# EDGAR Filing Document

**Accession Number:** 0000795264
**File Stem:** 0001206774-25-000475
**Filing Date:** 2025-7
**Character Count:** 140042
**Document Hash:** 3c3e7e534fcc341c30e8ef3527b32da9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001206774-25-000475.hdr.sgml**: 20250729

**ACCESSION NUMBER**: 0001206774-25-000475

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 23

**CONFORMED PERIOD OF REPORT**: 20250531

**FILED AS OF DATE**: 20250729

**DATE AS OF CHANGE**: 20250729

**EFFECTIVENESS DATE**: 20250729

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** THOMPSON IM FUNDS INC
- **CENTRAL INDEX KEY:** 0000795264

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **FISCAL YEAR END:** 1130

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04946
- **FILM NUMBER:** 251158231

**BUSINESS ADDRESS:**
- **STREET 1:** 1255 FOURIER DRIVE
- **STREET 2:** SUITE 200
- **CITY:** MADISON
- **STATE:** WI
- **ZIP:** 53717
- **BUSINESS PHONE:** 608-827-5700

**MAIL ADDRESS:**
- **STREET 1:** 1255 FOURIER DRIVE
- **STREET 2:** SUITE 200
- **CITY:** MADISON
- **STATE:** WI
- **ZIP:** 53717

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** THOMPSON PLUMB FUNDS INC
- **DATE OF NAME CHANGE:** 19970401

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** THOMPSON UNGER & PLUMB FUNDS INC
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MADISON TOTAL RETURN FUND INC
- **DATE OF NAME CHANGE:** 19861222

## Series and Classes Contracts Data

### Thompson LargeCap Fund (Series ID: S000002451)

| Class ID   | Class Name             | Ticker Symbol   |
|:---|:---|:---|
| C000006581 | Thompson LargeCap Fund | thpgx           |

### Thompson Bond Fund (Series ID: S000002452)

| Class ID   | Class Name         | Ticker Symbol   |
|:---|:---|:---|
| C000006582 | Thompson Bond Fund | thopx           |

### Thompson MidCap Fund (Series ID: S000021538)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000061640 | Thompson MidCap Fund | thpmx           |

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

**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 811-4946**

**THOMPSON IM FUNDS, INC.**

**(Exact name of registrant as specified in charter)**

**1255 Fourier Drive, Suite 200**

**Madison, Wisconsin 53717 (Address of principal executive offices)--(Zip code)**

**Jason L. Stephens**

**Chief Executive Officer Thompson IM Funds, Inc. 1255 Fourier Drive, Suite 200**

**Madison, Wisconsin 53717 (Name and address of agent for service)**

**With a copy to:**

**Matthew C. Vogel, Esq. Quarles & Brady LLP 411 East Wisconsin Avenue Milwaukee, Wisconsin 53202**

**Registrant's telephone number, including area code: (608) 827-5700**

**Date of fiscal year end: November 30, 2025**

**Date of reporting period: May 31, 2025**

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 100 F Street, N.E., Washington, DC 20549-1090. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

[**Table of Contents**](#toc)

**Item 1. Reports to Stockholders.**

Item 1(a):

---

| | | |
|:---|:---|:---|
| ![](timf4506151-ncsrs1x1x1.jpg) | **Thompson LargeCap Fund**<br> THPGX<br> Semi-Annual Shareholder Report \| May 31, 2025 | ![](timf4506151-ncsrs1x1x2.jpg) |

---

This semi-annual shareholder report contains important information about the Thompson LargeCap Fund for the period of December 1, 2024 to May 31, 2025. You can find additional information about the Fund at http://www.thompsonim.com/forms/index.html. You can also request this information by contacting us at 1-800-999-0887 or thompsonimfunds@usbank.com.

---

| | | |
|:---|:---|:---|
| **WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment) | **WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment) | **WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment) |
| | **Costs of a $10,000** | **Costs paid as a percentage of** |
| **Fund Name** | **investment** | **a $10,000 investment<sup>^</sup>** |
| Thompson LargeCap Fund | $48 | 0.99% |

---

<sup>^</sup> Annualized

---

| | |
|:---|:---|
| **KEY FUND STATISTICS** (as of May 31, 2025) | **KEY FUND STATISTICS** (as of May 31, 2025) |
| **Net Assets** | $165044198 |
| Number of Holdings | 75 |
| Portfolio Turnover | 6% |

---

**WHAT DID THE FUND INVEST IN?** (as of May 31, 2025)

(Expressed as a percentage of net assets)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
| Alphabet Inc. Class A | 5.3% |
| Microsoft Corp. | 5.0% |
| Warner Bros. Discovery, Inc. | 3.3% |
| Apple Inc. | 2.7% |
| Visa Inc. Class A | 2.4% |
| Meta Platforms, Inc. Class A | 2.3% |
| Exact Sciences Corp. | 2.3% |
| UnitedHealth Group Inc. | 2.2% |
| Pfizer Inc. | 2.1% |
| Citigroup Inc. | 2.0% |

---

---

| | |
|:---|:---|
| **Sector Weightings** | **(%)** |
| Information Technology | 23.9% |
| Financials | 18.0% |
| Health Care | 17.8% |
| Communication Services | 15.3% |
| Consumer Staples | 6.9% |
| Consumer Discretionary | 5.1% |
| Industrials | 4.1% |
| Energy | 3.1% |
| Materials | 2.2% |
| Cash & Other | 3.6% |

---

&nbsp;&nbsp;For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit http://www.thompsonim.com/forms/index.html

---

| |
|:---|
| &nbsp;&nbsp;**HOUSEHOLDING** |
| &nbsp;&nbsp;To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Thompson IM Funds, Inc. documents not be householded, please contact Thompson IM Funds, Inc. at 1-800-999-0887 or thompsonimfunds@usbank.com, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Thompson IM Funds, Inc. or your financial intermediary. |

---

Thompson LargeCap Fund PAGE 1 TSR_SAR_884891300

[**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| ![](timf4506151-ncsrs1x1x3.jpg) | **Thompson MidCap Fund**<br> THPMX<br> Semi-Annual Shareholder Report \| May 31, 2025 | ![](timf4506151-ncsrs1x1x2.jpg) |

---

This semi-annual shareholder report contains important information about the Thompson MidCap Fund for the period of December 1, 2024 to May 31, 2025. You can find additional information about the Fund at http://www.thompsonim.com/forms/index.html. You can also request this information by contacting us at 1-800-999-0887 or thompsonimfunds@usbank.com.

---

| | | |
|:---|:---|:---|
| **WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment) | **WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment) | **WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment) |
| | **Costs of a $10,000** | **Costs paid as a percentage of** |
| **Fund Name** | **investment** | **a $10,000 investment<sup>^</sup>** |
| Thompson MidCap Fund | $56 | 1.15% |

---

<sup>^</sup> Annualized

---

| | |
|:---|:---|
| **KEY FUND STATISTICS** (as of May 31, 2025) | **KEY FUND STATISTICS** (as of May 31, 2025) |
| **Net Assets** | $47701480 |
| Number of Holdings | 80 |
| Portfolio Turnover | 10% |

---

**WHAT DID THE FUND INVEST IN?** (as of May 31, 2025)

(Expressed as a percentage of net assets)

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
| Warner Bros. Discovery, Inc. | 3.2% |
| Concentrix Corp. | 2.9% |
| O-I Glass, Inc. | 2.7% |
| Exact Sciences Corp. | 2.6% |
| Neurocrine Biosciences, Inc. | 2.5% |
| Calix, Inc. | 2.3% |
| Viatris Inc. | 2.1% |
| Infineon Technologies A.G. ADR | 2.0% |
| LKQ Corp. | 2.0% |
| Flagstar Financial, Inc. | 2.0% |

---

---

| | |
|:---|:---|
| **Sector Weightings** | **(%)** |
| Financials | 18.3% |
| Information Technology | 15.0% |
| Industrials | 14.1% |
| Health Care | 13.9% |
| Consumer Discretionary | 9.6% |
| Real Estate | 6.8% |
| Communication Services | 6.6% |
| Consumer Staples | 5.6% |
| Utilities | 3.6% |
| Cash & Other | 6.5% |

---

&nbsp;&nbsp;For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit http://www.thompsonim.com/forms/index.html

---

| |
|:---|
| &nbsp;&nbsp;**HOUSEHOLDING** |
| &nbsp;&nbsp;To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Thompson IM Funds, Inc. documents not be householded, please contact Thompson IM Funds, Inc. at 1-800-999-0887 or thompsonimfunds@usbank.com, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Thompson IM Funds, Inc. or your financial intermediary. |

---

Thompson MidCap Fund PAGE 1 TSR_SAR_884891607

[**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| ![](timf4506151-ncsrs1x1x4.jpg) | **Thompson Bond Fund**<br> THOPX<br> Semi-Annual Shareholder Report \| May 31, 2025 | ![](timf4506151-ncsrs1x1x2.jpg) |

---

This semi-annual shareholder report contains important information about the Thompson Bond Fund for the period of December 1, 2024 to May 31, 2025. You can find additional information about the Fund at http://www.thompsonim.com/forms/index.html. You can also request this information by contacting us at 1-800-999-0887 or thompsonimfunds@usbank.com.

---

| | | |
|:---|:---|:---|
| **WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment) | **WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment) | **WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment) |
| | **Costs of a $10,000** | **Costs paid as a percentage of** |
| **Fund Name** | **investment** | **a $10,000 investment<sup>^</sup>** |
| Thompson Bond Fund | $37 | 0.73% |

---

<sup>^</sup> Annualized

---

| | |
|:---|:---|
| **KEY FUND STATISTICS** (as of May 31, 2025) | **KEY FUND STATISTICS** (as of May 31, 2025) |
| **Net Assets** | $1654433466 |
| Number of Holdings | 432 |
| Portfolio Turnover | 10% |
| Average Credit Quality+ | BBB |
| Effective Duration | 2.44 yrs |

---

**WHAT DID THE FUND INVEST IN?** (as of May 31, 2025)

(Expressed as a percentage of net assets)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
| U.S. Treasury Bills | 6.6% |
| Lincoln National Corp. | 2.7% |
| U.S. Treasury Bonds | 2.1% |
| JPMBB Commercial Mortgage Securities Trust | 1.7% |
| Wells Fargo Commercial Mortgage Trust | 1.5% |
| Coinstar Funding, LLC | 1.4% |
| Labrador Aviation Finance Ltd. | 1.3% |
| COMM Mortgage Trust | 1.3% |
| Ginnie Mae REMIC Trust | 1.3% |
| WFRBS Commercial Mortgage Trust | 1.3% |

---

---

| | |
|:---|:---|
| **Asset Allocation** | **(%)** |
| Corporate Bonds | 64.3% |
| Commercial Mortgage- <br> Backed Securities | 12.0% |
| Asset-Backed Securities | 11.1% |
| U.S. Government & Agency Securities | 9.5% |
| U.S. Government Agency Mortgage-Backed Securities | 2.0% |
| Net Other Assets & Liabilities | 1.1% |

---

---

| | |
|:---|:---|
| **Credit Rating Description<sup>+</sup>** | **(%)** |
| AAA | 0.4% |
| AA | 12.2% |
| A | 11.4% |
| BBB | 58.4% |
| BB and Below | 15.2% |
| Not Rated | 1.3% |
| Net Other Assets & Liabilities | 1.1% |

---

---

| | |
|:---|:---|
| <sup>+</sup> | Ratings provided by Standard & Poor's, Moody's, and Fitch. When ratings are available from multiple rating agencies, a conservative methodology is to be adopted: For cases where there are three distinct ratings available, use the middle-quality rating (dropping the highest and lowest ratings); if two different ratings are available, use the lower rating; if only one agency rates a holding, then use that rating. For certain securities that are not rated by any of these three agencies, credit ratings from other agencies may be used. For cases where there is not a rating available from any agency, the holding is classified as Not Rated. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest). |

---

Thompson Bond Fund PAGE 1 TSR_SAR_884891201

[**Table of Contents**](#toc)

&nbsp;&nbsp;For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit http://www.thompsonim.com/forms/index.html

---

| |
|:---|
| &nbsp;&nbsp;**HOUSEHOLDING** |
| &nbsp;&nbsp;To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Thompson IM Funds, Inc. documents not be householded, please contact Thompson IM Funds, Inc. at 1-800-999-0887 or thompsonimfunds@usbank.com, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Thompson IM Funds, Inc. or your financial intermediary. |

---

Thompson Bond Fund PAGE 2 TSR_SAR_884891201

[**Table of Contents**](#toc)

Item (b): Not applicable.

**Item 2. Code of Ethics.**

Not required in Semi-Annual Reports on Form N-CSR.

**Item 3. Audit Committee Financial Expert.**

Not required in Semi-Annual Reports on Form N-CSR.

**Item 4. Principal Accountant Fees and Services.**

Not required in Semi-Annual Reports on Form N-CSR.

**Item 5. Audit Committee of Listed Registrants.**

Not applicable to this Registrant because it is not a "listed issuer" within the meaning of Rule 10A-3 under the Securities Exchange Act of 1934.

**Item 6. Investments.**

(a). Notes to the financial statements are an integral part of the Schedules of Investments. The registrant's schedules of investments are included in the financial statements and financial highlights for open-end management investment companies in Item 7 below.

(b). Not applicable.

[**Table of Contents**](#toc)

**Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.**

[**Table of Contents**](#toc)

**THOMPSON IM FUNDS, INC.**

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
|  | **Page(s)** |
| Item 7: |  |
| [Schedules of investments](#a_001) | [1-22](#a_001) |
| [Statements of assets and liabilities](#a_002) | [23](#a_002) |
| [Statements of operations](#a_003) | [24](#a_003) |
| [Statements of changes in net assets](#a_004) | [25](#a_004) |
| [Notes to financial statements](#a_005) | [26-33](#a_005) |
| [Financial highlights](#a_006) | [34-36](#a_006) |
| [Item 8: Changes in and Disagreement with Accountants for Open-End Management Investment Companies.](#a_007) |  |
| [Item 9: Proxy Disclosures for Open-End Management Investment Companies.](#a_008) |  |
| [Item 10: Renumeration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.](#a_009) |  |
| [Item 11: Statement Regarding Basis for Approval of Invesment Advisory Contract.](#a_010) |  |

---

This report contains information for existing shareholders of Thompson IM Funds, Inc.

It does not constitute an offer to sell. This Report is authorized for distribution to prospective investors

only when preceded or accompanied by a Fund Prospectus, which contains information about

the Funds' objectives and policies, risks, management, expenses and other information.

A Prospectus can be obtained by calling 1-800-999-0887.

Please read your Prospectus carefully.

[**Table of Contents**](#toc)

---

| |
|:---|
| **LARGECAP FUND SCHEDULE OF INVESTMENTS** **(Unaudited)** |
| **May 31, 2025** |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS - 99.9%** |  | **$164844245** |
| (COST $119,387,679) |  |  |
| **Communication Services - 15.3%** |  | **25204194** |
| ***Media & Entertainment - 15.3%*** |  |  |
| Alphabet Inc. Class A | 50550 | 8681457 |
| Electronic Arts Inc. | 15275 | 2196239 |
| Meta Platforms, Inc. Class A | 5975 | 3868753 |
| Paramount Global Class B | 252125 | 3050712 |
| The Walt Disney Co. | 17550 | 1983852 |
| Warner Bros. Discovery, Inc. (a) | 543950 | 5423181 |
| **Consumer Discretionary - 5.1%** |  | **8450554** |
| ***Consumer Discretionary Distribution & Retail - 0.9%*** |  |  |
| Chewy, Inc. Class A (a) | 37010 | 1674703 |
| eBay Inc. | 37920 | 2774606 |
| LKQ Corp. | 63650 | 2575915 |
| ***Consumer Durables & Apparel - 4.2%*** |  |  |
| TopBuild Corp. (a) | 3840 | 1086298 |
| Topgolf Callaway Brands Corp. (a) | 53475 | 339032 |
| **Consumer Staples - 6.9%** |  | **11471936** |
| ***Consumer Staples Distribution & Retail - 3.6%*** |  |  |
| Performance Food Group Co. (a) | 29275 | 2621869 |
| Target Corp. | 16135 | 1516851 |
| Walgreens Boots Alliance, Inc. | 169625 | 1908281 |
| ***Food Beverage & Tobacco - 2.4%*** |  |  |
| PepsiCo, Inc. | 22630 | 2974713 |
| Tyson Foods, Inc. Class A | 17025 | 956124 |
| ***Household & Personal Products - 0.9%*** |  |  |
| Kimberly-Clark Corp. | 10393 | 1494098 |
| **Energy - 3.1%** |  | **5085895** |
| Cheniere Energy, Inc. | 7000 | 1658930 |
| Chevron Corp. | 12220 | 1670474 |
| Exxon Mobil Corp. | 17170 | 1756491 |
| **Financials - 18.0%** |  | **29636909** |
| ***Banks - 7.6%*** |  |  |
| Bank of America Corp. | 63425 | 2798945 |
| Citigroup Inc. | 44650 | 3363038 |
| Citizens Financial Group, Inc. | 25775 | 1040021 |
| Flagstar Financial, Inc. | 98075 | 1129824 |
| JPMorgan Chase & Co. | 9220 | 2434080 |
| PNC Financial Services Group, Inc. | 9945 | 1728540 |
| ***Financial Services - 10.4%*** |  |  |
| Capital One Financial Corp. | 4474 | 846257 |
| Fiserv, Inc. (a) | 7799 | 1269599 |
| Intercontinental Exchange, Inc. | 9325 | 1676635 |
| Northern Trust Corp. | 15310 | 1634189 |
| PayPal Holdings, Inc. (a) | 45660 | 3208985 |
| State Street Corp. | 16875 | 1624725 |
| The Charles Schwab Corp. | 32700 | 2888718 |
| Visa Inc. Class A | 10935 | 3993353 |

---

*See Notes to Financial Statements.*

[**Table of Contents**](#toc)

---

| |
|:---|
| **LARGECAP FUND SCHEDULE OF INVESTMENTS** **(Unaudited) (Continued)** |
| **May 31, 2025** |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS (continued)** |  |  |
| **Health Care - 17.8%** |  | **$29452196** |
| ***Health Care Equipment & Services - 7.6%*** |  |  |
| AMN Healthcare Services, Inc. (a) | 65750 | 1387983 |
| CVS Health Corp. | 37110 | 2376524 |
| GE HealthCare Technologies Inc. | 24050 | 1696487 |
| HCA Healthcare, Inc. | 4525 | 1725790 |
| The Cigna Group | 5475 | 1733604 |
| UnitedHealth Group Inc. | 11935 | 3603296 |
| ***Pharmaceuticals Biotechnology & Life Sciences - 10.2%*** |  |  |
| AbbVie Inc. | 7770 | 1446075 |
| Amgen Inc. | 5975 | 1721876 |
| Bristol-Myers Squibb Co. | 37025 | 1787567 |
| Exact Sciences Corp. (a) | 66975 | 3769353 |
| Johnson & Johnson | 11400 | 1769394 |
| Merck & Co., Inc. | 14700 | 1129548 |
| Pfizer Inc. | 146575 | 3443047 |
| Viatris Inc. | 211792 | 1861652 |
| **Industrials - 4.1%** |  | **6820873** |
| ***Capital Goods - 2.1%*** |  |  |
| Kornit Digital Ltd. (a) | 68135 | 1485343 |
| The Boeing Co. (a) | 9550 | 1979906 |
| ***Commercial & Professional Services - 1.2%*** |  |  |
| Concentrix Corp. | 35700 | 1997951 |
| ***Transportation - 0.8%*** |  |  |
| FedEx Corp. | 6225 | 1357673 |
| **Information Technology - 23.9%** |  | **39464333** |
| ***Semiconductors & Semiconductor Equipment - 7.5%*** |  |  |
| Analog Devices, Inc. | 9395 | 2010342 |
| Infineon Technologies A.G. ADR | 57925 | 2259075 |
| Marvell Technology, Inc. | 21500 | 1294085 |
| Microchip Technology Inc. | 33500 | 1944340 |
| NXP Semiconductors N.V. | 12430 | 2375746 |
| Qualcomm Inc. | 17730 | 2574396 |
| ***Software & Services - 7.6%*** |  |  |
| Adobe Inc. (a) | 4425 | 1836773 |
| Microsoft Corp. | 17786 | 8187963 |
| Oracle Corp. | 14975 | 2478812 |
| ***Technology Hardware & Equipment - 8.8%*** |  |  |
| Apple Inc. | 22370 | 4493014 |
| Calix, Inc. (a) | 45925 | 2123572 |
| Cisco Systems, Inc. | 32810 | 2068342 |
| Coherent Corp. (a) | 19225 | 1453987 |
| Keysight Technologies, Inc. (a) | 12025 | 1888406 |
| Lumentum Holdings Inc. (a) | 21300 | 1539564 |
| Viavi Solutions Inc. (a) | 102735 | 935916 |

---

*See Notes to Financial Statements.*

[**Table of Contents**](#toc)

---

| |
|:---|
| **LARGECAP FUND SCHEDULE OF INVESTMENTS** **(Unaudited) (Continued)** |
| **May 31, 2025** |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **COMMON STOCKS (continued)** |  |  |
| **Materials - 2.2%** |  | **$3557204** |
| Freeport-McMoRan Inc. | 33775 | 1299662 |
| O-I Glass, Inc. (a) | 172200 | 2257542 |
| **Real Estate - 1.4%** |  | **2296698** |
| ***Equity Real Estate Investment Trusts (REITs) - 0.7%*** |  |  |
| Alexandria Real Estate Equities, Inc. | 16200 | 1137078 |
| ***Real Estate Management & Development - 0.7%*** |  |  |
| Colliers Int'l. Group Inc. | 9625 | 1159620 |
| **Utilities - 2.1%** |  | **3403453** |
| Alliant Energy Corp. | 15500 | 964565 |
| WEC Energy Group, Inc. | 22700 | 2438888 |
| **Short-Term Investments - 0.1%** |  | **100000** |
| (COST $100,000) |  |  |
| **Money Market Funds - 0.1%** |  | **100000** |
| First American Government Obligations Fund Class X, 4.29% (b) | 100000 | 100000 |
| **TOTAL INVESTMENTS - 100.0% (COST $119,487,679)** |  | **164944245** |
| **NET OTHER ASSETS & LIABILITIES - 0.0% ^** |  | **99953** |
| **NET ASSETS - 100.0%** |  | **$165044198** |

---

*See Notes to Financial Statements.*

[**Table of Contents**](#toc)

---

| | |
|:---|:---|
| (a) | Non-income producing security. |
| (b) | Represents the 7-day yield at May 31, 2025. |
| ^ | Rounds to 0.0%. |
| **Abbreviations:** | **Abbreviations:** |
| ADR | American Depositary Receipt |
| A.G. | Aktiengesellschaft is the German term for a public limited liability corporation. |
| N.V. | Naamloze Vennootschap is the Dutch term for a public limited liability corporation. |

---

The Global Industry Classification Standard ("GICS") was developed by and is the exclusive property and a service mark of MSCI Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P") and is licensed for use by Thompson Investment Management Inc. Neither MSCI, S&P, nor any other party involved in making or compiling the GICS or any GICS classifications makes any warranties with respect there to or the results to be obtained by the use thereof, and no such party shall have any liability whatsoever with respect thereto.

*See Notes to Financial Statements.*

[**Table of Contents**](#toc)

---

| |
|:---|
| **LARGECAP FUND SCHEDULE OF INVESTMENTS** **(Unaudited) (Continued)** |
| **May 31, 2025** |

---

The following is a summary of the inputs used to value the Fund's investments as of May 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Common Stocks** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Communication services | $25204194 | $– | $– | $**25204194** |
| Consumer discretionary | 8450554 | – | – | **8450554** |
| Consumer staples | 11471936 | – | – | **11471936** |
| Energy | 5085895 | – | – | **5085895** |
| Financials | 29636909 | – | – | **29636909** |
| Health care | 29452196 | – | – | **29452196** |
| Industrials | 6820873 | – | – | **6820873** |
| Information technology | 39464333 | – | – | **39464333** |
| Materials | 3557204 | – | – | **3557204** |
| Real estate | 2296698 | – | – | **2296698** |
| Utilities | 3403453 | – | – | **3403453** |
| **Total common stocks** | **164844245** | – | – | **164844245** |
| **Short-term investments** |  |  |  |  |
| Money market funds | 100000 | – | – | **100000** |
| **Total short-term investments** | **100000** | – | – | **100000** |
| **Total investments** | $**164944245** | $**–** | $**–** | $**164944245** |

---

The Fund did not invest in any level-3 investments as of and during the six-month period ended May 31, 2025.

For more information on valuation inputs, see financial statement Note 2 - Significant Accounting Policies.

*See Notes to Financial Statements.*

[**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **MIDCAP FUND SCHEDULE OF INVESTMENTS** **(Unaudited)** | **MIDCAP FUND SCHEDULE OF INVESTMENTS** **(Unaudited)** | **MIDCAP FUND SCHEDULE OF INVESTMENTS** **(Unaudited)** |
| **May 31, 2025** |  |  |
|  | Shares | Value |
| **COMMON STOCKS - 99.9%** |  | **$47657285** |
| (COST $39,312,607) |  |  |
| **Communication Services - 6.6%** |  | **3162762** |
| ***Media & Entertainment - 6.6%*** |  |  |
| Electronic Arts Inc. | 4500 | 647010 |
| Paramount Global Class B | 38185 | 462038 |
| Ubisoft Entertainment S.A. ADR (a) | 245000 | 546350 |
| Warner Bros. Discovery, Inc. (a) | 151190 | 1507364 |
| **Consumer Discretionary - 9.6%** |  | **4573997** |
| ***Consumer Discretionary Distribution & Retail - 4.9%*** |  |  |
| Chewy, Inc. Class A (a) | 12595 | 569924 |
| eBay Inc. | 8350 | 610969 |
| LKQ Corp. | 23530 | 952259 |
| Pool Corp. | 675 | 202898 |
| ***Consumer Durables & Apparel - 4.7%*** |  |  |
| Hasbro, Inc. | 3850 | 256834 |
| Levi Strauss & Co. Class A | 30500 | 529175 |
| Mattel, Inc. (a) | 12180 | 230689 |
| Skechers U.S.A., Inc. Class A (a) | 9155 | 567976 |
| TopBuild Corp. (a) | 1355 | 383316 |
| Topgolf Callaway Brands Corp. (a) | 42580 | 269957 |
| **Consumer Staples - 5.6%** |  | **2672048** |
| ***Consumer Staples Distribution & Retail - 4.4%*** |  |  |
| Performance Food Group Co. (a) | 9680 | 866941 |
| Target Corp. | 6275 | 589913 |
| Walgreens Boots Alliance, Inc. | 57695 | 649069 |
| ***Food Beverage & Tobacco - 1.2%*** |  |  |
| Nomad Foods Ltd. | 32350 | 566125 |
| **Energy - 2.9%** |  | **1394137** |
| Cameco Corp. | 4760 | 278603 |
| Cheniere Energy, Inc. | 2560 | 606694 |
| Exxon Mobil Corp. | 4974 | 508840 |
| **Financials - 18.3%** |  | **8706002** |
| ***Banks - 7.8%*** |  |  |
| Associated Banc-Corp | 31408 | 727723 |
| Citizens Financial Group, Inc. | 11920 | 480972 |
| Flagstar Financial, Inc. | 81242 | 935908 |
| PNC Financial Services Group, Inc. | 2880 | 500573 |
| Truist Financial Corp. | 11531 | 455475 |
| Zions Bancorporation, N.A. | 12585 | 596026 |
| ***Financial Services - 10.5%*** |  |  |
| Annaly Capital Management, Inc. | 33456 | 633991 |
| Capital One Financial Corp. | 3877 | 733335 |
| Fiserv, Inc. (a) | 4608 | 750136 |
| Intercontinental Exchange, Inc. | 1350 | 242730 |
| Northern Trust Corp. | 6650 | 709821 |
| PayPal Holdings, Inc. (a) | 8775 | 616707 |
| State Street Corp. | 4915 | 473216 |
| The Charles Schwab Corp. | 9615 | 849389 |

---

*See Notes to Financial Statements.*

[**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **MIDCAP FUND SCHEDULE OF INVESTMENTS** **(Unaudited) (Continued)** | **MIDCAP FUND SCHEDULE OF INVESTMENTS** **(Unaudited) (Continued)** | **MIDCAP FUND SCHEDULE OF INVESTMENTS** **(Unaudited) (Continued)** |
| **May 31, 2025** |  |  |
|  | Shares | Value |
| **COMMON STOCKS (continued)** |  |  |
| **Health Care - 13.9%** |  | **$6665800** |
| ***Health Care Equipment & Services - 4.4%*** |  |  |
| Acadia Healthcare Co., Inc. (a) | 6285 | 142292 |
| AMN Healthcare Services, Inc. (a) | 36140 | 762915 |
| Premier, Inc. Class A | 26030 | 598169 |
| Teleflex Inc. | 4970 | 607682 |
| ***Pharmaceuticals Biotechnology & Life Sciences - 9.5%*** |  |  |
| Exact Sciences Corp. (a) | 22390 | 1260109 |
| Green Thumb Industries Inc. (a) | 86930 | 455513 |
| Jazz Pharmaceuticals PLC (a) | 6020 | 650581 |
| Neurocrine Biosciences, Inc. (a) | 9755 | 1200060 |
| Viatris Inc. | 112455 | 988479 |
| **Industrials - 14.1%** |  | **6685990** |
| ***Capital Goods - 7.5%*** |  |  |
| A.O. Smith Corp. | 8290 | 533130 |
| Hillenbrand, Inc. | 11090 | 216699 |
| Kornit Digital Ltd. (a) | 30745 | 670241 |
| Mueller Water Products, Inc. Class A | 13005 | 319013 |
| Regal Rexnord Corp. | 3450 | 460368 |
| The AZEK Co. Inc. (a) | 6815 | 337411 |
| WillScot Holdings Corp. | 18241 | 491595 |
| Xylem, Inc. | 4199 | 529242 |
| ***Commercial & Professional Services - 6.6%*** |  |  |
| Concentrix Corp. | 24725 | 1383735 |
| Equifax Inc. | 2225 | 587823 |
| SS&C Technologies Holdings, Inc. | 8950 | 723249 |
| Steelcase Inc. Class A | 42045 | 433484 |
| **Information Technology - 15.0%** |  | **7126379** |
| ***Semiconductors & Semiconductor Equipment - 7.0%*** |  |  |
| Infineon Technologies A.G. ADR | 25020 | 975780 |
| Marvell Technology, Inc. | 14640 | 881182 |
| Microchip Technology Inc. | 9650 | 560086 |
| NXP Semiconductors N.V. | 4795 | 916468 |
| ***Software & Services - 0.9%*** |  |  |
| Okta, Inc. (a) | 3950 | 407522 |
| ***Technology Hardware & Equipment - 7.1%*** |  |  |
| Calix, Inc. (a) | 23915 | 1105830 |
| Coherent Corp. (a) | 5900 | 446217 |
| Keysight Technologies, Inc. (a) | 3525 | 553566 |
| Lumentum Holdings Inc. (a) | 6400 | 462592 |
| Pure Storage, Inc. Class A (a) | 7615 | 408088 |
| Viavi Solutions Inc. (a) | 44901 | 409048 |

---

*See Notes to Financial Statements.*

[**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **MIDCAP FUND SCHEDULE OF INVESTMENTS** **(Unaudited) (Continued)** | **MIDCAP FUND SCHEDULE OF INVESTMENTS** **(Unaudited) (Continued)** | **MIDCAP FUND SCHEDULE OF INVESTMENTS** **(Unaudited) (Continued)** |
| **May 31, 2025** |  |  |
|  | Shares | Value |
| **COMMON STOCKS (continued)** |  |  |
| **Materials - 3.5%** |  | **$1687229** |
| Freeport-McMoRan Inc. | 10660 | 410197 |
| O-I Glass, Inc. (a) | 97409 | 1277032 |
| **Real Estate - 6.8%** |  | **3254326** |
| ***Equity Real Estate Investment Trusts (REITs) - 5.0%*** |  |  |
| Alexandria Real Estate Equities, Inc. | 8700 | 610653 |
| Global Net Lease, Inc. (a) | 58795 | 456249 |
| Host Hotels & Resorts Inc. | 30125 | 466636 |
| Omega Healthcare Investors, Inc. | 11110 | 411070 |
| Park Hotels & Resorts Inc. | 45300 | 469308 |
| ***Real Estate Management & Development - 1.8%*** |  |  |
| Colliers Int'l. Group Inc. | 4275 | 515052 |
| FirstService Corp. | 1855 | 325358 |
| **Utilities - 3.6%** |  | **1728615** |
| Alliant Energy Corp. | 9200 | 572516 |
| WEC Energy Group, Inc. | 6800 | 730592 |
| Xcel Energy, Inc. | 6070 | 425507 |
| **Short-Term Investments - 0.1%** |  | **22886** |
| (COST $22,886) |  |  |
| **Money Market Funds - 0.1%** |  | **22886** |
| First American Government Obligations Fund Class X, 4.23% (b) | 22886 | 22886 |
| **TOTAL INVESTMENTS - 100.0% (COST $39,335,493)** |  | **47680171** |
| **NET OTHER ASSETS & LIABILITIES - 0.0%^** |  | **21309** |
| **NET ASSETS - 100.0%** |  | **$47701480** |

---

---

| | |
|:---|:---|
| (a) | Non-income producing security. |
| (b) | Represents the 7-day yield at May 31, 2025. |
| ^ | Rounds to 0.0%. |
| **Abbreviations:** | **Abbreviations:** |
| ADR | American Depositary Receipt |
| A.G. | Aktiengesellschaft is the German term for a public limited liability corporation. |
| N.V. | Naamloze Vennootschap is the Dutch term for a public limited liability corporation. |
| PLC | Public Limited Company |
| S.A. | Generally designates corporations in various countries, mostly those employing civil law. This translates literally as anonymous company. |

---

The Global Industry Classification Standard ("GICS") was developed by and is the exclusive property and a service mark of MSCI Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P") and is licensed for use by Thompson Investment Management Inc. Neither MSCI, S&P, nor any other party involved in making or compiling the GICS or any GICS classifications makes any warranties with respect there to or the results to be obtained by the use thereof, and no such party shall have any liability whatsoever with respect thereto.

*See Notes to Financial Statements.*

[**Table of Contents**](#toc)

---

| |
|:---|
| **MIDCAP FUND SCHEDULE OF INVESTMENTS** **(Unaudited) (Continued)** |
| **May 31, 2025** |

---

The following is a summary of the inputs used to value the Fund's investments as of May 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Common Stocks** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Communication services | $3162762 | $– | $– | $**3162762** |
| Consumer discretionary | 4573997 | – | – | **4573997** |
| Consumer staples | 2672048 | – | – | **2672048** |
| Energy | 1394137 | – | – | **1394137** |
| Financials | 8706002 | – | – | **8706002** |
| Health care | 6665800 | – | – | **6665800** |
| Industrials | 6685990 | – | – | **6685990** |
| Information technology | 7126379 | – | – | **7126379** |
| Materials | 1687229 | – | – | **1687229** |
| Real estate | 3254326 | – | – | **3254326** |
| Utilities | 1728615 | – | – | **1728615** |
| **Total common stocks** | **47657285** | – | – | **47657285** |
| **Short-term investments** |  |  |  |  |
| Money market funds | 22886 | – | – | **22886** |
| **Total short-term investments** | **22886** | – | – | **22886** |
| **Total investments** | $**47680171** | $– | $– | $**47680171** |

---

The Fund did not invest in any level-3 investments as of and during the six-month period ended May 31, 2025.

For more information on valuation inputs, see financial statement Note 2 - Significant Accounting Policies.

*See Notes to Financial Statements.*

[**Table of Contents**](#toc)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **BOND FUND SCHEDULE OF INVESTMENTS** **(Unaudited)** | **BOND FUND SCHEDULE OF INVESTMENTS** **(Unaudited)** | **BOND FUND SCHEDULE OF INVESTMENTS** **(Unaudited)** | **BOND FUND SCHEDULE OF INVESTMENTS** **(Unaudited)** | **BOND FUND SCHEDULE OF INVESTMENTS** **(Unaudited)** |
| **May 31, 2025** |  |  |  |  |
|  | Rate (%) | Maturity<br> Date | Principal<br> Amount | Value |
| **BONDS - 92.4%** |  |  |  | **$1528077225** |
| (COST $1,705,064,676) |  |  |  |  |
| **Asset-Backed Securities - 11.1%** |  |  |  | **183432381** |
| AASET Trust, Series 2022-1A A (h) | 6.000 | 05/16/47 | 4150283 | 4154454 |
| AASET Trust, Series 2024-1A A1 (h) | 6.261 | 05/16/49 | 8034790 | 8090161 |
| Alaska Airlines, Series 2020-1 B (h) | 8.000 | 02/15/27 | 1325782 | 1332013 |
| American Airlines, Series 2017-1 A | 4.000 | 08/15/30 | 193110 | 183428 |
| Blackbird Capital Aircraft Lease Securitization Ltd., Series 2016-1A A (h) | 4.213 | 12/16/41 | 1911129 | 1907854 |
| Blackbird Capital Aircraft Lease Securitization Ltd., Series 2016-1A B (h) | 5.682 | 12/16/41 | 564719 | 563405 |
| Business Jet Securities, LLC, Series 2022-1A A (h) | 4.455 | 06/15/37 | 3885191 | 3800880 |
| Business Jet Securities, LLC, Series 2022-1A B (h) | 5.192 | 06/15/37 | 555027 | 543372 |
| Castle Aircraft Securitization Trust, Series 2019-1A A (h) | 3.967 | 04/15/39 | 1901262 | 1801454 |
| Castle Aircraft Securitization Trust, Series 2021-1A B (h) | 6.656 | 01/15/46 | 269078 | 269030 |
| Centerline Logistics Corp., Series CLC 2023-1 A2 (h) | 9.750 | 12/15/27 | 6555231 | 6560870 |
| Coinstar Funding, LLC, Series 2017-1A A2 (h) | 5.216 | 04/25/47 | 26031400 | 23769532 |
| CVS Pass-Through Trust | 6.943 | 01/10/30 | 1225226 | 1265572 |
| DCAL Aviation Finance Ltd., Series 2015-1A A1 (f)(h)(k) | 6.213 | 02/15/40 | 607349 | 576993 |
| ECAF I Ltd., Series 2015-1A A2 (h) | 4.947 | 06/15/40 | 5079556 | 4457310 |
| ECAF I Ltd., Series 2015-1A B1 (h) | 5.802 | 06/15/40 | 19177362 | 6280586 |
| GAIA Aviation Ltd. (TAILWIND), Series 2019-1 B (h) | 5.193 | 12/15/44 | 2888439 | 2616780 |
| HOA Funding LLC, Series 2021-1A A2 (e)(f)(h)(i) | 4.723 | 08/20/51 | 12601918 | 3660468 |
| Horizon Aircraft Finance I Ltd., Series 2018-1 B (h) | 5.270 | 12/15/38 | 2702399 | 2256503 |
| Horizon Aircraft Finance II Ltd., Series 2019-1 A (h) | 3.721 | 07/15/39 | 1277344 | 1233899 |
| Icon Brand Holdings LLC, Series 2012-1A A (h)(i) | 4.229 | 01/25/43 | 7009399 | 3170575 |
| JOL Air Limited, Series 2019-1 B (h) | 4.948 | 04/15/44 | 558872 | 551999 |
| KDAC Aviation Finance Ltd., Series 2017-1A A (h) | 4.212 | 12/15/42 | 1238833 | 1205050 |
| KDAC Aviation Finance Ltd., Series 2017-1A B (h) | 5.926 | 12/15/42 | 16481559 | 14914893 |
| Kestrel Aircraft Funding Ltd., Series 2018-1A A (h) | 4.250 | 12/15/38 | 909854 | 891711 |
| Kestrel Aircraft Funding Ltd., Series 2018-1A B (h) | 5.500 | 12/15/38 | 1002409 | 820768 |
| Labrador Aviation Finance Ltd., Series 2016-1A B1 (h) | 5.682 | 01/15/42 | 24376015 | 21878429 |
| MACH 1 Cayman Ltd., Series 2019-1 B (h) | 4.335 | 10/15/39 | 3212423 | 3053100 |
| MAPS Ltd., Series 2018-1A B (h) | 5.193 | 05/15/43 | 294589 | 291612 |
| METAL LLC, Series 2017-1 A (h) | 4.581 | 10/15/42 | 12373249 | 8166839 |
| METAL LLC, Series 2017-1 B (h)(i) | 6.500 | 10/15/42 | 26657035 | 8314071 |
| Pioneer Aircraft Finance Ltd., Series 2019-1 B (h) | 4.948 | 06/15/44 | 1419643 | 1320283 |
| Pk Alift Loan Funding 6 LP, Series 2025-1 A (h) | 5.365 | 11/15/42 | 4150000 | 4137872 |
| Project Silver, Series 2019-1 A (h) | 3.967 | 07/15/44 | 3797116 | 3664364 |
| PROP Limited, Series 2017-1 B (h)(i) | 6.900 | 03/15/42 | 3836109 | 1735839 |
| Sapphire Aviation Finance I Ltd., Series 2018-1A B (h) | 5.926 | 03/15/40 | 334564 | 331295 |
| SMB Private Education Loan Trust, Series 2014-A C (h) | 4.500 | 09/15/45 | 7000000 | 6260673 |
| Sprite Limited, Series 2021-1 A (h) | 3.750 | 11/15/46 | 5016236 | 4807884 |
| Sprite Limited, Series 2021-1 B (h) | 5.100 | 11/15/46 | 2507007 | 2446941 |
| TGIF Funding LLC, Series 2017-1A A2 (h)(i) | 6.202 | 04/30/47 | 10990469 | 9390389 |
| Thunderbolt Aircraft Lease Ltd., Series 2019-1 B (h) | 4.750 | 11/15/39 | 3916492 | 3327041 |
| United Air Lines, Series 2020-1 A | 5.875 | 04/15/29 | 1987479 | 2022201 |
| WAVE Trust, Series 2017-1A A (h) | 3.844 | 11/15/42 | 1113646 | 1063022 |
| Willis Engine Structured Trust IV, Series 2018-A A (h) | 4.750 | 09/15/43 | 4393003 | 4340966 |

---

*See Notes to Financial Statements.*

[**Table of Contents**](#toc)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **BOND FUND SCHEDULE OF INVESTMENTS** **(Unaudited) (Continued)** | **BOND FUND SCHEDULE OF INVESTMENTS** **(Unaudited) (Continued)** | **BOND FUND SCHEDULE OF INVESTMENTS** **(Unaudited) (Continued)** | **BOND FUND SCHEDULE OF INVESTMENTS** **(Unaudited) (Continued)** | **BOND FUND SCHEDULE OF INVESTMENTS** **(Unaudited) (Continued)** |
| **May 31, 2025** |  |  |  |  |
|  | Rate (%) | Maturity<br> Date | Principal<br> Amount | Value |
| **BONDS (continued)** |  |  |  |  |
| **Commercial Mortgage-Backed Securities - 12.0%** |  |  |  | **$197864864** |
| BBCMS Mortgage Trust, Series 2015-VFM A2 (h) | 3.375 | 03/12/36 | 3000000 | 2830852 |
| CG-CCRE Commercial Mortgage Trust, Series 2014-FL1 B (1 times (TSFR1M + 1.26448%), floor 1.150%) (d)(h) | 5.593 | 06/15/31 | 5608848 | 5367724 |
| Citigroup Commercial Mortgage Trust, Series 2015-GC35 C (d) | 4.605 | 11/10/48 | 7000000 | 4903040 |
| Citigroup Commercial Mortgage Trust, Series 2016-GC36 C (d) | 4.905 | 02/10/49 | 5000000 | 4056118 |
| COMM Mortgage Trust, Series 2012-CR4 AM (f) | 3.251 | 10/15/45 | 3000000 | 2700507 |
| COMM Mortgage Trust, Series 2014-CR16 C (d) | 4.937 | 04/10/47 | 5000000 | 4690000 |
| COMM Mortgage Trust, Series 2014-UBS4 D (d)(f)(h)(i) | 4.865 | 08/10/47 | 9740000 | 2077445 |
| COMM Mortgage Trust, Series 2014-UBS5 B | 4.514 | 09/10/47 | 3270000 | 3159180 |
| COMM Mortgage Trust, Series 2014-UBS5 C (d) | 4.877 | 09/10/47 | 6500000 | 5980000 |
| COMM Mortgage Trust, Series 2015-DC1 C (d) | 4.432 | 02/10/48 | 540000 | 488479 |
| COMM Mortgage Trust, Series 2015-PC1 D (d)(f) | 4.505 | 07/10/50 | 2500000 | 2126250 |
| Credit Suisse Commercial Mortgage Securities Corp., Series 2016-NXSR C (d) | 4.557 | 12/15/49 | 3000000 | 2663307 |
| CSAIL Commercial Mortgage Trust, Series 2015-C1 C (d) | 3.959 | 04/15/50 | 1780000 | 1616222 |
| CSAIL Commercial Mortgage Trust, Series 2015-C2 B (d) | 4.208 | 06/15/57 | 5000000 | 4813348 |
| CSAIL Commercial Mortgage Trust, Series 2015-C2 C (d)(f) | 4.245 | 06/15/57 | 3579000 | 3257471 |
| CSAIL Commercial Mortgage Trust, Series 2015-C3 B (d) | 4.169 | 08/15/48 | 3905000 | 3656054 |
| CSAIL Commercial Mortgage Trust, Series 2015-C3 D (d)(f) | 3.419 | 08/15/48 | 5795000 | 3991303 |
| DBUBS Mortgage Trust, Series 2011-LC3A PM1 (h) | 4.452 | 05/10/44 | 7476810 | 6747821 |
| DBUBS Mortgage Trust, Series 2011-LC3A PM2 (d)(h) | 5.268 | 05/10/44 | 4197000 | 2864452 |
| GS Mortgage Securities Trust, Series 2014-GC24 B (d) | 4.521 | 09/10/47 | 4340000 | 4038563 |
| HMH Trust, Series 2017-NSS A (h) | 3.062 | 07/05/31 | 5850000 | 4975367 |
| J.P. Morgan Chase Commercial Mortgage Securities Trust, Series 2011-C3 B (h) | 5.013 | 02/15/46 | 2159040 | 2080795 |
| J.P. Morgan Chase Commercial Mortgage Securities Trust, Series 2011-C3 C (h) | 5.360 | 02/15/46 | 9250000 | 8611224 |
| J.P. Morgan Chase Commercial Mortgage Securities Trust, Series 2012-LC9 C (d)(h) | 3.690 | 12/15/47 | 1103212 | 1070126 |
| J.P. Morgan Chase Commercial Mortgage Securities Trust, Series 2014-C20 D (d)(f)(h) | 4.621 | 07/15/47 | 5000000 | 3004450 |
| JPMBB Commercial Mortgage Securities Trust, Series 2013-C12 C (d) | 4.071 | 07/15/45 | 2392089 | 2291406 |
| JPMBB Commercial Mortgage Securities Trust, Series 2013-C14 C (d) | 4.172 | 08/15/46 | 2654245 | 2449630 |
| JPMBB Commercial Mortgage Securities Trust, Series 2014-C18 C (d) | 4.652 | 02/15/47 | 5060000 | 4845051 |
| JPMBB Commercial Mortgage Securities Trust, Series 2014-C22 D (d)(f)(h) | 4.658 | 09/15/47 | 4966000 | 3315302 |
| JPMBB Commercial Mortgage Securities Trust, Series 2014-C24 B (f) | 4.116 | 11/15/47 | 10400000 | 9533132 |
| JPMBB Commercial Mortgage Securities Trust, Series 2015-C28 C (d) | 4.379 | 10/15/48 | 5496426 | 5401283 |
| JPMBB Commercial Mortgage Securities Trust, Series 2015-C32 B (f) | 4.389 | 11/15/48 | 500000 | 441759 |
| Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013-C10 C (d) | 4.112 | 07/15/46 | 2750000 | 2424840 |
| Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013-C11 AS (d) | 4.212 | 08/15/46 | 4382261 | 4101796 |
| Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013-C12 C (d) | 4.861 | 10/15/46 | 523916 | 493136 |
| Morgan Stanley Bank of America Merrill Lynch Trust, Series 2014-C16 C (d) | 4.736 | 06/15/47 | 1597950 | 1517270 |
| Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C21 C (d) | 3.942 | 03/15/48 | 8000000 | 7086867 |
| Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C22 D (d)(f)(h) | 4.191 | 04/15/48 | 5000000 | 3337550 |
| Morgan Stanley Capital I Trust, Series 2011-C2 D (d)(h) | 5.385 | 06/15/44 | 362609 | 358983 |
| Morgan Stanley Capital I Trust, Series 2015-UBS8 C (d) | 4.727 | 12/15/48 | 6500000 | 5875814 |
| Morgan Stanley Capital I Trust, Series 2016-UB12 C (d) | 4.250 | 12/15/49 | 5000000 | 3834542 |

---

*See Notes to Financial Statements.*

[**Table of Contents**](#toc)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **BOND FUND SCHEDULE OF INVESTMENTS** **(Unaudited) (Continued)** | **BOND FUND SCHEDULE OF INVESTMENTS** **(Unaudited) (Continued)** | **BOND FUND SCHEDULE OF INVESTMENTS** **(Unaudited) (Continued)** | **BOND FUND SCHEDULE OF INVESTMENTS** **(Unaudited) (Continued)** | **BOND FUND SCHEDULE OF INVESTMENTS** **(Unaudited) (Continued)** |
| **May 31, 2025** |  |  |  |  |
|  | Rate (%) | Maturity<br> Date | Principal<br> Amount | Value |
| **BONDS (continued)** |  |  |  |  |
| **Commercial Mortgage-Backed Securities (continued)** |  |  |  |  |
| Wells Fargo Commercial Mortgage Trust, Series 2015-C27 C | 3.894 | 02/15/48 | 6970938 | $6139305 |
| Wells Fargo Commercial Mortgage Trust, Series 2015-C31 C (d) | 4.790 | 11/15/48 | 5000000 | 4868864 |
| Wells Fargo Commercial Mortgage Trust, Series 2015-C31 D | 3.852 | 11/15/48 | 5189370 | 4483308 |
| Wells Fargo Commercial Mortgage Trust, Series 2015-LC22 B (d) | 4.673 | 09/15/58 | 800000 | 790279 |
| Wells Fargo Commercial Mortgage Trust, Series 2015-SG1 C (d) | 4.568 | 09/15/48 | 5000000 | 4651537 |
| Wells Fargo Commercial Mortgage Trust, Series 2016-C36 C (d) | 4.249 | 11/15/59 | 3000000 | 2572391 |
| Wells Fargo Commercial Mortgage Trust, Series 2017-SMP A (1 times (TSFR1M + 0.921%), floor 0.875%) (d)(h) | 5.250 | 12/15/34 | 1625000 | 1511510 |
| WFRBS Commercial Mortgage Trust, Series 2012-C10 B | 3.744 | 12/15/45 | 896589 | 844964 |
| WFRBS Commercial Mortgage Trust, Series 2012-C10 C (d) | 4.455 | 12/15/45 | 7000000 | 5682173 |
| WFRBS Commercial Mortgage Trust, Series 2013-C14 B (d)(f) | 3.841 | 06/15/46 | 1500000 | 1408935 |
| WFRBS Commercial Mortgage Trust, Series 2013-C15 B (d) | 4.286 | 08/15/46 | 3785442 | 3558353 |
| WFRBS Commercial Mortgage Trust, Series 2014-C20 C (f) | 4.513 | 05/15/47 | 4500000 | 2700855 |
| WFRBS Commercial Mortgage Trust, Series 2014-C21 C | 4.234 | 08/15/47 | 3000000 | 2844300 |
| WFRBS Commercial Mortgage Trust, Series 2014-C21 D (h) | 3.497 | 08/15/47 | 5000000 | 3975500 |
| WP Glimcher Mall Trust, Series 2015-WPG B (d)(h) | 3.633 | 06/05/35 | 2900000 | 2754131 |
| **Convertible Bonds - 0.0%^** |  |  |  | **100000** |
| FedNat Holding Co. (e)(f)(h)(i)(j) | 5.000 | 04/19/26 | 5000000 | 100000 |
| **Corporate Bonds - 64.3%** |  |  |  | **1063464382** |
| 3M Co. (TSFR3M - 0.08839%) (d) | 4.217 | 12/21/40 | 3863000 | 3836005 |
| A10 Capital, LLC (h) | 5.875 | 08/17/26 | 5000000 | 4901562 |
| A10 Capital, LLC (h) | 5.875 | 08/17/26 | 1500000 | 1470469 |
| AbbVie Inc. | 4.500 | 05/14/35 | 500000 | 474526 |
| ACRES Commercial Realty Corp. | 5.750 | 08/15/26 | 8000000 | 7771171 |
| Affiliated Managers Group, Inc. | 5.500 | 08/20/34 | 2250000 | 2206537 |
| Albemarle Corp. | 5.050 | 06/01/32 | 7250000 | 6716438 |
| Alexandria Real Estate Equities, Inc. | 4.700 | 07/01/30 | 1350000 | 1322887 |
| Alexandria Real Estate Equities, Inc. | 4.750 | 04/15/35 | 2500000 | 2322572 |
| Alexandria Real Estate Equities, Inc. | 5.250 | 05/15/36 | 500000 | 474329 |
| American Coastal Insurance Corp. (c) | 7.250 | 12/15/27 | 2250000 | 2179688 |
| American Tower Corp. | 4.000 | 06/01/25 | 2000000 | 2000000 |
| Amgen Inc. | 5.507 | 03/02/26 | 238000 | 238058 |
| Anheuser-Busch InBev Worldwide Inc. | 6.625 | 08/15/33 | 500000 | 552199 |
| Aptiv Swiss Holdings Ltd. | 4.650 | 09/13/29 | 7000000 | 6880582 |
| Aptiv Swiss Holdings Ltd. | 5.150 | 09/13/34 | 2485000 | 2344690 |
| Arrow Electronics, Inc. | 5.875 | 04/10/34 | 5420000 | 5472777 |
| Assured Guaranty US Holdings Inc. (TSFR3M + 2.64161%) (d) | 6.941 | 12/15/66 | 12106000 | 11423247 |
| AT&T Inc. | 7.700 | 05/01/32 | 1000000 | 1148687 |
| AT&T Inc. | 4.500 | 05/15/35 | 1750000 | 1641667 |
| Avnet, Inc. | 6.250 | 03/15/28 | 2000000 | 2064406 |
| Avnet, Inc. | 3.000 | 05/15/31 | 580000 | 511792 |
| Avnet, Inc. | 5.500 | 06/01/32 | 4549000 | 4464992 |
| Axos Financial, Inc. (4.875% to 10/01/25, then TSFR3M + 4.760%) (d) | 4.875 | 10/01/30 | 8000000 | 7904000 |
| BAC Capital Trust XIII (Greater of 4.000% or (TSFR3M + 0.66161%), floor 4.000%) (d)(g) | 4.961 | 06/15/25 | 2200000 | 1695946 |
| Banc of California, Inc. (4.375% to 10/30/25, then TSFR3M + 4.195%) (d) | 4.375 | 10/30/30 | 12500000 | 12078030 |
| Bank of America Corp. (4.0 times (USISDA10 - USISDA02 - 0.250%), floor 0.000%, cap 10.000%) (d)(e) | 0.000 | 11/19/30 | 671000 | 536976 |
| Bank of Montreal (6.709% to 08/25/29, then H15T5Y + 2.979%) (d)(g) | 6.709 | 08/25/25 | 6977000 | 6921575 |
| Bank of Montreal | 5.250 | 02/11/30 | 6539000 | 6552713 |
| Bank of New York Mellon Corp. (3.700% to 03/20/26, then H15T5Y + 3.352%) (d)(g) | 3.700 | 03/20/26 | 1000000 | 980577 |

---

*See Notes to Financial Statements.*

[**Table of Contents**](#toc)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **BOND FUND SCHEDULE OF INVESTMENTS** **(Unaudited) (Continued)** | **BOND FUND SCHEDULE OF INVESTMENTS** **(Unaudited) (Continued)** | **BOND FUND SCHEDULE OF INVESTMENTS** **(Unaudited) (Continued)** | **BOND FUND SCHEDULE OF INVESTMENTS** **(Unaudited) (Continued)** | **BOND FUND SCHEDULE OF INVESTMENTS** **(Unaudited) (Continued)** |
| **May 31, 2025** |  |  |  |  |
|  | Rate (%) | Maturity<br> Date | Principal<br> Amount | Value |
| **BONDS (continued)** |  |  |  |  |
| **Corporate Bonds (continued)** |  |  |  |  |
| Baxter Int'l. Inc. | 2.539 | 02/01/32 | 1000000 | $856330 |
| Bay Banks of Virginia, Inc. (TSFR3M + 4.335%, floor 4.335%) (d)(h) | 8.596 | 10/15/29 | 3000000 | 2927140 |
| BayCom Corp. (5.250% to 09/15/25, then TSFR3M + 5.210%) (d) | 5.250 | 09/15/30 | 8460000 | 8324264 |
| BCB Bancorp, Inc. (9.250% to 09/01/29, then TSFR3M + 5.820%) (d) | 9.250 | 09/01/34 | 5000000 | 5421776 |
| Berry Global, Inc. | 5.500 | 04/15/28 | 3550000 | 3614783 |
| Boeing Co. | 5.150 | 05/01/30 | 2300000 | 2318551 |
| Boeing Co. | 6.125 | 02/15/33 | 1000000 | 1036847 |
| Boeing Co. | 3.300 | 03/01/35 | 1881000 | 1517864 |
| BOKF Merger Corp. Number Sixteen (5.625% to 06/25/25, then 3 month LIBOR + 3.170%) (d) | 5.625 | 06/25/30 | 10000000 | 9322519 |
| Booz Allen Hamilton Inc. | 5.950 | 08/04/33 | 2250000 | 2262884 |
| BorgWarner, Inc. | 5.400 | 08/15/34 | 4401000 | 4380203 |
| Boston Properties LP | 3.650 | 02/01/26 | 1221000 | 1211572 |
| Boston Properties LP | 3.250 | 01/30/31 | 4085000 | 3678831 |
| Boston Properties LP | 5.750 | 01/15/35 | 2755000 | 2722830 |
| Broadmark Realty Capital Inc. (h) | 5.000 | 11/15/26 | 5000000 | 4744992 |
| Brown & Brown, Inc. | 5.650 | 06/11/34 | 2073000 | 2091917 |
| Brunswick Corp. | 2.400 | 08/18/31 | 2781000 | 2292634 |
| Brunswick Corp. | 4.400 | 09/15/32 | 5600000 | 5066233 |
| Byline Bancorp, Inc. (6.000% to 07/01/25, then TSFR3M + 5.880%) (d) | 6.000 | 07/01/30 | 12000000 | 11837747 |
| Cabot Corp. | 3.400 | 09/15/26 | 732000 | 718538 |
| Cardinal Health, Inc. | 5.350 | 11/15/34 | 2477000 | 2469493 |
| Carrington Holding Co., LLC (h) | 9.250 | 05/15/29 | 5000000 | 4925600 |
| Carrington Holding Co., LLC (h) | 9.750 | 05/15/31 | 5000000 | 5023326 |
| CDW LLC / CDW Finance Corp. | 3.569 | 12/01/31 | 2250000 | 2040084 |
| CDW LLC / CDW Finance Corp. | 5.550 | 08/22/34 | 2500000 | 2461633 |
| Change Co. CDFI LLC (4.750% to 09/30/26, then SOFRRATE + 4.080%) (d)(h) | 4.750 | 09/30/31 | 7000000 | 6299890 |
| Cheniere Energy Partners, L.P. | 4.500 | 10/01/29 | 4500000 | 4403148 |
| Choice Hotels Int'l., Inc. | 3.700 | 01/15/31 | 1102000 | 1005741 |
| Choice Hotels Int'l., Inc. | 5.850 | 08/01/34 | 6900000 | 6777099 |
| Cigna Group | 5.250 | 02/15/34 | 750000 | 747651 |
| Cincinnati Financial Corp. | 6.125 | 11/01/34 | 2500000 | 2628894 |
| Citibank, N.A. | 5.570 | 04/30/34 | 750000 | 766867 |
| Citigroup Global Markets Holdings Inc. (SOFRRATE - 0.100%, floor 0.000%) (d) | 4.249 | 12/02/62 | 1000000 | 973973 |
| Citigroup, Inc. (4.0 times (USISDA30 - USISDA05), floor 0.000%, cap 10.000%) (d) | 0.870 | 07/09/28 | 740000 | 633925 |
| Citigroup, Inc. (4.0 times (USISDA30 - USISDA05), floor 0.000%, cap 10.000%) (d) | 1.350 | 11/15/28 | 245000 | 209270 |
| Citigroup, Inc. (4.0 times (USISDA30 - USISDA02), floor 0.000%, cap 10.000%) (d)(e) | 0.000 | 12/23/29 | 1152000 | 979063 |
| Citigroup, Inc. (4.0 times (USISDA10 - USISDA02 - 0.250%), floor 0.000%, cap 10.000%) (d)(e) | 0.000 | 11/19/30 | 727000 | 572541 |
| Citigroup, Inc. (4.35 times (USISDA30 - USISDA05), floor 0.000%, cap 10.000%) (d) | 0.946 | 07/09/33 | 1394000 | 993852 |
| Citigroup, Inc. (5.0 times (USISDA30 - USISDA05), floor 0.000%, cap 10.000%) (d) | 0.359 | 12/20/33 | 2863000 | 2105905 |
| Citigroup, Inc. (TSFR3M + 0.81161%) (d) | 5.141 | 08/25/36 | 868000 | 772273 |
| Colgate-Palmolive Co. (TSFR3M - 0.03839%) (d) | 4.264 | 09/27/41 | 436000 | 431559 |
| Colgate-Palmolive Co. (TSFR3M - 0.03839%) (d) | 4.278 | 12/04/46 | 1375000 | 1356673 |
| Comcast Corp. | 5.300 | 06/01/34 | 1250000 | 1259360 |
| Comerica Bank (5.332% to 08/25/32, then SOFRRATE + 2.610%) (d) | 5.332 | 08/25/33 | 8000000 | 7639374 |
| Comerica Inc. | 4.000 | 02/01/29 | 2000000 | 1935912 |
| Concentrix Corp. | 6.850 | 08/02/33 | 7056000 | 7214053 |
| Congressional Bancshares, Inc. (TSFR3M + 4.390%) (d)(h) | 8.707 | 12/01/29 | 5000000 | 4886233 |
| ConnectOne Bancorp, Inc. (5.750% to 06/15/25, then TSFR3M + 5.605%) (d) | 5.750 | 06/15/30 | 7780000 | 7780000 |
| Cox Communications, Inc. | 7.625 | 06/15/25 | 3565000 | 3566985 |

---

*See Notes to Financial Statements.*

[**Table of Contents**](#toc)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **BOND FUND SCHEDULE OF INVESTMENTS** **(Unaudited) (Continued)** | **BOND FUND SCHEDULE OF INVESTMENTS** **(Unaudited) (Continued)** | **BOND FUND SCHEDULE OF INVESTMENTS** **(Unaudited) (Continued)** | **BOND FUND SCHEDULE OF INVESTMENTS** **(Unaudited) (Continued)** | **BOND FUND SCHEDULE OF INVESTMENTS** **(Unaudited) (Continued)** |
| **May 31, 2025** |  |  |  |  |
|  | Rate (%) | Maturity<br> Date | Principal<br> Amount | Value |
| **BONDS (continued)** |  |  |  |  |
| **Corporate Bonds (continued)** |  |  |  |  |
| Crown Capital Holdings LLC (e)(f)(h)(i) | 12.500 | 01/15/25 | 7000000 | $4200000 |
| Crown Castle Inc. | 3.300 | 07/01/30 | 1217000 | 1124414 |
| CVS Health Corp. | 5.300 | 06/01/33 | 1000000 | 985500 |
| CVS Health Corp. | 4.875 | 07/20/35 | 4770000 | 4449894 |
| Darden Restaurants, Inc. | 6.300 | 10/10/33 | 3850000 | 4070314 |
| Darden Restaurants, Inc. | 6.000 | 08/15/35 | 675000 | 691127 |
| Dell International LLC / EMC Corp. | 4.850 | 02/01/35 | 2100000 | 1991017 |
| Dentsply Sirona Inc. | 3.250 | 06/01/30 | 8183000 | 7374628 |
| Digital Realty Trust, L.P. | 5.550 | 01/15/28 | 2000000 | 2047011 |
| Digital Realty Trust, L.P. | 3.600 | 07/01/29 | 489000 | 470061 |
| Discovery Communications, LLC | 3.625 | 05/15/30 | 1200000 | 1059660 |
| Dollar General Corp. | 5.000 | 11/01/32 | 2000000 | 1964288 |
| Dollar General Corp. | 5.450 | 07/05/33 | 3060000 | 3067033 |
| Eagle Bancorp, Inc. | 10.000 | 09/30/29 | 6000000 | 6152518 |
| EIDP, Inc. (TSFR3M - 0.03839%) (d) | 4.267 | 12/21/40 | 515000 | 510178 |
| Element Fleet Management Corp. (h) | 3.850 | 06/15/25 | 503000 | 502682 |
| Enact Holdings, Inc. | 6.250 | 05/28/29 | 3000000 | 3078406 |
| Enstar Group Ltd. | 3.100 | 09/01/31 | 8132000 | 7101946 |
| Enterprise Products Operating LLC (TSFR3M + 3.03911%) (d) | 7.358 | 06/01/67 | 7278000 | 7202912 |
| EPR Properties | 3.600 | 11/15/31 | 5897000 | 5255713 |
| EverBank Financial Corp. (8.375% to 03/01/30, then TSFR3M + 5.020%) (d)(h) | 8.375 | 09/01/34 | 4000000 | 4066598 |
| Everest Reinsurance Holdings Inc. (TSFR3M + 2.64661%) (d) | 6.973 | 05/01/67 | 11455000 | 11085875 |
| F&G Annuities & Life, Inc. | 6.250 | 10/04/34 | 7298000 | 7044076 |
| F&M Financial Services Corp. (TSFR3M + 4.840%, floor 4.840%) (d)(h) | 9.135 | 09/17/29 | 9000000 | 8947702 |
| FedNat Holding Co. (e)(f)(i)(j) | 7.750 | 03/15/29 | 17000000 | 340000 |
| Fidelity Federal Bancorp (TSFR3M + 4.05161%, floor 3.790%) (d)(h) | 8.308 | 10/15/28 | 6500000 | 6318930 |
| Fidelity Federal Bancorp (TSFR3M + 4.650%) (d)(h) | 8.910 | 11/01/29 | 7000000 | 6936332 |
| Fifth Third Bancorp (TSFR3M + 3.39061%) (d)(g) | 7.690 | 06/30/25 | 1498000 | 1497379 |
| First Financial Bancorp (TSFR3M + 5.090%) (d) | 9.414 | 05/15/30 | 3000000 | 2998991 |
| Fiserv, Inc. | 5.600 | 03/02/33 | 1000000 | 1016860 |
| Flex Ltd. | 4.750 | 06/15/25 | 4207000 | 4206332 |
| Flex Ltd. | 6.000 | 01/15/28 | 1000000 | 1025811 |
| Flex Ltd. | 4.875 | 06/15/29 | 2497000 | 2485613 |
| Flowserve Corp. | 3.500 | 10/01/30 | 899000 | 829369 |
| FMC Corp. | 5.150 | 05/18/26 | 825000 | 830219 |
| FMC Corp. | 3.200 | 10/01/26 | 3343000 | 3266473 |
| FNB Corp. | 4.875 | 10/02/25 | 2000000 | 1993109 |
| FNB Corp. (TSFR3M + 3.28161%) (d)(h) | 7.582 | 12/06/28 | 3000000 | 2956760 |
| Ford Motor Credit Co. LLC | 3.375 | 11/13/25 | 10000000 | 9920611 |
| FPL Group, Inc. (TSFR3M + 2.32911%) (d) | 6.627 | 10/01/66 | 1535000 | 1396452 |
| Georgia-Pacific LLC | 7.375 | 12/01/25 | 421000 | 426422 |
| Global Payments Inc. | 2.900 | 05/15/30 | 1000000 | 905744 |
| Global Payments Inc. | 2.900 | 11/15/31 | 1154000 | 1001572 |
| Globe Life Inc. | 5.850 | 09/15/34 | 6000000 | 6087382 |
| Goldman Sachs Group, Inc. (TSFR3M + 1.96161%) (d) | 6.246 | 04/05/26 | 1000000 | 997804 |
| Great Ajax Operating Partnership L.P. (c)(h) | 9.875 | 09/01/27 | 3500000 | 3423353 |
| Hallmark Financial Services, Inc. (i) | 6.250 | 08/15/29 | 13000000 | 2762500 |
| Harley-Davidson, Inc. | 3.500 | 07/28/25 | 5000000 | 4987482 |
| Hasbro, Inc. | 3.550 | 11/19/26 | 250000 | 245324 |

---

*See Notes to Financial Statements.*

[**Table of Contents**](#toc)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **BOND FUND SCHEDULE OF INVESTMENTS** **(Unaudited) (Continued)** | **BOND FUND SCHEDULE OF INVESTMENTS** **(Unaudited) (Continued)** | **BOND FUND SCHEDULE OF INVESTMENTS** **(Unaudited) (Continued)** | **BOND FUND SCHEDULE OF INVESTMENTS** **(Unaudited) (Continued)** | **BOND FUND SCHEDULE OF INVESTMENTS** **(Unaudited) (Continued)** |
| **May 31, 2025** |  |  |  |  |
|  | Rate (%) | Maturity<br> Date | Principal<br> Amount | Value |
| **BONDS (continued)** |  |  |  |  |
| **Corporate Bonds (continued)** |  |  |  |  |
| Hasbro, Inc. | 6.050 | 05/14/34 | 7600000 | $7693002 |
| HCA Inc. | 5.250 | 06/15/26 | 2000000 | 2002066 |
| HCA Inc. | 7.500 | 11/06/33 | 4273000 | 4807494 |
| Healthcare Realty Holdings LP | 2.050 | 03/15/31 | 1705000 | 1400255 |
| HF Sinclair Corp. | 6.375 | 04/15/27 | 2921000 | 2947866 |
| HF Sinclair Corp. | 5.750 | 01/15/31 | 2500000 | 2510072 |
| Highwoods Realty L.P. | 3.050 | 02/15/30 | 1834000 | 1652011 |
| Highwoods Realty L.P. | 7.650 | 02/01/34 | 4850000 | 5336574 |
| Horizon Bancorp, Inc. (5.625% to 07/01/25, then TSFR3M + 5.490%) (d) | 5.625 | 07/01/30 | 6750000 | 6691214 |
| Host Hotels & Resorts LP | 3.500 | 09/15/30 | 625000 | 568882 |
| Host Hotels & Resorts LP | 5.500 | 04/15/35 | 6910000 | 6649042 |
| HSBC Holdings PLC | 7.625 | 05/17/32 | 1080000 | 1174950 |
| Humana Inc. | 5.375 | 04/15/31 | 2000000 | 2011618 |
| Humana Inc. | 5.950 | 03/15/34 | 3750000 | 3804057 |
| Huntington Ingalls Industries, Inc. | 2.043 | 08/16/28 | 2000000 | 1843313 |
| Huntsman Int'l. LLC | 2.950 | 06/15/31 | 3307000 | 2725591 |
| Huntsman Int'l. LLC | 5.700 | 10/15/34 | 4550000 | 4142252 |
| Hyatt Hotels Corp. | 5.500 | 06/30/34 | 2221000 | 2176648 |
| IIP Operating Partnership, LP | 5.500 | 05/25/26 | 3619000 | 3457315 |
| Illumina, Inc. | 5.800 | 12/12/25 | 2000000 | 2006687 |
| Independent Bank Corp. (7.2500% to 04/01/30, then TSFR3M + 3.530%) (d) | 7.250 | 04/01/35 | 5000000 | 4985998 |
| Intel Corp. | 3.700 | 07/29/25 | 2000000 | 1996514 |
| Intel Corp. | 4.000 | 12/15/32 | 2000000 | 1834794 |
| Intel Corp. | 5.150 | 02/21/34 | 1000000 | 977738 |
| International Business Machines Corp. | 4.000 | 07/27/25 | 2000000 | 1998303 |
| Jabil Inc. | 3.950 | 01/12/28 | 2250000 | 2212135 |
| Jabil Inc. | 3.600 | 01/15/30 | 500000 | 469889 |
| Jacobs Engineering Group Inc. | 5.900 | 03/01/33 | 1750000 | 1793063 |
| JBS USA Holding Lux. Sarl/ JBS USA Food Co./ JBS Lux. Co. Sarl | 5.750 | 04/01/33 | 5000000 | 5063200 |
| Jefferies Group LLC | 5.000 | 02/10/26 | 1600000 | 1599974 |
| JM Smucker Co. | 6.200 | 11/15/33 | 1250000 | 1325603 |
| JPMorgan Chase & Co. (TSFR3M + 2.745%) (d)(g) | 7.043 | 07/01/25 | 4250000 | 4250897 |
| JPMorgan Chase & Co. | 6.300 | 10/31/33 | 2000000 | 2011705 |
| Juniper Networks, Inc. | 1.200 | 12/10/25 | 2000000 | 1963969 |
| Kemper Corp. | 3.800 | 02/23/32 | 3250000 | 2899046 |
| KeyBank N.A. | 4.900 | 08/08/32 | 7000000 | 6596854 |
| Kilroy Realty, L.P. | 2.650 | 11/15/33 | 9155000 | 7002611 |
| Kinder Morgan Energy Partners, L.P. | 5.800 | 03/15/35 | 4500000 | 4540310 |
| Kinder Morgan Inc. | 5.300 | 12/01/34 | 1250000 | 1220991 |
| Kraft Heinz Foods Co. | 5.000 | 07/15/35 | 1000000 | 968352 |
| Lear Corp. | 2.600 | 01/15/32 | 1000000 | 849552 |
| Leggett & Platt, Inc. | 4.400 | 03/15/29 | 8165000 | 7825857 |
| Leidos, Inc. | 7.125 | 07/01/32 | 2518000 | 2754881 |
| Liberty Property LP | 3.250 | 10/01/26 | 5000000 | 4905760 |
| Lincoln Center for the Performing Arts, Inc. | 3.706 | 12/01/35 | 2000000 | 1659143 |
| Lincoln National Corp. (TSFR3M + 2.61911%) (d) | 6.944 | 05/17/66 | 28878000 | 24118678 |
| Lincoln National Corp. (TSFR3M + 2.30161%) (d) | 6.571 | 04/20/67 | 24884000 | 20404794 |
| LKQ Corp. | 6.250 | 06/15/33 | 6775000 | 7049466 |
| Manufacturers & Traders Trust Co. | 5.400 | 11/21/25 | 1000000 | 1002248 |

---

*See Notes to Financial Statements.*

[**Table of Contents**](#toc)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **BOND FUND SCHEDULE OF INVESTMENTS** **(Unaudited) (Continued)** | **BOND FUND SCHEDULE OF INVESTMENTS** **(Unaudited) (Continued)** | **BOND FUND SCHEDULE OF INVESTMENTS** **(Unaudited) (Continued)** | **BOND FUND SCHEDULE OF INVESTMENTS** **(Unaudited) (Continued)** | **BOND FUND SCHEDULE OF INVESTMENTS** **(Unaudited) (Continued)** |
| **May 31, 2025** |  |  |  |  |
|  | Rate (%) | Maturity<br> Date | Principal<br> Amount | Value |
| **BONDS (continued)** |  |  |  |  |
| **Corporate Bonds (continued)** |  |  |  |  |
| Marvell Technology, Inc. | 4.875 | 06/22/28 | 6000000 | $6025557 |
| MasTec, Inc. | 5.900 | 06/15/29 | 7000000 | 7180530 |
| Mather Foundation | 2.675 | 10/01/31 | 1500000 | 1265116 |
| Medallion Financial Corp. (h) | 9.250 | 09/30/28 | 5000000 | 4975000 |
| Merck Sharp & Dohme Corp. (TSFR3M - 0.18839%) (d) | 4.142 | 11/28/41 | 1000000 | 983582 |
| Meridian Corp. (TSFR3M + 3.950%) (d) | 8.248 | 12/30/29 | 10000000 | 9835439 |
| MetLife, Inc. | 5.300 | 12/15/34 | 1250000 | 1264313 |
| Midland States Bancorp, Inc. (TSFR3M + 3.610%, floor 0.000%) (d) | 7.908 | 09/30/29 | 5500000 | 5445360 |
| Minnwest Corp. (TSFR3M + 3.24161%) (d)(h) | 7.498 | 07/15/28 | 6000000 | 5848250 |
| Morgan Stanley (5.500% to 05/30/29, then 5.900%) (k) | 5.500 | 05/30/30 | 2890000 | 2894879 |
| MS Transverse Insurance Group, LLC (h) | 6.000 | 12/15/26 | 5000000 | 5004587 |
| National Bank of Canada | 5.000 | 04/09/29 | 3000000 | 3001150 |
| National Health Investors, Inc. | 3.000 | 02/01/31 | 8186000 | 7137174 |
| Netflix, Inc. (h) | 3.625 | 06/15/25 | 200000 | 199830 |
| New York Mortgage Trust, Inc. | 5.750 | 04/30/26 | 5000000 | 4876406 |
| Newport Realty Trust, Inc. (h)(k) | 15.000 | 12/01/25 | 8995177 | 8905225 |
| Newport Realty Trust, Inc. (k) | 15.000 | 12/01/25 | 899518 | 890522 |
| NexBank Capital, Inc. (TSFR3M + 4.84661%, floor 0.000%) (d)(h) | 9.146 | 09/30/27 | 5000000 | 4919338 |
| Nexpoint Real Estate Finance, Inc. | 5.750 | 05/01/26 | 9000000 | 8733482 |
| Northpointe Bancshares, Inc. (9.000% to 09/01/29, then TSFR3M + 5.500%) (d)(h) | 9.000 | 09/01/34 | 3000000 | 3090985 |
| OceanFirst Financial Corp. (TSFR3M + 5.095%, floor 0.000%) (d) | 9.421 | 05/15/30 | 6000000 | 5902477 |
| Omega Healthcare Investors, Inc. | 3.625 | 10/01/29 | 1150000 | 1081393 |
| Omega Healthcare Investors, Inc. | 3.375 | 02/01/31 | 3675000 | 3314110 |
| Omega Healthcare Investors, Inc. | 3.250 | 04/15/33 | 2600000 | 2194406 |
| Oracle Corp. | 4.300 | 07/08/34 | 1500000 | 1392484 |
| Orange & Rockland Utilities, Inc. | 6.500 | 12/01/27 | 2300000 | 2401134 |
| Orrstown Financial Services, Inc. (TSFR3M + 3.42161%) (d) | 7.721 | 12/30/28 | 1750000 | 1745027 |
| Pacific Premier Bancorp, Inc. (5.375% to 06/15/25, then TSFR3M + 5.170%) (d) | 5.375 | 06/15/30 | 5000000 | 5000000 |
| Parkway Bancorp, Inc. (TSFR3M + 5.65161%) (d)(h) | 9.951 | 03/31/30 | 4250000 | 4252009 |
| Pathfinder Bancorp, Inc. (5.500% to 10/15/25, then TSFR3M + 5.320%) (d) | 5.500 | 10/15/30 | 9650000 | 8771007 |
| PCAP Holdings LP (h) | 6.500 | 07/15/28 | 10000000 | 9131452 |
| Peapack-Gladstone Financial Corp. (3.500% to 12/30/25, then TSFR3M + 3.260%) (d) | 3.500 | 12/30/30 | 3000000 | 2884602 |
| Pedcor Bancorp (TSFR3M + 4.86161%, floor 0.000%) (d)(h) | 9.188 | 02/15/29 | 3000000 | 2860425 |
| Pelorus Fund REIT LLC (h) | 7.000 | 09/30/26 | 5000000 | 4936582 |
| Philips Electronics N.V. | 7.200 | 06/01/26 | 2581000 | 2632354 |
| Physicians Realty Trust | 2.625 | 11/01/31 | 1000000 | 864913 |
| Piedmont Operating Partnership, LP | 2.750 | 04/01/32 | 8854000 | 7103638 |
| Pinnacle Financial Partners, Inc. (TSFR3M + 3.03661%, floor 3.040%) (d) | 7.336 | 09/15/29 | 5000000 | 4901573 |
| Polaris Inc. | 6.950 | 03/15/29 | 7250000 | 7518116 |
| Post Brothers Holdings LLC (h) | 9.000 | 08/18/25 | 5000000 | 4973965 |
| Public Service Co. of New Mexico | 3.850 | 08/01/25 | 2500000 | 2489389 |
| PulteGroup Inc. | 6.375 | 05/15/33 | 1300000 | 1370664 |
| PVH Corp. | 4.625 | 07/10/25 | 5680000 | 5677691 |
| Qorvo, Inc. | 4.375 | 10/15/29 | 7500000 | 7194649 |
| Radian Group Inc. | 6.200 | 05/15/29 | 6749000 | 6943664 |
| Ready Capital Corp. | 5.500 | 12/30/28 | 10000000 | 7944035 |
| ReadyCap Holdings, LLC (h) | 4.500 | 10/20/26 | 10000000 | 9466023 |
| Realty Income Corp. | 5.050 | 01/13/26 | 203000 | 202579 |
| Realty Income Corp. | 1.800 | 03/15/33 | 1250000 | 985713 |

---

*See Notes to Financial Statements.*

[**Table of Contents**](#toc)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **BOND FUND SCHEDULE OF INVESTMENTS** **(Unaudited) (Continued)** | **BOND FUND SCHEDULE OF INVESTMENTS** **(Unaudited) (Continued)** | **BOND FUND SCHEDULE OF INVESTMENTS** **(Unaudited) (Continued)** | **BOND FUND SCHEDULE OF INVESTMENTS** **(Unaudited) (Continued)** | **BOND FUND SCHEDULE OF INVESTMENTS** **(Unaudited) (Continued)** |
| **May 31, 2025** |  |  |  |  |
|  | Rate (%) | Maturity<br> Date | Principal<br> Amount | Value |
| **BONDS (continued)** |  |  |  |  |
| **Corporate Bonds (continued)** |  |  |  |  |
| Reinsurance Group of America, Inc. (TSFR3M + 2.92661%) (d) | 7.226 | 12/15/65 | 12898000 | $12255405 |
| Ryder System, Inc. | 4.625 | 06/01/25 | 737000 | 737000 |
| Sabra Health Care LP | 3.200 | 12/01/31 | 3050000 | 2654229 |
| SCRE Intermediate Holdco, LLC (6.750% to 02/15/26, 7.000% to 2/15/27, 7.250% to 02/15/28, 7.500% to 02/15/29, 7.750% to 08/15/29, then 8.750%) (h)(k) | 6.750 | 02/15/30 | 8000000 | 7569018 |
| Scripps Networks Interactive, Inc. | 3.950 | 06/15/25 | 491000 | 490591 |
| Signature Bank New York (e)(f) | 4.000 | 10/15/30 | 1595000 | 909150 |
| Simon Property Group, L.P. | 4.750 | 09/26/34 | 4187000 | 3997202 |
| South State Bank (4.000% to 09/15/25, then TSFR3M + 3.885%) (d) | 4.000 | 09/15/30 | 2000000 | 1947896 |
| South Street Securities Funding LLC (h) | 6.250 | 12/30/26 | 5000000 | 4995971 |
| Southern National Bancorp of Virginia, Inc. (TSFR3M + 4.21161%) (d)(h) | 8.491 | 01/31/27 | 2000000 | 1964288 |
| Southern National Bancorp of Virginia, Inc. (5.400% to 09/01/25, then TSFR3M + 5.310%) (d) | 5.400 | 09/01/30 | 2000000 | 1960000 |
| SouthState Corp. (5.750% to 06/01/25, then TSFR3M + 5.617%) (d) | 5.750 | 06/01/30 | 690000 | 686550 |
| Stanley Black & Decker Inc. | 6.272 | 03/06/26 | 3000000 | 3000485 |
| Stanley Black & Decker Inc. | 3.000 | 05/15/32 | 1129000 | 969705 |
| Store Capital LLC | 4.500 | 03/15/28 | 2500000 | 2455048 |
| Sumitomo Mitsui Financial Group, Inc. | 5.632 | 01/15/35 | 500000 | 510480 |
| Synchrony Bank | 5.400 | 08/22/25 | 1000000 | 1001123 |
| Synchrony Financial | 4.875 | 06/13/25 | 2576000 | 2576383 |
| Synchrony Financial | 3.950 | 12/01/27 | 1000000 | 972054 |
| Sysco Corp. | 6.000 | 01/17/34 | 500000 | 527965 |
| Take-Two Interactive Software, Inc. | 5.600 | 06/12/34 | 1000000 | 1012264 |
| Targa Resources Partners LP / Targa Resources Partners Finance Corp. | 6.875 | 01/15/29 | 5000000 | 5095981 |
| TD SYNNEX Corp. | 6.100 | 04/12/34 | 2500000 | 2559483 |
| Texas State Bankshares, Inc. (TSFR3M + 3.81161%, floor 3.550%) (d)(h) | 8.111 | 06/15/29 | 4000000 | 3990263 |
| Textron Inc. | 6.100 | 11/15/33 | 2350000 | 2453264 |
| The Conservation Fund | 3.474 | 12/15/29 | 2257000 | 2115587 |
| Time Warner Inc. | 7.700 | 05/01/32 | 2500000 | 2612024 |
| Toll Brothers Finance Corp. | 4.350 | 02/15/28 | 3000000 | 2971947 |
| Toronto-Dominion Bank | 5.250 | 04/16/30 | 3000000 | 2967771 |
| Toronto-Dominion Bank | 2.450 | 01/12/32 | 1000000 | 861320 |
| TransCanada PipeLines Ltd. (TSFR3M + 2.47161%) (d) | 6.798 | 05/15/67 | 18223000 | 16369153 |
| Trinitas Capital Management, LLC (h) | 6.000 | 07/30/26 | 3000000 | 2865000 |
| TriState Capital Holdings, Inc. (TSFR3M + 5.62161%) (d) | 9.948 | 05/15/30 | 10775000 | 10734616 |
| Truist Bank | 2.250 | 03/11/30 | 1000000 | 883532 |
| Truist Financial Corp. (6.669% to 09/01/29, then H15T5Y + 3.003%) (d)(g) | 6.669 | 09/01/25 | 10552000 | 10484308 |
| Tyson Foods, Inc. | 5.700 | 03/15/34 | 2500000 | 2543975 |
| UBS AG, Stamford Branch | 7.500 | 07/15/25 | 1000000 | 1002274 |
| UDR, Inc. | 3.100 | 11/01/34 | 2192000 | 1804037 |
| UnitedHealth Group Inc. | 4.625 | 07/15/35 | 500000 | 472052 |
| Universal Insurance Holdings, Inc. | 5.625 | 11/30/26 | 7000000 | 6888018 |
| Unum Group | 3.875 | 11/05/25 | 830000 | 824996 |
| Upjohn Inc. | 2.700 | 06/22/30 | 8050000 | 7028247 |
| UTB Financial Holding Co. (TSFR3M + 3.88161%) (d)(h) | 8.200 | 09/01/28 | 6000000 | 5862459 |
| Valley National Bancorp | 4.550 | 06/30/25 | 8000000 | 7989956 |
| Ventas Realty, LP | 5.625 | 07/01/34 | 1250000 | 1262131 |
| Ventas Realty, LP | 5.000 | 01/15/35 | 2000000 | 1921426 |
| VeriSign, Inc. | 2.700 | 06/15/31 | 1000000 | 878048 |
| Virginia Electric and Power Co. | 6.000 | 01/15/36 | 3400000 | 3524490 |
| Volunteer State Bancshares, Inc. (TSFR3M + 4.365%, floor 4.365%) (d)(h) | 8.690 | 11/15/29 | 9000000 | 8824783 |

---

*See Notes to Financial Statements.*

[**Table of Contents**](#toc)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **BOND FUND SCHEDULE OF INVESTMENTS** **(Unaudited) (Continued)** | **BOND FUND SCHEDULE OF INVESTMENTS** **(Unaudited) (Continued)** | **BOND FUND SCHEDULE OF INVESTMENTS** **(Unaudited) (Continued)** | **BOND FUND SCHEDULE OF INVESTMENTS** **(Unaudited) (Continued)** | **BOND FUND SCHEDULE OF INVESTMENTS** **(Unaudited) (Continued)** |
| **May 31, 2025** |  |  |  |  |
|  | Rate (%) | Maturity<br> Date | Principal<br> Amount | Value |
| **BONDS (continued)** |  |  |  |  |
| **Corporate Bonds (continued)** |  |  |  |  |
| Voya Financial, Inc. | 5.000 | 09/20/34 | 6000000 | $5706104 |
| Wachovia Bank (TSFR3M + 0.06161%) (d) | 4.391 | 11/27/40 | 1214000 | 1210183 |
| Warnermedia Holdings, Inc. | 4.279 | 03/15/32 | 5954000 | 5052776 |
| Washington Gas Light Co. | 5.440 | 08/11/25 | 3700000 | 3699422 |
| Waypoint Residential LLC | 0.000 | 12/31/29 | 4496594 | 1843604 |
| Waypoint Residential LLC | 0.000 | 12/31/31 | 5403406 | 1080681 |
| Webster Financial Corp. (TSFR3M + 2.530%) (d) | 6.818 | 12/30/29 | 9700000 | 9606339 |
| Western Midstream Operating, LP | 6.350 | 01/15/29 | 5000000 | 5189746 |
| Westinghouse Air Brake Technologies Corp. | 3.200 | 06/15/25 | 600000 | 599311 |
| Wingspire Equipment Finance LLC (h) | 6.000 | 06/30/26 | 6000000 | 5795776 |
| Zimmer Biomet Holdings, Inc. | 5.200 | 09/15/34 | 1250000 | 1231730 |
| Zimmer Biomet Holdings, Inc. | 4.250 | 08/15/35 | 1302000 | 1163524 |
| Zions Bancorp | 3.250 | 10/29/29 | 9092000 | 8206898 |
| **Residential Mortgage-Backed Securities - 0.0%^** |  |  |  | **107303** |
| Hawaii Housing Finance & Development Corp. | 2.600 | 07/01/37 | 113315 | 107303 |
| **Taxable Municipal Bonds - 0.0%^** |  |  |  | **573076** |
| Buffalo State College Foundation Housing Corp. | 2.600 | 11/01/28 | 380000 | 347821 |
| Summit County OH Development Finance Authority | 6.250 | 05/15/26 | 225000 | 225255 |
| **U.S. Government & Agency Securities - 3.0%** |  |  |  | **49037789** |
| Federal Farm Credit Banks | 5.120 | 09/11/30 | 10000000 | 9968272 |
| Federal Home Loan Banks | 5.000 | 11/12/31 | 4130000 | 4108482 |
| U.S. Treasury Bonds | 2.750 | 08/31/25 | 15000000 | 14943398 |
| U.S. Treasury Bonds | 5.000 | 09/30/25 | 5000000 | 5009668 |
| U.S. Treasury Bonds | 4.500 | 11/15/25 | 15000000 | 15007969 |

---

*See Notes to Financial Statements.*

[**Table of Contents**](#toc)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **BOND FUND SCHEDULE OF INVESTMENTS** **(Unaudited) (Continued)** | **BOND FUND SCHEDULE OF INVESTMENTS** **(Unaudited) (Continued)** | **BOND FUND SCHEDULE OF INVESTMENTS** **(Unaudited) (Continued)** | **BOND FUND SCHEDULE OF INVESTMENTS** **(Unaudited) (Continued)** | **BOND FUND SCHEDULE OF INVESTMENTS** **(Unaudited) (Continued)** |
| **May 31, 2025** |  |  |  |  |
|  | Rate (%) | Maturity<br> Date | Principal<br> Amount | Value |
| **BONDS (continued)** |  |  |  |  |
| **U.S. Government Agency Mortgage-Backed Securities - 2.0%** |  |  |  | **$33497430** |
| Fannie Mae Interest Strip, Series 419 C6 (IO) | 3.500 | 05/25/44 | 2200783 | 317575 |
| Fannie Mae REMIC, Series 2020-63 KG | 2.500 | 09/25/50 | 2000252 | 1735730 |
| Fannie Mae REMIC, Series 2020-88 Z | 2.000 | 12/25/50 | 2713671 | 1300144 |
| Fannie Mae REMIC, Series 2021-72 UZ | 2.000 | 10/25/51 | 2345876 | 1010320 |
| Freddie Mac REMIC, Series 4116 US (IO) (-1.0 times (SOFR30A + 4.71448%), floor 0.000%, cap 4.600%) (d) | 0.136 | 10/15/42 | 4310747 | 243104 |
| Freddie Mac REMIC, Series 5041 JH | 1.500 | 11/25/50 | 764855 | 355757 |
| Freddie Mac REMIC, Series 5083 ZJ | 2.000 | 03/25/51 | 3306619 | 1681547 |
| Freddie Mac REMIC, Series 5115 CZ | 3.000 | 04/25/51 | 551386 | 293191 |
| Freddie Mac REMIC, Series 5142 ZH | 2.500 | 09/25/51 | 1440099 | 773165 |
| Freddie Mac REMIC, Series 5146 ZY | 2.000 | 07/25/51 | 3457502 | 1772925 |
| Freddie Mac REMIC, Series 5154 ZQ | 2.500 | 10/25/51 | 4584048 | 2865923 |
| Ginnie Mae REMIC Trust, Series 2019-136 ES (IO) (-1.0 times (TSFR1M + 6.16448%), floor 0.000%, cap 6.050%) (d) | 1.611 | 03/20/48 | 3483488 | 320285 |
| Ginnie Mae REMIC Trust, Series 2020-134 BZ | 1.000 | 09/16/50 | 1024785 | 400559 |
| Ginnie Mae REMIC Trust, Series 2021-27 ZL | 1.000 | 02/20/51 | 1656456 | 668802 |
| Ginnie Mae REMIC Trust, Series 2021-66 PU | 1.000 | 04/20/51 | 389458 | 287787 |
| Ginnie Mae REMIC Trust, Series 2021-130 CZ | 3.000 | 07/20/51 | 2673017 | 1759218 |
| Ginnie Mae REMIC Trust, Series 2021-131 MZ | 2.000 | 07/20/51 | 1243252 | 584224 |
| Ginnie Mae REMIC Trust, Series 2021-136 EZ | 2.500 | 08/20/51 | 4457431 | 2831599 |
| Ginnie Mae REMIC Trust, Series 2021-136 KZ | 2.000 | 08/20/51 | 7090997 | 4028672 |
| Ginnie Mae REMIC Trust, Series 2021-136 QZ | 2.000 | 08/20/51 | 3339123 | 1844371 |
| Ginnie Mae REMIC Trust, Series 2021-139 ZJ | 2.500 | 08/20/51 | 2253756 | 1362210 |
| Ginnie Mae REMIC Trust, Series 2021-142 MZ | 2.000 | 08/20/50 | 739204 | 358044 |
| Ginnie Mae REMIC Trust, Series 2021-154 AZ | 2.500 | 09/20/51 | 3477953 | 2143790 |
| Ginnie Mae REMIC Trust, Series 2021-154 PZ | 2.500 | 09/20/51 | 3176914 | 1871892 |
| Ginnie Mae REMIC Trust, Series 2021-156 NZ | 2.000 | 09/20/51 | 3983441 | 2216864 |
| Ginnie Mae REMIC Trust, Series 2021-158 PU | 1.000 | 09/20/51 | 1233097 | 469732 |

---

*See Notes to Financial Statements.*

[**Table of Contents**](#toc)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **BOND FUND SCHEDULE OF INVESTMENTS** **(Unaudited) (Continued)** | **BOND FUND SCHEDULE OF INVESTMENTS** **(Unaudited) (Continued)** | **BOND FUND SCHEDULE OF INVESTMENTS** **(Unaudited) (Continued)** | **BOND FUND SCHEDULE OF INVESTMENTS** **(Unaudited) (Continued)** | **BOND FUND SCHEDULE OF INVESTMENTS** **(Unaudited) (Continued)** |
| **May 31, 2025** |  |  |  |  |
|  | Rate (%) | Maturity<br> Date | Shares or<br> Principal<br> Amount | Value |
| **SHORT-TERM INVESTMENTS - 6.5%** |  |  |  | **$108528058** |
| (COST $108,530,871) |  |  |  |  |
| **Money Market Funds - 0.0%^** |  |  |  | **100000** |
| First American Government Obligations Fund Class X (a) | 4.241 |  | 100000 | 100000 |
| **U.S. Government & Agency Securities - 6.5%** |  |  |  | **108428058** |
| U.S. Treasury Bills (b) | 4.228 | 06/05/25 | 6000000 | 5997216 |
| U.S. Treasury Bills (b) | 4.234 | 06/12/25 | 15000000 | 14980702 |
| U.S. Treasury Bills (b) | 4.241 | 06/26/25 | 15000000 | 14956417 |
| U.S. Treasury Bills (b) | 4.204 | 07/10/25 | 15000000 | 14932313 |
| U.S. Treasury Bills (b) | 4.205 | 07/15/25 | 15000000 | 14922914 |
| U.S. Treasury Bills (b) | 4.199 | 07/24/25 | 15000000 | 14908023 |
| U.S. Treasury Bills (b) | 4.206 | 08/07/25 | 15000000 | 14883675 |
| U.S. Treasury Bills (b) | 4.161 | 09/11/25 | 13000000 | 12846798 |
| **TOTAL INVESTMENTS - 98.9% (COST $1,813,595,547)** |  |  |  | **1636605283** |
| **NET OTHER ASSETS AND LIABILITIES - 1.1%** |  |  |  | **17828183** |
| **NET ASSETS - 100.0%** |  |  |  | **$1654433466** |

---

*See Notes to Financial Statements.*

[**Table of Contents**](#toc)

**BOND FUND SCHEDULE OF INVESTMENTS** **(Unaudited) (Continued)**

**May 31, 2025**<br>

---

| | |
|:---|:---|
| a) | Rate shown represents the 7-day yield at May 31, 2025. |
| b) | Rate shown represents the current yield for U.S. Treasury Bills at May 31, 2025. |
| c) | Rate is subject to adjustment due to credit ratings service downgrades or subsequent upgrades. |
| d) | Variable rate security. Interest rates reset periodically. Interest rate shown reflects the rate in effect at <br> May 31, 2025. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description above. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. Fixed-to-floating securities reflect their current fixed interest rate, predetermined floating interest rate effective date and the future published reference rate and spread. Securities referencing LIBOR are expected to transition to an alternative reference rate by the security's next scheduled coupon reset date. At May 31, 2025, the aggregate value of LIBOR-based reference rate securities was $9,322,519, representing 0.56% of net assets. |
| e) | Non-income producing security. |
| f) | Issuer in default on interest and/or principal repayment. |
| g) | Perpetual maturity. Date shown represents next contractual call date. |
| h) | Security subject to restrictions on resale under federal securities laws and which therefore may only be resold upon registration under the Securities Act of 1933, as amended, or in transactions exempt from registration, including sales to qualified institutional buyers under Rule 144A of the Securities Act of 1933, as amended. At May 31, 2025, the aggregate value of these securities was $417,907,210, representing 25.26% of net assets. |
| i) | Illiquid security at May 31, 2025. At May 31, 2025, the aggregate value of these securities was $35,751,287, representing 2.16% of net assets. |
| j) | Level 3 security as described in the accompanying notes. Securities valued using unadjusted broker quotes from brokers or pricing services. Such values are based on unobservable inputs. At May 31, 2025, the aggregate value of these securities was $440,000, representing 0.03% of net assets. |
| k) | Security is a "step-up" bond where the coupon increases or steps up at a predetermined date. Securities which do not indicate a future coupon rate in their description above are at their final coupon rate at May 31, 2025. |
| ^ | Rounds to 0.0%. |
| **Abbreviations** | **Abbreviations** |
| H15T5Y | 5-Year Treasury Constant Maturity Rate |
| IO | Interest Only Security |
| LIBOR | London Interbank Offered Rate |
| SOFR30A | U.S. 30-Day Average Secured Overnight Financing Rate |
| SOFRRATE | U.S. Secured Overnight Financing Rate |
| TSFR1M | CME Term SOFR 1-Month Rate |
| TSFR3M | CME Term SOFR 3-Month Rate |
| USISDA02 | 2-Year Dollar ICE Swap Rate |
| USISDA05 | 5-Year Dollar ICE Swap Rate |
| USISDA10 | 10-Year Dollar ICE Swap Rate |
| USISDA30 | 30-Year Dollar ICE Swap Rate |
| AG | Aktiengesellschaft is the German term for a public limited liability corporation. |
| CDFI | Community Development Financial Institution |
| N.V. | Naamloze Vennootschap is the Dutch term for a public limited liability corporation. |
| PLC | Public Limited Company |
| REIT | Real Estate Investment Trust |
| REMIC | Real Estate Mortgage Investment Conduit |
| SARL | Société à responsabilité limitée is the Luxembourg term for a private limited liability company. |

---

*See Notes to Financial Statements.*

[**Table of Contents**](#toc)

---

| |
|:---|
| **BOND FUND SCHEDULE OF INVESTMENTS** **(Unaudited) (Continued)** |
| **May 31, 2025** |

---

The following is a summary of the inputs used to value the Funds' investments as of May 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Bonds** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Asset-backed securities | $— | $183432381 | $— | $**183432381** |
| Commercial mortgage-backed securities |  | 197864864 |  | **197864864** |
| Convertible bonds |  |  | 100000 | **100000** |
| Corporate bonds |  | 1063124382 | 340000 | **1063464382** |
| Residential mortgage-backed securities |  | 107303 |  | **107303** |
| Taxable municipal bonds |  | 573076 |  | **573076** |
| U.S. government & agency securities |  | 49037789 |  | **49037789** |
| U.S. government agency mortgage-backed securities |  | 33497430 |  | **33497430** |
| **Total bonds** | **—** | **1527637225** | **440000** | **1528077225** |
| **Short-term investments** |  |  |  |  |
| Money market funds | 100000 |  |  | **100000** |
| U.S. government & agency securities |  | 108428058 |  | **108428058** |
| **Total short-term investments** | **100000** | **108428058** | **—** | **108528058** |
| **Total investments** | $**100000** | $**1636065283** | $**440000** | $**1636605283** |

---

For more information on valuation inputs, see financial statement Note 2 – Significant Accounting Policies.

The following is a reconciliation of investments with unobservable inputs (level 3) that were used in determining fair value. These securities were fair valued as of May 31, 2025 using unadjusted broker quotes from brokers.

---

| | | | |
|:---|:---|:---|:---|
| **Level 3 Securities Reconciliation** | **Convertible bonds** | **Corporate<br> bonds** | **Total** |
| Balance at November 30, 2024 | $100000 | $340000 | $**440000** |
| Purchases |  |  | **—** |
| Sales |  |  | **—** |
| Net realized gain (loss) |  |  | **—** |
| Net change in unrealized appreciation (depreciation) |  |  | **—** |
| Accrued interest |  |  | **—** |
| Transfers into level 3 |  |  | **—** |
| Transfers out of level 3 |  |  | **—** |
| **Balance as of May 31, 2025** | $**100000** | $**340000** | $**440000** |

---

*See Notes to Financial Statements.*

[**Table of Contents**](#toc)

---

| |
|:---|
| **STATEMENTS OF ASSETS AND LIABILITIES (Unaudited)** |
| **May 31, 2025** *(In thousands, except per share amounts)* |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **LARGECAP<br> FUND** | **MIDCAP<br> FUND** | **BOND<br> FUND** |
| **Assets** |  |  |  |
| Total investments in securities, at value <sup>(a)</sup> | $164944 | $47680 | $1636605 |
| Cash | 40 | - | 2918 |
| Receivable from fund shares sold | 11 | 2 | 844 |
| Dividends and interest receivable (net of foreign tax) | 257 | 59 | 16042 |
| Prepaid directors fees | - | - | 6 |
| Prepaid expenses | 13 | 12 | 69 |
| **Total assets** | **165265** | **47753** | **1656484** |
| **Liabilities** |  |  |  |
| Payable for fund shares redeemed | 77 | - | 1027 |
| Accrued expenses payable | 26 | 18 | 90 |
| Due to Advisor | 118 | 34 | 934 |
| **Total liabilities** | **221** | **52** | **2051** |
| **Net assets** | **$165044** | **$47701** | **$1654433** |
| **Net assets consist of** |  |  |  |
| Capital stock ($.001 par value) | $110222 | $36153 | $2165535 |
| Total distributable earnings (accumulated deficit) | 54822 | 11548 | (511102) |
| **Net assets** | **$165044** | **$47701** | **$1654433** |
| **Net asset value per share** |  |  |  |
| Shares of capital stock outstanding (unlimited shares authorized) | 1642 | 3579 | 157136 |
| **Offering and redemption price** | **$100.54** <sup>(b)</sup> | **$13.33** | **$10.53** |
| (a) Cost of investments in securities | $119487 | $39335 | $1813595 |
| (b) Does not recalculate due to rounding |  |  |  |

---

*See Notes to Financial Statements.*

[**Table of Contents**](#toc)

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| |
|:---|
| **STATEMENTS OF OPERATIONS** **(Unaudited)** |
| **Six-Month Period Ended May 31, 2025** *(In thousands)* |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>**Investment income** | **LARGECAP<br> FUND** | **MIDCAP<br> FUND** | **BOND<br> FUND** |
| Interest | $1 | $1 | $49727 |
| Dividends | 1431 | 420 | - |
| Less foreign taxes withheld | (10) | (4) | (2) |
| **Total investment income** | **1422** | **417** | **49725** |
| **Expenses** |  |  |  |
| Investment advisory fees | 796 | 258 | 4990 |
| Shareholder servicing costs | 36 | 13 | 342 |
| Administrative & accounting services fees | 68 | 33 | 291 |
| Directors fees | 17 | 12 | 71 |
| Custody fees | 6 | 3 | 51 |
| Professional fees | 22 | 20 | 48 |
| Federal & state registration | 17 | 15 | 43 |
| Interest expense from line of credit (see note 2) | 7 | 2 | - |
| Other expenses | 20 | 11 | 183 |
| **Total expenses** | **989** | **367** | **6019** |
| Less expenses reimbursed by Advisor | (140) | (69) | - |
| **Net expenses** | **849** | **298** | **6019** |
| **Net investment income** | **573** | **119** | **43706** |
| **Realized and unrealized gain (loss)** |  |  |  |
| Net realized gain (loss) on investments | 9176 | 3195 | (2330) |
| Net unrealized appreciation (depreciation) on investments | (16600) | (6852) | 2595 |
| **Net realized and unrealized gain (loss)** | **(7424**) | **(3657**) | **265** |
| **Increase (Decrease) in net assets resulting from operations** | **($6851**) | **($3538**) | **$43971** |

---

*See Notes to Financial Statements.*

 

[**Table of Contents**](#toc)

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| |
|:---|
| **STATEMENTS OF CHANGES IN NET ASSETS** |
| *(In thousands)* |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LARGECAP<br> FUND** | **LARGECAP<br> FUND** | **MIDCAP<br> FUND** | **MIDCAP<br> FUND** | **BOND<br> FUND** | **BOND<br> FUND** |
|  | Six-Month Period Ended <br> May 31, 2025<br> (Unaudited) | Year Ended<br> November 30, 2024 | Six-Month Period Ended <br> May 31, 2025<br> (Unaudited) | Year Ended<br> November 30, 2024 | Six-Month Period Ended <br> May 31, 2025<br> (Unaudited) | Year Ended<br> November 30, 2024 |
| **Operations** |  |  |  |  |  |  |
| Net investment income | $573 | $1151 | $119 | $328 | $43706 | $73920 |
| Net realized gain (loss) on investments | 9176 | 18265 | 3195 | 4003 | (2330) | (1239) |
| Net unrealized appreciation (depreciation) on investments | (16600) | 28016 | (6852) | 8580 | 2595 | 101202 |
| **Net increase (decrease) in net assets resulting from operations** | **(6851)** | **47432** | **(3538)** | **12911** | **43971** | **173883** |
| **Distributions to shareholders** |  |  |  |  |  |  |
| Total distributions to shareholders | (19415) | (13166) | (4171) | (3974) | (40145) | (73369) |
| **Net decrease in net assets resulting from distributions to shareholders** | **(19415)** | **(13166)** | **(4171)** | **(3974)** | **(40145)** | **(73369)** |
| **Fund share transactions** |  |  |  |  |  |  |
| Proceeds from shares sold | 3898 | 5017 | 2011 | 2831 | 320848 | 546003 |
| Reinvestment of distributions | 17869 | 12801 | 3712 | 3353 | 39284 | 71473 |
| Cost of shares redeemed | (20715) | (20567) | (9484) | (6432) | (311944) | (338829) |
| **Net increase (decrease) in net assets resulting from fund share transactions** | **1052** | **(2749)** | **(3761)** | **(248)** | **48188** | **278647** |
| **Total increase (decrease) in net assets** | **(25214)** | **31517** | **(11470)** | **8689** | **52014** | **379161** |
| **Net assets** |  |  |  |  |  |  |
| Beginning of year | 190258 | 158741 | 59171 | 50482 | 1602419 | 1223258 |
| **End of period** | **$165044** | **$190258** | **$47701** | **$59171** | **$1654433** | **$1602419** |
| **Share transactions** |  |  |  |  |  |  |
| Shares sold | 38 | 51 | 148 | 210 | 30557 | 53109 |
| Shares issued in reinvestment of distributions | 178 | 135 | 276 | 251 | 3764 | 7065 |
| Shares redeemed | (209) | (200) | (723) | (468) | (29725) | (33357) |
| **Net increase (decrease) in fund shares outstanding** | **7** | **(14)** | **(299)** | **(7)** | **4596** | **26817** |

---

*See Notes to Financial Statements.*

 

[**Table of Contents**](#toc)

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| |
|:---|
| **NOTES TO FINANCIAL STATEMENTS** **(Unaudited)** |
| **May 31, 2025** |

---

**NOTE 1 - ORGANIZATION**

Thompson IM Funds, Inc. (the "Company") is a Wisconsin corporation registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end, diversified management investment company.

The Company consists of separate mutual funds series (each, a "Fund," and collectively, the "Funds"): Thompson LargeCap Fund (the "LargeCap Fund"), Thompson MidCap Fund (the "MidCap Fund") and Thompson Bond Fund (the "Bond Fund"). The assets and liabilities of each Fund are segregated and a shareholder's interest is limited to the Fund in which the shareholder owns shares. The objectives and strategies of each Fund are described in the Funds' Prospectus.

**NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES**

The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements. The Funds are investment companies and accordingly follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 Financial Services — Investment Companies.

VALUATION POLICY AND PROCEDURES - The Funds' Board of Directors (the "Funds' Board") has adopted methods for valuing securities set forth in the Funds' Pricing Policies and Procedures, including circumstances in which market quotes are not readily available or deemed to be unreliable, and has delegated authority to the Advisor, as the Board appointed valuation designee, to apply those methods in making fair value determinations in accordance with procedures approved by the Funds' Board. The valuation designee has established a valuation committee that, along with other Advisor employees, administers, implements, and oversees the fair valuation process and makes fair value decisions. The valuation committee regularly reviews its own fair value decisions, as well as valuations, valuation techniques and services furnished by pricing services; considers circumstances in the markets which may require it to make or adjust valuation determinations; and reviews previous valuation determinations. The valuation committee reports on its activities and any changes to the fair valuation guidelines to the Funds' Board.

Rule 2a-5 adopted by the Securities and Exchange Commission (the "SEC") governing fund valuation practices has established a framework for determining fair value in good faith for purposes of Section 29(a)(41) of the 1940 Act. Rule 2a-5 permits fund boards to designate certain parties to perform fair value determinations, subject to board oversight. Rule 2a-5 also defines when market quotations are "readily available" for purposes of the 1940 Act, which requires a fund to fair value a security when market quotations are not readily available. The Funds adopted a valuation policy adhering to the new rule and there was no material impact to the Funds.

VALUATION MEASUREMENTS - In accordance with generally accepted accounting principles in the United States of America ("GAAP"), fair value is defined as the price that each Fund would receive to sell an investment or pay to transfer a liability in an orderly transaction with an independent buyer in the principal market, or in the absence of a principal market the most advantageous market for the investment or liability. GAAP established a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes.

Various inputs are used in determining the value of each Fund's investments. These inputs are summarized in the three broad levels listed below:

Level 1 - Quoted prices in active markets for identical securities.

Level 2 - Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

Level 3 - Significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments).

[**Table of Contents**](#toc)

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| |
|:---|
| **NOTES TO FINANCIAL STATEMENTS** **(Unaudited) (Continued)** |
| **May 31, 2025** |

---

Inputs may include price information, specific and broad credit data, liquidity statistics, and other factors. The Funds consider observable data to be that market data which is readily available, regularly distributed or updated, reliable and verifiable, not proprietary, and provided by independent sources that are actively involved in the relevant market. The determination of what constitutes "observable" requires significant judgment by the Funds. The categorization of a security within the hierarchy is based upon the pricing transparency of the security and does not necessarily correspond to a Fund's perceived risk of that security. The inputs used to measure fair value may fall into different levels of the fair valuation hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the lowest level that is significant to the fair value measurement in its entirety.

SECURITY VALUATION - Each Fund's equity securities, including common stocks, ADRs, REITs and rights, are valued at their market prices (generally the last reported sales price on the exchange where the securities are primarily traded or, for Nasdaq-listed securities, at their Nasdaq Official Closing Prices). If no sales are reported on a particular day, the mean between the highest bid and lowest asked quotations at the close of the exchanges will generally be used. To the extent these securities are actively traded, and valuation adjustments are not applied, they are categorized in level 1 of the fair value hierarchy. When adjustments to observable prices are applied or when the market is considered inactive, securities will be categorized in level 2 of the fair value hierarchy.

Investments in money market mutual funds are generally priced at the ending net asset value provided by the service agent of the funds. These securities will be categorized as level 1 securities.

Fixed-income securities such as corporate bonds, convertible bonds, asset-backed securities, mortgage-backed securities, U.S. government and agency securities, sovereign bonds, municipal bonds and commercial paper are typically valued based on valuations published by an independent pricing service, which uses various valuation methodologies such as matrix pricing and other analytical pricing models as well as market transactions and dealer quotations. Factors considered by pricing services include market characteristics such as benchmark yield curves, option-adjusted spreads, credit spreads and fundamental analytical data relating to the issuer. Short-term investments in fixed-income securities (those with remaining maturities of 60 days or less) are generally valued on an amortized cost basis. Fixed-income securities will generally be categorized in level 2 of the fair value hierarchy, in instances where lower relative weight is placed on transaction prices, quotations, or similar observable inputs, they are categorized in level 3.

Where market quotations are not readily available or are unreliable, a value is determined in good faith pursuant to procedures established by the Funds' Board. When determining the value of a security, consideration is given to the facts and circumstances relevant to the particular situation, which includes factors such as fundamental analytical data relating to the investment, which may include consideration of yields or prices of securities of comparable quality, coupon rate, maturity and type of issue, nature and duration of any restrictions on disposition of the security and an evaluation of forces that influence the market in which the securities are purchased or sold. Fair value pricing is an inherently subjective process, and no single standard exists for determining fair value. Different funds could reasonably arrive at different values for the same security.

[**Table of Contents**](#toc)

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| |
|:---|
| **NOTES TO FINANCIAL STATEMENTS** **(Unaudited) (Continued)** |
| **May 31, 2025** |

---

SECURITIES TRANSACTIONS AND INVESTMENT INCOME - Investment securities transactions are accounted for on the trade date. Dividend income is recorded on the ex-dividend date. Interest income is recorded as earned. Gains or losses realized on sales of securities are determined by comparing the identified cost of the security lot sold with the net sales proceeds. Discounts/premiums on debt securities purchased are accreted/amortized over the life of the respective securities using the effective interest method for both book and tax purposes. Management evaluates amortization to earliest call date on debt securities held at a premium to determine if there is a material impact on the financial statements. Gains and losses on paydowns of asset-backed and mortgage-backed securities are reflected in interest income on the Statements of Operations. Payments received for interest-only or "IO" class mortgage securities are included in interest income. Because no principal will be received at the maturity of an IO, adjustments are made to the cost of the security on a daily basis until maturity. These adjustments are included in interest income on the Statements of Operations. Income and capital gains on some foreign securities may be subject to foreign withholding taxes, which are accrued as applicable, and have been provided for in accordance with the Funds' understanding of the applicable country's tax rules and rates. The ability of the issuers of the debt securities held by the Funds to meet their obligations may be affected by economic developments in a specific industry, state, or region. Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivables when the collection of all or a portion of interest has become doubtful. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.

EXPENSES - Each Fund is charged for those expenses that are directly attributed to it. Expenses that are not readily identifiable to a specific Fund are generally allocated among the Funds in proportion to the relative sizes of the Funds.

SECURITIES PURCHASED ON A WHEN-ISSUED OR DELAYED-DELIVERY BASIS - Each Fund may purchase securities on a when-issued or delayed-delivery basis. When-issued securities are securities purchased with delivery to occur at a later date at a stated price and/or yield, thereby involving the risk that the price and/or yield obtained may be more or less than those available in the market when delivery takes place. At the time a Fund makes a commitment to purchase a security on a when-issued basis, the Fund records the transaction and reflects the value of the security in determining net asset value. Each Fund designates and maintains cash and marketable securities at least equal in value to commitments for when-issued securities. There were no when-issued or delayed-delivery transactions at May 31, 2025.

LINE OF CREDIT - The Funds have established an unsecured line of credit ("LOC") with U.S. Bank N.A. which expires October 31, 2025, used primarily to finance redemption payments. Each individual Fund's borrowing under the LOC is limited to 5% of the value of that Fund's net assets, 33.33% of the value of the Fund's investments, or any explicit borrowing limits imposed by the LOC, whatever is less. Interest is charged at the prime rate, which was 7.50% as of May 31, 2025. As of May 31, 2025 the limits established are: LargeCap Fund - $8,000,000, MidCap Fund - $2,000,000 and Bond Fund - $60,000,000. All terms and borrowing limits imposed by the LOC are subject to review and approval by the Funds' Board. The following table shows the average balance, average interest rate, interest expense, and maximum borrowings incurred by the Funds on the LOC for the six-month period ended May 31, 2025. The LOC was drawn upon during the period; however, as of May 31, 2025, there were no borrowings by the Funds outstanding under the LOC.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Average<br> Balance** | **Average<br> Interest**<br> **Rate** | **Interest<br> Expense** | **Maximum<br> Borrowing** | **Date of<br> Maximum**<br> **Borrowing** |
| &nbsp;&nbsp;LargeCap Fund | $171566 | 7.50% | $6506 | $4648000 | 12/24/2024 to<br> 12/25/2024 |
| &nbsp;&nbsp;MidCap Fund | $55797 | 7.50% | $2116 | $1847000 | 12/24/2024 to<br> 12/25/2024 |
| &nbsp;&nbsp;Bond Fund | $3527 | 7.75% | $138 | $214000 | 12/06/2024 to<br> 12/08/2024 |

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[**Table of Contents**](#toc)

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| |
|:---|
| **NOTES TO FINANCIAL STATEMENTS** **(Unaudited) (Continued)** |
| **May 31, 2025** |

---

USE OF ESTIMATES - 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 these estimates.

GUARANTEES AND INDEMNIFICATIONS - Under the Funds' organizational documents, each Director, officer, employee or other agent of the Funds (including the Funds' investment advisor) is indemnified, to the extent permitted by the 1940 Act, against certain liabilities that may arise out of performance of their duties to the Funds. Additionally, in the normal course of business, the Funds enter into contracts that contain a variety of indemnification clauses. The Funds' maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Funds have not had prior claims or losses pursuant to these contracts and believe the risk of loss to be remote.

DISTRIBUTIONS TO SHAREHOLDERS - Distributions to shareholders from net investment income and realized gains on securities for the LargeCap Fund and MidCap Fund normally are declared at least annually. Bond Fund distributions to shareholders from net investment income normally are declared on a quarterly basis, and distributions to shareholders from realized gains on securities normally are declared at least annually. Distributions are recorded on the ex-dividend date.

FEDERAL INCOME TAXES - No provision has been made for federal income taxes since the Funds have elected to be taxed as regulated investment companies under the requirements of Subchapter M of the Internal Revenue Code and intend to distribute substantially all of their taxable income and net realized gains from the sale of investment securities to their shareholders.

ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES - As of and during the six-month period ended May 31, 2025, the Funds did not have a liability for unrecognized tax benefits in the accompanying financial statements. Also, the Funds recognized no interest or penalties related to unrecognized tax benefits during the same period. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations. The Funds are also 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.

SUBSEQUENT EVENTS - The Funds have evaluated subsequent events through the issuance of the Funds' financial statements. Other than as described in Note 5, there were no additional subsequent events which were deemed to have an impact on the Funds' financial statements.

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| |
|:---|
| **NOTES TO FINANCIAL STATEMENTS** **(Unaudited) (Continued)** |
| **May 31, 2025** |

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**NOTE 3 - INVESTMENT ADVISORY AND ADMINISTRATIVE AND ACCOUNTING SERVICES AGREEMENTS AND OTHER TRANSACTIONS WITH AFFILIATES**

The Investment Advisory Agreement pursuant to which Thompson Investment Management, Inc. ("TIM" or "Advisor") is retained by the Funds provides for monthly compensation to TIM computed on average daily net assets at the following annual rates:

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| | | |
|:---|:---|:---|
|  | **First**<br> **$50 Million** | **Over**<br> **$50 Million** |
| LargeCap Fund | 1.00% | 0.90% |
| MidCap Fund | 1.00% | 0.90% |
| Bond Fund | 0.65% | 0.60% |

---

The Advisor is contractually bound to waive management fees and/or reimburse expenses incurred by the Funds through March 31, 2026 so that the annual operating expenses of the Funds do not exceed the following percentages of their respective average daily net assets: LargeCap Fund - 0.99%, MidCap Fund - 1.15% and Bond Fund - 0.80%. For the six-month period ended May 31, 2025, the Advisor reimbursed expenses incurred by the LargeCap Fund and the MidCap Fund in the amounts of $139,709 and $69,024, respectively. The Funds are not obligated to reimburse the Advisor for any fees or expenses waived in previous fiscal years.

As of May 31, 2025, affiliated shareholders whose individual accounts are greater than 10% held 17.51% of outstanding shares of the MidCap Fund. Transactions by these shareholders may have a material impact on the Fund.

Pursuant to an Administrative and Accounting Services Agreement, TIM maintains the Funds' financial records in accordance with the 1940 Act, prepares all necessary financial statements of the Funds and calculates the net asset value per share of the Funds on a daily basis. As compensation for its services, each Fund pays TIM a fee computed daily and payable monthly at the annual rate of 0.15% of average daily net assets up to $30 million, 0.10% of the next $70 million of average daily net assets and 0.03% of average daily net assets in excess of $100 million. The fee is subject to an annual minimum per Fund equal to the sum of the actual out-of- pocket costs to TIM attributable to all outsourced sub-fund accounting and sub-fund administrative services performed by U.S. Bank Global Fund Services. The calculations of daily net asset value and sub administrative services are subcontracted to U.S. Bank Global Fund Services, resulting in fees paid by TIM for the six-month period ended May 31, 2025, in the following amounts:

**Administrative &**

**Accounting Fees Paid**

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| | |
|:---|:---|
| LargeCap Fund | $48088 |
| MidCap Fund | $37211 |
| Bond Fund | $198156 |

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[**Table of Contents**](#toc)

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| |
|:---|
| **NOTES TO FINANCIAL STATEMENTS** **(Unaudited) (Continued)** |
| **May 31, 2025** |

---

The Funds reimburse the Advisor for a portion of amounts paid by the Advisor out of the Advisor's own resources under various shareholder, account maintenance, networking and other services provided to the Funds by broker-dealers and other intermediaries. The amount reimbursed by the Funds is equal to (1) for those accounts maintained through a shareholder servicing arrangement, an annual rate of no more than 0.10% of the average daily net assets of the omnibus accounts in the Funds for which all broker-dealers and other intermediaries, in the aggregate, are responsible, and (2) for those accounts maintained through a networking arrangement, no more than $6 per year per account in the Funds for which the broker-dealers and other intermediaries are responsible; provided however, in all cases only one of these fees shall be applicable to the assets in an account. This amount has been determined by the Funds' Board to approximate (or not to exceed) the transfer agency fees that would otherwise have been payable by the Funds if such broker-dealers and intermediaries did not maintain these accounts. Such amounts are recorded within Shareholder servicing costs on each Fund's Statement of Operations. For the six-month period ended May 31, 2025, the amounts reimbursed by the Funds to the Advisor were:

**Intermediary**

**Fees Reimbursed**

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| | |
|:---|:---|
| &nbsp;&nbsp;LargeCap Fund | &nbsp;&nbsp;$9248 |
| &nbsp;&nbsp;MidCap Fund | &nbsp;&nbsp;$1760 |
| &nbsp;&nbsp;Bond Fund | &nbsp;&nbsp;$221275 |

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**NOTE 4 - PURCHASE AND SALE OF SECURITIES**

Investment transactions for the six-month period ended May 31, 2025, were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Securities other than U.S.** **Government and Short-term**<br> **Investments** | **Securities other than U.S.** **Government and Short-term**<br> **Investments** | &nbsp;&nbsp;**U.S. Government Securities** | &nbsp;&nbsp;**U.S. Government Securities** |
|  | &nbsp;&nbsp;Purchases | &nbsp;&nbsp;Sales | &nbsp;&nbsp;Purchases | &nbsp;&nbsp;Sales |
| &nbsp;&nbsp;LargeCap Fund | &nbsp;&nbsp;$10585034 | &nbsp;&nbsp;$28273193 | &nbsp;&nbsp;$– | &nbsp;&nbsp;$– |
| &nbsp;&nbsp;MidCap Fund | &nbsp;&nbsp;$5170852 | &nbsp;&nbsp;$12607363 | &nbsp;&nbsp;$– | &nbsp;&nbsp;$– |
| &nbsp;&nbsp;Bond Fund | &nbsp;&nbsp;$187231287 | &nbsp;&nbsp;$128251601 | &nbsp;&nbsp;$10508847 | &nbsp;&nbsp;$12060775 |

---

[**Table of Contents**](#toc)

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| |
|:---|
| **NOTES TO FINANCIAL STATEMENTS** **(Unaudited) (Continued)** |
| **May 31, 2025** |

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**NOTE 5 – INCOME TAX INFORMATION**

At November 30, 2024, the investment cost, aggregate unrealized appreciation and depreciation on investments and other components of distributable earnings for federal income tax purposes were as follows:

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| | | | |
|:---|:---|:---|:---|
| <br>&nbsp;&nbsp;**Federal tax cost** | &nbsp;&nbsp;**LARGECAP<br> FUND**<br>&nbsp;&nbsp;**$128390514** | &nbsp;&nbsp;**MIDCAP<br> FUND**<br>&nbsp;&nbsp;**$43851832** | &nbsp;&nbsp;**BOND<br> FUND**<br>&nbsp;&nbsp;**$1748751090** |
| &nbsp;&nbsp;Unrealized appreciation | &nbsp;&nbsp;$73484804 | &nbsp;&nbsp;$20110378 | &nbsp;&nbsp;$15258254 |
| &nbsp;&nbsp;Unrealized depreciation | &nbsp;&nbsp;(11807835) | &nbsp;&nbsp;(5022000) | &nbsp;&nbsp;(194843652) |
| &nbsp;&nbsp;**Net unrealized appreciation (depreciation)** | &nbsp;&nbsp;**$61676969** | &nbsp;&nbsp;**$15088378** | &nbsp;&nbsp;**($179585398)** |
| &nbsp;&nbsp;Distributable ordinary income | &nbsp;&nbsp;1148307 | &nbsp;&nbsp;501320 | &nbsp;&nbsp;14577685 |
| &nbsp;&nbsp;Distributable long-term capital gains | &nbsp;&nbsp;18262841 | &nbsp;&nbsp;3667109 | &nbsp;&nbsp; - |
| &nbsp;&nbsp;Post-October losses | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;(1328455) |
| &nbsp;&nbsp;Capital loss carryforwards | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;(348592152) |
| &nbsp;&nbsp;**Total distributable earnings (accumulated deficit)** | &nbsp;&nbsp;**$81088117** | &nbsp;&nbsp;**$19256807** | &nbsp;&nbsp;**($514928320)** |

---

The cost basis of investments for tax and financial reporting purposes differ principally due to wash sales.

Book/tax differences may be temporary or permanent. To the extent these differences are permanent in nature, they are charged to paid-in capital or distributable earnings, in the period that the differences arise. These reclassifications have no impact on net assets or net asset value per share. There were no such reclassifications as of November 30, 2024.

The tax basis post-October losses as of November 30, 2024 and capital loss carryforward as of November 30, 2024, which are not being recognized for tax purposes until the first day of the following fiscal year, are as follows:

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| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**LARGECAP<br> FUND** | &nbsp;&nbsp;**MIDCAP<br> FUND** | &nbsp;&nbsp;**BOND<br> FUND** |
| <br>&nbsp;&nbsp;**Post-October losses** |  |  |  |
| &nbsp;&nbsp;Short-term | $- | $- | ($29986) |
| &nbsp;&nbsp;Long-term | - | - | (1298469) |
| &nbsp;&nbsp;**Total Post-October losses** | **$-** | **$-** | **($1328455)** |
| &nbsp;&nbsp;**Net capital loss carryforward** |  |  |  |
| &nbsp;&nbsp;Short-term | $- | $- | ($54364729) |
| &nbsp;&nbsp;Long-term | - | - | (294227423) |
| &nbsp;&nbsp;**Total capital loss carryforward** | **$-** | **$-** | **($348592152)** |

---

Capital losses are carried forward indefinitely and are available to offset future net realized gains, to the extent permitted by the Internal Revenue Code.

[**Table of Contents**](#toc)

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| |
|:---|
| **NOTES TO FINANCIAL STATEMENTS** **(Unaudited) (Continued)** |
| **May 31, 2025** |

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The tax components of distributions paid during the six-month period ended May 31, 2025 and fiscal year ended November 30, 2024 are as follows:

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| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**LARGECAP<br> FUND** | &nbsp;&nbsp;**MIDCAP<br> FUND** | &nbsp;&nbsp;**BOND<br> FUND** |
| <br>&nbsp;&nbsp;**Six-month period ended May 31, 2025** |  |  |  |
| &nbsp;&nbsp;Distributions paid from |  |  |  |
| &nbsp;&nbsp;Ordinary income | &nbsp;&nbsp;$1152200 | &nbsp;&nbsp;$503732 | &nbsp;&nbsp;$40145369 |
| &nbsp;&nbsp;Long-term capital gains | &nbsp;&nbsp; 18262934 | &nbsp;&nbsp; 3667234 | &nbsp;&nbsp; - |
| &nbsp;&nbsp;**Total distributions paid** | &nbsp;&nbsp;**$19415134** | &nbsp;&nbsp;**$4170966** | **$40145369** |
| &nbsp;&nbsp;**Fiscal year ended November 30, 2024** |  |  |  |
| &nbsp;&nbsp;Distributions paid from |  |  |  |
| &nbsp;&nbsp;Ordinary income | &nbsp;&nbsp;$1307580 | &nbsp;&nbsp;$544268 | &nbsp;&nbsp;$73368927 |
| &nbsp;&nbsp;Long-term capital gains | &nbsp;&nbsp;11858376 | &nbsp;&nbsp;3429705 | - |
| &nbsp;&nbsp;**Total distributions paid** | &nbsp;&nbsp;**$13165956** | &nbsp;&nbsp;**$3973973** | &nbsp;&nbsp;**$73368927** |

---

The following distributions were declared on June 23, 2025, payable to shareholders on June 24, 2025:

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**LARGECAP<br> FUND** | &nbsp;&nbsp;**MIDCAP<br> FUND** | &nbsp;&nbsp;**BOND<br> FUND** |
| <br>&nbsp;&nbsp;**Ordinary income distributions** |  |  |  |
| &nbsp;&nbsp;Amount | &nbsp;&nbsp;$- | &nbsp;&nbsp;$- | &nbsp;&nbsp;$21997842 |
| &nbsp;&nbsp;Per share | &nbsp;&nbsp;$- | &nbsp;&nbsp;$- | &nbsp;&nbsp;$0.14 |
| &nbsp;&nbsp;**Long-term capital gains distributions** |  |  |  |
| &nbsp;&nbsp;Amount | &nbsp;&nbsp;$- | &nbsp;&nbsp;$- | &nbsp;&nbsp;$- |
| &nbsp;&nbsp;Per share | &nbsp;&nbsp;$- | &nbsp;&nbsp;$- | &nbsp;&nbsp;$- |

---

[**Table of Contents**](#toc)

---

| |
|:---|
| **FINANCIAL HIGHLIGHTS** |
| The following table presents information relating to a share of capital stock outstanding for the entire period. |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** |
| **LARGECAP FUND** | Six-Month<br> Period Ended<br> May 31, 2025<br> (Unaudited) | 2024 | 2023 | 2022 | 2021 | 2020 |
| **Per share operating performance** |  |  |  |  |  |  |
| **Net asset value, beginning of period** | **$116.40** | **$96.24** | **$94.19** | **$105.38** | **$83.93** | **$74.93** |
| **Income from investment operations** |  |  |  |  |  |  |
| Net investment income | 0.36 | 0.70 | 0.80 | 0.76 | 0.76 | 0.78 |
| Net realized and unrealized gains (losses) on investments<sup>(a)</sup> | (4.27) | 27.46 | 5.55 | (6.70) | 21.47 | 10.29 |
| **Total from investment operations** | **(3.91)** | **28.16** | **6.35** | **(5.94)** | **22.23** | **11.07** |
| **Less distributions** |  |  |  |  |  |  |
| Distributions from net investment income | (0.71) | (0.79) | (0.76) | (0.76) | (0.78) | (0.60) |
| Distributions from net realized gains | (11.24) | (7.21) | (3.54) | (4.49) | - | (1.47) |
| **Total distributions** | **(11.95)** | **(8.00)** | **(4.30)** | **(5.25)** | **(0.78)** | **(2.07)** |
| **Net asset value, end of period** | **$100.54** | **$116.40** | **$96.24** | **$94.19** | **$105.38** | **$83.93** |
| **Total return** | **(3.36** **%)** | **31.13%** | **7.38%** | **(6.13** **%)** | **26.71%** | **15.08%** |
| **Ratios and supplemental data** |  |  |  |  |  |  |
| Net assets, end of period (millions) | $165 | $190.3 | $158.7 | $157.4 | $165.4 | $141.1 |
| Ratios to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratios of net expenses | 0.99 %<sup>(c)</sup> | 0.99% | 0.99% | 0.99% | 0.99% | 0.99% |
| &nbsp;&nbsp;&nbsp;Ratio of expenses without reimbursement | 1.15 %<sup>(c)</sup> | 1.13% | 1.17% | 1.16% | 1.15% | 1.23% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income | 0.67 %<sup>(c)</sup> | 0.66% | 0.82% | 0.79% | 0.72% | 1.09% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income without reimbursement | 0.51 %<sup>(c)</sup> | 0.52% | 0.64% | 0.62% | 0.56% | 0.85% |
| Portfolio turnover rate | 6 %<sup>(b)</sup> | 21% | 30% | 22% | 12% | 25% |

---

(a) Net realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may or may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.

(b) Calculated on a non-annualized basis.

(c) Calculated on an annualized basis.

*See Notes to Financial Statements.*

[**Table of Contents**](#toc)

**FINANCIAL HIGHLIGHTS** (Continued)

The following table presents information relating to a share of capital stock outstanding for the entire period.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** |
| **MIDCAP FUND** | Six-Month<br> Period Ended<br> May 31, 2025<br> (Unaudited) | 2024 | 2023 | 2022 | 2021 | 2020 |
| **Per share operating performance** |  |  |  |  |  |  |
| **Net asset value, beginning of period** | **$15.26** | **$12.99** | **$14.64** | **$17.07** | **$13.20** | **$12.29** |
| **Income from investment operations** |  |  |  |  |  |  |
| Net investment income | 0.03 | 0.08 | 0.11 | 0.10 | 0.05 | 0.04 |
| Net realized and unrealized gains (losses) on investments<sup>(a)</sup> | (0.88) | 3.21 | (0.27) | (0.93) | 3.87 | 1.23 |
| **Total from investment operations** | **(0.85)** | **3.29** | **(0.16)** | **(0.83)** | **3.92** | **1.27** |
| **Less distributions** |  |  |  |  |  |  |
| Distributions from net investment income | (0.08) | (0.11) | (0.10) | (0.04) | (0.05) | (0.04) |
| Distributions from net realized gains | (1.00) | (0.91) | (1.39) | (1.56) | - | (0.32) |
| **Total distributions** | **(1.08)** | **(1.02)** | **(1.49)** | **(1.60)** | **(0.05)** | **(0.36)** |
| **Net asset value, end of period** | **$13.33** | **$15.26** | **$12.99** | **$14.64** | **$17.07** | **$13.20** |
| **Total return** | **(5.65** **%)** | **26.47%** | **(0.47** **%)** | **(5.71** **%)** | **29.75%** | **10.56%** |
| **Ratios and supplemental data** |  |  |  |  |  |  |
| Net assets, end of period (millions) | $47.7 | $59.2 | $50.5 | $54.9 | $60.9 | $50.6 |
| Ratios to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratios of net expenses | 1.15 %<sup>(c)</sup> | 1.15% | 1.15% | 1.14% | 1.14% | 1.15% |
| &nbsp;&nbsp;&nbsp;Ratio of expenses without reimbursement | 1.42 %<sup>(c)</sup> | 1.38% | 1.41% | 1.38% | 1.35% | 1.53% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income | 0.46 %<sup>(c)</sup> | 0.60% | 0.82% | 0.68% | 0.22% | 0.42% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income without reimbursement | 0.19 %<sup>(c)</sup> | 0.37% | 0.56% | 0.44% | 0.01% | 0.04% |
| Portfolio turnover rate | 10 %<sup>(b)</sup> | 27% | 36% | 23% | 19% | 37% |

---

(a) Net realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may or may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.

(b) Calculated on a non-annualized basis.

(c) Calculated on an annualized basis.

*See Notes to Financial Statements.*

[**Table of Contents**](#toc)

**FINANCIAL HIGHLIGHTS** (Continued)

The following table presents information relating to a share of capital stock outstanding for the entire period.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** | **Year Ended November 30,** |
| **BOND FUND** | Six-Month<br> Period Ended<br> May 31, 2025<br> (Unaudited) | 2024 | 2023 | 2022 | 2021 | 2020 |
| **Per share operating performance** |  |  |  |  |  |  |
| **Net asset value, beginning of period** | **$10.50** | **$9.73** | **$9.90** | **$11.04** | **$10.73** | **$11.52** |
| **Income from investment operations** |  |  |  |  |  |  |
| Net investment income | 0.29 | 0.56 | 0.57 | 0.37 | 0.42 | 0.52 |
| Net realized and unrealized gains (losses) on investments<sup>(a)</sup> | - | 0.78 | (0.19) | (1.15) | 0.36 | (0.83) |
| **Total from investment operations** | **0.29** | **1.34** | **0.38** | **(0.78)** | **0.78** | **(0.31)** |
| **Less distributions** |  |  |  |  |  |  |
| Distributions from net investment income | (0.26) | (0.57) | (0.55) | (0.36) | (0.47) | (0.48) |
| Distributions from net realized gains | - | - | - | - | - | - |
| **Total distributions** | **(0.26)** | **(0.57)** | **(0.55)** | **(0.36)** | **(0.47)** | **(0.48)** |
| **Net asset value, end of period** | **$10.53** | **$10.50** | **$9.73** | **$9.90** | **$11.04** | **$10.73** |
| **Total return** | **2.75%** | **14.11%** | **4.02%** | **(7.17** **%)** | **7.43%** | **(2.60** **%)** |
| **Ratios and supplemental data** |  |  |  |  |  |  |
| Net assets, end of period (millions) | $1654.4 | $1602.4 | $1223.3 | $1704.0 | $2582.0 | $2266.5 |
| Ratios to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratios of expenses | 0.73 %<sup>(c)</sup> | 0.74% | 0.75% | 0.73% | 0.71% | 0.72% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income | 5.27 %<sup>(c)</sup> | 5.53% | 5.57% | 3.36% | 3.75% | 4.27% |
| Portfolio turnover rate | 10 %<sup>(b)</sup> | 21% | 5% | 6% | 34% | 38% |

---

(a) Net realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may or may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.

(b) Calculated on a non-annualized basis.

(c) Calculated on an annualized basis.

*See Notes to Financial Statements.*

[**Table of Contents**](#toc)

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

No disagreements during the Fund's two most recent fiscal years and subsequent interim period.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.**

No matters were submitted during the period.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

See the required disclosures in the Core Financial Statements for the six-months ended May 31, 2025 under Item 7 of this Form N-CSR as well as the Statement of Additional Information filed under Form N-1A.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.**

See the required disclosures included in the Additional Information section of the Annual Report to Shareholders for the Year Ended November 30, 2024.

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not applicable to this Registrant because it is not a closed-end management investment company.

**Item 13. Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable to this Registrant because it is not a closed-end management investment company.

**Item 14. Purchases of Equity Securities by Closed-End Management Investment Companies and Affiliated Purchasers.**

Not applicable to this Registrant because it is not a closed-end management investment company.

**Item 15. Submission of Matters to a Vote of Securities Holders.**

The Registrant has not made any material changes to the procedures by which shareholders may recommend nominees to the Registrant's Board of Directors after the Registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K or this Item.

[**Table of Contents**](#toc)

**Item 16. Controls and Procedures.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Disclosure Controls and Procedures</u>. Based on an evaluation of the Registrant's disclosure
controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) carried out under the supervision and with
the participation of the Registrant's management, including its principal executive and financial officers, within 90 days prior
to the filing date of this report on Form N-CSR, the Registrant's principal executive and financial officers have concluded that
the design and operation of the Registrant's disclosure controls and procedures are effective in providing reasonable assurance
that the information required to be disclosed on Form N-CSR is recorded, processed, summarized and reported within the applicable
time periods.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Change in Internal Controls Over Financial Reporting</u>. There were 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) that occurred during
the period covered by this Form N-CSR that have materially affected, or are reasonably likely to materially affect, the Registrant's
internal control over financial reporting.

**Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable to this Registrant because it is not a closed-end management investment company.

**Item 18. Recovery of Erroneously Awarded Compensation.**

Not appliable to this Registrant because no accounting restatement was made that required recovery of erroneously awarded compensation nor was there an outstanding balance as of the end of the last completed fiscal year of erroneously awarded compensation.

**Item 19. Exhibits.**

The following exhibits are attached to this Form N-CSR:

---

| | |
|:---|:---|
| **<u>Exhibit No.</u>** | **<u>Description of Exhibit</u>** |
| [19(a)(1)](https://www.sec.gov/Archives/edgar/data/795264/000095013705000822/c91354exv99w12xayx1y.htm) | [The Code of Ethics for the Registrant's Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer referred to in Item 2 was filed as Exhibit 12(a)(1) to the Registrant's Certified Shareholder Report on Form N-CSR filed on January 28, 2005, and is incorporated herein by reference \[https://www.sec.gov/Archives/edgar/data/795264/000095013705000822/c91354exv99w12xayx1y.htm\]](https://www.sec.gov/Archives/edgar/data/795264/000095013705000822/c91354exv99w12xayx1y.htm) |
| [19(a)(3)-1](timf4506151-ex19a31.htm) | [Certification of Principal Executive Officer Required by Section 302 of the Sarbanes-Oxley Act of 2002](timf4506151-ex19a31.htm) |

---

[**Table of Contents**](#toc)

---

| | |
|:---|:---|
| **<u>Exhibit No.</u>** | **<u>Description of Exhibit</u>** |
| [19(a)(3)-2](timf4506151-ex19a32.htm) | [Certification of Principal Financial Officer Required by Section 302 of the Sarbanes-Oxley Act of 2002](timf4506151-ex19a32.htm) |
| [19(b)](timf4506151-ex19b.htm) | [Certification of Chief Executive Officer and Chief Financial Officer Required by Section 906 of the Sarbanes-Oxley Act of 2002](timf4506151-ex19b.htm) |

---

[**Table of Contents**](#toc)

**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, on this 29<sup>th</sup> day of July 2025.

---

| | |
|:---|:---|
| **THOMPSON IM FUNDS, INC.** | **THOMPSON IM FUNDS, INC.** |
| By:&nbsp;&nbsp;&nbsp;&nbsp; | /s/ Jason L. Stephens |
|  | Jason L. Stephens, Chief Executive Officer |

---

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 indicated on this 29<sup>th</sup> day of July 2025.

---

| | |
|:---|:---|
| By:&nbsp;&nbsp;&nbsp;&nbsp; | /s/ Jason L. Stephens |
|  | Jason L. Stephens, Chief Executive<br> Officer (Principal Executive Officer) |
| By: | /s/ James P. DiCristo |
|  | James P. DiCristo, Chief Financial <br> Officer (Principal Financial Officer) |

---

## Ex-19.A3-1

**Exhibit 19(a)(3)-1 To Form N-CSR**

**THOMPSON IM FUNDS, INC.<br> CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER**

I, Jason L. Stephens, the principal executive officer of Thompson IM Funds, Inc., certify that:

1. I have reviewed this report on Form N-CSR of Thompson IM 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 and changes in net assets of the registrant as of, and for, the periods presented in this report;

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Date: July 29, 2025 | /s/ Jason L. Stephens |
|  | Jason L. Stephens, Chief Executive Officer |
|  | (Principal Executive Officer) |

---

## Ex-19.A3-2

**Exhibit 19(a)(3)-2 To Form N-CSR**

**THOMPSON IM FUNDS, INC.<br> CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER**

I, James P. DiCristo, the principal financial officer of Thompson IM Funds, Inc., certify that:

1. I have reviewed this report on Form N-CSR of Thompson IM 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 and changes in net assets of the registrant as of, and for, the periods presented in this report;

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Date: July 29, 2025 | /s/ James P. DiCristo |
|  | James P. DiCristo, Chief Financial Officer |
|  | (Principal Financial Officer) |

---

## Ex-19.B

**Exhibit 19(b) To Form N-CSR**

**THOMPSON IM FUNDS, INC.**

**WRITTEN STATEMENT OF THE CHIEF EXECUTIVE AND FINANCIAL OFFICER<br> PURSUANT TO 18 U.S.C. § 1350**

Solely for the purposes of complying with 18 U.S.C. Section 1350, each of the undersigned, being the chief executive officer and chief financial officer, respectively, of Thompson IM Funds, Inc. (the "Company"), hereby certify, based on his or her knowledge, that the Company's Certified Shareholder Report on Form N-CSR for the six months period ended May 31, 2025 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, and that the information contained in this Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | |
|:---|:---|
| Date: July 29, 2025 | /s/ Jason L. Stephens |
|  | Jason L. Stephens, Chief Executive Officer |
|  | /s/ James P. DiCristo |
|  | James P. DiCristo, Chief Financial Officer |

---

This certification accompanies the Report pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not be deemed filed by the Company for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to such Section. The certification shall not be deemed to be incorporated by reference into the Report or any filing under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended.

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.