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ck0000795264:NetOtherAssetsAndLiabilitiesMember 2026-05-31 0000795264 ck0000795264:C000061640Member 2026-05-31 0000795264 ck0000795264:C000006582Member 2026-05-31 iso4217:USD pure ck0000795264:Holding false N-1A 0000795264 N-CSRS THOMPSON IM FUNDS, INC. 2026-05-31 Thompson LargeCap Fund Thompson LargeCap Fund THPGX Semi-Annual Shareholder Report Semi-Annual Shareholder Report This semi-annual shareholder report contains important information about the Thompson LargeCap Fund for the period of December 1, 2025 to May 31, 2026. You can find additional information about the Fund at http://www.thompsonim.com/forms/index.html. You can also request this information by contacting us at 1-800-999-0887 or thompsonimfunds@usbank.com. http://www.thompsonim.com/forms/index.html 1-800-999-0887 thompsonimfunds@usbank.com <table cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font-size: 10pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="border-top: #2B4D91 1pt solid; border-left: #2B4D91 1pt solid"> </td> <td colspan="5" style="border-top: #2B4D91 1pt solid; padding-top: 6pt; padding-bottom: 6pt">WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)</td> <td style="border-top: #2B4D91 1pt solid; border-right: #2B4D91 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-left: #2B4D91 1pt solid"> </td> <td colspan="2" style="background-color: #E1F0FB"> </td> <td style="background-color: #E1F0FB"> </td> <td colspan="2" style="background-color: #E1F0FB"> </td> <td style="border-right: #2B4D91 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-left: #2B4D91 1pt solid"> </td> <td colspan="2" style="background-color: #E1F0FB"> </td> <td style="background-color: #E1F0FB; text-align: center">Costs of a $10,000</td> <td style="white-space: nowrap; background-color: #E1F0FB; text-align: center">Costs paid as a percentage of</td> <td style="background-color: #E1F0FB; text-align: center"> </td> <td style="border-right: #2B4D91 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-left: #2B4D91 1pt solid; padding-bottom: 3pt; width: 10px"> </td> <td style="padding-bottom: 3pt; width: 10px; background-color: #E1F0FB"> </td> <td style="border-bottom: #2B4D91 1pt solid; padding-bottom: 3pt; width: 42%; background-color: #E1F0FB">Fund Name</td> <td style="border-bottom: #2B4D91 1pt solid; padding-bottom: 3pt; width: 24%; background-color: #E1F0FB; text-align: center">investment</td> <td style="border-bottom: #2B4D91 1pt solid; padding-bottom: 3pt; background-color: #E1F0FB; text-align: center">a $10,000 investment^</td> <td style="padding-bottom: 3pt; width: 10px; background-color: #E1F0FB; text-align: center"> </td> <td style="border-right: #2B4D91 1pt solid; padding-bottom: 3pt; width: 10px"> </td></tr> <tr style="vertical-align: top"> <td style="border-left: #2B4D91 1pt solid; padding-top: 6pt; padding-bottom: 6pt"> </td> <td style="padding-top: 6pt; padding-bottom: 6pt; background-color: #E1F0FB"> </td> <td style="padding-top: 6pt; padding-bottom: 6pt; background-color: #E1F0FB">Thompson LargeCap Fund</td> <td id="xdx_984_eoef--ExpensesPaidAmt_c20251201__20260531__oef--ClassAxis__custom--C000006581Member_zFy2PTqE3zZe" style="padding-top: 6pt; padding-bottom: 6pt; background-color: #E1F0FB; text-align: center">$53</td> <td id="xdx_98A_eoef--ExpenseRatioPct_dp_c20251201__20260531__oef--ClassAxis__custom--C000006581Member_fXg_____zM2zJFiVqqSi" style="padding-top: 6pt; padding-bottom: 6pt; background-color: #E1F0FB; text-align: center">0.99%</td> <td style="padding-top: 6pt; padding-bottom: 6pt; background-color: #E1F0FB; text-align: center"> </td> <td style="border-right: #2B4D91 1pt solid; padding-top: 6pt; padding-bottom: 6pt"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: #2B4D91 1pt solid; border-left: #2B4D91 1pt solid"> </td> <td colspan="2" style="border-bottom: #2B4D91 1pt solid"> </td> <td style="border-bottom: #2B4D91 1pt solid"> </td> <td colspan="2" style="border-bottom: #2B4D91 1pt solid"> </td> <td style="border-right: #2B4D91 1pt solid; border-bottom: #2B4D91 1pt solid"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 9pt Arial, Helvetica, Sans-Serif; color: rgb(46,46,46); margin-top: 6pt; width: 100%; margin-bottom: 10pt"> <tr style="vertical-align: top; text-align: justify"> <td style="text-align: left; width: 2%">^</td><td id="xdx_F13_zcb5Hq7E25M8" style="text-align: left; width: 98%"> Annualized </td></tr> </table> 53 0.0099 <table cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font-size: 10pt"> <tr style="vertical-align: top"> <td style="border-top: rgb(49,138,202) 1pt solid; border-left: rgb(49,138,202) 1pt solid; padding-top: 2pt; padding-bottom: 2pt"> </td> <td colspan="2" style="border-top: rgb(49,138,202) 1pt solid; border-bottom: #858688 1pt solid; padding-top: 4pt; padding-bottom: 2pt">KEY FUND STATISTICS (as of May 31, 2026)</td> <td style="border-top: rgb(49,138,202) 1pt solid; border-right: rgb(49,138,202) 1pt solid; padding-top: 2pt; padding-bottom: 2pt"> </td></tr> <tr style="vertical-align: top"> <td style="border-left: rgb(49,138,202) 1pt solid; padding-top: 2pt; width: 10px; padding-bottom: 2pt"> </td> <td style="border-bottom: #858688 1pt solid; width: 50%; padding-top: 2pt; padding-bottom: 2pt">Net Assets</td> <td style="border-bottom: #858688 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right">$223,233,039</td> <td style="border-right: rgb(49,138,202) 1pt solid; padding-top: 2pt; width: 10px; padding-bottom: 2pt"> </td></tr> <tr style="vertical-align: top"> <td style="border-left: rgb(49,138,202) 1pt solid; padding-top: 2pt; padding-bottom: 2pt"> </td> <td style="border-bottom: #858688 1pt solid; padding-top: 2pt; padding-bottom: 2pt">Number of Holdings</td> <td style="border-bottom: #858688 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right">80</td> <td style="border-right: rgb(49,138,202) 1pt solid; padding-top: 2pt; padding-bottom: 2pt"> </td></tr> <tr style="vertical-align: top"> <td style="border-left: rgb(49,138,202) 1pt solid; padding-top: 2pt; padding-bottom: 2pt"> </td> <td style="border-bottom: #858688 1pt solid; padding-top: 2pt; padding-bottom: 2pt">Portfolio Turnover</td> <td style="border-bottom: #858688 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right">19%</td> <td style="border-right: rgb(49,138,202) 1pt solid; padding-top: 2pt; padding-bottom: 2pt"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(49,138,202) 1pt solid; border-left: rgb(49,138,202) 1pt solid"> </td> <td style="border-bottom: rgb(49,138,202) 1pt solid"> </td> <td style="border-bottom: rgb(49,138,202) 1pt solid"> </td> <td style="border-right: rgb(49,138,202) 1pt solid; border-bottom: rgb(49,138,202) 1pt solid"> </td></tr> </table>

223233039

0.19

<div id="xdx_842_eoef--LargestHoldingsTableTextBlock_hoef--ClassAxis__custom--C000006581Member_dU_zogrMw6GCOMe"></div> <table cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font-size: 12pt"> <tr style="vertical-align: bottom"> <td style="border-bottom: #58585A 1pt solid; text-align: left; width: 92%; padding-top: 1pt">Top Holdings</td> <td style="border-bottom: #58585A 1pt solid; padding-right: 3pt; width: 8%; padding-top: 1pt; text-align: right">(%)</td></tr> <tr style="vertical-align: top; background-color: #E0ECF8"> <td style="border-bottom: #58585A 1pt solid; padding-left: 5.4pt; padding-top: 1pt">Alphabet Inc. Class A</td> <td id="xdx_989_eoef--PctOfNav_iI_dp_c20260531__oef--ClassAxis__custom--C000006581Member__oef--LargestHoldingAxis__custom--AlphabetIncClassAMember_zSLDz3JGtONh" style="border-bottom: #58585A 1pt solid; padding-right: 3pt; padding-top: 1pt; text-align: right">6.3%</td></tr> <tr style="vertical-align: top"> <td style="border-bottom: #58585A 1pt solid; padding-left: 5.4pt; padding-top: 1pt">Microsoft Corp.</td> <td id="xdx_987_eoef--PctOfNav_iI_dp_c20260531__oef--ClassAxis__custom--C000006581Member__oef--LargestHoldingAxis__custom--MicrosoftCorpMember_zFTcpq7mrDge" style="border-bottom: #58585A 1pt solid; padding-right: 3pt; padding-top: 1pt; text-align: right">4.2%</td></tr> <tr style="vertical-align: top; background-color: #E0ECF8"> <td style="border-bottom: #58585A 1pt solid; padding-left: 5.4pt; padding-top: 1pt">Apple Inc.</td> <td id="xdx_981_eoef--PctOfNav_iI_dp_c20260531__oef--ClassAxis__custom--C000006581Member__oef--LargestHoldingAxis__custom--AppleIncMember_zP6gxEaSCWFk" style="border-bottom: #58585A 1pt solid; padding-right: 3pt; padding-top: 1pt; text-align: right">3.1%</td></tr> <tr style="vertical-align: top"> <td style="border-bottom: #58585A 1pt solid; padding-left: 5.4pt; padding-top: 1pt">UnitedHealth Group Inc.</td> <td id="xdx_987_eoef--PctOfNav_iI_dp_c20260531__oef--ClassAxis__custom--C000006581Member__oef--LargestHoldingAxis__custom--UnitedHealthGroupIncMember_zrIrV4IJHNuj" style="border-bottom: #58585A 1pt solid; padding-right: 3pt; padding-top: 1pt; text-align: right">2.5%</td></tr> <tr style="vertical-align: top; background-color: #E0ECF8"> <td style="border-bottom: #58585A 1pt solid; padding-left: 5.4pt; padding-top: 1pt">Citigroup Inc.</td> <td id="xdx_986_eoef--PctOfNav_iI_dp_c20260531__oef--ClassAxis__custom--C000006581Member__oef--LargestHoldingAxis__custom--CitigroupIncMember_zXJbdqyecrk" style="border-bottom: #58585A 1pt solid; padding-right: 3pt; padding-top: 1pt; text-align: right">2.5%</td></tr> <tr style="vertical-align: top"> <td style="border-bottom: #58585A 1pt solid; padding-left: 5.4pt; padding-top: 1pt">Qualcomm Inc.</td> <td id="xdx_988_eoef--PctOfNav_iI_dp_c20260531__oef--ClassAxis__custom--C000006581Member__oef--LargestHoldingAxis__custom--QualcommIncMember_zgn6lwOmdVO9" style="border-bottom: #58585A 1pt solid; padding-right: 3pt; padding-top: 1pt; text-align: right">2.1%</td></tr> <tr style="vertical-align: top; background-color: #E0ECF8"> <td style="border-bottom: #58585A 1pt solid; padding-left: 5.4pt; padding-top: 1pt">NXP Semiconductors N.V.</td> <td id="xdx_98D_eoef--PctOfNav_iI_dp_c20260531__oef--ClassAxis__custom--C000006581Member__oef--LargestHoldingAxis__custom--NXPSemiconductorsNVMember_z8QWZb4jEzX4" style="border-bottom: #58585A 1pt solid; padding-right: 3pt; padding-top: 1pt; text-align: right">2.1%</td></tr> <tr style="vertical-align: top"> <td style="border-bottom: #58585A 1pt solid; padding-left: 5.4pt; padding-top: 1pt">LKQ Corp.</td> <td id="xdx_988_eoef--PctOfNav_iI_dp_c20260531__oef--ClassAxis__custom--C000006581Member__oef--LargestHoldingAxis__custom--LKQCorpMember_zOa6h4tecb13" style="border-bottom: #58585A 1pt solid; padding-right: 3pt; padding-top: 1pt; text-align: right">2.0%</td></tr> <tr style="vertical-align: top; background-color: #E0ECF8"> <td style="border-bottom: #58585A 1pt solid; padding-left: 5.4pt; padding-top: 1pt">Pfizer Inc.</td> <td id="xdx_987_eoef--PctOfNav_iI_dp_c20260531__oef--ClassAxis__custom--C000006581Member__oef--LargestHoldingAxis__custom--PfizerIncMember_zoZMb6FkuNaa" style="border-bottom: #58585A 1pt solid; padding-right: 3pt; padding-top: 1pt; text-align: right">1.9%</td></tr> <tr style="vertical-align: top"> <td style="border-bottom: #58585A 1pt solid; padding-left: 5.4pt; padding-top: 1pt">Warner Bros. Discovery, Inc.</td> <td id="xdx_98A_eoef--PctOfNav_iI_dp_c20260531__oef--ClassAxis__custom--C000006581Member__oef--LargestHoldingAxis__custom--WarnerBrosDiscoveryIncMember_zV64yQ8pWeNc" style="border-bottom: #58585A 1pt solid; padding-right: 3pt; white-space: nowrap; padding-top: 1pt; text-align: right">1.8%</td></tr> </table> 0.063 0.042 0.031 0.025 0.025 0.021 0.021 0.020 0.019 0.018 <div id="xdx_84C_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000006581Member_dU_zsG2LT5hHu93"></div> <table cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font-size: 12pt"> <tr style="vertical-align: top"> <td style="border-bottom: #58585A 1pt solid; text-align: left; width: 99%; padding-top: 1pt">Sector Weightings</td> <td style="border-bottom: #58585A 1pt solid; padding-right: 3pt; width: 1%; padding-top: 1pt; text-align: right">(%)</td></tr> <tr style="vertical-align: top; background-color: #E0ECF8"> <td style="border-bottom: #58585A 1pt solid; padding-top: 1pt; padding-left: 5.4pt">Information Technology</td> <td id="xdx_98E_eoef--PctOfNav_iI_dp_c20260531__oef--ClassAxis__custom--C000006581Member__oef--IndustrySectorAxis__oef--InformationTechnologySectorMember_zca69Kr9fl91" style="border-bottom: #58585A 1pt solid; padding-right: 3pt; padding-top: 1pt; text-align: right">27.0%</td></tr> <tr style="vertical-align: top"> <td style="border-bottom: #58585A 1pt solid; padding-top: 1pt; padding-left: 5.4pt">Health Care</td> <td id="xdx_980_eoef--PctOfNav_iI_dp_c20260531__oef--ClassAxis__custom--C000006581Member__oef--IndustrySectorAxis__us-gaap--HealthcareSectorMember_zBNFsjDVvOXb" style="border-bottom: #58585A 1pt solid; padding-right: 3pt; padding-top: 1pt; text-align: right">17.4%</td></tr> <tr style="vertical-align: top; background-color: #E0ECF8"> <td style="border-bottom: #58585A 1pt solid; padding-top: 1pt; padding-left: 5.4pt">Financials</td> <td id="xdx_98A_eoef--PctOfNav_iI_dp_c20260531__oef--ClassAxis__custom--C000006581Member__oef--IndustrySectorAxis__us-gaap--FinancialServicesSectorMember_z4AXAaD3cADj" style="border-bottom: #58585A 1pt solid; padding-right: 3pt; padding-top: 1pt; text-align: right">17.3%</td></tr> <tr style="vertical-align: top"> <td style="border-bottom: #58585A 1pt solid; padding-top: 1pt; padding-left: 5.4pt">Communication Services</td> <td id="xdx_98B_eoef--PctOfNav_iI_dp_c20260531__oef--ClassAxis__custom--C000006581Member__oef--IndustrySectorAxis__oef--CommunicationsSectorMember_zMVZ8bz78sSi" style="border-bottom: #58585A 1pt solid; padding-right: 3pt; padding-top: 1pt; text-align: right">11.3%</td></tr> <tr style="vertical-align: top; background-color: #E0ECF8"> <td style="border-bottom: #58585A 1pt solid; padding-top: 1pt; padding-left: 5.4pt">Consumer Staples</td> <td id="xdx_98F_eoef--PctOfNav_iI_dp_c20260531__oef--ClassAxis__custom--C000006581Member__oef--IndustrySectorAxis__oef--ConsumerStaplesSectorMember_zUUwZDsSVygk" style="border-bottom: #58585A 1pt solid; padding-right: 3pt; padding-top: 1pt; text-align: right">8.3%</td></tr> <tr style="vertical-align: top"> <td style="border-bottom: #58585A 1pt solid; padding-top: 1pt; padding-left: 5.4pt">Consumer Discretionary</td> <td id="xdx_983_eoef--PctOfNav_iI_dp_c20260531__oef--ClassAxis__custom--C000006581Member__oef--IndustrySectorAxis__oef--ConsumerDiscretionarySectorMember_zN7xSjaWbEW4" style="border-bottom: #58585A 1pt solid; padding-right: 3pt; padding-top: 1pt; text-align: right">5.6%</td></tr> <tr style="vertical-align: top; background-color: #E0ECF8"> <td style="border-bottom: #58585A 1pt solid; padding-top: 1pt; padding-left: 5.4pt">Industrials</td> <td id="xdx_981_eoef--PctOfNav_iI_dp_c20260531__oef--ClassAxis__custom--C000006581Member__oef--IndustrySectorAxis__oef--IndustrialSectorMember_zBVyYI8WHfK" style="border-bottom: #58585A 1pt solid; padding-right: 3pt; padding-top: 1pt; text-align: right">5.0%</td></tr> <tr style="vertical-align: top"> <td style="border-bottom: #58585A 1pt solid; padding-top: 1pt; padding-left: 5.4pt">Energy</td> <td id="xdx_980_eoef--PctOfNav_iI_dp_c20260531__oef--ClassAxis__custom--C000006581Member__oef--IndustrySectorAxis__us-gaap--EnergySectorMember_zIXvgRlvlGwi" style="border-bottom: #58585A 1pt solid; padding-right: 3pt; padding-top: 1pt; text-align: right">2.6%</td></tr> <tr style="vertical-align: top; background-color: #E0ECF8"> <td style="border-bottom: #58585A 1pt solid; padding-top: 1pt; padding-left: 5.4pt">Materials</td> <td id="xdx_983_eoef--PctOfNav_iI_dp_c20260531__oef--ClassAxis__custom--C000006581Member__oef--IndustrySectorAxis__oef--MaterialsSectorMember_zv85NHPmGm5f" style="border-bottom: #58585A 1pt solid; padding-right: 3pt; padding-top: 1pt; text-align: right">2.0%</td></tr> <tr style="vertical-align: top"> <td style="border-bottom: #58585A 1pt solid; padding-top: 1pt; padding-left: 5.4pt">Net Other Assets & Liabilities</td> <td id="xdx_98A_eoef--PctOfNav_iI_dp_c20260531__oef--ClassAxis__custom--C000006581Member__oef--IndustrySectorAxis__custom--NetOtherAssetsAndLiabilitiesMember_znkMnIORWQhh" style="border-bottom: #58585A 1pt solid; padding-right: 3pt; padding-top: 1pt; text-align: right">3.5%</td></tr> </table> 0.270 0.174 0.173 0.113 0.083 0.056 0.050 0.026 0.020 0.035 http://www.thompsonim.com/forms/index.html 1-800-999-0887 thompsonimfunds@usbank.com Thompson MidCap Fund Thompson MidCap Fund THPMX Semi-Annual Shareholder Report This semi-annual shareholder report contains important information about the Thompson MidCap Fund for the period of December 1, 2025 to May 31, 2026. You can find additional information about the Fund at http://www.thompsonim.com/forms/index.html. You can also request this information by contacting us at 1-800-999-0887 or thompsonimfunds@usbank.com. http://www.thompsonim.com/forms/index.html 1-800-999-0887 thompsonimfunds@usbank.com <table cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font-size: 10pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="border-top: rgb(33,89,168) 1pt solid; border-left: rgb(33,89,168) 1pt solid"> </td> <td colspan="5" style="border-top: rgb(33,89,168) 1pt solid; padding-top: 6pt; padding-bottom: 6pt">WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)</td> <td style="border-top: rgb(33,89,168) 1pt solid; border-right: rgb(33,89,168) 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-left: rgb(33,89,168) 1pt solid"> </td> <td colspan="2" style="background-color: rgb(225,240,251)"> </td> <td style="background-color: rgb(225,240,251)"> </td> <td colspan="2" style="background-color: rgb(225,240,251)"> </td> <td style="border-right: rgb(33,89,168) 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-left: rgb(33,89,168) 1pt solid"> </td> <td colspan="2" style="background-color: rgb(225,240,251)"> </td> <td style="background-color: rgb(225,240,251); text-align: center">Costs of a $10,000</td> <td style="background-color: rgb(225,240,251); white-space: nowrap; text-align: center">Costs paid as a percentage of</td> <td style="background-color: rgb(225,240,251); text-align: center"> </td> <td style="border-right: rgb(33,89,168) 1pt solid"> </td></tr> <tr style="vertical-align: top"> <td style="border-left: rgb(33,89,168) 1pt solid; padding-bottom: 3pt; width: 10px"> </td> <td style="padding-bottom: 3pt; background-color: rgb(225,240,251); width: 10px"> </td> <td style="border-bottom: rgb(33,89,168) 1pt solid; padding-bottom: 3pt; background-color: rgb(225,240,251); width: 42%">Fund Name</td> <td style="border-bottom: rgb(33,89,168) 1pt solid; padding-bottom: 3pt; background-color: rgb(225,240,251); text-align: center; width: 24%">investment</td> <td style="border-bottom: rgb(33,89,168) 1pt solid; padding-bottom: 3pt; background-color: rgb(225,240,251); text-align: center">a $10,000 investment^</td> <td style="padding-bottom: 3pt; background-color: rgb(225,240,251); text-align: center; width: 10px"> </td> <td style="border-right: rgb(33,89,168) 1pt solid; padding-bottom: 3pt; width: 10px"> </td></tr> <tr style="vertical-align: top"> <td style="border-left: rgb(33,89,168) 1pt solid; padding-top: 5pt; padding-bottom: 5pt"> </td> <td style="padding-top: 5pt; background-color: rgb(225,240,251); padding-bottom: 5pt"> </td> <td style="padding-top: 5pt; background-color: rgb(225,240,251); padding-bottom: 5pt">Thompson MidCap Fund</td> <td id="xdx_989_eoef--ExpensesPaidAmt_c20251201__20260531__oef--ClassAxis__custom--C000061640Member_zAscCIbDZI46" style="padding-top: 5pt; background-color: rgb(225,240,251); text-align: center; padding-bottom: 5pt">$62</td> <td id="xdx_989_eoef--ExpenseRatioPct_c20251201__20260531__oef--ClassAxis__custom--C000061640Member_fXg_____zjNbxOsVC97e" style="padding-top: 5pt; background-color: rgb(225,240,251); text-align: center; padding-bottom: 5pt">1.15%</td> <td style="padding-top: 5pt; background-color: rgb(225,240,251); text-align: center; padding-bottom: 5pt"> </td> <td style="border-right: rgb(33,89,168) 1pt solid; padding-top: 5pt; padding-bottom: 5pt"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: rgb(33,89,168) 1pt solid; border-left: rgb(33,89,168) 1pt solid"> </td> <td colspan="2" style="border-bottom: rgb(33,89,168) 1pt solid"> </td> <td style="border-bottom: rgb(33,89,168) 1pt solid"> </td> <td colspan="2" style="border-bottom: rgb(33,89,168) 1pt solid"> </td> <td style="border-right: rgb(33,89,168) 1pt solid; border-bottom: rgb(33,89,168) 1pt solid"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 9pt Arial, Helvetica, Sans-Serif; color: rgb(46,46,46); margin-top: 6pt; width: 100%; margin-bottom: 10pt"> <tr style="vertical-align: top; text-align: justify"> <td style="text-align: left; width: 2%">^</td><td id="xdx_F11_zN2G2rnazRLb" style="text-align: left; width: 98%"> Annualized </td></tr> </table> 62 0.0115 <table cellpadding="0" cellspacing="0" style="border: rgb(49,138,202) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse; margin-bottom: 10pt"> <tr style="vertical-align: top"> <td style="padding-bottom: 2pt; padding-top: 2pt"> </td> <td colspan="2" style="border-bottom: rgb(133,134,136) 1pt solid; padding-bottom: 2pt; padding-top: 4pt">KEY FUND STATISTICS (as of May 31, 2026)</td> <td style="padding-bottom: 2pt; padding-top: 2pt"> </td></tr> <tr style="vertical-align: top"> <td style="padding-top: 2pt; width: 0.1in; padding-bottom: 2pt"> </td> <td style="border-bottom: rgb(133,134,136) 1pt solid; padding-bottom: 2pt; padding-top: 2pt; width: 50%">Net Assets</td> <td id="xdx_98C_eus-gaap--AssetsNet_iI_c20260531__oef--ClassAxis__custom--C000061640Member_zjlm6JIMG1O7" style="border-bottom: rgb(133,134,136) 1pt solid; padding-bottom: 2pt; padding-top: 2pt; text-align: right">$62,087,946</td> <td style="padding-top: 2pt; width: 0.1in; padding-bottom: 2pt"> </td></tr> <tr style="vertical-align: top"> <td style="padding-top: 2pt; padding-bottom: 2pt"> </td> <td style="border-bottom: rgb(133,134,136) 1pt solid; padding-bottom: 2pt; padding-top: 2pt">Number of Holdings</td> <td id="xdx_980_eoef--HoldingsCount_iI_c20260531__oef--ClassAxis__custom--C000061640Member_zx7JzdMG6JOb" style="border-bottom: rgb(133,134,136) 1pt solid; padding-bottom: 2pt; padding-top: 2pt; text-align: right">78</td> <td style="padding-top: 2pt; padding-bottom: 2pt"> </td></tr> <tr style="vertical-align: top"> <td style="padding-top: 2pt; padding-bottom: 2pt"> </td> <td style="border-bottom: rgb(133,134,136) 1pt solid; padding-bottom: 2pt; padding-top: 2pt">Portfolio Turnover</td> <td id="xdx_983_eus-gaap--InvestmentCompanyPortfolioTurnover_c20251201__20260531__oef--ClassAxis__custom--C000061640Member_zSuEDSg3a3O" style="border-bottom: rgb(133,134,136) 1pt solid; padding-bottom: 2pt; padding-top: 2pt; text-align: right">22%</td> <td style="padding-top: 2pt; padding-bottom: 2pt"> </td></tr> <tr style="vertical-align: top"> <td> </td> <td> </td> <td> </td> <td> </td></tr> </table>

62087946

0.22

<div id="xdx_848_eoef--LargestHoldingsTableTextBlock_hoef--ClassAxis__custom--C000061640Member_dU_z7zYmgEKGtP8"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 99%; border-collapse: collapse; margin-left: 0.05in"> <tr> <td style="border-bottom: rgb(88,88,90) 1pt solid; text-align: left; padding-top: 1pt; vertical-align: bottom; width: 91%">Top Holdings</td> <td style="border-bottom: rgb(88,88,90) 1pt solid; padding-right: 3pt; padding-top: 1pt; vertical-align: bottom; width: 9%; text-align: right">(%)</td> </tr> <tr style="background-color: rgb(224,236,248)"> <td style="border-bottom: rgb(88,88,90) 1pt solid; padding-top: 1pt; vertical-align: top; padding-left: 5.4pt">Viatris Inc.</td> <td id="xdx_98E_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000061640Member__oef--LargestHoldingAxis__custom--ViatrisIncMember_zTZxkLc1k2u" style="border-bottom: rgb(88,88,90) 1pt solid; padding-right: 3pt; padding-top: 1pt; vertical-align: top; text-align: right">2.9%</td> </tr> <tr> <td style="border-bottom: rgb(88,88,90) 1pt solid; padding-top: 1pt; vertical-align: top; padding-left: 5.4pt">AMN Healthcare Services, Inc.</td> <td id="xdx_98B_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000061640Member__oef--LargestHoldingAxis__custom--AMNHealthcareServicesIncMember_zUVd177Oq0q6" style="border-bottom: rgb(88,88,90) 1pt solid; padding-right: 3pt; padding-top: 1pt; vertical-align: top; text-align: right">2.5%</td> </tr> <tr style="background-color: rgb(224,236,248)"> <td style="border-bottom: rgb(88,88,90) 1pt solid; padding-top: 1pt; vertical-align: top; padding-left: 5.4pt">Neurocrine Biosciences, Inc.</td> <td id="xdx_984_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000061640Member__oef--LargestHoldingAxis__custom--NeurocrineBiosciencesIncMember_ztEbKBtLoUze" style="border-bottom: rgb(88,88,90) 1pt solid; padding-right: 3pt; padding-top: 1pt; vertical-align: top; text-align: right">2.5%</td> </tr> <tr> <td style="border-bottom: rgb(88,88,90) 1pt solid; padding-top: 1pt; vertical-align: top; padding-left: 5.4pt">Concentrix Corp.</td> <td id="xdx_981_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000061640Member__oef--LargestHoldingAxis__custom--ConcentrixCorpMember_z1R8BR4lu8Yf" style="border-bottom: rgb(88,88,90) 1pt solid; padding-right: 3pt; padding-top: 1pt; vertical-align: top; text-align: right">2.3%</td> </tr> <tr style="background-color: rgb(224,236,248)"> <td style="border-bottom: rgb(88,88,90) 1pt solid; padding-top: 1pt; vertical-align: top; padding-left: 5.4pt">Kornit Digital Ltd.</td> <td id="xdx_98C_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000061640Member__oef--LargestHoldingAxis__custom--KornitDigitalLtdMember_zEhoubNzdF3k" style="border-bottom: rgb(88,88,90) 1pt solid; padding-right: 3pt; padding-top: 1pt; vertical-align: top; text-align: right">2.3%</td> </tr> <tr> <td style="border-bottom: rgb(88,88,90) 1pt solid; padding-top: 1pt; vertical-align: top; padding-left: 5.4pt">Jazz Pharmaceuticals PLC</td> <td id="xdx_98C_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000061640Member__oef--LargestHoldingAxis__custom--JazzPharmaceuticalsPLCMember_zeMoNPmDbyYf" style="border-bottom: rgb(88,88,90) 1pt solid; padding-right: 3pt; padding-top: 1pt; vertical-align: top; text-align: right">2.2%</td> </tr> <tr style="background-color: rgb(224,236,248)"> <td style="border-bottom: rgb(88,88,90) 1pt solid; padding-top: 1pt; vertical-align: top; padding-left: 5.4pt">NXP Semiconductors N.V.</td> <td id="xdx_98D_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000061640Member__oef--LargestHoldingAxis__custom--NXPSemiconductorsNVMember_zwN49QqxRuuf" style="border-bottom: rgb(88,88,90) 1pt solid; padding-right: 3pt; padding-top: 1pt; vertical-align: top; text-align: right">2.1%</td> </tr> <tr> <td style="border-bottom: rgb(88,88,90) 1pt solid; padding-top: 1pt; vertical-align: top; padding-left: 5.4pt">LKQ Corp.</td> <td id="xdx_98E_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000061640Member__oef--LargestHoldingAxis__custom--LKQCorpMember_zu9Ru8Odf8ne" style="border-bottom: rgb(88,88,90) 1pt solid; padding-right: 3pt; padding-top: 1pt; vertical-align: top; text-align: right">2.0%</td> </tr> <tr style="background-color: rgb(224,236,248)"> <td style="border-bottom: rgb(88,88,90) 1pt solid; padding-top: 1pt; vertical-align: top; padding-left: 5.4pt">Flagstar Bank N.A.</td> <td id="xdx_982_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000061640Member__oef--LargestHoldingAxis__custom--FlagstarBankNAMember_zdcqiBsRkzdg" style="border-bottom: rgb(88,88,90) 1pt solid; padding-right: 3pt; padding-top: 1pt; vertical-align: top; text-align: right">2.0%</td> </tr> <tr> <td style="border-bottom: rgb(88,88,90) 1pt solid; padding-top: 1pt; vertical-align: top; padding-left: 5.4pt">Okta, Inc.</td> <td id="xdx_986_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000061640Member__oef--LargestHoldingAxis__custom--OktaIncMember_zVSJc5grxsPl" style="border-bottom: rgb(88,88,90) 1pt solid; padding-right: 3pt; padding-top: 1pt; vertical-align: top; text-align: right">2.0%</td> </tr> </table> 0.029 0.025 0.025 0.023 0.023 0.022 0.021 0.020 0.020 0.020 <div id="xdx_84F_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000061640Member_dU_zggfyByyqZz1"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 99%; border-collapse: collapse; margin-right: 0.1in"> <tr> <td style="border-bottom: rgb(88,88,90) 1pt solid; text-align: left; padding-top: 1pt; vertical-align: top; width: 99%">Sector Weightings</td> <td style="border-bottom: rgb(88,88,90) 1pt solid; padding-right: 3pt; padding-top: 1pt; vertical-align: top; width: 1%; text-align: right">(%)</td> </tr> <tr style="background-color: rgb(224,236,248)"> <td style="border-bottom: rgb(88,88,90) 1pt solid; padding-top: 1pt; vertical-align: top; padding-left: 5.4pt">Financials</td> <td id="xdx_98D_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000061640Member__oef--IndustrySectorAxis__us-gaap--FinancialServicesSectorMember_zxuP59e3RHYi" style="border-bottom: rgb(88,88,90) 1pt solid; padding-right: 3pt; padding-top: 1pt; vertical-align: top; text-align: right">17.9%</td> </tr> <tr> <td style="border-bottom: rgb(88,88,90) 1pt solid; padding-top: 1pt; vertical-align: top; padding-left: 5.4pt">Health Care</td> <td id="xdx_98B_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000061640Member__oef--IndustrySectorAxis__us-gaap--HealthcareSectorMember_zcs0i10k0hba" style="border-bottom: rgb(88,88,90) 1pt solid; padding-right: 3pt; padding-top: 1pt; vertical-align: top; text-align: right">17.7%</td> </tr> <tr style="background-color: rgb(224,236,248)"> <td style="border-bottom: rgb(88,88,90) 1pt solid; padding-top: 1pt; vertical-align: top; padding-left: 5.4pt">Information Technology</td> <td id="xdx_98C_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000061640Member__oef--IndustrySectorAxis__oef--InformationTechnologySectorMember_zhfXip9tPlV8" style="border-bottom: rgb(88,88,90) 1pt solid; padding-right: 3pt; padding-top: 1pt; vertical-align: top; text-align: right">15.2%</td> </tr> <tr> <td style="border-bottom: rgb(88,88,90) 1pt solid; padding-top: 1pt; vertical-align: top; padding-left: 5.4pt">Industrials</td> <td id="xdx_98E_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000061640Member__oef--IndustrySectorAxis__oef--IndustrialSectorMember_ztWd9hslAhue" style="border-bottom: rgb(88,88,90) 1pt solid; padding-right: 3pt; padding-top: 1pt; vertical-align: top; text-align: right">12.8%</td> </tr> <tr style="background-color: rgb(224,236,248)"> <td style="border-bottom: rgb(88,88,90) 1pt solid; padding-top: 1pt; vertical-align: top; padding-left: 5.4pt">Consumer Discretionary</td> <td id="xdx_986_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000061640Member__oef--IndustrySectorAxis__oef--ConsumerDiscretionarySectorMember_zq6AvWCvd1Hg" style="border-bottom: rgb(88,88,90) 1pt solid; padding-right: 3pt; padding-top: 1pt; vertical-align: top; text-align: right">8.1%</td> </tr> <tr> <td style="border-bottom: rgb(88,88,90) 1pt solid; padding-top: 1pt; vertical-align: top; padding-left: 5.4pt">Real Estate</td> <td id="xdx_984_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000061640Member__oef--IndustrySectorAxis__us-gaap--RealEstateMember_z62r7D4DJSf2" style="border-bottom: rgb(88,88,90) 1pt solid; padding-right: 3pt; padding-top: 1pt; vertical-align: top; text-align: right">7.7%</td> </tr> <tr style="background-color: rgb(224,236,248)"> <td style="border-bottom: rgb(88,88,90) 1pt solid; padding-top: 1pt; vertical-align: top; padding-left: 5.4pt">Consumer Staples</td> <td id="xdx_98B_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000061640Member__oef--IndustrySectorAxis__oef--ConsumerStaplesSectorMember_z12BLmf0Xu4e" style="border-bottom: rgb(88,88,90) 1pt solid; padding-right: 3pt; padding-top: 1pt; vertical-align: top; text-align: right">6.9%</td> </tr> <tr> <td style="border-bottom: rgb(88,88,90) 1pt solid; padding-top: 1pt; vertical-align: top; padding-left: 5.4pt">Utilities</td> <td id="xdx_98F_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000061640Member__oef--IndustrySectorAxis__custom--UtilitiesMember_zR0Ux4SSj0Q9" style="border-bottom: rgb(88,88,90) 1pt solid; padding-right: 3pt; padding-top: 1pt; vertical-align: top; text-align: right">4.3%</td> </tr> <tr style="background-color: rgb(224,236,248)"> <td style="border-bottom: rgb(88,88,90) 1pt solid; padding-top: 1pt; vertical-align: top; padding-left: 5.4pt">Materials</td> <td id="xdx_987_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000061640Member__oef--IndustrySectorAxis__custom--MaterialsMember_zwmJKstr8cUa" style="border-bottom: rgb(88,88,90) 1pt solid; padding-right: 3pt; padding-top: 1pt; vertical-align: top; text-align: right">4.1%</td> </tr> <tr> <td style="border-bottom: rgb(88,88,90) 1pt solid; padding-top: 1pt; vertical-align: top; padding-left: 5.4pt">Net Other Assets & Liabilities</td> <td id="xdx_98C_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000061640Member__oef--IndustrySectorAxis__custom--NetOtherAssetsAndLiabilitiesMember_zSkzdRAXkNwi" style="border-bottom: rgb(88,88,90) 1pt solid; padding-right: 3pt; padding-top: 1pt; vertical-align: top; text-align: right">5.3%</td> </tr> </table> 0.179 0.177 0.152 0.128 0.081 0.077 0.069 0.043 0.041 0.053 http://www.thompsonim.com/forms/index.html 1-800-999-0887 thompsonimfunds@usbank.com Thompson Bond Fund Thompson Bond Fund THOPX Semi-Annual Shareholder Report This semi-annual shareholder report contains important information about the Thompson Bond Fund for the period of December 1, 2025 to May 31, 2026. You can find additional information about the Fund at http://www.thompsonim.com/forms/index.html. You can also request this information by contacting us at 1-800-999-0887 or thompsonimfunds@usbank.com. http://www.thompsonim.com/forms/index.html 1-800-999-0887 thompsonimfunds@usbank.com <table cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font-size: 10pt; margin-bottom: 0pt"> <tr style="font-size: 3pt; vertical-align: top"> <td style="border-top: #2159A8 1pt solid; border-left: #2159A8 1pt solid; font: 3pt Aptos,sans-serif; background-color: White; padding-top: 1pt"> </td> <td colspan="5" style="border-top: #2159A8 1pt solid; font: 3pt Aptos,sans-serif; background-color: White; padding-top: 1pt"> </td> <td style="border-top: #2159A8 1pt solid; border-right: #2159A8 1pt solid; font: 3pt Aptos,sans-serif; background-color: White; padding-top: 1pt"> </td></tr> <tr style="vertical-align: top"> <td style="border-left: #2159A8 1pt solid; background-color: White; padding-top: 3pt; font-family: Aptos,sans-serif"> </td> <td colspan="5" style="padding-bottom: 5pt; background-color: White; padding-top: 3pt; font-family: Aptos,sans-serif">WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)</td> <td style="border-right: #2159A8 1pt solid; background-color: White; padding-top: 3pt; font-family: Aptos,sans-serif"> </td></tr> <tr style="font-size: 5pt; vertical-align: top; background-color: #FAE2D5"> <td style="border-left: #2159A8 1pt solid; font: 5pt Aptos,sans-serif; background-color: White"> </td> <td colspan="2" style="font: 5pt Aptos,sans-serif; background-color: rgb(225,240,251)"> </td> <td style="font: 5pt Aptos,sans-serif; background-color: rgb(225,240,251); text-align: center"> </td> <td colspan="2" style="font: 5pt Aptos,sans-serif; background-color: rgb(225,240,251); text-align: center"> </td> <td style="border-right: #2159A8 1pt solid; font: 5pt Aptos,sans-serif; background-color: White"> </td></tr> <tr style="vertical-align: top; background-color: #FAE2D5"> <td style="border-left: #2159A8 1pt solid; padding-bottom: 0pt; background-color: White; width: 10px; padding-top: 0pt; font-family: Aptos,sans-serif"> </td> <td style="padding-bottom: 0pt; background-color: rgb(225,240,251); width: 10px; padding-top: 0pt; font-family: Aptos,sans-serif"> </td> <td style="padding-bottom: 0pt; background-color: rgb(225,240,251); width: 42%; padding-top: 0pt; font-family: Aptos,sans-serif"> </td> <td style="padding-bottom: 0pt; background-color: rgb(225,240,251); white-space: nowrap; width: 24%; padding-top: 0pt; text-align: center; font-family: Aptos,sans-serif">Costs of a $10,000</td> <td style="padding-bottom: 0pt; background-color: rgb(225,240,251); white-space: nowrap; padding-top: 0pt; text-align: center; font-family: Aptos,sans-serif">Costs paid as a percentage of</td> <td style="padding-bottom: 0pt; background-color: rgb(225,240,251); width: 10px; padding-top: 0pt; text-align: center; font-family: Aptos,sans-serif"> </td> <td style="border-right: #2159A8 1pt solid; padding-bottom: 0pt; background-color: White; width: 10px; padding-top: 0pt; font-family: Aptos,sans-serif"> </td></tr> <tr style="vertical-align: top; background-color: #FAE2D5"> <td style="border-left: #2159A8 1pt solid; padding-bottom: 3pt; background-color: White; font-family: Aptos,sans-serif"> </td> <td style="padding-bottom: 3pt; background-color: rgb(225,240,251); font-family: Aptos,sans-serif"> </td> <td style="border-bottom: #2159A8 1pt solid; padding-bottom: 3pt; background-color: rgb(225,240,251); font-family: Aptos,sans-serif">Fund Name</td> <td style="border-bottom: #2159A8 1pt solid; padding-bottom: 3pt; background-color: rgb(225,240,251); white-space: nowrap; text-align: center; font-family: Aptos,sans-serif">investment</td> <td style="border-bottom: #2159A8 1pt solid; padding-bottom: 3pt; background-color: rgb(225,240,251); white-space: nowrap; text-align: center; font-family: Aptos,sans-serif">a $10,000 investment^</td> <td style="padding-bottom: 3pt; background-color: rgb(225,240,251); text-align: center; font-family: Aptos,sans-serif"> </td> <td style="border-right: #2159A8 1pt solid; padding-bottom: 3pt; background-color: White; font-family: Aptos,sans-serif"> </td></tr> <tr style="vertical-align: top; background-color: #FAE2D5"> <td style="border-left: #2159A8 1pt solid; padding-bottom: 5pt; background-color: White; padding-top: 5pt; font-family: Aptos,sans-serif"> </td> <td style="padding-bottom: 5pt; background-color: rgb(225,240,251); padding-top: 5pt; font-family: Aptos,sans-serif"> </td> <td style="padding-bottom: 5pt; background-color: rgb(225,240,251); padding-top: 5pt; font-family: Aptos,sans-serif">Thompson Bond Fund</td> <td id="xdx_984_eoef--ExpensesPaidAmt_c20251201__20260531__oef--ClassAxis__custom--C000006582Member_z8nHSG7ssOu2" style="padding-bottom: 5pt; background-color: rgb(225,240,251); padding-top: 5pt; text-align: center; font-family: Aptos,sans-serif">$36</td> <td id="xdx_988_eoef--ExpenseRatioPct_c20251201__20260531__oef--ClassAxis__custom--C000006582Member_fXg_____z4K8funwFz9k" style="padding-bottom: 5pt; background-color: rgb(225,240,251); padding-top: 5pt; text-align: center; font-family: Aptos,sans-serif">0.72%</td> <td style="padding-bottom: 5pt; background-color: rgb(225,240,251); padding-top: 5pt; text-align: center; font-family: Aptos,sans-serif"> </td> <td style="border-right: #2159A8 1pt solid; padding-bottom: 5pt; background-color: White; padding-top: 5pt; font-family: Aptos,sans-serif"> </td></tr> <tr style="font-size: 5pt; vertical-align: top"> <td style="border-bottom: #2159A8 1pt solid; border-left: #2159A8 1pt solid; font: 5pt Aptos,sans-serif; background-color: White; padding-top: 1pt"> </td> <td colspan="2" style="border-bottom: #2159A8 1pt solid; font: 5pt Aptos,sans-serif; background-color: White; padding-top: 1pt"> </td> <td style="border-bottom: #2159A8 1pt solid; font: 5pt Aptos,sans-serif; background-color: White; padding-top: 1pt; text-align: center"> </td> <td colspan="2" style="border-bottom: #2159A8 1pt solid; font: 5pt Aptos,sans-serif; background-color: White; padding-top: 1pt; text-align: center"> </td> <td style="border-right: #2159A8 1pt solid; border-bottom: #2159A8 1pt solid; font: 5pt Aptos,sans-serif; background-color: White; padding-top: 1pt"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 1%; text-align: left">^</td><td style="width: 0%"></td><td style="text-align: justify">Annualized</td> </tr></table> 36 0.0072 <table cellpadding="0" cellspacing="0" style="border: rgb(49,138,202) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="padding-top: 3pt; padding-bottom: 3pt"> </td> <td colspan="2" style="border-bottom: rgb(133,134,136) 1pt solid; padding-top: 2pt; padding-bottom: 4pt">KEY FUND STATISTICS (as of May 31, 2026)</td> <td style="padding-top: 3pt; padding-bottom: 3pt"> </td></tr> <tr style="vertical-align: top"> <td style="padding-top: 2pt; padding-bottom: 2pt; width: 0.1in"> </td> <td style="border-bottom: rgb(133,134,136) 1pt solid; padding-top: 2pt; padding-bottom: 2pt; width: 50%">Net Assets</td> <td id="xdx_98E_eus-gaap--AssetsNet_iI_c20260531__oef--ClassAxis__custom--C000006582Member_zREcPhG61Vkc" style="border-bottom: rgb(133,134,136) 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right">$1,934,428,615</td> <td style="padding-top: 2pt; padding-bottom: 2pt; width: 0.1in"> </td></tr> <tr style="vertical-align: top"> <td style="padding-top: 2pt; padding-bottom: 2pt"> </td> <td style="border-bottom: rgb(133,134,136) 1pt solid; padding-top: 2pt; padding-bottom: 2pt">Number of Holdings</td> <td id="xdx_983_eoef--HoldingsCount_iI_c20260531__oef--ClassAxis__custom--C000006582Member_ziHu6ywHmTQ" style="border-bottom: rgb(133,134,136) 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right">527</td> <td style="padding-top: 2pt; padding-bottom: 2pt"> </td></tr> <tr style="vertical-align: top"> <td style="padding-top: 2pt; padding-bottom: 2pt"> </td> <td style="border-bottom: rgb(133,134,136) 1pt solid; padding-top: 2pt; padding-bottom: 2pt">Portfolio Turnover</td> <td id="xdx_987_eus-gaap--InvestmentCompanyPortfolioTurnover_c20251201__20260531__oef--ClassAxis__custom--C000006582Member_z7Zhl02g5Dwj" style="border-bottom: rgb(133,134,136) 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right">10%</td> <td style="padding-top: 2pt; padding-bottom: 2pt"> </td></tr> <tr style="vertical-align: top"> <td style="padding-top: 2pt; padding-bottom: 2pt"> </td> <td style="border-bottom: rgb(133,134,136) 1pt solid; padding-top: 2pt; padding-bottom: 2pt">Average Credit Quality+</td> <td style="border-bottom: rgb(133,134,136) 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right">BBB</td> <td style="padding-top: 2pt; padding-bottom: 2pt"> </td></tr> <tr style="vertical-align: top"> <td style="padding-top: 2pt; padding-bottom: 2pt"> </td> <td style="border-bottom: rgb(133,134,136) 1pt solid; padding-top: 2pt; padding-bottom: 2pt">Effective Duration</td> <td style="border-bottom: rgb(133,134,136) 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: right">3.25 yrs</td> <td style="padding-top: 2pt; padding-bottom: 2pt"> </td></tr> <tr style="vertical-align: top"> <td> </td> <td> </td> <td> </td> <td> </td></tr> </table>

1934428615

527

0.10

<div id="xdx_841_eoef--LargestHoldingsTableTextBlock_hoef--ClassAxis__custom--C000006582Member_dU_zTXs5QMjOuOd"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse; margin-left: 0.05in"> <tr> <td style="border-bottom: rgb(88,88,90) 1pt solid; text-align: left; padding-top: 1pt; vertical-align: bottom; width: 91%; padding-bottom: 1pt">Top 10 Issuers</td> <td style="border-bottom: rgb(88,88,90) 1pt solid; padding-right: 3pt; padding-top: 1pt; vertical-align: bottom; width: 9%; text-align: right; padding-bottom: 1pt">(%)</td> </tr> <tr style="background-color: rgb(224,236,248)"> <td style="border-bottom: rgb(88,88,90) 1pt solid; padding-top: 1pt; vertical-align: top; padding-left: 5.4pt; padding-bottom: 1pt">U.S. Treasury Bills</td> <td id="xdx_986_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000006582Member__oef--LargestHoldingAxis__custom--USTreasuryBillsMember_zrb3egglUIz1" style="border-bottom: rgb(88,88,90) 1pt solid; padding-right: 3pt; padding-top: 1pt; vertical-align: top; text-align: right; padding-bottom: 1pt">3.2%</td> </tr> <tr> <td style="border-bottom: rgb(88,88,90) 1pt solid; padding-top: 1pt; vertical-align: top; padding-left: 5.4pt; padding-bottom: 1pt">Lincoln National Corp.</td> <td id="xdx_983_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000006582Member__oef--LargestHoldingAxis__custom--LincolnNationalCorpMember_zs0EgBBi5BMb" style="border-bottom: rgb(88,88,90) 1pt solid; padding-right: 3pt; padding-top: 1pt; vertical-align: top; text-align: right; padding-bottom: 1pt">2.3%</td> </tr> <tr style="background-color: rgb(224,236,248)"> <td style="border-bottom: rgb(88,88,90) 1pt solid; padding-top: 1pt; vertical-align: top; padding-left: 5.4pt; padding-bottom: 1pt">Brean Asset Backed Securities Trust</td> <td id="xdx_98F_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000006582Member__oef--LargestHoldingAxis__custom--BreanAssetBackedSecuritiesTrustMember_zhjmP04wxXdb" style="border-bottom: rgb(88,88,90) 1pt solid; padding-right: 3pt; padding-top: 1pt; vertical-align: bottom; text-align: right; padding-bottom: 1pt">2.1%</td></tr> <tr> <td style="border-bottom: rgb(88,88,90) 1pt solid; padding-top: 1pt; vertical-align: top; padding-left: 5.4pt; padding-bottom: 1pt">Federal Home Loan Banks</td> <td id="xdx_986_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000006582Member__oef--LargestHoldingAxis__custom--FederalHomeLoanBanksMember_z4N3LzMMmHma" style="border-bottom: rgb(88,88,90) 1pt solid; padding-right: 3pt; padding-top: 1pt; vertical-align: bottom; text-align: right; padding-bottom: 1pt">1.5%</td> </tr> <tr style="background-color: rgb(224,236,248)"> <td style="border-bottom: rgb(88,88,90) 1pt solid; padding-top: 1pt; vertical-align: top; padding-left: 5.4pt; padding-bottom: 1pt">JPMBB Commercial Mortgage Securities Trust</td> <td id="xdx_980_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000006582Member__oef--LargestHoldingAxis__custom--JPMBBCommercialMortgageSecuritiesTrustMember_z72yJ4GbfFl" style="border-bottom: rgb(88,88,90) 1pt solid; padding-right: 3pt; padding-top: 1pt; vertical-align: top; text-align: right; padding-bottom: 1pt">1.2%</td> </tr> <tr> <td style="border-bottom: rgb(88,88,90) 1pt solid; padding-top: 1pt; vertical-align: top; padding-left: 5.4pt; padding-bottom: 1pt">Ginnie Mae REMIC Trust</td> <td id="xdx_986_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000006582Member__oef--LargestHoldingAxis__custom--GinnieMaeREMICTrustMember_zir89pH3ywh5" style="border-bottom: rgb(88,88,90) 1pt solid; padding: 1pt 3pt 1pt 2pt; vertical-align: top; text-align: right">1.2%</td> </tr> <tr style="background-color: rgb(224,236,248)"> <td style="border-bottom: rgb(88,88,90) 1pt solid; padding-top: 1pt; vertical-align: top; padding-left: 5.4pt; padding-bottom: 1pt">COMM Mortgage Trust</td> <td id="xdx_985_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000006582Member__oef--LargestHoldingAxis__custom--COMMMortgageTrustMember_zFMWdgipi5gg" style="border-bottom: rgb(88,88,90) 1pt solid; padding-right: 3pt; padding-top: 1pt; vertical-align: top; text-align: right; padding-bottom: 1pt">1.1%</td> </tr> <tr> <td style="border-bottom: rgb(88,88,90) 1pt solid; padding-top: 1pt; vertical-align: top; padding-left: 5.4pt; padding-bottom: 1pt">WFRBS Commercial Mortgage Trust</td> <td id="xdx_98E_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000006582Member__oef--LargestHoldingAxis__custom--WFRBSCommercialMortgageTrustMember_zzmE4sS4j9m2" style="border-bottom: rgb(88,88,90) 1pt solid; padding-right: 3pt; padding-top: 1pt; vertical-align: top; text-align: right; padding-bottom: 1pt">1.1%</td> </tr> <tr style="background-color: rgb(224,236,248)"> <td style="border-bottom: rgb(88,88,90) 1pt solid; padding-top: 1pt; vertical-align: top; padding-left: 5.4pt; padding-bottom: 1pt">TransCanada PipeLines Ltd.</td> <td id="xdx_98E_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000006582Member__oef--LargestHoldingAxis__custom--TransCanadaPipeLinesLtdMember_zfR9lkXSktF" style="border-bottom: rgb(88,88,90) 1pt solid; padding-right: 3pt; padding-top: 1pt; vertical-align: bottom; text-align: right; padding-bottom: 1pt">0.8%</td> </tr> <tr> <td style="border-bottom: rgb(88,88,90) 1pt solid; padding-top: 1pt; vertical-align: top; padding-left: 5.4pt; padding-bottom: 1pt">Morgan Stanley Bank of America Merrill Lynch Trust</td> <td id="xdx_98B_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000006582Member__oef--LargestHoldingAxis__custom--MorganStanleyBankOfAmericaMerrillLynchTrustMember_zO7iThWKujY8" style="border-bottom: rgb(88,88,90) 1pt solid; padding-right: 3pt; padding-top: 1pt; vertical-align: bottom; text-align: right; padding-bottom: 1pt">0.8%</td> </tr> </table> 0.032 0.023 0.021 0.015 0.012 0.012 0.011 0.011 0.008 0.008 <div id="xdx_84A_eoef--HoldingsTableTextBlock_hoef--ClassAxis__custom--C000006582Member_dU_zAlUzS5Doocf"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse; margin-right: 0.1in"> <tr> <td style="border-bottom: rgb(88,88,90) 1pt solid; text-align: left; padding-top: 1pt; vertical-align: top; width: 99%; padding-bottom: 1pt">Asset Allocation</td> <td style="border-bottom: rgb(88,88,90) 1pt solid; padding-right: 3pt; padding-top: 1pt; vertical-align: top; width: 1%; text-align: right; padding-bottom: 1pt">(%)</td> </tr> <tr style="background-color: rgb(224,236,248)"> <td style="border-bottom: rgb(88,88,90) 1pt solid; padding-top: 1pt; vertical-align: top; padding-left: 5.4pt; padding-bottom: 1pt">Corporate Bonds</td> <td id="xdx_98C_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000006582Member__us-gaap--InvestmentTypeAxis__us-gaap--CorporateBondSecuritiesMember_zCo2RoKxkPw1" style="border-bottom: rgb(88,88,90) 1pt solid; padding-right: 3pt; padding-top: 1pt; vertical-align: top; text-align: right; padding-bottom: 1pt">73.2%</td> </tr> <tr> <td style="border-bottom: rgb(88,88,90) 1pt solid; padding-top: 1pt; vertical-align: top; padding-left: 5.4pt; padding-bottom: 1pt">Commercial Mortgage-Backed Securities</td> <td id="xdx_983_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000006582Member__us-gaap--InvestmentTypeAxis__us-gaap--CommercialMortgageBackedSecuritiesMember_zap3gzCQl4p9" style="border-bottom: rgb(88,88,90) 1pt solid; padding-right: 3pt; padding-top: 1pt; vertical-align: top; text-align: right; padding-bottom: 1pt">8.2%</td> </tr> <tr style="background-color: rgb(224,236,248)"> <td style="border-bottom: rgb(88,88,90) 1pt solid; padding-top: 1pt; vertical-align: top; padding-left: 5.4pt; padding-bottom: 1pt; width: 99%">Asset-Backed Securities</td> <td id="xdx_98A_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000006582Member__us-gaap--InvestmentTypeAxis__us-gaap--AssetBackedSecuritiesMember_zRoL51DPMnw8" style="border-bottom: rgb(88,88,90) 1pt solid; padding-right: 3pt; padding-top: 1pt; vertical-align: bottom; text-align: right; padding-bottom: 1pt; width: 1%">7.7%</td> </tr> <tr> <td style="border-bottom: rgb(88,88,90) 1pt solid; padding-top: 1pt; vertical-align: top; padding-left: 5.4pt; padding-bottom: 1pt; width: 99%">U.S. Government & Agency Securities</td> <td id="xdx_980_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000006582Member__us-gaap--InvestmentTypeAxis__us-gaap--USGovernmentCorporationsAndAgenciesSecuritiesMember_zjVLFHOaqnek" style="border-bottom: rgb(88,88,90) 1pt solid; padding-right: 3pt; padding-top: 1pt; vertical-align: bottom; text-align: right; padding-bottom: 1pt; width: 1%">4.8%</td> </tr> <tr style="background-color: rgb(224,236,248)"> <td style="border-bottom: rgb(88,88,90) 1pt solid; padding-top: 1pt; vertical-align: top; padding-left: 5.4pt; padding-bottom: 1pt; width: 99%">Residential Mortgage-Backed Securities</td> <td id="xdx_986_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000006582Member__us-gaap--InvestmentTypeAxis__us-gaap--ResidentialMortgageBackedSecuritiesMember_zGNjOSMOuRGi" style="border-bottom: rgb(88,88,90) 1pt solid; padding-right: 3pt; padding-top: 1pt; vertical-align: bottom; text-align: right; padding-bottom: 1pt; width: 1%">2.6%</td> </tr> <tr> <td style="border-bottom: rgb(88,88,90) 1pt solid; padding-top: 1pt; vertical-align: top; padding-left: 5.4pt; padding-bottom: 1pt; width: 99%">U.S. Government Agency Mortgage-Backed Securities</td> <td id="xdx_984_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000006582Member__us-gaap--InvestmentTypeAxis__us-gaap--MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember_zI8QPxz1sqwe" style="border-bottom: rgb(88,88,90) 1pt solid; padding-right: 3pt; padding-top: 1pt; vertical-align: bottom; text-align: right; padding-bottom: 1pt; width: 1%">1.8%</td> </tr> <tr style="background-color: rgb(224,236,248)"> <td style="border-bottom: rgb(88,88,90) 1pt solid; padding-top: 1pt; vertical-align: top; padding-left: 5.4pt; padding-bottom: 1pt">Net Other Assets & Liabilities</td><td id="xdx_98A_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000006582Member__us-gaap--InvestmentTypeAxis__custom--NetOtherAssetsAndLiabilitiesMember_z0FZ20HEO3V4" style="border-bottom: rgb(88,88,90) 1pt solid; padding-right: 3pt; padding-top: 1pt; vertical-align: bottom; text-align: right; padding-bottom: 1pt">1.7%</td></tr> </table> <div style="float: left; width: 2%"> </div> <div style="float: left; width: 32%"> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse; margin-right: 0.1in"> <tr> <td style="border-bottom: rgb(88,88,90) 1pt solid; text-align: left; padding-top: 1pt; vertical-align: top; width: 99%; padding-bottom: 1pt">Credit Rating Description+</td> <td style="border-bottom: rgb(88,88,90) 1pt solid; padding-right: 3pt; padding-top: 1pt; vertical-align: top; width: 1%; text-align: right; padding-bottom: 1pt">(%)</td> </tr> <tr style="background-color: rgb(224,236,248)"> <td style="border-bottom: rgb(88,88,90) 1pt solid; padding-top: 1pt; vertical-align: top; padding-left: 5.4pt; padding-bottom: 1pt">AAA AAA Rating [Member]</td> <td id="xdx_986_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000006582Member__oef--CreditQualityAxis__srt--StandardPoorsAAARatingMember_fKw_____zJyk4BefT17h" style="border-bottom: rgb(88,88,90) 1pt solid; padding-right: 3pt; padding-top: 1pt; vertical-align: top; text-align: right; padding-bottom: 1pt">3.0%</td> </tr> <tr> <td style="border-bottom: rgb(88,88,90) 1pt solid; padding-top: 1pt; vertical-align: top; padding-left: 5.4pt; padding-bottom: 1pt">AA AA Rating [Member]</td> <td id="xdx_98E_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000006582Member__oef--CreditQualityAxis__srt--StandardPoorsAARatingMember_fKw_____zmvdfhpeVH6" style="border-bottom: rgb(88,88,90) 1pt solid; padding-right: 3pt; padding-top: 1pt; vertical-align: top; text-align: right; padding-bottom: 1pt">7.8%</td> </tr> <tr style="background-color: rgb(224,236,248)"> <td style="border-bottom: rgb(88,88,90) 1pt solid; padding-top: 1pt; vertical-align: top; padding-left: 5.4pt; padding-bottom: 1pt">A A Rating [Member]</td> <td id="xdx_98F_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000006582Member__oef--CreditQualityAxis__srt--StandardPoorsARatingMember_fKw_____zEysH5f2BVCg" style="border-bottom: rgb(88,88,90) 1pt solid; padding-right: 3pt; padding-top: 1pt; vertical-align: top; text-align: right; padding-bottom: 1pt">12.3%</td> </tr> <tr> <td style="border-bottom: rgb(88,88,90) 1pt solid; padding-top: 1pt; vertical-align: top; padding-left: 5.4pt; padding-bottom: 1pt">BBB BBB Rating [Member]</td> <td id="xdx_980_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000006582Member__oef--CreditQualityAxis__srt--StandardPoorsBBBRatingMember_fKw_____z4vMseEzpdPl" style="border-bottom: rgb(88,88,90) 1pt solid; padding-right: 3pt; padding-top: 1pt; vertical-align: top; text-align: right; padding-bottom: 1pt">61.9%</td> </tr> <tr style="background-color: rgb(224,236,248)"> <td style="border-bottom: rgb(88,88,90) 1pt solid; padding-top: 1pt; vertical-align: top; padding-left: 5.4pt; padding-bottom: 1pt">BB and Below </td> <td id="xdx_98A_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000006582Member__oef--CreditQualityAxis__custom--StandardPoorsBBandBelowMember_fKw_____zxrPGI5CVfkb" style="border-bottom: rgb(88,88,90) 1pt solid; padding-right: 3pt; padding-top: 1pt; vertical-align: top; text-align: right; padding-bottom: 1pt">12.1%</td> </tr> <tr> <td style="border-bottom: rgb(88,88,90) 1pt solid; padding-top: 1pt; vertical-align: top; padding-left: 5.4pt; padding-bottom: 1pt">Not Rated</td> <td id="xdx_98E_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000006582Member__oef--CreditQualityAxis__custom--NotRatedMember_fKw_____zPriKUBqiL35" style="border-bottom: rgb(88,88,90) 1pt solid; padding-right: 3pt; padding-top: 1pt; vertical-align: top; text-align: right; padding-bottom: 1pt">1.2%</td> </tr> <tr style="background-color: rgb(224,236,248)"> <td style="border-bottom: rgb(88,88,90) 1pt solid; padding-top: 1pt; vertical-align: top; padding-left: 5.4pt; padding-bottom: 1pt">Net Other Assets & Liabilities</td> <td id="xdx_987_eoef--PctOfNav_iI_c20260531__oef--ClassAxis__custom--C000006582Member__oef--CreditQualityAxis__custom--NetOtherAssetsAndLiabilitiesMember_fKw_____zPdRb8jXTyc" style="border-bottom: rgb(88,88,90) 1pt solid; padding-right: 3pt; padding-top: 1pt; vertical-align: bottom; text-align: right; padding-bottom: 1pt">1.7%</td> </tr> </table> </div> <div style="clear: both"></div> <table cellpadding="0" cellspacing="0" style="font: 9pt Arial, Helvetica, Sans-Serif; color: rgb(84,84,86); margin-top: 6pt; width: 100%; margin-bottom: 10pt"><tr style="vertical-align: top; text-align: justify"> <td style="width: 2%; text-align: left">+</td><td style="text-align: left; width: 98%">Ratings provided by Standard & Poor’s, Moody’s, and Fitch. When ratings are available from multiple rating agencies, a conservative methodology is to be adopted: For cases where there are three distinct ratings available, use the middle-quality rating (dropping the highest and lowest ratings); if two different ratings are available, use the lower rating; if only one agency rates a holding, then use that rating. For certain securities that are not rated by any of these three agencies, credit ratings from other agencies may be used. For cases where there is not a rating available from any agency, the holding is classified as Not Rated. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest).</td> </tr></table> 0.732 0.082 0.077 0.048 0.026 0.018 0.017 0.030 0.078 0.123 0.619 0.121 0.012 0.017 Ratings provided by Standard & Poor’s, Moody’s, and Fitch. When ratings are available from multiple rating agencies, a conservative methodology is to be adopted: For cases where there are three distinct ratings available, use the middle-quality rating (dropping the highest and lowest ratings); if two different ratings are available, use the lower rating; if only one agency rates a holding, then use that rating. For certain securities that are not rated by any of these three agencies, credit ratings from other agencies may be used. For cases where there is not a rating available from any agency, the holding is classified as Not Rated. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest). http://www.thompsonim.com/forms/index.html 1-800-999-0887 thompsonimfunds@usbank.com Annualized Annualized Annualized Ratings provided by Standard & Poor’s, Moody’s, and Fitch. When ratings are available from multiple rating agencies, a conservative methodology is to be adopted: For cases where there are three distinct ratings available, use the middle-quality rating (dropping the highest and lowest ratings); if two different ratings are available, use the lower rating; if only one agency rates a holding, then use that rating. For certain securities that are not rated by any of these three agencies, credit ratings from other agencies may be used. For cases where there is not a rating available from any agency, the holding is classified as Not Rated. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest).