# EDGAR Filing Document

**Accession Number:** 0000865733
**File Stem:** 0001145549-25-057790
**Filing Date:** 2025-9
**Character Count:** 538178
**Document Hash:** f108df5b117d096adb9fad48cb7955d3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-25-057790.hdr.sgml**: 20250905

**ACCESSION NUMBER**: 0001145549-25-057790

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 16

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250905

**DATE AS OF CHANGE**: 20250905

**EFFECTIVENESS DATE**: 20250905

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-06136
- **FILM NUMBER:** 251295110

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

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

## Series and Classes Contracts Data

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

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

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

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

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

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

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

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

### Value Fund (Series ID: S000010528)

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

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

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

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

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

### Growth Fund (Series ID: S000010531)

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

?xml version='1.0' encoding='ASCII'? 8ddeb21ec93a33b

#### UNITED STATES

#### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

------

#### FORM N-CSR

------

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

#### Investment Company Act file number

#### 811-06136

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

------

4301 Wilson Boulevard

Arlington, VA 22203

(Address of principal executive offices) (zip code)

Danielle Sieverling

4301 Wilson Blvd.

Arlington, VA 22203

(Name and address of agent for service)

 *Copies to:*

Amy Ward Pershkow, Esq.

Vedder Price P.C.

1401 New York Avenue

Washington, D.C. 20005

(Name and addresses of agent for service)

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

#### 800-258-3030

#### Date of fiscal year end:

#### December 31

#### Date of reporting period:

#### June 30, 2025

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

(b) Not Applicable.

![Homestead Logo](images_512.jpg)

### Daily Income Fund

### HDIXX

#### Semi-Annual Shareholder Report \| June 30, 2025
This semi-annual shareholder report contains important information about the Daily Income Fund ("Fund") for the period of January 1, 2025, to June 30, 2025. You can find additional information about the Fund at https://www.homesteadadvisers.com/fund-literature/. You can also request this information by contacting us at 800.258.3030.

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Cost of a $10,000 investment** | **Cost paid as a percentage<br> of a $10,000 investment** |
| Daily Income Fund | $30 | 0.59%\* |

---

*\** *<sup>Annualized.</sup>*

#### Key Fund Statistics
The following table reflects important key statistics as of June 30, 2025.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;$225763054 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Number of Portfolio Holdings** | &nbsp;&nbsp;&nbsp;&nbsp;71 |
| &nbsp;&nbsp;&nbsp;&nbsp;**7-Day Yield** | &nbsp;&nbsp;&nbsp;&nbsp;3.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Weighted Average Maturity (Days)** | &nbsp;&nbsp;&nbsp;&nbsp;13 |

---

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

Security Diversification

---

| | |
|:---|:---|
| **Repurchase agreements** | 53.3% |
| **U.S. government and agency obligations** | 37.4% |
| **Short-term and other assets\*** | 9.3% |
| **Total** | 100.0% |

---

***\**** *<sup>Represents investment in an unaffiliated U.S. government money market fund.</sup>*

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

437769102

![Homestead Logo](images_512.jpg)

### Short-Term Government Securities Fund

### HOSGX

#### Semi-Annual Shareholder Report \| June 30, 2025
This semi-annual shareholder report contains important information about the Short-Term Government Securities Fund ("Fund") for the period of January 1, 2025, to June 30, 2025. You can find additional information about the Fund at https://www.homesteadadvisers.com/fund-literature/. You can also request this information by contacting us at 800.258.3030.

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Cost of a $10,000 investment** | **Cost paid as a percentage<br> of a $10,000 investment** |
| Short-Term Government Securities Fund | $38 | 0.75%\* |

---

*\** *<sup>Annualized.</sup>*

#### Key Fund Statistics
The following table reflects important key statistics as of June 30, 2025.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;$58282471 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Number of Portfolio Holdings** | &nbsp;&nbsp;&nbsp;&nbsp;102 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio Turnover** | &nbsp;&nbsp;&nbsp;&nbsp;306% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Weighted Average Maturity (Years)** | &nbsp;&nbsp;&nbsp;&nbsp;2.93 |

---

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

Security Diversification

---

| | |
|:---|:---|
| **U.S. government and agency obligations** | 57.1% |
| **Mortgage-backed securities** | 25.9% |
| **Asset-backed securities** | 5.6% |
| **Corporate bonds—government guaranteed** | 4.5% |
| **Corporate bonds—other** | 4.4% |
| **Short-term and other assets\*** | 2.5% |
| **Total** | 100.0% |

---

***\**** *<sup>Represents investment in an unaffiliated U.S. government money market fund.</sup>*

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

437769409

![Homestead Logo](images_512.jpg)

### Short-Term Bond Fund

### HOSBX

#### Semi-Annual Shareholder Report \| June 30, 2025
This semi-annual shareholder report contains important information about the Short-Term Bond Fund ("Fund") for the period of January 1, 2025, to June 30, 2025. You can find additional information about the Fund at https://www.homesteadadvisers.com/fund-literature/. You can also request this information by contacting us at 800.258.3030.

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Cost of a $10,000 investment** | **Cost paid as a percentage<br> of a $10,000 investment** |
| Short-Term Bond Fund | $38 | 0.76%\* |

---

*\** *<sup>Annualized.</sup>*

#### Key Fund Statistics
The following table reflects important key statistics as of June 30, 2025.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;$423961529 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Number of Portfolio Holdings** | &nbsp;&nbsp;&nbsp;&nbsp;259 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio Turnover** | &nbsp;&nbsp;&nbsp;&nbsp;164% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Weighted Average Maturity (Years)** | &nbsp;&nbsp;&nbsp;&nbsp;2.85 |

---

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

Security Diversification

---

| | |
|:---|:---|
| **Corporate bonds—other** | 35.3% |
| **U.S. government and agency obligations** | 21.9% |
| **Asset-backed securities** | 15.3% |
| **Mortgage-backed securities** | 14.2% |
| **Yankee bonds** | 12.0% |
| **Corporate bonds—government guaranteed** | 0.1% |
| **Short-term and other assets** | 1.2% |
| **Total** | 100.0% |

---

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

437769300

![Homestead Logo](images_512.jpg)

### Stock Index Fund

### HSTIX

#### Semi-Annual Shareholder Report \| June 30, 2025
This semi-annual shareholder report contains important information about the Stock Index Fund ("Fund") for the period of January 1, 2025, to June 30, 2025. You can find additional information about the Fund at https://www.homesteadadvisers.com/fund-literature/. You can also request this information by contacting us at 800.258.3030.

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Cost of a $10,000 investment** | **Cost paid as a percentage<br> of a $10,000 investment** |
| Stock Index Fund | $22 | 0.44%\* |

---

*\** *<sup>Annualized.</sup>*

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

#### Key Fund Statistics
The following table reflects important key statistics as of June 30, 2025. Both the number of portfolio holdings and portfolio turnover represent the holdings and portfolio turnover of the Master Portfolio in which the Stock Index Fund is fully invested.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;$276013359 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Number of Portfolio Holdings** | &nbsp;&nbsp;&nbsp;&nbsp;508 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio Turnover** | &nbsp;&nbsp;&nbsp;&nbsp;7% |

---

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

Sector Diversification

---

| | |
|:---|:---|
| **Information technology** | 33.0% |
| **Financials** | 14.0% |
| **Consumer discretionary** | 10.3% |
| **Communication services** | 9.7% |
| **Health care** | 9.3% |
| **Industrials** | 8.5% |
| **Consumer staples** | 5.5% |
| **Energy** | 3.0% |
| **Utilities** | 2.4% |
| **Real estate** | 2.0% |
| **Other** | 2.0% |
| **Short-term and other assets and liabilties** | 0.3% |
| **Total** | 100.00% |

---

Top 10 Holdings

---

| | |
|:---|:---|
| **NVIDIA Corp.** | 7.3% |
| **Microsoft Corp.** | 7.0% |
| **Apple, Inc.** | 5.8% |
| **Amazon.com. Inc.** | 3.9% |
| **Meta Platforms, Inc., Class A** | 3.0% |
| **Broadcom, Inc.** | 2.5% |
| **Alphabet, Inc., Class A** | 2.0% |
| **Berkshire Hathaway Inc., Class B** | 1.7% |
| **Tesla, Inc.** | 1.7% |
| **Alphabet, Inc., Class C** | 1.6% |
| **Total** | 36.5% |

---

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

437769607

![Homestead Logo](images_512.jpg)

### Value Fund

### HOVLX

#### Semi-Annual Shareholder Report \| June 30, 2025
This semi-annual shareholder report contains important information about the Value Fund ("Fund") for the period of January 1, 2025, to June 30, 2025. You can find additional information about the Fund at https://www.homesteadadvisers.com/fund-literature/. You can also request this information by contacting us at 800.258.3030.

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Cost of a $10,000 investment** | **Cost paid as a percentage<br> of a $10,000 investment** |
| Value Fund | $32 | 0.62%\* |

---

*\** *<sup>Annualized.</sup>*

#### Key Fund Statistics
The following table reflects important key statistics as of June 30, 2025.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;$1029990697 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Number of Portfolio Holdings** | &nbsp;&nbsp;&nbsp;&nbsp;53 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio Turnover** | &nbsp;&nbsp;&nbsp;&nbsp;7% |

---

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

Sector Diversification

---

| | |
|:---|:---|
| **Financials** | 23.9% |
| **Health care** | 18.3% |
| **Industrials** | 18.2% |
| **Information technology** | 8.8% |
| **Communication services** | 7.2% |
| **Consumer discretionary** | 6.9% |
| **Materials** | 4.7% |
| **Energy** | 4.6% |
| **Consumer staples** | 3.6% |
| **Real estate** | 2.6% |
| **Short-term and other assets** | 1.2% |
| **Total** | 100.0% |

---

Top 10 Holdings

---

| | |
|:---|:---|
| **JPMorgan Chase & Co.** | 5.1% |
| **Goldman Sachs Group, Inc.** | 3.7% |
| **Meta Platforms, Inc.** | 3.3% |
| **AbbVie Inc.** | 3.2% |
| **Parker-Hannifin Corp.** | 3.1% |
| **Abbott Laboratories** | 3.1% |
| **Microsoft Corp.** | 2.9% |
| **Fiserv, Inc.** | 2.7% |
| **Deere & Co.** | 2.7% |
| **Lam Research Corp.** | 2.7% |
| **Total** | 32.5% |

---

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

437769201

![Homestead Logo](images_512.jpg)

### Growth Fund

### HNASX

#### Semi-Annual Shareholder Report \| June 30, 2025
This semi-annual shareholder report contains important information about the Growth Fund ("Fund") for the period of January 1, 2025, to June 30, 2025. You can find additional information about the Fund at https://www.homesteadadvisers.com/fund-literature/. You can also request this information by contacting us at 800.258.3030.

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Cost of a $10,000 investment** | **Cost paid as a percentage<br> of a $10,000 investment** |
| Growth Fund | $42 | 0.81%\* |

---

*\** *<sup>Annualized.</sup>*

#### Key Fund Statistics
The following table reflects important key statistics as of June 30, 2025.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;$412790327 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Number of Portfolio Holdings** | &nbsp;&nbsp;&nbsp;&nbsp;48 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio Turnover** | &nbsp;&nbsp;&nbsp;&nbsp;20% |

---

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

Sector Diversification

---

| | |
|:---|:---|
| **Information technology** | 47.3% |
| **Communication services** | 12.8% |
| **Financials** | 11.8% |
| **Health care** | 11.2% |
| **Consumer discretionary** | 10.7% |
| **Industrials** | 4.8% |
| **Energy** | 0.5% |
| **Short-term and other assets** | 0.9% |
| **Total** | 100.0% |

---

Top 10 Holdings

---

| | |
|:---|:---|
| **Microsoft Corp.** | 13.5% |
| **NVIDIA Corp.** | 9.8% |
| **Apple, Inc.** | 5.8% |
| **Amazon.com, Inc.** | 5.8% |
| **Meta Platforms, Inc.** | 5.2% |
| **Alphabet, Inc.** | 4.9% |
| **Broadcom Inc.** | 3.7% |
| **Mastercard Inc.** | 3.6% |
| **Intuit, Inc.** | 3.3% |
| **Block, Inc.** | 2.9% |
| **Total** | 58.5% |

---

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

437769706

![Homestead Logo](images_512.jpg)

### International Equity Fund

### HISIX

#### Semi-Annual Shareholder Report \| June 30, 2025
This semi-annual shareholder report contains important information about the International Equity Fund ("Fund") for the period of January 1, 2025, to June 30, 2025. You can find additional information about the Fund at https://www.homesteadadvisers.com/fund-literature/. You can also request this information by contacting us at 800.258.3030.

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Cost of a $10,000 investment** | **Cost paid as a percentage<br> of a $10,000 investment** |
| International Equity Fund | $61 | 1.15%\* |

---

*\** *<sup>Annualized.</sup>*

#### Key Fund Statistics
The following table reflects important key statistics as of June 30, 2025.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;$96766370 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Number of Portfolio Holdings** | &nbsp;&nbsp;&nbsp;&nbsp;50 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio Turnover** | &nbsp;&nbsp;&nbsp;&nbsp;11% |

---

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

GEOGRAPHIC Diversification

---

| | |
|:---|:---|
| **Japan** | 17.5% |
| **France** | 10.5% |
| **Switzerland** | 10.4% |
| **Sweden** | 8.5% |
| **Britain** | 8.2% |
| **Germany** | 7.3% |
| **Canada** | 5.6% |
| **Netherlands** | 4.9% |
| **Singapore** | 4.4% |
| **Hong Kong** | 4.2% |
| **Denmark** | 2.9% |
| **Taiwan** | 2.4% |
| **Spain** | 2.2% |
| **United States of America** | 1.9% |
| **Australia** | 1.6% |
| **Ireland** | 1.4% |
| **India** | 1.0% |
| **Republic of South Korea** | 1.0% |
| **Short-term and other assets\*** | 4.1% |
| **Total** | 100.0% |

---

***\**** *<sup>Represents investment in an unaffiliated U.S. government money market fund.</sup>*

Top 10 Holdings

---

| | |
|:---|:---|
| **DBS Group Holdings Ltd.** | 4.4% |
| **Shell PLC** | 3.5% |
| **Schneider Electric SE** | 3.5% |
| **Roche Holding AG REG** | 3.3% |
| **Allianz SE REG** | 3.3% |
| **AIA Group Ltd.** | 3.3% |
| **Chugai Pharmaceutical Co., Ltd.** | 3.1% |
| **ASML Holding NV** | 3.1% |
| **Haleon PLC** | 3.0% |
| **Sony Group Corp.** | 2.9% |
| **Total** | 33.4% |

---

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

437769805

![Homestead Logo](images_512.jpg)

### Small-Company Stock Fund

### HSCSX

#### Semi-Annual Shareholder Report \| June 30, 2025
This semi-annual shareholder report contains important information about the Small-Company Stock Fund ("Fund") for the period of January 1, 2025, to June 30, 2025. You can find additional information about the Fund at https://www.homesteadadvisers.com/fund-literature/. You can also request this information by contacting us at 800.258.3030.

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Cost of a $10,000 investment** | **Cost paid as a percentage<br> of a $10,000 investment** |
| Small-Company Stock Fund | $54 | 1.12%\* |

---

*\** *<sup>Annualized.</sup>*

#### Key Fund Statistics
The following table reflects important key statistics as of June 30, 2025.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;$209943745 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Number of Portfolio Holdings** | &nbsp;&nbsp;&nbsp;&nbsp;51 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio Turnover** | &nbsp;&nbsp;&nbsp;&nbsp;23% |

---

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

Sector Diversification

---

| | |
|:---|:---|
| **Industrials** | 27.3% |
| **Financials** | 18.2% |
| **Information technology** | 17.1% |
| **Health care** | 16.8% |
| **Consumer discretionary** | 9.0% |
| **Materials** | 4.1% |
| **Energy** | 3.4% |
| **Real estate** | 1.7% |
| **Short-term and other assets** | 2.4% |
| **Total** | 100.0% |

---

Top 10 Holdings

---

| | |
|:---|:---|
| **Federal Signal Corp.** | 4.1% |
| **Advanced Energy Industries, Inc.** | 3.8% |
| **Kinsale Capital Group, Inc.** | 3.8% |
| **Applied Industrial Technologies, Inc.** | 3.6% |
| **ESAB Corp.** | 3.4% |
| **Descartes Systems Group Inc. (The)** | 3.3% |
| **Hayward Holdings, Inc.** | 2.9% |
| **Q2 Holdings, Inc.** | 2.8% |
| **Gildan Activewear Inc.** | 2.8% |
| **Envista Holdings Corp.** | 2.7% |
| **Total** | 33.2% |

---

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

437769508

------

#### Item 2. Code of Ethics.
Not applicable to this filing.

------

#### Item 3. Audit Committee Financial Expert.
Not applicable to this filing.

------

#### Item 4. Principal Accountant Fees and Services.
Not applicable to this filing.

------

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

------

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

(b) Not applicable.

------

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

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

------

![](img341037b41.gif)

## Financial Statements and Other Information
June 30, 2025

Our Funds

Daily Income Fund (HDIXX)

Short-Term Government Securities Fund (HOSGX)

Short-Term Bond Fund (HOSBX)

Intermediate Bond Fund (HOIBX)

Stock Index Fund (HSTIX)

Value Fund (HOVLX)

Growth Fund (HNASX)

International Equity Fund (HISIX)

Small-Company Stock Fund (HSCSX)

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## **Table of Contents**

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| | |
|:---|:---|
| **[Portfolio of Investments](#xx_140a03d1-8882-4e86-a41c-bd1814ba96e6_1)** |  |
| [Daily Income Fund](#xx_140a03d1-8882-4e86-a41c-bd1814ba96e6_1)<br>| 1 |
| [Short-Term Government Securities Fund](#xx_140a03d1-8882-4e86-a41c-bd1814ba96e6_3)<br>| 3 |
| [Short-Term Bond Fund](#xx_140a03d1-8882-4e86-a41c-bd1814ba96e6_6)<br>| 6 |
| [Intermediate Bond Fund](#xx_140a03d1-8882-4e86-a41c-bd1814ba96e6_13)<br>| 13 |
| [Stock Index Fund](#xx_140a03d1-8882-4e86-a41c-bd1814ba96e6_20)<br>| 20 |
| [Value Fund](#xx_140a03d1-8882-4e86-a41c-bd1814ba96e6_21)<br>| 21 |
| [Growth Fund](#xx_140a03d1-8882-4e86-a41c-bd1814ba96e6_23)<br>| 23 |
| [International Equity Fund](#xx_140a03d1-8882-4e86-a41c-bd1814ba96e6_25)<br>| 25 |
| [Small-Company Stock Fund](#xx_140a03d1-8882-4e86-a41c-bd1814ba96e6_27)<br>| 27 |
| [Statements of Assets and Liabilities](#xx_0b2e5944-c63d-49e0-9737-f01c1f658733_2)<br>| 30 |
| [Statements of Operations](#xx_e19b2542-3051-4358-b32d-a95b27fef2bf_1)<br>| 32 |
| [Statements of Changes in Net Assets](#xx_e86b2646-a03f-4116-989d-337de6635f01_1)<br>| 34 |
| **[Financial Highlights](#xx_cafeeee7-aea1-40e2-bbae-4f3a31c366f0_1)** |  |
| [Daily Income Fund](#xx_cafeeee7-aea1-40e2-bbae-4f3a31c366f0_1)<br>| 39 |
| [Short-Term Government Securities Fund](#xx_cafeeee7-aea1-40e2-bbae-4f3a31c366f0_2)<br>| 40 |
| [Short-Term Bond Fund](#xx_cafeeee7-aea1-40e2-bbae-4f3a31c366f0_3)<br>| 41 |
| [Intermediate Bond Fund](#xx_cafeeee7-aea1-40e2-bbae-4f3a31c366f0_4)<br>| 42 |
| [Stock Index Fund](#xx_cafeeee7-aea1-40e2-bbae-4f3a31c366f0_5)<br>| 43 |
| [Value Fund](#xx_cafeeee7-aea1-40e2-bbae-4f3a31c366f0_6)<br>| 44 |
| [Growth Fund](#xx_cafeeee7-aea1-40e2-bbae-4f3a31c366f0_7)<br>| 45 |
| [International Equity Fund](#xx_cafeeee7-aea1-40e2-bbae-4f3a31c366f0_8)<br>| 46 |
| [Small-Company Stock Fund](#xx_cafeeee7-aea1-40e2-bbae-4f3a31c366f0_9)<br>| 47 |

---

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| | |
|:---|:---|
| [Notes to Financial Statements](#xx_ac3a3bb4-e87e-4d9d-b2d5-ce98a64012de_1)<br>| 48 |
| [Changes In and Disagreements with Accountants](#xx_96f8b91a-06b2-4286-9826-3db0c2a5cad4_1)<br>| 59 |
| [Proxy Disclosures](#xx_e4d83b2e-879b-49b0-881b-3aaa529a682a_1)<br>| 60 |
| [Remuneration Paid to Directors, Officers, and Others](#xx_261df7b5-4ef8-435c-8dba-b4ce57a27ae1_1)<br>| 61 |
| [Basis for the Board's Approval of Investment Advisory Contract](#xx_ed5e7e7e-c10c-4811-8925-4278c3ed5cc6_1)<br>| 62 |
| [Appendix — S&P 500 Index Master Portfolio](#xx_e6304c83-793e-4ac1-8500-ad75e9f328b8_1)<br>| 63 |

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#### Past performance does not guarantee future results.
Investors are advised to consider fund objectives, risks, charges and expenses before investing. The prospectus contains this and other information and should be read carefully before you invest. To obtain a prospectus, call 800.258.3030 or download a PDF at <u>https://www.homesteadadvisers.com/fund-literature/</u>.

------

[**Table of Contents**](#JOB_Homes_d5f6c467-c4b6-48bc-b206-21170d7a521a_TOC)

### Portfolio of Investments

#### Daily Income Fund <sub>\|</sub> June 30, 2025 <sub>\|</sub> (Unaudited)

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| | | | | |
|:---|:---|:---|:---|:---|
| **U.S. Government & Agency Obligations \| 37.4% of portfolio** | **U.S. Government & Agency Obligations \| 37.4% of portfolio** | **U.S. Government & Agency Obligations \| 37.4% of portfolio** | **U.S. Government & Agency Obligations \| 37.4% of portfolio** | **U.S. Government & Agency Obligations \| 37.4% of portfolio** |
|  | &nbsp;&nbsp;**Interest Rate /<br> Yield** | &nbsp;&nbsp;**Maturity Date** | &nbsp;&nbsp;**Face Amount** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;&nbsp;Federal Farm Credit Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.49%(a) | &nbsp;&nbsp; 07/18/25 | &nbsp;&nbsp; $1000000 | &nbsp;&nbsp; $1000000 |
| &nbsp;&nbsp;&nbsp;Federal Farm Credit Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.57(a) | &nbsp;&nbsp; 08/13/25 | &nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp;&nbsp; 750000 |
| &nbsp;&nbsp;&nbsp;Federal Farm Credit Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.58(a) | &nbsp;&nbsp; 08/22/25 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 |
| &nbsp;&nbsp;&nbsp;Federal Farm Credit Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.60(a) | &nbsp;&nbsp; 11/28/25 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 |
| &nbsp;&nbsp;&nbsp;Federal Farm Credit Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.60(a) | &nbsp;&nbsp; 12/01/25 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 |
| &nbsp;&nbsp;&nbsp;Federal Farm Credit Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.59(a) | &nbsp;&nbsp; 12/15/25 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 |
| &nbsp;&nbsp;&nbsp;Federal Farm Credit Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.59(a) | &nbsp;&nbsp; 01/12/26 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 |
| &nbsp;&nbsp;&nbsp;Federal Farm Credit Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.59(a) | &nbsp;&nbsp; 01/29/26 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 |
| &nbsp;&nbsp;&nbsp;Federal Farm Credit Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.53(a) | &nbsp;&nbsp; 02/02/26 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 |
| &nbsp;&nbsp;&nbsp;Federal Farm Credit Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.53(a) | &nbsp;&nbsp; 02/12/26 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 |
| &nbsp;&nbsp;&nbsp;Federal Farm Credit Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.56(a) | &nbsp;&nbsp; 03/12/26 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 |
| &nbsp;&nbsp;&nbsp;Federal Farm Credit Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.53(a) | &nbsp;&nbsp; 05/21/26 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 |
| &nbsp;&nbsp;&nbsp;Federal Farm Credit Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.54(a) | &nbsp;&nbsp; 06/03/26 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 |
| &nbsp;&nbsp;&nbsp;Federal Farm Credit Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.53(a) | &nbsp;&nbsp; 08/07/26 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 |
| &nbsp;&nbsp;&nbsp;Federal Farm Credit Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.58(a) | &nbsp;&nbsp; 08/26/26 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 |
| &nbsp;&nbsp;&nbsp;Federal Farm Credit Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.58(a) | &nbsp;&nbsp; 09/04/26 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 |
| &nbsp;&nbsp;&nbsp;Federal Farm Credit Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.58(a) | &nbsp;&nbsp; 09/09/26 | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 250000 |
| &nbsp;&nbsp;&nbsp;Federal Farm Credit Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38(a) | &nbsp;&nbsp; 09/17/26 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 |
| &nbsp;&nbsp;&nbsp;Federal Farm Credit Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.57(a) | &nbsp;&nbsp; 10/06/26 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 |
| &nbsp;&nbsp;&nbsp;Federal Farm Credit Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.58(a) | &nbsp;&nbsp; 10/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 |
| &nbsp;&nbsp;&nbsp;Federal Farm Credit Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.58(a) | &nbsp;&nbsp; 11/18/26 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 |
| &nbsp;&nbsp;&nbsp;Federal Farm Credit Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.58(a) | &nbsp;&nbsp; 12/02/26 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 |
| &nbsp;&nbsp;&nbsp;Federal Farm Credit Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.51(a) | &nbsp;&nbsp; 12/07/26 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 |
| &nbsp;&nbsp;&nbsp;Federal Farm Credit Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.58(a) | &nbsp;&nbsp; 12/09/26 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 |
| &nbsp;&nbsp;&nbsp;Federal Farm Credit Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.58(a) | &nbsp;&nbsp; 12/30/26 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 |
| &nbsp;&nbsp;&nbsp;Federal Farm Credit Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.57(a) | &nbsp;&nbsp; 01/27/27 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 |
| &nbsp;&nbsp;&nbsp;Federal Farm Credit Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.57(a) | &nbsp;&nbsp; 02/03/27 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 |
| &nbsp;&nbsp;&nbsp;Federal Farm Credit Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.56(a) | &nbsp;&nbsp; 02/10/27 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 |
| &nbsp;&nbsp;&nbsp;Federal Farm Credit Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.52(a) | &nbsp;&nbsp; 03/11/27 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 |
| &nbsp;&nbsp;&nbsp;Federal Farm Credit Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.51(a) | &nbsp;&nbsp; 03/24/27 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 |
| &nbsp;&nbsp;&nbsp;Federal Farm Credit Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.56(a) | &nbsp;&nbsp; 05/06/27 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 |
| &nbsp;&nbsp;&nbsp;Federal Farm Credit Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.55(a) | &nbsp;&nbsp; 05/13/27 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 |
| &nbsp;&nbsp;&nbsp;Federal Farm Credit Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.55(a) | &nbsp;&nbsp; 05/14/27 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 |
| &nbsp;&nbsp;&nbsp;Federal Farm Credit Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.54(a) | &nbsp;&nbsp; 05/27/27 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 |
| &nbsp;&nbsp;&nbsp;Federal Home Loan Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.58(a) | &nbsp;&nbsp; 07/24/25 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 |
| &nbsp;&nbsp;&nbsp;Federal Home Loan Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.60(a) | &nbsp;&nbsp; 08/08/25 | &nbsp;&nbsp;&nbsp;&nbsp; 770000 | &nbsp;&nbsp;&nbsp;&nbsp; 769994 |
| &nbsp;&nbsp;&nbsp;Federal Home Loan Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.58(a) | &nbsp;&nbsp; 08/22/25 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 |
| &nbsp;&nbsp;&nbsp;Federal Home Loan Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.52(a) | &nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 |
| &nbsp;&nbsp;&nbsp;Federal Home Loan Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.59(a) | &nbsp;&nbsp; 12/08/25 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 |
| &nbsp;&nbsp;&nbsp;Federal Home Loan Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.59(a) | &nbsp;&nbsp; 12/11/25 | &nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp;&nbsp; 750000 |
| &nbsp;&nbsp;&nbsp;Federal Home Loan Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.57(a) | &nbsp;&nbsp; 02/09/26 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 |
| &nbsp;&nbsp;&nbsp;Federal Home Loan Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.54(a) | &nbsp;&nbsp; 05/13/26 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 |
| &nbsp;&nbsp;&nbsp;Federal Home Loan Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.58(a) | &nbsp;&nbsp; 09/24/26 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 |
| &nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.54(a) | &nbsp;&nbsp; 02/09/26 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 |
| &nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.58(a) | &nbsp;&nbsp; 09/04/26 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 |
| &nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.58(a) | &nbsp;&nbsp; 10/29/26 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 |
| &nbsp;&nbsp;&nbsp;Federal Home Loan Mortgage Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.57(a) | &nbsp;&nbsp; 04/23/27 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 |
| &nbsp;&nbsp;&nbsp;Federal National Mortgage Assoc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.54(a) | &nbsp;&nbsp; 06/18/26 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 |
| &nbsp;&nbsp;&nbsp;Federal National Mortgage Assoc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.58(a) | &nbsp;&nbsp; 08/21/26 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 |
| &nbsp;&nbsp;&nbsp;Federal National Mortgage Assoc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.58(a) | &nbsp;&nbsp; 09/11/26 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 |
| &nbsp;&nbsp;&nbsp;Federal National Mortgage Assoc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.58(a) | &nbsp;&nbsp; 10/23/26 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 |
| &nbsp;&nbsp;&nbsp;Federal National Mortgage Assoc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.58(a) | &nbsp;&nbsp; 12/11/26 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Bill | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.67 | &nbsp;&nbsp; 07/10/25 | &nbsp;&nbsp;&nbsp;&nbsp; 5500000 | &nbsp;&nbsp;&nbsp;&nbsp; 5493976 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Bill | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.30 | &nbsp;&nbsp; 07/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4990611 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Bill | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.34 | &nbsp;&nbsp; 09/30/25 | &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3957331 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Bill | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.23 | &nbsp;&nbsp; 10/02/25 | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4949031 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Bill | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.09 | &nbsp;&nbsp; 10/09/25 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 989022 |

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| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **Portfolio of Investments&nbsp;&nbsp;&nbsp;&nbsp;** |

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#### 1

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[**Table of Contents**](#JOB_Homes_d5f6c467-c4b6-48bc-b206-21170d7a521a_TOC)

Portfolio of Investments <sub>\|</sub> Daily Income Fund <sub>\|</sub> June 30, 2025 <sub>\|</sub> (Unaudited) <sub>\|</sub> (Continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **U.S. Government & Agency Obligations \| 37.4% of portfolio (Continued)** | **U.S. Government & Agency Obligations \| 37.4% of portfolio (Continued)** | **U.S. Government & Agency Obligations \| 37.4% of portfolio (Continued)** | **U.S. Government & Agency Obligations \| 37.4% of portfolio (Continued)** | **U.S. Government & Agency Obligations \| 37.4% of portfolio (Continued)** |
|  | &nbsp;&nbsp;**Interest Rate /<br> Yield** | &nbsp;&nbsp;**Maturity Date** | &nbsp;&nbsp;**Face Amount** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Bill | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.20% | &nbsp;&nbsp; 10/16/25 | &nbsp;&nbsp; $2500000 | &nbsp;&nbsp; $2469832 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Bill | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.34 | &nbsp;&nbsp; 10/21/25 | &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3947516 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Bill | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.24 | &nbsp;&nbsp; 10/30/25 | &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2465573 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Bill | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.12 | &nbsp;&nbsp; 03/19/26 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 485700 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Bill | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.11 | &nbsp;&nbsp; 04/16/26 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 484185 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Note | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.25 | &nbsp;&nbsp; 09/30/25 | &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2475569 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Note | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.44(a) | &nbsp;&nbsp; 04/30/27 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1000256 |
| **Total U.S. Government & Agency Obligations** |  |  |  |  |
| **(Cost $84,228,596)** |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **84228596** |
| **Money Market Fund \| 9.3% of portfolio** | **Money Market Fund \| 9.3% of portfolio** | **Money Market Fund \| 9.3% of portfolio** | **Money Market Fund \| 9.3% of portfolio** | **Money Market Fund \| 9.3% of portfolio** |
|  |  |  | &nbsp;&nbsp;**Shares** |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund Premier Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.27(b) |  | &nbsp;&nbsp; 21023590 | &nbsp;&nbsp; 21023590 |
| **Total Money Market Fund** |  |  |  |  |
| **(Cost $21,023,590)** |  |  |  | &nbsp;&nbsp;&nbsp; **21023590** |
| **Repurchase Agreements \| 53.3%** | **Repurchase Agreements \| 53.3%** | **Repurchase Agreements \| 53.3%** | **Repurchase Agreements \| 53.3%** | **Repurchase Agreements \| 53.3%** |
|  |  |  | &nbsp;&nbsp;**Face Amount** |  |
| &nbsp;&nbsp;&nbsp;Banco Santander SA, dated 06/27/25, repurchase value $20,007,250 (collateralized by domestic agency mortgage-backed securities and U.S. government sponsored agency obligations at $20,135,599, 3.00%-6.00%, 05/01/2049-11/01/2053) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.35 | &nbsp;&nbsp; 07/03/25 | &nbsp;&nbsp; 20000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000000 |
| &nbsp;&nbsp;&nbsp;BNP Paribas Fortis SA, dated 06/25/25, repurchase value $20,012,083 (collateralized by domestic agency mortgage-backed securities and U.S. government sponsored agency obligations at $20,346,694, 1.00%-7.38%, 03/25/2026-06/01/2055) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.35 | &nbsp;&nbsp; 07/02/25 | &nbsp;&nbsp; 20000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000000 |
| &nbsp;&nbsp;&nbsp;Credit Agricole Corporate & Investment Bank SA, dated 06/24/25, repurchase value $20,014,500 (collateralized by domestic agency mortgage-backed securities at $20,371,530, 1.25%-3.88%, 12/25/2030-09/25/2032) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.35 | &nbsp;&nbsp; 07/01/25 | &nbsp;&nbsp; 20000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000000 |
| &nbsp;&nbsp;&nbsp;ING Financial Markets LLC, dated 06/24/25, repurchase value $20,014,467 (collateralized by U.S. Treasury obligations at $20,400,052, 0.00%, 8/5/2025) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.34 | &nbsp;&nbsp; 07/01/25 | &nbsp;&nbsp; 20000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000000 |
| &nbsp;&nbsp;&nbsp;RBC Dominion Securities Inc., dated 06/30/25, repurchase value $20,000,000 (collateralized by U.S. government sponsored agency obligations at $20,396,468, 2.50%-5.45%, 01/20/2052-02/20/2055) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.38 | &nbsp;&nbsp; 07/07/25 | &nbsp;&nbsp; 20000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000000 |
| &nbsp;&nbsp;&nbsp;Toronto-Dominion Bank, dated 06/25/25, repurchase value $20,012,083 (collateralized by U.S. Treasury obligations at $20,285,561, 4.50%-4.63%, 05/31/2029-09/30/2030) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.35 | &nbsp;&nbsp; 07/02/25 | &nbsp;&nbsp; 20000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000000 |
| **Total Repurchase Agreements (Cost $120,000,000)** |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **120000000** |
| **Total Investments in Securities** | **Total Investments in Securities** |  |  |  |
| **(Cost $225,252,186) \| 100.0%** |  |  |  | &nbsp;&nbsp; **$** **225252186** |

---

(a) Variable coupon rate as of June 30, 2025.

(b) 7-day yield at June 30, 2025.

SA -Sociedad Anonima or Societe Anonyme

LLC -Limited Liability Company

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Portfolio of Investments** | **The accompanying notes are an integral part of these financial statements.** |

---

#### 2

------

[**Table of Contents**](#JOB_Homes_d5f6c467-c4b6-48bc-b206-21170d7a521a_TOC)

### Portfolio of Investments

#### Short-Term Government Securities Fund <sub>\|</sub> June 30, 2025 <sub>\|</sub> (Unaudited)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **U.S. Government & Agency Obligations \| 57.1% of portfolio** | **U.S. Government & Agency Obligations \| 57.1% of portfolio** | **U.S. Government & Agency Obligations \| 57.1% of portfolio** | **U.S. Government & Agency Obligations \| 57.1% of portfolio** | **U.S. Government & Agency Obligations \| 57.1% of portfolio** |
|  | &nbsp;&nbsp;**Interest Rate /<br> Yield** | &nbsp;&nbsp;**Maturity Date** | &nbsp;&nbsp;**Face Amount** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;&nbsp;Export-Import Bank of the U.S. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.54% | &nbsp;&nbsp; 07/13/25 | &nbsp;&nbsp; $12081 | &nbsp;&nbsp; $12073 |
| &nbsp;&nbsp;&nbsp;Export-Import Bank of the U.S. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.63 | &nbsp;&nbsp; 04/29/26 | &nbsp;&nbsp;&nbsp;&nbsp; 41666 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41278 |
| &nbsp;&nbsp;&nbsp;Export-Import Bank of the U.S. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.33 | &nbsp;&nbsp; 01/14/27 | &nbsp;&nbsp;&nbsp;&nbsp; 78750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 76073 |
| &nbsp;&nbsp;&nbsp;Export-Import Bank of the U.S. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.37 | &nbsp;&nbsp; 03/19/27 | &nbsp;&nbsp;&nbsp;&nbsp; 212318 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 207402 |
| &nbsp;&nbsp;&nbsp;Federal Farm Credit Banks Funding Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25 | &nbsp;&nbsp; 01/14/30 | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 139813 |
| &nbsp;&nbsp;&nbsp;U.S. Department of Housing & Urban Development | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.77 | &nbsp;&nbsp; 08/01/26 | &nbsp;&nbsp;&nbsp;&nbsp; 46000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46064 |
| &nbsp;&nbsp;&nbsp;U.S. International Development Finance Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00(a) | &nbsp;&nbsp; 07/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1030824 |
| &nbsp;&nbsp;&nbsp;U.S. International Development Finance Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00(a) | &nbsp;&nbsp; 01/17/26 | &nbsp;&nbsp;&nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 785705 |
| &nbsp;&nbsp;&nbsp;U.S. International Development Finance Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.11 | &nbsp;&nbsp; 05/15/29 | &nbsp;&nbsp;&nbsp;&nbsp; 571429 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 536270 |
| &nbsp;&nbsp;&nbsp;U.S. International Development Finance Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.36 | &nbsp;&nbsp; 10/15/29 | &nbsp;&nbsp;&nbsp;&nbsp; 1094616 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1054045 |
| &nbsp;&nbsp;&nbsp;U.S. International Development Finance Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.05 | &nbsp;&nbsp; 10/15/29 | &nbsp;&nbsp;&nbsp;&nbsp; 1094616 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1026182 |
| &nbsp;&nbsp;&nbsp;U.S. International Development Finance Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.24 | &nbsp;&nbsp; 08/15/31 | &nbsp;&nbsp;&nbsp;&nbsp; 1013513 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 926183 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Note | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88 | &nbsp;&nbsp; 03/31/27 | &nbsp;&nbsp;&nbsp;&nbsp; 6295000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6304836 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Note | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75 | &nbsp;&nbsp; 04/30/27 | &nbsp;&nbsp;&nbsp;&nbsp; 865000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 864865 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Note | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88 | &nbsp;&nbsp; 06/15/28 | &nbsp;&nbsp;&nbsp;&nbsp; 12445000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12511114 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Note | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00 | &nbsp;&nbsp; 05/31/30 | &nbsp;&nbsp;&nbsp;&nbsp; 7535000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7607995 |
| **Total U.S. Government & Agency Obligations** |  |  |  |  |
| **(Cost $33,157,043)** |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **33170722** |

---

#### &nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Mortgage-Backed Securities \| 25.9% of portfolio** | **Mortgage-Backed Securities \| 25.9% of portfolio** | **Mortgage-Backed Securities \| 25.9% of portfolio** | **Mortgage-Backed Securities \| 25.9% of portfolio** | **Mortgage-Backed Securities \| 25.9% of portfolio** |
| &nbsp;&nbsp;&nbsp;FHLMC 25-HQA1 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.26(c) | &nbsp;&nbsp; 02/25/45 | &nbsp;&nbsp; 81250 | &nbsp;&nbsp; 81123 |
| &nbsp;&nbsp;&nbsp;GNMA 14-125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.90(c) | &nbsp;&nbsp; 11/16/54 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp; 672882 |
| &nbsp;&nbsp;&nbsp;GNMA 2025-25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50 | &nbsp;&nbsp; 02/20/54 | &nbsp;&nbsp; 611504 | &nbsp;&nbsp; 598177 |
| &nbsp;&nbsp;&nbsp;GNMA 2025-89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00 | &nbsp;&nbsp; 11/20/53 | &nbsp;&nbsp; 603721 | &nbsp;&nbsp; 604814 |
| &nbsp;&nbsp;&nbsp;GNMA 21-8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.00 | &nbsp;&nbsp; 01/20/50 | &nbsp;&nbsp; 428325 | &nbsp;&nbsp; 334153 |
| &nbsp;&nbsp;&nbsp;GNMA 22-177 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00 | &nbsp;&nbsp; 05/20/48 | &nbsp;&nbsp; 1006042 | &nbsp;&nbsp; 1025374 |
| &nbsp;&nbsp;&nbsp;GNMA 23-128 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75 | &nbsp;&nbsp; 08/20/47 | &nbsp;&nbsp; 404621 | &nbsp;&nbsp; 407875 |
| &nbsp;&nbsp;&nbsp;GNMA 23-22EA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00 | &nbsp;&nbsp; 09/20/49 | &nbsp;&nbsp; 460020 | &nbsp;&nbsp; 461782 |
| &nbsp;&nbsp;&nbsp;GNMA 23-22EC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00 | &nbsp;&nbsp; 01/20/51 | &nbsp;&nbsp; 389861 | &nbsp;&nbsp; 394683 |
| &nbsp;&nbsp;&nbsp;GNMA 23-4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00 | &nbsp;&nbsp; 07/20/49 | &nbsp;&nbsp; 296337 | &nbsp;&nbsp; 298544 |
| &nbsp;&nbsp;&nbsp;GNMA 23-59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00 | &nbsp;&nbsp; 11/20/41 | &nbsp;&nbsp; 322697 | &nbsp;&nbsp; 323682 |
| &nbsp;&nbsp;&nbsp;GNMA 23-84KA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50 | &nbsp;&nbsp; 06/20/42 | &nbsp;&nbsp; 184358 | &nbsp;&nbsp; 186211 |
| &nbsp;&nbsp;&nbsp;GNMA 24-1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50 | &nbsp;&nbsp; 08/20/48 | &nbsp;&nbsp; 469434 | &nbsp;&nbsp; 472556 |
| &nbsp;&nbsp;&nbsp;GNMA 24-103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50 | &nbsp;&nbsp; 06/20/54 | &nbsp;&nbsp; 707410 | &nbsp;&nbsp; 697290 |
| &nbsp;&nbsp;&nbsp;GNMA 24-11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00 | &nbsp;&nbsp; 09/20/50 | &nbsp;&nbsp; 303532 | &nbsp;&nbsp; 303009 |
| &nbsp;&nbsp;&nbsp;GNMA 24-110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50 | &nbsp;&nbsp; 07/20/50 | &nbsp;&nbsp; 718445 | &nbsp;&nbsp; 714647 |
| &nbsp;&nbsp;&nbsp;GNMA 24-111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00 | &nbsp;&nbsp; 08/20/51 | &nbsp;&nbsp; 444503 | &nbsp;&nbsp; 446993 |
| &nbsp;&nbsp;&nbsp;GNMA 24-43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50 | &nbsp;&nbsp; 08/20/48 | &nbsp;&nbsp; 676148 | &nbsp;&nbsp; 681962 |
| &nbsp;&nbsp;&nbsp;GNMA 24-51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00 | &nbsp;&nbsp; 04/20/62 | &nbsp;&nbsp; 103829 | &nbsp;&nbsp; 104080 |
| &nbsp;&nbsp;&nbsp;GNMA 24-59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50 | &nbsp;&nbsp; 01/20/51 | &nbsp;&nbsp; 522219 | &nbsp;&nbsp; 528482 |
| &nbsp;&nbsp;&nbsp;GNMA 24-79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00 | &nbsp;&nbsp; 01/20/49 | &nbsp;&nbsp; 848427 | &nbsp;&nbsp; 834881 |
| &nbsp;&nbsp;&nbsp;GNMA 25-28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00 | &nbsp;&nbsp; 08/20/53 | &nbsp;&nbsp; 966714 | &nbsp;&nbsp; 971979 |
| &nbsp;&nbsp;&nbsp;GNMA 25-29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00 | &nbsp;&nbsp; 03/20/54 | &nbsp;&nbsp; 495557 | &nbsp;&nbsp; 501928 |
| &nbsp;&nbsp;&nbsp;GNMA 786428 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00 | &nbsp;&nbsp; 06/20/52 | &nbsp;&nbsp; 895502 | &nbsp;&nbsp; 831327 |
| &nbsp;&nbsp;&nbsp;GNMA 786576 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50 | &nbsp;&nbsp; 09/20/52 | &nbsp;&nbsp; 181492 | &nbsp;&nbsp; 174700 |
| &nbsp;&nbsp;&nbsp;GNMA 787194 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50 | &nbsp;&nbsp; 12/20/53 | &nbsp;&nbsp; 74567 | &nbsp;&nbsp; 77231 |
| &nbsp;&nbsp;&nbsp;GNMA 787238 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50 | &nbsp;&nbsp; 02/20/54 | &nbsp;&nbsp; 142865 | &nbsp;&nbsp; 147970 |
| &nbsp;&nbsp;&nbsp;GNMA 787291 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50 | &nbsp;&nbsp; 03/20/54 | &nbsp;&nbsp; 444114 | &nbsp;&nbsp; 459983 |
| &nbsp;&nbsp;&nbsp;GNMA 787343 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50 | &nbsp;&nbsp; 04/20/54 | &nbsp;&nbsp; 241017 | &nbsp;&nbsp; 249629 |
| &nbsp;&nbsp;&nbsp;GNMA CK0445 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00 | &nbsp;&nbsp; 02/15/52 | &nbsp;&nbsp; 292127 | &nbsp;&nbsp; 273480 |
| &nbsp;&nbsp;&nbsp;GNMA CV1215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00 | &nbsp;&nbsp; 07/20/53 | &nbsp;&nbsp; 37969 | &nbsp;&nbsp; 39162 |
| &nbsp;&nbsp;&nbsp;GNMA CW8493 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00 | &nbsp;&nbsp; 11/20/53 | &nbsp;&nbsp; 18629 | &nbsp;&nbsp; 19385 |
| &nbsp;&nbsp;&nbsp;GNMA CW8495 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50 | &nbsp;&nbsp; 11/20/53 | &nbsp;&nbsp; 62998 | &nbsp;&nbsp; 65252 |
| &nbsp;&nbsp;&nbsp;GNMA CZ5438 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00 | &nbsp;&nbsp; 01/20/54 | &nbsp;&nbsp; 62047 | &nbsp;&nbsp; 64033 |
| &nbsp;&nbsp;&nbsp;GNMA II POOL 786948 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00 | &nbsp;&nbsp; 09/20/53 | &nbsp;&nbsp; 87855 | &nbsp;&nbsp; 90668 |
| &nbsp;&nbsp;&nbsp;GNMA MA8017 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50 | &nbsp;&nbsp; 05/20/37 | &nbsp;&nbsp; 478687 | &nbsp;&nbsp; 442360 |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **Portfolio of Investments&nbsp;&nbsp;&nbsp;&nbsp;** |

---

#### 3

------

[**Table of Contents**](#JOB_Homes_d5f6c467-c4b6-48bc-b206-21170d7a521a_TOC)

#### Portfolio of Investments <sub>\|</sub> Short-Term Government Securities Fund <sub>\|</sub> June 30, 2025 <sub>\|</sub>
(Unaudited) <sub>\|</sub> (Continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Mortgage-Backed Securities \| 25.9% of portfolio (Continued)** | **Mortgage-Backed Securities \| 25.9% of portfolio (Continued)** | **Mortgage-Backed Securities \| 25.9% of portfolio (Continued)** | **Mortgage-Backed Securities \| 25.9% of portfolio (Continued)** | **Mortgage-Backed Securities \| 25.9% of portfolio (Continued)** |
|  | &nbsp;&nbsp;**Interest Rate /Yield** | &nbsp;&nbsp;**Maturity Date** | &nbsp;&nbsp;**Face Amount** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;&nbsp;GNMA MA8880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00% | &nbsp;&nbsp; 05/20/53 | &nbsp;&nbsp; $65396 | &nbsp;&nbsp; $66786 |
| &nbsp;&nbsp;&nbsp;GNMA MA8917 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00 | &nbsp;&nbsp; 06/20/38 | &nbsp;&nbsp;&nbsp;&nbsp; 364698 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 366905 |
| **Total Mortgage-Backed Securities** |  |  |  |  |
| **(Cost $14,985,568)** |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **15015978** |
| **Asset-Backed Securities \| 5.6% of portfolio** | **Asset-Backed Securities \| 5.6% of portfolio** | **Asset-Backed Securities \| 5.6% of portfolio** | **Asset-Backed Securities \| 5.6% of portfolio** | **Asset-Backed Securities \| 5.6% of portfolio** |
| &nbsp;&nbsp;&nbsp;Affirm Master Trust 25-1AA (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.99 | &nbsp;&nbsp; 02/15/33 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 201536 |
| &nbsp;&nbsp;&nbsp;Avant Loans Funding Trust 25-REV1 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.12 | &nbsp;&nbsp; 05/15/34 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp; 150449 |
| &nbsp;&nbsp;&nbsp;Chase Auto Owner Trust 24-2A (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.52 | &nbsp;&nbsp; 06/25/29 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp; 152314 |
| &nbsp;&nbsp;&nbsp;CPS Auto Trust 25-A (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.02 | &nbsp;&nbsp; 07/16/29 | &nbsp;&nbsp; 120000 | &nbsp;&nbsp; 120669 |
| &nbsp;&nbsp;&nbsp;Frontier Issuer 23-1A (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.60 | &nbsp;&nbsp; 08/20/53 | &nbsp;&nbsp; 450000 | &nbsp;&nbsp; 457111 |
| &nbsp;&nbsp;&nbsp;GLS Auto Select Receivables Trust 24-1A (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.24 | &nbsp;&nbsp; 03/15/30 | &nbsp;&nbsp; 136126 | &nbsp;&nbsp; 136903 |
| &nbsp;&nbsp;&nbsp;GLS Auto Select Receivables Trust 25-1A (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.71 | &nbsp;&nbsp; 04/15/30 | &nbsp;&nbsp; 148755 | &nbsp;&nbsp; 149086 |
| &nbsp;&nbsp;&nbsp;Gracie Point International Funding 23-2A (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.60(c) | &nbsp;&nbsp; 03/01/27 | &nbsp;&nbsp; 16165 | &nbsp;&nbsp; 16191 |
| &nbsp;&nbsp;&nbsp;GreatAmerica Leasing Receivables Funding 24-2 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.02 | &nbsp;&nbsp; 05/15/31 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 203447 |
| &nbsp;&nbsp;&nbsp;Progress Residential Trust 25-SFR1 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.65(c) | &nbsp;&nbsp; 02/17/42 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 94471 |
| &nbsp;&nbsp;&nbsp;Santander Drive Auto Receivables Trust 28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25 | &nbsp;&nbsp; 04/17/28 | &nbsp;&nbsp; 83276 | &nbsp;&nbsp; 83412 |
| &nbsp;&nbsp;&nbsp;SoFi Consumer Loan Program Trust 25-1B (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.12 | &nbsp;&nbsp; 02/27/34 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 201965 |
| &nbsp;&nbsp;&nbsp;Subway Funding LLC 24-1A (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.03 | &nbsp;&nbsp; 07/30/54 | &nbsp;&nbsp; 149250 | &nbsp;&nbsp; 151772 |
| &nbsp;&nbsp;&nbsp;T-Mobile US Trust 22-1A (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.91 | &nbsp;&nbsp; 05/22/28 | &nbsp;&nbsp; 38533 | &nbsp;&nbsp; 38559 |
| &nbsp;&nbsp;&nbsp;Toyota Lease Owner Trust 25-A (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75 | &nbsp;&nbsp; 02/22/28 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 252117 |
| &nbsp;&nbsp;&nbsp;Tricon Residential 24-SFR4 (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.30 | &nbsp;&nbsp; 11/17/41 | &nbsp;&nbsp; 99731 | &nbsp;&nbsp; 98300 |
| &nbsp;&nbsp;&nbsp;Verizon Master Trust 25-1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.94 | &nbsp;&nbsp; 01/21/31 | &nbsp;&nbsp; 122000 | &nbsp;&nbsp; 123082 |
| &nbsp;&nbsp;&nbsp;Volkswagen Auto Loan Enhanced Trust 24-1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63 | &nbsp;&nbsp; 07/20/29 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp; 151548 |
| &nbsp;&nbsp;&nbsp;Westgate Resorts 22-1A (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.29 | &nbsp;&nbsp; 08/20/36 | &nbsp;&nbsp; 53571 | &nbsp;&nbsp; 53275 |
| &nbsp;&nbsp;&nbsp;Westlake Automobile Receivables Trust 24-1A (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.55 | &nbsp;&nbsp; 11/15/27 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 251253 |
| &nbsp;&nbsp;&nbsp;Westlake Automobile Receivables Trust 25-1A (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.98 | &nbsp;&nbsp; 09/16/30 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp; 151128 |
| **Total Asset-Backed Securities** |  |  |  |  |
| **(Cost $3,189,562)** |  |  |  | &nbsp;&nbsp;&nbsp; **3238588** |

---

#### &nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Corporate Bonds Guaranteed by Export-Import Bank of the United States \| 4.5% of portfolio** | **Corporate Bonds Guaranteed by Export-Import Bank of the United States \| 4.5% of portfolio** | **Corporate Bonds Guaranteed by Export-Import Bank of the United States \| 4.5% of portfolio** | **Corporate Bonds Guaranteed by Export-Import Bank of the United States \| 4.5% of portfolio** | **Corporate Bonds Guaranteed by Export-Import Bank of the United States \| 4.5% of portfolio** |
| **Consumer Discretionary \| Less than 0.1%** | **Consumer Discretionary \| Less than 0.1%** | **Consumer Discretionary \| Less than 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Ethiopian Leasing (2012) LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.68 | &nbsp;&nbsp; 07/30/25 | &nbsp;&nbsp; 4908 | &nbsp;&nbsp; 4901 |
| **Total Consumer Discretionary** |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **4901** |
| **Energy \| 2.6%** | **Energy \| 2.6%** | **Energy \| 2.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Petroleos Mexicanos | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.46 | &nbsp;&nbsp; 12/15/25 | &nbsp;&nbsp; 86750 | &nbsp;&nbsp; 84555 |
| &nbsp;&nbsp;&nbsp;Reliance Industries Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.06 | &nbsp;&nbsp; 01/15/26 | &nbsp;&nbsp; 540800 | &nbsp;&nbsp; 536132 |
| &nbsp;&nbsp;&nbsp;Reliance Industries Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.87 | &nbsp;&nbsp; 01/15/26 | &nbsp;&nbsp; 696842 | &nbsp;&nbsp; 690566 |
| &nbsp;&nbsp;&nbsp;Reliance Industries Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.44 | &nbsp;&nbsp; 01/15/26 | &nbsp;&nbsp; 218947 | &nbsp;&nbsp; 217664 |
| **Total Energy** |  |  |  | &nbsp;&nbsp;&nbsp; **1528917** |
| **Financials \| 1.9%** | **Financials \| 1.9%** | **Financials \| 1.9%** |  |  |
| &nbsp;&nbsp;&nbsp;CES MU2 LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.99 | &nbsp;&nbsp; 05/13/27 | &nbsp;&nbsp; 676105 | &nbsp;&nbsp; 656625 |
| &nbsp;&nbsp;&nbsp;Export Lease Eleven Co. LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.82(c) | &nbsp;&nbsp; 07/30/25 | &nbsp;&nbsp; 4859 | &nbsp;&nbsp; 4859 |
| &nbsp;&nbsp;&nbsp;HNA 2015 LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.29 | &nbsp;&nbsp; 06/30/27 | &nbsp;&nbsp; 99469 | &nbsp;&nbsp; 96177 |
| &nbsp;&nbsp;&nbsp;HNA 2015 LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.37 | &nbsp;&nbsp; 09/18/27 | &nbsp;&nbsp; 62630 | &nbsp;&nbsp; 60700 |
| &nbsp;&nbsp;&nbsp;Rimon LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.45 | &nbsp;&nbsp; 11/01/25 | &nbsp;&nbsp; 22500 | &nbsp;&nbsp; 22403 |
| &nbsp;&nbsp;&nbsp;Salmon River Export LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.19 | &nbsp;&nbsp; 09/15/26 | &nbsp;&nbsp; 150928 | &nbsp;&nbsp; 148072 |
| &nbsp;&nbsp;&nbsp;Sandalwood 2013 LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.84 | &nbsp;&nbsp; 07/10/25 | &nbsp;&nbsp; 19310 | &nbsp;&nbsp; 19301 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Portfolio of Investments** | **The accompanying notes are an integral part of these financial statements.** |

---

#### 4

------

[**Table of Contents**](#JOB_Homes_d5f6c467-c4b6-48bc-b206-21170d7a521a_TOC)

#### Portfolio of Investments <sub>\|</sub> Short-Term Government Securities Fund <sub>\|</sub> June 30, 2025 <sub>\|</sub>
(Unaudited) <sub>\|</sub> (Continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Corporate Bonds Guaranteed by Export-Import Bank of the United States \| 4.5% of portfolio (Continued)** | **Corporate Bonds Guaranteed by Export-Import Bank of the United States \| 4.5% of portfolio (Continued)** | **Corporate Bonds Guaranteed by Export-Import Bank of the United States \| 4.5% of portfolio (Continued)** | **Corporate Bonds Guaranteed by Export-Import Bank of the United States \| 4.5% of portfolio (Continued)** | **Corporate Bonds Guaranteed by Export-Import Bank of the United States \| 4.5% of portfolio (Continued)** |
|  | &nbsp;&nbsp;**Interest Rate /Yield** | &nbsp;&nbsp;**Maturity Date** | &nbsp;&nbsp;**Face Amount** | &nbsp;&nbsp;**Value** |
| **Financials \| 1.9% (Continued)** | **Financials \| 1.9% (Continued)** | **Financials \| 1.9% (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Sandalwood 2013 LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.82% | &nbsp;&nbsp; 02/12/26 | &nbsp;&nbsp; $65414 | &nbsp;&nbsp; $65098 |
| **Total Financials** |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **1073235** |
| **Total Corporate Bonds Guaranteed by Export-Import Bank of the United States** |  |  |  |  |
| **(Cost $2,653,815)** |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **2607053** |
| **Corporate Bonds–Other \| 4.4% of portfolio** | **Corporate Bonds–Other \| 4.4% of portfolio** | **Corporate Bonds–Other \| 4.4% of portfolio** | **Corporate Bonds–Other \| 4.4% of portfolio** | **Corporate Bonds–Other \| 4.4% of portfolio** |
| **Consumer Discretionary \| 0.2%** | **Consumer Discretionary \| 0.2%** | **Consumer Discretionary \| 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;United Airlines 2019-2AA PT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.70 | &nbsp;&nbsp; 05/01/32 | &nbsp;&nbsp; 151378 | &nbsp;&nbsp; 135260 |
| **Total Consumer Discretionary** |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **135260** |
| **Financials \| 2.9%** | **Financials \| 2.9%** | **Financials \| 2.9%** |  |  |
| &nbsp;&nbsp;&nbsp;American Express Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.10(c) | &nbsp;&nbsp; 02/16/28 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 202265 |
| &nbsp;&nbsp;&nbsp;Athene Global Funding (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.52 | &nbsp;&nbsp; 03/25/27 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 203324 |
| &nbsp;&nbsp;&nbsp;Blue Owl Credit Income Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.13 | &nbsp;&nbsp; 09/23/26 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 243136 |
| &nbsp;&nbsp;&nbsp;Blue Owl Technology Finance Corp. (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.10 | &nbsp;&nbsp; 03/15/28 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp; 150813 |
| &nbsp;&nbsp;&nbsp;Discover Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.65 | &nbsp;&nbsp; 09/13/28 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 251321 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.22(c) | &nbsp;&nbsp; 04/23/31 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 205034 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.16(c) | &nbsp;&nbsp; 04/20/29 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 254900 |
| &nbsp;&nbsp;&nbsp;Wells Fargo & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.57(c) | &nbsp;&nbsp; 07/25/29 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 206511 |
| **Total Financials** |  |  |  | &nbsp;&nbsp;&nbsp; **1717304** |
| **Utilities \| 1.3%** | **Utilities \| 1.3%** | **Utilities \| 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;American Water Capital Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.80 | &nbsp;&nbsp; 05/01/30 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 185816 |
| &nbsp;&nbsp;&nbsp;Metropolitan Edison Co. (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.20 | &nbsp;&nbsp; 04/01/28 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp; 153010 |
| &nbsp;&nbsp;&nbsp;PacifiCorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.10 | &nbsp;&nbsp; 02/15/29 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 203898 |
| &nbsp;&nbsp;&nbsp;Southern California Edison Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.65 | &nbsp;&nbsp; 03/01/28 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 194447 |
| **Total Utilities** |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **737171** |
| **Total Corporate Bonds–Other** |  |  |  |  |
| **(Cost $2,550,371)** |  |  |  | &nbsp;&nbsp;&nbsp; **2589735** |
| **Money Market Fund \| 2.5% of portfolio** | **Money Market Fund \| 2.5% of portfolio** | **Money Market Fund \| 2.5% of portfolio** | **Money Market Fund \| 2.5% of portfolio** | **Money Market Fund \| 2.5% of portfolio** |
|  |  |  | &nbsp;&nbsp;**Shares** |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund Premier Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.27(d) |  | &nbsp;&nbsp; 1431276 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1431276 |
| **Total Money Market Fund** |  |  |  |  |
| **(Cost $1,431,276)** |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **1431276** |
| **Total Investments in Securities** | **Total Investments in Securities** |  |  |  |
| **(Cost $57,967,635) \| 100.0%** |  |  |  | &nbsp;&nbsp; **$58053352** |

---

(a) Zero coupon rate, purchased at a discount.

(b) Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may be resold in transactions exempt from registration, normally to qualified institutional buyers. The securities have been
determined to be liquid under criteria established by the Fund's Board of Directors. The total of such securities at period-end amounts to $3,468,816 and represents 6.0% of total investments.

(c) Variable coupon rate as of June 30, 2025.

(d) 7-day yield at June 30, 2025.

FHLMC -Federal Home Loan Mortgage Corporation

LLC -Limited Liability Company

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **Portfolio of Investments&nbsp;&nbsp;&nbsp;&nbsp;** |

---

#### 5

------

[**Table of Contents**](#JOB_Homes_d5f6c467-c4b6-48bc-b206-21170d7a521a_TOC)

### Portfolio of Investments

#### Short-Term Bond Fund <sub>\|</sub> June 30, 2025 <sub>\|</sub> (Unaudited)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Corporate Bonds–Other \| 35.3% of portfolio** | **Corporate Bonds–Other \| 35.3% of portfolio** | **Corporate Bonds–Other \| 35.3% of portfolio** | **Corporate Bonds–Other \| 35.3% of portfolio** | **Corporate Bonds–Other \| 35.3% of portfolio** |
|  | &nbsp;&nbsp;**Interest Rate /<br> Yield** | &nbsp;&nbsp;**Maturity Date** | &nbsp;&nbsp;**Face Amount** | &nbsp;&nbsp;**Value** |
| **Communication Services \| 0.1%** | **Communication Services \| 0.1%** | **Communication Services \| 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Comcast Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.55% | &nbsp;&nbsp; 01/15/29 | &nbsp;&nbsp; $500000 | &nbsp;&nbsp; $505552 |
| **Total Communication Services** |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **505552** |
| **Consumer Discretionary \| 5.3%** | **Consumer Discretionary \| 5.3%** | **Consumer Discretionary \| 5.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Daimler Trucks Financial N.A. LLC (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00 | &nbsp;&nbsp; 01/15/27 | &nbsp;&nbsp;&nbsp;&nbsp; 915000 | &nbsp;&nbsp;&nbsp;&nbsp; 923801 |
| &nbsp;&nbsp;&nbsp;Daimler Trucks Financial N.A. LLC (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13 | &nbsp;&nbsp; 09/25/27 | &nbsp;&nbsp;&nbsp;&nbsp; 1110000 | &nbsp;&nbsp;&nbsp;&nbsp; 1125858 |
| &nbsp;&nbsp;&nbsp;Daimler Trucks Financial N.A. LLC (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95 | &nbsp;&nbsp; 01/13/28 | &nbsp;&nbsp;&nbsp;&nbsp; 3100000 | &nbsp;&nbsp;&nbsp;&nbsp; 3137878 |
| &nbsp;&nbsp;&nbsp;Daimler Trucks Financial N.A. LLC (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13 | &nbsp;&nbsp; 09/25/29 | &nbsp;&nbsp;&nbsp;&nbsp; 890000 | &nbsp;&nbsp;&nbsp;&nbsp; 906947 |
| &nbsp;&nbsp;&nbsp;Ford Motor Credit Co. LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.27 | &nbsp;&nbsp; 01/09/27 | &nbsp;&nbsp;&nbsp;&nbsp; 915000 | &nbsp;&nbsp;&nbsp;&nbsp; 901849 |
| &nbsp;&nbsp;&nbsp;Ford Motor Credit Co. LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.90 | &nbsp;&nbsp; 02/10/29 | &nbsp;&nbsp;&nbsp;&nbsp; 883000 | &nbsp;&nbsp;&nbsp;&nbsp; 802888 |
| &nbsp;&nbsp;&nbsp;Hyundai Capital America (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.30 | &nbsp;&nbsp; 03/19/27 | &nbsp;&nbsp;&nbsp;&nbsp; 745000 | &nbsp;&nbsp;&nbsp;&nbsp; 753159 |
| &nbsp;&nbsp;&nbsp;Hyundai Capital America (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.30 | &nbsp;&nbsp; 09/24/27 | &nbsp;&nbsp;&nbsp;&nbsp; 1160000 | &nbsp;&nbsp;&nbsp;&nbsp; 1150594 |
| &nbsp;&nbsp;&nbsp;Hyundai Capital America (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00 | &nbsp;&nbsp; 01/07/28 | &nbsp;&nbsp;&nbsp;&nbsp; 2210000 | &nbsp;&nbsp;&nbsp;&nbsp; 2226854 |
| &nbsp;&nbsp;&nbsp;Hyundai Capital America (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.60 | &nbsp;&nbsp; 03/30/28 | &nbsp;&nbsp;&nbsp;&nbsp; 1035000 | &nbsp;&nbsp;&nbsp;&nbsp; 1059746 |
| &nbsp;&nbsp;&nbsp;Hyundai Capital America (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.35 | &nbsp;&nbsp; 03/19/29 | &nbsp;&nbsp;&nbsp;&nbsp; 465000 | &nbsp;&nbsp;&nbsp;&nbsp; 473432 |
| &nbsp;&nbsp;&nbsp;Hyundai Capital America (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.80 | &nbsp;&nbsp; 04/01/30 | &nbsp;&nbsp;&nbsp;&nbsp; 1360000 | &nbsp;&nbsp;&nbsp;&nbsp; 1411169 |
| &nbsp;&nbsp;&nbsp;Nissan Motor Acceptance Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.45 | &nbsp;&nbsp; 09/15/28 | &nbsp;&nbsp;&nbsp;&nbsp; 1365000 | &nbsp;&nbsp;&nbsp;&nbsp; 1209112 |
| &nbsp;&nbsp;&nbsp;Toyota Motor Credit Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.55 | &nbsp;&nbsp; 08/09/29 | &nbsp;&nbsp;&nbsp;&nbsp; 440000 | &nbsp;&nbsp;&nbsp;&nbsp; 443527 |
| &nbsp;&nbsp;&nbsp;United Airlines 2019-2AA PT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.70 | &nbsp;&nbsp; 05/01/32 | &nbsp;&nbsp;&nbsp;&nbsp; 2974576 | &nbsp;&nbsp;&nbsp;&nbsp; 2657867 |
| &nbsp;&nbsp;&nbsp;Volkswagen Group of America Finance LLC (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.90 | &nbsp;&nbsp; 08/14/26 | &nbsp;&nbsp;&nbsp;&nbsp; 440000 | &nbsp;&nbsp;&nbsp;&nbsp; 440762 |
| &nbsp;&nbsp;&nbsp;Volkswagen Group of America Finance LLC (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.30 | &nbsp;&nbsp; 03/22/27 | &nbsp;&nbsp;&nbsp;&nbsp; 930000 | &nbsp;&nbsp;&nbsp;&nbsp; 938367 |
| &nbsp;&nbsp;&nbsp;Volkswagen Group of America Finance LLC (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.85 | &nbsp;&nbsp; 08/15/27 | &nbsp;&nbsp;&nbsp;&nbsp; 440000 | &nbsp;&nbsp;&nbsp;&nbsp; 440257 |
| &nbsp;&nbsp;&nbsp;Volkswagen Group of America Finance LLC (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25 | &nbsp;&nbsp; 03/22/29 | &nbsp;&nbsp;&nbsp;&nbsp; 1395000 | &nbsp;&nbsp;&nbsp;&nbsp; 1411414 |
| **Total Consumer Discretionary** |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **22415481** |
| **Consumer Staples \| 1.2%** | **Consumer Staples \| 1.2%** | **Consumer Staples \| 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;7-Eleven, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.95 | &nbsp;&nbsp; 02/10/26 | &nbsp;&nbsp;&nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp;&nbsp; 782329 |
| &nbsp;&nbsp;&nbsp;Bimbo Bakeries USA Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.05 | &nbsp;&nbsp; 01/15/29 | &nbsp;&nbsp;&nbsp;&nbsp; 695000 | &nbsp;&nbsp;&nbsp;&nbsp; 726490 |
| &nbsp;&nbsp;&nbsp;Philip Morris International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13 | &nbsp;&nbsp; 11/17/27 | &nbsp;&nbsp;&nbsp;&nbsp; 805000 | &nbsp;&nbsp;&nbsp;&nbsp; 821103 |
| &nbsp;&nbsp;&nbsp;Philip Morris International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88 | &nbsp;&nbsp; 02/15/28 | &nbsp;&nbsp;&nbsp;&nbsp; 1060000 | &nbsp;&nbsp;&nbsp;&nbsp; 1077852 |
| &nbsp;&nbsp;&nbsp;Philip Morris International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.75 | &nbsp;&nbsp; 11/01/30 | &nbsp;&nbsp;&nbsp;&nbsp; 1820000 | &nbsp;&nbsp;&nbsp;&nbsp; 1586061 |
| **Total Consumer Staples** |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **4993835** |
| **Energy \| 2.4%** | **Energy \| 2.4%** | **Energy \| 2.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Kinder Morgan, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.15 | &nbsp;&nbsp; 06/01/30 | &nbsp;&nbsp;&nbsp;&nbsp; 885000 | &nbsp;&nbsp;&nbsp;&nbsp; 903603 |
| &nbsp;&nbsp;&nbsp;Energy Transfer LP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.20 | &nbsp;&nbsp; 04/01/30 | &nbsp;&nbsp;&nbsp;&nbsp; 1330000 | &nbsp;&nbsp;&nbsp;&nbsp; 1359654 |
| &nbsp;&nbsp;&nbsp;Enterprise Products Operating LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.30 | &nbsp;&nbsp; 06/20/28 | &nbsp;&nbsp;&nbsp;&nbsp; 3090000 | &nbsp;&nbsp;&nbsp;&nbsp; 3103976 |
| &nbsp;&nbsp;&nbsp;Glencore Funding LLC (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.91 | &nbsp;&nbsp; 04/01/28 | &nbsp;&nbsp;&nbsp;&nbsp; 1325000 | &nbsp;&nbsp;&nbsp;&nbsp; 1338491 |
| &nbsp;&nbsp;&nbsp;Phillips 66 Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95 | &nbsp;&nbsp; 12/01/27 | &nbsp;&nbsp;&nbsp;&nbsp; 1780000 | &nbsp;&nbsp;&nbsp;&nbsp; 1807740 |
| &nbsp;&nbsp;&nbsp;Targa Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.90 | &nbsp;&nbsp; 09/15/30 | &nbsp;&nbsp;&nbsp;&nbsp; 440000 | &nbsp;&nbsp;&nbsp;&nbsp; 443714 |
| &nbsp;&nbsp;&nbsp;Valero Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.15 | &nbsp;&nbsp; 02/15/30 | &nbsp;&nbsp;&nbsp;&nbsp; 1095000 | &nbsp;&nbsp;&nbsp;&nbsp; 1116659 |
| **Total Energy** |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **10073837** |
| **Financials \| 16.6%** | **Financials \| 16.6%** | **Financials \| 16.6%** |  |  |
| &nbsp;&nbsp;&nbsp;American Express Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.10(b) | &nbsp;&nbsp; 02/16/28 | &nbsp;&nbsp;&nbsp;&nbsp; 1750000 | &nbsp;&nbsp;&nbsp;&nbsp; 1769819 |
| &nbsp;&nbsp;&nbsp;Antares Holdings LP (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.95 | &nbsp;&nbsp; 07/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; 335000 | &nbsp;&nbsp;&nbsp;&nbsp; 329531 |
| &nbsp;&nbsp;&nbsp;Antares Holdings LP (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75 | &nbsp;&nbsp; 01/15/27 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 959601 |
| &nbsp;&nbsp;&nbsp;Athene Global Funding (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95 | &nbsp;&nbsp; 01/07/27 | &nbsp;&nbsp;&nbsp;&nbsp; 1325000 | &nbsp;&nbsp;&nbsp;&nbsp; 1333836 |
| &nbsp;&nbsp;&nbsp;Athene Global Funding (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.52 | &nbsp;&nbsp; 03/25/27 | &nbsp;&nbsp;&nbsp;&nbsp; 1960000 | &nbsp;&nbsp;&nbsp;&nbsp; 1992572 |
| &nbsp;&nbsp;&nbsp;Athene Global Funding (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.58 | &nbsp;&nbsp; 01/09/29 | &nbsp;&nbsp;&nbsp;&nbsp; 805000 | &nbsp;&nbsp;&nbsp;&nbsp; 827465 |
| &nbsp;&nbsp;&nbsp;Athene Global Funding (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38 | &nbsp;&nbsp; 01/07/30 | &nbsp;&nbsp;&nbsp;&nbsp; 820000 | &nbsp;&nbsp;&nbsp;&nbsp; 838462 |
| &nbsp;&nbsp;&nbsp;Bank of America Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.98(b) | &nbsp;&nbsp; 01/24/29 | &nbsp;&nbsp;&nbsp;&nbsp; 1455000 | &nbsp;&nbsp;&nbsp;&nbsp; 1475754 |
| &nbsp;&nbsp;&nbsp;Blue Owl Credit Income Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.13 | &nbsp;&nbsp; 09/23/26 | &nbsp;&nbsp;&nbsp;&nbsp; 2135000 | &nbsp;&nbsp;&nbsp;&nbsp; 2076380 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Portfolio of Investments** | **The accompanying notes are an integral part of these financial statements.** |

---

#### 6

------

[**Table of Contents**](#JOB_Homes_d5f6c467-c4b6-48bc-b206-21170d7a521a_TOC)

Portfolio of Investments <sub>\|</sub> Short-Term Bond Fund <sub>\|</sub> June 30, 2025 <sub>\|</sub> (Unaudited) <sub>\|</sub> (Continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Corporate Bonds–Other \| 35.3% of portfolio (Continued)** | **Corporate Bonds–Other \| 35.3% of portfolio (Continued)** | **Corporate Bonds–Other \| 35.3% of portfolio (Continued)** | **Corporate Bonds–Other \| 35.3% of portfolio (Continued)** | **Corporate Bonds–Other \| 35.3% of portfolio (Continued)** |
|  | &nbsp;&nbsp;**Interest Rate /<br> Yield** | &nbsp;&nbsp;**Maturity Date** | &nbsp;&nbsp;**Face Amount** | &nbsp;&nbsp;**Value** |
| **Financials \| 16.6% (Continued)** | **Financials \| 16.6% (Continued)** | **Financials \| 16.6% (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Blue Owl Technology Finance Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.10% | &nbsp;&nbsp; 03/15/28 | &nbsp;&nbsp; $1260000 | &nbsp;&nbsp; $1266826 |
| &nbsp;&nbsp;&nbsp;Capital One, N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.97(b) | &nbsp;&nbsp; 08/09/28 | &nbsp;&nbsp;&nbsp;&nbsp; 1080000 | &nbsp;&nbsp;&nbsp;&nbsp; 1106525 |
| &nbsp;&nbsp;&nbsp;Citigroup Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.17(b) | &nbsp;&nbsp; 02/13/30 | &nbsp;&nbsp;&nbsp;&nbsp; 4505000 | &nbsp;&nbsp;&nbsp;&nbsp; 4596152 |
| &nbsp;&nbsp;&nbsp;CNO Global Funding (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95 | &nbsp;&nbsp; 09/09/29 | &nbsp;&nbsp;&nbsp;&nbsp; 440000 | &nbsp;&nbsp;&nbsp;&nbsp; 444515 |
| &nbsp;&nbsp;&nbsp;Corebridge Global Funding (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.90 | &nbsp;&nbsp; 01/07/28 | &nbsp;&nbsp;&nbsp;&nbsp; 440000 | &nbsp;&nbsp;&nbsp;&nbsp; 446612 |
| &nbsp;&nbsp;&nbsp;Discover Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.65 | &nbsp;&nbsp; 09/13/28 | &nbsp;&nbsp;&nbsp;&nbsp; 1110000 | &nbsp;&nbsp;&nbsp;&nbsp; 1115867 |
| &nbsp;&nbsp;&nbsp;Fifth Third Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.34(b) | &nbsp;&nbsp; 07/27/29 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1053301 |
| &nbsp;&nbsp;&nbsp;GA Global Funding Trust (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25 | &nbsp;&nbsp; 01/06/27 | &nbsp;&nbsp;&nbsp;&nbsp; 2370000 | &nbsp;&nbsp;&nbsp;&nbsp; 2288176 |
| &nbsp;&nbsp;&nbsp;General Motors Financial Company, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.35 | &nbsp;&nbsp; 01/07/30 | &nbsp;&nbsp;&nbsp;&nbsp; 3100000 | &nbsp;&nbsp;&nbsp;&nbsp; 3137757 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.22(b) | &nbsp;&nbsp; 05/01/29 | &nbsp;&nbsp;&nbsp;&nbsp; 3750000 | &nbsp;&nbsp;&nbsp;&nbsp; 3728623 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.73(b) | &nbsp;&nbsp; 04/25/30 | &nbsp;&nbsp;&nbsp;&nbsp; 1340000 | &nbsp;&nbsp;&nbsp;&nbsp; 1394879 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.21(b) | &nbsp;&nbsp; 01/28/31 | &nbsp;&nbsp;&nbsp;&nbsp; 885000 | &nbsp;&nbsp;&nbsp;&nbsp; 905716 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.22(b) | &nbsp;&nbsp; 04/23/31 | &nbsp;&nbsp;&nbsp;&nbsp; 795000 | &nbsp;&nbsp;&nbsp;&nbsp; 815011 |
| &nbsp;&nbsp;&nbsp;Huntington National Bank (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.87(b) | &nbsp;&nbsp; 04/12/28 | &nbsp;&nbsp;&nbsp;&nbsp; 890000 | &nbsp;&nbsp;&nbsp;&nbsp; 895570 |
| &nbsp;&nbsp;&nbsp;J.P. Morgan Chase & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.09(b) | &nbsp;&nbsp; 10/23/29 | &nbsp;&nbsp;&nbsp;&nbsp; 820000 | &nbsp;&nbsp;&nbsp;&nbsp; 861867 |
| &nbsp;&nbsp;&nbsp;J.P. Morgan Chase & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.14(b) | &nbsp;&nbsp; 01/24/31 | &nbsp;&nbsp;&nbsp;&nbsp; 1095000 | &nbsp;&nbsp;&nbsp;&nbsp; 1122899 |
| &nbsp;&nbsp;&nbsp;J.P. Morgan Chase & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.10(b) | &nbsp;&nbsp; 04/22/31 | &nbsp;&nbsp;&nbsp;&nbsp; 440000 | &nbsp;&nbsp;&nbsp;&nbsp; 450914 |
| &nbsp;&nbsp;&nbsp;M&T Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.76(b) | &nbsp;&nbsp; 07/06/28 | &nbsp;&nbsp;&nbsp;&nbsp; 1320000 | &nbsp;&nbsp;&nbsp;&nbsp; 1329159 |
| &nbsp;&nbsp;&nbsp;M&T Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.83(b) | &nbsp;&nbsp; 01/16/29 | &nbsp;&nbsp;&nbsp;&nbsp; 440000 | &nbsp;&nbsp;&nbsp;&nbsp; 443609 |
| &nbsp;&nbsp;&nbsp;M&T Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.41(b) | &nbsp;&nbsp; 10/30/29 | &nbsp;&nbsp;&nbsp;&nbsp; 1800000 | &nbsp;&nbsp;&nbsp;&nbsp; 1952202 |
| &nbsp;&nbsp;&nbsp;M&T Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.18(b) | &nbsp;&nbsp; 07/08/31 | &nbsp;&nbsp;&nbsp;&nbsp; 440000 | &nbsp;&nbsp;&nbsp;&nbsp; 447289 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.16(b) | &nbsp;&nbsp; 04/20/29 | &nbsp;&nbsp;&nbsp;&nbsp; 2340000 | &nbsp;&nbsp;&nbsp;&nbsp; 2385864 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.23(b) | &nbsp;&nbsp; 01/15/31 | &nbsp;&nbsp;&nbsp;&nbsp; 660000 | &nbsp;&nbsp;&nbsp;&nbsp; 675637 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley Bank N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95(b) | &nbsp;&nbsp; 01/14/28 | &nbsp;&nbsp;&nbsp;&nbsp; 3435000 | &nbsp;&nbsp;&nbsp;&nbsp; 3462666 |
| &nbsp;&nbsp;&nbsp;Oaktree Specialty Lending Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.34 | &nbsp;&nbsp; 02/27/30 | &nbsp;&nbsp;&nbsp;&nbsp; 1060000 | &nbsp;&nbsp;&nbsp;&nbsp; 1050360 |
| &nbsp;&nbsp;&nbsp;Owl Rock Technology Finance Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50 | &nbsp;&nbsp; 01/15/27 | &nbsp;&nbsp;&nbsp;&nbsp; 632000 | &nbsp;&nbsp;&nbsp;&nbsp; 605544 |
| &nbsp;&nbsp;&nbsp;PNC Financial Services Group Inc. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.58(b) | &nbsp;&nbsp; 06/12/29 | &nbsp;&nbsp;&nbsp;&nbsp; 465000 | &nbsp;&nbsp;&nbsp;&nbsp; 481564 |
| &nbsp;&nbsp;&nbsp;PNC Financial Services Group Inc. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.22(b) | &nbsp;&nbsp; 01/29/31 | &nbsp;&nbsp;&nbsp;&nbsp; 885000 | &nbsp;&nbsp;&nbsp;&nbsp; 908245 |
| &nbsp;&nbsp;&nbsp;Regions Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.72(b) | &nbsp;&nbsp; 06/06/30 | &nbsp;&nbsp;&nbsp;&nbsp; 1090000 | &nbsp;&nbsp;&nbsp;&nbsp; 1125755 |
| &nbsp;&nbsp;&nbsp;RGA Global Funding (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00 | &nbsp;&nbsp; 11/21/28 | &nbsp;&nbsp;&nbsp;&nbsp; 1136000 | &nbsp;&nbsp;&nbsp;&nbsp; 1191565 |
| &nbsp;&nbsp;&nbsp;Santander Holdings USA, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.49(b) | &nbsp;&nbsp; 01/06/28 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 968021 |
| &nbsp;&nbsp;&nbsp;Santander Holdings USA, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50(b) | &nbsp;&nbsp; 03/09/29 | &nbsp;&nbsp;&nbsp;&nbsp; 460000 | &nbsp;&nbsp;&nbsp;&nbsp; 479630 |
| &nbsp;&nbsp;&nbsp;Santander Holdings USA, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.47(b) | &nbsp;&nbsp; 03/20/29 | &nbsp;&nbsp;&nbsp;&nbsp; 3475000 | &nbsp;&nbsp;&nbsp;&nbsp; 3533303 |
| &nbsp;&nbsp;&nbsp;Truist Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.44(b) | &nbsp;&nbsp; 01/24/30 | &nbsp;&nbsp;&nbsp;&nbsp; 2440000 | &nbsp;&nbsp;&nbsp;&nbsp; 2513133 |
| &nbsp;&nbsp;&nbsp;Wells Fargo & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.97(b) | &nbsp;&nbsp; 04/23/29 | &nbsp;&nbsp;&nbsp;&nbsp; 1075000 | &nbsp;&nbsp;&nbsp;&nbsp; 1090042 |
| &nbsp;&nbsp;&nbsp;Wells Fargo & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.57(b) | &nbsp;&nbsp; 07/25/29 | &nbsp;&nbsp;&nbsp;&nbsp; 5090000 | &nbsp;&nbsp;&nbsp;&nbsp; 5255718 |
| &nbsp;&nbsp;&nbsp;Wells Fargo & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.30(b) | &nbsp;&nbsp; 10/23/29 | &nbsp;&nbsp;&nbsp;&nbsp; 465000 | &nbsp;&nbsp;&nbsp;&nbsp; 491453 |
| &nbsp;&nbsp;&nbsp;Wells Fargo & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.24(b) | &nbsp;&nbsp; 01/24/31 | &nbsp;&nbsp;&nbsp;&nbsp; 875000 | &nbsp;&nbsp;&nbsp;&nbsp; 897608 |
| &nbsp;&nbsp;&nbsp;Wells Fargo & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.57(b) | &nbsp;&nbsp; 02/11/31 | &nbsp;&nbsp;&nbsp;&nbsp; 1421000 | &nbsp;&nbsp;&nbsp;&nbsp; 1301802 |
| **Total Financials** |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **69824799** |
| **Health Care \| 1.3%** | **Health Care \| 1.3%** | **Health Care \| 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;AbbVie Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.80 | &nbsp;&nbsp; 03/15/29 | &nbsp;&nbsp;&nbsp;&nbsp; 455000 | &nbsp;&nbsp;&nbsp;&nbsp; 463922 |
| &nbsp;&nbsp;&nbsp;AstraZeneca Finance LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.85 | &nbsp;&nbsp; 02/26/29 | &nbsp;&nbsp;&nbsp;&nbsp; 1365000 | &nbsp;&nbsp;&nbsp;&nbsp; 1395897 |
| &nbsp;&nbsp;&nbsp;Bayer US Finance LLC (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25 | &nbsp;&nbsp; 01/21/29 | &nbsp;&nbsp;&nbsp;&nbsp; 1144000 | &nbsp;&nbsp;&nbsp;&nbsp; 1201282 |
| &nbsp;&nbsp;&nbsp;HCA Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00 | &nbsp;&nbsp; 03/01/28 | &nbsp;&nbsp;&nbsp;&nbsp; 445000 | &nbsp;&nbsp;&nbsp;&nbsp; 451611 |
| &nbsp;&nbsp;&nbsp;Pfizer Investment Enterprises Pte Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.45 | &nbsp;&nbsp; 05/19/28 | &nbsp;&nbsp;&nbsp;&nbsp; 885000 | &nbsp;&nbsp;&nbsp;&nbsp; 892090 |
| &nbsp;&nbsp;&nbsp;Solventum Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.40 | &nbsp;&nbsp; 03/01/29 | &nbsp;&nbsp;&nbsp;&nbsp; 915000 | &nbsp;&nbsp;&nbsp;&nbsp; 942236 |
| **Total Health Care** |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **5347038** |
| **Industrials \| 2.9%** | **Industrials \| 2.9%** | **Industrials \| 2.9%** |  |  |
| &nbsp;&nbsp;&nbsp;American Airlines Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.60 | &nbsp;&nbsp; 03/22/29 | &nbsp;&nbsp;&nbsp;&nbsp; 2239965 | &nbsp;&nbsp;&nbsp;&nbsp; 2179247 |
| &nbsp;&nbsp;&nbsp;American Airlines Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25 | &nbsp;&nbsp; 04/15/30 | &nbsp;&nbsp;&nbsp;&nbsp; 2651651 | &nbsp;&nbsp;&nbsp;&nbsp; 2485016 |
| &nbsp;&nbsp;&nbsp;American Airlines Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.95 | &nbsp;&nbsp; 01/11/32 | &nbsp;&nbsp;&nbsp;&nbsp; 775000 | &nbsp;&nbsp;&nbsp;&nbsp; 730567 |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **Portfolio of Investments&nbsp;&nbsp;&nbsp;&nbsp;** |

---

#### 7

------

[**Table of Contents**](#JOB_Homes_d5f6c467-c4b6-48bc-b206-21170d7a521a_TOC)

Portfolio of Investments <sub>\|</sub> Short-Term Bond Fund <sub>\|</sub> June 30, 2025 <sub>\|</sub> (Unaudited) <sub>\|</sub> (Continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Corporate Bonds–Other \| 35.3% of portfolio (Continued)** | **Corporate Bonds–Other \| 35.3% of portfolio (Continued)** | **Corporate Bonds–Other \| 35.3% of portfolio (Continued)** | **Corporate Bonds–Other \| 35.3% of portfolio (Continued)** | **Corporate Bonds–Other \| 35.3% of portfolio (Continued)** |
|  | &nbsp;&nbsp;**Interest Rate /<br> Yield** | &nbsp;&nbsp;**Maturity Date** | &nbsp;&nbsp;**Face Amount** | &nbsp;&nbsp;**Value** |
| **Industrials \| 2.9% (Continued)** | **Industrials \| 2.9% (Continued)** | **Industrials \| 2.9% (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp;BNSF Railway Co. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.44% | &nbsp;&nbsp; 06/16/28 | &nbsp;&nbsp; $685631 | &nbsp;&nbsp; $660025 |
| &nbsp;&nbsp;&nbsp;Boeing Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.26 | &nbsp;&nbsp; 05/01/27 | &nbsp;&nbsp;&nbsp;&nbsp; 225000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 231483 |
| &nbsp;&nbsp;&nbsp;Boeing Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.30 | &nbsp;&nbsp; 05/01/29 | &nbsp;&nbsp;&nbsp;&nbsp; 225000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 237859 |
| &nbsp;&nbsp;&nbsp;ERAC USA Finance LLC (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.60 | &nbsp;&nbsp; 05/01/28 | &nbsp;&nbsp;&nbsp;&nbsp; 925000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 935747 |
| &nbsp;&nbsp;&nbsp;Federal Express Corp. 20-1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.88 | &nbsp;&nbsp; 02/20/34 | &nbsp;&nbsp;&nbsp;&nbsp; 1928049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1664691 |
| &nbsp;&nbsp;&nbsp;John Deere Capital Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95 | &nbsp;&nbsp; 07/14/28 | &nbsp;&nbsp;&nbsp;&nbsp; 915000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 937458 |
| &nbsp;&nbsp;&nbsp;Regal Rexnord Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.05 | &nbsp;&nbsp; 02/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; 370000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 372139 |
| &nbsp;&nbsp;&nbsp;Regal Rexnord Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.05 | &nbsp;&nbsp; 04/15/28 | &nbsp;&nbsp;&nbsp;&nbsp; 460000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 474022 |
| &nbsp;&nbsp;&nbsp;United Rentals (North America) Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00 | &nbsp;&nbsp; 12/15/29 | &nbsp;&nbsp;&nbsp;&nbsp; 1105000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1131719 |
| **Total Industrials** |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **12039973** |
| **Information Technology \| 0.8%** | **Information Technology \| 0.8%** | **Information Technology \| 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Avnet Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25 | &nbsp;&nbsp; 03/15/28 | &nbsp;&nbsp;&nbsp;&nbsp; 610000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 633931 |
| &nbsp;&nbsp;&nbsp;Micron Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.33 | &nbsp;&nbsp; 02/06/29 | &nbsp;&nbsp;&nbsp;&nbsp; 2210000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2262270 |
| &nbsp;&nbsp;&nbsp;Oracle Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.80 | &nbsp;&nbsp; 08/03/28 | &nbsp;&nbsp;&nbsp;&nbsp; 440000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 447230 |
| **Total Information Technology** |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **3343431** |
| **Materials \| 0.2%** | **Materials \| 0.2%** | **Materials \| 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Celanese US Holdings LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.42 | &nbsp;&nbsp; 07/15/27 | &nbsp;&nbsp;&nbsp;&nbsp; 846000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 876104 |
| **Total Materials** |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **876104** |
| **Utilities \| 4.5%** | **Utilities \| 4.5%** | **Utilities \| 4.5%** |  |  |
| &nbsp;&nbsp;&nbsp;American Water Capital Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.80 | &nbsp;&nbsp; 05/01/30 | &nbsp;&nbsp;&nbsp;&nbsp; 2830000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2629295 |
| &nbsp;&nbsp;&nbsp;CenterPoint Energy Houston Electric LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.20 | &nbsp;&nbsp; 10/01/28 | &nbsp;&nbsp;&nbsp;&nbsp; 1850000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1907106 |
| &nbsp;&nbsp;&nbsp;Consumers Energy Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.60 | &nbsp;&nbsp; 05/30/29 | &nbsp;&nbsp;&nbsp;&nbsp; 456000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 460687 |
| &nbsp;&nbsp;&nbsp;Metropolitan Edison Co. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.20 | &nbsp;&nbsp; 04/01/28 | &nbsp;&nbsp;&nbsp;&nbsp; 1330000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1356690 |
| &nbsp;&nbsp;&nbsp;NextEra Energy Capital Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.85 | &nbsp;&nbsp; 02/04/28 | &nbsp;&nbsp;&nbsp;&nbsp; 440000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 446053 |
| &nbsp;&nbsp;&nbsp;OGE Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.45 | &nbsp;&nbsp; 05/15/29 | &nbsp;&nbsp;&nbsp;&nbsp; 445000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 460667 |
| &nbsp;&nbsp;&nbsp;Oncor Electric Delivery Company LLC (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50 | &nbsp;&nbsp; 03/20/27 | &nbsp;&nbsp;&nbsp;&nbsp; 1320000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1326518 |
| &nbsp;&nbsp;&nbsp;Pacific Gas & Electric Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.55 | &nbsp;&nbsp; 07/01/30 | &nbsp;&nbsp;&nbsp;&nbsp; 1390000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1356672 |
| &nbsp;&nbsp;&nbsp;PacifiCorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.10 | &nbsp;&nbsp; 02/15/29 | &nbsp;&nbsp;&nbsp;&nbsp; 2305000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2349917 |
| &nbsp;&nbsp;&nbsp;PSEG Power LLC (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.20 | &nbsp;&nbsp; 05/15/30 | &nbsp;&nbsp;&nbsp;&nbsp; 2275000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2321511 |
| &nbsp;&nbsp;&nbsp;San Diego Gas & Electric Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95 | &nbsp;&nbsp; 08/15/28 | &nbsp;&nbsp;&nbsp;&nbsp; 1400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1429396 |
| &nbsp;&nbsp;&nbsp;Southern California Edison Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.65 | &nbsp;&nbsp; 03/01/28 | &nbsp;&nbsp;&nbsp;&nbsp; 2160000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2100030 |
| &nbsp;&nbsp;&nbsp;Southern California Edison Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.30 | &nbsp;&nbsp; 03/01/28 | &nbsp;&nbsp;&nbsp;&nbsp; 440000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 445596 |
| &nbsp;&nbsp;&nbsp;Wisconsin Electric Power Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00 | &nbsp;&nbsp; 05/15/29 | &nbsp;&nbsp;&nbsp;&nbsp; 445000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 456443 |
| **Total Utilities** |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **19046581** |
| **Total Corporate Bonds–Other** |  |  |  |  |
| **(Cost $146,238,577)** |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **148466631** |
| **U.S. Government & Agency Obligations \| 21.9% of portfolio** | **U.S. Government & Agency Obligations \| 21.9% of portfolio** | **U.S. Government & Agency Obligations \| 21.9% of portfolio** | **U.S. Government & Agency Obligations \| 21.9% of portfolio** | **U.S. Government & Agency Obligations \| 21.9% of portfolio** |
| &nbsp;&nbsp;&nbsp;Federal Farm Credit Banks Funding Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25 | &nbsp;&nbsp; 01/14/30 | &nbsp;&nbsp; 1423000 | &nbsp;&nbsp; 1326362 |
| &nbsp;&nbsp;&nbsp;U.S. International Development Finance Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.36 | &nbsp;&nbsp; 10/15/29 | &nbsp;&nbsp; 462475 | &nbsp;&nbsp; 445334 |
| &nbsp;&nbsp;&nbsp;U.S. International Development Finance Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.05 | &nbsp;&nbsp; 10/15/29 | &nbsp;&nbsp; 664979 | &nbsp;&nbsp; 623406 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Note | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88 | &nbsp;&nbsp; 03/31/27 | &nbsp;&nbsp; 40854000 | &nbsp;&nbsp; 40917834 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Note | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88 | &nbsp;&nbsp; 05/31/27 | &nbsp;&nbsp; 1592000 | &nbsp;&nbsp; 1595731 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Note | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75 | &nbsp;&nbsp; 05/15/28 | &nbsp;&nbsp; 23118000 | &nbsp;&nbsp; 23152316 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Note | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88 | &nbsp;&nbsp; 06/15/28 | &nbsp;&nbsp; 20530000 | &nbsp;&nbsp; 20639066 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Note | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00 | &nbsp;&nbsp; 05/31/30 | &nbsp;&nbsp; 3484000 | &nbsp;&nbsp; 3517751 |
| **Total U.S. Government & Agency Obligations** |  |  |  |  |
| **(Cost $91,845,865)** |  |  |  | &nbsp;&nbsp;&nbsp; **92217800** |

---

#### &nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Portfolio of Investments** | **The accompanying notes are an integral part of these financial statements.** |

---

#### 8

------

[**Table of Contents**](#JOB_Homes_d5f6c467-c4b6-48bc-b206-21170d7a521a_TOC)

Portfolio of Investments <sub>\|</sub> Short-Term Bond Fund <sub>\|</sub> June 30, 2025 <sub>\|</sub> (Unaudited) <sub>\|</sub> (Continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset-Backed Securities \| 15.3% of portfolio** | **Asset-Backed Securities \| 15.3% of portfolio** | **Asset-Backed Securities \| 15.3% of portfolio** | **Asset-Backed Securities \| 15.3% of portfolio** | **Asset-Backed Securities \| 15.3% of portfolio** |
|  | &nbsp;&nbsp;**Interest Rate /Yield** | &nbsp;&nbsp;**Maturity Date** | &nbsp;&nbsp;**Face Amount** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;&nbsp;Affirm Master Trust 25-1AA (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.99% | &nbsp;&nbsp; 02/15/33 | &nbsp;&nbsp; $1185000 | &nbsp;&nbsp; $1194101 |
| &nbsp;&nbsp;&nbsp;Affirm Master Trust 25-1AB (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13 | &nbsp;&nbsp; 02/15/33 | &nbsp;&nbsp;&nbsp;&nbsp; 450000 | &nbsp;&nbsp;&nbsp;&nbsp; 452917 |
| &nbsp;&nbsp;&nbsp;Avant Loans Funding Trust 24-REV1 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.92 | &nbsp;&nbsp; 10/15/33 | &nbsp;&nbsp;&nbsp;&nbsp; 1325000 | &nbsp;&nbsp;&nbsp;&nbsp; 1340045 |
| &nbsp;&nbsp;&nbsp;Avant Loans Funding Trust 25-REV1 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.12 | &nbsp;&nbsp; 05/15/34 | &nbsp;&nbsp;&nbsp;&nbsp; 1060000 | &nbsp;&nbsp;&nbsp;&nbsp; 1063170 |
| &nbsp;&nbsp;&nbsp;Capital One Prime Auto Receivables Trust 24-1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.62 | &nbsp;&nbsp; 07/16/29 | &nbsp;&nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp; 603792 |
| &nbsp;&nbsp;&nbsp;Carvana Auto Receivables Trust 24-P1 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.05 | &nbsp;&nbsp; 04/10/29 | &nbsp;&nbsp;&nbsp;&nbsp; 1130000 | &nbsp;&nbsp;&nbsp;&nbsp; 1136589 |
| &nbsp;&nbsp;&nbsp;Chase Auto Owner Trust 24-2A (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.52 | &nbsp;&nbsp; 06/25/29 | &nbsp;&nbsp;&nbsp;&nbsp; 950000 | &nbsp;&nbsp;&nbsp;&nbsp; 964659 |
| &nbsp;&nbsp;&nbsp;Colony American Finance Ltd. 21-2 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.41 | &nbsp;&nbsp; 07/15/54 | &nbsp;&nbsp;&nbsp;&nbsp; 484946 | &nbsp;&nbsp;&nbsp;&nbsp; 464642 |
| &nbsp;&nbsp;&nbsp;CoreVest American Finance 20-4 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.17 | &nbsp;&nbsp; 12/15/52 | &nbsp;&nbsp;&nbsp;&nbsp; 316484 | &nbsp;&nbsp;&nbsp;&nbsp; 312933 |
| &nbsp;&nbsp;&nbsp;CoreVest American Finance 21-1 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.57 | &nbsp;&nbsp; 04/15/53 | &nbsp;&nbsp;&nbsp;&nbsp; 692807 | &nbsp;&nbsp;&nbsp;&nbsp; 675723 |
| &nbsp;&nbsp;&nbsp;CoreVest American Finance 21-3 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.49 | &nbsp;&nbsp; 10/15/54 | &nbsp;&nbsp;&nbsp;&nbsp; 2480000 | &nbsp;&nbsp;&nbsp;&nbsp; 2411085 |
| &nbsp;&nbsp;&nbsp;CPS Auto Trust 25-A (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.02 | &nbsp;&nbsp; 07/16/29 | &nbsp;&nbsp;&nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp;&nbsp; 804457 |
| &nbsp;&nbsp;&nbsp;Daimler Trucks Retail Trust 24-1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.56 | &nbsp;&nbsp; 07/15/31 | &nbsp;&nbsp;&nbsp;&nbsp; 1675000 | &nbsp;&nbsp;&nbsp;&nbsp; 1711826 |
| &nbsp;&nbsp;&nbsp;Exeter Select Automobile Receivables Trust 2025-1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.69 | &nbsp;&nbsp; 04/15/30 | &nbsp;&nbsp;&nbsp;&nbsp; 1105000 | &nbsp;&nbsp;&nbsp;&nbsp; 1109561 |
| &nbsp;&nbsp;&nbsp;Firstkey Homes Trust 22-SFR2 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25 | &nbsp;&nbsp; 07/17/39 | &nbsp;&nbsp;&nbsp;&nbsp; 952247 | &nbsp;&nbsp;&nbsp;&nbsp; 947613 |
| &nbsp;&nbsp;&nbsp;Ford Credit Auto Lease Trust 20-A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.06 | &nbsp;&nbsp; 05/15/27 | &nbsp;&nbsp;&nbsp;&nbsp; 930000 | &nbsp;&nbsp;&nbsp;&nbsp; 931883 |
| &nbsp;&nbsp;&nbsp;Ford Credit Auto Owner Trust 24-D | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.61 | &nbsp;&nbsp; 08/15/29 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 505004 |
| &nbsp;&nbsp;&nbsp;Frontier Issuer 23-1A (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.60 | &nbsp;&nbsp; 08/20/53 | &nbsp;&nbsp;&nbsp;&nbsp; 3400000 | &nbsp;&nbsp;&nbsp;&nbsp; 3453731 |
| &nbsp;&nbsp;&nbsp;Frontier Issuer 23-1B (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.30 | &nbsp;&nbsp; 08/20/53 | &nbsp;&nbsp;&nbsp;&nbsp; 2340000 | &nbsp;&nbsp;&nbsp;&nbsp; 2415255 |
| &nbsp;&nbsp;&nbsp;FRTKL 21-SFR1 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.57 | &nbsp;&nbsp; 09/17/38 | &nbsp;&nbsp;&nbsp;&nbsp; 970000 | &nbsp;&nbsp;&nbsp;&nbsp; 934605 |
| &nbsp;&nbsp;&nbsp;GLS Auto Receivables Trust 25-1A (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.98 | &nbsp;&nbsp; 07/16/29 | &nbsp;&nbsp;&nbsp;&nbsp; 1105000 | &nbsp;&nbsp;&nbsp;&nbsp; 1112625 |
| &nbsp;&nbsp;&nbsp;GLS Auto Select Receivables Trust 24-1A (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.24 | &nbsp;&nbsp; 03/15/30 | &nbsp;&nbsp;&nbsp;&nbsp; 503665 | &nbsp;&nbsp;&nbsp;&nbsp; 506541 |
| &nbsp;&nbsp;&nbsp;GLS Auto Select Receivables Trust 25-1A (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.71 | &nbsp;&nbsp; 04/15/30 | &nbsp;&nbsp;&nbsp;&nbsp; 1408210 | &nbsp;&nbsp;&nbsp;&nbsp; 1411352 |
| &nbsp;&nbsp;&nbsp;GM Financial Automobile Leasing Trust 24-1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.09 | &nbsp;&nbsp; 03/22/27 | &nbsp;&nbsp;&nbsp;&nbsp; 1810000 | &nbsp;&nbsp;&nbsp;&nbsp; 1815443 |
| &nbsp;&nbsp;&nbsp;Gracie Point International Funding 23-2A (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.60(b) | &nbsp;&nbsp; 03/01/27 | &nbsp;&nbsp;&nbsp;&nbsp; 143061 | &nbsp;&nbsp;&nbsp;&nbsp; 143289 |
| &nbsp;&nbsp;&nbsp;Gracie Point International Funding 24-1A (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.12(b) | &nbsp;&nbsp; 03/01/28 | &nbsp;&nbsp;&nbsp;&nbsp; 2045000 | &nbsp;&nbsp;&nbsp;&nbsp; 2048796 |
| &nbsp;&nbsp;&nbsp;GreatAmerica Leasing Receivables Funding 24-2 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.02 | &nbsp;&nbsp; 05/15/31 | &nbsp;&nbsp;&nbsp;&nbsp; 1995000 | &nbsp;&nbsp;&nbsp;&nbsp; 2029380 |
| &nbsp;&nbsp;&nbsp;Honda Auto Receivables Owner Trust 24-1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.21 | &nbsp;&nbsp; 08/15/28 | &nbsp;&nbsp;&nbsp;&nbsp; 3180000 | &nbsp;&nbsp;&nbsp;&nbsp; 3207261 |
| &nbsp;&nbsp;&nbsp;John Deere Owner Trust 23-A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.01 | &nbsp;&nbsp; 11/15/27 | &nbsp;&nbsp;&nbsp;&nbsp; 636445 | &nbsp;&nbsp;&nbsp;&nbsp; 638364 |
| &nbsp;&nbsp;&nbsp;John Deere Owner Trust 23-B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.18 | &nbsp;&nbsp; 03/15/28 | &nbsp;&nbsp;&nbsp;&nbsp; 548652 | &nbsp;&nbsp;&nbsp;&nbsp; 551583 |
| &nbsp;&nbsp;&nbsp;Mercedes-Benz Auto Lease Trust 24-B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.22 | &nbsp;&nbsp; 06/17/30 | &nbsp;&nbsp;&nbsp;&nbsp; 550000 | &nbsp;&nbsp;&nbsp;&nbsp; 549070 |
| &nbsp;&nbsp;&nbsp;NP SPE II LLC 17-1 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.37 | &nbsp;&nbsp; 10/21/47 | &nbsp;&nbsp;&nbsp;&nbsp; 170934 | &nbsp;&nbsp;&nbsp;&nbsp; 167083 |
| &nbsp;&nbsp;&nbsp;Oportun Funding 21-B (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.47 | &nbsp;&nbsp; 05/08/31 | &nbsp;&nbsp;&nbsp;&nbsp; 810592 | &nbsp;&nbsp;&nbsp;&nbsp; 790729 |
| &nbsp;&nbsp;&nbsp;Oscar US Funding Trust 24-1 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.54 | &nbsp;&nbsp; 02/10/28 | &nbsp;&nbsp;&nbsp;&nbsp; 1885000 | &nbsp;&nbsp;&nbsp;&nbsp; 1900687 |
| &nbsp;&nbsp;&nbsp;Progress Residential Trust 21-SFR8 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.51 | &nbsp;&nbsp; 10/17/38 | &nbsp;&nbsp;&nbsp;&nbsp; 1295613 | &nbsp;&nbsp;&nbsp;&nbsp; 1256265 |
| &nbsp;&nbsp;&nbsp;Progress Residential Trust 22-SFR3 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.20 | &nbsp;&nbsp; 04/17/39 | &nbsp;&nbsp;&nbsp;&nbsp; 885631 | &nbsp;&nbsp;&nbsp;&nbsp; 864155 |
| &nbsp;&nbsp;&nbsp;Progress Residential Trust 25-SFR1 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.65(b) | &nbsp;&nbsp; 02/17/42 | &nbsp;&nbsp;&nbsp;&nbsp; 840000 | &nbsp;&nbsp;&nbsp;&nbsp; 793560 |
| &nbsp;&nbsp;&nbsp;Santander Drive Auto Receivables Trust 24-1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.23 | &nbsp;&nbsp; 12/15/28 | &nbsp;&nbsp;&nbsp;&nbsp; 685000 | &nbsp;&nbsp;&nbsp;&nbsp; 688996 |
| &nbsp;&nbsp;&nbsp;Santander Drive Auto Receivables Trust 24-2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63 | &nbsp;&nbsp; 11/15/28 | &nbsp;&nbsp;&nbsp;&nbsp; 675000 | &nbsp;&nbsp;&nbsp;&nbsp; 678542 |
| &nbsp;&nbsp;&nbsp;Santander Drive Auto Receivables Trust 28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25 | &nbsp;&nbsp; 04/17/28 | &nbsp;&nbsp;&nbsp;&nbsp; 437199 | &nbsp;&nbsp;&nbsp;&nbsp; 437915 |
| &nbsp;&nbsp;&nbsp;SBA Tower Trust (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.60 | &nbsp;&nbsp; 01/15/28 | &nbsp;&nbsp;&nbsp;&nbsp; 775000 | &nbsp;&nbsp;&nbsp;&nbsp; 796443 |
| &nbsp;&nbsp;&nbsp;SCE Recovery Funding LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.86 | &nbsp;&nbsp; 11/15/31 | &nbsp;&nbsp;&nbsp;&nbsp; 1174401 | &nbsp;&nbsp;&nbsp;&nbsp; 1043471 |
| &nbsp;&nbsp;&nbsp;SoFi Consumer Loan Program Trust 25-1B (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.12 | &nbsp;&nbsp; 02/27/34 | &nbsp;&nbsp;&nbsp;&nbsp; 1330000 | &nbsp;&nbsp;&nbsp;&nbsp; 1343067 |
| &nbsp;&nbsp;&nbsp;SoFi Consumer Loan Program Trust 25-1C (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.42 | &nbsp;&nbsp; 02/27/34 | &nbsp;&nbsp;&nbsp;&nbsp; 665000 | &nbsp;&nbsp;&nbsp;&nbsp; 674198 |
| &nbsp;&nbsp;&nbsp;Subway Funding LLC 24-1A (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.03 | &nbsp;&nbsp; 07/30/54 | &nbsp;&nbsp;&nbsp;&nbsp; 487550 | &nbsp;&nbsp;&nbsp;&nbsp; 495788 |
| &nbsp;&nbsp;&nbsp;SVC ABS LLC 23-1A (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.15 | &nbsp;&nbsp; 02/20/53 | &nbsp;&nbsp;&nbsp;&nbsp; 454634 | &nbsp;&nbsp;&nbsp;&nbsp; 451009 |
| &nbsp;&nbsp;&nbsp;Switch ABS Issuer, LLC (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.04 | &nbsp;&nbsp; 03/25/55 | &nbsp;&nbsp;&nbsp;&nbsp; 1090000 | &nbsp;&nbsp;&nbsp;&nbsp; 1075201 |
| &nbsp;&nbsp;&nbsp;Tesla Sustainable Energy Trust 24-1A (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.08 | &nbsp;&nbsp; 06/21/50 | &nbsp;&nbsp;&nbsp;&nbsp; 1517702 | &nbsp;&nbsp;&nbsp;&nbsp; 1522776 |
| &nbsp;&nbsp;&nbsp;T-Mobile US Trust 22-1A (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.91 | &nbsp;&nbsp; 05/22/28 | &nbsp;&nbsp;&nbsp;&nbsp; 457254 | &nbsp;&nbsp;&nbsp;&nbsp; 457564 |
| &nbsp;&nbsp;&nbsp;Toyota Lease Owner Trust 25-A (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75 | &nbsp;&nbsp; 02/22/28 | &nbsp;&nbsp;&nbsp;&nbsp; 2090000 | &nbsp;&nbsp;&nbsp;&nbsp; 2107696 |
| &nbsp;&nbsp;&nbsp;Tricon Residential 24-SFR4 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.30 | &nbsp;&nbsp; 11/17/41 | &nbsp;&nbsp;&nbsp;&nbsp; 708089 | &nbsp;&nbsp;&nbsp;&nbsp; 697929 |
| &nbsp;&nbsp;&nbsp;Verizon Master Trust 25-1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.94 | &nbsp;&nbsp; 01/21/31 | &nbsp;&nbsp;&nbsp;&nbsp; 1800000 | &nbsp;&nbsp;&nbsp;&nbsp; 1815960 |
| &nbsp;&nbsp;&nbsp;Volkswagen Auto Lease Trust 24-A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.21 | &nbsp;&nbsp; 06/21/27 | &nbsp;&nbsp;&nbsp;&nbsp; 785000 | &nbsp;&nbsp;&nbsp;&nbsp; 791991 |
| &nbsp;&nbsp;&nbsp;Volkswagen Auto Loan Enhanced Trust 24-1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63 | &nbsp;&nbsp; 07/20/29 | &nbsp;&nbsp;&nbsp;&nbsp; 940000 | &nbsp;&nbsp;&nbsp;&nbsp; 949698 |
| &nbsp;&nbsp;&nbsp;Westgate Resorts 22-1A (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.29 | &nbsp;&nbsp; 08/20/36 | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 248615 |
| &nbsp;&nbsp;&nbsp;Westgate Resorts 24-1A (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.06 | &nbsp;&nbsp; 01/20/38 | &nbsp;&nbsp;&nbsp;&nbsp; 967120 | &nbsp;&nbsp;&nbsp;&nbsp; 979916 |
| &nbsp;&nbsp;&nbsp;Westgate Resorts 24-1B (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.56 | &nbsp;&nbsp; 01/20/38 | &nbsp;&nbsp;&nbsp;&nbsp; 803454 | &nbsp;&nbsp;&nbsp;&nbsp; 814402 |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **Portfolio of Investments&nbsp;&nbsp;&nbsp;&nbsp;** |

---

#### 9

------

[**Table of Contents**](#JOB_Homes_d5f6c467-c4b6-48bc-b206-21170d7a521a_TOC)

Portfolio of Investments <sub>\|</sub> Short-Term Bond Fund <sub>\|</sub> June 30, 2025 <sub>\|</sub> (Unaudited) <sub>\|</sub> (Continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset-Backed Securities \| 15.3% of portfolio (Continued)** | **Asset-Backed Securities \| 15.3% of portfolio (Continued)** | **Asset-Backed Securities \| 15.3% of portfolio (Continued)** | **Asset-Backed Securities \| 15.3% of portfolio (Continued)** | **Asset-Backed Securities \| 15.3% of portfolio (Continued)** |
|  | &nbsp;&nbsp;**Interest Rate /Yield** | &nbsp;&nbsp;**Maturity Date** | &nbsp;&nbsp;**Face Amount** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;&nbsp;Westlake Automobile Receivables Trust 24-1A (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.55% | &nbsp;&nbsp; 11/15/27 | &nbsp;&nbsp; $1020000 | &nbsp;&nbsp; $1025113 |
| &nbsp;&nbsp;&nbsp;Westlake Automobile Receivables Trust 25-1A (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.98 | &nbsp;&nbsp; 09/16/30 | &nbsp;&nbsp;&nbsp;&nbsp; 1820000 | &nbsp;&nbsp;&nbsp;&nbsp; 1833692 |
| **Total Asset-Backed Securities** |  |  |  |  |
| **(Cost $63,655,845)** |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **64149756** |
| **Mortgage-Backed Securities \| 14.2% of portfolio** | **Mortgage-Backed Securities \| 14.2% of portfolio** | **Mortgage-Backed Securities \| 14.2% of portfolio** | **Mortgage-Backed Securities \| 14.2% of portfolio** | **Mortgage-Backed Securities \| 14.2% of portfolio** |
| &nbsp;&nbsp;&nbsp;FHLMC 25-HQA1 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.26(b) | &nbsp;&nbsp; 02/25/45 | &nbsp;&nbsp; 702813 | &nbsp;&nbsp; 701716 |
| &nbsp;&nbsp;&nbsp;FHLMC 780754 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38(b) | &nbsp;&nbsp; 08/01/33 | &nbsp;&nbsp; 302 | &nbsp;&nbsp; 308 |
| &nbsp;&nbsp;&nbsp;FNMA 813842 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.26(b) | &nbsp;&nbsp; 01/01/35 | &nbsp;&nbsp; 1261 | &nbsp;&nbsp; 1292 |
| &nbsp;&nbsp;&nbsp;GNMA 14-125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.90(b) | &nbsp;&nbsp; 11/16/54 | &nbsp;&nbsp; 3625000 | &nbsp;&nbsp; 3252264 |
| &nbsp;&nbsp;&nbsp;GNMA 2025-25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50 | &nbsp;&nbsp; 02/20/54 | &nbsp;&nbsp; 4520551 | &nbsp;&nbsp; 4422029 |
| &nbsp;&nbsp;&nbsp;GNMA 2025-89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00 | &nbsp;&nbsp; 11/20/53 | &nbsp;&nbsp; 4480506 | &nbsp;&nbsp; 4488616 |
| &nbsp;&nbsp;&nbsp;GNMA 21-8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.00 | &nbsp;&nbsp; 01/20/50 | &nbsp;&nbsp; 1617067 | &nbsp;&nbsp; 1261538 |
| &nbsp;&nbsp;&nbsp;GNMA 22-177 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00 | &nbsp;&nbsp; 05/20/48 | &nbsp;&nbsp; 4142118 | &nbsp;&nbsp; 4221710 |
| &nbsp;&nbsp;&nbsp;GNMA 23-128 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75 | &nbsp;&nbsp; 08/20/47 | &nbsp;&nbsp; 1446520 | &nbsp;&nbsp; 1458155 |
| &nbsp;&nbsp;&nbsp;GNMA 23-22EA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00 | &nbsp;&nbsp; 09/20/49 | &nbsp;&nbsp; 1756744 | &nbsp;&nbsp; 1763473 |
| &nbsp;&nbsp;&nbsp;GNMA 23-22EC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00 | &nbsp;&nbsp; 01/20/51 | &nbsp;&nbsp; 964257 | &nbsp;&nbsp; 976184 |
| &nbsp;&nbsp;&nbsp;GNMA 23-4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00 | &nbsp;&nbsp; 07/20/49 | &nbsp;&nbsp; 542296 | &nbsp;&nbsp; 546335 |
| &nbsp;&nbsp;&nbsp;GNMA 23-59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00 | &nbsp;&nbsp; 11/20/41 | &nbsp;&nbsp; 1003051 | &nbsp;&nbsp; 1006110 |
| &nbsp;&nbsp;&nbsp;GNMA 23-84KA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50 | &nbsp;&nbsp; 06/20/42 | &nbsp;&nbsp; 1229052 | &nbsp;&nbsp; 1241407 |
| &nbsp;&nbsp;&nbsp;GNMA 24-1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50 | &nbsp;&nbsp; 08/20/48 | &nbsp;&nbsp; 3178068 | &nbsp;&nbsp; 3199206 |
| &nbsp;&nbsp;&nbsp;GNMA 24-103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50 | &nbsp;&nbsp; 06/20/54 | &nbsp;&nbsp; 3414432 | &nbsp;&nbsp; 3365587 |
| &nbsp;&nbsp;&nbsp;GNMA 24-11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00 | &nbsp;&nbsp; 09/20/50 | &nbsp;&nbsp; 1335542 | &nbsp;&nbsp; 1333241 |
| &nbsp;&nbsp;&nbsp;GNMA 24-110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50 | &nbsp;&nbsp; 07/20/50 | &nbsp;&nbsp; 1786534 | &nbsp;&nbsp; 1777089 |
| &nbsp;&nbsp;&nbsp;GNMA 24-111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00 | &nbsp;&nbsp; 08/20/51 | &nbsp;&nbsp; 1173487 | &nbsp;&nbsp; 1180062 |
| &nbsp;&nbsp;&nbsp;GNMA 24-43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50 | &nbsp;&nbsp; 08/20/48 | &nbsp;&nbsp; 1690371 | &nbsp;&nbsp; 1704904 |
| &nbsp;&nbsp;&nbsp;GNMA 24-51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00 | &nbsp;&nbsp; 04/20/62 | &nbsp;&nbsp; 640776 | &nbsp;&nbsp; 642319 |
| &nbsp;&nbsp;&nbsp;GNMA 24-59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50 | &nbsp;&nbsp; 01/20/51 | &nbsp;&nbsp; 3817823 | &nbsp;&nbsp; 3863613 |
| &nbsp;&nbsp;&nbsp;GNMA 24-79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00 | &nbsp;&nbsp; 01/20/49 | &nbsp;&nbsp; 1488989 | &nbsp;&nbsp; 1465217 |
| &nbsp;&nbsp;&nbsp;GNMA 25-28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00 | &nbsp;&nbsp; 08/20/53 | &nbsp;&nbsp; 3837855 | &nbsp;&nbsp; 3858757 |
| &nbsp;&nbsp;&nbsp;GNMA 25-29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00 | &nbsp;&nbsp; 03/20/54 | &nbsp;&nbsp; 1967362 | &nbsp;&nbsp; 1992655 |
| &nbsp;&nbsp;&nbsp;GNMA 25-34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00 | &nbsp;&nbsp; 06/20/53 | &nbsp;&nbsp; 2175098 | &nbsp;&nbsp; 2195846 |
| &nbsp;&nbsp;&nbsp;GNMA 786576 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50 | &nbsp;&nbsp; 09/20/52 | &nbsp;&nbsp; 889311 | &nbsp;&nbsp; 856031 |
| &nbsp;&nbsp;&nbsp;GNMA 787194 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50 | &nbsp;&nbsp; 12/20/53 | &nbsp;&nbsp; 308707 | &nbsp;&nbsp; 319738 |
| &nbsp;&nbsp;&nbsp;GNMA 787238 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50 | &nbsp;&nbsp; 02/20/54 | &nbsp;&nbsp; 325018 | &nbsp;&nbsp; 336631 |
| &nbsp;&nbsp;&nbsp;GNMA 787291 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50 | &nbsp;&nbsp; 03/20/54 | &nbsp;&nbsp; 1025015 | &nbsp;&nbsp; 1061640 |
| &nbsp;&nbsp;&nbsp;GNMA 787343 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50 | &nbsp;&nbsp; 04/20/54 | &nbsp;&nbsp; 465966 | &nbsp;&nbsp; 482616 |
| &nbsp;&nbsp;&nbsp;GNMA CK0445 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00 | &nbsp;&nbsp; 02/15/52 | &nbsp;&nbsp; 2048541 | &nbsp;&nbsp; 1917775 |
| &nbsp;&nbsp;&nbsp;GNMA CV1215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00 | &nbsp;&nbsp; 07/20/53 | &nbsp;&nbsp; 259546 | &nbsp;&nbsp; 267705 |
| &nbsp;&nbsp;&nbsp;GNMA CW8493 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00 | &nbsp;&nbsp; 11/20/53 | &nbsp;&nbsp; 46339 | &nbsp;&nbsp; 48220 |
| &nbsp;&nbsp;&nbsp;GNMA CW8494 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50 | &nbsp;&nbsp; 11/20/53 | &nbsp;&nbsp; 208129 | &nbsp;&nbsp; 215576 |
| &nbsp;&nbsp;&nbsp;GNMA CW8495 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50 | &nbsp;&nbsp; 11/20/53 | &nbsp;&nbsp; 149935 | &nbsp;&nbsp; 155299 |
| &nbsp;&nbsp;&nbsp;GNMA CZ5438 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00 | &nbsp;&nbsp; 01/20/54 | &nbsp;&nbsp; 124142 | &nbsp;&nbsp; 128115 |
| &nbsp;&nbsp;&nbsp;GNMA MA8017 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50 | &nbsp;&nbsp; 05/20/37 | &nbsp;&nbsp; 1183952 | &nbsp;&nbsp; 1094105 |
| &nbsp;&nbsp;&nbsp;GNMA MA8917 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00 | &nbsp;&nbsp; 06/20/38 | &nbsp;&nbsp; 815242 | &nbsp;&nbsp; 820174 |
| **Total Mortgage-Backed Securities** |  |  |  |  |
| **(Cost $59,448,630)** |  |  |  | &nbsp;&nbsp;&nbsp; **59623258** |

---

#### &nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Yankee Bonds \| 12.0% of portfolio** | **Yankee Bonds \| 12.0% of portfolio** | **Yankee Bonds \| 12.0% of portfolio** | **Yankee Bonds \| 12.0% of portfolio** | **Yankee Bonds \| 12.0% of portfolio** |
| &nbsp;&nbsp;&nbsp;Avolon Holdings Funding Ltd. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75 | &nbsp;&nbsp; 02/21/28 | &nbsp;&nbsp; 1832000 | &nbsp;&nbsp; 1738539 |
| &nbsp;&nbsp;&nbsp;Banco Bilbao Vizcaya Argentaria SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38 | &nbsp;&nbsp; 03/13/29 | &nbsp;&nbsp; 1400000 | &nbsp;&nbsp; 1441758 |
| &nbsp;&nbsp;&nbsp;Bank of Montreal | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00(b) | &nbsp;&nbsp; 01/27/29 | &nbsp;&nbsp; 1345000 | &nbsp;&nbsp; 1366779 |
| &nbsp;&nbsp;&nbsp;Bank of New Zealand (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.70(b) | &nbsp;&nbsp; 01/28/35 | &nbsp;&nbsp; 2245000 | &nbsp;&nbsp; 2293142 |
| &nbsp;&nbsp;&nbsp;Barclays PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.67(b) | &nbsp;&nbsp; 03/12/28 | &nbsp;&nbsp; 1360000 | &nbsp;&nbsp; 1385794 |
| &nbsp;&nbsp;&nbsp;Barclays PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.09(b) | &nbsp;&nbsp; 02/25/29 | &nbsp;&nbsp; 2165000 | &nbsp;&nbsp; 2191905 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Portfolio of Investments** | **The accompanying notes are an integral part of these financial statements.** |

---

#### 10

------

[**Table of Contents**](#JOB_Homes_d5f6c467-c4b6-48bc-b206-21170d7a521a_TOC)

Portfolio of Investments <sub>\|</sub> Short-Term Bond Fund <sub>\|</sub> June 30, 2025 <sub>\|</sub> (Unaudited) <sub>\|</sub> (Continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Yankee Bonds \| 12.0% of portfolio (Continued)** | **Yankee Bonds \| 12.0% of portfolio (Continued)** | **Yankee Bonds \| 12.0% of portfolio (Continued)** | **Yankee Bonds \| 12.0% of portfolio (Continued)** | **Yankee Bonds \| 12.0% of portfolio (Continued)** |
|  | &nbsp;&nbsp;**Interest Rate /Yield** | &nbsp;&nbsp;**Maturity Date** | &nbsp;&nbsp;**Face Amount** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;&nbsp;Barclays PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.37%(b) | &nbsp;&nbsp; 02/25/31 | &nbsp;&nbsp; $1325000 | &nbsp;&nbsp; $1353470 |
| &nbsp;&nbsp;&nbsp;Danske Bank AS (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.02(b) | &nbsp;&nbsp; 03/04/31 | &nbsp;&nbsp;&nbsp;&nbsp; 1320000 | &nbsp;&nbsp;&nbsp;&nbsp; 1334960 |
| &nbsp;&nbsp;&nbsp;Delta and SkyMiles IP Ltd. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50 | &nbsp;&nbsp; 10/20/25 | &nbsp;&nbsp;&nbsp;&nbsp; 130000 | &nbsp;&nbsp;&nbsp;&nbsp; 129685 |
| &nbsp;&nbsp;&nbsp;Delta and SkyMiles IP Ltd. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75 | &nbsp;&nbsp; 10/20/28 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3006957 |
| &nbsp;&nbsp;&nbsp;Electricite de France SA (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.70 | &nbsp;&nbsp; 05/23/28 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 515055 |
| &nbsp;&nbsp;&nbsp;Electricite de France SA (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.65 | &nbsp;&nbsp; 04/22/29 | &nbsp;&nbsp;&nbsp;&nbsp; 2230000 | &nbsp;&nbsp;&nbsp;&nbsp; 2313519 |
| &nbsp;&nbsp;&nbsp;Enel Finance International NV (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13 | &nbsp;&nbsp; 06/26/29 | &nbsp;&nbsp;&nbsp;&nbsp; 445000 | &nbsp;&nbsp;&nbsp;&nbsp; 453284 |
| &nbsp;&nbsp;&nbsp;HSBC Holdings PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.24(b) | &nbsp;&nbsp; 05/13/31 | &nbsp;&nbsp;&nbsp;&nbsp; 1080000 | &nbsp;&nbsp;&nbsp;&nbsp; 1099642 |
| &nbsp;&nbsp;&nbsp;Hyundai Capital Services Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13 | &nbsp;&nbsp; 02/05/27 | &nbsp;&nbsp;&nbsp;&nbsp; 2305000 | &nbsp;&nbsp;&nbsp;&nbsp; 2322967 |
| &nbsp;&nbsp;&nbsp;Hyundai Capital Services Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25 | &nbsp;&nbsp; 01/22/28 | &nbsp;&nbsp;&nbsp;&nbsp; 1540000 | &nbsp;&nbsp;&nbsp;&nbsp; 1560957 |
| &nbsp;&nbsp;&nbsp;ING Groep NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.34(b) | &nbsp;&nbsp; 03/19/30 | &nbsp;&nbsp;&nbsp;&nbsp; 1065000 | &nbsp;&nbsp;&nbsp;&nbsp; 1092084 |
| &nbsp;&nbsp;&nbsp;Korea Expressway Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00 | &nbsp;&nbsp; 05/14/27 | &nbsp;&nbsp;&nbsp;&nbsp; 2165000 | &nbsp;&nbsp;&nbsp;&nbsp; 2198668 |
| &nbsp;&nbsp;&nbsp;Korea National Oil Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75 | &nbsp;&nbsp; 04/03/26 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 501373 |
| &nbsp;&nbsp;&nbsp;LG Energy Solution, Ltd. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25 | &nbsp;&nbsp; 04/02/28 | &nbsp;&nbsp;&nbsp;&nbsp; 1325000 | &nbsp;&nbsp;&nbsp;&nbsp; 1329125 |
| &nbsp;&nbsp;&nbsp;Magna International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.05 | &nbsp;&nbsp; 03/14/29 | &nbsp;&nbsp;&nbsp;&nbsp; 2215000 | &nbsp;&nbsp;&nbsp;&nbsp; 2259109 |
| &nbsp;&nbsp;&nbsp;Nationwide Building Society (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.97(b) | &nbsp;&nbsp; 02/16/28 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1464635 |
| &nbsp;&nbsp;&nbsp;Petroleos Mexicanos | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.35 | &nbsp;&nbsp; 02/12/28 | &nbsp;&nbsp;&nbsp;&nbsp; 1200000 | &nbsp;&nbsp;&nbsp;&nbsp; 1152290 |
| &nbsp;&nbsp;&nbsp;Petroleos Mexicanos | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.84 | &nbsp;&nbsp; 01/23/30 | &nbsp;&nbsp;&nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp;&nbsp; 676266 |
| &nbsp;&nbsp;&nbsp;Roche Holdings Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.34 | &nbsp;&nbsp; 11/13/28 | &nbsp;&nbsp;&nbsp;&nbsp; 2536000 | &nbsp;&nbsp;&nbsp;&nbsp; 2632122 |
| &nbsp;&nbsp;&nbsp;Santander UK Group Holdings PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.53(b) | &nbsp;&nbsp; 01/10/29 | &nbsp;&nbsp;&nbsp;&nbsp; 1005000 | &nbsp;&nbsp;&nbsp;&nbsp; 1048938 |
| &nbsp;&nbsp;&nbsp;Saudi Arabian Oil Co. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75 | &nbsp;&nbsp; 06/02/30 | &nbsp;&nbsp;&nbsp;&nbsp; 4430000 | &nbsp;&nbsp;&nbsp;&nbsp; 4451649 |
| &nbsp;&nbsp;&nbsp;Snam S.p.A. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00 | &nbsp;&nbsp; 05/28/30 | &nbsp;&nbsp;&nbsp;&nbsp; 1775000 | &nbsp;&nbsp;&nbsp;&nbsp; 1789156 |
| &nbsp;&nbsp;&nbsp;Societe Generale (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.52(b) | &nbsp;&nbsp; 01/19/28 | &nbsp;&nbsp;&nbsp;&nbsp; 1155000 | &nbsp;&nbsp;&nbsp;&nbsp; 1169300 |
| &nbsp;&nbsp;&nbsp;Societe Generale (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25(b) | &nbsp;&nbsp; 05/22/29 | &nbsp;&nbsp;&nbsp;&nbsp; 445000 | &nbsp;&nbsp;&nbsp;&nbsp; 450433 |
| &nbsp;&nbsp;&nbsp;Societe Generale (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63(b) | &nbsp;&nbsp; 01/19/30 | &nbsp;&nbsp;&nbsp;&nbsp; 455000 | &nbsp;&nbsp;&nbsp;&nbsp; 465544 |
| &nbsp;&nbsp;&nbsp;Standard Chartered PLC (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.55(b) | &nbsp;&nbsp; 01/21/29 | &nbsp;&nbsp;&nbsp;&nbsp; 440000 | &nbsp;&nbsp;&nbsp;&nbsp; 449433 |
| &nbsp;&nbsp;&nbsp;Toronto-Dominion Bank (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.15(b) | &nbsp;&nbsp; 09/10/34 | &nbsp;&nbsp;&nbsp;&nbsp; 2220000 | &nbsp;&nbsp;&nbsp;&nbsp; 2226371 |
| &nbsp;&nbsp;&nbsp;Var Energi ASA (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50 | &nbsp;&nbsp; 01/15/28 | &nbsp;&nbsp;&nbsp;&nbsp; 595000 | &nbsp;&nbsp;&nbsp;&nbsp; 629783 |
| **Total Yankee Bonds** |  |  |  |  |
| **(Cost $49,718,183)** |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **50494692** |
| **Corporate Bonds Guaranteed by Export-Import Bank of the United States \| 0.1% of portfolio** | **Corporate Bonds Guaranteed by Export-Import Bank of the United States \| 0.1% of portfolio** | **Corporate Bonds Guaranteed by Export-Import Bank of the United States \| 0.1% of portfolio** | **Corporate Bonds Guaranteed by Export-Import Bank of the United States \| 0.1% of portfolio** | **Corporate Bonds Guaranteed by Export-Import Bank of the United States \| 0.1% of portfolio** |
| **Energy \| 0.1%** | **Energy \| 0.1%** | **Energy \| 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Petroleos Mexicanos | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.46 | &nbsp;&nbsp; 12/15/25 | &nbsp;&nbsp; 21950 | &nbsp;&nbsp; 21394 |
| &nbsp;&nbsp;&nbsp;Reliance Industries Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.87 | &nbsp;&nbsp; 01/15/26 | &nbsp;&nbsp; 316947 | &nbsp;&nbsp; 314093 |
| **Total Energy** |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **335487** |
| **Total Corporate Bonds Guaranteed by Export-Import Bank of the United States** |  |  |  |  |
| **(Cost $338,798)** |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **335487** |
| **Money Market Fund \| 1.2% of portfolio** | **Money Market Fund \| 1.2% of portfolio** | **Money Market Fund \| 1.2% of portfolio** | **Money Market Fund \| 1.2% of portfolio** | **Money Market Fund \| 1.2% of portfolio** |
|  |  |  | &nbsp;&nbsp;**Shares** |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund Premier Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.27(c) |  | &nbsp;&nbsp; 5115199 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5115199 |
| **Total Money Market Fund** |  |  |  |  |
| **(Cost $5,115,199)** |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **5115199** |
| **Total Investments in Securities** | **Total Investments in Securities** |  |  |  |
| **(Cost $416,361,097) \| 100.0%** |  |  |  | &nbsp;&nbsp; **$420402823** |

---

(a) Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may be resold in transactions exempt from registration, normally to qualified institutional buyers. The securities have been
determined to be liquid under criteria established by the Fund's Board of Directors. The total of such securities at period-end amounts to $121,330,711 and represents 28.9% of total investments.

(b) Variable coupon rate as of June 30, 2025.

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **Portfolio of Investments&nbsp;&nbsp;&nbsp;&nbsp;** |

---

#### 11

------

[**Table of Contents**](#JOB_Homes_d5f6c467-c4b6-48bc-b206-21170d7a521a_TOC)

Portfolio of Investments <sub>\|</sub> Short-Term Bond Fund <sub>\|</sub> June 30, 2025 <sub>\|</sub> (Unaudited) <sub>\|</sub> (Continued)

(c) 7-day yield at June 30, 2025.

LLC -Limited Liability Company

N.A. -North America

LP -Limited Partnership

Pte -Private Limited Company

ABS -Asset-Backed Security

FHLMC -Federal Home Loan Mortgage Corporation

SA -Sociedad Anonima or Societe Anonyme

PLC -Public Limited Company

AS -Anonim Sirket

NV -Naamloze Vennottschap

ASA -Allmennaksjeselskap

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Portfolio of Investments** | **The accompanying notes are an integral part of these financial statements.** |

---

#### 12

------

[**Table of Contents**](#JOB_Homes_d5f6c467-c4b6-48bc-b206-21170d7a521a_TOC)

### Portfolio of Investments

#### Intermediate Bond Fund <sub>\|</sub> June 30, 2025 <sub>\|</sub> (Unaudited)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Mortgage-Backed Securities \| 30.1% of portfolio** | **Mortgage-Backed Securities \| 30.1% of portfolio** | **Mortgage-Backed Securities \| 30.1% of portfolio** | **Mortgage-Backed Securities \| 30.1% of portfolio** | **Mortgage-Backed Securities \| 30.1% of portfolio** |
|  | &nbsp;&nbsp;**Interest Rate /<br> Yield** | &nbsp;&nbsp;**Maturity Date** | &nbsp;&nbsp;**Face Amount** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;&nbsp;Farm 2021-1 Mortgage Trust 21-1 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.18%(b) | &nbsp;&nbsp; 01/25/51 | &nbsp;&nbsp; $195074 | &nbsp;&nbsp; $157135 |
| &nbsp;&nbsp;&nbsp;FHLMC 25-HQA1 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.26(b) | &nbsp;&nbsp; 02/25/45 | &nbsp;&nbsp;&nbsp;&nbsp; 223438 | &nbsp;&nbsp;&nbsp;&nbsp; 223089 |
| &nbsp;&nbsp;&nbsp;FHLMC QA7479 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00 | &nbsp;&nbsp; 03/01/50 | &nbsp;&nbsp;&nbsp;&nbsp; 181406 | &nbsp;&nbsp;&nbsp;&nbsp; 159444 |
| &nbsp;&nbsp;&nbsp;FHLMC QE2363 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50 | &nbsp;&nbsp; 05/01/52 | &nbsp;&nbsp;&nbsp;&nbsp; 1189430 | &nbsp;&nbsp;&nbsp;&nbsp; 1071336 |
| &nbsp;&nbsp;&nbsp;FHLMC RA8249 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50 | &nbsp;&nbsp; 11/01/52 | &nbsp;&nbsp;&nbsp;&nbsp; 617705 | &nbsp;&nbsp;&nbsp;&nbsp; 620536 |
| &nbsp;&nbsp;&nbsp;FHLMC SD1188 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50 | &nbsp;&nbsp; 06/01/52 | &nbsp;&nbsp;&nbsp;&nbsp; 638527 | &nbsp;&nbsp;&nbsp;&nbsp; 575159 |
| &nbsp;&nbsp;&nbsp;FHLMC SD1495 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00 | &nbsp;&nbsp; 08/01/52 | &nbsp;&nbsp;&nbsp;&nbsp; 736614 | &nbsp;&nbsp;&nbsp;&nbsp; 728891 |
| &nbsp;&nbsp;&nbsp;FHLMC SD2605 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50 | &nbsp;&nbsp; 04/01/53 | &nbsp;&nbsp;&nbsp;&nbsp; 433082 | &nbsp;&nbsp;&nbsp;&nbsp; 434793 |
| &nbsp;&nbsp;&nbsp;FHLMC SD7555 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00 | &nbsp;&nbsp; 08/01/52 | &nbsp;&nbsp;&nbsp;&nbsp; 737018 | &nbsp;&nbsp;&nbsp;&nbsp; 648722 |
| &nbsp;&nbsp;&nbsp;FHLMC SD8068 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00 | &nbsp;&nbsp; 06/01/50 | &nbsp;&nbsp;&nbsp;&nbsp; 172117 | &nbsp;&nbsp;&nbsp;&nbsp; 149530 |
| &nbsp;&nbsp;&nbsp;FHLMC SD8193 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00 | &nbsp;&nbsp; 02/01/52 | &nbsp;&nbsp;&nbsp;&nbsp; 5459250 | &nbsp;&nbsp;&nbsp;&nbsp; 4333599 |
| &nbsp;&nbsp;&nbsp;FHLMC SD8237 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00 | &nbsp;&nbsp; 08/01/52 | &nbsp;&nbsp;&nbsp;&nbsp; 1181477 | &nbsp;&nbsp;&nbsp;&nbsp; 1100861 |
| &nbsp;&nbsp;&nbsp;FNMA BN7662 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50 | &nbsp;&nbsp; 07/01/49 | &nbsp;&nbsp;&nbsp;&nbsp; 68969 | &nbsp;&nbsp;&nbsp;&nbsp; 62848 |
| &nbsp;&nbsp;&nbsp;FNMA CA4016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00 | &nbsp;&nbsp; 08/01/49 | &nbsp;&nbsp;&nbsp;&nbsp; 395909 | &nbsp;&nbsp;&nbsp;&nbsp; 347755 |
| &nbsp;&nbsp;&nbsp;FNMA FM1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00 | &nbsp;&nbsp; 04/01/47 | &nbsp;&nbsp;&nbsp;&nbsp; 747015 | &nbsp;&nbsp;&nbsp;&nbsp; 662674 |
| &nbsp;&nbsp;&nbsp;FNMA FM4231 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50 | &nbsp;&nbsp; 09/01/50 | &nbsp;&nbsp;&nbsp;&nbsp; 200904 | &nbsp;&nbsp;&nbsp;&nbsp; 168416 |
| &nbsp;&nbsp;&nbsp;FNMA MA3691 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00 | &nbsp;&nbsp; 07/01/49 | &nbsp;&nbsp;&nbsp;&nbsp; 116296 | &nbsp;&nbsp;&nbsp;&nbsp; 101901 |
| &nbsp;&nbsp;&nbsp;FNMA MA3834 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00 | &nbsp;&nbsp; 11/01/49 | &nbsp;&nbsp;&nbsp;&nbsp; 244668 | &nbsp;&nbsp;&nbsp;&nbsp; 214379 |
| &nbsp;&nbsp;&nbsp;FNMA MA3960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00 | &nbsp;&nbsp; 03/01/50 | &nbsp;&nbsp;&nbsp;&nbsp; 114811 | &nbsp;&nbsp;&nbsp;&nbsp; 100311 |
| &nbsp;&nbsp;&nbsp;FNMA MA3992 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.50 | &nbsp;&nbsp; 04/01/50 | &nbsp;&nbsp;&nbsp;&nbsp; 110907 | &nbsp;&nbsp;&nbsp;&nbsp; 100946 |
| &nbsp;&nbsp;&nbsp;FNMA MA4048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00 | &nbsp;&nbsp; 06/01/50 | &nbsp;&nbsp;&nbsp;&nbsp; 515702 | &nbsp;&nbsp;&nbsp;&nbsp; 451690 |
| &nbsp;&nbsp;&nbsp;FNMA MA4124 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50 | &nbsp;&nbsp; 09/01/35 | &nbsp;&nbsp;&nbsp;&nbsp; 844827 | &nbsp;&nbsp;&nbsp;&nbsp; 791851 |
| &nbsp;&nbsp;&nbsp;FNMA MA4179 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00 | &nbsp;&nbsp; 11/01/35 | &nbsp;&nbsp;&nbsp;&nbsp; 2822852 | &nbsp;&nbsp;&nbsp;&nbsp; 2594963 |
| &nbsp;&nbsp;&nbsp;FNMA MA4254 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50 | &nbsp;&nbsp; 02/01/51 | &nbsp;&nbsp;&nbsp;&nbsp; 2349860 | &nbsp;&nbsp;&nbsp;&nbsp; 1768231 |
| &nbsp;&nbsp;&nbsp;FNMA MA4303 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00 | &nbsp;&nbsp; 04/01/36 | &nbsp;&nbsp;&nbsp;&nbsp; 1145093 | &nbsp;&nbsp;&nbsp;&nbsp; 1047726 |
| &nbsp;&nbsp;&nbsp;FNMA MA4418 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00 | &nbsp;&nbsp; 09/01/36 | &nbsp;&nbsp;&nbsp;&nbsp; 1921272 | &nbsp;&nbsp;&nbsp;&nbsp; 1757840 |
| &nbsp;&nbsp;&nbsp;FNMA MA4437 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00 | &nbsp;&nbsp; 10/01/51 | &nbsp;&nbsp;&nbsp;&nbsp; 3541538 | &nbsp;&nbsp;&nbsp;&nbsp; 2806856 |
| &nbsp;&nbsp;&nbsp;FNMA MA4579 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00 | &nbsp;&nbsp; 04/01/52 | &nbsp;&nbsp;&nbsp;&nbsp; 618234 | &nbsp;&nbsp;&nbsp;&nbsp; 535948 |
| &nbsp;&nbsp;&nbsp;GNMA 2025-25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50 | &nbsp;&nbsp; 02/20/54 | &nbsp;&nbsp;&nbsp;&nbsp; 1465021 | &nbsp;&nbsp;&nbsp;&nbsp; 1433092 |
| &nbsp;&nbsp;&nbsp;GNMA 2025-89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00 | &nbsp;&nbsp; 11/20/53 | &nbsp;&nbsp;&nbsp;&nbsp; 1446934 | &nbsp;&nbsp;&nbsp;&nbsp; 1449553 |
| &nbsp;&nbsp;&nbsp;GNMA 21-8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.00 | &nbsp;&nbsp; 01/20/50 | &nbsp;&nbsp;&nbsp;&nbsp; 415116 | &nbsp;&nbsp;&nbsp;&nbsp; 323849 |
| &nbsp;&nbsp;&nbsp;GNMA 22-177 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00 | &nbsp;&nbsp; 05/20/48 | &nbsp;&nbsp;&nbsp;&nbsp; 1086525 | &nbsp;&nbsp;&nbsp;&nbsp; 1107403 |
| &nbsp;&nbsp;&nbsp;GNMA 23-128 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75 | &nbsp;&nbsp; 08/20/47 | &nbsp;&nbsp;&nbsp;&nbsp; 394505 | &nbsp;&nbsp;&nbsp;&nbsp; 397679 |
| &nbsp;&nbsp;&nbsp;GNMA 23-22EA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00 | &nbsp;&nbsp; 09/20/49 | &nbsp;&nbsp;&nbsp;&nbsp; 496671 | &nbsp;&nbsp;&nbsp;&nbsp; 498573 |
| &nbsp;&nbsp;&nbsp;GNMA 23-22EC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00 | &nbsp;&nbsp; 01/20/51 | &nbsp;&nbsp;&nbsp;&nbsp; 267705 | &nbsp;&nbsp;&nbsp;&nbsp; 271016 |
| &nbsp;&nbsp;&nbsp;GNMA 23-4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00 | &nbsp;&nbsp; 07/20/49 | &nbsp;&nbsp;&nbsp;&nbsp; 154095 | &nbsp;&nbsp;&nbsp;&nbsp; 155243 |
| &nbsp;&nbsp;&nbsp;GNMA 23-59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00 | &nbsp;&nbsp; 11/20/41 | &nbsp;&nbsp;&nbsp;&nbsp; 276982 | &nbsp;&nbsp;&nbsp;&nbsp; 277827 |
| &nbsp;&nbsp;&nbsp;GNMA 23-76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00 | &nbsp;&nbsp; 05/20/53 | &nbsp;&nbsp;&nbsp;&nbsp; 1267475 | &nbsp;&nbsp;&nbsp;&nbsp; 1279137 |
| &nbsp;&nbsp;&nbsp;GNMA 23-84KA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50 | &nbsp;&nbsp; 06/20/42 | &nbsp;&nbsp;&nbsp;&nbsp; 387419 | &nbsp;&nbsp;&nbsp;&nbsp; 391313 |
| &nbsp;&nbsp;&nbsp;GNMA 24-103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50 | &nbsp;&nbsp; 06/20/54 | &nbsp;&nbsp;&nbsp;&nbsp; 1094127 | &nbsp;&nbsp;&nbsp;&nbsp; 1078475 |
| &nbsp;&nbsp;&nbsp;GNMA 24-51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00 | &nbsp;&nbsp; 04/20/62 | &nbsp;&nbsp;&nbsp;&nbsp; 221008 | &nbsp;&nbsp;&nbsp;&nbsp; 221541 |
| &nbsp;&nbsp;&nbsp;GNMA 24-92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00 | &nbsp;&nbsp; 05/20/54 | &nbsp;&nbsp;&nbsp;&nbsp; 571031 | &nbsp;&nbsp;&nbsp;&nbsp; 577147 |
| &nbsp;&nbsp;&nbsp;GNMA 25-28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00 | &nbsp;&nbsp; 08/20/53 | &nbsp;&nbsp;&nbsp;&nbsp; 657366 | &nbsp;&nbsp;&nbsp;&nbsp; 660946 |
| &nbsp;&nbsp;&nbsp;GNMA 786247 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00 | &nbsp;&nbsp; 07/20/52 | &nbsp;&nbsp;&nbsp;&nbsp; 524885 | &nbsp;&nbsp;&nbsp;&nbsp; 488309 |
| &nbsp;&nbsp;&nbsp;GNMA 786428 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00 | &nbsp;&nbsp; 06/20/52 | &nbsp;&nbsp;&nbsp;&nbsp; 925495 | &nbsp;&nbsp;&nbsp;&nbsp; 859170 |
| &nbsp;&nbsp;&nbsp;GNMA 786576 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50 | &nbsp;&nbsp; 09/20/52 | &nbsp;&nbsp;&nbsp;&nbsp; 245014 | &nbsp;&nbsp;&nbsp;&nbsp; 235845 |
| &nbsp;&nbsp;&nbsp;GNMA 787291 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50 | &nbsp;&nbsp; 03/20/54 | &nbsp;&nbsp;&nbsp;&nbsp; 97705 | &nbsp;&nbsp;&nbsp;&nbsp; 101196 |
| &nbsp;&nbsp;&nbsp;GNMA 787343 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50 | &nbsp;&nbsp; 04/20/54 | &nbsp;&nbsp;&nbsp;&nbsp; 125329 | &nbsp;&nbsp;&nbsp;&nbsp; 129807 |
| &nbsp;&nbsp;&nbsp;GNMA CK0445 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00 | &nbsp;&nbsp; 02/15/52 | &nbsp;&nbsp;&nbsp;&nbsp; 1066264 | &nbsp;&nbsp;&nbsp;&nbsp; 998200 |
| &nbsp;&nbsp;&nbsp;GNMA CV1215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00 | &nbsp;&nbsp; 07/20/53 | &nbsp;&nbsp;&nbsp;&nbsp; 80471 | &nbsp;&nbsp;&nbsp;&nbsp; 83000 |
| &nbsp;&nbsp;&nbsp;GNMA CW8493 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.00 | &nbsp;&nbsp; 11/20/53 | &nbsp;&nbsp;&nbsp;&nbsp; 13273 | &nbsp;&nbsp;&nbsp;&nbsp; 13812 |
| &nbsp;&nbsp;&nbsp;GNMA CW8495 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50 | &nbsp;&nbsp; 11/20/53 | &nbsp;&nbsp;&nbsp;&nbsp; 40319 | &nbsp;&nbsp;&nbsp;&nbsp; 41761 |
| &nbsp;&nbsp;&nbsp;GNMA MA8346 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00 | &nbsp;&nbsp; 10/20/52 | &nbsp;&nbsp;&nbsp;&nbsp; 2944690 | &nbsp;&nbsp;&nbsp;&nbsp; 2757377 |
| &nbsp;&nbsp;&nbsp;GNMA MA8880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00 | &nbsp;&nbsp; 05/20/53 | &nbsp;&nbsp;&nbsp;&nbsp; 395647 | &nbsp;&nbsp;&nbsp;&nbsp; 404053 |
| **Total Mortgage-Backed Securities** |  |  |  |  |
| **(Cost $41,693,653)** |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **39952754** |

---

#### &nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **Portfolio of Investments&nbsp;&nbsp;&nbsp;&nbsp;** |

---

#### 13

------

[**Table of Contents**](#JOB_Homes_d5f6c467-c4b6-48bc-b206-21170d7a521a_TOC)

#### Portfolio of Investments <sub>\|</sub> Intermediate Bond Fund <sub>\|</sub> June 30, 2025 <sub>\|</sub> (Unaudited) <sub>\|</sub>
(Continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Corporate Bonds–Other \| 28.6% of portfolio** | **Corporate Bonds–Other \| 28.6% of portfolio** | **Corporate Bonds–Other \| 28.6% of portfolio** | **Corporate Bonds–Other \| 28.6% of portfolio** | **Corporate Bonds–Other \| 28.6% of portfolio** |
|  | &nbsp;&nbsp;**Interest Rate /Yield** | &nbsp;&nbsp;**Maturity Date** | &nbsp;&nbsp;**Face Amount** | &nbsp;&nbsp;**Value** |
| **Communication Services \| 0.3%** | **Communication Services \| 0.3%** | **Communication Services \| 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Meta Platforms Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.40% | &nbsp;&nbsp; 08/15/54 | &nbsp;&nbsp; $120000 | &nbsp;&nbsp; $117029 |
| &nbsp;&nbsp;&nbsp;Meta Platforms Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.55 | &nbsp;&nbsp; 08/15/64 | &nbsp;&nbsp;&nbsp;&nbsp; 66000 | &nbsp;&nbsp;&nbsp;&nbsp; 64498 |
| &nbsp;&nbsp;&nbsp;T-Mobile US, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00 | &nbsp;&nbsp; 02/15/41 | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 146351 |
| **Total Communication Services** |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **327878** |
| **Consumer Discretionary \| 3.0%** | **Consumer Discretionary \| 3.0%** | **Consumer Discretionary \| 3.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Block Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50 | &nbsp;&nbsp; 07/15/28 | &nbsp;&nbsp;&nbsp;&nbsp; 145000 | &nbsp;&nbsp;&nbsp;&nbsp; 136515 |
| &nbsp;&nbsp;&nbsp;Daimler Truck Finance North America LLC (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25 | &nbsp;&nbsp; 01/13/30 | &nbsp;&nbsp;&nbsp;&nbsp; 280000 | &nbsp;&nbsp;&nbsp;&nbsp; 286548 |
| &nbsp;&nbsp;&nbsp;Daimler Truck Finance North America LLC (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38 | &nbsp;&nbsp; 01/13/32 | &nbsp;&nbsp;&nbsp;&nbsp; 255000 | &nbsp;&nbsp;&nbsp;&nbsp; 259195 |
| &nbsp;&nbsp;&nbsp;Expedia Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63 | &nbsp;&nbsp; 08/01/27 | &nbsp;&nbsp;&nbsp;&nbsp; 330000 | &nbsp;&nbsp;&nbsp;&nbsp; 331340 |
| &nbsp;&nbsp;&nbsp;Ford Motor Credit Co. LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.90 | &nbsp;&nbsp; 02/10/29 | &nbsp;&nbsp;&nbsp;&nbsp; 225000 | &nbsp;&nbsp;&nbsp;&nbsp; 204586 |
| &nbsp;&nbsp;&nbsp;Hyundai Capital America (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.60 | &nbsp;&nbsp; 03/30/28 | &nbsp;&nbsp;&nbsp;&nbsp; 290000 | &nbsp;&nbsp;&nbsp;&nbsp; 296934 |
| &nbsp;&nbsp;&nbsp;Hyundai Capital America (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.55 | &nbsp;&nbsp; 09/26/29 | &nbsp;&nbsp;&nbsp;&nbsp; 135000 | &nbsp;&nbsp;&nbsp;&nbsp; 133796 |
| &nbsp;&nbsp;&nbsp;Hyundai Capital America (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.80 | &nbsp;&nbsp; 04/01/30 | &nbsp;&nbsp;&nbsp;&nbsp; 490000 | &nbsp;&nbsp;&nbsp;&nbsp; 508436 |
| &nbsp;&nbsp;&nbsp;Hyundai Capital America (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75 | &nbsp;&nbsp; 09/26/31 | &nbsp;&nbsp;&nbsp;&nbsp; 135000 | &nbsp;&nbsp;&nbsp;&nbsp; 133318 |
| &nbsp;&nbsp;&nbsp;Lowe`s Companies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.85 | &nbsp;&nbsp; 04/01/63 | &nbsp;&nbsp;&nbsp;&nbsp; 205000 | &nbsp;&nbsp;&nbsp;&nbsp; 200131 |
| &nbsp;&nbsp;&nbsp;Nissan Motor Acceptance Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.45 | &nbsp;&nbsp; 09/15/28 | &nbsp;&nbsp;&nbsp;&nbsp; 435000 | &nbsp;&nbsp;&nbsp;&nbsp; 385321 |
| &nbsp;&nbsp;&nbsp;Tractor Supply Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.75 | &nbsp;&nbsp; 11/01/30 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 86721 |
| &nbsp;&nbsp;&nbsp;United Airlines 2019-2AA PT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.70 | &nbsp;&nbsp; 05/01/32 | &nbsp;&nbsp;&nbsp;&nbsp; 794734 | &nbsp;&nbsp;&nbsp;&nbsp; 710117 |
| &nbsp;&nbsp;&nbsp;Volkswagen Group of America Finance LLC (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.60 | &nbsp;&nbsp; 03/22/34 | &nbsp;&nbsp;&nbsp;&nbsp; 325000 | &nbsp;&nbsp;&nbsp;&nbsp; 326350 |
| **Total Consumer Discretionary** |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **3999308** |
| **Consumer Staples \| 1.5%** | **Consumer Staples \| 1.5%** | **Consumer Staples \| 1.5%** |  |  |
| &nbsp;&nbsp;&nbsp;7-Eleven Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.30 | &nbsp;&nbsp; 02/10/28 | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp; 55341 |
| &nbsp;&nbsp;&nbsp;7-Eleven Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.80 | &nbsp;&nbsp; 02/10/31 | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp; 50818 |
| &nbsp;&nbsp;&nbsp;7-Eleven Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.80 | &nbsp;&nbsp; 02/10/51 | &nbsp;&nbsp;&nbsp;&nbsp; 135000 | &nbsp;&nbsp;&nbsp;&nbsp; 79997 |
| &nbsp;&nbsp;&nbsp;BAT Capital Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.83 | &nbsp;&nbsp; 02/20/31 | &nbsp;&nbsp;&nbsp;&nbsp; 315000 | &nbsp;&nbsp;&nbsp;&nbsp; 331474 |
| &nbsp;&nbsp;&nbsp;Campbell Soup Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.38 | &nbsp;&nbsp; 04/24/30 | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 226576 |
| &nbsp;&nbsp;&nbsp;Kenvue Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.20 | &nbsp;&nbsp; 03/22/63 | &nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp;&nbsp;&nbsp; 78638 |
| &nbsp;&nbsp;&nbsp;Philip Morris International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.88 | &nbsp;&nbsp; 02/15/28 | &nbsp;&nbsp;&nbsp;&nbsp; 230000 | &nbsp;&nbsp;&nbsp;&nbsp; 233874 |
| &nbsp;&nbsp;&nbsp;Philip Morris International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13 | &nbsp;&nbsp; 02/15/30 | &nbsp;&nbsp;&nbsp;&nbsp; 260000 | &nbsp;&nbsp;&nbsp;&nbsp; 267495 |
| &nbsp;&nbsp;&nbsp;Philip Morris International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13 | &nbsp;&nbsp; 02/13/31 | &nbsp;&nbsp;&nbsp;&nbsp; 380000 | &nbsp;&nbsp;&nbsp;&nbsp; 391379 |
| &nbsp;&nbsp;&nbsp;Smithfield Foods, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.63 | &nbsp;&nbsp; 09/13/31 | &nbsp;&nbsp;&nbsp;&nbsp; 340000 | &nbsp;&nbsp;&nbsp;&nbsp; 293089 |
| **Total Consumer Staples** |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **2008681** |
| **Energy \| 3.1%** | **Energy \| 3.1%** | **Energy \| 3.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Boardwalk Pipelines LP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63 | &nbsp;&nbsp; 08/01/34 | &nbsp;&nbsp;&nbsp;&nbsp; 130000 | &nbsp;&nbsp;&nbsp;&nbsp; 131863 |
| &nbsp;&nbsp;&nbsp;BP Capital Markets America Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.81 | &nbsp;&nbsp; 02/13/33 | &nbsp;&nbsp;&nbsp;&nbsp; 110000 | &nbsp;&nbsp;&nbsp;&nbsp; 109853 |
| &nbsp;&nbsp;&nbsp;BP Capital Markets America Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.77 | &nbsp;&nbsp; 11/10/50 | &nbsp;&nbsp;&nbsp;&nbsp; 210000 | &nbsp;&nbsp;&nbsp;&nbsp; 128134 |
| &nbsp;&nbsp;&nbsp;Cheniere Corpus Christi Holdings LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.70 | &nbsp;&nbsp; 11/15/29 | &nbsp;&nbsp;&nbsp;&nbsp; 39000 | &nbsp;&nbsp;&nbsp;&nbsp; 37623 |
| &nbsp;&nbsp;&nbsp;Cheniere Corpus Christi Holdings LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.74 | &nbsp;&nbsp; 12/31/39 | &nbsp;&nbsp;&nbsp;&nbsp; 170000 | &nbsp;&nbsp;&nbsp;&nbsp; 138360 |
| &nbsp;&nbsp;&nbsp;Cheniere Energy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.65 | &nbsp;&nbsp; 04/15/34 | &nbsp;&nbsp;&nbsp;&nbsp; 130000 | &nbsp;&nbsp;&nbsp;&nbsp; 133143 |
| &nbsp;&nbsp;&nbsp;Cheniere Energy Partners LP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.95 | &nbsp;&nbsp; 06/30/33 | &nbsp;&nbsp;&nbsp;&nbsp; 105000 | &nbsp;&nbsp;&nbsp;&nbsp; 109603 |
| &nbsp;&nbsp;&nbsp;Energy Transfer LP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.20 | &nbsp;&nbsp; 04/01/55 | &nbsp;&nbsp;&nbsp;&nbsp; 660000 | &nbsp;&nbsp;&nbsp;&nbsp; 649767 |
| &nbsp;&nbsp;&nbsp;Energy Transfer Operating LP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75 | &nbsp;&nbsp; 05/15/30 | &nbsp;&nbsp;&nbsp;&nbsp; 318000 | &nbsp;&nbsp;&nbsp;&nbsp; 305108 |
| &nbsp;&nbsp;&nbsp;Entergy Arkansas, LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.15 | &nbsp;&nbsp; 01/15/33 | &nbsp;&nbsp;&nbsp;&nbsp; 205000 | &nbsp;&nbsp;&nbsp;&nbsp; 210067 |
| &nbsp;&nbsp;&nbsp;Enterprise Products Operating LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.60 | &nbsp;&nbsp; 01/15/31 | &nbsp;&nbsp;&nbsp;&nbsp; 275000 | &nbsp;&nbsp;&nbsp;&nbsp; 277092 |
| &nbsp;&nbsp;&nbsp;Midwest Connector Capital Co. LLC (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63 | &nbsp;&nbsp; 04/01/29 | &nbsp;&nbsp;&nbsp;&nbsp; 205000 | &nbsp;&nbsp;&nbsp;&nbsp; 203262 |
| &nbsp;&nbsp;&nbsp;MPLX LP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.65 | &nbsp;&nbsp; 08/15/30 | &nbsp;&nbsp;&nbsp;&nbsp; 245000 | &nbsp;&nbsp;&nbsp;&nbsp; 221736 |
| &nbsp;&nbsp;&nbsp;National Oilwell Varco, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.60 | &nbsp;&nbsp; 12/01/29 | &nbsp;&nbsp;&nbsp;&nbsp; 112000 | &nbsp;&nbsp;&nbsp;&nbsp; 107431 |
| &nbsp;&nbsp;&nbsp;Phillips 66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.15 | &nbsp;&nbsp; 12/15/30 | &nbsp;&nbsp;&nbsp;&nbsp; 260000 | &nbsp;&nbsp;&nbsp;&nbsp; 228964 |
| &nbsp;&nbsp;&nbsp;Phillips 66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.30 | &nbsp;&nbsp; 06/30/33 | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 303078 |
| &nbsp;&nbsp;&nbsp;Targa Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50 | &nbsp;&nbsp; 02/15/53 | &nbsp;&nbsp;&nbsp;&nbsp; 305000 | &nbsp;&nbsp;&nbsp;&nbsp; 313106 |
| &nbsp;&nbsp;&nbsp;Valero Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.15 | &nbsp;&nbsp; 02/15/30 | &nbsp;&nbsp;&nbsp;&nbsp; 345000 | &nbsp;&nbsp;&nbsp;&nbsp; 351824 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Portfolio of Investments** | **The accompanying notes are an integral part of these financial statements.** |

---

#### 14

------

[**Table of Contents**](#JOB_Homes_d5f6c467-c4b6-48bc-b206-21170d7a521a_TOC)

#### Portfolio of Investments <sub>\|</sub> Intermediate Bond Fund <sub>\|</sub> June 30, 2025 <sub>\|</sub> (Unaudited) <sub>\|</sub>
(Continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Corporate Bonds–Other \| 28.6% of portfolio (Continued)** | **Corporate Bonds–Other \| 28.6% of portfolio (Continued)** | **Corporate Bonds–Other \| 28.6% of portfolio (Continued)** | **Corporate Bonds–Other \| 28.6% of portfolio (Continued)** | **Corporate Bonds–Other \| 28.6% of portfolio (Continued)** |
|  | &nbsp;&nbsp;**Interest Rate /Yield** | &nbsp;&nbsp;**Maturity Date** | &nbsp;&nbsp;**Face Amount** | &nbsp;&nbsp;**Value** |
| **Energy \| 3.1% (Continued)** | **Energy \| 3.1% (Continued)** | **Energy \| 3.1% (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Western Midstream Operating LP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.30% | &nbsp;&nbsp; 03/01/48 | &nbsp;&nbsp; $255000 | &nbsp;&nbsp; $212799 |
| **Total Energy** |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **4172813** |
| **Financials \| 11.8%** | **Financials \| 11.8%** | **Financials \| 11.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Ally Financial Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.99(b) | &nbsp;&nbsp; 06/13/29 | &nbsp;&nbsp;&nbsp;&nbsp; 205000 | &nbsp;&nbsp;&nbsp;&nbsp; 215802 |
| &nbsp;&nbsp;&nbsp;Antares Holdings LP (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.95 | &nbsp;&nbsp; 07/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; 375000 | &nbsp;&nbsp;&nbsp;&nbsp; 368878 |
| &nbsp;&nbsp;&nbsp;Athene Holding Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.95 | &nbsp;&nbsp; 05/25/51 | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 211940 |
| &nbsp;&nbsp;&nbsp;Bank of America Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.98(b) | &nbsp;&nbsp; 01/24/29 | &nbsp;&nbsp;&nbsp;&nbsp; 330000 | &nbsp;&nbsp;&nbsp;&nbsp; 334707 |
| &nbsp;&nbsp;&nbsp;Bank of America Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.16(b) | &nbsp;&nbsp; 01/24/31 | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 256238 |
| &nbsp;&nbsp;&nbsp;Bank of America Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.02(b) | &nbsp;&nbsp; 07/22/33 | &nbsp;&nbsp;&nbsp;&nbsp; 445000 | &nbsp;&nbsp;&nbsp;&nbsp; 450210 |
| &nbsp;&nbsp;&nbsp;Blue Owl Credit Income Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.13 | &nbsp;&nbsp; 09/23/26 | &nbsp;&nbsp;&nbsp;&nbsp; 518000 | &nbsp;&nbsp;&nbsp;&nbsp; 503777 |
| &nbsp;&nbsp;&nbsp;Capital One, N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.97(b) | &nbsp;&nbsp; 08/09/28 | &nbsp;&nbsp;&nbsp;&nbsp; 345000 | &nbsp;&nbsp;&nbsp;&nbsp; 353473 |
| &nbsp;&nbsp;&nbsp;Citigroup Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.17(b) | &nbsp;&nbsp; 02/13/30 | &nbsp;&nbsp;&nbsp;&nbsp; 390000 | &nbsp;&nbsp;&nbsp;&nbsp; 397891 |
| &nbsp;&nbsp;&nbsp;Citigroup Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.57(b) | &nbsp;&nbsp; 06/03/31 | &nbsp;&nbsp;&nbsp;&nbsp; 870000 | &nbsp;&nbsp;&nbsp;&nbsp; 789013 |
| &nbsp;&nbsp;&nbsp;Discover Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.65 | &nbsp;&nbsp; 09/13/28 | &nbsp;&nbsp;&nbsp;&nbsp; 330000 | &nbsp;&nbsp;&nbsp;&nbsp; 331744 |
| &nbsp;&nbsp;&nbsp;Fifth Third Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.34(b) | &nbsp;&nbsp; 07/27/29 | &nbsp;&nbsp;&nbsp;&nbsp; 335000 | &nbsp;&nbsp;&nbsp;&nbsp; 352856 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.94(b) | &nbsp;&nbsp; 04/23/28 | &nbsp;&nbsp;&nbsp;&nbsp; 270000 | &nbsp;&nbsp;&nbsp;&nbsp; 272104 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.22(b) | &nbsp;&nbsp; 05/01/29 | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 397720 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.38(b) | &nbsp;&nbsp; 07/21/32 | &nbsp;&nbsp;&nbsp;&nbsp; 365000 | &nbsp;&nbsp;&nbsp;&nbsp; 318771 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.91(b) | &nbsp;&nbsp; 07/21/42 | &nbsp;&nbsp;&nbsp;&nbsp; 230000 | &nbsp;&nbsp;&nbsp;&nbsp; 164687 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.44(b) | &nbsp;&nbsp; 02/24/43 | &nbsp;&nbsp;&nbsp;&nbsp; 255000 | &nbsp;&nbsp;&nbsp;&nbsp; 194418 |
| &nbsp;&nbsp;&nbsp;J.P. Morgan Chase & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.30(b) | &nbsp;&nbsp; 07/24/29 | &nbsp;&nbsp;&nbsp;&nbsp; 195000 | &nbsp;&nbsp;&nbsp;&nbsp; 200209 |
| &nbsp;&nbsp;&nbsp;J.P. Morgan Chase & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.58(b) | &nbsp;&nbsp; 04/22/30 | &nbsp;&nbsp;&nbsp;&nbsp; 655000 | &nbsp;&nbsp;&nbsp;&nbsp; 680124 |
| &nbsp;&nbsp;&nbsp;J.P. Morgan Chase & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.91(b) | &nbsp;&nbsp; 07/25/33 | &nbsp;&nbsp;&nbsp;&nbsp; 185000 | &nbsp;&nbsp;&nbsp;&nbsp; 186071 |
| &nbsp;&nbsp;&nbsp;M&T Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.41(b) | &nbsp;&nbsp; 10/30/29 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 542278 |
| &nbsp;&nbsp;&nbsp;M&T Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.39(b) | &nbsp;&nbsp; 01/16/36 | &nbsp;&nbsp;&nbsp;&nbsp; 135000 | &nbsp;&nbsp;&nbsp;&nbsp; 134531 |
| &nbsp;&nbsp;&nbsp;Metropolitan Life Global Funding I (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.15 | &nbsp;&nbsp; 03/28/33 | &nbsp;&nbsp;&nbsp;&nbsp; 180000 | &nbsp;&nbsp;&nbsp;&nbsp; 182687 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.16(b) | &nbsp;&nbsp; 04/20/29 | &nbsp;&nbsp;&nbsp;&nbsp; 620000 | &nbsp;&nbsp;&nbsp;&nbsp; 632152 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.23(b) | &nbsp;&nbsp; 01/15/31 | &nbsp;&nbsp;&nbsp;&nbsp; 580000 | &nbsp;&nbsp;&nbsp;&nbsp; 593742 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.79(b) | &nbsp;&nbsp; 02/13/32 | &nbsp;&nbsp;&nbsp;&nbsp; 510000 | &nbsp;&nbsp;&nbsp;&nbsp; 436328 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.89(b) | &nbsp;&nbsp; 07/20/33 | &nbsp;&nbsp;&nbsp;&nbsp; 170000 | &nbsp;&nbsp;&nbsp;&nbsp; 170172 |
| &nbsp;&nbsp;&nbsp;Northern Trust Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.13 | &nbsp;&nbsp; 11/02/32 | &nbsp;&nbsp;&nbsp;&nbsp; 265000 | &nbsp;&nbsp;&nbsp;&nbsp; 286151 |
| &nbsp;&nbsp;&nbsp;Oaktree Specialty Lending Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.34 | &nbsp;&nbsp; 02/27/30 | &nbsp;&nbsp;&nbsp;&nbsp; 330000 | &nbsp;&nbsp;&nbsp;&nbsp; 326999 |
| &nbsp;&nbsp;&nbsp;Owl Rock Technology Finance Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75 | &nbsp;&nbsp; 06/17/26 | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 147054 |
| &nbsp;&nbsp;&nbsp;Owl Rock Technology Finance Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.50 | &nbsp;&nbsp; 01/15/27 | &nbsp;&nbsp;&nbsp;&nbsp; 139000 | &nbsp;&nbsp;&nbsp;&nbsp; 133182 |
| &nbsp;&nbsp;&nbsp;Prudential Financial Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50(b) | &nbsp;&nbsp; 03/15/54 | &nbsp;&nbsp;&nbsp;&nbsp; 620000 | &nbsp;&nbsp;&nbsp;&nbsp; 636894 |
| &nbsp;&nbsp;&nbsp;Prudential Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.70(b) | &nbsp;&nbsp; 09/15/48 | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 75969 |
| &nbsp;&nbsp;&nbsp;Regions Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.72(b) | &nbsp;&nbsp; 06/06/30 | &nbsp;&nbsp;&nbsp;&nbsp; 340000 | &nbsp;&nbsp;&nbsp;&nbsp; 351153 |
| &nbsp;&nbsp;&nbsp;Santander Holdings USA, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.49(b) | &nbsp;&nbsp; 01/06/28 | &nbsp;&nbsp;&nbsp;&nbsp; 298000 | &nbsp;&nbsp;&nbsp;&nbsp; 288470 |
| &nbsp;&nbsp;&nbsp;Santander Holdings USA, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.47(b) | &nbsp;&nbsp; 03/20/29 | &nbsp;&nbsp;&nbsp;&nbsp; 445000 | &nbsp;&nbsp;&nbsp;&nbsp; 452466 |
| &nbsp;&nbsp;&nbsp;Truist Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.44(b) | &nbsp;&nbsp; 01/24/30 | &nbsp;&nbsp;&nbsp;&nbsp; 315000 | &nbsp;&nbsp;&nbsp;&nbsp; 324441 |
| &nbsp;&nbsp;&nbsp;Wells Fargo & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.97(b) | &nbsp;&nbsp; 04/23/29 | &nbsp;&nbsp;&nbsp;&nbsp; 340000 | &nbsp;&nbsp;&nbsp;&nbsp; 344758 |
| &nbsp;&nbsp;&nbsp;Wells Fargo & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.57(b) | &nbsp;&nbsp; 07/25/29 | &nbsp;&nbsp;&nbsp;&nbsp; 1695000 | &nbsp;&nbsp;&nbsp;&nbsp; 1750185 |
| &nbsp;&nbsp;&nbsp;Wells Fargo & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.24(b) | &nbsp;&nbsp; 01/24/31 | &nbsp;&nbsp;&nbsp;&nbsp; 290000 | &nbsp;&nbsp;&nbsp;&nbsp; 297493 |
| &nbsp;&nbsp;&nbsp;Wells Fargo & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.49(b) | &nbsp;&nbsp; 10/23/34 | &nbsp;&nbsp;&nbsp;&nbsp; 220000 | &nbsp;&nbsp;&nbsp;&nbsp; 240467 |
| &nbsp;&nbsp;&nbsp;Wells Fargo & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.07(b) | &nbsp;&nbsp; 04/30/41 | &nbsp;&nbsp;&nbsp;&nbsp; 440000 | &nbsp;&nbsp;&nbsp;&nbsp; 332495 |
| **Total Financials** |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **15660700** |
| **Health Care \| 1.6%** | **Health Care \| 1.6%** | **Health Care \| 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;AbbVie Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95 | &nbsp;&nbsp; 03/15/31 | &nbsp;&nbsp;&nbsp;&nbsp; 105000 | &nbsp;&nbsp;&nbsp;&nbsp; 107796 |
| &nbsp;&nbsp;&nbsp;AbbVie Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.35 | &nbsp;&nbsp; 03/15/44 | &nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp; 63711 |
| &nbsp;&nbsp;&nbsp;AbbVie Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.40 | &nbsp;&nbsp; 03/15/54 | &nbsp;&nbsp;&nbsp;&nbsp; 130000 | &nbsp;&nbsp;&nbsp;&nbsp; 126406 |
| &nbsp;&nbsp;&nbsp;Amgen Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75 | &nbsp;&nbsp; 03/02/63 | &nbsp;&nbsp;&nbsp;&nbsp; 215000 | &nbsp;&nbsp;&nbsp;&nbsp; 209021 |
| &nbsp;&nbsp;&nbsp;Bayer US Finance LLC (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25 | &nbsp;&nbsp; 01/21/29 | &nbsp;&nbsp;&nbsp;&nbsp; 331000 | &nbsp;&nbsp;&nbsp;&nbsp; 347574 |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **Portfolio of Investments&nbsp;&nbsp;&nbsp;&nbsp;** |

---

#### 15

------

[**Table of Contents**](#JOB_Homes_d5f6c467-c4b6-48bc-b206-21170d7a521a_TOC)

#### Portfolio of Investments <sub>\|</sub> Intermediate Bond Fund <sub>\|</sub> June 30, 2025 <sub>\|</sub> (Unaudited) <sub>\|</sub>
(Continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Corporate Bonds–Other \| 28.6% of portfolio (Continued)** | **Corporate Bonds–Other \| 28.6% of portfolio (Continued)** | **Corporate Bonds–Other \| 28.6% of portfolio (Continued)** | **Corporate Bonds–Other \| 28.6% of portfolio (Continued)** | **Corporate Bonds–Other \| 28.6% of portfolio (Continued)** |
|  | &nbsp;&nbsp;**Interest Rate /Yield** | &nbsp;&nbsp;**Maturity Date** | &nbsp;&nbsp;**Face Amount** | &nbsp;&nbsp;**Value** |
| **Health Care \| 1.6% (Continued)** | **Health Care \| 1.6% (Continued)** | **Health Care \| 1.6% (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Bayer US Finance LLC (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88% | &nbsp;&nbsp; 11/21/53 | &nbsp;&nbsp; $305000 | &nbsp;&nbsp; $323902 |
| &nbsp;&nbsp;&nbsp;Bristol-Myers Squibb Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25 | &nbsp;&nbsp; 11/15/53 | &nbsp;&nbsp;&nbsp;&nbsp; 127000 | &nbsp;&nbsp;&nbsp;&nbsp; 136093 |
| &nbsp;&nbsp;&nbsp;HCA Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.90 | &nbsp;&nbsp; 06/01/53 | &nbsp;&nbsp;&nbsp;&nbsp; 315000 | &nbsp;&nbsp;&nbsp;&nbsp; 304149 |
| &nbsp;&nbsp;&nbsp;Pfizer Investment Enterprises Pte Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.65 | &nbsp;&nbsp; 05/19/30 | &nbsp;&nbsp;&nbsp;&nbsp; 195000 | &nbsp;&nbsp;&nbsp;&nbsp; 197697 |
| &nbsp;&nbsp;&nbsp;Pfizer Investment Enterprises Pte Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.11 | &nbsp;&nbsp; 05/19/43 | &nbsp;&nbsp;&nbsp;&nbsp; 95000 | &nbsp;&nbsp;&nbsp;&nbsp; 90594 |
| &nbsp;&nbsp;&nbsp;Pfizer Investment Enterprises Pte Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.30 | &nbsp;&nbsp; 05/19/53 | &nbsp;&nbsp;&nbsp;&nbsp; 255000 | &nbsp;&nbsp;&nbsp;&nbsp; 240722 |
| **Total Health Care** |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **2147665** |
| **Industrials \| 1.1%** | **Industrials \| 1.1%** | **Industrials \| 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;American Airlines Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25 | &nbsp;&nbsp; 04/15/30 | &nbsp;&nbsp;&nbsp;&nbsp; 395805 | &nbsp;&nbsp;&nbsp;&nbsp; 370931 |
| &nbsp;&nbsp;&nbsp;Ashtead Capital, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25 | &nbsp;&nbsp; 11/01/29 | &nbsp;&nbsp;&nbsp;&nbsp; 308000 | &nbsp;&nbsp;&nbsp;&nbsp; 301595 |
| &nbsp;&nbsp;&nbsp;Ashtead Capital, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.45 | &nbsp;&nbsp; 08/12/31 | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 172580 |
| &nbsp;&nbsp;&nbsp;BNSF Railway Co. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.44 | &nbsp;&nbsp; 06/16/28 | &nbsp;&nbsp;&nbsp;&nbsp; 311934 | &nbsp;&nbsp;&nbsp;&nbsp; 300284 |
| &nbsp;&nbsp;&nbsp;United Rentals (North America) Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00 | &nbsp;&nbsp; 12/15/29 | &nbsp;&nbsp;&nbsp;&nbsp; 340000 | &nbsp;&nbsp;&nbsp;&nbsp; 348221 |
| **Total Industrials** |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **1493611** |
| **Information Technology \| 0.4%** | **Information Technology \| 0.4%** | **Information Technology \| 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Avnet Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25 | &nbsp;&nbsp; 03/15/28 | &nbsp;&nbsp;&nbsp;&nbsp; 170000 | &nbsp;&nbsp;&nbsp;&nbsp; 176670 |
| &nbsp;&nbsp;&nbsp;VMware, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.70 | &nbsp;&nbsp; 05/15/30 | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 200794 |
| &nbsp;&nbsp;&nbsp;VMware, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.20 | &nbsp;&nbsp; 08/15/31 | &nbsp;&nbsp;&nbsp;&nbsp; 155000 | &nbsp;&nbsp;&nbsp;&nbsp; 134530 |
| **Total Information Technology** |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **511994** |
| **Materials \| 0.9%** | **Materials \| 0.9%** | **Materials \| 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Celanese US Holdings LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.42 | &nbsp;&nbsp; 07/15/27 | &nbsp;&nbsp;&nbsp;&nbsp; 229000 | &nbsp;&nbsp;&nbsp;&nbsp; 237149 |
| &nbsp;&nbsp;&nbsp;Celanese US Holdings LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.58 | &nbsp;&nbsp; 07/15/29 | &nbsp;&nbsp;&nbsp;&nbsp; 260000 | &nbsp;&nbsp;&nbsp;&nbsp; 270949 |
| &nbsp;&nbsp;&nbsp;Celanese US Holdings LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63 | &nbsp;&nbsp; 07/15/32 | &nbsp;&nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp;&nbsp;&nbsp; 183465 |
| &nbsp;&nbsp;&nbsp;Cleveland-Cliffs Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88 | &nbsp;&nbsp; 11/01/29 | &nbsp;&nbsp;&nbsp;&nbsp; 255000 | &nbsp;&nbsp;&nbsp;&nbsp; 251057 |
| &nbsp;&nbsp;&nbsp;Cleveland-Cliffs Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50 | &nbsp;&nbsp; 09/15/31 | &nbsp;&nbsp;&nbsp;&nbsp; 90000 | &nbsp;&nbsp;&nbsp;&nbsp; 86801 |
| &nbsp;&nbsp;&nbsp;Glencore Funding LLC (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38 | &nbsp;&nbsp; 09/23/51 | &nbsp;&nbsp;&nbsp;&nbsp; 170000 | &nbsp;&nbsp;&nbsp;&nbsp; 112433 |
| **Total Materials** |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **1141854** |
| **Real Estate \| 0.7%** | **Real Estate \| 0.7%** | **Real Estate \| 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;American Tower Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50 | &nbsp;&nbsp; 03/15/28 | &nbsp;&nbsp;&nbsp;&nbsp; 205000 | &nbsp;&nbsp;&nbsp;&nbsp; 210698 |
| &nbsp;&nbsp;&nbsp;AvalonBay Communities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.35 | &nbsp;&nbsp; 06/01/34 | &nbsp;&nbsp;&nbsp;&nbsp; 135000 | &nbsp;&nbsp;&nbsp;&nbsp; 138836 |
| &nbsp;&nbsp;&nbsp;Healthpeak OP, LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25 | &nbsp;&nbsp; 12/15/32 | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp;&nbsp;&nbsp; 127207 |
| &nbsp;&nbsp;&nbsp;Omega Healthcare Investors, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.20 | &nbsp;&nbsp; 07/01/30 | &nbsp;&nbsp;&nbsp;&nbsp; 270000 | &nbsp;&nbsp;&nbsp;&nbsp; 271515 |
| &nbsp;&nbsp;&nbsp;VICI Properties LP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75 | &nbsp;&nbsp; 02/15/28 | &nbsp;&nbsp;&nbsp;&nbsp; 180000 | &nbsp;&nbsp;&nbsp;&nbsp; 180987 |
| **Total Real Estate** |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **929243** |
| **Utilities \| 4.2%** | **Utilities \| 4.2%** | **Utilities \| 4.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Ameren Illinois Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.90 | &nbsp;&nbsp; 12/01/52 | &nbsp;&nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp;&nbsp;&nbsp; 180061 |
| &nbsp;&nbsp;&nbsp;American Water Capital Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.80 | &nbsp;&nbsp; 05/01/30 | &nbsp;&nbsp;&nbsp;&nbsp; 920000 | &nbsp;&nbsp;&nbsp;&nbsp; 854753 |
| &nbsp;&nbsp;&nbsp;American Water Capital Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.45 | &nbsp;&nbsp; 03/01/54 | &nbsp;&nbsp;&nbsp;&nbsp; 365000 | &nbsp;&nbsp;&nbsp;&nbsp; 353044 |
| &nbsp;&nbsp;&nbsp;Evergy Kansas Central, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.45 | &nbsp;&nbsp; 04/15/50 | &nbsp;&nbsp;&nbsp;&nbsp; 875000 | &nbsp;&nbsp;&nbsp;&nbsp; 605235 |
| &nbsp;&nbsp;&nbsp;Indiana Michigan Power Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63 | &nbsp;&nbsp; 04/01/53 | &nbsp;&nbsp;&nbsp;&nbsp; 215000 | &nbsp;&nbsp;&nbsp;&nbsp; 211029 |
| &nbsp;&nbsp;&nbsp;Indianapolis Power & Light Co. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.65 | &nbsp;&nbsp; 12/01/32 | &nbsp;&nbsp;&nbsp;&nbsp; 260000 | &nbsp;&nbsp;&nbsp;&nbsp; 267464 |
| &nbsp;&nbsp;&nbsp;Oklahoma Gas & Electric Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.60 | &nbsp;&nbsp; 04/01/53 | &nbsp;&nbsp;&nbsp;&nbsp; 107000 | &nbsp;&nbsp;&nbsp;&nbsp; 104213 |
| &nbsp;&nbsp;&nbsp;Pacific Gas & Electric Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00 | &nbsp;&nbsp; 06/15/28 | &nbsp;&nbsp;&nbsp;&nbsp; 225000 | &nbsp;&nbsp;&nbsp;&nbsp; 213683 |
| &nbsp;&nbsp;&nbsp;Pacific Gas & Electric Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.55 | &nbsp;&nbsp; 07/01/30 | &nbsp;&nbsp;&nbsp;&nbsp; 130000 | &nbsp;&nbsp;&nbsp;&nbsp; 126883 |
| &nbsp;&nbsp;&nbsp;Pacific Gas & Electric Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25 | &nbsp;&nbsp; 03/15/46 | &nbsp;&nbsp;&nbsp;&nbsp; 770000 | &nbsp;&nbsp;&nbsp;&nbsp; 572822 |
| &nbsp;&nbsp;&nbsp;PacifiCorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.30 | &nbsp;&nbsp; 02/15/31 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 514906 |
| &nbsp;&nbsp;&nbsp;PSEG Power LLC (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75 | &nbsp;&nbsp; 05/15/35 | &nbsp;&nbsp;&nbsp;&nbsp; 355000 | &nbsp;&nbsp;&nbsp;&nbsp; 365601 |
| &nbsp;&nbsp;&nbsp;Southern California Edison Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.30 | &nbsp;&nbsp; 03/01/28 | &nbsp;&nbsp;&nbsp;&nbsp; 115000 | &nbsp;&nbsp;&nbsp;&nbsp; 116463 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Portfolio of Investments** | **The accompanying notes are an integral part of these financial statements.** |

---

#### 16

------

[**Table of Contents**](#JOB_Homes_d5f6c467-c4b6-48bc-b206-21170d7a521a_TOC)

#### Portfolio of Investments <sub>\|</sub> Intermediate Bond Fund <sub>\|</sub> June 30, 2025 <sub>\|</sub> (Unaudited) <sub>\|</sub>
(Continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Corporate Bonds–Other \| 28.6% of portfolio (Continued)** | **Corporate Bonds–Other \| 28.6% of portfolio (Continued)** | **Corporate Bonds–Other \| 28.6% of portfolio (Continued)** | **Corporate Bonds–Other \| 28.6% of portfolio (Continued)** | **Corporate Bonds–Other \| 28.6% of portfolio (Continued)** |
|  | &nbsp;&nbsp;**Interest Rate /Yield** | &nbsp;&nbsp;**Maturity Date** | &nbsp;&nbsp;**Face Amount** | &nbsp;&nbsp;**Value** |
| **Utilities \| 4.2% (Continued)** | **Utilities \| 4.2% (Continued)** | **Utilities \| 4.2% (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Southern California Edison Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.25% | &nbsp;&nbsp; 06/01/30 | &nbsp;&nbsp; $55000 | &nbsp;&nbsp; $48287 |
| &nbsp;&nbsp;&nbsp;Southern California Edison Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.45 | &nbsp;&nbsp; 06/01/31 | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 406997 |
| &nbsp;&nbsp;&nbsp;Southern California Edison Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50 | &nbsp;&nbsp; 09/01/40 | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 167508 |
| &nbsp;&nbsp;&nbsp;Southern California Edison Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00 | &nbsp;&nbsp; 04/01/47 | &nbsp;&nbsp;&nbsp;&nbsp; 164000 | &nbsp;&nbsp;&nbsp;&nbsp; 117782 |
| &nbsp;&nbsp;&nbsp;Southern California Edison Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.65 | &nbsp;&nbsp; 02/01/50 | &nbsp;&nbsp;&nbsp;&nbsp; 214000 | &nbsp;&nbsp;&nbsp;&nbsp; 141442 |
| &nbsp;&nbsp;&nbsp;TerraForm Power Operating LLC (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75 | &nbsp;&nbsp; 01/15/30 | &nbsp;&nbsp;&nbsp;&nbsp; 171000 | &nbsp;&nbsp;&nbsp;&nbsp; 163714 |
| **Total Utilities** |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **5531887** |
| **Total Corporate Bonds–Other** |  |  |  |  |
| **(Cost $38,980,587)** |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **37925634** |
| **U.S. Government & Agency Obligations \| 19.7% of portfolio** | **U.S. Government & Agency Obligations \| 19.7% of portfolio** | **U.S. Government & Agency Obligations \| 19.7% of portfolio** | **U.S. Government & Agency Obligations \| 19.7% of portfolio** | **U.S. Government & Agency Obligations \| 19.7% of portfolio** |
| &nbsp;&nbsp;&nbsp;U.S. International Development Finance Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.05 | &nbsp;&nbsp; 10/15/29 | &nbsp;&nbsp; 82096 | &nbsp;&nbsp; 76964 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Note | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88 | &nbsp;&nbsp; 03/31/27 | &nbsp;&nbsp; 2322000 | &nbsp;&nbsp; 2325628 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Note | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88 | &nbsp;&nbsp; 05/31/27 | &nbsp;&nbsp; 469000 | &nbsp;&nbsp; 470099 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Note | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88 | &nbsp;&nbsp; 06/15/28 | &nbsp;&nbsp; 105000 | &nbsp;&nbsp; 105558 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Note | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00 | &nbsp;&nbsp; 05/31/30 | &nbsp;&nbsp; 2694000 | &nbsp;&nbsp; 2720098 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Note | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00 | &nbsp;&nbsp; 04/30/32 | &nbsp;&nbsp; 4216000 | &nbsp;&nbsp; 4221270 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Note | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25 | &nbsp;&nbsp; 05/15/35 | &nbsp;&nbsp; 1869000 | &nbsp;&nbsp; 1871920 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Note | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.38 | &nbsp;&nbsp; 02/15/42 | &nbsp;&nbsp; 4717000 | &nbsp;&nbsp; 3431617 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Note | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.25 | &nbsp;&nbsp; 05/15/42 | &nbsp;&nbsp; 490000 | &nbsp;&nbsp; 405303 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Note | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38 | &nbsp;&nbsp; 08/15/42 | &nbsp;&nbsp; 4195000 | &nbsp;&nbsp; 3521014 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Note | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75 | &nbsp;&nbsp; 02/15/45 | &nbsp;&nbsp; 2819000 | &nbsp;&nbsp; 2804024 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Note | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63 | &nbsp;&nbsp; 02/15/55 | &nbsp;&nbsp; 4223000 | &nbsp;&nbsp; 4110827 |
| **Total U.S. Government & Agency Obligations** |  |  |  |  |
| **(Cost $27,281,154)** |  |  |  | &nbsp;&nbsp;&nbsp; **26064322** |

---

#### &nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset-Backed Securities \| 10.1% of portfolio** | **Asset-Backed Securities \| 10.1% of portfolio** | **Asset-Backed Securities \| 10.1% of portfolio** | **Asset-Backed Securities \| 10.1% of portfolio** | **Asset-Backed Securities \| 10.1% of portfolio** |
| &nbsp;&nbsp;&nbsp;Avant Loans Funding Trust 25-REV1 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.12 | &nbsp;&nbsp; 05/15/34 | &nbsp;&nbsp; 340000 | &nbsp;&nbsp; 341017 |
| &nbsp;&nbsp;&nbsp;Capital One Prime Auto Receivables Trust 24-1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.62 | &nbsp;&nbsp; 07/16/29 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 201264 |
| &nbsp;&nbsp;&nbsp;Carvana Auto Receivables Trust 24-P1 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.05 | &nbsp;&nbsp; 04/10/29 | &nbsp;&nbsp; 325000 | &nbsp;&nbsp; 326895 |
| &nbsp;&nbsp;&nbsp;Chase Auto Owner Trust 24-2A (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.52 | &nbsp;&nbsp; 06/25/29 | &nbsp;&nbsp; 280000 | &nbsp;&nbsp; 284320 |
| &nbsp;&nbsp;&nbsp;Colony American Finance Ltd. 21-2 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.41 | &nbsp;&nbsp; 07/15/54 | &nbsp;&nbsp; 111911 | &nbsp;&nbsp; 107225 |
| &nbsp;&nbsp;&nbsp;CoreVest American Finance 20-4 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.17 | &nbsp;&nbsp; 12/15/52 | &nbsp;&nbsp; 51601 | &nbsp;&nbsp; 51022 |
| &nbsp;&nbsp;&nbsp;CoreVest American Finance 21-1 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.57 | &nbsp;&nbsp; 04/15/53 | &nbsp;&nbsp; 484480 | &nbsp;&nbsp; 472534 |
| &nbsp;&nbsp;&nbsp;CoreVest American Finance 21-3 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.49 | &nbsp;&nbsp; 10/15/54 | &nbsp;&nbsp; 660000 | &nbsp;&nbsp; 641660 |
| &nbsp;&nbsp;&nbsp;Daimler Trucks Retail Trust 24-1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.49 | &nbsp;&nbsp; 12/15/27 | &nbsp;&nbsp; 330000 | &nbsp;&nbsp; 333432 |
| &nbsp;&nbsp;&nbsp;Firstkey Homes Trust 22-SFR2 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25 | &nbsp;&nbsp; 07/17/39 | &nbsp;&nbsp; 317416 | &nbsp;&nbsp; 315871 |
| &nbsp;&nbsp;&nbsp;Ford Credit Auto Lease Trust 20-A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.06 | &nbsp;&nbsp; 05/15/27 | &nbsp;&nbsp; 260000 | &nbsp;&nbsp; 260527 |
| &nbsp;&nbsp;&nbsp;Ford Credit Auto Owner Trust 24-D | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.61 | &nbsp;&nbsp; 08/15/29 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 202001 |
| &nbsp;&nbsp;&nbsp;Frontier Issuer 23-1A (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.60 | &nbsp;&nbsp; 08/20/53 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1015803 |
| &nbsp;&nbsp;&nbsp;Frontier Issuer 23-1B (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.30 | &nbsp;&nbsp; 08/20/53 | &nbsp;&nbsp; 675000 | &nbsp;&nbsp; 696708 |
| &nbsp;&nbsp;&nbsp;Frontier Issuer 24-1A (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.19 | &nbsp;&nbsp; 06/20/54 | &nbsp;&nbsp; 395000 | &nbsp;&nbsp; 406739 |
| &nbsp;&nbsp;&nbsp;FRTKL 21-SFR1 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.57 | &nbsp;&nbsp; 09/17/38 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 240878 |
| &nbsp;&nbsp;&nbsp;GLS Auto Select Receivables Trust 24-1A (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.24 | &nbsp;&nbsp; 03/15/30 | &nbsp;&nbsp; 144293 | &nbsp;&nbsp; 145117 |
| &nbsp;&nbsp;&nbsp;GM Financial Automobile Leasing Trust 24-1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.09 | &nbsp;&nbsp; 03/22/27 | &nbsp;&nbsp; 525000 | &nbsp;&nbsp; 526579 |
| &nbsp;&nbsp;&nbsp;Gracie Point International Funding 23-2A (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.60(b) | &nbsp;&nbsp; 03/01/27 | &nbsp;&nbsp; 36371 | &nbsp;&nbsp; 36429 |
| &nbsp;&nbsp;&nbsp;GreatAmerica Leasing Receivables Funding 24-2 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.02 | &nbsp;&nbsp; 05/15/31 | &nbsp;&nbsp; 625000 | &nbsp;&nbsp; 635771 |
| &nbsp;&nbsp;&nbsp;Honda Auto Receivables Owner Trust 24-1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.21 | &nbsp;&nbsp; 08/15/28 | &nbsp;&nbsp; 580000 | &nbsp;&nbsp; 584972 |
| &nbsp;&nbsp;&nbsp;John Deere Owner Trust 23-B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.18 | &nbsp;&nbsp; 03/15/28 | &nbsp;&nbsp; 156155 | &nbsp;&nbsp; 156989 |
| &nbsp;&nbsp;&nbsp;Oportun Funding 21-B (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.47 | &nbsp;&nbsp; 05/08/31 | &nbsp;&nbsp; 364311 | &nbsp;&nbsp; 355384 |
| &nbsp;&nbsp;&nbsp;Progress Residential Trust 21-SFR8 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.51 | &nbsp;&nbsp; 10/17/38 | &nbsp;&nbsp; 332234 | &nbsp;&nbsp; 322144 |
| &nbsp;&nbsp;&nbsp;Progress Residential Trust 22-SFR3 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.20 | &nbsp;&nbsp; 04/17/39 | &nbsp;&nbsp; 239360 | &nbsp;&nbsp; 233555 |
| &nbsp;&nbsp;&nbsp;Progress Residential Trust 22-SFR3 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.60 | &nbsp;&nbsp; 04/17/39 | &nbsp;&nbsp; 165000 | &nbsp;&nbsp; 160868 |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **Portfolio of Investments&nbsp;&nbsp;&nbsp;&nbsp;** |

---

#### 17

------

[**Table of Contents**](#JOB_Homes_d5f6c467-c4b6-48bc-b206-21170d7a521a_TOC)

#### Portfolio of Investments <sub>\|</sub> Intermediate Bond Fund <sub>\|</sub> June 30, 2025 <sub>\|</sub> (Unaudited) <sub>\|</sub>
(Continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset-Backed Securities \| 10.1% of portfolio (Continued)** | **Asset-Backed Securities \| 10.1% of portfolio (Continued)** | **Asset-Backed Securities \| 10.1% of portfolio (Continued)** | **Asset-Backed Securities \| 10.1% of portfolio (Continued)** | **Asset-Backed Securities \| 10.1% of portfolio (Continued)** |
|  | &nbsp;&nbsp;**Interest Rate /Yield** | &nbsp;&nbsp;**Maturity Date** | &nbsp;&nbsp;**Face Amount** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;&nbsp;Progress Residential Trust 25-SFR1 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.65%(b) | &nbsp;&nbsp; 02/17/42 | &nbsp;&nbsp; $270000 | &nbsp;&nbsp; $255073 |
| &nbsp;&nbsp;&nbsp;Santander Drive Auto Receivables Trust 24-2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.63 | &nbsp;&nbsp; 11/15/28 | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 201049 |
| &nbsp;&nbsp;&nbsp;SBA Tower Trust (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.88 | &nbsp;&nbsp; 01/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 19673 |
| &nbsp;&nbsp;&nbsp;SBA Tower Trust (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.63 | &nbsp;&nbsp; 11/15/26 | &nbsp;&nbsp;&nbsp;&nbsp; 160000 | &nbsp;&nbsp;&nbsp;&nbsp; 153511 |
| &nbsp;&nbsp;&nbsp;SBA Tower Trust (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.60 | &nbsp;&nbsp; 01/15/28 | &nbsp;&nbsp;&nbsp;&nbsp; 210000 | &nbsp;&nbsp;&nbsp;&nbsp; 215810 |
| &nbsp;&nbsp;&nbsp;SBA Tower Trust (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.59 | &nbsp;&nbsp; 10/15/31 | &nbsp;&nbsp;&nbsp;&nbsp; 309877 | &nbsp;&nbsp;&nbsp;&nbsp; 270216 |
| &nbsp;&nbsp;&nbsp;SBIC 2023-10B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.69 | &nbsp;&nbsp; 09/10/33 | &nbsp;&nbsp;&nbsp;&nbsp; 313748 | &nbsp;&nbsp;&nbsp;&nbsp; 326391 |
| &nbsp;&nbsp;&nbsp;SCE Recovery Funding LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.51 | &nbsp;&nbsp; 11/15/43 | &nbsp;&nbsp;&nbsp;&nbsp; 190000 | &nbsp;&nbsp;&nbsp;&nbsp; 125276 |
| &nbsp;&nbsp;&nbsp;Subway Funding 24-1A (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.27 | &nbsp;&nbsp; 07/30/54 | &nbsp;&nbsp;&nbsp;&nbsp; 134325 | &nbsp;&nbsp;&nbsp;&nbsp; 137612 |
| &nbsp;&nbsp;&nbsp;Switch ABS Issuer, LLC (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.04 | &nbsp;&nbsp; 03/25/55 | &nbsp;&nbsp;&nbsp;&nbsp; 340000 | &nbsp;&nbsp;&nbsp;&nbsp; 335384 |
| &nbsp;&nbsp;&nbsp;Tesla Sustainable Energy Trust 24-1A (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.29 | &nbsp;&nbsp; 06/20/50 | &nbsp;&nbsp;&nbsp;&nbsp; 170000 | &nbsp;&nbsp;&nbsp;&nbsp; 170694 |
| &nbsp;&nbsp;&nbsp;T-Mobile US Trust 22-1A (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.91 | &nbsp;&nbsp; 05/22/28 | &nbsp;&nbsp;&nbsp;&nbsp; 129727 | &nbsp;&nbsp;&nbsp;&nbsp; 129814 |
| &nbsp;&nbsp;&nbsp;Toyota Lease Owner Trust 25-A (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75 | &nbsp;&nbsp; 02/22/28 | &nbsp;&nbsp;&nbsp;&nbsp; 655000 | &nbsp;&nbsp;&nbsp;&nbsp; 660546 |
| &nbsp;&nbsp;&nbsp;Tricon Residential 24-SFR4 (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.30 | &nbsp;&nbsp; 11/17/41 | &nbsp;&nbsp;&nbsp;&nbsp; 224394 | &nbsp;&nbsp;&nbsp;&nbsp; 221175 |
| &nbsp;&nbsp;&nbsp;Volkswagen Auto Lease Trust 24-A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.21 | &nbsp;&nbsp; 06/21/27 | &nbsp;&nbsp;&nbsp;&nbsp; 230000 | &nbsp;&nbsp;&nbsp;&nbsp; 232048 |
| &nbsp;&nbsp;&nbsp;Volkswagen Auto Loan Enhanced Trust 24-1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.63 | &nbsp;&nbsp; 07/20/29 | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 303095 |
| &nbsp;&nbsp;&nbsp;Westgate Resorts 22-1A (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.29 | &nbsp;&nbsp; 08/20/36 | &nbsp;&nbsp;&nbsp;&nbsp; 71428 | &nbsp;&nbsp;&nbsp;&nbsp; 71033 |
| &nbsp;&nbsp;&nbsp;Westgate Resorts 24-1A (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.06 | &nbsp;&nbsp; 01/20/38 | &nbsp;&nbsp;&nbsp;&nbsp; 297576 | &nbsp;&nbsp;&nbsp;&nbsp; 301513 |
| &nbsp;&nbsp;&nbsp;Westgate Resorts 24-1B (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.56 | &nbsp;&nbsp; 01/20/38 | &nbsp;&nbsp;&nbsp;&nbsp; 249220 | &nbsp;&nbsp;&nbsp;&nbsp; 252615 |
| **Total Asset-Backed Securities** |  |  |  |  |
| **(Cost $13,391,262)** |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **13438232** |
| **Yankee Bonds \| 9.0% of portfolio** | **Yankee Bonds \| 9.0% of portfolio** | **Yankee Bonds \| 9.0% of portfolio** | **Yankee Bonds \| 9.0% of portfolio** | **Yankee Bonds \| 9.0% of portfolio** |
| &nbsp;&nbsp;&nbsp;AerCap Ireland Capital DAC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.88 | &nbsp;&nbsp; 01/23/28 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 245683 |
| &nbsp;&nbsp;&nbsp;Aptiv PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.10 | &nbsp;&nbsp; 12/01/51 | &nbsp;&nbsp; 280000 | &nbsp;&nbsp; 168285 |
| &nbsp;&nbsp;&nbsp;Avolon Holdings Funding Ltd. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.75 | &nbsp;&nbsp; 02/21/28 | &nbsp;&nbsp; 755000 | &nbsp;&nbsp; 716483 |
| &nbsp;&nbsp;&nbsp;Bank of New Zealand (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.70(b) | &nbsp;&nbsp; 01/28/35 | &nbsp;&nbsp; 405000 | &nbsp;&nbsp; 413685 |
| &nbsp;&nbsp;&nbsp;Barclays PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.79(b) | &nbsp;&nbsp; 02/25/36 | &nbsp;&nbsp; 415000 | &nbsp;&nbsp; 424166 |
| &nbsp;&nbsp;&nbsp;Barclays PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.04(b) | &nbsp;&nbsp; 03/12/55 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 205434 |
| &nbsp;&nbsp;&nbsp;Cenovus Energy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25 | &nbsp;&nbsp; 06/15/37 | &nbsp;&nbsp; 395000 | &nbsp;&nbsp; 372120 |
| &nbsp;&nbsp;&nbsp;Delta and SkyMiles IP Ltd. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75 | &nbsp;&nbsp; 10/20/28 | &nbsp;&nbsp; 800000 | &nbsp;&nbsp; 801855 |
| &nbsp;&nbsp;&nbsp;Electricite de France SA (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.00 | &nbsp;&nbsp; 04/22/64 | &nbsp;&nbsp; 370000 | &nbsp;&nbsp; 350395 |
| &nbsp;&nbsp;&nbsp;Enbridge Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.70 | &nbsp;&nbsp; 03/08/33 | &nbsp;&nbsp; 320000 | &nbsp;&nbsp; 331771 |
| &nbsp;&nbsp;&nbsp;HSBC Holdings PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.24(b) | &nbsp;&nbsp; 05/13/31 | &nbsp;&nbsp; 345000 | &nbsp;&nbsp; 351275 |
| &nbsp;&nbsp;&nbsp;Hyundai Capital Services Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.13 | &nbsp;&nbsp; 02/05/27 | &nbsp;&nbsp; 550000 | &nbsp;&nbsp; 554287 |
| &nbsp;&nbsp;&nbsp;Hyundai Capital Services Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25 | &nbsp;&nbsp; 01/22/28 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 506804 |
| &nbsp;&nbsp;&nbsp;ING Groep NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.34(b) | &nbsp;&nbsp; 03/19/30 | &nbsp;&nbsp; 320000 | &nbsp;&nbsp; 328138 |
| &nbsp;&nbsp;&nbsp;Korea Expressway Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00 | &nbsp;&nbsp; 05/14/27 | &nbsp;&nbsp; 660000 | &nbsp;&nbsp; 670263 |
| &nbsp;&nbsp;&nbsp;Lloyds Banking Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.82(b) | &nbsp;&nbsp; 06/13/29 | &nbsp;&nbsp; 405000 | &nbsp;&nbsp; 408650 |
| &nbsp;&nbsp;&nbsp;Magna International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.88 | &nbsp;&nbsp; 06/01/35 | &nbsp;&nbsp; 135000 | &nbsp;&nbsp; 138550 |
| &nbsp;&nbsp;&nbsp;Mizuho Financial Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.25(b) | &nbsp;&nbsp; 09/11/29 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 198792 |
| &nbsp;&nbsp;&nbsp;Petroleos Mexicanos | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.35 | &nbsp;&nbsp; 02/12/28 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp; 384097 |
| &nbsp;&nbsp;&nbsp;Petroleos Mexicanos | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.84 | &nbsp;&nbsp; 01/23/30 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 241524 |
| &nbsp;&nbsp;&nbsp;Petronas Capital Ltd. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.40 | &nbsp;&nbsp; 04/28/61 | &nbsp;&nbsp; 360000 | &nbsp;&nbsp; 234602 |
| &nbsp;&nbsp;&nbsp;Roche Holdings Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.49 | &nbsp;&nbsp; 11/13/30 | &nbsp;&nbsp; 390000 | &nbsp;&nbsp; 412331 |
| &nbsp;&nbsp;&nbsp;Roche Holdings Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.22 | &nbsp;&nbsp; 03/08/54 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 193973 |
| &nbsp;&nbsp;&nbsp;Santander UK Group Holdings PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.53(b) | &nbsp;&nbsp; 01/10/29 | &nbsp;&nbsp; 275000 | &nbsp;&nbsp; 287023 |
| &nbsp;&nbsp;&nbsp;Saudi Arabian Oil Co. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38 | &nbsp;&nbsp; 06/02/35 | &nbsp;&nbsp; 685000 | &nbsp;&nbsp; 688046 |
| &nbsp;&nbsp;&nbsp;Saudi Arabian Oil Co. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38 | &nbsp;&nbsp; 06/02/55 | &nbsp;&nbsp; 685000 | &nbsp;&nbsp; 684744 |
| &nbsp;&nbsp;&nbsp;Snam S.p.A. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.75 | &nbsp;&nbsp; 05/28/35 | &nbsp;&nbsp; 690000 | &nbsp;&nbsp; 704237 |
| &nbsp;&nbsp;&nbsp;Societe Generale (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.52(b) | &nbsp;&nbsp; 01/19/28 | &nbsp;&nbsp; 325000 | &nbsp;&nbsp; 329024 |
| &nbsp;&nbsp;&nbsp;Toronto-Dominion Bank (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.15(b) | &nbsp;&nbsp; 09/10/34 | &nbsp;&nbsp; 355000 | &nbsp;&nbsp; 356019 |
| &nbsp;&nbsp;&nbsp;Var Energi ASA (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.50 | &nbsp;&nbsp; 01/15/28 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 211692 |
| **Total Yankee Bonds** |  |  |  |  |
| **(Cost $11,942,761)** |  |  |  | &nbsp;&nbsp;&nbsp; **11913948** |

---

#### &nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Portfolio of Investments** | **The accompanying notes are an integral part of these financial statements.** |

---

#### 18

------

[**Table of Contents**](#JOB_Homes_d5f6c467-c4b6-48bc-b206-21170d7a521a_TOC)

#### Portfolio of Investments <sub>\|</sub> Intermediate Bond Fund <sub>\|</sub> June 30, 2025 <sub>\|</sub> (Unaudited) <sub>\|</sub>
(Continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Municipal Bonds \| 1.1% of portfolio** | **Municipal Bonds \| 1.1% of portfolio** | **Municipal Bonds \| 1.1% of portfolio** | **Municipal Bonds \| 1.1% of portfolio** | **Municipal Bonds \| 1.1% of portfolio** |
|  | &nbsp;&nbsp;**Interest Rate /Yield** | &nbsp;&nbsp;**Maturity Date** | &nbsp;&nbsp;**Face Amount** | &nbsp;&nbsp;**Value** |
| **Arizona \| 0.1%** | **Arizona \| 0.1%** | **Arizona \| 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Yuma Arizona Pledged Revenue | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.63% | &nbsp;&nbsp; 07/15/38 | &nbsp;&nbsp; $135000 | &nbsp;&nbsp; $105110 |
| **Total Arizona** |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **105110** |
| **California \| 0.9%** | **California \| 0.9%** | **California \| 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;City of Chula Vista California Pension Obligation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.91 | &nbsp;&nbsp; 06/01/45 | &nbsp;&nbsp;&nbsp;&nbsp; 255000 | &nbsp;&nbsp;&nbsp;&nbsp; 174515 |
| &nbsp;&nbsp;&nbsp;City of Monterey Park California Pension Obligation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.89 | &nbsp;&nbsp; 06/01/30 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 897195 |
| &nbsp;&nbsp;&nbsp;Huntington Beach California Pension Obligation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.68 | &nbsp;&nbsp; 06/15/27 | &nbsp;&nbsp;&nbsp;&nbsp; 155000 | &nbsp;&nbsp;&nbsp;&nbsp; 148525 |
| &nbsp;&nbsp;&nbsp;San Francisco California City & County Airports | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.35 | &nbsp;&nbsp; 05/01/51 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 68860 |
| **Total California** |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **1289095** |
| **West Virginia \| 0.1%** | **West Virginia \| 0.1%** | **West Virginia \| 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;West Virginia State University Revenues | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.01 | &nbsp;&nbsp; 10/01/41 | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 114112 |
| **Total West Virginia** |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **114112** |
| **Total Municipal Bonds** |  |  |  |  |
| **(Cost $1,795,000)** |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **1508317** |

---

#### &nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Money Market Fund \| 1.4% of portfolio** | **Money Market Fund \| 1.4% of portfolio** | **Money Market Fund \| 1.4% of portfolio** | **Money Market Fund \| 1.4% of portfolio** |
|  |  | &nbsp;&nbsp;**Shares** |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund Premier Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.27(c) | &nbsp;&nbsp; 1858432 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1858432 |
| **Total Money Market Fund** |  |  |  |
| **(Cost $1,858,432)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **1858432** |
| **Total Investments in Securities** | **Total Investments in Securities** |  |  |
| **(Cost $136,942,849) \| 100.0%** |  |  | &nbsp;&nbsp; **$132661639** |

---

(a) Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may be resold in transactions exempt from registration, normally to qualified institutional buyers. The securities have been
determined to be liquid under criteria established by the Fund's Board of Trustees. The total of such securities at period-end amounts to $24,589,504 and represents 18.5% of total investments.

(b) Variable coupon rate as of June 30, 2025.

(c) 7-day yield at June 30, 2025.

FHLMC -Federal Home Loan Mortgage Corporation

LLC -Limited Liability Company

LP -Limited Partnership

N.A. -North America

Pte -Private Limited Company

ABS -Asset-Backed Security

DAC -Designated Activity Company

PLC -Public Limited Company

SA -Sociedad Anonima or Societe Anonyme

NV -Naamloze Vennottschap

ASA -Allmennaksjeselskap

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **Portfolio of Investments&nbsp;&nbsp;&nbsp;&nbsp;** |

---

#### 19

------

[**Table of Contents**](#JOB_Homes_d5f6c467-c4b6-48bc-b206-21170d7a521a_TOC)

### Portfolio of Investments

#### Stock Index Fund <sub>\|</sub> June 30, 2025 <sub>\|</sub> (Unaudited)

------

---

| | | |
|:---|:---|:---|
|  | **Cost** | **Value** |
| Investment | $15771325 | $276096332 |

---

Substantially all the assets of the Stock Index Fund are invested in the S&P 500 Index Master Portfolio managed by BlackRock Fund Advisors. As of June 30, 2025, the Stock Index Fund's ownership interest in the S&P 500 Index Master Portfolio was 0.55%. See the Appendix for the S&P 500 Index Master Portfolio for holdings information.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Portfolio of Investments** | **The accompanying notes are an integral part of these financial statements.** |

---

#### 20

------

[**Table of Contents**](#JOB_Homes_d5f6c467-c4b6-48bc-b206-21170d7a521a_TOC)

### Portfolio of Investments

#### Value Fund <sub>\|</sub> June 30, 2025 <sub>\|</sub> (Unaudited)

------

---

| | | |
|:---|:---|:---|
| **Common Stocks \| 98.8% of portfolio** | **Common Stocks \| 98.8% of portfolio** | **Common Stocks \| 98.8% of portfolio** |
|  | **Shares** | **Value** |
| **Communication Services \| 7.2%** | **Communication Services \| 7.2%** | **Communication Services \| 7.2%** |
| **Entertainment** |  |  |
| &nbsp;&nbsp;&nbsp;Walt Disney Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp;214500 | &nbsp;&nbsp;&nbsp;&nbsp;$26600145 |
| **Interactive Media & Services** |  |  |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc., Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30120 | &nbsp;&nbsp;&nbsp;&nbsp; 5342987 |
| &nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46400 | &nbsp;&nbsp;&nbsp;&nbsp; 34247376 |
| **Wireless Telecommunication Services** |  |  |
| &nbsp;&nbsp;&nbsp;T-Mobile U.S., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34800 | &nbsp;&nbsp;&nbsp;&nbsp; 8291448 |
| **Total Communication Services** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**74481956** |
| **Consumer Discretionary \| 6.9%** | **Consumer Discretionary \| 6.9%** | **Consumer Discretionary \| 6.9%** |
| **Distributors** |  |  |
| &nbsp;&nbsp;&nbsp;LKQ Corp. | &nbsp;&nbsp;&nbsp;&nbsp;169500 | &nbsp;&nbsp;&nbsp;&nbsp; 6273195 |
| **Hotels, Restaurants & Leisure** |  |  |
| &nbsp;&nbsp;&nbsp;McDonald's Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74097 | &nbsp;&nbsp;&nbsp;&nbsp; 21648920 |
| **Household Durables** |  |  |
| &nbsp;&nbsp;&nbsp;PulteGroup, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;112700 | &nbsp;&nbsp;&nbsp;&nbsp; 11885342 |
| **Specialty Retail** |  |  |
| &nbsp;&nbsp;&nbsp;Home Depot, Inc. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36918 | &nbsp;&nbsp;&nbsp;&nbsp; 13535616 |
| &nbsp;&nbsp;&nbsp;TJX Companies, Inc. (The) | &nbsp;&nbsp;&nbsp;&nbsp;143200 | &nbsp;&nbsp;&nbsp;&nbsp; 17683768 |
| **Total Consumer Discretionary** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**71026841** |
| **Consumer Staples \| 3.6%** | **Consumer Staples \| 3.6%** | **Consumer Staples \| 3.6%** |
| **Consumer Staples Distribution & Retail** |  |  |
| &nbsp;&nbsp;&nbsp;Walmart Inc. | &nbsp;&nbsp;&nbsp;&nbsp;200300 | &nbsp;&nbsp;&nbsp;&nbsp; 19585334 |
| **Food Products** |  |  |
| &nbsp;&nbsp;&nbsp;Kraft Heinz Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp;227700 | &nbsp;&nbsp;&nbsp;&nbsp; 5879214 |
| **Household Products** |  |  |
| &nbsp;&nbsp;&nbsp;Procter & Gamble Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73500 | &nbsp;&nbsp;&nbsp;&nbsp; 11710020 |
| **Total Consumer Staples** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**37174568** |
| **Energy \| 4.6%** | **Energy \| 4.6%** | **Energy \| 4.6%** |
| **Oil, Gas & Consumable Fuels** |  |  |
| &nbsp;&nbsp;&nbsp;ConocoPhillips | &nbsp;&nbsp;&nbsp;&nbsp;168600 | &nbsp;&nbsp;&nbsp;&nbsp; 15130164 |
| &nbsp;&nbsp;&nbsp;Diamondback Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50200 | &nbsp;&nbsp;&nbsp;&nbsp; 6897480 |
| &nbsp;&nbsp;&nbsp;Exxon Mobil Corp. | &nbsp;&nbsp;&nbsp;&nbsp;232000 | &nbsp;&nbsp;&nbsp;&nbsp; 25009600 |
| **Total Energy** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**47037244** |
| **Financials \| 23.9%** | **Financials \| 23.9%** | **Financials \| 23.9%** |
| **Banks** |  |  |
| &nbsp;&nbsp;&nbsp;Bank of America Corp. | &nbsp;&nbsp;&nbsp;&nbsp;557102 | &nbsp;&nbsp;&nbsp;&nbsp; 26362066 |
| &nbsp;&nbsp;&nbsp;Citigroup, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;272039 | &nbsp;&nbsp;&nbsp;&nbsp; 23155960 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp;&nbsp;181391 | &nbsp;&nbsp;&nbsp;&nbsp; 52587065 |
| &nbsp;&nbsp;&nbsp;Truist Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;264900 | &nbsp;&nbsp;&nbsp;&nbsp; 11388051 |
| **Capital Markets** |  |  |
| &nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53374 | &nbsp;&nbsp;&nbsp;&nbsp; 37775449 |
| **Financial Services** |  |  |
| &nbsp;&nbsp;&nbsp;Fiserv, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;164800 | &nbsp;&nbsp;&nbsp;&nbsp; 28413168 |
| &nbsp;&nbsp;&nbsp;Visa Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74898 | &nbsp;&nbsp;&nbsp;&nbsp; 26592535 |
| **Insurance** |  |  |
| &nbsp;&nbsp;&nbsp;Allstate Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86984 | &nbsp;&nbsp;&nbsp;&nbsp; 17510749 |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks \| 98.8% of portfolio (Continued)** | **Common Stocks \| 98.8% of portfolio (Continued)** | **Common Stocks \| 98.8% of portfolio (Continued)** |
|  | **Shares** | **Value** |
| **Financials \| 23.9% (Continued)** | **Financials \| 23.9% (Continued)** | **Financials \| 23.9% (Continued)** |
| &nbsp;&nbsp;&nbsp;Chubb Limited | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78938 | &nbsp;&nbsp;&nbsp;&nbsp;$22869917 |
| **Total Financials** |  | &nbsp;&nbsp;&nbsp;&nbsp;**246654960** |
| **Health Care \| 18.3%** | **Health Care \| 18.3%** | **Health Care \| 18.3%** |
| **Biotechnology** |  |  |
| &nbsp;&nbsp;&nbsp;AbbVie Inc. | &nbsp;&nbsp;&nbsp;&nbsp;180763 | &nbsp;&nbsp;&nbsp;&nbsp; 33553228 |
| **Health Care Equipment & Supplies** |  |  |
| &nbsp;&nbsp;&nbsp;Abbott Laboratories | &nbsp;&nbsp;&nbsp;&nbsp;233156 | &nbsp;&nbsp;&nbsp;&nbsp; 31711548 |
| &nbsp;&nbsp;&nbsp;Boston Scientific Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;202296 | &nbsp;&nbsp;&nbsp;&nbsp; 21728613 |
| &nbsp;&nbsp;&nbsp;GE HealthCare Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;248000 | &nbsp;&nbsp;&nbsp;&nbsp; 18369360 |
| **Health Care Providers & Services** |  |  |
| &nbsp;&nbsp;&nbsp;Centene Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;120797 | &nbsp;&nbsp;&nbsp;&nbsp; 6556861 |
| &nbsp;&nbsp;&nbsp;Cigna Group (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55714 | &nbsp;&nbsp;&nbsp;&nbsp; 18417934 |
| &nbsp;&nbsp;&nbsp;UnitedHealth Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48600 | &nbsp;&nbsp;&nbsp;&nbsp; 15161742 |
| **Pharmaceuticals** |  |  |
| &nbsp;&nbsp;&nbsp;Bristol-Myers Squibb Co. | &nbsp;&nbsp;&nbsp;&nbsp;248501 | &nbsp;&nbsp;&nbsp;&nbsp; 11503111 |
| &nbsp;&nbsp;&nbsp;Merck & Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;175982 | &nbsp;&nbsp;&nbsp;&nbsp; 13930735 |
| &nbsp;&nbsp;&nbsp;Royalty Pharma PLC, Class A | &nbsp;&nbsp;&nbsp;&nbsp;483484 | &nbsp;&nbsp;&nbsp;&nbsp; 17419929 |
| **Total Health Care** |  | &nbsp;&nbsp;&nbsp;&nbsp;**188353061** |
| **Industrials \| 18.2%** | **Industrials \| 18.2%** | **Industrials \| 18.2%** |
| **Aerospace & Defense** |  |  |
| &nbsp;&nbsp;&nbsp;Boeing Co. (The) (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87200 | &nbsp;&nbsp;&nbsp;&nbsp; 18271016 |
| &nbsp;&nbsp;&nbsp;Northrop Grumman Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47031 | &nbsp;&nbsp;&nbsp;&nbsp; 23514560 |
| **Electrical Equipment** |  |  |
| &nbsp;&nbsp;&nbsp;Eaton Corp. Public Limited | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67787 | &nbsp;&nbsp;&nbsp;&nbsp; 24199281 |
| **Ground Transportation** |  |  |
| &nbsp;&nbsp;&nbsp;CSX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;476782 | &nbsp;&nbsp;&nbsp;&nbsp; 15557397 |
| **Industrial Conglomerates** |  |  |
| &nbsp;&nbsp;&nbsp;Honeywell International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;107873 | &nbsp;&nbsp;&nbsp;&nbsp; 25121464 |
| **Machinery** |  |  |
| &nbsp;&nbsp;&nbsp;Deere & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54600 | &nbsp;&nbsp;&nbsp;&nbsp; 27763554 |
| &nbsp;&nbsp;&nbsp;Parker-Hannifin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46222 | &nbsp;&nbsp;&nbsp;&nbsp; 32284680 |
| **Professional Services** |  |  |
| &nbsp;&nbsp;&nbsp;CACI International Inc., Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26400 | &nbsp;&nbsp;&nbsp;&nbsp; 12584880 |
| &nbsp;&nbsp;&nbsp;TransUnion | &nbsp;&nbsp;&nbsp;&nbsp;100900 | &nbsp;&nbsp;&nbsp;&nbsp; 8879200 |
| **Total Industrials** |  | &nbsp;&nbsp;&nbsp;&nbsp;**188176032** |
| **Information Technology \| 8.8%** | **Information Technology \| 8.8%** | **Information Technology \| 8.8%** |
| **Semiconductors & Semiconductor Equipment** |  |  |
| &nbsp;&nbsp;&nbsp;Lam Research Corp. | &nbsp;&nbsp;&nbsp;&nbsp;283000 | &nbsp;&nbsp;&nbsp;&nbsp; 27547220 |
| &nbsp;&nbsp;&nbsp;NXP Semiconductors NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82963 | &nbsp;&nbsp;&nbsp;&nbsp; 18126586 |
| **Software** |  |  |
| &nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59514 | &nbsp;&nbsp;&nbsp;&nbsp; 29602858 |
| &nbsp;&nbsp;&nbsp;Oracle Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73400 | &nbsp;&nbsp;&nbsp;&nbsp; 16047442 |
| **Total Information Technology** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**91324106** |
| **Materials \| 4.7%** | **Materials \| 4.7%** | **Materials \| 4.7%** |
| **Chemicals** |  |  |
| &nbsp;&nbsp;&nbsp;DuPont de Nemours, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;226278 | &nbsp;&nbsp;&nbsp;&nbsp; 15520408 |

---

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **Portfolio of Investments&nbsp;&nbsp;&nbsp;&nbsp;** |

---

#### 21

------

[**Table of Contents**](#JOB_Homes_d5f6c467-c4b6-48bc-b206-21170d7a521a_TOC)

Portfolio of Investments <sub>\|</sub> Value Fund <sub>\|</sub> June 30, 2025 <sub>\|</sub> (Unaudited) <sub>\|</sub> (Continued)

---

| | | |
|:---|:---|:---|
| **Common Stocks \| 98.8% of portfolio (Continued)** | **Common Stocks \| 98.8% of portfolio (Continued)** | **Common Stocks \| 98.8% of portfolio (Continued)** |
|  | **Shares** | **Value** |
| **Materials \| 4.7% (Continued)** | **Materials \| 4.7% (Continued)** | **Materials \| 4.7% (Continued)** |
| **Containers & Packaging** |  |  |
| &nbsp;&nbsp;&nbsp;Avery Dennison Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92687 | &nbsp;&nbsp;&nbsp;&nbsp;$16263788 |
| **Metals & Mining** |  |  |
| &nbsp;&nbsp;&nbsp;Freeport-McMoRan Inc. | &nbsp;&nbsp;&nbsp;&nbsp;375000 | &nbsp;&nbsp;&nbsp;&nbsp; 16256250 |
| **Total Materials** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**48040446** |
| **Real Estate \| 2.6%** | **Real Estate \| 2.6%** | **Real Estate \| 2.6%** |
| **Specialized REITs** |  |  |
| &nbsp;&nbsp;&nbsp;Crown Castle Inc. | &nbsp;&nbsp;&nbsp;&nbsp;149400 | &nbsp;&nbsp;&nbsp;&nbsp; 15347862 |
| &nbsp;&nbsp;&nbsp;Digital Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64901 | &nbsp;&nbsp;&nbsp;&nbsp; 11314191 |
| **Total Real Estate** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**26662053** |
| **Total Common Stocks** |  |  |
| **(Cost $576,674,676)** |  | &nbsp;&nbsp;**1018931267** |

---

#### &nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Money Market Fund \| 1.2% of portfolio** | **Money Market Fund \| 1.2% of portfolio** | **Money Market Fund \| 1.2% of portfolio** |
|  | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund Premier Class, 4.27% (b) | 12806146 | &nbsp;&nbsp;&nbsp;&nbsp;$12806146 |
| **Total Money Market Fund** |  |  |
| **(Cost $12,806,146)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12806146** |
| **Total Investments in Securities** |  |  |
| **(Cost $589,480,822) \| 100.0%** |  | **$1031737413** |

---

(a) Non-income producing.

(b) 7-day yield at June 30, 2025.

PLC -Public Limited Company

NV -Naamloze Vennottschap

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Portfolio of Investments** | **The accompanying notes are an integral part of these financial statements.** |

---

#### 22

------

[**Table of Contents**](#JOB_Homes_d5f6c467-c4b6-48bc-b206-21170d7a521a_TOC)

### Portfolio of Investments

#### Growth Fund <sub>\|</sub> June 30, 2025 <sub>\|</sub> (Unaudited)

------

---

| | | |
|:---|:---|:---|
| **Common Stocks \| 99.1% of portfolio** | **Common Stocks \| 99.1% of portfolio** | **Common Stocks \| 99.1% of portfolio** |
|  | **Shares** | **Value** |
| **Communication Services \| 12.8%** | **Communication Services \| 12.8%** | **Communication Services \| 12.8%** |
| **Entertainment** |  |  |
| &nbsp;&nbsp;&nbsp;Netflix, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8346 | $11176379 |
| **Interactive Media & Services** |  |  |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;115577 | &nbsp;&nbsp;&nbsp;&nbsp; 20368134 |
| &nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;29043 | &nbsp;&nbsp;&nbsp;&nbsp; 21436348 |
| **Total Communication Services** |  | &nbsp;&nbsp;&nbsp;&nbsp;**52980861** |
| **Consumer Discretionary \| 10.7%** | **Consumer Discretionary \| 10.7%** | **Consumer Discretionary \| 10.7%** |
| **Broadline Retail** |  |  |
| &nbsp;&nbsp;&nbsp;Amazon.com, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;109616 | &nbsp;&nbsp;&nbsp;&nbsp; 24048654 |
| &nbsp;&nbsp;&nbsp;Coupang, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;157423 | &nbsp;&nbsp;&nbsp;&nbsp; 4716393 |
| &nbsp;&nbsp;&nbsp;MercadoLibre, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1476 | &nbsp;&nbsp;&nbsp;&nbsp; 3857718 |
| **Hotels, Restaurants & Leisure** |  |  |
| &nbsp;&nbsp;&nbsp;Booking Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1327 | &nbsp;&nbsp;&nbsp;&nbsp; 7682321 |
| &nbsp;&nbsp;&nbsp;Chipotle Mexican Grill, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;74379 | &nbsp;&nbsp;&nbsp;&nbsp; 4176381 |
| **Total Consumer Discretionary** |  | &nbsp;&nbsp;&nbsp;&nbsp;**44481467** |
| **Energy \| 0.5%** | **Energy \| 0.5%** | **Energy \| 0.5%** |
| **Energy Equipment & Services** |  |  |
| &nbsp;&nbsp;&nbsp;Schlumberger NV | &nbsp;&nbsp;&nbsp;&nbsp;58632 | &nbsp;&nbsp;&nbsp;&nbsp; 1981762 |
| **Total Energy** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1981762** |
| **Financials \| 11.8%** | **Financials \| 11.8%** | **Financials \| 11.8%** |
| **Capital Markets** |  |  |
| &nbsp;&nbsp;&nbsp;Ares Management Corp. | &nbsp;&nbsp;&nbsp;&nbsp;13978 | &nbsp;&nbsp;&nbsp;&nbsp; 2420990 |
| &nbsp;&nbsp;&nbsp;Tradeweb Markets Inc. | &nbsp;&nbsp;&nbsp;&nbsp;15506 | &nbsp;&nbsp;&nbsp;&nbsp; 2270078 |
| **Financial Services** |  |  |
| &nbsp;&nbsp;&nbsp;Affirm Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;16130 | &nbsp;&nbsp;&nbsp;&nbsp; 1115228 |
| &nbsp;&nbsp;&nbsp;Block, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;176502 | &nbsp;&nbsp;&nbsp;&nbsp; 11989781 |
| &nbsp;&nbsp;&nbsp;Fiserv, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;26827 | &nbsp;&nbsp;&nbsp;&nbsp; 4625243 |
| &nbsp;&nbsp;&nbsp;Mastercard Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;26358 | &nbsp;&nbsp;&nbsp;&nbsp; 14811615 |
| &nbsp;&nbsp;&nbsp;Visa Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;32182 | &nbsp;&nbsp;&nbsp;&nbsp; 11426219 |
| **Total Financials** |  | &nbsp;&nbsp;&nbsp;&nbsp;**48659154** |
| **Health Care \| 11.2%** | **Health Care \| 11.2%** | **Health Care \| 11.2%** |
| **Biotechnology** |  |  |
| &nbsp;&nbsp;&nbsp;argenx SE ADR (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4988 | &nbsp;&nbsp;&nbsp;&nbsp; 2749485 |
| &nbsp;&nbsp;&nbsp;Natera, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;19202 | &nbsp;&nbsp;&nbsp;&nbsp; 3243986 |
| **Health Care Equipment & Supplies** |  |  |
| &nbsp;&nbsp;&nbsp;Intuitive Surgical, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;16947 | &nbsp;&nbsp;&nbsp;&nbsp; 9209170 |
| &nbsp;&nbsp;&nbsp;Sonova Holding AG ADR | &nbsp;&nbsp;&nbsp;&nbsp;40044 | &nbsp;&nbsp;&nbsp;&nbsp; 2391027 |
| &nbsp;&nbsp;&nbsp;Stryker Corp. | &nbsp;&nbsp;&nbsp;&nbsp;15719 | &nbsp;&nbsp;&nbsp;&nbsp; 6218908 |
| **Health Care Providers & Services** |  |  |
| &nbsp;&nbsp;&nbsp;Cigna Group (The) | &nbsp;&nbsp;&nbsp;&nbsp;14009 | &nbsp;&nbsp;&nbsp;&nbsp; 4631096 |
| &nbsp;&nbsp;&nbsp;UnitedHealth Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;19893 | &nbsp;&nbsp;&nbsp;&nbsp; 6206019 |
| **Life Sciences Tools & Services** |  |  |
| &nbsp;&nbsp;&nbsp;Danaher Corp. | &nbsp;&nbsp;&nbsp;&nbsp;12797 | &nbsp;&nbsp;&nbsp;&nbsp; 2527919 |
| **Pharmaceuticals** |  |  |
| &nbsp;&nbsp;&nbsp;Eli Lilly & Co. | &nbsp;&nbsp;&nbsp;&nbsp;11521 | &nbsp;&nbsp;&nbsp;&nbsp; 8980965 |
| **Total Health Care** |  | &nbsp;&nbsp;&nbsp;&nbsp;**46158575** |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks \| 99.1% of portfolio (Continued)** | **Common Stocks \| 99.1% of portfolio (Continued)** | **Common Stocks \| 99.1% of portfolio (Continued)** |
|  | **Shares** | **Value** |
| **Industrials \| 4.8%** | **Industrials \| 4.8%** | **Industrials \| 4.8%** |
| **Aerospace & Defense** |  |  |
| &nbsp;&nbsp;&nbsp;Boeing Co. (The) (a) | &nbsp;&nbsp;&nbsp;&nbsp;19485 | &nbsp;&nbsp;&nbsp;&nbsp;$4082692 |
| &nbsp;&nbsp;&nbsp;Howmet Aerospace Inc. | &nbsp;&nbsp;&nbsp;&nbsp;31365 | &nbsp;&nbsp;&nbsp;&nbsp; 5837968 |
| **Machinery** |  |  |
| &nbsp;&nbsp;&nbsp;Ingersoll Rand Inc. | &nbsp;&nbsp;&nbsp;&nbsp;38929 | &nbsp;&nbsp;&nbsp;&nbsp; 3238114 |
| **Professional Services** |  |  |
| &nbsp;&nbsp;&nbsp;Dayforce, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;49952 | &nbsp;&nbsp;&nbsp;&nbsp; 2766841 |
| &nbsp;&nbsp;&nbsp;Equifax Inc. | &nbsp;&nbsp;&nbsp;&nbsp;14610 | &nbsp;&nbsp;&nbsp;&nbsp; 3789396 |
| **Total Industrials** |  | &nbsp;&nbsp;&nbsp;&nbsp;**19715011** |
| **Information Technology \| 47.3%** | **Information Technology \| 47.3%** | **Information Technology \| 47.3%** |
| **Electronic Equipment, Instruments & Components** |  |  |
| &nbsp;&nbsp;&nbsp;Amphenol Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;97651 | &nbsp;&nbsp;&nbsp;&nbsp; 9643036 |
| **IT Services** |  |  |
| &nbsp;&nbsp;&nbsp;Shopify Inc., Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;33638 | &nbsp;&nbsp;&nbsp;&nbsp; 3880143 |
| **Semiconductors & Semiconductor Equipment** |  |  |
| &nbsp;&nbsp;&nbsp;Advanced Micro Devices, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;18612 | &nbsp;&nbsp;&nbsp;&nbsp; 2641043 |
| &nbsp;&nbsp;&nbsp;ASML Holding NV ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1626020 |
| &nbsp;&nbsp;&nbsp;Broadcom Inc. | &nbsp;&nbsp;&nbsp;&nbsp;55061 | &nbsp;&nbsp;&nbsp;&nbsp; 15177565 |
| &nbsp;&nbsp;&nbsp;Entegris, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;54841 | &nbsp;&nbsp;&nbsp;&nbsp; 4422927 |
| &nbsp;&nbsp;&nbsp;First Solar, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;12836 | &nbsp;&nbsp;&nbsp;&nbsp; 2124871 |
| &nbsp;&nbsp;&nbsp;Lattice Semiconductor Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;43309 | &nbsp;&nbsp;&nbsp;&nbsp; 2121708 |
| &nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;255790 | &nbsp;&nbsp;&nbsp;&nbsp; 40412262 |
| **Software** |  |  |
| &nbsp;&nbsp;&nbsp;AppLovin Corp., Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9473 | &nbsp;&nbsp;&nbsp;&nbsp; 3316308 |
| &nbsp;&nbsp;&nbsp;Dynatrace, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;42840 | &nbsp;&nbsp;&nbsp;&nbsp; 2365196 |
| &nbsp;&nbsp;&nbsp;Fair Isaac Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1121 | &nbsp;&nbsp;&nbsp;&nbsp; 2049143 |
| &nbsp;&nbsp;&nbsp;HubSpot, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7199 | &nbsp;&nbsp;&nbsp;&nbsp; 4007179 |
| &nbsp;&nbsp;&nbsp;Intuit, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;17355 | &nbsp;&nbsp;&nbsp;&nbsp; 13669319 |
| &nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;&nbsp;112140 | &nbsp;&nbsp;&nbsp;&nbsp; 55779557 |
| &nbsp;&nbsp;&nbsp;ServiceNow, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7857 | &nbsp;&nbsp;&nbsp;&nbsp; 8077625 |
| **Technology Hardware, Storage & Peripherals** |  |  |
| &nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;117522 | &nbsp;&nbsp;&nbsp;&nbsp; 24111989 |
| **Total Information Technology** |  | &nbsp;&nbsp;**195425891** |
| **Total Common Stocks** |  |  |
| **(Cost $200,260,753)** |  | &nbsp;&nbsp;**409402721** |
| **Money Market Fund \| 0.9% of portfolio** | **Money Market Fund \| 0.9% of portfolio** | **Money Market Fund \| 0.9% of portfolio** |
| &nbsp;&nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund Premier Class, 4.27% (b) | 3837162 | &nbsp;&nbsp;&nbsp;&nbsp; 3837162 |
| **Total Money Market Fund** |  |  |
| **(Cost $3,837,162)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3837162** |
| **Total Investments in Securities** |  |  |
| **(Cost $204,097,915) \| 100.0%** |  | **$413239883** |

---

(a) Non-income producing.

(b) 7-day yield at June 30, 2025.

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **Portfolio of Investments&nbsp;&nbsp;&nbsp;&nbsp;** |

---

#### 23

------

[**Table of Contents**](#JOB_Homes_d5f6c467-c4b6-48bc-b206-21170d7a521a_TOC)

Portfolio of Investments <sub>\|</sub> Growth Fund <sub>\|</sub> June 30, 2025 <sub>\|</sub> (Unaudited) <sub>\|</sub> (Continued)

NV -Naamloze Vennottschap

ADR -American Depositary Receipt

SE -Societas Europaea

AG -Aktiengesellschaft

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Portfolio of Investments** | **The accompanying notes are an integral part of these financial statements.** |

---

#### 24

------

[**Table of Contents**](#JOB_Homes_d5f6c467-c4b6-48bc-b206-21170d7a521a_TOC)

### Portfolio of Investments

#### International Equity Fund <sub>\|</sub> June 30, 2025 <sub>\|</sub> (Unaudited)

------

---

| | | |
|:---|:---|:---|
| **Common Stocks \| 95.9% of portfolio** | **Common Stocks \| 95.9% of portfolio** | **Common Stocks \| 95.9% of portfolio** |
|  | **Shares** | **Value** |
| **Australia \| 1.6%** | **Australia \| 1.6%** | **Australia \| 1.6%** |
| &nbsp;&nbsp;&nbsp;BHP Group Ltd. ADR | &nbsp;&nbsp;&nbsp;&nbsp;31429 | $1511421 |
| **Total Australia** |  | &nbsp;&nbsp;&nbsp;&nbsp;**1511421** |
| **Britain \| 8.2%** | **Britain \| 8.2%** | **Britain \| 8.2%** |
| &nbsp;&nbsp;&nbsp;Haleon PLC | &nbsp;&nbsp;&nbsp;&nbsp;555587 | &nbsp;&nbsp;&nbsp;&nbsp; 2855509 |
| &nbsp;&nbsp;&nbsp;Rio Tinto PLC | &nbsp;&nbsp;&nbsp;&nbsp;27651 | &nbsp;&nbsp;&nbsp;&nbsp; 1609401 |
| &nbsp;&nbsp;&nbsp;Shell PLC | &nbsp;&nbsp;&nbsp;&nbsp;97578 | &nbsp;&nbsp;&nbsp;&nbsp; 3404449 |
| **Total Britain** |  | &nbsp;&nbsp;&nbsp;&nbsp;**7869359** |
| **Canada \| 5.6%** | **Canada \| 5.6%** | **Canada \| 5.6%** |
| &nbsp;&nbsp;&nbsp;Alimentation Couche-Tard Inc. | &nbsp;&nbsp;&nbsp;&nbsp;37500 | &nbsp;&nbsp;&nbsp;&nbsp; 1864054 |
| &nbsp;&nbsp;&nbsp;Canadian National Railway Co. | &nbsp;&nbsp;&nbsp;&nbsp;10407 | &nbsp;&nbsp;&nbsp;&nbsp; 1082744 |
| &nbsp;&nbsp;&nbsp;Manulife Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;76977 | &nbsp;&nbsp;&nbsp;&nbsp; 2461229 |
| **Total Canada** |  | &nbsp;&nbsp;&nbsp;&nbsp;**5408027** |
| **Denmark \| 2.9%** | **Denmark \| 2.9%** | **Denmark \| 2.9%** |
| &nbsp;&nbsp;&nbsp;Coloplast A/S | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9001 | &nbsp;&nbsp;&nbsp;&nbsp; 856921 |
| &nbsp;&nbsp;&nbsp;Genmab A/S (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4235 | &nbsp;&nbsp;&nbsp;&nbsp; 879476 |
| &nbsp;&nbsp;&nbsp;Novonesis A/S, Class B | &nbsp;&nbsp;&nbsp;&nbsp;15086 | &nbsp;&nbsp;&nbsp;&nbsp; 1083128 |
| **Total Denmark** |  | &nbsp;&nbsp;&nbsp;&nbsp;**2819525** |
| **France \| 10.5%** | **France \| 10.5%** | **France \| 10.5%** |
| &nbsp;&nbsp;&nbsp;Air Liquide SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7672 | &nbsp;&nbsp;&nbsp;&nbsp; 1581975 |
| &nbsp;&nbsp;&nbsp;Dassault Systèmes SE | &nbsp;&nbsp;&nbsp;&nbsp;35710 | &nbsp;&nbsp;&nbsp;&nbsp; 1294189 |
| &nbsp;&nbsp;&nbsp;L'Oréal SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5689 | &nbsp;&nbsp;&nbsp;&nbsp; 2436904 |
| &nbsp;&nbsp;&nbsp;Safran SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4509 | &nbsp;&nbsp;&nbsp;&nbsp; 1470495 |
| &nbsp;&nbsp;&nbsp;Schneider Electric SE | &nbsp;&nbsp;&nbsp;&nbsp;12518 | &nbsp;&nbsp;&nbsp;&nbsp; 3360894 |
| **Total France** |  | &nbsp;&nbsp;**10144457** |
| **Germany \| 7.3%** | **Germany \| 7.3%** | **Germany \| 7.3%** |
| &nbsp;&nbsp;&nbsp;Allianz SE REG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7900 | &nbsp;&nbsp;&nbsp;&nbsp; 3206084 |
| &nbsp;&nbsp;&nbsp;SAP SE ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8369 | &nbsp;&nbsp;&nbsp;&nbsp; 2545013 |
| &nbsp;&nbsp;&nbsp;Symrise AG | &nbsp;&nbsp;&nbsp;&nbsp;12416 | &nbsp;&nbsp;&nbsp;&nbsp; 1301997 |
| **Total Germany** |  | &nbsp;&nbsp;&nbsp;&nbsp;**7053094** |
| **Hong Kong \| 4.2%** | **Hong Kong \| 4.2%** | **Hong Kong \| 4.2%** |
| &nbsp;&nbsp;&nbsp;AIA Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;347000 | &nbsp;&nbsp;&nbsp;&nbsp; 3143278 |
| &nbsp;&nbsp;&nbsp;Techtronic Industries Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;80500 | &nbsp;&nbsp;&nbsp;&nbsp; 888235 |
| **Total Hong Kong** |  | &nbsp;&nbsp;&nbsp;&nbsp;**4031513** |
| **India \| 1.0%** | **India \| 1.0%** | **India \| 1.0%** |
| &nbsp;&nbsp;&nbsp;HDFC Bank Ltd. ADR | &nbsp;&nbsp;&nbsp;&nbsp;12703 | &nbsp;&nbsp;&nbsp;&nbsp; 973939 |
| **Total India** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**973939** |
| **Ireland \| 1.4%** | **Ireland \| 1.4%** | **Ireland \| 1.4%** |
| &nbsp;&nbsp;&nbsp;Ryanair Holdings PLC ADR | &nbsp;&nbsp;&nbsp;&nbsp;23219 | &nbsp;&nbsp;&nbsp;&nbsp; 1339040 |
| **Total Ireland** |  | &nbsp;&nbsp;&nbsp;&nbsp;**1339040** |
| **Japan \| 17.5%** | **Japan \| 17.5%** | **Japan \| 17.5%** |
| &nbsp;&nbsp;&nbsp;Chugai Pharmaceutical Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;58200 | &nbsp;&nbsp;&nbsp;&nbsp; 3039077 |
| &nbsp;&nbsp;&nbsp;Daifuku Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;48400 | &nbsp;&nbsp;&nbsp;&nbsp; 1245135 |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks \| 95.9% of portfolio (Continued)** | **Common Stocks \| 95.9% of portfolio (Continued)** | **Common Stocks \| 95.9% of portfolio (Continued)** |
|  | **Shares** | **Value** |
| **Japan \| 17.5% (Continued)** | **Japan \| 17.5% (Continued)** | **Japan \| 17.5% (Continued)** |
| &nbsp;&nbsp;&nbsp;Disco Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5100 | $1510841 |
| &nbsp;&nbsp;&nbsp;Keyence Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2800 | &nbsp;&nbsp;&nbsp;&nbsp; 1119519 |
| &nbsp;&nbsp;&nbsp;Komatsu Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;57200 | &nbsp;&nbsp;&nbsp;&nbsp; 1887231 |
| &nbsp;&nbsp;&nbsp;OBIC Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;15868 | &nbsp;&nbsp;&nbsp;&nbsp; 617028 |
| &nbsp;&nbsp;&nbsp;Shionogi & Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;87100 | &nbsp;&nbsp;&nbsp;&nbsp; 1567998 |
| &nbsp;&nbsp;&nbsp;Sony Group Corp. | &nbsp;&nbsp;&nbsp;&nbsp;109200 | &nbsp;&nbsp;&nbsp;&nbsp; 2839233 |
| &nbsp;&nbsp;&nbsp;Sysmex Corp. | &nbsp;&nbsp;&nbsp;&nbsp;109500 | &nbsp;&nbsp;&nbsp;&nbsp; 1906089 |
| &nbsp;&nbsp;&nbsp;Unicharm Corp. | &nbsp;&nbsp;&nbsp;&nbsp;163900 | &nbsp;&nbsp;&nbsp;&nbsp; 1183486 |
| **Total Japan** |  | &nbsp;&nbsp;**16915637** |
| **Netherlands \| 4.9%** | **Netherlands \| 4.9%** | **Netherlands \| 4.9%** |
| &nbsp;&nbsp;&nbsp;Adyen NV (a)(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;915 | &nbsp;&nbsp;&nbsp;&nbsp; 1680432 |
| &nbsp;&nbsp;&nbsp;ASML Holding NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3749 | &nbsp;&nbsp;&nbsp;&nbsp; 3004212 |
| **Total Netherlands** |  | &nbsp;&nbsp;&nbsp;&nbsp;**4684644** |
| **Republic of South Korea \| 1.0%** | **Republic of South Korea \| 1.0%** | **Republic of South Korea \| 1.0%** |
| &nbsp;&nbsp;&nbsp;Samsung Electronics Co., Ltd. GDR (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;849 | &nbsp;&nbsp;&nbsp;&nbsp; 937792 |
| **Total Republic of South Korea** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**937792** |
| **Singapore \| 4.4%** | **Singapore \| 4.4%** | **Singapore \| 4.4%** |
| &nbsp;&nbsp;&nbsp;DBS Group Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;120526 | &nbsp;&nbsp;&nbsp;&nbsp; 4254815 |
| **Total Singapore** |  | &nbsp;&nbsp;&nbsp;&nbsp;**4254815** |
| **Spain \| 2.2%** | **Spain \| 2.2%** | **Spain \| 2.2%** |
| &nbsp;&nbsp;&nbsp;Banco Bilboa Vizcaya Argentaria SA | &nbsp;&nbsp;&nbsp;&nbsp;136517 | &nbsp;&nbsp;&nbsp;&nbsp; 2102126 |
| **Total Spain** |  | &nbsp;&nbsp;&nbsp;&nbsp;**2102126** |
| **Sweden \| 8.5%** | **Sweden \| 8.5%** | **Sweden \| 8.5%** |
| &nbsp;&nbsp;&nbsp;Alfa Laval AB | &nbsp;&nbsp;&nbsp;&nbsp;46789 | &nbsp;&nbsp;&nbsp;&nbsp; 1970687 |
| &nbsp;&nbsp;&nbsp;Assa Abloy AB | &nbsp;&nbsp;&nbsp;&nbsp;41430 | &nbsp;&nbsp;&nbsp;&nbsp; 1295252 |
| &nbsp;&nbsp;&nbsp;Atlas Copco AB, Class A | &nbsp;&nbsp;&nbsp;&nbsp;71855 | &nbsp;&nbsp;&nbsp;&nbsp; 1161608 |
| &nbsp;&nbsp;&nbsp;Epiroc AB, Class A | &nbsp;&nbsp;&nbsp;&nbsp;76177 | &nbsp;&nbsp;&nbsp;&nbsp; 1657600 |
| &nbsp;&nbsp;&nbsp;Skandinaviska Enskilda Banken AB, Class A | &nbsp;&nbsp;&nbsp;&nbsp;122283 | &nbsp;&nbsp;&nbsp;&nbsp; 2131457 |
| **Total Sweden** |  | &nbsp;&nbsp;&nbsp;&nbsp;**8216604** |
| **Switzerland \| 10.4%** | **Switzerland \| 10.4%** | **Switzerland \| 10.4%** |
| &nbsp;&nbsp;&nbsp;Alcon Inc. | &nbsp;&nbsp;&nbsp;&nbsp;21416 | &nbsp;&nbsp;&nbsp;&nbsp; 1890604 |
| &nbsp;&nbsp;&nbsp;Nestlé SA ADR | &nbsp;&nbsp;&nbsp;&nbsp;23920 | &nbsp;&nbsp;&nbsp;&nbsp; 2378278 |
| &nbsp;&nbsp;&nbsp;Novartis AG ADR | &nbsp;&nbsp;&nbsp;&nbsp;12253 | &nbsp;&nbsp;&nbsp;&nbsp; 1487234 |
| &nbsp;&nbsp;&nbsp;Roche Holding AG REG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9907 | &nbsp;&nbsp;&nbsp;&nbsp; 3233840 |
| &nbsp;&nbsp;&nbsp;Sonova Holding AG REG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3639 | &nbsp;&nbsp;&nbsp;&nbsp; 1085242 |
| **Total Switzerland** |  | &nbsp;&nbsp;**10075198** |
| **Taiwan \| 2.4%** | **Taiwan \| 2.4%** | **Taiwan \| 2.4%** |
| &nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. ADR | &nbsp;&nbsp;&nbsp;&nbsp;10385 | &nbsp;&nbsp;&nbsp;&nbsp; 2352099 |
| **Total Taiwan** |  | &nbsp;&nbsp;&nbsp;&nbsp;**2352099** |

---

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **Portfolio of Investments&nbsp;&nbsp;&nbsp;&nbsp;** |

---

#### 25

------

[**Table of Contents**](#JOB_Homes_d5f6c467-c4b6-48bc-b206-21170d7a521a_TOC)

#### Portfolio of Investments <sub>\|</sub> International Equity Fund <sub>\|</sub> June 30, 2025 <sub>\|</sub> (Unaudited) <sub>\|</sub>
(Continued)

---

| | | |
|:---|:---|:---|
| **Common Stocks \| 95.9% of portfolio (Continued)** | **Common Stocks \| 95.9% of portfolio (Continued)** | **Common Stocks \| 95.9% of portfolio (Continued)** |
|  | **Shares** | **Value** |
| **United States of America \| 1.9%** | **United States of America \| 1.9%** | **United States of America \| 1.9%** |
| &nbsp;&nbsp;&nbsp;Linde PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3881 | $1820887 |
| **Total United States of America** |  | &nbsp;&nbsp;&nbsp;&nbsp;**1820887** |
| **Total Common Stocks** |  |  |
| **(Cost $67,400,187)** |  | &nbsp;&nbsp;**92510177** |
| **Money Market Fund \| 4.1% of portfolio** | **Money Market Fund \| 4.1% of portfolio** | **Money Market Fund \| 4.1% of portfolio** |
| &nbsp;&nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund Premier Class, 4.27% (c) | 3919569 | &nbsp;&nbsp;&nbsp;&nbsp; 3919569 |
| **Total Money Market Fund** |  |  |
| **(Cost $3,919,569)** |  | &nbsp;&nbsp;&nbsp;&nbsp;**3919569** |
| **Total Investments in Securities** |  |  |
| **(Cost $71,319,756) \| 100.0%** |  | **$96429746** |

---

(a) Non-income producing.

(b) Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may be resold in transactions exempt from registration, normally to qualified institutional buyers. The securities have been
determined to be liquid under criteria established by the Fund's Board of Directors. The total of such securities at period-end amounts to $2,618,224 and represents 2.7% of total investments.

(c) 7-day yield at June 30, 2025.

ADR -American Depositary Receipt

PLC -Public Limited Company

A/S -Aktieselskab

SA -Sociedad Anonima or Societe Anonyme

SE -Societas Europaea

REG -Registered Shares

AG -Aktiengesellschaft

NV -Naamloze Vennottschap

GDR -Global Depositary Receipt

AB -Aktiebolag

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Portfolio of Investments** | **The accompanying notes are an integral part of these financial statements.** |

---

#### 26

------

[**Table of Contents**](#JOB_Homes_d5f6c467-c4b6-48bc-b206-21170d7a521a_TOC)

### Portfolio of Investments

#### Small-Company Stock Fund <sub>\|</sub> June 30, 2025 <sub>\|</sub> (Unaudited)

------

---

| | | |
|:---|:---|:---|
| **Common Stocks \| 97.6% of portfolio** | **Common Stocks \| 97.6% of portfolio** | **Common Stocks \| 97.6% of portfolio** |
|  | **Shares** | **Value** |
| **Consumer Discretionary \| 9.0%** | **Consumer Discretionary \| 9.0%** | **Consumer Discretionary \| 9.0%** |
| **Broadline Retail** |  |  |
| &nbsp;&nbsp;&nbsp;Savers Value Village, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;187106 | &nbsp;&nbsp;&nbsp;&nbsp;$1908481 |
| **Hotels, Restaurants & Leisure** |  |  |
| &nbsp;&nbsp;&nbsp;Hilton Grand Vacations Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp; 1245900 |
| **Household Durables** |  |  |
| &nbsp;&nbsp;&nbsp;KB Home | &nbsp;&nbsp;&nbsp;&nbsp;43200 | &nbsp;&nbsp;&nbsp;&nbsp; 2288304 |
| **Leisure Products** |  |  |
| &nbsp;&nbsp;&nbsp;Malibu Boats, Inc., Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;48200 | &nbsp;&nbsp;&nbsp;&nbsp; 1510588 |
| &nbsp;&nbsp;&nbsp;YETI Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;95300 | &nbsp;&nbsp;&nbsp;&nbsp; 3003856 |
| **Specialty Retail** |  |  |
| &nbsp;&nbsp;&nbsp;Valvoline Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;33500 | &nbsp;&nbsp;&nbsp;&nbsp; 1268645 |
| **Textiles, Apparel & Luxury Goods** |  |  |
| &nbsp;&nbsp;&nbsp;Gildan Activewear Inc. | &nbsp;&nbsp;&nbsp;&nbsp;118300 | &nbsp;&nbsp;&nbsp;&nbsp; 5825092 |
| &nbsp;&nbsp;&nbsp;Kontoor Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;26400 | &nbsp;&nbsp;&nbsp;&nbsp; 1741608 |
| **Total Consumer Discretionary** |  | &nbsp;&nbsp;&nbsp;&nbsp;**18792474** |
| **Energy \| 3.4%** | **Energy \| 3.4%** | **Energy \| 3.4%** |
| **Oil, Gas & Consumable Fuels** |  |  |
| &nbsp;&nbsp;&nbsp;Matador Resources Co. | &nbsp;&nbsp;&nbsp;&nbsp;43600 | &nbsp;&nbsp;&nbsp;&nbsp; 2080592 |
| &nbsp;&nbsp;&nbsp;Northern Oil and Gas, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;99800 | &nbsp;&nbsp;&nbsp;&nbsp; 2829330 |
| &nbsp;&nbsp;&nbsp;Permian Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp;164000 | &nbsp;&nbsp;&nbsp;&nbsp; 2233680 |
| **Total Energy** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7143602** |
| **Financials \| 18.2%** | **Financials \| 18.2%** | **Financials \| 18.2%** |
| **Banks** |  |  |
| &nbsp;&nbsp;&nbsp;Atlantic Union Bankshares Corp. | &nbsp;&nbsp;&nbsp;&nbsp;139492 | &nbsp;&nbsp;&nbsp;&nbsp; 4363310 |
| &nbsp;&nbsp;&nbsp;Cadence Bank | &nbsp;&nbsp;&nbsp;&nbsp;147150 | &nbsp;&nbsp;&nbsp;&nbsp; 4705857 |
| &nbsp;&nbsp;&nbsp;FB Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;124359 | &nbsp;&nbsp;&nbsp;&nbsp; 5633463 |
| &nbsp;&nbsp;&nbsp;Glacier Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;112416 | &nbsp;&nbsp;&nbsp;&nbsp; 4842881 |
| &nbsp;&nbsp;&nbsp;Live Oak Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;34100 | &nbsp;&nbsp;&nbsp;&nbsp; 1016180 |
| &nbsp;&nbsp;&nbsp;Old National Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;146500 | &nbsp;&nbsp;&nbsp;&nbsp; 3126310 |
| **Capital Markets** |  |  |
| &nbsp;&nbsp;&nbsp;DigitalBridge Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;297700 | &nbsp;&nbsp;&nbsp;&nbsp; 3081195 |
| **Consumer Finance** |  |  |
| &nbsp;&nbsp;&nbsp;Encore Capital Group, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;86783 | &nbsp;&nbsp;&nbsp;&nbsp; 3359370 |
| **Insurance** |  |  |
| &nbsp;&nbsp;&nbsp;Kinsale Capital Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;16326 | &nbsp;&nbsp;&nbsp;&nbsp; 7900151 |
| **Total Financials** |  | &nbsp;&nbsp;&nbsp;&nbsp;**38028717** |
| **Health Care \| 16.8%** | **Health Care \| 16.8%** | **Health Care \| 16.8%** |
| **Biotechnology** |  |  |
| &nbsp;&nbsp;&nbsp;ADMA Biologics, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;133000 | &nbsp;&nbsp;&nbsp;&nbsp; 2421930 |
| **Health Care Equipment & Supplies** |  |  |
| &nbsp;&nbsp;&nbsp;Enovis Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;77476 | &nbsp;&nbsp;&nbsp;&nbsp; 2429647 |
| &nbsp;&nbsp;&nbsp;Envista Holdings Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;294400 | &nbsp;&nbsp;&nbsp;&nbsp; 5752576 |
| &nbsp;&nbsp;&nbsp;Globus Medical, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;76325 | &nbsp;&nbsp;&nbsp;&nbsp; 4504702 |
| &nbsp;&nbsp;&nbsp;Integer Holdings Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;40670 | &nbsp;&nbsp;&nbsp;&nbsp; 5001190 |
| &nbsp;&nbsp;&nbsp;iRhythm Technologies, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;32400 | &nbsp;&nbsp;&nbsp;&nbsp; 4988304 |
| &nbsp;&nbsp;&nbsp;Lantheus Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;58200 | &nbsp;&nbsp;&nbsp;&nbsp; 4764252 |
| **Health Care Providers & Services** |  |  |
| &nbsp;&nbsp;&nbsp;HealthEquity, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;32800 | &nbsp;&nbsp;&nbsp;&nbsp; 3436128 |

---

---

| | | |
|:---|:---|:---|
| **Common Stocks \| 97.6% of portfolio (Continued)** | **Common Stocks \| 97.6% of portfolio (Continued)** | **Common Stocks \| 97.6% of portfolio (Continued)** |
|  | **Shares** | **Value** |
| **Health Care \| 16.8% (Continued)** | **Health Care \| 16.8% (Continued)** | **Health Care \| 16.8% (Continued)** |
| **Life Sciences Tools & Services** |  |  |
| &nbsp;&nbsp;&nbsp;Medpace Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5750 | &nbsp;&nbsp;&nbsp;&nbsp;$1804695 |
| **Total Health Care** |  | &nbsp;&nbsp;&nbsp;&nbsp;**35103424** |
| **Industrials \| 27.3%** | **Industrials \| 27.3%** | **Industrials \| 27.3%** |
| **Aerospace & Defense** |  |  |
| &nbsp;&nbsp;&nbsp;Triumph Group, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;108130 | &nbsp;&nbsp;&nbsp;&nbsp; 2784348 |
| **Building Products** |  |  |
| &nbsp;&nbsp;&nbsp;Hayward Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;444300 | &nbsp;&nbsp;&nbsp;&nbsp; 6131340 |
| **Commercial Services & Supplies** |  |  |
| &nbsp;&nbsp;&nbsp;OPENLANE, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;175600 | &nbsp;&nbsp;&nbsp;&nbsp; 4293420 |
| **Construction & Engineering** |  |  |
| &nbsp;&nbsp;&nbsp;Comfort Systems USA, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7288 | &nbsp;&nbsp;&nbsp;&nbsp; 3907898 |
| **Machinery** |  |  |
| &nbsp;&nbsp;&nbsp;ESAB Corp. | &nbsp;&nbsp;&nbsp;&nbsp;59776 | &nbsp;&nbsp;&nbsp;&nbsp; 7205997 |
| &nbsp;&nbsp;&nbsp;Federal Signal Corp. | &nbsp;&nbsp;&nbsp;&nbsp;79794 | &nbsp;&nbsp;&nbsp;&nbsp; 8491677 |
| &nbsp;&nbsp;&nbsp;John Bean Technologies Corp. | &nbsp;&nbsp;&nbsp;&nbsp;39700 | &nbsp;&nbsp;&nbsp;&nbsp; 4774322 |
| **Marine Transportation** |  |  |
| &nbsp;&nbsp;&nbsp;Kirby Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;36000 | &nbsp;&nbsp;&nbsp;&nbsp; 4082760 |
| **Professional Services** |  |  |
| &nbsp;&nbsp;&nbsp;CACI International Inc., Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;11071 | &nbsp;&nbsp;&nbsp;&nbsp; 5277546 |
| &nbsp;&nbsp;&nbsp;Verra Mobility Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;109200 | &nbsp;&nbsp;&nbsp;&nbsp; 2772588 |
| **Trading Companies & Distributors** |  |  |
| &nbsp;&nbsp;&nbsp;Applied Industrial Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;32526 | &nbsp;&nbsp;&nbsp;&nbsp; 7560669 |
| **Total Industrials** |  | &nbsp;&nbsp;&nbsp;&nbsp;**57282565** |
| **Information Technology \| 17.1%** | **Information Technology \| 17.1%** | **Information Technology \| 17.1%** |
| **Electronic Equipment, Instruments & Components** |  |  |
| &nbsp;&nbsp;&nbsp;Advanced Energy Industries, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;59662 | &nbsp;&nbsp;&nbsp;&nbsp; 7905215 |
| &nbsp;&nbsp;&nbsp;Plexus Corp. | &nbsp;&nbsp;&nbsp;&nbsp;40800 | &nbsp;&nbsp;&nbsp;&nbsp; 5520648 |
| **Semiconductors & Semiconductor Equipment** |  |  |
| &nbsp;&nbsp;&nbsp;Axcelis Technologies, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;34200 | &nbsp;&nbsp;&nbsp;&nbsp; 2383398 |
| &nbsp;&nbsp;&nbsp;Diodes Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;68686 | &nbsp;&nbsp;&nbsp;&nbsp; 3632802 |
| **Software** |  |  |
| &nbsp;&nbsp;&nbsp;CCC Intelligent Solutions Holdings Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;374000 | &nbsp;&nbsp;&nbsp;&nbsp; 3519340 |
| &nbsp;&nbsp;&nbsp;Descartes Systems Group Inc. (The) | &nbsp;&nbsp;&nbsp;&nbsp;69370 | &nbsp;&nbsp;&nbsp;&nbsp; 7051114 |
| &nbsp;&nbsp;&nbsp;Q2 Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;62300 | &nbsp;&nbsp;&nbsp;&nbsp; 5830657 |
| **Total Information Technology** |  | &nbsp;&nbsp;&nbsp;&nbsp;**35843174** |
| **Materials \| 4.1%** | **Materials \| 4.1%** | **Materials \| 4.1%** |
| **Chemicals** |  |  |
| &nbsp;&nbsp;&nbsp;Avient Corp. | &nbsp;&nbsp;&nbsp;&nbsp;159227 | &nbsp;&nbsp;&nbsp;&nbsp; 5144625 |
| &nbsp;&nbsp;&nbsp;Element Solutions Inc. | &nbsp;&nbsp;&nbsp;&nbsp;156600 | &nbsp;&nbsp;&nbsp;&nbsp; 3546990 |
| **Total Materials** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8691615** |

---

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **Portfolio of Investments&nbsp;&nbsp;&nbsp;&nbsp;** |

---

#### 27

------

[**Table of Contents**](#JOB_Homes_d5f6c467-c4b6-48bc-b206-21170d7a521a_TOC)

#### Portfolio of Investments <sub>\|</sub> Small-Company Stock Fund <sub>\|</sub> June 30, 2025 <sub>\|</sub> (Unaudited) <sub>\|</sub>
(Continued)

---

| | | |
|:---|:---|:---|
| **Common Stocks \| 97.6% of portfolio (Continued)** | **Common Stocks \| 97.6% of portfolio (Continued)** | **Common Stocks \| 97.6% of portfolio (Continued)** |
|  | **Shares** | **Value** |
| **Real Estate \| 1.7%** | **Real Estate \| 1.7%** | **Real Estate \| 1.7%** |
| **Real Estate Management & Development** |  |  |
| &nbsp;&nbsp;&nbsp;Cushman & Wakefield PLC (a) | &nbsp;&nbsp;&nbsp;&nbsp;319800 | &nbsp;&nbsp;&nbsp;&nbsp;$3540186 |
| **Total Real Estate** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3540186** |
| **Total Common Stocks** |  |  |
| **(Cost $162,172,679)** |  | &nbsp;&nbsp;**204425757** |
| **Money Market Fund \| 2.4% of portfolio** | **Money Market Fund \| 2.4% of portfolio** | **Money Market Fund \| 2.4% of portfolio** |
| &nbsp;&nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund Premier Class, 4.27% (b) | 5075184 | &nbsp;&nbsp;&nbsp;&nbsp; 5075184 |
| **Total Money Market Fund** |  |  |
| **(Cost $5,075,184)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5075184** |
| **Total Investments in Securities** |  |  |
| **(Cost $167,247,863) \| 100.0%** |  | **$209500941** |

---

(a) Non-income producing.

(b) 7-day yield at June 30, 2025.

PLC -Public Limited Company

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Portfolio of Investments** | **The accompanying notes are an integral part of these financial statements.** |

---

#### 28

------

[**Table of Contents**](#JOB_Homes_d5f6c467-c4b6-48bc-b206-21170d7a521a_TOC)

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------

[**Table of Contents**](#JOB_Homes_d5f6c467-c4b6-48bc-b206-21170d7a521a_TOC)

### Statements of Assets and Liabilities

#### June 30, 2025 (Unaudited)

------

---

| | | | |
|:---|:---|:---|:---|
| **Assets** | **Daily Income Fund** | **Short-Term Government Securities Fund** | **Short-Term Bond Fund** |
| Investments in securities, excluding repurchase agreements, at value (cost:$105,252,186, $57,967,635, $416,361,097, $136,942,849, $15,771,325, $589,480,822, $204,097,915, $71,319,756 and $167,247,863, respectively) | $105252186 | $58053352 | $420402823 |
| Repurchase Agreements, at value and cost | &nbsp;&nbsp;&nbsp;&nbsp;120000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Foreign currency (cost $17,688) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Investment securities sold receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Dividends, interest, and tax reclaims receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;413374 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250896 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3889379 |
| Capital shares sold receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;336179 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18958 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66264 |
| Prepaid expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30501 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7341 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47053 |
| **Total Assets** | &nbsp;&nbsp;&nbsp;**226032240** | &nbsp;&nbsp;&nbsp;**58330547** | &nbsp;&nbsp;&nbsp;**424405519** |
| **Liabilities** |  |  |  |
| Investment securities purchased payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Accrued expenses payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65293 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25597 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134410 |
| Independent Director/Trustee's deferred compensation payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;676 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;557 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3285 |
| Capital shares redeemed payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123461 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3288 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55120 |
| Dividends payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2243 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34577 |
| Due to Homestead Advisers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77513 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5509 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216598 |
| **Total Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**269186** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**48076** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**443990** |
| **Net Assets** | **$225763054** | **$58282471** | **$423961529** |
| **Net Assets Consist Of:** |  |  |  |
| Distributable earnings (losses) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13708) | &nbsp;&nbsp;&nbsp;&nbsp;(3036595) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27003521) |
| Paid-in-capital applicable to outstanding shares of 225,777,113, 11,562,805, 85,087,091, 29,104,419, 6,142,467, 19,480,681, 21,115,566, 8,903,181 and 8,653,291, respectively | &nbsp;&nbsp;&nbsp;&nbsp;225776762 | &nbsp;&nbsp;&nbsp;&nbsp;61319066 | &nbsp;&nbsp;&nbsp;&nbsp;450965050 |
| **Net Assets** | **$225763054** | **$58282471** | **$423961529** |
| **Net Asset Value Per Share** | **$1.00** | **$5.04** | **$4.98** |

---

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Statements of Assets and Liabilities** | **The accompanying notes are an integral part of these financial statements.** |

---

#### 30

------

[**Table of Contents**](#JOB_Homes_d5f6c467-c4b6-48bc-b206-21170d7a521a_TOC)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Intermediate Bond Fund** | **Stock Index Fund** | **Value Fund** | **Growth Fund** | **International Equity Fund** | **Small-Company Stock Fund** |
| $132661639 | &nbsp;&nbsp;&nbsp;&nbsp;$276,096,332(a) | $1031737413 | $413239883 | $96429746 | $209500941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17704 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38144 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225493 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1955424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1135375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;706797 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98070 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;447483 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2860 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59401 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75504 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29463 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4559 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14874 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105178 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48326 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15801 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27192 |
| &nbsp;&nbsp;**133814748** | &nbsp;&nbsp;&nbsp;**276235287** | &nbsp;&nbsp;&nbsp;**1032624892** | &nbsp;&nbsp;&nbsp;**413641235** | &nbsp;&nbsp;&nbsp;**96915293** | &nbsp;&nbsp;&nbsp;**211661987** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;277151 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46292 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1071822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103665 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38376 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270768 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100353 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15871 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3947 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5466 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;891 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;931 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;824 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97545 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1317924 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165817 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1417 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21663 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;630560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22619 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13468 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60397 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;409477 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216691 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60695 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**119565** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**221928** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2634195** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**850908** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**148923** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1718242** |
| **$133695183** | **$276013359** | **$1029990697** | **$412790327** | **$96766370** | **$209943745** |
| &nbsp;&nbsp;&nbsp;&nbsp;(20788030) | &nbsp;&nbsp;&nbsp;&nbsp;259379646 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;495516746 | &nbsp;&nbsp;&nbsp;&nbsp;240854888 | &nbsp;&nbsp;&nbsp;&nbsp;30937419 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53283316 |
| &nbsp;&nbsp;&nbsp;&nbsp;154483213 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16633713 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;534473951 | &nbsp;&nbsp;&nbsp;&nbsp;171935439 | &nbsp;&nbsp;&nbsp;&nbsp;65828951 | &nbsp;&nbsp;&nbsp;&nbsp;156660429 |
| **$133695183** | **$276013359** | **$1029990697** | **$412790327** | **$96766370** | **$209943745** |
| **$4.59** | **$44.94** | **$52.87** | **$19.55** | **$10.87** | **$24.26** |

---

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **Statements of Assets and Liabilities&nbsp;&nbsp;&nbsp;&nbsp;** |

---

#### 31

------

[**Table of Contents**](#JOB_Homes_d5f6c467-c4b6-48bc-b206-21170d7a521a_TOC)

### Statements of Operations

#### For the Period Ended June 30, 2025 (Unaudited)

------

---

| | | | |
|:---|:---|:---|:---|
| **Investment Income** | **Daily Income Fund** | **Short-Term Government Securities Fund** | **Short-Term Bond Fund** |
| Interest | $4873435 | $1129902 | $10097621 |
| Dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Allocated from Master Portfolio |  |  |  |
| &nbsp;&nbsp;Dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Total Investment Income** | &nbsp;&nbsp;&nbsp;**4873435** | &nbsp;&nbsp;&nbsp;**1129902** | &nbsp;&nbsp;&nbsp;**10097621** |
| **Expenses** |  |  |  |
| Management fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;443888 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128609 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1283148 |
| Shareholder servicing | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36904 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56625 |
| Custodian, accounting, and administrative servicing | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47607 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41622 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68330 |
| Legal and audit | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33162 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12860 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63081 |
| Director, Trustee, and Board meeting expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32727 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10864 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78682 |
| Registration | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24251 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22537 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22723 |
| Printing and regulatory filings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5624 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2805 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7499 |
| Insurance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4985 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;745 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5678 |
| Communication | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;957 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121 |
| Sub-transfer agency | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7317 |
| Other expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9904 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7301 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40818 |
| Administration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Allocated from Master Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Total Expenses** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**653139** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**264939** | &nbsp;&nbsp;&nbsp;&nbsp;**1634022** |
| Less fees waived by Homestead Advisers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(50590) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Net Expenses** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**653139** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**214349** | &nbsp;&nbsp;&nbsp;&nbsp;**1634022** |
| **Net Investment Income (Loss)** | &nbsp;&nbsp;&nbsp;**4220296** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**915553** | &nbsp;&nbsp;&nbsp;&nbsp;**8463599** |
| **Realized and Unrealized Gain (Loss) on Investments** |  |  |  |
| Net realized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;682 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158196 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;373176 |
| Net change in unrealized apprecation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;744640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5139125 |
| **Net Gain (Loss) On Investments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**682** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**902836** | &nbsp;&nbsp;&nbsp;&nbsp;**5512301** |
| **Net Increase (Decrease) In Net Assets From Operations** | **$4220978** | **$1818389** | **$13975900** |

---

#### &nbsp;&nbsp;&nbsp;&nbsp;
(a) Includes foreign tax withholding expense of $9,358 in Stock Index, $27,032 in Value, $7,816 in Growth, $175,865 in International Equity and $8,021 in Small Company Stock Funds.

(b) Represents expenses allocated to the Fund by the S&P 500 Master Portfolio after expense reimbursements of $809.

(c) Represents realized and unrealized gains on investments allocated from the Master Portfolio.

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Statements of Operations** | **The accompanying notes are an integral part of these financial statements.** |

---

#### 32

------

[**Table of Contents**](#JOB_Homes_d5f6c467-c4b6-48bc-b206-21170d7a521a_TOC)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Intermediate Bond Fund** | **Stock Index Fund** | **Value Fund** | **Growth Fund** | **International Equity Fund** | **Small-Company Stock Fund** |
| $3131985 | $— | $286844 | $48616 | $59322 | $130940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9,138,094(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;967,751(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,467,840(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;859,374(a) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,657,874(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19118 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;**3131985** | &nbsp;&nbsp;&nbsp;&nbsp;**1676992** | &nbsp;&nbsp;&nbsp;&nbsp;**9424938** | &nbsp;&nbsp;&nbsp;&nbsp;**1016367** | &nbsp;&nbsp;&nbsp;&nbsp;**1527162** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**990314** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;410103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2340995 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1206383 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;341089 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;898245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29662 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69562 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109903 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76672 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63659 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57471 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35798 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99373 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59529 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52635 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23519 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38959 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154777 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63548 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18711 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24914 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44944 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68212 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17085 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36012 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19241 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24502 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21221 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18792 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2721 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18783 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9303 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5648 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1833 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2316 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13258 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5149 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1133 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1705 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;313 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;304 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;378 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7936 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115013 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;686 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16476 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7447 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20102 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8670 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2864 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;319756 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12,956(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;**602782** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**562935** | &nbsp;&nbsp;&nbsp;&nbsp;**3080271** | &nbsp;&nbsp;&nbsp;&nbsp;**1540099** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**522680** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1190386** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(55977) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;**546805** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**562935** | &nbsp;&nbsp;&nbsp;&nbsp;**3080271** | &nbsp;&nbsp;&nbsp;&nbsp;**1540099** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**522680** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1190386** |
| &nbsp;&nbsp;**2585180** | &nbsp;&nbsp;&nbsp;&nbsp;**1114057** | &nbsp;&nbsp;&nbsp;&nbsp;**6344667** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(523732)** | &nbsp;&nbsp;&nbsp;&nbsp;**1004482** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(200072)** |
| &nbsp;&nbsp;(1137802) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;319,942(c) | &nbsp;&nbsp;&nbsp;&nbsp;54131132 | &nbsp;&nbsp;&nbsp;&nbsp;33373726 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4867341 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10636840 |
| &nbsp;&nbsp;&nbsp;3264489 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14,140,022(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3280479 | &nbsp;&nbsp;&nbsp;&nbsp;(1760358) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6447632 | &nbsp;&nbsp;&nbsp;&nbsp;(25255766) |
| &nbsp;&nbsp;**2126687** | &nbsp;&nbsp;&nbsp;**14459964** | &nbsp;&nbsp;&nbsp;**57411611** | &nbsp;&nbsp;&nbsp;**31613368** | &nbsp;&nbsp;&nbsp;**11314973** | &nbsp;&nbsp;&nbsp;**(14618926)** |
| **$4711867** | **$15574021** | **$63756278** | **$31089636** | **$12319455** | **$(14818998)** |

---

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **Statements of Operations&nbsp;&nbsp;&nbsp;&nbsp;** |

---

#### 33

------

[**Table of Contents**](#JOB_Homes_d5f6c467-c4b6-48bc-b206-21170d7a521a_TOC)

### Statements of Changes in Net Assets

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Daily Income Fund** | &nbsp;&nbsp;**Daily Income Fund** |
|  | &nbsp;&nbsp;**Six Months Ended June 30, 2025<br> (Unaudited)** | &nbsp;&nbsp;**Year Ended December 31, 2024** |
| **Increase (Decrease) In Net Assets** |  |  |
| **Operations** |  |  |
| Net investment income | &nbsp;&nbsp;$4220296 | &nbsp;&nbsp;$10121919 |
| Net realized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;682 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5918 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Increase (decrease) in net assets from operations** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4220978** | &nbsp;&nbsp;&nbsp;&nbsp;**10127837** |
| **Distributions to Shareholders** |  |  |
| Distributions to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4220296) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10057835) |
| **Total Distributions to shareholders** | &nbsp;&nbsp;&nbsp;&nbsp;**(4220296)** | &nbsp;&nbsp;&nbsp;&nbsp;**(10057835)** |
| **Capital Share Transactions** |  |  |
| Net capital share transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1406460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5834131 |
| **Total increase (decrease) in net assets from capital transactions** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1406460** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5834131** |
| **Total Increase (Decrease) In Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1407142** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5904133** |
| **Net Assets** |  |  |
| Beginning of period | &nbsp;&nbsp;$224355912 | &nbsp;&nbsp;$218451779 |
| End of period | &nbsp;&nbsp;$225763054 | &nbsp;&nbsp;$224355912 |

---

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Statements of Changes in Net Assets** | **The accompanying notes are an integral part of these financial statements.** |

---

#### 34

------

[**Table of Contents**](#JOB_Homes_d5f6c467-c4b6-48bc-b206-21170d7a521a_TOC)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Short-Term Government Securities Fund** | **Short-Term Government Securities Fund** | &nbsp;&nbsp;**Short-Term Bond Fund** | &nbsp;&nbsp;**Short-Term Bond Fund** | &nbsp;&nbsp;**Intermediate Bond Fund** | &nbsp;&nbsp;**Intermediate Bond Fund** |
| **Six Months Ended June 30, 2025<br> (Unaudited)** | &nbsp;&nbsp;**Year Ended December 31, 2024** | &nbsp;&nbsp;**Six Months Ended June 30, 2025<br> (Unaudited)** | &nbsp;&nbsp;**Year Ended December 31, 2024** | &nbsp;&nbsp;**Six Months Ended June 30, 2025<br> (Unaudited)** | &nbsp;&nbsp;**Year Ended December 31, 2024** |
| $915553 | &nbsp;&nbsp;$1789643 | &nbsp;&nbsp;$8463599 | &nbsp;&nbsp;$16587134 | &nbsp;&nbsp;$2585180 | &nbsp;&nbsp;$4857196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158196 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70753 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;373176 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1908856) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1137802) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(301531) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;744640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(74097) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5139125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2994624 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3264489 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2070728) |
| &nbsp;&nbsp;**1818389** | &nbsp;&nbsp;&nbsp;&nbsp;**1786299** | &nbsp;&nbsp;&nbsp;&nbsp;**13975900** | &nbsp;&nbsp;&nbsp;&nbsp;**17672902** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4711867** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2484937** |
| &nbsp;&nbsp;&nbsp;&nbsp;(937840) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1848507) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8521592) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16703009) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2609719) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4927834) |
| &nbsp;&nbsp;&nbsp;&nbsp;**(937840)** | &nbsp;&nbsp;&nbsp;&nbsp;**(1848507)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(8521592)** | &nbsp;&nbsp;&nbsp;&nbsp;**(16703009)** | &nbsp;&nbsp;&nbsp;&nbsp;**(2609719)** | &nbsp;&nbsp;&nbsp;&nbsp;**(4927834)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207832 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(181096) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16556141) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13167189) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9011881) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14228621 |
| &nbsp;&nbsp;&nbsp;&nbsp;**207832** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(181096)** | &nbsp;&nbsp;&nbsp;&nbsp;**(16556141)** | &nbsp;&nbsp;&nbsp;&nbsp;**(13167189)** | &nbsp;&nbsp;&nbsp;&nbsp;**(9011881)** | &nbsp;&nbsp;&nbsp;&nbsp;**14228621** |
| &nbsp;&nbsp;**1088381** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(243304)** | &nbsp;&nbsp;&nbsp;&nbsp;**(11101833)** | &nbsp;&nbsp;&nbsp;&nbsp;**(12197296)** | &nbsp;&nbsp;&nbsp;&nbsp;**(6909733)** | &nbsp;&nbsp;&nbsp;&nbsp;**11785724** |
| $57194090 | &nbsp;&nbsp;$57437394 | &nbsp;&nbsp;$435063362 | &nbsp;&nbsp;$447260658 | &nbsp;&nbsp;$140604916 | &nbsp;&nbsp;$128819192 |
| $58282471 | &nbsp;&nbsp;$57194090 | &nbsp;&nbsp;$423961529 | &nbsp;&nbsp;$435063362 | &nbsp;&nbsp;$133695183 | &nbsp;&nbsp;$140604916 |

---

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

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **Statements of Changes in Net Assets&nbsp;&nbsp;&nbsp;&nbsp;** |

---

#### 35

------

[**Table of Contents**](#JOB_Homes_d5f6c467-c4b6-48bc-b206-21170d7a521a_TOC)

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

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Stock Index Fund** | &nbsp;&nbsp;**Stock Index Fund** |
|  | &nbsp;&nbsp;**Six Months Ended June 30, 2025<br> (Unaudited)** | &nbsp;&nbsp;**Year Ended December 31, 2024** |
| **Increase (Decrease) In Net Assets** |  |  |
| **Operations** |  |  |
| Net investment income | &nbsp;&nbsp;$1114057 | &nbsp;&nbsp;$2210234 |
| Net realized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;319942 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;727001 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14140022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50322952 |
| **Increase (decrease) in net assets from operations** | &nbsp;&nbsp;&nbsp;&nbsp;**15574021** | &nbsp;&nbsp;&nbsp;&nbsp;**53260187** |
| **Distributions to Shareholders** |  |  |
| Distributions to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(656372) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2817984) |
| **Total Distributions to shareholders** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(656372)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(2817984)** |
| **Capital Share Transactions** |  |  |
| Net capital share transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(246653) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13126847) |
| **Total increase (decrease) in net assets from capital transactions** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(246653)** | &nbsp;&nbsp;&nbsp;&nbsp;**(13126847)** |
| **Total Increase (Decrease) In Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;**14670996** | &nbsp;&nbsp;&nbsp;&nbsp;**37315356** |
| **Net Assets** |  |  |
| Beginning of period | &nbsp;&nbsp;$261342363 | &nbsp;&nbsp;$224027007 |
| End of period | &nbsp;&nbsp;$276013359 | &nbsp;&nbsp;$261342363 |

---

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Statements of Changes in Net Assets** | **The accompanying notes are an integral part of these financial statements.** |

---

#### 36

------

[**Table of Contents**](#JOB_Homes_d5f6c467-c4b6-48bc-b206-21170d7a521a_TOC)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Value Fund** | **Value Fund** | &nbsp;&nbsp;**Growth Fund** | &nbsp;&nbsp;**Growth Fund** | &nbsp;&nbsp;**International Equity Fund** | &nbsp;&nbsp;**International Equity Fund** |
| **Six Months Ended June 30, 2025<br> (Unaudited)** | &nbsp;&nbsp;**Year Ended December 31, 2024** | &nbsp;&nbsp;**Six Months Ended June 30, 2025<br> (Unaudited)** | &nbsp;&nbsp;**Year Ended December 31, 2024** | &nbsp;&nbsp;**Six Months Ended June 30, 2025<br> (Unaudited)** | &nbsp;&nbsp;**Year Ended December 31, 2024** |
| $6344667 | &nbsp;&nbsp;$13208202 | &nbsp;&nbsp;$(523732) | &nbsp;&nbsp;$(1146262) | &nbsp;&nbsp;$1004482 | &nbsp;&nbsp;$1103876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54131132 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90893410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33373726 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28724231 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4867341 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1067103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3280479 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29468688 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1760358) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67779800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6447632 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1227957) |
| &nbsp;&nbsp;&nbsp;&nbsp;**63756278** | &nbsp;&nbsp;&nbsp;&nbsp;**133570300** | &nbsp;&nbsp;&nbsp;&nbsp;**31089636** | &nbsp;&nbsp;&nbsp;&nbsp;**95357769** | &nbsp;&nbsp;&nbsp;&nbsp;**12319455** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**943022** |
| &nbsp;&nbsp;&nbsp;&nbsp;(28487827) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(92287765) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8673607) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23481037) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(363736) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2337192) |
| &nbsp;&nbsp;&nbsp;&nbsp;**(28487827)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(92287765)** | &nbsp;&nbsp;&nbsp;&nbsp;**(8673607)** | &nbsp;&nbsp;&nbsp;&nbsp;**(23481037)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(363736)** | &nbsp;&nbsp;&nbsp;&nbsp;**(2337192)** |
| &nbsp;&nbsp;&nbsp;&nbsp;(14736149) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19382227 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(669538) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(840941) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1539827) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;837726 |
| &nbsp;&nbsp;&nbsp;&nbsp;**(14736149)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19382227** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(669538)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(840941)** | &nbsp;&nbsp;&nbsp;&nbsp;**(1539827)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**837726** |
| &nbsp;&nbsp;&nbsp;&nbsp;**20532302** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**60664762** | &nbsp;&nbsp;&nbsp;&nbsp;**21746491** | &nbsp;&nbsp;&nbsp;&nbsp;**71035791** | &nbsp;&nbsp;&nbsp;&nbsp;**10415892** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(556444)** |
| $1009458395 | &nbsp;&nbsp;$948793633 | &nbsp;&nbsp;$391043836 | &nbsp;&nbsp;$320008045 | &nbsp;&nbsp;$86350478 | &nbsp;&nbsp;$86906922 |
| $1029990697 | &nbsp;&nbsp;$1009458395 | &nbsp;&nbsp;$412790327 | &nbsp;&nbsp;$391043836 | &nbsp;&nbsp;$96766370 | &nbsp;&nbsp;$86350478 |

---

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

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **Statements of Changes in Net Assets&nbsp;&nbsp;&nbsp;&nbsp;** |

---

#### 37

------

[**Table of Contents**](#JOB_Homes_d5f6c467-c4b6-48bc-b206-21170d7a521a_TOC)

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

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Small-Company Stock Fund** | &nbsp;&nbsp;**Small-Company Stock Fund** |
|  | &nbsp;&nbsp;**Six Months Ended June 30, 2025<br> (Unaudited)** | &nbsp;&nbsp;**Year Ended December 31, 2024** |
| **Increase (Decrease) In Net Assets** |  |  |
| **Operations** |  |  |
| Net investment income | &nbsp;&nbsp;$(200072) | &nbsp;&nbsp;$(314099) |
| Net realized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10636840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15763481 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25255766) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4238054 |
| **Increase (decrease) in net assets from operations** | &nbsp;&nbsp;&nbsp;&nbsp;**(14818998)** | &nbsp;&nbsp;&nbsp;&nbsp;**19687436** |
| **Distributions to Shareholders** |  |  |
| Distributions to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3836041) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12490919) |
| **Total Distributions to shareholders** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(3836041)** | &nbsp;&nbsp;&nbsp;&nbsp;**(12490919)** |
| **Capital Share Transactions** |  |  |
| Net capital share transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9692264) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15914236) |
| **Total increase (decrease) in net assets from capital transactions** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(9692264)** | &nbsp;&nbsp;&nbsp;&nbsp;**(15914236)** |
| **Total Increase (Decrease) In Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;**(28347303)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(8717719)** |
| **Net Assets** |  |  |
| Beginning of period | &nbsp;&nbsp;$238291048 | &nbsp;&nbsp;$247008767 |
| End of period | &nbsp;&nbsp;$209943745 | &nbsp;&nbsp;$238291048 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Statements of Changes in Net Assets** | **The accompanying notes are an integral part of these financial statements.** |

---

#### 38

------

[**Table of Contents**](#JOB_Homes_d5f6c467-c4b6-48bc-b206-21170d7a521a_TOC)

### Financial Highlights

#### Daily Income Fund

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended June 30, 2025<br> (Unaudited)** | **Year Ended December 31** | **Year Ended December 31** | **Year Ended December 31** | **Year Ended December 31** | **Year Ended December 31** |
| **For a Share Outstanding Throughout Each Period** | **Six Months Ended June 30, 2025<br> (Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Net Asset Value, Beginning of Period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1.00 | &nbsp;&nbsp;&nbsp;&nbsp;$1.00 | &nbsp;&nbsp;&nbsp;&nbsp;$1.00 | &nbsp;&nbsp;&nbsp;&nbsp;$1.00 | &nbsp;&nbsp;&nbsp;&nbsp;$1.00 | &nbsp;&nbsp;&nbsp;&nbsp;$1.00 |
| **Income from investment operations** |  |  |  |  |  |  |
| &nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01(a,b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—(a,b,c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(—)(a,b,c) |
| &nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—(c) |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—(a,c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—(a,c) |
| **Distributions** |  |  |  |  |  |  |
| &nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—(c) |
| &nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—(a,c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—(a,c) |
| Net Asset Value, End of Period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1.00 | &nbsp;&nbsp;&nbsp;&nbsp;$1.00 | &nbsp;&nbsp;&nbsp;&nbsp;$1.00 | &nbsp;&nbsp;&nbsp;&nbsp;$1.00 | &nbsp;&nbsp;&nbsp;&nbsp;$1.00 | &nbsp;&nbsp;&nbsp;&nbsp;$1.00 |
| Total Return | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.90%(d)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.68%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.58%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.20%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.01%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.19%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (thousands) | $225763 | $224356 | $218452 | $204560 | $179589 | $171783 |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.80%(e) | &nbsp;&nbsp;&nbsp;&nbsp;4.61% | &nbsp;&nbsp;&nbsp;&nbsp;4.48% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24%(a,b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01%(a,b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17%(a,b) |
| Ratio of gross expenses before voluntary expense limitation to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59%(e) | &nbsp;&nbsp;&nbsp;&nbsp;0.59% | &nbsp;&nbsp;&nbsp;&nbsp;0.59% | &nbsp;&nbsp;&nbsp;&nbsp;0.59% | &nbsp;&nbsp;&nbsp;&nbsp;0.70% | &nbsp;&nbsp;&nbsp;&nbsp;0.78% |
| Ratio of expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59%(e) | &nbsp;&nbsp;&nbsp;&nbsp;0.59% | &nbsp;&nbsp;&nbsp;&nbsp;0.59% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.48%(a,b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04%(a,b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.37%(a,b) |

---

------

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

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

(c) Less than $0.01 per share.

(d) Aggregate total return for the period.

(e) Annualized.

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **Financial Highlights&nbsp;&nbsp;&nbsp;&nbsp;** |

---

#### 39

------

[**Table of Contents**](#JOB_Homes_d5f6c467-c4b6-48bc-b206-21170d7a521a_TOC)

### Financial Highlights

#### Short-Term Government Securities Fund

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended June 30, 2025<br> (Unaudited)** | **Year Ended December 31** | **Year Ended December 31** | **Year Ended December 31** | **Year Ended December 31** | **Year Ended December 31** |
| **For a Share Outstanding Throughout Each Period** | **Six Months Ended June 30, 2025<br> (Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Net Asset Value, Beginning of Period | &nbsp;&nbsp;&nbsp;&nbsp;$4.96 | &nbsp;&nbsp;&nbsp;$4.97 | &nbsp;&nbsp;&nbsp;$4.87 | &nbsp;&nbsp;&nbsp;$5.21 | &nbsp;&nbsp;&nbsp;$5.29 | &nbsp;&nbsp;&nbsp;$5.21 |
| **Income from investment operations** |  |  |  |  |  |  |
| &nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 |
| &nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;(0.34) | &nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;0.18 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;(0.28) | &nbsp;&nbsp;&nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;0.21 |
| **Distributions** |  |  |  |  |  |  |
| &nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;(0.16) | &nbsp;&nbsp;&nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;(0.03) |
| &nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(0.10) |
| Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;(0.16) | &nbsp;&nbsp;&nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;(0.13) |
| Net Asset Value, End of Period | &nbsp;&nbsp;&nbsp;&nbsp;$5.04 | &nbsp;&nbsp;&nbsp;$4.96 | &nbsp;&nbsp;&nbsp;$4.97 | &nbsp;&nbsp;&nbsp;$4.87 | &nbsp;&nbsp;&nbsp;$5.21 | &nbsp;&nbsp;&nbsp;$5.29 |
| Total Return | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.27%(a)** | &nbsp;&nbsp;&nbsp;&nbsp;**3.07%** | &nbsp;&nbsp;&nbsp;&nbsp;**4.68%** | &nbsp;&nbsp;&nbsp;&nbsp;**-5.41%** | &nbsp;&nbsp;&nbsp;&nbsp;**-1.18%** | &nbsp;&nbsp;&nbsp;&nbsp;**4.13%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (thousands) | $58282 | $57194 | $57437 | $67671 | $77512 | $89150 |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.20%(b,c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.12%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.51%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.16%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58%(c) |
| Ratio of gross expenses before expense limitation to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.93%(b) | &nbsp;&nbsp;&nbsp;0.88% | &nbsp;&nbsp;&nbsp;0.84% | &nbsp;&nbsp;&nbsp;0.80% | &nbsp;&nbsp;&nbsp;0.79% | &nbsp;&nbsp;&nbsp;0.81% |
| Ratio of expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75%(b,c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75%(c) |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;306%(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;463%(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;442%(d,e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202%(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155%(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;299%(d) |

---

------

(a) Aggregate total return for the period.

(b) Annualized.

(c) Excludes expenses in excess of a 0.75% contractual expense limitation with Homestead Advisers, in effect through April 30, 2026.

(d) Rate includes purchases and sales of long-term U.S. Treasury Bonds.

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Financial Highlights** | **The accompanying notes are an integral part of these financial statements.** |

---

#### 40

------

[**Table of Contents**](#JOB_Homes_d5f6c467-c4b6-48bc-b206-21170d7a521a_TOC)

### Financial Highlights

#### Short-Term Bond Fund

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended June 30, 2025<br> (Unaudited)** | **Year Ended December 31** | **Year Ended December 31** | **Year Ended December 31** | **Year Ended December 31** | **Year Ended December 31** |
| **For a Share Outstanding Throughout Each Period** | **Six Months Ended June 30, 2025<br> (Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Net Asset Value, Beginning of Period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$4.92 | &nbsp;&nbsp;&nbsp;&nbsp;$4.91 | &nbsp;&nbsp;&nbsp;&nbsp;$4.81 | &nbsp;&nbsp;&nbsp;&nbsp;$5.19 | &nbsp;&nbsp;&nbsp;&nbsp;$5.32 | &nbsp;&nbsp;&nbsp;&nbsp;$5.23 |
| **Income from investment operations** |  |  |  |  |  |  |
| &nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05 |
| &nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.38) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.23 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28 |
| **Distributions** |  |  |  |  |  |  |
| &nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.05) |
| &nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.14) |
| Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.19) |
| Net Asset Value, End of Period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$4.98 | &nbsp;&nbsp;&nbsp;&nbsp;$4.92 | &nbsp;&nbsp;&nbsp;&nbsp;$4.91 | &nbsp;&nbsp;&nbsp;&nbsp;$4.81 | &nbsp;&nbsp;&nbsp;&nbsp;$5.19 | &nbsp;&nbsp;&nbsp;&nbsp;$5.32 |
| Total Return | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.23%(a)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.09%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.40%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**-5.72%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**-1.11%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.42%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (thousands) | $423962 | $435063 | $447261 | $480809 | $565306 | $565061 |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.96%(b) | &nbsp;&nbsp;&nbsp;&nbsp;3.78% | &nbsp;&nbsp;&nbsp;&nbsp;3.20% | &nbsp;&nbsp;&nbsp;&nbsp;1.66% | &nbsp;&nbsp;&nbsp;&nbsp;0.40% | &nbsp;&nbsp;&nbsp;&nbsp;0.92% |
| Ratio of expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76%(b) | &nbsp;&nbsp;&nbsp;&nbsp;0.77% | &nbsp;&nbsp;&nbsp;&nbsp;0.76% | &nbsp;&nbsp;&nbsp;&nbsp;0.76% | &nbsp;&nbsp;&nbsp;&nbsp;0.79% | &nbsp;&nbsp;&nbsp;&nbsp;0.78% |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;322%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;395%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;328%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;355%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;328%(c) |

---

------

(a) Aggregate total return for the period.

(b) Annualized.

(c) Rate includes purchases and sales of long-term U.S. Treasury Bonds.

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **Financial Highlights&nbsp;&nbsp;&nbsp;&nbsp;** |

---

#### 41

------

[**Table of Contents**](#JOB_Homes_d5f6c467-c4b6-48bc-b206-21170d7a521a_TOC)

### Financial Highlights

#### Intermediate Bond Fund

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended June 30, 2025<br> (Unaudited)** | **Year Ended December 31** | **Year Ended December 31** | **Year Ended December 31** | **Year Ended December 31** | **Year Ended December 31** |
| **For a Share Outstanding Throughout Each Period** | **Six Months Ended June 30, 2025<br> (Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Net Asset Value, Beginning of Year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$4.52 | &nbsp;&nbsp;&nbsp;&nbsp;$4.61 | &nbsp;&nbsp;&nbsp;&nbsp;$4.48 | &nbsp;&nbsp;&nbsp;&nbsp;$5.28 | &nbsp;&nbsp;&nbsp;&nbsp;$5.41 | &nbsp;&nbsp;&nbsp;$5.13 |
| **Income from investment operations** |  |  |  |  |  |  |
| &nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 |
| &nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.80) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;0.36 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.70) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;0.44 |
| **Distributions** |  |  |  |  |  |  |
| &nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;&nbsp;(0.08) |
| &nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(0.08) |
| Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;&nbsp;(0.16) |
| Net Asset Value, End of Period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$4.59 | &nbsp;&nbsp;&nbsp;&nbsp;$4.52 | &nbsp;&nbsp;&nbsp;&nbsp;$4.61 | &nbsp;&nbsp;&nbsp;&nbsp;$4.48 | &nbsp;&nbsp;&nbsp;&nbsp;$5.28 | &nbsp;&nbsp;&nbsp;$5.41 |
| Total Return | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.48%(a)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.68%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.35%** | &nbsp;&nbsp;&nbsp;&nbsp;**-13.38%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**-1.12%** | &nbsp;&nbsp;&nbsp;&nbsp;**8.70%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (thousands) | $133695 | $140605 | $128819 | $130758 | $151336 | $92660 |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.78%(b,c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.59%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.24%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.93%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.19%(c) |
| Ratio of gross expenses before expense limitation to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88%(b) | &nbsp;&nbsp;&nbsp;&nbsp;0.86% | &nbsp;&nbsp;&nbsp;&nbsp;0.89% | &nbsp;&nbsp;&nbsp;&nbsp;0.87% | &nbsp;&nbsp;&nbsp;&nbsp;0.91% | &nbsp;&nbsp;&nbsp;1.13% |
| Ratio of expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80%(b,c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80%(c) |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97%(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131%(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189%(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;258%(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249%(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;359%(d) |

---

------

(a) Aggregate total return for the period.

(b) Annualized.

(c) Excludes expenses in excess of a 0.80% contractual expense limitation with Homestead Advisers, in effect through April 30, 2026.

(d) Rate includes purchases and sales of long-term U.S. Treasury Bonds.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Financial Highlights** | **The accompanying notes are an integral part of these financial statements.** |

---

#### 42

------

[**Table of Contents**](#JOB_Homes_d5f6c467-c4b6-48bc-b206-21170d7a521a_TOC)

### Financial Highlights

#### Stock Index Fund

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended June 30, 2025<br> (Unaudited)** | **Year Ended December 31** | **Year Ended December 31** | **Year Ended December 31** | **Year Ended December 31** | **Year Ended December 31** |
| **For a Share Outstanding Throughout Each Period** | **Six Months Ended June 30, 2025<br> (Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Net Asset Value, Beginning of Period | &nbsp;&nbsp;&nbsp;&nbsp;$42.50 | &nbsp;&nbsp;&nbsp;$34.53 | &nbsp;&nbsp;&nbsp;$27.85 | &nbsp;&nbsp;&nbsp;$34.82 | &nbsp;&nbsp;&nbsp;$27.78 | &nbsp;&nbsp;&nbsp;$23.93 |
| **Income from investment operations** |  |  |  |  |  |  |
| &nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 |
| &nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.78) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.92 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.44) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.24 |
| **Distributions** |  |  |  |  |  |  |
| &nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.35) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.36) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.34) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.31) |
| &nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.45) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.08) |
| Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.46) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.48) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.53) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.75) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.39) |
| Net Asset Value, End of Period | &nbsp;&nbsp;&nbsp;&nbsp;$44.94 | &nbsp;&nbsp;&nbsp;$42.50 | &nbsp;&nbsp;&nbsp;$34.53 | &nbsp;&nbsp;&nbsp;$27.85 | &nbsp;&nbsp;&nbsp;$34.82 | &nbsp;&nbsp;&nbsp;$27.78 |
| Total Return | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.99%(a)** | &nbsp;&nbsp;&nbsp;&nbsp;**24.39%** | &nbsp;&nbsp;&nbsp;&nbsp;**25.73%** | &nbsp;&nbsp;&nbsp;&nbsp;**-18.50%** | &nbsp;&nbsp;&nbsp;&nbsp;**28.09%** | &nbsp;&nbsp;&nbsp;&nbsp;**17.80%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (thousands) | $276013 | $261342 | $224027 | $191640 | $241756 | $188823 |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.87%(b) | &nbsp;&nbsp;&nbsp;&nbsp;0.89% | &nbsp;&nbsp;&nbsp;&nbsp;1.20% | &nbsp;&nbsp;&nbsp;&nbsp;1.12% | &nbsp;&nbsp;&nbsp;&nbsp;0.91% | &nbsp;&nbsp;&nbsp;&nbsp;1.30% |
| Ratio of expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44%(b) | &nbsp;&nbsp;&nbsp;&nbsp;0.48% | &nbsp;&nbsp;&nbsp;&nbsp;0.44% | &nbsp;&nbsp;&nbsp;&nbsp;0.48% | &nbsp;&nbsp;&nbsp;&nbsp;0.50% | &nbsp;&nbsp;&nbsp;&nbsp;0.53% |
| Portfolio turnover rate (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N/A |

---

------

(a) Aggregate total return for the period.

(b) Annualized.

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

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **Financial Highlights&nbsp;&nbsp;&nbsp;&nbsp;** |

---

#### 43

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[**Table of Contents**](#JOB_Homes_d5f6c467-c4b6-48bc-b206-21170d7a521a_TOC)

### Financial Highlights

#### Value Fund

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended June 30, 2025<br> (Unaudited)** | **Year Ended December 31** | **Year Ended December 31** | **Year Ended December 31** | **Year Ended December 31** | **Year Ended December 31** |
| **For a Share Outstanding Throughout Each Period** | **Six Months Ended June 30, 2025<br> (Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Net Asset Value, Beginning of Period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$51.05 | &nbsp;&nbsp;&nbsp;&nbsp;$48.96 | &nbsp;&nbsp;&nbsp;$46.29 | &nbsp;&nbsp;&nbsp;$54.33 | &nbsp;&nbsp;&nbsp;&nbsp;$47.28 | &nbsp;&nbsp;&nbsp;$51.51 |
| **Income from investment operations** |  |  |  |  |  |  |
| &nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.66 |
| &nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.84) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.94 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.60 |
| **Distributions** |  |  |  |  |  |  |
| &nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.33) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.66) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.72) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.68) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.64) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.66) |
| &nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.47) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7.17) |
| Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.50) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.96) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.88) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.70) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7.83) |
| Net Asset Value, End of Period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$52.87 | &nbsp;&nbsp;&nbsp;&nbsp;$51.05 | &nbsp;&nbsp;&nbsp;$48.96 | &nbsp;&nbsp;&nbsp;$46.29 | &nbsp;&nbsp;&nbsp;&nbsp;$54.33 | &nbsp;&nbsp;&nbsp;$47.28 |
| Total Return | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.50%(a)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.31%** | &nbsp;&nbsp;&nbsp;&nbsp;**12.86%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**-5.50%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**25.07%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.61%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (thousands) | $1029991 | $1009458 | $948794 | $925133 | $1048264 | $928744 |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.27%(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.30% | &nbsp;&nbsp;&nbsp;&nbsp;1.50% | &nbsp;&nbsp;&nbsp;&nbsp;1.42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14% | &nbsp;&nbsp;&nbsp;&nbsp;1.35% |
| Ratio of expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.62%(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.62% | &nbsp;&nbsp;&nbsp;&nbsp;0.64% | &nbsp;&nbsp;&nbsp;&nbsp;0.62% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63% | &nbsp;&nbsp;&nbsp;&nbsp;0.65% |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22% |

---

------

(a) Aggregate total return for the period.

(b) Annualized.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Financial Highlights** | **The accompanying notes are an integral part of these financial statements.** |

---

#### 44

------

[**Table of Contents**](#JOB_Homes_d5f6c467-c4b6-48bc-b206-21170d7a521a_TOC)

### Financial Highlights

#### Growth Fund

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended June 30, 2025<br> (Unaudited)** | **Year Ended December 31** | **Year Ended December 31** | **Year Ended December 31** | **Year Ended December 31** | **Year Ended December 31** |
| **For a Share Outstanding Throughout Each Period** | **Six Months Ended June 30, 2025<br> (Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Net Asset Value, Beginning of Period | &nbsp;&nbsp;&nbsp;&nbsp;$18.47 | &nbsp;&nbsp;&nbsp;$14.98 | &nbsp;&nbsp;&nbsp;$10.40 | &nbsp;&nbsp;&nbsp;$16.66 | &nbsp;&nbsp;&nbsp;$15.56 | &nbsp;&nbsp;&nbsp;$11.78 |
| **Income from investment operations** |  |  |  |  |  |  |
| &nbsp;&nbsp;Net investment loss | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(—) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(—) |
| &nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.55) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.52 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.55) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.52 |
| **Distributions** |  |  |  |  |  |  |
| &nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.42) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.38) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.71) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.52) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.74) |
| Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.42) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.38) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.71) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.52) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.74) |
| Net Asset Value, End of Period | &nbsp;&nbsp;&nbsp;&nbsp;$19.55 | &nbsp;&nbsp;&nbsp;$18.47 | &nbsp;&nbsp;&nbsp;$14.98 | &nbsp;&nbsp;&nbsp;$10.40 | &nbsp;&nbsp;&nbsp;$16.66 | &nbsp;&nbsp;&nbsp;$15.56 |
| Total Return | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.12%(b)** | &nbsp;&nbsp;&nbsp;&nbsp;**30.90%** | &nbsp;&nbsp;&nbsp;&nbsp;**47.81%** | &nbsp;&nbsp;&nbsp;&nbsp;**-33.45%** | &nbsp;&nbsp;&nbsp;&nbsp;**17.13%** | &nbsp;&nbsp;&nbsp;&nbsp;**38.65%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (thousands) | $412790 | $391044 | $320008 | $234678 | $379264 | $319660 |
| Ratio of net investment loss to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.28)%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.32)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.28)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.35)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.50)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.46)% |
| Ratio of expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.81%(c) | &nbsp;&nbsp;&nbsp;&nbsp;0.82% | &nbsp;&nbsp;&nbsp;&nbsp;0.84% | &nbsp;&nbsp;&nbsp;&nbsp;0.83% | &nbsp;&nbsp;&nbsp;&nbsp;0.84% | &nbsp;&nbsp;&nbsp;&nbsp;0.89% |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20%(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23% |

---

------

(a) Less than $0.01 per share.

(b) Aggregate total return for the period.

(c) Annualized.

(d) The 2025 year to date portfolio turnover is trending higher than the portfolio turnover for the prior year due to a repositioning of the portfolio as a result of market volatility.

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **Financial Highlights&nbsp;&nbsp;&nbsp;&nbsp;** |

---

#### 45

------

[**Table of Contents**](#JOB_Homes_d5f6c467-c4b6-48bc-b206-21170d7a521a_TOC)

### Financial Highlights

#### International Equity Fund

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended June 30, 2025<br> (Unaudited)** | **Year Ended December 31** | **Year Ended December 31** | **Year Ended December 31** | **Year Ended December 31** | **Year Ended December 31** |
| **For a Share Outstanding Throughout Each Period** | **Six Months Ended June 30, 2025<br> (Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Net Asset Value, Beginning of Period | &nbsp;&nbsp;&nbsp;&nbsp;$9.53 | &nbsp;&nbsp;&nbsp;$9.69 | &nbsp;&nbsp;&nbsp;$8.86 | $11.52 | &nbsp;&nbsp;&nbsp;$10.84 | &nbsp;&nbsp;&nbsp;$8.99 |
| **Income from investment operations** |  |  |  |  |  |  |
| &nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 |
| &nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.27 | &nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp;&nbsp;&nbsp;(2.40) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07 | &nbsp;&nbsp;&nbsp;&nbsp;1.86 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;1.39 | &nbsp;&nbsp;&nbsp;&nbsp;(2.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.20 | &nbsp;&nbsp;&nbsp;&nbsp;1.92 |
| **Distributions** |  |  |  |  |  |  |
| &nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;(0.15) | &nbsp;&nbsp;&nbsp;&nbsp;(0.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;(0.07) |
| &nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;(0.15) | &nbsp;&nbsp;&nbsp;&nbsp;(0.41) | &nbsp;&nbsp;&nbsp;&nbsp;(0.27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.40) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;(0.26) | &nbsp;&nbsp;&nbsp;&nbsp;(0.56) | &nbsp;&nbsp;&nbsp;&nbsp;(0.45) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.52) | &nbsp;&nbsp;&nbsp;&nbsp;(0.07) |
| Net Asset Value, End of Period | &nbsp;&nbsp;$10.87 | &nbsp;&nbsp;&nbsp;$9.53 | &nbsp;&nbsp;&nbsp;$9.69 | &nbsp;&nbsp;&nbsp;$8.86 | &nbsp;&nbsp;&nbsp;$11.52 | $10.84 |
| Total Return | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.49%(a)** | &nbsp;&nbsp;&nbsp;&nbsp;**1.01%** | &nbsp;&nbsp;&nbsp;**15.82%** | &nbsp;&nbsp;**-19.13%** | &nbsp;&nbsp;&nbsp;&nbsp;**11.09%** | &nbsp;&nbsp;&nbsp;**21.34%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (thousands) | $96766 | $86350 | $86907 | $82091 | $103285 | $91541 |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.21%(b) | &nbsp;&nbsp;&nbsp;1.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.45%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.97%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65%(c) |
| Ratio of gross expenses before voluntary expense limitation to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.15%(b) | &nbsp;&nbsp;&nbsp;1.15% | &nbsp;&nbsp;&nbsp;1.14% | &nbsp;&nbsp;&nbsp;1.16% | &nbsp;&nbsp;&nbsp;&nbsp;1.19% | &nbsp;&nbsp;&nbsp;1.24% |
| Ratio of expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.15%(b) | &nbsp;&nbsp;&nbsp;1.15% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.04%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99%(c) |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15% |

---

------

(a) Aggregate total return for the period.

(b) Annualized.

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Financial Highlights** | **The accompanying notes are an integral part of these financial statements.** |

---

#### 46

------

[**Table of Contents**](#JOB_Homes_d5f6c467-c4b6-48bc-b206-21170d7a521a_TOC)

### Financial Highlights

#### Small-Company Stock Fund

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended June 30, 2025<br> (Unaudited)** | **Year Ended December 31** | **Year Ended December 31** | **Year Ended December 31** | **Year Ended December 31** | **Year Ended December 31** |
| **For a Share Outstanding Throughout Each Period** | **Six Months Ended June 30, 2025<br> (Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Net Asset Value, Beginning of Period | &nbsp;&nbsp;&nbsp;&nbsp;$26.35 | &nbsp;&nbsp;&nbsp;$25.55 | &nbsp;&nbsp;&nbsp;$22.69 | &nbsp;&nbsp;&nbsp;$28.72 | &nbsp;&nbsp;&nbsp;$28.36 | &nbsp;&nbsp;&nbsp;$26.25 |
| **Income from investment operations** |  |  |  |  |  |  |
| &nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(—) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(—) |
| &nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.62) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.87) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.64) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.87) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70 |
| **Distributions** |  |  |  |  |  |  |
| &nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—(a) |
| &nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.45) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.43) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.97) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.59) |
| Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.45) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.43) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.99) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.29) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.59) |
| Net Asset Value, End of Period | &nbsp;&nbsp;&nbsp;&nbsp;$24.26 | &nbsp;&nbsp;&nbsp;$26.35 | &nbsp;&nbsp;&nbsp;$25.55 | &nbsp;&nbsp;&nbsp;$22.69 | &nbsp;&nbsp;&nbsp;$28.72 | &nbsp;&nbsp;&nbsp;$28.36 |
| Total Return | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**-6.22%(b)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.52%** | &nbsp;&nbsp;&nbsp;&nbsp;**17.09%** | &nbsp;&nbsp;&nbsp;&nbsp;**-16.91%** | &nbsp;&nbsp;&nbsp;&nbsp;**20.68%** | &nbsp;&nbsp;&nbsp;&nbsp;**22.08%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (thousands) | $209944 | $238291 | $247009 | $240345 | $314019 | $286538 |
| Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.19)%(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.13)% | &nbsp;&nbsp;&nbsp;&nbsp;0.13% | &nbsp;&nbsp;&nbsp;&nbsp;0.01% | &nbsp;&nbsp;&nbsp;&nbsp;0.36% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.16)% |
| Ratio of expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12%(c) | &nbsp;&nbsp;&nbsp;&nbsp;1.14% | &nbsp;&nbsp;&nbsp;&nbsp;1.07% | &nbsp;&nbsp;&nbsp;&nbsp;1.05% | &nbsp;&nbsp;&nbsp;&nbsp;1.06% | &nbsp;&nbsp;&nbsp;&nbsp;1.12% |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23%(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18% |

---

------

(a) Less than $0.01 per share.

(b) Aggregate total return for the period.

(c) Annualized.

(d) The 2025 year to date portfolio turnover is trending higher than the portfolio turnover for the prior year due to a repositioning of the portfolio as a result of market volatility.

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **Financial Highlights&nbsp;&nbsp;&nbsp;&nbsp;** |

---

#### 47

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### Notes to Financial Statements \| (Unaudited)

------

1.&nbsp;&nbsp;&nbsp;&nbsp;Organization

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

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

The Stock Index Fund pursues its investment objective by seeking to replicate the total return performance of the S&P 500 Index, which is composed of 500 selected common stocks, most of which are listed on the New York Stock Exchange. At June 30, 2025, the Stock Index Fund was operating as a feeder fund, whereby substantially all of its assets are invested in the S&P 500 Index Master Portfolio ("Master Portfolio"), an open-end investment company managed by BlackRock Fund Advisors. At June 30, 2025, the Stock Index Fund's investment constituted 0.55% of the Master Portfolio.

2.&nbsp;&nbsp;&nbsp;&nbsp;Summary of Significant Accounting Policies

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

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

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

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

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

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

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

---

| | |
|:---|:---|
|  | **Notes to Financial Statements** |

---

#### 48

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Notes to Financial Statements \| (Unaudited) <sub>\|</sub> (Continued)

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

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

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

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

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

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

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

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

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

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

The following table summarizes each Fund's investments, based on the inputs used to determine their values on June 30, 2025 (other than Stock Index Fund). The level classifications of the Master Portfolio as of June 30, 2025 are included in the Appendix.

---

| | |
|:---|:---|
| Notes to Financial Statements |  |

---

#### 49

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Notes to Financial Statements \| (Unaudited) <sub>\|</sub> (Continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Daily Income Fund** | &nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;**Total** |
| Repurchase Agreements | &nbsp;&nbsp;$— | &nbsp;&nbsp;$120000000 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$120000000 |
| U.S. Government & Agency Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84228596 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84228596 |
| Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21023590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21023590 |
| **Total** | &nbsp;&nbsp;**$21023590** | &nbsp;&nbsp;**$204228596** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$225252186** |

---

#### &nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Short-Term Government Securities Fund** |  |  |  |  |
| U.S. Government & Agency Obligations | &nbsp;&nbsp;$— | &nbsp;&nbsp;$33170722 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$33170722 |
| Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15015978 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15015978 |
| Asset-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3238588 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3238588 |
| Corporate Bonds Guaranteed by Export-Import Bank of the United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2607053 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2607053 |
| Corporate Bonds–Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2589735 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2589735 |
| Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1431276 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1431276 |
| **Total** | &nbsp;&nbsp;**$1431276** | &nbsp;&nbsp;**$56622076** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$58053352** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Short-Term Bond Fund** |  |  |  |  |
| Corporate Bonds–Other | &nbsp;&nbsp;$— | &nbsp;&nbsp;$148466631 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$148466631 |
| U.S. Government & Agency Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92217800 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92217800 |
| Asset-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64149756 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64149756 |
| Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59623258 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59623258 |
| Yankee Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50494692 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50494692 |
| Corporate Bonds Guaranteed by Export-Import Bank of the United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335487 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335487 |
| Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5115199 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5115199 |
| **Total** | &nbsp;&nbsp;**$5115199** | &nbsp;&nbsp;**$415287624** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$420402823** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Intermediate Bond Fund** |  |  |  |  |
| Mortgage-Backed Securities | &nbsp;&nbsp;$— | &nbsp;&nbsp;$39952754 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$39952754 |
| Corporate Bonds–Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37925634 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37925634 |
| U.S. Government & Agency Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26064322 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26064322 |
| Asset-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13438232 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13438232 |
| Yankee Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11913948 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11913948 |
| Municipal Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1508317 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1508317 |
| Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1858432 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1858432 |
| **Total** | &nbsp;&nbsp;**$1858432** | &nbsp;&nbsp;**$130803207** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$132661639** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Value Fund** |  |  |  |
| Common Stocks | $1018931267 | &nbsp;&nbsp;$— | $1018931267 |
| Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12806146 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12806146 |
| **Total** | **$1031737413** | &nbsp;&nbsp;**$—** | **$1031737413** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Growth Fund** |  |  |  |
| Common Stocks | &nbsp;&nbsp;$409402721 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$409402721 |
| Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3837162 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3837162 |
| **Total** | &nbsp;&nbsp;**$413239883** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$413239883** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **International Equity Fund** |  |  |  |  |
| Common Stocks | &nbsp;&nbsp;$19311525 | &nbsp;&nbsp;$73198652 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$92510177 |
| Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3919569 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3919569 |
| **Total** | &nbsp;&nbsp;**$23231094** | &nbsp;&nbsp;**$73198652** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$96429746** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Small-Company Stock Fund** |  |  |  |
| Common Stocks | &nbsp;&nbsp;$204425757 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$204425757 |
| Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5075184 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5075184 |
| **Total** | &nbsp;&nbsp;**$209500941** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$209500941** |

---

---

| | |
|:---|:---|
|  | **Notes to Financial Statements** |

---

#### 50

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Notes to Financial Statements \| (Unaudited) <sub>\|</sub> (Continued)

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

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

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

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

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

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

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

General expenses of the Trust are allocated to each fund of the Trust and general expenses of the Corporation are allocated to each fund of the Corporation, in each case based upon relative net assets or other expense allocation methodologies determined by the nature of the expense. Expenses directly attributable to a Fund are charged to that Fund.

Management considered events occurring between the date of this report, June 30, 2025, and the date of issuance of this report in determining adjustments to the financial statements or necessary disclosures in this report.

3.&nbsp;&nbsp;&nbsp;&nbsp;Federal Income Tax Information

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

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

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

---

| | |
|:---|:---|
| Notes to Financial Statements |  |

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#### 51

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Notes to Financial Statements \| (Unaudited) <sub>\|</sub> (Continued)

Income and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP. These differences are primarily due to differing treatments of the following: futures and options transactions, foreign currency transactions, losses deferred due to wash sales, losses deferred due to post-October losses, unused capital losses, partnership investments, deferred Director's fees, passive foreign investment company transactions, and REIT transactions, which are reflected as book/tax differences in the following tables.

At June 30, 2025, the cost of securities for federal income tax purposes, the aggregate gross unrealized gain for all securities for which there was an excess of value over tax cost and the aggregate gross unrealized loss for all securities for which there was an excess of tax cost over value was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Tax Cost** | &nbsp;&nbsp;**Tax Appreciation** | &nbsp;&nbsp;**Tax Depreciation** | &nbsp;&nbsp;**Net Tax<br> Appreciation<br> (Depreciation)** |
| Daily Income Fund | &nbsp;&nbsp;$225252186 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— |
| Short-Term Gov. Securities Fund | &nbsp;&nbsp;$57967635 | &nbsp;&nbsp;$512567 | &nbsp;&nbsp;$(426850) | &nbsp;&nbsp;$85717 |
| Short-Term Bond Fund | &nbsp;&nbsp;$416411371 | &nbsp;&nbsp;$5250892 | &nbsp;&nbsp;$(1259440) | &nbsp;&nbsp;$3991452 |
| Intermediate Bond Fund | &nbsp;&nbsp;$137095563 | &nbsp;&nbsp;$1327438 | &nbsp;&nbsp;$(5761362) | &nbsp;&nbsp;$(4433924) |
| Value Fund | &nbsp;&nbsp;$590507266 | &nbsp;&nbsp;$465502024 | &nbsp;&nbsp;$(24271877) | &nbsp;&nbsp;$441230147 |
| Growth Fund | &nbsp;&nbsp;$205206476 | &nbsp;&nbsp;$213681497 | &nbsp;&nbsp;$(5648090) | &nbsp;&nbsp;$208033407 |
| International Equity Fund | &nbsp;&nbsp;$71372087 | &nbsp;&nbsp;$28125538 | &nbsp;&nbsp;$(3067863) | &nbsp;&nbsp;$25057675 |
| Small-Company Stock Fund | &nbsp;&nbsp;$166594142 | &nbsp;&nbsp;$55774575 | &nbsp;&nbsp;$(12867776) | &nbsp;&nbsp;$42906799 |

---

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

4.&nbsp;&nbsp;&nbsp;&nbsp;Investment Transactions

Purchases and proceeds from sales of securities, other than short-term and U.S. Government securities, for the period ended June 30, 2025, were as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Purchases** | &nbsp;&nbsp;**Proceeds<br> from Sale** |
| Short-Term Gov. Securities Fund | &nbsp;&nbsp;$6202488 | &nbsp;&nbsp;$6267180 |
| Short-Term Bond Fund | &nbsp;&nbsp;$154319613 | &nbsp;&nbsp;$126465139 |
| Intermediate Bond Fund | &nbsp;&nbsp;$30471464 | &nbsp;&nbsp;$31296563 |
| Value Fund | &nbsp;&nbsp;$70534954 | &nbsp;&nbsp;$105642181 |
| Growth Fund | &nbsp;&nbsp;$76275975 | &nbsp;&nbsp;$86797974 |
| International Equity Fund | &nbsp;&nbsp;$9659576 | &nbsp;&nbsp;$12707961 |
| Small-Company Stock Fund | &nbsp;&nbsp;$49361182 | &nbsp;&nbsp;$63461074 |

---

Purchases and proceeds from sales of long-term U.S. Government securities, for the period ended June 30, 2025, were as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Purchases** | &nbsp;&nbsp;**Proceeds<br> from Sale** |
| Short-Term Gov. Securities Fund | &nbsp;&nbsp;$165428400 | &nbsp;&nbsp;$165288169 |
| Short-Term Bond Fund | &nbsp;&nbsp;$534995203 | &nbsp;&nbsp;$577783381 |
| Intermediate Bond Fund | &nbsp;&nbsp;$100480614 | &nbsp;&nbsp;$107963066 |

---

5.&nbsp;&nbsp;&nbsp;&nbsp;Related Parties

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

---

| | |
|:---|:---|
|  | **Notes to Financial Statements** |

---

#### 52

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Notes to Financial Statements \| (Unaudited) <sub>\|</sub> (Continued)

---

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

---

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

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

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

Homestead Advisers has agreed, as part of the Expense Limitation Agreement entered into with Homestead Funds with respect to each Fund, except for the International Equity Fund, to waive its management fee and/or reimburse all Fund operating expenses, excluding certain non-recurring expenses, such as interest, taxes, brokerage commissions, other expenditures that are capitalized in accordance with generally accepted accounting principles, expenses not incurred in the ordinary course of business, or, in the case of each Fund other than the Stock Index Fund, fees and expenses associated with an investment in another investment company or any company that would be an investment company under Section 3(a) of the Act, but for the exceptions to that definition provided for in Sections 3(c)(1) and 3(c)(7) of the Act, which in any year exceed 0.60% of the average daily net assets of the Daily Income Fund, 0.75% of the average daily net assets of the Short-Term Government Securities and Stock Index Funds; 0.80% of the average daily net assets of the Short-Term Bond and Intermediate Bond Funds; 1.00% of the average daily net assets of the Growth Fund; 1.25% of the average daily net assets of Value Fund, and 1.50% of the average daily net assets of Small-Company Stock Fund. The Expense Limitation Agreements were renewed for the period of May 1, 2025 through April 30, 2026.

Pursuant to the Expense Limitation Agreement, management fees waived for the period ended June 30, 2025 amounted to $50,590 for Short-Term Government Securities Fund and $55,977 for Intermediate Bond Fund.

Under a Deferred Compensation Plan (the "Plan"), Independent Directors or Trustees of the Funds may elect to defer receipt of all or a specified portion of their compensation. Deferred amounts are credited with the earnings and losses equal to those made as if the deferred amounts were invested in one or more of the Funds, as designated by each participating Independent

---

| | |
|:---|:---|
| Notes to Financial Statements |  |

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#### 53

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Notes to Financial Statements \| (Unaudited) <sub>\|</sub> (Continued)

Director / Trustee. Deferred amounts remain in the Funds until distributed in accordance with the Plan. The liability is reflected as Independent Director / Trustee's deferred compensation on the Statement of Assets and Liabilities and the expense is included in Director, Trustee and Board meeting expenses on the Statement of Operations.

As of June 30, 2025, one shareholder of record, an omnibus account, held approximately 12% of the net assets of the Small-Company Stock Fund. No other shareholders, including omnibus accounts, held more than 10% of the outstanding shares of any of the Funds.

6.&nbsp;&nbsp;&nbsp;&nbsp;Segment Reporting

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

---

| | |
|:---|:---|
|  | **Notes to Financial Statements** |

---

#### 54

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Notes to Financial Statements \| (Unaudited) <sub>\|</sub> (Continued)

7.&nbsp;&nbsp;&nbsp;&nbsp;Capital Share Transactions

As of June 30, 2025, unlimited shares of $.01 par value capital shares are authorized for Intermediate Bond Fund; 500 million shares are authorized for Daily Income Fund, 200 million shares for Short-Term Bond Fund, and 100 million shares for Short-Term Government Securities Fund, Stock Index Fund, Value Fund, Growth Fund, International Equity Fund, and Small-Company Stock Fund. Transactions in capital shares were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Shares<br> Sold** | &nbsp;&nbsp;**Shares Issued<br> In Reinvestment<br> of Dividends** | &nbsp;&nbsp;**Total Shares<br> Issued** | &nbsp;&nbsp;**Total Shares<br> Redeemed** | &nbsp;&nbsp;**Net Increase<br> (Decrease)** |
| Period Ended June 30, 2025 |  |  |  |  |  |
| In Dollars |  |  |  |  |  |
| &nbsp;&nbsp;Daily Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;$44900636 | &nbsp;&nbsp;&nbsp;&nbsp;$4184715 | &nbsp;&nbsp;&nbsp;&nbsp;$49085351 | &nbsp;&nbsp;&nbsp;&nbsp;$(47678891) | &nbsp;&nbsp;&nbsp;&nbsp;$1406460 |
| &nbsp;&nbsp;Short-Term Government Securities Fund | &nbsp;&nbsp;&nbsp;&nbsp;$5588271 | &nbsp;&nbsp;&nbsp;&nbsp;$913026 | &nbsp;&nbsp;&nbsp;&nbsp;$6501297 | &nbsp;&nbsp;&nbsp;&nbsp;$(6293465) | &nbsp;&nbsp;&nbsp;&nbsp;$207832 |
| &nbsp;&nbsp;Short-Term Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;$13564294 | &nbsp;&nbsp;&nbsp;&nbsp;$8262065 | &nbsp;&nbsp;&nbsp;&nbsp;$21826359 | &nbsp;&nbsp;&nbsp;&nbsp;$(38382500) | &nbsp;&nbsp;&nbsp;&nbsp;$(16556141) |
| &nbsp;&nbsp;Intermediate Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;$8535821 | &nbsp;&nbsp;&nbsp;&nbsp;$2582308 | &nbsp;&nbsp;&nbsp;&nbsp;$11118129 | &nbsp;&nbsp;&nbsp;&nbsp;$(20130010) | &nbsp;&nbsp;&nbsp;&nbsp;$(9011881) |
| &nbsp;&nbsp;Stock Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;$17047714 | &nbsp;&nbsp;&nbsp;&nbsp;$634708 | &nbsp;&nbsp;&nbsp;&nbsp;$17682422 | &nbsp;&nbsp;&nbsp;&nbsp;$(17929075) | &nbsp;&nbsp;&nbsp;&nbsp;$(246653) |
| &nbsp;&nbsp;Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;$30278085 | &nbsp;&nbsp;&nbsp;&nbsp;$27857267 | &nbsp;&nbsp;&nbsp;&nbsp;$58135352 | &nbsp;&nbsp;&nbsp;&nbsp;$(72871501) | &nbsp;&nbsp;&nbsp;&nbsp;$(14736149) |
| &nbsp;&nbsp;Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;$21362551 | &nbsp;&nbsp;&nbsp;&nbsp;$8583602 | &nbsp;&nbsp;&nbsp;&nbsp;$29946153 | &nbsp;&nbsp;&nbsp;&nbsp;$(30615691) | &nbsp;&nbsp;&nbsp;&nbsp;$(669538) |
| &nbsp;&nbsp;International Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;$4551829 | &nbsp;&nbsp;&nbsp;&nbsp;$341117 | &nbsp;&nbsp;&nbsp;&nbsp;$4892946 | &nbsp;&nbsp;&nbsp;&nbsp;$(6432773) | &nbsp;&nbsp;&nbsp;&nbsp;$(1539827) |
| &nbsp;&nbsp;Small-Company Stock Fund | &nbsp;&nbsp;&nbsp;&nbsp;$6726807 | &nbsp;&nbsp;&nbsp;&nbsp;$3681305 | &nbsp;&nbsp;&nbsp;&nbsp;$10408112 | &nbsp;&nbsp;&nbsp;&nbsp;$(20100376) | &nbsp;&nbsp;&nbsp;&nbsp;$(9692264) |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| In Shares |  |  |  |  |  |
| &nbsp;&nbsp;Daily Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;44900636 | &nbsp;&nbsp;&nbsp;&nbsp;4184715 | &nbsp;&nbsp;&nbsp;&nbsp;49085351 | &nbsp;&nbsp;&nbsp;&nbsp;(47678891) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1406460 |
| &nbsp;&nbsp;Short-Term Government Securities Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1118680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181923 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1300603 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1260985) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39618 |
| &nbsp;&nbsp;Short-Term Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2744666 | &nbsp;&nbsp;&nbsp;&nbsp;1665287 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4409953 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7766875) | &nbsp;&nbsp;&nbsp;&nbsp;(3356922) |
| &nbsp;&nbsp;Intermediate Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1877056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;564718 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2441774 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4426834) | &nbsp;&nbsp;&nbsp;&nbsp;(1985060) |
| &nbsp;&nbsp;Stock Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;407596 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;421726 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(428091) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6365) |
| &nbsp;&nbsp;Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;590333 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;526909 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1117242 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1411385) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(294143) |
| &nbsp;&nbsp;Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1170728 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;439096 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1609824 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1667504) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(57680) |
| &nbsp;&nbsp;International Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;440540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31382 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;471922 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(626119) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(154197) |
| &nbsp;&nbsp;Small-Company Stock Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;278164 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151744 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;429908 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(819232) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(389324) |

---

---

| | |
|:---|:---|
| Notes to Financial Statements |  |

---

#### 55

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Notes to Financial Statements \| (Unaudited) <sub>\|</sub> (Continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Shares<br> Sold** | &nbsp;&nbsp;**Shares Issued<br> In Reinvestment<br> of Dividends** | &nbsp;&nbsp;**Total Shares<br> Issued** | &nbsp;&nbsp;**Total Shares<br> Redeemed** | &nbsp;&nbsp;**Net Increase<br> (Decrease)** |
| Year Ended December 31, 2024 |  |  |  |  |  |
| In Dollars |  |  |  |  |  |
| &nbsp;&nbsp;Daily Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;$71456053 | &nbsp;&nbsp;&nbsp;&nbsp;$10001239 | &nbsp;&nbsp;&nbsp;&nbsp;$81457292 | &nbsp;&nbsp;&nbsp;&nbsp;$(75623161) | &nbsp;&nbsp;&nbsp;&nbsp;$5834131 |
| &nbsp;&nbsp;Short-Term Government Securities Fund | &nbsp;&nbsp;&nbsp;&nbsp;$8481965 | &nbsp;&nbsp;&nbsp;&nbsp;$1822069 | &nbsp;&nbsp;&nbsp;&nbsp;$10304034 | &nbsp;&nbsp;&nbsp;&nbsp;$(10485130) | &nbsp;&nbsp;&nbsp;&nbsp;$(181096) |
| &nbsp;&nbsp;Short-Term Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;$35049539 | &nbsp;&nbsp;&nbsp;&nbsp;$16201844 | &nbsp;&nbsp;&nbsp;&nbsp;$51251383 | &nbsp;&nbsp;&nbsp;&nbsp;$(64418572) | &nbsp;&nbsp;&nbsp;&nbsp;$(13167189) |
| &nbsp;&nbsp;Intermediate Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;$25010542 | &nbsp;&nbsp;&nbsp;&nbsp;$4905576 | &nbsp;&nbsp;&nbsp;&nbsp;$29916118 | &nbsp;&nbsp;&nbsp;&nbsp;$(15687497) | &nbsp;&nbsp;&nbsp;&nbsp;$14228621 |
| &nbsp;&nbsp;Stock Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;$28047569 | &nbsp;&nbsp;&nbsp;&nbsp;$2716347 | &nbsp;&nbsp;&nbsp;&nbsp;$30763916 | &nbsp;&nbsp;&nbsp;&nbsp;$(43890763) | &nbsp;&nbsp;&nbsp;&nbsp;$(13126847) |
| &nbsp;&nbsp;Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;$51387298 | &nbsp;&nbsp;&nbsp;&nbsp;$90018814 | &nbsp;&nbsp;&nbsp;&nbsp;$141406112 | &nbsp;&nbsp;&nbsp;&nbsp;$(122023885) | &nbsp;&nbsp;&nbsp;&nbsp;$19382227 |
| &nbsp;&nbsp;Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;$29660949 | &nbsp;&nbsp;&nbsp;&nbsp;$23215845 | &nbsp;&nbsp;&nbsp;&nbsp;$52876794 | &nbsp;&nbsp;&nbsp;&nbsp;$(53717735) | &nbsp;&nbsp;&nbsp;&nbsp;$(840941) |
| &nbsp;&nbsp;International Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;$7884447 | &nbsp;&nbsp;&nbsp;&nbsp;$2201759 | &nbsp;&nbsp;&nbsp;&nbsp;$10086206 | &nbsp;&nbsp;&nbsp;&nbsp;$(9248480) | &nbsp;&nbsp;&nbsp;&nbsp;$837726 |
| &nbsp;&nbsp;Small-Company Stock Fund | &nbsp;&nbsp;&nbsp;&nbsp;$12376099 | &nbsp;&nbsp;&nbsp;&nbsp;$12003645 | &nbsp;&nbsp;&nbsp;&nbsp;$24379744 | &nbsp;&nbsp;&nbsp;&nbsp;$(40293980) | &nbsp;&nbsp;&nbsp;&nbsp;$(15914236) |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| In Shares |  |  |  |  |  |
| &nbsp;&nbsp;Daily Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;71456053 | &nbsp;&nbsp;&nbsp;&nbsp;10001239 | &nbsp;&nbsp;&nbsp;&nbsp;81457292 | &nbsp;&nbsp;&nbsp;&nbsp;(75623161) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5834131 |
| &nbsp;&nbsp;Short-Term Government Securities Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1708419 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;367037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2075456 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2113817) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(38361) |
| &nbsp;&nbsp;Short-Term Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7124497 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3297407 | &nbsp;&nbsp;&nbsp;&nbsp;10421904 | &nbsp;&nbsp;&nbsp;&nbsp;(13122123) | &nbsp;&nbsp;&nbsp;&nbsp;(2700219) |
| &nbsp;&nbsp;Intermediate Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5490613 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1075143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6565756 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3443421) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3122335 |
| &nbsp;&nbsp;Stock Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;713509 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62918 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;776427 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1115124) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(338697) |
| &nbsp;&nbsp;Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;960236 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1719943 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2680179 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2285414) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;394765 |
| &nbsp;&nbsp;Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1676319 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1222651 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2898970 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3090688) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(191718) |
| &nbsp;&nbsp;International Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;807165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225873 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1033038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(944511) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88527 |
| &nbsp;&nbsp;Small-Company Stock Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;462519 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;437300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;899819 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1524592) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(624773) |

---

8.&nbsp;&nbsp;&nbsp;&nbsp;Principal Risks

Investing in the Funds involves risks which include, but are not limited to, those listed below. The below risks, and other risks applicable to the Funds are further described in the Funds' Prospectus and Statement of Additional Information.

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

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

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

---

| | |
|:---|:---|
|  | **Notes to Financial Statements** |

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#### 56

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Notes to Financial Statements \| (Unaudited) <sub>\|</sub> (Continued)

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

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

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

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

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

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

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

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

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

---

| | |
|:---|:---|
| Notes to Financial Statements |  |

---

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Notes to Financial Statements \| (Unaudited) <sub>\|</sub> (Continued)

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

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

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

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

9.&nbsp;&nbsp;&nbsp;&nbsp;Subsequent Events

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

---

| | |
|:---|:---|
|  | **Notes to Financial Statements** |

---

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

------

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

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### 59

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### Proxy Disclosures (Unaudited)

------

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

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

------

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### Remuneration Paid to Directors, Officers, and Others (Unaudited)

------

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

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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### Basis for the Board's Approval of Investment Advisory Contracts (Unaudited)

------

Not applicable for this period.

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

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[**Table of Contents**](#JOB_Homes_d5f6c467-c4b6-48bc-b206-21170d7a521a_TOC)

## Appendix

## S&P 500 Index Master Portfolio

------

Schedule of Investments (unaudited)

June 30, 2025

**S&P 500 Index Master Portfolio**

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

---

| | | |
|:---|:---|:---|
| *Security* | <br>*Shares*<br>| *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Aerospace & Defense — 2.2%** | **Aerospace & Defense — 2.2%** |  |
| Axon Enterprise, Inc.<sup>(a)</sup> | 69556 | $57588195 |
| Boeing Co.<sup>(a)</sup> | 717555 | 150349299 |
| General Dynamics Corp. | 239618 | 69886986 |
| General Electric Co. | 1014344 | 261082002 |
| Howmet Aerospace, Inc. | 383974 | 71469081 |
| Huntington Ingalls Industries, Inc. | 38459 | 9286310 |
| L3Harris Technologies, Inc. | 179033 | 44908638 |
| Lockheed Martin Corp. | 198347 | 91862429 |
| Northrop Grumman Corp. | 128690 | 64342426 |
| RTX Corp. | 1270756 | 185555791 |
| Textron, Inc.<sup>(b)</sup> | 169946 | 13644964 |
| TransDigm Group, Inc. | 53656 | 81591460 |
|  |  | 1101567581 |
| **Air Freight & Logistics — 0.3%** | **Air Freight & Logistics — 0.3%** |  |
| CH Robinson Worldwide, Inc. | 112964 | 10838896 |
| Expeditors International of Washington, Inc. | 130922 | 14957838 |
| FedEx Corp. | 209673 | 47660770 |
| United Parcel Service, Inc., Class B | 700007 | 70658707 |
|  |  | 144116211 |
| **Automobile Components — 0.0%** | **Automobile Components — 0.0%** |  |
| Aptiv PLC<sup>(a)</sup> | 208150 | 14199993 |
| **Automobiles — 1.9%** | **Automobiles — 1.9%** |  |
| Ford Motor Co. | 3700747 | 40153105 |
| General Motors Co. | 919133 | 45230535 |
| Tesla, Inc.<sup>(a)</sup> | 2665475 | 846714788 |
|  |  | 932098428 |
| **Banks — 3.6%** | **Banks — 3.6%** |  |
| Bank of America Corp. | 6232941 | 294942768 |
| Citigroup, Inc. | 1776584 | 151222830 |
| Citizens Financial Group, Inc. | 407899 | 18253480 |
| Fifth Third Bancorp | 629678 | 25898656 |
| Huntington Bancshares, Inc. | 1376975 | 23078101 |
| JPMorgan Chase & Co. | 2643467 | 766367518 |
| KeyCorp. | 942811 | 16423768 |
| M&T Bank Corp. | 153453 | 29768347 |
| PNC Financial Services Group, Inc. | 376262 | 70142762 |
| Regions Financial Corp. | 854686 | 20102215 |
| Truist Financial Corp. | 1245630 | 53549634 |
| U.S. Bancorp | 1481992 | 67060138 |
| Wells Fargo & Co. | 3095369 | 248000964 |
|  |  | 1784811181 |
| **Beverages — 1.1%** | **Beverages — 1.1%** |  |
| Brown-Forman Corp., Class B | 171896 | 4625721 |
| Coca-Cola Co. | 3684558 | 260682478 |
| Constellation Brands, Inc., Class A | 144944 | 23579490 |
| Keurig Dr. Pepper, Inc. | 1290800 | 42673848 |
| Molson Coors Beverage Co., Class B | 161542 | 7768555 |
| Monster Beverage Corp.<sup>(a)</sup> | 668486 | 41873963 |
| PepsiCo, Inc. | 1304168 | 172202343 |
|  |  | 553406398 |
| **Biotechnology — 1.6%** | **Biotechnology — 1.6%** |  |
| AbbVie, Inc. | 1680198 | 311878353 |
| Amgen, Inc. | 511465 | 142806143 |
| Biogen, Inc.<sup>(a)</sup> | 138144 | 17349505 |
| Gilead Sciences, Inc. | 1183222 | 131183823 |
| Incyte Corp.<sup>(a)</sup> | 153646 | 10463292 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Biotechnology (continued)** | **Biotechnology (continued)** |  |
| Moderna, Inc.<sup>(a)(b)</sup> | 333246 | $9194257 |
| Regeneron Pharmaceuticals, Inc. | 99279 | 52121475 |
| Vertex Pharmaceuticals, Inc.<sup>(a)</sup> | 244265 | 108746778 |
|  |  | 783743626 |
| **Broadline Retail — 4.0%** | **Broadline Retail — 4.0%** |  |
| Amazon.com, Inc.<sup>(a)</sup> | 8987439 | 1971754242 |
| eBay, Inc. | 440716 | 32815714 |
|  |  | 2004569956 |
| **Building Products — 0.6%** | **Building Products — 0.6%** |  |
| A O Smith Corp. | 112403 | 7370265 |
| Allegion PLC | 80857 | 11653111 |
| Builders FirstSource, Inc.<sup>(a)</sup> | 105469 | 12307178 |
| Carrier Global Corp. | 762218 | 55786735 |
| Johnson Controls International PLC | 625933 | 66111043 |
| Lennox International, Inc. | 30444 | 17451719 |
| Masco Corp. | 199903 | 12865757 |
| Trane Technologies PLC | 212069 | 92761101 |
|  |  | 276306909 |
| **Capital Markets — 3.4%** | **Capital Markets — 3.4%** |  |
| Ameriprise Financial, Inc. | 91033 | 48587043 |
| Bank of New York Mellon Corp. | 680519 | 62002086 |
| Blackrock, Inc.<sup>(c)</sup> | 138524 | 145346307 |
| Blackstone, Inc., Class A | 694039 | 103814354 |
| Cboe Global Markets, Inc. | 98357 | 22937836 |
| Charles Schwab Corp. | 1624599 | 148228413 |
| CME Group, Inc., Class A | 342770 | 94474267 |
| Coinbase Global, Inc., Class A<sup>(a)(b)</sup> | 200819 | 70385051 |
| FactSet Research Systems, Inc. | 35693 | 15964765 |
| Franklin Resources, Inc. | 295545 | 7048748 |
| Goldman Sachs Group, Inc. | 291866 | 206568162 |
| Intercontinental Exchange, Inc. | 545632 | 100107103 |
| Invesco Ltd. | 420219 | 6626854 |
| KKR & Co., Inc., Class A | 645788 | 85909178 |
| MarketAxess Holdings, Inc. | 35517 | 7932367 |
| Moody's Corp. | 147125 | 73796429 |
| Morgan Stanley | 1175038 | 165515853 |
| MSCI, Inc., Class A | 73595 | 42445180 |
| Nasdaq, Inc. | 393194 | 35159407 |
| Northern Trust Corp. | 184019 | 23331769 |
| Raymond James Financial, Inc. | 173210 | 26565218 |
| S&P Global, Inc. | 298581 | 157438775 |
| State Street Corp. | 273239 | 29056235 |
| T Rowe Price Group, Inc. | 209174 | 20185291 |
|  |  | 1699426691 |
| **Chemicals — 1.2%** | **Chemicals — 1.2%** |  |
| Air Products and Chemicals, Inc. | 211452 | 59642151 |
| Albemarle Corp. | 115941 | 7266023 |
| CF Industries Holdings, Inc. | 154882 | 14249144 |
| Corteva, Inc. | 651768 | 48576269 |
| Dow, Inc. | 676296 | 17908318 |
| DuPont de Nemours, Inc. | 400536 | 27472764 |
| Eastman Chemical Co. | 108897 | 8130250 |
| Ecolab, Inc. | 239632 | 64566446 |
| International Flavors & Fragrances, Inc. | 242173 | 17811824 |
| Linde PLC | 447751 | 210075814 |
| LyondellBasell Industries NV, Class A | 240310 | 13904337 |
| Mosaic Co. | 295160 | 10767437 |

---

Master Portfolio Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**S&P 500 Index Master Portfolio**

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

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Chemicals (continued)** | **Chemicals (continued)** |  |
| PPG Industries, Inc. | 217012 | $24685115 |
| Sherwin-Williams Co. | 219301 | 75299191 |
|  |  | 600355083 |
| **Commercial Services & Supplies — 0.6%** | **Commercial Services & Supplies — 0.6%** |  |
| Cintas Corp. | 326096 | 72677016 |
| Copart, Inc.<sup>(a)(b)</sup> | 841220 | 41278665 |
| Republic Services, Inc. | 193009 | 47597949 |
| Rollins, Inc. | 266033 | 15009582 |
| Veralto Corp. | 235311 | 23754645 |
| Waste Management, Inc. | 349408 | 79951539 |
|  |  | 280269396 |
| **Communications Equipment — 0.9%** | **Communications Equipment — 0.9%** |  |
| Arista Networks, Inc.<sup>(a)</sup> | 979596 | 100222467 |
| Cisco Systems, Inc. | 3784141 | 262543703 |
| F5, Inc.<sup>(a)</sup> | 54418 | 16016306 |
| Juniper Networks, Inc. | 320251 | 12787622 |
| Motorola Solutions, Inc. | 158770 | 66756434 |
|  |  | 458326532 |
| **Construction & Engineering — 0.1%** | **Construction & Engineering — 0.1%** |  |
| Quanta Services, Inc.<sup>(b)</sup> | 141761 | 53596999 |
| **Construction Materials — 0.1%** | **Construction Materials — 0.1%** |  |
| Martin Marietta Materials, Inc. | 57227 | 31415334 |
| Vulcan Materials Co. | 125552 | 32746473 |
|  |  | 64161807 |
| **Consumer Finance — 0.6%** | **Consumer Finance — 0.6%** |  |
| American Express Co. | 526455 | 167928616 |
| Capital One Financial Corp. | 608532 | 129471268 |
| Synchrony Financial | 363908 | 24287220 |
|  |  | 321687104 |
| **Consumer Staples Distribution & Retail — 2.0%** | **Consumer Staples Distribution & Retail — 2.0%** |  |
| Costco Wholesale Corp. | 422030 | 417784378 |
| Dollar General Corp. | 210439 | 24070013 |
| Dollar Tree, Inc.<sup>(a)</sup> | 188848 | 18703506 |
| Kroger Co. | 585632 | 42007383 |
| Sysco Corp. | 459550 | 34806317 |
| Target Corp. | 434369 | 42850502 |
| Walgreens Boots Alliance, Inc. | 693736 | 7964089 |
| Walmart, Inc. | 4109628 | 401839426 |
|  |  | 990025614 |
| **Containers & Packaging — 0.2%** | **Containers & Packaging — 0.2%** |  |
| Amcor PLC | 2194472 | 20167198 |
| Avery Dennison Corp. | 75759 | 13293432 |
| Ball Corp. | 265212 | 14875741 |
| International Paper Co. | 497110 | 23279661 |
| Packaging Corp. of America | 84340 | 15893873 |
| Smurfit WestRock PLC | 472221 | 20376336 |
|  |  | 107886241 |
| **Distributors — 0.1%** | **Distributors — 0.1%** |  |
| Genuine Parts Co. | 130816 | 15869289 |
| LKQ Corp. | 244023 | 9031291 |
| Pool Corp. | 36020 | 10499110 |
|  |  | 35399690 |
| **Diversified Telecommunication Services — 0.7%** | **Diversified Telecommunication Services — 0.7%** |  |
| AT&T, Inc. | 6844437 | 198078007 |
| Verizon Communications, Inc. | 4010248 | 173523431 |
|  |  | 371601438 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Electric Utilities — 1.5%** | **Electric Utilities — 1.5%** |  |
| Alliant Energy Corp. | 246036 | $14877797 |
| American Electric Power Co., Inc. | 506930 | 52599057 |
| Constellation Energy Corp. | 299275 | 96593999 |
| Duke Energy Corp. | 742357 | 87598126 |
| Edison International | 363655 | 18764598 |
| Entergy Corp. | 407681 | 33886445 |
| Evergy, Inc. | 218226 | 15042318 |
| Eversource Energy | 352978 | 22456460 |
| Exelon Corp. | 955674 | 41495365 |
| FirstEnergy Corp. | 491188 | 19775229 |
| NextEra Energy, Inc. | 1958164 | 135935745 |
| NRG Energy, Inc. | 186908 | 30013687 |
| PG&E Corp. | 2098477 | 29252769 |
| Pinnacle West Capital Corp. | 110533 | 9889387 |
| PPL Corp. | 709674 | 24050852 |
| Southern Co. | 1048182 | 96254553 |
| Xcel Energy, Inc. | 545940 | 37178514 |
|  |  | 765664901 |
| **Electrical Equipment — 0.9%** | **Electrical Equipment — 0.9%** |  |
| AMETEK, Inc. | 219908 | 39794552 |
| Eaton Corp. PLC | 372204 | 132873106 |
| Emerson Electric Co. | 535048 | 71337950 |
| GE Vernova, Inc. | 259615 | 137375277 |
| Generac Holdings, Inc.<sup>(a)</sup> | 56807 | 8135330 |
| Hubbell, Inc. | 50828 | 20758664 |
| Rockwell Automation, Inc. | 107500 | 35708275 |
|  |  | 445983154 |
| **Electronic Equipment, Instruments & Components — 0.7%** | **Electronic Equipment, Instruments & Components — 0.7%** |  |
| Amphenol Corp., Class A | 1150567 | 113618491 |
| CDW Corp./DE | 124610 | 22254100 |
| Corning, Inc. | 732913 | 38543894 |
| Jabil, Inc. | 101569 | 22152199 |
| Keysight Technologies, Inc.<sup>(a)</sup> | 164952 | 27029035 |
| Ralliant Corp.<sup>(a)</sup> | 108045 | 5239102 |
| TE Connectivity PLC | 283499 | 47817776 |
| Teledyne Technologies, Inc.<sup>(a)</sup> | 44525 | 22810603 |
| Trimble, Inc.<sup>(a)</sup> | 227216 | 17263872 |
| Zebra Technologies Corp., Class A<sup>(a)</sup> | 48675 | 15009423 |
|  |  | 331738495 |
| **Energy Equipment & Services — 0.2%** | **Energy Equipment & Services — 0.2%** |  |
| Baker Hughes Co., Class A | 943712 | 36181918 |
| Halliburton Co. | 826038 | 16834654 |
| Schlumberger NV | 1300316 | 43950681 |
|  |  | 96967253 |
| **Entertainment — 1.8%** | **Entertainment — 1.8%** |  |
| Electronic Arts, Inc. | 218157 | 34839673 |
| Live Nation Entertainment, Inc.<sup>(a)</sup> | 151555 | 22927241 |
| Netflix, Inc.<sup>(a)</sup> | 404802 | 542082502 |
| Take-Two Interactive Software, Inc.<sup>(a)</sup> | 156051 | 37896985 |
| TKO Group Holdings, Inc., Class A | 65096 | 11844217 |
| Walt Disney Co. | 1710011 | 212058464 |
| Warner Bros Discovery, Inc., Class A<sup>(a)(b)</sup> | 2158971 | 24741808 |
|  |  | 886390890 |
| **Financial Services — 4.3%** | **Financial Services — 4.3%** |  |
| Apollo Global Management, Inc. | 428268 | 60758381 |
| Berkshire Hathaway, Inc., Class B<sup>(a)</sup> | 1744244 | 847301408 |
| Corpay, Inc.<sup>(a)</sup> | 66725 | 22140689 |
| Fidelity National Information Services, Inc. | 498785 | 40606087 |
| Fiserv, Inc.<sup>(a)</sup> | 527195 | 90893690 |
| Global Payments, Inc. | 231251 | 18509330 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**S&P 500 Index Master Portfolio**

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

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Financial Services (continued)** | **Financial Services (continued)** |  |
| Jack Henry & Associates, Inc. | 68758 | $12388129 |
| Mastercard, Inc., Class A | 771551 | 433565369 |
| PayPal Holdings, Inc.<sup>(a)</sup> | 929743 | 69098500 |
| Visa, Inc., Class A | 1627484 | 577838194 |
|  |  | 2173099777 |
| **Food Products — 0.6%** | **Food Products — 0.6%** |  |
| Archer-Daniels-Midland Co. | 456985 | 24119668 |
| Bunge Global SA | 127571 | 10241400 |
| Conagra Brands, Inc. | 455522 | 9324535 |
| General Mills, Inc. | 524063 | 27151704 |
| Hershey Co. | 139780 | 23196491 |
| Hormel Foods Corp. | 281095 | 8503124 |
| J.M. Smucker Co. | 101205 | 9938331 |
| Kellanova | 253106 | 20129520 |
| Kraft Heinz Co. | 816670 | 21086420 |
| Lamb Weston Holdings, Inc. | 132939 | 6892887 |
| McCormick & Co., Inc. | 240072 | 18202259 |
| Mondelez International, Inc., Class A | 1230366 | 82975883 |
| The Campbell's Co. | 184501 | 5654956 |
| Tyson Foods, Inc., Class A | 276782 | 15483185 |
|  |  | 282900363 |
| **Gas Utilities — 0.0%** | **Gas Utilities — 0.0%** |  |
| Atmos Energy Corp. | 152085 | 23437819 |
| **Ground Transportation — 0.9%** | **Ground Transportation — 0.9%** |  |
| CSX Corp. | 1795892 | 58599956 |
| JB Hunt Transport Services, Inc. | 74597 | 10712129 |
| Norfolk Southern Corp. | 214442 | 54890719 |
| Old Dominion Freight Line, Inc. | 176868 | 28705676 |
| Uber Technologies, Inc.<sup>(a)(b)</sup> | 1989113 | 185584243 |
| Union Pacific Corp. | 568318 | 130758606 |
|  |  | 469251329 |
| **Health Care Equipment & Supplies — 2.3%** | **Health Care Equipment & Supplies — 2.3%** |  |
| Abbott Laboratories | 1654927 | 225086621 |
| Align Technology, Inc.<sup>(a)(b)</sup> | 64605 | 12231665 |
| Baxter International, Inc. | 484238 | 14662727 |
| Becton Dickinson & Co. | 272620 | 46958795 |
| Boston Scientific Corp.<sup>(a)</sup> | 1409931 | 151440689 |
| Cooper Cos., Inc.<sup>(a)</sup> | 189981 | 13519048 |
| Dexcom, Inc.<sup>(a)</sup> | 374363 | 32678146 |
| Edwards Lifesciences Corp.<sup>(a)</sup> | 560731 | 43854771 |
| GE HealthCare Technologies, Inc. | 434760 | 32202673 |
| Hologic, Inc.<sup>(a)</sup> | 211755 | 13797956 |
| IDEXX Laboratories, Inc.<sup>(a)(b)</sup> | 76497 | 41028401 |
| Insulet Corp.<sup>(a)</sup> | 67572 | 21229771 |
| Intuitive Surgical, Inc.<sup>(a)</sup> | 341194 | 185408231 |
| Medtronic PLC | 1219952 | 106343216 |
| ResMed, Inc. | 138859 | 35825622 |
| Solventum Corp.<sup>(a)(b)</sup> | 131883 | 10002007 |
| STERIS PLC | 93190 | 22386102 |
| Stryker Corp. | 327163 | 129435498 |
| Zimmer Biomet Holdings, Inc. | 187650 | 17115556 |
|  |  | 1155207495 |
| **Health Care Providers & Services — 1.8%** | **Health Care Providers & Services — 1.8%** |  |
| Cardinal Health, Inc. | 226705 | 38086440 |
| Cencora, Inc. | 164084 | 49200588 |
| Centene Corp.<sup>(a)</sup> | 473890 | 25722749 |
| Cigna Group | 253859 | 83920708 |
| CVS Health Corp. | 1206134 | 83199123 |
| DaVita, Inc.<sup>(a)</sup> | 38704 | 5513385 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** |  |
| Elevance Health, Inc. | 214693 | $83506989 |
| HCA Healthcare, Inc. | 165592 | 63438295 |
| Henry Schein, Inc.<sup>(a)</sup> | 115668 | 8449547 |
| Humana, Inc. | 114696 | 28040878 |
| Labcorp Holdings, Inc. | 78854 | 20699964 |
| McKesson Corp. | 119006 | 87205217 |
| Molina Healthcare, Inc.<sup>(a)</sup> | 51216 | 15257246 |
| Quest Diagnostics, Inc. | 105223 | 18901208 |
| UnitedHealth Group, Inc. | 862869 | 269189242 |
| Universal Health Services, Inc., Class B | 55381 | 10032268 |
|  |  | 890363847 |
| **Health Care REITs — 0.3%** | **Health Care REITs — 0.3%** |  |
| Alexandria Real Estate Equities, Inc. | 150651 | 10941782 |
| Healthpeak Properties, Inc. | 656355 | 11492776 |
| Ventas, Inc. | 417414 | 26359694 |
| Welltower, Inc. | 582829 | 89598303 |
|  |  | 138392555 |
| **Hotel & Resort REITs — 0.0%** | **Hotel & Resort REITs — 0.0%** |  |
| Host Hotels & Resorts, Inc. | 660984 | 10152714 |
| **Hotels, Restaurants & Leisure — 2.1%** | **Hotels, Restaurants & Leisure — 2.1%** |  |
| Airbnb, Inc., Class A<sup>(a)</sup> | 410539 | 54330731 |
| Booking Holdings, Inc. | 30952 | 179188557 |
| Caesars Entertainment, Inc.<sup>(a)(b)</sup> | 195763 | 5557712 |
| Carnival Corp.<sup>(a)</sup> | 1006853 | 28312706 |
| Chipotle Mexican Grill, Inc.<sup>(a)</sup> | 1281609 | 71962345 |
| Darden Restaurants, Inc. | 112338 | 24486314 |
| Domino's Pizza, Inc. | 33036 | 14886022 |
| DoorDash, Inc., Class A<sup>(a)</sup> | 325004 | 80116736 |
| Expedia Group, Inc. | 116150 | 19592182 |
| Hilton Worldwide Holdings, Inc. | 226100 | 60219474 |
| Las Vegas Sands Corp. | 321475 | 13987377 |
| Marriott International, Inc., Class A | 215495 | 58875389 |
| McDonald's Corp. | 680137 | 198715627 |
| MGM Resorts International<sup>(a)</sup> | 197207 | 6781949 |
| Norwegian Cruise Line Holdings Ltd.<sup>(a)</sup> | 409414 | 8302916 |
| Royal Caribbean Cruises Ltd. | 237353 | 74324718 |
| Starbucks Corp. | 1080941 | 99046624 |
| Wynn Resorts Ltd. | 86072 | 8062364 |
| Yum! Brands, Inc. | 265993 | 39414843 |
|  |  | 1046164586 |
| **Household Durables — 0.3%** | **Household Durables — 0.3%** |  |
| D.R. Horton, Inc. | 264299 | 34073427 |
| Garmin Ltd. | 146497 | 30576854 |
| Lennar Corp., Class A | 220853 | 24428550 |
| Mohawk Industries, Inc.<sup>(a)</sup> | 51704 | 5420647 |
| NVR, Inc.<sup>(a)</sup> | 2795 | 20642920 |
| PulteGroup, Inc. | 189567 | 19991736 |
|  |  | 135134134 |
| **Household Products — 1.0%** | **Household Products — 1.0%** |  |
| Church & Dwight Co., Inc. | 235414 | 22625640 |
| Clorox Co. | 118503 | 14228655 |
| Colgate-Palmolive Co. | 770869 | 70071992 |
| Kimberly-Clark Corp. | 315338 | 40653375 |
| Procter & Gamble Co. | 2230122 | 355303037 |
|  |  | 502882699 |

---

Master Portfolio Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**S&P 500 Index Master Portfolio**

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

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Independent Power and Renewable Electricity Producers — 0.1%** | **Independent Power and Renewable Electricity Producers — 0.1%** |  |
| AES Corp. | 692365 | $7283680 |
| Vistra Corp. | 324393 | 62870607 |
|  |  | 70154287 |
| **Industrial Conglomerates — 0.4%** | **Industrial Conglomerates — 0.4%** |  |
| 3M Co. | 511217 | 77827676 |
| Honeywell International, Inc. | 611318 | 142363736 |
|  |  | 220191412 |
| **Industrial REITs — 0.2%** | **Industrial REITs — 0.2%** |  |
| Prologis, Inc. | 882151 | 92731713 |
| **Insurance — 2.1%** | **Insurance — 2.1%** |  |
| Aflac, Inc. | 465171 | 49056934 |
| Allstate Corp. | 251835 | 50696904 |
| American International Group, Inc. | 550972 | 47157693 |
| Aon PLC, Class A | 205402 | 73279218 |
| Arch Capital Group Ltd. | 353301 | 32168056 |
| Arthur J Gallagher & Co. | 243329 | 77894479 |
| Assurant, Inc. | 48062 | 9491764 |
| Brown & Brown, Inc. | 266254 | 29519581 |
| Chubb Ltd. | 354488 | 102702263 |
| Cincinnati Financial Corp. | 149249 | 22226161 |
| Erie Indemnity Co., Class A | 23930 | 8298685 |
| Everest Group Ltd. | 40722 | 13839372 |
| Globe Life, Inc. | 77250 | 9601403 |
| Hartford Insurance Group, Inc. | 269620 | 34206689 |
| Loews Corp. | 164504 | 15078437 |
| Marsh & McLennan Cos., Inc. | 469838 | 102725380 |
| MetLife, Inc. | 539080 | 43352814 |
| Principal Financial Group, Inc. | 196636 | 15618797 |
| Progressive Corp. | 557615 | 148805139 |
| Prudential Financial, Inc. | 336552 | 36159147 |
| Travelers Cos., Inc. | 215509 | 57657278 |
| W.R. Berkley Corp. | 284739 | 20919774 |
| Willis Towers Watson PLC | 93882 | 28774833 |
|  |  | 1029230801 |
| **Interactive Media & Services — 6.6%** | **Interactive Media & Services — 6.6%** |  |
| Alphabet, Inc., Class A | 5535968 | 975603641 |
| Alphabet, Inc., Class C | 4465624 | 792157041 |
| Match Group, Inc. | 233169 | 7202591 |
| Meta Platforms, Inc., Class A | 2065190 | 1524296087 |
|  |  | 3299259360 |
| **IT Services — 1.1%** | **IT Services — 1.1%** |  |
| Accenture PLC, Class A | 595474 | 177981224 |
| Akamai Technologies, Inc.<sup>(a)</sup> | 138286 | 11029691 |
| Cognizant Technology Solutions Corp., Class A | 471436 | 36786151 |
| EPAM Systems, Inc.<sup>(a)</sup> | 55335 | 9784335 |
| Gartner, Inc.<sup>(a)</sup> | 73032 | 29520995 |
| GoDaddy, Inc., Class A<sup>(a)</sup> | 134248 | 24172695 |
| International Business Machines Corp. | 884558 | 260750007 |
| VeriSign, Inc. | 76415 | 22068652 |
|  |  | 572093750 |
| **Leisure Products — 0.0%** | **Leisure Products — 0.0%** |  |
| Hasbro, Inc. | 122350 | 9031877 |
| **Life Sciences Tools & Services — 0.8%** | **Life Sciences Tools & Services — 0.8%** |  |
| Agilent Technologies, Inc. | 271229 | 32007734 |
| Bio-Techne Corp. | 150908 | 7764217 |
| Charles River Laboratories International, Inc.<sup>(a)</sup> | 45617 | 6921467 |
| Danaher Corp. | 605862 | 119681980 |
| IQVIA Holdings, Inc.<sup>(a)</sup> | 155925 | 24572221 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Life Sciences Tools & Services (continued)** | **Life Sciences Tools & Services (continued)** |  |
| Mettler-Toledo International, Inc.<sup>(a)(b)</sup> | 19755 | $23206594 |
| Revvity, Inc. | 112684 | 10898796 |
| Thermo Fisher Scientific, Inc. | 359071 | 145588928 |
| Waters Corp.<sup>(a)</sup> | 56450 | 19703308 |
| West Pharmaceutical Services, Inc. | 68328 | 14950166 |
|  |  | 405295411 |
| **Machinery — 1.5%** | **Machinery — 1.5%** |  |
| Caterpillar, Inc. | 447362 | 173670402 |
| Cummins, Inc. | 130606 | 42773465 |
| Deere & Co. | 240096 | 122086415 |
| Dover Corp. | 131694 | 24130292 |
| Fortive Corp. | 324135 | 16897158 |
| IDEX Corp. | 71398 | 12535347 |
| Illinois Tool Works, Inc. | 253618 | 62707050 |
| Ingersoll Rand, Inc.<sup>(b)</sup> | 385379 | 32055825 |
| Nordson Corp. | 51320 | 11001468 |
| Otis Worldwide Corp. | 374276 | 37060810 |
| PACCAR, Inc. | 498220 | 47360793 |
| Parker-Hannifin Corp. | 121426 | 84812418 |
| Pentair PLC | 155729 | 15987139 |
| Snap-on, Inc. | 49689 | 15462223 |
| Stanley Black & Decker, Inc. | 149224 | 10109926 |
| Westinghouse Air Brake Technologies Corp. | 162428 | 34004302 |
| Xylem, Inc. | 232194 | 30036616 |
|  |  | 772691649 |
| **Media — 0.5%** | **Media — 0.5%** |  |
| Charter Communications, Inc., Class A<sup>(a)(b)</sup> | 90531 | 37009978 |
| Comcast Corp., Class A | 3542506 | 126432039 |
| Fox Corp., Class A | 205738 | 11529558 |
| Fox Corp., Class B | 124511 | 6428503 |
| Interpublic Group of Cos., Inc. | 359089 | 8790499 |
| News Corp., Class A | 352059 | 10463193 |
| News Corp., Class B | 113616 | 3898165 |
| Omnicom Group, Inc. | 185652 | 13355805 |
| Paramount Global, Class B<sup>(b)</sup> | 589637 | 7606317 |
|  |  | 225514057 |
| **Metals & Mining — 0.3%** | **Metals & Mining — 0.3%** |  |
| Freeport-McMoRan, Inc. | 1366110 | 59220868 |
| Newmont Corp. | 1064026 | 61990155 |
| Nucor Corp. | 219490 | 28432735 |
| Steel Dynamics, Inc. | 130343 | 16685207 |
|  |  | 166328965 |
| **Multi-Utilities — 0.6%** | **Multi-Utilities — 0.6%** |  |
| Ameren Corp. | 258145 | 24792246 |
| CenterPoint Energy, Inc. | 630498 | 23164496 |
| CMS Energy Corp. | 287618 | 19926175 |
| Consolidated Edison, Inc. | 329383 | 33053584 |
| Dominion Energy, Inc. | 807250 | 45625770 |
| DTE Energy Co. | 197028 | 26098329 |
| NiSource, Inc. | 454216 | 18323073 |
| Public Service Enterprise Group, Inc. | 475146 | 39997790 |
| Sempra | 603036 | 45692038 |
| WEC Energy Group, Inc. | 303228 | 31596358 |
|  |  | 308269859 |
| **Office REITs — 0.0%** | **Office REITs — 0.0%** |  |
| BXP, Inc. | 141672 | 9558610 |
| **Oil, Gas & Consumable Fuels — 2.8%** | **Oil, Gas & Consumable Fuels — 2.8%** |  |
| APA Corp. | 349293 | 6388569 |
| Chevron Corp. | 1544884 | 221211940 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**S&P 500 Index Master Portfolio**

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

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** |  |
| ConocoPhillips | 1200801 | $107759882 |
| Coterra Energy, Inc. | 705210 | 17898230 |
| Devon Energy Corp. | 613848 | 19526505 |
| Diamondback Energy, Inc. | 179354 | 24643240 |
| EOG Resources, Inc. | 521773 | 62409269 |
| EQT Corp. | 567276 | 33083536 |
| Expand Energy Corp. | 200505 | 23447055 |
| Exxon Mobil Corp. | 4099660 | 441943348 |
| Hess Corp. | 262765 | 36403463 |
| Kinder Morgan, Inc. | 1837923 | 54034936 |
| Marathon Petroleum Corp. | 293697 | 48786009 |
| Occidental Petroleum Corp. | 647937 | 27219833 |
| ONEOK, Inc. | 595429 | 48604869 |
| Phillips 66 | 387553 | 46235073 |
| Targa Resources Corp. | 207979 | 36204984 |
| Texas Pacific Land Corp. | 18168 | 19192493 |
| Valero Energy Corp. | 297701 | 40016968 |
| Williams Cos., Inc. | 1167216 | 73312837 |
|  |  | 1388323039 |
| **Passenger Airlines — 0.1%** | **Passenger Airlines — 0.1%** |  |
| Delta Air Lines, Inc. | 614050 | 30198979 |
| Southwest Airlines Co. | 544792 | 17673052 |
| United Airlines Holdings, Inc.<sup>(a)(b)</sup> | 314093 | 25011226 |
|  |  | 72883257 |
| **Personal Care Products — 0.1%** | **Personal Care Products — 0.1%** |  |
| Estee Lauder Cos., Inc., Class A | 225191 | 18195433 |
| Kenvue, Inc. | 1827841 | 38256712 |
|  |  | 56452145 |
| **Pharmaceuticals — 2.8%** | **Pharmaceuticals — 2.8%** |  |
| Bristol-Myers Squibb Co. | 1930999 | 89385944 |
| Eli Lilly & Co. | 748232 | 583269291 |
| Johnson & Johnson | 2288650 | 349591287 |
| Merck & Co., Inc. | 2388486 | 189072552 |
| Pfizer, Inc. | 5421303 | 131412385 |
| Viatris, Inc. | 1131153 | 10101196 |
| Zoetis, Inc., Class A | 423481 | 66041862 |
|  |  | 1418874517 |
| **Professional Services — 0.6%** | **Professional Services — 0.6%** |  |
| Automatic Data Processing, Inc. | 386113 | 119077249 |
| Broadridge Financial Solutions, Inc. | 111252 | 27037574 |
| Dayforce, Inc.<sup>(a)(b)</sup> | 149647 | 8288947 |
| Equifax, Inc. | 117889 | 30576870 |
| Jacobs Solutions, Inc. | 114192 | 15010538 |
| Leidos Holdings, Inc. | 122346 | 19301305 |
| Paychex, Inc. | 304580 | 44304207 |
| Paycom Software, Inc. | 44828 | 10373199 |
| Verisk Analytics, Inc. | 134251 | 41819187 |
|  |  | 315789076 |
| **Real Estate Management & Development**<sup>(a)</sup> **— 0.1%** | **Real Estate Management & Development**<sup>(a)</sup> **— 0.1%** |  |
| CBRE Group, Inc., Class A | 279266 | 39130752 |
| CoStar Group, Inc. | 400659 | 32212984 |
|  |  | 71343736 |
| **Residential REITs — 0.2%** | **Residential REITs — 0.2%** |  |
| AvalonBay Communities, Inc. | 135065 | 27485728 |
| Camden Property Trust | 102602 | 11562219 |
| Equity Residential | 324892 | 21926961 |
| Essex Property Trust, Inc. | 61711 | 17488898 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Residential REITs (continued)** | **Residential REITs (continued)** |  |
| Invitation Homes, Inc. | 535630 | $17568664 |
| Mid-America Apartment Communities, Inc. | 111136 | 16449239 |
| UDR, Inc. | 290551 | 11863197 |
|  |  | 124344906 |
| **Retail REITs — 0.3%** | **Retail REITs — 0.3%** |  |
| Federal Realty Investment Trust | 75675 | 7188368 |
| Kimco Realty Corp. | 656566 | 13801017 |
| Realty Income Corp. | 832076 | 47935899 |
| Regency Centers Corp. | 158749 | 11307691 |
| Simon Property Group, Inc. | 291341 | 46835979 |
|  |  | 127068954 |
| **Semiconductors & Semiconductor Equipment — 12.7%** | **Semiconductors & Semiconductor Equipment — 12.7%** |  |
| Advanced Micro Devices, Inc.<sup>(a)</sup> | 1542275 | 218848823 |
| Analog Devices, Inc. | 471771 | 112290933 |
| Applied Materials, Inc. | 772792 | 141475032 |
| Broadcom, Inc. | 4472481 | 1232839388 |
| Enphase Energy, Inc.<sup>(a)(b)</sup> | 124399 | 4932420 |
| First Solar, Inc.<sup>(a)(b)</sup> | 103606 | 17150937 |
| Intel Corp. | 4142277 | 92787005 |
| KLA Corp. | 125787 | 112672447 |
| Lam Research Corp. | 1216694 | 118432994 |
| Microchip Technology, Inc. | 514501 | 36205435 |
| Micron Technology, Inc. | 1061896 | 130878682 |
| Monolithic Power Systems, Inc. | 45244 | 33090557 |
| NVIDIA Corp. | 23197379 | 3664953907 |
| NXP Semiconductors NV | 241630 | 52793739 |
| ON Semiconductor Corp.<sup>(a)</sup> | 398283 | 20874012 |
| QUALCOMM, Inc. | 1043644 | 166210744 |
| Skyworks Solutions, Inc. | 143523 | 10695334 |
| Teradyne, Inc. | 150886 | 13567669 |
| Texas Instruments, Inc. | 864136 | 179411916 |
|  |  | 6360111974 |
| **Software — 11.4%** | **Software — 11.4%** |  |
| Adobe, Inc.<sup>(a)</sup> | 405400 | 156841152 |
| ANSYS, Inc.<sup>(a)</sup> | 83752 | 29415377 |
| Autodesk, Inc.<sup>(a)</sup> | 203504 | 62998733 |
| Cadence Design Systems, Inc.<sup>(a)</sup> | 259717 | 80031794 |
| Crowdstrike Holdings, Inc., Class A<sup>(a)</sup> | 235632 | 120009734 |
| Fair Isaac Corp.<sup>(a)</sup> | 23154 | 42324586 |
| Fortinet, Inc.<sup>(a)</sup> | 604291 | 63885645 |
| Gen Digital, Inc. | 518802 | 15252779 |
| Intuit, Inc. | 265919 | 209445782 |
| Microsoft Corp. | 7069816 | 3516597177 |
| Oracle Corp. | 1547080 | 338238100 |
| Palantir Technologies, Inc., Class A<sup>(a)</sup> | 2023322 | 275819255 |
| Palo Alto Networks, Inc.<sup>(a)(b)</sup> | 629788 | 128879816 |
| PTC, Inc.<sup>(a)(b)</sup> | 115443 | 19895447 |
| Roper Technologies, Inc. | 102767 | 58252446 |
| Salesforce, Inc. | 912649 | 248870256 |
| ServiceNow, Inc.<sup>(a)</sup> | 197069 | 202602697 |
| Synopsys, Inc.<sup>(a)</sup> | 146868 | 75296286 |
| Tyler Technologies, Inc.<sup>(a)(b)</sup> | 40690 | 24122660 |
| Workday, Inc., Class A<sup>(a)</sup> | 205231 | 49255440 |
|  |  | 5718035162 |
| **Specialized REITs — 0.9%** | **Specialized REITs — 0.9%** |  |
| American Tower Corp. | 444842 | 98318979 |
| Crown Castle, Inc. | 414031 | 42533405 |
| Digital Realty Trust, Inc. | 300963 | 52466880 |

---

Master Portfolio Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**S&P 500 Index Master Portfolio**

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

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Specialized REITs (continued)** | **Specialized REITs (continued)** |  |
| Equinix, Inc. | 93112 | $74067803 |
| Extra Space Storage, Inc. | 202326 | 29830945 |
| Iron Mountain, Inc. | 279466 | 28664827 |
| Public Storage | 149973 | 44005078 |
| SBA Communications Corp. | 102224 | 24006284 |
| VICI Properties, Inc. | 1002475 | 32680685 |
| Weyerhaeuser Co. | 691895 | 17774782 |
|  |  | 444349668 |
| **Specialty Retail — 1.7%** | **Specialty Retail — 1.7%** |  |
| AutoZone, Inc.<sup>(a)</sup> | 15913 | 59072716 |
| Best Buy Co., Inc. | 181382 | 12176174 |
| CarMax, Inc.<sup>(a)</sup> | 145586 | 9784835 |
| Home Depot, Inc. | 945422 | 346629522 |
| Lowe's Cos., Inc. | 532391 | 118121591 |
| O'Reilly Automotive, Inc.<sup>(a)</sup> | 811910 | 73177448 |
| Ross Stores, Inc. | 312786 | 39905238 |
| TJX Cos., Inc. | 1062004 | 131146874 |
| Tractor Supply Co. | 508631 | 26840458 |
| Ulta Beauty, Inc.<sup>(a)(b)</sup> | 43162 | 20192047 |
| Williams-Sonoma, Inc. | 117667 | 19223258 |
|  |  | 856270161 |
| **Technology Hardware, Storage & Peripherals — 6.2%** | **Technology Hardware, Storage & Peripherals — 6.2%** |  |
| Apple, Inc. | 14206918 | 2914833366 |
| Dell Technologies, Inc., Class C | 286401 | 35112762 |
| Hewlett Packard Enterprise Co. | 1263898 | 25846714 |
| HP, Inc. | 906957 | 22184168 |
| NetApp, Inc. | 192363 | 20496278 |
| Seagate Technology Holdings PLC | 203910 | 29430330 |
| Super Micro Computer, Inc.<sup>(a)(b)</sup> | 478766 | 23464322 |
| Western Digital Corp. | 329823 | 21105374 |
|  |  | 3092473314 |
| **Textiles, Apparel & Luxury Goods — 0.3%** | **Textiles, Apparel & Luxury Goods — 0.3%** |  |
| Deckers Outdoor Corp.<sup>(a)</sup> | 144294 | 14872383 |
| Lululemon Athletica, Inc.<sup>(a)</sup> | 104739 | 24883892 |
| NIKE, Inc., Class B | 1120608 | 79607992 |
| Ralph Lauren Corp., Class A | 38680 | 10609150 |
| Tapestry, Inc. | 199740 | 17539169 |
|  |  | 147512586 |
| **Tobacco — 0.7%** | **Tobacco — 0.7%** |  |
| Altria Group, Inc. | 1602246 | 93939683 |
| Philip Morris International, Inc. | 1480555 | 269653482 |
|  |  | 363593165 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Trading Companies & Distributors — 0.3%** | **Trading Companies & Distributors — 0.3%** |  |
| Fastenal Co. | 1090318 | $45793356 |
| United Rentals, Inc. | 61827 | 46580462 |
| WW Grainger, Inc. | 41792 | 43473710 |
|  |  | 135847528 |
| **Water Utilities — 0.1%** | **Water Utilities — 0.1%** |  |
| American Water Works Co., Inc. | 185289 | 25775553 |
| **Wireless Telecommunication Services — 0.2%** | **Wireless Telecommunication Services — 0.2%** |  |
| T-Mobile U.S., Inc. | 453614 | 108078072 |
| **Total Common Stocks — 99.6%** <br>**(Cost: $17,597,019,993)** | **Total Common Stocks — 99.6%** <br>**(Cost: $17,597,019,993)** | 49938767453 |
| **Investment Companies** | **Investment Companies** | **Investment Companies** |
| **Capital Markets — 0.1%** | **Capital Markets — 0.1%** |  |
| iShares Core S&P 500 ETF<sup>(c)</sup> | 69969 | 43443752 |
| **Total Investment Companies — 0.1%** <br>**(Cost: $30,792,207)** | **Total Investment Companies — 0.1%** <br>**(Cost: $30,792,207)** | 43443752 |
| **Total Long-Term Investments — 99.7%** <br>**(Cost: $17,627,812,200)** | **Total Long-Term Investments — 99.7%** <br>**(Cost: $17,627,812,200)** | 49982211205 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 0.8%** | **Money Market Funds — 0.8%** |  |
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares, 4.47%<sup>(c)(d)(e)</sup><br>| 252270031 | 252370939 |
| BlackRock Cash Funds: Treasury, SL Agency <br> Shares, 4.30%<sup>(c)(d)(e)</sup><br>| 114394303 | 114394303 |
| **Total Short-Term Securities — 0.8%** <br>**(Cost: $366,703,310)** | **Total Short-Term Securities — 0.8%** <br>**(Cost: $366,703,310)** | 366765242 |
| **Total Investments — 100.5%** <br>**(Cost: $17,994,515,510)** | **Total Investments — 100.5%** <br>**(Cost: $17,994,515,510)** | 50348976447 |
| **Liabilities in Excess of Other Assets — (0.5)%** | **Liabilities in Excess of Other Assets — (0.5)%** | (225966528)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $50123009919 |

---

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

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

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

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

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

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

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**S&P 500 Index Master Portfolio**

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Master Portfolio during the six months ended June 30, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*12/31/24*<br>| *Purchases* <br>*at Cost*<br>| *Proceeds* <br>*from Sales*<br>| *Net* <br>*Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*06/30/25*<br>| *Shares* <br>*Held at* <br>*06/30/25*<br>| *Income* | *Capital Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL <br> Agency Shares<br>| $196905512 | $55494182 <br><sup>(a)</sup><br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(28913)<br>| $158 | $252370939 | 252270031 | $283703 <br><sup>(b)</sup><br>| &nbsp;&nbsp; $— |
| BlackRock Cash Funds: Treasury, SL <br> Agency Shares<br>| 120252759 |  | &nbsp;&nbsp; (5858456 )<sup>(a)</sup><br>| &nbsp;&nbsp; — |  | 114394303 | 114394303 | 3432588 | &nbsp;&nbsp; — |
| Blackrock, Inc. | 138023886 | 5410155 | &nbsp;&nbsp; (2008641)<br>| &nbsp;&nbsp; (61577)<br>| 3982484 | 145346307 | 138524 | 1425555 | &nbsp;&nbsp; — |
| iShares Core S&P 500 ETF | 299532746 | 1928627386 | &nbsp;&nbsp; (2183465625)<br>| &nbsp;&nbsp; 48677041 | (49927796)<br>| 43443752 | 69969 | 1173438 | &nbsp;&nbsp; — |
|  |  |  |  | &nbsp;&nbsp; $48586551 | $(45945154)<br>| $555555301 |  | $6315284 | &nbsp;&nbsp; $— |

---

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

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

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

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | *Number of* <br>*Contracts*<br>| &nbsp;&nbsp;&nbsp; *Expiration* <br>*Date*<br>| &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount (000)*<br>| &nbsp;&nbsp;&nbsp; *Value/* <br>*Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| Long Contracts  |  |  |  |  |
| S&P 500 E-Mini Index | &nbsp;&nbsp; 447 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; $139771 | &nbsp;&nbsp;&nbsp;&nbsp; $4147641 |

---

**Derivative Financial Instruments Categorized by Risk Exposure**

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Assets — Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts <br>Unrealized appreciation on futures contracts<sup>(a)</sup><br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $4147641 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $4147641 |

---

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

For the period ended June 30, 2025, the effect of derivative financial instruments in the Statement of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $8525873 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $8525873 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $5828175 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $5828175 |

---

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

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $174470782 |

---

Master Portfolio Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**S&P 500 Index Master Portfolio**

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

**Fair Value Hierarchy as of Period End**

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets |  |  |  |  |
| Investments  |  |  |  |  |
| Long-Term Investments  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $49938767453 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $49938767453 |
| Investment Companies | &nbsp;&nbsp; 43443752 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 43443752 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 366765242 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 366765242 |
|  | &nbsp;&nbsp; $50348976447 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $50348976447 |
| Derivative Financial Instruments<sup>(a)</sup> <br>|  |  |  |  |
| Assets  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $4147641 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $4147641 |

---

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

*See notes to financial statements.*

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Statement of Assets and Liabilities (unaudited)

June 30, 2025

---

| | |
|:---|:---|
|  | S&P 500 Index <br>Master Portfolio<br>|
| **ASSETS** |  |
| Investments, at value — unaffiliated<sup>(a)(b)</sup> | $49793421146 |
| Investments, at value — affiliated<sup>(c)</sup> | 555555301 |
| Cash | 294011 |
| Cash pledged for futures contracts | 9724000 |
| Receivables: |  |
| Securities lending income — affiliated | 46707 |
| Dividends — unaffiliated | 24841842 |
| Dividends — affiliated | 282608 |
| Variation margin on futures contracts | 670494 |
| Prepaid expenses | 25524 |
| Total assets | 50384861633 |
| **LIABILITIES** |  |
| Collateral on securities loaned | 252332182 |
| Payables: |  |
| Withdrawals to investors | 9003369 |
| Investment advisory fees | 397089 |
| Trustees' fees | 56740 |
| Professional fees | 62334 |
| Total liabilities | 261851714 |
| **Commitments and contingent liabilities** |  |
| NET ASSETS | $50123009919 |
| **NET ASSETS CONSIST OF** |  |
| Investors' capital | $17764401341 |
| Net unrealized appreciation (depreciation) | 32358608578 |
| NET ASSETS | $50123009919 |
| <sup>(a)</sup> Investments, at cost—unaffiliated | $17540453646 |
| <sup>(b)</sup> Securities loaned, at value | $251404164 |
| <sup>(c)</sup> Investments, at cost—affiliated | $454061864 |

---

*See notes to financial statements.*

Master Portfolio Statement of Assets and Liabilities

------

Statement of Operations (unaudited)

Six Months Ended June 30, 2025

---

| | |
|:---|:---|
|  | S&P 500 Index <br>Master Portfolio<br>|
| **INVESTMENT INCOME** |  |
| Dividends — unaffiliated | &nbsp;&nbsp; $298762656 |
| Dividends — affiliated | &nbsp;&nbsp; 6031581 |
| Interest — unaffiliated | &nbsp;&nbsp; 237227 |
| Securities lending income — affiliated — net | &nbsp;&nbsp; 283703 |
| Foreign taxes withheld | &nbsp;&nbsp; (1694921)<br>|
| Total investment income | &nbsp;&nbsp; 303620246 |
| EXPENSES |  |
| Investment advisory | &nbsp;&nbsp; 2313008 |
| Trustees | &nbsp;&nbsp; 131956 |
| Professional | &nbsp;&nbsp; 14255 |
| Total expenses | &nbsp;&nbsp; 2459219 |
| Less: |  |
| Fees waived and/or reimbursed by the Manager | &nbsp;&nbsp; (216491)<br>|
| Total expenses after fees waived and/or reimbursed | &nbsp;&nbsp; 2242728 |
| Net investment income | &nbsp;&nbsp; 301377518 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |
| Net realized gain (loss) from: |  |
| Investments — unaffiliated | &nbsp;&nbsp; (210146)<br>|
| Investments — affiliated | &nbsp;&nbsp; 48586551 |
| Futures contracts | &nbsp;&nbsp; 8525873 |
|  | &nbsp;&nbsp; 56902278 |
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments — unaffiliated | &nbsp;&nbsp; 2734623702 |
| Investments — affiliated | &nbsp;&nbsp; (45945154)<br>|
| Futures contracts | &nbsp;&nbsp; 5828175 |
|  | &nbsp;&nbsp; 2694506723 |
| Net realized and unrealized gain | &nbsp;&nbsp; 2751409001 |
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | &nbsp;&nbsp; $3052786519 |

---

*See notes to financial statements.*

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | S&P 500 Index Master Portfolio | S&P 500 Index Master Portfolio |
|  | Six Months Ended <br>06/30/25 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>12/31/24<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |
| **OPERATIONS** |  |  |
| Net investment income | &nbsp;&nbsp; $301377518 | &nbsp;&nbsp;&nbsp; $575273596 |
| Net realized gain | &nbsp;&nbsp; 56902278 | &nbsp;&nbsp;&nbsp; 85066881 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 2694506723 | &nbsp;&nbsp;&nbsp; 8536342561 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 3052786519 | &nbsp;&nbsp;&nbsp; 9196683038 |
| **CAPITAL TRANSACTIONS** |  |  |
| Proceeds from contributions | &nbsp;&nbsp; 6663552598 | &nbsp;&nbsp;&nbsp; 10050282417 |
| Value of withdrawals | &nbsp;&nbsp; (6045234429)<br>| &nbsp;&nbsp;&nbsp; (8821440872)<br>|
| Net increase in net assets derived from capital transactions | &nbsp;&nbsp; 618318169 | &nbsp;&nbsp;&nbsp; 1228841545 |
| *NET ASSETS* |  |  |
| Total increase in net assets | &nbsp;&nbsp; 3671104688 | &nbsp;&nbsp;&nbsp; 10425524583 |
| Beginning of period | &nbsp;&nbsp; 46451905231 | &nbsp;&nbsp;&nbsp; 36026380648 |
| End of period | &nbsp;&nbsp; $50123009919 | &nbsp;&nbsp;&nbsp; $46451905231 |

---

*See notes to financial statements.*

Master Portfolio Statements of Changes in Net Assets

------

Financial Highlights

(unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | S&P 500 Index Master Portfolio | S&P 500 Index Master Portfolio | S&P 500 Index Master Portfolio | S&P 500 Index Master Portfolio | S&P 500 Index Master Portfolio | S&P 500 Index Master Portfolio |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
| **Total Return** |  |  |  |  |  |  |
| Total return | 6.20 %<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 24.94<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 26.24<br> %<br>| &nbsp;&nbsp;&nbsp; (18.13)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 28.65<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 18.42<br> %<br>|
| **Ratios to Average Net Assets**<sup>(b)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.01 %<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.01<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.01<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.01<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.01<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.01<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 0.01 %<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.01<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.01<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.01<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.01<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.01<br> %<br>|
| Net investment income | 1.30 %<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.36<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.63<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.82<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $50123010 | &nbsp;&nbsp;&nbsp; $46451905 | &nbsp;&nbsp;&nbsp; $36026381 | &nbsp;&nbsp;&nbsp; $29544845 | &nbsp;&nbsp;&nbsp; $34489286 | &nbsp;&nbsp;&nbsp; $26992973 |
| Portfolio turnover rate | &nbsp;&nbsp; 7<br> %<br>| &nbsp;&nbsp;&nbsp; 9<br> %<br>| &nbsp;&nbsp;&nbsp; 10<br> %<br>| &nbsp;&nbsp;&nbsp; 13<br> %<br>| &nbsp;&nbsp;&nbsp; 6<br> %<br>| &nbsp;&nbsp;&nbsp; 5<br> %<br>|

---

<sup>(a)</sup> Not annualized. <br> <sup>(b)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. <br> <sup>(c)</sup> Annualized.

*See notes to financial statements.*

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Notes to Financial Statements (unaudited)

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

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

Master Investment Portfolio ("MIP") is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. MIP is organized as a Delaware statutory trust. S&P 500 Index Master Portfolio (the "Master Portfolio") is a series of MIP. The Master Portfolio is classified as diversified.

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

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

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

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

**Foreign Taxes:** The Master Portfolio may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Master Portfolio invests. These foreign taxes, if any, are paid by the Master Portfolio and are reflected in its Statement of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as "Foreign taxes withheld", and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of June 30, 2025, if any, are disclosed in the Statement of Assets and Liabilities.

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

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

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

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

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

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

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

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

Master Portfolio Notes to Financial Statements

------

Notes to Financial Statements (unaudited) (continued)

represent the fair value of the security, the security will be valued in accordance with the Manager's policies and procedures as reflecting fair value. The Manager has formed a committee (the "Valuation Committee") to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.

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

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

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

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

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

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

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

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

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

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

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

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

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

**Securities Lending:** The Master Portfolio may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Master Portfolio collateral consisting of cash, an irrevocable letter of credit issued by a bank, or securities issued or guaranteed by the U.S. Government. The initial collateral received by the Master Portfolio is required to have a value of at least 102% of the current value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current market value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Master Portfolio and any additional required collateral is delivered to the Master Portfolio, or excess collateral returned by the Master Portfolio, on the next business day. During the term of the loan, the Master Portfolio is entitled to all distributions made on or in respect of the loaned securities, but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

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

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Notes to Financial Statements (unaudited) (continued)

securities on loan and the value of related collateral, if any, are shown separately in the Statement of Assets and Liabilities as a component of investments at value – unaffiliated and collateral on securities loaned, respectively.

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Counterparty* | *Securities* <br>*Loaned at Value*<br>| *Cash Collateral* <br>*Received*<sup>(a)</sup> <br>| *Non-Cash Collateral* <br>*Received, at Fair Value*<sup>(a)</sup> <br>| *Net* <br>*Amount*<sup>(b)</sup> <br>|
| Barclays Bank PLC | &nbsp;&nbsp; $1796833 | &nbsp;&nbsp; $(1796833)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| BNP Paribas SA | &nbsp;&nbsp; 14240457 | &nbsp;&nbsp; (14240457)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| BofA Securities, Inc. | &nbsp;&nbsp; 3316609 | &nbsp;&nbsp; (3316334)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 275 |
| Citigroup Global Markets, Inc. | &nbsp;&nbsp; 34036877 | &nbsp;&nbsp; (34036877)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Goldman Sachs & Co. LLC | &nbsp;&nbsp; 19716628 | &nbsp;&nbsp; (19716628)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| HSBC Bank PLC | &nbsp;&nbsp; 8727972 | &nbsp;&nbsp; (8727972)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| J.P. Morgan Securities LLC | &nbsp;&nbsp; 23940291 | &nbsp;&nbsp; (23940291)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Morgan Stanley | &nbsp;&nbsp; 419030 | &nbsp;&nbsp; (419030)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| SG Americas Securities LLC | &nbsp;&nbsp; 724633 | &nbsp;&nbsp; (724633)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| UBS AG | &nbsp;&nbsp; 24933322 | &nbsp;&nbsp; (24933322)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| UBS Securities LLC | &nbsp;&nbsp; 12230718 | &nbsp;&nbsp; (12230718)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Wells Fargo Bank N.A. | &nbsp;&nbsp; 105313544 | &nbsp;&nbsp; (105313544)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Wells Fargo Securities LLC | &nbsp;&nbsp; 2007250 | &nbsp;&nbsp; (2007250)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $251404164 | &nbsp;&nbsp; $(251403889)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $275 |

---

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

<sup>(b)</sup> The market value of the loaned securities is determined as of June 30, 2025. Additional collateral is delivered to the Master Portfolio on the next business day in accordance with the MSLA. The net amount would be subject to the borrower default indemnity in the event of default by the counterparty. 

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

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

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

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

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

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

Master Portfolio Notes to Financial Statements

------

Notes to Financial Statements (unaudited) (continued)

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

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

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

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

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

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

The fees and expenses of the Master Portfolio's trustees who are not "interested persons" of MIP, as defined in the 1940 Act ("Independent Trustees"), counsel to the Independent Trustees and the Master Portfolio's independent registered public accounting firm (together, the "independent expenses") are paid directly by the Master Portfolio. BFA has contractually agreed to reimburse the Master Portfolio or provide an offsetting credit against the investment advisory fees paid by the Master Portfolio in an amount equal to the independent expenses through June 30, 2026. If the Master Portfolio does not pay administration fees, BAL agrees to cap the expenses of the Master Portfolio at the rate at which it pays an investment advisory fee to BFA. The amount waived is included in fees waived and/or reimbursed by the Manager in the Statement of Operations. For the six months ended June 30, 2025, the amount waived was $146,211.

**Expense Waivers and Reimbursements:** The Manager contractually agreed to waive its investment advisory fees by the amount of investment advisory fees the Master Portfolio pays to the Manager indirectly through its investment in affiliated money market funds (the "affiliated money market fund waiver") through June 30, 2026. The contractual agreement may be terminated upon 90 days' notice by a majority of the Independent Trustees or by a vote of a majority of the outstanding voting securities of the Master Portfolio. This amount is included in fees waived and/or reimbursed by the Manager in the Statement of Operations. For the six months ended June 30, 2025, the amounts waived were $55,999.

The Manager has contractually agreed to waive its investment advisory fee with respect to any portion of the Master Portfolio's assets invested in affiliated equity and fixed-income mutual funds and affiliated exchange-traded funds that have a contractual management fee through June 30, 2026. The contractual agreement may be terminated upon 90 days' notice by a majority of the Independent Trustees, or by a vote of a majority of the outstanding voting securities of the Master Portfolio. This amount is included in fees waived and/or reimbursed by the Manager in the Statement of Operations. For the six months ended June 30, 2025, the Manager waived $14,281 in investment advisory fees pursuant to this arrangement.

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

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

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

In addition, commencing the business day following the date that the aggregate securities lending income earned across the BlackRock Multi-Asset Complex in a calendar year exceeds specified thresholds, the Master Portfolio, pursuant to the securities lending agreement, will retain for the remainder of that calendar year securities lending income in an amount equal to 84% of securities lending income (which excludes collateral investment fees), and this amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Notes to Financial Statements (unaudited) (continued)

The share of securities lending income earned by the Master Portfolio is shown as securities lending income — affiliated — net in the Statement of Operations. For the six months ended June 30, 2025, the Master Portfolio paid BTC $118,570 for securities lending agent services.

**Interfund Lending:** Prior to March 3, 2025, in accordance with an exemptive order (the "Order") from the SEC, the Master Portfolio could participate in a joint lending and borrowing facility for temporary purposes (the "Interfund Lending Program"), subject to compliance with the terms and conditions of the Order, and to the extent permitted by the Master Portfolio's investment policies and restrictions. Effective March 3, 2025, the Interfund Lending Program was not renewed but remains available for renewal in the future.

During the period ended March 3, 2025, the Master Portfolio did not participate in the Interfund Lending Program.

**Trustees and Officers:** Certain trustees and/or officers of the Master Portfolio are directors and/or officers of BlackRock or its affiliates.

**Other Transactions:** The Master Portfolio may purchase securities from, or sell securities to, an affiliated fund provided the affiliation is due solely to having a common investment adviser, common officers, or common trustees. For the six months ended June 30, 2025, the purchase and sale transactions and any net realized gains (losses) with affiliated funds in compliance with Rule 17a-7 under the 1940 Act were as follows:

---

| | | | |
|:---|:---|:---|:---|
| *Master Portfolio Name* | *Purchases* | *Sales* | *Net Realized* <br>*Gain (Loss)*<br>|
| S&P 500 Index Master Portfolio | &nbsp;&nbsp; $145849105 | $112922951 | $(16654429)<br>|

---

***7.*** ***PURCHASES AND SALES*** 

For the six months ended June 30, 2025, purchases and sales of investments, excluding short-term securities, were $4,048,190,930 and $3,154,715,251, respectively.

***8.*** ***INCOME TAX INFORMATION*** 

The Master Portfolio is classified as a partnership for U.S. federal income tax purposes. As such, each investor in the Master Portfolio is treated as the owner of its proportionate share of net assets, income, expenses and realized and unrealized gains and losses of the Master Portfolio. Therefore, no U.S. federal income tax provision is required. It is intended that the Master Portfolio's assets will be managed so an investor in the Master Portfolio can satisfy the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended.

The Master Portfolio files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on the Master Portfolio's U.S. federal tax returns generally remains open for a period of three years after they are filed. The statutes of limitations on the Master Portfolio's state and local tax returns may remain open for an additional year depending upon the jurisdiction.

Management has analyzed tax laws and regulations and their application to the Master Portfolio as of June 30, 2025, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Master Portfolio's financial statements. Management's analysis is based on the tax laws and judicial and administrative interpretations thereof in effect as of the date of these financial statements, all of which are subject to change, possibly with retroactive effect which may impact the Master Portfolio's NAV.

As of June 30, 2025, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Master Portfolio Name* | *Tax Cost* | &nbsp;&nbsp; *Gross Unrealized* <br>*Appreciation*<br>| &nbsp;&nbsp; *Gross Unrealized* <br>*Depreciation*<br>| &nbsp;&nbsp; *Net Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| S&P 500 Index Master Portfolio | &nbsp;&nbsp; $17879644283 | &nbsp;&nbsp;&nbsp; $33223729201 | &nbsp;&nbsp;&nbsp; $(750249396) | &nbsp;&nbsp;&nbsp; $32473479805 |

---

***9.*** ***BANK BORROWINGS*** 

MIP, on behalf of the Master Portfolio, along with certain other funds managed by the Manager and its affiliates ("Participating Funds"), is party to a 364-day, $2.40 billion credit agreement with a group of lenders. Under this agreement, the Master Portfolio may borrow to fund shareholder redemptions. Excluding commitments designated for certain individual funds, the Participating Funds, including the Master Portfolio, can borrow up to an aggregate commitment amount of $1.75 billion at any time outstanding, subject to asset coverage and other limitations as specified in the agreement. The credit agreement has the following terms: a fee of 0.10% per annum on unused commitment amounts and interest at a rate equal to the higher of (a) Overnight Bank Funding Rate ("OBFR") (but, in any event, not less than 0.00%) on the date the loan is made plus 0.80% per annum, (b) the Fed Funds rate (but, in any event, not less than 0.00%) in effect from time to time plus 0.80% per annum on amounts borrowed or (c) the sum of (x) Daily Simple Secured Overnight Financing Rate ("SOFR") (but, in any event, not less than 0.00%) on the date the loan is made plus 0.10% and (y) 0.80% per annum. The agreement expires in April 2026 unless extended or renewed. These fees were allocated among such funds based upon portions of the aggregate commitment available to them and relative net assets of Participating Funds. During the six months ended June 30, 2025, the Master Portfolio did not borrow under the credit agreement.

Master Portfolio Notes to Financial Statements

------

Notes to Financial Statements (unaudited) (continued)

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

***10.*** ***PRINCIPAL RISKS*** 

In the normal course of business, the Master Portfolio invests in securities or other instruments and may enter into certain transactions, and such activities subject the Master Portfolio to various risks, including among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation, tariffs or international tax treaties between various countries; or (iv) currency, interest rate and price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Master Portfolio and its investments. The Master Portfolio's prospectus provides details of the risks to which the Master Portfolio is subject.

The Manager uses an indexing approach to try to achieve the Master Portfolio's investment objective. The Master Portfolio is not actively managed, and the Manager generally does not attempt to take defensive positions under any market conditions, including declining markets.

The Master Portfolio may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to mandatory and discretionary liquidity fees under certain circumstances.

**Valuation Risk:** The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. The Master Portfolio may invest in illiquid investments. An illiquid investment is any investment that the Master Portfolio reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. The Master Portfolio may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause the Master Portfolio's NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of the Master Portfolio may lose value, regardless of the individual results of the securities and other instruments in which the Master Portfolio invests. The Master Portfolio's ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third-party service providers.

**Counterparty Credit Risk:** The Master Portfolio may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Master Portfolio manages counterparty credit risk by entering into transactions only with counterparties that the Manager believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Master Portfolio to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Master Portfolio's exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statement of Assets and Liabilities, less any collateral held by the Master Portfolio.

A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.

With exchange-traded futures, there is less counterparty credit risk to the Master Portfolio since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, the Master Portfolio does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures with respect to initial and variation margin that is held in a clearing broker's customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker's customers, potentially resulting in losses to the Master Portfolio.

**Geographic/Asset Class Risk:** A diversified portfolio, where this is appropriate and consistent with a fund's objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within the Master Portfolio's portfolio are disclosed in its Schedule of Investments.

The Master Portfolio invests a significant portion of its assets in securities within a single or limited number of market sectors. When a fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions affecting such sectors may have a significant impact on the Master Portfolio and could affect the income from, or the value or liquidity of, the Master Portfolio's portfolio. Investment percentages in specific sectors are presented in the Schedule of Investments.

The Master Portfolio invests a significant portion of its assets in securities of issuers located in the United States. A decrease in imports or exports, changes in trade regulations, inflation and/or an economic recession in the United States may have a material adverse effect on the U.S. economy and the securities listed on U.S. exchanges. Proposed and adopted policy and legislative changes in the United States may also have a significant effect on U.S. markets generally, as well as on the value of certain securities. Governmental agencies project that the United States will continue to maintain elevated public debt levels for the foreseeable future which may constrain future economic growth. Circumstances could arise that could prevent the timely payment of interest or principal on U.S. government debt, such as reaching the legislative "debt ceiling." Such non-payment would result in substantial negative consequences for the U.S. economy and the global financial system. If U.S. relations with certain countries deteriorate, it could adversely affect issuers that rely on the United States for trade. The United States has also experienced increased internal unrest and discord. If these trends were to continue, they may have an adverse impact on the U.S. economy and the issuers in which the Master Portfolio invests.

**Significant Shareholder Redemption Risk:** Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a fund to sell portfolio securities, which may negatively impact the fund's NAV, increase the fund's brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Notes to Financial Statements (unaudited) (continued)

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

***11.*** ***SUBSEQUENT EVENTS***

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

Master Portfolio Notes to Financial Statements

------

Disclosure of Investment Advisory Agreement

The Board of Trustees of Master Investment Portfolio (the "Master Portfolio") met on April 22, 2025 (the "April Meeting") and May 20-21, 2025 (the "May Meeting") to consider the approval to continue the investment advisory agreement (the "Agreement") between the Master Portfolio, on behalf of S&P 500 Index Master Portfolio (the "Master Fund") and BlackRock Fund Advisors (the "Manager" or "BlackRock"), the Master Portfolio's investment advisor. iShares S&P 500 Index Fund (the "Feeder Fund"), a series of BlackRock Funds III (the "Feeder Trust"), is a "feeder" fund that invests all of its investable assets in the Master Fund. Accordingly, the Board of Trustees of the Feeder Trust also considered the approval of the Agreement with respect to the Master Fund. For simplicity: (a) the Board of Trustees of the Master Portfolio and the Board of Trustees of the Feeder Trust are referred to herein collectively as the "Board", and the members are referred to as "Board Members"; (b) the shareholders of the Feeder Fund and the interest holders of the Master Fund are referred to as "shareholders"; and (c) the Master Fund and the Feeder Fund are referred to herein together as the "Fund".

**The Approval Process** 

Consistent with the requirements of the Investment Company Act of 1940 (the "1940 Act"), the Board considers the approval of the continuation of the Agreement for the Master Portfolio on an annual basis. The Board Members who are not "interested persons" of the Master Portfolio, as defined in the 1940 Act, are considered independent Board Members (the "Independent Board Members"). The Board's consideration entailed a year-long deliberative process during which the Board and its committees assessed BlackRock's various services to the Master Portfolio, including through the review of written materials and oral presentations, and the review of additional information provided in response to requests from the Independent Board Members. The Board had four quarterly meetings per year, as well as numerous ad hoc meetings and executive sessions throughout the year, as needed. The committees of the Board similarly met throughout the year. The Board also held the April Meeting to consider specific information regarding the renewal of the Agreement. In considering the renewal of the Agreement, the Board assessed, among other things, the nature, extent and quality of the services provided to the Fund by BlackRock, BlackRock's personnel and affiliates, including (as applicable): investment management services; accounting oversight; administrative and shareholder services; oversight of the Fund's service providers; risk management and oversight; and legal, regulatory and compliance services. Throughout the year, including during the contract renewal process, the Independent Board Members were advised by independent legal counsel, and met with independent legal counsel in various executive sessions outside of the presence of BlackRock's management.

During the year, the Board, acting directly and through its committees, considered information that was relevant to its annual consideration of the renewal of the Agreement, including the services and support provided by BlackRock to the Master Fund, the Feeder Fund and its shareholders. BlackRock also furnished additional information to the Board in response to specific questions from the Board. Among the matters the Board considered were: (a) investment performance for one-year, three-year, five-year, and/or since inception periods, as applicable, against peer funds, relevant benchmarks, and other performance metrics, as applicable, as well as BlackRock senior management's and portfolio managers' investment performance analyses, and the reasons for any outperformance or underperformance relative to its peers, benchmarks, and other performance metrics, as applicable; (b) fees, including advisory, administration, if applicable, and other amounts paid to BlackRock and its affiliates by the Fund for services; (c) the Fund's operating expenses and how BlackRock allocates expenses to the Fund; (d) the resources devoted to, risk oversight of, and compliance reports relating to, implementation of the Fund's investment objective, policies and restrictions, and meeting regulatory requirements; (e) BlackRock's and the Fund's adherence to applicable compliance policies and procedures; (f) the nature, character and scope of non-investment management services provided by BlackRock and its affiliates and the estimated cost of such services, as applicable; (g) BlackRock's and other service providers' internal controls and risk and compliance oversight mechanisms; (h) BlackRock's implementation of the proxy voting policies approved by the Board; (i) the use of brokerage commissions and execution quality of portfolio transactions; (j) BlackRock's implementation of the Fund's valuation and liquidity procedures; (k) an analysis of management fees paid to BlackRock for products with similar investment mandates across the open-end fund, exchange-traded fund ("ETF"), closed-end fund, sub-advised mutual fund, separately managed account, collective investment trust, and institutional separate account product channels, as applicable, and the similarities and differences between these products and the services provided as compared to the Fund; (l) BlackRock's compensation methodology for its investment professionals and the incentives and accountability it creates, along with investment professionals' investments in the fund(s) they manage; and (m) periodic updates on BlackRock's business.

Prior to and in preparation for the April Meeting, the Board received and reviewed materials specifically relating to the renewal of the Agreement. The Independent Board Members continuously engaged in a process with their independent legal counsel and BlackRock to review the nature and scope of the information provided to the Board to better assist its deliberations. The materials provided in connection with the April Meeting included, among other things: (a) information independently compiled and prepared by Broadridge Financial Solutions, Inc. ("Broadridge"), based on either a Lipper Classification or Morningstar category, regarding fees and expenses of the Fund, as applicable, as compared with a peer group of funds as determined by Broadridge ("Expense Peers"), and the investment performance of the Fund as compared with a peer group of funds ("Performance Peers"); (b) information on the composition of the Expense Peers and Performance Peers, and a description of Broadridge's methodology; (c) information on the estimated profits realized by BlackRock and its affiliates pursuant to the Agreement and a discussion of fall-out benefits to BlackRock and its affiliates; (d) a general analysis provided by BlackRock concerning investment management fees received in connection with other types of investment products, such as institutional accounts, sub-advised mutual funds, ETFs, closed-end funds, open-end funds, and separately managed accounts, under similar investment mandates, as well as the performance of such other products, as applicable; (e) a review of non-management fees; (f) the existence, impact and sharing of potential economies of scale, if any, with the Fund; (g) a summary of aggregate amounts paid by the Fund to BlackRock; (h) sales and redemption data regarding the Feeder Fund's shares; and (i) various additional information requested by the Board as appropriate regarding BlackRock's, the Fund's operations.

At the April Meeting, the Board reviewed materials relating to its consideration of the Agreement, and the Independent Board Members presented BlackRock with questions and requests for additional information. BlackRock responded to these questions and requests with additional written information in advance of the May Meeting, and such responses were reviewed by the Board Members.

At the May Meeting, the Board concluded its assessment of, among other things: (a) the nature, extent and quality of the services provided by BlackRock; (b) the investment performance of the Fund as compared to its Performance Peers and to other metrics, as applicable; (c) the advisory fee and the estimated cost of the services and estimated profits realized by BlackRock and its affiliates from their relationship with the Fund; (d) the Fund's fees and expenses compared to its Expense Peers; (e) the existence and sharing of potential economies of scale; (f) any fall-out benefits to BlackRock and its affiliates as a result of BlackRock's relationship with the Fund; and (g) other factors deemed relevant by the Board Members.

The Board also considered other matters it deemed important to the approval process, such as other payments made to BlackRock or its affiliates relating to securities lending and cash management, and BlackRock's services related to the valuation and pricing of portfolio holdings of the Master Fund. The Board noted the willingness of BlackRock's

2025 BlackRock Semi-Annual Financial Statements and Additional Information

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Disclosure of Investment Advisory Agreement (continued)

personnel to engage in open, candid discussions with the Board. The Board evaluated the information available to it on a fund-by-fund basis. The following paragraphs provide more information about some of the primary factors that were relevant to the Board's decision. The Board Members did not identify any particular information, or any single factor as determinative, and each Board Member may have attributed different weights to the various items and factors considered.

***A. Nature, Extent and Quality of the Services Provided by BlackRock***

The Board, including the Independent Board Members, reviewed the nature, extent and quality of services provided by BlackRock, including the investment advisory services, and the resulting performance of the Fund. Throughout the year, the Board compared the Fund's performance to the performance of a comparable group of mutual funds, relevant benchmarks, and performance metrics, as applicable. The Board met with BlackRock's senior management personnel responsible for investment activities, including the senior investment officers. The Board also reviewed the materials provided by the Fund's portfolio management team discussing the Fund's performance and the Fund's investment strategies and outlook.

The Board considered, among other factors, with respect to BlackRock: the experience of the Fund's portfolio management team; research capabilities; investments by portfolio managers in the funds they manage; portfolio trading capabilities; use of certain trading, portfolio management, operations and/or information systems owned by BlackRock; commitment to compliance; credit analysis capabilities; risk analysis and oversight capabilities; and the approach to training and retaining portfolio managers and other research, advisory and management personnel. The Board also considered BlackRock's overall risk management program, including the continued efforts of BlackRock and its affiliates to address cybersecurity risks and the role of BlackRock's Risk & Quantitative Analysis Group. The Board engaged in a review of BlackRock's compensation structure with respect to the Master Fund's portfolio management team and BlackRock's ability to attract and retain high-quality talent and create performance incentives.

In addition to investment advisory services, the Board considered the nature and quality of the administrative and other non-investment advisory services provided to the Fund. BlackRock and its affiliates provide the Fund with certain administrative, shareholder and other services (in addition to any such services provided to the Fund by third parties) and officers and other personnel as are necessary for the operations of the Fund. In particular, BlackRock and its affiliates provide the Fund with administrative services including, among others: (i) responsibility for disclosure documents, such as the prospectus, the summary prospectus (as applicable), the statement of additional information and periodic shareholder reports; (ii) oversight of daily accounting and pricing; (iii) responsibility for periodic filings with regulators; (iv) overseeing and coordinating the activities of third party service providers including, among others, the custodian, fund accountant, transfer agent, and auditor for the Fund, as applicable; (v) organizing Board meetings and preparing the materials for such Board meetings; (vi) providing legal and compliance support; (vii) furnishing analytical and other support to assist the Board in its consideration of strategic issues such as the merger, consolidation or repurposing of certain open-end funds; and (viii) performing or managing administrative functions necessary for the operation of the Fund, such as tax reporting, expense management, fulfilling regulatory filing requirements, overseeing the Feeder Fund's distribution partners, and shareholder call center and other services. The Board reviewed the structure and duties of BlackRock's fund administration, shareholder services, and legal and compliance departments and considered BlackRock's policies and procedures for assuring compliance with applicable laws and regulations. The Board also considered the operation of BlackRock's business continuity plans.

***B. The Investment Performance of the Fund***

The Board, including the Independent Board Members, reviewed and considered the performance history of the Fund throughout the year and at the April Meeting. The Board noted that the Feeder Fund's investment results correspond directly to the investment results of the Master Fund. The Board was provided with Fund performance reporting and analysis, relative to applicable performance metrics, by BlackRock throughout the year and at the April Meeting. In preparation for the April Meeting, the Board was also provided with reports independently prepared by Broadridge, which included an analysis of the Fund's performance as of December 31, 2024, as compared to its Performance Peers. Broadridge ranks funds in quartiles, ranging from first to fourth, where first is the most desirable quartile position and fourth is the least desirable. In connection with its review, the Board received and reviewed information regarding the investment performance of the Fund as compared to its Performance Peers and the performance of the Fund as compared with its benchmark. The Board and its Performance Oversight Committee regularly review and meet with Fund management to discuss the performance of the Fund throughout the year.

In evaluating performance, the Board focused particular attention on funds with less favorable performance records. The Board also noted that while it found the data provided by Broadridge generally useful, it recognized the limitations of such data, including in particular, that notable differences may exist between a fund and its Performance Peers (for example, the investment objectives and strategies). Further, the Board recognized that the performance data reflects a snapshot of a period as of a particular date and that selecting a different performance period could produce significantly different results. The Board also acknowledged that long-term performance could be impacted by even one period of significant outperformance or underperformance and that a single investment theme could have the ability to disproportionately affect long-term performance.

The Board noted that for the one-year period reported, the Fund's net performance was below the tolerance range of its benchmark. The Board noted that BlackRock believes that net performance relative to the benchmark is an appropriate performance metric for the Fund, and that BlackRock has explained its rationale for this belief to the Board. The Board and BlackRock reviewed the Fund's below tolerance performance relative to its benchmark over the period. The Board was informed that, among other things, the Fund's underperformance relative to its benchmark and breach of its lower tolerance, was the impact of post-notified flows which detracted from the Fund's performance. Post-notified activity is a source of performance variation because the flow of information is received after the close of the effective date of the activity introducing either a drag on or a boost to performance.

***C. Consideration of the Advisory/Management Fees and the Estimated Cost of the Services and Estimated Profits Realized by BlackRock and its Affiliates from their Relationship with the Fund***

The Board, including the Independent Board Members, reviewed the Fund's contractual management fee rate compared with those of the Fund's Expense Peers. The contractual management fee rate represents a combination of the advisory fee and any administrative fees, before taking into account any reimbursements or fee waivers. The Board also compared the Fund's total expense ratio, as well as the Fund's actual management fee rate, to those of the Fund's Expense Peers. The total expense ratio represents a fund's total net operating expenses, including any 12b-1 or non 12b-1 service fees. The total expense ratio gives effect to any expense reimbursements or fee waivers, and the actual management fee rate gives effect to any management fee reimbursements or waivers. The Board considered that the fee and expense information in

Disclosure of Investment Advisory Agreement

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Disclosure of Investment Advisory Agreement (continued)

the Broadridge report for the Fund reflected information for a specific period and that historical asset levels and expenses may differ from current levels, particularly in a period of market volatility. The Board also noted that while it found the expense comparison provided by Broadridge generally useful, it recognized that the comparison is subject to Broadridge's defined peer selection criteria and methodology. The Board considered the services provided and the fees charged by BlackRock and its affiliates to other types of clients with similar investment mandates, as applicable, including institutional accounts and sub-advised mutual funds (including mutual funds sponsored by third parties).

The Board reviewed BlackRock's profitability methodology and was also provided with an estimated profitability analysis that detailed the revenues earned and the expenses incurred by BlackRock for services provided to the Fund. The Board reviewed BlackRock's estimated profitability with respect to the Fund and other funds the Board currently oversees for the year ended December 31, 2024 compared to available aggregate estimated profitability data provided for the prior two years. The Board reviewed BlackRock's estimated profitability with respect to certain other U.S. fund complexes managed by the Manager and/or its affiliates. The Board reviewed BlackRock's assumptions and methodology of allocating expenses in the estimated profitability analysis, noting the inherent limitations in allocating costs among various advisory products. The Board recognized that profitability may be affected by numerous factors including, among other things, fee waivers and expense reimbursements by the Manager, the types of funds managed, precision of expense allocations and business mix. The Board thus recognized the limitations of calculating and comparing profitability at the individual fund level.

The Board received and reviewed statements relating to BlackRock's financial condition. The Board reviewed BlackRock's overall operating margin, in general, compared to that of certain other publicly traded asset management firms. The Board considered the differences between BlackRock and these other firms, including the contribution of BlackRock's technology business, BlackRock's expense management, and the relative product mix. The Board noted that, in general, individual fund or product line profitability of other advisors is not publicly available.

The Board considered whether BlackRock has the financial resources necessary to attract and retain high quality investment management personnel to perform its obligations under the Agreement and to continue to provide the high quality of services that is expected by the Board. The Board further considered factors including but not limited to BlackRock's commitment of time and resources, assumption of risk, and liability profile in servicing the Fund, including in contrast to what is required of BlackRock with respect to other products with similar investment mandates across the open-end fund, ETF, closed-end fund, sub-advised mutual fund, separately managed account, collective investment trust, and institutional separate account product channels, as applicable.

The Board noted that the Fund's contractual management fee rate ranked in the first quartile, and that the actual management fee rate and the Fund's total expense ratio each ranked in the first quartile relative to the Fund's Expense Peers. The Board also noted that BlackRock and its affiliates have contractually agreed to reimburse or otherwise compensate the Fund for certain other fees and expenses.

***D. Economies of Scale***

The Board, including the Independent Board Members, considered the extent to which any economies of scale might benefit the Fund in a variety of ways as the assets of the Fund increase. The Board considered multiple factors, including the advisory fee rate and breakpoints, unitary fee structure, fee waivers, and/or expense caps, as applicable. The Board considered the Fund's asset levels and whether the current fee schedule was appropriate.

***E. Other Factors Deemed Relevant by the Board Members***

The Board, including the Independent Board Members, also took into account other ancillary or "fall-out" benefits that BlackRock or its affiliates may derive from BlackRock's respective relationships with the Fund, both tangible and intangible, such as BlackRock's ability to leverage its investment professionals who manage other portfolios and its risk management personnel, an increase in BlackRock's profile in the investment advisory community, and the engagement of BlackRock's affiliates as service providers to the Fund, including for administrative, distribution, securities lending and cash management services. With respect to securities lending, during the year the Board also considered information provided by independent third-party consultants related to the performance of each BlackRock affiliate as securities lending agent. The Board also considered BlackRock's overall operations and its efforts to expand the scale of, and improve the quality of, its operations. The Board also noted that, subject to applicable law, BlackRock may use and benefit from third party research obtained by soft dollars generated by certain registered fund transactions to assist in managing all or a number of its other client accounts.

In connection with its consideration of the Agreement, the Board also received information regarding BlackRock's brokerage and soft dollar practices. The Board received reports from BlackRock which included information on brokerage commissions and trade execution practices throughout the year.

The Board noted the competitive nature of the mutual fund marketplace, and that shareholders are able to redeem their Feeder Fund shares if they believe that the Fund's fees and expenses are too high or if they are dissatisfied with the performance of the Fund.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Conclusion**

At the May Meeting, in a continuation of the discussions that occurred during the April Meeting, and as a culmination of the Board's year-long deliberative process, the Board of the Master Portfolio, including the Independent Board Members, unanimously approved the continuation of the Agreement between the Manager and the Master Portfolio, on behalf of the Master Fund for a one-year term ending June 30, 2026. Based upon its evaluation of all of the aforementioned factors in their totality, as well as other information, the Board of the Master Portfolio, including the Independent Board Members, was satisfied that the terms of the Agreement were fair and reasonable and in the best interest of the Master Fund and its shareholders. The Board of the Feeder Trust, including the Independent Board Members, also considered the continuation of the Agreement with respect to the Master Fund and found the Agreement to be satisfactory. In arriving at its decision to approve the Agreement, the Board of the Master Portfolio did not identify any single factor or group of factors as all-important or controlling, but considered all factors together, and different Board Members may have attributed different weights to the various factors considered. The Independent Board Members were advised by independent legal counsel throughout the deliberative process.

2025 BlackRock Semi-Annual Financial Statements and Additional Information

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Glossary of Terms Used in these Financial Statements

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| | |
|:---|:---|
| **Portfolio Abbreviation**  | **Portfolio Abbreviation**  |
| ETF | Exchange-Traded Fund |
| MSCI | Morgan Stanley Capital International |
| S&P | Standard & Poor's |

---

Glossary of Terms Used in these Financial Statements

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#### Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
Not applicable.

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#### Item 9. Proxy Disclosures for Open-End Management Investment Companies.
Not applicable.

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#### Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
Remuneration paid to Directors, Officers, and Others of Open-End Investment Companies is included as part of the Financial Statements filed under Item 7(a) of this Form.

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#### Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
Not applicable to this filing.

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#### Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.

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#### Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.

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#### Item 14. Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.

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#### Item 15. Submission of Matters to a Vote of Security Holders.
There have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant's board of directors implemented after the Registrant last provided disclosure in response to this Item.

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#### Item 16. Controls and Procedures.
(a) The Registrant's principal executive officer and principal financial officer have evaluated the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended) within 90 days of the filing date of this Form N-CSR and have concluded that the Registrant's disclosure controls and procedures were effective, as of that date.

(b) There have been no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940, as amended) that occurred during period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

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#### Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
(a) Not applicable.

(b) Not applicable.

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#### Item 18. Recovery of Erroneously Awarded Compensation.
(a) Not applicable.

(b) Not applicable.

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#### Item 19. Exhibits.
(a)(1) Not applicable.

(a)(2) Not applicable.

[(a)(3) Separate certifications for the Registrant's Principal Executive Officer and Principal Financial Officer, as required under Rule 30a-2(a) under the Investment Company Act of 1940, as amended, are attached as Ex99CERT.](HFIEX99CERT.htm)

(a)(4) Not applicable.

(a)(5) Not applicable.

[(b) A certification by the Registrant's Principal Executive Officer and Principal Financial Officer, as required by Section 906 of the Sarbanes-Oxley Act of 2002 and Rule 30a-2(b) under the Investment Company Act of 1940, is attached as Ex99.906CERT.](HFIEX99.906CERT.htm)

(101) Inline Interactive Data File - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the inline XBRL document.

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#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

#### HOMESTEAD FUNDS, INC.
By:<u>/s/ Mark D. Santero</u>

Mark D. Santero

President, Chief Executive Officer and Director (Principal Executive Officer)

Date: September 5, 2025

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

By:<u>/s/ Mark D. Santero</u>

Mark D. Santero

President, Chief Executive Officer and Director (Principal Executive Officer)

Date: September 5, 2025

By:<u>/s/ Amy M. DiMauro</u>

Amy M. DiMauro

Treasurer (Principal Financial and Accounting Officer)

Date: September 5, 2025

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## Exhibit 99.906

#### EX-99.906 CERT 2 HFI_906Cert.htm 906 CERTIFICATION

#### Exhibit 19(b)
**Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of section 1350, chapter 63 of title 18, United States Code)** 

In connection with the attached Report of Homestead Funds, Inc. (the "Registrant") on Form N-CSR, for the period ended June 30, 2025, to be filed with the Securities and Exchange Commission (the "Report"), each of the undersigned officers of the Registrant does hereby certify that, to the best of such officer's knowledge:

1. The Report fully complies with the requirements of 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant as of, and for, the periods presented in the Report.

Dated: September 5, 2025

By:<u>/s/ Mark D. Santero</u>

Mark D. Santero

President, Chief Executive Officer and Director (Principal Executive Officer)

By:<u>/s/ Amy M. DiMauro</u>

Amy M. DiMauro

Treasurer (Principal Financial and Accounting Officer)

A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission (the "Commission") or its staff upon request.

This certification is furnished pursuant to the requirements of Form N-CSR and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liability of that section, and shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934.

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## Ex-99.Cert

#### EX-99. CERT

#### Exhibit 19(a)(3)

#### CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

------

I, Mark D. Santero, certify that:

1. I have reviewed this report on Form N-CSR of Homestead Funds, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: September 5, 2025

By:<u>/s/ Mark D. Santero</u>

Mark D. Santero

President, Chief Executive Officer and Director (Principal Executive Officer)

#### EX-99. CERT

#### Exhibit 19(a)(3)

#### CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

------

I, Amy M. DiMauro, certify that:

1. I have reviewed this report on Form N-CSR of Homestead Funds, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: September 5, 2025

By:<u>/s/ Amy M. DiMauro</u>

Amy M. DiMauro

Treasurer (Principal Financial and Accounting Officer)

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