC, Series 2023-8A, <br> Class C |  |  |
| 7.34%, 02/20/30 144A | 1305000 | 1384522 |
| Avis Budget Rental Car Funding <br> AESOP LLC, Series 2024-1A, <br> Class A |  |  |
| 5.36%, 06/20/30 144A | 1880000 | 1942302 |

---

**74**

See Notes to Financial Statements.

------

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Avis Budget Rental Car Funding <br> AESOP LLC, Series 2024-1A, <br> Class B |  |  |
| 5.85%, 06/20/30 144A | $1000000 | $1037901 |
| Avis Budget Rental Car Funding <br> AESOP LLC, Series 2024-1A, <br> Class C |  |  |
| 6.48%, 06/20/30 144A | 250000 | 260736 |
| Avis Budget Rental Car Funding <br> AESOP LLC, Series 2024-3A, <br> Class A |  |  |
| 5.23%, 12/20/30 144A | 1345000 | 1389929 |
| Avis Budget Rental Car Funding <br> AESOP LLC, Series 2024-3A, <br> Class C |  |  |
| 6.11%, 12/20/30 144A | 250000 | 258273 |
| Bain Capital Credit CLO, Ltd., Series <br> 2017-2A, Class BR3 |  |  |
| (Floating, CME Term SOFR 3M + <br> 1.75%, 1.75% Floor), 5.61%, <br> 07/25/37 144A † | 1925000 | 1931593 |
| Bain Capital Credit CLO, Ltd., Series <br> 2022-4A, Class A1R |  |  |
| (Floating, CME Term SOFR 3M + <br> 1.38%, 1.38% Floor), 5.27%, <br> 10/16/37 144A † | 825000 | 828332 |
| Bain Capital Credit CLO, Ltd., Series <br> 2024-6A, Class B |  |  |
| (Floating, CME Term SOFR 3M + <br> 1.70%, 1.70% Floor), 5.57%, <br> 01/21/38 144A † | 1715000 | 1721774 |
| Bain Capital Credit CLO, Ltd., Series <br> 2025-5A, Class D1 |  |  |
| (Floating, 2.60% - CME Term <br> SOFR 3M), 0.00%, 01/19/39 <br> 144A † | 1890000 | 1890000 |
| Barclays Dryrock Issuance Trust, <br> Series 2023-1, Class A |  |  |
| 4.72%, 02/15/29 | 2400000 | 2405782 |
| Barings CLO, Ltd., Series 2024-1A, <br> Class D |  |  |
| (Floating, CME Term SOFR 3M + <br> 4.00%, 4.00% Floor), 7.88%, <br> 01/20/37 144A † | 1325000 | 1346565 |
| BCRED CLO LLC, Series 2025-1A, <br> Class C |  |  |
| (Floating, CME Term SOFR 3M + <br> 2.00%), 5.88%, 04/20/37 <br> 144A † | 900000 | 898156 |
| BDS LLC, Series 2024-FL13, <br> Class AS |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.99%, 1.99% Floor), 5.72%, <br> 09/19/39 144A † | 1000000 | 1003433 |
| BDS LLC, Series 2025-FL14, Class B |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.69%), 5.42%, 10/17/42 <br> 144A † | 1350000 | 1338135 |
| BDS LLC, Series 2025-FL15, Class B |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.90%), 5.63%, 03/19/43 <br> 144A † | 1250000 | 1252165 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| BDS LLC, Series 2025-FL16, Class B |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.85%), 5.85%, 07/19/43 <br> 144A † | $300000 | $300148 |
| Benefit Street Partners CLO 43, Ltd., <br> Series 2025-43A, Class A |  |  |
| (Floating, CME Term SOFR 3M + <br> 1.27%), 5.19%, 10/20/38 <br> 144A † | 250000 | 250664 |
| BHG Securitization Trust, Series <br> 2025-1CON, Class A |  |  |
| 4.82%, 04/17/36 144A | 375338 | 379420 |
| BHG Securitization Trust, Series <br> 2025-1CON, Class B |  |  |
| 5.26%, 04/17/36 144A | 89806 | 90823 |
| Birch Grove CLO 13, Ltd., Series <br> 2025-13A, Class A1 |  |  |
| (Floating, CME Term SOFR 3M + <br> 1.31%), 5.47%, 10/23/38 <br> 144A † | 680000 | 681899 |
| Birch Grove CLO 6, Ltd., Series <br> 2023-6A, Class A1R |  |  |
| (Floating, CME Term SOFR 3M + <br> 1.38%), 5.75%, 07/20/37 <br> 144A † | 400000 | 401552 |
| Birch Grove CLO 7, Ltd., Series <br> 2023-7A, Class A1R |  |  |
| (Floating, CME Term SOFR 3M + <br> 1.26%), 5.14%, 10/20/38 <br> 144A † | 450000 | 451012 |
| Blue Stream Issuer LLC, Series <br> 2023-1A, Class A2 |  |  |
| 5.40%, 05/20/53 144A | 1000000 | 1006691 |
| Bridgepoint CLO IX DAC, Series 9A, <br> Class B |  |  |
| (Floating, Euribor 3M + 1.80%), <br> 3.91%, 10/15/39(E) 144A † | 1300000 | 1527760 |
| BRSP, Ltd., Series 2024-FL2, Class A |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.95%, 1.95% Floor), 5.68%, <br> 08/19/37 144A † | 750000 | 749927 |
| BSPRT Issuer LLC, Series <br> 2024-FL11, Class B |  |  |
| (Floating, CME Term SOFR 1M + <br> 2.29%, 2.29% Floor), 6.04%, <br> 07/15/39 144A † | 250000 | 250017 |
| BSPRT Issuer LLC, Series <br> 2025-FL12, Class AS |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.65%), 5.38%, 01/17/43 <br> 144A † | 300000 | 299841 |
| CAL Funding IV, Ltd., Series <br> 2020-1A, Class A |  |  |
| 2.22%, 09/25/45 144A | 115631 | 111081 |
| Capital Automotive REIT, Series <br> 2024-3A, Class A2 |  |  |
| 4.55%, 10/15/54 144A | 1181250 | 1133581 |

---

See Notes to Financial Statements.

**75**

------

**MEDIUM-DURATION BOND FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Carlyle U.S. CLO, Ltd., Series <br> 2025-3A, Class A |  |  |
| (Floating, CME Term SOFR 3M + <br> 1.38%), 5.46%, 07/25/38 <br> 144A † | $4050000 | $4067585 |
| CarMax Select Receivables Trust, <br> Series 2025-A, Class C |  |  |
| 5.46%, 07/15/31 | 485000 | 495209 |
| CarMax Select Receivables Trust, <br> Series 2025-A, Class D |  |  |
| 5.86%, 07/15/31 | 840000 | 861651 |
| Carmax Select Receivables Trust, <br> Series 2025-B, Class D |  |  |
| 5.33%, 07/15/31 | 800000 | 809293 |
| 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), 4.00%, 01/25/37† | 890010 | 812590 |
| CARS-DB7 LP, Series 2023-1A, <br> Class A1 |  |  |
| 5.75%, 09/15/53 144A | 514938 | 518852 |
| Carvana Auto Receivables Trust, <br> Series 2024-P4, Class C |  |  |
| 5.10%, 05/12/31 | 840000 | 853453 |
| Carvana Auto Receivables Trust, <br> Series 2024-P4, Class D |  |  |
| 5.60%, 12/10/32 | 1250000 | 1260789 |
| Carvana Auto Receivables Trust, <br> Series 2025-P1, Class C |  |  |
| 5.34%, 08/11/31 | 1495000 | 1519760 |
| Castlelake Aircraft Structured Trust, <br> Series 2019-1A, Class A |  |  |
| 3.97%, 04/15/39 144A | 144923 | 142065 |
| Castlelake Aircraft Structured Trust, <br> Series 2025-1A, Class A |  |  |
| 5.78%, 02/15/50 144A | 934639 | 951140 |
| Castlelake Aircraft Structured Trust, <br> Series 2025-2A, Class A |  |  |
| 5.47%, 08/15/50 144A | 1022733 | 1036857 |
| Castlelake Aircraft Structured Trust, <br> Series 2025-3A, Class A |  |  |
| 5.09%, 11/15/50 144A | 1092737 | 1098398 |
| CBAMR, Ltd., Series 2021-14A, <br> Class A1R |  |  |
| (Floating, CME Term SOFR 3M + <br> 1.28%), 5.24%, 10/20/38 <br> 144A † | 1240000 | 1241245 |
| Ceamer Finance III LLC |  |  |
| 6.79%, 11/15/39††† | 537998 | 556181 |
| Cedar Funding IX CLO, Ltd., Series <br> 2018-9A, Class AR |  |  |
| (Floating, CME Term SOFR 3M + <br> 1.42%, 1.42% Floor), 5.30%, <br> 07/20/37 144A † | 1085000 | 1089076 |
| Cerberus Loan Funding 50 LLC, <br> Series 2025-1A, Class A |  |  |
| (Floating, CME Term SOFR 3M + <br> 1.65%), 5.55%, 07/15/37 <br> 144A † | 1250000 | 1254378 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Cerberus Loan Funding 50 LLC, <br> Series 2025-1A, Class B |  |  |
| (Floating, CME Term SOFR 3M + <br> 1.95%), 5.85%, 07/15/37 <br> 144A † | $300000 | $300633 |
| Cerberus Loan Funding 51 LLC, <br> Series 2025-2A, Class B |  |  |
| (Floating, CME Term SOFR 3M + <br> 1.82%), 5.94%, 10/15/37 <br> 144A † | 1000000 | 1001870 |
| Cerberus Loan Funding 52 LLC, <br> Series 2025-3A, Class B |  |  |
| (Floating, CME Term SOFR 3M + <br> 1.80%), 5.77%, 10/15/37 <br> 144A † | 750000 | 751299 |
| Cerberus Loan Funding 53 LLC, <br> Series 2025-4A, Class C |  |  |
| (Floating, CME Term SOFR 3M + <br> 2.00%), 5.68%, 01/15/38 <br> 144A † | 300000 | 300293 |
| Cerberus Loan Funding XL LLC, <br> Series 2023-1A, Class A |  |  |
| (Floating, CME Term SOFR 3M + <br> 2.40%, 2.40% Floor), 6.30%, <br> 03/22/35 144A † | 1250000 | 1250659 |
| Cerberus Loan Funding XLIV LLC, <br> Series 2023-5A, Class A |  |  |
| (Floating, CME Term SOFR 3M + <br> 2.35%, 2.35% Floor), 6.25%, <br> 01/15/36 144A † | 1750000 | 1754843 |
| Cerberus Loan Funding XLIV LLC, <br> Series 2023-5A, Class B |  |  |
| (Floating, CME Term SOFR 3M + <br> 3.20%, 3.20% Floor), 7.10%, <br> 01/15/36 144A † | 1000000 | 1005189 |
| Cerberus Loan Funding XLV LLC, <br> Series 2024-1A, Class B |  |  |
| (Floating, CME Term SOFR 3M + <br> 2.40%, 2.40% Floor), 6.30%, <br> 04/15/36 144A † | 1500000 | 1504891 |
| Cerberus Loan Funding XLVII LLC, <br> Series 2024-3A, Class C |  |  |
| (Floating, CME Term SOFR 3M + <br> 2.55%, 2.55% Floor), 6.45%, <br> 07/15/36 144A † | 1000000 | 1005415 |
| Cerberus Loan Funding XLVIII LLC, <br> Series 2024-4A, Class B |  |  |
| (Floating, CME Term SOFR 3M + <br> 1.85%, 1.85% Floor), 5.75%, <br> 10/15/36 144A † | 950000 | 943546 |
| Cerberus Loan Funding XXXII LP, <br> Series 2021-2A, Class A |  |  |
| (Floating, CME Term SOFR 3M + <br> 1.88%, 1.88% Floor), 5.79%, <br> 04/22/33 144A † | 911833 | 912225 |
| CF Hippolyta Issuer LLC, Series <br> 2022-1A, Class A2 |  |  |
| 6.11%, 08/15/62 144A | 1689801 | 1646417 |
| CFMT LLC Series 2022-HB9, <br> Class A |  |  |
| 3.25%, 09/25/37 144A | 523048 | 516580 |

---

**76**

See Notes to Financial Statements.

------

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| CIFC Funding, Ltd., Series 2018-1A, <br> Class A1R |  |  |
| (Floating, CME Term SOFR 3M + <br> 1.32%, 1.32% Floor), 5.20%, <br> 01/18/38 144A † | $2720000 | $2730586 |
| CIFC Funding, Ltd., Series 2019-4A, <br> Class A1R2 |  |  |
| (Floating, CME Term SOFR 3M + <br> 1.30%), 5.20%, 07/15/38 <br> 144A † | 375000 | 376388 |
| CIFC Funding, Ltd., Series 2019-7A, <br> Class A1R |  |  |
| (Floating, CME Term SOFR 3M + <br> 1.28%), 5.37%, 10/19/38 <br> 144A † | 470000 | 471551 |
| CIFC Funding, Ltd., Series 2021-4A, <br> Class AR |  |  |
| (Floating, CME Term SOFR 3M + <br> 1.36%, 1.36% Floor), 5.22%, <br> 07/23/37 144A † | 250000 | 251023 |
| Cifc Funding, Ltd., Series 2023-3A, <br> Class B |  |  |
| (Floating, CME Term SOFR 3M + <br> 2.30%, 2.30% Floor), 6.18%, <br> 01/20/37 144A † | 1200000 | 1201372 |
| Citibank Credit Card Issuance Trust, <br> Series 2025-A2, Class A |  |  |
| 4.49%, 06/21/32 | 1850000 | 1889817 |
| Citigroup Mortgage Loan Trust, <br> Series 2006-WF1, Class A1 |  |  |
| (Step to 4.90% on 02/25/26), <br> 4.94%, 03/25/36 STEP | 1758965 | 840998 |
| Citizens Auto Receivables Trust, <br> Series 2023-1, Class A3 |  |  |
| 5.84%, 01/18/28 144A | 1034745 | 1040970 |
| CLI Funding VI LLC, Series <br> 2020-3A, Class A |  |  |
| 2.07%, 10/18/45 144A | 43867 | 41529 |
| CLI Funding VIII LLC, Series <br> 2021-1A, Class A |  |  |
| 1.64%, 02/18/46 144A | 727442 | 678243 |
| CLI Funding VIII LLC, Series <br> 2022-1A, Class A1 |  |  |
| 2.72%, 01/18/47 144A | 169533 | 158233 |
| CMFT Net Lease Master Issuer LLC, <br> Series 2021-1, Class A4 |  |  |
| 3.04%, 07/20/51 144A | 800000 | 693844 |
| Compass Datacenters Issuer II LLC, <br> Series 2025-1A, Class A1 |  |  |
| 5.32%, 05/25/50 144A | 500000 | 505596 |
| Compass Datacenters Issuer III LLC, <br> Series 2025-1A, Class A2 |  |  |
| 5.66%, 02/25/50 144A | 600000 | 607524 |
| Compass Datacenters Issuer III LLC, <br> Series 2025-1A, Class A3 |  |  |
| 5.85%, 02/25/50 144A | 95000 | 96068 |
| Compass Datacenters Issuer III LLC, <br> Series 2025-3A, Class A2 |  |  |
| 5.29%, 07/25/50 144A | 705000 | 710877 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Corevest American Finance Trust, <br> Series 2021-1, Class D |  |  |
| 3.25%, 04/15/53 144A | $240000 | $214481 |
| CoreVest American Finance Trust, <br> Series 2021-3, Class D |  |  |
| 3.47%, 10/15/54 144A | 100000 | 91765 |
| Credit Acceptance Auto Loan Trust, <br> Series 2025-2A, Class C |  |  |
| 5.38%, 03/17/36 144A | 200000 | 203449 |
| Crown City CLO IV, Series 2022-4A, <br> Class C1R |  |  |
| (Floating, CME Term SOFR 3M + <br> 4.50%, 4.50% Floor), 8.38%, <br> 04/20/37 144A † | 1400000 | 1411992 |
| CVC Cordatus Loan Fund III DAC, <br> Series 3A, Class B1R3 |  |  |
| (Floating, Euribor 3M + 1.65%), <br> 3.71%, 05/26/38(E) 144A † | 1600000 | 1863282 |
| CWABS, Inc. Asset-Backed <br> Certificates, Series 2004-1, <br> Class M1 |  |  |
| (Floating, CME Term SOFR 1M + <br> 0.86%, 0.75% Floor), 4.60%, <br> 03/25/34† | 49433 | 51111 |
| 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), 4.10%, 12/15/35† | 8503 | 8289 |
| CyrusOne Data Centers Issuer I LLC, <br> Series 2024-2A, Class A2 |  |  |
| 4.50%, 05/20/49 144A | 380000 | 371531 |
| CyrusOne Data Centers Issuer I LLC, <br> Series 2024-3A, Class A2 |  |  |
| 4.65%, 05/20/49 144A | 305000 | 293595 |
| DataBank Issuer II LLC, Series <br> 2025-1A, Class A2 |  |  |
| 5.18%, 09/27/55 144A | 915000 | 903853 |
| DB Master Finance LLC, Series <br> 2025-1A, Class A2II |  |  |
| 5.17%, 08/20/55 144A | 300000 | 301688 |
| Diameter Capital CLO 10, Ltd., Series <br> 2025-10A, Class A |  |  |
| (Floating, CME Term SOFR 3M + <br> 1.31%), 5.19%, 04/20/38 <br> 144A † | 250000 | 250896 |
| Discover Card Execution Note Trust, <br> Series 2023-A1, Class A |  |  |
| 4.31%, 03/15/28 | 1200000 | 1201273 |
| Domino's Pizza Master Issuer LLC, <br> Series 2021-1A, Class A2II |  |  |
| 3.15%, 04/25/51 144A | 272300 | 250460 |
| Drive Auto Receivables Trust, Series <br> 2025-2, Class D |  |  |
| 4.90%, 12/15/32 | 500000 | 500721 |

---

See Notes to Financial Statements.

**77**

------

**MEDIUM-DURATION BOND FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Dryden 54 Senior Loan Fund, Series <br> 2017-54A, Class C |  |  |
| (Floating, CME Term SOFR 3M + <br> 2.41%), 6.30%, 10/19/29 <br> 144A † | $1000000 | $1002954 |
| Dryden 97 CLO, Ltd., Series <br> 2022-97A, Class D1R |  |  |
| (Floating, CME Term SOFR 3M + <br> 2.90%), 6.78%, 10/20/38 <br> 144A † | 1730000 | 1732010 |
| Dryden XXVI Senior Loan Fund, <br> Series 2013-26A, Class CR |  |  |
| (Floating, CME Term SOFR 3M + <br> 2.11%), 6.02%, 04/15/29 <br> 144A † | 1500000 | 1504263 |
| DT Auto Owner Trust, Series <br> 2023-3A, Class D |  |  |
| 7.12%, 05/15/29 144A | 400000 | 412302 |
| ECMC Group Student Loan Trust, <br> Series 2017-1A, Class A |  |  |
| (Floating, U.S. 30-Day Average <br> SOFR + 1.31%), 5.19%, <br> 12/27/66 144A † | 534601 | 539419 |
| EDI ABS Issuer 1 LLC, Series <br> 2025-1A, Class A2 |  |  |
| 4.45%, 07/25/55 144A | 900000 | 874214 |
| EFMT, Series 2025-CES4, Class A1 |  |  |
| (Step to 6.43% on 08/25/29), <br> 5.43%, 06/25/60 144A STEP | 898777 | 907008 |
| Eldridge CLO, Ltd., Series 2025-1A, <br> Class B |  |  |
| (Floating, CME Term SOFR 3M + <br> 1.65%), 5.57%, 10/20/38 <br> 144A † | 800000 | 801849 |
| Eldridge CLO, Ltd., Series 2025-2A, <br> Class C |  |  |
| (Floating, 1.85% - CME Term <br> SOFR 3M), 0.00%, 01/20/39 <br> 144A † | 675000 | 675000 |
| EWC Master Issuer LLC, Series <br> 2022-1A, Class A2 |  |  |
| 5.50%, 03/15/52 144A | 1375125 | 1360231 |
| Exeter Automobile Receivables Trust, <br> Series 2024-4A, Class D |  |  |
| 5.81%, 12/16/30 | 850000 | 869318 |
| Exeter Automobile Receivables Trust, <br> Series 2025-1A, Class A2 |  |  |
| 4.70%, 09/15/27 | 119361 | 119381 |
| Exeter Automobile Receivables Trust, <br> Series 2025-1A, Class A3 |  |  |
| 4.67%, 08/15/28 | 475000 | 475891 |
| Exeter Automobile Receivables Trust, <br> Series 2025-1A, Class D |  |  |
| 5.49%, 05/15/31 | 1365000 | 1386878 |
| FIGRE Trust, Series 2024-HE1, <br> Class A |  |  |
| 6.17%, 03/25/54 144A | 193280 | 197682 |
| FIGRE Trust, Series 2024-HE2, <br> Class A |  |  |
| 6.38%, 05/25/54 144A | 1231826 | 1265764 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| FIGRE Trust, Series 2024-HE3, <br> Class A |  |  |
| 5.94%, 07/25/54 144A | $693584 | $706685 |
| FIGRE Trust, Series 2024-HE3, <br> Class B |  |  |
| 6.13%, 07/25/54 144A | 346792 | 353318 |
| FIGRE Trust, Series 2024-HE4, <br> Class A |  |  |
| 5.06%, 09/25/54 144A | 329162 | 331391 |
| FIGRE Trust, Series 2024-HE5, <br> Class A |  |  |
| 5.44%, 10/25/54 144A | 1199282 | 1215851 |
| FIGRE Trust, Series 2024-HE6, <br> Class A |  |  |
| 5.72%, 12/25/54 144A | 516706 | 521604 |
| FIGRE Trust, Series 2025-HE1, <br> Class A |  |  |
| 0.00%, 01/25/55 144A | 482998 | 491296 |
| FIGRE Trust, Series 2025-PF1, <br> Class A |  |  |
| 5.76%, 06/25/55 144A | 1268217 | 1288416 |
| FIGRE Trust, Series 2025-PF2, <br> Class A |  |  |
| 0.00%, 10/25/55 144A | 616158 | 615716 |
| First Investors Auto Owner Trust, <br> Series 2025-1A, Class D |  |  |
| 5.22%, 12/15/33 144A | 100000 | 100649 |
| FirstKey Homes Trust, Series <br> 2022-SFR3, Class B |  |  |
| 4.50%, 07/17/26 144A | 1500000 | 1496670 |
| Five Guys Holdings, Inc., Series <br> 2023-1A, Class A2 |  |  |
| 7.55%, 01/26/54 144A | 990000 | 1019554 |
| FOCUS Brands Funding, Series <br> 2023-2, Class A2 |  |  |
| 8.24%, 10/30/53 144A | 637000 | 676662 |
| Ford Credit Auto Owner Trust, Series <br> 2024-1, Class A |  |  |
| 4.87%, 08/15/36 144A STEP | 1700000 | 1745837 |
| Ford Credit Auto Owner Trust, Series <br> 2025-2, Class A |  |  |
| 4.37%, 02/15/38 144A STEP | 3500000 | 3537344 |
| Fortress Credit BSL XV, Ltd., Series <br> 2022-2A, Class BR |  |  |
| (Floating, CME Term SOFR 3M + <br> 2.00%, 2.00% Floor), 5.88%, <br> 10/18/33 144A † | 1250000 | 1251312 |
| Foundation Finance Trust, Series <br> 2024-1A, Class B |  |  |
| 5.95%, 12/15/49 144A | 392762 | 403694 |
| Frontier Issuer LLC, Series 2023-1, <br> Class A2 |  |  |
| 6.60%, 08/20/53 144A | 1380000 | 1393071 |
| FS Rialto Issuer LLC, Series <br> 2024-FL9, Class AS |  |  |
| (Floating, CME Term SOFR 1M + <br> 2.09%, 2.09% Floor), 5.83%, <br> 10/19/39 144A † | 450000 | 451950 |

---

**78**

See Notes to Financial Statements.

------

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| FS Rialto Issuer LLC, Series <br> 2025-FL10, Class AS |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.59%), 5.32%, 08/01/30 <br> 144A † | $400000 | $395456 |
| FS Rialto Issuer LLC, Series <br> 2025-FL10, Class B |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.85%), 5.58%, 08/01/30 <br> 144A † | 300000 | 296364 |
| FS Rialto, Series 2021-FL3, Class B |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.91%, 1.91% Floor), 5.65%, <br> 11/16/36 144A † | 1000000 | 999971 |
| Garnet CLO 2, Ltd., Series 2025-2A, <br> Class A |  |  |
| (Floating, CME Term SOFR 3M + <br> 1.35%), 5.43%, 10/20/38 <br> 144A † | 985000 | 988401 |
| Garnet CLO 3, Ltd., Series 2025-3A, <br> Class A1 |  |  |
| (Floating, CME Term SOFR 3M + <br> 1.27%), 5.19%, 10/20/38 <br> 144A † | 930000 | 932664 |
| GCP CLO Warehouse JP, Ltd., Series <br> 2025-82A, Class A1 |  |  |
| (Floating, CME Term SOFR 3M + <br> 1.26%), 5.23%, 10/15/38 <br> 144A † | 600000 | 601673 |
| GGAM Master Trust International, <br> Ltd., Series 2025-1A, Class A |  |  |
| 5.92%, 09/30/60 144A | 915000 | 924287 |
| Gilead Aviation LLC, Series 2025-1A, <br> Class A |  |  |
| 5.79%, 03/15/50 144A | 625772 | 637013 |
| GLS Auto Receivables Issuer Trust, <br> Series 2025-2A, Class A2 |  |  |
| 4.75%, 03/15/28 144A | 1311806 | 1314339 |
| GLS Auto Receivables Issuer Trust, <br> Series 2025-2A, Class D |  |  |
| 5.59%, 01/15/31 144A | 100000 | 101392 |
| GLS Auto Receivables Issuer Trust, <br> Series 2025-4A, Class D |  |  |
| 5.13%, 08/15/31 144A | 395000 | 397806 |
| GLS Auto Select Receivables Issuer <br> Trust, Series 2025-4A, Class C |  |  |
| 5.14%, 12/15/31 144A | 400000 | 402735 |
| GLS Auto Select Receivables Trust, <br> Series 2024-4A, Class D |  |  |
| 5.28%, 10/15/31 144A | 1442000 | 1459464 |
| GLS Auto Select Receivables Trust, <br> Series 2025-1A, Class B |  |  |
| 5.04%, 02/15/31 144A | 1090000 | 1113100 |
| GLS Auto Select Receivables Trust, <br> Series 2025-1A, Class C |  |  |
| 5.26%, 03/15/31 144A | 825000 | 843203 |
| GLS Auto Select Receivables Trust, <br> Series 2025-1A, Class D |  |  |
| 5.74%, 04/15/32 144A | 825000 | 844030 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| GLS Auto Select Receivables Trust, <br> Series 2025-3A, Class C |  |  |
| 4.94%, 09/15/31 144A | $100000 | $100779 |
| GMF Floorplan Owner Revolving <br> Trust, Series 2023-1, Class A1 |  |  |
| 5.34%, 06/15/28 144A | 1200000 | 1207439 |
| 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), 6.28%, <br> 04/20/37 144A † | 1000000 | 1005242 |
| Golub Capital Partners CLO, Ltd., <br> Series 2016-31A, Class CRR |  |  |
| (Floating, CME Term SOFR 3M + <br> 2.30%, 2.30% Floor), 6.20%, <br> 11/05/37 144A † | 1000000 | 998515 |
| Golub Capital Partners CLO, Series <br> 2013-16A, Class A1R3 |  |  |
| (Floating, CME Term SOFR 3M + <br> 1.63%), 5.49%, 08/09/39 <br> 144A † γ | 1050000 | 1051879 |
| Golub Capital Partners CLO, Series <br> 2013-16A, Class BR3 |  |  |
| (Floating, CME Term SOFR 3M + <br> 1.95%), 5.81%, 08/09/39 <br> 144A | 400000 | 400770 |
| Golub Capital Partners CLO, Series <br> 2023-69A, Class BR |  |  |
| (Floating, CME Term SOFR 3M + <br> 1.70%), 5.57%, 11/09/38 <br> 144A † | 1100000 | 1101412 |
| Golub Capital Partners CLO, Series <br> 2023-69A, Class CR |  |  |
| (Floating, CME Term SOFR 3M + <br> 2.05%), 5.92%, 11/09/38 <br> 144A † | 1100000 | 1100000 |
| Golub Capital Partners CLO, Series <br> 2025-83A, Class B |  |  |
| (Floating, CME Term SOFR 3M + <br> 1.70%), 5.54%, 11/09/38 <br> 144A † | 400000 | 400497 |
| Golub Capital Partners CLO, Series <br> 2025-83A, Class C |  |  |
| (Floating, CME Term SOFR 3M + <br> 2.05%), 5.89%, 11/09/38 <br> 144A † | 400000 | 399110 |
| GoodLeap Home Improvement <br> Solutions Trust, Series 2024-1A, <br> Class A |  |  |
| 5.35%, 10/20/46 144A | 1252267 | 1270109 |
| GoodLeap Sustainable Home <br> Solutions Trust, Series 2021-3CS, <br> Class A |  |  |
| 2.10%, 05/20/48 144A | 1484559 | 1212062 |
| GoodLeap Sustainable Home <br> Solutions Trust, Series 2022-2CS, <br> Class A |  |  |
| 4.00%, 04/20/49 144A | 1515544 | 1354552 |

---

See Notes to Financial Statements.

**79**

------

**MEDIUM-DURATION BOND FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| GPMT, Ltd., Series 2021-FL3, <br> Class A |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.61%, 1.36% Floor), 5.35%, <br> 07/16/35 144A † | $138028 | $138280 |
| GreenSky Home Improvement Issuer <br> Trust, Series 2025-2A, Class B |  |  |
| 5.07%, 06/25/60 144A | 1500000 | 1516955 |
| Halseypoint CLO II, Ltd., Series <br> 2020-2A, Class BR |  |  |
| (Floating, CME Term SOFR 3M + <br> 1.95%, 1.95% Floor), 5.83%, <br> 07/20/37 144A † | 1100000 | 1103766 |
| Harvest CLO XXXVII DAC, Series <br> 37A, Class B |  |  |
| (Floating, 1.85% - Euribor 3M), <br> 0.00%, 01/15/39(E) 144A † | 1700000 | 1997840 |
| Hilton Grand Vacations Trust, Series <br> 2023-1A, Class C |  |  |
| 6.94%, 01/25/38 144A | 324383 | 335784 |
| Hilton Grand Vacations Trust, Series <br> 2025-1A, Class C |  |  |
| 5.52%, 05/27/42 144A | 76371 | 77674 |
| HINNT LLC, Series 2024-A, Class A |  |  |
| 5.49%, 03/15/43 144A | 312141 | 318568 |
| Hlend CLO LLC, Series 2025-3A, <br> Class A |  |  |
| (Floating, CME Term SOFR 3M + <br> 1.40%), 5.28%, 01/20/37 <br> 144A † | 2550000 | 2553090 |
| HLEND CLO LLC, Series 2025-4A, <br> Class B |  |  |
| (Floating, CME Term SOFR 3M + <br> 1.85%), 6.07%, 08/15/37 <br> 144A † | 1200000 | 1202121 |
| Honda Auto Receivables Owner Trust, <br> Series 2023-4, Class A3 |  |  |
| 5.67%, 06/21/28 | 1736295 | 1755547 |
| Horizon Aircraft Finance I, Ltd., <br> Series 2018-1, Class A |  |  |
| 4.46%, 12/15/38 144A | 79953 | 79269 |
| Hotwire Funding LLC, Series 2021-1, <br> Class A2 |  |  |
| 2.31%, 11/20/51 144A | 1350000 | 1322899 |
| Hotwire Funding LLC, Series <br> 2023-1A, Class C |  |  |
| 8.84%, 05/20/53 144A | 750000 | 766492 |
| 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 | 1000807 |
| Hyundai Auto Receivables Trust, <br> Series 2025-A, Class C |  |  |
| 4.76%, 06/15/32 | 400000 | 406249 |
| Invesco U.S. CLO, Ltd., Series <br> 2024-4A, Class A1 |  |  |
| (Floating, CME Term SOFR 3M + <br> 1.33%, 1.33% Floor), 5.23%, <br> 01/15/38 144A † | 2720000 | 2730981 |
| Invitation Homes Trust, Series <br> 2024-SFR1, Class B |  |  |
| 4.00%, 09/17/29 144A | 650000 | 634001 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Island Finance Trust, Series 2025-1A, <br> Class A |  |  |
| 6.54%, 03/19/35 144A | $100000 | $101234 |
| J.G. Wentworth XXXVIII LLC, Series <br> 2017-1A, Class A |  |  |
| 3.99%, 08/16/60 144A | 148887 | 139292 |
| Jack in the Box Funding LLC, Series <br> 2019-1A, Class A2II |  |  |
| 4.48%, 08/25/49 144A | 58103 | 57674 |
| JCP Direct Lending CLO LLC, Series <br> 2023-1A, Class A1R |  |  |
| (Floating, CME Term SOFR 3M + <br> 1.65%), 5.53%, 07/20/37 <br> 144A † | 700000 | 701296 |
| Jefferies Credit Partners Direct <br> Lending CLO, Ltd., Series <br> 2025-1A, Class B |  |  |
| (Floating, CME Term SOFR 3M + <br> 1.75%), 5.51%, 10/15/37 <br> 144A † | 200000 | 200286 |
| Jefferies Credit Partners Direct <br> Lending CLO, Ltd., Series <br> 2025-1A, Class C |  |  |
| (Floating, CME Term SOFR 3M + <br> 2.20%), 5.96%, 10/15/37 <br> 144A † | 250000 | 249555 |
| JetBlue Pass-Through Trust, Series <br> 2019-1, Class AA |  |  |
| 2.75%, 05/15/32 | 1511085 | 1360476 |
| JG Wentworth XXXV LLC, Series <br> 2015-2A, Class A |  |  |
| 3.87%, 03/15/58 144A | 51372 | 48210 |
| JOL Air, Ltd., Series 2019-1, Class A |  |  |
| 3.97%, 04/15/44 144A | 126649 | 126062 |
| JP Morgan Mortgage Trust, Series <br> 2023-HE3, Class A1 |  |  |
| (Floating, U.S. 30-Day Average <br> SOFR + 1.60%), 5.52%, <br> 05/20/54 144A † | 251286 | 252290 |
| KDAC Aviation Finance, Ltd., Series <br> 2017-1A, Class A |  |  |
| 4.21%, 12/15/42 144A | 696400 | 695953 |
| Kestrel Aircraft Funding, Ltd., Series <br> 2018-1A, Class A |  |  |
| 4.25%, 12/15/38 144A | 418765 | 419015 |
| KKR CLO, Ltd., Series 16, <br> Class A2R3 |  |  |
| (Floating, CME Term SOFR 3M + <br> 1.60%), 5.45%, 10/20/34 <br> 144A † | 550000 | 552731 |
| KREF, Ltd., Series 2021-FL2, <br> Class AS |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.41%, 1.30% Floor), 5.15%, <br> 02/15/39 144A † | 300000 | 294480 |
| Labrador Aviation Finance, Ltd., <br> Series 2016-1A, Class A1 |  |  |
| 4.30%, 01/15/42 144A | 80820 | 80931 |
| LAD Auto Receivables Trust, Series <br> 2024-3A, Class C |  |  |
| 4.93%, 03/15/30 144A | 825000 | 836378 |

---

**80**

See Notes to Financial Statements.

------

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| LAD Auto Receivables Trust, Series <br> 2024-3A, Class D |  |  |
| 5.18%, 02/17/32 144A | $550000 | $556291 |
| Lendmark Funding Trust, Series <br> 2021-1A, Class A |  |  |
| 1.90%, 11/20/31 144A | 2200000 | 2145018 |
| LoanCore Issuer LLC, Series <br> 2025-CRE8, Class B |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.84%), 5.58%, 08/17/42 <br> 144A † | 1000000 | 994936 |
| LoanCore Issuer LLC, Series <br> 2025-CRE9, Class AS |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.70%), 5.43%, 08/18/42 <br> 144A † | 650000 | 649489 |
| LoanCore Issuer, Ltd., Series <br> 2021-CRE5, Class AS |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.86%, 1.86% Floor), 5.61%, <br> 07/15/36 144A † | 625377 | 625054 |
| LoanCore Issuer, Ltd., Series <br> 2021-CRE6, Class AS |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.76%, 1.65% Floor), 5.51%, <br> 11/15/38 144A † | 940000 | 938288 |
| LRECS LLC, Series 2025-CRE1, <br> Class AS |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.75%), 5.75%, 08/19/43 <br> 144A † | 300000 | 300691 |
| Lunar Structured Aircraft Portfolio <br> Notes, Series 2021-1, Class A |  |  |
| 2.64%, 10/15/46 144A | 916834 | 875885 |
| MACH 1 Cayman, Ltd., Series <br> 2019-1, Class A |  |  |
| 3.47%, 10/15/39 144A | 156750 | 155445 |
| Madison Park Funding LXXI, Ltd., <br> Series 2025-71A, Class B |  |  |
| (Floating, CME Term SOFR 3M + <br> 1.50%), 5.36%, 04/23/38 <br> 144A † | 650000 | 651146 |
| Magnetite XLVIII, Ltd., Series <br> 2025-48A, Class A1 |  |  |
| (Floating, CME Term SOFR 3M + <br> 1.28%), 5.57%, 10/15/38 <br> 144A † | 835000 | 837708 |
| Mariner Finance Issuance Trust, <br> Series 2021-AA, Class A |  |  |
| 1.86%, 03/20/36 144A | 2200000 | 2166499 |
| Marlette Funding Trust, Series <br> 2024-1A, Class D |  |  |
| 6.93%, 07/17/34 144A | 1335000 | 1371916 |
| MC Ltd., Series 2021-1, Class A |  |  |
| 2.63%, 11/05/35 144A | 690883 | 657441 |
| MetroNet Infrastructure Issuer LLC, <br> Series 2025-2A, Class A2 |  |  |
| 5.40%, 08/20/55 144A | 500000 | 507899 |
| MF1, Ltd., Series 2022-FL8, Class A |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.35%, 1.35% Floor), 5.08%, <br> 02/19/37 144A † | 551917 | 551981 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Midocean Credit CLO XXI, Series <br> 2025-21A, Class A1 |  |  |
| (Floating, CME Term SOFR 3M + <br> 1.26%), 5.12%, 10/20/38 <br> 144A † | $755000 | $756687 |
| Mission Lane Credit Card Master <br> Trust, Series 2024-B, Class A |  |  |
| 5.88%, 01/15/30 144A | 1360000 | 1369827 |
| 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> 4.67%, 10/25/35† | 139403 | 139598 |
| 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), 4.04%, <br> 05/25/37† | 1161290 | 907268 |
| Morgan Stanley IXIS Real Estate <br> Capital Trust, Series 2006-2, <br> Class A3 |  |  |
| (Floating, CME Term SOFR 1M + <br> 0.26%, 0.15% Floor), 4.00%, <br> 11/25/36† | 4528861 | 1490165 |
| Mosaic Solar Loan Trust, Series <br> 2022-1A, Class A |  |  |
| 2.64%, 01/20/53 144A | 1329892 | 1159530 |
| MVW LLC, Series 2021-1WA, <br> Class C |  |  |
| 1.94%, 01/22/41 144A | 251908 | 243565 |
| MVW LLC, Series 2021-2A, Class C |  |  |
| 2.23%, 05/20/39 144A | 105624 | 100837 |
| MVW LLC, Series 2023-1A, Class A |  |  |
| 4.93%, 10/20/40 144A | 65881 | 66738 |
| Nationstar Home Equity Loan Trust, <br> Series 2007-C, Class 1AV1 |  |  |
| (Floating, CME Term SOFR 1M + <br> 0.46%, 0.18% Floor), 4.20%, <br> 06/25/37† | 923098 | 912970 |
| Navient Private Education Loan Trust, <br> Series 2015-BA, Class A3 |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.56%), 5.31%, 07/16/40 <br> 144A † | 522999 | 523964 |
| Navient Private Education <br> Refinancing Loan Trust, Series <br> 2021-A, Class B |  |  |
| 2.24%, 05/15/69 144A | 280000 | 228567 |
| Navigator Aircraft ABS, Ltd., Series <br> 2021-1, Class A |  |  |
| 2.77%, 11/15/46 144A STEP | 970223 | 928020 |
| Navigator Aviation, Ltd., Series <br> 2024-1, Class A |  |  |
| 5.40%, 08/15/49 144A | 950000 | 956328 |
| Navigator Aviation, Ltd., Series <br> 2025-1, Class A |  |  |
| 5.11%, 10/15/50 144A | 495006 | 491620 |

---

See Notes to Financial Statements.

**81**

------

**MEDIUM-DURATION BOND FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| 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), 6.00%, <br> 07/15/38 144A † | $1100000 | $1105728 |
| New Economy Assets - Phase 1 <br> Sponsor LLC, Series 2021-1, <br> Class A1 |  |  |
| 1.91%, 10/20/61 144A | 230000 | 192685 |
| Nissan Auto Receivables Owner Trust, <br> Series 2023-B, Class A3 |  |  |
| 5.93%, 03/15/28 | 249266 | 251374 |
| Northwoods Capital 20, Ltd., Series <br> 2019-20A, Class AR2 |  |  |
| (Floating, CME Term SOFR 3M + <br> 1.34%), 5.20%, 10/25/38 <br> 144A † | 485000 | 486508 |
| Obra Capital, Inc. |  |  |
| 6.00%, 06/30/39††† | 1400000 | 1490160 |
| Obsidian Issuer LLC, Series 2025-1A, <br> Class A |  |  |
| 6.75%, 05/15/55 144A ††† | 850000 | 862113 |
| OBX Trust, Series 2025-HE1, <br> Class M1 |  |  |
| (Floating, U.S. 30-Day Average <br> SOFR + 1.90%), 5.77%, <br> 02/25/55 144A † | 1000000 | 1002683 |
| OCP CLO, Ltd., Series 2020-18A, <br> Class A1R2 |  |  |
| (Floating, CME Term SOFR 3M + <br> 1.37%, 1.37% Floor), 5.25%, <br> 07/20/37 144A † | 745000 | 748130 |
| OCP CLO, Ltd., Series 2024-38A, <br> Class A |  |  |
| (Floating, CME Term SOFR 3M + <br> 1.33%, 1.33% Floor), 5.20%, <br> 01/21/38 144A † | 1265000 | 1270427 |
| Octane Receivables Trust, Series <br> 2025-1A, Class B |  |  |
| 4.61%, 06/20/31 144A | 310000 | 310261 |
| OHA Credit Funding, Ltd., Series <br> 2021-10RA, Class A1 |  |  |
| (Floating, CME Term SOFR 3M + <br> 1.26%), 5.54%, 07/18/37 <br> 144A † | 1130000 | 1131715 |
| OHA Loan Funding, Ltd., Series <br> 2015-1A, Class A1R4 |  |  |
| (Floating, CME Term SOFR 3M + <br> 1.25%), 5.13%, 10/19/38 <br> 144A † | 750000 | 752245 |
| OneMain Financial Issuance Trust, <br> Series 2019-2A, Class D |  |  |
| 4.05%, 10/14/36 144A | 100000 | 96518 |
| OneMain Financial Issuance Trust, <br> Series 2025-1A, Class D |  |  |
| 5.79%, 07/14/38 144A | 125000 | 126813 |
| Option One Mortgage Loan Trust, <br> Series 2007-5, Class 2A4 |  |  |
| (Floating, CME Term SOFR 1M + <br> 0.41%, 0.30% Floor), 4.15%, <br> 05/25/37† | 1446754 | 785796 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Owl Rock CLO I LLC, Series <br> 2019-1A, Class ANR |  |  |
| (Floating, CME Term SOFR 3M + <br> 2.40%, 2.40% Floor), 6.29%, <br> 02/20/36 144A † | $1000000 | $1001227 |
| Owl Rock CLO III, Ltd., Series <br> 2020-3A, Class BR |  |  |
| (Floating, CME Term SOFR 3M + <br> 2.35%, 2.35% Floor), 6.23%, <br> 04/20/36 144A † | 1000000 | 1003088 |
| Owl Rock CLO VII LLC, Series <br> 2022-7A, Class AR |  |  |
| (Floating, CME Term SOFR 3M + <br> 1.40%), 5.28%, 04/20/38 <br> 144A † | 800000 | 797626 |
| Owl Rock CLO XVI LLC, Series <br> 2024-16A, Class A |  |  |
| (Floating, CME Term SOFR 3M + <br> 2.00%, 2.00% Floor), 5.88%, <br> 04/20/36 144A † | 1000000 | 1003482 |
| Owl Rock CLO XVI LLC, Series <br> 2024-16A, Class B |  |  |
| (Floating, CME Term SOFR 3M + <br> 2.50%, 2.50% Floor), 6.38%, <br> 04/20/36 144A † | 1000000 | 1003444 |
| Owl Rock CLO XVII LLC, Series <br> 2024-17A, Class B |  |  |
| (Floating, CME Term SOFR 3M + <br> 1.95%, 1.95% Floor), 5.85%, <br> 07/15/36 144A † | 2200000 | 2204484 |
| OWL Rock CLO XXI LLC, Series <br> 2025-21A, Class B |  |  |
| (Floating, CME Term SOFR 3M + <br> 1.90%), 5.77%, 07/24/34 <br> 144A † γ | 300000 | 300538 |
| OWL Rock CLO XXII LLC, Series <br> 2025-22A, Class A |  |  |
| (Floating, CME Term SOFR 3M + <br> 1.47%), 5.42%, 10/20/37 <br> 144A † | 1250000 | 1251695 |
| Pagaya AI Debt Grantor Trust, Series <br> 2025-5, Class A2 |  |  |
| 5.11%, 03/15/33 144A | 499981 | 503334 |
| Palmer Square CLO, Ltd., Series <br> 2023-4A, Class CR |  |  |
| (Floating, CME Term SOFR 3M + <br> 1.85%, 1.85% Floor), 5.73%, <br> 10/20/37 144A † | 1000000 | 1003878 |
| Palmer Square Loan Funding, Ltd., <br> Series 2022-3A, Class A1BR |  |  |
| (Floating, CME Term SOFR 3M + <br> 1.40%, 1.40% Floor), 5.30%, <br> 04/15/31 144A † | 1600000 | 1601553 |
| Park Blue CLO, Ltd., Series 2025-9A, <br> Class A1 |  |  |
| (Floating, CME Term SOFR 3M + <br> 1.35%), 5.43%, 10/20/38 <br> 144A † | 8050000 | 8077446 |
| Penta CLO DAC, Series 2021-2A, <br> Class BR |  |  |
| (Floating, Euribor 3M + 1.65%), <br> 3.68%, 04/15/38(E) 144A † | 1350000 | 1578261 |

---

**82**

See Notes to Financial Statements.

------

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| PFP, Ltd., Series 2024-11, Class AS |  |  |
| (Floating, CME Term SOFR 1M + <br> 2.19%, 2.19% Floor), 5.97%, <br> 09/17/39 144A † | $94513 | $94558 |
| PHEAA Student Loan Trust, Series <br> 2016-1A, Class A |  |  |
| (Floating, U.S. 30-Day Average <br> SOFR + 1.26%, 1.15% Floor), <br> 5.14%, 09/25/65 144A † | 129453 | 130522 |
| PHEAA Student Loan Trust, Series <br> 2016-2A, Class A |  |  |
| (Floating, U.S. 30-Day Average <br> SOFR + 1.06%), 4.94%, <br> 11/25/65 144A † | 132904 | 132910 |
| Pk Alift Loan Funding 6 LP, Series <br> 2025-1, Class A |  |  |
| 5.37%, 11/15/42 144A | 938607 | 947118 |
| PK Alift Loan Funding 7 LP, Series <br> 2025-2, Class A |  |  |
| 4.75%, 03/15/43 144A | 244196 | 245148 |
| Planet Fitness Master Issuer LLC, <br> Series 2024-1A, Class A2II |  |  |
| 6.24%, 06/05/54 144A | 395000 | 410279 |
| Planet Fitness Master Issuer LLC, <br> Series 2025-1A, Class A2I |  |  |
| 5.27%, 12/06/55 144A | 380000 | 382890 |
| Polen Capital CLO, Ltd., Series <br> 2025-1A, Class B |  |  |
| (Floating, CME Term SOFR 3M + <br> 1.70%), 5.58%, 03/06/38 <br> 144A † | 2150000 | 2157063 |
| PRET LLC, Series 2024-NPL7, <br> Class A1 |  |  |
| (Step to 8.93% on 11/25/27), <br> 5.93%, 10/25/54 144A STEP | 1211051 | 1212699 |
| Progress Residential Trust, Series <br> 2022-SFR5, Class B |  |  |
| 4.90%, 06/17/39 144A | 1385000 | 1387612 |
| Progress Residential Trust, Series <br> 2022-SFR5, Class C |  |  |
| 5.19%, 06/17/39 144A | 2580000 | 2579598 |
| QTS Issuer ABS I LLC, Series <br> 2025-1A, Class A2 |  |  |
| 5.44%, 05/25/55 144A | 1550000 | 1562349 |
| QTS Issuer ABS II LLC, Series <br> 2025-1A, Class A2 |  |  |
| 5.04%, 10/05/55 144A | 600000 | 596222 |
| QTS Issuer ABS II LLC, Series <br> 2025-1A, Class B |  |  |
| 5.78%, 10/05/55 144A | 310000 | 301690 |
| RAD CLO 26, Ltd., Series 2024-26A, <br> Class A |  |  |
| (Floating, CME Term SOFR 3M + <br> 1.37%, 1.37% Floor), 5.25%, <br> 10/20/37 144A † | 930000 | 933656 |
| 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 | 366948 | 371614 |
| RCKT Mortgage Trust, Series <br> 2025-CES7, Class A1B |  |  |
| (Step to 6.48% on 08/25/29), <br> 5.48%, 07/25/55 144A STEP | 919819 | 931612 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Ready Capital Mortgage <br> Financing LLC, Series 2021-FL7, <br> Class A |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.31%, 1.20% Floor), 5.05%, <br> 11/25/36 144A † | $251319 | $251424 |
| Regatta 35 Funding, Ltd., Series <br> 2025-4A, Class A1 |  |  |
| (Floating, CME Term SOFR 3M + <br> 1.29%), 5.57%, 10/15/38 <br> 144A † | 895000 | 898026 |
| Regatta XI Funding, Ltd., Series <br> 2018-1A, Class AR |  |  |
| (Floating, CME Term SOFR 3M + <br> 1.40%, 1.40% Floor), 5.28%, <br> 07/17/37 144A † | 250000 | 250939 |
| Regional Management Issuance Trust, <br> Series 2024-2, Class A |  |  |
| 5.11%, 12/15/33 144A | 1370000 | 1381104 |
| Regional Management Issuance Trust, <br> Series 2024-2, Class C |  |  |
| 5.74%, 12/15/33 144A | 550000 | 555923 |
| Regional Management Issuance Trust, <br> Series 2025-1, Class B |  |  |
| 5.53%, 04/17/34 144A | 1000000 | 1011949 |
| Regional Management Issuance Trust, <br> Series 2025-2, Class B |  |  |
| 5.00%, 11/16/37 144A | 505000 | 504759 |
| Republic Finance Issuance Trust, <br> Series 2024-B, Class A |  |  |
| 5.42%, 11/20/37 144A | 1270000 | 1295378 |
| Republic Finance Issuance Trust, <br> Series 2025-A, Class C |  |  |
| 5.38%, 11/20/34 144A | 345000 | 348260 |
| RR 29, Ltd., Series 2024-29RA, <br> Class A1R |  |  |
| (Floating, CME Term SOFR 3M + <br> 1.39%, 1.39% Floor), 5.29%, <br> 07/15/39 144A † | 1600000 | 1607168 |
| Sabey Data Center Issuer LLC, Series <br> 2021-1, Class A2 |  |  |
| 1.88%, 06/20/46 144A | 815000 | 803188 |
| Saluda Grade Alternative Mortgage <br> Trust, Series 2023-FIG4, Class A |  |  |
| 6.72%, 11/25/53 144A | 226426 | 235170 |
| Saluda Grade Alternative Mortgage <br> Trust, Series 2025-LOC4, <br> Class A1A |  |  |
| (Floating, U.S. 30-Day Average <br> SOFR + 1.75%), 5.70%, <br> 06/25/55 144A † | 710118 | 711780 |
| Santander Drive Auto Receivables <br> Trust, Series 2024-2, Class D |  |  |
| 6.28%, 08/15/31 | 2000000 | 2065867 |
| Santander Drive Auto Receivables <br> Trust, Series 2025-1, Class A2 |  |  |
| 4.76%, 08/16/27 | 86534 | 86553 |
| Santander Drive Auto Receivables <br> Trust, Series 2025-1, Class A3 |  |  |
| 4.74%, 01/16/29 | 1675000 | 1678941 |
| Santander Drive Auto Receivables <br> Trust, Series 2025-2, Class A2 |  |  |
| 4.71%, 06/15/28 | 1018943 | 1020567 |

---

See Notes to Financial Statements.

**83**

------

**MEDIUM-DURATION BOND FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Santander Drive Auto Receivables <br> Trust, Series 2025-4, Class D |  |  |
| 4.95%, 01/15/32 | $100000 | $100544 |
| 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), 1.43%, 03/25/35† | 23205 | 20073 |
| SEB Funding LLC, Series 2021-1A, <br> Class A2 |  |  |
| 4.97%, 01/30/52 144A | 1406475 | 1405550 |
| SEB Funding LLC, Series 2024-1A, <br> Class A2 |  |  |
| 7.39%, 04/30/54 144A | 150000 | 153612 |
| Securitized Asset Backed <br> Receivables LLC Trust, Series <br> 2006-WM4, Class A2C |  |  |
| (Floating, CME Term SOFR 1M + <br> 0.43%, 0.32% Floor), 4.17%, <br> 11/25/36† | 1706595 | 468808 |
| Securitized Asset Backed <br> Receivables LLC Trust, Series <br> 2007-BR2, Class A1 |  |  |
| (Floating, CME Term SOFR 1M + <br> 0.47%, 0.36% Floor), 4.21%, <br> 02/25/37 144A † | 1502816 | 1324791 |
| Service Experts Issuer LLC, Series <br> 2024-1A, Class A |  |  |
| 6.39%, 11/20/35 144A | 277076 | 284264 |
| Service Experts Issuer LLC, Series <br> 2025-1A, Class A |  |  |
| 5.38%, 01/20/37 144A | 371759 | 372776 |
| SERVPRO Master Issuer LLC, Series <br> 2021-1A, Class A2 |  |  |
| 2.39%, 04/25/51 144A | 477500 | 452179 |
| SERVPRO Master Issuer LLC, Series <br> 2024-1A, Class A2 |  |  |
| 6.17%, 01/25/54 144A | 638625 | 660479 |
| SERVPRO Master Issuer LLC, Series <br> 2025-1A, Class A2 |  |  |
| 5.53%, 10/25/55 144A | 1500000 | 1499497 |
| SF ABS Issuer LLC, Series 2025-1A, <br> Class A2 |  |  |
| 5.38%, 11/25/55 144A | 1395000 | 1369089 |
| SFS Auto Receivables Securitization <br> Trust, Series 2025-1A, Class B |  |  |
| 5.11%, 02/20/31 144A | 100000 | 102492 |
| SFS Auto Receivables Securitization <br> Trust, Series 2025-1A, Class C |  |  |
| 5.20%, 10/20/32 144A | 300000 | 306548 |
| SFS Auto Receivables Securitization <br> Trust, Series 2025-2A, Class C |  |  |
| 5.05%, 04/20/33 144A | 300000 | 305560 |
| Shentel Issuer LLC, Series 2025-1A, <br> Class A2 |  |  |
| 5.64%, 12/20/55 144A | 725000 | 734043 |
| Silver Point CLO 12, Ltd., Series <br> 2025-12A, Class A1 |  |  |
| (Floating, CME Term SOFR 3M + <br> 1.31%), 5.29%, 10/15/38 <br> 144A † | 1025000 | 1028075 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Slam, Ltd., Series 2021-1A, Class A |  |  |
| 2.43%, 06/15/46 144A | $1802501 | $1722809 |
| Slam, Ltd., Series 2024-1A, Class A |  |  |
| 5.34%, 09/15/49 144A | 597815 | 607199 |
| SLAM, Ltd., Series 2025-1A, Class A |  |  |
| 5.81%, 05/15/50 144A | 2653788 | 2728406 |
| SMB Private Education Loan Trust, <br> Series 2020-A, Class A2A |  |  |
| 2.23%, 09/15/37 144A | 121984 | 118599 |
| SMB Private Education Loan Trust, <br> Series 2021-D, Class A1A |  |  |
| 1.34%, 03/17/53 144A | 1057425 | 1002103 |
| SMB Private Education Loan Trust, <br> Series 2024-C, Class A1A |  |  |
| 5.50%, 06/17/52 144A | 638488 | 656338 |
| Sonic Capital LLC, Series 2020-1A, <br> Class A2I |  |  |
| 3.85%, 01/20/50 144A | 615333 | 609330 |
| Sonic Capital LLC, Series 2020-1A, <br> Class A2II |  |  |
| 4.34%, 01/20/50 144A | 473333 | 458633 |
| Sonic Capital LLC, Series 2021-1A, <br> Class A2II |  |  |
| 2.64%, 08/20/51 144A | 460557 | 400865 |
| Sound Point Euro CLO 14 Funding <br> DAC, Series 14A, Class B |  |  |
| (Floating, Euribor 3M + 1.60%), <br> 3.60%, 04/20/39(E) 144A † | 1330000 | 1565711 |
| Soundview Home Loan Trust, Series <br> 2007-OPT1, Class 2A4 |  |  |
| (Floating, CME Term SOFR 1M + <br> 0.39%, 0.28% Floor), 4.13%, <br> 06/25/37† | 1383312 | 933919 |
| Spirit Airlines Pass-Through Trust, <br> Series 2015-1, Class A |  |  |
| 4.10%, 04/01/28 | 699994 | 672334 |
| Stack Infrastructure Issuer LLC, <br> Series 2023-1A, Class A2 |  |  |
| 5.90%, 03/25/48 144A | 1000000 | 1002447 |
| Stack Infrastructure Issuer LLC, <br> Series 2023-2A, Class A2 |  |  |
| 5.90%, 07/25/48 144A | 1000000 | 1005232 |
| Stack Infrastructure Issuer LLC, <br> Series 2025-1A, Class A2 |  |  |
| 5.00%, 05/25/50 144A | 950000 | 940770 |
| STAR Trust, Series 2025-SFR6, <br> Class B |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.65%), 5.40%, 08/17/42 <br> 144A † | 1500000 | 1501872 |
| Stellantis Financial Underwritten <br> Enhanced Lease Trust, Series <br> 2025-AA, Class A2 |  |  |
| 4.63%, 07/20/27 144A | 1711135 | 1717196 |
| Stonepeak, Series 2021-1A, Class AA |  |  |
| 2.30%, 02/28/33 144A | 658770 | 643425 |
| STORE Master Funding LLC, Series <br> 2025-1A, Class A5 |  |  |
| 5.17%, 10/20/55 144A | 499375 | 500124 |

---

**84**

See Notes to Financial Statements.

------

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Store Master Funding, Series <br> 2024-1A, Class A1 |  |  |
| 5.69%, 05/20/54 144A | $495833 | $502508 |
| Store Master Funding, Series <br> 2024-1A, Class A3 |  |  |
| 5.93%, 05/20/54 144A | 471042 | 476406 |
| Stream Innovations Issuer Trust, <br> Series 2024-1A, Class A |  |  |
| 6.27%, 07/15/44 144A | 734062 | 764102 |
| Stream Innovations Issuer Trust, <br> Series 2024-2A, Class A |  |  |
| 5.21%, 02/15/45 144A | 1361823 | 1379308 |
| Structured Asset Investment Loan <br> Trust, Series 2005-1, Class M3 |  |  |
| (Floating, CME Term SOFR 1M + <br> 0.89%, 0.78% Floor), 4.63%, <br> 02/25/35 144A † | 694691 | 693213 |
| 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), 3.37%, <br> 11/25/37† | 1255581 | 1227123 |
| STWD LLC, Series 2025-FL4, <br> Class B |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.95%), 5.68%, 11/19/42 <br> 144A † | 450000 | 450012 |
| Subway Funding LLC, Series <br> 2024-1A, Class A23 |  |  |
| 6.51%, 07/30/54 144A | 792000 | 820893 |
| Subway Funding LLC, Series <br> 2024-1A, Class A2I |  |  |
| 6.03%, 07/30/54 144A | 1475100 | 1496761 |
| Subway Funding LLC, Series <br> 2024-1A, Class A2II |  |  |
| 6.27%, 07/30/54 144A | 346500 | 354354 |
| Subway Funding LLC, Series <br> 2024-3A, Class A23 |  |  |
| 5.91%, 07/30/54 144A | 693000 | 690776 |
| Subway Funding LLC, Series <br> 2024-3A, Class A2I |  |  |
| 5.25%, 07/30/54 144A | 1371150 | 1369436 |
| Sunnova Hestia I Issuer LLC, Series <br> 2023-GRID1, Class 1A |  |  |
| 5.75%, 12/20/50 144A | 152027 | 152386 |
| Sunrun Demeter Issuer LLC, Series <br> 2021-2A, Class A |  |  |
| 2.27%, 01/30/57 144A | 1818880 | 1661420 |
| SVC ABS LLC, Series 2023-1A, <br> Class A |  |  |
| 5.15%, 02/20/53 144A | 640792 | 634038 |
| Switch ABS Issuer LLC, Series <br> 2024-1A, Class A2 |  |  |
| 6.28%, 03/25/54 144A | 700000 | 707385 |
| Switch ABS Issuer LLC, Series <br> 2024-2A, Class A2 |  |  |
| 5.44%, 06/25/54 144A | 350000 | 351266 |
| Switch ABS Issuer LLC, Series <br> 2025-1A, Class A2 |  |  |
| 5.04%, 03/25/55 144A | 1000000 | 985435 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Taco Bell Funding LLC, Series <br> 2025-1A, Class A2I |  |  |
| 4.82%, 08/25/55 144A | $550000 | $548680 |
| Taco Bell Funding LLC, Series <br> 2025-1A, Class A2II |  |  |
| 5.05%, 08/25/55 144A | 550000 | 550444 |
| Textainer Marine Containers VII, Ltd., <br> Series 2021-2A, Class A |  |  |
| 2.23%, 04/20/46 144A | 626667 | 594476 |
| Textainer Marine Containers VII, Ltd., <br> Series 2021-3A, Class A |  |  |
| 1.94%, 08/20/46 144A | 660000 | 593115 |
| TIF Funding II LLC, Series 2021-1A, <br> Class A |  |  |
| 1.65%, 02/20/46 144A | 903125 | 829428 |
| TIF Funding III LLC, Series 2024-1A, <br> Class A |  |  |
| 5.48%, 05/22/34 144A | 477813 | 481200 |
| TIF Funding III LLC, Series 2024-2A, <br> Class A |  |  |
| 5.54%, 07/20/49 144A | 1155592 | 1165466 |
| Tikehau CLO IV DAC, Series 4A, <br> Class DR |  |  |
| (Floating, Euribor 3M + 3.25%), <br> 5.30%, 10/15/39(E) 144A † | 1200000 | 1406875 |
| Tikehau US CLO III, Ltd., Series <br> 2022-2A, Class C1R |  |  |
| (Floating, CME Term SOFR 3M + <br> 3.20%, 3.20% Floor), 7.08%, <br> 01/20/36 144A † | 900000 | 905320 |
| Towd Point Mortgage Trust, Series <br> 2023-CES2, Class A1A |  |  |
| 7.29%, 10/25/63 144A | 615484 | 623649 |
| Towd Point Mortgage Trust, Series <br> 2025-CES4, Class A2 |  |  |
| (Step to 6.46% on 11/25/29), <br> 5.46%, 10/25/65 144A STEP | 900000 | 904562 |
| Towd Point Mortgage Trust, Series <br> 2025-HE1, Class A2 |  |  |
| (Floating, U.S. 30-Day Average <br> SOFR + 1.65%), 5.52%, <br> 07/25/65 144A † | 1700000 | 1701249 |
| Toyota Auto Loan Extended <br> Note Trust, Series 2025-1A, <br> Class A |  |  |
| 4.65%, 05/25/38 144A | 2775000 | 2836993 |
| TPG CLO, Ltd., Series 2025-1A, <br> Class A1 |  |  |
| (Floating, CME Term SOFR 3M + <br> 1.37%), 5.52%, 07/15/37 <br> 144A † | 1010000 | 1014057 |
| Tricon Residential Trust, Series <br> 2023-SFR1, Class C |  |  |
| 5.10%, 07/17/40 144A | 1000000 | 1002058 |
| Tricon Residential Trust, Series <br> 2023-SFR2, Class C |  |  |
| 5.00%, 12/17/28 144A | 500000 | 499686 |
| Tricon Residential Trust, Series <br> 2024-SFR1, Class C |  |  |
| 4.85%, 04/17/29 144A | 1000000 | 998562 |

---

See Notes to Financial Statements.

**85**

------

**MEDIUM-DURATION BOND FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Tricon Residential Trust, Series <br> 2024-SFR2, Class B |  |  |
| 5.70%, 06/17/28 144A | $300000 | $304841 |
| Tricon Residential Trust, Series <br> 2024-SFR3, Class C |  |  |
| 5.25%, 08/17/41 144A | 500000 | 499823 |
| Tricon Residential Trust, Series <br> 2025-SFR1, Class B |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.35%, 1.35% Floor), 5.10%, <br> 03/17/42 144A † | 1500000 | 1501627 |
| Tricon Residential Trust, Series <br> 2025-SFR2, Class B |  |  |
| 5.42%, 08/09/44 144A | 999478 | 1015386 |
| Trinitas CLO XXXIV, Ltd., Series <br> 2025-34A, Class A |  |  |
| (Floating, CME Term SOFR 3M + <br> 1.34%), 5.20%, 04/22/38 <br> 144A † | 4375000 | 4393344 |
| Triton Container Finance VIII LLC, <br> Series 2021-1A, Class A |  |  |
| 1.86%, 03/20/46 144A | 858600 | 799650 |
| Triumph Rail Holdings LLC, Series <br> 2021-2, Class A |  |  |
| 2.15%, 06/19/51 144A | 1861727 | 1801163 |
| TRTX Issuer, Ltd., Series 2025-FL6, <br> Class A |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.54%), 5.27%, 09/18/42 <br> 144A † | 1100000 | 1103687 |
| TRTX Issuer, Ltd., Series 2025-FL7, <br> Class B |  |  |
| (Floating, 1.95% - CME Term <br> SOFR 1M), 0.00%, 06/18/43 <br> 144A † | 500000 | 500247 |
| Turkish Airlines Pass-Through Trust, <br> Series 2015-1, Class A |  |  |
| 4.20%, 03/15/27 144A | 330904 | 327257 |
| United Airlines Pass-Through Trust, <br> Series 2016-2, Class A |  |  |
| 3.10%, 10/07/28 | 481771 | 461132 |
| United Airlines Pass-Through Trust, <br> Series 2016-2, Class AA |  |  |
| 2.88%, 10/07/28 | 481771 | 465172 |
| United Airlines Pass-Through Trust, <br> Series 2020-1, Class A |  |  |
| 5.88%, 10/15/27 | 748128 | 767690 |
| United Airlines Pass-Through Trust, <br> Series 2023-1, Class A |  |  |
| 5.80%, 01/15/36 | 559783 | 587662 |
| United Airlines Pass-Through Trust, <br> Series 2024-1, Class AA |  |  |
| 5.45%, 02/15/37 | 193104 | 199489 |
| Uniti Fiber Abs Issuer LLC, Series <br> 2025-1A, Class A2 |  |  |
| 5.88%, 04/20/55 144A | 100000 | 102286 |
| UPX HIL Issuer Trust, Series 2025-1, <br> Class A |  |  |
| 5.16%, 01/25/47 144A | 434029 | 437831 |
| USB Auto Owner Trust, Series <br> 2025-1A, Class D |  |  |
| 5.40%, 12/15/32 144A | 100000 | 101532 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Vantage Data Centers Issuer LLC, <br> Series 2024-1A, Class A2 |  |  |
| 5.10%, 09/15/54 144A | $150000 | $149271 |
| Vantage Data Centers LLC, Series <br> 2025-1A, Class A2 |  |  |
| 5.13%, 08/15/55 144A | 1550000 | 1535985 |
| VB-S1 Issuer LLC, Series 2024-1A, <br> Class D |  |  |
| 6.64%, 05/15/54 144A | 1100000 | 1119265 |
| 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 | 684825 | 693723 |
| 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 | 602041 | 602313 |
| 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 | 561716 | 565007 |
| 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 | 748285 | 754341 |
| Volofin Finance Designated Activity <br> Co., Series 2024-1A, Class A |  |  |
| 5.94%, 06/15/37 144A | 454093 | 463269 |
| Voya CLO, Ltd., Series 2019-1A, <br> Class A1RR |  |  |
| (Floating, CME Term SOFR 3M + <br> 1.37%, 1.37% Floor), 5.27%, <br> 10/15/37 144A † | 925000 | 928932 |
| WAVE LLC, Series 2019-1, Class A |  |  |
| 3.60%, 09/15/44 144A | 110983 | 109070 |
| Wellfleet CLO, Ltd., Series 2022-2A, <br> Class BR |  |  |
| (Floating, CME Term SOFR 3M + <br> 1.85%, 1.85% Floor), 5.73%, <br> 10/18/37 144A † | 1250000 | 1254319 |
| Wendy's Funding LLC, Series <br> 2025-1A, Class A2I |  |  |
| 5.42%, 12/15/55 144A | 450000 | 450751 |
| Western Funding Auto Loan Trust, <br> Series 2025-1, Class C |  |  |
| 5.34%, 11/15/35 144A | 200000 | 202801 |
| Westlake Automobile Receivables <br> Trust, Series 2024-3A, Class D |  |  |
| 5.21%, 04/15/30 144A | 2090000 | 2117543 |
| Westlake Automobile Receivables <br> Trust, Series 2025-1A, Class D |  |  |
| 5.54%, 11/15/30 144A | 1400000 | 1422842 |
| Wheels Fleet Lease Funding 1 LLC, <br> Series 2024-3A, Class A1 |  |  |
| 4.80%, 09/19/39 144A | 1187376 | 1200376 |
| Willis Engine Structured Trust VII, <br> Series 2023-A, Class A |  |  |
| 8.00%, 10/15/48 144A | 184493 | 189763 |
| Wingstop Funding LLC, Series <br> 2020-1A, Class A2 |  |  |
| 2.84%, 12/05/50 144A | 1244892 | 1207549 |

---

**86**

See Notes to Financial Statements.

------

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Wingstop Funding LLC, Series <br> 2022-1A, Class A2 |  |  |
| 3.73%, 03/05/52 144A | $397000 | $385516 |
| Zayo Issuer LLC, Series 2025-3A, <br> Class A2 |  |  |
| 5.57%, 10/20/55 144A | 900000 | 901952 |
| **Total Asset-Backed Securities** <br> (Cost $390,367,542) |  | 391833308 |
| **CORPORATE BONDS — 22.4%** | **CORPORATE BONDS — 22.4%** | **CORPORATE BONDS — 22.4%** |
| 180 Medical, Inc. |  |  |
| 5.30%, 10/08/35 144A | 200000 | 199804 |
| 7-Eleven, Inc. |  |  |
| 1.30%, 02/10/28 144A | 725000 | 685028 |
| Accident Fund Insurance Co. of <br> America |  |  |
| 8.50%, 08/01/32 144A | 100000 | 100763 |
| Acrisure LLC |  |  |
| 6.75%, 07/01/32 144A | 810000 | 839945 |
| Acushnet Co. |  |  |
| 5.63%, 12/01/33 144A Δ | 505000 | 511937 |
| Adventist Health System |  |  |
| 2.95%, 03/01/29 | 160000 | 152125 |
| 4.74%, 12/01/30 | 3360000 | 3377474 |
| 5.76%, 12/01/34Δ | 450000 | 465984 |
| AECOM |  |  |
| 6.00%, 08/01/33 144A | 1576000 | 1616078 |
| Albertsons Cos., Inc. |  |  |
| 5.50%, 03/31/31 144A | 780000 | 789652 |
| 5.75%, 03/31/34 144A Δ | 1020000 | 1025401 |
| Alcon Finance Corporation |  |  |
| 3.00%, 09/23/29 144A | 2285000 | 2192836 |
| Alexandria Real Estate Equities, Inc. <br> REIT |  |  |
| 2.75%, 12/15/29 | 1400000 | 1315883 |
| 3.38%, 08/15/31 | 375000 | 351165 |
| 5.15%, 04/15/53Δ | 600000 | 525778 |
| Allegion U.S. Holding Co., Inc. |  |  |
| 5.60%, 05/29/34 | 602000 | 631559 |
| Alliant Energy Finance LLC |  |  |
| 4.25%, 06/15/28 144A | 75000 | 74700 |
| Amazon.com, Inc. |  |  |
| 4.80%, 12/05/34 | 75000 | 77219 |
| Amdocs, Ltd. |  |  |
| 2.54%, 06/15/30 | 1600000 | 1471846 |
| American Electric Power Co., Inc. |  |  |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 5Y + <br> 2.13%), 5.80%, 03/15/56^ | 265000 | 263199 |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 5Y + <br> 1.94%), 6.05%, 03/15/56^ | 265000 | 260499 |
| American Express Co. |  |  |
| (Variable, U.S. SOFR + 1.42%), <br> 5.28%, 07/26/35^ | 1200000 | 1239134 |
| American Homes 4 Rent LP REIT |  |  |
| 4.90%, 02/15/29 | 309000 | 314779 |
| 2.38%, 07/15/31 | 230000 | 206039 |
| American International Group, Inc. |  |  |
| 3.40%, 06/30/30 | 275000 | 265676 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| American National Global Funding |  |  |
| 5.25%, 06/03/30 144A | $250000 | $254574 |
| American National Group, Inc. |  |  |
| 5.00%, 06/15/27 | 796000 | 802461 |
| 6.14%, 06/13/32 144A | 163000 | 170537 |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 5Y + <br> 3.18%), 7.00%, 12/01/55^ | 350000 | 351861 |
| American Tower Corporation REIT |  |  |
| 3.38%, 10/15/26 | 1200000 | 1194080 |
| 3.95%, 03/15/29 | 300000 | 297782 |
| 5.90%, 11/15/33Δ | 3235000 | 3463028 |
| Americo Life, Inc. |  |  |
| 3.45%, 04/15/31 144A | 1450000 | 1315214 |
| AmFam Holdings, Inc. |  |  |
| 3.83%, 03/11/51 144A | 1350000 | 913663 |
| Amgen, Inc. |  |  |
| 5.25%, 03/02/30Δ | 2123000 | 2206704 |
| Amkor Technology, Inc. |  |  |
| 5.88%, 10/01/33 144A | 492000 | 502764 |
| Amphenol Corporation |  |  |
| 4.63%, 02/15/36 | 1390000 | 1365340 |
| Amrize Finance U.S. LLC |  |  |
| 5.40%, 04/07/35Δ | 700000 | 724072 |
| Antares Holdings LP |  |  |
| 3.75%, 07/15/27 144A | 2895000 | 2832771 |
| Antero Midstream Partners LP |  |  |
| 5.75%, 10/15/33 144A | 668000 | 672393 |
| AP Grange Holdings LLC |  |  |
| 5.00%, 03/20/45††† | 300000 | 312000 |
| Appalachian Power Co. |  |  |
| 2.70%, 04/01/31 | 2200000 | 2018849 |
| AppLovin Corporation |  |  |
| 5.13%, 12/01/29 | 585000 | 600824 |
| 5.38%, 12/01/31 | 640000 | 664828 |
| 5.50%, 12/01/34 | 5432000 | 5592952 |
| Aquila FDG |  |  |
| 7.45%, 09/30/45††† | 400000 | 417619 |
| Arch Capital Finance LLC |  |  |
| 4.01%, 12/15/26 | 675000 | 675219 |
| Arch Capital Group, Ltd. |  |  |
| 7.35%, 05/01/34 | 200000 | 232418 |
| Archer-Daniels-Midland Co. |  |  |
| 3.25%, 03/27/30Δ | 175000 | 169282 |
| Ares Finance Co. II LLC |  |  |
| 3.25%, 06/15/30 144A | 482000 | 457748 |
| Arsenal AIC Parent LLC |  |  |
| 8.00%, 10/01/30 144A | 100000 | 106241 |
| Arthur J Gallagher & Co. |  |  |
| 4.85%, 12/15/29 | 570000 | 583916 |
| 5.15%, 02/15/35 | 1610000 | 1631526 |
| AS Mileage Plan IP, Ltd. |  |  |
| 5.31%, 10/20/31 144A Δ | 850000 | 858787 |
| Ascension Health |  |  |
| 4.92%, 11/15/35 | 1495000 | 1500969 |
| Ashtead Capital, Inc. |  |  |
| 1.50%, 08/12/26 144A | 350000 | 344121 |
| 5.95%, 10/15/33 144A | 1900000 | 2014154 |

---

See Notes to Financial Statements.

**87**

------

**MEDIUM-DURATION BOND FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| 5.80%, 04/15/34 144A | $952000 | $1000113 |
| AT&T, Inc. |  |  |
| 2.75%, 06/01/31 | 200000 | 183948 |
| 2.25%, 02/01/32Δ | 300000 | 263631 |
| 2.55%, 12/01/33 | 3994000 | 3416025 |
| 5.38%, 08/15/35 | 1675000 | 1721286 |
| 3.50%, 06/01/41 | 450000 | 355335 |
| 3.65%, 06/01/51 | 575000 | 406283 |
| 3.50%, 09/15/53 | 1664000 | 1119212 |
| Athene Global Funding |  |  |
| (Floating, Euribor 3M + 1.00%), <br> 3.05%, 02/23/27(E) † | 1700000 | 2007588 |
| 5.03%, 07/17/30 144A | 1000000 | 1008967 |
| Atlassian Corporation |  |  |
| 5.50%, 05/15/34Δ | 2454000 | 2545358 |
| AutoNation, Inc. |  |  |
| 1.95%, 08/01/28 | 175000 | 165224 |
| 4.75%, 06/01/30 | 250000 | 252777 |
| Aviation Capital Group LLC |  |  |
| 5.13%, 04/10/30 144A | 15000 | 15252 |
| 6.38%, 07/15/30 144A | 1745000 | 1867369 |
| 4.80%, 10/24/30 144A | 135000 | 135283 |
| Axon Enterprise, Inc. |  |  |
| 6.25%, 03/15/33 144A | 180000 | 188009 |
| AZ BATTERY PROPERTY LLC |  |  |
| 6.73%, 02/20/46††† | 280000 | 279160 |
| Bank of America Corporation |  |  |
| (Variable, U.S. SOFR + 1.29%), <br> 5.08%, 01/20/27^ | 1000000 | 1000512 |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 5Y + <br> 2.76%), 4.38%, 01/27/27ρ Δ ^ | 700000 | 692809 |
| (Variable, CME Term SOFR 3M + <br> 1.77%), 3.71%, 04/24/28^ | 2000000 | 1992024 |
| (Variable, U.S. SOFR + 1.63%), <br> 5.20%, 04/25/29^ | 4985000 | 5111151 |
| (Variable, U.S. SOFR + 1.11%), <br> 4.62%, 05/09/29Δ ^ | 1600000 | 1621976 |
| (Variable, CME Term SOFR 3M + <br> 1.57%), 4.27%, 07/23/29^ | 600000 | 603081 |
| (Variable, CME Term SOFR 3M + <br> 1.47%), 3.97%, 02/07/30^ | 2500000 | 2488851 |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 5Y + <br> 2.68%), 6.63%, 05/01/30ρ ^ | 350000 | 364967 |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 5Y + <br> 2.35%), 6.25%, 07/26/30ρ ^ | 500000 | 508087 |
| (Variable, CME Term SOFR 3M + <br> 1.25%), 2.50%, 02/13/31^ | 75000 | 69944 |
| (Variable, U.S. SOFR + 1.53%), <br> 1.90%, 07/23/31^ | 1300000 | 1169475 |
| (Variable, U.S. SOFR + 1.22%), <br> 2.30%, 07/21/32^ | 855000 | 765503 |
| (Variable, U.S. SOFR + 1.33%), <br> 2.97%, 02/04/33^ | 475000 | 435185 |
| (Variable, U.S. SOFR + 1.83%), <br> 4.57%, 04/27/33^ | 1215000 | 1214501 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| (Variable, U.S. SOFR + 2.16%), <br> 5.02%, 07/22/33^ | $600000 | $613243 |
| (Variable, U.S. SOFR + 1.91%), <br> 5.29%, 04/25/34^ | 2700000 | 2785231 |
| (Variable, U.S. SOFR + 1.74%), <br> 5.52%, 10/25/35^ | 195000 | 200183 |
| (Variable, U.S. SOFR + 1.31%), <br> 5.51%, 01/24/36^ | 2025000 | 2118436 |
| (Variable, U.S. SOFR + 1.70%), <br> 5.74%, 02/12/36^ | 25000 | 26114 |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 5Y + <br> 1.20%), 2.48%, 09/21/36^ | 1937000 | 1703020 |
| 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 ^ | 700000 | 690144 |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 5Y + <br> 2.27%), 5.95%, 12/20/30ρ ^ | 200000 | 203244 |
| Banner Health |  |  |
| 2.34%, 01/01/30 | 865000 | 809365 |
| Baylor Scott & White Holdings |  |  |
| 1.78%, 11/15/30 | 305000 | 274141 |
| Beacon Funding Trust |  |  |
| 6.27%, 08/15/54 144A | 1850000 | 1886881 |
| Becton, Dickinson and Co. |  |  |
| 2.82%, 05/20/30Δ | 750000 | 708558 |
| Beignet Investor LLC |  |  |
| 6.58%, 05/30/49 144A | 13498000 | 14314054 |
| Belrose Funding Trust II |  |  |
| 6.79%, 05/15/55 144A | 500000 | 523397 |
| Belvoir Land LLC |  |  |
| 5.60%, 12/15/35 144A | 1000000 | 951387 |
| Berkshire Hathaway Energy Co. |  |  |
| 3.70%, 07/15/30 | 450000 | 443014 |
| Berkshire Hathaway Finance <br> Corporation |  |  |
| 1.85%, 03/12/30 | 825000 | 758672 |
| Berry Global, Inc. |  |  |
| 1.57%, 01/15/26 | 2100000 | 2097929 |
| 4.88%, 07/15/26 144A | 450000 | 450100 |
| BGC Group, Inc. |  |  |
| 6.15%, 04/02/30 | 2645000 | 2744299 |
| Bimbo Bakeries U.S.A., Inc. |  |  |
| 5.38%, 01/09/36 144A | 725000 | 743786 |
| Block Financial LLC |  |  |
| 3.88%, 08/15/30 | 1600000 | 1543235 |
| Block, Inc. |  |  |
| 6.00%, 08/15/33 144A | 430000 | 441696 |
| Blue Owl Capital Corporation |  |  |
| 2.88%, 06/11/28 | 2200000 | 2078333 |
| Blue Owl Finance LLC |  |  |
| 6.25%, 04/18/34 | 1285000 | 1327784 |
| BMW U.S. Capital LLC |  |  |
| 4.75%, 03/21/28 144A | 1400000 | 1421098 |

---

**88**

See Notes to Financial Statements.

------

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Boardwalk Pipelines LP |  |  |
| 5.63%, 08/01/34Δ | $350000 | $367446 |
| Boeing Co. (The) |  |  |
| 6.26%, 05/01/27 | 400000 | 410626 |
| 6.30%, 05/01/29 | 400000 | 424854 |
| 2.95%, 02/01/30Δ | 174000 | 165180 |
| 5.15%, 05/01/30 | 1431000 | 1472310 |
| 6.39%, 05/01/31 | 400000 | 434602 |
| 6.53%, 05/01/34 | 5221000 | 5790379 |
| 3.25%, 02/01/35 | 25000 | 21987 |
| 5.71%, 05/01/40 | 1225000 | 1254843 |
| 3.85%, 11/01/48 | 25000 | 18606 |
| 5.81%, 05/01/50 | 3560000 | 3522324 |
| 6.86%, 05/01/54 | 1985000 | 2240596 |
| 7.01%, 05/01/64 | 300000 | 343267 |
| Boost Newco Borrower LLC |  |  |
| 7.50%, 01/15/31 144A | 500000 | 531665 |
| Boston Properties LP REIT |  |  |
| 4.50%, 12/01/28Δ | 900000 | 906481 |
| 2.55%, 04/01/32 | 1100000 | 961806 |
| BP Capital Markets America, Inc. |  |  |
| 4.23%, 11/06/28 | 175000 | 176238 |
| Broadcom, Inc. |  |  |
| 2.45%, 02/15/31 | 2000000 | 1831756 |
| 4.15%, 04/15/32 144A | 2470000 | 2422863 |
| 3.42%, 04/15/33Δ | 1025000 | 951535 |
| 3.47%, 04/15/34 | 8445000 | 7720290 |
| 3.19%, 11/15/36 144A | 28000 | 23808 |
| 3.50%, 02/15/41 | 375000 | 306166 |
| Brookfield Capital Finance LLC |  |  |
| 6.09%, 06/14/33 | 140000 | 150208 |
| Brooklyn Union Gas Co. (The) |  |  |
| 6.39%, 09/15/33 144A | 1250000 | 1352157 |
| Brown & Brown, Inc. |  |  |
| 5.55%, 06/23/35 | 260000 | 267817 |
| Builders FirstSource, Inc. |  |  |
| 6.38%, 03/01/34 144A | 1000000 | 1035543 |
| 6.75%, 05/15/35 144A | 1075000 | 1125272 |
| Bunge, Ltd. Finance Corporation |  |  |
| 4.20%, 09/17/29 | 828000 | 830343 |
| 4.65%, 09/17/34Δ | 828000 | 814243 |
| CACI International, Inc. |  |  |
| 6.38%, 06/15/33 144A | 495000 | 512785 |
| Capital One Financial Corporation |  |  |
| (Variable, U.S. SOFR + 2.60%), <br> 5.25%, 07/26/30^ | 1200000 | 1238915 |
| (Variable, U.S. SOFR + 2.04%), <br> 6.18%, 01/30/36^ | 2225000 | 2329201 |
| (Variable, U.S. SOFR + 1.63%), <br> 5.20%, 09/11/36^ | 790000 | 787960 |
| Cardinal Health, Inc. |  |  |
| 5.13%, 02/15/29Δ | 585000 | 602957 |
| Carlyle Group, Inc. (The) |  |  |
| 5.05%, 09/19/35 | 725000 | 717157 |
| Carnival Corporation |  |  |
| 5.75%, 03/15/30 144A | 1460000 | 1504285 |
| 5.88%, 06/15/31 144A | 2595000 | 2682355 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| 5.75%, 08/01/32 144A | $2375000 | $2440909 |
| Carpenter Technology Corporation |  |  |
| 5.63%, 03/01/34 144A | 560000 | 569321 |
| Carrier Global Corporation |  |  |
| 2.72%, 02/15/30 | 750000 | 707572 |
| 2.70%, 02/15/31 | 1075000 | 998256 |
| CBRE Services, Inc. |  |  |
| 5.50%, 06/15/35 | 2500000 | 2589015 |
| CDW LLC |  |  |
| 3.57%, 12/01/31 | 3715000 | 3466218 |
| Centene Corporation |  |  |
| 2.50%, 03/01/31 | 1606000 | 1387418 |
| CenterPoint Energy Resources <br> Corporation |  |  |
| 5.40%, 07/01/34‡‡ | 1300000 | 1346754 |
| Charles Schwab Corporation (The) |  |  |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 10Y + <br> 3.08%), 4.00%, 12/31/50Ω ^ | 1000000 | 934445 |
| Charter Communications <br> Operating LLC |  |  |
| 2.25%, 01/15/29 | 2300000 | 2155320 |
| 6.65%, 02/01/34 | 545000 | 575650 |
| 6.55%, 06/01/34Δ | 1085000 | 1143832 |
| 6.38%, 10/23/35 | 1020000 | 1054792 |
| 3.95%, 06/30/62 | 3820000 | 2307108 |
| Cheniere Energy Partners LP |  |  |
| 5.95%, 06/30/33 | 3070000 | 3261506 |
| 5.75%, 08/15/34 | 50000 | 52330 |
| 5.55%, 10/30/35 144A | 300000 | 307672 |
| Choice Hotels International, Inc. |  |  |
| 3.70%, 12/01/29 | 1500000 | 1461189 |
| 3.70%, 01/15/31Δ | 1644000 | 1568337 |
| 5.85%, 08/01/34Δ | 669000 | 683431 |
| Chord Energy Corporation |  |  |
| 6.00%, 10/01/30 144A | 1325000 | 1344986 |
| Chubb INA Holdings LLC |  |  |
| 6.80%, 11/15/31 | 979000 | 1096820 |
| Cigna Group (The) |  |  |
| 2.40%, 03/15/30 | 625000 | 580780 |
| 2.38%, 03/15/31 | 1250000 | 1132938 |
| 5.13%, 05/15/31 | 1415000 | 1464525 |
| 3.20%, 03/15/40 | 775000 | 615654 |
| 4.90%, 12/15/48Δ | 350000 | 314251 |
| Citadel Securities Global <br> Holdings LLC |  |  |
| 6.20%, 06/18/35 144A | 250000 | 263790 |
| Citigroup, Inc. |  |  |
| (Variable, CME Term SOFR 3M + <br> 4.78%), 6.25%, 08/15/26ρ ^ | 175000 | 175828 |
| 4.30%, 11/20/26 | 75000 | 75204 |
| 4.45%, 09/29/27 | 175000 | 176211 |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 5Y + <br> 3.21%), 7.38%, 05/15/28ρ Δ ^ | 800000 | 840272 |
| (Variable, CME Term SOFR 3M + <br> 1.65%), 3.67%, 07/24/28^ | 175000 | 173959 |

---

See Notes to Financial Statements.

**89**

------

**MEDIUM-DURATION BOND FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| (Variable, U.S. SOFR + 1.36%), <br> 5.17%, 02/13/30^ | $2600000 | $2670971 |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 5Y + <br> 2.57%), 6.75%, 02/15/30ρ ^ | 200000 | 203794 |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 5Y + <br> 2.73%), 6.95%, 02/15/30ρ ^ | 650000 | 670561 |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 5Y + <br> 2.89%), 6.88%, 08/15/30ρ ^ | 475000 | 493881 |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 5Y + <br> 3.00%), 6.63%, 02/15/31ρ ^ | 1815000 | 1842963 |
| (Variable, U.S. SOFR + 1.83%), <br> 6.02%, 01/24/36^ | 1804000 | 1893720 |
| Civitas Resources, Inc. |  |  |
| 8.38%, 07/01/28 144A | 290000 | 299162 |
| Clarios Global LP |  |  |
| 6.75%, 02/15/30 144A Δ | 600000 | 627936 |
| CMS Energy Corporation |  |  |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 5Y + <br> 1.96%), 6.50%, 06/01/55^ | 490000 | 504173 |
| CNO Financial Group, Inc. |  |  |
| 6.45%, 06/15/34 | 1620000 | 1717603 |
| CoBank ACB |  |  |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 5Y + <br> 3.49%), 6.45%, 10/01/27ρ ^ | 600000 | 603246 |
| Coca-Cola Consolidated, Inc. |  |  |
| 5.45%, 06/01/34 | 545000 | 572159 |
| Columbia Pipelines Operating Co. <br> LLC |  |  |
| 6.04%, 11/15/33 144A | 1095000 | 1174621 |
| Comcast Corporation |  |  |
| 5.30%, 06/01/34 | 1307000 | 1350244 |
| Commercial Metals Co. |  |  |
| 5.75%, 11/15/33 144A Δ | 1255000 | 1284006 |
| 6.00%, 12/15/35 144A | 794000 | 815288 |
| CommonSpirit Health |  |  |
| 4.35%, 09/01/30Δ | 1145000 | 1141591 |
| 4.98%, 09/01/35 | 1745000 | 1729164 |
| 6.46%, 11/01/52 | 1005000 | 1088621 |
| Continental Resources, Inc. |  |  |
| 5.75%, 01/15/31 144A | 6495000 | 6669481 |
| Corebridge Financial, Inc. |  |  |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 5Y + <br> 3.85%), 6.88%, 12/15/52^ | 680000 | 696771 |
| Corebridge Global Funding |  |  |
| 5.20%, 06/24/29 144A | 600000 | 616922 |
| CoStar Group, Inc. |  |  |
| 2.80%, 07/15/30 144A | 700000 | 643167 |
| Costco Wholesale Corporation |  |  |
| 1.60%, 04/20/30 | 625000 | 566987 |
| Cox Communications, Inc. |  |  |
| 2.95%, 10/01/50 144A | 295000 | 165126 |
| 5.80%, 12/15/53 144A Δ | 175000 | 150406 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| CRH America Finance, Inc. |  |  |
| 3.40%, 05/09/27 144A | $2100000 | $2084806 |
| 3.95%, 04/04/28 144A | 500000 | 499075 |
| 5.00%, 02/09/36Δ | 1510000 | 1518784 |
| CrossCountry Intermediate <br> HoldCo LLC |  |  |
| 6.75%, 12/01/32 144A | 300000 | 306376 |
| Crown Americas LLC |  |  |
| 5.88%, 06/01/33 144A | 1035000 | 1059487 |
| CSC Holdings LLC |  |  |
| 5.38%, 02/01/28 144A Δ | 1855000 | 1347240 |
| 7.50%, 04/01/28 144A Δ | 590000 | 344135 |
| CSX Corporation |  |  |
| 3.80%, 04/15/50 | 275000 | 210669 |
| CubeSmart LP REIT |  |  |
| 2.50%, 02/15/32Δ | 130000 | 115227 |
| DBR Land Holdings LLC |  |  |
| 6.25%, 12/01/30 144A | 785000 | 803447 |
| Dell International LLC |  |  |
| 5.30%, 10/01/29 | 150000 | 155006 |
| 5.10%, 02/15/36 | 975000 | 965266 |
| Devon Energy Corporation |  |  |
| 5.60%, 07/15/41Δ | 77000 | 74796 |
| 4.75%, 05/15/42Δ | 555000 | 484017 |
| DH Europe Finance II S.a.r.l. |  |  |
| 2.60%, 11/15/29 | 250000 | 237523 |
| Directv Financing LLC |  |  |
| 8.88%, 02/01/30 144A | 226000 | 228948 |
| Discovery Communications LLC |  |  |
| 3.63%, 05/15/30 | 1800000 | 1659389 |
| DOC DR LLC REIT |  |  |
| 3.95%, 01/15/28 | 2400000 | 2389715 |
| Dominion Energy, Inc. |  |  |
| 3.38%, 04/01/30 | 250000 | 241527 |
| 5.00%, 06/15/30 | 500000 | 514397 |
| 2.25%, 08/15/31 | 2300000 | 2051319 |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 5Y + <br> 2.26%), 6.00%, 02/15/56^ | 300000 | 301830 |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 5Y + <br> 2.01%), 6.20%, 02/15/56^ | 450000 | 451529 |
| Dow Chemical Co. (The) |  |  |
| 6.90%, 05/15/53Δ | 280000 | 288347 |
| Duke Energy Corporation |  |  |
| 2.45%, 06/01/30 | 1800000 | 1672828 |
| 5.45%, 06/15/34Δ | 1485000 | 1552290 |
| Duke Energy Florida LLC |  |  |
| 5.88%, 11/15/33 | 2000000 | 2166897 |
| Duke Energy Progress LLC |  |  |
| 3.40%, 04/01/32Δ | 2300000 | 2181313 |
| DYAL CAPITAL PARTNERS III <br> ISSUER A |  |  |
| 6.55%, 06/15/44††† | 644000 | 669947 |
| DYAL CAPITAL PARTNERS III <br> ISSUER B |  |  |
| 6.55%, 06/15/44††† | 506000 | 526338 |

---

**90**

See Notes to Financial Statements.

------

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| DYAL CAPITAL PARTNERS IV <br> ISSUER A |  |  |
| 5.94%, 08/22/45††† | $650000 | $661827 |
| DYAL CAPITAL PARTNERS IV <br> ISSUER B |  |  |
| 5.94%, 08/22/45††† | 600000 | 610917 |
| Eagle Materials, Inc. |  |  |
| 5.00%, 03/15/36 | 1690000 | 1660102 |
| East Ohio Gas Co. (The) |  |  |
| 2.00%, 06/15/30 144A | 150000 | 136119 |
| EchoStar Corporation |  |  |
| 10.75%, 11/30/29 | 3136816 | 3471142 |
| EchoStar Corporation PIK |  |  |
| 3.88%, 11/30/30 CONV 1 | 297704 | 995076 |
| Elevance Health, Inc. |  |  |
| 5.20%, 02/15/35Δ | 685000 | 701361 |
| Encore Capital Group, Inc. |  |  |
| 8.50%, 05/15/30 144A Δ | 600000 | 644744 |
| Enel Finance America LLC |  |  |
| 2.88%, 07/12/41 144A | 2300000 | 1668996 |
| Energy Transfer LP |  |  |
| 5.63%, 05/01/27 144A | 200000 | 200017 |
| 5.50%, 06/01/27 | 775000 | 788049 |
| 4.95%, 05/15/28 | 900000 | 915706 |
| 5.25%, 04/15/29 | 800000 | 822826 |
| 5.75%, 02/15/33Δ | 1575000 | 1658390 |
| 5.70%, 04/01/35Δ | 3020000 | 3133302 |
| 5.30%, 04/15/47 | 150000 | 133871 |
| 5.40%, 10/01/47 | 50000 | 45122 |
| 6.00%, 06/15/48 | 50000 | 48700 |
| 5.95%, 05/15/54 | 500000 | 476991 |
| EnerSys |  |  |
| 6.63%, 01/15/32 144A | 1000000 | 1041769 |
| Enstar Group, Ltd. |  |  |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 5Y + <br> 3.19%), 7.50%, 04/01/45 <br> 144A ^ | 475000 | 500668 |
| Entegris, Inc. |  |  |
| 4.75%, 04/15/29 144A | 2755000 | 2766998 |
| Enterprise Products Operating LLC |  |  |
| 4.20%, 01/31/50 | 625000 | 503907 |
| EPR Properties REIT |  |  |
| 4.75%, 12/15/26 | 1200000 | 1203816 |
| 3.60%, 11/15/31 | 2300000 | 2138399 |
| Equifax, Inc. |  |  |
| 5.10%, 12/15/27 | 1800000 | 1835778 |
| Equinix, Inc. REIT |  |  |
| 1.55%, 03/15/28 | 2200000 | 2088519 |
| 2.15%, 07/15/30 | 2080000 | 1890110 |
| Equitable Holdings, Inc. |  |  |
| 4.35%, 04/20/28 | 863000 | 867454 |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 5Y + <br> 2.39%), 6.70%, 03/28/55Δ ^ | 752000 | 787103 |
| Essential Utilities, Inc. |  |  |
| 5.38%, 01/15/34 | 925000 | 958292 |
| Exelon Corporation |  |  |
| 4.05%, 04/15/30 | 375000 | 372224 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| 4.70%, 04/15/50 | $25000 | $21572 |
| Expedia Group, Inc. |  |  |
| 4.63%, 08/01/27 | 353000 | 355862 |
| 3.80%, 02/15/28 | 350000 | 348467 |
| 3.25%, 02/15/30 | 250000 | 240066 |
| 2.95%, 03/15/31 | 120000 | 111886 |
| 5.40%, 02/15/35 | 2530000 | 2601058 |
| Extra Space Storage LP REIT |  |  |
| 3.88%, 12/15/27 | 900000 | 897998 |
| Fair Isaac Corporation |  |  |
| 6.00%, 05/15/33 144A | 1095000 | 1128320 |
| Farmers Insurance Exchange |  |  |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 10Y + <br> 3.86%), 7.00%, 10/15/64 <br> 144A ^ | 580000 | 599076 |
| Federal Realty OP LP REIT |  |  |
| 3.50%, 06/01/30 | 1900000 | 1839703 |
| FedEx Corporation |  |  |
| 4.10%, 02/01/45 | 150000 | 118808 |
| 4.05%, 02/15/48 | 425000 | 326375 |
| Fidelity National Financial, Inc. |  |  |
| 4.50%, 08/15/28 | 2675000 | 2695467 |
| Fidelity National Information <br> Services, Inc. |  |  |
| 1.15%, 03/01/26Δ | 2200000 | 2189487 |
| First American Financial Corporation |  |  |
| 4.00%, 05/15/30 | 450000 | 436179 |
| 5.45%, 09/30/34 | 700000 | 701616 |
| First Horizon Corporation |  |  |
| (Variable, U.S. SOFR + 1.77%), <br> 5.51%, 03/07/31^ | 880000 | 911341 |
| Fiserv, Inc. |  |  |
| 4.20%, 10/01/28Δ | 425000 | 424215 |
| Florida Power & Light Co. |  |  |
| 3.80%, 12/15/42 | 475000 | 392661 |
| Ford Motor Credit Co. LLC |  |  |
| 6.95%, 03/06/26 | 2500000 | 2505758 |
| 5.92%, 03/20/28 | 1100000 | 1126496 |
| Fort Moore Family Communities LLC |  |  |
| 6.09%, 01/15/51 144A | 1115985 | 1016446 |
| Fortitude Group Holdings LLC |  |  |
| 6.25%, 04/01/30 144A Δ | 350000 | 365045 |
| Foundry JV Holdco LLC |  |  |
| 5.90%, 01/25/33 144A | 1500000 | 1573147 |
| 5.88%, 01/25/34 144A | 200000 | 205934 |
| 6.20%, 01/25/37 144A | 500000 | 527411 |
| Fox Corporation |  |  |
| 4.71%, 01/25/29 | 275000 | 278720 |
| 3.50%, 04/08/30 | 150000 | 145900 |
| GA Global Funding Trust |  |  |
| 2.90%, 01/06/32 144A | 1450000 | 1292061 |
| GATX Corporation |  |  |
| 6.90%, 05/01/34 | 1550000 | 1744212 |
| GE HealthCare Technologies, Inc. |  |  |
| 6.38%, 11/22/52Δ | 320000 | 350811 |
| General Motors Co. |  |  |
| 5.95%, 04/01/49 | 239000 | 233070 |

---

See Notes to Financial Statements.

**91**

------

**MEDIUM-DURATION BOND FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| General Motors Financial Co., Inc. |  |  |
| 5.05%, 04/04/28 | $600000 | $611784 |
| 2.40%, 04/10/28 | 150000 | 144568 |
| Gilead Sciences, Inc. |  |  |
| 4.50%, 02/01/45 | 300000 | 266285 |
| Glencore Funding LLC |  |  |
| 2.63%, 09/23/31 144A | 650000 | 587079 |
| 6.50%, 10/06/33 144A | 8410000 | 9307287 |
| Global Atlantic Fin Co. |  |  |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 5Y + <br> 3.55%), 7.25%, 03/01/56 <br> 144A ^ | 965000 | 971148 |
| Global Partners LP |  |  |
| 8.25%, 01/15/32 144A | 550000 | 581520 |
| Global Payments, Inc. |  |  |
| 2.90%, 05/15/30 | 1600000 | 1486348 |
| 4.88%, 11/15/30 | 275000 | 275669 |
| 5.20%, 11/15/32 | 525000 | 526177 |
| 5.55%, 11/15/35 | 1880000 | 1873371 |
| Globe Life, Inc. |  |  |
| 5.85%, 09/15/34 | 210000 | 221273 |
| Goldman Sachs Group, Inc. (The) |  |  |
| (Floating, CME Term SOFR 3M + <br> 2.01%), 5.87%, 10/28/27† | 1800000 | 1822776 |
| (Variable, CME Term SOFR 3M + <br> 1.56%), 4.22%, 05/01/29Δ ^ | 3200000 | 3210195 |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 5Y + <br> 2.81%), 7.50%, 05/10/29ρ Δ ^ | 1050000 | 1112161 |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 5Y + <br> 2.46%), 6.85%, 02/10/30ρ ^ | 650000 | 678561 |
| (Variable, U.S. SOFR + 1.27%), <br> 5.73%, 04/25/30^ | 5200000 | 5437105 |
| (Variable, U.S. SOFR + 1.06%), <br> 4.37%, 10/21/31^ | 600000 | 599376 |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 10Y + <br> 2.40%), 6.13%, 11/10/34ρ Δ ^ | 200000 | 202896 |
| Goodman U.S. Finance Five LLC <br> REIT |  |  |
| 4.63%, 05/04/32 144A | 2000000 | 1979047 |
| Goodman U.S. Finance Three LLC <br> REIT |  |  |
| 3.70%, 03/15/28 144A | 1000000 | 990678 |
| Graham Holdings Co. |  |  |
| 5.63%, 12/01/33 144A | 1930000 | 1953282 |
| Greensaif Pipelines Bidco S.a.r.l. |  |  |
| 5.85%, 02/23/36 144A | 200000 | 209298 |
| 6.13%, 02/23/38 144A | 200000 | 213151 |
| 6.10%, 08/23/42 144A | 250000 | 261387 |
| Gulfstream Natural Gas System LLC |  |  |
| 5.60%, 07/23/35 144A Δ | 600000 | 617531 |
| GXO Logistics, Inc. |  |  |
| 6.25%, 05/06/29 | 250000 | 263764 |
| 6.50%, 05/06/34Δ | 250000 | 271169 |
| Hanover Insurance Group, Inc. (The) |  |  |
| 5.50%, 09/01/35 | 350000 | 356710 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Hasbro, Inc. |  |  |
| 6.05%, 05/14/34Δ | $400000 | $425280 |
| HCA, Inc. |  |  |
| 5.38%, 09/01/26 | 1600000 | 1603567 |
| 3.13%, 03/15/27 | 2100000 | 2079143 |
| 5.45%, 04/01/31 | 6206000 | 6483928 |
| 5.60%, 04/01/34 | 3320000 | 3475168 |
| 4.90%, 11/15/35 | 260000 | 257033 |
| Healthcare Realty Holdings LP REIT |  |  |
| 3.10%, 02/15/30 | 1500000 | 1427947 |
| 2.05%, 03/15/31 | 200000 | 173330 |
| Helmerich & Payne, Inc. |  |  |
| 5.50%, 12/01/34Δ | 2515000 | 2481913 |
| Henneman Trust |  |  |
| 6.58%, 05/15/55 144A | 450000 | 471958 |
| Hewlett Packard Enterprise Co. |  |  |
| 6.35%, 10/15/45 | 30000 | 30888 |
| HF Sinclair Corporation |  |  |
| 5.50%, 09/01/32 | 525000 | 533699 |
| 6.25%, 01/15/35 | 400000 | 418263 |
| Highmark, Inc. |  |  |
| 2.55%, 05/10/31 144A | 300000 | 267239 |
| Hillenbrand, Inc. |  |  |
| 6.25%, 02/15/29Δ | 1085000 | 1111036 |
| 3.75%, 03/01/31 | 416000 | 417583 |
| Hilton Domestic Operating Co., Inc. |  |  |
| 5.50%, 03/31/34 144A | 1220000 | 1230006 |
| Home Depot, Inc. (The) |  |  |
| 3.90%, 12/06/28 | 275000 | 276161 |
| 3.25%, 04/15/32Δ | 700000 | 660251 |
| Host Hotels & Resorts LP REIT |  |  |
| 2.90%, 12/15/31 | 292000 | 265036 |
| 5.70%, 07/01/34 | 1100000 | 1141570 |
| 5.50%, 04/15/35 | 1915000 | 1942625 |
| Howard Midstream Energy <br> Partners LLC |  |  |
| 6.63%, 01/15/34 144A | 590000 | 606405 |
| HP, Inc. |  |  |
| 4.00%, 04/15/29 | 130000 | 128739 |
| HPS Corporate Lending Fund |  |  |
| 4.90%, 09/11/28 144A Δ | 800000 | 796376 |
| Humana, Inc. |  |  |
| 5.50%, 03/15/53 | 216000 | 197399 |
| Hyatt Hotels Corporation |  |  |
| 5.50%, 06/30/34Δ | 1468000 | 1517156 |
| 5.40%, 12/15/35 | 875000 | 879271 |
| Hyundai Capital America |  |  |
| 1.65%, 09/17/26 144A Δ | 2300000 | 2263149 |
| 5.30%, 03/19/27 144A | 1000000 | 1014805 |
| Ingersoll Rand, Inc. |  |  |
| 5.31%, 06/15/31 | 408000 | 427696 |
| 5.70%, 08/14/33 | 2290000 | 2431073 |
| Insulet Corporation |  |  |
| 6.50%, 04/01/33 144A Δ | 155000 | 162163 |
| Intel Corporation |  |  |
| 5.20%, 02/10/33Δ | 925000 | 945417 |

---

**92**

See Notes to Financial Statements.

------

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| 5.15%, 02/21/34Δ | $378000 | $383603 |
| 5.70%, 02/10/53 | 250000 | 234256 |
| Intercontinental Exchange, Inc. |  |  |
| 3.63%, 09/01/28 | 395000 | 392424 |
| 3.00%, 06/15/50 | 1500000 | 988414 |
| International Flavors & Fragrances, <br> Inc. |  |  |
| 1.83%, 10/15/27 144A | 195000 | 187272 |
| Invitation Homes Operating <br> Partnership LP REIT |  |  |
| 2.30%, 11/15/28 | 425000 | 404449 |
| IPALCO Enterprises, Inc. |  |  |
| 4.25%, 05/01/30 | 2450000 | 2399520 |
| IQVIA, Inc. |  |  |
| 6.25%, 06/01/32 144A | 1350000 | 1412327 |
| ITC Holdings Corporation |  |  |
| 2.95%, 05/14/30 144A | 1900000 | 1797259 |
| Jackson National Life Global Funding |  |  |
| 5.55%, 07/02/27 144A | 700000 | 715135 |
| Jane Street Group |  |  |
| 7.13%, 04/30/31 144A | 1220000 | 1282649 |
| 6.75%, 05/01/33 144A | 2445000 | 2553696 |
| JBS U.S.A. Holding Lux S.a.r.l. |  |  |
| 6.75%, 03/15/34 | 290000 | 320573 |
| 5.50%, 01/15/36 144A Δ | 1000000 | 1017431 |
| JBS U.S.A. LUX S.a.r.l. |  |  |
| 5.95%, 04/20/35 144A | 905000 | 953815 |
| Jefferies Finance LLC |  |  |
| 6.63%, 10/15/31 144A | 950000 | 935637 |
| Jefferies Financial Group, Inc. |  |  |
| 6.20%, 04/14/34Δ | 3490000 | 3692021 |
| JH North America Holdings, Inc. |  |  |
| 5.88%, 01/31/31 144A | 180000 | 183994 |
| 6.13%, 07/31/32 144A | 255000 | 261911 |
| JPMorgan Chase & Co. |  |  |
| 2.95%, 10/01/26 | 700000 | 695640 |
| 3.63%, 12/01/27 | 1025000 | 1020361 |
| (Variable, CME Term SOFR 3M + <br> 1.60%), 3.78%, 02/01/28^ | 1219000 | 1216628 |
| (Floating, U.S. SOFR + 0.92%), <br> 4.87%, 04/22/28† | 1700000 | 1708343 |
| (Variable, U.S. SOFR + 0.93%), <br> 5.57%, 04/22/28^ | 1900000 | 1938526 |
| (Variable, CME Term SOFR 3M + <br> 1.21%), 3.51%, 01/23/29^ | 1125000 | 1115230 |
| (Variable, U.S. SOFR + 1.45%), <br> 5.30%, 07/24/29^ | 2000000 | 2062473 |
| (Variable, CME Term SOFR 3M + <br> 1.59%), 4.45%, 12/05/29^ | 800000 | 808576 |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 5Y + <br> 2.15%), 6.50%, 04/01/30ρ Δ ^ | 2625000 | 2728420 |
| (Variable, U.S. SOFR + 1.16%), <br> 5.58%, 04/22/30^ | 1000000 | 1044198 |
| (Variable, U.S. SOFR + 1.75%), <br> 4.57%, 06/14/30^ | 1200000 | 1215143 |
| (Variable, CME Term SOFR 3M + <br> 3.79%), 4.49%, 03/24/31^ | 75000 | 75737 |
| (Variable, U.S. SOFR + 2.04%), <br> 2.52%, 04/22/31^ | 3650000 | 3403987 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| (Variable, CME Term SOFR 3M + <br> 2.52%), 2.96%, 05/13/31^ | $225000 | $212501 |
| (Variable, U.S. SOFR + 1.85%), <br> 5.35%, 06/01/34^ | 3210000 | 3341654 |
| (Variable, U.S. SOFR + 1.34%), <br> 4.95%, 10/22/35^ | 1090000 | 1103535 |
| (Variable, U.S. SOFR + 1.32%), <br> 5.50%, 01/24/36^ | 350000 | 366780 |
| (Variable, U.S. SOFR + 1.68%), <br> 5.57%, 04/22/36^ | 2970000 | 3125364 |
| Kilroy Realty LP REIT |  |  |
| 4.75%, 12/15/28 | 1728000 | 1737883 |
| Kinder Morgan Energy Partners LP |  |  |
| 5.80%, 03/15/35 | 150000 | 158310 |
| Kinetik Holdings LP |  |  |
| 6.63%, 12/15/28 144A | 796000 | 820157 |
| Kodiak Gas Services LLC |  |  |
| 6.50%, 10/01/33 144A | 535000 | 546989 |
| 6.75%, 10/01/35 144A | 315000 | 323948 |
| L3Harris Technologies, Inc. |  |  |
| 5.40%, 07/31/33 | 1285000 | 1340878 |
| Lamar Media Corporation |  |  |
| 5.38%, 11/01/33 144A Δ | 1640000 | 1631304 |
| Lazard Group LLC |  |  |
| 5.63%, 08/01/35Δ | 2875000 | 2953986 |
| LBJ Infrastructure Group LLC |  |  |
| 3.80%, 12/31/57 144A Δ | 1450000 | 1020722 |
| Leidos, Inc. |  |  |
| 5.75%, 03/15/33 | 750000 | 796251 |
| 5.50%, 03/15/35Δ | 2615000 | 2725486 |
| Lowe's Cos., Inc. |  |  |
| 1.70%, 09/15/28 | 1025000 | 966449 |
| 1.70%, 10/15/30 | 775000 | 689388 |
| 3.00%, 10/15/50 | 175000 | 111827 |
| 4.25%, 04/01/52Δ | 550000 | 435075 |
| LPL Holdings, Inc. |  |  |
| 6.00%, 05/20/34 | 400000 | 422627 |
| 5.75%, 06/15/35 | 300000 | 309536 |
| M&T Bank Corporation |  |  |
| (Variable, U.S. SOFR + 1.85%), <br> 5.05%, 01/27/34^ | 785000 | 791563 |
| Maple Grove Funding Trust I |  |  |
| 4.16%, 08/15/51 144A | 495000 | 350351 |
| Marathon Petroleum Corporation |  |  |
| 3.80%, 04/01/28 | 150000 | 149305 |
| Marriott International, Inc. |  |  |
| 4.90%, 04/15/29 | 375000 | 384196 |
| 4.88%, 05/15/29 | 530000 | 542779 |
| 2.85%, 04/15/31Δ | 1075000 | 998443 |
| 5.50%, 04/15/37 | 1770000 | 1816520 |
| Mars, Inc. |  |  |
| 4.80%, 03/01/30 144A | 2350000 | 2403560 |
| 3.20%, 04/01/30 144A | 425000 | 409247 |
| 5.00%, 03/01/32 144A | 2075000 | 2142598 |
| 5.20%, 03/01/35 144A | 450000 | 463633 |
| Marsh & McLennan Cos., Inc. |  |  |
| 5.00%, 03/15/35Δ | 1530000 | 1554193 |

---

See Notes to Financial Statements.

**93**

------

**MEDIUM-DURATION BOND FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Martin Marietta Materials, Inc. |  |  |
| 3.20%, 07/15/51 | $375000 | $254821 |
| Masco Corporation |  |  |
| 1.50%, 02/15/28 | 2200000 | 2084897 |
| Matador Resources Co. |  |  |
| 6.50%, 04/15/32 144A | 40000 | 40593 |
| Mercedes-Benz Finance North <br> America LLC |  |  |
| 4.90%, 11/15/27 144A | 1400000 | 1426829 |
| Meritage Homes Corporation |  |  |
| 5.65%, 03/15/35Δ | 1815000 | 1858959 |
| Meta Platforms, Inc. |  |  |
| 4.20%, 11/15/30 | 2225000 | 2233203 |
| 3.85%, 08/15/32 | 3000 | 2915 |
| 4.88%, 11/15/35 | 2705000 | 2706972 |
| 5.63%, 11/15/55 | 950000 | 914325 |
| 5.75%, 05/15/63Δ | 890000 | 858826 |
| MetLife, Inc. |  |  |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 5Y + <br> 2.08%), 6.35%, 03/15/55^ | 600000 | 633032 |
| Metropolitan Life Global Funding I |  |  |
| 3.45%, 12/18/26 144A | 2000000 | 1993579 |
| Micron Technology, Inc. |  |  |
| 5.88%, 09/15/33 | 1515000 | 1612177 |
| MidAmerican Energy Co. |  |  |
| 3.65%, 04/15/29 | 400000 | 395677 |
| Miter Brands Acquisition Holdco, Inc. |  |  |
| 6.75%, 04/01/32 144A | 650000 | 666780 |
| Morgan Stanley |  |  |
| (Variable, U.S. SOFR + 1.30%), <br> 5.05%, 01/28/27^ | 200000 | 200142 |
| 3.95%, 04/23/27 | 448000 | 447886 |
| (Floating, U.S. SOFR + 1.02%), <br> 4.99%, 04/13/28† | 3100000 | 3113502 |
| (Variable, U.S. SOFR + 1.01%), <br> 5.65%, 04/13/28^ | 800000 | 816065 |
| (Variable, U.S. SOFR + 1.73%), <br> 5.12%, 02/01/29^ | 2400000 | 2450695 |
| (Variable, U.S. SOFR + 1.59%), <br> 5.16%, 04/20/29^ | 2430000 | 2486371 |
| (Variable, CME Term SOFR 3M + <br> 1.89%), 4.43%, 01/23/30^ | 200000 | 201275 |
| (Variable, U.S. SOFR + 1.26%), <br> 5.66%, 04/18/30^ | 800000 | 834282 |
| (Variable, U.S. SOFR + 1.11%), <br> 5.23%, 01/15/31^ | 300000 | 309771 |
| (Variable, U.S. SOFR + 1.14%), <br> 2.70%, 01/22/31^ | 1225000 | 1150385 |
| (Variable, U.S. SOFR + 1.03%), <br> 1.79%, 02/13/32^ | 825000 | 726239 |
| (Variable, U.S. SOFR + 2.08%), <br> 4.89%, 07/20/33^ | 1200000 | 1219682 |
| (Variable, U.S. SOFR + 2.05%), <br> 6.63%, 11/01/34Δ ^ | 3901000 | 4372054 |
| (Variable, U.S. SOFR + 1.73%), <br> 5.47%, 01/18/35Δ ^ | 848000 | 883616 |
| (Variable, U.S. SOFR + 1.58%), <br> 5.83%, 04/19/35^ | 7485000 | 7970448 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| (Variable, U.S. SOFR + 1.56%), <br> 5.32%, 07/19/35^ | $700000 | $722365 |
| (Variable, U.S. SOFR + 1.76%), <br> 5.66%, 04/17/36^ | 825000 | 868216 |
| (Variable, U.S. SOFR + 1.36%), <br> 2.48%, 09/16/36^ | 1250000 | 1100979 |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 5Y + <br> 1.80%), 5.94%, 02/07/39Δ ^ | 400000 | 421283 |
| Morgan Stanley Private Bank NA |  |  |
| (Variable, U.S. SOFR + 1.02%), <br> 4.47%, 11/19/31^ | 1696000 | 1701680 |
| Motorola Solutions, Inc. |  |  |
| 5.55%, 08/15/35Δ | 1900000 | 1979910 |
| MPLX LP |  |  |
| 4.80%, 02/15/29 | 600000 | 610050 |
| 5.40%, 09/15/35Δ | 575000 | 580444 |
| 4.50%, 04/15/38 | 125000 | 114375 |
| 5.50%, 02/15/49 | 435000 | 401653 |
| 5.65%, 03/01/53 | 50000 | 46674 |
| 5.95%, 04/01/55Δ | 600000 | 581143 |
| 6.20%, 09/15/55 | 500000 | 499167 |
| MSCI, Inc. |  |  |
| 3.88%, 02/15/31 144A | 1580000 | 1519707 |
| 5.25%, 09/01/35Δ | 1325000 | 1337709 |
| 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 | 1046525 |
| Nassau Cos. of New York (The) |  |  |
| 7.88%, 07/15/30 144A | 345000 | 329677 |
| Nature Conservancy (The) |  |  |
| 0.94%, 07/01/26 | 25000 | 24519 |
| 1.30%, 07/01/28 | 25000 | 23059 |
| Neogen Food Safety Corporation |  |  |
| 8.63%, 07/20/30 144A Δ | 625000 | 669692 |
| NetApp, Inc. |  |  |
| 5.70%, 03/17/35Δ | 550000 | 578457 |
| NextEra Energy Capital Holdings, <br> Inc. |  |  |
| 1.90%, 06/15/28 | 1090000 | 1039254 |
| 2.25%, 06/01/30 | 1900000 | 1749717 |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 5Y + <br> 2.05%), 6.38%, 08/15/55^ | 240000 | 247895 |
| Niagara Mohawk Power Corporation |  |  |
| 4.28%, 12/15/28 144A | 2000000 | 2005567 |
| NiSource, Inc. |  |  |
| 3.60%, 05/01/30 | 125000 | 121628 |
| 3.95%, 03/30/48 | 500000 | 392906 |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 5Y + <br> 2.04%), 5.75%, 07/15/56Δ ^ | 275000 | 277221 |
| Nissan Motor Acceptance Co. LLC |  |  |
| 2.75%, 03/09/28 144A Δ | 2200000 | 2091984 |
| NNN REIT, Inc. REIT |  |  |
| 3.60%, 12/15/26 | 275000 | 273984 |

---

**94**

See Notes to Financial Statements.

------

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Northwestern Mutual Life Insurance <br> Co. (The) |  |  |
| 6.06%, 03/30/40 144A | $350000 | $373565 |
| 3.85%, 09/30/47 144A | 250000 | 195172 |
| Novelis Corporation |  |  |
| 6.38%, 08/15/33 144A | 525000 | 532650 |
| NRG Energy, Inc. |  |  |
| 7.00%, 03/15/33 144A | 700000 | 777218 |
| NuStar Logistics LP |  |  |
| 6.38%, 10/01/30 | 221000 | 232747 |
| Nuveen LLC |  |  |
| 5.85%, 04/15/34 144A | 300000 | 316157 |
| Occidental Petroleum Corporation |  |  |
| 7.88%, 09/15/31 | 445000 | 509181 |
| 5.38%, 01/01/32Δ | 1350000 | 1383186 |
| 6.45%, 09/15/36 | 150000 | 159990 |
| Omega Healthcare Investors, Inc. <br> REIT |  |  |
| 3.63%, 10/01/29 | 1600000 | 1551993 |
| OneMain Finance Corporation |  |  |
| 7.88%, 03/15/30 | 300000 | 317315 |
| 7.50%, 05/15/31 | 150000 | 158164 |
| 7.13%, 11/15/31Δ | 800000 | 835719 |
| ONEOK, Inc. |  |  |
| 5.38%, 06/01/29 | 100000 | 103173 |
| 6.35%, 01/15/31 | 1600000 | 1720558 |
| 5.65%, 09/01/34 | 100000 | 103767 |
| 5.05%, 11/01/34 | 3100000 | 3080514 |
| 6.25%, 10/15/55Δ | 1025000 | 1032207 |
| Oracle Corporation |  |  |
| 2.95%, 04/01/30 | 146000 | 134986 |
| 4.65%, 05/06/30Δ | 700000 | 694751 |
| 2.88%, 03/25/31 | 1820000 | 1634903 |
| 4.80%, 09/26/32 | 2080000 | 2018633 |
| 6.25%, 11/09/32 | 1275000 | 1333352 |
| 4.90%, 02/06/33Δ | 1071000 | 1034359 |
| 5.20%, 09/26/35Δ | 5391000 | 5179116 |
| 3.60%, 04/01/40 | 450000 | 335081 |
| 5.88%, 09/26/45 | 250000 | 226502 |
| 4.00%, 07/15/46 | 275000 | 191717 |
| 3.95%, 03/25/51 | 41000 | 27122 |
| 6.90%, 11/09/52 | 875000 | 867959 |
| 6.00%, 08/03/55 | 82000 | 72632 |
| 5.95%, 09/26/55 | 1518000 | 1351642 |
| 6.10%, 09/26/65 | 150000 | 132900 |
| Otis Worldwide Corporation |  |  |
| 2.57%, 02/15/30 | 25000 | 23442 |
| 5.13%, 09/04/35 | 205000 | 209482 |
| Owens Corning |  |  |
| 5.70%, 06/15/34Δ | 2285000 | 2409173 |
| Pacific Beacon LLC |  |  |
| 5.51%, 07/15/36 144A | 750000 | 737236 |
| Pacific Gas and Electric Co. |  |  |
| 3.15%, 01/01/26 | 1300000 | 1300000 |
| 2.95%, 03/01/26 | 800000 | 798029 |
| 2.10%, 08/01/27 | 275000 | 266812 |
| 4.55%, 07/01/30 | 1800000 | 1794456 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| 2.50%, 02/01/31 | $500000 | $451180 |
| 6.40%, 06/15/33 | 2000000 | 2165010 |
| 5.80%, 05/15/34 | 2545000 | 2648865 |
| 3.30%, 08/01/40 | 150000 | 114245 |
| PacifiCorp |  |  |
| 5.80%, 01/15/55 | 1500000 | 1405088 |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 5Y + <br> 3.32%), 7.38%, 09/15/55Δ ^ | 345000 | 351876 |
| Paramount Global |  |  |
| 5.90%, 10/15/40 | 158000 | 137900 |
| 5.25%, 04/01/44 | 256000 | 194613 |
| 4.90%, 08/15/44 | 291000 | 209708 |
| PartnerRe Finance B LLC |  |  |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 5Y + <br> 3.82%), 4.50%, 10/01/50^ | 400000 | 378164 |
| Paychex, Inc. |  |  |
| 5.60%, 04/15/35Δ | 440000 | 461649 |
| PayPal Holdings, Inc. |  |  |
| 2.65%, 10/01/26 | 50000 | 49597 |
| PeaceHealth Obligated Group |  |  |
| 4.34%, 11/15/28 | 1010000 | 1015403 |
| PennyMac Financial Services, Inc. |  |  |
| 7.88%, 12/15/29 144A | 300000 | 319405 |
| 6.75%, 02/15/34 144A | 150000 | 155166 |
| Penske Truck Leasing Co. LP |  |  |
| 5.25%, 07/01/29 144A | 2293000 | 2360614 |
| Pershing Square Holdings, Ltd. |  |  |
| 3.25%, 11/15/30 | 250000 | 232909 |
| Phillips 66 Co. |  |  |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 5Y + <br> 2.28%), 5.88%, 03/15/56^ | 175000 | 173214 |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 5Y + <br> 2.17%), 6.20%, 03/15/56^ | 100000 | 99644 |
| Pilgrim's Pride Corporation |  |  |
| 4.25%, 04/15/31 | 5000 | 4886 |
| 3.50%, 03/01/32 | 3430000 | 3177245 |
| Plains All American Pipeline LP |  |  |
| 5.70%, 09/15/34 | 1300000 | 1345049 |
| 5.60%, 01/15/36Δ | 400000 | 405770 |
| Polaris, Inc. |  |  |
| 5.60%, 03/01/31Δ | 600000 | 606946 |
| Post Holdings, Inc. |  |  |
| 6.50%, 03/15/36 144A | 1750000 | 1754019 |
| Prime Property Fund, LLC |  |  |
| 5.81%, 07/15/35††† | 800000 | 809641 |
| Progress Energy, Inc. |  |  |
| 7.75%, 03/01/31 | 400000 | 458715 |
| Prologis LP REIT |  |  |
| 4.20%, 02/15/33(C) | 900000 | 659537 |
| Prudential Financial, Inc. |  |  |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 5Y + <br> 3.23%), 6.00%, 09/01/52^ | 600000 | 620320 |

---

See Notes to Financial Statements.

**95**

------

**MEDIUM-DURATION BOND FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 5Y + <br> 2.85%), 6.75%, 03/01/53^ | $400000 | $428120 |
| Public Storage Operating Co. REIT |  |  |
| 0.50%, 09/09/30(E) | 2000000 | 2080108 |
| Qnity Electronics, Inc. |  |  |
| 5.75%, 08/15/32 144A | 365000 | 373650 |
| 6.25%, 08/15/33 144A | 230000 | 238694 |
| QTS Thunder |  |  |
| 5.42%, 08/21/32††† | 3150000 | 3177421 |
| Quikrete Holdings, Inc. |  |  |
| 6.38%, 03/01/32 144A | 300000 | 312466 |
| QXO Building Products, Inc. |  |  |
| 6.75%, 04/30/32 144A | 1185000 | 1238584 |
| Regency Centers LP REIT |  |  |
| 2.95%, 09/15/29 | 875000 | 841241 |
| Regeneron Pharmaceuticals, Inc. |  |  |
| 1.75%, 09/15/30 | 1500000 | 1340204 |
| Reinsurance Group of America, Inc. |  |  |
| 5.75%, 09/15/34 | 750000 | 784699 |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 5Y + <br> 2.39%), 6.65%, 09/15/55Δ ^ | 150000 | 155606 |
| Republic Services, Inc. |  |  |
| 4.88%, 04/01/29 | 400000 | 410692 |
| RGA Global Funding |  |  |
| 4.60%, 11/25/30 144A | 550000 | 551069 |
| 5.00%, 08/25/32 144A Δ | 975000 | 984227 |
| Rocket Cos., Inc. |  |  |
| 6.13%, 08/01/30 144A | 850000 | 879397 |
| 6.38%, 08/01/33 144A | 995000 | 1038652 |
| Rocket Mortgage LLC |  |  |
| 4.00%, 10/15/33 144A Δ | 4950000 | 4602590 |
| Roper Technologies, Inc. |  |  |
| 4.20%, 09/15/28 | 575000 | 576973 |
| Royal Caribbean Cruises, Ltd. |  |  |
| 6.00%, 02/01/33 144A | 3910000 | 4023167 |
| 5.38%, 01/15/36 | 325000 | 327319 |
| RTX Corporation |  |  |
| 3.50%, 03/15/27 | 550000 | 547694 |
| 4.13%, 11/16/28 | 600000 | 602753 |
| 6.10%, 03/15/34Δ | 2745000 | 3010658 |
| Sabine Pass Liquefaction LLC |  |  |
| 5.00%, 03/15/27 | 475000 | 478342 |
| Sabra Health Care LP REIT |  |  |
| 3.90%, 10/15/29 | 1500000 | 1472734 |
| Safehold GL Holdings LLC REIT |  |  |
| 2.85%, 01/15/32Δ | 750000 | 677810 |
| 6.10%, 04/01/34Δ | 350000 | 371694 |
| 5.65%, 01/15/35 | 53000 | 54637 |
| Santander Holdings U.S.A., Inc. |  |  |
| 3.24%, 10/05/26 | 1100000 | 1093509 |
| SBA Tower Trust REIT |  |  |
| 1.84%, 04/15/27 144A | 1000000 | 969068 |
| 2.33%, 01/15/28 144A | 2300000 | 2211409 |
| Sempra |  |  |
| 3.40%, 02/01/28 | 300000 | 295643 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Sensata Technologies, Inc. |  |  |
| 3.75%, 02/15/31 144A | $990000 | $929675 |
| ServiceNow, Inc. |  |  |
| 1.40%, 09/01/30 | 775000 | 683831 |
| Sherwin-Williams Co. (The) |  |  |
| 2.95%, 08/15/29 | 550000 | 527694 |
| Sierra Pacific Power Co. |  |  |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 5Y + <br> 2.55%), 6.20%, 12/15/55Δ ^ | 200000 | 198319 |
| Skyworks Solutions, Inc. |  |  |
| 1.80%, 06/01/26 | 2200000 | 2176218 |
| Smithfield Foods, Inc. |  |  |
| 5.20%, 04/01/29 144A | 650000 | 659620 |
| 2.63%, 09/13/31 144A | 250000 | 221853 |
| Snap, Inc. |  |  |
| 6.88%, 03/15/34 144A Δ | 1014000 | 1044840 |
| Solstice Advanced Materials, Inc. |  |  |
| 5.63%, 09/30/33 144A | 260000 | 262448 |
| Solventum Corporation |  |  |
| 5.40%, 03/01/29Δ | 303000 | 314081 |
| 5.60%, 03/23/34 | 715000 | 745774 |
| Sotheby's |  |  |
| 5.88%, 06/01/29 144A Δ | 325000 | 304003 |
| Southern California Edison Co. |  |  |
| 4.20%, 03/01/29 | 450000 | 447630 |
| Southern California Gas Co. |  |  |
| 2.95%, 04/15/27 | 2100000 | 2078627 |
| Southern Co. (The) |  |  |
| 5.70%, 03/15/34 | 2835000 | 2991890 |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 5Y + <br> 2.92%), 3.75%, 09/15/51^ | 87000 | 86063 |
| Southern Co. Gas Capital Corporation |  |  |
| 3.25%, 06/15/26 | 300000 | 299005 |
| Spire Missouri, Inc. |  |  |
| 5.15%, 08/15/34 | 800000 | 823034 |
| Spire, Inc. |  |  |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 5Y + <br> 2.56%), 6.25%, 06/01/56^ | 250000 | 249448 |
| Sprint Capital Corporation |  |  |
| 6.88%, 11/15/28 | 1500000 | 1610678 |
| 8.75%, 03/15/32 | 1205000 | 1459910 |
| Standard Building Solutions, Inc. |  |  |
| 6.25%, 08/01/33 144A | 1615000 | 1650695 |
| Stanley Black & Decker, Inc. |  |  |
| 3.00%, 05/15/32Δ | 500000 | 454073 |
| Starbucks Corporation |  |  |
| 4.00%, 11/15/28 | 550000 | 549761 |
| 2.55%, 11/15/30Δ | 1900000 | 1759048 |
| Starwood Property Trust, Inc. |  |  |
| 5.25%, 10/15/28 144A | 1195000 | 1208398 |
| 7.25%, 04/01/29 144A | 1820000 | 1924382 |
| 5.75%, 01/15/31 144A | 740000 | 750429 |

---

**96**

See Notes to Financial Statements.

------

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| State Street Corporation |  |  |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 5Y + <br> 2.61%), 6.70%, 03/15/29ρ Δ ^ | $950000 | $987729 |
| (Variable, U.S. SOFR + 2.65%), <br> 3.15%, 03/30/31^ | 50000 | 48267 |
| Steel Dynamics, Inc. |  |  |
| 1.65%, 10/15/27 | 325000 | 312477 |
| 5.25%, 05/15/35 | 785000 | 804652 |
| Stellantis Finance U.S., Inc. |  |  |
| 5.75%, 03/18/30 144A Δ | 500000 | 516379 |
| Stellantis Financial Services <br> U.S. Corporation |  |  |
| 5.40%, 09/15/30 144A | 700000 | 711781 |
| Stewart Information Services <br> Corporation |  |  |
| 3.60%, 11/15/31 | 3360000 | 2980778 |
| Stifel Financial Corporation |  |  |
| 4.00%, 05/15/30 | 1900000 | 1863797 |
| Stolthaven Houston, Inc. |  |  |
| 5.98%, 07/17/34††† | 588000 | 601566 |
| Stonex Escrow Issuer LLC |  |  |
| 6.88%, 07/15/32 144A | 1270000 | 1317151 |
| Stryker Corporation |  |  |
| 4.63%, 09/11/34Δ | 1900000 | 1892647 |
| Sunoco LP |  |  |
| 5.63%, 03/15/31 144A Δ | 490000 | 493865 |
| 6.63%, 08/15/32 144A | 800000 | 825990 |
| 6.25%, 07/01/33 144A | 505000 | 517756 |
| 5.88%, 03/15/34 144A | 1410000 | 1410533 |
| Symetra Life Insurance Co. |  |  |
| 6.55%, 10/01/55 144A | 250000 | 259844 |
| Synchrony Financial |  |  |
| (Variable, U.S. SOFR + 1.68%), <br> 5.45%, 03/06/31^ | 520000 | 533771 |
| Synopsys, Inc. |  |  |
| 5.15%, 04/01/35Δ | 765000 | 779310 |
| 5.70%, 04/01/55Δ | 895000 | 891573 |
| Sysco Corporation |  |  |
| 6.60%, 04/01/40 | 700000 | 776277 |
| Targa Resources Corporation |  |  |
| 4.20%, 02/01/33 | 380000 | 364561 |
| 6.50%, 03/30/34 | 3150000 | 3444552 |
| 5.50%, 02/15/35 | 400000 | 410679 |
| 5.40%, 07/30/36 | 775000 | 778180 |
| Targa Resources Partners LP |  |  |
| 6.88%, 01/15/29 | 924000 | 935035 |
| Taylor Morrison Communities, Inc. |  |  |
| 5.75%, 11/15/32 144A Δ | 262000 | 269732 |
| TD SYNNEX Corporation |  |  |
| 6.10%, 04/12/34 | 2255000 | 2387757 |
| 5.30%, 10/10/35 | 830000 | 825134 |
| Textron, Inc. |  |  |
| 2.45%, 03/15/31 | 1700000 | 1545340 |
| 6.10%, 11/15/33 | 3210000 | 3468861 |
| Thor FinanceCo LLC |  |  |
| 5.22%, 10/30/30††† | 600000 | 601853 |
| Time Warner Cable LLC |  |  |
| 6.55%, 05/01/37 | 25000 | 25569 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| 5.88%, 11/15/40 | $125000 | $116147 |
| T-Mobile U.S.A., Inc. |  |  |
| 3.75%, 04/15/27 | 2050000 | 2044451 |
| 3.88%, 04/15/30 | 171000 | 168370 |
| 2.55%, 02/15/31 | 1200000 | 1097537 |
| 5.20%, 01/15/33 | 5075000 | 5246656 |
| 5.75%, 01/15/34Δ | 3810000 | 4049647 |
| Toyota Motor Credit Corporation |  |  |
| (Floating, U.S. SOFR + 0.77%), <br> 4.66%, 08/07/26† | 1200000 | 1204043 |
| TPG Operating Group II LP |  |  |
| 5.88%, 03/05/34 | 486000 | 508437 |
| 5.38%, 01/15/36 | 151000 | 150902 |
| TransDigm, Inc. |  |  |
| 6.63%, 03/01/32 144A | 48000 | 50003 |
| 6.25%, 01/31/34 144A | 195000 | 202430 |
| Travel + Leisure Co. |  |  |
| 6.13%, 09/01/33 144A | 1009000 | 1024919 |
| Trimble, Inc. |  |  |
| 6.10%, 03/15/33Δ | 1725000 | 1861037 |
| TriNet Group, Inc. |  |  |
| 7.13%, 08/15/31 144A | 500000 | 517413 |
| Trinity Industries, Inc. |  |  |
| 7.75%, 07/15/28 144A | 750000 | 779640 |
| Truist Financial Corporation |  |  |
| (Variable, U.S. SOFR + 2.05%), <br> 6.05%, 06/08/27^ | 240000 | 241977 |
| Trustage Financial Group, Inc. |  |  |
| 4.63%, 04/15/32 144A | 1300000 | 1257202 |
| U.S. Bancorp |  |  |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 5Y + <br> 2.54%), 3.70%, 01/15/27ρ Δ ^ | 875000 | 855279 |
| (Variable, U.S. SOFR + 2.02%), <br> 5.78%, 06/12/29^ | 655000 | 681278 |
| (Variable, U.S. SOFR + 2.11%), <br> 4.97%, 07/22/33^ | 2535000 | 2558357 |
| (Variable, U.S. SOFR + 2.09%), <br> 5.85%, 10/21/33Δ ^ | 2350000 | 2521119 |
| U.S.A. Compression Partners LP |  |  |
| 6.25%, 10/01/33 144A Δ | 550000 | 556976 |
| Uber Technologies, Inc. |  |  |
| 4.50%, 08/15/29 144A Δ | 3115000 | 3121224 |
| 4.80%, 09/15/35Δ | 545000 | 542494 |
| UDR, Inc. REIT |  |  |
| 3.20%, 01/15/30 | 1200000 | 1154646 |
| United Rentals North America, Inc. |  |  |
| 6.13%, 03/15/34 144A | 1010000 | 1053352 |
| United Wholesale Mortgage LLC |  |  |
| 5.50%, 04/15/29 144A | 1000000 | 994155 |
| UWM Holdings LLC |  |  |
| 6.25%, 03/15/31 144A | 500000 | 499443 |
| Ventas Realty LP REIT |  |  |
| 3.00%, 01/15/30 | 1700000 | 1620703 |
| Venture Global Calcasieu Pass LLC |  |  |
| 6.25%, 01/15/30 144A | 475000 | 481306 |
| 4.13%, 08/15/31 144A | 137000 | 124602 |
| 3.88%, 11/01/33 144A Δ | 1008000 | 864926 |

---

See Notes to Financial Statements.

**97**

------

**MEDIUM-DURATION BOND FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Venture Global LNG, Inc. |  |  |
| 9.50%, 02/01/29 144A | $400000 | $414867 |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 5Y + <br> 5.44%), 9.00%, 09/30/29 <br> 144A ρ Δ ^ | 450000 | 355707 |
| 9.88%, 02/01/32 144A Δ | 150000 | 155055 |
| Venture Global Plaquemines <br> LNG LLC |  |  |
| 6.13%, 12/15/30 144A | 966000 | 984598 |
| 7.50%, 05/01/33 144A | 830000 | 897276 |
| 6.50%, 01/15/34 144A | 552000 | 565662 |
| 6.50%, 06/15/34 144A | 718000 | 734422 |
| 7.75%, 05/01/35 144A | 180000 | 196812 |
| 6.75%, 01/15/36 144A | 250000 | 256190 |
| Veralto Corporation |  |  |
| 5.45%, 09/18/33 | 2285000 | 2390013 |
| Verisk Analytics, Inc. |  |  |
| 5.25%, 03/15/35 | 820000 | 836378 |
| Verizon Communications, Inc. |  |  |
| 1.75%, 01/20/31Δ | 750000 | 660922 |
| 2.55%, 03/21/31 | 1125000 | 1029273 |
| 5.75%, 11/30/45 | 425000 | 423605 |
| VFH Parent LLC |  |  |
| 7.50%, 06/15/31 144A | 1490000 | 1564345 |
| Viking Cruises, Ltd. |  |  |
| 5.88%, 10/15/33 144A | 1640000 | 1665878 |
| Viper Energy Partners LLC |  |  |
| 4.90%, 08/01/30 | 600000 | 607419 |
| 5.70%, 08/01/35 | 4960000 | 5064904 |
| Vistra Operations Co. LLC |  |  |
| 5.70%, 12/30/34 144A | 235000 | 242793 |
| 5.25%, 10/15/35 144A | 275000 | 274266 |
| VMware LLC |  |  |
| 3.90%, 08/21/27 | 500000 | 500502 |
| 1.80%, 08/15/28Δ | 250000 | 236737 |
| 2.20%, 08/15/31Δ | 675000 | 600844 |
| Volkswagen Group of America <br> Finance LLC |  |  |
| 5.05%, 03/27/28 144A | 600000 | 609703 |
| 5.65%, 09/12/28 144A | 300000 | 309722 |
| 5.35%, 03/27/30 144A | 900000 | 925947 |
| 5.65%, 03/25/32 144A | 900000 | 937327 |
| Vontier Corporation |  |  |
| 2.40%, 04/01/28 | 700000 | 671522 |
| Warnermedia Holdings, Inc. |  |  |
| 4.28%, 03/15/32 | 742000 | 652270 |
| 5.14%, 03/15/52 | 49000 | 32406 |
| Waste Management, Inc. |  |  |
| 1.15%, 03/15/28 | 275000 | 259637 |
| 4.95%, 07/03/31 | 888000 | 921265 |
| WEC Energy Group, Inc. |  |  |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 5Y + <br> 1.91%), 5.63%, 05/15/56Δ ^ | 275000 | 277394 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Wells Fargo & Co. |  |  |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 5Y + <br> 3.45%), 3.90%, 03/15/26ρ ^ | $1050000 | $1047374 |
| 3.00%, 10/23/26 | 1125000 | 1117072 |
| 4.30%, 07/22/27 | 1275000 | 1280608 |
| (Floating, U.S. SOFR + 1.07%), <br> 5.02%, 04/22/28† | 2600000 | 2615124 |
| (Variable, U.S. SOFR + 1.07%), <br> 5.71%, 04/22/28^ | 1900000 | 1939986 |
| (Variable, U.S. SOFR + 1.98%), <br> 4.81%, 07/25/28^ | 1800000 | 1820645 |
| 4.15%, 01/24/29Δ | 150000 | 150452 |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 5Y + <br> 2.77%), 6.85%, 09/15/29ρ Δ ^ | 750000 | 786799 |
| (Variable, U.S. SOFR + 1.50%), <br> 5.20%, 01/23/30^ | 3100000 | 3195481 |
| (Variable, U.S. SOFR + 2.02%), <br> 5.39%, 04/24/34^ | 2000000 | 2084201 |
| (Variable, U.S. SOFR + 1.74%), <br> 5.61%, 04/23/36^ | 1505000 | 1581034 |
| (Variable, U.S. SOFR + 1.34%), <br> 4.89%, 09/15/36Δ ^ | 1345000 | 1344336 |
| Welltower OP LLC REIT |  |  |
| 4.25%, 04/01/26 | 898000 | 898048 |
| WESCO Distribution, Inc. |  |  |
| 6.38%, 03/15/33 144A | 195000 | 203718 |
| Western Digital Corporation |  |  |
| 4.75%, 02/15/26 | 179000 | 179736 |
| Western Midstream Operating LP |  |  |
| 5.45%, 11/15/34 | 1875000 | 1892293 |
| 5.50%, 12/15/35Δ | 212000 | 211537 |
| 5.45%, 04/01/44 | 75000 | 68668 |
| 5.30%, 03/01/48 | 45000 | 38987 |
| Whirlpool Corporation |  |  |
| 5.75%, 03/01/34 | 170000 | 157886 |
| 4.60%, 05/15/50 | 50000 | 36811 |
| Whistler Pipeline LLC |  |  |
| 5.95%, 09/30/34 144A Δ | 850000 | 882758 |
| Williams Cos., Inc. (The) |  |  |
| 5.65%, 03/15/33 | 600000 | 633393 |
| Willis North America, Inc. |  |  |
| 5.15%, 03/15/36 | 223000 | 223589 |
| Workday, Inc. |  |  |
| 3.80%, 04/01/32 | 250000 | 239644 |
| WP Carey, Inc. REIT |  |  |
| 3.85%, 07/15/29 | 1025000 | 1012566 |
| WRKCo, Inc. |  |  |
| 4.00%, 03/15/28 | 1100000 | 1098267 |
| ZF North America Capital, Inc. |  |  |
| 6.88%, 04/23/32 144A | 1065000 | 1042253 |
| **Total Corporate Bonds** <br> (Cost $798,924,833) |  | 804629227 |

---

**98**

See Notes to Financial Statements.

------

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **FOREIGN BONDS — 9.1%** | **FOREIGN BONDS — 9.1%** | **FOREIGN BONDS — 9.1%** |
| **Australia — 0.2%** | **Australia — 0.2%** |  |
| Alumina Pty, Ltd. |  |  |
| 6.13%, 03/15/30 144A | $1410000 | $1462552 |
| 6.38%, 09/15/32 144A | 380000 | 396047 |
| Macquarie Bank, Ltd. |  |  |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 5Y + <br> 1.70%), 3.05%, 03/03/36 <br> 144A ^ | 225000 | 205331 |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 1Y + <br> 1.45%), 5.64%, 08/13/36 <br> 144A ^ | 1900000 | 1929831 |
| Macquarie Group, Ltd. |  |  |
| (Variable, U.S. SOFR + 2.41%), <br> 4.44%, 06/21/33 144A ^ | 650000 | 640761 |
| National Australia Bank, Ltd. |  |  |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 1Y + <br> 1.30%), 5.90%, 01/14/36 <br> 144A Δ ^ | 550000 | 579538 |
| Westpac Banking Corporation |  |  |
| (Variable, USD SOFR ICE Swap <br> Rate 5Y + 2.24%), 4.32%, <br> 11/23/31^ | 200000 | 199910 |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 5Y + <br> 2.00%), 4.11%, 07/24/34^ | 300000 | 295515 |
|  |  | 5709485 |
| **Bermuda — 0.0%** | **Bermuda — 0.0%** |  |
| DaVinciRe Holdings, Ltd. |  |  |
| 5.95%, 04/15/35 144A | 950000 | 980984 |
| RenaissanceRe Holdings, Ltd. |  |  |
| 5.80%, 04/01/35 | 600000 | 627788 |
|  |  | 1608772 |
| **Brazil — 0.8%** | **Brazil — 0.8%** |  |
| Brazil Letras do Tesouro Nacional |  |  |
| 0.00%, 04/01/26(B) » | 150500000 | 26567338 |
| Brazil Notas do Tesouro Nacional <br> Serie F |  |  |
| 10.00%, 01/01/31(B) | 8619000 | 1382419 |
| Brazilian Government International <br> Bond |  |  |
| 7.13%, 05/13/54 | 200000 | 198450 |
| 7.25%, 01/12/56 | 600000 | 595950 |
| Vale Overseas, Ltd. |  |  |
| 6.40%, 06/28/54 | 1160000 | 1184940 |
|  |  | 29929097 |
| **Canada — 1.1%** | **Canada — 1.1%** |  |
| 1011778 BC ULC |  |  |
| 5.63%, 09/15/29 144A | 545000 | 555593 |
| 4.00%, 10/15/30 144A | 605000 | 576601 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Alimentation Couche-Tard, Inc. |  |  |
| 3.55%, 07/26/27 144A | $75000 | $74537 |
| Ascot Group, Ltd. |  |  |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 5Y + <br> 2.38%), 6.35%, 06/15/35 <br> 144A ^ | 550000 | 570282 |
| Bell Telephone Co. of Canada |  |  |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 5Y + <br> 2.39%), 6.88%, 09/15/55^ | 150000 | 155371 |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 5Y + <br> 2.36%), 7.00%, 09/15/55Δ ^ | 550000 | 578285 |
| Brookfield Asset Management, Ltd. |  |  |
| 5.80%, 04/24/35Δ | 400000 | 420273 |
| Brookfield Finance, Inc. |  |  |
| 5.68%, 01/15/35 | 550000 | 571099 |
| 5.33%, 01/15/36 | 450000 | 451671 |
| 3.50%, 03/30/51 | 800000 | 558570 |
| Canadian Government Bond |  |  |
| 3.00%, 06/01/34(C) | 7800000 | 5554733 |
| 3.25%, 12/01/34(C) | 6700000 | 4845132 |
| Canadian Natural Resources, Ltd. |  |  |
| 5.40%, 12/15/34Δ | 1855000 | 1891032 |
| Cenovus Energy, Inc. |  |  |
| 5.40%, 03/20/36Δ | 1807000 | 1809001 |
| CGI, Inc. |  |  |
| 1.45%, 09/14/26 | 2300000 | 2260464 |
| CI Financial Corporation |  |  |
| 4.63%, 12/12/31(E) 144A | 700000 | 829114 |
| Constellation Software, Inc. |  |  |
| 5.46%, 02/16/34 144A | 551000 | 557171 |
| Enbridge, Inc. |  |  |
| 2.50%, 08/01/33Δ | 975000 | 839519 |
| 5.63%, 04/05/34 | 216000 | 226265 |
| 5.55%, 06/20/35 | 700000 | 725882 |
| Fairfax Financial Holdings, Ltd. |  |  |
| 5.63%, 08/16/32 | 800000 | 836741 |
| 6.00%, 12/07/33 | 500000 | 531870 |
| 5.75%, 05/20/35 | 400000 | 416554 |
| First Quantum Minerals, Ltd. |  |  |
| 9.38%, 03/01/29 144A | 504000 | 531349 |
| GFL Environmental, Inc. |  |  |
| 6.75%, 01/15/31 144A | 190000 | 199579 |
| Intact Financial Corporation |  |  |
| 5.46%, 09/22/32 144A Δ | 600000 | 621600 |
| Magna International, Inc. |  |  |
| 5.88%, 06/01/35‡‡ | 950000 | 1009722 |
| Province of Ontario Canada |  |  |
| 3.80%, 12/02/34(C) | 2200000 | 1609748 |
| Province of Quebec Canada |  |  |
| 4.45%, 09/01/34(C) | 7500000 | 5743534 |

---

See Notes to Financial Statements.

**99**

------

**MEDIUM-DURATION BOND FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Rogers Communications, Inc. |  |  |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 5Y + <br> 2.62%), 7.13%, 04/15/55^ | $150000 | $158373 |
| TELUS Corporation |  |  |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 5Y + <br> 2.77%), 6.63%, 10/15/55Δ ^ | 275000 | 280801 |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 5Y + <br> 2.71%), 7.00%, 10/15/55Δ ^ | 275000 | 286381 |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 5Y + <br> 2.69%), 6.38%, 06/09/56^ | 280000 | 280712 |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 5Y + <br> 2.52%), 6.63%, 06/09/56^ | 280000 | 279978 |
| Triton Container International, Ltd. |  |  |
| 3.15%, 06/15/31 144A | 564000 | 509651 |
| 3.25%, 03/15/32 | 975000 | 886946 |
|  |  | 38234134 |
| **Cayman Islands — 0.1%** | **Cayman Islands — 0.1%** |  |
| AP Grange Holdings LLC |  |  |
| 6.50%, 03/20/45††† | 2799415 | 2960382 |
| **Chile — 0.1%** | **Chile — 0.1%** |  |
| Chile Government International Bond |  |  |
| 4.95%, 01/05/36 | 1611005 | 1628323 |
| 4.34%, 03/07/42Δ | 210000 | 187425 |
| 3.10%, 01/22/61 | 1125000 | 700200 |
| 3.25%, 09/21/71 | 1750000 | 1087100 |
|  |  | 3603048 |
| **China — 0.1%** | **China — 0.1%** |  |
| Avolon Holdings Funding, Ltd. |  |  |
| 2.13%, 02/21/26 144A | 1001000 | 997763 |
| 5.38%, 05/30/30 144A | 430000 | 442294 |
| 4.70%, 01/30/31 144A | 674000 | 670611 |
| 4.95%, 10/15/32 144A | 900000 | 893511 |
|  |  | 3004179 |
| **Colombia — 0.0%** | **Colombia — 0.0%** |  |
| Ecopetrol SA |  |  |
| 8.63%, 01/19/29 | 90000 | 96528 |
| 6.88%, 04/29/30 | 40000 | 40606 |
| 7.75%, 02/01/32 | 120000 | 123658 |
| 8.88%, 01/13/33 | 110000 | 117149 |
|  |  | 377941 |
| **Costa Rica — 0.0%** | **Costa Rica — 0.0%** |  |
| Costa Rica Government International <br> Bond |  |  |
| 5.50%, 11/21/30(E) 144A | 750000 | 890651 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Denmark — 0.1%** | **Denmark — 0.1%** |  |
| Danske Bank A/S |  |  |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 1Y + <br> 1.40%), 5.71%, 03/01/30 <br> 144A ^ | $2100000 | $2184114 |
| Genmab A/S |  |  |
| 6.25%, 12/15/32 144A | 1505000 | 1543065 |
|  |  | 3727179 |
| **Egypt — 0.0%** | **Egypt — 0.0%** |  |
| Egyptian Financial Co. for Sovereign <br> Taskeek (The) |  |  |
| 7.95%, 10/07/32 144A | 370000 | 393033 |
| **Finland — 0.0%** | **Finland — 0.0%** |  |
| Nokia OYJ |  |  |
| 4.38%, 06/12/27 | 9000 | 9049 |
| **France — 0.3%** | **France — 0.3%** |  |
| BNP Paribas SA |  |  |
| (Variable, U.S. SOFR + 1.61%), <br> 1.90%, 09/30/28 144A ^ | 1800000 | 1733551 |
| BPCE SA |  |  |
| (Variable, U.S. SOFR + 1.98%), <br> 6.61%, 10/19/27 144A ^ | 1500000 | 1528756 |
| 4.63%, 09/12/28 144A | 375000 | 378592 |
| (Variable, U.S. SOFR + 1.31%), <br> 2.28%, 01/20/32 144A ^ | 375000 | 332871 |
| (Variable, U.S. SOFR + 2.87%), <br> 5.75%, 07/19/33 144A ^ | 600000 | 625573 |
| (Variable, U.S. SOFR + 2.59%), <br> 7.00%, 10/19/34 144A ^ | 1000000 | 1115712 |
| Credit Agricole SA |  |  |
| (Floating, U.S. SOFR + 1.21%), <br> 5.06%, 09/11/28 144A † | 900000 | 904983 |
| (Variable, U.S. SOFR + 1.46%), <br> 5.22%, 05/27/31 144A ^ | 1500000 | 1541876 |
| Opal Bidco SAS |  |  |
| 6.50%, 03/31/32 144A | 1115000 | 1142784 |
| Societe Generale SA |  |  |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 1Y + <br> 1.50%), 5.52%, 01/19/28 <br> 144A ^ | 950000 | 962598 |
| (Variable, U.S. SOFR + 1.73%), <br> 5.44%, 10/03/36 144A Δ ^ | 1830000 | 1839325 |
|  |  | 12106621 |
| **Germany — 0.1%** | **Germany — 0.1%** |  |
| Allianz SE |  |  |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 5Y + <br> 2.32%), 6.55%, 10/30/33 <br> 144A ρ Δ ^ | 800000 | 833706 |

---

**100**

See Notes to Financial Statements.

------

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| 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 Δ ^ | $1200000 | $1256218 |
|  |  | 2089924 |
| **Hong Kong — 0.0%** | **Hong Kong — 0.0%** |  |
| AIA Group, Ltd. |  |  |
| 3.90%, 04/06/28 144A | 200000 | 200318 |
| **Hungary — 0.1%** | **Hungary — 0.1%** |  |
| Hungary Government Bond |  |  |
| 9.50%, 10/21/26(ZG) | 303150000 | 950591 |
| 2.75%, 12/22/26(ZG) | 363540000 | 1079338 |
| Hungary Government International <br> Bond |  |  |
| 6.13%, 05/22/28 | 500000 | 518868 |
| 3.13%, 09/21/51 | 1290000 | 800989 |
|  |  | 3349786 |
| **Ireland — 0.3%** | **Ireland — 0.3%** |  |
| AerCap Ireland Capital DAC |  |  |
| 2.45%, 10/29/26 | 950000 | 937415 |
| 3.00%, 10/29/28 | 950000 | 921595 |
| 3.30%, 01/30/32 | 4460000 | 4125163 |
| SMBC Aviation Capital Finance DAC |  |  |
| 5.30%, 04/03/29 144A | 1275000 | 1312930 |
| 5.10%, 04/01/30 144A Δ | 855000 | 876813 |
| STERIS Irish FinCo Unlimited Co. |  |  |
| 2.70%, 03/15/31 | 993000 | 917444 |
|  |  | 9091360 |
| **Israel — 0.1%** | **Israel — 0.1%** |  |
| Energean Israel Finance, Ltd. |  |  |
| 5.38%, 03/30/28 144A | 940000 | 928526 |
| Israel Government International Bond |  |  |
| 5.38%, 03/12/29 | 2000000 | 2061378 |
| 5.63%, 02/19/35 | 1300000 | 1360173 |
| Leviathan Bond, Ltd. |  |  |
| 6.50%, 06/30/27 144A | 45000 | 45355 |
|  |  | 4395432 |
| **Italy — 0.2%** | **Italy — 0.2%** |  |
| Cassa Depositi e Prestiti SpA |  |  |
| 5.88%, 04/30/29 144A | 4400000 | 4642969 |
| Eni SpA |  |  |
| 5.75%, 05/19/35 144A Δ | 2400000 | 2521487 |
| UniCredit SpA |  |  |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 1Y + <br> 1.55%), 3.13%, 06/03/32 <br> 144A ^ | 800000 | 744653 |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 5Y + <br> 4.75%), 5.46%, 06/30/35 <br> 144A ^ | 275000 | 280757 |
|  |  | 8189866 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Ivory Coast — 0.0%** | **Ivory Coast — 0.0%** |  |
| Ivory Coast Government International <br> Bond |  |  |
| 8.08%, 04/01/36 144A | $520000 | $563262 |
| **Japan — 0.8%** | **Japan — 0.8%** |  |
| Aircastle, Ltd. |  |  |
| 6.50%, 07/18/28 144A | 805000 | 846885 |
| 5.25%, 03/15/30 144A | 1370000 | 1401408 |
| 5.00%, 09/15/30 144A | 600000 | 607137 |
| 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 | 576842 |
| Japan Government Forty Year Bond |  |  |
| 2.20%, 03/20/64(J) | 508000000 | 2360808 |
| Japan Government Thirty Year Bond |  |  |
| 2.40%, 03/20/55(J) | 320000000 | 1678784 |
| Japan Government Twenty Year Bond |  |  |
| 1.80%, 09/20/44(J) | 440000000 | 2373048 |
| 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 Δ ^ | 232000 | 236269 |
| Mitsubishi UFJ Financial Group, Inc. |  |  |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 1Y + <br> 2.13%), 5.13%, 07/20/33Δ ^ | 1250000 | 1285986 |
| Mizuho Financial Group, Inc. |  |  |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 1Y + <br> 2.05%), 5.41%, 09/13/28Δ ^ | 1700000 | 1741652 |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 1Y + <br> 1.25%), 3.26%, 05/22/30^ | 2100000 | 2035324 |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 1Y + <br> 1.30%), 5.59%, 07/10/35^ | 1800000 | 1892341 |
| 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 | 1043252 |
| Nomura Holdings, Inc. |  |  |
| 2.61%, 07/14/31 | 270000 | 244377 |
| NTT Finance Corporation |  |  |
| 5.17%, 07/16/32 144A | 1400000 | 1440007 |
| Sumitomo Life Insurance Co. |  |  |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 5Y + <br> 2.65%), 5.88%, 09/10/55 <br> 144A ^ | 525000 | 530590 |
| Sumitomo Mitsui Financial Group, <br> Inc. |  |  |
| 1.90%, 09/17/28 | 2300000 | 2174076 |
| 5.42%, 07/09/31 | 1300000 | 1362451 |
| 5.77%, 01/13/33 | 1965000 | 2099440 |

---

See Notes to Financial Statements.

**101**

------

**MEDIUM-DURATION BOND FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Sumitomo Mitsui Trust Bank, Ltd. |  |  |
| 5.20%, 03/07/27 144A | $1700000 | $1724954 |
|  |  | 27655631 |
| **Jersey — 0.0%** | **Jersey — 0.0%** |  |
| Ardonagh Finco, Ltd. |  |  |
| 6.88%, 02/15/31(E) 144A | 300000 | 364833 |
| 7.75%, 02/15/31 144A | 200000 | 209815 |
| Galaxy Pipeline Assets Bidco, Ltd. |  |  |
| 2.94%, 09/30/40 | 814397 | 695748 |
| Heathrow Funding, Ltd. |  |  |
| 6.45%, 12/10/31(U) | 300000 | 435272 |
|  |  | 1705668 |
| **Kuwait — 0.1%** | **Kuwait — 0.1%** |  |
| Kuwait International Government <br> Bond |  |  |
| 4.14%, 10/09/30 144A | 1200000 | 1201834 |
| 4.65%, 10/09/35 144A | 1512000 | 1510560 |
|  |  | 2712394 |
| **Kyrgyzstan — 0.0%** | **Kyrgyzstan — 0.0%** |  |
| Kyrgyz Republic International Bond |  |  |
| 7.75%, 06/03/30 144A | 920000 | 951456 |
| **Luxembourg — 0.0%** | **Luxembourg — 0.0%** |  |
| Terminal Investment, Ltd., Holding |  |  |
| 5.63%, 07/09/32††† | 1000000 | 1017933 |
| **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 | 615309 |
| 3.88%, 07/11/31 144A Δ | 3305000 | 3166969 |
| Mexican Bonos |  |  |
| 8.50%, 11/18/38(M) | 54472400 | 2839244 |
| Mexico City Airport Trust |  |  |
| 3.88%, 04/30/28 144A | 360000 | 352330 |
| Mexico Government International <br> Bond |  |  |
| 6.00%, 05/13/30 | 600000 | 629850 |
| 4.75%, 04/27/32 | 2300000 | 2244512 |
| 3.77%, 05/24/61 | 2232000 | 1382166 |
| Petroleos Mexicanos |  |  |
| 6.84%, 01/23/30 | 1420000 | 1442900 |
| 5.95%, 01/28/31 | 710000 | 687612 |
| 6.70%, 02/16/32 | 140000 | 139714 |
|  |  | 13500606 |
| **Morocco — 0.1%** | **Morocco — 0.1%** |  |
| OCP SA |  |  |
| 6.75%, 05/02/34 144A | 880000 | 950238 |
| 7.50%, 05/02/54 | 880000 | 976341 |
|  |  | 1926579 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Netherlands — 0.6%** | **Netherlands — 0.6%** |  |
| 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 | $2386605 |
| Alcoa Nederland Holding BV |  |  |
| 7.13%, 03/15/31 144A | 400000 | 426699 |
| Argentum Netherlands BV for Swiss <br> Re, Ltd. |  |  |
| (Variable, ICE LIBOR USD 3M + <br> 3.78%), 5.63%, 08/15/52^ | 900000 | 910886 |
| Cooperatieve Rabobank UA |  |  |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 1Y + <br> 1.75%), 4.66%, 08/22/28 <br> 144A ^ | 1700000 | 1718625 |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 1Y + <br> 1.12%), 5.45%, 03/05/30 <br> 144A ^ | 2200000 | 2275746 |
| Darling Global Finance BV |  |  |
| 4.50%, 07/15/32(E) 144A | 150000 | 178982 |
| Eagle Funding Luxco S.a.r.l. |  |  |
| 5.50%, 08/17/30 144A | 6410000 | 6535700 |
| ING Groep NV |  |  |
| 4.63%, 01/06/26 144A Δ | 1600000 | 1600099 |
| (Variable, U.S. SOFR + 1.77%), <br> 5.55%, 03/19/35^ | 2600000 | 2710237 |
| NXP BV |  |  |
| 3.88%, 06/18/26 | 1500000 | 1498712 |
| 3.40%, 05/01/30Δ | 275000 | 265541 |
| 2.50%, 05/11/31 | 225000 | 203946 |
| Prosus NV |  |  |
| 3.83%, 02/08/51 144A | 200000 | 133863 |
| Suzano Netherlands BV |  |  |
| 5.50%, 01/15/36 | 160000 | 158857 |
|  |  | 21004498 |
| **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 | 1404502 |
| ASB Bank, Ltd. |  |  |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 5Y + <br> 2.25%), 5.28%, 06/17/32 <br> 144A ^ | 600000 | 607929 |
|  |  | 2012431 |
| **Nigeria — 0.0%** | **Nigeria — 0.0%** |  |
| Nigeria Government International <br> Bond |  |  |
| 6.50%, 11/28/27 | 602000 | 612308 |

---

**102**

See Notes to Financial Statements.

------

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Norway — 0.1%** | **Norway — 0.1%** |  |
| Aker BP ASA |  |  |
| 4.00%, 01/15/31 144A | $1595000 | $1541525 |
| Var Energi ASA |  |  |
| 8.00%, 11/15/32 144A | 210000 | 240945 |
|  |  | 1782470 |
| **Pakistan — 0.0%** | **Pakistan — 0.0%** |  |
| Pakistan Government International <br> Bond |  |  |
| 6.00%, 04/08/26 | 922000 | 920987 |
| 6.88%, 12/05/27 | 645000 | 651287 |
|  |  | 1572274 |
| **Panama — 0.0%** | **Panama — 0.0%** |  |
| Panama Government International <br> Bond |  |  |
| 6.40%, 02/14/35Δ | 600000 | 634260 |
| 4.50%, 04/16/50 | 250000 | 193713 |
| 6.85%, 03/28/54Δ | 240000 | 250842 |
|  |  | 1078815 |
| **Peru — 0.1%** | **Peru — 0.1%** |  |
| Peruvian Government International <br> Bond |  |  |
| 6.15%, 08/12/32(ZB) 144A | 7400000 | 2376424 |
| 2.78%, 12/01/60 | 10000 | 5451 |
| 3.23%, 07/28/21~ | 50000 | 27420 |
|  |  | 2409295 |
| **Poland — 0.1%** | **Poland — 0.1%** |  |
| Republic of Poland Government <br> International Bond |  |  |
| 5.38%, 02/12/35 | 594000 | 618038 |
| 5.50%, 03/18/54 | 2401000 | 2308000 |
|  |  | 2926038 |
| **Qatar — 0.0%** | **Qatar — 0.0%** |  |
| Qatar Government International Bond |  |  |
| 5.10%, 04/23/48 | 1000000 | 989504 |
| **Romania — 0.2%** | **Romania — 0.2%** |  |
| Romanian Government International <br> Bond |  |  |
| 3.00%, 02/27/27 144A | 2200000 | 2167452 |
| 3.62%, 05/26/30(E) 144A | 250000 | 289912 |
| 7.13%, 01/17/33 | 260000 | 282993 |
| 2.00%, 04/14/33(E) | 2400000 | 2300108 |
| 6.38%, 01/30/34 | 1674000 | 1747721 |
| 6.63%, 05/16/36 | 1580000 | 1649417 |
| 3.38%, 01/28/50(E) 144A | 60000 | 45455 |
| 3.38%, 01/28/50(E) | 70000 | 53031 |
|  |  | 8536089 |
| **Saudi Arabia — 0.0%** | **Saudi Arabia — 0.0%** |  |
| Avilease Capital, Ltd. |  |  |
| 4.75%, 11/12/30 144A | 400000 | 397440 |
| Saudi Government International Bond |  |  |
| 5.38%, 01/13/31 144A | 600000 | 629626 |
|  |  | 1027066 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Singapore — 0.0%** | **Singapore — 0.0%** |  |
| Seagate Data Storage Technology Pte., <br> Ltd. |  |  |
| 5.88%, 07/15/30 144A | $620000 | $639735 |
| **South Africa — 0.4%** | **South Africa — 0.4%** |  |
| Republic of South Africa Government <br> Bond |  |  |
| 8.88%, 02/28/35(S) | 49000000 | 3083109 |
| 6.25%, 03/31/36(S) | 8600000 | 441629 |
| 9.00%, 01/31/40(S) | 113355000 | 6863638 |
| 8.75%, 02/28/48(S) | 6400000 | 371698 |
| Republic of South Africa Government <br> International Bond |  |  |
| 4.30%, 10/12/28 | 280000 | 278994 |
| 5.88%, 04/20/32 | 360000 | 371344 |
| 6.13%, 12/11/37 144A Δ | 290000 | 286532 |
| 7.30%, 04/20/52 | 370000 | 374489 |
| 7.25%, 12/11/55 144A | 910000 | 903561 |
|  |  | 12974994 |
| **South Korea — 0.0%** | **South Korea — 0.0%** |  |
| LG Energy Solution, Ltd. |  |  |
| 5.50%, 07/02/34 144A Δ | 1300000 | 1321212 |
| **Spain — 0.2%** | **Spain — 0.2%** |  |
| Banco Santander SA |  |  |
| 3.31%, 06/27/29 | 400000 | 389138 |
| 5.57%, 01/17/30 | 2600000 | 2711376 |
| 2.75%, 12/03/30 | 200000 | 182088 |
| 5.44%, 07/15/31 | 1000000 | 1052655 |
| 6.92%, 08/08/33 | 1400000 | 1556512 |
| CaixaBank SA |  |  |
| (Variable, U.S. SOFR + 1.79%), <br> 5.58%, 07/03/36 144A ^ | 630000 | 648745 |
|  |  | 6540514 |
| **Supranational — 0.2%** | **Supranational — 0.2%** |  |
| European Union |  |  |
| 2.88%, 10/05/29(E) | 6300000 | 7507386 |
| **Sweden — 0.0%** | **Sweden — 0.0%** |  |
| EQT AB |  |  |
| 5.85%, 05/08/35 144A | 550000 | 566462 |
| **Switzerland — 0.4%** | **Switzerland — 0.4%** |  |
| UBS Group AG |  |  |
| 4.28%, 01/09/28 144A | 1800000 | 1803210 |
| (Variable, ICE LIBOR USD 3M + <br> 1.41%), 3.87%, 01/12/29 <br> 144A ^ | 425000 | 422854 |
| (Variable, U.S. SOFR + 3.73%), <br> 4.19%, 04/01/31 144A ^ | 2650000 | 2628352 |
| (Variable, U.S. SOFR + 1.73%), <br> 3.09%, 05/14/32 144A ^ | 395000 | 367280 |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 1Y + <br> 2.40%), 4.99%, 08/05/33 <br> 144A Δ ^ | 600000 | 610109 |

---

See Notes to Financial Statements.

**103**

------

**MEDIUM-DURATION BOND FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 5Y + <br> 4.76%), 9.25%, 11/13/33 <br> 144A ρ ^ | $220000 | $258132 |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 1Y + <br> 1.77%), 5.70%, 02/08/35 <br> 144A ^ | 5220000 | 5502654 |
| (Variable, U.S. SOFR + 1.76%), <br> 5.58%, 05/09/36 144A ^ | 1425000 | 1485288 |
|  |  | 13077879 |
| **Turkey — 0.2%** | **Turkey — 0.2%** |  |
| Turkiye Government Bond |  |  |
| 37.00%, 02/18/26(T) | 86225000 | 2015005 |
| 36.00%, 08/12/26(T) | 102820000 | 2415311 |
| Turkiye Government International <br> Bond |  |  |
| 6.95%, 09/16/35 | 1015000 | 1046635 |
|  |  | 5476951 |
| **United Arab Emirates — 0.1%** | **United Arab Emirates — 0.1%** |  |
| Abu Dhabi Developmental Holding <br> Co. PJSC |  |  |
| 5.50%, 05/08/34 144A | 1000000 | 1057839 |
| Adnoc Murban Rsc, Ltd. |  |  |
| 4.25%, 09/11/29 144A | 2500000 | 2518417 |
| DP World Crescent, Ltd. |  |  |
| 5.50%, 05/08/35 144A | 1330000 | 1372500 |
|  |  | 4948756 |
| **United Kingdom — 1.2%** | **United Kingdom — 1.2%** |  |
| BAE Systems PLC |  |  |
| 5.30%, 03/26/34 144A | 1795000 | 1862481 |
| Barclays PLC |  |  |
| (Variable, U.S. SOFR + 1.88%), <br> 6.50%, 09/13/27^ | 1900000 | 1930116 |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 1Y + <br> 3.30%), 7.39%, 11/02/28^ | 1000000 | 1057398 |
| (Variable, ICE LIBOR USD 3M + <br> 1.90%), 4.97%, 05/16/29Δ ^ | 1500000 | 1525855 |
| BP Capital Markets PLC |  |  |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 5Y + <br> 4.40%), 4.88%, 03/22/30ρ ^ | 540000 | 537642 |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 5Y + <br> 2.15%), 6.45%, 12/01/33ρ Δ ^ | 350000 | 373137 |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 5Y + <br> 1.92%), 6.13%, 03/18/35ρ ^ | 800000 | 825477 |
| Fidelis Insurance Holdings, Ltd. |  |  |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 5Y + <br> 4.28%), 7.75%, 06/15/55^ | 200000 | 216860 |
| Global Auto Holdings, Ltd. |  |  |
| 11.50%, 08/15/29 144A | 220000 | 231199 |
| Harbour Energy PLC |  |  |
| 6.33%, 04/01/35 144A Δ | 500000 | 507429 |
| HSBC Holdings PLC |  |  |
| (Variable, U.S. SOFR + 1.97%), <br> 6.16%, 03/09/29^ | 2400000 | 2500048 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| (Variable, CME Term SOFR 3M + <br> 1.80%), 4.58%, 06/19/29^ | $1700000 | $1716821 |
| (Variable, U.S. SOFR + 1.46%), <br> 5.55%, 03/04/30^ | 2100000 | 2179376 |
| 4.95%, 03/31/30 | 200000 | 205273 |
| (Variable, U.S. SOFR + 1.19%), <br> 2.80%, 05/24/32^ | 2490000 | 2281306 |
| (Variable, U.S. SOFR + 3.02%), <br> 7.40%, 11/13/34^ | 2255000 | 2578547 |
| Insured Lending 1, Ltd. |  |  |
| 6.50%, 02/04/32(E) 144A ††† | 700000 | 824108 |
| Lloyds Bank PLC |  |  |
| 0.00%, 04/02/32 STEP | 2000000 | 1502116 |
| Lloyds Banking Group PLC |  |  |
| 4.38%, 03/22/28 | 2200000 | 2214729 |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 1Y + <br> 1.70%), 5.87%, 03/06/29^ | 600000 | 622453 |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 1Y + <br> 1.20%), 5.59%, 11/26/35Δ ^ | 200000 | 209885 |
| Macquarie Airfinance Holdings, Ltd. |  |  |
| 5.20%, 03/27/28 144A | 865000 | 878606 |
| 6.40%, 03/26/29 144A | 875000 | 918862 |
| Nationwide Building Society |  |  |
| (Variable, U.S. SOFR + 1.65%), <br> 5.54%, 07/14/36 144A ^ | 200000 | 207065 |
| NatWest Group PLC |  |  |
| (Variable, ICE LIBOR USD 3M + <br> 1.91%), 5.08%, 01/27/30^ | 2900000 | 2967028 |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 1Y + <br> 1.05%), 5.12%, 05/23/31^ | 500000 | 514014 |
| Rio Tinto Finance U.S.A. PLC |  |  |
| 5.25%, 03/14/35Δ | 10000 | 10328 |
| Royalty Pharma PLC |  |  |
| 5.40%, 09/02/34Δ | 1072000 | 1100801 |
| Santander UK Group Holdings PLC |  |  |
| (Variable, ICE LIBOR USD 3M + <br> 1.40%), 3.82%, 11/03/28^ | 2300000 | 2285726 |
| (Variable, U.S. SOFR Index + <br> 1.07%), 4.32%, 09/22/29^ | 1300000 | 1301965 |
| (Variable, U.S. SOFR Index + <br> 1.55%), 4.86%, 09/11/30^ | 1200000 | 1216015 |
| (Variable, U.S. SOFR + 1.48%), <br> 2.90%, 03/15/32^ | 1200000 | 1103933 |
| (Variable, U.S. SOFR Index + <br> 1.58%), 5.14%, 09/22/36^ | 200000 | 199391 |
| Vmed O2 UK Financing I PLC |  |  |
| 7.75%, 04/15/32 144A | 2000000 | 2086870 |
| 6.75%, 01/15/33 144A | 700000 | 695046 |
| Vodafone Group PLC |  |  |
| 5.88%, 06/28/64 | 1300000 | 1268925 |
| Wessex Water Services Finance PLC |  |  |
| 5.38%, 03/10/28(U) | 500000 | 683690 |
|  |  | 43340521 |
| **Uruguay — 0.1%** | **Uruguay — 0.1%** |  |
| Uruguay Government International <br> Bond |  |  |
| 8.50%, 03/15/28(UYU) | 31840000 | 833165 |

---

**104**

See Notes to Financial Statements.

------

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| 9.75%, 07/20/33(UYU) | $32470000 | $933653 |
| 8.00%, 10/29/35(UYU) | 28378000 | 750661 |
|  |  | 2517479 |
| **Uzbekistan — 0.1%** | **Uzbekistan — 0.1%** |  |
| Republic of Uzbekistan International <br> Bond |  |  |
| 5.38%, 05/29/27(E) 144A | 735000 | 884838 |
| 5.10%, 02/25/29(E) 144A | 480000 | 584478 |
| 5.10%, 02/25/29(E) | 195000 | 237444 |
| 3.90%, 10/19/31 | 535000 | 495418 |
| 6.90%, 02/28/32 144A | 2090000 | 2252300 |
| 6.95%, 05/25/32 144A | 590000 | 638644 |
|  |  | 5093122 |
| **Total Foreign Bonds** <br> (Cost $320,841,688) | **Total Foreign Bonds** <br> (Cost $320,841,688) | 327859585 |
| **LOAN AGREEMENTS — 1.9%** | **LOAN AGREEMENTS — 1.9%** | **LOAN AGREEMENTS — 1.9%** |
| Aitx Finco LLC |  |  |
| 5.38%, 10/23/30††† | 700000 | 700969 |
| 5.67%, 10/23/32††† | 700000 | 701495 |
| Allison Transmission, Inc. Term Loan <br> B |  |  |
| 0.00%, 11/05/32† Σ | 805000 | 810200 |
| Aramark Intermediate HoldCo <br> Corporation U.S. Term B-10 Loan |  |  |
| (Floating, ICE CME Term SOFR <br> USD 1M + 1.75%), 5.47%, <br> 06/22/30† | 1239124 | 1244930 |
| Aramark Intermediate HoldCo <br> Corporation U.S. Term B-9 Loan |  |  |
| (Floating, ICE CME Term SOFR <br> USD 1M + 1.75%), 5.47%, <br> 04/06/28† | 140000 | 140438 |
| Ardonagh Midco 3 Limited <br> Syndicated Facility B |  |  |
| 0.00%, 02/15/31† Σ | 319200 | 319135 |
| (Floating, ICE CME Term SOFR <br> USD 6M + 2.75%), 6.42%, <br> 02/15/31† | 11446 | 11444 |
| (Floating, ICE CME Term SOFR <br> USD 6M + 2.75%), 6.95%, <br> 02/15/31† | 222966 | 222920 |
| Arsenal AIC Parent LLC 2025 <br> Refinancing Term B Loan |  |  |
| (Floating, ICE CME Term SOFR <br> USD 1M + 2.75%), 6.47%, <br> 08/18/30† | 460600 | 462472 |
| Asplundh Tree Expert LLC 2024 <br> Incremental Term Loan |  |  |
| (Floating, ICE CME Term SOFR <br> USD 1M + 1.75%), 5.47%, <br> 05/23/31† | 1900344 | 1910862 |
| Asurion LLC New B-12 Term Loan |  |  |
| (Floating, ICE CME Term SOFR <br> USD 1M + 4.25%), 7.97%, <br> 09/19/30† | 493750 | 494444 |
| Avantor Funding, Inc. Incremental <br> B-6 Euro Term Loan |  |  |
| (Floating, ICE Euribor USD 1M + <br> 2.50%), 4.40%, 10/11/32† | 1000000 | 1179795 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Blackfin Pipeline LLC Initial Term <br> Loan |  |  |
| (Floating, ICE CME Term SOFR <br> USD 1M + 3.00%), 6.75%, <br> 09/29/32† | $700000 | $702188 |
| Blackrock Secondaries & Liquidity <br> Solutions- C LP Project ONYX II |  |  |
| (Floating, ICE CME Term SOFR <br> USD 3M + 2.60%), 6.27%, <br> 06/15/30† Σ | 550000 | 550000 |
| Blue Owl GP Stake |  |  |
| 5.38%, 10/30/32† ††† | 750000 | 750000 |
| Bombardier Recreational Products, <br> Inc. 2025-1 Incremental Loan |  |  |
| (Floating, ICE CME Term SOFR <br> USD 1M + 2.25%, 0.50% <br> Floor), 5.97%, 12/13/29† | 242555 | 243919 |
| Boost Newco Borrower LLC USD <br> Term B-2 Loan |  |  |
| (Floating, ICE CME Term SOFR <br> USD 3M + 2.00%), 5.67%, <br> 01/31/31† | 742514 | 744604 |
| Brown Group Holding LLC <br> Incremental Term B-2 Facility |  |  |
| (Floating, ICE CME Term SOFR <br> USD 3M + 2.75%, 0.50% <br> Floor), 6.47%, 07/01/31† | 202356 | 203599 |
| (Floating, ICE CME Term SOFR <br> USD 3M + 2.75%, 0.50% <br> Floor), 6.57%, 07/01/31† | 277022 | 278724 |
| (Floating, ICE CME Term SOFR <br> USD 3M + 2.75%, 0.50% <br> Floor), 6.59%, 07/01/31† | 429313 | 431952 |
| Brown Group Holding LLC Initial <br> Term Loan |  |  |
| (Floating, ICE CME Term SOFR <br> USD 1M + 2.50%, 0.50% <br> Floor), 6.22%, 07/01/31† | 365293 | 367536 |
| Capstone Acquisition Holdings, Inc. <br> 2024 Term Loan |  |  |
| (Floating, ICE CME Term SOFR <br> USD 1M + 4.50%, 1.00% <br> Floor), 8.32%, 11/13/29† | 454001 | 437589 |
| Capstone Acquisition Holdings, Inc. <br> 2024-A DDTL Loan |  |  |
| (Floating, ICE CME Term SOFR <br> USD 1M + 4.50%, 1.00% <br> Floor), 8.32%, 11/13/29† ≈ | 40151 | 38700 |
| Ceamer Finance IV LLC |  |  |
| (Floating, ICE CME Term SOFR <br> USD 6M + 2.50%), 6.17%, <br> 12/15/40† Σ | 550000 | 550000 |
| Citadel Securities LP 2024-1 Term <br> Loan |  |  |
| (Floating, ICE CME Term SOFR <br> USD 3M + 2.00%), 5.67%, <br> 10/31/31† | 1285463 | 1293664 |
| Citco Funding LLC 2024 Term Loan |  |  |
| (Floating, ICE CME Term SOFR <br> USD 1M + 2.75%, 0.50% <br> Floor), 6.51%, 04/27/28† | 782070 | 788162 |

---

See Notes to Financial Statements.

**105**

------

**MEDIUM-DURATION BOND FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Claudius Finance Parent S.a r.l. <br> Facility B-5 |  |  |
| (Floating, ICE Euribor USD 3M + <br> 2.75%), 4.82%, 07/10/28† | $1000000 | $1182674 |
| Clean Harbors, Inc. Initial Term Loan |  |  |
| (Floating, ICE CME Term SOFR <br> USD 1M + 1.50%), 5.22%, <br> 09/24/32† | 820000 | 828368 |
| Clearwater Analytics LLC Initial Term <br> Loan |  |  |
| (Floating, ICE CME Term SOFR <br> USD 6M + 2.00%), 6.21%, <br> 04/21/32† | 1246875 | 1249219 |
| Concentra Health Services, Inc. <br> Tranche B-1 Term Loan |  |  |
| (Floating, ICE CME Term SOFR <br> USD 1M + 2.00%), 5.72%, <br> 07/26/31† | 1287024 | 1297887 |
| CPI Holdco B LLC Initial Term Loan <br> Retired 12/11/2025 |  |  |
| (Floating, ICE CME Term SOFR <br> USD 1M + 2.00%), 6.16%, <br> 05/17/31† | 545622 | 547404 |
| DaVita, Inc. Tranche B-2 Term Loan |  |  |
| (Floating, ICE CME Term SOFR <br> USD 1M + 1.75%), 5.47%, <br> 05/09/31† | 1895531 | 1905596 |
| Drive Bidco BV Facility B-2 |  |  |
| (Floating, ICE Euribor USD 3M + <br> 3.50%), 5.54%, 07/23/31† | 1000000 | 1190378 |
| Eisner Advisory Group LLC February <br> 2024 Incremental Term Loan |  |  |
| (Floating, ICE CME Term SOFR <br> USD 1M + 4.00%, 0.50% <br> Floor), 7.72%, 02/28/31† | 294043 | 296479 |
| EMRLD Borrower LP 2030 <br> Refinancing Term Loan |  |  |
| (Floating, ICE CME Term SOFR <br> USD 3M + 2.25%), 6.07%, <br> 05/31/30† | 980075 | 983750 |
| First Brands Group LLC 2021 Term <br> Loan |  |  |
| (Floating, ICE CME Term SOFR <br> USD 3M + 5.00%, 1.00% <br> Floor), 9.57%, 03/30/27† | 128082 | 690 |
| First Brands Group LLC 2022-II <br> Incremental Term Loan |  |  |
| (Floating, ICE CME Term SOFR <br> USD 1M + 7.00%, 1.00% <br> Floor), 10.99%, 03/30/27† Σ | 186481 | 1005 |
| First Brands Group LLC DIP Term <br> Loan |  |  |
| (Floating, ICE CME Term SOFR <br> USD 1M + 1.55%, 1.00% <br> Floor), 5.39%, 06/29/26† | 58922 | 11637 |
| First Brands Group LLC Roll-Up <br> Loans |  |  |
| 10.69%, 06/29/26† Σ | 1450 | 1450 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| FR Refuel LLC 1L TLB CL |  |  |
| (Floating, ICE CME Term SOFR <br> USD 3M + 4.75%), 8.58%, <br> 11/08/28† | $30283 | $30283 |
| FR Refuel LLC Fifth Amendment <br> Incremental Delayed Draw Term <br> Loan |  |  |
| 0.00%, 11/08/28† Σ ≈ | 76087 | 75802 |
| FR Refuel LLC Initial Term Loan |  |  |
| (Floating, ICE CME Term SOFR <br> USD 1M + 4.75%), 8.58%, <br> 11/08/28† | 272489 | 271467 |
| Herc Holdings, Inc. Amendment No.1 <br> Term Loan |  |  |
| (Floating, ICE CME Term SOFR <br> USD 1M + 2.00%), 0.00%, <br> 05/14/32† | 255000 | 256647 |
| HighTower Holding LLC Amendment <br> No. 10 Replacement Term Loan |  |  |
| (Floating, ICE CME Term SOFR <br> USD 3M + 2.75%), 6.65%, <br> 02/03/32† | 993117 | 996226 |
| Hilton Domestic Operating Company, <br> Inc. Series B-4 Term Loan |  |  |
| 0.00%, 11/08/30† Σ | 1360000 | 1370220 |
| (Floating, ICE CME Term SOFR <br> USD 1M + 1.75%), 5.48%, <br> 11/08/30† | 545000 | 549096 |
| Hope Gas Holdings LLC |  |  |
| 6.18%, 09/01/37† ††† | 500000 | 510456 |
| HV Eight LLC Loan |  |  |
| (Floating, ICE EURIBOR USD <br> 3M + 3.50%), 5.53%, <br> 12/22/25† | 709764 | 707989 |
| HV Structured Solutions IV <br> Holdings LP Term Loan A |  |  |
| 0.00%, 09/20/26† ††† | 709311 | 709311 |
| Iqvia, Inc. Incremental Term B-5 <br> Dollar Loan |  |  |
| (Floating, ICE CME Term SOFR <br> USD 3M + 1.75%), 5.42%, <br> 01/02/31† | 663474 | 668762 |
| ITT Holdings LLC Seventh <br> Amendment Refinancing Term <br> Loan |  |  |
| (Floating, ICE CME Term SOFR <br> USD 1M + 2.48%, 0.50% <br> Floor), 6.19%, 10/11/30† | 1086250 | 1093990 |
| Level 3 Financing, Inc. Term B-4 <br> Refinancing Loans |  |  |
| (Floating, ICE CME Term SOFR <br> USD 1M + 3.25%), 6.97%, <br> 03/29/32† | 1510000 | 1516229 |
| Merlin Buyer, Inc. Initial Term Loan |  |  |
| (Floating, ICE CME Term SOFR <br> USD 3M + 4.00%, 0.50% <br> Floor), 7.67%, 12/14/28† | 498705 | 504083 |

---

**106**

See Notes to Financial Statements.

------

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Midcap Funding XLVI Trust Loan |  |  |
| (Floating, ICE CME Term SOFR <br> USD 1M + 2.50%, 1.00% <br> Floor), 6.28%, 04/23/27† | $800000 | $804272 |
| Novelis Holdings, Inc. Initial Term <br> Loan |  |  |
| (Floating, ICE CME Term SOFR <br> USD 3M + 1.75%), 5.42%, <br> 03/11/32† | 1895451 | 1905317 |
| NRG Energy, Inc. 2024 New Term <br> Loan |  |  |
| (Floating, ICE CME Term SOFR <br> USD 3M + 1.75%), 5.59%, <br> 04/16/31† | 3094253 | 3107172 |
| Open Text Corporation 2023 <br> Replacement Term Loan |  |  |
| 0.00%, 01/31/30† Σ | 550327 | 551430 |
| (Floating, ICE CME Term SOFR <br> USD 1M + 1.75%, 0.50% <br> Floor), 5.47%, 01/31/30† | 1295592 | 1298189 |
| Peer Holding III BV Facility B-5B |  |  |
| (Floating, ICE CME Term SOFR <br> USD 3M + 2.50%), 6.17%, <br> 07/01/31† | 1287000 | 1294104 |
| PMH Newco LP Term Loan |  |  |
| (Floating, ICE CME Term SOFR <br> USD 3M + 2.60%), 6.27%, <br> 01/26/27† | 906940 | 911829 |
| PMH SPV - C LLC Term Loan |  |  |
| (Floating, ICE CME Term SOFR <br> USD 3M + 2.80%), 6.80%, <br> 01/26/27† | 236784 | 238062 |
| Project Cashmere Collateralized <br> Mortgage Obligation |  |  |
| 0.00%, 12/30/57† Σ | 16900000 | 11278216 |
| Quikrete Holdings, Inc. Tranche B-2 <br> Term Loan |  |  |
| (Floating, ICE CME Term SOFR <br> USD 1M + 2.25%), 5.97%, <br> 03/19/29† | 193035 | 193950 |
| Quikrete Holdings, Inc. Tranche B-3 <br> Term Loan |  |  |
| (Floating, ICE CME Term SOFR <br> USD 1M + 2.25%), 5.97%, <br> 02/10/32† | 863475 | 867115 |
| Resideo Funding, Inc. Sixth <br> Amendment Term Loan |  |  |
| (Floating, ICE CME Term SOFR <br> USD 3M + 2.00%), 5.72%, <br> 08/13/32† | 942638 | 946172 |
| Savage Enterprises LLC Amendment <br> No. 7 Loan |  |  |
| (Floating, ICE CME Term SOFR <br> USD 1M + 2.50%), 6.28%, <br> 08/05/32† | 497500 | 500298 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| SBA Senior Finance II LLC Initial <br> Term Loan |  |  |
| (Floating, ICE CME Term SOFR <br> USD 1M + 1.75%), 5.47%, <br> 01/25/31† | $1384663 | $1391628 |
| Solstice Advanced Materials, Inc. <br> Term B Loan |  |  |
| (Floating, ICE CME Term SOFR <br> USD 3M + 1.75%), 5.59%, <br> 10/29/32† | 78539 | 79055 |
| Terex Corporation 2025 Refinancing <br> Term Loan |  |  |
| (Floating, ICE CME Term SOFR <br> USD 1M + 1.75%), 5.47%, <br> 10/08/31† | 224596 | 226049 |
| TKO Worldwide Holdings LLC <br> Additional Term B-5 Loan |  |  |
| (Floating, ICE CME Term SOFR <br> USD 3M + 2.00%), 5.87%, <br> 11/21/31† | 1687250 | 1696859 |
| Trans Union LLC 2024 Refinancing <br> Term B-8 Loan |  |  |
| (Floating, ICE CME Term SOFR <br> USD 1M + 1.75%), 5.47%, <br> 06/24/31† | 1900354 | 1907014 |
| TransDigm, Inc. Tranche L Term Loan |  |  |
| (Floating, ICE CME Term SOFR <br> USD 1M + 2.50%), 6.22%, <br> 01/19/32† | 296250 | 297771 |
| TripAdvisor, Inc. Initial Term B Loan |  |  |
| (Floating, ICE CME Term SOFR <br> USD 1M + 2.75%), 6.47%, <br> 07/08/31† | 1283750 | 1242830 |
| UGI Energy Services LLC 2024 <br> Refinancing Term Loan |  |  |
| (Floating, ICE CME Term SOFR <br> USD 1M + 2.50%, 0.50% <br> Floor), 6.22%, 02/22/30† | 1276962 | 1283481 |
| United Rentals (North America), Inc. <br> Restatement Term Loan |  |  |
| (Floating, ICE CME Term SOFR <br> USD 1M + 1.50%), 5.22%, <br> 02/14/31† | 253709 | 255263 |
| VFH Parent LLC Term B-2 Loan |  |  |
| (Floating, ICE CME Term SOFR <br> USD 1M + 2.50%), 6.22%, <br> 06/23/31† | 250000 | 251250 |
| Waystar Technologies, Inc. Initial <br> Term Loan |  |  |
| (Floating, ICE CME Term SOFR <br> USD 1M + 2.00%), 5.72%, <br> 10/22/29† | 698743 | 703983 |

---

See Notes to Financial Statements.

**107**

------

**MEDIUM-DURATION BOND FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| WhiteWater DBR Holdco LLC Term <br> B-1 Loan |  |  |
| (Floating, ICE CME Term SOFR <br> USD 3M + 2.25%), 5.94%, <br> 03/03/31† | $493762 | $497404 |
| **Total Loan Agreements** <br> (Cost $67,642,814) |  | 68065552 |
| **MORTGAGE-BACKED SECURITIES — 40.0%** | **MORTGAGE-BACKED SECURITIES — 40.0%** | **MORTGAGE-BACKED SECURITIES — 40.0%** |
| 280 Park Avenue Mortgage Trust, <br> Series 2017-280P, Class A |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.18%, 1.13% Floor), 4.96%, <br> 09/15/34 144A † | 1200000 | 1196403 |
| 3650R Commercial Mortgage Trust, <br> Series 2021-PF1, Class AS |  |  |
| 2.78%, 11/15/54 | 750000 | 655174 |
| ALA Trust, Series 2025-OANA, <br> Class A |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.74%, 1.74% Floor), 5.49%, <br> 06/15/40 144A † γ | 2500000 | 2513428 |
| Alba PLC, Series 2007-1, Class A3 |  |  |
| (Floating, SONIA Interest Rate + <br> 0.29%), 4.07%, 03/17/39(U) † | 266574 | 353593 |
| Alternative Loan Trust, Series <br> 2006-OA11, Class A1B |  |  |
| (Floating, CME Term SOFR 1M + <br> 0.49%, 0.38% Floor), 4.23%, <br> 09/25/46† | 120884 | 119476 |
| Angel Oak Mortgage Trust, Series <br> 2024-2, Class A3 |  |  |
| (Step to 6.18% on 02/25/28), <br> 6.25%, 01/25/69 144A STEP | 707126 | 712408 |
| Angel Oak Mortgage Trust, Series <br> 2025-12, Class A3 |  |  |
| (Step to 6.29% on 12/25/29), <br> 5.34%, 12/25/70 144A STEP | 694161 | 696320 |
| Arbor Multifamily Mortgage <br> Securities Trust, Series 2020-MF1, <br> Class A5 |  |  |
| 2.76%, 05/15/53 144A | 1300000 | 1223622 |
| Archwest Mortgage Trust, Series <br> 2025-RTL1, Class A1 |  |  |
| 5.20%, 10/25/40 144A STEP | 700000 | 701495 |
| ATLX Trust, Series 2024-RPL1, <br> Class A1 |  |  |
| (Step to 4.56% on 09/25/28), <br> 3.85%, 04/25/64 144A STEP | 884883 | 866253 |
| ATLX Trust, Series 2024-RPL2, <br> Class A1 |  |  |
| (Step to 4.04% on 11/25/28), <br> 3.85%, 04/25/63 144A STEP | 1770768 | 1732034 |
| BAMLL Commercial Mortgage <br> Securities Trust, Series <br> 2020-BOC, Class A |  |  |
| 2.63%, 01/15/32 144A | 600000 | 531751 |
| BAMLL Commercial Mortgage <br> Securities Trust, Series <br> 2021-JACX, Class A |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.16%, 1.05% Floor), 4.92%, <br> 09/15/38 144A † | 2300000 | 2220025 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Banc of America Funding Trust, <br> Series 2005-D, Class A1 |  |  |
| 5.49%, 05/25/35† γ | $109251 | $102796 |
| Banc of America Mortgage Trust, <br> Series 2004-F, Class 1A1 |  |  |
| 5.86%, 07/25/34† γ | 11389 | 10991 |
| BANK, Series 2022-BNK39, <br> Class A4 |  |  |
| 2.93%, 02/15/55 | 2025000 | 1850150 |
| BANK, Series 2022-BNK40, <br> Class A4 |  |  |
| 3.39%, 03/15/64† γ | 2100000 | 1968914 |
| BANK, Series 2022-BNK43, <br> Class A5 |  |  |
| 4.40%, 08/15/55 | 1000000 | 983960 |
| BANK5, Series 2024-5YR10, <br> Class AS |  |  |
| 5.64%, 10/15/57 | 500000 | 514674 |
| BANK5, Series 2024-5YR11, <br> Class A3 |  |  |
| 5.89%, 11/15/57 | 1450000 | 1526168 |
| BANK5, Series 2024-5YR11, <br> Class AS |  |  |
| 6.14%, 11/15/57 | 650000 | 680713 |
| BANK5, Series 2025-5YR15, <br> Class A3 |  |  |
| 5.45%, 07/15/58 | 1700000 | 1768344 |
| BANK5, Series 2025-5YR16, <br> Class AS |  |  |
| 0.00%, 08/15/63 | 2550000 | 2644727 |
| Barclays Commercial Mortgage Trust, <br> Series 2019-C3, Class C |  |  |
| 4.18%, 05/15/52 | 864000 | 774560 |
| BBCCRE Trust, Series 2015-GTP, <br> Class A |  |  |
| 3.97%, 08/10/33 144A | 1600000 | 1493731 |
| BBCMS Mortgage Trust, Series <br> 2018-C2, Class A5 |  |  |
| 4.31%, 12/15/51 | 1700000 | 1691683 |
| BBCMS Mortgage Trust, Series <br> 2018-TALL, Class A |  |  |
| (Floating, CME Term SOFR 1M + <br> 0.92%, 0.87% Floor), 4.67%, <br> 03/15/37 144A † | 1425000 | 1351270 |
| BBCMS Mortgage Trust, Series <br> 2018-TALL, Class B |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.17%, 1.12% Floor), 4.92%, <br> 03/15/37 144A † | 525000 | 474370 |
| BBCMS Mortgage Trust, Series <br> 2020-C6, Class ASB |  |  |
| 2.60%, 02/15/53 | 1481189 | 1441051 |
| BBCMS Mortgage Trust, Series <br> 2024-C24, Class A5 |  |  |
| 5.42%, 02/15/57 | 850000 | 889249 |
| BBCMS Mortgage Trust, Series <br> 2024-C24, Class AS |  |  |
| 5.87%, 02/15/57 | 700000 | 735136 |
| BBCMS Mortgage Trust, Series <br> 2025-5C36, Class A3 |  |  |
| 5.52%, 08/15/58 | 1900000 | 1985092 |

---

**108**

See Notes to Financial Statements.

------

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| BCAP LLC Trust, Series 2006-AA2, <br> Class A1 |  |  |
| (Floating, CME Term SOFR 1M + <br> 0.45%, 0.34% Floor), 4.19%, <br> 01/25/37† | $1865424 | $1763241 |
| Bear Stearns ALT-A Trust, Series <br> 2005-4, Class 23A2 |  |  |
| 5.47%, 05/25/35† γ | 35185 | 33854 |
| Bear Stearns ARM Trust, Series <br> 2002-11, Class 1A1 |  |  |
| 6.25%, 02/25/33† γ | 251 | 269 |
| Bear Stearns Structured Products, Inc. <br> Trust, Series 2007-R6, Class 1A1 |  |  |
| 5.06%, 01/26/36† γ | 137335 | 99955 |
| Benchmark Mortgage Trust, Series <br> 2019-B9, Class A5 |  |  |
| 4.02%, 03/15/52 | 1800000 | 1773851 |
| Benchmark Mortgage Trust, Series <br> 2023-B39, Class A5 |  |  |
| 5.75%, 07/15/56 | 950000 | 1008145 |
| BFLD Commercial Mortgage Trust, <br> Series 2024-UNIV, Class A |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.49%, 1.49% Floor), 5.24%, <br> 11/15/29 144A † | 2000000 | 2003841 |
| BFLD Commercial Mortgage Trust, <br> Series 2025-5MW, Class A |  |  |
| 0.00%, 10/10/42 144A † γ | 3050000 | 3055942 |
| BFLD Commercial Mortgage Trust, <br> Series 2025-660F, Class A |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.50%), 5.25%, 11/15/42 <br> 144A † | 405000 | 406761 |
| BFLD Commercial Mortgage Trust, <br> Series 2025-660F, Class B |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.80%), 5.55%, 11/15/42 <br> 144A † | 165000 | 165817 |
| BFLD Commercial Mortgage Trust, <br> Series 2025-660F, Class C |  |  |
| (Floating, CME Term SOFR 1M + <br> 2.15%), 5.90%, 11/15/42 <br> 144A † | 3000000 | 3021331 |
| BLP Commercial Mortgage Trust, <br> Series 2024-IND2, Class A |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.34%, 1.34% Floor), 5.09%, <br> 03/15/41 144A † | 1113653 | 1115429 |
| Blue Owl GP Stakes V Issuer A |  |  |
| 7.21%, 08/22/43††† | 374250 | 395305 |
| Blue Owl GP Stakes V Issuer B, <br> Class A2 |  |  |
| 7.21%, 08/22/43††† | 375750 | 396890 |
| BMO Mortgage Trust, Series <br> 2023-C7, Class A5 |  |  |
| 6.16%, 12/15/56 | 2100000 | 2258970 |
| BMO Mortgage Trust, Series <br> 2024-5C3, Class C |  |  |
| 6.86%, 02/15/57† γ | 750000 | 771649 |
| BMO Mortgage Trust, Series <br> 2025-5C11, Class A3 |  |  |
| 5.67%, 07/15/58 | 1700000 | 1781002 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| BMP, Series 2024-MF23, Class B |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.64%, 1.64% Floor), 5.39%, <br> 06/15/41 144A † | $1000000 | $1001904 |
| BPR Commercial Mortgage Trust, <br> Series 2025-STAR, Class A |  |  |
| 0.00%, 11/05/42 144A † γ | 100000 | 100803 |
| BPR Trust, Series 2024-PMDW, <br> Class A |  |  |
| 5.36%, 11/05/29 144A | 1200000 | 1229771 |
| 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 | 355351 | 359097 |
| 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 | 355351 | 359079 |
| 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 | 1662777 | 1681823 |
| BRAVO Residential Funding Trust, <br> Series 2025-NQM7, Class A1B |  |  |
| (Step to 6.46% on 08/25/29), <br> 5.46%, 07/25/65 144A STEP | 417918 | 421338 |
| BRAVO Residential Funding Trust, <br> Series 2025-NQM7, Class A2 |  |  |
| (Step to 6.66% on 08/25/29), <br> 5.66%, 07/25/65 144A STEP | 1532364 | 1543594 |
| BRAVO Residential Funding Trust, <br> Series 2025-NQM7, Class A3 |  |  |
| (Step to 6.81% on 08/25/29), <br> 5.81%, 07/25/65 144A STEP | 325047 | 327573 |
| BRAVO Residential Funding Trust, <br> Series 2025-NQM8, Class A3 |  |  |
| (Step to 6.59% on 09/25/29), <br> 5.59%, 06/25/65 144A STEP | 919307 | 924119 |
| BWAY Mortgage Trust, Series <br> 2021-1450, Class A |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.36%, 1.25% Floor), 5.11%, <br> 09/15/36 144A † | 2300000 | 2247333 |
| BX Commercial Mortgage Trust, <br> Series 2021-21M, Class A |  |  |
| (Floating, CME Term SOFR 1M + <br> 0.84%, 0.73% Floor), 4.59%, <br> 10/15/36 144A † | 684291 | 684003 |
| BX Commercial Mortgage Trust, <br> Series 2024-AIRC, Class A |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.69%, 1.69% Floor), 5.44%, <br> 08/15/39 144A † | 702146 | 704402 |
| BX Commercial Mortgage Trust, <br> Series 2024-AIRC, Class B |  |  |
| (Floating, CME Term SOFR 1M + <br> 2.14%, 2.14% Floor), 5.89%, <br> 08/15/39 144A † | 561717 | 565417 |
| BX Commercial Mortgage Trust, <br> Series 2024-VLT5, Class A |  |  |
| 5.41%, 11/13/46 144A † γ | 1095000 | 1113161 |

---

See Notes to Financial Statements.

**109**

------

**MEDIUM-DURATION BOND FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| BX Commercial Mortgage Trust, <br> Series 2024-VLT5, Class B |  |  |
| 5.80%, 11/13/46 144A † γ | $825000 | $841988 |
| BX Commercial Mortgage Trust, <br> Series 2025-BCAT, Class B |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.55%), 5.30%, 08/15/42 <br> 144A † | 3545654 | 3551242 |
| BX Trust, Series 2024-VLT4, Class A |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.49%, 1.49% Floor), 5.24%, <br> 06/15/41 144A † | 145000 | 145127 |
| BX Trust, Series 2024-VLT4, Class B |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.94%, 1.94% Floor), 5.69%, <br> 07/15/29 144A † | 300000 | 300092 |
| BX Trust, Series 2024-VLT4, Class C |  |  |
| (Floating, CME Term SOFR 1M + <br> 2.14%, 2.14% Floor), 5.89%, <br> 07/15/29 144A † | 350000 | 349943 |
| BX Trust, Series 2025-VLT6, Class A |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.44%, 1.44% Floor), 5.19%, <br> 03/15/42 144A † | 2695000 | 2695406 |
| BX Trust, Series 2025-VOLT, Class A |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.70%), 5.45%, 12/15/44 <br> 144A † | 1250000 | 1253049 |
| 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 | 545000 |
| CAFL Issuer LP, Series 2025-RRTL2, <br> Class A1 |  |  |
| (Step to 5.55% on 03/28/26), <br> 5.18%, 11/28/40 144A STEP | 400000 | 401488 |
| Chase Home Lending Mortgage Trust, <br> Series 2024-3, Class A5 |  |  |
| 6.00%, 02/25/55 144A † γ | 350000 | 360383 |
| Chase Home Lending Mortgage Trust, <br> Series 2024-3, Class A5A |  |  |
| 5.50%, 02/25/55 144A | 500000 | 501387 |
| Chase Home Lending Mortgage Trust, <br> Series 2024-3, Class A7 |  |  |
| 6.00%, 02/25/55 144A † γ | 150000 | 152401 |
| 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> 5.17%, 06/25/55 144A † | 1517524 | 1522975 |
| Chase Home Lending Mortgage Trust, <br> Series 2024-RPL2, Class A1A |  |  |
| 3.25%, 08/25/64 144A † γ | 1783713 | 1596354 |
| Chase Home Lending Mortgage Trust, <br> Series 2024-RPL3, Class A1A |  |  |
| 3.25%, 09/25/64 144A † γ | 1962386 | 1759075 |
| Chase Home Lending Mortgage Trust, <br> Series 2025-5, Class A4A |  |  |
| 5.50%, 10/25/55 144A † γ | 1010770 | 1018374 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| CHI Commercial Mortgage Trust, <br> Series 2025-SFT, Class A |  |  |
| 5.48%, 04/15/42 144A † γ | $2085000 | $2140909 |
| CHL Mortgage Pass-Through Trust, <br> Series 2003-58, Class 2A2 |  |  |
| 6.61%, 02/19/34† γ | 71915 | 70790 |
| CIM Trust, Series 2025-I1, Class A2 |  |  |
| (Step to 6.91% on 02/25/29), <br> 5.91%, 10/25/69 144A STEP | 1099026 | 1114117 |
| CIM Trust, Series 2025-R1, Class A1 |  |  |
| (Step to 4.99% on 03/25/28), <br> 5.00%, 02/25/99 144A STEP | 785053 | 783249 |
| Citigroup Commercial Mortgage <br> Trust, Series 2019-C7, Class A4 |  |  |
| 3.10%, 12/15/72 | 360000 | 343030 |
| Citigroup Mortgage Loan Trust, <br> Series 2024-1, Class A11 |  |  |
| (Floating, U.S. 30-Day Average <br> SOFR + 1.35%, 8.00% Cap), <br> 5.22%, 07/25/54 144A † | 1613606 | 1622397 |
| COLT Mortgage Loan Trust, Series <br> 2023-3, Class A1 |  |  |
| (Step to 7.81% on 10/25/27), <br> 7.18%, 09/25/68 144A STEP | 918066 | 928914 |
| COLT Mortgage Loan Trust, Series <br> 2023-3, Class A3 |  |  |
| (Step to 7.81% on 10/25/27), <br> 7.58%, 09/25/68 144A STEP | 459062 | 464109 |
| 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 | 1368474 | 1387597 |
| 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 | 401425 | 403224 |
| COMM Mortgage Trust, Series <br> 2024-277P, Class A |  |  |
| 6.34%, 08/10/44 144A | 2125000 | 2241750 |
| COMM Mortgage Trust, Series <br> 2024-CBM, Class A2 |  |  |
| 5.87%, 12/10/41 144A | 1890000 | 1927958 |
| Connecticut Avenue Securities Trust, <br> Series 2021-R01, Class 1M2 |  |  |
| (Floating, U.S. 30-Day Average <br> SOFR + 1.55%), 5.42%, <br> 10/25/41 144A † | 138400 | 138987 |
| Connecticut Avenue Securities Trust, <br> Series 2021-R03, Class 1M2 |  |  |
| (Floating, U.S. 30-Day Average <br> SOFR + 1.65%), 5.52%, <br> 12/25/41 144A † | 245000 | 246429 |
| Connecticut Avenue Securities Trust, <br> Series 2024-R01, Class 1M2 |  |  |
| (Floating, U.S. 30-Day Average <br> SOFR + 1.80%), 5.67%, <br> 01/25/44 144A † | 450000 | 453251 |

---

**110**

See Notes to Financial Statements.

------

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Connecticut Avenue Securities Trust, <br> Series 2024-R03, Class 2B1 |  |  |
| (Floating, U.S. 30-Day Average <br> SOFR + 2.80%), 6.67%, <br> 03/25/44 144A † | $1375000 | $1424905 |
| Connecticut Avenue Securities Trust, <br> Series 2024-R03, Class 2M2 |  |  |
| (Floating, U.S. 30-Day Average <br> SOFR + 1.95%), 5.82%, <br> 03/25/44 144A † | 25000 | 25158 |
| Connecticut Avenue Securities Trust, <br> Series 2024-R04, Class 1M2 |  |  |
| (Floating, U.S. 30-Day Average <br> SOFR + 1.65%), 5.52%, <br> 05/25/44 144A † | 550000 | 552445 |
| Connecticut Avenue Securities Trust, <br> Series 2024-R05, Class 2M1 |  |  |
| (Floating, U.S. 30-Day Average <br> SOFR + 1.00%), 4.87%, <br> 07/25/44 144A † | 151863 | 151788 |
| Connecticut Avenue Securities, Series <br> 2025-R01, Class 1B1 |  |  |
| (Floating, U.S. 30-Day Average <br> SOFR + 1.70%), 5.57%, <br> 01/25/45 144A † | 650000 | 647988 |
| 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 | 393762 | 397460 |
| 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 | 275634 | 278103 |
| 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 | 834285 | 843953 |
| 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 | 833105 | 838820 |
| Cross Mortgage Trust, Series <br> 2025-H6, Class A2 |  |  |
| (Step to 6.54% on 08/25/29), <br> 5.54%, 07/25/70 144A STEP | 711236 | 716830 |
| CRSNT Trust, Series 2021-MOON, <br> Class A |  |  |
| (Floating, CME Term SOFR 1M + <br> 0.93%, 0.82% Floor), 4.69%, <br> 04/15/36 144A † | 2500000 | 2483833 |
| CSAIL Commercial Mortgage Trust, <br> Series 2021-C20, Class A3 |  |  |
| 2.80%, 03/15/54 | 800000 | 740920 |
| CSMC Trust, Series 2010-16, <br> Class B9 |  |  |
| 4.90%, 06/25/50 144A † γ | 1579678 | 1364683 |
| CSMC Trust, Series 2017-RPL1, <br> Class M1 |  |  |
| 2.97%, 07/25/57 144A † γ | 970000 | 843668 |
| CSMC Trust, Series 2021-RPL4, <br> Class A1 |  |  |
| 4.12%, 12/27/60 144A † γ | 2220629 | 2213711 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| CSMC, Series 2021-ADV, Class A |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.51%, 1.40% Floor), 5.27%, <br> 07/15/38 144A † | $2600000 | $2328537 |
| CSMC, Series 2021-NQM7, Class A1 |  |  |
| 1.76%, 10/25/66 144A | 3465983 | 3113951 |
| CSWF, Series 2021-SOP2, Class A |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.18%, 1.07% Floor), 4.93%, <br> 06/15/34 144A † | 149845 | 147228 |
| DC Commercial Mortgage Trust, <br> Series 2023-DC, Class C |  |  |
| 7.14%, 09/12/40 144A † γ | 440000 | 455759 |
| DC Trust, Series 2024-HLTN, Class A |  |  |
| 5.73%, 04/13/28 144A † γ | 750000 | 760207 |
| Deephaven Residential Mortgage <br> Trust, Series 2021-4, Class A2 |  |  |
| 2.09%, 11/25/66 144A | 1284111 | 1145695 |
| Deutsche Alt-A Securities, Inc. <br> Mortgage Loan Trust, Series <br> 2006-AR1, Class 3A1 |  |  |
| 4.46%, 02/25/36† γ | 447023 | 272159 |
| DOLP Trust, Series 2021-NYC, <br> Class A |  |  |
| 2.96%, 05/10/41 144A | 4350000 | 3917887 |
| Durst Commercial Mortgage Trust, <br> Series 2025-151, Class A |  |  |
| 0.00%, 08/10/42 144A † γ | 2100000 | 2146163 |
| Easy Street Mortgage Loan Trust, <br> Series 2025-RTL2, Class A1 |  |  |
| (Step to 7.11% on 05/25/28), <br> 5.61%, 10/25/40 144A STEP | 1800000 | 1820151 |
| Ellington Financial Mortgage Trust, <br> Series 2021-2, Class A1 |  |  |
| 0.93%, 06/25/66 144A | 1911083 | 1631896 |
| Ellington Financial Mortgage Trust, <br> Series 2021-2, Class A2 |  |  |
| 1.09%, 06/25/66 144A | 1726882 | 1479151 |
| Eurohome UK Mortgages PLC, Series <br> 2007-1, Class A |  |  |
| (Floating, SONIA Interest Rate + <br> 0.27%), 4.05%, 06/15/44(U) † | 126613 | 170431 |
| Extended Stay America Trust, Series <br> 2025-ESH, Class A |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.30%), 5.05%, 10/15/42 <br> 144A † | 130000 | 130379 |
| Extended Stay America Trust, Series <br> 2025-ESH, Class B |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.60%), 5.35%, 10/15/42 <br> 144A † | 110000 | 110354 |
| Extended Stay America Trust, Series <br> 2025-ESH, Class C |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.85%), 5.60%, 10/15/42 <br> 144A † | 100000 | 100347 |
| Federal Home Loan Mortgage <br> Corporation |  |  |
| 5.50%, 02/01/27 | 858 | 872 |

---

See Notes to Financial Statements.

**111**

------

**MEDIUM-DURATION BOND FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| 7.50%, 11/01/29 | $659 | $680 |
| 7.50%, 12/01/29 | 508 | 523 |
| (Floating, U.S. Treasury Yield <br> Curve Rate CMT 1Y + 2.23%, <br> 2.23% Floor, 11.36% Cap), <br> 6.23%, 07/01/31† | 1452 | 1480 |
| 5.00%, 08/01/33 | 1186 | 1207 |
| 5.00%, 09/01/33 | 191 | 195 |
| 5.00%, 10/01/33 | 672 | 684 |
| (Floating, U.S. Treasury Yield <br> Curve Rate CMT 1Y + 2.37%, <br> 2.37% Floor, 9.27% Cap), <br> 6.62%, 03/01/34† | 335 | 345 |
| 5.00%, 12/01/34 | 11610 | 11739 |
| 5.00%, 07/01/35 | 887 | 903 |
| 5.00%, 12/01/35 | 2820 | 2905 |
| 5.00%, 02/01/37 | 3256 | 3357 |
| 4.00%, 02/01/41 | 11290 | 11116 |
| 5.00%, 06/01/41 | 774 | 799 |
| 3.50%, 04/01/47 | 2979796 | 2824018 |
| 4.50%, 08/01/48 | 409808 | 408519 |
| 3.00%, 02/01/49 | 703816 | 645653 |
| 3.50%, 07/01/49 | 77016 | 72983 |
| 3.00%, 09/01/49 | 1379659 | 1256319 |
| 4.50%, 09/01/49 | 182857 | 180958 |
| 4.50%, 12/01/49 | 249434 | 246528 |
| 4.00%, 03/01/50 | 2713021 | 2623835 |
| 4.50%, 03/01/50 | 6166162 | 6119847 |
| 4.50%, 05/01/50 | 135377 | 133607 |
| 2.50%, 11/01/50 | 93865 | 81251 |
| 3.00%, 12/01/50 | 2045623 | 1851937 |
| 2.50%, 02/01/51 | 802687 | 687760 |
| 2.00%, 03/01/51 | 4871117 | 3988865 |
| 2.00%, 05/01/51 | 5365501 | 4386147 |
| 2.50%, 05/01/51 | 6718824 | 5793672 |
| 2.50%, 08/01/51 | 10982158 | 9509873 |
| 2.50%, 09/01/51 | 1390410 | 1200140 |
| 2.00%, 03/01/52 | 287422 | 233657 |
| 4.50%, 03/01/52 | 195069 | 191460 |
| 3.00%, 05/01/52 | 2699834 | 2403163 |
| 3.00%, 07/01/52 | 1508873 | 1342315 |
| 6.00%, 11/01/52 | 779923 | 815501 |
| 6.00%, 01/01/53 | 1403756 | 1463640 |
| 5.00%, 03/01/53 | 701426 | 702816 |
| 5.00%, 04/01/53‡‡ | 1992677 | 1995787 |
| 5.50%, 04/01/53 | 161216 | 163996 |
| 4.50%, 05/01/53 | 4753776 | 4704937 |
| 5.50%, 08/01/53 | 7371318 | 7499558 |
| 5.50%, 09/01/53 | 10857349 | 11047619 |
| 6.00%, 09/01/53 | 4949546 | 5145127 |
| 6.50%, 12/01/53 | 1254873 | 1317306 |
| 6.50%, 06/01/54 | 6440259 | 6817871 |
| 5.50%, 04/01/55 | 607222 | 617672 |
| 6.00%, 10/01/55 | 909416 | 934825 |
| 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), 4.60%, 06/15/37† | 27959 | 27819 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Federal Home Loan Mortgage <br> Corporation REMIC, Series 4638 |  |  |
| (Floating, U.S. 30-Day Average <br> SOFR + 0.55%), 4.76%, <br> 07/15/40† | $78522 | $77767 |
| Federal Home Loan Mortgage <br> Corporation REMIC, Series 4989 |  |  |
| (Floating, U.S. 30-Day Average <br> SOFR + 0.46%), 4.67%, <br> 08/15/40† | 327925 | 322654 |
| (Floating, U.S. 30-Day Average <br> SOFR + 0.46%), 4.67%, <br> 10/15/40† | 272039 | 267524 |
| Federal Home Loan Mortgage <br> Corporation REMIC, Series 5499 |  |  |
| 5.50%, 07/25/53 | 510749 | 518040 |
| 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), 4.87%, 02/25/55† | 1074896 | 1075669 |
| 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), 5.07%, <br> 02/25/55† γ | 2177126 | 2186782 |
| Federal Home Loan Mortgage <br> Corporation REMIC, Series 5554 |  |  |
| 5.25%, 04/25/53 | 328681 | 332932 |
| Federal Home Loan Mortgage <br> Corporation REMIC, Series 5564 |  |  |
| 5.00%, 02/25/52 | 497101 | 497956 |
| (Floating, U.S. 30-Day Average <br> SOFR + 1.20%), 5.07%, <br> 08/25/55† | 1929327 | 1938406 |
| Federal Home Loan Mortgage <br> Corporation REMIC, Series 5566 |  |  |
| 5.00%, 11/25/51 | 843230 | 846319 |
| Federal Home Loan Mortgage <br> Corporation REMIC, Series 5571 |  |  |
| 5.00%, 10/25/51 | 1242784 | 1246400 |
| 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%), 5.52%, <br> 01/25/34 144A † | 46876 | 47014 |
| 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%), 4.92%, <br> 10/25/44 144A † | 378750 | 379291 |
| Federal National Mortgage <br> Association |  |  |
| (Floating, Enterprise 11th <br> District COFI Index + 1.35%, <br> 1.35% Floor, 12.05% Cap), <br> 4.27%, 07/01/27† | 719 | 714 |

---

**112**

See Notes to Financial Statements.

------

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| (Floating, U.S. Treasury Yield <br> Curve Rate CMT 1Y + 2.13%, <br> 2.13% Floor, 11.75% Cap), <br> 6.27%, 08/01/27† | $356 | $358 |
| (Floating, Federal Reserve U.S. 12 <br> 1Y CMT + 1.15%, 1.15% <br> Floor, 10.35% Cap), 5.23%, <br> 11/01/27 CONV † | 661 | 654 |
| (Floating, U.S. Treasury Yield <br> Curve Rate CMT 1Y + 2.51%, <br> 2.51% Floor, 12.62% Cap), <br> 6.13%, 12/01/30 CONV † | 736 | 750 |
| (Floating, Federal Reserve U.S. 12 <br> 1Y CMT + 1.13%, 1.13% <br> Floor, 10.95% Cap), 5.20%, <br> 06/01/32† | 3893 | 3899 |
| (Floating, Enterprise 11th <br> District COFI Index + 1.25%, <br> 1.25% Floor, 12.19% Cap), <br> 4.22%, 08/01/32† | 3681 | 3606 |
| (Floating, Enterprise 11th <br> District COFI Index + 1.33%, <br> 1.33% Floor, 11.97% Cap), <br> 4.29%, 05/01/33† | 2871 | 2813 |
| (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† | 8594 | 8787 |
| (Floating, Enterprise 11th <br> District COFI Index + 1.26%, <br> 3.98% Floor, 12.80% Cap), <br> 4.61%, 05/01/36† | 3508 | 3466 |
| (Floating, Enterprise 11th <br> District COFI Index + 1.23%, <br> 1.24% Floor, 10.69% Cap), <br> 4.69%, 12/01/37† | 1721 | 1708 |
| (Floating, Federal Reserve U.S. 12 <br> 1Y CMT + 1.15%, 1.15% <br> Floor, 10.60% Cap), 5.23%, <br> 01/01/38† | 669 | 669 |
| (Floating, Federal Reserve U.S. 12 <br> 1Y CMT + 1.40%, 1.40% <br> Floor, 9.71% Cap), 5.48%, <br> 06/01/40† | 4645 | 4673 |
| (Floating, Federal Reserve U.S. 12 <br> 1Y CMT + 1.40%, 1.40% <br> Floor, 10.75% Cap), 5.48%, <br> 10/01/40† | 613 | 613 |
| (Floating, Federal Reserve U.S. 12 <br> 1Y CMT + 1.40%, 1.40% <br> Floor, 10.55% Cap), 5.48%, <br> 10/01/40† | 8710 | 8770 |
| (Floating, Federal Reserve U.S. 12 <br> 1Y CMT + 1.18%, 1.18% <br> Floor, 10.25% Cap), 5.25%, <br> 11/01/40† | 2028 | 2027 |
| 4.50%, 04/01/41 | 36226 | 36498 |
| 4.50%, 08/01/41 | 13217 | 13319 |
| 2.50%, 11/01/42 | 7669 | 6926 |
| 2.50%, 12/01/42 | 4080 | 3647 |
| 3.00%, 12/01/42 | 4979 | 4642 |
| 2.50%, 01/01/43 | 5630 | 5065 |
| 3.00%, 01/01/43 | 27520 | 25599 |
| 2.50%, 02/01/43 | 6495 | 5774 |
| 2.50%, 03/01/43 | 521047 | 468835 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| 3.00%, 03/01/43 | $73859 | $68523 |
| 2.50%, 04/01/43 | 652289 | 586843 |
| 3.00%, 04/01/43 | 113543 | 105260 |
| 2.50%, 05/01/43 | 9137 | 8194 |
| 3.00%, 05/01/43 | 69874 | 64771 |
| 2.50%, 06/01/43 | 11386 | 10277 |
| 3.00%, 06/01/43 | 23358 | 21645 |
| 3.00%, 07/01/43 | 184681 | 171086 |
| 2.50%, 08/01/43 | 105951 | 96240 |
| 2.50%, 10/01/43 | 18115 | 16371 |
| 4.50%, 10/01/43 | 1205 | 1210 |
| 4.50%, 04/01/45 | 179081 | 179514 |
| 4.50%, 05/01/45 | 21307 | 21359 |
| 4.50%, 06/01/45 | 169264 | 169248 |
| 4.00%, 08/01/45 | 1314333 | 1284974 |
| 3.00%, 11/01/45 | 407694 | 372380 |
| 4.50%, 11/01/46 | 127415 | 127035 |
| 4.50%, 01/01/47 | 15118 | 15098 |
| 4.50%, 03/01/47 | 207385 | 206925 |
| 4.50%, 06/01/47 | 179290 | 177492 |
| 4.50%, 07/01/47 | 307508 | 305959 |
| 3.50%, 09/01/47 | 6564649 | 6145945 |
| 3.50%, 10/01/47 | 7574152 | 7083032 |
| 3.50%, 11/01/47 | 9946932 | 9310948 |
| 4.50%, 11/01/47 | 80862 | 80455 |
| 3.50%, 12/01/47 | 9588254 | 8965173 |
| 4.00%, 12/01/47 | 148054 | 143644 |
| 4.00%, 01/01/48 | 141258 | 137051 |
| 4.00%, 02/01/48 | 550242 | 533522 |
| 4.00%, 03/01/48 | 378535 | 366538 |
| 4.00%, 06/01/48 | 219907 | 213357 |
| 4.00%, 07/01/48 | 463160 | 448829 |
| 3.50%, 08/01/48 | 2020857 | 1888529 |
| 4.00%, 08/01/48 | 1084857 | 1052707 |
| 4.50%, 09/01/48 | 213464 | 212540 |
| 5.00%, 09/01/48 | 101165 | 102471 |
| 5.00%, 11/01/48 | 915419 | 932202 |
| 4.50%, 01/01/49 | 178235 | 177098 |
| 4.50%, 02/01/49 | 37961 | 37474 |
| 4.50%, 05/01/49 | 607313 | 603815 |
| 4.50%, 06/01/49 | 371346 | 367945 |
| 4.50%, 07/01/49 | 326706 | 324554 |
| 4.50%, 09/01/49 | 46665 | 46111 |
| 3.00%, 12/01/49 | 481206 | 436763 |
| 4.50%, 01/01/50 | 4131 | 4107 |
| 4.50%, 03/01/50 | 4090 | 4024 |
| 4.50%, 05/01/50 | 467159 | 463050 |
| 2.50%, 06/01/50 | 625458 | 541367 |
| 4.50%, 06/01/50 | 39681 | 39351 |
| 4.50%, 07/01/50 | 22485 | 22154 |
| 2.50%, 09/01/50 | 2183997 | 1895405 |
| 2.00%, 10/01/50 | 5001604 | 4093652 |
| 2.00%, 11/01/50 | 5833931 | 4771867 |
| 2.50%, 11/01/50 | 810570 | 701892 |
| 4.50%, 12/01/50 | 336171 | 333367 |
| 2.50%, 01/01/51 | 1680673 | 1436164 |
| 2.50%, 02/01/51 | 40010 | 34632 |

---

See Notes to Financial Statements.

**113**

------

**MEDIUM-DURATION BOND FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| 4.50%, 02/01/51 | $741855 | $729700 |
| 2.50%, 03/01/51 | 128014 | 111193 |
| 2.00%, 04/01/51 | 965241 | 787714 |
| 2.00%, 05/01/51 | 4208815 | 3434711 |
| 2.50%, 09/01/51 | 157515 | 136812 |
| 2.50%, 10/01/51 | 622994 | 540229 |
| 2.50%, 11/01/51 | 653029 | 566292 |
| 2.00%, 04/01/52 | 7708432 | 6265317 |
| 3.00%, 04/01/52‡‡ | 10843843 | 9646875 |
| 2.00%, 05/01/52 | 815076 | 662613 |
| 3.00%, 05/01/52 | 3380061 | 3004122 |
| 3.00%, 06/01/52 | 793631 | 705117 |
| 3.00%, 07/01/52 | 657651 | 584488 |
| 4.00%, 09/01/52 | 817346 | 780267 |
| 5.50%, 09/01/52 | 1473441 | 1517855 |
| 4.00%, 12/01/52 | 352500 | 336527 |
| 6.00%, 12/01/52 | 700339 | 731797 |
| 5.00%, 04/01/53 | 1226182 | 1229867 |
| 5.50%, 04/01/53 | 2267063 | 2327281 |
| 4.00%, 05/01/53 | 863651 | 824575 |
| 5.00%, 05/01/53 | 10749448 | 10798805 |
| 5.00%, 06/01/53 | 1128574 | 1136237 |
| 5.00%, 08/01/53‡‡ | 812611 | 815137 |
| 6.50%, 09/01/53 | 701921 | 729709 |
| 6.50%, 10/01/53 | 1130896 | 1176927 |
| 6.00%, 11/01/53 | 17992555 | 18523652 |
| 6.50%, 11/01/53 | 1008324 | 1049366 |
| 6.50%, 12/01/53 | 3027387 | 3148576 |
| 6.00%, 06/01/54 | 2647515 | 2760336 |
| 6.00%, 09/01/54 | 2404387 | 2499125 |
| 5.50%, 02/01/55 | 4456100 | 4568376 |
| 5.50%, 03/01/55 | 1965711 | 2012268 |
| 5.50%, 04/01/55 | 4446532 | 4553738 |
| 5.50%, 05/01/55‡‡ | 5994617 | 6097776 |
| 5.69%, 07/01/55 | 748092 | 757385 |
| 6.00%, 10/01/55 | 3985761 | 4100243 |
| 5.50%, 11/01/55 | 14916759 | 15252832 |
| 6.00%, 11/01/55 | 836973 | 861013 |
| Federal National Mortgage <br> Association ACES, Series <br> 2020-M33 |  |  |
| 2.24%, 01/25/31† IO γ | 6879457 | 348937 |
| 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), 4.50%, 10/18/30† | 1766 | 1764 |
| Federal National Mortgage <br> Association REMIC, Series <br> 2011-52 |  |  |
| 5.00%, 06/25/41 | 77338 | 79563 |
| Federal National Mortgage <br> Association REMIC, Series <br> 2012-111 |  |  |
| 7.00%, 10/25/42 | 6805 | 7387 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Federal National Mortgage <br> Association REMIC, Series <br> 2012-153 |  |  |
| 7.00%, 07/25/42 | $23885 | $26247 |
| Federal National Mortgage <br> Association REMIC, Series <br> 2013-17 |  |  |
| 3.00%, 03/25/28 IO | 71333 | 1467 |
| Federal National Mortgage <br> Association REMIC, Series <br> 2023-54 |  |  |
| 6.50%, 04/25/49 | 412169 | 420251 |
| 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), 4.87%, 03/25/55† | 1906422 | 1912159 |
| Federal National Mortgage <br> Association REMIC, Series <br> 2025-52 |  |  |
| 5.00%, 01/25/53 | 1234654 | 1243133 |
| 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), 4.97%, <br> 07/25/55† γ | 1185846 | 1190305 |
| Federal National Mortgage <br> Association REMIC, Series <br> 2025-65 |  |  |
| 5.00%, 11/25/53 | 1269831 | 1272588 |
| 5.00%, 02/25/54 | 756667 | 759231 |
| Federal National Mortgage <br> Association REMIC, Series <br> 2025-68 |  |  |
| 5.00%, 01/25/53 | 722741 | 723467 |
| Federal National Mortgage <br> Association REMIC, Series <br> 2025-69 |  |  |
| 5.00%, 10/25/51 | 1573783 | 1581408 |
| FHLMC Multifamily Structured <br> Pass-Through Certificates, Series <br> K-152 |  |  |
| 3.78%, 11/25/32 | 1000000 | 972259 |
| FHLMC Multifamily Structured <br> Pass-Through Certificates, Series <br> K-161 |  |  |
| 4.90%, 10/25/33 | 1550000 | 1604445 |
| FHLMC Multifamily Structured <br> Pass-Through Certificates, Series <br> K510 |  |  |
| 5.07%, 10/25/28 | 600000 | 617338 |
| FHLMC Multifamily Structured <br> Pass-Through Certificates, Series <br> K547 |  |  |
| 0.00%, 05/25/30 | 3000000 | 3045564 |

---

**114**

See Notes to Financial Statements.

------

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| FHLMC Multifamily Structured <br> Pass-Through Certificates, Series <br> KF153 |  |  |
| (Floating, U.S. 30-Day Average <br> SOFR + 0.68%, 0.68% Floor), <br> 4.69%, 02/25/33† | $527373 | $530447 |
| 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), 5.43%, 07/25/44† | 168371 | 163962 |
| First Horizon Alternative Mortgage <br> Securities Trust, Series 2004-AA1, <br> Class A1 |  |  |
| 5.87%, 06/25/34† γ | 59312 | 59248 |
| GCAT Trust, Series 2022-NQM3, <br> Class A3 |  |  |
| 4.35%, 04/25/67 144A † γ | 1898714 | 1824912 |
| GCAT Trust, Series 2024-NQM2, <br> Class A1 |  |  |
| (Step to 7.36% on 06/25/28), <br> 6.09%, 06/25/59 144A STEP | 998619 | 1009774 |
| GCAT Trust, Series 2025-INV3, <br> Class A5 |  |  |
| 0.00%, 08/25/55 144A † γ | 681671 | 695453 |
| GCAT Trust, Series 2025-NQM4, <br> Class A1B |  |  |
| (Step to 6.53% on 08/25/29), <br> 5.53%, 06/25/70 144A STEP | 463971 | 467796 |
| GCAT Trust, Series 2025-NQM4, <br> Class A2 |  |  |
| (Step to 6.73% on 08/25/29), <br> 5.73%, 06/25/70 144A STEP | 835148 | 844671 |
| GFH Mortgage Trust, Series <br> 2025-IND, Class A |  |  |
| 5.15%, 06/15/33 144A | 1245000 | 1258378 |
| GMAC Commercial Mortgage Asset <br> Corporation, Series TR-1, Class A |  |  |
| 7.15%, 08/10/36 144A ††† | 285808 | 307244 |
| 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† | 4353 | 4373 |
| 8.50%, 11/20/30 | 1953 | 2054 |
| 5.50%, 11/15/32 | 1989 | 2008 |
| 5.50%, 01/15/33 | 835 | 839 |
| 5.50%, 02/15/33 | 3947 | 3999 |
| 5.50%, 03/15/33 | 3577 | 3629 |
| 5.50%, 07/15/33 | 4223 | 4269 |
| 5.50%, 08/15/33 | 1953 | 1968 |
| 5.50%, 09/15/33 | 749 | 753 |
| 5.50%, 04/15/34 | 2047 | 2094 |
| 5.50%, 05/15/34 | 1672 | 1728 |
| 5.50%, 09/15/34 | 17146 | 17654 |
| 5.50%, 12/15/34 | 16815 | 17293 |
| 5.50%, 01/15/35 | 13706 | 14236 |
| 4.00%, 10/20/40 | 1742 | 1696 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| 4.00%, 08/20/43 | $103900 | $100944 |
| 3.00%, 01/15/45 | 505454 | 460103 |
| 3.50%, 04/15/45 | 130785 | 122276 |
| 4.00%, 05/20/45 | 8843 | 8556 |
| 4.00%, 10/20/45 | 64291 | 62439 |
| 4.50%, 05/20/48 | 370067 | 367067 |
| 5.00%, 07/20/48 | 80664 | 81868 |
| 4.50%, 08/20/48 | 916789 | 911338 |
| 5.00%, 08/20/48 | 94564 | 96246 |
| 4.50%, 09/20/48 | 633923 | 629877 |
| 5.00%, 10/20/48 | 395637 | 403260 |
| 5.00%, 11/20/48 | 686957 | 698888 |
| 4.50%, 12/20/48 | 363084 | 360448 |
| 5.00%, 12/20/48 | 406786 | 413234 |
| 4.50%, 01/20/49 | 1333397 | 1324201 |
| 5.00%, 01/20/49 | 1262128 | 1283287 |
| 4.00%, 02/20/49 | 726851 | 697665 |
| 4.50%, 02/20/49 | 147964 | 146860 |
| 5.00%, 02/20/49 | 29175 | 29652 |
| 4.00%, 03/20/49 | 417251 | 400238 |
| 4.50%, 03/20/49 | 105186 | 104401 |
| 5.00%, 03/20/49 | 129193 | 131332 |
| 3.00%, 08/20/49 | 1034696 | 937880 |
| 5.00%, 08/20/49 | 1888674 | 1922271 |
| 4.50%, 10/20/49 | 126579 | 126292 |
| 5.00%, 11/20/49 | 167867 | 170887 |
| 3.50%, 02/20/50 | 459994 | 425091 |
| 3.00%, 03/20/50 | 5760849 | 5201157 |
| 2.50%, 09/20/51 | 314288 | 270104 |
| 2.50%, 10/20/51 | 745801 | 641209 |
| 2.50%, 11/20/51 | 465580 | 401811 |
| 3.00%, 11/20/51 | 671219 | 605576 |
| 2.50%, 12/20/51 | 1006221 | 866437 |
| 3.00%, 12/20/51 | 681632 | 614970 |
| 4.50%, 09/20/52 | 3012417 | 2962440 |
| 3.50%, 02/20/53 | 1551961 | 1429937 |
| 2.00%, 01/01/55 TBA | 6000000 | 4978814 |
| 2.50%, 01/01/55 TBA | 9000000 | 7782187 |
| 4.50%, 01/01/55 TBA | 18000000 | 17561962 |
| 5.50%, 01/01/55 TBA | 14000000 | 14143104 |
| 6.00%, 01/01/55 TBA | 25000000 | 25490848 |
| 6.50%, 01/01/55 TBA | 5000000 | 5167952 |
| 5.00%, 02/01/55 TBA | 13640000 | 13604120 |
| 5.50%, 02/01/55 TBA | 5530000 | 5582206 |
| Government National Mortgage <br> Association, Series 2007-30 |  |  |
| (Floating, CME Term SOFR 1M + <br> 0.41%, 0.30% Floor, 6.50% <br> Cap), 4.15%, 05/20/37† | 32946 | 32542 |
| Government National Mortgage <br> Association, Series 2015-H11 |  |  |
| (Floating, CME Term SOFR 1M + <br> 0.66%, 0.55% Floor, 7.50% <br> Cap), 4.66%, 05/20/65† | 314793 | 314963 |

---

See Notes to Financial Statements.

**115**

------

**MEDIUM-DURATION BOND FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Government National Mortgage <br> Association, Series 2015-H14 |  |  |
| (Floating, CME Term SOFR 1M + <br> 0.54%, 0.43% Floor, 11.00% <br> Cap), 4.54%, 05/20/65† | $143196 | $143157 |
| (Floating, CME Term SOFR 1M + <br> 0.68%, 0.57% Floor, 7.50% <br> Cap), 4.68%, 06/20/65† | 497718 | 498065 |
| Government National Mortgage <br> Association, Series 2015-H15 |  |  |
| (Floating, CME Term SOFR 1M + <br> 0.69%, 0.58% Floor, 7.50% <br> Cap), 4.69%, 06/20/65† | 358966 | 359297 |
| (Floating, CME Term SOFR 1M + <br> 0.71%, 0.60% Floor, 7.50% <br> Cap), 4.71%, 06/20/65† | 516129 | 516576 |
| Government National Mortgage <br> Association, Series 2015-H16 |  |  |
| (Floating, CME Term SOFR 1M + <br> 0.71%, 0.60% Floor), 4.71%, <br> 07/20/65† | 574988 | 575683 |
| Government National Mortgage <br> Association, Series 2015-H17 |  |  |
| (Floating, CME Term SOFR 1M + <br> 0.57%, 0.46% Floor), 4.68%, <br> 06/20/65† | 38404 | 38406 |
| Government National Mortgage <br> Association, Series 2015-H18 |  |  |
| (Floating, CME Term SOFR 1M + <br> 0.71%, 0.60% Floor, 7.50% <br> Cap), 4.71%, 07/20/65† | 75892 | 75980 |
| Government National Mortgage <br> Association, Series 2015-H19 |  |  |
| (Floating, CME Term SOFR 1M + <br> 0.71%, 0.60% Floor), 4.71%, <br> 08/20/65† | 98885 | 98984 |
| Government National Mortgage <br> Association, Series 2015-H22 |  |  |
| (Floating, CME Term SOFR 1M + <br> 0.71%, 0.60% Floor, 7.50% <br> Cap), 4.71%, 09/20/65† | 120845 | 120993 |
| Government National Mortgage <br> Association, Series 2015-H23 |  |  |
| (Floating, CME Term SOFR 1M + <br> 0.73%, 0.62% Floor, 7.50% <br> Cap), 4.73%, 09/20/65† | 165429 | 165678 |
| Government National Mortgage <br> Association, Series 2015-H26 |  |  |
| (Floating, CME Term SOFR 1M + <br> 0.63%, 0.52% Floor, 11.00% <br> Cap), 4.63%, 10/20/65† | 263178 | 263382 |
| Government National Mortgage <br> Association, Series 2015-H30 |  |  |
| (Floating, CME Term SOFR 1M + <br> 0.79%, 0.68% Floor), 4.79%, <br> 08/20/61† | 1324 | 1326 |
| Government National Mortgage <br> Association, Series 2017-H15 |  |  |
| (Floating, CME Term SOFR 12M <br> + 1.52%, 0.80% Floor, 7.50% <br> Cap), 5.58%, 07/20/67† | 481611 | 488178 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Government National Mortgage <br> Association, Series 2021-135 |  |  |
| 2.00%, 08/20/51 | $3190808 | $2677367 |
| Government National Mortgage <br> Association, Series 2025-1 |  |  |
| 5.00%, 01/20/55 | 667138 | 667372 |
| Government National Mortgage <br> Association, Series 2025-204 |  |  |
| (Floating, U.S. 30-Day Average <br> SOFR + 0.95%), 4.89%, <br> 12/20/55† | 500000 | 500864 |
| GreenPoint Mortgage Funding Trust, <br> Series 2006-OH1, Class A1 |  |  |
| (Floating, CME Term SOFR 1M + <br> 0.47%, 0.36% Floor), 4.21%, <br> 01/25/37† | 216283 | 202650 |
| GS Mortgage Securities Corporation <br> Trust, Series 2013-PEMB, Class A |  |  |
| 3.55%, 03/05/33 144A † γ | 1355000 | 988134 |
| GS Mortgage-Backed Securities Trust, <br> Series 2022-GR2, Class A2 |  |  |
| 3.00%, 08/26/52 144A † γ | 2041030 | 1788773 |
| GS Mortgage-Backed Securities Trust, <br> Series 2025-NQM3, Class A3 |  |  |
| (Step to 6.49% on 09/25/29), <br> 5.49%, 11/25/65 144A STEP | 849746 | 854955 |
| GSR Mortgage Loan Trust, Series <br> 2005-AR6, Class 2A1 |  |  |
| 5.29%, 09/25/35† γ | 91555 | 87813 |
| HIT Trust, Series 2022-HI32, Class C |  |  |
| (Floating, CME Term SOFR 1M + <br> 3.74%, 3.74% Floor), 7.49%, <br> 07/15/39 144A † | 1000000 | 1003062 |
| Houston Galleria Mall Trust, Series <br> 2025-HGLR, Class A |  |  |
| 5.46%, 02/05/45 144A † γ | 1100000 | 1143165 |
| Impac CMB Trust, Series 2004-8, <br> Class 1A |  |  |
| (Floating, CME Term SOFR 1M + <br> 0.83%, 0.72% Floor, 11.00% <br> Cap), 4.57%, 10/25/34† | 1828 | 1817 |
| IndyMac ARM Trust, Series 2001-H2, <br> Class A1 |  |  |
| 6.62%, 01/25/32† γ | 2059 | 2016 |
| IRV Trust, Series 2025-200P, Class A |  |  |
| 5.29%, 03/14/47 144A † γ | 2800000 | 2883277 |
| JP Morgan Chase Commercial <br> Mortgage Securities Trust, Series <br> 2021-410T, Class A |  |  |
| 2.29%, 03/05/42 144A | 1900000 | 1789524 |
| 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), 5.11%, <br> 04/15/37 144A † | 1103648 | 1085715 |

---

**116**

See Notes to Financial Statements.

------

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| JP Morgan Chase Commercial <br> Mortgage Securities Trust, Series <br> 2024-OMNI, Class A |  |  |
| 5.80%, 10/05/39 144A † γ | $1350000 | $1377310 |
| 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), 5.35%, <br> 01/15/42 144A † | 400000 | 400460 |
| 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), 5.75%, <br> 01/15/42 144A † | 300000 | 299446 |
| JP Morgan Chase Commercial <br> Mortgage Securities Trust, Series <br> 2025-NSLB, Class A |  |  |
| 6.23%, 06/05/42 144A | 1700000 | 1780491 |
| JP Morgan Mortgage Trust, Series <br> 2005-A1, Class 6T1 |  |  |
| 5.87%, 02/25/35† γ | 6598 | 6435 |
| JP Morgan Mortgage Trust, Series <br> 2021-12, Class A6 |  |  |
| 2.50%, 02/25/52 144A † γ | 1323806 | 1252788 |
| JP Morgan Mortgage Trust, Series <br> 2021-13, Class A6 |  |  |
| 2.50%, 04/25/52 144A † γ | 579849 | 547499 |
| 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 † | 1678299 | 1568804 |
| JP Morgan Mortgage Trust, Series <br> 2021-LTV2, Class A1 |  |  |
| 2.52%, 05/25/52 144A | 779382 | 669261 |
| JP Morgan Mortgage Trust, Series <br> 2022-INV1, Class A3 |  |  |
| 3.00%, 03/25/52 144A † γ | 1716045 | 1509265 |
| JP Morgan Mortgage Trust, Series <br> 2022-LTV2, Class A3 |  |  |
| 3.50%, 09/25/52 144A † γ | 1610978 | 1482613 |
| JP Morgan Mortgage Trust, Series <br> 2024-1, Class A4 |  |  |
| 6.00%, 06/25/54 144A | 523833 | 526936 |
| 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 | 1254726 | 1270271 |
| JP Morgan Mortgage Trust, Series <br> 2025-1, Class A4 |  |  |
| 6.00%, 06/25/55 144A † γ | 726874 | 738054 |
| JP Morgan Mortgage Trust, Series <br> 2025-NQM4, Class A1A |  |  |
| (Step to 5.95% on 11/25/29), <br> 4.95%, 03/25/66 144A STEP | 3027978 | 3033887 |
| JP Morgan Mortgage Trust, Series <br> 2025-NQM5, Class A1A |  |  |
| (Step to 5.88% on 01/25/30), <br> 4.88%, 05/25/65 144A STEP | 3100000 | 3105148 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| JP Morgan Mortgage Trust, Series <br> 2025-VIS1, Class A1A |  |  |
| (Step to 6.49% on 03/25/29), <br> 5.49%, 08/25/55 144A STEP | $1606876 | $1621029 |
| KIND Commercial Mortgage Trust, <br> Series 2024-1, Class A |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.89%, 1.89% Floor), 5.64%, <br> 08/15/29 144A † | 1000000 | 1002158 |
| KRE Commercial Mortgage Trust, <br> Series 2025-AIP4, Class A |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.30%, 1.30% Floor), 5.05%, <br> 03/15/42 144A † | 2050000 | 2050028 |
| KREST Commercial Mortgage <br> Securities Trust, Series <br> 2021-CHIP, Class A |  |  |
| 2.56%, 11/05/44 144A | 2300000 | 1829406 |
| Legacy Mortgage Asset Trust, Series <br> 2021-GS3, Class A1 |  |  |
| 5.75%, 07/25/61 144A STEP | 419087 | 419425 |
| Legacy Mortgage Asset Trust, Series <br> 2021-GS4, Class A1 |  |  |
| (Step to 5.65% on 01/25/26), <br> 4.65%, 11/25/60 144A STEP | 842150 | 843424 |
| LEX Mortgage Trust, Series <br> 2024-BBG, Class A |  |  |
| 4.87%, 10/13/33 144A † γ | 1600000 | 1611165 |
| 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 | 850000 | 852253 |
| LHOME Mortgage Trust, Series <br> 2025-RTL3, Class A1 |  |  |
| 5.24%, 08/25/40 144A STEP | 950000 | 953596 |
| LSTAR Securities Investment, Ltd., <br> Series 2024-1, Class A |  |  |
| (Floating, U.S. 30-Day Average <br> SOFR + 4.10%, 3.10% Floor), <br> 7.90%, 01/01/29 144A † | 98751 | 98658 |
| Ludgate Funding PLC, Series 2007-1, <br> Class A2A |  |  |
| (Floating, SONIA Interest Rate + <br> 0.28%), 4.02%, 01/01/61(U) † | 305104 | 402739 |
| Ludgate Funding PLC, Series <br> 2008-W1X, Class A1 |  |  |
| (Floating, SONIA Interest Rate + <br> 0.72%), 4.46%, 01/01/61(U) † | 194653 | 260658 |
| MAD Commercial Mortgage Trust, <br> Series 2025-11MD, Class C |  |  |
| 0.00%, 10/15/42 144A † γ | 1050000 | 1061927 |
| Manhattan West Mortgage Trust, <br> Series 2020-OMW, Class A |  |  |
| 2.13%, 09/10/39 144A | 3075000 | 2960072 |
| Mansard Mortgages PLC, Series <br> 2007-1X, Class A2 |  |  |
| (Floating, SONIA Interest Rate + <br> 0.30%), 4.24%, 04/15/47(U) † | 219777 | 294767 |
| MASTR Adjustable Rate Mortgages <br> Trust, Series 2004-13, Class 3A7 |  |  |
| 5.80%, 11/21/34† γ | 46937 | 46638 |

---

See Notes to Financial Statements.

**117**

------

**MEDIUM-DURATION BOND FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| MASTR Adjustable Rate Mortgages <br> Trust, Series 2004-4, Class 4A1 |  |  |
| 5.87%, 05/25/34† γ | $24642 | $24003 |
| Metis Issuer, Series 2025-1, Class A |  |  |
| 6.89%, 05/15/55††† | 650000 | 662899 |
| MILE Trust, Series 2025-STNE, <br> Class B |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.70%, 1.70% Floor), 5.45%, <br> 07/15/30 144A † | 500000 | 501161 |
| Mill City Mortgage Loan Trust, Series <br> 2017-2, Class A3 |  |  |
| 3.25%, 07/25/59 144A | 60115 | 59213 |
| Mill City Mortgage Loan Trust, Series <br> 2019-1, Class M1 |  |  |
| 3.50%, 10/25/69 144A | 479118 | 459105 |
| Mill City Mortgage Loan Trust, Series <br> 2019-GS2, Class M1 |  |  |
| 3.00%, 08/25/59 144A | 870000 | 816750 |
| 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 | 616384 | 578913 |
| 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 | 415834 | 393664 |
| Morgan Stanley Capital I Trust, Series <br> 2020-CNP, Class A |  |  |
| 2.43%, 04/05/42 144A † γ | 1600000 | 1421694 |
| Morgan Stanley Capital I Trust, Series <br> 2022-L8, Class A5 |  |  |
| 3.79%, 04/15/55† γ | 1475000 | 1391676 |
| Morgan Stanley Residential Mortgage <br> Loan Trust, Series 2025-DSC3, <br> Class A1A |  |  |
| (Step to 5.91% on 10/25/29), <br> 4.91%, 09/25/70 144A STEP | 3168605 | 3172505 |
| Morgan Stanley Residential Mortgage <br> Loan Trust, Series 2025-NQM9, <br> Class A2 |  |  |
| (Step to 6.22% on 12/25/29), <br> 5.22%, 09/25/70 144A STEP | 1078608 | 1081236 |
| MortgageIT Trust, Series 2005-4, <br> Class A1 |  |  |
| (Floating, CME Term SOFR 1M + <br> 0.67%, 0.56% Floor, 11.50% <br> Cap), 4.41%, 10/25/35† | 29508 | 29630 |
| New Residential Mortgage Loan <br> Trust, Series 2025-NQM1, <br> Class A1 |  |  |
| (Step to 6.64% on 09/25/34), <br> 5.64%, 01/25/65 144A STEP | 1106720 | 1122460 |
| New Residential Mortgage Loan <br> Trust, Series 2025-NQM3, <br> Class A1 |  |  |
| 0.00%, 05/25/65 144A † γ | 341946 | 346015 |
| NLT Trust, Series 2025-NQM1, <br> Class PT |  |  |
| 0.00%, 10/25/70 144A † γ | 4841071 | 5113059 |
| NY Commercial Mortgage Trust, <br> Series 2025-299P, Class C |  |  |
| 6.17%, 02/10/35 144A † γ | 1650000 | 1708380 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| NYC Commercial Mortgage Trust, <br> Series 2025-11X, Class A |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.74%), 5.49%, 10/15/37 <br> 144A † | $2800000 | $2813663 |
| NYC Commercial Mortgage Trust, <br> Series 2025-3BP, Class B |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.69%, 1.69% Floor), 5.44%, <br> 02/15/42 144A † | 1400000 | 1398092 |
| NYC Trust, Series 2025-77C, Class A |  |  |
| 0.00%, 01/10/38 144A † γ | 2300000 | 2314649 |
| 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 | 1009744 |
| NYMT Loan Trust, Series 2025-CP1, <br> Class A1 |  |  |
| 3.75%, 11/25/69 144A † γ | 1428994 | 1381818 |
| NYO Commercial Mortgage Trust, <br> Series 2021-1290, Class A |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.21%, 1.10% Floor), 4.96%, <br> 11/15/38 144A † | 2300000 | 2298281 |
| OBX Trust, Series 2018-1, Class A2 |  |  |
| (Floating, CME Term SOFR 1M + <br> 0.76%), 4.50%, 06/25/57 <br> 144A † | 444565 | 436310 |
| OBX Trust, Series 2022-NQM7, <br> Class A3 |  |  |
| (Step to 5.68% on 02/25/26), <br> 5.70%, 08/25/62 144A STEP | 1374310 | 1373281 |
| OBX Trust, Series 2023-NQM1, <br> Class A3 |  |  |
| 6.50%, 11/25/62 144A † γ | 279178 | 278418 |
| OBX Trust, Series 2024-NQM10, <br> Class A2 |  |  |
| (Step to 7.33% on 07/25/28), <br> 6.33%, 05/25/64 144A STEP | 1112680 | 1124947 |
| OBX Trust, Series 2024-NQM2, <br> Class A1 |  |  |
| (Step to 6.88% on 02/25/28), <br> 5.88%, 12/25/63 144A STEP | 1128922 | 1137229 |
| OBX Trust, Series 2024-NQM3, <br> Class A3 |  |  |
| (Step to 7.43% on 03/25/28), <br> 6.43%, 12/25/63 144A STEP | 571747 | 577444 |
| OBX Trust, Series 2024-NQM4, <br> Class A2 |  |  |
| (Step to 7.22% on 03/25/28), <br> 6.22%, 01/25/64 144A STEP | 564714 | 569065 |
| OBX Trust, Series 2024-NQM5, <br> Class A2 |  |  |
| (Step to 7.29% on 04/25/28), <br> 6.29%, 03/25/28 144A STEP | 280538 | 283088 |
| OBX Trust, Series 2024-NQM6, <br> Class A3 |  |  |
| (Step to 7.85% on 05/25/28), <br> 6.85%, 02/25/64 144A STEP | 214767 | 217734 |
| OBX Trust, Series 2024-NQM8, <br> Class A1 |  |  |
| (Step to 7.23% on 06/25/28), <br> 6.23%, 05/25/64 144A STEP | 1235001 | 1250506 |

---

**118**

See Notes to Financial Statements.

------

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| OBX Trust, Series 2024-NQM8, <br> Class A3 |  |  |
| (Step to 7.59% on 06/25/28), <br> 6.59%, 05/25/64 144A STEP | $154376 | $156074 |
| OBX Trust, Series 2024-NQM9, <br> Class A2 |  |  |
| (Step to 7.46% on 07/25/28), <br> 6.28%, 01/25/64 144A STEP | 821803 | 830705 |
| OBX Trust, Series 2024-NQM9, <br> Class A3 |  |  |
| (Step to 7.66% on 07/25/28), <br> 6.44%, 01/25/64 144A STEP | 821803 | 830827 |
| OBX Trust, Series 2025-NQM10, <br> Class A3 |  |  |
| (Step to 6.71% on 06/25/29), <br> 5.71%, 05/25/65 144A STEP | 861079 | 866374 |
| OBX Trust, Series 2025-NQM13, <br> Class A1A |  |  |
| (Step to 6.44% on 08/25/29), <br> 5.44%, 05/25/65 144A STEP | 1802840 | 1820484 |
| OBX Trust, Series 2025-NQM2, <br> Class A2 |  |  |
| (Step to 6.75% on 02/25/29), <br> 5.75%, 11/25/64 144A STEP | 386445 | 389375 |
| OBX Trust, Series 2025-NQM21, <br> Class A1A |  |  |
| (Step to 5.99% on 12/25/29), <br> 4.99%, 10/25/65 144A STEP | 2947046 | 2957071 |
| One New York Plaza Trust, Series <br> 2020-1NYP, Class A |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.06%, 0.95% Floor), 4.82%, <br> 01/15/36 144A † | 1725000 | 1692277 |
| OSAT Trust, Series 2021-RPL1, <br> Class A1 |  |  |
| (Step to 3.75% on 01/25/26), <br> 6.12%, 05/25/65 144A STEP | 846476 | 846476 |
| PMT Loan Trust, Series 2025-INV7, <br> Class A7 |  |  |
| 6.00%, 06/25/56 144A † γ | 308821 | 314143 |
| PMT Loan Trust, Series 2025-INV8, <br> Class A7 |  |  |
| 0.00%, 07/25/56 144A † γ | 1609814 | 1636946 |
| PRET Trust, Series 2024-RPL2, <br> Class A1 |  |  |
| 4.08%, 06/25/64 144A † γ | 610025 | 588934 |
| PRET Trust, Series 2025-RPL5, <br> Class A1 |  |  |
| (Step to 4.49% on 11/25/29), <br> 4.15%, 01/25/70 144A STEP | 1054492 | 1038509 |
| PRKCM Trust, Series 2021-AFC2, <br> Class A1 |  |  |
| 2.07%, 11/25/56 144A | 2858394 | 2567964 |
| Provident Funding Mortgage Trust, <br> Series 2025-1, Class A3 |  |  |
| 5.50%, 02/25/55 144A | 626520 | 630209 |
| Provident Funding Mortgage Trust, <br> Series 2025-4, Class A4 |  |  |
| 0.00%, 09/25/55 144A | 525635 | 528963 |
| PRPM LLC, Series 2024-6, Class A1 |  |  |
| (Step to 8.70% on 12/25/27), <br> 5.70%, 11/25/29 144A STEP | 434332 | 434829 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| PRPM LLC, Series 2024-7, Class A1 |  |  |
| (Step to 8.87% on 12/25/27), <br> 5.87%, 11/25/29 144A STEP | $1097902 | $1099288 |
| PRPM LLC, Series 2024-RCF1, <br> Class A1 |  |  |
| (Step to 5.00% on 02/25/28), <br> 4.00%, 01/25/54 144A STEP | 1111293 | 1099667 |
| 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 | 1096820 |
| PRPM LLC, Series 2025-5, Class A1 |  |  |
| (Step to 5.73% on 02/25/26), <br> 5.93%, 07/25/30 144A STEP | 384190 | 384787 |
| PRPM LLC, Series 2025-6, Class A1 |  |  |
| (Step to 8.77% on 09/25/28), <br> 5.77%, 08/25/28 144A STEP | 785567 | 787423 |
| PRPM LLC, Series 2025-RCF1, <br> Class A1 |  |  |
| (Step to 5.50% on 03/25/29), <br> 4.50%, 02/25/55 144A STEP | 287287 | 286308 |
| PRPM LLC, Series 2025-RCF5, <br> Class A1 |  |  |
| (Step to 5.84% on 11/25/29), <br> 4.84%, 10/25/55 144A STEP | 268025 | 268473 |
| Resloc UK PLC, Series 2007-1X, <br> Class A3A |  |  |
| (Floating, Euribor 3M + 0.16%), <br> 2.26%, 12/15/43(E) † | 430096 | 499884 |
| Resloc UK PLC, Series 2007-1X, <br> Class A3B |  |  |
| (Floating, SONIA Interest Rate + <br> 0.28%), 4.06%, 12/15/43(U) † | 107524 | 143545 |
| 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 | 1384457 |
| ROCK Trust, Series 2024-CNTR, <br> Class A |  |  |
| 5.39%, 11/13/41 144A | 2650000 | 2726516 |
| ROCK Trust, Series 2024-CNTR, <br> Class C |  |  |
| 6.47%, 11/13/41 144A | 1050000 | 1093988 |
| RWC Commercial Mortgage Trust, <br> Series 2025-1, Class AS |  |  |
| 5.26%, 06/25/40 144A | 650000 | 652165 |
| Saluds Grade Alternative Mortgage <br> Trust, Series 2025-RRTL1, <br> Class A1 |  |  |
| (Step to 6.32% on 05/25/28), <br> 5.32%, 10/25/40 144A STEP | 900000 | 900919 |
| 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 | 1732700 | 1746252 |
| SCOTT Trust, Series 2023-SFS, <br> Class A |  |  |
| 5.91%, 03/10/40 144A | 1905000 | 1956314 |
| Sequoia Mortgage Trust, Series <br> 2024-5, Class A5 |  |  |
| 6.00%, 06/25/54 144A † γ | 163292 | 164494 |

---

See Notes to Financial Statements.

**119**

------

**MEDIUM-DURATION BOND FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Sequoia Mortgage Trust, Series <br> 2025-5, Class A5 |  |  |
| 5.50%, 06/25/55 144A † γ | $764543 | $767660 |
| Sequoia Mortgage Trust, Series <br> 2025-6, Class A11 |  |  |
| 5.50%, 07/25/33 144A † ρ γ | 230359 | 231337 |
| Sequoia Mortgage Trust, Series 6, <br> Class A |  |  |
| (Floating, CME Term SOFR 1M + <br> 0.75%, 0.64% Floor, 11.00% <br> Cap), 4.49%, 04/19/27† | 14953 | 14834 |
| SLG Office Trust, Series 2021-OVA, <br> Class A |  |  |
| 2.59%, 07/15/41 144A | 775000 | 694542 |
| Station Place Securitization Trust, <br> Series 2024-SP2, Class A1 |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.70%, 1.70% Floor), 5.46%, <br> 07/12/26 144A † ††† | 1300000 | 1300000 |
| Station Place Securitization Trust, <br> Series 2025-SP1, Class A1 |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.30%), 5.16%, 07/02/26 <br> 144A † ††† γ | 1250000 | 1250000 |
| Station Place Securitization Trust, <br> Series 2025-SP2, Class A1 |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.15%), 4.88%, 09/25/26 <br> 144A † ††† | 2600000 | 2600000 |
| 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), 4.35%, 07/19/35† | 21050 | 20494 |
| TCO Commercial Mortgage Trust, <br> Series 2024-DPM, Class A |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.24%, 1.24% Floor), 4.99%, <br> 12/15/39 144A † | 1955000 | 1961328 |
| 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), 4.49%, 09/25/43† | 1535 | 1535 |
| Thornburg Mortgage Securities Trust, <br> Series 2005-1, Class A3 |  |  |
| 5.64%, 04/25/45† γ | 9438 | 9261 |
| Towd Point Mortgage Trust, Series <br> 2024-4, Class A1A |  |  |
| 4.43%, 10/27/64 144A † γ | 639103 | 642174 |
| Towd Point Mortgage Trust, Series <br> 2024-5, Class A1A |  |  |
| 4.52%, 10/25/64 144A † γ | 2124720 | 2135801 |
| TYSN Mortgage Trust, Series <br> 2023-CRNR, Class A |  |  |
| 6.58%, 12/10/33 144A † γ | 1010000 | 1064457 |
| Uniform Mortgage Backed Securities |  |  |
| 4.50%, 01/01/40 TBA | 3620151 | 3625273 |
| 4.50%, 02/01/40 TBA | 7489849 | 7497227 |
| 2.50%, 01/01/52 TBA | 31000000 | 26272500 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| 3.00%, 01/01/52 TBA | $10000000 | $8865634 |
| 2.00%, 01/01/53 TBA | 11000000 | 8909545 |
| 5.00%, 01/01/53 TBA | 35700000 | 35648541 |
| 5.50%, 01/01/53 TBA | 44000000 | 44649530 |
| 2.00%, 02/01/53 TBA | 3240000 | 2623633 |
| 2.50%, 02/01/53 TBA | 33160000 | 28097919 |
| 3.00%, 02/01/53 TBA | 34330000 | 30411583 |
| 3.50%, 02/01/53 TBA | 17000000 | 15695508 |
| 4.00%, 02/01/53 TBA | 56330000 | 53475740 |
| 5.00%, 02/01/53 TBA | 102699000 | 102442650 |
| 5.50%, 02/01/53 TBA | 68170000 | 69107094 |
| 4.00%, 01/01/54 TBA | 6000000 | 5699728 |
| 4.50%, 01/01/54 TBA | 63200000 | 61783655 |
| 4.50%, 02/01/54 TBA | 75000000 | 73248898 |
| 6.00%, 02/01/54 TBA | 7105000 | 7293857 |
| 6.00%, 03/01/54 TBA | 34600000 | 35522402 |
| 6.50%, 01/01/55 TBA | 88208964 | 91691153 |
| 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 † | 1711902 | 1593132 |
| UWM Mortgage Trust, Series <br> 2021-INV3, Class A3 |  |  |
| 2.50%, 11/25/51 144A † γ | 2421762 | 2033295 |
| 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 † | 1740641 | 1629398 |
| UWM Mortgage Trust, Series <br> 2021-INV4, Class A3 |  |  |
| 2.50%, 12/25/51 144A † γ | 1673807 | 1404273 |
| VDCM Commercial Mortgage Trust, <br> Series 2025-AZ, Class A |  |  |
| 5.23%, 07/13/44 144A † γ | 600000 | 608166 |
| Verus Securitization Trust, Series <br> 2021-7, Class A1 |  |  |
| (Step to 2.83% on 02/25/26), <br> 1.83%, 10/25/66 144A STEP | 1542557 | 1420980 |
| Verus Securitization Trust, Series <br> 2023-7, Class A3 |  |  |
| (Step to 7.90% on 11/25/27), <br> 7.42%, 10/25/68 144A STEP | 552611 | 558944 |
| 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 | 504416 | 507030 |
| 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 | 1220321 | 1236968 |
| 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 | 1479274 | 1498213 |

---

**120**

See Notes to Financial Statements.

------

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Verus Securitization Trust, Series <br> 2025-1, Class A1A |  |  |
| (Step to 6.62% on 02/25/29), <br> 5.62%, 01/25/70 144A STEP | $2665083 | $2692544 |
| 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 | 857641 | 861875 |
| Verus Securitization Trust, Series <br> 2025-6, Class A1 |  |  |
| (Step to 6.42% on 08/25/29), <br> 5.42%, 07/25/70 144A STEP | 4177119 | 4215760 |
| Verus Securitization Trust, Series <br> 2025-7, Class A3 |  |  |
| 0.00%, 08/25/70 144A † γ | 965638 | 971057 |
| 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 | 1234445 | 1248675 |
| Washington Mutual Mortgage <br> Pass-Through Certificates Trust, <br> Series 2002-AR19, Class A7 |  |  |
| 5.66%, 02/25/33† γ | 1042 | 1028 |
| 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), 5.43%, 06/25/42† | 1953 | 1850 |
| 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), 4.63%, 01/25/45† | 352586 | 342615 |
| 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), 4.43%, 10/25/45† | 191049 | 185970 |
| Washington Mutual Mortgage <br> Pass-Through Certificates Trust, <br> Series 2007-HY1, Class 1A1 |  |  |
| 4.45%, 02/25/37† γ | 83533 | 74719 |
| Washington Mutual Mortgage <br> Pass-Through Certificates Trust, <br> Series 2007-HY1, Class 2A3 |  |  |
| 4.38%, 02/25/37† γ | 53567 | 49706 |
| 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), 4.79%, 04/25/47† | 170616 | 157363 |
| 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), 4.39%, 07/25/45† | 167131 | 163137 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| 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), 4.43%, 07/25/45† | $47406 | $45761 |
| WB Commercial Mortgage Trust, <br> Series 2024-HQ, Class B |  |  |
| 6.42%, 03/15/40 144A † γ | 1900000 | 1908880 |
| Wells Fargo Alternative Loan Trust, <br> Series 2007-PA6, Class A1 |  |  |
| 6.50%, 12/28/37† γ | 99764 | 91777 |
| Wells Fargo Commercial Mortgage <br> Trust, Series 2017-RC1, Class D |  |  |
| 3.25%, 01/15/60 144A | 150000 | 136766 |
| Wells Fargo Commercial Mortgage <br> Trust, Series 2019-C51, <br> Class ASB |  |  |
| 3.16%, 06/15/52 | 208782 | 205843 |
| Wells Fargo Commercial Mortgage <br> Trust, Series 2021-C59, Class A5 |  |  |
| 2.63%, 04/15/54 | 1350000 | 1223253 |
| Wells Fargo Commercial Mortgage <br> Trust, Series 2024-1CHI, Class A |  |  |
| 5.31%, 07/15/35 144A † γ | 1750000 | 1766053 |
| Wells Fargo Commercial Mortgage <br> Trust, Series 2024-1CHI, Class B |  |  |
| 5.74%, 07/15/35 144A † γ | 1075000 | 1084787 |
| Wells Fargo Mortgage Backed <br> Securities Trust, Series 2019-3, <br> Class A1 |  |  |
| 3.50%, 07/25/49 144A † γ | 22689 | 20792 |
| WHARF Commercial Mortgage <br> Trust, Series 2025-DC, Class A |  |  |
| 5.35%, 07/15/40 144A † γ | 1425000 | 1467031 |
| Worldwide Plaza Trust, Series <br> 2017-WWP, Class A |  |  |
| 3.53%, 11/10/36 144A | 1900000 | 1528095 |
| **Total Mortgage-Backed Securities** <br> (Cost $1,438,473,276) |  | 1435767201 |
| **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 | 755273 |
| American Municipal Power, Inc., <br> Revenue Bond, Series E |  |  |
| 6.27%, 02/15/50 | 210000 | 217108 |
| California Statewide Communities <br> Development Authority, Revenue <br> Bond (AGM Insured) |  |  |
| 7.14%, 08/15/47 | 1165000 | 1228531 |
| Chicago Transit Authority Sales & <br> Transfer Tax Receipts, Revenue <br> Bond, Series A |  |  |
| 6.90%, 12/01/40 | 615137 | 690529 |

---

See Notes to Financial Statements.

**121**

------

**MEDIUM-DURATION BOND FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Chicago Transit Authority Sales & <br> Transfer Tax Receipts, Revenue <br> Bond, Series B |  |  |
| 6.90%, 12/01/40 | $262338 | $294694 |
| Florida State Board of Administration <br> Finance Corporation, Revenue <br> Bond, Series A |  |  |
| 2.15%, 07/01/30 | 235000 | 216326 |
| Idaho State Housing & Finance <br> Association Single Family <br> Mortgage Revenue Bond, Series D <br> (GNMA, FNMA, FHLMC <br> Insured) |  |  |
| 6.01%, 07/01/45 | 950000 | 966518 |
| Louisiana Local Government <br> Environmental Facilities & <br> Community Development <br> Authority, Revenue Bond |  |  |
| 4.28%, 02/01/36 | 1300000 | 1290507 |
| Maryland State Economic <br> Development Corporation, <br> Revenue Bond |  |  |
| 4.79%, 11/30/29 | 435000 | 443798 |
| 4.83%, 11/30/30 | 335000 | 341976 |
| 4.93%, 11/30/31 | 400000 | 409407 |
| Metropolitan Transportation <br> Authority, Revenue Bond |  |  |
| 5.18%, 11/15/49 | 65000 | 60091 |
| Port Authority of New York & New <br> Jersey, Revenue Bond, Series 192 |  |  |
| 4.81%, 10/15/65 | 300000 | 269023 |
| State of California, General <br> Obligation |  |  |
| 7.55%, 04/01/39 | 410000 | 498095 |
| State of Illinois, General Obligation |  |  |
| 5.10%, 06/01/33 | 353382 | 362328 |
| 6.63%, 02/01/35 | 380769 | 402543 |
| 7.35%, 07/01/35 | 332143 | 361870 |
| Tarrant County Cultural Education <br> Facilities Finance Corporation, <br> Revenue Bond (AGM Insured) |  |  |
| 2.78%, 09/01/34 | 1000000 | 871794 |
| **Total Municipal Bonds** <br> (Cost $9,815,369) |  | 9680411 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **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 3.35% <br> (Annually); Interest <br> Rate Swap <br> Maturing 09/23/31 <br> USD, Strike Price <br> $3.35, Expires <br> 09/21/26 (TD)<br>| 1 | $4981000 | 43684 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of**<br> **Contracts**<br>| **Notional**<br> **Amount**<br>| **Value** |
| Pay 1-Day SOFR <br> (Annually); <br> Receive 3.35% <br> (Annually); Interest <br> Rate Swap <br> Maturing 09/23/31 <br> USD, Strike Price <br> $3.35, Expires <br> 09/21/26 (BNP)<br>| 1 | $4981000 | $43684 |
| Pay 1-Day SOFR <br> (Annually); <br> Receive 3.35% <br> (Annually); Interest <br> Rate Swap <br> Maturing 09/23/31 <br> USD, Strike Price <br> $3.35, Expires <br> 09/21/26 (BAR)<br>| 1 | 4981000 | 43683 |
| Pay 1-Day SOFR <br> (Annually); <br> Receive 3.35% <br> (Annually); Interest <br> Rate Swap <br> Maturing 09/23/31 <br> USD, Strike Price <br> $3.35, Expires <br> 09/21/26 (MSCS)<br>| 1 | 4982000 | 43692 |
| Pay 1-Day SONIA <br> (Annually); <br> Receive 3.4% <br> (Annually); Interest <br> Rate Swap <br> Maturing 05/14/28 <br> GBP, Strike Price <br> $3.40, Expires <br> 05/14/26 (BAR)<br>| 1 | 15860000 | 44467 |
| Pay 6-Month <br> EURIBOR <br> (Semiannually); <br> Receive 1.75% <br> (Annually); Interest <br> Rate Swap <br> Maturing 02/03/28 <br> EUR, Strike Price <br> $1.75, Expires <br> 01/30/26 (BAR)<br>| 1 | 18480000 | 4 |
| Pay 6-Month <br> EURIBOR <br> (Semiannually); <br> Receive 2.25% <br> (Annually); Interest <br> Rate Swap <br> Maturing 02/03/28 <br> EUR, Strike Price <br> $2.25, Expires <br> 01/30/26 (BAR)<br>| 1 | 18480000 | 10303 |

---

**122**

See Notes to Financial Statements.

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of**<br> **Contracts**<br>| **Notional**<br> **Amount**<br>| **Value** |
| Pay 6-Month <br> EURIBOR <br> (Semiannually); <br> Receive 2.25% <br> (Annually); Interest <br> Rate Swap <br> Maturing 05/04/31 <br> EUR, Strike Price <br> $2.25, Expires <br> 04/29/26 (BNP)<br>| 1 | $4360000 | $3995 |
|  |  |  | 233512 |
| **Call Options — 0.0%** | **Call Options — 0.0%** | **Call Options — 0.0%** | **Call Options — 0.0%** |
| 3-Month SOFR Future <br> expiration date <br> 03/27, Strike Price <br> $97.50, Expires <br> 03/12/27 (BOA)<br>| 307 | 74359238 | 105531 |
| 3-Month SOFR Future <br> expiration date <br> 09/26, Strike Price <br> $97.50, Expires <br> 09/11/26 (BOA)<br>| 430 | 104108375 | 75250 |
|  |  |  | 180781 |
| **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> $1.12, Expires <br> 01/13/26 (BOA)<br>| 1 | 4955000 | 18 |
| Euro vs. U.S. Dollar, <br> Strike Price <br> $1.12, Expires <br> 01/14/26 (BOA)<br>| 1 | 4336000 | 25 |
| Euro vs. U.S. Dollar, <br> Strike Price <br> $1.12, Expires <br> 01/14/26 (BOA)<br>| 1 | 4336000 | 24 |
| Euro vs. U.S. Dollar, <br> Strike Price <br> $1.12, Expires <br> 01/16/26 (BOA)<br>| 1 | 8053000 | 80 |
| U.S. Dollar vs. <br> Japanese Yen, <br> Strike Price <br> $123.50, Expires <br> 05/20/26 (JPM)<br>| 1 | 617000 | 759 |
| U.S. Dollar vs. <br> Japanese Yen, <br> Strike Price <br> $140.00, Expires <br> 04/01/26 (BOA)<br>| 1 | 2980000 | 2333 |
| U.S. Dollar vs. South <br> Korean Won, Strike <br> Price <br> $1,419.00, Expires <br> 02/12/26 (BOA)<br>| 1 | 1600000 | 9748 |
| U.S. Dollar vs. South <br> Korean Won, Strike <br> Price <br> $1,423.00, Expires <br> 02/12/26 (BAR)<br>| 1 | 400000 | 2767 |
|  |  |  | 15754 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of**<br> **Contracts**<br>| **Notional**<br> **Amount**<br>| **Value** |
| **Put Swaptions — 0.0%** | **Put Swaptions — 0.0%** | **Put Swaptions — 0.0%** | **Put Swaptions — 0.0%** |
| Pay 2.18% (Annually); <br> Receive 1-Month <br> IBOR (Annually); <br> Interest Rate Swap <br> Maturing 12/05/34 <br> JPY, Strike Price <br> $2.18, Expires <br> 12/03/29 (CITI)<br>| 1 | $4305070000 | $499098 |
| Pay 3.302% <br> (Annually); <br> Receive 1-Day <br> SOFR (Annually); <br> Interest Rate Swap <br> Maturing 01/30/27 <br> USD, Strike Price <br> $3.30, Expires <br> 01/28/26 (JPM)<br>| 1 | 20860000 | 24554 |
| Pay 3.757% <br> (Annually); <br> Receive 1-Day <br> SOFR (Annually); <br> Interest Rate Swap <br> Maturing 09/22/27 <br> USD, Strike Price <br> $3.76, Expires <br> 09/18/26 (MSCS)<br>| 1 | 122100000 | 61673 |
| Pay 3.757% <br> (Annually); <br> Receive 1-Day <br> SOFR (Annually); <br> Interest Rate Swap <br> Maturing 09/22/27 <br> USD, Strike Price <br> $3.76, Expires <br> 09/18/26 (DEUT)<br>| 1 | 142400000 | 71926 |
| Pay 3.757% <br> (Annually); <br> Receive 1-Day <br> SOFR (Annually); <br> Interest Rate Swap <br> Maturing 09/22/27 <br> USD, Strike Price <br> $3.76, Expires <br> 09/18/26 (MSCS)<br>| 1 | 700000 | 354 |
|  |  |  | 657605 |
| **Total Purchased Options** <br> (Premiums paid $1,618,163) | **Total Purchased Options** <br> (Premiums paid $1,618,163) |  | 1087652 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** |  |
| **U.S. TREASURY OBLIGATIONS — 22.4%** | **U.S. TREASURY OBLIGATIONS — 22.4%** | **U.S. TREASURY OBLIGATIONS — 22.4%** |
| U.S. Treasury Bills |  |  |
| 3.71%, 02/17/26Ω ‡‡ | $44600000 | 44398801 |
| 0.00%, 03/24/26Δ | 111800000 | 110919449 |
| 3.61%, 03/31/26Ω | 395000 | 391614 |
| 3.52%, 04/07/26Ω | 405000 | 401242 |
| 3.47%, 06/11/26Ω | 1365000 | 1343921 |
| 3.43%, 06/18/26Ω | 4293000 | 4223434 |
|  |  | 161678461 |

---

See Notes to Financial Statements.

**123**

------

**MEDIUM-DURATION BOND FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| U.S. Treasury Bonds |  |  |
| 4.25%, 05/15/39 | $4300000 | $4226934 |
| 4.38%, 11/15/39 | 200000 | 198016 |
| 1.38%, 11/15/40 | 32300000 | 21060609 |
| 1.88%, 02/15/41 | 31740000 | 22270073 |
| 4.75%, 02/15/41‡‡ | 15900000 | 16242533 |
| 2.25%, 05/15/41 | 1700000 | 1255709 |
| 1.75%, 08/15/41 | 14800000 | 10031336 |
| 2.00%, 11/15/41 | 13140000 | 9211345 |
| 3.13%, 11/15/41 | 3580000 | 2972519 |
| 2.38%, 02/15/42 | 2800000 | 2069977 |
| 3.25%, 05/15/42 | 6900000 | 5777672 |
| 2.75%, 08/15/42 | 10430000 | 8085287 |
| 2.75%, 11/15/42 | 7050000 | 5440617 |
| 2.88%, 05/15/43 | 3200000 | 2494750 |
| 4.75%, 11/15/43 | 5960000 | 5983980 |
| 3.63%, 02/15/44 | 5700000 | 4913578 |
| 3.38%, 05/15/44‡‡ | 3200000 | 2652125 |
| 4.63%, 05/15/44 | 14760000 | 14548978 |
| 3.13%, 08/15/44 | 4800000 | 3815625 |
| 4.13%, 08/15/44 | 10535000 | 9707838 |
| 3.00%, 11/15/44 | 500000 | 388379 |
| 4.75%, 02/15/45 | 46310000 | 46257540 |
| 5.00%, 05/15/45 | 7550000 | 7781219 |
| 2.88%, 08/15/45 | 700000 | 527406 |
| 4.88%, 08/15/45 | 2124000 | 2153205 |
| 4.63%, 11/15/45 | 4239000 | 4158194 |
| 3.13%, 05/15/48 | 3340000 | 2548316 |
| 3.00%, 08/15/48 | 11300000 | 8405699 |
| 3.38%, 11/15/48 | 3220000 | 2559271 |
| 3.00%, 02/15/49 | 4000000 | 2960781 |
| 2.88%, 05/15/49 | 9580000 | 6906207 |
| 2.25%, 08/15/49 | 5000000 | 3151562 |
| 2.38%, 11/15/49 | 3800000 | 2453078 |
| 1.38%, 08/15/50 | 4900000 | 2423107 |
| 1.63%, 11/15/50 | 9200000 | 4856953 |
| 1.88%, 11/15/51 | 3200000 | 1778688 |
| 4.75%, 11/15/53 | 1130000 | 1114374 |
| 4.25%, 08/15/54 | 13031000 | 11837595 |
| 4.75%, 05/15/55‡‡ | 7470000 | 7375458 |
|  |  | 272596533 |
| U.S. Treasury <br> Inflationary Index <br> Bonds<br>|  |  |
| 1.50%, 02/15/53 | 13334945 | 10459580 |
| 2.38%, 02/15/55 | 2707111 | 2582782 |
|  |  | 13042362 |
| U.S. Treasury <br> Inflationary Index <br> Notes<br>|  |  |
| 1.25%, 04/15/28‡‡ | 3172750 | 3169561 |
| 2.13%, 04/15/29 | 6930594 | 7100585 |
| 1.63%, 10/15/29 | 5419260 | 5491769 |
| 0.63%, 07/15/32 | 20569176 | 19376231 |
| 1.13%, 01/15/33 | 14938343 | 14392784 |
| 1.38%, 07/15/33 | 352919 | 345446 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| 1.75%, 01/15/34 | $7713399 | $7702089 |
| 1.88%, 07/15/34 | 8073858 | 8140714 |
| 2.13%, 01/15/35 | 12823707 | 13105787 |
| 1.88%, 07/15/35 | 13933826 | 13956105 |
|  |  | 92781071 |
| U.S. Treasury Notes |  |  |
| 4.63%, 06/15/27 | 7640000 | 7763702 |
| 3.75%, 06/30/27 | 19490000 | 19568417 |
| 2.75%, 02/15/28 | 1400000 | 1379301 |
| 1.25%, 03/31/28‡‡ | 510000 | 485556 |
| 1.13%, 08/31/28 | 19910000 | 18711900 |
| 4.63%, 09/30/28‡‡ | 1000000 | 1028711 |
| 4.13%, 11/30/29 | 1060000 | 1079171 |
| 4.25%, 01/31/30 | 6500000 | 6650059 |
| 4.00%, 03/31/30 | 2200000 | 2230035 |
| 3.88%, 04/30/30 | 13520000 | 13638300 |
| 0.63%, 05/15/30 | 37760000 | 33172013 |
| 3.75%, 06/30/30 | 9990000 | 10023950 |
| 3.88%, 06/30/30 | 8662000 | 8735086 |
| 3.50%, 11/30/30 | 8697000 | 8618863 |
| 4.13%, 03/31/31 | 17280000 | 17595562 |
| 4.63%, 04/30/31 | 1730000 | 1802984 |
| 4.00%, 04/30/32‡‡ | 10500000 | 10584287 |
| 3.38%, 05/15/33 | 2000000 | 1926328 |
| 3.88%, 08/15/34 | 11110000 | 10962662 |
| 4.25%, 11/15/34 | 6300000 | 6380227 |
| 4.63%, 02/15/35 | 1220000 | 1269205 |
| 4.25%, 05/15/35 | 28560000 | 28865681 |
| 4.25%, 08/15/35 | 17180000 | 17343747 |
|  |  | 229815747 |
| U.S. Treasury Strips |  |  |
| 3.27%, 11/15/29Ω | 7660800 | 6644539 |
| 3.26%, 08/15/30Ω | 1540000 | 1294199 |
| 3.27%, 11/15/30Ω | 1540000 | 1280736 |
| 3.92%, 08/15/31Ω | 3810000 | 3064891 |
| 3.72%, 11/15/31Ω | 5260000 | 4184200 |
| 3.26%, 05/15/32Ω | 3306100 | 2569211 |
| 3.21%, 08/15/33Ω | 1540000 | 1127523 |
| 3.68%, 08/15/35Ω | 2900000 | 1921984 |
| 2.22%, 02/15/40Ω ‡‡ | 2790000 | 1434715 |
| 2.18%, 08/15/41Ω | 1080000 | 508361 |
| 1.97%, 05/15/52Ω ‡‡ | 40250000 | 10914815 |
|  |  | 34945174 |
| **Total U.S. Treasury Obligations** <br> (Cost $822,886,489) |  | 804859348 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **PREFERRED STOCKS — 0.0%** | **PREFERRED STOCKS — 0.0%** | **PREFERRED STOCKS — 0.0%** |
| American National Group, Inc. |  |  |
| 7.38% | 12000 | 300120 |
| Boeing Co. (The) |  |  |
| 6.00% CONV | 8657 | 597852 |

---

**124**

See Notes to Financial Statements.

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Jackson Financial, Inc. |  |  |
| (Variable, 3.73% - U.S. Treasury <br> Yield Curve Rate CMT 5Y), <br> 0.00%† | 6000 | $156420 |
| NextEra Energy Capital Holdings, <br> Inc. |  |  |
| 6.50%, 06/01/85 | 1040000 | 264732 |
| **Total Preferred Stocks** <br> (Cost $1,159,529) |  | 1319124 |
| **MONEY MARKET FUNDS — 6.2%** | **MONEY MARKET FUNDS — 6.2%** | **MONEY MARKET FUNDS — 6.2%** |
| Northern Institutional Liquid Assets <br> Portfolio (Shares), 3.81%Ø § | 59536306 | 59536306 |
| GuideStone Money Market Fund, <br> 3.69% <br> (Institutional Class)Ø ∞ | 164299586 | 164299586 |
| **Total Money Market Funds** <br> (Cost $223,835,892) |  | 223835892 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** |  |
| **REPURCHASE AGREEMENTS — 10.4%** | **REPURCHASE AGREEMENTS — 10.4%** | **REPURCHASE AGREEMENTS — 10.4%** |
| Citigroup Global Markets, Inc. |  |  |
| 3.87% (dated 12/31/25, due <br> 01/02/26, repurchase price <br> $54,011,610, collateralized by <br> U.S. Treasury Bills, 0.000%, <br> due 10/29/26, total market <br> value $55,111,492) | $54000000 | 54000000 |
| Deutsche Bank Securities, Inc. |  |  |
| 3.84% (dated 12/31/25, due <br> 01/05/26, repurchase price <br> $318,203,520, collateralized <br> by U.S. Treasury Bonds, <br> 4.625%, due 11/15/44, total <br> market value $322,015,996) | 318000000 | 318000000 |
| **Total Repurchase Agreements** <br> (Cost $372,000,000) |  | 372000000 |
| **TOTAL INVESTMENTS — 124.3**% <br> (Cost $4,473,939,859) |  | 4465690491 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **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 Options — (0.0)%** | **Call Options — (0.0)%** | **Call Options — (0.0)%** | **Call Options — (0.0)%** |
| 10-Year U.S. Treasury <br> Note Future <br> expiration date <br> 02/26, Strike Price <br> $113.50, Expires <br> 01/23/26 (MSCS)<br>| (74)<br>| $(8320412)<br>| (8094)<br>|
| 3-Month SOFR Future <br> expiration date <br> 03/27, Strike Price <br> $98.00, Expires <br> 03/12/27 (BOA)<br>| (307)<br>| (74359238)<br>| (55644)<br>|

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of**<br> **Contracts**<br>| **Notional**<br> **Amount**<br>| **Value** |
| 3-Month SOFR Future <br> expiration date <br> 09/26, Strike Price <br> $98.00, Expires <br> 09/11/26 (BOA)<br>| (430)<br>| $(104108375)<br>| $(43000)<br>|
| Euro-Bund, Strike <br> Price <br> $130.50, Expires <br> 01/23/26 (GSM)<br>| (5)<br>| (580800)<br>| (235)<br>|
|  |  |  | (106973)<br>|
| **Call Swaptions — (0.0)%** | **Call Swaptions — (0.0)%** | **Call Swaptions — (0.0)%** | **Call Swaptions — (0.0)%** |
| Pay 2% (Annually); <br> Receive 6-Month <br> EURIBOR <br> (Semiannually); <br> Interest Rate Swap <br> Maturing 02/03/28 <br> EUR, Strike Price <br> $2.00, Expires <br> 01/30/26 (BAR)<br>| (1)<br>| (36960000)<br>| (400)<br>|
| Pay 2.586% <br> (Annually); <br> Receive 6-Month <br> EURIBOR <br> (Semiannually); <br> Interest Rate Swap <br> Maturing 05/04/56 <br> EUR, Strike Price <br> $2.59, Expires <br> 04/29/26 (BNP)<br>| (1)<br>| (1010000)<br>| (1825)<br>|
| Pay 2.64% (Annually); <br> Receive 1-Day <br> SOFR (Annually); <br> Interest Rate Swap <br> Maturing 08/17/28 <br> USD, Strike Price <br> $2.64, Expires <br> 08/13/26 (MSCS)<br>| (1)<br>| (4427500)<br>| (5880)<br>|
| Pay 2.64% (Annually); <br> Receive 1-Day <br> SOFR (Annually); <br> Interest Rate Swap <br> Maturing 08/17/28 <br> USD, Strike Price <br> $2.64, Expires <br> 08/13/26 (BNP)<br>| (1)<br>| (4427500)<br>| (5880)<br>|
| Pay 2.685% <br> (Annually); <br> Receive 1-Day <br> SOFR (Annually); <br> Interest Rate Swap <br> Maturing 08/18/28 <br> USD, Strike Price <br> $2.69, Expires <br> 08/14/26 (TD)<br>| (1)<br>| (5060000)<br>| (7418)<br>|

---

See Notes to Financial Statements.

**125**

------

**MEDIUM-DURATION BOND FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of**<br> **Contracts**<br>| **Notional**<br> **Amount**<br>| **Value** |
| Pay 2.685% <br> (Annually); <br> Receive 1-Day <br> SOFR (Annually); <br> Interest Rate Swap <br> Maturing 08/18/28 <br> USD, Strike Price <br> $2.69, Expires <br> 08/14/26 (BNP)<br>| (1)<br>| $(5060000)<br>| $(7418)<br>|
| Pay 2.71% (Annually); <br> Receive 1-Day <br> SOFR (Annually); <br> Interest Rate Swap <br> Maturing 08/21/28 <br> USD, Strike Price <br> $2.71, Expires <br> 08/19/26 (BNP)<br>| (1)<br>| (3162500)<br>| (5007)<br>|
| Pay 2.71% (Annually); <br> Receive 1-Day <br> SOFR (Annually); <br> Interest Rate Swap <br> Maturing 08/21/28 <br> USD, Strike Price <br> $2.71, Expires <br> 08/19/26 (BAR)<br>| (1)<br>| (3162500)<br>| (5007)<br>|
| Pay 2.85% (Annually); <br> Receive 1-Day <br> SOFR (Annually); <br> Interest Rate Swap <br> Maturing 09/23/31 <br> USD, Strike Price <br> $2.85, Expires <br> 09/21/26 (TD)<br>| (1)<br>| (4981000)<br>| (15225)<br>|
| Pay 2.85% (Annually); <br> Receive 1-Day <br> SOFR (Annually); <br> Interest Rate Swap <br> Maturing 09/23/31 <br> USD, Strike Price <br> $2.85, Expires <br> 09/21/26 (BNP)<br>| (1)<br>| (4981000)<br>| (15225)<br>|
| Pay 2.85% (Annually); <br> Receive 1-Day <br> SOFR (Annually); <br> Interest Rate Swap <br> Maturing 09/23/31 <br> USD, Strike Price <br> $2.85, Expires <br> 09/21/26 (BAR)<br>| (1)<br>| (4981000)<br>| (15225)<br>|
| Pay 2.85% (Annually); <br> Receive 1-Day <br> SOFR (Annually); <br> Interest Rate Swap <br> Maturing 09/23/31 <br> USD, Strike Price <br> $2.85, Expires <br> 09/21/26 (MSCS)<br>| (1)<br>| (4982000)<br>| (15228)<br>|
| Pay 2.852% <br> (Annually); <br> Receive 1-Day <br> SOFR (Annually); <br> Interest Rate Swap <br> Maturing 02/18/31 <br> USD, Strike Price <br> $2.85, Expires <br> 02/13/26 (BNP)<br>| (1)<br>| (3162500)<br>| (377)<br>|

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of**<br> **Contracts**<br>| **Notional**<br> **Amount**<br>| **Value** |
| Pay 2.853% <br> (Annually); <br> Receive 1-Day <br> SOFR (Annually); <br> Interest Rate Swap <br> Maturing 02/18/31 <br> USD, Strike Price <br> $2.85, Expires <br> 02/13/26 (MSCS)<br>| (1)<br>| $(3162500)<br>| $(379)<br>|
| Pay 2.86% (Annually); <br> Receive 1-Day <br> SOFR (Annually); <br> Interest Rate Swap <br> Maturing 02/18/31 <br> USD, Strike Price <br> $2.86, Expires <br> 02/13/26 (MSCS)<br>| (1)<br>| (3162500)<br>| (396)<br>|
| Pay 2.89% (Annually); <br> Receive 1-Day <br> SOFR (Annually); <br> Interest Rate Swap <br> Maturing 02/24/31 <br> USD, Strike Price <br> $2.89, Expires <br> 02/20/26 (BNP)<br>| (1)<br>| (3162500)<br>| (703)<br>|
| Pay 2.925% <br> (Annually); <br> Receive 1-Day <br> SOFR (Annually); <br> Interest Rate Swap <br> Maturing 02/23/31 <br> USD, Strike Price <br> $2.93, Expires <br> 02/19/26 (BAR)<br>| (1)<br>| (3162500)<br>| (810)<br>|
| Pay 2.929% <br> (Annually); <br> Receive 1-Day <br> SOFR (Annually); <br> Interest Rate Swap <br> Maturing 02/23/31 <br> USD, Strike Price <br> $2.93, Expires <br> 02/19/26 (TD)<br>| (1)<br>| (3162500)<br>| (828)<br>|
| Pay 2.94% (Annually); <br> Receive 1-Day <br> SOFR (Annually); <br> Interest Rate Swap <br> Maturing 02/20/31 <br> USD, Strike Price <br> $2.94, Expires <br> 02/18/26 (BNP)<br>| (1)<br>| (3162500)<br>| (839)<br>|
| Pay 2.94% (Annually); <br> Receive 1-Day <br> SOFR (Annually); <br> Interest Rate Swap <br> Maturing 02/20/31 <br> USD, Strike Price <br> $2.94, Expires <br> 02/18/26 (TD)<br>| (1)<br>| (3162500)<br>| (839)<br>|

---

**126**

See Notes to Financial Statements.

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of**<br> **Contracts**<br>| **Notional**<br> **Amount**<br>| **Value** |
| Pay 3.5475% <br> (Annually); <br> Receive 1-Day <br> SOFR (Annually); <br> Interest Rate Swap <br> Maturing 01/06/36 <br> USD, Strike Price <br> $3.55, Expires <br> 01/02/26 (GSC)<br>| (1)<br>| $(1800000)<br>| $—  |
| Pay 3.551% <br> (Annually); <br> Receive 1-Day <br> SOFR (Annually); <br> Interest Rate Swap <br> Maturing 01/07/36 <br> USD, Strike Price <br> $3.55, Expires <br> 01/05/26 (BNP)<br>| (1)<br>| (2800000)<br>| (3)<br>|
| Pay 3.5775% <br> (Annually); <br> Receive 1-Day <br> SOFR (Annually); <br> Interest Rate Swap <br> Maturing 01/14/36 <br> USD, Strike Price <br> $3.58, Expires <br> 01/12/26 (GSC)<br>| (1)<br>| (1300000)<br>| (160)<br>|
| Pay 3.622% <br> (Annually); <br> Receive 1-Day <br> SOFR (Annually); <br> Interest Rate Swap <br> Maturing 02/02/36 <br> USD, Strike Price <br> $3.62, Expires <br> 01/29/26 (BNP)<br>| (1)<br>| (600000)<br>| (789)<br>|
| Pay 3.625% <br> (Annually); <br> Receive 1-Day <br> SOFR (Annually); <br> Interest Rate Swap <br> Maturing 01/12/36 <br> USD, Strike Price <br> $3.63, Expires <br> 01/08/26 (BNP)<br>| (1)<br>| (2100000)<br>| (217)<br>|
| Pay 3.625% <br> (Annually); <br> Receive 1-Day <br> SOFR (Annually); <br> Interest Rate Swap <br> Maturing 01/12/36 <br> USD, Strike Price <br> $3.63, Expires <br> 01/08/26 (MSCS)<br>| (1)<br>| (1400000)<br>| (145)<br>|
| Pay 3.639% <br> (Annually); <br> Receive 1-Day <br> SOFR (Annually); <br> Interest Rate Swap <br> Maturing 01/14/36 <br> USD, Strike Price <br> $3.64, Expires <br> 01/12/26 (MSCS)<br>| (1)<br>| (1300000)<br>| (478)<br>|

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of**<br> **Contracts**<br>| **Notional**<br> **Amount**<br>| **Value** |
| Pay 3.6475% <br> (Annually); <br> Receive 1-Day <br> SOFR (Annually); <br> Interest Rate Swap <br> Maturing 01/20/36 <br> USD, Strike Price <br> $3.65, Expires <br> 01/15/26 (GSC)<br>| (1)<br>| $(2500000)<br>| $(1564)<br>|
| Pay 3.8925% <br> (Annually); <br> Receive 1-Day <br> SONIA (Annually); <br> Interest Rate Swap <br> Maturing 05/14/36 <br> GBP, Strike Price <br> $3.89, Expires <br> 05/14/26 (BAR)<br>| (1)<br>| (3690000)<br>| (43600)<br>|
|  |  |  | (151865)<br>|
| **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> 02/26, Strike Price <br> $111.50, Expires <br> 01/23/26 (MSCS)<br>| (55)<br>| (6184090)<br>| (6875)<br>|
| 10-Year U.S. Treasury <br> Note Future <br> expiration date <br> 02/26, Strike Price <br> $112.00, Expires <br> 01/23/26 (MSCS)<br>| (19)<br>| (2136322)<br>| (5047)<br>|
| Euro-Bund, Strike <br> Price <br> $127.50, Expires <br> 01/23/26 (GSM)<br>| (5)<br>| (580800)<br>| (3526)<br>|
| U.S. Dollar vs. South <br> Korean Won, Strike <br> Price <br> $1,383.00, Expires <br> 02/12/26 (BOA)<br>| (1)<br>| (1600000)<br>| (2809)<br>|
| U.S. Dollar vs. South <br> Korean Won, Strike <br> Price <br> $1,385.00, Expires <br> 02/12/26 (BAR)<br>| (1)<br>| (400000)<br>| (755)<br>|
|  |  |  | (19012)<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 3.64% <br> (Annually); Interest <br> Rate Swap <br> Maturing 08/17/28 <br> USD, Strike Price <br> $3.64, Expires <br> 08/13/26 (BNP)<br>| (1)<br>| (4427500)<br>| (7420)<br>|

---

See Notes to Financial Statements.

**127**

------

**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 3.64% <br> (Annually); Interest <br> Rate Swap <br> Maturing 08/17/28 <br> USD, Strike Price <br> $3.64, Expires <br> 08/13/26 (MSCS)<br>| (1)<br>| $(4427500)<br>| $(7420)<br>|
| Pay 1-Day SOFR <br> (Annually); <br> Receive 3.685% <br> (Annually); Interest <br> Rate Swap <br> Maturing 08/18/28 <br> USD, Strike Price <br> $3.69, Expires <br> 08/14/26 (BNP)<br>| (1)<br>| (5060000)<br>| (7493)<br>|
| Pay 1-Day SOFR <br> (Annually); <br> Receive 3.685% <br> (Annually); Interest <br> Rate Swap <br> Maturing 08/18/28 <br> USD, Strike Price <br> $3.69, Expires <br> 08/14/26 (TD)<br>| (1)<br>| (5060000)<br>| (7493)<br>|
| Pay 1-Day SOFR <br> (Annually); <br> Receive 3.71% <br> (Annually); Interest <br> Rate Swap <br> Maturing 08/21/28 <br> USD, Strike Price <br> $3.71, Expires <br> 08/19/26 (BNP)<br>| (1)<br>| (3162500)<br>| (4507)<br>|
| Pay 1-Day SOFR <br> (Annually); <br> Receive 3.71% <br> (Annually); Interest <br> Rate Swap <br> Maturing 08/21/28 <br> USD, Strike Price <br> $3.71, Expires <br> 08/19/26 (BAR)<br>| (1)<br>| (3162500)<br>| (4507)<br>|
| Pay 1-Day SOFR <br> (Annually); <br> Receive 3.831% <br> (Annually); Interest <br> Rate Swap <br> Maturing 01/07/36 <br> USD, Strike Price <br> $3.83, Expires <br> 01/05/26 (BNP)<br>| (1)<br>| (2800000)<br>| (3897)<br>|
| Pay 1-Day SOFR <br> (Annually); <br> Receive 3.8475% <br> (Annually); Interest <br> Rate Swap <br> Maturing 01/06/36 <br> USD, Strike Price <br> $3.85, Expires <br> 01/02/26 (GSC)<br>| (1)<br>| (1800000)<br>| (576)<br>|

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of**<br> **Contracts**<br>| **Notional**<br> **Amount**<br>| **Value** |
| Pay 1-Day SOFR <br> (Annually); <br> Receive 3.852% <br> (Annually); Interest <br> Rate Swap <br> Maturing 02/18/31 <br> USD, Strike Price <br> $3.85, Expires <br> 02/13/26 (BNP)<br>| (1)<br>| $(3162500)<br>| $(792)<br>|
| Pay 1-Day SOFR <br> (Annually); <br> Receive 3.853% <br> (Annually); Interest <br> Rate Swap <br> Maturing 02/18/31 <br> USD, Strike Price <br> $3.85, Expires <br> 02/13/26 (MSCS)<br>| (1)<br>| (3162500)<br>| (786)<br>|
| Pay 1-Day SOFR <br> (Annually); <br> Receive 3.86% <br> (Annually); Interest <br> Rate Swap <br> Maturing 02/18/31 <br> USD, Strike Price <br> $3.86, Expires <br> 02/13/26 (MSCS)<br>| (1)<br>| (3162500)<br>| (738)<br>|
| Pay 1-Day SOFR <br> (Annually); <br> Receive 3.8775% <br> (Annually); Interest <br> Rate Swap <br> Maturing 01/14/36 <br> USD, Strike Price <br> $3.88, Expires <br> 01/12/26 (GSC)<br>| (1)<br>| (1300000)<br>| (1861)<br>|
| Pay 1-Day SOFR <br> (Annually); <br> Receive 3.882% <br> (Annually); Interest <br> Rate Swap <br> Maturing 02/02/36 <br> USD, Strike Price <br> $3.88, Expires <br> 01/29/26 (BNP)<br>| (1)<br>| (600000)<br>| (1957)<br>|
| Pay 1-Day SOFR <br> (Annually); <br> Receive 3.89% <br> (Annually); Interest <br> Rate Swap <br> Maturing 02/24/31 <br> USD, Strike Price <br> $3.89, Expires <br> 02/20/26 (BNP)<br>| (1)<br>| (3162500)<br>| (859)<br>|
| Pay 1-Day SOFR <br> (Annually); <br> Receive 3.919% <br> (Annually); Interest <br> Rate Swap <br> Maturing 01/14/36 <br> USD, Strike Price <br> $3.92, Expires <br> 01/12/26 (MSCS)<br>| (1)<br>| (1300000)<br>| (965)<br>|

---

**128**

See Notes to Financial Statements.

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of**<br> **Contracts**<br>| **Notional**<br> **Amount**<br>| **Value** |
| Pay 1-Day SOFR <br> (Annually); <br> Receive 3.925% <br> (Annually); Interest <br> Rate Swap <br> Maturing 01/12/36 <br> USD, Strike Price <br> $3.93, Expires <br> 01/08/26 (BNP)<br>| (1)<br>| $(2100000)<br>| $(693)<br>|
| Pay 1-Day SOFR <br> (Annually); <br> Receive 3.925% <br> (Annually); Interest <br> Rate Swap <br> Maturing 01/12/36 <br> USD, Strike Price <br> $3.93, Expires <br> 01/08/26 (MSCS)<br>| (1)<br>| (1400000)<br>| (462)<br>|
| Pay 1-Day SOFR <br> (Annually); <br> Receive 3.925% <br> (Annually); Interest <br> Rate Swap <br> Maturing 02/23/31 <br> USD, Strike Price <br> $3.93, Expires <br> 02/19/26 (BAR)<br>| (1)<br>| (3162500)<br>| (614)<br>|
| Pay 1-Day SOFR <br> (Annually); <br> Receive 3.9275% <br> (Annually); Interest <br> Rate Swap <br> Maturing 01/20/36 <br> USD, Strike Price <br> $3.93, Expires <br> 01/15/26 (GSC)<br>| (1)<br>| (2500000)<br>| (2309)<br>|
| Pay 1-Day SOFR <br> (Annually); <br> Receive 3.929% <br> (Annually); Interest <br> Rate Swap <br> Maturing 02/23/31 <br> USD, Strike Price <br> $3.93, Expires <br> 02/19/26 (TD)<br>| (1)<br>| (3162500)<br>| (594)<br>|
| Pay 1-Day SOFR <br> (Annually); <br> Receive 3.94% <br> (Annually); Interest <br> Rate Swap <br> Maturing 02/20/31 <br> USD, Strike Price <br> $3.94, Expires <br> 02/18/26 (BNP)<br>| (1)<br>| (3162500)<br>| (508)<br>|

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of**<br> **Contracts**<br>| **Notional**<br> **Amount**<br>| **Value** |
| Pay 1-Day SOFR <br> (Annually); <br> Receive 3.94% <br> (Annually); Interest <br> Rate Swap <br> Maturing 02/20/31 <br> USD, Strike Price <br> $3.94, Expires <br> 02/18/26 (TD)<br>| (1)<br>| $(3162500)<br>| $(508)<br>|
| Pay 1-Month IBOR <br> (Annually); <br> Receive 3.336% <br> (Annually); Interest <br> Rate Swap <br> Maturing 12/05/49 <br> JPY, Strike Price <br> $3.34, Expires <br> 12/03/29 (CITI)<br>| (1)<br>| (1316540000)<br>| (458310)<br>|
|  |  |  | (515269)<br>|
| **Total Written Options** <br> (Premiums received $(1222789)) | **Total Written Options** <br> (Premiums received $(1222789)) |  | (793119)<br>|

---

---

| | | |
|:---|:---|:---|
|  | **Par** |  |
| **TBA SALE COMMITMENTS — (0.1)%** | **TBA SALE COMMITMENTS — (0.1)%** | **TBA SALE COMMITMENTS — (0.1)%** |
| Uniform Mortgage Backed Securities <br> 3.50%, 02/01/53 TBA | $(100000)<br>| (92326)<br>|
| Government National Mortgage <br> Association <br> 4.00%, 01/01/55 TBA | (1000000)<br>| (945076)<br>|
| Government National Mortgage <br> Association <br> 3.00%, 01/01/55 TBA | (2000000)<br>| (1801252)<br>|
| Government National Mortgage <br> Association <br> 3.50%, 01/01/55 TBA | (2000000)<br>| (1822835)<br>|
| Uniform Mortgage Backed Securities <br> 6.00%, 01/01/53 TBA | (1000000)<br>| (1027167)<br>|
| **Total TBA Sale Commitments** <br> (Proceeds $(5680879)) |  | (5688656)<br>|
| **Liabilities in Excess of Other**<br> **Assets — (24.2)%** |  | (869307647)<br>|
| **NET ASSETS — 100.0%** |  | $3589901069 |

---

Futures Contracts outstanding at December 31, 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 | 03/2026 | &nbsp;&nbsp;&nbsp; 34 | &nbsp;&nbsp;&nbsp; $4400043 | &nbsp;&nbsp;&nbsp; $(38349)<br>|
| Euro-Bobl | 03/2026 | &nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp; 819067 | &nbsp;&nbsp;&nbsp; (5771)<br>|
| Euro-Bund | 03/2026 | &nbsp;&nbsp;&nbsp; (243)<br>| &nbsp;&nbsp;&nbsp; (36430628)<br>| &nbsp;&nbsp;&nbsp; 421873 |
| 3-Year Commonwealth Treasury Bond | 03/2026 | &nbsp;&nbsp;&nbsp; 341 | &nbsp;&nbsp;&nbsp; 23893459 | &nbsp;&nbsp;&nbsp; (16094)<br>|

---

See Notes to Financial Statements.

**129**

------

**MEDIUM-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>|
| 3-Month CME SOFR | 03/2026 | &nbsp;&nbsp;&nbsp; 116 | &nbsp;&nbsp;&nbsp; $27930625 | &nbsp;&nbsp;&nbsp; $(92075)<br>|
| 3-Month SONIA SO3 | 03/2026 | &nbsp;&nbsp;&nbsp; 234 | &nbsp;&nbsp;&nbsp; 75905903 | &nbsp;&nbsp;&nbsp; 15878 |
| 10-Year Bond | 03/2026 | &nbsp;&nbsp;&nbsp; (20)<br>| &nbsp;&nbsp;&nbsp; (1761830)<br>| &nbsp;&nbsp;&nbsp; 1693 |
| 10-Year U.S. Treasury Note | 03/2026 | &nbsp;&nbsp;&nbsp; 1394 | &nbsp;&nbsp;&nbsp; 156737875 | &nbsp;&nbsp;&nbsp; (352353)<br>|
| U.S. Treasury Long Bond | 03/2026 | &nbsp;&nbsp;&nbsp; 291 | &nbsp;&nbsp;&nbsp; 33637781 | &nbsp;&nbsp;&nbsp; (313669)<br>|
| Ultra 10-Year U.S. Treasury Note | 03/2026 | &nbsp;&nbsp;&nbsp; (819)<br>| &nbsp;&nbsp;&nbsp; (94197797)<br>| &nbsp;&nbsp;&nbsp; 625466 |
| Ultra Long U.S. Treasury Bond | 03/2026 | &nbsp;&nbsp;&nbsp; 795 | &nbsp;&nbsp;&nbsp; 93810000 | &nbsp;&nbsp;&nbsp; (1372851)<br>|
| 10-Year Japanese Treasury Bond | 03/2026 | &nbsp;&nbsp;&nbsp; (12)<br>| &nbsp;&nbsp;&nbsp; (10143769)<br>| &nbsp;&nbsp;&nbsp; 67898 |
| Long GILT | 03/2026 | &nbsp;&nbsp;&nbsp; 212 | &nbsp;&nbsp;&nbsp; 26110387 | &nbsp;&nbsp;&nbsp; 115610 |
| 2-Year U.S. Treasury Note | 03/2026 | &nbsp;&nbsp;&nbsp; 857 | &nbsp;&nbsp;&nbsp; 178932227 | &nbsp;&nbsp;&nbsp; (48327)<br>|
| 5-Year U.S. Treasury Note | 03/2026 | &nbsp;&nbsp;&nbsp; 2718 | &nbsp;&nbsp;&nbsp; 297090141 | &nbsp;&nbsp;&nbsp; (421600)<br>|
| 3-Month CME SOFR | 06/2026 | &nbsp;&nbsp;&nbsp; 116 | &nbsp;&nbsp;&nbsp; 27980650 | &nbsp;&nbsp;&nbsp; (63800)<br>|
| 3-Month SONIA SO3 | 06/2026 | &nbsp;&nbsp;&nbsp; 136 | &nbsp;&nbsp;&nbsp; 44194163 | &nbsp;&nbsp;&nbsp; 39622 |
| 3-Month Euro-Euribor | 09/2026 | &nbsp;&nbsp;&nbsp; 96 | &nbsp;&nbsp;&nbsp; 27623784 | &nbsp;&nbsp;&nbsp; 8518 |
| 3-Month CME SOFR | 09/2026 | &nbsp;&nbsp;&nbsp; 116 | &nbsp;&nbsp;&nbsp; 28040100 | &nbsp;&nbsp;&nbsp; (15950)<br>|
| Total Futures Contracts outstanding at December 31, 2025 |  |  | &nbsp;&nbsp;&nbsp; $904572181 | &nbsp;&nbsp;&nbsp; $(1444281)<br>|

---

Forward Foreign Currency Contracts outstanding at December 31, 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>|
| 01/22/26 | U.S. Dollars | &nbsp;&nbsp; 5303444 | Taiwan Dollars | &nbsp;&nbsp; 160367974 | SC | &nbsp;&nbsp; $203562 |
| 04/02/26 | U.S. Dollars | &nbsp;&nbsp; 13001569 | Brazilian Reals | &nbsp;&nbsp; 72300000 | GSC | &nbsp;&nbsp; 98062 |
| 01/22/26 | U.S. Dollars | &nbsp;&nbsp; 2256821 | Taiwan Dollars | &nbsp;&nbsp; 68480474 | CITI | &nbsp;&nbsp; 79064 |
| 03/18/26 | Swiss Francs | &nbsp;&nbsp; 7943848 | U.S. Dollars | &nbsp;&nbsp; 10039339 | MSCS | &nbsp;&nbsp; 72287 |
| 01/29/26 | Mexican Pesos | &nbsp;&nbsp; 42157689 | U.S. Dollars | &nbsp;&nbsp; 2270057 | DEUT | &nbsp;&nbsp; 64307 |
| 03/18/26 | Canadian Dollars | &nbsp;&nbsp; 12494420 | U.S. Dollars | &nbsp;&nbsp; 9070668 | BNP | &nbsp;&nbsp; 62640 |
| 01/14/26 | British Pounds | &nbsp;&nbsp; 1149192 | U.S. Dollars | &nbsp;&nbsp; 1502585 | BAR | &nbsp;&nbsp; 46440 |
| 03/18/26 | Canadian Dollars | &nbsp;&nbsp; 8991162 | U.S. Dollars | &nbsp;&nbsp; 6527000 | CITI | &nbsp;&nbsp; 45458 |
| 03/18/26 | British Pounds | &nbsp;&nbsp; 3509981 | U.S. Dollars | &nbsp;&nbsp; 4699973 | WB | &nbsp;&nbsp; 30336 |
| 03/18/26 | Canadian Dollars | &nbsp;&nbsp; 2719049 | U.S. Dollars | &nbsp;&nbsp; 1959000 | JPM | &nbsp;&nbsp; 28600 |
| 01/08/26 | South Korean Won | &nbsp;&nbsp; 2123907320 | U.S. Dollars | &nbsp;&nbsp; 1445513 | DEUT | &nbsp;&nbsp; 28328 |
| 03/18/26 | U.S. Dollars | &nbsp;&nbsp; 4290339 | New Zealand Dollars | &nbsp;&nbsp; 7386845 | MSCS | &nbsp;&nbsp; 24929 |
| 02/24/26 | Mexican Pesos | &nbsp;&nbsp; 17595000 | U.S. Dollars | &nbsp;&nbsp; 951471 | BOA | &nbsp;&nbsp; 20438 |
| 02/03/26 | Mexican Pesos | &nbsp;&nbsp; 16915656 | U.S. Dollars | &nbsp;&nbsp; 917830 | MLIB | &nbsp;&nbsp; 18385 |
| 01/23/26 | Polish Zloty | &nbsp;&nbsp; 2359469 | U.S. Dollars | &nbsp;&nbsp; 638922 | JPM | &nbsp;&nbsp; 18202 |
| 01/23/26 | Polish Zloty | &nbsp;&nbsp; 4271584 | U.S. Dollars | &nbsp;&nbsp; 1172530 | BAR | &nbsp;&nbsp; 17129 |
| 03/18/26 | Mexican Pesos | &nbsp;&nbsp; 14884000 | U.S. Dollars | &nbsp;&nbsp; 803765 | BAR | &nbsp;&nbsp; 16509 |
| 01/23/26 | Polish Zloty | &nbsp;&nbsp; 3238297 | U.S. Dollars | &nbsp;&nbsp; 886316 | GSC | &nbsp;&nbsp; 15567 |
| 02/23/26 | Mexican Pesos | &nbsp;&nbsp; 11978000 | U.S. Dollars | &nbsp;&nbsp; 646142 | HSBC | &nbsp;&nbsp; 15558 |
| 01/16/26 | Polish Zloty | &nbsp;&nbsp; 4295967 | U.S. Dollars | &nbsp;&nbsp; 1181093 | BNP | &nbsp;&nbsp; 15417 |
| 01/22/26 | U.S. Dollars | &nbsp;&nbsp; 388618 | Taiwan Dollars | &nbsp;&nbsp; 11792723 | BNP | &nbsp;&nbsp; 13596 |
| 03/18/26 | Euro | &nbsp;&nbsp; 1418936 | U.S. Dollars | &nbsp;&nbsp; 1660410 | JPM | &nbsp;&nbsp; 13178 |
| 01/14/26 | U.S. Dollars | &nbsp;&nbsp; 2270878 | Japanese Yen | &nbsp;&nbsp; 353230796 | HSBC | &nbsp;&nbsp; 12919 |
| 01/23/26 | Polish Zloty | &nbsp;&nbsp; 2221341 | U.S. Dollars | &nbsp;&nbsp; 606200 | UBS | &nbsp;&nbsp; 12455 |
| 01/14/26 | U.S. Dollars | &nbsp;&nbsp; 2482314 | Japanese Yen | &nbsp;&nbsp; 386399232 | SC | &nbsp;&nbsp; 12333 |
| 01/16/26 | Polish Zloty | &nbsp;&nbsp; 2404014 | U.S. Dollars | &nbsp;&nbsp; 657358 | BOA | &nbsp;&nbsp; 12206 |
| 03/18/26 | Euro | &nbsp;&nbsp; 1359412 | U.S. Dollars | &nbsp;&nbsp; 1591384 | MSCS | &nbsp;&nbsp; 11997 |
| 03/18/26 | Euro | &nbsp;&nbsp; 2799000 | Norwegian Kroner | &nbsp;&nbsp; 33177947 | DEUT | &nbsp;&nbsp; 10803 |
| 03/18/26 | Australian Dollars | &nbsp;&nbsp; 4901600 | U.S. Dollars | &nbsp;&nbsp; 3261000 | BNP | &nbsp;&nbsp; 10275 |
| 03/02/26 | Mexican Pesos | &nbsp;&nbsp; 6970000 | U.S. Dollars | &nbsp;&nbsp; 375727 | GSC | &nbsp;&nbsp; 9059 |

---

**130**

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>|
| 01/21/26 | Chinese Offshore Yuan | &nbsp;&nbsp; 4735000 | U.S. Dollars | &nbsp;&nbsp; 671693 | GSC | &nbsp;&nbsp; $7993 |
| 03/18/26 | Euro | &nbsp;&nbsp; 4443233 | U.S. Dollars | &nbsp;&nbsp; 5233000 | UBS | &nbsp;&nbsp; 7649 |
| 03/18/26 | Canadian Dollars | &nbsp;&nbsp; 4521289 | Euro | &nbsp;&nbsp; 2796000 | BNP | &nbsp;&nbsp; 7230 |
| 03/18/26 | Swedish Kronor | &nbsp;&nbsp; 30245983 | Norwegian Kroner | &nbsp;&nbsp; 33188000 | MLIB | &nbsp;&nbsp; 7177 |
| 01/15/26 | U.S. Dollars | &nbsp;&nbsp; 5774584 | Euro | &nbsp;&nbsp; 4904000 | BAR | &nbsp;&nbsp; 7168 |
| 01/21/26 | Chinese Offshore Yuan | &nbsp;&nbsp; 5837000 | U.S. Dollars | &nbsp;&nbsp; 830930 | JPM | &nbsp;&nbsp; 6943 |
| 01/16/26 | Polish Zloty | &nbsp;&nbsp; 982167 | U.S. Dollars | &nbsp;&nbsp; 267287 | JPM | &nbsp;&nbsp; 6266 |
| 01/15/26 | Turkish Lira | &nbsp;&nbsp; 7155185 | U.S. Dollars | &nbsp;&nbsp; 158551 | BAR | &nbsp;&nbsp; 6196 |
| 03/09/26 | Mexican Pesos | &nbsp;&nbsp; 9373000 | U.S. Dollars | &nbsp;&nbsp; 511269 | JPM | &nbsp;&nbsp; 5789 |
| 02/18/26 | Turkish Lira | &nbsp;&nbsp; 10824268 | U.S. Dollars | &nbsp;&nbsp; 237406 | GSC | &nbsp;&nbsp; 5635 |
| 01/21/26 | Chinese Offshore Yuan | &nbsp;&nbsp; 3602000 | U.S. Dollars | &nbsp;&nbsp; 511473 | BNP | &nbsp;&nbsp; 5576 |
| 01/26/26 | South African Rand | &nbsp;&nbsp; 5900796 | U.S. Dollars | &nbsp;&nbsp; 350238 | CITI | &nbsp;&nbsp; 5415 |
| 02/27/26 | Mexican Pesos | &nbsp;&nbsp; 3953591 | U.S. Dollars | &nbsp;&nbsp; 212972 | JPM | &nbsp;&nbsp; 5354 |
| 01/16/26 | Polish Zloty | &nbsp;&nbsp; 917104 | U.S. Dollars | &nbsp;&nbsp; 250161 | HSBC | &nbsp;&nbsp; 5270 |
| 02/27/26 | Mexican Pesos | &nbsp;&nbsp; 3917316 | U.S. Dollars | &nbsp;&nbsp; 211093 | UBS | &nbsp;&nbsp; 5230 |
| 04/15/26 | Mexican Pesos | &nbsp;&nbsp; 5641797 | U.S. Dollars | &nbsp;&nbsp; 306021 | GSC | &nbsp;&nbsp; 3979 |
| 04/10/26 | Mexican Pesos | &nbsp;&nbsp; 4650088 | U.S. Dollars | &nbsp;&nbsp; 251824 | GSC | &nbsp;&nbsp; 3819 |
| 01/30/26 | U.S. Dollars | &nbsp;&nbsp; 307855 | Indian Rupees | &nbsp;&nbsp; 27406504 | JPM | &nbsp;&nbsp; 3818 |
| 01/14/26 | U.S. Dollars | &nbsp;&nbsp; 521033 | New Zealand Dollars | &nbsp;&nbsp; 898000 | JPM | &nbsp;&nbsp; 3688 |
| 01/22/26 | U.S. Dollars | &nbsp;&nbsp; 119620 | Taiwan Dollars | &nbsp;&nbsp; 3647812 | BOA | &nbsp;&nbsp; 3615 |
| 01/30/26 | Indian Rupees | &nbsp;&nbsp; 115631280 | U.S. Dollars | &nbsp;&nbsp; 1279175 | CITI | &nbsp;&nbsp; 3595 |
| 04/15/26 | Mexican Pesos | &nbsp;&nbsp; 4396203 | U.S. Dollars | &nbsp;&nbsp; 238180 | HSBC | &nbsp;&nbsp; 3378 |
| 03/09/26 | Mexican Pesos | &nbsp;&nbsp; 3923569 | U.S. Dollars | &nbsp;&nbsp; 213161 | HSBC | &nbsp;&nbsp; 3281 |
| 01/22/26 | South African Rand | &nbsp;&nbsp; 4026618 | U.S. Dollars | &nbsp;&nbsp; 239510 | DEUT | &nbsp;&nbsp; 3253 |
| 01/16/26 | Polish Zloty | &nbsp;&nbsp; 680000 | U.S. Dollars | &nbsp;&nbsp; 186235 | GSC | &nbsp;&nbsp; 3158 |
| 01/26/26 | South African Rand | &nbsp;&nbsp; 9796495 | U.S. Dollars | &nbsp;&nbsp; 587582 | BNP | &nbsp;&nbsp; 2872 |
| 04/13/26 | Mexican Pesos | &nbsp;&nbsp; 4289087 | U.S. Dollars | &nbsp;&nbsp; 232890 | GSC | &nbsp;&nbsp; 2832 |
| 01/20/26 | Taiwan Dollars | &nbsp;&nbsp; 42670589 | U.S. Dollars | &nbsp;&nbsp; 1354717 | BNP | &nbsp;&nbsp; 2354 |
| 01/28/26 | Turkish Lira | &nbsp;&nbsp; 3259394 | U.S. Dollars | &nbsp;&nbsp; 72239 | JPM | &nbsp;&nbsp; 2036 |
| 04/10/26 | Mexican Pesos | &nbsp;&nbsp; 2714912 | U.S. Dollars | &nbsp;&nbsp; 147234 | JPM | &nbsp;&nbsp; 2021 |
| 01/16/26 | Turkish Lira | &nbsp;&nbsp; 2313380 | U.S. Dollars | &nbsp;&nbsp; 51227 | BAR | &nbsp;&nbsp; 1996 |
| 01/14/26 | Turkish Lira | &nbsp;&nbsp; 3350673 | U.S. Dollars | &nbsp;&nbsp; 75282 | BAR | &nbsp;&nbsp; 1928 |
| 04/09/26 | Mexican Pesos | &nbsp;&nbsp; 2682322 | U.S. Dollars | &nbsp;&nbsp; 145715 | JPM | &nbsp;&nbsp; 1764 |
| 01/08/26 | U.S. Dollars | &nbsp;&nbsp; 368034 | South Korean Won | &nbsp;&nbsp; 528092245 | JPM | &nbsp;&nbsp; 1576 |
| 01/21/26 | Thai Baht | &nbsp;&nbsp; 3946440 | U.S. Dollars | &nbsp;&nbsp; 123943 | GSC | &nbsp;&nbsp; 1488 |
| 01/26/26 | South African Rand | &nbsp;&nbsp; 4501219 | U.S. Dollars | &nbsp;&nbsp; 270024 | BOA | &nbsp;&nbsp; 1273 |
| 04/13/26 | Mexican Pesos | &nbsp;&nbsp; 1717913 | U.S. Dollars | &nbsp;&nbsp; 93208 | BOA | &nbsp;&nbsp; 1206 |
| 01/14/26 | U.S. Dollars | &nbsp;&nbsp; 367833 | British Pounds | &nbsp;&nbsp; 272000 | BNP | &nbsp;&nbsp; 1198 |
| 01/15/26 | Israeli Shekels | &nbsp;&nbsp; 2117468 | U.S. Dollars | &nbsp;&nbsp; 663700 | DEUT | &nbsp;&nbsp; 1188 |
| 01/14/26 | U.S. Dollars | &nbsp;&nbsp; 359497 | New Zealand Dollars | &nbsp;&nbsp; 622000 | HSBC | &nbsp;&nbsp; 1158 |
| 01/14/26 | U.S. Dollars | &nbsp;&nbsp; 280961 | New Zealand Dollars | &nbsp;&nbsp; 486000 | DEUT | &nbsp;&nbsp; 972 |
| 01/14/26 | U.S. Dollars | &nbsp;&nbsp; 161268 | Swiss Francs | &nbsp;&nbsp; 127000 | BNP | &nbsp;&nbsp; 684 |
| 01/14/26 | U.S. Dollars | &nbsp;&nbsp; 359594 | New Zealand Dollars | &nbsp;&nbsp; 623000 | CITI | &nbsp;&nbsp; 678 |
| 01/21/26 | Chinese Offshore Yuan | &nbsp;&nbsp; 2870000 | U.S. Dollars | &nbsp;&nbsp; 411349 | CITI | &nbsp;&nbsp; 625 |
| 01/30/26 | Indian Rupees | &nbsp;&nbsp; 9591043 | U.S. Dollars | &nbsp;&nbsp; 105925 | HSBC | &nbsp;&nbsp; 475 |
| 02/19/26 | U.S. Dollars | &nbsp;&nbsp; 272229 | Israeli Shekels | &nbsp;&nbsp; 865409 | CITI | &nbsp;&nbsp; 458 |
| 01/20/26 | Taiwan Dollars | &nbsp;&nbsp; 3359305 | U.S. Dollars | &nbsp;&nbsp; 106425 | HSBC | &nbsp;&nbsp; 412 |
| 01/30/26 | Indian Rupees | &nbsp;&nbsp; 13551077 | U.S. Dollars | &nbsp;&nbsp; 150000 | BNP | &nbsp;&nbsp; 330 |
| 01/20/26 | Taiwan Dollars | &nbsp;&nbsp; 2519886 | U.S. Dollars | &nbsp;&nbsp; 79819 | CITI | &nbsp;&nbsp; 322 |
| 01/08/26 | U.S. Dollars | &nbsp;&nbsp; 90000 | Taiwan Dollars | &nbsp;&nbsp; 2820183 | BNP | &nbsp;&nbsp; 270 |
| 03/18/26 | U.S. Dollars | &nbsp;&nbsp; 20953 | Taiwan Dollars | &nbsp;&nbsp; 650716 | BNP | &nbsp;&nbsp; 268 |
| 03/18/26 | U.S. Dollars | &nbsp;&nbsp; 22724 | Taiwan Dollars | &nbsp;&nbsp; 707285 | CITI | &nbsp;&nbsp; 241 |
| 01/14/26 | U.S. Dollars | &nbsp;&nbsp; 49017 | Japanese Yen | &nbsp;&nbsp; 7631937 | MSCS | &nbsp;&nbsp; 231 |
| 01/20/26 | Taiwan Dollars | &nbsp;&nbsp; 2178042 | U.S. Dollars | &nbsp;&nbsp; 69039 | BOA | &nbsp;&nbsp; 230 |
| 01/30/26 | Indian Rupees | &nbsp;&nbsp; 8898282 | U.S. Dollars | &nbsp;&nbsp; 98536 | SC | &nbsp;&nbsp; 179 |
| 03/03/26 | U.S. Dollars | &nbsp;&nbsp; 15557 | Brazilian Reals | &nbsp;&nbsp; 85585 | GSC | &nbsp;&nbsp; 156 |

---

See Notes to Financial Statements.

**131**

------

**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>|
| 01/16/26 | Polish Zloty | &nbsp;&nbsp; 359000 | U.S. Dollars | &nbsp;&nbsp; 99912 | CITI | &nbsp;&nbsp; $76 |
| 02/02/26 | Indian Rupees | &nbsp;&nbsp; 13530750 | U.S. Dollars | &nbsp;&nbsp; 150000 | GSC | &nbsp;&nbsp; 72 |
| 01/15/26 | Euro | &nbsp;&nbsp; 53000 | U.S. Dollars | &nbsp;&nbsp; 62284 | BNP | &nbsp;&nbsp; 47 |
| 01/22/26 | Indonesian Rupiahs | &nbsp;&nbsp; 301681602 | U.S. Dollars | &nbsp;&nbsp; 18041 | SC | &nbsp;&nbsp; 26 |
| 01/22/26 | Indonesian Rupiahs | &nbsp;&nbsp; 181375631 | U.S. Dollars | &nbsp;&nbsp; 10843 | BNP | &nbsp;&nbsp; 19 |
| 01/21/26 | Thai Baht | &nbsp;&nbsp; 5413 | U.S. Dollars | &nbsp;&nbsp; 167 | CITI | &nbsp;&nbsp; 5 |
| 02/25/26 | Mexican Pesos | &nbsp;&nbsp; 1012 | U.S. Dollars | &nbsp;&nbsp; 54 | HSBC | &nbsp;&nbsp; 2 |
| Subtotal Appreciation | Subtotal Appreciation |  |  |  |  | &nbsp;&nbsp; $1204182 |
| 02/02/26 | Indian Rupees | &nbsp;&nbsp; 16857906 | U.S. Dollars | &nbsp;&nbsp; 187028 | BNP | &nbsp;&nbsp; $(54)<br>|
| 01/30/26 | Taiwan Dollars | &nbsp;&nbsp; 12894619 | U.S. Dollars | &nbsp;&nbsp; 410000 | BNP | &nbsp;&nbsp; (55)<br>|
| 01/20/26 | Euro | &nbsp;&nbsp; 102000 | U.S. Dollars | &nbsp;&nbsp; 120077 | BAR | &nbsp;&nbsp; (89)<br>|
| 02/02/26 | Taiwan Dollars | &nbsp;&nbsp; 647544 | U.S. Dollars | &nbsp;&nbsp; 20687 | CITI | &nbsp;&nbsp; (101)<br>|
| 01/22/26 | Polish Zloty | &nbsp;&nbsp; 1690097 | U.S. Dollars | &nbsp;&nbsp; 470819 | UBS | &nbsp;&nbsp; (115)<br>|
| 02/02/26 | Taiwan Dollars | &nbsp;&nbsp; 874173 | U.S. Dollars | &nbsp;&nbsp; 27928 | DEUT | &nbsp;&nbsp; (137)<br>|
| 01/20/26 | U.S. Dollars | &nbsp;&nbsp; 10000 | Indian Rupees | &nbsp;&nbsp; 913030 | BOA | &nbsp;&nbsp; (139)<br>|
| 01/14/26 | U.S. Dollars | &nbsp;&nbsp; 10024 | Canadian Dollars | &nbsp;&nbsp; 13975 | BOA | &nbsp;&nbsp; (165)<br>|
| 01/21/26 | U.S. Dollars | &nbsp;&nbsp; 6423 | Thai Baht | &nbsp;&nbsp; 207713 | CITI | &nbsp;&nbsp; (179)<br>|
| 02/19/26 | U.S. Dollars | &nbsp;&nbsp; 345324 | Israeli Shekels | &nbsp;&nbsp; 1100202 | BOA | &nbsp;&nbsp; (181)<br>|
| 01/08/26 | U.S. Dollars | &nbsp;&nbsp; 90000 | Indian Rupees | &nbsp;&nbsp; 8113027 | BNP | &nbsp;&nbsp; (196)<br>|
| 02/02/26 | Taiwan Dollars | &nbsp;&nbsp; 1930791 | U.S. Dollars | &nbsp;&nbsp; 61661 | BNP | &nbsp;&nbsp; (279)<br>|
| 01/30/26 | U.S. Dollars | &nbsp;&nbsp; 10527 | Mexican Pesos | &nbsp;&nbsp; 195792 | JPM | &nbsp;&nbsp; (313)<br>|
| 02/05/26 | Taiwan Dollars | &nbsp;&nbsp; 11836087 | U.S. Dollars | &nbsp;&nbsp; 376608 | BNP | &nbsp;&nbsp; (340)<br>|
| 01/21/26 | U.S. Dollars | &nbsp;&nbsp; 14464 | Thai Baht | &nbsp;&nbsp; 468492 | HSBC | &nbsp;&nbsp; (426)<br>|
| 03/18/26 | U.S. Dollars | &nbsp;&nbsp; 1558000 | Peruvian Nuevo Soles | &nbsp;&nbsp; 5253576 | CITI | &nbsp;&nbsp; (434)<br>|
| 01/12/26 | U.S. Dollars | &nbsp;&nbsp; 240000 | Indian Rupees | &nbsp;&nbsp; 21637607 | BNP | &nbsp;&nbsp; (460)<br>|
| 03/18/26 | U.S. Dollars | &nbsp;&nbsp; 24543 | Swedish Kronor | &nbsp;&nbsp; 229288 | RBC | &nbsp;&nbsp; (464)<br>|
| 01/20/26 | U.S. Dollars | &nbsp;&nbsp; 50000 | Indian Rupees | &nbsp;&nbsp; 4549669 | SC | &nbsp;&nbsp; (521)<br>|
| 01/14/26 | U.S. Dollars | &nbsp;&nbsp; 336279 | British Pounds | &nbsp;&nbsp; 250000 | RBS | &nbsp;&nbsp; (702)<br>|
| 01/20/26 | U.S. Dollars | &nbsp;&nbsp; 119277 | Euro | &nbsp;&nbsp; 102000 | MSCS | &nbsp;&nbsp; (711)<br>|
| 03/18/26 | Norwegian Kroner | &nbsp;&nbsp; 93251832 | U.S. Dollars | &nbsp;&nbsp; 9249342 | WB | &nbsp;&nbsp; (801)<br>|
| 01/15/26 | U.S. Dollars | &nbsp;&nbsp; 150785 | Israeli Shekels | &nbsp;&nbsp; 483658 | BAR | &nbsp;&nbsp; (1084)<br>|
| 02/19/26 | U.S. Dollars | &nbsp;&nbsp; 663700 | Israeli Shekels | &nbsp;&nbsp; 2116931 | DEUT | &nbsp;&nbsp; (1097)<br>|
| 02/02/26 | Taiwan Dollars | &nbsp;&nbsp; 12542400 | U.S. Dollars | &nbsp;&nbsp; 400000 | BOA | &nbsp;&nbsp; (1265)<br>|
| 01/14/26 | U.S. Dollars | &nbsp;&nbsp; 557328 | Euro | &nbsp;&nbsp; 475000 | BOA | &nbsp;&nbsp; (1274)<br>|
| 02/19/26 | U.S. Dollars | &nbsp;&nbsp; 146479 | Israeli Shekels | &nbsp;&nbsp; 471881 | BAR | &nbsp;&nbsp; (1709)<br>|
| 01/14/26 | U.S. Dollars | &nbsp;&nbsp; 145161 | Swiss Francs | &nbsp;&nbsp; 116379 | GSC | &nbsp;&nbsp; (1993)<br>|
| 01/22/26 | U.S. Dollars | &nbsp;&nbsp; 241147 | South African Rand | &nbsp;&nbsp; 4034383 | BNP | &nbsp;&nbsp; (2084)<br>|
| 01/14/26 | U.S. Dollars | &nbsp;&nbsp; 174799 | Norwegian Kroner | &nbsp;&nbsp; 1783434 | CITI | &nbsp;&nbsp; (2137)<br>|
| 02/13/26 | South Korean Won | &nbsp;&nbsp; 527399237 | U.S. Dollars | &nbsp;&nbsp; 368034 | JPM | &nbsp;&nbsp; (2248)<br>|
| 01/14/26 | U.S. Dollars | &nbsp;&nbsp; 171457 | Swiss Francs | &nbsp;&nbsp; 137478 | BNP | &nbsp;&nbsp; (2376)<br>|
| 01/22/26 | U.S. Dollars | &nbsp;&nbsp; 245434 | Israeli Shekels | &nbsp;&nbsp; 789499 | DEUT | &nbsp;&nbsp; (2464)<br>|
| 01/14/26 | U.S. Dollars | &nbsp;&nbsp; 169931 | Swiss Francs | &nbsp;&nbsp; 136431 | UBS | &nbsp;&nbsp; (2578)<br>|
| 01/14/26 | U.S. Dollars | &nbsp;&nbsp; 814083 | New Zealand Dollars | &nbsp;&nbsp; 1417562 | CITI | &nbsp;&nbsp; (2587)<br>|
| 01/15/26 | U.S. Dollars | &nbsp;&nbsp; 224261 | Israeli Shekels | &nbsp;&nbsp; 723000 | BNP | &nbsp;&nbsp; (2762)<br>|
| 01/12/26 | Taiwan Dollars | &nbsp;&nbsp; 11839163 | U.S. Dollars | &nbsp;&nbsp; 380000 | BNP | &nbsp;&nbsp; (3366)<br>|
| 03/18/26 | U.S. Dollars | &nbsp;&nbsp; 1306000 | Norwegian Kroner | &nbsp;&nbsp; 13202400 | BNP | &nbsp;&nbsp; (3389)<br>|
| 01/21/26 | U.S. Dollars | &nbsp;&nbsp; 120297 | Thai Baht | &nbsp;&nbsp; 3895831 | BOA | &nbsp;&nbsp; (3525)<br>|
| 01/14/26 | U.S. Dollars | &nbsp;&nbsp; 173713 | Swedish Kronor | &nbsp;&nbsp; 1635000 | CITI | &nbsp;&nbsp; (4015)<br>|
| 01/14/26 | U.S. Dollars | &nbsp;&nbsp; 458832 | Danish Kroner | &nbsp;&nbsp; 2940000 | CITI | &nbsp;&nbsp; (4146)<br>|
| 01/22/26 | Taiwan Dollars | &nbsp;&nbsp; 18814903 | U.S. Dollars | &nbsp;&nbsp; 602655 | CITI | &nbsp;&nbsp; (4320)<br>|
| 03/18/26 | U.S. Dollars | &nbsp;&nbsp; 1963232 | Norwegian Kroner | &nbsp;&nbsp; 19839341 | MLIB | &nbsp;&nbsp; (4397)<br>|
| 01/15/26 | U.S. Dollars | &nbsp;&nbsp; 364623 | Israeli Shekels | &nbsp;&nbsp; 1178062 | GSC | &nbsp;&nbsp; (5290)<br>|
| 01/08/26 | U.S. Dollars | &nbsp;&nbsp; 338515 | South Korean Won | &nbsp;&nbsp; 495541953 | DEUT | &nbsp;&nbsp; (5356)<br>|
| 01/16/26 | U.S. Dollars | &nbsp;&nbsp; 330718 | Polish Zloty | &nbsp;&nbsp; 1207320 | CITI | &nbsp;&nbsp; (5544)<br>|
| 02/19/26 | U.S. Dollars | &nbsp;&nbsp; 539964 | Israeli Shekels | &nbsp;&nbsp; 1738630 | MSCS | &nbsp;&nbsp; (6032)<br>|

---

**132**

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>|
| 01/16/26 | U.S. Dollars | &nbsp;&nbsp; 330661 | Polish Zloty | &nbsp;&nbsp; 1209218 | BOA | &nbsp;&nbsp; $(6130)<br>|
| 01/21/26 | U.S. Dollars | &nbsp;&nbsp; 639604 | Chinese Offshore Yuan | &nbsp;&nbsp; 4500313 | GSC | &nbsp;&nbsp; (6394)<br>|
| 01/16/26 | U.S. Dollars | &nbsp;&nbsp; 427478 | Polish Zloty | &nbsp;&nbsp; 1559567 | BNP | &nbsp;&nbsp; (6892)<br>|
| 01/14/26 | U.S. Dollars | &nbsp;&nbsp; 593156 | Euro | &nbsp;&nbsp; 511000 | BAR | &nbsp;&nbsp; (7783)<br>|
| 01/30/26 | Indian Rupees | &nbsp;&nbsp; 58660404 | U.S. Dollars | &nbsp;&nbsp; 658706 | JPM | &nbsp;&nbsp; (7950)<br>|
| 01/22/26 | Taiwan Dollars | &nbsp;&nbsp; 33586189 | U.S. Dollars | &nbsp;&nbsp; 1076091 | BNP | &nbsp;&nbsp; (8012)<br>|
| 01/08/26 | U.S. Dollars | &nbsp;&nbsp; 754843 | South Korean Won | &nbsp;&nbsp; 1100567555 | BOA | &nbsp;&nbsp; (8873)<br>|
| 01/15/26 | U.S. Dollars | &nbsp;&nbsp; 330601 | Israeli Shekels | &nbsp;&nbsp; 1081667 | CITI | &nbsp;&nbsp; (9044)<br>|
| 01/26/26 | U.S. Dollars | &nbsp;&nbsp; 854421 | Peruvian Nuevo Soles | &nbsp;&nbsp; 2905204 | CITI | &nbsp;&nbsp; (9049)<br>|
| 03/18/26 | U.S. Dollars | &nbsp;&nbsp; 1673006 | Swedish Kronor | &nbsp;&nbsp; 15425694 | BNP | &nbsp;&nbsp; (9358)<br>|
| 01/14/26 | U.S. Dollars | &nbsp;&nbsp; 970517 | Swiss Francs | &nbsp;&nbsp; 775000 | HSBC | &nbsp;&nbsp; (9425)<br>|
| 01/14/26 | U.S. Dollars | &nbsp;&nbsp; 836112 | New Zealand Dollars | &nbsp;&nbsp; 1471438 | BNP | &nbsp;&nbsp; (11596)<br>|
| 01/21/26 | U.S. Dollars | &nbsp;&nbsp; 1273884 | Chinese Offshore Yuan | &nbsp;&nbsp; 8975825 | SC | &nbsp;&nbsp; (14552)<br>|
| 01/21/26 | U.S. Dollars | &nbsp;&nbsp; 1281586 | Chinese Offshore Yuan | &nbsp;&nbsp; 9031272 | BNP | &nbsp;&nbsp; (14809)<br>|
| 01/16/26 | U.S. Dollars | &nbsp;&nbsp; 779627 | Polish Zloty | &nbsp;&nbsp; 2857232 | JPM | &nbsp;&nbsp; (16168)<br>|
| 01/26/26 | U.S. Dollars | &nbsp;&nbsp; 437019 | South African Rand | &nbsp;&nbsp; 7534347 | GSC | &nbsp;&nbsp; (17091)<br>|
| 03/18/26 | U.S. Dollars | &nbsp;&nbsp; 4636820 | Swiss Francs | &nbsp;&nbsp; 3656443 | JPM | &nbsp;&nbsp; (17422)<br>|
| 03/18/26 | Euro | &nbsp;&nbsp; 3023261 | Swiss Francs | &nbsp;&nbsp; 2816721 | BNP | &nbsp;&nbsp; (19531)<br>|
| 03/18/26 | U.S. Dollars | &nbsp;&nbsp; 4763480 | Australian Dollars | &nbsp;&nbsp; 7167046 | JPM | &nbsp;&nbsp; (19730)<br>|
| 01/30/26 | Indian Rupees | &nbsp;&nbsp; 146033700 | U.S. Dollars | &nbsp;&nbsp; 1639809 | DEUT | &nbsp;&nbsp; (19767)<br>|
| 01/26/26 | U.S. Dollars | &nbsp;&nbsp; 473352 | South African Rand | &nbsp;&nbsp; 8199451 | BAR | &nbsp;&nbsp; (20845)<br>|
| 01/26/26 | U.S. Dollars | &nbsp;&nbsp; 751504 | South African Rand | &nbsp;&nbsp; 12896117 | JPM | &nbsp;&nbsp; (25769)<br>|
| 03/18/26 | U.S. Dollars | &nbsp;&nbsp; 3271000 | Swedish Kronor | &nbsp;&nbsp; 30236143 | DEUT | &nbsp;&nbsp; (26627)<br>|
| 01/21/26 | U.S. Dollars | &nbsp;&nbsp; 2660835 | Chinese Offshore Yuan | &nbsp;&nbsp; 18739730 | JPM | &nbsp;&nbsp; (29162)<br>|
| 03/18/26 | U.S. Dollars | &nbsp;&nbsp; 4988647 | Canadian Dollars | &nbsp;&nbsp; 6870578 | BNP | &nbsp;&nbsp; (33683)<br>|
| 01/14/26 | U.S. Dollars | &nbsp;&nbsp; 1807081 | Australian Dollars | &nbsp;&nbsp; 2765311 | JPM | &nbsp;&nbsp; (38499)<br>|
| 03/18/26 | U.S. Dollars | &nbsp;&nbsp; 8145132 | Euro | &nbsp;&nbsp; 6939120 | BNP | &nbsp;&nbsp; (39334)<br>|
| 01/26/26 | U.S. Dollars | &nbsp;&nbsp; 823010 | South African Rand | &nbsp;&nbsp; 14313543 | UBS | &nbsp;&nbsp; (39695)<br>|
| 03/18/26 | U.S. Dollars | &nbsp;&nbsp; 3334448 | Australian Dollars | &nbsp;&nbsp; 5056929 | MSCS | &nbsp;&nbsp; (40492)<br>|
| 01/26/26 | U.S. Dollars | &nbsp;&nbsp; 838615 | South African Rand | &nbsp;&nbsp; 14612112 | DEUT | &nbsp;&nbsp; (42085)<br>|
| 03/18/26 | New Zealand Dollars | &nbsp;&nbsp; 6778541 | U.S. Dollars | &nbsp;&nbsp; 3957265 | JPM | &nbsp;&nbsp; (43109)<br>|
| 01/15/26 | U.S. Dollars | &nbsp;&nbsp; 1984251 | Israeli Shekels | &nbsp;&nbsp; 6459448 | JPM | &nbsp;&nbsp; (44024)<br>|
| 01/14/26 | U.S. Dollars | &nbsp;&nbsp; 1734219 | Australian Dollars | &nbsp;&nbsp; 2667972 | BNP | &nbsp;&nbsp; (46396)<br>|
| 01/30/26 | Indian Rupees | &nbsp;&nbsp; 368557767 | U.S. Dollars | &nbsp;&nbsp; 4138417 | CITI | &nbsp;&nbsp; (49777)<br>|
| 01/14/26 | U.S. Dollars | &nbsp;&nbsp; 7266729 | Singapore Dollars | &nbsp;&nbsp; 9428748 | HSBC | &nbsp;&nbsp; (75641)<br>|
| 04/02/26 | U.S. Dollars | &nbsp;&nbsp; 4347959 | Brazilian Reals | &nbsp;&nbsp; 24800000 | BNP | &nbsp;&nbsp; (78140)<br>|
| 03/18/26 | U.S. Dollars | &nbsp;&nbsp; 7907416 | British Pounds | &nbsp;&nbsp; 5925559 | MSCS | &nbsp;&nbsp; (78304)<br>|
| 02/25/26 | U.S. Dollars | &nbsp;&nbsp; 17565847 | Euro | &nbsp;&nbsp; 14991838 | MSCS | &nbsp;&nbsp; (98502)<br>|
| 03/03/26 | Brazilian Reals | &nbsp;&nbsp; 82608084 | U.S. Dollars | &nbsp;&nbsp; 14976085 | GSC | &nbsp;&nbsp; (111064)<br>|
| 01/14/26 | U.S. Dollars | &nbsp;&nbsp; 13867404 | Euro | &nbsp;&nbsp; 11948036 | HSBC | &nbsp;&nbsp; (183558)<br>|
| 03/18/26 | U.S. Dollars | &nbsp;&nbsp; 14164768 | Canadian Dollars | &nbsp;&nbsp; 19683815 | MSCS | &nbsp;&nbsp; (223922)<br>|
| 04/02/26 | U.S. Dollars | &nbsp;&nbsp; 9270957 | Brazilian Reals | &nbsp;&nbsp; 53400000 | GSC | &nbsp;&nbsp; (259434)<br>|
| 01/14/26 | U.S. Dollars | &nbsp;&nbsp; 23452030 | Canadian Dollars | &nbsp;&nbsp; 33007044 | HSBC | &nbsp;&nbsp; (611671)<br>|
| Subtotal Depreciation | Subtotal Depreciation |  |  |  |  | &nbsp;&nbsp; $(2563209)<br>|
| Total Forward Foreign Currency Contracts outstanding at December 31, 2025 | Total Forward Foreign Currency Contracts outstanding at December 31, 2025 | Total Forward Foreign Currency Contracts outstanding at December 31, 2025 | Total Forward Foreign Currency Contracts outstanding at December 31, 2025 | Total Forward Foreign Currency Contracts outstanding at December 31, 2025 |  | &nbsp;&nbsp; $(1359027)<br>|

---

See Notes to Financial Statements.

**133**

------

**MEDIUM-DURATION BOND FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

Swap Agreements outstanding at December 31, 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; $(1506)<br>| &nbsp;&nbsp; $(4251)<br>| &nbsp;&nbsp; $2745 |
|  |  |  |  |  |  | &nbsp;&nbsp; $(1506)<br>| &nbsp;&nbsp; $(4251)<br>| &nbsp;&nbsp; $2745 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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>| 0.22<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.00<br> %<br>| &nbsp;&nbsp; 6/20/2026 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 2800000 | &nbsp;&nbsp; $10970 | &nbsp;&nbsp; $(26054)<br>| &nbsp;&nbsp; $37024 |
| The Boeing Company, 2.6% due 10/30/25 <br> (Receive Quarterly)<br>| 0.22<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.00<br> %<br>| &nbsp;&nbsp; 6/20/2026 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 2400000 | &nbsp;&nbsp; 9464 | &nbsp;&nbsp; (17161)<br>| &nbsp;&nbsp; 26625 |
| British Telecommunications 5.75% due <br> 12/7/28 (Receive Quarterly)<br>| 0.22<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.00<br> %<br>| &nbsp;&nbsp; 6/20/2028 | &nbsp;&nbsp; EUR | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 45198 | &nbsp;&nbsp; (11393)<br>| &nbsp;&nbsp; 56591 |
| Verizon Communications, 4.125% due <br> 3/16/27 (Receive Quarterly)<br>| 0.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.00<br> %<br>| &nbsp;&nbsp; 6/20/2028 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1400000 | &nbsp;&nbsp; 20625 | &nbsp;&nbsp; (4067)<br>| &nbsp;&nbsp; 24692 |
| British Telecommunications 5.75% due <br> 12/7/28 (Receive Quarterly)<br>| 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.00<br> %<br>| &nbsp;&nbsp; 12/20/2028 | &nbsp;&nbsp; EUR | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 51941 | &nbsp;&nbsp; (23988)<br>| &nbsp;&nbsp; 75929 |
| 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; 12/20/2028 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 300000 | &nbsp;&nbsp; 4970 | &nbsp;&nbsp; (746)<br>| &nbsp;&nbsp; 5716 |
| Deutsche Bank AG,Floating Rate due <br> 12/7/2020 (Receive Quarterly)<br>| 0.65<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.00<br> %<br>| &nbsp;&nbsp; 6/20/2030 | &nbsp;&nbsp; EUR | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 8764 | &nbsp;&nbsp; 4222 | &nbsp;&nbsp; 4542 |
| Deutsche Bank AG,Floating Rate due <br> 12/20/2030 (Receive Quarterly)<br>| 0.48<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.00<br> %<br>| &nbsp;&nbsp; 12/20/2030 | &nbsp;&nbsp; EUR | &nbsp;&nbsp; 1700000 | &nbsp;&nbsp; 49224 | &nbsp;&nbsp; 19318 | &nbsp;&nbsp; 29906 |
| Lloyds Banking Group PLC, 1.984% <br> 12/15/2031 (Receive Quarterly)<br>| 0.99<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.00<br> %<br>| &nbsp;&nbsp; 12/20/2030 | &nbsp;&nbsp; EUR | &nbsp;&nbsp; 1400000 | &nbsp;&nbsp; 915 | &nbsp;&nbsp; (2678)<br>| &nbsp;&nbsp; 3593 |
| Subtotal Appreciation |  |  |  |  |  | &nbsp;&nbsp; $202071 | &nbsp;&nbsp; $(62547)<br>| &nbsp;&nbsp; $264618 |
| General Electric Co, 2.7% due 10/9/22 <br> (Receive Quarterly)<br>| 0.05<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.00<br> %<br>| &nbsp;&nbsp; 6/20/2026 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 2100000 | &nbsp;&nbsp; $9918 | &nbsp;&nbsp; $11126 | &nbsp;&nbsp; $(1208)<br>|
| Goldman Sachs Group, 6.484% 10/24/2029 <br> (Receive Quarterly)<br>| 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.00<br> %<br>| &nbsp;&nbsp; 6/20/2026 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 300000 | &nbsp;&nbsp; 1134 | &nbsp;&nbsp; 1868 | &nbsp;&nbsp; (734)<br>|
| Morgan Stanley, 7.25% due 4/1/2032 <br> (Receive Quarterly)<br>| 0.23<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.00<br> %<br>| &nbsp;&nbsp; 6/20/2026 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1150000 | &nbsp;&nbsp; 4490 | &nbsp;&nbsp; 7275 | &nbsp;&nbsp; (2785)<br>|
| General Electric Co, 2.7% due 10/9/22 <br> (Receive Quarterly)<br>| 0.06<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.00<br> %<br>| &nbsp;&nbsp; 12/20/2026 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 2600000 | &nbsp;&nbsp; 24135 | &nbsp;&nbsp; 29130 | &nbsp;&nbsp; (4995)<br>|
| General Motors Co., 4.88% due 10/2/23 <br> (Receive Quarterly)<br>| 0.28<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.00<br> %<br>| &nbsp;&nbsp; 12/20/2026 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 870000 | &nbsp;&nbsp; 40637 | &nbsp;&nbsp; 175392 | &nbsp;&nbsp; (134755)<br>|
| General Motors Co., 4.2% due 10/1/27 <br> (Receive Quarterly)<br>| 0.53<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.00<br> %<br>| &nbsp;&nbsp; 6/20/2028 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 995000 | &nbsp;&nbsp; 107043 | &nbsp;&nbsp; 119736 | &nbsp;&nbsp; (12693)<br>|
| Subtotal Depreciation |  |  |  |  |  | &nbsp;&nbsp; $187357 | &nbsp;&nbsp; $344527 | &nbsp;&nbsp; $(157170)<br>|
| Net Centrally Cleared Credit Default Swaps on Corporate Issuers—Sell Protection outstanding at <br> December 31, 2025 | Net Centrally Cleared Credit Default Swaps on Corporate Issuers—Sell Protection outstanding at <br> December 31, 2025 | Net Centrally Cleared Credit Default Swaps on Corporate Issuers—Sell Protection outstanding at <br> December 31, 2025 | Net Centrally Cleared Credit Default Swaps on Corporate Issuers—Sell Protection outstanding at <br> December 31, 2025 | Net Centrally Cleared Credit Default Swaps on Corporate Issuers—Sell Protection outstanding at <br> December 31, 2025 | Net Centrally Cleared Credit Default Swaps on Corporate Issuers—Sell Protection outstanding at <br> December 31, 2025 | &nbsp;&nbsp; $389428 | &nbsp;&nbsp; $281980 | &nbsp;&nbsp; $107448 |

---

**134**

See Notes to Financial Statements.

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **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.45 Index (Pay Quarterly) | &nbsp;&nbsp; (1.00)%<br>| &nbsp;&nbsp;&nbsp; 12/20/2030 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 14000000 | &nbsp;&nbsp; $(320901)<br>| &nbsp;&nbsp; $(321957)<br>| &nbsp;&nbsp; $1056 |
|  |  |  |  |  | &nbsp;&nbsp; $(320901)<br>| &nbsp;&nbsp; $(321957)<br>| &nbsp;&nbsp; $1056 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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; 1860000 | &nbsp;&nbsp; $(233291)<br>| &nbsp;&nbsp; $(199455)<br>| &nbsp;&nbsp; $(33836)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp; $(233291)<br>| &nbsp;&nbsp; $(199455)<br>| &nbsp;&nbsp; $(33836)<br>|

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Obligation** | **Implied** <br> **Credit** <br> **Spread**<br>| **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** <br> **Credit** <br> **Indexes—Sell** <br> **Protection**<br>|  |  |  |  |  |  |  |  |  |
| Markit CMBX.NA.AAA.17 <br> (Receive Monthly)<br>| 0.00<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp; 12/15/2056 | &nbsp;&nbsp; MSCS | &nbsp;&nbsp; USD | &nbsp;&nbsp; 4300000 | &nbsp;&nbsp; $(48550)<br>| &nbsp;&nbsp; $(58465)<br>| &nbsp;&nbsp; $9915 |
|  |  |  |  |  |  |  | &nbsp;&nbsp; $(48550)<br>| &nbsp;&nbsp; $(58465)<br>| &nbsp;&nbsp; $9915 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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>| 0.29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.00<br> %<br>| &nbsp;&nbsp; 12/20/2028 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 5960000 | &nbsp;&nbsp; $121856 | &nbsp;&nbsp; $105160 | &nbsp;&nbsp; $16696 |
| Markit CDX.NA.IG.42 Index (Receive <br> Quarterly)<br>| 0.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.00<br> %<br>| &nbsp;&nbsp; 6/20/2029 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 31949097 | &nbsp;&nbsp; 692257 | &nbsp;&nbsp; 664970 | &nbsp;&nbsp; 27287 |
| Markit CDX.NA.IG.43 Index (Receive <br> Quarterly)<br>| 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.00<br> %<br>| &nbsp;&nbsp; 12/20/2029 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 52625000 | &nbsp;&nbsp; 1188651 | &nbsp;&nbsp; 1051875 | &nbsp;&nbsp; 136776 |
| iTraxx Europe & Crossover Series 44 <br> (Receive Quarterly)<br>| 0.51<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.00<br> %<br>| &nbsp;&nbsp; 12/20/2030 | &nbsp;&nbsp; EUR | &nbsp;&nbsp; 7760000 | &nbsp;&nbsp; 213169 | &nbsp;&nbsp; 200984 | &nbsp;&nbsp; 12185 |
| Markit CDX.NA.IG.45 Index (Receive <br> Quarterly)<br>| 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.00<br> %<br>| &nbsp;&nbsp; 12/20/2030 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 36000000 | &nbsp;&nbsp; 824270 | &nbsp;&nbsp; 813171 | &nbsp;&nbsp; 11099 |
| Net Centrally Cleared Credit Default Swaps on Credit Indexes—Sell Protection outstanding at<br> December 31, 2025 | Net Centrally Cleared Credit Default Swaps on Credit Indexes—Sell Protection outstanding at<br> December 31, 2025 | Net Centrally Cleared Credit Default Swaps on Credit Indexes—Sell Protection outstanding at<br> December 31, 2025 | Net Centrally Cleared Credit Default Swaps on Credit Indexes—Sell Protection outstanding at<br> December 31, 2025 | Net Centrally Cleared Credit Default Swaps on Credit Indexes—Sell Protection outstanding at<br> December 31, 2025 | Net Centrally Cleared Credit Default Swaps on Credit Indexes—Sell Protection outstanding at<br> December 31, 2025 | &nbsp;&nbsp; $3040203 | &nbsp;&nbsp; $2836160 | &nbsp;&nbsp; $204043 |

---

See Notes to Financial Statements.

**135**

------

**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** |  |  |  |  |  |  |
| 13.75% (Upon termination) | 1-Day Brazil Cetip DI Interbank <br> Deposit Rate (Upon termination)<br>| 1/4/2027 | BRL | 22555520 | $25160 | &nbsp;&nbsp; $13577 | &nbsp;&nbsp; $11583 |
| 1-Day SOFR (Annually) | 3.95% (Annually) | 1/30/2027 | USD | 13500000 | 28043 | &nbsp;&nbsp; — | &nbsp;&nbsp; 28043 |
| 6-Month EURIBOR (Semiannually) | 1.00% (Annually) | 5/18/2027 | EUR | 3600000 | (53322)<br>| &nbsp;&nbsp; (163593)<br>| &nbsp;&nbsp; 110271 |
| 1-Day SOFR (Annually) | 4.28% (Annually) | 6/26/2027 | USD | 8000000 | 108851 | &nbsp;&nbsp; — | &nbsp;&nbsp; 108851 |
| 3.06% (Annually) | 1-Day SOFR (Annually) | 8/31/2027 | USD | 91330000 | 103987 | &nbsp;&nbsp; 47 | &nbsp;&nbsp; 103940 |
| 1.25% (Annually) | Bank of Japan Unsecured Overnight <br> Call Rate (Annually)<br>| 12/15/2027 | JPY | 12901980000 | 100372 | &nbsp;&nbsp; 9677 | &nbsp;&nbsp; 90695 |
| 3.14% (Annually) | 1-Day SOFR (Annually) | 12/15/2027 | USD | 35870000 | 68020 | &nbsp;&nbsp; 13181 | &nbsp;&nbsp; 54839 |
| 0.00% (Annually) | Swiss Average Overnight Rate <br> (Annually)<br>| 3/18/2028 | CHF | 90640000 | 160007 | &nbsp;&nbsp; 149504 | &nbsp;&nbsp; 10503 |
| 1.00% (Annually) | Bank of Japan Unsecured Overnight <br> Call Rate (Annually)<br>| 3/18/2028 | JPY | 37254000000 | 1132807 | &nbsp;&nbsp; 732287 | &nbsp;&nbsp; 400520 |
| 1-Day ESTR (Annually) | 1.75% (Annually) | 3/18/2028 | EUR | 66780000 | (454107)<br>| &nbsp;&nbsp; (506577)<br>| &nbsp;&nbsp; 52470 |
| 1-Day SONIA (Annually) | 3.75% (Annually) | 3/18/2028 | GBP | 146780000 | 1063315 | &nbsp;&nbsp; 691160 | &nbsp;&nbsp; 372155 |
| 1-Day SONIA (Annually) | 4.00% (Annually) | 3/18/2028 | GBP | 9020000 | 122891 | &nbsp;&nbsp; 107615 | &nbsp;&nbsp; 15276 |
| 2.25% (Quarterly) | 3-Month KWCDC (Quarterly) | 3/18/2028 | KRW | 1930030000 | 18608 | &nbsp;&nbsp; 1783 | &nbsp;&nbsp; 16825 |
| 3-Month JIBAR (Quarterly) | 6.75% (Quarterly) | 3/18/2028 | ZAR | 165540000 | 82741 | &nbsp;&nbsp; 50083 | &nbsp;&nbsp; 32658 |
| 4.50% (Semiannually) | 1-Day CLP-TNA (Semiannually) | 3/18/2028 | CLP | 2056030000 | (2224)<br>| &nbsp;&nbsp; (3419)<br>| &nbsp;&nbsp; 1195 |
| 5.50% (Semiannually) | 1-Day MIBOR (Semiannually) | 3/18/2028 | INR | 807640000 | 15189 | &nbsp;&nbsp; (4595)<br>| &nbsp;&nbsp; 19784 |
| 6-Month BUBOR (Semiannually) | 6.00% (Annually) | 3/18/2028 | HUF | 938730000 | 9001 | &nbsp;&nbsp; 912 | &nbsp;&nbsp; 8089 |
| 6-Month NIBOR (Semiannually) | 4.00% (Annually) | 3/18/2028 | NOK | 2429340000 | (463742)<br>| &nbsp;&nbsp; (586046)<br>| &nbsp;&nbsp; 122304 |
| 6-Month PRIBOR (Semiannually) | 3.75% (Annually) | 3/18/2028 | CZK | 152740000 | 24180 | &nbsp;&nbsp; 17358 | &nbsp;&nbsp; 6822 |
| 6-Month WIBOR (Semiannually) | 3.75% (Annually) | 3/18/2028 | PLN | 26660000 | 34280 | &nbsp;&nbsp; 15340 | &nbsp;&nbsp; 18940 |
| 7-Day CFETS Repo Rate <br> (Quarterly)<br>| 1.50% (Quarterly) | 3/18/2028 | CNY | 23400000 | 652 | &nbsp;&nbsp; (3212)<br>| &nbsp;&nbsp; 3864 |
| 8.50% (Quarterly) | 1-Day COP-IBR-OIS (Quarterly) | 3/18/2028 | COP | 9743080000 | 117219 | &nbsp;&nbsp; (13499)<br>| &nbsp;&nbsp; 130718 |
| Bank Of Canada Overnight Repo <br> Rate (Semiannually)<br>| 2.75% (Semiannually) | 3/18/2028 | CAD | 1080000 | 3183 | &nbsp;&nbsp; 2863 | &nbsp;&nbsp; 320 |
| 1-Day SOFR (Annually) | 3.70% (Annually) | 6/9/2028 | USD | 800000 | 4486 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4486 |
| 2.50% (Annually) | 6-Month EURIBOR (Semiannually) | 9/10/2028 | EUR | 340825543 | 185605 | &nbsp;&nbsp; (787358)<br>| &nbsp;&nbsp; 972963 |
| 1-Day SOFR (Annually) | 3.60% (Annually) | 12/18/2028 | USD | 13000000 | 94236 | &nbsp;&nbsp; — | &nbsp;&nbsp; 94236 |
| 2.05% (Annually) | 1-Day ESTR (Annually) | 10/5/2029 | EUR | 1400000 | 8736 | &nbsp;&nbsp; — | &nbsp;&nbsp; 8736 |
| 2.06% (Annually) | 1-Day ESTR (Annually) | 10/5/2029 | EUR | 4900000 | 28287 | &nbsp;&nbsp; — | &nbsp;&nbsp; 28287 |
| 3.60% (Annually) | 1-Day SOFR (Annually) | 6/23/2030 | USD | 251870000 | (101854)<br>| &nbsp;&nbsp; (869660)<br>| &nbsp;&nbsp; 767806 |
| 3.53% (Annually) | 1-Day SOFR (Annually) | 7/15/2030 | USD | 16550000 | (19251)<br>| &nbsp;&nbsp; (74734)<br>| &nbsp;&nbsp; 55483 |
| 1-Day SONIA (Annually) | 3.75% (Annually) | 9/17/2030 | GBP | 14200000 | 78543 | &nbsp;&nbsp; (73822)<br>| &nbsp;&nbsp; 152365 |
| 3.50% (Annually) | 1-Day SONIA (Annually) | 10/27/2030 | GBP | 135530000 | 1037555 | &nbsp;&nbsp; 890624 | &nbsp;&nbsp; 146931 |
| 1.00% (Annually) | Bank of Japan Unsecured Overnight <br> Call Rate (Annually)<br>| 3/18/2031 | JPY | 6470000000 | 1102750 | &nbsp;&nbsp; 905986 | &nbsp;&nbsp; 196764 |
| 1.25% (Quarterly) | Thai Overnight Repurchase Rate <br> (Quarterly)<br>| 3/18/2031 | THB | 19520000 | (266)<br>| &nbsp;&nbsp; (1839)<br>| &nbsp;&nbsp; 1573 |
| 1-Day SONIA (Annually) | 3.75% (Annually) | 3/18/2031 | GBP | 21720000 | 112856 | &nbsp;&nbsp; 71943 | &nbsp;&nbsp; 40913 |
| 3-Month JIBAR (Quarterly) | 7.25% (Quarterly) | 3/18/2031 | ZAR | 12060000 | 18576 | &nbsp;&nbsp; 466 | &nbsp;&nbsp; 18110 |
| 3-Month New Zealand BBR FRA <br> (Quarterly)<br>| 3.50% (Semiannually) | 3/18/2031 | NZD | 49760000 | (182060)<br>| &nbsp;&nbsp; (291444)<br>| &nbsp;&nbsp; 109384 |
| 6-Month EURIBOR (Semiannually) | 2.25% (Annually) | 3/18/2031 | EUR | 42670000 | (837525)<br>| &nbsp;&nbsp; (872125)<br>| &nbsp;&nbsp; 34600 |
| 3.58% (Annually) | 1-Day SOFR (Annually) | 10/10/2032 | USD | 52770000 | 391511 | &nbsp;&nbsp; (15400)<br>| &nbsp;&nbsp; 406911 |
| 3.00% (Semiannually) | Bank Of Canada Overnight Repo <br> Rate (Semiannually)<br>| 6/1/2034 | CAD | 8200000 | 23366 | &nbsp;&nbsp; 5897 | &nbsp;&nbsp; 17469 |
| 1.30% (Annually) | Bank of Japan Unsecured Overnight <br> Call Rate (Annually)<br>| 8/2/2034 | JPY | 5408086834 | 1202674 | &nbsp;&nbsp; 725508 | &nbsp;&nbsp; 477166 |
| 3.75% (Annually) | 1-Day SOFR (Annually) | 12/18/2034 | USD | 28100000 | (12881)<br>| &nbsp;&nbsp; (609717)<br>| &nbsp;&nbsp; 596836 |
| 4.00% (Annually) | 1-Day SOFR (Annually) | 11/27/2035 | USD | 38641145 | 282888 | &nbsp;&nbsp; (57904)<br>| &nbsp;&nbsp; 340792 |

---

**136**

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>|
| 0.50% (Annually) | Swiss Average Overnight Rate <br> (Annually)<br>| 3/18/2036 | CHF | 2280000 | $52648 | &nbsp;&nbsp; $38401 | &nbsp;&nbsp; $14247 |
| 1.25% (Annually) | Bank of Japan Unsecured Overnight <br> Call Rate (Annually)<br>| 3/18/2036 | JPY | 8359000000 | 3257171 | &nbsp;&nbsp; 2950205 | &nbsp;&nbsp; 306966 |
| 3-Month New Zealand BBR FRA <br> (Quarterly)<br>| 4.00% (Semiannually) | 3/18/2036 | NZD | 21660000 | (148005)<br>| &nbsp;&nbsp; (229453)<br>| &nbsp;&nbsp; 81448 |
| 3-Month STIBOR (Quarterly) | 3.00% (Annually) | 3/18/2036 | SEK | 61550000 | 25302 | &nbsp;&nbsp; (35955)<br>| &nbsp;&nbsp; 61257 |
| 4.00% (Annually) | 1-Day SOFR (Annually) | 3/18/2036 | USD | 6860000 | (104626)<br>| &nbsp;&nbsp; (118754)<br>| &nbsp;&nbsp; 14128 |
| 4.00% (Annually) | 6-Month PRIBOR (Semiannually) | 3/18/2036 | CZK | 1240000 | 710 | &nbsp;&nbsp; 202 | &nbsp;&nbsp; 508 |
| 4.25% (Semiannually) | 6-Month ASX BBSW <br> (Semiannually)<br>| 3/18/2036 | AUD | 7960000 | 235879 | &nbsp;&nbsp; 233618 | &nbsp;&nbsp; 2261 |
| 6-Month BUBOR (Semiannually) | 6.50% (Annually) | 3/18/2036 | HUF | 7630000 | (28)<br>| &nbsp;&nbsp; (46)<br>| &nbsp;&nbsp; 18 |
| 6-Month WIBOR (Semiannually) | 4.50% (Annually) | 3/18/2036 | PLN | 3840000 | 25646 | &nbsp;&nbsp; 10234 | &nbsp;&nbsp; 15412 |
| 9.25% (Quarterly) | 1-Day COP-IBR-OIS (Quarterly) | 3/18/2036 | COP | 5593090000 | 149217 | &nbsp;&nbsp; 14323 | &nbsp;&nbsp; 134894 |
| Bank Of Canada Overnight Repo <br> Rate (Semiannually)<br>| 3.00% (Semiannually) | 3/18/2036 | CAD | 5810000 | (72857)<br>| &nbsp;&nbsp; (87566)<br>| &nbsp;&nbsp; 14709 |
| 3.81% (Annually) | 1-Day SOFR (Annually) | 8/31/2036 | USD | 71180000 | 341385 | &nbsp;&nbsp; (664301)<br>| &nbsp;&nbsp; 1005686 |
| 3.50% (Annually) | 1-Day SOFR (Annually) | 6/20/2054 | USD | 9700000 | 1140825 | &nbsp;&nbsp; (4872)<br>| &nbsp;&nbsp; 1145697 |
| 4.21% (Annually) | 1-Day SOFR (Annually) | 5/21/2055 | USD | 13850000 | 397158 | &nbsp;&nbsp; 49409 | &nbsp;&nbsp; 347749 |
| 3.85% (Annually) | 1-Day SOFR (Annually) | 7/17/2055 | USD | 75250000 | 897815 | &nbsp;&nbsp; 22939 | &nbsp;&nbsp; 874876 |
| 2.80% (Annually) | 6-Month EURIBOR (Semiannually) | 8/13/2055 | EUR | 25540000 | 1414165 | &nbsp;&nbsp; 460285 | &nbsp;&nbsp; 953880 |
| 3.83% (Annually) | 1-Day SOFR (Annually) | 1/30/2056 | USD | 10960000 | 639229 | &nbsp;&nbsp; 290580 | &nbsp;&nbsp; 348649 |
| 2.50% (Annually) | 6-Month EURIBOR (Semiannually) | 3/18/2056 | EUR | 6550000 | 1139219 | &nbsp;&nbsp; 1119968 | &nbsp;&nbsp; 19251 |
| 2.61% (Annually) | 6-Month EURIBOR (Semiannually) | 3/19/2056 | EUR | 23570000 | 3506814 | &nbsp;&nbsp; 1279714 | &nbsp;&nbsp; 2227100 |
| 3.10% (Annually) | 6-Month EURIBOR (Semiannually) | 8/15/2056 | EUR | 3740000 | 136124 | &nbsp;&nbsp; 51915 | &nbsp;&nbsp; 84209 |
| 2.60% (Annually) | 6-Month EURIBOR (Semiannually) | 8/16/2075 | EUR | 10350000 | 123853 | &nbsp;&nbsp; (76537)<br>| &nbsp;&nbsp; 200390 |
| 3.00% (Annually) | 6-Month EURIBOR (Semiannually) | 3/18/2076 | EUR | 2650000 | 111775 | &nbsp;&nbsp; 111336 | &nbsp;&nbsp; 439 |
| Subtotal Appreciation |  |  |  |  | $18932762 | &nbsp;&nbsp; $4886512 | &nbsp;&nbsp; $14046250 |
| 1-Day Brazil Cetip DI Interbank <br> Deposit Rate (Upon <br> termination)<br>| 11.50% (Upon termination) | 1/4/2027 | BRL | 100993978 | $(911916)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(911916)<br>|
| 1-Day Brazil Cetip DI Interbank <br> Deposit Rate (Upon <br> termination)<br>| 11.57% (Upon termination) | 1/4/2027 | BRL | 2651794 | (23063)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (23063)<br>|
| 1-Day SOFR (Annually) | 2.87% (Annually) | 7/22/2027 | USD | 1700000 | (22226)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (22226)<br>|
| Central Bank of Mexico Overnight <br> TIIE Funding Rate (Lunar)<br>| 7.25% (Lunar) | 3/15/2028 | MXN | 203246591 | (4935)<br>| &nbsp;&nbsp; (1818)<br>| &nbsp;&nbsp; (3117)<br>|
| 2.00% (Annually) | 6-Month EURIBOR (Semiannually) | 3/18/2028 | EUR | 7720000 | 53398 | &nbsp;&nbsp; 63639 | &nbsp;&nbsp; (10241)<br>|
| 2.25% (Annually) | 6-Month EURIBOR (Semiannually) | 3/18/2028 | EUR | 12130000 | 14848 | &nbsp;&nbsp; 22662 | &nbsp;&nbsp; (7814)<br>|
| 2.50% (Semiannually) | Bank Of Canada Overnight Repo <br> Rate (Semiannually)<br>| 3/18/2028 | CAD | 11770000 | 6866 | &nbsp;&nbsp; 12250 | &nbsp;&nbsp; (5384)<br>|
| 3.50% (Annually) | 1-Day SOFR (Annually) | 3/18/2028 | USD | 184560000 | (809736)<br>| &nbsp;&nbsp; (807310)<br>| &nbsp;&nbsp; (2426)<br>|
| 3.50% (Quarterly) | 3-Month ASX BBSW (Quarterly) | 3/18/2028 | AUD | 23960000 | 176126 | &nbsp;&nbsp; 182920 | &nbsp;&nbsp; (6794)<br>|
| Thai Overnight Repurchase Rate <br> (Quarterly)<br>| 1.00% (Quarterly) | 3/18/2028 | THB | 130180000 | (4324)<br>| &nbsp;&nbsp; (316)<br>| &nbsp;&nbsp; (4008)<br>|
| 1-Day SOFR (Annually) | 3.55% (Annually) | 4/25/2028 | USD | 10000000 | (331)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (331)<br>|
| 3.58% (Annually) | 1-Day SOFR (Annually) | 6/3/2028 | USD | 13000000 | (26725)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (26725)<br>|
| 1-Day SOFR (Annually) | 3.37% (Annually) | 6/23/2028 | USD | 239270000 | 204311 | &nbsp;&nbsp; 493483 | &nbsp;&nbsp; (289172)<br>|
| 1-Day ESTR (Annually) | 2.00% (Annually) | 9/10/2028 | EUR | 340825543 | (1086536)<br>| &nbsp;&nbsp; (231659)<br>| &nbsp;&nbsp; (854877)<br>|
| 1-Day SOFR (Annually) | 3.20% (Annually) | 10/7/2028 | USD | 76760000 | (101967)<br>| &nbsp;&nbsp; 22320 | &nbsp;&nbsp; (124287)<br>|
| 1-Day SONIA (Annually) | 3.50% (Annually) | 10/27/2028 | GBP | 145530000 | (151792)<br>| &nbsp;&nbsp; (142951)<br>| &nbsp;&nbsp; (8841)<br>|
| 1-Day Brazil Cetip DI Interbank <br> Deposit Rate (Upon <br> termination)<br>| 13.25% (Upon termination) | 1/2/2029 | BRL | 10857721 | (12746)<br>| &nbsp;&nbsp; (11608)<br>| &nbsp;&nbsp; (1138)<br>|
| 6-Month EURIBOR (Semiannually) | 2.40% (Annually) | 8/11/2029 | EUR | 63157738 | (321644)<br>| &nbsp;&nbsp; (19347)<br>| &nbsp;&nbsp; (302297)<br>|

---

See Notes to Financial Statements.

**137**

------

**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>|
| 3.75% (Annually) | 1-Day SOFR (Annually) | 12/18/2029 | USD | 20800000 | $(270776)<br>| &nbsp;&nbsp; $46270 | &nbsp;&nbsp; $(317046)<br>|
| 13.25% (Upon termination) | 1-Day Brazil Cetip DI Interbank <br> Deposit Rate (Upon termination)<br>| 1/2/2030 | BRL | 7573915 | 13836 | &nbsp;&nbsp; 14956 | &nbsp;&nbsp; (1120)<br>|
| 3.55% (Annually) | 1-Day SOFR (Annually) | 10/31/2030 | USD | 1000000 | (3313)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (3313)<br>|
| 3.58% (Annually) | 1-Day SOFR (Annually) | 10/31/2030 | USD | 9200000 | (45817)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (45817)<br>|
| 3.59% (Annually) | 1-Day SOFR (Annually) | 10/31/2030 | USD | 20200000 | (107294)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (107294)<br>|
| 3.60% (Annually) | 1-Day SOFR (Annually) | 10/31/2030 | USD | 12400000 | (71048)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (71048)<br>|
| 3.62% (Annually) | 1-Day SOFR (Annually) | 10/31/2030 | USD | 1800000 | (12428)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (12428)<br>|
| 3.66% (Annually) | 1-Day SOFR (Annually) | 10/31/2030 | USD | 1200000 | (10526)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (10526)<br>|
| 3.68% (Annually) | 1-Day SOFR (Annually) | 10/31/2030 | USD | 1000000 | (9365)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (9365)<br>|
| 3.69% (Annually) | 1-Day SOFR (Annually) | 10/31/2030 | USD | 6200000 | (61778)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (61778)<br>|
| 3.72% (Annually) | 1-Day SOFR (Annually) | 10/31/2030 | USD | 4100000 | (46945)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (46945)<br>|
| 3.74% (Annually) | 1-Day SOFR (Annually) | 10/31/2030 | USD | 4200000 | (50937)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (50937)<br>|
| 1-Day SOFR (Annually) | 3.26% (Annually) | 1/30/2031 | USD | 39110000 | (362518)<br>| &nbsp;&nbsp; (229101)<br>| &nbsp;&nbsp; (133417)<br>|
| Central Bank of Mexico Overnight <br> TIIE Funding Rate (Lunar)<br>| 7.50% (Lunar) | 3/12/2031 | MXN | 35300000 | (22507)<br>| &nbsp;&nbsp; 15689 | &nbsp;&nbsp; (38196)<br>|
| 1-Day COP-IBR-OIS (Quarterly) | 8.75% (Quarterly) | 3/18/2031 | COP | 1741790000 | (36525)<br>| &nbsp;&nbsp; 3095 | &nbsp;&nbsp; (39620)<br>|
| 6-Month ASX BBSW <br> (Semiannually)<br>| 3.75% (Semiannually) | 3/18/2031 | AUD | 40150000 | (913387)<br>| &nbsp;&nbsp; (883383)<br>| &nbsp;&nbsp; (30004)<br>|
| 6-Month EURIBOR (Semiannually) | 2.50% (Annually) | 3/18/2031 | EUR | 1910000 | (11343)<br>| &nbsp;&nbsp; 8282 | &nbsp;&nbsp; (19625)<br>|
| 1-Day SOFR (Annually) | 3.38% (Annually) | 8/31/2031 | USD | 129730000 | (739888)<br>| &nbsp;&nbsp; 359601 | &nbsp;&nbsp; (1099489)<br>|
| 1-Day SOFR (Annually) | 3.47% (Annually) | 9/23/2031 | USD | 14705000 | (38125)<br>| &nbsp;&nbsp; (11222)<br>| &nbsp;&nbsp; (26903)<br>|
| 3.75% (Annually) | 1-Day SOFR (Annually) | 5/15/2032 | USD | 40800000 | (386780)<br>| &nbsp;&nbsp; (8963)<br>| &nbsp;&nbsp; (377817)<br>|
| 1-Day SOFR (Annually) | 3.85% (Annually) | 5/21/2032 | USD | 20380000 | 194028 | &nbsp;&nbsp; 384312 | &nbsp;&nbsp; (190284)<br>|
| 3.50% (Semiannually) | Bank Of Canada Overnight Repo <br> Rate (Semiannually)<br>| 6/1/2032 | CAD | 11000000 | (284343)<br>| &nbsp;&nbsp; 45028 | &nbsp;&nbsp; (329371)<br>|
| 2.00% (Annually) | 1-Day SOFR (Annually) | 12/21/2032 | USD | 10100000 | 1010385 | &nbsp;&nbsp; 1040439 | &nbsp;&nbsp; (30054)<br>|
| 3.00% (Semiannually) | Bank Of Canada Overnight Repo <br> Rate (Semiannually)<br>| 6/1/2033 | CAD | 1500000 | (1505)<br>| &nbsp;&nbsp; 5423 | &nbsp;&nbsp; (6928)<br>|
| 1-Day ESTR (Annually) | 2.50% (Annually) | 2/15/2035 | EUR | 9020000 | (124055)<br>| &nbsp;&nbsp; (62776)<br>| &nbsp;&nbsp; (61279)<br>|
| 3.89% (Annually) | 1-Day SOFR (Annually) | 3/3/2035 | USD | 300000 | (2223)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (2223)<br>|
| 3.87% (Annually) | 1-Day SOFR (Annually) | 3/5/2035 | USD | 800000 | (4747)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (4747)<br>|
| 6-Month ASX BBSW <br> (Semiannually)<br>| 4.50% (Semiannually) | 6/18/2035 | AUD | 21300000 | (273009)<br>| &nbsp;&nbsp; 358086 | &nbsp;&nbsp; (631095)<br>|
| 1-Day SOFR (Annually) | 4.10% (Annually) | 6/24/2035 | USD | 61290000 | (79683)<br>| &nbsp;&nbsp; 299786 | &nbsp;&nbsp; (379469)<br>|
| 1-Day SONIA (Annually) | 4.50% (Annually) | 10/28/2035 | GBP | 26900000 | 154140 | &nbsp;&nbsp; 206469 | &nbsp;&nbsp; (52329)<br>|
| 6-Month ASX BBSW <br> (Semiannually)<br>| 5.00% (Semiannually) | 11/27/2035 | AUD | 64185000 | (208130)<br>| &nbsp;&nbsp; 9587 | &nbsp;&nbsp; (217717)<br>|
| Central Bank of Mexico Overnight <br> TIIE Funding Rate (Lunar)<br>| 8.00% (Lunar) | 3/5/2036 | MXN | 15340000 | (13556)<br>| &nbsp;&nbsp; (7964)<br>| &nbsp;&nbsp; (5592)<br>|
| 2.50% (Annually) | 6-Month EURIBOR (Semiannually) | 3/18/2036 | EUR | 10900000 | 513952 | &nbsp;&nbsp; 516807 | &nbsp;&nbsp; (2855)<br>|
| 4.00% (Annually) | 6-Month NIBOR (Semiannually) | 3/18/2036 | NOK | 97290000 | 110470 | &nbsp;&nbsp; 149733 | &nbsp;&nbsp; (39263)<br>|
| 4.25% (Annually) | 1-Day SONIA (Annually) | 3/18/2036 | GBP | 6850000 | (176035)<br>| &nbsp;&nbsp; (150914)<br>| &nbsp;&nbsp; (25121)<br>|
| 6-Month EURIBOR (Semiannually) | 2.75% (Annually) | 3/18/2036 | EUR | 16900000 | (364942)<br>| &nbsp;&nbsp; 482 | &nbsp;&nbsp; (365424)<br>|
| 8.50% (Quarterly) | 3-Month JIBAR (Quarterly) | 3/18/2036 | ZAR | 37900000 | (172084)<br>| &nbsp;&nbsp; (123041)<br>| &nbsp;&nbsp; (49043)<br>|
| 4.25% (Annually) | 1-Day SONIA (Annually) | 1/31/2039 | GBP | 18870000 | (170781)<br>| &nbsp;&nbsp; (47040)<br>| &nbsp;&nbsp; (123741)<br>|
| 1-Day SOFR (Annually) | 4.57% (Annually) | 7/16/2040 | USD | 92950000 | (436864)<br>| &nbsp;&nbsp; 254900 | &nbsp;&nbsp; (691764)<br>|
| 1-Day SOFR (Annually) | 4.44% (Annually) | 10/9/2040 | USD | 35470000 | (327103)<br>| &nbsp;&nbsp; (5180)<br>| &nbsp;&nbsp; (321923)<br>|
| Bank of Japan Unsecured Overnight <br> Call Rate (Annually)<br>| 2.16% (Annually) | 8/2/2044 | JPY | 8014974685 | (2574477)<br>| &nbsp;&nbsp; (1859875)<br>| &nbsp;&nbsp; (714602)<br>|
| 6-Month EURIBOR (Semiannually) | 2.75% (Annually) | 3/18/2046 | EUR | 4730000 | (422458)<br>| &nbsp;&nbsp; (409206)<br>| &nbsp;&nbsp; (13252)<br>|
| Bank of Japan Unsecured Overnight <br> Call Rate (Annually)<br>| 2.00% (Annually) | 6/18/2055 | JPY | 280000000 | (310311)<br>| &nbsp;&nbsp; 63706 | &nbsp;&nbsp; (374017)<br>|
| 6-Month EURIBOR (Semiannually) | 2.90% (Annually) | 8/15/2055 | EUR | 14840000 | (312963)<br>| &nbsp;&nbsp; 79102 | &nbsp;&nbsp; (392065)<br>|

---

**138**

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>|
| Bank of Japan Unsecured Overnight <br> Call Rate (Annually)<br>| 2.25% (Annually) | 3/18/2056 | JPY | 766000000 | $(631049)<br>| &nbsp;&nbsp; $(593640)<br>| &nbsp;&nbsp; $(37409)<br>|
| 1-Day ESTR (Annually) | 2.53% (Annually) | 3/19/2056 | EUR | 23570000 | (2952409)<br>| &nbsp;&nbsp; (1122158)<br>| &nbsp;&nbsp; (1830251)<br>|
| Subtotal Depreciation |  |  |  |  | $(14069608)<br>| &nbsp;&nbsp; $(2070445)<br>| &nbsp;&nbsp; $(11999163)<br>|
| Net Centrally Cleared Interest Rate Swaps outstanding at December 31, 2025 | Net Centrally Cleared Interest Rate Swaps outstanding at December 31, 2025 | Net Centrally Cleared Interest Rate Swaps outstanding at December 31, 2025 | Net Centrally Cleared Interest Rate Swaps outstanding at December 31, 2025 | Net Centrally Cleared Interest Rate Swaps outstanding at December 31, 2025 | $4863154 | &nbsp;&nbsp; $2816067 | &nbsp;&nbsp; $2047087 |

---

See Notes to Financial Statements.

**139**

------

**MEDIUM-DURATION BOND FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

**VALUATION HIERARCHY**

The following is a summary of the inputs used, as of December 31, 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; $24753191 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $24753191 | &nbsp;&nbsp; $— |
| Asset-Backed Securities | &nbsp;&nbsp; 391833308 | &nbsp;&nbsp; — | &nbsp;&nbsp; 388924854 | &nbsp;&nbsp; 2908454 |
| Corporate Bonds | &nbsp;&nbsp; 804629227 | &nbsp;&nbsp; — | &nbsp;&nbsp; 795960938 | &nbsp;&nbsp; 8668289 |
| Foreign Bonds |  |  |  |  |
| Cayman Islands | &nbsp;&nbsp; 2960382 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2960382 |
| Luxembourg | &nbsp;&nbsp; 1017933 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1017933 |
| United Kingdom | &nbsp;&nbsp; 43340521 | &nbsp;&nbsp; — | &nbsp;&nbsp; 42516413 | &nbsp;&nbsp; 824108 |
| Other<sup>^^</sup> <br>| &nbsp;&nbsp; 280540749 | &nbsp;&nbsp; — | &nbsp;&nbsp; 280540749 | &nbsp;&nbsp; — |
| Total Foreign Bonds | &nbsp;&nbsp; 327859585 | &nbsp;&nbsp; — | &nbsp;&nbsp; 323057162 | &nbsp;&nbsp; 4802423 |
| Loan Agreements | &nbsp;&nbsp; 68065552 | &nbsp;&nbsp; — | &nbsp;&nbsp; 64693321 | &nbsp;&nbsp; 3372231 |
| Money Market Funds | &nbsp;&nbsp; 223835892 | &nbsp;&nbsp; 223835892 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Mortgage-Backed Securities | &nbsp;&nbsp; 1435767201 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1428854863 | &nbsp;&nbsp; 6912338 |
| Municipal Bonds | &nbsp;&nbsp; 9680411 | &nbsp;&nbsp; — | &nbsp;&nbsp; 9680411 | &nbsp;&nbsp; — |
| Preferred Stocks |  |  |  |  |
| Utilities | &nbsp;&nbsp; 264732 | &nbsp;&nbsp; — | &nbsp;&nbsp; 264732 | &nbsp;&nbsp; — |
| Other<sup>^^</sup> <br>| &nbsp;&nbsp; 1054392 | &nbsp;&nbsp; 1054392 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total Preferred Stocks | &nbsp;&nbsp; 1319124 | &nbsp;&nbsp; 1054392 | &nbsp;&nbsp; 264732 | &nbsp;&nbsp; — |
| Purchased Options: |  |  |  |  |
| Call Options | &nbsp;&nbsp; 180781 | &nbsp;&nbsp; 180781 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Call Swaptions | &nbsp;&nbsp; 233512 | &nbsp;&nbsp; — | &nbsp;&nbsp; 233512 | &nbsp;&nbsp; — |
| Put Options | &nbsp;&nbsp; 15754 | &nbsp;&nbsp; — | &nbsp;&nbsp; 15754 | &nbsp;&nbsp; — |
| Put Swaptions | &nbsp;&nbsp; 657605 | &nbsp;&nbsp; — | &nbsp;&nbsp; 657605 | &nbsp;&nbsp; — |
| Total Purchased Options | &nbsp;&nbsp; 1087652 | &nbsp;&nbsp; 180781 | &nbsp;&nbsp; 906871 | &nbsp;&nbsp; — |
| Repurchase Agreements | &nbsp;&nbsp; 372000000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 372000000 | &nbsp;&nbsp; — |
| U.S. Treasury Obligations | &nbsp;&nbsp; 804859348 | &nbsp;&nbsp; — | &nbsp;&nbsp; 804859348 | &nbsp;&nbsp; — |
| **Total Assets - Investments in Securities** | &nbsp;&nbsp; $4465690491 | &nbsp;&nbsp; $225071065 | &nbsp;&nbsp; $4213955691 | &nbsp;&nbsp; $26663735 |
| **Other Financial Instruments\*\*\*** |  |  |  |  |
| Forward Foreign Currency Contracts | &nbsp;&nbsp; $1204182 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1204182 | &nbsp;&nbsp; $— |
| Futures Contracts | &nbsp;&nbsp; 1296558 | &nbsp;&nbsp; 1296558 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Swap Agreements | &nbsp;&nbsp; 14528627 | &nbsp;&nbsp; — | &nbsp;&nbsp; 14528627 | &nbsp;&nbsp; — |
| **Total Assets - Other Financial Instruments** | &nbsp;&nbsp; $17029367 | &nbsp;&nbsp; $1296558 | &nbsp;&nbsp; $15732809 | &nbsp;&nbsp; $— |

---

**140**

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; $(5688656)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(5688656)<br>| &nbsp;&nbsp; $— |
| Written Options: |  |  |  |  |
| Call Options | &nbsp;&nbsp; (106973)<br>| &nbsp;&nbsp; (106973)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Call Swaptions | &nbsp;&nbsp; (151865)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (151865)<br>| &nbsp;&nbsp; — |
| Put Options | &nbsp;&nbsp; (19012)<br>| &nbsp;&nbsp; (15448)<br>| &nbsp;&nbsp; (3564)<br>| &nbsp;&nbsp; — |
| Put Swaptions | &nbsp;&nbsp; (515269)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (515269)<br>| &nbsp;&nbsp; — |
| Total Written Options | &nbsp;&nbsp; (793119)<br>| &nbsp;&nbsp; (122421)<br>| &nbsp;&nbsp; (670698)<br>| &nbsp;&nbsp; — |
| **Total Liabilities - Investments in Securities** | &nbsp;&nbsp; $(6481775)<br>| &nbsp;&nbsp; $(122421)<br>| &nbsp;&nbsp; $(6359354)<br>| &nbsp;&nbsp; $— |
| **Other Financial Instruments\*\*\*** |  |  |  |  |
| Forward Foreign Currency Contracts | &nbsp;&nbsp; $(2563209)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(2563209)<br>| &nbsp;&nbsp; $— |
| Futures Contracts | &nbsp;&nbsp; (2740839)<br>| &nbsp;&nbsp; (2740839)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Swap Agreements | &nbsp;&nbsp; (12190169)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (12190169)<br>| &nbsp;&nbsp; — |
| **Total Liabilities - Other Financial Instruments** | &nbsp;&nbsp; $(17494217)<br>| &nbsp;&nbsp; $(2740839)<br>| &nbsp;&nbsp; $(14753378)<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 December 31, 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 December 31, 2025.

See Notes to Financial Statements.

**141**

------

**GLOBAL BOND FUND**

**SCHEDULE OF INVESTMENTS**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **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 $123,169) | $125000 | $124466 |
| **ASSET-BACKED SECURITIES — 3.1%** | **ASSET-BACKED SECURITIES — 3.1%** | **ASSET-BACKED SECURITIES — 3.1%** |
| Aaset Trust, Series 2021-2A, Class A |  |  |
| 2.80%, 01/15/47 144A | 162142 | 154054 |
| AASET, Ltd., Series 2024-2A, <br> Class A |  |  |
| 5.93%, 09/16/49 144A | 227925 | 231745 |
| Acrec LLC, Series 2025-FL3, Class A |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.31%), 5.04%, 08/18/42 <br> 144A † | 1500000 | 1495369 |
| Air Canada Pass-Through Trust, <br> Series 2020-2, Class A |  |  |
| 5.25%, 04/01/29 144A | 221416 | 226694 |
| Allegany Park CLO, Ltd., Series <br> 2019-1A, Class BRR |  |  |
| (Floating, CME Term SOFR 3M + <br> 1.50%), 5.38%, 01/20/35 <br> 144A † | 1250000 | 1254354 |
| American Credit Acceptance <br> Receivables Trust, Series 2025-4, <br> Class C |  |  |
| 4.83%, 01/13/31 144A | 100000 | 100574 |
| Applebee's Funding LLC, Series <br> 2023-1A, Class A2 |  |  |
| 7.82%, 03/05/53 144A | 100000 | 101539 |
| Applebee's Funding LLC, Series <br> 2025-1A, Class A2 |  |  |
| 6.72%, 06/07/55 144A | 310000 | 312869 |
| AREIT, Ltd., Series 2025-CRE10, <br> Class A |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.39%), 5.35%, 12/17/29 <br> 144A † | 600000 | 601781 |
| BHG Securitization Trust, Series <br> 2022-A, Class B |  |  |
| 2.70%, 02/20/35 144A | 33313 | 33176 |
| Bridgecrest Lending Auto <br> Securitization Trust, Series <br> 2023-1, Class D |  |  |
| 7.84%, 08/15/29 | 125000 | 130840 |
| Bridgecrest Lending Auto <br> Securitization Trust, Series <br> 2024-2, Class D |  |  |
| 6.30%, 02/15/30 | 115000 | 118224 |
| Carmax Select Receivables Trust, <br> Series 2025-B, Class D |  |  |
| 5.33%, 07/15/31 | 200000 | 202323 |
| Carvana Auto Receivables Trust, <br> Series 2021-N4, Class D |  |  |
| 2.30%, 09/11/28 | 7458 | 7304 |
| Carvana Auto Receivables Trust, <br> Series 2021-P4, Class C |  |  |
| 2.33%, 02/10/28 | 25000 | 24361 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Cathedral Lake VI, Ltd., Series <br> 2021-6A, Class BR |  |  |
| (Floating, CME Term SOFR 3M + <br> 1.85%), 5.71%, 04/25/34 <br> 144A † | $834376 | $835628 |
| Chesapeake Funding II LLC, Series <br> 2023-1A, Class A1 |  |  |
| 5.65%, 05/15/35 144A | 101602 | 102093 |
| CLIF Holdings LLC, Series 2025-1H, <br> Class A |  |  |
| 6.72%, 12/20/50 144A | 220000 | 219999 |
| College Ave Student Loans LLC, <br> Series 2024-B, Class A1A |  |  |
| 5.69%, 08/25/54 144A | 83148 | 85627 |
| College Ave Student Loans LLC, <br> Series 2024-B, Class B |  |  |
| 6.08%, 08/25/54 144A | 100000 | 102929 |
| Compass Datacenters Issuer II LLC, <br> Series 2025-1A, Class A1 |  |  |
| 5.32%, 05/25/50 144A | 85000 | 85951 |
| Compass Datacenters Issuer III LLC, <br> Series 2025-1A, Class A2 |  |  |
| 5.66%, 02/25/50 144A | 90000 | 91129 |
| Compass Datacenters Issuer III LLC, <br> Series 2025-1A, Class A3 |  |  |
| 5.85%, 02/25/50 144A | 35000 | 35393 |
| CyrusOne Data Centers Issuer I LLC, <br> Series 2024-3A, Class A2 |  |  |
| 4.65%, 05/20/49 144A | 35000 | 33691 |
| DataBank Issuer II LLC, Series <br> 2025-1A, Class A2 |  |  |
| 5.18%, 09/27/55 144A | 160000 | 158051 |
| DT Auto Owner Trust, Series <br> 2023-3A, Class D |  |  |
| 7.12%, 05/15/29 144A | 150000 | 154613 |
| Enterprise Fleet Financing LLC, <br> Series 2025-4, Class A2 |  |  |
| 4.05%, 08/20/28 144A | 586000 | 587203 |
| Exeter Automobile Receivables Trust, <br> Series 2023-2A, Class D |  |  |
| 6.32%, 08/15/29 | 40000 | 40814 |
| Exeter Automobile Receivables Trust, <br> Series 2023-3A, Class D |  |  |
| 6.68%, 04/16/29 | 20000 | 20477 |
| Exeter Automobile Receivables Trust, <br> Series 2023-5A, Class D |  |  |
| 7.13%, 02/15/30 | 100000 | 103331 |
| Exeter Automobile Receivables Trust, <br> Series 2025-1A, Class D |  |  |
| 5.49%, 05/15/31 | 110000 | 111763 |
| FHF Issuer Trust, Series 2025-1A, <br> Class A2 |  |  |
| 4.92%, 02/15/31 144A | 114794 | 114538 |
| FHF Issuer Trust, Series 2025-2A, <br> Class A2 |  |  |
| 5.75%, 05/15/30 144A | 180000 | 180304 |

---

**142**

See Notes to Financial Statements.

------

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| First Investors Auto Owner Trust, <br> Series 2025-1A, Class D |  |  |
| 5.22%, 12/15/33 144A | $100000 | $100649 |
| Flagship Credit Auto Trust, Series <br> 2021-2, Class D |  |  |
| 1.59%, 06/15/27 144A | 30907 | 30483 |
| Flagship Credit Auto Trust, Series <br> 2021-3, Class D |  |  |
| 1.65%, 09/15/27 144A | 50000 | 48925 |
| Ford Credit Auto Lease Trust, Series <br> 2023-B, Class D |  |  |
| 6.97%, 06/15/28 | 25000 | 25198 |
| Foundation Finance Trust, Series <br> 2025-1A, Class B |  |  |
| 5.26%, 04/15/50 144A | 97482 | 98621 |
| Foundation Finance Trust, Series <br> 2025-1A, Class D |  |  |
| 6.09%, 04/15/50 144A | 97482 | 97681 |
| Frontier Issuer LLC, Series 2023-1, <br> Class A2 |  |  |
| 6.60%, 08/20/53 144A | 190000 | 191800 |
| Frontier Issuer LLC, Series 2023-1, <br> Class C |  |  |
| 11.50%, 08/20/53 144A | 50000 | 51492 |
| Frontier Issuer LLC, Series 2024-1, <br> Class C |  |  |
| 11.16%, 06/20/54 144A | 100000 | 111631 |
| GGAM Master Trust International, <br> Ltd., Series 2025-1A, Class A |  |  |
| 5.92%, 09/30/60 144A | 250000 | 252537 |
| GITSIT Mortgage Loan Trust, Series <br> 2025-NPL1, Class A1 |  |  |
| 6.28%, 02/25/55 144A STEP | 129477 | 129798 |
| GITSIT Mortgage Loan Trust, Series <br> 2025-NPL2, Class A1 |  |  |
| 5.42%, 12/25/55 144A STEP | 165000 | 165000 |
| Global SC Finance X, Ltd., Series <br> 2025-1H, Class A |  |  |
| 6.17%, 09/20/45 144A | 163924 | 164360 |
| GLS Auto Receivables Issuer Trust, <br> Series 2023-2A, Class D |  |  |
| 6.31%, 03/15/29 144A | 30000 | 30700 |
| GLS Auto Receivables Issuer Trust, <br> Series 2024-2A, Class D |  |  |
| 6.19%, 02/15/30 144A | 30000 | 30780 |
| GLS Auto Receivables Issuer Trust, <br> Series 2025-4A, Class D |  |  |
| 5.13%, 08/15/31 144A | 100000 | 100710 |
| GLS Auto Select Receivables Trust, <br> Series 2024-2A, Class C |  |  |
| 5.93%, 06/17/30 144A | 10000 | 10297 |
| GoodLeap Home Improvement <br> Solutions Trust, Series 2024-1A, <br> Class A |  |  |
| 5.35%, 10/20/46 144A | 22768 | 23093 |
| Hardee's Funding LLC, Series <br> 2024-1A, Class A2 |  |  |
| 7.25%, 03/20/54 144A | 24562 | 25443 |
| Hertz Vehicle Financing III LLC, <br> Series 2025-3A, Class C |  |  |
| 6.13%, 12/26/29 144A | 105000 | 106828 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Invesco CLO, Ltd., Series 2022-2A, <br> Class BR |  |  |
| (Floating, CME Term SOFR 3M + <br> 1.68%), 5.56%, 07/20/35 <br> 144A † | $1194411 | $1199518 |
| JP Morgan Mortgage Trust, Series <br> 2023-HE3, Class A1 |  |  |
| (Floating, U.S. 30-Day Average <br> SOFR + 1.60%), 5.52%, <br> 05/20/54 144A † | 57038 | 57266 |
| Kapitus Asset Securitization IV LLC, <br> Series 2024-1A, Class 1A |  |  |
| 5.49%, 09/10/31 144A | 100000 | 100632 |
| Marlette Funding Trust, Series <br> 2023-4A, Class B |  |  |
| 8.15%, 12/15/33 144A | 100000 | 103382 |
| Merchants Fleet Funding LLC, Series <br> 2023-1A, Class A |  |  |
| 7.21%, 05/20/36 144A | 38031 | 38202 |
| Mercury Financial Credit Card Master <br> Trust, Series 2024-2A, Class A |  |  |
| 6.56%, 07/20/29 144A | 100000 | 100567 |
| Mercury Financial Credit Card Master <br> Trust, Series 2025-1A, Class B |  |  |
| 6.16%, 12/22/31 144A | 100000 | 100029 |
| MetroNet Infrastructure Issuer LLC, <br> Series 2025-2A, Class A2 |  |  |
| 5.40%, 08/20/55 144A | 75000 | 76185 |
| MetroNet Infrastructure Issuer LLC, <br> Series 2025-2A, Class B |  |  |
| 5.59%, 08/20/55 144A | 115000 | 116103 |
| MF1 LLC, Series 2025-FL20, Class A |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.45%), 5.18%, 02/18/43 <br> 144A † | 600000 | 600785 |
| MF1 LLC, Series 2025-FL20, <br> Class AS |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.70%), 5.43%, 08/18/37 <br> 144A † | 1800000 | 1801637 |
| MF1 LLC, Series 2025-FL20, Class B |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.95%), 5.68%, 08/18/37 <br> 144A † | 705321 | 706542 |
| MF1, Series 2024-FL16, Class C |  |  |
| (Floating, CME Term SOFR 1M + <br> 2.54%, 2.54% Floor), 6.28%, <br> 11/18/39 144A † | 825000 | 824889 |
| Mission Lane Credit Card Master <br> Trust, Series 2024-B, Class A |  |  |
| 5.88%, 01/15/30 144A | 100000 | 100723 |
| Mission Lane Credit Card Master <br> Trust, Series 2025-A, Class A |  |  |
| 5.80%, 05/15/30 144A | 100000 | 101185 |
| MVW LLC, Series 2021-2A, Class C |  |  |
| 2.23%, 05/20/39 144A | 30311 | 28938 |
| Navient Private Education <br> Refinancing Loan Trust, Series <br> 2021-FA, Class B |  |  |
| 2.12%, 02/18/70 144A | 100000 | 73076 |

---

See Notes to Financial Statements.

**143**

------

**GLOBAL BOND FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Neuberger Berman Loan Advisers <br> CLO 40, Ltd., Series 2021-40A, <br> Class BR |  |  |
| (Floating, CME Term SOFR 3M + <br> 1.65%), 5.75%, 10/16/37 <br> 144A † | $1250000 | $1254031 |
| NYMT Loan Trust, Series 2025-R1, <br> Class A |  |  |
| 6.38%, 02/25/30 144A STEP | 16770 | 16827 |
| OWN Equipment Fund I LLC, Series <br> 2024-2M, Class A |  |  |
| 5.70%, 12/20/32 144A | 118752 | 120649 |
| OWN Equipment Fund II LLC, Series <br> 2025-1M, Class A |  |  |
| 5.48%, 09/26/33 144A | 93041 | 93788 |
| OWN Equipment Fund III LLC, <br> Series 2025-2M, Class A |  |  |
| 5.42%, 03/27/34 144A | 160000 | 161137 |
| PFP, Ltd., Series 2025-12, Class A |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.49%), 5.22%, 12/18/42 <br> 144A † | 600000 | 599447 |
| Planet Fitness Master Issuer LLC, <br> Series 2024-1A, Class A2I |  |  |
| 5.77%, 06/05/54 144A | 49375 | 50227 |
| Planet Fitness Master Issuer LLC, <br> Series 2025-1A, Class A2I |  |  |
| 5.27%, 12/06/55 144A | 70000 | 70532 |
| Prestige Auto Receivables Trust, <br> Series 2022-1A, Class D |  |  |
| 8.08%, 08/15/28 144A | 80000 | 80737 |
| PRET LLC, Series 2025-NPL3, <br> Class A1 |  |  |
| (Step to 9.71% on 05/25/28), <br> 6.71%, 04/25/55 144A STEP | 95091 | 95731 |
| PRET LLC, Series 2025-NPL6, <br> Class A1 |  |  |
| (Step to 8.74% on 07/25/28), <br> 5.74%, 06/25/55 144A STEP | 92435 | 92862 |
| PRET LLC, Series 2025-NPL8, <br> Class A1 |  |  |
| (Step to 8.73% on 08/25/28), <br> 5.73%, 07/25/55 144A STEP | 163539 | 164037 |
| Progress Residential, Series <br> 2021-SFR3, Class E1 |  |  |
| 2.54%, 05/17/26 144A | 20000 | 19866 |
| QTS Issuer ABS II LLC, Series <br> 2025-1A, Class B |  |  |
| 5.78%, 10/05/55 144A | 75000 | 72990 |
| 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 | 171796 | 172475 |
| RCO IX Mortgage LLC, Series <br> 2025-4, Class A1 |  |  |
| (Step to 8.31% on 11/25/28), <br> 5.31%, 10/25/30 144A STEP | 201966 | 202205 |
| 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 | 77951 | 78181 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Red Oak Funding Master Trust, Series <br> 2025-1A, Class A |  |  |
| (Floating, U.S. 30-Day Average <br> SOFR + 2.00%), 5.98%, <br> 12/20/30 144A † | $100000 | $100000 |
| Santander Drive Auto Receivables <br> Trust, Series 2024-3, Class D |  |  |
| 5.97%, 10/15/31 | 105000 | 108222 |
| SEB Funding LLC, Series 2024-1A, <br> Class A2 |  |  |
| 7.39%, 04/30/54 144A | 100000 | 102408 |
| SF ABS Issuer LLC, Series 2025-1A, <br> Class A2 |  |  |
| 5.38%, 11/25/55 144A | 255000 | 250264 |
| Shentel Issuer LLC, Series 2025-1A, <br> Class A2 |  |  |
| 5.64%, 12/20/55 144A | 130000 | 131621 |
| SLM Student Loan Trust, Series <br> 2006-10, Class A6 |  |  |
| (Floating, U.S. 90-Day Average <br> SOFR + 0.41%), 4.72%, <br> 03/25/44† | 60735 | 59343 |
| SMB Private Education Loan Trust, <br> Seres 2021-A, Class A2A2 |  |  |
| (Floating, CME Term SOFR 1M + <br> 0.84%), 4.59%, 01/15/53 <br> 144A † | 46279 | 45873 |
| SMB Private Education Loan Trust, <br> Series 2021-E, Class B |  |  |
| 2.49%, 02/15/51 144A | 100000 | 88300 |
| Subway Funding LLC, Series <br> 2024-1A, Class A2I |  |  |
| 6.03%, 07/30/54 144A | 227700 | 231044 |
| Sunnova Helios X Issuer LLC, Series <br> 2022-C, Class C |  |  |
| 6.00%, 11/22/49 144A | 85319 | 31628 |
| Textainer Marine Containers VII, Ltd., <br> Series 2021-1A, Class A |  |  |
| 1.68%, 02/20/46 144A | 61333 | 57816 |
| TMCL VII Holdings, Ltd., Series <br> 2025-1H, Class A |  |  |
| 6.43%, 07/23/50 144A | 148646 | 149600 |
| Trafigura Securitisation Finance PLC, <br> Series 2024-1A, Class A1 |  |  |
| (Floating, U.S. SOFR + 1.40%, <br> 1.40% Floor), 5.17%, 11/15/27 <br> 144A † | 200000 | 199999 |
| TRTX Issuer, Ltd., Series 2025-FL7, <br> Class AS |  |  |
| (Floating, 1.70% - CME Term <br> SOFR 1M), 0.00%, 06/18/43 <br> 144A † | 464263 | 464492 |
| United Airlines Pass-Through Trust, <br> Series 2023-1, Class A |  |  |
| 5.80%, 01/15/36 | 130616 | 137121 |
| VCAT LLC, Series 2025-NPL1, <br> Class A1 |  |  |
| (Step to 8.88% on 02/25/28), <br> 5.88%, 01/25/55 144A STEP | 73810 | 74130 |

---

**144**

See Notes to Financial Statements.

------

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| VCAT LLC, Series 2025-NPL3, <br> Class A1 |  |  |
| (Step to 8.89% on 03/25/28), <br> 5.89%, 02/25/55 144A STEP | $127455 | $127850 |
| Westlake Automobile Receivables <br> Trust, Series 2023-4A, Class D |  |  |
| 7.19%, 07/16/29 144A | 100000 | 103447 |
| Wingstop Funding LLC, Series <br> 2024-1A, Class A2 |  |  |
| 5.86%, 12/05/54 144A | 100000 | 103008 |
| Zayo Issuer LLC, Series 2025-3A, <br> Class A2 |  |  |
| 5.57%, 10/20/55 144A | 180000 | 180390 |
| **Total Asset-Backed Securities** <br> (Cost $22,064,191) |  | 22076704 |
| **CORPORATE BONDS — 23.1%** | **CORPORATE BONDS — 23.1%** | **CORPORATE BONDS — 23.1%** |
| Accenture Capital, Inc. |  |  |
| 4.25%, 10/04/31 | 150000 | 150403 |
| 4.50%, 10/04/34 | 101000 | 99870 |
| Acrisure LLC |  |  |
| 7.50%, 11/06/30 144A | 70000 | 73156 |
| 6.75%, 07/01/32 144A | 450000 | 466636 |
| Acushnet Co. |  |  |
| 5.63%, 12/01/33 144A | 30000 | 30412 |
| Advanced Energy Industries, Inc. |  |  |
| 2.50%, 09/15/28 CONV | 18000 | 29556 |
| AECOM |  |  |
| 6.00%, 08/01/33 144A | 850000 | 871616 |
| AEP Transmission Co. LLC |  |  |
| 5.38%, 06/15/35 | 221000 | 229044 |
| Air Lease Corporation |  |  |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 5Y + <br> 4.08%), 4.65%, 06/15/26ρ ^ | 120000 | 119220 |
| Albertsons Cos., Inc. |  |  |
| 6.25%, 03/15/33 144A | 30000 | 30875 |
| 5.75%, 03/31/34 144A Δ | 20000 | 20106 |
| Alliant Energy Corporation |  |  |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 5Y + <br> 2.08%), 5.75%, 04/01/56^ | 200000 | 199925 |
| Alliant Holdings Intermediate LLC |  |  |
| 6.75%, 04/15/28 144A | 31000 | 31704 |
| 7.00%, 01/15/31 144A | 28000 | 29069 |
| 6.50%, 10/01/31 144A | 90000 | 92919 |
| Allied Universal Holdco LLC |  |  |
| 7.88%, 02/15/31 144A | 300000 | 316342 |
| Allison Transmission, Inc. |  |  |
| 3.75%, 01/30/31 144A | 75000 | 70673 |
| 5.88%, 12/01/33 144A | 30000 | 30505 |
| Ally Financial, Inc. |  |  |
| (Variable, U.S. SOFR Index + <br> 1.73%), 5.54%, 01/17/31Δ ^ | 270000 | 276577 |
| Alphabet, Inc. |  |  |
| 3.13%, 11/06/34(E) | 240000 | 275289 |
| 4.70%, 11/15/35 | 120000 | 120312 |
| 3.38%, 05/06/37(E) | 200000 | 228395 |
| 5.35%, 11/15/45 | 165000 | 164572 |
| 4.00%, 05/06/54(E) | 102000 | 111353 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| 4.38%, 11/06/64(E) | $200000 | $224606 |
| 5.70%, 11/15/75 | 80000 | 79127 |
| Amentum Holdings, Inc. |  |  |
| 7.25%, 08/01/32 144A | 440000 | 464035 |
| American Airlines, Inc. |  |  |
| 5.75%, 04/20/29 144A | 40000 | 40755 |
| American Axle & Manufacturing, Inc. |  |  |
| 7.75%, 10/15/33 144A | 400000 | 407829 |
| American Electric Power Co., Inc. |  |  |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 5Y + <br> 2.75%), 7.05%, 12/15/54^ | 335000 | 352191 |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 5Y + <br> 1.94%), 6.05%, 03/15/56^ | 160000 | 157282 |
| American Homes 4 Rent LP REIT |  |  |
| 2.38%, 07/15/31 | 20000 | 17916 |
| American International Group, Inc. |  |  |
| 4.85%, 05/07/30 | 520000 | 533658 |
| 5.13%, 03/27/33 | 222000 | 229006 |
| American Tower Corporation REIT |  |  |
| 0.50%, 01/15/28(E) | 400000 | 450663 |
| 3.63%, 05/30/32(E) | 343000 | 406177 |
| 5.90%, 11/15/33 | 600000 | 642293 |
| American Transmission Systems, Inc. |  |  |
| 2.65%, 01/15/32 144A | 255000 | 230217 |
| AmeriTex HoldCo Intermediate LLC |  |  |
| 7.63%, 08/15/33 144A | 300000 | 316754 |
| Amrize Finance U.S. LLC |  |  |
| 5.40%, 04/07/35Δ | 70000 | 72407 |
| Amsted Industries, Inc. |  |  |
| 6.38%, 03/15/33 144A | 850000 | 878835 |
| Amynta Agency Borrower, Inc. and <br> Amynta Warranty Borrower, Inc. |  |  |
| 7.50%, 07/15/33 144A | 300000 | 306351 |
| Antares Holdings LP |  |  |
| 3.75%, 07/15/27 144A | 505000 | 494145 |
| Antero Midstream Partners LP |  |  |
| 6.63%, 02/01/32 144A | 50000 | 51783 |
| Aon North America, Inc. |  |  |
| 5.75%, 03/01/54 | 140000 | 139956 |
| AppLovin Corporation |  |  |
| 5.13%, 12/01/29 | 100000 | 102705 |
| 5.38%, 12/01/31 | 45000 | 46746 |
| 5.50%, 12/01/34Δ | 620000 | 638371 |
| Aramark International Finance S.a.r.l. |  |  |
| 4.38%, 04/15/33(E) | 100000 | 117793 |
| Ares Capital Corporation |  |  |
| 3.20%, 11/15/31 | 375000 | 333321 |
| Arrow Electronics, Inc. |  |  |
| 2.95%, 02/15/32 | 281000 | 251709 |
| 5.88%, 04/10/34Δ | 213000 | 223184 |
| Arthur J Gallagher & Co. |  |  |
| 5.00%, 02/15/32 | 20000 | 20485 |
| 6.50%, 02/15/34 | 164000 | 181187 |
| 5.45%, 07/15/34 | 30000 | 31226 |
| 5.15%, 02/15/35 | 55000 | 55735 |
| 5.75%, 03/02/53Δ | 246000 | 242763 |

---

See Notes to Financial Statements.

**145**

------

**GLOBAL BOND FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Ashtead Capital, Inc. |  |  |
| 5.95%, 10/15/33 144A | $200000 | $212016 |
| AT&T, Inc. |  |  |
| 5.38%, 08/15/35 | 250000 | 256908 |
| 3.65%, 06/01/51 | 300000 | 211974 |
| 3.50%, 09/15/53 | 290000 | 195055 |
| AthenaHealth Group, Inc. |  |  |
| 6.50%, 02/15/30 144A | 40000 | 39914 |
| Athene Holding, Ltd. |  |  |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 5Y + <br> 2.58%), 6.88%, 06/28/55^ | 355000 | 354932 |
| Atlassian Corporation |  |  |
| 5.50%, 05/15/34 | 285000 | 295610 |
| Avantor Funding, Inc. |  |  |
| 3.88%, 07/15/28(E) | 137000 | 161182 |
| 4.63%, 07/15/28 144A | 55000 | 54744 |
| Aviation Capital Group LLC |  |  |
| 6.25%, 04/15/28 144A | 55000 | 57191 |
| 6.75%, 10/25/28 144A | 100000 | 106234 |
| 6.38%, 07/15/30 144A | 105000 | 112363 |
| 4.80%, 10/24/30 144A | 200000 | 200419 |
| Avient Corporation |  |  |
| 7.13%, 08/01/30 144A | 40000 | 41324 |
| Axon Enterprise, Inc. |  |  |
| 6.13%, 03/15/30 144A | 30000 | 31044 |
| 6.25%, 03/15/33 144A | 820000 | 856484 |
| Baldwin Insurance Group <br> Holdings LLC |  |  |
| 7.13%, 05/15/31 144A | 450000 | 466572 |
| Ball Corporation |  |  |
| 5.50%, 09/15/33 | 366000 | 373403 |
| Bank of America Corporation |  |  |
| (Variable, CME Term SOFR 3M + <br> 1.77%), 3.71%, 04/24/28^ | 250000 | 249003 |
| (Variable, U.S. SOFR + 1.63%), <br> 5.20%, 04/25/29^ | 220000 | 225567 |
| (Variable, U.S. SOFR + 1.32%), <br> 2.69%, 04/22/32^ | 365000 | 335374 |
| (Variable, U.S. SOFR + 1.33%), <br> 2.97%, 02/04/33^ | 135000 | 123684 |
| (Variable, U.S. SOFR + 1.74%), <br> 5.52%, 10/25/35^ | 30000 | 30797 |
| (Variable, U.S. SOFR + 1.31%), <br> 5.51%, 01/24/36^ | 85000 | 88922 |
| (Variable, U.S. SOFR + 1.64%), <br> 5.46%, 05/09/36Δ ^ | 194000 | 202409 |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 5Y + <br> 1.20%), 2.48%, 09/21/36^ | 60000 | 52752 |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 5Y + <br> 2.00%), 3.85%, 03/08/37^ | 105000 | 99042 |
| Baxter International, Inc. |  |  |
| 4.90%, 12/15/30 | 74000 | 74659 |
| 5.65%, 12/15/35 | 95000 | 96460 |
| Beach Acquisition Bidco LLC |  |  |
| 5.25%, 07/15/32(E) | 100000 | 119928 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Beach Acquisition Bidco LLC PIK |  |  |
| Cash coupon 10.00% or PIK <br> 10.75%, 07/15/33 144A 1 | $400000 | $441816 |
| Becton, Dickinson and Co. |  |  |
| 4.87%, 02/08/29 | 410000 | 418752 |
| Beignet Investor LLC |  |  |
| 6.58%, 05/30/49 144A | 677000 | 717930 |
| Belden, Inc. |  |  |
| 3.88%, 03/15/28(E) | 100000 | 117987 |
| Berkshire Hathaway Energy Co. |  |  |
| 5.15%, 11/15/43 | 66000 | 63680 |
| 4.60%, 05/01/53 | 55000 | 46550 |
| BGC Group, Inc. |  |  |
| 6.15%, 04/02/30 | 110000 | 114130 |
| Blackstone Private Credit Fund |  |  |
| 6.00%, 01/29/32Δ | 4000 | 4067 |
| Block, Inc. |  |  |
| 3.50%, 06/01/31Δ | 285000 | 268073 |
| Blue Owl Finance LLC |  |  |
| 6.25%, 04/18/34 | 170000 | 175660 |
| Boeing Co. (The) |  |  |
| 6.39%, 05/01/31 | 155000 | 168408 |
| 6.53%, 05/01/34 | 585000 | 648798 |
| 5.71%, 05/01/40 | 120000 | 122923 |
| 5.81%, 05/01/50 | 1037000 | 1026025 |
| 6.86%, 05/01/54 | 440000 | 496656 |
| 5.93%, 05/01/60 | 10000 | 9857 |
| 7.01%, 05/01/64 | 50000 | 57211 |
| Booking Holdings, Inc. |  |  |
| 0.50%, 03/08/28(E) | 275000 | 309105 |
| 3.00%, 11/07/30(E) | 280000 | 327292 |
| 3.25%, 11/21/32(E) | 237000 | 275349 |
| 4.13%, 05/09/38(E) | 137000 | 160890 |
| 4.00%, 03/01/44(E) | 100000 | 109124 |
| 3.88%, 03/21/45(E) | 300000 | 320654 |
| Booz Allen Hamilton, Inc. |  |  |
| 5.95%, 04/15/35Δ | 289000 | 300136 |
| Boston Gas Co. |  |  |
| 5.84%, 01/10/35 144A | 392000 | 415998 |
| Boston Properties LP REIT |  |  |
| 2.55%, 04/01/32 | 234000 | 204602 |
| Broadcom, Inc. |  |  |
| 4.55%, 02/15/32 | 541000 | 543434 |
| 3.47%, 04/15/34 | 670000 | 612504 |
| 3.14%, 11/15/35 144A | 140000 | 120903 |
| Brown & Brown, Inc. |  |  |
| 5.25%, 06/23/32 | 47000 | 48221 |
| 5.55%, 06/23/35 | 40000 | 41203 |
| 6.25%, 06/23/55 | 63000 | 65829 |
| Brundage-Bone Concrete Pumping <br> Holdings, Inc. |  |  |
| 7.50%, 02/01/32 144A Δ | 300000 | 306482 |
| Burlington Northern Santa Fe LLC |  |  |
| 5.50%, 03/15/55 | 375000 | 371918 |

---

**146**

See Notes to Financial Statements.

------

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Burlington Stores, Inc. |  |  |
| 1.25%, 12/15/27 CONV | $26000 | $38636 |
| Capital One Financial Corporation |  |  |
| (Variable, U.S. SOFR + 1.99%), <br> 5.88%, 07/26/35^ | 40000 | 42188 |
| (Variable, U.S. SOFR + 2.04%), <br> 6.18%, 01/30/36^ | 290000 | 303581 |
| (Variable, U.S. SOFR + 1.63%), <br> 5.20%, 09/11/36^ | 100000 | 99742 |
| Carlyle Group, Inc. (The) |  |  |
| 5.05%, 09/19/35 | 422000 | 417435 |
| Carnival Corporation |  |  |
| 4.00%, 08/01/28 144A | 95000 | 93649 |
| 5.75%, 03/15/30 144A | 230000 | 236976 |
| 5.75%, 08/01/32 144A | 220000 | 226105 |
| 6.13%, 02/15/33 144A | 245000 | 253113 |
| Carvana Co. PIK |  |  |
| Cash coupon 9.00% or PIK <br> 14.00%, 06/01/31 144A 1 | 481500 | 543666 |
| CCO Holdings LLC |  |  |
| 5.00%, 02/01/28 144A | 150000 | 148905 |
| 4.50%, 05/01/32Δ | 650000 | 583819 |
| CDW LLC |  |  |
| 3.25%, 02/15/29 | 55000 | 53041 |
| 3.57%, 12/01/31 | 210000 | 195937 |
| 5.55%, 08/22/34Δ | 185000 | 188988 |
| Cencora, Inc. |  |  |
| 2.88%, 05/22/28(E) | 100000 | 118139 |
| Centene Corporation |  |  |
| 3.38%, 02/15/30 | 50000 | 46090 |
| 3.00%, 10/15/30 | 190000 | 170129 |
| 2.50%, 03/01/31 | 161000 | 139087 |
| CenterPoint Energy, Inc. |  |  |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 5Y + <br> 2.59%), 6.70%, 05/15/55^ | 80000 | 82444 |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 5Y + <br> 2.22%), 5.95%, 04/01/56^ | 175000 | 176711 |
| Champ Acquisition Corporation |  |  |
| 8.38%, 12/01/31 144A | 400000 | 433105 |
| Charles Schwab Corporation (The) |  |  |
| (Variable, U.S. SOFR + 1.23%), <br> 4.91%, 11/14/36^ | 384000 | 382640 |
| Charter Communications <br> Operating LLC |  |  |
| 6.10%, 06/01/29 | 72000 | 75225 |
| 6.65%, 02/01/34 | 45000 | 47531 |
| 6.55%, 06/01/34Δ | 105000 | 110693 |
| 6.38%, 10/23/35 | 228000 | 235777 |
| 4.80%, 03/01/50 | 655000 | 494247 |
| 6.70%, 12/01/55Δ | 265000 | 255080 |
| 3.95%, 06/30/62 | 95000 | 57376 |
| Chemours Co. (The) |  |  |
| 5.75%, 11/15/28 144A | 30000 | 29200 |
| 4.63%, 11/15/29 144A Δ | 350000 | 316803 |
| Cheniere Energy Partners LP |  |  |
| 4.50%, 10/01/29 | 20000 | 20056 |
| 4.00%, 03/01/31 | 235000 | 229148 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| 3.25%, 01/31/32 | $55000 | $50764 |
| 5.95%, 06/30/33 | 185000 | 196540 |
| 5.55%, 10/30/35 144A | 244000 | 250240 |
| Choice Hotels International, Inc. |  |  |
| 5.85%, 08/01/34Δ | 30000 | 30647 |
| Chord Energy Corporation |  |  |
| 6.00%, 10/01/30 144A | 117000 | 118765 |
| 6.75%, 03/15/33 144A | 460000 | 475946 |
| CHS/Community Health Systems, <br> Inc. |  |  |
| 5.25%, 05/15/30 144A | 450000 | 423414 |
| Cipher Compute LLC |  |  |
| 7.13%, 11/15/30 144A Δ | 39000 | 39770 |
| Citadel Securities Global <br> Holdings LLC |  |  |
| 5.50%, 06/18/30 144A | 324000 | 333013 |
| Citigroup, Inc. |  |  |
| (Variable, CME Term SOFR 3M + <br> 1.41%), 3.52%, 10/27/28^ | 525000 | 520599 |
| (Variable, Euribor 3M + 0.78%), <br> 2.93%, 10/22/30(E) ^ | 100000 | 116716 |
| (Variable, U.S. SOFR + 1.83%), <br> 6.02%, 01/24/36^ | 290000 | 304423 |
| Civitas Resources, Inc. |  |  |
| 8.38%, 07/01/28 144A | 105000 | 108317 |
| 8.63%, 11/01/30 144A | 25000 | 26217 |
| 8.75%, 07/01/31 144A Δ | 450000 | 467393 |
| Cleveland-Cliffs, Inc. |  |  |
| 7.00%, 03/15/32 144A | 50000 | 51313 |
| Cloud Software Group, Inc. |  |  |
| 9.00%, 09/30/29 144A | 100000 | 104188 |
| Cloudflare, Inc. |  |  |
| 0.00%, 06/15/30 144A CONV » | 18000 | 19611 |
| CMS Energy Corporation |  |  |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 5Y + <br> 1.96%), 6.50%, 06/01/55^ | 50000 | 51446 |
| CNX Resources Corporation |  |  |
| 7.25%, 03/01/32 144A | 400000 | 419198 |
| Columbia Pipelines Operating Co. <br> LLC |  |  |
| 6.54%, 11/15/53 144A Δ | 260000 | 279363 |
| Comcast Corporation |  |  |
| 6.05%, 05/15/55Δ | 227000 | 225749 |
| Commercial Metals Co. |  |  |
| 5.75%, 11/15/33 144A | 64000 | 65479 |
| 6.00%, 12/15/35 144A | 91000 | 93440 |
| CommScope LLC |  |  |
| 9.50%, 12/15/31 144A Δ | 20000 | 20218 |
| Commvault Systems, Inc. |  |  |
| 0.00%, 09/15/30 144A CONV » | 9000 | 7983 |
| Comstock Resources, Inc. |  |  |
| 6.75%, 03/01/29 144A | 450000 | 451306 |
| ConocoPhillips Co. |  |  |
| 5.00%, 01/15/35 | 145000 | 147340 |
| Continental Resources, Inc. |  |  |
| 5.75%, 01/15/31 144A | 1170000 | 1201431 |
| 2.88%, 04/01/32 144A Δ | 245000 | 213894 |

---

See Notes to Financial Statements.

**147**

------

**GLOBAL BOND FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| ContourGlobal Power Holdings SA |  |  |
| 6.75%, 02/28/30 144A Δ | $230000 | $237443 |
| COPT Defense Properties LP REIT |  |  |
| 4.50%, 10/15/30 | 123000 | 122756 |
| 2.75%, 04/15/31Δ | 354000 | 323555 |
| Corebridge Financial, Inc. |  |  |
| 4.35%, 04/05/42 | 283000 | 243757 |
| Corebridge Global Funding |  |  |
| 4.90%, 08/21/32 144A | 283000 | 285244 |
| Cougar JV Subsidiary LLC |  |  |
| 8.00%, 05/15/32 144A Δ | 30000 | 32184 |
| Cousins Properties LP REIT |  |  |
| 5.88%, 10/01/34 | 196000 | 205433 |
| Credit Acceptance Corporation |  |  |
| 6.63%, 03/15/30 144A | 550000 | 551693 |
| CRH America Finance, Inc. |  |  |
| 5.00%, 02/09/36Δ | 280000 | 281629 |
| CSC Holdings LLC |  |  |
| 11.25%, 05/15/28 144A Δ | 200000 | 159190 |
| 4.13%, 12/01/30 144A Δ | 600000 | 368479 |
| 4.63%, 12/01/30 144A | 400000 | 143218 |
| 3.38%, 02/15/31 144A Δ | 200000 | 121222 |
| Dana Financing Luxembourg S.a.r.l. |  |  |
| 3.00%, 07/15/29(E) | 100000 | 117550 |
| DCP Midstream Operating LP |  |  |
| 5.13%, 05/15/29 | 20000 | 20479 |
| 3.25%, 02/15/32 | 135000 | 124337 |
| Dealer Tire LLC |  |  |
| 8.00%, 02/01/28 144A Δ | 300000 | 301613 |
| Delek Logistics Partners LP |  |  |
| 7.38%, 06/30/33 144A | 500000 | 510568 |
| Dell International LLC |  |  |
| 5.10%, 02/15/36 | 180000 | 178203 |
| Delta Air Lines, Inc. |  |  |
| 5.25%, 07/10/30 | 90000 | 92609 |
| DH Europe Finance II S.a.r.l. |  |  |
| 0.45%, 03/18/28(E) | 275000 | 308896 |
| Dick's Sporting Goods, Inc. |  |  |
| 4.10%, 01/15/52 | 300000 | 220306 |
| Digital Euro Finco LLC REIT |  |  |
| 1.13%, 04/09/28(E) | 305000 | 345584 |
| Dillard's, Inc. |  |  |
| 7.75%, 07/15/26 | 450000 | 455976 |
| Directv Financing LLC |  |  |
| 8.88%, 02/01/30 144A | 164000 | 166185 |
| 10.00%, 02/15/31 144A | 430000 | 439719 |
| Discovery Communications LLC |  |  |
| 3.63%, 05/15/30 | 5000 | 4609 |
| 6.35%, 06/01/40 | 50000 | 41472 |
| DISH DBS Corporation |  |  |
| 7.75%, 07/01/26 | 95000 | 93904 |
| 5.75%, 12/01/28 144A Δ | 115000 | 112973 |
| Dominion Energy, Inc. |  |  |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 5Y + <br> 2.21%), 6.63%, 05/15/55^ | 410000 | 422715 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 5Y + <br> 2.01%), 6.20%, 02/15/56^ | $165000 | $165561 |
| DoorDash, Inc. |  |  |
| 0.00%, 05/15/30 144A CONV » | 22000 | 23034 |
| Dotdash Meredith, Inc. |  |  |
| 7.63%, 06/15/32 144A | 400000 | 364658 |
| DR Horton, Inc. |  |  |
| 5.00%, 10/15/34Δ | 85000 | 86196 |
| 5.50%, 10/15/35 | 70000 | 73094 |
| DTE Energy Co. |  |  |
| 3.40%, 06/15/29 | 147000 | 143224 |
| Duke Energy Carolinas LLC |  |  |
| 4.95%, 01/15/33Δ | 122000 | 125995 |
| Duke Energy Corporation |  |  |
| 5.45%, 06/15/34Δ | 165000 | 172477 |
| Duke Energy Florida LLC |  |  |
| 6.20%, 11/15/53 | 231000 | 249010 |
| Eagle Materials, Inc. |  |  |
| 5.00%, 03/15/36 | 216000 | 212179 |
| Eastern Energy Gas Holdings LLC |  |  |
| 5.65%, 10/15/54 | 256000 | 248735 |
| EchoStar Corporation |  |  |
| 10.75%, 11/30/29 | 1844286 | 2040852 |
| EchoStar Corporation PIK |  |  |
| Cash coupon 3.88% or PIK <br> 3.88%, 11/30/30 CONV 1 | 70900 | 236983 |
| Cash coupon 6.75% or PIK <br> 6.75%, 11/30/30Δ 1 | 273005 | 280026 |
| Elevance Health, Inc. |  |  |
| 4.10%, 05/15/32 | 25000 | 24358 |
| 5.38%, 06/15/34 | 299000 | 309577 |
| 5.20%, 02/15/35Δ | 835000 | 854944 |
| 4.63%, 05/15/42 | 150000 | 135858 |
| Eli Lilly & Co. |  |  |
| 5.50%, 02/12/55 | 286000 | 288464 |
| EMRLD Borrower LP |  |  |
| 6.75%, 07/15/31 144A | 50000 | 52736 |
| Energy Transfer LP |  |  |
| 5.75%, 02/15/33 | 225000 | 236913 |
| 6.55%, 12/01/33 | 280000 | 307527 |
| 5.55%, 05/15/34 | 155000 | 159781 |
| 5.60%, 09/01/34 | 135000 | 139256 |
| 5.70%, 04/01/35Δ | 175000 | 181566 |
| 5.95%, 05/15/54 | 206000 | 196520 |
| Entegris, Inc. |  |  |
| 4.75%, 04/15/29 144A | 275000 | 276198 |
| Entergy Mississippi LLC |  |  |
| 5.80%, 04/15/55 | 50000 | 50625 |
| Enterprise Products Operating LLC |  |  |
| 5.55%, 02/16/55 | 80000 | 77853 |
| EOG Resources, Inc. |  |  |
| 5.35%, 01/15/36 | 140000 | 144235 |
| EPR Properties REIT |  |  |
| 3.60%, 11/15/31 | 35000 | 32541 |

---

**148**

See Notes to Financial Statements.

------

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Equitable Holdings, Inc. |  |  |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 5Y + <br> 2.39%), 6.70%, 03/28/55Δ ^ | $415000 | $434372 |
| ERAC U.S.A. Finance LLC |  |  |
| 7.00%, 10/15/37 144A | 535000 | 622046 |
| Euronet Worldwide, Inc. |  |  |
| 0.63%, 10/01/30 144A CONV | 31000 | 28346 |
| Evergy, Inc. |  |  |
| 4.50%, 12/15/27 CONV | 14000 | 17064 |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 5Y + <br> 2.56%), 6.65%, 06/01/55^ | 70000 | 71884 |
| Eversource Energy |  |  |
| 4.45%, 12/15/30 | 116000 | 115541 |
| 5.50%, 01/01/34 | 265000 | 273243 |
| Excelerate Energy LP |  |  |
| 8.00%, 05/15/30 144A | 40000 | 42416 |
| Expedia Group, Inc. |  |  |
| 2.95%, 03/15/31 | 490000 | 456868 |
| 5.40%, 02/15/35 | 395000 | 406094 |
| Extra Space Storage LP REIT |  |  |
| 4.95%, 01/15/33Δ | 70000 | 70985 |
| Exxon Mobil Corporation |  |  |
| 1.41%, 06/26/39(E) | 302000 | 256330 |
| Fair Isaac Corporation |  |  |
| 6.00%, 05/15/33 144A | 1040000 | 1071646 |
| FedEx Corporation |  |  |
| 4.13%, 07/30/37(E) | 100000 | 116637 |
| Ferguson Enterprises, Inc. |  |  |
| 5.00%, 10/03/34 | 286000 | 289329 |
| Fiesta Purchaser, Inc. |  |  |
| 9.63%, 09/15/32 144A | 300000 | 315155 |
| FirstEnergy Corporation |  |  |
| 3.88%, 01/15/31 144A CONV | 28000 | 30198 |
| Fiserv, Inc. |  |  |
| 4.40%, 07/01/49 | 253000 | 199656 |
| Flash Compute LLC |  |  |
| 7.25%, 12/31/30 144A | 108000 | 107247 |
| Florida Power & Light Co. |  |  |
| 2.88%, 12/04/51 | 209000 | 133940 |
| Flowers Foods, Inc. |  |  |
| 5.75%, 03/15/35Δ | 282000 | 283702 |
| 6.20%, 03/15/55 | 69000 | 65008 |
| Fluor Corporation |  |  |
| 1.13%, 08/15/29 CONV | 25000 | 28543 |
| Ford Motor Credit Co. LLC |  |  |
| 5.80%, 03/08/29Δ | 361000 | 369191 |
| Foundry JV Holdco LLC |  |  |
| 6.10%, 01/25/36 144A | 520000 | 545572 |
| Freedom Mortgage Holdings LLC |  |  |
| 9.25%, 02/01/29 144A | 400000 | 418244 |
| 9.13%, 05/15/31 144A | 25000 | 26884 |
| 8.38%, 04/01/32 144A Δ | 10000 | 10541 |
| 7.88%, 04/01/33 144A Δ | 85000 | 88265 |
| Freeport-McMoRan, Inc. |  |  |
| 4.63%, 08/01/30 | 5000 | 5042 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Freshpet, Inc. |  |  |
| 3.00%, 04/01/28 CONV | $8000 | $9372 |
| FTAI Aviation Investors LLC |  |  |
| 7.88%, 12/01/30 144A | 750000 | 800497 |
| Gartner, Inc. |  |  |
| 3.63%, 06/15/29 144A | 65000 | 62794 |
| 3.75%, 10/01/30 144A | 10000 | 9477 |
| General Motors Financial Co., Inc. |  |  |
| 5.85%, 04/06/30Δ | 5000 | 5259 |
| 5.45%, 07/15/30Δ | 255000 | 265117 |
| Genesis Energy LP |  |  |
| 8.25%, 01/15/29 | 450000 | 471198 |
| Georgia Power Co. |  |  |
| 4.95%, 05/17/33 | 203000 | 207367 |
| Glencore Funding LLC |  |  |
| 6.13%, 10/06/28 144A | 150000 | 157584 |
| 2.50%, 09/01/30 144A | 55000 | 50486 |
| 6.38%, 10/06/30 144A Δ | 180000 | 194046 |
| 2.85%, 04/27/31 144A | 420000 | 388513 |
| 5.70%, 05/08/33 144A Δ | 120000 | 126900 |
| 6.50%, 10/06/33 144A | 740000 | 818953 |
| 5.67%, 04/01/35 144A Δ | 10000 | 10470 |
| Go Daddy Operating Co. LLC |  |  |
| 5.25%, 12/01/27 144A | 85000 | 85286 |
| 3.50%, 03/01/29 144A | 126000 | 121058 |
| Goat Holdco LLC |  |  |
| 6.75%, 02/01/32 144A | 40000 | 41031 |
| Goldman Sachs Group, Inc. (The) |  |  |
| (Variable, CME Term SOFR 3M + <br> 1.77%), 3.69%, 06/05/28^ | 250000 | 248766 |
| (Variable, CME Term SOFR 3M + <br> 1.42%), 3.81%, 04/23/29^ | 345000 | 343208 |
| (Variable, U.S. SOFR + 1.14%), <br> 4.69%, 10/23/30Δ ^ | 165000 | 167404 |
| (Variable, U.S. SOFR + 1.28%), <br> 2.62%, 04/22/32^ | 265000 | 241945 |
| (Variable, U.S. SOFR + 1.41%), <br> 3.10%, 02/24/33^ | 25000 | 23073 |
| (Variable, U.S. SOFR + 1.42%), <br> 5.02%, 10/23/35^ | 303000 | 305253 |
| (Variable, U.S. SOFR + 1.33%), <br> 4.94%, 10/21/36^ | 80000 | 79624 |
| 6.75%, 10/01/37 | 180000 | 201567 |
| Granite Construction, Inc. |  |  |
| 3.75%, 05/15/28 CONV | 6000 | 15252 |
| Gray Media, Inc. |  |  |
| 9.63%, 07/15/32 144A Δ | 300000 | 312384 |
| Guidewire Software, Inc. |  |  |
| 1.25%, 11/01/29 CONV | 37000 | 40774 |
| Hawaiian Electric Co., Inc. |  |  |
| 6.00%, 10/01/33 144A | 700000 | 710199 |
| HCA, Inc. |  |  |
| 4.13%, 06/15/29 | 70000 | 69837 |
| 3.50%, 09/01/30 | 40000 | 38519 |
| 2.38%, 07/15/31 | 30000 | 26944 |
| 5.50%, 06/01/33 | 210000 | 219018 |
| 5.60%, 04/01/34 | 85000 | 88973 |

---

See Notes to Financial Statements.

**149**

------

**GLOBAL BOND FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| 5.45%, 09/15/34 | $298000 | $307413 |
| 4.90%, 11/15/35 | 5000 | 4943 |
| 5.13%, 06/15/39 | 252000 | 244236 |
| 5.70%, 11/15/55 | 151000 | 144577 |
| Helmerich & Payne, Inc. |  |  |
| 5.50%, 12/01/34Δ | 529000 | 522041 |
| Herc Holdings, Inc. |  |  |
| 7.00%, 06/15/30 144A | 80000 | 84239 |
| Hercules LLC |  |  |
| 6.50%, 06/30/29 | 130000 | 131080 |
| Hess Midstream Operations LP |  |  |
| 4.25%, 02/15/30 144A | 145000 | 142349 |
| Highwoods Realty LP REIT |  |  |
| 5.35%, 01/15/33 | 257000 | 257830 |
| Hilcorp Energy I LP |  |  |
| 6.00%, 04/15/30 144A | 55000 | 53657 |
| Hilton Domestic Operating Co., Inc. |  |  |
| 3.63%, 02/15/32 144A | 155000 | 144005 |
| 5.88%, 03/15/33 144A | 800000 | 826036 |
| 5.50%, 03/31/34 144A | 68000 | 68558 |
| Hilton Grand Vacations <br> Borrower LLC |  |  |
| 4.88%, 07/01/31 144A | 20000 | 18685 |
| 6.63%, 01/15/32 144A | 45000 | 46289 |
| Hologic, Inc. |  |  |
| 3.25%, 02/15/29 144A | 165000 | 162753 |
| Home Depot, Inc. (The) |  |  |
| 3.63%, 04/15/52 | 381000 | 279456 |
| Host Hotels & Resorts LP REIT |  |  |
| 5.50%, 04/15/35 | 180000 | 182597 |
| Howard Midstream Energy <br> Partners LLC |  |  |
| 7.38%, 07/15/32 144A | 50000 | 52792 |
| Humana, Inc. |  |  |
| 5.38%, 04/15/31 | 119000 | 123169 |
| 5.55%, 05/01/35 | 317000 | 324555 |
| Hyundai Capital America |  |  |
| 5.25%, 01/08/27 144A | 74000 | 74877 |
| 6.38%, 04/08/30 144A | 243000 | 259682 |
| 4.50%, 09/18/30 144A Δ | 85000 | 85115 |
| Icahn Enterprises LP |  |  |
| 10.00%, 11/15/29 144A | 450000 | 450245 |
| Ingersoll Rand, Inc. |  |  |
| 5.70%, 08/14/33 | 370000 | 392793 |
| Insulet Corporation |  |  |
| 6.50%, 04/01/33 144A | 800000 | 836968 |
| Intel Corporation |  |  |
| 5.15%, 02/21/34Δ | 650000 | 659635 |
| 5.70%, 02/10/53 | 167000 | 156483 |
| InterDigital, Inc. |  |  |
| 3.50%, 06/01/27 CONV | 7000 | 28861 |
| Invitation Homes Operating <br> Partnership LP REIT |  |  |
| 4.88%, 02/01/35 | 40000 | 39679 |
| IQVIA, Inc. |  |  |
| 2.25%, 01/15/28(E) | 100000 | 115724 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| 6.25%, 06/01/32 144A | $700000 | $732318 |
| Iron Mountain, Inc. REIT |  |  |
| 5.25%, 07/15/30 144A | 145000 | 143359 |
| 6.25%, 01/15/33 144A | 900000 | 908115 |
| Itron, Inc. |  |  |
| 1.38%, 07/15/30 CONV | 30000 | 30394 |
| Jane Street Group |  |  |
| 6.13%, 11/01/32 144A | 900000 | 916484 |
| JBS U.S.A. Holding Lux S.a.r.l. |  |  |
| 3.00%, 02/02/29 | 45000 | 43369 |
| 3.75%, 12/01/31 | 50000 | 47583 |
| 3.63%, 01/15/32 | 779000 | 729894 |
| 6.75%, 03/15/34 | 210000 | 232139 |
| 5.50%, 01/15/36 144A | 316000 | 321508 |
| 6.50%, 12/01/52 | 112000 | 115576 |
| JBS U.S.A. LUX S.a.r.l. |  |  |
| 5.95%, 04/20/35 144A | 135000 | 142282 |
| 6.38%, 02/25/55 144A | 260000 | 266129 |
| Jefferies Financial Group, Inc. |  |  |
| 6.25%, 01/15/36 | 350000 | 371902 |
| 6.50%, 01/20/43 | 260000 | 271433 |
| Jersey Central Power & Light Co. |  |  |
| 2.75%, 03/01/32 144A | 88000 | 79311 |
| JH North America Holdings, Inc. |  |  |
| 5.88%, 01/31/31 144A | 239000 | 244303 |
| 6.13%, 07/31/32 144A | 287000 | 294778 |
| JPMorgan Chase & Co. |  |  |
| (Variable, Euribor 3M + 0.84%), <br> 1.64%, 05/18/28(E) ^ | 250000 | 290274 |
| (Variable, U.S. SOFR + 1.16%), <br> 5.58%, 04/22/30^ | 220000 | 229723 |
| (Variable, CME Term SOFR 3M + <br> 2.52%), 2.96%, 05/13/31^ | 615000 | 580836 |
| (Variable, U.S. SOFR + 1.07%), <br> 1.95%, 02/04/32^ | 370000 | 330521 |
| (Variable, U.S. SOFR + 2.08%), <br> 4.91%, 07/25/33^ | 25000 | 25528 |
| (Variable, Euribor 3M + 1.05%), <br> 3.59%, 01/23/36(E) ^ | 417000 | 484012 |
| (Variable, U.S. SOFR + 1.32%), <br> 5.50%, 01/24/36^ | 548000 | 574272 |
| (Variable, U.S. SOFR + 1.68%), <br> 5.57%, 04/22/36^ | 145000 | 152585 |
| (Variable, U.S. SOFR + 1.64%), <br> 5.58%, 07/23/36^ | 90000 | 93321 |
| (Variable, U.S. SOFR + 1.58%), <br> 3.33%, 04/22/52^ | 104000 | 74041 |
| KeHE Distributors LLC |  |  |
| 9.00%, 02/15/29 144A | 400000 | 420380 |
| Kinder Morgan Energy Partners LP |  |  |
| 6.50%, 02/01/37 | 40000 | 43734 |
| 6.95%, 01/15/38 | 50000 | 56373 |
| Kinder Morgan, Inc. |  |  |
| 5.85%, 06/01/35Δ | 205000 | 217495 |
| Kingpin Intermediate Holdings LLC |  |  |
| 7.25%, 10/15/32 144A | 387000 | 366824 |

---

**150**

See Notes to Financial Statements.

------

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Kraft Heinz Foods Co. |  |  |
| 4.38%, 06/01/46 | $247000 | $204935 |
| Kroger Co. (The) |  |  |
| 5.50%, 09/15/54 | 329000 | 314889 |
| Kronos International, Inc. |  |  |
| 9.50%, 03/15/29(E) | 100000 | 110074 |
| L3Harris Technologies, Inc. |  |  |
| 5.40%, 01/15/27 | 35000 | 35522 |
| 5.40%, 07/31/33 | 160000 | 166958 |
| 5.35%, 06/01/34 | 230000 | 238586 |
| Lamb Weston Holdings, Inc. |  |  |
| 4.88%, 05/15/28 144A | 35000 | 35042 |
| LBM Acquisition LLC |  |  |
| 6.25%, 01/15/29 144A Δ | 300000 | 270463 |
| LCM Investments Holdings II LLC |  |  |
| 8.25%, 08/01/31 144A Δ | 30000 | 31749 |
| Leidos, Inc. |  |  |
| 4.38%, 05/15/30Δ | 370000 | 370103 |
| 2.30%, 02/15/31 | 35000 | 31563 |
| 5.75%, 03/15/33 | 140000 | 148634 |
| Level 3 Financing, Inc. |  |  |
| 6.88%, 06/30/33 144A | 475000 | 486281 |
| LFS Topco LLC |  |  |
| 8.75%, 07/15/30 144A Δ | 300000 | 302198 |
| LGI Homes, Inc. |  |  |
| 7.00%, 11/15/32 144A Δ | 20000 | 19136 |
| Liberty Mutual Group, Inc. |  |  |
| 3.88%, 09/26/35(E) | 300000 | 346700 |
| LifePoint Health, Inc. |  |  |
| 10.00%, 06/01/32 144A | 70000 | 74515 |
| LPL Holdings, Inc. |  |  |
| 4.00%, 03/15/29 144A | 394000 | 387876 |
| 5.75%, 06/15/35 | 161000 | 166118 |
| LSEG U.S. Finance Corporation |  |  |
| 5.30%, 03/28/34 144A Δ | 290000 | 300149 |
| LXP Industrial Trust REIT |  |  |
| 2.70%, 09/15/30 | 256000 | 235411 |
| LYB International Finance III LLC |  |  |
| 5.13%, 01/15/31 | 50000 | 50256 |
| 5.88%, 01/15/36Δ | 80000 | 79760 |
| Lyft, Inc. |  |  |
| 0.00%, 09/15/30 144A CONV » | 16000 | 18128 |
| M&T Bank Corporation |  |  |
| (Variable, U.S. SOFR Index + <br> 1.78%), 4.55%, 08/16/28Δ ^ | 110000 | 110682 |
| (Variable, U.S. SOFR + 2.26%), <br> 6.08%, 03/13/32^ | 276000 | 294052 |
| Madison IAQ LLC |  |  |
| 5.88%, 06/30/29 144A Δ | 60000 | 59685 |
| Magnolia Oil & Gas Operating LLC |  |  |
| 6.88%, 12/01/32 144A | 450000 | 464841 |
| Manitowoc Co., Inc. (The) |  |  |
| 9.25%, 10/01/31 144A Δ | 400000 | 431141 |
| Marathon Petroleum Corporation |  |  |
| 5.70%, 03/01/35 | 203000 | 209399 |
| Marriott International, Inc. |  |  |
| 2.85%, 04/15/31Δ | 324000 | 300926 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| 5.30%, 05/15/34 | $50000 | $51669 |
| 5.50%, 04/15/37 | 200000 | 205256 |
| Marriott Ownership Resorts, Inc. |  |  |
| 4.50%, 06/15/29 144A | 25000 | 23904 |
| Mars, Inc. |  |  |
| 4.80%, 03/01/30 144A | 330000 | 337521 |
| 5.20%, 03/01/35 144A | 329000 | 338967 |
| 5.70%, 05/01/55 144A | 270000 | 270268 |
| Marsh & McLennan Cos., Inc. |  |  |
| 4.85%, 11/15/31 | 183000 | 188012 |
| 5.00%, 03/15/35 | 225000 | 228558 |
| 5.40%, 03/15/55 | 196000 | 189668 |
| Marvell Technology, Inc. |  |  |
| 5.95%, 09/15/33 | 270000 | 289393 |
| Masco Corporation |  |  |
| 6.50%, 08/15/32 | 27000 | 29589 |
| Mastercard, Inc. |  |  |
| 3.85%, 03/26/50 | 226000 | 178390 |
| Matador Resources Co. |  |  |
| 6.88%, 04/15/28 144A Δ | 20000 | 20523 |
| 6.50%, 04/15/32 144A | 10000 | 10148 |
| Mauser Packaging Solutions Holding <br> Co. |  |  |
| 9.25%, 04/15/30 144A Δ | 80000 | 77200 |
| Maxam Prill S.a.r.l. |  |  |
| 6.00%, 07/15/30(E) | 300000 | 360744 |
| McDonald's Corporation |  |  |
| 1.60%, 03/15/31(E) | 400000 | 436183 |
| Medline Borrower LP |  |  |
| 6.25%, 04/01/29 144A | 80000 | 82801 |
| 5.25%, 10/01/29 144A | 50000 | 50310 |
| Meritage Homes Corporation |  |  |
| 5.65%, 03/15/35Δ | 325000 | 332871 |
| Meta Platforms, Inc. |  |  |
| 4.88%, 11/15/35 | 230000 | 230168 |
| 5.63%, 11/15/55 | 275000 | 264673 |
| 5.75%, 11/15/65 | 60000 | 57527 |
| MetLife, Inc. |  |  |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 5Y + <br> 2.08%), 6.35%, 03/15/55^ | 30000 | 31652 |
| Micron Technology, Inc. |  |  |
| 5.88%, 09/15/33 | 274000 | 291575 |
| Microsoft Corporation |  |  |
| 2.53%, 06/01/50 | 152000 | 93417 |
| 2.68%, 06/01/60 | 177000 | 102394 |
| Molina Healthcare, Inc. |  |  |
| 4.38%, 06/15/28 144A | 55000 | 54129 |
| 6.50%, 02/15/31 144A | 171000 | 175836 |
| 3.88%, 05/15/32 144A | 130000 | 118349 |
| Morgan Stanley |  |  |
| (Variable, U.S. SOFR + 1.14%), <br> 2.70%, 01/22/31^ | 350000 | 328682 |
| (Variable, U.S. SOFR + 3.12%), <br> 3.62%, 04/01/31^ | 501000 | 487326 |
| (Variable, Euribor 3M + 1.32%), <br> 3.52%, 05/22/31(E) ^ | 500000 | 594434 |

---

See Notes to Financial Statements.

**151**

------

**GLOBAL BOND FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| (Variable, U.S. SOFR + 2.56%), <br> 6.34%, 10/18/33^ | $20000 | $21953 |
| (Variable, U.S. SOFR + 1.87%), <br> 5.25%, 04/21/34^ | 145000 | 149597 |
| (Variable, U.S. SOFR + 1.88%), <br> 5.42%, 07/21/34^ | 526000 | 548249 |
| (Variable, U.S. SOFR + 2.05%), <br> 6.63%, 11/01/34^ | 81000 | 90781 |
| (Variable, U.S. SOFR + 1.73%), <br> 5.47%, 01/18/35^ | 18000 | 18756 |
| (Variable, Euribor 3M + 1.24%), <br> 3.96%, 03/21/35(E) ^ | 200000 | 238608 |
| (Variable, U.S. SOFR + 1.58%), <br> 5.83%, 04/19/35^ | 840000 | 894479 |
| (Variable, U.S. SOFR + 1.56%), <br> 5.32%, 07/19/35^ | 90000 | 92875 |
| (Variable, U.S. SOFR + 1.36%), <br> 2.48%, 09/16/36^ | 190000 | 167349 |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 5Y + <br> 2.43%), 5.95%, 01/19/38Δ ^ | 360000 | 379460 |
| Motorola Solutions, Inc. |  |  |
| 5.40%, 04/15/34 | 280000 | 289798 |
| 5.55%, 08/15/35Δ | 145000 | 151098 |
| MPLX LP |  |  |
| 5.00%, 03/01/33 | 25000 | 25204 |
| 4.70%, 04/15/48 | 95000 | 79389 |
| MPT Operating Partnership LP REIT |  |  |
| 7.00%, 02/15/32(E) | 100000 | 122536 |
| 8.50%, 02/15/32 144A | 400000 | 427471 |
| MSCI, Inc. |  |  |
| 5.25%, 09/01/35 | 130000 | 131247 |
| Mutual of Omaha Insurance Co. |  |  |
| 6.80%, 06/15/36 144A | 605000 | 671130 |
| Nabors Industries, Inc. |  |  |
| 8.88%, 08/15/31 144A Δ | 350000 | 339772 |
| National Grid North America, Inc. |  |  |
| 3.92%, 06/03/35(E) | 555000 | 654656 |
| Navient Corporation |  |  |
| 6.75%, 06/15/26 | 125000 | 126758 |
| 7.88%, 06/15/32 | 40000 | 41898 |
| NCL Corporation, Ltd. |  |  |
| 0.88%, 04/15/30 144A CONV | 27000 | 30189 |
| 6.75%, 02/01/32 144A | 595000 | 609600 |
| NCL Finance, Ltd. |  |  |
| 6.13%, 03/15/28 144A | 25000 | 25807 |
| Neptune Bidco U.S., Inc. |  |  |
| 9.29%, 04/15/29 144A | 450000 | 451041 |
| Nestle Finance International, Ltd. |  |  |
| 3.50%, 01/14/45(E) | 172000 | 189983 |
| NetApp, Inc. |  |  |
| 5.50%, 03/17/32 | 90000 | 93791 |
| 5.70%, 03/17/35Δ | 85000 | 89398 |
| Netflix, Inc. |  |  |
| 3.63%, 05/15/27(E) | 100000 | 119338 |
| New Flyer Holdings, Inc. |  |  |
| 9.25%, 07/01/30 144A Δ | 400000 | 431914 |
| New Home Co., Inc. (The) |  |  |
| 8.50%, 11/01/30 144A | 450000 | 463996 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Newell Brands, Inc. |  |  |
| 6.63%, 05/15/32Δ | $450000 | $437189 |
| News Corporation |  |  |
| 3.88%, 05/15/29 144A | 459000 | 445312 |
| 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 | 36151 |
| (Variable, EURIBOR ICE Swap <br> Rate 5Y + 1.90%), 4.50%, <br> 05/15/56(E) ^ | 300000 | 351772 |
| NiSource, Inc. |  |  |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 5Y + <br> 2.04%), 5.75%, 07/15/56Δ ^ | 100000 | 100808 |
| Nordson Corporation |  |  |
| 5.80%, 09/15/33 | 25000 | 26540 |
| Northern Oil & Gas, Inc. |  |  |
| 3.63%, 04/15/29 CONV | 10000 | 9673 |
| Northern States Power Co. |  |  |
| 5.05%, 05/15/35Δ | 213000 | 217596 |
| Northwestern Mutual Life Insurance <br> Co. (The) |  |  |
| 6.17%, 05/29/55 144A | 388000 | 413544 |
| NRG Energy, Inc. |  |  |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 5Y + <br> 5.92%), 10.25%, 03/15/28 <br> 144A ρ ^ | 40000 | 43715 |
| 6.00%, 01/15/36 144A Δ | 800000 | 811015 |
| Nutanix, Inc. |  |  |
| 0.50%, 12/15/29 | 46000 | 44482 |
| nVent Finance S.a.r.l. |  |  |
| 5.65%, 05/15/33 | 240000 | 250829 |
| NY Society for Relief of Ruptured & <br> Crippled Maintaining Hospital <br> Special Surgery |  |  |
| 2.67%, 10/01/50 | 347000 | 214062 |
| Occidental Petroleum Corporation |  |  |
| 6.45%, 09/15/36 | 280000 | 298647 |
| Olympus Water U.S. Holding <br> Corporation |  |  |
| 3.88%, 10/01/28(E) | 100000 | 116385 |
| Oncor Electric Delivery Co. LLC |  |  |
| 5.35%, 04/01/35 144A | 197000 | 203718 |
| OneMain Finance Corporation |  |  |
| 7.50%, 05/15/31 | 800000 | 843544 |
| 6.75%, 03/15/32 | 110000 | 113077 |
| ONEOK, Inc. |  |  |
| 6.50%, 09/01/30 144A | 10000 | 10735 |
| Oracle Corporation |  |  |
| 4.80%, 09/26/32 | 113000 | 109666 |
| 5.20%, 09/26/35Δ | 360000 | 345851 |
| 4.00%, 07/15/46 | 131000 | 91327 |
| 3.95%, 03/25/51 | 158000 | 104519 |
| 6.00%, 08/03/55 | 14000 | 12401 |
| 5.95%, 09/26/55 | 164000 | 146027 |

---

**152**

See Notes to Financial Statements.

------

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Osaic Holdings, Inc. |  |  |
| 6.75%, 08/01/32 144A Δ | $58000 | $60699 |
| 8.00%, 08/01/33 144A | 300000 | 313644 |
| Otis Worldwide Corporation |  |  |
| 5.13%, 09/04/35 | 30000 | 30656 |
| Owens Corning |  |  |
| 7.00%, 12/01/36 | 523000 | 594982 |
| Pacific Gas and Electric Co. |  |  |
| 4.55%, 07/01/30 | 200000 | 199384 |
| 3.25%, 06/01/31 | 160000 | 149335 |
| 6.40%, 06/15/33 | 176000 | 190521 |
| 5.80%, 05/15/34 | 280000 | 291427 |
| 3.30%, 08/01/40 | 115000 | 87588 |
| 4.95%, 07/01/50 | 123019 | 104420 |
| 6.10%, 10/15/55 | 175000 | 172744 |
| Park Intermediate Holdings LLC <br> REIT |  |  |
| 7.00%, 02/01/30 144A | 10000 | 10301 |
| Patrick Industries, Inc. |  |  |
| 6.38%, 11/01/32 144A Δ | 500000 | 513408 |
| Paychex, Inc. |  |  |
| 5.10%, 04/15/30 | 94000 | 96902 |
| 5.35%, 04/15/32 | 238000 | 246934 |
| 5.60%, 04/15/35Δ | 70000 | 73444 |
| Penn Mutual Life Insurance Co. (The) |  |  |
| 7.63%, 06/15/40 144A | 345000 | 402907 |
| PennyMac Financial Services, Inc. |  |  |
| 6.88%, 02/15/33 144A | 920000 | 961080 |
| Permian Resources Operating LLC |  |  |
| 6.25%, 02/01/33 144A | 70000 | 71847 |
| PG&E Corporation |  |  |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 5Y + <br> 3.88%), 7.38%, 03/15/55^ | 400000 | 416838 |
| Pilgrim's Pride Corporation |  |  |
| 4.25%, 04/15/31 | 35000 | 34203 |
| 3.50%, 03/01/32 | 343000 | 317724 |
| 6.88%, 05/15/34Δ | 59000 | 65507 |
| Pinnacle West Capital Corporation |  |  |
| 4.75%, 06/15/27 CONV | 22000 | 23540 |
| Plains All American Pipeline LP |  |  |
| 3.80%, 09/15/30 | 85000 | 82608 |
| 5.70%, 09/15/34 | 235000 | 243143 |
| 5.60%, 01/15/36 | 178000 | 180568 |
| PLT VII Finance S.a.r.l. |  |  |
| 6.00%, 06/15/31(E) | 320000 | 391360 |
| PNC Financial Services Group, Inc. <br> (The) |  |  |
| (Variable, U.S. SOFR + 1.33%), <br> 4.90%, 05/13/31^ | 520000 | 532894 |
| (Variable, U.S. SOFR + 1.90%), <br> 5.68%, 01/22/35^ | 157000 | 165905 |
| (Variable, U.S. SOFR + 1.39%), <br> 5.58%, 01/29/36^ | 401000 | 419390 |
| Post Holdings, Inc. |  |  |
| 2.50%, 08/15/27 CONV | 27000 | 29120 |
| 4.50%, 09/15/31 144A | 550000 | 521184 |
| PPL Electric Utilities Corporation |  |  |
| 5.25%, 05/15/53 | 321000 | 309925 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Prairie Acquiror LP |  |  |
| 9.00%, 08/01/29 144A | $400000 | $417536 |
| Prestige Brands, Inc. |  |  |
| 3.75%, 04/01/31 144A | 1000000 | 937630 |
| Primo Water Holdings, Inc. |  |  |
| 3.88%, 10/31/28(E) | 100000 | 115546 |
| Provident Funding Associates LP |  |  |
| 9.75%, 09/15/29 144A Δ | 20000 | 21113 |
| PSEG Power LLC |  |  |
| 5.20%, 05/15/30 144A | 360000 | 368811 |
| Quikrete Holdings, Inc. |  |  |
| 6.38%, 03/01/32 144A | 940000 | 979061 |
| QXO Building Products, Inc. |  |  |
| 6.75%, 04/30/32 144A | 50000 | 52261 |
| RAY Financing LLC |  |  |
| 6.50%, 07/15/31(E) | 130000 | 155986 |
| RB Global Holdings, Inc. |  |  |
| 7.75%, 03/15/31 144A | 800000 | 837403 |
| Real Hero Merger Sub 2, Inc. |  |  |
| 6.25%, 02/01/29 144A | 300000 | 130032 |
| Regal Rexnord Corporation |  |  |
| 6.30%, 02/15/30 | 79000 | 83822 |
| 6.40%, 04/15/33 | 306000 | 329755 |
| Rocket Mortgage LLC |  |  |
| 2.88%, 10/15/26 144A Δ | 135000 | 133123 |
| 3.63%, 03/01/29 144A | 15000 | 14499 |
| 3.63%, 03/01/29 | 130000 | 125658 |
| 3.88%, 03/01/31 144A | 570000 | 541673 |
| 4.00%, 10/15/33 144A Δ | 215000 | 199910 |
| Rockies Express Pipeline LLC |  |  |
| 6.75%, 03/15/33 144A | 350000 | 369800 |
| 6.88%, 04/15/40 144A | 400000 | 413755 |
| Royal Caribbean Cruises, Ltd. |  |  |
| 4.25%, 07/01/26 144A | 10000 | 10001 |
| 5.50%, 04/01/28 144A | 375000 | 382033 |
| 5.63%, 09/30/31 144A | 391000 | 400070 |
| 6.25%, 03/15/32 144A | 50000 | 51788 |
| 6.00%, 02/01/33 144A | 377000 | 387911 |
| 5.38%, 01/15/36 | 217000 | 218548 |
| Rubrik, Inc. |  |  |
| 0.00%, 06/15/30 144A CONV » | 36000 | 35442 |
| Sabre GLBL, Inc. |  |  |
| 10.75%, 11/15/29 144A | 198000 | 168404 |
| 10.75%, 03/15/30 144A | 252000 | 207144 |
| Sammons Financial Group, Inc. |  |  |
| 6.88%, 04/15/34 144A | 261000 | 286859 |
| Seagate HDD Cayman |  |  |
| 3.50%, 06/01/28 CONV | 9000 | 30272 |
| Sempra |  |  |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 5Y + <br> 2.63%), 6.40%, 10/01/54^ | 250000 | 254421 |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 5Y + <br> 2.79%), 6.88%, 10/01/54^ | 142000 | 146480 |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 5Y + <br> 2.14%), 6.55%, 04/01/55^ | 170000 | 173380 |

---

See Notes to Financial Statements.

**153**

------

**GLOBAL BOND FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 5Y + <br> 2.63%), 6.38%, 04/01/56^ | $105000 | $107410 |
| Sensata Technologies, Inc. |  |  |
| 3.75%, 02/15/31 144A Δ | 205000 | 192508 |
| Shift4 Payments LLC |  |  |
| 5.50%, 05/15/33(E) | 100000 | 120585 |
| Silgan Holdings, Inc. |  |  |
| 4.25%, 02/15/31(E) | 100000 | 119283 |
| Sinclair Television Group, Inc. |  |  |
| 8.13%, 02/15/33 144A | 300000 | 313536 |
| Six Flags Entertainment Corporation |  |  |
| 6.50%, 10/01/28 | 70000 | 68641 |
| 6.63%, 05/01/32 144A | 450000 | 454052 |
| SM Energy Co. |  |  |
| 6.75%, 08/01/29 144A | 90000 | 90711 |
| Snap, Inc. |  |  |
| 6.88%, 03/01/33 144A | 450000 | 466666 |
| Snowflake, Inc. |  |  |
| 0.00%, 10/01/29 CONV » | 20000 | 30980 |
| Solstice Advanced Materials, Inc. |  |  |
| 5.63%, 09/30/33 144A | 106000 | 106998 |
| Southern Co. (The) |  |  |
| 5.70%, 03/15/34 | 370000 | 390476 |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 5Y + <br> 3.73%), 4.00%, 01/15/51^ | 140000 | 140450 |
| (Variable, 2.11% - EUR Swap <br> Rate 5Y), 1.88%, <br> 09/15/81(E) ^ | 350000 | 400234 |
| Southern Co. Gas Capital Corporation |  |  |
| 5.75%, 09/15/33 | 30000 | 31863 |
| Spire, Inc. |  |  |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 5Y + <br> 2.56%), 6.25%, 06/01/56^ | 437000 | 436035 |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 5Y + <br> 2.33%), 6.45%, 06/01/56^ | 105000 | 104948 |
| Spotify U.S.A., Inc. |  |  |
| 0.00%, 03/15/26 CONV » | 10000 | 11375 |
| Sprint Capital Corporation |  |  |
| 8.75%, 03/15/32 | 165000 | 199905 |
| Standard Building Solutions, Inc. |  |  |
| 6.25%, 08/01/33 144A | 60000 | 61326 |
| Star Holding LLC |  |  |
| 8.75%, 08/01/31 144A | 60000 | 57792 |
| Starwood Property Trust, Inc. |  |  |
| 6.50%, 07/01/30 144A | 70000 | 73277 |
| 5.75%, 01/15/31 144A | 600000 | 608456 |
| Steel Dynamics, Inc. |  |  |
| 5.38%, 08/15/34 | 30000 | 31209 |
| 5.25%, 05/15/35 | 110000 | 112754 |
| Stewart Information Services <br> Corporation |  |  |
| 3.60%, 11/15/31 | 220000 | 195170 |
| Store Capital LLC REIT |  |  |
| 4.63%, 03/15/29 | 200000 | 199641 |
| 2.70%, 12/01/31 | 436000 | 386296 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Stryker Corporation |  |  |
| 3.38%, 09/11/32(E) | $140000 | $164981 |
| 5.20%, 02/10/35 | 244000 | 251205 |
| Sunoco LP |  |  |
| 7.25%, 05/01/32 144A | 800000 | 846397 |
| Synchrony Financial |  |  |
| (Variable, U.S. SOFR Index + <br> 2.13%), 5.94%, 08/02/30^ | 90000 | 93889 |
| (Variable, U.S. SOFR + 1.68%), <br> 5.45%, 03/06/31^ | 65000 | 66721 |
| Synopsys, Inc. |  |  |
| 5.15%, 04/01/35 | 380000 | 387108 |
| 5.70%, 04/01/55Δ | 245000 | 244062 |
| Sysco Corporation |  |  |
| 6.60%, 04/01/50Δ | 37000 | 40845 |
| Talen Energy Supply LLC |  |  |
| 6.50%, 02/01/36 144A | 30000 | 31041 |
| Tapestry, Inc. |  |  |
| 5.50%, 03/11/35Δ | 110000 | 112738 |
| Targa Resources Corporation |  |  |
| 4.20%, 02/01/33 | 167000 | 160215 |
| 6.13%, 03/15/33 | 115000 | 123400 |
| 6.50%, 03/30/34 | 320000 | 349923 |
| 5.50%, 02/15/35 | 10000 | 10267 |
| 5.55%, 08/15/35 | 100000 | 102732 |
| 4.95%, 04/15/52 | 205000 | 176096 |
| Targa Resources Partners LP |  |  |
| 4.00%, 01/15/32 | 95000 | 90813 |
| Taylor Morrison Communities, Inc. |  |  |
| 5.75%, 11/15/32 144A Δ | 185000 | 190460 |
| TD SYNNEX Corporation |  |  |
| 6.10%, 04/12/34 | 435000 | 460609 |
| 5.30%, 10/10/35 | 15000 | 14912 |
| Tenet Healthcare Corporation |  |  |
| 6.75%, 05/15/31 | 60000 | 62462 |
| Textron, Inc. |  |  |
| 2.45%, 03/15/31 | 25000 | 22726 |
| 6.10%, 11/15/33 | 595000 | 642982 |
| The Campbell's Co. |  |  |
| 5.40%, 03/21/34Δ | 260000 | 265258 |
| Thermo Fisher Scientific, Inc. |  |  |
| 4.47%, 10/07/32Δ | 301000 | 302452 |
| Time Warner Cable LLC |  |  |
| 6.55%, 05/01/37 | 35000 | 35797 |
| Timken Co. (The) |  |  |
| 4.13%, 05/23/34(E) | 195000 | 231177 |
| T-Mobile U.S.A., Inc. |  |  |
| 3.88%, 04/15/30 | 194000 | 191016 |
| 2.70%, 03/15/32 | 260000 | 234145 |
| 5.05%, 07/15/33 | 234000 | 239270 |
| 5.75%, 01/15/34 | 648000 | 688759 |
| 3.50%, 02/11/37(E) | 461000 | 519982 |
| 4.50%, 04/15/50 | 285000 | 235839 |
| TransDigm, Inc. |  |  |
| 6.75%, 08/15/28 144A | 55000 | 56038 |
| 6.88%, 12/15/30 144A | 400000 | 418806 |
| 6.38%, 05/31/33 144A | 530000 | 544192 |

---

**154**

See Notes to Financial Statements.

------

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Travel + Leisure Co. |  |  |
| 6.63%, 07/31/26 144A | $10000 | $10104 |
| 4.50%, 12/01/29 144A | 115000 | 112626 |
| 4.63%, 03/01/30 144A | 70000 | 68574 |
| Trimble, Inc. |  |  |
| 6.10%, 03/15/33 | 280000 | 302081 |
| TriNet Group, Inc. |  |  |
| 3.50%, 03/01/29 144A | 160000 | 151843 |
| Trustees of the University of <br> Pennsylvania (The) |  |  |
| 2.40%, 10/01/50 | 545000 | 322737 |
| Tyler Technologies, Inc. |  |  |
| 0.25%, 03/15/26 CONV | 17000 | 17230 |
| U.S. Acute Care Solutions LLC |  |  |
| 9.75%, 05/15/29 144A | 400000 | 403466 |
| U.S. Foods, Inc. |  |  |
| 5.75%, 04/15/33 144A | 30000 | 30585 |
| U.S.A. Compression Partners LP |  |  |
| 7.13%, 03/15/29 144A | 410000 | 424618 |
| Uber Technologies, Inc. |  |  |
| 0.88%, 12/01/28 CONV | 30000 | 38985 |
| 4.80%, 09/15/34 | 70000 | 70032 |
| 4.80%, 09/15/35Δ | 50000 | 49770 |
| 5.35%, 09/15/54Δ | 155000 | 147951 |
| UGI Corporation |  |  |
| 5.00%, 06/01/28 CONV | 13000 | 18454 |
| UGI International LLC |  |  |
| 2.50%, 12/01/29(E) | 200000 | 225578 |
| UKG, Inc. |  |  |
| 6.88%, 02/01/31 144A | 50000 | 51463 |
| Unilever Capital Corporation |  |  |
| 2.88%, 10/31/32(E) | 370000 | 426660 |
| 3.38%, 05/22/35(E) | 350000 | 407311 |
| Union Pacific Corporation |  |  |
| 3.25%, 02/05/50 | 391000 | 272195 |
| United Rentals North America, Inc. |  |  |
| 5.38%, 11/15/33 144A | 228000 | 227980 |
| 6.13%, 03/15/34 144A | 255000 | 265945 |
| Uniti Group LP |  |  |
| 6.50%, 02/15/29 144A | 60000 | 57682 |
| 8.63%, 06/15/32 144A Δ | 300000 | 295752 |
| Univision Communications, Inc. |  |  |
| 8.50%, 07/31/31 144A Δ | 400000 | 418104 |
| Utah Acquisition Sub, Inc. |  |  |
| 3.13%, 11/22/28(E) | 410000 | 483842 |
| Valaris, Ltd. |  |  |
| 8.38%, 04/30/30 144A | 400000 | 416395 |
| Venture Global Calcasieu Pass LLC |  |  |
| 4.13%, 08/15/31 144A | 177000 | 160982 |
| Venture Global LNG, Inc. |  |  |
| 9.50%, 02/01/29 144A | 90000 | 93345 |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 5Y + <br> 5.44%), 9.00%, 09/30/29 <br> 144A ρ Δ ^ | 450000 | 355707 |
| 8.38%, 06/01/31 144A Δ | 400000 | 398134 |
| Venture Global Plaquemines <br> LNG LLC |  |  |
| 6.13%, 12/15/30 144A | 74000 | 75425 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| 7.50%, 05/01/33 144A | $221000 | $238913 |
| 6.50%, 01/15/34 144A | 216000 | 221346 |
| 6.50%, 06/15/34 144A | 5000 | 5114 |
| 7.75%, 05/01/35 144A | 200000 | 218680 |
| 6.75%, 01/15/36 144A | 15000 | 15371 |
| Veralto Corporation |  |  |
| 4.15%, 09/19/31(E) | 188000 | 229598 |
| Veritiv Operating Co. |  |  |
| 10.50%, 11/30/30 144A | 300000 | 322913 |
| Verizon Communications, Inc. |  |  |
| 1.13%, 11/03/28(U) | 290000 | 360563 |
| 2.36%, 03/15/32 | 565000 | 498821 |
| 5.50%, 02/23/54Δ | 40000 | 38554 |
| (Variable, UK Gilts 5Y + 1.82%), <br> 5.74%, 06/15/56(U) ^ | 300000 | 404644 |
| VF Corporation |  |  |
| 4.25%, 03/07/29(E) | 100000 | 118268 |
| Viper Energy Partners LLC |  |  |
| 5.70%, 08/01/35 | 330000 | 336980 |
| Virtusa Corporation |  |  |
| 7.13%, 12/15/28 144A | 300000 | 295904 |
| Visa, Inc. |  |  |
| 3.88%, 05/15/44(E) | 125000 | 143339 |
| Vistra Operations Co. LLC |  |  |
| 6.88%, 04/15/32 144A | 90000 | 94850 |
| 5.70%, 12/30/34 144A | 40000 | 41326 |
| 5.25%, 10/15/35 144A | 35000 | 34907 |
| VMware LLC |  |  |
| 2.20%, 08/15/31Δ | 140000 | 124619 |
| Vulcan Materials Co. |  |  |
| 3.50%, 06/01/30 | 231000 | 224265 |
| 5.70%, 12/01/54 | 129000 | 129228 |
| Wand NewCo 3, Inc. |  |  |
| 7.63%, 01/30/32 144A | 40000 | 42356 |
| Warnermedia Holdings, Inc. |  |  |
| 4.28%, 03/15/32 | 250000 | 219768 |
| WEA Finance LLC REIT |  |  |
| 2.88%, 01/15/27 144A | 309000 | 304309 |
| WEC Energy Group, Inc. |  |  |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 5Y + <br> 1.91%), 5.63%, 05/15/56Δ ^ | 75000 | 75653 |
| Wells Fargo & Co. |  |  |
| (Variable, U.S. SOFR + 1.51%), <br> 3.53%, 03/24/28^ | 162000 | 160993 |
| (Variable, U.S. SOFR + 1.11%), <br> 5.24%, 01/24/31^ | 108000 | 111965 |
| (Variable, CME Term SOFR 3M + <br> 1.26%), 2.57%, 02/11/31^ | 200000 | 187020 |
| (Variable, U.S. SOFR + 1.50%), <br> 3.35%, 03/02/33^ | 266000 | 248682 |
| (Variable, U.S. SOFR + 1.99%), <br> 5.56%, 07/25/34^ | 105000 | 110315 |
| (Variable, U.S. SOFR + 1.34%), <br> 4.89%, 09/15/36Δ ^ | 275000 | 274864 |
| Western Digital Corporation |  |  |
| 4.75%, 02/15/26 | 31000 | 31127 |
| 2.85%, 02/01/29 | 65000 | 62448 |

---

See Notes to Financial Statements.

**155**

------

**GLOBAL BOND FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Western Midstream Operating LP |  |  |
| 4.05%, 02/01/30 | $20000 | $19619 |
| 6.15%, 04/01/33 | 265000 | 281575 |
| 5.45%, 11/15/34 | 95000 | 95876 |
| 5.50%, 12/15/35 | 31000 | 30932 |
| 5.45%, 04/01/44 | 10000 | 9156 |
| 5.30%, 03/01/48 | 50000 | 43319 |
| 5.50%, 08/15/48 | 5000 | 4430 |
| 5.25%, 02/01/50 | 25000 | 21473 |
| Westinghouse Air Brake Technologies <br> Corporation |  |  |
| 5.61%, 03/11/34 | 203000 | 214194 |
| 5.50%, 05/29/35 | 190000 | 198961 |
| Westlake Corporation |  |  |
| 5.55%, 11/15/35 | 60000 | 60162 |
| 6.38%, 11/15/55 | 60000 | 59299 |
| Weyerhaeuser Co. REIT |  |  |
| 6.88%, 12/15/33 | 250000 | 279623 |
| Whistler Pipeline LLC |  |  |
| 5.70%, 09/30/31 144A | 30000 | 31216 |
| 5.95%, 09/30/34 144A Δ | 35000 | 36349 |
| White Cap Supply Holdings LLC |  |  |
| 7.38%, 11/15/30 144A Δ | 400000 | 415735 |
| Williams Cos., Inc. (The) |  |  |
| 5.15%, 03/15/34 | 115000 | 117287 |
| Willis North America, Inc. |  |  |
| 5.15%, 03/15/36 | 28000 | 28074 |
| WMG Acquisition Corporation |  |  |
| 3.75%, 12/01/29 144A | 434000 | 418109 |
| 3.88%, 07/15/30 144A | 150000 | 144064 |
| 2.25%, 08/15/31(E) | 100000 | 112304 |
| WR Grace Holdings LLC |  |  |
| 5.63%, 08/15/29 144A | 80000 | 76459 |
| WULF Compute LLC |  |  |
| 7.75%, 10/15/30 144A Δ | 133000 | 137124 |
| Xcel Energy, Inc. |  |  |
| 5.60%, 04/15/35 | 107000 | 111089 |
| XPLR Infrastructure Operating <br> Partners LP |  |  |
| 8.38%, 01/15/31 144A | 800000 | 841215 |
| Yum! Brands, Inc. |  |  |
| 4.63%, 01/31/32 | 255000 | 250184 |
| ZF North America Capital, Inc. |  |  |
| 6.88%, 04/14/28 144A | 150000 | 153644 |
| 6.75%, 04/23/30 144A | 150000 | 148328 |
| Zoetis, Inc. |  |  |
| 0.25%, 06/15/29 144A CONV | 12000 | 12390 |
| Zscaler, Inc. |  |  |
| 0.00%, 07/15/28 144A CONV » | 43000 | 40334 |
| **Total Corporate Bonds** <br> (Cost $160,109,772) |  | 162787139 |
| **FOREIGN BONDS — 50.2%** | **FOREIGN BONDS — 50.2%** | **FOREIGN BONDS — 50.2%** |
| **Albania — 0.1%** | **Albania — 0.1%** |  |
| Albania Government International <br> Bond |  |  |
| 4.75%, 02/14/35(E) | 596000 | 710319 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Andorra — 0.0%** | **Andorra — 0.0%** |  |
| Andorra International Bond |  |  |
| 1.25%, 02/23/27(E) | $100000 | $115711 |
| **Angola — 0.0%** | **Angola — 0.0%** |  |
| Angolan Government International <br> Bond |  |  |
| 8.75%, 04/14/32 144A | 200000 | 195327 |
| **Argentina — 0.0%** | **Argentina — 0.0%** |  |
| Argentine Republic Government <br> International Bond |  |  |
| (Step to 4.75% on 07/09/27), <br> 4.13%, 07/09/35 STEP | 305000 | 227225 |
| **Australia — 1.4%** | **Australia — 1.4%** |  |
| APA Infrastructure, Ltd. |  |  |
| 5.13%, 09/16/34 144A | 167000 | 168943 |
| 2.50%, 03/15/36(U) | 305000 | 311949 |
| 5.75%, 09/16/44 144A | 151000 | 151197 |
| Australia Government Bond |  |  |
| 1.00%, 12/21/30(A) | 1025000 | 584103 |
| 4.25%, 12/21/35(A) | 912000 | 585179 |
| 2.75%, 05/21/41(A) | 7154000 | 3632228 |
| BHP Billiton Finance, Ltd. |  |  |
| 3.64%, 09/04/35(E) | 400000 | 463346 |
| Commonwealth Bank of Australia |  |  |
| 2.69%, 03/11/31 144A | 500000 | 456130 |
| Currenta Group Holdings S.a.r.l. |  |  |
| 5.50%, 05/15/30(E) | 100000 | 118975 |
| Fortescue Treasury Pty, Ltd. |  |  |
| 4.38%, 04/01/31 144A | 660000 | 638741 |
| IREN, Ltd. |  |  |
| 0.00%, 07/01/31 144A CONV » | 23000 | 17089 |
| Macquarie Bank, Ltd. |  |  |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 1Y + <br> 1.45%), 5.64%, 08/13/36 <br> 144A ^ | 248000 | 251894 |
| Mineral Resources, Ltd. |  |  |
| 8.00%, 11/01/27 144A | 5000 | 5115 |
| 9.25%, 10/01/28 144A | 15000 | 15757 |
| 7.00%, 04/01/31 144A Δ | 60000 | 62630 |
| NBN Co., Ltd. |  |  |
| 5.75%, 10/06/28 144A | 214000 | 223594 |
| 3.38%, 11/29/32(E) | 337000 | 396511 |
| 3.75%, 03/22/34(E) | 329000 | 391308 |
| Northern Star Resources, Ltd. |  |  |
| 6.13%, 04/11/33 144A | 272000 | 289162 |
| Santos Finance, Ltd. |  |  |
| 5.75%, 11/13/35 144A | 175000 | 174514 |
| Transurban Finance Co. Pty, Ltd. |  |  |
| 4.23%, 04/26/33(E) | 335000 | 409339 |
| 4.03%, 11/26/37(E) | 100000 | 116805 |
| Treasury Corporation of Victoria |  |  |
| 3.63%, 09/29/40(E) | 100000 | 115287 |
|  |  | 9579796 |

---

**156**

See Notes to Financial Statements.

------

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Austria — 0.1%** | **Austria — 0.1%** |  |
| ams-OSRAM AG |  |  |
| 10.50%, 03/30/29(E) | $300000 | $368491 |
| Benteler International AG |  |  |
| 7.25%, 06/15/31(E) | 100000 | 126502 |
|  |  | 494993 |
| **Azerbaijan — 0.1%** | **Azerbaijan — 0.1%** |  |
| State Oil Co. of the Azerbaijan <br> Republic |  |  |
| 6.95%, 03/18/30 | 204000 | 221301 |
| 6.95%, 03/18/30 | 200000 | 216961 |
|  |  | 438262 |
| **Belgium — 0.7%** | **Belgium — 0.7%** |  |
| Azelis Finance NV |  |  |
| 4.75%, 09/25/29(E) | 100000 | 120686 |
| Belfius Bank SA |  |  |
| 3.38%, 05/28/30(E) | 400000 | 472403 |
| 3.38%, 02/20/31(E) | 300000 | 351830 |
| Crelan SA |  |  |
| (Variable, EURIBOR ICE SWAP <br> RATE + 2.85%), 6.00%, <br> 02/28/30(E) ^ | 500000 | 637543 |
| Elia Transmission Belgium SA |  |  |
| 0.88%, 04/28/30(E) | 500000 | 537506 |
| 3.50%, 10/08/35(E) | 400000 | 462378 |
| Ministeries Van de Vlaamse <br> Gemeenschap |  |  |
| 3.38%, 06/22/35(E) | 800000 | 928337 |
| 3.68%, 06/22/40(E) Δ | 300000 | 340498 |
| Ontex Group NV |  |  |
| 5.25%, 04/15/30(E) | 100000 | 116891 |
| Proximus SADP |  |  |
| (Variable, EURIBOR ICE Swap <br> Rate 5Y + 2.41%), 4.75%, <br> 12/31/49(E) ^ | 200000 | 238767 |
| Shurgard Luxembourg S.a.r.l. |  |  |
| 3.63%, 10/22/34(E) | 300000 | 342329 |
| 4.00%, 05/27/35(E) | 200000 | 232674 |
|  |  | 4781842 |
| **Bermuda — 0.1%** | **Bermuda — 0.1%** |  |
| Bermuda Government International <br> Bond |  |  |
| 2.38%, 08/20/30 144A | 203000 | 184933 |
| 5.00%, 07/15/32 | 392000 | 397292 |
|  |  | 582225 |
| **Brazil — 1.0%** | **Brazil — 1.0%** |  |
| Brazil Minas SPE via State of Minas <br> Gerais |  |  |
| 5.33%, 02/15/28 | 120000 | 120671 |
| Brazil Notas do Tesouro Nacional <br> Serie F |  |  |
| 10.00%, 01/01/31(B) | 2977000 | 477487 |
| 10.00%, 01/01/35(B) | 27490000 | 4113861 |
| Brazilian Government International <br> Bond |  |  |
| 6.63%, 03/15/35 | 792000 | 817740 |
| 5.63%, 01/07/41 | 100000 | 93055 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| 7.13%, 05/13/54 | $392000 | $388962 |
| Samarco Mineracao SA PIK |  |  |
| 9.50%, 06/30/311 | 796527 | 807790 |
|  |  | 6819566 |
| **Bulgaria — 0.1%** | **Bulgaria — 0.1%** |  |
| Bulgaria Government International <br> Bond |  |  |
| 4.38%, 05/13/31(E) | 12000 | 15150 |
| 3.63%, 09/05/32(E) | 11000 | 13324 |
| 5.00%, 03/05/37 | 392000 | 391720 |
|  |  | 420194 |
| **Canada — 3.8%** | **Canada — 3.8%** |  |
| 1011778 BC ULC |  |  |
| 3.88%, 01/15/28 144A | 10000 | 9867 |
| 3.50%, 02/15/29 144A | 40000 | 38806 |
| 5.63%, 09/15/29 144A | 100000 | 101944 |
| 4.00%, 10/15/30 144A | 216000 | 205861 |
| 1261229 BC, Ltd. |  |  |
| 10.00%, 04/15/32 144A | 200000 | 208211 |
| Allied Universal Holdco LLC |  |  |
| 3.63%, 06/01/28(E) | 100000 | 116782 |
| Baffinland Iron Mines Corporation |  |  |
| 8.75%, 07/15/26 144A Δ | 300000 | 265008 |
| Bausch + Lomb Corporation |  |  |
| 8.38%, 10/01/28 144A | 400000 | 418000 |
| Bausch Health Cos., Inc. |  |  |
| 4.88%, 06/01/28 144A | 460000 | 412045 |
| Bell Telephone Co. of Canada |  |  |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 5Y + <br> 2.39%), 6.88%, 09/15/55^ | 330000 | 341817 |
| Bombardier, Inc. |  |  |
| 7.25%, 07/01/31 144A | 60000 | 64013 |
| 6.75%, 06/15/33 144A | 500000 | 529180 |
| Brookfield Asset Management, Ltd. |  |  |
| 5.80%, 04/24/35Δ | 40000 | 42027 |
| Bruce Power LP |  |  |
| 2.68%, 12/21/28(C) | 167000 | 119853 |
| 4.70%, 06/21/31(C) | 152000 | 115399 |
| 4.27%, 12/21/34(C) | 377000 | 273762 |
| Canadian Government Bond |  |  |
| 4.00%, 03/01/29(C) | 275000 | 207769 |
| 2.00%, 06/01/32(C) | 1384000 | 940965 |
| 3.25%, 12/01/34(C) | 1739000 | 1257565 |
| 3.25%, 06/01/35(C) | 1257000 | 905937 |
| 2.75%, 12/01/55(C) | 1461000 | 857413 |
| Canadian Natural Resources, Ltd. |  |  |
| 5.00%, 12/15/29 | 410000 | 420826 |
| 5.40%, 12/15/34 | 125000 | 127428 |
| Cenovus Energy, Inc. |  |  |
| 5.40%, 03/20/36Δ | 52000 | 52058 |
| Eldorado Gold Corporation |  |  |
| 6.25%, 09/01/29 144A | 500000 | 505985 |
| Element Fleet Management <br> Corporation |  |  |
| 6.27%, 06/26/26 144A | 225000 | 227039 |
| 6.32%, 12/04/28 144A Δ | 141000 | 148827 |

---

See Notes to Financial Statements.

**157**

------

**GLOBAL BOND FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| 5.04%, 03/25/30 144A Δ | $206000 | $210844 |
| Empire Communities Corporation |  |  |
| 9.75%, 05/01/29 144A | 450000 | 464722 |
| Enbridge, Inc. |  |  |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 5Y + <br> 2.97%), 7.20%, 06/27/54^ | 77000 | 81821 |
| Fairfax Financial Holdings, Ltd. |  |  |
| 4.25%, 12/06/27(C) | 422000 | 312442 |
| 5.75%, 05/20/35 | 266000 | 277008 |
| 6.35%, 03/22/54 | 258000 | 268934 |
| Garda World Security Corporation |  |  |
| 8.38%, 11/15/32 144A | 380000 | 387612 |
| GFL Environmental, Inc. |  |  |
| 3.50%, 09/01/28 144A Δ | 350000 | 344412 |
| 4.38%, 08/15/29 144A | 65000 | 63956 |
| 6.75%, 01/15/31 144A | 38000 | 39916 |
| IAMGOLD Corporation |  |  |
| 5.75%, 10/15/28 144A | 500000 | 499145 |
| Ontario Teachers' Cadillac Fairview <br> Properties Trust |  |  |
| 2.50%, 10/15/31 144A | 260000 | 233886 |
| Open Text Corporation |  |  |
| 6.90%, 12/01/27 144A | 40000 | 41643 |
| Pembina Pipeline Corporation |  |  |
| 5.22%, 06/28/33(C) | 193000 | 149103 |
| 4.81%, 03/25/44(C) | 382000 | 265161 |
| Province of Alberta Canada |  |  |
| 3.45%, 12/01/43(C) | 1775000 | 1129079 |
| Province of British Columbia Canada |  |  |
| 4.70%, 01/24/28 | 1600000 | 1634704 |
| 3.50%, 05/29/40(E) | 188000 | 212724 |
| 2.95%, 06/18/50(C) | 331000 | 181559 |
| Province of Ontario Canada |  |  |
| 3.80%, 12/02/34(C) | 1800000 | 1317067 |
| 3.60%, 06/02/35(C) | 848000 | 607235 |
| 4.45%, 11/20/35 | 1070000 | 1068634 |
| 4.70%, 06/02/37(C) | 2940000 | 2266052 |
| 3.45%, 06/02/45(C) | 1810000 | 1136388 |
| 2.80%, 06/02/48(C) | 470000 | 257066 |
| Province of Quebec Canada |  |  |
| 3.25%, 05/22/35(E) | 320000 | 371677 |
| 5.10%, 06/04/35(A) | 378000 | 245504 |
| 4.00%, 09/01/35(C) | 2549000 | 1871761 |
| Province of Saskatchewan Canada |  |  |
| 3.25%, 09/24/35(E) | 362000 | 420797 |
| Rogers Communications, Inc. |  |  |
| 3.80%, 03/15/32 | 141000 | 133109 |
| 4.25%, 04/15/32(C) | 495000 | 364337 |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 5Y + <br> 2.65%), 7.00%, 04/15/55^ | 395000 | 413528 |
| TELUS Corporation |  |  |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 5Y + <br> 2.52%), 6.63%, 06/09/56^ | 105000 | 104992 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Videotron, Ltd. |  |  |
| 3.63%, 06/15/29 144A | $280000 | $272910 |
| WSP Global, Inc. |  |  |
| 5.55%, 11/22/30(C) | 326000 | 254393 |
|  |  | 26818508 |
| **Chile — 0.6%** | **Chile — 0.6%** |  |
| Chile Electricity Lux Mpc II S.a.r.l. |  |  |
| 5.58%, 10/20/35 | 552290 | 566781 |
| Chile Government International Bond |  |  |
| 5.65%, 01/13/37 | 591000 | 625869 |
| 5.33%, 01/05/54Δ | 862000 | 833964 |
| 3.10%, 01/22/61 | 570000 | 354768 |
| 3.25%, 09/21/71 | 400000 | 248480 |
| Corp Nacional del Cobre de Chile |  |  |
| 5.95%, 01/08/34 | 585000 | 612283 |
| Empresa Nacional del Petroleo |  |  |
| 5.95%, 07/30/34 | 591000 | 619129 |
| Engie Energia Chile SA |  |  |
| 6.38%, 04/17/34 | 591000 | 632929 |
|  |  | 4494203 |
| **China — 1.8%** | **China — 1.8%** |  |
| Avolon Holdings Funding, Ltd. |  |  |
| 4.38%, 05/01/26 144A | 299000 | 299114 |
| 5.75%, 03/01/29 144A Δ | 140000 | 145002 |
| 5.38%, 05/30/30 144A | 65000 | 66858 |
| 4.70%, 01/30/31 144A | 83000 | 82583 |
| 4.95%, 10/15/32 144A | 171000 | 169767 |
| China Government Bond |  |  |
| 3.13%, 11/21/29(Y) | 21150000 | 3226799 |
| 2.88%, 02/25/33(Y) | 33020000 | 5105069 |
| 2.27%, 05/25/34(Y) | 6400000 | 948920 |
| 1.83%, 08/25/35(Y) | 6000000 | 858479 |
| 1.92%, 07/15/45(Y) | 5000000 | 670761 |
| 2.15%, 08/25/55(Y) | 4200000 | 586553 |
| Global Aircraft Leasing Co., Ltd. |  |  |
| 8.75%, 09/01/27 144A | 500000 | 519073 |
| Times China Holdings, Ltd. |  |  |
| 0.00%, 03/30/27 144A CONV » | 17656 | 148 |
| 0.00%, 03/30/27 144A CONV » | 77150 | 643 |
| Times China Holdings, Ltd. PIK |  |  |
| 4.00%, 03/30/29 144A ††† 1 | 17021 | 306 |
| 4.20%, 09/30/32 144A 1 | 63123 | 1093 |
| Yuzhou Group Holdings Co., Ltd. |  |  |
| 4.00%, 06/30/281 | 33087 | 951 |
| Yuzhou Group Holdings Co., Ltd. PIK |  |  |
| Cash coupon 7.00% or PIK <br> 7.00%, 06/30/271 | 40195 | 4063 |
| 4.50%, 06/30/291 | 57615 | 1440 |
| 5.00%, 06/30/301 | 76902 | 1923 |
| 5.50%, 06/30/311 | 107880 | 1602 |
| 1.00%, 06/30/341 | 40529 | 243 |
|  |  | 12691390 |

---

**158**

See Notes to Financial Statements.

------

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Colombia — 0.3%** | **Colombia — 0.3%** |  |
| Colombia Government International <br> Bond |  |  |
| 7.38%, 04/25/30 | $800000 | $846800 |
| 8.00%, 11/14/35 | 537000 | 573516 |
| 5.63%, 02/19/36(E) | 636000 | 701486 |
| Ecopetrol SA |  |  |
| 5.88%, 11/02/51 | 60000 | 43324 |
|  |  | 2165126 |
| **Costa Rica — 0.2%** | **Costa Rica — 0.2%** |  |
| Costa Rica Government International <br> Bond |  |  |
| 7.30%, 11/13/54 144A Δ | 200000 | 225325 |
| 7.30%, 11/13/54 | 985000 | 1109726 |
|  |  | 1335051 |
| **Czech Republic — 0.6%** | **Czech Republic — 0.6%** |  |
| CEZ AS |  |  |
| 4.13%, 04/30/33(E) | 401000 | 474935 |
| CPI Property Group SA |  |  |
| 4.00%, 01/22/28(U) STEP | 100000 | 128880 |
| (Variable, 4.34% - EUR Swap <br> Rate 5Y), 3.75%, <br> 04/28/28(E) ρ ^ | 100000 | 103681 |
| (Variable, EURIBOR ICE Swap <br> Rate 5Y + 5.23%), 7.50%, <br> 03/26/31(E) ρ ^ | 100000 | 109160 |
| Czech Republic Government Bond |  |  |
| 4.90%, 04/14/34(ZE) | 26490000 | 1327170 |
| 3.50%, 05/30/35(ZE) | 33500000 | 1508020 |
| EP Infrastructure AS |  |  |
| 2.05%, 10/09/28(E) | 384000 | 437211 |
| 4.13%, 02/27/33(E) | 404000 | 469516 |
|  |  | 4558573 |
| **Denmark — 0.0%** | **Denmark — 0.0%** |  |
| Orsted AS |  |  |
| (Variable, EUR Swap Rate 5Y + <br> 2.62%), 5.25%, 12/08/99(E) ^ | 200000 | 240750 |
| **Dominican Republic — 0.3%** | **Dominican Republic — 0.3%** |  |
| Dominican Republic International <br> Bond |  |  |
| 7.05%, 02/03/31 | 168000 | 180709 |
| 4.88%, 09/23/32 | 150000 | 144713 |
| 6.60%, 06/01/36Δ | 867000 | 915205 |
| 6.95%, 03/15/37Δ | 841000 | 903949 |
|  |  | 2144576 |
| **Ecuador — 0.2%** | **Ecuador — 0.2%** |  |
| Ecuador Government International <br> Bond |  |  |
| 6.90%, 07/31/35 STEP | 386000 | 341417 |
| (Step to 5.50% on 07/31/26), <br> 5.00%, 07/31/40 STEP | 1011000 | 794141 |
|  |  | 1135558 |
| **Egypt — 0.2%** | **Egypt — 0.2%** |  |
| Egypt Government International Bond |  |  |
| 5.80%, 09/30/27 | 400000 | 405762 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| 5.88%, 02/16/31 | $585000 | $586436 |
| 6.38%, 04/11/31(E) | 100000 | 120939 |
| 7.90%, 02/21/48 | 200000 | 186163 |
|  |  | 1299300 |
| **Finland — 0.1%** | **Finland — 0.1%** |  |
| Ahlstrom Holding 3 Oy |  |  |
| 3.63%, 02/04/28(E) | 100000 | 116646 |
| Finland Government Bond |  |  |
| 3.00%, 09/15/35(E) 144A | 735000 | 852234 |
|  |  | 968880 |
| **France — 2.6%** | **France — 2.6%** |  |
| Accor SA |  |  |
| (Variable, EURIBOR ICE Swap <br> Rate 5Y + 2.67%), 4.88%, <br> 06/06/30(E) ρ ^ | 100000 | 120792 |
| Air France-KLM |  |  |
| 4.63%, 05/23/29(E) | 100000 | 121922 |
| Altice France SA |  |  |
| 4.75%, 10/15/30(E) | 135045 | 149627 |
| Arkema SA |  |  |
| 3.50%, 09/12/34(E) Δ | 200000 | 228049 |
| Atos SE |  |  |
| (Step to 9.73% on 12/18/26), <br> 9.36%, 12/18/29(E) STEP | 100000 | 134885 |
| BNP Paribas SA |  |  |
| (Variable, Euribor 3M + 1.60%), <br> 4.75%, 11/13/32(E) ^ | 500000 | 623428 |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 5Y + <br> 2.85%), 6.88%, 12/15/33 <br> 144A ρ ^ | 215000 | 216023 |
| BPCE SA |  |  |
| 0.25%, 01/14/31(E) | 500000 | 508541 |
| (Variable, U.S. SOFR + 1.31%), <br> 2.28%, 01/20/32 144A ^ | 442000 | 392344 |
| (Variable, U.S. SOFR + 2.61%), <br> 6.92%, 01/14/46 144A Δ ^ | 250000 | 268413 |
| Bpifrance SACA |  |  |
| 2.00%, 09/02/30(E) | 100000 | 112637 |
| CAB SELAS |  |  |
| 3.38%, 02/01/28(E) | 100000 | 114540 |
| CMA CGM SA |  |  |
| 5.00%, 01/15/31(E) | 100000 | 117735 |
| Cofiroute SA |  |  |
| 3.13%, 03/06/33(E) | 100000 | 115308 |
| Electricite de France SA |  |  |
| 4.63%, 05/07/45(E) | 100000 | 114051 |
| Elior Group SA |  |  |
| 5.63%, 03/15/30(E) Δ | 100000 | 122299 |
| Engie SA |  |  |
| 3.25%, 01/11/32(E) | 400000 | 468026 |
| Eutelsat SA |  |  |
| 2.25%, 07/13/27(E) | 100000 | 116657 |
| Fnac Darty SA |  |  |
| 6.00%, 04/01/29(E) | 200000 | 244168 |
| Forvia SE |  |  |
| 5.63%, 06/15/30(E) | 100000 | 122872 |

---

See Notes to Financial Statements.

**159**

------

**GLOBAL BOND FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| 5.50%, 06/15/31(E) | $100000 | $122088 |
| French Republic Government Bond <br> OAT |  |  |
| 2.75%, 02/25/29(E) 144A | 947000 | 1121264 |
| 2.70%, 02/25/31(E) 144A | 2510000 | 2929033 |
| 0.00%, 11/25/31(E) 144A | 1000000 | 989092 |
| 3.50%, 11/25/35(E) 144A | 1500000 | 1754235 |
| 1.25%, 05/25/38(E) 144A | 466000 | 410139 |
| 3.25%, 05/25/55(E) 144A | 1954000 | 1848954 |
| Goldstory SAS |  |  |
| 6.75%, 02/01/30(E) | 100000 | 122123 |
| Holding d'Infrastructures des Metiers <br> de l'Environnement SAS |  |  |
| 4.88%, 10/24/29(E) | 200000 | 243886 |
| Iliad Holding SAS |  |  |
| 5.63%, 10/15/28(E) | 200000 | 238846 |
| 6.88%, 04/15/31(E) | 300000 | 377326 |
| Klepierre SA REIT |  |  |
| 3.75%, 09/30/37(E) | 200000 | 233048 |
| Laboratoire Eimer SELAS |  |  |
| 5.00%, 02/01/29(E) | 125000 | 124019 |
| L'Oreal SA |  |  |
| 5.00%, 05/20/35 144A | 205000 | 210056 |
| New Immo Holding SA |  |  |
| 6.00%, 03/22/29(E) | 100000 | 122634 |
| Nexans SA |  |  |
| 4.25%, 03/11/30(E) | 100000 | 121559 |
| Opal Bidco SAS |  |  |
| 5.50%, 03/31/32(E) | 220000 | 267447 |
| Orange SA |  |  |
| 3.13%, 11/13/31(E) | 200000 | 233423 |
| Paprec Holding SA |  |  |
| 4.50%, 07/15/32(E) | 100000 | 119302 |
| Renault SA |  |  |
| 3.88%, 09/30/30(E) | 100000 | 118512 |
| RTE Reseau de Transport d'Electricite <br> SADIR |  |  |
| 3.50%, 10/02/36(E) | 300000 | 342438 |
| SNF Group SACA |  |  |
| 2.63%, 02/01/29(E) | 500000 | 576078 |
| 2.63%, 02/01/29(E) | 100000 | 115215 |
| Societe Generale SA |  |  |
| (Variable, U.S. SOFR + 1.73%), <br> 5.44%, 10/03/36 144A Δ ^ | 240000 | 241223 |
| Thales SA |  |  |
| 4.25%, 10/18/31(E) | 200000 | 248856 |
| Unibail-Rodamco-Westfield SE REIT |  |  |
| (Variable, EUR Swap Rate 5Y + <br> 2.51%), 4.88%, <br> 07/04/30(E) ρ ^ | 100000 | 120569 |
| Valeo SE |  |  |
| 5.13%, 05/20/31(E) | 200000 | 242588 |
| Veolia Environnement SA |  |  |
| (Variable, EURIBOR ICE Swap <br> Rate 5Y + 2.05%), 4.37%, <br> 12/31/49(E) Δ ^ | 200000 | 239208 |
|  |  | 18245478 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Germany — 1.4%** | **Germany — 1.4%** |  |
| Allianz SE |  |  |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 5Y + <br> 2.17%), 3.20%, 10/30/27 <br> 144A ρ ^ | $200000 | $189319 |
| Amprion GmbH |  |  |
| 3.88%, 06/05/36(E) | 300000 | 351964 |
| Bundesrepublik Deutschland <br> Bundesanleihe |  |  |
| 2.20%, 02/15/34(E) | 225000 | 253932 |
| 2.60%, 08/15/35(E) | 900000 | 1035306 |
| 1.00%, 05/15/38(E) | 333000 | 308061 |
| 2.50%, 07/04/44(E) | 570000 | 593731 |
| 2.50%, 08/15/54(E) | 537000 | 521363 |
| CECONOMY AG |  |  |
| 6.25%, 07/15/29(E) Δ | 120000 | 147888 |
| Cerdia Finanz GmbH |  |  |
| 9.38%, 10/03/31 144A | 400000 | 415500 |
| Cheplapharm Arzneimittel GmbH |  |  |
| 7.50%, 05/15/30(E) Δ | 100000 | 122025 |
| Commerzbank AG |  |  |
| (Variable, Euribor 3M + 1.38%), <br> 3.63%, 01/14/32(E) ^ | 100000 | 119024 |
| (Variable, Euribor 3M + 1.43%), <br> 3.75%, 06/06/34(E) ^ | 200000 | 235603 |
| (Variable, Euribor 3M + 1.45%), <br> 3.88%, 10/15/35(E) ^ | 100000 | 117849 |
| CT Investment GmbH |  |  |
| 6.38%, 04/15/30(E) | 100000 | 122112 |
| Ctec II GmbH |  |  |
| 5.25%, 02/15/30(E) | 100000 | 110249 |
| Deutsche Bank AG |  |  |
| (Variable, Euribor 3M + 0.70%), <br> 3.00%, 02/07/31(E) ^ | 200000 | 233713 |
| (Variable, U.S. SOFR + 1.30%), <br> 4.95%, 08/04/31^ | 720000 | 728061 |
| Deutsche Lufthansa AG |  |  |
| (Variable, EURIBOR ICE Swap <br> Rate 5Y + 2.86%), 5.25%, <br> 01/15/55(E) ^ | 100000 | 122296 |
| Deutsche Telekom AG |  |  |
| 3.63%, 02/03/45(E) | 132000 | 143097 |
| Fressnapf Holding SE |  |  |
| 5.25%, 10/31/31(E) | 550000 | 647150 |
| Gruenenthal GmbH |  |  |
| 4.13%, 05/15/28(E) | 160000 | 189288 |
| 4.63%, 11/15/31(E) | 100000 | 119119 |
| IHO Verwaltungs GmbH PIK |  |  |
| Cash coupon 7.00% or PIK <br> 7.75%, 11/15/31(E) 1 | 100000 | 127255 |
| Kreditanstalt fuer Wiederaufbau |  |  |
| 3.75%, 07/15/30 | 395000 | 396556 |
| Norddeutsche <br> Landesbank-Girozentrale |  |  |
| (Variable, EURIBOR ICE Swap <br> Rate 5Y + 2.95%), 5.63%, <br> 08/23/34(E) ^ | 300000 | 373020 |

---

**160**

See Notes to Financial Statements.

------

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Progroup AG |  |  |
| 5.38%, 04/15/31(E) | $100000 | $120502 |
| Schaeffler AG |  |  |
| 4.75%, 08/14/29(E) | 200000 | 243515 |
| 4.50%, 03/28/30(E) | 100000 | 120610 |
| Techem Verwaltungsgesellschaft 675 <br> mbH |  |  |
| 5.38%, 07/15/29(E) | 200000 | 243134 |
| Vier Gas Transport GmbH |  |  |
| 3.38%, 11/11/31(E) | 300000 | 351531 |
| 3.63%, 09/08/33(E) | 300000 | 349227 |
| Volkswagen Bank GmbH |  |  |
| 3.50%, 06/19/31(E) | 300000 | 352377 |
| 3.75%, 12/10/32(E) | 100000 | 116859 |
|  |  | 9621236 |
| **Ghana — 0.0%** | **Ghana — 0.0%** |  |
| Ghana Government International <br> Bond |  |  |
| (Step to 6.00% on 07/03/28), <br> 5.00%, 07/03/35 STEP | 90000 | 82578 |
| **Greece — 0.8%** | **Greece — 0.8%** |  |
| Hellenic Republic Government Bond |  |  |
| 3.63%, 06/15/35(E) 144A | 3371000 | 4022924 |
| 4.13%, 06/15/54(E) 144A | 1199000 | 1375607 |
|  |  | 5398531 |
| **Guatemala — 0.4%** | **Guatemala — 0.4%** |  |
| Central American Bottling <br> Corporation |  |  |
| 5.25%, 04/27/29Δ | 585000 | 580238 |
| Energuate Trust 2 0 |  |  |
| 6.35%, 09/15/35 144A | 355000 | 355192 |
| Guatemala Government Bond |  |  |
| 6.05%, 08/06/31 | 845000 | 882602 |
| 6.60%, 06/13/36 | 200000 | 215700 |
| 6.13%, 06/01/50 144A | 800000 | 786700 |
|  |  | 2820432 |
| **Hong Kong — 0.0%** | **Hong Kong — 0.0%** |  |
| Shimao Group Holdings, Ltd. |  |  |
| 0.00%, 07/21/26 144A CONV » | 207886 | 6860 |
| Shimao Group Holdings, Ltd. PIK |  |  |
| Cash coupon 5.00% or PIK <br> 6.00%, 07/21/31 144A 1 | 2000 | 71 |
|  |  | 6931 |
| **Hungary — 0.6%** | **Hungary — 0.6%** |  |
| Hungary Government Bond |  |  |
| 9.50%, 10/21/26(ZG) | 102960000 | 322853 |
| 2.75%, 12/22/26(ZG) | 123450000 | 366519 |
| Hungary Government International <br> Bond |  |  |
| 5.50%, 06/16/34 | 392000 | 398694 |
| 6.00%, 09/26/35 144A | 1400000 | 1462132 |
| 5.50%, 03/26/36Δ | 967000 | 969128 |
| 4.88%, 03/22/40(E) | 22000 | 25802 |
| 6.75%, 09/23/55 144A | 384000 | 402259 |
| Magyar Export-Import Bank Zrt |  |  |
| 6.00%, 05/16/29(E) | 100000 | 126028 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| MVM Energetika Zrt |  |  |
| 6.50%, 03/13/31 | $392000 | $414749 |
|  |  | 4488164 |
| **Iceland — 0.3%** | **Iceland — 0.3%** |  |
| Iceland Rikisbref |  |  |
| 5.00%, 11/15/28(ZI) | 113800000 | 866429 |
| 6.50%, 01/24/31(ZI) | 146000000 | 1158264 |
| Landsbankinn HF |  |  |
| 3.75%, 10/08/29(E) | 259000 | 308484 |
| 3.63%, 11/03/32(E) | 140000 | 161899 |
|  |  | 2495076 |
| **India — 0.3%** | **India — 0.3%** |  |
| Adani Transmission Step-One, Ltd. |  |  |
| 4.25%, 05/21/36 | 267995 | 242027 |
| Export-Import Bank of India |  |  |
| 5.50%, 01/13/35Δ | 218000 | 228196 |
| Indian Railway Finance Corporation, <br> Ltd. |  |  |
| 2.80%, 02/10/31 | 419000 | 386156 |
| MakeMyTrip, Ltd. |  |  |
| 0.00%, 07/01/30 <br> 144A CONV Δ » | 22000 | 21593 |
| Muthoot Finance, Ltd. |  |  |
| 7.13%, 02/14/28 | 602000 | 616370 |
| Shriram Finance, Ltd. |  |  |
| 6.15%, 04/03/28Δ | 611000 | 625397 |
|  |  | 2119739 |
| **Indonesia — 0.1%** | **Indonesia — 0.1%** |  |
| Indonesia Government International <br> Bond |  |  |
| 1.40%, 10/30/31(E) | 100000 | 104959 |
| Perusahaan Perseroan Persero PT <br> Perusahaan Listrik Negara |  |  |
| 1.88%, 11/05/31(E) | 100000 | 105241 |
| Star Energy Geothermal Wayang <br> Windu, Ltd. |  |  |
| 6.75%, 04/24/33 | 240338 | 248117 |
|  |  | 458317 |
| **Ireland — 0.7%** | **Ireland — 0.7%** |  |
| AerCap Ireland Capital DAC |  |  |
| 5.75%, 06/06/28Δ | 150000 | 155525 |
| 3.30%, 01/30/32 | 600000 | 554955 |
| 4.95%, 09/10/34 | 300000 | 300052 |
| AIB Group PLC |  |  |
| (Variable, U.S. SOFR + 2.33%), <br> 6.61%, 09/13/29 144A ^ | 344000 | 365519 |
| (Variable, EURIBOR ICE SWAP <br> RATE + 1.25%), 3.75%, <br> 03/20/33(E) ^ | 461000 | 549592 |
| (Variable, U.S. SOFR Index + <br> 1.91%), 5.87%, 03/28/35 <br> 144A ^ | 555000 | 587704 |
| BMS Ireland Capital Funding DAC |  |  |
| 3.36%, 11/10/33(E) | 200000 | 232431 |
| ESB Finance DAC |  |  |
| 1.88%, 06/14/31(E) | 202000 | 222379 |

---

See Notes to Financial Statements.

**161**

------

**GLOBAL BOND FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Icon Investments Six DAC |  |  |
| 5.81%, 05/08/27 | $302000 | $308341 |
| 5.85%, 05/08/29 | 204000 | 213103 |
| Ireland Government Bond |  |  |
| 0.20%, 10/18/30(E) | 20000 | 21057 |
| Linde PLC |  |  |
| 3.63%, 06/12/34(E) | 500000 | 593917 |
| 1.63%, 03/31/35(E) | 100000 | 99571 |
| 3.75%, 11/20/38(E) | 100000 | 115530 |
| SMBC Aviation Capital Finance DAC |  |  |
| 5.10%, 04/01/30 144A | 230000 | 235868 |
| 5.25%, 11/26/35 144A | 451000 | 451868 |
| Smurfit Kappa Treasury ULC |  |  |
| 3.49%, 11/24/31(E) | 100000 | 117497 |
|  |  | 5124909 |
| **Israel — 0.0%** | **Israel — 0.0%** |  |
| Energean Israel Finance, Ltd. |  |  |
| 5.38%, 03/30/28 144A | 115000 | 113596 |
| 5.88%, 03/30/31 144A | 90000 | 87275 |
| Leviathan Bond, Ltd. |  |  |
| 6.50%, 06/30/27 144A | 15000 | 15118 |
| Nova, Ltd. |  |  |
| 0.00%, 09/15/30 144A CONV » | 22000 | 27412 |
| Wix.com, Ltd. |  |  |
| 0.00%, 09/15/30 144A CONV » | 32000 | 28352 |
|  |  | 271753 |
| **Italy — 2.9%** | **Italy — 2.9%** |  |
| A2A SpA |  |  |
| (Variable, EURIBOR ICE Swap <br> Rate 5Y + 2.26%), 5.00%, <br> 06/11/29(E) ρ ^ | 100000 | 121548 |
| Aeroporti di Roma SpA |  |  |
| 3.63%, 06/15/32(E) | 252000 | 296790 |
| Almaviva-The Italian Innovation Co. <br> SpA |  |  |
| 5.00%, 10/30/30(E) | 100000 | 118742 |
| Autostrade per l'Italia SpA |  |  |
| 5.13%, 06/14/33(E) | 260000 | 329773 |
| Bubbles Bidco SpA |  |  |
| 6.50%, 09/30/31(E) | 220000 | 266127 |
| Cassa Depositi e Prestiti SpA |  |  |
| 2.00%, 04/20/27(E) | 100000 | 117082 |
| Enel SpA |  |  |
| (Variable, EURIBOR ICE Swap <br> Rate 5Y + 2.13%), 4.75%, <br> 12/31/49(E) ^ | 100000 | 121250 |
| Fedrigoni SpA |  |  |
| 6.13%, 06/15/31(E) | 100000 | 114822 |
| Fibercop SpA |  |  |
| 7.88%, 07/31/28(E) | 100000 | 128732 |
| 1.63%, 01/18/29(E) | 100000 | 110762 |
| Flos B&b Italia SpA |  |  |
| 10.00%, 11/15/28(E) | 280000 | 348578 |
| Italy Buoni Poliennali Del Tesoro |  |  |
| 2.65%, 06/15/28(E) | 217000 | 256704 |
| 0.60%, 08/01/31(E) 144A | 846000 | 878066 |
| 3.85%, 07/01/34(E) | 1455000 | 1774809 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| 1.45%, 03/01/36(E) 144A | $4557000 | $4420109 |
| 4.15%, 10/01/39(E) 144A | 4885000 | 5939638 |
| 3.10%, 03/01/40(E) 144A | 371000 | 401539 |
| 3.85%, 10/01/40(E) 144A | 20000 | 23385 |
| 3.25%, 09/01/46(E) 144A | 258000 | 266606 |
| 2.45%, 09/01/50(E) 144A | 264000 | 226538 |
| 4.30%, 10/01/54(E) 144A | 1582000 | 1845361 |
| Multiversity SpA |  |  |
| 7.13%, 05/17/31(E) | 300000 | 377328 |
| Prysmian SpA |  |  |
| 3.63%, 11/28/28(E) | 205000 | 244266 |
| (Variable, EURIBOR ICE Swap <br> Rate 5Y + 3.01%), 5.25%, <br> 12/31/49(E) Δ ^ | 100000 | 122495 |
| Rossini S.a.r.l. |  |  |
| 6.75%, 12/31/29(E) | 310000 | 383771 |
| TeamSystem SpA |  |  |
| 5.00%, 07/01/31(E) | 100000 | 118822 |
| Telecom Italia SpA |  |  |
| 3.63%, 09/30/30(E) | 100000 | 118264 |
| Terna - Rete Elettrica Nazionale |  |  |
| 3.00%, 07/22/31(E) | 420000 | 488204 |
| UniCredit SpA |  |  |
| (Variable, Euribor 3M + 0.90%), <br> 3.20%, 09/22/31(E) ^ | 300000 | 350033 |
| 3.73%, 06/10/35(E) | 384000 | 450483 |
|  |  | 20760627 |
| **Ivory Coast — 0.2%** | **Ivory Coast — 0.2%** |  |
| Ivory Coast Government International <br> Bond |  |  |
| 5.25%, 03/22/30(E) | 100000 | 118390 |
| 5.88%, 10/17/31(E) | 100000 | 118487 |
| 8.25%, 01/30/37Δ | 866000 | 945373 |
|  |  | 1182250 |
| **Japan — 3.6%** | **Japan — 3.6%** |  |
| Aircastle, Ltd. |  |  |
| 6.50%, 07/18/28 144A | 120000 | 126244 |
| 5.95%, 02/15/29 144A | 35000 | 36495 |
| 5.75%, 10/01/31 144A | 225000 | 234949 |
| Japan Government Five Year Bond |  |  |
| 1.30%, 09/20/30(J) | 597350000 | 3772316 |
| Japan Government Forty Year Bond |  |  |
| 1.30%, 03/20/63(J) | 67850000 | 239253 |
| 3.10%, 03/20/65(J) | 159300000 | 932847 |
| Japan Government Ten Year Bond |  |  |
| 0.10%, 06/20/28(J) | 227900000 | 1416770 |
| 0.20%, 09/20/32(J) | 415800000 | 2397858 |
| Japan Government Thirty Year Bond |  |  |
| 0.40%, 03/20/50(J) | 324650000 | 1093085 |
| 0.70%, 12/20/51(J) | 161100000 | 556515 |
| 3.20%, 09/20/55(J) | 153500000 | 950967 |
| Japan Government Twenty Year Bond |  |  |
| 1.30%, 06/20/35(J) | 292550000 | 1754041 |
| 0.30%, 12/20/39(J) | 193800000 | 918164 |
| 0.40%, 09/20/40(J) | 225500000 | 1058583 |
| 1.80%, 09/20/44(J) | 652400000 | 3518583 |

---

**162**

See Notes to Financial Statements.

------

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Japan Government Two Year Bond |  |  |
| 0.90%, 09/01/27(J) | $764500000 | $4865195 |
| Mitsubishi UFJ Financial Group, Inc. |  |  |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 1Y + <br> 0.93%), 5.19%, 09/12/36^ | 266000 | 270843 |
| Nissin Motor Co., Ltd. |  |  |
| 5.25%, 07/17/29(E) | 100000 | 120803 |
| NTT Finance Corporation |  |  |
| 5.17%, 07/16/32 144A | 519000 | 533831 |
| SoftBank Group Corporation |  |  |
| 4.63%, 07/06/28Δ | 200000 | 196058 |
| 5.25%, 10/10/29(E) | 100000 | 119540 |
| Tokyo Metropolitan Government |  |  |
| 4.25%, 05/07/30 | 400000 | 403706 |
|  |  | 25516646 |
| **Jersey — 0.1%** | **Jersey — 0.1%** |  |
| AA Bond Co., Ltd. |  |  |
| 5.50%, 07/31/50(U) | 146000 | 196275 |
| Aptiv Swiss Holdings, Ltd. |  |  |
| 3.25%, 03/01/32Δ | 25000 | 23405 |
| Heathrow Funding, Ltd. |  |  |
| 3.88%, 01/16/38(E) | 250000 | 290256 |
| 5.88%, 05/13/43(U) | 250000 | 333601 |
| TVL Finance PLC |  |  |
| 10.25%, 04/28/28(U) | 100000 | 137703 |
|  |  | 981240 |
| **Kazakhstan — 0.2%** | **Kazakhstan — 0.2%** |  |
| Development Bank of Kazakhstan <br> JSC |  |  |
| 5.25%, 10/23/29 | 585000 | 601613 |
| Kazakhstan Government International <br> Bond |  |  |
| 5.00%, 07/01/32 | 200000 | 204142 |
| 5.50%, 07/01/37 144A | 383000 | 395519 |
|  |  | 1201274 |
| **Kuwait — 0.1%** | **Kuwait — 0.1%** |  |
| Kuwait International Government <br> Bond |  |  |
| 4.14%, 10/09/30 144A | 400000 | 400611 |
| 4.65%, 10/09/35 144A | 434000 | 433587 |
|  |  | 834198 |
| **Kyrgyzstan — 0.0%** | **Kyrgyzstan — 0.0%** |  |
| Kyrgyz Republic International Bond |  |  |
| 7.75%, 06/03/30 144A | 245000 | 253377 |
| **Latvia — 0.0%** | **Latvia — 0.0%** |  |
| Latvia Government International <br> Bond |  |  |
| 2.88%, 05/21/30(E) | 27000 | 31657 |
| **Luxembourg — 0.3%** | **Luxembourg — 0.3%** |  |
| Adler Financing S.a.r.l. PIK |  |  |
| 8.25%, 12/31/28(E) 1 | 80249 | 103501 |
| Altice Financing SA |  |  |
| 5.75%, 08/15/29 144A Δ | 350000 | 243115 |
| ArcelorMittal SA |  |  |
| 6.75%, 03/01/41 | 160000 | 175995 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Ephios Subco 3 S.a.r.l. |  |  |
| 7.88%, 01/31/31(E) Δ | $510000 | $641428 |
| Essendi SA |  |  |
| 5.50%, 11/15/31(E) | 200000 | 241705 |
| Eurofins Scientific SE |  |  |
| (Variable, Euribor 3M + 4.24%), <br> 6.75%, 04/24/28(E) ρ ^ | 200000 | 249965 |
| 3.88%, 02/05/33(E) | 100000 | 117514 |
| European Financial Stability Facility |  |  |
| 3.00%, 07/10/30(E) | 345000 | 411973 |
|  |  | 2185196 |
| **Malaysia — 0.0%** | **Malaysia — 0.0%** |  |
| Petronas Capital, Ltd. |  |  |
| 5.34%, 04/03/35 | 204000 | 212647 |
| **Mexico — 1.9%** | **Mexico — 1.9%** |  |
| BBVA Mexico SA Institucion De <br> Banca Multiple Grupo Financiero <br> BBVA Mexico |  |  |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 5Y + <br> 4.21%), 8.13%, 01/08/39^ | 392000 | 424335 |
| Cemex SAB de CV |  |  |
| 3.88%, 07/11/31 144A Δ | 400000 | 383294 |
| Gruma SAB de CV |  |  |
| 5.39%, 12/09/34Δ | 779000 | 802752 |
| Mexican Bonos |  |  |
| 7.75%, 05/29/31(M) | 13790000 | 738369 |
| 7.50%, 05/26/33(M) | 65060000 | 3364024 |
| 8.50%, 11/18/38(M) | 19000000 | 990330 |
| Mexico Government International <br> Bond |  |  |
| 4.88%, 05/19/33 | 792000 | 762300 |
| 4.50%, 03/19/34(E) | 510000 | 599568 |
| 6.00%, 05/07/36 | 1200000 | 1218900 |
| 6.88%, 05/13/37 | 992000 | 1060944 |
| 6.34%, 05/04/53 | 585000 | 559114 |
| 6.40%, 05/07/54Δ | 585000 | 563940 |
| 7.38%, 05/13/55 | 392000 | 423262 |
| Petroleos Mexicanos |  |  |
| 10.00%, 02/07/33Δ | 577000 | 668988 |
| 6.63%, 06/15/35Δ | 575000 | 545999 |
| 7.69%, 01/23/50 | 200000 | 179393 |
|  |  | 13285512 |
| **Morocco — 0.1%** | **Morocco — 0.1%** |  |
| OCP SA |  |  |
| 6.75%, 05/02/34 | 585000 | 631693 |
| **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 ^ | 200000 | 242230 |
| Alliander NV |  |  |
| 3.50%, 05/06/37(E) | 365000 | 419283 |
| America Movil BV |  |  |
| 3.00%, 09/30/30(E) | 300000 | 350657 |
| BE Semiconductor Industries NV |  |  |
| 4.50%, 07/15/31(E) | 100000 | 122254 |

---

See Notes to Financial Statements.

**163**

------

**GLOBAL BOND FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Boels Topholding BV |  |  |
| 5.75%, 05/15/30(E) | $100000 | $121774 |
| CNH Industrial NV |  |  |
| 3.88%, 09/03/35(E) | 390000 | 449730 |
| CTP NV |  |  |
| 3.63%, 03/10/31(E) | 600000 | 705090 |
| Darling Global Finance BV |  |  |
| 4.50%, 07/15/32(E) | 100000 | 119321 |
| DSV Finance BV |  |  |
| 3.38%, 11/06/34(E) | 102000 | 117510 |
| E.ON International Finance BV |  |  |
| 6.38%, 06/07/32(U) | 155000 | 225980 |
| 3.50%, 09/03/35(E) | 460000 | 532941 |
| 5.88%, 10/30/37(U) | 300000 | 411120 |
| Eagle Funding Luxco S.a.r.l. |  |  |
| 5.50%, 08/17/30 144A | 711000 | 724943 |
| EnBW International Finance BV |  |  |
| 4.30%, 05/23/34(E) | 189000 | 233532 |
| 3.75%, 11/20/35(E) | 182000 | 213835 |
| Enel Finance International NV |  |  |
| 2.50%, 07/12/31 144A | 548000 | 493737 |
| 5.75%, 09/14/40(U) | 470000 | 628627 |
| 5.50%, 06/15/52 144A | 518000 | 490627 |
| Energizer Gamma Acquisition BV |  |  |
| 3.50%, 06/30/29(E) | 100000 | 113928 |
| Heimstaden Bostad Treasury BV |  |  |
| 1.38%, 07/24/28(E) | 350000 | 394178 |
| 1.63%, 10/13/31(E) | 300000 | 310305 |
| Koninklijke KPN NV |  |  |
| (Variable, EURIBOR ICE Swap <br> Rate 5Y + 1.97%), 4.88%, <br> 06/18/29(E) ρ ^ | 200000 | 243718 |
| 3.38%, 02/17/35(E) | 200000 | 228243 |
| LSEG Netherlands BV |  |  |
| 3.00%, 11/06/31(E) | 220000 | 254963 |
| Magnum ICC Finance BV |  |  |
| 3.75%, 11/26/34(E) | 230000 | 268140 |
| 4.00%, 11/26/37(E) | 180000 | 207854 |
| Maxeda DIY Holding BV |  |  |
| 5.88%, 10/01/26(E) | 125000 | 123550 |
| NXP BV |  |  |
| 3.40%, 05/01/30Δ | 123000 | 118769 |
| 5.00%, 01/15/33 | 56000 | 57001 |
| Odido Group Holding BV |  |  |
| 5.50%, 01/15/30(E) | 300000 | 355340 |
| Odido Holding BV |  |  |
| 3.75%, 01/15/29(E) | 100000 | 117764 |
| Q-Park Holding I BV |  |  |
| 5.13%, 02/15/30(E) | 100000 | 121530 |
| 4.25%, 09/01/30(E) | 100000 | 119343 |
| Sandoz Finance BV |  |  |
| 4.00%, 03/26/35(E) | 125000 | 148694 |
| Stellantis NV |  |  |
| 4.00%, 03/19/34(E) | 200000 | 229640 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Summer BidCo BV PIK |  |  |
| Cash coupon 10.00% or PIK <br> 10.75%, 02/15/29(E) 1 | $220000 | $262192 |
| Swisscom Finance BV |  |  |
| 3.63%, 11/17/37(E) | 380000 | 437146 |
| Telefonica Europe BV |  |  |
| (Variable, EUR Swap Rate 7Y + <br> 3.35%), 6.14%, <br> 02/03/30(E) ρ ^ | 300000 | 376899 |
| Thermo Fisher Scientific Finance I <br> BV |  |  |
| 3.63%, 12/01/35(E) Δ | 340000 | 398599 |
| United Group BV |  |  |
| 3.63%, 02/15/28(E) | 100000 | 117608 |
| UPCB Finance VII, Ltd. |  |  |
| 3.63%, 06/15/29(E) | 84852 | 99598 |
| Wintershall Dea Finance 2 BV |  |  |
| (Variable, 3.32% - EUR Swap <br> Rate 5Y), 3.00%, <br> 12/31/49(E) ^ | 100000 | 113043 |
| ZF Europe Finance BV |  |  |
| 3.00%, 10/23/29(E) | 200000 | 220891 |
| 7.00%, 06/12/30(E) | 100000 | 124216 |
| Ziggo Bond Co. BV |  |  |
| 5.13%, 02/28/30 144A | 500000 | 446940 |
| Ziggo BV |  |  |
| 2.88%, 01/15/30(E) | 130000 | 144902 |
|  |  | 12758185 |
| **New Zealand — 0.2%** | **New Zealand — 0.2%** |  |
| New Zealand Government Bond |  |  |
| 2.00%, 05/15/32(Z) | 2585000 | 1318027 |
| **Nigeria — 0.3%** | **Nigeria — 0.3%** |  |
| Nigeria Government International <br> Bond |  |  |
| 7.88%, 02/16/32 | 1082000 | 1131332 |
| 8.63%, 01/13/36 144A | 630000 | 678551 |
|  |  | 1809883 |
| **Norway — 0.1%** | **Norway — 0.1%** |  |
| Aker BP ASA |  |  |
| 4.00%, 01/15/31 144A | 230000 | 222289 |
| Public Property Invest AS |  |  |
| 4.63%, 03/12/30(E) | 600000 | 726728 |
|  |  | 949017 |
| **Oman — 0.1%** | **Oman — 0.1%** |  |
| Oman Government International Bond |  |  |
| 6.75%, 01/17/48 | 200000 | 220455 |
| 7.00%, 01/25/51 | 585000 | 667364 |
|  |  | 887819 |
| **Pakistan — 0.1%** | **Pakistan — 0.1%** |  |
| Pakistan Government International <br> Bond |  |  |
| 6.00%, 04/08/26 | 400000 | 399560 |

---

**164**

See Notes to Financial Statements.

------

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| 6.88%, 12/05/27 | $200000 | $201950 |
|  |  | 601510 |
| **Panama — 0.1%** | **Panama — 0.1%** |  |
| Panama Government International <br> Bond |  |  |
| 3.30%, 01/19/33 | 392000 | 345097 |
| 6.88%, 01/31/36 | 392000 | 427368 |
|  |  | 772465 |
| **Paraguay — 0.1%** | **Paraguay — 0.1%** |  |
| Paraguay Government International <br> Bond |  |  |
| 6.00%, 02/09/36Δ | 392000 | 421495 |
| 6.10%, 08/11/44 | 392000 | 407376 |
| 5.60%, 03/13/48Δ | 204000 | 197360 |
|  |  | 1026231 |
| **Peru — 0.7%** | **Peru — 0.7%** |  |
| Corp Financiera de Desarrollo SA |  |  |
| 5.50%, 05/06/30Δ | 489000 | 505127 |
| Peru Government Bond |  |  |
| 6.85%, 08/12/35(ZB) 144A | 11242000 | 3601348 |
| Peruvian Government International <br> Bond |  |  |
| 5.38%, 02/08/35Δ | 489000 | 500736 |
| 5.50%, 03/30/36 | 60000 | 61281 |
|  |  | 4668492 |
| **Philippines — 0.0%** | **Philippines — 0.0%** |  |
| Philippine Government International <br> Bond |  |  |
| 1.75%, 04/28/41(E) | 100000 | 85205 |
| **Poland — 1.0%** | **Poland — 1.0%** |  |
| Bank Gospodarstwa Krajowego |  |  |
| 5.75%, 07/09/34 | 585000 | 616294 |
| 6.25%, 07/09/54 | 392000 | 408159 |
| Globalworth Real Estate Investments, <br> Ltd. |  |  |
| 6.25%, 03/31/30(E) | 94000 | 112724 |
| mBank SA |  |  |
| (Variable, Euribor 3M + 1.75%), <br> 4.03%, 09/27/30(E) Δ ^ | 200000 | 241791 |
| (Variable, Euribor 3M + 1.35%), <br> 3.77%, 03/03/32(E) ^ | 100000 | 117638 |
| ORLEN SA |  |  |
| 6.00%, 01/30/35 | 392000 | 413647 |
| Republic of Poland Government <br> International Bond |  |  |
| 5.13%, 09/18/34 | 1800000 | 1846847 |
| 5.38%, 02/12/35 | 1732000 | 1802091 |
| 3.88%, 07/07/37(E) Δ | 60000 | 70349 |
| 5.50%, 03/18/54 | 1655000 | 1590895 |
|  |  | 7220435 |
| **Portugal — 0.0%** | **Portugal — 0.0%** |  |
| EDP SA |  |  |
| (Variable, EURIBOR ICE Swap <br> Rate 5Y + 2.05%), 4.75%, <br> 05/29/54(E) ^ | 200000 | 242930 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Transportes Aereos Portugueses SA |  |  |
| 5.13%, 11/15/29(E) | $100000 | $122496 |
|  |  | 365426 |
| **Romania — 0.8%** | **Romania — 0.8%** |  |
| Romanian Government International <br> Bond |  |  |
| 2.00%, 01/28/32(E) Δ | 635000 | 640463 |
| 5.25%, 05/30/32(E) | 29000 | 34946 |
| 7.13%, 01/17/33 | 114000 | 124081 |
| 6.38%, 01/30/34Δ | 1336000 | 1394835 |
| 3.75%, 02/07/34(E) | 635000 | 674325 |
| 5.75%, 03/24/35 | 1144000 | 1137717 |
| 6.63%, 05/16/36 | 552000 | 576252 |
| 7.50%, 02/10/37 | 850000 | 944113 |
| 6.75%, 07/11/39(E) | 38000 | 46490 |
|  |  | 5573222 |
| **Saudi Arabia — 0.6%** | **Saudi Arabia — 0.6%** |  |
| KSA Sukuk, Ltd. |  |  |
| 5.25%, 06/04/34Δ | 590000 | 610423 |
| Ma'aden Sukuk, Ltd. |  |  |
| 5.25%, 02/13/30 | 585000 | 601330 |
| 5.50%, 02/13/35 | 585000 | 606988 |
| Saudi Arabian Oil Co. |  |  |
| 6.38%, 06/02/55 144A | 774000 | 810629 |
| Saudi Government International Bond |  |  |
| 4.50%, 10/26/46 | 590000 | 504806 |
| 4.63%, 10/04/47 | 590000 | 513083 |
| 3.25%, 11/17/51 | 585000 | 387134 |
|  |  | 4034393 |
| **Serbia — 0.1%** | **Serbia — 0.1%** |  |
| Serbia International Bond |  |  |
| 6.00%, 06/12/34 | 551000 | 572066 |
| **Singapore — 0.0%** | **Singapore — 0.0%** |  |
| P3 Group S.a.r.l. |  |  |
| 3.75%, 04/02/33(E) | 210000 | 243054 |
| Seagate Data Storage Technology Pte., <br> Ltd. |  |  |
| 4.09%, 06/01/29 144A | 5000 | 4905 |
| 9.63%, 12/01/32 144A | 7650 | 8689 |
|  |  | 256648 |
| **Slovakia — 0.1%** | **Slovakia — 0.1%** |  |
| Slovakia Government Bond |  |  |
| 3.75%, 02/27/40(E) | 28000 | 31975 |
| SPP-Distribucia AS |  |  |
| 1.00%, 06/09/31(E) | 534000 | 543499 |
|  |  | 575474 |
| **South Africa — 1.1%** | **South Africa — 1.1%** |  |
| Republic of South Africa Government <br> Bond |  |  |
| 9.00%, 01/31/40(S) | 30268000 | 1832725 |
| 8.75%, 02/28/48(S) | 50700000 | 2944545 |

---

See Notes to Financial Statements.

**165**

------

**GLOBAL BOND FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Republic of South Africa Government <br> International Bond |  |  |
| 5.88%, 04/20/32 | $200000 | $206302 |
| 7.10%, 11/19/36 | 585000 | 628920 |
| 6.13%, 12/11/37 144A Δ | 600000 | 592825 |
| 7.95%, 11/19/54 | 785000 | 845787 |
| 7.25%, 12/11/55 144A | 600000 | 595754 |
|  |  | 7646858 |
| **South Korea — 2.4%** | **South Korea — 2.4%** |  |
| Korea Treasury Bond |  |  |
| 1.88%, 06/10/29(KW) | 7300000000 | 4867274 |
| 1.38%, 06/10/30(KW) | 10207880000 | 6539457 |
| 2.50%, 09/10/30(KW) | 7000000000 | 4710681 |
| 4.25%, 12/10/32(KW) | 830110000 | 607207 |
|  |  | 16724619 |
| **Spain — 3.0%** | **Spain — 3.0%** |  |
| Adif Alta Velocidad |  |  |
| 3.13%, 10/31/32(E) | 400000 | 467402 |
| Autonomous Community of Madrid <br> Spain |  |  |
| 2.49%, 07/30/30(E) | 2358000 | 2755344 |
| Bankinter SA |  |  |
| (Variable, EURIBOR ICE SWAP <br> RATE + 0.80%), 3.25%, <br> 11/03/33(E) ^ | 200000 | 231425 |
| CaixaBank SA |  |  |
| 3.38%, 06/26/35(E) | 300000 | 346350 |
| (Variable, Euribor 3M + 1.35%), <br> 3.75%, 01/27/36(E) ^ | 400000 | 466513 |
| Cellnex Finance Co. SA |  |  |
| 3.50%, 05/22/32(E) | 200000 | 233500 |
| El Corte Ingles SA |  |  |
| 3.50%, 07/24/33(E) | 200000 | 231551 |
| Gestamp Automocion SA |  |  |
| 4.38%, 10/15/30(E) | 100000 | 118784 |
| Grifols SA |  |  |
| 7.13%, 05/01/30(E) 144A | 210000 | 259662 |
| 7.50%, 05/01/30(E) | 250000 | 309415 |
| Junta de Andalucia |  |  |
| 3.30%, 04/30/35(E) | 1614000 | 1883908 |
| Kaixo Bondco Telecom SA |  |  |
| 5.13%, 09/30/29(E) | 220000 | 262506 |
| Spain Government Bond |  |  |
| 3.45%, 10/31/34(E) 144A | 2489000 | 2984859 |
| 3.15%, 04/30/35(E) 144A | 2461000 | 2872901 |
| 3.90%, 07/30/39(E) 144A | 3982000 | 4823759 |
| 3.50%, 01/31/41(E) 144A | 695000 | 795954 |
| 2.90%, 10/31/46(E) 144A Δ | 468000 | 473941 |
| 2.70%, 10/31/48(E) 144A | 252000 | 241868 |
| 4.00%, 10/31/54(E) 144A | 900000 | 1037869 |
| Unicaja Banco SA |  |  |
| (Variable, EURIBOR ICE SWAP <br> RATE + 1.35%), 3.50%, <br> 06/30/31(E) ^ | 300000 | 355086 |
|  |  | 21152597 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Sri Lanka — 0.0%** | **Sri Lanka — 0.0%** |  |
| Sri Lanka Government International <br> Bond |  |  |
| 4.00%, 04/15/28 144A | $25550 | $24529 |
| **Supranational — 1.8%** | **Supranational — 1.8%** |  |
| Asian Development Bank |  |  |
| 4.13%, 05/30/30 | 350000 | 355817 |
| Asian Infrastructure Investment Bank <br> (The) |  |  |
| 2.88%, 05/23/31(E) | 2003000 | 2357142 |
| Corporación Andina de Fomento |  |  |
| 4.13%, 06/30/28 | 1235000 | 1245479 |
| Eurofima Europaeische Gesellschaft <br> fuer die Finanzierung von <br> Eisenbahnmaterial |  |  |
| 3.63%, 01/25/29 | 1220000 | 1220372 |
| European Union |  |  |
| 2.50%, 12/04/31(E) | 102000 | 118200 |
| 3.25%, 07/04/34(E) | 529000 | 630987 |
| 3.38%, 10/04/39(E) | 595975 | 686535 |
| 3.25%, 02/04/50(E) | 278000 | 291240 |
| International Bank for Reconstruction <br> & Development |  |  |
| 4.00%, 05/06/32 | 275000 | 276045 |
| 4.25%, 07/23/32(Z) | 527000 | 304883 |
| International Finance Corporation |  |  |
| 4.50%, 01/31/28(U) | 290000 | 396514 |
| 4.50%, 10/02/28(U) | 2620000 | 3586799 |
| 4.50%, 05/20/30(A) | 1435000 | 954817 |
|  |  | 12424830 |
| **Sweden — 0.3%** | **Sweden — 0.3%** |  |
| Assa Abloy AB |  |  |
| 3.37%, 09/09/32(E) | 170000 | 199707 |
| Assemblin Caverion Group AB |  |  |
| 6.25%, 07/01/30(E) | 200000 | 245255 |
| Castellum AB |  |  |
| (Variable, 3.45% - EUR Swap <br> Rate 5Y), 3.13%, <br> 12/31/49(E) ^ | 100000 | 115718 |
| Fastighets AB Balder |  |  |
| 4.00%, 02/19/32(E) Δ | 716000 | 838466 |
| Heimstaden AB |  |  |
| 8.38%, 01/29/30(E) | 100000 | 125380 |
| Svensk Exportkredit AB |  |  |
| 3.75%, 05/08/28 | 335000 | 336271 |
| Verisure Midholding AB |  |  |
| 5.25%, 02/15/29(E) | 200000 | 236260 |
|  |  | 2097057 |
| **Switzerland — 0.5%** | **Switzerland — 0.5%** |  |
| Consolidated Energy Finance SA |  |  |
| 5.63%, 10/15/28 144A Δ | 300000 | 195375 |
| Swiss Confederation Government <br> Bond |  |  |
| 3.50%, 04/08/33(ZD) | 370000 | 577756 |
| 1.25%, 06/27/37(ZD) | 330000 | 457872 |

---

**166**

See Notes to Financial Statements.

------

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| UBS Group AG |  |  |
| (Variable, USD SOFR ICE Swap <br> Rate 1Y + 1.34%), 5.62%, <br> 09/13/30 144A Δ ^ | $415000 | $434029 |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 5Y + <br> 3.31%), 4.38%, 02/10/31 <br> 144A ρ ^ | 410000 | 377601 |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 1Y + <br> 1.10%), 2.75%, 02/11/33 <br> 144A ^ | 420000 | 377390 |
| (Variable, U.S. SOFR + 1.29%), <br> 4.84%, 11/06/33 144A ^ | 206000 | 206538 |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 1Y + <br> 1.77%), 5.70%, 02/08/35 <br> 144A ^ | 400000 | 421659 |
| (Variable, U.S. SOFR + 1.76%), <br> 5.58%, 05/09/36 144A ^ | 650000 | 677500 |
|  |  | 3725720 |
| **Thailand — 0.2%** | **Thailand — 0.2%** |  |
| Thailand Government Bond |  |  |
| 2.00%, 12/17/31(ZF) | 13906000 | 458762 |
| 3.45%, 06/17/43(ZF) | 20000000 | 742252 |
|  |  | 1201014 |
| **Turkey — 1.0%** | **Turkey — 1.0%** |  |
| Turkiye Government Bond |  |  |
| 37.00%, 02/18/26(T) | 26055000 | 608883 |
| 36.00%, 08/12/26(T) | 27033000 | 635024 |
| Turkiye Government International <br> Bond |  |  |
| 9.13%, 07/13/30 | 200000 | 229035 |
| 5.95%, 01/15/31 | 779000 | 788297 |
| 5.88%, 06/26/31 | 754000 | 757196 |
| 7.25%, 05/29/32 | 779000 | 830006 |
| 7.63%, 05/15/34 | 843000 | 917472 |
| 6.50%, 01/03/35 | 924000 | 930413 |
| 6.95%, 09/16/35 | 1089000 | 1122942 |
|  |  | 6819268 |
| **Ukraine — 0.0%** | **Ukraine — 0.0%** |  |
| Ukraine Government International <br> Bond |  |  |
| (Step to 6.00% on 02/01/27), <br> 4.50%, 02/01/34 STEP | 25000 | 15383 |
| (Step to 6.00% on 02/01/27), <br> 4.50%, 02/01/36 STEP | 30980 | 18394 |
|  |  | 33777 |
| **United Arab Emirates — 0.4%** | **United Arab Emirates — 0.4%** |  |
| Abu Dhabi Crude Oil Pipeline LLC |  |  |
| 4.60%, 11/02/47Δ | 200000 | 186561 |
| Abu Dhabi Developmental Holding <br> Co. PJSC |  |  |
| 5.50%, 05/08/34 | 1173000 | 1240844 |
| 5.25%, 10/02/54 | 1171000 | 1142152 |
|  |  | 2569557 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **United Kingdom — 4.0%** | **United Kingdom — 4.0%** |  |
| Albion Financing 1 S.a.r.l. |  |  |
| 5.38%, 05/21/30(E) | $100000 | $121444 |
| Alexandrite Monnet UK Holdco PLC <br> REIT |  |  |
| 10.50%, 05/15/29(E) | 100000 | 127114 |
| Amber Finco PLC |  |  |
| 6.63%, 07/15/29(E) | 520000 | 644011 |
| Arqiva Broadcast Finance PLC |  |  |
| 8.63%, 07/01/30(U) | 100000 | 139442 |
| Aviva PLC |  |  |
| (Variable, Euribor 3M + 3.05%), <br> 4.63%, 08/28/56(E) ^ | 316000 | 381237 |
| B&M European Value Retail SA |  |  |
| 6.50%, 11/27/31(U) | 100000 | 133303 |
| Barclays PLC |  |  |
| (Variable, 1.26% - EUR Swap <br> Rate 1Y), 0.58%, <br> 08/09/29(E) ^ | 410000 | 454375 |
| (Variable, U.S. SOFR + 1.23%), <br> 5.37%, 02/25/31^ | 455000 | 470745 |
| BCP V Modular Services Finance II <br> PLC |  |  |
| 4.75%, 11/30/28(E) | 100000 | 111378 |
| BP Capital Markets BV |  |  |
| 0.93%, 12/04/40(E) | 223000 | 166604 |
| BP Capital Markets PLC |  |  |
| (Variable, UK Gilts 5Y + 1.73%), <br> 6.00%, 12/31/49(U) ^ | 329000 | 456188 |
| British Telecommunications PLC |  |  |
| (Variable, UK Gilts 5Y + 3.82%), <br> 8.38%, 12/20/83(U) ^ | 200000 | 289937 |
| BUPA Finance PLC |  |  |
| 6.63%, 11/18/45(U) | 100000 | 134924 |
| CD&R Firefly Bidco PLC |  |  |
| 8.63%, 04/30/29(U) | 200000 | 283108 |
| Church Commissioners for England |  |  |
| 3.63%, 07/14/52(U) | 700000 | 690048 |
| Co-operative Group Holdings 2011, <br> Ltd. |  |  |
| 7.50%, 07/08/26(U) STEP | 100000 | 136791 |
| Crh Finance UK PLC |  |  |
| 4.13%, 12/02/29(U) | 234000 | 311847 |
| Edge Finco PLC |  |  |
| 8.13%, 08/15/31(U) | 400000 | 575008 |
| Experian Finance PLC |  |  |
| 3.51%, 12/15/33(E) | 210000 | 245186 |
| 3.38%, 10/10/34(E) | 292000 | 335746 |
| Global Auto Holdings, Ltd. |  |  |
| 11.50%, 08/15/29 144A | 200000 | 210181 |
| Hammerson PLC REIT |  |  |
| 3.50%, 04/15/32(E) | 444000 | 513069 |
| 5.88%, 10/08/36(U) | 228000 | 309057 |
| HSBC Holdings PLC |  |  |
| (Variable, U.S. SOFR + 1.29%), <br> 5.13%, 03/03/31^ | 212000 | 217524 |

---

See Notes to Financial Statements.

**167**

------

**GLOBAL BOND FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| (Variable, U.S. SOFR + 1.57%), <br> 5.24%, 05/13/31^ | $840000 | $866447 |
| Informa PLC |  |  |
| 3.38%, 06/09/31(E) | 143000 | 167834 |
| Jaguar Land Rover Automotive PLC |  |  |
| 4.50%, 07/15/28(E) | 100000 | 118557 |
| Jerrold Finco PLC |  |  |
| 7.50%, 06/15/31(U) | 100000 | 137921 |
| Kier Group PLC |  |  |
| 9.00%, 02/15/29(U) | 100000 | 141953 |
| Legal & General Group PLC |  |  |
| (Variable, Euribor 3M + 2.80%), <br> 4.38%, 09/04/55(E) ^ | 160000 | 190639 |
| Lloyds Banking Group PLC |  |  |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 1Y + <br> 0.83%), 4.82%, 06/13/29^ | 675000 | 686442 |
| (Variable, EUR Swap Rate 1Y + <br> 1.50%), 3.13%, 08/24/30(E) ^ | 425000 | 501370 |
| Macquarie Airfinance Holdings, Ltd. |  |  |
| 5.20%, 03/27/28 144A | 95000 | 96494 |
| 6.40%, 03/26/29 144A | 10000 | 10501 |
| 5.15%, 03/17/30 144A | 203000 | 206083 |
| 6.50%, 03/26/31 144A | 257000 | 275661 |
| Miller Homes Group Finco PLC |  |  |
| 7.00%, 05/15/29(U) | 100000 | 136202 |
| Mondi Finance PLC |  |  |
| 3.75%, 05/18/33(E) | 233000 | 272287 |
| Nationwide Building Society |  |  |
| (Variable, EURIBOR ICE Swap <br> Rate 5Y + 1.85%), 4.00%, <br> 07/30/35(E) ^ | 196000 | 233529 |
| (Variable, U.S. SOFR + 1.65%), <br> 5.54%, 07/14/36 144A ^ | 200000 | 207065 |
| NatWest Group PLC |  |  |
| (Variable, U.S. Treasury Yield <br> Curve Rate CMT 1Y + <br> 2.55%), 3.07%, 05/22/28^ | 855000 | 844543 |
| (Variable, Euribor 3M + 1.16%), <br> 3.63%, 09/03/34(E) ^ | 490000 | 573349 |
| Pension Insurance Corporation PLC |  |  |
| 8.00%, 11/13/33(U) | 300000 | 453857 |
| Pinewood Finco PLC |  |  |
| 6.00%, 03/27/30(U) | 100000 | 135874 |
| Pinnacle Bidco PLC |  |  |
| 10.00%, 10/11/28(U) | 300000 | 426905 |
| RAC Bond Co. PLC |  |  |
| 5.25%, 11/04/27(U) | 100000 | 134207 |
| Rio Tinto Finance U.S.A. PLC |  |  |
| 5.00%, 03/14/32 | 283000 | 292750 |
| 5.88%, 03/14/65Δ | 165000 | 171179 |
| Sage Group PLC (The) |  |  |
| 2.88%, 02/08/34(U) | 181000 | 207935 |
| Severn Trent Utilities Finance PLC |  |  |
| 3.88%, 08/04/35(E) | 347000 | 406983 |
| 3.88%, 08/04/37(E) | 180000 | 207794 |
| 5.88%, 07/31/38(U) | 500000 | 684912 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Smiths Group PLC |  |  |
| 3.63%, 11/13/33(E) | $290000 | $334481 |
| SSE PLC |  |  |
| 1.75%, 04/16/30(E) | 350000 | 391036 |
| 3.50%, 03/18/32(E) | 336000 | 398989 |
| Tesco Corporate Treasury Services <br> PLC |  |  |
| 3.38%, 05/06/32(E) | 133000 | 156033 |
| 5.13%, 05/22/34(U) | 389000 | 515411 |
| United Kingdom Gilt |  |  |
| 4.00%, 10/22/31(U) | 780000 | 1046575 |
| 4.25%, 06/07/32(U) | 991000 | 1348362 |
| 1.25%, 10/22/41(U) | 1712000 | 1381153 |
| 4.50%, 12/07/42(U) | 201000 | 255224 |
| 4.50%, 12/07/42(U) | 357000 | 453232 |
| 1.50%, 07/22/47(U) | 1394000 | 993262 |
| 1.25%, 07/31/51(U) | 231000 | 138189 |
| 3.75%, 07/22/52(U) | 1970000 | 2107374 |
| 4.38%, 07/31/54(U) | 573000 | 677373 |
| Virgin Media Secured Finance PLC |  |  |
| 4.25%, 01/15/30(U) | 200000 | 248403 |
| Vodafone Group PLC |  |  |
| 5.75%, 06/28/54 | 165000 | 160945 |
| (Variable, 3.48% - EUR Swap <br> Rate 5Y), 3.00%, <br> 08/27/80(E) Δ ^ | 200000 | 226976 |
| Wessex Water Services Finance PLC |  |  |
| 1.50%, 09/17/29(U) | 300000 | 359508 |
| Zegona Finance PLC |  |  |
| 6.75%, 07/15/29(E) | 460000 | 570119 |
|  |  | 28010185 |
| **Uruguay — 0.7%** | **Uruguay — 0.7%** |  |
| Uruguay Government International <br> Bond |  |  |
| 8.50%, 03/15/28(UYU) | 9705000 | 253953 |
| 8.25%, 05/21/31(UYU) | 48168000 | 1273387 |
| 8.25%, 05/21/31(UYU) | 15533000 | 410636 |
| 9.75%, 07/20/33(UYU) | 43315000 | 1245493 |
| 8.00%, 10/29/35(UYU) | 37777147 | 999290 |
| 5.44%, 02/14/37 | 585000 | 609014 |
|  |  | 4791773 |
| **Uzbekistan — 0.4%** | **Uzbekistan — 0.4%** |  |
| Navoi Mining & Metallurgical <br> Combinat |  |  |
| 6.70%, 10/17/28 | 681000 | 705997 |
| Republic of Uzbekistan International <br> Bond |  |  |
| 5.38%, 05/29/27(E) 144A | 105000 | 126406 |
| 5.10%, 02/25/29(E) 144A | 215000 | 261797 |
| 5.10%, 02/25/29(E) | 130000 | 158296 |
| 3.70%, 11/25/30 | 400000 | 372363 |
| 3.90%, 10/19/31 | 230000 | 212984 |
| 6.95%, 05/25/32 144A | 470000 | 508750 |

---

**168**

See Notes to Financial Statements.

------

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| 6.95%, 05/25/32 | $392000 | $424319 |
|  |  | 2770912 |
| **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 | 63719 | 62858 |
| **Total Foreign Bonds** <br> (Cost $349,561,179) | **Total Foreign Bonds** <br> (Cost $349,561,179) | 353956888 |
| **LOAN AGREEMENTS — 0.6%** | **LOAN AGREEMENTS — 0.6%** | **LOAN AGREEMENTS — 0.6%** |
| Ardonagh Midco 3 Limited <br> Syndicated Facility B |  |  |
| 0.00%, 02/15/31† Σ | 203154 | 203113 |
| (Floating, ICE CME Term SOFR <br> USD 6M + 2.75%), 6.42%, <br> 02/15/31† | 7401 | 7399 |
| (Floating, ICE CME Term SOFR <br> USD 6M + 2.75%), 6.95%, <br> 02/15/31† | 144156 | 144127 |
| Asplundh Tree Expert LLC 2024 <br> Incremental Term Loan |  |  |
| (Floating, ICE CME Term SOFR <br> USD 1M + 1.75%), 5.47%, <br> 05/23/31† | 346272 | 348189 |
| Ciena Corporation 2025 Term Loan |  |  |
| (Floating, ICE PRIME USD 3M + <br> 0.75%), 8.00%, 10/24/30† | 45228 | 45436 |
| CRC Insurance Group LLC <br> Amendment No.1 Replacement <br> Term Loan |  |  |
| (Floating, ICE CME Term SOFR <br> USD 3M + 2.75%), 6.42%, <br> 05/06/31† | 36370 | 36477 |
| DaVita, Inc. Tranche B-2 Term Loan |  |  |
| (Floating, ICE CME Term SOFR <br> USD 1M + 1.75%), 5.47%, <br> 05/09/31† | 345212 | 347045 |
| Dawn Bidco LLC Term Loan |  |  |
| 0.00%, 08/20/32† | 358811 | 358172 |
| Herc Holdings, Inc. Amendment No.1 <br> Term Loan |  |  |
| (Floating, ICE CME Term SOFR <br> USD 1M + 1.75%), 5.52%, <br> 06/02/32† | 35000 | 35226 |
| Hilton Domestic Operating Company, <br> Inc. Series B-4 Term Loan |  |  |
| 0.00%, 11/08/30† Σ | 205000 | 206541 |
| (Floating, ICE CME Term SOFR <br> USD 1M + 1.75%), 5.48%, <br> 11/08/30† | 145172 | 146263 |
| Novelis Holdings, Inc. Initial Term <br> Loan |  |  |
| (Floating, ICE CME Term SOFR <br> USD 3M + 1.75%), 5.42%, <br> 03/11/32† | 348246 | 350058 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| NRG Energy, Inc. 2024 New Term <br> Loan |  |  |
| (Floating, ICE CME Term SOFR <br> USD 3M + 1.75%), 5.59%, <br> 04/16/31† | $467283 | $469234 |
| Open Text Corporation 2023 <br> Replacement Term Loan |  |  |
| 0.00%, 01/31/30† Σ | 132996 | 133262 |
| (Floating, ICE CME Term SOFR <br> USD 1M + 1.75%, 0.50% <br> Floor), 5.47%, 01/31/30† | 203093 | 203500 |
| Resideo Funding, Inc. Fourth <br> Amendment Term Loan |  |  |
| (Floating, ICE CME Term SOFR <br> USD 6M + 2.00%), 5.84%, <br> 06/13/31† | 141370 | 141856 |
| Resideo Funding, Inc. Initial Term <br> Loan |  |  |
| (Floating, ICE CME Term SOFR <br> USD 1M + 2.00%), 5.73%, <br> 02/11/28† | 30132 | 30254 |
| Resideo Funding, Inc. Sixth <br> Amendment Term Loan |  |  |
| (Floating, ICE CME Term SOFR <br> USD 3M + 2.00%), 5.72%, <br> 08/13/32† | 109725 | 110136 |
| Ryan Specialty LLC 2024 Term Loan |  |  |
| (Floating, ICE CME Term SOFR <br> USD 1M + 2.00%), 5.72%, <br> 09/15/31† | 22770 | 22839 |
| SBA Senior Finance II LLC Initial <br> Term Loan |  |  |
| (Floating, ICE CME Term SOFR <br> USD 1M + 1.75%), 5.47%, <br> 01/25/31† | 59088 | 59385 |
| Solstice Advanced Materials, Inc. <br> Term B Loan |  |  |
| (Floating, ICE CME Term SOFR <br> USD 3M + 1.75%), 5.59%, <br> 10/29/32† | 14323 | 14417 |
| Standard Building Solutions, Inc. <br> Initial Term Loan |  |  |
| 0.00%, 09/22/28† Σ | 70440 | 70820 |
| Trans Union LLC 2024 Refinancing <br> Term B-8 Loan |  |  |
| (Floating, ICE CME Term SOFR <br> USD 1M + 1.75%), 5.47%, <br> 06/24/31† | 366037 | 367320 |
| Wyndham Hotels & Resorts, Inc. <br> 2024 Term B Loan |  |  |
| (Floating, ICE CME Term SOFR <br> USD 1M + 1.75%), 5.47%, <br> 05/24/30† | 354773 | 356103 |
| **Total Loan Agreements** <br> (Cost $4,195,911) |  | 4207172 |

---

See Notes to Financial Statements.

**169**

------

**GLOBAL BOND FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **MORTGAGE-BACKED SECURITIES — 10.3%** | **MORTGAGE-BACKED SECURITIES — 10.3%** | **MORTGAGE-BACKED SECURITIES — 10.3%** |
| ALA Trust, Series 2025-OANA, <br> Class A |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.74%, 1.74% Floor), 5.49%, <br> 06/15/40 144A † γ | $45000 | $45242 |
| Angel Oak Mortgage Trust, Series <br> 2025-10, Class A1 |  |  |
| 0.00%, 09/25/70 144A † γ | 442077 | 442953 |
| Angel Oak Mortgage Trust, Series <br> 2025-10, Class A3 |  |  |
| (Step to 6.43% on 11/25/29), <br> 5.37%, 09/25/70 144A STEP | 248729 | 249399 |
| Arixa Mortgage Trust, Series <br> 2025-RTL1, Class A1 |  |  |
| 5.74%, 08/25/30 144A | 100000 | 100677 |
| BANK, Series 2021-BN35, Class AS |  |  |
| 2.46%, 06/15/64 | 85000 | 73959 |
| BANK5, Series 2025-5YR17, <br> Class A3 |  |  |
| 5.23%, 11/15/58 | 666805 | 688658 |
| BINOM Securitization Trust, Series <br> 2022-RPL1, Class M1 |  |  |
| 3.00%, 02/25/61 144A † γ | 100000 | 83163 |
| BPR Trust, Series 2021-NRD, Class B |  |  |
| (Floating, CME Term SOFR 1M + <br> 2.12%, 2.12% Floor), 5.88%, <br> 12/15/38 144A † | 25000 | 24851 |
| BPR Trust, Series 2021-NRD, Class C |  |  |
| (Floating, CME Term SOFR 1M + <br> 2.42%, 2.42% Floor), 6.18%, <br> 12/15/38 144A † | 25000 | 24812 |
| BPR Trust, Series 2021-NRD, Class D |  |  |
| (Floating, CME Term SOFR 1M + <br> 3.72%, 3.72% Floor), 7.47%, <br> 12/15/38 144A † | 20000 | 19835 |
| BX Commercial Mortgage Trust, <br> Series 2025-BCAT, Class B |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.55%), 5.30%, 08/15/42 <br> 144A † | 874914 | 876293 |
| BX Trust, Series 2025-VLT6, Class A |  |  |
| (Floating, CME Term SOFR 1M + <br> 1.44%, 1.44% Floor), 5.19%, <br> 03/15/42 144A † | 415000 | 415063 |
| CAFL Issuer LLC, Series 2021-RTL1, <br> Class A1 |  |  |
| 4.24%, 03/28/29 144A STEP | 14185 | 13487 |
| Cardinal Mortgage Trust, Series <br> 2025-RTL1, Class A1 |  |  |
| 5.59%, 11/25/30 144A STEP | 100000 | 100317 |
| COLT Mortgage Loan Trust, Series <br> 2024-1, Class A1 |  |  |
| (Step to 6.84% on 02/25/28), <br> 5.84%, 02/25/69 144A STEP | 881125 | 887904 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| 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 | $170363 | $171447 |
| Connecticut Avenue Securities Trust, <br> Series 2021-R01, Class 1B1 |  |  |
| (Floating, U.S. 30-Day Average <br> SOFR + 3.10%), 6.97%, <br> 10/25/41 144A † | 175000 | 177877 |
| Connecticut Avenue Securities Trust, <br> Series 2022-R02, Class 2M2 |  |  |
| (Floating, U.S. 30-Day Average <br> SOFR + 3.00%), 6.87%, <br> 01/25/42 144A † | 385000 | 392077 |
| Connecticut Avenue Securities Trust, <br> Series 2022-R03, Class 1M2 |  |  |
| (Floating, U.S. 30-Day Average <br> SOFR + 3.50%), 7.37%, <br> 03/25/42 144A † | 365000 | 375059 |
| Connecticut Avenue Securities Trust, <br> Series 2022-R04, Class 1M2 |  |  |
| (Floating, U.S. 30-Day Average <br> SOFR + 3.10%), 6.97%, <br> 03/25/42 144A † | 512000 | 524667 |
| Connecticut Avenue Securities Trust, <br> Series 2022-R08, Class 1B1 |  |  |
| (Floating, U.S. 30-Day Average <br> SOFR + 5.60%), 9.47%, <br> 07/25/42 144A † | 350000 | 373109 |
| Connecticut Avenue Securities Trust, <br> Series 2022-R08, Class 1M2 |  |  |
| (Floating, U.S. 30-Day Average <br> SOFR + 3.60%), 7.47%, <br> 07/25/42 144A † | 329000 | 340350 |
| Connecticut Avenue Securities Trust, <br> Series 2022-R09, Class 2M2 |  |  |
| (Floating, U.S. 30-Day Average <br> SOFR + 4.75%), 8.62%, <br> 09/25/42 144A † | 357000 | 378767 |
| Connecticut Avenue Securities Trust, <br> Series 2023-R01, Class 1M2 |  |  |
| (Floating, U.S. 30-Day Average <br> SOFR + 3.75%), 7.62%, <br> 12/25/42 144A † | 365000 | 381607 |
| Connecticut Avenue Securities Trust, <br> Series 2025-R06, Class 1B1 |  |  |
| (Floating, U.S. 30-Day Average <br> SOFR + 1.85%), 5.72%, <br> 09/25/45 144A † | 508000 | 511357 |
| DC Commercial Mortgage Trust, <br> Series 2023-DC, Class C |  |  |
| 7.14%, 09/12/40 144A † γ | 100000 | 103582 |
| ELM Trust, Series 2024-ELM, <br> Class C15 |  |  |
| 6.19%, 06/10/39 144A † γ | 1000000 | 1006346 |

---

**170**

See Notes to Financial Statements.

------

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Fannie Mae Connecticut Avenue <br> Securities, Series 2018-C04, Class <br> 2M2 |  |  |
| (Floating, U.S. 30-Day Average <br> SOFR + 2.66%), 6.54%, <br> 12/25/30† | $556684 | $571971 |
| Federal Home Loan Mortgage <br> Corporation |  |  |
| 3.00%, 03/01/50 | 56706 | 51364 |
| 3.50%, 04/01/50 | 33337 | 31237 |
| 3.00%, 07/01/50 | 70097 | 62910 |
| 2.50%, 12/01/50 | 361503 | 307013 |
| 2.50%, 08/01/51 | 114872 | 98133 |
| 2.50%, 09/01/51 | 494713 | 422679 |
| 2.50%, 01/01/52 | 243826 | 208151 |
| 2.00%, 02/01/52 | 533780 | 434017 |
| 2.50%, 02/01/52 | 1022054 | 871234 |
| 2.00%, 03/01/52 | 1042968 | 847872 |
| 2.50%, 03/01/52 | 942877 | 807062 |
| 2.50%, 04/01/52 | 240641 | 205207 |
| 2.50%, 05/01/52 | 235718 | 200939 |
| 3.00%, 05/01/52 | 2635933 | 2346283 |
| 3.50%, 05/01/52 | 27630 | 25670 |
| 2.50%, 06/01/52 | 2047905 | 1745693 |
| 3.50%, 06/01/52 | 45740 | 42496 |
| 2.50%, 07/01/52 | 107882 | 91963 |
| 4.50%, 08/01/52 | 589160 | 578897 |
| 3.00%, 09/01/52 | 185619 | 164949 |
| 4.00%, 09/01/52 | 89465 | 85545 |
| 4.50%, 09/01/52 | 177010 | 173926 |
| 5.50%, 09/01/52 | 324945 | 333156 |
| 2.50%, 10/01/52 | 282966 | 240611 |
| 3.00%, 10/01/52 | 96394 | 85635 |
| 5.00%, 10/01/52 | 310462 | 311367 |
| 5.50%, 10/01/52 | 291877 | 297513 |
| 5.00%, 11/01/52 | 472433 | 474386 |
| 5.50%, 12/01/52 | 63992 | 65300 |
| 5.00%, 01/01/53 | 319785 | 320762 |
| 5.00%, 02/01/53 | 689295 | 691367 |
| 5.50%, 02/01/53 | 219378 | 223543 |
| 6.00%, 03/01/53 | 173041 | 178372 |
| 5.00%, 04/01/53 | 350548 | 350264 |
| 6.00%, 04/01/53 | 437019 | 451132 |
| 4.50%, 05/01/53 | 104730 | 102749 |
| 5.50%, 05/01/53 | 278856 | 284029 |
| 6.00%, 05/01/53 | 731192 | 753947 |
| 6.00%, 06/01/53 | 636701 | 656345 |
| 5.00%, 08/01/53 | 57616 | 57721 |
| 5.50%, 08/01/53 | 141389 | 143946 |
| 6.00%, 09/01/53 | 296407 | 306822 |
| 6.00%, 10/01/53 | 34524 | 35553 |
| 5.00%, 11/01/53 | 282532 | 283207 |
| 4.50%, 12/01/53 | 132093 | 129424 |
| 6.00%, 02/01/54 | 180179 | 185317 |
| 4.50%, 07/01/54 | 148039 | 144817 |
| 5.50%, 07/01/54 | 455382 | 462378 |
| 6.00%, 08/01/54 | 182078 | 187107 |
| 5.00%, 10/01/54 | 318411 | 318153 |
| 5.00%, 12/01/54 | 159563 | 159433 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| 6.00%, 03/01/55 | $197923 | $203408 |
| 5.00%, 06/01/55 | 1047427 | 1049511 |
| 6.00%, 06/01/55 | 115910 | 119131 |
| Federal Home Loan Mortgage <br> Corporation REMIC, Series 5566 |  |  |
| (Floating, U.S. 30-Day Average <br> SOFR + 3.55%), 7.42%, <br> 08/25/55† | 14461 | 14478 |
| Federal Home Loan Mortgage <br> Corporation REMIC, Series 5575 |  |  |
| (Floating, U.S. 30-Day Average <br> SOFR + 3.95%), 7.82%, <br> 09/25/55† | 260934 | 275145 |
| Federal Home Loan Mortgage <br> Corporation STACR REMIC <br> Trust, Series 2022-DNA2, <br> Class B1 |  |  |
| (Floating, U.S. 30-Day Average <br> SOFR + 4.75%), 8.62%, <br> 02/25/42 144A † | 365000 | 379572 |
| Federal Home Loan Mortgage <br> Corporation STACR REMIC <br> Trust, Series 2022-HQA1, <br> Class B1 |  |  |
| (Floating, U.S. 30-Day Average <br> SOFR + 7.00%), 10.87%, <br> 03/25/42 144A † | 355000 | 378749 |
| Federal Home Loan Mortgage <br> Corporation STACR REMIC <br> Trust, Series 2022-HQA2, <br> Class M2 |  |  |
| (Floating, U.S. 30-Day Average <br> SOFR + 6.00%), 9.87%, <br> 07/25/42 144A † | 350000 | 374641 |
| 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%), 5.22%, <br> 01/25/45 144A † | 250000 | 250398 |
| Federal National Mortgage <br> Association |  |  |
| 3.00%, 08/01/46 | 64148 | 58391 |
| 3.00%, 12/01/47 | 191540 | 174847 |
| 3.50%, 08/01/49 | 82847 | 77627 |
| 4.00%, 08/01/49 | 70952 | 68488 |
| 3.50%, 09/01/49 | 142586 | 133572 |
| 4.00%, 10/01/49 | 106804 | 103029 |
| 3.00%, 03/01/50 | 92089 | 82647 |
| 3.00%, 05/01/50 | 99329 | 89021 |
| 3.50%, 06/01/50 | 26685 | 24976 |
| 2.50%, 07/01/50 | 46862 | 40206 |
| 3.00%, 07/01/50 | 28956 | 25906 |
| 2.50%, 12/01/50 | 449683 | 382745 |
| 2.50%, 05/01/51 | 947992 | 806676 |
| 3.00%, 07/01/51 | 164292 | 145870 |
| 2.50%, 09/01/51 | 537691 | 459415 |
| 2.50%, 01/01/52 | 275581 | 235745 |
| 3.00%, 02/01/52 | 262550 | 233451 |
| 2.00%, 03/01/52 | 2023598 | 1644752 |
| 2.50%, 03/01/52 | 846496 | 720531 |
| 2.50%, 04/01/52 | 800210 | 682381 |

---

See Notes to Financial Statements.

**171**

------

**GLOBAL BOND FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| 3.00%, 04/01/52 | $66710 | $59250 |
| 3.00%, 05/01/52 | 310768 | 276124 |
| 3.50%, 05/01/52 | 375491 | 350031 |
| 4.00%, 07/01/52 | 171439 | 164630 |
| 4.00%, 08/01/52 | 123949 | 118528 |
| 5.00%, 08/01/52 | 185166 | 185789 |
| 4.50%, 09/01/52 | 704088 | 691387 |
| 4.50%, 10/01/52 | 555816 | 546134 |
| 5.00%, 11/01/52 | 154282 | 154762 |
| 6.00%, 12/01/52 | 761048 | 786845 |
| 4.50%, 01/01/53 | 762505 | 748628 |
| 5.00%, 01/01/53 | 454285 | 455884 |
| 5.50%, 01/01/53 | 822178 | 837973 |
| 4.50%, 02/01/53 | 139922 | 137340 |
| 5.00%, 02/01/53 | 141164 | 141588 |
| 5.50%, 02/01/53 | 396084 | 402425 |
| 5.00%, 03/01/53 | 637841 | 639601 |
| 5.00%, 04/01/53 | 664547 | 666476 |
| 4.00%, 07/01/53 | 227859 | 216992 |
| 5.50%, 07/01/53 | 665346 | 677692 |
| 6.00%, 07/01/53 | 568136 | 584974 |
| 5.50%, 10/01/53 | 100886 | 102687 |
| 5.50%, 01/01/54 | 728132 | 740129 |
| 6.50%, 01/01/54 | 173387 | 180410 |
| 5.50%, 02/01/54 | 238802 | 243076 |
| 4.00%, 03/01/54 | 99518 | 95093 |
| 5.50%, 03/01/54 | 561391 | 570361 |
| 6.00%, 06/01/54 | 42737 | 43930 |
| 5.00%, 09/01/54 | 184231 | 184082 |
| 5.50%, 09/01/54 | 323455 | 329525 |
| 5.00%, 11/01/54 | 470131 | 469920 |
| 5.50%, 11/01/54 | 276930 | 281213 |
| 5.00%, 03/01/55 | 747015 | 747065 |
| 5.50%, 03/01/55 | 232076 | 235642 |
| 5.00%, 04/01/55 | 105562 | 105476 |
| 6.00%, 05/01/55 | 557649 | 573161 |
| 5.50%, 06/01/55 | 411245 | 417563 |
| 6.00%, 08/01/55 | 246473 | 253346 |
| Federal National Mortgage <br> Association REMIC, Series <br> 2017-66 |  |  |
| (Floating, U.S. 30-Day Average <br> SOFR + 0.46%, 0.35% Floor, <br> 6.50% Cap), 4.34%, 09/25/47† | 706876 | 691005 |
| Federal National Mortgage <br> Association REMIC, Series <br> 2021-1 |  |  |
| 2.50%, 02/25/51 IO | 339861 | 49338 |
| Federal National Mortgage <br> Association REMIC, Series <br> 2022-57 |  |  |
| (Floating, U.S. 30-Day Average <br> SOFR + 0.70%, 0.70% Floor, <br> 6.00% Cap), 4.57%, 09/25/52† | 1868453 | 1838528 |
| Federal National Mortgage <br> Association REMIC, Series <br> 2022-60 |  |  |
| (Floating, U.S. 30-Day Average <br> SOFR + 0.70%, 0.70% Floor, <br> 6.00% Cap), 4.57%, 09/25/52† | 1107231 | 1089498 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Federal National Mortgage <br> Association REMIC, Series <br> 2024-69 |  |  |
| (Floating, U.S. 30-Day Average <br> SOFR + 1.25%, 1.25% Floor, <br> 6.50% Cap), 5.12%, 10/25/54† | $704491 | $708179 |
| Federal National Mortgage <br> Association REMIC, Series <br> 2024-88 |  |  |
| (Floating, U.S. 30-Day Average <br> SOFR + 1.40%, 1.40% Floor, <br> 6.50% Cap), 5.27%, 12/25/54† | 410149 | 413376 |
| Federal National Mortgage <br> Association REMIC, Series <br> 2025-86 |  |  |
| (Floating, U.S. 30-Day Average <br> SOFR + 1.20%), 5.07%, <br> 10/25/55† | 1433175 | 1440007 |
| FHLMC Multifamily Structured <br> Pass-Through Certificates, Series <br> K124 |  |  |
| 0.81%, 12/25/30† IO γ | 428302 | 12737 |
| FHLMC Multifamily Structured <br> Pass-Through Certificates, Series <br> K-128 |  |  |
| 0.61%, 03/25/31† IO γ | 5114493 | 110729 |
| FHLMC Multifamily Structured <br> Pass-Through Certificates, Series <br> K-171 |  |  |
| 0.28%, 07/25/35† IO γ | 37024475 | 472221 |
| FHLMC Multifamily Structured <br> Pass-Through Certificates, Series <br> K-174 |  |  |
| 0.00%, 10/25/35† γ | 64995904 | 448540 |
| FHLMC Multifamily Structured <br> Pass-Through Certificates, Series <br> K-175 |  |  |
| 0.05%, 11/25/35† IO γ | 49068906 | 460252 |
| FHLMC Multifamily Structured <br> Pass-Through Certificates, Series <br> K-547 |  |  |
| 0.58%, 05/25/30† IO γ | 7224028 | 122886 |
| GCAT Trust, Series 2019-RPL1, <br> Class A1 |  |  |
| 2.65%, 10/25/68 144A | 18501 | 18104 |
| Government National Mortgage <br> Association |  |  |
| 4.50%, 09/20/52 | 167122 | 164349 |
| 5.00%, 11/20/52 | 94696 | 94972 |
| 5.00%, 03/20/53 | 153899 | 154188 |
| 5.50%, 03/20/53 | 220284 | 224139 |
| 5.00%, 07/20/53 | 128711 | 129098 |
| 5.50%, 07/20/53 | 48034 | 48860 |
| 5.50%, 10/20/53 | 37447 | 38054 |
| 5.00%, 11/20/53 | 83711 | 84083 |
| 5.00%, 01/20/54 | 119829 | 120178 |
| 5.50%, 02/20/54 | 138139 | 139871 |
| 4.50%, 04/20/54 | 137220 | 134094 |
| 5.00%, 07/20/54 | 92763 | 92805 |
| 5.50%, 08/20/54 | 178247 | 180481 |
| 4.50%, 09/20/54 | 57051 | 55744 |
| 5.00%, 10/20/54 | 129300 | 129318 |

---

**172**

See Notes to Financial Statements.

------

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| 5.50%, 11/20/54 | $136204 | $138038 |
| 5.50%, 01/20/55 | 2120279 | 2145290 |
| 6.00%, 07/20/55 | 1573903 | 1608055 |
| Government National Mortgage <br> Association, Series 2016-37 |  |  |
| (Floating, CME Term SOFR 1M + <br> 0.51%, 0.40% Floor, 6.50% <br> Cap), 4.25%, 03/20/46† | 653428 | 643566 |
| Government National Mortgage <br> Association, Series 2017-161 |  |  |
| (Floating, CME Term SOFR 1M + <br> 0.36%, 0.25% Floor, 6.50% <br> Cap), 4.10%, 10/20/47† | 460227 | 447977 |
| Government National Mortgage <br> Association, Series 2025-115 |  |  |
| (Floating, 5.35% - U.S. 30-Day <br> Average SOFR), 1.43%, <br> 07/20/55† IO | 737083 | 35391 |
| 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), 5.35%, <br> 01/15/42 144A † | 100000 | 100115 |
| Legacy Mortgage Asset Trust, Series <br> 2020-RPL1, Class A2 |  |  |
| 3.25%, 09/25/59 144A | 120000 | 109821 |
| Morgan Stanley Residential Mortgage <br> Loan Trust, Series 2025-NQM5, <br> Class A1 |  |  |
| 5.44%, 07/25/70 144A † γ | 290735 | 293298 |
| Morgan Stanley Residential Mortgage <br> Loan Trust, Series 2025-NQM6, <br> Class A1 |  |  |
| 0.00%, 07/25/70 144A † γ | 651293 | 655914 |
| Morgan Stanley Residential Mortgage <br> Loan Trust, Series 2025-NQM6, <br> Class A1B |  |  |
| (Step to 6.15% on 09/25/29), <br> 5.15%, 07/25/70 144A STEP | 940032 | 942598 |
| New Residential Mortgage Loan <br> Trust, Series 2025-NQM4, <br> Class A1 |  |  |
| 5.35%, 07/25/65 144A † γ | 1618345 | 1632532 |
| NYMT Loan Trust, Series 2024-CP1, <br> Class A1 |  |  |
| 3.75%, 02/25/68 144A | 81952 | 76717 |
| OBX Trust, Series 2024-NQM3, <br> Class A1 |  |  |
| (Step to 7.13% on 03/25/28), <br> 6.13%, 12/25/63 144A STEP | 71468 | 72221 |
| OBX Trust, Series 2025-NQM13, <br> Class A1 |  |  |
| 5.44%, 05/25/65 144A † γ | 359836 | 363275 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| OBX Trust, Series 2025-NQM13, <br> Class A2 |  |  |
| (Step to 6.61% on 08/25/29), <br> 5.61%, 05/25/65 144A STEP | $868839 | $874904 |
| OBX Trust, Series 2025-NQM18, <br> Class A1 |  |  |
| 0.00%, 09/25/65 144A † γ | 285492 | 286643 |
| PMT Loan Trust, Series 2025-INV10, <br> Class A36 |  |  |
| (Floating, U.S. 30-Day Average <br> SOFR + 1.35%), 5.22%, <br> 10/01/56 144A † | 437012 | 437266 |
| PRPM LLC, Series 2024-7, Class A1 |  |  |
| (Step to 8.87% on 12/25/27), <br> 5.87%, 11/25/29 144A STEP | 80728 | 80830 |
| PRPM LLC, Series 2025-8, Class A1 |  |  |
| (Step to 8.39% on 11/25/28), <br> 5.39%, 10/25/30 144A STEP | 144552 | 144889 |
| 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 | 177675 | 178188 |
| Redwood Funding Trust, Series <br> 2025-1, Class A |  |  |
| 7.58%, 05/27/55 144A STEP | 125488 | 126554 |
| 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 | 121266 |
| Towd Point Mortgage Trust, Series <br> 2019-4, Class A1 |  |  |
| 2.90%, 10/25/59 144A | 35672 | 34462 |
| 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 | 110293 |
| Wells Fargo Commercial Mortgage <br> Trust, Series 2016-C36, Class B |  |  |
| 3.67%, 11/15/59 | 25000 | 23887 |
| WFRBS Commercial Mortgage Trust, <br> Series 2013-C15, Class B |  |  |
| 4.15%, 08/15/46† γ | 31586 | 30541 |
| WFRBS Commercial Mortgage Trust, <br> Series 2014-C20, Class B |  |  |
| 4.38%, 05/15/47 | 22420 | 19562 |
| **Total Mortgage-Backed Securities** <br> (Cost $71,730,652) |  | 72443193 |
| **MUNICIPAL BOND — 0.0%** | **MUNICIPAL BOND — 0.0%** | **MUNICIPAL BOND — 0.0%** |
| National Finance Authority Utility, <br> Revenue Bond, Series A |  |  |
| 6.89%, 04/01/34 144A <br> (Cost $230,494) | 225000 | 237933 |

---

See Notes to Financial Statements.

**173**

------

**GLOBAL BOND FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of** <br> **Contracts**<br>| **Notional** <br> **Amount**<br>| **Value** |
| **PURCHASED OPTION — 0.0%** | **PURCHASED OPTION — 0.0%** | **PURCHASED OPTION — 0.0%** | **PURCHASED OPTION — 0.0%** |
| **Call Swaption — 0.0%** | **Call Swaption — 0.0%** | **Call Swaption — 0.0%** | **Call Swaption — 0.0%** |
| iTraxx Europe & <br> Crossover Series 44 <br> (Pay Quarterly); <br> Credit Default <br> Swap Maturing <br> 12/20/30 EUR, <br> Strike Price $60.00, <br> Expires 01/21/26 <br> (BAR)<br>| 1 | $128000000 | $17404 |
| **Total Purchased Options** <br> (Premiums paid $361,246) | **Total Purchased Options** <br> (Premiums paid $361,246) |  | 17404 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** |  |
| **U.S. TREASURY OBLIGATIONS — 7.4%** | **U.S. TREASURY OBLIGATIONS — 7.4%** | **U.S. TREASURY OBLIGATIONS — 7.4%** |
| U.S. Treasury Bill |  |  |
| 3.62%, 04/30/26Ω | $1044000 | 1032006 |
| U.S. Treasury Bonds |  |  |
| 4.25%, 11/15/40 | 650000 | 629510 |
| 3.88%, 05/15/43 | 4723000 | 4254021 |
| 5.00%, 05/15/45 | 1340700 | 1381759 |
| 4.88%, 08/15/45 | 695000 | 704556 |
| 4.63%, 11/15/45 | 192000 | 188340 |
| 1.63%, 11/15/50 | 3503500 | 1849602 |
| 4.75%, 11/15/53 | 322000 | 317547 |
| 4.75%, 05/15/55 | 1555100 | 1535418 |
| 4.63%, 11/15/55 | 105000 | 101620 |
|  |  | 10962373 |
| U.S. Treasury Notes |  |  |
| 3.88%, 10/15/27‡‡ | 7838000 | 7892345 |
| 3.75%, 05/15/28 | 3000000 | 3017344 |
| 4.00%, 03/31/30‡‡ | 14314000 | 14509420 |
| 3.88%, 07/31/30 | 1917000 | 1933100 |
| 3.50%, 11/30/30 | 6857000 | 6795394 |
| 3.75%, 11/30/32 | 2600000 | 2574406 |
| 4.25%, 11/15/34 | 290800 | 294503 |
| 4.25%, 05/15/35 | 2604000 | 2631871 |
| 4.00%, 11/15/35 | 200000 | 197578 |
|  |  | 39845961 |
| **Total U.S. Treasury Obligations** <br> (Cost $51,553,669) |  | 51840340 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 0.0%** | **COMMON STOCK — 0.0%** | **COMMON STOCK — 0.0%** |
| **Communication Services — 0.0%** | **Communication Services — 0.0%** |  |
| Optimum Communications, Inc. <br> Class A\* <br> (Cost $261,222) | 16976 | $28010 |
| **FOREIGN COMMON STOCKS — 0.0%** | **FOREIGN COMMON STOCKS — 0.0%** | **FOREIGN COMMON STOCKS — 0.0%** |
| **China — 0.0%** | **China — 0.0%** |  |
| Times China Holdings, Ltd.\* | 43613 | 571 |
| Yuzhou Group Holdings Co., Ltd.\* | 37404 | 505 |
| **Total Foreign Common Stocks** <br> (Cost $2,666) |  | 1076 |
| **MONEY MARKET FUNDS — 7.1%** | **MONEY MARKET FUNDS — 7.1%** | **MONEY MARKET FUNDS — 7.1%** |
| Northern Institutional Liquid Assets <br> Portfolio (Shares), 3.81%Ø § | 22334137 | 22334137 |
| GuideStone Money Market Fund, <br> 3.69% <br> (Institutional Class)Ø ∞ | 27931859 | 27931859 |
| **Total Money Market Funds** <br> (Cost $50,265,996) |  | 50265996 |
| **TOTAL INVESTMENTS — 101.8**% <br> (Cost $710,460,167) |  | 717986321 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of** <br> **Contracts**<br>| **Notional** <br> **Amount**<br>|  |
| **WRITTEN OPTION — (0.0)%** | **WRITTEN OPTION — (0.0)%** | **WRITTEN OPTION — (0.0)%** | **WRITTEN OPTION — (0.0)%** |
| **Call Swaption — (0.0)%** | **Call Swaption — (0.0)%** | **Call Swaption — (0.0)%** | **Call Swaption — (0.0)%** |
| iTraxx Europe & <br> Crossover Series 44 <br> (Pay Quarterly); <br> Credit Default <br> Swap Maturing <br> 12/20/30 EUR, <br> Strike Price <br> $70.00, Expires <br> 01/21/26 (BAR)<br>| (1)<br>| $(128000000)<br>| (6137)<br>|
| **Total Written Options** <br> (Premiums received $(205355)) | **Total Written Options** <br> (Premiums received $(205355)) |  | (6137)<br>|
| **Liabilities in Excess of Other**<br> **Assets — (1.8)%** | **Liabilities in Excess of Other**<br> **Assets — (1.8)%** |  | (13009825)<br>|
| **NET ASSETS — 100.0%** | **NET ASSETS — 100.0%** |  | $704970359 |

---

Futures Contracts outstanding at December 31, 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 | 03/2026 | &nbsp;&nbsp;&nbsp; (49)<br>| &nbsp;&nbsp;&nbsp; $(6341239)<br>| &nbsp;&nbsp;&nbsp; $54793 |
| Euro-Bobl | 03/2026 | &nbsp;&nbsp;&nbsp; 48 | &nbsp;&nbsp;&nbsp; 6552540 | &nbsp;&nbsp;&nbsp; (8917)<br>|
| Euro-BTP | 03/2026 | &nbsp;&nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp; 2401004 | &nbsp;&nbsp;&nbsp; (1816)<br>|
| Euro-Bund | 03/2026 | &nbsp;&nbsp;&nbsp; (112)<br>| &nbsp;&nbsp;&nbsp; (16791071)<br>| &nbsp;&nbsp;&nbsp; 113671 |
| Euro-Schatz | 03/2026 | &nbsp;&nbsp;&nbsp; 98 | &nbsp;&nbsp;&nbsp; 12298963 | &nbsp;&nbsp;&nbsp; 2195 |
| 10 - Year Mini JGB | 03/2026 | &nbsp;&nbsp;&nbsp; 33 | &nbsp;&nbsp;&nbsp; 2786166 | &nbsp;&nbsp;&nbsp; (31332)<br>|
| 10-Year Commonwealth Treasury Bond | 03/2026 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 73064 | &nbsp;&nbsp;&nbsp; 216 |

---

**174**

See Notes to Financial Statements.

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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>|
| 3-Year Commonwealth Treasury Bond | 03/2026 | &nbsp;&nbsp;&nbsp; (157)<br>| &nbsp;&nbsp;&nbsp; $(11000801)<br>| &nbsp;&nbsp;&nbsp; $15244 |
| British Pounds/U.S. Dollars | 03/2026 | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; 252338 | &nbsp;&nbsp;&nbsp; 2434 |
| Euro/U.S. Dollars | 03/2026 | &nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp; 1030750 | &nbsp;&nbsp;&nbsp; 4453 |
| Japanese Yen/U.S. Dollars | 03/2026 | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; 240694 | &nbsp;&nbsp;&nbsp; (1746)<br>|
| Canadian Dollars/U.S. Dollars | 03/2026 | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; 146240 | &nbsp;&nbsp;&nbsp; 1123 |
| 10-Year Bond | 03/2026 | &nbsp;&nbsp;&nbsp; (3)<br>| &nbsp;&nbsp;&nbsp; (264275)<br>| &nbsp;&nbsp;&nbsp; 3959 |
| 10-Year U.S. Treasury Note | 03/2026 | &nbsp;&nbsp;&nbsp; 148 | &nbsp;&nbsp;&nbsp; 16640750 | &nbsp;&nbsp;&nbsp; (108144)<br>|
| 2-Year Bond | 03/2026 | &nbsp;&nbsp;&nbsp; (222)<br>| &nbsp;&nbsp;&nbsp; (17080842)<br>| &nbsp;&nbsp;&nbsp; 40689 |
| 5-Year Canadian Government Bond | 03/2026 | &nbsp;&nbsp;&nbsp; (89)<br>| &nbsp;&nbsp;&nbsp; (7346042)<br>| &nbsp;&nbsp;&nbsp; 30350 |
| U.S. Treasury Long Bond | 03/2026 | &nbsp;&nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp; 1849500 | &nbsp;&nbsp;&nbsp; (17967)<br>|
| Ultra 10-Year U.S. Treasury Note | 03/2026 | &nbsp;&nbsp;&nbsp; (388)<br>| &nbsp;&nbsp;&nbsp; (44626062)<br>| &nbsp;&nbsp;&nbsp; 192610 |
| Ultra Long U.S. Treasury Bond | 03/2026 | &nbsp;&nbsp;&nbsp; (11)<br>| &nbsp;&nbsp;&nbsp; (1298000)<br>| &nbsp;&nbsp;&nbsp; 30257 |
| 10-Year Japanese Treasury Bond | 03/2026 | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; 1690628 | &nbsp;&nbsp;&nbsp; (15663)<br>|
| Long GILT | 03/2026 | &nbsp;&nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp; 1970595 | &nbsp;&nbsp;&nbsp; 6441 |
| 2-Year U.S. Treasury Note | 03/2026 | &nbsp;&nbsp;&nbsp; 189 | &nbsp;&nbsp;&nbsp; 39461133 | &nbsp;&nbsp;&nbsp; 17455 |
| 5-Year U.S. Treasury Note | 03/2026 | &nbsp;&nbsp;&nbsp; 885 | &nbsp;&nbsp;&nbsp; 96734648 | &nbsp;&nbsp;&nbsp; (197916)<br>|
| Total Futures Contracts outstanding at December 31, 2025 |  |  | &nbsp;&nbsp;&nbsp; $79380681 | &nbsp;&nbsp;&nbsp; $132389 |

---

Forward Foreign Currency Contracts outstanding at December 31, 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>|
| 01/15/26 | U.S. Dollars | &nbsp;&nbsp; 13570152 | Japanese Yen | &nbsp;&nbsp; 2043345226 | BNP | &nbsp;&nbsp; $507268 |
| 01/15/26 | Australian Dollars | &nbsp;&nbsp; 47419306 | U.S. Dollars | &nbsp;&nbsp; 31146984 | GSC | &nbsp;&nbsp; 501042 |
| 01/15/26 | U.S. Dollars | &nbsp;&nbsp; 12440162 | Japanese Yen | &nbsp;&nbsp; 1872995222 | UBS | &nbsp;&nbsp; 466308 |
| 01/16/26 | Chinese Offshore Yuan | &nbsp;&nbsp; 137567377 | U.S. Dollars | &nbsp;&nbsp; 19394664 | SS | &nbsp;&nbsp; 346162 |
| 01/15/26 | Swedish Kronor | &nbsp;&nbsp; 130134214 | U.S. Dollars | &nbsp;&nbsp; 13825943 | GSC | &nbsp;&nbsp; 320706 |
| 01/15/26 | U.S. Dollars | &nbsp;&nbsp; 12717684 | Japanese Yen | &nbsp;&nbsp; 1944797581 | GSC | &nbsp;&nbsp; 284805 |
| 01/15/26 | Swedish Kronor | &nbsp;&nbsp; 146481492 | U.S. Dollars | &nbsp;&nbsp; 15656635 | BNP | &nbsp;&nbsp; 267096 |
| 01/15/26 | British Pounds | &nbsp;&nbsp; 10713950 | U.S. Dollars | &nbsp;&nbsp; 14193635 | GSC | &nbsp;&nbsp; 247945 |
| 01/15/26 | U.S. Dollars | &nbsp;&nbsp; 5621428 | Japanese Yen | &nbsp;&nbsp; 841561458 | CITI | &nbsp;&nbsp; 241417 |
| 01/15/26 | U.S. Dollars | &nbsp;&nbsp; 5321064 | Japanese Yen | &nbsp;&nbsp; 795626731 | SS | &nbsp;&nbsp; 234709 |
| 01/16/26 | Euro | &nbsp;&nbsp; 23837426 | U.S. Dollars | &nbsp;&nbsp; 27813278 | JPM | &nbsp;&nbsp; 222423 |
| 01/15/26 | Chinese Yuans | &nbsp;&nbsp; 124056192 | U.S. Dollars | &nbsp;&nbsp; 17529736 | GSC | &nbsp;&nbsp; 212669 |
| 01/15/26 | Mexican Pesos | &nbsp;&nbsp; 107461772 | U.S. Dollars | &nbsp;&nbsp; 5784580 | UBS | &nbsp;&nbsp; 174128 |
| 01/15/26 | Canadian Dollars | &nbsp;&nbsp; 15698096 | U.S. Dollars | &nbsp;&nbsp; 11279270 | GSC | &nbsp;&nbsp; 165920 |
| 01/15/26 | British Pounds | &nbsp;&nbsp; 9819870 | U.S. Dollars | &nbsp;&nbsp; 13100286 | UBS | &nbsp;&nbsp; 136144 |
| 01/15/26 | Euro | &nbsp;&nbsp; 20464331 | U.S. Dollars | &nbsp;&nbsp; 23934072 | GSC | &nbsp;&nbsp; 133283 |
| 01/15/26 | South African Rand | &nbsp;&nbsp; 54591407 | U.S. Dollars | &nbsp;&nbsp; 3163884 | GSC | &nbsp;&nbsp; 129090 |
| 01/15/26 | U.S. Dollars | &nbsp;&nbsp; 11622767 | New Zealand Dollars | &nbsp;&nbsp; 19955574 | SC | &nbsp;&nbsp; 125673 |
| 01/16/26 | U.S. Dollars | &nbsp;&nbsp; 9658541 | South Korean Won | &nbsp;&nbsp; 13743461806 | BAR | &nbsp;&nbsp; 124991 |
| 01/15/26 | Swedish Kronor | &nbsp;&nbsp; 65502099 | U.S. Dollars | &nbsp;&nbsp; 7007746 | CITI | &nbsp;&nbsp; 112866 |
| 01/15/26 | Swiss Francs | &nbsp;&nbsp; 8484018 | U.S. Dollars | &nbsp;&nbsp; 10620950 | GSC | &nbsp;&nbsp; 107785 |
| 01/15/26 | Hungarian Forint | &nbsp;&nbsp; 1097292044 | U.S. Dollars | &nbsp;&nbsp; 3246154 | GSC | &nbsp;&nbsp; 105575 |
| 01/15/26 | Euro | &nbsp;&nbsp; 26016012 | U.S. Dollars | &nbsp;&nbsp; 30492372 | SS | &nbsp;&nbsp; 104113 |
| 01/16/26 | Canadian Dollars | &nbsp;&nbsp; 7493822 | U.S. Dollars | &nbsp;&nbsp; 5371178 | SS | &nbsp;&nbsp; 92684 |
| 01/15/26 | Mexican Pesos | &nbsp;&nbsp; 53996596 | U.S. Dollars | &nbsp;&nbsp; 2905735 | SS | &nbsp;&nbsp; 88353 |
| 01/15/26 | U.S. Dollars | &nbsp;&nbsp; 7951032 | Norwegian Kroner | &nbsp;&nbsp; 79273469 | SS | &nbsp;&nbsp; 86212 |
| 01/15/26 | Czech Republic Koruna | &nbsp;&nbsp; 117654295 | U.S. Dollars | &nbsp;&nbsp; 5642574 | SS | &nbsp;&nbsp; 82076 |
| 01/15/26 | Mexican Pesos | &nbsp;&nbsp; 46332601 | U.S. Dollars | &nbsp;&nbsp; 2488993 | GSC | &nbsp;&nbsp; 80129 |
| 01/15/26 | U.S. Dollars | &nbsp;&nbsp; 7108217 | New Zealand Dollars | &nbsp;&nbsp; 12207163 | UBS | &nbsp;&nbsp; 75249 |

---

See Notes to Financial Statements.

**175**

------

**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>|
| 01/15/26 | Euro | &nbsp;&nbsp; 16380478 | U.S. Dollars | &nbsp;&nbsp; 19190738 | UBS | &nbsp;&nbsp; $73747 |
| 01/15/26 | Turkish Lira | &nbsp;&nbsp; 85318466 | U.S. Dollars | &nbsp;&nbsp; 1891642 | RBC | &nbsp;&nbsp; 72800 |
| 01/16/26 | U.S. Dollars | &nbsp;&nbsp; 1918913 | Japanese Yen | &nbsp;&nbsp; 288801219 | JPM | &nbsp;&nbsp; 72469 |
| 01/15/26 | British Pounds | &nbsp;&nbsp; 1885832 | U.S. Dollars | &nbsp;&nbsp; 2469554 | BNP | &nbsp;&nbsp; 72402 |
| 01/15/26 | Polish Zloty | &nbsp;&nbsp; 14001182 | U.S. Dollars | &nbsp;&nbsp; 3829518 | UBS | &nbsp;&nbsp; 70110 |
| 01/15/26 | Canadian Dollars | &nbsp;&nbsp; 5862952 | U.S. Dollars | &nbsp;&nbsp; 4205245 | UBS | &nbsp;&nbsp; 69325 |
| 01/15/26 | New Zealand Dollars | &nbsp;&nbsp; 11827474 | U.S. Dollars | &nbsp;&nbsp; 6750438 | GSC | &nbsp;&nbsp; 63778 |
| 01/15/26 | British Pounds | &nbsp;&nbsp; 8256584 | U.S. Dollars | &nbsp;&nbsp; 11066641 | SC | &nbsp;&nbsp; 62598 |
| 01/15/26 | Canadian Dollars | &nbsp;&nbsp; 6464676 | U.S. Dollars | &nbsp;&nbsp; 4652101 | RBC | &nbsp;&nbsp; 61174 |
| 01/16/26 | South Korean Won | &nbsp;&nbsp; 5671120766 | U.S. Dollars | &nbsp;&nbsp; 3875107 | CITI | &nbsp;&nbsp; 58830 |
| 01/15/26 | Australian Dollars | &nbsp;&nbsp; 3777810 | U.S. Dollars | &nbsp;&nbsp; 2463796 | BNP | &nbsp;&nbsp; 57545 |
| 01/15/26 | Norwegian Kroner | &nbsp;&nbsp; 70655342 | U.S. Dollars | &nbsp;&nbsp; 6952305 | GSC | &nbsp;&nbsp; 57500 |
| 01/15/26 | Israeli Shekels | &nbsp;&nbsp; 6214197 | U.S. Dollars | &nbsp;&nbsp; 1896498 | UBS | &nbsp;&nbsp; 54768 |
| 01/15/26 | Canadian Dollars | &nbsp;&nbsp; 6073118 | U.S. Dollars | &nbsp;&nbsp; 4373081 | SC | &nbsp;&nbsp; 54717 |
| 01/16/26 | Euro | &nbsp;&nbsp; 4846552 | U.S. Dollars | &nbsp;&nbsp; 5650821 | SS | &nbsp;&nbsp; 49311 |
| 01/16/26 | Canadian Dollars | &nbsp;&nbsp; 2812599 | U.S. Dollars | &nbsp;&nbsp; 2002375 | UBS | &nbsp;&nbsp; 48334 |
| 01/15/26 | Canadian Dollars | &nbsp;&nbsp; 5149296 | U.S. Dollars | &nbsp;&nbsp; 3706401 | BNP | &nbsp;&nbsp; 47856 |
| 01/15/26 | U.S. Dollars | &nbsp;&nbsp; 6765815 | New Zealand Dollars | &nbsp;&nbsp; 11662114 | GSC | &nbsp;&nbsp; 46869 |
| 01/16/26 | British Pounds | &nbsp;&nbsp; 2649038 | U.S. Dollars | &nbsp;&nbsp; 3524175 | SS | &nbsp;&nbsp; 46519 |
| 01/16/26 | Canadian Dollars | &nbsp;&nbsp; 5815526 | U.S. Dollars | &nbsp;&nbsp; 4194211 | CITI | &nbsp;&nbsp; 45979 |
| 01/15/26 | Euro | &nbsp;&nbsp; 14296246 | U.S. Dollars | &nbsp;&nbsp; 16767528 | SC | &nbsp;&nbsp; 45767 |
| 01/16/26 | Thai Baht | &nbsp;&nbsp; 44185361 | U.S. Dollars | &nbsp;&nbsp; 1358686 | JPM | &nbsp;&nbsp; 45229 |
| 02/19/26 | Chilean Pesos | &nbsp;&nbsp; 1214356816 | U.S. Dollars | &nbsp;&nbsp; 1308504 | CITI | &nbsp;&nbsp; 41601 |
| 01/15/26 | Czech Republic Koruna | &nbsp;&nbsp; 56220147 | U.S. Dollars | &nbsp;&nbsp; 2694039 | SC | &nbsp;&nbsp; 41438 |
| 01/16/26 | U.S. Dollars | &nbsp;&nbsp; 1960834 | South Korean Won | &nbsp;&nbsp; 2767500945 | MSCS | &nbsp;&nbsp; 41076 |
| 01/15/26 | Euro | &nbsp;&nbsp; 4977593 | U.S. Dollars | &nbsp;&nbsp; 5813854 | RBC | &nbsp;&nbsp; 40112 |
| 01/15/26 | Hungarian Forint | &nbsp;&nbsp; 373386382 | U.S. Dollars | &nbsp;&nbsp; 1101428 | SS | &nbsp;&nbsp; 39098 |
| 01/16/26 | Czech Republic Koruna | &nbsp;&nbsp; 34582181 | U.S. Dollars | &nbsp;&nbsp; 1643856 | SS | &nbsp;&nbsp; 38821 |
| 01/15/26 | Malaysian Ringgit | &nbsp;&nbsp; 4244715 | U.S. Dollars | &nbsp;&nbsp; 1011248 | BAR | &nbsp;&nbsp; 35796 |
| 01/16/26 | Mexican Pesos | &nbsp;&nbsp; 17286465 | U.S. Dollars | &nbsp;&nbsp; 924339 | MSCS | &nbsp;&nbsp; 34093 |
| 01/16/26 | Swedish Kronor | &nbsp;&nbsp; 9852327 | U.S. Dollars | &nbsp;&nbsp; 1037385 | SS | &nbsp;&nbsp; 33702 |
| 01/15/26 | U.S. Dollars | &nbsp;&nbsp; 2909029 | Norwegian Kroner | &nbsp;&nbsp; 28983931 | UBS | &nbsp;&nbsp; 33497 |
| 01/15/26 | U.S. Dollars | &nbsp;&nbsp; 2798754 | Norwegian Kroner | &nbsp;&nbsp; 27873908 | CITI | &nbsp;&nbsp; 33348 |
| 01/15/26 | Euro | &nbsp;&nbsp; 2671545 | U.S. Dollars | &nbsp;&nbsp; 3108957 | BNP | &nbsp;&nbsp; 32950 |
| 01/16/26 | Australian Dollars | &nbsp;&nbsp; 3973641 | U.S. Dollars | &nbsp;&nbsp; 2620010 | SS | &nbsp;&nbsp; 32045 |
| 01/16/26 | South African Rand | &nbsp;&nbsp; 9801733 | U.S. Dollars | &nbsp;&nbsp; 559305 | MLIB | &nbsp;&nbsp; 31896 |
| 01/16/26 | Mexican Pesos | &nbsp;&nbsp; 15762722 | U.S. Dollars | &nbsp;&nbsp; 843333 | BAR | &nbsp;&nbsp; 30616 |
| 01/15/26 | Australian Dollars | &nbsp;&nbsp; 3787961 | U.S. Dollars | &nbsp;&nbsp; 2498047 | CITI | &nbsp;&nbsp; 30069 |
| 01/15/26 | Malaysian Ringgit | &nbsp;&nbsp; 3393271 | U.S. Dollars | &nbsp;&nbsp; 809116 | GSC | &nbsp;&nbsp; 27903 |
| 01/15/26 | Swedish Kronor | &nbsp;&nbsp; 14105719 | U.S. Dollars | &nbsp;&nbsp; 1505663 | RBC | &nbsp;&nbsp; 27743 |
| 01/15/26 | U.S. Dollars | &nbsp;&nbsp; 2755679 | New Zealand Dollars | &nbsp;&nbsp; 4735262 | RBC | &nbsp;&nbsp; 27531 |
| 01/15/26 | Mexican Pesos | &nbsp;&nbsp; 16675780 | U.S. Dollars | &nbsp;&nbsp; 897170 | SC | &nbsp;&nbsp; 27495 |
| 01/15/26 | Israeli Shekels | &nbsp;&nbsp; 3049553 | U.S. Dollars | &nbsp;&nbsp; 930286 | SS | &nbsp;&nbsp; 27278 |
| 01/15/26 | Hungarian Forint | &nbsp;&nbsp; 245199821 | U.S. Dollars | &nbsp;&nbsp; 723584 | SC | &nbsp;&nbsp; 25390 |
| 01/16/26 | Euro | &nbsp;&nbsp; 1677866 | U.S. Dollars | &nbsp;&nbsp; 1949086 | CITI | &nbsp;&nbsp; 24287 |
| 01/16/26 | British Pounds | &nbsp;&nbsp; 2452948 | U.S. Dollars | &nbsp;&nbsp; 3282248 | HSBC | &nbsp;&nbsp; 24133 |
| 01/15/26 | U.S. Dollars | &nbsp;&nbsp; 11369550 | Swiss Francs | &nbsp;&nbsp; 8971723 | UBS | &nbsp;&nbsp; 24072 |
| 01/16/26 | U.S. Dollars | &nbsp;&nbsp; 1324677 | Japanese Yen | &nbsp;&nbsp; 203556912 | HSBC | &nbsp;&nbsp; 23240 |
| 01/15/26 | South African Rand | &nbsp;&nbsp; 9272163 | U.S. Dollars | &nbsp;&nbsp; 536447 | BNP | &nbsp;&nbsp; 22854 |
| 01/15/26 | South African Rand | &nbsp;&nbsp; 8452336 | U.S. Dollars | &nbsp;&nbsp; 487474 | SC | &nbsp;&nbsp; 22375 |
| 01/15/26 | Turkish Lira | &nbsp;&nbsp; 28541163 | U.S. Dollars | &nbsp;&nbsp; 635650 | UBS | &nbsp;&nbsp; 21506 |
| 01/15/26 | Australian Dollars | &nbsp;&nbsp; 1174130 | U.S. Dollars | &nbsp;&nbsp; 762325 | RBC | &nbsp;&nbsp; 21298 |
| 01/15/26 | U.S. Dollars | &nbsp;&nbsp; 1819537 | New Zealand Dollars | &nbsp;&nbsp; 3121675 | CITI | &nbsp;&nbsp; 21032 |
| 01/16/26 | Polish Zloty | &nbsp;&nbsp; 2786213 | U.S. Dollars | &nbsp;&nbsp; 755458 | MLIB | &nbsp;&nbsp; 20556 |
| 01/15/26 | Polish Zloty | &nbsp;&nbsp; 4106086 | U.S. Dollars | &nbsp;&nbsp; 1123296 | RBC | &nbsp;&nbsp; 20337 |
| 01/16/26 | British Pounds | &nbsp;&nbsp; 1035827 | U.S. Dollars | &nbsp;&nbsp; 1377229 | CITI | &nbsp;&nbsp; 18984 |

---

**176**

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>|
| 01/16/26 | South African Rand | &nbsp;&nbsp; 5153226 | U.S. Dollars | &nbsp;&nbsp; 292419 | SS | &nbsp;&nbsp; $18403 |
| 02/03/26 | U.S. Dollars | &nbsp;&nbsp; 2395870 | Brazilian Reals | &nbsp;&nbsp; 13144000 | CITI | &nbsp;&nbsp; 18250 |
| 01/15/26 | Czech Republic Koruna | &nbsp;&nbsp; 25099939 | U.S. Dollars | &nbsp;&nbsp; 1203257 | CITI | &nbsp;&nbsp; 18019 |
| 01/16/26 | U.S. Dollars | &nbsp;&nbsp; 1837306 | Japanese Yen | &nbsp;&nbsp; 284593514 | MSCS | &nbsp;&nbsp; 17763 |
| 01/16/26 | Australian Dollars | &nbsp;&nbsp; 2965184 | U.S. Dollars | &nbsp;&nbsp; 1961688 | JPM | &nbsp;&nbsp; 17311 |
| 01/15/26 | Euro | &nbsp;&nbsp; 5277246 | U.S. Dollars | &nbsp;&nbsp; 6189101 | CITI | &nbsp;&nbsp; 17276 |
| 01/15/26 | Australian Dollars | &nbsp;&nbsp; 1874741 | U.S. Dollars | &nbsp;&nbsp; 1234147 | UBS | &nbsp;&nbsp; 17071 |
| 01/15/26 | U.S. Dollars | &nbsp;&nbsp; 8032366 | Swiss Francs | &nbsp;&nbsp; 6338340 | CITI | &nbsp;&nbsp; 17017 |
| 01/15/26 | Polish Zloty | &nbsp;&nbsp; 2180750 | U.S. Dollars | &nbsp;&nbsp; 590701 | GSC | &nbsp;&nbsp; 16684 |
| 01/15/26 | Swedish Kronor | &nbsp;&nbsp; 5820668 | U.S. Dollars | &nbsp;&nbsp; 616710 | UBS | &nbsp;&nbsp; 16044 |
| 01/16/26 | Canadian Dollars | &nbsp;&nbsp; 1708216 | U.S. Dollars | &nbsp;&nbsp; 1230033 | JPM | &nbsp;&nbsp; 15454 |
| 01/15/26 | U.S. Dollars | &nbsp;&nbsp; 7577801 | Swiss Francs | &nbsp;&nbsp; 5980355 | RBC | &nbsp;&nbsp; 15153 |
| 01/16/26 | Australian Dollars | &nbsp;&nbsp; 2210869 | U.S. Dollars | &nbsp;&nbsp; 1461581 | BAR | &nbsp;&nbsp; 13979 |
| 01/15/26 | South African Rand | &nbsp;&nbsp; 5364937 | U.S. Dollars | &nbsp;&nbsp; 309660 | RBC | &nbsp;&nbsp; 13955 |
| 01/15/26 | New Zealand Dollars | &nbsp;&nbsp; 1115984 | U.S. Dollars | &nbsp;&nbsp; 629037 | BNP | &nbsp;&nbsp; 13920 |
| 01/15/26 | Czech Republic Koruna | &nbsp;&nbsp; 18171017 | U.S. Dollars | &nbsp;&nbsp; 870742 | RBC | &nbsp;&nbsp; 13397 |
| 02/19/26 | Chilean Pesos | &nbsp;&nbsp; 173558209 | U.S. Dollars | &nbsp;&nbsp; 180199 | BAR | &nbsp;&nbsp; 12761 |
| 01/15/26 | U.S. Dollars | &nbsp;&nbsp; 885145 | Japanese Yen | &nbsp;&nbsp; 136500000 | SC | &nbsp;&nbsp; 12515 |
| 01/15/26 | British Pounds | &nbsp;&nbsp; 961712 | U.S. Dollars | &nbsp;&nbsp; 1283805 | RBC | &nbsp;&nbsp; 12509 |
| 01/15/26 | Swedish Kronor | &nbsp;&nbsp; 7368489 | U.S. Dollars | &nbsp;&nbsp; 788880 | SC | &nbsp;&nbsp; 12134 |
| 01/16/26 | Euro | &nbsp;&nbsp; 771055 | U.S. Dollars | &nbsp;&nbsp; 895368 | HSBC | &nbsp;&nbsp; 11486 |
| 01/20/26 | Israeli Shekels | &nbsp;&nbsp; 1445048 | U.S. Dollars | &nbsp;&nbsp; 443071 | HSBC | &nbsp;&nbsp; 10668 |
| 01/16/26 | Chinese Offshore Yuan | &nbsp;&nbsp; 8576098 | U.S. Dollars | &nbsp;&nbsp; 1220204 | HSBC | &nbsp;&nbsp; 10460 |
| 01/16/26 | South African Rand | &nbsp;&nbsp; 4730123 | U.S. Dollars | &nbsp;&nbsp; 275342 | CITI | &nbsp;&nbsp; 9960 |
| 01/15/26 | South Korean Won | &nbsp;&nbsp; 1126062437 | U.S. Dollars | &nbsp;&nbsp; 771317 | SC | &nbsp;&nbsp; 9844 |
| 01/15/26 | Australian Dollars | &nbsp;&nbsp; 959960 | U.S. Dollars | &nbsp;&nbsp; 630886 | SC | &nbsp;&nbsp; 9799 |
| 01/15/26 | U.S. Dollars | &nbsp;&nbsp; 841042 | Norwegian Kroner | &nbsp;&nbsp; 8382868 | SC | &nbsp;&nbsp; 9368 |
| 01/15/26 | Israeli Shekels | &nbsp;&nbsp; 1026361 | U.S. Dollars | &nbsp;&nbsp; 313114 | SC | &nbsp;&nbsp; 9165 |
| 01/15/26 | Chilean Pesos | &nbsp;&nbsp; 580162801 | U.S. Dollars | &nbsp;&nbsp; 635795 | GSC | &nbsp;&nbsp; 8731 |
| 01/15/26 | Turkish Lira | &nbsp;&nbsp; 13934345 | U.S. Dollars | &nbsp;&nbsp; 312107 | GSC | &nbsp;&nbsp; 8729 |
| 01/16/26 | Hungarian Forint | &nbsp;&nbsp; 80898694 | U.S. Dollars | &nbsp;&nbsp; 238890 | MLIB | &nbsp;&nbsp; 8201 |
| 01/15/26 | Czech Republic Koruna | &nbsp;&nbsp; 14000000 | U.S. Dollars | &nbsp;&nbsp; 673014 | GSC | &nbsp;&nbsp; 8178 |
| 01/15/26 | Chinese Yuans | &nbsp;&nbsp; 4781769 | U.S. Dollars | &nbsp;&nbsp; 676292 | CITI | &nbsp;&nbsp; 7593 |
| 01/15/26 | Thai Baht | &nbsp;&nbsp; 9458559 | U.S. Dollars | &nbsp;&nbsp; 293203 | UBS | &nbsp;&nbsp; 7307 |
| 01/15/26 | U.S. Dollars | &nbsp;&nbsp; 622507 | Brazilian Reals | &nbsp;&nbsp; 3385677 | GSC | &nbsp;&nbsp; 7143 |
| 02/03/26 | U.S. Dollars | &nbsp;&nbsp; 942132 | Brazilian Reals | &nbsp;&nbsp; 5170343 | BAR | &nbsp;&nbsp; 6868 |
| 01/15/26 | U.S. Dollars | &nbsp;&nbsp; 4036270 | Norwegian Kroner | &nbsp;&nbsp; 40620607 | GSC | &nbsp;&nbsp; 6249 |
| 01/15/26 | U.S. Dollars | &nbsp;&nbsp; 622754 | New Zealand Dollars | &nbsp;&nbsp; 1070204 | SS | &nbsp;&nbsp; 6172 |
| 01/16/26 | Swiss Francs | &nbsp;&nbsp; 745952 | U.S. Dollars | &nbsp;&nbsp; 937432 | MLIB | &nbsp;&nbsp; 5991 |
| 01/15/26 | Canadian Dollars | &nbsp;&nbsp; 667197 | U.S. Dollars | &nbsp;&nbsp; 480606 | CITI | &nbsp;&nbsp; 5835 |
| 01/16/26 | Singapore Dollars | &nbsp;&nbsp; 1169007 | U.S. Dollars | &nbsp;&nbsp; 904646 | BAR | &nbsp;&nbsp; 5811 |
| 01/16/26 | Romanian Leu | &nbsp;&nbsp; 1315043 | U.S. Dollars | &nbsp;&nbsp; 297307 | MSCS | &nbsp;&nbsp; 5809 |
| 01/15/26 | Brazilian Reals | &nbsp;&nbsp; 1709734 | U.S. Dollars | &nbsp;&nbsp; 305367 | SS | &nbsp;&nbsp; 5385 |
| 01/15/26 | Mexican Pesos | &nbsp;&nbsp; 3232287 | U.S. Dollars | &nbsp;&nbsp; 173953 | RBC | &nbsp;&nbsp; 5276 |
| 01/16/26 | Euro | &nbsp;&nbsp; 475288 | U.S. Dollars | &nbsp;&nbsp; 553885 | MSCS | &nbsp;&nbsp; 5112 |
| 01/16/26 | Danish Kroner | &nbsp;&nbsp; 3400442 | U.S. Dollars | &nbsp;&nbsp; 530442 | SS | &nbsp;&nbsp; 5109 |
| 01/15/26 | Polish Zloty | &nbsp;&nbsp; 1006189 | U.S. Dollars | &nbsp;&nbsp; 275201 | SS | &nbsp;&nbsp; 5044 |
| 01/15/26 | Hungarian Forint | &nbsp;&nbsp; 47669187 | U.S. Dollars | &nbsp;&nbsp; 140693 | RBC | &nbsp;&nbsp; 4915 |
| 01/15/26 | Brazilian Reals | &nbsp;&nbsp; 1713465 | U.S. Dollars | &nbsp;&nbsp; 306570 | SC | &nbsp;&nbsp; 4861 |
| 01/15/26 | U.S. Dollars | &nbsp;&nbsp; 626660 | Japanese Yen | &nbsp;&nbsp; 97286718 | RBC | &nbsp;&nbsp; 4716 |
| 01/15/26 | Norwegian Kroner | &nbsp;&nbsp; 25208189 | U.S. Dollars | &nbsp;&nbsp; 2496294 | UBS | &nbsp;&nbsp; 4642 |
| 01/16/26 | U.S. Dollars | &nbsp;&nbsp; 564180 | New Zealand Dollars | &nbsp;&nbsp; 971494 | HSBC | &nbsp;&nbsp; 4444 |
| 01/16/26 | Czech Republic Koruna | &nbsp;&nbsp; 7835357 | U.S. Dollars | &nbsp;&nbsp; 377084 | HSBC | &nbsp;&nbsp; 4164 |
| 01/30/26 | U.S. Dollars | &nbsp;&nbsp; 2966007 | Indonesian Rupiahs | &nbsp;&nbsp; 49484867170 | MS | &nbsp;&nbsp; 3995 |
| 01/15/26 | U.S. Dollars | &nbsp;&nbsp; 1595605 | Swiss Francs | &nbsp;&nbsp; 1258755 | GSC | &nbsp;&nbsp; 3806 |
| 01/15/26 | Swiss Francs | &nbsp;&nbsp; 240168 | U.S. Dollars | &nbsp;&nbsp; 299978 | UBS | &nbsp;&nbsp; 3735 |

---

See Notes to Financial Statements.

**177**

------

**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>|
| 01/15/26 | Norwegian Kroner | &nbsp;&nbsp; 6277893 | U.S. Dollars | &nbsp;&nbsp; 619122 | SC | &nbsp;&nbsp; $3716 |
| 01/15/26 | South Korean Won | &nbsp;&nbsp; 452629574 | U.S. Dollars | &nbsp;&nbsp; 310341 | CITI | &nbsp;&nbsp; 3652 |
| 01/15/26 | New Zealand Dollars | &nbsp;&nbsp; 1083302 | U.S. Dollars | &nbsp;&nbsp; 620603 | RBC | &nbsp;&nbsp; 3525 |
| 01/15/26 | U.S. Dollars | &nbsp;&nbsp; 307727 | Brazilian Reals | &nbsp;&nbsp; 1674142 | SS | &nbsp;&nbsp; 3443 |
| 01/15/26 | Mexican Pesos | &nbsp;&nbsp; 2140706 | U.S. Dollars | &nbsp;&nbsp; 115291 | CITI | &nbsp;&nbsp; 3410 |
| 01/16/26 | Euro | &nbsp;&nbsp; 479300 | U.S. Dollars | &nbsp;&nbsp; 560401 | BAR | &nbsp;&nbsp; 3314 |
| 01/15/26 | Norwegian Kroner | &nbsp;&nbsp; 6241165 | U.S. Dollars | &nbsp;&nbsp; 615997 | RBC | &nbsp;&nbsp; 3197 |
| 01/16/26 | Australian Dollars | &nbsp;&nbsp; 851312 | U.S. Dollars | &nbsp;&nbsp; 565006 | CITI | &nbsp;&nbsp; 3169 |
| 01/16/26 | U.S. Dollars | &nbsp;&nbsp; 1052208 | Euro | &nbsp;&nbsp; 892069 | SS | &nbsp;&nbsp; 3027 |
| 01/16/26 | Swiss Francs | &nbsp;&nbsp; 757525 | U.S. Dollars | &nbsp;&nbsp; 955160 | CITI | &nbsp;&nbsp; 2899 |
| 01/15/26 | British Pounds | &nbsp;&nbsp; 375689 | U.S. Dollars | &nbsp;&nbsp; 503517 | SS | &nbsp;&nbsp; 2882 |
| 01/15/26 | U.S. Dollars | &nbsp;&nbsp; 590988 | Swiss Francs | &nbsp;&nbsp; 465060 | BNP | &nbsp;&nbsp; 2881 |
| 01/16/26 | Czech Republic Koruna | &nbsp;&nbsp; 3134950 | U.S. Dollars | &nbsp;&nbsp; 149845 | JPM | &nbsp;&nbsp; 2693 |
| 01/15/26 | Romanian Leu | &nbsp;&nbsp; 907138 | U.S. Dollars | &nbsp;&nbsp; 206506 | SC | &nbsp;&nbsp; 2600 |
| 01/15/26 | New Zealand Dollars | &nbsp;&nbsp; 812432 | U.S. Dollars | &nbsp;&nbsp; 465558 | SS | &nbsp;&nbsp; 2512 |
| 01/16/26 | U.S. Dollars | &nbsp;&nbsp; 337183 | Japanese Yen | &nbsp;&nbsp; 52357595 | RBC | &nbsp;&nbsp; 2436 |
| 01/16/26 | U.S. Dollars | &nbsp;&nbsp; 928545 | Japanese Yen | &nbsp;&nbsp; 144874475 | BAR | &nbsp;&nbsp; 2293 |
| 01/16/26 | Canadian Dollars | &nbsp;&nbsp; 505276 | U.S. Dollars | &nbsp;&nbsp; 366125 | HSBC | &nbsp;&nbsp; 2280 |
| 01/16/26 | Polish Zloty | &nbsp;&nbsp; 411224 | U.S. Dollars | &nbsp;&nbsp; 112353 | UBS | &nbsp;&nbsp; 2181 |
| 01/15/26 | Norwegian Kroner | &nbsp;&nbsp; 4724923 | U.S. Dollars | &nbsp;&nbsp; 466705 | BNP | &nbsp;&nbsp; 2060 |
| 01/16/26 | Japanese Yen | &nbsp;&nbsp; 296033323 | U.S. Dollars | &nbsp;&nbsp; 1891049 | HSBC | &nbsp;&nbsp; 1634 |
| 01/15/26 | British Pounds | &nbsp;&nbsp; 156377 | Euro | &nbsp;&nbsp; 177995 | RBC | &nbsp;&nbsp; 1451 |
| 01/16/26 | U.S. Dollars | &nbsp;&nbsp; 922877 | South Korean Won | &nbsp;&nbsp; 1328666018 | CITI | &nbsp;&nbsp; 1209 |
| 01/15/26 | U.S. Dollars | &nbsp;&nbsp; 1561865 | Euro | &nbsp;&nbsp; 1327042 | GSC | &nbsp;&nbsp; 1179 |
| 01/15/26 | Danish Kroner | &nbsp;&nbsp; 2488718 | U.S. Dollars | &nbsp;&nbsp; 391029 | SC | &nbsp;&nbsp; 906 |
| 01/15/26 | New Zealand Dollars | &nbsp;&nbsp; 812330 | U.S. Dollars | &nbsp;&nbsp; 467124 | UBS | &nbsp;&nbsp; 887 |
| 01/15/26 | U.S. Dollars | &nbsp;&nbsp; 1336278 | Singapore Dollars | &nbsp;&nbsp; 1715189 | GSC | &nbsp;&nbsp; 531 |
| 01/16/26 | Czech Republic Koruna | &nbsp;&nbsp; 4684905 | U.S. Dollars | &nbsp;&nbsp; 227424 | BAR | &nbsp;&nbsp; 531 |
| 01/16/26 | U.S. Dollars | &nbsp;&nbsp; 329035 | New Zealand Dollars | &nbsp;&nbsp; 570243 | SS | &nbsp;&nbsp; 484 |
| 01/16/26 | U.S. Dollars | &nbsp;&nbsp; 193242 | Japanese Yen | &nbsp;&nbsp; 30158218 | SS | &nbsp;&nbsp; 427 |
| 01/16/26 | U.S. Dollars | &nbsp;&nbsp; 888320 | Euro | &nbsp;&nbsp; 754973 | HSBC | &nbsp;&nbsp; 380 |
| 01/16/26 | Canadian Dollars | &nbsp;&nbsp; 259117 | U.S. Dollars | &nbsp;&nbsp; 188548 | BAR | &nbsp;&nbsp; 378 |
| 01/15/26 | British Pounds | &nbsp;&nbsp; 210285 | Euro | &nbsp;&nbsp; 240701 | SC | &nbsp;&nbsp; 369 |
| 01/16/26 | U.S. Dollars | &nbsp;&nbsp; 149155 | Japanese Yen | &nbsp;&nbsp; 23285491 | UBS | &nbsp;&nbsp; 279 |
| 01/15/26 | Chilean Pesos | &nbsp;&nbsp; 2730427 | U.S. Dollars | &nbsp;&nbsp; 2834 | UBS | &nbsp;&nbsp; 199 |
| 01/16/26 | U.S. Dollars | &nbsp;&nbsp; 151624 | Euro | &nbsp;&nbsp; 128757 | MLIB | &nbsp;&nbsp; 190 |
| 03/18/26 | U.S. Dollars | &nbsp;&nbsp; 99259 | Euro | &nbsp;&nbsp; 84000 | MLIB | &nbsp;&nbsp; 183 |
| 01/15/26 | British Pounds | &nbsp;&nbsp; 4254 | Euro | &nbsp;&nbsp; 4808 | CITI | &nbsp;&nbsp; 80 |
| 01/15/26 | Singapore Dollars | &nbsp;&nbsp; 575182 | U.S. Dollars | &nbsp;&nbsp; 447882 | SC | &nbsp;&nbsp; 56 |
| 01/15/26 | U.S. Dollars | &nbsp;&nbsp; 497 | Brazilian Reals | &nbsp;&nbsp; 2705 | UBS | &nbsp;&nbsp; 5 |
| 01/15/26 | Colombian Pesos | &nbsp;&nbsp; 628871 | U.S. Dollars | &nbsp;&nbsp; 160 | UBS | &nbsp;&nbsp; 5 |
| 01/15/26 | U.S. Dollars | &nbsp;&nbsp; 40 | Indonesian Rupiahs | &nbsp;&nbsp; 674019 | RBC | &nbsp;&nbsp; — <br><sup>Φ</sup><br>|
| Subtotal Appreciation | Subtotal Appreciation |  |  |  |  | &nbsp;&nbsp; $8676339 |
| 01/15/26 | Indian Rupees | &nbsp;&nbsp; 27934 | U.S. Dollars | &nbsp;&nbsp; 313 | RBC | &nbsp;&nbsp; $(3)<br>|
| 01/15/26 | U.S. Dollars | &nbsp;&nbsp; 5591 | Chinese Yuans | &nbsp;&nbsp; 39687 | UBS | &nbsp;&nbsp; (85)<br>|
| 01/16/26 | U.S. Dollars | &nbsp;&nbsp; 254649 | Canadian Dollars | &nbsp;&nbsp; 349997 | HSBC | &nbsp;&nbsp; (540)<br>|
| 01/16/26 | Euro | &nbsp;&nbsp; 725305 | U.S. Dollars | &nbsp;&nbsp; 853683 | MSCS | &nbsp;&nbsp; (637)<br>|
| 01/16/26 | U.S. Dollars | &nbsp;&nbsp; 338815 | Singapore Dollars | &nbsp;&nbsp; 435900 | SS | &nbsp;&nbsp; (676)<br>|
| 01/15/26 | Indonesian Rupiahs | &nbsp;&nbsp; 8731467112 | U.S. Dollars | &nbsp;&nbsp; 524035 | GSC | &nbsp;&nbsp; (906)<br>|
| 01/16/26 | Japanese Yen | &nbsp;&nbsp; 17546214 | U.S. Dollars | &nbsp;&nbsp; 113103 | BAR | &nbsp;&nbsp; (921)<br>|
| 01/15/26 | U.S. Dollars | &nbsp;&nbsp; 80019 | Australian Dollars | &nbsp;&nbsp; 121403 | CITI | &nbsp;&nbsp; (1006)<br>|
| 01/16/26 | Japanese Yen | &nbsp;&nbsp; 17531512 | U.S. Dollars | &nbsp;&nbsp; 113114 | MSCS | &nbsp;&nbsp; (1026)<br>|
| 01/16/26 | U.S. Dollars | &nbsp;&nbsp; 377262 | Swiss Francs | &nbsp;&nbsp; 299153 | JPM | &nbsp;&nbsp; (1084)<br>|
| 01/15/26 | U.S. Dollars | &nbsp;&nbsp; 617895 | Swiss Francs | &nbsp;&nbsp; 489682 | SC | &nbsp;&nbsp; (1348)<br>|
| 01/16/26 | U.S. Dollars | &nbsp;&nbsp; 116232 | Euro | &nbsp;&nbsp; 100000 | BAR | &nbsp;&nbsp; (1380)<br>|

---

**178**

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>|
| 01/15/26 | Singapore Dollars | &nbsp;&nbsp; 1715125 | U.S. Dollars | &nbsp;&nbsp; 1337101 | UBS | &nbsp;&nbsp; $(1404)<br>|
| 01/16/26 | Norwegian Kroner | &nbsp;&nbsp; 18372484 | U.S. Dollars | &nbsp;&nbsp; 1824194 | MLIB | &nbsp;&nbsp; (1431)<br>|
| 01/16/26 | U.S. Dollars | &nbsp;&nbsp; 611351 | Norwegian Kroner | &nbsp;&nbsp; 6178225 | HSBC | &nbsp;&nbsp; (1600)<br>|
| 01/15/26 | U.S. Dollars | &nbsp;&nbsp; 101213 | Polish Zloty | &nbsp;&nbsp; 370000 | RBC | &nbsp;&nbsp; (1840)<br>|
| 01/16/26 | U.S. Dollars | &nbsp;&nbsp; 112011 | Chinese Offshore Yuan | &nbsp;&nbsp; 793547 | CITI | &nbsp;&nbsp; (1863)<br>|
| 01/15/26 | South Korean Won | &nbsp;&nbsp; 120336251 | U.S. Dollars | &nbsp;&nbsp; 85470 | CITI | &nbsp;&nbsp; (1992)<br>|
| 01/15/26 | U.S. Dollars | &nbsp;&nbsp; 299209 | South Korean Won | &nbsp;&nbsp; 434274710 | SC | &nbsp;&nbsp; (2052)<br>|
| 01/15/26 | Brazilian Reals | &nbsp;&nbsp; 1674335 | U.S. Dollars | &nbsp;&nbsp; 306559 | SC | &nbsp;&nbsp; (2240)<br>|
| 01/15/26 | U.S. Dollars | &nbsp;&nbsp; 222038 | Chinese Yuans | &nbsp;&nbsp; 1569697 | RBC | &nbsp;&nbsp; (2459)<br>|
| 01/15/26 | U.S. Dollars | &nbsp;&nbsp; 448449 | Brazilian Reals | &nbsp;&nbsp; 2481696 | BNP | &nbsp;&nbsp; (2611)<br>|
| 01/15/26 | Brazilian Reals | &nbsp;&nbsp; 1680934 | U.S. Dollars | &nbsp;&nbsp; 308137 | SS | &nbsp;&nbsp; (2619)<br>|
| 01/15/26 | Norwegian Kroner | &nbsp;&nbsp; 9269324 | U.S. Dollars | &nbsp;&nbsp; 922357 | UBS | &nbsp;&nbsp; (2736)<br>|
| 01/15/26 | U.S. Dollars | &nbsp;&nbsp; 623516 | Swiss Francs | &nbsp;&nbsp; 495458 | BNP | &nbsp;&nbsp; (3031)<br>|
| 01/15/26 | Brazilian Reals | &nbsp;&nbsp; 2496165 | U.S. Dollars | &nbsp;&nbsp; 456763 | CITI | &nbsp;&nbsp; (3072)<br>|
| 01/15/26 | U.S. Dollars | &nbsp;&nbsp; 252205 | Czech Republic Koruna | &nbsp;&nbsp; 5250000 | RBC | &nbsp;&nbsp; (3242)<br>|
| 01/16/26 | U.S. Dollars | &nbsp;&nbsp; 854980 | Japanese Yen | &nbsp;&nbsp; 134238229 | HSBC | &nbsp;&nbsp; (3269)<br>|
| 01/30/26 | U.S. Dollars | &nbsp;&nbsp; 1270587 | Indian Rupees | &nbsp;&nbsp; 114827921 | CITI | &nbsp;&nbsp; (3270)<br>|
| 01/16/26 | Norwegian Kroner | &nbsp;&nbsp; 3362515 | U.S. Dollars | &nbsp;&nbsp; 336924 | BAR | &nbsp;&nbsp; (3324)<br>|
| 01/15/26 | New Zealand Dollars | &nbsp;&nbsp; 1067664 | U.S. Dollars | &nbsp;&nbsp; 618711 | SC | &nbsp;&nbsp; (3593)<br>|
| 01/16/26 | U.S. Dollars | &nbsp;&nbsp; 239337 | Canadian Dollars | &nbsp;&nbsp; 333512 | UBS | &nbsp;&nbsp; (3832)<br>|
| 01/15/26 | New Zealand Dollars | &nbsp;&nbsp; 1599109 | U.S. Dollars | &nbsp;&nbsp; 925260 | UBS | &nbsp;&nbsp; (3959)<br>|
| 01/15/26 | Swiss Francs | &nbsp;&nbsp; 1679756 | U.S. Dollars | &nbsp;&nbsp; 2128241 | SS | &nbsp;&nbsp; (4052)<br>|
| 01/15/26 | Brazilian Reals | &nbsp;&nbsp; 3378804 | U.S. Dollars | &nbsp;&nbsp; 618217 | UBS | &nbsp;&nbsp; (4102)<br>|
| 01/30/26 | Indonesian Rupiahs | &nbsp;&nbsp; 69469806005 | U.S. Dollars | &nbsp;&nbsp; 4162602 | CITI | &nbsp;&nbsp; (4352)<br>|
| 01/15/26 | U.S. Dollars | &nbsp;&nbsp; 238956 | Polish Zloty | &nbsp;&nbsp; 873622 | SS | &nbsp;&nbsp; (4367)<br>|
| 01/16/26 | U.S. Dollars | &nbsp;&nbsp; 480141 | Euro | &nbsp;&nbsp; 412179 | RBC | &nbsp;&nbsp; (4632)<br>|
| 01/15/26 | U.S. Dollars | &nbsp;&nbsp; 312364 | Swiss Francs | &nbsp;&nbsp; 250845 | RBC | &nbsp;&nbsp; (4850)<br>|
| 01/15/26 | U.S. Dollars | &nbsp;&nbsp; 620750 | Canadian Dollars | &nbsp;&nbsp; 858087 | BNP | &nbsp;&nbsp; (4866)<br>|
| 01/15/26 | U.S. Dollars | &nbsp;&nbsp; 330356 | Norwegian Kroner | &nbsp;&nbsp; 3384132 | UBS | &nbsp;&nbsp; (5388)<br>|
| 01/15/26 | U.S. Dollars | &nbsp;&nbsp; 310384 | South Korean Won | &nbsp;&nbsp; 455228317 | BNP | &nbsp;&nbsp; (5412)<br>|
| 01/15/26 | Brazilian Reals | &nbsp;&nbsp; 1682352 | U.S. Dollars | &nbsp;&nbsp; 311263 | RBC | &nbsp;&nbsp; (5487)<br>|
| 01/15/26 | U.S. Dollars | &nbsp;&nbsp; 309814 | Swedish Kronor | &nbsp;&nbsp; 2904937 | BNP | &nbsp;&nbsp; (5977)<br>|
| 01/15/26 | U.S. Dollars | &nbsp;&nbsp; 307946 | Hungarian Forint | &nbsp;&nbsp; 103017377 | GSC | &nbsp;&nbsp; (6726)<br>|
| 01/15/26 | U.S. Dollars | &nbsp;&nbsp; 624190 | New Zealand Dollars | &nbsp;&nbsp; 1096551 | BNP | &nbsp;&nbsp; (7571)<br>|
| 01/15/26 | Australian Dollars | &nbsp;&nbsp; 2792141 | U.S. Dollars | &nbsp;&nbsp; 1871070 | GSC | &nbsp;&nbsp; (7572)<br>|
| 01/15/26 | U.S. Dollars | &nbsp;&nbsp; 643763 | Chinese Yuans | &nbsp;&nbsp; 4557774 | GSC | &nbsp;&nbsp; (8086)<br>|
| 01/15/26 | Swiss Francs | &nbsp;&nbsp; 3530485 | U.S. Dollars | &nbsp;&nbsp; 4472734 | GSC | &nbsp;&nbsp; (8147)<br>|
| 01/15/26 | U.S. Dollars | &nbsp;&nbsp; 612785 | Brazilian Reals | &nbsp;&nbsp; 3418621 | SC | &nbsp;&nbsp; (8566)<br>|
| 01/15/26 | U.S. Dollars | &nbsp;&nbsp; 518937 | Polish Zloty | &nbsp;&nbsp; 1895883 | CITI | &nbsp;&nbsp; (9107)<br>|
| 01/15/26 | U.S. Dollars | &nbsp;&nbsp; 257197 | Hungarian Forint | &nbsp;&nbsp; 87191903 | BNP | &nbsp;&nbsp; (9135)<br>|
| 01/16/26 | U.S. Dollars | &nbsp;&nbsp; 284147 | Thai Baht | &nbsp;&nbsp; 9238466 | BAR | &nbsp;&nbsp; (9390)<br>|
| 01/15/26 | U.S. Dollars | &nbsp;&nbsp; 1200889 | British Pounds | &nbsp;&nbsp; 898452 | RBC | &nbsp;&nbsp; (10155)<br>|
| 01/15/26 | U.S. Dollars | &nbsp;&nbsp; 2170064 | Swiss Francs | &nbsp;&nbsp; 1724211 | UBS | &nbsp;&nbsp; (10342)<br>|
| 01/16/26 | U.S. Dollars | &nbsp;&nbsp; 1242587 | Euro | &nbsp;&nbsp; 1065412 | JPM | &nbsp;&nbsp; (10467)<br>|
| 01/16/26 | Japanese Yen | &nbsp;&nbsp; 315458378 | U.S. Dollars | &nbsp;&nbsp; 2027804 | HSBC | &nbsp;&nbsp; (10927)<br>|
| 01/15/26 | U.S. Dollars | &nbsp;&nbsp; 457172 | South Korean Won | &nbsp;&nbsp; 675037213 | UBS | &nbsp;&nbsp; (11108)<br>|
| 01/15/26 | U.S. Dollars | &nbsp;&nbsp; 626301 | Canadian Dollars | &nbsp;&nbsp; 875130 | UBS | &nbsp;&nbsp; (11740)<br>|
| 01/15/26 | U.S. Dollars | &nbsp;&nbsp; 281223 | Turkish Lira | &nbsp;&nbsp; 12728196 | UBS | &nbsp;&nbsp; (11842)<br>|
| 01/15/26 | U.S. Dollars | &nbsp;&nbsp; 1546161 | Norwegian Kroner | &nbsp;&nbsp; 15704688 | SS | &nbsp;&nbsp; (11921)<br>|
| 01/16/26 | U.S. Dollars | &nbsp;&nbsp; 373303 | Australian Dollars | &nbsp;&nbsp; 577287 | JPM | &nbsp;&nbsp; (11985)<br>|
| 01/15/26 | Swiss Francs | &nbsp;&nbsp; 5024247 | U.S. Dollars | &nbsp;&nbsp; 6366294 | SC | &nbsp;&nbsp; (12722)<br>|
| 01/15/26 | U.S. Dollars | &nbsp;&nbsp; 1365280 | Norwegian Kroner | &nbsp;&nbsp; 13897720 | RBC | &nbsp;&nbsp; (13530)<br>|
| 01/15/26 | U.S. Dollars | &nbsp;&nbsp; 456752 | Mexican Pesos | &nbsp;&nbsp; 8488154 | SC | &nbsp;&nbsp; (13913)<br>|
| 01/15/26 | U.S. Dollars | &nbsp;&nbsp; 810039 | Polish Zloty | &nbsp;&nbsp; 2961533 | SC | &nbsp;&nbsp; (14811)<br>|
| 01/15/26 | U.S. Dollars | &nbsp;&nbsp; 841797 | Polish Zloty | &nbsp;&nbsp; 3077053 | BNP | &nbsp;&nbsp; (15228)<br>|
| 01/16/26 | U.S. Dollars | &nbsp;&nbsp; 1339744 | British Pounds | &nbsp;&nbsp; 1005586 | JPM | &nbsp;&nbsp; (15707)<br>|

---

See Notes to Financial Statements.

**179**

------

**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>|
| 01/16/26 | U.S. Dollars | &nbsp;&nbsp; 1313584 | Norwegian Kroner | &nbsp;&nbsp; 13399981 | CITI | &nbsp;&nbsp; $(15849)<br>|
| 01/16/26 | U.S. Dollars | &nbsp;&nbsp; 936960 | Euro | &nbsp;&nbsp; 810252 | CITI | &nbsp;&nbsp; (15994)<br>|
| 01/30/26 | Indian Rupees | &nbsp;&nbsp; 115293814 | U.S. Dollars | &nbsp;&nbsp; 1295869 | CITI | &nbsp;&nbsp; (16843)<br>|
| 01/16/26 | U.S. Dollars | &nbsp;&nbsp; 1158437 | British Pounds | &nbsp;&nbsp; 871989 | HSBC | &nbsp;&nbsp; (16936)<br>|
| 01/15/26 | U.S. Dollars | &nbsp;&nbsp; 1543306 | British Pounds | &nbsp;&nbsp; 1157645 | SC | &nbsp;&nbsp; (17111)<br>|
| 01/15/26 | U.S. Dollars | &nbsp;&nbsp; 1353268 | Czech Republic Koruna | &nbsp;&nbsp; 28178184 | SC | &nbsp;&nbsp; (17784)<br>|
| 01/15/26 | New Zealand Dollars | &nbsp;&nbsp; 2899272 | U.S. Dollars | &nbsp;&nbsp; 1688765 | RBC | &nbsp;&nbsp; (18394)<br>|
| 01/16/26 | U.S. Dollars | &nbsp;&nbsp; 1275482 | Euro | &nbsp;&nbsp; 1100424 | HSBC | &nbsp;&nbsp; (18750)<br>|
| 01/15/26 | U.S. Dollars | &nbsp;&nbsp; 591522 | Hungarian Forint | &nbsp;&nbsp; 200275000 | SS | &nbsp;&nbsp; (20227)<br>|
| 01/16/26 | U.S. Dollars | &nbsp;&nbsp; 741484 | Thai Baht | &nbsp;&nbsp; 23987000 | JPM | &nbsp;&nbsp; (20662)<br>|
| 01/15/26 | U.S. Dollars | &nbsp;&nbsp; 523103 | South African Rand | &nbsp;&nbsp; 9071066 | RBC | &nbsp;&nbsp; (24067)<br>|
| 01/16/26 | U.S. Dollars | &nbsp;&nbsp; 2481009 | Czech Republic Koruna | &nbsp;&nbsp; 51504102 | HSBC | &nbsp;&nbsp; (25044)<br>|
| 01/15/26 | U.S. Dollars | &nbsp;&nbsp; 544238 | South African Rand | &nbsp;&nbsp; 9438784 | SS | &nbsp;&nbsp; (25113)<br>|
| 01/15/26 | U.S. Dollars | &nbsp;&nbsp; 6743653 | British Pounds | &nbsp;&nbsp; 5021814 | CITI | &nbsp;&nbsp; (25366)<br>|
| 01/15/26 | U.S. Dollars | &nbsp;&nbsp; 1741811 | Canadian Dollars | &nbsp;&nbsp; 2424110 | SC | &nbsp;&nbsp; (25563)<br>|
| 01/15/26 | U.S. Dollars | &nbsp;&nbsp; 7800047 | Euro | &nbsp;&nbsp; 6654200 | RBC | &nbsp;&nbsp; (25716)<br>|
| 01/16/26 | U.S. Dollars | &nbsp;&nbsp; 1382780 | Czech Republic Koruna | &nbsp;&nbsp; 28952989 | MS | &nbsp;&nbsp; (25996)<br>|
| 01/15/26 | Japanese Yen | &nbsp;&nbsp; 190445048 | U.S. Dollars | &nbsp;&nbsp; 1244330 | BNP | &nbsp;&nbsp; (26836)<br>|
| 01/15/26 | New Zealand Dollars | &nbsp;&nbsp; 4571816 | U.S. Dollars | &nbsp;&nbsp; 2661890 | BNP | &nbsp;&nbsp; (27909)<br>|
| 01/16/26 | U.S. Dollars | &nbsp;&nbsp; 2693403 | South Korean Won | &nbsp;&nbsp; 3923900000 | BAR | &nbsp;&nbsp; (28524)<br>|
| 01/15/26 | U.S. Dollars | &nbsp;&nbsp; 618084 | Chilean Pesos | &nbsp;&nbsp; 582896792 | UBS | &nbsp;&nbsp; (29478)<br>|
| 01/15/26 | U.S. Dollars | &nbsp;&nbsp; 1329554 | Australian Dollars | &nbsp;&nbsp; 2040053 | UBS | &nbsp;&nbsp; (31994)<br>|
| 01/15/26 | U.S. Dollars | &nbsp;&nbsp; 1085969 | Mexican Pesos | &nbsp;&nbsp; 20189017 | SS | &nbsp;&nbsp; (33503)<br>|
| 01/16/26 | U.S. Dollars | &nbsp;&nbsp; 2001295 | South Korean Won | &nbsp;&nbsp; 2934000000 | CITI | &nbsp;&nbsp; (33959)<br>|
| 01/15/26 | U.S. Dollars | &nbsp;&nbsp; 9486581 | Euro | &nbsp;&nbsp; 8096271 | SC | &nbsp;&nbsp; (35149)<br>|
| 01/15/26 | Swiss Francs | &nbsp;&nbsp; 13625516 | U.S. Dollars | &nbsp;&nbsp; 17265836 | BNP | &nbsp;&nbsp; (35257)<br>|
| 01/15/26 | Norwegian Kroner | &nbsp;&nbsp; 59107310 | U.S. Dollars | &nbsp;&nbsp; 5900247 | GSC | &nbsp;&nbsp; (36136)<br>|
| 01/15/26 | U.S. Dollars | &nbsp;&nbsp; 1288843 | Israeli Shekels | &nbsp;&nbsp; 4223054 | BNP | &nbsp;&nbsp; (37202)<br>|
| 01/16/26 | U.S. Dollars | &nbsp;&nbsp; 1157224 | Australian Dollars | &nbsp;&nbsp; 1790535 | BAR | &nbsp;&nbsp; (37800)<br>|
| 01/15/26 | South Korean Won | &nbsp;&nbsp; 2059114727 | U.S. Dollars | &nbsp;&nbsp; 1467285 | GSC | &nbsp;&nbsp; (38857)<br>|
| 01/16/26 | U.S. Dollars | &nbsp;&nbsp; 913303 | Mexican Pesos | &nbsp;&nbsp; 17202379 | SS | &nbsp;&nbsp; (40467)<br>|
| 01/15/26 | U.S. Dollars | &nbsp;&nbsp; 2158053 | Czech Republic Koruna | &nbsp;&nbsp; 45185391 | GSC | &nbsp;&nbsp; (40511)<br>|
| 01/15/26 | U.S. Dollars | &nbsp;&nbsp; 1080229 | South African Rand | &nbsp;&nbsp; 18591712 | GSC | &nbsp;&nbsp; (41230)<br>|
| 01/15/26 | U.S. Dollars | &nbsp;&nbsp; 12673995 | Euro | &nbsp;&nbsp; 10811696 | CITI | &nbsp;&nbsp; (41247)<br>|
| 01/15/26 | U.S. Dollars | &nbsp;&nbsp; 3218952 | Australian Dollars | &nbsp;&nbsp; 4890114 | SS | &nbsp;&nbsp; (44750)<br>|
| 01/15/26 | U.S. Dollars | &nbsp;&nbsp; 3119332 | Czech Republic Koruna | &nbsp;&nbsp; 65031381 | UBS | &nbsp;&nbsp; (44869)<br>|
| 01/15/26 | U.S. Dollars | &nbsp;&nbsp; 1537711 | Israeli Shekels | &nbsp;&nbsp; 5040735 | GSC | &nbsp;&nbsp; (45086)<br>|
| 01/16/26 | U.S. Dollars | &nbsp;&nbsp; 2510237 | Chinese Offshore Yuan | &nbsp;&nbsp; 17807421 | MLIB | &nbsp;&nbsp; (45115)<br>|
| 01/15/26 | U.S. Dollars | &nbsp;&nbsp; 9535255 | Euro | &nbsp;&nbsp; 8146342 | BNP | &nbsp;&nbsp; (45360)<br>|
| 01/15/26 | U.S. Dollars | &nbsp;&nbsp; 2753109 | Polish Zloty | &nbsp;&nbsp; 10063500 | GSC | &nbsp;&nbsp; (49791)<br>|
| 01/16/26 | U.S. Dollars | &nbsp;&nbsp; 2159040 | Australian Dollars | &nbsp;&nbsp; 3309986 | SS | &nbsp;&nbsp; (50084)<br>|
| 01/15/26 | U.S. Dollars | &nbsp;&nbsp; 1322805 | Turkish Lira | &nbsp;&nbsp; 59694907 | GSC | &nbsp;&nbsp; (51659)<br>|
| 01/15/26 | U.S. Dollars | &nbsp;&nbsp; 3163118 | Swedish Kronor | &nbsp;&nbsp; 29587673 | SS | &nbsp;&nbsp; (53303)<br>|
| 01/16/26 | Japanese Yen | &nbsp;&nbsp; 249287688 | U.S. Dollars | &nbsp;&nbsp; 1647946 | SS | &nbsp;&nbsp; (54130)<br>|
| 01/15/26 | U.S. Dollars | &nbsp;&nbsp; 7849851 | Swiss Francs | &nbsp;&nbsp; 6251017 | GSC | &nbsp;&nbsp; (55071)<br>|
| 01/15/26 | Norwegian Kroner | &nbsp;&nbsp; 47912391 | U.S. Dollars | &nbsp;&nbsp; 4808661 | RBC | &nbsp;&nbsp; (55213)<br>|
| 01/15/26 | U.S. Dollars | &nbsp;&nbsp; 3831532 | Czech Republic Koruna | &nbsp;&nbsp; 79959523 | BNP | &nbsp;&nbsp; (59021)<br>|
| 01/15/26 | U.S. Dollars | &nbsp;&nbsp; 6157136 | New Zealand Dollars | &nbsp;&nbsp; 10794099 | GSC | &nbsp;&nbsp; (61717)<br>|
| 01/16/26 | U.S. Dollars | &nbsp;&nbsp; 5781192 | Euro | &nbsp;&nbsp; 4968132 | SS | &nbsp;&nbsp; (61933)<br>|
| 01/15/26 | U.S. Dollars | &nbsp;&nbsp; 1899111 | Hungarian Forint | &nbsp;&nbsp; 643000000 | SC | &nbsp;&nbsp; (64962)<br>|
| 01/15/26 | U.S. Dollars | &nbsp;&nbsp; 2175667 | Mexican Pesos | &nbsp;&nbsp; 40430094 | BNP | &nbsp;&nbsp; (66163)<br>|
| 01/15/26 | U.S. Dollars | &nbsp;&nbsp; 5574177 | Australian Dollars | &nbsp;&nbsp; 8452635 | SC | &nbsp;&nbsp; (67179)<br>|
| 01/15/26 | U.S. Dollars | &nbsp;&nbsp; 1518318 | South African Rand | &nbsp;&nbsp; 26302200 | UBS | &nbsp;&nbsp; (68241)<br>|
| 01/15/26 | U.S. Dollars | &nbsp;&nbsp; 12228592 | British Pounds | &nbsp;&nbsp; 9125484 | SS | &nbsp;&nbsp; (71858)<br>|
| 01/15/26 | U.S. Dollars | &nbsp;&nbsp; 2661440 | Mexican Pesos | &nbsp;&nbsp; 49350362 | UBS | &nbsp;&nbsp; (75016)<br>|
| 01/15/26 | U.S. Dollars | &nbsp;&nbsp; 2183387 | Hungarian Forint | &nbsp;&nbsp; 740763156 | UBS | &nbsp;&nbsp; (79308)<br>|

---

**180**

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>|
| 01/15/26 | U.S. Dollars | &nbsp;&nbsp; 5343201 | Canadian Dollars | &nbsp;&nbsp; 7437623 | RBC | &nbsp;&nbsp; $(79432)<br>|
| 01/15/26 | U.S. Dollars | &nbsp;&nbsp; 9516028 | Norwegian Kroner | &nbsp;&nbsp; 96736576 | GSC | &nbsp;&nbsp; (81329)<br>|
| 01/15/26 | U.S. Dollars | &nbsp;&nbsp; 6378124 | Australian Dollars | &nbsp;&nbsp; 9680725 | RBC | &nbsp;&nbsp; (82869)<br>|
| 01/15/26 | U.S. Dollars | &nbsp;&nbsp; 6467428 | Australian Dollars | &nbsp;&nbsp; 9817555 | BNP | &nbsp;&nbsp; (84887)<br>|
| 01/15/26 | U.S. Dollars | &nbsp;&nbsp; 7061737 | British Pounds | &nbsp;&nbsp; 5302781 | UBS | &nbsp;&nbsp; (86004)<br>|
| 01/16/26 | U.S. Dollars | &nbsp;&nbsp; 1419962 | South African Rand | &nbsp;&nbsp; 24976856 | MLIB | &nbsp;&nbsp; (86541)<br>|
| 01/16/26 | U.S. Dollars | &nbsp;&nbsp; 2997457 | British Pounds | &nbsp;&nbsp; 2289340 | SS | &nbsp;&nbsp; (88393)<br>|
| 01/16/26 | U.S. Dollars | &nbsp;&nbsp; 1469535 | South African Rand | &nbsp;&nbsp; 25840739 | SS | &nbsp;&nbsp; (89075)<br>|
| 01/15/26 | U.S. Dollars | &nbsp;&nbsp; 28838534 | Euro | &nbsp;&nbsp; 24604966 | SS | &nbsp;&nbsp; (98471)<br>|
| 01/16/26 | U.S. Dollars | &nbsp;&nbsp; 5569363 | British Pounds | &nbsp;&nbsp; 4206443 | CITI | &nbsp;&nbsp; (100592)<br>|
| 01/15/26 | Norwegian Kroner | &nbsp;&nbsp; 89222283 | U.S. Dollars | &nbsp;&nbsp; 8952882 | BNP | &nbsp;&nbsp; (101028)<br>|
| 01/15/26 | U.S. Dollars | &nbsp;&nbsp; 5194855 | British Pounds | &nbsp;&nbsp; 3931197 | BNP | &nbsp;&nbsp; (104096)<br>|
| 01/15/26 | New Zealand Dollars | &nbsp;&nbsp; 20215709 | U.S. Dollars | &nbsp;&nbsp; 11756531 | GSC | &nbsp;&nbsp; (109563)<br>|
| 01/15/26 | U.S. Dollars | &nbsp;&nbsp; 15647974 | Euro | &nbsp;&nbsp; 13400482 | GSC | &nbsp;&nbsp; (111845)<br>|
| 01/15/26 | New Zealand Dollars | &nbsp;&nbsp; 18671767 | U.S. Dollars | &nbsp;&nbsp; 10879642 | SS | &nbsp;&nbsp; (122193)<br>|
| 01/15/26 | U.S. Dollars | &nbsp;&nbsp; 23215301 | Euro | &nbsp;&nbsp; 19849849 | UBS | &nbsp;&nbsp; (129384)<br>|
| 01/15/26 | U.S. Dollars | &nbsp;&nbsp; 8452355 | Canadian Dollars | &nbsp;&nbsp; 11812107 | GSC | &nbsp;&nbsp; (159634)<br>|
| 01/15/26 | Japanese Yen | &nbsp;&nbsp; 597258887 | U.S. Dollars | &nbsp;&nbsp; 3979253 | RBC | &nbsp;&nbsp; (161042)<br>|
| 01/15/26 | U.S. Dollars | &nbsp;&nbsp; 10374426 | Swedish Kronor | &nbsp;&nbsp; 97039019 | SC | &nbsp;&nbsp; (174505)<br>|
| 01/15/26 | Japanese Yen | &nbsp;&nbsp; 1141508889 | U.S. Dollars | &nbsp;&nbsp; 7497826 | UBS | &nbsp;&nbsp; (200284)<br>|
| 01/15/26 | U.S. Dollars | &nbsp;&nbsp; 15536532 | Canadian Dollars | &nbsp;&nbsp; 21586482 | SS | &nbsp;&nbsp; (201772)<br>|
| 01/15/26 | U.S. Dollars | &nbsp;&nbsp; 11713567 | Swedish Kronor | &nbsp;&nbsp; 109818583 | UBS | &nbsp;&nbsp; (224607)<br>|
| 01/15/26 | U.S. Dollars | &nbsp;&nbsp; 11153478 | British Pounds | &nbsp;&nbsp; 8443220 | GSC | &nbsp;&nbsp; (227333)<br>|
| 01/16/26 | U.S. Dollars | &nbsp;&nbsp; 13093957 | Canadian Dollars | &nbsp;&nbsp; 18288615 | SS | &nbsp;&nbsp; (240556)<br>|
| 01/15/26 | U.S. Dollars | &nbsp;&nbsp; 8399859 | Mexican Pesos | &nbsp;&nbsp; 156020713 | GSC | &nbsp;&nbsp; (251420)<br>|
| 01/15/26 | Japanese Yen | &nbsp;&nbsp; 950673637 | U.S. Dollars | &nbsp;&nbsp; 6330946 | SS | &nbsp;&nbsp; (253393)<br>|
| 01/15/26 | U.S. Dollars | &nbsp;&nbsp; 13074103 | Swedish Kronor | &nbsp;&nbsp; 122694671 | GSC | &nbsp;&nbsp; (263807)<br>|
| 01/15/26 | Japanese Yen | &nbsp;&nbsp; 1033230078 | U.S. Dollars | &nbsp;&nbsp; 6878115 | SC | &nbsp;&nbsp; (272787)<br>|
| 01/16/26 | U.S. Dollars | &nbsp;&nbsp; 41772552 | Euro | &nbsp;&nbsp; 35781383 | MSCS | &nbsp;&nbsp; (310691)<br>|
| 01/15/26 | U.S. Dollars | &nbsp;&nbsp; 17353072 | Australian Dollars | &nbsp;&nbsp; 26519117 | GSC | &nbsp;&nbsp; (346000)<br>|
| 01/16/26 | Japanese Yen | &nbsp;&nbsp; 2443705419 | U.S. Dollars | &nbsp;&nbsp; 16235131 | JPM | &nbsp;&nbsp; (611352)<br>|
| 01/15/26 | Japanese Yen | &nbsp;&nbsp; 3981055363 | U.S. Dollars | &nbsp;&nbsp; 26203847 | GSC | &nbsp;&nbsp; (753394)<br>|
| Subtotal Depreciation | Subtotal Depreciation |  |  |  |  | &nbsp;&nbsp; $(8808816)<br>|
| Total Forward Foreign Currency Contracts outstanding at December 31, 2025 | Total Forward Foreign Currency Contracts outstanding at December 31, 2025 | Total Forward Foreign Currency Contracts outstanding at December 31, 2025 | Total Forward Foreign Currency Contracts outstanding at December 31, 2025 | Total Forward Foreign Currency Contracts outstanding at December 31, 2025 |  | &nbsp;&nbsp; $(132477)<br>|

---

Swap Agreements outstanding at December 31, 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>| 0.45<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.00<br> %<br>| &nbsp;&nbsp; 6/20/2030 | &nbsp;&nbsp; EUR | &nbsp;&nbsp; 8000000 | &nbsp;&nbsp; $223710 | &nbsp;&nbsp; $201803 | &nbsp;&nbsp; $21907 |
| iTraxx Europe & Crossover Series 44 <br> (Receive Quarterly)<br>| 0.51<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.00<br> %<br>| &nbsp;&nbsp; 12/20/2030 | &nbsp;&nbsp; EUR | &nbsp;&nbsp; 218000 | &nbsp;&nbsp; 5988 | &nbsp;&nbsp; 5550 | &nbsp;&nbsp; 438 |
| Markit CDX.EM 44 Index (Receive <br> Quarterly)<br>| 1.24<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.00<br> %<br>| &nbsp;&nbsp; 12/20/2030 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 2112000 | &nbsp;&nbsp; (22123)<br>| &nbsp;&nbsp; (36641)<br>| &nbsp;&nbsp; 14518 |
| Markit CDX.NA.HY.45 Index (Receive <br> Quarterly)<br>| 3.16<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.00<br> %<br>| &nbsp;&nbsp; 12/20/2030 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 900000 | &nbsp;&nbsp; 69832 | &nbsp;&nbsp; 67749 | &nbsp;&nbsp; 2083 |
| Markit CDX.NA.IG.45 Index (Receive <br> Quarterly)<br>| 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.00<br> %<br>| &nbsp;&nbsp; 12/20/2030 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1310000 | &nbsp;&nbsp; 30027 | &nbsp;&nbsp; 29489 | &nbsp;&nbsp; 538 |
| Net Centrally Cleared Credit Default Swaps on Credit Indexes—Sell Protection outstanding at<br> December 31, 2025 | Net Centrally Cleared Credit Default Swaps on Credit Indexes—Sell Protection outstanding at<br> December 31, 2025 | Net Centrally Cleared Credit Default Swaps on Credit Indexes—Sell Protection outstanding at<br> December 31, 2025 | Net Centrally Cleared Credit Default Swaps on Credit Indexes—Sell Protection outstanding at<br> December 31, 2025 | Net Centrally Cleared Credit Default Swaps on Credit Indexes—Sell Protection outstanding at<br> December 31, 2025 | Net Centrally Cleared Credit Default Swaps on Credit Indexes—Sell Protection outstanding at<br> December 31, 2025 | &nbsp;&nbsp; $307434 | &nbsp;&nbsp; $267950 | &nbsp;&nbsp; $39484 |

---

See Notes to Financial Statements.

**181**

------

**GLOBAL 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>|
| **Centrally Cleared Interest Rate** <br> **Swaps**<br>|  |  |  |  |  |  |  |
| 7-Day CFETS Repo Rate (Quarterly) | 2.05% (Quarterly) | 8/17/2026 | CNY | 33632000 | $19135 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $19135 |
| 1-Day SONIA (Annually) | 3.56% (Annually) | 12/16/2027 | GBP | 4000000 | 6002 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6002 |
| 1-Day SONIA (Upon termination) | 3.57% (Upon termination) | 7/7/2028 | GBP | 2300000 | 1189 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1189 |
| 3-Month KWCDC (Quarterly) | 3.36% (Quarterly) | 2/16/2029 | KRW | 2051137000 | 15193 | &nbsp;&nbsp; — | &nbsp;&nbsp; 15193 |
| 3-Month KWCDC (Quarterly) | 3.23% (Quarterly) | 3/26/2029 | KRW | 2932597000 | 11445 | &nbsp;&nbsp; — | &nbsp;&nbsp; 11445 |
| 7-Day CFETS Repo Rate (Quarterly) | 1.62% (Quarterly) | 10/16/2030 | CNY | 70400000 | 18593 | &nbsp;&nbsp; 890 | &nbsp;&nbsp; 17703 |
| 3.19% (Annually) | 6-Month EURIBOR (Semiannually) | 12/10/2055 | EUR | 900000 | 12059 | &nbsp;&nbsp; — | &nbsp;&nbsp; 12059 |
| Subtotal Appreciation |  |  |  |  | $83616 | &nbsp;&nbsp; $890 | &nbsp;&nbsp; $82726 |
| Bank of Japan Unsecured Overnight <br> Call Rate (Annually)<br>| 0.92% (Annually) | 10/10/2027 | JPY | 771000000 | $(10543)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(10543)<br>|
| Bank of Japan Unsecured Overnight <br> Call Rate (Annually)<br>| 0.92% (Annually) | 11/11/2027 | JPY | 629600000 | (12076)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (12076)<br>|
| 3-Month KWCDC (Quarterly) | 2.36% (Quarterly) | 6/9/2028 | KRW | 4360403000 | (45340)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (45340)<br>|
| 7-Day CFETS Repo Rate (Quarterly) | 1.58% (Quarterly) | 11/26/2030 | CNY | 16600000 | (1075)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (1075)<br>|
| 6-Month EURIBOR (Semiannually) | 2.89% (Annually) | 12/11/2035 | EUR | 2000000 | (6852)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (6852)<br>|
| Subtotal Depreciation |  |  |  |  | $(75886)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(75886)<br>|
| Net Centrally Cleared Interest Rate Swaps outstanding at December 31, 2025 | Net Centrally Cleared Interest Rate Swaps outstanding at December 31, 2025 | Net Centrally Cleared Interest Rate Swaps outstanding at December 31, 2025 | Net Centrally Cleared Interest Rate Swaps outstanding at December 31, 2025 | Net Centrally Cleared Interest Rate Swaps outstanding at December 31, 2025 | $7730 | &nbsp;&nbsp; $890 | &nbsp;&nbsp; $6840 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay Rate Index/Pay Rate** | **Receive** <br> **Rate/Receive** <br> **Rate Index**<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 Inflation Swaps** |  |  |  |  |  |  |  |
| US CPI Urban Consumers (Upon <br> termination)<br>| 3.17% (Upon termination) | 10/14/2026 | USD | 30300000 | $173743 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $173743 |
| Subtotal Appreciation |  |  |  |  | $173743 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $173743 |
| 2.74% (Upon termination) | US CPI Urban Consumers (Upon <br> termination)<br>| 10/14/2028 | USD | 30300000 | $(271012)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(271012)<br>|
| 1.83% (Upon termination) | Harmonised Index of Consumer Prices <br> excluding Tobacco (Upon termination)<br>| 7/15/2030 | EUR | 3000000 | (9026)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (9026)<br>|
| Subtotal Depreciation |  |  |  |  | $(280038)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(280038)<br>|
| Net Centrally Cleared Inflation Swaps outstanding at December 31, 2025 | Net Centrally Cleared Inflation Swaps outstanding at December 31, 2025 | Net Centrally Cleared Inflation Swaps outstanding at December 31, 2025 | Net Centrally Cleared Inflation Swaps outstanding at December 31, 2025 | Net Centrally Cleared Inflation Swaps outstanding at December 31, 2025 | $(106295)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(106295)<br>|

---

**182**

See Notes to Financial Statements.

------

**VALUATION HIERARCHY**

The following is a summary of the inputs used, as of December 31, 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; $124466 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $124466 | &nbsp;&nbsp; $— |
| Asset-Backed Securities | &nbsp;&nbsp; 22076704 | &nbsp;&nbsp; — | &nbsp;&nbsp; 22076704 | &nbsp;&nbsp; — |
| Common Stock | &nbsp;&nbsp; 28010 | &nbsp;&nbsp; 28010 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Corporate Bonds | &nbsp;&nbsp; 162787139 | &nbsp;&nbsp; — | &nbsp;&nbsp; 162787139 | &nbsp;&nbsp; — |
| Foreign Bonds: |  |  |  |  |
| China | &nbsp;&nbsp; 12691390 | &nbsp;&nbsp; — | &nbsp;&nbsp; 12691084 | &nbsp;&nbsp; 306 |
| Other<sup>^^</sup> <br>| &nbsp;&nbsp; 341265498 | &nbsp;&nbsp; — | &nbsp;&nbsp; 341265498 | &nbsp;&nbsp; — |
| Total Foreign Bonds | &nbsp;&nbsp; 353956888 | &nbsp;&nbsp; — | &nbsp;&nbsp; 353956582 | &nbsp;&nbsp; 306 |
| Foreign Common Stocks | &nbsp;&nbsp; 1076 | &nbsp;&nbsp; 1076 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Loan Agreements | &nbsp;&nbsp; 4207172 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4207172 | &nbsp;&nbsp; — |
| Money Market Funds | &nbsp;&nbsp; 50265996 | &nbsp;&nbsp; 50265996 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Mortgage-Backed Securities | &nbsp;&nbsp; 72443193 | &nbsp;&nbsp; — | &nbsp;&nbsp; 72443193 | &nbsp;&nbsp; — |
| Municipal Bond | &nbsp;&nbsp; 237933 | &nbsp;&nbsp; — | &nbsp;&nbsp; 237933 | &nbsp;&nbsp; — |
| Purchased Option: |  |  |  |  |
| Call Swaption | &nbsp;&nbsp; 17404 | &nbsp;&nbsp; — | &nbsp;&nbsp; 17404 | &nbsp;&nbsp; — |
| U.S. Treasury Obligations | &nbsp;&nbsp; 51840340 | &nbsp;&nbsp; — | &nbsp;&nbsp; 51840340 | &nbsp;&nbsp; — |
| **Total Assets - Investments in Securities** | &nbsp;&nbsp; $717986321 | &nbsp;&nbsp; $50295082 | &nbsp;&nbsp; $667690933 | &nbsp;&nbsp; $306 |
| **Other Financial Instruments\*\*\*** |  |  |  |  |
| Forward Foreign Currency Contracts | &nbsp;&nbsp; $8676339 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $8676339 | &nbsp;&nbsp; $— |
| Futures Contracts | &nbsp;&nbsp; 515890 | &nbsp;&nbsp; 515890 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Swap Agreements | &nbsp;&nbsp; 295953 | &nbsp;&nbsp; — | &nbsp;&nbsp; 295953 | &nbsp;&nbsp; — |
| **Total Assets - Other Financial Instruments** | &nbsp;&nbsp; $9488182 | &nbsp;&nbsp; $515890 | &nbsp;&nbsp; $8972292 | &nbsp;&nbsp; $— |
| **Liabilities:** |  |  |  |  |
| **Investments in Securities:** |  |  |  |  |
| Written Option: |  |  |  |  |
| Call Swaption | &nbsp;&nbsp; $(6137)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(6137)<br>| &nbsp;&nbsp; $— |
| **Total Liabilities - Investments in Securities** | &nbsp;&nbsp; $(6137)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(6137)<br>| &nbsp;&nbsp; $— |
| **Other Financial Instruments\*\*\*** |  |  |  |  |
| Forward Foreign Currency Contracts | &nbsp;&nbsp; $(8808816)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(8808816)<br>| &nbsp;&nbsp; $— |
| Futures Contracts | &nbsp;&nbsp; (383501)<br>| &nbsp;&nbsp; (383501)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Swap Agreements | &nbsp;&nbsp; (355924)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (355924)<br>| &nbsp;&nbsp; — |
| **Total Liabilities - Other Financial Instruments** | &nbsp;&nbsp; $(9548241)<br>| &nbsp;&nbsp; $(383501)<br>| &nbsp;&nbsp; $(9164740)<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>|

---

There were no transfers to or from Level 3 during the year ended December 31, 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 December 31, 2025.

See Notes to Financial Statements.

**183**

------

**IMPACT BOND FUND**

**SCHEDULE OF INVESTMENTS**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **AGENCY OBLIGATIONS — 1.0%** | **AGENCY OBLIGATIONS — 1.0%** | **AGENCY OBLIGATIONS — 1.0%** |
| United States <br> International <br> Development <br> Finance <br> Corporation<br>|  |  |
| 1.44%, 04/15/28 | $500000 | $479634 |
| 1.65%, 04/15/28 | 500000 | 481368 |
| **Total Agency Obligations** <br> (Cost $948,024) |  | 961002 |
| **ASSET-BACKED SECURITIES — 5.0%** | **ASSET-BACKED SECURITIES — 5.0%** | **ASSET-BACKED SECURITIES — 5.0%** |
| Dext ABS LLC, Series 2025-2, <br> Class C |  |  |
| 4.89%, 04/15/36 144A | 510000 | 511014 |
| Luminace ABS-2022 Issuer LLC, <br> Series 2022-1, Class B |  |  |
| 5.91%, 07/30/62 144A | 695256 | 670793 |
| MMP Capital LLC, Series 2025-A, <br> Class A |  |  |
| 5.36%, 12/15/31 144A | 316948 | 319937 |
| Sunnova Helios II Issuer LLC, Series <br> 2021-B, Class A |  |  |
| 1.62%, 07/20/48 144A | 253286 | 224685 |
| Sunnova Helios V Issuer LLC, Series <br> 2021-A, Class A |  |  |
| 1.80%, 02/20/48 144A | 278062 | 220409 |
| Sunnova Helios VII Issuer LLC, <br> Series 2021-C, Class A |  |  |
| 2.03%, 10/20/48 144A | 381863 | 326050 |
| Sunnova Helios XI Issuer LLC, Series <br> 2023-A, Class B |  |  |
| 5.60%, 05/20/50 144A | 539068 | 400477 |
| Sunnova Helios XIII Issuer LLC, <br> Series 2024-A, Class C |  |  |
| 7.00%, 02/20/51 144A | 635731 | 374616 |
| Sunnova Sol IV Issuer LLC, Series <br> 2022-A, Class C |  |  |
| 3.53%, 02/22/49 144A | 1626360 | 864031 |
| Switch ABS Issuer LLC, Series <br> 2024-1A, Class A2 |  |  |
| 6.28%, 03/25/54 144A | 90000 | 90949 |
| Switch ABS Issuer LLC, Series <br> 2024-2A, Class A2 |  |  |
| 5.44%, 06/25/54 144A | 235000 | 235850 |
| Tricolor Auto Securitization Trust, <br> Series 2022-1A, Class F |  |  |
| 9.80%, 07/16/29 144A | 500000 | 158700 |
| Tricolor Auto Securitization Trust, <br> Series 2024-1A, Class D |  |  |
| 8.61%, 04/17/28 144A | 730000 | 314046 |
| **Total Asset-Backed Securities** <br> (Cost $6,416,191) |  | 4711557 |
| **CORPORATE BONDS — 21.7%** | **CORPORATE BONDS — 21.7%** | **CORPORATE BONDS — 21.7%** |
| 180 Medical, Inc. |  |  |
| 5.30%, 10/08/35 144A | 528000 | 527481 |
| Agilent Technologies, Inc. |  |  |
| 2.30%, 03/12/31 | 1550000 | 1405806 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| American Water Capital Corporation |  |  |
| 4.45%, 06/01/32 | $1300000 | $1303147 |
| 5.25%, 03/01/35Δ | 810000 | 836865 |
| Amgen, Inc. |  |  |
| 5.25%, 03/02/33 | 1285000 | 1332368 |
| AT&T, Inc. |  |  |
| 5.55%, 11/01/45 | 930000 | 899086 |
| Avangrid, Inc. |  |  |
| 3.80%, 06/01/29 | 450000 | 444620 |
| Becton, Dickinson and Co. |  |  |
| 5.08%, 06/07/29 | 825000 | 848464 |
| DH Europe Finance II S.a.r.l. |  |  |
| 2.60%, 11/15/29 | 300000 | 285028 |
| Elevance Health, Inc. |  |  |
| 5.15%, 06/15/29 | 930000 | 960396 |
| Eli Lilly & Co. |  |  |
| 4.75%, 02/12/30 | 510000 | 524967 |
| GE HealthCare Technologies, Inc. |  |  |
| 4.95%, 12/15/35 | 420000 | 420792 |
| HA Sustainable Infrastructure Capital, <br> Inc. |  |  |
| 6.15%, 01/15/31 | 400000 | 411776 |
| Haleon U.S. Capital LLC |  |  |
| 3.63%, 03/24/32 | 838000 | 799731 |
| HCA, Inc. |  |  |
| 5.00%, 03/01/28 | 685000 | 698171 |
| 5.45%, 09/15/34 | 538000 | 554993 |
| 5.70%, 11/15/55 | 635000 | 607991 |
| IQVIA, Inc. |  |  |
| 6.25%, 02/01/29 | 750000 | 791437 |
| Low Income Investment Fund |  |  |
| 3.39%, 07/01/26 | 600000 | 596560 |
| Mary Free Bed Rehabilitation <br> Hospital |  |  |
| 3.79%, 04/01/51 | 300000 | 213883 |
| New York State Electric & Gas <br> Corporation |  |  |
| 5.05%, 08/15/35 144A | 1020000 | 1030682 |
| NextEra Energy Capital Holdings, <br> Inc. |  |  |
| 3.55%, 05/01/27 | 500000 | 497488 |
| 2.44%, 01/15/32 | 980000 | 874521 |
| Preservation Of Affordable Housing, <br> Inc. |  |  |
| 4.48%, 12/01/32 | 470000 | 448228 |
| Reinvestment Fund, Inc. (The) |  |  |
| 3.93%, 02/15/28 | 500000 | 487661 |
| Roche Holdings, Inc. |  |  |
| 4.67%, 12/02/35 144A | 570000 | 568625 |
| Solventum Corporation |  |  |
| 5.45%, 02/25/27 | 154000 | 156286 |
| Thermo Fisher Scientific, Inc. |  |  |
| 4.89%, 10/07/37 | 715000 | 712884 |
| Verizon Communications, Inc. |  |  |
| 3.88%, 02/08/29 | 300000 | 299094 |

---

**184**

See Notes to Financial Statements.

------

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| 4.75%, 01/15/33 | $850000 | $851265 |
| **Total Corporate Bonds** <br> (Cost $20,050,100) |  | 20390296 |
| **FOREIGN BONDS — 1.3%** | **FOREIGN BONDS — 1.3%** | **FOREIGN BONDS — 1.3%** |
| **United Kingdom — 1.3%** | **United Kingdom — 1.3%** |  |
| Reckitt Benckiser Treasury Services <br> PLC |  |  |
| 3.00%, 06/26/27 144A | 650000 | 641448 |
| Royalty Pharma PLC |  |  |
| 5.15%, 09/02/29 | 580000 | 596841 |
| **Total Foreign Bonds** <br> (Cost $1,211,421) | **Total Foreign Bonds** <br> (Cost $1,211,421) | 1238289 |
| **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 | 8619 |
| Ideal Therapy Rehabilitative Services <br> II LLC STRIP, SBA Loan |  |  |
| 0.48%, 01/15/46 IO ††† | 473174 | 5612 |
| MBT Industries LLC STRIP, SBA <br> Loan |  |  |
| 0.53%, 08/15/31 IO ††† | 390614 | 2807 |
| MCJT Phamaceutical Care, Inc. <br> STRIP, SBA Loan |  |  |
| 1.28%, 08/15/46 IO ††† | 347232 | 10982 |
| N&K Market, Inc. STRIP, SBA Loan |  |  |
| 0.73%, 02/15/31 IO ††† | 218249 | 2221 |
| Southwest Technologies, Inc. STRIP, <br> SBA Loan |  |  |
| 1.23%, 06/15/31 IO ††† | 328955 | 6420 |
| **Total Loan Agreements** <br> (Cost $45,585) |  | 36661 |
| **MORTGAGE-BACKED SECURITIES — 38.3%** | **MORTGAGE-BACKED SECURITIES — 38.3%** | **MORTGAGE-BACKED SECURITIES — 38.3%** |
| BX Commercial Mortgage Trust, <br> Series 2022-AHP, Class C |  |  |
| (Floating, CME Term SOFR 1M + <br> 2.09%, 2.09% Floor), 5.84%, <br> 01/17/39 144A † | 685000 | 684746 |
| Federal Home Loan Mortgage <br> Corporation |  |  |
| 2.00%, 02/01/51 | 279841 | 228633 |
| 2.00%, 03/01/51 | 637410 | 520372 |
| 3.00%, 02/01/52 | 554999 | 494798 |
| 3.50%, 03/01/52 | 1377965 | 1280226 |
| 4.00%, 06/01/52 | 410998 | 392990 |
| 4.50%, 07/01/52 | 261129 | 257217 |
| 5.50%, 08/01/53 | 2627484 | 2692327 |
| 6.00%, 08/01/53 | 1075253 | 1120678 |
| 6.00%, 09/01/53 | 394065 | 410415 |
| 6.00%, 10/01/55 | 891550 | 919233 |
| Federal National Mortgage <br> Association |  |  |
| 3.15%, 11/01/27 | 237087 | 234430 |
| 1.53%, 04/01/28 | 1000000 | 951390 |
| 2.52%, 07/01/28 | 822553 | 797745 |
| 5.16%, 10/01/28 | 500000 | 516281 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| 4.97%, 11/01/28 | $750000 | $771714 |
| 4.50%, 02/01/29 | 1100000 | 1120870 |
| 4.78%, 06/01/29 | 650000 | 666120 |
| 2.45%, 10/01/29 | 309267 | 294114 |
| 4.36%, 10/01/29 | 700000 | 709269 |
| 4.66%, 04/01/30 | 875000 | 892141 |
| 4.12%, 12/01/30 | 725000 | 725435 |
| 1.59%, 03/01/31 | 500000 | 441722 |
| 1.61%, 03/01/31 | 448535 | 399684 |
| 1.62%, 03/01/31 | 500000 | 436822 |
| 2.03%, 04/01/31 | 250000 | 225452 |
| 2.59%, 03/01/32 | 512874 | 469605 |
| 1.65%, 03/01/33 | 482723 | 408769 |
| 2.01%, 03/01/33 | 98657 | 85419 |
| 2.00%, 03/01/51 | 1745494 | 1424074 |
| 3.00%, 02/01/52 | 1818037 | 1618277 |
| 3.50%, 04/01/52 | 628536 | 583954 |
| 4.00%, 06/01/52 | 1218054 | 1164474 |
| 4.50%, 07/01/52 | 318442 | 312599 |
| 5.00%, 09/01/52 | 393957 | 395384 |
| 5.50%, 10/01/52 | 460758 | 471578 |
| 6.00%, 11/01/52 | 190416 | 196957 |
| 6.50%, 11/01/52 | 147582 | 155036 |
| 6.50%, 12/01/52 | 172147 | 180529 |
| 6.00%, 08/01/53 | 1160889 | 1201828 |
| 6.50%, 09/01/53 | 528446 | 552955 |
| 6.50%, 08/01/55 | 1275202 | 1337785 |
| FRESB Mortgage Trust, Series <br> 2021-SB87, Class A5H |  |  |
| 0.78%, 04/25/41 | 284867 | 282691 |
| Small Business Administration |  |  |
| (Floating, Prime Rate U.S. + <br> 1.07%), 8.32%, 06/25/30† | 17397 | 18227 |
| (Floating, Prime Rate U.S. + <br> 0.96%), 8.21%, 12/25/30† | 48188 | 51226 |
| (Floating, Prime Rate U.S. + <br> 2.33%), 9.58%, 01/25/31† | 59666 | 63161 |
| (Floating, Prime Rate U.S. + <br> 1.02%), 8.27%, 02/25/31† | 60689 | 62678 |
| (Floating, Prime Rate U.S. + <br> 0.33%), 7.58%, 07/25/31† | 114595 | 120036 |
| (Floating, Prime Rate U.S. + <br> 0.76%), 8.01%, 08/25/31† | 56852 | 60876 |
| (Floating, Prime Rate U.S. + <br> 0.64%), 7.89%, 07/25/32† | 48518 | 51011 |
| (Floating, Prime Rate U.S. + <br> -2.60%), 4.65%, 03/25/34† | 31518 | 31538 |
| (Floating, Prime Rate U.S. + <br> 0.58%), 7.83%, 05/25/34† | 107989 | 115371 |
| (Floating, Prime Rate U.S. + <br> 1.63%), 8.88%, 05/25/34† | 157813 | 171870 |
| (Floating, Prime Rate U.S. + <br> 3.38%), 10.63%, 06/25/34† | 72702 | 81808 |
| (Floating, Prime Rate U.S. + <br> 3.63%), 10.88%, 08/25/34† | 103403 | 120105 |
| (Floating, Prime Rate U.S. + <br> 3.61%), 10.86%, 10/25/34† | 134517 | 155603 |
| 10.88%, 10/25/34 | 185076 | 215174 |

---

See Notes to Financial Statements.

**185**

------

**IMPACT BOND FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| (Floating, Prime Rate U.S. + <br> 1.61%), 8.86%, 02/25/35† | $249810 | $275640 |
| (Floating, Prime Rate U.S. + <br> 1.86%), 9.11%, 02/25/35† | 238372 | 269960 |
| (Floating, Prime Rate U.S. + <br> -0.32%), 6.94%, 12/25/45† | 96813 | 101196 |
| (Floating, Prime Rate U.S. + <br> 0.59%), 7.84%, 12/25/45† | 67747 | 72972 |
| (Floating, Prime Rate U.S. + <br> 0.12%), 7.37%, 01/25/46† | 73429 | 77744 |
| (Floating, Prime Rate U.S. + <br> 0.33%), 7.58%, 04/25/46† | 83145 | 88170 |
| (Floating, Prime Rate U.S. + <br> 0.38%), 7.63%, 08/25/46† | 240255 | 259578 |
| SWCH Commercial Mortgage Trust, <br> Series 2025-DATA, Class D |  |  |
| (Floating, CME Term SOFR 1M + <br> 2.64%, 2.59% Floor), 6.39%, <br> 02/15/42 144A † | 450000 | 447498 |
| Uniform Mortgage Backed Securities |  |  |
| 2.50%, 01/01/52 TBA | 3250000 | 2754375 |
| 2.00%, 01/01/53 TBA | 1500000 | 1214938 |
| **Total Mortgage-Backed Securities** <br> (Cost $35,870,637) |  | 35907493 |
| **MUNICIPAL BONDS — 6.9%** | **MUNICIPAL BONDS — 6.9%** | **MUNICIPAL BONDS — 6.9%** |
| California State Health Facilities <br> Financing Authority, Revenue <br> Bond |  |  |
| 1.98%, 06/01/30 | 600000 | 553509 |
| Carroll County Water Authority, <br> Revenue Bond, Series B |  |  |
| 1.96%, 07/01/29 | 150000 | 140689 |
| City & County of San Francisco, <br> General Obligation, Series A |  |  |
| 1.78%, 06/15/29 | 600000 | 560257 |
| City of Deltona Utility System, <br> Revenue Bond (BAM Insured) |  |  |
| 1.54%, 10/01/29 | 250000 | 229717 |
| City of Phoenix Civic Improvement <br> Corporation, Junior Lien Revenue <br> Bond, Series C |  |  |
| 1.84%, 07/01/29 | 640000 | 598559 |
| Connecticut State Green Bank, <br> Revenue Bond |  |  |
| 2.15%, 11/15/29 | 207000 | 194295 |
| District of Columbia Housing Finance <br> Agency, Revenue Bond, Series <br> A-2 (FHA Insured) |  |  |
| 1.90%, 03/01/29 | 140000 | 130777 |
| 2.05%, 03/01/30 | 420000 | 384546 |
| Lancaster Power Authority, Revenue <br> Bond (AGM Insured) |  |  |
| 2.56%, 11/01/33 | 275000 | 241285 |
| 2.68%, 11/01/34 | 275000 | 238316 |
| Maine State Housing Authority <br> Mortgage Purchase Revenue <br> Bond, Series B |  |  |
| 2.33%, 11/15/30 | 525000 | 485521 |
| Metropolitan Water District of Salt <br> Lake & Sandy, Revenue Bond, <br> Series B |  |  |
| 1.52%, 07/01/28 | 200000 | 189800 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Monterey Regional Waste <br> Management Authority, Revenue <br> Bond |  |  |
| 2.31%, 04/01/32 | $700000 | $630033 |
| Narragansett Bay Commission, <br> Revenue Bond |  |  |
| 2.09%, 09/01/30 | 500000 | 460453 |
| New York City Housing Development <br> Corporation, Revenue Bond, <br> Series B |  |  |
| 1.02%, 05/01/26 | 250000 | 247852 |
| Rowland Water District, Revenue <br> Bond, Series A |  |  |
| 2.56%, 12/01/36 | 590000 | 484544 |
| San Diego Public Facilities Financing <br> Authority, Revenue Bond, Series B |  |  |
| 2.13%, 08/01/29 | 290000 | 273643 |
| Santa Clara Valley Water District <br> COPS |  |  |
| 1.78%, 06/01/31 | 440000 | 388327 |
| **Total Municipal Bonds** <br> (Cost $6,327,535) |  | 6432123 |
| **PRIVATE INVESTMENTS — 1.8%** | **PRIVATE INVESTMENTS — 1.8%** | **PRIVATE INVESTMENTS — 1.8%** |
| Calvert Impact Capital, Inc. <br> 2.50%, 01/30/26 | 1000000 | 997836 |
| FBC ROGERS 6.00% 5/15/25 <br> 6.00%, 05/15/26††† | 686000 | 726777 |
| FBC ROGERS 6.00% 5/15/50 <br> 0.00%, 05/16/50++ ††† | —  | —  |
| **Total Private Investments** <br> (Cost $1,686,000) |  | 1724613 |
| **U.S. TREASURY OBLIGATIONS — 21.7%** | **U.S. TREASURY OBLIGATIONS — 21.7%** | **U.S. TREASURY OBLIGATIONS — 21.7%** |
| U.S. Treasury Bonds |  |  |
| 4.50%, 02/15/36 | 1230000 | 1273002 |
| 4.50%, 05/15/38 | 1500000 | 1533281 |
| 4.25%, 11/15/40 | 1300000 | 1259019 |
| 3.63%, 08/15/43 | 2875000 | 2491929 |
| 4.13%, 08/15/44 | 725000 | 668076 |
| 4.00%, 11/15/52 | 1350000 | 1176293 |
| 3.63%, 02/15/53 | 600000 | 488121 |
| 4.25%, 02/15/54 | 1225000 | 1112740 |
| 4.63%, 02/15/55 | 1925000 | 1862889 |
| 4.75%, 05/15/55 | 500000 | 493672 |
| 4.75%, 08/15/55 | 950000 | 938422 |
|  |  | 13297444 |
| U.S. Treasury Notes |  |  |
| 3.75%, 12/31/28 | 750000 | 754658 |
| 3.50%, 09/30/29 | 750000 | 747085 |
| 3.88%, 04/30/30 | 1400000 | 1412250 |
| 4.00%, 05/31/30 | 1400000 | 1419196 |
| 4.25%, 11/15/34 | 850000 | 860824 |
| 4.25%, 05/15/35 | 1230000 | 1243165 |
| 4.25%, 08/15/35 | 570000 | 575433 |
|  |  | 7012611 |
| **Total U.S. Treasury Obligations** <br> (Cost $20,573,822) |  | 20310055 |

---

**186**

See Notes to Financial Statements.

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **MONEY MARKET FUNDS — 6.7%** | **MONEY MARKET FUNDS — 6.7%** | **MONEY MARKET FUNDS — 6.7%** |
| Northern Institutional Liquid Assets <br> Portfolio (Shares), 3.81%Ø § | 107272 | $107272 |
| GuideStone Money Market Fund, <br> 3.69% <br> (Institutional Class)Ø ∞ | 6194442 | 6194442 |
| **Total Money Market Funds** <br> (Cost $6,301,714) |  | 6301714 |
| **TOTAL INVESTMENTS — 104.4**% <br> (Cost $99,431,029) |  | 98013803 |
| **Liabilities in Excess of Other**<br> **Assets — (4.4)%** |  | (4164996)<br>|
| **NET ASSETS — 100.0%** |  | $93848807 |

---

Futures Contracts outstanding at December 31, 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 | 03/2026 | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; $224875 | &nbsp;&nbsp;&nbsp; $(396)<br>|
| U.S. Treasury Long Bond | 03/2026 | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; 346781 | &nbsp;&nbsp;&nbsp; (2975)<br>|
| Ultra 10-Year U.S. Treasury Note | 03/2026 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 115016 | &nbsp;&nbsp;&nbsp; (1312)<br>|
| Ultra Long U.S. Treasury Bond | 03/2026 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 118000 | &nbsp;&nbsp;&nbsp; (1473)<br>|
| 2-Year U.S. Treasury Note | 03/2026 | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; 417578 | &nbsp;&nbsp;&nbsp; 23 |
| 5-Year U.S. Treasury Note | 03/2026 | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; 327914 | &nbsp;&nbsp;&nbsp; (279)<br>|
| Total Futures Contracts outstanding at December 31, 2025 |  |  | &nbsp;&nbsp;&nbsp; $1550164 | &nbsp;&nbsp;&nbsp; $(6412)<br>|

---

Swap Agreements outstanding at December 31, 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.45 Index (Receive <br> Quarterly)<br>| 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.00<br> %<br>| &nbsp;&nbsp; 12/20/2030 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 613000 | &nbsp;&nbsp; $14051 | &nbsp;&nbsp; $13925 | &nbsp;&nbsp; $126 |
| Net Centrally Cleared Credit Default Swaps on Credit Indexes—Sell Protection outstanding at<br> December 31, 2025 | Net Centrally Cleared Credit Default Swaps on Credit Indexes—Sell Protection outstanding at<br> December 31, 2025 | Net Centrally Cleared Credit Default Swaps on Credit Indexes—Sell Protection outstanding at<br> December 31, 2025 | Net Centrally Cleared Credit Default Swaps on Credit Indexes—Sell Protection outstanding at<br> December 31, 2025 | Net Centrally Cleared Credit Default Swaps on Credit Indexes—Sell Protection outstanding at<br> December 31, 2025 | Net Centrally Cleared Credit Default Swaps on Credit Indexes—Sell Protection outstanding at<br> December 31, 2025 | &nbsp;&nbsp; $14051 | &nbsp;&nbsp; $13925 | &nbsp;&nbsp; $126 |

---

See Notes to Financial Statements.

**187**

------

**IMPACT BOND FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

**VALUATION HIERARCHY**

The following is a summary of the inputs used, as of December 31, 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; $961002 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $961002 | &nbsp;&nbsp; $— |
| Asset-Backed Securities | &nbsp;&nbsp; 4711557 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4711557 | &nbsp;&nbsp; — |
| Corporate Bonds | &nbsp;&nbsp; 20390296 | &nbsp;&nbsp; — | &nbsp;&nbsp; 20390296 | &nbsp;&nbsp; — |
| Foreign Bonds | &nbsp;&nbsp; 1238289 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1238289 | &nbsp;&nbsp; — |
| Loan Agreements | &nbsp;&nbsp; 36661 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 36661 |
| Money Market Funds | &nbsp;&nbsp; 6301714 | &nbsp;&nbsp; 6301714 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Mortgage-Backed Securities | &nbsp;&nbsp; 35907493 | &nbsp;&nbsp; — | &nbsp;&nbsp; 35907493 | &nbsp;&nbsp; — |
| Municipal Bonds | &nbsp;&nbsp; 6432123 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6432123 | &nbsp;&nbsp; — |
| Private Investments | &nbsp;&nbsp; 1724613 | &nbsp;&nbsp; — | &nbsp;&nbsp; 997836 | &nbsp;&nbsp; 726777 |
| U.S. Treasury Obligations | &nbsp;&nbsp; 20310055 | &nbsp;&nbsp; — | &nbsp;&nbsp; 20310055 | &nbsp;&nbsp; — |
| **Total Assets - Investments in Securities** | &nbsp;&nbsp; $98013803 | &nbsp;&nbsp; $6301714 | &nbsp;&nbsp; $90948651 | &nbsp;&nbsp; $763438 |
| **Other Financial Instruments\*\*\*** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; $23 | &nbsp;&nbsp; $23 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Swap Agreements | &nbsp;&nbsp; 126 | &nbsp;&nbsp; — | &nbsp;&nbsp; 126 | &nbsp;&nbsp; — |
| **Total Assets - Other Financial Instruments** | &nbsp;&nbsp; $149 | &nbsp;&nbsp; $23 | &nbsp;&nbsp; $126 | &nbsp;&nbsp; $— |
| **Liabilities:** |  |  |  |  |
| **Other Financial Instruments\*\*\*** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; $(6435)<br>| &nbsp;&nbsp; $(6435)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| **Total Liabilities - Other Financial Instruments** | &nbsp;&nbsp; $(6435)<br>| &nbsp;&nbsp; $(6435)<br>| &nbsp;&nbsp; $— | &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. 

There were no transfers to or from Level 3 during the year ended December 31, 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 December 31, 2025.

**188**

See Notes to Financial Statements.

------

**(This page intentionally left blank)**

**189**

------

**STATEMENTS OF ASSETS AND LIABILITIES**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Money**<br> **Market Fund**<br>| **Low-Duration**<br> **Bond Fund**<br>|
| **Assets** |  |  |
| Investments in securities of unaffiliated issuers, at value\* | &nbsp;&nbsp; $1231725516 | &nbsp;&nbsp; $906730475 |
| Investments in repurchase agreements, at value | &nbsp;&nbsp; 810000000 | &nbsp;&nbsp; — |
| Investments in securities of affiliated issuers, at value | &nbsp;&nbsp; — | &nbsp;&nbsp; 27096097 |
| Total investments, at value<sup>(1), (2)</sup> <br>| &nbsp;&nbsp; 2041725516 | &nbsp;&nbsp; 933826572 |
| Cash | &nbsp;&nbsp; 407912 | &nbsp;&nbsp; — |
| Cash collateral for derivatives | &nbsp;&nbsp; — | &nbsp;&nbsp; 1568113 |
| Deposits with broker for futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 2917349 |
| Foreign currency<sup>(3)</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 779891 |
| Upfront premiums paid from swap agreements | &nbsp;&nbsp; — | &nbsp;&nbsp; 569116 |
| Receivables: |  |  |
| Dividends | &nbsp;&nbsp; — | &nbsp;&nbsp; 85192 |
| Reclaims | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Interest | &nbsp;&nbsp; 2874071 | &nbsp;&nbsp; 6451721 |
| Securities lending | &nbsp;&nbsp; — | &nbsp;&nbsp; 4617 |
| From adviser | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Investment securities sold | &nbsp;&nbsp; 6771651 | &nbsp;&nbsp; 24672 |
| Fund shares sold | &nbsp;&nbsp; 15887297 | &nbsp;&nbsp; 490635 |
| Variation margin on centrally cleared swaps | &nbsp;&nbsp; — | &nbsp;&nbsp; 116935 |
| Unrealized appreciation on foreign currency exchange contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 162348 |
| Unrealized appreciation on swap agreements | &nbsp;&nbsp; — | &nbsp;&nbsp; 22221 |
| Prepaid expenses and other assets | &nbsp;&nbsp; 62261 | &nbsp;&nbsp; 28838 |
| Total Assets | &nbsp;&nbsp; 2067728708 | &nbsp;&nbsp; 947048220 |
| **Liabilities** |  |  |
| Cash Overdraft | &nbsp;&nbsp; — | &nbsp;&nbsp; 43196 |
| TBA sale commitments, at value<sup>(4)</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Options written, at value<sup>(5)</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Upfront premiums received from swap agreements | &nbsp;&nbsp; — | &nbsp;&nbsp; 112266 |
| Unrealized depreciation on foreign currency exchange contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 277447 |
| Unrealized depreciation on swap agreements | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Collateral held for securities on loan, at value | &nbsp;&nbsp; — | &nbsp;&nbsp; 9418665 |
| Collateral from counterparty | &nbsp;&nbsp; — | &nbsp;&nbsp; 416935 |
| Payables: |  |  |
| Investment securities purchased | &nbsp;&nbsp; 10631342 | &nbsp;&nbsp; 33441536 |
| Fund shares redeemed | &nbsp;&nbsp; 26854592 | &nbsp;&nbsp; 37397 |
| Variation margin on futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 119616 |
| Distributions | &nbsp;&nbsp; 6344881 | &nbsp;&nbsp; — |
| Accrued expenses: |  |  |
| Investment advisory fees | &nbsp;&nbsp; 190960 | &nbsp;&nbsp; 225518 |
| Shareholder servicing fees | &nbsp;&nbsp; 122128 | &nbsp;&nbsp; 33517 |
| Director fees | &nbsp;&nbsp; 69 | &nbsp;&nbsp; — |
| Other expenses | &nbsp;&nbsp; 132947 | &nbsp;&nbsp; 126434 |
| Total Liabilities | &nbsp;&nbsp; 44276919 | &nbsp;&nbsp; 44252527 |
| Commitments and contingencies | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Net Assets** | &nbsp;&nbsp; $2023451789 | &nbsp;&nbsp; $902795693 |
| **Net Assets Consist of:** |  |  |
| Paid-in-capital | &nbsp;&nbsp; $2023420379 | &nbsp;&nbsp; $945387543 |
| Distributable earnings (loss) | &nbsp;&nbsp; 31410 | &nbsp;&nbsp; (42591850)<br>|
| **Net Assets** | &nbsp;&nbsp; $2023451789 | &nbsp;&nbsp; $902795693 |
| **Net Asset Value:** |  |  |
| $0.001 par value, unlimited shares authorized |  |  |
| Net assets applicable to the Institutional Class | &nbsp;&nbsp; $1448517742 | &nbsp;&nbsp; $751305147 |
| Institutional shares outstanding | &nbsp;&nbsp; 1448463987 | &nbsp;&nbsp; 57770148 |
| Net asset value, offering and redemption price per Institutional share | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $13.01 |
| Net assets applicable to the Investor Class | &nbsp;&nbsp; $574934047 | &nbsp;&nbsp; $151490546 |
| Investor shares outstanding | &nbsp;&nbsp; 574866468 | &nbsp;&nbsp; 11651045 |
| Net asset value, offering and redemption price per Investor share | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $13.00 |
| <sup>(1)</sup>Investments in securities of unaffiliated issuers, at cost\* | &nbsp;&nbsp; $1231725516 | &nbsp;&nbsp; $902168913 |
| Investments in repurchase agreements, at cost | &nbsp;&nbsp; 810000000 | &nbsp;&nbsp; — |
| Investments in securities of affiliated issuers, at cost | &nbsp;&nbsp; — | &nbsp;&nbsp; 27096097 |
| Total investments, at cost | &nbsp;&nbsp; $2041725516 | &nbsp;&nbsp; $929265010 |
| <sup>(2)</sup>Includes securities loaned of: | &nbsp;&nbsp; $— | &nbsp;&nbsp; $21444956 |
| <sup>(3)</sup>Foreign currency, at cost | &nbsp;&nbsp; $— | &nbsp;&nbsp; $774844 |
| <sup>(4)</sup>TBA sale commitments, at cost | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| <sup>(5)</sup>Premiums received on options written | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| <sup>(6)</sup>The uncalled capital commitment at December 31, 2025 was $514,000. See Note 10 in the Notes to the Financial <br> Statements.<br>|  |  |
| <sup>(7)</sup>See Note 3c in Notes to Financial Statements. |  |  |
| \* Includes Purchased Options | \* Includes Purchased Options | \* Includes Purchased Options |

---

**190**

See Notes to Financial Statements.

------

---

| | | |
|:---|:---|:---|
| **Medium-Duration**<br> **Bond Fund**<br>| **Global**<br> **Bond Fund**<br>| **Impact Bond Fund** |
| $3929390905 | &nbsp;&nbsp;&nbsp;&nbsp; $690054462 | &nbsp;&nbsp;&nbsp;&nbsp; $91819361 |
| 372000000 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 164299586 | &nbsp;&nbsp;&nbsp;&nbsp; 27931859 | &nbsp;&nbsp;&nbsp;&nbsp; 6194442 |
| 4465690491 | &nbsp;&nbsp;&nbsp;&nbsp; 717986321 | &nbsp;&nbsp;&nbsp;&nbsp; 98013803 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; 54523 | &nbsp;&nbsp;&nbsp;&nbsp; 10281 |
| 28915002 | &nbsp;&nbsp;&nbsp;&nbsp; 2926809 | &nbsp;&nbsp;&nbsp;&nbsp; 42126 |
| 3637390 | &nbsp;&nbsp;&nbsp;&nbsp; 831794 | &nbsp;&nbsp;&nbsp;&nbsp; 39000 |
| 3351067 | &nbsp;&nbsp;&nbsp;&nbsp; 2240773 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 18904013 | &nbsp;&nbsp;&nbsp;&nbsp; 305482 | &nbsp;&nbsp;&nbsp;&nbsp; 13925 |
| 525714 | &nbsp;&nbsp;&nbsp;&nbsp; 89168 | &nbsp;&nbsp;&nbsp;&nbsp; 22492 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; 2444 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 25375304 | &nbsp;&nbsp;&nbsp;&nbsp; 8331605 | &nbsp;&nbsp;&nbsp;&nbsp; 679494 |
| 10585 | &nbsp;&nbsp;&nbsp;&nbsp; 1993 | &nbsp;&nbsp;&nbsp;&nbsp; 273 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 17926 |
| 537368361 | &nbsp;&nbsp;&nbsp;&nbsp; 388005 | &nbsp;&nbsp;&nbsp;&nbsp; 710901 |
| 2618405 | &nbsp;&nbsp;&nbsp;&nbsp; 252722 | &nbsp;&nbsp;&nbsp;&nbsp; 2974 |
| 616239 | &nbsp;&nbsp;&nbsp;&nbsp; 8840 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 1204182 | &nbsp;&nbsp;&nbsp;&nbsp; 8676339 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 12660 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 46840 | &nbsp;&nbsp;&nbsp;&nbsp; 24634 | &nbsp;&nbsp;&nbsp;&nbsp; 22545 |
| 5088276253 | &nbsp;&nbsp;&nbsp;&nbsp; 742121452 | &nbsp;&nbsp;&nbsp;&nbsp; 99575740 |
| 309999 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 5688656 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 793119 | &nbsp;&nbsp;&nbsp;&nbsp; 6137 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 13553934 | &nbsp;&nbsp;&nbsp;&nbsp; 36641 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 2563209 | &nbsp;&nbsp;&nbsp;&nbsp; 8808816 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 33836 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 59536306 | &nbsp;&nbsp;&nbsp;&nbsp; 22334137 | &nbsp;&nbsp;&nbsp;&nbsp; 107272 |
| 21539439 | &nbsp;&nbsp;&nbsp;&nbsp; 4250436 | &nbsp;&nbsp;&nbsp;&nbsp; 14059 |
| 1391919609 | &nbsp;&nbsp;&nbsp;&nbsp; 1129335 | &nbsp;&nbsp;&nbsp;&nbsp; 5497220 |
| 46682 | &nbsp;&nbsp;&nbsp;&nbsp; 6233 | &nbsp;&nbsp;&nbsp;&nbsp; 266 |
| 893868 | &nbsp;&nbsp;&nbsp;&nbsp; 129462 | &nbsp;&nbsp;&nbsp;&nbsp; 2117 |
| 1032429 | &nbsp;&nbsp;&nbsp;&nbsp; 265812 | &nbsp;&nbsp;&nbsp;&nbsp; 29739 |
| 127412 | &nbsp;&nbsp;&nbsp;&nbsp; 19590 | &nbsp;&nbsp;&nbsp;&nbsp; 4022 |
| 50 | &nbsp;&nbsp;&nbsp;&nbsp; 31 | &nbsp;&nbsp;&nbsp;&nbsp; 9 |
| 336636 | &nbsp;&nbsp;&nbsp;&nbsp; 164463 | &nbsp;&nbsp;&nbsp;&nbsp; 72229 |
| 1498375184 | &nbsp;&nbsp;&nbsp;&nbsp; 37151093 | &nbsp;&nbsp;&nbsp;&nbsp; 5726933 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(6), (7)</sup><br>|
| $3589901069 | &nbsp;&nbsp;&nbsp;&nbsp; $704970359 | &nbsp;&nbsp;&nbsp;&nbsp; $93848807 |
| $3886922928 | &nbsp;&nbsp;&nbsp;&nbsp; $769621398 | &nbsp;&nbsp;&nbsp;&nbsp; $96582217 |
| (297021859)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (64651039)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2733410)<br>|
| $3589901069 | &nbsp;&nbsp;&nbsp;&nbsp; $704970359 | &nbsp;&nbsp;&nbsp;&nbsp; $93848807 |
| $2989346572 | &nbsp;&nbsp;&nbsp;&nbsp; $612318952 | &nbsp;&nbsp;&nbsp;&nbsp; $74780331 |
| 231025218 | &nbsp;&nbsp;&nbsp;&nbsp; 68843906 | &nbsp;&nbsp;&nbsp;&nbsp; 7775403 |
| $12.94 | &nbsp;&nbsp;&nbsp;&nbsp; $8.89 | &nbsp;&nbsp;&nbsp;&nbsp; $9.62 |
| $600554497 | &nbsp;&nbsp;&nbsp;&nbsp; $92651407 | &nbsp;&nbsp;&nbsp;&nbsp; $19068476 |
| 46433491 | &nbsp;&nbsp;&nbsp;&nbsp; 10488205 | &nbsp;&nbsp;&nbsp;&nbsp; 1984331 |
| $12.93 | &nbsp;&nbsp;&nbsp;&nbsp; $8.83 | &nbsp;&nbsp;&nbsp;&nbsp; $9.61 |
| $3937640273 | &nbsp;&nbsp;&nbsp;&nbsp; $682528308 | &nbsp;&nbsp;&nbsp;&nbsp; $93236587 |
| 372000000 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 164299586 | &nbsp;&nbsp;&nbsp;&nbsp; 27931859 | &nbsp;&nbsp;&nbsp;&nbsp; 6194442 |
| $4473939859 | &nbsp;&nbsp;&nbsp;&nbsp; $710460167 | &nbsp;&nbsp;&nbsp;&nbsp; $99431029 |
| $133548666 | &nbsp;&nbsp;&nbsp;&nbsp; $38112683 | &nbsp;&nbsp;&nbsp;&nbsp; $103317 |
| $3349851 | &nbsp;&nbsp;&nbsp;&nbsp; $2242207 | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| $5680879 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| $1222789 | &nbsp;&nbsp;&nbsp;&nbsp; $205355 | &nbsp;&nbsp;&nbsp;&nbsp; $— |

---

See Notes to Financial Statements.

**191**

------

**STATEMENTS OF OPERATIONS**

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

---

| | | |
|:---|:---|:---|
|  | **Money**<br> **Market Fund**<br>| **Low-Duration**<br> **Bond Fund**<br>|
| **Investment Income** |  |  |
| Dividends | &nbsp;&nbsp; $— | &nbsp;&nbsp; $4663 |
| Income distributions received from affiliated funds | &nbsp;&nbsp; — | &nbsp;&nbsp; 1622850 |
| Interest | &nbsp;&nbsp; 88976126 | &nbsp;&nbsp; 39274918 |
| Securities lending, net | &nbsp;&nbsp; — | &nbsp;&nbsp; 130361 |
| Less foreign taxes withheld | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total Investment Income | &nbsp;&nbsp; 88976126 | &nbsp;&nbsp; 41032792 |
| **Expenses** |  |  |
| Investment advisory fees | &nbsp;&nbsp; 2286796 | &nbsp;&nbsp; 2591301 |
| Transfer agent fees: |  |  |
| Institutional shares | &nbsp;&nbsp; 10362 | &nbsp;&nbsp; 10485 |
| Investor shares | &nbsp;&nbsp; 60502 | &nbsp;&nbsp; 36468 |
| Custodian fees | &nbsp;&nbsp; 23798 | &nbsp;&nbsp; 140068 |
| Shareholder servicing fees: |  |  |
| Investor shares | &nbsp;&nbsp; 1462452 | &nbsp;&nbsp; 417679 |
| Accounting and administration fees | &nbsp;&nbsp; 293803 | &nbsp;&nbsp; 173651 |
| Professional fees | &nbsp;&nbsp; 114012 | &nbsp;&nbsp; 178249 |
| Blue sky fees: |  |  |
| Institutional shares | &nbsp;&nbsp; 23083 | &nbsp;&nbsp; 25037 |
| Investor shares | &nbsp;&nbsp; 40533 | &nbsp;&nbsp; 20089 |
| Shareholder reporting fees: |  |  |
| Institutional shares | &nbsp;&nbsp; 2986 | &nbsp;&nbsp; 6215 |
| Investor shares | &nbsp;&nbsp; 41565 | &nbsp;&nbsp; 18462 |
| Directors expenses | &nbsp;&nbsp; 48947 | &nbsp;&nbsp; 20206 |
| Line of credit facility fees | &nbsp;&nbsp; 7154 | &nbsp;&nbsp; 4120 |
| Index license fees | &nbsp;&nbsp; 7400 | &nbsp;&nbsp; 5928 |
| Other expenses | &nbsp;&nbsp; 98545 | &nbsp;&nbsp; 77838 |
| Total Expenses | &nbsp;&nbsp; 4521938 | &nbsp;&nbsp; 3725796 |
| Expenses waived/reimbursed<sup>(1)</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Net Expenses | &nbsp;&nbsp; 4521938 | &nbsp;&nbsp; 3725796 |
| **Net Investment Income** | &nbsp;&nbsp; 84454188 | &nbsp;&nbsp; 37306996 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) from: |  |  |
| Capital gain distributions received from affiliated funds | &nbsp;&nbsp; — | &nbsp;&nbsp; 1149 |
| Investment securities | &nbsp;&nbsp; 100100 | &nbsp;&nbsp; 2133390 |
| Investment securities sold short | &nbsp;&nbsp; — | &nbsp;&nbsp; 1573 |
| TBA sale commitments | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Futures transactions | &nbsp;&nbsp; — | &nbsp;&nbsp; 2376224 |
| Swap agreements | &nbsp;&nbsp; — | &nbsp;&nbsp; (1612319)<br>|
| Option contracts written | &nbsp;&nbsp; — | &nbsp;&nbsp; (47972)<br>|
| Option contracts purchased | &nbsp;&nbsp; — | &nbsp;&nbsp; (154486)<br>|
| Forward foreign currency contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 642331 |
| Foreign currency | &nbsp;&nbsp; — | &nbsp;&nbsp; 60828 |
| Net realized gain (loss) | &nbsp;&nbsp; 100100 | &nbsp;&nbsp; 3400718 |
| Net change in unrealized appreciation (depreciation) on: |  |  |
| Investment securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 9379121 |
| TBA sale commitments | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Futures | &nbsp;&nbsp; — | &nbsp;&nbsp; (260571)<br>|
| Swap agreements | &nbsp;&nbsp; — | &nbsp;&nbsp; (242120)<br>|
| Option contracts written | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Option contracts purchased | &nbsp;&nbsp; — | &nbsp;&nbsp; (90818)<br>|
| Forward foreign currency contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; (1971958)<br>|
| Foreign currency | &nbsp;&nbsp; — | &nbsp;&nbsp; 16583 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; — | &nbsp;&nbsp; 6830237 |
| **Net Realized and Unrealized Gain** | &nbsp;&nbsp; 100100 | &nbsp;&nbsp; 10230955 |
| **Net Increase in Net Assets Resulting from Operations** | &nbsp;&nbsp; $84554288 | &nbsp;&nbsp; $47537951 |

---

<sup>(1)</sup> See Note 3c in Notes to Financial Statements.

**192**

See Notes to Financial Statements.

------

---

| | | |
|:---|:---|:---|
| **Medium-Duration**<br> **Bond Fund**<br>| **Global**<br> **Bond Fund**<br>| **Impact Bond Fund** |
| $128826 | &nbsp;&nbsp;&nbsp;&nbsp; $21665 | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| 6603791 | &nbsp;&nbsp;&nbsp;&nbsp; 1483941 | &nbsp;&nbsp;&nbsp;&nbsp; 182932 |
| 153136582 | &nbsp;&nbsp;&nbsp;&nbsp; 30095441 | &nbsp;&nbsp;&nbsp;&nbsp; 4297401 |
| 365053 | &nbsp;&nbsp;&nbsp;&nbsp; 128294 | &nbsp;&nbsp;&nbsp;&nbsp; 3146 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; (17470)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| 160234252 | &nbsp;&nbsp;&nbsp;&nbsp; 31711871 | &nbsp;&nbsp;&nbsp;&nbsp; 4483479 |
| 11098232 | &nbsp;&nbsp;&nbsp;&nbsp; 3140335 | &nbsp;&nbsp;&nbsp;&nbsp; 336488 |
| 11336 | &nbsp;&nbsp;&nbsp;&nbsp; 10617 | &nbsp;&nbsp;&nbsp;&nbsp; 9167 |
| 51159 | &nbsp;&nbsp;&nbsp;&nbsp; 39900 | &nbsp;&nbsp;&nbsp;&nbsp; 30195 |
| 640909 | &nbsp;&nbsp;&nbsp;&nbsp; 314851 | &nbsp;&nbsp;&nbsp;&nbsp; 30518 |
| 1385706 | &nbsp;&nbsp;&nbsp;&nbsp; 222616 | &nbsp;&nbsp;&nbsp;&nbsp; 45908 |
| 448184 | &nbsp;&nbsp;&nbsp;&nbsp; 142884 | &nbsp;&nbsp;&nbsp;&nbsp; 58099 |
| 167659 | &nbsp;&nbsp;&nbsp;&nbsp; 226328 | &nbsp;&nbsp;&nbsp;&nbsp; 135141 |
| 31653 | &nbsp;&nbsp;&nbsp;&nbsp; 20148 | &nbsp;&nbsp;&nbsp;&nbsp; 15325 |
| 24072 | &nbsp;&nbsp;&nbsp;&nbsp; 17148 | &nbsp;&nbsp;&nbsp;&nbsp; 15595 |
| 9462 | &nbsp;&nbsp;&nbsp;&nbsp; 9822 | &nbsp;&nbsp;&nbsp;&nbsp; 1323 |
| 19699 | &nbsp;&nbsp;&nbsp;&nbsp; 17164 | &nbsp;&nbsp;&nbsp;&nbsp; 3455 |
| 65190 | &nbsp;&nbsp;&nbsp;&nbsp; 14333 | &nbsp;&nbsp;&nbsp;&nbsp; 1978 |
| 7037 | &nbsp;&nbsp;&nbsp;&nbsp; 2219 | &nbsp;&nbsp;&nbsp;&nbsp; 213 |
| 6400 | &nbsp;&nbsp;&nbsp;&nbsp; 11961 | &nbsp;&nbsp;&nbsp;&nbsp; 4191 |
| 177357 | &nbsp;&nbsp;&nbsp;&nbsp; 60879 | &nbsp;&nbsp;&nbsp;&nbsp; 37086 |
| 14144055 | &nbsp;&nbsp;&nbsp;&nbsp; 4251205 | &nbsp;&nbsp;&nbsp;&nbsp; 724682 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (235315)<br>|
| 14144055 | &nbsp;&nbsp;&nbsp;&nbsp; 4251205 | &nbsp;&nbsp;&nbsp;&nbsp; 489367 |
| 146090197 | &nbsp;&nbsp;&nbsp;&nbsp; 27460666 | &nbsp;&nbsp;&nbsp;&nbsp; 3994112 |
| 7235 | &nbsp;&nbsp;&nbsp;&nbsp; 1166 | &nbsp;&nbsp;&nbsp;&nbsp; 303 |
| 16037748 | &nbsp;&nbsp;&nbsp;&nbsp; (18835616)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (137979)<br>|
| (498817)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 3093485 | &nbsp;&nbsp;&nbsp;&nbsp; (1394132)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 19240 |
| 5470993 | &nbsp;&nbsp;&nbsp;&nbsp; 262429 | &nbsp;&nbsp;&nbsp;&nbsp; 5398 |
| 1811401 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| (688619)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| (4234671)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7604372)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| 456179 | &nbsp;&nbsp;&nbsp;&nbsp; 2449017 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 21454934 | &nbsp;&nbsp;&nbsp;&nbsp; (25121501)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (113038)<br>|
| 90173143 | &nbsp;&nbsp;&nbsp;&nbsp; 49477599 | &nbsp;&nbsp;&nbsp;&nbsp; 824540 |
| (608259)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 2133063 | &nbsp;&nbsp;&nbsp;&nbsp; 1045103 | &nbsp;&nbsp;&nbsp;&nbsp; 20720 |
| 818563 | &nbsp;&nbsp;&nbsp;&nbsp; (67541)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 146 |
| 176527 | &nbsp;&nbsp;&nbsp;&nbsp; 199218 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| (292257)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (343842)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| (4386736)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4610574)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| (140902)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 449509 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 87873142 | &nbsp;&nbsp;&nbsp;&nbsp; 46149472 | &nbsp;&nbsp;&nbsp;&nbsp; 845406 |
| 109328076 | &nbsp;&nbsp;&nbsp;&nbsp; 21027971 | &nbsp;&nbsp;&nbsp;&nbsp; 732368 |
| $255418273 | &nbsp;&nbsp;&nbsp;&nbsp; $48488637 | &nbsp;&nbsp;&nbsp;&nbsp; $4726480 |

---

See Notes to Financial Statements.

**193**

------

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
|  | **Money Market Fund** | **Money Market Fund** |
|  | **For the Year Ended** | **For the Year Ended** |
|  | **12/31/25** | **12/31/24** |
| **Operations:** |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; $84454188 | &nbsp;&nbsp;&nbsp;&nbsp; $81760429 |
| Net realized gain (loss) on investment securities, foreign currency and derivatives | &nbsp;&nbsp;&nbsp;&nbsp; 100100 | &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; 84554288 | &nbsp;&nbsp;&nbsp;&nbsp; 81829339 |
| **Distributions to Shareholders:** |  |  |
| Distributions paid |  |  |
| Institutional shares | &nbsp;&nbsp;&nbsp;&nbsp; (61887391)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (53466277)<br>|
| Investor shares | &nbsp;&nbsp;&nbsp;&nbsp; (22649643)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (28351902)<br>|
| Return of capital |  |  |
| Institutional shares | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Investor shares | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp;&nbsp;&nbsp; (84537034)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (81818179)<br>|
| **Capital Share Transactions:** |  |  |
| Proceeds from shares sold |  |  |
| Institutional shares | &nbsp;&nbsp;&nbsp;&nbsp; 8731626413 | &nbsp;&nbsp;&nbsp;&nbsp; 7562465366 |
| Investor shares | &nbsp;&nbsp;&nbsp;&nbsp; 183597299 | &nbsp;&nbsp;&nbsp;&nbsp; 187920064 |
| Reinvestment of dividends and distributions |  |  |
| Institutional shares | &nbsp;&nbsp;&nbsp;&nbsp; 18656625 | &nbsp;&nbsp;&nbsp;&nbsp; 21124590 |
| Investor shares | &nbsp;&nbsp;&nbsp;&nbsp; 22464146 | &nbsp;&nbsp;&nbsp;&nbsp; 28178827 |
| Total proceeds from shares sold and reinvested | &nbsp;&nbsp;&nbsp;&nbsp; 8956344483 | &nbsp;&nbsp;&nbsp;&nbsp; 7799688847 |
| Value of shares redeemed |  |  |
| Institutional shares | &nbsp;&nbsp;&nbsp;&nbsp; (8643557992)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7218884917)<br>|
| Investor shares | &nbsp;&nbsp;&nbsp;&nbsp; (222071262)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (207374898)<br>|
| Total value of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (8865629254)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7426259815)<br>|
| Net increase (decrease) from capital share transactions<sup>(1)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 90715229 | &nbsp;&nbsp;&nbsp;&nbsp; 373429032 |
| Total increase (decrease) in net assets | &nbsp;&nbsp;&nbsp;&nbsp; 90732483 | &nbsp;&nbsp;&nbsp;&nbsp; 373440192 |
| **Net Assets:** |  |  |
| Beginning of Year | &nbsp;&nbsp;&nbsp;&nbsp; 1932719306 | &nbsp;&nbsp;&nbsp;&nbsp; 1559279114 |
| End of Year | &nbsp;&nbsp;&nbsp;&nbsp; $2023451789 | &nbsp;&nbsp;&nbsp;&nbsp; $1932719306 |

---

<sup>(1)</sup> See Note 6 in Notes to Financial Statements.

**194**

See Notes to Financial Statements.

------

---

| | | | |
|:---|:---|:---|:---|
| **Low-Duration Bond Fund** | **Low-Duration Bond Fund** | **Medium-Duration Bond Fund** | **Medium-Duration Bond Fund** |
| **For the Year Ended** | **For the Year Ended** | **For the Year Ended** | **For the Year Ended** |
| **12/31/25** | **12/31/24** | **12/31/25** | **12/31/24** |
| $37306996 | &nbsp;&nbsp;&nbsp;&nbsp; $38648315 | &nbsp;&nbsp;&nbsp;&nbsp; $146090197 | &nbsp;&nbsp;&nbsp;&nbsp; $122161628 |
| 3400718 | &nbsp;&nbsp;&nbsp;&nbsp; (3496659)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 21454934 | &nbsp;&nbsp;&nbsp;&nbsp; (65653664)<br>|
| 6830237 | &nbsp;&nbsp;&nbsp;&nbsp; 6219334 | &nbsp;&nbsp;&nbsp;&nbsp; 87873142 | &nbsp;&nbsp;&nbsp;&nbsp; (9800568)<br>|
| 47537951 | &nbsp;&nbsp;&nbsp;&nbsp; 41370990 | &nbsp;&nbsp;&nbsp;&nbsp; 255418273 | &nbsp;&nbsp;&nbsp;&nbsp; 46707396 |
| (31035178)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (29902480)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (122656616)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (104962695)<br>|
| (6806810)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (8349169)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (24024189)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (18042000)<br>|
| (37841988)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (38251649)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (146680805)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (123004695)<br>|
| 172882085 | &nbsp;&nbsp;&nbsp;&nbsp; 160559796 | &nbsp;&nbsp;&nbsp;&nbsp; 705349475 | &nbsp;&nbsp;&nbsp;&nbsp; 614350825 |
| 27196505 | &nbsp;&nbsp;&nbsp;&nbsp; 44515598 | &nbsp;&nbsp;&nbsp;&nbsp; 209222367 | &nbsp;&nbsp;&nbsp;&nbsp; 98309520 |
| 30654791 | &nbsp;&nbsp;&nbsp;&nbsp; 29882122 | &nbsp;&nbsp;&nbsp;&nbsp; 121546438 | &nbsp;&nbsp;&nbsp;&nbsp; 103923776 |
| 6790163 | &nbsp;&nbsp;&nbsp;&nbsp; 8332571 | &nbsp;&nbsp;&nbsp;&nbsp; 23519202 | &nbsp;&nbsp;&nbsp;&nbsp; 17517659 |
| 237523544 | &nbsp;&nbsp;&nbsp;&nbsp; 243290087 | &nbsp;&nbsp;&nbsp;&nbsp; 1059637482 | &nbsp;&nbsp;&nbsp;&nbsp; 834101780 |
| (184708939)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (138387160)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (285740636)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (367201911)<br>|
| (98327013)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (37281618)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (80216168)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (64404755)<br>|
| (283035952)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (175668778)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (365956804)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (431606666)<br>|
| (45512408)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 67621309 | &nbsp;&nbsp;&nbsp;&nbsp; 693680678 | &nbsp;&nbsp;&nbsp;&nbsp; 402495114 |
| (35816445)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 70740650 | &nbsp;&nbsp;&nbsp;&nbsp; 802418146 | &nbsp;&nbsp;&nbsp;&nbsp; 326197815 |
| 938612138 | &nbsp;&nbsp;&nbsp;&nbsp; 867871488 | &nbsp;&nbsp;&nbsp;&nbsp; 2787482923 | &nbsp;&nbsp;&nbsp;&nbsp; 2461285108 |
| $902795693 | &nbsp;&nbsp;&nbsp;&nbsp; $938612138 | &nbsp;&nbsp;&nbsp;&nbsp; $3589901069 | &nbsp;&nbsp;&nbsp;&nbsp; $2787482923 |

---

See Notes to Financial Statements.

**195**

------

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Global Bond Fund** | **Global Bond Fund** | **Impact Bond Fund** | **Impact Bond Fund** |
|  | **For the Year Ended** | **For the Year Ended** | **For the Year Ended** | **For the Year Ended** |
|  | **12/31/25** | **12/31/24** | **12/31/25** | **12/31/24** |
| **Operations:** |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; $27460666 | &nbsp;&nbsp;&nbsp;&nbsp; $24173852 | &nbsp;&nbsp;&nbsp;&nbsp; $3994112 | &nbsp;&nbsp;&nbsp;&nbsp; $3861719 |
| Net realized loss on investment securities, <br> foreign currency and derivatives<br>| &nbsp;&nbsp;&nbsp;&nbsp; (25121501)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (13086018)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (113038)<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; 46149472 | &nbsp;&nbsp;&nbsp;&nbsp; (8347320)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 845406 | &nbsp;&nbsp;&nbsp;&nbsp; (2358349)<br>|
| Net increase in net assets resulting from <br> operations<br>| &nbsp;&nbsp;&nbsp;&nbsp; 48488637 | &nbsp;&nbsp;&nbsp;&nbsp; 2740514 | &nbsp;&nbsp;&nbsp;&nbsp; 4726480 | &nbsp;&nbsp;&nbsp;&nbsp; 1101561 |
| **Distributions to Shareholders:** |  |  |  |  |
| Distributions paid |  |  |  |  |
| Institutional shares | &nbsp;&nbsp;&nbsp;&nbsp; (18574125)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (15492298)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3285826)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3121336)<br>|
| Investor shares | &nbsp;&nbsp;&nbsp;&nbsp; (2838231)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3019318)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (794101)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (778043)<br>|
| Return of capital |  |  |  |  |
| Institutional shares | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Investor shares | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp;&nbsp;&nbsp; (21412356)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (18511616)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4079927)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3899379)<br>|
| **Capital Share Transactions:** |  |  |  |  |
| Proceeds from shares sold |  |  |  |  |
| Institutional shares | &nbsp;&nbsp;&nbsp;&nbsp; 140774601 | &nbsp;&nbsp;&nbsp;&nbsp; 157138795 | &nbsp;&nbsp;&nbsp;&nbsp; 9755612 | &nbsp;&nbsp;&nbsp;&nbsp; 11575318 |
| Investor shares | &nbsp;&nbsp;&nbsp;&nbsp; 18979170 | &nbsp;&nbsp;&nbsp;&nbsp; 25606590 | &nbsp;&nbsp;&nbsp;&nbsp; 5612065 | &nbsp;&nbsp;&nbsp;&nbsp; 2952388 |
| Reinvestment of dividends and distributions |  |  |  |  |
| Institutional shares | &nbsp;&nbsp;&nbsp;&nbsp; 18532981 | &nbsp;&nbsp;&nbsp;&nbsp; 15464612 | &nbsp;&nbsp;&nbsp;&nbsp; 3285098 | &nbsp;&nbsp;&nbsp;&nbsp; 3120578 |
| Investor shares | &nbsp;&nbsp;&nbsp;&nbsp; 2773049 | &nbsp;&nbsp;&nbsp;&nbsp; 2962815 | &nbsp;&nbsp;&nbsp;&nbsp; 794016 | &nbsp;&nbsp;&nbsp;&nbsp; 778043 |
| Total proceeds from shares sold and reinvested | &nbsp;&nbsp;&nbsp;&nbsp; 181059801 | &nbsp;&nbsp;&nbsp;&nbsp; 201172812 | &nbsp;&nbsp;&nbsp;&nbsp; 19446791 | &nbsp;&nbsp;&nbsp;&nbsp; 18426327 |
| Value of shares redeemed |  |  |  |  |
| Institutional shares | &nbsp;&nbsp;&nbsp;&nbsp; (101946227)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (94533117)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7077493)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (9003454)<br>|
| Investor shares | &nbsp;&nbsp;&nbsp;&nbsp; (40968607)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (28165263)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5347479)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2351350)<br>|
| Total value of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (142914834)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (122698380)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (12424972)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (11354804)<br>|
| Net increase from capital share transactions<sup>(1)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 38144967 | &nbsp;&nbsp;&nbsp;&nbsp; 78474432 | &nbsp;&nbsp;&nbsp;&nbsp; 7021819 | &nbsp;&nbsp;&nbsp;&nbsp; 7071523 |
| Total increase in net assets | &nbsp;&nbsp;&nbsp;&nbsp; 65221248 | &nbsp;&nbsp;&nbsp;&nbsp; 62703330 | &nbsp;&nbsp;&nbsp;&nbsp; 7668372 | &nbsp;&nbsp;&nbsp;&nbsp; 4273705 |
| **Net Assets:** |  |  |  |  |
| Beginning of Year | &nbsp;&nbsp;&nbsp;&nbsp; 639749111 | &nbsp;&nbsp;&nbsp;&nbsp; 577045781 | &nbsp;&nbsp;&nbsp;&nbsp; 86180435 | &nbsp;&nbsp;&nbsp;&nbsp; 81906730 |
| End of Year | &nbsp;&nbsp;&nbsp;&nbsp; $704970359 | &nbsp;&nbsp;&nbsp;&nbsp; $639749111 | &nbsp;&nbsp;&nbsp;&nbsp; $93848807 | &nbsp;&nbsp;&nbsp;&nbsp; $86180435 |

---

<sup>(1)</sup> See Note 6 in Notes to Financial Statements.

**196**

See Notes to Financial Statements.

------

**FINANCIAL HIGHLIGHTS** 

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *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 Year**<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> **Year**<br>| **Total**<br> **Return**<br>| **Net Assets,**<br> **End of Year**<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 | &nbsp;&nbsp;&nbsp; $1.00 | &nbsp;&nbsp;&nbsp; $0.04 | &nbsp;&nbsp;&nbsp; $—† | &nbsp;&nbsp;&nbsp; $0.04 | &nbsp;&nbsp;&nbsp; $(0.04)<br>| &nbsp;&nbsp;&nbsp; $—† | &nbsp;&nbsp;&nbsp; $(0.04)<br>| &nbsp;&nbsp;&nbsp; $1.00 | &nbsp;&nbsp;&nbsp;&nbsp; 4.22<br> %<br>| &nbsp;&nbsp;&nbsp; $1448518 | &nbsp;&nbsp;&nbsp;&nbsp; 0.14<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.14<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.14<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 |
| **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 | &nbsp;&nbsp;&nbsp; $1.00 | &nbsp;&nbsp;&nbsp; $0.04 | &nbsp;&nbsp;&nbsp; $—† | &nbsp;&nbsp;&nbsp; $0.04 | &nbsp;&nbsp;&nbsp; $(0.04)<br>| &nbsp;&nbsp;&nbsp; $—† | &nbsp;&nbsp;&nbsp; $(0.04)<br>| &nbsp;&nbsp;&nbsp; $1.00 | &nbsp;&nbsp;&nbsp;&nbsp; 3.94<br> %<br>| &nbsp;&nbsp;&nbsp; $574934 | &nbsp;&nbsp;&nbsp;&nbsp; 0.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.87<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 |
| **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 | &nbsp;&nbsp;&nbsp; $12.86 | &nbsp;&nbsp;&nbsp; $0.55 | &nbsp;&nbsp;&nbsp; $0.16 | &nbsp;&nbsp;&nbsp; $0.71 | &nbsp;&nbsp;&nbsp; $(0.56)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(0.56)<br>| &nbsp;&nbsp;&nbsp; $13.01 | &nbsp;&nbsp;&nbsp;&nbsp; 5.66<br> %<br>| &nbsp;&nbsp;&nbsp; $751305 | &nbsp;&nbsp;&nbsp;&nbsp; 0.37<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.37<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.27<br> %<br>| &nbsp;&nbsp;&nbsp; 161<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> (1)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.36<br> (1)<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> (1)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.34<br> (1)<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 |
| **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 | &nbsp;&nbsp;&nbsp; $12.86 | &nbsp;&nbsp;&nbsp; $0.52 | &nbsp;&nbsp;&nbsp; $0.15 | &nbsp;&nbsp;&nbsp; $0.67 | &nbsp;&nbsp;&nbsp; $(0.53)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(0.53)<br>| &nbsp;&nbsp;&nbsp; $13.00 | &nbsp;&nbsp;&nbsp;&nbsp; 5.29<br> %<br>| &nbsp;&nbsp;&nbsp; $151491 | &nbsp;&nbsp;&nbsp;&nbsp; 0.66<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.66<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.98<br> %<br>| &nbsp;&nbsp;&nbsp; 161<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> (1)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.64<br> (1)<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> (1)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.61<br> (1)<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 |
| **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 | &nbsp;&nbsp;&nbsp; $12.52 | &nbsp;&nbsp;&nbsp; $0.59 | &nbsp;&nbsp;&nbsp; $0.42 | &nbsp;&nbsp;&nbsp; $1.01 | &nbsp;&nbsp;&nbsp; $(0.59)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(0.59)<br>| &nbsp;&nbsp;&nbsp; $12.94 | &nbsp;&nbsp;&nbsp;&nbsp; 8.22<br> %<br>| &nbsp;&nbsp;&nbsp; $2989347 | &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.60<br> %<br>| &nbsp;&nbsp;&nbsp; 409<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 |
| **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 | &nbsp;&nbsp;&nbsp; $12.52 | &nbsp;&nbsp;&nbsp; $0.55 | &nbsp;&nbsp;&nbsp; $0.42 | &nbsp;&nbsp;&nbsp; $0.97 | &nbsp;&nbsp;&nbsp; $(0.56)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(0.56)<br>| &nbsp;&nbsp;&nbsp; $12.93 | &nbsp;&nbsp;&nbsp;&nbsp; 7.88<br> %<br>| &nbsp;&nbsp;&nbsp; $600554 | &nbsp;&nbsp;&nbsp;&nbsp; 0.66<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.66<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.34<br> %<br>| &nbsp;&nbsp;&nbsp; 409<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 |

---

---

| | |
|:---|:---|
| #  | Calculated using the average shares outstanding method. |
| † | Amount represents less than $0.005 per share. |
| (1) | 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.

**197**

------

**FINANCIAL HIGHLIGHTS (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 Year**<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> **Year**<br>| **Total**<br> **Return**<br>| **Net Assets,**<br> **End of Year**<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 | &nbsp;&nbsp; $8.52 | &nbsp;&nbsp; $0.37 | &nbsp;&nbsp; $0.29 | &nbsp;&nbsp; $0.66 | &nbsp;&nbsp; $(0.29)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(0.29)<br>| &nbsp;&nbsp; $8.89 | &nbsp;&nbsp;&nbsp;&nbsp; 7.93<br> %<br>| &nbsp;&nbsp; $612319 | &nbsp;&nbsp;&nbsp;&nbsp; 0.61<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.61<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.27<br> %<br>| &nbsp;&nbsp; 144<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 |
| **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 | &nbsp;&nbsp; $8.47 | &nbsp;&nbsp; $0.34 | &nbsp;&nbsp; $0.29 | &nbsp;&nbsp; $0.63 | &nbsp;&nbsp; $(0.27)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(0.27)<br>| &nbsp;&nbsp; $8.83 | &nbsp;&nbsp;&nbsp;&nbsp; 7.55<br> %<br>| &nbsp;&nbsp; $92651 | &nbsp;&nbsp;&nbsp;&nbsp; 0.94<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.94<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.94<br> %<br>| &nbsp;&nbsp; 144<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 |
| **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 | &nbsp;&nbsp; $9.55 | &nbsp;&nbsp; $0.43 | &nbsp;&nbsp; $0.08 | &nbsp;&nbsp; $0.51 | &nbsp;&nbsp; $(0.44)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(0.44)<br>| &nbsp;&nbsp; $9.62 | &nbsp;&nbsp;&nbsp;&nbsp; 5.46<br> %<br>| &nbsp;&nbsp; $74780 | &nbsp;&nbsp;&nbsp;&nbsp; 0.49<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.71<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.50<br> %<br>| &nbsp;&nbsp; 114<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<sup>(1)</sup> <br>| &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 | &nbsp;&nbsp; $9.54 | &nbsp;&nbsp; $0.41 | &nbsp;&nbsp; $0.08 | &nbsp;&nbsp; $0.49 | &nbsp;&nbsp; $(0.42)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(0.42)<br>| &nbsp;&nbsp; $9.61 | &nbsp;&nbsp;&nbsp;&nbsp; 5.19<br> %<br>| &nbsp;&nbsp; $19069 | &nbsp;&nbsp;&nbsp;&nbsp; 0.77<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.22<br> %<br>| &nbsp;&nbsp; 114<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<sup>(1)</sup> <br>| &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 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. 

**198**

See Notes to Financial Statements.

------

***DEFENSIVE MARKET STRATEGIES***<sup>®</sup> **FUND**

**SCHEDULE OF INVESTMENTS**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS — 19.9%** | **COMMON STOCKS — 19.9%** | **COMMON STOCKS — 19.9%** |
| **Communication Services — 1.1%** | **Communication Services — 1.1%** |  |
| Alphabet, Inc. Class A | 42001 | $13146313 |
| **Consumer Discretionary — 2.9%** | **Consumer Discretionary — 2.9%** |  |
| Home Depot, Inc. (The) | 25539 | 8787970 |
| Marriott International, Inc. Class A | 12514 | 3882344 |
| McDonald's Corporation | 28318 | 8654830 |
| NIKE, Inc. Class B | 56413 | 3594072 |
| TJX Cos., Inc. (The) | 69682 | 10703852 |
|  |  | 35623068 |
| **Consumer Staples — 1.3%** | **Consumer Staples — 1.3%** |  |
| Coca-Cola Co. (The) | 104052 | 7274275 |
| Procter & Gamble Co. (The) | 60099 | 8612788 |
|  |  | 15887063 |
| **Financials — 4.4%** | **Financials — 4.4%** |  |
| American Express Co. | 30910 | 11435154 |
| Marsh & McLennan Cos., Inc. | 57625 | 10690590 |
| Mastercard, Inc. Class A | 21170 | 12085530 |
| S&P Global, Inc. | 21326 | 11144754 |
| Visa, Inc. Class A | 23631 | 8287628 |
|  |  | 53643656 |
| **Health Care — 3.1%** | **Health Care — 3.1%** |  |
| Danaher Corporation | 42806 | 9799150 |
| Elevance Health, Inc. | 15593 | 5466126 |
| Eli Lilly and Co. | 13217 | 14204046 |
| Stryker Corporation | 24271 | 8530528 |
|  |  | 37999850 |
| **Industrials — 1.8%** | **Industrials — 1.8%** |  |
| AMETEK, Inc. | 13637 | 2799812 |
| Honeywell International, Inc. | 45283 | 8834261 |
| Northrop Grumman Corporation | 17310 | 9870335 |
|  |  | 21504408 |
| **Information Technology — 5.3%** | **Information Technology — 5.3%** |  |
| Amphenol Corporation Class A | 16661 | 2251568 |
| Apple, Inc. | 37999 | 10330408 |
| Broadcom, Inc. | 45669 | 15806041 |
| Intuit, Inc. | 12702 | 8414059 |
| Microsoft Corporation | 25320 | 12245258 |
| QUALCOMM, Inc. | 35617 | 6092288 |
| Texas Instruments, Inc. | 52155 | 9048371 |
|  |  | 64187993 |
| **Total Common Stocks** <br> (Cost $210,971,441) | **Total Common Stocks** <br> (Cost $210,971,441) | 241992351 |
| **FOREIGN COMMON STOCKS — 2.3%** | **FOREIGN COMMON STOCKS — 2.3%** | **FOREIGN COMMON STOCKS — 2.3%** |
| **Ireland — 1.4%** | **Ireland — 1.4%** |  |
| Accenture PLC Class A | 20307 | 5448368 |
| Linde PLC | 25122 | 10711770 |
|  |  | 16160138 |
| **Switzerland — 0.9%** | **Switzerland — 0.9%** |  |
| Chubb, Ltd. | 36047 | 11250989 |
| **Total Foreign Common Stocks** <br> (Cost $26,939,874) | **Total Foreign Common Stocks** <br> (Cost $26,939,874) | 27411127 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of** <br> **Warrants**<br>| **Value** |
| **WARRANTS — 0.0%** | **WARRANTS — 0.0%** | **WARRANTS — 0.0%** |
| GameStop CorporationΔ\* <br> (Cost $—) | 6880 | $20709 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** |  |
| **CORPORATE BONDS — 9.3%** | **CORPORATE BONDS — 9.3%** | **CORPORATE BONDS — 9.3%** |
| Advanced Energy <br> Industries, Inc.<br>|  |  |
| 2.50%, 09/15/28 CONV | $251000 | 412142 |
| AeroVironment, Inc. |  |  |
| 0.00%, 07/15/30 CONV» | 500000 | 543750 |
| Affirm Holdings, Inc. |  |  |
| 0.75%, 12/15/29 | 327000 | 362888 |
| Akamai Technologies, <br> Inc.<br>|  |  |
| 1.13%, 02/15/29 CONV | 4025000 | 3986762 |
| Alkami Technology, <br> Inc.<br>|  |  |
| 1.50%, 03/15/30 144A CONV | 275000 | 282769 |
| Alliant Energy <br> Corporation<br>|  |  |
| 3.88%, 03/15/26 CONV | 484000 | 504086 |
| Alnylam <br> Pharmaceuticals, <br> Inc.<br>|  |  |
| 0.00%, 09/15/28 144A CONV» | 220000 | 212850 |
| AST SpaceMobile, Inc. |  |  |
| 2.00%, 01/15/36 144A CONV | 1337000 | 1337735 |
| Bentley Systems, Inc. |  |  |
| 0.13%, 01/15/26 CONV | 169000 | 168683 |
| 0.38%, 07/01/27 CONV | 441000 | 415863 |
| BlackLine, Inc. |  |  |
| 1.00%, 06/01/29 CONV | 602000 | 636525 |
| Boston Properties LP <br> REIT<br>|  |  |
| 2.00%, 10/01/30 144A CONV | 773000 | 750196 |
| Box, Inc. |  |  |
| 1.50%, 09/15/29 CONV | 361000 | 351975 |
| Bridgebio Pharma, Inc. |  |  |
| 2.25%, 02/01/29 CONV | 600000 | 675750 |
| BWX Technologies, <br> Inc.<br>|  |  |
| 0.00%, 11/01/30 144A CONVΔ» | 1450000 | 1385475 |
| CenterPoint Energy, <br> Inc.<br>|  |  |
| 4.25%, 08/15/26 CONV | 1013000 | 1110248 |
| Cheesecake Factory, <br> Inc. (The)<br>|  |  |
| 2.00%, 03/15/30 144A CONV | 449000 | 440918 |
| Citigroup Global <br> Markets Holdings, <br> Inc.<br>|  |  |
| 0.13%, 04/18/28 144A††† | 1179000 | 1286578 |
| Cleanspark, Inc. |  |  |
| 0.00%, 02/15/32 144A CONV» | 1400000 | 1056300 |
| Cloudflare, Inc. |  |  |
| 0.00%, 06/15/30 144A CONV» | 2670000 | 2908965 |

---

See Notes to Financial Statements.

**199**

------

***DEFENSIVE MARKET STRATEGIES***<sup>®</sup> **FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| CMS Energy <br> Corporation<br>|  |  |
| 3.38%, 05/01/28 CONV | $666000 | $713952 |
| 3.13%, 05/01/31 144A CONV | 1333000 | 1319070 |
| Cohu, Inc. |  |  |
| 1.50%, 01/15/31 CONV | 585000 | 651983 |
| Coinbase Global, Inc. |  |  |
| 0.00%, 10/01/29 144A CONV» | 2079000 | 1934094 |
| 0.25%, 04/01/30 CONV | 1726000 | 1772170 |
| Commvault Systems, <br> Inc.<br>|  |  |
| 0.00%, 09/15/30 144A CONV» | 533000 | 472771 |
| COPT Defense <br> Properties LP REIT<br>|  |  |
| 5.25%, 09/15/28 144A CONV | 250000 | 280064 |
| Core Scientific, Inc. |  |  |
| 0.00%, 06/15/31 144A CONV» | 649000 | 685149 |
| CoreWeave, Inc. |  |  |
| 1.75%, 12/01/31 144A CONV | 692000 | 656535 |
| Cytokinetics, Inc. |  |  |
| 3.50%, 07/01/27 CONV | 339000 | 483245 |
| Datadog, Inc. |  |  |
| 0.00%, 12/01/29» | 880000 | 881100 |
| Digital Realty Trust LP <br> REIT<br>|  |  |
| 1.88%, 11/15/29 144A CONV | 981000 | 997186 |
| DigitalOcean Holdings, <br> Inc.<br>|  |  |
| 0.00%, 08/15/30 144A CONV» | 510000 | 722670 |
| DoorDash, Inc. |  |  |
| 0.00%, 05/15/30 144A CONVΔ» | 2095000 | 2193465 |
| Dropbox, Inc. |  |  |
| 0.00%, 03/01/28 CONV» | 1064000 | 1075172 |
| Duke Energy <br> Corporation<br>|  |  |
| 4.13%, 04/15/26 CONV | 1238000 | 1276687 |
| Enovis Corporation |  |  |
| 3.88%, 10/15/28 CONVΔ | 355000 | 347634 |
| Eos Energy <br> Enterprises, Inc.<br>|  |  |
| 1.75%, 12/01/31 144A CONV | 437000 | 424983 |
| Etsy, Inc. |  |  |
| 1.00%, 06/15/30 144A CONVΔ | 1087000 | 1103848 |
| Euronet Worldwide, <br> Inc.<br>|  |  |
| 0.63%, 10/01/30 144A CONV | 705000 | 644634 |
| Evergy, Inc. |  |  |
| 4.50%, 12/15/27 CONV | 1089000 | 1327355 |
| Exelon Corporation |  |  |
| 3.25%, 03/15/29 144A CONV | 705000 | 704647 |
| FirstEnergy <br> Corporation<br>|  |  |
| 3.63%, 01/15/29 144A CONV | 2000000 | 2126000 |
| Fluence Energy, Inc. |  |  |
| 2.25%, 06/15/30 | 312000 | 378495 |
| Fluor Corporation |  |  |
| 1.13%, 08/15/29 CONV | 627000 | 715846 |
| Ford Motor Co. |  |  |
| 0.00%, 03/15/26 CONV» | 1835000 | 1910235 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| GameStop Corporation |  |  |
| 0.00%, 04/01/30 144A CONV» | $2054000 | $2036130 |
| 0.00%, 06/15/32 144A CONV» | 1000000 | 978000 |
| Global Payments, Inc. |  |  |
| 1.50%, 03/01/31 CONV | 1818000 | 1635291 |
| Greenbrier Cos., Inc. <br> (The)<br>|  |  |
| 2.88%, 04/15/28 CONV | 339000 | 365459 |
| Guardant Health, Inc. |  |  |
| 0.00%, 05/15/33 144A CONV» | 814000 | 896417 |
| Guidewire Software, <br> Inc.<br>|  |  |
| 1.25%, 11/01/29 CONV | 574000 | 632548 |
| Halozyme <br> Therapeutics, Inc.<br>|  |  |
| 0.88%, 11/15/32 144A CONV | 1768000 | 1798940 |
| Hims & Hers Health, <br> Inc.<br>|  |  |
| 0.00%, 05/15/30 144A CONV» | 179000 | 154746 |
| Integer Holdings <br> Corporation<br>|  |  |
| 1.88%, 03/15/30 144A CONV | 859000 | 797152 |
| Ionis Pharmaceuticals, <br> Inc.<br>|  |  |
| 0.00%, 12/01/30 144A CONV» | 1008000 | 1076040 |
| Itron, Inc. |  |  |
| 0.00%, 03/15/26 CONV» | 8000 | 7932 |
| 1.38%, 07/15/30 CONV | 662000 | 670689 |
| Jazz Investments I, Ltd. |  |  |
| 2.00%, 06/15/26 CONV | 639000 | 741080 |
| 3.13%, 09/15/30 CONV | 634000 | 845439 |
| JBT Marel Corporation |  |  |
| 0.25%, 05/15/26 CONV | 773000 | 793253 |
| JetBlue Airways <br> Corporation<br>|  |  |
| 2.50%, 09/01/29 CONV | 188000 | 182830 |
| JPMorgan Chase & Co. |  |  |
| 0.13%, 07/05/28 CONV††† | 1149000 | 1730509 |
| 0.00%, 09/19/28» | 6500000 | 7150000 |
| Lantheus Holdings, <br> Inc.<br>|  |  |
| 2.63%, 12/15/27 CONV | 377000 | 432890 |
| LCI Industries |  |  |
| 3.00%, 03/01/30 144A CONV | 392000 | 465500 |
| Liberty Media <br> Corporation-Liberty <br> Formula One<br>|  |  |
| 2.25%, 08/15/27 CONV | 387000 | 490523 |
| Life360, Inc. |  |  |
| 0.00%, 06/01/30 144A CONV» | 241000 | 258774 |
| Ligand <br> Pharmaceuticals, <br> Inc.<br>|  |  |
| 0.75%, 10/01/30 144A CONV | 367000 | 431097 |
| LivaNova PLC |  |  |
| 2.50%, 03/15/29 CONV | 304000 | 352640 |
| Live Nation <br> Entertainment, Inc.<br>|  |  |
| 2.88%, 01/15/30 | 694000 | 730782 |

---

**200**

See Notes to Financial Statements.

------

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| 2.88%, 10/15/31 144A CONV | $1064000 | $1050700 |
| Lucid Group, Inc. |  |  |
| 5.00%, 04/01/30 144A CONV | 332000 | 196088 |
| Lyft, Inc. |  |  |
| 0.63%, 03/01/29 CONV | 243000 | 293022 |
| 0.00%, 09/15/30 144A CONV» | 533000 | 603889 |
| MACOM Technology <br> Solutions Holdings, <br> Inc.<br>|  |  |
| 0.00%, 12/15/29 144A CONVΔ» | 265000 | 322028 |
| MARA Holdings, Inc. |  |  |
| 0.00%, 03/01/30 CONV» | 1088000 | 858432 |
| 0.00%, 06/01/31 CONV» | 1235000 | 1033695 |
| Merit Medical <br> Systems, Inc.<br>|  |  |
| 3.00%, 02/01/29 144A CONV | 660000 | 798270 |
| Mirion Technologies, <br> Inc.<br>|  |  |
| 0.25%, 06/01/30 144A CONV | 339000 | 420953 |
| 0.00%, 10/01/31 144A CONV» | 414000 | 449190 |
| MKS, Inc. |  |  |
| 1.25%, 06/01/30 CONVΔ | 1045000 | 1335510 |
| NCL Corporation, Ltd. |  |  |
| 0.75%, 09/15/30 144A CONVΔ | 1409000 | 1365885 |
| NextEra Energy <br> Capital Holdings, <br> Inc.<br>|  |  |
| 3.00%, 03/01/27 CONV | 625000 | 777187 |
| Northern Oil & Gas, <br> Inc.<br>|  |  |
| 3.63%, 04/15/29 CONV | 410000 | 396573 |
| Nutanix, Inc. |  |  |
| 0.50%, 12/15/29 | 899000 | 869333 |
| Oddity Finance LLC |  |  |
| 0.00%, 06/15/30 144A CONV» | 250000 | 216250 |
| ON Semiconductor <br> Corporation<br>|  |  |
| 0.50%, 03/01/29 CONV | 1657000 | 1571664 |
| Ormat Technologies, <br> Inc.<br>|  |  |
| 2.50%, 07/15/27 CONV | 363000 | 488144 |
| OSI Systems, Inc. |  |  |
| 0.50%, 02/01/31 144A CONV | 494000 | 486936 |
| Parsons Corporation |  |  |
| 2.63%, 03/01/29 CONV | 1319000 | 1359229 |
| Post Holdings, Inc. |  |  |
| 2.50%, 08/15/27 CONV | 352000 | 379632 |
| PPL Capital Funding, <br> Inc.<br>|  |  |
| 2.88%, 03/15/28 CONV | 843000 | 926246 |
| 3.00%, 12/01/30 144A CONV | 1173000 | 1176097 |
| Progress Software <br> Corporation<br>|  |  |
| 1.00%, 04/15/26 CONV | 325000 | 323944 |
| Repligen Corporation |  |  |
| 1.00%, 12/15/28 CONV | 504000 | 553140 |
| Rexford Industrial <br> Realty LP REIT<br>|  |  |
| 4.13%, 03/15/29 144A CONV | 727000 | 726418 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Rivian Automotive, <br> Inc.<br>|  |  |
| 3.63%, 10/15/30 CONV | $2574000 | $2892532 |
| Rubrik, Inc. |  |  |
| 0.00%, 06/15/30 144A CONV» | 946000 | 931337 |
| Sabre GLBL, Inc. |  |  |
| 7.32%, 08/01/26 CONV | 327000 | 330434 |
| Semtech Corporation |  |  |
| 0.00%, 10/15/30 144A CONV» | 578000 | 613836 |
| Sirius XM Holdings, <br> Inc.<br>|  |  |
| 3.75%, 03/15/28 CONV | 363000 | 365360 |
| SoFi Technologies, Inc. |  |  |
| 0.00%, 10/15/26 144A CONV» | 154000 | 199191 |
| Solaris Energy <br> Infrastructure, Inc.<br>|  |  |
| 0.25%, 10/01/31 CONV | 581000 | 630022 |
| Southern Co. (The) |  |  |
| 4.50%, 06/15/27 CONV | 1879000 | 2009590 |
| Super Micro Computer, <br> Inc.<br>|  |  |
| 3.50%, 03/01/29 CONV | 820000 | 731809 |
| 0.00%, 06/15/30 144A CONV» | 1790000 | 1517920 |
| Synaptics, Inc. |  |  |
| 0.75%, 12/01/31 CONVΔ | 256000 | 270848 |
| T1 Energy, Inc. |  |  |
| 5.25%, 12/01/30 CONV | 172000 | 220521 |
| Tempus AI, Inc. |  |  |
| 0.75%, 07/15/30 144A CONV | 500000 | 534000 |
| Terawulf, Inc. |  |  |
| 0.00%, 05/01/32 144A CONV» | 886000 | 768605 |
| Tetra Tech, Inc. |  |  |
| 2.25%, 08/15/28 CONV | 452000 | 491527 |
| Tyler Technologies, <br> Inc.<br>|  |  |
| 0.25%, 03/15/26 CONV | 592000 | 599992 |
| Uniti Group, Inc. |  |  |
| 7.50%, 12/01/27 CONV | 355000 | 392879 |
| Unity Software, Inc. |  |  |
| 0.00%, 03/15/30 144A CONVΔ» | 560000 | 810600 |
| Upstart Holdings, Inc. |  |  |
| 0.00%, 02/15/32 144A CONV» | 598000 | 495951 |
| Varonis Systems, Inc. |  |  |
| 1.00%, 09/15/29 CONV | 653000 | 607943 |
| Vertex, Inc. |  |  |
| 0.75%, 05/01/29 CONV | 642000 | 609852 |
| Viavi Solutions, Inc. |  |  |
| 0.63%, 03/01/31 144A CONV | 347000 | 498813 |
| Vishay Intertechnology, <br> Inc.<br>|  |  |
| 2.25%, 09/15/30 CONV | 483000 | 435304 |
| WEC Energy Group, <br> Inc.<br>|  |  |
| 4.38%, 06/01/27 CONV | 716000 | 809617 |
| 4.38%, 06/01/29 CONV | 701000 | 819469 |
| WisdomTree, Inc. |  |  |
| 4.63%, 08/15/30 144A CONV | 620000 | 637670 |

---

See Notes to Financial Statements.

**201**

------

***DEFENSIVE MARKET STRATEGIES***<sup>®</sup> **FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Workiva, Inc. |  |  |
| 1.25%, 08/15/28 CONV | $579000 | $572776 |
| World Kinect <br> Corporation<br>|  |  |
| 3.25%, 07/01/28 CONV | 532000 | 560223 |
| Zoetis, Inc. |  |  |
| 0.25%, 06/15/29 144A CONV | 2286000 | 2360295 |
| Zscaler, Inc. |  |  |
| 0.00%, 07/15/28 144A CONV» | 645000 | 605010 |
| **Total Corporate Bonds** <br> (Cost $112,242,001) | **Total Corporate Bonds** <br> (Cost $112,242,001) | 112586490 |
| **FOREIGN BONDS — 1.2%** | **FOREIGN BONDS — 1.2%** | **FOREIGN BONDS — 1.2%** |
| **Australia — 0.1%** | **Australia — 0.1%** |  |
| IREN, Ltd. |  |  |
| 0.00%, 07/01/31 144A CONV» | 1688000 | 1254184 |
| **Cameroon — 0.0%** | **Cameroon — 0.0%** |  |
| Golar LNG, Ltd. |  |  |
| 2.75%, 12/15/30 144A CONV | 201000 | 194317 |
| **Canada — 0.1%** | **Canada — 0.1%** |  |
| Energy Fuels, Inc. |  |  |
| 0.75%, 11/01/31 144A CONV | 384000 | 398592 |
| IMAX Corporation |  |  |
| 0.75%, 11/15/30 144A CONV | 287000 | 314911 |
|  |  | 713503 |
| **China — 0.5%** | **China — 0.5%** |  |
| Alibaba Group <br> Holding, Ltd.<br>|  |  |
| 0.50%, 06/01/31 CONV | 1130000 | 1757715 |
| H World Group, Ltd. |  |  |
| 3.00%, 05/01/26 CONV | 404000 | 515302 |
| JD.com, Inc. |  |  |
| 0.25%, 06/01/29 CONV | 1628000 | 1635326 |
| Trip.com Group, Ltd. |  |  |
| 1.50%, 07/01/27 CONV | 306000 | 407408 |
| 0.75%, 06/15/29 CONV | 1233000 | 1522139 |
|  |  | 5837890 |
| **Denmark — 0.0%** | **Denmark — 0.0%** |  |
| Ascendis Pharma A/S |  |  |
| 2.25%, 04/01/28 CONV | 439000 | 623578 |
| **Israel — 0.3%** | **Israel — 0.3%** |  |
| Check Point Software <br> Technologies, Ltd.<br>|  |  |
| 0.00%, 12/15/30 144A CONV» | 1215000 | 1213177 |
| CyberArk Software, <br> Ltd.<br>|  |  |
| 0.00%, 06/15/30 144A CONV» | 1152000 | 1233792 |
| Nova, Ltd. |  |  |
| 0.00%, 09/15/30 144A CONV» | 511000 | 636706 |
| Wix.com, Ltd. |  |  |
| 0.00%, 09/15/30 144A CONV» | 321000 | 284406 |
|  |  | 3368081 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **Netherlands — 0.1%** | **Netherlands — 0.1%** |  |
| Nebius Group NV |  |  |
| 2.75%, 09/15/32 144A CONV | $2000000 | $1919000 |
| **Singapore — 0.1%** | **Singapore — 0.1%** |  |
| Grab Holdings, Ltd. |  |  |
| 0.00%, 06/15/30 CONV» | 1090000 | 1155400 |
| **Total Foreign Bonds** <br> (Cost $15,159,407) | **Total Foreign Bonds** <br> (Cost $15,159,407) | 15065953 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **EQUITY-LINKED SECURITIES — 0.2%** | **EQUITY-LINKED SECURITIES — 0.2%** | **EQUITY-LINKED SECURITIES — 0.2%** |
| Microsoft Corporation, <br> Issued by Barclays <br> Bank PLC, <br> Maturity Date <br> 02/16/29 CONV††† <br> (Cost $1,810,756)<br>| 1749000 | 1918128 |
| **MONEY MARKET FUNDS — 9.9%** | **MONEY MARKET FUNDS — 9.9%** | **MONEY MARKET FUNDS — 9.9%** |
| Northern Institutional Liquid Assets <br> Portfolio (Shares), 3.81%Ø§ | 3955403 | 3955403 |
| GuideStone Money Market Fund, <br> 3.69% <br> (Institutional Class)Ø∞ | 116348203 | 116348203 |
| **Total Money Market Funds** <br> (Cost $120,303,606) | **Total Money Market Funds** <br> (Cost $120,303,606) | 120303606 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** |  |
| **U.S. TREASURY OBLIGATIONS — 50.9%** | **U.S. TREASURY OBLIGATIONS — 50.9%** | **U.S. TREASURY OBLIGATIONS — 50.9%** |
| U.S. Treasury Bills |  |  |
| 3.73%, 01/06/26Ω | $65000000 | 64975083 |
| 3.23%, 03/03/26Ω‡‡ | 60000000 | 59646075 |
|  |  | 124621158 |
| U.S. Treasury Notes |  |  |
| 4.63%, 03/15/26‡‡ | 110900000 | 111113500 |
| 4.13%, 06/15/26‡‡ | 85300000 | 85546748 |
| 4.63%, 09/15/26 | 98300000 | 99024834 |
| 4.38%, 12/15/26 | 98300000 | 99081747 |
| 1.13%, 02/28/27 | 41000000 | 39902930 |
| 0.75%, 01/31/28 | 44000000 | 41613516 |
| 3.63%, 09/30/31 | 18000000 | 17845312 |
|  |  | 494128587 |
| **Total U.S. Treasury Obligations** <br> (Cost $621,040,217) | **Total U.S. Treasury Obligations** <br> (Cost $621,040,217) | 618749745 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of** <br> **Contracts**<br>| **Notional** <br> **Amount**<br>|  |
| **PURCHASED OPTIONS — 6.8%** | **PURCHASED OPTIONS — 6.8%** | **PURCHASED OPTIONS — 6.8%** | **PURCHASED OPTIONS — 6.8%** |
| **Call Options — 6.8%** | **Call Options — 6.8%** | **Call Options — 6.8%** |  |
| S&P 500<sup>®</sup>, Strike Price <br> $5,450.00, Expires <br> 06/11/29 (MSCS)<br>| 135 | $92414250 | 30011020 |

---

**202**

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 | $184828500 | $52083171 |
| **Total Purchased Options** <br> (Premiums paid $58,800,448) | **Total Purchased Options** <br> (Premiums paid $58,800,448) |  | 82094191 |
| **TOTAL INVESTMENTS** — **100.5%** <br> (Cost $1,167,267,750) | **TOTAL INVESTMENTS** — **100.5%** <br> (Cost $1,167,267,750) |  | 1220142300 |

---

---

| | | | |
|:---|:---|:---|:---|
| **WRITTEN OPTIONS — (0.3)%** | **WRITTEN OPTIONS — (0.3)%** | **WRITTEN OPTIONS — (0.3)%** | **WRITTEN OPTIONS — (0.3)%** |
| **Put Options — (0.3)%** | **Put Options — (0.3)%** | **Put Options — (0.3)%** |  |
| S&P 500<sup>®</sup>, Strike Price <br> $6,730.00, Expires <br> 01/16/26 (MSCS)<br>| (38)<br>| (26012900)<br>| (105830)<br>|
| S&P 500<sup>®</sup>, Strike Price <br> $6,800.00, Expires <br> 01/16/26 (MSCS)<br>| (30)<br>| (20536500)<br>| (129180)<br>|
| S&P 500<sup>®</sup>, Strike Price <br> $6,815.00, Expires <br> 01/16/26 (MSCS)<br>| (21)<br>| (14375550)<br>| (100800)<br>|
| S&P 500<sup>®</sup>, Strike Price <br> $6,825.00, Expires <br> 01/16/26 (MSCS)<br>| (66)<br>| (45180300)<br>| (338910)<br>|
| S&P 500<sup>®</sup>, Strike Price <br> $6,825.00, Expires <br> 01/23/26 (MSCS)<br>| (2)<br>| (1369100)<br>| (12940)<br>|
| S&P 500<sup>®</sup>, Strike Price <br> $6,830.00, Expires <br> 01/02/26 (MSCS)<br>| (36)<br>| (24643800)<br>| (35640)<br>|
| S&P 500<sup>®</sup>, Strike Price <br> $6,830.00, Expires <br> 01/09/26 (MSCS)<br>| (144)<br>| (98575200)<br>| (527760)<br>|
| S&P 500<sup>®</sup>, Strike Price <br> $6,835.00, Expires <br> 01/16/26 (MSCS)<br>| (2)<br>| (1369100)<br>| (10930)<br>|
| S&P 500<sup>®</sup>, Strike Price <br> $6,840.00, Expires <br> 01/02/26 (MSCS)<br>| (72)<br>| (49287600)<br>| (95040)<br>|
| S&P 500<sup>®</sup>, Strike Price <br> $6,850.00, Expires <br> 01/02/26 (MSCS)<br>| (34)<br>| (23274700)<br>| (58820)<br>|
| S&P 500<sup>®</sup>, Strike Price <br> $6,850.00, Expires <br> 01/09/26 (MSCS)<br>| (1)<br>| (684550)<br>| (4425)<br>|
| S&P 500<sup>®</sup>, Strike Price <br> $6,875.00, Expires <br> 01/02/26 (MSCS)<br>| (13)<br>| (8899150)<br>| (41340)<br>|
| S&P 500<sup>®</sup>, Strike Price <br> $6,875.00, Expires <br> 01/09/26 (MSCS)<br>| (3)<br>| (2053650)<br>| (16719)<br>|
| S&P 500<sup>®</sup>, Strike Price <br> $6,880.00, Expires <br> 01/23/26 (MSCS)<br>| (18)<br>| (12321900)<br>| (154620)<br>|
| S&P 500<sup>®</sup>, Strike Price <br> $6,880.00, Expires <br> 01/30/26 (MSCS)<br>| (1)<br>| (684550)<br>| (8290)<br>|
| S&P 500<sup>®</sup>, Strike Price <br> $6,890.00, Expires <br> 01/09/26 (MSCS)<br>| (8)<br>| (5476400)<br>| (50840)<br>|
| S&P 500<sup>®</sup>, Strike Price <br> $6,900.00, Expires <br> 01/23/26 (MSCS)<br>| (67)<br>| (45864850)<br>| (636500)<br>|

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of**<br> **Contracts**<br>| **Notional**<br> **Amount**<br>| **Value** |
| S&P 500<sup>®</sup>, Strike Price <br> $6,920.00, Expires <br> 01/23/26 (MSCS)<br>| (68)<br>| $(46549400)<br>| $(718828)<br>|
| S&P 500<sup>®</sup>, Strike Price <br> $6,920.00, Expires <br> 01/30/26 (MSCS)<br>| (3)<br>| (2053650)<br>| (35850)<br>|
| **Total Written Options** <br> (Premiums received $(5497665)) | **Total Written Options** <br> (Premiums received $(5497665)) |  | (3083262)<br>|
| **Liabilities in Excess of Other**<br> **Assets — (0.2)%** | **Liabilities in Excess of Other**<br> **Assets — (0.2)%** |  | (2070431)<br>|
| **NET ASSETS — 100.0%** | **NET ASSETS — 100.0%** |  | $1214988607 |

---

See Notes to Financial Statements.

**203**

------

***DEFENSIVE MARKET STRATEGIES***<sup>®</sup> **FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

Futures Contracts outstanding at December 31, 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 | 03/2026 | &nbsp;&nbsp;&nbsp; 240 | &nbsp;&nbsp;&nbsp; $26985000 | &nbsp;&nbsp;&nbsp; $(183750)<br>|
| S&P 500<sup>®</sup> E-Mini | 03/2026 | &nbsp;&nbsp;&nbsp; 59 | &nbsp;&nbsp;&nbsp; 20332875 | &nbsp;&nbsp;&nbsp; 40711 |
| U.S. Treasury Long Bond | 03/2026 | &nbsp;&nbsp;&nbsp; 79 | &nbsp;&nbsp;&nbsp; 9131906 | &nbsp;&nbsp;&nbsp; (99367)<br>|
| 2-Year U.S. Treasury Note | 03/2026 | &nbsp;&nbsp;&nbsp; 285 | &nbsp;&nbsp;&nbsp; 59504883 | &nbsp;&nbsp;&nbsp; (35625)<br>|
| 5-Year U.S. Treasury Note | 03/2026 | &nbsp;&nbsp;&nbsp; 565 | &nbsp;&nbsp;&nbsp; 61757148 | &nbsp;&nbsp;&nbsp; (229531)<br>|
| Total Futures Contracts outstanding at December 31, 2025 |  |  | &nbsp;&nbsp;&nbsp; $177711812 | &nbsp;&nbsp;&nbsp; $(507562)<br>|

---

**VALUATION HIERARCHY**

The following is a summary of the inputs used, as of December 31, 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; $241992351 | &nbsp;&nbsp; $241992351 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Corporate Bonds | &nbsp;&nbsp; 112586490 | &nbsp;&nbsp; — | &nbsp;&nbsp; 109569403 | &nbsp;&nbsp; 3017087 |
| Equity-Linked Security | &nbsp;&nbsp; 1918128 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1918128 |
| Foreign Bonds | &nbsp;&nbsp; 15065953 | &nbsp;&nbsp; — | &nbsp;&nbsp; 15065953 | &nbsp;&nbsp; — |
| Foreign Common Stocks | &nbsp;&nbsp; 27411127 | &nbsp;&nbsp; 27411127 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Money Market Funds | &nbsp;&nbsp; 120303606 | &nbsp;&nbsp; 120303606 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Purchased Options: |  |  |  |  |
| Call Options | &nbsp;&nbsp; 82094191 | &nbsp;&nbsp; — | &nbsp;&nbsp; 82094191 | &nbsp;&nbsp; — |
| U.S. Treasury Obligations | &nbsp;&nbsp; 618749745 | &nbsp;&nbsp; — | &nbsp;&nbsp; 618749745 | &nbsp;&nbsp; — |
| Warrants | &nbsp;&nbsp; 20709 | &nbsp;&nbsp; 20709 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Total Assets - Investments in Securities** | &nbsp;&nbsp; $1220142300 | &nbsp;&nbsp; $389727793 | &nbsp;&nbsp; $825479292 | &nbsp;&nbsp; $4935215 |
| **Other Financial Instruments\*\*\*** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; $40711 | &nbsp;&nbsp; $40711 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| **Total Assets - Other Financial Instruments** | &nbsp;&nbsp; $40711 | &nbsp;&nbsp; $40711 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| **Liabilities:** |  |  |  |  |
| **Investments in Securities:** |  |  |  |  |
| Written Options: |  |  |  |  |
| Put Options | &nbsp;&nbsp; $(3083262)<br>| &nbsp;&nbsp; $(3083262)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| **Total Liabilities - Investments in Securities** | &nbsp;&nbsp; $(3083262)<br>| &nbsp;&nbsp; $(3083262)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| **Other Financial Instruments\*\*\*** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; $(548273)<br>| &nbsp;&nbsp; $(548273)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| **Total Liabilities - Other Financial Instruments** | &nbsp;&nbsp; $(548273)<br>| &nbsp;&nbsp; $(548273)<br>| &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. 

Management has determined that the amount of transfers between Level 3 and Level 1 compared to total net assets is not material; therefore, the amount of transfers between Level 3 and Level 1 is not shown for the year ended December 31, 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 December 31, 2025.

**204**

See Notes to Financial Statements.

------

**EQUITY INDEX FUND**

**SCHEDULE OF INVESTMENTS**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS — 95.5%** | **COMMON STOCKS — 95.5%** | **COMMON STOCKS — 95.5%** |
| **Communication Services — 10.5%** | **Communication Services — 10.5%** |  |
| Alphabet, Inc. Class A | 582403 | $182292139 |
| Alphabet, Inc. Class C | 475722 | 149281564 |
| AT&T, Inc. | 800991 | 19896616 |
| Charter Communications, Inc. <br> Class AΔ\* | 10007 | 2088961 |
| Comcast Corporation Class A | 345308 | 10321256 |
| Electronic Arts, Inc. | 25290 | 5167506 |
| Fox Corporation Class A | 31129 | 2274596 |
| Fox Corporation Class B | 22665 | 1471638 |
| Live Nation Entertainment, Inc.Δ\* | 13806 | 1967355 |
| Meta Platforms, Inc. Class A | 219147 | 144656743 |
| Netflix, Inc.\* | 430290 | 40343990 |
| News Corporation Class A | 13865 | 362154 |
| News Corporation Class BΔ | 17149 | 508125 |
| Omnicom Group, Inc.Δ | 34451 | 2781918 |
| Paramount Skydance Corporation <br> Class BΔ | 33224 | 445202 |
| Take-Two Interactive Software, Inc.\* | 18289 | 4682533 |
| TKO Group Holdings, Inc.Δ | 9182 | 1919038 |
| T-Mobile US, Inc. | 57174 | 11608609 |
| Trade Desk, Inc. (The) Class A\* | 40000 | 1518400 |
| Verizon Communications, Inc. | 475264 | 19357503 |
| Walt Disney Co. (The) | 185663 | 21122880 |
| Warner Bros Discovery, Inc.\* | 238470 | 6872705 |
|  |  | 630941431 |
| **Consumer Discretionary — 10.1%** | **Consumer Discretionary — 10.1%** |  |
| Airbnb, Inc. Class A\* | 41224 | 5594921 |
| Amazon.com, Inc.\* | 972473 | 224466218 |
| AutoZone, Inc.\* | 1728 | 5860512 |
| Best Buy Co., Inc. | 18981 | 1270398 |
| Booking Holdings, Inc. | 3319 | 17774340 |
| Carnival Corporation\* | 93461 | 2854299 |
| Carvana Co.Δ\* | 14165 | 5977913 |
| Chipotle Mexican Grill, Inc.\* | 134179 | 4964623 |
| D.R. Horton, Inc. | 32224 | 4641223 |
| Darden Restaurants, Inc. | 14447 | 2658537 |
| Deckers Outdoor Corporation\* | 12609 | 1307175 |
| Domino's Pizza, Inc. | 3030 | 1262965 |
| DoorDash, Inc. Class A\* | 36067 | 8168454 |
| eBay, Inc. | 56398 | 4912266 |
| Expedia Group, Inc. | 10462 | 2963989 |
| Ford Motor Co. | 360267 | 4726703 |
| General Motors Co. | 95248 | 7745567 |
| Genuine Parts Co. | 18371 | 2258898 |
| Hasbro, Inc. | 24098 | 1976036 |
| Hilton Worldwide Holdings, Inc. | 25222 | 7245020 |
| Home Depot, Inc. (The) | 100265 | 34501187 |
| Lennar Corporation Class A | 25645 | 2636306 |
| Lowe's Cos., Inc. | 55638 | 13417660 |
| Lululemon Athletica, Inc.\* | 11007 | 2287365 |
| Marriott International, Inc. Class A | 22914 | 7108839 |
| McDonald's Corporation | 76331 | 23329044 |
| NIKE, Inc. Class B | 122827 | 7825308 |
| Norwegian Cruise Line Holdings, <br> Ltd.Δ\* | 34212 | 763612 |
| NVR, Inc.\* | 277 | 2020097 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| O'Reilly Automotive, Inc.\* | 85275 | $7777933 |
| Pool Corporation | 3147 | 719876 |
| PulteGroup, Inc. | 15992 | 1875222 |
| Ralph Lauren Corporation | 2445 | 864576 |
| Ross Stores, Inc. | 31270 | 5632978 |
| Royal Caribbean Cruises, Ltd. | 24936 | 6955149 |
| Starbucks Corporation | 115296 | 9709076 |
| Tapestry, Inc. | 22719 | 2902807 |
| Tesla, Inc.\* | 280235 | 126027284 |
| TJX Cos., Inc. (The) | 110726 | 17008621 |
| Tractor Supply Co. | 50195 | 2510252 |
| Ulta Beauty, Inc.\* | 3993 | 2415805 |
| Williams-Sonoma, Inc. | 8971 | 1602131 |
| Yum! Brands, Inc. | 32953 | 4985130 |
|  |  | 603506315 |
| **Consumer Staples — 4.6%** | **Consumer Staples — 4.6%** |  |
| Archer-Daniels-Midland Co. | 58780 | 3379262 |
| Church & Dwight Co., Inc. | 27416 | 2298832 |
| Clorox Co. (The) | 14245 | 1436323 |
| Coca-Cola Co. (The) | 475657 | 33253181 |
| Colgate-Palmolive Co. | 97575 | 7710376 |
| Conagra Brands, Inc. | 100249 | 1735310 |
| Costco Wholesale Corporation | 44360 | 38253402 |
| Dollar General Corporation | 30243 | 4015363 |
| Dollar Tree, Inc.\* | 19847 | 2441379 |
| Estee Lauder Cos., Inc. (The) Class A | 24032 | 2516631 |
| General Mills, Inc. | 107180 | 4983870 |
| Hershey Co. (The) | 18809 | 3422862 |
| Hormel Foods Corporation | 48902 | 1158977 |
| J.M. Smucker Co. (The) | 15075 | 1474486 |
| Kenvue, Inc. | 276470 | 4769108 |
| Keurig Dr. Pepper, Inc. | 164662 | 4612183 |
| Kimberly-Clark Corporation | 38870 | 3921594 |
| Kraft Heinz Co. (The)Δ | 178672 | 4332796 |
| Kroger Co. (The) | 75797 | 4735797 |
| Lamb Weston Holdings, Inc. | 10228 | 428451 |
| McCormick & Co., Inc. (Non-Voting <br> Shares) | 30377 | 2068977 |
| Mondelez International, Inc. Class A | 169996 | 9150885 |
| Monster Beverage Corporation\* | 81543 | 6251902 |
| PepsiCo, Inc. | 167281 | 24008169 |
| Procter & Gamble Co. (The) | 258291 | 37015683 |
| Sysco Corporation | 52703 | 3883684 |
| Target Corporation | 47305 | 4624064 |
| The Campbell's Co.Δ | 41165 | 1147269 |
| Tyson Foods, Inc. Class A | 45726 | 2680458 |
| Walmart, Inc. | 456648 | 50875154 |
|  |  | 272586428 |
| **Energy — 2.8%** | **Energy — 2.8%** |  |
| APA CorporationΔ | 24228 | 592617 |
| Archrock, Inc. | 13 | 338 |
| Baker Hughes Co. | 76217 | 3470922 |
| Chevron Corporation | 201562 | 30720064 |
| ConocoPhillips | 136906 | 12815771 |
| Coterra Energy, Inc. | 73032 | 1922202 |
| Devon Energy Corporation | 58094 | 2127983 |
| Diamondback Energy, Inc. | 20000 | 3006600 |

---

See Notes to Financial Statements.

**205**

------

**EQUITY INDEX FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| EOG Resources, Inc. | 60355 | $6337879 |
| EQT Corporation | 56293 | 3017305 |
| Expand Energy Corporation | 20519 | 2264477 |
| Exxon Mobil Corporation | 450885 | 54259501 |
| Halliburton Co.Δ | 53476 | 1511232 |
| Kinder Morgan, Inc. | 212594 | 5844209 |
| Marathon Petroleum Corporation | 32177 | 5232946 |
| Occidental Petroleum Corporation | 69269 | 2848341 |
| ONEOK, Inc. | 65945 | 4846957 |
| Phillips 66 | 41166 | 5312061 |
| Targa Resources Corporation | 21235 | 3917857 |
| Texas Pacific Land CorporationΔ | 5484 | 1575114 |
| Valero Energy Corporation | 31345 | 5102653 |
| Williams Cos., Inc. (The) | 130328 | 7834016 |
|  |  | 164561045 |
| **Financials — 12.9%** | **Financials — 12.9%** |  |
| Aflac, Inc. | 56520 | 6232460 |
| Allstate Corporation (The) | 27407 | 5704767 |
| American Express Co. | 50900 | 18830455 |
| American International Group, Inc. | 65815 | 5630473 |
| Ameriprise Financial, Inc. | 10345 | 5072567 |
| Apollo Global Management, Inc. | 40443 | 5854529 |
| Arch Capital Group, Ltd.\* | 35117 | 3368423 |
| Ares Management Corporation <br> Class AΔ | 20550 | 3321496 |
| Arthur J. Gallagher & Co. | 27191 | 7036759 |
| Assurant, Inc. | 2404 | 579003 |
| Bank of America Corporation | 674462 | 37095410 |
| Bank of New York Mellon <br> Corporation (The) | 77492 | 8996046 |
| Berkshire Hathaway, Inc. Class B\* | 186591 | 93789966 |
| Blackrock, Inc. | 14307 | 15313354 |
| Blackstone, Inc. | 69916 | 10776852 |
| Block, Inc.\* | 54911 | 3574157 |
| Brown & Brown, Inc. | 20522 | 1635603 |
| Capital One Financial Corporation | 60043 | 14552021 |
| Cboe Global Markets, Inc. | 14521 | 3644771 |
| Charles Schwab Corporation (The) | 167200 | 16704952 |
| Cincinnati Financial Corporation | 14725 | 2404887 |
| Citigroup, Inc. | 184838 | 21568746 |
| Citizens Financial Group, Inc. | 34788 | 2031967 |
| CME Group, Inc. | 42861 | 11704482 |
| Coinbase Global, Inc. Class A\* | 22170 | 5013524 |
| Corpay, Inc.\* | 5052 | 1520298 |
| Erie Indemnity Co. Class AΔ | 1849 | 530016 |
| Everest Group, Ltd. | 3173 | 1076758 |
| FactSet Research Systems, Inc. | 4700 | 1363893 |
| Fidelity National Information <br> Services, Inc. | 54367 | 3613231 |
| Fifth Third BancorpΔ | 52084 | 2438052 |
| Fiserv, Inc.\* | 56603 | 3802024 |
| Franklin Resources, Inc. | 37861 | 904499 |
| Global Payments, Inc. | 22769 | 1762321 |
| Globe Life, Inc. | 5006 | 700139 |
| Goldman Sachs Group, Inc. (The) | 29822 | 26213538 |
| Hartford Insurance Group, Inc. (The) | 28747 | 3961337 |
| Huntington Bancshares, Inc. | 118830 | 2061701 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Interactive Brokers Group, Inc. <br> Class A | 43531 | $2799479 |
| Intercontinental Exchange, Inc. | 59293 | 9603094 |
| Invesco, Ltd. | 28914 | 759571 |
| Jack Henry & Associates, Inc. | 6405 | 1168784 |
| JPMorgan Chase & Co. | 280649 | 90430721 |
| KeyCorp | 64549 | 1332291 |
| KKR & Co., Inc. | 61931 | 7894964 |
| Loews Corporation | 28928 | 3046408 |
| M&T Bank Corporation | 18081 | 3642960 |
| Marsh & McLennan Cos., Inc. | 51698 | 9591013 |
| Mastercard, Inc. Class A | 80819 | 46137951 |
| MetLife, Inc. | 64005 | 5052555 |
| Moody's Corporation | 13640 | 6967994 |
| Morgan Stanley | 122245 | 21702155 |
| MSCI, Inc. | 7340 | 4211178 |
| Nasdaq, Inc. | 38291 | 3719205 |
| Northern Trust Corporation | 16617 | 2269716 |
| PayPal Holdings, Inc. | 91430 | 5337683 |
| PNC Financial Services Group, Inc. <br> (The) | 44111 | 9207289 |
| Principal Financial Group, Inc. | 19881 | 1753703 |
| Progressive Corporation (The) | 59797 | 13616973 |
| Prudential Financial, Inc. | 36128 | 4078129 |
| Raymond James Financial, Inc. | 15892 | 2552096 |
| Regions Financial Corporation | 64510 | 1748221 |
| Robinhood Markets, Inc. Class A\* | 77334 | 8746475 |
| S&P Global, Inc. | 31031 | 16216490 |
| State Street Corporation | 30870 | 3982539 |
| Synchrony Financial | 25095 | 2093676 |
| T. Rowe Price Group, Inc. | 22044 | 2256865 |
| Travelers Cos., Inc. (The) | 24966 | 7241638 |
| Truist Financial Corporation | 139078 | 6844028 |
| U.S. Bancorp | 162438 | 8667692 |
| Visa, Inc. Class AΔ | 173838 | 60966725 |
| W.R. Berkley CorporationΔ | 30968 | 2171476 |
| Wells Fargo & Co. | 327773 | 30548444 |
|  |  | 768745658 |
| **Health Care — 8.5%** | **Health Care — 8.5%** |  |
| Agilent Technologies, Inc. | 36422 | 4955942 |
| Align Technology, Inc.\* | 5801 | 905826 |
| Amgen, Inc. | 85311 | 27923143 |
| Baxter International, Inc.Δ | 64652 | 1235500 |
| Becton, Dickinson and Co. | 35672 | 6922865 |
| Biogen, Inc.\* | 70851 | 12469068 |
| Boston Scientific Corporation\* | 187364 | 17865157 |
| Bristol-Myers Squibb Co. | 496893 | 26802408 |
| Cardinal Health, Inc. | 42423 | 8717927 |
| Cencora, Inc. | 39465 | 13329304 |
| Centene Corporation\* | 96018 | 3951141 |
| Charles River Laboratories <br> International, Inc.\* | 6323 | 1261312 |
| Cigna Group (The) | 38740 | 10662410 |
| Danaher Corporation | 73607 | 16850114 |
| DaVita, Inc.\* | 11461 | 1302084 |
| Dexcom, Inc.\* | 39119 | 2596328 |
| Edwards Lifesciences Corporation\* | 80806 | 6888712 |

---

**206**

See Notes to Financial Statements.

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Elevance Health, Inc. | 33812 | $11852797 |
| Eli Lilly and Co. | 86592 | 93058691 |
| GE HealthCare Technologies, Inc. | 43306 | 3551958 |
| Gilead Sciences, Inc. | 191279 | 23477584 |
| HCA Healthcare, Inc. | 25973 | 12125755 |
| Henry Schein, Inc.Δ\* | 23034 | 1740910 |
| Hologic, Inc.\* | 29305 | 2182929 |
| Humana, Inc. | 15358 | 3933645 |
| IDEXX Laboratories, Inc.\* | 10753 | 7274727 |
| Incyte Corporation\* | 72520 | 7162800 |
| Insulet Corporation\* | 8088 | 2298933 |
| Intuitive Surgical, Inc.\* | 35878 | 20319864 |
| IQVIA Holdings, Inc.\* | 19759 | 4453876 |
| Labcorp Holdings, Inc. | 19730 | 4949862 |
| McKesson Corporation | 18794 | 15416530 |
| Mettler-Toledo International, Inc.\* | 2272 | 3167600 |
| Moderna, Inc.Δ\* | 94242 | 2779197 |
| Molina Healthcare, Inc.\* | 10184 | 1767331 |
| Quest Diagnostics, Inc. | 27553 | 4781272 |
| Regeneron Pharmaceuticals, Inc. | 19789 | 15274535 |
| ResMed, Inc. | 19344 | 4659389 |
| Revvity, Inc. | 17319 | 1675613 |
| Solventum Corporation\* | 15682 | 1242642 |
| Stryker Corporation | 45651 | 16044957 |
| Thermo Fisher Scientific, Inc. | 43946 | 25464510 |
| Universal Health Services, Inc. <br> Class B | 11246 | 2451853 |
| Vertex Pharmaceuticals, Inc.\* | 40517 | 18368787 |
| Viatris, Inc. | 913446 | 11372403 |
| Waters Corporation\* | 7467 | 2836191 |
| West Pharmaceutical Services, Inc. | 8649 | 2379686 |
| Zimmer Biomet Holdings, Inc.Δ | 24469 | 2200253 |
| Zoetis, Inc. | 127095 | 15991093 |
|  |  | 510897414 |
| **Industrials — 7.5%** | **Industrials — 7.5%** |  |
| 3M Co. | 52734 | 8442713 |
| A.O. Smith Corporation | 16217 | 1084593 |
| AMETEK, Inc. | 26617 | 5464736 |
| Automatic Data Processing, Inc. | 49116 | 12634109 |
| Axon Enterprise, Inc.\* | 7800 | 4429854 |
| Boeing Co. (The)\* | 78040 | 16944045 |
| Broadridge Financial Solutions, Inc. | 13628 | 3041361 |
| Builders FirstSource, Inc.\* | 8558 | 880533 |
| C.H. Robinson Worldwide, Inc.Δ | 12459 | 2002909 |
| Carrier Global Corporation | 78938 | 4171084 |
| Caterpillar, Inc. | 45723 | 26193335 |
| Cintas Corporation | 27719 | 5213112 |
| Comfort Systems U.S.A., Inc. | 3525 | 3289847 |
| Copart, Inc.\* | 62547 | 2448715 |
| CSX Corporation | 185964 | 6741195 |
| Cummins, Inc. | 12679 | 6471996 |
| Dayforce, Inc.\* | 12769 | 883104 |
| Deere & Co. | 25864 | 12041502 |
| Delta Air Lines, Inc. | 66318 | 4602469 |
| Dover Corporation | 11833 | 2310275 |
| EMCOR Group, Inc. | 2489 | 1522745 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Emerson Electric Co.Δ | 56724 | $7528409 |
| Equifax, Inc. | 11539 | 2503732 |
| Expeditors International of <br> Washington, Inc. | 10368 | 1544936 |
| Fastenal Co. | 107051 | 4295957 |
| FedEx Corporation | 23188 | 6698086 |
| Fortive Corporation | 31205 | 1722828 |
| GE Vernova, Inc. | 27966 | 18277739 |
| Generac Holdings, Inc.\* | 3923 | 534979 |
| General Dynamics Corporation | 26183 | 8814769 |
| General Electric Co. | 105604 | 32529200 |
| Honeywell International, Inc. | 63790 | 12444791 |
| Howmet Aerospace, Inc. | 37854 | 7760827 |
| Hubbell, Inc.Δ | 4746 | 2107746 |
| Huntington Ingalls Industries, Inc. | 2805 | 953896 |
| IDEX Corporation | 6919 | 1231167 |
| Illinois ToolWorks, Inc. | 27249 | 6711429 |
| Ingersoll-Rand, Inc.Δ | 28689 | 2272743 |
| J.B. Hunt Transport Services, Inc. | 6373 | 1238529 |
| Jacobs Solutions, Inc. | 12870 | 1704760 |
| L3Harris Technologies, Inc.Δ | 20994 | 6163209 |
| Leidos Holdings, Inc. | 16258 | 2932943 |
| Lennox International, Inc. | 2901 | 1408668 |
| Lockheed Martin Corporation | 23829 | 11525372 |
| Masco Corporation | 23878 | 1515298 |
| Nordson Corporation | 5292 | 1272356 |
| Norfolk Southern Corporation | 21910 | 6325855 |
| Northrop Grumman Corporation | 15674 | 8937472 |
| Old Dominion Freight Line, Inc. | 14856 | 2329421 |
| Otis Worldwide Corporation | 37638 | 3287679 |
| PACCAR, Inc. | 54216 | 5937194 |
| Parker-Hannifin CorporationΔ | 11688 | 10273284 |
| Paychex, Inc. | 37853 | 4246350 |
| Paycom Software, Inc. | 3850 | 613536 |
| Quanta Services, Inc. | 13065 | 5514214 |
| Republic Services, Inc. | 20308 | 4303874 |
| Rockwell Automation, Inc. | 11287 | 4391433 |
| Rollins, Inc. | 21375 | 1282927 |
| RTX Corporation | 149700 | 27454980 |
| Snap-on, Inc.Δ | 5899 | 2032795 |
| Southwest Airlines Co.Δ | 69304 | 2864334 |
| Stanley Black & Decker, Inc. | 15175 | 1127199 |
| Textron, Inc. | 15886 | 1384783 |
| TransDigm Group, Inc. | 5382 | 7157253 |
| Uber Technologies, Inc.\* | 204682 | 16724566 |
| Union Pacific Corporation | 60128 | 13908809 |
| United Airlines Holdings, Inc.\* | 34694 | 3879483 |
| United Parcel Service, Inc. Class B | 80675 | 8002153 |
| United Rentals, Inc. | 5125 | 4147765 |
| Veralto Corporation | 15414 | 1538009 |
| Verisk Analytics, Inc. | 17445 | 3902272 |
| W.W. Grainger, Inc. | 3812 | 3846499 |
| Waste Management, Inc. | 35857 | 7878141 |
| Westinghouse Air Brake Technologies <br> Corporation | 13439 | 2868555 |

---

See Notes to Financial Statements.

**207**

------

**EQUITY INDEX FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Xylem, Inc. | 21548 | $2934407 |
|  |  | 445603843 |
| **Information Technology — 33.1%** | **Information Technology — 33.1%** |  |
| Adobe, Inc.\* | 42463 | 14861625 |
| Advanced Micro Devices, Inc.\* | 160516 | 34376106 |
| Akamai Technologies, Inc.\* | 13007 | 1134861 |
| Amphenol Corporation Class A | 119477 | 16146122 |
| Analog Devices, Inc. | 49138 | 13326226 |
| Apple, Inc. | 1495954 | 406690054 |
| Applied Materials, Inc. | 78169 | 20088651 |
| AppLovin Corporation Class A\* | 27134 | 18283432 |
| Arista Networks, Inc.\* | 101228 | 13263905 |
| Autodesk, Inc.\* | 18971 | 5615606 |
| Broadcom, Inc. | 473356 | 163828512 |
| Cadence Design Systems, Inc.\* | 26364 | 8240859 |
| CDW Corporation | 11947 | 1627181 |
| Cisco Systems, Inc. | 411297 | 31682208 |
| Cognizant Technology Solutions <br> Corporation Class A | 48265 | 4005995 |
| Corning, Inc. | 88163 | 7719552 |
| Crowdstrike Holdings, Inc. Class A\* | 24305 | 11393212 |
| Datadog, Inc. Class A\* | 31594 | 4296468 |
| Dell Technologies, Inc. Class C | 29747 | 3744552 |
| EPAM Systems, Inc.\* | 4977 | 1019688 |
| F5, Inc.\* | 3085 | 787477 |
| Fair Isaac Corporation\* | 2437 | 4120041 |
| First Solar, Inc.\* | 11847 | 3094792 |
| Fortinet, Inc.\* | 60698 | 4820028 |
| Gartner, Inc.\* | 6492 | 1637802 |
| Gen Digital, Inc. | 62969 | 1712127 |
| GoDaddy, Inc. Class A\* | 13951 | 1731040 |
| Hewlett Packard Enterprise Co. | 153179 | 3679360 |
| HP, Inc. | 134667 | 3000381 |
| Intel Corporation\* | 437230 | 16133787 |
| International Business Machines <br> Corporation | 94536 | 28002509 |
| Intuit, Inc. | 28442 | 18840550 |
| Jabil, Inc. | 8416 | 1919016 |
| Keysight Technologies, Inc.\* | 13420 | 2726810 |
| KLA Corporation | 12245 | 14878655 |
| Lam Research Corporation | 117645 | 20138471 |
| Microchip Technology, Inc. | 49200 | 3135024 |
| Micron Technology, Inc. | 108350 | 30924173 |
| Microsoft Corporation | 749141 | 362299570 |
| Monolithic Power Systems, Inc.Δ | 4186 | 3794023 |
| Motorola Solutions, Inc. | 17253 | 6613420 |
| NetApp, Inc. | 23896 | 2559023 |
| NVIDIA Corporation | 2444259 | 455854303 |
| ON Semiconductor Corporation\* | 33696 | 1824638 |
| Oracle Corporation | 166920 | 32534377 |
| Palantir Technologies, Inc. Class A\* | 229549 | 40802335 |
| Palo Alto Networks, Inc.\* | 64372 | 11857322 |
| PTC, Inc.\* | 8371 | 1458312 |
| Qnity Electronics, Inc. | 23651 | 1931104 |
| QUALCOMM, Inc. | 108148 | 18498715 |
| Roper Technologies, Inc. | 10888 | 4846575 |
| Salesforce, Inc. | 95826 | 25385266 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Sandisk Corporation\* | 13832 | $3283440 |
| ServiceNow, Inc.\* | 101335 | 15523509 |
| Skyworks Solutions, Inc. | 15419 | 977719 |
| Super Micro Computer, Inc.Δ\* | 50414 | 1475618 |
| Synopsys, Inc.\* | 17975 | 8443217 |
| Teledyne Technologies, Inc.\* | 5596 | 2858045 |
| Teradyne, Inc. | 9806 | 1898049 |
| Texas Instruments, Inc. | 93010 | 16136305 |
| Trimble, Inc.\* | 19275 | 1510196 |
| Tyler Technologies, Inc.\* | 4548 | 2064565 |
| VeriSign, Inc. | 8842 | 2148164 |
| Western Digital Corporation | 35458 | 6108350 |
| Workday, Inc. Class A\* | 20656 | 4436496 |
| Zebra Technologies Corporation <br> Class A\* | 4187 | 1016687 |
|  |  | 1980766201 |
| **Materials — 1.2%** | **Materials — 1.2%** |  |
| Air Products and Chemicals, Inc. | 23642 | 5840047 |
| Albemarle Corporation | 9480 | 1340851 |
| Avery Dennison Corporation | 5863 | 1066362 |
| Ball Corporation | 26240 | 1389933 |
| CF Industries Holdings, Inc. | 18904 | 1462035 |
| Corteva, Inc. | 68267 | 4575937 |
| Dow, Inc. | 112748 | 2636048 |
| DuPont de Nemours, Inc. | 47302 | 1901540 |
| Ecolab, Inc. | 25865 | 6790080 |
| Freeport-McMoRan, Inc. | 132608 | 6735160 |
| International Flavors & Fragrances, <br> Inc. | 30254 | 2038817 |
| International Paper Co. | 51522 | 2029452 |
| Martin Marietta Materials, Inc. | 5018 | 3124508 |
| Mosaic Co. (The) | 35598 | 857556 |
| Newmont Corporation | 116783 | 11660783 |
| Nucor Corporation | 20449 | 3335436 |
| Packaging Corporation of America | 10735 | 2213879 |
| PPG Industries, Inc. | 19496 | 1997560 |
| Sherwin-Williams Co. (The) | 22919 | 7426444 |
| Steel Dynamics, Inc. | 10955 | 1856325 |
| Vulcan Materials Co. | 11371 | 3243237 |
|  |  | 73521990 |
| **Real Estate — 1.9%** | **Real Estate — 1.9%** |  |
| Alexandria Real Estate Equities, Inc. <br> REIT | 16632 | 813970 |
| American Tower Corporation REIT | 59138 | 10382859 |
| AvalonBay Communities, Inc. REIT | 14896 | 2700794 |
| BXP, Inc. REIT | 11272 | 760635 |
| Camden Property Trust REIT | 12210 | 1344077 |
| CBRE Group, Inc. Class A\* | 35896 | 5771718 |
| CoStar Group, Inc.\* | 52530 | 3532117 |
| Crown Castle, Inc. REIT | 71945 | 6393752 |
| Digital Realty Trust, Inc. REITΔ | 31147 | 4818752 |
| Equinix, Inc. REIT | 9656 | 7398041 |
| Equity Residential REIT | 40640 | 2561946 |
| Essex Property Trust, Inc. REIT | 8395 | 2196804 |
| Extra Space Storage, Inc. REIT | 23903 | 3112649 |
| Federal Realty Investment Trust REIT | 5137 | 517810 |

---

**208**

See Notes to Financial Statements.

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Healthpeak Properties, Inc. REIT | 99693 | $1603063 |
| Host Hotels & Resorts, Inc. REIT | 47716 | 846005 |
| Invitation Homes, Inc. REIT | 60850 | 1691021 |
| Iron Mountain, Inc. REIT | 27908 | 2314969 |
| Kimco Realty Corporation REIT | 76752 | 1555763 |
| Mid-America Apartment <br> Communities, Inc. REIT | 17039 | 2366887 |
| Prologis, Inc. REIT | 95795 | 12229190 |
| Public Storage REIT | 19298 | 5007831 |
| Regency Centers Corporation REIT | 28783 | 1986890 |
| SBA Communications Corporation <br> REIT | 14070 | 2721560 |
| Simon Property Group, Inc. REIT | 30590 | 5662515 |
| UDR, Inc. REIT | 34368 | 1260618 |
| Ventas, Inc. REIT | 54188 | 4193067 |
| Welltower, Inc. REIT | 83563 | 15510128 |
| Weyerhaeuser Co. REIT | 75055 | 1778053 |
|  |  | 113033484 |
| **Utilities — 2.4%** | **Utilities — 2.4%** |  |
| AES Corporation (The) | 84414 | 1210497 |
| Alliant Energy Corporation | 22632 | 1471306 |
| Ameren Corporation | 19884 | 1985616 |
| American Electric Power Co., Inc. | 68997 | 7956044 |
| American Water Works Co., Inc. | 34800 | 4541400 |
| Atmos Energy Corporation | 16716 | 2802103 |
| CenterPoint Energy, Inc.Δ | 50231 | 1925856 |
| CMS Energy Corporation | 24417 | 1707481 |
| Consolidated Edison, Inc. | 54284 | 5391487 |
| Constellation Energy Corporation | 30123 | 10641552 |
| Dominion Energy, Inc. | 91084 | 5336612 |
| DTE Energy Co. | 18119 | 2336989 |
| Duke Energy Corporation | 124453 | 14587136 |
| Edison International | 41333 | 2480807 |
| Entergy Corporation | 43304 | 4002589 |
| Evergy, Inc. | 18834 | 1365277 |
| Eversource Energy | 46832 | 3153199 |
| Exelon Corporation | 145959 | 6362353 |
| FirstEnergy Corporation | 60440 | 2705899 |
| NextEra Energy, Inc. | 216178 | 17354770 |
| NiSource, Inc. | 23079 | 963779 |
| NRG Energy, Inc. | 19377 | 3085593 |
| PG&E Corporation | 188273 | 3025547 |
| Pinnacle West Capital CorporationΔ | 5256 | 466207 |
| PPL Corporation | 65214 | 2283794 |
| Public Service Enterprise Group, Inc. | 46751 | 3754105 |
| Sempra | 64983 | 5737349 |
| Southern Co. (The) | 153244 | 13362877 |
| Vistra Corporation | 30698 | 4952508 |
| WEC Energy Group, Inc. | 35929 | 3789072 |
| Xcel Energy, Inc. | 62086 | 4585672 |
|  |  | 145325476 |
| **Total Common Stocks** <br> (Cost $2,687,432,257) | **Total Common Stocks** <br> (Cost $2,687,432,257) | 5709489285 |
| **FOREIGN COMMON STOCKS — 2.7%** | **FOREIGN COMMON STOCKS — 2.7%** | **FOREIGN COMMON STOCKS — 2.7%** |
| **Canada — 0.0%** | **Canada — 0.0%** |  |
| Enerflex, Ltd. | 6 | 93 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Curacao — 0.1%** | **Curacao — 0.1%** |  |
| SLB, Ltd. | 110637 | $4246248 |
| **Ireland — 2.1%** | **Ireland — 2.1%** |  |
| Accenture PLC Class A | 63226 | 16963536 |
| Allegion PLC | 9625 | 1532492 |
| Aon PLC Class A | 21693 | 7655026 |
| CRH PLC | 67134 | 8378323 |
| Eaton Corporation PLCΔ | 39307 | 12519673 |
| Johnson Controls International PLC | 67201 | 8047320 |
| Linde PLC | 50436 | 21505406 |
| Medtronic PLC | 178854 | 17180715 |
| Pentair PLC | 7659 | 797608 |
| Seagate Technology Holdings PLC | 23569 | 6490667 |
| Smurfit WestRock PLC | 44756 | 1730714 |
| STERIS PLC | 15828 | 4012715 |
| TE Connectivity PLC | 31453 | 7155872 |
| Trane Technologies PLC | 23477 | 9137248 |
| Willis Towers Watson PLCΔ | 10753 | 3533436 |
|  |  | 126640751 |
| **Jersey — 0.1%** | **Jersey — 0.1%** |  |
| Amcor PLC | 207494 | 1730500 |
| Aptiv PLC\* | 26900 | 2046821 |
|  |  | 3777321 |
| **Netherlands — 0.1%** | **Netherlands — 0.1%** |  |
| LyondellBasell Industries NV Class A | 40017 | 1732736 |
| NXP Semiconductor NV | 24211 | 5255240 |
|  |  | 6987976 |
| **Switzerland — 0.3%** | **Switzerland — 0.3%** |  |
| Bunge Global SA | 15898 | 1416194 |
| Chubb, Ltd. | 42570 | 13286948 |
| Garmin, Ltd. | 15459 | 3135858 |
|  |  | 17839000 |
| **Total Foreign Common Stocks** <br> (Cost $100,304,646) | **Total Foreign Common Stocks** <br> (Cost $100,304,646) | 159491389 |
| **MONEY MARKET FUNDS — 2.0%** | **MONEY MARKET FUNDS — 2.0%** | **MONEY MARKET FUNDS — 2.0%** |
| Northern Institutional Liquid Assets <br> Portfolio (Shares), 3.81%Ø§ | 20348315 | 20348315 |
| GuideStone Money Market Fund, <br> 3.69% <br> (Institutional Class)Ø∞ | 100639427 | 100639427 |
| **Total Money Market Funds** <br> (Cost $120,987,742) | **Total Money Market Funds** <br> (Cost $120,987,742) | 120987742 |
| **TOTAL INVESTMENTS** — **100.2%** <br> (Cost $2,908,724,645) |  | 5989968416 |
| **Liabilities in Excess of Other**<br> **Assets — (0.2)%** |  | (10529344)<br>|
| **NET ASSETS — 100.0%** |  | $5979439072 |

---

See Notes to Financial Statements.

**209**

------

**EQUITY INDEX FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

Futures Contracts outstanding at December 31, 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 | 03/2026 | &nbsp;&nbsp;&nbsp; 274 | &nbsp;&nbsp;&nbsp; $94427250 | &nbsp;&nbsp;&nbsp; $(73568)<br>|

---

**VALUATION HIERARCHY**

The following is a summary of the inputs used, as of December 31, 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; $5709489285 | &nbsp;&nbsp; $5709489285 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Foreign Common Stocks | &nbsp;&nbsp; 159491389 | &nbsp;&nbsp; 159491389 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Money Market Funds | &nbsp;&nbsp; 120987742 | &nbsp;&nbsp; 120987742 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Total Assets - Investments in Securities** | &nbsp;&nbsp; $5989968416 | &nbsp;&nbsp; $5989968416 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| **Liabilities:** |  |  |  |  |
| **Other Financial Instruments\*\*\*** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; $(73568)<br>| &nbsp;&nbsp; $(73568)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| **Total Liabilities - Other Financial Instruments** | &nbsp;&nbsp; $(73568)<br>| &nbsp;&nbsp; $(73568)<br>| &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. 

**210**

See Notes to Financial Statements.

------

**VALUE EQUITY INDEX FUND**

**SCHEDULE OF INVESTMENTS**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS — 92.3%** | **COMMON STOCKS — 92.3%** | **COMMON STOCKS — 92.3%** |
| **Communication Services — 8.6%** | **Communication Services — 8.6%** |  |
| Alphabet, Inc. Class A | 17858 | $5589554 |
| Alphabet, Inc. Class C | 14737 | 4624471 |
| AST SpaceMobile, Inc.Δ\* | 18 | 1307 |
| AT&T, Inc. | 67309 | 1671956 |
| Charter Communications, Inc. <br> Class AΔ\* | 848 | 177020 |
| Comcast Corporation Class A | 37063 | 1107813 |
| Electronic Arts, Inc. | 2282 | 466281 |
| Fox Corporation Class A | 1596 | 116620 |
| Fox Corporation Class B | 1986 | 128951 |
| Frontier Communications Parent, <br> Inc.\* | 1224 | 46598 |
| GCI Liberty, Inc. Class AΔ\* | 21 | 774 |
| GCI Liberty, Inc. Class C\* | 236 | 8782 |
| IAC, Inc.\* | 790 | 30889 |
| Iridium Communications, Inc. | 304 | 5283 |
| Liberty Broadband CorporationΔ\* | 798 | 38783 |
| Liberty Broadband Corporation <br> Class A\* | 277 | 13374 |
| Liberty Media Corporation-Liberty <br> Formula One Class A\* | 555 | 49606 |
| Liberty Media Corporation-Liberty <br> Formula One Class C\* | 905 | 89151 |
| Madison Square Garden Sports <br> Corporation\* | 119 | 30779 |
| Meta Platforms, Inc. Class A | 3503 | 2312295 |
| New York Times Co. (The) Class A | 1488 | 103297 |
| News Corporation Class A | 2285 | 59684 |
| News Corporation Class BΔ | 931 | 27585 |
| Nexstar Media Group, Inc. Class A | 191 | 38783 |
| Omnicom Group, Inc. | 3461 | 279476 |
| Pinterest, Inc. Class A\* | 2745 | 71068 |
| Roku, Inc.\* | 924 | 100245 |
| Sirius XM Holdings, Inc.Δ | 2061 | 41210 |
| Take-Two Interactive Software, Inc.\* | 1081 | 276768 |
| TKO Group Holdings, Inc. | 488 | 101992 |
| T-Mobile US, Inc. | 4542 | 922208 |
| Verizon Communications, Inc. | 41681 | 1697667 |
| Walt Disney Co. (The) | 16201 | 1843188 |
| Warner Bros Discovery, Inc.\* | 20310 | 585334 |
| ZoomInfo Technologies, Inc.\* | 1984 | 20177 |
|  |  | 22678969 |
| **Consumer Discretionary — 7.1%** | **Consumer Discretionary — 7.1%** |  |
| ADT, Inc. | 1051 | 8482 |
| Amazon.com, Inc.\* | 23005 | 5310014 |
| Aramark | 1888 | 69592 |
| AutoNation, Inc.\* | 138 | 28494 |
| AutoZone, Inc.\* | 123 | 417155 |
| Bath & Body Works, Inc. | 1381 | 27731 |
| Best Buy Co., Inc. | 1727 | 115588 |
| Booking Holdings, Inc. | 24 | 128528 |
| BorgWarner, Inc. | 2686 | 121031 |
| Bright Horizons Family Solutions, <br> Inc.\* | 211 | 21395 |
| Brunswick Corporation | 764 | 56719 |
| CarMax, Inc.\* | 1009 | 38988 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Carnival Corporation\* | 5951 | $181744 |
| Crocs, Inc.\* | 470 | 40194 |
| D.R. Horton, Inc. | 2904 | 418263 |
| Darden Restaurants, Inc. | 471 | 86673 |
| Dick's Sporting Goods, Inc. | 473 | 93640 |
| Dillard's, Inc. Class AΔ | 18 | 10914 |
| Domino's Pizza, Inc. | 133 | 55437 |
| eBay, Inc. | 4111 | 358068 |
| Five Below, Inc.\* | 424 | 79865 |
| Floor & Decor Holdings, Inc. <br> Class AΔ\* | 508 | 30932 |
| Ford Motor Co. | 37617 | 493535 |
| GameStop Corporation Class AΔ\* | 3797 | 76244 |
| Gap, Inc. (The) | 1334 | 34150 |
| General Motors Co. | 8229 | 669182 |
| Gentex Corporation | 4135 | 96221 |
| Genuine Parts Co. | 1188 | 146077 |
| Grand Canyon Education, Inc.\* | 40 | 6652 |
| H&R Block, Inc. | 848 | 36956 |
| Harley-Davidson, Inc.Δ | 512 | 10491 |
| Hasbro, Inc. | 1615 | 132430 |
| Home Depot, Inc. (The) | 2199 | 756676 |
| Hyatt Hotels Corporation Class A | 206 | 33026 |
| Lear Corporation | 1149 | 131675 |
| Lennar Corporation Class A | 1791 | 184115 |
| Lennar Corporation Class B | 737 | 70103 |
| Liberty Live Holdings, Inc. Class A\* | 142 | 11573 |
| Liberty Live Holdings, Inc. Class C\* | 173 | 14387 |
| Lithia Motors, Inc. | 189 | 62810 |
| LKQ Corporation | 2863 | 86463 |
| Lowe's Cos., Inc. | 4892 | 1179755 |
| Lucid Group, Inc.Δ\* | 808 | 8541 |
| Lululemon Athletica, Inc.\* | 398 | 82708 |
| Macy's, Inc. | 2479 | 54662 |
| Marriott International, Inc. Class A | 345 | 107033 |
| Mattel, Inc.\* | 2626 | 52100 |
| McDonald's Corporation | 6232 | 1904686 |
| Mohawk Industries, Inc.\* | 337 | 36834 |
| Newell Brands, Inc. | 983 | 3657 |
| NIKE, Inc. Class B | 10463 | 666598 |
| NVR, Inc.\* | 27 | 196905 |
| O'Reilly Automotive, Inc.\* | 675 | 61567 |
| Ollie's Bargain Outlet Holdings, Inc.\* | 536 | 58751 |
| Penske Automotive Group, Inc. | 107 | 16937 |
| Pool Corporation | 203 | 46436 |
| PulteGroup, Inc. | 1813 | 212592 |
| PVH Corporation | 204 | 13672 |
| QuantumScape CorporationΔ\* | 3518 | 36658 |
| Ralph Lauren Corporation | 194 | 68600 |
| Rivian Automotive, Inc. Class A\* | 6608 | 130244 |
| Ross Stores, Inc. | 2200 | 396308 |
| Service Corporation International | 1129 | 88028 |
| SharkNinja, Inc.Δ\* | 291 | 32563 |
| Starbucks Corporation | 8663 | 729511 |
| Tapestry, Inc. | 385 | 49191 |
| Thor Industries, Inc. | 193 | 19815 |
| TJX Cos., Inc. (The) | 4970 | 763442 |

---

See Notes to Financial Statements.

**211**

------

**VALUE EQUITY INDEX FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Toll Brothers, Inc. | 526 | $71126 |
| TopBuild Corporation\* | 177 | 73843 |
| Travel + Leisure Co. | 119 | 8393 |
| Ulta Beauty, Inc.\* | 280 | 169403 |
| Under Armour, Inc. Class CΔ\* | 968 | 4646 |
| Vail Resorts, Inc.Δ | 60 | 7968 |
| VF Corporation | 2495 | 45110 |
| Wayfair, Inc. Class A\* | 623 | 62555 |
| Wendy's Co. (The) | 1305 | 10871 |
| Whirlpool CorporationΔ | 396 | 28567 |
| Williams-Sonoma, Inc. | 798 | 142515 |
| Wyndham Hotels & Resorts, Inc.Δ | 88 | 6649 |
| YETI Holdings, Inc.Δ\* | 696 | 30742 |
| Yum! Brands, Inc. | 1739 | 263076 |
|  |  | 18695471 |
| **Consumer Staples — 6.8%** | **Consumer Staples — 6.8%** |  |
| Albertsons Cos., Inc. Class A | 4569 | 78450 |
| Archer-Daniels-Midland Co. | 4853 | 278999 |
| BellRing Brands, Inc.\* | 1154 | 30846 |
| BJ's Wholesale Club Holdings, Inc.\* | 996 | 89670 |
| Casey's General Stores, Inc. | 251 | 138730 |
| Church & Dwight Co., Inc. | 1837 | 154032 |
| Clorox Co. (The) | 1167 | 117669 |
| Coca-Cola Co. (The) | 23656 | 1653791 |
| Coca-Cola Consolidated, Inc. | 600 | 91980 |
| Colgate-Palmolive Co. | 4541 | 358830 |
| Conagra Brands, Inc. | 9454 | 163649 |
| Coty, Inc. Class A\* | 5539 | 17060 |
| Darling Ingredients, Inc.\* | 1055 | 37980 |
| Dollar General Corporation | 2291 | 304176 |
| Dollar Tree, Inc.\* | 1797 | 221049 |
| elf Beauty, Inc.\* | 508 | 38628 |
| Estee Lauder Cos., Inc. (The) Class A | 2124 | 222425 |
| Flowers Foods, Inc. | 5813 | 63245 |
| Freshpet, Inc.\* | 367 | 22361 |
| General Mills, Inc. | 8302 | 386043 |
| Hershey Co. (The) | 1477 | 268784 |
| Hormel Foods Corporation | 4963 | 117623 |
| Ingredion, Inc. | 594 | 65494 |
| J.M. Smucker Co. (The) | 1333 | 130381 |
| Kenvue, Inc. | 21036 | 362871 |
| Keurig Dr. Pepper, Inc. | 15555 | 435696 |
| Kimberly-Clark Corporation | 2057 | 207531 |
| Kraft Heinz Co. (The) | 13428 | 325629 |
| Kroger Co. (The) | 6131 | 383065 |
| Lamb Weston Holdings, Inc. | 1298 | 54373 |
| Maplebear, Inc.\* | 1457 | 65536 |
| McCormick & Co., Inc. (Non-Voting <br> Shares) | 2627 | 178925 |
| Mondelez International, Inc. Class A | 14674 | 789901 |
| PepsiCo, Inc. | 12138 | 1742046 |
| Pilgrim's Pride Corporation | 798 | 31114 |
| Post Holdings, Inc.\* | 476 | 47148 |
| Primo Brands Corporation | 3528 | 57683 |
| Procter & Gamble Co. (The) | 23150 | 3317627 |
| Reynolds Consumer Products, Inc. | 655 | 15013 |
| Seaboard Corporation | 3 | 13334 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Smithfield Foods, Inc. | 1148 | $25635 |
| Sysco Corporation | 1906 | 140453 |
| Target Corporation | 4150 | 405663 |
| The Campbell's Co.Δ | 4122 | 114880 |
| Tyson Foods, Inc. Class A | 3254 | 190749 |
| U.S. Foods Holding Corporation\* | 1325 | 99799 |
| Walmart, Inc. | 34775 | 3874283 |
|  |  | 17930849 |
| **Energy — 5.4%** | **Energy — 5.4%** |  |
| Antero Midstream Corporation | 1259 | 22398 |
| Antero Resources Corporation\* | 2101 | 72400 |
| APA CorporationΔ | 2533 | 61957 |
| Baker Hughes Co. | 7702 | 350749 |
| Cheniere Energy, Inc. | 929 | 180588 |
| Chevron Corporation | 17452 | 2659859 |
| Chord Energy Corporation | 424 | 39305 |
| Civitas Resources, Inc. | 655 | 17744 |
| ConocoPhillips | 11655 | 1091025 |
| Coterra Energy, Inc. | 6588 | 173396 |
| Devon Energy Corporation | 5275 | 193223 |
| Diamondback Energy, Inc. | 1722 | 258868 |
| DT Midstream, Inc.Δ | 398 | 47633 |
| EOG Resources, Inc. | 5314 | 558023 |
| EQT Corporation | 5709 | 306002 |
| Expand Energy Corporation | 2157 | 238046 |
| Exxon Mobil Corporation | 38409 | 4622139 |
| Halliburton Co. | 4963 | 140254 |
| HF Sinclair Corporation | 890 | 41011 |
| Kinder Morgan, Inc. | 17038 | 468375 |
| Marathon Petroleum Corporation | 2540 | 413080 |
| NOV, Inc.Δ | 2112 | 33011 |
| Occidental Petroleum Corporation | 6114 | 251408 |
| ONEOK, Inc. | 4922 | 361767 |
| Ovintiv, Inc. | 921 | 36094 |
| Permian Resources Corporation | 4402 | 61760 |
| Phillips 66 | 3225 | 416154 |
| Range Resources Corporation | 1337 | 47143 |
| Valero Energy Corporation | 2806 | 456789 |
| Viper Energy, Inc. Class A | 1003 | 38746 |
| Williams Cos., Inc. (The) | 10151 | 610177 |
|  |  | 14269124 |
| **Financials — 21.0%** | **Financials — 21.0%** |  |
| Affirm Holdings, Inc.\* | 659 | 49049 |
| Aflac, Inc. | 4822 | 531722 |
| Allstate Corporation (The) | 2711 | 564295 |
| Ally Financial, Inc. | 1271 | 57564 |
| American Express Co. | 2980 | 1102451 |
| American Financial Group, Inc. | 583 | 79684 |
| American International Group, Inc. | 5718 | 489175 |
| Ameriprise Financial, Inc. | 50 | 24517 |
| Apollo Global Management, Inc. | 635 | 91923 |
| Arch Capital Group, Ltd.\* | 3500 | 335720 |
| Arthur J. Gallagher & Co. | 2333 | 603757 |
| Assurant, Inc. | 300 | 72255 |
| Assured Guaranty, Ltd. | 135 | 12132 |
| Axis Capital Holdings, Ltd. | 375 | 40159 |

---

**212**

See Notes to Financial Statements.

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Bank of America Corporation | 55430 | $3048650 |
| Bank of New York Mellon <br> Corporation (The) | 6060 | 703505 |
| Bank OZK | 729 | 33549 |
| Berkshire Hathaway, Inc. Class B\* | 16383 | 8234915 |
| Blackrock, Inc. | 1394 | 1492054 |
| Block, Inc.\* | 2841 | 184921 |
| Brighthouse Financial, Inc.\* | 321 | 20798 |
| Brown & Brown, Inc. | 2490 | 198453 |
| Capital One Financial Corporation | 4951 | 1199924 |
| Carlyle Group, Inc. (The) | 1259 | 74420 |
| Cboe Global Markets, Inc. | 1178 | 295678 |
| Charles Schwab Corporation (The) | 14429 | 1441601 |
| Cincinnati Financial Corporation | 919 | 150091 |
| Citigroup, Inc. | 13405 | 1564229 |
| Citizens Financial Group, Inc. | 3986 | 232822 |
| CME Group, Inc. | 3764 | 1027873 |
| CNA Financial CorporationΔ | 2064 | 98535 |
| Coinbase Global, Inc. Class A\* | 1633 | 369287 |
| Columbia Banking System, Inc. | 1700 | 47515 |
| Comerica, Inc. | 982 | 85365 |
| Corebridge Financial, Inc. | 264 | 7965 |
| Credit Acceptance CorporationΔ\* | 27 | 11973 |
| Cullen/Frost Bankers, Inc. | 436 | 55211 |
| East West Bancorp, Inc. | 887 | 99690 |
| Evercore, Inc. Class A | 54 | 18374 |
| Everest Group, Ltd. | 304 | 103162 |
| F&G Annuities & Life, Inc. | 127 | 3933 |
| FactSet Research Systems, Inc. | 286 | 82994 |
| Fidelity National Financial, Inc. | 2125 | 116004 |
| Fidelity National Information <br> Services, Inc. | 4456 | 296146 |
| Fifth Third BancorpΔ | 5109 | 239152 |
| First American Financial Corporation | 743 | 45650 |
| First Citizens BancShares, Inc. <br> Class A | 57 | 122332 |
| First Hawaiian, Inc. | 562 | 14219 |
| First Horizon Corporation | 1893 | 45243 |
| Fiserv, Inc.\* | 3090 | 207555 |
| FNB Corporation | 3594 | 61457 |
| Franklin Resources, Inc. | 2992 | 71479 |
| Global Payments, Inc. | 1680 | 130032 |
| Globe Life, Inc. | 522 | 73007 |
| Goldman Sachs Group, Inc. (The) | 2476 | 2176404 |
| Hanover Insurance Group, Inc. (The) | 160 | 29243 |
| Hartford Insurance Group, Inc. (The) | 2701 | 372198 |
| Houlihan Lokey, Inc. | 163 | 28393 |
| Huntington Bancshares, Inc. | 12147 | 210750 |
| Interactive Brokers Group, Inc. <br> Class A | 3191 | 205213 |
| Intercontinental Exchange, Inc. | 5498 | 890456 |
| Invesco, Ltd. | 2558 | 67199 |
| Jack Henry & Associates, Inc. | 540 | 98539 |
| Jefferies Financial Group, Inc. | 252 | 15616 |
| JPMorgan Chase & Co. | 24087 | 7761313 |
| Kemper Corporation | 125 | 5068 |
| KeyCorp | 4675 | 96492 |
| KKR & Co., Inc. | 4252 | 542045 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Lazard, Inc. | 15 | $728 |
| Lincoln National Corporation | 558 | 24848 |
| Loews Corporation | 392 | 41282 |
| M&T Bank Corporation | 1439 | 289930 |
| Markel Corporation\* | 50 | 107483 |
| MarketAxess Holdings, Inc. | 442 | 80113 |
| Marsh & McLennan Cos., Inc. | 4234 | 785492 |
| MetLife, Inc. | 4501 | 355309 |
| MGIC Investment Corporation | 1510 | 44122 |
| Morgan Stanley | 10082 | 1789857 |
| MSCI, Inc. | 350 | 200806 |
| Nasdaq, Inc. | 3101 | 301200 |
| Northern Trust Corporation | 1541 | 210485 |
| Old Republic International <br> Corporation | 957 | 43678 |
| OneMain Holdings, Inc. | 357 | 24115 |
| PayPal Holdings, Inc. | 8293 | 484145 |
| Pinnacle Financial Partners, Inc. | 110 | 10495 |
| PNC Financial Services Group, Inc. <br> (The) | 3643 | 760403 |
| Popular, Inc. | 32 | 3985 |
| Primerica, Inc. | 120 | 31003 |
| Principal Financial Group, Inc. | 1534 | 135314 |
| Progressive Corporation (The) | 5527 | 1258608 |
| Prosperity Bancshares, Inc. | 588 | 40637 |
| Prudential Financial, Inc. | 2887 | 325885 |
| Raymond James Financial, Inc. | 1227 | 197044 |
| Regions Financial Corporation | 7693 | 208480 |
| Reinsurance Group of America, Inc. | 466 | 94812 |
| RLI Corporation | 374 | 23929 |
| Robinhood Markets, Inc. Class A\* | 5372 | 607573 |
| Rocket Cos., Inc. Class A | 8942 | 173117 |
| S&P Global, Inc. | 2775 | 1450187 |
| SEI Investments Co. | 617 | 50606 |
| SLM Corporation | 120 | 3247 |
| SoFi Technologies, Inc.\* | 7046 | 184464 |
| SOUTHSTATE BANK <br> CORPORATION | 544 | 51196 |
| State Street Corporation | 2168 | 279694 |
| Stifel Financial Corporation | 104 | 13023 |
| Synchrony Financial | 2054 | 171365 |
| Synovus Financial Corporation | 25 | 1251 |
| T. Rowe Price Group, Inc. | 1777 | 181929 |
| TFS Financial Corporation | 1046 | 13996 |
| TPG, Inc. | 46 | 2937 |
| Tradeweb Markets, Inc. Class A | 1072 | 115283 |
| Travelers Cos., Inc. (The) | 2386 | 692083 |
| Truist Financial Corporation | 11358 | 558927 |
| U.S. Bancorp | 15069 | 804082 |
| Unum Group | 1074 | 83235 |
| Virtu Financial, Inc. Class A | 184 | 6131 |
| Voya Financial, Inc. | 172 | 12812 |
| W.R. Berkley Corporation | 2922 | 204891 |
| Webster Financial Corporation | 655 | 41226 |
| Wells Fargo & Co. | 28583 | 2663936 |
| Western Alliance Bancorp | 621 | 52207 |
| Western Union Co. (The) | 4295 | 39986 |

---

See Notes to Financial Statements.

**213**

------

**VALUE EQUITY INDEX FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| WEX, Inc.\* | 18 | $2682 |
| White Mountains Insurance Group, <br> Ltd. | 8 | 16624 |
| Zions Bancorp NA | 579 | 33895 |
|  |  | 55249868 |
| **Health Care — 10.2%** | **Health Care — 10.2%** |  |
| Acadia Healthcare Co., Inc.Δ\* | 2723 | 38639 |
| Agilent Technologies, Inc. | 3110 | 423178 |
| Align Technology, Inc.\* | 808 | 126169 |
| Amgen, Inc. | 2049 | 670658 |
| Avantor, Inc.\* | 7413 | 84953 |
| Baxter International, Inc. | 6318 | 120737 |
| Becton, Dickinson and Co. | 3663 | 710878 |
| Biogen, Inc.\* | 2477 | 435927 |
| BioMarin Pharmaceutical, Inc.\* | 4552 | 270525 |
| Bio-Rad Laboratories, Inc. Class A\* | 180 | 54538 |
| Boston Scientific Corporation\* | 13188 | 1257476 |
| Bristol-Myers Squibb Co. | 30879 | 1665613 |
| Bruker Corporation | 1251 | 58935 |
| Cardinal Health, Inc. | 2094 | 430317 |
| Caris Life Sciences, Inc.Δ\* | 1484 | 40038 |
| Centene Corporation\* | 7323 | 301341 |
| Certara, Inc.Δ\* | 2766 | 24368 |
| Charles River Laboratories <br> International, Inc.\* | 486 | 96947 |
| Chemed Corporation | 433 | 185263 |
| Cigna Group (The) | 2987 | 822112 |
| Danaher Corporation | 6230 | 1426172 |
| DENTSPLY SIRONA, Inc. | 3782 | 43228 |
| Edwards Lifesciences Corporation\* | 7098 | 605105 |
| Elanco Animal Health, Inc.\* | 17785 | 402475 |
| Elevance Health, Inc. | 2643 | 926504 |
| Encompass Health Corporation | 2562 | 271931 |
| Envista Holdings Corporation\* | 2443 | 53038 |
| Exact Sciences Corporation\* | 2143 | 217643 |
| Exelixis, Inc.\* | 2180 | 95549 |
| GE HealthCare Technologies, Inc. | 4555 | 373601 |
| Gilead Sciences, Inc. | 9646 | 1183950 |
| Globus Medical, Inc. Class A\* | 1453 | 126861 |
| HCA Healthcare, Inc. | 1801 | 840815 |
| Henry Schein, Inc.Δ\* | 2749 | 207769 |
| Hologic, Inc.\* | 3220 | 239858 |
| Humana, Inc. | 1320 | 338092 |
| Illumina, Inc.\* | 1519 | 199232 |
| Incyte Corporation\* | 2441 | 241098 |
| Insmed, Inc.\* | 576 | 100247 |
| Ionis Pharmaceuticals, Inc.\* | 1554 | 122937 |
| IQVIA Holdings, Inc.\* | 1742 | 392664 |
| Labcorp Holdings, Inc. | 1516 | 380334 |
| McKesson Corporation | 473 | 387997 |
| Mettler-Toledo International, Inc.\* | 212 | 295568 |
| Moderna, Inc.Δ\* | 5060 | 149219 |
| Molina Healthcare, Inc.\* | 765 | 132758 |
| Neurocrine Biosciences, Inc.\* | 766 | 108642 |
| Organon & Co. | 22022 | 157898 |
| Quest Diagnostics, Inc. | 2345 | 406928 |
| Regeneron Pharmaceuticals, Inc. | 1120 | 864494 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Repligen Corporation\* | 458 | $75048 |
| ResMed, Inc. | 1552 | 373830 |
| Revolution Medicines, Inc.\* | 2663 | 212108 |
| Revvity, Inc.Δ | 1502 | 145319 |
| Roivant Sciences, Ltd.\* | 9665 | 209731 |
| Sarepta Therapeutics, Inc.\* | 1082 | 23285 |
| Solventum Corporation\* | 2117 | 167751 |
| Sotera Health Co.\* | 1844 | 32528 |
| Stryker Corporation | 3195 | 1122947 |
| Teleflex, Inc. | 685 | 83597 |
| Tenet Healthcare Corporation\* | 1161 | 230714 |
| Thermo Fisher Scientific, Inc. | 3668 | 2125423 |
| United Therapeutics Corporation\* | 589 | 286990 |
| Universal Health Services, Inc. <br> Class B | 1096 | 238950 |
| Veeva Systems, Inc. Class A\* | 829 | 185058 |
| Viatris, Inc. | 52093 | 648558 |
| Viking Therapeutics, Inc.Δ\* | 1539 | 54142 |
| Waters Corporation\* | 379 | 143956 |
| West Pharmaceutical Services, Inc. | 671 | 184619 |
| Zimmer Biomet Holdings, Inc.Δ | 2913 | 261937 |
| Zoetis, Inc. | 6288 | 791156 |
|  |  | 26708866 |
| **Industrials — 11.7%** | **Industrials — 11.7%** |  |
| 3M Co. | 3685 | 589968 |
| A.O. Smith Corporation | 1446 | 96708 |
| Acuity, Inc. | 191 | 68768 |
| Advanced Drainage Systems, Inc. | 781 | 113112 |
| AECOM | 1074 | 102384 |
| AGCO Corporation | 472 | 49239 |
| Air Lease CorporationΔ | 285 | 18306 |
| Alaska Air Group, Inc.\* | 801 | 40290 |
| Allison Transmission Holdings, Inc. | 301 | 29468 |
| Amentum Holdings, Inc.\* | 1083 | 31407 |
| American Airlines Group, Inc.\* | 5957 | 91321 |
| AMETEK, Inc. | 1796 | 368737 |
| API Group Corporation\* | 2838 | 108582 |
| Applied Industrial Technologies, Inc. | 151 | 38772 |
| Armstrong World Industries, Inc. | 20 | 3822 |
| ATI, Inc.\* | 977 | 112121 |
| Automatic Data Processing, Inc. | 718 | 184691 |
| Avis Budget Group, Inc.Δ\* | 89 | 11420 |
| Boeing Co. (The)\* | 5448 | 1182870 |
| Broadridge Financial Solutions, Inc. | 207 | 46196 |
| Builders FirstSource, Inc.\* | 1198 | 123262 |
| BWX Technologies, Inc. | 578 | 99902 |
| C.H. Robinson Worldwide, Inc. | 983 | 158027 |
| CACI International, Inc. Class A\* | 212 | 112956 |
| Carlisle Cos., Inc.Δ | 388 | 124106 |
| Carpenter Technology Corporation | 283 | 89100 |
| Carrier Global Corporation | 7631 | 403222 |
| Caterpillar, Inc. | 3654 | 2093267 |
| Clean Harbors, Inc.\* | 102 | 23917 |
| Concentrix CorporationΔ | 396 | 16466 |
| Crane Co. | 171 | 31538 |
| CSX Corporation | 16983 | 615634 |

---

**214**

See Notes to Financial Statements.

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Cummins, Inc. | 1180 | $602331 |
| Curtiss-Wright Corporation | 293 | 161522 |
| Dayforce, Inc.\* | 855 | 59132 |
| Deere & Co. | 2236 | 1041015 |
| Delta Air Lines, Inc. | 6352 | 440829 |
| Donaldson Co., Inc. | 78 | 6915 |
| Dover Corporation | 587 | 114606 |
| EMCOR Group, Inc. | 320 | 195773 |
| Emerson Electric Co. | 4879 | 647541 |
| Equifax, Inc. | 899 | 195065 |
| Esab Corporation | 213 | 23796 |
| Everus Construction Group, Inc.\* | 366 | 31315 |
| Expeditors International of <br> Washington, Inc. | 1029 | 153331 |
| Fastenal Co. | 2407 | 96593 |
| FedEx Corporation | 1916 | 553456 |
| Ferguson Enterprises, Inc. | 1598 | 355763 |
| Flowserve Corporation | 500 | 34690 |
| Fortive Corporation | 1984 | 109537 |
| Fortune Brands Innovations, Inc. | 1033 | 51671 |
| FTI Consulting, Inc.\* | 316 | 53982 |
| Generac Holdings, Inc.\* | 524 | 71458 |
| General Dynamics Corporation | 2431 | 818420 |
| Genpact, Ltd. | 964 | 45096 |
| Graco, Inc. | 384 | 31476 |
| GXO Logistics, Inc.\* | 454 | 23899 |
| Hexcel CorporationΔ | 239 | 17662 |
| Honeywell International, Inc. | 5442 | 1061680 |
| Hubbell, Inc. | 395 | 175423 |
| Huntington Ingalls Industries, Inc. | 339 | 115284 |
| IDEX Corporation | 421 | 74913 |
| Illinois ToolWorks, Inc. | 1921 | 473142 |
| Ingersoll-Rand, Inc.Δ | 3120 | 247166 |
| ITT, Inc. | 165 | 28629 |
| J.B. Hunt Transport Services, Inc. | 589 | 114466 |
| Jacobs Solutions, Inc. | 660 | 87424 |
| KBR, Inc. | 894 | 35939 |
| Kirby Corporation\* | 713 | 78558 |
| Knight-Swift Transportation <br> Holdings, Inc. | 1131 | 59129 |
| L3Harris Technologies, Inc. | 1986 | 583030 |
| Landstar System, Inc. | 43 | 6179 |
| Leidos Holdings, Inc. | 1097 | 197899 |
| Lincoln Electric Holdings, Inc. | 233 | 55836 |
| Loar Holdings, Inc.\* | 116 | 7888 |
| Lockheed Martin Corporation | 1539 | 744368 |
| Lyft, Inc. Class A\* | 2604 | 50439 |
| ManpowerGroup, Inc. | 282 | 8384 |
| Masco Corporation | 1906 | 120955 |
| MasTec, Inc.\* | 458 | 99555 |
| Middleby Corporation (The)\* | 368 | 54711 |
| MSA Safety, Inc. | 222 | 35551 |
| MSC Industrial Direct Co., Inc. <br> Class A | 225 | 18923 |
| Mueller Industries, Inc. | 743 | 85296 |
| Nordson Corporation | 293 | 70446 |
| Norfolk Southern Corporation | 1971 | 569067 |
| Northrop Grumman Corporation | 1401 | 798864 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Old Dominion Freight Line, Inc. | 1619 | $253859 |
| Oshkosh Corporation | 349 | 43845 |
| Otis Worldwide Corporation | 3733 | 326078 |
| Owens Corning | 618 | 69160 |
| PACCAR, Inc. | 4853 | 531452 |
| Parker-Hannifin Corporation | 1077 | 946640 |
| Parsons Corporation\* | 577 | 35659 |
| Paychex, Inc. | 2333 | 261716 |
| Paycom Software, Inc. | 155 | 24701 |
| Quanta Services, Inc. | 461 | 194570 |
| QXO, Inc.Δ\* | 5344 | 103086 |
| RBC Bearings, Inc.\* | 135 | 60538 |
| Regal Beloit Corporation | 479 | 67213 |
| Republic Services, Inc. | 2377 | 503758 |
| Robert Half, Inc. | 712 | 19338 |
| Rockwell Automation, Inc. | 884 | 343938 |
| RTX Corporation | 12007 | 2202084 |
| Ryder System, Inc. | 126 | 24115 |
| Saia, Inc.\* | 221 | 72161 |
| Schneider National, Inc. Class B | 610 | 16183 |
| Science Applications International <br> Corporation | 391 | 39358 |
| Simpson Manufacturing Co., Inc. | 235 | 37945 |
| Snap-on, Inc. | 367 | 126468 |
| Southwest Airlines Co. | 3971 | 164121 |
| SS&C Technologies Holdings, Inc. | 1180 | 103156 |
| Stanley Black & Decker, Inc. | 1365 | 101392 |
| Tetra Tech, Inc. | 1638 | 54939 |
| Textron, Inc. | 925 | 80632 |
| Timken Co. (The) | 215 | 18088 |
| Toro Co. (The) | 720 | 56678 |
| TransDigm Group, Inc. | 399 | 530610 |
| TransUnion | 1540 | 132055 |
| Trex Co., Inc.\* | 217 | 7612 |
| U-Haul Holding Co.\* | 430 | 21676 |
| Union Pacific Corporation | 5124 | 1185284 |
| United Airlines Holdings, Inc.\* | 3112 | 347984 |
| United Parcel Service, Inc. Class B | 7954 | 788957 |
| United Rentals, Inc. | 538 | 435414 |
| Valmont Industries, Inc. | 144 | 57934 |
| Veralto Corporation | 567 | 56575 |
| Verisk Analytics, Inc. | 530 | 118556 |
| W.W. Grainger, Inc. | 37 | 37335 |
| Watsco, Inc. | 308 | 103781 |
| WESCO International, Inc. | 274 | 67031 |
| Westinghouse Air Brake Technologies <br> Corporation | 1210 | 258274 |
| WillScot Holdings Corporation | 592 | 11147 |
| Woodward, Inc. | 434 | 131207 |
| XPO Logistics, Inc.\* | 565 | 76789 |
| Xylem, Inc. | 1947 | 265142 |
|  |  | 30691831 |
| **Information Technology — 10.3%** | **Information Technology — 10.3%** |  |
| Advanced Micro Devices, Inc.\* | 5789 | 1239772 |
| Akamai Technologies, Inc.\* | 1004 | 87599 |
| Amdocs, Ltd. | 450 | 36230 |
| Amkor Technology, Inc. | 562 | 22188 |

---

See Notes to Financial Statements.

**215**

------

**VALUE EQUITY INDEX FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Analog Devices, Inc. | 4275 | $1159380 |
| Applied Materials, Inc. | 5121 | 1316046 |
| Arrow Electronics, Inc.\* | 438 | 48259 |
| Aurora Innovation, Inc.Δ\* | 7385 | 28358 |
| Avnet, Inc. | 925 | 44474 |
| BILL Holdings, Inc.\* | 38 | 2073 |
| CCC Intelligent Solutions Holdings, <br> Inc.Δ\* | 4198 | 33374 |
| CDW Corporation | 1079 | 146960 |
| Ciena Corporation\* | 1096 | 256322 |
| Circle Internet Group, Inc.\* | 411 | 32592 |
| Cirrus Logic, Inc.\* | 165 | 19553 |
| Cisco Systems, Inc. | 35485 | 2733410 |
| Cognex Corporation | 1100 | 39578 |
| Cognizant Technology Solutions <br> Corporation Class A | 4295 | 356485 |
| Coherent Corporation\* | 1260 | 232558 |
| Corning, Inc. | 7323 | 641202 |
| Crane Holdings Co.Δ | 265 | 12474 |
| Dell Technologies, Inc. Class C | 2293 | 288643 |
| Docusign, Inc.\* | 550 | 37620 |
| Dolby Laboratories, Inc. Class A | 375 | 24083 |
| Dropbox, Inc. Class A\* | 827 | 22991 |
| DXC Technology Co.\* | 1336 | 19572 |
| Entegris, Inc. | 857 | 72202 |
| EPAM Systems, Inc.\* | 297 | 60849 |
| F5, Inc.\* | 376 | 95978 |
| Fair Isaac Corporation\* | 39 | 65934 |
| First Solar, Inc.\* | 901 | 235368 |
| Gen Digital, Inc. | 3706 | 100766 |
| Globant SA\* | 231 | 15100 |
| Hewlett Packard Enterprise Co. | 12098 | 290594 |
| HP, Inc. | 9111 | 202993 |
| Ingram Micro Holding CorporationΔ | 998 | 21297 |
| Intel Corporation\* | 37839 | 1396259 |
| International Business Machines <br> Corporation | 8205 | 2430403 |
| IPG Photonics Corporation\* | 106 | 7590 |
| Jabil, Inc. | 364 | 82999 |
| Keysight Technologies, Inc.\* | 1401 | 284669 |
| Kyndryl Holdings, Inc.\* | 1014 | 26932 |
| Littelfuse, Inc. | 158 | 39961 |
| Lumentum Holdings, Inc.\* | 517 | 190561 |
| MACOM Technology Solutions <br> Holdings, Inc.\* | 265 | 45389 |
| Marvell Technology, Inc. | 6812 | 578884 |
| Microchip Technology, Inc. | 4332 | 276035 |
| Micron Technology, Inc. | 9612 | 2743361 |
| MKS, Inc. | 189 | 30202 |
| MongoDB, Inc.\* | 576 | 241741 |
| Motorola Solutions, Inc. | 827 | 317006 |
| nCino, Inc.\* | 764 | 19589 |
| NetApp, Inc. | 1091 | 116835 |
| Nutanix, Inc. Class A\* | 1340 | 69265 |
| Okta, Inc.\* | 959 | 82925 |
| ON Semiconductor Corporation\* | 3524 | 190825 |
| Onto Innovation, Inc.\* | 192 | 30309 |
| Pegasystems, Inc. | 359 | 21439 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| PTC, Inc.\* | 779 | $135710 |
| Pure Storage, Inc. Class A\* | 550 | 36855 |
| Qnity Electronics, Inc. | 1693 | 138233 |
| Qorvo, Inc.\* | 390 | 32959 |
| QUALCOMM, Inc. | 7414 | 1268165 |
| Ralliant Corporation | 897 | 45666 |
| Roper Technologies, Inc. | 960 | 427325 |
| Rubrik, Inc. Class A\* | 200 | 15296 |
| SailPoint, Inc.Δ\* | 474 | 9589 |
| Salesforce, Inc. | 7310 | 1936492 |
| Sandisk Corporation\* | 1161 | 275598 |
| Skyworks Solutions, Inc. | 924 | 58591 |
| Strategy, Inc.Δ\* | 2190 | 332770 |
| Super Micro Computer, Inc.\* | 2570 | 75224 |
| Synopsys, Inc.\* | 466 | 218890 |
| TD SYNNEX Corporation | 650 | 97649 |
| Teledyne Technologies, Inc.\* | 406 | 207356 |
| Teradyne, Inc. | 1336 | 258596 |
| Texas Instruments, Inc. | 4725 | 819740 |
| Trimble, Inc.\* | 1233 | 96606 |
| Twilio, Inc. Class A\* | 946 | 134559 |
| Tyler Technologies, Inc.\* | 72 | 32684 |
| UiPath, Inc. Class A\* | 3258 | 53399 |
| Unity Software, Inc.\* | 2515 | 111088 |
| Universal Display Corporation | 211 | 24641 |
| VeriSign, Inc. | 737 | 179054 |
| Vontier Corporation | 573 | 21304 |
| Western Digital Corporation | 3001 | 516982 |
| Zebra Technologies Corporation <br> Class A\* | 343 | 83287 |
| Zoom Communications, Inc.\* | 2244 | 193635 |
|  |  | 27103999 |
| **Materials — 2.7%** | **Materials — 2.7%** |  |
| Air Products and Chemicals, Inc. | 2069 | 511084 |
| Albemarle Corporation | 1104 | 156150 |
| Alcoa Corporation | 1572 | 83536 |
| AptarGroup, Inc. | 115 | 14025 |
| Ashland, Inc. | 357 | 20945 |
| Avery Dennison Corporation | 589 | 107127 |
| Axalta Coating Systems, Ltd.\* | 1013 | 32730 |
| Ball Corporation | 2388 | 126492 |
| Celanese Corporation | 949 | 40124 |
| CF Industries Holdings, Inc. | 1531 | 118408 |
| Cleveland-Cliffs, Inc.\* | 3949 | 52443 |
| Corteva, Inc. | 6179 | 414178 |
| Crown Holdings, Inc. | 795 | 81861 |
| Dow, Inc. | 8468 | 197982 |
| DuPont de Nemours, Inc. | 3387 | 136157 |
| Eagle Materials, Inc. | 91 | 18808 |
| Eastman Chemical Co. | 970 | 61915 |
| Ecolab, Inc. | 1822 | 478311 |
| Element Solutions, Inc. | 799 | 19967 |
| FMC Corporation | 1267 | 17573 |
| Freeport-McMoRan, Inc. | 12350 | 627257 |
| Graphic Packaging Holding Co. | 2677 | 40316 |
| Huntsman Corporation | 2801 | 28010 |

---

**216**

See Notes to Financial Statements.

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| International Flavors & Fragrances, <br> Inc. | 2440 | $164432 |
| International Paper Co. | 4922 | 193878 |
| Louisiana-Pacific Corporation | 156 | 12599 |
| Martin Marietta Materials, Inc. | 514 | 320047 |
| Mosaic Co. (The) | 2999 | 72246 |
| MP Materials CorporationΔ\* | 1062 | 53652 |
| NewMarket Corporation | 35 | 24054 |
| Newmont Corporation | 9968 | 995305 |
| Nucor Corporation | 1786 | 291314 |
| Olin Corporation | 1045 | 21767 |
| Packaging Corporation of America | 777 | 160241 |
| PPG Industries, Inc. | 2035 | 208506 |
| Reliance, Inc. | 262 | 75684 |
| Royal Gold, Inc. | 772 | 171608 |
| RPM International, Inc. | 912 | 94848 |
| Scotts Miracle-Gro Co. (The) | 488 | 28475 |
| Sealed Air Corporation | 615 | 25479 |
| Sherwin-Williams Co. (The) | 368 | 119243 |
| Silgan Holdings, Inc.Δ | 449 | 18126 |
| Solstice Advanced Materials, Inc.\* | 1360 | 66069 |
| Sonoco Products Co. | 727 | 31726 |
| Southern Copper Corporation | 914 | 131132 |
| Steel Dynamics, Inc. | 817 | 138441 |
| Vulcan Materials Co. | 1125 | 320873 |
| Westlake CorporationΔ | 498 | 36822 |
|  |  | 7161966 |
| **Real Estate — 4.0%** | **Real Estate — 4.0%** |  |
| AGNC Investment Corporation <br> REITΔ | 13839 | 148354 |
| Agree Realty Corporation REITΔ | 1612 | 116112 |
| Alexandria Real Estate Equities, Inc. <br> REIT | 2041 | 99887 |
| American Homes 4 Rent Class A <br> REIT | 2301 | 73862 |
| Americold Realty Trust REITΔ | 3568 | 45884 |
| Annaly Capital Management, Inc. <br> REIT | 6983 | 156140 |
| AvalonBay Communities, Inc. REIT | 1227 | 222467 |
| Brixmor Property Group, Inc. REIT | 2074 | 54380 |
| BXP, Inc. REIT | 1347 | 90896 |
| Camden Property Trust REIT | 691 | 76065 |
| CBRE Group, Inc. Class A\* | 2616 | 420627 |
| CoStar Group, Inc.\* | 3894 | 261833 |
| Cousins Properties, Inc. REIT | 1298 | 33462 |
| Crown Castle, Inc. REIT | 4583 | 407291 |
| CubeSmart REIT | 1816 | 65467 |
| Digital Realty Trust, Inc. REIT | 3042 | 470628 |
| EastGroup Properties, Inc. REIT | 275 | 48989 |
| EPR Properties REIT | 808 | 40319 |
| Equinix, Inc. REIT | 899 | 688778 |
| Equity LifeStyle Properties, Inc. REIT | 1808 | 109583 |
| Equity Residential REIT | 3163 | 199396 |
| Essex Property Trust, Inc. REIT | 465 | 121681 |
| Extra Space Storage, Inc. REIT | 2380 | 309924 |
| Federal Realty Investment Trust REIT | 695 | 70056 |
| First Industrial Realty Trust, Inc. <br> REIT | 656 | 37569 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Healthcare Realty Trust, Inc. REIT | 4188 | $70987 |
| Healthpeak Properties, Inc. REIT | 7606 | 122304 |
| Highwoods Properties, Inc. REIT | 625 | 16138 |
| Host Hotels & Resorts, Inc. REIT | 5729 | 101575 |
| Howard Hughes Holdings, Inc.\* | 135 | 10769 |
| Invitation Homes, Inc. REIT | 5575 | 154929 |
| Iron Mountain, Inc. REIT | 2435 | 201983 |
| Jones Lang LaSalle, Inc.\* | 352 | 118437 |
| Kilroy Realty Corporation REITΔ | 743 | 27766 |
| Kimco Realty Corporation REIT | 6072 | 123079 |
| Lineage, Inc. REITΔ | 901 | 31535 |
| Medical Properties Trust, Inc. REITΔ | 4047 | 20235 |
| Mid-America Apartment <br> Communities, Inc. REIT | 1065 | 147939 |
| Millrose Properties, Inc. REIT | 1042 | 31125 |
| National Storage Affiliates Trust <br> REIT | 423 | 11933 |
| NNN REIT, Inc. | 2252 | 89247 |
| Omega Healthcare Investors, Inc. <br> REIT | 3068 | 136035 |
| Park Hotels & Resorts, Inc. REITΔ | 5289 | 55323 |
| Prologis, Inc. REIT | 8767 | 1119195 |
| Public Storage REIT | 1655 | 429472 |
| Rayonier, Inc. REIT | 969 | 20979 |
| Regency Centers Corporation REIT | 1227 | 84700 |
| Rexford Industrial Realty, Inc. REIT | 2227 | 86229 |
| Rithm Capital Corporation REIT | 212 | 2311 |
| SBA Communications Corporation <br> REIT | 1227 | 237339 |
| Simon Property Group, Inc. REIT | 2133 | 394840 |
| STAG Industrial, Inc. REIT | 1498 | 55066 |
| Starwood Property Trust, Inc. REIT | 2512 | 45241 |
| Sun Communities, Inc. REIT | 1057 | 130973 |
| UDR, Inc. REIT | 1813 | 66501 |
| Ventas, Inc. REIT | 4761 | 368406 |
| Vornado Realty Trust REIT | 1242 | 41334 |
| Welltower, Inc. REIT | 6805 | 1263076 |
| Weyerhaeuser Co. REIT | 7171 | 169881 |
| WP Carey, Inc. REIT | 2217 | 142686 |
| Zillow Group, Inc. Class A\* | 1012 | 69049 |
| Zillow Group, Inc. Class C\* | 1218 | 83092 |
|  |  | 10651359 |
| **Utilities — 4.5%** | **Utilities — 4.5%** |  |
| AES Corporation (The) | 5911 | 84764 |
| Alliant Energy Corporation | 951 | 61825 |
| Ameren Corporation | 1411 | 140902 |
| American Electric Power Co., Inc. | 5612 | 647120 |
| American Water Works Co., Inc. | 2900 | 378450 |
| Atmos Energy Corporation | 2099 | 351855 |
| CenterPoint Energy, Inc.Δ | 4548 | 174370 |
| Clearway Energy, Inc. Class CΔ | 854 | 28404 |
| CMS Energy Corporation | 1858 | 129930 |
| Consolidated Edison, Inc. | 4138 | 410986 |
| Constellation Energy Corporation | 2598 | 917796 |
| Dominion Energy, Inc. | 8406 | 492508 |
| DTE Energy Co. | 1307 | 168577 |
| Duke Energy Corporation | 9641 | 1130022 |

---

See Notes to Financial Statements.

**217**

------

**VALUE EQUITY INDEX FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Edison International | 3508 | $210550 |
| Entergy Corporation | 3691 | 341159 |
| Essential Utilities, Inc. | 1884 | 72270 |
| Evergy, Inc. | 1266 | 91772 |
| Eversource Energy | 3342 | 225017 |
| Exelon Corporation | 11285 | 491913 |
| FirstEnergy Corporation | 4669 | 209031 |
| IDACORP, Inc. | 29 | 3670 |
| MDU Resources Group, Inc.Δ | 1464 | 28577 |
| National Fuel Gas Co. | 734 | 58764 |
| NextEra Energy, Inc. | 18323 | 1470970 |
| NiSource, Inc. | 2690 | 112334 |
| OGE Energy Corporation | 512 | 21862 |
| PG&E Corporation | 19327 | 310585 |
| Pinnacle West Capital Corporation | 571 | 50648 |
| PPL Corporation | 6073 | 212677 |
| Public Service Enterprise Group, Inc. | 4102 | 329391 |
| Sempra | 5469 | 482858 |
| Southern Co. (The) | 12197 | 1063578 |
| Talen Energy Corporation\* | 308 | 115451 |
| UGI Corporation | 1541 | 57680 |
| WEC Energy Group, Inc. | 3309 | 348967 |
| Xcel Energy, Inc. | 5566 | 411105 |
|  |  | 11838338 |
| **Total Common Stocks** <br> (Cost $200,395,777) | **Total Common Stocks** <br> (Cost $200,395,777) | 242980640 |
| **FOREIGN COMMON STOCKS — 5.4%** | **FOREIGN COMMON STOCKS — 5.4%** | **FOREIGN COMMON STOCKS — 5.4%** |
| **Belgium — 0.0%** | **Belgium — 0.0%** |  |
| Liberty Global, Ltd. Class A\* | 314 | 3498 |
| **Bermuda — 0.1%** | **Bermuda — 0.1%** |  |
| RenaissanceRe Holdings, Ltd. | 495 | 139174 |
| **Brazil — 0.0%** | **Brazil — 0.0%** |  |
| XP, Inc. Class A | 3727 | 61011 |
| **Canada — 0.1%** | **Canada — 0.1%** |  |
| Brookfield Asset Management, Ltd. <br> Class AΔ | 2308 | 120916 |
| Brookfield Renewable Corporation | 748 | 28678 |
| RB Global, Inc.Δ | 1194 | 122827 |
| Restaurant Brands International, Inc. | 1086 | 74098 |
|  |  | 346519 |
| **China — 0.0%** | **China — 0.0%** |  |
| Amer Sports, Inc.\* | 684 | 25547 |
| **Curacao — 0.2%** | **Curacao — 0.2%** |  |
| SLB, Ltd. | 11323 | 434577 |
| **Guatemala — 0.0%** | **Guatemala — 0.0%** |  |
| Millicom International Cellular SA | 1720 | 95357 |
| **Ireland — 3.5%** | **Ireland — 3.5%** |  |
| Accenture PLC Class A | 5761 | 1545676 |
| Allegion PLC | 804 | 128013 |
| Aon PLC Class A | 371 | 130918 |
| CRH PLC | 6086 | 759533 |
| Eaton Corporation PLC | 3515 | 1119563 |
| James Hardie Industries PLC ADR\* | 522 | 10832 |
| Jazz Pharmaceuticals PLC\* | 2584 | 439280 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Johnson Controls International PLC | 5876 | $703651 |
| Linde PLC | 4413 | 1881659 |
| Medtronic PLC | 15021 | 1442917 |
| nVent Electric PLC | 745 | 75968 |
| Pentair PLC | 1088 | 113304 |
| Smurfit WestRock PLC | 4829 | 186737 |
| STERIS PLC | 1650 | 418308 |
| Willis Towers Watson PLC | 841 | 276353 |
|  |  | 9232712 |
| **Jersey — 0.2%** | **Jersey — 0.2%** |  |
| Amcor PLC | 27002 | 225196 |
| Aptiv PLC\* | 2431 | 184975 |
| Clarivate PLCΔ\* | 2929 | 9783 |
| Janus Henderson Group PLC | 284 | 13510 |
|  |  | 433464 |
| **Netherlands — 0.1%** | **Netherlands — 0.1%** |  |
| CNH Industrial NV | 6960 | 64171 |
| LyondellBasell Industries NV Class A | 3286 | 142284 |
| QIAGEN NVΔ | 2591 | 116517 |
|  |  | 322972 |
| **Singapore — 0.1%** | **Singapore — 0.1%** |  |
| Flex, Ltd.\* | 2893 | 174795 |
| **Switzerland — 0.6%** | **Switzerland — 0.6%** |  |
| Bunge Global SA | 1364 | 121505 |
| Chubb, Ltd. | 4248 | 1325886 |
| Garmin, Ltd. | 1279 | 259445 |
|  |  | 1706836 |
| **United Arab Emirates — 0.0%** | **United Arab Emirates — 0.0%** |  |
| GLOBALFOUNDRIES, Inc.\* | 379 | 13235 |
| **United Kingdom — 0.5%** | **United Kingdom — 0.5%** |  |
| Anglogold Ashanti PLC | 4243 | 361843 |
| Gates Industrial Corporation PLC\* | 930 | 19967 |
| Royalty Pharma PLC Class A | 18251 | 705219 |
| Sensata Technologies Holding PLC | 674 | 22438 |
| TechnipFMC PLC | 1790 | 79762 |
|  |  | 1189229 |
| **Total Foreign Common Stocks** <br> (Cost $11,866,599) | **Total Foreign Common Stocks** <br> (Cost $11,866,599) | 14178926 |
| **MONEY MARKET FUNDS — 2.5%** | **MONEY MARKET FUNDS — 2.5%** | **MONEY MARKET FUNDS — 2.5%** |
| Northern Institutional Liquid Assets <br> Portfolio (Shares), 3.81%Ø§ | 1311354 | 1311354 |
| GuideStone Money Market Fund, <br> 3.69% <br> (Institutional Class)Ø∞ | 5274618 | 5274618 |
| **Total Money Market Funds** <br> (Cost $6,585,972) | **Total Money Market Funds** <br> (Cost $6,585,972) | 6585972 |
| **TOTAL INVESTMENTS** — **100.2%** <br> (Cost $218,848,348) |  | 263745538 |
| **Liabilities in Excess of Other**<br> **Assets — (0.2)%** |  | (637048)<br>|
| **NET ASSETS — 100.0%** |  | $263108490 |

---

**218**

See Notes to Financial Statements.

------

Futures Contracts outstanding at December 31, 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 | 03/2026 | &nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp; $3790875 | &nbsp;&nbsp;&nbsp; $(41724)<br>|
| S&P 500<sup>®</sup> Micro E-Mini | 03/2026 | &nbsp;&nbsp;&nbsp; 34 | &nbsp;&nbsp;&nbsp; 1171725 | &nbsp;&nbsp;&nbsp; 2143 |
| Total Futures Contracts outstanding at December 31, 2025 |  |  | &nbsp;&nbsp;&nbsp; $4962600 | &nbsp;&nbsp;&nbsp; $(39581)<br>|

---

**VALUATION HIERARCHY**

The following is a summary of the inputs used, as of December 31, 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; $242980640 | &nbsp;&nbsp; $242980640 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Foreign Common Stocks | &nbsp;&nbsp; 14178926 | &nbsp;&nbsp; 14178926 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Money Market Funds | &nbsp;&nbsp; 6585972 | &nbsp;&nbsp; 6585972 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Total Assets - Investments in Securities** | &nbsp;&nbsp; $263745538 | &nbsp;&nbsp; $263745538 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| **Other Financial Instruments\*\*\*** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; $2143 | &nbsp;&nbsp; $2143 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| **Total Assets - Other Financial Instruments** | &nbsp;&nbsp; $2143 | &nbsp;&nbsp; $2143 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| **Liabilities:** |  |  |  |  |
| **Other Financial Instruments\*\*\*** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; $(41724)<br>| &nbsp;&nbsp; $(41724)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| **Total Liabilities - Other Financial Instruments** | &nbsp;&nbsp; $(41724)<br>| &nbsp;&nbsp; $(41724)<br>| &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.

**219**

------

**VALUE EQUITY FUND**

**SCHEDULE OF INVESTMENTS**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS — 85.7%** | **COMMON STOCKS — 85.7%** | **COMMON STOCKS — 85.7%** |
| **Communication Services — 4.7%** | **Communication Services — 4.7%** |  |
| Alphabet, Inc. Class A | 28777 | $9007201 |
| Alphabet, Inc. Class C | 57230 | 17958774 |
| Meta Platforms, Inc. Class A | 13292 | 8773916 |
| Verizon Communications, Inc. | 131819 | 5368988 |
| Walt Disney Co. (The) | 88797 | 10102435 |
|  |  | 51211314 |
| **Consumer Discretionary — 3.6%** | **Consumer Discretionary — 3.6%** |  |
| Amazon.com, Inc.\* | 36988 | 8537570 |
| Carnival Corporation\* | 493796 | 15080530 |
| Lennar Corporation Class A | 62372 | 6411842 |
| PulteGroup, Inc. | 39245 | 4601869 |
| Tapestry, Inc. | 41564 | 5310632 |
|  |  | 39942443 |
| **Consumer Staples — 6.9%** | **Consumer Staples — 6.9%** |  |
| Dollar Tree, Inc.\* | 46699 | 5744444 |
| Estee Lauder Cos., Inc. (The) Class A | 32843 | 3439319 |
| Kenvue, Inc. | 414823 | 7155697 |
| Keurig Dr. Pepper, Inc. | 669440 | 18751014 |
| Kimberly-Clark Corporation | 54358 | 5484179 |
| Mondelez International, Inc. Class A | 174356 | 9385583 |
| PepsiCo, Inc. | 75389 | 10819829 |
| Procter & Gamble Co. (The) | 61147 | 8762977 |
| Sysco Corporation | 85518 | 6301821 |
|  |  | 75844863 |
| **Energy — 6.0%** | **Energy — 6.0%** |  |
| Baker Hughes Co. | 292781 | 13333247 |
| Chevron Corporation | 150680 | 22965139 |
| Exxon Mobil Corporation | 159893 | 19241524 |
| Halliburton Co. | 175144 | 4949569 |
| Permian Resources Corporation | 334205 | 4688896 |
|  |  | 65178375 |
| **Financials — 21.8%** | **Financials — 21.8%** |  |
| American Express Co. | 19682 | 7281356 |
| American International Group, Inc. | 145917 | 12483199 |
| Apollo Global Management, Inc. | 77231 | 11179960 |
| Bank of America Corporation | 277048 | 15237640 |
| Bank of New York Mellon <br> Corporation (The) | 139622 | 16208718 |
| Berkshire Hathaway, Inc. Class B\* | 46370 | 23307880 |
| Blackrock, Inc. | 10195 | 10912116 |
| Capital One Financial Corporation | 18449 | 4471300 |
| Charles Schwab Corporation (The) | 88705 | 8862517 |
| Commerce Bancshares, Inc. | 27589 | 1444008 |
| Equitable Holdings, Inc. | 123852 | 5901548 |
| Everest Group, Ltd. | 17219 | 5843268 |
| Fidelity National Information <br> Services, Inc. | 133687 | 8884838 |
| Intercontinental Exchange, Inc. | 68602 | 11110780 |
| JPMorgan Chase & Co. | 83201 | 26809026 |
| LPL Financial Holdings, Inc. | 17930 | 6404058 |
| Marsh & McLennan Cos., Inc. | 67643 | 12549129 |
| Morgan Stanley | 53362 | 9473356 |
| Reinsurance Group of America, Inc. | 43193 | 8788048 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| SLM Corporation | 153355 | $4149786 |
| Truist Financial Corporation | 235157 | 11572076 |
| Wells Fargo & Co. | 90764 | 8459205 |
| Western Alliance Bancorp | 84800 | 7129136 |
|  |  | 238462948 |
| **Health Care — 8.1%** | **Health Care — 8.1%** |  |
| Amgen, Inc. | 17123 | 5604529 |
| Avantor, Inc.\* | 542997 | 6222746 |
| Becton, Dickinson and Co. | 55741 | 10817656 |
| Bristol-Myers Squibb Co. | 33738 | 1819828 |
| Centene Corporation\* | 81435 | 3351050 |
| Elevance Health, Inc. | 19204 | 6731962 |
| GE HealthCare Technologies, Inc. | 182706 | 14985546 |
| Henry Schein, Inc.Δ\* | 68252 | 5158486 |
| Humana, Inc. | 26981 | 6910643 |
| IQVIA Holdings, Inc.\* | 23994 | 5408488 |
| McKesson Corporation | 17218 | 14123753 |
| Zimmer Biomet Holdings, Inc.Δ | 80229 | 7214192 |
|  |  | 88348879 |
| **Industrials — 8.4%** | **Industrials — 8.4%** |  |
| A.O. Smith Corporation | 101134 | 6763842 |
| AECOM | 39887 | 3802428 |
| AMETEK, Inc. | 38629 | 7930920 |
| API Group Corporation\* | 113081 | 4326479 |
| CSX Corporation | 199636 | 7236805 |
| Cummins, Inc. | 6918 | 3531293 |
| Fortive Corporation | 109130 | 6025067 |
| J.B. Hunt Transport Services, Inc. | 62961 | 12235841 |
| Norfolk Southern Corporation | 31795 | 9179852 |
| PACCAR, Inc. | 57263 | 6270871 |
| RTX Corporation | 31543 | 5784986 |
| United Parcel Service, Inc. Class B | 48172 | 4778181 |
| Vertiv Holdings Co. Class A | 32029 | 5189018 |
| Xylem, Inc. | 66964 | 9119158 |
|  |  | 92174741 |
| **Information Technology — 11.2%** | **Information Technology — 11.2%** |  |
| Analog Devices, Inc. | 25990 | 7048488 |
| Cisco Systems, Inc. | 84504 | 6509343 |
| Cognizant Technology Solutions <br> Corporation Class A | 53867 | 4470961 |
| Entegris, Inc. | 105931 | 8924687 |
| F5, Inc.\* | 21888 | 5587131 |
| Hewlett Packard Enterprise Co. | 253151 | 6080687 |
| Intel Corporation\* | 226208 | 8347075 |
| International Business Machines <br> Corporation | 36707 | 10872980 |
| Microchip Technology, Inc. | 161223 | 10273130 |
| NetApp, Inc. | 57197 | 6125227 |
| Oracle Corporation | 50440 | 9831260 |
| QUALCOMM, Inc. | 98062 | 16773505 |
| Roper Technologies, Inc. | 9215 | 4101873 |
| Salesforce, Inc. | 65780 | 17425780 |
|  |  | 122372127 |
| **Materials — 4.3%** | **Materials — 4.3%** |  |
| Air Products and Chemicals, Inc. | 34508 | 8524166 |

---

**220**

See Notes to Financial Statements.

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Axalta Coating Systems, Ltd.\* | 218506 | $7059929 |
| DuPont de Nemours, Inc. | 118426 | 4760725 |
| Freeport-McMoRan, Inc. | 235054 | 11938392 |
| Packaging Corporation of America | 42112 | 8684758 |
| PPG Industries, Inc. | 54928 | 5627923 |
|  |  | 46595893 |
| **Real Estate — 4.0%** | **Real Estate — 4.0%** |  |
| American Tower Corporation REIT | 63642 | 11173626 |
| Equinix, Inc. REIT | 9118 | 6985847 |
| Jones Lang LaSalle, Inc.\* | 19427 | 6536602 |
| Mid-America Apartment <br> Communities, Inc. REIT | 32112 | 4460678 |
| Prologis, Inc. REIT | 52303 | 6677001 |
| Public Storage REIT | 29556 | 7669782 |
|  |  | 43503536 |
| **Utilities — 6.7%** | **Utilities — 6.7%** |  |
| Atmos Energy Corporation | 70460 | 11811210 |
| Duke Energy Corporation | 102453 | 12008516 |
| Entergy Corporation | 184075 | 17014052 |
| NiSource, Inc. | 164473 | 6868393 |
| PG&E Corporation | 385443 | 6194069 |
| Pinnacle West Capital CorporationΔ | 107616 | 9545539 |
| Xcel Energy, Inc. | 128792 | 9512577 |
|  |  | 72954356 |
| **Total Common Stocks** <br> (Cost $815,034,524) | **Total Common Stocks** <br> (Cost $815,034,524) | 936589475 |
| **FOREIGN COMMON STOCKS — 10.1%** | **FOREIGN COMMON STOCKS — 10.1%** | **FOREIGN COMMON STOCKS — 10.1%** |
| **Canada — 0.8%** | **Canada — 0.8%** |  |
| Bank of Nova Scotia (The)Δ | 113225 | 8343550 |
| **France — 0.4%** | **France — 0.4%** |  |
| TotalEnergies SEΔ | 71009 | 4645409 |
| **Germany — 0.4%** | **Germany — 0.4%** |  |
| Siemens AG | 16971 | 4753180 |
| **Ireland — 4.7%** | **Ireland — 4.7%** |  |
| Johnson Controls International PLC | 168125 | 20132969 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Medtronic PLC | 259054 | $24884727 |
| Willis Towers Watson PLC | 17841 | 5862553 |
|  |  | 50880249 |
| **Jersey — 1.1%** | **Jersey — 1.1%** |  |
| Aptiv PLC\* | 160689 | 12226826 |
| **Netherlands — 0.0%** | **Netherlands — 0.0%** |  |
| Magnum Ice Cream Co. NV (The)\* | 19812 | 314020 |
| **Switzerland — 1.1%** | **Switzerland — 1.1%** |  |
| Amrize, Ltd.Δ\* | 90221 | 4879152 |
| Roche Holding AG | 16531 | 6826811 |
|  |  | 11705963 |
| **United Kingdom — 1.6%** | **United Kingdom — 1.6%** |  |
| Unilever PLC ADRΔ | 263541 | 17235582 |
| **Total Foreign Common Stocks** <br> (Cost $93,877,697) | **Total Foreign Common Stocks** <br> (Cost $93,877,697) | 110104779 |
| **MUTUAL FUNDS — 0.7%** | **MUTUAL FUNDS — 0.7%** | **MUTUAL FUNDS — 0.7%** |
| iShares Russell 1000 Value ETFΔ <br> (Cost $6,756,593) | 35822 | 7534800 |
| **MONEY MARKET FUNDS — 4.3%** | **MONEY MARKET FUNDS — 4.3%** | **MONEY MARKET FUNDS — 4.3%** |
| Northern Institutional Liquid Assets <br> Portfolio (Shares), 3.81%Ø§ | 9967041 | 9967041 |
| GuideStone Money Market Fund, <br> 3.69% <br> (Institutional Class)Ø∞ | 36890788 | 36890788 |
| **Total Money Market Funds** <br> (Cost $46,857,829) | **Total Money Market Funds** <br> (Cost $46,857,829) | 46857829 |
| **TOTAL INVESTMENTS** — **100.8%** <br> (Cost $962,526,643) |  | 1101086883 |
| **Liabilities in Excess of Other**<br> **Assets — (0.8)%** |  | (8446383)<br>|
| **NET ASSETS — 100.0%** |  | $1092640500 |

---

Futures Contracts outstanding at December 31, 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 | 03/2026 | &nbsp;&nbsp;&nbsp; 39 | &nbsp;&nbsp;&nbsp; $13440375 | &nbsp;&nbsp;&nbsp; $57818 |

---

Forward Foreign Currency Contracts outstanding at December 31, 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>|
| 03/27/26 | U.S. Dollars | &nbsp;&nbsp; 2555172 | Euro | &nbsp;&nbsp; 2162548 | GSC | &nbsp;&nbsp; $3376 |
| 03/27/26 | U.S. Dollars | &nbsp;&nbsp; 2296314 | Euro | &nbsp;&nbsp; 1943533 | UBS | &nbsp;&nbsp; 2953 |
| 03/27/26 | U.S. Dollars | &nbsp;&nbsp; 2295469 | Euro | &nbsp;&nbsp; 1943534 | CITI | &nbsp;&nbsp; 2107 |
| 03/27/26 | U.S. Dollars | &nbsp;&nbsp; 2293801 | Euro | &nbsp;&nbsp; 1943533 | MSCS | &nbsp;&nbsp; 440 |

---

See Notes to Financial Statements.

**221**

------

**VALUE 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>|
| 03/27/26 | U.S. Dollars | &nbsp;&nbsp; 157762 | Swiss Francs | &nbsp;&nbsp; 123783 | JPM | &nbsp;&nbsp; $44 |
| Subtotal Appreciation | Subtotal Appreciation |  |  |  |  | &nbsp;&nbsp; $8920 |
| 03/27/26 | Euro | &nbsp;&nbsp; 243479 | U.S. Dollars | &nbsp;&nbsp; 287328 | MSCS | &nbsp;&nbsp; $(23)<br>|
| 03/27/26 | U.S. Dollars | &nbsp;&nbsp; 3289269 | Swiss Francs | &nbsp;&nbsp; 2588862 | JPM | &nbsp;&nbsp; (9337)<br>|
| 03/27/26 | U.S. Dollars | &nbsp;&nbsp; 3288709 | Swiss Francs | &nbsp;&nbsp; 2588861 | UBS | &nbsp;&nbsp; (9897)<br>|
| 03/27/26 | U.S. Dollars | &nbsp;&nbsp; 3556376 | British Pounds | &nbsp;&nbsp; 2656951 | CITI | &nbsp;&nbsp; (24191)<br>|
| 03/27/26 | U.S. Dollars | &nbsp;&nbsp; 3555471 | British Pounds | &nbsp;&nbsp; 2656951 | JPM | &nbsp;&nbsp; (25095)<br>|
| 03/27/26 | U.S. Dollars | &nbsp;&nbsp; 3909301 | British Pounds | &nbsp;&nbsp; 2920827 | GSC | &nbsp;&nbsp; (26873)<br>|
| Subtotal Depreciation | Subtotal Depreciation |  |  |  |  | &nbsp;&nbsp; $(95416)<br>|
| Total Forward Foreign Currency Contracts outstanding at December 31, 2025 | Total Forward Foreign Currency Contracts outstanding at December 31, 2025 | Total Forward Foreign Currency Contracts outstanding at December 31, 2025 | Total Forward Foreign Currency Contracts outstanding at December 31, 2025 | Total Forward Foreign Currency Contracts outstanding at December 31, 2025 |  | &nbsp;&nbsp; $(86496)<br>|

---

**VALUATION HIERARCHY**

The following is a summary of the inputs used, as of December 31, 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; $936589475 | &nbsp;&nbsp; $936589475 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Foreign Common Stocks: |  |  |  |  |
| Germany | &nbsp;&nbsp; 4753180 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4753180 | &nbsp;&nbsp; — |
| Switzerland | &nbsp;&nbsp; 11705963 | &nbsp;&nbsp; 4879152 | &nbsp;&nbsp; 6826811 | &nbsp;&nbsp; — |
| Other<sup>^^</sup> <br>| &nbsp;&nbsp; 93645636 | &nbsp;&nbsp; 93645636 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total Foreign Common Stocks | &nbsp;&nbsp; 110104779 | &nbsp;&nbsp; 98524788 | &nbsp;&nbsp; 11579991 | &nbsp;&nbsp; — |
| Money Market Funds | &nbsp;&nbsp; 46857829 | &nbsp;&nbsp; 46857829 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Mutual Funds | &nbsp;&nbsp; 7534800 | &nbsp;&nbsp; 7534800 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Total Assets - Investments in Securities** | &nbsp;&nbsp; $1101086883 | &nbsp;&nbsp; $1089506892 | &nbsp;&nbsp; $11579991 | &nbsp;&nbsp; $— |
| **Other Financial Instruments\*\*\*** |  |  |  |  |
| Forward Foreign Currency Contracts | &nbsp;&nbsp; $8920 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $8920 | &nbsp;&nbsp; $— |
| Futures Contracts | &nbsp;&nbsp; 57818 | &nbsp;&nbsp; 57818 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Total Assets - Other Financial Instruments** | &nbsp;&nbsp; $66738 | &nbsp;&nbsp; $57818 | &nbsp;&nbsp; $8920 | &nbsp;&nbsp; $— |
| **Liabilities:** |  |  |  |  |
| **Other Financial Instruments\*\*\*** |  |  |  |  |
| Forward Foreign Currency Contracts | &nbsp;&nbsp; $(95416)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(95416)<br>| &nbsp;&nbsp; $— |
| **Total Liabilities - Other Financial Instruments** | &nbsp;&nbsp; $(95416)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(95416)<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>|

---

**222**

See Notes to Financial Statements.

------

**GROWTH EQUITY INDEX FUND**

**SCHEDULE OF INVESTMENTS**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS — 96.8%** | **COMMON STOCKS — 96.8%** | **COMMON STOCKS — 96.8%** |
| **Communication Services — 11.8%** | **Communication Services — 11.8%** |  |
| Alphabet, Inc. Class A | 44471 | $13919423 |
| Alphabet, Inc. Class C | 36316 | 11395961 |
| AST SpaceMobile, Inc.Δ\* | 2637 | 191525 |
| DoubleVerify Holdings, Inc.\* | 1156 | 13225 |
| GCI Liberty, Inc. Class C\* | 68 | 2530 |
| Iridium Communications, Inc. | 587 | 10202 |
| Liberty Broadband CorporationΔ\* | 244 | 11858 |
| Liberty Media Corporation-Liberty <br> Formula One Class CΔ\* | 782 | 77035 |
| Live Nation Entertainment, Inc.\* | 2000 | 285000 |
| Meta Platforms, Inc. Class A | 22270 | 14700204 |
| Netflix, Inc.\* | 56694 | 5315629 |
| Nexstar Media Group, Inc. Class A | 154 | 31270 |
| Pinterest, Inc. Class A\* | 2997 | 77592 |
| Reddit, Inc. Class A\* | 1616 | 371470 |
| ROBLOX Corporation Class A\* | 8197 | 664203 |
| Roku, Inc.\* | 116 | 12585 |
| Spotify Technology SA\* | 2026 | 1176518 |
| Take-Two Interactive Software, Inc.\* | 835 | 213785 |
| TKO Group Holdings, Inc. | 350 | 73150 |
| Trade Desk, Inc. (The) Class A\* | 5358 | 203390 |
| Trump Media & Technology Group <br> CorporationΔ\* | 623 | 8249 |
|  |  | 48754804 |
| **Consumer Discretionary — 12.9%** | **Consumer Discretionary — 12.9%** |  |
| Airbnb, Inc. Class A\* | 5701 | 773740 |
| Amazon.com, Inc.\* | 79204 | 18281867 |
| AutoZone, Inc.\* | 39 | 132268 |
| Booking Holdings, Inc. | 417 | 2233173 |
| Burlington Stores, Inc.\* | 851 | 245811 |
| Carnival Corporation\* | 4366 | 133338 |
| Carvana Co.Δ\* | 1804 | 761324 |
| Cava Group, Inc.\* | 991 | 58162 |
| Chewy, Inc. Class A\* | 2304 | 76147 |
| Chipotle Mexican Grill, Inc.\* | 17814 | 659118 |
| Choice Hotels International, Inc.Δ | 290 | 27625 |
| Coupang, Inc.\* | 16545 | 390297 |
| Darden Restaurants, Inc. | 1572 | 289279 |
| Deckers Outdoor Corporation\* | 1815 | 188161 |
| Domino's Pizza, Inc. | 191 | 79613 |
| DoorDash, Inc. Class A\* | 4795 | 1085972 |
| Duolingo, Inc.\* | 463 | 81256 |
| Dutch Bros., Inc. Class A\* | 1393 | 85279 |
| Etsy, Inc.\* | 561 | 31102 |
| Expedia Group, Inc. | 1559 | 441680 |
| Floor & Decor Holdings, Inc. <br> Class AΔ\* | 163 | 9925 |
| Grand Canyon Education, Inc.\* | 7 | 1164 |
| H&R Block, Inc. | 698 | 30419 |
| Hilton Worldwide Holdings, Inc. | 3289 | 944765 |
| Home Depot, Inc. (The) | 10531 | 3623717 |
| Lithia Motors, Inc. | 65 | 21601 |
| Lululemon Athletica, Inc.\* | 732 | 152117 |
| Marriott International, Inc. Class A | 2444 | 758227 |
| McDonald's Corporation | 920 | 281180 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Murphy U.S.A., Inc. | 190 | $76669 |
| Norwegian Cruise Line Holdings, <br> Ltd.\* | 5093 | 113676 |
| O'Reilly Automotive, Inc.\* | 10547 | 961992 |
| Planet Fitness, Inc. Class A\* | 1254 | 136021 |
| Pool Corporation | 22 | 5033 |
| Ralph Lauren Corporation | 59 | 20863 |
| Ross Stores, Inc. | 856 | 154200 |
| Royal Caribbean Cruises, Ltd. | 3418 | 953349 |
| SharkNinja, Inc.Δ\* | 118 | 13204 |
| Somnigroup International, Inc. | 2851 | 254537 |
| Starbucks Corporation | 2393 | 201515 |
| Tapestry, Inc. | 2666 | 340635 |
| Tesla, Inc.\* | 34228 | 15393016 |
| Texas Roadhouse, Inc. | 836 | 138776 |
| TJX Cos., Inc. (The) | 7804 | 1198772 |
| TopBuild Corporation\* | 51 | 21277 |
| Tractor Supply Co. | 7185 | 359322 |
| Travel + Leisure Co. | 378 | 26660 |
| Ulta Beauty, Inc.\* | 110 | 66551 |
| Vail Resorts, Inc.Δ | 514 | 68259 |
| Valvoline, Inc.Δ\* | 1513 | 43968 |
| Viking Holdings, Ltd.\* | 2636 | 188237 |
| Wayfair, Inc. Class A\* | 223 | 22391 |
| Wendy's Co. (The) | 1581 | 13170 |
| Williams-Sonoma, Inc. | 171 | 30539 |
| Wingstop, Inc.Δ | 345 | 82279 |
| Wyndham Hotels & Resorts, Inc.Δ | 1151 | 86970 |
| Yum! Brands, Inc. | 1729 | 261563 |
|  |  | 53111771 |
| **Consumer Staples — 2.5%** | **Consumer Staples — 2.5%** |  |
| BJ's Wholesale Club Holdings, Inc.\* | 182 | 16385 |
| Casey's General Stores, Inc. | 99 | 54718 |
| Celsius Holdings, Inc.\* | 1967 | 89971 |
| Coca-Cola Co. (The) | 27005 | 1887919 |
| Coca-Cola Consolidated, Inc. | 133 | 20389 |
| Colgate-Palmolive Co. | 6479 | 511971 |
| Costco Wholesale Corporation | 5986 | 5161967 |
| Darling Ingredients, Inc.\* | 261 | 9396 |
| Freshpet, Inc.\* | 20 | 1219 |
| Hershey Co. (The) | 229 | 41673 |
| Kimberly-Clark Corporation | 2110 | 212878 |
| Monster Beverage Corporation\* | 9246 | 708891 |
| PepsiCo, Inc. | 3005 | 431278 |
| Sprouts Farmers Market, Inc.\* | 1024 | 81582 |
| Sysco Corporation | 4382 | 322910 |
| Walmart, Inc. | 6427 | 716032 |
|  |  | 10269179 |
| **Energy — 0.2%** | **Energy — 0.2%** |  |
| Cheniere Energy, Inc. | 1255 | 243960 |
| Phillips 66 | 185 | 23872 |
| Targa Resources Corporation | 2867 | 528962 |
| Texas Pacific Land CorporationΔ | 756 | 217138 |
| Williams Cos., Inc. (The) | 856 | 51454 |
|  |  | 1065386 |

---

See Notes to Financial Statements.

**223**

------

**GROWTH EQUITY INDEX FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Financials — 5.9%** | **Financials — 5.9%** |  |
| Affirm Holdings, Inc.\* | 2216 | $164937 |
| American Express Co. | 2221 | 821659 |
| Ameriprise Financial, Inc. | 1093 | 535942 |
| Apollo Global Management, Inc. | 3711 | 537204 |
| Ares Management Corporation <br> Class AΔ | 2583 | 417490 |
| Arthur J. Gallagher & Co. | 273 | 70650 |
| Bank of America Corporation | 8586 | 472230 |
| Bank of New York Mellon <br> Corporation (The) | 1158 | 134432 |
| Blackstone, Inc. | 10069 | 1552036 |
| Block, Inc.\* | 2358 | 153482 |
| Blue Owl Capital, Inc.Δ | 6663 | 99545 |
| Brown & Brown, Inc. | 372 | 29648 |
| Charles Schwab Corporation (The) | 2100 | 209811 |
| Citigroup, Inc. | 4781 | 557895 |
| Coinbase Global, Inc. Class A\* | 236 | 53369 |
| Corpay, Inc.\* | 826 | 248568 |
| Credit Acceptance CorporationΔ\* | 47 | 20843 |
| Equitable Holdings, Inc. | 3673 | 175019 |
| Everest Group, Ltd. | 140 | 47509 |
| FactSet Research Systems, Inc. | 58 | 16831 |
| Fiserv, Inc.\* | 1694 | 113786 |
| Freedom Holding CorporationΔ\* | 155 | 18860 |
| Goldman Sachs Group, Inc. (The) | 327 | 287433 |
| Hamilton Lane, Inc. Class A | 181 | 24310 |
| Houlihan Lokey, Inc. | 168 | 29264 |
| Interactive Brokers Group, Inc. <br> Class A | 187 | 12026 |
| Jefferies Financial Group, Inc. | 681 | 42202 |
| Kinsale Capital Group, Inc.Δ | 225 | 88002 |
| KKR & Co., Inc. | 2350 | 299578 |
| Lazard, Inc. | 231 | 11217 |
| LPL Financial Holdings, Inc. | 1012 | 361456 |
| Markel Corporation\* | 50 | 107483 |
| Marsh & McLennan Cos., Inc. | 1147 | 212791 |
| Mastercard, Inc. Class A | 10832 | 6183772 |
| Moody's Corporation | 2132 | 1089132 |
| Morningstar, Inc. | 119 | 25860 |
| MSCI, Inc. | 546 | 313257 |
| Progressive Corporation (The) | 484 | 110217 |
| RLI Corporation | 450 | 28791 |
| Robinhood Markets, Inc. Class A\* | 1272 | 143863 |
| Ryan Specialty Holdings, Inc. | 1700 | 87771 |
| Shift4 Payments, Inc. Class AΔ\* | 588 | 37026 |
| SoFi Technologies, Inc.\* | 880 | 23038 |
| Toast, Inc. Class A\* | 5256 | 186641 |
| TPG, Inc. | 1531 | 97739 |
| Tradeweb Markets, Inc. Class A | 93 | 10001 |
| Visa, Inc. Class A | 22572 | 7916226 |
| Western Alliance Bancorp | 253 | 21270 |
| WEX, Inc.\* | 64 | 9535 |
|  |  | 24211647 |
| **Health Care — 7.8%** | **Health Care — 7.8%** |  |
| Alnylam Pharmaceuticals, Inc.\* | 2092 | 831884 |
| Amgen, Inc. | 6917 | 2264003 |
| Apellis Pharmaceuticals, Inc.Δ\* | 4513 | 113367 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Boston Scientific Corporation\* | 4418 | $421256 |
| Bristol-Myers Squibb Co. | 8276 | 446407 |
| Cardinal Health, Inc. | 1746 | 358803 |
| Caris Life Sciences, Inc.\* | 3079 | 83071 |
| Cencora, Inc. | 2607 | 880514 |
| Chemed Corporation | 12 | 5134 |
| Cigna Group (The) | 380 | 104587 |
| Corcept Therapeutics, Inc.\* | 1660 | 57768 |
| DaVita, Inc.\* | 714 | 81118 |
| Dexcom, Inc.\* | 5380 | 357071 |
| Doximity, Inc. Class A\* | 1937 | 85770 |
| Eli Lilly and Co. | 10800 | 11606544 |
| Exact Sciences Corporation\* | 1296 | 131622 |
| Exelixis, Inc.\* | 7306 | 320222 |
| Gilead Sciences, Inc. | 7713 | 946694 |
| Halozyme Therapeutics, Inc.\* | 4699 | 316243 |
| HCA Healthcare, Inc. | 588 | 274514 |
| IDEXX Laboratories, Inc.\* | 1098 | 742830 |
| Incyte Corporation\* | 3248 | 320805 |
| Insmed, Inc.\* | 3302 | 574680 |
| Inspire Medical Systems, Inc.\* | 339 | 31266 |
| Insulet Corporation\* | 999 | 283956 |
| Intuitive Surgical, Inc.\* | 4784 | 2709466 |
| Ionis Pharmaceuticals, Inc.\* | 4758 | 376405 |
| Masimo Corporation\* | 666 | 86620 |
| McKesson Corporation | 1557 | 1277192 |
| Medpace Holdings, Inc.\* | 399 | 224098 |
| Molina Healthcare, Inc.\* | 325 | 56400 |
| Natera, Inc.\* | 2517 | 576620 |
| Neurocrine Biosciences, Inc.\* | 3033 | 430170 |
| Penumbra, Inc.\* | 478 | 148615 |
| Repligen Corporation\* | 407 | 66691 |
| ResMed, Inc. | 648 | 156084 |
| Sarepta Therapeutics, Inc.\* | 3930 | 84574 |
| Sotera Health Co.\* | 4258 | 75111 |
| Stryker Corporation | 1728 | 607340 |
| Summit Therapeutics, Inc.Δ\* | 3871 | 67704 |
| Tempus AI, Inc.\* | 1519 | 89697 |
| Ultragenyx Pharmaceutical, Inc.\* | 6725 | 154675 |
| Veeva Systems, Inc. Class A\* | 1565 | 349355 |
| Vertex Pharmaceuticals, Inc.\* | 4439 | 2012465 |
| Viking Therapeutics, Inc.Δ\* | 1830 | 64379 |
| Waters Corporation\* | 746 | 283353 |
| Zoetis, Inc. | 5906 | 743093 |
|  |  | 32280236 |
| **Industrials — 5.5%** | **Industrials — 5.5%** |  |
| 3M Co. | 1352 | 216455 |
| AAON, Inc.Δ | 761 | 58026 |
| Automatic Data Processing, Inc. | 5250 | 1350457 |
| Avis Budget Group, Inc.Δ\* | 56 | 7186 |
| Axon Enterprise, Inc.\* | 985 | 559411 |
| Boeing Co. (The)\* | 1443 | 313304 |
| Booz Allen Hamilton Holding <br> CorporationΔ | 1498 | 126371 |
| Broadridge Financial Solutions, Inc. | 1458 | 325382 |
| BWX Technologies, Inc. | 213 | 36815 |
| Carlisle Cos., Inc.Δ | 65 | 20791 |

---

**224**

See Notes to Financial Statements.

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Carpenter Technology Corporation | 51 | $16057 |
| Caterpillar, Inc. | 790 | 452567 |
| Cintas Corporation | 4674 | 879039 |
| Comfort Systems U.S.A., Inc. | 450 | 419981 |
| Copart, Inc.\* | 10731 | 420119 |
| Core & Main, Inc. Class A\* | 863 | 44850 |
| Dayforce, Inc.\* | 175 | 12103 |
| EMCOR Group, Inc. | 171 | 104616 |
| Equifax, Inc. | 296 | 64226 |
| ExlService Holdings, Inc.\* | 1101 | 46726 |
| Fastenal Co. | 11907 | 477828 |
| Ferguson Enterprises, Inc. | 93 | 20705 |
| FTAI Aviation, Ltd. | 1316 | 259055 |
| GE Vernova, Inc. | 3641 | 2379648 |
| General Electric Co. | 13938 | 4293322 |
| HEICO Corporation | 472 | 152734 |
| HEICO Corporation Class A | 1095 | 276411 |
| Howmet Aerospace, Inc. | 5295 | 1085581 |
| Illinois ToolWorks, Inc. | 1696 | 417725 |
| Karman Holdings, Inc.Δ\* | 527 | 38561 |
| KBR, Inc. | 382 | 15356 |
| Lennox International, Inc. | 389 | 188891 |
| Leonardo DRS, Inc. | 234 | 7977 |
| Loar Holdings, Inc.\* | 411 | 27948 |
| Lockheed Martin Corporation | 819 | 396126 |
| Lyft, Inc. Class A\* | 967 | 18731 |
| MasTec, Inc.\* | 90 | 19563 |
| Old Dominion Freight Line, Inc. | 14 | 2195 |
| Paychex, Inc. | 1526 | 171187 |
| Paycom Software, Inc. | 250 | 39840 |
| Paylocity Holding Corporation\* | 345 | 52613 |
| Quanta Services, Inc. | 1510 | 637311 |
| RBC Bearings, Inc.\* | 26 | 11659 |
| Rocket Lab Corporation\* | 5557 | 387656 |
| Rockwell Automation, Inc. | 155 | 60306 |
| Rollins, Inc. | 3876 | 232638 |
| Southwest Airlines Co. | 474 | 19590 |
| Tetra Tech, Inc. | 627 | 21030 |
| TransDigm Group, Inc. | 169 | 224745 |
| Uber Technologies, Inc.\* | 26786 | 2188684 |
| U-Haul Holding Co. | 435 | 20332 |
| Union Pacific Corporation | 760 | 175803 |
| Veralto Corporation | 1305 | 130213 |
| Verisk Analytics, Inc. | 1341 | 299968 |
| Vertiv Holdings Co. Class A | 5023 | 813776 |
| W.W. Grainger, Inc. | 473 | 477281 |
| Waste Management, Inc. | 5170 | 1135901 |
| WillScot Holdings Corporation | 504 | 9490 |
| XPO Logistics, Inc.\* | 184 | 25007 |
|  |  | 22687869 |
| **Information Technology — 49.1%** | **Information Technology — 49.1%** |  |
| Adobe, Inc.\* | 5567 | 1948394 |
| Advanced Micro Devices, Inc.\* | 12535 | 2684496 |
| Amphenol Corporation Class A | 16144 | 2181700 |
| Appfolio, Inc. Class A\* | 193 | 44901 |
| Apple, Inc. | 165751 | 45061067 |
| Applied Materials, Inc. | 3008 | 773026 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| AppLovin Corporation Class A\* | 3188 | $2148138 |
| Arista Networks, Inc.\* | 13697 | 1794718 |
| Astera Labs, Inc.Δ\* | 1611 | 268006 |
| Atlassian Corporation Class A\* | 2148 | 348277 |
| Autodesk, Inc.\* | 2760 | 816988 |
| Bentley Systems, Inc. Class B | 1807 | 68964 |
| Broadcom, Inc. | 55413 | 19178439 |
| Cadence Design Systems, Inc.\* | 3614 | 1129664 |
| CDW Corporation | 133 | 18115 |
| Cloudflare, Inc. Class A\* | 4141 | 816398 |
| Confluent, Inc. Class A\* | 3828 | 115759 |
| Crowdstrike Holdings, Inc. Class A\* | 3272 | 1533783 |
| Datadog, Inc. Class A\* | 4035 | 548720 |
| Dell Technologies, Inc. Class C | 492 | 61933 |
| Docusign, Inc.\* | 1771 | 121136 |
| Dropbox, Inc. Class A\* | 827 | 22991 |
| Dynatrace, Inc.\* | 3524 | 152730 |
| Enphase Energy, Inc.\* | 1386 | 44421 |
| Entegris, Inc. | 183 | 15418 |
| Fair Isaac Corporation\* | 266 | 449705 |
| Fortinet, Inc.\* | 8294 | 658627 |
| Gartner, Inc.\* | 947 | 238909 |
| Gen Digital, Inc. | 700 | 19033 |
| Gitlab, Inc. Class A\* | 1461 | 54831 |
| Globant SA\* | 258 | 16865 |
| GoDaddy, Inc. Class A\* | 1834 | 227563 |
| Guidewire Software, Inc.\* | 1058 | 212669 |
| HubSpot, Inc.\* | 616 | 247201 |
| Intuit, Inc. | 3643 | 2413196 |
| Jabil, Inc. | 845 | 192677 |
| KLA Corporation | 1741 | 2115454 |
| Kyndryl Holdings, Inc.\* | 239 | 6348 |
| Lam Research Corporation | 16633 | 2847237 |
| Lattice Semiconductor Corporation\* | 1344 | 98892 |
| Lumentum Holdings, Inc.\* | 65 | 23958 |
| MACOM Technology Solutions <br> Holdings, Inc.\* | 114 | 19526 |
| Manhattan Associates, Inc.\* | 580 | 100520 |
| Marvell Technology, Inc. | 707 | 60081 |
| Microsoft Corporation | 85272 | 41239245 |
| MongoDB, Inc.\* | 60 | 25181 |
| Monolithic Power Systems, Inc.Δ | 603 | 546535 |
| Motorola Solutions, Inc. | 1019 | 390603 |
| NetApp, Inc. | 978 | 104734 |
| Nutanix, Inc. Class A\* | 631 | 32616 |
| NVIDIA Corporation | 264739 | 49373823 |
| Okta, Inc.\* | 694 | 60010 |
| Onto Innovation, Inc.\* | 100 | 15786 |
| Oracle Corporation | 22577 | 4400483 |
| Palantir Technologies, Inc. Class A\* | 29175 | 5185856 |
| Palo Alto Networks, Inc.\* | 8866 | 1633117 |
| Pegasystems, Inc. | 65 | 3882 |
| Procore Technologies, Inc.\* | 1111 | 80814 |
| PTC, Inc.\* | 51 | 8885 |
| Pure Storage, Inc. Class A\* | 3317 | 222272 |
| QUALCOMM, Inc. | 3239 | 554031 |
| RingCentral, Inc. Class A\* | 475 | 13718 |

---

See Notes to Financial Statements.

**225**

------

**GROWTH EQUITY INDEX FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Rubrik, Inc. Class A\* | 851 | $65084 |
| Salesforce, Inc. | 1369 | 362662 |
| Samsara, Inc. Class A\* | 3776 | 133859 |
| SentinelOne, Inc. Class A\* | 1653 | 24795 |
| ServiceNow, Inc.\* | 13732 | 2103605 |
| Snowflake, Inc.\* | 4340 | 952022 |
| Strategy, Inc.Δ\* | 168 | 25528 |
| Super Micro Computer, Inc.\* | 2851 | 83449 |
| Synopsys, Inc.\* | 1795 | 843147 |
| Teradata Corporation\* | 688 | 20943 |
| Texas Instruments, Inc. | 4977 | 863460 |
| Twilio, Inc. Class A\* | 214 | 30439 |
| Tyler Technologies, Inc.\* | 433 | 196560 |
| Ubiquiti, Inc. | 59 | 32648 |
| Unity Software, Inc.\* | 428 | 18905 |
| Workday, Inc. Class A\* | 2801 | 601599 |
| Zscaler, Inc.\* | 1199 | 269679 |
|  |  | 202421449 |
| **Materials — 0.3%** | **Materials — 0.3%** |  |
| Eagle Materials, Inc. | 241 | 49810 |
| Ecolab, Inc. | 871 | 228655 |
| Sherwin-Williams Co. (The) | 2865 | 928346 |
| Steel Dynamics, Inc. | 101 | 17114 |
|  |  | 1223925 |
| **Real Estate — 0.5%** | **Real Estate — 0.5%** |  |
| American Tower Corporation REIT | 6507 | 1142434 |
| CBRE Group, Inc. Class A\* | 661 | 106282 |
| CoStar Group, Inc.\* | 909 | 61121 |
| Jones Lang LaSalle, Inc.\* | 194 | 65275 |
| Lamar Advertising Co. Class A REIT | 1201 | 152023 |
| Public Storage REIT | 369 | 95755 |
| Simon Property Group, Inc. REIT | 1611 | 298212 |
| Sun Communities, Inc. REIT | 358 | 44360 |
| UDR, Inc. REIT | 488 | 17900 |
|  |  | 1983362 |
| **Utilities — 0.3%** | **Utilities — 0.3%** |  |
| NRG Energy, Inc. | 2424 | 385998 |
| Vistra Corporation | 4513 | 728082 |
|  |  | 1114080 |
| **Total Common Stocks** <br> (Cost $258,635,665) | **Total Common Stocks** <br> (Cost $258,635,665) | 399123708 |
| **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\* | 45075 | 754556 |
| XP, Inc. Class A | 1230 | 20135 |
|  |  | 774691 |
| **Canada — 0.1%** | **Canada — 0.1%** |  |
| Brookfield Asset Management, Ltd. <br> Class AΔ | 2146 | 112429 |
| RB Global, Inc.Δ | 520 | 53493 |
| Restaurant Brands International, Inc. | 3714 | 253406 |
|  |  | 419328 |
| **Curacao — 0.0%** | **Curacao — 0.0%** |  |
| SLB, Ltd. | 1544 | 59259 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Ireland — 0.5%** | **Ireland — 0.5%** |  |
| Aon PLC Class A | 2688 | $948541 |
| James Hardie Industries PLC ADR\* | 1309 | 27162 |
| Trane Technologies PLC | 2946 | 1146583 |
|  |  | 2122286 |
| **Jersey — 0.0%** | **Jersey — 0.0%** |  |
| Birkenstock Holding PLC\* | 710 | 29039 |
| **Netherlands — 0.0%** | **Netherlands — 0.0%** |  |
| Elastic NV\* | 913 | 68877 |
| **Switzerland — 0.1%** | **Switzerland — 0.1%** |  |
| On Holding AG Class A\* | 3228 | 150037 |
| **United Kingdom — 0.0%** | **United Kingdom — 0.0%** |  |
| Anglogold Ashanti PLCΔ | 1048 | 89373 |
| **Total Foreign Common Stocks** <br> (Cost $3,451,803) | **Total Foreign Common Stocks** <br> (Cost $3,451,803) | 3712890 |
| **MONEY MARKET FUNDS — 2.3%** | **MONEY MARKET FUNDS — 2.3%** | **MONEY MARKET FUNDS — 2.3%** |
| Northern Institutional Liquid Assets <br> Portfolio (Shares), 3.81%Ø§ | 605676 | 605676 |
| GuideStone Money Market Fund, <br> 3.69% <br> (Institutional Class)Ø∞ | 9054604 | 9054604 |
| **Total Money Market Funds** <br> (Cost $9,660,280) | **Total Money Market Funds** <br> (Cost $9,660,280) | 9660280 |
| **TOTAL INVESTMENTS** — **100.0%** <br> (Cost $271,747,748) |  | 412496878 |
| **Liabilities in Excess of Other**<br> **Assets — (0.0)%** |  | (166377)<br>|
| **NET ASSETS — 100.0%** |  | $412330501 |

---

**226**

See Notes to Financial Statements.

------

Futures Contracts outstanding at December 31, 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 | 03/2026 | &nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp; $5600485 | &nbsp;&nbsp;&nbsp; $(106826)<br>|
| S&P 500<sup>®</sup> E-Mini | 03/2026 | &nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; 1378500 | &nbsp;&nbsp;&nbsp; (14843)<br>|
| S&P 500<sup>®</sup> Micro E-Mini | 03/2026 | &nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp; 1378500 | &nbsp;&nbsp;&nbsp; 1427 |
| Total Futures Contracts outstanding at December 31, 2025 |  |  | &nbsp;&nbsp;&nbsp; $8357485 | &nbsp;&nbsp;&nbsp; $(120242)<br>|

---

**VALUATION HIERARCHY**

The following is a summary of the inputs used, as of December 31, 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; $399123708 | &nbsp;&nbsp; $399123708 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Foreign Common Stocks | &nbsp;&nbsp; 3712890 | &nbsp;&nbsp; 3712890 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Money Market Funds | &nbsp;&nbsp; 9660280 | &nbsp;&nbsp; 9660280 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Total Assets - Investments in Securities** | &nbsp;&nbsp; $412496878 | &nbsp;&nbsp; $412496878 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| **Other Financial Instruments\*\*\*** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; $1427 | &nbsp;&nbsp; $1427 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| **Total Assets - Other Financial Instruments** | &nbsp;&nbsp; $1427 | &nbsp;&nbsp; $1427 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| **Liabilities:** |  |  |  |  |
| **Other Financial Instruments\*\*\*** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; $(121669)<br>| &nbsp;&nbsp; $(121669)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| **Total Liabilities - Other Financial Instruments** | &nbsp;&nbsp; $(121669)<br>| &nbsp;&nbsp; $(121669)<br>| &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.

**227**

------

**GROWTH EQUITY FUND**

**SCHEDULE OF INVESTMENTS**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS — 93.8%** | **COMMON STOCKS — 93.8%** | **COMMON STOCKS — 93.8%** |
| **Communication Services — 14.1%** | **Communication Services — 14.1%** |  |
| Alphabet, Inc. Class A | 287410 | $89959330 |
| Alphabet, Inc. Class C | 108969 | 34194472 |
| Meta Platforms, Inc. Class A | 138339 | 91316191 |
| Netflix, Inc.\* | 347202 | 32553660 |
| ROBLOX Corporation Class A\* | 66006 | 5348466 |
| Spotify Technology SA\* | 5902 | 3427350 |
| Walt Disney Co. (The) | 101532 | 11551296 |
|  |  | 268350765 |
| **Consumer Discretionary — 11.8%** | **Consumer Discretionary — 11.8%** |  |
| Amazon.com, Inc.\* | 405882 | 93685683 |
| AutoZone, Inc.\* | 483 | 1638094 |
| Booking Holdings, Inc. | 1028 | 5505279 |
| Carvana Co.Δ\* | 24662 | 10407857 |
| Cava Group, Inc.Δ\* | 66462 | 3900655 |
| Chipotle Mexican Grill, Inc.\* | 144561 | 5348757 |
| D.R. Horton, Inc. | 17168 | 2472707 |
| DoorDash, Inc. Class A\* | 26372 | 5972731 |
| McDonald's Corporation | 10196 | 3116203 |
| MercadoLibre, Inc.\* | 1337 | 2693066 |
| NIKE, Inc. Class B | 56900 | 3625099 |
| O'Reilly Automotive, Inc.\* | 141403 | 12897368 |
| Starbucks Corporation | 67374 | 5673565 |
| Tesla, Inc.\* | 140089 | 63000825 |
| Yum China Holdings, Inc. (New York <br> Stock Exchange) | 25643 | 1224197 |
| Yum! Brands, Inc. | 27647 | 4182438 |
|  |  | 225344524 |
| **Consumer Staples — 2.8%** | **Consumer Staples — 2.8%** |  |
| Coca-Cola Co. (The) | 53240 | 3722008 |
| Costco Wholesale Corporation | 15646 | 13492172 |
| Monster Beverage Corporation\* | 358353 | 27474924 |
| Walmart, Inc. | 85860 | 9565663 |
|  |  | 54254767 |
| **Energy — 0.0%** | **Energy — 0.0%** |  |
| Cheniere Energy, Inc. | 1792 | 348347 |
| **Financials — 7.0%** | **Financials — 7.0%** |  |
| Berkshire Hathaway, Inc. Class B\* | 4116 | 2068907 |
| Block, Inc.\* | 99613 | 6483810 |
| Blue Owl Capital, Inc.Δ | 351342 | 5249049 |
| Carlyle Group, Inc. (The) | 191541 | 11321989 |
| Charles Schwab Corporation (The) | 34397 | 3436604 |
| FactSet Research Systems, Inc. | 10525 | 3054250 |
| Goldman Sachs Group, Inc. (The) | 12370 | 10873230 |
| Intercontinental Exchange, Inc. | 17305 | 2802718 |
| Mastercard, Inc. Class A | 75280 | 42975846 |
| PayPal Holdings, Inc. | 46062 | 2689100 |
| Robinhood Markets, Inc. Class A\* | 53090 | 6004479 |
| SEI Investments Co. | 59830 | 4907257 |
| SoFi Technologies, Inc.\* | 173569 | 4544036 |
| Visa, Inc. Class A | 80008 | 28059606 |
|  |  | 134470881 |
| **Health Care — 7.2%** | **Health Care — 7.2%** |  |
| Agilent Technologies, Inc. | 96525 | 13134157 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Alnylam Pharmaceuticals, Inc.\* | 9044 | $3596347 |
| Eli Lilly and Co. | 14509 | 15592532 |
| Gilead Sciences, Inc. | 43503 | 5339558 |
| Hims & Hers Health, Inc.Δ\* | 69684 | 2262639 |
| Humana, Inc. | 26536 | 6796666 |
| IDEXX Laboratories, Inc.\* | 20571 | 13916899 |
| Illumina, Inc.\* | 29610 | 3883648 |
| Insmed, Inc.\* | 68134 | 11858041 |
| Intuitive Surgical, Inc.\* | 16021 | 9073654 |
| McKesson Corporation | 5286 | 4336053 |
| Natera, Inc.\* | 35748 | 8189509 |
| Regeneron Pharmaceuticals, Inc. | 13742 | 10607037 |
| Thermo Fisher Scientific, Inc. | 10483 | 6074374 |
| Ultragenyx Pharmaceutical, Inc.\* | 32350 | 744050 |
| Veeva Systems, Inc. Class A\* | 41275 | 9213818 |
| Vertex Pharmaceuticals, Inc.\* | 28847 | 13078076 |
|  |  | 137697058 |
| **Industrials — 5.1%** | **Industrials — 5.1%** |  |
| 3M Co. | 40235 | 6441624 |
| Axon Enterprise, Inc.\* | 2153 | 1222753 |
| Boeing Co. (The)\* | 102386 | 22230049 |
| C.H. Robinson Worldwide, Inc.Δ | 19974 | 3211020 |
| Carpenter Technology Corporation | 5583 | 1757752 |
| Copart, Inc.\* | 208874 | 8177417 |
| Deere & Co. | 13372 | 6225602 |
| Expeditors International of <br> Washington, Inc. | 39950 | 5952950 |
| GE Vernova, Inc. | 12558 | 8207532 |
| General Electric Co. | 23804 | 7332346 |
| Quanta Services, Inc. | 10480 | 4423189 |
| Rocket Lab Corporation\* | 15128 | 1055329 |
| RTX Corporation | 19993 | 3666716 |
| TransDigm Group, Inc. | 565 | 751365 |
| TransUnion | 124864 | 10707088 |
| Uber Technologies, Inc.\* | 17992 | 1470126 |
| Verisk Analytics, Inc. | 18261 | 4084803 |
|  |  | 96917661 |
| **Information Technology — 45.3%** | **Information Technology — 45.3%** |  |
| Advanced Micro Devices, Inc.\* | 79217 | 16965113 |
| Amphenol Corporation Class A | 32813 | 4434349 |
| Apple, Inc. | 700566 | 190455873 |
| AppLovin Corporation Class A\* | 14929 | 10059459 |
| Arista Networks, Inc.\* | 4259 | 558057 |
| Autodesk, Inc.\* | 40292 | 11926835 |
| Broadcom, Inc. | 216077 | 74784250 |
| Ciena Corporation\* | 13431 | 3141108 |
| Cloudflare, Inc. Class A\* | 34293 | 6760865 |
| Crowdstrike Holdings, Inc. Class A\* | 6633 | 3109285 |
| Datadog, Inc. Class A\* | 11036 | 1500786 |
| International Business Machines <br> Corporation | 26622 | 7885703 |
| Intuit, Inc. | 24766 | 16405494 |
| Lam Research Corporation | 2673 | 457564 |
| Lumentum Holdings, Inc.\* | 2655 | 978606 |
| Microsoft Corporation | 334496 | 161768955 |
| NVIDIA Corporation | 1264127 | 235759685 |

---

**228**

See Notes to Financial Statements.

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Oracle Corporation | 204531 | $39865137 |
| Palantir Technologies, Inc. Class A\* | 49446 | 8789026 |
| Palo Alto Networks, Inc.\* | 7635 | 1406367 |
| QUALCOMM, Inc. | 29680 | 5076764 |
| Salesforce, Inc. | 40457 | 10717464 |
| Samsara, Inc. Class A\* | 82309 | 2917854 |
| ServiceNow, Inc.\* | 109605 | 16790390 |
| Snowflake, Inc.\* | 65690 | 14409758 |
| Twilio, Inc. Class A\* | 9258 | 1316858 |
| Tyler Technologies, Inc.\* | 22352 | 10146690 |
| Western Digital Corporation | 17084 | 2943061 |
| Workday, Inc. Class A\* | 14036 | 3014652 |
|  |  | 864346008 |
| **Materials — 0.4%** | **Materials — 0.4%** |  |
| Martin Marietta Materials, Inc. | 12875 | 8016748 |
| **Utilities — 0.1%** | **Utilities — 0.1%** |  |
| Vistra Corporation | 9295 | 1499562 |
| **Total Common Stocks** <br> (Cost $1,220,513,864) | **Total Common Stocks** <br> (Cost $1,220,513,864) | 1791246321 |
| **FOREIGN COMMON STOCKS — 3.8%** | **FOREIGN COMMON STOCKS — 3.8%** | **FOREIGN COMMON STOCKS — 3.8%** |
| **Brazil — 0.2%** | **Brazil — 0.2%** |  |
| NU Holdings, Ltd. Class A\* | 220177 | 3685763 |
| **Canada — 1.6%** | **Canada — 1.6%** |  |
| Celestica, Inc.\* | 7724 | 2283292 |
| Shopify, Inc. Class A\* | 179233 | 28851136 |
|  |  | 31134428 |
| **China — 0.3%** | **China — 0.3%** |  |
| Alibaba Group Holding, Ltd. ADRΔ | 36204 | 5306782 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Ireland — 0.6%** | **Ireland — 0.6%** |  |
| Linde PLC | 23776 | $10137848 |
| Trane Technologies PLC | 3964 | 1542789 |
|  |  | 11680637 |
| **Singapore — 0.4%** | **Singapore — 0.4%** |  |
| Sea, Ltd. ADR\* | 54643 | 6970808 |
| **Switzerland — 0.2%** | **Switzerland — 0.2%** |  |
| Roche Holding AG ADRΔ | 90890 | 4687197 |
| **Taiwan — 0.5%** | **Taiwan — 0.5%** |  |
| Taiwan Semiconductor Manufacturing <br> Co., Ltd. ADR | 32763 | 9956348 |
| **Total Foreign Common Stocks** <br> (Cost $50,339,274) | **Total Foreign Common Stocks** <br> (Cost $50,339,274) | 73421963 |
| **MONEY MARKET FUNDS — 2.9%** | **MONEY MARKET FUNDS — 2.9%** | **MONEY MARKET FUNDS — 2.9%** |
| Northern Institutional Liquid Assets <br> Portfolio (Shares), 3.81%Ø§ | 10829043 | 10829043 |
| GuideStone Money Market Fund, <br> 3.69% <br> (Institutional Class)Ø∞ | 44975018 | 44975018 |
| **Total Money Market Funds** <br> (Cost $55,804,061) | **Total Money Market Funds** <br> (Cost $55,804,061) | 55804061 |
| **TOTAL INVESTMENTS** — **100.5%** <br> (Cost $1,326,657,199) |  | 1920472345 |
| **Liabilities in Excess of Other**<br> **Assets — (0.5)%** |  | (10295014)<br>|
| **NET ASSETS — 100.0%** |  | $1910177331 |

---

Futures Contracts outstanding at December 31, 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 | 03/2026 | &nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp; $4582215 | &nbsp;&nbsp;&nbsp; $12405 |
| S&P 500<sup>®</sup> E-Mini | 03/2026 | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; 1033875 | &nbsp;&nbsp;&nbsp; 1725 |
| Total Futures Contracts outstanding at December 31, 2025 |  |  | &nbsp;&nbsp;&nbsp; $5616090 | &nbsp;&nbsp;&nbsp; $14130 |

---

See Notes to Financial Statements.

**229**

------

**GROWTH EQUITY FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

**VALUATION HIERARCHY**

The following is a summary of the inputs used, as of December 31, 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; $1791246321 | &nbsp;&nbsp; $1791246321 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Foreign Common Stocks | &nbsp;&nbsp; 73421963 | &nbsp;&nbsp; 73421963 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Money Market Funds | &nbsp;&nbsp; 55804061 | &nbsp;&nbsp; 55804061 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Total Assets - Investments in Securities** | &nbsp;&nbsp; $1920472345 | &nbsp;&nbsp; $1920472345 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| **Other Financial Instruments\*\*\*** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; $14130 | &nbsp;&nbsp; $14130 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| **Total Assets - Other Financial Instruments** | &nbsp;&nbsp; $14130 | &nbsp;&nbsp; $14130 | &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. 

**230**

See Notes to Financial Statements.

------

**SMALL CAP EQUITY FUND**

**SCHEDULE OF INVESTMENTS**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS — 86.6%** | **COMMON STOCKS — 86.6%** | **COMMON STOCKS — 86.6%** |
| **Communication Services — 0.8%** | **Communication Services — 0.8%** |  |
| ATN International, Inc.Δ | 9429 | $214981 |
| Bandwidth, Inc. Class AΔ\* | 16720 | 258324 |
| Entravision Communications <br> Corporation Class A | 126205 | 369781 |
| IDT Corporation Class B | 11393 | 583436 |
| Nextdoor Holdings, Inc.\* | 320108 | 672227 |
| Playstudios, Inc.Δ\* | 23738 | 15465 |
| PubMatic, Inc. Class A\* | 69528 | 616713 |
| Roku, Inc.\* | 8280 | 898297 |
| Scholastic CorporationΔ | 24032 | 712068 |
| Skillz, Inc.Δ\* | 3203 | 13805 |
| Sphere Entertainment Co.Δ\* | 15420 | 1466134 |
| Spok Holdings, Inc. | 13987 | 184489 |
| Townsquare Media, Inc. Class A | 9638 | 49539 |
| Yelp, Inc.\* | 18419 | 559753 |
|  |  | 6615012 |
| **Consumer Discretionary — 9.6%** | **Consumer Discretionary — 9.6%** |  |
| 1stdibs.com, Inc.Δ\* | 6610 | 39594 |
| American Axle & Manufacturing <br> Holdings, Inc.Δ\* | 121021 | 775745 |
| Arko Corporation | 60388 | 274162 |
| Bath & Body Works, Inc. | 80733 | 1621119 |
| Bloomin' Brands, Inc. | 50511 | 311653 |
| Boot Barn Holdings, Inc.Δ\* | 14528 | 2563756 |
| Bright Horizons Family Solutions, <br> Inc.\* | 11000 | 1115400 |
| Brinker International, Inc.Δ\* | 8841 | 1268860 |
| Brunswick Corporation | 18428 | 1368095 |
| Carvana Co.Δ\* | 2312 | 975710 |
| Champion Homes, Inc.\* | 18007 | 1521592 |
| Chegg, Inc.Δ\* | 67858 | 63108 |
| Citi Trends, Inc.\* | 10414 | 432806 |
| Columbia Sportswear Co.Δ | 3845 | 211821 |
| Cooper-Standard Holdings, Inc.\* | 15239 | 500296 |
| Cricut, Inc. Class AΔ | 88596 | 438550 |
| Dana, Inc. | 104285 | 2477812 |
| Dave & Buster's Entertainment, <br> Inc.Δ\* | 20117 | 326097 |
| Designer Brands, Inc. Class AΔ | 71507 | 531297 |
| Dillard's, Inc. Class AΔ | 337 | 204337 |
| Dutch Bros., Inc. Class A\* | 13684 | 837734 |
| Ethan Allen Interiors, Inc.Δ | 36740 | 839142 |
| Flexsteel Industries, Inc.Δ | 3168 | 125104 |
| Funko, Inc. Class A\* | 82166 | 279364 |
| Gentherm, Inc.Δ\* | 26399 | 960132 |
| G-III Apparel Group, Ltd. | 24577 | 711750 |
| Gold.com, Inc.Δ | 52978 | 1803901 |
| GoPro, Inc. Class AΔ\* | 120062 | 169287 |
| Haverty Furniture Cos., Inc. | 15324 | 357969 |
| Helen of Troy, Ltd.Δ\* | 16293 | 346226 |
| Holley, Inc.\* | 14860 | 61372 |
| Installed Building Products, Inc.Δ | 5230 | 1356610 |
| Johnson Outdoors, Inc. Class A | 9115 | 386932 |
| KB Home | 37344 | 2106575 |
| KinderCare Learning Cos., Inc.Δ\* | 82600 | 356832 |
| Kontoor Brands, Inc. | 24069 | 1470375 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Lands' End, Inc.Δ\* | 23130 | $335848 |
| La-Z-Boy, Inc. | 34957 | 1302847 |
| Lear Corporation | 10164 | 1164794 |
| Life Time Group Holdings, Inc.\* | 58883 | 1565110 |
| Lovesac Co. (The)Δ\* | 13700 | 202075 |
| M/I Homes, Inc.\* | 7307 | 934931 |
| Malibu Boats, Inc. Class A\* | 18733 | 528458 |
| MarineMax, Inc.Δ\* | 34140 | 827212 |
| MasterCraft Boat Holdings, Inc.\* | 2009 | 37990 |
| McGraw Hill, Inc.Δ\* | 55745 | 919793 |
| Meritage Homes Corporation | 12767 | 840069 |
| Movado Group, Inc.Δ | 26018 | 536491 |
| National Vision Holdings, Inc.\* | 89785 | 2318249 |
| Ollie's Bargain Outlet Holdings, Inc.\* | 19200 | 2104512 |
| OneWater Marine, Inc. Class AΔ\* | 34277 | 370877 |
| Papa John's International, Inc.Δ | 14980 | 576580 |
| Petco Health & Wellness Co., Inc.Δ\* | 65700 | 184617 |
| Polaris, Inc. | 2043 | 129220 |
| Pursuit Attractions and Hospitality, <br> Inc.\* | 71700 | 2414856 |
| RealReal, Inc. (The)\* | 44479 | 701879 |
| RHΔ\* | 1116 | 199931 |
| Shoe Carnival, Inc.Δ | 8940 | 150907 |
| Sleep Number CorporationΔ\* | 44990 | 380615 |
| Sonic Automotive, Inc. Class A | 30544 | 1889452 |
| Sonos, Inc.Δ\* | 63840 | 1121030 |
| Steven Madden, Ltd. | 54191 | 2256513 |
| Stitch Fix, Inc. Class A\* | 165840 | 870660 |
| Stoneridge, Inc.\* | 23098 | 133737 |
| Strattec Security CorporationΔ\* | 9059 | 689752 |
| Superior Group of Cos., Inc. | 6215 | 60161 |
| Taylor Morrison Home Corporation <br> Class A\* | 70371 | 4142741 |
| Thor Industries, Inc. | 7317 | 751236 |
| Topgolf Callaway Brands <br> Corporation\* | 48000 | 560160 |
| Torrid Holdings, Inc.Δ\* | 46994 | 45979 |
| Traeger, Inc.Δ\* | 26164 | 28257 |
| Travel + Leisure Co. | 21336 | 1504828 |
| Tri Pointe Homes, Inc.\* | 71801 | 2259577 |
| Urban Outfitters, Inc.\* | 32014 | 2409374 |
| Valvoline, Inc.\* | 69500 | 2019670 |
| Victoria's Secret & Co.Δ\* | 15159 | 821163 |
| Visteon CorporationΔ | 17124 | 1628492 |
| Warby Parker, Inc. Class AΔ\* | 148089 | 3226859 |
| Wayfair, Inc. Class AΔ\* | 1611 | 161761 |
| Wingstop, Inc.Δ | 6600 | 1574034 |
| Winmark Corporation | 5168 | 2092730 |
| Wyndham Hotels & Resorts, Inc.Δ | 21500 | 1624540 |
| YETI Holdings, Inc.Δ\* | 19776 | 873506 |
| Zumiez, Inc.Δ\* | 31004 | 807654 |
|  |  | 81472842 |
| **Consumer Staples — 2.2%** | **Consumer Staples — 2.2%** |  |
| Andersons, Inc. (The)Δ | 49010 | 2605862 |
| Beauty Health Co. (The)Δ\* | 13694 | 19035 |
| BJ's Wholesale Club Holdings, Inc.Δ\* | 31500 | 2835945 |
| Calavo Growers, Inc. | 23179 | 504143 |

---

See Notes to Financial Statements.

**231**

------

**SMALL CAP EQUITY FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Chefs' Warehouse, Inc. (The)\* | 65001 | $4051512 |
| Edgewell Personal Care Co.Δ | 62245 | 1061277 |
| Hain Celestial Group, Inc. (The)Δ\* | 217929 | 233184 |
| Herbalife, Ltd.\* | 38643 | 498108 |
| J&J Snack Foods CorporationΔ | 11718 | 1058956 |
| Maplebear, Inc.\* | 13229 | 595040 |
| Medifast, Inc.Δ\* | 1357 | 14493 |
| Mission Produce, Inc.\* | 7350 | 85260 |
| Nature's Sunshine Products, Inc.Δ\* | 12265 | 264679 |
| Pilgrim's Pride Corporation | 13014 | 507416 |
| Smithfield Foods, Inc. | 28986 | 647257 |
| Spectrum Brands Holdings, Inc. | 28382 | 1676809 |
| USANA Health Sciences, Inc.Δ\* | 17487 | 343270 |
| Vita Coco Co., Inc. (The)\* | 31319 | 1660220 |
|  |  | 18662466 |
| **Energy — 4.4%** | **Energy — 4.4%** |  |
| BKV Corporation\* | 2432 | 66029 |
| Cactus, Inc. Class A | 19400 | 886192 |
| Centrus Energy Corporation <br> Class AΔ\* | 3291 | 798923 |
| Chord Energy Corporation | 15127 | 1402273 |
| Comstock Resources, Inc.Δ\* | 24826 | 575467 |
| Crescent Energy Co. Class AΔ | 198248 | 1663301 |
| DHT Holdings, Inc. | 156868 | 1915358 |
| DMC Global, Inc.Δ\* | 18815 | 125872 |
| Excelerate Energy, Inc. Class A | 108926 | 3055374 |
| Flowco Holdings, Inc. Class AΔ | 40036 | 750275 |
| Forum Energy Technologies, Inc.Δ\* | 18014 | 665617 |
| Granite Ridge Resources, Inc.Δ | 79854 | 375314 |
| Green Plains, Inc.Δ\* | 112364 | 1101167 |
| Gulfport Energy CorporationΔ\* | 7475 | 1554725 |
| Infinity Natural Resources, Inc. <br> Class AΔ\* | 28495 | 419731 |
| International Seaways, Inc. | 20453 | 992993 |
| Liberty Energy, Inc. | 83561 | 1542536 |
| Magnolia Oil & Gas Corporation <br> Class AΔ | 150438 | 3293088 |
| Matador Resources Co. | 32000 | 1358080 |
| Northern Oil & Gas, Inc.Δ | 93577 | 2009098 |
| Oil States International, Inc.Δ\* | 44948 | 304298 |
| Par Pacific Holdings, Inc.\* | 53153 | 1867797 |
| Patterson-UTI Energy, Inc. | 223065 | 1362927 |
| Permian Resources Corporation | 99648 | 1398062 |
| Ranger Energy Services, Inc. Class A | 28833 | 403085 |
| SM Energy Co. | 70665 | 1321436 |
| Solaris Energy Infrastructure, Inc.Δ | 20123 | 925054 |
| Uranium Energy CorporationΔ\* | 288043 | 3364342 |
| World Fuel Services Corporation | 65093 | 1525129 |
|  |  | 37023543 |
| **Financials — 16.3%** | **Financials — 16.3%** |  |
| 1st Source Corporation | 771 | 48180 |
| Ally Financial, Inc. | 16198 | 733607 |
| Amerant Bancorp, Inc.Δ | 8289 | 161718 |
| American Coastal Insurance <br> CorporationΔ | 4863 | 61420 |
| American Integrity Insurance Group, <br> Inc.Δ\* | 17183 | 357922 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Ameris Bancorp | 9989 | $741883 |
| AMERISAFE, Inc.Δ | 2269 | 87152 |
| Angel Oak Mortgage REIT, Inc.Δ | 13133 | 113075 |
| Arrow Financial Corporation | 5434 | 170628 |
| Associated Banc-Corp | 96169 | 2477313 |
| Atlantic Union Bankshares <br> CorporationΔ | 34119 | 1204401 |
| Axis Capital Holdings, Ltd. | 25299 | 2709270 |
| Axos Financial, Inc.\* | 12606 | 1086133 |
| Baldwin Insurance Group, Inc. <br> (The)Δ\* | 59298 | 1424931 |
| BancFirst Corporation | 2180 | 231124 |
| BankUnited, Inc. | 68054 | 3033167 |
| BayCom CorporationΔ | 1398 | 41101 |
| BCB Bancorp, Inc.Δ | 5629 | 45426 |
| BOK Financial Corporation | 1670 | 197828 |
| Bowhead Specialty Holdings, Inc.\* | 7448 | 212566 |
| Bread Financial Holdings, Inc.Δ | 42607 | 3154196 |
| Business First Bancshares, Inc. | 11031 | 288350 |
| Byline Bancorp, Inc. | 18166 | 529539 |
| Capital City Bank Group, Inc.Δ | 3903 | 166151 |
| Central BanCo, Inc.Δ | 19715 | 475526 |
| Central Pacific Financial Corporation | 13192 | 411063 |
| City Holding Co.Δ | 7694 | 917125 |
| Civista Bancshares, Inc. | 7201 | 160006 |
| CNO Financial Group, Inc. | 90696 | 3851859 |
| Columbia Banking System, Inc. | 78167 | 2184768 |
| Community Trust Bancorp, Inc. | 7654 | 432451 |
| Compass Diversified Holdings | 249905 | 1199544 |
| Customers Bancorp, Inc.\* | 19282 | 1409900 |
| Dave, Inc.\* | 2980 | 659802 |
| Donegal Group, Inc. Class AΔ | 20571 | 411009 |
| eHealth, Inc.\* | 1000 | 4600 |
| Employers Holdings, Inc.Δ | 30072 | 1298208 |
| Enterprise Financial Services <br> Corporation | 31501 | 1701054 |
| Essent Group, Ltd. | 34549 | 2246031 |
| Euronet Worldwide, Inc.\* | 29004 | 2207494 |
| EVERTEC, Inc. | 81109 | 2359461 |
| FB Financial Corporation | 15496 | 864677 |
| First BanCorpΔ | 24753 | 1257205 |
| First BanCorp (New York Exchange) | 148981 | 3088376 |
| First Bank/Hamilton NJ | 2086 | 34336 |
| First Business Financial Services, <br> Inc.Δ | 893 | 48490 |
| First Financial Bancorp | 62486 | 1563400 |
| First Financial Corporation | 6123 | 369952 |
| First Internet Bancorp | 6803 | 141979 |
| First Interstate BancSystem, Inc. <br> Class AΔ | 49448 | 1710901 |
| Flushing Financial Corporation | 2136 | 32403 |
| FNB Corporation | 36713 | 627792 |
| FS Bancorp, Inc.Δ | 2337 | 96214 |
| Genworth Financial, Inc.\* | 156083 | 1409430 |
| Globe Life, Inc. | 796 | 111329 |
| Great Southern Bancorp, Inc.Δ | 2006 | 123489 |
| Hamilton Lane, Inc. Class A | 31202 | 4190741 |
| Hanmi Financial CorporationΔ | 27383 | 740163 |

---

**232**

See Notes to Financial Statements.

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| HBT Financial, Inc.Δ | 4342 | $112241 |
| HCI Group, Inc. | 6258 | 1199596 |
| Heritage Insurance Holdings, Inc.\* | 38548 | 1127914 |
| Hilltop Holdings, Inc. | 53092 | 1801942 |
| Hippo Holdings, Inc.\* | 10341 | 311057 |
| Home Bancorp, Inc.Δ | 2107 | 121785 |
| Home BancShares, Inc. | 71507 | 1986464 |
| HomeTrust Bancshares, Inc.Δ | 4012 | 172275 |
| Horace Mann Educators CorporationΔ | 9508 | 439079 |
| Independent Bank Corporation | 26669 | 1948971 |
| Independent Bank Corporation <br> (NASDAQ Exchange)Δ | 11752 | 382293 |
| International Bancshares Corporation | 23870 | 1585923 |
| Investar Holding Corporation | 2547 | 68056 |
| James River Group Holdings, Inc. | 31829 | 202432 |
| Kearny Financial Corporation | 50914 | 377273 |
| LendingClub Corporation\* | 56739 | 1074637 |
| LendingTree, Inc.\* | 2936 | 155872 |
| Live Oak Bancshares, Inc. | 15224 | 522944 |
| MarketAxess Holdings, Inc.Δ | 1632 | 295800 |
| Marqeta, Inc. Class A\* | 138485 | 657804 |
| Mercury General Corporation | 16268 | 1530168 |
| Midland States Bancorp, Inc. | 21999 | 465719 |
| National Bank Holdings Corporation <br> Class A | 12049 | 457982 |
| Neptune Insurance Holdings, Inc. <br> Class AΔ\* | 48565 | 1416155 |
| Nexpoint Real Estate Finance, Inc. <br> REITΔ | 2073 | 29188 |
| Nicolet Bankshares, Inc.Δ | 2596 | 314895 |
| NMI Holdings, Inc.\* | 43961 | 1793169 |
| Northeast Bank | 2485 | 258266 |
| Northeast Community Bancorp, Inc.Δ | 4422 | 99981 |
| Northfield Bancorp, Inc.Δ | 43397 | 496028 |
| Northrim BanCorp, Inc. | 10807 | 287574 |
| OFG Bancorp | 30585 | 1253373 |
| Old National BancorpΔ | 243244 | 5426774 |
| OP Bancorp | 7968 | 112508 |
| Open Lending Corporation\* | 55600 | 86180 |
| Orange County Bancorp, Inc.Δ | 1458 | 41626 |
| Origin Bancorp, Inc. | 2154 | 81012 |
| Pathward Financial, Inc. | 6883 | 488693 |
| Paymentus Holdings, Inc. Class A\* | 99410 | 3140362 |
| PCB BancorpΔ | 2673 | 57870 |
| Peapack-Gladstone Financial <br> CorporationΔ | 8868 | 246974 |
| Perella Weinberg PartnersΔ | 24251 | 419542 |
| Piper Sandler Cos. | 10828 | 3678380 |
| PJT Partners, Inc. Class A | 13521 | 2260711 |
| Popular, Inc. | 5628 | 700799 |
| PRA Group, Inc.\* | 44842 | 793255 |
| Primis Financial Corporation | 6940 | 96535 |
| PROG Holdings, Inc. | 48811 | 1439436 |
| Prosperity Bancshares, Inc. | 8636 | 596834 |
| RBB BancorpΔ | 6335 | 130754 |
| Red River Bancshares, Inc. | 591 | 42215 |
| Regional Management CorporationΔ | 5723 | 221766 |
| Reinsurance Group of America, Inc. | 4094 | 832965 |
| Renasant CorporationΔ | 52247 | 1840139 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Repay Holdings CorporationΔ\* | 59685 | $217850 |
| Republic Bancorp, Inc. Class AΔ | 2446 | 168750 |
| Safety Insurance Group, Inc.Δ | 22300 | 1737393 |
| Selective Insurance Group, Inc. | 21875 | 1830281 |
| Selectquote, Inc.Δ\* | 29939 | 42214 |
| Sierra BancorpΔ | 3621 | 118334 |
| Slide Insurance Holdings, Inc.\* | 42077 | 819660 |
| SmartFinancial, Inc.Δ | 703 | 26004 |
| South Plains Financial, Inc.Δ | 4830 | 187404 |
| Southern First Bancshares, Inc.Δ\* | 908 | 46780 |
| SOUTHSTATE BANK <br> CORPORATION | 48560 | 4569982 |
| StepStone Group, Inc. Class A | 27500 | 1764675 |
| StoneX Group, Inc.\* | 15436 | 1468427 |
| Texas Capital Bancshares, Inc.Δ\* | 17991 | 1628905 |
| Third Coast Bancshares, Inc.\* | 9509 | 361437 |
| Tompkins Financial CorporationΔ | 3441 | 249541 |
| TPG Mortgage Investment Trust, Inc. <br> REIT | 19340 | 164777 |
| UMB Financial Corporation | 19431 | 2235342 |
| United Community Banks, Inc.Δ | 49966 | 1559939 |
| United Fire Group, Inc.Δ | 6940 | 252269 |
| Unity Bancorp, Inc.Δ | 4567 | 236205 |
| Universal Insurance Holdings, Inc. | 23695 | 800891 |
| Valley National BancorpΔ | 258959 | 3024641 |
| Victory Capital Holdings, Inc. <br> Class AΔ | 56000 | 3533040 |
| WaFd, Inc. | 12070 | 386602 |
| Webster Financial Corporation | 30097 | 1894305 |
| WesBanco, Inc. | 57210 | 1901660 |
| Westamerica BanCorp | 15072 | 720894 |
| WSFS Financial Corporation | 32874 | 1815960 |
| Zions Bancorp NA | 4928 | 288485 |
|  |  | 137352692 |
| **Health Care — 15.6%** | **Health Care — 15.6%** |  |
| 10X Genomics, Inc. Class A\* | 136876 | 2232448 |
| Accuray, Inc.Δ\* | 94908 | 78261 |
| Addus HomeCare Corporation\* | 27600 | 2963964 |
| Agios Pharmaceuticals, Inc.\* | 42940 | 1168827 |
| Aldeyra Therapeutics, Inc.\* | 27558 | 142750 |
| Alector, Inc.\* | 168700 | 263172 |
| Alphatec Holdings, Inc.\* | 37714 | 793503 |
| Amicus Therapeutics, Inc.\* | 116619 | 1660655 |
| Anika Therapeutics, Inc.\* | 13720 | 131849 |
| Apogee Therapeutics, Inc.Δ\* | 25807 | 1947912 |
| Arcturus Therapeutics Holdings, <br> Inc.Δ\* | 8813 | 54024 |
| Arcus Biosciences, Inc.\* | 25335 | 603733 |
| Arcutis Biotherapeutics, Inc.\* | 37834 | 1098699 |
| Ardelyx, Inc.Δ\* | 238295 | 1389260 |
| Arrowhead Pharmaceuticals, Inc.\* | 29666 | 1969526 |
| Artivion, Inc.Δ\* | 54265 | 2475027 |
| Arvinas, Inc.Δ\* | 11307 | 134101 |
| AtriCure, Inc.\* | 51707 | 2045529 |
| Aveanna Healthcare Holdings, Inc.\* | 5628 | 45981 |
| Axogen, Inc.\* | 26415 | 864563 |
| Axsome Therapeutics, Inc.\* | 28569 | 5217842 |
| BioAge Labs, Inc.Δ\* | 31153 | 412154 |

---

See Notes to Financial Statements.

**233**

------

**SMALL CAP EQUITY FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Biote Corporation Class A\* | 12321 | $32035 |
| Bridgebio Pharma, Inc.\* | 75049 | 5740498 |
| Caribou Biosciences, Inc.Δ\* | 57365 | 91210 |
| Cartesian Therapeutics, Inc.\* | 17655 | 127293 |
| Ceribell, Inc.Δ\* | 61000 | 1337730 |
| CG oncology, Inc.Δ\* | 33000 | 1370160 |
| Codexis, Inc.Δ\* | 70618 | 115107 |
| Crinetics Pharmaceuticals, Inc.Δ\* | 65646 | 3055821 |
| CryoPort, Inc.\* | 8641 | 82954 |
| Day One Biopharmaceuticals, Inc.\* | 32600 | 303832 |
| Definitive Healthcare Corporation\* | 8800 | 25256 |
| DENTSPLY SIRONA, Inc. | 16663 | 190458 |
| Design Therapeutics, Inc.\* | 5918 | 55511 |
| Disc Medicine, Inc.\* | 14500 | 1151445 |
| DocGo, Inc.Δ\* | 51162 | 44910 |
| Edgewise Therapeutics, Inc.Δ\* | 59026 | 1464730 |
| Editas Medicine, Inc.\* | 87587 | 179553 |
| Embecta Corporation | 75575 | 897831 |
| Enovis Corporation\* | 83404 | 2221883 |
| Entrada Therapeutics, Inc.Δ\* | 41828 | 429992 |
| Envista Holdings Corporation\* | 12202 | 264905 |
| Evolent Health, Inc. Class AΔ\* | 152051 | 608204 |
| Foghorn Therapeutics, Inc.Δ\* | 15844 | 85558 |
| GeneDx Holdings Corporation\* | 6693 | 870492 |
| Ginkgo Bioworks Holdings, Inc.Δ\* | 23000 | 191130 |
| Glaukos Corporation\* | 15243 | 1721087 |
| Guardant Health, Inc.\* | 34232 | 3496456 |
| Guardian Pharmacy Services, Inc. <br> Class AΔ\* | 81600 | 2455344 |
| Halozyme Therapeutics, Inc.\* | 23221 | 1562773 |
| HealthEquity, Inc.\* | 11970 | 1096572 |
| HealthStream, Inc.Δ | 10807 | 249317 |
| Hims & Hers Health, Inc.Δ\* | 5470 | 177611 |
| Hinge Health, Inc. Class A\* | 6869 | 319065 |
| Immunome, Inc.\* | 35906 | 771261 |
| Inhibrx Biosciences, Inc.Δ\* | 3495 | 276105 |
| Inogen, Inc.Δ\* | 29119 | 195680 |
| Insmed, Inc.\* | 7048 | 1226634 |
| Inspire Medical Systems, Inc.\* | 5692 | 524973 |
| iRhythm Technologies, Inc.\* | 11333 | 2010927 |
| Ironwood Pharmaceuticals, Inc.\* | 158769 | 535052 |
| Keros Therapeutics, Inc.Δ\* | 54400 | 1107584 |
| Kodiak Sciences, Inc.\* | 4896 | 136892 |
| Krystal Biotech, Inc.\* | 7700 | 1898358 |
| Kura Oncology, Inc.\* | 154767 | 1608029 |
| Kymera Therapeutics, Inc.Δ\* | 35232 | 2741402 |
| Lantheus Holdings, Inc.\* | 20197 | 1344110 |
| Ligand Pharmaceuticals, Inc.Δ\* | 23753 | 4490980 |
| MacroGenics, Inc.\* | 47657 | 76728 |
| Madrigal Pharmaceuticals, Inc.Δ\* | 2806 | 1634046 |
| MaxCyte, Inc.Δ\* | 76700 | 118885 |
| Merit Medical Systems, Inc.\* | 22632 | 1994784 |
| Mineralys Therapeutics, Inc.\* | 29790 | 1081079 |
| Mirum Pharmaceuticals, Inc.\* | 30600 | 2417094 |
| Myriad Genetics, Inc.\* | 136414 | 838946 |
| Natera, Inc.\* | 8807 | 2017596 |
| NeoGenomics, Inc.Δ\* | 102361 | 1203765 |
| Nurix Therapeutics, Inc.\* | 54200 | 1028174 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Nuvalent, Inc. Class A\* | 8350 | $839926 |
| Omnicell, Inc.\* | 30244 | 1370053 |
| OraSure Technologies, Inc.\* | 113854 | 275527 |
| Orthofix Medical, Inc.\* | 10956 | 166093 |
| Pacira BioSciences, Inc.Δ\* | 32274 | 835251 |
| Pediatrix Medical Group, Inc.\* | 22469 | 480612 |
| PMV Pharmaceuticals, Inc.Δ\* | 31675 | 39594 |
| Praxis Precision Medicines, Inc.\* | 7772 | 2290719 |
| Prestige Consumer Healthcare, Inc.Δ\* | 28314 | 1746691 |
| Protagonist Therapeutics, Inc.\* | 17134 | 1496484 |
| PTC Therapeutics, Inc.\* | 19254 | 1462534 |
| Repligen Corporation\* | 16900 | 2769234 |
| Rhythm Pharmaceuticals, Inc.\* | 19606 | 2098626 |
| Scholar Rock Holding Corporation\* | 30723 | 1353348 |
| Septerna, Inc.Δ\* | 53783 | 1499470 |
| Shoulder Innovations, Inc.Δ\* | 23100 | 330330 |
| SIGA Technologies, Inc. | 20602 | 125878 |
| Spyre Therapeutics, Inc.Δ\* | 36277 | 1188433 |
| Structure Therapeutics, Inc. ADR\* | 16169 | 1124554 |
| Supernus Pharmaceuticals, Inc.\* | 70107 | 3484318 |
| Tarsus Pharmaceuticals, Inc.Δ\* | 44944 | 3680015 |
| TransMedics Group, Inc.\* | 24785 | 3015095 |
| Travere Therapeutics, Inc.Δ\* | 97609 | 3729640 |
| Tyra Biosciences, Inc.Δ\* | 23261 | 611532 |
| Vanda Pharmaceuticals, Inc.Δ\* | 70621 | 622877 |
| Varex Imaging Corporation\* | 56394 | 656990 |
| Vera Therapeutics, Inc.\* | 19800 | 1002672 |
| Veracyte, Inc.\* | 15919 | 670190 |
| Vericel Corporation\* | 48600 | 1750086 |
|  |  | 131706359 |
| **Industrials — 18.6%** | **Industrials — 18.6%** |  |
| ABM Industries, Inc. | 35332 | 1494544 |
| AeroVironment, Inc.\* | 6744 | 1631306 |
| Alamo Group, Inc.Δ | 5448 | 914556 |
| Albany International Corporation <br> Class A | 9938 | 503857 |
| Allegiant Travel Co.\* | 21027 | 1792972 |
| Alliance Laundry Holdings, Inc.Δ\* | 34735 | 706857 |
| Alta Equipment Group, Inc.Δ | 9790 | 45034 |
| Applied Industrial Technologies, Inc. | 13183 | 3384999 |
| ArcBest CorporationΔ | 39482 | 2929170 |
| Arcosa, Inc. | 18995 | 2019548 |
| Astec Industries, Inc. | 8568 | 371166 |
| Atkore, Inc. | 27700 | 1752025 |
| Axon Enterprise, Inc.\* | 1634 | 927998 |
| Bloom Energy Corporation Class A\* | 41972 | 3646947 |
| Blue Bird Corporation\* | 15027 | 706269 |
| BlueLinx Holdings, Inc.\* | 8396 | 515766 |
| Boise Cascade Co. | 15659 | 1152502 |
| Brink's Co. (The) | 17042 | 1989313 |
| Cardinal Infrastructure Group, Inc. <br> Class AΔ\* | 47195 | 1141175 |
| Carpenter Technology Corporation | 5768 | 1815997 |
| Casella Waste Systems, Inc. <br> Class AΔ\* | 67155 | 6577161 |
| Columbus McKinnon Corporation | 13393 | 231029 |
| Conduent, Inc.Δ\* | 183477 | 352276 |

---

**234**

See Notes to Financial Statements.

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Construction Partners, Inc. Class AΔ\* | 56662 | $6150660 |
| Covenant Logistics Group, Inc. | 14515 | 319911 |
| Crane Co. | 8354 | 1540728 |
| Curtiss-Wright Corporation | 3712 | 2046314 |
| Deluxe CorporationΔ | 8825 | 197062 |
| DNOW, Inc.\* | 59920 | 793940 |
| DXP Enterprises, Inc.Δ\* | 1304 | 143166 |
| Dycom Industries, Inc.\* | 3474 | 1173865 |
| Ennis, Inc. | 20406 | 367512 |
| Eos Energy Enterprises, Inc.Δ\* | 184024 | 2108915 |
| Esab Corporation | 36000 | 4021920 |
| ESCO Technologies, Inc. | 15692 | 3066060 |
| Everus Construction Group, Inc.\* | 8742 | 747966 |
| ExlService Holdings, Inc.\* | 36523 | 1550036 |
| Federal Signal Corporation | 34843 | 3783601 |
| First Advantage CorporationΔ\* | 41989 | 610100 |
| Flowserve Corporation | 16913 | 1173424 |
| Fluence Energy, Inc.Δ\* | 22744 | 449876 |
| Forrester Research, Inc.Δ\* | 5173 | 42005 |
| Franklin Covey Co.Δ\* | 16574 | 278112 |
| FTAI Aviation, Ltd. | 18232 | 3588969 |
| FTI Consulting, Inc.\* | 1980 | 338243 |
| Graco, Inc. | 4676 | 383292 |
| Great Lakes Dredge & Dock <br> Corporation\* | 6447 | 84585 |
| Herc Holdings, Inc.Δ | 6296 | 934201 |
| Hexcel CorporationΔ | 23000 | 1699700 |
| Hillman Solutions Corporation\* | 102096 | 884151 |
| Hub Group, Inc. Class A | 59120 | 2519103 |
| Hudson Technologies, Inc.\* | 46557 | 318915 |
| Huntington Ingalls Industries, Inc. | 1524 | 518267 |
| Hyster-Yale, Inc.Δ | 7643 | 227074 |
| IBEX Holdings, Ltd.Δ\* | 3714 | 141801 |
| ICF International, Inc. | 12322 | 1051067 |
| IES Holdings, Inc.\* | 1937 | 753532 |
| Insteel Industries, Inc.Δ | 10215 | 323509 |
| ITT, Inc. | 17700 | 3071127 |
| JBT Marel CorporationΔ | 27139 | 4089033 |
| JELD-WEN Holding, Inc.Δ\* | 150235 | 369578 |
| JetBlue Airways Corporation\* | 278929 | 1269127 |
| Kadant, Inc.Δ | 6756 | 1925595 |
| Karman Holdings, Inc.Δ\* | 52116 | 3813328 |
| Kelly Services, Inc. Class AΔ | 32016 | 281741 |
| Kforce, Inc. | 22703 | 701977 |
| Korn Ferry | 20916 | 1380874 |
| Kratos Defense & Security Solutions, <br> Inc.\* | 39132 | 2970510 |
| Landstar System, Inc. | 4895 | 703412 |
| Legence Corporation Class AΔ\* | 51359 | 2210491 |
| Loar Holdings, Inc.\* | 27000 | 1836000 |
| Lyft, Inc. Class A\* | 29813 | 577478 |
| Manitowoc Co., Inc. (The)\* | 24496 | 293707 |
| MasTec, Inc.\* | 1631 | 354530 |
| Matrix Service Co.\* | 32846 | 384298 |
| Mayville Engineering Co., Inc.Δ\* | 3249 | 60821 |
| Miller Industries, Inc.Δ | 8516 | 318243 |
| Mistras Group, Inc.Δ\* | 10655 | 134786 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Modine Manufacturing Co.\* | 25050 | $3344426 |
| Montrose Environmental Group, Inc.\* | 39428 | 978997 |
| MYR Group, Inc.\* | 19048 | 4161988 |
| Nextpower, Inc. Class A\* | 19266 | 1678261 |
| NPK International, Inc.\* | 74640 | 889709 |
| NuScale Power CorporationΔ\* | 4703 | 66642 |
| Orion Group Holdings, Inc.\* | 53586 | 532645 |
| Parsons Corporation\* | 27600 | 1705680 |
| Planet Labs PBCΔ\* | 128595 | 2535893 |
| Power Solutions International, Inc.Δ\* | 1518 | 86739 |
| Primoris Services CorporationΔ | 7613 | 945078 |
| Proficient Auto Logistics, Inc.Δ\* | 23220 | 223841 |
| Radiant Logistics, Inc.Δ\* | 12391 | 78435 |
| RBC Bearings, Inc.\* | 7000 | 3139010 |
| Regal Beloit Corporation | 14800 | 2076736 |
| Resideo Technologies, Inc.Δ\* | 5603 | 196777 |
| Resources Connection, Inc.Δ | 45096 | 227284 |
| Robert Half, Inc. | 10440 | 283550 |
| Saia, Inc.\* | 3187 | 1040619 |
| Science Applications International <br> Corporation | 6082 | 612214 |
| SiteOne Landscape Supply, Inc.\* | 6156 | 766791 |
| Skillsoft CorporationΔ\* | 6421 | 59715 |
| SPX Technologies, Inc.\* | 17970 | 3595078 |
| Sterling Infrastructure, Inc.\* | 6495 | 1988964 |
| Timken Co. (The) | 25053 | 2107709 |
| TriNet Group, Inc. | 21168 | 1251664 |
| TrueBlue, Inc.\* | 17388 | 79115 |
| Tutor Perini Corporation | 41699 | 2794667 |
| UL Solutions, Inc. Class A | 13092 | 1032435 |
| UniFirst Corporation | 8838 | 1704850 |
| Vestis CorporationΔ | 226333 | 1509641 |
| VSE CorporationΔ | 9516 | 1644079 |
| Wabash National Corporation | 77781 | 672806 |
| Werner Enterprises, Inc.Δ | 26606 | 798446 |
| Worthington Enterprises, Inc. | 17827 | 919338 |
| Xometry, Inc. Class AΔ\* | 23945 | 1424009 |
| Zurn Water Solutions Corporation | 44117 | 2050999 |
|  |  | 156885535 |
| **Information Technology — 11.4%** | **Information Technology — 11.4%** |  |
| Ambarella, Inc.\* | 9203 | 651941 |
| Amkor Technology, Inc. | 20617 | 813959 |
| Amplitude, Inc. Class A\* | 194900 | 2256942 |
| Arrow Electronics, Inc.\* | 5331 | 587370 |
| Arteris, Inc.\* | 39167 | 607089 |
| ASGN, Inc.\* | 29532 | 1422556 |
| Aviat Networks, Inc.\* | 16641 | 355785 |
| Axcelis Technologies, Inc.\* | 16676 | 1339750 |
| Box, Inc. Class A\* | 32521 | 972703 |
| Braze, Inc. Class A\* | 73000 | 2503170 |
| Calix, Inc.\* | 8672 | 459009 |
| Ciena Corporation\* | 1690 | 395240 |
| Cipher Mining, Inc.Δ\* | 32511 | 479862 |
| Clearwater Analytics Holdings, Inc. <br> Class AΔ\* | 155390 | 3748007 |
| Coherent CorporationΔ\* | 7303 | 1347915 |

---

See Notes to Financial Statements.

**235**

------

**SMALL CAP EQUITY FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Core Scientific, Inc.Δ\* | 29019 | $422517 |
| Credo Technology Group Holding, <br> Ltd.\* | 43101 | 6201803 |
| CS Disco, Inc.\* | 11757 | 91234 |
| Domo, Inc. Class BΔ\* | 12400 | 104532 |
| Dropbox, Inc. Class A\* | 34948 | 971554 |
| D-Wave Quantum, Inc.Δ\* | 18860 | 493189 |
| eGain CorporationΔ\* | 26112 | 268692 |
| Impinj, Inc.\* | 13138 | 2286143 |
| Ingram Micro Holding CorporationΔ | 41316 | 881683 |
| Inseego CorporationΔ\* | 2679 | 27513 |
| Intapp, Inc.\* | 45692 | 2093607 |
| InterDigital, Inc.Δ | 6730 | 2142697 |
| IonQ, Inc.Δ\* | 16771 | 752515 |
| Kulicke & Soffa Industries, Inc. | 21399 | 974938 |
| Lattice Semiconductor Corporation\* | 40000 | 2943200 |
| Lumentum Holdings, Inc.Δ\* | 5797 | 2136716 |
| MACOM Technology Solutions <br> Holdings, Inc.\* | 27547 | 4718250 |
| MARA Holdings, Inc.Δ\* | 26501 | 237979 |
| Mirion Technologies, Inc.Δ\* | 132825 | 3110762 |
| N-able, Inc.Δ\* | 60940 | 455831 |
| NETGEAR, Inc.\* | 48570 | 1191422 |
| Netskope, Inc. Class AΔ\* | 80000 | 1403200 |
| ON24, Inc.\* | 13128 | 104499 |
| OneSpan, Inc. | 59863 | 768641 |
| Onestream, Inc.\* | 79700 | 1464886 |
| Onto Innovation, Inc.\* | 23126 | 3650670 |
| OSI Systems, Inc.Δ\* | 5939 | 1514801 |
| PC Connection, Inc.Δ | 13092 | 756194 |
| Plexus Corporation\* | 3422 | 503034 |
| Progress Software Corporation\* | 30411 | 1306457 |
| Q2 Holdings, Inc.\* | 57388 | 4141118 |
| Rackspace Technology, Inc.Δ\* | 76303 | 74083 |
| Rambus, Inc.\* | 17403 | 1599162 |
| Ribbon Communications, Inc.\* | 60507 | 174260 |
| Rigetti Computing, Inc.Δ\* | 19148 | 424128 |
| Rimini Street, Inc.Δ\* | 39435 | 153008 |
| Riot Platforms, Inc.\* | 17019 | 215631 |
| Rogers Corporation\* | 4670 | 427632 |
| Rubrik, Inc. Class A\* | 3825 | 292536 |
| ScanSource, Inc.\* | 25427 | 993179 |
| Semtech Corporation\* | 69185 | 5098243 |
| ServiceTitan, Inc. Class AΔ\* | 23200 | 2470800 |
| Silicon Laboratories, Inc.\* | 15149 | 1979974 |
| SiTime Corporation\* | 13877 | 4901218 |
| SmartRent, Inc.Δ\* | 178410 | 360388 |
| SPS Commerce, Inc.\* | 12989 | 1157710 |
| Telos CorporationΔ\* | 30498 | 155540 |
| Terawulf, Inc.Δ\* | 36922 | 424234 |
| TTM Technologies, Inc.\* | 11602 | 800538 |
| Unisys CorporationΔ\* | 75927 | 209559 |
| Varonis Systems, Inc.\* | 49538 | 1624846 |
| Vertex, Inc. Class A\* | 59200 | 1182224 |
| Workiva, Inc.\* | 54977 | 4741766 |
| Xerox Holdings CorporationΔ | 110821 | 262646 |
| Xperi, Inc.Δ\* | 73249 | 429239 |
|  |  | 96214119 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Materials — 2.5%** | **Materials — 2.5%** |  |
| American Vanguard CorporationΔ\* | 23259 | $88849 |
| Arq, Inc.\* | 24626 | 80527 |
| Ashland, Inc. | 17679 | 1037227 |
| Celanese Corporation | 4987 | 210850 |
| Clearwater Paper CorporationΔ\* | 23767 | 413546 |
| Commercial Metals Co. | 51145 | 3540257 |
| Core Molding Technologies, Inc.Δ\* | 5740 | 115087 |
| Graphic Packaging Holding Co. | 162599 | 2448741 |
| Ingevity Corporation\* | 22299 | 1319655 |
| Kaiser Aluminum Corporation | 19493 | 2238966 |
| Koppers Holdings, Inc.Δ | 8455 | 228961 |
| Kronos Worldwide, Inc.Δ | 19683 | 86999 |
| Louisiana-Pacific Corporation | 7002 | 565482 |
| Magnera CorporationΔ\* | 55685 | 843071 |
| Mativ Holdings, Inc.Δ | 27390 | 332789 |
| Minerals Technologies, Inc. | 52955 | 3227607 |
| MP Materials CorporationΔ\* | 13584 | 686264 |
| Quaker Chemical Corporation | 7825 | 1074451 |
| Reliance, Inc. | 820 | 236873 |
| Ryerson Holding CorporationΔ | 19398 | 488054 |
| Scotts Miracle-Gro Co. (The) | 6463 | 377116 |
| Stepan Co.Δ | 6356 | 301020 |
| SunCoke Energy, Inc.Δ | 90722 | 653198 |
| Worthington Steel, Inc.Δ | 15995 | 553747 |
|  |  | 21149337 |
| **Real Estate — 3.8%** | **Real Estate — 3.8%** |  |
| Alpine Income Property Trust, Inc. <br> REITΔ | 14026 | 234515 |
| American Healthcare REIT, Inc. | 2933 | 138027 |
| American Homes 4 Rent Class A <br> REIT | 12690 | 407349 |
| Americold Realty Trust REITΔ | 125722 | 1616785 |
| Braemar Hotels & Resorts, Inc. <br> REITΔ | 23506 | 67462 |
| Chatham Lodging Trust REITΔ | 40230 | 273966 |
| Community Healthcare Trust, Inc. <br> REIT | 21009 | 344968 |
| Compass, Inc. Class A\* | 97473 | 1030290 |
| Cushman & Wakefield, Ltd.\* | 131887 | 2135250 |
| DiamondRock Hospitality Co. REIT | 132362 | 1185963 |
| Easterly Government Properties, Inc. <br> REIT | 23346 | 494702 |
| EPR Properties REIT | 13998 | 698500 |
| Equity LifeStyle Properties, Inc. <br> REITΔ | 4660 | 282443 |
| Essential Properties Realty Trust, Inc. <br> REITΔ | 44174 | 1310201 |
| Forestar Group, Inc.\* | 24884 | 612893 |
| Four Corners Property Trust, Inc. <br> REITΔ | 51867 | 1196053 |
| Independence Realty Trust, Inc. REIT | 96702 | 1690351 |
| InvenTrust Properties Corporation <br> REIT | 46033 | 1298591 |
| Kite Realty Group Trust REIT | 86083 | 2063409 |
| LTC Properties, Inc. REIT | 21889 | 752544 |
| LXP Industrial Trust REITΔ | 25550 | 1266769 |
| National Storage Affiliates Trust <br> REIT | 75895 | 2140998 |

---

**236**

See Notes to Financial Statements.

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| NexPoint Residential Trust, Inc. <br> REITΔ | 20793 | $625869 |
| Orion Properties, Inc. REITΔ | 32374 | 73165 |
| Phillips Edison & Co., Inc. REITΔ | 27845 | 990447 |
| RE/MAX Holdings, Inc. Class AΔ\* | 12174 | 92401 |
| RMR Group, Inc. (The) Class AΔ | 7214 | 107489 |
| Ryman Hospitality Properties, Inc. <br> REIT | 17473 | 1653295 |
| SITE Centers Corporation REIT | 145746 | 935689 |
| Smartstop Self Storage REIT, Inc.Δ | 6374 | 197212 |
| Sunstone Hotel Investors, Inc. REIT | 142545 | 1274352 |
| Terreno Realty Corporation REIT | 44539 | 2614885 |
| UMH Properties, Inc. REIT | 17775 | 282800 |
| Whitestone REITΔ | 36288 | 504040 |
| Xenia Hotels & Resorts, Inc. REITΔ | 99558 | 1407750 |
|  |  | 32001423 |
| **Utilities — 1.4%** | **Utilities — 1.4%** |  |
| American States Water Co.Δ | 10733 | 777928 |
| Avista Corporation | 40400 | 1557016 |
| Black Hills Corporation | 28221 | 1959102 |
| California Water Service Group | 12437 | 538895 |
| Genie Energy, Ltd. Class BΔ | 25953 | 357632 |
| H2O America | 4895 | 239806 |
| Northwestern Energy Group, Inc. | 30811 | 1988542 |
| Oklo, Inc.Δ\* | 3324 | 238530 |
| Ormat Technologies, Inc.Δ | 6595 | 728550 |
| Southwest Gas Holdings, Inc.Δ | 20013 | 1601440 |
| Spire, Inc. | 20185 | 1669300 |
|  |  | 11656741 |
| **Total Common Stocks** <br> (Cost $657,336,702) | **Total Common Stocks** <br> (Cost $657,336,702) | 730740069 |
| **FOREIGN COMMON STOCKS — 6.6%** | **FOREIGN COMMON STOCKS — 6.6%** | **FOREIGN COMMON STOCKS — 6.6%** |
| **Bahamas — 0.1%** | **Bahamas — 0.1%** |  |
| OneSpaWorld Holdings, Ltd. | 57091 | 1184067 |
| **Belgium — 0.1%** | **Belgium — 0.1%** |  |
| Titan America SAΔ\* | 35169 | 579585 |
| **Bermuda — 0.2%** | **Bermuda — 0.2%** |  |
| Bank of NT Butterfield & Son, Ltd. <br> (The)Δ | 23419 | 1166735 |
| Hamilton Insurance Group, Ltd. <br> Class B\* | 17108 | 477313 |
|  |  | 1644048 |
| **Brazil — 0.5%** | **Brazil — 0.5%** |  |
| Embraer SA ADR | 46578 | 2998226 |
| Pagseguro Digital, Ltd. Class A | 114426 | 1103067 |
|  |  | 4101293 |
| **Canada — 1.7%** | **Canada — 1.7%** |  |
| BRP, Inc. | 14514 | 1027011 |
| Cameco CorporationΔ | 15530 | 1420840 |
| Celestica, Inc.\* | 2752 | 813519 |
| DIRTT Environmental Solutions\* | 89135 | 60211 |
| Hammond Power Solutions, Inc. | 3187 | 370305 |
| Hudbay Minerals, Inc. | 49693 | 986406 |
| IMAX CorporationΔ\* | 68189 | 2520265 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Pan American Silver CorporationΔ | 29950 | $1551709 |
| Teekay Tankers, Ltd. Class A | 27449 | 1466326 |
| Xenon Pharmaceuticals, Inc.\* | 82887 | 3714995 |
|  |  | 13931587 |
| **Cayman Islands — 0.0%** | **Cayman Islands — 0.0%** |  |
| Accelerant Holdings Class AΔ\* | 24656 | 403126 |
| **China — 0.0%** | **China — 0.0%** |  |
| Opera, Ltd. ADRΔ | 23862 | 337886 |
| **Colombia — 0.2%** | **Colombia — 0.2%** |  |
| Tecnoglass, Inc.Δ | 38194 | 1921922 |
| **France — 0.1%** | **France — 0.1%** |  |
| Abivax SA ADR\* | 9185 | 1238643 |
| **Germany — 0.0%** | **Germany — 0.0%** |  |
| Orion SA | 40614 | 214442 |
| **Ireland — 0.6%** | **Ireland — 0.6%** |  |
| Alkermes PLC\* | 20022 | 560216 |
| Dole PLCΔ | 43324 | 649427 |
| James Hardie Industries PLC ADR\* | 59170 | 1227777 |
| Prothena Corporation PLC\* | 49081 | 468724 |
| Weatherford International PLC | 25762 | 2016134 |
|  |  | 4922278 |
| **Israel — 0.8%** | **Israel — 0.8%** |  |
| Camtek, Ltd.Δ\* | 7075 | 752391 |
| Global-e Online, Ltd.\* | 43000 | 1690330 |
| JFrog, Ltd.\* | 66200 | 4134852 |
| Nexxen International, Ltd.Δ\* | 64589 | 422412 |
|  |  | 6999985 |
| **Italy — 0.3%** | **Italy — 0.3%** |  |
| Stevanato Group SpAΔ | 129300 | 2601516 |
| **Jersey — 0.1%** | **Jersey — 0.1%** |  |
| Birkenstock Holding PLCΔ\* | 10257 | 419511 |
| **Monaco — 0.0%** | **Monaco — 0.0%** |  |
| Costamare, Inc. | 18593 | 293583 |
| **Netherlands — 0.3%** | **Netherlands — 0.3%** |  |
| Newamsterdam Pharma Co. NVΔ\* | 64000 | 2245120 |
| **Singapore — 0.2%** | **Singapore — 0.2%** |  |
| WaVe Life Sciences, Ltd.Δ\* | 101220 | 1720740 |
| **Sweden — 0.2%** | **Sweden — 0.2%** |  |
| Loomis AB | 17029 | 719316 |
| SiriusPoint, Ltd.\* | 31317 | 685529 |
|  |  | 1404845 |
| **Thailand — 0.3%** | **Thailand — 0.3%** |  |
| Fabrinet\* | 6101 | 2777663 |
| **United Kingdom — 0.9%** | **United Kingdom — 0.9%** |  |
| Ferroglobe PLCΔ | 154499 | 716875 |
| Fidelis Insurance Holdings, Ltd.Δ | 79405 | 1553956 |
| Gates Industrial Corporation PLC\* | 43301 | 929673 |
| Indivior PLC\* | 25748 | 923838 |
| Luxfer Holdings PLC | 4927 | 66662 |
| Marex Group PLC | 31915 | 1224259 |

---

See Notes to Financial Statements.

**237**

------

**SMALL CAP EQUITY FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Sensata Technologies Holding PLC | 22333 | $743466 |
| TechnipFMC PLC | 22853 | 1018330 |
|  |  | 7177059 |
| **Total Foreign Common Stocks** <br> (Cost $45,250,413) | **Total Foreign Common Stocks** <br> (Cost $45,250,413) | 56118899 |
| **MASTER LIMITED PARTNERSHIP — 0.1%** | **MASTER LIMITED PARTNERSHIP — 0.1%** | **MASTER LIMITED PARTNERSHIP — 0.1%** |
| Mach Natural Resources LP | 45759 | 505180 |
| TXO Partners LPΔ | 23566 | 251449 |
| **Total Master Limited Partnership** <br> (Cost $1,147,375) | **Total Master Limited Partnership** <br> (Cost $1,147,375) | 756629 |
| **RIGHTS — 0.0%** | **RIGHTS — 0.0%** | **RIGHTS — 0.0%** |
| Chinook Therapeutics, Inc.†††\* | 2713 | —  |
| Contra Blueprint†††\* | 25312 | —  |
| Omniab, Inc.†††\* | 7376 | —  |
| Omniab, Inc. (NASDAQ <br> Exchange)†††\* | 7376 | 1 |
| **Total Rights** <br> (Cost $—) | **Total Rights** <br> (Cost $—) | 1 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **MONEY MARKET FUNDS — 9.7%** | **MONEY MARKET FUNDS — 9.7%** | **MONEY MARKET FUNDS — 9.7%** |
| Northern Institutional Liquid Assets <br> Portfolio (Shares), 3.81%Ø§ | 29909723 | $29909723 |
| GuideStone Money Market Fund, <br> 3.69% <br> (Institutional Class)Ø∞ | 51746576 | 51746576 |
| **Total Money Market Funds** <br> (Cost $81,656,299) | **Total Money Market Funds** <br> (Cost $81,656,299) | 81656299 |
| **TOTAL INVESTMENTS** — **103.0%** <br> (Cost $785,390,789) |  | 869271897 |
| **Liabilities in Excess of Other**<br> **Assets — (3.0)%** |  | (25626184)<br>|
| **NET ASSETS — 100.0%** |  | $843645713 |

---

Futures Contracts outstanding at December 31, 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 | 03/2026 | &nbsp;&nbsp;&nbsp; 289 | &nbsp;&nbsp;&nbsp; $36096100 | &nbsp;&nbsp;&nbsp; $(806052)<br>|

---

Forward Foreign Currency Contracts outstanding at December 31, 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>|
| 03/27/26 | Canadian Dollars | &nbsp;&nbsp; 52523 | U.S. Dollars | &nbsp;&nbsp; 38268 | CITI | &nbsp;&nbsp; $141 |
| Subtotal Appreciation | Subtotal Appreciation |  |  |  |  | &nbsp;&nbsp; $141 |
| 03/27/26 | Canadian Dollars | &nbsp;&nbsp; 11191 | U.S. Dollars | &nbsp;&nbsp; 8216 | CITI | &nbsp;&nbsp; $(32)<br>|
| 03/27/26 | U.S. Dollars | &nbsp;&nbsp; 408507 | Canadian Dollars | &nbsp;&nbsp; 559912 | CITI | &nbsp;&nbsp; (941)<br>|
| 03/27/26 | U.S. Dollars | &nbsp;&nbsp; 685536 | Swedish Kronor | &nbsp;&nbsp; 6333051 | CITI | &nbsp;&nbsp; (5511)<br>|
| Subtotal Depreciation | Subtotal Depreciation |  |  |  |  | &nbsp;&nbsp; $(6484)<br>|
| Total Forward Foreign Currency Contracts outstanding at December 31, 2025 | Total Forward Foreign Currency Contracts outstanding at December 31, 2025 | Total Forward Foreign Currency Contracts outstanding at December 31, 2025 | Total Forward Foreign Currency Contracts outstanding at December 31, 2025 | Total Forward Foreign Currency Contracts outstanding at December 31, 2025 |  | &nbsp;&nbsp; $(6343)<br>|

---

**238**

See Notes to Financial Statements.

------

**VALUATION HIERARCHY**

The following is a summary of the inputs used, as of December 31, 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; $730740069 | &nbsp;&nbsp; $730740069 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Foreign Common Stocks: |  |  |  |  |
| Sweden | &nbsp;&nbsp; 1404845 | &nbsp;&nbsp; 685529 | &nbsp;&nbsp; 719316 | &nbsp;&nbsp; — |
| Other<sup>^^</sup> <br>| &nbsp;&nbsp; 54714054 | &nbsp;&nbsp; 54714054 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total Foreign Common Stocks | &nbsp;&nbsp; 56118899 | &nbsp;&nbsp; 55399583 | &nbsp;&nbsp; 719316 | &nbsp;&nbsp; — |
| Master Limited Partnership | &nbsp;&nbsp; 756629 | &nbsp;&nbsp; 756629 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Money Market Funds | &nbsp;&nbsp; 81656299 | &nbsp;&nbsp; 81656299 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Rights | &nbsp;&nbsp; 1 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1 |
| **Total Assets - Investments in Securities** | &nbsp;&nbsp; $869271897 | &nbsp;&nbsp; $868552580 | &nbsp;&nbsp; $719316 | &nbsp;&nbsp; $1 |
| **Other Financial Instruments\*\*\*** |  |  |  |  |
| Forward Foreign Currency Contracts | &nbsp;&nbsp; $141 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $141 | &nbsp;&nbsp; $— |
| **Total Assets - Other Financial Instruments** | &nbsp;&nbsp; $141 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $141 | &nbsp;&nbsp; $— |
| **Liabilities:** |  |  |  |  |
| **Other Financial Instruments\*\*\*** |  |  |  |  |
| Forward Foreign Currency Contracts | &nbsp;&nbsp; $(6484)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(6484)<br>| &nbsp;&nbsp; $— |
| Futures Contracts | &nbsp;&nbsp; (806052)<br>| &nbsp;&nbsp; (806052)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Total Liabilities - Other Financial Instruments** | &nbsp;&nbsp; $(812536)<br>| &nbsp;&nbsp; $(806052)<br>| &nbsp;&nbsp; $(6484)<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>|

---

Management has determined that the amount of transfers between Level 3 and Level 1 compared to total net assets is not material; therefore, the amount of transfers between Level 3 and Level 1 is not shown for the year ended December 31, 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 December 31, 2025.

See Notes to Financial Statements.

**239**

------

**INTERNATIONAL EQUITY INDEX FUND**

**SCHEDULE OF INVESTMENTS**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS — 0.5%** | **COMMON STOCKS — 0.5%** | **COMMON STOCKS — 0.5%** |
| **Communication Services — 0.5%** | **Communication Services — 0.5%** |  |
| Spotify Technology SA\* | 14022 | $8142716 |
| **Financials — 0.0%** | **Financials — 0.0%** |  |
| Aegon, Ltd. | 118218 | 919299 |
| **Total Common Stocks** <br> (Cost $8,007,253) | **Total Common Stocks** <br> (Cost $8,007,253) | 9062015 |
| **FOREIGN COMMON STOCKS — 93.6%** | **FOREIGN COMMON STOCKS — 93.6%** | **FOREIGN COMMON STOCKS — 93.6%** |
| **Australia — 6.2%** | **Australia — 6.2%** |  |
| ANZ Group Holdings, Ltd. | 321853 | 7781637 |
| APA Group | 56822 | 339523 |
| ASX, Ltd. | 9397 | 321774 |
| BHP Group, Ltd. | 387822 | 11704132 |
| Brambles, Ltd. | 67348 | 1028425 |
| CAR Group, Ltd. | 113339 | 2321328 |
| Cochlear, Ltd. | 7986 | 1386523 |
| Coles Group, Ltd. | 137380 | 1963609 |
| Commonwealth Bank of Australia | 128232 | 13687364 |
| Computershare, Ltd. | 31223 | 707625 |
| CSL, Ltd. | 55664 | 6405896 |
| Fortescue, Ltd. | 97382 | 1423968 |
| Goodman Group REIT | 146925 | 3023448 |
| Insurance Australia Group, Ltd. | 115449 | 612713 |
| Macquarie Group, Ltd. | 36263 | 4900226 |
| Medibank Pvt., Ltd. | 179765 | 573696 |
| National Australia Bank, Ltd. | 219242 | 6164373 |
| Northern Star Resources, Ltd. | 145766 | 2565139 |
| Origin Energy, Ltd. | 81077 | 619145 |
| Pro Medicus, Ltd. | 5000 | 734316 |
| Qantas Airways, Ltd. | 66392 | 458682 |
| QBE Insurance Group, Ltd. | 75406 | 998334 |
| REA Group, Ltd. | 4130 | 503468 |
| Rio Tinto, Ltd. | 19717 | 1923505 |
| Santos, Ltd. | 155840 | 640064 |
| Scentre Group REIT | 265947 | 743425 |
| SGH, Ltd. | 9000 | 277777 |
| Sigma Healthcare, Ltd. | 400000 | 783047 |
| Sonic Healthcare, Ltd. | 65006 | 978794 |
| South32, Ltd. | 212814 | 503753 |
| Stockland REIT | 135879 | 518068 |
| Suncorp Group, Ltd. | 58007 | 680950 |
| Telstra Corporation, Ltd. | 341734 | 1108778 |
| Transurban Group | 515872 | 4882006 |
| Vicinity Centres REIT | 221430 | 376985 |
| Wesfarmers, Ltd. | 122996 | 6626173 |
| Westpac Banking Corporation | 314992 | 8083176 |
| WiseTech Global, Ltd.Δ | 8455 | 384403 |
| Woodside Energy Group, Ltd. | 112500 | 1754169 |
| Woolworths Group, Ltd. | 99504 | 1946796 |
|  |  | 102437213 |
| **Austria — 0.3%** | **Austria — 0.3%** |  |
| Erste Group Bank AG | 29419 | 3527617 |
| OMV AG | 10806 | 601326 |
| Verbund AG | 5255 | 381573 |
|  |  | 4510516 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Belgium — 0.7%** | **Belgium — 0.7%** |  |
| Ageas SA/NV | 20480 | $1434848 |
| D'ieteren Group | 2641 | 475700 |
| Groupe Bruxelles Lambert NV | 10725 | 953715 |
| KBC Group NV | 21628 | 2816745 |
| Lotus Bakeries NVΔ | 78 | 717961 |
| Sofina SAΔ | 926 | 267779 |
| Syensqo SA | 9910 | 793774 |
| UCB SA | 12770 | 3558062 |
|  |  | 11018584 |
| **Denmark — 1.8%** | **Denmark — 1.8%** |  |
| AP Moeller - Maersk A/S Class AΔ | 649 | 1488647 |
| AP Moeller - Maersk A/S Class BΔ | 810 | 1858587 |
| Coloplast A/S Class BΔ | 32701 | 2803629 |
| Danske Bank A/S | 67273 | 3359364 |
| Demant A/SΔ\* | 27922 | 940818 |
| DSV A/SΔ | 17383 | 4378022 |
| Genmab A/S\* | 15830 | 4907048 |
| Novonesis Novozymes B | 43669 | 2793966 |
| Orsted A/S 144AΔ\* | 39757 | 758936 |
| Pandora A/S | 15325 | 1694731 |
| ROCKWOOL A/S Class B | 20730 | 728325 |
| Tryg A/S | 23880 | 624496 |
| Vestas Wind Systems A/S | 97117 | 2626745 |
|  |  | 28963314 |
| **Finland — 1.1%** | **Finland — 1.1%** |  |
| Elisa OYJ | 7229 | 320359 |
| Fortum OYJ | 22487 | 477532 |
| Kesko OYJ Class B | 12949 | 292185 |
| Kone OYJ Class B | 29989 | 2124509 |
| Neste OYJ | 21037 | 475923 |
| Nokia OYJ | 358262 | 2309741 |
| Nordea Bank Abp | 334779 | 6298621 |
| Orion OYJ Class B | 17254 | 1287281 |
| Sampo OYJ Class A | 175570 | 2124189 |
| Stora Enso OYJ, R Shares | 34560 | 431504 |
| UPM-Kymmene OYJ | 72893 | 2107295 |
|  |  | 18249139 |
| **France — 9.0%** | **France — 9.0%** |  |
| Accor SA | 16778 | 945884 |
| Aeroports de Paris SAΔ | 2268 | 295964 |
| Air Liquide SA | 52196 | 9810446 |
| Alstom SA\* | 16417 | 484333 |
| AXA SA | 172306 | 8267423 |
| BNP Paribas SA | 86911 | 8222393 |
| Bollore SE | 40000 | 224802 |
| Bouygues SA | 11283 | 586551 |
| Bureau Veritas SAΔ | 15449 | 491476 |
| Capgemini SE | 16330 | 2711568 |
| Carrefour SA | 98085 | 1636605 |
| Cie de Saint-Gobain SA | 46241 | 4702336 |
| Cie Generale des Etablissements <br> Michelin SCA | 56663 | 1878163 |
| Credit Agricole SA | 94532 | 1946214 |
| Danone SA | 65297 | 5889731 |

---

**240**

See Notes to Financial Statements.

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Dassault Systemes SE | 41281 | $1153319 |
| Edenred SE | 19978 | 441633 |
| Eiffage SA | 6925 | 992210 |
| Engie SA | 156227 | 4103982 |
| EssilorLuxottica SA | 33407 | 10563226 |
| Gecina SA REIT | 2894 | 274851 |
| Getlink SE | 29669 | 547661 |
| Hermes International SCA | 2318 | 5755248 |
| Ipsen SA | 33962 | 4738701 |
| Kering SA | 5668 | 1980614 |
| Klepierre REIT | 14221 | 562658 |
| L'Oreal SA | 22503 | 9660899 |
| Legrand SA | 16102 | 2393768 |
| Orange SA | 132848 | 2216777 |
| Publicis Groupe SA | 13734 | 1426245 |
| Renault SA | 16883 | 698826 |
| Rexel SA | 12000 | 470666 |
| Safran SA | 34165 | 11900254 |
| Sartorius Stedim Biotech | 3225 | 792130 |
| Schneider Electric SE | 46343 | 12678300 |
| Societe Generale SA | 58734 | 4728324 |
| Sodexo SA | 8568 | 438990 |
| Thales SA | 6325 | 1706269 |
| TotalEnergies SE | 158051 | 10304612 |
| Unibail-Rodamco-Westfield REIT\* | 6602 | 717947 |
| Veolia Environnement SA | 38312 | 1333162 |
| Vinci SA | 50394 | 7089585 |
|  |  | 147764746 |
| **Germany — 8.8%** | **Germany — 8.8%** |  |
| adidas AG | 11209 | 2218104 |
| Allianz SE | 28506 | 13180528 |
| BASF SE | 73716 | 3878833 |
| Bayerische Motoren Werke AG | 59384 | 6439327 |
| Beiersdorf AG | 11389 | 1250709 |
| Brenntag SE | 7869 | 456749 |
| Commerzbank AG | 79702 | 3363793 |
| Continental AG | 4960 | 393640 |
| Daimler Truck Holding AG | 27061 | 1172081 |
| Delivery Hero SE 144A\* | 7927 | 208956 |
| Deutsche Bank AG | 154927 | 5970754 |
| Deutsche Boerse AG | 19154 | 5034081 |
| Deutsche Lufthansa AG | 49931 | 490519 |
| Deutsche Post AG | 60860 | 3318435 |
| Deutsche Telekom AG | 249528 | 8122401 |
| E.ON SE | 245743 | 4653125 |
| Evonik Industries AG | 13302 | 207592 |
| Fresenius Medical Care AG | 25717 | 1228387 |
| Fresenius SE & Co. KGaA | 57197 | 3276919 |
| GEA Group AG | 7555 | 510584 |
| Hannover Rueck SE | 3483 | 1083845 |
| HeidelbergCement AG | 9249 | 2397869 |
| Infineon Technologies AG | 97044 | 4234124 |
| LEG Immobilien SE | 1506 | 109841 |
| Mercedes-Benz Group AG | 67967 | 4711615 |
| MTU Aero Engines AG | 2932 | 1215397 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Muenchener <br> Rueckversicherungs-Gesellschaft <br> AG | 12326 | $8111574 |
| Nemetschek SE | 785 | 84929 |
| Rheinmetall AG | 3384 | 6173753 |
| RWE AG | 53871 | 2854455 |
| SAP SE | 78214 | 19003543 |
| Siemens AG | 61317 | 17173458 |
| Siemens Energy AG\* | 55866 | 7837363 |
| Siemens Healthineers AG 144A | 25788 | 1351746 |
| Symrise AG | 6729 | 545194 |
| Vonovia SE | 55737 | 1604076 |
| Zalando SE 144A\* | 10454 | 308467 |
|  |  | 144176766 |
| **Hong Kong — 1.6%** | **Hong Kong — 1.6%** |  |
| AIA Group, Ltd. | 822600 | 8467099 |
| BOC Hong Kong Holdings, Ltd. | 214500 | 1088586 |
| CK Asset Holdings, Ltd. | 161057 | 814447 |
| CLP Holdings, Ltd. | 156000 | 1395405 |
| Futu Holdings, Ltd. ADR | 2522 | 414138 |
| Hang Seng Bank, Ltd. | 34300 | 676656 |
| Henderson Land Development Co., <br> Ltd.Δ | 71275 | 258107 |
| HKT Trust & HKT, Ltd. | 289000 | 427939 |
| Hong Kong & China Gas Co., Ltd. | 562138 | 506754 |
| Hong Kong Exchanges and Clearing, <br> Ltd. | 127197 | 6655119 |
| Link REIT | 167091 | 746065 |
| MTR Corporation, Ltd.Δ | 183463 | 702650 |
| Power Assets Holdings, Ltd. | 86500 | 612959 |
| Sino Land Co., Ltd. | 372135 | 489673 |
| SITC International Holdings Co., Ltd. | 59000 | 211125 |
| Sun Hung Kai Properties, Ltd. | 109500 | 1333304 |
| Swire Pacific, Ltd. Class AΔ | 22500 | 181380 |
| Techtronic Industries Co., Ltd. | 71500 | 822474 |
| WH Group, Ltd. 144A | 585591 | 652357 |
| Wharf Real Estate Investment Co., <br> Ltd. | 115000 | 363467 |
|  |  | 26819704 |
| **Indonesia — 0.1%** | **Indonesia — 0.1%** |  |
| Hongkong Land Holdings, Ltd. | 52200 | 362619 |
| Jardine Matheson Holdings, Ltd. | 13200 | 900837 |
|  |  | 1263456 |
| **Ireland — 0.5%** | **Ireland — 0.5%** |  |
| Bank of Ireland Group PLC | 80800 | 1545325 |
| DCC PLC | 5616 | 349870 |
| Kerry Group PLC Class A | 15874 | 1450609 |
| Kingspan Group PLC | 13457 | 1159576 |
| Ryanair Holdings PLC | 90853 | 3132393 |
|  |  | 7637773 |
| **Israel — 0.9%** | **Israel — 0.9%** |  |
| Azrieli Group, Ltd. | 1239 | 140473 |
| Bank Hapoalim BM | 126213 | 2854568 |
| Bank Leumi Le-Israel BM | 172431 | 3799984 |

---

See Notes to Financial Statements.

**241**

------

**INTERNATIONAL EQUITY INDEX FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Check Point Software Technologies, <br> Ltd.\* | 11172 | $2073076 |
| CyberArk Software, Ltd.\* | 4881 | 2177219 |
| Elbit Systems, Ltd. | 1618 | 928936 |
| ICL Group, Ltd.Δ | 5905 | 33956 |
| Israel Discount Bank, Ltd. Class A | 112953 | 1199509 |
| Mizrahi Tefahot Bank, Ltd. | 11154 | 779299 |
| Nice, Ltd.\* | 3728 | 421402 |
| Wix.com, Ltd.Δ\* | 2346 | 243726 |
|  |  | 14652148 |
| **Italy — 2.7%** | **Italy — 2.7%** |  |
| Banca Monte dei Paschi di Siena SpA | 54087 | 575875 |
| Enel SpA | 710480 | 7387099 |
| Eni SpA | 220136 | 4172925 |
| FinecoBank Banca Fineco SpA | 27715 | 718083 |
| Generali | 104358 | 4360956 |
| Infrastrutture Wireless Italiane SpA <br> 144A | 26318 | 243552 |
| Intesa Sanpaolo SpA | 1280817 | 8850582 |
| Moncler SpA | 42849 | 2738918 |
| Nexi SpA 144AΔ | 24702 | 121754 |
| Poste Italiane SpA 144A | 25999 | 652676 |
| Prysmian SpA | 26108 | 2604465 |
| Recordati Industria Chimica e <br> Farmaceutica SpA | 16364 | 928965 |
| Snam SpA | 116668 | 775244 |
| Terna - Rete Elettrica Nazionale | 90920 | 967271 |
| UniCredit SpA | 115651 | 9578992 |
|  |  | 44677357 |
| **Japan — 21.1%** | **Japan — 21.1%** |  |
| Advantest Corporation | 72600 | 9180119 |
| Aeon Co., Ltd.Δ | 158400 | 2502264 |
| AGC, Inc. | 9300 | 308423 |
| Aisin Corporation | 10800 | 202352 |
| Ajinomoto Co., Inc. | 97600 | 2063264 |
| Asahi Kasei Corporation | 49000 | 435549 |
| Asics Corporation | 70000 | 1680453 |
| Bandai Namco Holdings, Inc.Δ | 35400 | 942209 |
| Bridgestone CorporationΔ | 82600 | 1858441 |
| Canon, Inc.Δ | 66900 | 1979478 |
| Capcom Co., Ltd.Δ | 35200 | 817662 |
| Central Japan Railway Co. | 36500 | 1011050 |
| Chugai Pharmaceutical Co., Ltd.Δ | 93800 | 4920895 |
| Dai Nippon Printing Co., Ltd. | 23000 | 395922 |
| Daifuku Co., Ltd.Δ | 14100 | 443807 |
| Dai-ichi Life Holdings, Inc. | 198400 | 1648817 |
| Daiichi Sankyo Co., Ltd. | 197500 | 4193825 |
| Daikin Industries, Ltd. | 19900 | 2545047 |
| Daito Trust Construction Co., Ltd. | 17500 | 333235 |
| Daiwa House Industry Co., Ltd. | 127200 | 4225434 |
| Denso Corporation | 118000 | 1629830 |
| Disco Corporation | 7700 | 2345900 |
| East Japan Railway Co. | 51900 | 1367922 |
| Eisai Co., Ltd.Δ | 27700 | 822437 |
| ENEOS Holdings, Inc. | 106250 | 751730 |
| FANUC Corporation | 55000 | 2140367 |
| Fast Retailing Co., Ltd. | 19000 | 6889177 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Fuji Electric Co., Ltd. | 5000 | $379175 |
| FUJIFILM Holdings Corporation | 64500 | 1368588 |
| Fujikura, Ltd.Δ | 25000 | 2772386 |
| Fujitsu, Ltd. | 132800 | 3649731 |
| Hankyu Hanshin Holdings, Inc.Δ | 14100 | 354625 |
| Hikari Tsushin, Inc. | 1200 | 336239 |
| Hitachi, Ltd. | 385000 | 12074205 |
| Honda Motor Co., Ltd. | 451800 | 4434269 |
| Hoya Corporation | 41700 | 6324622 |
| IHI CorporationΔ | 100000 | 1758059 |
| Inpex CorporationΔ | 52800 | 1056028 |
| Isuzu Motors, Ltd.Δ | 25100 | 391739 |
| ITOCHU CorporationΔ | 456500 | 5768705 |
| Japan Exchange Group, Inc. | 51600 | 550756 |
| Japan Post Bank Co., Ltd. | 120000 | 1689249 |
| Japan Post Holdings Co., Ltd. | 105100 | 1108953 |
| JFE Holdings, Inc. | 24900 | 317447 |
| Kajima Corporation | 35000 | 1305063 |
| Kansai Electric Power Co., Inc. <br> (The)Δ | 36900 | 579503 |
| Kao Corporation | 54100 | 2159215 |
| KDDI CorporationΔ | 280000 | 4846157 |
| Keyence Corporation | 15200 | 5498220 |
| Kobe Bussan Co., Ltd.Δ | 8600 | 207008 |
| Komatsu, Ltd. | 54200 | 1719899 |
| Konami Holdings CorporationΔ | 5500 | 746940 |
| Kubota CorporationΔ | 52500 | 743960 |
| Kyocera CorporationΔ | 75600 | 1059814 |
| Kyowa Kirin Co., Ltd.Δ | 87100 | 1401849 |
| Lasertec CorporationΔ | 4200 | 800279 |
| LY Corporation | 129000 | 343262 |
| M3, Inc.Δ | 36000 | 484302 |
| Marubeni Corporation | 83500 | 2325475 |
| MatsukiyoCocokara & Co.Δ | 27000 | 467467 |
| MINEBEA MITSUMI, Inc.Δ | 14700 | 295787 |
| Mitsubishi Chemical Group <br> Corporation | 63200 | 369950 |
| Mitsubishi Corporation | 291900 | 6676537 |
| Mitsubishi Electric Corporation | 183700 | 5356115 |
| Mitsubishi Estate Co., Ltd. | 66800 | 1622914 |
| Mitsubishi Heavy Industries, Ltd. | 273200 | 6669479 |
| Mitsubishi UFJ Financial Group, Inc. | 890700 | 14136366 |
| Mitsui & Co., Ltd. | 163200 | 4846606 |
| Mitsui Fudosan Co., Ltd. | 157200 | 1786464 |
| Mitsui OSK Lines, Ltd.Δ | 11300 | 339728 |
| Mizuho Financial Group, Inc. | 182590 | 6663542 |
| MonotaRO Co., Ltd.Δ | 11900 | 189486 |
| MS&AD Insurance Group Holdings, <br> Inc. | 72600 | 1704432 |
| Murata Manufacturing Co., Ltd.Δ | 100800 | 2083330 |
| NEC Corporation | 118000 | 3992590 |
| Nexon Co., Ltd. | 24400 | 596007 |
| Nidec CorporationΔ | 45600 | 619158 |
| Nintendo Co., Ltd.Δ | 96000 | 6481399 |
| Nippon Building Fund, Inc. REITΔ | 345 | 314445 |
| Nippon Paint Holdings Co., Ltd.Δ | 41100 | 275195 |
| Nippon Sanso Holdings CorporationΔ | 8800 | 262892 |
| Nippon Steel Corporation | 227000 | 928896 |

---

**242**

See Notes to Financial Statements.

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Nippon Yusen KK | 25500 | $825985 |
| Nissan Motor Co., Ltd.\* | 112800 | 280300 |
| Nitori Holdings Co., Ltd.Δ | 20000 | 349083 |
| Nitto Denko CorporationΔ | 35500 | 845245 |
| Nomura Holdings, Inc. | 229400 | 1911010 |
| Nomura Research Institute, Ltd. | 18157 | 690958 |
| NTT, Inc. | 1725000 | 1741372 |
| Obic Co., Ltd. | 18000 | 564996 |
| Olympus CorporationΔ | 139900 | 1773828 |
| Oracle Corporation | 700 | 58834 |
| Oriental Land Co., Ltd.Δ | 82400 | 1524399 |
| ORIX Corporation | 102600 | 3000771 |
| Osaka Gas Co., Ltd. | 15000 | 521203 |
| Otsuka Corporation | 13800 | 284357 |
| Otsuka Holdings Co., Ltd. | 61000 | 3450113 |
| Pan Pacific International Holdings <br> Corporation | 94000 | 559949 |
| Panasonic Holdings Corporation | 133300 | 1728107 |
| Recruit Holdings Co., Ltd. | 117000 | 6574415 |
| Renesas Electronics CorporationΔ | 94400 | 1292983 |
| Resona Holdings, Inc. | 156600 | 1490475 |
| SBI Holdings, Inc. | 18800 | 405140 |
| SCREEN Holdings Co., Ltd.Δ | 4000 | 389617 |
| Secom Co., Ltd. | 25000 | 888355 |
| Sekisui House, Ltd.Δ | 33600 | 749725 |
| Seven & i Holdings Co., Ltd.Δ | 215100 | 3090345 |
| SG Holdings Co., Ltd.Δ | 13100 | 119885 |
| Shimadzu CorporationΔ | 12300 | 327446 |
| Shimano, Inc. | 3600 | 376456 |
| Shin-Etsu Chemical Co., Ltd. | 154800 | 4808267 |
| Shionogi & Co., Ltd. | 231600 | 4191919 |
| Shiseido Co., Ltd.Δ | 35800 | 520994 |
| SMC CorporationΔ | 3300 | 1141803 |
| SoftBank CorporationΔ | 2711800 | 3723188 |
| SoftBank Group Corporation | 390400 | 10952023 |
| Sompo Holdings, Inc. | 67800 | 2301282 |
| Sony Financial Group, Inc.\* | 521000 | 552132 |
| Sony Group Corporation | 521000 | 13364165 |
| Subaru Corporation | 32200 | 693305 |
| Sumitomo Corporation | 197800 | 6846353 |
| Sumitomo Electric Industries, Ltd. | 65100 | 2622051 |
| Sumitomo Metal Mining Co., Ltd. | 10900 | 436475 |
| Sumitomo Mitsui Financial Group, <br> Inc. | 299600 | 9635560 |
| Sumitomo Mitsui Trust Group, Inc. | 112900 | 3440612 |
| Sumitomo Realty & Development <br> Co., Ltd.Δ | 19200 | 482034 |
| Suntory Beverage & Food, Ltd.Δ | 26700 | 802964 |
| Suzuki Motor CorporationΔ | 84600 | 1265233 |
| Sysmex CorporationΔ | 43500 | 427179 |
| T&D Holdings, Inc.Δ | 22500 | 519371 |
| Taisei Corporation | 13300 | 1260453 |
| Takeda Pharmaceutical Co., Ltd. | 208236 | 6468907 |
| TDK Corporation | 112900 | 1597281 |
| Terumo Corporation | 190200 | 2764590 |
| TIS, Inc.Δ | 14800 | 497215 |
| Tokio Marine Holdings, Inc. | 150500 | 5563399 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Tokyo Electron, Ltd. | 35500 | $7906822 |
| Tokyo Gas Co., Ltd. | 23400 | 927681 |
| Tokyu Corporation | 27000 | 315536 |
| TOPPAN Holdings, Inc. | 15000 | 445900 |
| Toyota Industries CorporationΔ | 12300 | 1394409 |
| Toyota Motor Corporation | 838480 | 18008117 |
| Toyota Tsusho Corporation | 30000 | 1011576 |
| Trend Micro, Inc.Δ | 8500 | 353024 |
| Unicharm CorporationΔ | 78900 | 450814 |
| Yamaha Motor Co., Ltd.Δ | 42900 | 318159 |
| Yokogawa Electric CorporationΔ | 22800 | 731209 |
| ZOZO, Inc.Δ | 17100 | 141021 |
|  |  | 347568491 |
| **Jersey — 0.5%** | **Jersey — 0.5%** |  |
| Experian PLC | 81013 | 3652599 |
| Glencore PLC\* | 868456 | 4747556 |
|  |  | 8400155 |
| **Luxembourg — 0.1%** | **Luxembourg — 0.1%** |  |
| ArcelorMittal SA | 34529 | 1585555 |
| Eurofins Scientific SE | 12824 | 937799 |
|  |  | 2523354 |
| **Netherlands — 6.2%** | **Netherlands — 6.2%** |  |
| Adyen NV 144A\* | 2167 | 3494450 |
| AerCap Holdings NV | 9818 | 1411436 |
| Airbus SE | 53921 | 12521751 |
| Akzo Nobel NV | 10566 | 735188 |
| Argenx SE\* | 8029 | 6772814 |
| ASM International NV | 2646 | 1601876 |
| ASML Holding NV | 31091 | 33501183 |
| Euronext NV 144A | 4841 | 727205 |
| EXOR NV | 6301 | 535234 |
| Ferrari NV | 10866 | 4037961 |
| Ferrovial SE | 42237 | 2736565 |
| IMCD NV | 2480 | 225091 |
| ING Groep NV | 275643 | 7747839 |
| JDE Peet's NV | 20956 | 783711 |
| Koninklijke Ahold Delhaize NV | 89313 | 3662449 |
| Koninklijke KPN NV | 184467 | 861962 |
| Koninklijke Philips NV | 94563 | 2574875 |
| Magnum Ice Cream Co. NV (The)Δ\* | 42644 | 676850 |
| NN Group NV | 16401 | 1265249 |
| Prosus NV\* | 109409 | 6774494 |
| QIAGEN NV\* | 24055 | 1093948 |
| Stellantis NV | 165970 | 1817489 |
| STMicroelectronics NV | 37246 | 973429 |
| Tenaris SA | 20000 | 385917 |
| Universal Music Group NVΔ | 109973 | 2866979 |
| Wolters Kluwer NV | 18771 | 1944235 |
|  |  | 101730180 |
| **New Zealand — 0.2%** | **New Zealand — 0.2%** |  |
| Auckland International Airport, Ltd. | 83499 | 400461 |
| Fisher & Paykel Healthcare <br> Corporation, Ltd. | 80139 | 1741175 |

---

See Notes to Financial Statements.

**243**

------

**INTERNATIONAL EQUITY INDEX FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Xero, Ltd.\* | 7519 | $569594 |
|  |  | 2711230 |
| **Norway — 0.6%** | **Norway — 0.6%** |  |
| Aker BP ASA | 14477 | 368384 |
| DNB Bank ASA | 92517 | 2577596 |
| Equinor ASA | 113781 | 2683164 |
| Gjensidige Forsikring ASA | 8027 | 239914 |
| Kongsberg Gruppen ASA | 14775 | 378613 |
| Mowi ASA | 33947 | 816593 |
| Norsk Hydro ASA | 67659 | 522272 |
| Orkla ASA | 106700 | 1188183 |
| Salmar ASA | 6863 | 419454 |
| Telenor ASA | 21933 | 319003 |
| Yara International ASA | 10434 | 426980 |
|  |  | 9940156 |
| **Portugal — 0.2%** | **Portugal — 0.2%** |  |
| EDP SA | 454225 | 2092065 |
| Galp Energia SGPS SA | 27004 | 465018 |
| Jeronimo Martins SGPS SA | 19382 | 461221 |
|  |  | 3018304 |
| **Singapore — 1.5%** | **Singapore — 1.5%** |  |
| CapitaLand Ascendas REIT | 157957 | 347280 |
| CapitaLand Integrated Commercial <br> Trust REIT | 455174 | 844824 |
| Capitaland Investment, Ltd. | 174460 | 367156 |
| DBS Group Holdings, Ltd. | 143506 | 6286231 |
| Grab Holdings, Ltd. Class A\* | 55000 | 274450 |
| Keppel, Ltd. | 84500 | 679352 |
| Oversea-Chinese Banking <br> Corporation, Ltd. | 265140 | 4073405 |
| Sea, Ltd. ADR\* | 28281 | 3607807 |
| Singapore Airlines, Ltd. | 190850 | 947564 |
| Singapore Exchange, Ltd. | 108000 | 1421705 |
| Singapore Telecommunications, Ltd. | 754500 | 2669420 |
| United Overseas Bank, Ltd. | 116959 | 3185440 |
| Wilmar International, Ltd. | 258000 | 617047 |
|  |  | 25321681 |
| **Spain — 3.6%** | **Spain — 3.6%** |  |
| Acciona SA | 827 | 179988 |
| ACS Actividades de Construccion y <br> Servicios SA | 10883 | 1080305 |
| Aena SME SA 144A | 89300 | 2495119 |
| Amadeus IT Group SA | 50674 | 3750436 |
| Banco Bilbao Vizcaya Argentaria SA | 426478 | 10003989 |
| Banco Santander SA | 1246523 | 14672188 |
| CaixaBank SA | 262455 | 3208808 |
| Cellnex Telecom SA 144AΔ\* | 28971 | 932914 |
| EDP Renovaveis SA | 19340 | 273125 |
| Endesa SA | 13556 | 487967 |
| Grifols SAΔ | 31106 | 388815 |
| Iberdrola SAΔ | 490706 | 10625452 |
| Industria de Diseno Textil SA | 97714 | 6445674 |
| Redeia Corporation SA | 23715 | 422762 |
| Repsol SAΔ | 122755 | 2290415 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Telefonica SA | 320126 | $1314102 |
|  |  | 58572059 |
| **Sweden — 2.9%** | **Sweden — 2.9%** |  |
| Alfa Laval AB | 14717 | 737930 |
| Assa Abloy AB, B Shares | 75283 | 2908247 |
| Atlas Copco AB, A Shares | 262207 | 4667961 |
| Atlas Copco AB, B Shares | 218000 | 3485104 |
| Boliden AB\* | 12271 | 679768 |
| Epiroc AB, A Shares | 46862 | 1056358 |
| EQT AB | 12795 | 499850 |
| Essity AB, B Shares | 59852 | 1720827 |
| Fastighets AB Balder, B Shares\* | 28806 | 212626 |
| H & M Hennes & Mauritz AB, B <br> Shares | 42435 | 850562 |
| Hexagon AB, B Shares | 134111 | 1579654 |
| Industrivarden AB, A Shares | 12534 | 561502 |
| Industrivarden AB, C SharesΔ | 18571 | 831299 |
| Investment AB Latour, B Shares | 9171 | 222807 |
| Investor AB, B Shares | 188911 | 6731956 |
| L E Lundbergforetagen AB, B Shares | 5888 | 325085 |
| Nibe Industrier AB, B SharesΔ | 74413 | 284435 |
| Sagax AB, B Shares | 11741 | 251116 |
| Sandvik AB | 81379 | 2628631 |
| Securitas AB, B Shares | 23710 | 377063 |
| Skandinaviska Enskilda Banken AB, <br> A Shares | 129780 | 2736242 |
| Skanska AB, B Shares | 13311 | 362703 |
| SKF AB, B Shares | 17959 | 475354 |
| Svenska Cellulosa AB SCA, B <br> SharesΔ | 49432 | 655559 |
| Svenska Handelsbanken AB, A Shares | 80926 | 1172419 |
| Swedbank AB, A Shares | 61659 | 2139262 |
| Swedish Orphan Biovitrum AB\* | 26881 | 964681 |
| Tele2 AB, B Shares | 37286 | 624786 |
| Telefonaktiebolaget LM Ericsson, B <br> Shares | 286228 | 2785582 |
| Telia Co. AB | 126527 | 540772 |
| Volvo AB, B Shares | 150875 | 4801542 |
|  |  | 47871683 |
| **Switzerland — 9.4%** | **Switzerland — 9.4%** |  |
| ABB, Ltd. | 132321 | 9754380 |
| Alcon AG | 56754 | 4490837 |
| Barry Callebaut AGΔ | 404 | 660504 |
| Chocoladefabriken Lindt & Spruengli <br> AG | 331 | 4836531 |
| Chocoladefabriken Lindt & Spruengli <br> AG (Swiss Exchange) | 8 | 1173248 |
| Cie Financiere Richemont SA | 40877 | 8815168 |
| Coca-Cola HBC AG CDI\* | 53299 | 2757348 |
| DSM-Firmenich AG | 10715 | 864378 |
| EMS-Chemie Holding AG | 227 | 156592 |
| Galderma Group AG | 12000 | 2443594 |
| Geberit AG | 3229 | 2507715 |
| Givaudan SA | 796 | 3149175 |
| Holcim, Ltd.\* | 44626 | 4344355 |

---

**244**

See Notes to Financial Statements.

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Julius Baer Group, Ltd. | 11052 | $863502 |
| Kuehne + Nagel International AG | 1928 | 413470 |
| Logitech International SA | 9124 | 926251 |
| Lonza Group AG | 11846 | 7986809 |
| Nestle SA | 210778 | 20921639 |
| Partners Group Holding AG | 3003 | 3684626 |
| Roche Holding AG | 64691 | 26715460 |
| Roche Holding AG (Swiss Exchange) | 12102 | 5110507 |
| Sandoz Group AG | 64284 | 4667415 |
| SGS SA | 15138 | 1736446 |
| Sika AG | 16441 | 3337942 |
| Sonova Holding AG | 4000 | 1034667 |
| Straumann Holding AGΔ | 13370 | 1561669 |
| Swiss Life Holding AG | 2532 | 2916471 |
| Swiss Re AG | 27099 | 4514413 |
| UBS Group AG | 286904 | 13247678 |
| VAT Group AG 144A | 1112 | 533871 |
| Zurich Insurance Group AG | 12183 | 9218909 |
|  |  | 155345570 |
| **United Kingdom — 13.6%** | **United Kingdom — 13.6%** |  |
| 3i Group PLC | 96813 | 4245138 |
| Admiral Group PLC | 28048 | 1199834 |
| Anglo American PLC | 85589 | 3540177 |
| Antofagasta PLC | 23560 | 1034885 |
| Ashtead Group PLC | 45479 | 3100722 |
| Associated British Foods PLC | 48376 | 1381780 |
| Auto Trader Group PLC 144A | 54162 | 427304 |
| Aviva PLC | 268579 | 2469564 |
| BAE Systems PLC | 272243 | 6265689 |
| Barclays PLC | 1098843 | 7033837 |
| Barratt Redrow PLC | 90118 | 462953 |
| BP PLC | 1419495 | 8278445 |
| BT Group PLC | 603308 | 1494661 |
| Bunzl PLC | 26142 | 729989 |
| Centrica PLC | 350000 | 798021 |
| CK Hutchison Holdings, Ltd. | 212500 | 1444673 |
| CK Infrastructure Holdings, Ltd. | 35000 | 259358 |
| Coca-Cola Europacific Partners PLC | 46506 | 4218094 |
| Compass Group PLC | 173434 | 5495266 |
| Haleon PLC | 931639 | 4707928 |
| Halma PLC | 38546 | 1829581 |
| Hikma Pharmaceuticals PLC | 171485 | 3574938 |
| HSBC Holdings PLC | 1466177 | 23071677 |
| Informa PLC | 137112 | 1626865 |
| InterContinental Hotels Group PLC | 22571 | 3171876 |
| Intertek Group PLC | 16272 | 1009134 |
| J Sainsbury PLC | 118172 | 517692 |
| JD Sports Fashion PLC | 259615 | 294270 |
| Kingfisher PLC | 252818 | 1064251 |
| Land Securities Group PLC REIT | 93472 | 781573 |
| Legal & General Group PLC | 432169 | 1521060 |
| Lloyds Banking Group PLC | 6085048 | 8048781 |
| London Stock Exchange Group PLC | 45951 | 5527378 |
| M&G PLC | 174268 | 670899 |
| National Grid PLC | 510129 | 7824605 |
| NatWest Group PLC | 841433 | 7381289 |
| Next PLC | 15694 | 2889268 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Pearson PLC | 41042 | $580294 |
| Phoenix Group Holdings PLC | 52209 | 516861 |
| Prudential PLC | 209227 | 3218556 |
| Reckitt Benckiser Group PLC | 86635 | 7010448 |
| RELX PLC | 187773 | 7564778 |
| Rentokil Initial PLC | 164319 | 980408 |
| Rio Tinto PLC | 108199 | 8715543 |
| Rolls-Royce Holdings PLC | 802696 | 12414267 |
| Sage Group PLC (The) | 115730 | 1683234 |
| Schroders PLC | 111805 | 611178 |
| Segro PLC REIT | 82405 | 798351 |
| Severn Trent PLC | 25238 | 947714 |
| Shell PLC | 490445 | 18074004 |
| Smith & Nephew PLC | 86838 | 1444199 |
| Smiths Group PLC | 48466 | 1532992 |
| Spirax Group PLC | 6430 | 587683 |
| SSE PLC | 93689 | 2746767 |
| Standard Chartered PLC | 147424 | 3597211 |
| Tesco PLC | 610319 | 3629463 |
| Unilever PLC | 189531 | 12383423 |
| United Utilities Group PLC | 72451 | 1164029 |
| Vodafone Group PLC | 1987411 | 2649238 |
| Whitbread PLC | 28617 | 980853 |
|  |  | 223224949 |
| **Total Foreign Common Stocks** <br> (Cost $1,099,867,413) | **Total Foreign Common Stocks** <br> (Cost $1,099,867,413) | 1538398528 |
| **FOREIGN PREFERRED STOCKS — 0.3%** | **FOREIGN PREFERRED STOCKS — 0.3%** | **FOREIGN PREFERRED STOCKS — 0.3%** |
| **Germany — 0.3%** | **Germany — 0.3%** |  |
| Bayerische <br> MotorenWerke AG <br> 4.71%◊<br>| 7785 | 829573 |
| Dr. Ing hc F Porsche <br> AG 3.25% 144A◊<br>| 6210 | 330759 |
| Henkel AG & Co. <br> KGaA 2.92%◊<br>| 13912 | 1135008 |
| Porsche Automobil <br> Holding SE <br> 4.80%◊<br>| 6933 | 323462 |
| Sartorius AG 0.30%◊ | 2399 | 690827 |
| Volkswagen AG <br> 6.11%◊<br>| 11005 | 1343037 |
| **Total Foreign Preferred Stocks** <br> (Cost $5,328,663) | **Total Foreign Preferred Stocks** <br> (Cost $5,328,663) | 4652666 |
| **MONEY MARKET FUNDS — 7.3%** | **MONEY MARKET FUNDS — 7.3%** | **MONEY MARKET FUNDS — 7.3%** |
| Northern Institutional Liquid Assets <br> Portfolio (Shares), 3.81%Ø§ | 42797874 | 42797874 |
| GuideStone Money Market Fund, <br> 3.69% <br> (Institutional Class)Ø∞ | 77718623 | 77718623 |
| **Total Money Market Funds** <br> (Cost $120,516,497) | **Total Money Market Funds** <br> (Cost $120,516,497) | 120516497 |
| **TOTAL INVESTMENTS** — **101.7%** <br> (Cost $1,233,719,826) |  | 1672629706 |
| **Liabilities in Excess of Other**<br> **Assets — (1.7)%** |  | (28639768)<br>|
| **NET ASSETS — 100.0%** |  | $1643989938 |

---

See Notes to Financial Statements.

**245**

------

**INTERNATIONAL EQUITY INDEX FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

Futures Contracts outstanding at December 31, 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 | 03/2026 | &nbsp;&nbsp;&nbsp; 619 | &nbsp;&nbsp;&nbsp; $89819995 | &nbsp;&nbsp;&nbsp; $390227 |

---

**VALUATION HIERARCHY**

The following is a summary of the inputs used, as of December 31, 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; $8142716 | &nbsp;&nbsp; $8142716 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Financials | &nbsp;&nbsp; 919299 | &nbsp;&nbsp; — | &nbsp;&nbsp; 919299 | &nbsp;&nbsp; — |
| Total Common Stocks | &nbsp;&nbsp; 9062015 | &nbsp;&nbsp; 8142716 | &nbsp;&nbsp; 919299 | &nbsp;&nbsp; — |
| Foreign Common Stocks: |  |  |  |  |
| Hong Kong | &nbsp;&nbsp; 26819704 | &nbsp;&nbsp; 1027097 | &nbsp;&nbsp; 25792607 | &nbsp;&nbsp; — |
| Israel | &nbsp;&nbsp; 14652148 | &nbsp;&nbsp; 4494021 | &nbsp;&nbsp; 10158127 | &nbsp;&nbsp; — |
| Japan | &nbsp;&nbsp; 347568491 | &nbsp;&nbsp; 1590298 | &nbsp;&nbsp; 345978193 | &nbsp;&nbsp; — |
| Netherlands | &nbsp;&nbsp; 101730180 | &nbsp;&nbsp; 2088286 | &nbsp;&nbsp; 99641894 | &nbsp;&nbsp; — |
| New Zealand | &nbsp;&nbsp; 2711230 | &nbsp;&nbsp; 400461 | &nbsp;&nbsp; 2310769 | &nbsp;&nbsp; — |
| Singapore | &nbsp;&nbsp; 25321681 | &nbsp;&nbsp; 3882257 | &nbsp;&nbsp; 21439424 | &nbsp;&nbsp; — |
| Spain | &nbsp;&nbsp; 58572059 | &nbsp;&nbsp; 487967 | &nbsp;&nbsp; 58084092 | &nbsp;&nbsp; — |
| Switzerland | &nbsp;&nbsp; 155345570 | &nbsp;&nbsp; 1736446 | &nbsp;&nbsp; 153609124 | &nbsp;&nbsp; — |
| United Kingdom | &nbsp;&nbsp; 223224949 | &nbsp;&nbsp; 4735786 | &nbsp;&nbsp; 218489163 | &nbsp;&nbsp; — |
| Other<sup>^^</sup> <br>| &nbsp;&nbsp; 582452516 | &nbsp;&nbsp; — | &nbsp;&nbsp; 582452516 | &nbsp;&nbsp; — |
| Total Foreign Common Stocks | &nbsp;&nbsp; 1538398528 | &nbsp;&nbsp; 20442619 | &nbsp;&nbsp; 1517955909 | &nbsp;&nbsp; — |
| Foreign Preferred Stocks | &nbsp;&nbsp; 4652666 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4652666 | &nbsp;&nbsp; — |
| Money Market Funds | &nbsp;&nbsp; 120516497 | &nbsp;&nbsp; 120516497 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Total Assets - Investments in Securities** | &nbsp;&nbsp; $1672629706 | &nbsp;&nbsp; $149101832 | &nbsp;&nbsp; $1523527874 | &nbsp;&nbsp; $— |
| **Other Financial Instruments\*\*\*** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; $390227 | &nbsp;&nbsp; $390227 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| **Total Assets - Other Financial Instruments** | &nbsp;&nbsp; $390227 | &nbsp;&nbsp; $390227 | &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>|

---

**246**

See Notes to Financial Statements.

------

**INTERNATIONAL EQUITY FUND**

**SCHEDULE OF INVESTMENTS**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS — 2.7%** | **COMMON STOCKS — 2.7%** | **COMMON STOCKS — 2.7%** |
| **Communication Services — 0.4%** | **Communication Services — 0.4%** |  |
| Spotify Technology SA\* | 10110 | $5870978 |
| **Consumer Discretionary — 0.6%** | **Consumer Discretionary — 0.6%** |  |
| Coupang, Inc.\* | 197882 | 4668036 |
| MercadoLibre, Inc.\* | 2152 | 4334688 |
|  |  | 9002724 |
| **Financials — 1.4%** | **Financials — 1.4%** |  |
| Arch Capital Group, Ltd.\* | 54448 | 5222652 |
| Axis Capital Holdings, Ltd. | 55909 | 5987295 |
| Everest Group, Ltd. | 31254 | 10606045 |
|  |  | 21815992 |
| **Industrials — 0.3%** | **Industrials — 0.3%** |  |
| Ferguson Enterprises, Inc. | 19187 | 4271602 |
| **Total Common Stocks** <br> (Cost $33,288,400) | **Total Common Stocks** <br> (Cost $33,288,400) | 40961296 |
| **FOREIGN COMMON STOCKS — 90.5%** | **FOREIGN COMMON STOCKS — 90.5%** | **FOREIGN COMMON STOCKS — 90.5%** |
| **Australia — 2.0%** | **Australia — 2.0%** |  |
| ANZ Group Holdings, Ltd. | 132137 | 3194757 |
| BHP Group, Ltd. | 110735 | 3341886 |
| Challenger, Ltd. | 152445 | 954542 |
| Commonwealth Bank of Australia | 21442 | 2288699 |
| Computershare, Ltd. | 16030 | 363297 |
| Evolution Mining, Ltd. | 263062 | 2201498 |
| IGO, Ltd.\* | 353094 | 1924308 |
| JB Hi-Fi, Ltd. | 19951 | 1277107 |
| Macquarie Group, Ltd. | 12028 | 1625346 |
| Mirvac Group REIT | 153952 | 209849 |
| Northern Star Resources, Ltd. | 145114 | 2553666 |
| Pro Medicus, Ltd. | 6660 | 978109 |
| Qantas Airways, Ltd. | 55581 | 383992 |
| QBE Insurance Group, Ltd. | 155432 | 2057834 |
| Rio Tinto, Ltd. | 2838 | 276863 |
| Santos, Ltd. | 35805 | 147058 |
| Scentre Group REIT | 109087 | 304940 |
| South32, Ltd. | 544183 | 1288139 |
| Stockland REIT | 750484 | 2861380 |
| Suncorp Group, Ltd. | 88868 | 1043230 |
| Technology One, Ltd. | 6723 | 124688 |
| Worley, Ltd. | 71936 | 600724 |
|  |  | 30001912 |
| **Austria — 0.5%** | **Austria — 0.5%** |  |
| BAWAG Group AG 144A\* | 33288 | 5013636 |
| Erste Group Bank AG | 20154 | 2416655 |
|  |  | 7430291 |
| **Belgium — 0.9%** | **Belgium — 0.9%** |  |
| KBC Group NV | 63281 | 8241467 |
| UCB SA | 18704 | 5211432 |
|  |  | 13452899 |
| **Brazil — 0.3%** | **Brazil — 0.3%** |  |
| NU Holdings, Ltd. Class A\* | 295511 | 4946854 |
| **Canada — 3.0%** | **Canada — 3.0%** |  |
| Agnico Eagle Mines, Ltd. | 22172 | 3758819 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Barrick Mining Corporation | 30245 | $1317510 |
| Canadian National Railway Co. | 67600 | 6682260 |
| Canadian Natural Resources, Ltd. | 96723 | 3276130 |
| Canadian Pacific Kansas City, Ltd. | 70711 | 5206451 |
| First Quantum Minerals, Ltd.\* | 28677 | 768871 |
| Ivanhoe Mines, Ltd. Class A\* | 22808 | 259395 |
| Kinross Gold Corporation | 4898 | 137960 |
| Lundin Mining Corporation | 45896 | 986436 |
| Methanex Corporation | 12919 | 512412 |
| Shopify, Inc. Class A\* | 38598 | 6213120 |
| Toronto-Dominion Bank (The) | 140749 | 13265302 |
| Waste Connections, Inc. | 17190 | 3014438 |
|  |  | 45399104 |
| **Denmark — 0.4%** | **Denmark — 0.4%** |  |
| AP Moeller - Maersk A/S Class B | 360 | 826039 |
| Danske Bank A/S | 51356 | 2564528 |
| DSV A/S | 3764 | 947988 |
| Genmab A/S\* | 1041 | 322693 |
| ISS A/S | 19269 | 656490 |
| Pandora A/S | 11259 | 1245088 |
| Zealand Pharma A/S\* | 2223 | 161506 |
|  |  | 6724332 |
| **Finland — 1.1%** | **Finland — 1.1%** |  |
| Kone OYJ Class B | 160298 | 11355984 |
| Nordea Bank Abp | 81710 | 1537313 |
| Sampo OYJ Class A | 176658 | 2137353 |
| Wartsila OYJ Abp | 31997 | 1132842 |
|  |  | 16163492 |
| **France — 11.1%** | **France — 11.1%** |  |
| Accor SA | 25504 | 1437825 |
| Air Liquide SA | 61412 | 11542630 |
| Arkema SA | 9048 | 551419 |
| Ayvens SA 144A | 114906 | 1538020 |
| BNP Paribas SA | 159351 | 15075728 |
| Bureau Veritas SAΔ | 289249 | 9201830 |
| Capgemini SE | 100467 | 16682370 |
| Cie de Saint-Gobain SA | 23818 | 2422098 |
| Cie Generale des Etablissements <br> Michelin SCA | 79265 | 2627333 |
| Danone SA | 85161 | 7681446 |
| Engie SA | 572965 | 15051420 |
| JCDecaux SE | 82716 | 1498662 |
| Kering SA | 6716 | 2346825 |
| Klepierre REIT | 69913 | 2766130 |
| L'Oreal SA | 28688 | 12316218 |
| Orange SA | 92723 | 1547229 |
| Renault SA | 22903 | 948008 |
| Rexel SA | 79868 | 3132595 |
| Safran SA | 22582 | 7865697 |
| Schneider Electric SE | 53927 | 14753095 |
| SCOR SE | 126096 | 4244734 |
| Societe Generale SA | 51744 | 4165600 |
| TotalEnergies SE | 344935 | 22489078 |
| Valeo SE | 35580 | 482855 |

---

See Notes to Financial Statements.

**247**

------

**INTERNATIONAL EQUITY FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Vinci SA | 15062 | $2118969 |
|  |  | 164487814 |
| **Germany — 10.1%** | **Germany — 10.1%** |  |
| adidas AG | 61210 | 12112604 |
| Allianz SE | 12186 | 5634530 |
| Aumovio SE\* | 14838 | 748771 |
| Bayerische Motoren Werke AG | 38082 | 4129436 |
| Beiersdorf AG | 75881 | 8333043 |
| Brenntag SE | 15011 | 871300 |
| Commerzbank AG | 4496 | 189752 |
| Daimler Truck Holding AG | 127936 | 5541235 |
| Delivery Hero SE 144A\* | 19404 | 511489 |
| Deutsche Bank AG | 16061 | 618977 |
| Deutsche Boerse AG | 101023 | 26551008 |
| Deutsche Lufthansa AG | 151293 | 1486293 |
| Deutsche Post AG | 124331 | 6779237 |
| Deutsche Telekom AG | 83156 | 2706816 |
| E.ON SE | 245427 | 4647141 |
| Fresenius Medical Care AG | 2930 | 139953 |
| Fresenius SE & Co. KGaA | 2595 | 148672 |
| HUGO BOSS AG | 2306 | 97167 |
| Infineon Technologies AG | 14409 | 628679 |
| KION Group AG | 4153 | 328159 |
| LEG Immobilien SE | 1203 | 87742 |
| Mercedes-Benz Group AG | 28802 | 1996615 |
| Muenchener <br> Rueckversicherungs-Gesellschaft <br> AG | 370 | 243492 |
| Nemetschek SE | 373 | 40355 |
| Nordex SE\* | 19827 | 672035 |
| Rational AG | 197 | 152102 |
| Rheinmetall AG | 2630 | 4798159 |
| RWE AG | 1098 | 58180 |
| SAP SE | 108412 | 26340707 |
| Scout24 SE 144A | 1369 | 137502 |
| Siemens AG | 38519 | 10788272 |
| Siemens Energy AG\* | 118560 | 16632616 |
| Siemens Healthineers AG 144A | 62290 | 3265095 |
| Talanx AG | 15183 | 2016894 |
| thyssenkrupp AG | 5989 | 64385 |
| Vonovia SE | 6554 | 188620 |
|  |  | 149687033 |
| **Guatemala — 0.0%** | **Guatemala — 0.0%** |  |
| Millicom International Cellular SA | 3332 | 184726 |
| **Hong Kong — 3.1%** | **Hong Kong — 3.1%** |  |
| AIA Group, Ltd. | 1491612 | 15353302 |
| Alibaba Group Holding, Ltd. Class W | 329621 | 6052159 |
| Techtronic Industries Co., Ltd. | 376290 | 4328514 |
| Tencent Holdings, Ltd. | 260383 | 19982713 |
|  |  | 45716688 |
| **India — 0.6%** | **India — 0.6%** |  |
| HDFC Bank, Ltd. ADR | 141772 | 5180349 |
| ICICI Bank, Ltd. ADR | 142876 | 4257705 |
|  |  | 9438054 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Indonesia — 0.2%** | **Indonesia — 0.2%** |  |
| PT Bank Mandiri Persero Tbk | 9819886 | $2994410 |
| **Ireland — 5.8%** | **Ireland — 5.8%** |  |
| AIB Group PLC | 253019 | 2704861 |
| Aon PLC Class A | 30759 | 10854236 |
| Bank of Ireland Group PLC | 993175 | 18994779 |
| CRH PLC | 27912 | 3483418 |
| ICON PLCΔ\* | 18780 | 3422092 |
| Kerry Group PLC Class A | 72812 | 6653759 |
| Linde PLC | 8399 | 3581250 |
| Medtronic PLC | 95407 | 9164796 |
| Ryanair Holdings PLC ADR | 209238 | 15104891 |
| Seagate Technology Holdings PLC | 21929 | 6039027 |
| Willis Towers Watson PLC | 20183 | 6632134 |
|  |  | 86635243 |
| **Israel — 1.6%** | **Israel — 1.6%** |  |
| Bank Leumi Le-Israel BM | 106933 | 2356558 |
| Check Point Software Technologies, <br> Ltd.\* | 88423 | 16407772 |
| CyberArk Software, Ltd.\* | 2240 | 999174 |
| Monday.com, Ltd.\* | 16233 | 2395341 |
| Phoenix Financial, Ltd. | 16895 | 698762 |
| Wix.com, Ltd.Δ\* | 11567 | 1201696 |
|  |  | 24059303 |
| **Italy — 1.4%** | **Italy — 1.4%** |  |
| Amplifon SpA | 29672 | 475712 |
| Banca Monte dei Paschi di Siena SpA | 6937 | 73860 |
| Enel SpA | 63298 | 658131 |
| Fincantieri SpA\* | 32633 | 634103 |
| FinecoBank Banca Fineco SpA | 231651 | 6001975 |
| Generali | 30111 | 1258291 |
| Intesa Sanpaolo SpA | 220222 | 1521758 |
| Leonardo SpA | 43660 | 2497376 |
| Nexi SpA 144A | 66601 | 328270 |
| Poste Italiane SpA 144A | 62237 | 1562391 |
| UniCredit SpA | 64463 | 5339258 |
|  |  | 20351125 |
| **Japan — 15.7%** | **Japan — 15.7%** |  |
| Advantest Corporation | 36687 | 4638995 |
| Asahi Intecc Co., Ltd. | 10200 | 191204 |
| Asahi Kasei Corporation | 21800 | 193775 |
| Bandai Namco Holdings, Inc. | 72600 | 1932328 |
| BayCurrent, Inc. | 26200 | 1086349 |
| Brother Industries, Ltd. | 38400 | 767145 |
| Canon, Inc. | 79000 | 2337500 |
| Capcom Co., Ltd.Δ | 37393 | 868604 |
| Chiba Bank, Ltd. (The)Δ | 72200 | 805776 |
| Chugai Pharmaceutical Co., Ltd.Δ | 69500 | 3646079 |
| Dai-ichi Life Holdings, Inc. | 39964 | 332124 |
| Daiichi Sankyo Co., Ltd. | 256415 | 5444858 |
| Daikin Industries, Ltd. | 69700 | 8914060 |
| Daito Trust Construction Co., Ltd.Δ | 257680 | 4906736 |
| Denso Corporation | 9400 | 129834 |
| Dentsu Group, Inc.\* | 5900 | 125217 |

---

**248**

See Notes to Financial Statements.

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Disco Corporation | 3705 | $1128774 |
| FANUC Corporation | 84481 | 3287642 |
| Fujitsu, Ltd. | 63000 | 1731424 |
| Fukuoka Financial Group, Inc. | 14300 | 462541 |
| GMO Payment Gateway, Inc. | 15234 | 944814 |
| Hachijuni Nagano Bank, Ltd.Δ | 41400 | 448324 |
| Hitachi, Ltd. | 187221 | 5871545 |
| Hokuhoku Financial Group, Inc.Δ | 15400 | 450955 |
| Honda Motor Co., Ltd. | 347157 | 3407233 |
| Hoya Corporation | 62200 | 9433849 |
| Isetan Mitsukoshi Holdings, Ltd. | 137700 | 2000106 |
| Isuzu Motors, Ltd.Δ | 111708 | 1743441 |
| Japan Exchange Group, Inc. | 250787 | 2676791 |
| Japan Post Bank Co., Ltd. | 70100 | 986803 |
| Japan Post Holdings Co., Ltd. | 125400 | 1323147 |
| Kajima Corporation | 14700 | 548126 |
| Kansai Electric Power Co., Inc. (The) | 116100 | 1823315 |
| Kao Corporation | 36300 | 1448790 |
| KDDI Corporation | 174300 | 3016733 |
| Keiyo Bank, Ltd. (The) | 27400 | 291507 |
| Keyence Corporation | 1721 | 622529 |
| Koito Manufacturing Co., Ltd. | 44987 | 664683 |
| Kokusai Electric Corporation | 15700 | 549063 |
| Kubota CorporationΔ | 591210 | 8377845 |
| Kyoto Financial Group, Inc.Δ | 20000 | 438022 |
| Kyushu Financial Group, Inc.Δ | 69200 | 449427 |
| LY Corporation | 3741000 | 9954607 |
| M3, Inc.Δ | 94966 | 1277561 |
| Marubeni Corporation | 49754 | 1385649 |
| Mazda Motor Corporation | 296535 | 2289906 |
| MINEBEA MITSUMI, Inc. | 22800 | 458772 |
| MISUMI Group, Inc. | 87174 | 1360368 |
| Mitsubishi Chemical Group <br> Corporation | 33400 | 195511 |
| Mitsubishi Electric Corporation | 49005 | 1428832 |
| Mitsubishi Heavy Industries, Ltd. | 326033 | 7959261 |
| Mitsubishi UFJ Financial Group, Inc. | 27300 | 433280 |
| Mitsui & Co., Ltd. | 31537 | 936565 |
| Mitsui Chemicals, Inc. | 77600 | 992280 |
| Mitsui Fudosan Co., Ltd. | 301974 | 3431715 |
| Mizuho Financial Group, Inc. | 146413 | 5343278 |
| MS&AD Insurance Group Holdings, <br> Inc. | 49805 | 1169273 |
| Murata Manufacturing Co., Ltd. | 267257 | 5523656 |
| Nintendo Co., Ltd. | 70454 | 4756671 |
| Nippon Steel Corporation | 369500 | 1512014 |
| Nippon Yusen KK | 15200 | 492352 |
| Nomura Holdings, Inc. | 217400 | 1811044 |
| Nomura Research Institute, Ltd.Δ | 31946 | 1215693 |
| NTT, Inc. | 414800 | 418737 |
| Obic Co., Ltd. | 52100 | 1635350 |
| Omron Corporation | 66600 | 1684972 |
| Ono Pharmaceutical Co., Ltd. | 35400 | 490446 |
| Oracle Corporation | 500 | 42025 |
| ORIX Corporation | 18800 | 549849 |
| Otsuka Holdings Co., Ltd.Δ | 78700 | 4451211 |
| Pan Pacific International Holdings <br> Corporation | 9600 | 57186 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Panasonic Holdings Corporation | 90700 | $1175838 |
| Rakuten Group, Inc.\* | 245800 | 1575079 |
| Recruit Holdings Co., Ltd. | 97192 | 5461372 |
| Resona Holdings, Inc. | 20700 | 197017 |
| Sansan, Inc.\* | 58134 | 643154 |
| Sanwa Holdings Corporation | 75300 | 1960676 |
| SBI Shinsei Bank, Ltd.\* | 91100 | 1011964 |
| Seiko Epson Corporation | 46900 | 594422 |
| Seven & i Holdings Co., Ltd. | 81500 | 1170912 |
| Shimizu Corporation | 40400 | 689777 |
| Shin-Etsu Chemical Co., Ltd. | 83645 | 2598110 |
| SMC CorporationΔ | 18605 | 6437346 |
| SoftBank Corporation | 10900 | 14965 |
| SoftBank Group Corporation | 99784 | 2799274 |
| Sojitz Corporation | 10660 | 331524 |
| Sompo Holdings, Inc. | 38673 | 1312647 |
| Sony Financial Group, Inc.\* | 19600 | 20771 |
| Sony Group Corporation | 541657 | 13894037 |
| Sumitomo Corporation | 41600 | 1439880 |
| Sumitomo Mitsui Trust Group, Inc. | 315579 | 9617228 |
| Sumitomo Rubber Industries, Ltd. | 37200 | 575065 |
| Suzuki Motor CorporationΔ | 613118 | 9169468 |
| Takeda Pharmaceutical Co., Ltd. | 22500 | 698969 |
| Terumo Corporation | 424500 | 6170182 |
| Tokyo Electron, Ltd. | 15837 | 3527333 |
| Toray Industries, Inc.Δ | 176100 | 1148134 |
| TOTO, Ltd. | 19800 | 547081 |
| Toyoda Gosei Co., Ltd. | 8700 | 219334 |
| Toyota Motor Corporation | 113800 | 2444094 |
| Toyota Tsusho Corporation | 32500 | 1095874 |
| USS Co., Ltd. | 65800 | 720024 |
| Yaskawa Electric Corporation | 16300 | 495543 |
| Yokohama Financial Group, Inc. | 58600 | 484447 |
|  |  | 233947618 |
| **Jersey — 1.3%** | **Jersey — 1.3%** |  |
| Experian PLC | 368298 | 16605300 |
| Glencore PLC\* | 415171 | 2269599 |
|  |  | 18874899 |
| **Mexico — 1.0%** | **Mexico — 1.0%** |  |
| Fomento Economico Mexicano SAB <br> de CV ADR | 34750 | 3512182 |
| Grupo Financiero Banorte SAB de <br> CV Series O | 612056 | 5670716 |
| Wal-Mart de Mexico SAB de CV | 1880722 | 5849743 |
|  |  | 15032641 |
| **Netherlands — 6.8%** | **Netherlands — 6.8%** |  |
| ABN AMRO Bank NV 144A | 5609 | 195972 |
| Adyen NV 144A\* | 3821 | 6161649 |
| Airbus SE | 13916 | 3231629 |
| Akzo Nobel NV | 94899 | 6603122 |
| Arcadis NV | 15084 | 629206 |
| Argenx SE\* | 10505 | 8861429 |
| Argenx SE ADR\* | 1413 | 1188262 |
| ASM International NV | 7657 | 4635513 |
| ASML Holding NV | 20784 | 22334405 |

---

See Notes to Financial Statements.

**249**

------

**INTERNATIONAL EQUITY FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Euronext NV 144A | 26549 | $3988137 |
| Ferrari NV | 8794 | 3267977 |
| IMCD NV | 7066 | 641327 |
| ING Groep NV | 541275 | 15214286 |
| Koninklijke Philips NV | 220754 | 6010956 |
| Magnum Ice Cream Co. NV (The)\* | 11552 | 183355 |
| NN Group NV | 12348 | 952582 |
| Prosus NV\* | 72014 | 4459034 |
| QIAGEN NV\* | 244696 | 11128027 |
| Wolters Kluwer NV | 10079 | 1043948 |
|  |  | 100730816 |
| **New Zealand — 0.1%** | **New Zealand — 0.1%** |  |
| Xero, Ltd.\* | 10677 | 808825 |
| **Norway — 0.5%** | **Norway — 0.5%** |  |
| DNB Bank ASA | 183655 | 5116771 |
| Equinor ASA | 13288 | 313356 |
| Kongsberg Gruppen ASA | 54184 | 1388480 |
| Telenor ASA | 3942 | 57334 |
| Vend Marketplaces ASA | 9899 | 274972 |
|  |  | 7150913 |
| **Portugal — 0.3%** | **Portugal — 0.3%** |  |
| Jeronimo Martins SGPS SA | 191343 | 4553265 |
| **Singapore — 1.1%** | **Singapore — 1.1%** |  |
| DBS Group Holdings, Ltd. | 79283 | 3472965 |
| Grab Holdings, Ltd. Class A\* | 182175 | 909053 |
| Oversea-Chinese Banking <br> Corporation, Ltd. | 4100 | 62989 |
| Sea, Ltd. ADR\* | 67964 | 8670168 |
| Singapore Telecommunications, Ltd. | 650296 | 2300747 |
| United Overseas Bank, Ltd. | 35721 | 972880 |
| Yangzijiang Shipbuilding Holdings, <br> Ltd. | 138100 | 373076 |
|  |  | 16761878 |
| **South Africa — 0.2%** | **South Africa — 0.2%** |  |
| Standard Bank Group, Ltd. | 134071 | 2351671 |
| **South Korea — 1.1%** | **South Korea — 1.1%** |  |
| Hana Financial Group, Inc. | 70499 | 4599819 |
| KB Financial Group, Inc. | 91148 | 7846447 |
| Samsung Electronics Co., Ltd. GDR | 1911 | 3926270 |
|  |  | 16372536 |
| **Spain — 1.3%** | **Spain — 1.3%** |  |
| Amadeus IT Group SA | 158183 | 11707290 |
| Bankinter SA | 226977 | 3762188 |
| Industria de Diseno Textil SA | 65355 | 4311122 |
|  |  | 19780600 |
| **Sweden — 1.3%** | **Sweden — 1.3%** |  |
| Alfa Laval AB | 17446 | 874766 |
| Atlas Copco AB, A Shares | 164327 | 2925444 |
| Atlas Copco AB, B Shares | 8123 | 129860 |
| Electrolux AB, B Shares\* | 87015 | 597170 |
| Embracer Group AB\* | 38178 | 249977 |
| Hexagon AB, B Shares | 265453 | 3126692 |
| Husqvarna AB, B Shares | 34901 | 174959 |
| Investor AB, B Shares | 11002 | 392063 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Nibe Industrier AB, B Shares | 23164 | $88542 |
| NOBA Bank Group AB\* | 10969 | 140352 |
| Saab AB, B Shares | 4328 | 251112 |
| Sandvik AB | 162146 | 5237493 |
| Svenska Handelsbanken AB, A Shares | 5264 | 76262 |
| Swedbank AB, A Shares | 16440 | 570387 |
| Telefonaktiebolaget LM Ericsson, B <br> Shares | 266204 | 2590708 |
| Telia Co. AB | 273083 | 1167148 |
| Volvo AB, B Shares | 17967 | 571793 |
|  |  | 19164728 |
| **Switzerland — 7.0%** | **Switzerland — 7.0%** |  |
| ABB, Ltd. | 38529 | 2840264 |
| Adecco Group AG | 2288 | 65894 |
| Chubb, Ltd. | 47426 | 14802603 |
| Cie Financiere Richemont SA | 115803 | 24973038 |
| DSM-Firmenich AG | 8375 | 675610 |
| Flughafen Zurich AG | 1631 | 516316 |
| Galderma Group AG | 19083 | 3885926 |
| Givaudan SA | 184 | 727950 |
| Kuehne + Nagel International AG | 2892 | 620205 |
| Nestle SA | 99003 | 9826951 |
| Roche Holding AG | 52589 | 21717694 |
| Sandoz Group AG | 26337 | 1912229 |
| SGS SA | 2436 | 279428 |
| Sika AG | 1852 | 376003 |
| Sonova Holding AG | 3212 | 830838 |
| Tecan Group AG | 777 | 124749 |
| Temenos AG | 24590 | 2445521 |
| UBS Group AG | 178499 | 8242120 |
| Zurich Insurance Group AG | 11614 | 8788345 |
|  |  | 103651684 |
| **Taiwan — 2.2%** | **Taiwan — 2.2%** |  |
| Taiwan Semiconductor Manufacturing <br> Co., Ltd. | 666000 | 32738752 |
| **Turkey — 0.0%** | **Turkey — 0.0%** |  |
| Yapi ve Kredi Bankasi AS\* | 1 | 1 |
| **United Kingdom — 8.5%** | **United Kingdom — 8.5%** |  |
| 3i Group PLC | 123539 | 5417042 |
| Admiral Group PLC | 78962 | 3377827 |
| Allfunds Group PLC | 156285 | 1475817 |
| Anglo American PLC | 42056 | 1739542 |
| Antofagasta PLC | 29939 | 1315086 |
| Babcock International Group PLC | 42927 | 715370 |
| BAE Systems PLC | 499951 | 11506402 |
| Beazley PLC | 180210 | 2015216 |
| BP PLC ADRΔ | 147474 | 5121772 |
| BT Group PLC | 922858 | 2286327 |
| Coca-Cola Europacific Partners PLC | 11839 | 1093316 |
| Compass Group PLC | 435405 | 13795831 |
| Croda International PLC | 9075 | 329222 |
| easyJet PLC | 87156 | 597887 |
| Haleon PLC | 736290 | 3720754 |
| Hikma Pharmaceuticals PLC | 54638 | 1139035 |
| HSBC Holdings PLC | 220867 | 3475551 |
| ICG PLC | 42643 | 1175932 |

---

**250**

See Notes to Financial Statements.

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Inchcape PLC | 123741 | $1282667 |
| Informa PLC | 529714 | 6285176 |
| Intertek Group PLC | 53945 | 3345486 |
| London Stock Exchange Group PLC | 8789 | 1057216 |
| Marks & Spencer Group PLC | 717586 | 3193284 |
| Next PLC | 12218 | 2249336 |
| Prudential PLC | 175551 | 2700515 |
| Reckitt Benckiser Group PLC | 47538 | 3846744 |
| Rolls-Royce Holdings PLC | 932638 | 14423913 |
| Schroders PLC | 1 | 6 |
| Shawbrook Group PLC 144A\* | 203317 | 1331937 |
| Shell PLC | 185113 | 6821831 |
| Smith & Nephew PLC | 225866 | 3756368 |
| SSE PLC | 110675 | 3244761 |
| Standard Chartered PLC | 82775 | 2019747 |
| Tesco PLC | 1248319 | 7423541 |
| Trainline PLC 144A\* | 43471 | 128884 |
| Unilever PLC | 37047 | 2420547 |
| Wise PLC Class A\* | 62397 | 747518 |
|  |  | 126577406 |
| **Total Foreign Common Stocks** <br> (Cost $1,103,641,409) | **Total Foreign Common Stocks** <br> (Cost $1,103,641,409) | 1346171513 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **FOREIGN PREFERRED STOCK — 0.2%** | **FOREIGN PREFERRED STOCK — 0.2%** | **FOREIGN PREFERRED STOCK — 0.2%** |
| **Brazil — 0.2%** | **Brazil — 0.2%** |  |
| Itau Unibanco Holding <br> SA 4.62%◊ <br> (Cost $1,999,379)<br>| 379734 | $2713911 |
| **MONEY MARKET FUNDS — 5.9%** | **MONEY MARKET FUNDS — 5.9%** | **MONEY MARKET FUNDS — 5.9%** |
| Northern Institutional Liquid Assets <br> Portfolio (Shares), 3.81%Ø§ | 27565463 | 27565463 |
| GuideStone Money Market Fund, <br> 3.69% <br> (Institutional Class)Ø∞ | 60346278 | 60346278 |
| **Total Money Market Funds** <br> (Cost $87,911,741) | **Total Money Market Funds** <br> (Cost $87,911,741) | 87911741 |
| **TOTAL INVESTMENTS** — **99.3%** <br> (Cost $1,226,840,929) |  | 1477758461 |
| **Other Assets in Excess of**<br> **Liabilities — 0.7%** |  | 10378958 |
| **NET ASSETS — 100.0%** |  | $1488137419 |

---

Futures Contracts outstanding at December 31, 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 | 01/2026 | &nbsp;&nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp; $1629039 | &nbsp;&nbsp;&nbsp; $5892 |
| IBEX 35 Index | 01/2026 | &nbsp;&nbsp;&nbsp; (12)<br>| &nbsp;&nbsp;&nbsp; (2436825)<br>| &nbsp;&nbsp;&nbsp; (25539)<br>|
| OMXS30 Index | 01/2026 | &nbsp;&nbsp;&nbsp; 72 | &nbsp;&nbsp;&nbsp; 2264248 | &nbsp;&nbsp;&nbsp; 55333 |
| MSCI Singapore Index | 01/2026 | &nbsp;&nbsp;&nbsp; 63 | &nbsp;&nbsp;&nbsp; 2184709 | &nbsp;&nbsp;&nbsp; (7734)<br>|
| Topix Index<sup>®</sup> | 03/2026 | &nbsp;&nbsp;&nbsp; 74 | &nbsp;&nbsp;&nbsp; 16126085 | &nbsp;&nbsp;&nbsp; 127030 |
| ASX SPI 200 Index | 03/2026 | &nbsp;&nbsp;&nbsp; (83)<br>| &nbsp;&nbsp;&nbsp; (12014102)<br>| &nbsp;&nbsp;&nbsp; (144514)<br>|
| S&P/TSX 60 Index | 03/2026 | &nbsp;&nbsp;&nbsp; 22 | &nbsp;&nbsp;&nbsp; 5968715 | &nbsp;&nbsp;&nbsp; 33122 |
| Dax Index | 03/2026 | &nbsp;&nbsp;&nbsp; (7)<br>| &nbsp;&nbsp;&nbsp; (5077746)<br>| &nbsp;&nbsp;&nbsp; (50012)<br>|
| FTSE 100 Index | 03/2026 | &nbsp;&nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp; 2545995 | &nbsp;&nbsp;&nbsp; 16394 |
| FTSE/MIB Index | 03/2026 | &nbsp;&nbsp;&nbsp; 34 | &nbsp;&nbsp;&nbsp; 9000870 | &nbsp;&nbsp;&nbsp; 53359 |
| MSCI EAFE Index | 03/2026 | &nbsp;&nbsp;&nbsp; 221 | &nbsp;&nbsp;&nbsp; 32068205 | &nbsp;&nbsp;&nbsp; 184315 |
| Total Futures Contracts outstanding at December 31, 2025 |  |  | &nbsp;&nbsp;&nbsp; $52259193 | &nbsp;&nbsp;&nbsp; $247646 |

---

Forward Foreign Currency Contracts outstanding at December 31, 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>|
| 03/18/26 | Euro | &nbsp;&nbsp; 79192000 | U.S. Dollars | &nbsp;&nbsp; 92403419 | CITI | &nbsp;&nbsp; $1000966 |
| 03/18/26 | Canadian Dollars | &nbsp;&nbsp; 45883081 | U.S. Dollars | &nbsp;&nbsp; 33213403 | CITI | &nbsp;&nbsp; 326713 |
| 03/18/26 | Swedish Kronor | &nbsp;&nbsp; 64000000 | U.S. Dollars | &nbsp;&nbsp; 6742300 | CITI | &nbsp;&nbsp; 237695 |
| 03/18/26 | British Pounds | &nbsp;&nbsp; 10996000 | U.S. Dollars | &nbsp;&nbsp; 14700436 | CITI | &nbsp;&nbsp; 118585 |
| 03/18/26 | Norwegian Kroner | &nbsp;&nbsp; 86010150 | U.S. Dollars | &nbsp;&nbsp; 8437901 | CITI | &nbsp;&nbsp; 92424 |
| 03/18/26 | Australian Dollars | &nbsp;&nbsp; 35509000 | U.S. Dollars | &nbsp;&nbsp; 23619332 | CITI | &nbsp;&nbsp; 78995 |
| 03/18/26 | Israeli Shekels | &nbsp;&nbsp; 7540000 | U.S. Dollars | &nbsp;&nbsp; 2319080 | CITI | &nbsp;&nbsp; 49301 |
| 03/18/26 | New Zealand Dollars | &nbsp;&nbsp; 7382000 | U.S. Dollars | &nbsp;&nbsp; 4233618 | CITI | &nbsp;&nbsp; 28995 |

---

See Notes to Financial Statements.

**251**

------

**INTERNATIONAL 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>|
| 03/18/26 | Singapore Dollars | &nbsp;&nbsp; 2940145 | U.S. Dollars | &nbsp;&nbsp; 2277474 | CITI | &nbsp;&nbsp; $21428 |
| 03/18/26 | U.S. Dollars | &nbsp;&nbsp; 12655985 | Euro | &nbsp;&nbsp; 10714000 | CITI | &nbsp;&nbsp; 19171 |
| 03/18/26 | U.S. Dollars | &nbsp;&nbsp; 2905891 | Japanese Yen | &nbsp;&nbsp; 450000000 | CITI | &nbsp;&nbsp; 13848 |
| 03/18/26 | Swiss Francs | &nbsp;&nbsp; 6417000 | U.S. Dollars | &nbsp;&nbsp; 8160760 | CITI | &nbsp;&nbsp; 7360 |
| 03/18/26 | Japanese Yen | &nbsp;&nbsp; 991015624 | U.S. Dollars | &nbsp;&nbsp; 6365669 | CITI | &nbsp;&nbsp; 3352 |
| 03/18/26 | U.S. Dollars | &nbsp;&nbsp; 656086 | Swedish Kronor | &nbsp;&nbsp; 6000000 | CITI | &nbsp;&nbsp; 1711 |
| 03/18/26 | U.S. Dollars | &nbsp;&nbsp; 206484 | Australian Dollars | &nbsp;&nbsp; 308000 | CITI | &nbsp;&nbsp; 928 |
| 03/18/26 | Danish Kroner | &nbsp;&nbsp; 207000 | U.S. Dollars | &nbsp;&nbsp; 32489 | CITI | &nbsp;&nbsp; 228 |
| 03/18/26 | U.S. Dollars | &nbsp;&nbsp; 65078 | Israeli Shekels | &nbsp;&nbsp; 207000 | CITI | &nbsp;&nbsp; 58 |
| 03/18/26 | U.S. Dollars | &nbsp;&nbsp; 158481 | Hong Kong Dollars | &nbsp;&nbsp; 1230000 | CITI | &nbsp;&nbsp; 52 |
| 03/18/26 | U.S. Dollars | &nbsp;&nbsp; 3917 | Singapore Dollars | &nbsp;&nbsp; 5000 | CITI | &nbsp;&nbsp; 7 |
| Subtotal Appreciation | Subtotal Appreciation |  |  |  |  | &nbsp;&nbsp; $2001817 |
| 03/18/26 | Israeli Shekels | &nbsp;&nbsp; 15000 | U.S. Dollars | &nbsp;&nbsp; 4715 | CITI | &nbsp;&nbsp; $(4)<br>|
| 03/18/26 | Canadian Dollars | &nbsp;&nbsp; 3389919 | U.S. Dollars | &nbsp;&nbsp; 2478088 | CITI | &nbsp;&nbsp; (88)<br>|
| 03/18/26 | U.S. Dollars | &nbsp;&nbsp; 28716 | Israeli Shekels | &nbsp;&nbsp; 92000 | CITI | &nbsp;&nbsp; (182)<br>|
| 03/18/26 | Danish Kroner | &nbsp;&nbsp; 1607000 | U.S. Dollars | &nbsp;&nbsp; 254324 | CITI | &nbsp;&nbsp; (332)<br>|
| 03/18/26 | U.S. Dollars | &nbsp;&nbsp; 87796 | Singapore Dollars | &nbsp;&nbsp; 113000 | CITI | &nbsp;&nbsp; (559)<br>|
| 03/18/26 | Hong Kong Dollars | &nbsp;&nbsp; 34253987 | U.S. Dollars | &nbsp;&nbsp; 4414388 | CITI | &nbsp;&nbsp; (2329)<br>|
| 03/18/26 | Norwegian Kroner | &nbsp;&nbsp; 29319627 | U.S. Dollars | &nbsp;&nbsp; 2913154 | CITI | &nbsp;&nbsp; (5289)<br>|
| 03/18/26 | New Zealand Dollars | &nbsp;&nbsp; 7803000 | U.S. Dollars | &nbsp;&nbsp; 4515970 | CITI | &nbsp;&nbsp; (10258)<br>|
| 03/18/26 | U.S. Dollars | &nbsp;&nbsp; 2045466 | Danish Kroner | &nbsp;&nbsp; 13073000 | CITI | &nbsp;&nbsp; (20762)<br>|
| 03/18/26 | U.S. Dollars | &nbsp;&nbsp; 15397455 | Euro | &nbsp;&nbsp; 13076000 | CITI | &nbsp;&nbsp; (25261)<br>|
| 03/18/26 | Swiss Francs | &nbsp;&nbsp; 5211000 | U.S. Dollars | &nbsp;&nbsp; 6673570 | CITI | &nbsp;&nbsp; (40552)<br>|
| 03/18/26 | U.S. Dollars | &nbsp;&nbsp; 17099481 | Japanese Yen | &nbsp;&nbsp; 2670000000 | CITI | &nbsp;&nbsp; (59974)<br>|
| 03/18/26 | U.S. Dollars | &nbsp;&nbsp; 10270574 | British Pounds | &nbsp;&nbsp; 7730000 | CITI | &nbsp;&nbsp; (146944)<br>|
| 03/18/26 | U.S. Dollars | &nbsp;&nbsp; 24096331 | Swedish Kronor | &nbsp;&nbsp; 223000000 | CITI | &nbsp;&nbsp; (224590)<br>|
| 03/18/26 | Japanese Yen | &nbsp;&nbsp; 5723984376 | U.S. Dollars | &nbsp;&nbsp; 37119823 | CITI | &nbsp;&nbsp; (333137)<br>|
| 03/18/26 | U.S. Dollars | &nbsp;&nbsp; 27576485 | Australian Dollars | &nbsp;&nbsp; 42253000 | CITI | &nbsp;&nbsp; (622716)<br>|
| 03/18/26 | U.S. Dollars | &nbsp;&nbsp; 57814909 | Swiss Francs | &nbsp;&nbsp; 46002333 | CITI | &nbsp;&nbsp; (740893)<br>|
| Subtotal Depreciation | Subtotal Depreciation |  |  |  |  | &nbsp;&nbsp; $(2233870)<br>|
| Total Forward Foreign Currency Contracts outstanding at December 31, 2025 | Total Forward Foreign Currency Contracts outstanding at December 31, 2025 | Total Forward Foreign Currency Contracts outstanding at December 31, 2025 | Total Forward Foreign Currency Contracts outstanding at December 31, 2025 | Total Forward Foreign Currency Contracts outstanding at December 31, 2025 |  | &nbsp;&nbsp; $(232053)<br>|

---

Swap Agreements outstanding at December 31, 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 + 0.7%<br>| MSCI Hong Kong Net Return <br> HKD Index (Monthly)<br>| 3/18/2026 | GSC | HKD | 59467428 | &nbsp;&nbsp; $74664 | &nbsp;&nbsp; $— | $74664 |
| Financing Index: 1-Month <br> STIBOR + 0.14%<br>| MSCI Sweden Net Return SEK <br> Index (Monthly)<br>| 3/18/2026 | GSC | SEK | 21959425 | &nbsp;&nbsp; 26637 | &nbsp;&nbsp; — | 26637 |
| Financing Index: Canadian <br> Overnight Repo Rate Average <br> + 0.14%<br>| MSCI Canada Net Return CAD <br> Index (Monthly)<br>| 3/18/2026 | GSC | CAD | 422801 | &nbsp;&nbsp; 1834 | &nbsp;&nbsp; — | 1834 |
| Financing Index: Euro Short <br> Term Rate + 0.49%<br>| MSCI France Net Return EUR <br> Index (Monthly)<br>| 3/18/2026 | GSC | EUR | 2538974 | &nbsp;&nbsp; 48973 | &nbsp;&nbsp; — | 48973 |
| Financing Index: Shekel <br> Overnight Interest Rate + <br> 0.65%<br>| Tel Aviv 35 Index (Monthly) | 3/18/2026 | GSC | ILS | 6878156 | &nbsp;&nbsp; 11421 | &nbsp;&nbsp; — | 11421 |
| MSCI Netherlands Net Return <br> EUR Index (Monthly)<br>| Financing Index: Euro Short <br> Term Rate + 0.44%<br>| 3/18/2026 | GSC | EUR | 1410971 | &nbsp;&nbsp; 4932 | &nbsp;&nbsp; — | 4932 |
| Subtotal Appreciation |  |  |  |  |  | &nbsp;&nbsp; $168461 | &nbsp;&nbsp; $— | $168461 |

---

**252**

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 AEX <br> Index (At Termination)<br>| Decrease in total return of AEX <br> Index (At Termination)<br>| 1/16/2026 | GSC | EUR | 4379430 | &nbsp;&nbsp; $(59191)<br>| &nbsp;&nbsp; $— | $(59191)<br>|
| Financing Index: 1-Month <br> HIBOR + 0.14%<br>| MSCI Hong Kong Net Return <br> HKD Index (Monthly)<br>| 3/18/2026 | GSC | HKD | 782466 | &nbsp;&nbsp; (1226)<br>| &nbsp;&nbsp; — | (1226)<br>|
| Financing Index: Shekel <br> Overnight Interest Rate + <br> 0.65%<br>| Tel Aviv 35 Index (Monthly) | 3/18/2026 | GSC | ILS | 315945 | &nbsp;&nbsp; (2246)<br>| &nbsp;&nbsp; — | (2246)<br>|
| MSCI Australia Net Return AUD <br> Index (Monthly)<br>| Financing Index: 1-Month ASX <br> BBSW + 0.4%<br>| 3/18/2026 | GSC | AUD | 4381002 | &nbsp;&nbsp; (39934)<br>| &nbsp;&nbsp; — | (39934)<br>|
| MSCI Switzerland Net Return <br> CHF Index (Monthly)<br>| Financing Index: Swiss Average <br> Rate Overnight + 0.13%<br>| 3/18/2026 | GSC | CHF | 1445566 | &nbsp;&nbsp; (45273)<br>| &nbsp;&nbsp; — | (45273)<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>| 3/20/2026 | GSC | CHF | 1584840 | &nbsp;&nbsp; (32520)<br>| &nbsp;&nbsp; — | (32520)<br>|
| Subtotal Depreciation |  |  |  |  |  | &nbsp;&nbsp; $(180390)<br>| &nbsp;&nbsp; $— | $(180390)<br>|
| Net Total Return Swaps outstanding at December 31, 2025 | Net Total Return Swaps outstanding at December 31, 2025 | Net Total Return Swaps outstanding at December 31, 2025 | Net Total Return Swaps outstanding at December 31, 2025 | Net Total Return Swaps outstanding at December 31, 2025 | Net Total Return Swaps outstanding at December 31, 2025 | &nbsp;&nbsp; $(11929)<br>| &nbsp;&nbsp; $— | $(11929)<br>|

---

Total Return Basket Swap Agreements outstanding at December 31, 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; 52-60 <br> months <br> maturity <br> ranging from <br> 04/11/2030 - <br> 12/19/2030<br>| GSC | &nbsp;&nbsp; $26624608 | &nbsp;&nbsp; $894949 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $894949 |
| 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 (-0.70% 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; 52-60 <br> months <br> maturity <br> ranging from <br> 04/11/2030 - <br> 12/19/2030<br>| GSC | &nbsp;&nbsp; 33707179 | &nbsp;&nbsp; 629488 | &nbsp;&nbsp; — | &nbsp;&nbsp; 629488 |
| The Fund receives the total return on a portfolio of short equity <br> positions and receives the RBA minus a specified spread <br> (-0.75% to -0.40%), which is denominated in AUD based on <br> the local currencies of the positions within the swap <br> (Monthly).<br>| &nbsp;&nbsp; 52-60 <br> months <br> maturity <br> ranging from <br> 04/11/2030 - <br> 12/19/2030<br>| GSC | &nbsp;&nbsp; 10498018 | &nbsp;&nbsp; 421029 | &nbsp;&nbsp; — | &nbsp;&nbsp; 421029 |
| Subtotal Appreciation |  |  |  | &nbsp;&nbsp; $1945466 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1945466 |

---

\***The following table represents disclosures associated with the underlying components of the total return basket swap as of year end.**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Common Stocks** | **Shares** | **Notional** | **Unrealized** <br> **Appreciation** <br> **(Depreciation)**<br>| **Percentage of** <br> **Swap Value**<br>|
| Rolls-Royce Holdings PLC | &nbsp;&nbsp; 283033 | &nbsp;&nbsp;&nbsp; $3247381 | &nbsp;&nbsp; $127346 | 14.23<br> %<br>|
| Compass Group PLC | &nbsp;&nbsp; 83534 | &nbsp;&nbsp;&nbsp; 1963559 | &nbsp;&nbsp; (5769)<br>| &nbsp;&nbsp; (0.65)<br>|
| NatWest Group PLC | &nbsp;&nbsp; 301216 | &nbsp;&nbsp;&nbsp; 1960274 | &nbsp;&nbsp; 122667 | 13.71 |
| Lloyds Banking Group PLC | &nbsp;&nbsp; 1780257 | &nbsp;&nbsp;&nbsp; 1746927 | &nbsp;&nbsp; 85808 | 9.59 |
| HSBC Holdings PLC | &nbsp;&nbsp; 132676 | &nbsp;&nbsp;&nbsp; 1548857 | &nbsp;&nbsp; 185602 | 20.74 |

---

See Notes to Financial Statements.

**253**

------

**INTERNATIONAL EQUITY FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Common Stocks** | **Shares** | **Notional** | **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>| **Percentage of**<br> **Swap Value**<br>|
| Aviva PLC | &nbsp;&nbsp; 209671 | &nbsp;&nbsp;&nbsp; $1430252 | &nbsp;&nbsp; $88983 | 9.94<br> %<br>|
| Vodafone Group PLC | &nbsp;&nbsp; 1275147 | &nbsp;&nbsp;&nbsp; 1261013 | &nbsp;&nbsp; 104740 | 11.70 |
| Kingfisher PLC | &nbsp;&nbsp; 370111 | &nbsp;&nbsp;&nbsp; 1155830 | &nbsp;&nbsp; 28375 | 3.17 |
| Centrica PLC | &nbsp;&nbsp; 676631 | &nbsp;&nbsp;&nbsp; 1144523 | &nbsp;&nbsp; 15507 | 1.73 |
| Barclays PLC | &nbsp;&nbsp; 228384 | &nbsp;&nbsp;&nbsp; 1084547 | &nbsp;&nbsp; 103641 | 11.58 |
| BP PLC | &nbsp;&nbsp; 240945 | &nbsp;&nbsp;&nbsp; 1042459 | &nbsp;&nbsp; (26679)<br>| &nbsp;&nbsp; (2.98)<br>|
| Antofagasta PLC | &nbsp;&nbsp; (31289)<br>| &nbsp;&nbsp;&nbsp; 1019612 | &nbsp;&nbsp; (139352)<br>| &nbsp;&nbsp; (15.57)<br>|
| EasyJet PLC | &nbsp;&nbsp; 197850 | &nbsp;&nbsp;&nbsp; 1006895 | &nbsp;&nbsp; 55772 | 6.23 |
| SSE LC | &nbsp;&nbsp; (43830)<br>| &nbsp;&nbsp;&nbsp; 953303 | &nbsp;&nbsp; (6460)<br>| &nbsp;&nbsp; (0.72)<br>|
| Tesco PLC | &nbsp;&nbsp; 186143 | &nbsp;&nbsp;&nbsp; 821218 | &nbsp;&nbsp; 496 | 0.06 |
| Hiscox, Ltd. | &nbsp;&nbsp; 47001 | &nbsp;&nbsp;&nbsp; 666716 | &nbsp;&nbsp; 63223 | 7.06 |
| Rentokil Initial PLC | &nbsp;&nbsp; (143129)<br>| &nbsp;&nbsp;&nbsp; 633538 | &nbsp;&nbsp; (45024)<br>| &nbsp;&nbsp; (5.03)<br>|
| Airtel Africa PLC | &nbsp;&nbsp; 140312 | &nbsp;&nbsp;&nbsp; 498631 | &nbsp;&nbsp; 78284 | 8.75 |
| Endeavour Mining PLC | &nbsp;&nbsp; 11739 | &nbsp;&nbsp;&nbsp; 455012 | &nbsp;&nbsp; 64714 | 7.23 |
| Wise PLC Class A | &nbsp;&nbsp; (46715)<br>| &nbsp;&nbsp;&nbsp; 415184 | &nbsp;&nbsp; (8736)<br>| &nbsp;&nbsp; (0.98)<br>|
| Next PLC | &nbsp;&nbsp; 2986 | &nbsp;&nbsp;&nbsp; 407822 | &nbsp;&nbsp; 1997 | 0.22 |
| Burberry Group PLC | &nbsp;&nbsp; 32086 | &nbsp;&nbsp;&nbsp; 404757 | &nbsp;&nbsp; 684 | 0.08 |
| London Stock Exchange Group PLC | &nbsp;&nbsp; 4167 | &nbsp;&nbsp;&nbsp; 371855 | &nbsp;&nbsp; 24481 | 2.74 |
| 3i Group PLC | &nbsp;&nbsp; 8426 | &nbsp;&nbsp;&nbsp; 274098 | &nbsp;&nbsp; 13968 | 1.56 |
| Barratt Developments PLC | &nbsp;&nbsp; (59479)<br>| &nbsp;&nbsp;&nbsp; 226681 | &nbsp;&nbsp; (13373)<br>| &nbsp;&nbsp; (1.49)<br>|
| Tate & Lyle PLC | &nbsp;&nbsp; (59585)<br>| &nbsp;&nbsp;&nbsp; 222858 | &nbsp;&nbsp; (12877)<br>| &nbsp;&nbsp; (1.44)<br>|
| Fresnillo PLC | &nbsp;&nbsp; (5168)<br>| &nbsp;&nbsp;&nbsp; 170959 | &nbsp;&nbsp; (22254)<br>| &nbsp;&nbsp; (2.49)<br>|
| Bunzl PLC | &nbsp;&nbsp; (5982)<br>| &nbsp;&nbsp;&nbsp; 123922 | &nbsp;&nbsp; 6995 | 0.78 |
| Bellway PLC | &nbsp;&nbsp; 4086 | &nbsp;&nbsp;&nbsp; 111616 | &nbsp;&nbsp; 3363 | 0.38 |
| Reckitt Benckiser Group PLC | &nbsp;&nbsp; 1758 | &nbsp;&nbsp;&nbsp; 105535 | &nbsp;&nbsp; 1681 | 0.19 |
| BT Group PLC | &nbsp;&nbsp; (40084)<br>| &nbsp;&nbsp;&nbsp; 73672 | &nbsp;&nbsp; (3729)<br>| &nbsp;&nbsp; (0.42)<br>|
| B&M European Value Retail SA | &nbsp;&nbsp; 38612 | &nbsp;&nbsp;&nbsp; 64935 | &nbsp;&nbsp; 1627 | 0.18 |
| Ashtead Group PLC | &nbsp;&nbsp; 201 | &nbsp;&nbsp;&nbsp; 10167 | &nbsp;&nbsp; (752)<br>| &nbsp;&nbsp; (0.08)<br>|
|  |  | &nbsp;&nbsp;&nbsp; $26624608 | &nbsp;&nbsp; $894949 | 100.00<br> %<br>|

---

\*\***The following table represents disclosures associated with the underlying components of the total return basket swap as of year 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; $3206343 | &nbsp;&nbsp; $14875 | 2.36<br> %<br>|
| Thales SA | &nbsp;&nbsp; 11911 | &nbsp;&nbsp;&nbsp; 2734156 | &nbsp;&nbsp; (50887)<br>| &nbsp;&nbsp; (8.08)<br>|
| Societe Generale SA | &nbsp;&nbsp; 36815 | &nbsp;&nbsp;&nbsp; 2521916 | &nbsp;&nbsp; 238562 | 37.90 |
| BNP Paribas SA | &nbsp;&nbsp; 31181 | &nbsp;&nbsp;&nbsp; 2510162 | &nbsp;&nbsp; 104936 | 16.67 |
| TotalEnergies SE | &nbsp;&nbsp; 39560 | &nbsp;&nbsp;&nbsp; 2194719 | &nbsp;&nbsp; (16746)<br>| &nbsp;&nbsp; (2.66)<br>|
| Carrefour SA | &nbsp;&nbsp; 121162 | &nbsp;&nbsp;&nbsp; 1720268 | &nbsp;&nbsp; 102475 | 16.28 |
| Orange SA | &nbsp;&nbsp; 120633 | &nbsp;&nbsp;&nbsp; 1712858 | &nbsp;&nbsp; 66333 | 10.54 |
| Dr. Ing hc F Porsche AG | &nbsp;&nbsp; (31218)<br>| &nbsp;&nbsp;&nbsp; 1414860 | &nbsp;&nbsp; 62436 | 9.92 |
| Banco Santander SA | &nbsp;&nbsp; 122339 | &nbsp;&nbsp;&nbsp; 1225315 | &nbsp;&nbsp; 68854 | 10.94 |
| Repsol SA | &nbsp;&nbsp; 61882 | &nbsp;&nbsp;&nbsp; 982488 | &nbsp;&nbsp; (30423)<br>| &nbsp;&nbsp; (4.83)<br>|
| Kering SA | &nbsp;&nbsp; (3267)<br>| &nbsp;&nbsp;&nbsp; 971420 | &nbsp;&nbsp; (40548)<br>| &nbsp;&nbsp; (6.44)<br>|
| Vinci SA | &nbsp;&nbsp; 7977 | &nbsp;&nbsp;&nbsp; 954926 | &nbsp;&nbsp; (7238)<br>| &nbsp;&nbsp; (1.15)<br>|
| Hermes International | &nbsp;&nbsp; 374 | &nbsp;&nbsp;&nbsp; 790152 | &nbsp;&nbsp; (3929)<br>| &nbsp;&nbsp; (0.62)<br>|
| International Consolidated Airline | &nbsp;&nbsp; 150191 | &nbsp;&nbsp;&nbsp; 709600 | &nbsp;&nbsp; 32964 | 5.24 |
| Alstom SA | &nbsp;&nbsp; (27121)<br>| &nbsp;&nbsp;&nbsp; 680839 | &nbsp;&nbsp; (36675)<br>| &nbsp;&nbsp; (5.83)<br>|
| Interpump Group SpA | &nbsp;&nbsp; (13664)<br>| &nbsp;&nbsp;&nbsp; 632471 | &nbsp;&nbsp; (20008)<br>| &nbsp;&nbsp; (3.18)<br>|
| Aena SME SA | &nbsp;&nbsp; 26414 | &nbsp;&nbsp;&nbsp; 628004 | &nbsp;&nbsp; 16989 | 2.70 |
| Air France | &nbsp;&nbsp; 54595 | &nbsp;&nbsp;&nbsp; 627847 | &nbsp;&nbsp; 68124 | 10.82 |
| Eiffage SA | &nbsp;&nbsp; 5126 | &nbsp;&nbsp;&nbsp; 624958 | &nbsp;&nbsp; 6184 | 0.98 |

---

**254**

See Notes to Financial Statements.

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Common Stocks** | **Shares** | **Notional** | **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>| **Percentage of**<br> **Swap Value**<br>|
| Financiere De Tubize | &nbsp;&nbsp; (2546)<br>| &nbsp;&nbsp;&nbsp; $528707 | &nbsp;&nbsp; $28586 | 4.54<br> %<br>|
| Bankinter SA | &nbsp;&nbsp; 37221 | &nbsp;&nbsp;&nbsp; 524970 | &nbsp;&nbsp; 9927 | 1.58 |
| Koninklijke Philips NV | &nbsp;&nbsp; (21134)<br>| &nbsp;&nbsp;&nbsp; 489671 | &nbsp;&nbsp; 2247 | 0.36 |
| Industria de Diseno Textil SA | &nbsp;&nbsp; 8585 | &nbsp;&nbsp;&nbsp; 481881 | &nbsp;&nbsp; 17738 | 2.82 |
| Universal Music Group NV | &nbsp;&nbsp; (21597)<br>| &nbsp;&nbsp;&nbsp; 479093 | &nbsp;&nbsp; (19066)<br>| &nbsp;&nbsp; (3.03)<br>|
| Sartorius Stedim Biotech | &nbsp;&nbsp; (2173)<br>| &nbsp;&nbsp;&nbsp; 454166 | &nbsp;&nbsp; (1814)<br>| &nbsp;&nbsp; (0.29)<br>|
| Vivendi SE | &nbsp;&nbsp; 152218 | &nbsp;&nbsp;&nbsp; 359208 | &nbsp;&nbsp; (194)<br>| &nbsp;&nbsp; (0.03)<br>|
| Banco Comercial Portugues | &nbsp;&nbsp; 392358 | &nbsp;&nbsp;&nbsp; 351446 | &nbsp;&nbsp; 14836 | 2.36 |
| Credit Agricole SA | &nbsp;&nbsp; 19816 | &nbsp;&nbsp;&nbsp; 347149 | &nbsp;&nbsp; 7835 | 1.24 |
| Cts Eventim Ag & Co. Kgaa | &nbsp;&nbsp; (4296)<br>| &nbsp;&nbsp;&nbsp; 334637 | &nbsp;&nbsp; 16001 | 2.54 |
| Bper Banca SpA | &nbsp;&nbsp; (29003)<br>| &nbsp;&nbsp;&nbsp; 333477 | &nbsp;&nbsp; (12440)<br>| &nbsp;&nbsp; (1.98)<br>|
| Fluidra SA | &nbsp;&nbsp; 14365 | &nbsp;&nbsp;&nbsp; 331158 | &nbsp;&nbsp; (7350)<br>| &nbsp;&nbsp; (1.17)<br>|
| IMCD NV | &nbsp;&nbsp; (3208)<br>| &nbsp;&nbsp;&nbsp; 247759 | &nbsp;&nbsp; (10335)<br>| &nbsp;&nbsp; (1.64)<br>|
| Brunello Cucinelli SpA | &nbsp;&nbsp; (2493)<br>| &nbsp;&nbsp;&nbsp; 243313 | &nbsp;&nbsp; (14363)<br>| &nbsp;&nbsp; (2.28)<br>|
| Heidelberg Materials AG | &nbsp;&nbsp; (1039)<br>| &nbsp;&nbsp;&nbsp; 229210 | &nbsp;&nbsp; (1889)<br>| &nbsp;&nbsp; (0.30)<br>|
| Bouygues SA | &nbsp;&nbsp; 4629 | &nbsp;&nbsp;&nbsp; 204765 | &nbsp;&nbsp; 2624 | 0.42 |
| EssilorLuxottica SA | &nbsp;&nbsp; (703)<br>| &nbsp;&nbsp;&nbsp; 189148 | &nbsp;&nbsp; 14459 | 2.30 |
| Enagas SA | &nbsp;&nbsp; 10153 | &nbsp;&nbsp;&nbsp; 133513 | &nbsp;&nbsp; (4029)<br>| &nbsp;&nbsp; (0.64)<br>|
| Prysmian SpA | &nbsp;&nbsp; (1189)<br>| &nbsp;&nbsp;&nbsp; 100929 | &nbsp;&nbsp; (657)<br>| &nbsp;&nbsp; (0.11)<br>|
| ACS Actividades Cons Y Serv | &nbsp;&nbsp; 924 | &nbsp;&nbsp;&nbsp; 78047 | &nbsp;&nbsp; (214)<br>| &nbsp;&nbsp; (0.03)<br>|
| D'Ieteren Group | &nbsp;&nbsp; (495)<br>| &nbsp;&nbsp;&nbsp; 75868 | &nbsp;&nbsp; (4728)<br>| &nbsp;&nbsp; (0.75)<br>|
| Ferrari NV | &nbsp;&nbsp; (239)<br>| &nbsp;&nbsp;&nbsp; 75575 | &nbsp;&nbsp; 2484 | 0.39 |
| Indra Sistemas SA | &nbsp;&nbsp; (1310)<br>| &nbsp;&nbsp;&nbsp; 63366 | &nbsp;&nbsp; (3264)<br>| &nbsp;&nbsp; (0.52)<br>|
| S.o.i.t.e.c. | &nbsp;&nbsp; (2567)<br>| &nbsp;&nbsp;&nbsp; 59020 | &nbsp;&nbsp; 9527 | 1.51 |
| SEB SA | &nbsp;&nbsp; 1139 | &nbsp;&nbsp;&nbsp; 55861 | &nbsp;&nbsp; (545)<br>| &nbsp;&nbsp; (0.09)<br>|
| CaixaBank SA | &nbsp;&nbsp; 4504 | &nbsp;&nbsp;&nbsp; 46857 | &nbsp;&nbsp; 2330 | 0.37 |
| Carl Zeiss Meditec AG | &nbsp;&nbsp; (1140)<br>| &nbsp;&nbsp;&nbsp; 45083 | &nbsp;&nbsp; 5504 | 0.87 |
|  |  | &nbsp;&nbsp;&nbsp; $33707179 | &nbsp;&nbsp; $629488 | 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 long <br> equity positions and pays HIBOR or HOISHKD plus a <br> specified spread (0.33%), which is denominated in HKD <br> based on the local currencies of the positions within the <br> swap (Monthly).<br>| &nbsp;&nbsp; 52-56 <br> months <br> maturity <br> ranging from <br> 04/11/2030 - <br> 08/28/2030<br>| GSC | &nbsp;&nbsp; $27292148 | &nbsp;&nbsp; $(33686)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(33686)<br>|
| The Fund receives the total return on a portfolio of short <br> equity positions and receives the DETNT/N minus a <br> specified spread (-0.35%), which is denominated in DKK <br> based on the local currencies of the positions within the <br> swap (Monthly).<br>| &nbsp;&nbsp; 53-59 <br> months <br> maturity <br> ranging from <br> 05/17/2030 - <br> 11/28/2030<br>| GSC | &nbsp;&nbsp; 9109242 | &nbsp;&nbsp; (36545)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (36545)<br>|
| The Fund receives the total return on a portfolio of short <br> equity positions and receives the STIBOR minus a <br> specified spread (-0.75% to -0.35%), which is <br> denominated in SEK based on the local currencies of the <br> positions within the swap (Monthly).<br>| &nbsp;&nbsp; 52-55 <br> months <br> maturity <br> ranging from <br> 04/11/2030 - <br> 07/18/2030<br>| GSC | &nbsp;&nbsp; 15250967 | &nbsp;&nbsp; (54161)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (54161)<br>|

---

See Notes to Financial Statements.

**255**

------

**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 <br> equity positions and receives the SSARON minus a <br> specified spread (-1.20% to -0.35%), which is <br> denominated in CHF based on the local currencies of the <br> positions within the swap (Monthly).<br>| &nbsp;&nbsp; 52-56 <br> months <br> maturity <br> ranging from <br> 04/11/2030 - <br> 08/28/2030<br>| GSC | &nbsp;&nbsp; $1284277 | &nbsp;&nbsp; $(82166)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(82166)<br>|
| The Fund receives the total return on a portfolio of short <br> equity positions and receives the MUTSCALM minus a <br> specified spread (-0.40% to -0.30%), which is <br> denominated in JPY based on the local currencies of the <br> positions within the swap (Monthly).\*<br>| &nbsp;&nbsp; 52-60 <br> months <br> maturity <br> ranging from <br> 04/11/2030 - <br> 12/19/2030<br>| GSC | &nbsp;&nbsp; 4047696066 | &nbsp;&nbsp; (426885)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (426885)<br>|
| Subtotal Depreciation |  |  |  | &nbsp;&nbsp; $(633443)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(633443)<br>|
| Net Total Return Basket Swaps |  |  |  | &nbsp;&nbsp; $1312023 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1312023 |

---

\***The following table represents disclosures associated with the underlying components of the total return basket swap as of year end.**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Common Stocks** | **Shares** | **Notional** | **Unrealized** <br> **Appreciation** <br> **(Depreciation)**<br>| **Percentage of** <br> **Swap Value**<br>|
| Screen Holdings Co., Ltd. | &nbsp;&nbsp; (36900)<br>| &nbsp;&nbsp;&nbsp; $562998717 | &nbsp;&nbsp; $(353358)<br>| 82.78<br> %<br>|
| Toyota Industries Corporation | &nbsp;&nbsp; (25600)<br>| &nbsp;&nbsp;&nbsp; 454598033 | &nbsp;&nbsp; (43417)<br>| 10.17 |
| Ibiden Co., Ltd. | &nbsp;&nbsp; (46400)<br>| &nbsp;&nbsp;&nbsp; 313922905 | &nbsp;&nbsp; (179183)<br>| 41.97 |
| Nippon Sanso Holdings Corporation | &nbsp;&nbsp; (62000)<br>| &nbsp;&nbsp;&nbsp; 290127500 | &nbsp;&nbsp; 14763 | &nbsp;&nbsp; (3.46)<br>|
| M3, Inc. | &nbsp;&nbsp; (131400)<br>| &nbsp;&nbsp;&nbsp; 276892705 | &nbsp;&nbsp; 69790 | &nbsp;&nbsp; (16.35)<br>|
| Lasertec Corporation | &nbsp;&nbsp; (8600)<br>| &nbsp;&nbsp;&nbsp; 256680742 | &nbsp;&nbsp; 146369 | &nbsp;&nbsp; (34.29)<br>|
| Suzuki Motor Corporation | &nbsp;&nbsp; (98000)<br>| &nbsp;&nbsp;&nbsp; 229577227 | &nbsp;&nbsp; (11556)<br>| 2.71 |
| Kokusai Electric Corporation | &nbsp;&nbsp; (41200)<br>| &nbsp;&nbsp;&nbsp; 225695144 | &nbsp;&nbsp; (157491)<br>| 36.89 |
| Chiba Bank, Ltd. (The) | &nbsp;&nbsp; (122800)<br>| &nbsp;&nbsp;&nbsp; 214673247 | &nbsp;&nbsp; (36259)<br>| 8.49 |
| Yamaha Motor Co., Ltd. | &nbsp;&nbsp; (142300)<br>| &nbsp;&nbsp;&nbsp; 165308216 | &nbsp;&nbsp; (33365)<br>| 7.82 |
| Daifuku Co., Ltd. | &nbsp;&nbsp; (33100)<br>| &nbsp;&nbsp;&nbsp; 163194623 | &nbsp;&nbsp; 37958 | &nbsp;&nbsp; (8.89)<br>|
| Inpex Corporation | &nbsp;&nbsp; (40300)<br>| &nbsp;&nbsp;&nbsp; 126255241 | &nbsp;&nbsp; (14522)<br>| 3.40 |
| Rakuten Bank, Ltd. | &nbsp;&nbsp; (17500)<br>| &nbsp;&nbsp;&nbsp; 121020976 | &nbsp;&nbsp; 46382 | &nbsp;&nbsp; (10.87)<br>|
| Ebara Corporation | &nbsp;&nbsp; (30200)<br>| &nbsp;&nbsp;&nbsp; 111497448 | &nbsp;&nbsp; 35062 | &nbsp;&nbsp; (8.21)<br>|
| Sanrio Co., Ltd. | &nbsp;&nbsp; (22300)<br>| &nbsp;&nbsp;&nbsp; 109299034 | &nbsp;&nbsp; 57696 | &nbsp;&nbsp; (13.52)<br>|
| Olympus Corporation | &nbsp;&nbsp; (51800)<br>| &nbsp;&nbsp;&nbsp; 102878865 | &nbsp;&nbsp; 25920 | &nbsp;&nbsp; (6.07)<br>|
| Scsk Corporation | &nbsp;&nbsp; (13900)<br>| &nbsp;&nbsp;&nbsp; 78513139 | &nbsp;&nbsp; 4020 | &nbsp;&nbsp; (0.94)<br>|
| Monotaro Co., Ltd. | &nbsp;&nbsp; (20700)<br>| &nbsp;&nbsp;&nbsp; 51630183 | &nbsp;&nbsp; (34600)<br>| 8.11 |
| Nissan Motor Co., Ltd. | &nbsp;&nbsp; (107400)<br>| &nbsp;&nbsp;&nbsp; 41804282 | &nbsp;&nbsp; 3247 | &nbsp;&nbsp; (0.76)<br>|
| Resonac Holdings Corporation | &nbsp;&nbsp; (4400)<br>| &nbsp;&nbsp;&nbsp; 28737173 | &nbsp;&nbsp; (11876)<br>| 2.78 |
| Toyo Suisan Kaisha, Ltd. | &nbsp;&nbsp; (2600)<br>| &nbsp;&nbsp;&nbsp; 27938960 | &nbsp;&nbsp; (2285)<br>| 0.54 |
| Chugai Pharmaceutical Co., Ltd. | &nbsp;&nbsp; (3200)<br>| &nbsp;&nbsp;&nbsp; 26296257 | &nbsp;&nbsp; (2953)<br>| 0.69 |
| Capcom Co., Ltd. | &nbsp;&nbsp; (6800)<br>| &nbsp;&nbsp;&nbsp; 24742461 | &nbsp;&nbsp; 2070 | &nbsp;&nbsp; (0.48)<br>|
| Konami Group Corporation | &nbsp;&nbsp; (1000)<br>| &nbsp;&nbsp;&nbsp; 21272853 | &nbsp;&nbsp; 9170 | &nbsp;&nbsp; (2.15)<br>|
| Renesas Electronics Corporation | &nbsp;&nbsp; (6600)<br>| &nbsp;&nbsp;&nbsp; 14160135 | &nbsp;&nbsp; (2013)<br>| 0.47 |
| Toho Co., Ltd. | &nbsp;&nbsp; (1000)<br>| &nbsp;&nbsp;&nbsp; 7980000 | &nbsp;&nbsp; 3546 | &nbsp;&nbsp; (0.83)<br>|
|  |  | &nbsp;&nbsp;&nbsp; $4047696066 | &nbsp;&nbsp; $(426885)<br>| 100.00<br> %<br>|

---

**256**

See Notes to Financial Statements.

------

**VALUATION HIERARCHY**

The following is a summary of the inputs used, as of December 31, 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; $40961296 | &nbsp;&nbsp; $40961296 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Foreign Common Stocks: |  |  |  |  |
| Brazil | &nbsp;&nbsp; 4946854 | &nbsp;&nbsp; 4946854 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Canada | &nbsp;&nbsp; 45399104 | &nbsp;&nbsp; 45399104 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Germany | &nbsp;&nbsp; 149687033 | &nbsp;&nbsp; 748771 | &nbsp;&nbsp; 148938262 | &nbsp;&nbsp; — |
| Guatemala | &nbsp;&nbsp; 184726 | &nbsp;&nbsp; 184726 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| India | &nbsp;&nbsp; 9438054 | &nbsp;&nbsp; 9438054 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Ireland | &nbsp;&nbsp; 86635243 | &nbsp;&nbsp; 58281844 | &nbsp;&nbsp; 28353399 | &nbsp;&nbsp; — |
| Israel | &nbsp;&nbsp; 24059303 | &nbsp;&nbsp; 21003983 | &nbsp;&nbsp; 3055320 | &nbsp;&nbsp; — |
| Japan | &nbsp;&nbsp; 233947618 | &nbsp;&nbsp; 1032735 | &nbsp;&nbsp; 232914883 | &nbsp;&nbsp; — |
| Mexico | &nbsp;&nbsp; 15032641 | &nbsp;&nbsp; 15032641 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Netherlands | &nbsp;&nbsp; 100730816 | &nbsp;&nbsp; 9859886 | &nbsp;&nbsp; 90870930 | &nbsp;&nbsp; — |
| Norway | &nbsp;&nbsp; 7150913 | &nbsp;&nbsp; 274972 | &nbsp;&nbsp; 6875941 | &nbsp;&nbsp; — |
| Singapore | &nbsp;&nbsp; 16761878 | &nbsp;&nbsp; 9579221 | &nbsp;&nbsp; 7182657 | &nbsp;&nbsp; — |
| Sweden | &nbsp;&nbsp; 19164728 | &nbsp;&nbsp; 140352 | &nbsp;&nbsp; 19024376 | &nbsp;&nbsp; — |
| Switzerland | &nbsp;&nbsp; 103651684 | &nbsp;&nbsp; 15082031 | &nbsp;&nbsp; 88569653 | &nbsp;&nbsp; — |
| United Kingdom | &nbsp;&nbsp; 126577406 | &nbsp;&nbsp; 7736376 | &nbsp;&nbsp; 118841030 | &nbsp;&nbsp; — |
| Other<sup>^^</sup> <br>| &nbsp;&nbsp; 402803512 | &nbsp;&nbsp; — | &nbsp;&nbsp; 402803512 | &nbsp;&nbsp; — |
| Total Foreign Common Stocks | &nbsp;&nbsp; 1346171513 | &nbsp;&nbsp; 198741550 | &nbsp;&nbsp; 1147429963 | &nbsp;&nbsp; — |
| Foreign Preferred Stock | &nbsp;&nbsp; 2713911 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2713911 | &nbsp;&nbsp; — |
| Money Market Funds | &nbsp;&nbsp; 87911741 | &nbsp;&nbsp; 87911741 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Total Assets - Investments in Securities** | &nbsp;&nbsp; $1477758461 | &nbsp;&nbsp; $327614587 | &nbsp;&nbsp; $1150143874 | &nbsp;&nbsp; $— |
| **Other Financial Instruments\*\*\*** |  |  |  |  |
| Forward Foreign Currency Contracts | &nbsp;&nbsp; $2001817 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2001817 | &nbsp;&nbsp; $— |
| Futures Contracts | &nbsp;&nbsp; 475445 | &nbsp;&nbsp; 475445 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Swap Agreements | &nbsp;&nbsp; 2113927 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2113927 | &nbsp;&nbsp; — |
| **Total Assets - Other Financial Instruments** | &nbsp;&nbsp; $4591189 | &nbsp;&nbsp; $475445 | &nbsp;&nbsp; $4115744 | &nbsp;&nbsp; $— |
| **Liabilities:** |  |  |  |  |
| **Other Financial Instruments\*\*\*** |  |  |  |  |
| Forward Foreign Currency Contracts | &nbsp;&nbsp; $(2233870)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(2233870)<br>| &nbsp;&nbsp; $— |
| Futures Contracts | &nbsp;&nbsp; (227799)<br>| &nbsp;&nbsp; (227799)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Swap Agreements | &nbsp;&nbsp; (813833)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (813833)<br>| &nbsp;&nbsp; — |
| **Total Liabilities - Other Financial Instruments** | &nbsp;&nbsp; $(3275502)<br>| &nbsp;&nbsp; $(227799)<br>| &nbsp;&nbsp; $(3047703)<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.

**257**

------

**EMERGING MARKETS EQUITY FUND**

**SCHEDULE OF INVESTMENTS**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS — 1.7%** | **COMMON STOCKS — 1.7%** | **COMMON STOCKS — 1.7%** |
| **Consumer Discretionary — 1.6%** | **Consumer Discretionary — 1.6%** |  |
| Coupang, Inc.\* | 126831 | $2991943 |
| MercadoLibre, Inc.\* | 2457 | 4949037 |
| Yum China Holdings, Inc. | 11400 | 539773 |
| Yum China Holdings, Inc. (New York <br> Stock Exchange) | 132300 | 6316002 |
|  |  | 14796755 |
| **Information Technology — 0.1%** | **Information Technology — 0.1%** |  |
| Cognizant Technology Solutions <br> Corporation Class A | 5629 | 467207 |
| **Materials — 0.0%** | **Materials — 0.0%** |  |
| Southern Copper Corporation | 2474 | 354945 |
| **Total Common Stocks** <br> (Cost $13,704,936) | **Total Common Stocks** <br> (Cost $13,704,936) | 15618907 |
| **FOREIGN COMMON STOCKS — 88.7%** | **FOREIGN COMMON STOCKS — 88.7%** | **FOREIGN COMMON STOCKS — 88.7%** |
| **Brazil — 3.8%** | **Brazil — 3.8%** |  |
| Axia Energia | 95400 | 880276 |
| B3 SA - Brasil Bolsa Balcao\* | 2685758 | 6837692 |
| Banco BTG Pactual SA\* | 265613 | 2544538 |
| Banco do Brasil SA | 322500 | 1287201 |
| Cia de Saneamento Basico do Estado <br> de Sao Paulo SAB ESP | 70119 | 1687959 |
| Localiza Rent a Car SA\* | 217679 | 1722832 |
| NU Holdings, Ltd. Class A\* | 115160 | 1927778 |
| PRIO SA\* | 636596 | 4784450 |
| Raia Drogasil SA | 1751855 | 7471647 |
| Rede D'Or Sao Luiz SA 144A | 298495 | 2210807 |
| Telefonica Brasil SA\* | 240800 | 1441729 |
| Vale SA ADR | 236116 | 3076591 |
|  |  | 35873500 |
| **Canada — 0.5%** | **Canada — 0.5%** |  |
| Lundin Mining Corporation | 197345 | 4241505 |
| Wheaton Precious Metals Corporation | 4042 | 475016 |
|  |  | 4716521 |
| **Chile — 0.3%** | **Chile — 0.3%** |  |
| Latam Airlines Group SA | 116789449 | 3161730 |
| **China — 13.0%** | **China — 13.0%** |  |
| Airtac International Group | 6000 | 176833 |
| Alibaba Group Holding, Ltd. ADR | 102620 | 15042040 |
| Aluminum Corporation of China, Ltd. <br> Class H | 258000 | 403887 |
| Anji Microelectronics Technology <br> Shanghai Co., Ltd. Class A | 16955 | 529625 |
| ANTA Sports Products, Ltd. | 57200 | 593997 |
| AVIC Airborne Systems Co., Ltd. | 4453 | —  |
| Beijing Roborock Technology Co., <br> Ltd. Class A | 17124 | 373323 |
| Bilibili, Inc. Class Z\* | 46580 | 1149647 |
| China CITIC Bank Corporation, Ltd. <br> Class H | 583000 | 520246 |
| China Communications Services <br> Corporation, Ltd. Class H | 3030000 | 1746545 |
| China Construction Bank Corporation <br> Class H | 1553000 | 1537176 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| China Galaxy Securities Co., Ltd. <br> Class H | 386000 | $499176 |
| China Hongqiao Group, Ltd. | 39000 | 163789 |
| China International Capital <br> Corporation, Ltd. Class H 144A | 216800 | 547607 |
| China Merchants Bank Co., Ltd. <br> Class H | 239500 | 1629294 |
| China Minsheng Banking <br> Corporation, Ltd. Class H | 1117500 | 564976 |
| China National Building Material Co., <br> Ltd. Class H | 746000 | 491202 |
| China Oilfield Services, Ltd. Class H | 108000 | 97048 |
| China Pacific Insurance Group Co., <br> Ltd. Class H | 110400 | 500663 |
| China Resources Land, Ltd. | 145997 | 510742 |
| China State Construction International <br> Holdings, Ltd.Δ | 100000 | 116958 |
| Contemporary Amperex Technology <br> Co., Ltd. Class A | 75450 | 3974377 |
| DiDi Global, Inc. ADR\* | 779407 | 4115269 |
| Dongfang Electric Corporation, Ltd. <br> Class H | 166000 | 533283 |
| Duality Biotherapeutics, Inc.\* | 31622 | 1210521 |
| Fuyao Glass Industry Group Co., Ltd. <br> Class A | 139362 | 1294288 |
| Fuyao Glass Industry Group Co., Ltd. <br> Class H 144A | 125710 | 1086598 |
| Geely Automobile Holdings, Ltd. | 1295000 | 2995175 |
| H World Group, Ltd. ADR | 10027 | 471770 |
| Hesai Group ADRΔ\* | 64484 | 1444442 |
| Huaneng Power International, Inc. <br> Class H | 1620000 | 1193872 |
| Innovent Biologics, Inc. 144AΔ\* | 196000 | 1918195 |
| JD Health International, Inc. 144A\* | 23700 | 169734 |
| JD.com, Inc. Class A | 155300 | 2233096 |
| Jiangsu Hengli Hydraulic Co., Ltd. <br> Class A | 34600 | 544724 |
| Jiangsu Hengrui Pharmaceuticals Co., <br> Ltd. Class H\* | 351989 | 3226910 |
| Jiangxi Copper Co., Ltd. Class H | 364000 | 2011936 |
| KE Holdings, Inc. ADRΔ | 102447 | 1614565 |
| KE Holdings, Inc. Class A | 256601 | 1357147 |
| Kingdee International Software Group <br> Co., Ltd.\* | 871000 | 1493221 |
| Kunlun Energy Co., Ltd. | 1910000 | 1825843 |
| Luxshare Precision Industry Co., Ltd. <br> Class A | 404100 | 3292544 |
| Mao Geping Cosmetics Co., Ltd. <br> Class HΔ | 24700 | 259501 |
| Meituan Class B 144A\* | 439467 | 5823904 |
| Midea Group Co., Ltd. Class A | 411093 | 4604622 |
| Minth Group, Ltd. | 60000 | 245818 |
| Montage Technology Co., Ltd. <br> Class A | 22434 | 378875 |
| NARI Technology Co., Ltd. Class A | 1073167 | 3459221 |
| NAURA Technology Group Co., Ltd. <br> Class A | 50415 | 3317410 |
| NetEase, Inc. | 134803 | 3710479 |
| New China Life Insurance Co., Ltd. <br> Class H | 59500 | 416903 |

---

**258**

See Notes to Financial Statements.

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| New Oriental Education & <br> Technology Group, Inc. | 199400 | $1095345 |
| OmniVision Integrated Circuits <br> Group, Inc. | 103803 | 1873467 |
| PDD Holdings, Inc. ADR\* | 31179 | 3535387 |
| People's Insurance Co. Group of <br> China, Ltd. (The) Class H | 90000 | 78183 |
| PICC Property & Casualty Co., Ltd. <br> Class H | 1774768 | 3731286 |
| Ping An Insurance Group Co. of <br> China, Ltd. Class HΔ | 881496 | 7404306 |
| Pop Mart International Group, Ltd. <br> 144AΔ | 12600 | 303997 |
| Sany Heavy Industry Co., Ltd. <br> Class H\* | 166400 | 483205 |
| Shandong Gold Mining Co., Ltd. <br> Class H 144A | 397000 | 1767519 |
| Shenzhen Mindray Bio-Medical <br> Electronics Co., Ltd. Class A | 124486 | 3400667 |
| Sichuan Kelun-Biotech <br> Biopharmaceutical Co., Ltd. <br> Class HΔ\* | 20714 | 1039793 |
| Spring Airlines Co., Ltd. Class A | 31547 | 268945 |
| Tencent Music Entertainment Group <br> ADR | 25377 | 444859 |
| Trip.com Group, Ltd. ADR | 46677 | 3356543 |
| Yadea Group Holdings, Ltd. 144A | 178000 | 260724 |
| Yunnan Aluminium Co., Ltd. Class A | 195848 | 921102 |
| Zhaojin Mining Industry Co., Ltd. <br> Class H | 301000 | 1188509 |
| Zhejiang Leapmotor Technology Co., <br> Ltd. Class H 144A\* | 87400 | 547487 |
| Zhongsheng Group Holdings, Ltd. | 979656 | 1466172 |
| Zijin Mining Group Co., Ltd. Class H | 172000 | 787491 |
|  |  | 121374004 |
| **Greece — 0.2%** | **Greece — 0.2%** |  |
| JUMBO SA | 11741 | 384965 |
| National Bank of Greece SA | 35234 | 537405 |
| Piraeus Bank SA\* | 85968 | 686395 |
|  |  | 1608765 |
| **Hong Kong — 10.0%** | **Hong Kong — 10.0%** |  |
| AIA Group, Ltd. | 794227 | 8175053 |
| Alibaba Group Holding, Ltd. Class W | 746638 | 13708992 |
| China Merchants Port Holdings Co., <br> Ltd. | 340000 | 662123 |
| China Overseas Land & Investment, <br> Ltd. | 48500 | 76594 |
| China Taiping Insurance Holdings <br> Co., Ltd. | 36200 | 87172 |
| CITIC, Ltd. | 1915000 | 2976138 |
| CSPC Pharmaceutical Group, Ltd. | 202000 | 219179 |
| Hong Kong Exchanges and Clearing, <br> Ltd. | 205048 | 10728389 |
| J&T Global Express, Ltd.\* | 401000 | 539749 |
| Lenovo Group, Ltd. | 1316000 | 1564981 |
| MMG, Ltd.\* | 212000 | 239532 |
| Sinotruk Hong Kong, Ltd. | 846500 | 3004182 |
| Tencent Holdings, Ltd. | 662305 | 50827630 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Zijin Gold International Co., Ltd.Δ\* | 18777 | $352248 |
|  |  | 93161962 |
| **Hungary — 0.4%** | **Hungary — 0.4%** |  |
| OTP Bank Nyrt | 33554 | 3597800 |
| **India — 14.5%** | **India — 14.5%** |  |
| 360 ONE WAM, Ltd. | 23503 | 311466 |
| Amber Enterprises India, Ltd.\* | 7398 | 525849 |
| Archean Chemical Industries, Ltd. | 23367 | 144917 |
| Ashok Leyland, Ltd. | 103040 | 205622 |
| Axis Bank, Ltd. | 147286 | 2082696 |
| Bajaj Finance, Ltd. | 231698 | 2547980 |
| Bank of Baroda | 226739 | 747235 |
| Bharat Petroleum Corporation, Ltd. | 235631 | 1007964 |
| Bharti Airtel, Ltd. | 322842 | 7577580 |
| Canara Bank | 1224755 | 2112261 |
| Cholamandalam Investment and <br> Finance Co., Ltd. | 59353 | 1125790 |
| Coal India, Ltd. | 339761 | 1509258 |
| Coforge, Ltd. | 25852 | 478952 |
| Computer Age Management Services, <br> Ltd. | 63228 | 522032 |
| Eicher Motors, Ltd. | 22316 | 1816581 |
| Embassy Office Parks REIT | 535234 | 2594717 |
| Eternal, Ltd.\* | 550444 | 1705817 |
| Five-Star Business Finance, Ltd. | 23032 | 139831 |
| Godrej Properties, Ltd.\* | 27405 | 611395 |
| Grasim Industries, Ltd. | 15830 | 498510 |
| HDFC Bank, Ltd. | 15470 | 170896 |
| HDFC Bank, Ltd. ADR | 328400 | 11999736 |
| Hindalco Industries, Ltd. | 166445 | 1642692 |
| Hitachi Energy India, Ltd. | 2956 | 602538 |
| ICICI Bank, Ltd. | 595272 | 8909187 |
| ICICI Lombard General Insurance <br> Co., Ltd. 144A | 27408 | 599267 |
| Indian Oil Corporation, Ltd. | 473151 | 877161 |
| Indus Towers, Ltd.\* | 125254 | 584152 |
| Info Edge India, Ltd. | 29478 | 437593 |
| Infosys, Ltd. | 193992 | 3493579 |
| Infosys, Ltd. ADRΔ | 145743 | 2597140 |
| Kotak Mahindra Bank, Ltd. | 327907 | 8043709 |
| Larsen & Toubro, Ltd. | 150844 | 6855579 |
| Lenskart Solutions, Ltd.\* | 174900 | 877036 |
| Mahindra & Mahindra, Ltd. | 317180 | 13099239 |
| MakeMyTrip, Ltd.Δ\* | 59703 | 4902810 |
| Marico, Ltd. | 788652 | 6583063 |
| Max Financial Services, Ltd.\* | 210368 | 3916763 |
| Navin Fluorine International, Ltd. | 11099 | 731358 |
| Netweb Technologies India, Ltd. | 7082 | 244982 |
| Oil & Natural Gas Corporation, Ltd. | 1142097 | 3056217 |
| PB Fintech, Ltd.\* | 56995 | 1159192 |
| Petronet LNG, Ltd. | 66910 | 211487 |
| Power Finance Corporation, Ltd. | 20245 | 80160 |
| REC, Ltd. | 87644 | 348510 |
| Reliance Industries, Ltd. | 175143 | 3064760 |
| SAI Life Sciences, Ltd. 144A\* | 25462 | 257216 |

---

See Notes to Financial Statements.

**259**

------

**EMERGING MARKETS EQUITY FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| SBI Life Insurance Co., Ltd. 144A | 183295 | $4154754 |
| Suzlon Energy, Ltd.\* | 456368 | 267849 |
| Tata Capital, Ltd.\* | 94271 | 358553 |
| Tata Communications, Ltd. | 9615 | 195277 |
| Tata Consultancy Services, Ltd. | 263378 | 9410281 |
| Tata Consumer Products, Ltd. | 54862 | 727579 |
| Tata Motors Passenger Vehicles, Ltd. | 99150 | 405768 |
| TVS Motor Co., Ltd. | 14712 | 609640 |
| Varun Beverages, Ltd. | 440193 | 2403142 |
| Vedanta, Ltd. | 485967 | 3269759 |
|  |  | 135415077 |
| **Indonesia — 1.9%** | **Indonesia — 1.9%** |  |
| PT Astra International Tbk | 1324100 | 531437 |
| PT Bank Central Asia Tbk | 23644559 | 11417880 |
| PT BFI Finance Indonesia Tbk | 3430200 | 143996 |
| PT GoTo Gojek Tokopedia Tbk\* | 743477200 | 2842895 |
| PT Map Aktif Adiperkasa | 5616500 | 224971 |
| PT Petrindo Jaya Kreasi Tbk | 2651500 | 370970 |
| PT United Tractors Tbk | 972360 | 1719153 |
|  |  | 17251302 |
| **Kazakhstan — 0.4%** | **Kazakhstan — 0.4%** |  |
| Halyk Savings Bank of Kazakhstan <br> JSC GDR | 5631 | 168544 |
| Kaspi.KZ JSC ADR\* | 40246 | 3144420 |
| Kaspi.KZ JSC GDR\* | 3113 | 243219 |
|  |  | 3556183 |
| **Malaysia — 0.1%** | **Malaysia — 0.1%** |  |
| Hong Leong Bank Bhd. | 13000 | 70903 |
| RHB Bank Bhd | 455700 | 865553 |
| YTL Corporation Bhd. | 901720 | 452473 |
|  |  | 1388929 |
| **Mexico — 2.7%** | **Mexico — 2.7%** |  |
| America Movil SAB de CV Series B | 902000 | 931178 |
| Arca Continental SAB de CV | 63721 | 688254 |
| Banco del Bajio SA 144A | 78537 | 198703 |
| Cemex SAB de CV ADR | 40568 | 466126 |
| Controladora Vuela Cia de Aviacion <br> SAB de CV ADRΔ\* | 251208 | 2230727 |
| Corporation Inmobiliaria Vesta SAB <br> de CV ADRΔ | 126855 | 3867809 |
| Esentia Energy Development SAB de <br> CV\* | 572100 | 1556735 |
| Fomento Economico Mexicano SAB <br> de CV ADR | 80100 | 8095707 |
| Gentera SAB de CV | 161850 | 413085 |
| Gruma SAB de CV Series B | 7040 | 121014 |
| Grupo Aeroportuario del Centro Norte <br> SAB de CV ADR | 662 | 72006 |
| Grupo Financiero Banorte SAB de <br> CV Series O | 471440 | 4367905 |
| Industrias Penoles SAB de CV\* | 28000 | 1470911 |
| Prologis Property Mexico SA de CV <br> REIT | 126590 | 528785 |
|  |  | 25008945 |
| **Peru — 0.9%** | **Peru — 0.9%** |  |
| Credicorp, Ltd. | 30343 | 8708441 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Philippines — 0.1%** | **Philippines — 0.1%** |  |
| BDO Unibank, Inc. | 134640 | $307502 |
| Jollibee Foods Corporation | 74170 | 226556 |
| Monde Nissin Corporation 144A | 2354810 | 232442 |
|  |  | 766500 |
| **Poland — 0.9%** | **Poland — 0.9%** |  |
| Allegro.eu SA 144A\* | 233878 | 2006899 |
| Bank Polska Kasa Opieki SA | 4631 | 262678 |
| Dino Polska SA 144A\* | 37760 | 433532 |
| KRUK SA | 439 | 60069 |
| PGE Polska Grupa Energetyczna SA\* | 294436 | 719591 |
| Powszechna Kasa Oszczednosci Bank <br> Polski SA | 140855 | 3324460 |
| Powszechny Zaklad Ubezpieczen SA | 18363 | 339889 |
| Santander Bank Polska SA | 8030 | 1213877 |
|  |  | 8360995 |
| **Qatar — 0.1%** | **Qatar — 0.1%** |  |
| Ooredoo QPSC | 55204 | 197386 |
| Qatar National Bank QPSC | 220755 | 1131362 |
|  |  | 1328748 |
| **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 — 1.7%** | **Saudi Arabia — 1.7%** |  |
| Ades Holding Co. | 53951 | 250656 |
| Al Rajhi Bank | 78203 | 2031332 |
| Almarai Co. JSC | 27784 | 320582 |
| Arab National Bank | 103342 | 595762 |
| Arabian Internet & Communications <br> Services Co. | 1760 | 105638 |
| Bank Al-Jazira\* | 92986 | 276118 |
| Banque Saudi Fransi | 256672 | 1151189 |
| Co for Cooperative Insurance (The) | 4165 | 129920 |
| Elm Co. | 1542 | 307504 |
| Jarir Marketing Co. | 43069 | 146744 |
| Rasan Information Technology Co.\* | 11437 | 353217 |
| Riyad Bank | 271935 | 1968183 |
| Saudi Arabian Oil Co. 144A | 302793 | 1922782 |
| Saudi British Bank (The) | 51724 | 446152 |
| Saudi Electricity Co. | 200911 | 752506 |
| Saudi National Bank (The) | 491029 | 4958990 |
|  |  | 15717275 |
| **Singapore — 0.3%** | **Singapore — 0.3%** |  |
| BOC Aviation, Ltd. 144A | 117000 | 1095547 |
| Grab Holdings, Ltd. Class A\* | 211962 | 1057691 |
| Sea, Ltd. ADR\* | 4288 | 547020 |
|  |  | 2700258 |

---

**260**

See Notes to Financial Statements.

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Slovenia — 0.1%** | **Slovenia — 0.1%** |  |
| Nova Ljubljanska Banka dd GDR | 14123 | $599164 |
| **South Africa — 2.5%** | **South Africa — 2.5%** |  |
| Absa Group, Ltd. | 45532 | 658068 |
| Capitec Bank Holdings, Ltd. | 2865 | 719175 |
| Clicks Group, Ltd. | 16900 | 344362 |
| Discovery, Ltd. | 523247 | 7190855 |
| FirstRand, Ltd. | 140297 | 768827 |
| Gold Fields, Ltd. ADRΔ | 35505 | 1550148 |
| Harmony Gold Mining Co., Ltd. ADR | 92177 | 1834322 |
| Naspers, Ltd. Class N | 80478 | 5367199 |
| Nedbank Group, Ltd. | 61297 | 985564 |
| Old Mutual, Ltd. | 2592189 | 2332344 |
| Sasol, Ltd.\* | 176518 | 1126267 |
|  |  | 22877131 |
| **South Korea — 10.9%** | **South Korea — 10.9%** |  |
| Doosan Bobcat, Inc.\* | 22995 | 919797 |
| Hana Financial Group, Inc. | 30870 | 2014162 |
| HD Hyundai Co., Ltd. | 5236 | 685344 |
| HD Hyundai Heavy Industries Co., <br> Ltd. | 198 | 69785 |
| HD Hyundai Marine Solution Co., <br> Ltd. | 14030 | 1879978 |
| HD Korea Shipbuilding & Offshore <br> Engineering Co., Ltd. | 5355 | 1511029 |
| Hyundai Motor Co. | 21757 | 4492994 |
| Hyundai Rotem Co., Ltd. | 2951 | 384871 |
| Industrial Bank of Korea | 90705 | 1318444 |
| IsuPetasys Co., Ltd. | 3836 | 318101 |
| KB Financial Group, Inc. | 55387 | 4767973 |
| Kia Corporation | 27563 | 2336612 |
| Korea Electric Power Corporation | 53842 | 1767077 |
| Korea Investment Holdings Co., Ltd. | 655 | 73750 |
| Krafton, Inc.\* | 422 | 71904 |
| LG CNS Co., Ltd. | 7859 | 335062 |
| LG Electronic, Inc. | 6099 | 389166 |
| LG Energy Solution, Ltd.\* | 1680 | 429635 |
| LG Uplus Corporation | 27152 | 277448 |
| NCSoft Corporation | 2058 | 288173 |
| Samsung Biologics Co., Ltd. 144A\* | 505 | 592963 |
| Samsung Electronics Co., Ltd. | 421458 | 35324459 |
| Samsung Fire & Marine Insurance <br> Co., Ltd. | 21760 | 7507355 |
| Samsung Heavy Industries Co., Ltd.\* | 22260 | 372238 |
| Shinhan Financial Group Co., Ltd. | 8206 | 436968 |
| SK hynix, Inc. | 69046 | 31269427 |
| SK Telecom Co., Ltd. | 57337 | 2128843 |
|  |  | 101963558 |
| **Switzerland — 0.1%** | **Switzerland — 0.1%** |  |
| BeOne Medicines, Ltd. Class H\* | 31700 | 729616 |
| **Taiwan — 17.8%** | **Taiwan — 17.8%** |  |
| Accton Technology Corporation | 57000 | 2151009 |
| Advantech Co., Ltd. | 32000 | 292582 |
| Alchip Technologies, Ltd. | 9000 | 1004629 |
| ASE Technology Holding Co., Ltd. | 294000 | 2318167 |
| Asia Cement Corporation | 275000 | 325225 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| ASPEED Technology, Inc. | 19375 | $4457613 |
| Cathay Financial Holding Co., Ltd. | 1078000 | 2600336 |
| Chroma ATE, Inc. | 22000 | 544136 |
| Delta Electronics, Inc. | 356947 | 10888298 |
| E.Sun Financial Holding Co., Ltd. | 624189 | 670466 |
| Elite Material Co., Ltd. | 18000 | 943055 |
| eMemory Technology, Inc. | 8000 | 439370 |
| Far Eastern New Century Corporation | 781000 | 690628 |
| Far EasTone Telecommunications Co., <br> Ltd. | 104000 | 292040 |
| Fubon Financial Holding Co., Ltd. | 493850 | 1511501 |
| Hon Hai Precision Industry Co., Ltd. | 71000 | 520453 |
| Innolux Corporation | 390000 | 211649 |
| Jentech Precision Industrial Co., Ltd. | 8000 | 697556 |
| Lotes Co., Ltd. | 12000 | 494780 |
| MediaTek, Inc. | 236545 | 10740371 |
| Merida Industry Co., Ltd. | 6000 | 15746 |
| Nien Made Enterprise Co., Ltd. | 20000 | 229714 |
| Pegatron Corporation | 33000 | 71987 |
| PharmaEssentia Corporation | 16619 | 248252 |
| Quanta Computer, Inc. | 414351 | 3578702 |
| Realtek Semiconductor Corporation | 221656 | 3441580 |
| Taiwan Semiconductor Manufacturing <br> Co., Ltd. | 2180992 | 107211646 |
| TCC Group Holdings Co., Ltd. | 596000 | 439553 |
| Uni-President Enterprises Corporation | 1911757 | 4687523 |
| United Microelectronics Corporation <br> ADRΔ | 191538 | 1505489 |
| Voltronic Power Technology <br> Corporation | 81010 | 2493717 |
|  |  | 165717773 |
| **Thailand — 0.7%** | **Thailand — 0.7%** |  |
| Airports of Thailand PCL | 73900 | 124320 |
| Charoen Pokphand Foods PCL <br> NVDRΔ | 1789000 | 1238348 |
| Delta Electronics Thailand PCL <br> NVDRΔ | 111900 | 610694 |
| Krung Thai Bank PCL NVDR | 1113600 | 997814 |
| PTT Exploration & Production PCL <br> NVDR | 128600 | 459844 |
| SCB X PCL NVDR | 44300 | 195242 |
| True Corporation PCL NVDR | 8840226 | 3054955 |
|  |  | 6681217 |
| **Turkey — 0.7%** | **Turkey — 0.7%** |  |
| Aselsan Elektronik Sanayi Ve Ticaret <br> AS | 104228 | 561583 |
| Ford Otomotiv Sanayi AS | 148676 | 320550 |
| MLP Saglik Hizmetleri AS 144A\* | 201363 | 1782696 |
| Turk Hava Yollari AO | 11964 | 74745 |
| Turkcell Iletisim Hizmetleri AS | 299083 | 647586 |
| Turkiye Petrol Rafinerileri AS | 167791 | 719805 |
| Yapi ve Kredi Bankasi AS\* | 3426477 | 2885224 |
|  |  | 6992189 |
| **United Arab Emirates — 1.2%** | **United Arab Emirates — 1.2%** |  |
| Abu Dhabi Islamic Bank PJSC | 430068 | 2428879 |
| Aldar Properties PJSC | 2373868 | 5618333 |

---

See Notes to Financial Statements.

**261**

------

**EMERGING MARKETS EQUITY FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Emaar Properties PJSC | 279755 | $1067697 |
| First Abu Dhabi Bank PJSC | 350799 | 1665764 |
|  |  | 10780673 |
| **United Kingdom — 2.9%** | **United Kingdom — 2.9%** |  |
| Anglo American PLC | 79846 | 3302632 |
| Anglogold Ashanti PLC | 29607 | 2549749 |
| Antofagasta PLC | 305617 | 13424387 |
| Unilever PLC | 117930 | 7705215 |
|  |  | 26981983 |
| **Total Foreign Common Stocks** <br> (Cost $624,273,119) | **Total Foreign Common Stocks** <br> (Cost $624,273,119) | 827020239 |
| **FOREIGN PREFERRED STOCKS — 2.0%** | **FOREIGN PREFERRED STOCKS — 2.0%** | **FOREIGN PREFERRED STOCKS — 2.0%** |
| **Brazil — 0.4%** | **Brazil — 0.4%** |  |
| Itau Unibanco Holding <br> SA 4.62%◊<br>| 84460 | 603624 |
| Axia Energia \* | 25075 | 224768 |
| Banco Bradesco SA \* | 967900 | 3168762 |
| Localiza Rent a Car SA <br> \*<br>| 8372 | 63405 |
|  |  | 4060559 |
| **India — 0.0%** | **India — 0.0%** |  |
| TVS Motor Co., Ltd. <br> †††\*<br>| 58688 | 6530 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **South Korea — 1.6%** | **South Korea — 1.6%** |  |
| Samsung Electronics <br> Co., Ltd. 1.64%◊<br>| 241201 | $14971543 |
| **Total Foreign Preferred Stocks** <br> (Cost $13,819,391) | **Total Foreign Preferred Stocks** <br> (Cost $13,819,391) | 19038632 |
| **MONEY MARKET FUNDS — 5.7%** | **MONEY MARKET FUNDS — 5.7%** | **MONEY MARKET FUNDS — 5.7%** |
| Northern Institutional Liquid Assets <br> Portfolio (Shares), 3.81%Ø§ | 6175193 | 6175193 |
| GuideStone Money Market Fund, <br> 3.69% <br> (Institutional Class)Ø∞ | 26360977 | 26360977 |
| Northern Institutional U.S. Treasury <br> Portfolio (Premier), 3.63%Ø | 20159649 | 20159649 |
| **Total Money Market Funds** <br> (Cost $52,695,819) | **Total Money Market Funds** <br> (Cost $52,695,819) | 52695819 |
| **TOTAL INVESTMENTS** — **98.1%** <br> (Cost $704,493,265) |  | 914373597 |
| **Other Assets in Excess of**<br> **Liabilities — 1.9%** |  | 18129711 |
| **NET ASSETS — 100.0%** |  | $932503308 |

---

Futures Contracts outstanding at December 31, 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>|
| IFSC NIFTY 50 Index | 01/2026 | &nbsp;&nbsp;&nbsp; 97 | &nbsp;&nbsp;&nbsp; $5097447 | &nbsp;&nbsp;&nbsp; $(26423)<br>|
| FTSE China Index | 01/2026 | &nbsp;&nbsp;&nbsp; (1011)<br>| &nbsp;&nbsp;&nbsp; (15448080)<br>| &nbsp;&nbsp;&nbsp; 93970 |
| FTSE Taiwan Index | 01/2026 | &nbsp;&nbsp;&nbsp; 82 | &nbsp;&nbsp;&nbsp; 7776880 | &nbsp;&nbsp;&nbsp; 138888 |
| MSCI Singapore Index | 01/2026 | &nbsp;&nbsp;&nbsp; (271)<br>| &nbsp;&nbsp;&nbsp; (9397717)<br>| &nbsp;&nbsp;&nbsp; 33268 |
| Euro-BTP | 01/2026 | &nbsp;&nbsp;&nbsp; 194 | &nbsp;&nbsp;&nbsp; 4021747 | &nbsp;&nbsp;&nbsp; 1454 |
| KOSPI2 Index | 03/2026 | &nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp; 1160668 | &nbsp;&nbsp;&nbsp; 50848 |
| FTSE/JSE Top 40 Index | 03/2026 | &nbsp;&nbsp;&nbsp; (59)<br>| &nbsp;&nbsp;&nbsp; (3895781)<br>| &nbsp;&nbsp;&nbsp; (71829)<br>|
| MSCI Emerging Markets | 03/2026 | &nbsp;&nbsp;&nbsp; 458 | &nbsp;&nbsp;&nbsp; 32321060 | &nbsp;&nbsp;&nbsp; 386674 |
| Thai SET50 Index | 03/2026 | &nbsp;&nbsp;&nbsp; (171)<br>| &nbsp;&nbsp;&nbsp; (900457)<br>| &nbsp;&nbsp;&nbsp; 5278 |
| Total Futures Contracts outstanding at December 31, 2025 |  |  | &nbsp;&nbsp;&nbsp; $20735767 | &nbsp;&nbsp;&nbsp; $612128 |

---

Forward Foreign Currency Contracts outstanding at December 31, 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>|
| 03/18/26 | South Korean Won | &nbsp;&nbsp; 62253414720 | U.S. Dollars | &nbsp;&nbsp; 42558623 | CITI | &nbsp;&nbsp; $673759 |
| 03/18/26 | Chinese Offshore Yuan | &nbsp;&nbsp; 114490984 | U.S. Dollars | &nbsp;&nbsp; 16247993 | CITI | &nbsp;&nbsp; 240363 |
| 03/18/26 | South African Rand | &nbsp;&nbsp; 174000000 | U.S. Dollars | &nbsp;&nbsp; 10218889 | CITI | &nbsp;&nbsp; 230827 |
| 03/18/26 | U.S. Dollars | &nbsp;&nbsp; 10881370 | Brazilian Reals | &nbsp;&nbsp; 59455377 | CITI | &nbsp;&nbsp; 226842 |
| 03/18/26 | Hungarian Forint | &nbsp;&nbsp; 6307563241 | U.S. Dollars | &nbsp;&nbsp; 19000878 | CITI | &nbsp;&nbsp; 186660 |
| 03/18/26 | Thai Baht | &nbsp;&nbsp; 241974000 | U.S. Dollars | &nbsp;&nbsp; 7569534 | CITI | &nbsp;&nbsp; 155175 |
| 03/18/26 | Chilean Pesos | &nbsp;&nbsp; 4141069441 | U.S. Dollars | &nbsp;&nbsp; 4480284 | CITI | &nbsp;&nbsp; 123434 |
| 03/18/26 | Mexican Pesos | &nbsp;&nbsp; 128000000 | U.S. Dollars | &nbsp;&nbsp; 6941817 | CITI | &nbsp;&nbsp; 112405 |

---

**262**

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>|
| 03/18/26 | U.S. Dollars | &nbsp;&nbsp; 3847599 | Colombian Pesos | &nbsp;&nbsp; 14766635000 | CITI | &nbsp;&nbsp; $37851 |
| 03/18/26 | Israeli Shekels | &nbsp;&nbsp; 10413000 | U.S. Dollars | &nbsp;&nbsp; 3245080 | CITI | &nbsp;&nbsp; 25736 |
| 03/18/26 | Czech Republic Koruna | &nbsp;&nbsp; 56000000 | U.S. Dollars | &nbsp;&nbsp; 2708781 | CITI | &nbsp;&nbsp; 18541 |
| 03/18/26 | Euro | &nbsp;&nbsp; 1332000 | U.S. Dollars | &nbsp;&nbsp; 1553436 | CITI | &nbsp;&nbsp; 17614 |
| 03/18/26 | Indian Rupees | &nbsp;&nbsp; 424111368 | U.S. Dollars | &nbsp;&nbsp; 4669435 | CITI | &nbsp;&nbsp; 15935 |
| 03/18/26 | Polish Zloty | &nbsp;&nbsp; 26741000 | U.S. Dollars | &nbsp;&nbsp; 7431155 | CITI | &nbsp;&nbsp; 14468 |
| 03/18/26 | U.S. Dollars | &nbsp;&nbsp; 1816072 | South Korean Won | &nbsp;&nbsp; 2600000000 | CITI | &nbsp;&nbsp; 10481 |
| 03/18/26 | Philippine Pesos | &nbsp;&nbsp; 208426803 | U.S. Dollars | &nbsp;&nbsp; 3513672 | CITI | &nbsp;&nbsp; 6943 |
| 03/18/26 | Brazilian Reals | &nbsp;&nbsp; 6573000 | U.S. Dollars | &nbsp;&nbsp; 1171778 | CITI | &nbsp;&nbsp; 6118 |
| 03/18/26 | Singapore Dollars | &nbsp;&nbsp; 1975000 | U.S. Dollars | &nbsp;&nbsp; 1538963 | CITI | &nbsp;&nbsp; 5291 |
| 03/18/26 | Colombian Pesos | &nbsp;&nbsp; 13109389314 | U.S. Dollars | &nbsp;&nbsp; 3377347 | CITI | &nbsp;&nbsp; 4836 |
| 03/18/26 | U.S. Dollars | &nbsp;&nbsp; 847763 | Philippine Pesos | &nbsp;&nbsp; 50000000 | CITI | &nbsp;&nbsp; 3195 |
| 03/18/26 | Peruvian Nuevo Soles | &nbsp;&nbsp; 1680847 | U.S. Dollars | &nbsp;&nbsp; 495682 | CITI | &nbsp;&nbsp; 2929 |
| 03/18/26 | U.S. Dollars | &nbsp;&nbsp; 3095485 | Indian Rupees | &nbsp;&nbsp; 280000000 | CITI | &nbsp;&nbsp; 2186 |
| 03/18/26 | U.S. Dollars | &nbsp;&nbsp; 607820 | Mexican Pesos | &nbsp;&nbsp; 11000000 | CITI | &nbsp;&nbsp; 1598 |
| 03/25/26 | Indonesian Rupiahs | &nbsp;&nbsp; 9576325404 | U.S. Dollars | &nbsp;&nbsp; 570808 | CITI | &nbsp;&nbsp; 1358 |
| 03/18/26 | U.S. Dollars | &nbsp;&nbsp; 3618242 | Hong Kong Dollars | &nbsp;&nbsp; 28086000 | CITI | &nbsp;&nbsp; 646 |
| 03/18/26 | Saudi Riyals | &nbsp;&nbsp; 4312137 | U.S. Dollars | &nbsp;&nbsp; 1146240 | CITI | &nbsp;&nbsp; 327 |
| 03/18/26 | U.S. Dollars | &nbsp;&nbsp; 663320 | Saudi Riyals | &nbsp;&nbsp; 2494000 | CITI | &nbsp;&nbsp; 183 |
| 03/18/26 | U.S. Dollars | &nbsp;&nbsp; 635926 | Taiwan Dollars | &nbsp;&nbsp; 20000000 | CITI | &nbsp;&nbsp; 174 |
| 03/18/26 | U.S. Dollars | &nbsp;&nbsp; 480473 | South African Rand | &nbsp;&nbsp; 8000000 | CITI | &nbsp;&nbsp; 27 |
| Subtotal Appreciation | Subtotal Appreciation |  |  |  |  | &nbsp;&nbsp; $2125902 |
| 03/18/26 | Saudi Riyals | &nbsp;&nbsp; 790000 | U.S. Dollars | &nbsp;&nbsp; 210070 | CITI | &nbsp;&nbsp; $(15)<br>|
| 03/18/26 | Peruvian Nuevo Soles | &nbsp;&nbsp; 76774 | U.S. Dollars | &nbsp;&nbsp; 22798 | CITI | &nbsp;&nbsp; (23)<br>|
| 03/18/26 | U.S. Dollars | &nbsp;&nbsp; 35859 | Peruvian Nuevo Soles | &nbsp;&nbsp; 121000 | CITI | &nbsp;&nbsp; (35)<br>|
| 03/18/26 | Euro | &nbsp;&nbsp; 52000 | U.S. Dollars | &nbsp;&nbsp; 61446 | CITI | &nbsp;&nbsp; (114)<br>|
| 03/18/26 | Hungarian Forint | &nbsp;&nbsp; 66345425 | U.S. Dollars | &nbsp;&nbsp; 201940 | CITI | &nbsp;&nbsp; (118)<br>|
| 03/18/26 | U.S. Dollars | &nbsp;&nbsp; 69442 | Euro | &nbsp;&nbsp; 59000 | CITI | &nbsp;&nbsp; (147)<br>|
| 03/18/26 | U.S. Dollars | &nbsp;&nbsp; 25651 | Colombian Pesos | &nbsp;&nbsp; 100000000 | CITI | &nbsp;&nbsp; (149)<br>|
| 03/18/26 | U.S. Dollars | &nbsp;&nbsp; 13624 | Brazilian Reals | &nbsp;&nbsp; 77000 | CITI | &nbsp;&nbsp; (174)<br>|
| 03/18/26 | U.S. Dollars | &nbsp;&nbsp; 662508 | Indian Rupees | &nbsp;&nbsp; 60000000 | CITI | &nbsp;&nbsp; (341)<br>|
| 03/25/26 | Indonesian Rupiahs | &nbsp;&nbsp; 5576325405 | U.S. Dollars | &nbsp;&nbsp; 333646 | CITI | &nbsp;&nbsp; (472)<br>|
| 03/18/26 | U.S. Dollars | &nbsp;&nbsp; 1223486 | Saudi Riyals | &nbsp;&nbsp; 4603500 | CITI | &nbsp;&nbsp; (552)<br>|
| 03/18/26 | Israeli Shekels | &nbsp;&nbsp; 1676000 | U.S. Dollars | &nbsp;&nbsp; 527037 | CITI | &nbsp;&nbsp; (590)<br>|
| 03/18/26 | Polish Zloty | &nbsp;&nbsp; 35320000 | U.S. Dollars | &nbsp;&nbsp; 9839390 | CITI | &nbsp;&nbsp; (5075)<br>|
| 03/18/26 | Hong Kong Dollars | &nbsp;&nbsp; 92180116 | U.S. Dollars | &nbsp;&nbsp; 11878690 | CITI | &nbsp;&nbsp; (5500)<br>|
| 03/18/26 | U.S. Dollars | &nbsp;&nbsp; 654722 | South African Rand | &nbsp;&nbsp; 11000000 | CITI | &nbsp;&nbsp; (5892)<br>|
| 03/18/26 | Mexican Pesos | &nbsp;&nbsp; 217000000 | U.S. Dollars | &nbsp;&nbsp; 11975487 | CITI | &nbsp;&nbsp; (16375)<br>|
| 03/18/26 | U.S. Dollars | &nbsp;&nbsp; 2622065 | Hungarian Forint | &nbsp;&nbsp; 870000000 | CITI | &nbsp;&nbsp; (24465)<br>|
| 03/18/26 | Philippine Pesos | &nbsp;&nbsp; 497280406 | U.S. Dollars | &nbsp;&nbsp; 8434912 | CITI | &nbsp;&nbsp; (35162)<br>|
| 03/18/26 | U.S. Dollars | &nbsp;&nbsp; 3510730 | Chilean Pesos | &nbsp;&nbsp; 3200000000 | CITI | &nbsp;&nbsp; (46780)<br>|
| 03/18/26 | U.S. Dollars | &nbsp;&nbsp; 3663493 | South Korean Won | &nbsp;&nbsp; 5400000000 | CITI | &nbsp;&nbsp; (86581)<br>|
| 03/18/26 | Indian Rupees | &nbsp;&nbsp; 1004334098 | U.S. Dollars | &nbsp;&nbsp; 11183401 | CITI | &nbsp;&nbsp; (88022)<br>|
| 03/18/26 | Colombian Pesos | &nbsp;&nbsp; 39690610686 | U.S. Dollars | &nbsp;&nbsp; 10336799 | CITI | &nbsp;&nbsp; (96741)<br>|
| 03/18/26 | U.S. Dollars | &nbsp;&nbsp; 16483703 | Czech Republic Koruna | &nbsp;&nbsp; 342900000 | CITI | &nbsp;&nbsp; (216268)<br>|
| 03/18/26 | U.S. Dollars | &nbsp;&nbsp; 10606609 | Israeli Shekels | &nbsp;&nbsp; 34465000 | CITI | &nbsp;&nbsp; (219153)<br>|
| 03/18/26 | U.S. Dollars | &nbsp;&nbsp; 10345452 | Thai Baht | &nbsp;&nbsp; 331246608 | CITI | &nbsp;&nbsp; (229171)<br>|
| 03/18/26 | U.S. Dollars | &nbsp;&nbsp; 26117511 | Chinese Offshore Yuan | &nbsp;&nbsp; 183257036 | CITI | &nbsp;&nbsp; (274150)<br>|
| 03/18/26 | Taiwan Dollars | &nbsp;&nbsp; 1253441647 | U.S. Dollars | &nbsp;&nbsp; 40262501 | CITI | &nbsp;&nbsp; (418631)<br>|
| 03/18/26 | U.S. Dollars | &nbsp;&nbsp; 49663527 | Singapore Dollars | &nbsp;&nbsp; 64089000 | CITI | &nbsp;&nbsp; (447709)<br>|
| 03/18/26 | U.S. Dollars | &nbsp;&nbsp; 24119081 | Mexican Pesos | &nbsp;&nbsp; 447009891 | CITI | &nbsp;&nbsp; (516132)<br>|
| 03/18/26 | U.S. Dollars | &nbsp;&nbsp; 45793248 | Polish Zloty | &nbsp;&nbsp; 167044000 | CITI | &nbsp;&nbsp; (717606)<br>|
| Subtotal Depreciation | Subtotal Depreciation |  |  |  |  | &nbsp;&nbsp; $(3452143)<br>|
| Total Forward Foreign Currency Contracts outstanding at December 31, 2025 | Total Forward Foreign Currency Contracts outstanding at December 31, 2025 | Total Forward Foreign Currency Contracts outstanding at December 31, 2025 | Total Forward Foreign Currency Contracts outstanding at December 31, 2025 | Total Forward Foreign Currency Contracts outstanding at December 31, 2025 |  | &nbsp;&nbsp; $(1326241)<br>|

---

See Notes to Financial Statements.

**263**

------

**EMERGING MARKETS EQUITY FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

Swap Agreements outstanding at December 31, 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> TAIEX (At Termination)<br>| Increase in total return of <br> TAIEX (At Termination)<br>| 1/21/2026 | CITI | TWD | 197295200 | &nbsp;&nbsp; $248691 | &nbsp;&nbsp; $— | $248691 |
| Decrease in total return of <br> KOSPI 200 Index (At <br> Termination)<br>| Increase in total return of <br> KOSPI 200 Index (At <br> Termination)<br>| 3/12/2026 | CITI | KRW | 15808000000 | &nbsp;&nbsp; 439315 | &nbsp;&nbsp; — | 439315 |
| Financing Index: Central Bank <br> of Mexico Overnight TIIE <br> Funding Rate + 0.25%<br>| MSCI Mexico Net MXN Index <br> (Monthly)<br>| 3/18/2026 | CITI | MXN | 4122123 | &nbsp;&nbsp; 588 | &nbsp;&nbsp; — | 588 |
| Financing Index: Overnight <br> Bank Funding Rate + <br> 0.14%<br>| MSCI Daily TR Net Emerging <br> Markets Index (Monthly)<br>| 3/18/2026 | CITI | USD | 2020990 | &nbsp;&nbsp; 26271 | &nbsp;&nbsp; — | 26271 |
| Financing Index: Overnight <br> Brazil CETIP - 0.7%<br>| MSCI Brazil Net Return BRL <br> Index (Monthly)<br>| 3/18/2026 | CITI | BRL | 2317017 | &nbsp;&nbsp; 3221 | &nbsp;&nbsp; — | 3221 |
| Financing Index: Shekel <br> Overnight Interest Rate + <br> 0.65%<br>| Tel Aviv 35 Index (Monthly) | 3/18/2026 | GSC | ILS | 11980484 | &nbsp;&nbsp; 19636 | &nbsp;&nbsp; — | 19636 |
| MSCI Emerging Markets <br> Thailand Net Total Return <br> USD Index (Monthly)<br>| Financing Index: Overnight <br> Bank Funding Rate - 0.49%<br>| 3/18/2026 | CITI | USD | 7640574 | &nbsp;&nbsp; 19311 | &nbsp;&nbsp; — | 19311 |
| MSCI Saudi Arabia Index <br> Futures (Monthly)<br>| Financing Index: Overnight <br> Bank Funding Rate - 0.4%<br>| 3/18/2026 | GSC | USD | 996463 | &nbsp;&nbsp; 14756 | &nbsp;&nbsp; — | 14756 |
| Subtotal Appreciation |  |  |  |  |  | &nbsp;&nbsp; $771789 | &nbsp;&nbsp; $— | $771789 |
| Decrease in total return of <br> HSCEI Index (At <br> Termination)<br>| Increase in total return of <br> HSCEI Index (At Termination)<br>| 1/29/2026 | CITI | HKD | 16025400 | &nbsp;&nbsp; $(11986)<br>| &nbsp;&nbsp; $— | $(11986)<br>|
| Decrease in total return of <br> WIG20 Index (At <br> Termination)<br>| Increase in total return of <br> WIG20 Index (At Termination)<br>| 2/18/2026 | GSC | BRL | 47539700 | &nbsp;&nbsp; (116065)<br>| &nbsp;&nbsp; — | (116065)<br>|
| Financing Index: 1-Month <br> HIBOR + 0.6%<br>| MSCI China Net Return HKD <br> Index (Monthly)<br>| 3/18/2026 | CITI | HKD | 41723571 | &nbsp;&nbsp; (39789)<br>| &nbsp;&nbsp; — | (39789)<br>|
| Financing Index: Central Bank <br> of Mexico Overnight TIIE <br> Funding Rate + 0.25%<br>| MSCI Mexico Net MXN Index <br> (Monthly)<br>| 3/18/2026 | CITI | MXN | 1889939 | &nbsp;&nbsp; (300)<br>| &nbsp;&nbsp; — | (300)<br>|
| Financing Index: Shekel <br> Overnight Interest Rate + <br> 0.65%<br>| Tel Aviv 35 Index (Monthly) | 3/18/2026 | GSC | ILS | 3410025 | &nbsp;&nbsp; (12944)<br>| &nbsp;&nbsp; — | (12944)<br>|
| MSCI Poland Net Return PLN <br> Index (Monthly)<br>| Financing Index: 1-Month <br> WIBOR - 1%<br>| 3/18/2026 | CITI | PLN | 9713333 | &nbsp;&nbsp; (136661)<br>| &nbsp;&nbsp; — | (136661)<br>|
| MSCI Saudi Arabia Index <br> Futures (Monthly)<br>| Financing Index: Overnight <br> Bank Funding Rate - 0.4%<br>| 3/18/2026 | GSC | USD | 611389 | &nbsp;&nbsp; (3819)<br>| &nbsp;&nbsp; — | (3819)<br>|
| MSCI Singapore Net Return <br> SGD Index (Monthly)<br>| Financing Index: Singapore <br> Overnight Rate + 0.5%<br>| 3/18/2026 | CITI | SGD | 2488954 | &nbsp;&nbsp; (48606)<br>| &nbsp;&nbsp; — | (48606)<br>|
| MSCI South Africa Net Return <br> ZAR Index (Monthly)<br>| Financing Index: 1-Month <br> SAFE South Africa JIBAR - <br> 1.5%<br>| 3/18/2026 | CITI | ZAR | 376017 | &nbsp;&nbsp; (347912)<br>| &nbsp;&nbsp; — | (347912)<br>|
| Increase in total return of <br> WIG20 Index (At <br> Termination)<br>| Decrease in total return of <br> WIG20 Index (At Termination)<br>| 3/20/2026 | CITI | PLN | 1995780 | &nbsp;&nbsp; (13736)<br>| &nbsp;&nbsp; — | (13736)<br>|
| Subtotal Depreciation |  |  |  |  |  | &nbsp;&nbsp; $(731818)<br>| &nbsp;&nbsp; $— | $(731818)<br>|
| Net Total Return Swaps outstanding at December 31, 2025 | Net Total Return Swaps outstanding at December 31, 2025 | Net Total Return Swaps outstanding at December 31, 2025 | Net Total Return Swaps outstanding at December 31, 2025 | Net Total Return Swaps outstanding at December 31, 2025 | Net Total Return Swaps outstanding at December 31, 2025 | &nbsp;&nbsp; $39971 | &nbsp;&nbsp; $— | $39971 |

---

**264**

See Notes to Financial Statements.

------

Total Return Basket Swap Agreements outstanding at December 31, 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 (-3.50% to 0.50%), which is denominated in <br> USD based on the local currencies of the positions within the <br> swap (Monthly).\*<br>| &nbsp;&nbsp; 2 months <br> maturity <br> 01/16/2026<br>| CITI | &nbsp;&nbsp; $29081835 | &nbsp;&nbsp; $1378492 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1378492 |

---

\***The following table represents disclosures associated with the underlying components of the total return basket swap as of year end.**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Common Stocks** | **Shares** | **Notional** | **Unrealized** <br> **Appreciation** <br> **(Depreciation)**<br>| **Percentage of** <br> **Swap Value**<br>|
| SK Hynix, Inc. | &nbsp;&nbsp; 5632 | &nbsp;&nbsp;&nbsp; $2550610 | &nbsp;&nbsp; $366283 | 26.57<br> %<br>|
| Petrochina Co., Ltd. Class A | &nbsp;&nbsp; 500300 | &nbsp;&nbsp;&nbsp; 745824 | &nbsp;&nbsp; 69625 | 5.05 |
| Shandong Nanshan Aluminum Class A | &nbsp;&nbsp; 937000 | &nbsp;&nbsp;&nbsp; 721874 | &nbsp;&nbsp; 91974 | 6.67 |
| Bank Of Shanghai Co., Ltd. Class A | &nbsp;&nbsp; 491400 | &nbsp;&nbsp;&nbsp; 711057 | &nbsp;&nbsp; 32946 | 2.39 |
| Contemporary Amperex Technology Co., Ltd. Class A | &nbsp;&nbsp; 12960 | &nbsp;&nbsp;&nbsp; 681470 | &nbsp;&nbsp; (38676)<br>| &nbsp;&nbsp; (2.81)<br>|
| Cambricon Technologies Class A | &nbsp;&nbsp; 3358 | &nbsp;&nbsp;&nbsp; 651821 | &nbsp;&nbsp; 11745 | 0.85 |
| Ping An Insurance Group Co. Class A | &nbsp;&nbsp; 62400 | &nbsp;&nbsp;&nbsp; 611994 | &nbsp;&nbsp; 46400 | 3.37 |
| Hengtong Optic-Electric Co. Class A | &nbsp;&nbsp; 167800 | &nbsp;&nbsp;&nbsp; 594843 | &nbsp;&nbsp; 96986 | 7.04 |
| China State Construction Class A | &nbsp;&nbsp; 785300 | &nbsp;&nbsp;&nbsp; 577142 | &nbsp;&nbsp; 1242 | 0.09 |
| Cosco Shipping Holdings Co. Class A | &nbsp;&nbsp; 263700 | &nbsp;&nbsp;&nbsp; 573368 | &nbsp;&nbsp; 13128 | 0.95 |
| Picc Holding Co. Class A | &nbsp;&nbsp; 423600 | &nbsp;&nbsp;&nbsp; 543255 | &nbsp;&nbsp; 25493 | 1.85 |
| Shaanxi Coal Industry Co., Ltd. Class A | &nbsp;&nbsp; 164900 | &nbsp;&nbsp;&nbsp; 503838 | &nbsp;&nbsp; (7637)<br>| &nbsp;&nbsp; (0.55)<br>|
| Sungrow Power Supply Co., Ltd. Class A | &nbsp;&nbsp; 20100 | &nbsp;&nbsp;&nbsp; 492545 | &nbsp;&nbsp; (6265)<br>| &nbsp;&nbsp; (0.45)<br>|
| Industrial Bank Co., Ltd. Class A | &nbsp;&nbsp; 160500 | &nbsp;&nbsp;&nbsp; 484352 | &nbsp;&nbsp; 14299 | 1.04 |
| Huaxia Bank Co., Ltd. Class A | &nbsp;&nbsp; 487307 | &nbsp;&nbsp;&nbsp; 479643 | &nbsp;&nbsp; 11062 | 0.80 |
| Ping An Bank Co., Ltd. Class A | &nbsp;&nbsp; 293200 | &nbsp;&nbsp;&nbsp; 479328 | &nbsp;&nbsp; 7361 | 0.53 |
| Aluminum Corporation Of China, Ltd. Class A | &nbsp;&nbsp; 272600 | &nbsp;&nbsp;&nbsp; 476240 | &nbsp;&nbsp; 60813 | 4.41 |
| China National Chemical Class A | &nbsp;&nbsp; 428800 | &nbsp;&nbsp;&nbsp; 462527 | &nbsp;&nbsp; 7027 | 0.51 |
| Foxconn Industrial Internet Class A | &nbsp;&nbsp; 49900 | &nbsp;&nbsp;&nbsp; 442654 | &nbsp;&nbsp; 5647 | 0.41 |
| China Minsheng Banking Class A | &nbsp;&nbsp; 798200 | &nbsp;&nbsp;&nbsp; 437985 | &nbsp;&nbsp; (3513)<br>| &nbsp;&nbsp; (0.25)<br>|
| Cmoc Group, Ltd. Class A | &nbsp;&nbsp; 148000 | &nbsp;&nbsp;&nbsp; 424163 | &nbsp;&nbsp; 55158 | 4.00 |
| Huaneng Power International, Inc. Class A | &nbsp;&nbsp; 381600 | &nbsp;&nbsp;&nbsp; 407953 | &nbsp;&nbsp; (16865)<br>| &nbsp;&nbsp; (1.22)<br>|
| Yealink Network Technology Class A | &nbsp;&nbsp; 77300 | &nbsp;&nbsp;&nbsp; 394877 | &nbsp;&nbsp; 756 | 0.05 |
| Yunnan Aluminium Co., Ltd. Class A | &nbsp;&nbsp; 80700 | &nbsp;&nbsp;&nbsp; 379318 | &nbsp;&nbsp; 65490 | 4.75 |
| Tianshan Aluminum Group Co. Class A | &nbsp;&nbsp; 162800 | &nbsp;&nbsp;&nbsp; 376999 | &nbsp;&nbsp; 63449 | 4.60 |
| Korea Electric Power Corporation | &nbsp;&nbsp; 11430 | &nbsp;&nbsp;&nbsp; 375129 | &nbsp;&nbsp; (11394)<br>| &nbsp;&nbsp; (0.83)<br>|
| NARI Technology Co., Ltd. Class A | &nbsp;&nbsp; 113200 | &nbsp;&nbsp;&nbsp; 364669 | &nbsp;&nbsp; (8117)<br>| &nbsp;&nbsp; (0.59)<br>|
| New China Life Insurance Co. Class A | &nbsp;&nbsp; 36200 | &nbsp;&nbsp;&nbsp; 361607 | &nbsp;&nbsp; 9349 | 0.68 |
| Muyuan Foods Co., Ltd. Class A | &nbsp;&nbsp; 48500 | &nbsp;&nbsp;&nbsp; 351553 | &nbsp;&nbsp; 16020 | 1.16 |
| Wuxi Apptec Co., Ltd. Class A | &nbsp;&nbsp; 26900 | &nbsp;&nbsp;&nbsp; 348956 | &nbsp;&nbsp; (9853)<br>| &nbsp;&nbsp; (0.71)<br>|
| Zhongji Innolight Co., Ltd. Class A | &nbsp;&nbsp; 4000 | &nbsp;&nbsp;&nbsp; 347955 | &nbsp;&nbsp; 17788 | 1.29 |
| Yunnan Yuntianhua Co. Class A | &nbsp;&nbsp; 72100 | &nbsp;&nbsp;&nbsp; 345065 | &nbsp;&nbsp; 41162 | 2.99 |
| China Railway Group, Ltd. Class A | &nbsp;&nbsp; 444400 | &nbsp;&nbsp;&nbsp; 344503 | &nbsp;&nbsp; 6934 | 0.50 |
| Bank Of Hangzhou Co., Ltd. Class A | &nbsp;&nbsp; 154200 | &nbsp;&nbsp;&nbsp; 337563 | &nbsp;&nbsp; 6899 | 0.50 |
| Zhejiang Nhu Co., Ltd. Class A | &nbsp;&nbsp; 90300 | &nbsp;&nbsp;&nbsp; 325816 | &nbsp;&nbsp; 15508 | 1.12 |
| Eoptolink Technology, Inc., Ltd. Class A | &nbsp;&nbsp; 5260 | &nbsp;&nbsp;&nbsp; 322666 | &nbsp;&nbsp; 3380 | 0.25 |
| Henan Shenhuo Coal & Power Class A | &nbsp;&nbsp; 80400 | &nbsp;&nbsp;&nbsp; 316095 | &nbsp;&nbsp; 20652 | 1.50 |
| Bank Of Jiangsu Co., Ltd. Class A | &nbsp;&nbsp; 210200 | &nbsp;&nbsp;&nbsp; 313194 | &nbsp;&nbsp; 3453 | 0.25 |
| Shenergy Company Limited Class A | &nbsp;&nbsp; 280800 | &nbsp;&nbsp;&nbsp; 312939 | &nbsp;&nbsp; (12026)<br>| &nbsp;&nbsp; (0.87)<br>|
| Yutong Bus Co., Ltd. Class A | &nbsp;&nbsp; 66300 | &nbsp;&nbsp;&nbsp; 310605 | &nbsp;&nbsp; (5334)<br>| &nbsp;&nbsp; (0.39)<br>|
| Bank of Beijing Co., Ltd. Class A | &nbsp;&nbsp; 394900 | &nbsp;&nbsp;&nbsp; 310038 | &nbsp;&nbsp; 882 | 0.06 |
| Weichai Power Co., Ltd. Class A | &nbsp;&nbsp; 122100 | &nbsp;&nbsp;&nbsp; 300840 | &nbsp;&nbsp; (10515)<br>| &nbsp;&nbsp; (0.76)<br>|

---

See Notes to Financial Statements.

**265**

------

**EMERGING MARKETS EQUITY FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Common Stocks** | **Shares** | **Notional** | **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>| **Percentage of**<br> **Swap Value**<br>|
| China Merchants Energy Class A | &nbsp;&nbsp; 230600 | &nbsp;&nbsp;&nbsp; $297396 | &nbsp;&nbsp; $15241 | 1.11<br> %<br>|
| Avary Holding Shenzhen Co. Class A | &nbsp;&nbsp; 41000 | &nbsp;&nbsp;&nbsp; 295765 | &nbsp;&nbsp; 6304 | 0.46 |
| Satellite Chemical Co., Ltd. Class A | &nbsp;&nbsp; 116700 | &nbsp;&nbsp;&nbsp; 295699 | &nbsp;&nbsp; 23768 | 1.72 |
| 37 Interactive Entertainment Class A | &nbsp;&nbsp; 83200 | &nbsp;&nbsp;&nbsp; 281423 | &nbsp;&nbsp; 35161 | 2.55 |
| Shanghai Pudong Devel Bank Class A | &nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp; 267422 | &nbsp;&nbsp; 20434 | 1.48 |
| Luxshare Precision Industry Class A | &nbsp;&nbsp; 31000 | &nbsp;&nbsp;&nbsp; 252433 | &nbsp;&nbsp; (11878)<br>| &nbsp;&nbsp; (0.86)<br>|
| Bank of Nanjing Co, Ltd. Class A | &nbsp;&nbsp; 154100 | &nbsp;&nbsp;&nbsp; 252346 | &nbsp;&nbsp; 4072 | 0.30 |
| Goldwind Science & Technology Class A | &nbsp;&nbsp; 82000 | &nbsp;&nbsp;&nbsp; 239824 | &nbsp;&nbsp; 42353 | 3.07 |
| Other | &nbsp;&nbsp; 3041494 | &nbsp;&nbsp;&nbsp; 6004654 | &nbsp;&nbsp; 184321 | 13.37 |
|  |  | &nbsp;&nbsp;&nbsp; $29081835 | &nbsp;&nbsp; $1378492 | 100.00<br> %<br>|

---

**266**

See Notes to Financial Statements.

------

**VALUATION HIERARCHY**

The following is a summary of the inputs used, as of December 31, 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: |  |  |  |  |
| Consumer Discretionary | &nbsp;&nbsp; $14796755 | &nbsp;&nbsp; $14256982 | &nbsp;&nbsp; $539773 | &nbsp;&nbsp; $— |
| Other<sup>^^</sup> <br>| &nbsp;&nbsp; 822152 | &nbsp;&nbsp; 822152 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total Common Stocks | &nbsp;&nbsp; 15618907 | &nbsp;&nbsp; 15079134 | &nbsp;&nbsp; 539773 | &nbsp;&nbsp; — |
| Foreign Common Stocks: |  |  |  |  |
| Brazil | &nbsp;&nbsp; 35873500 | &nbsp;&nbsp; 5004369 | &nbsp;&nbsp; 30869131 | &nbsp;&nbsp; — |
| Canada | &nbsp;&nbsp; 4716521 | &nbsp;&nbsp; 4716521 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| China | &nbsp;&nbsp; 121374004 | &nbsp;&nbsp; 30508080 | &nbsp;&nbsp; 90865924 | &nbsp;&nbsp; — |
| Greece | &nbsp;&nbsp; 1608765 | &nbsp;&nbsp; 1071360 | &nbsp;&nbsp; 537405 | &nbsp;&nbsp; — |
| Hong Kong | &nbsp;&nbsp; 93161962 | &nbsp;&nbsp; 352248 | &nbsp;&nbsp; 92809714 | &nbsp;&nbsp; — |
| India | &nbsp;&nbsp; 135415077 | &nbsp;&nbsp; 20735275 | &nbsp;&nbsp; 114679802 | &nbsp;&nbsp; — |
| Indonesia | &nbsp;&nbsp; 17251302 | &nbsp;&nbsp; 143996 | &nbsp;&nbsp; 17107306 | &nbsp;&nbsp; — |
| Kazakhstan | &nbsp;&nbsp; 3556183 | &nbsp;&nbsp; 3144420 | &nbsp;&nbsp; 411763 | &nbsp;&nbsp; — |
| Mexico | &nbsp;&nbsp; 25008945 | &nbsp;&nbsp; 25008945 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Peru | &nbsp;&nbsp; 8708441 | &nbsp;&nbsp; 8708441 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Qatar | &nbsp;&nbsp; 1328748 | &nbsp;&nbsp; 1131362 | &nbsp;&nbsp; 197386 | &nbsp;&nbsp; — |
| Saudi Arabia | &nbsp;&nbsp; 15717275 | &nbsp;&nbsp; 5088910 | &nbsp;&nbsp; 10628365 | &nbsp;&nbsp; — |
| Singapore | &nbsp;&nbsp; 2700258 | &nbsp;&nbsp; 1604711 | &nbsp;&nbsp; 1095547 | &nbsp;&nbsp; — |
| Slovenia | &nbsp;&nbsp; 599164 | &nbsp;&nbsp; 599164 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| South Africa | &nbsp;&nbsp; 22877131 | &nbsp;&nbsp; 13893233 | &nbsp;&nbsp; 8983898 | &nbsp;&nbsp; — |
| South Korea | &nbsp;&nbsp; 101963558 | &nbsp;&nbsp; 7784803 | &nbsp;&nbsp; 94178755 | &nbsp;&nbsp; — |
| Taiwan | &nbsp;&nbsp; 165717773 | &nbsp;&nbsp; 2175955 | &nbsp;&nbsp; 163541818 | &nbsp;&nbsp; — |
| Thailand | &nbsp;&nbsp; 6681217 | &nbsp;&nbsp; 124320 | &nbsp;&nbsp; 6556897 | &nbsp;&nbsp; — |
| United Arab Emirates | &nbsp;&nbsp; 10780673 | &nbsp;&nbsp; 1665764 | &nbsp;&nbsp; 9114909 | &nbsp;&nbsp; — |
| Other<sup>^^</sup> <br>| &nbsp;&nbsp; 51979742 | &nbsp;&nbsp; — | &nbsp;&nbsp; 51979742 | &nbsp;&nbsp; —<br> \*\*<br>|
| Total Foreign Common Stocks | &nbsp;&nbsp; 827020239 | &nbsp;&nbsp; 133461877 | &nbsp;&nbsp; 693558362 | &nbsp;&nbsp; — |
| Foreign Preferred Stocks: |  |  |  |  |
| Brazil | &nbsp;&nbsp; 4060559 | &nbsp;&nbsp; 288173 | &nbsp;&nbsp; 3772386 | &nbsp;&nbsp; — |
| India | &nbsp;&nbsp; 6530 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6530 |
| South Korea | &nbsp;&nbsp; 14971543 | &nbsp;&nbsp; — | &nbsp;&nbsp; 14971543 | &nbsp;&nbsp; — |
| Total Foreign Preferred Stocks | &nbsp;&nbsp; 19038632 | &nbsp;&nbsp; 288173 | &nbsp;&nbsp; 18743929 | &nbsp;&nbsp; 6530 |
| Money Market Funds | &nbsp;&nbsp; 52695819 | &nbsp;&nbsp; 52695819 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Total Assets - Investments in Securities** | &nbsp;&nbsp; $914373597 | &nbsp;&nbsp; $201525003 | &nbsp;&nbsp; $712842064 | &nbsp;&nbsp; $6530 |
| **Other Financial Instruments\*\*\*** |  |  |  |  |
| Forward Foreign Currency Contracts | &nbsp;&nbsp; $2125902 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2125902 | &nbsp;&nbsp; $— |
| Futures Contracts | &nbsp;&nbsp; 710380 | &nbsp;&nbsp; 710380 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Swap Agreements | &nbsp;&nbsp; 2150281 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2150281 | &nbsp;&nbsp; — |
| **Total Assets - Other Financial Instruments** | &nbsp;&nbsp; $4986563 | &nbsp;&nbsp; $710380 | &nbsp;&nbsp; $4276183 | &nbsp;&nbsp; $— |

---

See Notes to Financial Statements.

**267**

------

**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; $(3452143)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(3452143)<br>| &nbsp;&nbsp; $— |
| Futures Contracts | &nbsp;&nbsp; (98252)<br>| &nbsp;&nbsp; (98252)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Swap Agreements | &nbsp;&nbsp; (731818)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (731818)<br>| &nbsp;&nbsp; — |
| **Total Liabilities - Other Financial Instruments** | &nbsp;&nbsp; $(4282213)<br>| &nbsp;&nbsp; $(98252)<br>| &nbsp;&nbsp; $(4183961)<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 year ended December 31, 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 December 31, 2025.

**268**

See Notes to Financial Statements.

------

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**269**

------

**STATEMENTS OF ASSETS AND LIABILITIES**

**December 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Defensive Market**<br> **Strategies**<sup>®</sup> **Fund**<br>| **Equity Index**<br> **Fund**<br>| **Value Equity**<br> **Index Fund**<br>| **Value Equity**<br> **Fund**<br>|
| **Assets** |  |  |  |  |
| Investments in securities of unaffiliated issuers, at value\* | &nbsp;&nbsp; $1103794097 | &nbsp;&nbsp; $5889328989 | &nbsp;&nbsp; $258470920 | &nbsp;&nbsp; $1064196095 |
| Investments in securities of affiliated issuers, at value | &nbsp;&nbsp; 116348203 | &nbsp;&nbsp; 100639427 | &nbsp;&nbsp; 5274618 | &nbsp;&nbsp; 36890788 |
| Total investments, at value<sup>(1), (2)</sup> <br>| &nbsp;&nbsp; 1220142300 | &nbsp;&nbsp; 5989968416 | &nbsp;&nbsp; 263745538 | &nbsp;&nbsp; 1101086883 |
| Cash | &nbsp;&nbsp; — | &nbsp;&nbsp; 298 | &nbsp;&nbsp; 18 | &nbsp;&nbsp; — |
| Cash collateral for derivatives | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Deposits with broker for futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 7077772 | &nbsp;&nbsp; 375150 | &nbsp;&nbsp; 970000 |
| Foreign currency<sup>(3)</sup> <br>| &nbsp;&nbsp; 126561 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Receivables: |  |  |  |  |
| Dividends | &nbsp;&nbsp; 481275 | &nbsp;&nbsp; 2713108 | &nbsp;&nbsp; 217265 | &nbsp;&nbsp; 1216923 |
| Reclaims | &nbsp;&nbsp; 232120 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 54256 |
| Interest | &nbsp;&nbsp; 4120609 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Securities lending | &nbsp;&nbsp; 40600 | &nbsp;&nbsp; 49695 | &nbsp;&nbsp; 684 | &nbsp;&nbsp; 9186 |
| From adviser | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3848 | &nbsp;&nbsp; — |
| Investment securities sold | &nbsp;&nbsp; 272706 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1620027 |
| Fund shares sold | &nbsp;&nbsp; 66901 | &nbsp;&nbsp; 3068543 | &nbsp;&nbsp; 238799 | &nbsp;&nbsp; 74009 |
| 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; — |
| Unrealized appreciation on foreign currency exchange contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 8920 |
| Unrealized appreciation on swap agreements | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Prepaid expenses and other assets | &nbsp;&nbsp; 28939 | &nbsp;&nbsp; 63153 | &nbsp;&nbsp; 3672 | &nbsp;&nbsp; 33665 |
| Total Assets | &nbsp;&nbsp; 1225512011 | &nbsp;&nbsp; 6002940985 | &nbsp;&nbsp; 264584974 | &nbsp;&nbsp; 1105073869 |
| **Liabilities** |  |  |  |  |
| Cash Overdraft | &nbsp;&nbsp; 1749144 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 234 |
| Options written, at value<sup>(4)</sup> <br>| &nbsp;&nbsp; 3083262 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Unrealized depreciation on foreign currency exchange contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 95416 |
| Unrealized depreciation on swap agreements | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Collateral held for securities on loan, at value | &nbsp;&nbsp; 3955403 | &nbsp;&nbsp; 20348315 | &nbsp;&nbsp; 1311354 | &nbsp;&nbsp; 9967041 |
| Collateral from counterparty | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Payables: |  |  |  |  |
| Investment securities purchased | &nbsp;&nbsp; 542782 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1372775 |
| Fund shares redeemed | &nbsp;&nbsp; 95032 | &nbsp;&nbsp; 1183863 | &nbsp;&nbsp; 4444 | &nbsp;&nbsp; 192122 |
| Variation margin on centrally cleared swaps | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Variation margin on futures contracts | &nbsp;&nbsp; 304944 | &nbsp;&nbsp; 708975 | &nbsp;&nbsp; 37260 | &nbsp;&nbsp; 100913 |
| Foreign capital gains taxes | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Accrued expenses: |  |  |  |  |
| Investment advisory fees | &nbsp;&nbsp; 617891 | &nbsp;&nbsp; 435342 | &nbsp;&nbsp; 21583 | &nbsp;&nbsp; 536574 |
| Shareholder servicing fees | &nbsp;&nbsp; 59512 | &nbsp;&nbsp; 358209 | &nbsp;&nbsp; 6979 | &nbsp;&nbsp; 74925 |
| Director fees | &nbsp;&nbsp; — | &nbsp;&nbsp; 229 | &nbsp;&nbsp; 37 | &nbsp;&nbsp; — |
| Other expenses | &nbsp;&nbsp; 115434 | &nbsp;&nbsp; 466980 | &nbsp;&nbsp; 94827 | &nbsp;&nbsp; 93369 |
| Total Liabilities | &nbsp;&nbsp; 10523404 | &nbsp;&nbsp; 23501913 | &nbsp;&nbsp; 1476484 | &nbsp;&nbsp; 12433369 |
| Commitments and contingencies | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>(5)</sup><br>| &nbsp;&nbsp; — |
| **Net Assets** | &nbsp;&nbsp; $1214988607 | &nbsp;&nbsp; $5979439072 | &nbsp;&nbsp; $263108490 | &nbsp;&nbsp; $1092640500 |
| **Net Assets Consist of:** |  |  |  |  |
| Paid-in-capital | &nbsp;&nbsp; $1181061613 | &nbsp;&nbsp; $2893668222 | &nbsp;&nbsp; $217734773 | &nbsp;&nbsp; $935332629 |
| Distributable earnings (loss) | &nbsp;&nbsp; 33926994 | &nbsp;&nbsp; 3085770850 | &nbsp;&nbsp; 45373717 | &nbsp;&nbsp; 157307871 |
| **Net Assets** | &nbsp;&nbsp; $1214988607 | &nbsp;&nbsp; $5979439072 | &nbsp;&nbsp; $263108490 | &nbsp;&nbsp; $1092640500 |
| **Net Asset Value:** |  |  |  |  |
| $0.001 par value, unlimited shares authorized |  |  |  |  |
| Net assets applicable to the Institutional Class | &nbsp;&nbsp; $933838396 | &nbsp;&nbsp; $4287245685 | &nbsp;&nbsp; $229609395 | &nbsp;&nbsp; $737585903 |
| Institutional shares outstanding | &nbsp;&nbsp; 79635986 | &nbsp;&nbsp; 63611989 | &nbsp;&nbsp; 17968523 | &nbsp;&nbsp; 39920223 |
| Net asset value, offering and redemption price per Institutional share | &nbsp;&nbsp; $11.73 | &nbsp;&nbsp; $67.40 | &nbsp;&nbsp; $12.78 | &nbsp;&nbsp; $18.48 |
| Net assets applicable to the Investor Class | &nbsp;&nbsp; $281150211 | &nbsp;&nbsp; $1692193387 | &nbsp;&nbsp; $33499095 | &nbsp;&nbsp; $355054597 |
| Investor shares outstanding | &nbsp;&nbsp; 24024916 | &nbsp;&nbsp; 25119034 | &nbsp;&nbsp; 2620344 | &nbsp;&nbsp; 19257544 |
| Net asset value, offering and redemption price per Investor share | &nbsp;&nbsp; $11.70 | &nbsp;&nbsp; $67.37 | &nbsp;&nbsp; $12.78 | &nbsp;&nbsp; $18.44 |
| <sup>(1)</sup>Investments in securities of unaffiliated issuers, at cost\* | &nbsp;&nbsp; $1050919547 | &nbsp;&nbsp; $2808085218 | &nbsp;&nbsp; $213573730 | &nbsp;&nbsp; $925635855 |
| Investments in securities of affiliated issuers, at cost | &nbsp;&nbsp; 116348203 | &nbsp;&nbsp; 100639427 | &nbsp;&nbsp; 5274618 | &nbsp;&nbsp; 36890788 |
| Total investments, at cost | &nbsp;&nbsp; $1167267750 | &nbsp;&nbsp; $2908724645 | &nbsp;&nbsp; $218848348 | &nbsp;&nbsp; $962526643 |
| <sup>(2)</sup>Includes securities loaned of: | &nbsp;&nbsp; $4431360 | &nbsp;&nbsp; $82947096 | &nbsp;&nbsp; $3833816 | &nbsp;&nbsp; $48235740 |
| <sup>(3)</sup>Foreign currency, at cost | &nbsp;&nbsp; $115067 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| <sup>(4)</sup>Premiums received on options written | &nbsp;&nbsp; $5497665 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| <sup>(5)</sup>See Note 3c in Notes to Financial Statements. |  |  |  |  |
| <sup>(6)</sup>Net of $0 and $(4377152) accrued foreign capital gains taxed on appreciated securities for International Equity Fund and Emerging Markets Equity Fund, <br> respectively. | <sup>(6)</sup>Net of $0 and $(4377152) accrued foreign capital gains taxed on appreciated securities for International Equity Fund and Emerging Markets Equity Fund, <br> respectively. | <sup>(6)</sup>Net of $0 and $(4377152) accrued foreign capital gains taxed on appreciated securities for International Equity Fund and Emerging Markets Equity Fund, <br> respectively. | <sup>(6)</sup>Net of $0 and $(4377152) accrued foreign capital gains taxed on appreciated securities for International Equity Fund and Emerging Markets Equity Fund, <br> respectively. | <sup>(6)</sup>Net of $0 and $(4377152) accrued foreign capital gains taxed on appreciated securities for International Equity Fund and Emerging Markets Equity Fund, <br> respectively. |
| \* Includes Purchased Options | \* Includes Purchased Options | \* Includes Purchased Options | \* Includes Purchased Options | \* Includes Purchased Options |

---

**270**

See Notes to Financial Statements.

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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>|
| $403442274 | &nbsp;&nbsp;&nbsp;&nbsp; $1875497327 | &nbsp;&nbsp;&nbsp;&nbsp; $817525321 | &nbsp;&nbsp;&nbsp;&nbsp; $1594911083 | &nbsp;&nbsp;&nbsp;&nbsp; $1417412183 | &nbsp;&nbsp;&nbsp;&nbsp; $888012620 |
| 9054604 | &nbsp;&nbsp;&nbsp;&nbsp; 44975018 | &nbsp;&nbsp;&nbsp;&nbsp; 51746576 | &nbsp;&nbsp;&nbsp;&nbsp; 77718623 | &nbsp;&nbsp;&nbsp;&nbsp; 60346278 | &nbsp;&nbsp;&nbsp;&nbsp; 26360977 |
| 412496878 | &nbsp;&nbsp;&nbsp;&nbsp; 1920472345 | &nbsp;&nbsp;&nbsp;&nbsp; 869271897 | &nbsp;&nbsp;&nbsp;&nbsp; 1672629706 | &nbsp;&nbsp;&nbsp;&nbsp; 1477758461 | &nbsp;&nbsp;&nbsp;&nbsp; 914373597 |
| 21 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 534155 | &nbsp;&nbsp;&nbsp;&nbsp; 61983 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 15539188 | &nbsp;&nbsp;&nbsp;&nbsp; 15899073 |
| 592590 | &nbsp;&nbsp;&nbsp;&nbsp; 442000 | &nbsp;&nbsp;&nbsp;&nbsp; 3153000 | &nbsp;&nbsp;&nbsp;&nbsp; 2965341 | &nbsp;&nbsp;&nbsp;&nbsp; 4970925 | &nbsp;&nbsp;&nbsp;&nbsp; 3806275 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5945341 | &nbsp;&nbsp;&nbsp;&nbsp; 11692940 | &nbsp;&nbsp;&nbsp;&nbsp; 4885933 |
| 85601 | &nbsp;&nbsp;&nbsp;&nbsp; 411205 | &nbsp;&nbsp;&nbsp;&nbsp; 763685 | &nbsp;&nbsp;&nbsp;&nbsp; 1182181 | &nbsp;&nbsp;&nbsp;&nbsp; 1238298 | &nbsp;&nbsp;&nbsp;&nbsp; 1173230 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4249431 | &nbsp;&nbsp;&nbsp;&nbsp; 6212276 | &nbsp;&nbsp;&nbsp;&nbsp; 12864 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 26773 |
| 440 | &nbsp;&nbsp;&nbsp;&nbsp; 2742 | &nbsp;&nbsp;&nbsp;&nbsp; 18378 | &nbsp;&nbsp;&nbsp;&nbsp; 16965 | &nbsp;&nbsp;&nbsp;&nbsp; 10991 | &nbsp;&nbsp;&nbsp;&nbsp; 21355 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3349 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;&nbsp;&nbsp; 981817 | &nbsp;&nbsp;&nbsp;&nbsp; 1278664 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1971851 | &nbsp;&nbsp;&nbsp;&nbsp; 3175409 |
| 285001 | &nbsp;&nbsp;&nbsp;&nbsp; 834021 | &nbsp;&nbsp;&nbsp;&nbsp; 503930 | &nbsp;&nbsp;&nbsp;&nbsp; 867252 | &nbsp;&nbsp;&nbsp;&nbsp; 325885 | &nbsp;&nbsp;&nbsp;&nbsp; 652851 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 57913 | &nbsp;&nbsp;&nbsp;&nbsp; 3965281 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 217719 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 141 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2001817 | &nbsp;&nbsp;&nbsp;&nbsp; 2125902 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2113927 | &nbsp;&nbsp;&nbsp;&nbsp; 2150281 |
| 4654 | &nbsp;&nbsp;&nbsp;&nbsp; 45071 | &nbsp;&nbsp;&nbsp;&nbsp; 34499 | &nbsp;&nbsp;&nbsp;&nbsp; 4615 | &nbsp;&nbsp;&nbsp;&nbsp; 27454 | &nbsp;&nbsp;&nbsp;&nbsp; 151351 |
| 413465185 | &nbsp;&nbsp;&nbsp;&nbsp; 1923189201 | &nbsp;&nbsp;&nbsp;&nbsp; 875024194 | &nbsp;&nbsp;&nbsp;&nbsp; 1687864181 | &nbsp;&nbsp;&nbsp;&nbsp; 1524456081 | &nbsp;&nbsp;&nbsp;&nbsp; 952699877 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 115330 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6484 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2233870 | &nbsp;&nbsp;&nbsp;&nbsp; 3452143 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 813833 | &nbsp;&nbsp;&nbsp;&nbsp; 731818 |
| 605676 | &nbsp;&nbsp;&nbsp;&nbsp; 10829043 | &nbsp;&nbsp;&nbsp;&nbsp; 29909723 | &nbsp;&nbsp;&nbsp;&nbsp; 42797874 | &nbsp;&nbsp;&nbsp;&nbsp; 27565463 | &nbsp;&nbsp;&nbsp;&nbsp; 6175193 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2092033 | &nbsp;&nbsp;&nbsp;&nbsp; 385261 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; 19506 | &nbsp;&nbsp;&nbsp;&nbsp; 276740 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1050951 | &nbsp;&nbsp;&nbsp;&nbsp; 4164164 |
| 274475 | &nbsp;&nbsp;&nbsp;&nbsp; 827333 | &nbsp;&nbsp;&nbsp;&nbsp; 109771 | &nbsp;&nbsp;&nbsp;&nbsp; 24804 | &nbsp;&nbsp;&nbsp;&nbsp; 418494 | &nbsp;&nbsp;&nbsp;&nbsp; 286041 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 545078 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 68770 | &nbsp;&nbsp;&nbsp;&nbsp; 47092 | &nbsp;&nbsp;&nbsp;&nbsp; 286634 | &nbsp;&nbsp;&nbsp;&nbsp; 501390 | &nbsp;&nbsp;&nbsp;&nbsp; 189829 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3966709 |
| 33183 | &nbsp;&nbsp;&nbsp;&nbsp; 979811 | &nbsp;&nbsp;&nbsp;&nbsp; 610528 | &nbsp;&nbsp;&nbsp;&nbsp; 149028 | &nbsp;&nbsp;&nbsp;&nbsp; 957976 | &nbsp;&nbsp;&nbsp;&nbsp; 652239 |
| 31440 | &nbsp;&nbsp;&nbsp;&nbsp; 179657 | &nbsp;&nbsp;&nbsp;&nbsp; 62733 | &nbsp;&nbsp;&nbsp;&nbsp; 17588 | &nbsp;&nbsp;&nbsp;&nbsp; 106945 | &nbsp;&nbsp;&nbsp;&nbsp; 36568 |
| 148 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp; 73 | &nbsp;&nbsp;&nbsp;&nbsp; 46 | &nbsp;&nbsp;&nbsp;&nbsp; 70 |
| 120992 | &nbsp;&nbsp;&nbsp;&nbsp; 129428 | &nbsp;&nbsp;&nbsp;&nbsp; 115861 | &nbsp;&nbsp;&nbsp;&nbsp; 268156 | &nbsp;&nbsp;&nbsp;&nbsp; 344144 | &nbsp;&nbsp;&nbsp;&nbsp; 346363 |
| 1134684 | &nbsp;&nbsp;&nbsp;&nbsp; 13011870 | &nbsp;&nbsp;&nbsp;&nbsp; 31378481 | &nbsp;&nbsp;&nbsp;&nbsp; 43874243 | &nbsp;&nbsp;&nbsp;&nbsp; 36318662 | &nbsp;&nbsp;&nbsp;&nbsp; 20196569 |
| — <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>|
| $412330501 | &nbsp;&nbsp;&nbsp;&nbsp; $1910177331 | &nbsp;&nbsp;&nbsp;&nbsp; $843645713 | &nbsp;&nbsp;&nbsp;&nbsp; $1643989938 | &nbsp;&nbsp;&nbsp;&nbsp; $1488137419 | &nbsp;&nbsp;&nbsp;&nbsp; $932503308 |
| $266049878 | &nbsp;&nbsp;&nbsp;&nbsp; $1328758626 | &nbsp;&nbsp;&nbsp;&nbsp; $768512481 | &nbsp;&nbsp;&nbsp;&nbsp; $1244644377 | &nbsp;&nbsp;&nbsp;&nbsp; $1230404932 | &nbsp;&nbsp;&nbsp;&nbsp; $737988009 |
| 146280623 | &nbsp;&nbsp;&nbsp;&nbsp; 581418705 | &nbsp;&nbsp;&nbsp;&nbsp; 75133232 | &nbsp;&nbsp;&nbsp;&nbsp; 399345561 | &nbsp;&nbsp;&nbsp;&nbsp; 257732487 <br><sup>(6)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 194515299 <br><sup>(6)</sup><br>|
| $412330501 | &nbsp;&nbsp;&nbsp;&nbsp; $1910177331 | &nbsp;&nbsp;&nbsp;&nbsp; $843645713 | &nbsp;&nbsp;&nbsp;&nbsp; $1643989938 | &nbsp;&nbsp;&nbsp;&nbsp; $1488137419 | &nbsp;&nbsp;&nbsp;&nbsp; $932503308 |
| $263001221 | &nbsp;&nbsp;&nbsp;&nbsp; $1065120693 | &nbsp;&nbsp;&nbsp;&nbsp; $549329559 | &nbsp;&nbsp;&nbsp;&nbsp; $1557267690 | &nbsp;&nbsp;&nbsp;&nbsp; $980370433 | &nbsp;&nbsp;&nbsp;&nbsp; $752142797 |
| 14054409 | &nbsp;&nbsp;&nbsp;&nbsp; 39203846 | &nbsp;&nbsp;&nbsp;&nbsp; 32239682 | &nbsp;&nbsp;&nbsp;&nbsp; 109350557 | &nbsp;&nbsp;&nbsp;&nbsp; 61785002 | &nbsp;&nbsp;&nbsp;&nbsp; 61099388 |
| $18.71 | &nbsp;&nbsp;&nbsp;&nbsp; $27.17 | &nbsp;&nbsp;&nbsp;&nbsp; $17.04 | &nbsp;&nbsp;&nbsp;&nbsp; $14.24 | &nbsp;&nbsp;&nbsp;&nbsp; $15.87 | &nbsp;&nbsp;&nbsp;&nbsp; $12.31 |
| $149329280 | &nbsp;&nbsp;&nbsp;&nbsp; $845056638 | &nbsp;&nbsp;&nbsp;&nbsp; $294316154 | &nbsp;&nbsp;&nbsp;&nbsp; $86722248 | &nbsp;&nbsp;&nbsp;&nbsp; $507766986 | &nbsp;&nbsp;&nbsp;&nbsp; $180360511 |
| 7984169 | &nbsp;&nbsp;&nbsp;&nbsp; 32301478 | &nbsp;&nbsp;&nbsp;&nbsp; 17520050 | &nbsp;&nbsp;&nbsp;&nbsp; 6088534 | &nbsp;&nbsp;&nbsp;&nbsp; 32084487 | &nbsp;&nbsp;&nbsp;&nbsp; 14727386 |
| $18.70 | &nbsp;&nbsp;&nbsp;&nbsp; $26.16 | &nbsp;&nbsp;&nbsp;&nbsp; $16.80 | &nbsp;&nbsp;&nbsp;&nbsp; $14.24 | &nbsp;&nbsp;&nbsp;&nbsp; $15.83 | &nbsp;&nbsp;&nbsp;&nbsp; $12.25 |
| $262693144 | &nbsp;&nbsp;&nbsp;&nbsp; $1281682181 | &nbsp;&nbsp;&nbsp;&nbsp; $733644213 | &nbsp;&nbsp;&nbsp;&nbsp; $1156001203 | &nbsp;&nbsp;&nbsp;&nbsp; $1166494651 | &nbsp;&nbsp;&nbsp;&nbsp; $678132288 |
| 9054604 | &nbsp;&nbsp;&nbsp;&nbsp; 44975018 | &nbsp;&nbsp;&nbsp;&nbsp; 51746576 | &nbsp;&nbsp;&nbsp;&nbsp; 77718623 | &nbsp;&nbsp;&nbsp;&nbsp; 60346278 | &nbsp;&nbsp;&nbsp;&nbsp; 26360977 |
| $271747748 | &nbsp;&nbsp;&nbsp;&nbsp; $1326657199 | &nbsp;&nbsp;&nbsp;&nbsp; $785390789 | &nbsp;&nbsp;&nbsp;&nbsp; $1233719826 | &nbsp;&nbsp;&nbsp;&nbsp; $1226840929 | &nbsp;&nbsp;&nbsp;&nbsp; $704493265 |
| $3431385 | &nbsp;&nbsp;&nbsp;&nbsp; $30558371 | &nbsp;&nbsp;&nbsp;&nbsp; $131876507 | &nbsp;&nbsp;&nbsp;&nbsp; $54216620 | &nbsp;&nbsp;&nbsp;&nbsp; $36735671 | &nbsp;&nbsp;&nbsp;&nbsp; $17856487 |
| $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $5903884 | &nbsp;&nbsp;&nbsp;&nbsp; $10969297 | &nbsp;&nbsp;&nbsp;&nbsp; $7251852 |
| $— | &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.

**271**

------

**STATEMENTS OF OPERATIONS**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Defensive Market**<br> **Strategies**<sup>®</sup> **Fund**<br>| **Equity Index**<br> **Fund**<br>| **Value Equity**<br> **Index Fund**<br>| **Value Equity**<br> **Fund**<br>|
| **Investment Income** |  |  |  |  |
| Dividends | &nbsp;&nbsp; $3999790 | &nbsp;&nbsp; $63962630 | &nbsp;&nbsp; $4190775 | &nbsp;&nbsp; $21593814 |
| Income distributions received from affiliated funds | &nbsp;&nbsp; 3998016 | &nbsp;&nbsp; 5066331 | &nbsp;&nbsp; 184518 | &nbsp;&nbsp; 1632992 |
| Interest | &nbsp;&nbsp; 25498282 | &nbsp;&nbsp; 335838 | &nbsp;&nbsp; 12744 | &nbsp;&nbsp; 44022 |
| Securities lending, net | &nbsp;&nbsp; 328078 | &nbsp;&nbsp; 379728 | &nbsp;&nbsp; 11631 | &nbsp;&nbsp; 110740 |
| Less foreign taxes withheld | &nbsp;&nbsp; (22716)<br>| &nbsp;&nbsp; (363622)<br>| &nbsp;&nbsp; (1747)<br>| &nbsp;&nbsp; (153768)<br>|
| Total Investment Income | &nbsp;&nbsp; 33801450 | &nbsp;&nbsp; 69380905 | &nbsp;&nbsp; 4397921 | &nbsp;&nbsp; 23227800 |
| **Expenses** |  |  |  |  |
| Investment advisory fees | &nbsp;&nbsp; 7761474 | &nbsp;&nbsp; 4565003 | &nbsp;&nbsp; 208673 | &nbsp;&nbsp; 5972968 |
| Transfer agent fees: |  |  |  |  |
| Institutional shares | &nbsp;&nbsp; 10903 | &nbsp;&nbsp; 11922 | &nbsp;&nbsp; 9148 | &nbsp;&nbsp; 9735 |
| Investor shares | &nbsp;&nbsp; 41840 | &nbsp;&nbsp; 101087 | &nbsp;&nbsp; 31158 | &nbsp;&nbsp; 37076 |
| Custodian fees | &nbsp;&nbsp; 63247 | &nbsp;&nbsp; 69442 | &nbsp;&nbsp; 19140 | &nbsp;&nbsp; 41327 |
| Shareholder servicing fees: |  |  |  |  |
| Investor shares | &nbsp;&nbsp; 709035 | &nbsp;&nbsp; 3754090 | &nbsp;&nbsp; 70282 | &nbsp;&nbsp; 862667 |
| Accounting and administration fees | &nbsp;&nbsp; 242973 | &nbsp;&nbsp; 731602 | &nbsp;&nbsp; 70565 | &nbsp;&nbsp; 188310 |
| Professional fees | &nbsp;&nbsp; 148006 | &nbsp;&nbsp; 116011 | &nbsp;&nbsp; 116911 | &nbsp;&nbsp; 117452 |
| Blue sky fees: |  |  |  |  |
| Institutional shares | &nbsp;&nbsp; 18207 | &nbsp;&nbsp; 36978 | &nbsp;&nbsp; 19795 | &nbsp;&nbsp; 19491 |
| Investor shares | &nbsp;&nbsp; 17790 | &nbsp;&nbsp; 52705 | &nbsp;&nbsp; 16037 | &nbsp;&nbsp; 21749 |
| Shareholder reporting fees: |  |  |  |  |
| Institutional shares | &nbsp;&nbsp; 4735 | &nbsp;&nbsp; 16040 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7832 |
| Investor shares | &nbsp;&nbsp; 23325 | &nbsp;&nbsp; 43958 | &nbsp;&nbsp; 4963 | &nbsp;&nbsp; 23186 |
| Directors expenses | &nbsp;&nbsp; 30195 | &nbsp;&nbsp; 108432 | &nbsp;&nbsp; 4382 | &nbsp;&nbsp; 23661 |
| Line of credit facility fees | &nbsp;&nbsp; 4948 | &nbsp;&nbsp; 12055 | &nbsp;&nbsp; 611 | &nbsp;&nbsp; 3312 |
| Index license fees | &nbsp;&nbsp; 17417 | &nbsp;&nbsp; 701917 | &nbsp;&nbsp; 39380 | &nbsp;&nbsp; 14199 |
| Interest expense | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Other expenses | &nbsp;&nbsp; 122191 | &nbsp;&nbsp; 218037 | &nbsp;&nbsp; 17942 | &nbsp;&nbsp; 82956 |
| Recoupment of prior expenses reduced by the Adviser | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 27525 | &nbsp;&nbsp; — |
| Total Expenses | &nbsp;&nbsp; 9216286 | &nbsp;&nbsp; 10539279 | &nbsp;&nbsp; 656512 | &nbsp;&nbsp; 7425921 |
| Expenses waived/reimbursed<sup>(1)</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (46764)<br>| &nbsp;&nbsp; — |
| Fees paid indirectly | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (5867)<br>|
| Net Expenses | &nbsp;&nbsp; 9216286 | &nbsp;&nbsp; 10539279 | &nbsp;&nbsp; 609748 | &nbsp;&nbsp; 7420054 |
| **Net Investment Income** | &nbsp;&nbsp; 24585164 | &nbsp;&nbsp; 58841626 | &nbsp;&nbsp; 3788173 | &nbsp;&nbsp; 15807746 |
| **Realized and Unrealized Gain (Loss)** |  |  |  |  |
| Net realized gain (loss) from: |  |  |  |  |
| Capital gain distributions received from affiliated funds | &nbsp;&nbsp; 4847 | &nbsp;&nbsp; 3499 | &nbsp;&nbsp; 218 | &nbsp;&nbsp; 1594 |
| Investment securities<br> (net of capital gains taxes of $(383047) and $(2736665) for International <br> Equity Fund and Emerging Markets Equity Fund, respectively)<br>| &nbsp;&nbsp; 23808167 | &nbsp;&nbsp; 12185934 | &nbsp;&nbsp; 6951729 | &nbsp;&nbsp; 135158435 |
| Futures transactions | &nbsp;&nbsp; 4799768 | &nbsp;&nbsp; 11939929 | &nbsp;&nbsp; 733533 | &nbsp;&nbsp; 1113846 |
| Swap agreements | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Option contracts written | &nbsp;&nbsp; 24218348 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Option contracts purchased | &nbsp;&nbsp; 32220451 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Forward foreign currency contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (1939038)<br>|
| Foreign currency | &nbsp;&nbsp; 4322 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 329491 |
| Net realized gain | &nbsp;&nbsp; 85055903 | &nbsp;&nbsp; 24129362 | &nbsp;&nbsp; 7685480 | &nbsp;&nbsp; 134664328 |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| Investment securities<br> (net of estimated capital gains taxes of $237,994 and $495,924 for International <br> Equity Fund and Emerging Markets Equity Fund, respectively)<br>| &nbsp;&nbsp; 20592071 | &nbsp;&nbsp; 779618868 | &nbsp;&nbsp; 18411709 | &nbsp;&nbsp; (8706169)<br>|
| Futures | &nbsp;&nbsp; 1398885 | &nbsp;&nbsp; 2065789 | &nbsp;&nbsp; 65836 | &nbsp;&nbsp; 801395 |
| Swap agreements | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Option contracts written | &nbsp;&nbsp; 6532721 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Option contracts purchased | &nbsp;&nbsp; (8288175)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Forward foreign currency contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (489073)<br>|
| Foreign currency | &nbsp;&nbsp; 40952 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 20276454 | &nbsp;&nbsp; 781684657 | &nbsp;&nbsp; 18477545 | &nbsp;&nbsp; (8393847)<br>|
| **Net Realized and Unrealized Gain** | &nbsp;&nbsp; 105332357 | &nbsp;&nbsp; 805814019 | &nbsp;&nbsp; 26163025 | &nbsp;&nbsp; 126270481 |
| **Net Increase in Net Assets Resulting from Operations** | &nbsp;&nbsp; $129917521 | &nbsp;&nbsp; $864655645 | &nbsp;&nbsp; $29951198 | &nbsp;&nbsp; $142078227 |

---

<sup>(1)</sup> See Note 3c in Notes to Financial Statements.

**272**

See Notes to Financial Statements.

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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>|
| $1845727 | &nbsp;&nbsp;&nbsp;&nbsp; $8091857 | &nbsp;&nbsp;&nbsp;&nbsp; $10891335 | &nbsp;&nbsp;&nbsp;&nbsp; $41368481 | &nbsp;&nbsp;&nbsp;&nbsp; $32698607 | &nbsp;&nbsp;&nbsp;&nbsp; $21363060 |
| 272985 | &nbsp;&nbsp;&nbsp;&nbsp; 2263849 | &nbsp;&nbsp;&nbsp;&nbsp; 1687688 | &nbsp;&nbsp;&nbsp;&nbsp; 2631818 | &nbsp;&nbsp;&nbsp;&nbsp; 2614158 | &nbsp;&nbsp;&nbsp;&nbsp; 1025151 |
| 18382 | &nbsp;&nbsp;&nbsp;&nbsp; 39034 | &nbsp;&nbsp;&nbsp;&nbsp; 67321 | &nbsp;&nbsp;&nbsp;&nbsp; 117286 | &nbsp;&nbsp;&nbsp;&nbsp; 147688 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 6691 | &nbsp;&nbsp;&nbsp;&nbsp; 109030 | &nbsp;&nbsp;&nbsp;&nbsp; 351772 | &nbsp;&nbsp;&nbsp;&nbsp; 229326 | &nbsp;&nbsp;&nbsp;&nbsp; 134133 | &nbsp;&nbsp;&nbsp;&nbsp; 138567 |
| (1140)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (38040)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (22897)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4932413)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4228864)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2471325)<br>|
| 2142645 | &nbsp;&nbsp;&nbsp;&nbsp; 10465730 | &nbsp;&nbsp;&nbsp;&nbsp; 12975219 | &nbsp;&nbsp;&nbsp;&nbsp; 39414498 | &nbsp;&nbsp;&nbsp;&nbsp; 31365722 | &nbsp;&nbsp;&nbsp;&nbsp; 20055453 |
| 321011 | &nbsp;&nbsp;&nbsp;&nbsp; 10664003 | &nbsp;&nbsp;&nbsp;&nbsp; 7231441 | &nbsp;&nbsp;&nbsp;&nbsp; 1569124 | &nbsp;&nbsp;&nbsp;&nbsp; 10574903 | &nbsp;&nbsp;&nbsp;&nbsp; 7024108 |
| 9187 | &nbsp;&nbsp;&nbsp;&nbsp; 10163 | &nbsp;&nbsp;&nbsp;&nbsp; 11105 | &nbsp;&nbsp;&nbsp;&nbsp; 9857 | &nbsp;&nbsp;&nbsp;&nbsp; 11312 | &nbsp;&nbsp;&nbsp;&nbsp; 10993 |
| 33964 | &nbsp;&nbsp;&nbsp;&nbsp; 50557 | &nbsp;&nbsp;&nbsp;&nbsp; 46772 | &nbsp;&nbsp;&nbsp;&nbsp; 32262 | &nbsp;&nbsp;&nbsp;&nbsp; 53926 | &nbsp;&nbsp;&nbsp;&nbsp; 39274 |
| 25991 | &nbsp;&nbsp;&nbsp;&nbsp; 54585 | &nbsp;&nbsp;&nbsp;&nbsp; 118641 | &nbsp;&nbsp;&nbsp;&nbsp; 282876 | &nbsp;&nbsp;&nbsp;&nbsp; 528519 | &nbsp;&nbsp;&nbsp;&nbsp; 1373405 |
| 304720 | &nbsp;&nbsp;&nbsp;&nbsp; 2075038 | &nbsp;&nbsp;&nbsp;&nbsp; 713006 | &nbsp;&nbsp;&nbsp;&nbsp; 136727 | &nbsp;&nbsp;&nbsp;&nbsp; 1154455 | &nbsp;&nbsp;&nbsp;&nbsp; 358663 |
| 85024 | &nbsp;&nbsp;&nbsp;&nbsp; 281359 | &nbsp;&nbsp;&nbsp;&nbsp; 165865 | &nbsp;&nbsp;&nbsp;&nbsp; 229971 | &nbsp;&nbsp;&nbsp;&nbsp; 250625 | &nbsp;&nbsp;&nbsp;&nbsp; 173879 |
| 116997 | &nbsp;&nbsp;&nbsp;&nbsp; 128089 | &nbsp;&nbsp;&nbsp;&nbsp; 167727 | &nbsp;&nbsp;&nbsp;&nbsp; 134963 | &nbsp;&nbsp;&nbsp;&nbsp; 147921 | &nbsp;&nbsp;&nbsp;&nbsp; 149138 |
| 18365 | &nbsp;&nbsp;&nbsp;&nbsp; 19330 | &nbsp;&nbsp;&nbsp;&nbsp; 19323 | &nbsp;&nbsp;&nbsp;&nbsp; 21725 | &nbsp;&nbsp;&nbsp;&nbsp; 21878 | &nbsp;&nbsp;&nbsp;&nbsp; 20244 |
| 17441 | &nbsp;&nbsp;&nbsp;&nbsp; 21297 | &nbsp;&nbsp;&nbsp;&nbsp; 20439 | &nbsp;&nbsp;&nbsp;&nbsp; 18052 | &nbsp;&nbsp;&nbsp;&nbsp; 28149 | &nbsp;&nbsp;&nbsp;&nbsp; 23432 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; 7826 | &nbsp;&nbsp;&nbsp;&nbsp; 11941 | &nbsp;&nbsp;&nbsp;&nbsp; 8129 | &nbsp;&nbsp;&nbsp;&nbsp; 7235 | &nbsp;&nbsp;&nbsp;&nbsp; 9222 |
| 6254 | &nbsp;&nbsp;&nbsp;&nbsp; 31132 | &nbsp;&nbsp;&nbsp;&nbsp; 35094 | &nbsp;&nbsp;&nbsp;&nbsp; 5283 | &nbsp;&nbsp;&nbsp;&nbsp; 29853 | &nbsp;&nbsp;&nbsp;&nbsp; 18720 |
| 6765 | &nbsp;&nbsp;&nbsp;&nbsp; 39646 | &nbsp;&nbsp;&nbsp;&nbsp; 20639 | &nbsp;&nbsp;&nbsp;&nbsp; 28432 | &nbsp;&nbsp;&nbsp;&nbsp; 30172 | &nbsp;&nbsp;&nbsp;&nbsp; 18392 |
| 918 | &nbsp;&nbsp;&nbsp;&nbsp; 5171 | &nbsp;&nbsp;&nbsp;&nbsp; 3327 | &nbsp;&nbsp;&nbsp;&nbsp; 2625 | &nbsp;&nbsp;&nbsp;&nbsp; 4344 | &nbsp;&nbsp;&nbsp;&nbsp; 3185 |
| 51532 | &nbsp;&nbsp;&nbsp;&nbsp; 18334 | &nbsp;&nbsp;&nbsp;&nbsp; 15063 | &nbsp;&nbsp;&nbsp;&nbsp; 472919 | &nbsp;&nbsp;&nbsp;&nbsp; 5635 | &nbsp;&nbsp;&nbsp;&nbsp; 43837 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 34275 |
| 25460 | &nbsp;&nbsp;&nbsp;&nbsp; 134076 | &nbsp;&nbsp;&nbsp;&nbsp; 88376 | &nbsp;&nbsp;&nbsp;&nbsp; 58002 | &nbsp;&nbsp;&nbsp;&nbsp; 136479 | &nbsp;&nbsp;&nbsp;&nbsp; 156983 |
| 121127 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11441 |
| 1144756 | &nbsp;&nbsp;&nbsp;&nbsp; 13540606 | &nbsp;&nbsp;&nbsp;&nbsp; 8668759 | &nbsp;&nbsp;&nbsp;&nbsp; 3010947 | &nbsp;&nbsp;&nbsp;&nbsp; 12985406 | &nbsp;&nbsp;&nbsp;&nbsp; 9469191 |
| (3920)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (26947)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (347649)<br>|
|  | &nbsp;&nbsp;&nbsp;&nbsp; (8059)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (37503)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 1140836 | &nbsp;&nbsp;&nbsp;&nbsp; 13532547 | &nbsp;&nbsp;&nbsp;&nbsp; 8631256 | &nbsp;&nbsp;&nbsp;&nbsp; 2984000 | &nbsp;&nbsp;&nbsp;&nbsp; 12985406 | &nbsp;&nbsp;&nbsp;&nbsp; 9121542 |
| 1001809 | &nbsp;&nbsp;&nbsp;&nbsp; (3066817)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4343963 | &nbsp;&nbsp;&nbsp;&nbsp; 36430498 | &nbsp;&nbsp;&nbsp;&nbsp; 18380316 | &nbsp;&nbsp;&nbsp;&nbsp; 10933911 |
| 299 | &nbsp;&nbsp;&nbsp;&nbsp; 1916 | &nbsp;&nbsp;&nbsp;&nbsp; 2213 | &nbsp;&nbsp;&nbsp;&nbsp; 3143 | &nbsp;&nbsp;&nbsp;&nbsp; 2638 | &nbsp;&nbsp;&nbsp;&nbsp; 1236 |
| 15671430 | &nbsp;&nbsp;&nbsp;&nbsp; 233098811 | &nbsp;&nbsp;&nbsp;&nbsp; 72795394 | &nbsp;&nbsp;&nbsp;&nbsp; (2541030)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 130470430 | &nbsp;&nbsp;&nbsp;&nbsp; 71622277 |
| 1525571 | &nbsp;&nbsp;&nbsp;&nbsp; (3293003)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2599536)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13650707 | &nbsp;&nbsp;&nbsp;&nbsp; 12982026 | &nbsp;&nbsp;&nbsp;&nbsp; 6696638 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10738150 | &nbsp;&nbsp;&nbsp;&nbsp; 11000641 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (135147)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (470224)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5433784)<br>|
|  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 25334 | &nbsp;&nbsp;&nbsp;&nbsp; 294289 | &nbsp;&nbsp;&nbsp;&nbsp; 960462 | &nbsp;&nbsp;&nbsp;&nbsp; (641480)<br>|
| 17197300 | &nbsp;&nbsp;&nbsp;&nbsp; 229807724 | &nbsp;&nbsp;&nbsp;&nbsp; 70088258 | &nbsp;&nbsp;&nbsp;&nbsp; 11407109 | &nbsp;&nbsp;&nbsp;&nbsp; 154683482 | &nbsp;&nbsp;&nbsp;&nbsp; 83245528 |
| 39121254 | &nbsp;&nbsp;&nbsp;&nbsp; (7178030)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (19354049)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 333118629 | &nbsp;&nbsp;&nbsp;&nbsp; 156610359 | &nbsp;&nbsp;&nbsp;&nbsp; 156071883 |
| 63732 | &nbsp;&nbsp;&nbsp;&nbsp; 755193 | &nbsp;&nbsp;&nbsp;&nbsp; (210647)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2316889 | &nbsp;&nbsp;&nbsp;&nbsp; 1703900 | &nbsp;&nbsp;&nbsp;&nbsp; 1344265 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1349701 | &nbsp;&nbsp;&nbsp;&nbsp; 1531682 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (16106)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (665997)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1224566)<br>|
|  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 599477 | &nbsp;&nbsp;&nbsp;&nbsp; 1213598 | &nbsp;&nbsp;&nbsp;&nbsp; 71979 |
| 39184986 | &nbsp;&nbsp;&nbsp;&nbsp; (6422837)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (19580802)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 336034995 | &nbsp;&nbsp;&nbsp;&nbsp; 160211561 | &nbsp;&nbsp;&nbsp;&nbsp; 157795243 |
| 56382286 | &nbsp;&nbsp;&nbsp;&nbsp; 223384887 | &nbsp;&nbsp;&nbsp;&nbsp; 50507456 | &nbsp;&nbsp;&nbsp;&nbsp; 347442104 | &nbsp;&nbsp;&nbsp;&nbsp; 314895043 | &nbsp;&nbsp;&nbsp;&nbsp; 241040771 |
| $57384095 | &nbsp;&nbsp;&nbsp;&nbsp; $220318070 | &nbsp;&nbsp;&nbsp;&nbsp; $54851419 | &nbsp;&nbsp;&nbsp;&nbsp; $383872602 | &nbsp;&nbsp;&nbsp;&nbsp; $333275359 | &nbsp;&nbsp;&nbsp;&nbsp; $251974682 |

---

See Notes to Financial Statements.

**273**

------

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Defensive Market Strategies**<sup>®</sup> **Fund** | **Defensive Market Strategies**<sup>®</sup> **Fund** | **Equity Index Fund** | **Equity Index Fund** |
|  | **For the Year Ended** | **For the Year Ended** | **For the Year Ended** | **For the Year Ended** |
|  | **12/31/25** | **12/31/24** | **12/31/25** | **12/31/24** |
| **Operations:** |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; $24585164 | &nbsp;&nbsp;&nbsp;&nbsp; $33368693 | &nbsp;&nbsp;&nbsp;&nbsp; $58841626 | &nbsp;&nbsp;&nbsp;&nbsp; $53013221 |
| Net realized gain on investment <br> securities, foreign currency and <br> derivatives <br>| &nbsp;&nbsp;&nbsp;&nbsp; 85055903 | &nbsp;&nbsp;&nbsp;&nbsp; 108163824 | &nbsp;&nbsp;&nbsp;&nbsp; 24129362 | &nbsp;&nbsp;&nbsp;&nbsp; 119287340 |
| Net change in unrealized appreciation <br> (depreciation) on investment <br> securities, foreign currency and <br> derivatives<br>| &nbsp;&nbsp;&nbsp;&nbsp; 20276454 | &nbsp;&nbsp;&nbsp;&nbsp; 19597523 | &nbsp;&nbsp;&nbsp;&nbsp; 781684657 | &nbsp;&nbsp;&nbsp;&nbsp; 765972100 |
| Net increase in net assets resulting from <br> operations<br>| &nbsp;&nbsp;&nbsp;&nbsp; 129917521 | &nbsp;&nbsp;&nbsp;&nbsp; 161130040 | &nbsp;&nbsp;&nbsp;&nbsp; 864655645 | &nbsp;&nbsp;&nbsp;&nbsp; 938272661 |
| **Distributions to Shareholders:** |  |  |  |  |
| Distributions paid |  |  |  |  |
| Institutional shares | &nbsp;&nbsp;&nbsp;&nbsp; (94603012)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (106120883)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (64831679)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (127156211)<br>|
| Investor shares | &nbsp;&nbsp;&nbsp;&nbsp; (26573674)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (35077363)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (22535162)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (41849197)<br>|
| Return of capital |  |  |  |  |
| Institutional shares | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Investor shares | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp;&nbsp;&nbsp; (121176686)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (141198246)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (87366841)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (169005408)<br>|
| **Capital Share Transactions:** |  |  |  |  |
| Proceeds from shares sold |  |  |  |  |
| Institutional shares | &nbsp;&nbsp;&nbsp;&nbsp; 90246207 | &nbsp;&nbsp;&nbsp;&nbsp; 150010532 | &nbsp;&nbsp;&nbsp;&nbsp; 664888788 | &nbsp;&nbsp;&nbsp;&nbsp; 513614129 |
| Investor shares | &nbsp;&nbsp;&nbsp;&nbsp; 24168566 | &nbsp;&nbsp;&nbsp;&nbsp; 47456393 | &nbsp;&nbsp;&nbsp;&nbsp; 438875198 | &nbsp;&nbsp;&nbsp;&nbsp; 184365755 |
| Reinvestment of dividends and distributions |  |  |  |  |
| Institutional shares | &nbsp;&nbsp;&nbsp;&nbsp; 94431163 | &nbsp;&nbsp;&nbsp;&nbsp; 105903292 | &nbsp;&nbsp;&nbsp;&nbsp; 64212420 | &nbsp;&nbsp;&nbsp;&nbsp; 125728748 |
| Investor shares | &nbsp;&nbsp;&nbsp;&nbsp; 26370474 | &nbsp;&nbsp;&nbsp;&nbsp; 34811920 | &nbsp;&nbsp;&nbsp;&nbsp; 22343015 | &nbsp;&nbsp;&nbsp;&nbsp; 41586816 |
| Total proceeds from shares sold and <br> reinvested<br>| &nbsp;&nbsp;&nbsp;&nbsp; 235216410 | &nbsp;&nbsp;&nbsp;&nbsp; 338182137 | &nbsp;&nbsp;&nbsp;&nbsp; 1190319421 | &nbsp;&nbsp;&nbsp;&nbsp; 865295448 |
| Value of shares redeemed |  |  |  |  |
| Institutional shares | &nbsp;&nbsp;&nbsp;&nbsp; (385088877)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (153138623)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (391097153)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (650123512)<br>|
| Investor shares | &nbsp;&nbsp;&nbsp;&nbsp; (156947854)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (74296871)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (197148413)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (143766537)<br>|
| Total value of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (542036731)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (227435494)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (588245566)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (793890049)<br>|
| Net increase (decrease) from capital share <br> transactions<sup>(1)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; (306820321)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 110746643 | &nbsp;&nbsp;&nbsp;&nbsp; 602073855 | &nbsp;&nbsp;&nbsp;&nbsp; 71405399 |
| Total increase (decrease) in net assets | &nbsp;&nbsp;&nbsp;&nbsp; (298079486)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 130678437 | &nbsp;&nbsp;&nbsp;&nbsp; 1379362659 | &nbsp;&nbsp;&nbsp;&nbsp; 840672652 |
| **Net Assets:** |  |  |  |  |
| Beginning of Year | &nbsp;&nbsp;&nbsp;&nbsp; 1513068093 | &nbsp;&nbsp;&nbsp;&nbsp; 1382389656 | &nbsp;&nbsp;&nbsp;&nbsp; 4600076413 | &nbsp;&nbsp;&nbsp;&nbsp; 3759403761 |
| End of Year | &nbsp;&nbsp;&nbsp;&nbsp; $1214988607 | &nbsp;&nbsp;&nbsp;&nbsp; $1513068093 | &nbsp;&nbsp;&nbsp;&nbsp; $5979439072 | &nbsp;&nbsp;&nbsp;&nbsp; $4600076413 |

---

<sup>(1)</sup> See Note 6 in Notes to Financial Statements.

**274**

See Notes to Financial Statements.

------

---

| | | | |
|:---|:---|:---|:---|
| **Value Equity Index Fund** | **Value Equity Index Fund** | **Value Equity Fund** | **Value Equity Fund** |
| **For the Year Ended** | **For the Year Ended** | **For the Year Ended** | **For the Year Ended** |
| **12/31/25** | **12/31/24** | **12/31/25** | **12/31/24** |
| $3788173 | &nbsp;&nbsp;&nbsp;&nbsp; $3588887 | &nbsp;&nbsp;&nbsp;&nbsp; $15807746 | &nbsp;&nbsp;&nbsp;&nbsp; $16032814 |
| 7685480 | &nbsp;&nbsp;&nbsp;&nbsp; 7717630 | &nbsp;&nbsp;&nbsp;&nbsp; 134664328 | &nbsp;&nbsp;&nbsp;&nbsp; 124927211 |
| 18477545 | &nbsp;&nbsp;&nbsp;&nbsp; 13644643 | &nbsp;&nbsp;&nbsp;&nbsp; (8393847)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 15559834 |
| 29951198 | &nbsp;&nbsp;&nbsp;&nbsp; 24951160 | &nbsp;&nbsp;&nbsp;&nbsp; 142078227 | &nbsp;&nbsp;&nbsp;&nbsp; 156519859 |
| (9616603)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (10588231)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (102651100)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (70995923)<br>|
| (1336513)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1101688)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (49222545)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (40699486)<br>|
| (10953116)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (11689919)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (151873645)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (111695409)<br>|
| 57770021 | &nbsp;&nbsp;&nbsp;&nbsp; 31512273 | &nbsp;&nbsp;&nbsp;&nbsp; 90831200 | &nbsp;&nbsp;&nbsp;&nbsp; 147797572 |
| 21120432 | &nbsp;&nbsp;&nbsp;&nbsp; 14656752 | &nbsp;&nbsp;&nbsp;&nbsp; 38749268 | &nbsp;&nbsp;&nbsp;&nbsp; 57049493 |
| 9602082 | &nbsp;&nbsp;&nbsp;&nbsp; 10586813 | &nbsp;&nbsp;&nbsp;&nbsp; 102413849 | &nbsp;&nbsp;&nbsp;&nbsp; 70867733 |
| 1336513 | &nbsp;&nbsp;&nbsp;&nbsp; 1101590 | &nbsp;&nbsp;&nbsp;&nbsp; 49134236 | &nbsp;&nbsp;&nbsp;&nbsp; 40637564 |
| 89829048 | &nbsp;&nbsp;&nbsp;&nbsp; 57857428 | &nbsp;&nbsp;&nbsp;&nbsp; 281128553 | &nbsp;&nbsp;&nbsp;&nbsp; 316352362 |
| (23336377)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (48111972)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (122496361)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (190357270)<br>|
| (10599194)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (10051401)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (124430606)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (84475730)<br>|
| (33935571)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (58163373)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (246926967)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (274833000)<br>|
| 55893477 | &nbsp;&nbsp;&nbsp;&nbsp; (305945)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 34201586 | &nbsp;&nbsp;&nbsp;&nbsp; 41519362 |
| 74891559 | &nbsp;&nbsp;&nbsp;&nbsp; 12955296 | &nbsp;&nbsp;&nbsp;&nbsp; 24406168 | &nbsp;&nbsp;&nbsp;&nbsp; 86343812 |
| 188216931 | &nbsp;&nbsp;&nbsp;&nbsp; 175261635 | &nbsp;&nbsp;&nbsp;&nbsp; 1068234332 | &nbsp;&nbsp;&nbsp;&nbsp; 981890520 |
| $263108490 | &nbsp;&nbsp;&nbsp;&nbsp; $188216931 | &nbsp;&nbsp;&nbsp;&nbsp; $1092640500 | &nbsp;&nbsp;&nbsp;&nbsp; $1068234332 |

---

See Notes to Financial Statements.

**275**

------

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Growth Equity Index Fund** | **Growth Equity Index Fund** | **Growth Equity Fund** | **Growth Equity Fund** |
|  | **For the Year Ended** | **For the Year Ended** | **For the Year Ended** | **For the Year Ended** |
|  | **12/31/25** | **12/31/24** | **12/31/25** | **12/31/24** |
| **Operations:** |  |  |  |  |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp; $1001809 | &nbsp;&nbsp;&nbsp;&nbsp; $1115307 | &nbsp;&nbsp;&nbsp;&nbsp; $(3066817)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(1628977)<br>|
| Net realized gain on investment securities, <br> foreign currency and derivatives <br>| &nbsp;&nbsp;&nbsp;&nbsp; 17197300 | &nbsp;&nbsp;&nbsp;&nbsp; 11655057 | &nbsp;&nbsp;&nbsp;&nbsp; 229807724 | &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; 39184986 | &nbsp;&nbsp;&nbsp;&nbsp; 57645239 | &nbsp;&nbsp;&nbsp;&nbsp; (6422837)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 191301088 |
| Net increase in net assets resulting from <br> operations<br>| &nbsp;&nbsp;&nbsp;&nbsp; 57384095 | &nbsp;&nbsp;&nbsp;&nbsp; 70415603 | &nbsp;&nbsp;&nbsp;&nbsp; 220318070 | &nbsp;&nbsp;&nbsp;&nbsp; 440986671 |
| **Distributions to Shareholders:** |  |  |  |  |
| Distributions paid |  |  |  |  |
| Institutional shares | &nbsp;&nbsp;&nbsp;&nbsp; (8827252)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (8489499)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (129694304)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (106390869)<br>|
| Investor shares | &nbsp;&nbsp;&nbsp;&nbsp; (4734147)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4281702)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (110759999)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (111868297)<br>|
| Return of capital |  |  |  |  |
| Institutional shares | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Investor shares | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp;&nbsp;&nbsp; (13561399)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (12771201)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (240454303)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (218259166)<br>|
| **Capital Share Transactions:** |  |  |  |  |
| Proceeds from shares sold |  |  |  |  |
| Institutional shares | &nbsp;&nbsp;&nbsp;&nbsp; 88414006 | &nbsp;&nbsp;&nbsp;&nbsp; 57195927 | &nbsp;&nbsp;&nbsp;&nbsp; 244877075 | &nbsp;&nbsp;&nbsp;&nbsp; 181151467 |
| Investor shares | &nbsp;&nbsp;&nbsp;&nbsp; 60530422 | &nbsp;&nbsp;&nbsp;&nbsp; 63093459 | &nbsp;&nbsp;&nbsp;&nbsp; 55941614 | &nbsp;&nbsp;&nbsp;&nbsp; 92882222 |
| Reinvestment of dividends and distributions |  |  |  |  |
| Institutional shares | &nbsp;&nbsp;&nbsp;&nbsp; 8823488 | &nbsp;&nbsp;&nbsp;&nbsp; 8488359 | &nbsp;&nbsp;&nbsp;&nbsp; 129492525 | &nbsp;&nbsp;&nbsp;&nbsp; 106252373 |
| Investor shares | &nbsp;&nbsp;&nbsp;&nbsp; 4733857 | &nbsp;&nbsp;&nbsp;&nbsp; 4280828 | &nbsp;&nbsp;&nbsp;&nbsp; 110593784 | &nbsp;&nbsp;&nbsp;&nbsp; 111670326 |
| Total proceeds from shares sold and reinvested | &nbsp;&nbsp;&nbsp;&nbsp; 162501773 | &nbsp;&nbsp;&nbsp;&nbsp; 133058573 | &nbsp;&nbsp;&nbsp;&nbsp; 540904998 | &nbsp;&nbsp;&nbsp;&nbsp; 491956388 |
| Value of shares redeemed |  |  |  |  |
| Institutional shares | &nbsp;&nbsp;&nbsp;&nbsp; (49408574)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (84542062)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (167980562)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (294840036)<br>|
| Investor shares | &nbsp;&nbsp;&nbsp;&nbsp; (39343437)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (21219903)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (213165895)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (158579190)<br>|
| Total value of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (88752011)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (105761965)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (381146457)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (453419226)<br>|
| Net increase from capital share transactions<sup>(1)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 73749762 | &nbsp;&nbsp;&nbsp;&nbsp; 27296608 | &nbsp;&nbsp;&nbsp;&nbsp; 159758541 | &nbsp;&nbsp;&nbsp;&nbsp; 38537162 |
| Total increase (decrease) in net assets | &nbsp;&nbsp;&nbsp;&nbsp; 117572458 | &nbsp;&nbsp;&nbsp;&nbsp; 84941010 | &nbsp;&nbsp;&nbsp;&nbsp; 139622308 | &nbsp;&nbsp;&nbsp;&nbsp; 261264667 |
| **Net Assets:** |  |  |  |  |
| Beginning of Year | &nbsp;&nbsp;&nbsp;&nbsp; 294758043 | &nbsp;&nbsp;&nbsp;&nbsp; 209817033 | &nbsp;&nbsp;&nbsp;&nbsp; 1770555023 | &nbsp;&nbsp;&nbsp;&nbsp; 1509290356 |
| End of Year | &nbsp;&nbsp;&nbsp;&nbsp; $412330501 | &nbsp;&nbsp;&nbsp;&nbsp; $294758043 | &nbsp;&nbsp;&nbsp;&nbsp; $1910177331 | &nbsp;&nbsp;&nbsp;&nbsp; $1770555023 |

---

<sup>(1)</sup> See Note 6 in Notes to Financial Statements.

**276**

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 Year Ended** | **For the Year Ended** | **For the Year Ended** | **For the Year Ended** | **For the Year Ended** | **For the Year Ended** |
| **12/31/25** | **12/31/24** | **12/31/25** | **12/31/24** | **12/31/25** | **12/31/24** |
| $4343963 | &nbsp;&nbsp;&nbsp;&nbsp; $3810845 | &nbsp;&nbsp;&nbsp;&nbsp; $36430498 | &nbsp;&nbsp;&nbsp;&nbsp; $30553723 | &nbsp;&nbsp;&nbsp;&nbsp; $18380316 | &nbsp;&nbsp;&nbsp;&nbsp; $16238592 |
| 70088258 | &nbsp;&nbsp;&nbsp;&nbsp; 46129628 | &nbsp;&nbsp;&nbsp;&nbsp; 11407109 | &nbsp;&nbsp;&nbsp;&nbsp; 22387738 | &nbsp;&nbsp;&nbsp;&nbsp; 154683482 | &nbsp;&nbsp;&nbsp;&nbsp; 79786234 |
| (19580802)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 31908403 | &nbsp;&nbsp;&nbsp;&nbsp; 336034995 | &nbsp;&nbsp;&nbsp;&nbsp; (10038575)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 160211561 | &nbsp;&nbsp;&nbsp;&nbsp; (20362568)<br>|
| 54851419 | &nbsp;&nbsp;&nbsp;&nbsp; 81848876 | &nbsp;&nbsp;&nbsp;&nbsp; 383872602 | &nbsp;&nbsp;&nbsp;&nbsp; 42902886 | &nbsp;&nbsp;&nbsp;&nbsp; 333275359 | &nbsp;&nbsp;&nbsp;&nbsp; 75662258 |
| (56365165)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (32067622)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (86904388)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (35296147)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (94877866)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (68179290)<br>|
| (29860990)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (16741083)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4524129)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (611444)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (48554984)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (30122740)<br>|
|  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1766348)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (69778)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| (86226155)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (48808705)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (93264643)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (35907591)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (143432850)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (98302030)<br>|
| 128699216 | &nbsp;&nbsp;&nbsp;&nbsp; 216453808 | &nbsp;&nbsp;&nbsp;&nbsp; 162782574 | &nbsp;&nbsp;&nbsp;&nbsp; 427150980 | &nbsp;&nbsp;&nbsp;&nbsp; 101302975 | &nbsp;&nbsp;&nbsp;&nbsp; 136096519 |
| 36356814 | &nbsp;&nbsp;&nbsp;&nbsp; 48873531 | &nbsp;&nbsp;&nbsp;&nbsp; 65802552 | &nbsp;&nbsp;&nbsp;&nbsp; 11454089 | &nbsp;&nbsp;&nbsp;&nbsp; 92217627 | &nbsp;&nbsp;&nbsp;&nbsp; 70483920 |
| 56188713 | &nbsp;&nbsp;&nbsp;&nbsp; 31973146 | &nbsp;&nbsp;&nbsp;&nbsp; 87984586 | &nbsp;&nbsp;&nbsp;&nbsp; 35254706 | &nbsp;&nbsp;&nbsp;&nbsp; 93891693 | &nbsp;&nbsp;&nbsp;&nbsp; 67491859 |
| 29714321 | &nbsp;&nbsp;&nbsp;&nbsp; 16692430 | &nbsp;&nbsp;&nbsp;&nbsp; 4587306 | &nbsp;&nbsp;&nbsp;&nbsp; 611323 | &nbsp;&nbsp;&nbsp;&nbsp; 48309175 | &nbsp;&nbsp;&nbsp;&nbsp; 30030614 |
| 250959064 | &nbsp;&nbsp;&nbsp;&nbsp; 313992915 | &nbsp;&nbsp;&nbsp;&nbsp; 321157018 | &nbsp;&nbsp;&nbsp;&nbsp; 474471098 | &nbsp;&nbsp;&nbsp;&nbsp; 335721470 | &nbsp;&nbsp;&nbsp;&nbsp; 304102912 |
| (177455920)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (173371915)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (194551510)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (157318594)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (177367162)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (144496109)<br>|
| (53419501)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (60283483)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (14932251)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4457213)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (72174997)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (52557529)<br>|
| (230875421)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (233655398)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (209483761)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (161775807)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (249542159)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (197053638)<br>|
| 20083643 | &nbsp;&nbsp;&nbsp;&nbsp; 80337517 | &nbsp;&nbsp;&nbsp;&nbsp; 111673257 | &nbsp;&nbsp;&nbsp;&nbsp; 312695291 | &nbsp;&nbsp;&nbsp;&nbsp; 86179311 | &nbsp;&nbsp;&nbsp;&nbsp; 107049274 |
| (11291093)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 113377688 | &nbsp;&nbsp;&nbsp;&nbsp; 402281216 | &nbsp;&nbsp;&nbsp;&nbsp; 319690586 | &nbsp;&nbsp;&nbsp;&nbsp; 276021820 | &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 |
| $843645713 | &nbsp;&nbsp;&nbsp;&nbsp; $854936806 | &nbsp;&nbsp;&nbsp;&nbsp; $1643989938 | &nbsp;&nbsp;&nbsp;&nbsp; $1241708722 | &nbsp;&nbsp;&nbsp;&nbsp; $1488137419 | &nbsp;&nbsp;&nbsp;&nbsp; $1212115599 |

---

See Notes to Financial Statements.

**277**

------

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
|  | **Emerging Markets Equity Fund** | **Emerging Markets Equity Fund** |
|  | **For the Year Ended** | **For the Year Ended** |
|  | **12/31/25** | **12/31/24** |
| **Operations:** |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; $10933911 | &nbsp;&nbsp;&nbsp;&nbsp; $12283597 |
| Net realized gain on investment securities, foreign currency and derivatives  | &nbsp;&nbsp;&nbsp;&nbsp; 83245528 | &nbsp;&nbsp;&nbsp;&nbsp; 26459513 |
| Net change in unrealized appreciation (depreciation) on investment securities, foreign <br> currency and derivatives<br>| &nbsp;&nbsp;&nbsp;&nbsp; 157795243 | &nbsp;&nbsp;&nbsp;&nbsp; 23644398 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp; 251974682 | &nbsp;&nbsp;&nbsp;&nbsp; 62387508 |
| **Distributions to Shareholders:** |  |  |
| Distributions paid |  |  |
| Institutional shares | &nbsp;&nbsp;&nbsp;&nbsp; (29112245)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (10492788)<br>|
| Investor shares | &nbsp;&nbsp;&nbsp;&nbsp; (6441427)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1598562)<br>|
| Return of capital |  |  |
| Institutional shares | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Investor shares | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp;&nbsp;&nbsp; (35553672)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (12091350)<br>|
| **Capital Share Transactions:** |  |  |
| Proceeds from shares sold |  |  |
| Institutional shares | &nbsp;&nbsp;&nbsp;&nbsp; 53776727 | &nbsp;&nbsp;&nbsp;&nbsp; 180460751 |
| Investor shares | &nbsp;&nbsp;&nbsp;&nbsp; 53336511 | &nbsp;&nbsp;&nbsp;&nbsp; 26044652 |
| Reinvestment of dividends and distributions |  |  |
| Institutional shares | &nbsp;&nbsp;&nbsp;&nbsp; 29090747 | &nbsp;&nbsp;&nbsp;&nbsp; 10487413 |
| Investor shares | &nbsp;&nbsp;&nbsp;&nbsp; 6425245 | &nbsp;&nbsp;&nbsp;&nbsp; 1595974 |
| Total proceeds from shares sold and reinvested | &nbsp;&nbsp;&nbsp;&nbsp; 142629230 | &nbsp;&nbsp;&nbsp;&nbsp; 218588790 |
| Value of shares redeemed |  |  |
| Institutional shares | &nbsp;&nbsp;&nbsp;&nbsp; (144884351)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (287672235)<br>|
| Investor shares | &nbsp;&nbsp;&nbsp;&nbsp; (31525485)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (26330314)<br>|
| Total value of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (176409836)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (314002549)<br>|
| Net decrease from capital share transactions<sup>(1)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; (33780606)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (95413759)<br>|
| Total increase (decrease) in net assets | &nbsp;&nbsp;&nbsp;&nbsp; 182640404 | &nbsp;&nbsp;&nbsp;&nbsp; (45117601)<br>|
| **Net Assets:** |  |  |
| Beginning of Year | &nbsp;&nbsp;&nbsp;&nbsp; 749862904 | &nbsp;&nbsp;&nbsp;&nbsp; 794980505 |
| End of Year | &nbsp;&nbsp;&nbsp;&nbsp; $932503308 | &nbsp;&nbsp;&nbsp;&nbsp; $749862904 |

---

<sup>(1)</sup> See Note 6 in Notes to Financial Statements.

**278**

See Notes to Financial Statements.

------

**FINANCIAL HIGHLIGHTS** 

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *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 Year**<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> **Year**<br>| **Total**<br> **Return**<br>| **Net Assets,**<br> **End of Year**<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 | &nbsp;&nbsp;&nbsp; $11.73 | &nbsp;&nbsp;&nbsp; $0.23 | &nbsp;&nbsp;&nbsp; $0.96 | &nbsp;&nbsp;&nbsp; $1.19 | &nbsp;&nbsp;&nbsp; $(0.27)<br>| &nbsp;&nbsp;&nbsp; $(0.92)<br>| &nbsp;&nbsp;&nbsp; $(1.19)<br>| &nbsp;&nbsp;&nbsp; $11.73 | &nbsp;&nbsp;&nbsp;&nbsp; 10.46<br> %<br>| &nbsp;&nbsp;&nbsp; $933839 | &nbsp;&nbsp;&nbsp;&nbsp; 0.65<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.65<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.96<br> %<br>| &nbsp;&nbsp;&nbsp; 68<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> (1)<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 |
| **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 | &nbsp;&nbsp;&nbsp; $11.71 | &nbsp;&nbsp;&nbsp; $0.20 | &nbsp;&nbsp;&nbsp; $0.96 | &nbsp;&nbsp;&nbsp; $1.16 | &nbsp;&nbsp;&nbsp; $(0.25)<br>| &nbsp;&nbsp;&nbsp; $(0.92)<br>| &nbsp;&nbsp;&nbsp; $(1.17)<br>| &nbsp;&nbsp;&nbsp; $11.70 | &nbsp;&nbsp;&nbsp;&nbsp; 10.12<br> %<br>| &nbsp;&nbsp;&nbsp; $281150 | &nbsp;&nbsp;&nbsp;&nbsp; 0.93<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.93<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.68<br> %<br>| &nbsp;&nbsp;&nbsp; 68<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> (1)<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 |
| **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 | &nbsp;&nbsp;&nbsp; $58.51 | &nbsp;&nbsp;&nbsp; $0.73 | &nbsp;&nbsp;&nbsp; $9.20 | &nbsp;&nbsp;&nbsp; $9.93 | &nbsp;&nbsp;&nbsp; $(0.69)<br>| &nbsp;&nbsp;&nbsp; $(0.35)<br>| &nbsp;&nbsp;&nbsp; $(1.04)<br>| &nbsp;&nbsp;&nbsp; $67.40 | &nbsp;&nbsp;&nbsp;&nbsp; 17.06<br> %<br>| &nbsp;&nbsp;&nbsp; $4287246 | &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; 2<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 |
| **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 | &nbsp;&nbsp;&nbsp; $58.51 | &nbsp;&nbsp;&nbsp; $0.57 | &nbsp;&nbsp;&nbsp; $9.20 | &nbsp;&nbsp;&nbsp; $9.77 | &nbsp;&nbsp;&nbsp; $(0.56)<br>| &nbsp;&nbsp;&nbsp; $(0.35)<br>| &nbsp;&nbsp;&nbsp; $(0.91)<br>| &nbsp;&nbsp;&nbsp; $67.37 | &nbsp;&nbsp;&nbsp;&nbsp; 16.78<br> %<br>| &nbsp;&nbsp;&nbsp; $1692193 | &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.92<br> %<br>| &nbsp;&nbsp;&nbsp; 2<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 |

---

---

| |
|:---|
| #  |
| (1)<br> 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>|

---

See Notes to Financial Statements.

**279**

------

**FINANCIAL HIGHLIGHTS (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 Year**<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> **Year**<br>| **Total**<br> **Return**<br>| **Net Assets,**<br> **End of Year**<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 | &nbsp;&nbsp;&nbsp; $11.67 | &nbsp;&nbsp;&nbsp; $0.22 | &nbsp;&nbsp;&nbsp; $1.46 | &nbsp;&nbsp;&nbsp; $1.68 | &nbsp;&nbsp;&nbsp; $(0.20)<br>| &nbsp;&nbsp;&nbsp; $(0.37)<br>| &nbsp;&nbsp;&nbsp; $(0.57)<br>| &nbsp;&nbsp;&nbsp; $12.78 | &nbsp;&nbsp;&nbsp;&nbsp; 14.47<br> %<br>| &nbsp;&nbsp;&nbsp; $229609 | &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.79<br> %<br>| &nbsp;&nbsp;&nbsp; 20<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<sup>(1)</sup> <br>| &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 | &nbsp;&nbsp;&nbsp; $11.68 | &nbsp;&nbsp;&nbsp; $0.19 | &nbsp;&nbsp;&nbsp; $1.46 | &nbsp;&nbsp;&nbsp; $1.65 | &nbsp;&nbsp;&nbsp; $(0.18)<br>| &nbsp;&nbsp;&nbsp; $(0.37)<br>| &nbsp;&nbsp;&nbsp; $(0.55)<br>| &nbsp;&nbsp;&nbsp; $12.78 | &nbsp;&nbsp;&nbsp;&nbsp; 14.15<br> %<br>| &nbsp;&nbsp;&nbsp; $33499 | &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.66<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.54<br> %<br>| &nbsp;&nbsp;&nbsp; 20<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<sup>(1)</sup> <br>| &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 | &nbsp;&nbsp;&nbsp; $18.77 | &nbsp;&nbsp;&nbsp; $0.31 | &nbsp;&nbsp;&nbsp; $2.26 | &nbsp;&nbsp;&nbsp; $2.57 | &nbsp;&nbsp;&nbsp; $(0.27)<br>| &nbsp;&nbsp;&nbsp; $(2.59)<br>| &nbsp;&nbsp;&nbsp; $(2.86)<br>| &nbsp;&nbsp;&nbsp; $18.48 | &nbsp;&nbsp;&nbsp;&nbsp; 14.23<br> %<br>| &nbsp;&nbsp;&nbsp; $737586 | &nbsp;&nbsp;&nbsp;&nbsp; 0.63<br> %(2)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.63<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.63<br> %<br>| &nbsp;&nbsp;&nbsp; 67<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> (2)<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> (2)<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> (2)<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> (2)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp;&nbsp; 38 |
| **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 | &nbsp;&nbsp;&nbsp; $18.75 | &nbsp;&nbsp;&nbsp; $0.26 | &nbsp;&nbsp;&nbsp; $2.25 | &nbsp;&nbsp;&nbsp; $2.51 | &nbsp;&nbsp;&nbsp; $(0.23)<br>| &nbsp;&nbsp;&nbsp; $(2.59)<br>| &nbsp;&nbsp;&nbsp; $(2.82)<br>| &nbsp;&nbsp;&nbsp; $18.44 | &nbsp;&nbsp;&nbsp;&nbsp; 13.89<br> %<br>| &nbsp;&nbsp;&nbsp; $355055 | &nbsp;&nbsp;&nbsp;&nbsp; 0.90<br> %(2)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.90<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.36<br> %<br>| &nbsp;&nbsp;&nbsp; 67<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> (2)<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> (2)<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> (2)<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> (2)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp; 38 |
| **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 | &nbsp;&nbsp;&nbsp; $16.38 | &nbsp;&nbsp;&nbsp; $0.07 | &nbsp;&nbsp;&nbsp; $2.92 | &nbsp;&nbsp;&nbsp; $2.99 | &nbsp;&nbsp;&nbsp; $(0.06)<br>| &nbsp;&nbsp;&nbsp; $(0.60)<br>| &nbsp;&nbsp;&nbsp; $(0.66)<br>| &nbsp;&nbsp;&nbsp; $18.71 | &nbsp;&nbsp;&nbsp;&nbsp; 18.31<br> %<br>| &nbsp;&nbsp;&nbsp; $263002 | &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>| &nbsp;&nbsp;&nbsp; 20<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<sup>(1)</sup> <br>| &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 | &nbsp;&nbsp;&nbsp; $16.38 | &nbsp;&nbsp;&nbsp; $0.02 | &nbsp;&nbsp;&nbsp; $2.92 | &nbsp;&nbsp;&nbsp; $2.94 | &nbsp;&nbsp;&nbsp; $(0.02)<br>| &nbsp;&nbsp;&nbsp; $(0.60)<br>| &nbsp;&nbsp;&nbsp; $(0.62)<br>| &nbsp;&nbsp;&nbsp; $18.70 | &nbsp;&nbsp;&nbsp;&nbsp; 18.03<br> %<br>| &nbsp;&nbsp;&nbsp; $149329 | &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.14<br> %<br>| &nbsp;&nbsp;&nbsp; 20<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<sup>(1)</sup> <br>| &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 | &nbsp;&nbsp;&nbsp; $27.38 | &nbsp;&nbsp;&nbsp; $(0.02)<br>| &nbsp;&nbsp;&nbsp; $3.58 | &nbsp;&nbsp;&nbsp; $3.56 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(3.77)<br>| &nbsp;&nbsp;&nbsp; $(3.77)<br>| &nbsp;&nbsp;&nbsp; $27.17 | &nbsp;&nbsp;&nbsp;&nbsp; 13.17<br> %<br>| &nbsp;&nbsp;&nbsp; $1065121 | &nbsp;&nbsp;&nbsp;&nbsp; 0.65<br> %(3)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.65<br> %<br>| &nbsp;&nbsp;&nbsp; (0.05)%<br>| &nbsp;&nbsp;&nbsp; 45<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> (3)<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> (3)<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> (3)<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> (3)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp;&nbsp; 25 |
| **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 | &nbsp;&nbsp;&nbsp; $26.56 | &nbsp;&nbsp;&nbsp; $(0.08)<br>| &nbsp;&nbsp;&nbsp; $3.45 | &nbsp;&nbsp;&nbsp; $3.37 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(3.77)<br>| &nbsp;&nbsp;&nbsp; $(3.77)<br>| &nbsp;&nbsp;&nbsp; $26.16 | &nbsp;&nbsp;&nbsp;&nbsp; 12.85<br> %<br>| &nbsp;&nbsp;&nbsp; $845056 | &nbsp;&nbsp;&nbsp;&nbsp; 0.90<br> %(3)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.90<br> %<br>| &nbsp;&nbsp;&nbsp; (0.31)%<br>| &nbsp;&nbsp;&nbsp; 45<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> (3)<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> (3)<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> (3)<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> (3)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp;&nbsp; 25 |

---

---

| | |
|:---|:---|
| #  | Calculated using the average shares outstanding method. |
| † | Amount represents less than $0.005 per share. |
| (1) | 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>|
| (2) | The ratio for the Value Equity Fund includes the effect of fees paid indirectly which decreased the ratio by 0.00% for the years 2021, 2022, <br> 2023, 2024 and 2025.<br>|
| (3) | The ratio for the Growth Equity Fund includes the effect of fees paid indirectly which decreased the ratio by 0.00% for the years 2021, 2022, <br> 2023, 2024 and 2025.<br>|

---

**280**

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 Year**<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; **Return**<br> **of**<br> **capital**<br>| &nbsp;&nbsp; **Total**<br> **Distributions**<br> **Paid**<br>| **Net Asset**<br> **Value,**<br> **End of**<br> **Year**<br>| **Total**<br> **Return**<br>| **Net Assets,**<br> **End of Year**<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** | **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** | **Institutional Class** |
| 2025 | &nbsp;&nbsp; $17.87 | &nbsp;&nbsp; $0.11 | &nbsp;&nbsp; $0.99 | &nbsp;&nbsp; $1.10 | &nbsp;&nbsp; $(0.09)<br>| &nbsp;&nbsp; $(1.84)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(1.93)<br>| &nbsp;&nbsp; $17.04 | &nbsp;&nbsp;&nbsp;&nbsp; 6.06<br> %<br>| &nbsp;&nbsp; $549330 | &nbsp;&nbsp;&nbsp;&nbsp; 0.93<br> %(1)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.93<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.61<br> %<br>| &nbsp;&nbsp; 88<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; (0.08)<br>| &nbsp;&nbsp; (1.01)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (1.09)<br>| &nbsp;&nbsp;&nbsp;&nbsp;17.87 | &nbsp;&nbsp;&nbsp;&nbsp;10.58 | &nbsp;&nbsp; 559093 | &nbsp;&nbsp;&nbsp;&nbsp; 0.93<br> (1)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;0.59 | &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; (0.12)<br>| &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp;&nbsp;&nbsp;17.09 | &nbsp;&nbsp;&nbsp;&nbsp;14.90 | &nbsp;&nbsp; 461184 | &nbsp;&nbsp;&nbsp;&nbsp; 0.92<br> (1)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp; 54 |
| 2022 | &nbsp;&nbsp;&nbsp;&nbsp;19.54 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp; (3.54)<br>| &nbsp;&nbsp; (3.47)<br>| &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp; (0.72)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.78)<br>| &nbsp;&nbsp;&nbsp;&nbsp;15.29 | &nbsp;&nbsp;&nbsp; (17.80)<br>| &nbsp;&nbsp; 424994 | &nbsp;&nbsp;&nbsp;&nbsp; 0.92<br> (1)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &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; (0.02)<br>| &nbsp;&nbsp; (3.16)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (3.18)<br>| &nbsp;&nbsp;&nbsp;&nbsp;19.54 | &nbsp;&nbsp;&nbsp;&nbsp;22.09 | &nbsp;&nbsp; 519549 | &nbsp;&nbsp;&nbsp;&nbsp; 0.90<br> (1)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp; 54 |
| **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 | &nbsp;&nbsp; $17.66 | &nbsp;&nbsp; $0.06 | &nbsp;&nbsp; $0.97 | &nbsp;&nbsp; $1.03 | &nbsp;&nbsp; $(0.05)<br>| &nbsp;&nbsp; $(1.84)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(1.89)<br>| &nbsp;&nbsp; $16.80 | &nbsp;&nbsp;&nbsp;&nbsp; 5.75<br> %<br>| &nbsp;&nbsp; $294316 | &nbsp;&nbsp;&nbsp;&nbsp; 1.20<br> %(1)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.21<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.32<br> %<br>| &nbsp;&nbsp; 88<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; (0.04)<br>| &nbsp;&nbsp; (1.01)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (1.05)<br>| &nbsp;&nbsp;&nbsp;&nbsp;17.66 | &nbsp;&nbsp;&nbsp;&nbsp;10.32 | &nbsp;&nbsp; 295844 | &nbsp;&nbsp;&nbsp;&nbsp; 1.21<br> (1)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.31 | &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; (0.08)<br>| &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp;&nbsp;&nbsp;16.90 | &nbsp;&nbsp;&nbsp;&nbsp;14.57 | &nbsp;&nbsp; 280375 | &nbsp;&nbsp;&nbsp;&nbsp; 1.20<br> (1)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp; 54 |
| 2022 | &nbsp;&nbsp;&nbsp;&nbsp;19.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp; (3.51)<br>| &nbsp;&nbsp; (3.48)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.72)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.74)<br>| &nbsp;&nbsp;&nbsp;&nbsp;15.13 | &nbsp;&nbsp;&nbsp; (18.05)<br>| &nbsp;&nbsp; 260960 | &nbsp;&nbsp;&nbsp;&nbsp; 1.19<br> (1)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp; 54 |
| 2021 | &nbsp;&nbsp;&nbsp;&nbsp;18.54 | &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.01 | &nbsp;&nbsp;&nbsp;&nbsp;3.97 | &nbsp;&nbsp; — | &nbsp;&nbsp; (3.16)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (3.16)<br>| &nbsp;&nbsp;&nbsp;&nbsp;19.35 | &nbsp;&nbsp;&nbsp;&nbsp;21.79 | &nbsp;&nbsp; 350691 | &nbsp;&nbsp;&nbsp;&nbsp; 1.16<br> (1)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.17 | &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; 54 |
| **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** | **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** | **Institutional Class** |
| 2025 | &nbsp;&nbsp; $11.49 | &nbsp;&nbsp; $0.34 | &nbsp;&nbsp; $3.26 | &nbsp;&nbsp; $3.60 | &nbsp;&nbsp; $(0.62)<br>| &nbsp;&nbsp; $(0.22)<br>| &nbsp;&nbsp; $(0.01)<br>| &nbsp;&nbsp; $(0.85)<br>| &nbsp;&nbsp; $14.24 | &nbsp;&nbsp;&nbsp;&nbsp; 31.42<br> %<br>| &nbsp;&nbsp; $1557268 | &nbsp;&nbsp;&nbsp;&nbsp; 0.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.54<br> %<br>| &nbsp;&nbsp; 5<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; (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; 1218367 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;2.76 | &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; (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; 906219 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;2.92 | &nbsp;&nbsp; 9 |
| 2022 | &nbsp;&nbsp;&nbsp;&nbsp;12.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp; (2.21)<br>| &nbsp;&nbsp; (1.89)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp;&nbsp;&nbsp;9.87 | &nbsp;&nbsp;&nbsp; (15.69)<br>| &nbsp;&nbsp; 787046 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;3.05 | &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; (0.35)<br>| &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.66)<br>| &nbsp;&nbsp;&nbsp;&nbsp;12.06 | &nbsp;&nbsp;&nbsp;&nbsp;10.43 | &nbsp;&nbsp; 833894 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;2.52 | &nbsp;&nbsp; 18 |
| **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 | &nbsp;&nbsp; $11.51 | &nbsp;&nbsp; $0.28 | &nbsp;&nbsp; $3.27 | &nbsp;&nbsp; $3.55 | &nbsp;&nbsp; $(0.59)<br>| &nbsp;&nbsp; $(0.22)<br>| &nbsp;&nbsp; $(0.01)<br>| &nbsp;&nbsp; $(0.82)<br>| &nbsp;&nbsp; $14.24 | &nbsp;&nbsp;&nbsp;&nbsp; 30.96<br> %<br>| &nbsp;&nbsp; $86722 | &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.55<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.06<br> %<br>| &nbsp;&nbsp; 5<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; (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; 23342 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;2.46 | &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; (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; 15799 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;2.60 | &nbsp;&nbsp; 9 |
| 2022<sup>(2)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;10.43 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp;&nbsp;&nbsp;9.89 | &nbsp;&nbsp;&nbsp; (2.73)<br>| &nbsp;&nbsp; 8074 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;1.45 | &nbsp;&nbsp;&nbsp;&nbsp;2.36 | &nbsp;&nbsp; 14 |

---

# Calculated using the average shares outstanding method.

(1) 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 2021, 2022, 2023, 2024 and 2025. 

(2) For the period April 29, 2022 (commencement of operations) through December 31, 2022. All ratios for the period have been annualized with the exception of total return and portfolio turnover which have not been annualized. 

See Notes to Financial Statements.

**281**

------

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *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 Year**<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> **Year**<br>| **Total**<br> **Return**<br>| **Net Assets,**<br> **End of Year**<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 | &nbsp;&nbsp; $13.69 | &nbsp;&nbsp; $0.23 | &nbsp;&nbsp; $3.59 | &nbsp;&nbsp; $3.82 | &nbsp;&nbsp; $(0.38)<br>| &nbsp;&nbsp; $(1.26)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(1.64)<br>| &nbsp;&nbsp; $15.87 | &nbsp;&nbsp;&nbsp;&nbsp; 28.12<br> %<br>| &nbsp;&nbsp; $980370 | &nbsp;&nbsp;&nbsp;&nbsp; 0.85<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.42<br> %<br>| &nbsp;&nbsp; 58<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> (1)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.84<br> (1)<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> (1)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85<br> (1)<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> (1)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.87<br> (1)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp; 37 |
| **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 | &nbsp;&nbsp; $13.67 | &nbsp;&nbsp; $0.18 | &nbsp;&nbsp; $3.59 | &nbsp;&nbsp; $3.77 | &nbsp;&nbsp; $(0.35)<br>| &nbsp;&nbsp; $(1.26)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(1.61)<br>| &nbsp;&nbsp; $15.83 | &nbsp;&nbsp;&nbsp;&nbsp; 27.78<br> %<br>| &nbsp;&nbsp; $507767 | &nbsp;&nbsp;&nbsp;&nbsp; 1.12<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.12<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.15<br> %<br>| &nbsp;&nbsp; 58<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> (1)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.12<br> (1)<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> (1)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.13<br> (1)<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> (1)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.14<br> (1)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp; 37 |
| **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 | &nbsp;&nbsp; $9.50 | &nbsp;&nbsp; $0.15 | &nbsp;&nbsp; $3.14 | &nbsp;&nbsp; $3.29 | &nbsp;&nbsp; $(0.23)<br>| &nbsp;&nbsp; $(0.25)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(0.48)<br>| &nbsp;&nbsp; $12.31 | &nbsp;&nbsp;&nbsp;&nbsp; 34.85<br> %<br>| &nbsp;&nbsp; $752143 | &nbsp;&nbsp;&nbsp;&nbsp; 1.05<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.08<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.36<br> %<br>| &nbsp;&nbsp; 62<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> (2)<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> (2)<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> (2)<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> (2)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp; 62 |
| **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 | &nbsp;&nbsp; $9.46 | &nbsp;&nbsp; $0.12 | &nbsp;&nbsp; $3.13 | &nbsp;&nbsp; $3.25 | &nbsp;&nbsp; $(0.21)<br>| &nbsp;&nbsp; $(0.25)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(0.46)<br>| &nbsp;&nbsp; $12.25 | &nbsp;&nbsp;&nbsp;&nbsp; 34.54<br> %<br>| &nbsp;&nbsp; $180360 | &nbsp;&nbsp;&nbsp;&nbsp; 1.31<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.08<br> %<br>| &nbsp;&nbsp; 62<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> (2)<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> (2)<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> (2)<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> (2)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.33 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp; 62 |

---

# Calculated using the average shares outstanding method.

(1) The ratio for the International Equity Fund includes the effect of dividend expense on securities sold short which increased the ratio by 0.00% for the years 2021, 2022 and 2023. 

(2) 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 2021, 2022, 2023 and 2024. 

**282**

See Notes to Financial Statements.

------

**GLOBAL REAL ESTATE SECURITIES FUND**

**SCHEDULE OF INVESTMENTS**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS — 59.7%** | **COMMON STOCKS — 59.7%** | **COMMON STOCKS — 59.7%** |
| **Real Estate — 59.7%** | **Real Estate — 59.7%** |  |
| Acadia Realty Trust REITΔ | 135235 | $2777727 |
| Agree Realty Corporation REITΔ | 89844 | 6471463 |
| American Healthcare REIT, Inc. | 41765 | 1965461 |
| American Homes 4 Rent Class A <br> REIT | 44583 | 1431114 |
| Americold Realty Trust REITΔ | 49716 | 639348 |
| Brixmor Property Group, Inc. REIT | 212063 | 5560292 |
| Broadstone Net Lease, Inc. REITΔ | 106432 | 1848724 |
| BXP, Inc. REIT | 20009 | 1350208 |
| Camden Property Trust REIT | 16179 | 1780984 |
| Cousins Properties, Inc. REIT | 60935 | 1570904 |
| CTO Realty Growth, Inc. REITΔ | 55535 | 1022399 |
| CubeSmart REIT | 71056 | 2561569 |
| Digital Realty Trust, Inc. REIT | 34148 | 5283037 |
| EastGroup Properties, Inc. REIT | 12055 | 2147478 |
| Equinix, Inc. REIT | 17846 | 13672891 |
| Equity LifeStyle Properties, Inc. REIT | 20762 | 1258385 |
| Equity Residential REIT | 129226 | 8146407 |
| Essential Properties Realty Trust, Inc. <br> REITΔ | 131534 | 3901298 |
| Essex Property Trust, Inc. REIT | 12533 | 3279635 |
| Extra Space Storage, Inc. REIT | 39075 | 5088347 |
| First Industrial Realty Trust, Inc. <br> REIT | 70077 | 4013310 |
| Four Corners Property Trust, Inc. <br> REIT | 94624 | 2182029 |
| Healthcare Realty Trust, Inc. REIT | 78459 | 1329880 |
| Healthpeak Properties, Inc. REIT | 64921 | 1043930 |
| Highwoods Properties, Inc. REIT | 33201 | 857250 |
| Host Hotels & Resorts, Inc. REIT | 198770 | 3524192 |
| Invitation Homes, Inc. REIT | 71499 | 1986957 |
| Iron Mountain, Inc. REIT | 61153 | 5072641 |
| Kilroy Realty Corporation REITΔ | 35216 | 1316022 |
| Mid-America Apartment <br> Communities, Inc. REIT | 48471 | 6733107 |
| National Storage Affiliates Trust <br> REIT | 18387 | 518697 |
| NETSTREIT Corporation REITΔ | 249296 | 4397581 |
| Omega Healthcare Investors, Inc. <br> REIT | 104773 | 4645635 |
| Outfront Media, Inc. REITΔ | 36481 | 879192 |
| Park Hotels & Resorts, Inc. REITΔ | 51760 | 541410 |
| Prologis, Inc. REIT | 152281 | 19440193 |
| Public Storage REIT | 10743 | 2787809 |
| Regency Centers Corporation REIT | 36935 | 2549623 |
| Ryman Hospitality Properties, Inc. <br> REIT | 20151 | 1906688 |
| Simon Property Group, Inc. REIT | 58155 | 10765072 |
| SL Green Realty Corporation REITΔ | 17492 | 802358 |
| Smartstop Self Storage REIT, Inc.Δ | 44455 | 1375438 |
| STAG Industrial, Inc. REIT | 55679 | 2046760 |
| Sun Communities, Inc. REIT | 22802 | 2825396 |
| Ventas, Inc. REIT | 103871 | 8037538 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Welltower, Inc. REIT | 110041 | $20424710 |
| WP Carey, Inc. REIT | 36987 | 2380483 |
|  |  | 186141572 |
| **Total Common Stocks** <br> (Cost $181,547,768) | **Total Common Stocks** <br> (Cost $181,547,768) | 186141572 |
| **FOREIGN COMMON STOCKS — 38.1%** | **FOREIGN COMMON STOCKS — 38.1%** | **FOREIGN COMMON STOCKS — 38.1%** |
| **Australia — 6.2%** | **Australia — 6.2%** |  |
| BWP Trust REIT | 103752 | 272237 |
| Charter Hall Group REIT | 15825 | 257400 |
| Dexus REIT | 227851 | 1050906 |
| Gemlife Communities Group\* | 88020 | 298400 |
| Goodman Group REIT | 395169 | 8131854 |
| GPT Group (The) REIT | 161442 | 582577 |
| HomeCo Daily Needs REIT | 367301 | 333849 |
| Ingenia Communities Group REIT | 150276 | 516553 |
| Lifestyle Communities, Ltd.\* | 36249 | 121491 |
| Mirvac Group REIT | 1581201 | 2155307 |
| National Storage REIT | 66785 | 121369 |
| NEXTDC, Ltd.Δ\* | 92771 | 772409 |
| Scentre Group REIT | 1317500 | 3682924 |
| Stockland REIT | 78306 | 298558 |
| Vicinity Centres REIT | 404916 | 689370 |
|  |  | 19285204 |
| **Belgium — 1.1%** | **Belgium — 1.1%** |  |
| Aedifica SA REITΔ | 19390 | 1534812 |
| Montea NV REIT | 4315 | 370536 |
| Shurgard Self Storage, Ltd. REIT | 6474 | 222487 |
| VGP NVΔ | 5086 | 586754 |
| Warehouses De Pauw CVA REIT | 26889 | 697324 |
| Xior Student Housing NV REITΔ | 3105 | 105428 |
|  |  | 3517341 |
| **Canada — 2.3%** | **Canada — 2.3%** |  |
| Chartwell Retirement Residences | 224810 | 3292180 |
| Choice Properties Real Estate <br> Investment Trust | 108514 | 1170881 |
| First Capital Real Estate Investment <br> Trust | 91630 | 1261744 |
| Granite Real Estate Investment Trust | 1257 | 74831 |
| Primaris Real Estate Investment Trust | 3213 | 36495 |
| Sienna Senior Living, Inc. | 84440 | 1256864 |
|  |  | 7092995 |
| **Finland — 0.0%** | **Finland — 0.0%** |  |
| Kojamo OYJ\* | 11139 | 133916 |
| **France — 2.5%** | **France — 2.5%** |  |
| Covivio SA REIT | 21289 | 1413175 |
| Gecina SA REIT | 4279 | 406388 |
| ICADE REIT | 3248 | 83717 |
| Klepierre REIT | 50952 | 2015932 |
| Unibail-Rodamco-Westfield REIT\* | 36506 | 3969915 |
|  |  | 7889127 |

---

See Notes to Financial Statements.

**283**

------

**GLOBAL REAL ESTATE SECURITIES FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Germany — 2.1%** | **Germany — 2.1%** |  |
| Aroundtown SA\* | 116287 | $360022 |
| LEG Immobilien SE | 8943 | 652266 |
| Sirius Real Estate, Ltd. REIT | 672180 | 872541 |
| TAG Immobilien AG | 91768 | 1421286 |
| Vonovia SE | 116955 | 3365892 |
|  |  | 6672007 |
| **Hong Kong — 2.8%** | **Hong Kong — 2.8%** |  |
| Hang Lung Properties, Ltd. | 402283 | 445457 |
| Henderson Land Development Co., <br> Ltd. | 239000 | 865487 |
| Link REITΔ | 650277 | 2903501 |
| Sino Land Co., Ltd. | 339518 | 446754 |
| Sun Hung Kai Properties, Ltd. | 217361 | 2646650 |
| Wharf Real Estate Investment Co., <br> Ltd. | 404191 | 1277480 |
|  |  | 8585329 |
| **Indonesia — 0.5%** | **Indonesia — 0.5%** |  |
| Hongkong Land Holdings, Ltd. | 207360 | 1440472 |
| **Japan — 9.9%** | **Japan — 9.9%** |  |
| Activia Properties, Inc. REIT | 832 | 747177 |
| Comforia Residential REIT, Inc.Δ | 130 | 276445 |
| CRE Logistics REIT, Inc.Δ | 582 | 625584 |
| Daiwa House REIT Investment <br> Corporation | 1137 | 1039146 |
| Daiwa Securities Living Investments <br> Corporation REIT | 1255 | 913037 |
| Ichigo Office REIT Investment <br> Corporation | 1882 | 1167792 |
| Invincible Investment Corporation <br> REITΔ | 2451 | 1006453 |
| Japan Metropolitan Fund Invest <br> REITΔ | 1684 | 1332361 |
| Japan Prime Realty Investment <br> Corporation REIT | 326 | 219963 |
| KDX Realty Investment Corporation <br> REIT | 2278 | 2556724 |
| Keihanshin Building Co., Ltd. | 76900 | 946983 |
| LaSalle Logiport REIT | 876 | 886787 |
| Mitsubishi Estate Co., Ltd.Δ | 184324 | 4478174 |
| Mitsui Fudosan Co., Ltd. | 382094 | 4342221 |
| Mitsui Fudosan Logistics Park, Inc. <br> REIT | 2264 | 1761227 |
| Mori Trust REIT, Inc.Δ | 1029 | 512776 |
| Nippon Building Fund, Inc. REITΔ | 104 | 94789 |
| Nippon Prologis REIT, Inc.Δ | 3144 | 1862187 |
| Nomura Real Estate Holdings, Inc. | 72721 | 448933 |
| Nomura Real Estate Master Fund, Inc. <br> REIT | 530 | 585693 |
| Sankei Real Estate, Inc. REIT | 331 | 219317 |
| Starts Proceed Investment <br> Corporation REIT | 145 | 186551 |
| Sumitomo Realty & Development <br> Co., Ltd. | 151898 | 3813542 |
| Tokyo Tatemono Co., Ltd. | 25931 | 587851 |
| United Urban Investment Corporation <br> REIT | 235 | 274072 |
|  |  | 30885785 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Netherlands — 0.2%** | **Netherlands — 0.2%** |  |
| CTP NV 144A | 20385 | $427155 |
| NSI NV REIT | 8435 | 192014 |
|  |  | 619169 |
| **Norway — 0.0%** | **Norway — 0.0%** |  |
| Entra ASA 144A | 9118 | 104568 |
| **Singapore — 3.2%** | **Singapore — 3.2%** |  |
| CapitaLand Ascendas REIT | 606318 | 1333034 |
| Capitaland Investment, Ltd. | 98979 | 208304 |
| Centurion Accommodation REIT\* | 1846500 | 1592487 |
| City Developments, Ltd. | 244472 | 1520620 |
| Digital Core REIT Management Pte, <br> Ltd.Δ | 2279733 | 1161336 |
| Lendlease Global Commercial REIT | 1820500 | 877392 |
| Mapletree Logistics Trust REIT | 1933089 | 1980965 |
| Mapletree Pan Asia Commercial Trust <br> REIT | 318052 | 363297 |
| Suntec Real Estate Investment Trust | 835914 | 934824 |
|  |  | 9972259 |
| **Spain — 0.7%** | **Spain — 0.7%** |  |
| Merlin Properties Socimi SA REIT | 112974 | 1644732 |
| Neinor Homes SA 144A\* | 18992 | 423205 |
|  |  | 2067937 |
| **Sweden — 1.8%** | **Sweden — 1.8%** |  |
| Castellum ABΔ | 53723 | 619012 |
| Catena AB | 21015 | 1029008 |
| Fabege ABΔ | 50557 | 453319 |
| Fastighets AB Balder, B Shares\* | 263993 | 1948614 |
| Intea Fastigheter AB | 35171 | 252326 |
| Nyfosa AB | 11055 | 88955 |
| Pandox AB | 24481 | 539797 |
| Samhallsbyggnadsbolaget i Norden <br> ABΔ\* | 72869 | 36384 |
| Wihlborgs Fastigheter ABΔ | 67678 | 669375 |
|  |  | 5636790 |
| **Switzerland — 1.4%** | **Switzerland — 1.4%** |  |
| Mobimo Holding AG | 306 | 141222 |
| PSP Swiss Property AG | 3116 | 563799 |
| Swiss Prime Site AG | 22559 | 3502687 |
|  |  | 4207708 |
| **United Kingdom — 3.4%** | **United Kingdom — 3.4%** |  |
| Big Yellow Group PLC REIT | 68289 | 960330 |
| British Land Co. PLC (The) REIT | 322041 | 1747524 |
| Derwent London PLC REIT | 5216 | 121686 |
| Grainger PLC | 313221 | 767181 |
| Great Portland Estates PLC REIT | 31258 | 133832 |
| Hammerson PLC REIT | 92398 | 410019 |
| Land Securities Group PLC REIT | 54567 | 456266 |
| Life Science Reit PLC REIT\* | 266018 | 141280 |
| LondonMetric Property PLC REIT | 479971 | 1223663 |
| Safestore Holdings PLC REIT | 9151 | 90786 |
| Segro PLC REIT | 295334 | 2861235 |
| Shaftesbury Capital PLC REIT | 63170 | 123225 |
| Tritax Big Box REIT PLC | 320759 | 655453 |

---

**284**

See Notes to Financial Statements.

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| UNITE Group PLC (The) REIT | 120000 | $903458 |
| Workspace Group PLC REIT | 16256 | 87430 |
|  |  | 10683368 |
| **Total Foreign Common Stocks** <br> (Cost $109,718,409) | **Total Foreign Common Stocks** <br> (Cost $109,718,409) | 118793975 |
| **MONEY MARKET FUNDS — 4.4%** | **MONEY MARKET FUNDS — 4.4%** | **MONEY MARKET FUNDS — 4.4%** |
| Northern Institutional Liquid Assets <br> Portfolio (Shares), 3.81%Ø§ | 8585625 | 8585625 |
| GuideStone Money Market Fund, <br> 3.69% <br> (Institutional Class)Ø∞ | 5042494 | 5042494 |
| **Total Money Market Funds** <br> (Cost $13,628,119) | **Total Money Market Funds** <br> (Cost $13,628,119) | 13628119 |
| **TOTAL INVESTMENTS** — **102.2%** <br> (Cost $304,894,296) |  | 318563666 |
| **Liabilities in Excess of Other**<br> **Assets — (2.2)%** |  | (6727564)<br>|
| **NET ASSETS — 100.0%** |  | $311836102 |

---

Futures Contracts outstanding at December 31, 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 | 03/2026 | &nbsp;&nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp; $608260 | &nbsp;&nbsp;&nbsp; $(2642)<br>|
| MSCI EAFE Index | 03/2026 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 145105 | &nbsp;&nbsp;&nbsp; (405)<br>|
| Total Futures Contracts outstanding at December 31, 2025 |  |  | &nbsp;&nbsp;&nbsp; $753365 | &nbsp;&nbsp;&nbsp; $(3047)<br>|

---

See Notes to Financial Statements.

**285**

------

**GLOBAL REAL ESTATE SECURITIES FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

**VALUATION HIERARCHY**

The following is a summary of the inputs used, as of December 31, 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; $186141572 | &nbsp;&nbsp; $186141572 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Foreign Common Stocks: |  |  |  |  |
| Australia | &nbsp;&nbsp; 19285204 | &nbsp;&nbsp; 298400 | &nbsp;&nbsp; 18986804 | &nbsp;&nbsp; — |
| Canada | &nbsp;&nbsp; 7092995 | &nbsp;&nbsp; 7092995 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Finland | &nbsp;&nbsp; 133916 | &nbsp;&nbsp; 133916 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Germany | &nbsp;&nbsp; 6672007 | &nbsp;&nbsp; 872541 | &nbsp;&nbsp; 5799466 | &nbsp;&nbsp; — |
| Japan | &nbsp;&nbsp; 30885785 | &nbsp;&nbsp; 585693 | &nbsp;&nbsp; 30300092 | &nbsp;&nbsp; — |
| Norway | &nbsp;&nbsp; 104568 | &nbsp;&nbsp; 104568 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Sweden | &nbsp;&nbsp; 5636790 | &nbsp;&nbsp; 2274450 | &nbsp;&nbsp; 3362340 | &nbsp;&nbsp; — |
| United Kingdom | &nbsp;&nbsp; 10683368 | &nbsp;&nbsp; 319496 | &nbsp;&nbsp; 10363872 | &nbsp;&nbsp; — |
| Other<sup>^^</sup> <br>| &nbsp;&nbsp; 38299342 | &nbsp;&nbsp; — | &nbsp;&nbsp; 38299342 | &nbsp;&nbsp; — |
| Total Foreign Common Stocks | &nbsp;&nbsp; 118793975 | &nbsp;&nbsp; 11682059 | &nbsp;&nbsp; 107111916 | &nbsp;&nbsp; — |
| Money Market Funds | &nbsp;&nbsp; 13628119 | &nbsp;&nbsp; 13628119 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Total Assets - Investments in Securities** | &nbsp;&nbsp; $318563666 | &nbsp;&nbsp; $211451750 | &nbsp;&nbsp; $107111916 | &nbsp;&nbsp; $— |
| **Liabilities:** |  |  |  |  |
| **Other Financial Instruments\*\*\*** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; $(3047)<br>| &nbsp;&nbsp; $(3047)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| **Total Liabilities - Other Financial Instruments** | &nbsp;&nbsp; $(3047)<br>| &nbsp;&nbsp; $(3047)<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>|

---

**286**

See Notes to Financial Statements.

------

**STATEMENTS OF ASSETS AND LIABILITIES**

**December 31, 2025**

---

| | |
|:---|:---|
|  | **Global**<br> **Real Estate**<br> **Securities Fund**<br>|
| **Assets** |  |
| Investments in securities of unaffiliated issuers, at value | &nbsp;&nbsp; $313521172 |
| Investments in securities of affiliated issuers, at value | &nbsp;&nbsp; 5042494 |
| Total investments, at value<sup>(1), (2)</sup> <br>| &nbsp;&nbsp; 318563666 |
| Deposits with broker for futures contracts | &nbsp;&nbsp; 54999 |
| Foreign currency<sup>(3)</sup> <br>| &nbsp;&nbsp; 879803 |
| Receivables: |  |
| Dividends | &nbsp;&nbsp; 1118207 |
| Reclaims | &nbsp;&nbsp; 105442 |
| Securities lending | &nbsp;&nbsp; 5232 |
| Investment securities sold | &nbsp;&nbsp; 80696 |
| Fund shares sold | &nbsp;&nbsp; 34360 |
| Prepaid expenses and other assets | &nbsp;&nbsp; 29762 |
| Total Assets | &nbsp;&nbsp; 320872167 |
| **Liabilities** |  |
| Collateral held for securities on loan, at value | &nbsp;&nbsp; 8585625 |
| Payables: |  |
| Investment securities purchased | &nbsp;&nbsp; 114959 |
| Fund shares redeemed | &nbsp;&nbsp; 20285 |
| Variation margin on futures contracts | &nbsp;&nbsp; 6080 |
| Accrued expenses: |  |
| Investment advisory fees | &nbsp;&nbsp; 186524 |
| Shareholder servicing fees | &nbsp;&nbsp; 18621 |
| Director fees | &nbsp;&nbsp; 43 |
| Other expenses | &nbsp;&nbsp; 103928 |
| Total Liabilities | &nbsp;&nbsp; 9036065 |
| **Net Assets** | &nbsp;&nbsp; $311836102 |
| **Net Assets Consist of:** |  |
| Paid-in-capital | &nbsp;&nbsp; $321835914 |
| Distributable earnings (loss) | &nbsp;&nbsp; (9999812)<br>|
| **Net Assets** | &nbsp;&nbsp; $311836102 |
| **Net Asset Value:** |  |
| $0.001 par value, unlimited shares authorized |  |
| Net assets applicable to the Institutional Class | &nbsp;&nbsp; $223406361 |
| Institutional shares outstanding | &nbsp;&nbsp; 23803817 |
| Net asset value, offering and redemption price per Institutional share | &nbsp;&nbsp; $9.39 |
| Net assets applicable to the Investor Class | &nbsp;&nbsp; $88429741 |
| Investor shares outstanding | &nbsp;&nbsp; 9381030 |
| Net asset value, offering and redemption price per Investor share | &nbsp;&nbsp; $9.43 |
| <sup>(1)</sup>Investments in securities of unaffiliated issuers, at cost | &nbsp;&nbsp; $299851802 |
| Investments in securities of affiliated issuers, at cost | &nbsp;&nbsp; 5042494 |
| Total investments, at cost | &nbsp;&nbsp; $304894296 |
| <sup>(2)</sup>Includes securities loaned of: | &nbsp;&nbsp; $25952524 |
| <sup>(3)</sup>Foreign currency, at cost | &nbsp;&nbsp; $882444 |

---

See Notes to Financial Statements.

**287**

------

**STATEMENTS OF OPERATIONS**

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

---

| | |
|:---|:---|
|  | **Global**<br> **Real Estate**<br> **Securities Fund**<br>|
| **Investment Income** |  |
| Dividends | &nbsp;&nbsp; $10855692 |
| Income distributions received from affiliated funds | &nbsp;&nbsp; 255931 |
| Interest | &nbsp;&nbsp; 4309 |
| Securities lending, net | &nbsp;&nbsp; 58647 |
| Less foreign taxes withheld | &nbsp;&nbsp; (346261)<br>|
| Total Investment Income | &nbsp;&nbsp; 10828318 |
| **Expenses** |  |
| Investment advisory fees | &nbsp;&nbsp; 2137140 |
| Transfer agent fees: |  |
| Institutional shares | &nbsp;&nbsp; 10616 |
| Investor shares | &nbsp;&nbsp; 37902 |
| Custodian fees | &nbsp;&nbsp; 179702 |
| Shareholder servicing fees: |  |
| Investor shares | &nbsp;&nbsp; 210461 |
| Accounting and administration fees | &nbsp;&nbsp; 86365 |
| Professional fees | &nbsp;&nbsp; 135877 |
| Blue sky fees: |  |
| Institutional shares | &nbsp;&nbsp; 18828 |
| Investor shares | &nbsp;&nbsp; 16489 |
| Shareholder reporting fees: |  |
| Institutional shares | &nbsp;&nbsp; 3115 |
| Investor shares | &nbsp;&nbsp; 11245 |
| Directors expenses | &nbsp;&nbsp; 8047 |
| Line of credit facility fees | &nbsp;&nbsp; 1569 |
| Index license fees | &nbsp;&nbsp; 37105 |
| Other expenses | &nbsp;&nbsp; 29192 |
| Total Expenses | &nbsp;&nbsp; 2923653 |
| Fees paid indirectly | &nbsp;&nbsp; (18163)<br>|
| Net Expenses | &nbsp;&nbsp; 2905490 |
| **Net Investment Income** | &nbsp;&nbsp; 7922828 |
| **Realized and Unrealized Gain (Loss)** |  |
| Net realized gain (loss) from: |  |
| Capital gain distributions received from affiliated funds | &nbsp;&nbsp; 224 |
| Investment securities | &nbsp;&nbsp; 838791 |
| Futures transactions | &nbsp;&nbsp; 134113 |
| Forward foreign currency contracts | &nbsp;&nbsp; 1608 |
| Foreign currency | &nbsp;&nbsp; 24713 |
| Net realized gain | &nbsp;&nbsp; 999449 |
| Net change in unrealized appreciation (depreciation) on: |  |
| Investment securities | &nbsp;&nbsp; 16620119 |
| Futures | &nbsp;&nbsp; 15119 |
| Foreign currency | &nbsp;&nbsp; 12443 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 16647681 |
| **Net Realized and Unrealized Gain** | &nbsp;&nbsp; 17647130 |
| **Net Increase in Net Assets Resulting from Operations** | &nbsp;&nbsp; $25569958 |

---

**288**

See Notes to Financial Statements.

------

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
|  | **Global Real Estate Securities Fund** | **Global Real Estate Securities Fund** |
|  | **For the Year Ended** | **For the Year Ended** |
|  | **12/31/25** | **12/31/24** |
| **Operations:** |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; $7922828 | &nbsp;&nbsp;&nbsp;&nbsp; $6142483 |
| Net realized gain on investment securities, foreign currency and derivatives  | &nbsp;&nbsp;&nbsp;&nbsp; 999449 | &nbsp;&nbsp;&nbsp;&nbsp; 15011104 |
| Net change in unrealized appreciation (depreciation) on investment securities, foreign <br> currency and derivatives<br>| &nbsp;&nbsp;&nbsp;&nbsp; 16647681 | &nbsp;&nbsp;&nbsp;&nbsp; (14843229)<br>|
| Net increase in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp; 25569958 | &nbsp;&nbsp;&nbsp;&nbsp; 6310358 |
| **Distributions to Shareholders:** |  |  |
| Distributions paid |  |  |
| Institutional shares | &nbsp;&nbsp;&nbsp;&nbsp; (8501321)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4736029)<br>|
| Investor shares | &nbsp;&nbsp;&nbsp;&nbsp; (3092206)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1851169)<br>|
| Return of capital |  |  |
| Institutional shares | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Investor shares | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp;&nbsp;&nbsp; (11593527)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (6587198)<br>|
| **Capital Share Transactions:** |  |  |
| Proceeds from shares sold |  |  |
| Institutional shares | &nbsp;&nbsp;&nbsp;&nbsp; 34523304 | &nbsp;&nbsp;&nbsp;&nbsp; 70312449 |
| Investor shares | &nbsp;&nbsp;&nbsp;&nbsp; 15078989 | &nbsp;&nbsp;&nbsp;&nbsp; 10777717 |
| Reinvestment of dividends and distributions |  |  |
| Institutional shares | &nbsp;&nbsp;&nbsp;&nbsp; 8431474 | &nbsp;&nbsp;&nbsp;&nbsp; 4691278 |
| Investor shares | &nbsp;&nbsp;&nbsp;&nbsp; 3063818 | &nbsp;&nbsp;&nbsp;&nbsp; 1830525 |
| Total proceeds from shares sold and reinvested | &nbsp;&nbsp;&nbsp;&nbsp; 61097585 | &nbsp;&nbsp;&nbsp;&nbsp; 87611969 |
| Value of shares redeemed |  |  |
| Institutional shares | &nbsp;&nbsp;&nbsp;&nbsp; (36620740)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (25129068)<br>|
| Investor shares | &nbsp;&nbsp;&nbsp;&nbsp; (10566696)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (16146800)<br>|
| Total value of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (47187436)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (41275868)<br>|
| Net increase from capital share transactions<sup>(1)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 13910149 | &nbsp;&nbsp;&nbsp;&nbsp; 46336101 |
| Total increase in net assets | &nbsp;&nbsp;&nbsp;&nbsp; 27886580 | &nbsp;&nbsp;&nbsp;&nbsp; 46059261 |
| **Net Assets:** |  |  |
| Beginning of Year | &nbsp;&nbsp;&nbsp;&nbsp; 283949522 | &nbsp;&nbsp;&nbsp;&nbsp; 237890261 |
| End of Year | &nbsp;&nbsp;&nbsp;&nbsp; $311836102 | &nbsp;&nbsp;&nbsp;&nbsp; $283949522 |

---

<sup>(1)</sup> See Note 6 in Notes to Financial Statements.

See Notes to Financial Statements.

**289**

------

**FINANCIAL HIGHLIGHTS** 

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *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 Year**<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> **Year**<br>| **Total**<br> **Return**<br>| **Net Assets,**<br> **End of Year**<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 | &nbsp;&nbsp;&nbsp; $8.96 | &nbsp;&nbsp;&nbsp; $0.25 | &nbsp;&nbsp;&nbsp; $0.55 | &nbsp;&nbsp;&nbsp; $0.80 | &nbsp;&nbsp;&nbsp; $(0.37)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(0.37)<br>| &nbsp;&nbsp;&nbsp; $9.39 | &nbsp;&nbsp;&nbsp;&nbsp; 8.98<br> %<br>| &nbsp;&nbsp;&nbsp; $223406 | &nbsp;&nbsp;&nbsp;&nbsp; 0.87<br> %(1)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.88<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.71<br> %<br>| &nbsp;&nbsp;&nbsp; 139<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> (1)<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> (1)<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> (1)<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> (1)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;1.59 | &nbsp;&nbsp;&nbsp; 105 |
| **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 | &nbsp;&nbsp;&nbsp; $9.01 | &nbsp;&nbsp;&nbsp; $0.23 | &nbsp;&nbsp;&nbsp; $0.53 | &nbsp;&nbsp;&nbsp; $0.76 | &nbsp;&nbsp;&nbsp; $(0.34)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(0.34)<br>| &nbsp;&nbsp;&nbsp; $9.43 | &nbsp;&nbsp;&nbsp;&nbsp; 8.54<br> %<br>| &nbsp;&nbsp;&nbsp; $88430 | &nbsp;&nbsp;&nbsp;&nbsp; 1.19<br> %(1)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.41<br> %<br>| &nbsp;&nbsp;&nbsp; 139<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> (1)<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> (1)<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> (1)<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> (1)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;1.31 | &nbsp;&nbsp;&nbsp; 105 |

---

# Calculated using the average shares outstanding method.

(1) 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 2021, 2022, 2023, 2024 and 2025. 

**290**

See Notes to Financial Statements.

------

**STRATEGIC ALTERNATIVES FUND**

**SCHEDULE OF INVESTMENTS**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **CORPORATE BONDS — 17.0%** | **CORPORATE BONDS — 17.0%** | **CORPORATE BONDS — 17.0%** |
| ADTRAN Holdings, Inc. |  |  |
| 3.75%, 09/15/30 144A ‡‡ CONV | $143000 | $154583 |
| Affirm Holdings, Inc. |  |  |
| 0.00%, 11/15/26‡‡ CONV » | 274000 | 264410 |
| Airbnb, Inc. |  |  |
| 0.00%, 03/15/26‡‡ CONV » | 209000 | 207328 |
| Alarm.com Holdings, Inc. |  |  |
| 2.25%, 06/01/29‡‡ CONV | 538000 | 513521 |
| Applied Optoelectronics, Inc. |  |  |
| 2.75%, 01/15/30‡‡ CONV | 337000 | 390010 |
| Array Technologies, Inc. |  |  |
| 1.00%, 12/01/28‡‡ CONV | 723000 | 657379 |
| AST SpaceMobile, Inc. |  |  |
| 2.38%, 10/15/32 144A ‡‡ CONV | 177000 | 234083 |
| 2.00%, 01/15/36 144A CONV | 109000 | 109060 |
| Bentley Systems, Inc. |  |  |
| 0.38%, 07/01/27‡‡ CONV | 605000 | 570515 |
| BlackSky Technology, Inc. |  |  |
| 8.25%, 08/01/33 144A ‡‡ CONV | 136000 | 145085 |
| Blackstone Mortgage Trust, Inc. |  |  |
| 5.50%, 03/15/27‡‡ CONV | 751000 | 743865 |
| Block, Inc. |  |  |
| 0.25%, 11/01/27‡‡ CONV | 365000 | 338811 |
| Bloom Energy Corporation |  |  |
| 0.00%, 11/15/30 <br> 144A ‡‡ CONV » | 268000 | 234500 |
| Bridgebio Pharma, Inc. |  |  |
| 2.25%, 02/01/29‡‡ CONV | 823000 | 926904 |
| BWX Technologies, Inc. |  |  |
| 0.00%, 11/01/30 <br> 144A ‡‡ CONV » | 134000 | 128037 |
| Capital Southwest Corporation |  |  |
| 5.13%, 11/15/29‡‡ CONV | 371000 | 368218 |
| Celcuity, Inc. |  |  |
| 2.75%, 08/01/31‡‡ CONV | 66000 | 143345 |
| CenterPoint Energy, Inc. |  |  |
| 4.25%, 08/15/26‡‡ CONV | 572000 | 626912 |
| Centrus Energy Corporation |  |  |
| 2.25%, 11/01/30 CONV | 227000 | 609608 |
| Century Aluminum Co. |  |  |
| 2.75%, 05/01/28‡‡ CONV | 363000 | 763933 |
| Cheesecake Factory, Inc. (The) |  |  |
| 2.00%, 03/15/30 144A ‡‡ CONV | 829000 | 814078 |
| Cogent Biosciences, Inc. |  |  |
| 1.63%, 11/15/31‡‡ CONV | 27000 | 31747 |
| Cohu, Inc. |  |  |
| 1.50%, 01/15/31‡‡ CONV | 73000 | 81359 |
| Collegium Pharmaceutical, Inc. |  |  |
| 2.88%, 02/15/29‡‡ CONV | 598000 | 845811 |
| CONMED Corporation |  |  |
| 2.25%, 06/15/27‡‡ CONV | 851000 | 816960 |
| CSG Systems International, Inc. |  |  |
| 3.88%, 09/15/28‡‡ CONV | 732000 | 867969 |
| Dayforce, Inc. |  |  |
| 0.25%, 03/15/26‡‡ CONV | 319000 | 316608 |
| Dexcom, Inc. |  |  |
| 0.38%, 05/15/28‡‡ CONV | 312000 | 287274 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| DigitalOcean Holdings, Inc. |  |  |
| 0.00%, 08/15/30 <br> 144A ‡‡ CONV » | $293000 | $415181 |
| Duke Energy Corporation |  |  |
| 4.13%, 04/15/26‡‡ CONV | 599000 | 617719 |
| Enovis Corporation |  |  |
| 3.88%, 10/15/28‡‡ CONV | 784000 | 767732 |
| Enphase Energy, Inc. |  |  |
| 0.00%, 03/01/26 CONV » | 411000 | 406890 |
| Eos Energy Enterprises, Inc. |  |  |
| 1.75%, 12/01/31 144A ‡‡ CONV | 199000 | 193528 |
| Evolent Health, Inc. |  |  |
| 3.50%, 12/01/29‡‡ CONV | 681000 | 459675 |
| 4.50%, 08/15/31 144A CONV | 73000 | 51830 |
| Exact Sciences Corporation |  |  |
| 0.38%, 03/15/27‡‡ CONV | 166000 | 173669 |
| 2.00%, 03/01/30 144A CONV | 459000 | 636817 |
| EZCORP, Inc. |  |  |
| 3.75%, 12/15/29 144A ‡‡ CONV | 229000 | 426054 |
| Five9, Inc. |  |  |
| 1.00%, 03/15/29‡‡ CONV | 577000 | 520742 |
| fuboTV, Inc. |  |  |
| 3.25%, 02/15/26 CONV | 301000 | 301482 |
| GameStop Corporation |  |  |
| 0.00%, 06/15/32 <br> 144A ‡‡ CONV » | 377000 | 368706 |
| Greenbrier Cos., Inc. (The) |  |  |
| 2.88%, 04/15/28‡‡ CONV | 477000 | 514230 |
| Guardant Health, Inc. |  |  |
| 0.00%, 05/15/33 <br> 144A ‡‡ CONV » | 40000 | 44050 |
| Haemonetics Corporation |  |  |
| 0.00%, 03/01/26‡‡ CONV » | 356000 | 353330 |
| 2.50%, 06/01/29‡‡ CONV | 443000 | 461030 |
| Hims & Hers Health, Inc. |  |  |
| 0.00%, 05/15/30 <br> 144A ‡‡ CONV » | 245000 | 211803 |
| indie Semiconductor, Inc. |  |  |
| 4.50%, 11/15/27 144A ‡‡ CONV | 352000 | 365094 |
| Integer Holdings Corporation |  |  |
| 1.88%, 03/15/30 144A ‡‡ CONV | 696000 | 645888 |
| Ionis Pharmaceuticals, Inc. |  |  |
| 1.75%, 06/15/28‡‡ CONV | 324000 | 515824 |
| 0.00%, 12/01/30 144A CONV » | 47000 | 50173 |
| Jamf Holding Corporation |  |  |
| 0.13%, 09/01/26 CONV | 72000 | 71136 |
| Jazz Investments I, Ltd. |  |  |
| 3.13%, 09/15/30 CONV | 723000 | 964120 |
| LeMaitre Vascular, Inc. |  |  |
| 2.50%, 02/01/30 | 576000 | 577440 |
| Liberty Broadband Corporation |  |  |
| 3.13%, 03/31/53 144A CONV | 773000 | 766429 |
| Live Nation Entertainment, Inc. |  |  |
| 3.13%, 01/15/29‡‡ CONV | 733000 | 1066881 |
| 2.88%, 10/15/31 144A CONV | 108000 | 106650 |
| Marriott Vacations Worldwide <br> Corporation |  |  |
| 3.25%, 12/15/27‡‡ CONV | 752000 | 716280 |

---

See Notes to Financial Statements.

**291**

------

**STRATEGIC ALTERNATIVES FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Mirum Pharmaceuticals, Inc. |  |  |
| 4.00%, 05/01/29‡‡ CONV | $138000 | $356689 |
| Mitek Systems, Inc. |  |  |
| 0.75%, 02/01/26 CONV | 261000 | 258651 |
| MKS, Inc. |  |  |
| 1.25%, 06/01/30 CONV | 545000 | 696510 |
| NCL Corporation, Ltd. |  |  |
| 0.75%, 09/15/30 144A ‡‡ CONV | 72000 | 69797 |
| Oddity Finance LLC |  |  |
| 0.00%, 06/15/30 <br> 144A ‡‡ CONV » | 250000 | 216250 |
| Omnicell, Inc. |  |  |
| 1.00%, 12/01/29 CONV | 711000 | 769657 |
| ON Semiconductor Corporation |  |  |
| 0.50%, 03/01/29‡‡ CONV | 694000 | 658259 |
| Oscar Health, Inc. |  |  |
| 2.25%, 09/01/30 144A ‡‡ CONV | 143000 | 140197 |
| OSI Systems, Inc. |  |  |
| 2.25%, 08/01/29 CONV | 477000 | 709776 |
| 0.50%, 02/01/31 144A CONV | 134000 | 132084 |
| Pacira BioSciences, Inc. |  |  |
| 2.13%, 05/15/29‡‡ CONV | 319000 | 321592 |
| Parsons Corporation |  |  |
| 2.63%, 03/01/29‡‡ CONV | 291000 | 299876 |
| Peabody Energy Corporation |  |  |
| 3.25%, 03/01/28‡‡ CONV | 279000 | 468720 |
| Pebblebrook Hotel Trust REIT |  |  |
| 1.75%, 12/15/26‡‡ CONV | 219000 | 211883 |
| 1.63%, 01/15/30 144A ‡‡ CONV | 358000 | 348334 |
| Peloton Interactive, Inc. |  |  |
| 0.00%, 02/15/26 CONV » | 135000 | 133481 |
| PennyMac Corporation |  |  |
| 5.50%, 03/15/26 CONV | 673000 | 674009 |
| 8.50%, 06/01/29 CONV | 177000 | 188151 |
| PG&E Corporation |  |  |
| 4.25%, 12/01/27‡‡ CONV | 897000 | 924000 |
| Planet Labs PBC |  |  |
| 0.50%, 10/15/30 144A ‡‡ CONV | 144000 | 268740 |
| Plug Power, Inc. |  |  |
| 6.75%, 12/01/33 144A ‡‡ CONV | 134000 | 134134 |
| Progress Software Corporation |  |  |
| 3.50%, 03/01/30‡‡ CONV | 651000 | 660277 |
| PROS Holdings, Inc. |  |  |
| 2.25%, 09/15/27 CONV | 356000 | 357068 |
| Rapid7, Inc. |  |  |
| 1.25%, 03/15/29‡‡ CONV | 553000 | 505829 |
| Redwood Trust, Inc. |  |  |
| 7.75%, 06/15/27‡‡ CONV | 1422000 | 1418445 |
| Sirius XM Holdings, Inc. |  |  |
| 3.75%, 03/15/28‡‡ CONV | 913000 | 918934 |
| Snap, Inc. |  |  |
| 0.50%, 05/01/30‡‡ CONV | 591000 | 517568 |
| SolarEdge Technologies, Inc. |  |  |
| 2.25%, 07/01/29‡‡ CONV | 217000 | 253022 |
| Spectrum Brands, Inc. |  |  |
| 3.38%, 06/01/29‡‡ CONV | 684000 | 648603 |
| Sphere Entertainment Co. |  |  |
| 3.50%, 12/01/28‡‡ CONV | 528000 | 1448730 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Strategy, Inc. |  |  |
| 0.00%, 12/01/29 CONV » | $568000 | $467805 |
| Summit Hotel Properties, Inc. REIT |  |  |
| 1.50%, 02/15/26‡‡ CONV | 1061000 | 1057817 |
| Sunrun, Inc. |  |  |
| 4.00%, 03/01/30‡‡ CONV | 291000 | 413365 |
| Super Micro Computer, Inc. |  |  |
| 0.00%, 06/15/30 <br> 144A ‡‡ CONV » | 451000 | 382448 |
| T1 Energy, Inc. |  |  |
| 5.25%, 12/01/30‡‡ CONV | 65000 | 83337 |
| Teladoc Health, Inc. |  |  |
| 1.25%, 06/01/27 CONV | 338000 | 322790 |
| Tempus AI, Inc. |  |  |
| 0.75%, 07/15/30 144A ‡‡ CONV | 165000 | 176220 |
| Terawulf, Inc. |  |  |
| 2.75%, 02/01/30 144A ‡‡ CONV | 391000 | 639696 |
| Two Harbors Investment Corporation |  |  |
| 6.25%, 01/15/26‡‡ CONV | 1113000 | 1110217 |
| Unity Software, Inc. |  |  |
| 0.00%, 03/15/30 <br> 144A ‡‡ CONV » | 295000 | 427012 |
| Wayfair, Inc. |  |  |
| 3.50%, 11/15/28‡‡ CONV | 273000 | 625443 |
| Western Digital Corporation |  |  |
| 3.00%, 11/15/28‡‡ CONV | 336000 | 1540997 |
| WisdomTree, Inc. |  |  |
| 4.63%, 08/15/30 144A ‡‡ CONV | 586000 | 602701 |
| Ziff Davis, Inc. |  |  |
| 1.75%, 11/01/26‡‡ CONV | 274000 | 268520 |
| 3.63%, 03/01/28 144A CONV | 298000 | 292264 |
| **Total Corporate Bonds** <br> (Cost $41,886,106) |  | 48082194 |
| **FOREIGN BONDS — 1.5%** | **FOREIGN BONDS — 1.5%** | **FOREIGN BONDS — 1.5%** |
| **Australia — 0.1%** | **Australia — 0.1%** |  |
| IREN, Ltd. |  |  |
| 0.00%, 07/01/31 144A CONV » | 131000 | 97333 |
| 0.25%, 06/01/32 144A CONV | 105000 | 97913 |
| 1.00%, 06/01/33 144A ‡‡ CONV | 131000 | 122812 |
|  |  | 318058 |
| **Canada — 0.7%** | **Canada — 0.7%** |  |
| Equinox Gold Corporation |  |  |
| 4.75%, 10/15/28‡‡ CONV | 541000 | 1273243 |
| Fortuna Mining Corporation |  |  |
| 3.75%, 06/30/29 CONV | 396000 | 672012 |
|  |  | 1945255 |
| **Denmark — 0.2%** | **Denmark — 0.2%** |  |
| Ascendis Pharma A/S |  |  |
| 2.25%, 04/01/28‡‡ CONV | 360000 | 511362 |
| **Israel — 0.4%** | **Israel — 0.4%** |  |
| Check Point Software Technologies, <br> Ltd. |  |  |
| 0.00%, 12/15/30 <br> 144A ‡‡ CONV » | 197000 | 196705 |
| Pagaya Technologies, Ltd. |  |  |
| 6.13%, 10/01/29 CONV | 378000 | 690190 |

---

**292**

See Notes to Financial Statements.

------

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Wix.com, Ltd. |  |  |
| 0.00%, 09/15/30 <br> 144A ‡‡ CONV » | $181000 | $160366 |
|  |  | 1047261 |
| **Netherlands — 0.1%** | **Netherlands — 0.1%** |  |
| Nebius Group NV |  |  |
| 1.00%, 09/15/30 144A ‡‡ CONV | 326000 | 320132 |
| **Total Foreign Bonds** <br> (Cost $2,880,980) | **Total Foreign Bonds** <br> (Cost $2,880,980) | 4142068 |
| **MORTGAGE-BACKED SECURITIES — 6.1%** | **MORTGAGE-BACKED SECURITIES — 6.1%** | **MORTGAGE-BACKED SECURITIES — 6.1%** |
| Federal Home Loan Mortgage <br> Corporation |  |  |
| 6.00%, 01/01/53 | 683531 | 708680 |
| Federal Home Loan Mortgage <br> Corporation REMIC, Series 4468 |  |  |
| (Floating, 5.99% - U.S. 30-Day <br> Average SOFR, 6.10% Cap), <br> 1.65%, 05/15/45† IO | 162528 | 16390 |
| Federal National Mortgage <br> Association |  |  |
| 6.50%, 09/01/53 | 1323327 | 1382985 |
| 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 | 235105 | 27782 |
| 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 | 134863 | 16030 |
| 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 | 392852 | 22213 |
| Government National Mortgage <br> Association |  |  |
| 4.00%, 05/20/48 | 762742 | 735880 |
| 2.50%, 09/20/51 | 125975 | 108265 |
| 2.50%, 11/20/51 | 465580 | 401811 |
| 2.50%, 12/20/51 | 266717 | 230185 |
| 4.50%, 01/01/55 TBA | 2000000 | 1951329 |
| Government National Mortgage <br> Association, Series 2015-110 |  |  |
| (Floating, 5.59% - CME Term <br> SOFR 1M, 5.70% Cap), <br> 1.23%, 08/20/45† IO | 91766 | 9379 |
| Government National Mortgage <br> Association, Series 2018-124 |  |  |
| (Floating, 6.09% - CME Term <br> SOFR 1M, 6.20% Cap), <br> 1.73%, 09/20/48† IO | 267889 | 32025 |
| Government National Mortgage <br> Association, Series 2018-139 |  |  |
| (Floating, 6.04% - CME Term <br> SOFR 1M, 6.15% Cap), <br> 1.68%, 10/20/48† IO | 106974 | 12797 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| Government National Mortgage <br> Association, Series 2018-7 |  |  |
| (Floating, 5.59% - CME Term <br> SOFR 1M, 5.70% Cap), <br> 1.23%, 01/20/48† IO | $653167 | $79162 |
| Government National Mortgage <br> Association, Series 2019-1 |  |  |
| (Floating, 5.94% - CME Term <br> SOFR 1M, 6.05% Cap), <br> 1.58%, 01/20/49† IO | 123592 | 14725 |
| Government National Mortgage <br> Association, Series 2019-110 |  |  |
| (Variable, 5.99% - CME Term <br> SOFR 1M, 6.10% Cap), <br> 1.63%, 09/20/49† IO | 190296 | 22626 |
| (Floating, 5.99% - CME Term <br> SOFR 1M, 6.10% Cap), <br> 1.63%, 09/20/49† IO | 252083 | 29340 |
| Government National Mortgage <br> Association, Series 2019-111 |  |  |
| (Floating, 6.04% - CME Term <br> SOFR 1M, 6.15% Cap), <br> 1.68%, 01/20/49† IO | 363449 | 45234 |
| Government National Mortgage <br> Association, Series 2019-151 |  |  |
| 3.50%, 10/20/49 IO | 515893 | 95656 |
| 3.50%, 12/20/49 IO | 295502 | 55274 |
| Government National Mortgage <br> Association, Series 2019-20 |  |  |
| (Floating, 3.68% - CME Term <br> SOFR 1M, 3.79% Cap), <br> 3.20%, 02/20/49† IO | 275354 | 5985 |
| Government National Mortgage <br> Association, Series 2019-6 |  |  |
| (Floating, 5.94% - CME Term <br> SOFR 1M, 6.05% Cap), <br> 1.58%, 01/20/49† IO | 104878 | 11982 |
| Government National Mortgage <br> Association, Series 2020-146 |  |  |
| 2.50%, 10/20/50 IO | 252579 | 36328 |
| Government National Mortgage <br> Association, Series 2020-21 |  |  |
| (Floating, 5.94% - CME Term <br> SOFR 1M, 6.05% Cap), <br> 1.58%, 02/20/50† IO | 240648 | 30098 |
| Government National Mortgage <br> Association, Series 2020-55 |  |  |
| 3.50%, 04/20/50 IO | 220682 | 41963 |
| Government National Mortgage <br> Association, Series 2020-61 |  |  |
| (Floating, 5.94% - CME Term <br> SOFR 1M, 6.05% Cap), <br> 1.58%, 08/20/49† IO | 509253 | 59173 |
| Government National Mortgage <br> Association, Series 2020-78 |  |  |
| 4.00%, 06/20/50 IO | 410526 | 89964 |
| Government National Mortgage <br> Association, Series 2020-79 |  |  |
| 4.00%, 06/20/50 IO | 130763 | 27591 |

---

See Notes to Financial Statements.

**293**

------

**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> 1.77%, 05/20/53† IO | $450661 | $27628 |
| Uniform Mortgage Backed Securities |  |  |
| 5.50%, 01/01/53 TBA | 8000000 | 8118096 |
| 4.50%, 01/01/54 TBA | 3000000 | 2932768 |
| **Total Mortgage-Backed Securities** <br> (Cost $17,160,645) |  | 17379344 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **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 — 0.0%** | **Call Swaptions — 0.0%** | **Call Swaptions — 0.0%** | **Call Swaptions — 0.0%** |
| Pay 1-Day SONIA <br> (Annually); <br> Receive 3.4% <br> (Annually); Interest <br> Rate Swap <br> Maturing 05/14/28 <br> GBP, Strike Price <br> $3.40, Expires <br> 05/14/26 (BAR)<br>| 1 | $6870000 | 19262 |
| Pay 6-Month <br> EURIBOR <br> (Semiannually); <br> Receive 1.75% <br> (Annually); Interest <br> Rate Swap <br> Maturing 02/03/28 <br> EUR, Strike Price <br> $1.75, Expires <br> 01/30/26 (BAR)<br>| 1 | 13450000 | 3 |
| Pay 6-Month <br> EURIBOR <br> (Semiannually); <br> Receive 1.95% <br> (Annually); Interest <br> Rate Swap <br> Maturing 05/13/31 <br> EUR, Strike Price <br> $1.95, Expires <br> 05/11/26 (BNP)<br>| 1 | 4470000 | 1053 |
| Pay 6-Month <br> EURIBOR <br> (Semiannually); <br> Receive 2% <br> (Annually); Interest <br> Rate Swap <br> Maturing 09/08/28 <br> EUR, Strike Price <br> $2.00, Expires <br> 09/04/26 (BOA)<br>| 1 | 6350000 | 4903 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of**<br> **Contracts**<br>| **Notional**<br> **Amount**<br>| **Value** |
| Pay 6-Month <br> EURIBOR <br> (Semiannually); <br> Receive 2% <br> (Annually); Interest <br> Rate Swap <br> Maturing 11/13/31 <br> EUR, Strike Price <br> $2.00, Expires <br> 11/11/26 (BNP)<br>| 1 | $4520000 | $5606 |
| Pay 6-Month <br> EURIBOR <br> (Semiannually); <br> Receive 2.25% <br> (Annually); Interest <br> Rate Swap <br> Maturing 02/03/28 <br> EUR, Strike Price <br> $2.25, Expires <br> 01/30/26 (BAR)<br>| 1 | 13450000 | 7498 |
| Pay 6-Month <br> EURIBOR <br> (Semiannually); <br> Receive 2.25% <br> (Annually); Interest <br> Rate Swap <br> Maturing 03/10/29 <br> EUR, Strike Price <br> $2.25, Expires <br> 03/08/27 (BNP)<br>| 1 | 11070000 | 28535 |
| Pay 6-Month <br> EURIBOR <br> (Semiannually); <br> Receive 2.25% <br> (Annually); Interest <br> Rate Swap <br> Maturing 05/04/31 <br> EUR, Strike Price <br> $2.25, Expires <br> 04/29/26 (BNP)<br>| 1 | 2430000 | 2227 |
| Pay 6-Month <br> EURIBOR <br> (Semiannually); <br> Receive 2.45% <br> (Annually); Interest <br> Rate Swap <br> Maturing 03/26/36 <br> EUR, Strike Price <br> $2.45, Expires <br> 03/24/26 (BNP)<br>| 1 | 2280000 | 1016 |
|  |  |  | 70103 |

---

**294**

See Notes to Financial Statements.

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of**<br> **Contracts**<br>| **Notional**<br> **Amount**<br>| **Value** |
| **Put Swaptions — 0.1%** | **Put Swaptions — 0.1%** | **Put Swaptions — 0.1%** | **Put Swaptions — 0.1%** |
| Pay 2.18% (Annually); <br> Receive 1-Month <br> IBOR (Annually); <br> Interest Rate Swap <br> Maturing 12/05/34 <br> JPY, Strike Price <br> $2.18, Expires <br> 12/03/29 (CITI)<br>| 1 | $1834870000 | $212721 |
| Pay 3.302% <br> (Annually); <br> Receive 1-Day <br> SOFR (Annually); <br> Interest Rate Swap <br> Maturing 01/30/27 <br> USD, Strike Price <br> $3.30, Expires <br> 01/28/26 (CITI)<br>| 1 | 8990000 | 10582 |
|  |  |  | 223303 |
| **Total Purchased Options** <br> (Premiums paid $547,825) | **Total Purchased Options** <br> (Premiums paid $547,825) |  | 293406 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** |  |
| **U.S. TREASURY OBLIGATIONS — 13.3%** | **U.S. TREASURY OBLIGATIONS — 13.3%** | **U.S. TREASURY OBLIGATIONS — 13.3%** |
| U.S. Treasury Bill |  |  |
| 3.53%, 02/10/26Ω | $32775000 | 32649556 |
| U.S. Treasury <br> Inflationary <br> Indexed Bond<br>|  |  |
| 1.50%, 02/15/53 | 6392120 | 5013811 |
| **Total U.S. Treasury Obligations** <br> (Cost $37,999,715) |  | 37663367 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **COMMON STOCKS — 11.4%** | **COMMON STOCKS — 11.4%** | **COMMON STOCKS — 11.4%** |
| **Communication Services — 1.1%** | **Communication Services — 1.1%** |  |
| AT&T, Inc. | 12057 | 299496 |
| Charter Communications, Inc.<br> Class A\* | 1397 | 291624 |
| DoubleVerify Holdings, Inc.\* | 4838 | 55347 |
| IAC, Inc.\* | 8771 | 342946 |
| Live Nation Entertainment, Inc.\* | 3012 | 429210 |
| Meta Platforms, Inc. Class A | 71 | 46866 |
| New York Times Co. (The) Class A | 5209 | 361609 |
| News Corporation Class A | 5211 | 136111 |
| Nexstar Media Group, Inc. Class A | 409 | 83047 |
| NII Holdings, Inc.††† \* | 76167 | 19803 |
| Omnicom Group, Inc. | 642 | 51842 |
| ROBLOX Corporation Class A\* | 5120 | 414874 |
| Roku, Inc.\* | 1015 | 110117 |
| Snap, Inc. Class A\* | 4079 | 32918 |
| Take-Two Interactive Software, Inc.\* | 1711 | 438067 |
|  |  | 3113877 |
| **Consumer Discretionary — 2.6%** | **Consumer Discretionary — 2.6%** |  |
| Abercrombie & Fitch Co. Class A\* | 1236 | 155575 |
| AutoZone, Inc.\* | 84 | 284886 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Bath & Body Works, Inc. | 471 | $9458 |
| Best Buy Co., Inc. | 5983 | 400442 |
| BorgWarner, Inc. | 6399 | 288339 |
| Brunswick Corporation | 117 | 8686 |
| CarMax, Inc.\* | 6920 | 267389 |
| Chewy, Inc. Class A\* | 18204 | 601642 |
| Columbia Sportswear Co. | 1742 | 95967 |
| D.R. Horton, Inc. | 292 | 42057 |
| Deckers Outdoor Corporation\* | 2388 | 247564 |
| Dillard's, Inc. Class A | 299 | 181296 |
| Etsy, Inc.\* | 3666 | 203243 |
| Gap, Inc. (The) | 2626 | 67226 |
| Hasbro, Inc. | 4716 | 386712 |
| Lennar Corporation Class A | 291 | 29915 |
| Lowe's Cos., Inc. | 1042 | 251289 |
| MercadoLibre, Inc.\* | 188 | 378681 |
| Mohawk Industries, Inc.\* | 3232 | 353257 |
| Murphy U.S.A., Inc. | 483 | 194900 |
| NVR, Inc.\* | 1 | 7293 |
| O'Reilly Automotive, Inc.\* | 3527 | 321698 |
| Penske Automotive Group, Inc. | 848 | 134230 |
| Polaris, Inc. | 2248 | 142186 |
| Ralph Lauren Corporation | 585 | 206862 |
| Rivian Automotive, Inc. Class A\* | 21650 | 426721 |
| Ross Stores, Inc. | 1893 | 341005 |
| Tapestry, Inc. | 1902 | 243018 |
| Taylor Morrison Home Corporation <br> Class A\* | 2995 | 176316 |
| TJX Cos., Inc. (The) | 2550 | 391705 |
| Tractor Supply Co. | 1174 | 58712 |
| Wayfair, Inc. Class A\* | 3301 | 331453 |
|  |  | 7229723 |
| **Consumer Staples — 1.4%** | **Consumer Staples — 1.4%** |  |
| Albertsons Cos., Inc. Class A | 11770 | 202091 |
| BellRing Brands, Inc.\* | 2276 | 60837 |
| BJ's Wholesale Club Holdings, Inc.\* | 721 | 64912 |
| Church & Dwight Co., Inc. | 888 | 74459 |
| Clorox Co. (The) | 1660 | 167378 |
| Coca-Cola Consolidated, Inc. | 2059 | 315645 |
| Colgate-Palmolive Co. | 3126 | 247016 |
| Conagra Brands, Inc. | 1402 | 24269 |
| Costco Wholesale Corporation | 260 | 224208 |
| Coty, Inc. Class A\* | 19712 | 60713 |
| Ingredion, Inc. | 762 | 84018 |
| Kimberly-Clark Corporation | 2286 | 230635 |
| Kroger Co. (The) | 4422 | 276287 |
| Marzetti Co. (The) | 1319 | 216870 |
| Monster Beverage Corporation\* | 4973 | 381280 |
| PepsiCo, Inc.‡‡ | 373 | 53533 |
| Pilgrim's Pride Corporation | 4782 | 186450 |
| Post Holdings, Inc.\* | 378 | 37441 |
| Sprouts Farmers Market, Inc.\* | 947 | 75447 |
| Sysco Corporation | 2678 | 197342 |
| Target Corporation | 202 | 19745 |
| Tyson Foods, Inc. Class A | 2255 | 132188 |

---

See Notes to Financial Statements.

**295**

------

**STRATEGIC ALTERNATIVES FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| U.S. Foods Holding Corporation\* | 2767 | $208410 |
| Walmart, Inc. | 4394 | 489536 |
|  |  | 4030710 |
| **Financials — 2.3%** | **Financials — 2.3%** |  |
| Allstate Corporation (The) | 887 | 184629 |
| American Financial Group, Inc. | 1554 | 212401 |
| American International Group, Inc. | 452 | 38669 |
| Arch Capital Group, Ltd.\* | 1585 | 152033 |
| Axis Capital Holdings, Ltd. | 1575 | 168667 |
| Cincinnati Financial Corporation | 2748 | 448803 |
| CNA Financial Corporation | 3876 | 185040 |
| CNO Financial Group, Inc. | 1963 | 83369 |
| Everest Group, Ltd. | 833 | 282679 |
| F&G Annuities & Life, Inc. | 249 | 7696 |
| Fidelity National Financial, Inc. | 4479 | 244509 |
| Hanover Insurance Group, Inc. (The) | 1133 | 207078 |
| Hartford Insurance Group, Inc. (The) | 2404 | 331271 |
| Kemper Corporation | 466 | 18892 |
| Loews Corporation | 1283 | 135113 |
| Marsh & McLennan Cos., Inc. | 1315 | 243959 |
| MetLife, Inc. | 4381 | 345836 |
| Old Republic International <br> Corporation | 4686 | 213869 |
| Primerica, Inc. | 1650 | 426294 |
| Principal Financial Group, Inc. | 964 | 85034 |
| Progressive Corporation (The) | 1175 | 267571 |
| Reinsurance Group of America, Inc. | 1404 | 285658 |
| RLI Corporation | 2638 | 168779 |
| Selective Insurance Group, Inc. | 7000 | 585690 |
| Travelers Cos., Inc. (The) | 1787 | 518337 |
| Unum Group | 1965 | 152288 |
| W.R. Berkley Corporation | 7753 | 543640 |
|  |  | 6537804 |
| **Industrials — 0.5%** | **Industrials — 0.5%** |  |
| C.H. Robinson Worldwide, Inc. | 937 | 150632 |
| Carpenter Technology Corporation | 72 | 22669 |
| FedEx Corporation | 263 | 75970 |
| J.B. Hunt Transport Services, Inc. | 1697 | 329795 |
| Knight-Swift Transportation <br> Holdings, Inc. | 1900 | 99332 |
| Landstar System, Inc. | 115 | 16526 |
| Lyft, Inc. Class A\* | 11541 | 223549 |
| Ryder System, Inc. | 1265 | 242108 |
| Schneider National, Inc. Class B | 8100 | 214893 |
| United Airlines Holdings, Inc.\* | 1070 | 119647 |
|  |  | 1495121 |
| **Information Technology — 1.8%** | **Information Technology — 1.8%** |  |
| Amkor Technology, Inc. | 1297 | 51206 |
| Amphenol Corporation Class A | 5365 | 725026 |
| Arista Networks, Inc.\* | 6099 | 799152 |
| Arrow Electronics, Inc.\* | 994 | 109519 |
| Avnet, Inc. | 4927 | 236890 |
| Ciena Corporation\* | 429 | 100330 |
| Cirrus Logic, Inc.\* | 105 | 12443 |
| F5, Inc.\* | 409 | 104401 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| First Solar, Inc.\* | 453 | $118337 |
| HP, Inc. | 5846 | 130249 |
| Lam Research Corporation | 3321 | 568489 |
| MACOM Technology Solutions <br> Holdings, Inc.\* | 1329 | 227631 |
| Micron Technology, Inc. | 810 | 231182 |
| NetApp, Inc. | 2843 | 304457 |
| Onto Innovation, Inc.\* | 654 | 103240 |
| Power Integrations, Inc. | 1377 | 48939 |
| Pure Storage, Inc. Class A\* | 3535 | 236880 |
| QUALCOMM, Inc.‡‡ | 87 | 14881 |
| Rambus, Inc.\* | 1972 | 181207 |
| Silicon Laboratories, Inc.\* | 3515 | 459411 |
| TD SYNNEX Corporation | 84 | 12619 |
| Western Digital Corporation | 678 | 116799 |
| Zebra Technologies Corporation <br> Class A\* | 468 | 113640 |
|  |  | 5006928 |
| **Materials — 1.6%** | **Materials — 1.6%** |  |
| Alcoa Corporation | 212 | 11266 |
| AptarGroup, Inc. | 2195 | 267702 |
| Avery Dennison Corporation | 1186 | 215710 |
| Cabot Corporation | 3823 | 253388 |
| CF Industries Holdings, Inc. | 968 | 74865 |
| Commercial Metals Co. | 1619 | 112067 |
| Corteva, Inc. | 2303 | 154370 |
| Crown Holdings, Inc. | 5030 | 517939 |
| Eagle Materials, Inc. | 432 | 89286 |
| Ecolab, Inc. | 1138 | 298748 |
| Element Solutions, Inc. | 4182 | 104508 |
| Freeport-McMoRan, Inc. | 4057 | 206055 |
| Graphic Packaging Holding Co. | 13014 | 195991 |
| Greif, Inc. Class A | 2471 | 167287 |
| Huntsman Corporation | 39922 | 399220 |
| International Flavors & Fragrances, <br> Inc. | 422 | 28439 |
| Martin Marietta Materials, Inc. | 252 | 156910 |
| Mosaic Co. (The) | 4871 | 117342 |
| NewMarket Corporation | 310 | 213051 |
| Newmont Corporation | 2187 | 218372 |
| Packaging Corporation of America | 538 | 110952 |
| Reliance, Inc. | 142 | 41019 |
| Royal Gold, Inc. | 639 | 142043 |
| Sherwin-Williams Co. (The) | 866 | 280610 |
| Solstice Advanced Materials, Inc.\* | 246 | 11951 |
| Steel Dynamics, Inc. | 191 | 32365 |
| Vulcan Materials Co. | 358 | 102109 |
| Westlake Corporation | 274 | 20259 |
|  |  | 4543824 |
| **Real Estate — 0.1%** | **Real Estate — 0.1%** |  |
| Jones Lang LaSalle, Inc.\* | 923 | 310562 |
| **Total Common Stocks** <br> (Cost $28,074,145) |  | 32268549 |

---

**296**

See Notes to Financial Statements.

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **FOREIGN COMMON STOCKS — 0.9%** | **FOREIGN COMMON STOCKS — 0.9%** | **FOREIGN COMMON STOCKS — 0.9%** |
| **Belgium — 0.2%** | **Belgium — 0.2%** |  |
| Liberty Global, Ltd. Class A\* | 44099 | $491263 |
| **Bermuda — 0.0%** | **Bermuda — 0.0%** |  |
| RenaissanceRe Holdings, Ltd. | 305 | 85754 |
| **Ireland — 0.3%** | **Ireland — 0.3%** |  |
| Aon PLC Class A | 43 | 15174 |
| Smurfit WestRock PLC | 15413 | 596020 |
| Willis Towers Watson PLC | 313 | 102852 |
|  |  | 714046 |
| **Netherlands — 0.1%** | **Netherlands — 0.1%** |  |
| LyondellBasell Industries NV Class A | 6119 | 264953 |
| **Switzerland — 0.2%** | **Switzerland — 0.2%** |  |
| Chubb, Ltd. | 978 | 305253 |
| Garmin, Ltd. | 868 | 176074 |
|  |  | 481327 |
| **United Arab Emirates — 0.1%** | **United Arab Emirates — 0.1%** |  |
| GLOBALFOUNDRIES, Inc.\* | 10576 | 369314 |
| **Total Foreign Common Stocks** <br> (Cost $2,292,763) |  | 2406657 |
| **PREFERRED STOCKS — 2.7%** | **PREFERRED STOCKS — 2.7%** | **PREFERRED STOCKS — 2.7%** |
| Albemarle Corporation |  |  |
| 7.25% CONV | 20062 | 1191482 |
| AMG Capital Trust II |  |  |
| 5.15% CONV | 13578 | 997983 |
| Apollo Global Management, Inc. |  |  |
| 6.75% CONV | 10047 | 758749 |
| Ares Management Corporation |  |  |
| 6.75% CONV | 14463 | 728935 |
| BrightSpring Health Services, Inc. |  |  |
| 6.75% CONV | 10173 | 1283934 |
| Bruker Corporation |  |  |
| 6.38% CONV | 866 | 316956 |
| Hewlett Packard Enterprise Co. |  |  |
| 7.63% CONV | 12011 | 801014 |
| KKR & Co., Inc. |  |  |
| 6.25% CONV | 10118 | 524517 |
| Lyondellbasell Advanced Polymers, <br> Inc. |  |  |
| 6.00% CONV | 12 | 10560 |
| NCR Voyix Corporation PIK |  |  |
| 5.50% CONV 1 | 523 | 537383 |
| Shift4 Payments, Inc. |  |  |
| 6.00% CONV | 6388 | 511104 |
| Southern Co. (The) |  |  |
| CONV \* | 2068 | 104145 |
| **Total Preferred Stocks** <br> (Cost $6,188,707) |  | 7766762 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of** <br> **Warrants**<br>|  |
| **WARRANTS — 0.0%** | **WARRANTS — 0.0%** | **WARRANTS — 0.0%** |
| GameStop Corporation\* <br> (Cost $—) | 355 | 1068 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **MONEY MARKET FUNDS — 46.2%** | **MONEY MARKET FUNDS — 46.2%** | **MONEY MARKET FUNDS — 46.2%** |
| GuideStone Money Market Fund, <br> 3.69% <br> (Institutional Class)Ø ∞ | 111729358 | $111729358 |
| Northern Institutional U.S. Treasury <br> Portfolio (Premier), 3.63%Ø | 18957709 | 18957709 |
| **Total Money Market Funds** <br> (Cost $130,687,067) |  | 130687067 |
| **TOTAL INVESTMENTS — 99.2**% <br> (Cost $267,717,953) |  | 280690482 |
| **COMMON STOCKS SOLD SHORT — (8.2)%** | **COMMON STOCKS SOLD SHORT — (8.2)%** | **COMMON STOCKS SOLD SHORT — (8.2)%** |
| **Communication Services — (0.9)%** | **Communication Services — (0.9)%** |  |
| AST SpaceMobile, Inc. \* | (2984)<br>| (216728)<br>|
| Live Nation Entertainment, Inc. \* | (5757)<br>| (820373)<br>|
| Sirius XM Holdings, Inc. | (9381)<br>| (187582)<br>|
| Snap, Inc. Class A \* | (10889)<br>| (87874)<br>|
| Sphere Entertainment Co. \* | (13975)<br>| (1328743)<br>|
| Ziff Davis, Inc. \* | (155)<br>| (5448)<br>|
|  |  | (2646748)<br>|
| **Consumer Discretionary — (0.4)%** | **Consumer Discretionary — (0.4)%** |  |
| Cheesecake Factory, Inc. (The)  | (6004)<br>| (303082)<br>|
| GameStop Corporation Class A \* | (8723)<br>| (175158)<br>|
| Norwegian Cruise Line <br> Holdings, Ltd. \* | (1258)<br>| (28078)<br>|
| Wayfair, Inc. Class A \* | (5543)<br>| (556573)<br>|
|  |  | (1062891)<br>|
| **Consumer Staples — (0.0)%** | **Consumer Staples — (0.0)%** |  |
| Spectrum Brands Holdings, Inc. | (1264)<br>| (74677)<br>|
| **Energy — (0.3)%** | **Energy — (0.3)%** |  |
| Centrus Energy Corporation Class A \* | (2298)<br>| (557862)<br>|
| Peabody Energy Corporation  | (12285)<br>| (364865)<br>|
|  |  | (922727)<br>|
| **Financials — (1.3)%** | **Financials — (1.3)%** |  |
| Affiliated Managers Group, Inc. | (3501)<br>| (1009268)<br>|
| Apollo Global Management, Inc. | (4568)<br>| (661264)<br>|
| Ares Management Corporation <br> Class A  | (4092)<br>| (661390)<br>|
| Block, Inc. \* | (58)<br>| (3775)<br>|
| EZCORP, Inc. Class A \* | (18504)<br>| (359348)<br>|
| KKR & Co., Inc. | (3494)<br>| (445415)<br>|
| Oscar Health, Inc. Class A \* | (3769)<br>| (54160)<br>|
| Shift4 Payments, Inc. Class A \* | (5607)<br>| (353073)<br>|
| WisdomTree, Inc. | (15674)<br>| (191066)<br>|
|  |  | (3738759)<br>|
| **Health Care — (1.7)%** | **Health Care — (1.7)%** |  |
| Bridgebio Pharma, Inc. \* | (4416)<br>| (337780)<br>|
| BrightSpring Health Services, Inc. \* | (31930)<br>| (1195779)<br>|
| Bruker Corporation  | (5398)<br>| (254300)<br>|
| Celcuity, Inc. \* | (1065)<br>| (106223)<br>|
| Cogent Biosciences, Inc. \* | (421)<br>| (14954)<br>|
| Collegium Pharmaceutical, Inc. \* | (13021)<br>| (602872)<br>|
| CONMED Corporation  | (309)<br>| (12545)<br>|
| Dexcom, Inc. \* | (311)<br>| (20641)<br>|

---

See Notes to Financial Statements.

**297**

------

**STRATEGIC ALTERNATIVES FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Enovis Corporation \* | (3560)<br>| $(94838)<br>|
| Evolent Health, Inc. Class A \* | (4395)<br>| (17580)<br>|
| Exact Sciences Corporation \* | (3537)<br>| (359218)<br>|
| Guardant Health, Inc. \* | (240)<br>| (24514)<br>|
| Haemonetics Corporation \* | (1961)<br>| (157174)<br>|
| Hims & Hers Health, Inc. \* | (2135)<br>| (69323)<br>|
| Integer Holdings Corporation \* | (1122)<br>| (87999)<br>|
| Ionis Pharmaceuticals, Inc. \* | (5230)<br>| (413745)<br>|
| LeMaitre Vascular, Inc. | (2492)<br>| (202101)<br>|
| Mirum Pharmaceuticals, Inc. \* | (4077)<br>| (322042)<br>|
| Omnicell, Inc. \* | (8032)<br>| (363850)<br>|
| Pacira BioSciences, Inc. \* | (4286)<br>| (110922)<br>|
| Tempus AI, Inc. \* | (1333)<br>| (78714)<br>|
|  |  | (4847114)<br>|
| **Industrials — (0.6)%** | **Industrials — (0.6)%** |  |
| Array Technologies, Inc. \* | (10570)<br>| (97455)<br>|
| BlackSky Technology, Inc. \* | (2242)<br>| (42038)<br>|
| Bloom Energy Corporation Class A \* | (948)<br>| (82372)<br>|
| BWX Technologies, Inc. | (201)<br>| (34741)<br>|
| CSG Systems International, Inc. | (6410)<br>| (491583)<br>|
| Eos Energy Enterprises, Inc. \* | (9462)<br>| (108435)<br>|
| Greenbrier Cos., Inc. (The)  | (4504)<br>| (210517)<br>|
| Parsons Corporation \* | (1245)<br>| (76941)<br>|
| Planet Labs PBC \* | (10170)<br>| (200552)<br>|
| Plug Power, Inc. \* | (31500)<br>| (62055)<br>|
| Sunrun, Inc. \* | (15176)<br>| (279238)<br>|
| T1 Energy, Inc. \* | (7637)<br>| (51015)<br>|
|  |  | (1736942)<br>|
| **Information Technology — (2.0)%** | **Information Technology — (2.0)%** |  |
| ADTRAN Holdings, Inc. \* | (8701)<br>| (75612)<br>|
| Alarm.com Holdings, Inc. \* | (2232)<br>| (113877)<br>|
| Applied Optoelectronics, Inc. \* | (5783)<br>| (201595)<br>|
| Bentley Systems, Inc. Class B  | (300)<br>| (11450)<br>|
| Cohu, Inc. \* | (2051)<br>| (47727)<br>|
| DigitalOcean Holdings, Inc. \* | (6160)<br>| (296419)<br>|
| Five9, Inc. \* | (1126)<br>| (22576)<br>|
| Hewlett Packard Enterprise Co. | (27258)<br>| (654737)<br>|
| indie Semiconductor, Inc. Class A \* | (15727)<br>| (55516)<br>|
| MKS, Inc. | (2608)<br>| (416758)<br>|
| NCR Voyix Corporation \* | (15025)<br>| (153255)<br>|
| ON Semiconductor Corporation \* | (2684)<br>| (145339)<br>|
| OSI Systems, Inc. \* | (2343)<br>| (597606)<br>|
| Progress Software Corporation \* | (3947)<br>| (169563)<br>|
| Rapid7, Inc. \* | (952)<br>| (14470)<br>|
| Sandisk Corporation \* | (1)<br>| (151)<br>|
| SolarEdge Technologies, Inc. \* | (4350)<br>| (125497)<br>|
| Strategy, Inc. \* | (330)<br>| (50144)<br>|
| Super Micro Computer, Inc. \* | (5382)<br>| (157531)<br>|
| Terawulf, Inc. \* | (39114)<br>| (449420)<br>|
| Unity Software, Inc. \* | (6540)<br>| (288872)<br>|

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Western Digital Corporation  | (8630)<br>| $(1486690)<br>|
|  |  | (5534805)<br>|
| **Materials — (0.6)%** | **Materials — (0.6)%** |  |
| Albemarle Corporation  | (7759)<br>| (1097433)<br>|
| Century Aluminum Co. \* | (17891)<br>| (700969)<br>|
|  |  | (1798402)<br>|
| **Real Estate — (0.1)%** | **Real Estate — (0.1)%** |  |
| Pebblebrook Hotel Trust REIT  | (13882)<br>| (157144)<br>|
| **Utilities — (0.3)%** | **Utilities — (0.3)%** |  |
| CenterPoint Energy, Inc. | (9642)<br>| (369674)<br>|
| Duke Energy Corporation  | (2297)<br>| (269231)<br>|
| PG&E Corporation  | (8311)<br>| (133558)<br>|
| Southern Co. (The)  | (587)<br>| (51187)<br>|
|  |  | (823650)<br>|
| **Total Common Stocks Sold Short** <br> (Proceeds $(17659585)) |  | (23343859)<br>|
| **FOREIGN COMMON STOCKS SOLD SHORT — (1.2)%** | **FOREIGN COMMON STOCKS SOLD SHORT — (1.2)%** | **FOREIGN COMMON STOCKS SOLD SHORT — (1.2)%** |
| **Australia — (0.1)%** | **Australia — (0.1)%** |  |
| IREN, Ltd. \* | (4838)<br>| (182731)<br>|
| **Canada — (0.6)%** | **Canada — (0.6)%** |  |
| Equinox Gold Corporation \* | (76622)<br>| (1075773)<br>|
| Fortuna Mining Corporation \* | (50217)<br>| (492629)<br>|
|  |  | (1568402)<br>|
| **Denmark — (0.1)%** | **Denmark — (0.1)%** |  |
| Ascendis Pharma A/S ADR \* | (1562)<br>| (333081)<br>|
| **Ireland — (0.2)%** | **Ireland — (0.2)%** |  |
| Jazz Pharmaceuticals PLC \* | (3368)<br>| (572560)<br>|
| **Israel — (0.2)%** | **Israel — (0.2)%** |  |
| Check Point Software Technologies, <br> Ltd. \* | (423)<br>| (78492)<br>|
| Oddity Tech, Ltd. Class A \* | (1316)<br>| (52877)<br>|
| Pagaya Technologies, Ltd. Class A \* | (23688)<br>| (495079)<br>|
| Wix.com, Ltd. \* | (432)<br>| (44880)<br>|
|  |  | (671328)<br>|
| **Netherlands — (0.0)%** | **Netherlands — (0.0)%** |  |
| Nebius Group NV \* | (1604)<br>| (134263)<br>|
| **Total Foreign Common Stocks Sold** <br> **Short** <br> (Proceeds $(2370741)) |  | (3462365)<br>|
| **RIGHTS SOLD SHORT — 0.0%** | **RIGHTS SOLD SHORT — 0.0%** | **RIGHTS SOLD SHORT — 0.0%** |
| Ligand Pharmaceuticals, Inc. ††† \* | (29)<br>| —  |

---

**298**

See Notes to Financial Statements.

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Ligand Pharmaceuticals, Inc. <br> (NASDAQ Exchange) ††† \* | (29)<br>| $—  |
| **Total Rights Sold Short** <br> (Proceeds $—) |  | —  |
| **TOTAL SECURITIES SOLD** <br> **SHORT — (9.4)%** <br> (Proceeds $(20030326)) |  | (26806224)<br>|

---

---

| | | | |
|:---|:---|:---|:---|
|  | **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 — (0.0)%** | **Call Options — (0.0)%** | **Call Options — (0.0)%** | **Call Options — (0.0)%** |
| Bloom Energy Corp., <br> Strike Price <br> $145.00, Expires <br> 01/16/26 <br> (Evercore)<br>| (1)<br>| $(8689)<br>| (12)<br>|
| Super Micro Computer, <br> Inc., Strike Price <br> $49.00, Expires <br> 01/16/26 <br> (Evercore)<br>| (16)<br>| (46832)<br>| (32)<br>|
|  |  |  | (44)<br>|
| **Call Swaptions — (0.0)%** | **Call Swaptions — (0.0)%** | **Call Swaptions — (0.0)%** | **Call Swaptions — (0.0)%** |
| Pay 2% (Annually); <br> Receive 6-Month <br> EURIBOR <br> (Semiannually); <br> Interest Rate Swap <br> Maturing 02/03/28 <br> EUR, Strike Price <br> $2.00, Expires <br> 01/30/26 (BAR)<br>| (1)<br>| (26900000)<br>| (291)<br>|
| Pay 2.0845% <br> (Annually); <br> Receive 6-Month <br> EURIBOR <br> (Semiannually); <br> Interest Rate Swap <br> Maturing 11/13/46 <br> EUR, Strike Price <br> $2.08, Expires <br> 11/11/26 (BNP)<br>| (1)<br>| (1330000)<br>| (1574)<br>|
| Pay 2.4% (Annually); <br> Receive 6-Month <br> EURIBOR <br> (Semiannually); <br> Interest Rate Swap <br> Maturing 05/13/46 <br> EUR, Strike Price <br> $2.40, Expires <br> 05/11/26 (BNP)<br>| (1)<br>| (1364898)<br>| (731)<br>|
| Pay 2.498% <br> (Annually); <br> Receive 6-Month <br> EURIBOR <br> (Semiannually); <br> Interest Rate Swap <br> Maturing 03/26/56 <br> EUR, Strike Price <br> $2.50, Expires <br> 03/24/26 (BNP)<br>| (1)<br>| (960000)<br>| (527)<br>|

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of**<br> **Contracts**<br>| **Notional**<br> **Amount**<br>| **Value** |
| Pay 2.551% <br> (Annually); <br> Receive 6-Month <br> EURIBOR <br> (Semiannually); <br> Interest Rate Swap <br> Maturing 09/08/56 <br> EUR, Strike Price <br> $2.55, Expires <br> 09/04/26 (BOA)<br>| (1)<br>| $(630000)<br>| $(3354)<br>|
| Pay 2.586% <br> (Annually); <br> Receive 6-Month <br> EURIBOR <br> (Semiannually); <br> Interest Rate Swap <br> Maturing 05/04/56 <br> EUR, Strike Price <br> $2.59, Expires <br> 04/29/26 (BNP)<br>| (1)<br>| (560000)<br>| (1012)<br>|
| Pay 2.69% (Annually); <br> Receive 6-Month <br> EURIBOR <br> (Semiannually); <br> Interest Rate Swap <br> Maturing 03/10/57 <br> EUR, Strike Price <br> $2.69, Expires <br> 03/08/27 (BNP)<br>| (1)<br>| (1030000)<br>| (15642)<br>|
| Pay 3.8925% <br> (Annually); <br> Receive 1-Day <br> SONIA (Annually); <br> Interest Rate Swap <br> Maturing 05/14/36 <br> GBP, Strike Price <br> $3.89, Expires <br> 05/14/26 (BAR)<br>| (1)<br>| (1600000)<br>| (18905)<br>|
|  |  |  | (42036)<br>|
| **Put Swaption — (0.1)%** | **Put Swaption — (0.1)%** | **Put Swaption — (0.1)%** | **Put Swaption — (0.1)%** |
| Pay 1-Month IBOR <br> (Annually); <br> Receive 3.336% <br> (Annually); Interest <br> Rate Swap <br> Maturing 12/05/49 <br> JPY, Strike Price <br> $3.34, Expires <br> 12/03/29 (CITI)<br>| (1)<br>| (561120000)<br>| (195335)<br>|
| **Total Written Options** <br> (Premiums received $(463931)) | **Total Written Options** <br> (Premiums received $(463931)) |  | (237415)<br>|

---

---

| | | |
|:---|:---|:---|
|  | **Par** |  |
| **TBA SALE COMMITMENT — (0.4)%** | **TBA SALE COMMITMENT — (0.4)%** | **TBA SALE COMMITMENT — (0.4)%** |
| Uniform Mortgage Backed Securities <br> 6.50%, 01/01/55 TBA <br> (Proceeds $(1036953)) | $(1000000)<br>| (1039477)<br>|
| **Other Assets in Excess of**<br> **Liabilities — 10.7%** |  | 30219454 |
| **NET ASSETS — 100.0%** |  | $282826820 |

---

See Notes to Financial Statements.

**299**

------

**STRATEGIC ALTERNATIVES FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

Futures Contracts outstanding at December 31, 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 | 01/2026 | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; $36160 | &nbsp;&nbsp;&nbsp; $240 |
| 30-Year Euro Buxl | 03/2026 | &nbsp;&nbsp;&nbsp; 73 | &nbsp;&nbsp;&nbsp; 9447152 | &nbsp;&nbsp;&nbsp; (68144)<br>|
| Euro-BTP | 03/2026 | &nbsp;&nbsp;&nbsp; (1)<br>| &nbsp;&nbsp;&nbsp; (141235)<br>| &nbsp;&nbsp;&nbsp; 467 |
| Euro-Bund | 03/2026 | &nbsp;&nbsp;&nbsp; (6)<br>| &nbsp;&nbsp;&nbsp; (899522)<br>| &nbsp;&nbsp;&nbsp; (5099)<br>|
| Euro-OAT | 03/2026 | &nbsp;&nbsp;&nbsp; (164)<br>| &nbsp;&nbsp;&nbsp; (23241651)<br>| &nbsp;&nbsp;&nbsp; 103915 |
| 3-Year Commonwealth Treasury Bond | 03/2026 | &nbsp;&nbsp;&nbsp; 145 | &nbsp;&nbsp;&nbsp; 10159975 | &nbsp;&nbsp;&nbsp; (6837)<br>|
| Australian Dollars/U.S. Dollars | 03/2026 | &nbsp;&nbsp;&nbsp; (126)<br>| &nbsp;&nbsp;&nbsp; (8407980)<br>| &nbsp;&nbsp;&nbsp; (47376)<br>|
| British Pounds/U.S. Dollars | 03/2026 | &nbsp;&nbsp;&nbsp; (10)<br>| &nbsp;&nbsp;&nbsp; (841125)<br>| &nbsp;&nbsp;&nbsp; (8143)<br>|
| Euro/U.S. Dollars | 03/2026 | &nbsp;&nbsp;&nbsp; (164)<br>| &nbsp;&nbsp;&nbsp; (24149000)<br>| &nbsp;&nbsp;&nbsp; (163159)<br>|
| Japanese Yen/U.S. Dollars | 03/2026 | &nbsp;&nbsp;&nbsp; (26)<br>| &nbsp;&nbsp;&nbsp; (2086012)<br>| &nbsp;&nbsp;&nbsp; 15272 |
| Mexican Pesos/U.S. Dollars | 03/2026 | &nbsp;&nbsp;&nbsp; (5)<br>| &nbsp;&nbsp;&nbsp; (137800)<br>| &nbsp;&nbsp;&nbsp; (2365)<br>|
| New Zealand Dollars/U.S. Dollars | 03/2026 | &nbsp;&nbsp;&nbsp; (10)<br>| &nbsp;&nbsp;&nbsp; (576800)<br>| &nbsp;&nbsp;&nbsp; 3778 |
| South African Rand/U.S. Dollars | 03/2026 | &nbsp;&nbsp;&nbsp; (1)<br>| &nbsp;&nbsp;&nbsp; (30025)<br>| &nbsp;&nbsp;&nbsp; (875)<br>|
| Swiss Francs/U.S. Dollars | 03/2026 | &nbsp;&nbsp;&nbsp; (1)<br>| &nbsp;&nbsp;&nbsp; (158844)<br>| &nbsp;&nbsp;&nbsp; (1987)<br>|
| U.S. Dollars/Norwegian Kroner | 03/2026 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 100107 | &nbsp;&nbsp;&nbsp; (449)<br>|
| U.S. Dollars/Swedish Kronor | 03/2026 | &nbsp;&nbsp;&nbsp; (2)<br>| &nbsp;&nbsp;&nbsp; (199438)<br>| &nbsp;&nbsp;&nbsp; 3107 |
| 3-Month SONIA SO3 | 03/2026 | &nbsp;&nbsp;&nbsp; 221 | &nbsp;&nbsp;&nbsp; 71688909 | &nbsp;&nbsp;&nbsp; 45990 |
| Canadian Dollars/U.S. Dollars | 03/2026 | &nbsp;&nbsp;&nbsp; (1)<br>| &nbsp;&nbsp;&nbsp; (73120)<br>| &nbsp;&nbsp;&nbsp; (617)<br>|
| 10-Year Bond | 03/2026 | &nbsp;&nbsp;&nbsp; (2)<br>| &nbsp;&nbsp;&nbsp; (176183)<br>| &nbsp;&nbsp;&nbsp; 2611 |
| 10-Year U.S. Treasury Note | 03/2026 | &nbsp;&nbsp;&nbsp; 103 | &nbsp;&nbsp;&nbsp; 11581062 | &nbsp;&nbsp;&nbsp; (24492)<br>|
| U.S. Treasury Long Bond | 03/2026 | &nbsp;&nbsp;&nbsp; 65 | &nbsp;&nbsp;&nbsp; 7513594 | &nbsp;&nbsp;&nbsp; (52956)<br>|
| Ultra 10-Year U.S. Treasury Note | 03/2026 | &nbsp;&nbsp;&nbsp; (264)<br>| &nbsp;&nbsp;&nbsp; (30364125)<br>| &nbsp;&nbsp;&nbsp; 188182 |
| Ultra Long U.S. Treasury Bond | 03/2026 | &nbsp;&nbsp;&nbsp; (68)<br>| &nbsp;&nbsp;&nbsp; (8024000)<br>| &nbsp;&nbsp;&nbsp; 106689 |
| Long GILT | 03/2026 | &nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp; 9237165 | &nbsp;&nbsp;&nbsp; 38864 |
| 2-Year U.S. Treasury Note | 03/2026 | &nbsp;&nbsp;&nbsp; 213 | &nbsp;&nbsp;&nbsp; 44472070 | &nbsp;&nbsp;&nbsp; (12760)<br>|
| 5-Year U.S. Treasury Note | 03/2026 | &nbsp;&nbsp;&nbsp; (59)<br>| &nbsp;&nbsp;&nbsp; (6448977)<br>| &nbsp;&nbsp;&nbsp; 2477 |
| 3-Month Euro-Euribor | 06/2026 | &nbsp;&nbsp;&nbsp; 164 | &nbsp;&nbsp;&nbsp; 47200268 | &nbsp;&nbsp;&nbsp; 10354 |
| 3-Month SONIA SO3 | 06/2026 | &nbsp;&nbsp;&nbsp; 212 | &nbsp;&nbsp;&nbsp; 68890901 | &nbsp;&nbsp;&nbsp; 30551 |
| 3-Month Euro-Euribor | 09/2026 | &nbsp;&nbsp;&nbsp; 164 | &nbsp;&nbsp;&nbsp; 47190631 | &nbsp;&nbsp;&nbsp; 15795 |
| 3-Month SONIA SO3 | 03/2027 | &nbsp;&nbsp;&nbsp; 211 | &nbsp;&nbsp;&nbsp; 68736595 | &nbsp;&nbsp;&nbsp; 5658 |
| Total Futures Contracts outstanding at December 31, 2025 |  |  | &nbsp;&nbsp;&nbsp; $290298752 | &nbsp;&nbsp;&nbsp; $178691 |

---

Forward Foreign Currency Contracts outstanding at December 31, 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>|
| 02/04/26 | British Pounds | &nbsp;&nbsp; 2201258 | U.S. Dollars | &nbsp;&nbsp; 2893971 | MSCS | &nbsp;&nbsp; $73050 |
| 03/18/26 | South African Rand | &nbsp;&nbsp; 26145492 | U.S. Dollars | &nbsp;&nbsp; 1517481 | MSCS | &nbsp;&nbsp; 52709 |
| 03/18/26 | South Korean Won | &nbsp;&nbsp; 3692538975 | U.S. Dollars | &nbsp;&nbsp; 2519494 | MSCS | &nbsp;&nbsp; 44819 |
| 03/18/26 | Canadian Dollars | &nbsp;&nbsp; 6161586 | U.S. Dollars | &nbsp;&nbsp; 4463723 | MSCS | &nbsp;&nbsp; 40340 |
| 03/18/26 | Chinese Offshore Yuan | &nbsp;&nbsp; 21116092 | U.S. Dollars | &nbsp;&nbsp; 3007604 | MSCS | &nbsp;&nbsp; 33418 |
| 03/18/26 | Euro | &nbsp;&nbsp; 4632918 | U.S. Dollars | &nbsp;&nbsp; 5432458 | MSCS | &nbsp;&nbsp; 31918 |
| 03/18/26 | U.S. Dollars | &nbsp;&nbsp; 1112205 | Japanese Yen | &nbsp;&nbsp; 168438665 | MSCS | &nbsp;&nbsp; 29690 |
| 03/18/26 | Swedish Kronor | &nbsp;&nbsp; 16423963 | U.S. Dollars | &nbsp;&nbsp; 1762593 | MSCS | &nbsp;&nbsp; 28645 |
| 01/30/26 | Australian Dollars | &nbsp;&nbsp; 2015427 | U.S. Dollars | &nbsp;&nbsp; 1316677 | MSCS | &nbsp;&nbsp; 28552 |
| 03/18/26 | Mexican Pesos | &nbsp;&nbsp; 28803004 | U.S. Dollars | &nbsp;&nbsp; 1559296 | MSCS | &nbsp;&nbsp; 28070 |
| 02/05/26 | South African Rand | &nbsp;&nbsp; 13367863 | U.S. Dollars | &nbsp;&nbsp; 777316 | MSCS | &nbsp;&nbsp; 27839 |
| 03/18/26 | Swiss Francs | &nbsp;&nbsp; 2470806 | U.S. Dollars | &nbsp;&nbsp; 3122893 | MSCS | &nbsp;&nbsp; 22165 |
| 03/18/26 | Polish Zloty | &nbsp;&nbsp; 6206307 | U.S. Dollars | &nbsp;&nbsp; 1707028 | MSCS | &nbsp;&nbsp; 21024 |
| 03/18/26 | Czech Republic Koruna | &nbsp;&nbsp; 49504538 | U.S. Dollars | &nbsp;&nbsp; 2393785 | MSCS | &nbsp;&nbsp; 17193 |

---

**300**

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>|
| 02/04/26 | Norwegian Kroner | &nbsp;&nbsp; 9065818 | U.S. Dollars | &nbsp;&nbsp; 886043 | MSCS | &nbsp;&nbsp; $13398 |
| 03/18/26 | U.S. Dollars | &nbsp;&nbsp; 2709448 | Euro | &nbsp;&nbsp; 2288006 | MSCS | &nbsp;&nbsp; 10820 |
| 03/18/26 | U.S. Dollars | &nbsp;&nbsp; 564582 | Taiwan Dollars | &nbsp;&nbsp; 17463241 | MSCS | &nbsp;&nbsp; 9468 |
| 03/18/26 | U.S. Dollars | &nbsp;&nbsp; 385006 | South Korean Won | &nbsp;&nbsp; 541182329 | MSCS | &nbsp;&nbsp; 9178 |
| 02/17/26 | U.S. Dollars | &nbsp;&nbsp; 1813445 | Japanese Yen | &nbsp;&nbsp; 281575041 | MSCS | &nbsp;&nbsp; 8273 |
| 03/18/26 | Israeli Shekels | &nbsp;&nbsp; 2063571 | U.S. Dollars | &nbsp;&nbsp; 640102 | MSCS | &nbsp;&nbsp; 8084 |
| 03/18/26 | U.S. Dollars | &nbsp;&nbsp; 1954545 | New Zealand Dollars | &nbsp;&nbsp; 3371532 | MSCS | &nbsp;&nbsp; 7710 |
| 02/03/26 | Mexican Pesos | &nbsp;&nbsp; 6757939 | U.S. Dollars | &nbsp;&nbsp; 366561 | MSCS | &nbsp;&nbsp; 7465 |
| 03/18/26 | Australian Dollars | &nbsp;&nbsp; 1500699 | U.S. Dollars | &nbsp;&nbsp; 994195 | MSCS | &nbsp;&nbsp; 7355 |
| 02/25/26 | Euro | &nbsp;&nbsp; 908497 | U.S. Dollars | &nbsp;&nbsp; 1063129 | MSCS | &nbsp;&nbsp; 7321 |
| 03/18/26 | British Pounds | &nbsp;&nbsp; 770515 | U.S. Dollars | &nbsp;&nbsp; 1031655 | MSCS | &nbsp;&nbsp; 6748 |
| 02/03/26 | Brazilian Reals | &nbsp;&nbsp; 1621730 | U.S. Dollars | &nbsp;&nbsp; 287802 | MSCS | &nbsp;&nbsp; 5553 |
| 03/18/26 | Singapore Dollars | &nbsp;&nbsp; 1547129 | U.S. Dollars | &nbsp;&nbsp; 1204817 | MSCS | &nbsp;&nbsp; 4885 |
| 03/18/26 | Indian Rupees | &nbsp;&nbsp; 246045715 | U.S. Dollars | &nbsp;&nbsp; 2713321 | MSCS | &nbsp;&nbsp; 4868 |
| 03/18/26 | U.S. Dollars | &nbsp;&nbsp; 570610 | Norwegian Kroner | &nbsp;&nbsp; 5713801 | MSCS | &nbsp;&nbsp; 3926 |
| 03/18/26 | U.S. Dollars | &nbsp;&nbsp; 332734 | Brazilian Reals | &nbsp;&nbsp; 1840430 | MSCS | &nbsp;&nbsp; 2925 |
| 03/18/26 | Chilean Pesos | &nbsp;&nbsp; 126637082 | U.S. Dollars | &nbsp;&nbsp; 137998 | MSCS | &nbsp;&nbsp; 2787 |
| 03/18/26 | Turkish Lira | &nbsp;&nbsp; 12447270 | U.S. Dollars | &nbsp;&nbsp; 271249 | MSCS | &nbsp;&nbsp; 2460 |
| 03/19/26 | U.S. Dollars | &nbsp;&nbsp; 477991 | Canadian Dollars | &nbsp;&nbsp; 651020 | MSCS | &nbsp;&nbsp; 2081 |
| 03/18/26 | Hungarian Forint | &nbsp;&nbsp; 112434600 | U.S. Dollars | &nbsp;&nbsp; 340000 | MSCS | &nbsp;&nbsp; 2025 |
| 03/18/26 | Brazilian Reals | &nbsp;&nbsp; 779252 | U.S. Dollars | &nbsp;&nbsp; 138029 | MSCS | &nbsp;&nbsp; 1615 |
| 01/15/26 | Indian Rupees | &nbsp;&nbsp; 27620287 | U.S. Dollars | &nbsp;&nbsp; 305372 | MSCS | &nbsp;&nbsp; 1484 |
| 01/15/26 | New Zealand Dollars | &nbsp;&nbsp; 271698 | U.S. Dollars | &nbsp;&nbsp; 155598 | MSCS | &nbsp;&nbsp; 937 |
| 03/18/26 | Taiwan Dollars | &nbsp;&nbsp; 5202400 | U.S. Dollars | &nbsp;&nbsp; 164453 | MSCS | &nbsp;&nbsp; 919 |
| 03/18/26 | U.S. Dollars | &nbsp;&nbsp; 200106 | Swiss Francs | &nbsp;&nbsp; 156534 | MSCS | &nbsp;&nbsp; 856 |
| 03/18/26 | U.S. Dollars | &nbsp;&nbsp; 1762628 | Hungarian Forint | &nbsp;&nbsp; 579281252 | MSCS | &nbsp;&nbsp; 460 |
| 03/19/26 | U.S. Dollars | &nbsp;&nbsp; 309837 | Euro | &nbsp;&nbsp; 262315 | MSCS | &nbsp;&nbsp; 430 |
| 03/19/26 | U.S. Dollars | &nbsp;&nbsp; 51095 | Japanese Yen | &nbsp;&nbsp; 7885761 | MSCS | &nbsp;&nbsp; 411 |
| 03/18/26 | U.S. Dollars | &nbsp;&nbsp; 181246 | British Pounds | &nbsp;&nbsp; 134265 | MSCS | &nbsp;&nbsp; 300 |
| 03/18/26 | U.S. Dollars | &nbsp;&nbsp; 343000 | Singapore Dollars | &nbsp;&nbsp; 438342 | MSCS | &nbsp;&nbsp; 260 |
| 02/02/26 | South Korean Won | &nbsp;&nbsp; 395558730 | U.S. Dollars | &nbsp;&nbsp; 274000 | MSCS | &nbsp;&nbsp; 245 |
| 03/18/26 | U.S. Dollars | &nbsp;&nbsp; 95146 | Canadian Dollars | &nbsp;&nbsp; 129904 | MSCS | &nbsp;&nbsp; 187 |
| 01/15/26 | U.S. Dollars | &nbsp;&nbsp; 269679 | Indian Rupees | &nbsp;&nbsp; 24268066 | MSCS | &nbsp;&nbsp; 65 |
| 02/25/26 | U.S. Dollars | &nbsp;&nbsp; 3589 | Euro | &nbsp;&nbsp; 3045 | MSCS | &nbsp;&nbsp; — <br><sup>Φ</sup><br>|
| Subtotal Appreciation | Subtotal Appreciation |  |  |  |  | &nbsp;&nbsp; $614931 |
| 03/10/26 | U.S. Dollars | &nbsp;&nbsp; 6413 | Swedish Kronor | &nbsp;&nbsp; 59324 | MSCS | &nbsp;&nbsp; $(54)<br>|
| 01/29/26 | Taiwan Dollars | &nbsp;&nbsp; 5349257 | U.S. Dollars | &nbsp;&nbsp; 170171 | MSCS | &nbsp;&nbsp; (102)<br>|
| 03/18/26 | Swedish Kronor | &nbsp;&nbsp; 659255 | U.S. Dollars | &nbsp;&nbsp; 72149 | MSCS | &nbsp;&nbsp; (249)<br>|
| 03/18/26 | Hungarian Forint | &nbsp;&nbsp; 440018262 | U.S. Dollars | &nbsp;&nbsp; 1338782 | MSCS | &nbsp;&nbsp; (252)<br>|
| 03/18/26 | Polish Zloty | &nbsp;&nbsp; 1220156 | U.S. Dollars | &nbsp;&nbsp; 340000 | MSCS | &nbsp;&nbsp; (266)<br>|
| 02/17/26 | U.S. Dollars | &nbsp;&nbsp; 690331 | Japanese Yen | &nbsp;&nbsp; 107747865 | MSCS | &nbsp;&nbsp; (439)<br>|
| 03/18/26 | Swiss Francs | &nbsp;&nbsp; 99303 | U.S. Dollars | &nbsp;&nbsp; 126900 | MSCS | &nbsp;&nbsp; (499)<br>|
| 03/19/26 | U.S. Dollars | &nbsp;&nbsp; 472853 | Canadian Dollars | &nbsp;&nbsp; 647763 | MSCS | &nbsp;&nbsp; (676)<br>|
| 03/19/26 | Swiss Francs | &nbsp;&nbsp; 156514 | U.S. Dollars | &nbsp;&nbsp; 200106 | MSCS | &nbsp;&nbsp; (859)<br>|
| 03/19/26 | U.S. Dollars | &nbsp;&nbsp; 420602 | Euro | &nbsp;&nbsp; 357423 | MSCS | &nbsp;&nbsp; (988)<br>|
| 01/20/26 | U.S. Dollars | &nbsp;&nbsp; 164453 | Taiwan Dollars | &nbsp;&nbsp; 5205486 | MSCS | &nbsp;&nbsp; (1099)<br>|
| 02/03/26 | U.S. Dollars | &nbsp;&nbsp; 138029 | Brazilian Reals | &nbsp;&nbsp; 771243 | MSCS | &nbsp;&nbsp; (1481)<br>|
| 03/18/26 | U.S. Dollars | &nbsp;&nbsp; 2395696 | Indian Rupees | &nbsp;&nbsp; 217007715 | MSCS | &nbsp;&nbsp; (1697)<br>|
| 03/18/26 | U.S. Dollars | &nbsp;&nbsp; 678000 | Norwegian Kroner | &nbsp;&nbsp; 6856150 | MSCS | &nbsp;&nbsp; (1980)<br>|
| 03/19/26 | U.S. Dollars | &nbsp;&nbsp; 311098 | British Pounds | &nbsp;&nbsp; 232322 | MSCS | &nbsp;&nbsp; (1995)<br>|
| 03/18/26 | Canadian Dollars | &nbsp;&nbsp; 651038 | U.S. Dollars | &nbsp;&nbsp; 477991 | MSCS | &nbsp;&nbsp; (2088)<br>|
| 03/19/26 | Japanese Yen | &nbsp;&nbsp; 41904295 | U.S. Dollars | &nbsp;&nbsp; 271520 | MSCS | &nbsp;&nbsp; (2187)<br>|
| 02/25/26 | U.S. Dollars | &nbsp;&nbsp; 460820 | Euro | &nbsp;&nbsp; 393084 | MSCS | &nbsp;&nbsp; (2337)<br>|
| 01/05/26 | Brazilian Reals | &nbsp;&nbsp; 1604525 | U.S. Dollars | &nbsp;&nbsp; 294891 | MSCS | &nbsp;&nbsp; (2475)<br>|
| 01/20/26 | U.S. Dollars | &nbsp;&nbsp; 335024 | Indian Rupees | &nbsp;&nbsp; 30400102 | MSCS | &nbsp;&nbsp; (2551)<br>|

---

See Notes to Financial Statements.

**301**

------

**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>|
| 03/18/26 | Euro | &nbsp;&nbsp; 1079475 | U.S. Dollars | &nbsp;&nbsp; 1275856 | MSCS | &nbsp;&nbsp; $(2650)<br>|
| 03/18/26 | U.S. Dollars | &nbsp;&nbsp; 146518 | Chilean Pesos | &nbsp;&nbsp; 134401044 | MSCS | &nbsp;&nbsp; (2898)<br>|
| 03/18/26 | Norwegian Kroner | &nbsp;&nbsp; 6813566 | U.S. Dollars | &nbsp;&nbsp; 678746 | MSCS | &nbsp;&nbsp; (2990)<br>|
| 02/02/26 | U.S. Dollars | &nbsp;&nbsp; 323809 | Singapore Dollars | &nbsp;&nbsp; 419393 | MSCS | &nbsp;&nbsp; (3201)<br>|
| 03/18/26 | U.S. Dollars | &nbsp;&nbsp; 411003 | Colombian Pesos | &nbsp;&nbsp; 1605925368 | MSCS | &nbsp;&nbsp; (3321)<br>|
| 03/18/26 | U.S. Dollars | &nbsp;&nbsp; 167156 | New Zealand Dollars | &nbsp;&nbsp; 296179 | MSCS | &nbsp;&nbsp; (3868)<br>|
| 03/19/26 | Norwegian Kroner | &nbsp;&nbsp; 4451386 | U.S. Dollars | &nbsp;&nbsp; 445373 | MSCS | &nbsp;&nbsp; (3897)<br>|
| 01/15/26 | U.S. Dollars | &nbsp;&nbsp; 837710 | New Zealand Dollars | &nbsp;&nbsp; 1460968 | MSCS | &nbsp;&nbsp; (4004)<br>|
| 03/18/26 | U.S. Dollars | &nbsp;&nbsp; 1227839 | Singapore Dollars | &nbsp;&nbsp; 1576543 | MSCS | &nbsp;&nbsp; (4861)<br>|
| 03/18/26 | Colombian Pesos | &nbsp;&nbsp; 1060530783 | U.S. Dollars | &nbsp;&nbsp; 278608 | MSCS | &nbsp;&nbsp; (4994)<br>|
| 02/27/26 | U.S. Dollars | &nbsp;&nbsp; 347339 | Canadian Dollars | &nbsp;&nbsp; 482530 | MSCS | &nbsp;&nbsp; (5103)<br>|
| 03/18/26 | Taiwan Dollars | &nbsp;&nbsp; 11845511 | U.S. Dollars | &nbsp;&nbsp; 381666 | MSCS | &nbsp;&nbsp; (5126)<br>|
| 01/05/26 | U.S. Dollars | &nbsp;&nbsp; 287802 | Brazilian Reals | &nbsp;&nbsp; 1609631 | MSCS | &nbsp;&nbsp; (5546)<br>|
| 03/18/26 | U.S. Dollars | &nbsp;&nbsp; 152426 | Turkish Lira | &nbsp;&nbsp; 7201862 | MSCS | &nbsp;&nbsp; (5939)<br>|
| 03/18/26 | New Zealand Dollars | &nbsp;&nbsp; 3122337 | U.S. Dollars | &nbsp;&nbsp; 1809410 | MSCS | &nbsp;&nbsp; (6468)<br>|
| 02/17/26 | Japanese Yen | &nbsp;&nbsp; 225859113 | U.S. Dollars | &nbsp;&nbsp; 1456089 | MSCS | &nbsp;&nbsp; (8111)<br>|
| 01/08/26 | U.S. Dollars | &nbsp;&nbsp; 213031 | Israeli Shekels | &nbsp;&nbsp; 704288 | MSCS | &nbsp;&nbsp; (8121)<br>|
| 01/26/26 | U.S. Dollars | &nbsp;&nbsp; 342000 | South Korean Won | &nbsp;&nbsp; 505749600 | MSCS | &nbsp;&nbsp; (8670)<br>|
| 01/15/26 | New Zealand Dollars | &nbsp;&nbsp; 1023610 | U.S. Dollars | &nbsp;&nbsp; 598671 | MSCS | &nbsp;&nbsp; (8935)<br>|
| 03/18/26 | Japanese Yen | &nbsp;&nbsp; 124992381 | U.S. Dollars | &nbsp;&nbsp; 812531 | MSCS | &nbsp;&nbsp; (9234)<br>|
| 02/04/26 | U.S. Dollars | &nbsp;&nbsp; 1343813 | Norwegian Kroner | &nbsp;&nbsp; 13645557 | MSCS | &nbsp;&nbsp; (9995)<br>|
| 03/18/26 | U.S. Dollars | &nbsp;&nbsp; 1193158 | British Pounds | &nbsp;&nbsp; 894161 | MSCS | &nbsp;&nbsp; (11880)<br>|
| 03/18/26 | U.S. Dollars | &nbsp;&nbsp; 2506026 | Euro | &nbsp;&nbsp; 2137118 | MSCS | &nbsp;&nbsp; (14636)<br>|
| 03/18/26 | U.S. Dollars | &nbsp;&nbsp; 1622315 | Australian Dollars | &nbsp;&nbsp; 2456692 | MSCS | &nbsp;&nbsp; (17255)<br>|
| 01/30/26 | U.S. Dollars | &nbsp;&nbsp; 754232 | Australian Dollars | &nbsp;&nbsp; 1157992 | MSCS | &nbsp;&nbsp; (18689)<br>|
| 03/18/26 | U.S. Dollars | &nbsp;&nbsp; 2105811 | Czech Republic Koruna | &nbsp;&nbsp; 43640747 | MSCS | &nbsp;&nbsp; (19588)<br>|
| 03/18/26 | U.S. Dollars | &nbsp;&nbsp; 648734 | Israeli Shekels | &nbsp;&nbsp; 2129165 | MSCS | &nbsp;&nbsp; (20055)<br>|
| 03/18/26 | U.S. Dollars | &nbsp;&nbsp; 2055754 | Polish Zloty | &nbsp;&nbsp; 7458827 | MSCS | &nbsp;&nbsp; (21042)<br>|
| 03/18/26 | South Korean Won | &nbsp;&nbsp; 1138376654 | U.S. Dollars | &nbsp;&nbsp; 818299 | MSCS | &nbsp;&nbsp; (27744)<br>|
| 03/18/26 | U.S. Dollars | &nbsp;&nbsp; 1184602 | Mexican Pesos | &nbsp;&nbsp; 22001888 | MSCS | &nbsp;&nbsp; (27946)<br>|
| 03/18/26 | U.S. Dollars | &nbsp;&nbsp; 2835234 | Swiss Francs | &nbsp;&nbsp; 2249769 | MSCS | &nbsp;&nbsp; (28469)<br>|
| 02/05/26 | U.S. Dollars | &nbsp;&nbsp; 812239 | South African Rand | &nbsp;&nbsp; 13960664 | MSCS | &nbsp;&nbsp; (28621)<br>|
| 03/18/26 | U.S. Dollars | &nbsp;&nbsp; 1812272 | Swedish Kronor | &nbsp;&nbsp; 16894338 | MSCS | &nbsp;&nbsp; (30266)<br>|
| 03/18/26 | U.S. Dollars | &nbsp;&nbsp; 3360073 | Chinese Offshore Yuan | &nbsp;&nbsp; 23560298 | MSCS | &nbsp;&nbsp; (32951)<br>|
| 03/18/26 | U.S. Dollars | &nbsp;&nbsp; 2591767 | South Korean Won | &nbsp;&nbsp; 3790136756 | MSCS | &nbsp;&nbsp; (40323)<br>|
| 03/18/26 | U.S. Dollars | &nbsp;&nbsp; 3154458 | Canadian Dollars | &nbsp;&nbsp; 4376334 | MSCS | &nbsp;&nbsp; (44602)<br>|
| 03/18/26 | U.S. Dollars | &nbsp;&nbsp; 1557821 | South African Rand | &nbsp;&nbsp; 26811730 | MSCS | &nbsp;&nbsp; (52380)<br>|
| 02/04/26 | U.S. Dollars | &nbsp;&nbsp; 2614213 | British Pounds | &nbsp;&nbsp; 1988729 | MSCS | &nbsp;&nbsp; (66345)<br>|
| Subtotal Depreciation | Subtotal Depreciation |  |  |  |  | &nbsp;&nbsp; $(644998)<br>|
| Total Forward Foreign Currency Contracts outstanding at December 31, 2025 | Total Forward Foreign Currency Contracts outstanding at December 31, 2025 | Total Forward Foreign Currency Contracts outstanding at December 31, 2025 | Total Forward Foreign Currency Contracts outstanding at December 31, 2025 | Total Forward Foreign Currency Contracts outstanding at December 31, 2025 |  | &nbsp;&nbsp; $(30067)<br>|

---

Swap Agreements outstanding at December 31, 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 | 33662991 | $37550 | &nbsp;&nbsp; $24408 | &nbsp;&nbsp; $13142 |
| 3.06% (Annually) | 1-Day SOFR (Annually) | 8/31/2027 | USD | 39080000 | 44496 | &nbsp;&nbsp; 1191 | &nbsp;&nbsp; 43305 |
| 1.25% (Annually) | Bank of Japan Unsecured Overnight <br> Call Rate (Annually)<br>| 12/15/2027 | JPY | 5470870000 | 42560 | &nbsp;&nbsp; 4105 | &nbsp;&nbsp; 38455 |
| 3.14% (Annually) | 1-Day SOFR (Annually) | 12/15/2027 | USD | 48490000 | 91951 | &nbsp;&nbsp; 17819 | &nbsp;&nbsp; 74132 |
| 0.00% (Annually) | Swiss Average Overnight Rate <br> (Annually)<br>| 3/18/2028 | CHF | 39230000 | 69253 | &nbsp;&nbsp; 64522 | &nbsp;&nbsp; 4731 |

---

**302**

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>|
| 1.00% (Annually) | Bank of Japan Unsecured Overnight <br> Call Rate (Annually)<br>| 3/18/2028 | JPY | 12357000000 | $369361 | &nbsp;&nbsp; $241044 | &nbsp;&nbsp; $128317 |
| 1-Day ESTR (Annually) | 1.75% (Annually) | 3/18/2028 | EUR | 31240000 | (212433)<br>| &nbsp;&nbsp; (236979)<br>| &nbsp;&nbsp; 24546 |
| 1-Day SONIA (Annually) | 3.75% (Annually) | 3/18/2028 | GBP | 62870000 | 455447 | &nbsp;&nbsp; 296020 | &nbsp;&nbsp; 159427 |
| 1-Day SONIA (Annually) | 4.00% (Annually) | 3/18/2028 | GBP | 3890000 | 52998 | &nbsp;&nbsp; 46410 | &nbsp;&nbsp; 6588 |
| 2.25% (Quarterly) | 3-Month KWCDC (Quarterly) | 3/18/2028 | KRW | 2966140000 | 28597 | &nbsp;&nbsp; 2740 | &nbsp;&nbsp; 25857 |
| 3-Month JIBAR (Quarterly) | 6.75% (Quarterly) | 3/18/2028 | ZAR | 211100000 | 105513 | &nbsp;&nbsp; 57959 | &nbsp;&nbsp; 47554 |
| 4.50% (Semiannually) | 1-Day CLP-TNA (Semiannually) | 3/18/2028 | CLP | 3967620000 | (4292)<br>| &nbsp;&nbsp; (6597)<br>| &nbsp;&nbsp; 2305 |
| 5.50% (Semiannually) | 1-Day MIBOR (Semiannually) | 3/18/2028 | INR | 224390000 | 4220 | &nbsp;&nbsp; (1277)<br>| &nbsp;&nbsp; 5497 |
| 6-Month BUBOR (Semiannually) | 6.00% (Annually) | 3/18/2028 | HUF | 1972280000 | 18913 | &nbsp;&nbsp; 1917 | &nbsp;&nbsp; 16996 |
| 6-Month NIBOR (Semiannually) | 4.00% (Annually) | 3/18/2028 | NOK | 1070850000 | (204417)<br>| &nbsp;&nbsp; (258333)<br>| &nbsp;&nbsp; 53916 |
| 6-Month PRIBOR (Semiannually) | 3.75% (Annually) | 3/18/2028 | CZK | 254730000 | 40326 | &nbsp;&nbsp; 27218 | &nbsp;&nbsp; 13108 |
| 6-Month WIBOR (Semiannually) | 3.75% (Annually) | 3/18/2028 | PLN | 29900000 | 38445 | &nbsp;&nbsp; 12565 | &nbsp;&nbsp; 25880 |
| 7-Day CFETS Repo Rate <br> (Quarterly)<br>| 1.50% (Quarterly) | 3/18/2028 | CNY | 46710000 | 1301 | &nbsp;&nbsp; (6412)<br>| &nbsp;&nbsp; 7713 |
| 8.50% (Quarterly) | 1-Day COP-IBR-OIS (Quarterly) | 3/18/2028 | COP | 26622631687 | 320296 | &nbsp;&nbsp; 41322 | &nbsp;&nbsp; 278974 |
| Bank Of Canada Overnight Repo <br> Rate (Semiannually)<br>| 2.75% (Semiannually) | 3/18/2028 | CAD | 800000 | 2358 | &nbsp;&nbsp; 2121 | &nbsp;&nbsp; 237 |
| 2.50% (Annually) | 6-Month EURIBOR (Semiannually) | 9/10/2028 | EUR | 150324591 | 81863 | &nbsp;&nbsp; (326606)<br>| &nbsp;&nbsp; 408469 |
| 3.60% (Annually) | 1-Day SOFR (Annually) | 6/23/2030 | USD | 106760000 | (43173)<br>| &nbsp;&nbsp; (158589)<br>| &nbsp;&nbsp; 115416 |
| 3.53% (Annually) | 1-Day SOFR (Annually) | 7/15/2030 | USD | 7000000 | (8142)<br>| &nbsp;&nbsp; (9134)<br>| &nbsp;&nbsp; 992 |
| 3.50% (Annually) | 1-Day SONIA (Annually) | 10/27/2030 | GBP | 57700000 | 441724 | &nbsp;&nbsp; 378695 | &nbsp;&nbsp; 63029 |
| 1.00% (Annually) | Bank of Japan Unsecured Overnight <br> Call Rate (Annually)<br>| 3/18/2031 | JPY | 3428000000 | 584270 | &nbsp;&nbsp; 483499 | &nbsp;&nbsp; 100771 |
| 1.25% (Quarterly) | Thai Overnight Repurchase Rate <br> (Quarterly)<br>| 3/18/2031 | THB | 98210000 | (1338)<br>| &nbsp;&nbsp; (9251)<br>| &nbsp;&nbsp; 7913 |
| 1-Day SONIA (Annually) | 3.75% (Annually) | 3/18/2031 | GBP | 10160000 | 52791 | &nbsp;&nbsp; 33653 | &nbsp;&nbsp; 19138 |
| 3-Month JIBAR (Quarterly) | 7.25% (Quarterly) | 3/18/2031 | ZAR | 33240000 | 51201 | &nbsp;&nbsp; 1284 | &nbsp;&nbsp; 49917 |
| 3-Month New Zealand BBR FRA <br> (Quarterly)<br>| 3.50% (Semiannually) | 3/18/2031 | NZD | 21260000 | (77786)<br>| &nbsp;&nbsp; (124520)<br>| &nbsp;&nbsp; 46734 |
| 6-Month EURIBOR (Semiannually) | 2.25% (Annually) | 3/18/2031 | EUR | 18360000 | (360369)<br>| &nbsp;&nbsp; (375516)<br>| &nbsp;&nbsp; 15147 |
| 3.58% (Annually) | 1-Day SOFR (Annually) | 10/10/2032 | USD | 22880000 | 169752 | &nbsp;&nbsp; (3475)<br>| &nbsp;&nbsp; 173227 |
| 1.30% (Annually) | Bank of Japan Unsecured Overnight <br> Call Rate (Annually)<br>| 8/2/2034 | JPY | 2305128612 | 512625 | &nbsp;&nbsp; 258170 | &nbsp;&nbsp; 254455 |
| 3-Month JIBAR (Quarterly) | 10.50% (Quarterly) | 12/18/2034 | ZAR | 111210000 | 513707 | &nbsp;&nbsp; 26087 | &nbsp;&nbsp; 487620 |
| 4.00% (Annually) | 1-Day SOFR (Annually) | 11/27/2035 | USD | 16470818 | 120581 | &nbsp;&nbsp; (24682)<br>| &nbsp;&nbsp; 145263 |
| 0.50% (Annually) | Swiss Average Overnight Rate <br> (Annually)<br>| 3/18/2036 | CHF | 990000 | 22860 | &nbsp;&nbsp; 16674 | &nbsp;&nbsp; 6186 |
| 1.25% (Annually) | Bank of Japan Unsecured Overnight <br> Call Rate (Annually)<br>| 3/18/2036 | JPY | 3554000000 | 1384853 | &nbsp;&nbsp; 1253603 | &nbsp;&nbsp; 131250 |
| 2.50% (Annually) | 6-Month EURIBOR (Semiannually) | 3/18/2036 | EUR | 3200000 | 150885 | &nbsp;&nbsp; 149442 | &nbsp;&nbsp; 1443 |
| 3-Month New Zealand BBR FRA <br> (Quarterly)<br>| 4.00% (Semiannually) | 3/18/2036 | NZD | 9650000 | (65939)<br>| &nbsp;&nbsp; (102226)<br>| &nbsp;&nbsp; 36287 |
| 3-Month STIBOR (Quarterly) | 3.00% (Annually) | 3/18/2036 | SEK | 26280000 | 10803 | &nbsp;&nbsp; (15352)<br>| &nbsp;&nbsp; 26155 |
| 4.00% (Annually) | 6-Month PRIBOR (Semiannually) | 3/18/2036 | CZK | 14040000 | 8037 | &nbsp;&nbsp; 2285 | &nbsp;&nbsp; 5752 |
| 4.00% (Annually) | 1-Day SOFR (Annually) | 3/18/2036 | USD | 1490000 | (22725)<br>| &nbsp;&nbsp; (25794)<br>| &nbsp;&nbsp; 3069 |
| 4.25% (Semiannually) | 6-Month ASX BBSW <br> (Semiannually)<br>| 3/18/2036 | AUD | 3240000 | 96011 | &nbsp;&nbsp; 95091 | &nbsp;&nbsp; 920 |
| 6-Month BUBOR (Semiannually) | 6.50% (Annually) | 3/18/2036 | HUF | 44950000 | (163)<br>| &nbsp;&nbsp; (268)<br>| &nbsp;&nbsp; 105 |
| 6-Month WIBOR (Semiannually) | 4.50% (Annually) | 3/18/2036 | PLN | 5650000 | 37736 | &nbsp;&nbsp; 11465 | &nbsp;&nbsp; 26271 |
| 9.25% (Quarterly) | 1-Day COP-IBR-OIS (Quarterly) | 3/18/2036 | COP | 6916360000 | 184520 | &nbsp;&nbsp; 17165 | &nbsp;&nbsp; 167355 |
| Bank Of Canada Overnight Repo <br> Rate (Semiannually)<br>| 3.00% (Semiannually) | 3/18/2036 | CAD | 2630000 | (32979)<br>| &nbsp;&nbsp; (39638)<br>| &nbsp;&nbsp; 6659 |
| 3.81% (Annually) | 1-Day SOFR (Annually) | 8/31/2036 | USD | 30520000 | 146376 | &nbsp;&nbsp; (235732)<br>| &nbsp;&nbsp; 382108 |
| 4.21% (Annually) | 1-Day SOFR (Annually) | 5/21/2055 | USD | 5870000 | 168326 | &nbsp;&nbsp; 36061 | &nbsp;&nbsp; 132265 |
| 3.85% (Annually) | 1-Day SOFR (Annually) | 7/17/2055 | USD | 32500000 | 387760 | &nbsp;&nbsp; 64252 | &nbsp;&nbsp; 323508 |
| 2.80% (Annually) | 6-Month EURIBOR (Semiannually) | 8/13/2055 | EUR | 10940000 | 605754 | &nbsp;&nbsp; 173461 | &nbsp;&nbsp; 432293 |
| 3.83% (Annually) | 1-Day SOFR (Annually) | 1/30/2056 | USD | 4730000 | 275872 | &nbsp;&nbsp; 125419 | &nbsp;&nbsp; 150453 |
| 2.50% (Annually) | 6-Month EURIBOR (Semiannually) | 3/18/2056 | EUR | 3010000 | 523519 | &nbsp;&nbsp; 515386 | &nbsp;&nbsp; 8133 |
| 2.61% (Annually) | 6-Month EURIBOR (Semiannually) | 3/19/2056 | EUR | 10580000 | 1574123 | &nbsp;&nbsp; 539640 | &nbsp;&nbsp; 1034483 |
| 3.10% (Annually) | 6-Month EURIBOR (Semiannually) | 8/15/2056 | EUR | 8190000 | 298091 | &nbsp;&nbsp; 141175 | &nbsp;&nbsp; 156916 |
| 2.60% (Annually) | 6-Month EURIBOR (Semiannually) | 8/16/2075 | EUR | 4450000 | 53251 | &nbsp;&nbsp; (12776)<br>| &nbsp;&nbsp; 66027 |
| 3.00% (Annually) | 6-Month EURIBOR (Semiannually) | 3/18/2076 | EUR | 1310000 | 55255 | &nbsp;&nbsp; 53320 | &nbsp;&nbsp; 1935 |
| Subtotal Appreciation |  |  |  |  | $9202375 | &nbsp;&nbsp; $3244031 | &nbsp;&nbsp; $5958344 |

---

See Notes to Financial Statements.

**303**

------

**STRATEGIC ALTERNATIVES 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>|
| Central Bank of Mexico Overnight <br> TIIE Funding Rate (Lunar)<br>| 7.25% (Lunar) | 3/15/2028 | MXN | 174970000 | $(4248)<br>| &nbsp;&nbsp; $47513 | &nbsp;&nbsp; $(51761)<br>|
| 2.00% (Annually) | 6-Month EURIBOR (Semiannually) | 3/18/2028 | EUR | 3890000 | 26907 | &nbsp;&nbsp; 32067 | &nbsp;&nbsp; (5160)<br>|
| 2.25% (Annually) | 6-Month EURIBOR (Semiannually) | 3/18/2028 | EUR | 5200000 | 6365 | &nbsp;&nbsp; 9715 | &nbsp;&nbsp; (3350)<br>|
| 3.50% (Annually) | 1-Day SOFR (Annually) | 3/18/2028 | USD | 79270000 | (347789)<br>| &nbsp;&nbsp; (346643)<br>| &nbsp;&nbsp; (1146)<br>|
| 3.50% (Quarterly) | 3-Month ASX BBSW (Quarterly) | 3/18/2028 | AUD | 9730000 | 71524 | &nbsp;&nbsp; 74283 | &nbsp;&nbsp; (2759)<br>|
| Thai Overnight Repurchase Rate <br> (Quarterly)<br>| 1.00% (Quarterly) | 3/18/2028 | THB | 258600000 | (8591)<br>| &nbsp;&nbsp; (629)<br>| &nbsp;&nbsp; (7962)<br>|
| 1-Day SOFR (Annually) | 3.37% (Annually) | 6/23/2028 | USD | 101280000 | 86482 | &nbsp;&nbsp; 114127 | &nbsp;&nbsp; (27645)<br>|
| 1-Day ESTR (Annually) | 2.00% (Annually) | 9/10/2028 | EUR | 150324591 | (479228)<br>| &nbsp;&nbsp; (130612)<br>| &nbsp;&nbsp; (348616)<br>|
| 1-Day SOFR (Annually) | 3.20% (Annually) | 10/7/2028 | USD | 33270000 | (44196)<br>| &nbsp;&nbsp; 7332 | &nbsp;&nbsp; (51528)<br>|
| 1-Day SONIA (Annually) | 3.50% (Annually) | 10/27/2028 | GBP | 61960000 | (64626)<br>| &nbsp;&nbsp; (60705)<br>| &nbsp;&nbsp; (3921)<br>|
| 1-Day Brazil Cetip DI Interbank <br> Deposit Rate (Upon termination)<br>| 13.25% (Upon termination) | 1/2/2029 | BRL | 25310268 | (29713)<br>| &nbsp;&nbsp; (26596)<br>| &nbsp;&nbsp; (3117)<br>|
| 6-Month EURIBOR (Semiannually) | 2.40% (Annually) | 8/11/2029 | EUR | 27053471 | (137776)<br>| &nbsp;&nbsp; (26745)<br>| &nbsp;&nbsp; (111031)<br>|
| 13.25% (Upon termination) | 1-Day Brazil Cetip DI Interbank <br> Deposit Rate (Upon termination)<br>| 1/2/2030 | BRL | 8507169 | 15541 | &nbsp;&nbsp; 16798 | &nbsp;&nbsp; (1257)<br>|
| 1-Day SONIA (Annually) | 0.31% (Annually) | 6/17/2030 | GBP | 10000 | (2086)<br>| &nbsp;&nbsp; 307 | &nbsp;&nbsp; (2393)<br>|
| 1-Day SOFR (Annually) | 3.26% (Annually) | 1/30/2031 | USD | 16650000 | (154332)<br>| &nbsp;&nbsp; (97730)<br>| &nbsp;&nbsp; (56602)<br>|
| Central Bank of Mexico Overnight <br> TIIE Funding Rate (Lunar)<br>| 7.50% (Lunar) | 3/12/2031 | MXN | 113450000 | (72334)<br>| &nbsp;&nbsp; 56854 | &nbsp;&nbsp; (129188)<br>|
| 1-Day COP-IBR-OIS (Quarterly) | 8.75% (Quarterly) | 3/18/2031 | COP | 3753110000 | (78702)<br>| &nbsp;&nbsp; 6670 | &nbsp;&nbsp; (85372)<br>|
| 6-Month ASX BBSW <br> (Semiannually)<br>| 3.75% (Semiannually) | 3/18/2031 | AUD | 17050000 | (387876)<br>| &nbsp;&nbsp; (375135)<br>| &nbsp;&nbsp; (12741)<br>|
| 1-Day SOFR (Annually) | 3.38% (Annually) | 8/31/2031 | USD | 55290000 | (315335)<br>| &nbsp;&nbsp; 134699 | &nbsp;&nbsp; (450034)<br>|
| 1-Day SOFR (Annually) | 3.85% (Annually) | 5/21/2032 | USD | 8580000 | 81686 | &nbsp;&nbsp; 161021 | &nbsp;&nbsp; (79335)<br>|
| 1-Day ESTR (Annually) | 2.50% (Annually) | 2/15/2035 | EUR | 20060000 | (275892)<br>| &nbsp;&nbsp; (179733)<br>| &nbsp;&nbsp; (96159)<br>|
| 1-Day SOFR (Annually) | 4.10% (Annually) | 6/24/2035 | USD | 26190000 | (34050)<br>| &nbsp;&nbsp; 8738 | &nbsp;&nbsp; (42788)<br>|
| 1-Day SONIA (Annually) | 4.50% (Annually) | 10/28/2035 | GBP | 11460000 | 65668 | &nbsp;&nbsp; 88206 | &nbsp;&nbsp; (22538)<br>|
| 6-Month ASX BBSW <br> (Semiannually)<br>| 5.00% (Semiannually) | 11/27/2035 | AUD | 27360000 | (88719)<br>| &nbsp;&nbsp; 4086 | &nbsp;&nbsp; (92805)<br>|
| Central Bank of Mexico Overnight <br> TIIE Funding Rate (Lunar)<br>| 8.00% (Lunar) | 3/5/2036 | MXN | 40830000 | (36082)<br>| &nbsp;&nbsp; 11090 | &nbsp;&nbsp; (47172)<br>|
| 1-Day CLP-TNA (Semiannually) | 5.25% (Semiannually) | 3/18/2036 | CLP | 733750000 | 3086 | &nbsp;&nbsp; 3902 | &nbsp;&nbsp; (816)<br>|
| 4.00% (Annually) | 6-Month NIBOR (Semiannually) | 3/18/2036 | NOK | 41990000 | 47678 | &nbsp;&nbsp; 64624 | &nbsp;&nbsp; (16946)<br>|
| 4.25% (Annually) | 1-Day SONIA (Annually) | 3/18/2036 | GBP | 2800000 | (71955)<br>| &nbsp;&nbsp; (61687)<br>| &nbsp;&nbsp; (10268)<br>|
| 7.94% (Quarterly) | 3-Month JIBAR (Quarterly) | 3/18/2036 | ZAR | 2980000 | (6330)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (6330)<br>|
| 8.50% (Quarterly) | 3-Month JIBAR (Quarterly) | 3/18/2036 | ZAR | 47030000 | (213538)<br>| &nbsp;&nbsp; (149783)<br>| &nbsp;&nbsp; (63755)<br>|
| 4.25% (Annually) | 1-Day SONIA (Annually) | 1/31/2039 | GBP | 7950000 | (71951)<br>| &nbsp;&nbsp; (18139)<br>| &nbsp;&nbsp; (53812)<br>|
| 1-Day SONIA (Annually) | 0.40% (Annually) | 6/17/2040 | GBP | 10000 | (5865)<br>| &nbsp;&nbsp; 512 | &nbsp;&nbsp; (6377)<br>|
| 1-Day SOFR (Annually) | 4.57% (Annually) | 7/16/2040 | USD | 40140000 | (188658)<br>| &nbsp;&nbsp; (34369)<br>| &nbsp;&nbsp; (154289)<br>|
| 1-Day SOFR (Annually) | 4.44% (Annually) | 10/9/2040 | USD | 15380000 | (141834)<br>| &nbsp;&nbsp; (2732)<br>| &nbsp;&nbsp; (139102)<br>|
| Bank of Japan Unsecured Overnight <br> Call Rate (Annually)<br>| 2.16% (Annually) | 8/2/2044 | JPY | 3415229669 | (1097001)<br>| &nbsp;&nbsp; (626356)<br>| &nbsp;&nbsp; (470645)<br>|
| 6-Month EURIBOR (Semiannually) | 2.75% (Annually) | 3/18/2046 | EUR | 2310000 | (206317)<br>| &nbsp;&nbsp; (198034)<br>| &nbsp;&nbsp; (8283)<br>|
| 6-Month EURIBOR (Semiannually) | 2.90% (Annually) | 8/15/2055 | EUR | 6410000 | (135182)<br>| &nbsp;&nbsp; 23730 | &nbsp;&nbsp; (158912)<br>|
| Bank of Japan Unsecured Overnight <br> Call Rate (Annually)<br>| 2.25% (Annually) | 3/18/2056 | JPY | 369000000 | (303991)<br>| &nbsp;&nbsp; (302308)<br>| &nbsp;&nbsp; (1683)<br>|
| 1-Day ESTR (Annually) | 2.53% (Annually) | 3/19/2056 | EUR | 10580000 | (1325264)<br>| &nbsp;&nbsp; (479725)<br>| &nbsp;&nbsp; (845539)<br>|
| Subtotal Depreciation |  |  |  |  | $(5924524)<br>| &nbsp;&nbsp; $(2251387)<br>| &nbsp;&nbsp; $(3673137)<br>|
| Net Centrally Cleared Interest Rate Swaps outstanding at December 31, 2025 | Net Centrally Cleared Interest Rate Swaps outstanding at December 31, 2025 | Net Centrally Cleared Interest Rate Swaps outstanding at December 31, 2025 | Net Centrally Cleared Interest Rate Swaps outstanding at December 31, 2025 | Net Centrally Cleared Interest Rate Swaps outstanding at December 31, 2025 | $3277851 | &nbsp;&nbsp; $992644 | &nbsp;&nbsp; $2285207 |

---

**304**

See Notes to Financial Statements.

------

Total Return Basket Swap Agreements outstanding at December 31, 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 (-1.34% 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; 17-72 <br> months <br> maturity <br> ranging from <br> 05/13/2027 - <br> 12/31/2030<br>| GSC | &nbsp;&nbsp; $161616433 | &nbsp;&nbsp; $833685 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $833685 |

---

\***The following table represents disclosures associated with the underlying components of the total return basket swap as of year end.**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Common Stocks** | **Shares** | **Notional** | **Unrealized** <br> **Appreciation** <br> **(Depreciation)**<br>| **Percentage of** <br> **Swap Value**<br>|
| Alphabet, Inc. Class A | &nbsp;&nbsp; (4026)<br>| &nbsp;&nbsp;&nbsp; $1260138 | &nbsp;&nbsp; $16853 | 2.02<br> %<br>|
| Verisign, Inc. | &nbsp;&nbsp; 5137 | &nbsp;&nbsp;&nbsp; 1248034 | &nbsp;&nbsp; 1741 | 0.21 |
| Booking Holdings, Inc. | &nbsp;&nbsp; 215 | &nbsp;&nbsp;&nbsp; 1151396 | &nbsp;&nbsp; 34641 | 4.16 |
| Nutanix, Inc. Class A | &nbsp;&nbsp; 21977 | &nbsp;&nbsp;&nbsp; 1135991 | &nbsp;&nbsp; 91476 | 10.97 |
| Palo Alto Networks, Inc. | &nbsp;&nbsp; 5894 | &nbsp;&nbsp;&nbsp; 1085675 | &nbsp;&nbsp; (62176)<br>| &nbsp;&nbsp; (7.46)<br>|
| Atlassian Corporation Class A | &nbsp;&nbsp; 6652 | &nbsp;&nbsp;&nbsp; 1078555 | &nbsp;&nbsp; 4258 | 0.51 |
| Centene Corporation | &nbsp;&nbsp; 26158 | &nbsp;&nbsp;&nbsp; 1076402 | &nbsp;&nbsp; 71347 | 8.56 |
| Airbnb, Inc. Class A | &nbsp;&nbsp; 7556 | &nbsp;&nbsp;&nbsp; 1025500 | &nbsp;&nbsp; 78844 | 9.46 |
| TechnipFMC PLC | &nbsp;&nbsp; 22759 | &nbsp;&nbsp;&nbsp; 1014141 | &nbsp;&nbsp; (29317)<br>| &nbsp;&nbsp; (3.52)<br>|
| Microsoft Corporation | &nbsp;&nbsp; (2078)<br>| &nbsp;&nbsp;&nbsp; 1004962 | &nbsp;&nbsp; 15918 | 1.91 |
| Snowflake, Inc. | &nbsp;&nbsp; 4320 | &nbsp;&nbsp;&nbsp; 947635 | &nbsp;&nbsp; (12860)<br>| &nbsp;&nbsp; (1.54)<br>|
| Mckesson Corporation | &nbsp;&nbsp; 1110 | &nbsp;&nbsp;&nbsp; 910522 | &nbsp;&nbsp; 27939 | 3.35 |
| Natera, Inc. | &nbsp;&nbsp; 3742 | &nbsp;&nbsp;&nbsp; 857255 | &nbsp;&nbsp; (23542)<br>| &nbsp;&nbsp; (2.82)<br>|
| Hershey Co. (The) | &nbsp;&nbsp; (4660)<br>| &nbsp;&nbsp;&nbsp; 848027 | &nbsp;&nbsp; (12579)<br>| &nbsp;&nbsp; (1.51)<br>|
| Apple, Inc. | &nbsp;&nbsp; (3096)<br>| &nbsp;&nbsp;&nbsp; 841679 | &nbsp;&nbsp; 16689 | 2.00 |
| Synopsys, Inc. | &nbsp;&nbsp; (1785)<br>| &nbsp;&nbsp;&nbsp; 838450 | &nbsp;&nbsp; (4058)<br>| &nbsp;&nbsp; (0.49)<br>|
| General Dynamics Corporation | &nbsp;&nbsp; 2464 | &nbsp;&nbsp;&nbsp; 829530 | &nbsp;&nbsp; 5963 | 0.72 |
| PG&E Corporation | &nbsp;&nbsp; 51495 | &nbsp;&nbsp;&nbsp; 827525 | &nbsp;&nbsp; 55042 | 6.60 |
| Coca-Cola Co. (The) | &nbsp;&nbsp; (11370)<br>| &nbsp;&nbsp;&nbsp; 794877 | &nbsp;&nbsp; 1245 | 0.15 |
| JPMorgan Chase & Co. | &nbsp;&nbsp; (2372)<br>| &nbsp;&nbsp;&nbsp; 764306 | &nbsp;&nbsp; (54139)<br>| &nbsp;&nbsp; (6.49)<br>|
| Verisk Analytics, Inc. | &nbsp;&nbsp; 3346 | &nbsp;&nbsp;&nbsp; 748467 | &nbsp;&nbsp; 23680 | 2.84 |
| Zscaler, Inc. | &nbsp;&nbsp; 3309 | &nbsp;&nbsp;&nbsp; 744260 | &nbsp;&nbsp; (59228)<br>| &nbsp;&nbsp; (7.10)<br>|
| Bristol-Myers Squibb Co. | &nbsp;&nbsp; 13669 | &nbsp;&nbsp;&nbsp; 737306 | &nbsp;&nbsp; 46585 | 5.59 |
| Cisco Systems, Inc. | &nbsp;&nbsp; (9250)<br>| &nbsp;&nbsp;&nbsp; 712527 | &nbsp;&nbsp; 23367 | 2.80 |
| Lockheed Martin Corporation | &nbsp;&nbsp; 1405 | &nbsp;&nbsp;&nbsp; 679556 | &nbsp;&nbsp; 24337 | 2.92 |
| Veeva Systems, Inc. Class A | &nbsp;&nbsp; 3032 | &nbsp;&nbsp;&nbsp; 676833 | &nbsp;&nbsp; (26395)<br>| &nbsp;&nbsp; (3.17)<br>|
| Hubspot, Inc. | &nbsp;&nbsp; 1670 | &nbsp;&nbsp;&nbsp; 670171 | &nbsp;&nbsp; 25139 | 3.02 |
| CME Group, Inc. | &nbsp;&nbsp; 2448 | &nbsp;&nbsp;&nbsp; 668500 | &nbsp;&nbsp; 7299 | 0.88 |
| Gitlab, Inc. Class A | &nbsp;&nbsp; 17574 | &nbsp;&nbsp;&nbsp; 659552 | &nbsp;&nbsp; (40324)<br>| &nbsp;&nbsp; (4.84)<br>|
| Manhattan Associates, Inc. | &nbsp;&nbsp; 3784 | &nbsp;&nbsp;&nbsp; 655805 | &nbsp;&nbsp; (3065)<br>| &nbsp;&nbsp; (0.37)<br>|
| Hyatt Hotels Corporation Class A | &nbsp;&nbsp; (4090)<br>| &nbsp;&nbsp;&nbsp; 655709 | &nbsp;&nbsp; (32786)<br>| &nbsp;&nbsp; (3.93)<br>|
| Medpace Holdings, Inc. | &nbsp;&nbsp; 1155 | &nbsp;&nbsp;&nbsp; 648706 | &nbsp;&nbsp; 17764 | 2.13 |
| LPL Financial Holdings, Inc. | &nbsp;&nbsp; (1809)<br>| &nbsp;&nbsp;&nbsp; 646121 | &nbsp;&nbsp; 28855 | 3.46 |
| Comfort Systems U.S.A., Inc. | &nbsp;&nbsp; 678 | &nbsp;&nbsp;&nbsp; 632771 | &nbsp;&nbsp; (33923)<br>| &nbsp;&nbsp; (4.07)<br>|
| Elastic NV | &nbsp;&nbsp; 8249 | &nbsp;&nbsp;&nbsp; 622305 | &nbsp;&nbsp; 6008 | 0.72 |
| Avis Budget Group, Inc. | &nbsp;&nbsp; (4781)<br>| &nbsp;&nbsp;&nbsp; 613498 | &nbsp;&nbsp; 23183 | 2.78 |
| Amcor PLC | &nbsp;&nbsp; (73194)<br>| &nbsp;&nbsp;&nbsp; 610438 | &nbsp;&nbsp; (17116)<br>| &nbsp;&nbsp; (2.05)<br>|
| Zoom Communications, Inc. | &nbsp;&nbsp; 6938 | &nbsp;&nbsp;&nbsp; 598680 | &nbsp;&nbsp; (9297)<br>| &nbsp;&nbsp; (1.12)<br>|
| Choice Hotels International, Inc. | &nbsp;&nbsp; (6154)<br>| &nbsp;&nbsp;&nbsp; 586230 | &nbsp;&nbsp; (64471)<br>| &nbsp;&nbsp; (7.73)<br>|
| Ameriprise Financial, Inc. | &nbsp;&nbsp; 1178 | &nbsp;&nbsp;&nbsp; 577621 | &nbsp;&nbsp; 13574 | 1.63 |
| Westinghouse Air Brake Technologies Corporation | &nbsp;&nbsp; 2689 | &nbsp;&nbsp;&nbsp; 573967 | &nbsp;&nbsp; 9889 | 1.19 |

---

See Notes to Financial Statements.

**305**

------

**STRATEGIC ALTERNATIVES FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Common Stocks** | **Shares** | **Notional** | **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>| **Percentage of**<br> **Swap Value**<br>|
| Gartner, Inc. | &nbsp;&nbsp; 2171 | &nbsp;&nbsp;&nbsp; $547700 | &nbsp;&nbsp; $46328 | 5.56<br> %<br>|
| Edison International | &nbsp;&nbsp; 8908 | &nbsp;&nbsp;&nbsp; 534658 | &nbsp;&nbsp; 30198 | 3.62 |
| Cardinal Health, Inc. | &nbsp;&nbsp; 2551 | &nbsp;&nbsp;&nbsp; 524230 | &nbsp;&nbsp; 19974 | 2.40 |
| Air Products & Chemicals, Inc. | &nbsp;&nbsp; (2122)<br>| &nbsp;&nbsp;&nbsp; 524176 | &nbsp;&nbsp; (36412)<br>| &nbsp;&nbsp; (4.37)<br>|
| Bill Holdings, Inc. | &nbsp;&nbsp; (9583)<br>| &nbsp;&nbsp;&nbsp; 522657 | &nbsp;&nbsp; (2256)<br>| &nbsp;&nbsp; (0.27)<br>|
| Applovin Corporation Class A | &nbsp;&nbsp; (768)<br>| &nbsp;&nbsp;&nbsp; 517494 | &nbsp;&nbsp; 38988 | 4.68 |
| Aaon, Inc. | &nbsp;&nbsp; (6758)<br>| &nbsp;&nbsp;&nbsp; 515297 | &nbsp;&nbsp; 37906 | 4.55 |
| Occidental Petroleum Corporation | &nbsp;&nbsp; 12420 | &nbsp;&nbsp;&nbsp; 510710 | &nbsp;&nbsp; (2776)<br>| &nbsp;&nbsp; (0.33)<br>|
| Microstrategy, Inc. Class A | &nbsp;&nbsp; (3352)<br>| &nbsp;&nbsp;&nbsp; 509336 | &nbsp;&nbsp; 116594 | 13.99 |
| Other | &nbsp;&nbsp; (1043948)<br>| &nbsp;&nbsp;&nbsp; 123650552 | &nbsp;&nbsp; 398781 | 47.80 |
|  |  | &nbsp;&nbsp;&nbsp; $161616433 | &nbsp;&nbsp; $833685 | 100.00<br> %<br>|

---

**306**

See Notes to Financial Statements.

------

**VALUATION HIERARCHY**

The following is a summary of the inputs used, as of December 31, 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; $3113877 | &nbsp;&nbsp; $3094074 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $19803 |
| Other<sup>^^</sup> <br>| &nbsp;&nbsp; 29154672 | &nbsp;&nbsp; 29154672 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total Common Stocks | &nbsp;&nbsp; 32268549 | &nbsp;&nbsp; 32248746 | &nbsp;&nbsp; — | &nbsp;&nbsp; 19803 |
| Corporate Bonds | &nbsp;&nbsp; 48082194 | &nbsp;&nbsp; — | &nbsp;&nbsp; 48082194 | &nbsp;&nbsp; — |
| Foreign Bonds | &nbsp;&nbsp; 4142068 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4142068 | &nbsp;&nbsp; — |
| Foreign Common Stocks | &nbsp;&nbsp; 2406657 | &nbsp;&nbsp; 2406657 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Money Market Funds | &nbsp;&nbsp; 130687067 | &nbsp;&nbsp; 130687067 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Mortgage-Backed Securities | &nbsp;&nbsp; 17379344 | &nbsp;&nbsp; — | &nbsp;&nbsp; 17379344 | &nbsp;&nbsp; — |
| Preferred Stocks: |  |  |  |  |
| Information Technology | &nbsp;&nbsp; 1338397 | &nbsp;&nbsp; 801014 | &nbsp;&nbsp; 537383 | &nbsp;&nbsp; — |
| Materials | &nbsp;&nbsp; 1202042 | &nbsp;&nbsp; 1191482 | &nbsp;&nbsp; 10560 | &nbsp;&nbsp; — |
| Other<sup>^^</sup> <br>| &nbsp;&nbsp; 5226323 | &nbsp;&nbsp; 5226323 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total Preferred Stocks | &nbsp;&nbsp; 7766762 | &nbsp;&nbsp; 7218819 | &nbsp;&nbsp; 547943 | &nbsp;&nbsp; — |
| Purchased Options: |  |  |  |  |
| Call Swaptions | &nbsp;&nbsp; 70103 | &nbsp;&nbsp; — | &nbsp;&nbsp; 70103 | &nbsp;&nbsp; — |
| Put Swaptions | &nbsp;&nbsp; 223303 | &nbsp;&nbsp; — | &nbsp;&nbsp; 223303 | &nbsp;&nbsp; — |
| Total Purchased Options | &nbsp;&nbsp; 293406 | &nbsp;&nbsp; — | &nbsp;&nbsp; 293406 | &nbsp;&nbsp; — |
| U.S. Treasury Obligations | &nbsp;&nbsp; 37663367 | &nbsp;&nbsp; — | &nbsp;&nbsp; 37663367 | &nbsp;&nbsp; — |
| Warrants | &nbsp;&nbsp; 1068 | &nbsp;&nbsp; 1068 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Total Assets - Investments in Securities** | &nbsp;&nbsp; $280690482 | &nbsp;&nbsp; $172562357 | &nbsp;&nbsp; $108108322 | &nbsp;&nbsp; $19803 |
| **Other Financial Instruments\*\*\*** |  |  |  |  |
| Forward Foreign Currency Contracts | &nbsp;&nbsp; $614931 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $614931 | &nbsp;&nbsp; $— |
| Futures Contracts | &nbsp;&nbsp; 573950 | &nbsp;&nbsp; 573950 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Swap Agreements | &nbsp;&nbsp; 6792029 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6792029 | &nbsp;&nbsp; — |
| **Total Assets - Other Financial Instruments** | &nbsp;&nbsp; $7980910 | &nbsp;&nbsp; $573950 | &nbsp;&nbsp; $7406960 | &nbsp;&nbsp; $— |

---

See Notes to Financial Statements.

**307**

------

**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; $(23343859)<br>| &nbsp;&nbsp; $(23343859)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Foreign Common Stocks Sold Short | &nbsp;&nbsp; (3462365)<br>| &nbsp;&nbsp; (3462365)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Rights Sold Short | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; —<br> \*\*<br>|
| TBA Sale Commitment | &nbsp;&nbsp; (1039477)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (1039477)<br>| &nbsp;&nbsp; — |
| Written Options: |  |  |  |  |
| Call Options | &nbsp;&nbsp; (44)<br>| &nbsp;&nbsp; (44)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Call Swaptions | &nbsp;&nbsp; (42036)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (42036)<br>| &nbsp;&nbsp; — |
| Put Swaption | &nbsp;&nbsp; (195335)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (195335)<br>| &nbsp;&nbsp; — |
| Total Written Options | &nbsp;&nbsp; (237415)<br>| &nbsp;&nbsp; (44)<br>| &nbsp;&nbsp; (237371)<br>| &nbsp;&nbsp; — |
| **Total Liabilities - Investments in Securities** | &nbsp;&nbsp; $(28083116)<br>| &nbsp;&nbsp; $(26806268)<br>| &nbsp;&nbsp; $(1276848)<br>| &nbsp;&nbsp; $— |
| **Other Financial Instruments\*\*\*** |  |  |  |  |
| Forward Foreign Currency Contracts | &nbsp;&nbsp; $(644998)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(644998)<br>| &nbsp;&nbsp; $— |
| Futures Contracts | &nbsp;&nbsp; (395259)<br>| &nbsp;&nbsp; (395259)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Swap Agreements | &nbsp;&nbsp; (3673137)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (3673137)<br>| &nbsp;&nbsp; — |
| **Total Liabilities - Other Financial Instruments** | &nbsp;&nbsp; $(4713394)<br>| &nbsp;&nbsp; $(395259)<br>| &nbsp;&nbsp; $(4318135)<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>|

---

Management has determined that the amount of transfers between Level 3 and Level 1 compared to total net assets is not material; therefore, the amount of transfers between Level 3 and Level 1 is not shown for the year ended December 31, 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 December 31, 2025.

**308**

See Notes to Financial Statements.

------

**STATEMENTS OF ASSETS AND LIABILITIES**

**December 31, 2025**

---

| | |
|:---|:---|
|  | **Strategic Alternatives Fund** |
| **Assets** |  |
| Investments in securities of unaffiliated issuers, at value\* | &nbsp;&nbsp; $168961124 |
| Investments in securities of affiliated issuers, at value | &nbsp;&nbsp; 111729358 |
| Total investments, at value<sup>(1)</sup> <br>| &nbsp;&nbsp; 280690482 |
| Cash | &nbsp;&nbsp; 24832902 |
| Cash collateral for derivatives | &nbsp;&nbsp; 18372216 |
| Deposits with broker for futures contracts | &nbsp;&nbsp; 2946080 |
| Foreign currency<sup>(2)</sup> <br>| &nbsp;&nbsp; 70302 |
| Upfront premiums paid from swap agreements | &nbsp;&nbsp; 6083462 |
| Receivables: |  |
| Dividends | &nbsp;&nbsp; 436906 |
| Interest | &nbsp;&nbsp; 168232 |
| From adviser | &nbsp;&nbsp; 27678 |
| Investment securities sold | &nbsp;&nbsp; 1880580 |
| Fund shares sold | &nbsp;&nbsp; 198681 |
| Variation margin on centrally cleared and total return basket swaps  | &nbsp;&nbsp; 134750 |
| Variation margin on futures contracts | &nbsp;&nbsp; 168826 |
| Unrealized appreciation on foreign currency exchange contracts | &nbsp;&nbsp; 614931 |
| Unrealized appreciation on swap agreements | &nbsp;&nbsp; 833685 |
| Prepaid expenses and other assets | &nbsp;&nbsp; 7474 |
| Total Assets | &nbsp;&nbsp; 337467187 |
| **Liabilities** |  |
| Securities sold short, at value<sup>(3)</sup> <br>| &nbsp;&nbsp; 26806224 |
| TBA sale commitments, at value<sup>(4)</sup> <br>| &nbsp;&nbsp; 1039477 |
| Options written, at value<sup>(5)</sup> <br>| &nbsp;&nbsp; 237415 |
| Upfront premiums received from swap agreements | &nbsp;&nbsp; 5090818 |
| Unrealized depreciation on foreign currency exchange contracts | &nbsp;&nbsp; 644998 |
| Collateral from counterparty | &nbsp;&nbsp; 6777016 |
| Payables: |  |
| Investment securities purchased | &nbsp;&nbsp; 13774348 |
| Fund shares redeemed | &nbsp;&nbsp; 5530 |
| Variation margin on centrally cleared and total return basket swaps  | &nbsp;&nbsp; 5671 |
| Accrued expenses: |  |
| Investment advisory fees | &nbsp;&nbsp; 223796 |
| Shareholder servicing fees | &nbsp;&nbsp; 10424 |
| Director fees | &nbsp;&nbsp; 50 |
| Other expenses | &nbsp;&nbsp; 24600 |
| Total Liabilities | &nbsp;&nbsp; 54640367 |
| Commitments and contingencies | &nbsp;&nbsp; — <br><sup>(6)</sup><br>|
| **Net Assets** | &nbsp;&nbsp; $282826820 |
| **Net Assets Consist of:** |  |
| Paid-in-capital | &nbsp;&nbsp; $312193246 |
| Distributable earnings (loss) | &nbsp;&nbsp; (29366426)<br>|
| **Net Assets** | &nbsp;&nbsp; $282826820 |
| **Net Asset Value:** |  |
| $0.001 par value, unlimited shares authorized |  |
| Net assets applicable to the Institutional Class | &nbsp;&nbsp; $232718676 |
| Institutional shares outstanding | &nbsp;&nbsp; 25915034 |
| Net asset value, offering and redemption price per Institutional share | &nbsp;&nbsp; $8.98 |
| Net assets applicable to the Investor Class | &nbsp;&nbsp; $50108144 |
| Investor shares outstanding | &nbsp;&nbsp; 5622560 |
| Net asset value, offering and redemption price per Investor share | &nbsp;&nbsp; $8.91 |
| <sup>(1)</sup>Investments in securities of unaffiliated issuers, at cost\* | &nbsp;&nbsp; $155988595 |
| Investments in securities of affiliated issuers, at cost | &nbsp;&nbsp; 111729358 |
| Total investments, at cost | &nbsp;&nbsp; $267717953 |
| <sup>(2)</sup>Foreign currency, at cost | &nbsp;&nbsp; $70183 |
| <sup>(3)</sup>Proceeds from securities sold short | &nbsp;&nbsp; $20030326 |
| <sup>(4)</sup>TBA sale commitments, at cost | &nbsp;&nbsp; $1036953 |
| <sup>(5)</sup>Premiums received on options written | &nbsp;&nbsp; $463931 |
| <sup>(6)</sup>See Note 3c in Notes to Financial Statements. |  |
| \* Includes Purchased Options | \* Includes Purchased Options |

---

See Notes to Financial Statements.

**309**

------

**STATEMENTS OF OPERATIONS**

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

---

| | |
|:---|:---|
|  | **Strategic Alternatives Fund** |
| **Investment Income** |  |
| Dividends | &nbsp;&nbsp; $1772215 |
| Income distributions received from affiliated funds | &nbsp;&nbsp; 4290910 |
| Interest | &nbsp;&nbsp; 4842593 |
| Less foreign taxes withheld | &nbsp;&nbsp; (1532)<br>|
| Total Investment Income | &nbsp;&nbsp; 10904186 |
| **Expenses** |  |
| Investment advisory fees | &nbsp;&nbsp; 2623068 |
| Transfer agent fees: |  |
| Institutional shares | &nbsp;&nbsp; 10280 |
| Investor shares | &nbsp;&nbsp; 33296 |
| Custodian fees | &nbsp;&nbsp; 586163 |
| Shareholder servicing fees: |  |
| Investor shares | &nbsp;&nbsp; 118515 |
| Accounting and administration fees | &nbsp;&nbsp; 109154 |
| Professional fees | &nbsp;&nbsp; 163185 |
| Blue sky fees: |  |
| Institutional shares | &nbsp;&nbsp; 17089 |
| Investor shares | &nbsp;&nbsp; 19849 |
| Shareholder reporting fees: |  |
| Institutional shares | &nbsp;&nbsp; 3522 |
| Investor shares | &nbsp;&nbsp; 9531 |
| Directors expenses | &nbsp;&nbsp; 6733 |
| Line of credit facility fees | &nbsp;&nbsp; 1166 |
| Index license fees | &nbsp;&nbsp; 4170 |
| Dividends on securities sold short | &nbsp;&nbsp; 130524 |
| Other expenses | &nbsp;&nbsp; 32730 |
| Recoupment of prior expenses reduced by the Adviser | &nbsp;&nbsp; 121117 |
| Total Expenses | &nbsp;&nbsp; 3990092 |
| Expenses waived/reimbursed<sup>(1)</sup> <br>| &nbsp;&nbsp; (65026)<br>|
| Net Expenses | &nbsp;&nbsp; 3925066 |
| **Net Investment Income** | &nbsp;&nbsp; 6979120 |
| **Realized and Unrealized Gain (Loss)** |  |
| Net realized gain (loss) from: |  |
| Capital gain distributions received from affiliated funds | &nbsp;&nbsp; 4340 |
| Investment securities | &nbsp;&nbsp; 11631236 |
| Investment securities sold short | &nbsp;&nbsp; (4945516)<br>|
| Futures transactions | &nbsp;&nbsp; (865056)<br>|
| Swap agreements | &nbsp;&nbsp; (891863)<br>|
| Option contracts written | &nbsp;&nbsp; (64002)<br>|
| Option contracts purchased | &nbsp;&nbsp; (94839)<br>|
| Forward foreign currency contracts | &nbsp;&nbsp; (183865)<br>|
| Foreign currency | &nbsp;&nbsp; (107710)<br>|
| Net realized gain | &nbsp;&nbsp; 4482725 |
| Net change in unrealized appreciation (depreciation) on: |  |
| Investment securities | &nbsp;&nbsp; 6591449 |
| Investment securities sold short | &nbsp;&nbsp; (5157256)<br>|
| TBA sale commitments | &nbsp;&nbsp; (2524)<br>|
| Futures | &nbsp;&nbsp; (511700)<br>|
| Swap agreements | &nbsp;&nbsp; 2487863 |
| Option contracts written | &nbsp;&nbsp; 186357 |
| Option contracts purchased | &nbsp;&nbsp; (208121)<br>|
| Forward foreign currency contracts | &nbsp;&nbsp; (70140)<br>|
| Foreign currency | &nbsp;&nbsp; 709 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 3316637 |
| **Net Realized and Unrealized Gain** | &nbsp;&nbsp; 7799362 |
| **Net Increase in Net Assets Resulting from Operations** | &nbsp;&nbsp; $14778482 |

---

<sup>(1)</sup> See Note 3c in Notes to Financial Statements.

**310**

See Notes to Financial Statements.

------

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
|  | **Strategic Alternatives Fund** | **Strategic Alternatives Fund** |
|  | **For the Year Ended** | **For the Year Ended** |
|  | **12/31/25** | **12/31/24** |
| **Operations:** |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; $6979120 | &nbsp;&nbsp;&nbsp;&nbsp; $8960695 |
| Net realized gain on investment securities, foreign currency and derivatives  | &nbsp;&nbsp;&nbsp;&nbsp; 4482725 | &nbsp;&nbsp;&nbsp;&nbsp; 2135642 |
| Net change in unrealized appreciation (depreciation) on investment securities, foreign <br> currency and derivatives<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3316637 | &nbsp;&nbsp;&nbsp;&nbsp; 7571956 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp; 14778482 | &nbsp;&nbsp;&nbsp;&nbsp; 18668293 |
| **Distributions to Shareholders:** |  |  |
| Distributions paid |  |  |
| Institutional shares | &nbsp;&nbsp;&nbsp;&nbsp; (15920499)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (18244202)<br>|
| Investor shares | &nbsp;&nbsp;&nbsp;&nbsp; (3275771)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3284437)<br>|
| Return of capital |  |  |
| Institutional shares | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Investor shares | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp;&nbsp;&nbsp; (19196270)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (21528639)<br>|
| **Capital Share Transactions:** |  |  |
| Proceeds from shares sold |  |  |
| Institutional shares | &nbsp;&nbsp;&nbsp;&nbsp; 40126252 | &nbsp;&nbsp;&nbsp;&nbsp; 51741651 |
| Investor shares | &nbsp;&nbsp;&nbsp;&nbsp; 18970660 | &nbsp;&nbsp;&nbsp;&nbsp; 8866681 |
| Reinvestment of dividends and distributions |  |  |
| Institutional shares | &nbsp;&nbsp;&nbsp;&nbsp; 15912242 | &nbsp;&nbsp;&nbsp;&nbsp; 18236746 |
| Investor shares | &nbsp;&nbsp;&nbsp;&nbsp; 3273806 | &nbsp;&nbsp;&nbsp;&nbsp; 3284437 |
| Total proceeds from shares sold and reinvested | &nbsp;&nbsp;&nbsp;&nbsp; 78282960 | &nbsp;&nbsp;&nbsp;&nbsp; 82129515 |
| Value of shares redeemed |  |  |
| Institutional shares | &nbsp;&nbsp;&nbsp;&nbsp; (44572338)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (48623071)<br>|
| Investor shares | &nbsp;&nbsp;&nbsp;&nbsp; (12793203)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (11315682)<br>|
| Total value of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (57365541)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (59938753)<br>|
| Net increase from capital share transactions<sup>(1)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 20917419 | &nbsp;&nbsp;&nbsp;&nbsp; 22190762 |
| Total increase in net assets | &nbsp;&nbsp;&nbsp;&nbsp; 16499631 | &nbsp;&nbsp;&nbsp;&nbsp; 19330416 |
| **Net Assets:** |  |  |
| Beginning of Year | &nbsp;&nbsp;&nbsp;&nbsp; 266327189 | &nbsp;&nbsp;&nbsp;&nbsp; 246996773 |
| End of Year | &nbsp;&nbsp;&nbsp;&nbsp; $282826820 | &nbsp;&nbsp;&nbsp;&nbsp; $266327189 |

---

<sup>(1)</sup> See Note 6 in Notes to Financial Statements.

See Notes to Financial Statements.

**311**

------

**FINANCIAL HIGHLIGHTS** 

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *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 Year**<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> **Year**<br>| **Total**<br> **Return**<br>| **Net Assets,**<br> **End of Year**<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 | &nbsp;&nbsp;&nbsp; $9.13 | &nbsp;&nbsp;&nbsp; $0.24 | &nbsp;&nbsp;&nbsp; $0.25 | &nbsp;&nbsp;&nbsp; $0.49 | &nbsp;&nbsp;&nbsp; $(0.38)<br>| &nbsp;&nbsp;&nbsp; $(0.26)<br>| &nbsp;&nbsp;&nbsp; $(0.64)<br>| &nbsp;&nbsp;&nbsp; $8.98 | &nbsp;&nbsp;&nbsp;&nbsp; 5.48<br> %<br>| &nbsp;&nbsp;&nbsp; $232719 | &nbsp;&nbsp;&nbsp;&nbsp; 1.35<br> %(1)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.36<br> %(1)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.52<br> %<br>| &nbsp;&nbsp;&nbsp; 432<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> (1)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.30<br> (1)<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> (1)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.41<br> (1)<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> (1)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.36<br> (1)<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> (1)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.17<br> (1)<br>| &nbsp;&nbsp;&nbsp; (0.46)<br>| &nbsp;&nbsp;&nbsp; 377 |
| **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 | &nbsp;&nbsp;&nbsp; $9.07 | &nbsp;&nbsp;&nbsp; $0.21 | &nbsp;&nbsp;&nbsp; $0.25 | &nbsp;&nbsp;&nbsp; $0.46 | &nbsp;&nbsp;&nbsp; $(0.36)<br>| &nbsp;&nbsp;&nbsp; $(0.26)<br>| &nbsp;&nbsp;&nbsp; $(0.62)<br>| &nbsp;&nbsp;&nbsp; $8.91 | &nbsp;&nbsp;&nbsp;&nbsp; 5.10<br> %<br>| &nbsp;&nbsp;&nbsp; $50108 | &nbsp;&nbsp;&nbsp;&nbsp; 1.60<br> %(1)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.68<br> %(1)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.26<br> %<br>| &nbsp;&nbsp;&nbsp; 432<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> (1)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.66<br> (1)<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> (1)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.74<br> (1)<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> (1)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.67<br> (1)<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> (1)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.52<br> (1)<br>| &nbsp;&nbsp;&nbsp; (0.76)<br>| &nbsp;&nbsp;&nbsp; 377 |

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# Calculated using the average shares outstanding method.

(1) The ratio for the Strategic Alternatives Fund includes the effect of dividend expense on securities sold short which increased the ratio by 0.04%, 0.07%, 0.05%, 0.03%, and 0.05% for the years 2021, 2022, 2023, 2024, and 2025, respectively. 

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See Notes to Financial Statements.

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**NOTES TO FINANCIAL STATEMENTS**

&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, MyDestination 2055 Fund, and MyDestination 2065 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, 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 a 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.

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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 fair 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 members of the GuideStone Capital Management, LLC's ("GSCM" or "Adviser") 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.

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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"

**315**

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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

**317**

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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 December 31, 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; $100000000 | &nbsp;&nbsp;&nbsp; $(100000000)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| BNP Paribas | &nbsp;&nbsp;&nbsp; 115000000 | &nbsp;&nbsp;&nbsp; (115000000)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Citigroup Global Markets, Inc. | &nbsp;&nbsp;&nbsp; 95000000 | &nbsp;&nbsp;&nbsp; (95000000)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Goldman Sachs & Co. | &nbsp;&nbsp;&nbsp; 93000000 | &nbsp;&nbsp;&nbsp; (93000000)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Mitsubishi UFJ Securities USA, Inc. | &nbsp;&nbsp;&nbsp; 107000000 | &nbsp;&nbsp;&nbsp; (107000000)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Mizuho Securities USA, Inc. | &nbsp;&nbsp;&nbsp; 120000000 | &nbsp;&nbsp;&nbsp; (120000000)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Natixis S.A. | &nbsp;&nbsp;&nbsp; 100000000 | &nbsp;&nbsp;&nbsp; (100000000)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| TD Securities USA LLC | &nbsp;&nbsp;&nbsp; 80000000 | &nbsp;&nbsp;&nbsp; (80000000)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Total Repurchase Agreements | &nbsp;&nbsp;&nbsp; $810000000 | &nbsp;&nbsp;&nbsp; $(810000000)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| **Medium-Duration Bond** |  |  |  |  |
| Citigroup Global Markets, Inc. | &nbsp;&nbsp;&nbsp; $54000000 | &nbsp;&nbsp;&nbsp; $(54000000)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| Deutsche Bank Securities, Inc. | &nbsp;&nbsp;&nbsp; 318000000 | &nbsp;&nbsp;&nbsp; (318000000)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Total Repurchase Agreements | &nbsp;&nbsp;&nbsp; $372000000 | &nbsp;&nbsp;&nbsp; $(372000000)<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 December 31, 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 December 31, 2025, the value of securities sold short was $26,806,224 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, 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, inflation index, 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 year ended December 31, 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. Certain Funds may enter into an equity or fixed income swap agreement to obtain exposure to a portfolio of long and short securities. Under the terms of the agreement, the swap is designed to function as a portfolio of direct investments in long and short equity or fixed income positions. This means that the Fund has the ability to trade in and out of long and short positions within the swap and will receive all of the economic benefits and risks equivalent to direct investments in these positions such as: capital appreciation (depreciation), corporate actions, and dividends and interest received and paid, all of which are reflected in the swap value.

**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.

**Inflation Index Swap Agreements** — Inflation index swap agreements involve managing the exposure to inflation risk. An inflation index swap is an agreement between two parties, whereby one party makes payments based on the cumulative percentage increase in an index that serves as a measure of inflation (typically, the Consumer Price Index) and the other party makes a regular payment based on a compounded fixed rate. The value of an inflation index swap agreement is expected to change in response to changes in the rate of inflation. If inflation increases at a faster rate than anticipated at the

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time the swap contract is entered into, the swap contract will increase in value. Similarly, if inflation increases at a rate slower than anticipated at the time the swap agreement is entered into, the swap agreement will decrease in value.

**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 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 December 31, 2025, derivative assets and liabilities (by type) held by the Funds are as follows:

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| | | |
|:---|:---|:---|
| **Fund** | **Assets** | **Liabilities** |
| **MyDestination 2015** |  |  |
| Derivative Financial Instruments: |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $77290 |
| Total derivative assets and liabilities in the Statements of Assets and Liabilities | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 77290 |
| Derivatives not subject to an ISDA MA or similar agreement | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 77290 |
| Total assets and liabilities subject to an ISDA MA | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| **MyDestination 2025** |  |  |
| Derivative Financial Instruments: |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $233445 |
| Total derivative assets and liabilities in the Statements of Assets and Liabilities | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 233445 |
| Derivatives not subject to an ISDA MA or similar agreement | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 233445 |
| Total assets and liabilities subject to an ISDA MA | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| **MyDestination 2035** |  |  |
| Derivative Financial Instruments: |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $272845 |
| Total derivative assets and liabilities in the Statements of Assets and Liabilities | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 272845 |
| Derivatives not subject to an ISDA MA or similar agreement | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 272845 |
| Total assets and liabilities subject to an ISDA MA | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| **MyDestination 2045** |  |  |
| Derivative Financial Instruments: |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $239355 |
| Total derivative assets and liabilities in the Statements of Assets and Liabilities | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 239355 |
| Derivatives not subject to an ISDA MA or similar agreement | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 239355 |
| Total assets and liabilities subject to an ISDA MA | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— |

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| | | |
|:---|:---|:---|
| **Fund** | **Assets** | **Liabilities** |
| **MyDestination 2055** |  |  |
| Derivative Financial Instruments: |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $130020 |
| Total derivative assets and liabilities in the Statements of Assets and Liabilities | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 130020 |
| Derivatives not subject to an ISDA MA or similar agreement | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 130020 |
| Total assets and liabilities subject to an ISDA MA | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| **Low-Duration Bond** |  |  |
| Derivative Financial Instruments: |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $119616 |
| Forward foreign currency contracts | &nbsp;&nbsp; 162348 | &nbsp;&nbsp;&nbsp;&nbsp; 277447 |
| Options | &nbsp;&nbsp; 74408 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Centrally cleared swaps | &nbsp;&nbsp; 116935 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Swap agreements | &nbsp;&nbsp; 22221 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total derivative assets and liabilities in the Statements of Assets and Liabilities | &nbsp;&nbsp; 375912 | &nbsp;&nbsp;&nbsp;&nbsp; 397063 |
| Derivatives not subject to an ISDA MA or similar agreement | &nbsp;&nbsp; 116937 | &nbsp;&nbsp;&nbsp;&nbsp; 119616 |
| Total assets and liabilities subject to an ISDA MA | &nbsp;&nbsp; $258975 | &nbsp;&nbsp;&nbsp;&nbsp; $277447 |
| **Medium-Duration Bond** |  |  |
| Derivative Financial Instruments: |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $893868 |
| Forward foreign currency contracts | &nbsp;&nbsp; 1204182 | &nbsp;&nbsp;&nbsp;&nbsp; 2563209 |
| Options | &nbsp;&nbsp; 1087652 | &nbsp;&nbsp;&nbsp;&nbsp; 793119 |
| Centrally cleared swaps | &nbsp;&nbsp; 616239 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Swap agreements | &nbsp;&nbsp; 12660 | &nbsp;&nbsp;&nbsp;&nbsp; 33836 |
| Total derivative assets and liabilities in the Statements of Assets and Liabilities | &nbsp;&nbsp; 2920733 | &nbsp;&nbsp;&nbsp;&nbsp; 4284032 |
| Derivatives not subject to an ISDA MA or similar agreement | &nbsp;&nbsp; 797020 | &nbsp;&nbsp;&nbsp;&nbsp; 1016289 |
| Total assets and liabilities subject to an ISDA MA | &nbsp;&nbsp; $2123713 | &nbsp;&nbsp;&nbsp;&nbsp; $3267743 |
| **Global Bond** |  |  |
| Derivative Financial Instruments: |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $129462 |
| Forward foreign currency contracts | &nbsp;&nbsp; 8676339 | &nbsp;&nbsp;&nbsp;&nbsp; 8808816 |
| Options | &nbsp;&nbsp; 17404 | &nbsp;&nbsp;&nbsp;&nbsp; 6137 |
| Centrally cleared swaps | &nbsp;&nbsp; 8840 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total derivative assets and liabilities in the Statements of Assets and Liabilities | &nbsp;&nbsp; 8702583 | &nbsp;&nbsp;&nbsp;&nbsp; 8944415 |
| Derivatives not subject to an ISDA MA or similar agreement | &nbsp;&nbsp; 1264066 | &nbsp;&nbsp;&nbsp;&nbsp; 1644651 |
| Total assets and liabilities subject to an ISDA MA | &nbsp;&nbsp; $7438517 | &nbsp;&nbsp;&nbsp;&nbsp; $7299764 |
| **Impact Bond** |  |  |
| Derivative Financial Instruments: |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $2117 |
| Total derivative assets and liabilities in the Statements of Assets and Liabilities | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2117 |
| Derivatives not subject to an ISDA MA or similar agreement | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2117 |
| Total assets and liabilities subject to an ISDA MA | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— |

---

**326**

------

---

| | | |
|:---|:---|:---|
| **Fund** | **Assets** | **Liabilities** |
| **Defensive Market Strategies**<sup>®</sup> |  |  |
| Derivative Financial Instruments: |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $304944 |
| Options | &nbsp;&nbsp; 82094191 | &nbsp;&nbsp;&nbsp;&nbsp; 3083262 |
| Total derivative assets and liabilities in the Statements of Assets and Liabilities | &nbsp;&nbsp; 82094191 | &nbsp;&nbsp;&nbsp;&nbsp; 3388206 |
| Derivatives not subject to an ISDA MA or similar agreement | &nbsp;&nbsp; 82094191 | &nbsp;&nbsp;&nbsp;&nbsp; 3388206 |
| Total assets and liabilities subject to an ISDA MA | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| **Equity Index** |  |  |
| Derivative Financial Instruments: |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $708975 |
| Total derivative assets and liabilities in the Statements of Assets and Liabilities | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 708975 |
| Derivatives not subject to an ISDA MA or similar agreement | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 708975 |
| 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; $— | &nbsp;&nbsp;&nbsp;&nbsp; $37260 |
| Total derivative assets and liabilities in the Statements of Assets and Liabilities | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 37260 |
| Derivatives not subject to an ISDA MA or similar agreement | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 37260 |
| Total assets and liabilities subject to an ISDA MA | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| **Value Equity** |  |  |
| Derivative Financial Instruments: |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $100913 |
| Forward foreign currency contracts | &nbsp;&nbsp; 8920 | &nbsp;&nbsp;&nbsp;&nbsp; 95416 |
| Total derivative assets and liabilities in the Statements of Assets and Liabilities | &nbsp;&nbsp; 8920 | &nbsp;&nbsp;&nbsp;&nbsp; 196329 |
| Derivatives not subject to an ISDA MA or similar agreement | &nbsp;&nbsp; 8920 | &nbsp;&nbsp;&nbsp;&nbsp; 196329 |
| 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; $— | &nbsp;&nbsp;&nbsp;&nbsp; $68770 |
| Total derivative assets and liabilities in the Statements of Assets and Liabilities | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 68770 |
| Derivatives not subject to an ISDA MA or similar agreement | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 68770 |
| Total assets and liabilities subject to an ISDA MA | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| **Growth Equity** |  |  |
| Derivative Financial Instruments: |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $47092 |
| Total derivative assets and liabilities in the Statements of Assets and Liabilities | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 47092 |
| Derivatives not subject to an ISDA MA or similar agreement | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 47092 |
| Total assets and liabilities subject to an ISDA MA | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— |

---

**327**

------

---

| | | |
|:---|:---|:---|
| **Fund** | **Assets** | **Liabilities** |
| **Small Cap Equity** |  |  |
| Derivative Financial Instruments: |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $286634 |
| Forward foreign currency contracts | &nbsp;&nbsp; 141 | &nbsp;&nbsp;&nbsp;&nbsp; 6484 |
| Total derivative assets and liabilities in the Statements of Assets and Liabilities | &nbsp;&nbsp; 141 | &nbsp;&nbsp;&nbsp;&nbsp; 293118 |
| Derivatives not subject to an ISDA MA or similar agreement | &nbsp;&nbsp; 141 | &nbsp;&nbsp;&nbsp;&nbsp; 293118 |
| 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; $— | &nbsp;&nbsp;&nbsp;&nbsp; $501390 |
| Total derivative assets and liabilities in the Statements of Assets and Liabilities | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 501390 |
| Derivatives not subject to an ISDA MA or similar agreement | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 501390 |
| 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; $189829 |
| Forward foreign currency contracts | &nbsp;&nbsp; 2001817 | &nbsp;&nbsp;&nbsp;&nbsp; 2233870 |
| Centrally cleared swaps | &nbsp;&nbsp; 57913 | &nbsp;&nbsp;&nbsp;&nbsp; 545078 |
| Swap agreements | &nbsp;&nbsp; 2113927 | &nbsp;&nbsp;&nbsp;&nbsp; 813833 |
| Total derivative assets and liabilities in the Statements of Assets and Liabilities | &nbsp;&nbsp; 4173657 | &nbsp;&nbsp;&nbsp;&nbsp; 3782610 |
| Derivatives not subject to an ISDA MA or similar agreement | &nbsp;&nbsp; 57913 | &nbsp;&nbsp;&nbsp;&nbsp; 734906 |
| Total assets and liabilities subject to an ISDA MA | &nbsp;&nbsp; $4115744 | &nbsp;&nbsp;&nbsp;&nbsp; $3047704 |
| **Emerging Markets Equity** |  |  |
| Derivative Financial Instruments: |  |  |
| Futures contracts | &nbsp;&nbsp; $217719 | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Forward foreign currency contracts | &nbsp;&nbsp; 2125902 | &nbsp;&nbsp;&nbsp;&nbsp; 3452143 |
| Centrally cleared swaps | &nbsp;&nbsp; 3965281 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Swap agreements | &nbsp;&nbsp; 2150281 | &nbsp;&nbsp;&nbsp;&nbsp; 731818 |
| Total derivative assets and liabilities in the Statements of Assets and Liabilities | &nbsp;&nbsp; 8459183 | &nbsp;&nbsp;&nbsp;&nbsp; 4183961 |
| Derivatives not subject to an ISDA MA or similar agreement | &nbsp;&nbsp; 4183000 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total assets and liabilities subject to an ISDA MA | &nbsp;&nbsp; $4276183 | &nbsp;&nbsp;&nbsp;&nbsp; $4183961 |
| **Global Real Estate Securities** |  |  |
| Derivative Financial Instruments: |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $6080 |
| Total derivative assets and liabilities in the Statements of Assets and Liabilities | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6080 |
| Derivatives not subject to an ISDA MA or similar agreement | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6080 |
| Total assets and liabilities subject to an ISDA MA | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— |

---

**328**

------

---

| | | |
|:---|:---|:---|
| **Fund** | **Assets** | **Liabilities** |
| **Strategic Alternatives** |  |  |
| Derivative Financial Instruments: |  |  |
| Futures contracts | &nbsp;&nbsp; $168826 | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Forward foreign currency contracts | &nbsp;&nbsp; 614931 | &nbsp;&nbsp;&nbsp;&nbsp; 644998 |
| Options | &nbsp;&nbsp; 293406 | &nbsp;&nbsp;&nbsp;&nbsp; 237415 |
| Centrally cleared and total return basket swaps | &nbsp;&nbsp; 134750 | &nbsp;&nbsp;&nbsp;&nbsp; 5671 |
| Swap agreements | &nbsp;&nbsp; 833685 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total derivative assets and liabilities in the Statements of Assets and Liabilities | &nbsp;&nbsp; 2045598 | &nbsp;&nbsp;&nbsp;&nbsp; 888084 |
| Derivatives not subject to an ISDA MA or similar agreement | &nbsp;&nbsp; 303576 | &nbsp;&nbsp;&nbsp;&nbsp; 5715 |
| Total assets and liabilities subject to an ISDA MA | &nbsp;&nbsp; $1742022 | &nbsp;&nbsp;&nbsp;&nbsp; $882369 |

---

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 December 31, 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 B |  |  |  |  |  |
| Other Counterparties\* | &nbsp;&nbsp; $258975 | &nbsp;&nbsp; $(277447)<br>| &nbsp;&nbsp; $(18472)<br>| &nbsp;&nbsp; $(11049)<br>| &nbsp;&nbsp; $(29521)<br>|
| **Total Derivatives** | &nbsp;&nbsp; $258975 | &nbsp;&nbsp; $(277447)<br>| &nbsp;&nbsp; $(18472)<br>| &nbsp;&nbsp; $(11049)<br>| &nbsp;&nbsp; $(29521)<br>|
| **Medium-Duration Bond** |  |  |  |  |  |
| Sub-adviser A |  |  |  |  |  |
| Other Counterparties\* | &nbsp;&nbsp; $943280 | &nbsp;&nbsp; $(1163200)<br>| &nbsp;&nbsp; $(219920)<br>| &nbsp;&nbsp; $156909 | &nbsp;&nbsp; $(63011)<br>|
| Sub-adviser B |  |  |  |  |  |
| Other Counterparties\* | &nbsp;&nbsp; 995236 | &nbsp;&nbsp; (1922984)<br>| &nbsp;&nbsp; (927748)<br>| &nbsp;&nbsp; 937629 | &nbsp;&nbsp; 9881 |
| Sub-adviser D |  |  |  |  |  |
| Other Counterparties\* | &nbsp;&nbsp; 185197 | &nbsp;&nbsp; (181559)<br>| &nbsp;&nbsp; 3638 | &nbsp;&nbsp; 19202 | &nbsp;&nbsp; 22840 |
| **Total Derivatives** | &nbsp;&nbsp; $2123713 | &nbsp;&nbsp; $(3267743)<br>| &nbsp;&nbsp; $(1144030)<br>| &nbsp;&nbsp; $1113740 | &nbsp;&nbsp; $(30290)<br>|
| **Global Bond** |  |  |  |  |  |
| Sub-adviser B |  |  |  |  |  |
| Other Counterparties\* | &nbsp;&nbsp; $6850575 | &nbsp;&nbsp; $(6681216)<br>| &nbsp;&nbsp; $169359 | &nbsp;&nbsp; $(865243)<br>| &nbsp;&nbsp; $(695884)<br>|
| Sub-adviser C |  |  |  |  |  |
| Other Counterparties\* | &nbsp;&nbsp; 183 | &nbsp;&nbsp; — | &nbsp;&nbsp; 183 | &nbsp;&nbsp; — | &nbsp;&nbsp; 183 |
| Sub-adviser D |  |  |  |  |  |
| Other Counterparties\* | &nbsp;&nbsp; 587759 | &nbsp;&nbsp; (618548)<br>| &nbsp;&nbsp; (30789)<br>| &nbsp;&nbsp; 31734 | &nbsp;&nbsp; 945 |
| **Total Derivatives** | &nbsp;&nbsp; $7438517 | &nbsp;&nbsp; $(7299764)<br>| &nbsp;&nbsp; $138753 | &nbsp;&nbsp; $(833509)<br>| &nbsp;&nbsp; $(694756)<br>|
| **International Equity** |  |  |  |  |  |
| Sub-adviser A |  |  |  |  |  |
| Other Counterparties\* | &nbsp;&nbsp; $4115744 | &nbsp;&nbsp; $(3047704)<br>| &nbsp;&nbsp; $1068040 | &nbsp;&nbsp; $(1068040)<br>| &nbsp;&nbsp; $— |
| **Total Derivatives** | &nbsp;&nbsp; $4115744 | &nbsp;&nbsp; $(3047704)<br>| &nbsp;&nbsp; $1068040 | &nbsp;&nbsp; $(1068040)<br>| &nbsp;&nbsp; $— |
| **Emerging Markets Equity** |  |  |  |  |  |
| Sub-adviser A |  |  |  |  |  |
| Other Counterparties\* | &nbsp;&nbsp; $4276183 | &nbsp;&nbsp; $(4183961)<br>| &nbsp;&nbsp; $92222 | &nbsp;&nbsp; $(92222)<br>| &nbsp;&nbsp; $— |
| **Total Derivatives** | &nbsp;&nbsp; $4276183 | &nbsp;&nbsp; $(4183961)<br>| &nbsp;&nbsp; $92222 | &nbsp;&nbsp; $(92222)<br>| &nbsp;&nbsp; $— |

---

**329**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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** |
| **Strategic Alternatives** |  |  |  |  |  |
| Sub-adviser B |  |  |  |  |  |
| Other Counterparties\* | &nbsp;&nbsp; $908337 | &nbsp;&nbsp; $(882369)<br>| &nbsp;&nbsp; $25968 | &nbsp;&nbsp; $2099 | &nbsp;&nbsp; $28067 |
| Sub-adviser E |  |  |  |  |  |
| Other Counterparties\* | &nbsp;&nbsp; 833685 | &nbsp;&nbsp; — | &nbsp;&nbsp; 833685 | &nbsp;&nbsp; (833685)<br>| &nbsp;&nbsp; — |
| **Total Derivatives** | &nbsp;&nbsp; $1742022 | &nbsp;&nbsp; $(882369)<br>| &nbsp;&nbsp; $859653 | &nbsp;&nbsp; $(831586)<br>| &nbsp;&nbsp; $28067 |

---

\*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\* |
| Inflation contracts | Unrealized appreciation on swap agreements | Unrealized depreciation on swap agreements |

---

*\*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 December 31, 2025.* 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Asset Derivative Value** | **Asset Derivative Value** | **Asset Derivative Value** | **Asset Derivative Value** | **Asset Derivative Value** | **Asset Derivative Value** |
| **Fund** | **Total Value** <br> **at** <br> **12/31/25**<br>| **Interest Rate** <br> **Contracts**<br>| **Foreign** <br> **Exchange** <br> **Contracts**<br>| **Credit** <br> **Contracts**<br>| **Equity** <br> **Contracts**<br>| **Inflation** <br> **Contracts**<br>|
| Low-Duration <br> Bond<br>|  |  |  |  |  |  |
| Forwards | &nbsp;&nbsp; $162348 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $162348 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Futures | &nbsp;&nbsp; 526445 | &nbsp;&nbsp;&nbsp;&nbsp; 526445 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Purchased <br> Options<br>| &nbsp;&nbsp; 74408 | &nbsp;&nbsp;&nbsp;&nbsp; 74408 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Swaps | &nbsp;&nbsp; 242323 | &nbsp;&nbsp;&nbsp;&nbsp; 220104 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 22219 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Totals | &nbsp;&nbsp; $1005524 | &nbsp;&nbsp;&nbsp;&nbsp; $820957 | &nbsp;&nbsp;&nbsp;&nbsp; $162348 | &nbsp;&nbsp;&nbsp;&nbsp; $22219 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— |

---

**330**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Asset Derivative Value** | **Asset Derivative Value** | **Asset Derivative Value** | **Asset Derivative Value** | **Asset Derivative Value** | **Asset Derivative Value** |
| **Fund** | **Total Value**<br> **at**<br> **12/31/25**<br>| **Interest Rate**<br> **Contracts**<br>| **Foreign**<br> **Exchange**<br> **Contracts**<br>| **Credit**<br> **Contracts**<br>| **Equity**<br> **Contracts**<br>| **Inflation**<br> **Contracts**<br>|
| Medium-Duration <br> Bond<br>|  |  |  |  |  |  |
| Forwards | &nbsp;&nbsp; $1204182 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1204182 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Futures | &nbsp;&nbsp; 1296558 | &nbsp;&nbsp;&nbsp;&nbsp; 1296558 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Purchased <br> Options<br>| &nbsp;&nbsp; 1087652 | &nbsp;&nbsp;&nbsp;&nbsp; 891117 | &nbsp;&nbsp;&nbsp;&nbsp; 12515 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 184020 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Swaps | &nbsp;&nbsp; 14528627 | &nbsp;&nbsp;&nbsp;&nbsp; 14046250 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 482377 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Totals | &nbsp;&nbsp; $18117019 | &nbsp;&nbsp;&nbsp;&nbsp; $16233925 | &nbsp;&nbsp;&nbsp;&nbsp; $1216697 | &nbsp;&nbsp;&nbsp;&nbsp; $482377 | &nbsp;&nbsp;&nbsp;&nbsp; $184020 | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Global Bond |  |  |  |  |  |  |
| Forwards | &nbsp;&nbsp; $8676339 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $8676339 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Futures | &nbsp;&nbsp; 515890 | &nbsp;&nbsp;&nbsp;&nbsp; 507880 | &nbsp;&nbsp;&nbsp;&nbsp; 8010 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Purchased <br> Options<br>| &nbsp;&nbsp; 17404 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 17404 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Swaps | &nbsp;&nbsp; 295953 | &nbsp;&nbsp;&nbsp;&nbsp; 82726 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 39484 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 173743 |
| Totals | &nbsp;&nbsp; $9505586 | &nbsp;&nbsp;&nbsp;&nbsp; $590606 | &nbsp;&nbsp;&nbsp;&nbsp; $8684349 | &nbsp;&nbsp;&nbsp;&nbsp; $56888 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $173743 |
| Impact Bond |  |  |  |  |  |  |
| Futures | &nbsp;&nbsp; $23 | &nbsp;&nbsp;&nbsp;&nbsp; $23 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Swaps | &nbsp;&nbsp; 126 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 126 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Totals | &nbsp;&nbsp; $149 | &nbsp;&nbsp;&nbsp;&nbsp; $23 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $126 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Defensive <br> Market <br> Strategies<sup>®</sup><br>|  |  |  |  |  |  |
| Futures | &nbsp;&nbsp; $40711 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $40711 | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Purchased <br> Options<br>| &nbsp;&nbsp; 82094191 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 82094191 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Totals | &nbsp;&nbsp; $82134902 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $82134902 | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Value Equity <br> Index<br>|  |  |  |  |  |  |
| Futures | &nbsp;&nbsp; $2143 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $2143 | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Value Equity |  |  |  |  |  |  |
| Forwards | &nbsp;&nbsp; $8920 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $8920 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Futures | &nbsp;&nbsp; 57818 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 57818 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Totals | &nbsp;&nbsp; $66738 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $8920 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $57818 | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Growth Equity <br> Index<br>|  |  |  |  |  |  |
| Futures | &nbsp;&nbsp; $1427 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1427 | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Growth Equity |  |  |  |  |  |  |
| Futures | &nbsp;&nbsp; $14130 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $14130 | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Small Cap <br> Equity<br>|  |  |  |  |  |  |
| Forwards | &nbsp;&nbsp; $141 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $141 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— |

---

**331**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Asset Derivative Value** | **Asset Derivative Value** | **Asset Derivative Value** | **Asset Derivative Value** | **Asset Derivative Value** | **Asset Derivative Value** |
| **Fund** | **Total Value**<br> **at**<br> **12/31/25**<br>| **Interest Rate**<br> **Contracts**<br>| **Foreign**<br> **Exchange**<br> **Contracts**<br>| **Credit**<br> **Contracts**<br>| **Equity**<br> **Contracts**<br>| **Inflation**<br> **Contracts**<br>|
| International <br> Equity Index<br>|  |  |  |  |  |  |
| Futures | &nbsp;&nbsp; $390227 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $390227 | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| International <br> Equity<br>|  |  |  |  |  |  |
| Forwards | &nbsp;&nbsp; $2001817 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $2001817 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Futures | &nbsp;&nbsp; 475445 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 475445 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Swaps | &nbsp;&nbsp; 2113927 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2113927 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Totals | &nbsp;&nbsp; $4591189 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $2001817 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $2589372 | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Emerging <br> Markets <br> Equity<br>|  |  |  |  |  |  |
| Forwards | &nbsp;&nbsp; $2125902 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $2125902 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Futures | &nbsp;&nbsp; 710380 | &nbsp;&nbsp;&nbsp;&nbsp; 1454 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 708926 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Swaps | &nbsp;&nbsp; 2150281 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2150281 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Totals | &nbsp;&nbsp; $4986563 | &nbsp;&nbsp;&nbsp;&nbsp; $1454 | &nbsp;&nbsp;&nbsp;&nbsp; $2125902 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $2859207 | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Strategic <br> Alternatives<br>|  |  |  |  |  |  |
| Forwards | &nbsp;&nbsp; $614931 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $614931 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Futures | &nbsp;&nbsp; 573950 | &nbsp;&nbsp;&nbsp;&nbsp; 551553 | &nbsp;&nbsp;&nbsp;&nbsp; 22397 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Purchased <br> Options<br>| &nbsp;&nbsp; 293406 | &nbsp;&nbsp;&nbsp;&nbsp; 293406 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Swaps | &nbsp;&nbsp; 6792029 | &nbsp;&nbsp;&nbsp;&nbsp; 5958344 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 833685 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Totals | &nbsp;&nbsp; $8274316 | &nbsp;&nbsp;&nbsp;&nbsp; $6803303 | &nbsp;&nbsp;&nbsp;&nbsp; $637328 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $833685 | &nbsp;&nbsp;&nbsp;&nbsp; $— |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Liabilities Derivative Value** | **Liabilities Derivative Value** | **Liabilities Derivative Value** | **Liabilities Derivative Value** | **Liabilities Derivative Value** | **Liabilities Derivative Value** |
| **Fund** | **Total Value** <br> **at** <br> **12/31/25**<br>| **Interest Rate** <br> **Contracts**<br>| **Foreign** <br> **Exchange** <br> **Contracts**<br>| **Credit** <br> **Contracts**<br>| **Equity** <br> **Contracts**<br>| **Inflation** <br> **Contracts**<br>|
| MyDestination <br> 2015<br>|  |  |  |  |  |  |
| Futures | &nbsp;&nbsp; $219556 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $219556 | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| MyDestination <br> 2025<br>|  |  |  |  |  |  |
| Futures | &nbsp;&nbsp; $654138 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $654138 | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| MyDestination <br> 2035<br>|  |  |  |  |  |  |
| Futures | &nbsp;&nbsp; $768218 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $768218 | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| MyDestination <br> 2045<br>|  |  |  |  |  |  |
| Futures | &nbsp;&nbsp; $674512 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $674512 | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| MyDestination <br> 2055<br>|  |  |  |  |  |  |
| Futures | &nbsp;&nbsp; $367664 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $367664 | &nbsp;&nbsp;&nbsp;&nbsp; $— |

---

**332**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Liabilities Derivative Value** | **Liabilities Derivative Value** | **Liabilities Derivative Value** | **Liabilities Derivative Value** | **Liabilities Derivative Value** | **Liabilities Derivative Value** |
| **Fund** | **Total Value**<br> **at**<br> **12/31/25**<br>| **Interest Rate**<br> **Contracts**<br>| **Foreign**<br> **Exchange**<br> **Contracts**<br>| **Credit**<br> **Contracts**<br>| **Equity**<br> **Contracts**<br>| **Inflation**<br> **Contracts**<br>|
| Low-Duration <br> Bond<br>|  |  |  |  |  |  |
| Forwards | &nbsp;&nbsp; $277447 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $277447 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Futures | &nbsp;&nbsp; 269570 | &nbsp;&nbsp;&nbsp;&nbsp; 269570 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Swaps | &nbsp;&nbsp; 236320 | &nbsp;&nbsp;&nbsp;&nbsp; 236320 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Totals | &nbsp;&nbsp; $783337 | &nbsp;&nbsp;&nbsp;&nbsp; $505890 | &nbsp;&nbsp;&nbsp;&nbsp; $277447 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Medium-Duration <br> Bond<br>|  |  |  |  |  |  |
| Forwards | &nbsp;&nbsp; $2563209 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $2563209 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Futures | &nbsp;&nbsp; 2740839 | &nbsp;&nbsp;&nbsp;&nbsp; 2740839 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Written <br> Options<br>| &nbsp;&nbsp; 793119 | &nbsp;&nbsp;&nbsp;&nbsp; 667134 | &nbsp;&nbsp;&nbsp;&nbsp; 3564 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 122421 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Swaps | &nbsp;&nbsp; 12190169 | &nbsp;&nbsp;&nbsp;&nbsp; 11999163 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 191006 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Totals | &nbsp;&nbsp; $18287336 | &nbsp;&nbsp;&nbsp;&nbsp; $15407136 | &nbsp;&nbsp;&nbsp;&nbsp; $2566773 | &nbsp;&nbsp;&nbsp;&nbsp; $191006 | &nbsp;&nbsp;&nbsp;&nbsp; $122421 | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Global Bond |  |  |  |  |  |  |
| Forwards | &nbsp;&nbsp; $8808816 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $8808816 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Futures | &nbsp;&nbsp; 383501 | &nbsp;&nbsp;&nbsp;&nbsp; 381755 | &nbsp;&nbsp;&nbsp;&nbsp; 1746 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Written <br> Options<br>| &nbsp;&nbsp; 6137 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6137 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Swaps | &nbsp;&nbsp; 355924 | &nbsp;&nbsp;&nbsp;&nbsp; 75886 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 280038 |
| Totals | &nbsp;&nbsp; $9554378 | &nbsp;&nbsp;&nbsp;&nbsp; $457641 | &nbsp;&nbsp;&nbsp;&nbsp; $8810562 | &nbsp;&nbsp;&nbsp;&nbsp; $6137 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $280038 |
| Impact Bond |  |  |  |  |  |  |
| Futures | &nbsp;&nbsp; $6435 | &nbsp;&nbsp;&nbsp;&nbsp; $6435 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Defensive <br> Market <br> Strategies<sup>®</sup><br>|  |  |  |  |  |  |
| Futures | &nbsp;&nbsp; $548273 | &nbsp;&nbsp;&nbsp;&nbsp; $548273 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Written <br> Options<br>| &nbsp;&nbsp; 3083262 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3083262 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Totals | &nbsp;&nbsp; $3631535 | &nbsp;&nbsp;&nbsp;&nbsp; $548273 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $3083262 | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Equity Index |  |  |  |  |  |  |
| Futures | &nbsp;&nbsp; $73568 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $73568 | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Value Equity <br> Index<br>|  |  |  |  |  |  |
| Futures | &nbsp;&nbsp; $41724 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $41724 | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Value Equity |  |  |  |  |  |  |
| Forwards | &nbsp;&nbsp; $95416 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $95416 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Growth Equity <br> Index<br>|  |  |  |  |  |  |
| Futures | &nbsp;&nbsp; $121669 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $121669 | &nbsp;&nbsp;&nbsp;&nbsp; $— |

---

**333**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Liabilities Derivative Value** | **Liabilities Derivative Value** | **Liabilities Derivative Value** | **Liabilities Derivative Value** | **Liabilities Derivative Value** | **Liabilities Derivative Value** |
| **Fund** | **Total Value**<br> **at**<br> **12/31/25**<br>| **Interest Rate**<br> **Contracts**<br>| **Foreign**<br> **Exchange**<br> **Contracts**<br>| **Credit**<br> **Contracts**<br>| **Equity**<br> **Contracts**<br>| **Inflation**<br> **Contracts**<br>|
| Small Cap <br> Equity<br>|  |  |  |  |  |  |
| Forwards | &nbsp;&nbsp; $6484 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $6484 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Futures | &nbsp;&nbsp; 806052 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 806052 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Totals | &nbsp;&nbsp; $812536 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $6484 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $806052 | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| International <br> Equity<br>|  |  |  |  |  |  |
| Forwards | &nbsp;&nbsp; $2233870 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $2233870 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Futures | &nbsp;&nbsp; 227799 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 227799 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Swaps | &nbsp;&nbsp; 813833 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 813833 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Totals | &nbsp;&nbsp; $3275502 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $2233870 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1041632 | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Emerging <br> Markets <br> Equity<br>|  |  |  |  |  |  |
| Forwards | &nbsp;&nbsp; $3452143 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $3452143 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Futures | &nbsp;&nbsp; 98252 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 98252 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Swaps | &nbsp;&nbsp; 731818 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 731818 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Totals | &nbsp;&nbsp; $4282213 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $3452143 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $830070 | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Global Real <br> Estate <br> Securities<br>|  |  |  |  |  |  |
| Futures | &nbsp;&nbsp; $3047 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $3047 | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Strategic <br> Alternatives<br>|  |  |  |  |  |  |
| Forwards | &nbsp;&nbsp; $644998 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $644998 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Futures | &nbsp;&nbsp; 395259 | &nbsp;&nbsp;&nbsp;&nbsp; 170288 | &nbsp;&nbsp;&nbsp;&nbsp; 224971 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Written <br> Options<br>| &nbsp;&nbsp; 237415 | &nbsp;&nbsp;&nbsp;&nbsp; 237371 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 44 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Swaps | &nbsp;&nbsp; 3673137 | &nbsp;&nbsp;&nbsp;&nbsp; 3673137 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Totals | &nbsp;&nbsp; $4950809 | &nbsp;&nbsp;&nbsp;&nbsp; $4080796 | &nbsp;&nbsp;&nbsp;&nbsp; $869969 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $44 | &nbsp;&nbsp;&nbsp;&nbsp; $— |

---

**334**

------

---

| | |
|:---|:---|
| **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 |
| Inflation contracts | Net realized gain (loss) from: Swap agreements |
|  | Net change in unrealized appreciation (depreciation) on: Swap agreements |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **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** | **Realized Gain (Loss) on Derivatives Recognized in Income** |
| **Fund** | **Total Value** <br> **at** <br> **12/31/25**<br>| **Interest Rate** <br> **Contracts**<br>| **Foreign** <br> **Exchange** <br> **Contracts**<br>| **Credit** <br> **Contracts**<br>| **Equity** <br> **Contracts**<br>| **Inflation** <br> **Contracts**<br>|
| MyDestination <br> 2015<br>|  |  |  |  |  |  |
| Futures | &nbsp;&nbsp; $275056 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $275056 | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| MyDestination <br> 2025<br>|  |  |  |  |  |  |
| Futures | &nbsp;&nbsp; $776716 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $776716 | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| MyDestination <br> 2035<br>|  |  |  |  |  |  |
| Futures | &nbsp;&nbsp; $(754196)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(754196)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— |
| MyDestination <br> 2045<br>|  |  |  |  |  |  |
| Futures | &nbsp;&nbsp; $(517437)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(517437)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— |
| MyDestination <br> 2055<br>|  |  |  |  |  |  |
| Futures | &nbsp;&nbsp; $(227423)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(227423)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Conservative <br> Allocation<br>|  |  |  |  |  |  |
| Futures | &nbsp;&nbsp; $80 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $80 | &nbsp;&nbsp;&nbsp;&nbsp; $— |

---

**335**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **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** | **Realized Gain (Loss) on Derivatives Recognized in Income** |
| **Fund** | **Total Value**<br> **at**<br> **12/31/25**<br>| **Interest Rate**<br> **Contracts**<br>| **Foreign**<br> **Exchange**<br> **Contracts**<br>| **Credit**<br> **Contracts**<br>| **Equity**<br> **Contracts**<br>| **Inflation**<br> **Contracts**<br>|
| Low-Duration <br> Bond<br>|  |  |  |  |  |  |
| Forwards | &nbsp;&nbsp; $642331 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $642331 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Futures | &nbsp;&nbsp; 2376224 | &nbsp;&nbsp;&nbsp;&nbsp; 2376224 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Purchased <br> Options<br>| &nbsp;&nbsp; (154486)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (154486)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Swaps | &nbsp;&nbsp; (1612319)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1573771)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (38548)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Written <br> Options<br>| &nbsp;&nbsp; (47972)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (47972)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Totals | &nbsp;&nbsp; $1203778 | &nbsp;&nbsp;&nbsp;&nbsp; $647967 | &nbsp;&nbsp;&nbsp;&nbsp; $642331 | &nbsp;&nbsp;&nbsp;&nbsp; $(86520)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Medium-Duration <br> Bond<br>|  |  |  |  |  |  |
| Forwards | &nbsp;&nbsp; $(4234671)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(4234671)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Futures | &nbsp;&nbsp; 3093485 | &nbsp;&nbsp;&nbsp;&nbsp; 3093485 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Purchased <br> Options<br>| &nbsp;&nbsp; (688619)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (104081)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (584538)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Swaps | &nbsp;&nbsp; 5470993 | &nbsp;&nbsp;&nbsp;&nbsp; 4044434 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1487790 | &nbsp;&nbsp;&nbsp;&nbsp; (61231)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Written <br> Options<br>| &nbsp;&nbsp; 1811401 | &nbsp;&nbsp;&nbsp;&nbsp; 1774546 | &nbsp;&nbsp;&nbsp;&nbsp; 34095 | &nbsp;&nbsp;&nbsp;&nbsp; 2760 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Totals | &nbsp;&nbsp; $5452589 | &nbsp;&nbsp;&nbsp;&nbsp; $8808384 | &nbsp;&nbsp;&nbsp;&nbsp; $(4785114)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1490550 | &nbsp;&nbsp;&nbsp;&nbsp; $(61231)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Global Bond |  |  |  |  |  |  |
| Forwards | &nbsp;&nbsp; $(7604372)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(7604372)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Futures | &nbsp;&nbsp; (1394132)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (591632)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (802500)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Purchased <br> Options<br>| &nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Swaps | &nbsp;&nbsp; 262429 | &nbsp;&nbsp;&nbsp;&nbsp; (163795)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 382154 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 44070 |
| Totals | &nbsp;&nbsp; $(8736068)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(755420)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(8406872)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $382154 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $44070 |
| Impact Bond |  |  |  |  |  |  |
| Futures | &nbsp;&nbsp; $19240 | &nbsp;&nbsp;&nbsp;&nbsp; $19240 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Swaps | &nbsp;&nbsp; 5398 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5398 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Totals | &nbsp;&nbsp; $24638 | &nbsp;&nbsp;&nbsp;&nbsp; $19240 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $5398 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Defensive <br> Market <br> Strategies<sup>®</sup><br>|  |  |  |  |  |  |
| Futures | &nbsp;&nbsp; $4799768 | &nbsp;&nbsp;&nbsp;&nbsp; $2017445 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $2782323 | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Purchased <br> Options<br>| &nbsp;&nbsp; 32220451 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 32220451 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Written <br> Options<br>| &nbsp;&nbsp; 24218348 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 24218348 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Totals | &nbsp;&nbsp; $61238567 | &nbsp;&nbsp;&nbsp;&nbsp; $2017445 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $59221122 | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Equity Index |  |  |  |  |  |  |
| Futures | &nbsp;&nbsp; $11939929 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $11939929 | &nbsp;&nbsp;&nbsp;&nbsp; $— |

---

**336**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **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** | **Realized Gain (Loss) on Derivatives Recognized in Income** |
| **Fund** | **Total Value**<br> **at**<br> **12/31/25**<br>| **Interest Rate**<br> **Contracts**<br>| **Foreign**<br> **Exchange**<br> **Contracts**<br>| **Credit**<br> **Contracts**<br>| **Equity**<br> **Contracts**<br>| **Inflation**<br> **Contracts**<br>|
| Value Equity <br> Index<br>|  |  |  |  |  |  |
| Futures | &nbsp;&nbsp; $733533 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $733533 | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Value Equity |  |  |  |  |  |  |
| Forwards | &nbsp;&nbsp; $(1939038)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(1939038)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Futures | &nbsp;&nbsp; 1113846 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1113846 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Totals | &nbsp;&nbsp; $(825192)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(1939038)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1113846 | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Growth Equity <br> Index<br>|  |  |  |  |  |  |
| Futures | &nbsp;&nbsp; $1525571 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1525571 | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Growth Equity |  |  |  |  |  |  |
| Futures | &nbsp;&nbsp; $(3293003)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(3293003)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Small Cap <br> Equity<br>|  |  |  |  |  |  |
| Forwards | &nbsp;&nbsp; $(135147)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(135147)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Futures | &nbsp;&nbsp; (2599536)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (2599536)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Totals | &nbsp;&nbsp; $(2734683)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(135147)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(2599536)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— |
| International <br> Equity Index<br>|  |  |  |  |  |  |
| Futures | &nbsp;&nbsp; $13650707 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $13650707 | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| International <br> Equity<br>|  |  |  |  |  |  |
| Forwards | &nbsp;&nbsp; $(470224)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(470224)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Futures | &nbsp;&nbsp; 12982026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12982026 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Swaps | &nbsp;&nbsp; 10738150 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10738150 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Totals | &nbsp;&nbsp; $23249952 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(470224)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $23720176 | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Emerging <br> Markets <br> Equity<br>|  |  |  |  |  |  |
| Forwards | &nbsp;&nbsp; $(5433784)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(5433784)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Futures | &nbsp;&nbsp; 6696638 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6696638 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Swaps | &nbsp;&nbsp; 11000641 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11000641 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Totals | &nbsp;&nbsp; $12263495 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(5433784)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $17697279 | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Global Real <br> Estate <br> Securities<br>|  |  |  |  |  |  |
| Forwards | &nbsp;&nbsp; $1608 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1608 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Futures | &nbsp;&nbsp; 134113 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 134113 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Totals | &nbsp;&nbsp; $135721 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1608 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $134113 | &nbsp;&nbsp;&nbsp;&nbsp; $— |

---

**337**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **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** | **Realized Gain (Loss) on Derivatives Recognized in Income** |
| **Fund** | **Total Value**<br> **at**<br> **12/31/25**<br>| **Interest Rate**<br> **Contracts**<br>| **Foreign**<br> **Exchange**<br> **Contracts**<br>| **Credit**<br> **Contracts**<br>| **Equity**<br> **Contracts**<br>| **Inflation**<br> **Contracts**<br>|
| Strategic <br> Alternatives<br>|  |  |  |  |  |  |
| Forwards | &nbsp;&nbsp; $(183865)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(183865)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Futures | &nbsp;&nbsp; (865056)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1036715 | &nbsp;&nbsp;&nbsp;&nbsp; (1901771)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Purchased <br> Options<br>| &nbsp;&nbsp; (94839)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (94839)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Swaps | &nbsp;&nbsp; (891863)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1602763 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (2494626)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Written <br> Options<br>| &nbsp;&nbsp; (64002)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 179495 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (243497)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Totals | &nbsp;&nbsp; $(2099625)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $2724134 | &nbsp;&nbsp;&nbsp;&nbsp; $(2085636)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(2738123)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **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** | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** |
| **Fund** | **Total Value** <br> **at** <br> **12/31/25**<br>| **Interest Rate** <br> **Contracts**<br>| **Foreign** <br> **Exchange** <br> **Contracts**<br>| **Credit** <br> **Contracts**<br>| **Equity** <br> **Contracts**<br>| **Inflation** <br> **Contracts**<br>|
| MyDestination <br> 2015<br>|  |  |  |  |  |  |
| Futures | &nbsp;&nbsp; $(219556)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(219556)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— |
| MyDestination <br> 2025<br>|  |  |  |  |  |  |
| Futures | &nbsp;&nbsp; $(654138)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(654138)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— |
| MyDestination <br> 2035<br>|  |  |  |  |  |  |
| Futures | &nbsp;&nbsp; $(445968)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(445968)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— |
| MyDestination <br> 2045<br>|  |  |  |  |  |  |
| Futures | &nbsp;&nbsp; $(409967)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(409967)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— |
| MyDestination <br> 2055<br>|  |  |  |  |  |  |
| Futures | &nbsp;&nbsp; $(232319)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(232319)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Low-Duration <br> Bond<br>|  |  |  |  |  |  |
| Forwards | &nbsp;&nbsp; $(1971958)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(1971958)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Futures | &nbsp;&nbsp; (260571)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (260571)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Purchased <br> Options<br>| &nbsp;&nbsp; (90818)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (90818)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Swaps | &nbsp;&nbsp; (242120)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (250373)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8253 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Totals | &nbsp;&nbsp; $(2565467)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(601762)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(1971958)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $8253 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— |

---

**338**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **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** | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** |
| **Fund** | **Total Value**<br> **at**<br> **12/31/25**<br>| **Interest Rate**<br> **Contracts**<br>| **Foreign**<br> **Exchange**<br> **Contracts**<br>| **Credit**<br> **Contracts**<br>| **Equity**<br> **Contracts**<br>| **Inflation**<br> **Contracts**<br>|
| Medium-Duration <br> Bond<br>|  |  |  |  |  |  |
| Forwards | &nbsp;&nbsp; $(4386736)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(4386736)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Futures | &nbsp;&nbsp; 2133063 | &nbsp;&nbsp;&nbsp;&nbsp; 2133063 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Purchased <br> Options<br>| &nbsp;&nbsp; (292257)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (308011)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 15754 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Swaps | &nbsp;&nbsp; 818563 | &nbsp;&nbsp;&nbsp;&nbsp; 893946 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (75383)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Written <br> Options<br>| &nbsp;&nbsp; 176527 | &nbsp;&nbsp;&nbsp;&nbsp; 176527 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Totals | &nbsp;&nbsp; $(1550840)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $2895525 | &nbsp;&nbsp;&nbsp;&nbsp; $(4370982)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(75383)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Global Bond |  |  |  |  |  |  |
| Forwards | &nbsp;&nbsp; $(4610574)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(4610574)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Futures | &nbsp;&nbsp; 1045103 | &nbsp;&nbsp;&nbsp;&nbsp; 989793 | &nbsp;&nbsp;&nbsp;&nbsp; 55310 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Purchased <br> Options<br>| &nbsp;&nbsp; (343842)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (343842)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Swaps | &nbsp;&nbsp; (67541)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (51231)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 89985 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (106295)<br>|
| Written <br> Options<br>| &nbsp;&nbsp; 199218 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 199218 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Totals | &nbsp;&nbsp; $(3777636)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $938562 | &nbsp;&nbsp;&nbsp;&nbsp; $(4555264)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(54639)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(106295)<br>|
| Impact Bond |  |  |  |  |  |  |
| Futures | &nbsp;&nbsp; $20720 | &nbsp;&nbsp;&nbsp;&nbsp; $20720 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Swaps | &nbsp;&nbsp; 146 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 146 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Totals | &nbsp;&nbsp; $20866 | &nbsp;&nbsp;&nbsp;&nbsp; $20720 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $146 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Defensive <br> Market <br> Strategies<sup>®</sup><br>|  |  |  |  |  |  |
| Futures | &nbsp;&nbsp; $1398885 | &nbsp;&nbsp;&nbsp;&nbsp; $191258 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1207627 | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Purchased <br> Options<br>| &nbsp;&nbsp; (8288175)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (8288175)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Written <br> Options<br>| &nbsp;&nbsp; 6532721 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6532721 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Totals | &nbsp;&nbsp; $(356569)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $191258 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(547827)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Equity Index |  |  |  |  |  |  |
| Futures | &nbsp;&nbsp; $2065789 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $2065789 | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Value Equity <br> Index<br>|  |  |  |  |  |  |
| Futures | &nbsp;&nbsp; $65836 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $65836 | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Value Equity |  |  |  |  |  |  |
| Forwards | &nbsp;&nbsp; $(489073)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(489073)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Futures | &nbsp;&nbsp; 801395 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 801395 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Totals | &nbsp;&nbsp; $312322 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(489073)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $801395 | &nbsp;&nbsp;&nbsp;&nbsp; $— |

---

**339**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **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** | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** |
| **Fund** | **Total Value**<br> **at**<br> **12/31/25**<br>| **Interest Rate**<br> **Contracts**<br>| **Foreign**<br> **Exchange**<br> **Contracts**<br>| **Credit**<br> **Contracts**<br>| **Equity**<br> **Contracts**<br>| **Inflation**<br> **Contracts**<br>|
| Growth Equity <br> Index<br>|  |  |  |  |  |  |
| Futures | &nbsp;&nbsp; $63732 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $63732 | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Growth Equity |  |  |  |  |  |  |
| Futures | &nbsp;&nbsp; $755193 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $755193 | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Small Cap <br> Equity<br>|  |  |  |  |  |  |
| Forwards | &nbsp;&nbsp; $(16106)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(16106)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Futures | &nbsp;&nbsp; (210647)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (210647)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Totals | &nbsp;&nbsp; $(226753)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(16106)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(210647)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— |
| International <br> Equity Index<br>|  |  |  |  |  |  |
| Futures | &nbsp;&nbsp; $2316889 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $2316889 | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| International <br> Equity<br>|  |  |  |  |  |  |
| Forwards | &nbsp;&nbsp; $(665997)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(665997)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Futures | &nbsp;&nbsp; 1703900 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1703900 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Swaps | &nbsp;&nbsp; 1349701 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1349701 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Totals | &nbsp;&nbsp; $2387604 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(665997)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $3053601 | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Emerging <br> Markets <br> Equity<br>|  |  |  |  |  |  |
| Forwards | &nbsp;&nbsp; $(1224566)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(1224566)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Futures | &nbsp;&nbsp; 1344265 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1344265 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Swaps | &nbsp;&nbsp; 1531682 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1531682 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Totals | &nbsp;&nbsp; $1651381 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(1224566)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $2875947 | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Global Real <br> Estate <br> Securities<br>|  |  |  |  |  |  |
| Futures | &nbsp;&nbsp; $15119 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $15119 | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Strategic <br> Alternatives<br>|  |  |  |  |  |  |
| Forwards | &nbsp;&nbsp; $(70140)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(70140)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Futures | &nbsp;&nbsp; (511700)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 98969 | &nbsp;&nbsp;&nbsp;&nbsp; (610669)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Purchased <br> Options<br>| &nbsp;&nbsp; (208121)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (208121)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Swaps | &nbsp;&nbsp; 2487863 | &nbsp;&nbsp;&nbsp;&nbsp; 2555182 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (67319)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Written <br> Options<br>| &nbsp;&nbsp; 186357 | &nbsp;&nbsp;&nbsp;&nbsp; 172117 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 14240 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Totals | &nbsp;&nbsp; $1884259 | &nbsp;&nbsp;&nbsp;&nbsp; $2618147 | &nbsp;&nbsp;&nbsp;&nbsp; $(680809)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(53079)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— |

---

**340**

------

**Volume of Derivative Transactions**

The tables below summarize the average daily notional derivative transactions by Fund during the year ended December 31, 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; 1102 | &nbsp;&nbsp;&nbsp; $324416 |
| Medium-Duration Bond | &nbsp;&nbsp;&nbsp; 2381 | &nbsp;&nbsp;&nbsp; 1194621 |
| Global Bond | &nbsp;&nbsp;&nbsp; 4099 | &nbsp;&nbsp;&nbsp; 1560009 |
| Value Equity | &nbsp;&nbsp;&nbsp; 207 | &nbsp;&nbsp;&nbsp; 795466 |
| Small Cap Equity | &nbsp;&nbsp;&nbsp; 116 | &nbsp;&nbsp;&nbsp; 65553 |
| International Equity | &nbsp;&nbsp;&nbsp; 2226 | &nbsp;&nbsp;&nbsp; 1483585 |
| Emerging Markets Equity | &nbsp;&nbsp;&nbsp; 4643 | &nbsp;&nbsp;&nbsp; 906724 |
| Global Real Estate Securities | &nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; 80390 |
| Strategic Alternatives | &nbsp;&nbsp;&nbsp; 2851 | &nbsp;&nbsp;&nbsp; 341879 |

---

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 2015 | &nbsp;&nbsp;&nbsp; $1928431<br>| &nbsp;&nbsp;&nbsp; $—<br>|
| MyDestination 2025 | &nbsp;&nbsp;&nbsp; 4917432<br>| &nbsp;&nbsp;&nbsp; —<br>|
| MyDestination 2035 | &nbsp;&nbsp;&nbsp; 5347152<br>| &nbsp;&nbsp;&nbsp; —<br>|
| MyDestination 2045 | &nbsp;&nbsp;&nbsp; 5278404<br>| &nbsp;&nbsp;&nbsp; —<br>|
| MyDestination 2055 | &nbsp;&nbsp;&nbsp; 2647471<br>| &nbsp;&nbsp;&nbsp; —<br>|
| Low-Duration Bond | &nbsp;&nbsp;&nbsp; 12268557<br>| &nbsp;&nbsp;&nbsp; 2242721<br>|
| Medium-Duration Bond | &nbsp;&nbsp;&nbsp; 7859846<br>| &nbsp;&nbsp;&nbsp; 9165469<br>|
| Global Bond | &nbsp;&nbsp;&nbsp; 1663407<br>| &nbsp;&nbsp;&nbsp; 3243673<br>|
| Impact Bond | &nbsp;&nbsp;&nbsp; 193120<br>| &nbsp;&nbsp;&nbsp; 161453<br>|
| Defensive Market Strategies<sup>®</sup> | &nbsp;&nbsp;&nbsp; 32346274<br>| &nbsp;&nbsp;&nbsp; —<br>|
| Equity Index | &nbsp;&nbsp;&nbsp; 16233762<br>| &nbsp;&nbsp;&nbsp; —<br>|
| Value Equity Index | &nbsp;&nbsp;&nbsp; 1102735<br>| &nbsp;&nbsp;&nbsp; —<br>|
| Value Equity | &nbsp;&nbsp;&nbsp; 6623650<br>| &nbsp;&nbsp;&nbsp; —<br>|
| Growth Equity Index | &nbsp;&nbsp;&nbsp; 985636<br>| &nbsp;&nbsp;&nbsp; —<br>|
| Growth Equity | &nbsp;&nbsp;&nbsp; 6860611<br>| &nbsp;&nbsp;&nbsp; —<br>|
| Small Cap Equity | &nbsp;&nbsp;&nbsp; 5647054<br>| &nbsp;&nbsp;&nbsp; —<br>|
| International Equity Index | &nbsp;&nbsp;&nbsp; 4287602<br>| &nbsp;&nbsp;&nbsp; —<br>|
| International Equity | &nbsp;&nbsp;&nbsp; 3337721<br>| &nbsp;&nbsp;&nbsp; 2794883<br>|
| Emerging Markets Equity | &nbsp;&nbsp;&nbsp; 1852985<br>| &nbsp;&nbsp;&nbsp; 1668842<br>|
| Global Real Estate Securities | &nbsp;&nbsp;&nbsp; 674645<br>| &nbsp;&nbsp;&nbsp; 180830<br>|
| Strategic Alternatives | &nbsp;&nbsp;&nbsp; 4787236<br>| &nbsp;&nbsp;&nbsp; 2477053<br>|

---

**341**

------

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; 15 | &nbsp;&nbsp;&nbsp; $26035<br>|
| Medium-Duration Bond | &nbsp;&nbsp;&nbsp; 508 | &nbsp;&nbsp;&nbsp; 13695<br>|
| Global Bond | &nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; 141962<br>|
| Defensive Market Strategies<sup>®</sup> | &nbsp;&nbsp;&nbsp; 419 | &nbsp;&nbsp;&nbsp; 379266<br>|
| Strategic Alternatives | &nbsp;&nbsp;&nbsp; 33 | &nbsp;&nbsp;&nbsp; 34529<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; $3180000<br>| &nbsp;&nbsp;&nbsp; $297298<br>|
| Medium-Duration Bond | &nbsp;&nbsp;&nbsp; 5500000<br>| &nbsp;&nbsp;&nbsp; 5061576<br>|
| Global Bond | &nbsp;&nbsp;&nbsp; 7612000<br>| &nbsp;&nbsp;&nbsp; 1753037<br>|
| Impact Bond | &nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp; 261941<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; $6623532 | &nbsp;&nbsp;&nbsp; $3853788<br>|
| Medium-Duration Bond | &nbsp;&nbsp;&nbsp; 8865588 | &nbsp;&nbsp;&nbsp; 13076924<br>|
| Global Bond | &nbsp;&nbsp;&nbsp; 1035215 | &nbsp;&nbsp;&nbsp; 6230694<br>|
| Strategic Alternatives | &nbsp;&nbsp;&nbsp; 5485774 | &nbsp;&nbsp;&nbsp; 8452164<br>|

---

Activity for the period is measured by the average daily notional amount for inflation 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>|
| Global Bond | &nbsp;&nbsp;&nbsp; $14102200 | &nbsp;&nbsp;&nbsp; $30300000 |

---

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>|
| Medium-Duration Bond  | &nbsp;&nbsp;&nbsp; $2131501<br>|
| International Equity  | &nbsp;&nbsp;&nbsp; 619008<br>|
| Emerging Markets Equity  | &nbsp;&nbsp;&nbsp; 734814<br>|
| Strategic Alternatives  | &nbsp;&nbsp;&nbsp; 58628<br>|

---

**342**

------

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

**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.

**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, 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 and Target Date 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."

**343**

------

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 year ended December 31, 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; 0.00<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>|
| MyDestination 2065 | 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; 0.19<br> %<br>|
| Global Bond | 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.23<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>|
| 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; 0.28<br> %<br>|
| Small Cap Equity | 0.33<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.52<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; 0.53<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, 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, or April 30, 2027, in the case of the MyDestination 2065 Fund.

**344**

------

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> **December 30, 2025** | **For the Period** <br> **May 1, 2025** <br> **to** <br> **December 30, 2025** | **For the one day** <br> **Period** <br> **December 31, 2025** | **For the one day** <br> **Period** <br> **December 31, 2025** |
| **Fund**  | **Institutional** <br> **Class**<br>| **Investor** <br> **Class**<br>| **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>| &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>| &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>| &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>| &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>| &nbsp;&nbsp;&nbsp;&nbsp; 0.45<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> %<br>|
| MyDestination 2065 | &nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp; N/A | &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>| &nbsp;&nbsp;&nbsp;&nbsp; 0.48<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.76<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>| &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>| &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 | &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; N/A | &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>| &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>| &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 December 31, 2025, are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Institutional Class**  | **Institutional Class**  | **Institutional Class**  | **Investor Class**  | **Investor Class**  | **Investor Class**  |
| **Fund**  | **2026** | **2027** | **2028** | **2026** | **2027** | **2028** |
| MyDestination 2015 | &nbsp;&nbsp; $111279 | &nbsp;&nbsp; $164177 | &nbsp;&nbsp; $168609 | &nbsp;&nbsp; $76282 | &nbsp;&nbsp; $60780 | &nbsp;&nbsp; $77089 |
| MyDestination 2025 | &nbsp;&nbsp; 263265 | &nbsp;&nbsp; 356660 | &nbsp;&nbsp; 356508 | &nbsp;&nbsp; 117390 | &nbsp;&nbsp; 52352 | &nbsp;&nbsp; 57913 |
| MyDestination 2035 | &nbsp;&nbsp; 202386 | &nbsp;&nbsp; 268190 | &nbsp;&nbsp; 318959 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| MyDestination 2045 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| MyDestination 2055 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| MyDestination 2065 | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; — | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; — |
| Impact Bond | &nbsp;&nbsp; 185566 | &nbsp;&nbsp; 127124 | &nbsp;&nbsp; 157112 | &nbsp;&nbsp; 72470 | &nbsp;&nbsp; 61423 | &nbsp;&nbsp; 78203 |
| Value Equity Index | &nbsp;&nbsp; 80475 | &nbsp;&nbsp; 24283 | &nbsp;&nbsp; 1150 | &nbsp;&nbsp; 34440 | &nbsp;&nbsp; 41774 | &nbsp;&nbsp; 45614 |
| Growth Equity Index | &nbsp;&nbsp; 44057 | &nbsp;&nbsp; 10131 | &nbsp;&nbsp; — | &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; 23846 | &nbsp;&nbsp; 35769 | &nbsp;&nbsp; 26947 |
| Emerging Markets Equity | &nbsp;&nbsp; N/A | &nbsp;&nbsp; 179514 | &nbsp;&nbsp; 242049 | &nbsp;&nbsp; N/A | &nbsp;&nbsp; 85452 | &nbsp;&nbsp; 105600 |
| Strategic Alternatives | &nbsp;&nbsp; 493819 | &nbsp;&nbsp; 116865 | &nbsp;&nbsp; 25570 | &nbsp;&nbsp; 106325 | &nbsp;&nbsp; 58774 | &nbsp;&nbsp; 39456 |

---

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.

**345**

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&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; $5867<br>|
| Growth Equity  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8059<br>|
| Small Cap Equity  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37503<br>|
| Global Real Estate Securities  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18163<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 December 31, 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>|
| Money Market | &nbsp;&nbsp;&nbsp;&nbsp; 0.74<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.91<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.00<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.15<br> %<br>|
| Low-Duration Bond | &nbsp;&nbsp;&nbsp;&nbsp;8.36 | &nbsp;&nbsp;&nbsp;&nbsp;11.89 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Medium-Duration Bond | &nbsp;&nbsp;&nbsp;&nbsp;6.88 | &nbsp;&nbsp;&nbsp;&nbsp;18.83 | &nbsp;&nbsp;&nbsp;&nbsp;15.86 | &nbsp;&nbsp;&nbsp;&nbsp;6.02 | &nbsp;&nbsp;&nbsp;&nbsp;1.50 |
| Global Bond | &nbsp;&nbsp;&nbsp;&nbsp;5.95 | &nbsp;&nbsp;&nbsp;&nbsp;16.65 | &nbsp;&nbsp;&nbsp;&nbsp;19.26 | &nbsp;&nbsp;&nbsp;&nbsp;7.65 | &nbsp;&nbsp;&nbsp;&nbsp;1.90 |
| Defensive Market Strategies<sup>®</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4.48 | &nbsp;&nbsp;&nbsp;&nbsp;16.17 | &nbsp;&nbsp;&nbsp;&nbsp;15.08 | &nbsp;&nbsp;&nbsp;&nbsp;6.50 | &nbsp;&nbsp;&nbsp;&nbsp;3.34 |
| Equity Index | &nbsp;&nbsp;&nbsp;&nbsp;2.31 | &nbsp;&nbsp;&nbsp;&nbsp;8.34 | &nbsp;&nbsp;&nbsp;&nbsp;13.51 | &nbsp;&nbsp;&nbsp;&nbsp;16.07 | &nbsp;&nbsp;&nbsp;&nbsp;9.63 |
| Small Cap Equity | &nbsp;&nbsp;&nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp;&nbsp;4.52 | &nbsp;&nbsp;&nbsp;&nbsp;8.45 | &nbsp;&nbsp;&nbsp;&nbsp;11.23 | &nbsp;&nbsp;&nbsp;&nbsp;6.82 |
| International Equity Index | &nbsp;&nbsp;&nbsp;&nbsp;3.86 | &nbsp;&nbsp;&nbsp;&nbsp;14.12 | &nbsp;&nbsp;&nbsp;&nbsp;23.18 | &nbsp;&nbsp;&nbsp;&nbsp;27.92 | &nbsp;&nbsp;&nbsp;&nbsp;16.70 |
| Emerging Markets Equity | &nbsp;&nbsp;&nbsp;&nbsp;1.53 | &nbsp;&nbsp;&nbsp;&nbsp;5.87 | &nbsp;&nbsp;&nbsp;&nbsp;9.86 | &nbsp;&nbsp;&nbsp;&nbsp;11.97 | &nbsp;&nbsp;&nbsp;&nbsp;7.22 |
| Global Real Estate Securities | &nbsp;&nbsp;&nbsp;&nbsp;1.80 | &nbsp;&nbsp;&nbsp;&nbsp;6.66 | &nbsp;&nbsp;&nbsp;&nbsp;10.13 | &nbsp;&nbsp;&nbsp;&nbsp;11.23 | &nbsp;&nbsp;&nbsp;&nbsp;6.65 |
| Strategic Alternatives | &nbsp;&nbsp;&nbsp;&nbsp;2.55 | &nbsp;&nbsp;&nbsp;&nbsp;7.34 | &nbsp;&nbsp;&nbsp;&nbsp;8.23 | &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>|
| Money Market | &nbsp;&nbsp;&nbsp;&nbsp; 0.24<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.65<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.62<br> %<br>|
| Low-Duration Bond | &nbsp;&nbsp;&nbsp;&nbsp;11.58 | &nbsp;&nbsp;&nbsp;&nbsp;6.12 | &nbsp;&nbsp;&nbsp;&nbsp;2.25 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Medium-Duration Bond | &nbsp;&nbsp;&nbsp;&nbsp;3.76 | &nbsp;&nbsp;&nbsp;&nbsp;11.15 | &nbsp;&nbsp;&nbsp;&nbsp;4.28 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Global Bond | &nbsp;&nbsp;&nbsp;&nbsp;1.76 | &nbsp;&nbsp;&nbsp;&nbsp;15.69 | &nbsp;&nbsp;&nbsp;&nbsp;4.17 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Impact Bond | &nbsp;&nbsp;&nbsp;&nbsp;17.35 | &nbsp;&nbsp;&nbsp;&nbsp;22.69 | &nbsp;&nbsp;&nbsp;&nbsp;19.90 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Defensive Market Strategies<sup>®</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.94 | &nbsp;&nbsp;&nbsp;&nbsp;9.61 | &nbsp;&nbsp;&nbsp;&nbsp;2.63 | &nbsp;&nbsp;&nbsp;&nbsp; — |

---

**346**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Conservative**<br> **Allocation Fund**<br>| **Balanced**<br> **Allocation Fund**<br>| **Moderately Aggressive**<br> **Allocation Fund**<br>| **Aggressive**<br> **Allocation Fund**<br>|
| Value Equity Index | &nbsp;&nbsp;&nbsp;&nbsp; 2.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.44<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 32.56<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 30.44<br> %<br>|
| Value Equity | &nbsp;&nbsp;&nbsp;&nbsp;1.78 | &nbsp;&nbsp;&nbsp;&nbsp;10.33 | &nbsp;&nbsp;&nbsp;&nbsp;15.77 | &nbsp;&nbsp;&nbsp;&nbsp;21.95 |
| Growth Equity Index | &nbsp;&nbsp;&nbsp;&nbsp;1.38 | &nbsp;&nbsp;&nbsp;&nbsp;8.55 | &nbsp;&nbsp;&nbsp;&nbsp;20.58 | &nbsp;&nbsp;&nbsp;&nbsp;19.34 |
| Growth Equity | &nbsp;&nbsp;&nbsp;&nbsp;1.40 | &nbsp;&nbsp;&nbsp;&nbsp;7.50 | &nbsp;&nbsp;&nbsp;&nbsp;10.32 | &nbsp;&nbsp;&nbsp;&nbsp;14.89 |
| Small Cap Equity | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;2.99 | &nbsp;&nbsp;&nbsp;&nbsp;4.93 | &nbsp;&nbsp;&nbsp;&nbsp;7.17 |
| International Equity | &nbsp;&nbsp;&nbsp;&nbsp;1.47 | &nbsp;&nbsp;&nbsp;&nbsp;9.30 | &nbsp;&nbsp;&nbsp;&nbsp;13.37 | &nbsp;&nbsp;&nbsp;&nbsp;21.65 |
| Emerging Markets Equity | &nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;6.06 | &nbsp;&nbsp;&nbsp;&nbsp;10.11 | &nbsp;&nbsp;&nbsp;&nbsp;14.83 |
| Global Real Estate Securities | &nbsp;&nbsp;&nbsp;&nbsp;1.54 | &nbsp;&nbsp;&nbsp;&nbsp;8.99 | &nbsp;&nbsp;&nbsp;&nbsp;7.91 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Strategic Alternatives | &nbsp;&nbsp;&nbsp;&nbsp;7.27 | &nbsp;&nbsp;&nbsp;&nbsp;18.90 | &nbsp;&nbsp;&nbsp;&nbsp;6.22 | &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 year ended December 31, 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>**12/31/25**<br>| **Dividend** <br> **Income**<br>| **Distributions** <br> **of Realized** <br> **Gains**<br>|
| **MyDestination 2015** |  |  |  |  |  |  |  |  |
| Money Market | $12632 | $78938 | $76603 | $— | $— | $14967 | $426 | $1 |
| Low-Duration Bond | 68780 | 13783 | 7925 | 119 | 716 | 75473 | 3108 |  |
| Medium-Duration Bond | 225235 | 40895 | 26890 | (6298)<br>| 14218 | 247160 | 10795 |  |
| Global Bond | 38157 | 7091 | 4955 | (822)<br>| 2511 | 41982 | 1331 |  |
| Defensive Market <br> Strategies<sup>®</sup><br>| 75123 | 8889 | 30146 | (3481)<br>| 4096 | 54481 | 1464 | 4309 |
| Equity Index | 128066 | 27880 | 36745 | 10811 | 8402 | 138414 | 1431 | 718 |
| International Equity Index | 58527 | 8543 | 17080 | 3293 | 10154 | 63437 | 2718 | 936 |
| Small Cap Equity | 15244 | 6019 | 12265 | 499 | (515)<br>| 8982 | 47 | 901 |
| Emerging Markets Equity | 14448 | 1590 | 5695 | 1249 | 2712 | 14304 | 276 | 294 |
| Global Real Estate Securities | 5937 | 348 | 960 | (114)<br>| 406 | 5617 | 229 |  |
| Strategic Alternatives | 6871 | 606 | 150 | (15)<br>| (101)<br>| 7211 | 296 | 195 |
|  | $649020 | $194582 | $219414 | $5241 | $42599 | $672028 | $22121 | $7354 |
| **MyDestination 2025** |  |  |  |  |  |  |  |  |
| Money Market | $26416 | $154555 | $142359 | $— | $— | $38612 | $1049 | $2 |
| Low-Duration Bond | 76736 | 34724 | 5075 | 102 | 936 | 107423 | 3934 |  |
| Medium-Duration Bond | 592937 | 137520 | 75550 | (17792)<br>| 39029 | 676144 | 28745 |  |
| Global Bond | 103042 | 22631 | 12801 | (1634)<br>| 6221 | 117459 | 3611 |  |
| Defensive Market <br> Strategies<sup>®</sup><br>| 256634 | 31515 | 93356 | (3296)<br>| 5136 | 196633 | 5192 | 15378 |
| Equity Index | 437565 | 83261 | 89980 | 35672 | 32053 | 498571 | 5072 | 2558 |
| International Equity Index | 203127 | 27983 | 45065 | 11053 | 34953 | 232051 | 9883 | 3390 |
| Small Cap Equity | 52466 | 20047 | 33865 | 3105 | (3448)<br>| 38305 | 195 | 3706 |
| Emerging Markets Equity | 50517 | 4796 | 14425 | 1343 | 12533 | 54764 | 1027 | 1099 |
| Global Real Estate Securities | 20546 | 1941 | 2740 | 153 | 848 | 20748 | 801 |  |
| Strategic Alternatives | 19087 | 3484 | 1440 | (98)<br>| (249)<br>| 20784 | 853 | 561 |
|  | $1839073 | $522457 | $516656 | $28608 | $128012 | $2001494 | $60362 | $26694 |

---

**347**

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **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> **12/31/25**<br>| **Dividend**<br> **Income**<br>| **Distributions**<br> **of Realized**<br> **Gains**<br>|
| **MyDestination 2035** |  |  |  |  |  |  |  |  |
| Money Market | $25731 | $146760 | $126225 | $— | $— | $46266 | $1139 | $2 |
| Low-Duration Bond |  | 7142 | 560 | 4 | 25 | 6611 | 137 |  |
| Medium-Duration Bond | 427776 | 169411 | 44435 | (10607)<br>| 27323 | 569468 | 22576 |  |
| Global Bond | 106806 | 32838 | 8845 | (1033)<br>| 6033 | 135799 | 3912 |  |
| Defensive Market <br> Strategies<sup>®</sup><br>| 207431 | 41252 | 66480 | (7921)<br>| 9066 | 183348 | 4678 | 13996 |
| Equity Index | 672354 | 107059 | 79070 | 38326 | 69380 | 808049 | 8152 | 4119 |
| International Equity Index | 316428 | 38700 | 46470 | 10075 | 62327 | 381060 | 16198 | 5548 |
| Small Cap Equity | 81218 | 28560 | 36760 | 2196 | (3601)<br>| 71613 | 368 | 6974 |
| Emerging Markets Equity | 78571 | 5289 | 14161 | (616)<br>| 22995 | 92078 | 1718 | 1838 |
| Global Real Estate Securities | 27751 | 5949 | 3505 | (97)<br>| 1475 | 31573 | 1149 |  |
| Strategic Alternatives | 19105 | 6242 | 1620 | (156)<br>| (270)<br>| 23301 | 950 | 622 |
|  | $1963171 | $589202 | $428131 | $30171 | $194753 | $2349166 | $60977 | $33099 |
| **MyDestination 2045** |  |  |  |  |  |  |  |  |
| Money Market | $20595 | $118132 | $98205 | $— | $— | $40522 | $973 | $2 |
| Medium-Duration Bond | 149476 | 72796 | 12225 | (2530)<br>| 8557 | 216074 | 8196 |  |
| Global Bond | 37369 | 16953 | 2225 | (381)<br>| 2210 | 53926 | 1447 |  |
| Defensive Market <br> Strategies<sup>®</sup><br>| 85217 | 22402 | 28901 | (3384)<br>| 3757 | 79091 | 1986 | 5953 |
| Equity Index | 755943 | 106185 | 26301 | 12960 | 112192 | 960979 | 9615 | 4867 |
| International Equity Index | 360152 | 55974 | 39920 | 7689 | 75052 | 458947 | 19484 | 6677 |
| Small Cap Equity | 92217 | 32170 | 26725 | (1209)<br>| (1195)<br>| 95258 | 488 | 9198 |
| Emerging Markets Equity | 89402 | 8348 | 12155 | (1025)<br>| 27184 | 111754 | 2084 | 2231 |
| Global Real Estate Securities | 28354 | 8131 | 2910 | (32)<br>| 1460 | 35003 | 1245 |  |
|  | $1618725 | $441091 | $249567 | $12088 | $229217 | $2051554 | $45518 | $28928 |
| **MyDestination 2055** |  |  |  |  |  |  |  |  |
| Money Market | $8406 | $86332 | $71457 | $— | $— | $23281 | $497 | $1 |
| Medium-Duration Bond | 33193 | 22730 | 3560 | (172)<br>| 1600 | 53791 | 1945 |  |
| Global Bond | 8291 | 5865 | 1170 | 20 | 414 | 13420 | 339 |  |
| Defensive Market <br> Strategies<sup>®</sup><br>| 41942 | 13408 | 14900 | (2023)<br>| 2165 | 40592 | 999 | 3026 |
| Equity Index | 413955 | 93824 | 3660 | 1895 | 70167 | 576181 | 5613 | 2871 |
| International Equity Index | 197658 | 51199 | 20781 | 4206 | 42244 | 274526 | 11610 | 3971 |
| Small Cap Equity | 50797 | 22727 | 14130 | 842 | (2383)<br>| 57853 | 296 | 5573 |
| Emerging Markets Equity | 48944 | 7660 | 4155 | 875 | 14110 | 67434 | 1248 | 1329 |
| Global Real Estate Securities | 15472 | 4904 | 431 | 56 | 723 | 20724 | 719 |  |
|  | $818658 | $308649 | $134244 | $5699 | $129040 | $1127802 | $23266 | $16771 |

---

**348**

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **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> **12/31/25**<br>| **Dividend**<br> **Income**<br>| **Distributions**<br> **of Realized**<br> **Gains**<br>|
| **Conservative Allocation** |  |  |  |  |  |  |  |  |
| Money Market | $6086 | $47743 | $48931 | $— | $— | $4898 | $219 | $—\* |
| Low-Duration Bond | 182107 | 13058 | 92155 | (2824)<br>| 4399 | 104585 | 5702 |  |
| Medium-Duration Bond | 48860 | 92430 | 10154 | (8)<br>| 3795 | 134923 | 4725 |  |
| Global Bond | 12121 | 1838 | 2045 | (311)<br>| 832 | 12435 | 408 |  |
| Defensive Market <br> Strategies<sup>®</sup><br>| 30757 | 4651 | 12030 | (993)<br>| 1236 | 23621 | 618 | 1854 |
| Impact Bond | 15999 | 1347 | 1186 | (40)<br>| 168 | 16288 | 742 |  |
| Impact Equity | 7181 | 2298 | 8670 | (205)<br>| (604)<br>|  | 49 | 1999 |
| Value Equity Index | 5501 | 1153 | 1395 | 220 | 300 | 5779 | 90 | 163 |
| Value Equity | 16543 | 7986 | 4939 | 473 | (626)<br>| 19437 | 253 | 2432 |
| Growth Equity Index | 5490 | 2741 | 3436 | 830 | 76 | 5701 | 18 | 183 |
| Growth Equity | 16451 | 18141 | 6754 | 1106 | (1652)<br>| 27292 |  | 3200 |
| Small Cap Equity | 4025 | 1926 | 2011 | (31)<br>| (82)<br>| 3827 | 20 | 371 |
| International Equity | 21323 | 6236 | 9060 | 1586 | 1755 | 21840 | 520 | 1599 |
| Emerging Markets Equity | 9031 | 1238 | 4180 | 880 | 1505 | 8474 | 164 | 175 |
| Global Real Estate Securities | 4834 | 189 | 465 | 14 | 219 | 4791 | 188 |  |
| Strategic Alternatives | 20059 | 2624 | 1775 | (128)<br>| (191)<br>| 20589 | 850 | 559 |
|  | $406368 | $205599 | $209186 | $569 | $11130 | $414480 | $14566 | $12535 |
| **Balanced Allocation** |  |  |  |  |  |  |  |  |
| Money Market | $18182 | $78733 | $83813 | $— | $— | $13102 | $607 | $1 |
| Low-Duration Bond | 50527 | 15534 | 11415 | (420)<br>| 1033 | 55259 | 2239 |  |
| Medium-Duration Bond | 366771 | 55246 | 34490 | (5671)<br>| 18332 | 400188 | 17551 |  |
| Global Bond | 101118 | 27420 | 22272 | (3084)<br>| 7481 | 110663 | 3430 |  |
| Defensive Market <br> Strategies<sup>®</sup><br>| 132918 | 17546 | 34175 | (3091)<br>| 3710 | 116908 | 2876 | 8886 |
| Impact Bond | 19928 | 2948 | 1735 | (58)<br>| 222 | 21305 | 943 |  |
| Impact Equity | 29723 | 9873 | 36033 | (1359)<br>| (2204)<br>|  | 206 | 8427 |
| Value Equity Index | 32704 | 4260 | 4735 | 904 | 2231 | 35364 | 543 | 991 |
| Value Equity | 98197 | 34187 | 18452 | (219)<br>| (738)<br>| 112975 | 1499 | 14128 |
| Growth Equity Index | 32398 | 8833 | 10900 | 4484 | 424 | 35239 | 108 | 1114 |
| Growth Equity | 97341 | 79615 | 29053 | 10034 | (12180)<br>| 145757 |  | 17275 |
| Small Cap Equity | 25228 | 9093 | 8165 | 152 | (987)<br>| 25321 | 131 | 2505 |
| International Equity | 127524 | 21816 | 30615 | 5959 | 13865 | 138549 | 3297 | 10154 |
| Emerging Markets Equity | 54584 | 3644 | 16365 | (139)<br>| 14885 | 56609 | 1084 | 1160 |
| Global Real Estate Securities | 26395 | 4060 | 3730 | (91)<br>| 1388 | 28022 | 1050 |  |
| Strategic Alternatives | 50068 | 12316 | 7960 | (696)<br>| (191)<br>| 53537 | 2206 | 1450 |
|  | $1263606 | $385124 | $353908 | $6705 | $47271 | $1348798 | $37770 | $66091 |

---

**349**

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---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **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> **12/31/25**<br>| **Dividend**<br> **Income**<br>| **Distributions**<br> **of Realized**<br> **Gains**<br>|
| **Moderately Aggressive** <br> **Allocation Fund**<br>|  |  |  |  |  |  |  |  |
| Money Market | $15733 | $69741 | $73405 | $— | $— | $12069 | $526 | $—\* |
| Low-Duration Bond | 18064 | 8161 | 6100 | 75 | 151 | 20351 | 806 |  |
| Medium-Duration Bond | 130955 | 32541 | 14520 | (3220)<br>| 7944 | 153700 | 6466 |  |
| Global Bond | 36497 | 14699 | 23334 | (1218)<br>| 2762 | 29406 | 1219 |  |
| Defensive Market <br> Strategies<sup>®</sup><br>| 50092 | 5418 | 23930 | (2033)<br>| 2441 | 31988 | 936 | 2606 |
| Impact Bond | 16962 | 4148 | 2575 | (88)<br>| 239 | 18686 | 808 |  |
| Impact Equity | 25316 | 7463 | 29561 | (927)<br>| (2291)<br>|  | 178 | 7285 |
| Value Equity Index | 49591 | 35687 | 4470 | 874 | 3993 | 85675 | 1080 | 2372 |
| Value Equity | 148892 | 42429 | 16941 | 3154 | (5041)<br>| 172493 | 2298 | 21551 |
| Growth Equity Index | 48999 | 39584 | 10571 | 4366 | 2464 | 84842 | 196 | 2588 |
| Growth Equity | 147149 | 80239 | 24340 | 4582 | (7120)<br>| 200510 |  | 24045 |
| Small Cap Equity | 38412 | 12676 | 7720 | 871 | (2396)<br>| 41843 | 213 | 4073 |
| International Equity | 199171 | 23441 | 55555 | 5674 | 26431 | 199162 | 4723 | 14523 |
| Emerging Markets Equity | 84942 | 6253 | 20175 | 2329 | 21058 | 94407 | 1767 | 1891 |
| Global Real Estate Securities | 33123 | 6469 | 16845 | 60 | 1845 | 24652 | 1174 |  |
| Strategic Alternatives | 26535 | 6651 | 15706 | (1018)<br>| 1156 | 17618 | 723 | 473 |
|  | $1070433 | $395600 | $345748 | $13481 | $53636 | $1187402 | $23113 | $81407 |
| **Aggressive Allocation** |  |  |  |  |  |  |  |  |
| Money Market | $15931 | $59879 | $63349 | $— | $— | $12461 | $531 | $—\* |
| Impact Equity | 42348 | 12903 | 49560 | (1770)<br>| (3921)<br>|  | 304 | 12424 |
| Value Equity Index | 70405 | 10128 | 7226 | 1332 | 5444 | 80083 | 1217 | 2241 |
| Value Equity | 211075 | 55514 | 23769 | 4630 | (7404)<br>| 240046 | 3265 | 30293 |
| Growth Equity Index | 69459 | 11619 | 11636 | 4783 | 5517 | 79742 | 242 | 2507 |
| Growth Equity | 208504 | 109023 | 24130 | 2344 | (6522)<br>| 289219 |  | 34625 |
| Small Cap Equity | 53917 | 16090 | 6884 | 1744 | (4101)<br>| 60766 | 312 | 5943 |
| International Equity | 282947 | 46898 | 49849 | 3306 | 39207 | 322509 | 7692 | 23650 |
| Emerging Markets Equity | 120795 | 12996 | 28984 | 1747 | 31833 | 138387 | 2589 | 2773 |
|  | $1075381 | $335050 | $265387 | $18116 | $60053 | $1223213 | $16152 | $114456 |
| **Low-Duration Bond** |  |  |  |  |  |  |  |  |
| Money Market | $31722 | $881753 | $886379 | $— | $— | $27096 | $1623 | $1 |
| **Medium-Duration Bond** |  |  |  |  |  |  |  |  |
| Money Market | $220888 | $2496566 | $2553154 | $— | $— | $164300 | $6604 | $7 |
| **Global Bond** |  |  |  |  |  |  |  |  |
| Money Market | $25373 | $1127042 | $1124483 | $— | $— | $27932 | $1484 | $1 |
| **Impact Bond** |  |  |  |  |  |  |  |  |
| Money Market | $3423 | $45583 | $42812 | $— | $— | $6194 | $183 | $—\* |
| **Defensive Market** <br> **Strategies**<sup>®</sup><br>|  |  |  |  |  |  |  |  |
| Money Market | $97190 | $1452210 | $1433052 | $— | $— | $116348 | $3998 | $5 |

---

**350**

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---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **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> **12/31/25**<br>| **Dividend**<br> **Income**<br>| **Distributions**<br> **of Realized**<br> **Gains**<br>|
| **Equity Index** |  |  |  |  |  |  |  |  |
| Money Market | $72340 | $1306570 | $1278271 | $— | $— | $100639 | $5066 | $3 |
| **Value Equity Index** |  |  |  |  |  |  |  |  |
| Money Market | $3607 | $86959 | $85291 | $— | $— | $5275 | $185 | $—\* |
| **Value Equity** |  |  |  |  |  |  |  |  |
| Money Market | $43647 | $468675 | $475431 | $— | $— | $36891 | $1633 | $2 |
| **Growth Equity Index** |  |  |  |  |  |  |  |  |
| Money Market | $7412 | $138672 | $137029 | $— | $— | $9055 | $273 | $—\* |
| **Growth Equity** |  |  |  |  |  |  |  |  |
| Money Market | $58278 | $677062 | $690365 | $— | $— | $44975 | $2264 | $2 |
| **Small Cap Equity** |  |  |  |  |  |  |  |  |
| Money Market | $45179 | $535190 | $528622 | $— | $— | $51747 | $1688 | $2 |
| **International Equity Index** |  |  |  |  |  |  |  |  |
| Money Market | $63006 | $445819 | $431106 | $— | $— | $77719 | $2632 | $3 |
| **International Equity** |  |  |  |  |  |  |  |  |
| Money Market | $51700 | $588955 | $580309 | $— | $— | $60346 | $2614 | $3 |
| **Emerging Markets Equity** |  |  |  |  |  |  |  |  |
| Money Market | $22776 | $263741 | $260156 | $— | $— | $26361 | $1025 | $1 |
| **Global Real Estate** <br> **Securities**<br>|  |  |  |  |  |  |  |  |
| Money Market | $8225 | $89070 | $92253 | $— | $— | $5042 | $256 | $—\* |
| **Strategic Alternatives** |  |  |  |  |  |  |  |  |
| Money Market | $88351 | $779860 | $756482 | $— | $— | $111729 | $4291 | $4 |

---

\*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 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.

**351**

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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 December 31, 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; $21444956<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $12801391<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $9418665<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $22220056<br>|
| Medium-Duration Bond  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 133548666<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 78318279<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59536306<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 137854585<br>|
| Global Bond  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38112683<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17340095<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22334137<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39674232<br>|
| Impact Bond  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 103317<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 107272<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 107272<br>|
| Defensive Market Strategies<sup>®</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4431360<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 589706<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3955403<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4545109<br>|
| Equity Index  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 82947096<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65195527<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20348315<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85543842<br>|
| Value Equity Index  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3833816<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2663905<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1311354<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3975259<br>|
| Value Equity  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48235740<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40005551<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9967041<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49972592<br>|
| Growth Equity Index  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3431385<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2947746<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 605676<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3553422<br>|
| Growth Equity  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30558371<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20720720<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10829043<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31549763<br>|
| Small Cap Equity  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 131876507<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 106383765<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29909723<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 136293488<br>|
| International Equity Index  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54216620<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16073209<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42797874<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58871083<br>|
| International Equity  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36735671<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11084352<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27565463<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38649815<br>|
| Emerging Markets Equity  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17856487<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12638403<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6175193<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18813596<br>|
| Global Real Estate Securities  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25952524<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18578996<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8585625<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27164621<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 December 31, 2025, are disclosed as "Collateral held for securities on loan, at value" on the Statements of Assets and Liabilities, where applicable.

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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 year ended December 31, 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; $115643662 | &nbsp;&nbsp; $142810000 | &nbsp;&nbsp; $58199037 | &nbsp;&nbsp; $56692501 |
| MyDestination 2025 | &nbsp;&nbsp; 367900155 | &nbsp;&nbsp; 374295000 | &nbsp;&nbsp; 116228977 | &nbsp;&nbsp; 101348481 |
| MyDestination 2035 | &nbsp;&nbsp; 442440548 | &nbsp;&nbsp; 301905000 | &nbsp;&nbsp; 10414164 | &nbsp;&nbsp; 2871173 |
| MyDestination 2045 | &nbsp;&nbsp; 322955517 | &nbsp;&nbsp; 151360000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| MyDestination 2055 | &nbsp;&nbsp; 222315145 | &nbsp;&nbsp; 62785000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| MyDestination 2065<sup>1</sup> <br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Conservative Allocation | &nbsp;&nbsp; 157851434 | &nbsp;&nbsp; 160249967 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Balanced Allocation | &nbsp;&nbsp; 306389279 | &nbsp;&nbsp; 270093238 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Moderately Aggressive Allocation Fund | &nbsp;&nbsp; 325856423 | &nbsp;&nbsp; 272341173 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Aggressive Allocation | &nbsp;&nbsp; 275169056 | &nbsp;&nbsp; 202035933 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Low-Duration Bond | &nbsp;&nbsp; 451561355 | &nbsp;&nbsp; 408816635 | &nbsp;&nbsp; 885647620 | &nbsp;&nbsp; 949208292 |
| Medium-Duration Bond | &nbsp;&nbsp; 1075374223 | &nbsp;&nbsp; 928604200 | &nbsp;&nbsp; 13640423421 | &nbsp;&nbsp; 13243788864 |
| Global Bond | &nbsp;&nbsp; 730852554 | &nbsp;&nbsp; 619031101 | &nbsp;&nbsp; 177549658 | &nbsp;&nbsp; 248321095 |
| Impact Bond | &nbsp;&nbsp; 17461843 | &nbsp;&nbsp; 21659211 | &nbsp;&nbsp; 87521073 | &nbsp;&nbsp; 81124456 |
| Defensive Market Strategies<sup>®</sup> | &nbsp;&nbsp; 406447031 | &nbsp;&nbsp; 582835013 | &nbsp;&nbsp; 17593594 | &nbsp;&nbsp; 180856641 |
| Equity Index | &nbsp;&nbsp; 644612517 | &nbsp;&nbsp; 80295689 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Value Equity Index | &nbsp;&nbsp; 90439539 | &nbsp;&nbsp; 42933066 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Value Equity | &nbsp;&nbsp; 668580297 | &nbsp;&nbsp; 763764717 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Growth Equity Index | &nbsp;&nbsp; 125382302 | &nbsp;&nbsp; 65052662 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Growth Equity | &nbsp;&nbsp; 781625791 | &nbsp;&nbsp; 851023077 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Small Cap Equity | &nbsp;&nbsp; 707192256 | &nbsp;&nbsp; 788204285 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| International Equity Index | &nbsp;&nbsp; 118434173 | &nbsp;&nbsp; 65791313 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| International Equity | &nbsp;&nbsp; 740090589 | &nbsp;&nbsp; 761042553 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Emerging Markets Equity | &nbsp;&nbsp; 481378678 | &nbsp;&nbsp; 545951365 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Global Real Estate Securities | &nbsp;&nbsp; 424246547 | &nbsp;&nbsp; 410659065 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Strategic Alternatives | &nbsp;&nbsp; 90702315 | &nbsp;&nbsp; 87949031 | &nbsp;&nbsp; 515633446 | &nbsp;&nbsp; 527132728 |

---

<sup>1</sup> For the one day ended December 31, 2025 (Commencement of Operations).

**6. CAPITAL SHARE TRANSACTIONS**

Transactions in shares of capital stock were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended 12/31/25** | **Year Ended 12/31/25** | **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; 1884017 | &nbsp;&nbsp;&nbsp;&nbsp; 2125586 | &nbsp;&nbsp;&nbsp;&nbsp; 8017914 | &nbsp;&nbsp;&nbsp;&nbsp; 2747710 |
| Shares reinvested | &nbsp;&nbsp;&nbsp;&nbsp; 1683414 | &nbsp;&nbsp;&nbsp;&nbsp; 2199164 | &nbsp;&nbsp;&nbsp;&nbsp; 1849518 | &nbsp;&nbsp;&nbsp;&nbsp; 2477870 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (3580230)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5311549)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5178980)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7609141)<br>|
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp; (12799)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (986799)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4688452 | &nbsp;&nbsp;&nbsp;&nbsp; (2383561)<br>|

---

**353**

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended 12/31/25** | **Year Ended 12/31/25** | **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; 6452716 | &nbsp;&nbsp;&nbsp;&nbsp; 7538729 | &nbsp;&nbsp;&nbsp;&nbsp; 10365520 | &nbsp;&nbsp;&nbsp;&nbsp; 11350643 |
| Shares reinvested | &nbsp;&nbsp;&nbsp;&nbsp; 5064885 | &nbsp;&nbsp;&nbsp;&nbsp; 7108436 | &nbsp;&nbsp;&nbsp;&nbsp; 5462876 | &nbsp;&nbsp;&nbsp;&nbsp; 7909981 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (7123312)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (12661798)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (8014224)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (14219908)<br>|
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp; 4394289 | &nbsp;&nbsp;&nbsp;&nbsp; 1985367 | &nbsp;&nbsp;&nbsp;&nbsp; 7814172 | &nbsp;&nbsp;&nbsp;&nbsp; 5040716 |
| **MyDestination 2035** |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 8000152 | &nbsp;&nbsp;&nbsp;&nbsp; 10297518 | &nbsp;&nbsp;&nbsp;&nbsp; 10303446 | &nbsp;&nbsp;&nbsp;&nbsp; 12539948 |
| Shares reinvested | &nbsp;&nbsp;&nbsp;&nbsp; 4845852 | &nbsp;&nbsp;&nbsp;&nbsp; 5956291 | &nbsp;&nbsp;&nbsp;&nbsp; 5268433 | &nbsp;&nbsp;&nbsp;&nbsp; 6581458 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (4038154)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7062306)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4067780)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7934811)<br>|
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp; 8807850 | &nbsp;&nbsp;&nbsp;&nbsp; 9191503 | &nbsp;&nbsp;&nbsp;&nbsp; 11504099 | &nbsp;&nbsp;&nbsp;&nbsp; 11186595 |
| **MyDestination 2045** |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 7141047 | &nbsp;&nbsp;&nbsp;&nbsp; 8710150 | &nbsp;&nbsp;&nbsp;&nbsp; 8301517 | &nbsp;&nbsp;&nbsp;&nbsp; 8948853 |
| Shares reinvested | &nbsp;&nbsp;&nbsp;&nbsp; 3132967 | &nbsp;&nbsp;&nbsp;&nbsp; 3714532 | &nbsp;&nbsp;&nbsp;&nbsp; 3444585 | &nbsp;&nbsp;&nbsp;&nbsp; 4206825 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (1767174)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4257433)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2373708)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5247153)<br>|
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp; 8506840 | &nbsp;&nbsp;&nbsp;&nbsp; 8167249 | &nbsp;&nbsp;&nbsp;&nbsp; 9372394 | &nbsp;&nbsp;&nbsp;&nbsp; 7908525 |
| **MyDestination 2055** |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 4433341 | &nbsp;&nbsp;&nbsp;&nbsp; 5143545 | &nbsp;&nbsp;&nbsp;&nbsp; 4365502 | &nbsp;&nbsp;&nbsp;&nbsp; 4937374 |
| Shares reinvested | &nbsp;&nbsp;&nbsp;&nbsp; 1014171 | &nbsp;&nbsp;&nbsp;&nbsp; 1145275 | &nbsp;&nbsp;&nbsp;&nbsp; 940750 | &nbsp;&nbsp;&nbsp;&nbsp; 1090981 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (616099)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1553094)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (789001)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1884970)<br>|
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp; 4831413 | &nbsp;&nbsp;&nbsp;&nbsp; 4735726 | &nbsp;&nbsp;&nbsp;&nbsp; 4517251 | &nbsp;&nbsp;&nbsp;&nbsp; 4143385 |
| **MyDestination 2065**<sup>1</sup> <br>|  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 300000 |  |  |
| Shares reinvested | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |  |  |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |  |  |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 300000 |  |  |
| **Conservative Allocation** |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 1012406 | &nbsp;&nbsp;&nbsp;&nbsp; 2047352 | &nbsp;&nbsp;&nbsp;&nbsp; 1079466 | &nbsp;&nbsp;&nbsp;&nbsp; 1542709 |
| Shares reinvested | &nbsp;&nbsp;&nbsp;&nbsp; 562916 | &nbsp;&nbsp;&nbsp;&nbsp; 1424610 | &nbsp;&nbsp;&nbsp;&nbsp; 475538 | &nbsp;&nbsp;&nbsp;&nbsp; 1217020 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (1508558)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4067540)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1767949)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4790703)<br>|
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp; 66764 | &nbsp;&nbsp;&nbsp;&nbsp; (595578)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (212945)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2030974)<br>|
| **Balanced Allocation** |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 2618378 | &nbsp;&nbsp;&nbsp;&nbsp; 2611786 | &nbsp;&nbsp;&nbsp;&nbsp; 2358929 | &nbsp;&nbsp;&nbsp;&nbsp; 3165004 |
| Shares reinvested | &nbsp;&nbsp;&nbsp;&nbsp; 2355340 | &nbsp;&nbsp;&nbsp;&nbsp; 6309968 | &nbsp;&nbsp;&nbsp;&nbsp; 1224109 | &nbsp;&nbsp;&nbsp;&nbsp; 3435789 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (2531017)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (8430042)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2949112)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (9611285)<br>|
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp; 2442701 | &nbsp;&nbsp;&nbsp;&nbsp; 491712 | &nbsp;&nbsp;&nbsp;&nbsp; 633926 | &nbsp;&nbsp;&nbsp;&nbsp; (3010492)<br>|
| **Moderately Aggressive Allocation Fund** |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 1837843 | &nbsp;&nbsp;&nbsp;&nbsp; 2628438 | &nbsp;&nbsp;&nbsp;&nbsp; 2131427 | &nbsp;&nbsp;&nbsp;&nbsp; 2363589 |
| Shares reinvested | &nbsp;&nbsp;&nbsp;&nbsp; 2195187 | &nbsp;&nbsp;&nbsp;&nbsp; 5605568 | &nbsp;&nbsp;&nbsp;&nbsp; 817646 | &nbsp;&nbsp;&nbsp;&nbsp; 2050453 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (2245780)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (6136644)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2670753)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7665201)<br>|
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp; 1787250 | &nbsp;&nbsp;&nbsp;&nbsp; 2097362 | &nbsp;&nbsp;&nbsp;&nbsp; 278320 | &nbsp;&nbsp;&nbsp;&nbsp; (3251159)<br>|

---

**354**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended 12/31/25** | **Year Ended 12/31/25** | **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>|
| **Aggressive Allocation** |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 1741439 | &nbsp;&nbsp;&nbsp;&nbsp; 2207930 | &nbsp;&nbsp;&nbsp;&nbsp; 1627282 | &nbsp;&nbsp;&nbsp;&nbsp; 2152788 |
| Shares reinvested | &nbsp;&nbsp;&nbsp;&nbsp; 2489545 | &nbsp;&nbsp;&nbsp;&nbsp; 6784175 | &nbsp;&nbsp;&nbsp;&nbsp; 719675 | &nbsp;&nbsp;&nbsp;&nbsp; 1998678 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (1734884)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (6406660)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2010507)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (6292614)<br>|
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp; 2496100 | &nbsp;&nbsp;&nbsp;&nbsp; 2585445 | &nbsp;&nbsp;&nbsp;&nbsp; 336450 | &nbsp;&nbsp;&nbsp;&nbsp; (2141148)<br>|
| **Money Market** |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 8731626414 | &nbsp;&nbsp;&nbsp;&nbsp; 183597299 | &nbsp;&nbsp;&nbsp;&nbsp; 7562465366 | &nbsp;&nbsp;&nbsp;&nbsp; 187920064 |
| Shares reinvested | &nbsp;&nbsp;&nbsp;&nbsp; 18656625 | &nbsp;&nbsp;&nbsp;&nbsp; 22464146 | &nbsp;&nbsp;&nbsp;&nbsp; 21124590 | &nbsp;&nbsp;&nbsp;&nbsp; 28178827 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (8643557992)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (222071263)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7218884917)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (207374898)<br>|
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp; 106725047 | &nbsp;&nbsp;&nbsp;&nbsp; (16009818)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 364705039 | &nbsp;&nbsp;&nbsp;&nbsp; 8723993 |
| **Low-Duration Bond** |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 13356489 | &nbsp;&nbsp;&nbsp;&nbsp; 2102006 | &nbsp;&nbsp;&nbsp;&nbsp; 12468608 | &nbsp;&nbsp;&nbsp;&nbsp; 3467500 |
| Shares reinvested | &nbsp;&nbsp;&nbsp;&nbsp; 2372100 | &nbsp;&nbsp;&nbsp;&nbsp; 525529 | &nbsp;&nbsp;&nbsp;&nbsp; 2328268 | &nbsp;&nbsp;&nbsp;&nbsp; 649096 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (14292575)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7615248)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (10784475)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2899613)<br>|
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp; 1436014 | &nbsp;&nbsp;&nbsp;&nbsp; (4987713)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4012401 | &nbsp;&nbsp;&nbsp;&nbsp; 1216983 |
| **Medium-Duration Bond** |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 55583909 | &nbsp;&nbsp;&nbsp;&nbsp; 16561555 | &nbsp;&nbsp;&nbsp;&nbsp; 48192913 | &nbsp;&nbsp;&nbsp;&nbsp; 7716604 |
| Shares reinvested | &nbsp;&nbsp;&nbsp;&nbsp; 9554376 | &nbsp;&nbsp;&nbsp;&nbsp; 1849407 | &nbsp;&nbsp;&nbsp;&nbsp; 8196898 | &nbsp;&nbsp;&nbsp;&nbsp; 1382218 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (22452532)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (6304608)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (28952102)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5070412)<br>|
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp; 42685753 | &nbsp;&nbsp;&nbsp;&nbsp; 12106354 | &nbsp;&nbsp;&nbsp;&nbsp; 27437709 | &nbsp;&nbsp;&nbsp;&nbsp; 4028410 |
| **Global Bond** |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 16122171 | &nbsp;&nbsp;&nbsp;&nbsp; 2186384 | &nbsp;&nbsp;&nbsp;&nbsp; 18103991 | &nbsp;&nbsp;&nbsp;&nbsp; 2979674 |
| Shares reinvested | &nbsp;&nbsp;&nbsp;&nbsp; 2133199 | &nbsp;&nbsp;&nbsp;&nbsp; 321835 | &nbsp;&nbsp;&nbsp;&nbsp; 1795252 | &nbsp;&nbsp;&nbsp;&nbsp; 345945 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (11750948)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4804035)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (10988381)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3288957)<br>|
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp; 6504422 | &nbsp;&nbsp;&nbsp;&nbsp; (2295816)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8910862 | &nbsp;&nbsp;&nbsp;&nbsp; 36662 |
| **Impact Bond** |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 1015697 | &nbsp;&nbsp;&nbsp;&nbsp; 580928 | &nbsp;&nbsp;&nbsp;&nbsp; 1185104 | &nbsp;&nbsp;&nbsp;&nbsp; 301218 |
| Shares reinvested | &nbsp;&nbsp;&nbsp;&nbsp; 341739 | &nbsp;&nbsp;&nbsp;&nbsp; 82650 | &nbsp;&nbsp;&nbsp;&nbsp; 321790 | &nbsp;&nbsp;&nbsp;&nbsp; 80251 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (732770)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (556418)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (923876)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (241419)<br>|
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp; 624666 | &nbsp;&nbsp;&nbsp;&nbsp; 107160 | &nbsp;&nbsp;&nbsp;&nbsp; 583018 | &nbsp;&nbsp;&nbsp;&nbsp; 140050 |
| **Defensive Market Strategies**<sup>®</sup> |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 7644145 | &nbsp;&nbsp;&nbsp;&nbsp; 2033369 | &nbsp;&nbsp;&nbsp;&nbsp; 12495737 | &nbsp;&nbsp;&nbsp;&nbsp; 3922649 |
| Shares reinvested | &nbsp;&nbsp;&nbsp;&nbsp; 8034390 | &nbsp;&nbsp;&nbsp;&nbsp; 2245311 | &nbsp;&nbsp;&nbsp;&nbsp; 8727130 | &nbsp;&nbsp;&nbsp;&nbsp; 2874271 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (32211035)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (13156856)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (12599133)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (6177646)<br>|
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp; (16532500)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (8878176)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8623734 | &nbsp;&nbsp;&nbsp;&nbsp; 619274 |
| **Equity Index** |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 10977588 | &nbsp;&nbsp;&nbsp;&nbsp; 7254104 | &nbsp;&nbsp;&nbsp;&nbsp; 9553794 | &nbsp;&nbsp;&nbsp;&nbsp; 3318377 |
| Shares reinvested | &nbsp;&nbsp;&nbsp;&nbsp; 998962 | &nbsp;&nbsp;&nbsp;&nbsp; 346978 | &nbsp;&nbsp;&nbsp;&nbsp; 2109318 | &nbsp;&nbsp;&nbsp;&nbsp; 696276 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (6296155)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3171974)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (11734361)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2621795)<br>|
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp; 5680395 | &nbsp;&nbsp;&nbsp;&nbsp; 4429108 | &nbsp;&nbsp;&nbsp;&nbsp; (71249)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1392858 |

---

**355**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended 12/31/25** | **Year Ended 12/31/25** | **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; 4633189 | &nbsp;&nbsp;&nbsp;&nbsp; 1731617 | &nbsp;&nbsp;&nbsp;&nbsp; 2720966 | &nbsp;&nbsp;&nbsp;&nbsp; 1238363 |
| Shares reinvested | &nbsp;&nbsp;&nbsp;&nbsp; 757446 | &nbsp;&nbsp;&nbsp;&nbsp; 105459 | &nbsp;&nbsp;&nbsp;&nbsp; 872205 | &nbsp;&nbsp;&nbsp;&nbsp; 90245 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (1894132)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (874141)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4063243)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (867403)<br>|
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp; 3496503 | &nbsp;&nbsp;&nbsp;&nbsp; 962935 | &nbsp;&nbsp;&nbsp;&nbsp; (470072)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 461205 |
| **Value Equity** |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 4807140 | &nbsp;&nbsp;&nbsp;&nbsp; 2027482 | &nbsp;&nbsp;&nbsp;&nbsp; 7669754 | &nbsp;&nbsp;&nbsp;&nbsp; 2977033 |
| Shares reinvested | &nbsp;&nbsp;&nbsp;&nbsp; 5544016 | &nbsp;&nbsp;&nbsp;&nbsp; 2666109 | &nbsp;&nbsp;&nbsp;&nbsp; 3609049 | &nbsp;&nbsp;&nbsp;&nbsp; 2072799 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (6344784)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (6452802)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (9674610)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4385238)<br>|
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp; 4006372 | &nbsp;&nbsp;&nbsp;&nbsp; (1759211)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1604193 | &nbsp;&nbsp;&nbsp;&nbsp; 664594 |
| **Growth Equity Index** |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 5074203 | &nbsp;&nbsp;&nbsp;&nbsp; 3515923 | &nbsp;&nbsp;&nbsp;&nbsp; 3911088 | &nbsp;&nbsp;&nbsp;&nbsp; 4127856 |
| Shares reinvested | &nbsp;&nbsp;&nbsp;&nbsp; 474207 | &nbsp;&nbsp;&nbsp;&nbsp; 254122 | &nbsp;&nbsp;&nbsp;&nbsp; 510959 | &nbsp;&nbsp;&nbsp;&nbsp; 256558 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (2903050)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2370529)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5640375)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1461729)<br>|
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp; 2645360 | &nbsp;&nbsp;&nbsp;&nbsp; 1399516 | &nbsp;&nbsp;&nbsp;&nbsp; (1218328)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2922685 |
| **Growth Equity** |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 8673677 | &nbsp;&nbsp;&nbsp;&nbsp; 2084471 | &nbsp;&nbsp;&nbsp;&nbsp; 6785619 | &nbsp;&nbsp;&nbsp;&nbsp; 3514782 |
| Shares reinvested | &nbsp;&nbsp;&nbsp;&nbsp; 4717511 | &nbsp;&nbsp;&nbsp;&nbsp; 4182445 | &nbsp;&nbsp;&nbsp;&nbsp; 3736831 | &nbsp;&nbsp;&nbsp;&nbsp; 4046940 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (5963312)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7870399)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (10715947)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5989102)<br>|
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp; 7427876 | &nbsp;&nbsp;&nbsp;&nbsp; (1603483)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (193497)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1572620 |
| **Small Cap Equity** |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 7510936 | &nbsp;&nbsp;&nbsp;&nbsp; 2115551 | &nbsp;&nbsp;&nbsp;&nbsp; 12185325 | &nbsp;&nbsp;&nbsp;&nbsp; 2770805 |
| Shares reinvested | &nbsp;&nbsp;&nbsp;&nbsp; 3257710 | &nbsp;&nbsp;&nbsp;&nbsp; 1751422 | &nbsp;&nbsp;&nbsp;&nbsp; 1669169 | &nbsp;&nbsp;&nbsp;&nbsp; 882705 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (9809496)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3098444)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (9561648)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3489800)<br>|
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp; 959150 | &nbsp;&nbsp;&nbsp;&nbsp; 768529 | &nbsp;&nbsp;&nbsp;&nbsp; 4292846 | &nbsp;&nbsp;&nbsp;&nbsp; 163710 |
| **International Equity Index** |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 11807103 | &nbsp;&nbsp;&nbsp;&nbsp; 4859553 | &nbsp;&nbsp;&nbsp;&nbsp; 36112761 | &nbsp;&nbsp;&nbsp;&nbsp; 956442 |
| Shares reinvested | &nbsp;&nbsp;&nbsp;&nbsp; 6197731 | &nbsp;&nbsp;&nbsp;&nbsp; 323218 | &nbsp;&nbsp;&nbsp;&nbsp; 2990221 | &nbsp;&nbsp;&nbsp;&nbsp; 51763 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (14721056)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1122677)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (13209274)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (374684)<br>|
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp; 3283778 | &nbsp;&nbsp;&nbsp;&nbsp; 4060094 | &nbsp;&nbsp;&nbsp;&nbsp; 25893708 | &nbsp;&nbsp;&nbsp;&nbsp; 633521 |
| **International Equity** |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 6373836 | &nbsp;&nbsp;&nbsp;&nbsp; 5925231 | &nbsp;&nbsp;&nbsp;&nbsp; 9207299 | &nbsp;&nbsp;&nbsp;&nbsp; 4791049 |
| Shares reinvested | &nbsp;&nbsp;&nbsp;&nbsp; 5892049 | &nbsp;&nbsp;&nbsp;&nbsp; 3042617 | &nbsp;&nbsp;&nbsp;&nbsp; 4669949 | &nbsp;&nbsp;&nbsp;&nbsp; 2083668 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (11316341)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4607617)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (9732281)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3585428)<br>|
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp; 949544 | &nbsp;&nbsp;&nbsp;&nbsp; 4360231 | &nbsp;&nbsp;&nbsp;&nbsp; 4144967 | &nbsp;&nbsp;&nbsp;&nbsp; 3289289 |
| **Emerging Markets Equity** |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 5107450 | &nbsp;&nbsp;&nbsp;&nbsp; 4928178 | &nbsp;&nbsp;&nbsp;&nbsp; 19025188 | &nbsp;&nbsp;&nbsp;&nbsp; 2733188 |
| Shares reinvested | &nbsp;&nbsp;&nbsp;&nbsp; 2396632 | &nbsp;&nbsp;&nbsp;&nbsp; 532109 | &nbsp;&nbsp;&nbsp;&nbsp; 1069058 | &nbsp;&nbsp;&nbsp;&nbsp; 163355 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (13227247)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2933632)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (30397206)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2777810)<br>|
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp; (5723165)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2526655 | &nbsp;&nbsp;&nbsp;&nbsp; (10302960)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 118733 |

---

**356**

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---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended 12/31/25** | **Year Ended 12/31/25** | **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; 3726905 | &nbsp;&nbsp;&nbsp;&nbsp; 1625009 | &nbsp;&nbsp;&nbsp;&nbsp; 7653833 | &nbsp;&nbsp;&nbsp;&nbsp; 1184597 |
| Shares reinvested | &nbsp;&nbsp;&nbsp;&nbsp; 909575 | &nbsp;&nbsp;&nbsp;&nbsp; 329103 | &nbsp;&nbsp;&nbsp;&nbsp; 548955 | &nbsp;&nbsp;&nbsp;&nbsp; 214662 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (3900797)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1138959)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2755286)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1794887)<br>|
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp; 735683 | &nbsp;&nbsp;&nbsp;&nbsp; 815153 | &nbsp;&nbsp;&nbsp;&nbsp; 5447502 | &nbsp;&nbsp;&nbsp;&nbsp; (395628)<br>|
| **Strategic Alternatives** |  |  |  |  |
| Shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 4311321 | &nbsp;&nbsp;&nbsp;&nbsp; 2059211 | &nbsp;&nbsp;&nbsp;&nbsp; 5427690 | &nbsp;&nbsp;&nbsp;&nbsp; 937254 |
| Shares reinvested | &nbsp;&nbsp;&nbsp;&nbsp; 1758119 | &nbsp;&nbsp;&nbsp;&nbsp; 364336 | &nbsp;&nbsp;&nbsp;&nbsp; 1957195 | &nbsp;&nbsp;&nbsp;&nbsp; 355331 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (4761452)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1383096)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5124114)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1204518)<br>|
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp; 1307988 | &nbsp;&nbsp;&nbsp;&nbsp; 1040451 | &nbsp;&nbsp;&nbsp;&nbsp; 2260771 | &nbsp;&nbsp;&nbsp;&nbsp; 88067 |

---

<sup>1</sup> For the one day period December 31, 2025 (Commencement of Operations).

**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 11, 2026.

There were no draws on the line of credit for the year ended December 31, 2025, and there were no outstanding loans at December 31, 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 year ended December 31, 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.

**357**

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Distributions during the years ended December 31, 2025, and December 31, 2024, 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 | 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $25572786 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $14634931 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $40207717 |
| 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 2025 | 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69696444 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 63231744 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 132928188 |
| 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 2035 | 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 66722911 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 63245721 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 129968632 |
| 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 2045 | 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47241548 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43477919 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90719467 |
| 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 2055 | 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24363737 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18118042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42481779 |
| 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 2065 | 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Conservative Allocation  | 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15881771 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7022198 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22903969 |
| 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 |
| Balanced Allocation  | 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46810903 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58699399 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 105510302 |
| 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 |
| Moderately Aggressive <br> Allocation Fund  | 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30876332 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75539668 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 106416000 |
| 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 |
| Aggressive Allocation  | 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27352273 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 102685758 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 130038031 |
| 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 |
| Money Market  | 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 84529614 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 84537034 |
| 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 |
| Low-Duration Bond  | 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37841988 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37841988 |
| 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 |
| Medium-Duration Bond  | 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 146680805 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 146680805 |
| 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 |
| Global Bond  | 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21412356 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21412356 |
| 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 |
| Impact Bond  | 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4079927 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4079927 |
| 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 |
| Defensive Market Strategies<sup>®</sup> | 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74244686 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46932000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 121176686 |
| 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 |
| Equity Index  | 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61839856 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25526985 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 87366841 |
| 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 |
| Value Equity Index  | 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3717499 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7235617 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10953116 |
| 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  | 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21156436 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 130717209 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 151873645 |
| 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 |
| Growth Equity Index  | 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2749647 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10811752 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13561399 |
| 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  | 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1609332 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 238844971 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 240454303 |
| 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 |
| Small Cap Equity  | 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21629767 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64596388 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 86226155 |
| 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 |
| International Equity Index  | 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72304049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19124468 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1836126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 93264643 |
| 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 |

---

**358**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund**  | **Year**  | **Ordinary**<br> **Income** <br>| **Long-Term**<br> **Capital Gain** <br>| **Return**<br> **of Capital** <br>| **Total**<br> **Distribution** <br>|
| International Equity  | 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $81246219 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $62186631 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $143432850 |
| 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 |
| Emerging Markets Equity  | 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13091868 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22461804 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35553672 |
| 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 |
| Global Real Estate Securities  | 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11593527 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11593527 |
| 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 |
| Strategic Alternatives  | 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19196270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19196270 |
| 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 |

---

At December 31, 2025, 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; $327211 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $7280980 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $20080770 |
| MyDestination 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1432203 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18662920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 130553670 |
| MyDestination 2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1045367 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29818672 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300575600 |
| MyDestination 2045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 525913 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24299654 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 434129595 |
| MyDestination 2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13870858 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 237536327 |
| MyDestination 2065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Conservative Allocation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 286784 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7793329 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (11212995)<br>|
| Balanced Allocation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 885955 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42949522 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (61169148)<br>|
| Moderately Aggressive <br> Allocation Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 716316 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57307665 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31862631 |
| Aggressive Allocation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1129456 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 79435172 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 79867442 |
| Money Market | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Low-Duration Bond | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 855109 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4847113 |
| Medium-Duration Bond | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9235932 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (35492085)<br>|
| Global Bond | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 209618 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6157134 |
| Impact Bond | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 107938 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1491584)<br>|
| Defensive Market Strategies<sup>®</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4811528 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2895177 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26220289 |
| Equity Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3338493 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 796298 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3081636059 |
| Value Equity Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 253609 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 490602 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44629506 |
| Value Equity | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13777674 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15381783 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 128148414 |
| Growth Equity Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 225393 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5567503 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 140487727 |
| Growth Equity | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30510692 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 550908013 |
| Small Cap Equity | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6738386 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1636962 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 66757884 |
| International Equity Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3669451)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 403015012 |
| International Equity | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4633372 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32471414 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 220627701 |
| Emerging Markets Equity | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19634022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4633173)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 179514450 |
| Global Real Estate Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3832614 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1031415)<br>|
| Strategic Alternatives | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3594684 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (32961110)<br>|

---

**359**

------

For Federal income tax purposes, realized capital losses may be carried forward and applied against future realized capital gains. Capital loss carryovers were as follows as of December 31, 2025:

---

| | |
|:---|:---|
| **Fund**  | **Unlimited**  |
| Low-Duration Bond  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $48294072<br>|
| Medium-Duration Bond  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 270765706<br>|
| Global Bond  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 71017791<br>|
| Impact Bond  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1349764<br>|
| Global Real Estate Securities  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12801011<br>|

---

During the year ended December 31, 2025, the following Funds utilized capital loss carryforwards to offset capital gains:

---

| | |
|:---|:---|
| **Fund**  | **Carryforward** <br> **Utilized** <br>|
| Low-Duration Bond  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $2634175<br>|
| Medium-Duration Bond  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20821359<br>|
| Global Bond  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1196033<br>|
| Emerging Markets Equity  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47078765<br>|
| Global Real Estate Securities  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2230372<br>|

---

The Funds have elected to defer qualified late-year losses in accordance with the federal income tax rules. These losses are treated as having arisen on the first day of the following year. Capital losses were incurred from November 1, 2023, through December 31, 2025. The deferral amounts impacting ordinary income were from specified losses incurred from November 1, 2023, through December 31, 2025.

---

| | | | |
|:---|:---|:---|:---|
| **Fund**  | **Capital**  | **Ordinary** <br> **Income** <br>| **Total**  |
| International Equity Index  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 112907<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3556544<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3669451<br>|
| Emerging Markets Equity  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4633173<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4633173<br>|

---

At December 31, 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; $706438497 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $20080772 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $26960732 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(6879960)<br>|
| MyDestination 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1977050443 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 130553669 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 145423419 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (14869750)<br>|
| MyDestination 2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2056410486 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300575601 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 315708800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15133199)<br>|
| MyDestination 2045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1617424281 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 434129596 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 434591750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (462154)<br>|
| MyDestination 2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 890265484 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 237536326 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 237809092 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (272766)<br>|
| MyDestination 2065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Conservative Allocation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 425692992 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (11212996)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10311385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (21524381)<br>|
| Balanced Allocation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1409967348 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (61169147)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45737721 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (106906868)<br>|
| Moderately Aggressive <br> Allocation Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1155539352 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31862631 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41003974 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9141343)<br>|
| Aggressive Allocation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1143345090 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 79867443 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 88797389 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8929946)<br>|
| Money Market | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2041725516 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Low-Duration Bond | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 929291989 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4498205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7984374 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3486169)<br>|

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| | | | | |
|:---|:---|:---|:---|:---|
| **Fund**  | **Federal Tax**<br> **Cost** <br>| **Net Unrealized**<br> **Appreciation**<br> **(Depreciation)** <br>| **Appreciated**<br> **Investments**<br>| **Depreciated**<br> **Investments**<br>|
| Medium-Duration Bond | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $4496596524 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(35519974)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $36651210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(72171184)<br>|
| Global Bond | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 711771052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6131880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23231597 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (17099717)<br>|
| Impact Bond | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99504393 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1490965)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1033355 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2524320)<br>|
| Defensive Market Strategies<sup>®</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1165173086 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26177807 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65065016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (38887209)<br>|
| Equity Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2908332360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3081636056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3188506719 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (106870663)<br>|
| Value Equity Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 219116031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44629507 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55483584 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10854077)<br>|
| Value Equity | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 972938490 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 128148393 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 152534202 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (24385809)<br>|
| Growth Equity Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 272009151 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 140487727 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144451626 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3963899)<br>|
| Growth Equity | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1369564327 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 550908018 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 581161822 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (30253804)<br>|
| Small Cap Equity | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 802514010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 66757887 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 112104010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (45346123)<br>|
| International Equity Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1270036997 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 402592709 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 446957817 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (44365108)<br>|
| International Equity | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1257840490 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 219835406 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 252853130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (33017724)<br>|
| Emerging Markets Equity | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 735474190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 178643777 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 205111158 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (26467381)<br>|
| Global Real Estate Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 319598545 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1034879)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9053964 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10088843)<br>|
| Strategic Alternatives | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 287801294 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (32924482)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31347153 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (64271635)<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, 2025, 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.

**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, commodity, and credit 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

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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.

Credit default swap risk arises when a Fund enters into contracts that provide protection against or exposure to credit events affecting a reference security, index or basket of securities. If the counterparty to a credit default swap fails to perform or if a credit event occurs, the Fund may experience losses. These instruments involve the risk of imperfect correlation between the swap and the underlying credit exposure, as well as heightened counterparty and liquidity risks.

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. Additionally, the imposition of tariffs or trade restrictions can disrupt global supply chains, increase costs for certain industries, and contribute to heightened market volatility, which may adversely affect the Funds' investments. 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.

**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 sub-advisers minimize counterparty risks to the Funds by performing reviews of each counterparty and obtaining any necessary approvals. All transactions in listed securities are settled/paid for upon delivery using approved counterparties. The risk of default is considered minimal, as delivery of

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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 December 31, 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. SEGMENT REPORTING**

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, through the voting members of GSCM's Investment Committee and the President of the Funds, 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 Adviser 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 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.

**12. RECENT PRONOUNCEMENTS**

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 Management analyzed income taxes paid and determined that no further disclosure was needed.

**13. 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.

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**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the Board of Directors of GuideStone Funds and Shareholders of MyDestination 2015 Fund, MyDestination 2025 Fund, MyDestination 2035 Fund, MyDestination 2045 Fund, MyDestination 2055 Fund, MyDestination 2065 Fund, Conservative Allocation Fund, Balanced Allocation Fund, Moderately Aggressive Allocation Fund, Aggressive Allocation Fund, Money Market Fund, Low-Duration Bond Fund, Medium-Duration Bond Fund, Global Bond Fund, Impact Bond Fund, Defensive Market Strategies 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, Emerging Markets Equity Fund, Global Real Estate Securities Fund and Strategic Alternatives Fund

***Opinions on the Financial Statements***

We have audited the accompanying statements of assets and liabilities, including, for the funds indicated in the table below, the schedules of investments, of each of the funds listed in the table below (constituting GuideStone Funds, hereafter collectively referred to as the "Funds") as of December 31, 2025, the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes, and, for the funds indicated in the table below, the financial highlights for each of the periods indicated in the table below (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds listed in the table below as of December 31, 2025, the results of each of their operations, the changes in each of their net assets, and each of the financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.

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| | |
|:---|:---|
| MyDestination 2015 Fund, MyDestination 2025 Fund, <br> MyDestination 2035 Fund, MyDestination 2045 Fund, <br> MyDestination 2055 Fund, Conservative Allocation Fund, <br> Balanced Allocation Fund, Moderately Aggressive <br> Allocation Fund, Aggressive Allocation Fund, Money <br> Market Fund, Low-Duration Bond Fund, Medium-Duration <br> Bond Fund, Global Bond Fund, Defensive Market <br> Strategies Fund, Equity Index Fund, Value Equity Fund, <br> Growth Equity Fund, Small Cap Equity Fund, International <br> Equity Fund, Emerging Markets Equity Fund, Global Real <br> Estate Securities Fund and Strategic Alternatives Fund<br>| &nbsp;&nbsp; Statement of assets and liabilities, including the schedule of <br> investments, as of December 31, 2025, statement of <br> operations for the year ended December 31, 2025, statements <br> of changes in net assets for each of the two years in the period <br> ended December 31, 2025, and the financial highlights for <br> each of the five years in the period ended December 31, 2025<br>|
| International Equity Index Fund | &nbsp;&nbsp; Statement of assets and liabilities, including the schedule of <br> investments, as of December 31, 2025, statement of <br> operations for the year ended December 31, 2025, statements <br> of changes in net assets for each of the two years in the period <br> ended December 31, 2025, and the financial highlights for <br> each of the periods indicated therein<br>|
| Growth Equity Index Fund and Value Equity Index Fund | &nbsp;&nbsp; Statement of assets and liabilities, including the schedule of <br> investments, as of December 31, 2025, statement of <br> operations for the year ended December 31, 2025, statements <br> of changes in net assets for each of the two years in the period <br> ended December 31, 2025, and the financial highlights for the <br> three years ended December 31, 2025 and the period <br> August 31, 2022 (commencement of operations) through <br> December 31, 2022.<br>|
| Impact Bond Fund | &nbsp;&nbsp; Statement of assets and liabilities, including the schedule of <br> investments, as of December 31, 2025, statement of <br> operations for the year ended December 31, 2025, statements <br> of changes in net assets for each of the two years in the period <br> ended December 31, 2025, and the financial highlights for the <br> two years ended December 31, 2025 and the period <br> January 27, 2023 (commencement of operations) through <br> December 31, 2023.<br>|

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**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

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| | |
|:---|:---|
| MyDestination 2065 Fund | &nbsp;&nbsp; Statement of assets and liabilities as of December 31, 2025, <br> statements of operations and of changes in net assets for the <br> period December 31, 2025 (commencement of operations) <br> through December 31, 2025<br>|

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***Basis for Opinions***

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025 by correspondence with the custodian, transfer agent, agent banks and brokers; when replies were not received from brokers and agent banks, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Chicago, Illinois

February 27, 2026

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

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**NOTICE TO SHAREHOLDERS** *(Unaudited)*

Each Fund is required by Subchapter M of the Internal Revenue Code of 1986, as amended, to advise its shareholders of the federal tax status of distributions received by each Fund's shareholders. During the year ended December 31, 2025, the Funds hereby designate the following dividends and distributions paid by each of the Funds:

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| | | | |
|:---|:---|:---|:---|
| **Fund**  | **Ordinary** <br> **Income** <br>| **Long-Term** <br> **Capital Gain** <br> **(20% rate)** <br>| **Return** <br> **of Capital** <br>|
| MyDestination 2015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $25572786 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $14634931 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— |
| MyDestination 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69696444 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 63231744 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| MyDestination 2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 66722911 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 63245721 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| MyDestination 2045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47241548 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43477919 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| MyDestination 2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24363737 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18118042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| MyDestination 2065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Conservative Allocation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15881771 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7022198 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Balanced Allocation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46810903 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58699399 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Moderately Aggressive Allocation Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30876332 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75539668 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Aggressive Allocation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27352273 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 102685758 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Money Market | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 84529614 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Low-Duration Bond | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37841988 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Medium-Duration Bond | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 146680805 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Global Bond | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21412356 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Impact Bond | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4079927 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Defensive Market Strategies<sup>®</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74244686 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46932000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Equity Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61839856 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25526985 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Value Equity Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3717499 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7235617 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Value Equity | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21156436 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 130717209 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Growth Equity Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2749647 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10811752 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Growth Equity | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1609332 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 238844971 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Small Cap Equity | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21629767 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64596388 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| International Equity Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72304049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19124468 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1836126 |
| International Equity | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 81246219 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62186631 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Emerging Markets Equity | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13091868 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22461804 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Global Real Estate Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11593527 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Strategic Alternatives | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19196270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |

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Dividends from net investment income and short-term capital gains are treated as ordinary income dividends for federal income tax purposes. Long-term capital gain distributions are taxable as capital gain dividends.

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**NOTICE TO SHAREHOLDERS (Continued)**

The following percentages of ordinary income dividends paid for the year ended December 31, 2025, have been designated as qualified for the reduced tax rate under The Job and Growth Tax Relief Reconciliation Act of 2003.

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| | |
|:---|:---|
| **Fund**  | **Qualified** <br> **Dividend** <br> **Income** <br>|
| MyDestination 2015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.50<br> %<br>|
| MyDestination 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16.52<br> %<br>|
| MyDestination 2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27.58<br> %<br>|
| MyDestination 2045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45.08<br> %<br>|
| MyDestination 2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51.65<br> %<br>|
| Conservative Allocation  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.70<br> %<br>|
| Balanced Allocation  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13.24<br> %<br>|
| Moderately Aggressive Allocation Fund  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28.64<br> %<br>|
| Aggressive Allocation  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44.80<br> %<br>|
| Defensive Market Strategies<sup>®</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.66<br> %<br>|
| Equity Index  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 88.12<br> %<br>|
| Value Equity Index  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 91.03<br> %<br>|
| Value Equity  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58.69<br> %<br>|
| Growth Equity Index  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 71.37<br> %<br>|
| Growth Equity  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100.00<br> %<br>|
| Small Cap Equity  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29.16<br> %<br>|
| International Equity Index  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46.51<br> %<br>|
| International Equity  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30.74<br> %<br>|
| Emerging Markets Equity  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92.33<br> %<br>|
| Global Real Estate Securities  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22.22<br> %<br>|
| Strategic Alternatives  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.09<br> %<br>|

---

All above designations are based on financial information available as of the date of this annual report, and accordingly, are subject to change. It is the intention of the Funds to designate the maximum amount permitted under the Internal Revenue Code and the regulations thereunder. Shareholders are advised to consult their own tax advisers with respect to the tax consequences of their investment in the Funds.

**367**

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**NOTICE TO SHAREHOLDERS (Continued)**

The following Funds made capital gain distributions in the year ended December 31, 2025, and hereby designated these long-term capital gain distributions as follows:

---

| | |
|:---|:---|
| **Fund**  | **Long Term** <br> **Capital** <br> **Gain Rate** <br>|
| MyDestination 2015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0.2172 |
| MyDestination 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.3444 |
| MyDestination 2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.3391 |
| MyDestination 2045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.2926 |
| MyDestination 2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.3284 |
| Conservative Allocation  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.2021 |
| Balanced Allocation  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.5606 |
| Moderately Aggressive Allocation Fund  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.9348 |
| Aggressive Allocation  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2858 |
| Defensive Market Strategies<sup>®</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.3777 |
| Equity Index  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.2380 |
| Value Equity Index  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.3599 |
| Value Equity  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.8486 |
| Growth Equity Index  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.5033 |
| Growth Equity  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.0748 |
| Small Cap Equity  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4388 |
| International Equity Index  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.1754 |
| International Equity  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.7212 |
| Emerging Markets Equity  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.2548 |

---

**368**

------

**CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES** 

Not applicable.

**369**

------

**PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES *(Unaudited)***

Not applicable.

**370**

------

**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.

**371**

------

**STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT** *(Unaudited)*

**BOARD REVIEW OF EXISTING ADVISORY AGREEMENT AND SUB-ADVISORY AGREEMENTS**

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"), recently considered the renewal of (i) the investment advisory agreement between GuideStone Capital Management, LLC ("GSCM" or the "Adviser") and the Trust on behalf of each series of the Trust (each, a "Fund" and collectively, the "Funds") (the "Advisory Agreement"); and (ii) the existing sub-advisory agreements among the Adviser, each sub-adviser and the Trust on behalf of each Select Fund<sup>(1)</sup> (except as noted below) (referred to collectively as the "Sub-Advisory Agreements"). The Advisory Agreement and the Sub-Advisory Agreements (each, an "Agreement," and collectively, the "Agreements") were approved for an additional one-year term, at a meeting of the Board held on September 18-19, 2025 (the "September Meeting"). The Board's decision to approve the Agreements reflects the exercise of its reasonable business judgment to continue each Agreement. In approving the continuation of the Agreements, the Board considered, with the assistance and advice of Independent Counsel and counsel to the Trust, information provided by the Adviser, each applicable sub-adviser and Broadridge, an independent provider of investment company data engaged by the Trust.

Certain Sub-Advisory Agreements were not subject to annual renewal at the September Meeting because the Board had approved them for an initial two-year term within the past two years, specifically the separate Sub-Advisory Agreements among the Adviser, the Trust and: (i) Loomis, Sayles & Company, L.P. ("Loomis Sayles") to serve as a sub-adviser to the Medium-Duration Bond Fund ("MDBF"); (ii) Brown Brothers Harriman & Co. through a separately identifiable department known as Brown Brothers Harriman Mutual Fund Advisory Department ("BBH") to serve as a sub-adviser to the Low-Duration Bond Fund ("LDBF"); (iii) Driehaus Capital Management LLC ("DCM") to serve as a sub-adviser to the Small Cap Equity Fund ("SCEF"); and (iv) MFS Institutional Advisors, Inc. ("MFSI") to serve as a sub-adviser to the Global Bond Fund ("GBF").

The Board's consideration of various factors and its conclusions with respect to such factors formed the basis for the Board's determination to continue the Agreements. The factors considered by the Board included, but were not limited to: (i) the personnel resources of the Adviser and sub-advisers; (ii) the experience and expertise of the Adviser and sub-advisers; (iii) the financial capabilities and resources of the Adviser and sub-advisers; (iv) the compliance procedures and histories of the Adviser and sub-advisers; (v) the performance of the Funds or portfolio accounts in comparison to relevant benchmarks, peer universes of similarly managed funds and/or the sub-advisers' other clients; (vi) the amount of the contractual advisory fees in comparison to similarly managed funds and/or the sub-advisers' other clients and the effect of any fee waiver and expense reimbursement arrangements; (vii) the total expenses of the Funds in comparison to similarly managed funds and the use of expense caps; (viii) the profitability of the Adviser and, to the extent available, of the sub-advisers with respect to the Funds or portfolio accounts and their overall businesses, as well as the effect of fee waivers and expense caps on profitability levels; (ix) the extent of any economies of scale and whether the advisory fees reflect such economies of scale through breakpoints or otherwise; (x) the existence of any collateral benefits realized by the Adviser or sub-advisers, such as the use of soft dollars; and (xi) the existence of any collateral benefits realized by the Funds resulting from relationships with the Adviser or sub-advisers. In addition, the Board considered the Adviser's and each sub-adviser's human resources, business continuity and cybersecurity practices and policies and financial condition. With respect to the Funds that utilize a multi-manager approach (i.e., the Fund is advised by multiple sub-advisers), the Board considered the ongoing role each sub-adviser plays in the overall structure of a Fund's portfolio, including how each sub-adviser's strategy complements the strategies of the other sub-advisers.

<sup>(1)</sup> "Select Funds" refers collectively to the Money Market Fund, Low-Duration Bond Fund, Medium-Duration Bond Fund, Global Bond Fund, Strategic Alternatives Fund, Defensive Market Strategies® Fund, Impact Bond Fund, Equity Index Fund, Global Real Estate Securities 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.

**372**

------

**STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT** *(Unaudited)*

In its decision to renew the Agreements, the Board evaluated whether the approval of each 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 Agreements. The Board was also mindful of the potential disruptions of the Trust's operations and various risks, uncertainties and other effects that could occur as a result of a decision to terminate or not renew an Agreement.

The Board undertook a review of the terms of the Agreements and the nature, extent and quality of the services provided by the Adviser and each sub-adviser. The Board conducted its analysis on a Fund-by-Fund basis with respect to the Adviser and each applicable sub-adviser. The Adviser provided the Board with substantial detailed information in the form of reports about itself and each Fund and the applicable sub-advisory firms prior to and during the September Meeting, which addressed the factors listed previously. The Adviser also provided additional information about the Adviser and each sub-adviser in presentations made during the September Meeting and responded to questions from the Directors.

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 continuation of the Agreements as well as the Directors' responsibilities and duties in approving the Agreements.

**BOARD APPROVAL OF CONTINUATION OF THE ADVISORY AGREEMENT WITH GSCM**

In considering the renewal of the Advisory Agreement, the Board took into account all the materials provided prior to and during the September Meeting, the presentations made during the September Meeting and the comprehensive discussions during the September Meeting, including the discussions between the Independent Directors and Independent Counsel during executive sessions. The Board also considered the IMC's review of information related to the renewal of the Advisory Agreement, questions submitted by the IMC to the Adviser and Trust management regarding GSCM and the responses to those questions that were discussed with the Board.

The Board examined the nature, extent and quality of the services to be provided by GSCM to each of the Funds. The Board evaluated GSCM's experience serving as the investment adviser to the Trust and each of the Funds, including GSCM's experience overseeing and managing the allocation of each Fund's assets among the Trust's sub-advisers, continually reviewing the investment performance of each Fund, continually reviewing the nature and quality of the services provided by the Trust's sub-advisers and recommending changes to the Trust's sub-advisers and the allocation of each Select Fund's assets among the applicable sub-advisers, as and when appropriate, and potentially directly managing Fund investments. With respect to the Target Date Funds<sup>(2)</sup> and the Target Risk Funds<sup>(3)</sup> (each, a "Fund of Fund", and collectively, the "Funds of Funds"), the Board evaluated the nature, extent and quality of the services that GSCM provides that are in addition to, rather than duplicative of, services provided to any underlying Select Fund. Specifically, the Board evaluated GSCM's services in determining the glide path or the asset mix for each Fund and selecting the specific underlying Select Funds in which to invest, as well as rebalancing services. The Board considered the experience of key personnel at GSCM providing investment management services to the Trust and to each Fund as well as the administrative services provided to the Trust, the systems used by such persons and the ability of GSCM to attract and retain capable personnel. The Board considered the reputation, operations, business continuity and cybersecurity policies and practices, compliance history, compliance program and financial condition of GSCM. The Board also considered the terms of the Advisory Agreement and the responsibilities that GSCM has as investment adviser to each of the Funds, including

<sup>(2)</sup> "Target Date Funds" refers collectively to the MyDestination 2015 Fund, MyDestination 2025 Fund, MyDestination 2035 Fund, MyDestination 2045 Fund and MyDestination 2055 Fund.

<sup>(3)</sup> "Target Risk Funds" refers collectively to the Conservative Allocation Fund, Balanced Allocation Fund, Moderately Aggressive Allocation Fund and Aggressive Allocation Fund.

**373**

------

**STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT** *(Unaudited)*

oversight of sub-adviser compliance with each Fund's policies and objectives and oversight of general Fund compliance, including compliance with faith-based investing ("FBI") restrictions and Board directives.

The Board concluded that each Fund is likely to benefit from the nature, extent and quality of GSCM's services based on its experience, personnel, operations and resources. During their deliberations, the Directors did not identify any particular information that was all-important or controlling, and each Director may have attributed different weights to the various factors deliberated upon, among others.

The Board considered the advisory fees for each of the applicable Funds under the Advisory Agreement, as well as each applicable Fund's contractual management (combined Adviser and sub-adviser) fees. The Board examined the fee information for both the Institutional and Investor Classes of the Select Funds, as compared to other funds in these Fund's Broadridge peer group ("Expense Group"), based on information in the Broadridge Report as of June 30, 2025.

The Board took into account that this comparison of each of the Select Funds Institutional Class contractual management fees, not inclusive of any fee waivers or expense reimbursements, if applicable, ranked the LDBF, GBF, Global Real Estate Securities Fund ("GRESF"), Value Equity Fund ("VEF"), Growth Equity Fund ("GEF"), International Equity Index Fund ("IEIF") and Emerging Markets Equity Fund ("EMEF") in the first quintile; the Money Market Fund ("MMF"), MDBF, Strategic Alternatives Fund ("SAF"), Equity Index Fund ("EIF") and International Equity Fund ("IEF") in the second quintile; the Defensive Market Strategies Fund ("DMSF") and Impact Bond Fund ("MBF") in the third quintile; the SCEF in the fourth quartile; and no Select Fund in the fifth quintile. The Value Equity Index Fund ("VEIF") and Growth Equity Index Fund ("GEIF") did not receive a quintile ranking for the contractual management fees due to the number of relevant peers in their respective Expense Groups.

With respect to the comparison of each of the Select Funds Investor Class contractual management fees, not inclusive of any fee waivers or expense reimbursements, if applicable, the Board noted that the MMF, LDBF, MDBF, GBF, SAF, GEIF and EMEF ranked in the first quintile; the EIF, GRESF, VEF, GEF and IEIF ranked in the second quintile; the SCEF and IEF ranked in the third quintile; and no Select Funds ranked in the fourth or fifth quintile. The DMSF, MBF and VEIF did not receive a quintile ranking for the contractual management fees due to the number of relevant peers in their respective Expense Groups.

The Board evaluated the total expense ratios for both the Institutional and Investor Classes of the Select Funds, as compared to other funds in each of these Funds' Expense Groups, based on information provided by Broadridge as of June 30, 2025.

It reflected upon the results of each of the Select Funds Institutional Class total expense ratio, net of any fee waivers or expense reimbursements, if applicable, noting that the LDBF, MDBF, DMSF, GEF, VEF and IEIF ranked in the first quintile; the MMF, GBF, EIF and GRESF ranked in the second quintile; the SAF, IEF and EMEF ranked in the third quintile; the MBF and SCEF ranked in the fourth quintile; and no Select Fund ranked in the fifth quintile. The VEIF and GEIF did not receive a quintile ranking with respect to the total expense ratio due to the number of relevant peers in their respective Expense Groups. The Board took note that for the total expense ratio, the VEIF and GEIF each ranked third out of five relevant peers within their respective Expense Groups.

For the comparison of each of the Select Funds Investor Class total expense ratio, net of any fee waivers or expense reimbursements, if applicable, the Board noted that the GEIF ranked in the first quintile; no Select Fund ranked in the second quintile; the GBF, SAF, IEIF and EMEF ranked in the third quintile; the MMF, LDBF and EIF ranked in the fourth quintile; and the MDBF, GRESF, VEF, GEF, SCEF and IEF ranked in the fifth quintile. The MBF, DMSF and VEIF did not receive a quintile ranking with respect to total expense ratio due to the number of relevant peers in their respective Expense Groups. The Board took note that for the total expense ratio of the MBF ranked fourth out of five relevant peers, the DMSF ranked third out of four relevant peers and the VEIF ranked first out of four relevant peers within their respective Expense Groups.

**374**

------

**STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT** *(Unaudited)*

The Board also examined fee information for both the Institutional and Investor Classes of the Funds of Funds, as compared to other funds in these Funds' Expense Groups, based on information provided by Broadridge as of June 30, 2025, noting the relatively small size of the Expense Groups.

For the Institutional Class, the Board reviewed each Fund of Fund's contractual management fees, not inclusive of any fee waivers or expense reimbursements, if applicable, noting that the MyDestination 2025 Fund ("MDF 2025"), MyDestination 2035 Fund ("MDF 2035"), MyDestination 2045 Fund (the "MDF 2045") and Conservative Allocation Fund ("CAF") ranked in the first quintile and no Fund of Funds ranked in the second, third, fourth or fifth quintile. The MyDestination 2015 Fund ("MDF 2015"), MyDestination 2055 Fund ("MDF 2055"), Balanced Allocation Fund ("BAF"), Moderately Aggressive Allocation Fund (the "MAAF") and Aggressive Allocation Fund ("AAF") were not assigned quintiles with respect to their contractual management fees due to the number of relevant peers in their respective Expense Groups. The Board took note that for the contractual management fee rankings compared with relevant peers in each Fund's respective Expense Group, the MDF 2015 ranked second of five relevant peers, the MDF 2055 ranked first of five peers, the BAF ranked second of five peers, the MAAF ranked first of four peers and the AAF ranked first of five peers.

Regarding the Investor Class of the Funds of Funds' rankings of contractual management fees, not inclusive of any fee waivers or expense reimbursements, if applicable, the Board observed that the MDF 2035 and MDF 2045 ranked in the first quintile; the MAAF ranked in the second quintile; and no Fund of Funds ranked in the third, fourth or fifth quintile. The MDF 2015, MDF 2025, MDF 2055, CAF, BAF and AAF were not assigned quintiles with respect to their contractual management fees due to the number of relevant peers in their respective Expense Groups. The Board took note that for the contractual management fee rankings compared with relevant peers in each Fund's respective Expense Group, the MDF 2015 ranked first of four peers, the MDF 2025 ranked first of four peers, the MDF 2055 ranked first of five peers, the CAF ranked second of five peers, the BAF ranked second of five peers and the AAF ranked first of three peers.

Also, with respect to both the Institutional and Investor Classes of the Funds of Funds, the Board assessed the total expense ratios, net of any fee waivers or expense reimbursements, if applicable, as compared to other funds in these Funds' Expense Groups, based on information from Broadridge as of June 30, 2025, continuing to note the relatively small size of the Expense Groups.

For the Institutional Class, the Board observed that the MDF 2055 ranked in the first quintile; the MDF 2035 and MDF 2045 were ranked in the second quintile; the MDF 2025, CAF and BAF were ranked in the third quintile; the MAAF ranked in fourth quintile; and no Fund of Funds was ranked in the fifth quintile. The MDF 2015 and AAF were not assigned quintiles with respect to their total expense ratios due to the number of relevant peers in their respective Expense Groups. The Board took note that for total expense ratio rankings compared with relevant peers in each Fund's respective Expense Group, the MDF 2015 ranked five of five peers and the AAF ranked fourth of five peers.

Regarding the Investor Class, the Board observed that no Fund of Funds ranked in the first quintile; the MDF 2035, MDF 2045 and CAF ranked in the second quintile; the MDF 2055 ranked in the third quintile; the BAF and MAAF ranked in the fourth quintile; and no Fund of Funds was ranked in the fifth quintile. The MDF 2015, MDF 2025 and AAF were not assigned quintiles with respect to their total expense ratios due to the number of relevant peers in their respective Expense Groups. The Board took note that, for total expense ratio rankings compared with relevant peers in each Fund's respective Expense Group, the MDF 2015 ranked fourth of five peers, the MDF 2025 ranked third of five peers and the AAF ranked second of three peers.

Then, the Board examined the performance information for both the Institutional and Investor Classes of the Funds, as compared to other funds in each Fund's designated Performance Universe, as defined by the information provided by Broadridge, specifically the average annual total returns for the three-, five- and 10-year periods ended June 30, 2025, as applicable.

**375**

------

**STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT** *(Unaudited)*

For the three-year average annual total returns for the period ended June 30, 2025, the Board noted that for the Institutional Class, the MMF, IEF, CAF and BAF ranked in the first quintile; the GBF, EIF, GRESF, GEF, IEIF, MDF 2015, MDF 2025, MDF 2055, MAAF and AAF ranked in the second quintile; the MDBF, SAF, VEF, EMEF, MDF 2035 and MDF 2045 ranked in the third quintile; the LDBF, DMSF and SCEF ranked in the fourth quintile; and no Fund ranked in the fifth quintile.

As for the three-year average annual total returns for the Investor Class of the Funds, the Board noted that the report results had the IEF, CAF and BAF ranked in the first quintile; the EIF, GRESF, GEF, IEIF and MAAF ranked in the second quintile; the GBF, SAF, VEF, EMEF, MDF 2015, MDF 2025, MDF 2035, MDF 2045, MDF 2055 and AAF ranked in the third quintile; the MMF, LDBF, MDBF and SCEF ranked in the fourth quintile; and the DMSF ranked in the fifth quintile.

For the five-year average annual total returns for the period ended June 30, 2025, the Board noted that for the Institutional Class of the Funds, the MMF, GRESF, CAF and BAF ranked in the first quintile; the GBF, EIF and IEF ranked in the second quintile; the LDBF, SAF, VEF, IEIF, EMEF, MDF 2025, MDF 2055 and AAF ranked in the third quintile; the MDBF, DMSF, GEF, SCEF, MDF 2015, MDF 2035, MDF 2045 and MAAF ranked in the fourth quintile; and no Fund ranked in the fifth quintile.

Regarding the five-year average annual total returns for the Investor Class of the Funds, the CAF ranked in the first quintile; the GRESF, IEF and BAF ranked in the second quintile; the GBF, SAF, EIF, VEF, EMEF and AAF ranked in the third quintile; the MMF, LDBF, DMSF, GEF, SCEF, MDF 2015, MDF 2025, MDF 2045, MDF 2055 and MAAF ranked in the fourth quintile; and the MDBF and MDF 2035 ranked in the fifth quintile.

For the 10-year average annual total returns for the period ended June 30, 2025, the Board noted that for the Institutional Class of the Funds, the MMF, EIF and IEF ranked in the first quintile; the GBF, DMSF, GRESF and IEIF ranked in the second quintile; the LDBF, MDBF, GEF and EMEF ranked in the third quintile; the VEF and SCEF ranked in the fourth quartile; and no Fund ranked in the fifth quintile.

With respect to the 10-year average annual total returns for the Investor Class of the Funds, the EIF ranked in the first quintile; the GBF, GRESF, IEF and BAF ranked in the second quintile; the MMF, DMSF, CAF, MAAF and AAF ranked in the third quintile; the LDBF, MDBF, VEF, GEF, SCEF, EMEF, MDF 2025, MDF 2035, MDF 2045 and MDF 2055 ranked in the fourth quintile; and the MDF 2015 ranked in the fifth quintile.

The Board considered the only performance information available from Broadridge for the MBF, VEIF and GEIF, was the one-year period ended June 30, 2025, and noted that for both classes, the MBF ranked in the fifth quintile; the VEIF ranked in the third quintile; and the GEIF ranked in the second quintile.

The Board considered the costs to GSCM of serving as the investment adviser to the Funds, including the costs associated with the personnel, systems and equipment necessary to manage the Funds in accordance with the existing Advisory Agreement. The Board considered the revenues that GSCM received for serving as the investment adviser to the Funds and the fact that any profits realized by GSCM are forwarded to GuideStone Financial Resources of the Southern Baptist Convention, which for many years had operated at a deficit with respect to the Trust. The Board also considered the profitability information for GSCM. The Board considered whether any direct or indirect collateral benefits inured to either GSCM or the Trust as a result of their affiliation with one another. In light of these considerations, the Board concluded that any profits realized in connection with GSCM's services appeared reasonable.

The Board also considered the extent to which the advisory fees to be paid to the Adviser for each Fund reflected economies of scale, taking into account the nature and extent of the services provided by the Adviser, including the multi-manager structure of the Funds. The Board noted that only certain Funds are subject to an expense cap. The Board considered the amount of any fees

**376**

------

**STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT** *(Unaudited)*

waived by GSCM for each applicable Fund and the total amount of fees waived for the Trust as a whole during the past year. The Board also considered the practices identified by GSCM that have resulted in shareholder savings, how those practices reflect economies of scale and how savings are shared between GSCM and the Trust.

Based on all of the information presented to the Board and its consideration of relevant factors, the Board concluded that the fees paid to GSCM by each Fund were fair and reasonable in light of the services to be performed, and in the exercise of its business judgment, determined to approve the continuation of the Advisory Agreement for each Fund. The Board also determined that approval of the continuation of the Advisory Agreement for each Fund is in the best interests of each Fund and its shareholders.

**BOARD APPROVAL OF CONTINUATION OF SUB-ADVISORY AGREEMENTS FOR THE SELECT FUNDS**

In considering the Sub-Advisory Agreements being presented for renewal, the Board took into account the materials provided prior to and during the September Meeting, the presentations made during the September Meeting and the extensive discussions during the September Meeting, including the discussions the Independent Directors had during their executive sessions with Independent Counsel. The Board also took into account the IMC's review of information related to the Trust's sub-advisers, questions submitted by the IMC to GSCM regarding various sub-advisers, GSCM's responses to those questions and recommendations made by the IMC.

The Board examined the nature, extent and quality of the services to be provided by each sub-adviser. The Board evaluated each sub-adviser's experience serving as a sub-adviser to the applicable Fund. The Board noted that each sub-adviser currently provides investment advice to various clients, including, in some cases, other pooled investment vehicles. The Board noted the experience of key personnel at each sub-adviser providing investment management services, the systems used by such persons and the ability of each sub-adviser to attract and retain capable personnel. The Board noted the reputation, compliance history, compliance program and financial condition of each sub-adviser. The Board also noted the terms of the existing Sub-Advisory Agreements and the responsibilities that each sub-adviser has with respect to the applicable Fund, including the responsibility of the day-to-day management of the investment portfolio of such Fund, compliance with such Fund's policies and objectives and the implementation of FBI restrictions and Board directives as they relate to such Fund. The Board also took into account the overall structure of each Fund and the particular role each sub-adviser plays in that structure and in achieving each Fund's overall investment objective. The Board considered each sub-adviser's human resources, business continuity and cybersecurity practices and policies and financial condition. The Board concluded that each Fund is likely to benefit from the nature, extent and quality of these services as a result of each sub-adviser's experience, personnel, operations and resources. During their deliberations, the Directors did not identify any particular information that was all-important or controlling, and each Director may have attributed different weights to the various factors deliberated upon, among others.

The Board examined performance information for each segment of a Fund managed by a sub-adviser. The Board noted that for many of the sub-advisers, the performance record over relevant periods of the segment of the Fund managed by the sub-adviser compared favorably to the relevant benchmark, the composite performance for the sub-adviser's clients (on a gross fee basis) and/or the peer universe of similarly managed funds. In cases where the sub-adviser's performance lagged, the Board also considered historical and recent investment performance, whether and how the sub-adviser's strategy deviated from the composition of the benchmark, the sub-adviser's role within a Fund and the outlook for future performance. The Board also noted that, in certain cases, market trends and the market environment caused by COVID-19 may have contributed to the underperformance of some sub-advisers during some periods. The Board also considered whether a sub-adviser's underperformance was within the expected tracking error for the sub-adviser's investment strategy. The Board concluded that, although past performance is no guarantee of future performance, the performance of each sub-adviser's segment was satisfactory

**377**

------

**STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT** *(Unaudited)*

in light of all relevant considerations and the applicable Funds were likely to benefit from each sub-adviser continuing to serve as a sub-adviser to the Trust.

The Board examined the fee schedule for each sub-adviser, noting how the fee levels charged to each applicable Fund compared with available information about fees charged by the sub-advisers to their other similarly situated clients, which in many cases include separately managed accounts, as well as how sub-adviser fee levels for each Select Fund compared to the median sub-advisory fee for the peer universe of similarly managed funds. The Board determined that the fees to be charged by each sub-adviser were reasonable in relation to the nature, extent and quality of the services to be provided.

The Board also took into account the profitability and the financial capability of each sub-adviser in light of the information presented at the meeting. In light of these considerations, the Board concluded that the profits realized by each sub-adviser who completed a profitability questionnaire appeared reasonable. For the limited number of sub-advisers that did not provide profitability information, the Board relied upon other relevant information, particularly the independent negotiation of the fee schedules, the level of the fees, each sub-adviser's performance history and feedback received from the sub-advisers regarding the inability of their firm to estimate profitability. The Board noted that based on the Adviser's representations, the financial statements of the sub-advisers did not appear to raise any concerns regarding the financial capability of those sub-advisers. The Board also considered the Adviser's representations in the materials prepared for the meeting, and the discussions earlier in the meeting, that no sub-adviser experienced any material adverse change in its financial condition since the date of its most recent audited financial statements. The Board took into account the Adviser's representation that it would continue to monitor the financial condition of each sub-adviser.

The Board considered the extent to which sub-adviser fees to be paid to each sub-adviser reflected economies of scale. The Board noted that each sub-adviser's fee schedule either reflected economies of scale by reducing the fee on assets in excess of certain stated breakpoints or the fee level negotiated was below or on par with the standard fee schedule of each sub-adviser.

In evaluating the benefits that are expected to accrue to each sub-adviser through its relationship as sub-adviser to a Select Fund, the Board noted that certain sub-advisers allocate portfolio brokerage to affiliated broker-dealers that receive commissions from the execution of Fund trades. The Board also noted that certain sub-advisers expect to benefit from "soft dollar" arrangements by which brokers will provide research and other services to the sub-adviser in exchange for commissions on trades of the portfolio securities of a Select Fund. The Board considered whether any direct or indirect collateral benefits were inured to the Trust because of its affiliation with each sub-adviser.

Based on all of the information presented to the Board and its consideration of relevant factors, the Board, in the exercise of its reasonable business judgment, determined to approve the continuation of each Sub-Advisory Agreement that was presented for renewal. The Board also determined that approval of the continuation of each Sub-Advisory Agreement presented for renewal is in the best interests of each Select Fund and their respective shareholders.

**BOARD REVIEW OF NEW SUB-ADVISORY AGREEMENT FOR THE SMALL CAP EQUITY FUND**

As required by the 1940 Act, the Board, including a majority of the Independent Directors, advised by Independent Counsel, considered the approval of a new sub-advisory agreement among GSCM, the Trust and Nomura Investments Fund Advisers ("NIFA"), a wholly owned investment adviser affiliate of Nomura Holding America Inc. ("NHA"), on behalf of the SCEF (the "NIFA Agreement"), due to a change in control of one of the SCEF's existing sub-advisers, Delaware Investments Fund Advisers ("DIFA"). The Board approved the NIFA Agreement at the September Meeting.

**378**

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**STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT** *(Unaudited)*

The Board's decision to approve the NIFA Agreement reflects the exercise of the Board's reasonable business judgment and the Board's consideration of its fiduciary duties to the SCEF and its shareholders. Prior to approving the NIFA Agreement, the Board received information from the Adviser and DIFA and considered such information with the assistance and advice of Independent Counsel and counsel to the Trust.

At the September Meeting, the Board was advised of a purchase agreement that was expected to close in the fourth quarter of 2025, through which NHA would purchase the U.S. and European public investments business of Macquarie Group Limited ("Macquarie"), which included the Macquarie Investment Management Business Trust, a wholly owned subsidiary of Macquarie, of which DIFA, which served as a sub-adviser to the SCEF, was a series (the "Transaction"). In connection with the Transaction, DIFA was to be renamed NIFA. Pursuant to Section 15(a)(4) of the 1940 Act and Section 205(a)(2) of the Investment Advisers Act of 1940, as amended, the close of the Transaction would constitute a change in control of DIFA, which would result in the assignment and termination of the sub-advisory agreement among the Trust (on behalf of the SCEF), GSCM and DIFA (the "DIFA Agreement").

The Board undertook a review of the terms of the NIFA Agreement, as well as the nature, extent and quality of the services to be provided by NIFA under the NIFA Agreement and the proposed fees in exchange for such services, which were the same as in the DIFA Agreement. The Adviser provided the Board with information about NIFA and DIFA prior to and during the September Meeting which addressed the factors listed previously. During the September Meeting, the Board received a presentation from the Adviser, during which the Adviser provided additional information about the Transaction and responded to questions from the Board.

In addition, the Independent Directors met separately in executive session with Independent Counsel to discuss and consider the information presented in connection with the consideration of the NIFA Agreement, as well as the Board's responsibilities and duties in approving the NIFA Agreement.

**BOARD APPROVAL OF NEW SUB-ADVISORY AGREEMENT FOR THE SMALL CAP EQUITY FUND**

In considering the approval of the NIFA Agreement, the Board, including a majority of the Independent Directors, advised by Independent Counsel, considered the Adviser's recommendation to approve the NIFA Agreement. The Independent Directors discussed the information and materials presented by GSCM and Trust management in executive session. The Board noted that the Transaction was anticipated to close on October 31, 2025, and that upon closing, the DIFA Agreement would be terminated as the Transaction would be considered an "assignment" (as defined under the 1940 Act and the rules thereunder). The Board considered the materials provided prior to and during the September Meeting, the presentations made by the Adviser and the extensive discussions held. The Board also took into account the IMC's review of information related to the NIFA Agreement. The Board considered the terms of the NIFA Agreement, the investment management team at NIFA, the reasonableness of sub-advisory fees to be paid by the SCEF to NIFA and whether the appointment of NIFA would be in the best interests of the SCEF and its shareholders.

The Board reviewed the factors that it should consider in evaluating whether to approve the NIFA Agreement and the materials provided to support each factor. The Board considered that the NIFA Agreement was substantially similar to the DIFA Agreement. The Board noted that DIFA confirmed it would retain its autonomy in its relationship with NIFA, ensuring that the firm's investment philosophies, processes and brands would remain unchanged. The Board took into account that NIFA stated there would not be any change to the nature, extent or quality of the investment sub-advisory services that it provides to the SCEF. Further, the Board took note of the Adviser's representation that the portfolio management team and the investment processes for the SCEF would remain the same after the Transaction.

**379**

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**STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT** *(Unaudited)*

While acknowledging that past performance does not indicate future results, the Board considered the historical performance of the segment of the SCEF managed by DIFA. The Board considered historical and recent investment performance, NIFA's role within the SCEF and the outlook for future performance. The Board concluded that the performance of DIFA's segment was satisfactory in light of all relevant considerations and the SCEF was likely to benefit from NIFA continuing to serve as a sub-adviser to the SCEF.

The Board also took into account the profitability of DIFA for providing services to the SCEF in light of the information presented at the meeting. In light of these considerations, the Board concluded that the profits realized by DIFA appeared reasonable. The Board took into account the Adviser's representation that it would continue to monitor the financial condition of NIFA. The Board considered the fees to be paid to NIFA under the NIFA Agreement, as well as the overall fee structure under the NIFA Agreement, in light of the nature, extent and quality of the services to be provided to the SCEF and noted that there would not be any change to the current fee schedule with DIFA. The Board also considered information about the fees charged by NIFA to other clients.

The Board noted that the Adviser's profitability would not be impacted, as the advisory fee rate paid to the Adviser by the SCEF is not changing and there is no current expense cap for the SCEF.

The Board considered potential "fall-out" or ancillary benefits anticipated to be received by NIFA, and its affiliates, as a result of its arrangements with the SCEF. The Board concluded that any potential benefits to be derived by NIFA included potential access to additional research resources, increased assets under management ("AUM") and reputational benefits, which were consistent with those generally derived by sub-advisers offering similar services to mutual funds.

The Board considered the representations made that NIFA would be comfortable managing its strategy in accordance with the Trust's FBI policy.

Based on all of the information provided to the Board and its consideration of relevant factors, the Board determined that NIFA would provide investment management services that are appropriate in scope and that the fees to be paid by the SCEF under the NIFA 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 that was all-important or controlling, and each Director may have attributed different weights to the various factors deliberated upon, among others.

**BOARD REVIEW OF INVESTMENT ADVISORY AGREEMENT AND SUB-ADVISORY AGREEMENTS FOR THE MYDESTINATION 2065 FUND**

As required by the 1940 Act, the Board, including a majority of the Independent Directors, advised by Independent Counsel, considered the approval of the investment advisory agreement among GSCM and the Trust on behalf of the MyDestination 2065 Fund ("MDF 2065"), a new series of the Trust, (the "2065 Advisory Agreement"), and the new sub-advisory agreements among the Adviser, the Trust on behalf of the MDF 2065 and Parametric Portfolio Associates LLC ("Parametric") to serve as: (i) completion portfolio program sub-adviser (the "Completion Portfolio Agreement"); and (ii) overlay program sub-adviser (the "Overlay Agreement"). The Board approved the 2065 Advisory Agreement, the Completion Portfolio Agreement and the Overlay Agreement (collectively, the "MDF 2065 Agreements") at the September Meeting.

The Board's decision to approve the MDF 2065 Agreements reflects the exercise of the Board's reasonable business judgment and the Board's consideration of its fiduciary duties to the MDF 2065 and its prospective shareholders. Prior to approving the MDF 2065 Agreements, the Board requested and received information from the Adviser and Parametric and considered such information with the assistance and advice of Independent Counsel and counsel to the Trust.

**380**

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**STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT** *(Unaudited)*

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 the MDF 2065 Agreements. The factors considered by the Board included, but were not limited to: (i) the nature, extent and quality of the services to be provided by the Adviser and Parametric; (ii) the personnel resources of the Adviser and Parametric; (iii) the experience and expertise of the Adviser and Parametric; (iv) the financial capabilities and financial resources of the Adviser and Parametric; (v) the compliance program and compliance history of the Adviser and Parametric; (vi) the composite performance history of the Adviser's and Parametric's proposed investment strategy, as applicable, in comparison to relevant benchmarks, as applicable; (vii) the amount of the contractual advisory fee proposed to be paid to the Adviser, and the amount of the contractual sub-advisory fees proposed to be paid to Parametric, in comparison to available fee information for the Adviser's and Parametric's other clients and similar funds, if applicable; (viii) the expected profitability of the Adviser and Parametric with respect to the MDF 2065 and their overall business; (ix) the extent of any economies of scale and whether the fee structure in the MDF 2065 Agreements reflects such economies of scale; (x) the existence of any collateral benefits that may be realized by the Adviser and Parametric, such as affiliate brokerage arrangements or the use of soft dollars; and (xi) any collateral benefits that may be realized by the MDF 2065. With respect to the MDF 2065 Agreements, the Board also evaluated whether the approval of the MDF 2065 Agreements was in the best interests of the MDF 2065 and its prospective shareholders. No one factor was determinative in the Board's consideration of the MDF 2065 Agreements, and each Director may have attributed different weights to the factors considered.

The Board undertook a review of the terms of the MDF 2065 Agreements, the nature, extent and quality of the services to be provided by the Adviser under the MDF 2065 Agreements and the proposed fees in exchange for such services. The Adviser provided the Board with information in the form of reports about the Adviser and Parametric prior to and during the September Meeting, which addressed the factors listed previously. During the September Meeting, the Adviser also gave presentations to the Board during which the Adviser provided additional information about the Adviser and Parametric, discussed the comprehensive review process used by the Adviser to recommend Parametric and responded to questions from the Board.

In addition, the Independent Directors met separately in executive session with Independent Counsel to discuss and consider the information presented in connection with the approval of the MDF 2065 Agreements, as well as the Directors' responsibilities and duties in approving the agreements.

**BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT FOR THE MYDESTINATION 2065 FUND**

In considering the approval of the 2065 Advisory Agreement with GSCM on behalf of the MDF 2065, the Directors took into account all the materials provided prior to and during the September Meeting and the presentations made and the extensive discussions during the September Meeting, including the discussion the Independent Directors had during their executive sessions with Independent Counsel. The Board also took into account the IMC's review of information related to the 2065 Advisory Agreement. The Board considered its responsibilities with respect to reviewing and approving the terms of the 2065 Advisory Agreement, the investment management team at GSCM, the reasonableness of GSCM's advisory fee and whether the appointment of GSCM would be in the best interests of the MDF 2065 and its potential shareholders. The Board reviewed the factors that it should consider in evaluating whether to approve the 2065 Advisory Agreement and the materials provided to support each factor. Such factors included the nature, extent and quality of the services to be provided by GSCM to the MDF 2065; the fees charged by GSCM for its services; information regarding GSCM's ownership structure, investment management experience, personnel, clients, AUM, legal and regulatory history, compliance policies and procedures, brokerage and soft dollar practices and investment philosophies and processes. The Directors evaluated the Adviser's experience in serving as an investment adviser, including overseeing the provision of investment advisory and portfolio management services and managing the allocation of existing assets for each of the existing Target Date Funds. The Directors noted the experience of key personnel in providing investment management and administrative services, the systems used by such persons and the Adviser's ability to attract and retain capable

**381**

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**STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT** *(Unaudited)*

personnel. The Directors noted the terms of the 2065 Advisory Agreement and the responsibilities that the Adviser will have as an investment adviser to the MDF 2065, including overseeing the provision of investment advisory and portfolio management services to the MDF 2065, developing the overall investment strategies for the MDF 2065, oversight of general Fund compliance and compliance with FBI restrictions and the implementation of Board directives as they may relate to the MDF 2065. The Directors also noted that, except for the identity of the MDF 2065 and its management fees, the 2065 Advisory Agreement was identical in all material respects to other advisory agreements entered into by the Trust for the existing portfolios.

With respect to the advisory fees to be paid to the Adviser, the Board considered information provided by the Adviser regarding the appropriateness of the fees based on the nature and extent of advisory services required for the MDF 2065. The Board further noted that the overall management and advisory fees for the MDF 2065, based upon information provided in the meeting materials, was comparable to funds with similar investment objectives and policies. The Board considered and reviewed the implementation of expense caps for each class of the MDF 2065, whereby the Adviser has agreed to pay, waive or assume expenses of each class of the MDF 2065 to the extent needed to limit the respective total annual operating expenses of a class (without regard to any expense reductions realized through the use of directed brokerage) excluding interest, taxes, brokerage commissions, extraordinary expenses, acquired fund fees and expenses and expenses incurred in connection with the short sales of securities, to 0.45% for the Institutional Class and 0.75% for the Investor Class, which would be in effect from December 31, 2025 through April 30, 2027. Accordingly, the Directors observed that the anticipated total annual operating expenses of the applicable classes of the MDF 2065 would be above the expense caps and that the Adviser's profitability is expected to decrease as a result. The Directors further observed that as the MDF 2065 grows in AUM, reductions in expenses covered by the expense caps may inure to the benefit of the Adviser if fee repayments are available or to shareholders if expenses were under an expense cap.

The Board concluded that the MDF 2065 was likely to benefit from the nature, extent and quality of the services to be provided by the Adviser as a result of the Adviser's experience, personnel, operations and resources.

Based on all of the information provided to the Board and its consideration of relevant factors, the Board determined that GSCM would provide investment management services that are appropriate in scope and that the fees to be paid to GSCM by the MDF 2065 under the Advisory Agreement would be fair and reasonable in light of the nature, extent and quality of services to be provided. In their deliberations, the Directors did not identify any particular information that was 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 WITH PARAMETRIC FOR CASH MANAGEMENT ARRANGEMENT WITH RESPECT TO CASH OVERLAY FOR THE MYDESTINATION 2065 FUND** 

The Board considered the approval of the Overlay Agreement to provide cash management arrangements with respect to cash overlay for the MDF 2065. The Directors took into account the materials provided prior to and during the September Meeting and the presentations made and the extensive discussions held during the September Meeting, including the discussions the Independent Directors had during executive sessions with Independent Counsel. The Board also took into account the IMC's review of information related to the Overlay Agreement. The Board reviewed the factors that it should consider in evaluating whether to approve the Overlay Agreement and the materials provided to support each factor. Such factors included the nature, extent and quality of the services to be provided by Parametric under the Overlay Agreement; the fees charged by Parametric for its cash overlay services; and information regarding Parametric's ownership structure, investment management experience, personnel, clients, AUM, legal and regulatory history, compliance policies and procedures, brokerage and soft dollar practices and investment philosophies and processes. The Board also reviewed presentations by the Adviser regarding the comprehensive review process it used to recommend Parametric's cash overlay services on behalf of the MDF 2065. The Board considered that

**382**

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**STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT** *(Unaudited)*

the Adviser believed Parametric's negotiated fee schedule for such services to be competitive and would be the same as the fee charged to other Funds participating in the cash overlay program.

The Board considered the profitability information provided by Parametric for its cash overlay services currently provided to the Funds. The Directors also considered the Adviser's assessment of Parametric's financial condition. The Directors noted that the Adviser, after reviewing certain financial information provided by Parametric, believed that Parametric was financially sound.

The Board considered the fees to be paid to Parametric under the Overlay Agreement, as well as the overall fee structure under the Overlay Agreement, in light of the nature, extent and quality of the services to be provided. The Board also considered the fees charged by other investment advisers that offer similar services.

The Board considered potential "fall-out" or ancillary benefits anticipated to be received by Parametric and its affiliates as a result of its arrangements with the MDF 2065. The Board concluded that any potential benefits to be derived by Parametric 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.

Based on all of the information provided to the Board and its consideration of relevant factors, the Board determined that Parametric would provide cash overlay services that are appropriate in scope and that the fees to be paid to Parametric by the MDF 2065 under the Overlay Agreement would be fair and reasonable in light of the nature, extent and quality of services to be provided. In their deliberations, the Directors did not identify any particular information that was 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 WITH PARAMETRIC FOR COMPLETION PORTFOLIO PROGRAM FOR THE MYDESTINATION 2065 FUND**

The Board considered the approval of the Completion Portfolio Agreement to provide completion portfolio services to the MDF 2065. The Directors took into account the materials provided prior to and during the September Meeting and the presentations made and the extensive discussions held during the September Meeting, including the discussions the Independent Directors had during executive sessions with Independent Counsel. The Board also took into account the IMC's review of information related to the Completion Portfolio Agreement. The Board reviewed the factors that it should consider in evaluating whether to approve the Completion Portfolio Agreement and the materials provided to support each factor. Such factors included the nature, extent and quality of the services to be provided by Parametric under the Completion Portfolio Agreement; the fees charged by Parametric for its completion portfolio services; and information regarding Parametric's ownership structure, investment management experience, personnel, clients, AUM, legal and regulatory history, compliance policies and procedures, brokerage and soft dollar practices and investment philosophies and processes. The Board also reviewed presentations by the Adviser regarding the comprehensive review process it used to recommend Parametric's completion portfolio services on behalf of the MDF 2065. The Board considered that the Adviser believed Parametric's negotiated fee schedule for such services to be competitive and would be the same as the fees charged to other Target Date Funds participating in the completion portfolio program.

**383**

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**STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT** *(Unaudited)*

The Board considered the profitability information provided by Parametric for its completion portfolio services currently provided to the Funds. The Directors also considered the Adviser's assessment of Parametric's financial condition. The Directors noted that the Adviser, after reviewing certain financial information provided by Parametric, believed that Parametric was financially sound.

The Board considered the fees to be paid to Parametric under the Completion Portfolio Agreement, as well as the overall fee structure under the Completion Portfolio Agreement, in light of the nature, extent and quality of the services to be provided. The Board also considered the fees charged by other investment advisers that offer similar services.

The Board considered potential "fall-out" or ancillary benefits anticipated to be received by Parametric and its affiliates as a result of its arrangements with the MDF 2065. The Board concluded that any potential benefits to be derived by Parametric 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.

The Board observed that the purpose of the Parametric completion portfolio engagement is to provide the Adviser with additional flexibility to manage the risk/return profile of the MDF 2065. The Adviser informed the Board that it has a positive working relationship with Parametric, noting that Parametric currently serves as sub-adviser to the Trust's Overlay Program, as well as provides a completion portfolio program to certain Funds, including the Target Date Funds. The Board considered the Adviser's representation that Parametric would be comfortable implementing the completion portfolio program in accordance with the MDF 2065's FBI policy.

Based on all of the information provided to the Board and its consideration of relevant factors, the Board determined that Parametric would provide completion portfolio services that are appropriate in scope and that the fees to be paid to Parametric by the MDF 2065 under the Completion Portfolio Agreement would be fair and reasonable in light of the nature, extent and quality of services to be provided. In their deliberations, the Directors did not identify any particular information that was all-important or controlling, and each Director may have attributed different weights to the various factors deliberated upon, among others.

**BOARD REVIEW OF NEW SUB-ADVISORY AGREEMENT FOR THE LOW-DURATION BOND FUND**

As required by the 1940 Act, the Board, including a majority of the Independent Directors, advised by Independent Counsel, considered the approval of a new sub-advisory agreement among GSCM, the Trust and Brown Brothers Harriman Credit Partners, LLC ("BBHCP") on behalf of the LDBF (the "BBHCP Agreement"). The Board approved the BBHCP Agreement at its meeting held on November 13, 2025 (the "November Meeting").

The Board's decision to approve the BBHCP Agreement reflects the exercise of the Board's reasonable business judgment and the Board's consideration of its fiduciary duties to the LDBF and its shareholders. Prior to approving the BBHCP Agreement, the Board received information from the Adviser and Brown Brothers Harriman & Co. ("BBH") and considered such information with the assistance and advice of Independent Counsel and counsel to the Trust.

At the November Meeting, the Board was advised that BBH, which managed a portion of the LDBF, would transition its fixed income team and strategies from BBH to its new U.S. subsidiary, a U.S. Securities and Exchange Commission-registered investment adviser, BBHCP, effective January 1, 2026. The Board was advised that the appointment of BBHCP as a sub-adviser to the LDBF would not change: (i) the LDBF's investment objective, principal investment strategies or principal investment risks;

**384**

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**STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT** *(Unaudited)*

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

(ii) the nature, extent or quality of the investment advisory services being provided to the LDBF; and (iii) the overall management and advisory fees payable by the LDBF. The BBHCP portfolio account within the LDBF would include the assets managed by BBH.

The Board undertook a review of the terms of the BBHCP Agreement, as well as the nature, extent and quality of the services to be provided by BBHCP and the proposed fees in exchange for such services, which were the same as in the BBH agreement. The Adviser provided the Board with information about BBH and BBHCP prior to and during the November Meeting, which addressed the factors listed previously. During the November Meeting, the Board received a presentation from the Adviser, during which the Adviser responded to questions from the Board.

In addition, the Independent Directors met separately in executive session with Independent Counsel to discuss and consider information presented in connection with the consideration of the BBHCP Agreement as well as the Board's responsibilities and duties in approving the BBHCP Agreement.

**BOARD APPROVAL OF NEW SUB-ADVISORY AGREEMENT FOR THE LOW-DURATION BOND FUND**

In making its determination to approve the appointment of BBHCP as an investment sub-adviser to the LDBF, the Board, including a majority of the Independent Directors, advised by Independent Counsel, considered the Adviser's recommendation to appoint BBHCP to manage a portion of the LDBF's portfolio pursuant to the BBHCP Agreement. The Board took into account the materials provided prior to and during the meeting, including those provided throughout the prior year, the presentations made by the Adviser and the extensive discussions held. It was noted that the Board had initially approved BBH as a sub-adviser to the LDBF at its February 27, 2025 meeting. The Board considered the terms of the BBHCP Agreement, the investment management team of BBHCP, the reasonableness of sub-advisory fees to be paid by the LDBF to BBHCP and whether the appointment of BBHCP would be in the best interests of the LDBF and its shareholders. The Board considered that the BBHCP Agreement was substantially identical to the current agreement.

The Board reviewed the factors that it should consider in evaluating whether to approve the BBHCP Agreement and the materials provided to support each factor. Such factors included the nature, extent and quality of the services to be provided by BBHCP; the composite performance history of the strategy used by BBH to manage the LDBF portfolio account (the "BBH Strategy"); the fees charged by BBHCP 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 BBHCP. The Board also reviewed presentations by the Adviser regarding the spin-off of the BBH fixed income team to BBHCP. The Board received and considered information about BBHCP's potential to contribute economies of scale as the LDBF grows in size. The Board considered that the Adviser had been able to negotiate fees that were considered to be favorable compared to BBH's stated fee schedule, which management noted would be retained with BBHCP.

The Board considered the profitability information provided by BBH for the services currently provided to the LDBF. The Board concluded that the estimated profits to be realized by BBHCP appeared reasonable.

The Board considered the fees to be paid to BBHCP under the BBHCP Agreement, as well as the overall fee structure under the BBHCP 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, including the information BBH provided about the factors considered in negotiating fee schedules with clients.

**385**

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**STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT** *(Unaudited)*

The Board noted that the LDBF's overall management and advisory fees would not change as a result of the addition of BBHCP as a sub-adviser to the LDBF. The Board also noted that the LDBF, and not the Adviser, would pay the sub-advisory fees to BBHCP directly. In addition, the Board noted that the Adviser's profitability would not be impacted by the addition of BBHCP, as the advisory fee rate paid to the Adviser by the LDBF is not changing as a result of the addition of BBHCP and there is no current expense cap for the LDBF.

The Board considered potential "fall-out" or ancillary benefits anticipated to be received by BBHCP, and its affiliates, as a result of its arrangements with the LDBF. The Board concluded that any potential benefits to be derived by BBHCP 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. The BBH Strategy had outperformed its benchmark index and median of the Morningstar peer universe for the one-, three-, five- and seven-year and analysis periods ended December 31, 2024.

The Board considered the representations made that BBHCP would be comfortable managing its strategy in accordance with the Trust's FBI policy.

Based on all of the information provided to the Board and its consideration of relevant factors, the Board determined that BBHCP would provide investment management services that are appropriate in scope and that the fees to be paid by the LDBF under the BBHCP 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 that was all-important or controlling, and each Director may have attributed different weights to the various factors deliberated upon, among others.

**386**

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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.
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 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.

------

#### &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) [The Code of Ethics of the Registrant are required pursuant to Item 2 of this Form N-CSR is filed herewith.](COE.htm)

(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.

---

| | |
|:---|:---|
| (Registrant)  | GuideStone Funds  |
| By (Signature and Title)\*  | /s/ Brandon Pizzurro  |
|  | Brandon Pizzurro, President  |
|  | (Principal Executive Officer)  |
| Date March 6, 2026  | Date March 6, 2026  |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By (Signature and Title)\*  | /s/ Brandon Pizzurro  |
|  | Brandon Pizzurro, President  |
|  | (Principal Executive Officer)  |
| Date March 6, 2026  | Date March 6, 2026  |
| By (Signature and Title)\*  | /s/ Erin Wynne  |
|  | Erin Wynne, Treasurer  |
|  | (Principal Financial Officer)  |
| Date March 6, 2026  | Date March 6, 2026  |

---

<sup>\*</sup> Print the name and title of each signing officer under his or her signature.

------

## 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.

---

| | | |
|:---|:---|:---|
| Date:  | March 6, 2026  | /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: March 6, 2026  | /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.

---

| | |
|:---|:---|
| Date: March 6, 2026  | /s/ Brandon Pizzurro  |
|  | Brandon Pizzurro, President  |
|  | (Principal Executive Officer)  |

---

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.

---

| | |
|:---|:---|
| Date: March 6, 2026  | /s/ Erin Wynne  |
|  | Erin Wynne, Treasurer  |
|  | (Principal Financial Officer)  |

---

------

## Ex-99.Code

![Image is missing](g202602261711148860.jpg)

### SUPPLEMENTAL CODE OF ETHICS
**FOR PRINCIPAL EXECUTIVE AND FINANCIAL OFFICERS**

#### PURPOSE
Pursuant to Section 406 of the Sarbanes Oxley Act of 2002, the Board of Directors (the "Board") of GuideStone Funds (the "Funds") has adopted this Supplemental Code of Ethics (the "Code") to apply to the Funds' President and Treasurer, who function as the Funds' principal executive officer and principal financial officer, respectively (the "Covered Officers"), to deter wrongdoing and to promote:

• honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

• full, fair, accurate, timely and understandable disclosure in reports and documents that the Funds file with, or submit to, the U.S. Securities and Exchange Commission ("SEC") and in other public communications made by the Funds;

• compliance with applicable governmental laws, rules, and regulations;

• the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and

• accountability for adherence to the Code .

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

#### COVERED OFFICERS SHOULD ETHICALLY HANDLE ACTUAL AND APPARENT CONFLICTS OF INTEREST
A "conflict of interest" occurs when a Covered Officer's personal, private interest conflicts with the interests of, or interferes with his or her service to, the Funds. For example, a conflict of interest would arise if a Covered Officer, or a member of his or her family, receives improper personal benefits as a result of his or her position with the Funds.

Certain conflicts of interest arise out of the relationships between Covered Officers and the Funds, which already are subject to conflict of interest provisions in the Investment Company Act of 1940 ("1940 Act") and the Investment Advisers Act of 1940 (11Advisers Act11). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Funds because of their status as 11affiliated persons,, of the Funds. The compliance policies and procedures of the Funds and GuideStone Capital Management, LLC (the 11Adviser11) are

designed to prevent, or detect and correct, violations of these provisions. The Code does not, and is not intended to, repeat or replace these policies and procedures, and such conflicts fall outside of the parameters of the Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the Funds and the Adviser, of which the Covered Officers are also officers. As a result, this Code recognizes that a Covered Officer will, in the normal course of his or her duties (whether formally for the Funds or for the Adviser, or for both), be involved in establishing policies and implementing decisions that will have different effects on the Adviser and the Funds. The participation of a Covered Officer in such activities is inherent in the contractual relationship between the Funds and the Adviser, and is consistent with the performance by the Covered Officer of his or her duties as an officer of the Funds. Thus, if performed in conformity with the provisions of the 1940 Act and the Advisers Act, such activities will be deemed to have been handled ethically. Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the 1940 Act and the Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Funds.

Each Covered Officer must <u>not</u>:

• use his or her personal influence or personal relationships improperly to influence investment decisions or financial reporting by the Funds whereby the Covered Officer would benefit personally to the detriment of the Funds;

• cause the Funds to take action, or fail to take action, for the personal benefit of the Covered Officer rather than the benefit the Funds; or

• retaliate against any other Covered Officer or any employee or officer of the Funds or their affiliated persons for their reports of potential violations of this Code that are made in good faith.

There are some conflict of interest situations that must be discussed with the Funds' Chief Legal Officer if material. Examples of these include:<sup>1</sup>

• service as a director on the board of any public or private company;

• the receipt of any non-nominal gifts (generally, in excess of $100) from unaffiliated persons or entities that do business or wish to do business with the Funds or the Adviser;

<sup>1</sup> Any activity or relationship that would present a conflict for a Covered Officer would likely also present a conflict for the Covered Officer if a member of the Covered Officer's immediate family engages in such an activity or has such a relationship.

• the receipt of any entertainment except customary business lunches, dinners or entertainment (e.g., sporting events) from unaffiliated persons or entities that do business or wish to do business with the Funds or the Adviser;

• any ownership interest in, or any consulting or employment relationship with, any of the Funds' service providers, other than the Adviser or any affiliated person thereof; and

• a direct or indirect financial interest in commissions, transaction charges or spreads paid by the Funds for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Officer's employment, such as compensation or equity ownership.

#### DISCLOSURE AND COMPLIANCE
• Each Covered Officer should familiarize himself with the disclosure requirements generally applicable to the Funds.

• Each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about the Funds to others, whether within or outside the Funds, including to the Funds' directors and auditors, and to governmental regulators and self-regulatory organizations.

• Each Covered Officer should, to the extent appropriate within his or her area of responsibility, consult with other officers and employees of the Funds and the Adviser with the goal of promoting **full,** fair, accurate, timely and understandable disclosure in the reports and documents the Funds files with, or submits to, the SEC and in other public communications made by the Funds.

• It is the responsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

#### REPORTING AND ACCOUNTABILITY
Each Covered Officer must:

• upon adoption or amendment of the Code (or thereafter as applicable, upon becoming a Covered Officer), affirm in writing (using the form appended hereto) to the Board that he or she has received, read, and understands the Code;

• annually thereafter affirm to the Board that he or she has complied with the requirements of the Code;

• report at least annually on the Funds' Director and Officer Questionnaire affiliations or other relationships related to conflicts of interest; and

• notify the Chief Legal Officer promptly if he or she knows of any violation of this Code. Failure to do so is itself a violation of this Code.

The Chief Legal Officer is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation. The Chief Legal Officer is authorized and encouraged to consult, as appropriate, with the Chairman of the Audit Committee of the Board (the "Committee"), counsel to the Funds and counsel to the Directors who are not "interested persons" of the Funds, as that term is defined in the 1940 Act (the "Independent Directors"). However, any waivers<sup>2</sup> sought will be considered by the Committee.

The Funds will follow these procedures in investigating credible evidence of violations, and in enforcing this Code:

• The Chief Legal Officer will take all appropriate action to investigate any potential violations reported to him.

• If, after such investigation, the Chief Legal Officer believes that no violation has occurred, the Chief Legal Officer is not required to take any further action.

• Any matter that the Chief Legal Officer believes is a violation will be reported to the Committee.

• If the Committee concurs that a violation has occurred, it will inform and make a recommendation to the Board, which will consider appropriate action, which may include review of, and appropriate modifications to, applicable policies and procedures, notification to appropriate personnel of the Adviser, or a recommendation to dismiss the Covered Officer .

• The Committee will be responsible for granting waivers, as appropriate.

• Any changes to or waivers of this Code will, to the extent required, be disclosed as required by SEC rules.

#### OTHER POLICIES AND PROCEDURES
This Code shall be the sole code of ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Funds, the Adviser, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions

<sup>2</sup> Item 2 of Form N-CSR defines "waiver" as "the approval by the registrant of a material departure from a provision of the code of ethics" and "implicit waiver," which must also be disclosed, as "the registrant's failure to take action within a reasonable period of time regarding a material departure from a provision of the code of ethics that has been made known to an executive officer" of the registrant.

of this Code. The Funds' and the Adviser's code of ethics under rule l7j-l under the 1940 Act and rule 204A-l under the Advisers Act, and the Funds' and the Adviser's more detailed policies and procedures set forth therein are separate requirements applying to the Covered Officers and others, and are not part of this Code.

#### AMENDMENTS
Any amendments to this Code must be approved or ratified by a majority vote of the Board, including a majority of the Independent Directors.

#### CONFIDENTIALITY
All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Board, the Committee, the Funds' counsel or counsel to the Independent Directors, as appropriate.

#### INTERNAL USE
The Code is intended solely for the internal use of the Funds and does not constitute an admission, by or on behalf of the Funds, as to any fact, circumstance, or legal conclusion.

Adopted: Amended: Amended: Amended3: Amended:

August 6, 2003

September 13, 2005

August 18, 2017

October 21, 2020

[ November 14, 2024]

3 Technical, administrative, and other non-substantive amendments made.

![Image is missing](g202602261711149181.jpg)

### SUPPLEMENTAL CODE OF ETHICS FOR

### PRINCIPAL EXECUTIVE AND FINANCIAL OFFICERS

#### ANNUAL REPORT AND CERTIFICATION
1. I have received, read and understand the Supplemental Code of Ethics for Principal Executive and Financial Officers and recognize that I am subject thereto in the capacity of a "Covered Officer."

2. I hereby certify that, during the year, I have complied with the requirements of the Supplemental Code of Ethics and I have reported all affiliations or other relationships related to conflicts of interest required to be reported pursuant to this Code.

Signature:

Name and Title: (Principal Executive Officer)

Date:<br>

Signature:

Name and Title: (Principal Financial Officer) Date:

------