UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number
811-06136
HOMESTEAD FUNDS, INC.
(Exact name of registrant as specified in charter)
4301 Wilson Boulevard
Arlington, VA 22203
(Address of principal executive offices) (zip code)
Danielle Sieverling
4301 Wilson Blvd.
Arlington, VA  22203
(Name and address of agent for service)
Copies to:
Amy Ward Pershkow, Esq.
Vedder Price P.C.
1401 New York Avenue
Washington, D.C. 20005
(Name and addresses of agent for service)
Registrant's telephone number, including area code:
800-258-3030
Date of fiscal year end:
December 31
Date of reporting period:
June 30, 2025
Item 1. Reports to Shareholders.
(a) The following is a copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Investment Company Act of 1940, as amended.
(b) Not Applicable.
Homestead Logo
Daily Income Fund
HDIXX
Semi-Annual Shareholder Report | June 30, 2025
This semi-annual shareholder report contains important information about the Daily Income Fund ("Fund") for the period of January 1, 2025, to June 30, 2025.  You can find additional information about the Fund at https://www.homesteadadvisers.com/fund-literature/.  You can also request this information by contacting us at 800.258.3030.
What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)
Fund Cost of a $10,000 investment Cost paid as a percentage
of a $10,000 investment
Daily Income Fund $30 0.59%*
*
Annualized.
Key Fund Statistics
The following table reflects important key statistics as of June 30, 2025. 
Fund Net Assets $225,763,054
Total Number of Portfolio Holdings 71
7-Day Yield 3.81%
Weighted Average Maturity (Days) 13
Graphical Representation of Holdings
The table below reflects the investment diversification of the Fund shown as a percentage of total investments of the Fund.
Security Diversification
Repurchase agreements 53.3%
U.S. government and agency obligations 37.4%
Short-term and other assets* 9.3%
Total 100.0%
*
Represents investment in an unaffiliated U.S. government money market fund.
Availability of Additional Information
You can find additional information about the Fund such as its prospectus, financial information, holdings, and statement of additional information at https://www.homesteadadvisers.com/fund-literature/. You can also request this information free of charge by contacting us at 800.258.3030.
437769102
Homestead Logo
Short-Term Government Securities Fund
HOSGX
Semi-Annual Shareholder Report | June 30, 2025
This semi-annual shareholder report contains important information about the Short-Term Government Securities Fund ("Fund") for the period of January 1, 2025, to June 30, 2025.  You can find additional information about the Fund at https://www.homesteadadvisers.com/fund-literature/.  You can also request this information by contacting us at 800.258.3030.
What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)
Fund Cost of a $10,000 investment Cost paid as a percentage
of a $10,000 investment
Short-Term Government Securities Fund $38 0.75%*
*
Annualized.
Key Fund Statistics
The following table reflects important key statistics as of June 30, 2025. 
Fund Net Assets $58,282,471
Total Number of Portfolio Holdings 102
Portfolio Turnover 306%
Weighted Average Maturity (Years) 2.93
Graphical Representation of Holdings
The table below reflects the investment diversification of the Fund shown as a percentage of total investments of the Fund.
Security Diversification
U.S. government and agency obligations 57.1%
Mortgage-backed securities 25.9%
Asset-backed securities 5.6%
Corporate bonds—government guaranteed 4.5%
Corporate bonds—other 4.4%
Short-term and other assets* 2.5%
Total 100.0%
*
Represents investment in an unaffiliated U.S. government money market fund.
Availability of Additional Information
You can find additional information about the Fund such as its prospectus, financial information, holdings, statement of additional information and proxy voting information at https://www.homesteadadvisers.com/fund-literature/. You can also request this information free of charge by contacting us at 800.258.3030.
437769409
Homestead Logo
Short-Term Bond Fund
HOSBX
Semi-Annual Shareholder Report | June 30, 2025
This semi-annual shareholder report contains important information about the Short-Term Bond Fund ("Fund") for the period of January 1, 2025, to June 30, 2025.  You can find additional information about the Fund at https://www.homesteadadvisers.com/fund-literature/.  You can also request this information by contacting us at 800.258.3030.
What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)
Fund Cost of a $10,000 investment Cost paid as a percentage
of a $10,000 investment
Short-Term Bond Fund $38 0.76%*
*
Annualized.
Key Fund Statistics
The following table reflects important key statistics as of June 30, 2025. 
Fund Net Assets $423,961,529
Total Number of Portfolio Holdings 259
Portfolio Turnover 164%
Weighted Average Maturity (Years) 2.85
Graphical Representation of Holdings
The table below reflects the investment diversification of the Fund shown as a percentage of total investments of the Fund.
Security Diversification
Corporate bonds—other 35.3%
U.S. government and agency obligations 21.9%
Asset-backed securities 15.3%
Mortgage-backed securities 14.2%
Yankee bonds 12.0%
Corporate bonds—government guaranteed 0.1%
Short-term and other assets 1.2%
Total 100.0%
Availability of Additional Information
You can find additional information about the Fund such as its prospectus, financial information, holdings, statement of additional information and proxy voting information at https://www.homesteadadvisers.com/fund-literature/. You can also request this information free of charge by contacting us at 800.258.3030.
437769300
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Stock Index Fund
HSTIX
Semi-Annual Shareholder Report | June 30, 2025
This semi-annual shareholder report contains important information about the Stock Index Fund ("Fund") for the period of January 1, 2025, to June 30, 2025.  You can find additional information about the Fund at https://www.homesteadadvisers.com/fund-literature/.  You can also request this information by contacting us at 800.258.3030.
What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)
Fund Cost of a $10,000 investment Cost paid as a percentage
of a $10,000 investment
Stock Index Fund $22 0.44%*
*
Annualized.
Stock Index Fund operates as a feeder fund with all of its assets invested in the BlackRock S&P 500 Index Master Portfolio ("Master Portfolio").  The expense table reflects the expenses of both the feeder fund and the Master Portfolio.
Key Fund Statistics
The following table reflects important key statistics as of June 30, 2025.  Both the number of portfolio holdings and portfolio turnover represent the holdings and portfolio turnover of the Master Portfolio in which the Stock Index Fund is fully invested.
Fund Net Assets $276,013,359
Total Number of Portfolio Holdings 508
Portfolio Turnover 7%
Graphical Representation of Holdings
The tables below reflect the investment diversification and top 10 holdings of the Master Portfolio, shown as a percentage of net assets. 
Sector Diversification
Information technology 33.0%
Financials 14.0%
Consumer discretionary 10.3%
Communication services 9.7%
Health care 9.3%
Industrials 8.5%
Consumer staples 5.5%
Energy 3.0%
Utilities 2.4%
Real estate 2.0%
Other 2.0%
Short-term and other assets and liabilties 0.3%
Total 100.00%
Top 10 Holdings
NVIDIA Corp. 7.3%
Microsoft Corp. 7.0%
Apple, Inc. 5.8%
Amazon.com. Inc. 3.9%
Meta Platforms, Inc., Class A 3.0%
Broadcom, Inc. 2.5%
Alphabet, Inc., Class A 2.0%
Berkshire Hathaway Inc., Class B 1.7%
Tesla, Inc. 1.7%
Alphabet, Inc., Class C 1.6%
Total 36.5%
Availability of Additional Information
You can find additional information about the Fund such as its prospectus, financial information, holdings, statement of additional information and proxy voting information at https://www.homesteadadvisers.com/fund-literature/. You can also request this information free of charge by contacting us at 800.258.3030.
437769607
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Value Fund
HOVLX
Semi-Annual Shareholder Report | June 30, 2025
This semi-annual shareholder report contains important information about the Value Fund ("Fund") for the period of January 1, 2025, to June 30, 2025.  You can find additional information about the Fund at https://www.homesteadadvisers.com/fund-literature/.  You can also request this information by contacting us at 800.258.3030.
What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)
Fund Cost of a $10,000 investment Cost paid as a percentage
of a $10,000 investment
Value Fund $32 0.62%*
*
Annualized.
Key Fund Statistics
The following table reflects important key statistics as of June 30, 2025. 
Fund Net Assets $1,029,990,697
Total Number of Portfolio Holdings 53
Portfolio Turnover 7%
Graphical Representation of Holdings
The tables below reflect the investment diversification and the top 10 holdings of the Fund, shown as a percentage of total investments of the Fund.
Sector Diversification
Financials 23.9%
Health care 18.3%
Industrials 18.2%
Information technology 8.8%
Communication services 7.2%
Consumer discretionary 6.9%
Materials 4.7%
Energy 4.6%
Consumer staples 3.6%
Real estate 2.6%
Short-term and other assets 1.2%
Total 100.0%
Top 10 Holdings
JPMorgan Chase & Co. 5.1%
Goldman Sachs Group, Inc. 3.7%
Meta Platforms, Inc. 3.3%
AbbVie Inc. 3.2%
Parker-Hannifin Corp. 3.1%
Abbott Laboratories 3.1%
Microsoft Corp. 2.9%
Fiserv, Inc. 2.7%
Deere & Co. 2.7%
Lam Research Corp. 2.7%
Total 32.5%
Availability of Additional Information
You can find additional information about the Fund such as its prospectus, financial information, holdings, statement of additional information and proxy voting information at https://www.homesteadadvisers.com/fund-literature/. You can also request this information free of charge by contacting us at 800.258.3030.
437769201
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Growth Fund
HNASX
Semi-Annual Shareholder Report | June 30, 2025
This semi-annual shareholder report contains important information about the Growth Fund ("Fund") for the period of January 1, 2025, to June 30, 2025.  You can find additional information about the Fund at https://www.homesteadadvisers.com/fund-literature/.  You can also request this information by contacting us at 800.258.3030.
What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)
Fund Cost of a $10,000 investment Cost paid as a percentage
of a $10,000 investment
Growth Fund $42 0.81%*
*
Annualized.
Key Fund Statistics
The following table reflects important key statistics as of June 30, 2025. 
Fund Net Assets $412,790,327
Total Number of Portfolio Holdings 48
Portfolio Turnover 20%
Graphical Representation of Holdings
The tables below reflect the investment diversification and the top 10 holdings of the Fund, shown as a percentage of total investments of the Fund.
Sector Diversification
Information technology 47.3%
Communication services 12.8%
Financials 11.8%
Health care 11.2%
Consumer discretionary 10.7%
Industrials 4.8%
Energy 0.5%
Short-term and other assets 0.9%
Total 100.0%
Top 10 Holdings
Microsoft Corp. 13.5%
NVIDIA Corp. 9.8%
Apple, Inc. 5.8%
Amazon.com, Inc. 5.8%
Meta Platforms, Inc. 5.2%
Alphabet, Inc. 4.9%
Broadcom Inc. 3.7%
Mastercard Inc. 3.6%
Intuit, Inc. 3.3%
Block, Inc. 2.9%
Total 58.5%
Availability of Additional Information
You can find additional information about the Fund such as its prospectus, financial information, holdings, statement of additional information and proxy voting information at https://www.homesteadadvisers.com/fund-literature/. You can also request this information free of charge by contacting us at 800.258.3030.
437769706
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International Equity Fund
HISIX
Semi-Annual Shareholder Report | June 30, 2025
This semi-annual shareholder report contains important information about the International Equity Fund ("Fund") for the period of January 1, 2025, to June 30, 2025.  You can find additional information about the Fund at https://www.homesteadadvisers.com/fund-literature/.  You can also request this information by contacting us at 800.258.3030.
What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)
Fund Cost of a $10,000 investment Cost paid as a percentage
of a $10,000 investment
International Equity Fund $61 1.15%*
*
Annualized.
Key Fund Statistics
The following table reflects important key statistics as of June 30, 2025. 
Fund Net Assets $96,766,370
Total Number of Portfolio Holdings 50
Portfolio Turnover 11%
Graphical Representation of Holdings
The tables below reflect the investment diversification and the top 10 holdings of the Fund, shown as a percentage of total investments of the Fund.
GEOGRAPHIC Diversification
Japan 17.5%
France 10.5%
Switzerland 10.4%
Sweden 8.5%
Britain 8.2%
Germany 7.3%
Canada 5.6%
Netherlands 4.9%
Singapore 4.4%
Hong Kong 4.2%
Denmark 2.9%
Taiwan 2.4%
Spain 2.2%
United States of America 1.9%
Australia 1.6%
Ireland 1.4%
India 1.0%
Republic of South Korea 1.0%
Short-term and other assets* 4.1%
Total 100.0%
*
Represents investment in an unaffiliated U.S. government money market fund.
Top 10 Holdings
DBS Group Holdings Ltd. 4.4%
Shell PLC 3.5%
Schneider Electric SE 3.5%
Roche Holding AG REG 3.3%
Allianz SE REG 3.3%
AIA Group Ltd. 3.3%
Chugai Pharmaceutical Co., Ltd. 3.1%
ASML Holding NV 3.1%
Haleon PLC 3.0%
Sony Group Corp. 2.9%
Total 33.4%
Availability of Additional Information
You can find additional information about the Fund such as its prospectus, financial information, holdings, statement of additional information and proxy voting information at https://www.homesteadadvisers.com/fund-literature/. You can also request this information free of charge by contacting us at 800.258.3030.
437769805
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Small-Company Stock Fund
HSCSX
Semi-Annual Shareholder Report | June 30, 2025
This semi-annual shareholder report contains important information about the Small-Company Stock Fund ("Fund") for the period of January 1, 2025, to June 30, 2025.  You can find additional information about the Fund at https://www.homesteadadvisers.com/fund-literature/.  You can also request this information by contacting us at 800.258.3030.
What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)
Fund Cost of a $10,000 investment Cost paid as a percentage
of a $10,000 investment
Small-Company Stock Fund $54 1.12%*
*
Annualized.
Key Fund Statistics
The following table reflects important key statistics as of June 30, 2025. 
Fund Net Assets $209,943,745
Total Number of Portfolio Holdings 51
Portfolio Turnover 23%
Graphical Representation of Holdings
The tables below reflect the investment diversification and the top 10 holdings of the Fund, shown as a percentage of total investments of the Fund.
Sector Diversification
Industrials 27.3%
Financials 18.2%
Information technology 17.1%
Health care 16.8%
Consumer discretionary 9.0%
Materials 4.1%
Energy 3.4%
Real estate 1.7%
Short-term and other assets 2.4%
Total 100.0%
Top 10 Holdings
Federal Signal Corp. 4.1%
Advanced Energy Industries, Inc. 3.8%
Kinsale Capital Group, Inc. 3.8%
Applied Industrial Technologies, Inc. 3.6%
ESAB Corp. 3.4%
Descartes Systems Group Inc. (The) 3.3%
Hayward Holdings, Inc. 2.9%
Q2 Holdings, Inc. 2.8%
Gildan Activewear Inc. 2.8%
Envista Holdings Corp. 2.7%
Total 33.2%
Availability of Additional Information
You can find additional information about the Fund such as its prospectus, financial information, holdings, statement of additional information and proxy voting information at https://www.homesteadadvisers.com/fund-literature/. You can also request this information free of charge by contacting us at 800.258.3030.
437769508

Item 2. Code of Ethics.

Not applicable to this filing.


Item 3. Audit Committee Financial Expert.

Not applicable to this filing.


Item 4. Principal Accountant Fees and Services.

Not applicable to this filing.


Item 5. Audit Committee of Listed Registrants.

Not applicable.


Item 6. Investments.

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

(b)        Not applicable.


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

(a)  The Registrant’s Financial Statements are attached herewith.

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


Financial Statements and Other Information
June 30, 2025
Our Funds
Daily Income Fund (HDIXX)
Short-Term Government Securities Fund (HOSGX)
Short-Term Bond Fund (HOSBX)
Intermediate Bond Fund (HOIBX)
Stock Index Fund (HSTIX)
Value Fund (HOVLX)
Growth Fund (HNASX)
International Equity Fund (HISIX)
Small-Company Stock Fund (HSCSX)
 
Table of Contents
Portfolio of Investments    
  1
  3
  6
  13
  20
  21
  23
  25
  27
  30
  32
  34
Financial Highlights    
  39
  40
  41
  42
  43
  44
  45
  46
  47
  48
  59
  60
  61
  62
  63
 
Past performance does not guarantee future results.
Investors are advised to consider fund objectives, risks, charges and expenses before investing. The prospectus contains this and other information and should be read carefully before you invest. To obtain a prospectus, call 800.258.3030 or download a PDF at https://www.homesteadadvisers.com/fund-literature/.
Table of Contents
Portfolio of Investments
Daily Income Fund  |  June 30, 2025  |  (Unaudited)
U.S. Government & Agency Obligations | 37.4% of portfolio
  Interest Rate /
Yield 		Maturity Date Face Amount Value
Federal Farm Credit Bank  4.49%(a)  07/18/25   $1,000,000    $1,000,000
Federal Farm Credit Bank  4.57(a)  08/13/25     750,000      750,000
Federal Farm Credit Bank  4.58(a)  08/22/25     500,000      500,000
Federal Farm Credit Bank  4.60(a)  11/28/25     500,000      500,000
Federal Farm Credit Bank  4.60(a)  12/01/25     500,000      500,000
Federal Farm Credit Bank  4.59(a)  12/15/25   1,000,000    1,000,000
Federal Farm Credit Bank  4.59(a)  01/12/26     500,000      500,000
Federal Farm Credit Bank  4.59(a)  01/29/26     500,000      500,000
Federal Farm Credit Bank  4.53(a)  02/02/26   1,500,000    1,500,000
Federal Farm Credit Bank  4.53(a)  02/12/26   1,000,000    1,000,000
Federal Farm Credit Bank  4.56(a)  03/12/26   1,000,000    1,000,000
Federal Farm Credit Bank  4.53(a)  05/21/26     500,000      500,000
Federal Farm Credit Bank  4.54(a)  06/03/26   1,000,000    1,000,000
Federal Farm Credit Bank  4.53(a)  08/07/26   1,000,000    1,000,000
Federal Farm Credit Bank  4.58(a)  08/26/26     500,000      500,000
Federal Farm Credit Bank  4.58(a)  09/04/26   2,000,000    2,000,000
Federal Farm Credit Bank  4.58(a)  09/09/26     250,000      250,000
Federal Farm Credit Bank  4.38(a)  09/17/26   1,000,000    1,000,000
Federal Farm Credit Bank  4.57(a)  10/06/26   2,000,000    2,000,000
Federal Farm Credit Bank  4.58(a)  10/15/26   1,000,000    1,000,000
Federal Farm Credit Bank  4.58(a)  11/18/26   1,500,000    1,500,000
Federal Farm Credit Bank  4.58(a)  12/02/26     500,000      500,000
Federal Farm Credit Bank  4.51(a)  12/07/26   2,000,000    2,000,000
Federal Farm Credit Bank  4.58(a)  12/09/26     500,000      500,000
Federal Farm Credit Bank  4.58(a)  12/30/26     500,000      500,000
Federal Farm Credit Bank  4.57(a)  01/27/27     500,000      500,000
Federal Farm Credit Bank  4.57(a)  02/03/27     500,000      500,000
Federal Farm Credit Bank  4.56(a)  02/10/27   1,500,000    1,500,000
Federal Farm Credit Bank  4.52(a)  03/11/27   3,000,000    3,000,000
Federal Farm Credit Bank  4.51(a)  03/24/27   1,000,000    1,000,000
Federal Farm Credit Bank  4.56(a)  05/06/27   1,000,000    1,000,000
Federal Farm Credit Bank  4.55(a)  05/13/27   2,000,000    2,000,000
Federal Farm Credit Bank  4.55(a)  05/14/27   1,000,000    1,000,000
Federal Farm Credit Bank  4.54(a)  05/27/27   1,000,000    1,000,000
Federal Home Loan Bank  4.58(a)  07/24/25   1,000,000    1,000,000
Federal Home Loan Bank  4.60(a)  08/08/25     770,000      769,994
Federal Home Loan Bank  4.58(a)  08/22/25     500,000      500,000
Federal Home Loan Bank  4.52(a)  09/19/25   1,000,000    1,000,000
Federal Home Loan Bank  4.59(a)  12/08/25   2,000,000    2,000,000
Federal Home Loan Bank  4.59(a)  12/11/25     750,000      750,000
Federal Home Loan Bank  4.57(a)  02/09/26     500,000      500,000
Federal Home Loan Bank  4.54(a)  05/13/26     500,000      500,000
Federal Home Loan Bank  4.58(a)  09/24/26   1,000,000    1,000,000
Federal Home Loan Mortgage Corp.  4.54(a)  02/09/26   1,500,000    1,500,000
Federal Home Loan Mortgage Corp.  4.58(a)  09/04/26     500,000      500,000
Federal Home Loan Mortgage Corp.  4.58(a)  10/29/26     500,000      500,000
Federal Home Loan Mortgage Corp.  4.57(a)  04/23/27   1,000,000    1,000,000
Federal National Mortgage Assoc.  4.54(a)  06/18/26     500,000      500,000
Federal National Mortgage Assoc.  4.58(a)  08/21/26   1,500,000    1,500,000
Federal National Mortgage Assoc.  4.58(a)  09/11/26     500,000      500,000
Federal National Mortgage Assoc.  4.58(a)  10/23/26   1,500,000    1,500,000
Federal National Mortgage Assoc.  4.58(a)  12/11/26     500,000      500,000
U.S. Treasury Bill   4.67  07/10/25   5,500,000    5,493,976
U.S. Treasury Bill   4.30  07/17/25   5,000,000    4,990,611
U.S. Treasury Bill   4.34  09/30/25   4,000,000    3,957,331
U.S. Treasury Bill   4.23  10/02/25   5,000,000    4,949,031
U.S. Treasury Bill   4.09  10/09/25   1,000,000      989,022
The accompanying notes are an integral part of these financial statements. Portfolio of Investments    
1
Table of Contents
Portfolio of Investments  |  Daily Income Fund  |  June 30, 2025  |  (Unaudited)  |  (Continued)
U.S. Government & Agency Obligations | 37.4% of portfolio (Continued)
  Interest Rate /
Yield 		Maturity Date Face Amount Value
U.S. Treasury Bill   4.20%  10/16/25   $2,500,000    $2,469,832
U.S. Treasury Bill   4.34  10/21/25   4,000,000    3,947,516
U.S. Treasury Bill   4.24  10/30/25   2,500,000    2,465,573
U.S. Treasury Bill   4.12  03/19/26     500,000      485,700
U.S. Treasury Bill   4.11  04/16/26     500,000      484,185
U.S. Treasury Note   0.25  09/30/25   2,500,000    2,475,569
U.S. Treasury Note  4.44(a)  04/30/27   1,000,000    1,000,256
Total U.S. Government & Agency Obligations        
(Cost $84,228,596)        84,228,596
Money Market Fund | 9.3% of portfolio
      Shares  
State Street Institutional U.S. Government Money Market Fund Premier Class  4.27(b)    21,023,590   21,023,590
Total Money Market Fund        
(Cost $21,023,590)        21,023,590
Repurchase Agreements | 53.3%
      Face Amount  
Banco Santander SA, dated 06/27/25, repurchase value $20,007,250 (collateralized by domestic agency mortgage-backed securities and U.S. government sponsored agency obligations at $20,135,599, 3.00%-6.00%, 05/01/2049-11/01/2053)   4.35  07/03/25  20,000,000   20,000,000
BNP Paribas Fortis SA, dated 06/25/25, repurchase value $20,012,083 (collateralized by domestic agency mortgage-backed securities and U.S. government sponsored agency obligations at $20,346,694, 1.00%-7.38%, 03/25/2026-06/01/2055)   4.35  07/02/25  20,000,000   20,000,000
Credit Agricole Corporate & Investment Bank SA, dated 06/24/25, repurchase value $20,014,500 (collateralized by domestic agency mortgage-backed securities at $20,371,530, 1.25%-3.88%, 12/25/2030-09/25/2032)   4.35  07/01/25  20,000,000   20,000,000
ING Financial Markets LLC, dated 06/24/25, repurchase value $20,014,467 (collateralized by U.S. Treasury obligations at $20,400,052, 0.00%, 8/5/2025)   4.34  07/01/25  20,000,000   20,000,000
RBC Dominion Securities Inc., dated 06/30/25, repurchase value $20,000,000 (collateralized by U.S. government sponsored agency obligations at $20,396,468, 2.50%-5.45%, 01/20/2052-02/20/2055)   4.38  07/07/25  20,000,000   20,000,000
Toronto-Dominion Bank, dated 06/25/25, repurchase value $20,012,083 (collateralized by U.S. Treasury obligations at $20,285,561, 4.50%-4.63%, 05/31/2029-09/30/2030)   4.35  07/02/25  20,000,000   20,000,000
Total Repurchase Agreements (Cost $120,000,000)        120,000,000
Total Investments in Securities      
(Cost $225,252,186) | 100.0%        $225,252,186
(a) Variable coupon rate as of June 30, 2025.
(b) 7-day yield at June 30, 2025.
SA -Sociedad Anonima or Societe Anonyme
LLC -Limited Liability Company
   Portfolio of Investments The accompanying notes are an integral part of these financial statements.
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Portfolio of Investments
Short-Term Government Securities Fund  |  June 30, 2025  |  (Unaudited)
U.S. Government & Agency Obligations | 57.1% of portfolio
  Interest Rate /
Yield 		Maturity Date Face Amount Value
Export-Import Bank of the U.S.   2.54%  07/13/25      $12,081      $12,073
Export-Import Bank of the U.S.   2.63  04/29/26      41,666      41,278
Export-Import Bank of the U.S.   2.33  01/14/27      78,750      76,073
Export-Import Bank of the U.S.   2.37  03/19/27     212,318     207,402
Federal Farm Credit Banks Funding Corp.   2.25  01/14/30     150,000     139,813
U.S. Department of Housing & Urban Development   5.77  08/01/26      46,000      46,064
U.S. International Development Finance Corp.  0.00(a)  07/17/25   1,000,000   1,030,824
U.S. International Development Finance Corp.  0.00(a)  01/17/26     700,000     785,705
U.S. International Development Finance Corp.   1.11  05/15/29     571,429     536,270
U.S. International Development Finance Corp.   2.36  10/15/29   1,094,616   1,054,045
U.S. International Development Finance Corp.   1.05  10/15/29   1,094,616   1,026,182
U.S. International Development Finance Corp.   1.24  08/15/31   1,013,513     926,183
U.S. Treasury Note   3.88  03/31/27   6,295,000   6,304,836
U.S. Treasury Note   3.75  04/30/27     865,000     864,865
U.S. Treasury Note   3.88  06/15/28  12,445,000  12,511,114
U.S. Treasury Note   4.00  05/31/30   7,535,000   7,607,995
Total U.S. Government & Agency Obligations        
(Cost $33,157,043)        33,170,722
    
Mortgage-Backed Securities | 25.9% of portfolio
FHLMC 25-HQA1 (b)  5.26(c)  02/25/45      81,250      81,123
GNMA 14-125  2.90(c)  11/16/54     750,000     672,882
GNMA 2025-25   4.50  02/20/54     611,504     598,177
GNMA 2025-89   5.00  11/20/53     603,721     604,814
GNMA 21-8   1.00  01/20/50     428,325     334,153
GNMA 22-177   5.00  05/20/48   1,006,042   1,025,374
GNMA 23-128   5.75  08/20/47     404,621     407,875
GNMA 23-22EA   5.00  09/20/49     460,020     461,782
GNMA 23-22EC   5.00  01/20/51     389,861     394,683
GNMA 23-4   5.00  07/20/49     296,337     298,544
GNMA 23-59   5.00  11/20/41     322,697     323,682
GNMA 23-84KA   5.50  06/20/42     184,358     186,211
GNMA 24-1   5.50  08/20/48     469,434     472,556
GNMA 24-103   4.50  06/20/54     707,410     697,290
GNMA 24-11   5.00  09/20/50     303,532     303,009
GNMA 24-110   4.50  07/20/50     718,445     714,647
GNMA 24-111   5.00  08/20/51     444,503     446,993
GNMA 24-43   5.50  08/20/48     676,148     681,962
GNMA 24-51   5.00  04/20/62     103,829     104,080
GNMA 24-59   5.50  01/20/51     522,219     528,482
GNMA 24-79   4.00  01/20/49     848,427     834,881
GNMA 25-28   5.00  08/20/53     966,714     971,979
GNMA 25-29   5.00  03/20/54     495,557     501,928
GNMA 786428   4.00  06/20/52     895,502     831,327
GNMA 786576   4.50  09/20/52     181,492     174,700
GNMA 787194   7.50  12/20/53      74,567      77,231
GNMA 787238   7.50  02/20/54     142,865     147,970
GNMA 787291   7.50  03/20/54     444,114     459,983
GNMA 787343   7.50  04/20/54     241,017     249,629
GNMA CK0445   4.00  02/15/52     292,127     273,480
GNMA CV1215   7.00  07/20/53      37,969      39,162
GNMA CW8493   8.00  11/20/53      18,629      19,385
GNMA CW8495   7.50  11/20/53      62,998      65,252
GNMA CZ5438   7.00  01/20/54      62,047      64,033
GNMA II POOL 786948   7.00  09/20/53      87,855      90,668
GNMA MA8017   2.50  05/20/37     478,687     442,360
The accompanying notes are an integral part of these financial statements. Portfolio of Investments    
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Table of Contents
Portfolio of Investments  |  Short-Term Government Securities Fund  |  June 30, 2025  |  
(Unaudited)  |  (Continued)
Mortgage-Backed Securities | 25.9% of portfolio (Continued)
  Interest Rate /Yield Maturity Date Face Amount Value
GNMA MA8880   6.00%  05/20/53      $65,396      $66,786
GNMA MA8917   5.00  06/20/38     364,698     366,905
Total Mortgage-Backed Securities        
(Cost $14,985,568)        15,015,978
Asset-Backed Securities | 5.6% of portfolio
Affirm Master Trust 25-1AA (b)   4.99  02/15/33     200,000     201,536
Avant Loans Funding Trust 25-REV1 (b)   5.12  05/15/34     150,000     150,449
Chase Auto Owner Trust 24-2A (b)   5.52  06/25/29     150,000     152,314
CPS Auto Trust 25-A (b)   5.02  07/16/29     120,000     120,669
Frontier Issuer 23-1A (b)   6.60  08/20/53     450,000     457,111
GLS Auto Select Receivables Trust 24-1A (b)   5.24  03/15/30     136,126     136,903
GLS Auto Select Receivables Trust 25-1A (b)   4.71  04/15/30     148,755     149,086
Gracie Point International Funding 23-2A (b)  6.60(c)  03/01/27      16,165      16,191
GreatAmerica Leasing Receivables Funding 24-2 (b)   5.02  05/15/31     200,000     203,447
Progress Residential Trust 25-SFR1 (b)  3.65(c)  02/17/42     100,000      94,471
Santander Drive Auto Receivables Trust 28   5.25  04/17/28      83,276      83,412
SoFi Consumer Loan Program Trust 25-1B (b)   5.12  02/27/34     200,000     201,965
Subway Funding LLC 24-1A (b)   6.03  07/30/54     149,250     151,772
T-Mobile US Trust 22-1A (b)   4.91  05/22/28      38,533      38,559
Toyota Lease Owner Trust 25-A (b)   4.75  02/22/28     250,000     252,117
Tricon Residential 24-SFR4 (b)   4.30  11/17/41      99,731      98,300
Verizon Master Trust 25-1   4.94  01/21/31     122,000     123,082
Volkswagen Auto Loan Enhanced Trust 24-1   4.63  07/20/29     150,000     151,548
Westgate Resorts 22-1A (b)   2.29  08/20/36      53,571      53,275
Westlake Automobile Receivables Trust 24-1A (b)   5.55  11/15/27     250,000     251,253
Westlake Automobile Receivables Trust 25-1A (b)   4.98  09/16/30     150,000     151,128
Total Asset-Backed Securities        
(Cost $3,189,562)        3,238,588
    
Corporate Bonds Guaranteed by Export-Import Bank of the United States | 4.5% of portfolio
Consumer Discretionary | Less than 0.1%    
Ethiopian Leasing (2012) LLC   2.68  07/30/25       4,908       4,901
Total Consumer Discretionary        4,901
Energy | 2.6%    
Petroleos Mexicanos   2.46  12/15/25      86,750      84,555
Reliance Industries Ltd.   2.06  01/15/26     540,800     536,132
Reliance Industries Ltd.   1.87  01/15/26     696,842     690,566
Reliance Industries Ltd.   2.44  01/15/26     218,947     217,664
Total Energy        1,528,917
Financials | 1.9%    
CES MU2 LLC   1.99  05/13/27     676,105     656,625
Export Lease Eleven Co. LLC  4.82(c)  07/30/25       4,859       4,859
HNA 2015 LLC   2.29  06/30/27      99,469      96,177
HNA 2015 LLC   2.37  09/18/27      62,630      60,700
Rimon LLC   2.45  11/01/25      22,500      22,403
Salmon River Export LLC   2.19  09/15/26     150,928     148,072
Sandalwood 2013 LLC   2.84  07/10/25      19,310      19,301
   Portfolio of Investments The accompanying notes are an integral part of these financial statements.
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Table of Contents
Portfolio of Investments  |  Short-Term Government Securities Fund  |  June 30, 2025  |  
(Unaudited)  |  (Continued)
Corporate Bonds Guaranteed by Export-Import Bank of the United States | 4.5% of portfolio (Continued)
  Interest Rate /Yield Maturity Date Face Amount Value
Financials | 1.9% (Continued)    
Sandalwood 2013 LLC   2.82%  02/12/26      $65,414      $65,098
Total Financials        1,073,235
Total Corporate Bonds Guaranteed by Export-Import Bank of the United States        
(Cost $2,653,815)        2,607,053
Corporate Bonds–Other | 4.4% of portfolio
Consumer Discretionary | 0.2%    
United Airlines 2019-2AA PT   2.70  05/01/32     151,378     135,260
Total Consumer Discretionary        135,260
Financials | 2.9%    
American Express Co.  5.10(c)  02/16/28     200,000     202,265
Athene Global Funding (b)   5.52  03/25/27     200,000     203,324
Blue Owl Credit Income Corp.   3.13  09/23/26     250,000     243,136
Blue Owl Technology Finance Corp. (b)   6.10  03/15/28     150,000     150,813
Discover Bank   4.65  09/13/28     250,000     251,321
Goldman Sachs Group, Inc.  5.22(c)  04/23/31     200,000     205,034
Morgan Stanley  5.16(c)  04/20/29     250,000     254,900
Wells Fargo & Co.  5.57(c)  07/25/29     200,000     206,511
Total Financials        1,717,304
Utilities | 1.3%    
American Water Capital Corp.   2.80  05/01/30     200,000     185,816
Metropolitan Edison Co. (b)   5.20  04/01/28     150,000     153,010
PacifiCorp   5.10  02/15/29     200,000     203,898
Southern California Edison Co.   3.65  03/01/28     200,000     194,447
Total Utilities        737,171
Total Corporate Bonds–Other        
(Cost $2,550,371)        2,589,735
Money Market Fund | 2.5% of portfolio
      Shares  
State Street Institutional U.S. Government Money Market Fund Premier Class  4.27(d)     1,431,276   1,431,276
Total Money Market Fund        
(Cost $1,431,276)        1,431,276
Total Investments in Securities      
(Cost $57,967,635) | 100.0%        $58,053,352
(a) Zero coupon rate, purchased at a discount.
(b) Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may be resold in transactions exempt from registration, normally to qualified institutional buyers. The securities have been determined to be liquid under criteria established by the Fund's Board of Directors. The total of such securities at period-end amounts to $3,468,816 and represents 6.0% of total investments.
(c) Variable coupon rate as of June 30, 2025.
(d) 7-day yield at June 30, 2025.
FHLMC -Federal Home Loan Mortgage Corporation
LLC -Limited Liability Company
The accompanying notes are an integral part of these financial statements. Portfolio of Investments    
5
Table of Contents
Portfolio of Investments
Short-Term Bond Fund  |  June 30, 2025  |  (Unaudited)
Corporate Bonds–Other | 35.3% of portfolio
  Interest Rate /
Yield 		Maturity Date Face Amount Value
Communication Services | 0.1%    
Comcast Corp.   4.55%  01/15/29     $500,000      $505,552
Total Communication Services        505,552
Consumer Discretionary | 5.3%    
Daimler Trucks Financial N.A. LLC (a)   5.00  01/15/27     915,000      923,801
Daimler Trucks Financial N.A. LLC (a)   5.13  09/25/27   1,110,000    1,125,858
Daimler Trucks Financial N.A. LLC (a)   4.95  01/13/28   3,100,000    3,137,878
Daimler Trucks Financial N.A. LLC (a)   5.13  09/25/29     890,000      906,947
Ford Motor Credit Co. LLC   4.27  01/09/27     915,000      901,849
Ford Motor Credit Co. LLC   2.90  02/10/29     883,000      802,888
Hyundai Capital America (a)   5.30  03/19/27     745,000      753,159
Hyundai Capital America (a)   4.30  09/24/27   1,160,000    1,150,594
Hyundai Capital America (a)   5.00  01/07/28   2,210,000    2,226,854
Hyundai Capital America (a)   5.60  03/30/28   1,035,000    1,059,746
Hyundai Capital America (a)   5.35  03/19/29     465,000      473,432
Hyundai Capital America (a)   5.80  04/01/30   1,360,000    1,411,169
Nissan Motor Acceptance Corp. (a)   2.45  09/15/28   1,365,000    1,209,112
Toyota Motor Credit Corp.   4.55  08/09/29     440,000      443,527
United Airlines 2019-2AA PT   2.70  05/01/32   2,974,576    2,657,867
Volkswagen Group of America Finance LLC (a)   4.90  08/14/26     440,000      440,762
Volkswagen Group of America Finance LLC (a)   5.30  03/22/27     930,000      938,367
Volkswagen Group of America Finance LLC (a)   4.85  08/15/27     440,000      440,257
Volkswagen Group of America Finance LLC (a)   5.25  03/22/29   1,395,000    1,411,414
Total Consumer Discretionary        22,415,481
Consumer Staples | 1.2%    
7-Eleven, Inc. (a)   0.95  02/10/26     800,000      782,329
Bimbo Bakeries USA Inc. (a)   6.05  01/15/29     695,000      726,490
Philip Morris International Inc.   5.13  11/17/27     805,000      821,103
Philip Morris International Inc.   4.88  02/15/28   1,060,000    1,077,852
Philip Morris International Inc.   1.75  11/01/30   1,820,000    1,586,061
Total Consumer Staples        4,993,835
Energy | 2.4%    
Kinder Morgan, Inc.   5.15  06/01/30     885,000      903,603
Energy Transfer LP   5.20  04/01/30   1,330,000    1,359,654
Enterprise Products Operating LLC   4.30  06/20/28   3,090,000    3,103,976
Glencore Funding LLC (a)   4.91  04/01/28   1,325,000    1,338,491
Phillips 66 Co.   4.95  12/01/27   1,780,000    1,807,740
Targa Resources Corp.   4.90  09/15/30     440,000      443,714
Valero Energy Corp.   5.15  02/15/30   1,095,000    1,116,659
Total Energy        10,073,837
Financials | 16.6%    
American Express Co.  5.10(b)  02/16/28   1,750,000    1,769,819
Antares Holdings LP (a)   3.95  07/15/26     335,000      329,531
Antares Holdings LP (a)   2.75  01/15/27   1,000,000      959,601
Athene Global Funding (a)   4.95  01/07/27   1,325,000    1,333,836
Athene Global Funding (a)   5.52  03/25/27   1,960,000    1,992,572
Athene Global Funding (a)   5.58  01/09/29     805,000      827,465
Athene Global Funding (a)   5.38  01/07/30     820,000      838,462
Bank of America Corp.  4.98(b)  01/24/29   1,455,000    1,475,754
Blue Owl Credit Income Corp.   3.13  09/23/26   2,135,000    2,076,380
   Portfolio of Investments The accompanying notes are an integral part of these financial statements.
6
Table of Contents
Portfolio of Investments  |  Short-Term Bond Fund  |  June 30, 2025  |  (Unaudited)  |  (Continued)
Corporate Bonds–Other | 35.3% of portfolio (Continued)
  Interest Rate /
Yield 		Maturity Date Face Amount Value
Financials | 16.6% (Continued)    
Blue Owl Technology Finance Corp. (a)   6.10%  03/15/28   $1,260,000    $1,266,826
Capital One, N.A.  5.97(b)  08/09/28   1,080,000    1,106,525
Citigroup Inc.  5.17(b)  02/13/30   4,505,000    4,596,152
CNO Global Funding (a)   4.95  09/09/29     440,000      444,515
Corebridge Global Funding (a)   4.90  01/07/28     440,000      446,612
Discover Bank   4.65  09/13/28   1,110,000    1,115,867
Fifth Third Bancorp  6.34(b)  07/27/29   1,000,000    1,053,301
GA Global Funding Trust (a)   2.25  01/06/27   2,370,000    2,288,176
General Motors Financial Company, Inc.   5.35  01/07/30   3,100,000    3,137,757
Goldman Sachs Group, Inc.  4.22(b)  05/01/29   3,750,000    3,728,623
Goldman Sachs Group, Inc.  5.73(b)  04/25/30   1,340,000    1,394,879
Goldman Sachs Group, Inc.  5.21(b)  01/28/31     885,000      905,716
Goldman Sachs Group, Inc.  5.22(b)  04/23/31     795,000      815,011
Huntington National Bank (The)  4.87(b)  04/12/28     890,000      895,570
J.P. Morgan Chase & Co.  6.09(b)  10/23/29     820,000      861,867
J.P. Morgan Chase & Co.  5.14(b)  01/24/31   1,095,000    1,122,899
J.P. Morgan Chase & Co.  5.10(b)  04/22/31     440,000      450,914
M&T Bank Corp.  4.76(b)  07/06/28   1,320,000    1,329,159
M&T Bank Corp.  4.83(b)  01/16/29     440,000      443,609
M&T Bank Corp.  7.41(b)  10/30/29   1,800,000    1,952,202
M&T Bank Corp.  5.18(b)  07/08/31     440,000      447,289
Morgan Stanley  5.16(b)  04/20/29   2,340,000    2,385,864
Morgan Stanley  5.23(b)  01/15/31     660,000      675,637
Morgan Stanley Bank N.A.  4.95(b)  01/14/28   3,435,000    3,462,666
Oaktree Specialty Lending Corp.   6.34  02/27/30   1,060,000    1,050,360
Owl Rock Technology Finance Corp.   2.50  01/15/27     632,000      605,544
PNC Financial Services Group Inc. (The)  5.58(b)  06/12/29     465,000      481,564
PNC Financial Services Group Inc. (The)  5.22(b)  01/29/31     885,000      908,245
Regions Financial Corp.  5.72(b)  06/06/30   1,090,000    1,125,755
RGA Global Funding (a)   6.00  11/21/28   1,136,000    1,191,565
Santander Holdings USA, Inc.  2.49(b)  01/06/28   1,000,000      968,021
Santander Holdings USA, Inc.  6.50(b)  03/09/29     460,000      479,630
Santander Holdings USA, Inc.  5.47(b)  03/20/29   3,475,000    3,533,303
Truist Financial Corp.  5.44(b)  01/24/30   2,440,000    2,513,133
Wells Fargo & Co.  4.97(b)  04/23/29   1,075,000    1,090,042
Wells Fargo & Co.  5.57(b)  07/25/29   5,090,000    5,255,718
Wells Fargo & Co.  6.30(b)  10/23/29     465,000      491,453
Wells Fargo & Co.  5.24(b)  01/24/31     875,000      897,608
Wells Fargo & Co.  2.57(b)  02/11/31   1,421,000    1,301,802
Total Financials        69,824,799
Health Care | 1.3%    
AbbVie Inc.   4.80  03/15/29     455,000      463,922
AstraZeneca Finance LLC   4.85  02/26/29   1,365,000    1,395,897
Bayer US Finance LLC (a)   6.25  01/21/29   1,144,000    1,201,282
HCA Inc.   5.00  03/01/28     445,000      451,611
Pfizer Investment Enterprises Pte Ltd.   4.45  05/19/28     885,000      892,090
Solventum Corp.   5.40  03/01/29     915,000      942,236
Total Health Care        5,347,038
Industrials | 2.9%    
American Airlines Group Inc.   3.60  03/22/29   2,239,965    2,179,247
American Airlines Group Inc.   3.25  04/15/30   2,651,651    2,485,016
American Airlines Group Inc.   3.95  01/11/32     775,000      730,567
The accompanying notes are an integral part of these financial statements. Portfolio of Investments    
7
Table of Contents
Portfolio of Investments  |  Short-Term Bond Fund  |  June 30, 2025  |  (Unaudited)  |  (Continued)
Corporate Bonds–Other | 35.3% of portfolio (Continued)
  Interest Rate /
Yield 		Maturity Date Face Amount Value
Industrials | 2.9% (Continued)    
BNSF Railway Co. (a)   3.44%  06/16/28     $685,631      $660,025
Boeing Co. (The)   6.26  05/01/27     225,000      231,483
Boeing Co. (The)   6.30  05/01/29     225,000      237,859
ERAC USA Finance LLC (a)   4.60  05/01/28     925,000      935,747
Federal Express Corp. 20-1   1.88  02/20/34   1,928,049    1,664,691
John Deere Capital Corp.   4.95  07/14/28     915,000      937,458
Regal Rexnord Corp.   6.05  02/15/26     370,000      372,139
Regal Rexnord Corp.   6.05  04/15/28     460,000      474,022
United Rentals (North America) Inc. (a)   6.00  12/15/29   1,105,000    1,131,719
Total Industrials        12,039,973
Information Technology | 0.8%    
Avnet Inc.   6.25  03/15/28     610,000      633,931
Micron Technology, Inc.   5.33  02/06/29   2,210,000    2,262,270
Oracle Corp.   4.80  08/03/28     440,000      447,230
Total Information Technology        3,343,431
Materials | 0.2%    
Celanese US Holdings LLC   6.42  07/15/27     846,000      876,104
Total Materials        876,104
Utilities | 4.5%    
American Water Capital Corp.   2.80  05/01/30   2,830,000    2,629,295
CenterPoint Energy Houston Electric LLC   5.20  10/01/28   1,850,000    1,907,106
Consumers Energy Co.   4.60  05/30/29     456,000      460,687
Metropolitan Edison Co. (a)   5.20  04/01/28   1,330,000    1,356,690
NextEra Energy Capital Holdings, Inc.   4.85  02/04/28     440,000      446,053
OGE Energy Corp.   5.45  05/15/29     445,000      460,667
Oncor Electric Delivery Company LLC (a)   4.50  03/20/27   1,320,000    1,326,518
Pacific Gas & Electric Co.   4.55  07/01/30   1,390,000    1,356,672
PacifiCorp   5.10  02/15/29   2,305,000    2,349,917
PSEG Power LLC (a)   5.20  05/15/30   2,275,000    2,321,511
San Diego Gas & Electric Co.   4.95  08/15/28   1,400,000    1,429,396
Southern California Edison Co.   3.65  03/01/28   2,160,000    2,100,030
Southern California Edison Co.   5.30  03/01/28     440,000      445,596
Wisconsin Electric Power Co.   5.00  05/15/29     445,000      456,443
Total Utilities        19,046,581
Total Corporate Bonds–Other        
(Cost $146,238,577)        148,466,631
U.S. Government & Agency Obligations | 21.9% of portfolio
Federal Farm Credit Banks Funding Corp.   2.25  01/14/30   1,423,000    1,326,362
U.S. International Development Finance Corp.   2.36  10/15/29     462,475      445,334
U.S. International Development Finance Corp.   1.05  10/15/29     664,979      623,406
U.S. Treasury Note   3.88  03/31/27  40,854,000   40,917,834
U.S. Treasury Note   3.88  05/31/27   1,592,000    1,595,731
U.S. Treasury Note   3.75  05/15/28  23,118,000   23,152,316
U.S. Treasury Note   3.88  06/15/28  20,530,000   20,639,066
U.S. Treasury Note   4.00  05/31/30   3,484,000    3,517,751
Total U.S. Government & Agency Obligations        
(Cost $91,845,865)        92,217,800
    
   Portfolio of Investments The accompanying notes are an integral part of these financial statements.
8
Table of Contents
Portfolio of Investments  |  Short-Term Bond Fund  |  June 30, 2025  |  (Unaudited)  |  (Continued)
Asset-Backed Securities | 15.3% of portfolio
  Interest Rate /Yield Maturity Date Face Amount Value
Affirm Master Trust 25-1AA (a)   4.99%  02/15/33   $1,185,000    $1,194,101
Affirm Master Trust 25-1AB (a)   5.13  02/15/33     450,000      452,917
Avant Loans Funding Trust 24-REV1 (a)   5.92  10/15/33   1,325,000    1,340,045
Avant Loans Funding Trust 25-REV1 (a)   5.12  05/15/34   1,060,000    1,063,170
Capital One Prime Auto Receivables Trust 24-1   4.62  07/16/29     600,000      603,792
Carvana Auto Receivables Trust 24-P1 (a)   5.05  04/10/29   1,130,000    1,136,589
Chase Auto Owner Trust 24-2A (a)   5.52  06/25/29     950,000      964,659
Colony American Finance Ltd. 21-2 (a)   1.41  07/15/54     484,946      464,642
CoreVest American Finance 20-4 (a)   1.17  12/15/52     316,484      312,933
CoreVest American Finance 21-1 (a)   1.57  04/15/53     692,807      675,723
CoreVest American Finance 21-3 (a)   2.49  10/15/54   2,480,000    2,411,085
CPS Auto Trust 25-A (a)   5.02  07/16/29     800,000      804,457
Daimler Trucks Retail Trust 24-1   5.56  07/15/31   1,675,000    1,711,826
Exeter Select Automobile Receivables Trust 2025-1   4.69  04/15/30   1,105,000    1,109,561
Firstkey Homes Trust 22-SFR2 (a)   4.25  07/17/39     952,247      947,613
Ford Credit Auto Lease Trust 20-A   5.06  05/15/27     930,000      931,883
Ford Credit Auto Owner Trust 24-D   4.61  08/15/29     500,000      505,004
Frontier Issuer 23-1A (a)   6.60  08/20/53   3,400,000    3,453,731
Frontier Issuer 23-1B (a)   8.30  08/20/53   2,340,000    2,415,255
FRTKL 21-SFR1 (a)   1.57  09/17/38     970,000      934,605
GLS Auto Receivables Trust 25-1A (a)   4.98  07/16/29   1,105,000    1,112,625
GLS Auto Select Receivables Trust 24-1A (a)   5.24  03/15/30     503,665      506,541
GLS Auto Select Receivables Trust 25-1A (a)   4.71  04/15/30   1,408,210    1,411,352
GM Financial Automobile Leasing Trust 24-1   5.09  03/22/27   1,810,000    1,815,443
Gracie Point International Funding 23-2A (a)  6.60(b)  03/01/27     143,061      143,289
Gracie Point International Funding 24-1A (a)  6.12(b)  03/01/28   2,045,000    2,048,796
GreatAmerica Leasing Receivables Funding 24-2 (a)   5.02  05/15/31   1,995,000    2,029,380
Honda Auto Receivables Owner Trust 24-1   5.21  08/15/28   3,180,000    3,207,261
John Deere Owner Trust 23-A   5.01  11/15/27     636,445      638,364
John Deere Owner Trust 23-B   5.18  03/15/28     548,652      551,583
Mercedes-Benz Auto Lease Trust 24-B   4.22  06/17/30     550,000      549,070
NP SPE II LLC 17-1 (a)   3.37  10/21/47     170,934      167,083
Oportun Funding 21-B (a)   1.47  05/08/31     810,592      790,729
Oscar US Funding Trust 24-1 (a)   5.54  02/10/28   1,885,000    1,900,687
Progress Residential Trust 21-SFR8 (a)   1.51  10/17/38   1,295,613    1,256,265
Progress Residential Trust 22-SFR3 (a)   3.20  04/17/39     885,631      864,155
Progress Residential Trust 25-SFR1 (a)  3.65(b)  02/17/42     840,000      793,560
Santander Drive Auto Receivables Trust 24-1   5.23  12/15/28     685,000      688,996
Santander Drive Auto Receivables Trust 24-2   5.63  11/15/28     675,000      678,542
Santander Drive Auto Receivables Trust 28   5.25  04/17/28     437,199      437,915
SBA Tower Trust (a)   6.60  01/15/28     775,000      796,443
SCE Recovery Funding LLC   0.86  11/15/31   1,174,401    1,043,471
SoFi Consumer Loan Program Trust 25-1B (a)   5.12  02/27/34   1,330,000    1,343,067
SoFi Consumer Loan Program Trust 25-1C (a)   5.42  02/27/34     665,000      674,198
Subway Funding LLC 24-1A (a)   6.03  07/30/54     487,550      495,788
SVC ABS LLC 23-1A (a)   5.15  02/20/53     454,634      451,009
Switch ABS Issuer, LLC (a)   5.04  03/25/55   1,090,000    1,075,201
Tesla Sustainable Energy Trust 24-1A (a)   5.08  06/21/50   1,517,702    1,522,776
T-Mobile US Trust 22-1A (a)   4.91  05/22/28     457,254      457,564
Toyota Lease Owner Trust 25-A (a)   4.75  02/22/28   2,090,000    2,107,696
Tricon Residential 24-SFR4 (a)   4.30  11/17/41     708,089      697,929
Verizon Master Trust 25-1   4.94  01/21/31   1,800,000    1,815,960
Volkswagen Auto Lease Trust 24-A   5.21  06/21/27     785,000      791,991
Volkswagen Auto Loan Enhanced Trust 24-1   4.63  07/20/29     940,000      949,698
Westgate Resorts 22-1A (a)   2.29  08/20/36     250,000      248,615
Westgate Resorts 24-1A (a)   6.06  01/20/38     967,120      979,916
Westgate Resorts 24-1B (a)   6.56  01/20/38     803,454      814,402
The accompanying notes are an integral part of these financial statements. Portfolio of Investments    
9
Table of Contents
Portfolio of Investments  |  Short-Term Bond Fund  |  June 30, 2025  |  (Unaudited)  |  (Continued)
Asset-Backed Securities | 15.3% of portfolio (Continued)
  Interest Rate /Yield Maturity Date Face Amount Value
Westlake Automobile Receivables Trust 24-1A (a)   5.55%  11/15/27   $1,020,000    $1,025,113
Westlake Automobile Receivables Trust 25-1A (a)   4.98  09/16/30   1,820,000    1,833,692
Total Asset-Backed Securities        
(Cost $63,655,845)        64,149,756
Mortgage-Backed Securities | 14.2% of portfolio
FHLMC 25-HQA1 (a)  5.26(b)  02/25/45     702,813      701,716
FHLMC 780754  7.38(b)  08/01/33         302          308
FNMA 813842  6.26(b)  01/01/35       1,261        1,292
GNMA 14-125  2.90(b)  11/16/54   3,625,000    3,252,264
GNMA 2025-25   4.50  02/20/54   4,520,551    4,422,029
GNMA 2025-89   5.00  11/20/53   4,480,506    4,488,616
GNMA 21-8   1.00  01/20/50   1,617,067    1,261,538
GNMA 22-177   5.00  05/20/48   4,142,118    4,221,710
GNMA 23-128   5.75  08/20/47   1,446,520    1,458,155
GNMA 23-22EA   5.00  09/20/49   1,756,744    1,763,473
GNMA 23-22EC   5.00  01/20/51     964,257      976,184
GNMA 23-4   5.00  07/20/49     542,296      546,335
GNMA 23-59   5.00  11/20/41   1,003,051    1,006,110
GNMA 23-84KA   5.50  06/20/42   1,229,052    1,241,407
GNMA 24-1   5.50  08/20/48   3,178,068    3,199,206
GNMA 24-103   4.50  06/20/54   3,414,432    3,365,587
GNMA 24-11   5.00  09/20/50   1,335,542    1,333,241
GNMA 24-110   4.50  07/20/50   1,786,534    1,777,089
GNMA 24-111   5.00  08/20/51   1,173,487    1,180,062
GNMA 24-43   5.50  08/20/48   1,690,371    1,704,904
GNMA 24-51   5.00  04/20/62     640,776      642,319
GNMA 24-59   5.50  01/20/51   3,817,823    3,863,613
GNMA 24-79   4.00  01/20/49   1,488,989    1,465,217
GNMA 25-28   5.00  08/20/53   3,837,855    3,858,757
GNMA 25-29   5.00  03/20/54   1,967,362    1,992,655
GNMA 25-34   5.00  06/20/53   2,175,098    2,195,846
GNMA 786576   4.50  09/20/52     889,311      856,031
GNMA 787194   7.50  12/20/53     308,707      319,738
GNMA 787238   7.50  02/20/54     325,018      336,631
GNMA 787291   7.50  03/20/54   1,025,015    1,061,640
GNMA 787343   7.50  04/20/54     465,966      482,616
GNMA CK0445   4.00  02/15/52   2,048,541    1,917,775
GNMA CV1215   7.00  07/20/53     259,546      267,705
GNMA CW8493   8.00  11/20/53      46,339       48,220
GNMA CW8494   7.50  11/20/53     208,129      215,576
GNMA CW8495   7.50  11/20/53     149,935      155,299
GNMA CZ5438   7.00  01/20/54     124,142      128,115
GNMA MA8017   2.50  05/20/37   1,183,952    1,094,105
GNMA MA8917   5.00  06/20/38     815,242      820,174
Total Mortgage-Backed Securities        
(Cost $59,448,630)        59,623,258
    
Yankee Bonds | 12.0% of portfolio
Avolon Holdings Funding Ltd. (a)   2.75  02/21/28   1,832,000    1,738,539
Banco Bilbao Vizcaya Argentaria SA   5.38  03/13/29   1,400,000    1,441,758
Bank of Montreal  5.00(b)  01/27/29   1,345,000    1,366,779
Bank of New Zealand (a)  5.70(b)  01/28/35   2,245,000    2,293,142
Barclays PLC  5.67(b)  03/12/28   1,360,000    1,385,794
Barclays PLC  5.09(b)  02/25/29   2,165,000    2,191,905
   Portfolio of Investments The accompanying notes are an integral part of these financial statements.
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Portfolio of Investments  |  Short-Term Bond Fund  |  June 30, 2025  |  (Unaudited)  |  (Continued)
Yankee Bonds | 12.0% of portfolio (Continued)
  Interest Rate /Yield Maturity Date Face Amount Value
Barclays PLC  5.37%(b)  02/25/31   $1,325,000    $1,353,470
Danske Bank AS (a)  5.02(b)  03/04/31   1,320,000    1,334,960
Delta and SkyMiles IP Ltd. (a)   4.50  10/20/25     130,000      129,685
Delta and SkyMiles IP Ltd. (a)   4.75  10/20/28   3,000,000    3,006,957
Electricite de France SA (a)   5.70  05/23/28     500,000      515,055
Electricite de France SA (a)   5.65  04/22/29   2,230,000    2,313,519
Enel Finance International NV (a)   5.13  06/26/29     445,000      453,284
HSBC Holdings PLC  5.24(b)  05/13/31   1,080,000    1,099,642
Hyundai Capital Services Inc. (a)   5.13  02/05/27   2,305,000    2,322,967
Hyundai Capital Services Inc. (a)   5.25  01/22/28   1,540,000    1,560,957
ING Groep NV  5.34(b)  03/19/30   1,065,000    1,092,084
Korea Expressway Corp. (a)   5.00  05/14/27   2,165,000    2,198,668
Korea National Oil Corp. (a)   4.75  04/03/26     500,000      501,373
LG Energy Solution, Ltd. (a)   5.25  04/02/28   1,325,000    1,329,125
Magna International Inc.   5.05  03/14/29   2,215,000    2,259,109
Nationwide Building Society (a)  2.97(b)  02/16/28   1,500,000    1,464,635
Petroleos Mexicanos   5.35  02/12/28   1,200,000    1,152,290
Petroleos Mexicanos   6.84  01/23/30     700,000      676,266
Roche Holdings Inc. (a)   5.34  11/13/28   2,536,000    2,632,122
Santander UK Group Holdings PLC  6.53(b)  01/10/29   1,005,000    1,048,938
Saudi Arabian Oil Co. (a)   4.75  06/02/30   4,430,000    4,451,649
Snam S.p.A. (a)   5.00  05/28/30   1,775,000    1,789,156
Societe Generale (a)  5.52(b)  01/19/28   1,155,000    1,169,300
Societe Generale (a)  5.25(b)  05/22/29     445,000      450,433
Societe Generale (a)  5.63(b)  01/19/30     455,000      465,544
Standard Chartered PLC (a)  5.55(b)  01/21/29     440,000      449,433
Toronto-Dominion Bank (The)  5.15(b)  09/10/34   2,220,000    2,226,371
Var Energi ASA (a)   7.50  01/15/28     595,000      629,783
Total Yankee Bonds        
(Cost $49,718,183)        50,494,692
Corporate Bonds Guaranteed by Export-Import Bank of the United States | 0.1% of portfolio
Energy | 0.1%    
Petroleos Mexicanos   2.46  12/15/25      21,950       21,394
Reliance Industries Ltd.   1.87  01/15/26     316,947      314,093
Total Energy        335,487
Total Corporate Bonds Guaranteed by Export-Import Bank of the United States        
(Cost $338,798)        335,487
Money Market Fund | 1.2% of portfolio
      Shares  
State Street Institutional U.S. Government Money Market Fund Premier Class  4.27(c)     5,115,199    5,115,199
Total Money Market Fund        
(Cost $5,115,199)        5,115,199
Total Investments in Securities      
(Cost $416,361,097) | 100.0%        $420,402,823
(a) Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may be resold in transactions exempt from registration, normally to qualified institutional buyers. The securities have been determined to be liquid under criteria established by the Fund's Board of Directors. The total of such securities at period-end amounts to $121,330,711 and represents 28.9% of total investments.
(b) Variable coupon rate as of June 30, 2025.
The accompanying notes are an integral part of these financial statements. Portfolio of Investments    
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Portfolio of Investments  |  Short-Term Bond Fund  |  June 30, 2025  |  (Unaudited)  |  (Continued)
(c) 7-day yield at June 30, 2025.
LLC -Limited Liability Company
N.A. -North America
LP -Limited Partnership
Pte -Private Limited Company
ABS -Asset-Backed Security
FHLMC -Federal Home Loan Mortgage Corporation
SA -Sociedad Anonima or Societe Anonyme
PLC -Public Limited Company
AS -Anonim Sirket
NV -Naamloze Vennottschap
ASA -Allmennaksjeselskap
   Portfolio of Investments The accompanying notes are an integral part of these financial statements.
12
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Portfolio of Investments
Intermediate Bond Fund  |  June 30, 2025  |  (Unaudited)
Mortgage-Backed Securities | 30.1% of portfolio
  Interest Rate /
Yield 		Maturity Date Face Amount Value
Farm 2021-1 Mortgage Trust 21-1 (a)  2.18%(b)  01/25/51    $195,074      $157,135
FHLMC 25-HQA1 (a)  5.26(b)  02/25/45    223,438      223,089
FHLMC QA7479   3.00  03/01/50    181,406      159,444
FHLMC QE2363   3.50  05/01/52  1,189,430    1,071,336
FHLMC RA8249   5.50  11/01/52    617,705      620,536
FHLMC SD1188   3.50  06/01/52    638,527      575,159
FHLMC SD1495   5.00  08/01/52    736,614      728,891
FHLMC SD2605   5.50  04/01/53    433,082      434,793
FHLMC SD7555   3.00  08/01/52    737,018      648,722
FHLMC SD8068   3.00  06/01/50    172,117      149,530
FHLMC SD8193   2.00  02/01/52  5,459,250    4,333,599
FHLMC SD8237   4.00  08/01/52  1,181,477    1,100,861
FNMA BN7662   3.50  07/01/49     68,969       62,848
FNMA CA4016   3.00  08/01/49    395,909      347,755
FNMA FM1000   3.00  04/01/47    747,015      662,674
FNMA FM4231   2.50  09/01/50    200,904      168,416
FNMA MA3691   3.00  07/01/49    116,296      101,901
FNMA MA3834   3.00  11/01/49    244,668      214,379
FNMA MA3960   3.00  03/01/50    114,811      100,311
FNMA MA3992   3.50  04/01/50    110,907      100,946
FNMA MA4048   3.00  06/01/50    515,702      451,690
FNMA MA4124   2.50  09/01/35    844,827      791,851
FNMA MA4179   2.00  11/01/35  2,822,852    2,594,963
FNMA MA4254   1.50  02/01/51  2,349,860    1,768,231
FNMA MA4303   2.00  04/01/36  1,145,093    1,047,726
FNMA MA4418   2.00  09/01/36  1,921,272    1,757,840
FNMA MA4437   2.00  10/01/51  3,541,538    2,806,856
FNMA MA4579   3.00  04/01/52    618,234      535,948
GNMA 2025-25   4.50  02/20/54  1,465,021    1,433,092
GNMA 2025-89   5.00  11/20/53  1,446,934    1,449,553
GNMA 21-8   1.00  01/20/50    415,116      323,849
GNMA 22-177   5.00  05/20/48  1,086,525    1,107,403
GNMA 23-128   5.75  08/20/47    394,505      397,679
GNMA 23-22EA   5.00  09/20/49    496,671      498,573
GNMA 23-22EC   5.00  01/20/51    267,705      271,016
GNMA 23-4   5.00  07/20/49    154,095      155,243
GNMA 23-59   5.00  11/20/41    276,982      277,827
GNMA 23-76   5.00  05/20/53  1,267,475    1,279,137
GNMA 23-84KA   5.50  06/20/42    387,419      391,313
GNMA 24-103   4.50  06/20/54  1,094,127    1,078,475
GNMA 24-51   5.00  04/20/62    221,008      221,541
GNMA 24-92   5.00  05/20/54    571,031      577,147
GNMA 25-28   5.00  08/20/53    657,366      660,946
GNMA 786247   4.00  07/20/52    524,885      488,309
GNMA 786428   4.00  06/20/52    925,495      859,170
GNMA 786576   4.50  09/20/52    245,014      235,845
GNMA 787291   7.50  03/20/54     97,705      101,196
GNMA 787343   7.50  04/20/54    125,329      129,807
GNMA CK0445   4.00  02/15/52  1,066,264      998,200
GNMA CV1215   7.00  07/20/53     80,471       83,000
GNMA CW8493   8.00  11/20/53     13,273       13,812
GNMA CW8495   7.50  11/20/53     40,319       41,761
GNMA MA8346   4.00  10/20/52  2,944,690    2,757,377
GNMA MA8880   6.00  05/20/53    395,647      404,053
Total Mortgage-Backed Securities        
(Cost $41,693,653)        39,952,754
    
The accompanying notes are an integral part of these financial statements. Portfolio of Investments    
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Portfolio of Investments  |  Intermediate Bond Fund  |  June 30, 2025  |  (Unaudited)  |  
(Continued)
Corporate Bonds–Other | 28.6% of portfolio
  Interest Rate /Yield Maturity Date Face Amount Value
Communication Services | 0.3%    
Meta Platforms Inc.   5.40%  08/15/54    $120,000      $117,029
Meta Platforms Inc.   5.55  08/15/64     66,000       64,498
T-Mobile US, Inc.   3.00  02/15/41    200,000      146,351
Total Communication Services        327,878
Consumer Discretionary | 3.0%    
Block Financial Corp.   2.50  07/15/28    145,000      136,515
Daimler Truck Finance North America LLC (a)   5.25  01/13/30    280,000      286,548
Daimler Truck Finance North America LLC (a)   5.38  01/13/32    255,000      259,195
Expedia Group, Inc.   4.63  08/01/27    330,000      331,340
Ford Motor Credit Co. LLC   2.90  02/10/29    225,000      204,586
Hyundai Capital America (a)   5.60  03/30/28    290,000      296,934
Hyundai Capital America (a)   4.55  09/26/29    135,000      133,796
Hyundai Capital America (a)   5.80  04/01/30    490,000      508,436
Hyundai Capital America (a)   4.75  09/26/31    135,000      133,318
Lowe`s Companies, Inc.   5.85  04/01/63    205,000      200,131
Nissan Motor Acceptance Corp. (a)   2.45  09/15/28    435,000      385,321
Tractor Supply Co.   1.75  11/01/30    100,000       86,721
United Airlines 2019-2AA PT   2.70  05/01/32    794,734      710,117
Volkswagen Group of America Finance LLC (a)   5.60  03/22/34    325,000      326,350
Total Consumer Discretionary        3,999,308
Consumer Staples | 1.5%    
7-Eleven Inc. (a)   1.30  02/10/28     60,000       55,341
7-Eleven Inc. (a)   1.80  02/10/31     60,000       50,818
7-Eleven Inc. (a)   2.80  02/10/51    135,000       79,997
BAT Capital Corp.   5.83  02/20/31    315,000      331,474
Campbell Soup Co.   2.38  04/24/30    250,000      226,576
Kenvue Inc.   5.20  03/22/63     85,000       78,638
Philip Morris International Inc.   4.88  02/15/28    230,000      233,874
Philip Morris International Inc.   5.13  02/15/30    260,000      267,495
Philip Morris International Inc.   5.13  02/13/31    380,000      391,379
Smithfield Foods, Inc. (a)   2.63  09/13/31    340,000      293,089
Total Consumer Staples        2,008,681
Energy | 3.1%    
Boardwalk Pipelines LP   5.63  08/01/34    130,000      131,863
BP Capital Markets America Inc.   4.81  02/13/33    110,000      109,853
BP Capital Markets America Inc.   2.77  11/10/50    210,000      128,134
Cheniere Corpus Christi Holdings LLC   3.70  11/15/29     39,000       37,623
Cheniere Corpus Christi Holdings LLC   2.74  12/31/39    170,000      138,360
Cheniere Energy Inc.   5.65  04/15/34    130,000      133,143
Cheniere Energy Partners LP   5.95  06/30/33    105,000      109,603
Energy Transfer LP   6.20  04/01/55    660,000      649,767
Energy Transfer Operating LP   3.75  05/15/30    318,000      305,108
Entergy Arkansas, LLC   5.15  01/15/33    205,000      210,067
Enterprise Products Operating LLC   4.60  01/15/31    275,000      277,092
Midwest Connector Capital Co. LLC (a)   4.63  04/01/29    205,000      203,262
MPLX LP   2.65  08/15/30    245,000      221,736
National Oilwell Varco, Inc.   3.60  12/01/29    112,000      107,431
Phillips 66   2.15  12/15/30    260,000      228,964
Phillips 66   5.30  06/30/33    300,000      303,078
Targa Resources Corp.   6.50  02/15/53    305,000      313,106
Valero Energy Corp.   5.15  02/15/30    345,000      351,824
   Portfolio of Investments The accompanying notes are an integral part of these financial statements.
14
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Portfolio of Investments  |  Intermediate Bond Fund  |  June 30, 2025  |  (Unaudited)  |  
(Continued)
Corporate Bonds–Other | 28.6% of portfolio (Continued)
  Interest Rate /Yield Maturity Date Face Amount Value
Energy | 3.1% (Continued)    
Western Midstream Operating LP   5.30%  03/01/48    $255,000      $212,799
Total Energy        4,172,813
Financials | 11.8%    
Ally Financial Inc.  6.99(b)  06/13/29    205,000      215,802
Antares Holdings LP (a)   3.95  07/15/26    375,000      368,878
Athene Holding Ltd.   3.95  05/25/51    300,000      211,940
Bank of America Corp.  4.98(b)  01/24/29    330,000      334,707
Bank of America Corp.  5.16(b)  01/24/31    250,000      256,238
Bank of America Corp.  5.02(b)  07/22/33    445,000      450,210
Blue Owl Credit Income Corp.   3.13  09/23/26    518,000      503,777
Capital One, N.A.  5.97(b)  08/09/28    345,000      353,473
Citigroup Inc.  5.17(b)  02/13/30    390,000      397,891
Citigroup Inc.  2.57(b)  06/03/31    870,000      789,013
Discover Bank   4.65  09/13/28    330,000      331,744
Fifth Third Bancorp  6.34(b)  07/27/29    335,000      352,856
Goldman Sachs Group, Inc.  4.94(b)  04/23/28    270,000      272,104
Goldman Sachs Group, Inc.  4.22(b)  05/01/29    400,000      397,720
Goldman Sachs Group, Inc.  2.38(b)  07/21/32    365,000      318,771
Goldman Sachs Group, Inc.  2.91(b)  07/21/42    230,000      164,687
Goldman Sachs Group, Inc.  3.44(b)  02/24/43    255,000      194,418
J.P. Morgan Chase & Co.  5.30(b)  07/24/29    195,000      200,209
J.P. Morgan Chase & Co.  5.58(b)  04/22/30    655,000      680,124
J.P. Morgan Chase & Co.  4.91(b)  07/25/33    185,000      186,071
M&T Bank Corp.  7.41(b)  10/30/29    500,000      542,278
M&T Bank Corp.  5.39(b)  01/16/36    135,000      134,531
Metropolitan Life Global Funding I (a)   5.15  03/28/33    180,000      182,687
Morgan Stanley  5.16(b)  04/20/29    620,000      632,152
Morgan Stanley  5.23(b)  01/15/31    580,000      593,742
Morgan Stanley  1.79(b)  02/13/32    510,000      436,328
Morgan Stanley  4.89(b)  07/20/33    170,000      170,172
Northern Trust Corp.   6.13  11/02/32    265,000      286,151
Oaktree Specialty Lending Corp.   6.34  02/27/30    330,000      326,999
Owl Rock Technology Finance Corp. (a)   3.75  06/17/26    150,000      147,054
Owl Rock Technology Finance Corp.   2.50  01/15/27    139,000      133,182
Prudential Financial Inc.  6.50(b)  03/15/54    620,000      636,894
Prudential Financial, Inc.  5.70(b)  09/15/48     75,000       75,969
Regions Financial Corp.  5.72(b)  06/06/30    340,000      351,153
Santander Holdings USA, Inc.  2.49(b)  01/06/28    298,000      288,470
Santander Holdings USA, Inc.  5.47(b)  03/20/29    445,000      452,466
Truist Financial Corp.  5.44(b)  01/24/30    315,000      324,441
Wells Fargo & Co.  4.97(b)  04/23/29    340,000      344,758
Wells Fargo & Co.  5.57(b)  07/25/29  1,695,000    1,750,185
Wells Fargo & Co.  5.24(b)  01/24/31    290,000      297,493
Wells Fargo & Co.  6.49(b)  10/23/34    220,000      240,467
Wells Fargo & Co.  3.07(b)  04/30/41    440,000      332,495
Total Financials        15,660,700
Health Care | 1.6%    
AbbVie Inc.   4.95  03/15/31    105,000      107,796
AbbVie Inc.   5.35  03/15/44     65,000       63,711
AbbVie Inc.   5.40  03/15/54    130,000      126,406
Amgen Inc.   5.75  03/02/63    215,000      209,021
Bayer US Finance LLC (a)   6.25  01/21/29    331,000      347,574
The accompanying notes are an integral part of these financial statements. Portfolio of Investments    
15
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Portfolio of Investments  |  Intermediate Bond Fund  |  June 30, 2025  |  (Unaudited)  |  
(Continued)
Corporate Bonds–Other | 28.6% of portfolio (Continued)
  Interest Rate /Yield Maturity Date Face Amount Value
Health Care | 1.6% (Continued)    
Bayer US Finance LLC (a)   6.88%  11/21/53    $305,000      $323,902
Bristol-Myers Squibb Co.   6.25  11/15/53    127,000      136,093
HCA Inc.   5.90  06/01/53    315,000      304,149
Pfizer Investment Enterprises Pte Ltd.   4.65  05/19/30    195,000      197,697
Pfizer Investment Enterprises Pte Ltd.   5.11  05/19/43     95,000       90,594
Pfizer Investment Enterprises Pte Ltd.   5.30  05/19/53    255,000      240,722
Total Health Care        2,147,665
Industrials | 1.1%    
American Airlines Group Inc.   3.25  04/15/30    395,805      370,931
Ashtead Capital, Inc. (a)   4.25  11/01/29    308,000      301,595
Ashtead Capital, Inc. (a)   2.45  08/12/31    200,000      172,580
BNSF Railway Co. (a)   3.44  06/16/28    311,934      300,284
United Rentals (North America) Inc. (a)   6.00  12/15/29    340,000      348,221
Total Industrials        1,493,611
Information Technology | 0.4%    
Avnet Inc.   6.25  03/15/28    170,000      176,670
VMware, Inc.   4.70  05/15/30    200,000      200,794
VMware, Inc.   2.20  08/15/31    155,000      134,530
Total Information Technology        511,994
Materials | 0.9%    
Celanese US Holdings LLC   6.42  07/15/27    229,000      237,149
Celanese US Holdings LLC   6.58  07/15/29    260,000      270,949
Celanese US Holdings LLC   6.63  07/15/32    175,000      183,465
Cleveland-Cliffs Inc. (a)   6.88  11/01/29    255,000      251,057
Cleveland-Cliffs Inc. (a)   7.50  09/15/31     90,000       86,801
Glencore Funding LLC (a)   3.38  09/23/51    170,000      112,433
Total Materials        1,141,854
Real Estate | 0.7%    
American Tower Corp.   5.50  03/15/28    205,000      210,698
AvalonBay Communities, Inc.   5.35  06/01/34    135,000      138,836
Healthpeak OP, LLC   5.25  12/15/32    125,000      127,207
Omega Healthcare Investors, Inc.   5.20  07/01/30    270,000      271,515
VICI Properties LP   4.75  02/15/28    180,000      180,987
Total Real Estate        929,243
Utilities | 4.2%    
Ameren Illinois Co.   5.90  12/01/52    175,000      180,061
American Water Capital Corp.   2.80  05/01/30    920,000      854,753
American Water Capital Corp.   5.45  03/01/54    365,000      353,044
Evergy Kansas Central, Inc.   3.45  04/15/50    875,000      605,235
Indiana Michigan Power Co.   5.63  04/01/53    215,000      211,029
Indianapolis Power & Light Co. (a)   5.65  12/01/32    260,000      267,464
Oklahoma Gas & Electric Co.   5.60  04/01/53    107,000      104,213
Pacific Gas & Electric Co.   3.00  06/15/28    225,000      213,683
Pacific Gas & Electric Co.   4.55  07/01/30    130,000      126,883
Pacific Gas & Electric Co.   4.25  03/15/46    770,000      572,822
PacifiCorp   5.30  02/15/31    500,000      514,906
PSEG Power LLC (a)   5.75  05/15/35    355,000      365,601
Southern California Edison Co.   5.30  03/01/28    115,000      116,463
   Portfolio of Investments The accompanying notes are an integral part of these financial statements.
16
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Portfolio of Investments  |  Intermediate Bond Fund  |  June 30, 2025  |  (Unaudited)  |  
(Continued)
Corporate Bonds–Other | 28.6% of portfolio (Continued)
  Interest Rate /Yield Maturity Date Face Amount Value
Utilities | 4.2% (Continued)    
Southern California Edison Co.   2.25%  06/01/30     $55,000       $48,287
Southern California Edison Co.   5.45  06/01/31    400,000      406,997
Southern California Edison Co.   4.50  09/01/40    200,000      167,508
Southern California Edison Co.   4.00  04/01/47    164,000      117,782
Southern California Edison Co.   3.65  02/01/50    214,000      141,442
TerraForm Power Operating LLC (a)   4.75  01/15/30    171,000      163,714
Total Utilities        5,531,887
Total Corporate Bonds–Other        
(Cost $38,980,587)        37,925,634
U.S. Government & Agency Obligations | 19.7% of portfolio
U.S. International Development Finance Corp.   1.05  10/15/29     82,096       76,964
U.S. Treasury Note   3.88  03/31/27  2,322,000    2,325,628
U.S. Treasury Note   3.88  05/31/27    469,000      470,099
U.S. Treasury Note   3.88  06/15/28    105,000      105,558
U.S. Treasury Note   4.00  05/31/30  2,694,000    2,720,098
U.S. Treasury Note   4.00  04/30/32  4,216,000    4,221,270
U.S. Treasury Note   4.25  05/15/35  1,869,000    1,871,920
U.S. Treasury Note   2.38  02/15/42  4,717,000    3,431,617
U.S. Treasury Note   3.25  05/15/42    490,000      405,303
U.S. Treasury Note   3.38  08/15/42  4,195,000    3,521,014
U.S. Treasury Note   4.75  02/15/45  2,819,000    2,804,024
U.S. Treasury Note   4.63  02/15/55  4,223,000    4,110,827
Total U.S. Government & Agency Obligations        
(Cost $27,281,154)        26,064,322
    
Asset-Backed Securities | 10.1% of portfolio
Avant Loans Funding Trust 25-REV1 (a)   5.12  05/15/34    340,000      341,017
Capital One Prime Auto Receivables Trust 24-1   4.62  07/16/29    200,000      201,264
Carvana Auto Receivables Trust 24-P1 (a)   5.05  04/10/29    325,000      326,895
Chase Auto Owner Trust 24-2A (a)   5.52  06/25/29    280,000      284,320
Colony American Finance Ltd. 21-2 (a)   1.41  07/15/54    111,911      107,225
CoreVest American Finance 20-4 (a)   1.17  12/15/52     51,601       51,022
CoreVest American Finance 21-1 (a)   1.57  04/15/53    484,480      472,534
CoreVest American Finance 21-3 (a)   2.49  10/15/54    660,000      641,660
Daimler Trucks Retail Trust 24-1   5.49  12/15/27    330,000      333,432
Firstkey Homes Trust 22-SFR2 (a)   4.25  07/17/39    317,416      315,871
Ford Credit Auto Lease Trust 20-A   5.06  05/15/27    260,000      260,527
Ford Credit Auto Owner Trust 24-D   4.61  08/15/29    200,000      202,001
Frontier Issuer 23-1A (a)   6.60  08/20/53  1,000,000    1,015,803
Frontier Issuer 23-1B (a)   8.30  08/20/53    675,000      696,708
Frontier Issuer 24-1A (a)   6.19  06/20/54    395,000      406,739
FRTKL 21-SFR1 (a)   1.57  09/17/38    250,000      240,878
GLS Auto Select Receivables Trust 24-1A (a)   5.24  03/15/30    144,293      145,117
GM Financial Automobile Leasing Trust 24-1   5.09  03/22/27    525,000      526,579
Gracie Point International Funding 23-2A (a)  6.60(b)  03/01/27     36,371       36,429
GreatAmerica Leasing Receivables Funding 24-2 (a)   5.02  05/15/31    625,000      635,771
Honda Auto Receivables Owner Trust 24-1   5.21  08/15/28    580,000      584,972
John Deere Owner Trust 23-B   5.18  03/15/28    156,155      156,989
Oportun Funding 21-B (a)   1.47  05/08/31    364,311      355,384
Progress Residential Trust 21-SFR8 (a)   1.51  10/17/38    332,234      322,144
Progress Residential Trust 22-SFR3 (a)   3.20  04/17/39    239,360      233,555
Progress Residential Trust 22-SFR3 (a)   3.60  04/17/39    165,000      160,868
The accompanying notes are an integral part of these financial statements. Portfolio of Investments    
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Portfolio of Investments  |  Intermediate Bond Fund  |  June 30, 2025  |  (Unaudited)  |  
(Continued)
Asset-Backed Securities | 10.1% of portfolio (Continued)
  Interest Rate /Yield Maturity Date Face Amount Value
Progress Residential Trust 25-SFR1 (a)  3.65%(b)  02/17/42    $270,000      $255,073
Santander Drive Auto Receivables Trust 24-2   5.63  11/15/28    200,000      201,049
SBA Tower Trust (a)   1.88  01/15/26     20,000       19,673
SBA Tower Trust (a)   1.63  11/15/26    160,000      153,511
SBA Tower Trust (a)   6.60  01/15/28    210,000      215,810
SBA Tower Trust (a)   2.59  10/15/31    309,877      270,216
SBIC 2023-10B   5.69  09/10/33    313,748      326,391
SCE Recovery Funding LLC   2.51  11/15/43    190,000      125,276
Subway Funding 24-1A (a)   6.27  07/30/54    134,325      137,612
Switch ABS Issuer, LLC (a)   5.04  03/25/55    340,000      335,384
Tesla Sustainable Energy Trust 24-1A (a)   5.29  06/20/50    170,000      170,694
T-Mobile US Trust 22-1A (a)   4.91  05/22/28    129,727      129,814
Toyota Lease Owner Trust 25-A (a)   4.75  02/22/28    655,000      660,546
Tricon Residential 24-SFR4 (a)   4.30  11/17/41    224,394      221,175
Volkswagen Auto Lease Trust 24-A   5.21  06/21/27    230,000      232,048
Volkswagen Auto Loan Enhanced Trust 24-1   4.63  07/20/29    300,000      303,095
Westgate Resorts 22-1A (a)   2.29  08/20/36     71,428       71,033
Westgate Resorts 24-1A (a)   6.06  01/20/38    297,576      301,513
Westgate Resorts 24-1B (a)   6.56  01/20/38    249,220      252,615
Total Asset-Backed Securities        
(Cost $13,391,262)        13,438,232
Yankee Bonds | 9.0% of portfolio
AerCap Ireland Capital DAC   3.88  01/23/28    250,000      245,683
Aptiv PLC   3.10  12/01/51    280,000      168,285
Avolon Holdings Funding Ltd. (a)   2.75  02/21/28    755,000      716,483
Bank of New Zealand (a)  5.70(b)  01/28/35    405,000      413,685
Barclays PLC  5.79(b)  02/25/36    415,000      424,166
Barclays PLC  6.04(b)  03/12/55    200,000      205,434
Cenovus Energy Inc.   5.25  06/15/37    395,000      372,120
Delta and SkyMiles IP Ltd. (a)   4.75  10/20/28    800,000      801,855
Electricite de France SA (a)   6.00  04/22/64    370,000      350,395
Enbridge Inc.   5.70  03/08/33    320,000      331,771
HSBC Holdings PLC  5.24(b)  05/13/31    345,000      351,275
Hyundai Capital Services Inc. (a)   5.13  02/05/27    550,000      554,287
Hyundai Capital Services Inc. (a)   5.25  01/22/28    500,000      506,804
ING Groep NV  5.34(b)  03/19/30    320,000      328,138
Korea Expressway Corp. (a)   5.00  05/14/27    660,000      670,263
Lloyds Banking Group PLC  4.82(b)  06/13/29    405,000      408,650
Magna International Inc.   5.88  06/01/35    135,000      138,550
Mizuho Financial Group Inc.  4.25(b)  09/11/29    200,000      198,792
Petroleos Mexicanos   5.35  02/12/28    400,000      384,097
Petroleos Mexicanos   6.84  01/23/30    250,000      241,524
Petronas Capital Ltd. (a)   3.40  04/28/61    360,000      234,602
Roche Holdings Inc. (a)   5.49  11/13/30    390,000      412,331
Roche Holdings Inc. (a)   5.22  03/08/54    200,000      193,973
Santander UK Group Holdings PLC  6.53(b)  01/10/29    275,000      287,023
Saudi Arabian Oil Co. (a)   5.38  06/02/35    685,000      688,046
Saudi Arabian Oil Co. (a)   6.38  06/02/55    685,000      684,744
Snam S.p.A. (a)   5.75  05/28/35    690,000      704,237
Societe Generale (a)  5.52(b)  01/19/28    325,000      329,024
Toronto-Dominion Bank (The)  5.15(b)  09/10/34    355,000      356,019
Var Energi ASA (a)   7.50  01/15/28    200,000      211,692
Total Yankee Bonds        
(Cost $11,942,761)        11,913,948
    
   Portfolio of Investments The accompanying notes are an integral part of these financial statements.
18
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Portfolio of Investments  |  Intermediate Bond Fund  |  June 30, 2025  |  (Unaudited)  |  
(Continued)
Municipal Bonds | 1.1% of portfolio
  Interest Rate /Yield Maturity Date Face Amount Value
Arizona | 0.1%    
Yuma Arizona Pledged Revenue   2.63%  07/15/38    $135,000      $105,110
Total Arizona        105,110
California | 0.9%    
City of Chula Vista California Pension Obligation   2.91  06/01/45    255,000      174,515
City of Monterey Park California Pension Obligation   1.89  06/01/30  1,000,000      897,195
Huntington Beach California Pension Obligation   1.68  06/15/27    155,000      148,525
San Francisco California City & County Airports   3.35  05/01/51    100,000       68,860
Total California        1,289,095
West Virginia | 0.1%    
West Virginia State University Revenues   3.01  10/01/41    150,000      114,112
Total West Virginia        114,112
Total Municipal Bonds        
(Cost $1,795,000)        1,508,317
    
Money Market Fund | 1.4% of portfolio
      Shares  
State Street Institutional U.S. Government Money Market Fund Premier Class  4.27(c)    1,858,432    1,858,432
Total Money Market Fund        
(Cost $1,858,432)        1,858,432
Total Investments in Securities      
(Cost $136,942,849) | 100.0%        $132,661,639
(a) Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may be resold in transactions exempt from registration, normally to qualified institutional buyers. The securities have been determined to be liquid under criteria established by the Fund's Board of Trustees. The total of such securities at period-end amounts to $24,589,504 and represents 18.5% of total investments.
(b) Variable coupon rate as of June 30, 2025.
(c) 7-day yield at June 30, 2025.
FHLMC -Federal Home Loan Mortgage Corporation
LLC -Limited Liability Company
LP -Limited Partnership
N.A. -North America
Pte -Private Limited Company
ABS -Asset-Backed Security
DAC -Designated Activity Company
PLC -Public Limited Company
SA -Sociedad Anonima or Societe Anonyme
NV -Naamloze Vennottschap
ASA -Allmennaksjeselskap
The accompanying notes are an integral part of these financial statements. Portfolio of Investments    
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Portfolio of Investments
Stock Index Fund  |  June 30, 2025  |  (Unaudited)
  Cost Value
Investment $15,771,325 $276,096,332
Substantially all the assets of the Stock Index Fund are invested in the S&P 500 Index Master Portfolio managed by BlackRock Fund Advisors.  As of June 30, 2025, the Stock Index Fund's ownership interest in the S&P 500 Index Master Portfolio was 0.55%.  See the Appendix for the S&P 500 Index Master Portfolio for holdings information.
   Portfolio of Investments The accompanying notes are an integral part of these financial statements.
20
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Portfolio of Investments
Value Fund  |  June 30, 2025  |  (Unaudited)
Common Stocks | 98.8% of portfolio
  Shares Value
Communication Services | 7.2%
Entertainment    
Walt Disney Co. (The)    214,500    $26,600,145
Interactive Media & Services    
Alphabet, Inc., Class C     30,120     5,342,987
Meta Platforms, Inc., Class A     46,400    34,247,376
Wireless Telecommunication Services    
T-Mobile U.S., Inc.     34,800     8,291,448
Total Communication Services   74,481,956
Consumer Discretionary | 6.9%
Distributors    
LKQ Corp.    169,500     6,273,195
Hotels, Restaurants & Leisure    
McDonald's Corp.     74,097    21,648,920
Household Durables    
PulteGroup, Inc.    112,700    11,885,342
Specialty Retail    
Home Depot, Inc. (The)     36,918    13,535,616
TJX Companies, Inc. (The)    143,200    17,683,768
Total Consumer Discretionary   71,026,841
Consumer Staples | 3.6%
Consumer Staples Distribution & Retail    
Walmart Inc.    200,300    19,585,334
Food Products    
Kraft Heinz Co. (The)    227,700     5,879,214
Household Products    
Procter & Gamble Co. (The)     73,500    11,710,020
Total Consumer Staples   37,174,568
Energy | 4.6%
Oil, Gas & Consumable Fuels    
ConocoPhillips    168,600    15,130,164
Diamondback Energy, Inc.     50,200     6,897,480
Exxon Mobil Corp.    232,000    25,009,600
Total Energy   47,037,244
Financials | 23.9%
Banks    
Bank of America Corp.    557,102    26,362,066
Citigroup, Inc.    272,039    23,155,960
JPMorgan Chase & Co.    181,391    52,587,065
Truist Financial Corp.    264,900    11,388,051
Capital Markets    
Goldman Sachs Group, Inc.     53,374    37,775,449
Financial Services    
Fiserv, Inc. (a)    164,800    28,413,168
Visa Inc., Class A     74,898    26,592,535
Insurance    
Allstate Corp.     86,984    17,510,749
Common Stocks | 98.8% of portfolio (Continued)
  Shares Value
Financials | 23.9% (Continued)
Chubb Limited     78,938    $22,869,917
Total Financials   246,654,960
Health Care | 18.3%
Biotechnology    
AbbVie Inc.    180,763    33,553,228
Health Care Equipment & Supplies    
Abbott Laboratories    233,156    31,711,548
Boston Scientific Corp. (a)    202,296    21,728,613
GE HealthCare Technologies Inc.    248,000    18,369,360
Health Care Providers & Services    
Centene Corp. (a)    120,797     6,556,861
Cigna Group (The)     55,714    18,417,934
UnitedHealth Group Inc.     48,600    15,161,742
Pharmaceuticals    
Bristol-Myers Squibb Co.    248,501    11,503,111
Merck & Co., Inc.    175,982    13,930,735
Royalty Pharma PLC, Class A    483,484    17,419,929
Total Health Care   188,353,061
Industrials | 18.2%
Aerospace & Defense    
Boeing Co. (The) (a)     87,200    18,271,016
Northrop Grumman Corp.     47,031    23,514,560
Electrical Equipment    
Eaton Corp. Public Limited     67,787    24,199,281
Ground Transportation    
CSX Corp.    476,782    15,557,397
Industrial Conglomerates    
Honeywell International, Inc.    107,873    25,121,464
Machinery    
Deere & Co.     54,600    27,763,554
Parker-Hannifin Corp.     46,222    32,284,680
Professional Services    
CACI International Inc., Class A (a)     26,400    12,584,880
TransUnion    100,900     8,879,200
Total Industrials   188,176,032
Information Technology | 8.8%
Semiconductors & Semiconductor Equipment    
Lam Research Corp.    283,000    27,547,220
NXP Semiconductors NV     82,963    18,126,586
Software    
Microsoft Corp.     59,514    29,602,858
Oracle Corp.     73,400    16,047,442
Total Information Technology   91,324,106
Materials | 4.7%
Chemicals    
DuPont de Nemours, Inc.    226,278    15,520,408
 
The accompanying notes are an integral part of these financial statements. Portfolio of Investments    
21
Table of Contents
Portfolio of Investments  |  Value Fund  |  June 30, 2025  |  (Unaudited)  |  (Continued)
Common Stocks | 98.8% of portfolio (Continued)
  Shares Value
Materials | 4.7% (Continued)
Containers & Packaging    
Avery Dennison Corp.     92,687    $16,263,788
Metals & Mining    
Freeport-McMoRan Inc.    375,000    16,256,250
Total Materials   48,040,446
Real Estate | 2.6%
Specialized REITs    
Crown Castle Inc.    149,400    15,347,862
Digital Realty Trust, Inc.     64,901    11,314,191
Total Real Estate   26,662,053
Total Common Stocks    
(Cost $576,674,676)   1,018,931,267
    
Money Market Fund | 1.2% of portfolio
  Shares Value
State Street Institutional U.S. Government Money Market Fund Premier Class, 4.27% (b) 12,806,146    $12,806,146
Total Money Market Fund    
(Cost $12,806,146)   12,806,146
Total Investments in Securities    
(Cost $589,480,822) | 100.0%   $1,031,737,413
 
(a) Non-income producing.
(b) 7-day yield at June 30, 2025.
PLC -Public Limited Company
NV -Naamloze Vennottschap
   Portfolio of Investments The accompanying notes are an integral part of these financial statements.
22
Table of Contents
Portfolio of Investments
Growth Fund  |  June 30, 2025  |  (Unaudited)
Common Stocks | 99.1% of portfolio
  Shares Value
Communication Services | 12.8%
Entertainment    
Netflix, Inc. (a)     8,346  $11,176,379
Interactive Media & Services    
Alphabet, Inc., Class A   115,577  20,368,134
Meta Platforms, Inc., Class A    29,043  21,436,348
Total Communication Services   52,980,861
Consumer Discretionary | 10.7%
Broadline Retail    
Amazon.com, Inc. (a)   109,616  24,048,654
Coupang, Inc. (a)   157,423   4,716,393
MercadoLibre, Inc. (a)     1,476   3,857,718
Hotels, Restaurants & Leisure    
Booking Holdings, Inc.     1,327   7,682,321
Chipotle Mexican Grill, Inc. (a)    74,379   4,176,381
Total Consumer Discretionary   44,481,467
Energy | 0.5%
Energy Equipment & Services    
Schlumberger NV    58,632   1,981,762
Total Energy   1,981,762
Financials | 11.8%
Capital Markets    
Ares Management Corp.    13,978   2,420,990
Tradeweb Markets Inc.    15,506   2,270,078
Financial Services    
Affirm Holdings, Inc. (a)    16,130   1,115,228
Block, Inc. (a)   176,502  11,989,781
Fiserv, Inc. (a)    26,827   4,625,243
Mastercard Inc., Class A    26,358  14,811,615
Visa Inc., Class A    32,182  11,426,219
Total Financials   48,659,154
Health Care | 11.2%
Biotechnology    
argenx SE ADR (a)     4,988   2,749,485
Natera, Inc. (a)    19,202   3,243,986
Health Care Equipment & Supplies    
Intuitive Surgical, Inc. (a)    16,947   9,209,170
Sonova Holding AG ADR    40,044   2,391,027
Stryker Corp.    15,719   6,218,908
Health Care Providers & Services    
Cigna Group (The)    14,009   4,631,096
UnitedHealth Group Inc.    19,893   6,206,019
Life Sciences Tools & Services    
Danaher Corp.    12,797   2,527,919
Pharmaceuticals    
Eli Lilly & Co.    11,521   8,980,965
Total Health Care   46,158,575
Common Stocks | 99.1% of portfolio (Continued)
  Shares Value
Industrials | 4.8%
Aerospace & Defense    
Boeing Co. (The) (a)    19,485   $4,082,692
Howmet Aerospace Inc.    31,365   5,837,968
Machinery    
Ingersoll Rand Inc.    38,929   3,238,114
Professional Services    
Dayforce, Inc. (a)    49,952   2,766,841
Equifax Inc.    14,610   3,789,396
Total Industrials   19,715,011
Information Technology | 47.3%
Electronic Equipment, Instruments & Components    
Amphenol Corp., Class A    97,651   9,643,036
IT Services    
Shopify Inc., Class A (a)    33,638   3,880,143
Semiconductors & Semiconductor Equipment    
Advanced Micro Devices, Inc. (a)    18,612   2,641,043
ASML Holding NV ADR     2,029   1,626,020
Broadcom Inc.    55,061  15,177,565
Entegris, Inc.    54,841   4,422,927
First Solar, Inc. (a)    12,836   2,124,871
Lattice Semiconductor Corp. (a)    43,309   2,121,708
NVIDIA Corp.   255,790  40,412,262
Software    
AppLovin Corp., Class A (a)     9,473   3,316,308
Dynatrace, Inc. (a)    42,840   2,365,196
Fair Isaac Corp. (a)     1,121   2,049,143
HubSpot, Inc. (a)     7,199   4,007,179
Intuit, Inc.    17,355  13,669,319
Microsoft Corp.   112,140  55,779,557
ServiceNow, Inc. (a)     7,857   8,077,625
Technology Hardware, Storage & Peripherals    
Apple, Inc.   117,522  24,111,989
Total Information Technology   195,425,891
Total Common Stocks    
(Cost $200,260,753)   409,402,721
Money Market Fund | 0.9% of portfolio
State Street Institutional U.S. Government Money Market Fund Premier Class, 4.27% (b) 3,837,162   3,837,162
Total Money Market Fund    
(Cost $3,837,162)   3,837,162
Total Investments in Securities    
(Cost $204,097,915) | 100.0%   $413,239,883
 
(a) Non-income producing.
(b) 7-day yield at June 30, 2025.
The accompanying notes are an integral part of these financial statements. Portfolio of Investments    
23
Table of Contents
Portfolio of Investments  |  Growth Fund  |  June 30, 2025  |  (Unaudited)  |  (Continued)
NV -Naamloze Vennottschap
ADR -American Depositary Receipt
SE -Societas Europaea
AG -Aktiengesellschaft
   Portfolio of Investments The accompanying notes are an integral part of these financial statements.
24
Table of Contents
Portfolio of Investments
International Equity Fund  |  June 30, 2025  |  (Unaudited)
Common Stocks | 95.9% of portfolio
  Shares Value
Australia | 1.6%
BHP Group Ltd. ADR    31,429  $1,511,421
Total Australia   1,511,421
Britain | 8.2%
Haleon PLC   555,587  2,855,509
Rio Tinto PLC    27,651  1,609,401
Shell PLC    97,578  3,404,449
Total Britain   7,869,359
Canada | 5.6%
Alimentation Couche-Tard Inc.    37,500  1,864,054
Canadian National Railway Co.    10,407  1,082,744
Manulife Financial Corp.    76,977  2,461,229
Total Canada   5,408,027
Denmark | 2.9%
Coloplast A/S     9,001    856,921
Genmab A/S (a)     4,235    879,476
Novonesis A/S, Class B    15,086  1,083,128
Total Denmark   2,819,525
France | 10.5%
Air Liquide SA     7,672  1,581,975
Dassault Systèmes SE    35,710  1,294,189
L’Oréal SA     5,689  2,436,904
Safran SA     4,509  1,470,495
Schneider Electric SE    12,518  3,360,894
Total France   10,144,457
Germany | 7.3%
Allianz SE REG     7,900  3,206,084
SAP SE ADR     8,369  2,545,013
Symrise AG    12,416  1,301,997
Total Germany   7,053,094
Hong Kong | 4.2%
AIA Group Ltd.   347,000  3,143,278
Techtronic Industries Co. Ltd.    80,500    888,235
Total Hong Kong   4,031,513
India | 1.0%
HDFC Bank Ltd. ADR    12,703    973,939
Total India   973,939
Ireland | 1.4%
Ryanair Holdings PLC ADR    23,219  1,339,040
Total Ireland   1,339,040
Japan | 17.5%
Chugai Pharmaceutical Co., Ltd.    58,200  3,039,077
Daifuku Co., Ltd.    48,400  1,245,135
Common Stocks | 95.9% of portfolio (Continued)
  Shares Value
Japan | 17.5% (Continued)
Disco Corp.     5,100  $1,510,841
Keyence Corp.     2,800  1,119,519
Komatsu Ltd.    57,200  1,887,231
OBIC Co. Ltd.    15,868    617,028
Shionogi & Co., Ltd.    87,100  1,567,998
Sony Group Corp.   109,200  2,839,233
Sysmex Corp.   109,500  1,906,089
Unicharm Corp.   163,900  1,183,486
Total Japan   16,915,637
Netherlands | 4.9%
Adyen NV (a)(b)       915  1,680,432
ASML Holding NV     3,749  3,004,212
Total Netherlands   4,684,644
Republic of South Korea | 1.0%
Samsung Electronics Co., Ltd. GDR (b)       849    937,792
Total Republic of South Korea   937,792
Singapore | 4.4%
DBS Group Holdings Ltd.   120,526  4,254,815
Total Singapore   4,254,815
Spain | 2.2%
Banco Bilboa Vizcaya Argentaria SA   136,517  2,102,126
Total Spain   2,102,126
Sweden | 8.5%
Alfa Laval AB    46,789  1,970,687
Assa Abloy AB    41,430  1,295,252
Atlas Copco AB, Class A    71,855  1,161,608
Epiroc AB, Class A    76,177  1,657,600
Skandinaviska Enskilda Banken AB, Class A   122,283  2,131,457
Total Sweden   8,216,604
Switzerland | 10.4%
Alcon Inc.    21,416  1,890,604
Nestlé SA ADR    23,920  2,378,278
Novartis AG ADR    12,253  1,487,234
Roche Holding AG REG     9,907  3,233,840
Sonova Holding AG REG     3,639  1,085,242
Total Switzerland   10,075,198
Taiwan | 2.4%
Taiwan Semiconductor Manufacturing Co. Ltd. ADR    10,385  2,352,099
Total Taiwan   2,352,099
 
The accompanying notes are an integral part of these financial statements. Portfolio of Investments    
25
Table of Contents
Portfolio of Investments  |  International Equity Fund  |  June 30, 2025  |  (Unaudited)  |  
(Continued)
Common Stocks | 95.9% of portfolio (Continued)
  Shares Value
United States of America | 1.9%
Linde PLC     3,881  $1,820,887
Total United States of America   1,820,887
Total Common Stocks    
(Cost $67,400,187)   92,510,177
Money Market Fund | 4.1% of portfolio
State Street Institutional U.S. Government Money Market Fund Premier Class, 4.27% (c) 3,919,569  3,919,569
Total Money Market Fund    
(Cost $3,919,569)   3,919,569
Total Investments in Securities    
(Cost $71,319,756) | 100.0%   $96,429,746
(a) Non-income producing.
(b) Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may be resold in transactions exempt from registration, normally to qualified institutional buyers. The securities have been determined to be liquid under criteria established by the Fund's Board of Directors. The total of such securities at period-end amounts to $2,618,224 and represents 2.7% of total investments.
(c) 7-day yield at June 30, 2025.
ADR -American Depositary Receipt
PLC -Public Limited Company
A/S -Aktieselskab
SA -Sociedad Anonima or Societe Anonyme
SE -Societas Europaea
REG -Registered Shares
AG -Aktiengesellschaft
NV -Naamloze Vennottschap
GDR -Global Depositary Receipt
AB -Aktiebolag
   Portfolio of Investments The accompanying notes are an integral part of these financial statements.
26
Table of Contents
Portfolio of Investments
Small-Company Stock Fund  |  June 30, 2025  |  (Unaudited)
Common Stocks | 97.6% of portfolio
  Shares Value
Consumer Discretionary | 9.0%
Broadline Retail    
Savers Value Village, Inc. (a)   187,106   $1,908,481
Hotels, Restaurants & Leisure    
Hilton Grand Vacations Inc. (a)    30,000   1,245,900
Household Durables    
KB Home    43,200   2,288,304
Leisure Products    
Malibu Boats, Inc., Class A (a)    48,200   1,510,588
YETI Holdings, Inc. (a)    95,300   3,003,856
Specialty Retail    
Valvoline Inc. (a)    33,500   1,268,645
Textiles, Apparel & Luxury Goods    
Gildan Activewear Inc.   118,300   5,825,092
Kontoor Brands, Inc.    26,400   1,741,608
Total Consumer Discretionary   18,792,474
Energy | 3.4%
Oil, Gas & Consumable Fuels    
Matador Resources Co.    43,600   2,080,592
Northern Oil and Gas, Inc.    99,800   2,829,330
Permian Resources Corp.   164,000   2,233,680
Total Energy   7,143,602
Financials | 18.2%
Banks    
Atlantic Union Bankshares Corp.   139,492   4,363,310
Cadence Bank   147,150   4,705,857
FB Financial Corp.   124,359   5,633,463
Glacier Bancorp, Inc.   112,416   4,842,881
Live Oak Bancshares, Inc.    34,100   1,016,180
Old National Bancorp   146,500   3,126,310
Capital Markets    
DigitalBridge Group, Inc.   297,700   3,081,195
Consumer Finance    
Encore Capital Group, Inc. (a)    86,783   3,359,370
Insurance    
Kinsale Capital Group, Inc.    16,326   7,900,151
Total Financials   38,028,717
Health Care | 16.8%
Biotechnology    
ADMA Biologics, Inc. (a)   133,000   2,421,930
Health Care Equipment & Supplies    
Enovis Corp. (a)    77,476   2,429,647
Envista Holdings Corp. (a)   294,400   5,752,576
Globus Medical, Inc.  (a)    76,325   4,504,702
Integer Holdings Corp. (a)    40,670   5,001,190
iRhythm Technologies, Inc. (a)    32,400   4,988,304
Lantheus Holdings, Inc. (a)    58,200   4,764,252
Health Care Providers & Services    
HealthEquity, Inc. (a)    32,800   3,436,128
Common Stocks | 97.6% of portfolio (Continued)
  Shares Value
Health Care | 16.8% (Continued)
Life Sciences Tools & Services    
Medpace Holdings, Inc. (a)     5,750   $1,804,695
Total Health Care   35,103,424
Industrials | 27.3%
Aerospace & Defense    
Triumph Group, Inc. (a)   108,130   2,784,348
Building Products    
Hayward Holdings, Inc. (a)   444,300   6,131,340
Commercial Services & Supplies    
OPENLANE, Inc. (a)   175,600   4,293,420
Construction & Engineering    
Comfort Systems USA, Inc.     7,288   3,907,898
Machinery    
ESAB Corp.    59,776   7,205,997
Federal Signal Corp.    79,794   8,491,677
John Bean Technologies Corp.    39,700   4,774,322
Marine Transportation    
Kirby Corp. (a)    36,000   4,082,760
Professional Services    
CACI International Inc., Class A (a)    11,071   5,277,546
Verra Mobility Corp. (a)   109,200   2,772,588
Trading Companies & Distributors    
Applied Industrial Technologies, Inc.    32,526   7,560,669
Total Industrials   57,282,565
Information Technology | 17.1%
Electronic Equipment, Instruments & Components    
Advanced Energy Industries, Inc. (a)    59,662   7,905,215
Plexus Corp.    40,800   5,520,648
Semiconductors & Semiconductor Equipment    
Axcelis Technologies, Inc. (a)    34,200   2,383,398
Diodes Inc. (a)    68,686   3,632,802
Software    
CCC Intelligent Solutions Holdings Inc. (a)   374,000   3,519,340
Descartes Systems Group Inc. (The)    69,370   7,051,114
Q2 Holdings, Inc. (a)    62,300   5,830,657
Total Information Technology   35,843,174
Materials | 4.1%
Chemicals    
Avient Corp.   159,227   5,144,625
Element Solutions Inc.   156,600   3,546,990
Total Materials   8,691,615
 
The accompanying notes are an integral part of these financial statements. Portfolio of Investments    
27
Table of Contents
Portfolio of Investments  |  Small-Company Stock Fund  |  June 30, 2025  |  (Unaudited)  |  
(Continued)
Common Stocks | 97.6% of portfolio (Continued)
  Shares Value
Real Estate | 1.7%
Real Estate Management & Development    
Cushman & Wakefield PLC (a)   319,800   $3,540,186
Total Real Estate   3,540,186
Total Common Stocks    
(Cost $162,172,679)   204,425,757
Money Market Fund | 2.4% of portfolio
State Street Institutional U.S. Government Money Market Fund Premier Class, 4.27% (b) 5,075,184   5,075,184
Total Money Market Fund    
(Cost $5,075,184)   5,075,184
Total Investments in Securities    
(Cost $167,247,863) | 100.0%   $209,500,941
(a) Non-income producing.
(b) 7-day yield at June 30, 2025.
PLC -Public Limited Company
   Portfolio of Investments The accompanying notes are an integral part of these financial statements.
28
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Table of Contents
Statements of Assets and Liabilities
June 30, 2025 (Unaudited)
Assets Daily Income Fund Short-Term Government Securities Fund Short-Term Bond Fund
Investments in securities, excluding repurchase agreements, at value (cost:$105,252,186, $57,967,635, $416,361,097, $136,942,849, $15,771,325, $589,480,822, $204,097,915, $71,319,756 and $167,247,863, respectively) $105,252,186 $58,053,352 $420,402,823
Repurchase Agreements, at value and cost 120,000,000 — —
Foreign currency (cost $17,688) — — —
Investment securities sold receivable — — —
Dividends, interest, and tax reclaims receivable 413,374 250,896 3,889,379
Capital shares sold receivable 336,179 18,958 66,264
Prepaid expenses 30,501 7,341 47,053
Total Assets 226,032,240 58,330,547 424,405,519
Liabilities      
Investment securities purchased payable — — —
Accrued expenses payable 65,293 25,597 134,410
Independent Director/Trustee's deferred compensation payable 676 557 3,285
Capital shares redeemed payable 123,461 3,288 55,120
Dividends payable 2,243 13,125 34,577
Due to Homestead Advisers 77,513 5,509 216,598
Total Liabilities 269,186 48,076 443,990
Net Assets $225,763,054 $58,282,471 $423,961,529
Net Assets Consist Of:      
Distributable earnings (losses) (13,708) (3,036,595) (27,003,521)
Paid-in-capital applicable to outstanding shares of 225,777,113, 11,562,805, 85,087,091, 29,104,419, 6,142,467, 19,480,681, 21,115,566, 8,903,181 and 8,653,291, respectively 225,776,762 61,319,066 450,965,050
Net Assets $225,763,054 $58,282,471 $423,961,529
Net Asset Value Per Share $1.00 $5.04 $4.98
    
(a) Represents investment in the S&P 500 Index Master Portfolio managed by BlackRock Fund Advisors.
    
   Statements of Assets and Liabilities The accompanying notes are an integral part of these financial statements.
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Intermediate Bond Fund Stock Index Fund Value Fund Growth Fund International Equity Fund Small-Company Stock Fund
$132,661,639 $276,096,332(a) $1,031,737,413 $413,239,883 $96,429,746 $209,500,941
— — — — — —
— — — — 17,704 —
— 38,144 — 225,493 — 1,955,424
1,135,375 — 706,797 98,070 447,483 154,941
2,860 59,401 75,504 29,463 4,559 23,489
14,874 41,410 105,178 48,326 15,801 27,192
133,814,748 276,235,287 1,032,624,892 413,641,235 96,915,293 211,661,987
           
— — — 277,151 46,292 1,071,822
103,665 38,376 270,768 100,353 15,871 123,169
191 3,947 5,466 891 931 3,110
824 97,545 1,317,924 165,817 2,515 214,205
1,417 21,663 630,560 90,005 22,619 154,736
13,468 60,397 409,477 216,691 60,695 151,200
119,565 221,928 2,634,195 850,908 148,923 1,718,242
$133,695,183 $276,013,359 $1,029,990,697 $412,790,327 $96,766,370 $209,943,745
           
(20,788,030) 259,379,646 495,516,746 240,854,888 30,937,419 53,283,316
154,483,213 16,633,713 534,473,951 171,935,439 65,828,951 156,660,429
$133,695,183 $276,013,359 $1,029,990,697 $412,790,327 $96,766,370 $209,943,745
$4.59 $44.94 $52.87 $19.55 $10.87 $24.26
The accompanying notes are an integral part of these financial statements. Statements of Assets and Liabilities    
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Statements of Operations
For the Period Ended June 30, 2025 (Unaudited)
Investment Income Daily Income Fund Short-Term Government Securities Fund Short-Term Bond Fund
Interest $4,873,435 $1,129,902 $10,097,621
Dividends — — —
Allocated from Master Portfolio      
Dividends — — —
Interest — — —
Total Investment Income 4,873,435 1,129,902 10,097,621
Expenses      
Management fees 443,888 128,609 1,283,148
Shareholder servicing 50,034 36,904 56,625
Custodian, accounting, and administrative servicing 47,607 41,622 68,330
Legal and audit 33,162 12,860 63,081
Director, Trustee, and Board meeting expenses 32,727 10,864 78,682
Registration 24,251 22,537 22,723
Printing and regulatory filings 5,624 2,805 7,499
Insurance 4,985 745 5,678
Communication 957 142 121
Sub-transfer agency — 550 7,317
Other expenses 9,904 7,301 40,818
Administration fees — — —
Allocated from Master Portfolio — — —
Total Expenses 653,139 264,939 1,634,022
Less fees waived by Homestead Advisers — (50,590) —
Net Expenses 653,139 214,349 1,634,022
Net Investment Income (Loss) 4,220,296 915,553 8,463,599
Realized and Unrealized Gain (Loss) on Investments      
Net realized gain (loss) on investments 682 158,196 373,176
Net change in unrealized apprecation (depreciation) — 744,640 5,139,125
Net Gain (Loss) On Investments 682 902,836 5,512,301
Net Increase (Decrease) In Net Assets From Operations $4,220,978 $1,818,389 $13,975,900
    
(a) Includes foreign tax withholding expense of $9,358 in Stock Index, $27,032 in Value, $7,816 in Growth, $175,865 in International Equity and $8,021 in Small Company Stock Funds.
(b) Represents expenses allocated to the Fund by the S&P 500 Master Portfolio after expense reimbursements of $809.
(c) Represents realized and unrealized gains on investments allocated from the Master Portfolio.
    
   Statements of Operations The accompanying notes are an integral part of these financial statements.
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Intermediate Bond Fund Stock Index Fund Value Fund Growth Fund International Equity Fund Small-Company Stock Fund
$3,131,985 $— $286,844 $48,616 $59,322 $130,940
— — 9,138,094(a) 967,751(a) 1,467,840(a) 859,374(a)
           
— 1,657,874(a) — — — —
— 19,118 — — — —
3,131,985 1,676,992 9,424,938 1,016,367 1,527,162 990,314
           
410,103 — 2,340,995 1,206,383 341,089 898,245
29,662 69,562 109,903 76,672 63,659 75,210
57,471 35,798 99,373 59,529 52,635 40,873
23,519 38,959 154,777 63,548 18,711 39,281
24,914 44,944 183,252 68,212 17,085 41,233
36,012 19,241 24,502 21,221 18,792 20,472
2,721 2,315 18,783 9,303 5,648 12,136
1,833 2,316 13,258 5,149 1,133 3,115
71 1,705 313 304 378 291
— 7,936 115,013 21,108 686 54,481
16,476 7,447 20,102 8,670 2,864 5,049
— 319,756 — — — —
— 12,956(b) — — — —
602,782 562,935 3,080,271 1,540,099 522,680 1,190,386
(55,977) — — — — —
546,805 562,935 3,080,271 1,540,099 522,680 1,190,386
2,585,180 1,114,057 6,344,667 (523,732) 1,004,482 (200,072)
           
(1,137,802) 319,942(c) 54,131,132 33,373,726 4,867,341 10,636,840
3,264,489 14,140,022(c) 3,280,479 (1,760,358) 6,447,632 (25,255,766)
2,126,687 14,459,964 57,411,611 31,613,368 11,314,973 (14,618,926)
$4,711,867 $15,574,021 $63,756,278 $31,089,636 $12,319,455 $(14,818,998)
The accompanying notes are an integral part of these financial statements. Statements of Operations    
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Statements of Changes in Net Assets
  Daily Income Fund
  Six Months Ended June 30, 2025
(Unaudited) 		Year Ended December 31, 2024
Increase (Decrease) In Net Assets    
Operations    
Net investment income $4,220,296 $10,121,919
Net realized gain (loss) on investments 682 5,918
Net change in unrealized appreciation (depreciation) — —
Increase (decrease) in net assets from operations 4,220,978 10,127,837
Distributions to Shareholders    
Distributions to shareholders (4,220,296) (10,057,835)
Total Distributions to shareholders (4,220,296) (10,057,835)
Capital Share Transactions    
Net capital share transactions 1,406,460 5,834,131
Total increase (decrease) in net assets from capital transactions 1,406,460 5,834,131
Total Increase (Decrease) In Net Assets 1,407,142 5,904,133
Net Assets    
Beginning of period $224,355,912 $218,451,779
End of period $225,763,054 $224,355,912
    
   Statements of Changes in Net Assets The accompanying notes are an integral part of these financial statements.
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Short-Term Government Securities Fund Short-Term Bond Fund Intermediate Bond Fund
Six Months Ended June 30, 2025
(Unaudited) 		Year Ended December 31, 2024 Six Months Ended June 30, 2025
(Unaudited) 		Year Ended December 31, 2024 Six Months Ended June 30, 2025
(Unaudited) 		Year Ended December 31, 2024
           
           
$915,553 $1,789,643 $8,463,599 $16,587,134 $2,585,180 $4,857,196
158,196 70,753 373,176 (1,908,856) (1,137,802) (301,531)
744,640 (74,097) 5,139,125 2,994,624 3,264,489 (2,070,728)
1,818,389 1,786,299 13,975,900 17,672,902 4,711,867 2,484,937
           
(937,840) (1,848,507) (8,521,592) (16,703,009) (2,609,719) (4,927,834)
(937,840) (1,848,507) (8,521,592) (16,703,009) (2,609,719) (4,927,834)
           
207,832 (181,096) (16,556,141) (13,167,189) (9,011,881) 14,228,621
207,832 (181,096) (16,556,141) (13,167,189) (9,011,881) 14,228,621
1,088,381 (243,304) (11,101,833) (12,197,296) (6,909,733) 11,785,724
           
$57,194,090 $57,437,394 $435,063,362 $447,260,658 $140,604,916 $128,819,192
$58,282,471 $57,194,090 $423,961,529 $435,063,362 $133,695,183 $140,604,916
    
The accompanying notes are an integral part of these financial statements. Statements of Changes in Net Assets    
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Statements of Changes in Net Assets (Continued)
  Stock Index Fund
  Six Months Ended June 30, 2025
(Unaudited) 		Year Ended December 31, 2024
Increase (Decrease) In Net Assets    
Operations    
Net investment income $1,114,057 $2,210,234
Net realized gain (loss) on investments 319,942 727,001
Net change in unrealized appreciation (depreciation) 14,140,022 50,322,952
Increase (decrease) in net assets from operations 15,574,021 53,260,187
Distributions to Shareholders    
Distributions to shareholders (656,372) (2,817,984)
Total Distributions to shareholders (656,372) (2,817,984)
Capital Share Transactions    
Net capital share transactions (246,653) (13,126,847)
Total increase (decrease) in net assets from capital transactions (246,653) (13,126,847)
Total Increase (Decrease) In Net Assets 14,670,996 37,315,356
Net Assets    
Beginning of period $261,342,363 $224,027,007
End of period $276,013,359 $261,342,363
    
   Statements of Changes in Net Assets The accompanying notes are an integral part of these financial statements.
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Value Fund Growth Fund International Equity Fund
Six Months Ended June 30, 2025
(Unaudited) 		Year Ended December 31, 2024 Six Months Ended June 30, 2025
(Unaudited) 		Year Ended December 31, 2024 Six Months Ended June 30, 2025
(Unaudited) 		Year Ended December 31, 2024
           
           
$6,344,667 $13,208,202 $(523,732) $(1,146,262) $1,004,482 $1,103,876
54,131,132 90,893,410 33,373,726 28,724,231 4,867,341 1,067,103
3,280,479 29,468,688 (1,760,358) 67,779,800 6,447,632 (1,227,957)
63,756,278 133,570,300 31,089,636 95,357,769 12,319,455 943,022
           
(28,487,827) (92,287,765) (8,673,607) (23,481,037) (363,736) (2,337,192)
(28,487,827) (92,287,765) (8,673,607) (23,481,037) (363,736) (2,337,192)
           
(14,736,149) 19,382,227 (669,538) (840,941) (1,539,827) 837,726
(14,736,149) 19,382,227 (669,538) (840,941) (1,539,827) 837,726
20,532,302 60,664,762 21,746,491 71,035,791 10,415,892 (556,444)
           
$1,009,458,395 $948,793,633 $391,043,836 $320,008,045 $86,350,478 $86,906,922
$1,029,990,697 $1,009,458,395 $412,790,327 $391,043,836 $96,766,370 $86,350,478
    
The accompanying notes are an integral part of these financial statements. Statements of Changes in Net Assets    
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Statements of Changes in Net Assets (Continued)
  Small-Company Stock Fund
  Six Months Ended June 30, 2025
(Unaudited) 		Year Ended December 31, 2024
Increase (Decrease) In Net Assets    
Operations    
Net investment income $(200,072) $(314,099)
Net realized gain (loss) on investments 10,636,840 15,763,481
Net change in unrealized appreciation (depreciation) (25,255,766) 4,238,054
Increase (decrease) in net assets from operations (14,818,998) 19,687,436
Distributions to Shareholders    
Distributions to shareholders (3,836,041) (12,490,919)
Total Distributions to shareholders (3,836,041) (12,490,919)
Capital Share Transactions    
Net capital share transactions (9,692,264) (15,914,236)
Total increase (decrease) in net assets from capital transactions (9,692,264) (15,914,236)
Total Increase (Decrease) In Net Assets (28,347,303) (8,717,719)
Net Assets    
Beginning of period $238,291,048 $247,008,767
End of period $209,943,745 $238,291,048
   Statements of Changes in Net Assets The accompanying notes are an integral part of these financial statements.
38
Table of Contents
Financial Highlights
Daily Income Fund
The financial highlights tables are intended to help you understand the Fund's financial performance for the past 5 years.  Certain information reflects financial results for a single Fund share.  The total returns in the table represent the rate that an investor would have earned or lost on an investment in the Fund (assuming reinvestment of all dividends and distributions).
  Six Months Ended June 30, 2025
(Unaudited) 		Year Ended December 31
For a Share Outstanding Throughout Each Period 2024 2023 2022 2021 2020
Net Asset Value, Beginning of Period $1.00 $1.00 $1.00 $1.00 $1.00 $1.00
Income from investment operations            
Net investment income 0.02 0.05 0.04 0.01(a,b) —(a,b,c) (—)(a,b,c)
Net realized and unrealized gain (loss) on investments —(c) —(c) —(c) —(c) —(c) —(c)
Total from investment operations 0.02 0.05 0.04 0.01(a) —(a,c) —(a,c)
Distributions            
Net investment income (0.02) (0.05) (0.04) (0.01) —(c) —(c)
Net realized gain — — — — — —
Total distributions (0.02) (0.05) (0.04) (0.01) —(a,c) —(a,c)
Net Asset Value, End of Period $1.00 $1.00 $1.00 $1.00 $1.00 $1.00
Total Return 1.90%(d) 4.68% 4.58% 1.20% 0.01% 0.19%
Ratios/Supplemental Data            
Net assets, end of period (thousands) $225,763 $224,356 $218,452 $204,560 $179,589 $171,783
Ratio of net investment income to average net assets 3.80%(e) 4.61% 4.48% 1.24%(a,b) 0.01%(a,b) 0.17%(a,b)
Ratio of gross expenses before voluntary expense limitation to average net assets 0.59%(e) 0.59% 0.59% 0.59% 0.70% 0.78%
Ratio of expenses to average net assets 0.59%(e) 0.59% 0.59% 0.48%(a,b) 0.04%(a,b) 0.37%(a,b)
(a) Effective August 14, 2009, Homestead Advisers agreed to waive fees and/or reimburse expenses to the extent necessary to assist the Fund in attempting to maintain a positive yield.  The temporary waiver continued through May 11, 2017 and April 20, 2020 through May 6, 2022.
(b) Excludes excess investment management fees and other expenses voluntarily waived and reimbursed by Homestead Advisers. 
(c) Less than $0.01 per share.
(d) Aggregate total return for the period.
(e) Annualized.
The accompanying notes are an integral part of these financial statements. Financial Highlights    
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Financial Highlights
Short-Term Government Securities Fund
  Six Months Ended June 30, 2025
(Unaudited) 		Year Ended December 31
For a Share Outstanding Throughout Each Period 2024 2023 2022 2021 2020
Net Asset Value, Beginning of Period $4.96 $4.97 $4.87 $5.21 $5.29 $5.21
Income from investment operations            
Net investment income 0.08 0.16 0.12 0.06 0.02 0.03
Net realized and unrealized gain (loss) on investments 0.08 (0.01) 0.10 (0.34) (0.08) 0.18
Total from investment operations 0.16 0.15 0.22 (0.28) (0.06) 0.21
Distributions            
Net investment income (0.08) (0.16) (0.12) (0.06) (0.02) (0.03)
Net realized gain — — — — — (0.10)
Total distributions (0.08) (0.16) (0.12) (0.06) (0.02) (0.13)
Net Asset Value, End of Period $5.04 $4.96 $4.97 $4.87 $5.21 $5.29
Total Return 3.27%(a) 3.07% 4.68% -5.41% -1.18% 4.13%
Ratios/Supplemental Data            
Net assets, end of period (thousands) $58,282 $57,194 $57,437 $67,671 $77,512 $89,150
Ratio of net investment income to average net assets 3.20%(b,c) 3.12%(c) 2.51%(c) 1.16%(c) 0.32%(c) 0.58%(c)
Ratio of gross expenses before expense limitation to average net assets 0.93%(b) 0.88% 0.84% 0.80% 0.79% 0.81%
Ratio of expenses to average net assets 0.75%(b,c) 0.75%(c) 0.75%(c) 0.75%(c) 0.75%(c) 0.75%(c)
Portfolio turnover rate 306%(d) 463%(d) 442%(d,e) 202%(d) 155%(d) 299%(d)
(a) Aggregate total return for the period.
(b) Annualized.
(c) Excludes expenses in excess of a 0.75% contractual expense limitation with Homestead Advisers, in effect through April 30, 2026.
(d) Rate includes purchases and sales of long-term U.S. Treasury Bonds.
(e) The change in the portfolio turnover rate from 2022 to 2023, is due to an increase in trading of U.S. Treasury bonds, due to market events.
   Financial Highlights The accompanying notes are an integral part of these financial statements.
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Financial Highlights
Short-Term Bond Fund
  Six Months Ended June 30, 2025
(Unaudited) 		Year Ended December 31
For a Share Outstanding Throughout Each Period 2024 2023 2022 2021 2020
Net Asset Value, Beginning of Period $4.92 $4.91 $4.81 $5.19 $5.32 $5.23
Income from investment operations            
Net investment income 0.10 0.19 0.16 0.08 0.02 0.05
Net realized and unrealized gain (loss) on investments 0.06 0.01 0.10 (0.38) (0.08) 0.23
Total from investment operations 0.16 0.20 0.26 (0.30) (0.06) 0.28
Distributions            
Net investment income (0.10) (0.19) (0.16) (0.08) (0.02) (0.05)
Net realized gain — — — — (0.05) (0.14)
Total distributions (0.10) (0.19) (0.16) (0.08) (0.07) (0.19)
Net Asset Value, End of Period $4.98 $4.92 $4.91 $4.81 $5.19 $5.32
Total Return 3.23%(a) 4.09% 5.40% -5.72% -1.11% 5.42%
Ratios/Supplemental Data            
Net assets, end of period (thousands) $423,962 $435,063 $447,261 $480,809 $565,306 $565,061
Ratio of net investment income to average net assets 3.96%(b) 3.78% 3.20% 1.66% 0.40% 0.92%
Ratio of expenses to average net assets 0.76%(b) 0.77% 0.76% 0.76% 0.79% 0.78%
Portfolio turnover rate 164%(c) 322%(c) 395%(c) 328%(c) 355%(c) 328%(c)
(a) Aggregate total return for the period.
(b) Annualized.
(c) Rate includes purchases and sales of long-term U.S. Treasury Bonds.
The accompanying notes are an integral part of these financial statements. Financial Highlights    
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Table of Contents
Financial Highlights
Intermediate Bond Fund
  Six Months Ended June 30, 2025
(Unaudited) 		Year Ended December 31
For a Share Outstanding Throughout Each Period 2024 2023 2022 2021 2020
Net Asset Value, Beginning of Year $4.52 $4.61 $4.48 $5.28 $5.41 $5.13
Income from investment operations            
Net investment income 0.09 0.17 0.15 0.10 0.07 0.08
Net realized and unrealized gain (loss) on investments 0.07 (0.09) 0.13 (0.80) (0.13) 0.36
Total from investment operations 0.16 0.08 0.28 (0.70) (0.06) 0.44
Distributions            
Net investment income (0.09) (0.17) (0.15) (0.10) (0.07) (0.08)
Net realized gain — — — — — (0.08)
Total distributions (0.09) (0.17) (0.15) (0.10) (0.07) (0.16)
Net Asset Value, End of Period $4.59 $4.52 $4.61 $4.48 $5.28 $5.41
Total Return 3.48%(a) 1.68% 6.35% -13.38% -1.12% 8.70%
Ratios/Supplemental Data            
Net assets, end of period (thousands) $133,695 $140,605 $128,819 $130,758 $151,336 $92,660
Ratio of net investment income to average net assets 3.78%(b,c) 3.59%(c) 3.24%(c) 1.93%(c) 1.03%(c) 1.19%(c)
Ratio of gross expenses before expense limitation to average net assets 0.88%(b) 0.86% 0.89% 0.87% 0.91% 1.13%
Ratio of expenses to average net assets 0.80%(b,c) 0.80%(c) 0.80%(c) 0.80%(c) 0.80%(c) 0.80%(c)
Portfolio turnover rate 97%(d) 131%(d) 189%(d) 258%(d) 249%(d) 359%(d)
(a) Aggregate total return for the period.
(b) Annualized.
(c) Excludes expenses in excess of a 0.80% contractual expense limitation with Homestead Advisers, in effect through April 30, 2026.
(d) Rate includes purchases and sales of long-term U.S. Treasury Bonds.
   Financial Highlights The accompanying notes are an integral part of these financial statements.
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Financial Highlights
Stock Index Fund
  Six Months Ended June 30, 2025
(Unaudited) 		Year Ended December 31
For a Share Outstanding Throughout Each Period 2024 2023 2022 2021 2020
Net Asset Value, Beginning of Period $42.50 $34.53 $27.85 $34.82 $27.78 $23.93
Income from investment operations            
Net investment income 0.18 0.37 0.39 0.34 0.29 0.32
Net realized and unrealized gain (loss) on investments 2.37 8.06 6.77 (6.78) 7.50 3.92
Total from investment operations 2.55 8.43 7.16 (6.44) 7.79 4.24
Distributions            
Net investment income (0.05) (0.35) (0.36) (0.34) (0.30) (0.31)
Net realized gain (0.06) (0.11) (0.12) (0.19) (0.45) (0.08)
Total distributions (0.11) (0.46) (0.48) (0.53) (0.75) (0.39)
Net Asset Value, End of Period $44.94 $42.50 $34.53 $27.85 $34.82 $27.78
Total Return 5.99%(a) 24.39% 25.73% -18.50% 28.09% 17.80%
Ratios/Supplemental Data            
Net assets, end of period (thousands) $276,013 $261,342 $224,027 $191,640 $241,756 $188,823
Ratio of net investment income to average net assets 0.87%(b) 0.89% 1.20% 1.12% 0.91% 1.30%
Ratio of expenses to average net assets 0.44%(b) 0.48% 0.44% 0.48% 0.50% 0.53%
Portfolio turnover rate (c) N/A N/A N/A N/A N/A N/A
(a) Aggregate total return for the period.
(b) Annualized.
(c) Substantially all of the assets of the Stock Index Fund are invested in the S&P 500 Index Master Portfolio managed by BlackRock Fund Advisors. Please refer to the financial highlights in the Appendix for the portfolio turnover rate of the S&P 500 Index Master Portfolio.
The accompanying notes are an integral part of these financial statements. Financial Highlights    
43
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Financial Highlights
Value Fund
  Six Months Ended June 30, 2025
(Unaudited) 		Year Ended December 31
For a Share Outstanding Throughout Each Period 2024 2023 2022 2021 2020
Net Asset Value, Beginning of Period $51.05 $48.96 $46.29 $54.33 $47.28 $51.51
Income from investment operations            
Net investment income 0.33 0.67 0.72 0.68 0.63 0.66
Net realized and unrealized gain (loss) on investments 2.99 6.38 5.14 (3.84) 11.12 2.94
Total from investment operations 3.32 7.05 5.86 (3.16) 11.75 3.60
Distributions            
Net investment income (0.33) (0.66) (0.72) (0.68) (0.64) (0.66)
Net realized gain (1.17) (4.30) (2.47) (4.20) (4.06) (7.17)
Total distributions (1.50) (4.96) (3.19) (4.88) (4.70) (7.83)
Net Asset Value, End of Period $52.87 $51.05 $48.96 $46.29 $54.33 $47.28
Total Return 6.50%(a) 14.31% 12.86% -5.50% 25.07% 7.61%
Ratios/Supplemental Data            
Net assets, end of period (thousands) $1,029,991 $1,009,458 $948,794 $925,133 $1,048,264 $928,744
Ratio of net investment income to average net assets 1.27%(b) 1.30% 1.50% 1.42% 1.14% 1.35%
Ratio of expenses to average net assets 0.62%(b) 0.62% 0.64% 0.62% 0.63% 0.65%
Portfolio turnover rate 7% 14% 10% 10% 9% 22%
(a) Aggregate total return for the period.
(b) Annualized.
   Financial Highlights The accompanying notes are an integral part of these financial statements.
44
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Financial Highlights
Growth Fund
  Six Months Ended June 30, 2025
(Unaudited) 		Year Ended December 31
For a Share Outstanding Throughout Each Period 2024 2023 2022 2021 2020
Net Asset Value, Beginning of Period $18.47 $14.98 $10.40 $16.66 $15.56 $11.78
Income from investment operations            
Net investment loss (0.02) —(a) (—) — (0.08) (—)
Net realized and unrealized gain (loss) on investments 1.52 4.65 4.96 (5.55) 2.70 4.52
Total from investment operations 1.50 4.65 4.96 (5.55) 2.62 4.52
Distributions            
Net investment income — — — — — —
Net realized gain (0.42) (1.16) (0.38) (0.71) (1.52) (0.74)
Total distributions (0.42) (1.16) (0.38) (0.71) (1.52) (0.74)
Net Asset Value, End of Period $19.55 $18.47 $14.98 $10.40 $16.66 $15.56
Total Return 8.12%(b) 30.90% 47.81% -33.45% 17.13% 38.65%
Ratios/Supplemental Data            
Net assets, end of period (thousands) $412,790 $391,044 $320,008 $234,678 $379,264 $319,660
Ratio of net investment loss to average net assets (0.28)%(c) (0.32)% (0.28)% (0.35)% (0.50)% (0.46)%
Ratio of expenses to average net assets 0.81%(c) 0.82% 0.84% 0.83% 0.84% 0.89%
Portfolio turnover rate 20%(d) 20% 19% 23% 26% 23%
(a) Less than $0.01 per share.
(b) Aggregate total return for the period.
(c) Annualized.
(d) The 2025 year to date portfolio turnover is trending higher than the portfolio turnover for the prior year due to a repositioning of the portfolio as a result of market volatility.
The accompanying notes are an integral part of these financial statements. Financial Highlights    
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Financial Highlights
International Equity Fund
  Six Months Ended June 30, 2025
(Unaudited) 		Year Ended December 31
For a Share Outstanding Throughout Each Period 2024 2023 2022 2021 2020
Net Asset Value, Beginning of Period $9.53 $9.69 $8.86 $11.52 $10.84 $8.99
Income from investment operations            
Net investment income 0.11 0.12 0.14 0.19 0.13 0.06
Net realized and unrealized gain (loss) on investments 1.27 (0.02) 1.25 (2.40) 1.07 1.86
Total from investment operations 1.38 0.10 1.39 (2.21) 1.20 1.92
Distributions            
Net investment income (0.02) (0.11) (0.15) (0.18) (0.12) (0.07)
Net realized gain (0.02) (0.15) (0.41) (0.27) (0.40) —
Total distributions (0.04) (0.26) (0.56) (0.45) (0.52) (0.07)
Net Asset Value, End of Period $10.87 $9.53 $9.69 $8.86 $11.52 $10.84
Total Return 14.49%(a) 1.01% 15.82% -19.13% 11.09% 21.34%
Ratios/Supplemental Data            
Net assets, end of period (thousands) $96,766 $86,350 $86,907 $82,091 $103,285 $91,541
Ratio of net investment income to average net assets 2.21%(b) 1.25% 1.45%(c) 1.97%(c) 1.07%(c) 0.65%(c)
Ratio of gross expenses before voluntary expense limitation to average net assets 1.15%(b) 1.15% 1.14% 1.16% 1.19% 1.24%
Ratio of expenses to average net assets 1.15%(b) 1.15% 1.04%(c) 1.00%(c) 1.00%(c) 0.99%(c)
Portfolio turnover rate 11% 12% 20% 13% 13% 15%
(a) Aggregate total return for the period.
(b) Annualized.
(c) Excludes expenses in excess of a 0.99% contractual expense limitation with Homestead Advisers prior to May 1, 2021 and a 1.00% contractual expense limitation with Homestead Advisers, in effect from May 1, 2021 through September 23, 2023.
   Financial Highlights The accompanying notes are an integral part of these financial statements.
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Financial Highlights
Small-Company Stock Fund
  Six Months Ended June 30, 2025
(Unaudited) 		Year Ended December 31
For a Share Outstanding Throughout Each Period 2024 2023 2022 2021 2020
Net Asset Value, Beginning of Period $26.35 $25.55 $22.69 $28.72 $28.36 $26.25
Income from investment operations            
Net investment income (loss) (0.02) 0.01 0.02 (—) 0.12 (—)
Net realized and unrealized gain (loss) on investments (1.62) 2.22 3.83 (4.87) 5.53 5.70
Total from investment operations (1.64) 2.23 3.85 (4.87) 5.65 5.70
Distributions            
Net investment income — — (0.02) —(a) (0.12) —(a)
Net realized gain (0.45) (1.43) (0.97) (1.16) (5.17) (3.59)
Total distributions (0.45) (1.43) (0.99) (1.16) (5.29) (3.59)
Net Asset Value, End of Period $24.26 $26.35 $25.55 $22.69 $28.72 $28.36
Total Return -6.22%(b) 8.52% 17.09% -16.91% 20.68% 22.08%
Ratios/Supplemental Data            
Net assets, end of period (thousands) $209,944 $238,291 $247,009 $240,345 $314,019 $286,538
Ratio of net investment income (loss) to average net assets (0.19)%(c) (0.13)% 0.13% 0.01% 0.36% (0.16)%
Ratio of expenses to average net assets 1.12%(c) 1.14% 1.07% 1.05% 1.06% 1.12%
Portfolio turnover rate 23%(d) 17% 15% 16% 24% 18%
(a) Less than $0.01 per share.
(b) Aggregate total return for the period.
(c) Annualized.
(d) The 2025 year to date portfolio turnover is trending higher than the portfolio turnover for the prior year due to a repositioning of the portfolio as a result of market volatility.
The accompanying notes are an integral part of these financial statements. Financial Highlights    
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Notes to Financial Statements | (Unaudited)
1.    Organization
Homestead Funds, Inc. (the "Corporation") is a Maryland corporation organized on June 29, 1990.  Homestead Funds Trust (the "Trust") is a Massachusetts business trust organized on February 15, 2019.  The Corporation and the Trust are each registered with the Securities and Exchange Commission under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company. The Corporation currently consists of eight portfolios, Daily Income Fund, Short-Term Government Securities Fund, Short-Term Bond Fund, Stock Index Fund, Value Fund, Growth Fund, International Equity Fund, and Small-Company Stock Fund, and the Trust currently consists of the Intermediate Bond Fund (each individually a  "Fund" and collectively, the "Homestead Funds" or "Funds").  The Board of Directors of the Corporation and the Board of Trustees of the Trust are referred to collectively as the "Board".  
Each Fund is a separate investment portfolio with distinct investment objectives, investment programs, policies and restrictions. The investment objectives of the Funds, as well as the nature and risks of the investment activities of each Fund, are set forth more fully in Homestead Funds’ Prospectus and Statement of Additional Information.  All of the Funds are diversified for purposes of the Act.
The Stock Index Fund pursues its investment objective by seeking to replicate the total return performance of the S&P 500 Index, which is composed of 500 selected common stocks, most of which are listed on the New York Stock Exchange. At June 30, 2025, the Stock Index Fund was operating as a feeder fund, whereby substantially all of its assets are invested in the S&P 500 Index Master Portfolio (“Master Portfolio”), an open-end investment company managed by BlackRock Fund Advisors. At June 30, 2025, the Stock Index Fund’s investment constituted 0.55% of the Master Portfolio.
2.    Summary of Significant Accounting Policies
The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). Homestead Funds is considered an Investment Company under GAAP and follows the accounting and reporting guidance set forth in ASC Topic 946 Financial Services—Investment Companies. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Security Valuation Each Fund’s net asset value per share is calculated as of the close of regular trading on the New York Stock Exchange (“NYSE”) (usually 4:00 p.m. ET), ("Valuation Time").  Net asset values per share normally are calculated every day the NYSE is open for regular trading. The NYSE is closed on weekends and major holidays. On any day that regular trading on the NYSE closes earlier than scheduled, the Fund will advance the time as of which the NAV is calculated and, therefore, also the time by which purchase and redemption orders must be received in order to receive that day's NAV.  The Board has designated Homestead Advisers Corp. ("Adviser" or "Homestead Advisers") as the Funds' valuation designee pursuant to Rule 2a-5 under the 1940 Act effective September 8, 2022.  Homestead Advisers and the Board have each adopted policies and procedures for the valuation of portfolio securities ("Valuation Procedures").  Portfolio securities for which market quotations are readily available are valued at current market value as of the Valuation Time in accordance with the Valuation Procedures. Market value is generally determined on the basis of official closing prices or the last reported sales prices and/or may be based on quotes or prices (including evaluated prices) supplied by the Funds’ approved independent pricing services. Homestead Advisers will fair value a security in accordance with the Valuation Procedures if: (i) readily available market quotations are not available; (ii) in the opinion of the Homestead Advisers, the market value does not constitute a readily available market quotation or does not reflect fair value; or (iii) a significant event has occurred that would impact a security's valuation.
The Board has delegated day-to-day responsibility for determining the fair value of securities to the Adviser.  Homestead Advisers has chartered an internal Valuation Committee to oversee the implementation of the Valuation Procedures, monitor the valuation process, and provide quarterly reports to the Board. The Valuation Committee reports all instances of fair valuation to the Board at each quarterly Board meeting, as applicable.
A disclosure hierarchy that categorizes the inputs used to value assets and liabilities at measurement date has been established under GAAP. These inputs are summarized into three broad levels as follows:
•  Level 1—quoted prices in active markets for identical investments;
•  Level 2—other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.); and
•  Level 3—significant unobservable inputs (including the Fund’s own assumptions in determining the fair valuation of investments).
     Notes to Financial Statements
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Notes to Financial Statements | (Unaudited)  |   (Continued)
The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities. Changes in valuation techniques may result in transfers in or out of an investment’s assigned level within the hierarchy during the period.
The Funds use the following valuation techniques to value securities by major category:
Registered investment company shares (other than shares of exchange-traded funds and closed-end fund shares that trade on an exchange) are valued at the net asset value determined by the registered investment company after the close of the NYSE. The Funds invest in regulated investment companies that seek to maintain a share price of $1.00 and are categorized as Level 1 in the hierarchy.
Domestic equity securities and shares of exchange traded funds that are traded on a national securities exchange are valued at the closing price as reported by an independent pricing service from the primary market in which the securities trade and are categorized as Level 1. Securities not traded or dealt in upon a national securities exchange for which over-the-counter market quotations are readily available generally are valued (i) at the last quoted sales price (if adequate trading volume is present) or, (ii) otherwise at the last bid price.
Foreign equity securities that are traded on a foreign exchange are valued based on the closing price as reported by an independent pricing service from the primary market in which such securities are normally traded. An independent pricing service is utilized to fair value foreign equity securities based on the impact of market events between the close of the foreign exchange and the time the net asset value is calculated. Foreign equity securities that are fair valued are categorized as Level 2 in the hierarchy and foreign equity securities not fair valued are categorized as Level 1.
Fixed-income securities, including corporate, government, municipal, mortgage-backed and asset-backed securities are (1) valued by an independent pricing service based on market prices or broker/dealer quotations or other appropriate measures, or (2) valued at market value generated by Homestead Advisers using a pricing matrix or model based on benchmark yields, issuer, spreads,monthly payment information or other available market information for securities of similar characteristics.  For purposes of the Valuation Procedures, the process described in (2) is deemed to be a fair valuation of such portfolio securities, solely for the purpose of the applicability of the fair valuation determinations set forth in the Valuation Procedures. For fixed-income securities, the security is valued following the sequence above and flows to the next method only if the prior method is not available.
Fixed income securities utilizing these methods are generally categorized as Level 2. Fixed income securities that are valued using only a broker quote, absent corroborating observable inputs are categorized as Level 3.
Fixed income securities and commercial paper held in the Daily Income Fund are valued at amortized cost and are categorized as Level 2 in the hierarchy. The amortized cost method does not take into account unrealized gains or losses on the portfolio securities. Amortized cost valuation involves initially valuing a security at its cost, and thereafter assuming a constant amortization to maturity of any discount or premium, regardless of the impact of fluctuating interest rates on the market value of the security. While this method provides certainty in valuation, it may result in periods during which the value of a security, as determined by amortized cost, may be higher or lower than the price the Daily Income Fund would receive if it sold the security.
If a market value cannot be determined for a security using the methodologies described above, or if, in the good faith opinion of the Adviser, the market value does not constitute a readily available market quotation, or if a significant event has occurred that would impact a security’s valuation, the security will be fair valued as determined in good faith by the Fund's Adviser as the Valuation Designee. The determination of a security’s fair value price often involves the consideration of a number of subjective factors, and therefore, is subject to the risk that the value that is assigned to a security may be higher or lower than the security’s value would be if a reliable market quotation for the security were readily available. Such securities are generally categorized as Level 3 in the hierarchy.
The Stock Index Fund records its investment in the Master Portfolio at the market value of its proportionate interest in the net assets of the Master Portfolio. For purposes of determining the net asset value of the Stock Index Fund, the securities of the Master Portfolio are priced by the investment advisor to the Master Portfolio under the direction of the Board of Trustees of the Master Portfolio. The policies and procedures are discussed in the notes to the Master Portfolio’s financial statements, included in the Appendix of this report.
The following table summarizes each Fund’s investments, based on the inputs used to determine their values on June 30, 2025 (other than Stock Index Fund). The level classifications of the Master Portfolio as of June 30, 2025 are included in the Appendix.
Notes to Financial Statements     
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Daily Income Fund Level 1 Level 2 Level 3 Total
Repurchase Agreements $ — $120,000,000 $ — $120,000,000
U.S. Government & Agency Obligations — 84,228,596 — 84,228,596
Money Market Fund 21,023,590 — — 21,023,590
Total $21,023,590 $204,228,596 $ — $225,252,186
    
Short-Term Government Securities Fund        
U.S. Government & Agency Obligations $ — $33,170,722 $ — $33,170,722
Mortgage-Backed Securities — 15,015,978 — 15,015,978
Asset-Backed Securities — 3,238,588 — 3,238,588
Corporate Bonds Guaranteed by Export-Import Bank of the United States — 2,607,053 — 2,607,053
Corporate Bonds–Other — 2,589,735 — 2,589,735
Money Market Fund 1,431,276 — — 1,431,276
Total $1,431,276 $56,622,076 $ — $58,053,352
    
Short-Term Bond Fund        
Corporate Bonds–Other $ — $148,466,631 $ — $148,466,631
U.S. Government & Agency Obligations — 92,217,800 — 92,217,800
Asset-Backed Securities — 64,149,756 — 64,149,756
Mortgage-Backed Securities — 59,623,258 — 59,623,258
Yankee Bonds — 50,494,692 — 50,494,692
Corporate Bonds Guaranteed by Export-Import Bank of the United States — 335,487 — 335,487
Money Market Fund 5,115,199 — — 5,115,199
Total $5,115,199 $415,287,624 $ — $420,402,823
    
Intermediate Bond Fund        
Mortgage-Backed Securities $ — $39,952,754 $ — $39,952,754
Corporate Bonds–Other — 37,925,634 — 37,925,634
U.S. Government & Agency Obligations — 26,064,322 — 26,064,322
Asset-Backed Securities — 13,438,232 — 13,438,232
Yankee Bonds — 11,913,948 — 11,913,948
Municipal Bonds — 1,508,317 — 1,508,317
Money Market Fund 1,858,432 — — 1,858,432
Total $1,858,432 $130,803,207 $ — $132,661,639
    
Value Fund        
Common Stocks $1,018,931,267 $ — $ — $1,018,931,267
Money Market Fund 12,806,146 — — 12,806,146
Total $1,031,737,413 $ — $ — $1,031,737,413
    
Growth Fund        
Common Stocks $409,402,721 $ — $ — $409,402,721
Money Market Fund 3,837,162 — — 3,837,162
Total $413,239,883 $ — $ — $413,239,883
    
International Equity Fund        
Common Stocks $19,311,525 $73,198,652 $ — $92,510,177
Money Market Fund 3,919,569 — — 3,919,569
Total $23,231,094 $73,198,652 $ — $96,429,746
    
Small-Company Stock Fund        
Common Stocks $204,425,757 $ — $ — $204,425,757
Money Market Fund 5,075,184 — — 5,075,184
Total $209,500,941 $ — $ — $209,500,941
     Notes to Financial Statements
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Foreign currency The International Equity Fund may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contract’s terms. Foreign-denominated assets, including investment securities and liabilities are translated into U.S. dollars at the exchange rate at the end of the period. Purchases and sales of investment securities and income and dividends received are translated into U.S. dollars at the exchange rate in effect on the transaction date. Currency gains and losses and the effects of exchange rate fluctuations on investments are included with the realized and unrealized gain (loss) on investment securities.
To-be-announced securities  The Intermediate Bond Fund purchases securities on a to-be-announced (TBA) basis, with payment and delivery scheduled for a future date.  These transactions are subject to market fluctuations and are subject to the risk that the value at delivery may be more or less than the trade date purchase price.  The Fund maintains liquid assets sufficient to settle its commitment to purchase a TBA security.
Repurchase Agreements  The Daily Income Fund may enter into repurchase agreements.  Collateral on repurchase agreements is taken into possession by the Fund upon entering into the repurchase agreement.  Collateral consisting of U.S. Government Securities and U.S. Government Sponsored Agency Securities is marked to market daily to ensure its market value is a least 102% of the sales price of the repurchase agreement.  The principal amount of the repurchase agreement is equal to the value at period-end.  If the seller of a repurchase agreement fails to repurchase the security in accordance with the terms of the agreement, the Daily Income Fund might incur expenses in enforcing its rights, and could experience losses, including a decline in the value of the collateral and loss of income.
Distributions to shareholders Dividends to shareholders are recorded on the ex-dividend date. Ordinary income dividends for the Daily Income, Short-Term Government Securities, Short-Term Bond, and Intermediate Bond Funds are declared daily and paid monthly. Ordinary income dividends for Value Fund are declared and paid semi-annually. Ordinary income dividends for Stock Index, Growth, International Equity, and Small-Company Stock Funds are declared and paid annually. Capital gains dividends, if any, are declared and paid at the end of each fiscal year. Any unpaid ordinary income or capital gains will be paid in June of the subsequent year, but no later than the extended due date of the federal tax return. 
Other Dividend income is recorded on the ex-dividend date. Interest income, including amortization of premium and accretion of discount, and expenses are recorded on the accrual basis. Investment transactions are recorded as of the trade date. Realized gains and losses from investment transactions are reported on the identified cost basis.
The Stock Index Fund records a pro rata share of the Master Portfolio’s income, expenses, and realized and unrealized gains and losses in addition to the Fund’s own expenses, which are accrued daily.
In the normal course of business, the Funds enter into contracts that provide general indemnifications. The Funds’ maximum exposure under these arrangements is dependent on claims that may be made against the Funds in the future and therefore cannot be estimated; however,  the Funds have not had prior claims or losses pursuant to these contracts.
General expenses of the Trust are allocated to each fund of the Trust and general expenses of the Corporation are allocated to each fund of the Corporation, in each case based upon relative net assets or other expense allocation methodologies determined by the nature of the expense. Expenses directly attributable to a Fund are charged to that Fund.
Management considered events occurring between the date of this report, June 30, 2025, and the date of issuance of this report in determining adjustments to the financial statements or necessary disclosures in this report.
3.    Federal Income Tax Information
The Funds' policy is to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies and will distribute all net investment income to its shareholders. Therefore, no provision for Federal income taxes is required.
Management has analyzed the Funds’ tax positions and has concluded that no provision for income tax is required in the Funds’ financial statements. The Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. However, management’s conclusions may be subject to review and adjustment at a later date based on factors including, but not limited to new tax laws, regulations and administrative interpretations.
Each Fund files U.S. federal, state, and local tax returns as required. Each Fund’s tax returns are subject to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after filing of the tax return but could be longer in certain circumstances.
Notes to Financial Statements     
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Income and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP. These differences are primarily due to differing treatments of the following: futures and options transactions, foreign currency transactions, losses deferred due to wash sales, losses deferred due to post-October losses, unused capital losses, partnership investments, deferred Director’s fees, passive foreign investment company transactions, and REIT transactions, which are reflected as book/tax differences in the following tables.
At June 30, 2025, the cost of securities for federal income tax purposes, the aggregate gross unrealized gain for all securities for which there was an excess of value over tax cost and the aggregate gross unrealized loss for all securities for which there was an excess of tax cost over value was as follows:
  Tax Cost Tax Appreciation Tax Depreciation Net Tax
Appreciation
(Depreciation)
Daily Income Fund $225,252,186 $— $— $—
Short-Term Gov. Securities Fund $57,967,635 $512,567 $(426,850) $85,717
Short-Term Bond Fund $416,411,371 $5,250,892 $(1,259,440) $3,991,452
Intermediate Bond Fund $137,095,563 $1,327,438 $(5,761,362) $(4,433,924)
Value Fund $590,507,266 $465,502,024 $(24,271,877) $441,230,147
Growth Fund $205,206,476 $213,681,497 $(5,648,090) $208,033,407
International Equity Fund $71,372,087 $28,125,538 $(3,067,863) $25,057,675
Small-Company Stock Fund $166,594,142 $55,774,575 $(12,867,776) $42,906,799
         
The difference between book basis and tax basis unrealized appreciation (depreciation) is primarily attributable to the tax deferral of losses on wash sales. Net unrealized appreciation/(depreciation) of Stock Index Fund in the Master Portfolio consists of an allocated portion of the portfolio’s unrealized appreciation/(depreciation). For information pertaining to the unrealized appreciation/(depreciation) for the Master Portfolio, please refer to the Appendix of this report.
4.    Investment Transactions
Purchases and proceeds from sales of securities, other than short-term and U.S. Government securities, for the period ended June 30, 2025, were as follows:
  Purchases Proceeds
from Sale
Short-Term Gov. Securities Fund $6,202,488 $6,267,180
Short-Term Bond Fund $154,319,613 $126,465,139
Intermediate Bond Fund $30,471,464 $31,296,563
Value Fund $70,534,954 $105,642,181
Growth Fund $76,275,975 $86,797,974
International Equity Fund $9,659,576 $12,707,961
Small-Company Stock Fund $49,361,182 $63,461,074
Purchases and proceeds from sales of long-term U.S. Government securities, for the period ended June 30, 2025, were as follows:
  Purchases Proceeds
from Sale
Short-Term Gov. Securities Fund $165,428,400 $165,288,169
Short-Term Bond Fund $534,995,203 $577,783,381
Intermediate Bond Fund $100,480,614 $107,963,066
5.    Related Parties
The investment management agreements between Homestead Funds, with respect to each Fund (other than the Stock Index Fund), and Homestead Advisers, an indirect, wholly-owned subsidiary of the National Rural Electric Cooperative Association (“NRECA”), provide for an annual investment management fee, that also provides for certain administrative services to the Funds, which is computed daily and paid monthly, based on each Fund’s average daily net assets, at the following annualized rates:
     Notes to Financial Statements
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  Management Fee
Daily Income Fund 0.40% of average daily net assets
Short-Term Gov. Securities Fund 0.45% of average daily net assets
Short-Term Bond Fund 0.60% of average daily net assets up to $500 million
  0.50% of average daily net assets up to next $500 million
  0.40% of average daily net assets in excess of $1 billion
Intermediate Bond Fund 0.60% of average daily net assets up to $500 million
  0.50% of average daily net assets up to next $500 million
  0.45% of average daily net assets in excess of $1 billion
Value Fund 0.65% of average daily net assets up to $200 million
  0.50% of average daily net assets up to next $200 million
  0.40% of average daily net assets in excess of $400 million
Growth Fund 0.65% of average daily net assets up to $250 million
  0.60% of average daily net assets in excess of $250 million
International Equity Fund 0.75% of average daily net assets up to $300 million
  0.65% of average daily net assets up to next $100 million
  0.55% of average daily net assets up to next $100 million
  0.50% of average daily net assets in excess of $500 million
Small-Company Stock Fund 0.85% of average daily net assets up to $200 million
  0.75% of average daily net assets in excess of $200 million
Homestead Financial Services Corp., a wholly-owned, indirect subsidiary of NRECA, is the distributor and principal underwriter for Homestead Funds and does not receive any commissions or other compensation for the services it provides.
Invesco Advisers, Inc. ("Invesco") is the sub-advisor of the Daily Income Fund. T. Rowe Price Associates, Inc. (“T. Rowe”) is the sub-advisor for the Growth Fund and Harding Loevner LP (“Harding”) is the sub-advisor for the International Equity Fund. The sub-advisors select, buy, and sell securities under the supervision and oversight of Homestead Advisers and the Board of Directors. Homestead Advisers pays the sub-advisors from the fees it receives from the Funds.
Homestead Advisers serves as the administrator for the Stock Index Fund pursuant to an Administrative Services Agreement with the fund, under which Homestead Advisers provides certain administrative services to the Fund. Pursuant to this agreement, Homestead Advisers receives a fee of 0.25% of the Fund's average daily net assets. In addition, the Stock Index Fund is allocated a management fee from the Master Portfolio, calculated daily at an annual rate of 0.01% of its average daily net assets. This fee includes advisory, custody, and administrative fees provided by the Master Portfolio on behalf of its investors. The financial information for the Master Portfolio is included in the Appendix.
Homestead Advisers has agreed, as part of the Expense Limitation Agreement entered into with Homestead Funds with respect to each Fund, except for the International Equity Fund, to waive its management fee and/or reimburse all Fund operating expenses, excluding certain non-recurring expenses, such as interest, taxes, brokerage commissions, other expenditures that are capitalized in accordance with generally accepted accounting principles, expenses not incurred in the ordinary course of business, or, in the case of each Fund other than the Stock Index Fund, fees and expenses associated with an investment in another investment company or any company that would be an investment company under Section 3(a) of the Act, but for the exceptions to that definition provided for in Sections 3(c)(1) and 3(c)(7) of the Act, which in any year exceed 0.60% of the average daily net assets of the Daily Income Fund, 0.75% of the average daily net assets of the Short-Term Government Securities and Stock Index Funds; 0.80% of the average daily net assets of the Short-Term Bond and Intermediate Bond Funds; 1.00% of the average daily net assets of the Growth Fund; 1.25% of the average daily net assets of Value Fund, and 1.50% of the average daily net assets of Small-Company Stock Fund.  The Expense Limitation Agreements were renewed for the period of May 1, 2025 through April 30, 2026. 
Pursuant to the Expense Limitation Agreement, management fees waived for the period ended June 30, 2025 amounted to $50,590 for Short-Term Government Securities Fund and $55,977 for Intermediate Bond Fund. 
Under a Deferred Compensation Plan (the “Plan”), Independent Directors or Trustees of the Funds may elect to defer receipt of all or a specified portion of their compensation. Deferred amounts are credited with the earnings and losses equal to those made as if the deferred amounts were invested in one or more of the Funds, as designated by each participating Independent
Notes to Financial Statements     
53
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Notes to Financial Statements | (Unaudited)  |   (Continued)
Director / Trustee. Deferred amounts remain in the Funds until distributed in accordance with the Plan. The liability is reflected as Independent Director / Trustee's deferred compensation on the Statement of Assets and Liabilities and the expense is included in Director, Trustee and Board meeting expenses on the Statement of Operations.
As of June 30, 2025, one shareholder of record, an omnibus account, held approximately 12% of the net assets of the Small-Company Stock Fund. No other shareholders, including omnibus accounts, held more than 10% of the outstanding shares of any of the Funds.
6.    Segment Reporting
The Chief Executive Officer acts as each Fund's Chief Operating Decision Maker (CODM) and is responsible for assessing performance and allocating resources with respect to each Fund.  The CODM assesses the operating results of each Fund as a whole and each Fund has a single investment strategy as disclosed in its prospectus, therefore, each Fund represents a single operating segment.  Each Fund generates revenue from investments in portfolio securities.  The CODM uses the Statement of Operations, Statement of Changes in Net Assets, and Financial Highlights, which is consistent with that presented in the Funds’ financial statements, along with each Fund's benchmark index, to assesses performance and reallocate resources.  The net income and significant segment expenses for each Fund are reflected in the Statement of Operations.  Segment assets are total assets of each Fund, which is disclosed in the Statement of Assets and Liabilities.
     Notes to Financial Statements
54
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Notes to Financial Statements | (Unaudited)  |   (Continued)
7.    Capital Share Transactions
As of June 30, 2025, unlimited shares of $.01 par value capital shares are authorized for Intermediate Bond Fund; 500 million shares are authorized for Daily Income Fund, 200 million shares for Short-Term Bond Fund, and 100 million shares for Short-Term Government Securities Fund, Stock Index  Fund, Value Fund, Growth Fund, International Equity Fund, and Small-Company Stock Fund. Transactions in capital shares were as follows:
  Shares
Sold 		Shares Issued
In Reinvestment
of Dividends 		Total Shares
Issued 		Total Shares
Redeemed 		Net Increase
(Decrease)
Period Ended June 30, 2025          
In Dollars          
Daily Income Fund $44,900,636 $4,184,715 $49,085,351 $(47,678,891) $1,406,460
Short-Term Government Securities Fund $5,588,271 $913,026 $6,501,297 $(6,293,465) $207,832
Short-Term Bond Fund $13,564,294 $8,262,065 $21,826,359 $(38,382,500) $(16,556,141)
Intermediate Bond Fund $8,535,821 $2,582,308 $11,118,129 $(20,130,010) $(9,011,881)
Stock Index Fund $17,047,714 $634,708 $17,682,422 $(17,929,075) $(246,653)
Value Fund $30,278,085 $27,857,267 $58,135,352 $(72,871,501) $(14,736,149)
Growth Fund $21,362,551 $8,583,602 $29,946,153 $(30,615,691) $(669,538)
International Equity Fund $4,551,829 $341,117 $4,892,946 $(6,432,773) $(1,539,827)
Small-Company Stock Fund $6,726,807 $3,681,305 $10,408,112 $(20,100,376) $(9,692,264)
           
           
    
In Shares          
Daily Income Fund 44,900,636 4,184,715 49,085,351 (47,678,891) 1,406,460
Short-Term Government Securities Fund 1,118,680 181,923 1,300,603 (1,260,985) 39,618
Short-Term Bond Fund 2,744,666 1,665,287 4,409,953 (7,766,875) (3,356,922)
Intermediate Bond Fund 1,877,056 564,718 2,441,774 (4,426,834) (1,985,060)
Stock Index Fund 407,596 14,130 421,726 (428,091) (6,365)
Value Fund 590,333 526,909 1,117,242 (1,411,385) (294,143)
Growth Fund 1,170,728 439,096 1,609,824 (1,667,504) (57,680)
International Equity Fund 440,540 31,382 471,922 (626,119) (154,197)
Small-Company Stock Fund 278,164 151,744 429,908 (819,232) (389,324)
Notes to Financial Statements     
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Notes to Financial Statements | (Unaudited)  |   (Continued)
  Shares
Sold 		Shares Issued
In Reinvestment
of Dividends 		Total Shares
Issued 		Total Shares
Redeemed 		Net Increase
(Decrease)
Year Ended December 31, 2024          
In Dollars          
Daily Income Fund $71,456,053 $10,001,239 $81,457,292 $(75,623,161) $5,834,131
Short-Term Government Securities Fund $8,481,965 $1,822,069 $10,304,034 $(10,485,130) $(181,096)
Short-Term Bond Fund $35,049,539 $16,201,844 $51,251,383 $(64,418,572) $(13,167,189)
Intermediate Bond Fund $25,010,542 $4,905,576 $29,916,118 $(15,687,497) $14,228,621
Stock Index Fund $28,047,569 $2,716,347 $30,763,916 $(43,890,763) $(13,126,847)
Value Fund $51,387,298 $90,018,814 $141,406,112 $(122,023,885) $19,382,227
Growth Fund $29,660,949 $23,215,845 $52,876,794 $(53,717,735) $(840,941)
International Equity Fund $7,884,447 $2,201,759 $10,086,206 $(9,248,480) $837,726
Small-Company Stock Fund $12,376,099 $12,003,645 $24,379,744 $(40,293,980) $(15,914,236)
           
           
    
In Shares          
Daily Income Fund 71,456,053 10,001,239 81,457,292 (75,623,161) 5,834,131
Short-Term Government Securities Fund 1,708,419 367,037 2,075,456 (2,113,817) (38,361)
Short-Term Bond Fund 7,124,497 3,297,407 10,421,904 (13,122,123) (2,700,219)
Intermediate Bond Fund 5,490,613 1,075,143 6,565,756 (3,443,421) 3,122,335
Stock Index Fund 713,509 62,918 776,427 (1,115,124) (338,697)
Value Fund 960,236 1,719,943 2,680,179 (2,285,414) 394,765
Growth Fund 1,676,319 1,222,651 2,898,970 (3,090,688) (191,718)
International Equity Fund 807,165 225,873 1,033,038 (944,511) 88,527
Small-Company Stock Fund 462,519 437,300 899,819 (1,524,592) (624,773)
8.    Principal Risks
Investing in the Funds involves risks which include, but are not limited to, those listed below.  The below risks, and other risks applicable to the Funds are further described in the Funds' Prospectus and Statement of Additional Information.
Asset-Backed and Mortgage-Backed Securities Risk The risk that defaults, or perceived increases in the risk of defaults, on the obligations underlying asset-backed and mortgage-backed securities, including mortgage pass-through securities and collateralized mortgage obligations (“CMOs”), significant credit downgrades and illiquidity may impair the value of the securities. These securities also present a higher degree of prepayment risk (when repayment of principal occurs before scheduled maturity resulting in the Fund having to reinvest proceeds at a lower interest rate) and extension risk (when rates of repayment of principal are slower than expected, which may lock in a below-market interest rate, increase the security’s duration, and reduce the value of the security) than do other types of fixed income securities. Enforcing rights against the underlying assets or collateral may be difficult, and the underlying assets or collateral may be insufficient if the issuer defaults.
Debt Securities Risk--Credit Risk The risk that an issuer or counterparty will fail to pay its obligations to the Fund when they are due. As a result, the Fund’s income might be reduced, the value of the Fund’s investment might fall, and/or the Fund could lose the entire amount of its investment. Changes in the financial condition of an issuer or counterparty, changes in specific economic, social or political conditions that affect a particular type of security or other instrument or an issuer, and changes in economic, social or political conditions generally can increase the risk of default by an issuer or counterparty, which can affect a security’s or other instrument’s credit quality or value and an issuer’s or counterparty’s ability to pay interest and principal when due.
Debt Securities Risk--Interest Rate Risk The risk that debt instruments will change in value because of actual or expected changes in interest rates. The value of an instrument with a longer duration (whether positive or negative) will be more sensitive to changes in interest rates than a similar instrument with a shorter duration. Bonds and other debt instruments typically have a positive duration, which means the value of the debt instrument will generally decline if interest rates increase. The value of debt instruments will also generally decline if inflation increases because the purchasing power of the future income and repaid principal is expected to be worth less when received by the Fund. Inflation rates may change frequently and significantly as a result of changes in the domestic or global economy or changes in fiscal or monetary policies.
     Notes to Financial Statements
56
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Notes to Financial Statements | (Unaudited)  |   (Continued)
Currency Risk Foreign currencies may experience steady or sudden devaluation relative to the U.S. dollar or other currencies, adversely affecting the value of the Fund’s investments. The value of the Fund’s assets may be affected favorably or unfavorably by currency exchange rates, currency exchange control regulations, and restrictions or prohibitions on the repatriation of foreign currencies. Because the Fund’s net asset value is determined on the basis of U.S. dollars, if the local currency of a foreign market depreciates against the U.S. dollar, you may lose money even if the foreign market prices of the Fund’s holdings rise.
Equity Securities Risk Equity securities generally have greater price volatility than fixed-income securities. The market price of equity securities owned by a Fund may go up or down, sometimes rapidly or unpredictably. Equity securities may decline in value due to factors affecting the issuer, equity securities markets generally, particular industries represented in those markets or the issuer itself.
Foreign Risk A fixed-income Fund may invest in U.S. dollar-denominated debt securities of foreign issuers. These securities (also known as Yankee Bonds) may respond negatively to adverse foreign political or economic developments. Certain countries have recently experienced (or currently are expected to experience) negative interest rates on certain fixed-income securities, and similar interest rate conditions may be experienced in other regions. Investments in fixed-income securities with very low or negative interest rates may magnify the Fund’s susceptibility to interest rate risk and diminish yield and performance, and such investments may be subject to heightened volatility and reduced liquidity. An equity Fund may invest in foreign equity securities. Foreign securities may exhibit more extreme changes in value than securities of U.S. companies. The securities markets of many foreign countries are relatively small, with a limited number of companies representing a small number of industries. To the extent that investments are made in a limited number of countries, events in those countries will have a more significant impact on the Fund.
Foreign securities are subject to political, regulatory, and economic risks not present in domestic investments and may exhibit more extreme changes in value than securities of U.S. companies. In the case of foreign companies not registered in the U.S., there is generally less publicly available information regarding the issuer. These conditions may have an impact on rating organizations’ and a Fund manager’s ability to accurately assess and monitor an issuer’s financial condition.
In addition, foreign companies often are not subject to the same degree of regulation as U.S. companies. Reporting, legal, accounting and auditing standards of foreign countries differ, in some cases significantly, from U.S. standards. The securities of some non-U.S. entities are less liquid and at times more volatile than securities of comparable U.S. entities, and could become subject to sanctions or embargoes that adversely affect the Fund’s investment. Nationalization, expropriation or confiscatory taxation, currency blockage, political changes or diplomatic developments could adversely affect the Fund’s investments in a foreign country. In the event of nationalization, expropriation or other confiscation, the Fund could lose its entire investment. Investments in emerging market countries are likely to involve significant risks. These countries are generally more likely to experience political and economic instability.
Because non-U.S. securities are typically denominated and traded in currencies other than the U.S. dollar, the value of the Fund’s assets, to the extent they are non-U.S. dollar denominated, may be affected favorably or unfavorably by currency exchange rates, exchange control regulations, and restrictions or prohibitions on the repatriation of non-U.S. currencies.
Growth Style Risk The risk that returns on stocks within the growth style in which the Fund invests will trail returns of stocks representing other styles or the market overall over any period of time and may shift in and out of favor with investors generally, sometimes rapidly, depending on changes in market, economic, and other factors. Growth stocks can be volatile, as these companies usually invest a high portion of earnings in their business and therefore may lack the dividends of value stocks that can cushion stock prices in a falling market. Also, earnings disappointments often lead to sharply falling prices because investors buy growth stocks in anticipation of superior earnings growth.
Index Fund Risk An index fund has operating and other expenses while an index does not. As a result, while a fund will attempt to track its underlying index as closely as possible, it will tend to underperform the index to some degree over time. If an index fund is properly correlated to its stated index, the Fund will perform poorly when the index performs poorly.
Investments in Small- and Mid-Sized Companies Risk Investment in smaller and medium-sized companies may involve greater risk than investment in larger, more established companies. Their common stock and other securities may trade less frequently and in limited volume. Some securities of smaller issuers may be illiquid or may be restricted as to resale. Accordingly, the prices of such securities are generally more sensitive to purchase and sale transactions and tend to be more volatile than the prices of securities of companies with larger market capitalizations. Because of this, if a Fund wishes to sell a large quantity of a small or medium-sized company’s shares, it may have to sell at a lower price than it believes is reflective of the value of the shares, or it may have to sell in smaller quantities than desired and over a period of time. These companies may face greater business risks because they lack the management depth or experience, financial resources, product diversification or
Notes to Financial Statements     
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Notes to Financial Statements | (Unaudited)  |   (Continued)
competitive strengths of larger companies, and they may be more adversely affected by poor economic conditions. There may be less publicly available information about smaller companies than larger companies. In addition, these companies may have been recently organized and may have little or no track record of success. Small company stocks, as a group, tend to go in and out of favor based on economic conditions and market sentiment, and during certain periods will perform poorly relative to other types of investments, including larger company stocks. Generally, the smaller the company size, the greater these risks become.
Market Risk The risk that markets will perform poorly or that the returns from the securities in which the Fund invests will underperform returns from the general securities markets or other types of investments. Markets may experience periods of high volatility and reduced liquidity in response to governmental policies, actions or intervention, political, economic or market developments such as tariffs, or other external factors, such as outbreaks of infectious illnesses or other widespread public health issues, outbreaks of war or sanctions in response to military incursions and natural disasters such as floods, droughts, fires, extreme storms, earthquakes or volcanic eruptions. During those periods, the Fund may experience high levels of shareholder redemptions, and may have to sell securities at times when the Fund would otherwise not do so, and potentially at unfavorable prices. Certain securities may be difficult to value during such periods.
Money Market Fund Risk Although the Daily Income Fund seeks to preserve the value of your investment at $1.00 per share, you may lose money by investing in the Fund. The share price of Money market funds can fall below the $1.00 share price. The Fund’s sponsor is not required to reimburse the Fund for losses, and you should not rely on or expect that the sponsor will enter into support agreements or take other actions to provide financial support to the Fund or maintain the Fund’s $1.00 share price at any time, including during periods of market stress. The credit quality of the Fund’s holdings can change rapidly in certain markets, and the default of a single holding could have an adverse impact on the Fund’s share price. The Fund’s share price can also be negatively affected during periods of high redemption pressures, illiquid markets, and/or significant market volatility. While the Board of Directors may implement procedures to impose a fee upon the sale of your shares if the Board determines it is in the best interest of the Fund, the Board has not elected to do so at this time.
Value Style Risk The risk that returns on stocks within the value style in which the Fund invests will trail returns of stocks representing other styles or the market overall over any period of time and may shift in and out of favor with investors generally, sometimes rapidly, depending on changes in market, economic, and other factors. Investments in value securities may be subject to risks that (1) the issuer's potential business prospects will not be realized; (2) their potential values will never be recognized by the market; and (3) their value was appropriately priced when acquired and they do not perform as anticipated.
9.    Subsequent Events
Management has evaluated the impact of all subsequent events through the date the financial statements were issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in these financial statements.
     Notes to Financial Statements
58
Table of Contents
Changes In and Disagreements With Accountants (Unaudited)
There were no changes in or disagreements with accountants during the period.
                
59
Table of Contents
Proxy Disclosures (Unaudited)
There were no matters submitted to a vote of shareholders during the period.
60
                
Table of Contents
Remuneration Paid to Directors, Officers, and Others (Unaudited)
See Directors, Officers, and Board meeting expenses in the statement of operations in the financial statements.
                
61
Table of Contents
Basis for the Board's Approval of Investment Advisory Contracts (Unaudited)
Not applicable for this period.
62
                
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Appendix
S&P 500 Index Master Portfolio
63


Schedule of Investments (unaudited)
June 30, 2025
S&P 500 Index Master Portfolio
(Percentages shown are based on Net Assets)
 
Security
 
 
Shares
Value
Common Stocks
Aerospace & Defense — 2.2%
Axon Enterprise, Inc.(a)
 
69,556
$ 57,588,195
Boeing Co.(a)
 
717,555
150,349,299
General Dynamics Corp.
 
239,618
69,886,986
General Electric Co.
 
1,014,344
261,082,002
Howmet Aerospace, Inc.
 
383,974
71,469,081
Huntington Ingalls Industries, Inc.
 
38,459
9,286,310
L3Harris Technologies, Inc.
 
179,033
44,908,638
Lockheed Martin Corp.
 
198,347
91,862,429
Northrop Grumman Corp.
 
128,690
64,342,426
RTX Corp.
 
1,270,756
185,555,791
Textron, Inc.(b)
 
169,946
13,644,964
TransDigm Group, Inc.
 
53,656
81,591,460
 
 
1,101,567,581
Air Freight & Logistics — 0.3%
CH Robinson Worldwide, Inc.
 
112,964
10,838,896
Expeditors International of Washington, Inc.
 
130,922
14,957,838
FedEx Corp.
 
209,673
47,660,770
United Parcel Service, Inc., Class B
 
700,007
70,658,707
 
 
144,116,211
Automobile Components — 0.0%
Aptiv PLC(a)
 
208,150
14,199,993
Automobiles — 1.9%
Ford Motor Co.
 
3,700,747
40,153,105
General Motors Co.
 
919,133
45,230,535
Tesla, Inc.(a)
 
2,665,475
846,714,788
 
 
932,098,428
Banks — 3.6%
Bank of America Corp.
 
6,232,941
294,942,768
Citigroup, Inc.
 
1,776,584
151,222,830
Citizens Financial Group, Inc.
 
407,899
18,253,480
Fifth Third Bancorp
 
629,678
25,898,656
Huntington Bancshares, Inc.
 
1,376,975
23,078,101
JPMorgan Chase & Co.
 
2,643,467
766,367,518
KeyCorp.
 
942,811
16,423,768
M&T Bank Corp.
 
153,453
29,768,347
PNC Financial Services Group, Inc.
 
376,262
70,142,762
Regions Financial Corp.
 
854,686
20,102,215
Truist Financial Corp.
 
1,245,630
53,549,634
U.S. Bancorp
 
1,481,992
67,060,138
Wells Fargo & Co.
 
3,095,369
248,000,964
 
 
1,784,811,181
Beverages — 1.1%
Brown-Forman Corp., Class B
 
171,896
4,625,721
Coca-Cola Co.
 
3,684,558
260,682,478
Constellation Brands, Inc., Class A
 
144,944
23,579,490
Keurig Dr. Pepper, Inc.
 
1,290,800
42,673,848
Molson Coors Beverage Co., Class B
 
161,542
7,768,555
Monster Beverage Corp.(a)
 
668,486
41,873,963
PepsiCo, Inc.
 
1,304,168
172,202,343
 
 
553,406,398
Biotechnology — 1.6%
AbbVie, Inc.
 
1,680,198
311,878,353
Amgen, Inc.
 
511,465
142,806,143
Biogen, Inc.(a)
 
138,144
17,349,505
Gilead Sciences, Inc.
 
1,183,222
131,183,823
Incyte Corp.(a)
 
153,646
10,463,292
Security
 
 
Shares
Value
Biotechnology (continued)
Moderna, Inc.(a)(b)
 
333,246
$ 9,194,257
Regeneron Pharmaceuticals, Inc.
 
99,279
52,121,475
Vertex Pharmaceuticals, Inc.(a)
 
244,265
108,746,778
 
 
783,743,626
Broadline Retail — 4.0%
Amazon.com, Inc.(a)
 
8,987,439
1,971,754,242
eBay, Inc.
 
440,716
32,815,714
 
 
2,004,569,956
Building Products — 0.6%
A O Smith Corp.
 
112,403
7,370,265
Allegion PLC
 
80,857
11,653,111
Builders FirstSource, Inc.(a)
 
105,469
12,307,178
Carrier Global Corp.
 
762,218
55,786,735
Johnson Controls International PLC
 
625,933
66,111,043
Lennox International, Inc.
 
30,444
17,451,719
Masco Corp.
 
199,903
12,865,757
Trane Technologies PLC
 
212,069
92,761,101
 
 
276,306,909
Capital Markets — 3.4%
Ameriprise Financial, Inc.
 
91,033
48,587,043
Bank of New York Mellon Corp.
 
680,519
62,002,086
Blackrock, Inc.(c)
 
138,524
145,346,307
Blackstone, Inc., Class A
 
694,039
103,814,354
Cboe Global Markets, Inc.
 
98,357
22,937,836
Charles Schwab Corp.
 
1,624,599
148,228,413
CME Group, Inc., Class A
 
342,770
94,474,267
Coinbase Global, Inc., Class A(a)(b)
 
200,819
70,385,051
FactSet Research Systems, Inc.
 
35,693
15,964,765
Franklin Resources, Inc.
 
295,545
7,048,748
Goldman Sachs Group, Inc.
 
291,866
206,568,162
Intercontinental Exchange, Inc.
 
545,632
100,107,103
Invesco Ltd.
 
420,219
6,626,854
KKR & Co., Inc., Class A
 
645,788
85,909,178
MarketAxess Holdings, Inc.
 
35,517
7,932,367
Moody’s Corp.
 
147,125
73,796,429
Morgan Stanley
 
1,175,038
165,515,853
MSCI, Inc., Class A
 
73,595
42,445,180
Nasdaq, Inc.
 
393,194
35,159,407
Northern Trust Corp.
 
184,019
23,331,769
Raymond James Financial, Inc.
 
173,210
26,565,218
S&P Global, Inc.
 
298,581
157,438,775
State Street Corp.
 
273,239
29,056,235
T Rowe Price Group, Inc.
 
209,174
20,185,291
 
 
1,699,426,691
Chemicals — 1.2%
Air Products and Chemicals, Inc.
 
211,452
59,642,151
Albemarle Corp.
 
115,941
7,266,023
CF Industries Holdings, Inc.
 
154,882
14,249,144
Corteva, Inc.
 
651,768
48,576,269
Dow, Inc.
 
676,296
17,908,318
DuPont de Nemours, Inc.
 
400,536
27,472,764
Eastman Chemical Co.
 
108,897
8,130,250
Ecolab, Inc.
 
239,632
64,566,446
International Flavors & Fragrances, Inc.
 
242,173
17,811,824
Linde PLC
 
447,751
210,075,814
LyondellBasell Industries NV, Class A
 
240,310
13,904,337
Mosaic Co.
 
295,160
10,767,437
Master Portfolio Schedule of Investments
1
Schedule of Investments (unaudited)(continued)
June 30, 2025
S&P 500 Index Master Portfolio
(Percentages shown are based on Net Assets)
Security
 
 
Shares
Value
Chemicals (continued)
PPG Industries, Inc.
 
217,012
$ 24,685,115
Sherwin-Williams Co.
 
219,301
75,299,191
 
 
600,355,083
Commercial Services & Supplies — 0.6%
Cintas Corp.
 
326,096
72,677,016
Copart, Inc.(a)(b)
 
841,220
41,278,665
Republic Services, Inc.
 
193,009
47,597,949
Rollins, Inc.
 
266,033
15,009,582
Veralto Corp.
 
235,311
23,754,645
Waste Management, Inc.
 
349,408
79,951,539
 
 
280,269,396
Communications Equipment — 0.9%
Arista Networks, Inc.(a)
 
979,596
100,222,467
Cisco Systems, Inc.
 
3,784,141
262,543,703
F5, Inc.(a)
 
54,418
16,016,306
Juniper Networks, Inc.
 
320,251
12,787,622
Motorola Solutions, Inc.
 
158,770
66,756,434
 
 
458,326,532
Construction & Engineering — 0.1%
Quanta Services, Inc.(b)
 
141,761
53,596,999
Construction Materials — 0.1%
Martin Marietta Materials, Inc.
 
57,227
31,415,334
Vulcan Materials Co.
 
125,552
32,746,473
 
 
64,161,807
Consumer Finance — 0.6%
American Express Co.
 
526,455
167,928,616
Capital One Financial Corp.
 
608,532
129,471,268
Synchrony Financial
 
363,908
24,287,220
 
 
321,687,104
Consumer Staples Distribution & Retail — 2.0%
Costco Wholesale Corp.
 
422,030
417,784,378
Dollar General Corp.
 
210,439
24,070,013
Dollar Tree, Inc.(a)
 
188,848
18,703,506
Kroger Co.
 
585,632
42,007,383
Sysco Corp.
 
459,550
34,806,317
Target Corp.
 
434,369
42,850,502
Walgreens Boots Alliance, Inc.
 
693,736
7,964,089
Walmart, Inc.
 
4,109,628
401,839,426
 
 
990,025,614
Containers & Packaging — 0.2%
Amcor PLC
 
2,194,472
20,167,198
Avery Dennison Corp.
 
75,759
13,293,432
Ball Corp.
 
265,212
14,875,741
International Paper Co.
 
497,110
23,279,661
Packaging Corp. of America
 
84,340
15,893,873
Smurfit WestRock PLC
 
472,221
20,376,336
 
 
107,886,241
Distributors — 0.1%
Genuine Parts Co.
 
130,816
15,869,289
LKQ Corp.
 
244,023
9,031,291
Pool Corp.
 
36,020
10,499,110
 
 
35,399,690
Diversified Telecommunication Services — 0.7%
AT&T, Inc.
 
6,844,437
198,078,007
Verizon Communications, Inc.
 
4,010,248
173,523,431
 
 
371,601,438
Security
 
 
Shares
Value
Electric Utilities — 1.5%
Alliant Energy Corp.
 
246,036
$ 14,877,797
American Electric Power Co., Inc.
 
506,930
52,599,057
Constellation Energy Corp.
 
299,275
96,593,999
Duke Energy Corp.
 
742,357
87,598,126
Edison International
 
363,655
18,764,598
Entergy Corp.
 
407,681
33,886,445
Evergy, Inc.
 
218,226
15,042,318
Eversource Energy
 
352,978
22,456,460
Exelon Corp.
 
955,674
41,495,365
FirstEnergy Corp.
 
491,188
19,775,229
NextEra Energy, Inc.
 
1,958,164
135,935,745
NRG Energy, Inc.
 
186,908
30,013,687
PG&E Corp.
 
2,098,477
29,252,769
Pinnacle West Capital Corp.
 
110,533
9,889,387
PPL Corp.
 
709,674
24,050,852
Southern Co.
 
1,048,182
96,254,553
Xcel Energy, Inc.
 
545,940
37,178,514
 
 
765,664,901
Electrical Equipment — 0.9%
AMETEK, Inc.
 
219,908
39,794,552
Eaton Corp. PLC
 
372,204
132,873,106
Emerson Electric Co.
 
535,048
71,337,950
GE Vernova, Inc.
 
259,615
137,375,277
Generac Holdings, Inc.(a)
 
56,807
8,135,330
Hubbell, Inc.
 
50,828
20,758,664
Rockwell Automation, Inc.
 
107,500
35,708,275
 
 
445,983,154
Electronic Equipment, Instruments & Components — 0.7%
Amphenol Corp., Class A
 
1,150,567
113,618,491
CDW Corp./DE
 
124,610
22,254,100
Corning, Inc.
 
732,913
38,543,894
Jabil, Inc.
 
101,569
22,152,199
Keysight Technologies, Inc.(a)
 
164,952
27,029,035
Ralliant Corp.(a)
 
108,045
5,239,102
TE Connectivity PLC
 
283,499
47,817,776
Teledyne Technologies, Inc.(a)
 
44,525
22,810,603
Trimble, Inc.(a)
 
227,216
17,263,872
Zebra Technologies Corp., Class A(a)
 
48,675
15,009,423
 
 
331,738,495
Energy Equipment & Services — 0.2%
Baker Hughes Co., Class A
 
943,712
36,181,918
Halliburton Co.
 
826,038
16,834,654
Schlumberger NV
 
1,300,316
43,950,681
 
 
96,967,253
Entertainment — 1.8%
Electronic Arts, Inc.
 
218,157
34,839,673
Live Nation Entertainment, Inc.(a)
 
151,555
22,927,241
Netflix, Inc.(a)
 
404,802
542,082,502
Take-Two Interactive Software, Inc.(a)
 
156,051
37,896,985
TKO Group Holdings, Inc., Class A
 
65,096
11,844,217
Walt Disney Co.
 
1,710,011
212,058,464
Warner Bros Discovery, Inc., Class A(a)(b)
 
2,158,971
24,741,808
 
 
886,390,890
Financial Services — 4.3%
Apollo Global Management, Inc.
 
428,268
60,758,381
Berkshire Hathaway, Inc., Class B(a)
 
1,744,244
847,301,408
Corpay, Inc.(a)
 
66,725
22,140,689
Fidelity National Information Services, Inc.
 
498,785
40,606,087
Fiserv, Inc.(a)
 
527,195
90,893,690
Global Payments, Inc.
 
231,251
18,509,330
2
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
June 30, 2025
S&P 500 Index Master Portfolio
(Percentages shown are based on Net Assets)
Security
 
 
Shares
Value
Financial Services (continued)
Jack Henry & Associates, Inc.
 
68,758
$ 12,388,129
Mastercard, Inc., Class A
 
771,551
433,565,369
PayPal Holdings, Inc.(a)
 
929,743
69,098,500
Visa, Inc., Class A
 
1,627,484
577,838,194
 
 
2,173,099,777
Food Products — 0.6%
Archer-Daniels-Midland Co.
 
456,985
24,119,668
Bunge Global SA
 
127,571
10,241,400
Conagra Brands, Inc.
 
455,522
9,324,535
General Mills, Inc.
 
524,063
27,151,704
Hershey Co.
 
139,780
23,196,491
Hormel Foods Corp.
 
281,095
8,503,124
J.M. Smucker Co.
 
101,205
9,938,331
Kellanova
 
253,106
20,129,520
Kraft Heinz Co.
 
816,670
21,086,420
Lamb Weston Holdings, Inc.
 
132,939
6,892,887
McCormick & Co., Inc.
 
240,072
18,202,259
Mondelez International, Inc., Class A
 
1,230,366
82,975,883
The Campbell’s Co.
 
184,501
5,654,956
Tyson Foods, Inc., Class A
 
276,782
15,483,185
 
 
282,900,363
Gas Utilities — 0.0%
Atmos Energy Corp.
 
152,085
23,437,819
Ground Transportation — 0.9%
CSX Corp.
 
1,795,892
58,599,956
JB Hunt Transport Services, Inc.
 
74,597
10,712,129
Norfolk Southern Corp.
 
214,442
54,890,719
Old Dominion Freight Line, Inc.
 
176,868
28,705,676
Uber Technologies, Inc.(a)(b)
 
1,989,113
185,584,243
Union Pacific Corp.
 
568,318
130,758,606
 
 
469,251,329
Health Care Equipment & Supplies — 2.3%
Abbott Laboratories
 
1,654,927
225,086,621
Align Technology, Inc.(a)(b)
 
64,605
12,231,665
Baxter International, Inc.
 
484,238
14,662,727
Becton Dickinson & Co.
 
272,620
46,958,795
Boston Scientific Corp.(a)
 
1,409,931
151,440,689
Cooper Cos., Inc.(a)
 
189,981
13,519,048
Dexcom, Inc.(a)
 
374,363
32,678,146
Edwards Lifesciences Corp.(a)
 
560,731
43,854,771
GE HealthCare Technologies, Inc.
 
434,760
32,202,673
Hologic, Inc.(a)
 
211,755
13,797,956
IDEXX Laboratories, Inc.(a)(b)
 
76,497
41,028,401
Insulet Corp.(a)
 
67,572
21,229,771
Intuitive Surgical, Inc.(a)
 
341,194
185,408,231
Medtronic PLC
 
1,219,952
106,343,216
ResMed, Inc.
 
138,859
35,825,622
Solventum Corp.(a)(b)
 
131,883
10,002,007
STERIS PLC
 
93,190
22,386,102
Stryker Corp.
 
327,163
129,435,498
Zimmer Biomet Holdings, Inc.
 
187,650
17,115,556
 
 
1,155,207,495
Health Care Providers & Services — 1.8%
Cardinal Health, Inc.
 
226,705
38,086,440
Cencora, Inc.
 
164,084
49,200,588
Centene Corp.(a)
 
473,890
25,722,749
Cigna Group
 
253,859
83,920,708
CVS Health Corp.
 
1,206,134
83,199,123
DaVita, Inc.(a)
 
38,704
5,513,385
Security
 
 
Shares
Value
Health Care Providers & Services (continued)
Elevance Health, Inc.
 
214,693
$ 83,506,989
HCA Healthcare, Inc.
 
165,592
63,438,295
Henry Schein, Inc.(a)
 
115,668
8,449,547
Humana, Inc.
 
114,696
28,040,878
Labcorp Holdings, Inc.
 
78,854
20,699,964
McKesson Corp.
 
119,006
87,205,217
Molina Healthcare, Inc.(a)
 
51,216
15,257,246
Quest Diagnostics, Inc.
 
105,223
18,901,208
UnitedHealth Group, Inc.
 
862,869
269,189,242
Universal Health Services, Inc., Class B
 
55,381
10,032,268
 
 
890,363,847
Health Care REITs — 0.3%
Alexandria Real Estate Equities, Inc.
 
150,651
10,941,782
Healthpeak Properties, Inc.
 
656,355
11,492,776
Ventas, Inc.
 
417,414
26,359,694
Welltower, Inc.
 
582,829
89,598,303
 
 
138,392,555
Hotel & Resort REITs — 0.0%
Host Hotels & Resorts, Inc.
 
660,984
10,152,714
Hotels, Restaurants & Leisure — 2.1%
Airbnb, Inc., Class A(a)
 
410,539
54,330,731
Booking Holdings, Inc.
 
30,952
179,188,557
Caesars Entertainment, Inc.(a)(b)
 
195,763
5,557,712
Carnival Corp.(a)
 
1,006,853
28,312,706
Chipotle Mexican Grill, Inc.(a)
 
1,281,609
71,962,345
Darden Restaurants, Inc.
 
112,338
24,486,314
Domino’s Pizza, Inc.
 
33,036
14,886,022
DoorDash, Inc., Class A(a)
 
325,004
80,116,736
Expedia Group, Inc.
 
116,150
19,592,182
Hilton Worldwide Holdings, Inc.
 
226,100
60,219,474
Las Vegas Sands Corp.
 
321,475
13,987,377
Marriott International, Inc., Class A
 
215,495
58,875,389
McDonald’s Corp.
 
680,137
198,715,627
MGM Resorts International(a)
 
197,207
6,781,949
Norwegian Cruise Line Holdings Ltd.(a)
 
409,414
8,302,916
Royal Caribbean Cruises Ltd.
 
237,353
74,324,718
Starbucks Corp.
 
1,080,941
99,046,624
Wynn Resorts Ltd.
 
86,072
8,062,364
Yum! Brands, Inc.
 
265,993
39,414,843
 
 
1,046,164,586
Household Durables — 0.3%
D.R. Horton, Inc.
 
264,299
34,073,427
Garmin Ltd.
 
146,497
30,576,854
Lennar Corp., Class A
 
220,853
24,428,550
Mohawk Industries, Inc.(a)
 
51,704
5,420,647
NVR, Inc.(a)
 
2,795
20,642,920
PulteGroup, Inc.
 
189,567
19,991,736
 
 
135,134,134
Household Products — 1.0%
Church & Dwight Co., Inc.
 
235,414
22,625,640
Clorox Co.
 
118,503
14,228,655
Colgate-Palmolive Co.
 
770,869
70,071,992
Kimberly-Clark Corp.
 
315,338
40,653,375
Procter & Gamble Co.
 
2,230,122
355,303,037
 
 
502,882,699
Master Portfolio Schedule of Investments
3
Schedule of Investments (unaudited)(continued)
June 30, 2025
S&P 500 Index Master Portfolio
(Percentages shown are based on Net Assets)
Security
 
 
Shares
Value
Independent Power and Renewable Electricity Producers — 0.1%
AES Corp.
 
692,365
$ 7,283,680
Vistra Corp.
 
324,393
62,870,607
 
 
70,154,287
Industrial Conglomerates — 0.4%
3M Co.
 
511,217
77,827,676
Honeywell International, Inc.
 
611,318
142,363,736
 
 
220,191,412
Industrial REITs — 0.2%
Prologis, Inc.
 
882,151
92,731,713
Insurance — 2.1%
Aflac, Inc.
 
465,171
49,056,934
Allstate Corp.
 
251,835
50,696,904
American International Group, Inc.
 
550,972
47,157,693
Aon PLC, Class A
 
205,402
73,279,218
Arch Capital Group Ltd.
 
353,301
32,168,056
Arthur J Gallagher & Co.
 
243,329
77,894,479
Assurant, Inc.
 
48,062
9,491,764
Brown & Brown, Inc.
 
266,254
29,519,581
Chubb Ltd.
 
354,488
102,702,263
Cincinnati Financial Corp.
 
149,249
22,226,161
Erie Indemnity Co., Class A
 
23,930
8,298,685
Everest Group Ltd.
 
40,722
13,839,372
Globe Life, Inc.
 
77,250
9,601,403
Hartford Insurance Group, Inc.
 
269,620
34,206,689
Loews Corp.
 
164,504
15,078,437
Marsh & McLennan Cos., Inc.
 
469,838
102,725,380
MetLife, Inc.
 
539,080
43,352,814
Principal Financial Group, Inc.
 
196,636
15,618,797
Progressive Corp.
 
557,615
148,805,139
Prudential Financial, Inc.
 
336,552
36,159,147
Travelers Cos., Inc.
 
215,509
57,657,278
W.R. Berkley Corp.
 
284,739
20,919,774
Willis Towers Watson PLC
 
93,882
28,774,833
 
 
1,029,230,801
Interactive Media & Services — 6.6%
Alphabet, Inc., Class A
 
5,535,968
975,603,641
Alphabet, Inc., Class C
 
4,465,624
792,157,041
Match Group, Inc.
 
233,169
7,202,591
Meta Platforms, Inc., Class A
 
2,065,190
1,524,296,087
 
 
3,299,259,360
IT Services — 1.1%
Accenture PLC, Class A
 
595,474
177,981,224
Akamai Technologies, Inc.(a)
 
138,286
11,029,691
Cognizant Technology Solutions Corp., Class A
 
471,436
36,786,151
EPAM Systems, Inc.(a)
 
55,335
9,784,335
Gartner, Inc.(a)
 
73,032
29,520,995
GoDaddy, Inc., Class A(a)
 
134,248
24,172,695
International Business Machines Corp.
 
884,558
260,750,007
VeriSign, Inc.
 
76,415
22,068,652
 
 
572,093,750
Leisure Products — 0.0%
Hasbro, Inc.
 
122,350
9,031,877
Life Sciences Tools & Services — 0.8%
Agilent Technologies, Inc.
 
271,229
32,007,734
Bio-Techne Corp.
 
150,908
7,764,217
Charles River Laboratories International, Inc.(a)
 
45,617
6,921,467
Danaher Corp.
 
605,862
119,681,980
IQVIA Holdings, Inc.(a)
 
155,925
24,572,221
Security
 
 
Shares
Value
Life Sciences Tools & Services (continued)
Mettler-Toledo International, Inc.(a)(b)
 
19,755
$ 23,206,594
Revvity, Inc.
 
112,684
10,898,796
Thermo Fisher Scientific, Inc.
 
359,071
145,588,928
Waters Corp.(a)
 
56,450
19,703,308
West Pharmaceutical Services, Inc.
 
68,328
14,950,166
 
 
405,295,411
Machinery — 1.5%
Caterpillar, Inc.
 
447,362
173,670,402
Cummins, Inc.
 
130,606
42,773,465
Deere & Co.
 
240,096
122,086,415
Dover Corp.
 
131,694
24,130,292
Fortive Corp.
 
324,135
16,897,158
IDEX Corp.
 
71,398
12,535,347
Illinois Tool Works, Inc.
 
253,618
62,707,050
Ingersoll Rand, Inc.(b)
 
385,379
32,055,825
Nordson Corp.
 
51,320
11,001,468
Otis Worldwide Corp.
 
374,276
37,060,810
PACCAR, Inc.
 
498,220
47,360,793
Parker-Hannifin Corp.
 
121,426
84,812,418
Pentair PLC
 
155,729
15,987,139
Snap-on, Inc.
 
49,689
15,462,223
Stanley Black & Decker, Inc.
 
149,224
10,109,926
Westinghouse Air Brake Technologies Corp.
 
162,428
34,004,302
Xylem, Inc.
 
232,194
30,036,616
 
 
772,691,649
Media — 0.5%
Charter Communications, Inc., Class A(a)(b)
 
90,531
37,009,978
Comcast Corp., Class A
 
3,542,506
126,432,039
Fox Corp., Class A
 
205,738
11,529,558
Fox Corp., Class B
 
124,511
6,428,503
Interpublic Group of Cos., Inc.
 
359,089
8,790,499
News Corp., Class A
 
352,059
10,463,193
News Corp., Class B
 
113,616
3,898,165
Omnicom Group, Inc.
 
185,652
13,355,805
Paramount Global, Class B(b)
 
589,637
7,606,317
 
 
225,514,057
Metals & Mining — 0.3%
Freeport-McMoRan, Inc.
 
1,366,110
59,220,868
Newmont Corp.
 
1,064,026
61,990,155
Nucor Corp.
 
219,490
28,432,735
Steel Dynamics, Inc.
 
130,343
16,685,207
 
 
166,328,965
Multi-Utilities — 0.6%
Ameren Corp.
 
258,145
24,792,246
CenterPoint Energy, Inc.
 
630,498
23,164,496
CMS Energy Corp.
 
287,618
19,926,175
Consolidated Edison, Inc.
 
329,383
33,053,584
Dominion Energy, Inc.
 
807,250
45,625,770
DTE Energy Co.
 
197,028
26,098,329
NiSource, Inc.
 
454,216
18,323,073
Public Service Enterprise Group, Inc.
 
475,146
39,997,790
Sempra
 
603,036
45,692,038
WEC Energy Group, Inc.
 
303,228
31,596,358
 
 
308,269,859
Office REITs — 0.0%
BXP, Inc.
 
141,672
9,558,610
Oil, Gas & Consumable Fuels — 2.8%
APA Corp.
 
349,293
6,388,569
Chevron Corp.
 
1,544,884
221,211,940
4
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
June 30, 2025
S&P 500 Index Master Portfolio
(Percentages shown are based on Net Assets)
Security
 
 
Shares
Value
Oil, Gas & Consumable Fuels (continued)
ConocoPhillips
 
1,200,801
$ 107,759,882
Coterra Energy, Inc.
 
705,210
17,898,230
Devon Energy Corp.
 
613,848
19,526,505
Diamondback Energy, Inc.
 
179,354
24,643,240
EOG Resources, Inc.
 
521,773
62,409,269
EQT Corp.
 
567,276
33,083,536
Expand Energy Corp.
 
200,505
23,447,055
Exxon Mobil Corp.
 
4,099,660
441,943,348
Hess Corp.
 
262,765
36,403,463
Kinder Morgan, Inc.
 
1,837,923
54,034,936
Marathon Petroleum Corp.
 
293,697
48,786,009
Occidental Petroleum Corp.
 
647,937
27,219,833
ONEOK, Inc.
 
595,429
48,604,869
Phillips 66
 
387,553
46,235,073
Targa Resources Corp.
 
207,979
36,204,984
Texas Pacific Land Corp.
 
18,168
19,192,493
Valero Energy Corp.
 
297,701
40,016,968
Williams Cos., Inc.
 
1,167,216
73,312,837
 
 
1,388,323,039
Passenger Airlines — 0.1%
Delta Air Lines, Inc.
 
614,050
30,198,979
Southwest Airlines Co.
 
544,792
17,673,052
United Airlines Holdings, Inc.(a)(b)
 
314,093
25,011,226
 
 
72,883,257
Personal Care Products — 0.1%
Estee Lauder Cos., Inc., Class A
 
225,191
18,195,433
Kenvue, Inc.
 
1,827,841
38,256,712
 
 
56,452,145
Pharmaceuticals — 2.8%
Bristol-Myers Squibb Co.
 
1,930,999
89,385,944
Eli Lilly & Co.
 
748,232
583,269,291
Johnson & Johnson
 
2,288,650
349,591,287
Merck & Co., Inc.
 
2,388,486
189,072,552
Pfizer, Inc.
 
5,421,303
131,412,385
Viatris, Inc.
 
1,131,153
10,101,196
Zoetis, Inc., Class A
 
423,481
66,041,862
 
 
1,418,874,517
Professional Services — 0.6%
Automatic Data Processing, Inc.
 
386,113
119,077,249
Broadridge Financial Solutions, Inc.
 
111,252
27,037,574
Dayforce, Inc.(a)(b)
 
149,647
8,288,947
Equifax, Inc.
 
117,889
30,576,870
Jacobs Solutions, Inc.
 
114,192
15,010,538
Leidos Holdings, Inc.
 
122,346
19,301,305
Paychex, Inc.
 
304,580
44,304,207
Paycom Software, Inc.
 
44,828
10,373,199
Verisk Analytics, Inc.
 
134,251
41,819,187
 
 
315,789,076
Real Estate Management & Development(a) — 0.1%
CBRE Group, Inc., Class A
 
279,266
39,130,752
CoStar Group, Inc.
 
400,659
32,212,984
 
 
71,343,736
Residential REITs — 0.2%
AvalonBay Communities, Inc.
 
135,065
27,485,728
Camden Property Trust
 
102,602
11,562,219
Equity Residential
 
324,892
21,926,961
Essex Property Trust, Inc.
 
61,711
17,488,898
Security
 
 
Shares
Value
Residential REITs (continued)
Invitation Homes, Inc.
 
535,630
$ 17,568,664
Mid-America Apartment Communities, Inc.
 
111,136
16,449,239
UDR, Inc.
 
290,551
11,863,197
 
 
124,344,906
Retail REITs — 0.3%
Federal Realty Investment Trust
 
75,675
7,188,368
Kimco Realty Corp.
 
656,566
13,801,017
Realty Income Corp.
 
832,076
47,935,899
Regency Centers Corp.
 
158,749
11,307,691
Simon Property Group, Inc.
 
291,341
46,835,979
 
 
127,068,954
Semiconductors & Semiconductor Equipment — 12.7%
Advanced Micro Devices, Inc.(a)
 
1,542,275
218,848,823
Analog Devices, Inc.
 
471,771
112,290,933
Applied Materials, Inc.
 
772,792
141,475,032
Broadcom, Inc.
 
4,472,481
1,232,839,388
Enphase Energy, Inc.(a)(b)
 
124,399
4,932,420
First Solar, Inc.(a)(b)
 
103,606
17,150,937
Intel Corp.
 
4,142,277
92,787,005
KLA Corp.
 
125,787
112,672,447
Lam Research Corp.
 
1,216,694
118,432,994
Microchip Technology, Inc.
 
514,501
36,205,435
Micron Technology, Inc.
 
1,061,896
130,878,682
Monolithic Power Systems, Inc.
 
45,244
33,090,557
NVIDIA Corp.
 
23,197,379
3,664,953,907
NXP Semiconductors NV
 
241,630
52,793,739
ON Semiconductor Corp.(a)
 
398,283
20,874,012
QUALCOMM, Inc.
 
1,043,644
166,210,744
Skyworks Solutions, Inc.
 
143,523
10,695,334
Teradyne, Inc.
 
150,886
13,567,669
Texas Instruments, Inc.
 
864,136
179,411,916
 
 
6,360,111,974
Software — 11.4%
Adobe, Inc.(a)
 
405,400
156,841,152
ANSYS, Inc.(a)
 
83,752
29,415,377
Autodesk, Inc.(a)
 
203,504
62,998,733
Cadence Design Systems, Inc.(a)
 
259,717
80,031,794
Crowdstrike Holdings, Inc., Class A(a)
 
235,632
120,009,734
Fair Isaac Corp.(a)
 
23,154
42,324,586
Fortinet, Inc.(a)
 
604,291
63,885,645
Gen Digital, Inc.
 
518,802
15,252,779
Intuit, Inc.
 
265,919
209,445,782
Microsoft Corp.
 
7,069,816
3,516,597,177
Oracle Corp.
 
1,547,080
338,238,100
Palantir Technologies, Inc., Class A(a)
 
2,023,322
275,819,255
Palo Alto Networks, Inc.(a)(b)
 
629,788
128,879,816
PTC, Inc.(a)(b)
 
115,443
19,895,447
Roper Technologies, Inc.
 
102,767
58,252,446
Salesforce, Inc.
 
912,649
248,870,256
ServiceNow, Inc.(a)
 
197,069
202,602,697
Synopsys, Inc.(a)
 
146,868
75,296,286
Tyler Technologies, Inc.(a)(b)
 
40,690
24,122,660
Workday, Inc., Class A(a)
 
205,231
49,255,440
 
 
5,718,035,162
Specialized REITs — 0.9%
American Tower Corp.
 
444,842
98,318,979
Crown Castle, Inc.
 
414,031
42,533,405
Digital Realty Trust, Inc.
 
300,963
52,466,880
Master Portfolio Schedule of Investments
5
Schedule of Investments (unaudited)(continued)
June 30, 2025
S&P 500 Index Master Portfolio
(Percentages shown are based on Net Assets)
Security
 
 
Shares
Value
Specialized REITs (continued)
Equinix, Inc.
 
93,112
$ 74,067,803
Extra Space Storage, Inc.
 
202,326
29,830,945
Iron Mountain, Inc.
 
279,466
28,664,827
Public Storage
 
149,973
44,005,078
SBA Communications Corp.
 
102,224
24,006,284
VICI Properties, Inc.
 
1,002,475
32,680,685
Weyerhaeuser Co.
 
691,895
17,774,782
 
 
444,349,668
Specialty Retail — 1.7%
AutoZone, Inc.(a)
 
15,913
59,072,716
Best Buy Co., Inc.
 
181,382
12,176,174
CarMax, Inc.(a)
 
145,586
9,784,835
Home Depot, Inc.
 
945,422
346,629,522
Lowe’s Cos., Inc.
 
532,391
118,121,591
O’Reilly Automotive, Inc.(a)
 
811,910
73,177,448
Ross Stores, Inc.
 
312,786
39,905,238
TJX Cos., Inc.
 
1,062,004
131,146,874
Tractor Supply Co.
 
508,631
26,840,458
Ulta Beauty, Inc.(a)(b)
 
43,162
20,192,047
Williams-Sonoma, Inc.
 
117,667
19,223,258
 
 
856,270,161
Technology Hardware, Storage & Peripherals — 6.2%
Apple, Inc.
 
14,206,918
2,914,833,366
Dell Technologies, Inc., Class C
 
286,401
35,112,762
Hewlett Packard Enterprise Co.
 
1,263,898
25,846,714
HP, Inc.
 
906,957
22,184,168
NetApp, Inc.
 
192,363
20,496,278
Seagate Technology Holdings PLC
 
203,910
29,430,330
Super Micro Computer, Inc.(a)(b)
 
478,766
23,464,322
Western Digital Corp.
 
329,823
21,105,374
 
 
3,092,473,314
Textiles, Apparel & Luxury Goods — 0.3%
Deckers Outdoor Corp.(a)
 
144,294
14,872,383
Lululemon Athletica, Inc.(a)
 
104,739
24,883,892
NIKE, Inc., Class B
 
1,120,608
79,607,992
Ralph Lauren Corp., Class A
 
38,680
10,609,150
Tapestry, Inc.
 
199,740
17,539,169
 
 
147,512,586
Tobacco — 0.7%
Altria Group, Inc.
 
1,602,246
93,939,683
Philip Morris International, Inc.
 
1,480,555
269,653,482
 
 
363,593,165
Security
 
 
Shares
Value
Trading Companies & Distributors — 0.3%
Fastenal Co.
 
1,090,318
$ 45,793,356
United Rentals, Inc.
 
61,827
46,580,462
WW Grainger, Inc.
 
41,792
43,473,710
 
 
135,847,528
Water Utilities — 0.1%
American Water Works Co., Inc.
 
185,289
25,775,553
Wireless Telecommunication Services — 0.2%
T-Mobile U.S., Inc.
 
453,614
108,078,072
Total Common Stocks — 99.6%
(Cost: $17,597,019,993)
49,938,767,453
Investment Companies
Capital Markets — 0.1%
iShares Core S&P 500 ETF(c)
 
69,969
43,443,752
Total Investment Companies — 0.1%
(Cost: $30,792,207)
43,443,752
Total Long-Term Investments — 99.7%
(Cost: $17,627,812,200)
49,982,211,205
Short-Term Securities
Money Market Funds — 0.8%
BlackRock Cash Funds: Institutional, SL Agency
Shares, 4.47%(c)(d)(e)
 
252,270,031
252,370,939
BlackRock Cash Funds: Treasury, SL Agency
Shares, 4.30%(c)(d)(e)
 
114,394,303
114,394,303
Total Short-Term Securities — 0.8%
(Cost: $366,703,310)
366,765,242
Total Investments — 100.5%
(Cost: $17,994,515,510)
50,348,976,447
Liabilities in Excess of Other Assets — (0.5)%
(225,966,528
)
Net Assets — 100.0%
$ 50,123,009,919
 
(a)
Non-income producing security.
(b)
All or a portion of this security is on loan.
(c)
Affiliate of the Master Portfolio.
(d)
Annualized 7-day yield as of period end.
(e)
All or a portion of this security was purchased with the cash collateral from loaned
securities.
For purposes of this report, industry and sector sub-classifications may differ from those utilized by the Master Portfolio for compliance purposes.
6
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
June 30, 2025
S&P 500 Index Master Portfolio
 
Affiliates
Investments in issuers considered to be affiliate(s) of the Master Portfolio during the six months ended June 30, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: 
Affiliated Issuer
Value at
12/31/24
Purchases
at Cost
Proceeds
from Sales
Net
Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
06/30/25
Shares
Held at
06/30/25
Income
Capital Gain
Distributions
from
Underlying
Funds
BlackRock Cash Funds: Institutional, SL
Agency Shares
$ 196,905,512
$ 55,494,182
(a)
$ —
$ (28,913
)
$ 158
$ 252,370,939
252,270,031
$ 283,703
(b)
$ —
BlackRock Cash Funds: Treasury, SL
Agency Shares
120,252,759
—
(5,858,456
)(a)
—
—
114,394,303
114,394,303
3,432,588
—
Blackrock, Inc.
138,023,886
5,410,155
(2,008,641
)
(61,577
)
3,982,484
145,346,307
138,524
1,425,555
—
iShares Core S&P 500 ETF
299,532,746
1,928,627,386
(2,183,465,625
)
48,677,041
(49,927,796
)
43,443,752
69,969
1,173,438
—
 
 
$ 48,586,551
$ (45,945,154
)
$ 555,555,301
$ 6,315,284
$ —
 
(a)
Represents net amount purchased (sold).
(b)
All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral investment fees, and other payments to and
from borrowers of securities.
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts 
Description
Number of
Contracts
Expiration
Date
Notional
Amount (000)
Value/
Unrealized
Appreciation
(Depreciation)
Long Contracts 
S&P 500 E-Mini Index
447
09/19/25
$ 139,771
$ 4,147,641
Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statement of Assets and Liabilities were as follows: 
 
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)
$ —
$ —
$ 4,147,641
$ —
$ —
$ —
$ 4,147,641
 
(a)
Net cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, are reported in the Master Portfolio Schedule of Investments. In the
Statement of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in
net unrealized appreciation (depreciation).
For the period ended June 30, 2025, the effect of derivative financial instruments in the Statement of Operations was as follows: 
 
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net Realized Gain (Loss) from:
Futures contracts
$ —
$ —
$ 8,525,873
$ —
$ —
$ —
$ 8,525,873
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts
$ —
$ —
$ 5,828,175
$ —
$ —
$ —
$ 5,828,175
Average Quarterly Balances of Outstanding Derivative Financial Instruments 
Futures contracts:
Average notional value of contracts — long
$174,470,782
Master Portfolio Schedule of Investments
7
Schedule of Investments (unaudited)(continued)
June 30, 2025
S&P 500 Index Master Portfolio
 
For more information about the Master Portfolio’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Master Portfolio’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Master Portfolio’s financial instruments categorized in the fair value hierarchy. The breakdown of the Master Portfolio’s financial instruments into major categories is disclosed in the Schedule of Investments above. 
 
Level 1
Level 2
Level 3
Total
Assets
Investments 
Long-Term Investments 
Common Stocks
$ 49,938,767,453
$ —
$ —
$ 49,938,767,453
Investment Companies
43,443,752
—
—
43,443,752
Short-Term Securities 
Money Market Funds
366,765,242
—
—
366,765,242
 
$50,348,976,447
$—
$—
$50,348,976,447
Derivative Financial Instruments(a)
Assets 
Equity Contracts
$ 4,147,641
$ —
$ —
$ 4,147,641
 
(a)
Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.
See notes to financial statements.
8
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Statement of Assets and Liabilities (unaudited)
June 30, 2025
 
 
S&P 500 Index
Master Portfolio
ASSETS
Investments, at value — unaffiliated(a)(b)
$ 49,793,421,146
Investments, at value — affiliated(c)
555,555,301
Cash
294,011
Cash pledged for futures contracts
9,724,000
Receivables:
Securities lending income — affiliated
46,707
Dividends — unaffiliated
24,841,842
Dividends — affiliated
282,608
Variation margin on futures contracts
670,494
Prepaid expenses
25,524
Total assets
50,384,861,633
LIABILITIES
Collateral on securities loaned
252,332,182
Payables:
Withdrawals to investors
9,003,369
Investment advisory fees
397,089
Trustees’ fees
56,740
Professional fees
62,334
Total liabilities
261,851,714
Commitments and contingent liabilities
NET ASSETS
$ 50,123,009,919
NET ASSETS CONSIST OF
Investors’ capital
$ 17,764,401,341
Net unrealized appreciation (depreciation)
32,358,608,578
NET ASSETS
$ 50,123,009,919
(a) Investments, at cost—unaffiliated
$17,540,453,646
(b) Securities loaned, at value
$251,404,164
(c) Investments, at cost—affiliated
$454,061,864
See notes to financial statements.
Master Portfolio Statement of Assets and Liabilities
9
Statement of Operations (unaudited)
Six Months Ended June 30, 2025
 
 
S&P 500 Index
Master Portfolio
INVESTMENT INCOME
Dividends — unaffiliated
$298,762,656
Dividends — affiliated
6,031,581
Interest — unaffiliated
237,227
Securities lending income — affiliated — net
283,703
Foreign taxes withheld
(1,694,921
)
Total investment income
303,620,246
EXPENSES
Investment advisory
2,313,008
Trustees
131,956
Professional
14,255
Total expenses
2,459,219
Less:
Fees waived and/or reimbursed by the Manager
(216,491
)
Total expenses after fees waived and/or reimbursed
2,242,728
Net investment income
301,377,518
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated
(210,146
)
Investments — affiliated
48,586,551
Futures contracts
8,525,873
 
56,902,278
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated
2,734,623,702
Investments — affiliated
(45,945,154
)
Futures contracts
5,828,175
 
2,694,506,723
Net realized and unrealized gain
2,751,409,001
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS
$3,052,786,519
See notes to financial statements.
10
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Statements of Changes in Net Assets
 
 
S&P 500 Index Master Portfolio
 
Six Months Ended
06/30/25
(unaudited)
Year Ended
12/31/24
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income
$301,377,518
$575,273,596
Net realized gain
56,902,278
85,066,881
Net change in unrealized appreciation (depreciation)
2,694,506,723
8,536,342,561
Net increase in net assets resulting from operations
3,052,786,519
9,196,683,038
CAPITAL TRANSACTIONS
Proceeds from contributions
6,663,552,598
10,050,282,417
Value of withdrawals
(6,045,234,429
)
(8,821,440,872
)
Net increase in net assets derived from capital transactions
618,318,169
1,228,841,545
NET ASSETS
Total increase in net assets
3,671,104,688
10,425,524,583
Beginning of period
46,451,905,231
36,026,380,648
End of period
$50,123,009,919
$46,451,905,231
See notes to financial statements.
Master Portfolio Statements of Changes in Net Assets
11
Financial Highlights
(unaudited)
 
 
S&P 500 Index Master Portfolio
 
Six Months Ended
06/30/25
(unaudited)
Year Ended
12/31/24
Year Ended
12/31/23
Year Ended
12/31/22
Year Ended
12/31/21
Year Ended
12/31/20
 
Total Return
Total return
6.20
%(a)
24.94
%
26.24
%
(18.13
)%
28.65
%
18.42
%
Ratios to Average Net Assets(b)
Total expenses
0.01
%(c)
0.01
%
0.01
%
0.01
%
0.01
%
0.01
%
Total expenses after fees waived and/or reimbursed
0.01
%(c)
0.01
%
0.01
%
0.01
%
0.01
%
0.01
%
Net investment income
1.30
%(c)
1.36
%
1.63
%
1.60
%
1.39
%
1.82
%
Supplemental Data
Net assets, end of period (000)
$50,123,010
$46,451,905
$36,026,381
$29,544,845
$34,489,286
$26,992,973
Portfolio turnover rate
7
%
9
%
10
%
13
%
6
%
5
%
 
(a)
Not annualized.
(b)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(c)
Annualized.
See notes to financial statements.
12
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Notes to Financial Statements (unaudited)
 
1.
ORGANIZATION
Master Investment Portfolio (“MIP”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. MIP is organized as a Delaware statutory trust. S&P 500 Index Master Portfolio (the “Master Portfolio”) is a series of MIP. The Master Portfolio is classified as diversified.
The Master Portfolio, together with certain other registered investment companies advised by BlackRock Fund Advisors (“BFA” or the “Manager”) or its affiliates, is included in a complex of funds referred to as the BlackRock Multi-Asset Complex.
2.
SIGNIFICANT ACCOUNTING POLICIES
The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. The Master Portfolio is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:
Investment Transactions and Income Recognition:  For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed.  Realized gains and losses on investment transactions are determined using the specific identification method.  Dividend income and capital gain distributions, if any, are recorded on the ex-dividend dates. Non-cash dividends, if any, are recorded on the ex-dividend dates at fair value.  Dividends from foreign securities where the ex-dividend dates may have passed are subsequently recorded when the Master Portfolio is informed of the ex-dividend dates. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest.  Upon notification from issuers, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain.  Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized daily on an accrual basis.
Foreign Taxes: The Master Portfolio may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions.  All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Master Portfolio invests. These foreign taxes, if any, are paid by the Master Portfolio and are reflected in its Statement of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “Foreign taxes withheld”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of June 30, 2025, if any, are disclosed in the Statement of Assets and Liabilities.
The Master Portfolio files withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Master Portfolio may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction’s applicable laws, payment history and market convention. The Statement of Operations includes tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.
Cash: The Master Portfolio may maintain cash at its custodian which, at times may exceed United States federally insured limits. The Master Portfolio may, at times, have outstanding cash disbursements that exceed deposited cash amounts at the custodian during the reporting period. The Master Portfolio is obligated to repay the custodian for any overdraft, including any related costs or expenses, where applicable. For financial reporting purposes, overdraft fees, if any, are included in interest expense in the Statement of Operations.
Collateralization: If required by an exchange or counterparty agreement, the Master Portfolio may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments.
Indemnifications: In the normal course of business, the Master Portfolio enters into contracts that contain a variety of representations that provide general indemnification. The Master Portfolio’s maximum exposure under these arrangements is unknown because it involves future potential claims against the Master Portfolio, which cannot be predicted with any certainty.
Other:  Expenses directly related to the Master Portfolio are charged to the Master Portfolio. Other operating expenses shared by several funds, including other funds managed by the Manager, are prorated among those funds on the basis of relative net assets or other appropriate methods.
Segment Reporting: The Chief Financial Officer acts as the Master Portfolio’s Chief Operating Decision Maker (“CODM”) and is responsible for assessing performance and allocating resources with respect to the Master Portfolio. The CODM has concluded that the Master Portfolio operates as a single operating segment since the Master Portfolio has a single investment strategy as disclosed in its prospectus, against which the CODM assesses performance. The financial information provided to and reviewed by the CODM is presented within the Master Portfolio’s financial statements.
3.
INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS
Investment Valuation Policies:  The Master Portfolio’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Master Portfolio is open for business and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board of Trustees of MIP (the “Board”) has approved the designation of the Master Portfolio’s Manager as the valuation designee for the Master Portfolio.  The Master Portfolio determines the fair values of its financial instruments using various independent dealers or pricing services under the Manager’s policies. If a security’s market price is not readily available or does not otherwise accurately
Master Portfolio Notes to Financial Statements
13
Notes to Financial Statements (unaudited) (continued)
 
represent the fair value of the security, the security will be valued in accordance with the Manager’s policies and procedures as reflecting fair value. The Manager has formed a committee (the “Valuation Committee”) to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees. 
Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of the Master Portfolio’s assets and liabilities:
•Equity investments traded on a recognized securities exchange are valued at that day’s official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day may be valued at the last trade or last available bid (long positions) or ask (short positions) price.
•Exchange-traded funds (“ETFs”) and closed-end funds traded on a recognized securities exchange are valued at that day’s official closing price, as applicable, on the exchange where the stock is primarily traded. ETFs and closed-end funds traded on a recognized exchange for which there were no sales on that day may be valued at the last trade or last available bid (long positions) or ask (short positions) price.
•Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s net asset value (“NAV”).
•Futures contracts are valued based on that day’s last reported settlement or trade price on the exchange where the contract is traded.
Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the New York Stock Exchange (“NYSE”). Each business day, the Master Portfolio uses current market factors supplied by independent pricing services to value certain foreign instruments (“Systematic Fair Value Price”). The Systematic Fair Value Price is designed to value such foreign securities at fair value as of the close of trading on the NYSE, which occurs after the close of the local markets.
If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Valuation Committee in accordance with the Manager’s policies and procedures as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that the Master Portfolio might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement as of the measurement date.  
Fair Value Hierarchy: Various inputs are used in determining the fair value of financial instruments at the measurement date. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:
•Level 1 – Unadjusted price quotations in active markets/exchanges that the Master Portfolio has the ability to access for identical assets or liabilities;
•Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and
•Level 3 – Inputs that are unobservable and significant to the entire fair value measurement for the asset or liability (including the Valuation Committee’s assumptions used in determining the fair value of financial instruments).
The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety.  Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors.  The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.
4.
SECURITIES AND OTHER INVESTMENTS
Securities Lending: The Master Portfolio may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Master Portfolio collateral consisting of cash, an irrevocable letter of credit issued by a bank, or securities issued or guaranteed by the U.S. Government. The initial collateral received by the Master Portfolio is required to have a value of at least 102% of the current value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current market value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Master Portfolio and any additional required collateral is delivered to the Master Portfolio, or excess collateral returned by the Master Portfolio, on the next business day. During the term of the loan, the Master Portfolio is entitled to all distributions made on or in respect of the loaned securities, but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.
As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested by the securities lending agent, BlackRock Institutional Trust Company, N.A. (“BTC”), if any, is disclosed in the Schedule of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Master Portfolio, except in the event of borrower default. The securities on loan, if any, are disclosed in the Master Portfolio’s Schedule of Investments. The market value of any
14
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Notes to Financial Statements (unaudited) (continued)
 
securities on loan and the value of related collateral, if any, are shown separately in the  Statement of Assets and Liabilities as a component of investments at value – unaffiliated and collateral on securities loaned, respectively.
Securities lending transactions are entered into by the Master Portfolio under Master Securities Lending Agreements (each, an “MSLA”), which provide the right, in the event of default (including bankruptcy or insolvency), for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Master Portfolio, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Master Portfolio can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties’ obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party’s net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.
As of period end, the following table is a summary of the Master Portfolio’s securities on loan by counterparty which are subject to offset under an MSLA: 
Counterparty
Securities
Loaned at Value
Cash Collateral
Received(a)
Non-Cash Collateral
Received, at Fair Value(a)
Net
Amount(b)
Barclays Bank PLC
$ 1,796,833
$ (1,796,833
)
$ —
$ —
BNP Paribas SA
14,240,457
(14,240,457
)
—
—
BofA Securities, Inc.
3,316,609
(3,316,334
)
—
275
Citigroup Global Markets, Inc.
34,036,877
(34,036,877
)
—
—
Goldman Sachs & Co. LLC
19,716,628
(19,716,628
)
—
—
HSBC Bank PLC
8,727,972
(8,727,972
)
—
—
J.P. Morgan Securities LLC
23,940,291
(23,940,291
)
—
—
Morgan Stanley
419,030
(419,030
)
—
—
SG Americas Securities LLC
724,633
(724,633
)
—
—
UBS AG
24,933,322
(24,933,322
)
—
—
UBS Securities LLC
12,230,718
(12,230,718
)
—
—
Wells Fargo Bank N.A.
105,313,544
(105,313,544
)
—
—
Wells Fargo Securities LLC
2,007,250
(2,007,250
)
—
—
 
$ 251,404,164
$ (251,403,889
)
$ —
$ 275
 
(a)
Collateral received, if any, in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by the Master Portfolio is disclosed in the
Master Portfolio’s Statement of Assets and Liabilities.
(b)
The market value of the loaned securities is determined as of June 30, 2025. Additional collateral is delivered to the Master Portfolio on the next business day in accordance with the
MSLA. The net amount would be subject to the borrower default indemnity in the event of default by the counterparty.
The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, the Master Portfolio benefits from a borrower default indemnity provided by BlackRock Finance, Inc.. BlackRock Finance, Inc.’s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value on the securities loaned in the event of borrower default. The Master Portfolio could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by the Master Portfolio.
5.
DERIVATIVE FINANCIAL INSTRUMENTS
The Master Portfolio engages in various portfolio investment strategies using derivative contracts both to increase the returns of the Master Portfolio and/or to manage its exposure to certain risks such as credit risk, equity risk, interest rate risk, foreign currency exchange rate risk, commodity price risk or other risks (e.g., inflation risk). Derivative financial instruments categorized by risk exposure are included in the Schedule of Investments. These contracts may be transacted on an exchange or over-the-counter (“OTC”).
Futures Contracts: Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk) and changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk).
Futures contracts are exchange-traded agreements between the Master Portfolio and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. Upon entering into a futures contract, the Master Portfolio is required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract’s size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the Statement of Assets and Liabilities.
Securities deposited as initial margin are designated in the Schedule of Investments and cash deposited, if any, are shown as cash pledged for futures contracts in the Statement of Assets and Liabilities. Pursuant to the contract, the Master Portfolio agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”).  Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable) on futures contracts in the Statement of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statement of Operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.
Master Portfolio Notes to Financial Statements
15
Notes to Financial Statements (unaudited) (continued)
 
6.
INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES
Investment Advisory: MIP, on behalf of the Master Portfolio, entered into an Investment Advisory Agreement with the Manager, the Master Portfolio’s investment adviser and an indirect, wholly-owned subsidiary of BlackRock, to provide investment advisory services. The Manager is responsible for the management of the Master Portfolio’s portfolio and provides the personnel, facilities, equipment and certain other services necessary to the operations of the Master Portfolio.
For such services, the Master Portfolio pays the Manager a monthly fee at an annual rate equal to 0.01% of the average daily value of the Master Portfolio’s net assets.
Administration: MIP, on behalf of the Master Portfolio, entered into an Administration Agreement with BlackRock Advisors, LLC (“BAL”), BAL has agreed to provide general administrative services (other than investment advice and related portfolio activities). BAL has agreed to bear all of the Master Portfolio’s ordinary operating expenses, excluding, generally, investment advisory fees, distribution fees, brokerage and other expenses related to the execution of portfolio transactions, extraordinary expenses and certain other expenses which are borne by the Master Portfolio. BAL may delegate certain of its administration duties to sub-administrators. 
BAL is not entitled to compensation for providing administrative services to the Master Portfolio, for so long as BAL (or an affiliate) is entitled to compensation for providing administrative services to corresponding feeder funds that invest substantially all of their assets in the Master Portfolio, or BAL (or an affiliate) receives investment advisory fees from the Master Portfolio.
The fees and expenses of the Master Portfolio’s trustees who are not “interested persons” of MIP, as defined in the 1940 Act (“Independent Trustees”), counsel to the Independent Trustees and the Master Portfolio’s independent registered public accounting firm (together, the “independent expenses”) are paid directly by the Master Portfolio. BFA has contractually agreed to reimburse the Master Portfolio or provide an offsetting credit against the investment advisory fees paid by the Master Portfolio in an amount equal to the independent expenses through June 30, 2026. If the Master Portfolio does not pay administration fees, BAL agrees to cap the expenses of the Master Portfolio at the rate at which it pays an investment advisory fee to BFA. The amount waived is included in fees waived and/or reimbursed by the Manager in the Statement of Operations. For the six months ended June 30, 2025, the amount waived was $146,211.
Expense Waivers and Reimbursements:  The Manager contractually agreed to waive its investment advisory fees by the amount of investment advisory fees the Master Portfolio pays to the Manager indirectly through its investment in affiliated money market funds (the “affiliated money market fund waiver”) through June 30, 2026. The contractual agreement may be terminated upon 90 days’ notice by a majority of the Independent Trustees or by a vote of a majority of the outstanding voting securities of the Master Portfolio. This amount is included in fees waived and/or reimbursed by the Manager in the Statement of Operations. For the six months ended June 30, 2025, the amounts waived were $55,999.
The Manager has contractually agreed to waive its investment advisory fee with respect to any portion of the Master Portfolio’s assets invested in affiliated equity and fixed-income mutual funds and affiliated exchange-traded funds that have a contractual management fee through June 30, 2026. The contractual agreement may be terminated upon 90 days’ notice by a majority of the Independent Trustees, or by a vote of a majority of the outstanding voting securities of the Master Portfolio.  This amount is included in fees waived and/or reimbursed by the Manager in the Statement of Operations.  For the six months ended June 30, 2025, the Manager waived $14,281 in investment advisory fees pursuant to this arrangement.
Securities Lending:  The U.S. Securities and Exchange Commission (“SEC”) has issued an exemptive order which permits BTC, an affiliate of the Manager, to serve as securities lending agent for the Master Portfolio, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. The Master Portfolio is responsible for fees in connection with the investment of cash collateral received for securities on loan (the “collateral investment fees”). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by the Manager or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees the Master Portfolio bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. BlackRock Cash Funds: Institutional may impose a discretionary liquidity fee of up to 2% on all redemptions. Discretionary liquidity fees may be imposed or terminated at any time at the discretion of the board of directors of the money market fund, or its delegate, if it is determined that such fee would be, or would not be, respectively, in the best interest of the money market fund. Additionally, BlackRock Cash Funds: Institutional will impose a mandatory liquidity fee if the money market fund’s total net redemptions on a single day exceed 5% of the money market fund’s net assets, unless the amount of the fee is less than 0.01% of the value of the shares redeemed. BlackRock Cash Funds: Institutional will determine the size of the mandatory liquidity fee by making a good faith estimate of certain costs the money market fund would incur if it were to sell a pro rata amount of each security in the portfolio to satisfy the amount of net redemptions on that day. There is no limit to the size of a mandatory liquidity fee. If BlackRock Cash Funds: Institutional cannot estimate the costs of selling a pro rata amount of each portfolio security in good faith and supported by data, it is required to apply a default liquidity fee of 1% on the value of shares redeemed on that day.
Securities lending income is generally equal to the total of income earned from the reinvestment of cash collateral (and excludes collateral investment fees), and any fees or other payments to and from borrowers of securities. The Master Portfolio retains a portion of the securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.
Pursuant to the current securities lending agreement, the Master Portfolio retains 81% of securities lending income (which excludes collateral investment fees), and this amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.
In addition, commencing the business day following the date that the aggregate securities lending income earned across the BlackRock  Multi-Asset Complex in a calendar year exceeds specified thresholds, the Master Portfolio, pursuant to the securities lending agreement, will retain for the remainder of that calendar year securities lending income in an amount equal to 84% of securities lending income (which excludes collateral investment fees), and this amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees. 
16
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Notes to Financial Statements (unaudited) (continued)
 
The share of securities lending income earned by the Master Portfolio is shown as securities lending income — affiliated — net in the Statement of Operations. For the six months ended June 30, 2025, the Master Portfolio paid BTC $118,570 for securities lending agent services.
Interfund Lending: Prior to March 3, 2025, in accordance with an exemptive order (the “Order”) from the SEC, the Master Portfolio could participate in a joint lending and borrowing facility for temporary purposes (the “Interfund Lending Program”), subject to compliance with the terms and conditions of the Order, and to the extent permitted by the Master Portfolio’s investment policies and restrictions. Effective March 3, 2025, the Interfund Lending Program was not renewed but remains available for renewal in the future.
During the period ended March 3, 2025, the Master Portfolio did not participate in the Interfund Lending Program.
Trustees and Officers:  Certain trustees and/or officers of the Master Portfolio are directors and/or officers of BlackRock or its affiliates.
Other Transactions:  The Master Portfolio may purchase securities from, or sell securities to, an affiliated fund provided the affiliation is due solely to having a common investment adviser, common officers, or common trustees. For the six months ended June 30, 2025, the purchase and sale transactions and any net realized gains (losses) with affiliated funds in compliance with Rule 17a-7 under the 1940 Act were as follows: 
Master Portfolio Name
Purchases
Sales
Net Realized
Gain (Loss)
S&P 500 Index Master Portfolio
$ 145,849,105
$ 112,922,951
$ (16,654,429
)
7.
 PURCHASES AND SALES
For the six months ended June 30, 2025, purchases and sales of investments, excluding short-term securities, were $4,048,190,930 and $3,154,715,251, respectively.
8.
INCOME TAX INFORMATION
The Master Portfolio is classified as a partnership for U.S. federal income tax purposes. As such, each investor in the Master Portfolio is treated as the owner of its proportionate share of net assets, income, expenses and realized and unrealized gains and losses of the Master Portfolio. Therefore, no U.S. federal income tax provision is required.  It is intended that the Master Portfolio’s assets will be managed so an investor in the Master Portfolio can satisfy the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended.
The Master Portfolio files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on the Master Portfolio’s U.S. federal tax returns generally remains open for a period of three years after they are filed. The statutes of limitations on the Master Portfolio’s state and local tax returns may remain open for an additional year depending upon the jurisdiction.
Management has analyzed tax laws and regulations and their application to the Master Portfolio as of June 30, 2025, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Master Portfolio’s financial statements. Management’s analysis is based on the tax laws and judicial and administrative interpretations thereof in effect as of the date of these financial statements, all of which are subject to change, possibly with retroactive effect which may impact the Master Portfolio’s NAV.
As of June 30, 2025, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows: 
Master Portfolio Name
Tax Cost
Gross Unrealized
Appreciation
Gross Unrealized
Depreciation
Net Unrealized
Appreciation
(Depreciation)
S&P 500 Index Master Portfolio
$ 17,879,644,283
$ 33,223,729,201
$ (750,249,396)
$ 32,473,479,805
9.
BANK BORROWINGS
MIP, on behalf of the Master Portfolio, along with certain other funds managed by the Manager and its affiliates (“Participating Funds”), is party to a 364-day, $2.40 billion credit agreement with a group of lenders. Under this agreement, the Master Portfolio may borrow to fund shareholder redemptions. Excluding commitments designated for certain individual funds, the Participating Funds, including the Master Portfolio, can borrow up to an aggregate commitment amount of $1.75 billion at any time outstanding, subject to asset coverage and other limitations as specified in the agreement. The credit agreement has the following terms: a fee of 0.10% per annum on unused commitment amounts and interest at a rate equal to the higher of (a) Overnight Bank Funding Rate (“OBFR”) (but, in any event, not less than 0.00%) on the date the loan is made plus 0.80% per annum, (b) the Fed Funds rate (but, in any event, not less than 0.00%) in effect from time to time plus 0.80% per annum on amounts borrowed or (c) the sum of (x) Daily Simple Secured Overnight Financing Rate (“SOFR”) (but, in any event, not less than 0.00%) on the date the loan is made plus 0.10% and (y) 0.80% per annum. The agreement expires in April 2026 unless extended or renewed. These fees were allocated among such funds based upon portions of the aggregate commitment available to them and relative net assets of Participating Funds.  During the six months ended June 30, 2025, the Master Portfolio did not borrow under the credit agreement.
Master Portfolio Notes to Financial Statements
17
Notes to Financial Statements (unaudited) (continued)
 
10.
PRINCIPAL RISKS
In the normal course of business, the Master Portfolio invests in securities or other instruments and may enter into certain transactions, and such activities subject the Master Portfolio to various risks, including among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation, tariffs or international tax treaties between various countries; or (iv) currency, interest rate and price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Master Portfolio and its investments. The Master Portfolio’s prospectus provides details of the risks to which the Master Portfolio is subject.
The Manager uses an indexing approach to try to achieve the Master Portfolio’s investment objective. The Master Portfolio is not actively managed, and the Manager generally does not attempt to take defensive positions under any market conditions, including declining markets.
The Master Portfolio may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to mandatory and discretionary liquidity fees under certain circumstances.
Valuation Risk: The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. The Master Portfolio may invest in illiquid investments. An illiquid investment is any investment that the Master Portfolio reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. The Master Portfolio may  experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause the Master Portfolio’s NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of the Master Portfolio may lose value, regardless of the individual results of the securities and other instruments in which the Master Portfolio invests. The Master Portfolio’s ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third-party service providers.
Counterparty Credit Risk: The Master Portfolio may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Master Portfolio manages counterparty credit risk by entering into transactions only with counterparties that the Manager believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Master Portfolio to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Master Portfolio’s exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statement of Assets and Liabilities, less any collateral held by the Master Portfolio.
A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.
With exchange-traded futures, there is less counterparty credit risk to the Master Portfolio since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, the Master Portfolio does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Master Portfolio.
Geographic/Asset Class Risk: A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within the Master Portfolio’s portfolio are disclosed in its Schedule of Investments.
The Master Portfolio invests a significant portion of its assets in securities within a single or limited number of market sectors. When a fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions affecting such sectors may have a significant impact on the Master Portfolio and could affect the income from, or the value or liquidity of, the Master Portfolio’s portfolio. Investment percentages in specific sectors are presented in the Schedule of Investments.
The Master Portfolio invests a significant portion of its assets in securities of issuers located in the United States. A decrease in imports or exports, changes in trade regulations, inflation and/or an economic recession in the United States may have a material adverse effect on the U.S. economy and the securities listed on U.S. exchanges. Proposed and adopted policy and legislative changes in the United States may also have a significant effect on U.S. markets generally, as well as on the value of certain securities. Governmental agencies project that the United States will continue to maintain elevated public debt levels for the foreseeable future which may constrain future economic growth. Circumstances could arise that could prevent the timely payment of interest or principal on U.S. government debt, such as reaching the legislative “debt ceiling.” Such non-payment would result in substantial negative consequences for the U.S. economy and the global financial system. If U.S. relations with certain countries deteriorate, it could adversely affect issuers that rely on the United States for trade. The United States has also experienced increased internal unrest and discord. If these trends were to continue, they may have an adverse impact on the U.S. economy and the issuers in which the Master Portfolio invests.
Significant Shareholder Redemption Risk: Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a fund to sell portfolio securities, which may negatively impact the fund’s NAV, increase the fund’s brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.
18
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Notes to Financial Statements (unaudited) (continued)
 
11.
SUBSEQUENT EVENTS
Management has evaluated the impact of all subsequent events on the Master Portfolio through the date the financial statements were issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.
Master Portfolio Notes to Financial Statements
19
Disclosure of Investment Advisory Agreement
 
The Board of Trustees of Master Investment Portfolio (the “Master Portfolio”) met on April 22, 2025 (the “April Meeting”) and May 20-21, 2025 (the “May Meeting”) to consider the approval to continue the investment advisory agreement (the “Agreement”) between the Master Portfolio, on behalf of S&P 500 Index Master Portfolio (the “Master Fund”) and BlackRock Fund Advisors (the “Manager” or “BlackRock”), the Master Portfolio’s investment advisor. iShares S&P 500 Index Fund (the “Feeder Fund”), a series of BlackRock Funds III (the “Feeder Trust”), is a “feeder” fund that invests all of its investable assets in the Master Fund. Accordingly, the Board of Trustees of the Feeder Trust also considered the approval of the Agreement with respect to the Master Fund. For simplicity: (a) the Board of Trustees of the Master Portfolio and the Board of Trustees of the Feeder Trust are referred to herein collectively as the “Board”, and the members are referred to as “Board Members”; (b) the shareholders of the Feeder Fund and the interest holders of the Master Fund are referred to as “shareholders”; and (c) the Master Fund and the Feeder Fund are referred to herein together as the “Fund”.
The Approval Process
Consistent with the requirements of the Investment Company Act of 1940 (the “1940 Act”), the Board considers the approval of the continuation of the Agreement for the Master Portfolio on an annual basis. The Board Members who are not “interested persons” of the Master Portfolio, as defined in the 1940 Act, are considered independent Board Members (the “Independent Board Members”). The Board’s consideration entailed a year-long deliberative process during which the Board and its committees assessed BlackRock’s various services to the Master Portfolio, including through the review of written materials and oral presentations, and the review of additional information provided in response to requests from the Independent Board Members. The Board had four quarterly meetings per year, as well as numerous ad hoc meetings and executive sessions throughout the year, as needed.  The committees of the Board similarly met throughout the year. The Board also held the April Meeting to consider specific information regarding the renewal of the Agreement.  In considering the renewal of the Agreement, the Board assessed, among other things, the nature, extent and quality of the services provided to the Fund by BlackRock, BlackRock’s personnel and affiliates, including (as applicable): investment management services; accounting oversight; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; and legal, regulatory and compliance services. Throughout the year, including during the contract renewal process, the Independent Board Members were advised by independent legal counsel, and met with independent legal counsel in various executive sessions outside of the presence of BlackRock’s management.
During the year, the Board, acting directly and through its committees, considered information that was relevant to its annual consideration of the renewal of the Agreement, including the services and support provided by BlackRock to the Master Fund, the Feeder Fund and its shareholders. BlackRock also furnished additional information to the Board in response to specific questions from the Board. Among the matters the Board considered were: (a) investment performance for one-year, three-year, five-year, and/or since inception periods, as applicable, against peer funds, relevant benchmarks, and other performance metrics, as applicable, as well as BlackRock senior management’s and portfolio managers’ investment performance analyses, and the reasons for any outperformance or underperformance relative to its peers, benchmarks, and other performance metrics, as applicable; (b) fees, including advisory, administration, if applicable, and other amounts paid to BlackRock and its affiliates by the Fund for services; (c) the Fund’s operating expenses and how BlackRock allocates expenses to the Fund; (d) the resources devoted to, risk oversight of, and compliance reports relating to, implementation of the Fund’s investment objective, policies and restrictions, and meeting regulatory requirements; (e) BlackRock’s and the Fund’s adherence to applicable compliance policies and procedures; (f) the nature, character and scope of non-investment management services provided by BlackRock and its affiliates and the estimated cost of such services, as applicable; (g) BlackRock’s and other service providers’ internal controls and risk and compliance oversight mechanisms; (h) BlackRock’s implementation of the proxy voting policies approved by the Board; (i) the use of brokerage commissions and execution quality of portfolio transactions; (j) BlackRock’s implementation of the Fund’s valuation and liquidity procedures; (k) an analysis of management fees paid to BlackRock for products with similar investment mandates across the open-end fund, exchange-traded fund (“ETF”), closed-end fund, sub-advised mutual fund, separately managed account, collective investment trust, and institutional separate account product channels, as applicable, and the similarities and differences between these products and the services provided as compared to the Fund; (l) BlackRock’s compensation methodology for its investment professionals and the incentives and accountability it creates, along with investment professionals’ investments in the fund(s) they manage; and (m) periodic updates on BlackRock’s business.
Prior to and in preparation for the April Meeting, the Board received and reviewed materials specifically relating to the renewal of the Agreement. The Independent Board Members continuously engaged in a process with their independent legal counsel and BlackRock to review the nature and scope of the information provided to the Board to better assist its deliberations. The materials provided in connection with the April Meeting included, among other things: (a) information independently compiled and prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), based on either a Lipper Classification or Morningstar category, regarding fees and expenses of the Fund, as applicable, as compared with a peer group of funds as determined by Broadridge (“Expense Peers”), and the investment performance of the Fund as compared with a peer group of funds (“Performance Peers”); (b) information on the composition of the Expense Peers and Performance Peers, and a description of Broadridge’s methodology; (c) information on the estimated profits realized by BlackRock and its affiliates pursuant to the Agreement and a discussion of fall-out benefits to BlackRock and its affiliates; (d) a general analysis provided by BlackRock concerning investment management fees received in connection with other types of investment products, such as institutional accounts, sub-advised mutual funds, ETFs, closed-end funds, open-end funds, and separately managed accounts, under similar investment mandates, as well as the performance of such other products, as applicable; (e) a review of non-management fees; (f) the existence, impact and sharing of potential economies of scale, if any, with the Fund; (g) a summary of aggregate amounts paid by the Fund to BlackRock; (h) sales and redemption data regarding the Feeder Fund’s shares; and (i) various additional information requested by the Board as appropriate regarding BlackRock’s, the Fund’s operations.
At the April Meeting, the Board reviewed materials relating to its consideration of the Agreement, and the Independent Board Members presented BlackRock with questions and requests for additional information. BlackRock responded to these questions and requests with additional written information in advance of the May Meeting, and such responses were reviewed by the Board Members.
At the May Meeting, the Board concluded its assessment of, among other things: (a) the nature, extent and quality of the services provided by BlackRock; (b) the investment performance of the Fund as compared to its Performance Peers and to other metrics, as applicable; (c) the advisory fee and the estimated cost of the services and estimated profits realized by BlackRock and its affiliates from their relationship with the Fund; (d) the Fund’s fees and expenses compared to its Expense Peers; (e) the existence and sharing of potential economies of scale; (f) any fall-out benefits to BlackRock and its affiliates as a result of BlackRock’s relationship with the Fund; and (g) other factors deemed relevant by the Board Members.
The Board also considered other matters it deemed important to the approval process, such as other payments made to BlackRock or its affiliates relating to securities lending and cash management, and BlackRock’s services related to the valuation and pricing of portfolio holdings of the Master Fund.  The Board noted the willingness of BlackRock’s
20
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Disclosure of Investment Advisory Agreement (continued)
 
personnel to engage in open, candid discussions with the Board.  The Board evaluated the information available to it on a fund-by-fund basis.  The following paragraphs provide more information about some of the primary factors that were relevant to the Board’s decision.  The Board Members did not identify any particular information, or any single factor as determinative, and each Board Member may have attributed different weights to the various items and factors considered.
A. Nature, Extent and Quality of the Services Provided by BlackRock
The Board, including the Independent Board Members, reviewed the nature, extent and quality of services provided by BlackRock, including the investment advisory services, and the resulting performance of the Fund.  Throughout the year, the Board compared the Fund’s performance to the performance of a comparable group of mutual funds, relevant benchmarks, and performance metrics, as applicable.  The Board met with BlackRock’s senior management personnel responsible for investment activities, including the senior investment officers.  The Board also reviewed the materials provided by the Fund’s portfolio management team discussing the Fund’s performance and the Fund’s investment strategies and outlook.
The Board considered, among other factors, with respect to BlackRock: the experience of the Fund’s portfolio management team; research capabilities; investments by portfolio managers in the funds they manage; portfolio trading capabilities; use of certain trading, portfolio management, operations and/or information systems owned by BlackRock; commitment to compliance; credit analysis capabilities; risk analysis and oversight capabilities; and the approach to training and retaining portfolio managers and other research, advisory and management personnel. The Board also considered BlackRock’s overall risk management program, including the continued efforts of BlackRock and its affiliates to address cybersecurity risks and the role of BlackRock’s Risk & Quantitative Analysis Group. The Board engaged in a review of BlackRock’s compensation structure with respect to the Master Fund’s portfolio management team and BlackRock’s ability to attract and retain high-quality talent and create performance incentives.
In addition to investment advisory services, the Board considered the nature and quality of the administrative and other non-investment advisory services provided to the Fund.  BlackRock and its affiliates provide the Fund with certain administrative, shareholder and other services (in addition to any such services provided to the Fund by third parties) and officers and other personnel as are necessary for the operations of the Fund.  In particular, BlackRock and its affiliates provide the Fund with administrative services including, among others: (i) responsibility for disclosure documents, such as the prospectus, the summary prospectus (as applicable), the statement of additional information and periodic shareholder reports; (ii) oversight of daily accounting and pricing; (iii) responsibility for periodic filings with regulators; (iv) overseeing and coordinating the activities of third party service providers including, among others, the custodian, fund accountant, transfer agent, and auditor for the Fund, as applicable; (v) organizing Board meetings and preparing the materials for such Board meetings; (vi) providing legal and compliance support; (vii) furnishing analytical and other support to assist the Board in its consideration of strategic issues such as the merger, consolidation or repurposing of certain open-end funds; and (viii) performing or managing administrative functions necessary for the operation of the Fund, such as tax reporting, expense management, fulfilling regulatory filing requirements, overseeing the Feeder Fund’s distribution partners, and shareholder call center and other services.  The Board reviewed the structure and duties of BlackRock’s fund administration, shareholder services, and legal and compliance departments and considered BlackRock’s policies and procedures for assuring compliance with applicable laws and regulations. The Board also considered the operation of BlackRock’s business continuity plans.
B.  The Investment Performance of the Fund
The Board, including the Independent Board Members, reviewed and considered the performance history of the Fund throughout the year and at the April Meeting.  The Board noted that the Feeder Fund’s investment results correspond directly to the investment results of the Master Fund. The Board was provided with Fund performance reporting and analysis, relative to applicable performance metrics, by BlackRock throughout the year and at the April Meeting. In preparation for the April Meeting, the Board was also provided with reports independently prepared by Broadridge, which included an analysis of the Fund’s performance as of December 31, 2024, as compared to its Performance Peers.  Broadridge ranks funds in quartiles, ranging from first to fourth, where first is the most desirable quartile position and fourth is the least desirable. In connection with its review, the Board received and reviewed information regarding the investment performance of the Fund as compared to its Performance Peers and the performance of the Fund as compared with its benchmark. The Board and its Performance Oversight Committee regularly review and meet with Fund management to discuss the performance of the Fund throughout the year.
In evaluating performance, the Board focused particular attention on funds with less favorable performance records. The Board also noted that while it found the data provided by Broadridge generally useful, it recognized the limitations of such data, including in particular, that notable differences may exist between a fund and its Performance Peers (for example, the investment objectives and strategies).  Further, the Board recognized that the performance data reflects a snapshot of a period as of a particular date and that selecting a different performance period could produce significantly different results.  The Board also acknowledged that long-term performance could be impacted by even one period of significant outperformance or underperformance and that a single investment theme could have the ability to disproportionately affect long-term performance.
The Board noted that for the one-year period reported, the Fund’s net performance was below the tolerance range of its benchmark. The Board noted that BlackRock believes that net performance relative to the benchmark is an appropriate performance metric for the Fund, and that BlackRock has explained its rationale for this belief to the Board. The Board and BlackRock reviewed the Fund’s below tolerance performance relative to its benchmark over the period. The Board was informed that, among other things, the Fund’s underperformance relative to its benchmark and breach of its lower tolerance, was the impact of post-notified flows which detracted from the Fund’s performance. Post-notified activity is a source of performance variation because the flow of information is received after the close of the effective date of the activity introducing either a drag on or a boost to performance.
C.  Consideration of the Advisory/Management Fees and the Estimated Cost of the Services and Estimated Profits Realized by BlackRock and its Affiliates from their Relationship with the Fund
The Board, including the Independent Board Members, reviewed the Fund’s contractual management fee rate compared with those of the Fund’s Expense Peers. The contractual management fee rate represents a combination of the advisory fee and any administrative fees, before taking into account any reimbursements or fee waivers. The Board also compared the Fund’s total expense ratio, as well as the Fund’s actual management fee rate, to those of the Fund’s Expense Peers. The total expense ratio represents a fund’s total net operating expenses, including any 12b-1 or non 12b-1 service fees. The total expense ratio gives effect to any expense reimbursements or fee waivers, and the actual management fee rate gives effect to any management fee reimbursements or waivers. The Board considered that the fee and expense information in
Disclosure of Investment Advisory Agreement
21
Disclosure of Investment Advisory Agreement (continued)
 
the Broadridge report for the Fund reflected information for a specific period and that historical asset levels and expenses may differ from current levels, particularly in a period of market volatility. The Board also noted that while it found the expense comparison provided by Broadridge generally useful, it recognized that the comparison is subject to Broadridge’s defined peer selection criteria and methodology. The Board considered the services provided and the fees charged by BlackRock and its affiliates to other types of clients with similar investment mandates, as applicable, including institutional accounts and sub-advised mutual funds (including mutual funds sponsored by third parties).
The Board reviewed BlackRock’s profitability methodology and was also provided with an estimated profitability analysis that detailed the revenues earned and the expenses incurred by BlackRock for services provided to the Fund.  The Board reviewed BlackRock’s estimated profitability with respect to the Fund and other funds the Board currently oversees for the year ended December 31, 2024 compared to available aggregate estimated profitability data provided for the prior two years.  The Board reviewed BlackRock’s estimated profitability with respect to certain other U.S. fund complexes managed by the Manager and/or its affiliates.  The Board reviewed BlackRock’s assumptions and methodology of allocating expenses in the estimated profitability analysis, noting the inherent limitations in allocating costs among various advisory products.  The Board recognized that profitability may be affected by numerous factors including, among other things, fee waivers and expense reimbursements by the Manager, the types of funds managed, precision of expense allocations and business mix. The Board thus recognized the limitations of calculating and comparing profitability at the individual fund level. 
The Board received and reviewed statements relating to BlackRock’s financial condition.  The Board reviewed BlackRock’s overall operating margin, in general, compared to that of certain other publicly traded asset management firms. The Board considered the differences between BlackRock and these other firms, including the contribution of BlackRock’s technology business, BlackRock’s expense management, and the relative product mix.  The Board noted that, in general, individual fund or product line profitability of other advisors is not publicly available.
The Board considered whether BlackRock has the financial resources necessary to attract and retain high quality investment management personnel to perform its obligations under the Agreement and to continue to provide the high quality of services that is expected by the Board. The Board further considered factors including but not limited to BlackRock’s commitment of time and resources, assumption of risk, and liability profile in servicing the Fund, including in contrast to what is required of BlackRock with respect to other products with similar investment mandates across the open-end fund, ETF, closed-end fund, sub-advised mutual fund, separately managed account, collective investment trust, and institutional separate account product channels, as applicable.
The Board noted that the Fund’s contractual management fee rate ranked in the first quartile, and that the actual management fee rate and the Fund’s total expense ratio each ranked in the first quartile relative to the Fund’s Expense Peers. The Board also noted that BlackRock and its affiliates have contractually agreed to reimburse or otherwise compensate the Fund for certain other fees and expenses.
D.  Economies of Scale
The Board, including the Independent Board Members, considered the extent to which any economies of scale might benefit the Fund in a variety of ways as the assets of the Fund increase. The Board considered multiple factors, including the advisory fee rate and breakpoints, unitary fee structure, fee waivers, and/or expense caps, as applicable. The Board considered the Fund’s asset levels and whether the current fee schedule was appropriate.
E.  Other Factors Deemed Relevant by the Board Members
The Board, including the Independent Board Members, also took into account other ancillary or “fall-out” benefits that BlackRock or its affiliates may derive from BlackRock’s respective relationships with the Fund, both tangible and intangible, such as BlackRock’s ability to leverage its investment professionals who manage other portfolios and its risk management personnel, an increase in BlackRock’s profile in the investment advisory community, and the engagement of BlackRock’s affiliates as service providers to the Fund, including for administrative, distribution, securities lending and cash management services.  With respect to securities lending, during the year the Board also considered information provided by independent third-party consultants related to the performance of each BlackRock affiliate as securities lending agent.  The Board also considered BlackRock’s overall operations and its efforts to expand the scale of, and improve the quality of, its operations. The Board also noted that, subject to applicable law, BlackRock may use and benefit from third party research obtained by soft dollars generated by certain registered fund transactions to assist in managing all or a number of its other client accounts.   
In connection with its consideration of the Agreement, the Board also received information regarding BlackRock’s brokerage and soft dollar practices. The Board received reports from BlackRock which included information on brokerage commissions and trade execution practices throughout the year.
The Board noted the competitive nature of the mutual fund marketplace, and that shareholders are able to redeem their Feeder Fund shares if they believe that the Fund’s fees and expenses are too high or if they are dissatisfied with the performance of the Fund.          
Conclusion
At the May Meeting, in a continuation of the discussions that occurred during the April Meeting, and as a culmination of the Board’s year-long deliberative process, the Board of the Master Portfolio, including the Independent Board Members, unanimously approved the continuation of the Agreement between the Manager and the Master Portfolio, on behalf of the Master Fund for a one-year term ending June 30, 2026.  Based upon its evaluation of all of the aforementioned factors in their totality, as well as other information, the Board of the Master Portfolio, including the Independent Board Members, was satisfied that the terms of the Agreement were fair and reasonable and in the best interest of the Master Fund and its shareholders.  The Board of the Feeder Trust, including the Independent Board Members, also considered the continuation of the Agreement with respect to the Master Fund and found the Agreement to be satisfactory. In arriving at its decision to approve the Agreement, the Board of the Master Portfolio did not identify any single factor or group of factors as all-important or controlling, but considered all factors together, and different Board Members may have attributed different weights to the various factors considered.  The Independent Board Members were advised by independent legal counsel throughout the deliberative process. 
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2025 BlackRock Semi-Annual Financial Statements and Additional Information
Glossary of Terms Used in these Financial Statements
 
 
Portfolio Abbreviation 
ETF
 Exchange-Traded Fund
MSCI
 Morgan Stanley Capital International
S&P
 Standard & Poor’s
Glossary of Terms Used in these Financial Statements
23


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

Not applicable.


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

Not applicable.


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

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


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

Not applicable to this filing.


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

Not applicable.


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

Not applicable.


Item 14. Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.


Item 15. Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant's board of directors implemented after the Registrant last provided disclosure in response to this Item.


Item 16. Controls and Procedures.

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

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


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

(a) Not applicable.

(b) Not applicable.


Item 18. Recovery of Erroneously Awarded Compensation.

(a) Not applicable.

(b) Not applicable.



SIGNATURES 

  

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

  

HOMESTEAD FUNDS, INC. 

  

  

  

By:/s/ Mark D. Santero 

Mark D. Santero 

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

  

Date: September 5, 2025 

  

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

  

  

By:/s/ Mark D. Santero 

Mark D. Santero 

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

  

Date: September 5, 2025 

  

  

  

By:/s/ Amy M. DiMauro 

Amy M. DiMauro 

Treasurer (Principal Financial and Accounting Officer) 

  

Date: September 5, 2025 

  



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