0000795259moa:C000047657Member2022-12-31
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 811-05084
MoA Funds Corporation
(Exact name of registrant as specified in charter)
320 Park Avenue, New York, N.Y. 10022
(Address of principal executive offices) (Zip code)
Joseph R. Gaffoglio
Chief Executive Officer and Principal Executive Officer
MoA Funds Corporation
320 Park Avenue
New York, NY 10022
(Name and address of agent for service)
Registrant’s telephone number, including area code:
(212) 224-1600
Date of fiscal year end: December 31
Date of reporting period: December 31, 2024
| ITEM 1. | REPORTS TO STOCKHOLDERS. |
MoA Equity Index Fund - MAEIX
Annual Shareholder Report - December 31, 2024
This annual shareholder report contains important information about MoA Equity Index Fund for the period of January 1, 2024 to December 31, 2024. You can find additional information about the fund at https://moafunds.com/docs. You can also request this information by contacting us at 800.914.8716.
What were the Fund costs for the last year?
(based on hypothetical $10,000 investment)
| Fund name | Cost of a $10,000 investment | Cost paid as a % of a $10,000 investment |
|---|
| MoA Equity Index Fund | $13 | 0.12% |
|---|
How did the Fund perform over the past 12 months?
The Fund’s performance for the 12 months ended December 31, 2024, was 25.02% before expenses and 24.83% after expenses. The S&P 500® Index, returned 25.02% over the same period. During the period a small number of large-cap growth stocks accounted for a disproportionate percentage of the Index’s return. A long-term view and potential overall portfolio diversification benefits should be considered when reviewing the Fund’s performance.
How did the Fund perform over the past 10 years?
The Fund performed in line with its benchmark over the 10-year period. The Fund seeks investment results that correspond to the performance of the benchmark.
Total Return Based on $10,000 Investment
| MoA Equity Index Fund | S&P 500 Index |
|---|
| 12/14 | $10,000 | $10,000 |
|---|
| 12/15 | $10,114 | $10,138 |
|---|
| 12/16 | $11,305 | $11,351 |
|---|
| 12/17 | $13,746 | $13,829 |
|---|
| 12/18 | $13,147 | $13,223 |
|---|
| 12/19 | $17,246 | $17,386 |
|---|
| 12/20 | $20,383 | $20,585 |
|---|
| 12/21 | $26,193 | $26,494 |
|---|
| 12/22 | $21,416 | $21,696 |
|---|
| 12/23 | $27,009 | $27,399 |
|---|
| 12/24 | $33,715 | $34,254 |
|---|
The graph above represents historical performance of the hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter). The graph and table below show changes in the Fund's performance from year to year as compared to the performance of a broad-based, unmanaged index. A fund's past performance does not necessarily indicate how it will perform in the future. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The graph and table presented do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
| Total Net Assets | $5,867,961,953 |
|---|
| # of Portfolio Holdings | 515 |
|---|
| Portfolio Turnover Rate | 8.64% |
|---|
| Advisory Fees Paid | $4,233,082 |
|---|
The fund’s past performance is not a good predictor of how the fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
Average Annual Total Returns (%)
| 1 Year | 5 Years | 10 Years |
|---|
| MoA Equity Index Fund | 24.83% | 14.35% | 12.92% |
|---|
| S&P 500 Index | 25.02% | 14.53% | 13.10% |
|---|
What did the Fund invest in?
The MoA Equity Index Fund seeks investment results that correspond to the performance of the S&P 500® Index.
Asset Class Weightings
(% of Total Net Assets)
| Value | Value |
|---|
| Common Stock | 98.4% |
| Short-Term Debt, Cash Investment and Other Net Assets | 1.6% |
Industry Weightings
(% of Total Net Assets)
| Value | Value |
|---|
| Information Technology | 32.0% |
| Financials | 13.4% |
| Consumer Discretionary | 11.1% |
| Health Care | 9.9% |
| Communication Services | 9.2% |
| Industrials | 8.0% |
| Consumer Staples | 5.4% |
| Energy | 3.1% |
| Utilities | 2.3% |
| Real Estate | 2.1% |
| Materials | 1.9% |
| Short-Term Debt, Cash Investment and Other Net Assets | 1.6% |
Top 10 Holdings
(% of Total Net Assets)
| Apple, Inc. | 7.5% |
| NVIDIA Corp. | 6.5% |
| Microsoft Corp. | 6.2% |
| Amazon.com, Inc. | 4.1% |
| Meta Platforms, Inc. Cl A | 2.5% |
| Tesla, Inc. | 2.2% |
| Alphabet, Inc. Cl A | 2.2% |
| Broadcom, Inc. | 2.1% |
| Alphabet, Inc. Cl C | 1.8% |
| Berkshire Hathaway, Inc. Cl B | 1.6% |
During the year, the Fund did not have any material fund changes.
Change in or Disagreements with Accountants
During the year, the Fund did not have any changes or disagreements with Accountants.
To reduce expense, the Funds may mail only one copy of the prospectus, and each annual and semiannual Tailored Shareholder report to those addresses shared by two or more accounts. If you wish to receive individual copies of these documents, please contact your advisor, administrator or the Funds at 800-914-8716.
MoA Equity Index Fund - MAEIX
Annual Shareholder Report - December 31, 2024
If you wish to view additional information about the Fund, its prospectus, financial information, and holdings, please visit www.moafunds.com.
MoA All America Fund - MAAKX
Annual Shareholder Report - December 31, 2024
This annual shareholder report contains important information about MoA All America Fund for the period of January 1, 2024 to December 31, 2024. You can find additional information about the fund at https://moafunds.com/docs. You can also request this information by contacting us at 800.914.8716.
What were the Fund costs for the last year?
(based on hypothetical $10,000 investment)
| Fund name | Cost of a $10,000 investment | Cost paid as a % of a $10,000 investment |
|---|
| MoA All America Fund | $55 | 0.50% |
|---|
How did the Fund perform over the past 12 months?
The Fund’s performance for the 12 months ended December 31, 2024, was 19.72% before expenses and 19.12% after expenses. The Russell 3000® Index, returned 23.81% over the same period. Small- and mid-cap stocks lagged large-caps, as measured by the S&P 500® Index, as a few large-cap growth stocks accounted for a disproportionate percentage of the S&P’s return. A long-term view and potential overall portfolio diversification benefits, which include holding companies of various sizes, should be considered when reviewing the Fund’s performance.
How did the Fund perform over the past 10 years?
The Fund underperformed its benchmark over the 10-year period. In general, small- and mid-cap stocks have lagged large-cap stocks, as measured by the S&P 500® Index, over the past several years.
Total Return Based on $10,000 Investment
| MoA All America Fund | Russell 3000 Index |
|---|
| 12/14 | $10,000 | $10,000 |
|---|
| 12/15 | $9,986 | $10,048 |
|---|
| 12/16 | $11,121 | $11,327 |
|---|
| 12/17 | $13,262 | $13,721 |
|---|
| 12/18 | $12,184 | $13,002 |
|---|
| 12/19 | $15,615 | $17,035 |
|---|
| 12/20 | $18,263 | $20,593 |
|---|
| 12/21 | $23,206 | $25,877 |
|---|
| 12/22 | $19,099 | $20,907 |
|---|
| 12/23 | $22,982 | $26,334 |
|---|
| 12/24 | $27,375 | $32,604 |
|---|
The graph above represents historical performance of the hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter). The graph and table below show changes in the Fund's performance from year to year as compared to the performance of a broad-based, unmanaged index. A fund's past performance does not necessarily indicate how it will perform in the future. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The graph and table presented do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
| Total Net Assets | $308,643,745 |
|---|
| # of Portfolio Holdings | 695 |
|---|
| Portfolio Turnover Rate | 30.64% |
|---|
| Advisory Fees Paid | $1,232,230 |
|---|
The fund’s past performance is not a good predictor of how the fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
Average Annual Total Returns (%)
| 1 Year | 5 Years | 10 Years |
|---|
| MoA All America Fund | 19.12% | 11.88% | 10.60% |
|---|
| Russell 3000 Index | 23.81% | 13.86% | 12.55% |
|---|
What did the Fund invest in?
The MoA All America Fund provides access to a broad spectrum of the U.S. equity market, including small-, mid- and large-capitalization companies. This Fund seeks to outperform the Russell 3000® Index.
Asset Class Weightings
(% of Total Net Assets)
| Value | Value |
|---|
| Common Stock | 97.8% |
| Short-Term Debt, Cash Investment and Other Net Assets | 2.2% |
Industry Weightings
(% of Total Net Assets)
| Value | Value |
|---|
| Information Technology | 23.6% |
| Financials | 14.7% |
| Industrials | 12.1% |
| Health Care | 11.4% |
| Consumer Discretionary | 10.5% |
| Communication Services | 6.1% |
| Consumer Staples | 4.7% |
| Energy | 4.2% |
| Real Estate | 4.0% |
| Utilities | 3.4% |
| Materials | 3.1% |
| Short-Term Debt, Cash Investment and Other Net Assets | 2.2% |
Top 10 Holdings
(% of Total Net Assets)
| Apple, Inc. | 4.5% |
| NVIDIA Corp. | 3.9% |
| Microsoft Corp. | 3.7% |
| Amazon.com, Inc. | 2.4% |
| Meta Platforms, Inc. Cl A | 1.5% |
| Tesla, Inc. | 1.3% |
| Alphabet, Inc. Cl A | 1.3% |
| Broadcom, Inc. | 1.3% |
| Alphabet, Inc. Cl C | 1.1% |
| Berkshire Hathaway, Inc. Cl B | 1.0% |
During the year, the Fund did not have any material fund changes.
Change in or Disagreements with Accountants
During the year, the Fund did not have any changes or disagreements with Accountants.
To reduce expense, the Funds may mail only one copy of the prospectus, and each annual and semiannual Tailored Shareholder report to those addresses shared by two or more accounts. If you wish to receive individual copies of these documents, please contact your advisor, administrator or the Funds at 800-914-8716.
MoA All America Fund - MAAKX
Annual Shareholder Report - December 31, 2024
If you wish to view additional information about the Fund, its prospectus, financial information, and holdings, please visit www.moafunds.com.
MoA Small Cap Value Fund - MAVKX
Annual Shareholder Report - December 31, 2024
This annual shareholder report contains important information about MoA Small Cap Value Fund for the period of January 1, 2024 to December 31, 2024. You can find additional information about the fund at https://moafunds.com/docs. You can also request this information by contacting us at 800.914.8716.
What were the Fund costs for the last year?
(based on hypothetical $10,000 investment)
| Fund name | Cost of a $10,000 investment | Cost paid as a % of a $10,000 investment |
|---|
| MoA Small Cap Value Fund | $86 | 0.81% |
|---|
How did the Fund perform over the past 12 months?
The Fund’s performance for the 12 months ended December 31, 2024, was 12.21% before expenses and 11.29% after expenses. The Russell 2000® Value Index, returned 8.05% over the same period. Small-cap stocks lagged large-caps, as measured by the S&P 500® Index, as a few large-cap growth stocks accounted for a disproportionate percentage of the S&P’s return. A long-term view and potential overall portfolio diversification benefits, which include holding companies of various sizes, should be considered when reviewing the performance of small-cap stocks.
How did the Fund perform over the past 10 years?
The Fund underperformed its benchmark over the 10-year period. In general, small-cap stocks have lagged large-cap stocks, as measured by the S&P 500® Index, over the past several years.
Total Return Based on $10,000 Investment
| MoA Small Cap Value Fund | Russell 3000 Index | Russell 2000 Value Index |
|---|
| 12/14 | $10,000 | $10,000 | $10,000 |
|---|
| 12/15 | $9,653 | $10,048 | $9,253 |
|---|
| 12/16 | $11,588 | $11,327 | $12,190 |
|---|
| 12/17 | $12,569 | $13,721 | $13,146 |
|---|
| 12/18 | $10,725 | $13,002 | $11,455 |
|---|
| 12/19 | $12,746 | $17,035 | $14,020 |
|---|
| 12/20 | $12,245 | $20,593 | $14,669 |
|---|
| 12/21 | $16,198 | $25,877 | $18,816 |
|---|
| 12/22 | $14,608 | $20,907 | $16,091 |
|---|
| 12/23 | $16,009 | $26,334 | $18,448 |
|---|
| 12/24 | $17,816 | $32,604 | $19,934 |
|---|
The graph above represents historical performance of the hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter). The graph and table below show changes in the Fund's performance from year to year as compared to the performance of a broad-based, unmanaged index. A fund's past performance does not necessarily indicate how it will perform in the future. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The graph and table presented do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
| Total Net Assets | $397,699,930 |
|---|
| # of Portfolio Holdings | 89 |
|---|
| Portfolio Turnover Rate | 47.84% |
|---|
| Advisory Fees Paid | $2,950,486 |
|---|
The fund’s past performance is not a good predictor of how the fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
Average Annual Total Returns (%)
| 1 Year | 5 Years | 10 Years |
|---|
| MoA Small Cap Value Fund | 11.29% | 6.93% | 5.94% |
|---|
| Russell 3000 Index | 23.81% | 13.86% | 12.55% |
|---|
| Russell 2000 Value Index | 8.05% | 7.29% | 7.14% |
|---|
What did the Fund invest in?
The actively managed MoA Small Cap Value Fund, which seeks capital appreciation, invests in smaller companies we believe to be undervalued and have the potential for share price appreciation.
Asset Class Weightings
(% of Total Net Assets)
| Value | Value |
|---|
| Common Stock | 99.4% |
| Short-Term Debt, Cash Investment and Other Net Assets | 0.6% |
Industry Weightings
(% of Total Net Assets)
| Value | Value |
|---|
| Financials | 27.7% |
| Industrials | 15.0% |
| Health Care | 11.4% |
| Real Estate | 11.3% |
| Consumer Discretionary | 9.7% |
| Energy | 7.3% |
| Information Technology | 5.6% |
| Materials | 5.0% |
| Utilities | 3.9% |
| Consumer Staples | 1.9% |
| Communication Services | 0.6% |
| Short-Term Debt, Cash Investment and Other Net Assets | 0.6% |
Top 10 Holdings
(% of Total Net Assets)
| Mueller Industries, Inc. | 3.1% |
| Stock Yards Bancorp, Inc. | 2.3% |
| American Healthcare REIT, Inc. | 2.2% |
| First Advantage Corp. | 2.0% |
| Essent Group Ltd. | 2.0% |
| Skyward Specialty Insurance Group, Inc. | 2.0% |
| UMB Financial Corp. | 2.0% |
| Vail Resorts, Inc. | 1.9% |
| Enpro, Inc. | 1.8% |
| Banner Corp. | 1.8% |
During the year, the Fund did not have any material fund changes.
Change in or Disagreements with Accountants
During the year, the Fund did not have any changes or disagreements with Accountants.
To reduce expense, the Funds may mail only one copy of the prospectus, and each annual and semiannual Tailored Shareholder report to those addresses shared by two or more accounts. If you wish to receive individual copies of these documents, please contact your advisor, administrator or the Funds at 800-914-8716.
MoA Small Cap Value Fund - MAVKX
Annual Shareholder Report - December 31, 2024
If you wish to view additional information about the Fund, its prospectus, financial information, and holdings, please visit www.moafunds.com.
MoA Small Cap Growth Fund - MAGKX
Annual Shareholder Report - December 31, 2024
This annual shareholder report contains important information about MoA Small Cap Growth Fund for the period of January 1, 2024 to December 31, 2024. You can find additional information about the fund at https://moafunds.com/docs. You can also request this information by contacting us at 800.914.8716.
What were the Fund costs for the last year?
(based on hypothetical $10,000 investment)
| Fund name | Cost of a $10,000 investment | Cost paid as a % of a $10,000 investment |
|---|
| MoA Small Cap Growth Fund | $86 | 0.82% |
|---|
How did the Fund perform over the past 12 months?
The Fund’s performance for the 12 months ended December 31, 2024, was 10.83% before expenses and 9.92% after expenses. The Russell 2000® Growth Index, returned 15.15% over the same period. Small-cap stocks lagged large-caps, as measured by the S&P 500® Index, as a few large-cap growth stocks accounted for a disproportionate percentage of the S&P’s return. A long-term view and potential overall portfolio diversification benefits, which include holding companies of various sizes, should be considered when reviewing the performance of small-cap stocks.
How did the Fund perform over the past 10 years?
The Fund performed in line with its benchmark over the 10-year period. In general, small-cap stocks have lagged large-cap stocks, as measured by the S&P 500® Index, over the past several years.
Total Return Based on $10,000 Investment
| MoA Small Cap Growth Fund | Russell 3000 Index | Russell 2000 Growth Index |
|---|
| 12/14 | $10,000 | $10,000 | $10,000 |
|---|
| 12/15 | $9,744 | $10,048 | $9,862 |
|---|
| 12/16 | $10,537 | $11,327 | $10,978 |
|---|
| 12/17 | $13,017 | $13,721 | $13,411 |
|---|
| 12/18 | $11,398 | $13,002 | $12,163 |
|---|
| 12/19 | $14,425 | $17,035 | $15,628 |
|---|
| 12/20 | $20,715 | $20,593 | $21,040 |
|---|
| 12/21 | $22,866 | $25,877 | $21,636 |
|---|
| 12/22 | $16,379 | $20,907 | $15,933 |
|---|
| 12/23 | $18,938 | $26,334 | $18,906 |
|---|
| 12/24 | $20,817 | $32,604 | $21,772 |
|---|
The graph above represents historical performance of the hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter). The graph and table below show changes in the Fund's performance from year to year as compared to the performance of a broad-based, unmanaged index. A fund's past performance does not necessarily indicate how it will perform in the future. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The graph and table presented do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
| Total Net Assets | $397,691,404 |
|---|
| # of Portfolio Holdings | 107 |
|---|
| Portfolio Turnover Rate | 43.85% |
|---|
| Advisory Fees Paid | $3,022,361 |
|---|
The fund’s past performance is not a good predictor of how the fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
Average Annual Total Returns (%)
| 1 Year | 5 Years | 10 Years |
|---|
| MoA Small Cap Growth Fund | 9.92% | 7.61% | 7.61% |
|---|
| Russell 3000 Index | 23.81% | 13.86% | 12.55% |
|---|
| Russell 2000 Growth Index | 15.15% | 6.86% | 8.09% |
|---|
What did the Fund invest in?
The actively managed MoA Small Cap Growth Fund, which seeks capital appreciation, invests in smaller companies we believe have the potential to outperform their peers while being mindful of risk.
Asset Class Weightings
(% of Total Net Assets)
| Value | Value |
|---|
| Common Stock | 98.7% |
| Short-Term Debt, Cash Investment and Other Net Assets | 1.3% |
Industry Weightings
(% of Total Net Assets)
| Value | Value |
|---|
| Health Care | 26.2% |
| Industrials | 21.3% |
| Information Technology | 20.3% |
| Financials | 8.8% |
| Consumer Discretionary | 8.5% |
| Energy | 3.9% |
| Materials | 3.1% |
| Consumer Staples | 3.0% |
| Real Estate | 1.6% |
| Utilities | 1.3% |
| Communication Services | 0.7% |
| Short-Term Debt, Cash Investment and Other Net Assets | 1.3% |
Top 10 Holdings
(% of Total Net Assets)
| ESCO Technologies, Inc. | 2.1% |
| Sterling Infrastructure, Inc. | 2.0% |
| Federal Signal Corp. | 2.0% |
| Northern Oil & Gas, Inc. | 1.9% |
| Workiva, Inc. Cl A | 1.8% |
| Grid Dynamics Hldgs., Inc. | 1.8% |
| Huron Consulting Group, Inc. | 1.7% |
| First Financial Bankshares, Inc. | 1.7% |
| Corcept Therapeutics, Inc. | 1.7% |
| PJT Partners, Inc. Cl A | 1.6% |
During the year, the Fund did not have any material fund changes.
Change in or Disagreements with Accountants
During the year, the Fund did not have any changes or disagreements with Accountants.
To reduce expense, the Funds may mail only one copy of the prospectus, and each annual and semiannual Tailored Shareholder report to those addresses shared by two or more accounts. If you wish to receive individual copies of these documents, please contact your advisor, administrator or the Funds at 800-914-8716.
MoA Small Cap Growth Fund - MAGKX
Annual Shareholder Report - December 31, 2024
If you wish to view additional information about the Fund, its prospectus, financial information, and holdings, please visit www.moafunds.com.
MoA Small Cap Equity Index Fund - MASOX
Annual Shareholder Report - December 31, 2024
This annual shareholder report contains important information about MoA Small Cap Equity Index Fund for the period of January 1, 2024 to December 31, 2024. You can find additional information about the fund at https://moafunds.com/docs. You can also request this information by contacting us at 800.914.8716.
What were the Fund costs for the last year?
(based on hypothetical $10,000 investment)
| Fund name | Cost of a $10,000 investment | Cost paid as a % of a $10,000 investment |
|---|
| MoA Small Cap Equity Index Fund | $14 | 0.13% |
|---|
How did the Fund perform over the past 12 months?
The Fund’s performance for the 12 months ended December 31, 2024, was 8.70% before expenses and 8.55% after expenses. The S&P SmallCap® 600 Index, returned 8.70% over the same period. Small-cap stocks lagged large-caps, as measured by the S&P 500® Index, as a few large-cap growth stocks accounted for a disproportionate percentage of the S&P’s return. A long-term view and potential overall portfolio diversification benefits, which include holding companies of various sizes, should be considered when reviewing the performance of small-cap stocks.
How did the Fund perform since inception?
The Fund performed in line with its benchmark since its inception on July 2, 2018. The Fund seeks investment results that correspond to the performance of the benchmark.
Total Return Based on $10,000 Investment
| MoA Small Cap Equity Index Fund | S&P 500 Index | S&P SmallCap 600 Index |
|---|
| 07/18 | $10,000 | $10,000 | $10,000 |
|---|
| 12/18 | $8,368 | $9,286 | $8,286 |
|---|
| 12/19 | $10,190 | $12,210 | $10,173 |
|---|
| 12/20 | $11,301 | $14,456 | $11,322 |
|---|
| 12/21 | $14,303 | $18,606 | $14,358 |
|---|
| 12/22 | $11,970 | $15,236 | $12,047 |
|---|
| 12/23 | $13,870 | $19,241 | $13,980 |
|---|
| 12/24 | $15,055 | $24,056 | $15,196 |
|---|
The graph above represents historical performance of the hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter). The graph and table below show changes in the Fund's performance from year to year as compared to the performance of a broad-based, unmanaged index. A fund's past performance does not necessarily indicate how it will perform in the future. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The graph and table presented do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
| Total Net Assets | $210,033,937 |
|---|
| # of Portfolio Holdings | 606 |
|---|
| Portfolio Turnover Rate | 35.80% |
|---|
| Advisory Fees Paid | $0 |
|---|
The fund’s past performance is not a good predictor of how the fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
Average Annual Total Returns (%)
| 1 Year | 5 Years | Since Inception |
|---|
| MoA Small Cap Equity Index Fund (Incp: July 2, 2018) | 8.55% | 8.12% | 6.50% |
|---|
| S&P 500 Index | 25.02% | 14.53% | 14.47% |
|---|
| S&P SmallCap 600 Index | 8.70% | 8.36% | 6.65% |
|---|
What did the Fund invest in?
The MoA Small Cap Equity Index Fund seeks investment results that correspond to the performance of the S&P SmallCap® 600 Index.
Asset Class Weightings
(% of Total Net Assets)
| Value | Value |
|---|
| Common Stock - Indexed | 99.8% |
| Short-Term Debt, Cash Investment and Other Net Assets | 0.2% |
Industry Weightings
(% of Total Net Assets)
| Value | Value |
|---|
| Financials | 20.8% |
| Industrials | 17.3% |
| Consumer Discretionary | 14.3% |
| Information Technology | 11.8% |
| Health Care | 10.9% |
| Real Estate | 7.4% |
| Energy | 4.6% |
| Materials | 4.3% |
| Communication Services | 3.4% |
| Consumer Staples | 2.9% |
| Utilities | 2.1% |
| Short-Term Debt, Cash Investment and Other Net Assets | 0.2% |
Top 10 Holdings
(% of Total Net Assets)
| iShares Core S&P Small-Cap ETF | 2.4% |
| Bath & Body Works, Inc. | 0.6% |
| Glaukos Corp. | 0.6% |
| Alaska Air Group, Inc. | 0.6% |
| ATI, Inc. | 0.6% |
| Robert Half, Inc. | 0.5% |
| VF Corp. | 0.5% |
| SPS Commerce, Inc. | 0.5% |
| SPX Technologies, Inc. | 0.5% |
| Qorvo, Inc. | 0.5% |
During the year, the Fund did not have any material fund changes.
Change in or Disagreements with Accountants
During the year, the Fund did not have any changes or disagreements with Accountants.
To reduce expense, the Funds may mail only one copy of the prospectus, and each annual and semiannual Tailored Shareholder report to those addresses shared by two or more accounts. If you wish to receive individual copies of these documents, please contact your advisor, administrator or the Funds at 800-914-8716.
MoA Small Cap Equity Index Fund - MASOX
Annual Shareholder Report - December 31, 2024
If you wish to view additional information about the Fund, its prospectus, financial information, and holdings, please visit www.moafunds.com.
MoA Mid Cap Value Fund - MAMVX
Annual Shareholder Report - December 31, 2024
This annual shareholder report contains important information about MoA Mid Cap Value Fund for the period of January 1, 2024 to December 31, 2024. You can find additional information about the fund at https://moafunds.com/docs. You can also request this information by contacting us at 800.914.8716.
What were the Fund costs for the last year?
(based on hypothetical $10,000 investment)
| Fund name | Cost of a $10,000 investment | Cost paid as a % of a $10,000 investment |
|---|
| MoA Mid Cap Value Fund | $60 | 0.57% |
|---|
How did the Fund perform over the past 12 months?
The Fund’s performance for the 12 months ended December 31, 2024, was 11.53% before expenses and 10.78% after expenses. The Russell Midcap® Value Index, returned 13.07% over the same period. Mid-cap stocks lagged large-caps, as measured by the S&P 500® Index, as a few large-cap growth stocks accounted for a disproportionate percentage of the S&P’s return. A long-term view and potential overall portfolio diversification benefits, which include holding companies of various sizes, should be considered when reviewing the performance of mid-cap stocks.
How did the Fund perform over the past 10 years?
The Fund performed in line with its benchmark over the 10- year period. In general, mid-cap stocks have lagged large-cap stocks, as measured by the S&P 500® Index, over the past several years.
Total Return Based on $10,000 Investment
| MoA Mid Cap Value Fund | Russell 1000® Index | Russell Mid Cap Value Index |
|---|
| 12/14 | $10,000 | $10,000 | $10,000 |
|---|
| 12/15 | $9,674 | $10,092 | $9,522 |
|---|
| 12/16 | $11,191 | $11,308 | $11,426 |
|---|
| 12/17 | $12,869 | $13,761 | $12,951 |
|---|
| 12/18 | $11,075 | $13,102 | $11,359 |
|---|
| 12/19 | $14,095 | $17,220 | $14,433 |
|---|
| 12/20 | $14,459 | $20,830 | $15,150 |
|---|
| 12/21 | $19,425 | $26,340 | $19,443 |
|---|
| 12/22 | $17,353 | $21,302 | $17,104 |
|---|
| 12/23 | $18,560 | $26,953 | $19,278 |
|---|
| 12/24 | $20,562 | $33,560 | $21,798 |
|---|
The graph above represents historical performance of the hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter). The graph and table below show changes in the Fund's performance from year to year as compared to the performance of a broad-based, unmanaged index. A fund's past performance does not necessarily indicate how it will perform in the future. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The graph and table presented do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
| Total Net Assets | $213,053,274 |
|---|
| # of Portfolio Holdings | 72 |
|---|
| Portfolio Turnover Rate | 38.06% |
|---|
| Advisory Fees Paid | $987,350 |
|---|
The fund’s past performance is not a good predictor of how the fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
Average Annual Total Returns (%)
| 1 Year | 5 Years | 10 Years |
|---|
| MoA Mid Cap Value Fund | 10.78% | 7.85% | 7.47% |
|---|
Russell 1000® Index | 24.51% | 14.28% | 12.87% |
|---|
| Russell Mid Cap Value Index | 13.07% | 8.59% | 8.10% |
|---|
What did the Fund invest in?
The actively managed MoA Mid Cap Value Fund seeks capital appreciation, and to a lesser extent, current income. We seek companies that are undervalued with respect to their operating results and potential.
Asset Class Weightings
(% of Total Net Assets)
| Value | Value |
|---|
| Common Stock | 97.1% |
| Short-Term Debt, Cash Investment and Other Net Assets | 2.9% |
Industry Weightings
(% of Total Net Assets)
| Value | Value |
|---|
| Industrials | 17.9% |
| Financials | 17.2% |
| Utilities | 10.5% |
| Real Estate | 8.5% |
| Consumer Discretionary | 8.0% |
| Health Care | 7.3% |
| Information Technology | 7.3% |
| Energy | 6.8% |
| Materials | 6.7% |
| Consumer Staples | 5.2% |
| Communication Services | 1.7% |
| Short-Term Debt, Cash Investment and Other Net Assets | 2.9% |
Top 10 Holdings
(% of Total Net Assets)
| Crown Hldgs., Inc. | 2.7% |
| American Financial Group, Inc. | 2.6% |
| Baker Hughes Co. Cl A | 2.5% |
| Ameriprise Financial, Inc. | 2.5% |
| Public Svc. Enterprise Group, Inc. | 2.5% |
| Evergy, Inc. | 2.4% |
| Lamb Weston Hldgs., Inc. | 2.2% |
| Crane Co. | 2.1% |
| Vail Resorts, Inc. | 2.0% |
| Carlisle Cos., Inc. | 2.0% |
During the year, the Fund did not have any material fund changes.
Change in or Disagreements with Accountants
During the year, the Fund did not have any changes or disagreements with Accountants.
To reduce expense, the Funds may mail only one copy of the prospectus, and each annual and semiannual Tailored Shareholder report to those addresses shared by two or more accounts. If you wish to receive individual copies of these documents, please contact your advisor, administrator or the Funds at 800-914-8716.
MoA Mid Cap Value Fund - MAMVX
Annual Shareholder Report - December 31, 2024
If you wish to view additional information about the Fund, its prospectus, financial information, and holdings, please visit www.moafunds.com.
MoA Mid Cap Equity Index Fund - MAMEX
Annual Shareholder Report - December 31, 2024
This annual shareholder report contains important information about MoA Mid Cap Equity Index Fund for the period of January 1, 2024 to December 31, 2024. You can find additional information about the fund at https://moafunds.com/docs. You can also request this information by contacting us at 800.914.8716.
What were the Fund costs for the last year?
(based on hypothetical $10,000 investment)
| Fund name | Cost of a $10,000 investment | Cost paid as a % of a $10,000 investment |
|---|
| MoA Mid Cap Equity Index Fund | $15 | 0.14% |
|---|
How did the Fund perform over the past 12 months?
The Fund’s performance for the 12 months ended December 31, 2024, was 13.95% before expenses and 13.77% after expenses. The S&P MidCap® 400 Index, returned 13.93% over the same period. Mid-cap stocks lagged large-caps, as measured by the S&P 500® Index, as a few large-cap growth stocks accounted for a disproportionate percentage of the S&P’s return. A long-term view and potential overall portfolio diversification benefits, which include holding companies of various sizes, should be considered when reviewing the Fund’s performance.
How did the Fund perform over the past 10 years?
The Fund performed in line with its benchmark over the 10-year period. The Fund seeks investment results that correspond to the performance of the benchmark.
Total Return Based on $10,000 Investment
| MoA Mid Cap Equity Index Fund | S&P 500 Index | S&P MidCap 400 Index |
|---|
| 12/14 | $10,000 | $10,000 | $10,000 |
|---|
| 12/15 | $9,774 | $10,138 | $9,782 |
|---|
| 12/16 | $11,788 | $11,351 | $11,811 |
|---|
| 12/17 | $13,650 | $13,829 | $13,730 |
|---|
| 12/18 | $12,116 | $13,223 | $12,208 |
|---|
| 12/19 | $15,307 | $17,386 | $15,407 |
|---|
| 12/20 | $17,337 | $20,585 | $17,511 |
|---|
| 12/21 | $21,595 | $26,494 | $21,847 |
|---|
| 12/22 | $18,738 | $21,696 | $18,993 |
|---|
| 12/23 | $21,783 | $27,399 | $22,115 |
|---|
| 12/24 | $24,784 | $34,254 | $25,196 |
|---|
The graph above represents historical performance of the hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter). The graph and table below show changes in the Fund's performance from year to year as compared to the performance of a broad-based, unmanaged index. A fund's past performance does not necessarily indicate how it will perform in the future. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The graph and table presented do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
| Total Net Assets | $1,541,792,780 |
|---|
| # of Portfolio Holdings | 406 |
|---|
| Portfolio Turnover Rate | 24.85% |
|---|
| Advisory Fees Paid | $1,151,505 |
|---|
The fund’s past performance is not a good predictor of how the fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
Average Annual Total Returns (%)
| 1 Year | 5 Years | 10 Years |
|---|
| MoA Mid Cap Equity Index Fund | 13.77% | 10.12% | 9.50% |
|---|
| S&P 500 Index | 25.02% | 14.53% | 13.10% |
|---|
| S&P MidCap 400 Index | 13.93% | 10.34% | 9.68% |
|---|
What did the Fund invest in?
The MoA Mid Cap Equity Index Fund seeks investment results that correspond to the performance of the S&P MidCap® 400 Index.
Asset Class Weightings
(% of Total Net Assets)
| Value | Value |
|---|
| Common Stock - Indexed | 98.7% |
| Short-Term Debt, Cash Investment and Other Net Assets | 1.3% |
Industry Weightings
(% of Total Net Assets)
| Value | Value |
|---|
| Industrials | 21.1% |
| Financials | 17.8% |
| Consumer Discretionary | 14.1% |
| Information Technology | 10.5% |
| Health Care | 9.2% |
| Real Estate | 6.8% |
| Materials | 6.3% |
| Energy | 4.5% |
| Consumer Staples | 4.4% |
| Utilities | 2.6% |
| Communication Services | 1.4% |
| Short-Term Debt, Cash Investment and Other Net Assets | 1.3% |
Top 10 Holdings
(% of Total Net Assets)
| Williams-Sonoma, Inc. | 0.8% |
| Illumina, Inc. | 0.7% |
| Expand Energy Corp. | 0.7% |
| EMCOR Group, Inc. | 0.7% |
| Interactive Brokers Group, Inc. Cl A | 0.7% |
| Pure Storage, Inc. Cl A | 0.7% |
| DocuSign, Inc. Cl A | 0.6% |
| Burlington Stores, Inc. | 0.6% |
| Carlisle Cos., Inc. | 0.6% |
| RB Global, Inc. | 0.6% |
During the year, the Fund did not have any material fund changes.
Change in or Disagreements with Accountants
During the year, the Fund did not have any changes or disagreements with Accountants.
To reduce expense, the Funds may mail only one copy of the prospectus, and each annual and semiannual Tailored Shareholder report to those addresses shared by two or more accounts. If you wish to receive individual copies of these documents, please contact your advisor, administrator or the Funds at 800-914-8716.
MoA Mid Cap Equity Index Fund - MAMEX
Annual Shareholder Report - December 31, 2024
If you wish to view additional information about the Fund, its prospectus, financial information, and holdings, please visit www.moafunds.com.
MoA Balanced Fund - MACHX
Annual Shareholder Report - December 31, 2024
This annual shareholder report contains important information about MoA Balanced Fund for the period of January 1, 2024 to December 31, 2024. You can find additional information about the fund at https://moafunds.com/docs. You can also request this information by contacting us at 800.914.8716.
What were the Fund costs for the last year?
(based on hypothetical $10,000 investment)
| Fund name | Cost of a $10,000 investment | Cost paid as a % of a $10,000 investment |
|---|
| MoA Balanced Fund | $59 | 0.54% |
|---|
How did the Fund perform over the past 12 months?
The Fund’s performance for the 12 months ended December 31, 2024, was 18.19% before expenses and 17.56% after expenses. The 60% S&P 500® Index, 40% Bloomberg U.S. Aggregate Bond Index, returned 15.13% over the same period. A long-term view, asset composition and risk characteristics between the Fund and the Index should be considered when reviewing the Fund’s performance.
How did the Fund perform over the past 10 years?
The Fund performed in line with its benchmark over the 10-year period due to asset composition and stock selection.
Total Return Based on $10,000 Investment
| MoA Balanced Fund | S&P 500 Index | Bloomberg U.S. Aggregate Bond Index | FTSE 3-Month Treasury Bill Index |
|---|
| 12/14 | $10,000 | $10,000 | $10,000 | $10,000 |
|---|
| 12/15 | $10,096 | $10,138 | $10,055 | $10,003 |
|---|
| 12/16 | $10,902 | $11,351 | $10,321 | $10,030 |
|---|
| 12/17 | $12,356 | $13,829 | $10,687 | $10,114 |
|---|
| 12/18 | $11,918 | $13,223 | $10,688 | $10,303 |
|---|
| 12/19 | $14,286 | $17,386 | $11,620 | $10,535 |
|---|
| 12/20 | $15,948 | $20,585 | $12,492 | $10,596 |
|---|
| 12/21 | $18,577 | $26,494 | $12,299 | $10,601 |
|---|
| 12/22 | $16,343 | $21,696 | $10,699 | $10,760 |
|---|
| 12/23 | $18,807 | $27,399 | $11,291 | $11,326 |
|---|
| 12/24 | $22,110 | $34,254 | $11,432 | $11,943 |
|---|
The graph above represents historical performance of the hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter). The graph and table below show changes in the Fund's performance from year to year as compared to the performance of a broad-based, unmanaged index. A fund's past performance does not necessarily indicate how it will perform in the future. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The graph and table presented do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
| Total Net Assets | $198,804,149 |
|---|
| # of Portfolio Holdings | 414 |
|---|
| Portfolio Turnover Rate | 36.98% |
|---|
| Advisory Fees Paid | $777,855 |
|---|
The fund’s past performance is not a good predictor of how the fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
Average Annual Total Returns (%)
| 1 Year | 5 Years | 10 Years |
|---|
| MoA Balanced Fund | 17.56% | 9.13% | 8.26% |
|---|
| S&P 500 Index | 25.02% | 14.53% | 13.10% |
|---|
| Bloomberg U.S. Aggregate Bond Index | 1.25% | -0.33% | 1.35% |
|---|
| FTSE 3-Month Treasury Bill Index | 5.45% | 2.54% | 1.79% |
|---|
What did the Fund invest in?
The actively managed MoA Balanced Fund provides a ready-made solution for investors looking for a combined portfolio of domestic equities and investment grade fixed income securities that seeks to provide capital appreciation and current income.
Asset Class Weightings
(% of Total Net Assets)
| Value | Value |
|---|
| Common Stock | 60.7% |
| Long-Term Debt Securities | 34.5% |
| Short-Term Debt, Cash Investment and Other Net Assets | 4.8% |
Maturity Weightings
(% of Total Net Assets)
| Value | Value |
|---|
| Less than 1 year | 5.2% |
| 1-3 years | 4.3% |
| 3-5 years | 5.6% |
| 5-10 years | 8.3% |
| Equity Securities | 60.7% |
| More than 10 years | 15.7% |
| Cash Investment and Other Net Assets | 0.2% |
Top 10 Holdings
(% of Total Net Assets)
| Apple, Inc. | 5.1% |
| Microsoft Corp. | 4.4% |
| NVIDIA Corp. | 4.2% |
| Broadcom, Inc. | 2.1% |
| JPMorgan Chase & Co. | 1.7% |
| Amazon.com, Inc. | 1.4% |
| Alphabet, Inc. Cl A | 1.4% |
| Visa, Inc. Cl A | 1.3% |
| Walmart, Inc. | 1.1% |
| Booking Hldgs., Inc. | 1.1% |
Sector Weightings
(% of Total Net Assets)
| Value | Value |
|---|
| Information Technology | 21.1% |
| Short-Term Investments | 18.9% |
| Financials | 12.9% |
| Consumer Discretionary | 8.2% |
| Health Care | 7.4% |
| Industrials | 6.6% |
| Communication Services | 5.8% |
| Energy | 4.3% |
| Consumer Staples | 3.8% |
| Real Estate | 2.4% |
| Utilities | 2.1% |
| Materials | 1.7% |
| Short-Term Debt, Cash Investment and Other Net Assets | 4.8% |
Credit Quality AllocationFootnote Reference*
(% of Total Net Assets)
| Value | Value |
|---|
| AAA | 3.9% |
| AA+ | 18.8% |
| AA | 0.1% |
| A | 0.8% |
| A- | 2.5% |
| BBB+ | 3.4% |
| BBB | 6.0% |
| BBB- | 2.8% |
| BB+ | 0.2% |
| Equity Securities | 60.6% |
| Cash Investment and Other Net Assets | 0.9% |
| Footnote | Description |
Footnote* | Ratings are based on Standard & Poor’s Corporation ratings. Credit Quality ratings reflect the credit quality of the underlying securities in the Fund’s portfolio and not that of the fund itself. Quality ratings are subject to change. Ratings range from AAA as the highest to Below B as the lowest credit quality rating. |
During the year, the Fund did not have any material fund changes.
Change in or Disagreements with Accountants
During the year, the Fund did not have any changes or disagreements with Accountants.
To reduce expense, the Funds may mail only one copy of the prospectus, and each annual and semiannual Tailored Shareholder report to those addresses shared by two or more accounts. If you wish to receive individual copies of these documents, please contact your advisor, administrator or the Funds at 800-914-8716.
MoA Balanced Fund - MACHX
Annual Shareholder Report - December 31, 2024
If you wish to view additional information about the Fund, its prospectus, financial information, and holdings, please visit www.moafunds.com.
MoA International Fund - MAIFX
Annual Shareholder Report - December 31, 2024
This annual shareholder report contains important information about MoA International Fund for the period of January 1, 2024 to December 31, 2024. You can find additional information about the fund at https://moafunds.com/docs. You can also request this information by contacting us at 800.914.8716.
This report describes changes to the fund that occurred during the reporting period.
What were the Fund costs for the last year?
(based on hypothetical $10,000 investment)
| Fund name | Cost of a $10,000 investment | Cost paid as a % of a $10,000 investment |
|---|
| MoA International Fund | $25 | 0.24% |
|---|
How did the Fund perform over the past 12 months?
The International Fund’s performance for the 12 months ended December 31, 2024, was 5.41% before expenses and 5.19% after expenses. The MSCI EAFE Index, returned 3.82% over the same period. In general, international stocks, as measured by the benchmark, lagged in performance relative to the S&P 500® Index, an index of U.S. based companies. A long-term view and potential overall portfolio diversification benefits, which include companies with varying geographic exposure, should be considered when reviewing the performance of international stocks.
How did the Fund perform over the past 10 years?
The Fund outperformed its benchmark over the 10- year period due to stock selection and geographic allocation.
Total Return Based on $10,000 Investment
| MoA International Fund | MSCI EAFE Index |
|---|
| 12/14 | $10,000 | $10,000 |
|---|
| 12/15 | $10,014 | $9,919 |
|---|
| 12/16 | $10,099 | $10,018 |
|---|
| 12/17 | $12,565 | $12,526 |
|---|
| 12/18 | $10,995 | $10,798 |
|---|
| 12/19 | $13,309 | $13,176 |
|---|
| 12/20 | $14,323 | $14,205 |
|---|
| 12/21 | $15,809 | $15,805 |
|---|
| 12/22 | $14,055 | $13,521 |
|---|
| 12/23 | $16,803 | $15,987 |
|---|
| 12/24 | $17,674 | $16,598 |
|---|
The graph above represents historical performance of the hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter). The graph and table below show changes in the Fund's performance from year to year as compared to the performance of a broad-based, unmanaged index. A fund's past performance does not necessarily indicate how it will perform in the future. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The graph and table presented do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
| Total Net Assets | $1,656,146,342 |
|---|
| # of Portfolio Holdings | 152 |
|---|
| Portfolio Turnover Rate | 37.96% |
|---|
| Advisory Fees Paid | $3,085,409 |
|---|
The fund’s past performance is not a good predictor of how the fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
Average Annual Total Returns (%)
| 1 Year | 5 Years | 10 Years |
|---|
| MoA International Fund | 5.19% | 5.84% | 5.86% |
|---|
| MSCI EAFE Index | 3.82% | 4.73% | 5.20% |
|---|
What did the Fund invest in?
The actively managed MoA International Fund, which seeks capital appreciation, scans developed markets outside the U.S. for companies we believe have the potential to help the Fund outperform its benchmark, the MSCI EAFE Index.
Industry Weightings
(% of Total Net Assets)
| Value | Value |
|---|
| Financials | 24.8% |
| Industrials | 16.6% |
| Health Care | 10.8% |
| Consumer Discretionary | 9.7% |
| Information Technology | 9.4% |
| Consumer Staples | 6.6% |
| Materials | 4.5% |
| Communication Services | 3.9% |
| Energy | 3.8% |
| Utilities | 3.2% |
| Real Estate | 1.7% |
| Short-Term Debt, Cash Investment and Other Net Assets | 5.0% |
Asset Class Weightings
(% of Total Net Assets)
| Value | Value |
|---|
| Common Stock | 95.0% |
| Short-Term Debt, Cash Investment and Other Net Assets | 5.0% |
Country Weightings
(% of Total Net Assets)
| Value | Value |
|---|
| Japan | 21.0% |
| United Kingdom | 14.9% |
| France | 9.6% |
| Switzerland | 8.5% |
| Germany | 8.4% |
| United States | 8.3% |
| Australia | 5.0% |
| Italy | 4.3% |
| Spain | 4.3% |
| Netherlands | 4.2% |
| Others | 10.7% |
| Other Net Assets | 0.8% |
Top 10 Holdings
(% of Total Net Assets)
| SAP SE | 2.2% |
| Novartis AG | 2.1% |
| Roche Hldg. AG | 1.8% |
| Hitachi Ltd. | 1.5% |
| Siemens AG | 1.5% |
| Hermes International SCA | 1.5% |
| Shell PLC | 1.5% |
| HSBC Hldgs. PLC | 1.4% |
| Novo Nordisk A/S Cl B | 1.4% |
| RELX PLC | 1.4% |
On March 12, 2024, the shareholders of the Fund approved an amendment to the Fund’s investment advisory agreement that amended the Fund’s management fee from 0.075% to the annual rate of 0.40% of the Fund’s average daily net assets. The change in management fee was effective on May 1, 2024. The Adviser has contractually agreed to waive 0.15% of this fee for the first two years.
Change in or Disagreements with Accountants
During the year, the Fund did not have any changes or disagreements with Accountants.
To reduce expense, the Funds may mail only one copy of the prospectus, and each annual and semiannual Tailored Shareholder report to those addresses shared by two or more accounts. If you wish to receive individual copies of these documents, please contact your advisor, administrator or the Funds at 800-914-8716.
MoA International Fund - MAIFX
Annual Shareholder Report - December 31, 2024
If you wish to view additional information about the Fund, its prospectus, financial information, and holdings, please visit www.moafunds.com.
MoA Catholic Values Index Fund - MACCX
Annual Shareholder Report - December 31, 2024
This annual shareholder report contains important information about MoA Catholic Values Index Fund for the period of January 1, 2024 to December 31, 2024. You can find additional information about the fund at https://moafunds.com/docs. You can also request this information by contacting us at 800.914.8716.
What were the Fund costs for the last year?
(based on hypothetical $10,000 investment)
| Fund name | Cost of a $10,000 investment | Cost paid as a % of a $10,000 investment |
|---|
| MoA Catholic Values Index Fund | $21 | 0.19% |
|---|
How did the Fund perform over the past 12 months?
The Fund’s performance for the 12 months ended December 31, 2024, was 23.29% before expenses and 23.02% after expenses. The S&P 500® Catholic Values Index, returned 23.51% over the same period. During the period a small number of large-cap growth stocks accounted for a disproportionate percentage of the Index’s return. A long-term view and potential overall portfolio diversification benefits should be considered when reviewing the Fund’s performance.
How did the Fund perform since inception?
The Fund underperformed its benchmark since its inception on September 30, 2020. The Fund seeks investment results that correspond to the performance of the benchmark.
Total Return Based on $10,000 Investment
| MoA Catholic Values Index Fund | S&P 500 Index | S&P 500 Catholic Values Index |
|---|
| 09/20 | $10,000 | $10,000 | $10,000 |
|---|
| 12/20 | $11,212 | $11,215 | $11,233 |
|---|
| 12/21 | $14,463 | $14,434 | $14,527 |
|---|
| 12/22 | $11,556 | $11,820 | $11,639 |
|---|
| 12/23 | $14,603 | $14,927 | $14,754 |
|---|
| 12/24 | $17,964 | $18,662 | $18,223 |
|---|
The graph above represents historical performance of the hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter). The graph and table below show changes in the Fund's performance from year to year as compared to the performance of a broad-based, unmanaged index. A fund's past performance does not necessarily indicate how it will perform in the future. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The graph and table presented do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
| Total Net Assets | $7,553,362 |
|---|
| # of Portfolio Holdings | 440 |
|---|
| Portfolio Turnover Rate | 25.87% |
|---|
| Advisory Fees Paid | $0 |
|---|
The fund’s past performance is not a good predictor of how the fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
Average Annual Total Returns (%)
| 1 Year | Since Inception |
|---|
| MoA Catholic Values Index Fund (Incp: September 30, 2020) | 23.02% | 14.77% |
|---|
| S&P 500 Index | 25.02% | 15.81% |
|---|
| S&P 500 Catholic Values Index | 23.51% | 15.16% |
|---|
What did the Fund invest in?
The MoA Catholic Values Index Fund seeks investment results that correspond to the performance of the S&P 500® Catholic Values Index.
Asset Class Weightings
(% of Total Net Assets)
| Value | Value |
|---|
| Common Stock | 100.2% |
| Short-Term Debt, Cash Investment and Other Net Assets | -0.2% |
Industry Weightings
(% of Total Net Assets)
| Value | Value |
|---|
| Information Technology | 32.2% |
| Financials | 14.7% |
| Consumer Discretionary | 11.0% |
| Health Care | 10.0% |
| Communication Services | 9.3% |
| Industrials | 8.0% |
| Consumer Staples | 5.5% |
| Energy | 3.2% |
| Utilities | 2.3% |
| Real Estate | 2.1% |
| Materials | 1.9% |
| Cash Investment and Other Net Assets | -0.2% |
Top 10 Holdings
(% of Total Net Assets)
| Apple, Inc. | 7.7% |
| NVIDIA Corp. | 6.7% |
| Microsoft Corp. | 6.4% |
| Tesla, Inc. | 3.6% |
| Meta Platforms, Inc. Cl A | 2.6% |
| Alphabet, Inc. Cl A | 2.2% |
| Broadcom, Inc. | 2.2% |
| Alphabet, Inc. Cl C | 1.8% |
| JPMorgan Chase & Co. | 1.6% |
| Global X S&P 500 Catholic Values ETF | 1.3% |
During the year, the Fund did not have any material fund changes.
Change in or Disagreements with Accountants
During the year, the Fund did not have any changes or disagreements with Accountants.
To reduce expense, the Funds may mail only one copy of the prospectus, and each annual and semiannual Tailored Shareholder report to those addresses shared by two or more accounts. If you wish to receive individual copies of these documents, please contact your advisor, administrator or the Funds at 800-914-8716.
MoA Catholic Values Index Fund - MACCX
Annual Shareholder Report - December 31, 2024
If you wish to view additional information about the Fund, its prospectus, financial information, and holdings, please visit www.moafunds.com.
MoA Retirement Income Fund - MARMX
Annual Shareholder Report - December 31, 2024
This annual shareholder report contains important information about MoA Retirement Income Fund for the period of January 1, 2024 to December 31, 2024. You can find additional information about the fund at https://moafunds.com/docs. You can also request this information by contacting us at 800.914.8716.
This report describes changes to the fund that occurred during the reporting period.
What were the Fund costs for the last year?
(based on hypothetical $10,000 investment)
| Fund name | Cost of a $10,000 investment | Cost paid as a % of a $10,000 investment |
|---|
| MoA Retirement Income Fund | $55 | 0.53% |
|---|
How did the Fund perform over the past 12 months?
The Fund’s performance for the 12 months ended December 31, 2024, was 7.38% before expenses and 7.21% after expenses. The Morningstar Lifetime Allocation Conservative Income Index returned 5.39% over the same period. The Fund’s return was influenced by its portfolio allocation and risk relative to the Index composition. A long-term view, asset composition and risk characteristics between the Fund and the Index should be considered when reviewing the Fund’s performance.
How did the Fund perform over the past 10 years?
The Fund outperformed its benchmark over the 10-year period due to asset composition and stock selection.
Total Return Based on $10,000 Investment
| MoA Retirement Income Fund | S&P 500 Index | Bloomberg U.S. Aggregate Bond Index |
|---|
| 12/14 | $10,000 | $10,000 | $10,000 |
|---|
| 12/15 | $10,077 | $10,138 | $10,055 |
|---|
| 12/16 | $10,648 | $11,351 | $10,321 |
|---|
| 12/17 | $11,506 | $13,829 | $10,687 |
|---|
| 12/18 | $11,355 | $13,223 | $10,688 |
|---|
| 12/19 | $12,694 | $17,386 | $11,620 |
|---|
| 12/20 | $13,642 | $20,585 | $12,492 |
|---|
| 12/21 | $14,429 | $26,494 | $12,299 |
|---|
| 12/22 | $12,824 | $21,696 | $10,699 |
|---|
| 12/23 | $14,095 | $27,399 | $11,291 |
|---|
| 12/24 | $15,111 | $34,254 | $11,432 |
|---|
The graph above represents historical performance of the hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter). The graph and table below show changes in the Fund's performance from year to year as compared to the performance of a broad-based, unmanaged index. A fund's past performance does not necessarily indicate how it will perform in the future. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The graph and table presented do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
| Total Net Assets | $207,924,545 |
|---|
| # of Portfolio Holdings | 7 |
|---|
| Portfolio Turnover Rate | 28.84% |
|---|
| Advisory Fees Paid | $102,330 |
|---|
The fund’s past performance is not a good predictor of how the fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
Average Annual Total Returns (%)
| 1 Year | 5 Years | 10 Years |
|---|
| MoA Retirement Income Fund | 7.21% | 3.55% | 4.21% |
|---|
| S&P 500 Index | 25.02% | 14.53% | 13.10% |
|---|
| Bloomberg U.S. Aggregate Bond Index | 1.25% | -0.33% | 1.35% |
|---|
What did the Fund invest in?
The MoA Retirement Income Fund is designed for investors who seek a continued income stream and have already reached and generally are 10 years beyond their retirement goal. The Fund seeks to achieve current income consistent with the preservation of capital and, to a lesser extent, capital appreciation.
Asset Class Weightings
(% of Total Net Assets)
| Value | Value |
|---|
| Bond Funds | 63.8% |
| Domestic Equity Funds | 26.4% |
| US Government Money Market Fund | 5.1% |
| International Equity Fund | 4.7% |
| Short-Term Debt, Cash Investment and Other Net Assets | 0.0% |
Top 10 Holdings
(% of Total Net Assets)
| Core Bond Fund | 34.2% |
| Intermediate Bond Fund | 29.6% |
| Equity Index Fund | 21.6% |
| US Government Money Market Fund | 5.1% |
| International Fund | 4.7% |
| Mid Cap Equity Index Fund | 4.3% |
| Mid Cap Value Fund | 0.5% |
Effective November 1, 2024, the Fund pays a shareholder service fee of 0.10% of average daily net assets to various intermediaries, including Mutual of America Life Insurance Company, the owner of the Advisor.
Change in or Disagreements with Accountants
During the year, the Fund did not have any changes or disagreements with Accountants.
To reduce expense, the Funds may mail only one copy of the prospectus, and each annual and semiannual Tailored Shareholder report to those addresses shared by two or more accounts. If you wish to receive individual copies of these documents, please contact your advisor, administrator or the Funds at 800-914-8716.
MoA Retirement Income Fund - MARMX
Annual Shareholder Report - December 31, 2024
If you wish to view additional information about the Fund, its prospectus, financial information, and holdings, please visit www.moafunds.com.
MoA Clear Passage 2015 Fund - MURFX
Annual Shareholder Report - December 31, 2024
This annual shareholder report contains important information about MoA Clear Passage 2015 Fund for the period of January 1, 2024 to December 31, 2024. You can find additional information about the fund at https://moafunds.com/docs. You can also request this information by contacting us at 800.914.8716.
This report describes changes to the fund that occurred during the reporting period.
What were the Fund costs for the last year?
(based on hypothetical $10,000 investment)
| Fund name | Cost of a $10,000 investment | Cost paid as a % of a $10,000 investment |
|---|
| MoA Clear Passage 2015 Fund | $61 | 0.59% |
|---|
How did the Fund perform over the past 12 months?
The Fund’s performance for the 12 months ended December 31, 2024, was 7.80% before expenses and 7.58% after expenses. The Morningstar Lifetime Allocation Conservative 2015 Index returned 5.00% over the same period. The Fund’s return was influenced by its portfolio allocation and risk relative to the Index. A long-term view, asset composition and risk characteristics between the Fund and the Index should be considered when reviewing the Fund’s performance.
How did the Fund perform over the past 10 years?
The Fund outperformed its benchmark over the 10-year period due to asset composition and stock selection.
Total Return Based on $10,000 Investment
| MoA Clear Passage 2015 Fund | S&P 500 Index | Bloomberg U.S. Aggregate Bond Index | FTSE 3-Month Treasury Bill Index |
|---|
| 12/14 | $10,000 | $10,000 | $10,000 | $10,000 |
|---|
| 12/15 | $10,068 | $10,138 | $10,055 | $10,003 |
|---|
| 12/16 | $10,794 | $11,351 | $10,321 | $10,030 |
|---|
| 12/17 | $11,976 | $13,829 | $10,687 | $10,114 |
|---|
| 12/18 | $11,546 | $13,223 | $10,688 | $10,303 |
|---|
| 12/19 | $13,365 | $17,386 | $11,620 | $10,535 |
|---|
| 12/20 | $14,373 | $20,585 | $12,492 | $10,596 |
|---|
| 12/21 | $15,538 | $26,494 | $12,299 | $10,601 |
|---|
| 12/22 | $13,615 | $21,696 | $10,699 | $10,760 |
|---|
| 12/23 | $15,052 | $27,399 | $11,291 | $11,326 |
|---|
| 12/24 | $16,192 | $34,254 | $11,432 | $11,943 |
|---|
The graph above represents historical performance of the hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter). The graph and table below show changes in the Fund's performance from year to year as compared to the performance of a broad-based, unmanaged index. A fund's past performance does not necessarily indicate how it will perform in the future. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The graph and table presented do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
| Total Net Assets | $105,374,721 |
|---|
| # of Portfolio Holdings | 7 |
|---|
| Portfolio Turnover Rate | 19.25% |
|---|
| Advisory Fees Paid | $54,487 |
|---|
The fund’s past performance is not a good predictor of how the fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
Average Annual Total Returns (%)
| 1 Year | 5 Years | 10 Years |
|---|
| MoA Clear Passage 2015 Fund | 7.58% | 3.91% | 4.94% |
|---|
| S&P 500 Index | 25.02% | 14.53% | 13.10% |
|---|
| Bloomberg U.S. Aggregate Bond Index | 1.25% | -0.33% | 1.35% |
|---|
| FTSE 3-Month Treasury Bill Index | 5.45% | 2.54% | 1.79% |
|---|
What did the Fund invest in?
The MoA Clear Passage 2015 Fund™ is designed to continue an individual’s investment horizon beyond the target retirement date. Our allocation approach seeks to achieve current income and capital appreciation aligned with needs of an individual entering the retirement years.
Asset Class Weightings
(% of Total Net Assets)
| Value | Value |
|---|
| Bond Funds | 62.6% |
| Domestic Equity Funds | 27.6% |
| US Government Money Market Fund | 5.0% |
| International Equity Fund | 4.8% |
| Short-Term Debt, Cash Investment and Other Net Assets | 0.0% |
Top 10 Holdings
(% of Total Net Assets)
| Core Bond Fund | 34.6% |
| Intermediate Bond Fund | 28.0% |
| Equity Index Fund | 22.6% |
| US Government Money Market Fund | 5.0% |
| International Fund | 4.8% |
| Mid Cap Equity Index Fund | 4.5% |
| Mid Cap Value Fund | 0.5% |
Effective November 1, 2024, the Fund pays a shareholder service fee of 0.10% of average daily net assets to various intermediaries, including Mutual of America Life Insurance Company, the owner of the Advisor.
Change in or Disagreements with Accountants
During the year, the Fund did not have any changes or disagreements with Accountants.
To reduce expense, the Funds may mail only one copy of the prospectus, and each annual and semiannual Tailored Shareholder report to those addresses shared by two or more accounts. If you wish to receive individual copies of these documents, please contact your advisor, administrator or the Funds at 800-914-8716.
MoA Clear Passage 2015 Fund - MURFX
Annual Shareholder Report - December 31, 2024
If you wish to view additional information about the Fund, its prospectus, financial information, and holdings, please visit www.moafunds.com.
MoA Clear Passage 2020 Fund - MURGX
Annual Shareholder Report - December 31, 2024
This annual shareholder report contains important information about MoA Clear Passage 2020 Fund for the period of January 1, 2024 to December 31, 2024. You can find additional information about the fund at https://moafunds.com/docs. You can also request this information by contacting us at 800.914.8716.
This report describes changes to the fund that occurred during the reporting period.
What were the Fund costs for the last year?
(based on hypothetical $10,000 investment)
| Fund name | Cost of a $10,000 investment | Cost paid as a % of a $10,000 investment |
|---|
| MoA Clear Passage 2020 Fund | $50 | 0.48% |
|---|
How did the Fund perform over the past 12 months?
The Fund’s performance for the 12 months ended December 31, 2024, was 8.24% before expenses and 8.10% after expenses. The Morningstar Lifetime Allocation Moderate 2020 Index returned 7.43% over the same period. The Fund’s return was influenced by its portfolio allocation and risk relative to the Index. A long-term view, asset composition and risk characteristics between the Fund and the Index should be considered when reviewing the Fund’s performance.
How did the Fund perform over the past 10 years?
The Fund outperformed its benchmark over the 10-year period due to asset composition and stock selection.
Total Return Based on $10,000 Investment
| MoA Clear Passage 2020 Fund | S&P 500 Index | Bloomberg U.S. Aggregate Bond Index | FTSE 3-Month Treasury Bill Index |
|---|
| 12/14 | $10,000 | $10,000 | $10,000 | $10,000 |
|---|
| 12/15 | $10,085 | $10,138 | $10,055 | $10,003 |
|---|
| 12/16 | $10,886 | $11,351 | $10,321 | $10,030 |
|---|
| 12/17 | $12,325 | $13,829 | $10,687 | $10,114 |
|---|
| 12/18 | $11,729 | $13,223 | $10,688 | $10,303 |
|---|
| 12/19 | $13,820 | $17,386 | $11,620 | $10,535 |
|---|
| 12/20 | $15,109 | $20,585 | $12,492 | $10,596 |
|---|
| 12/21 | $16,590 | $26,494 | $12,299 | $10,601 |
|---|
| 12/22 | $14,423 | $21,696 | $10,699 | $10,760 |
|---|
| 12/23 | $16,130 | $27,399 | $11,291 | $11,326 |
|---|
| 12/24 | $17,437 | $34,254 | $11,432 | $11,943 |
|---|
The graph above represents historical performance of the hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter). The graph and table below show changes in the Fund's performance from year to year as compared to the performance of a broad-based, unmanaged index. A fund's past performance does not necessarily indicate how it will perform in the future. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The graph and table presented do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
| Total Net Assets | $459,141,775 |
|---|
| # of Portfolio Holdings | 10 |
|---|
| Portfolio Turnover Rate | 17.58% |
|---|
| Advisory Fees Paid | $238,023 |
|---|
The fund’s past performance is not a good predictor of how the fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
Average Annual Total Returns (%)
| 1 Year | 5 Years | 10 Years |
|---|
| MoA Clear Passage 2020 Fund | 8.10% | 4.76% | 5.72% |
|---|
| S&P 500 Index | 25.02% | 14.53% | 13.10% |
|---|
| Bloomberg U.S. Aggregate Bond Index | 1.25% | -0.33% | 1.35% |
|---|
| FTSE 3-Month Treasury Bill Index | 5.45% | 2.54% | 1.79% |
|---|
What did the Fund invest in?
The MoA Clear Passage 2020 Fund™ is designed to continue an individual’s investment horizon beyond the target retirement date. Our allocation approach seeks to achieve current income and capital appreciation aligned with needs of an individual entering the retirement years.
Asset Class Weightings
(% of Total Net Assets)
| Value | Value |
|---|
| Bond Funds | 56.4% |
| Domestic Equity Funds | 31.9% |
| International Equity Fund | 6.7% |
| US Government Money Market Fund | 5.0% |
| Short-Term Debt, Cash Investment and Other Net Assets | 0.0% |
Top 10 Holdings
(% of Total Net Assets)
| Core Bond Fund | 36.3% |
| Equity Index Fund | 24.7% |
| Intermediate Bond Fund | 20.1% |
| International Fund | 6.7% |
| US Government Money Market Fund | 5.0% |
| Mid Cap Equity Index Fund | 4.7% |
| Small Cap Value Fund | 1.1% |
| Small Cap Equity Index Fund | 0.7% |
| Mid Cap Value Fund | 0.7% |
Effective November 1, 2024, the Fund pays a shareholder service fee of 0.10% of average daily net assets to various intermediaries, including Mutual of America Life Insurance Company, the owner of the Advisor.
Change in or Disagreements with Accountants
During the year, the Fund did not have any changes or disagreements with Accountants.
To reduce expense, the Funds may mail only one copy of the prospectus, and each annual and semiannual Tailored Shareholder report to those addresses shared by two or more accounts. If you wish to receive individual copies of these documents, please contact your advisor, administrator or the Funds at 800-914-8716.
MoA Clear Passage 2020 Fund - MURGX
Annual Shareholder Report - December 31, 2024
If you wish to view additional information about the Fund, its prospectus, financial information, and holdings, please visit www.moafunds.com.
MoA Clear Passage 2025 Fund - MURHX
Annual Shareholder Report - December 31, 2024
This annual shareholder report contains important information about MoA Clear Passage 2025 Fund for the period of January 1, 2024 to December 31, 2024. You can find additional information about the fund at https://moafunds.com/docs. You can also request this information by contacting us at 800.914.8716.
This report describes changes to the fund that occurred during the reporting period.
What were the Fund costs for the last year?
(based on hypothetical $10,000 investment)
| Fund name | Cost of a $10,000 investment | Cost paid as a % of a $10,000 investment |
|---|
| MoA Clear Passage 2025 Fund | $46 | 0.44% |
|---|
How did the Fund perform over the past 12 months?
The Fund’s performance for the 12 months ended December 31, 2024, was 9.83% before expenses and 9.70% after expenses. The Morningstar Lifetime Allocation Moderate 2025 Index was 7.89% over the same period. The Fund’s return was influenced by its portfolio allocation and risk relative to the Index. A long-term view, asset composition and risk characteristics between the Fund and the Index should be considered when reviewing the Fund’s performance.
How did the Fund perform over the past 10 years?
The Fund outperformed its benchmark over the 10-year period due to asset composition and stock selection.
Total Return Based on $10,000 Investment
| MoA Clear Passage 2025 Fund | S&P 500 Index | Bloomberg U.S. Aggregate Bond Index | FTSE 3-Month Treasury Bill Index |
|---|
| 12/14 | $10,000 | $10,000 | $10,000 | $10,000 |
|---|
| 12/15 | $10,024 | $10,138 | $10,055 | $10,003 |
|---|
| 12/16 | $10,961 | $11,351 | $10,321 | $10,030 |
|---|
| 12/17 | $12,571 | $13,829 | $10,687 | $10,114 |
|---|
| 12/18 | $11,889 | $13,223 | $10,688 | $10,303 |
|---|
| 12/19 | $14,216 | $17,386 | $11,620 | $10,535 |
|---|
| 12/20 | $15,730 | $20,585 | $12,492 | $10,596 |
|---|
| 12/21 | $17,612 | $26,494 | $12,299 | $10,601 |
|---|
| 12/22 | $15,224 | $21,696 | $10,699 | $10,760 |
|---|
| 12/23 | $17,294 | $27,399 | $11,291 | $11,326 |
|---|
| 12/24 | $18,972 | $34,254 | $11,432 | $11,943 |
|---|
The graph above represents historical performance of the hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter). The graph and table below show changes in the Fund's performance from year to year as compared to the performance of a broad-based, unmanaged index. A fund's past performance does not necessarily indicate how it will perform in the future. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The graph and table presented do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
| Total Net Assets | $1,111,402,725 |
|---|
| # of Portfolio Holdings | 10 |
|---|
| Portfolio Turnover Rate | 20.69% |
|---|
| Advisory Fees Paid | $561,490 |
|---|
The fund’s past performance is not a good predictor of how the fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
Average Annual Total Returns (%)
| 1 Year | 5 Years | 10 Years |
|---|
| MoA Clear Passage 2025 Fund | 9.70% | 5.94% | 6.61% |
|---|
| S&P 500 Index | 25.02% | 14.53% | 13.10% |
|---|
| Bloomberg U.S. Aggregate Bond Index | 1.25% | -0.33% | 1.35% |
|---|
| FTSE 3-Month Treasury Bill Index | 5.45% | 2.54% | 1.79% |
|---|
What did the Fund invest in?
The MoA Clear Passage 2025 Fund™ is designed for investors with a specific target date in mind – whether for retirement or another longterm investment goal. This Fund uses our time-tested investment management and allocation expertise to dynamically manage an investment over time approaching the target year 2025.
Asset Class Weightings
(% of Total Net Assets)
| Value | Value |
|---|
| Bond Funds | 48.0% |
| Domestic Equity Funds | 39.0% |
| International Equity Fund | 10.0% |
| US Government Money Market Fund | 3.0% |
| Short-Term Debt, Cash Investment and Other Net Assets | 0.0% |
Top 10 Holdings
(% of Total Net Assets)
| Core Bond Fund | 33.0% |
| Equity Index Fund | 30.7% |
| Intermediate Bond Fund | 15.0% |
| International Fund | 10.0% |
| Mid Cap Equity Index Fund | 4.9% |
| US Government Money Market Fund | 3.0% |
| Small Cap Value Fund | 1.7% |
| Mid Cap Value Fund | 0.9% |
| Small Cap Equity Index Fund | 0.8% |
Effective November 1, 2024, the Fund pays a shareholder service fee of 0.10% of average daily net assets to various intermediaries, including Mutual of America Life Insurance Company, the owner of the Advisor.
Change in or Disagreements with Accountants
During the year, the Fund did not have any changes or disagreements with Accountants.
To reduce expense, the Funds may mail only one copy of the prospectus, and each annual and semiannual Tailored Shareholder report to those addresses shared by two or more accounts. If you wish to receive individual copies of these documents, please contact your advisor, administrator or the Funds at 800-914-8716.
MoA Clear Passage 2025 Fund - MURHX
Annual Shareholder Report - December 31, 2024
If you wish to view additional information about the Fund, its prospectus, financial information, and holdings, please visit www.moafunds.com.
MoA Clear Passage 2030 Fund - MURIX
Annual Shareholder Report - December 31, 2024
This annual shareholder report contains important information about MoA Clear Passage 2030 Fund for the period of January 1, 2024 to December 31, 2024. You can find additional information about the fund at https://moafunds.com/docs. You can also request this information by contacting us at 800.914.8716.
This report describes changes to the fund that occurred during the reporting period.
What were the Fund costs for the last year?
(based on hypothetical $10,000 investment)
| Fund name | Cost of a $10,000 investment | Cost paid as a % of a $10,000 investment |
|---|
| MoA Clear Passage 2030 Fund | $44 | 0.42% |
|---|
How did the Fund perform over the past 12 months?
The Fund’s performance for the 12 months ended December 31, 2024, was 11.29% before expenses and 11.16% after expenses. The Morningstar Lifetime Allocation Moderate 2030 Index was 8.73% over the same period. The Fund’s return was influenced by its portfolio allocation and risk relative to the Index. A long-term view, asset composition and risk characteristics between the Fund and the Index should be considered when reviewing the Fund’s performance.
How did the Fund perform over the past 10 years?
The Fund outperformed its benchmark over the 10-year period due to asset composition and stock selection.
Total Return Based on $10,000 Investment
| MoA Clear Passage 2030 Fund | S&P 500 Index | Bloomberg U.S. Aggregate Bond Index | FTSE 3-Month Treasury Bill Index |
|---|
| 12/14 | $10,000 | $10,000 | $10,000 | $10,000 |
|---|
| 12/15 | $9,972 | $10,138 | $10,055 | $10,003 |
|---|
| 12/16 | $11,053 | $11,351 | $10,321 | $10,030 |
|---|
| 12/17 | $12,761 | $13,829 | $10,687 | $10,114 |
|---|
| 12/18 | $11,991 | $13,223 | $10,688 | $10,303 |
|---|
| 12/19 | $14,553 | $17,386 | $11,620 | $10,535 |
|---|
| 12/20 | $16,273 | $20,585 | $12,492 | $10,596 |
|---|
| 12/21 | $18,761 | $26,494 | $12,299 | $10,601 |
|---|
| 12/22 | $16,108 | $21,696 | $10,699 | $10,760 |
|---|
| 12/23 | $18,565 | $27,399 | $11,291 | $11,326 |
|---|
| 12/24 | $20,638 | $34,254 | $11,432 | $11,943 |
|---|
The graph above represents historical performance of the hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter). The graph and table below show changes in the Fund's performance from year to year as compared to the performance of a broad-based, unmanaged index. A fund's past performance does not necessarily indicate how it will perform in the future. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The graph and table presented do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
| Total Net Assets | $1,408,740,700 |
|---|
| # of Portfolio Holdings | 11 |
|---|
| Portfolio Turnover Rate | 20.62% |
|---|
| Advisory Fees Paid | $682,197 |
|---|
The fund’s past performance is not a good predictor of how the fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
Average Annual Total Returns (%)
| 1 Year | 5 Years | 10 Years |
|---|
| MoA Clear Passage 2030 Fund | 11.16% | 7.24% | 7.51% |
|---|
| S&P 500 Index | 25.02% | 14.53% | 13.10% |
|---|
| Bloomberg U.S. Aggregate Bond Index | 1.25% | -0.33% | 1.35% |
|---|
| FTSE 3-Month Treasury Bill Index | 5.45% | 2.54% | 1.79% |
|---|
What did the Fund invest in?
The MoA Clear Passage 2030 Fund™ is designed for investors with a specific target date in mind – whether for retirement or another longterm investment goal. This Fund uses our time-tested investment management and allocation expertise to dynamically manage an investment over time approaching the target year 2030.
Asset Class Weightings
(% of Total Net Assets)
| Value | Value |
|---|
| Domestic Equity Funds | 47.4% |
| Bond Funds | 37.6% |
| International Equity Fund | 12.0% |
| US Government Money Market Fund | 3.0% |
| Short-Term Debt, Cash Investment and Other Net Assets | 0.0% |
Top 10 Holdings
(% of Total Net Assets)
| Equity Index Fund | 35.8% |
| Core Bond Fund | 27.7% |
| International Fund | 12.0% |
| Intermediate Bond Fund | 9.9% |
| Mid Cap Equity Index Fund | 5.8% |
| US Government Money Market Fund | 3.0% |
| Small Cap Value Fund | 1.9% |
| Mid Cap Value Fund | 1.7% |
| Small Cap Growth Fund | 1.2% |
| Small Cap Equity Index Fund | 1.0% |
Effective November 1, 2024, the Fund pays a shareholder service fee of 0.10% of average daily net assets to various intermediaries, including Mutual of America Life Insurance Company, the owner of the Advisor.
Change in or Disagreements with Accountants
During the year, the Fund did not have any changes or disagreements with Accountants.
To reduce expense, the Funds may mail only one copy of the prospectus, and each annual and semiannual Tailored Shareholder report to those addresses shared by two or more accounts. If you wish to receive individual copies of these documents, please contact your advisor, administrator or the Funds at 800-914-8716.
MoA Clear Passage 2030 Fund - MURIX
Annual Shareholder Report - December 31, 2024
If you wish to view additional information about the Fund, its prospectus, financial information, and holdings, please visit www.moafunds.com.
MoA Clear Passage 2035 Fund - MURJX
Annual Shareholder Report - December 31, 2024
This annual shareholder report contains important information about MoA Clear Passage 2035 Fund for the period of January 1, 2024 to December 31, 2024. You can find additional information about the fund at https://moafunds.com/docs. You can also request this information by contacting us at 800.914.8716.
This report describes changes to the fund that occurred during the reporting period.
What were the Fund costs for the last year?
(based on hypothetical $10,000 investment)
| Fund name | Cost of a $10,000 investment | Cost paid as a % of a $10,000 investment |
|---|
| MoA Clear Passage 2035 Fund | $40 | 0.38% |
|---|
How did the Fund perform over the past 12 months?
The Fund’s performance for the 12 months ended December 31, 2024, was 13.18% before expenses and 13.05% after expenses. The Morningstar Lifetime Allocation Moderate 2035 Index was 10.06% over the same period. The Fund’s return was influenced by its portfolio allocation and risk relative to the Index. A long-term view, asset composition and risk characteristics between the Fund and the Index should be considered when reviewing the Fund’s performance.
How did the Fund perform over the past 10 years?
The Fund outperformed its benchmark over the 10-year period due to asset composition and stock selection.
Total Return Based on $10,000 Investment
| MoA Clear Passage 2035 Fund | S&P 500 Index | Bloomberg U.S. Aggregate Bond Index | FTSE 3-Month Treasury Bill Index |
|---|
| 12/14 | $10,000 | $10,000 | $10,000 | $10,000 |
|---|
| 12/15 | $9,946 | $10,138 | $10,055 | $10,003 |
|---|
| 12/16 | $11,061 | $11,351 | $10,321 | $10,030 |
|---|
| 12/17 | $12,961 | $13,829 | $10,687 | $10,114 |
|---|
| 12/18 | $11,993 | $13,223 | $10,688 | $10,303 |
|---|
| 12/19 | $14,867 | $17,386 | $11,620 | $10,535 |
|---|
| 12/20 | $16,727 | $20,585 | $12,492 | $10,596 |
|---|
| 12/21 | $19,711 | $26,494 | $12,299 | $10,601 |
|---|
| 12/22 | $16,715 | $21,696 | $10,699 | $10,760 |
|---|
| 12/23 | $19,599 | $27,399 | $11,291 | $11,326 |
|---|
| 12/24 | $22,157 | $34,254 | $11,432 | $11,943 |
|---|
The graph above represents historical performance of the hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter). The graph and table below show changes in the Fund's performance from year to year as compared to the performance of a broad-based, unmanaged index. A fund's past performance does not necessarily indicate how it will perform in the future. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The graph and table presented do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
| Total Net Assets | $1,399,229,098 |
|---|
| # of Portfolio Holdings | 11 |
|---|
| Portfolio Turnover Rate | 19.82% |
|---|
| Advisory Fees Paid | $665,632 |
|---|
The fund’s past performance is not a good predictor of how the fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
Average Annual Total Returns (%)
| 1 Year | 5 Years | 10 Years |
|---|
| MoA Clear Passage 2035 Fund | 13.05% | 8.31% | 8.28% |
|---|
| S&P 500 Index | 25.02% | 14.53% | 13.10% |
|---|
| Bloomberg U.S. Aggregate Bond Index | 1.25% | -0.33% | 1.35% |
|---|
| FTSE 3-Month Treasury Bill Index | 5.45% | 2.54% | 1.79% |
|---|
What did the Fund invest in?
The MoA Clear Passage 2035 Fund™ is designed for investors with a specific target date in mind – whether for retirement or another longterm investment goal. This Fund uses our time-tested investment management and allocation expertise to dynamically manage an investment over time approaching the target year 2035.
Asset Class Weightings
(% of Total Net Assets)
| Value | Value |
|---|
| Domestic Equity Funds | 55.5% |
| Bond Funds | 26.9% |
| International Equity Fund | 14.7% |
| US Government Money Market Fund | 2.9% |
| Short-Term Debt, Cash Investment and Other Net Assets | 0.0% |
Top 10 Holdings
(% of Total Net Assets)
| Equity Index Fund | 41.9% |
| Core Bond Fund | 21.9% |
| International Fund | 14.7% |
| Mid Cap Equity Index Fund | 8.1% |
| Intermediate Bond Fund | 5.0% |
| US Government Money Market Fund | 2.9% |
| Small Cap Value Fund | 2.0% |
| Mid Cap Value Fund | 1.4% |
| Small Cap Growth Fund | 1.1% |
| Small Cap Equity Index Fund | 1.0% |
Effective November 1, 2024, the Fund pays a shareholder service fee of 0.10% of average daily net assets to various intermediaries, including Mutual of America Life Insurance Company, the owner of the Advisor.
Change in or Disagreements with Accountants
During the year, the Fund did not have any changes or disagreements with Accountants.
To reduce expense, the Funds may mail only one copy of the prospectus, and each annual and semiannual Tailored Shareholder report to those addresses shared by two or more accounts. If you wish to receive individual copies of these documents, please contact your advisor, administrator or the Funds at 800-914-8716.
MoA Clear Passage 2035 Fund - MURJX
Annual Shareholder Report - December 31, 2024
If you wish to view additional information about the Fund, its prospectus, financial information, and holdings, please visit www.moafunds.com.
MoA Clear Passage 2040 Fund - MURLX
Annual Shareholder Report - December 31, 2024
This annual shareholder report contains important information about MoA Clear Passage 2040 Fund for the period of January 1, 2024 to December 31, 2024. You can find additional information about the fund at https://moafunds.com/docs. You can also request this information by contacting us at 800.914.8716.
This report describes changes to the fund that occurred during the reporting period.
What were the Fund costs for the last year?
(based on hypothetical $10,000 investment)
| Fund name | Cost of a $10,000 investment | Cost paid as a % of a $10,000 investment |
|---|
| MoA Clear Passage 2040 Fund | $39 | 0.36% |
|---|
How did the Fund perform over the past 12 months?
The Fund’s performance for the 12 months ended December 31, 2024, was 14.48% before expenses and 14.35% after expenses. The Morningstar Lifetime Allocation Moderate 2040 Index was 11.55% over the same period. The Fund’s return was influenced by its portfolio allocation and risk relative to the Index. A long-term view, asset composition and risk characteristics between the Fund and the Index should be considered when reviewing the Fund’s performance.
How did the Fund perform over the past 10 years?
The Fund outperformed its benchmark over the 10-year period due to asset composition and stock selection.
Total Return Based on $10,000 Investment
| MoA Clear Passage 2040 Fund | S&P 500 Index | Bloomberg U.S. Aggregate Bond Index | FTSE 3-Month Treasury Bill Index |
|---|
| 12/14 | $10,000 | $10,000 | $10,000 | $10,000 |
|---|
| 12/15 | $9,967 | $10,138 | $10,055 | $10,003 |
|---|
| 12/16 | $11,132 | $11,351 | $10,321 | $10,030 |
|---|
| 12/17 | $13,091 | $13,829 | $10,687 | $10,114 |
|---|
| 12/18 | $11,987 | $13,223 | $10,688 | $10,303 |
|---|
| 12/19 | $14,949 | $17,386 | $11,620 | $10,535 |
|---|
| 12/20 | $16,938 | $20,585 | $12,492 | $10,596 |
|---|
| 12/21 | $20,306 | $26,494 | $12,299 | $10,601 |
|---|
| 12/22 | $17,185 | $21,696 | $10,699 | $10,760 |
|---|
| 12/23 | $20,428 | $27,399 | $11,291 | $11,326 |
|---|
| 12/24 | $23,359 | $34,254 | $11,432 | $11,943 |
|---|
The graph above represents historical performance of the hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter). The graph and table below show changes in the Fund's performance from year to year as compared to the performance of a broad-based, unmanaged index. A fund's past performance does not necessarily indicate how it will perform in the future. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The graph and table presented do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
| Total Net Assets | $1,203,562,143 |
|---|
| # of Portfolio Holdings | 11 |
|---|
| Portfolio Turnover Rate | 17.81% |
|---|
| Advisory Fees Paid | $566,439 |
|---|
The fund’s past performance is not a good predictor of how the fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
Average Annual Total Returns (%)
| 1 Year | 5 Years | 10 Years |
|---|
| MoA Clear Passage 2040 Fund | 14.35% | 9.34% | 8.85% |
|---|
| S&P 500 Index | 25.02% | 14.53% | 13.10% |
|---|
| Bloomberg U.S. Aggregate Bond Index | 1.25% | -0.33% | 1.35% |
|---|
| FTSE 3-Month Treasury Bill Index | 5.45% | 2.54% | 1.79% |
|---|
What did the Fund invest in?
The MoA Clear Passage 2040 Fund™ is designed for investors with a specific target date in mind – whether for retirement or another longterm investment goal. This Fund uses our time-tested investment management and allocation expertise to dynamically manage an investment over time approaching the target year 2040.
Asset Class Weightings
(% of Total Net Assets)
| Value | Value |
|---|
| Domestic Equity Funds | 61.4% |
| International Equity Fund | 18.6% |
| Bond Funds | 18.0% |
| US Government Money Market Fund | 2.0% |
| Short-Term Debt, Cash Investment and Other Net Assets | 0.0% |
Top 10 Holdings
(% of Total Net Assets)
| Equity Index Fund | 45.1% |
| International Fund | 18.6% |
| Core Bond Fund | 14.0% |
| Mid Cap Equity Index Fund | 10.3% |
| Intermediate Bond Fund | 4.0% |
| Small Cap Equity Index Fund | 2.0% |
| Small Cap Value Fund | 2.0% |
| US Government Money Market Fund | 2.0% |
| Mid Cap Value Fund | 1.0% |
| Small Cap Growth Fund | 1.0% |
Effective November 1, 2024, the Fund pays a shareholder service fee of 0.10% of average daily net assets to various intermediaries, including Mutual of America Life Insurance Company, the owner of the Advisor.
Change in or Disagreements with Accountants
During the year, the Fund did not have any changes or disagreements with Accountants.
To reduce expense, the Funds may mail only one copy of the prospectus, and each annual and semiannual Tailored Shareholder report to those addresses shared by two or more accounts. If you wish to receive individual copies of these documents, please contact your advisor, administrator or the Funds at 800-914-8716.
MoA Clear Passage 2040 Fund - MURLX
Annual Shareholder Report - December 31, 2024
If you wish to view additional information about the Fund, its prospectus, financial information, and holdings, please visit www.moafunds.com.
MoA Clear Passage 2045 Fund - MURMX
Annual Shareholder Report - December 31, 2024
This annual shareholder report contains important information about MoA Clear Passage 2045 Fund for the period of January 1, 2024 to December 31, 2024. You can find additional information about the fund at https://moafunds.com/docs. You can also request this information by contacting us at 800.914.8716.
This report describes changes to the fund that occurred during the reporting period.
What were the Fund costs for the last year?
(based on hypothetical $10,000 investment)
| Fund name | Cost of a $10,000 investment | Cost paid as a % of a $10,000 investment |
|---|
| MoA Clear Passage 2045 Fund | $38 | 0.35% |
|---|
How did the Fund perform over the past 12 months?
The Fund’s performance for the 12 months ended December 31, 2024, was 15.03% before expenses and 14.90% after expenses. The Morningstar Lifetime Allocation Moderate 2045 Index was 12.69% over the same period. The Fund’s return was influenced by its portfolio allocation and risk relative to the Index. A long-term view, asset composition and risk characteristics between the Fund and the Index should be considered when reviewing the Fund’s performance.
How did the Fund perform over the past 10 years?
The Fund outperformed its benchmark over the 10-year period due to asset composition and stock selection.
Total Return Based on $10,000 Investment
| MoA Clear Passage 2045 Fund | S&P 500 Index | Bloomberg U.S. Aggregate Bond Index | FTSE 3-Month Treasury Bill Index |
|---|
| 12/14 | $10,000 | $10,000 | $10,000 | $10,000 |
|---|
| 12/15 | $9,969 | $10,138 | $10,055 | $10,003 |
|---|
| 12/16 | $11,150 | $11,351 | $10,321 | $10,030 |
|---|
| 12/17 | $13,098 | $13,829 | $10,687 | $10,114 |
|---|
| 12/18 | $11,944 | $13,223 | $10,688 | $10,303 |
|---|
| 12/19 | $14,904 | $17,386 | $11,620 | $10,535 |
|---|
| 12/20 | $16,912 | $20,585 | $12,492 | $10,596 |
|---|
| 12/21 | $20,391 | $26,494 | $12,299 | $10,601 |
|---|
| 12/22 | $17,213 | $21,696 | $10,699 | $10,760 |
|---|
| 12/23 | $20,593 | $27,399 | $11,291 | $11,326 |
|---|
| 12/24 | $23,662 | $34,254 | $11,432 | $11,943 |
|---|
The graph above represents historical performance of the hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter). The graph and table below show changes in the Fund's performance from year to year as compared to the performance of a broad-based, unmanaged index. A fund's past performance does not necessarily indicate how it will perform in the future. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The graph and table presented do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
| Total Net Assets | $1,231,626,232 |
|---|
| # of Portfolio Holdings | 11 |
|---|
| Portfolio Turnover Rate | 16.21% |
|---|
| Advisory Fees Paid | $583,895 |
|---|
The fund’s past performance is not a good predictor of how the fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
Average Annual Total Returns (%)
| 1 Year | 5 Years | 10 Years |
|---|
| MoA Clear Passage 2045 Fund | 14.90% | 9.68% | 8.99% |
|---|
| S&P 500 Index | 25.02% | 14.53% | 13.10% |
|---|
| Bloomberg U.S. Aggregate Bond Index | 1.25% | -0.33% | 1.35% |
|---|
| FTSE 3-Month Treasury Bill Index | 5.45% | 2.54% | 1.79% |
|---|
What did the Fund invest in?
The MoA Clear Passage 2045 Fund™ is designed for investors with a specific target date in mind – whether for retirement or another longterm investment goal. This Fund uses our time-tested investment management and allocation expertise to dynamically manage an investment over time approaching the target year 2045.
Asset Class Weightings
(% of Total Net Assets)
| Value | Value |
|---|
| Domestic Equity Funds | 64.9% |
| International Equity Fund | 20.1% |
| Bond Funds | 13.0% |
| US Government Money Market Fund | 2.0% |
| Short-Term Debt, Cash Investment and Other Net Assets | 0.0% |
Top 10 Holdings
(% of Total Net Assets)
| Equity Index Fund | 47.2% |
| International Fund | 20.1% |
| Mid Cap Equity Index Fund | 10.5% |
| Core Bond Fund | 10.0% |
| Intermediate Bond Fund | 3.0% |
| Small Cap Growth Fund | 2.1% |
| Small Cap Equity Index Fund | 2.1% |
| US Government Money Market Fund | 2.0% |
| Small Cap Value Fund | 2.0% |
| Mid Cap Value Fund | 1.0% |
Effective November 1, 2024, the Fund pays a shareholder service fee of 0.10% of average daily net assets to various intermediaries, including Mutual of America Life Insurance Company, the owner of the Advisor.
Change in or Disagreements with Accountants
During the year, the Fund did not have any changes or disagreements with Accountants.
To reduce expense, the Funds may mail only one copy of the prospectus, and each annual and semiannual Tailored Shareholder report to those addresses shared by two or more accounts. If you wish to receive individual copies of these documents, please contact your advisor, administrator or the Funds at 800-914-8716.
MoA Clear Passage 2045 Fund - MURMX
Annual Shareholder Report - December 31, 2024
If you wish to view additional information about the Fund, its prospectus, financial information, and holdings, please visit www.moafunds.com.
MoA Clear Passage 2050 Fund - MURNX
Annual Shareholder Report - December 31, 2024
This annual shareholder report contains important information about MoA Clear Passage 2050 Fund for the period of January 1, 2024 to December 31, 2024. You can find additional information about the fund at https://moafunds.com/docs. You can also request this information by contacting us at 800.914.8716.
This report describes changes to the fund that occurred during the reporting period.
What were the Fund costs for the last year?
(based on hypothetical $10,000 investment)
| Fund name | Cost of a $10,000 investment | Cost paid as a % of a $10,000 investment |
|---|
| MoA Clear Passage 2050 Fund | $38 | 0.35% |
|---|
How did the Fund perform over the past 12 months?
The Fund’s performance for the 12 months ended December 31, 2024, was 15.53% before expenses and 15.39% after expenses. The Morningstar Lifetime Allocation Moderate 2050 Index was 13.18% over the same period. The Fund’s return was influenced by its portfolio allocation and risk relative to the Index. A long-term view, asset composition and risk characteristics between the Fund and the Index should be considered when reviewing the Fund’s performance.
How did the Fund perform over the past 10 years?
The Fund outperformed its benchmark over the 10-year period due to asset composition and stock selection.
Total Return Based on $10,000 Investment
| MoA Clear Passage 2050 Fund | S&P 500 Index | Bloomberg U.S. Aggregate Bond Index | FTSE 3-Month Treasury Bill Index |
|---|
| 12/14 | $10,000 | $10,000 | $10,000 | $10,000 |
|---|
| 12/15 | $9,941 | $10,138 | $10,055 | $10,003 |
|---|
| 12/16 | $11,098 | $11,351 | $10,321 | $10,030 |
|---|
| 12/17 | $13,117 | $13,829 | $10,687 | $10,114 |
|---|
| 12/18 | $11,929 | $13,223 | $10,688 | $10,303 |
|---|
| 12/19 | $14,935 | $17,386 | $11,620 | $10,535 |
|---|
| 12/20 | $16,910 | $20,585 | $12,492 | $10,596 |
|---|
| 12/21 | $20,431 | $26,494 | $12,299 | $10,601 |
|---|
| 12/22 | $17,232 | $21,696 | $10,699 | $10,760 |
|---|
| 12/23 | $20,667 | $27,399 | $11,291 | $11,326 |
|---|
| 12/24 | $23,849 | $34,254 | $11,432 | $11,943 |
|---|
The graph above represents historical performance of the hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter). The graph and table below show changes in the Fund's performance from year to year as compared to the performance of a broad-based, unmanaged index. A fund's past performance does not necessarily indicate how it will perform in the future. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The graph and table presented do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
| Total Net Assets | $976,609,645 |
|---|
| # of Portfolio Holdings | 11 |
|---|
| Portfolio Turnover Rate | 13.94% |
|---|
| Advisory Fees Paid | $457,960 |
|---|
The fund’s past performance is not a good predictor of how the fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
Average Annual Total Returns (%)
| 1 Year | 5 Years | 10 Years |
|---|
| MoA Clear Passage 2050 Fund | 15.39% | 9.81% | 9.08% |
|---|
| S&P 500 Index | 25.02% | 14.53% | 13.10% |
|---|
| Bloomberg U.S. Aggregate Bond Index | 1.25% | -0.33% | 1.35% |
|---|
| FTSE 3-Month Treasury Bill Index | 5.45% | 2.54% | 1.79% |
|---|
What did the Fund invest in?
The MoA Clear Passage 2050 Fund™ is designed for investors with a specific target date in mind – whether for retirement or another longterm investment goal. This Fund uses our time-tested investment management and allocation expertise to dynamically manage an investment over time approaching the target year 2050.
Asset Class Weightings
(% of Total Net Assets)
| Value | Value |
|---|
| Domestic Equity Funds | 68.7% |
| International Equity Fund | 20.4% |
| Bond Funds | 8.9% |
| US Government Money Market Fund | 2.0% |
| Short-Term Debt, Cash Investment and Other Net Assets | 0.0% |
Top 10 Holdings
(% of Total Net Assets)
| Equity Index Fund | 49.3% |
| International Fund | 20.4% |
| Mid Cap Equity Index Fund | 11.3% |
| Core Bond Fund | 7.0% |
| Mid Cap Value Fund | 2.1% |
| Small Cap Growth Fund | 2.0% |
| Small Cap Value Fund | 2.0% |
| Small Cap Equity Index Fund | 2.0% |
| US Government Money Market Fund | 2.0% |
| Intermediate Bond Fund | 1.9% |
Effective November 1, 2024, the Fund pays a shareholder service fee of 0.10% of average daily net assets to various intermediaries, including Mutual of America Life Insurance Company, the owner of the Advisor.
Change in or Disagreements with Accountants
During the year, the Fund did not have any changes or disagreements with Accountants.
To reduce expense, the Funds may mail only one copy of the prospectus, and each annual and semiannual Tailored Shareholder report to those addresses shared by two or more accounts. If you wish to receive individual copies of these documents, please contact your advisor, administrator or the Funds at 800-914-8716.
MoA Clear Passage 2050 Fund - MURNX
Annual Shareholder Report - December 31, 2024
If you wish to view additional information about the Fund, its prospectus, financial information, and holdings, please visit www.moafunds.com.
MoA Clear Passage 2055 Fund - MUROX
Annual Shareholder Report - December 31, 2024
This annual shareholder report contains important information about MoA Clear Passage 2055 Fund for the period of January 1, 2024 to December 31, 2024. You can find additional information about the fund at https://moafunds.com/docs. You can also request this information by contacting us at 800.914.8716.
This report describes changes to the fund that occurred during the reporting period.
What were the Fund costs for the last year?
(based on hypothetical $10,000 investment)
| Fund name | Cost of a $10,000 investment | Cost paid as a % of a $10,000 investment |
|---|
| MoA Clear Passage 2055 Fund | $40 | 0.37% |
|---|
How did the Fund perform over the past 12 months?
The Fund’s performance for the 12 months ended December 31, 2024, was 15.82% before expenses and 15.66% after expenses. The Morningstar Lifetime Allocation Moderate 2055 Index was 13.14% over the same period. The Fund’s return was influenced by its portfolio allocation and risk relative to the Index. A long-term view, asset composition and risk characteristics between the Fund and the Index should be considered when reviewing the Fund’s performance.
How did the Fund perform since inception?
The Fund outperformed its benchmark since its inception on October 1, 2016, due to asset composition and stock selection.
Total Return Based on $10,000 Investment
| MoA Clear Passage 2055 Fund | S&P 500 Index | Bloomberg U.S. Aggregate Bond Index | FTSE 3-Month Treasury Bill Index |
|---|
| 10/16 | $10,000 | $10,000 | $10,000 | $10,000 |
|---|
| 12/16 | $10,400 | $10,382 | $9,702 | $10,008 |
|---|
| 12/17 | $12,300 | $12,649 | $10,046 | $10,092 |
|---|
| 12/18 | $11,158 | $12,094 | $10,047 | $10,280 |
|---|
| 12/19 | $13,894 | $15,903 | $10,923 | $10,512 |
|---|
| 12/20 | $15,845 | $18,829 | $11,743 | $10,573 |
|---|
| 12/21 | $19,190 | $24,233 | $11,562 | $10,578 |
|---|
| 12/22 | $16,164 | $19,844 | $10,058 | $10,737 |
|---|
| 12/23 | $19,394 | $25,061 | $10,614 | $11,301 |
|---|
| 12/24 | $22,432 | $31,331 | $10,746 | $11,917 |
|---|
The graph above represents historical performance of the hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter). The graph and table below show changes in the Fund's performance from year to year as compared to the performance of a broad-based, unmanaged index. A fund's past performance does not necessarily indicate how it will perform in the future. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The graph and table presented do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
| Total Net Assets | $560,993,268 |
|---|
| # of Portfolio Holdings | 11 |
|---|
| Portfolio Turnover Rate | 16.37% |
|---|
| Advisory Fees Paid | $255,869 |
|---|
The fund’s past performance is not a good predictor of how the fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
Average Annual Total Returns (%)
| 1 Year | 5 Years | Since Inception |
|---|
| MoA Clear Passage 2055 Fund (Incp: October 1, 2016) | 15.66% | 10.05% | 10.29% |
|---|
| S&P 500 Index | 25.02% | 14.53% | 14.85% |
|---|
| Bloomberg U.S. Aggregate Bond Index | 1.25% | -0.33% | 0.88% |
|---|
| FTSE 3-Month Treasury Bill Index | 5.45% | 2.54% | 2.15% |
|---|
What did the Fund invest in?
The MoA Clear Passage 2055 Fund™ is designed for investors with a specific target date in mind – whether for retirement or another longterm investment goal. This Fund uses our time-tested investment management and allocation expertise to dynamically manage an investment over time approaching the target year 2055.
Asset Class Weightings
(% of Total Net Assets)
| Value | Value |
|---|
| Domestic Equity Funds | 70.4% |
| International Equity Fund | 21.8% |
| Bond Funds | 6.8% |
| US Government Money Market Fund | 1.0% |
| Short-Term Debt, Cash Investment and Other Net Assets | 0.0% |
Top 10 Holdings
(% of Total Net Assets)
| Equity Index Fund | 49.4% |
| International Fund | 21.8% |
| Mid Cap Equity Index Fund | 11.9% |
| Core Bond Fund | 6.0% |
| Small Cap Equity Index Fund | 3.0% |
| Mid Cap Value Fund | 2.1% |
| Small Cap Value Fund | 2.0% |
| Small Cap Growth Fund | 2.0% |
| US Government Money Market Fund | 1.0% |
| Intermediate Bond Fund | 0.8% |
Effective November 1, 2024, the Fund pays a shareholder service fee of 0.10% of average daily net assets to various intermediaries, including Mutual of America Life Insurance Company, the owner of the Advisor.
Change in or Disagreements with Accountants
During the year, the Fund did not have any changes or disagreements with Accountants.
To reduce expense, the Funds may mail only one copy of the prospectus, and each annual and semiannual Tailored Shareholder report to those addresses shared by two or more accounts. If you wish to receive individual copies of these documents, please contact your advisor, administrator or the Funds at 800-914-8716.
MoA Clear Passage 2055 Fund - MUROX
Annual Shareholder Report - December 31, 2024
If you wish to view additional information about the Fund, its prospectus, financial information, and holdings, please visit www.moafunds.com.
MoA Clear Passage 2060 Fund - MURPX
Annual Shareholder Report - December 31, 2024
This annual shareholder report contains important information about MoA Clear Passage 2060 Fund for the period of January 1, 2024 to December 31, 2024. You can find additional information about the fund at https://moafunds.com/docs. You can also request this information by contacting us at 800.914.8716.
This report describes changes to the fund that occurred during the reporting period.
What were the Fund costs for the last year?
(based on hypothetical $10,000 investment)
| Fund name | Cost of a $10,000 investment | Cost paid as a % of a $10,000 investment |
|---|
| MoA Clear Passage 2060 Fund | $42 | 0.39% |
|---|
How did the Fund perform over the past 12 months?
The Fund’s performance for the 12 months ended December 31, 2024, was 15.91% before expenses and 15.73% after expenses. The Morningstar Lifetime Allocation Moderate 2060 Index was 12.95% over the same period. The Fund’s return was influenced by its portfolio allocation and risk relative to the Index. A long-term view, asset composition and risk characteristics between the Fund and the Index should be considered when reviewing the Fund’s performance.
How did the Fund perform since inception?
The Fund outperformed its benchmark since its inception on July 2, 2018, due to asset composition and stock selection.
Total Return Based on $10,000 Investment
| MoA Clear Passage 2060 Fund | S&P 500 Index | Bloomberg U.S. Aggregate Bond Index | FTSE 3-Month Treasury Bill Index |
|---|
| 07/18 | $10,000 | $10,000 | $10,000 | $10,000 |
|---|
| 12/18 | $8,900 | $9,286 | $10,174 | $10,106 |
|---|
| 12/19 | $11,123 | $12,210 | $11,061 | $10,333 |
|---|
| 12/20 | $12,709 | $14,456 | $11,892 | $10,393 |
|---|
| 12/21 | $15,454 | $18,606 | $11,708 | $10,398 |
|---|
| 12/22 | $13,025 | $15,236 | $10,185 | $10,554 |
|---|
| 12/23 | $15,654 | $19,241 | $10,748 | $11,109 |
|---|
| 12/24 | $18,117 | $24,056 | $10,882 | $11,714 |
|---|
The graph above represents historical performance of the hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter). The graph and table below show changes in the Fund's performance from year to year as compared to the performance of a broad-based, unmanaged index. A fund's past performance does not necessarily indicate how it will perform in the future. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The graph and table presented do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
| Total Net Assets | $311,077,724 |
|---|
| # of Portfolio Holdings | 11 |
|---|
| Portfolio Turnover Rate | 15.46% |
|---|
| Advisory Fees Paid | $138,705 |
|---|
The fund’s past performance is not a good predictor of how the fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
Average Annual Total Returns (%)
| 1 Year | 5 Years | Since Inception |
|---|
| MoA Clear Passage 2060 Fund (Incp: July 2, 2018) | 15.73% | 10.25% | 9.58% |
|---|
| S&P 500 Index | 25.02% | 14.53% | 14.47% |
|---|
| Bloomberg U.S. Aggregate Bond Index | 1.25% | -0.33% | 1.31% |
|---|
| FTSE 3-Month Treasury Bill Index | 5.45% | 2.54% | 2.47% |
|---|
What did the Fund invest in?
The MoA Clear Passage 2060 Fund™ is designed for investors with a specific target date in mind – whether for retirement or another longterm investment goal. This Fund uses our time-tested investment management and allocation expertise to dynamically manage an investment over time approaching the target year 2060.
Asset Class Weightings
(% of Total Net Assets)
| Value | Value |
|---|
| Domestic Equity Funds | 71.3% |
| International Equity Fund | 22.9% |
| Bond Funds | 4.9% |
| US Government Money Market Fund | 0.9% |
| Short-Term Debt, Cash Investment and Other Net Assets | 0.0% |
Top 10 Holdings
(% of Total Net Assets)
| Equity Index Fund | 48.4% |
| International Fund | 22.9% |
| Mid Cap Equity Index Fund | 12.7% |
| Core Bond Fund | 4.3% |
| Small Cap Equity Index Fund | 3.1% |
| Small Cap Value Fund | 2.9% |
| Mid Cap Value Fund | 2.2% |
| Small Cap Growth Fund | 2.0% |
| US Government Money Market Fund | 0.9% |
| Intermediate Bond Fund | 0.6% |
Effective November 1, 2024, the Fund pays a shareholder service fee of 0.10% of average daily net assets to various intermediaries, including Mutual of America Life Insurance Company, the owner of the Advisor.
Change in or Disagreements with Accountants
During the year, the Fund did not have any changes or disagreements with Accountants.
To reduce expense, the Funds may mail only one copy of the prospectus, and each annual and semiannual Tailored Shareholder report to those addresses shared by two or more accounts. If you wish to receive individual copies of these documents, please contact your advisor, administrator or the Funds at 800-914-8716.
MoA Clear Passage 2060 Fund - MURPX
Annual Shareholder Report - December 31, 2024
If you wish to view additional information about the Fund, its prospectus, financial information, and holdings, please visit www.moafunds.com.
MoA Clear Passage 2065 Fund - MURQX
Annual Shareholder Report - December 31, 2024
This annual shareholder report contains important information about MoA Clear Passage 2065 Fund for the period of January 1, 2024 to December 31, 2024. You can find additional information about the fund at https://moafunds.com/docs. You can also request this information by contacting us at 800.914.8716.
This report describes changes to the fund that occurred during the reporting period.
What were the Fund costs for the last year?
(based on hypothetical $10,000 investment)
| Fund name | Cost of a $10,000 investment | Cost paid as a % of a $10,000 investment |
|---|
| MoA Clear Passage 2065 Fund | $29 | 0.27% |
|---|
How did the Fund perform over the past 12 months?
The Fund’s performance for the 12 months ended December 31, 2024, was 16.08% before expenses and 16.01% after expenses. The Morningstar Lifetime Allocation Moderate 2065 Index was 12.71% over the same period. The Fund’s return was influenced by its portfolio allocation and risk relative to the Index. A long-term view, asset composition and risk characteristics between the Fund and the Index should be considered when reviewing the Fund’s performance.
How did the Fund perform since inception?
The Fund outperformed its benchmark since its inception on August 3, 2020, due to asset composition and stock selection.
Total Return Based on $10,000 Investment
| MoA Clear Passage 2065 Fund | S&P 500 Index | Bloomberg U.S. Aggregate Bond Index | FTSE 3-Month Treasury Bill Index |
|---|
| 08/20 | $10,000 | $10,000 | $10,000 | $10,000 |
|---|
| 12/20 | $11,816 | $11,481 | $9,990 | $10,004 |
|---|
| 12/21 | $14,383 | $14,777 | $9,836 | $10,009 |
|---|
| 12/22 | $12,148 | $12,101 | $8,556 | $10,159 |
|---|
| 12/23 | $14,639 | $15,282 | $9,029 | $10,694 |
|---|
| 12/24 | $16,983 | $19,105 | $9,142 | $11,276 |
|---|
The graph above represents historical performance of the hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter). The graph and table below show changes in the Fund's performance from year to year as compared to the performance of a broad-based, unmanaged index. A fund's past performance does not necessarily indicate how it will perform in the future. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The graph and table presented do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
| Total Net Assets | $122,186,691 |
|---|
| # of Portfolio Holdings | 11 |
|---|
| Portfolio Turnover Rate | 12.71% |
|---|
| Advisory Fees Paid | $0 |
|---|
The fund’s past performance is not a good predictor of how the fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
Average Annual Total Returns (%)
| 1 Year | Since Inception |
|---|
| MoA Clear Passage 2065 Fund (Incp: August 3, 2020) | 16.01% | 12.76% |
|---|
| S&P 500 Index | 25.02% | 15.81% |
|---|
| Bloomberg U.S. Aggregate Bond Index | 1.25% | -2.01% |
|---|
| FTSE 3-Month Treasury Bill Index | 5.45% | 2.76% |
|---|
What did the Fund invest in?
The MoA Clear Passage 2065 Fund™ is designed for investors with a specific target date in mind – whether for retirement or another longterm investment goal. This Fund uses our time-tested investment management and allocation expertise to dynamically manage an investment over time approaching the target year 2065.
Asset Class Weightings
(% of Total Net Assets)
| Value | Value |
|---|
| Domestic Equity Funds | 72.5% |
| International Equity Fund | 22.5% |
| Bond Funds | 4.1% |
| US Government Money Market Fund | 0.9% |
| Short-Term Debt, Cash Investment and Other Net Assets | 0.0% |
Top 10 Holdings
(% of Total Net Assets)
| Equity Index Fund | 48.4% |
| International Fund | 22.5% |
| Mid Cap Equity Index Fund | 12.1% |
| Core Bond Fund | 3.5% |
| Small Cap Value Fund | 3.1% |
| Small Cap Equity Index Fund | 3.1% |
| Mid Cap Value Fund | 2.9% |
| Small Cap Growth Fund | 2.9% |
| US Government Money Market Fund | 0.9% |
| Intermediate Bond Fund | 0.6% |
Effective November 1, 2024, the Fund pays a shareholder service fee of 0.10% of average daily net assets to various intermediaries, including Mutual of America Life Insurance Company, the owner of the Advisor.
Change in or Disagreements with Accountants
During the year, the Fund did not have any changes or disagreements with Accountants.
To reduce expense, the Funds may mail only one copy of the prospectus, and each annual and semiannual Tailored Shareholder report to those addresses shared by two or more accounts. If you wish to receive individual copies of these documents, please contact your advisor, administrator or the Funds at 800-914-8716.
MoA Clear Passage 2065 Fund - MURQX
Annual Shareholder Report - December 31, 2024
If you wish to view additional information about the Fund, its prospectus, financial information, and holdings, please visit www.moafunds.com.
MoA Conservative Allocation Fund - MACAX
Annual Shareholder Report - December 31, 2024
This annual shareholder report contains important information about MoA Conservative Allocation Fund for the period of January 1, 2024 to December 31, 2024. You can find additional information about the fund at https://moafunds.com/docs. You can also request this information by contacting us at 800.914.8716.
What were the Fund costs for the last year?
(based on hypothetical $10,000 investment)
| Fund name | Cost of a $10,000 investment | Cost paid as a % of a $10,000 investment |
|---|
| MoA Conservative Allocation Fund | $49 | 0.47% |
|---|
How did the Fund perform over the past 12 months?
The Fund’s performance for the 12 months ended December 31, 2024, was 8.21% before expenses and 8.09% after expenses. The Morningstar US Moderately Conservative Target Allocation Index, returned 9.11% over the same period. A long-term view, asset composition and risk characteristics between the Fund and the Index should be considered when reviewing the Fund’s performance.
How did the Fund perform over the past 10 years?
The Fund underperformed slightly compared to its benchmark over the 10-year period.
Total Return Based on $10,000 Investment
| MoA Conservative Allocation Fund | S&P 500 Index | Bloomberg U.S. Aggregate Bond Index |
|---|
| 12/14 | $10,000 | $10,000 | $10,000 |
|---|
| 12/15 | $10,116 | $10,138 | $10,055 |
|---|
| 12/16 | $10,739 | $11,351 | $10,321 |
|---|
| 12/17 | $11,720 | $13,829 | $10,687 |
|---|
| 12/18 | $11,521 | $13,223 | $10,688 |
|---|
| 12/19 | $13,071 | $17,386 | $11,620 |
|---|
| 12/20 | $14,298 | $20,585 | $12,492 |
|---|
| 12/21 | $15,416 | $26,494 | $12,299 |
|---|
| 12/22 | $13,498 | $21,696 | $10,699 |
|---|
| 12/23 | $15,013 | $27,399 | $11,291 |
|---|
| 12/24 | $16,228 | $34,254 | $11,432 |
|---|
The graph above represents historical performance of the hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter). The graph and table below show changes in the Fund's performance from year to year as compared to the performance of a broad-based, unmanaged index. A fund's past performance does not necessarily indicate how it will perform in the future. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The graph and table presented do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
| Total Net Assets | $152,601,480 |
|---|
| # of Portfolio Holdings | 6 |
|---|
| Portfolio Turnover Rate | 22.14% |
|---|
| Advisory Fees Paid | $0 |
|---|
The fund’s past performance is not a good predictor of how the fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
Average Annual Total Returns (%)
| 1 Year | 5 Years | 10 Years |
|---|
| MoA Conservative Allocation Fund | 8.09% | 4.42% | 4.96% |
|---|
| S&P 500 Index | 25.02% | 14.53% | 13.10% |
|---|
| Bloomberg U.S. Aggregate Bond Index | 1.25% | -0.33% | 1.35% |
|---|
What did the Fund invest in?
The MoA Conservative Allocation Fund uses our asset allocation expertise to build a portfolio that seeks to provide income and, to a lesser extent, capital appreciation.
Asset Class Weightings
(% of Total Net Assets)
| Value | Value |
|---|
| Bond Funds | 58.6% |
| Domestic Equity Funds | 32.7% |
| International Equity Fund | 4.9% |
| US Government Money Market Fund | 3.8% |
| Short-Term Debt, Cash Investment and Other Net Assets | 0.0% |
Top 10 Holdings
(% of Total Net Assets)
| Core Bond Fund | 34.2% |
| Equity Index Fund | 27.4% |
| Intermediate Bond Fund | 24.4% |
| Mid Cap Equity Index Fund | 5.3% |
| International Fund | 4.9% |
| US Government Money Market Fund | 3.8% |
During the year, the Fund did not have any material fund changes.
Change in or Disagreements with Accountants
During the year, the Fund did not have any changes or disagreements with Accountants.
To reduce expense, the Funds may mail only one copy of the prospectus, and each annual and semiannual Tailored Shareholder report to those addresses shared by two or more accounts. If you wish to receive individual copies of these documents, please contact your advisor, administrator or the Funds at 800-914-8716.
MoA Conservative Allocation Fund - MACAX
Annual Shareholder Report - December 31, 2024
If you wish to view additional information about the Fund, its prospectus, financial information, and holdings, please visit www.moafunds.com.
MoA Moderate Allocation Fund - MAMOX
Annual Shareholder Report - December 31, 2024
This annual shareholder report contains important information about MoA Moderate Allocation Fund for the period of January 1, 2024 to December 31, 2024. You can find additional information about the fund at https://moafunds.com/docs. You can also request this information by contacting us at 800.914.8716.
What were the Fund costs for the last year?
(based on hypothetical $10,000 investment)
| Fund name | Cost of a $10,000 investment | Cost paid as a % of a $10,000 investment |
|---|
| MoA Moderate Allocation Fund | $36 | 0.34% |
|---|
How did the Fund perform over the past 12 months?
The Fund’s performance for the 12 months ended December 31, 2024, was 11.36% before expenses and 11.27% after expenses. The Morningstar US Moderate Target Allocation Index, returned 12.95% over the same period. A long-term view, asset composition and risk characteristics between the Fund and the Index should be considered when reviewing the Fund’s performance.
How did the Fund perform over the past 10 years?
The Fund performed in line with its benchmark over the 10-year period.
Total Return Based on $10,000 Investment
| MoA Moderate Allocation Fund | S&P 500 Index | Bloomberg U.S. Aggregate Bond Index |
|---|
| 12/14 | $10,000 | $10,000 | $10,000 |
|---|
| 12/15 | $9,990 | $10,138 | $10,055 |
|---|
| 12/16 | $10,930 | $11,351 | $10,321 |
|---|
| 12/17 | $12,422 | $13,829 | $10,687 |
|---|
| 12/18 | $11,881 | $13,223 | $10,688 |
|---|
| 12/19 | $14,100 | $17,386 | $11,620 |
|---|
| 12/20 | $15,753 | $20,585 | $12,492 |
|---|
| 12/21 | $17,989 | $26,494 | $12,299 |
|---|
| 12/22 | $15,488 | $21,696 | $10,699 |
|---|
| 12/23 | $17,863 | $27,399 | $11,291 |
|---|
| 12/24 | $19,877 | $34,254 | $11,432 |
|---|
The graph above represents historical performance of the hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter). The graph and table below show changes in the Fund's performance from year to year as compared to the performance of a broad-based, unmanaged index. A fund's past performance does not necessarily indicate how it will perform in the future. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The graph and table presented do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
| Total Net Assets | $396,681,650 |
|---|
| # of Portfolio Holdings | 5 |
|---|
| Portfolio Turnover Rate | 15.72% |
|---|
| Advisory Fees Paid | $0 |
|---|
The fund’s past performance is not a good predictor of how the fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
Average Annual Total Returns (%)
| 1 Year | 5 Years | 10 Years |
|---|
| MoA Moderate Allocation Fund | 11.27% | 7.11% | 7.11% |
|---|
| S&P 500 Index | 25.02% | 14.53% | 13.10% |
|---|
| Bloomberg U.S. Aggregate Bond Index | 1.25% | -0.33% | 1.35% |
|---|
What did the Fund invest in?
The MoA Moderate Allocation uses our asset allocation expertise to build a portfolio that seeks capital appreciation and current income.
Asset Class Weightings
(% of Total Net Assets)
| Value | Value |
|---|
| Domestic Equity Funds | 48.1% |
| Bond Funds | 37.0% |
| International Equity Fund | 14.9% |
| Short-Term Debt, Cash Investment and Other Net Assets | 0.0% |
Top 10 Holdings
(% of Total Net Assets)
| Equity Index Fund | 37.4% |
| Core Bond Fund | 23.1% |
| International Fund | 14.9% |
| Intermediate Bond Fund | 13.9% |
| Mid Cap Equity Index Fund | 10.7% |
During the year, the Fund did not have any material fund changes.
Change in or Disagreements with Accountants
During the year, the Fund did not have any changes or disagreements with Accountants.
To reduce expense, the Funds may mail only one copy of the prospectus, and each annual and semiannual Tailored Shareholder report to those addresses shared by two or more accounts. If you wish to receive individual copies of these documents, please contact your advisor, administrator or the Funds at 800-914-8716.
MoA Moderate Allocation Fund - MAMOX
Annual Shareholder Report - December 31, 2024
If you wish to view additional information about the Fund, its prospectus, financial information, and holdings, please visit www.moafunds.com.
MoA Aggressive Allocation Fund - MAANX
Annual Shareholder Report - December 31, 2024
This annual shareholder report contains important information about MoA Aggressive Allocation Fund for the period of January 1, 2024 to December 31, 2024. You can find additional information about the fund at https://moafunds.com/docs. You can also request this information by contacting us at 800.914.8716.
What were the Fund costs for the last year?
(based on hypothetical $10,000 investment)
| Fund name | Cost of a $10,000 investment | Cost paid as a % of a $10,000 investment |
|---|
| MoA Aggressive Allocation Fund | $37 | 0.35% |
|---|
How did the Fund perform over the past 12 months?
The Fund’s performance for the 12 months ended December 31, 2024, was 13.32% before expenses and 13.22% after expenses. The Morningstar US Moderately Aggressive Target Allocation Index, returned 15.15% over the same period. A long-term view, asset composition and risk characteristics between the Fund and the Index should be considered when reviewing the Fund’s performance.
How did the Fund perform over the past 10 years?
The Fund performed in line with its benchmark over the 10-year period.
Total Return Based on $10,000 Investment
| MoA Aggressive Allocation Fund | S&P 500 Index | Bloomberg U.S. Aggregate Bond Index |
|---|
| 12/14 | $10,000 | $10,000 | $10,000 |
|---|
| 12/15 | $9,910 | $10,138 | $10,055 |
|---|
| 12/16 | $11,007 | $11,351 | $10,321 |
|---|
| 12/17 | $12,831 | $13,829 | $10,687 |
|---|
| 12/18 | $11,928 | $13,223 | $10,688 |
|---|
| 12/19 | $14,670 | $17,386 | $11,620 |
|---|
| 12/20 | $16,646 | $20,585 | $12,492 |
|---|
| 12/21 | $19,678 | $26,494 | $12,299 |
|---|
| 12/22 | $16,679 | $21,696 | $10,699 |
|---|
| 12/23 | $19,601 | $27,399 | $11,291 |
|---|
| 12/24 | $22,193 | $34,254 | $11,432 |
|---|
The graph above represents historical performance of the hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter). The graph and table below show changes in the Fund's performance from year to year as compared to the performance of a broad-based, unmanaged index. A fund's past performance does not necessarily indicate how it will perform in the future. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The graph and table presented do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
| Total Net Assets | $335,124,019 |
|---|
| # of Portfolio Holdings | 6 |
|---|
| Portfolio Turnover Rate | 15.97% |
|---|
| Advisory Fees Paid | $0 |
|---|
The fund’s past performance is not a good predictor of how the fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
Average Annual Total Returns (%)
| 1 Year | 5 Years | 10 Years |
|---|
| MoA Aggressive Allocation Fund | 13.22% | 8.63% | 8.30% |
|---|
| S&P 500 Index | 25.02% | 14.53% | 13.10% |
|---|
| Bloomberg U.S. Aggregate Bond Index | 1.25% | -0.33% | 1.35% |
|---|
What did the Fund invest in?
The MoA Aggressive Allocation Fund uses our asset allocation expertise to build a portfolio that seeks capital appreciation, and to a lesser extent, current income.
Asset Class Weightings
(% of Total Net Assets)
| Value | Value |
|---|
| Domestic Equity Funds | 67.9% |
| International Equity Fund | 18.2% |
| Bond Funds | 13.9% |
| Short-Term Debt, Cash Investment and Other Net Assets | 0.0% |
Top 10 Holdings
(% of Total Net Assets)
| Equity Index Fund | 37.6% |
| Mid Cap Equity Index Fund | 20.3% |
| International Fund | 18.2% |
| Core Bond Fund | 13.9% |
| Small Cap Growth Fund | 5.1% |
| Small Cap Value Fund | 4.9% |
During the year, the Fund did not have any material fund changes.
Change in or Disagreements with Accountants
During the year, the Fund did not have any changes or disagreements with Accountants.
To reduce expense, the Funds may mail only one copy of the prospectus, and each annual and semiannual Tailored Shareholder report to those addresses shared by two or more accounts. If you wish to receive individual copies of these documents, please contact your advisor, administrator or the Funds at 800-914-8716.
MoA Aggressive Allocation Fund - MAANX
Annual Shareholder Report - December 31, 2024
If you wish to view additional information about the Fund, its prospectus, financial information, and holdings, please visit www.moafunds.com.
MoA US Government Money Market Fund - MAAXX
Annual Shareholder Report - December 31, 2024
This annual shareholder report contains important information about MoA US Government Money Market Fund for the period of January 1, 2024 to December 31, 2024. You can find additional information about the fund at https://moafunds.com/docs. You can also request this information by contacting us at 800.914.8716.
This report describes changes to the fund that occurred during the reporting period.
What were the Fund costs for the last year?
(based on hypothetical $10,000 investment)
| Fund name | Cost of a $10,000 investment | Cost paid as a % of a $10,000 investment |
|---|
| MoA US Government Money Market Fund | $23 | 0.22% |
|---|
| Total Net Assets | $515,882,755 |
|---|
| # of Portfolio Holdings | 21 |
|---|
| Advisory Fees Paid | $793,426 |
|---|
What did the Fund invest in?
The MoA US Government Money Market Fund seeks current income to the extent consistent with maintenance of liquidity, investment quality, and stability of capital.
Asset Class Weightings
(% of Total Net Assets)
| Value | Value |
|---|
| Short-Term Debt Securities | 69.9% |
| U.S. Government Agency Short-Term Debt | 30.5% |
| Temporary Cash Investment | 0.0% |
| Short-Term Debt, Cash Investment and Other Net Assets | -0.4% |
Maturity Weightings
(% of Total Net Assets)
| Value | Value |
|---|
| Less than 1 month | 51.2% |
| 1-3 months | 49.2% |
| Cash Investment and Other Net Assets | -0.4% |
Credit Quality AllocationFootnote Reference*
(% of Total Net Assets)
| Value | Value |
|---|
| A-1+ | 100.4% |
| Cash Investment and Other Net Assets | -0.4% |
| Footnote | Description |
Footnote* | Ratings are based on Standard & Poor’s Corporation ratings. Credit Quality ratings reflect the credit quality of the underlying securities in the Fund’s portfolio and not that of the fund itself. Quality ratings are subject to change. Ratings range from AAA as the highest to Below B as the lowest credit quality rating. |
After the close of business on August 23, 2024, the MoA Money Market Fund was restructured as a US Government Money Market Fund and renamed as the MoA US Government Money Market Fund. After the close of business on August 23, 2024, the Fund underwent a stock split so the ending NAV was $1.00. The exact split ratio was 11.855015:1. Post the split and commencing on August 26, 2024, the Fund began seeking to preserve a $1.00 per share net asset value, declaring dividends daily and paying dividends monthly.
Change in or Disagreements with Accountants
During the year, the Fund did not have any changes or disagreements with Accountants.
To reduce expense, the Funds may mail only one copy of the prospectus, and each annual and semiannual Tailored Shareholder report to those addresses shared by two or more accounts. If you wish to receive individual copies of these documents, please contact your advisor, administrator or the Funds at 800-914-8716.
MoA US Government Money Market Fund - MAAXX
Annual Shareholder Report - December 31, 2024
If you wish to view additional information about the Fund, its prospectus, financial information, and holdings, please visit www.moafunds.com.
MoA Intermediate Bond Fund - MAMBX
Annual Shareholder Report - December 31, 2024
This annual shareholder report contains important information about MoA Intermediate Bond Fund for the period of January 1, 2024 to December 31, 2024. You can find additional information about the fund at https://moafunds.com/docs. You can also request this information by contacting us at 800.914.8716.
What were the Fund costs for the last year?
(based on hypothetical $10,000 investment)
| Fund name | Cost of a $10,000 investment | Cost paid as a % of a $10,000 investment |
|---|
| MoA Intermediate Bond Fund | $48 | 0.47% |
|---|
How did the Fund perform over the past 12 months?
The Fund’s performance for the 12 months ended December 31, 2024, was 3.28% before expenses and 2.79% after expenses. The Bloomberg U.S. Intermediate Government/Credit Bond Index, returned 3.00% over the same period. The Federal Reserve cut interest rates three times in 2024 but indicated a slowdown in potential cuts in 2025. The potential benefits of including fixed income in a diversified portfolio should be considered when reviewing the performance of various fixed income asset classes.
How did the Fund perform over the past 10 years?
The Fund underperformed its benchmark over the 10-year period. The period includes an environment of historically low interest rates and a sharp rise in rates in 2022-2023.
Total Return Based on $10,000 Investment
| MoA Intermediate Bond Fund | Bloomberg U.S. Aggregate Bond Index | Bloomberg U.S. Intermediate Government/Credit Bond Index |
|---|
| 12/14 | $10,000 | $10,000 | $10,000 |
|---|
| 12/15 | $9,983 | $10,055 | $10,107 |
|---|
| 12/16 | $10,361 | $10,321 | $10,317 |
|---|
| 12/17 | $10,602 | $10,687 | $10,538 |
|---|
| 12/18 | $10,629 | $10,688 | $10,630 |
|---|
| 12/19 | $11,284 | $11,620 | $11,353 |
|---|
| 12/20 | $11,891 | $12,492 | $12,084 |
|---|
| 12/21 | $11,650 | $12,299 | $11,910 |
|---|
| 12/22 | $10,758 | $10,699 | $10,929 |
|---|
| 12/23 | $11,255 | $11,291 | $11,502 |
|---|
| 12/24 | $11,569 | $11,432 | $11,847 |
|---|
The graph above represents historical performance of the hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter). The graph and table below show changes in the Fund's performance from year to year as compared to the performance of a broad-based, unmanaged index. A fund's past performance does not necessarily indicate how it will perform in the future. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The graph and table presented do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
| Total Net Assets | $899,241,186 |
|---|
| # of Portfolio Holdings | 208 |
|---|
| Portfolio Turnover Rate | 53.52% |
|---|
| Advisory Fees Paid | $3,678,995 |
|---|
The fund’s past performance is not a good predictor of how the fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
Average Annual Total Returns (%)
| 1 Year | 5 Years | 10 Years |
|---|
| MoA Intermediate Bond Fund | 2.79% | 0.50% | 1.47% |
|---|
| Bloomberg U.S. Aggregate Bond Index | 1.25% | -0.33% | 1.35% |
|---|
| Bloomberg U.S. Intermediate Government/Credit Bond Index | 3.00% | 0.86% | 1.71% |
|---|
What did the Fund invest in?
The actively managed MoA Intermediate Bond Fund seeks a high level of current income and capital preservation.
Asset Class Weightings
(% of Total Net Assets)
| Value | Value |
|---|
| Long-Term Corporate Debt | 56.7% |
| Long-Term U.S. Treasury Debt Securities | 40.1% |
| Long-Term U.S. Government Agency Securities | 1.9% |
| Short-Term Debt, Cash Investment and Other Net Assets | 1.3% |
Maturity Weightings
(% of Total Net Assets)
| Value | Value |
|---|
| Less than 1 year | 1.7% |
| 1-3 years | 32.0% |
| 3-5 years | 34.9% |
| 5-10 years | 30.4% |
| Cash Investment and Other Net Assets | 1.0% |
Credit Quality AllocationFootnote Reference*
(% of Total Net Assets)
| Value | Value |
|---|
| AAA | 0.2% |
| AA+ | 42.1% |
| AA | 0.2% |
| A | 3.8% |
| A- | 8.3% |
| BBB+ | 12.2% |
| BBB | 21.1% |
| BBB- | 10.3% |
| BB+ | 0.8% |
| Cash Investment and Other Net Assets | 1.0% |
| Footnote | Description |
Footnote* | Ratings are based on Standard & Poor’s Corporation ratings. Credit Quality ratings reflect the credit quality of the underlying securities in the Fund’s portfolio and not that of the fund itself. Quality ratings are subject to change. Ratings range from AAA as the highest to Below B as the lowest credit quality rating. |
During the year, the Fund did not have any material fund changes.
Change in or Disagreements with Accountants
During the year, the Fund did not have any changes or disagreements with Accountants.
To reduce expense, the Funds may mail only one copy of the prospectus, and each annual and semiannual Tailored Shareholder report to those addresses shared by two or more accounts. If you wish to receive individual copies of these documents, please contact your advisor, administrator or the Funds at 800-914-8716.
MoA Intermediate Bond Fund - MAMBX
Annual Shareholder Report - December 31, 2024
If you wish to view additional information about the Fund, its prospectus, financial information, and holdings, please visit www.moafunds.com.
MoA Core Bond Fund - MABDX
Annual Shareholder Report - December 31, 2024
This annual shareholder report contains important information about MoA Core Bond Fund for the period of January 1, 2024 to December 31, 2024. You can find additional information about the fund at https://moafunds.com/docs. You can also request this information by contacting us at 800.914.8716.
What were the Fund costs for the last year?
(based on hypothetical $10,000 investment)
| Fund name | Cost of a $10,000 investment | Cost paid as a % of a $10,000 investment |
|---|
| MoA Core Bond Fund | $43 | 0.43% |
|---|
How did the Fund perform over the past 12 months?
The Fund’s performance for the 12 months ended December 31, 2024, was 1.64% before expenses and 1.17% after expenses. The Bloomberg U.S. Aggregate Bond Index, returned 1.25% over the same period. The Federal Reserve cut interest rates three times in 2024 but indicated a slowdown in potential cuts in 2025. The potential benefits of including fixed income in a diversified portfolio should be considered when reviewing the performance of various fixed income asset classes.
How did the Fund perform over the past 10 years?
The Fund underperformed its benchmark over the 10-year period. The period includes an environment of historically low interest rates and a sharp rise in rates in 2022-2023.
Total Return Based on $10,000 Investment
| MoA Core Bond Fund | Bloomberg U.S. Aggregate Bond Index |
|---|
| 12/14 | $10,000 | $10,000 |
|---|
| 12/15 | $10,054 | $10,055 |
|---|
| 12/16 | $10,494 | $10,321 |
|---|
| 12/17 | $10,881 | $10,687 |
|---|
| 12/18 | $10,948 | $10,688 |
|---|
| 12/19 | $11,782 | $11,620 |
|---|
| 12/20 | $12,507 | $12,492 |
|---|
| 12/21 | $12,201 | $12,299 |
|---|
| 12/22 | $10,640 | $10,699 |
|---|
| 12/23 | $11,175 | $11,291 |
|---|
| 12/24 | $11,306 | $11,432 |
|---|
The graph above represents historical performance of the hypothetical investment of $10,000 in the Fund over the past ten years (or since inception if shorter). The graph and table below show changes in the Fund's performance from year to year as compared to the performance of a broad-based, unmanaged index. A fund's past performance does not necessarily indicate how it will perform in the future. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The graph and table presented do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
| Total Net Assets | $2,209,073,744 |
|---|
| # of Portfolio Holdings | 593 |
|---|
| Portfolio Turnover Rate | 44.53% |
|---|
| Advisory Fees Paid | $8,341,085 |
|---|
The fund’s past performance is not a good predictor of how the fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.
Average Annual Total Returns (%)
| 1 Year | 5 Years | 10 Years |
|---|
| MoA Core Bond Fund | 1.17% | -0.82% | 1.24% |
|---|
| Bloomberg U.S. Aggregate Bond Index | 1.25% | -0.33% | 1.35% |
|---|
What did the Fund invest in?
The actively managed MoA Core Bond Fund seeks a high level of current income and capital preservation.
Asset Class Weightings
(% of Total Net Assets)
| Value | Value |
|---|
| Long-Term Corporate Debt | 44.6% |
| Long-Term U.S. Government Agency Securities | 35.7% |
| Long-Term U.S. Treasury Debt Securities | 18.4% |
| Sovereign Debt | 0.1% |
| Short-Term Debt, Cash Investment and Other Net Assets | 1.2% |
Maturity Weightings
(% of Total Net Assets)
| Value | Value |
|---|
| Less than 1 year | 1.5% |
| 1-3 years | 10.9% |
| 3-5 years | 19.0% |
| 5-10 years | 23.3% |
| More than 10 years | 44.4% |
| Cash Investment and Other Net Assets | 0.9% |
Credit Quality AllocationFootnote Reference*
(% of Total Net Assets)
| Value | Value |
|---|
| AAA | 0.3% |
| AA+ | 54.0% |
| AA | 0.2% |
| A | 2.1% |
| A- | 7.1% |
| BBB+ | 9.7% |
| BBB | 16.7% |
| BBB- | 8.1% |
| BB+ | 0.8% |
| NR | 0.1% |
| Cash Investment and Other Net Assets | 0.9% |
| Footnote | Description |
Footnote* | Ratings are based on Standard & Poor’s Corporation ratings. Credit Quality ratings reflect the credit quality of the underlying securities in the Fund’s portfolio and not that of the fund itself. Quality ratings are subject to change. Ratings range from AAA as the highest to Below B as the lowest credit quality rating. |
During the year, the Fund did not have any material fund changes.
Change in or Disagreements with Accountants
During the year, the Fund did not have any changes or disagreements with Accountants.
To reduce expense, the Funds may mail only one copy of the prospectus, and each annual and semiannual Tailored Shareholder report to those addresses shared by two or more accounts. If you wish to receive individual copies of these documents, please contact your advisor, administrator or the Funds at 800-914-8716.
MoA Core Bond Fund - MABDX
Annual Shareholder Report - December 31, 2024
If you wish to view additional information about the Fund, its prospectus, financial information, and holdings, please visit www.moafunds.com.
MoA Funds Corporation (”MoA Funds”) has adopted a Code of Ethics that applies to its principal executive and financial officers, as well as all Access Persons as defined under Rule 17j-1 of the Investment Company Act of 1940. The Code of Ethics consists of two sections. The first section, designated as Section A, is the Code of Ethics required under Rule 17j-1. Section A requires those subject to it to submit periodic reports detailing their securities holdings and transactions (subject to several exemptions contained in the rules) and requires pre-approval for certain securities transactions by such persons, including purchases and sales of reportable securities, investments in initial public offerings and private placements.
The second section, designated as Section B, is to assure compliance with the Code of Ethics requirements of Section 406 of the Sarbanes-Oxley Act of 2002. It applies specifically to MoA Funds’ principal executive and financial officers.
The two sections are not mutually exclusive and must be observed independently by each person to whom they are intended to apply. Section A applies to all individuals while Section B applies to the individuals designated in Section B. Both Sections explicitly require those individuals subject to the provisions of the Code of Ethics to promptly report violations of the Code of Ethics to the Chief Compliance Officer.
There have been no amendments to Section A or B during the period covered by this report.
A copy of the Code of Ethics is filed as an exhibit to this Annual Report.
| ITEM 3. | AUDIT COMMITTEE FINANCIAL EXPERT. |
| | (a) | (1) MoA Funds’ Board of Directors has determined that one audit committee financial expert serves on its Audit Committee. |
| | (a) | (2) The audit committee financial expert is Margaret M. Smyth. She is a Certified Public Accountant and is currently a Partner at QIC (Queensland Investment Corporation), an ESG-themed global infrastructure investment company, and a member of Deloitte’s Finance Advisory Council. She was formerly U.S. Chief Financial Officer at National Grid. Her experience also includes previously held senior finance positions at Con Edison, Hamilton Sundstrand and United Technologies, and was a partner at Deloitte Touche and Arthur Andersen. Ms. Smyth is considered an independent director. |
| ITEM 4. | PRINCIPAL ACCOUNTANT FEES AND SERVICES. |
(a) Aggregate Audit Fees:
2023: $876,262
2024: $962,820
(b), (c), (d) There were no Audit-Related, Tax or Other Fees.
(e) All non-audit fees are pre-approved by the Audit Committee in advance.
(f), (g), (h), (i), (j) Not applicable.
| ITEM 5. | AUDIT COMMITTEE OF LISTED REGISTRANTS. |
Not applicable.
| | (a) | Not applicable. The complete Schedules of Investment are included as part of Item 7. |
| ITEM 7. | FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN END MANAGEMENT INVESTMENT COMPANIES. |
DECEMBER 31, 2024
MoA Funds Annual Financial Statements and Additional Information
Equity Funds
| • | | MoA Small Cap Value Fund (MAVKX) |
| • | | MoA Mid Cap Value Fund (MAMVX) |
| • | | MoA Small Cap Growth Fund (MAGKX) |
| • | | MoA International Fund (MAIFX) |
| • | | MoA Equity Index Fund (MAEIX) |
| • | | MoA Mid Cap Equity Index Fund (MAMEX) |
| • | | MoA Small Cap Equity Index Fund (MASOX) |
| • | | MoA Catholic Values Index FundTM (MACCX) |
| • | | MoA All America Fund (MAAKX) |
Fixed Income Funds
| • | | MoA Intermediate Bond Fund (MAMBX) |
| • | | MoA Core Bond FundTM (MABDX) |
| • | | MoA US Government Money Market Fund (MAAXX) (formerly MoA Money Market Fund) |
Asset Allocation Funds
| • | | MoA Conservative Allocation Fund (MACAX) |
| • | | MoA Moderate Allocation Fund (MAMOX) |
| • | | MoA Aggressive Allocation Fund (MAANX) |
| • | | MoA Balanced Fund (MACHX) |
Target Date Funds
| • | | MoA Retirement Income Fund (MARMX) |
| • | | MoA Clear Passage 2015 FundTM (MURFX) |
| • | | MoA Clear Passage 2020 FundTM (MURGX) |
| • | | MoA Clear Passage 2025 FundTM (MURHX) |
| • | | MoA Clear Passage 2030 FundTM (MURIX) |
| • | | MoA Clear Passage 2035 FundTM (MURJX) |
| • | | MoA Clear Passage 2040 FundTM (MURLX) |
| • | | MoA Clear Passage 2045 FundTM (MURMX) |
| • | | MoA Clear Passage 2050 FundTM (MURNX) |
| • | | MoA Clear Passage 2055 FundTM (MUROX) |
| • | | MoA Clear Passage 2060 FundTM (MURPX) |
| • | | MoA Clear Passage 2065 FundTM (MURQX) |
|
|
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. The report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus. MoA Funds distributed by Foreside Fund Services, LLC. NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE |
moafunds.com
CONTENTS
MoA FUNDS — EQUITY INDEX FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES
December 31, 2024
| | | | | | | | |
| | | Shares | | | Value | |
| COMMON STOCKS (98.4%): | |
| COMMUNICATION SERVICES (9.2%) | |
Alphabet, Inc. Cl A | | | 677,574 | | | $ | 128,264,758 | |
Alphabet, Inc. Cl C | | | 551,898 | | | | 105,103,455 | |
AT&T, Inc. | | | 832,071 | | | | 18,946,257 | |
Charter Communications, Inc. Cl A* | | | 11,213 | | | | 3,843,480 | |
Comcast Corp. Cl A | | | 442,644 | | | | 16,612,429 | |
Electronic Arts, Inc. | | | 27,677 | | | | 4,049,145 | |
Fox Corp. Cl A | | | 25,646 | | | | 1,245,883 | |
Fox Corp. Cl B | | | 15,299 | | | | 699,776 | |
Interpublic Group of Cos., Inc. | | | 43,197 | | | | 1,210,380 | |
Live Nation Entertainment, Inc.* | | | 18,184 | | | | 2,354,828 | |
Match Group, Inc.* | | | 29,117 | | | | 952,417 | |
Meta Platforms, Inc. Cl A | | | 252,800 | | | | 148,016,928 | |
Netflix, Inc.* | | | 49,569 | | | | 44,181,841 | |
News Corp. Cl A | | | 43,939 | | | | 1,210,080 | |
News Corp. Cl B | | | 12,984 | | | | 395,103 | |
Omnicom Group, Inc. | | | 22,624 | | | | 1,946,569 | |
Paramount Global Cl B | | | 68,993 | | | | 721,667 | |
Take-Two Interactive Software, Inc.* | | | 18,941 | | | | 3,486,659 | |
T-Mobile US, Inc. | | | 56,521 | | | | 12,475,881 | |
Verizon Communications, Inc. | | | 488,163 | | | | 19,521,639 | |
Walt Disney Co. | | | 210,003 | | | | 23,383,834 | |
Warner Bros Discovery, Inc.* | | | 258,874 | | | | 2,736,298 | |
| | | | | | | | |
| | | | | | | 541,359,307 | |
| | | | | | | | |
| CONSUMER DISCRETIONARY (11.1%) | |
Airbnb, Inc. Cl A* | | | 50,198 | | | | 6,596,519 | |
Amazon.com, Inc.* | | | 1,085,227 | | | | 238,087,952 | |
Aptiv PLC* | | | 27,256 | | | | 1,648,443 | |
AutoZone, Inc.* | | | 1,960 | | | | 6,275,920 | |
Best Buy Co., Inc. | | | 22,659 | | | | 1,944,142 | |
Booking Hldgs., Inc. | | | 3,838 | | | | 19,068,796 | |
BorgWarner, Inc. | | | 25,361 | | | | 806,226 | |
Caesars Entertainment, Inc.* | | | 24,640 | | | | 823,469 | |
CarMax, Inc.* | | | 17,966 | | | | 1,468,900 | |
Carnival Corp.* | | | 120,457 | | | | 3,001,788 | |
Chipotle Mexican Grill, Inc. Cl A* | | | 158,011 | | | | 9,528,063 | |
Darden Restaurants, Inc. | | | 13,626 | | | | 2,543,838 | |
Deckers Outdoor Corp.* | | | 17,617 | | | | 3,577,837 | |
Domino’s Pizza, Inc. | | | 4,004 | | | | 1,680,719 | |
DR Horton, Inc. | | | 33,818 | | | | 4,728,433 | |
eBay, Inc. | | | 55,546 | | | | 3,441,075 | |
Expedia Group, Inc.* | | | 14,243 | | | | 2,653,898 | |
Ford Motor Co. | | | 452,656 | | | | 4,481,294 | |
Garmin Ltd. | | | 17,814 | | | | 3,674,316 | |
General Motors Co. | | | 127,513 | | | | 6,792,618 | |
Genuine Parts Co. | | | 16,123 | | | | 1,882,521 | |
Hasbro, Inc. | | | 15,206 | | | | 850,167 | |
| | | | | | | | |
| | | Shares | | | Value | |
| COMMON STOCKS (CONTINUED): | |
| CONSUMER DISCRETIONARY (CONTINUED) | |
Hilton Worldwide Hldgs., Inc. | | | 28,270 | | | $ | 6,987,213 | |
Home Depot, Inc. | | | 115,186 | | | | 44,806,202 | |
Las Vegas Sands Corp. | | | 40,357 | | | | 2,072,736 | |
Lennar Corp. Cl A | | | 27,693 | | | | 3,776,494 | |
LKQ Corp. | | | 30,146 | | | | 1,107,865 | |
Lowe’s Cos., Inc. | | | 65,785 | | | | 16,235,738 | |
Lululemon Athletica, Inc.* | | | 13,099 | | | | 5,009,189 | |
Marriott International, Inc. Cl A | | | 26,747 | | | | 7,460,808 | |
McDonald’s Corp. | | | 83,102 | | | | 24,090,439 | |
MGM Resorts International* | | | 26,240 | | | | 909,216 | |
Mohawk Industries, Inc.* | | | 6,075 | | | | 723,715 | |
NIKE, Inc. Cl B | | | 138,066 | | | | 10,447,454 | |
Norwegian Cruise Line Hldgs. Ltd.* | | | 50,990 | | | | 1,311,973 | |
NVR, Inc.* | | | 356 | | | | 2,911,688 | |
O’Reilly Automotive, Inc.* | | | 6,695 | | | | 7,938,931 | |
Pool Corp. | | | 4,413 | | | | 1,504,568 | |
PulteGroup, Inc. | | | 23,782 | | | | 2,589,860 | |
Ralph Lauren Corp. Cl A | | | 4,664 | | | | 1,077,291 | |
Ross Stores, Inc. | | | 38,472 | | | | 5,819,659 | |
Royal Caribbean Cruises Ltd. | | | 28,685 | | | | 6,617,343 | |
Starbucks Corp. | | | 131,445 | | | | 11,994,356 | |
Tapestry, Inc. | | | 27,024 | | | | 1,765,478 | |
Tesla, Inc.* | | | 323,857 | | | | 130,786,411 | |
TJX Cos., Inc. | | | 130,792 | | | | 15,800,982 | |
Tractor Supply Co. | | | 61,947 | | | | 3,286,908 | |
Ulta Beauty, Inc.* | | | 5,464 | | | | 2,376,458 | |
Wynn Resorts Ltd. | | | 10,728 | | | | 924,324 | |
Yum! Brands, Inc. | | | 32,362 | | | | 4,341,686 | |
| | | | | | | | |
| | | | | | | 650,231,919 | |
| | | | | | | | |
| CONSUMER STAPLES (5.4%) | |
Altria Group, Inc. | | | 196,536 | | | | 10,276,867 | |
Archer-Daniels-Midland Co. | | | 55,447 | | | | 2,801,182 | |
Brown-Forman Corp. Cl B | | | 21,120 | | | | 802,138 | |
Bunge Global S.A. | | | 16,192 | | | | 1,259,090 | |
Church & Dwight Co., Inc. | | | 28,411 | | | | 2,974,916 | |
Clorox Co. | | | 14,354 | | | | 2,331,233 | |
Coca-Cola Co. | | | 449,592 | | | | 27,991,598 | |
Colgate-Palmolive Co. | | | 94,743 | | | | 8,613,086 | |
Conagra Brands, Inc. | | | 55,346 | | | | 1,535,851 | |
Constellation Brands, Inc. Cl A | | | 18,104 | | | | 4,000,984 | |
Costco Wholesale Corp. | | | 51,380 | | | | 47,077,953 | |
Dollar General Corp. | | | 25,502 | | | | 1,933,562 | |
Dollar Tree, Inc.* | | | 23,435 | | | | 1,756,219 | |
Estee Lauder Cos., Inc. Cl A | | | 27,070 | | | | 2,029,709 | |
General Mills, Inc. | | | 64,378 | | | | 4,105,385 | |
Hershey Co. | | | 17,133 | | | | 2,901,473 | |
Hormel Foods Corp. | | | 33,703 | | | | 1,057,263 | |
J M Smucker Co. | | | 12,339 | | | | 1,358,771 | |
The accompanying notes are an integral part of these portfolio schedules.
1
MoA FUNDS — EQUITY INDEX FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
December 31, 2024
| | | | | | | | |
| | | Shares | | | Value | |
| COMMON STOCKS (CONTINUED): | |
| CONSUMER STAPLES (CONTINUED) | |
Kellanova | | | 31,178 | | | $ | 2,524,483 | |
Kenvue, Inc. | | | 222,332 | | | | 4,746,788 | |
Keurig Dr Pepper, Inc. | | | 130,558 | | | | 4,193,523 | |
Kimberly-Clark Corp. | | | 38,672 | | | | 5,067,579 | |
Kraft Heinz Co. | | | 102,361 | | | | 3,143,506 | |
Kroger Co. | | | 77,186 | | | | 4,719,924 | |
Lamb Weston Hldgs., Inc. | | | 16,536 | | | | 1,105,101 | |
McCormick & Co., Inc. | | | 29,245 | | | | 2,229,639 | |
Molson Coors Beverage Co. Cl B | | | 20,255 | | | | 1,161,017 | |
Mondelez International, Inc. Cl A | | | 155,066 | | | | 9,262,092 | |
Monster Beverage Corp.* | | | 81,199 | | | | 4,267,819 | |
PepsiCo, Inc. | | | 159,101 | | | | 24,192,898 | |
Philip Morris International, Inc. | | | 180,304 | | | | 21,699,586 | |
Procter & Gamble Co. | | | 273,099 | | | | 45,785,047 | |
Sysco Corp. | | | 56,964 | | | | 4,355,467 | |
Target Corp. | | | 53,421 | | | | 7,221,451 | |
The Campbell’s Co. | | | 22,776 | | | | 953,859 | |
Tyson Foods, Inc. Cl A | | | 33,149 | | | | 1,904,079 | |
Walgreens Boots Alliance, Inc. | | | 83,219 | | | | 776,433 | |
Walmart, Inc. | | | 503,357 | | | | 45,478,305 | |
| | | | | | | | |
| | | | | | | 319,595,876 | |
| | | | | | | | |
| ENERGY (3.1%) | |
APA Corp. | | | 42,900 | | | | 990,561 | |
Baker Hughes Co. Cl A | | | 114,749 | | | | 4,707,004 | |
Chevron Corp. | | | 193,809 | | | | 28,071,296 | |
ConocoPhillips | | | 150,005 | | | | 14,875,996 | |
Coterra Energy, Inc. | | | 85,420 | | | | 2,181,627 | |
Devon Energy Corp. | | | 76,176 | | | | 2,493,240 | |
Diamondback Energy, Inc. | | | 21,670 | | | | 3,550,196 | |
EOG Resources, Inc. | | | 65,224 | | | | 7,995,158 | |
EQT Corp. | | | 69,194 | | | | 3,190,535 | |
Exxon Mobil Corp. | | | 509,670 | | | | 54,825,202 | |
Halliburton Co. | | | 101,874 | | | | 2,769,954 | |
Hess Corp. | | | 32,051 | | | | 4,263,103 | |
Kinder Morgan, Inc. | | | 224,137 | | | | 6,141,354 | |
Marathon Petroleum Corp. | | | 37,269 | | | | 5,199,025 | |
Occidental Petroleum Corp. | | | 78,346 | | | | 3,871,076 | |
ONEOK, Inc. | | | 67,744 | | | | 6,801,498 | |
Phillips 66 | | | 47,892 | | | | 5,456,336 | |
Schlumberger N.V. | | | 163,758 | | | | 6,278,482 | |
Targa Resources Corp. | | | 25,287 | | | | 4,513,729 | |
Texas Pacific Land Corp. | | | 2,185 | | | | 2,416,523 | |
Valero Energy Corp. | | | 36,712 | | | | 4,500,524 | |
Williams Cos., Inc. | | | 141,361 | | | | 7,650,457 | |
| | | | | | | | |
| | | | | | | 182,742,876 | |
| | | | | | | | |
| | | | | | | | |
| | | Shares | | | Value | |
| COMMON STOCKS (CONTINUED): | |
| FINANCIALS (13.4%) | | | | | | |
Aflac, Inc. | | | 57,979 | | | $ | 5,997,348 | |
Allstate Corp. | | | 30,707 | | | | 5,920,003 | |
American Express Co. | | | 64,535 | | | | 19,153,343 | |
American International Group, Inc. | | | 72,334 | | | | 5,265,915 | |
Ameriprise Financial, Inc. | | | 11,250 | | | | 5,989,837 | |
Aon PLC Cl A | | | 25,079 | | | | 9,007,374 | |
Apollo Global Management, Inc. | | | 51,835 | | | | 8,561,069 | |
Arch Capital Group Ltd. | | | 43,453 | | | | 4,012,885 | |
Arthur J. Gallagher & Co. | | | 28,968 | | | | 8,222,567 | |
Assurant, Inc. | | | 5,947 | | | | 1,268,019 | |
Bank of America Corp. | | | 774,103 | | | | 34,021,827 | |
Bank of New York Mellon Corp. | | | 84,314 | | | | 6,477,845 | |
Berkshire Hathaway, Inc. Cl B* | | | 212,555 | | | | 96,346,930 | |
Blackrock, Inc. | | | 16,883 | | | | 17,306,932 | |
Blackstone, Inc. | | | 83,726 | | | | 14,436,037 | |
Brown & Brown, Inc. | | | 27,523 | | | | 2,807,896 | |
Capital One Financial Corp. | | | 44,240 | | | | 7,888,877 | |
Cboe Global Markets, Inc. | | | 12,140 | | | | 2,372,156 | |
Charles Schwab Corp. | | | 173,356 | | | | 12,830,078 | |
Chubb Ltd. | | | 43,472 | | | | 12,011,314 | |
Cincinnati Financial Corp. | | | 18,127 | | | | 2,604,850 | |
Citigroup, Inc. | | | 219,318 | | | | 15,437,794 | |
Citizens Financial Group, Inc. | | | 51,105 | | | | 2,236,355 | |
CME Group, Inc. Cl A | | | 41,788 | | | | 9,704,427 | |
Corpay, Inc.* | | | 8,084 | | | | 2,735,787 | |
Discover Financial Svcs. | | | 29,115 | | | | 5,043,591 | |
Erie Indemnity Co. Cl A | | | 2,892 | | | | 1,192,169 | |
Everest Group Ltd. | | | 4,984 | | | | 1,806,501 | |
FactSet Research Systems, Inc. | | | 4,405 | | | | 2,115,633 | |
Fidelity National Information Svcs., Inc. | | | 62,429 | | | | 5,042,390 | |
Fifth Third Bancorp | | | 77,758 | | | | 3,287,608 | |
Fiserv, Inc.* | | | 65,974 | | | | 13,552,379 | |
Franklin Resources, Inc. | | | 35,829 | | | | 726,970 | |
Global Payments, Inc. | | | 29,512 | | | | 3,307,115 | |
Globe Life, Inc. | | | 9,735 | | | | 1,085,647 | |
Goldman Sachs Group, Inc. | | | 36,402 | | | | 20,844,513 | |
Hartford Financial Svcs. Group, Inc. | | | 33,617 | | | | 3,677,700 | |
Huntington Bancshares, Inc. | | | 168,473 | | | | 2,741,056 | |
Intercontinental Exchange, Inc. | | | 66,583 | | | | 9,921,533 | |
Invesco Ltd. | | | 52,119 | | | | 911,040 | |
The accompanying notes are an integral part of these portfolio schedules.
2
MoA FUNDS — EQUITY INDEX FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
December 31, 2024
| | | | | | | | |
| | | Shares | | | Value | |
| COMMON STOCKS (CONTINUED): | |
| FINANCIALS (CONTINUED) | | | | | | |
Jack Henry & Associates, Inc. | | | 8,461 | | | $ | 1,483,213 | |
JPMorgan Chase & Co. | | | 326,476 | | | | 78,259,562 | |
KeyCorp. | | | 114,949 | | | | 1,970,226 | |
KKR & Co., Inc. | | | 78,282 | | | | 11,578,691 | |
Loews Corp. | | | 20,961 | | | | 1,775,187 | |
M&T Bank Corp. | | | 19,241 | | | | 3,617,500 | |
MarketAxess Hldgs., Inc. | | | 4,372 | | | | 988,247 | |
Marsh & McLennan Cos., Inc. | | | 56,952 | | | | 12,097,174 | |
Mastercard, Inc. Cl A | | | 95,054 | | | | 50,052,585 | |
MetLife, Inc. | | | 67,448 | | | | 5,522,642 | |
Moody’s Corp. | | | 18,071 | | | | 8,554,269 | |
Morgan Stanley | | | 143,852 | | | | 18,085,073 | |
MSCI, Inc. Cl A | | | 9,088 | | | | 5,452,891 | |
Nasdaq, Inc. | | | 47,989 | | | | 3,710,030 | |
Northern Trust Corp. | | | 22,986 | | | | 2,356,065 | |
PayPal Hldgs., Inc.* | | | 116,258 | | | | 9,922,620 | |
PNC Financial Svcs. Group, Inc. | | | 46,012 | | | | 8,873,414 | |
Principal Financial Group, Inc. | | | 24,402 | | | | 1,888,959 | |
Progressive Corp. | | | 67,933 | | | | 16,277,426 | |
Prudential Financial, Inc. | | | 41,283 | | | | 4,893,274 | |
Raymond James Financial, Inc. | | | 21,218 | | | | 3,295,792 | |
Regions Financial Corp. | | | 105,395 | | | | 2,478,890 | |
S&P Global, Inc. | | | 36,818 | | | | 18,336,469 | |
State Street Corp. | | | 33,995 | | | | 3,336,609 | |
Synchrony Financial | | | 45,150 | | | | 2,934,750 | |
T. Rowe Price Group, Inc. | | | 25,762 | | | | 2,913,425 | |
Travelers Cos., Inc. | | | 26,326 | | | | 6,341,670 | |
Truist Financial Corp. | | | 153,944 | | | | 6,678,091 | |
U.S. Bancorp | | | 180,907 | | | | 8,652,782 | |
Visa, Inc. Cl A | | | 200,397 | | | | 63,333,468 | |
Wells Fargo & Co. | | | 386,099 | | | | 27,119,594 | |
Willis Towers Watson PLC | | | 11,680 | | | | 3,658,643 | |
WR Berkley Corp. | | | 34,910 | | | | 2,042,933 | |
| | | | | | | | |
| | | | | | | 786,355,474 | |
| | | | | | | | |
| HEALTH CARE (9.9%) | |
Abbott Laboratories | | | 201,133 | | | | 22,750,154 | |
AbbVie, Inc. | | | 204,924 | | | | 36,414,995 | |
Agilent Technologies, Inc. | | | 33,320 | | | | 4,476,209 | |
Align Technology, Inc.* | | | 8,138 | | | | 1,696,854 | |
Amgen, Inc. | | | 62,334 | | | | 16,246,734 | |
Baxter International, Inc. | | | 59,210 | | | | 1,726,563 | |
Becton Dickinson & Co. | | | 33,518 | | | | 7,604,229 | |
Biogen, Inc.* | | | 16,898 | | | | 2,584,042 | |
Bio-Techne Corp. | | | 18,426 | | | | 1,327,225 | |
Boston Scientific Corp.* | | | 170,910 | | | | 15,265,681 | |
Bristol-Myers Squibb Co. | | | 235,194 | | | | 13,302,573 | |
| | | | | | | | |
| | | Shares | | | Value | |
| COMMON STOCKS (CONTINUED): | |
| HEALTH CARE (CONTINUED) | |
Cardinal Health, Inc. | | | 28,064 | | | $ | 3,319,129 | |
Cencora, Inc. | | | 20,337 | | | | 4,569,317 | |
Centene Corp.* | | | 58,546 | | | | 3,546,717 | |
Charles River Laboratories International, Inc.* | | | 5,930 | | | | 1,094,678 | |
Cigna Group | | | 32,256 | | | | 8,907,172 | |
Cooper Cos., Inc.* | | | 23,095 | | | | 2,123,123 | |
CVS Health Corp. | | | 145,929 | | | | 6,550,753 | |
Danaher Corp. | | | 74,544 | | | | 17,111,575 | |
DaVita, Inc.* | | | 5,230 | | | | 782,146 | |
Dexcom, Inc.* | | | 45,295 | | | | 3,522,592 | |
Edwards Lifesciences Corp.* | | | 68,395 | | | | 5,063,282 | |
Elevance Health, Inc. | | | 26,895 | | | | 9,921,565 | |
Eli Lilly & Co. | | | 91,371 | | | | 70,538,412 | |
GE HealthCare Technologies, Inc. | | | 52,981 | | | | 4,142,054 | |
Gilead Sciences, Inc. | | | 144,521 | | | | 13,349,405 | |
HCA Healthcare, Inc. | | | 21,149 | | | | 6,347,872 | |
Henry Schein, Inc.* | | | 14,458 | | | | 1,000,494 | |
Hologic, Inc.* | | | 26,935 | | | | 1,941,744 | |
Humana, Inc. | | | 13,963 | | | | 3,542,553 | |
IDEXX Laboratories, Inc.* | | | 9,496 | | | | 3,926,026 | |
Incyte Corp.* | | | 18,542 | | | | 1,280,696 | |
Insulet Corp.* | | | 8,134 | | | | 2,123,543 | |
Intuitive Surgical, Inc.* | | | 41,304 | | | | 21,559,036 | |
IQVIA Hldgs., Inc.* | | | 19,995 | | | | 3,929,217 | |
Johnson & Johnson | | | 279,196 | | | | 40,377,325 | |
Labcorp Hldgs., Inc. | | | 9,699 | | | | 2,224,175 | |
McKesson Corp. | | | 14,720 | | | | 8,389,075 | |
Medtronic PLC | | | 148,719 | | | | 11,879,674 | |
Merck & Co., Inc. | | | 293,345 | | | | 29,181,961 | |
Mettler-Toledo International, Inc.* | | | 2,447 | | | | 2,994,345 | |
Moderna, Inc.* | | | 39,270 | | | | 1,632,847 | |
Molina Healthcare, Inc.* | | | 6,633 | | | | 1,930,535 | |
Pfizer, Inc. | | | 657,164 | | | | 17,434,561 | |
Quest Diagnostics, Inc. | | | 12,943 | | | | 1,952,581 | |
Regeneron Pharmaceuticals, Inc.* | | | 12,208 | | | | 8,696,125 | |
ResMed, Inc. | | | 17,023 | | | | 3,892,990 | |
Revvity, Inc. | | | 14,113 | | | | 1,575,152 | |
Solventum Corp.* | | | 16,027 | | | | 1,058,744 | |
STERIS PLC | | | 11,446 | | | | 2,352,840 | |
Stryker Corp. | | | 39,786 | | | | 14,324,949 | |
Teleflex, Inc. | | | 5,386 | | | | 958,600 | |
Thermo Fisher Scientific, Inc. | | | 44,356 | | | | 23,075,322 | |
UnitedHealth Group, Inc. | | | 106,719 | | | | 53,984,873 | |
Universal Health Svcs., Inc. Cl B | | | 6,809 | | | | 1,221,671 | |
Vertex Pharmaceuticals, Inc.* | | | 29,864 | | | | 12,026,233 | |
Viatris, Inc. | | | 138,413 | | | | 1,723,242 | |
The accompanying notes are an integral part of these portfolio schedules.
3
MoA FUNDS — EQUITY INDEX FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
December 31, 2024
| | | | | | | | |
| | | Shares | | | Value | |
| COMMON STOCKS (CONTINUED): | |
| HEALTH CARE (CONTINUED) | |
Waters Corp.* | | | 6,885 | | | $ | 2,554,197 | |
West Pharmaceutical Svcs., Inc. | | | 8,398 | | | | 2,750,849 | |
Zimmer Biomet Hldgs., Inc. | | | 23,085 | | | | 2,438,468 | |
Zoetis, Inc. Cl A | | | 52,319 | | | | 8,524,335 | |
| | | | | | | | |
| | | | | | | 582,744,029 | |
| | | | | | | | |
| INDUSTRIALS (8.0%) | |
3M Co. | | | 63,149 | | | | 8,151,904 | |
Allegion PLC | | | 10,081 | | | | 1,317,385 | |
AMETEK, Inc. | | | 26,823 | | | | 4,835,114 | |
AO Smith Corp. | | | 13,812 | | | | 942,117 | |
Automatic Data Processing, Inc. | | | 47,250 | | | | 13,831,493 | |
Axon Enterprise, Inc.* | | | 8,401 | | | | 4,992,882 | |
Boeing Co.* | | | 86,691 | | | | 15,344,307 | |
Broadridge Financial Solutions, Inc. | | | 13,555 | | | | 3,064,650 | |
Builders FirstSource, Inc.* | | | 13,346 | | | | 1,907,544 | |
Carrier Global Corp. | | | 96,762 | | | | 6,604,974 | |
Caterpillar, Inc. | | | 55,987 | | | | 20,309,844 | |
CH Robinson Worldwide, Inc. | | | 13,707 | | | | 1,416,207 | |
Cintas Corp. | | | 39,753 | | | | 7,262,873 | |
Copart, Inc.* | | | 101,662 | | | | 5,834,382 | |
CSX Corp. | | | 223,626 | | | | 7,216,411 | |
Cummins, Inc. | | | 15,908 | | | | 5,545,529 | |
Dayforce, Inc.* | | | 18,287 | | | | 1,328,368 | |
Deere & Co. | | | 29,507 | | | | 12,502,116 | |
Delta Air Lines, Inc. | | | 74,346 | | | | 4,497,933 | |
Dover Corp. | | | 15,909 | | | | 2,984,528 | |
Eaton Corp. PLC | | | 45,829 | | | | 15,209,270 | |
Emerson Electric Co. | | | 66,122 | | | | 8,194,500 | |
Equifax, Inc. | | | 14,374 | | | | 3,663,214 | |
Expeditors International of Washington, Inc. | | | 16,232 | | | | 1,798,019 | |
Fastenal Co. | | | 66,434 | | | | 4,777,269 | |
FedEx Corp. | | | 26,066 | | | | 7,333,148 | |
Fortive Corp. | | | 40,233 | | | | 3,017,475 | |
GE Vernova, Inc. | | | 31,966 | | | | 10,514,576 | |
Generac Hldgs., Inc.* | | | 6,899 | | | | 1,069,690 | |
General Dynamics Corp. | | | 29,925 | | | | 7,884,938 | |
General Electric Co. | | | 125,507 | | | | 20,933,313 | |
Honeywell International, Inc. | | | 75,405 | | | | 17,033,235 | |
Howmet Aerospace, Inc. | | | 47,111 | | | | 5,152,530 | |
Hubbell, Inc. Cl B | | | 6,224 | | | | 2,607,171 | |
Huntington Ingalls Industries, Inc. | | | 4,538 | | | | 857,546 | |
IDEX Corp. | | | 8,781 | | | | 1,837,776 | |
Illinois Tool Works, Inc. | | | 31,162 | | | | 7,901,437 | |
Ingersoll Rand, Inc. | | | 46,735 | | | | 4,227,648 | |
Jacobs Solutions, Inc. | | | 14,408 | | | | 1,925,197 | |
JB Hunt Transport Svcs., Inc. | | | 9,237 | | | | 1,576,386 | |
| | | | | | | | |
| | | Shares | | | Value | |
| COMMON STOCKS (CONTINUED): | |
| INDUSTRIALS (CONTINUED) | |
Johnson Controls International PLC | | | 77,465 | | | $ | 6,114,312 | |
L-3 Harris Technologies, Inc. | | | 21,995 | | | | 4,625,109 | |
Leidos Hldgs., Inc. | | | 15,473 | | | | 2,229,040 | |
Lennox International, Inc. | | | 3,718 | | | | 2,265,377 | |
Lockheed Martin Corp. | | | 24,464 | | | | 11,888,036 | |
Masco Corp. | | | 25,019 | | | | 1,815,629 | |
Nordson Corp. | | | 6,299 | | | | 1,318,003 | |
Norfolk Southern Corp. | | | 26,236 | | | | 6,157,589 | |
Northrop Grumman Corp. | | | 15,882 | | | | 7,453,264 | |
Old Dominion Freight Line, Inc. | | | 21,787 | | | | 3,843,227 | |
Otis Worldwide Corp. | | | 46,323 | | | | 4,289,973 | |
PACCAR, Inc. | | | 60,800 | | | | 6,324,416 | |
Parker-Hannifin Corp. | | | 14,927 | | | | 9,494,020 | |
Paychex, Inc. | | | 37,144 | | | | 5,208,332 | |
Paycom Software, Inc. | | | 5,638 | | | | 1,155,621 | |
Pentair PLC | | | 19,161 | | | | 1,928,363 | |
Quanta Svcs., Inc. | | | 17,118 | | | | 5,410,144 | |
Republic Svcs., Inc. Cl A | | | 23,604 | | | | 4,748,653 | |
Rockwell Automation, Inc. | | | 13,092 | | | | 3,741,563 | |
Rollins, Inc. | | | 32,574 | | | | 1,509,805 | |
RTX Corp. | | | 154,349 | | | | 17,861,266 | |
Snap-on, Inc. | | | 6,089 | | | | 2,067,094 | |
Southwest Airlines Co. | | | 69,548 | | | | 2,338,204 | |
Stanley Black & Decker, Inc. | | | 17,877 | | | | 1,435,344 | |
Textron, Inc. | | | 21,513 | | | | 1,645,529 | |
Trane Technologies PLC | | | 26,095 | | | | 9,638,188 | |
TransDigm Group, Inc. | | | 6,521 | | | | 8,263,933 | |
Uber Technologies, Inc.* | | | 244,185 | | | | 14,729,239 | |
Union Pacific Corp. | | | 70,304 | | | | 16,032,124 | |
United Airlines Hldgs., Inc.* | | | 38,138 | | | | 3,703,200 | |
United Parcel Svc., Inc. Cl B | | | 84,812 | | | | 10,694,793 | |
United Rentals, Inc. | | | 7,610 | | | | 5,360,788 | |
Veralto Corp. | | | 28,679 | | | | 2,920,956 | |
Verisk Analytics, Inc. Cl A | | | 16,375 | | | | 4,510,166 | |
Waste Management, Inc. | | | 42,355 | | | | 8,546,815 | |
Westinghouse Air Brake Technologies Corp. | | | 19,933 | | | | 3,779,098 | |
WW Grainger, Inc. | | | 5,139 | | | | 5,416,763 | |
Xylem, Inc. | | | 28,173 | | | | 3,268,632 | |
| | | | | | | | |
| | | | | | | 471,137,507 | |
| | | | | | | | |
| INFORMATION TECHNOLOGY (32.0%) | |
Accenture PLC Cl A | | | 72,460 | | | | 25,490,703 | |
Adobe, Inc.* | | | 51,047 | | | | 22,699,580 | |
Advanced Micro Devices, Inc.* | | | 188,186 | | | | 22,730,987 | |
The accompanying notes are an integral part of these portfolio schedules.
4
MoA FUNDS — EQUITY INDEX FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
December 31, 2024
| | | | | | | | |
| | | Shares | | | Value | |
| COMMON STOCKS (CONTINUED): | |
| INFORMATION TECHNOLOGY (CONTINUED) | |
Akamai Technologies, Inc.* | | | 17,421 | | | $ | 1,666,319 | |
Amphenol Corp. Cl A | | | 139,807 | | | | 9,709,596 | |
Analog Devices, Inc. | | | 57,575 | | | | 12,232,384 | |
ANSYS, Inc.* | | | 10,141 | | | | 3,420,864 | |
Apple, Inc. | | | 1,752,883 | | | | 438,956,961 | |
Applied Materials, Inc. | | | 95,601 | | | | 15,547,591 | |
Arista Networks, Inc.* | | | 119,791 | | | | 13,240,499 | |
Autodesk, Inc.* | | | 24,932 | | | | 7,369,151 | |
Broadcom, Inc. | | | 541,616 | | | | 125,568,253 | |
Cadence Design Systems, Inc.* | | | 31,804 | | | | 9,555,830 | |
CDW Corp. | | | 15,454 | | | | 2,689,614 | |
Cisco Systems, Inc. | | | 462,232 | | | | 27,364,134 | |
Cognizant Technology Solutions Corp. Cl A | | | 57,497 | | | | 4,421,519 | |
Corning, Inc. | | | 89,360 | | | | 4,246,387 | |
Crowdstrike Hldgs., Inc. Cl A* | | | 26,987 | | | | 9,233,872 | |
Dell Technologies, Inc. Cl C | | | 35,620 | | | | 4,104,849 | |
Enphase Energy, Inc.* | | | 15,667 | | | | 1,076,010 | |
EPAM Systems, Inc.* | | | 6,578 | | | | 1,538,068 | |
F5, Inc.* | | | 6,737 | | | | 1,694,153 | |
Fair Isaac Corp.* | | | 2,823 | | | | 5,620,395 | |
First Solar, Inc.* | | | 12,415 | | | | 2,188,020 | |
Fortinet, Inc.* | | | 73,771 | | | | 6,969,884 | |
Gartner, Inc.* | | | 8,945 | | | | 4,333,584 | |
Gen Digital, Inc. | | | 62,882 | | | | 1,721,709 | |
GoDaddy, Inc. Cl A* | | | 16,280 | | | | 3,213,184 | |
Hewlett Packard Enterprise Co. | | | 150,598 | | | | 3,215,267 | |
HP, Inc. | | | 111,756 | | | | 3,646,598 | |
Intel Corp. | | | 500,150 | | | | 10,028,008 | |
International Business Machines Corp. | | | 107,225 | | | | 23,571,272 | |
Intuit, Inc. | | | 32,504 | | | | 20,428,764 | |
Jabil, Inc. | | | 13,086 | | | | 1,883,075 | |
Juniper Networks, Inc. | | | 38,394 | | | | 1,437,855 | |
Keysight Technologies, Inc.* | | | 20,125 | | | | 3,232,679 | |
KLA Corp. | | | 15,511 | | | | 9,773,791 | |
Lam Research Corp. | | | 149,208 | | | | 10,777,294 | |
Microchip Technology, Inc. | | | 62,274 | | | | 3,571,414 | |
Micron Technology, Inc. | | | 128,574 | | | | 10,820,788 | |
Microsoft Corp. | | | 862,174 | | | | 363,406,341 | |
Monolithic Power Systems, Inc. | | | 5,657 | | | | 3,347,247 | |
Motorola Solutions, Inc. | | | 19,380 | | | | 8,958,017 | |
NetApp, Inc. | | | 23,747 | | | | 2,756,552 | |
NVIDIA Corp. | | | 2,844,583 | | | | 381,999,051 | |
NXP Semiconductors N.V. | | | 29,473 | | | | 6,125,963 | |
ON Semiconductor Corp.* | | | 49,377 | | | | 3,113,220 | |
Oracle Corp. | | | 186,378 | | | | 31,058,030 | |
| | | | | | | | |
| | | Shares | | | Value | |
| COMMON STOCKS (CONTINUED): | |
| INFORMATION TECHNOLOGY (CONTINUED) | |
Palantir Technologies, Inc. Cl A* | | | 237,704 | | | $ | 17,977,554 | |
Palo Alto Networks, Inc.* | | | 75,898 | | | | 13,810,400 | |
PTC, Inc.* | | | 13,931 | | | | 2,561,493 | |
QUALCOMM, Inc. | | | 128,835 | | | | 19,791,633 | |
Roper Technologies, Inc. | | | 12,435 | | | | 6,464,335 | |
Salesforce, Inc. | | | 110,861 | | | | 37,064,158 | |
Seagate Technology Hldgs. PLC | | | 24,530 | | | | 2,117,184 | |
ServiceNow, Inc.* | | | 23,888 | | | | 25,324,147 | |
Skyworks Solutions, Inc. | | | 18,521 | | | | 1,642,442 | |
Super Micro Computer, Inc.* | | | 58,398 | | | | 1,779,971 | |
Synopsys, Inc.* | | | 17,814 | | | | 8,646,203 | |
TE Connectivity PLC | | | 34,692 | | | | 4,959,915 | |
Teledyne Technologies, Inc.* | | | 5,404 | | | | 2,508,159 | |
Teradyne, Inc. | | | 18,886 | | | | 2,378,125 | |
Texas Instruments, Inc. | | | 105,784 | | | | 19,835,558 | |
Trimble, Inc.* | | | 28,319 | | | | 2,001,021 | |
Tyler Technologies, Inc.* | | | 4,963 | | | | 2,861,864 | |
VeriSign, Inc.* | | | 9,584 | | | | 1,983,505 | |
Western Digital Corp.* | | | 40,089 | | | | 2,390,507 | |
Workday, Inc. Cl A* | | | 24,700 | | | | 6,373,341 | |
Zebra Technologies Corp. Cl A* | | | 5,981 | | | | 2,309,982 | |
| | | | | | | | |
| | | | | | | 1,876,536,823 | |
| | | | | | | | |
| MATERIALS (1.9%) | |
Air Products & Chemicals, Inc. | | | 25,780 | | | | 7,477,231 | |
Albemarle Corp. | | | 13,630 | | | | 1,173,270 | |
Amcor PLC | | | 167,607 | | | | 1,577,182 | |
Avery Dennison Corp. | | | 9,317 | | | | 1,743,490 | |
Ball Corp. | | | 34,607 | | | | 1,907,884 | |
Celanese Corp. Cl A | | | 12,676 | | | | 877,306 | |
CF Industries Hldgs., Inc. | | | 20,180 | | | | 1,721,758 | |
Corteva, Inc. | | | 79,701 | | | | 4,539,769 | |
Dow, Inc. | | | 81,185 | | | | 3,257,954 | |
DuPont de Nemours, Inc. | | | 48,467 | | | | 3,695,609 | |
Eastman Chemical Co. | | | 13,442 | | | | 1,227,523 | |
Ecolab, Inc. | | | 29,224 | | | | 6,847,768 | |
FMC Corp. | | | 14,476 | | | | 703,678 | |
Freeport-McMoRan, Inc. | | | 166,631 | | | | 6,345,309 | |
International Flavors & Fragrances, Inc. | | | 29,650 | | | | 2,506,908 | |
International Paper Co. | | | 40,287 | | | | 2,168,246 | |
Linde PLC | | | 55,217 | | | | 23,117,701 | |
LyondellBasell Industries N.V. Cl A | | | 30,128 | | | | 2,237,607 | |
Martin Marietta Materials, Inc. | | | 7,087 | | | | 3,660,436 | |
Mosaic Co. | | | 36,835 | | | | 905,404 | |
Newmont Corp. | | | 132,019 | | | | 4,913,747 | |
Nucor Corp. | | | 27,230 | | | | 3,178,013 | |
Packaging Corp. of America | | | 10,340 | | | | 2,327,844 | |
The accompanying notes are an integral part of these portfolio schedules.
5
MoA FUNDS — EQUITY INDEX FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
December 31, 2024
| | | | | | | | |
| | | Shares | | | Value | |
| COMMON STOCKS (CONTINUED): | |
| MATERIALS (CONTINUED) | |
PPG Industries, Inc. | | | 26,904 | | | $ | 3,213,683 | |
Sherwin-Williams Co. | | | 26,869 | | | | 9,133,579 | |
Smurfit WestRock PLC | | | 57,303 | | | | 3,086,340 | |
Steel Dynamics, Inc. | | | 16,419 | | | | 1,872,915 | |
Vulcan Materials Co. | | | 15,314 | | | | 3,939,220 | |
| | | | | | | | |
| | | | | | | 109,357,374 | |
| | | | | | | | |
| REAL ESTATE (2.1%) | |
Alexandria Real Estate Equities, Inc. | | | 18,037 | | | | 1,759,509 | |
American Tower Corp. | | | 54,188 | | | | 9,938,621 | |
AvalonBay Communities, Inc. | | | 16,473 | | | | 3,623,566 | |
BXP, Inc. | | | 16,868 | | | | 1,254,304 | |
Camden Property Trust | | | 12,371 | | | | 1,435,531 | |
CBRE Group, Inc. Cl A* | | | 34,881 | | | | 4,579,526 | |
CoStar Group, Inc.* | | | 47,540 | | | | 3,403,389 | |
Crown Castle, Inc. | | | 50,397 | | | | 4,574,032 | |
Digital Realty Trust, Inc. | | | 36,159 | | | | 6,412,075 | |
Equinix, Inc. | | | 11,189 | | | | 10,549,996 | |
Equity Residential | | | 39,592 | | | | 2,841,122 | |
Essex Property Trust, Inc. | | | 7,453 | | | | 2,127,384 | |
Extra Space Storage, Inc. | | | 24,582 | | | | 3,677,467 | |
Federal Realty Investment Trust | | | 8,867 | | | | 992,661 | |
Healthpeak Properties, Inc. | | | 81,110 | | | | 1,644,100 | |
Host Hotels & Resorts, Inc. | | | 81,062 | | | | 1,420,206 | |
Invitation Homes, Inc. | | | 66,067 | | | | 2,112,162 | |
Iron Mountain, Inc. | | | 34,031 | | | | 3,576,998 | |
Kimco Realty Corp. | | | 78,169 | | | | 1,831,500 | |
Mid-America Apartment Communities, Inc. | | | 13,554 | | | | 2,095,042 | |
Prologis, Inc. | | | 107,402 | | | | 11,352,391 | |
Public Storage | | | 18,276 | | | | 5,472,565 | |
Realty Income Corp. | | | 101,492 | | | | 5,420,688 | |
Regency Centers Corp. | | | 18,943 | | | | 1,400,456 | |
SBA Communications Corp. Cl A | | | 12,469 | | | | 2,541,182 | |
Simon Property Group, Inc. | | | 35,565 | | | | 6,124,649 | |
UDR, Inc. | | | 34,820 | | | | 1,511,536 | |
Ventas, Inc. | | | 48,648 | | | | 2,864,881 | |
VICI Properties, Inc. Cl A | | | 122,246 | | | | 3,570,806 | |
Welltower, Inc. | | | 68,599 | | | | 8,645,532 | |
Weyerhaeuser Co. | | | 84,257 | | | | 2,371,835 | |
| | | | | | | | |
| | | | | | | 121,125,712 | |
| | | | | | | | |
| | | | | | | | |
| | | Shares | | | Value | |
| COMMON STOCKS (CONTINUED): | |
| UTILITIES (2.3%) | |
AES Corp. | | | 82,453 | | | $ | 1,061,170 | |
Alliant Energy Corp. | | | 29,756 | | | | 1,759,770 | |
Ameren Corp. | | | 30,954 | | | | 2,759,240 | |
American Electric Power Co., Inc. | | | 61,758 | | | | 5,695,940 | |
American Water Works Co., Inc. | | | 22,601 | | | | 2,813,599 | |
Atmos Energy Corp. | | | 18,001 | | | | 2,506,999 | |
CenterPoint Energy, Inc. | | | 75,576 | | | | 2,398,027 | |
CMS Energy Corp. | | | 34,648 | | | | 2,309,289 | |
Consolidated Edison, Inc. | | | 40,171 | | | | 3,584,458 | |
Constellation Energy Corp. | | | 36,270 | | | | 8,113,962 | |
Dominion Energy, Inc. | | | 97,410 | | | | 5,246,503 | |
DTE Energy Co. | | | 24,016 | | | | 2,899,932 | |
Duke Energy Corp. | | | 89,580 | | | | 9,651,349 | |
Edison International | | | 44,895 | | | | 3,584,417 | |
Entergy Corp. | | | 49,727 | | | | 3,770,301 | |
Evergy, Inc. | | | 26,664 | | | | 1,641,169 | |
Eversource Energy | | | 42,489 | | | | 2,440,143 | |
Exelon Corp. | | | 116,524 | | | | 4,385,963 | |
FirstEnergy Corp. | | | 59,480 | | | | 2,366,114 | |
NextEra Energy, Inc. | | | 238,468 | | | | 17,095,771 | |
NiSource, Inc. | | | 54,129 | | | | 1,989,782 | |
NRG Energy, Inc. | | | 23,490 | | | | 2,119,268 | |
PG&E Corp. | | | 253,520 | | | | 5,116,034 | |
Pinnacle West Capital Corp. | | | 13,185 | | | | 1,117,692 | |
PPL Corp. | | | 85,578 | | | | 2,777,862 | |
Public Svc. Enterprise Group, Inc. | | | 57,776 | | | | 4,881,494 | |
Sempra | | | 73,451 | | | | 6,443,122 | |
Southern Co. | | | 127,059 | | | | 10,459,497 | |
Vistra Corp. | | | 39,454 | | | | 5,439,523 | |
WEC Energy Group, Inc. | | | 36,685 | | | | 3,449,857 | |
Xcel Energy, Inc. | | | 66,591 | | | | 4,496,224 | |
| | | | | | | | |
| | | | | | | 134,374,471 | |
| | | | | | | | |
TOTAL COMMON STOCKS | | | | | | | | |
(Cost: $2,695,196,797) | | | | | | | 5,775,561,368 | |
| | | | | | | | |
The accompanying notes are an integral part of these portfolio schedules.
6
MoA FUNDS — EQUITY INDEX FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
December 31, 2024
| | | | | | | | | | | | | | | | | | | | |
| | | Rating** | | | Rate(%) | | | Maturity | | | Face Amount | | | Value | |
| SHORT-TERM DEBT SECURITIES (2.0%): | | | | | | | | | | | | | | | |
| U.S. GOVERNMENT (1.9%) | | | | | | | | | | |
U.S. Treasury Bill | | | A-1+ | | | | 4.22 | | | | 03/04/25 | | | $ | 8,500,000 | | | $ | 8,440,078 | |
U.S. Treasury Bill | | | A-1+ | | | | 4.27 | | | | 02/20/25 | | | | 10,800,000 | | | | 10,736,537 | |
U.S. Treasury Bill | | | A-1+ | | | | 4.28 | | | | 02/11/25 | | | | 12,000,000 | | | | 11,941,873 | |
U.S. Treasury Bill | | | A-1+ | | | | 4.29 | | | | 02/04/25 | | | | 6,800,000 | | | | 6,772,642 | |
U.S. Treasury Bill | | | A-1+ | | | | 4.31 | | | | 01/21/25 | | | | 21,700,000 | | | | 21,648,270 | |
U.S. Treasury Bill | | | A-1+ | | | | 4.39 | | | | 01/28/25 | | | | 10,000,000 | | | | 9,967,318 | |
U.S. Treasury Bill (1) | | | A-1+ | | | | 4.41 | | | | 04/01/25 | | | | 7,000,000 | | | | 6,928,038 | |
U.S. Treasury Bill | | | A-1+ | | | | 4.45 | | | | 01/30/25 | | | | 10,500,000 | | | | 10,462,740 | |
U.S. Treasury Bill | | | A-1+ | | | | 4.48 | | | | 01/09/25 | | | | 4,000,000 | | | | 3,996,044 | |
U.S. Treasury Bill | | | A-1+ | | | | 4.56 | | | | 01/16/25 | | | | 17,500,000 | | | | 17,467,115 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | 108,360,655 | |
| | | | | | | | | | | | | | | | | | | | |
| U.S. GOVERNMENT AGENCIES (0.1%) | | | | | | | | | | |
FHLB | | | A-1+ | | | | 4.21 | | | | 01/07/25 | | | | 8,500,000 | | | | 8,494,036 | |
| | | | | | | | | | | | | | | | | | | | |
TOTAL SHORT-TERM DEBT SECURITIES
(Cost: $116,849,369) | | | | 116,854,691 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| | | | | | Rate(%) | | | Maturity | | | Face Amount | | | Value | |
| TEMPORARY CASH INVESTMENT (0.0%) (2) | | | | | | | | | | | | | | | |
JP Morgan Chase, New York Time Deposit | | | | | | | 3.58 | | | | 01/02/25 | | | $ | 925,685 | | | $ | 925,685 | |
| | | | | | | | | | | | | | | | | | | | |
TOTAL TEMPORARY CASH INVESTMENT
(Cost: $925,685) | | | | 925,685 | |
| | | | | | | | | | | | | | | | | | | | |
TOTAL INVESTMENTS
(Cost: $2,812,971,851) 100.4% | | | | 5,893,341,744 | |
| | | | | | | | | | | | | | | | | | | | |
OTHER NET ASSETS -0.4% | | | | (25,379,791 | ) |
| | | | | | | | | | | | | | | | | | | | |
NET ASSETS 100.0% | | | $ | 5,867,961,953 | |
| | | | | | | | | | | | | | | | | | | | |
FOOTNOTES TO PORTFOLIO OF INVESTMENTS IN SECURITIES
| Abbreviations: | FHLB = Federal Home Loan Bank |
| * | Non-income producing security. |
| ** | Ratings as per Standard & Poor’s Corporation (unaudited). |
| (1) | This security, or a portion thereof, has been segregated to cover initial margin requirements on open futures contracts. Information on futures contracts outstanding in the Fund as of December 31, 2024, was as follows: |
| | | | | | | | | | | | | | | | | | | | | | | | |
Contract Type | | Number of
Contracts | | | Purchased (P)
or Sold (S) | | | Expiration
Date | | | Underlying
Face Amount
at Value | | | Unrealized
Gain(Loss)(a) | | | Face Value
of Futures
as a %
of Total
Investments | |
E-mini S&P 500 Stock Index | | | 296 | | | | P | | | | March 2025 | | | $ | 87,849,100 | | | $ | (2,199,192 | ) | | | 1.5 | % |
| | (a) | Includes the cumulative appreciation (depreciation) of futures contracts, which is included in Total Distributable Earnings (Loss) in the Components of Net Assets section of the Statements of Assets and Liabilities. The Receivable or Payable for Daily Variation on Futures Contracts in the Statements of Assets and Liabilities only includes the current day’s variation margin payable or receivable. |
| (2) | Percentage is less than 0.05%. |
The accompanying notes are an integral part of these portfolio schedules.
7
MoA FUNDS — ALL AMERICA FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES
December 31, 2024
| | | | | | | | |
| | | Shares | | | Value | |
| COMMON STOCKS (97.8%): | |
| COMMUNICATION SERVICES (6.1%) | |
Alphabet, Inc. Cl A | | | 21,408 | | | $ | 4,052,534 | |
Alphabet, Inc. Cl C | | | 17,437 | | | | 3,320,702 | |
AT&T, Inc. | | | 26,289 | | | | 598,601 | |
Charter Communications, Inc. Cl A* | | | 354 | | | | 121,341 | |
Comcast Corp. Cl A | | | 13,985 | | | | 524,857 | |
Electronic Arts, Inc. | | | 874 | | | | 127,866 | |
Fox Corp. Cl A | | | 8,287 | | | | 402,582 | |
Fox Corp. Cl B | | | 483 | | | | 22,092 | |
IMAX Corp.* | | | 8,432 | | | | 215,859 | |
Interpublic Group of Cos., Inc. | | | 1,365 | | | | 38,247 | |
Live Nation Entertainment, Inc.* | | | 575 | | | | 74,463 | |
Match Group, Inc.* | | | 920 | | | | 30,093 | |
Meta Platforms, Inc. Cl A | | | 7,987 | | | | 4,676,468 | |
Netflix, Inc.* | | | 1,566 | | | | 1,395,807 | |
News Corp. Cl A | | | 1,388 | | | | 38,226 | |
News Corp. Cl B | | | 410 | | | | 12,476 | |
Omnicom Group, Inc. | | | 715 | | | | 61,519 | |
Paramount Global Cl B | | | 2,180 | | | | 22,803 | |
Take-Two Interactive Software, Inc.* | | | 5,821 | | | | 1,071,530 | |
Telephone & Data Systems, Inc. | | | 4,942 | | | | 168,572 | |
T-Mobile US, Inc. | | | 1,786 | | | | 394,224 | |
Verizon Communications, Inc. | | | 15,423 | | | | 616,766 | |
Walt Disney Co. | | | 6,635 | | | | 738,807 | |
Warner Bros Discovery, Inc.* | | | 8,179 | | | | 86,452 | |
| | | | | | | | |
| | | | | | | 18,812,887 | |
| | | | | | | | |
| CONSUMER DISCRETIONARY (10.5%) | |
Airbnb, Inc. Cl A* | | | 1,586 | | | | 208,416 | |
Amazon.com, Inc.* | | | 34,288 | | | | 7,522,444 | |
Aptiv PLC* | | | 861 | | | | 52,073 | |
AutoZone, Inc.* | | | 187 | | | | 598,774 | |
Best Buy Co., Inc. | | | 716 | | | | 61,433 | |
Booking Hldgs., Inc. | | | 121 | | | | 601,179 | |
BorgWarner, Inc. | | | 801 | | | | 25,464 | |
Caesars Entertainment, Inc.* | | | 778 | | | | 26,001 | |
CarMax, Inc.* | | | 568 | | | | 46,440 | |
Carnival Corp.* | | | 3,806 | | | | 94,845 | |
Champion Homes, Inc.* | | | 5,823 | | | | 513,006 | |
Chipotle Mexican Grill, Inc. Cl A* | | | 4,992 | | | | 301,018 | |
Darden Restaurants, Inc. | | | 2,641 | | | | 493,048 | |
Deckers Outdoor Corp.* | | | 557 | | | | 113,121 | |
Domino's Pizza, Inc. | | | 127 | | | | 53,310 | |
DR Horton, Inc. | | | 1,068 | | | | 149,328 | |
eBay, Inc. | | | 1,755 | | | | 108,722 | |
Expedia Group, Inc.* | | | 450 | | | | 83,848 | |
First Watch Restaurant Group, Inc.* | | | 26,798 | | | | 498,711 | |
Five Below, Inc.* | | | 3,867 | | | | 405,880 | |
Ford Motor Co. | | | 14,302 | | | | 141,590 | |
Fox Factory Hldg. Corp.* | | | 6,693 | | | | 202,597 | |
| | | | | | | | |
| | | Shares | | | Value | |
| COMMON STOCKS (CONTINUED): | |
| CONSUMER DISCRETIONARY (CONTINUED) | |
Garmin Ltd. | | | 563 | | | $ | 116,124 | |
General Motors Co. | | | 4,029 | | | | 214,625 | |
Genuine Parts Co. | | | 509 | | | | 59,431 | |
Golden Entertainment, Inc. | | | 17,187 | | | | 543,109 | |
Hasbro, Inc. | | | 480 | | | | 26,837 | |
Hilton Worldwide Hldgs., Inc. | | | 893 | | | | 220,714 | |
Home Depot, Inc. | | | 3,639 | | | | 1,415,535 | |
Las Vegas Sands Corp. | | | 1,275 | | | | 65,484 | |
Lennar Corp. Cl A | | | 875 | | | | 119,324 | |
LKQ Corp. | | | 952 | | | | 34,986 | |
Lowe's Cos., Inc. | | | 2,078 | | | | 512,850 | |
Lululemon Athletica, Inc.* | | | 414 | | | | 158,318 | |
Marriott International, Inc. Cl A | | | 845 | | | | 235,704 | |
McDonald's Corp. | | | 2,626 | | | | 761,251 | |
MGM Resorts International* | | | 829 | | | | 28,725 | |
Mohawk Industries, Inc.* | | | 192 | | | | 22,873 | |
Murphy USA, Inc. | | | 1,621 | | | | 813,337 | |
NIKE, Inc. Cl B | | | 4,362 | | | | 330,073 | |
Norwegian Cruise Line Hldgs. Ltd.* | | | 1,611 | | | | 41,451 | |
NVR, Inc.* | | | 75 | | | | 613,417 | |
Ollie's Bargain Outlet Hldgs., Inc.* | | | 9,362 | | | | 1,027,292 | |
OneSpaWorld Hldgs. Ltd. | | | 31,873 | | | | 634,273 | |
O'Reilly Automotive, Inc.* | | | 212 | | | | 251,390 | |
Pool Corp. | | | 139 | | | | 47,391 | |
PulteGroup, Inc. | | | 751 | | | | 81,784 | |
Ralph Lauren Corp. Cl A | | | 147 | | | | 33,954 | |
Ross Stores, Inc. | | | 1,216 | | | | 183,944 | |
Royal Caribbean Cruises Ltd. | | | 906 | | | | 209,005 | |
Starbucks Corp. | | | 4,153 | | | | 378,961 | |
Tapestry, Inc. | | | 854 | | | | 55,792 | |
Taylor Morrison Home Corp. Cl A* | | | 17,929 | | | | 1,097,434 | |
Tesla, Inc.* | | | 10,232 | | | | 4,132,091 | |
TJX Cos., Inc. | | | 4,132 | | | | 499,187 | |
Tractor Supply Co. | | | 18,564 | | | | 985,006 | |
Ulta Beauty, Inc.* | | | 173 | | | | 75,243 | |
Vail Resorts, Inc. | | | 11,709 | | | | 2,194,852 | |
Wyndham Hotels & Resorts, Inc. | | | 16,250 | | | | 1,637,837 | |
Wynn Resorts Ltd. | | | 339 | | | | 29,208 | |
Xponential Fitness, Inc. Cl A* | | | 9,300 | | | | 125,085 | |
Yum! Brands, Inc. | | | 1,022 | | | | 137,112 | |
| | | | | | | | |
| | | | | | | 32,452,257 | |
| | | | | | | | |
| CONSUMER STAPLES (4.7%) | |
Altria Group, Inc. | | | 6,210 | | | | 324,721 | |
Archer-Daniels-Midland Co. | | | 1,752 | | | | 88,511 | |
Brown-Forman Corp. Cl B | | | 667 | | | | 25,333 | |
Bunge Global S.A. | | | 512 | | | | 39,813 | |
Church & Dwight Co., Inc. | | | 898 | | | | 94,030 | |
Clorox Co. | | | 454 | | | | 73,734 | |
Coca-Cola Co. | | | 14,205 | | | | 884,403 | |
Coca-Cola Consolidated, Inc. | | | 193 | | | | 243,178 | |
Colgate-Palmolive Co. | | | 2,993 | | | | 272,094 | |
The accompanying notes are an integral part of these portfolio schedules.
8
MoA FUNDS — ALL AMERICA FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
December 31, 2024
| | | | | | | | |
| | | Shares | | | Value | |
| COMMON STOCKS (CONTINUED): | |
| CONSUMER STAPLES (CONTINUED) | |
Conagra Brands, Inc. | | | 1,749 | | | $ | 48,535 | |
Constellation Brands, Inc. Cl A | | | 572 | | | | 126,412 | |
Costco Wholesale Corp. | | | 1,623 | | | | 1,487,106 | |
Crimson Wine Group Ltd.* | | | 37,737 | | | | 239,630 | |
Dollar General Corp. | | | 806 | | | | 61,111 | |
Dollar Tree, Inc.* | | | 740 | | | | 55,456 | |
Estee Lauder Cos., Inc. Cl A | | | 855 | | | | 64,108 | |
Freshpet, Inc.* | | | 6,048 | | | | 895,769 | |
General Mills, Inc. | | | 2,034 | | | | 129,708 | |
Hershey Co. | | | 541 | | | | 91,618 | |
Hormel Foods Corp. | | | 1,065 | | | | 33,409 | |
J M Smucker Co. | | | 390 | | | | 42,947 | |
Kellanova | | | 985 | | | | 79,755 | |
Kenvue, Inc. | | | 17,038 | | | | 363,761 | |
Keurig Dr Pepper, Inc. | | | 4,125 | | | | 132,495 | |
Kimberly-Clark Corp. | | | 1,222 | | | | 160,131 | |
Kraft Heinz Co. | | | 3,234 | | | | 99,316 | |
Kroger Co. | | | 2,439 | | | | 149,145 | |
Lamb Weston Hldgs., Inc. | | | 18,310 | | | | 1,223,657 | |
McCormick & Co., Inc. | | | 924 | | | | 70,446 | |
Molson Coors Beverage Co. Cl B | | | 640 | | | | 36,685 | |
Mondelez International, Inc. Cl A | | | 4,899 | | | | 292,617 | |
Monster Beverage Corp.* | | | 2,565 | | | | 134,816 | |
Nomad Foods Ltd. | | | 13,660 | | | | 229,215 | |
PepsiCo, Inc. | | | 5,027 | | | | 764,406 | |
Performance Food Group Co.* | | | 12,716 | | | | 1,075,138 | |
Philip Morris International, Inc. | | | 5,697 | | | | 685,634 | |
Procter & Gamble Co. | | | 8,629 | | | | 1,446,652 | |
Simply Good Foods Co.* | | | 7,707 | | | | 300,419 | |
Sysco Corp. | | | 1,800 | | | | 137,628 | |
Target Corp. | | | 1,688 | | | | 228,184 | |
The Campbell's Co. | | | 720 | | | | 30,154 | |
Tyson Foods, Inc. Cl A | | | 1,047 | | | | 60,140 | |
Walgreens Boots Alliance, Inc. | | | 2,629 | | | | 24,528 | |
Walmart, Inc. | | | 15,904 | | | | 1,436,926 | |
| | | | | | | | |
| | | | | | | 14,483,474 | |
| | | | | | | | |
| ENERGY (4.2%) | |
APA Corp. | | | 1,355 | | | | 31,287 | |
Baker Hughes Co. Cl A | | | 26,306 | | | | 1,079,072 | |
Cheniere Energy, Inc. | | | 3,320 | | | | 713,368 | |
Chevron Corp. | | | 6,123 | | | | 886,855 | |
ConocoPhillips | | | 4,739 | | | | 469,967 | |
Coterra Energy, Inc. | | | 2,699 | | | | 68,932 | |
Devon Energy Corp. | | | 11,742 | | | | 384,316 | |
Diamondback Energy, Inc. | | | 685 | | | | 112,224 | |
EOG Resources, Inc. | | | 2,061 | | | | 252,637 | |
EQT Corp. | | | 2,186 | | | | 100,796 | |
Expand Energy Corp. | | | 9,190 | | | | 914,864 | |
Exxon Mobil Corp. | | | 16,103 | | | | 1,732,200 | |
Halliburton Co. | | | 3,219 | | | | 87,525 | |
| | | | | | | | |
| | | Shares | | | Value | |
| COMMON STOCKS (CONTINUED): | |
| ENERGY (CONTINUED) | |
Hess Corp. | | | 1,013 | | | $ | 134,739 | |
Kinder Morgan, Inc. | | | 7,082 | | | | 194,047 | |
Liberty Energy, Inc. Cl A | | | 29,873 | | | | 594,174 | |
Marathon Petroleum Corp. | | | 1,178 | | | | 164,331 | |
MPLX LP | | | 4,575 | | | | 218,959 | |
Murphy Oil Corp. | | | 10,784 | | | | 326,324 | |
Noble Corp. PLC | | | 6,498 | | | | 204,037 | |
Northern Oil & Gas, Inc. | | | 29,274 | | | | 1,087,822 | |
Occidental Petroleum Corp. | | | 2,475 | | | | 122,290 | |
ONEOK, Inc. | | | 2,140 | | | | 214,856 | |
Ovintiv, Inc. | | | 10,887 | | | | 440,924 | |
Permian Resources Corp. Cl A | | | 28,102 | | | | 404,107 | |
Phillips 66 | | | 1,513 | | | | 172,376 | |
Schlumberger N.V. | | | 5,174 | | | | 198,371 | |
Targa Resources Corp. | | | 799 | | | | 142,622 | |
Texas Pacific Land Corp. | | | 70 | | | | 77,417 | |
Valaris Ltd.* | | | 3,405 | | | | 150,637 | |
Valero Energy Corp. | | | 1,160 | | | | 142,204 | |
Williams Cos., Inc. | | | 21,432 | | | | 1,159,900 | |
| | | | | | | | |
| | | | | | | 12,984,180 | |
| | | | | | | | |
| FINANCIALS (14.7%) | |
Aflac, Inc. | | | 1,832 | | | | 189,502 | |
Allstate Corp. | | | 970 | | | | 187,006 | |
American Express Co. | | | 2,039 | | | | 605,155 | |
American Financial Group, Inc. | | | 6,833 | | | | 935,643 | |
American International Group, Inc. | | | 2,285 | | | | 166,348 | |
Ameriprise Financial, Inc. | | | 2,947 | | | | 1,569,071 | |
Aon PLC Cl A | | | 792 | | | | 284,455 | |
Apollo Global Management, Inc. | | | 1,638 | | | | 270,532 | |
Arch Capital Group Ltd. | | | 9,583 | | | | 884,990 | |
Arthur J. Gallagher & Co. | | | 915 | | | | 259,723 | |
Assurant, Inc. | | | 188 | | | | 40,085 | |
Bank of America Corp. | | | 24,458 | | | | 1,074,929 | |
Bank of New York Mellon Corp. | | | 2,664 | | | | 204,675 | |
Banner Corp. | | | 8,290 | | | | 553,523 | |
Berkshire Hathaway, Inc. Cl B* | | | 6,716 | | | | 3,044,229 | |
Blackrock, Inc. | | | 533 | | | | 546,384 | |
Blackstone, Inc. | | | 2,645 | | | | 456,051 | |
Brown & Brown, Inc. | | | 7,621 | | | | 777,494 | |
Capital One Financial Corp. | | | 1,398 | | | | 249,291 | |
Cboe Global Markets, Inc. | | | 384 | | | | 75,034 | |
Charles Schwab Corp. | | | 5,477 | | | | 405,353 | |
Chubb Ltd. | | | 1,374 | | | | 379,636 | |
Cincinnati Financial Corp. | | | 573 | | | | 82,340 | |
Citigroup, Inc. | | | 6,929 | | | | 487,732 | |
Citizens Financial Group, Inc. | | | 1,615 | | | | 70,672 | |
CME Group, Inc. Cl A | | | 1,320 | | | | 306,544 | |
Corpay, Inc.* | | | 255 | | | | 86,297 | |
Discover Financial Svcs. | | | 920 | | | | 159,372 | |
East West Bancorp, Inc. | | | 4,050 | | | | 387,828 | |
The accompanying notes are an integral part of these portfolio schedules.
9
MoA FUNDS — ALL AMERICA FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
December 31, 2024
| | | | | | | | |
| | | Shares | | | Value | |
| COMMON STOCKS (CONTINUED): | |
| FINANCIALS (CONTINUED) | |
Enterprise Financial Svcs. Corp. | | | 9,643 | | | $ | 543,865 | |
Erie Indemnity Co. Cl A | | | 91 | | | | 37,513 | |
Essent Group Ltd. | | | 11,067 | | | | 602,487 | |
Everest Group Ltd. | | | 157 | | | | 56,906 | |
FactSet Research Systems, Inc. | | | 139 | | | | 66,759 | |
Fidelity National Information Svcs., Inc. | | | 1,972 | | | | 159,278 | |
Fifth Third Bancorp | | | 19,019 | | | | 804,123 | |
First Financial Bankshares, Inc. | | | 25,659 | | | | 925,007 | |
Fiserv, Inc.* | | | 2,084 | | | | 428,095 | |
Franklin Resources, Inc. | | | 1,132 | | | | 22,968 | |
German American Bancorp, Inc. | | | 13,233 | | | | 532,231 | |
Global Payments, Inc. | | | 932 | | | | 104,440 | |
Globe Life, Inc. | | | 308 | | | | 34,348 | |
Goldman Sachs Group, Inc. | | | 1,150 | | | | 658,513 | |
Hancock Whitney Corp. | | | 9,687 | | | | 530,073 | |
Hartford Financial Svcs. Group, Inc. | | | 8,891 | | | | 972,675 | |
Home BancShares, Inc. | | | 14,891 | | | | 421,415 | |
Houlihan Lokey, Inc. Cl A | | | 2,093 | | | | 363,470 | |
Huntington Bancshares, Inc. | | | 5,323 | | | | 86,605 | |
Intercontinental Exchange, Inc. | | | 2,104 | | | | 313,517 | |
Invesco Ltd. | | | 1,647 | | | | 28,790 | |
iShares Micro-Cap ETF | | | 2,496 | | | | 325,429 | |
Jack Henry & Associates, Inc. | | | 267 | | | | 46,805 | |
Janus Henderson Group PLC | | | 18,211 | | | | 774,514 | |
JPMorgan Chase & Co. | | | 10,315 | | | | 2,472,609 | |
KeyCorp. | | | 3,632 | | | | 62,253 | |
KKR & Co., Inc. | | | 2,473 | | | | 365,781 | |
Loews Corp. | | | 662 | | | | 56,065 | |
M&T Bank Corp. | | | 4,478 | | | | 841,909 | |
MarketAxess Hldgs., Inc. | | | 138 | | | | 31,194 | |
Marsh & McLennan Cos., Inc. | | | 1,799 | | | | 382,126 | |
Mastercard, Inc. Cl A | | | 3,003 | | | | 1,581,290 | |
MetLife, Inc. | | | 2,131 | | | | 174,486 | |
Moelis & Co. Cl A | | | 3,408 | | | | 251,783 | |
Moody's Corp. | | | 571 | | | | 270,294 | |
Morgan Stanley | | | 4,545 | | | | 571,397 | |
MSCI, Inc. Cl A | | | 287 | | | | 172,203 | |
Nasdaq, Inc. | | | 1,516 | | | | 117,202 | |
Northern Trust Corp. | | | 726 | | | | 74,415 | |
PayPal Hldgs., Inc.* | | | 3,673 | | | | 313,491 | |
PJT Partners, Inc. Cl A | | | 3,122 | | | | 492,683 | |
PNC Financial Svcs. Group, Inc. | | | 1,454 | | | | 280,404 | |
Primerica, Inc. | | | 3,951 | | | | 1,072,380 | |
Principal Financial Group, Inc. | | | 771 | | | | 59,683 | |
Progressive Corp. | | | 2,146 | | | | 514,203 | |
Prudential Financial, Inc. | | | 1,304 | | | | 154,563 | |
| | | | | | | | |
| | | Shares | | | Value | |
| COMMON STOCKS (CONTINUED): | |
| FINANCIALS (CONTINUED) | |
Raymond James Financial, Inc. | | | 5,548 | | | $ | 861,771 | |
Regions Financial Corp. | | | 3,330 | | | | 78,322 | |
Reinsurance Group of America, Inc. Cl A | | | 1,751 | | | | 374,066 | |
S&P Global, Inc. | | | 1,163 | | | | 579,209 | |
Selective Insurance Group, Inc. | | | 8,571 | | | | 801,560 | |
ServisFirst Bancshares, Inc. | | | 9,974 | | | | 845,197 | |
Shift4 Payments, Inc. Cl A* | | | 6,481 | | | | 672,598 | |
Skyward Specialty Insurance Group, Inc.* | | | 11,844 | | | | 598,596 | |
Starwood Property Trust, Inc. | | | 15,990 | | | | 303,011 | |
State Street Corp. | | | 1,074 | | | | 105,413 | |
Stifel Financial Corp. | | | 2,632 | | | | 279,203 | |
Stock Yards Bancorp, Inc. | | | 9,312 | | | | 666,832 | |
Synchrony Financial | | | 1,426 | | | | 92,690 | |
T. Rowe Price Group, Inc. | | | 814 | | | | 92,055 | |
Travelers Cos., Inc. | | | 832 | | | | 200,420 | |
TriCo Bancshares | | | 8,980 | | | | 392,426 | |
Truist Financial Corp. | | | 4,864 | | | | 211,000 | |
U.S. Bancorp | | | 5,716 | | | | 273,396 | |
UMB Financial Corp. | | | 5,292 | | | | 597,255 | |
Visa, Inc. Cl A | | | 6,332 | | | | 2,001,165 | |
W.R. Berkley Corp. | | | 1,103 | | | | 64,548 | |
Wells Fargo & Co. | | | 12,199 | | | | 856,858 | |
Willis Towers Watson PLC | | | 369 | | | | 115,586 | |
Wintrust Financial Corp. | | | 4,258 | | | | 531,015 | |
| | | | | | | | |
| | | | | | | 45,486,326 | |
| | | | | | | | |
| HEALTH CARE (11.4%) | |
Abbott Laboratories | | | 6,355 | | | | 718,814 | |
AbbVie, Inc. | | | 6,475 | | | | 1,150,608 | |
Addus HomeCare Corp.* | | | 3,871 | | | | 485,230 | |
Agilent Technologies, Inc. | | | 4,105 | | | | 551,466 | |
Align Technology, Inc.* | | | 257 | | | | 53,587 | |
Alnylam Pharmaceuticals, Inc.* | | | 1,098 | | | | 258,370 | |
Amgen, Inc. | | | 1,969 | | | | 513,200 | |
Amicus Therapeutics, Inc.* | | | 17,386 | | | | 163,776 | |
AMN Healthcare Svcs., Inc.* | | | 2,951 | | | | 70,588 | |
Amphastar Pharmaceuticals, Inc.* | | | 6,064 | | | | 225,156 | |
Annexon, Inc.* | | | 71,918 | | | | 368,939 | |
Avidity Biosciences, Inc.* | | | 11,343 | | | | 329,854 | |
Axsome Therapeutics, Inc.* | | | 2,772 | | | | 234,539 | |
Baxter International, Inc. | | | 1,871 | | | | 54,558 | |
Becton Dickinson & Co. | | | 1,059 | | | | 240,255 | |
Biogen, Inc.* | | | 534 | | | | 81,659 | |
BioLife Solutions, Inc.* | | | 35,827 | | | | 930,069 | |
Bio-Techne Corp. | | | 2,751 | | | | 198,155 | |
Blueprint Medicines Corp.* | | | 2,254 | | | | 196,594 | |
Boston Scientific Corp.* | | | 5,400 | | | | 482,328 | |
Bristol-Myers Squibb Co. | | | 7,431 | | | | 420,297 | |
Cardinal Health, Inc. | | | 887 | | | | 104,906 | |
Cencora, Inc. | | | 643 | | | | 144,469 | |
Centene Corp.* | | | 5,005 | | | | 303,203 | |
The accompanying notes are an integral part of these portfolio schedules.
10
MoA FUNDS — ALL AMERICA FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
December 31, 2024
| | | | | | | | |
| | | Shares | | | Value | |
| COMMON STOCKS (CONTINUED): | |
| HEALTH CARE (CONTINUED) | |
Charles River Laboratories International, Inc.* | | | 187 | | | $ | 34,520 | |
Cigna Group | | | 1,019 | | | | 281,387 | |
Cooper Cos., Inc.* | | | 730 | | | | 67,109 | |
Corcept Therapeutics, Inc.* | | | 14,435 | | | | 727,380 | |
CVS Health Corp. | | | 4,611 | | | | 206,988 | |
Danaher Corp. | | | 2,355 | | | | 540,590 | |
DaVita, Inc.* | | | 165 | | | | 24,676 | |
Dexcom, Inc.* | | | 5,186 | | | | 403,315 | |
Dyne Therapeutics, Inc.* | | | 3,392 | | | | 79,916 | |
Edwards Lifesciences Corp.* | | | 2,161 | | | | 159,979 | |
Elevance Health, Inc. | | | 850 | | | | 313,565 | |
Eli Lilly & Co. | | | 2,887 | | | | 2,228,764 | |
Encompass Health Corp. | | | 5,859 | | | | 541,079 | |
Envista Hldgs. Corp.* | | | 9,218 | | | | 177,815 | |
Fortrea Hldgs., Inc.* | | | 27,352 | | | | 510,115 | |
GE HealthCare Technologies, Inc. | | | 1,674 | | | | 130,873 | |
Gilead Sciences, Inc. | | | 4,566 | | | | 421,761 | |
Halozyme Therapeutics, Inc.* | | | 6,300 | | | | 301,203 | |
HCA Healthcare, Inc. | | | 668 | | | | 200,500 | |
HealthEquity, Inc.* | | | 7,226 | | | | 693,335 | |
Henry Schein, Inc.* | | | 457 | | | | 31,624 | |
Hologic, Inc.* | | | 851 | | | | 61,349 | |
Humana, Inc. | | | 1,108 | | | | 281,111 | |
IDEXX Laboratories, Inc.* | | | 917 | | | | 379,124 | |
Incyte Corp.* | | | 586 | | | | 40,475 | |
Insmed, Inc.* | | | 5,408 | | | | 373,368 | |
Insulet Corp.* | | | 918 | | | | 239,662 | |
Intra-Cellular Therapies, Inc.* | | | 3,075 | | | | 256,824 | |
Intuitive Surgical, Inc.* | | | 1,305 | | | | 681,158 | |
IQVIA Hldgs., Inc.* | | | 2,970 | | | | 583,635 | |
iRhythm Technologies, Inc.* | | | 1,452 | | | | 130,927 | |
Johnson & Johnson | | | 8,821 | | | | 1,275,693 | |
Krystal Biotech, Inc.* | | | 2,260 | | | | 354,052 | |
Labcorp Hldgs., Inc. | | | 306 | | | | 70,172 | |
Lantheus Hldgs., Inc.* | | | 2,885 | | | | 258,092 | |
LeMaitre Vascular, Inc. | | | 2,121 | | | | 195,429 | |
Madrigal Pharmaceuticals, Inc.* | | | 796 | | | | 245,622 | |
McKesson Corp. | | | 465 | | | | 265,008 | |
Medtronic PLC | | | 4,699 | | | | 375,356 | |
Merck & Co., Inc. | | | 9,268 | | | | 921,981 | |
Mettler-Toledo International, Inc.* | | | 77 | | | | 94,223 | |
Moderna, Inc.* | | | 1,241 | | | | 51,601 | |
Molina Healthcare, Inc.* | | | 210 | | | | 61,121 | |
Neogen Corp.* | | | 36,637 | | | | 444,773 | |
Omnicell, Inc.* | | | 7,686 | | | | 342,181 | |
Option Care Health, Inc.* | | | 5,128 | | | | 118,970 | |
Orthofix Medical, Inc.* | | | 11,433 | | | | 199,620 | |
OrthoPediatrics Corp.* | | | 12,138 | | | | 281,359 | |
Penumbra, Inc.* | | | 510 | | | | 121,115 | |
Pfizer, Inc. | | | 20,763 | | | | 550,842 | |
Quest Diagnostics, Inc. | | | 409 | | | | 61,702 | |
| | | | | | | | |
| | | Shares | | | Value | |
| COMMON STOCKS (CONTINUED): | |
| HEALTH CARE (CONTINUED) | |
Regeneron Pharmaceuticals, Inc.* | | | 386 | | | $ | 274,959 | |
Repligen Corp.* | | | 2,140 | | | | 308,032 | |
ResMed, Inc. | | | 538 | | | | 123,035 | |
Revvity, Inc. | | | 446 | | | | 49,778 | |
Roivant Sciences Ltd.* | | | 9,210 | | | | 108,954 | |
Simulations Plus, Inc. | | | 5,783 | | | | 161,288 | |
Solventum Corp.* | | | 506 | | | | 33,426 | |
SpringWorks Therapeutics, Inc.* | | | 8,001 | | | | 289,076 | |
STERIS PLC | | | 362 | | | | 74,413 | |
Stevanato Group SpA | | | 44,180 | | | | 962,682 | |
Stryker Corp. | | | 1,257 | | | | 452,583 | |
Supernus Pharmaceuticals, Inc.* | | | 13,348 | | | | 482,664 | |
Tarsus Pharmaceuticals, Inc.* | | | 8,923 | | | | 494,067 | |
Teleflex, Inc. | | | 4,598 | | | | 818,352 | |
Tenet Healthcare Corp.* | | | 2,110 | | | | 266,345 | |
Thermo Fisher Scientific, Inc. | | | 1,401 | | | | 728,842 | |
Ultragenyx Pharmaceutical, Inc.* | | | 3,296 | | | | 138,663 | |
UnitedHealth Group, Inc. | | | 3,372 | | | | 1,705,760 | |
Universal Health Svcs., Inc. Cl B | | | 215 | | | | 38,575 | |
Vaxcyte, Inc.* | | | 1,790 | | | | 146,529 | |
Veeva Systems, Inc. Cl A* | | | 1,958 | | | | 411,670 | |
Vericel Corp.* | | | 9,906 | | | | 543,938 | |
Vertex Pharmaceuticals, Inc.* | | | 944 | | | | 380,149 | |
Viatris, Inc. | | | 4,373 | | | | 54,444 | |
Waters Corp.* | | | 218 | | | | 80,874 | |
West Pharmaceutical Svcs., Inc. | | | 265 | | | | 86,803 | |
Zimmer Biomet Hldgs., Inc. | | | 729 | | | | 77,004 | |
Zoetis, Inc. Cl A | | | 1,653 | | | | 269,323 | |
| | | | | | | | |
| | | | | | | 35,235,887 | |
| | | | | | | | |
| INDUSTRIALS (12.1%) | |
3M Co. | | | 1,995 | | | | 257,535 | |
Allegion PLC | | | 318 | | | | 41,556 | |
AMETEK, Inc. | | | 6,069 | | | | 1,093,998 | |
AO Smith Corp. | | | 436 | | | | 29,740 | |
Applied Industrial Technologies, Inc. | | | 4,520 | | | | 1,082,404 | |
ArcBest Corp. | | | 4,051 | | | | 378,039 | |
Arcosa, Inc. | | | 4,485 | | | | 433,879 | |
Atkore, Inc. | | | 2,598 | | | | 216,803 | |
Automatic Data Processing, Inc. | | | 1,493 | | | | 437,046 | |
Axon Enterprise, Inc.* | | | 1,383 | | | | 821,945 | |
Boeing Co.* | | | 2,739 | | | | 484,803 | |
Broadridge Financial Solutions, Inc. | | | 428 | | | | 96,767 | |
Builders FirstSource, Inc.* | | | 4,978 | | | | 711,506 | |
Carlisle Cos., Inc. | | | 2,329 | | | | 859,028 | |
Carrier Global Corp. | | | 3,057 | | | | 208,671 | |
The accompanying notes are an integral part of these portfolio schedules.
11
MoA FUNDS — ALL AMERICA FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
December 31, 2024
| | | | | | | | |
| | | Shares | | | Value | |
| COMMON STOCKS (CONTINUED): | |
| INDUSTRIALS (CONTINUED) | |
Casella Waste Systems, Inc. Cl A* | | | 2,922 | | | $ | 309,177 | |
Caterpillar, Inc. | | | 1,769 | | | | 641,722 | |
CH Robinson Worldwide, Inc. | | | 433 | | | | 44,738 | |
Chart Industries, Inc.* | | | 2,251 | | | | 429,581 | |
Cintas Corp. | | | 1,256 | | | | 229,471 | |
Clean Harbors, Inc.* | | | 4,144 | | | | 953,700 | |
Copart, Inc.* | | | 3,212 | | | | 184,337 | |
Crane Co. | | | 3,011 | | | | 456,919 | |
CSX Corp. | | | 7,065 | | | | 227,988 | |
Cummins, Inc. | | | 503 | | | | 175,346 | |
Dayforce, Inc.* | | | 578 | | | | 41,986 | |
Deere & Co. | | | 932 | | | | 394,888 | |
Delta Air Lines, Inc. | | | 2,349 | | | | 142,114 | |
Dover Corp. | | | 5,693 | | | | 1,068,007 | |
Eaton Corp. PLC | | | 1,448 | | | | 480,548 | |
EMCOR Group, Inc. | | | 1,310 | | | | 594,609 | |
Emerson Electric Co. | | | 2,089 | | | | 258,890 | |
Enpro, Inc. | | | 3,180 | | | | 548,391 | |
Equifax, Inc. | | | 454 | | | | 115,702 | |
ESCO Technologies, Inc. | | | 7,925 | | | | 1,055,689 | |
ExlService Hldgs., Inc.* | | | 8,690 | | | | 385,662 | |
Expeditors International of Washington, Inc. | | | 513 | | | | 56,825 | |
Fastenal Co. | | | 2,099 | | | | 150,939 | |
Federal Signal Corp. | | | 6,321 | | | | 583,997 | |
FedEx Corp. | | | 824 | | | | 231,816 | |
First Advantage Corp.* | | | 94,295 | | | | 1,766,145 | |
Fortive Corp. | | | 1,271 | | | | 95,325 | |
GE Vernova, Inc. | | | 1,010 | | | | 332,219 | |
Generac Hldgs., Inc.* | | | 2,168 | | | | 336,148 | |
General Dynamics Corp. | | | 945 | | | | 248,998 | |
General Electric Co. | | | 3,965 | | | | 661,322 | |
Graco, Inc. | | | 7,119 | | | | 600,061 | |
HEICO Corp. Cl A | | | 1,978 | | | | 368,066 | |
Honeywell International, Inc. | | | 2,382 | | | | 538,070 | |
Howmet Aerospace, Inc. | | | 1,488 | | | | 162,743 | |
Hubbell, Inc. Cl B | | | 197 | | | | 82,521 | |
Huntington Ingalls Industries, Inc. | | | 143 | | | | 27,023 | |
Huron Consulting Group, Inc.* | | | 4,068 | | | | 505,490 | |
IDEX Corp. | | | 277 | | | | 57,973 | |
Illinois Tool Works, Inc. | | | 985 | | | | 249,757 | |
Ingersoll Rand, Inc. | | | 1,477 | | | | 133,609 | |
Jacobs Solutions, Inc. | | | 455 | | | | 60,797 | |
Janus International Group, Inc.* | | | 47,499 | | | | 349,118 | |
JB Hunt Transport Svcs., Inc. | | | 292 | | | | 49,833 | |
Johnson Controls International PLC | | | 2,448 | | | | 193,221 | |
KBR, Inc. | | | 6,726 | | | | 389,637 | |
Korn Ferry | | | 2,852 | | | | 192,367 | |
L-3 Harris Technologies, Inc. | | | 695 | | | | 146,145 | |
Leidos Hldgs., Inc. | | | 489 | | | | 70,445 | |
Lennox International, Inc. | | | 118 | | | | 71,897 | |
| | | | | | | | |
| | | Shares | | | Value | |
| COMMON STOCKS (CONTINUED): | |
| INDUSTRIALS (CONTINUED) | |
Lockheed Martin Corp. | | | 773 | | | $ | 375,632 | |
Masco Corp. | | | 790 | | | | 57,330 | |
Mercury Systems, Inc.* | | | 4,140 | | | | 173,880 | |
Miller Industries, Inc. | | | 7,964 | | | | 520,527 | |
Mueller Industries, Inc. | | | 16,487 | | | | 1,308,408 | |
Nordson Corp. | | | 199 | | | | 41,639 | |
Norfolk Southern Corp. | | | 829 | | | | 194,566 | |
Northrop Grumman Corp. | | | 502 | | | | 235,584 | |
Old Dominion Freight Line, Inc. | | | 688 | | | | 121,363 | |
Otis Worldwide Corp. | | | 1,464 | | | | 135,581 | |
PACCAR, Inc. | | | 1,921 | | | | 199,822 | |
Parker-Hannifin Corp. | | | 472 | | | | 300,206 | |
Paychex, Inc. | | | 1,174 | | | | 164,618 | |
Paycom Software, Inc. | | | 178 | | | | 36,485 | |
Pentair PLC | | | 605 | | | | 60,887 | |
Proficient Auto Logistics, Inc.* | | | 6,551 | | | | 52,867 | |
Quanta Svcs., Inc. | | | 2,441 | | | | 771,478 | |
Republic Svcs., Inc. Cl A | | | 746 | | | | 150,080 | |
Rockwell Automation, Inc. | | | 414 | | | | 118,317 | |
Rollins, Inc. | | | 1,029 | | | | 47,694 | |
RTX Corp. | | | 4,877 | | | | 564,366 | |
Saia, Inc.* | | | 1,670 | | | | 761,069 | |
Snap-on, Inc. | | | 192 | | | | 65,180 | |
Southwest Airlines Co. | | | 2,197 | | | | 73,863 | |
SPX Technologies, Inc.* | | | 1,169 | | | | 170,113 | |
Stanley Black & Decker, Inc. | | | 565 | | | | 45,364 | |
Sterling Infrastructure, Inc.* | | | 3,561 | | | | 599,850 | |
Textron, Inc. | | | 680 | | | | 52,013 | |
Trane Technologies PLC | | | 824 | | | | 304,344 | |
TransDigm Group, Inc. | | | 206 | | | | 261,060 | |
TransUnion | | | 4,308 | | | | 399,395 | |
Uber Technologies, Inc.* | | | 7,715 | | | | 465,369 | |
UFP Industries, Inc. | | | 8,819 | | | | 993,460 | |
Union Pacific Corp. | | | 2,221 | | | | 506,477 | |
United Airlines Hldgs., Inc.* | | | 1,205 | | | | 117,006 | |
United Parcel Svc., Inc. Cl B | | | 2,680 | | | | 337,948 | |
United Rentals, Inc. | | | 240 | | | | 169,066 | |
Veralto Corp. | | | 3,339 | | | | 340,077 | |
Verisk Analytics, Inc. Cl A | | | 517 | | | | 142,397 | |
Vestis Corp. | | | 12,711 | | | | 193,716 | |
VSE Corp. | | | 4,635 | | | | 440,789 | |
Waste Management, Inc. | | | 1,338 | | | | 269,995 | |
Westinghouse Air Brake Technologies Corp. | | | 630 | | | | 119,442 | |
WW Grainger, Inc. | | | 162 | | | | 170,756 | |
Xylem, Inc. | | | 890 | | | | 103,258 | |
| | | | | | | | |
| | | | | | | 37,339,029 | |
| | | | | | | | |
| INFORMATION TECHNOLOGY (23.6%) | |
Accenture PLC Cl A | | | 2,289 | | | | 805,247 | |
Adeia, Inc. | | | 27,628 | | | | 386,239 | |
Adobe, Inc.* | | | 1,613 | | | | 717,269 | |
Advanced Energy Industries, Inc. | | | 2,202 | | | | 254,617 | |
The accompanying notes are an integral part of these portfolio schedules.
12
MoA FUNDS — ALL AMERICA FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
December 31, 2024
| | | | | | | | |
| | | Shares | | | Value | |
| COMMON STOCKS (CONTINUED): | |
| INFORMATION TECHNOLOGY (CONTINUED) | |
Advanced Micro Devices, Inc.* | | | 5,946 | | | $ | 718,217 | |
Akamai Technologies, Inc.* | | | 550 | | | | 52,607 | |
Altair Engineering, Inc. Cl A* | | | 2,287 | | | | 249,535 | |
Amphenol Corp. Cl A | | | 16,404 | | | | 1,139,258 | |
Analog Devices, Inc. | | | 1,819 | | | | 386,465 | |
ANSYS, Inc.* | | | 320 | | | | 107,946 | |
Apple, Inc. | | | 55,382 | | | | 13,868,760 | |
Applied Materials, Inc. | | | 3,020 | | | | 491,143 | |
Arista Networks, Inc.* | | | 3,785 | | | | 418,356 | |
Arlo Technologies, Inc.* | | | 48,043 | | | | 537,601 | |
Autodesk, Inc.* | | | 788 | | | | 232,909 | |
BlackLine, Inc.* | | | 7,743 | | | | 470,465 | |
Broadcom, Inc. | | | 17,112 | | | | 3,967,246 | |
Cadence Design Systems, Inc.* | | | 1,005 | | | | 301,962 | |
CDW Corp. | | | 488 | | | | 84,931 | |
Ciena Corp.* | | | 4,716 | | | | 399,964 | |
Cisco Systems, Inc. | | | 14,604 | | | | 864,557 | |
Cognizant Technology Solutions Corp. Cl A | | | 1,817 | | | | 139,727 | |
Corning, Inc. | | | 2,823 | | | | 134,149 | |
Credo Technology Group Hldg. Ltd.* | | | 5,685 | | | | 382,089 | |
Crowdstrike Hldgs., Inc. Cl A* | | | 853 | | | | 291,862 | |
CyberArk Software Ltd.* | | | 2,409 | | | | 802,558 | |
Dell Technologies, Inc. Cl C | | | 1,125 | | | | 129,645 | |
Digi International, Inc.* | | | 10,175 | | | | 307,590 | |
Enphase Energy, Inc.* | | | 495 | | | | 33,997 | |
EPAM Systems, Inc.* | | | 1,080 | | | | 252,526 | |
F5, Inc.* | | | 213 | | | | 53,563 | |
Fabrinet* | | | 1,728 | | | | 379,953 | |
Fair Isaac Corp.* | | | 89 | | | | 177,193 | |
First Solar, Inc.* | | | 392 | | | | 69,086 | |
Fortinet, Inc.* | | | 2,331 | | | | 220,233 | |
Gartner, Inc.* | | | 283 | | | | 137,105 | |
Gen Digital, Inc. | | | 1,987 | | | | 54,404 | |
GoDaddy, Inc. Cl A* | | | 514 | | | | 101,448 | |
Grid Dynamics Hldgs., Inc.* | | | 24,745 | | | | 550,329 | |
Guidewire Software, Inc.* | | | 1,415 | | | | 238,541 | |
Harmonic, Inc.* | | | 27,204 | | | | 359,909 | |
Hewlett Packard Enterprise Co. | | | 4,758 | | | | 101,583 | |
HP, Inc. | | | 3,531 | | | | 115,217 | |
Ichor Hldgs. Ltd.* | | | 7,898 | | | | 254,474 | |
indie Semiconductor, Inc. Cl A* | | | 33,519 | | | | 135,752 | |
Intel Corp. | | | 15,802 | | | | 316,830 | |
International Business Machines Corp. | | | 3,388 | | | | 744,784 | |
Intuit, Inc. | | | 1,027 | | | | 645,469 | |
Jabil, Inc. | | | 413 | | | | 59,431 | |
Juniper Networks, Inc. | | | 1,213 | | | | 45,427 | |
Keysight Technologies, Inc.* | | | 636 | | | | 102,161 | |
KLA Corp. | | | 490 | | | | 308,759 | |
Lam Research Corp. | | | 4,714 | | | | 340,492 | |
| | | | | | | | |
| | | Shares | | | Value | |
| COMMON STOCKS (CONTINUED): | |
| INFORMATION TECHNOLOGY (CONTINUED) | |
MARA Hldgs., Inc.* | | | 11,356 | | | $ | 190,440 | |
Microchip Technology, Inc. | | | 5,846 | | | | 335,268 | |
Micron Technology, Inc. | | | 4,062 | | | | 341,858 | |
Microsoft Corp. | | | 27,240 | | | | 11,481,660 | |
MKS Instruments, Inc. | | | 1,677 | | | | 175,062 | |
MongoDB, Inc. Cl A* | | | 548 | | | | 127,580 | |
Monolithic Power Systems, Inc. | | | 541 | | | | 320,110 | |
Motorola Solutions, Inc. | | | 612 | | | | 282,885 | |
NetApp, Inc. | | | 750 | | | | 87,060 | |
Novanta, Inc.* | | | 1,949 | | | | 297,749 | |
NVIDIA Corp. | | | 89,874 | | | | 12,069,179 | |
NXP Semiconductors N.V. | | | 931 | | | | 193,508 | |
Okta, Inc. Cl A* | | | 3,177 | | | | 250,348 | |
ON Semiconductor Corp.* | | | 8,142 | | | | 513,353 | |
Onto Innovation, Inc.* | | | 1,543 | | | | 257,172 | |
Oracle Corp. | | | 5,889 | | | | 981,343 | |
Palantir Technologies, Inc. Cl A* | | | 7,510 | | | | 567,981 | |
Palo Alto Networks, Inc.* | | | 4,900 | | | | 891,604 | |
PDF Solutions, Inc.* | | | 6,406 | | | | 173,474 | |
PTC, Inc.* | | | 3,249 | | | | 597,394 | |
Q2 Hldgs., Inc.* | | | 2,894 | | | | 291,281 | |
QUALCOMM, Inc. | | | 4,071 | | | | 625,387 | |
Rambus, Inc.* | | | 6,381 | | | | 337,300 | |
Rapid7, Inc.* | | | 5,548 | | | | 223,196 | |
Roper Technologies, Inc. | | | 393 | | | | 204,301 | |
Salesforce, Inc. | | | 3,503 | | | | 1,171,158 | |
Seagate Technology Hldgs. PLC | | | 775 | | | | 66,890 | |
ServiceNow, Inc.* | | | 755 | | | | 800,391 | |
Skyworks Solutions, Inc. | | | 585 | | | | 51,878 | |
Super Micro Computer, Inc.* | | | 1,845 | | | | 56,236 | |
Synopsys, Inc.* | | | 1,157 | | | | 561,562 | |
TE Connectivity PLC | | | 1,096 | | | | 156,695 | |
Teledyne Technologies, Inc.* | | | 1,849 | | | | 858,176 | |
Tenable Hldgs., Inc.* | | | 5,760 | | | | 226,829 | |
Teradyne, Inc. | | | 597 | | | | 75,174 | |
Texas Instruments, Inc. | | | 3,342 | | | | 626,658 | |
Trimble, Inc.* | | | 895 | | | | 63,241 | |
TTM Technologies, Inc.* | | | 14,568 | | | | 360,558 | |
Tyler Technologies, Inc.* | | | 157 | | | | 90,532 | |
Varonis Systems, Inc. Cl B* | | | 5,973 | | | | 265,380 | |
VeriSign, Inc.* | | | 303 | | | | 62,709 | |
Vontier Corp. | | | 7,004 | | | | 255,436 | |
Western Digital Corp.* | | | 1,267 | | | | 75,551 | |
Workday, Inc. Cl A* | | | 780 | | | | 201,263 | |
Workiva, Inc. Cl A* | | | 5,094 | | | | 557,793 | |
Zebra Technologies Corp. Cl A* | | | 189 | | | | 72,996 | |
| | | | | | | | |
| | | | | | | 72,915,179 | |
| | | | | | | | |
| MATERIALS (3.1%) | |
Air Products & Chemicals, Inc. | | | 815 | | | | 236,383 | |
Albemarle Corp. | | | 431 | | | | 37,100 | |
Amcor PLC | | | 5,296 | | | | 49,835 | |
The accompanying notes are an integral part of these portfolio schedules.
13
MoA FUNDS — ALL AMERICA FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
December 31, 2024
| | | | | | | | |
| | | Shares | | | Value | |
| COMMON STOCKS (CONTINUED): | |
| MATERIALS (CONTINUED) | |
Ashland, Inc. | | | 17,526 | | | $ | 1,252,408 | |
Avery Dennison Corp. | | | 294 | | | | 55,016 | |
Axalta Coating Systems Ltd.* | | | 5,814 | | | | 198,955 | |
Ball Corp. | | | 1,093 | | | | 60,257 | |
Celanese Corp. Cl A | | | 401 | | | | 27,753 | |
CF Industries Hldgs., Inc. | | | 638 | | | | 54,434 | |
Corteva, Inc. | | | 2,518 | | | | 143,425 | |
Crown Hldgs., Inc. | | | 16,069 | | | | 1,328,746 | |
Dow, Inc. | | | 2,565 | | | | 102,933 | |
DuPont de Nemours, Inc. | | | 5,871 | | | | 447,664 | |
Eastman Chemical Co. | | | 425 | | | | 38,811 | |
Ecolab, Inc. | | | 923 | | | | 216,277 | |
FMC Corp. | | | 10,534 | | | | 512,058 | |
Freeport-McMoRan, Inc. | | | 5,265 | | | | 200,491 | |
HB Fuller Co. | | | 7,874 | | | | 531,338 | |
International Flavors & Fragrances, Inc. | | | 937 | | | | 79,223 | |
International Paper Co. | | | 1,273 | | | | 68,513 | |
Linde PLC | | | 1,745 | | | | 730,579 | |
LyondellBasell Industries N.V. Cl A | | | 952 | | | | 70,705 | |
Martin Marietta Materials, Inc. | | | 224 | | | | 115,696 | |
Materion Corp. | | | 3,425 | | | | 338,664 | |
Mosaic Co. | | | 1,164 | | | | 28,611 | |
Newmont Corp. | | | 4,171 | | | | 155,245 | |
Nucor Corp. | | | 860 | | | | 100,371 | |
Orion S.A. | | | 16,876 | | | | 266,472 | |
Packaging Corp. of America | | | 327 | | | | 73,618 | |
PPG Industries, Inc. | | | 850 | | | | 101,532 | |
Quaker Chemical Corp. | | | 5,886 | | | | 828,513 | |
Sherwin-Williams Co. | | | 849 | | | | 288,601 | |
Smurfit WestRock PLC | | | 1,810 | | | | 97,487 | |
Steel Dynamics, Inc. | | | 519 | | | | 59,202 | |
Vulcan Materials Co. | | | 2,299 | | | | 591,372 | |
| | | | | | | | |
| | | | | | | 9,488,288 | |
| | | | | | | | |
| REAL ESTATE (4.0%) | |
Alexandria Real Estate Equities, Inc. | | | 4,432 | | | | 432,342 | |
American Healthcare REIT, Inc. | | | 22,998 | | | | 653,603 | |
American Tower Corp. | | | 1,712 | | | | 313,998 | |
Apartment Investment & Management Co. Cl A* | | | 21,040 | | | | 191,254 | |
AvalonBay Communities, Inc. | | | 520 | | | | 114,384 | |
BXP, Inc. | | | 533 | | | | 39,634 | |
Camden Property Trust | | | 4,381 | | | | 508,371 | |
CBRE Group, Inc. Cl A* | | | 1,102 | | | | 144,682 | |
CoStar Group, Inc.* | | | 6,895 | | | | 493,613 | |
Cousins Properties, Inc. | | | 10,353 | | | | 317,216 | |
Crown Castle, Inc. | | | 1,592 | | | | 144,490 | |
CTO Realty Growth, Inc. | | | 8,261 | | | | 162,824 | |
Digital Realty Trust, Inc. | | | 2,725 | | | | 483,224 | |
EastGroup Properties, Inc. | | | 2,464 | | | | 395,447 | |
Equinix, Inc. | | | 354 | | | | 333,783 | |
Equity Residential | | | 1,251 | | | | 89,772 | |
Essex Property Trust, Inc. | | | 235 | | | | 67,078 | |
| | | | | | | | |
| | | Shares | | | Value | |
| COMMON STOCKS (CONTINUED): | |
| REAL ESTATE (CONTINUED) | |
Extra Space Storage, Inc. | | | 3,165 | | | $ | 473,484 | |
Federal Realty Investment Trust | | | 280 | | | | 31,346 | |
Gaming & Leisure Properties, Inc. | | | 6,722 | | | | 323,732 | |
Healthpeak Properties, Inc. | | | 16,801 | | | | 340,556 | |
Host Hotels & Resorts, Inc. | | | 17,800 | | | | 311,856 | |
Invitation Homes, Inc. | | | 2,087 | | | | 66,721 | |
Iron Mountain, Inc. | | | 1,075 | | | | 112,993 | |
Kimco Realty Corp. | | | 2,470 | | | | 57,872 | |
Kite Realty Group Trust | | | 18,613 | | | | 469,792 | |
Mid-America Apartment Communities, Inc. | | | 428 | | | | 66,156 | |
Phillips Edison & Co., Inc. | | | 5,561 | | | | 208,315 | |
PotlatchDeltic Corp. | | | 9,676 | | | | 379,783 | |
Prologis, Inc. | | | 3,393 | | | | 358,640 | |
Public Storage | | | 577 | | | | 172,777 | |
Realty Income Corp. | | | 6,255 | | | | 334,080 | |
Regency Centers Corp. | | | 599 | | | | 44,284 | |
Ryman Hospitality Properties, Inc. | | | 1,668 | | | | 174,039 | |
Sabra Health Care REIT, Inc. | | | 23,174 | | | | 401,374 | |
SBA Communications Corp. Cl A | | | 394 | | | | 80,297 | |
Simon Property Group, Inc. | | | 1,124 | | | | 193,564 | |
Sun Communities, Inc. | | | 2,908 | | | | 357,597 | |
Terreno Realty Corp. | | | 6,600 | | | | 390,324 | |
UDR, Inc. | | | 1,100 | | | | 47,751 | |
Urban Edge Properties | | | 14,314 | | | | 307,751 | |
Ventas, Inc. | | | 5,329 | | | | 313,825 | |
VICI Properties, Inc. Cl A | | | 3,862 | | | | 112,809 | |
Welltower, Inc. | | | 5,636 | | | | 710,305 | |
Weyerhaeuser Co. | | | 12,146 | | | | 341,910 | |
Xenia Hotels & Resorts, Inc. | | | 19,263 | | | | 286,248 | |
| | | | | | | | |
| | | | | | | 12,355,896 | |
| | | | | | | | |
| UTILITIES (3.4%) | |
AES Corp. | | | 2,605 | | | | 33,526 | |
Alliant Energy Corp. | | | 940 | | | | 55,592 | |
Ameren Corp. | | | 5,065 | | | | 451,494 | |
American Electric Power Co., Inc. | | | 1,951 | | | | 179,941 | |
American Water Works Co., Inc. | | | 714 | | | | 88,886 | |
Atmos Energy Corp. | | | 2,224 | | | | 309,737 | |
Avista Corp. | | | 6,807 | | | | 249,340 | |
Black Hills Corp. | | | 6,220 | | | | 363,994 | |
CenterPoint Energy, Inc. | | | 2,388 | | | | 75,771 | |
Chesapeake Utilities Corp. | | | 3,348 | | | | 406,280 | |
CMS Energy Corp. | | | 1,095 | | | | 72,982 | |
Consolidated Edison, Inc. | | | 1,269 | | | | 113,233 | |
Constellation Energy Corp. | | | 1,146 | | | | 256,372 | |
Dominion Energy, Inc. | | | 3,078 | | | | 165,781 | |
DTE Energy Co. | | | 4,063 | | | | 490,607 | |
Duke Energy Corp. | | | 2,830 | | | | 304,904 | |
Edison International | | | 1,418 | | | | 113,213 | |
Entergy Corp. | | | 6,339 | | | | 480,623 | |
The accompanying notes are an integral part of these portfolio schedules.
14
MoA FUNDS — ALL AMERICA FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
December 31, 2024
| | | | | | | | |
| | | Shares | | | Value | |
| COMMON STOCKS (CONTINUED): | |
| UTILITIES (CONTINUED) | |
Evergy, Inc. | | | 16,021 | | | $ | 986,093 | |
Eversource Energy | | | 1,342 | | | | 77,071 | |
Exelon Corp. | | | 3,682 | | | | 138,591 | |
FirstEnergy Corp. | | | 1,879 | | | | 74,747 | |
NextEra Energy, Inc. | | | 7,534 | | | | 540,112 | |
NiSource, Inc. | | | 18,842 | | | | 692,632 | |
Northwestern Energy Group, Inc. | | | 4,705 | | | | 251,529 | |
NRG Energy, Inc. | | | 10,417 | | | | 939,822 | |
PG&E Corp. | | | 8,010 | | | | 161,642 | |
Pinnacle West Capital Corp. | | | 417 | | | | 35,349 | |
Portland General Electric Co. | | | 1,908 | | | | 83,227 | |
PPL Corp. | | | 9,103 | | | | 295,483 | |
| | | | | | | | |
| | | Shares | | | Value | |
| COMMON STOCKS (CONTINUED): | |
| UTILITIES (CONTINUED) | |
Public Svc. Enterprise Group, Inc. | | | 7,910 | | | $ | 668,316 | |
Sempra | | | 2,321 | | | | 203,598 | |
Southern Co. | | | 4,014 | | | | 330,433 | |
Spire, Inc. | | | 3,374 | | | | 228,858 | |
Vistra Corp. | | | 1,247 | | | | 171,924 | |
WEC Energy Group, Inc. | | | 1,159 | | | | 108,992 | |
Xcel Energy, Inc. | | | 2,104 | | | | 142,062 | |
| | | | | | | | |
| | | | | | | 10,342,757 | |
| | | | | | | | |
TOTAL COMMON STOCKS | | | | | | | | |
(Cost: $203,885,552) | | | | | | | 301,896,160 | |
| | | | | | | | |
| | | | | | | | | | | | | | |
| | | Rating** | | Rate(%) | | Maturity | | Face Amount | | | Value | |
| SHORT-TERM DEBT SECURITIES (0.8%): | | | | | | | | | | | | |
| U.S. GOVERNMENT (0.8%) | | | | | | | | | | | | |
U.S. Treasury Bill | | A-1+ | | 4.24 | | 01/21/25 | | $ | 1,000,000 | | | $ | 997,652 | |
U.S. Treasury Bill | | A-1+ | | 4.37 | | 01/07/25 | | | 1,250,000 | | | | 1,249,093 | |
U.S. Treasury Bill (1) | | A-1+ | | 4.37 | | 04/01/25 | | | 300,000 | | | | 296,916 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 2,543,661 | |
| | | | | | | | | | | | | | |
TOTAL SHORT-TERM DEBT SECURITIES
(COST: $2,543,510) | | | | 2,543,661 | |
| | | | | | | | | | | | | | |
| TEMPORARY CASH INVESTMENT (0.7%): | | | | | | | | | | | | |
JP Morgan Chase, New York Time Deposit | | | | 3.58 | | 01/02/25 | | | 2,082,754 | | | | 2,082,754 | |
| | | | | | | | | | | | | | |
TOTAL TEMPORARY CASH INVESTMENT
(COST: $2,082,754) | | | | 2,082,754 | |
| | | | | | | | | | | | | | |
TOTAL INVESTMENTS
(COST: $208,511,816) 99.3% | | | | 306,522,575 | |
| | | | | | | | | | | | | | |
OTHER NET ASSETS 0.7% | | | | 2,121,170 | |
| | | | | | | | | | | | | | |
NET ASSETS 100.0% | | | $ | 308,643,745 | |
| | | | | | | | | | | | | | |
FOOTNOTES TO PORTFOLIO OF INVESTMENTS IN SECURITIES
| * | Non-income producing security. |
| ** | Ratings as per Standard & Poor’s Corporation (unaudited). |
| (1) | This security, or a portion thereof, has been segregated to cover initial margin requirements on open futures contracts. Information on futures contracts outstanding in the Fund as of December 31, 2024, was as follows: |
| | | | | | | | | | | | | | | | | | | | | | | | |
Contract Type | | Number of
Contracts | | | Purchased (P)
or Sold (S) | | | Expiration
Date | | | Underlying
Face Amount
at Value | | | Unrealized
Gain(Loss)(a) | | | Face Value
of Futures
as a %
of Total
Investments | |
E-mini S&P 500 Stock Index | | | 13 | | | | P | | | | March 2025 | | | $ | 3,858,238 | | | $ | (70,845 | ) | | | 1.3 | % |
| | (a) | Includes the cumulative appreciation(depreciation) of futures contracts, which is included in Total Distributable Earnings (Loss) in the Components of Net Assets section of the Statements of Assets and Liabilities. The Receivable or Payable for Daily Variation on Futures Contracts in the Statements of Assets and Liabilities only includes the current day's variation margin payable or receivable. |
The accompanying notes are an integral part of these portfolio schedules.
15
MoA FUNDS — SMALL CAP VALUE FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES
December 31, 2024
| | | | | | | | |
| | | Shares | | | Value | |
| COMMON STOCKS (99.4%): | |
| COMMUNICATION SERVICES (0.6%) | |
Telephone & Data Systems, Inc. | | | 64,378 | | | $ | 2,195,933 | |
| | | | | | | | |
| CONSUMER DISCRETIONARY (9.7%) | |
Champion Homes, Inc.* | | | 31,007 | | | | 2,731,717 | |
First Watch Restaurant Group, Inc.* | | | 154,530 | | | | 2,875,803 | |
Fox Factory Hldg. Corp.* | | | 87,411 | | | | 2,645,931 | |
Golden Entertainment, Inc. | | | 100,350 | | | | 3,171,060 | |
OneSpaWorld Hldgs. Ltd. | | | 217,355 | | | | 4,325,365 | |
Taylor Morrison Home Corp. Cl A* | | | 110,088 | | | | 6,738,486 | |
Vail Resorts, Inc. | | | 40,435 | | | | 7,579,541 | |
Wyndham Hotels & Resorts, Inc. | | | 68,523 | | | | 6,906,433 | |
Xponential Fitness, Inc. Cl A* | | | 121,444 | | | | 1,633,422 | |
| | | | | | | | |
| | | | | | | 38,607,758 | |
| | | | | | | | |
| CONSUMER STAPLES (1.9%) | |
Crimson Wine Group Ltd.* | | | 507,142 | | | | 3,220,352 | |
Nomad Foods Ltd. | | | 178,154 | | | | 2,989,424 | |
Simply Good Foods Co.* | | | 34,511 | | | | 1,345,239 | |
| | | | | | | | |
| | | | | | | 7,555,015 | |
| | | | | | | | |
| ENERGY (7.3%) | |
Liberty Energy, Inc. Cl A | | | 209,430 | | | | 4,165,563 | |
Murphy Oil Corp. | | | 140,835 | | | | 4,261,667 | |
Noble Corp. PLC | | | 84,869 | | | | 2,664,887 | |
Northern Oil & Gas, Inc. | | | 183,010 | | | | 6,800,652 | |
Ovintiv, Inc. | | | 143,745 | | | | 5,821,672 | |
Permian Resources Corp. Cl A | | | 371,022 | | | | 5,335,296 | |
| | | | | | | | |
| | | | | | | 29,049,737 | |
| | | | | | | | |
| FINANCIALS (27.7%) | |
Banner Corp. | | | 107,987 | | | | 7,210,292 | |
Enterprise Financial Svcs. Corp. | | | 125,939 | | | | 7,102,960 | |
Essent Group Ltd. | | | 146,116 | | | | 7,954,555 | |
First Financial Bankshares, Inc. | | | 152,337 | | | | 5,491,749 | |
German American Bancorp, Inc. | | | 172,814 | | | | 6,950,579 | |
Hancock Whitney Corp. | | | 126,499 | | | | 6,922,025 | |
Home BancShares, Inc. | | | 196,602 | | | | 5,563,837 | |
Janus Henderson Group PLC | | | 138,701 | | | | 5,898,954 | |
Moelis & Co. Cl A | | | 44,458 | | | | 3,284,557 | |
Selective Insurance Group, Inc. | | | 72,037 | | | | 6,736,900 | |
ServisFirst Bancshares, Inc. | | | 75,272 | | | | 6,378,549 | |
Skyward Specialty Insurance Group, Inc.* | | | 156,369 | | | | 7,902,889 | |
Stifel Financial Corp. | | | 34,740 | | | | 3,685,219 | |
Stock Yards Bancorp, Inc. | | | 126,383 | | | | 9,050,287 | |
| | | | | | | | |
| | | Shares | | | Value | |
| COMMON STOCKS (CONTINUED): | |
| FINANCIALS (CONTINUED) | |
TriCo Bancshares | | | 118,564 | | | $ | 5,181,247 | |
UMB Financial Corp. | | | 69,863 | | | | 7,884,738 | |
Wintrust Financial Corp. | | | 55,602 | | | | 6,934,125 | |
| | | | | | | | |
| | | | | | | 110,133,462 | |
| | | | | | | | |
| HEALTH CARE (11.4%) | |
Annexon, Inc.* | | | 468,932 | | | | 2,405,621 | |
Avidity Biosciences, Inc.* | | | 79,381 | | | | 2,308,399 | |
BioLife Solutions, Inc.* | | | 240,157 | | | | 6,234,476 | |
Corcept Therapeutics, Inc.* | | | 58,592 | | | | 2,952,451 | |
Fortrea Hldgs., Inc.* | | | 209,478 | | | | 3,906,765 | |
Krystal Biotech, Inc.* | | | 12,308 | | | | 1,928,171 | |
Omnicell, Inc.* | | | 74,093 | | | | 3,298,620 | |
Orthofix Medical, Inc.* | | | 150,957 | | | | 2,635,709 | |
SpringWorks Therapeutics, Inc.* | | | 40,940 | | | | 1,479,162 | |
Stevanato Group SpA | | | 322,001 | | | | 7,016,402 | |
Supernus Pharmaceuticals, Inc.* | | | 113,638 | | | | 4,109,150 | |
Tarsus Pharmaceuticals, Inc.* | | | 58,923 | | | | 3,262,567 | |
Vericel Corp.* | | | 68,925 | | | | 3,784,672 | |
| | | | | | | | |
| | | | | | | 45,322,165 | |
| | | | | | | | |
| INDUSTRIALS (15.0%) | |
ArcBest Corp. | | | 16,812 | | | | 1,568,896 | |
Arcosa, Inc. | | | 58,690 | | | | 5,677,671 | |
Enpro, Inc. | | | 41,987 | | | | 7,240,658 | |
First Advantage Corp.* | | | 427,391 | | | | 8,005,033 | |
Janus International Group, Inc.* | | | 250,664 | | | | 1,842,380 | |
Miller Industries, Inc. | | | 103,987 | | | | 6,796,590 | |
Mueller Industries, Inc. | | | 155,003 | | | | 12,301,038 | |
Proficient Auto Logistics, Inc.* | | | 86,424 | | | | 697,442 | |
UFP Industries, Inc. | | | 63,670 | | | | 7,172,426 | |
Vestis Corp. | | | 168,553 | | | | 2,568,748 | |
VSE Corp. | | | 60,453 | | | | 5,749,080 | |
| | | | | | | | |
| | | | | | | 59,619,962 | |
| | | | | | | | |
| INFORMATION TECHNOLOGY (5.6%) | |
Adeia, Inc. | | | 364,767 | | | | 5,099,443 | |
Arlo Technologies, Inc.* | | | 299,863 | | | | 3,355,467 | |
Digi International, Inc.* | | | 133,611 | | | | 4,039,060 | |
Harmonic, Inc.* | | | 119,064 | | | | 1,575,217 | |
Ichor Hldgs. Ltd.* | | | 103,066 | | | | 3,320,786 | |
TTM Technologies, Inc.* | | | 191,292 | | | | 4,734,477 | |
| | | | | | | | |
| | | | | | | 22,124,450 | |
| | | | | | | | |
| MATERIALS (5.0%) | |
Ashland, Inc. | | | 93,960 | | | | 6,714,382 | |
HB Fuller Co. | | | 58,920 | | | | 3,975,921 | |
Materion Corp. | | | 25,865 | | | | 2,557,531 | |
Orion S.A. | | | 90,011 | | | | 1,421,274 | |
Quaker Chemical Corp. | | | 38,132 | | | | 5,367,460 | |
| | | | | | | | |
| | | | | | | 20,036,568 | |
| | | | | | | | |
The accompanying notes are an integral part of these portfolio schedules.
16
MoA FUNDS — SMALL CAP VALUE FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
December 31, 2024
| | | | | | | | |
| | | Shares | | | Value | |
| COMMON STOCKS (CONTINUED): | |
| REAL ESTATE (11.3%) | |
American Healthcare REIT, Inc. | | | 303,644 | | | $ | 8,629,562 | |
Apartment Investment & Management Co. Cl A* | | | 279,089 | | | | 2,536,919 | |
Cousins Properties, Inc. | | | 136,698 | | | | 4,188,427 | |
CTO Realty Growth, Inc. | | | 109,907 | | | | 2,166,267 | |
Kite Realty Group Trust | | | 243,391 | | | | 6,143,189 | |
PotlatchDeltic Corp. | | | 127,744 | | | | 5,013,952 | |
Sabra Health Care REIT, Inc. | | | 305,969 | | | | 5,299,383 | |
Terreno Realty Corp. | | | 55,532 | | | | 3,284,162 | |
Urban Edge Properties | | | 187,695 | | | | 4,035,443 | |
Xenia Hotels & Resorts, Inc. | | | 251,440 | | | | 3,736,398 | |
| | | | | | | | |
| | | | | | | 45,033,702 | |
| | | | | | | | |
| | | | | | | | |
| | | Shares | | | Value | |
| COMMON STOCKS (CONTINUED): | |
| UTILITIES (3.9%) | |
Avista Corp. | | | 89,874 | | | $ | 3,292,085 | |
Black Hills Corp. | | | 82,122 | | | | 4,805,779 | |
Northwestern Energy Group, Inc. | | | 62,113 | | | | 3,320,561 | |
Portland General Electric Co. | | | 25,265 | | | | 1,102,059 | |
Spire, Inc. | | | 44,550 | | | | 3,021,827 | |
| | | | | | | | |
| | | | | | | 15,542,311 | |
| | | | | | | | |
TOTAL COMMON STOCKS | |
(Cost: $322,992,031) | | | | | | | 395,221,063 | |
| | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
| | | Rating** | | | Rate(%) | | | Maturity | | | Face Amount | | | Value | |
| SHORT-TERM DEBT SECURITIES (0.5%): | | | | | | | | | | | | | | | |
| U.S. GOVERNMENT (0.5%) | | | | | | | | | | |
U.S. Treasury Bill | | | A-1+ | | | | 4.24 | | | | 01/21/25 | | | $ | 750,000 | | | $ | 748,239 | |
U.S. Treasury Bill | | | A-1+ | | | | 4.40 | | | | 01/28/25 | | | | 1,200,000 | | | | 1,196,063 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | 1,944,302 | |
| | | | | | | | | | | | | | | | | | | | |
TOTAL SHORT-TERM DEBT SECURITIES
(COST: $1,944,302) | | | | 1,944,302 | |
| | | | | | | | | | | | | | | | | | | | |
| TEMPORARY CASH INVESTMENT (0.1%): | | | | | | | | | | | | | | | |
JP Morgan Chase, New York Time Deposit | | | | | | | 3.58 | | | | 01/02/25 | | | | 624,195 | | | | 624,195 | |
| | | | | | | | | | | | | | | | | | | | |
TOTAL TEMPORARY CASH INVESTMENT
(COST: $624,195) | | | | 624,195 | |
| | | | | | | | | | | | | | | | | | | | |
TOTAL INVESTMENTS
(COST: $325,560,528) 100.0% | | | | 397,789,560 | |
| | | | | | | | | | | | | | | | | | | | |
OTHER NET ASSETS -0.0% (1) | | | | (89,630 | ) |
| | | | | | | | | | | | | | | | | | | | |
NET ASSETS 100.0% | | | $ | 397,699,930 | |
| | | | | | | | | | | | | | | | | | | | |
FOOTNOTES TO PORTFOLIO OF INVESTMENTS IN SECURITIES
| * | Non-income producing security. |
| ** | Ratings as per Standard & Poor’s Corporation (unaudited). |
| (1) | Percentage is less than 0.05%. |
The accompanying notes are an integral part of these portfolio schedules.
17
MoA FUNDS — SMALL CAP GROWTH FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES
December 31, 2024
| | | | | | | | |
| | | Shares | | | Value | |
| COMMON STOCKS (98.7%): | | | | | | |
| COMMUNICATION SERVICES (0.7%) | | | | | | |
IMAX Corp.* | | | 110,627 | | | $ | 2,832,051 | |
| | | | | | | | |
| CONSUMER DISCRETIONARY (8.5%) | | | | | | |
Champion Homes, Inc.* | | | 46,698 | | | | 4,114,094 | |
First Watch Restaurant Group, Inc.* | | | 201,245 | | | | 3,745,169 | |
Five Below, Inc.* | | | 12,433 | | | | 1,304,968 | |
Golden Entertainment, Inc. | | | 127,396 | | | | 4,025,714 | |
Murphy USA, Inc. | | | 5,843 | | | | 2,931,725 | |
Ollie’s Bargain Outlet Hldgs., Inc.* | | | 41,818 | | | | 4,588,689 | |
OneSpaWorld Hldgs. Ltd. | | | 204,352 | | | | 4,066,605 | |
Taylor Morrison Home Corp. Cl A* | | | 41,348 | | | | 2,530,911 | |
Vail Resorts, Inc. | | | 34,516 | | | | 6,470,024 | |
| | | | | | | | |
| | | | | | | 33,777,899 | |
| | | | | | | | |
| CONSUMER STAPLES (3.0%) | | | | | | |
Coca-Cola Consolidated, Inc. | | | 2,560 | | | | 3,225,574 | |
Freshpet, Inc.* | | | 41,135 | | | | 6,092,505 | |
Simply Good Foods Co.* | | | 65,748 | | | | 2,562,857 | |
| | | | | | | | |
| | | | | | | 11,880,936 | |
| | | | | | | | |
| ENERGY (3.9%) | | | | | | |
Expand Energy Corp. | | | 21,718 | | | | 2,162,027 | |
Liberty Energy, Inc. Cl A | | | 191,282 | | | | 3,804,599 | |
Northern Oil & Gas, Inc. | | | 204,146 | | | | 7,586,065 | |
Valaris Ltd.* | | | 45,457 | | | | 2,011,018 | |
| | | | | | | | |
| | | | | | | 15,563,709 | |
| | | | | | | | |
| FINANCIALS (8.8%) | | | | | | |
First Financial Bankshares, Inc. | | | 185,424 | | | | 6,684,535 | |
Houlihan Lokey, Inc. Cl A | | | 27,747 | | | | 4,818,544 | |
iShares Micro-Cap ETF | | | 32,587 | | | | 4,248,693 | |
PJT Partners, Inc. Cl A | | | 41,447 | | | | 6,540,751 | |
Primerica, Inc. | | | 14,528 | | | | 3,943,190 | |
Selective Insurance Group, Inc. | | | 40,735 | | | | 3,809,537 | |
ServisFirst Bancshares, Inc. | | | 56,622 | | | | 4,798,149 | |
| | | | | | | | |
| | | | | | | 34,843,399 | |
| | | | | | | | |
| HEALTH CARE (26.2%) | | | | | | |
Addus HomeCare Corp.* | | | 51,229 | | | | 6,421,555 | |
Amicus Therapeutics, Inc.* | | | 230,364 | | | | 2,170,029 | |
AMN Healthcare Svcs., Inc.* | | | 39,056 | | | | 934,220 | |
Amphastar Pharmaceuticals, Inc.* | | | 80,506 | | | | 2,989,188 | |
Annexon, Inc.* | | | 466,042 | | | | 2,390,796 | |
Avidity Biosciences, Inc.* | | | 69,977 | | | | 2,034,931 | |
Axsome Therapeutics, Inc.* | | | 36,715 | | | | 3,106,456 | |
BioLife Solutions, Inc.* | | | 228,828 | | | | 5,940,375 | |
Blueprint Medicines Corp.* | | | 29,862 | | | | 2,604,564 | |
Corcept Therapeutics, Inc.* | | | 129,946 | | | | 6,547,979 | |
Dyne Therapeutics, Inc.* | | | 44,956 | | | | 1,059,163 | |
Fortrea Hldgs., Inc.* | | | 73,904 | | | | 1,378,310 | |
| | | | | | | | |
| | | Shares | | | Value | |
| COMMON STOCKS (CONTINUED): | | | | | | |
| HEALTH CARE (CONTINUED) | | | | | | |
Halozyme Therapeutics, Inc.* | | | 83,804 | | | $ | 4,006,669 | |
HealthEquity, Inc.* | | | 40,248 | | | | 3,861,796 | |
Insmed, Inc.* | | | 71,640 | | | | 4,946,026 | |
Intra-Cellular Therapies, Inc.* | | | 40,977 | | | | 3,422,399 | |
iRhythm Technologies, Inc.* | | | 19,206 | | | | 1,731,805 | |
Krystal Biotech, Inc.* | | | 17,534 | | | | 2,746,876 | |
Lantheus Hldgs., Inc.* | | | 38,731 | | | | 3,464,875 | |
LeMaitre Vascular, Inc. | | | 28,072 | | | | 2,586,554 | |
Madrigal Pharmaceuticals, Inc.* | | | 10,436 | | | | 3,220,237 | |
Neogen Corp.* | | | 367,989 | | | | 4,467,386 | |
Omnicell, Inc.* | | | 27,644 | | | | 1,230,711 | |
Option Care Health, Inc.* | | | 68,197 | | | | 1,582,170 | |
OrthoPediatrics Corp.* | | | 156,883 | | | | 3,636,548 | |
Roivant Sciences Ltd.* | | | 122,733 | | | | 1,451,931 | |
Simulations Plus, Inc. | | | 76,981 | | | | 2,147,000 | |
SpringWorks Therapeutics, Inc.* | | | 66,052 | | | | 2,386,459 | |
Stevanato Group SpA | | | 253,738 | | | | 5,528,951 | |
Supernus Pharmaceuticals, Inc.* | | | 61,294 | | | | 2,216,391 | |
Tarsus Pharmaceuticals, Inc.* | | | 59,503 | | | | 3,294,681 | |
Tenet Healthcare Corp.* | | | 27,927 | | | | 3,525,225 | |
Vaxcyte, Inc.* | | | 23,480 | | | | 1,922,073 | |
Vericel Corp.* | | | 60,574 | | | | 3,326,118 | |
| | | | | | | | |
| | | | | | | 104,280,447 | |
| | | | | | | | |
| INDUSTRIALS (21.3%) | | | | |
Applied Industrial Technologies, Inc. | | | 16,490 | | | | 3,948,860 | |
ArcBest Corp. | | | 36,881 | | | | 3,441,735 | |
Atkore, Inc. | | | 34,416 | | | | 2,872,015 | |
Casella Waste Systems, Inc. Cl A* | | | 39,091 | | | | 4,136,219 | |
Chart Industries, Inc.* | | | 29,127 | | | | 5,558,597 | |
EMCOR Group, Inc. | | | 10,109 | | | | 4,588,475 | |
ESCO Technologies, Inc. | | | 63,358 | | | | 8,439,919 | |
ExlService Hldgs., Inc.* | | | 112,494 | | | | 4,992,484 | |
Federal Signal Corp. | | | 83,976 | | | | 7,758,543 | |
First Advantage Corp.* | | | 324,201 | | | | 6,072,285 | |
Huron Consulting Group, Inc.* | | | 53,875 | | | | 6,694,508 | |
Janus International Group, Inc.* | | | 378,983 | | | | 2,785,525 | |
Korn Ferry | | | 37,892 | | | | 2,555,815 | |
Mercury Systems, Inc.* | | | 54,978 | | | | 2,309,076 | |
Saia, Inc.* | | | 5,081 | | | | 2,315,564 | |
SPX Technologies, Inc.* | | | 15,606 | | | | 2,270,985 | |
Sterling Infrastructure, Inc.* | | | 47,198 | | | | 7,950,503 | |
UFP Industries, Inc. | | | 52,254 | | | | 5,886,413 | |
| | | | | | | | |
| | | | | | | 84,577,521 | |
| | | | | | | | |
| INFORMATION TECHNOLOGY (20.3%) | | | | |
Advanced Energy Industries, Inc. | | | 29,170 | | | | 3,372,927 | |
The accompanying notes are an integral part of these portfolio schedules.
18
MoA FUNDS — SMALL CAP GROWTH FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
December 31, 2024
| | | | | | | | |
| | | Shares | | | Value | |
| COMMON STOCKS (CONTINUED): | | | | | | |
| INFORMATION TECHNOLOGY (CONTINUED) | | | | |
Altair Engineering, Inc. Cl A* | | | 30,156 | | | $ | 3,290,321 | |
Arlo Technologies, Inc.* | | | 337,506 | | | | 3,776,692 | |
Blackline, Inc.* | | | 101,542 | | | | 6,169,692 | |
Credo Technology Group Hldg. Ltd.* | | | 74,302 | | | | 4,993,837 | |
CyberArk Software Ltd.* | | | 14,188 | | | | 4,726,732 | |
Fabrinet* | | | 22,892 | | | | 5,033,493 | |
Grid Dynamics Hldgs., Inc.* | | | 323,199 | | | | 7,187,946 | |
Harmonic, Inc.* | | | 240,105 | | | | 3,176,589 | |
indie Semiconductor, Inc. Cl A* | | | 447,792 | | | | 1,813,558 | |
MARA Hldgs., Inc.* | | | 148,187 | | | | 2,485,096 | |
Novanta, Inc.* | | | 25,230 | | | | 3,854,387 | |
Onto Innovation, Inc.* | | | 19,955 | | | | 3,325,900 | |
PDF Solutions, Inc.* | | | 86,783 | | | | 2,350,084 | |
Q2 Hldgs., Inc.* | | | 39,678 | | | | 3,993,591 | |
Rambus, Inc.* | | | 83,461 | | | | 4,411,748 | |
Rapid7, Inc.* | | | 73,373 | | | | 2,951,796 | |
Tenable Hldgs., Inc.* | | | 75,335 | | | | 2,966,692 | |
Varonis Systems, Inc. Cl B* | | | 78,998 | | | | 3,509,881 | |
Workiva, Inc. Cl A* | | | 65,846 | | | | 7,210,137 | |
| | | | | | | | |
| | | | | | | 80,601,099 | |
| | | | | | | | |
| | | | | | | | |
| | | Shares | | | Value | |
| COMMON STOCKS (CONTINUED): | | | | | | |
| MATERIALS (3.1%) | | | | |
HB Fuller Co. | | | 43,257 | | | $ | 2,918,982 | |
Materion Corp. | | | 18,958 | | | | 1,874,567 | |
Orion S.A. | | | 132,220 | | | | 2,087,754 | |
Quaker Chemical Corp. | | | 38,751 | | | | 5,454,591 | |
| | | | | | | | |
| | | | | | | 12,335,894 | |
| | | | | | | | |
| REAL ESTATE (1.6%) | | | | |
EastGroup Properties, Inc. | | | 7,926 | | | | 1,272,044 | |
Phillips Edison & Co., Inc. | | | 73,691 | | | | 2,760,465 | |
Ryman Hospitality Properties, Inc. | | | 22,016 | | | | 2,297,149 | |
| | | | | | | | |
| | | | | | | 6,329,658 | |
| | | | | | | | |
| UTILITIES (1.3%) | | | | |
Chesapeake Utilities Corp. | | | 44,341 | | | | 5,380,780 | |
| | | | | | | | |
| TOTAL COMMON STOCKS | | | | |
(Cost: $322,394,834) | | | | 392,403,393 | |
| | | | | |
| | | | | | | | | | | | | | | | | | | | |
| | | Rating** | | | Rate(%) | | | Maturity | | | Face Amount | | | Value | |
| SHORT-TERM DEBT SECURITIES (1.2%): | | | | | | | | | | | | | | | |
| U.S. GOVERNMENT (1.2%) | | | | | | | | | | | | | | | |
U.S. Treasury Bill | | | A-1+ | | | | 4.24 | | | | 02/27/25 | | | $ | 2,000,000 | | | $ | 1,986,670 | |
U.S. Treasury Bill | | | A-1+ | | | | 4.40 | | | | 01/28/25 | | | | 2,800,000 | | | | 2,790,813 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | 4,777,483 | |
| | | | | | | | | | | | | | | | | | | | |
TOTAL SHORT-TERM DEBT SECURITIES
(Cost: $4,777,483) | | | | | | | | | | | | | | | | | | | 4,777,483 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| | | | | | Rate(%) | | | Maturity | | | Face Amount | | | Value | |
| TEMPORARY CASH INVESTMENT (0.1%) | | | | | | | | | | | | | | | |
JP Morgan Chase, New York Time Deposit | | | | | | | 3.58 | | | | 01/02/25 | | | $ | 507,563 | | | $ | 507,563 | |
| | | | | | | | | | | | | | | | | | | | |
TOTAL TEMPORARY CASH INVESTMENT
(Cost: $507,563) | | | | 507,563 | |
| | | | | | | | | | | | | | | | | | | | |
TOTAL INVESTMENTS
(Cost: $327,679,880) 100.0% | | | | 397,688,439 | |
| | | | | | | | | | | | | | | | | | | | |
OTHER NET ASSETS 0.0% (1) | | | | 2,965 | |
| | | | | | | | | | | | | | | | | | | | |
NET ASSETS 100.0% | | | $ | 397,691,404 | |
| | | | | | | | | | | | | | | | | | | | |
FOOTNOTES TO PORTFOLIO OF INVESTMENTS IN SECURITIES
| * | Non-income producing security. |
| ** | Ratings as per Standard & Poor’s Corporation (unaudited). |
| (1) | Percentage is less than 0.05%. |
The accompanying notes are an integral part of these portfolio schedules.
19
MoA FUNDS — SMALL CAP EQUITY INDEX FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES
December 31, 2024
| | | | | | | | |
| | | Shares | | | Value | |
| COMMON STOCKS (99.8%): | |
| COMMUNICATION SERVICES (3.4%) | | | | | | |
Cable One, Inc. | | | 699 | | | $ | 253,122 | |
Cargurus, Inc. Cl A* | | | 13,322 | | | | 486,786 | |
Cars.com, Inc.* | | | 9,023 | | | | 156,369 | |
Cinemark Hldgs., Inc.* | | | 16,176 | | | | 501,132 | |
Cogent Communications Hldgs., Inc. | | | 6,396 | | | | 492,940 | |
EchoStar Corp. Cl A* | | | 18,303 | | | | 419,139 | |
Gogo, Inc.* | | | 8,955 | | | | 72,446 | |
IAC, Inc.* | | | 10,728 | | | | 462,806 | |
John Wiley & Sons, Inc. Cl A | | | 6,245 | | | | 272,969 | |
Lumen Technologies, Inc.* | | | 153,722 | | | | 816,264 | |
Madison Square Garden Sports Corp. Cl A* | | | 2,536 | | | | 572,324 | |
QuinStreet, Inc.* | | | 8,522 | | | | 196,603 | |
Scholastic Corp. | | | 3,765 | | | | 80,307 | |
Shenandoah Telecommunications Co. | | | 6,948 | | | | 87,614 | |
Shutterstock, Inc. | | | 3,644 | | | | 110,595 | |
TechTarget, Inc.* | | | 3,985 | | | | 78,983 | |
TEGNA, Inc. | | | 24,407 | | | | 446,404 | |
Telephone & Data Systems, Inc. | | | 14,773 | | | | 503,907 | |
Thryv Hldgs., Inc.* | | | 6,108 | | | | 90,398 | |
TripAdvisor, Inc.* | | | 16,675 | | | | 246,290 | |
Yelp, Inc. Cl A* | | | 9,970 | | | | 385,839 | |
Ziff Davis, Inc.* | | | 6,475 | | | | 351,851 | |
| | | | | | | | |
| | | | | | | 7,085,088 | |
| | | | | | | | |
| CONSUMER DISCRETIONARY (14.3%) | | | | | | |
Academy Sports & Outdoors, Inc. | | | 10,651 | | | | 612,752 | |
Adient PLC* | | | 13,208 | | | | 227,574 | |
Adtalem Global Education, Inc.* | | | 5,680 | | | | 516,028 | |
Advance Auto Parts, Inc. | | | 8,989 | | | | 425,090 | |
American Axle & Manufacturing Hldgs., Inc.* | | | 17,811 | | | | 103,838 | |
American Eagle Outfitters, Inc. | | | 26,476 | | | | 441,355 | |
Asbury Automotive Group, Inc.* | | | 2,968 | | | | 721,313 | |
Bath & Body Works, Inc. | | | 33,191 | | | | 1,286,815 | |
BJ’s Restaurants, Inc.* | | | 3,457 | | | | 121,462 | |
Bloomin’ Brands, Inc. | | | 11,439 | | | | 139,670 | |
Boot Barn Hldgs., Inc.* | | | 4,624 | | | | 702,016 | |
Brinker International, Inc.* | | | 6,730 | | | | 890,312 | |
Buckle, Inc. | | | 4,532 | | | | 230,271 | |
Caleres, Inc. | | | 5,333 | | | | 123,512 | |
Carter’s, Inc. | | | 5,459 | | | | 295,823 | |
Cavco Industries, Inc.* | | | 1,229 | | | | 548,417 | |
Century Communities, Inc. | | | 4,178 | | | | 306,498 | |
Champion Homes, Inc.* | | | 7,999 | | | | 704,712 | |
Cheesecake Factory, Inc. | | | 7,113 | | | | 337,441 | |
Cracker Barrel Old Country Store, Inc. | | | 3,364 | | | | 177,821 | |
| | | | | | | | |
| | | Shares | | | Value | |
| COMMON STOCKS (CONTINUED): | |
| CONSUMER DISCRETIONARY (CONTINUED) | |
Dana, Inc. | | | 19,546 | | | $ | 225,952 | |
Dave & Buster’s Entertainment, Inc.* | | | 4,763 | | | | 139,032 | |
Dorman Products, Inc.* | | | 4,115 | | | | 533,098 | |
Dream Finders Homes, Inc. Cl A* | | | 4,151 | | | | 96,594 | |
Ethan Allen Interiors, Inc. | | | 3,429 | | | | 96,389 | |
Etsy, Inc.* | | | 17,041 | | | | 901,298 | |
Foot Locker, Inc.* | | | 12,501 | | | | 272,022 | |
Fox Factory Hldg. Corp.* | | | 6,315 | | | | 191,155 | |
Frontdoor, Inc.* | | | 11,486 | | | | 627,940 | |
Gentherm, Inc.* | | | 4,693 | | | | 187,368 | |
G-III Apparel Group Ltd.* | | | 5,850 | | | | 190,827 | |
Golden Entertainment, Inc. | | | 3,117 | | | | 98,497 | |
Green Brick Partners, Inc.* | | | 4,651 | | | | 262,735 | |
Group 1 Automotive, Inc. | | | 1,970 | | | | 830,316 | |
Guess?, Inc. | | | 4,129 | | | | 58,054 | |
Hanesbrands, Inc.* | | | 53,396 | | | | 434,643 | |
Helen of Troy Ltd.* | | | 3,462 | | | | 207,131 | |
Installed Building Products, Inc. | | | 3,518 | | | | 616,529 | |
Jack in the Box, Inc. | | | 2,898 | | | | 120,673 | |
Kohl’s Corp. | | | 16,851 | | | | 236,588 | |
Kontoor Brands, Inc. | | | 7,518 | | | | 642,112 | |
La-Z-Boy, Inc. | | | 6,336 | | | | 276,059 | |
LCI Industries | | | 3,857 | | | | 398,775 | |
Leggett & Platt, Inc. | | | 20,343 | | | | 195,293 | |
Leslie’s, Inc.* | | | 28,011 | | | | 62,465 | |
LGI Homes, Inc.* | | | 3,135 | | | | 280,269 | |
M/I Homes, Inc.* | | | 4,121 | | | | 547,887 | |
MarineMax, Inc.* | | | 3,011 | | | | 87,168 | |
Meritage Homes Corp. | | | 5,481 | | | | 843,087 | |
Mister Car Wash, Inc.* | | | 14,157 | | | | 103,205 | |
Monarch Casino & Resort, Inc. | | | 1,923 | | | | 151,725 | |
Monro, Inc. | | | 4,537 | | | | 112,518 | |
National Vision Hldgs., Inc.* | | | 11,929 | | | | 124,300 | |
Newell Brands, Inc. | | | 63,015 | | | | 627,629 | |
ODP Corp.* | | | 4,563 | | | | 103,763 | |
Oxford Industries, Inc. | | | 2,235 | | | | 176,073 | |
Papa John’s International, Inc. | | | 4,945 | | | | 203,091 | |
Patrick Industries, Inc. | | | 5,090 | | | | 422,877 | |
Penn Entertainment, Inc.* | | | 22,665 | | | | 449,220 | |
Perdoceo Education Corp. | | | 9,358 | | | | 247,706 | |
Phinia, Inc. | | | 6,371 | | | | 306,891 | |
Sabre Corp.* | | | 58,449 | | | | 213,339 | |
Sally Beauty Hldgs., Inc.* | | | 15,433 | | | | 161,275 | |
Shake Shack, Inc. Cl A* | | | 6,064 | | | | 787,107 | |
Shoe Carnival, Inc. | | | 2,676 | | | | 88,522 | |
Signet Jewelers Ltd. | | | 6,673 | | | | 538,578 | |
Six Flags Entertainment Corp. | | | 14,127 | | | | 680,780 | |
Sonic Automotive, Inc. Cl A | | | 2,216 | | | | 140,384 | |
Sonos, Inc.* | | | 18,444 | | | | 277,398 | |
Standard Motor Products, Inc. | | | 3,126 | | | | 96,843 | |
The accompanying notes are an integral part of these portfolio schedules.
20
MoA FUNDS — SMALL CAP EQUITY INDEX FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
December 31, 2024
| | | | | | | | |
| | | Shares | | | Value | |
| COMMON STOCKS (CONTINUED): | |
| CONSUMER DISCRETIONARY (CONTINUED) | |
Steven Madden Ltd. | | | 10,936 | | | $ | 464,999 | |
Strategic Education, Inc. | | | 3,685 | | | | 344,253 | |
Stride, Inc.* | | | 6,492 | | | | 674,714 | |
Sturm Ruger & Co., Inc. | | | 2,544 | | | | 89,981 | |
Topgolf Callaway Brands Corp.* | | | 21,441 | | | | 168,526 | |
Tri Pointe Homes, Inc.* | | | 14,177 | | | | 514,058 | |
Upbound Group, Inc. | | | 7,375 | | | | 215,129 | |
Urban Outfitters, Inc.* | | | 8,525 | | | | 467,852 | |
VF Corp. | | | 50,128 | | | | 1,075,747 | |
Victoria’s Secret & Co.* | | | 11,895 | | | | 492,691 | |
Winnebago Industries, Inc. | | | 4,381 | | | | 209,324 | |
Wolverine World Wide, Inc. | | | 12,129 | | | | 269,264 | |
Worthington Enterprises, Inc. | | | 4,721 | | | | 189,359 | |
XPEL, Inc.* | | | 3,435 | | | | 137,194 | |
| | | | | | | | |
| | | | | | | 29,898,991 | |
| | | | | | | | |
| CONSUMER STAPLES (2.9%) | | | | | | |
Andersons, Inc. | | | 4,867 | | | | 197,211 | |
B&G Foods, Inc. | | | 11,992 | | | | 82,625 | |
Cal-Maine Foods, Inc. | | | 6,165 | | | | 634,502 | |
Central Garden & Pet Co.* | | | 1,444 | | | | 56,027 | |
Central Garden & Pet Co. Cl A* | | | 7,878 | | | | 260,368 | |
Chefs’ Warehouse, Inc.* | | | 5,213 | | | | 257,105 | |
Edgewell Personal Care Co. | | | 7,381 | | | | 248,002 | |
Energizer Hldgs., Inc. | | | 9,897 | | | | 345,306 | |
Fresh Del Monte Produce, Inc. | | | 5,084 | | | | 168,840 | |
Grocery Outlet Hldg. Corp.* | | | 14,714 | | | | 229,685 | |
Hain Celestial Group, Inc.* | | | 13,663 | | | | 84,027 | |
Interparfums, Inc. | | | 2,718 | | | | 357,444 | |
J&J Snack Foods Corp. | | | 2,354 | | | | 365,176 | |
John B Sanfilippo & Son, Inc. | | | 1,365 | | | | 118,905 | |
MGP Ingredients, Inc. | | | 2,129 | | | | 83,819 | |
National Beverage Corp. | | | 3,546 | | | | 151,308 | |
PriceSmart, Inc. | | | 3,762 | | | | 346,744 | |
Simply Good Foods Co.* | | | 13,816 | | | | 538,548 | |
SpartanNash Co. | | | 5,114 | | | | 93,688 | |
Tootsie Roll Industries, Inc.* | | | 2,494 | | | | 80,631 | |
TreeHouse Foods, Inc.* | | | 6,981 | | | | 245,242 | |
United Natural Foods, Inc.* | | | 9,074 | | | | 247,811 | |
Universal Corp. | | | 3,741 | | | | 205,156 | |
USANA Health Sciences, Inc.* | | | 1,675 | | | | 60,116 | |
WD-40 Co. | | | 2,054 | | | | 498,465 | |
WK Kellogg Co. | | | 10,046 | | | | 180,728 | |
| | | | | | | | |
| | | | | | | 6,137,479 | |
| | | | | | | | |
| ENERGY (4.6%) | | | | | | |
Archrock, Inc. | | | 26,534 | | | | 660,431 | |
Atlas Energy Solutions, Inc. Cl A | | | 9,183 | | | | 203,679 | |
Bristow Group, Inc.* | | | 3,730 | | | | 127,939 | |
Cactus, Inc. Cl A | | | 10,097 | | | | 589,261 | |
California Resources Corp. | | | 10,835 | | | | 562,228 | |
Comstock Resources, Inc.* | | | 13,725 | | | | 250,070 | |
| | | | | | | | |
| | | Shares | | | Value | |
| COMMON STOCKS (CONTINUED): | |
| ENERGY (CONTINUED) | | | | | | |
CONSOL Energy, Inc. | | | 4,052 | | | $ | 432,267 | |
Core Laboratories, Inc. | | | 7,112 | | | | 123,109 | |
Crescent Energy Co. Cl A | | | 26,457 | | | | 386,537 | |
CVR Energy, Inc. | | | 5,178 | | | | 97,036 | |
Dorian LPG Ltd. | | | 5,512 | | | | 134,327 | |
Green Plains, Inc.* | | | 9,794 | | | | 92,847 | |
Helix Energy Solutions Group, Inc.* | | | 21,658 | | | | 201,853 | |
Helmerich & Payne, Inc. | | | 14,960 | | | | 479,019 | |
Innovex International, Inc.* | | | 5,704 | | | | 79,685 | |
International Seaways, Inc. | | | 6,103 | | | | 219,342 | |
Liberty Energy, Inc. Cl A | | | 24,754 | | | | 492,357 | |
Magnolia Oil & Gas Corp. Cl A | | | 28,937 | | | | 676,547 | |
Nabors Industries Ltd.* | | | 1,360 | | | | 77,751 | |
Northern Oil & Gas, Inc. | | | 15,043 | | | | 558,998 | |
Oceaneering International, Inc.* | | | 15,309 | | | | 399,259 | |
Par Pacific Hldgs., Inc.* | | | 8,476 | | | | 138,922 | |
Patterson-UTI Energy, Inc. | | | 53,754 | | | | 444,008 | |
Peabody Energy Corp. | | | 18,405 | | | | 385,401 | |
ProPetro Hldg. Corp.* | | | 12,006 | | | | 112,016 | |
REX American Resources Corp.* | | | 2,342 | | | | 97,638 | |
RPC, Inc. | | | 12,513 | | | | 74,327 | |
SM Energy Co. | | | 17,332 | | | | 671,788 | |
Talos Energy, Inc.* | | | 18,810 | | | | 182,645 | |
Tidewater, Inc.* | | | 7,292 | | | | 398,945 | |
Vital Energy, Inc.* | | | 4,085 | | | | 126,308 | |
World Kinect Corp. | | | 8,798 | | | | 242,033 | |
| | | | | | | | |
| | | | | | | 9,718,573 | |
| | | | | | | | |
| FINANCIALS (20.8%) | | | | | | |
Ambac Financial Group, Inc.* | | | 7,187 | | | | 90,916 | |
Ameris Bancorp | | | 9,798 | | | | 613,061 | |
AMERISAFE, Inc. | | | 2,886 | | | | 148,744 | |
Apollo Commercial Real Estate Finance, Inc. | | | 19,257 | | | | 166,766 | |
Arbor Realty Trust, Inc. | | | 28,571 | | | | 395,708 | |
ARMOUR Residential REIT, Inc. | | | 8,446 | | | | 159,292 | |
Artisan Partners Asset Management, Inc. Cl A | | | 10,614 | | | | 456,933 | |
Assured Guaranty Ltd. | | | 7,248 | | | | 652,392 | |
Atlantic Union Bankshares Corp. | | | 13,600 | | | | 515,168 | |
Axos Financial, Inc.* | | | 8,216 | | | | 573,888 | |
Banc of California, Inc. | | | 20,866 | | | | 322,588 | |
BancFirst Corp. | | | 3,011 | | | | 352,829 | |
Bancorp, Inc.* | | | 7,261 | | | | 382,146 | |
Bank of Hawaii Corp. | | | 6,021 | | | | 428,936 | |
BankUnited, Inc. | | | 11,323 | | | | 432,199 | |
Banner Corp. | | | 5,220 | | | | 348,539 | |
Berkshire Hills Bancorp, Inc. | | | 6,387 | | | | 181,582 | |
BGC Group, Inc. Cl A | | | 56,088 | | | | 508,157 | |
Blackstone Mortgage Trust, Inc. Cl A | | | 26,205 | | | | 456,229 | |
The accompanying notes are an integral part of these portfolio schedules.
21
MoA FUNDS — SMALL CAP EQUITY INDEX FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
December 31, 2024
| | | | | | | | |
| | | Shares | | | Value | |
| COMMON STOCKS (CONTINUED): | |
| FINANCIALS (CONTINUED) | | | | | | |
Bread Financial Hldgs., Inc. | | | 7,531 | | | $ | 459,843 | |
Brightsphere Investment Group, Inc. | | | 4,239 | | | | 111,655 | |
Brookline Bancorp, Inc. | | | 13,497 | | | | 159,265 | |
Capitol Federal Financial, Inc. | | | 18,499 | | | | 109,329 | |
Cathay General Bancorp | | | 10,786 | | | | 513,521 | |
Central Pacific Financial Corp. | | | 4,100 | | | | 119,105 | |
City Hldg. Co. | | | 2,228 | | | | 263,973 | |
Cohen & Steers, Inc. | | | 4,059 | | | | 374,808 | |
Community Financial System, Inc. | | | 7,962 | | | | 491,096 | |
Customers Bancorp, Inc.* | | | 4,417 | | | | 215,020 | |
CVB Financial Corp. | | | 19,889 | | | | 425,823 | |
Dime Community Bancshares, Inc. | | | 5,949 | | | | 182,843 | |
Donnelley Financial Solutions, Inc.* | | | 4,022 | | | | 252,300 | |
Eagle Bancorp, Inc. | | | 4,575 | | | | 119,087 | |
Ellington Financial, Inc. | | | 13,733 | | | | 166,444 | |
Employers Hldgs., Inc. | | | 3,744 | | | | 191,805 | |
Encore Capital Group, Inc.* | | | 3,589 | | | | 171,447 | |
Enova International, Inc.* | | | 3,970 | | | | 380,644 | |
EVERTEC, Inc. | | | 9,637 | | | | 332,766 | |
EZCORP, Inc. Cl A* | | | 7,801 | | | | 95,328 | |
FB Financial Corp. | | | 5,302 | | | | 273,106 | |
First BanCorp. | | | 24,667 | | | | 458,560 | |
First Bancorp/Southern Pines NC | | | 6,263 | | | | 275,384 | |
First Commonwealth Financial Corp. | | | 15,370 | | | | 260,060 | |
First Financial Bancorp | | | 14,465 | | | | 388,819 | |
First Hawaiian, Inc. | | | 19,372 | | | | 502,703 | |
Franklin BSP Realty Trust, Inc. | | | 12,398 | | | | 155,471 | |
Fulton Financial Corp. | | | 27,573 | | | | 531,607 | |
Genworth Financial, Inc. Cl A* | | | 64,686 | | | | 452,155 | |
Goosehead Insurance, Inc. Cl A* | | | 3,695 | | | | 396,178 | |
Green Dot Corp. Cl A* | | | 8,148 | | | | 86,695 | |
HA Sustainable Infrastructure Capital, Inc. | | | 17,947 | | | | 481,518 | |
Hanmi Financial Corp. | | | 4,545 | | | | 107,353 | |
HCI Group, Inc. | | | 1,286 | | | | 149,858 | |
Heritage Financial Corp. | | | 5,174 | | | | 126,763 | |
Hilltop Hldgs., Inc. | | | 6,987 | | | | 200,038 | |
Hope Bancorp, Inc. | | | 18,290 | | | | 224,784 | |
Horace Mann Educators Corp. | | | 6,174 | | | | 242,206 | |
Independent Bank Corp. | | | 6,437 | | | | 413,191 | |
Independent Bank Group, Inc. | | | 5,461 | | | | 331,319 | |
iShares Core S&P Small-Cap ETF | | | 43,265 | | | | 4,984,993 | |
Jackson Financial, Inc. Cl A | | | 11,189 | | | | 974,338 | |
| | | | | | | | |
| | | Shares | | | Value | |
| COMMON STOCKS (CONTINUED): | |
| FINANCIALS (CONTINUED) | | | | | | |
KKR Real Estate Finance Trust, Inc. | | | 8,853 | | | $ | 89,415 | |
Lakeland Financial Corp. | | | 3,864 | | | | 265,689 | |
Lincoln National Corp. | | | 25,804 | | | | 818,245 | |
Mercury General Corp. | | | 4,026 | | | | 267,648 | |
Moelis & Co. Cl A | | | 10,693 | | | | 789,999 | |
Mr Cooper Group, Inc.* | | | 9,693 | | | | 930,625 | |
National Bank Hldgs. Corp. Cl A | | | 5,759 | | | | 247,983 | |
Navient Corp. | | | 11,710 | | | | 155,626 | |
NBT Bancorp, Inc. | | | 7,146 | | | | 341,293 | |
NCR Atleos Corp.* | | | 10,981 | | | | 372,476 | |
New York Mortgage Trust, Inc. | | | 13,721 | | | | 83,149 | |
NMI Hldgs., Inc. Cl A* | | | 11,987 | | | | 440,642 | |
Northwest Bancshares, Inc. | | | 19,299 | | | | 254,554 | |
OFG Bancorp | | | 6,953 | | | | 294,251 | |
Pacific Premier Bancorp, Inc. | | | 14,609 | | | | 364,056 | |
Palomar Hldgs., Inc.* | | | 4,009 | | | | 423,310 | |
Park National Corp. | | | 2,203 | | | | 377,660 | |
Pathward Financial, Inc. | | | 3,764 | | | | 276,955 | |
Payoneer Global, Inc.* | | | 38,893 | | | | 390,486 | |
PennyMac Mortgage Investment Trust | | | 13,158 | | | | 165,659 | |
Piper Sandler Cos. | | | 2,402 | | | | 720,480 | |
PJT Partners, Inc. Cl A | | | 3,591 | | | | 566,696 | |
PRA Group, Inc.* | | | 5,973 | | | | 124,776 | |
Preferred Bank | | | 1,879 | | | | 162,308 | |
ProAssurance Corp.* | | | 7,750 | | | | 123,302 | |
PROG Hldgs., Inc. | | | 6,293 | | | | 265,942 | |
Provident Financial Svcs., Inc. | | | 19,766 | | | | 372,984 | |
Radian Group, Inc. | | | 22,561 | | | | 715,635 | |
Ready Capital Corp. | | | 25,529 | | | | 174,108 | |
Redwood Trust, Inc. | | | 20,036 | | | | 130,835 | |
Renasant Corp. | | | 9,629 | | | | 344,237 | |
S&T Bancorp, Inc. | | | 5,796 | | | | 221,523 | |
Safety Insurance Group, Inc. | | | 2,248 | | | | 185,235 | |
Seacoast Banking Corp. of Florida | | | 12,827 | | | | 353,127 | |
ServisFirst Bancshares, Inc. | | | 7,603 | | | | 644,278 | |
Simmons First National Corp. Cl A | | | 19,022 | | | | 421,908 | |
SiriusPoint Ltd.* | | | 13,976 | | | | 229,067 | |
Southside Bancshares, Inc. | | | 4,315 | | | | 137,044 | |
Stellar Bancorp, Inc. | | | 7,200 | | | | 204,120 | |
StepStone Group, Inc. Cl A | | | 9,578 | | | | 554,375 | |
Stewart Information Svcs. Corp. | | | 4,200 | | | | 283,458 | |
StoneX Group, Inc.* | | | 4,298 | | | | 421,075 | |
Tompkins Financial Corp. | | | 1,897 | | | | 128,673 | |
Triumph Financial, Inc.* | | | 3,324 | | | | 302,085 | |
Trupanion, Inc.* | | | 5,068 | | | | 244,278 | |
TrustCo Bank Corp. | | | 2,880 | | | | 95,933 | |
Trustmark Corp. | | | 9,265 | | | | 327,703 | |
Two Harbors Investment Corp. | | | 15,701 | | | | 185,743 | |
The accompanying notes are an integral part of these portfolio schedules.
22
MoA FUNDS — SMALL CAP EQUITY INDEX FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
December 31, 2024
| | | | | | | | |
| | | Shares | | | Value | |
| COMMON STOCKS (CONTINUED): | |
| FINANCIALS (CONTINUED) | | | | | | |
United Community Banks, Inc. | | | 18,070 | | | $ | 583,842 | |
United Fire Group, Inc. | | | 3,225 | | | | 91,751 | |
Veritex Hldgs., Inc. | | | 8,254 | | | | 224,179 | |
Virtu Financial, Inc. Cl A | | | 12,239 | | | | 436,688 | |
Virtus Investment Partners, Inc. | | | 1,000 | | | | 220,580 | |
WaFd, Inc. | | | 12,304 | | | | 396,681 | |
Walker & Dunlop, Inc. | | | 4,860 | | | | 472,441 | |
Westamerica BanCorp | | | 4,043 | | | | 212,096 | |
WisdomTree, Inc. | | | 17,334 | | | | 182,007 | |
World Acceptance Corp.* | | | 490 | | | | 55,096 | |
WSFS Financial Corp. | | | 8,922 | | | | 474,026 | |
| | | | | | | | |
| | | | | | | 43,679,310 | |
| | | | | | | | |
| HEALTH CARE (10.9%) | | | | | | |
AdaptHealth Corp. Cl A* | | | 16,093 | | | | 153,205 | |
Addus HomeCare Corp.* | | | 2,717 | | | | 340,576 | |
ADMA Biologics, Inc.* | | | 35,807 | | | | 614,090 | |
Alkermes PLC* | | | 24,510 | | | | 704,908 | |
AMN Healthcare Svcs., Inc.* | | | 5,768 | | | | 137,971 | |
Amphastar Pharmaceuticals, Inc.* | | | 5,681 | | | | 210,936 | |
ANI Pharmaceuticals, Inc.* | | | 2,514 | | | | 138,974 | |
Arcus Biosciences, Inc.* | | | 8,179 | | | | 121,785 | |
Artivion, Inc.* | | | 5,715 | | | | 163,392 | |
Astrana Health, Inc.* | | | 6,297 | | | | 198,544 | |
Avanos Medical, Inc.* | | | 6,962 | | | | 110,835 | |
Azenta, Inc.* | | | 6,903 | | | | 345,150 | |
BioLife Solutions, Inc.* | | | 5,481 | | | | 142,287 | |
Catalyst Pharmaceuticals, Inc.* | | | 16,984 | | | | 354,456 | |
Certara, Inc.* | | | 16,582 | | | | 176,598 | |
Collegium Pharmaceutical, Inc.* | | | 4,886 | | | | 139,984 | |
Concentra Group Hldgs. Parent, Inc. | | | 16,396 | | | | 324,313 | |
CONMED Corp. | | | 4,680 | | | | 320,299 | |
Corcept Therapeutics, Inc.* | | | 14,126 | | | | 711,809 | |
CorVel Corp.* | | | 4,125 | | | | 458,947 | |
Cytek Biosciences, Inc.* | | | 15,805 | | | | 102,574 | |
Dynavax Technologies Corp.* | | | 18,519 | | | | 236,488 | |
Embecta Corp. | | | 8,741 | | | | 180,502 | |
Fortrea Hldgs., Inc.* | | | 13,588 | | | | 253,416 | |
Fulgent Genetics, Inc.* | | | 3,057 | | | | 56,463 | |
Glaukos Corp.* | | | 8,353 | | | | 1,252,449 | |
Harmony Biosciences Hldgs., Inc.* | | | 5,789 | | | | 199,199 | |
HealthStream, Inc. | | | 3,640 | | | | 115,752 | |
Hims & Hers Health, Inc.* | | | 28,961 | | | | 700,277 | |
ICU Medical, Inc.* | | | 3,709 | | | | 575,526 | |
Inari Medical, Inc.* | | | 7,627 | | | | 389,358 | |
Innoviva, Inc.* | | | 8,345 | | | | 144,786 | |
Inspire Medical Systems, Inc.* | | | 4,540 | | | | 841,625 | |
Integer Hldgs. Corp.* | | | 5,081 | | | | 673,334 | |
| | | | | | | | |
| | | Shares | | | Value | |
| COMMON STOCKS (CONTINUED): | |
| HEALTH CARE (CONTINUED) | | | | | | |
Integra LifeSciences Hldgs. Corp.* | | | 10,053 | | | $ | 228,002 | |
Ironwood Pharmaceuticals, Inc. Cl A* | | | 21,332 | | | | 94,501 | |
Krystal Biotech, Inc.* | | | 3,834 | | | | 600,634 | |
LeMaitre Vascular, Inc. | | | 3,100 | | | | 285,634 | |
Ligand Pharmaceuticals, Inc.* | | | 2,862 | | | | 306,663 | |
Merit Medical Systems, Inc.* | | | 8,828 | | | | 853,844 | |
Mesa Laboratories, Inc. | | | 823 | | | | 108,529 | |
Myriad Genetics, Inc.* | | | 13,790 | | | | 189,061 | |
National HealthCare Corp. | | | 1,872 | | | | 201,352 | |
NeoGenomics, Inc.* | | | 19,444 | | | | 320,437 | |
OmniAb, Inc. Cl CR3* | | | 1,207 | | | | 0 | † |
OmniAb, Inc. Cl CR4* | | | 1,207 | | | | 0 | † |
Omnicell, Inc.* | | | 7,016 | | | | 312,352 | |
Organon & Co. | | | 39,012 | | | | 582,059 | |
Owens & Minor, Inc.* | | | 11,196 | | | | 146,332 | |
Pacira BioSciences, Inc.* | | | 6,995 | | | | 131,786 | |
Patterson Cos., Inc. | | | 11,884 | | | | 366,740 | |
Pediatrix Medical Group, Inc.* | | | 12,804 | | | | 167,988 | |
Phibro Animal Health Corp. Cl A | | | 3,081 | | | | 64,701 | |
Premier, Inc. Cl A | | | 14,559 | | | | 308,651 | |
Prestige Consumer Healthcare, Inc.* | | | 7,484 | | | | 584,426 | |
Privia Health Group, Inc.* | | | 15,632 | | | | 305,606 | |
Progyny, Inc.* | | | 11,222 | | | | 193,580 | |
Protagonist Therapeutics, Inc.* | | | 9,027 | | | | 348,442 | |
QuidelOrtho Corp.* | | | 9,985 | | | | 444,832 | |
RadNet, Inc.* | | | 9,868 | | | | 689,181 | |
Schrodinger, Inc.* | | | 8,395 | | | | 161,940 | |
Select Medical Hldgs. Corp. | | | 15,828 | | | | 298,358 | |
Simulations Plus, Inc. | | | 2,463 | | | | 68,693 | |
STAAR Surgical Co.* | | | 7,465 | | | | 181,325 | |
Supernus Pharmaceuticals, Inc.* | | | 8,365 | | | | 302,478 | |
Tandem Diabetes Care, Inc.* | | | 9,949 | | | | 358,363 | |
TG Therapeutics, Inc.* | | | 20,219 | | | | 608,592 | |
TransMedics Group, Inc.* | | | 5,083 | | | | 316,925 | |
UFP Technologies, Inc.* | | | 1,105 | | | | 270,184 | |
US Physical Therapy, Inc. | | | 2,287 | | | | 202,880 | |
Vericel Corp.* | | | 7,476 | | | | 410,507 | |
Vir Biotechnology, Inc.* | | | 13,977 | | | | 102,591 | |
Xencor, Inc.* | | | 10,600 | | | | 243,588 | |
| | | | | | | | |
| | | | | | | 22,952,565 | |
| | | | | | | | |
| INDUSTRIALS (17.3%) | | | | | | |
AAR Corp.* | | | 5,343 | | | | 327,419 | |
ABM Industries, Inc. | | | 9,512 | | | | 486,824 | |
AeroVironment, Inc.* | | | 4,243 | | | | 652,955 | |
Air Lease Corp. Cl A | | | 15,691 | | | | 756,463 | |
Alamo Group, Inc. | | | 1,572 | | | | 292,251 | |
Alaska Air Group, Inc.* | | | 19,229 | | | | 1,245,078 | |
Albany International Corp. Cl A | | | 4,742 | | | | 379,218 | |
The accompanying notes are an integral part of these portfolio schedules.
23
MoA FUNDS — SMALL CAP EQUITY INDEX FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
December 31, 2024
| | | | | | | | |
| | | Shares | | | Value | |
| COMMON STOCKS (CONTINUED): | |
| INDUSTRIALS (CONTINUED) | | | | | | |
Allegiant Travel Co. | | | 2,204 | | | $ | 207,440 | |
Amentum Hldgs., Inc.* | | | 18,796 | | | | 395,280 | |
American Woodmark Corp.* | | | 2,348 | | | | 186,736 | |
Apogee Enterprises, Inc. | | | 3,324 | | | | 237,367 | |
ArcBest Corp. | | | 3,545 | | | | 330,819 | |
Arcosa, Inc. | | | 7,389 | | | | 714,812 | |
Armstrong World Industries, Inc. | | | 6,603 | | | | 933,202 | |
Astec Industries, Inc. | | | 3,455 | | | | 116,088 | |
AZZ, Inc. | | | 4,526 | | | | 370,770 | |
Barnes Group, Inc. | | | 6,945 | | | | 328,221 | |
Boise Cascade Co. | | | 5,818 | | | | 691,527 | |
Brady Corp. Cl A | | | 6,673 | | | | 492,801 | |
CoreCivic, Inc.* | | | 16,704 | | | | 363,145 | |
CSG Systems International, Inc. | | | 4,219 | | | | 215,633 | |
CSW Industrials, Inc. | | | 2,547 | | | | 898,582 | |
Deluxe Corp. | | | 6,707 | | | | 151,511 | |
DNOW, Inc.* | | | 16,034 | | | | 208,602 | |
DXP Enterprises, Inc.* | | | 1,926 | | | | 159,126 | |
Dycom Industries, Inc.* | | | 4,409 | | | | 767,431 | |
Enerpac Tool Group Corp. Cl A | | | 8,210 | | | | 337,349 | |
Enpro, Inc. | | | 3,180 | | | | 548,391 | |
Enviri Corp.* | | | 12,139 | | | | 93,470 | |
ESCO Technologies, Inc. | | | 3,902 | | | | 519,785 | |
Everus Construction Group, Inc.* | | | 7,722 | | | | 507,721 | |
Federal Signal Corp. | | | 9,257 | | | | 855,254 | |
Forward Air Corp.* | | | 3,026 | | | | 97,588 | |
Franklin Electric Co., Inc. | | | 5,952 | | | | 580,022 | |
Gates Industrial Corp. PLC* | | | 34,340 | | | | 706,374 | |
GEO Group, Inc.* | | | 20,614 | | | | 576,780 | |
Gibraltar Industries, Inc.* | | | 4,596 | | | | 270,704 | |
GMS, Inc.* | | | 5,951 | | | | 504,823 | |
Granite Construction, Inc. | | | 6,622 | | | | 580,816 | |
Greenbrier Cos., Inc. | | | 4,750 | | | | 289,703 | |
Griffon Corp. | | | 6,013 | | | | 428,547 | |
Hayward Hldgs., Inc.* | | | 21,538 | | | | 329,316 | |
Healthcare Svcs. Group, Inc.* | | | 11,102 | | | | 128,950 | |
Heartland Express, Inc. | | | 6,540 | | | | 73,379 | |
Heidrick & Struggles International, Inc. | | | 3,092 | | | | 137,007 | |
Hertz Global Hldgs., Inc.* | | | 18,583 | | | | 68,014 | |
Hillenbrand, Inc. | | | 10,638 | | | | 327,438 | |
HNI Corp. | | | 7,241 | | | | 364,729 | |
Hub Group, Inc. Cl A | | | 9,209 | | | | 410,353 | |
Insteel Industries, Inc. | | | 2,947 | | | | 79,598 | |
Interface, Inc. Cl A | | | 8,832 | | | | 215,059 | |
JetBlue Airways Corp.* | | | 45,189 | | | | 355,186 | |
John Bean Technologies Corp. | | | 4,824 | | | | 613,130 | |
Kennametal, Inc. | | | 11,774 | | | | 282,811 | |
Korn Ferry | | | 7,879 | | | | 531,439 | |
Lindsay Corp. | | | 1,643 | | | | 194,383 | |
Liquidity Svcs., Inc.* | | | 3,377 | | | | 109,043 | |
Marten Transport Ltd. | | | 8,760 | | | | 136,744 | |
| | | | | | | | |
| | | Shares | | | Value | |
| COMMON STOCKS (CONTINUED): | |
| INDUSTRIALS (CONTINUED) | | | | | | |
Masterbrand, Inc.* | | | 19,254 | | | $ | 281,301 | |
Matson, Inc. | | | 5,031 | | | | 678,380 | |
Matthews International Corp. Cl A | | | 4,635 | | | | 128,297 | |
Mercury Systems, Inc.* | | | 7,679 | | | | 322,518 | |
MillerKnoll, Inc. | | | 10,478 | | | | 236,698 | |
Moog, Inc. Cl A | | | 4,358 | | | | 857,829 | |
MYR Group, Inc.* | | | 2,443 | | | | 363,445 | |
National Presto Industries, Inc. | | | 775 | | | | 76,276 | |
NV5 Global, Inc.* | | | 7,886 | | | | 148,572 | |
OPENLANE, Inc.* | | | 16,185 | | | | 321,110 | |
Pitney Bowes, Inc. | | | 23,945 | | | | 173,362 | |
Powell Industries, Inc. | | | 1,417 | | | | 314,078 | |
Proto Labs, Inc.* | | | 3,713 | | | | 145,141 | |
Quanex Building Products Corp. | | | 7,122 | | | | 172,637 | |
Resideo Technologies, Inc.* | | | 22,264 | | | | 513,185 | |
Robert Half, Inc. | | | 15,374 | | | | 1,083,252 | |
Rush Enterprises, Inc. Cl A | | | 9,441 | | | | 517,272 | |
RXO, Inc.* | | | 21,190 | | | | 505,170 | |
Schneider National, Inc. Cl B | | | 7,120 | | | | 208,474 | |
SkyWest, Inc.* | | | 6,108 | | | | 611,594 | |
SPX Technologies, Inc.* | | | 7,023 | | | | 1,021,987 | |
Standex International Corp. | | | 1,830 | | | | 342,192 | |
Sun Country Airlines Hldgs., Inc.* | | | 5,935 | | | | 86,532 | |
Sunrun, Inc.* | | | 33,983 | | | | 314,343 | |
Tennant Co. | | | 2,859 | | | | 233,094 | |
Titan International, Inc.* | | | 7,269 | | | | 49,357 | |
Trinity Industries, Inc. | | | 12,446 | | | | 436,855 | |
Triumph Group, Inc.* | | | 11,717 | | | | 218,639 | |
UniFirst Corp. | | | 2,274 | | | | 389,059 | |
Verra Mobility Corp. Cl A* | | | 24,965 | | | | 603,654 | |
Vestis Corp. | | | 17,328 | | | | 264,079 | |
Viad Corp.* | | | 3,212 | | | | 136,542 | |
Vicor Corp.* | | | 3,491 | | | | 168,685 | |
Wabash National Corp. | | | 6,565 | | | | 112,458 | |
Werner Enterprises, Inc. | | | 9,363 | | | | 336,319 | |
Zurn Elkay Water Solutions Corp. | | | 21,595 | | | | 805,494 | |
| | | | | | | | |
| | | | | | | 36,341,087 | |
| | | | | | | | |
| INFORMATION TECHNOLOGY (11.8%) | | | | | | |
A10 Networks, Inc. | | | 11,179 | | | | 205,694 | |
ACI Worldwide, Inc.* | | | 15,889 | | | | 824,798 | |
Adeia, Inc. | | | 16,552 | | | | 231,397 | |
Advanced Energy Industries, Inc. | | | 5,707 | | | | 659,900 | |
Agilysys, Inc.* | | | 3,388 | | | | 446,233 | |
Alarm.com Hldgs., Inc.* | | | 7,488 | | | | 455,270 | |
Alpha & Omega Semiconductor Ltd.* | | | 3,606 | | | | 133,530 | |
Arlo Technologies, Inc.* | | | 15,200 | | | | 170,088 | |
Axcelis Technologies, Inc.* | | | 4,924 | | | | 344,040 | |
Badger Meter, Inc. | | | 4,456 | | | | 945,207 | |
Benchmark Electronics, Inc. | | | 5,453 | | | | 247,566 | |
The accompanying notes are an integral part of these portfolio schedules.
24
MoA FUNDS — SMALL CAP EQUITY INDEX FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
December 31, 2024
| | | | | | | | |
| | | Shares | | | Value | |
| COMMON STOCKS (CONTINUED): | |
| INFORMATION TECHNOLOGY (CONTINUED) | |
Blackline, Inc.* | | | 7,857 | | | $ | 477,391 | |
Box, Inc. Cl A* | | | 21,696 | | | | 685,594 | |
Calix, Inc.* | | | 8,940 | | | | 311,738 | |
CEVA, Inc.* | | | 3,579 | | | | 112,917 | |
Clear Secure, Inc. Cl A | | | 14,241 | | | | 379,380 | |
Cohu, Inc.* | | | 7,061 | | | | 188,529 | |
Corsair Gaming, Inc.* | | | 6,820 | | | | 45,080 | |
CTS Corp. | | | 4,562 | | | | 240,554 | |
Digi International, Inc.* | | | 5,517 | | | | 166,779 | |
DigitalOcean Hldgs., Inc.* | | | 9,645 | | | | 328,605 | |
Diodes, Inc.* | | | 7,019 | | | | 432,862 | |
DoubleVerify Hldgs., Inc.* | | | 21,269 | | | | 408,577 | |
DXC Technology Co.* | | | 27,422 | | | | 547,892 | |
ePlus, Inc.* | | | 4,019 | | | | 296,924 | |
Extreme Networks, Inc.* | | | 20,015 | | | | 335,051 | |
FormFactor, Inc.* | | | 11,733 | | | | 516,252 | |
Grid Dynamics Hldgs., Inc.* | | | 9,346 | | | | 207,855 | |
Harmonic, Inc.* | | | 17,652 | | | | 233,536 | |
Ichor Hldgs. Ltd.* | | | 5,110 | | | | 164,644 | |
Impinj, Inc.* | | | 3,470 | | | | 504,052 | |
Insight Enterprises, Inc.* | | | 4,138 | | | | 629,390 | |
InterDigital, Inc. | | | 3,840 | | | | 743,885 | |
Itron, Inc.* | | | 6,831 | | | | 741,710 | |
Knowles Corp.* | | | 13,341 | | | | 265,886 | |
Kulicke & Soffa Industries, Inc. | | | 8,161 | | | | 380,792 | |
LiveRamp Hldgs., Inc.* | | | 9,887 | | | | 300,268 | |
MARA Hldgs., Inc.* | | | 48,750 | | | | 817,537 | |
MaxLinear, Inc. Cl A* | | | 11,629 | | | | 230,022 | |
N-able, Inc.* | | | 10,693 | | | | 99,873 | |
NCR Voyix Corp.* | | | 22,111 | | | | 306,016 | |
NetScout Systems, Inc.* | | | 10,863 | | | | 235,293 | |
OSI Systems, Inc.* | | | 2,355 | | | | 394,298 | |
PC Connection, Inc. | | | 1,872 | | | | 129,673 | |
PDF Solutions, Inc.* | | | 4,699 | | | | 127,249 | |
Penguin Solutions, Inc.* | | | 8,072 | | | | 154,902 | |
Photronics, Inc.* | | | 9,597 | | | | 226,105 | |
Plexus Corp.* | | | 4,125 | | | | 645,480 | |
Progress Software Corp. | | | 6,500 | | | | 423,475 | |
Qorvo, Inc.* | | | 14,318 | | | | 1,001,258 | |
Rogers Corp.* | | | 2,573 | | | | 261,443 | |
Sanmina Corp.* | | | 8,278 | | | | 626,396 | |
ScanSource, Inc.* | | | 3,320 | | | | 157,534 | |
Semtech Corp.* | | | 12,778 | | | | 790,319 | |
SiTime Corp.* | | | 2,866 | | | | 614,843 | |
SolarEdge Technologies, Inc.* | | | 8,778 | | | | 119,381 | |
SolarWinds Corp. | | | 8,268 | | | | 117,819 | |
Sprinklr, Inc. Cl A* | | | 16,806 | | | | 142,011 | |
SPS Commerce, Inc.* | | | 5,690 | | | | 1,046,903 | |
TTM Technologies, Inc.* | | | 15,447 | | | | 382,313 | |
Ultra Clean Hldgs., Inc.* | | | 6,826 | | | | 245,395 | |
Veeco Instruments, Inc.* | | | 8,601 | | | | 230,507 | |
Viasat, Inc.* | | | 12,837 | | | | 109,243 | |
Viavi Solutions, Inc.* | | | 33,600 | | | | 339,360 | |
Vishay Intertechnology, Inc. | | | 17,057 | | | | 288,946 | |
Wolfspeed, Inc.* | | | 19,345 | | | | 128,838 | |
| | | | | | | | |
| | | Shares | | | Value | |
| COMMON STOCKS (CONTINUED): | |
| INFORMATION TECHNOLOGY (CONTINUED) | |
Xerox Hldgs. Corp. | | | 17,522 | | | $ | 147,710 | |
| | | | | | | | |
| | | | | | | 24,850,008 | |
| | | | | | | | |
| MATERIALS (4.3%) | | | | | | |
AdvanSix, Inc. | | | 4,050 | | | | 115,385 | |
Alpha Metallurgical Resources, Inc.* | | | 1,657 | | | | 331,599 | |
Arch Resources, Inc. | | | 2,744 | | | | 387,508 | |
ATI, Inc.* | | | 21,607 | | | | 1,189,249 | |
Balchem Corp. | | | 4,925 | | | | 802,750 | |
Century Aluminum Co.* | | | 7,872 | | | | 143,428 | |
Hawkins, Inc. | | | 2,883 | | | | 353,658 | |
HB Fuller Co. | | | 8,275 | | | | 558,397 | |
Ingevity Corp.* | | | 5,507 | | | | 224,410 | |
Innospec, Inc. | | | 3,779 | | | | 415,917 | |
Kaiser Aluminum Corp. | | | 2,415 | | | | 169,702 | |
Koppers Hldgs., Inc. | | | 3,071 | | | | 99,500 | |
Materion Corp. | | | 3,144 | | | | 310,879 | |
Mativ Hldgs., Inc. | | | 8,231 | | | | 89,718 | |
Metallus, Inc.* | | | 5,665 | | | | 80,046 | |
Minerals Technologies, Inc. | | | 4,831 | | | | 368,171 | |
MP Materials Corp.* | | | 18,295 | | | | 285,402 | |
O-I Glass, Inc.* | | | 23,426 | | | | 253,938 | |
Quaker Chemical Corp. | | | 2,075 | | | | 292,077 | |
Sealed Air Corp. | | | 22,070 | | | | 746,628 | |
Sensient Technologies Corp. | | | 6,417 | | | | 457,275 | |
Stepan Co. | | | 3,204 | | | | 207,299 | |
SunCoke Energy, Inc. | | | 12,739 | | | | 136,307 | |
Sylvamo Corp. | | | 5,218 | | | | 412,326 | |
Warrior Met Coal, Inc. | | | 7,925 | | | | 429,852 | |
Worthington Steel, Inc. | | | 5,307 | | | | 168,869 | |
| | | | | | | | |
| | | | | | | 9,030,290 | |
| | | | | | | | |
| REAL ESTATE (7.4%) | | | | | | |
Acadia Realty Trust | | | 18,125 | | | | 437,900 | |
Alexander & Baldwin, Inc. | | | 11,003 | | | | 195,193 | |
American Assets Trust, Inc. | | | 7,196 | | | | 188,967 | |
Apple Hospitality REIT, Inc. | | | 33,800 | | | | 518,830 | |
Armada Hoffler Properties, Inc. | | | 12,071 | | | | 123,486 | |
Brandywine Realty Trust | | | 26,156 | | | | 146,474 | |
CareTrust REIT, Inc. | | | 28,374 | | | | 767,517 | |
Centerspace | | | 2,510 | | | | 166,036 | |
Curbline Properties Corp. | | | 14,321 | | | | 332,534 | |
Cushman & Wakefield PLC* | | | 34,763 | | | | 454,700 | |
DiamondRock Hospitality Co. | | | 31,446 | | | | 283,957 | |
Douglas Emmett, Inc. | | | 25,363 | | | | 470,737 | |
Easterly Government Properties, Inc. Cl A | | | 15,046 | | | | 170,923 | |
Elme Communities | | | 13,332 | | | | 203,580 | |
Essential Properties Realty Trust, Inc. | | | 26,559 | | | | 830,765 | |
eXp World Hldgs., Inc. | | | 12,793 | | | | 147,247 | |
Four Corners Property Trust, Inc. | | | 14,653 | | | | 397,682 | |
Getty Realty Corp. | | | 7,667 | | | | 231,007 | |
Global Net Lease, Inc. | | | 30,001 | | | | 219,007 | |
Highwoods Properties, Inc. | | | 16,060 | | | | 491,115 | |
The accompanying notes are an integral part of these portfolio schedules.
25
MoA FUNDS — SMALL CAP EQUITY INDEX FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
December 31, 2024
| | | | | | | | |
| | | Shares | | | Value | |
| COMMON STOCKS (CONTINUED): | |
| REAL ESTATE (CONTINUED) | | | | | | |
Innovative Industrial Properties, Inc. Cl A | | | 4,292 | | | $ | 286,019 | |
JBG SMITH Properties | | | 12,797 | | | | 196,690 | |
Kennedy-Wilson Hldgs., Inc. | | | 17,901 | | | | 178,831 | |
LTC Properties, Inc. | | | 6,856 | | | | 236,875 | |
LXP Industrial Trust | | | 44,612 | | | | 362,249 | |
Macerich Co. | | | 37,191 | | | | 740,845 | |
Marcus & Millichap, Inc. | | | 3,647 | | | | 139,534 | |
Medical Properties Trust, Inc. | | | 90,948 | | | | 359,245 | |
NexPoint Residential Trust, Inc. | | | 3,348 | | | | 139,779 | |
Outfront Media, Inc. | | | 20,869 | | | | 370,216 | |
Pebblebrook Hotel Trust | | | 18,131 | | | | 245,675 | |
Phillips Edison & Co., Inc. | | | 18,572 | | | | 695,707 | |
Retail Opportunity Investments Corp. | | | 19,358 | | | | 336,055 | |
Safehold, Inc. | | | 6,926 | | | | 127,992 | |
Saul Centers, Inc. | | | 1,831 | | | | 71,043 | |
SITE Centers Corp. | | | 7,148 | | | | 109,293 | |
SL Green Realty Corp. | | | 10,706 | | | | 727,152 | |
St Joe Co. | | | 5,750 | | | | 258,347 | |
Summit Hotel Properties, Inc. | | | 16,423 | | | | 112,498 | |
Sunstone Hotel Investors, Inc. | | | 30,433 | | | | 360,327 | |
Tanger, Inc. | | | 16,767 | | | | 572,258 | |
Terreno Realty Corp. | | | 15,107 | | | | 893,428 | |
| | | | | | | | |
| | | Shares | | | Value | |
| COMMON STOCKS (CONTINUED): | |
| REAL ESTATE (CONTINUED) | | | | | | |
Uniti Group, Inc. | | | 36,979 | | | $ | 203,384 | |
Universal Health Realty Income Trust | | | 1,931 | | | | 71,852 | |
Urban Edge Properties | | | 18,915 | | | | 406,672 | |
Veris Residential, Inc. | | | 12,244 | | | | 203,618 | |
Whitestone REIT Cl B | | | 6,751 | | | | 95,662 | |
Xenia Hotels & Resorts, Inc. | | | 15,424 | | | | 229,201 | |
| | | | | | | | |
| | | | | | | 15,508,104 | |
| | | | | | | | |
| UTILITIES (2.1%) | | | | |
American States Water Co. | | | 5,725 | | | | 444,947 | |
Avista Corp. | | | 11,994 | | | | 439,340 | |
California Water Svc. Group | | | 9,008 | | | | 408,333 | |
Chesapeake Utilities Corp. | | | 3,450 | | | | 418,657 | |
Clearway Energy, Inc. Cl A | | | 5,244 | | | | 128,216 | |
Clearway Energy, Inc. Cl C | | | 12,548 | | | | 326,248 | |
MDU Resources Group, Inc. | | | 30,885 | | | | 556,548 | |
MGE Energy, Inc. | | | 5,485 | | | | 515,371 | |
Middlesex Water Co. | | | 2,705 | | | | 142,364 | |
Northwest Natural Hldg. Co. | | | 6,079 | | | | 240,485 | |
Otter Tail Corp. | | | 6,337 | | | | 467,924 | |
SJW Group | | | 4,583 | | | | 225,575 | |
Unitil Corp. | | | 2,453 | | | | 132,928 | |
| | | | | | | | |
| | | | | | | 4,446,936 | |
| | | | | | | | |
| TOTAL COMMON STOCKS | | | | |
(Cost: $188,784,219) | | | | | | | 209,648,431 | |
| | | | | | | | |
| | | | | | | | | | | | | | | | |
| | | | | | Rate(%) | | Maturity | | Face Amount | | | Value | |
| TEMPORARY CASH INVESTMENT (0.1%) | | | | | | | | | | | | | |
JP Morgan Chase, New York Time Deposit | | | | | | 3.58 | | 01/02/25 | | $ | 154,287 | | | $ | 154,287 | |
| | | | | | | | | | | | | | | | |
TOTAL TEMPORARY CASH INVESTMENT
(Cost: $154,287) | | | | 154,287 | |
| | | | | | | | | | | | | | | | |
TOTAL INVESTMENTS
(Cost: $188,938,506) 99.9% | | | | 209,802,718 | |
| | | | | | | | | | | | | | | | |
OTHER NET ASSETS 0.1% | | | | 231,219 | |
| | | | | | | | | | | | | | | | |
NET ASSETS 100.0% | | | $ | 210,033,937 | |
| | | | | | | | | | | | | | | | |
FOOTNOTES TO PORTFOLIO OF INVESTMENTS IN SECURITIES
| * | Non-income producing security. |
The accompanying notes are an integral part of these portfolio schedules.
26
MoA FUNDS — MID CAP VALUE FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES
December 31, 2024
| | | | | | | | |
| | | Shares | | | Value | |
| COMMON STOCKS (97.1%): | |
| COMMUNICATION SERVICES (1.7%) | |
Take-Two Interactive Software, Inc.* | | | 19,040 | | | $ | 3,504,883 | |
| | | | | | | | |
CONSUMER DISCRETIONARY (8.0%) | |
Ollie’s Bargain Outlet Hldgs., Inc.* | | | 22,582 | | | | 2,477,923 | |
Taylor Morrison Home Corp. Cl A* | | | 63,369 | | | | 3,878,816 | |
Tractor Supply Co. | | | 45,915 | | | | 2,436,250 | |
Vail Resorts, Inc. | | | 22,413 | | | | 4,201,317 | |
Wyndham Hotels & Resorts, Inc. | | | 40,573 | | | | 4,089,353 | |
| | | | | | | | |
| | | | | | | 17,083,659 | |
| | | | | | | | |
| CONSUMER STAPLES (5.2%) | |
Kenvue, Inc. | | | 110,318 | | | | 2,355,289 | |
Lamb Weston Hldgs., Inc. | | | 70,175 | | | | 4,689,795 | |
Performance Food Group Co.* | | | 47,979 | | | | 4,056,625 | |
| | | | | | | | |
| | | | | | | 11,101,709 | |
| | | | | | | | |
| ENERGY (6.8%) | | | | | | |
Baker Hughes Co. Cl A | | | 130,170 | | | | 5,339,573 | |
Devon Energy Corp. | | | 92,957 | | | | 3,042,482 | |
MPLX LP | | | 46,930 | | | | 2,246,070 | |
Williams Cos., Inc. | | | 72,439 | | | | 3,920,399 | |
| | | | | | | | |
| | | | | | | 14,548,524 | |
| | | | | | | | |
| FINANCIALS (17.2%) | | | | | | |
American Financial Group, Inc. | | | 39,644 | | | | 5,428,453 | |
Ameriprise Financial, Inc. | | | 10,003 | | | | 5,325,897 | |
Arch Capital Group Ltd. | | | 36,963 | | | | 3,413,533 | |
East West Bancorp, Inc. | | | 41,546 | | | | 3,978,445 | |
Fifth Third Bancorp | | | 59,576 | | | | 2,518,873 | |
Hartford Financial Svcs. Group, Inc. | | | 27,745 | | | | 3,035,303 | |
Janus Henderson Group PLC | | | 75,206 | | | | 3,198,511 | |
M&T Bank Corp. | | | 15,616 | | | | 2,935,964 | |
Reinsurance Group of America, Inc. | | | 17,443 | | | | 3,726,348 | |
Shift4 Payments, Inc. Cl A* | | | 20,207 | | | | 2,097,083 | |
Starwood Property Trust, Inc. | | | 55,173 | | | | 1,045,529 | |
| | | | | | | | |
| | | | | | | 36,703,939 | |
| | | | | | | | |
| HEALTH CARE (7.3%) | | | | | | |
Agilent Technologies, Inc. | | | 10,589 | | | | 1,422,526 | |
Bio-Techne Corp. | | | 21,576 | | | | 1,554,119 | |
Centene Corp.* | | | 32,365 | | | | 1,960,672 | |
Envista Hldgs. Corp.* | | | 94,564 | | | | 1,824,139 | |
Fortrea Hldgs., Inc.* | | | 56,600 | | | | 1,055,590 | |
Humana, Inc. | | | 6,636 | | | | 1,683,620 | |
IQVIA Hldgs., Inc.* | | | 8,063 | | | | 1,584,460 | |
Neogen Corp.* | | | 85,598 | | | | 1,039,160 | |
Teleflex, Inc. | | | 19,240 | | | | 3,424,335 | |
| | | | | | | | |
| | | | | | | 15,548,621 | |
| | | | | | | | |
| | | | | | | | |
| | | Shares | | | Value | |
| COMMON STOCKS (CONTINUED): | |
| INDUSTRIALS (17.9%) | | | | | | |
AMETEK, Inc. | | | 19,163 | | | $ | 3,454,322 | |
Applied Industrial Technologies, Inc. | | | 13,557 | | | | 3,246,495 | |
Builders FirstSource, Inc.* | | | 21,879 | | | | 3,127,166 | |
Carlisle Cos., Inc. | | | 11,305 | | | | 4,169,736 | |
Clean Harbors, Inc.* | | | 18,055 | | | | 4,155,178 | |
Crane Co. | | | 29,420 | | | | 4,464,485 | |
Dover Corp. | | | 20,724 | | | | 3,887,823 | |
First Advantage Corp.* | | | 202,196 | | | | 3,787,131 | |
KBR, Inc. | | | 31,238 | | | | 1,809,617 | |
Mueller Industries, Inc. | | | 45,937 | | | | 3,645,560 | |
Veralto Corp. | | | 24,165 | | | | 2,461,205 | |
| | | | | | | | |
| | | | | | | 38,208,718 | |
| | | | | | | | |
| INFORMATION TECHNOLOGY (7.3%) | | | | | | |
Amphenol Corp. Cl A | | | 33,121 | | | | 2,300,253 | |
Ciena Corp.* | | | 24,252 | | | | 2,056,812 | |
MKS Instruments, Inc. | | | 17,209 | | | | 1,796,447 | |
ON Semiconductor Corp.* | | | 24,031 | | | | 1,515,155 | |
PTC, Inc.* | | | 7,980 | | | | 1,467,283 | |
Teledyne Technologies, Inc.* | | | 8,467 | | | | 3,929,789 | |
Vontier Corp. | | | 69,608 | | | | 2,538,604 | |
| | | | | | | | |
| | | | | | | 15,604,343 | |
| | | | | | | | |
| MATERIALS (6.7%) | | | | | | |
Ashland, Inc. | | | 56,087 | | | | 4,007,977 | |
Axalta Coating Systems Ltd.* | | | 59,138 | | | | 2,023,702 | |
Crown Hldgs., Inc. | | | 70,434 | | | | 5,824,188 | |
FMC Corp. | | | 47,207 | | | | 2,294,732 | |
| | | | | | | | |
| | | | | | | 14,150,599 | |
| | | | | | | | |
| REAL ESTATE (8.5%) | | | | | | |
Alexandria Real Estate Equities, Inc. | | | 12,252 | | | | 1,195,183 | |
Camden Property Trust | | | 20,525 | | | | 2,381,721 | |
Gaming & Leisure Properties, Inc. | | | 68,953 | | | | 3,320,776 | |
Healthpeak Properties, Inc. | | | 146,065 | | | | 2,960,738 | |
Sun Communities, Inc. | | | 14,639 | | | | 1,800,158 | |
Terreno Realty Corp. | | | 24,760 | | | | 1,464,306 | |
Ventas, Inc. | | | 38,905 | | | | 2,291,115 | |
Weyerhaeuser Co. | | | 97,290 | | | | 2,738,714 | |
| | | | | | | | |
| | | | | | | 18,152,711 | |
| | | | | | | | |
| UTILITIES (10.5%) | | | | | | |
Ameren Corp. | | | 41,932 | | | | 3,737,818 | |
Atmos Energy Corp. | | | 16,987 | | | | 2,365,779 | |
Entergy Corp. | | | 48,916 | | | | 3,708,811 | |
Evergy, Inc. | | | 83,481 | | | | 5,138,256 | |
PPL Corp. | | | 65,649 | | | | 2,130,967 | |
Public Svc. Enterprise Group, Inc. | | | 62,417 | | | | 5,273,612 | |
| | | | | | | | |
| | | | | | | 22,355,243 | |
| | | | | | | | |
TOTAL COMMON STOCKS | | | | | | | | |
(Cost: $178,646,853) | | | | | | | 206,962,949 | |
| | | | | | | | |
The accompanying notes are an integral part of these portfolio schedules.
27
MoA FUNDS — MID CAP VALUE FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
December 31, 2024
| | | | | | | | | | | | | | |
| | | Rating** | | Rate(%) | | Maturity | | Face Amount | | | Value | |
| SHORT-TERM DEBT SECURITIES (2.6%): | | | | | | | | | | | | |
| U.S. GOVERNMENT (2.6%) | | | | | | | | | | | | |
U.S. Treasury Bill | | A-1+ | | 4.24 | | 01/21/25 | | $ | 1,500,000 | | | $ | 1,496,478 | |
U.S. Treasury Bill | | A-1+ | | 4.40 | | 01/28/25 | | | 4,000,000 | | | | 3,986,875 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 5,483,353 | |
| | | | | | | | | | | | | | |
TOTAL SHORT-TERM DEBT SECURITIES
(Cost: $5,483,353) | | | | 5,483,353 | |
| | | | | | | | | | | | | | |
| TEMPORARY CASH INVESTMENT (0.2%) | | | | | | | | | | | | |
JP Morgan Chase, New York Time Deposit | | | | 3.58 | | 01/02/25 | | | 351,773 | | | | 351,773 | |
| | | | | | | | | | | | | | |
TOTAL TEMPORARY CASH INVESTMENT
(Cost: $351,773) | | | | 351,773 | |
| | | | | | | | | | | | | | |
TOTAL INVESTMENTS
(Cost: $184,481,979) 99.9% | | | | 212,798,075 | |
| | | | | | | | | | | | | | |
OTHER NET ASSETS 0.1% | | | | 255,199 | |
| | | | | | | | | | | | | | |
NET ASSETS 100.0% | | | $ | 213,053,274 | |
| | | | | | | | | | | | | | |
FOOTNOTES TO PORTFOLIO OF INVESTMENTS IN SECURITIES
| * | Non-income producing security. |
| ** | Ratings as per Standard & Poor’s Corporation (unaudited). |
The accompanying notes are an integral part of these portfolio schedules.
28
MoA FUNDS — MID CAP EQUITY INDEX FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES
December 31, 2024
| | | | | | | | |
| | | Shares | | | Value | |
| COMMON STOCKS (98.7%): | |
| COMMUNICATION SERVICES (1.4%) | |
Frontier Communications Parent, Inc.* | | | 115,867 | | | $ | 4,020,585 | |
Iridium Communications, Inc. | | | 59,521 | | | | 1,727,299 | |
New York Times Co. Cl A | | | 85,310 | | | | 4,440,385 | |
Nexstar Media Group, Inc. Cl A | | | 15,246 | | | | 2,408,411 | |
TKO Group Hldgs., Inc. Cl A* | | | 34,789 | | | | 4,943,865 | |
Warner Music Group Corp. Cl A | | | 74,032 | | | | 2,294,992 | |
ZoomInfo Technologies, Inc. Cl A* | | | 141,819 | | | | 1,490,518 | |
| | | | | | | | |
| | | | | | | 21,326,055 | |
| | | | | | | | |
| CONSUMER DISCRETIONARY (14.1%) | |
Abercrombie & Fitch Co. Cl A* | | | 26,704 | | | | 3,991,447 | |
Aramark | | | 137,733 | | | | 5,138,818 | |
Autoliv, Inc. | | | 37,879 | | | | 3,552,671 | |
AutoNation, Inc.* | | | 13,680 | | | | 2,323,411 | |
Boyd Gaming Corp. | | | 34,659 | | | | 2,514,164 | |
Brunswick Corp. | | | 34,497 | | | | 2,231,266 | |
Burlington Stores, Inc.* | | | 32,927 | | | | 9,386,171 | |
Capri Hldgs. Ltd.* | | | 61,636 | | | | 1,298,054 | |
Chewy, Inc. Cl A* | | | 86,152 | | | | 2,885,230 | |
Choice Hotels International, Inc. | | | 11,680 | | | | 1,658,326 | |
Churchill Downs, Inc. | | | 38,425 | | | | 5,131,274 | |
Columbia Sportswear Co. | | | 16,745 | | | | 1,405,408 | |
Crocs, Inc.* | | | 30,471 | | | | 3,337,489 | |
Dick’s Sporting Goods, Inc. | | | 30,240 | | | | 6,920,122 | |
Duolingo, Inc. Cl A* | | | 19,812 | | | | 6,423,645 | |
Five Below, Inc.* | | | 28,757 | | | | 3,018,335 | |
Floor & Decor Hldgs., Inc. Cl A* | | | 56,061 | | | | 5,589,282 | |
GameStop Corp. Cl A* | | | 212,430 | | | | 6,657,556 | |
Gap, Inc. | | | 116,078 | | | | 2,742,923 | |
Gentex Corp. | | | 118,904 | | | | 3,416,112 | |
Goodyear Tire & Rubber Co.* | | | 148,959 | | | | 1,340,631 | |
Graham Hldgs. Co. Cl B | | | 1,762 | | | | 1,536,323 | |
Grand Canyon Education, Inc.* | | | 15,028 | | | | 2,461,586 | |
H&R Block, Inc. | | | 71,650 | | | | 3,785,986 | |
Harley-Davidson, Inc. | | | 59,912 | | | | 1,805,149 | |
Hilton Grand Vacations, Inc.* | | | 32,440 | | | | 1,263,538 | |
Hyatt Hotels Corp. Cl A | | | 22,110 | | | | 3,470,828 | |
KB Home | | | 36,825 | | | | 2,420,139 | |
Lear Corp. | | | 28,411 | | | | 2,690,522 | |
Light & Wonder, Inc. Cl A* | | | 46,169 | | | | 3,988,078 | |
Lithia Motors, Inc. Cl A | | | 13,927 | | | | 4,977,928 | |
Macy’s, Inc. | | | 145,013 | | | | 2,455,070 | |
Marriott Vacations Worldwide Corp. | | | 16,792 | | | | 1,507,922 | |
| | | | | | | | |
| | | Shares | | | Value | |
| COMMON STOCKS (CONTINUED): | |
| CONSUMER DISCRETIONARY (CONTINUED) | |
Mattel, Inc.* | | | 176,135 | | | $ | 3,122,874 | |
Murphy USA, Inc. | | | 9,634 | | | | 4,833,859 | |
Nordstrom, Inc. | | | 50,652 | | | | 1,223,246 | |
Ollie’s Bargain Outlet Hldgs., Inc.* | | | 32,073 | | | | 3,519,370 | |
Penske Automotive Group, Inc. | | | 9,774 | | | | 1,489,949 | |
Planet Fitness, Inc. Cl A* | | | 44,011 | | | | 4,351,368 | |
Polaris, Inc. | | | 27,407 | | | | 1,579,191 | |
PVH Corp. | | | 29,180 | | | | 3,085,785 | |
RH* | | | 7,827 | | | | 3,080,629 | |
Service Corp. International | | | 75,614 | | | | 6,035,509 | |
Skechers USA, Inc. Cl A* | | | 68,799 | | | | 4,626,045 | |
Taylor Morrison Home Corp. Cl A* | | | 54,100 | | | | 3,311,461 | |
Tempur Sealy International, Inc. | | | 90,785 | | | | 5,146,602 | |
Texas Roadhouse, Inc. Cl A | | | 34,878 | | | | 6,293,037 | |
Thor Industries, Inc. | | | 27,763 | | | | 2,657,197 | |
Toll Brothers, Inc. | | | 52,790 | | | | 6,648,900 | |
TopBuild Corp.* | | | 15,330 | | | | 4,772,842 | |
Travel + Leisure Co. | | | 35,763 | | | | 1,804,243 | |
Under Armour, Inc. Cl A* | | | 98,718 | | | | 817,385 | |
Under Armour, Inc. Cl C* | | | 67,783 | | | | 505,661 | |
Vail Resorts, Inc. | | | 19,586 | | | | 3,671,396 | |
Valvoline, Inc.* | | | 67,372 | | | | 2,437,519 | |
Visteon Corp.* | | | 14,439 | | | | 1,281,028 | |
Wendy’s Co. | | | 89,520 | | | | 1,459,176 | |
Whirlpool Corp. | | | 28,827 | | | | 3,300,115 | |
Williams-Sonoma, Inc. | | | 66,052 | | | | 12,231,509 | |
Wingstop, Inc. | | | 15,273 | | | | 4,340,587 | |
Wyndham Hotels & Resorts, Inc. | | | 40,669 | | | | 4,099,028 | |
YETI Hldgs., Inc.* | | | 44,347 | | | | 1,707,803 | |
| | | | | | | | |
| | | | | | | 216,758,718 | |
| | | | | | | | |
| CONSUMER STAPLES (4.4%) | | | | | | |
BellRing Brands, Inc.* | | | 67,569 | | | | 5,090,649 | |
BJ’s Wholesale Club Hldgs., Inc.* | | | 69,317 | | | | 6,193,474 | |
Boston Beer Co., Inc. Cl A* | | | 4,499 | | | | 1,349,610 | |
Casey’s General Stores, Inc. | | | 19,404 | | | | 7,688,447 | |
Celsius Hldgs., Inc.* | | | 82,327 | | | | 2,168,493 | |
Coca-Cola Consolidated, Inc. | | | 3,081 | | | | 3,882,029 | |
Coty, Inc. Cl A* | | | 191,012 | | | | 1,329,444 | |
Darling Ingredients, Inc.* | | | 83,151 | | | | 2,801,357 | |
elf Beauty, Inc.* | | | 29,450 | | | | 3,697,448 | |
Flowers Foods, Inc. | | | 102,395 | | | | 2,115,481 | |
Ingredion, Inc. | | | 34,065 | | | | 4,685,981 | |
Lancaster Colony Corp. | | | 10,088 | | | | 1,746,636 | |
Performance Food Group Co.* | | | 81,456 | | | | 6,887,105 | |
The accompanying notes are an integral part of these portfolio schedules.
29
MoA FUNDS — MID CAP EQUITY INDEX FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
December 31, 2024
| | | | | | | | |
| | | Shares | | | Value | |
| COMMON STOCKS (CONTINUED): | |
| CONSUMER STAPLES (CONTINUED) | | | | | | |
Pilgrim’s Pride Corp.* | | | 21,074 | | | $ | 956,549 | |
Post Hldgs., Inc.* | | | 24,753 | | | | 2,833,228 | |
Sprouts Farmers Market, Inc.* | | | 52,276 | | | | 6,642,711 | |
US Foods Hldg. Corp.* | | | 121,783 | | | | 8,215,481 | |
| | | | | | | | |
| | | | | | | 68,284,123 | |
| | | | | | | | |
| ENERGY (4.5%) | | | | | | |
Antero Midstream Corp. | | | 176,148 | | | | 2,658,073 | |
Antero Resources Corp.* | | | 152,919 | | | | 5,359,811 | |
ChampionX Corp. | | | 99,595 | | | | 2,707,988 | |
Chord Energy Corp. | | | 31,960 | | | | 3,736,763 | |
Civitas Resources, Inc. | | | 46,422 | | | | 2,129,377 | |
CNX Resources Corp.* | | | 78,041 | | | | 2,861,763 | |
DT Midstream, Inc. | | | 50,794 | | | | 5,050,447 | |
Expand Energy Corp. | | | 109,916 | | | | 10,942,138 | |
HF Sinclair Corp. | | | 83,613 | | | | 2,930,636 | |
Matador Resources Co. | | | 60,666 | | | | 3,413,069 | |
Murphy Oil Corp. | | | 71,674 | | | | 2,168,855 | |
NOV, Inc. | | | 203,418 | | | | 2,969,903 | |
Ovintiv, Inc. | | | 136,101 | | | | 5,512,091 | |
PBF Energy, Inc. Cl A | | | 51,160 | | | | 1,358,298 | |
Permian Resources Corp. Cl A | | | 332,708 | | | | 4,784,341 | |
Range Resources Corp. | | | 126,160 | | | | 4,539,237 | |
Valaris Ltd.* | | | 34,207 | | | | 1,513,318 | |
Viper Energy, Inc. Cl A | | | 53,837 | | | | 2,641,782 | |
Weatherford International PLC | | | 37,984 | | | | 2,720,794 | |
| | | | | | | | |
| | | | | | | 69,998,684 | |
| | | | | | | | |
| FINANCIALS (17.8%) | | | | | | |
Affiliated Managers Group, Inc. | | | 15,801 | | | | 2,921,921 | |
Ally Financial, Inc. | | | 143,377 | | | | 5,163,006 | |
American Financial Group, Inc. | | | 37,736 | | | | 5,167,190 | |
Annaly Capital Management, Inc. | | | 293,060 | | | | 5,362,998 | |
Associated Banc-Corp. | | | 84,129 | | | | 2,010,683 | |
Bank OZK | | | 55,159 | | | | 2,456,230 | |
Brighthouse Financial, Inc.* | | | 31,031 | | | | 1,490,729 | |
Cadence Bank | | | 95,657 | | | | 3,295,384 | |
Carlyle Group, Inc. | | | 110,329 | | | | 5,570,511 | |
CNO Financial Group, Inc. | | | 53,959 | | | | 2,007,814 | |
Columbia Banking System, Inc. | | | 109,545 | | | | 2,958,810 | |
Comerica, Inc. | | | 68,756 | | | | 4,252,559 | |
Commerce Bancshares, Inc. | | | 64,056 | | | | 3,991,329 | |
Cullen/Frost Bankers, Inc. | | | 33,528 | | | | 4,501,134 | |
East West Bancorp, Inc. | | | 72,476 | | | | 6,940,302 | |
Equitable Hldgs., Inc. | | | 163,816 | | | | 7,727,201 | |
Essent Group Ltd. | | | 55,529 | | | | 3,022,999 | |
Euronet Worldwide, Inc.* | | | 21,591 | | | | 2,220,418 | |
Evercore, Inc. Cl A | | | 18,510 | | | | 5,130,787 | |
| | | | | | | | |
| | | Shares | | | Value | |
| COMMON STOCKS (CONTINUED): | |
| FINANCIALS (CONTINUED) | | | | | | |
Federated Hermes, Inc. Cl B | | | 40,737 | | | $ | 1,674,698 | |
Fidelity National Financial, Inc. | | | 135,908 | | | | 7,629,875 | |
First American Financial Corp. | | | 53,851 | | | | 3,362,456 | |
First Financial Bankshares, Inc. | | | 67,243 | | | | 2,424,110 | |
First Horizon Corp. | | | 277,162 | | | | 5,582,043 | |
FirstCash Hldgs., Inc. | | | 20,355 | | | | 2,108,778 | |
Flagstar Financial, Inc. | | | 158,429 | | | | 1,478,143 | |
FNB Corp. | | | 187,995 | | | | 2,778,566 | |
Glacier Bancorp, Inc. | | | 59,285 | | | | 2,977,293 | |
Hamilton Lane, Inc. Cl A | | | 21,837 | | | | 3,232,968 | |
Hancock Whitney Corp. | | | 44,994 | | | | 2,462,072 | |
Hanover Insurance Group, Inc. | | | 18,838 | | | | 2,913,485 | |
Home BancShares, Inc. | | | 96,659 | | | | 2,735,450 | |
Houlihan Lokey, Inc. Cl A | | | 28,015 | | | | 4,865,085 | |
Interactive Brokers Group, Inc.
Cl A | | | 56,923 | | | | 10,056,586 | |
International Bancshares Corp. | | | 27,967 | | | | 1,766,396 | |
Janus Henderson Group PLC | | | 66,500 | | | | 2,828,245 | |
Jefferies Financial Group, Inc. | | | 84,875 | | | | 6,654,200 | |
Kemper Corp. | | | 31,475 | | | | 2,091,199 | |
Kinsale Capital Group, Inc. | | | 11,566 | | | | 5,379,694 | |
MGIC Investment Corp. | | | 132,462 | | | | 3,140,674 | |
Morningstar, Inc. | | | 14,124 | | | | 4,756,398 | |
Old National Bancorp | | | 166,761 | | | | 3,619,548 | |
Old Republic International Corp. | | | 121,958 | | | | 4,413,660 | |
Pinnacle Financial Partners, Inc. | | | 40,012 | | | | 4,576,973 | |
Primerica, Inc. | | | 17,447 | | | | 4,735,465 | |
Prosperity Bancshares, Inc. | | | 49,805 | | | | 3,752,807 | |
Reinsurance Group of America, Inc. Cl A | | | 34,434 | | | | 7,356,135 | |
RenaissanceRe Hldgs. Ltd. | | | 27,155 | | | | 6,756,436 | |
RLI Corp. | | | 21,799 | | | | 3,593,129 | |
Ryan Specialty Hldgs., Inc. Cl A | | | 55,625 | | | | 3,568,900 | |
SEI Investments Co. | | | 51,221 | | | | 4,224,708 | |
Selective Insurance Group, Inc. | | | 31,783 | | | | 2,972,346 | |
Shift4 Payments, Inc. Cl A* | | | 35,898 | | | | 3,725,494 | |
SLM Corp. | | | 111,009 | | | | 3,061,628 | |
SouthState Corp. | | | 39,886 | | | | 3,967,859 | |
Starwood Property Trust, Inc. | | | 167,456 | | | | 3,173,291 | |
Stifel Financial Corp. | | | 53,512 | | | | 5,676,553 | |
The accompanying notes are an integral part of these portfolio schedules.
30
MoA FUNDS — MID CAP EQUITY INDEX FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
December 31, 2024
| | | | | | | | |
| | | Shares | | | Value | |
| COMMON STOCKS (CONTINUED): | |
| FINANCIALS (CONTINUED) | | | | | | |
Synovus Financial Corp. | | | 74,064 | | | $ | 3,794,299 | |
Texas Capital Bancshares, Inc.* | | | 24,160 | | | | 1,889,312 | |
UMB Financial Corp. | | | 23,216 | | | | 2,620,158 | |
United Bankshares, Inc. | | | 70,529 | | | | 2,648,364 | |
Unum Group | | | 87,834 | | | | 6,414,517 | |
Valley National Bancorp | | | 248,220 | | | | 2,248,873 | |
Voya Financial, Inc. | | | 50,304 | | | | 3,462,424 | |
Webster Financial Corp. | | | 89,614 | | | | 4,948,485 | |
Western Alliance Bancorp | | | 57,022 | | | | 4,763,618 | |
Western Union Co. | | | 176,605 | | | | 1,872,013 | |
WEX, Inc.* | | | 20,799 | | | | 3,646,481 | |
Wintrust Financial Corp. | | | 34,762 | | | | 4,335,169 | |
Zions Bancorporation | | | 77,224 | | | | 4,189,402 | |
| | | | | | | | |
| | | | | | | 275,098,466 | |
| | | | | | | | |
| HEALTH CARE (9.2%) | | | | | | |
Acadia Healthcare Co., Inc.* | | | 48,561 | | | | 1,925,444 | |
Amedisys, Inc.* | | | 17,122 | | | | 1,554,506 | |
Arrowhead Pharmaceuticals, Inc.* | | | 64,993 | | | | 1,221,868 | |
Avantor, Inc.* | | | 355,832 | | | | 7,497,380 | |
BioMarin Pharmaceutical, Inc.* | | | 99,638 | | | | 6,549,206 | |
Bio-Rad Laboratories, Inc. Cl A* | | | 10,066 | | | | 3,306,782 | |
Bruker Corp. | | | 57,857 | | | | 3,391,577 | |
Chemed Corp. | | | 7,834 | | | | 4,150,453 | |
Cytokinetics, Inc.* | | | 61,698 | | | | 2,902,274 | |
DENTSPLY SIRONA, Inc. | | | 103,925 | | | | 1,972,496 | |
Doximity, Inc. Cl A* | | | 66,990 | | | | 3,576,596 | |
Encompass Health Corp. | | | 52,673 | | | | 4,864,352 | |
Enovis Corp.* | | | 29,212 | | | | 1,281,823 | |
Ensign Group, Inc. | | | 29,750 | | | | 3,952,585 | |
Envista Hldgs. Corp.* | | | 89,974 | | | | 1,735,598 | |
Exelixis, Inc.* | | | 149,303 | | | | 4,971,790 | |
Globus Medical, Inc. Cl A* | | | 59,462 | | | | 4,918,102 | |
Haemonetics Corp.* | | | 26,258 | | | | 2,050,225 | |
Halozyme Therapeutics, Inc.* | | | 66,515 | | | | 3,180,082 | |
HealthEquity, Inc.* | | | 45,653 | | | | 4,380,405 | |
Illumina, Inc.* | | | 82,918 | | | | 11,080,332 | |
Jazz Pharmaceuticals PLC* | | | 31,607 | | | | 3,892,402 | |
Lantheus Hldgs., Inc.* | | | 36,349 | | | | 3,251,782 | |
LivaNova PLC* | | | 28,389 | | | | 1,314,695 | |
Masimo Corp.* | | | 23,233 | | | | 3,840,415 | |
Medpace Hldgs., Inc.* | | | 13,324 | | | | 4,426,632 | |
Neogen Corp.* | | | 103,095 | | | | 1,251,573 | |
Neurocrine Biosciences, Inc.* | | | 52,932 | | | | 7,225,218 | |
Option Care Health, Inc.* | | | 88,973 | | | | 2,064,174 | |
Penumbra, Inc.* | | | 20,065 | | | | 4,765,036 | |
Perrigo Co. PLC | | | 71,325 | | | | 1,833,766 | |
Repligen Corp.* | | | 27,230 | | | | 3,919,486 | |
Roivant Sciences Ltd.* | | | 224,543 | | | | 2,656,344 | |
| | | | | | | | |
| | | Shares | | | Value | |
| COMMON STOCKS (CONTINUED): | |
| HEALTH CARE (CONTINUED) | | | | | | |
Sarepta Therapeutics, Inc.* | | | 49,938 | | | $ | 6,071,961 | |
Sotera Health Co.* | | | 79,963 | | | | 1,093,894 | |
Tenet Healthcare Corp.* | | | 49,718 | | | | 6,275,903 | |
United Therapeutics Corp.* | | | 23,340 | | | | 8,235,286 | |
| | | | | | | | |
| | | | | | | 142,582,443 | |
| | | | | | | | |
| INDUSTRIALS (21.1%) | | | | | | |
AAON, Inc. | | | 35,270 | | | | 4,150,574 | |
Acuity Brands, Inc. | | | 15,979 | | | | 4,667,945 | |
Advanced Drainage Systems, Inc. | | | 36,888 | | | | 4,264,253 | |
AECOM | | | 70,091 | | | | 7,487,121 | |
AGCO Corp. | | | 32,390 | | | | 3,027,817 | |
American Airlines Group, Inc.* | | | 343,554 | | | | 5,988,146 | |
Applied Industrial Technologies, Inc. | | | 20,100 | | | | 4,813,347 | |
Avis Budget Group, Inc.* | | | 8,819 | | | | 710,900 | |
Brink’s Co. | | | 22,818 | | | | 2,116,826 | |
BWX Technologies, Inc. | | | 47,807 | | | | 5,325,222 | |
CACI International, Inc. Cl A* | | | 11,715 | | | | 4,733,563 | |
Carlisle Cos., Inc. | | | 23,632 | | | | 8,716,427 | |
Chart Industries, Inc.* | | | 21,984 | | | | 4,195,426 | |
Clean Harbors, Inc.* | | | 26,488 | | | | 6,095,948 | |
CNH Industrial NV | | | 457,087 | | | | 5,178,796 | |
Comfort Systems USA, Inc. | | | 18,550 | | | | 7,866,313 | |
Concentrix Corp. | | | 24,400 | | | | 1,055,788 | |
Core & Main, Inc. Cl A* | | | 100,717 | | | | 5,127,502 | |
Crane Co. | | | 25,433 | | | | 3,859,458 | |
Curtiss-Wright Corp. | | | 19,840 | | | | 7,040,621 | |
Donaldson Co., Inc. | | | 62,606 | | | | 4,216,514 | |
EMCOR Group, Inc. | | | 24,051 | | | | 10,916,749 | |
EnerSys | | | 20,819 | | | | 1,924,300 | |
Esab Corp. | | | 29,706 | | | | 3,562,938 | |
ExlService Hldgs., Inc.* | | | 84,111 | | | | 3,732,846 | |
Exponent, Inc. | | | 26,539 | | | | 2,364,625 | |
Flowserve Corp. | | | 68,684 | | | | 3,950,704 | |
Fluor Corp.* | | | 89,670 | | | | 4,422,524 | |
Fortune Brands Innovations, Inc. | | | 64,946 | | | | 4,437,760 | |
FTI Consulting, Inc.* | | | 18,467 | | | | 3,529,598 | |
GATX Corp. | | | 18,581 | | | | 2,879,312 | |
Genpact Ltd. | | | 84,828 | | | | 3,643,363 | |
Graco, Inc. | | | 88,276 | | | | 7,440,784 | |
GXO Logistics, Inc.* | | | 62,466 | | | | 2,717,271 | |
Hexcel Corp. | | | 42,349 | | | | 2,655,282 | |
Insperity, Inc. | | | 18,568 | | | | 1,439,206 | |
ITT, Inc. | | | 42,610 | | | | 6,088,117 | |
KBR, Inc. | | | 69,660 | | | | 4,035,404 | |
Kirby Corp.* | | | 30,010 | | | | 3,175,058 | |
Knight-Swift Transportation Hldgs., Inc. Cl A | | | 84,639 | | | | 4,489,253 | |
Landstar System, Inc. | | | 18,472 | | | | 3,174,598 | |
The accompanying notes are an integral part of these portfolio schedules.
31
MoA FUNDS — MID CAP EQUITY INDEX FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
December 31, 2024
| | | | | | | | |
| | | Shares | | | Value | |
| COMMON STOCKS (CONTINUED): | |
| INDUSTRIALS (CONTINUED) | | | | | | |
Lincoln Electric Hldgs., Inc. | | | 29,501 | | | $ | 5,530,552 | |
ManpowerGroup, Inc. | | | 24,539 | | | | 1,416,391 | |
MasTec, Inc.* | | | 32,186 | | | | 4,381,802 | |
Maximus, Inc. | | | 31,461 | | | | 2,348,564 | |
Middleby Corp.* | | | 28,123 | | | | 3,809,260 | |
MSA Safety, Inc. | | | 20,551 | | | | 3,406,739 | |
MSC Industrial Direct Co., Inc. Cl A | | | 23,382 | | | | 1,746,402 | |
Mueller Industries, Inc. | | | 59,461 | | | | 4,718,825 | |
NEXTracker, Inc. Cl A* | | | 75,096 | | | | 2,743,257 | |
nVent Electric PLC | | | 86,168 | | | | 5,873,211 | |
Oshkosh Corp. | | | 34,016 | | | | 3,233,901 | |
Owens Corning | | | 44,849 | | | | 7,638,682 | |
Parsons Corp.* | | | 24,427 | | | | 2,253,391 | |
Paylocity Hldg. Corp.* | | | 22,733 | | | | 4,534,551 | |
RB Global, Inc. | | | 96,414 | | | | 8,697,507 | |
RBC Bearings, Inc.* | | | 16,330 | | | | 4,884,956 | |
Regal Rexnord Corp. | | | 34,625 | | | | 5,371,376 | |
Ryder System, Inc. | | | 22,110 | | | | 3,468,175 | |
Saia, Inc.* | | | 13,904 | | | | 6,336,470 | |
Science Applications International Corp. | | | 25,890 | | | | 2,893,984 | |
Sensata Technologies Hldg. PLC | | | 78,195 | | | | 2,142,543 | |
Simpson Manufacturing Co., Inc. | | | 22,043 | | | | 3,655,391 | |
Terex Corp. | | | 34,923 | | | | 1,614,141 | |
Tetra Tech, Inc. | | | 139,965 | | | | 5,576,206 | |
Timken Co. | | | 33,358 | | | | 2,380,760 | |
Toro Co. | | | 53,649 | | | | 4,297,285 | |
Trex Co., Inc.* | | | 56,017 | | | | 3,866,853 | |
UFP Industries, Inc. | | | 31,748 | | | | 3,576,412 | |
Valmont Industries, Inc. | | | 10,475 | | | | 3,212,368 | |
Watsco, Inc. | | | 18,209 | | | | 8,629,063 | |
Watts Water Technologies, Inc. Cl A | | | 14,314 | | | | 2,910,036 | |
WESCO International, Inc. | | | 23,314 | | | | 4,218,901 | |
Woodward, Inc. | | | 31,190 | | | | 5,190,640 | |
XPO, Inc.* | | | 60,856 | | | | 7,981,264 | |
| | | | | | | | |
| | | | | | | 325,758,058 | |
| | | | | | | | |
| INFORMATION TECHNOLOGY (10.5%) | | | | |
Allegro MicroSystems, Inc.* | | | 68,295 | | | | 1,492,929 | |
Altair Engineering, Inc. Cl A* | | | 31,252 | | | | 3,409,906 | |
Amkor Technology, Inc. | | | 59,312 | | | | 1,523,725 | |
Appfolio, Inc. Cl A* | | | 12,066 | | | | 2,976,923 | |
Arrow Electronics, Inc.* | | | 27,495 | | | | 3,110,234 | |
ASGN, Inc.* | | | 23,109 | | | | 1,925,904 | |
Aspen Technology, Inc.* | | | 13,888 | | | | 3,466,861 | |
Avnet, Inc. | | | 45,454 | | | | 2,378,153 | |
Belden, Inc. | | | 21,089 | | | | 2,374,832 | |
BILL Hldgs., Inc.* | | | 49,780 | | | | 4,216,864 | |
Blackbaud, Inc.* | | | 20,493 | | | | 1,514,843 | |
Ciena Corp.* | | | 75,507 | | | | 6,403,749 | |
| | | | | | | | |
| | | Shares | | | Value | |
| COMMON STOCKS (CONTINUED): | |
| INFORMATION TECHNOLOGY (CONTINUED) | | | | |
Cirrus Logic, Inc.* | | | 27,783 | | | $ | 2,766,631 | |
Cognex Corp. | | | 89,669 | | | | 3,215,530 | |
Coherent Corp.* | | | 80,859 | | | | 7,659,773 | |
Commvault Systems, Inc.* | | | 22,860 | | | | 3,449,803 | |
Crane NXT Co. | | | 25,708 | | | | 1,496,720 | |
DocuSign, Inc. Cl A* | | | 106,117 | | | | 9,544,163 | |
Dolby Laboratories, Inc. Cl A | | | 31,199 | | | | 2,436,642 | |
Dropbox, Inc. Cl A* | | | 116,372 | | | | 3,495,815 | |
Dynatrace, Inc.* | | | 156,050 | | | | 8,481,317 | |
Fabrinet* | | | 18,961 | | | | 4,169,145 | |
Flex Ltd.* | | | 202,738 | | | | 7,783,112 | |
IPG Photonics Corp.* | | | 14,019 | | | | 1,019,462 | |
Kyndryl Hldgs., Inc.* | | | 121,433 | | | | 4,201,582 | |
Lattice Semiconductor Corp.* | | | 72,132 | | | | 4,086,278 | |
Littelfuse, Inc. | | | 12,973 | | | | 3,057,087 | |
Lumentum Hldgs., Inc.* | | | 35,917 | | | | 3,015,232 | |
MACOM Technology Solutions Hldgs., Inc.* | | | 30,281 | | | | 3,933,805 | |
Manhattan Associates, Inc.* | | | 31,931 | | | | 8,629,033 | |
MKS Instruments, Inc. | | | 35,184 | | | | 3,672,858 | |
Novanta, Inc.* | | | 18,779 | | | | 2,868,868 | |
Onto Innovation, Inc.* | | | 25,822 | | | | 4,303,753 | |
Power Integrations, Inc. | | | 29,729 | | | | 1,834,279 | |
Pure Storage, Inc. Cl A* | | | 162,754 | | | | 9,997,978 | |
Qualys, Inc.* | | | 19,130 | | | | 2,682,409 | |
Rambus, Inc.* | | | 55,719 | | | | 2,945,306 | |
Silicon Laboratories, Inc.* | | | 16,964 | | | | 2,107,268 | |
Synaptics, Inc.* | | | 20,942 | | | | 1,598,293 | |
TD SYNNEX Corp. | | | 39,592 | | | | 4,643,350 | |
Teradata Corp.* | | | 50,033 | | | | 1,558,528 | |
Universal Display Corp. | | | 23,076 | | | | 3,373,711 | |
Vontier Corp. | | | 78,527 | | | | 2,863,880 | |
| | | | | | | | |
| | | | | | | 161,686,534 | |
| | | | | | | | |
| MATERIALS (6.3%) | | | | | | |
Alcoa Corp. | | | 135,070 | | | | 5,102,945 | |
AptarGroup, Inc. | | | 34,789 | | | | 5,465,352 | |
Arcadium Lithium PLC* | | | 562,350 | | | | 2,884,855 | |
Ashland, Inc. | | | 25,529 | | | | 1,824,302 | |
Avient Corp. | | | 47,766 | | | | 1,951,719 | |
Axalta Coating Systems Ltd.* | | | 114,006 | | | | 3,901,285 | |
Berry Global Group, Inc. | | | 59,914 | | | | 3,874,638 | |
Cabot Corp. | | | 28,662 | | | | 2,617,127 | |
Carpenter Technology Corp. | | | 26,059 | | | | 4,422,473 | |
Chemours Co. | | | 78,113 | | | | 1,320,110 | |
Cleveland-Cliffs, Inc.* | | | 253,074 | | | | 2,378,896 | |
Commercial Metals Co. | | | 59,554 | | | | 2,953,878 | |
Crown Hldgs., Inc. | | | 61,790 | | | | 5,109,415 | |
Eagle Materials, Inc. | | | 17,537 | | | | 4,327,430 | |
Graphic Packaging Hldg. Co. | | | 156,916 | | | | 4,261,839 | |
Greif, Inc. Cl A | | | 13,514 | | | | 825,976 | |
The accompanying notes are an integral part of these portfolio schedules.
32
MoA FUNDS — MID CAP EQUITY INDEX FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
December 31, 2024
| | | | | | | | |
| | | Shares | | | Value | |
| COMMON STOCKS (CONTINUED): | |
| MATERIALS (CONTINUED) | | | | | | |
Knife River Corp.* | | | 29,597 | | | $ | 3,008,239 | |
Louisiana-Pacific Corp. | | | 32,681 | | | | 3,384,117 | |
NewMarket Corp. | | | 4,013 | | | | 2,120,269 | |
Olin Corp. | | | 60,958 | | | | 2,060,380 | |
Reliance, Inc. | | | 28,295 | | | | 7,618,712 | |
Royal Gold, Inc. | | | 34,378 | | | | 4,532,739 | |
RPM International, Inc. | | | 67,286 | | | | 8,280,215 | |
Scotts Miracle-Gro Co. | | | 22,279 | | | | 1,477,989 | |
Silgan Hldgs., Inc. | | | 42,433 | | | | 2,208,638 | |
Sonoco Products Co. | | | 51,371 | | | | 2,509,473 | |
United States Steel Corp. | | | 117,721 | | | | 4,001,337 | |
Westlake Corp. | | | 17,495 | | | | 2,005,802 | |
| | | | | | | | |
| | | | | | | 96,430,150 | |
| | | | | | | | |
| REAL ESTATE (6.8%) | | | | | | |
Agree Realty Corp. | | | 54,006 | | | | 3,804,723 | |
American Homes 4 Rent Cl A | | | 165,851 | | | | 6,206,144 | |
Brixmor Property Group, Inc. | | | 157,921 | | | | 4,396,521 | |
COPT Defense Properties | | | 58,797 | | | | 1,819,767 | |
Cousins Properties, Inc. | | | 87,455 | | | | 2,679,621 | |
CubeSmart | | | 118,235 | | | | 5,066,370 | |
EastGroup Properties, Inc. | | | 25,839 | | | | 4,146,901 | |
EPR Properties | | | 39,592 | | | | 1,753,134 | |
Equity LifeStyle Properties, Inc. | | | 99,882 | | | | 6,652,141 | |
First Industrial Realty Trust, Inc. | | | 69,193 | | | | 3,468,645 | |
Gaming & Leisure Properties, Inc. | | | 143,455 | | | | 6,908,793 | |
Healthcare Realty Trust, Inc. Cl A | | | 185,278 | | | | 3,140,462 | |
Independence Realty Trust, Inc. | | | 117,489 | | | | 2,330,982 | |
Jones Lang LaSalle, Inc.* | | | 24,804 | | | | 6,278,884 | |
Kilroy Realty Corp. | | | 55,544 | | | | 2,246,755 | |
Kite Realty Group Trust | | | 114,843 | | | | 2,898,637 | |
Lamar Advertising Co. Cl A | | | 45,974 | | | | 5,596,875 | |
National Storage Affiliates Trust | | | 36,672 | | | | 1,390,235 | |
| | | | | | | | |
| | | Shares | | | Value | |
| COMMON STOCKS (CONTINUED): | |
| REAL ESTATE (CONTINUED) | | | | | | |
NNN REIT, Inc. | | | 98,040 | | | $ | 4,004,934 | |
Omega Healthcare Investors, Inc. | | | 141,131 | | | | 5,341,808 | |
Park Hotels & Resorts, Inc. | | | 107,911 | | | | 1,518,308 | |
PotlatchDeltic Corp. | | | 37,473 | | | | 1,470,815 | |
Rayonier, Inc. | | | 70,109 | | | | 1,829,845 | |
Rexford Industrial Realty, Inc. | | | 116,057 | | | | 4,486,764 | |
Sabra Health Care REIT, Inc. | | | 123,690 | | | | 2,142,311 | |
STAG Industrial, Inc. | | | 95,262 | | | | 3,221,761 | |
Vornado Realty Trust | | | 86,715 | | | | 3,645,498 | |
WP Carey, Inc. | | | 114,416 | | | | 6,233,384 | |
| | | | | | | | |
| | | | | | | 104,681,018 | |
| | | | | | | | |
| UTILITIES (2.6%) | | | | | | |
ALLETE, Inc. | | | 30,228 | | | | 1,958,774 | |
Black Hills Corp. | | | 37,419 | | | | 2,189,760 | |
Essential Utilities, Inc. | | | 132,083 | | | | 4,797,255 | |
IDACORP, Inc. | | | 27,850 | | | | 3,043,448 | |
National Fuel Gas Co. | | | 47,762 | | | | 2,898,198 | |
New Jersey Resources Corp. | | | 51,846 | | | | 2,418,616 | |
Northwestern Energy Group, Inc. | | | 32,055 | | | | 1,713,660 | |
OGE Energy Corp. | | | 105,057 | | | | 4,333,601 | |
ONE Gas, Inc. | | | 29,619 | | | | 2,051,116 | |
Ormat Technologies, Inc. | | | 30,023 | | | | 2,033,158 | |
Portland General Electric Co. | | | 55,133 | | | | 2,404,902 | |
Southwest Gas Hldgs., Inc. | | | 31,507 | | | | 2,227,860 | |
Spire, Inc. | | | 30,192 | | | | 2,047,923 | |
TXNM Energy, Inc. | | | 47,158 | | | | 2,318,759 | |
UGI Corp. | | | 112,241 | | | | 3,168,563 | |
| | | | | | | | |
| | | | | | | 39,605,593 | |
| | | | | | | | |
TOTAL COMMON STOCKS | | | | | | | | |
(Cost: $1,197,214,020) | | | | | | | 1,522,209,842 | |
| | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| | | Rating** | | | Rate(%) | | | Maturity | | | Face Amount | | | Value | |
| SHORT-TERM DEBT SECURITIES (1.0%): | | | | | | | | | | | | | | | |
| U.S. GOVERNMENT (1.0%) | | | | | | | | | | | | | | | |
U.S. Treasury Bill | | | A-1+ | | | | 4.24 | | | | 02/27/25 | | | $ | 1,500,000 | | | $ | 1,490,002 | |
U.S. Treasury Bill | | | A-1+ | | | | 4.40 | | | | 01/21/25 | | | | 10,000,000 | | | | 9,975,710 | |
U.S. Treasury Bill (1) | | | A-1+ | | | | 4.41 | | | | 04/01/25 | | | | 2,500,000 | | | | 2,474,300 | |
U.S. Treasury Bill | | | A-1+ | | | | 4.56 | | | | 01/16/25 | | | | 2,000,000 | | | | 1,996,242 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | 15,936,254 | |
| | | | | | | | | | | | | | | | | | | | |
TOTAL SHORT-TERM DEBT SECURITIES
(Cost: $15,934,798) | | | | 15,936,254 | |
| | | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these portfolio schedules.
33
MoA FUNDS — MID CAP EQUITY INDEX FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
December 31, 2024
| | | | | | | | | | | | | | | | | | | | |
| | | | | | Rate(%) | | | Maturity | | | Face Amount | | | Value | |
| TEMPORARY CASH INVESTMENT (0.1%) | | | | | | | | | | | | | | | |
JP Morgan Chase, New York Time Deposit | | | | | | | 3.58 | | | | 01/02/25 | | | $ | 754,729 | | | $ | 754,729 | |
| | | | | | | | | | | | | | | | | | | | |
TOTAL TEMPORARY CASH INVESTMENT
(Cost: $754,729) | | | | 754,729 | |
| | | | | | | | | | | | | | | | | | | | |
TOTAL INVESTMENTS
(Cost: $1,213,903,547) 99.8% | | | | 1,538,900,825 | |
| | | | | | | | | | | | | | | | | | | | |
OTHER NET ASSETS 0.2% | | | | 2,891,955 | |
| | | | | | | | | | | | | | | | | | | | |
NET ASSETS 100.0% | | | $ | 1,541,792,780 | |
| | | | | | | | | | | | | | | | | | | | |
FOOTNOTES TO PORTFOLIO OF INVESTMENTS IN SECURITIES
| * | Non-income producing security. |
| ** | Ratings as per Standard & Poor’s Corporation (unaudited). |
| (1) | This security, or a portion thereof, has been segregated to cover initial margin requirements on open futures contracts. Information on futures contracts outstanding in the Fund as of December 31, 2024, was as follows: |
| | | | | | | | | | | | | | | | | | | | | | | | |
Contract Type | | Number of
Contracts | | | Purchased (P)
or Sold (S) | | | Expiration
Date | | | Underlying
Face Amount
at Value | | | Unrealized
Gain(Loss)(a) | | | Face Value
of Futures
as a % of
Total
Investments | |
E-mini S&P MidCap 400 Stock Index | | | 58 | | | | P | | | | March 2025 | | | $ | 18,250,860 | | | $ | (710,350 | ) | | | 1.2 | % |
| | (a) | Includes the cumulative appreciation(depreciation) of futures contracts, which is included in Total Distributable Earnings (Loss) in the Components of Net Assets section of the Statements of Assets and Liabilities. The Receivable or Payable for Daily Variation on Futures Contracts in the Statements of Assets and Liabilities only includes the current day’s variation margin payable or receivable. |
The accompanying notes are an integral part of these portfolio schedules.
34
MoA FUNDS — BALANCED FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES
December 31, 2024
| | | | | | | | |
| | | Shares | | | Value | |
| COMMON STOCKS (60.7%): | | | | | | |
| COMMUNICATION SERVICES (4.8%) | | | | | | |
Alphabet, Inc. Cl A | | | 14,513 | | | $ | 2,747,311 | |
AT&T, Inc. | | | 92,507 | | | | 2,106,385 | |
Comcast Corp. Cl A | | | 41,628 | | | | 1,562,299 | |
Electronic Arts, Inc. | | | 6,470 | | | | 946,561 | |
Fox Corp. Cl A | | | 18,521 | | | | 899,750 | |
T-Mobile US, Inc. | | | 6,021 | | | | 1,329,015 | |
| | | | | | | | |
| | | | | | | 9,591,321 | |
| | | | | | | | |
| CONSUMER DISCRETIONARY (7.3%) | | | | | | |
Amazon.com, Inc.* | | | 12,781 | | | | 2,804,024 | |
AutoZone, Inc.* | | | 302 | | | | 967,004 | |
Booking Hldgs., Inc. | | | 437 | | | | 2,171,199 | |
DR Horton, Inc. | | | 7,184 | | | | 1,004,467 | |
Hilton Worldwide Hldgs., Inc. | | | 3,573 | | | | 883,103 | |
Home Depot, Inc. | | | 3,922 | | | | 1,525,619 | |
Ralph Lauren Corp. Cl A | | | 7,367 | | | | 1,701,630 | |
Tapestry, Inc. | | | 28,786 | | | | 1,880,589 | |
TJX Cos., Inc. | | | 12,450 | | | | 1,504,084 | |
| | | | | | | | |
| | | | | | | 14,441,719 | |
| | | | | | | | |
| CONSUMER STAPLES (3.4%) | | | | | | |
Colgate-Palmolive Co. | | | 15,008 | | | | 1,364,377 | |
Costco Wholesale Corp. | | | 1,697 | | | | 1,554,910 | |
Philip Morris International, Inc. | | | 12,505 | | | | 1,504,977 | |
Walmart, Inc. | | | 25,105 | | | | 2,268,237 | |
| | | | | | | | |
| | | | | | | 6,692,501 | |
| | | | | | | | |
| ENERGY (2.7%) | | | | | | |
Baker Hughes Co. Cl A | | | 18,075 | | | | 741,436 | |
ConocoPhillips | | | 9,608 | | | | 952,825 | |
Exxon Mobil Corp. | | | 12,624 | | | | 1,357,964 | |
Valero Energy Corp. | | | 6,306 | | | | 773,053 | |
Williams Cos., Inc. | | | 26,450 | | | | 1,431,474 | |
| | | | | | | | |
| | | | | | | 5,256,752 | |
| | | | | | | | |
| FINANCIALS (7.5%) | | | | | | |
Citigroup, Inc. | | | 17,978 | | | | 1,265,472 | |
Corpay, Inc.* | | | 4,230 | | | | 1,431,517 | |
Goldman Sachs Group, Inc. | | | 2,431 | | | | 1,392,039 | |
JPMorgan Chase & Co. | | | 14,165 | | | | 3,395,492 | |
KeyCorp. | | | 40,743 | | | | 698,335 | |
Mastercard, Inc. Cl A | | | 2,118 | | | | 1,115,275 | |
Morgan Stanley | | | 15,988 | | | | 2,010,011 | |
U.S. Bancorp | | | 22,323 | | | | 1,067,709 | |
Visa, Inc. Cl A | | | 8,047 | | | | 2,543,174 | |
| | | | | | | | |
| | | | | | | 14,919,024 | |
| | | | | | | | |
| HEALTH CARE (6.6%) | | | | | | |
AbbVie, Inc. | | | 9,825 | | | | 1,745,903 | |
Bristol-Myers Squibb Co. | | | 11,702 | | | | 661,865 | |
Cigna Group | | | 3,458 | | | | 954,892 | |
Elevance Health, Inc. | | | 1,448 | | | | 534,167 | |
Eli Lilly & Co. | | | 2,591 | | | | 2,000,252 | |
Gilead Sciences, Inc. | | | 14,821 | | | | 1,369,016 | |
HCA Healthcare, Inc. | | | 1,487 | | | | 446,323 | |
Hologic, Inc.* | | | 7,158 | | | | 516,020 | |
Johnson & Johnson | | | 10,368 | | | | 1,499,420 | |
McKesson Corp. | | | 2,327 | | | | 1,326,181 | |
| | | | | | | | |
| | | Shares | | | Value | |
| COMMON STOCKS (CONTINUED): | | | | |
| HEALTH CARE (CONTINUED) | | | | | | |
UnitedHealth Group, Inc. | | | 4,034 | | | $ | 2,040,639 | |
| | | | | | | | |
| | | | | | | 13,094,678 | |
| | | | | | | | |
| INDUSTRIALS (5.6%) | | | | | | |
Caterpillar, Inc. | | | 2,867 | | | | 1,040,033 | |
Deere & Co. | | | 3,703 | | | | 1,568,961 | |
FedEx Corp. | | | 4,570 | | | | 1,285,678 | |
GE Vernova, Inc. | | | 4,327 | | | | 1,423,280 | |
General Electric Co. | | | 2,978 | | | | 496,700 | |
Parker-Hannifin Corp. | | | 1,257 | | | | 799,490 | |
RTX Corp. | | | 8,794 | | | | 1,017,642 | |
Snap-on, Inc. | | | 2,622 | | | | 890,116 | |
Trane Technologies PLC | | | 4,548 | | | | 1,679,804 | |
Union Pacific Corp. | | | 4,017 | | | | 916,037 | |
| | | | | | | | |
| | | | | | | 11,117,741 | |
| | | | | | | | |
| INFORMATION TECHNOLOGY (19.8%) | | | | | | |
Adobe, Inc.* | | | 3,179 | | | | 1,413,638 | |
Apple, Inc. | | | 40,667 | | | | 10,183,829 | |
Arista Networks, Inc.* | | | 5,960 | | | | 658,759 | |
Broadcom, Inc. | | | 18,168 | | | | 4,212,069 | |
Fortinet, Inc.* | | | 18,211 | | | | 1,720,575 | |
Gen Digital, Inc. | | | 20,818 | | | | 569,997 | |
Intuit, Inc. | | | 1,934 | | | | 1,215,519 | |
Lam Research Corp. | | | 17,524 | | | | 1,265,758 | |
Microsoft Corp. | | | 20,905 | | | | 8,811,457 | |
NetApp, Inc. | | | 8,520 | | | | 989,002 | |
NVIDIA Corp. | | | 62,378 | | | | 8,376,742 | |
| | | | | | | | |
| | | | | | | 39,417,345 | |
| | | | | | | | |
| MATERIALS (1.1%) | | | | | | |
Freeport-McMoRan, Inc. | | | 27,806 | | | | 1,058,852 | |
Newmont Corp. | | | 32,109 | | | | 1,195,097 | |
| | | | | | | | |
| | | | | | | 2,253,949 | |
| | | | | | | | |
| REAL ESTATE (0.7%) | | | | | | |
Digital Realty Trust, Inc. | | | 5,458 | | | | 967,867 | |
VICI Properties, Inc. Cl A | | | 16,597 | | | | 484,798 | |
| | | | | | | | |
| | | | | | | 1,452,665 | |
| | | | | | | | |
| UTILITIES (1.2%) | | | | | | |
NextEra Energy, Inc. | | | 17,840 | | | | 1,278,950 | |
NRG Energy, Inc. | | | 12,918 | | | | 1,165,462 | |
| | | | | | | | |
| | | | | | | 2,444,412 | |
| | | | | | | | |
TOTAL COMMON STOCKS | | | | | | | | |
(Cost: $65,171,593) | | | | | | | 120,682,107 | |
| | | | | | | | |
The accompanying notes are an integral part of these portfolio schedules.
35
MoA FUNDS — BALANCED FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
December 31, 2024
| | | | | | | | | | | | | | | | | | | | |
| | | Rating** | | | Rate(%) | | | Maturity | | | Face Amount | | | Value | |
| LONG-TERM DEBT SECURITIES (34.5%): | | | | | | | | | | | | | | | |
| U.S. GOVERNMENT (5.9%) | | | | | | | | | | | | | | | |
U.S. Treasury Bond | | | AA+ | | | | 1.38 | | | | 11/15/40 | | | $ | 750,000 | | | $ | 464,648 | |
U.S. Treasury Bond | | | AA+ | | | | 1.75 | | | | 08/15/41 | | | | 1,900,000 | | | | 1,231,438 | |
U.S. Treasury Bond | | | AA+ | | | | 1.88 | | | | 02/15/41 | | | | 1,700,000 | | | | 1,139,797 | |
U.S. Treasury Bond | | | AA+ | | | | 3.00 | | | | 11/15/45 | | | | 600,000 | | | | 451,594 | |
U.S. Treasury Bond | | | AA+ | | | | 3.63 | | | | 02/15/53 | | | | 465,000 | | | | 378,466 | |
U.S. Treasury Bond | | | AA+ | | | | 4.00 | | | | 11/15/52 | | | | 620,000 | | | | 540,950 | |
U.S. Treasury Bond | | | AA+ | | | | 4.13 | | | | 08/15/53 | | | | 2,095,000 | | | | 1,869,460 | |
U.S. Treasury Bond | | | AA+ | | | | 4.25 | | | | 02/15/54 | | | | 955,000 | | | | 872,781 | |
U.S. Treasury Bond | | | AA+ | | | | 4.63 | | | | 05/15/44 | | | | 50,000 | | | | 48,531 | |
U.S. Treasury Note | | | AA+ | | | | 2.88 | | | | 05/15/32 | | | | 535,000 | | | | 480,497 | |
U.S. Treasury Note | | | AA+ | | | | 3.88 | | | | 08/15/34 | | | | 400,000 | | | | 378,375 | |
U.S. Treasury Note | | | AA+ | | | | 4.00 | | | | 02/15/34 | | | | 1,010,000 | | | | 967,391 | |
U.S. Treasury Note | | | AA+ | | | | 4.13 | | | | 01/31/25 | | | | 1,000,000 | | | | 999,727 | |
U.S. Treasury Note | | | AA+ | | | | 4.25 | | | | 11/15/34 | | | | 330,000 | | | | 321,492 | |
U.S. Treasury Note | | | AA+ | | | | 4.50 | | | | 11/15/33 | | | | 190,000 | | | | 189,198 | |
U.S. Treasury Strip | | | AA+ | | | | 0.00 | | | | 08/15/29 | | | | 945,000 | | | | 767,074 | |
U.S. Treasury Strip | | | AA+ | | | | 0.00 | | | | 02/15/42 | | | | 1,625,000 | | | | 682,881 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | 11,784,300 | |
| | | | | | | | | | | | | | | | | | | | |
| U.S. GOVERNMENT AGENCIES (13.0%) | | | | | | | | | | | | | | | |
| MORTGAGE-BACKED OBLIGATIONS (12.2%) | | | | | | | | | | | | | | | |
FHLMC | | | AA+ | | | | 1.50 | | | | 10/01/36 | | | | 364,978 | | | | 314,619 | |
FHLMC | | | AA+ | | | | 2.50 | | | | 09/01/27 | | | | 25,619 | | | | 25,030 | |
FHLMC | | | AA+ | | | | 2.50 | | | | 06/01/35 | | | | 129,493 | | | | 118,448 | |
FHLMC | | | AA+ | | | | 2.50 | | | | 06/01/50 | | | | 147,926 | | | | 121,754 | |
FHLMC | | | AA+ | | | | 2.50 | | | | 11/01/50 | | | | 698,440 | | | | 578,861 | |
FHLMC | | | AA+ | | | | 2.50 | | | | 10/01/51 | | | | 249,359 | | | | 204,172 | |
FHLMC | | | AA+ | | | | 3.00 | | | | 06/01/27 | | | | 18,162 | | | | 17,865 | |
FHLMC | | | AA+ | | | | 3.00 | | | | 08/01/27 | | | | 16,316 | | | | 16,049 | |
FHLMC | | | AA+ | | | | 3.00 | | | | 11/01/42 | | | | 32,645 | | | | 28,964 | |
FHLMC | | | AA+ | | | | 3.00 | | | | 11/01/42 | | | | 72,630 | | | | 64,462 | |
FHLMC | | | AA+ | | | | 3.00 | | | | 04/01/43 | | | | 71,496 | | | | 63,429 | |
FHLMC | | | AA+ | | | | 3.00 | | | | 11/01/49 | | | | 140,168 | | | | 120,746 | |
FHLMC | | | AA+ | | | | 3.00 | | | | 11/01/49 | | | | 212,266 | | | | 182,855 | |
FHLMC | | | AA+ | | | | 3.00 | | | | 10/01/51 | | | | 351,525 | | | | 298,602 | |
FHLMC | | | AA+ | | | | 3.00 | | | | 06/01/52 | | | | 588,724 | | | | 505,262 | |
FHLMC | | | AA+ | | | | 3.50 | | | | 02/01/32 | | | | 77,759 | | | | 75,038 | |
FHLMC | | | AA+ | | | | 3.50 | | | | 01/01/43 | | | | 89,999 | | | | 82,260 | |
FHLMC | | | AA+ | | | | 3.50 | | | | 06/01/45 | | | | 121,068 | | | | 109,693 | |
FHLMC | | | AA+ | | | | 3.50 | | | | 07/01/45 | | | | 144,054 | | | | 130,928 | |
FHLMC | | | AA+ | | | | 4.00 | | | | 11/01/33 | | | | 43,502 | | | | 42,424 | |
FHLMC | | | AA+ | | | | 4.00 | | | | 01/01/38 | | | | 67,840 | | | | 65,452 | |
FHLMC | | | AA+ | | | | 4.00 | | | | 03/01/41 | | | | 27,439 | | | | 25,969 | |
FHLMC | | | AA+ | | | | 4.00 | | | | 07/01/41 | | | | 43,474 | | | | 41,145 | |
FHLMC | | | AA+ | | | | 4.00 | | | | 11/01/42 | | | | 17,855 | | | | 16,827 | |
FHLMC | | | AA+ | | | | 4.00 | | | | 01/01/43 | | | | 92,791 | | | | 87,445 | |
FHLMC | | | AA+ | | | | 4.00 | | | | 10/01/44 | | | | 37,400 | | | | 34,978 | |
FHLMC | | | AA+ | | | | 4.00 | | | | 06/01/45 | | | | 116,442 | | | | 108,854 | |
FHLMC | | | AA+ | | | | 4.00 | | | | 04/01/52 | | | | 380,199 | | | | 350,303 | |
FHLMC | | | AA+ | | | | 4.00 | | | | 08/01/52 | | | | 246,659 | | | | 227,933 | |
FHLMC | | | AA+ | | | | 4.23 | | | | 05/01/30 | | | | 475,000 | | | | 458,264 | |
FHLMC | | | AA+ | | | | 4.50 | | | | 02/01/44 | | | | 36,821 | | | | 35,538 | |
FHLMC | | | AA+ | | | | 4.50 | | | | 05/01/48 | | | | 50,061 | | | | 47,855 | |
FHLMC | | | AA+ | | | | 5.00 | | | | 02/01/26 | | | | 501 | | | | 500 | |
FHLMC | | | AA+ | | | | 5.00 | | | | 08/01/35 | | | | 36,756 | | | | 36,844 | |
FHLMC | | | AA+ | | | | 5.00 | | | | 07/01/39 | | | | 6,579 | | | | 6,552 | |
FHLMC | | | AA+ | | | | 5.00 | | | | 01/25/52 | | | | 244,906 | | | | 239,660 | |
The accompanying notes are an integral part of these portfolio schedules.
36
MoA FUNDS — BALANCED FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
December 31, 2024
| | | | | | | | | | | | | | | | | | |
| | | Rating** | | Rate(%) | | | Maturity | | | Face Amount | | | Value | |
| LONG-TERM DEBT SECURITIES (CONTINUED): | | | | | | | | | | | | | | |
| U.S. GOVERNMENT AGENCIES (CONTINUED) | | | | | | | | | | | | | | |
| MORTGAGE-BACKED OBLIGATIONS (CONTINUED) | | | | | | | | | | | | | | |
FHLMC | | AA+ | | | 5.00 | | | | 06/01/52 | | | $ | 788,759 | | | $ | 764,957 | |
FHLMC | | AA+ | | | 5.00 | | | | 12/01/52 | | | | 491,804 | | | | 478,216 | |
FHLMC | | AA+ | | | 5.00 | | | | 06/01/54 | | | | 194,183 | | | | 188,019 | |
FHLMC | | AA+ | | | 5.50 | | | | 07/01/32 | | | | 9,326 | | | | 9,472 | |
FHLMC | | AA+ | | | 5.50 | | | | 05/01/33 | | | | 6,042 | | | | 6,151 | |
FHLMC | | AA+ | | | 5.50 | | | | 06/01/37 | | | | 42,160 | | | | 42,917 | |
FHLMC | | AA+ | | | 5.50 | | | | 06/01/53 | | | | 91,275 | | | | 90,590 | |
FHLMC | | AA+ | | | 5.50 | | | | 07/01/53 | | | | 459,628 | | | | 457,415 | |
FHLMC | | AA+ | | | 5.50 | | | | 07/01/53 | | | | 225,908 | | | | 224,223 | |
FHLMC | | AA+ | | | 6.00 | | | | 09/01/53 | | | | 178,313 | | | | 181,169 | |
FHLMC | | AA+ | | | 6.00 | | | | 02/01/54 | | | | 268,513 | | | | 270,146 | |
FHLMC ARM | | AA+ | | | 1.94 | | | | 10/01/51 | | | | 582,371 | | | | 508,061 | |
FHLMC REMICS | | AA+ | | | 2.50 | | | | 04/25/50 | | | | 135,114 | | | | 107,499 | |
FHLMC Strip | | AA+ | | | 3.00 | | | | 06/15/42 | | | | 149,737 | | | | 133,794 | |
FHLMC Strip | | AA+ | | | 3.00 | | | | 01/15/43 | | | | 49,118 | | | | 43,709 | |
FNMA | | AA+ | | | 1.80 | | | | 09/01/51 | | | | 735,277 | | | | 639,339 | |
FNMA | | AA+ | | | 2.00 | | | | 11/01/35 | | | | 349,521 | | | | 311,164 | |
FNMA | | AA+ | | | 2.00 | | | | 07/01/36 | | | | 646,996 | | | | 576,144 | |
FNMA | | AA+ | | | 2.00 | | | | 09/01/50 | | | | 624,816 | | | | 490,306 | |
FNMA | | AA+ | | | 2.00 | | | | 10/01/50 | | | | 185,457 | | | | 147,083 | |
FNMA | | AA+ | | | 2.00 | | | | 02/01/51 | | | | 412,213 | | | | 320,669 | |
FNMA | | AA+ | | | 2.00 | | | | 03/01/51 | | | | 237,079 | | | | 184,446 | |
FNMA | | AA+ | | | 2.34 | | | | 05/01/36 | | | | 550,707 | | | | 434,362 | |
FNMA | | AA+ | | | 2.50 | | | | 02/01/33 | | | | 105,557 | | | | 98,282 | |
FNMA | | AA+ | | | 2.50 | | | | 06/01/35 | | | | 304,498 | | | | 278,527 | |
FNMA | | AA+ | | | 2.50 | | | | 10/01/35 | | | | 287,671 | | | | 262,780 | |
FNMA | | AA+ | | | 2.50 | | | | 04/01/42 | | | | 1,054,763 | | | | 904,041 | |
FNMA | | AA+ | | | 2.50 | | | | 03/01/51 | | | | 820,334 | | | | 681,788 | |
FNMA | | AA+ | | | 2.50 | | | | 04/01/51 | | | | 145,329 | | | | 119,336 | |
FNMA | | AA+ | | | 2.50 | | | | 05/01/51 | | | | 684,747 | | | | 567,820 | |
FNMA | | AA+ | | | 2.50 | | | | 05/01/52 | | | | 843,457 | | | | 692,558 | |
FNMA | | AA+ | | | 3.00 | | | | 06/01/33 | | | | 106,218 | | | | 100,187 | |
FNMA | | AA+ | | | 3.00 | | | | 09/01/33 | | | | 61,224 | | | | 57,709 | |
FNMA | | AA+ | | | 3.00 | | | | 01/01/43 | | | | 203,648 | | | | 180,454 | |
FNMA | | AA+ | | | 3.00 | | | | 02/01/43 | | | | 50,576 | | | | 44,804 | |
FNMA | | AA+ | | | 3.00 | | | | 03/01/43 | | | | 103,501 | | | | 91,677 | |
FNMA | | AA+ | | | 3.00 | | | | 09/01/43 | | | | 104,990 | | | | 92,980 | |
FNMA | | AA+ | | | 3.00 | | | | 12/01/47 | | | | 29,654 | | | | 25,793 | |
FNMA | | AA+ | | | 3.00 | | | | 03/01/48 | | | | 52,481 | | | | 45,274 | |
FNMA | | AA+ | | | 3.00 | | | | 03/01/50 | | | | 75,001 | | | | 63,830 | |
FNMA | | AA+ | | | 3.00 | | | | 01/01/52 | | | | 524,526 | | | | 448,419 | |
FNMA | | AA+ | | | 3.00 | | | | 03/01/52 | | | | 421,917 | | | | 358,502 | |
FNMA | | AA+ | | | 3.10 | | | | 06/01/29 | | | | 175,000 | | | | 162,614 | |
FNMA | | AA+ | | | 3.50 | | | | 08/01/38 | | | | 73,196 | | | | 66,718 | |
FNMA | | AA+ | | | 3.50 | | | | 10/01/41 | | | | 45,272 | | | | 41,346 | |
FNMA | | AA+ | | | 3.50 | | | | 11/01/41 | | | | 71,541 | | | | 65,311 | |
FNMA | | AA+ | | | 3.50 | | | | 12/01/41 | | | | 55,235 | | | | 50,445 | |
FNMA | | AA+ | | | 3.50 | | | | 04/01/42 | | | | 81,057 | | | | 74,001 | |
FNMA | | AA+ | | | 3.50 | | | | 08/01/42 | | | | 99,253 | | | | 90,612 | |
FNMA | | AA+ | | | 3.50 | | | | 08/01/43 | | | | 125,016 | | | | 113,954 | |
FNMA | | AA+ | | | 3.50 | | | | 08/01/43 | | | | 198,960 | | | | 180,774 | |
FNMA | | AA+ | | | 3.50 | | | | 10/01/44 | | | | 25,831 | | | | 23,442 | |
FNMA | | AA+ | | | 3.50 | | | | 04/01/45 | | | | 44,027 | | | | 39,897 | |
FNMA | | AA+ | | | 3.50 | | | | 04/01/45 | | | | 104,936 | | | | 94,943 | |
FNMA | | AA+ | | | 3.50 | | | | 05/01/45 | | | | 4,078 | | | | 3,685 | |
FNMA | | AA+ | | | 3.50 | | | | 09/01/47 | | | | 49,414 | | | | 44,642 | |
The accompanying notes are an integral part of these portfolio schedules.
37
MoA FUNDS — BALANCED FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
December 31, 2024
| | | | | | | | | | | | | | | | | | |
| | | Rating** | | Rate(%) | | | Maturity | | | Face Amount | | | Value | |
| LONG-TERM DEBT SECURITIES (CONTINUED): | | | | | | | | | | | | | | |
| U.S. GOVERNMENT AGENCIES (CONTINUED) | | | | | | | | | | | | | | |
| MORTGAGE-BACKED OBLIGATIONS (CONTINUED) | | | | | | | | | | | | | | |
FNMA | | AA+ | | | 3.50 | | | | 06/01/51 | | | $ | 521,287 | | | $ | 462,398 | |
FNMA | | AA+ | | | 3.50 | | | | 05/01/52 | | | | 581,208 | | | | 518,148 | |
FNMA | | AA+ | | | 3.75 | | | | 08/01/28 | | | | 200,000 | | | | 192,491 | |
FNMA | | AA+ | | | 4.00 | | | | 01/01/31 | | | | 28,581 | | | | 28,048 | |
FNMA | | AA+ | | | 4.00 | | | | 07/01/40 | | | | 58,502 | | | | 55,289 | |
FNMA | | AA+ | | | 4.00 | | | | 11/01/40 | | | | 30,729 | | | | 29,043 | |
FNMA | | AA+ | | | 4.00 | | | | 05/01/41 | | | | 26,414 | | | | 24,966 | |
FNMA | | AA+ | | | 4.00 | | | | 11/01/45 | | | | 59,758 | | | | 55,933 | |
FNMA | | AA+ | | | 4.00 | | | | 02/01/47 | | | | 57,550 | | | | 53,712 | |
FNMA | | AA+ | | | 4.00 | | | | 04/01/49 | | | | 213,281 | | | | 197,800 | |
FNMA | | AA+ | | | 4.00 | | | | 03/01/50 | | | | 206,848 | | | | 191,130 | |
FNMA | | AA+ | | | 4.00 | | | | 07/01/52 | | | | 159,989 | | | | 148,194 | |
FNMA | | AA+ | | | 4.00 | | | | 07/01/56 | | | | 304,179 | | | | 280,117 | |
FNMA | | AA+ | | | 4.50 | | | | 05/01/30 | | | | 7,840 | | | | 7,781 | |
FNMA | | AA+ | | | 4.50 | | | | 06/01/34 | | | | 12,723 | | | | 12,532 | |
FNMA | | AA+ | | | 4.50 | | | | 08/01/35 | | | | 8,804 | | | | 8,665 | |
FNMA | | AA+ | | | 4.50 | | | | 05/01/39 | | | | 24,080 | | | | 23,433 | |
FNMA | | AA+ | | | 4.50 | | | | 05/01/39 | | | | 15,608 | | | | 15,188 | |
FNMA | | AA+ | | | 4.50 | | | | 05/01/40 | | | | 34,539 | | | | 33,525 | |
FNMA | | AA+ | | | 4.50 | | | | 10/01/40 | | | | 120,326 | | | | 116,795 | |
FNMA | | AA+ | | | 4.50 | | | | 10/01/41 | | | | 8,894 | | | | 8,611 | |
FNMA | | AA+ | | | 4.50 | | | | 11/01/47 | | | | 23,729 | | | | 22,733 | |
FNMA | | AA+ | | | 4.50 | | | | 11/01/47 | | | | 37,482 | | | | 35,880 | |
FNMA | | AA+ | | | 4.50 | | | | 05/01/50 | | | | 314,065 | | | | 299,618 | |
FNMA | | AA+ | | | 4.52 | | | | 02/01/53 | | | | 259,287 | | | | 252,092 | |
FNMA | | AA+ | | | 5.00 | | | | 06/01/33 | | | | 13,460 | | | | 13,476 | |
FNMA | | AA+ | | | 5.00 | | | | 10/01/33 | | | | 14,421 | | | | 14,438 | |
FNMA | | AA+ | | | 5.00 | | | | 11/01/33 | | | | 39,114 | | | | 39,159 | |
FNMA | | AA+ | | | 5.00 | | | | 11/01/33 | | | | 9,592 | | | | 9,603 | |
FNMA | | AA+ | | | 5.00 | | | | 03/01/34 | | | | 5,580 | | | | 5,587 | |
FNMA | | AA+ | | | 5.00 | | | | 04/01/34 | | | | 9,111 | | | | 9,112 | |
FNMA | | AA+ | | | 5.00 | | | | 09/01/35 | | | | 5,100 | | | | 5,094 | |
FNMA | | AA+ | | | 5.00 | | | | 08/01/37 | | | | 46,943 | | | | 46,827 | |
FNMA | | AA+ | | | 5.00 | | | | 05/01/39 | | | | 20,749 | | | | 20,635 | |
FNMA | | AA+ | | | 5.50 | | | | 07/01/27 | | | | 43,122 | | | | 43,276 | |
FNMA | | AA+ | | | 5.50 | | | | 06/01/48 | | | | 3,981 | | | | 3,981 | |
FNMA | | AA+ | | | 5.50 | | | | 03/01/53 | | | | 340,263 | | | | 336,579 | |
FNMA | | AA+ | | | 6.00 | | | | 05/01/32 | | | | 2,986 | | | | 3,078 | |
FNMA | | AA+ | | | 6.00 | | | | 04/01/33 | | | | 15,084 | | | | 15,551 | |
FNMA | | AA+ | | | 6.00 | | | | 05/01/33 | | | | 6,589 | | | | 6,793 | |
FNMA | | AA+ | | | 6.00 | | | | 06/01/34 | | | | 3,353 | | | | 3,457 | |
FNMA | | AA+ | | | 6.00 | | | | 09/01/34 | | | | 1,070 | | | | 1,104 | |
FNMA | | AA+ | | | 6.00 | | | | 10/01/34 | | | | 12,821 | | | | 13,220 | |
FNMA | | AA+ | | | 6.00 | | | | 01/01/37 | | | | 5,623 | | | | 5,847 | |
FNMA | | AA+ | | | 6.00 | | | | 05/01/37 | | | | 1,403 | | | | 1,459 | |
FNMA | | AA+ | | | 6.00 | | | | 11/01/52 | | | | 586,733 | | | | 596,310 | |
FNMA | | AA+ | | | 6.00 | | | | 09/01/53 | | | | 44,605 | | | | 45,424 | |
FNMA | | AA+ | | | 6.50 | | | | 05/01/32 | | | | 14,585 | | | | 15,142 | |
FNMA | | AA+ | | | 6.50 | | | | 07/01/34 | | | | 2,692 | | | | 2,822 | |
FNMA | | AA+ | | | 6.50 | | | | 05/01/37 | | | | 15,291 | | | | 16,128 | |
FNMA | | AA+ | | | 7.00 | | | | 04/01/32 | | | | 515 | | | | 544 | |
FNMA | | AA+ | | | 7.50 | | | | 06/01/31 | | | | 981 | | | | 1,028 | |
FNMA | | AA+ | | | 7.50 | | | | 02/01/32 | | | | 1,328 | | | | 1,405 | |
FNMA | | AA+ | | | 7.50 | | | | 06/01/32 | | | | 918 | | | | 979 | |
FNMA | | AA+ | | | 8.00 | | | | 04/01/32 | | | | 976 | | | | 1,016 | |
FNMA Strip | | AA+ | | | 3.00 | | | | 08/25/42 | | | | 43,361 | | | | 38,697 | |
The accompanying notes are an integral part of these portfolio schedules.
38
MoA FUNDS — BALANCED FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
December 31, 2024
| | | | | | | | | | | | | | | | | | |
| | | Rating** | | Rate(%) | | | Maturity | | | Face Amount | | | Value | |
| LONG-TERM DEBT SECURITIES (CONTINUED): | | | | | | | | | | | | | | |
| U.S. GOVERNMENT AGENCIES (CONTINUED) | | | | | | | | | | | | | | |
| MORTGAGE-BACKED OBLIGATIONS (CONTINUED) | | | | | | | | | | | | | | |
FRESB Multifamily Mortgage | | AA+ | | | 2.37 | | | | 10/25/26 | | | $ | 43,760 | | | $ | 42,153 | |
GNMA (1) | | AA+ | | | 2.50 | | | | 10/20/51 | | | | 172,721 | | | | 142,183 | |
GNMA (1) | | AA+ | | | 2.50 | | | | 08/20/52 | | | | 179,267 | | | | 149,820 | |
GNMA (1) | | AA+ | | | 2.50 | | | | 03/20/53 | | | | 918,352 | | | | 767,507 | |
GNMA (1) | | AA+ | | | 2.50 | | | | 06/20/53 | | | | 428,021 | | | | 357,583 | |
GNMA (1) | | AA+ | | | 3.00 | | | | 10/20/51 | | | | 215,394 | | | | 184,873 | |
GNMA (1) | | AA+ | | | 4.00 | | | | 10/16/36 | | | | 181,287 | | | | 166,645 | |
GNMA (1) | | AA+ | | | 4.00 | | | | 01/15/42 | | | | 99,738 | | | | 94,504 | |
GNMA (1) | | AA+ | | | 4.00 | | | | 08/20/42 | | | | 33,472 | | | | 31,737 | |
GNMA (1) | | AA+ | | | 4.50 | | | | 04/20/31 | | | | 17,735 | | | | 17,612 | |
GNMA (1) | | AA+ | | | 4.50 | | | | 10/15/40 | | | | 47,372 | | | | 46,084 | |
GNMA (1) | | AA+ | | | 4.50 | | | | 10/20/43 | | | | 72,439 | | | | 70,088 | |
GNMA (1) | | AA+ | | | 5.00 | | | | 06/20/39 | | | | 36,677 | | | | 36,410 | |
GNMA (1) | | AA+ | | | 6.50 | | | | 04/15/31 | | | | 1,106 | | | | 1,135 | |
GNMA (1) | | AA+ | | | 6.50 | | | | 10/15/31 | | | | 588 | | | | 609 | |
GNMA (1) | | AA+ | | | 6.50 | | | | 12/15/31 | | | | 229 | | | | 231 | |
GNMA (1) | | AA+ | | | 6.50 | | | | 05/15/32 | | | | 1,606 | | | | 1,636 | |
GNMA (1) | | AA+ | | | 7.00 | | | | 05/15/31 | | | | 592 | | | | 618 | |
GNMA (1) | | AA+ | | | 7.00 | | | | 05/15/32 | | | | 122 | | | | 122 | |
| | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | 24,166,019 | |
| | | | | | | | | | | | | | | | | | |
| NON-MORTGAGE-BACKED OBLIGATIONS (0.8%) | | | | | | | | | | | | |
FFCB | | AA+ | | | 5.95 | | | | 05/24/34 | | | | 190,000 | | | | 189,436 | |
FHLB | | AA+ | | | 5.65 | | | | 05/21/29 | | | | 145,000 | | | | 145,092 | |
FHLB | | AA+ | | | 5.70 | | | | 05/01/29 | | | | 100,000 | | | | 100,110 | |
FHLMC | | AA+ | | | 5.00 | | | | 03/14/29 | | | | 300,000 | | | | 298,852 | |
FHLMC | | AA+ | | | 5.60 | | | | 05/03/27 | | | | 820,000 | | | | 820,436 | |
| | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | 1,553,926 | |
| | | | | | | | | | | | | | | | | | |
| CORPORATE DEBT (15.6%) | | | | | | | | | | |
| COMMUNICATION SERVICES (1.0%) | | | | | | | | | | | | |
AT&T, Inc. | | BBB | | | 2.75 | | | | 06/01/31 | | | | 290,000 | | | | 252,214 | |
Comcast Corp. | | A- | | | 3.40 | | | | 04/01/30 | | | | 300,000 | | | | 277,936 | |
Sprint LLC | | BBB- | | | 7.63 | | | | 03/01/26 | | | | 255,000 | | | | 260,761 | |
Take-Two Interactive Software, Inc. | | BBB | | | 4.00 | | | | 04/14/32 | | | | 90,000 | | | | 83,071 | |
T-Mobile USA, Inc. | | BBB | | | 3.38 | | | | 04/15/29 | | | | 165,000 | | | | 154,240 | |
T-Mobile USA, Inc. | | BBB | | | 3.75 | | | | 04/15/27 | | | | 205,000 | | | | 200,251 | |
Verizon Communications, Inc. | | BBB+ | | | 4.02 | | | | 12/03/29 | | | | 415,000 | | | | 397,829 | |
Warnermedia Hldgs., Inc. | | BBB- | | | 4.28 | | | | 03/15/32 | | | | 355,000 | | | | 312,786 | |
| | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | 1,939,088 | |
| | | | | | | | | | | | | | | | | | |
| CONSUMER DISCRETIONARY (0.9%) | | | | | | | | | | | | |
AutoZone, Inc. | | BBB | | | 3.75 | | | | 04/18/29 | | | | 65,000 | | | | 61,898 | |
Best Buy Co., Inc. | | BBB+ | | | 1.95 | | | | 10/01/30 | | | | 110,000 | | | | 92,585 | |
Darden Restaurants, Inc. | | BBB | | | 3.85 | | | | 05/01/27 | | | | 110,000 | | | | 107,494 | |
Expedia Group, Inc. | | BBB | | | 5.00 | | | | 02/15/26 | | | | 260,000 | | | | 260,528 | |
Ford Motor Credit Co. LLC | | BBB- | | | 2.70 | | | | 08/10/26 | | | | 200,000 | | | | 192,059 | |
General Motors Financial Co., Inc. | | BBB | | | 5.75 | | | | 02/08/31 | | | | 285,000 | | | | 288,431 | |
Lennar Corp. | | BBB | | | 5.00 | | | | 06/15/27 | | | | 110,000 | | | | 110,224 | |
Lowe’s Cos., Inc. | | BBB+ | | | 4.50 | | | | 04/15/30 | | | | 165,000 | | | | 161,774 | |
Lowe’s Cos., Inc. | | BBB+ | | | 5.50 | | | | 10/15/35 | | | | 100,000 | | | | 101,101 | |
Marriott International, Inc. | | BBB | | | 2.85 | | | | 04/15/31 | | | | 200,000 | | | | 174,722 | |
Toll Brothers Finance Corp. | | BBB- | | | 4.88 | | | | 03/15/27 | | | | 165,000 | | | | 164,845 | |
| | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | 1,715,661 | |
| | | | | | | | | | | | | | | | | | |
| CONSUMER STAPLES (0.4%) | | | | | | | | | | | | |
Bunge Ltd. Finance Corp. | | BBB+ | | | 2.75 | | | | 05/14/31 | | | | 235,000 | | | | 202,965 | |
The accompanying notes are an integral part of these portfolio schedules.
39
MoA FUNDS — BALANCED FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
December 31, 2024
| | | | | | | | | | | | | | | | | | |
| | | Rating** | | Rate(%) | | | Maturity | | | Face Amount | | | Value | |
| LONG-TERM DEBT SECURITIES (CONTINUED): | | | | | | | | | | | | | | |
| CORPORATE DEBT (CONTINUED) | | | | | | | | | | |
| CONSUMER STAPLES (CONTINUED) | | | | | | | | | | | | |
Bunge Ltd. Finance Corp. | | BBB+ | | | 4.20 | | | | 09/17/29 | | | $ | 150,000 | | | $ | 145,421 | |
Constellation Brands, Inc. | | BBB | | | 4.80 | | | | 01/15/29 | | | | 230,000 | | | | 228,306 | |
J M Smucker Co. | | BBB | | | 6.20 | | | | 11/15/33 | | | | 245,000 | | | | 258,256 | |
| | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | 834,948 | |
| | | | | | | | | | | | | | | | | | |
| ENERGY (1.6%) | | | | | | | | | | | | |
Cheniere Energy Partners LP | | BBB- | | | 4.50 | | | | 10/01/29 | | | | 220,000 | | | | 212,977 | |
Diamondback Energy, Inc. | | BBB | | | 5.15 | | | | 01/30/30 | | | | 225,000 | | | | 225,371 | |
Energy Transfer LP | | BBB | | | 5.25 | | | | 07/01/29 | | | | 105,000 | | | | 105,465 | |
Energy Transfer LP | | BBB | | | 5.55 | | | | 02/15/28 | | | | 276,000 | | | | 280,190 | |
EnLink Midstream LLC† | | BBB | | | 5.63 | | | | 01/15/28 | | | | 180,000 | | | | 181,680 | |
EQT Corp.† | | BBB- | | | 3.13 | | | | 05/15/26 | | | | 165,000 | | | | 160,706 | |
EQT Corp. | | BBB- | | | 3.90 | | | | 10/01/27 | | | | 90,000 | | | | 87,435 | |
Hess Corp. | | BBB- | | | 4.30 | | | | 04/01/27 | | | | 80,000 | | | | 79,184 | |
HF Sinclair Corp. | | BBB- | | | 6.38 | | | | 04/15/27 | | | | 345,000 | | | | 349,886 | |
Kinder Morgan, Inc. | | BBB | | | 5.10 | | | | 08/01/29 | | | | 350,000 | | | | 350,043 | |
Occidental Petroleum Corp. | | BB+ | | | 6.38 | | | | 09/01/28 | | | | 170,000 | | | | 175,443 | |
ONEOK, Inc. | | BBB | | | 4.40 | | | | 10/15/29 | | | | 70,000 | | | | 67,840 | |
Plains All American Pipeline LP / PAA Finance Corp. | | BBB | | | 3.55 | | | | 12/15/29 | | | | 195,000 | | | | 181,251 | |
Targa Resources Partners LP/Targa Resources Partners Finance Corp. | | BBB | | | 5.50 | | | | 03/01/30 | | | | 135,000 | | | | 135,375 | |
Targa Resources Partners LP/Targa Resources Partners Finance Corp. | | BBB | | | 6.88 | | | | 01/15/29 | | | | 75,000 | | | | 76,698 | |
Western Midstream Operating LP | | BBB- | | | 4.65 | | | | 07/01/26 | | | | 285,000 | | | | 283,650 | |
Williams Cos., Inc. | | BBB | | | 5.40 | | | | 03/02/26 | | | | 140,000 | | | | 140,950 | |
| | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | 3,094,144 | |
| | | | | | | | | | | | | | | | | | |
| FINANCIALS (5.4%) | | | | | | | | | | | | |
Alleghany Corp. | | AA | | | 3.63 | | | | 05/15/30 | | | | 160,000 | | | | 150,314 | |
American Express Co. | | A- | | | 5.39 | | | | 07/28/27 | | | | 210,000 | | | | 212,269 | |
American Express Co. | | A- | | | 5.53 | | | | 04/25/30 | | | | 165,000 | | | | 167,866 | |
Aon North America, Inc. | | A- | | | 5.45 | | | | 03/01/34 | | | | 450,000 | | | | 449,686 | |
Arthur J Gallagher & Co. | | BBB | | | 5.00 | | | | 02/15/32 | | | | 215,000 | | | | 212,072 | |
Bank of America Corp. | | A- | | | 2.97 | | | | 02/04/33 | | | | 985,000 | | | | 846,261 | |
BankUnited, Inc. | | BBB | | | 4.88 | | | | 11/17/25 | | | | 160,000 | | | | 159,622 | |
Capital One Financial Corp. | | BBB | | | 4.93 | | | | 05/10/28 | | | | 115,000 | | | | 114,522 | |
Capital One Financial Corp. | | BBB | | | 6.38 | | | | 06/08/34 | | | | 140,000 | | | | 145,301 | |
Citigroup, Inc. | | BBB+ | | | 3.79 | | | | 03/17/33 | | | | 195,000 | | | | 175,147 | |
Citigroup, Inc. | | BBB+ | | | 3.98 | | | | 03/20/30 | | | | 220,000 | | | | 209,650 | |
Citigroup, Inc. | | BBB | | | 5.83 | | | | 02/13/35 | | | | 300,000 | | | | 298,338 | |
Citizens Financial Group, Inc. | | BBB+ | | | 5.84 | | | | 01/23/30 | | | | 340,000 | | | | 344,926 | |
Discover Financial Svcs. | | BBB- | | | 4.10 | | | | 02/09/27 | | | | 335,000 | | | | 328,807 | |
Fairfax Financial Hldgs. Ltd. | | BBB+ | | | 6.00 | | | | 12/07/33 | | | | 160,000 | | | | 164,921 | |
Fifth Third Bancorp | | BBB+ | | | 4.90 | | | | 09/06/30 | | | | 125,000 | | | | 123,304 | |
Fifth Third Bancorp | | BBB+ | | | 6.34 | | | | 07/27/29 | | | | 155,000 | | | | 160,645 | |
First Horizon Bank | | BBB- | | | 5.75 | | | | 05/01/30 | | | | 250,000 | | | | 248,438 | |
Global Payments, Inc. | | BBB- | | | 2.90 | | | | 05/15/30 | | | | 350,000 | | | | 311,622 | |
Goldman Sachs Group, Inc. | | BBB+ | | | 2.60 | | | | 02/07/30 | | | | 450,000 | | | | 398,174 | |
Goldman Sachs Group, Inc. | | BBB+ | | | 6.56 | | | | 10/24/34 | | | | 235,000 | | | | 252,896 | |
JPMorgan Chase & Co. | | A | | | 5.35 | | | | 06/01/34 | | | | 200,000 | | | | 199,582 | |
JPMorgan Chase & Co. | | A- | | | 5.72 | | | | 09/14/33 | | | | 385,000 | | | | 391,936 | |
Kemper Corp. | | BBB- | | | 3.80 | | | | 02/23/32 | | | | 165,000 | | | | 145,405 | |
KeyCorp | | BBB | | | 2.25 | | | | 04/06/27 | | | | 398,000 | | | | 375,451 | |
Liberty Mutual Group, Inc.† | | BBB | | | 4.57 | | | | 02/01/29 | | | | 365,000 | | | | 357,567 | |
Manufacturers & Traders Trust Co. | | A- | | | 4.70 | | | | 01/27/28 | | | | 250,000 | | | | 247,275 | |
The accompanying notes are an integral part of these portfolio schedules.
40
MoA FUNDS — BALANCED FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
December 31, 2024
| | | | | | | | | | | | | | | | | | | | |
| | | Rating** | | | Rate(%) | | | Maturity | | | Face Amount | | | Value | |
| LONG-TERM DEBT SECURITIES (CONTINUED): | | | | | | | | | | | | | | | |
| CORPORATE DEBT (CONTINUED) | | | | | | | | | | |
| FINANCIALS (CONTINUED) | | | | | | | | | | | | | |
Mercury General Corp. | | | BBB | | | | 4.40 | | | | 03/15/27 | | | $ | 125,000 | | | $ | 122,564 | |
Morgan Stanley | | | A- | | | | 2.70 | | | | 01/22/31 | | | | 450,000 | | | | 399,518 | |
Morgan Stanley | | | A- | | | | 5.17 | | | | 01/16/30 | | | | 40,000 | | | | 40,013 | |
Morgan Stanley | | | A- | | | | 5.45 | | | | 07/20/29 | | | | 210,000 | | | | 212,312 | |
PNC Bank N.A. | | | A- | | | | 2.70 | | | | 10/22/29 | | | | 250,000 | | | | 224,509 | |
PNC Financial Svcs. Group, Inc. | | | A- | | | | 5.81 | | | | 06/12/26 | | | | 180,000 | | | | 180,692 | |
PNC Financial Svcs. Group, Inc. | | | A- | | | | 6.88 | | | | 10/20/34 | | | | 120,000 | | | | 130,821 | |
Synchrony Financial | | | BBB- | | | | 3.70 | | | | 08/04/26 | | | | 400,000 | | | | 391,162 | |
Truist Financial Corp. | | | A- | | | | 4.87 | | | | 01/26/29 | | | | 250,000 | | | | 248,364 | |
U.S. Bancorp | | | A | | | | 4.65 | | | | 02/01/29 | | | | 465,000 | | | | 460,245 | |
U.S. Bancorp | | | A | | | | 5.78 | | | | 06/12/29 | | | | 60,000 | | | | 61,335 | |
Voya Financial, Inc. | | | BBB+ | | | | 3.65 | | | | 06/15/26 | | | | 250,000 | | | | 245,842 | |
Wells Fargo & Co. | | | BBB+ | | | | 3.35 | | | | 03/02/33 | | | | 315,000 | | | | 275,735 | |
Wells Fargo & Co. | | | BBB+ | | | | 3.53 | | | | 03/24/28 | | | | 190,000 | | | | 184,339 | |
Wells Fargo & Co. | | | BBB+ | | | | 5.20 | | | | 01/23/30 | | | | 220,000 | | | | 220,705 | |
Zions Bancorp N.A. | | | BBB | | | | 3.25 | | | | 10/29/29 | | | | 250,000 | | | | 222,827 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | 10,812,980 | |
| | | | | | | | | | | | | | | | | | | | |
| HEALTH CARE (0.8%) | | | | | | | | | | | | | |
AbbVie, Inc. | | | A- | | | | 5.05 | | | | 03/15/34 | | | | 455,000 | | | | 449,619 | |
Amgen, Inc. | | | BBB+ | | | | 5.15 | | | | 03/02/28 | | | | 235,000 | | | | 236,502 | |
Amgen, Inc. | | | BBB+ | | | | 5.25 | | | | 03/02/33 | | | | 100,000 | | | | 99,216 | |
Baxter International, Inc. | | | BBB | | | | 2.54 | | | | 02/01/32 | | | | 100,000 | | | | 83,320 | |
Bristol-Myers Squibb Co. | | | A | | | | 5.20 | | | | 02/22/34 | | | | 90,000 | | | | 89,739 | |
CVS Health Corp. | | | BBB | | | | 3.75 | | | | 04/01/30 | | | | 389,000 | | | | 356,552 | |
Elevance Health, Inc. | | | A | | | | 2.88 | | | | 09/15/29 | | | | 255,000 | | | | 231,823 | |
Elevance Health, Inc. | | | A | | | | 4.75 | | | | 02/15/30 | | | | 65,000 | | | | 64,142 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | 1,610,913 | |
| | | | | | | | | | | | | | | | | | | | |
| INDUSTRIALS (1.0%) | | | | | | | | | | | | | |
AutoZone, Inc. | | | BBB | | | | 6.25 | | | | 11/01/28 | | | | 175,000 | | | | 182,921 | |
Boeing Co. | | | BBB- | | | | 2.20 | | | | 02/04/26 | | | | 185,000 | | | | 179,473 | |
Boeing Co. | | | BBB- | | | | 2.75 | | | | 02/01/26 | | | | 130,000 | | | | 126,806 | |
CH Robinson Worldwide, Inc. | | | BBB | | | | 4.20 | | | | 04/15/28 | | | | 180,000 | | | | 175,404 | |
Equifax, Inc. | | | BBB | | | | 4.80 | | | | 09/15/29 | | | | 280,000 | | | | 276,521 | |
Huntington Ingalls Industries, Inc. | | | BBB- | | | | 3.48 | | | | 12/01/27 | | | | 155,000 | | | | 148,818 | |
L3Harris Technologies, Inc. | | | BBB | | | | 5.40 | | | | 01/15/27 | | | | 210,000 | | | | 212,507 | |
Lennox International, Inc. | | | BBB | | | | 1.70 | | | | 08/01/27 | | | | 155,000 | | | | 142,935 | |
Otis Worldwide Corp. | | | BBB | | | | 5.13 | | | | 11/19/31 | | | | 245,000 | | | | 245,146 | |
Uber Technologies, Inc.† | | | BBB- | | | | 4.50 | | | | 08/15/29 | | | | 220,000 | | | | 212,772 | |
Verisk Analytics, Inc. | | | BBB | | | | 4.00 | | | | 06/15/25 | | | | 26,000 | | | | 25,879 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | 1,929,182 | |
| | | | | | | | | | | | | | | | | | | | |
| INFORMATION TECHNOLOGY (1.3%) | | | | | | | | | | | | | |
Amphenol Corp. | | | BBB+ | | | | 2.80 | | | | 02/15/30 | | | | 305,000 | | | | 275,546 | |
Arrow Electronics, Inc. | | | BBB- | | | | 5.15 | | | | 08/21/29 | | | | 250,000 | | | | 248,692 | |
Broadcom, Inc. | | | BBB | | | | 5.05 | | | | 07/12/29 | | | | 355,000 | | | | 356,137 | |
Hewlett Packard Enterprise Co. | | | BBB | | | | 4.55 | | | | 10/15/29 | | | | 180,000 | | | | 175,394 | |
Intel Corp. | | | BBB | | | | 3.75 | | | | 03/25/27 | | | | 190,000 | | | | 185,119 | |
Intel Corp. | | | BBB | | | | 5.20 | | | | 02/10/33 | | | | 165,000 | | | | 159,330 | |
Jabil, Inc. | | | BBB- | | | | 3.00 | | | | 01/15/31 | | | | 140,000 | | | | 123,247 | |
Jabil, Inc. | | | BBB- | | | | 3.95 | | | | 01/12/28 | | | | 75,000 | | | | 72,537 | |
Juniper Networks, Inc. | | | BBB | | | | 3.75 | | | | 08/15/29 | | | | 205,000 | | | | 194,628 | |
Microchip Technology, Inc. | | | BBB | | | | 4.90 | | | | 03/15/28 | | | | 150,000 | | | | 149,575 | |
Oracle Corp. | | | BBB | | | | 4.90 | | | | 02/06/33 | | | | 285,000 | | | | 277,315 | |
Teledyne Technologies, Inc. | | | BBB | | | | 2.75 | | | | 04/01/31 | | | | 150,000 | | | | 130,400 | |
VMware LLC | | | BBB | | | | 1.40 | | | | 08/15/26 | | | | 240,000 | | | | 227,330 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | 2,575,250 | |
| | | | | | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these portfolio schedules.
41
MoA FUNDS — BALANCED FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
December 31, 2024
| | | | | | | | | | | | | | | | | | | | |
| | | Rating** | | | Rate(%) | | | Maturity | | | Face Amount | | | Value | |
| LONG-TERM DEBT SECURITIES (CONTINUED): | | | | | | | | | | | | | | | |
| CORPORATE DEBT (CONTINUED) | | | | | | | | | | |
| MATERIALS (0.6%) | | | | | | | | | | | | | |
Celanese US Hldgs. LLC | | | BB+ | | | | 6.17 | | | | 07/15/27 | | | $ | 280,000 | | | $ | 284,355 | |
International Flavors & Fragrances, Inc.† | | | BBB- | | | | 1.83 | | | | 10/15/27 | | | | 290,000 | | | | 266,242 | |
Sherwin-Williams Co. | | | BBB | | | | 3.95 | | | | 01/15/26 | | | | 350,000 | | | | 347,563 | |
Steel Dynamics, Inc. | | | BBB | | | | 5.00 | | | | 12/15/26 | | | | 125,000 | | | | 125,164 | |
Vulcan Materials Co. | | | BBB+ | | | | 4.95 | | | | 12/01/29 | | | | 280,000 | | | | 278,837 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | 1,302,161 | |
| | | | | | | | | | | | | | | | | | | | |
| REAL ESTATE (1.7%) | | | | | | | | | | | | | |
Alexandria Real Estate Equities, Inc. | | | BBB+ | | | | 4.75 | | | | 04/15/35 | | | | 360,000 | | | | 337,811 | |
American Tower Corp. | | | BBB | | | | 2.75 | | | | 01/15/27 | | | | 140,000 | | | | 134,465 | |
American Tower Corp. | | | BBB | | | | 3.13 | | | | 01/15/27 | | | | 45,000 | | | | 43,527 | |
American Tower Corp. | | | BBB | | | | 5.80 | | | | 11/15/28 | | | | 180,000 | | | | 184,559 | |
Boston Properties LP | | | BBB | | | | 3.25 | | | | 01/30/31 | | | | 300,000 | | | | 263,521 | |
Boston Properties LP | | | BBB | | | | 5.75 | | | | 01/15/35 | | | | 35,000 | | | | 34,314 | |
Boston Properties LP | | | BBB | | | | 6.50 | | | | 01/15/34 | | | | 50,000 | | | | 52,374 | |
Digital Realty Trust LP | | | BBB | | | | 5.55 | | | | 01/15/28 | | | | 215,000 | | | | 218,214 | |
Equinix, Inc. | | | BBB | | | | 1.45 | | | | 05/15/26 | | | | 260,000 | | | | 248,740 | |
Equinix, Inc. | | | BBB | | | | 3.20 | | | | 11/18/29 | | | | 115,000 | | | | 105,691 | |
Host Hotels & Resorts LP | | | BBB- | | | | 5.70 | | | | 07/01/34 | | | | 275,000 | | | | 274,404 | |
Kilroy Realty LP | | | BBB- | | | | 3.05 | | | | 02/15/30 | | | | 120,000 | | | | 105,087 | |
Kimco Realty OP LLC | | | BBB+ | | | | 4.85 | | | | 03/01/35 | | | | 135,000 | | | | 128,313 | |
Kimco Realty OP LLC | | | BBB+ | | | | 6.40 | | | | 03/01/34 | | | | 200,000 | | | | 212,562 | |
NNN REIT, Inc. | | | BBB+ | | | | 2.50 | | | | 04/15/30 | | | | 145,000 | | | | 126,858 | |
NNN REIT, Inc. | | | BBB+ | | | | 3.60 | | | | 12/15/26 | | | | 110,000 | | | | 107,627 | |
Prologis LP | | | A | | | | 1.75 | | | | 07/01/30 | | | | 140,000 | | | | 118,055 | |
Realty Income Corp. | | | A- | | | | 4.85 | | | | 03/15/30 | | | | 65,000 | | | | 64,603 | |
Realty Income Corp. | | | A- | | | | 5.13 | | | | 02/15/34 | | | | 325,000 | | | | 318,470 | |
Tanger Properties LP | | | BBB- | | | | 3.13 | | | | 09/01/26 | | | | 175,000 | | | | 169,586 | |
Tanger Properties LP | | | BBB- | | | | 3.88 | | | | 07/15/27 | | | | 110,000 | | | | 106,713 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | 3,355,494 | |
| | | | | | | | | | | | | | | | | | | | |
| UTILITIES (0.9%) | | | | | | | | | | | | | |
American Electric Power Co., Inc. | | | BBB | | | | 5.20 | | | | 01/15/29 | | | | 345,000 | | | | 347,491 | |
Black Hills Corp. | | | BBB+ | | | | 3.05 | | | | 10/15/29 | | | | 140,000 | | | | 127,928 | |
DTE Energy Co. | | | BBB | | | | 5.10 | | | | 03/01/29 | | | | 325,000 | | | | 325,701 | |
Duke Energy Carolinas LLC | | | A | | | | 4.85 | | | | 01/15/34 | | | | 295,000 | | | | 286,237 | |
Duke Energy Corp. | | | BBB | | | | 4.85 | | | | 01/05/29 | | | | 35,000 | | | | 34,852 | |
NextEra Energy Capital Hldgs., Inc. | | | BBB+ | | | | 3.55 | | | | 05/01/27 | | | | 275,000 | | | | 267,902 | |
NiSource, Inc. | | | BBB+ | | | | 5.20 | | | | 07/01/29 | | | | 220,000 | | | | 221,577 | |
Southern Co. | | | BBB+ | | | | 5.70 | | | | 03/15/34 | | | | 280,000 | | | | 286,042 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | 1,897,730 | |
| | | | | | | | | | | | | | | | | | | | |
TOTAL CORPORATE DEBT | | | | 31,067,551 | |
| | | | | | | | | | | | | | | | | | | | |
TOTAL LONG-TERM DEBT SECURITIES
(Cost: $72,718,949) | | | | 68,571,796 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| SHORT-TERM DEBT SECURITIES (3.9%): | | | | | | | | | | | | | | | |
| U.S. GOVERNMENT (3.9%) | | | | | | | | | | | | | | | |
U.S. Treasury Bill | | | A-1+ | | | | 4.24 | | | | 01/21/25 | | | | 1,000,000 | | | | 997,652 | |
U.S. Treasury Bill | | | A-1+ | | | | 4.33 | | | | 01/23/25 | | | | 2,600,000 | | | | 2,593,161 | |
U.S. Treasury Bill | | | A-1+ | | | | 4.40 | | | | 01/28/25 | | | | 500,000 | | | | 498,359 | |
U.S. Treasury Bill | | | A-1+ | | | | 4.51 | | | | 01/07/25 | | | | 3,700,000 | | | | 3,697,237 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | 7,786,409 | |
| | | | | | | | | | | | | | | | | | | | |
TOTAL SHORT-TERM DEBT SECURITIES
(Cost: $7,786,409) | | | | 7,786,409 | |
| | | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these portfolio schedules.
42
MoA FUNDS — BALANCED FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
December 31, 2024
| | | | | | | | | | | | | | |
| | | | | Rate(%) | | Maturity | | Face Amount | | | Value | |
| TEMPORARY CASH INVESTMENT (0.7%): | | | | | | | | | | | | |
JP Morgan Chase, New York Time Deposit | | | | 3.58 | | 01/02/25 | | $ | 1,280,046 | | | $ | 1,280,046 | |
| | | | | | | | | | | | | | |
TOTAL TEMPORARY CASH INVESTMENT
(Cost: $1,280,046) | | | | 1,280,046 | |
| | | | | | | | | | | | | | |
TOTAL INVESTMENTS
(Cost: $146,956,997) 99.8% | | | | 198,320,358 | |
| | | | | | | | | | | | | | |
OTHER NET ASSETS 0.2% | | | | 483,791 | |
| | | | | | | | | | | | | | |
NET ASSETS 100.0% | | | $ | 198,804,149 | |
| | | | | | | | | | | | | | |
FOOTNOTES TO PORTFOLIO OF INVESTMENTS IN SECURITIES
| | |
| Abbreviations: | | ARM = Adjustable Rate Mortgage |
| | FFCB = Federal Farm Credit Bank |
| | FHLB = Federal Home Loan Bank |
| | FHLMC = Federal Home Loan Mortgage Corporation |
| | FNMA = Federal National Mortgage Association |
| | FRESB = Federal Home Loan Mortgage Corporation Multifamily Securitization Small Loan Balance |
| | GNMA = Government National Mortgage Association |
| | REMICS = Real Estate Mortgage Investment Conduits |
| * | Non-income producing security. |
| ** | Ratings as per Standard & Poor’s Corporation (unaudited). |
| † | Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2024, the aggregate values of these securities amounts to $1,178,967 and represents 0.6% of net assets. |
| (1) | U.S. Government guaranteed security. |
The accompanying notes are an integral part of these portfolio schedules.
43
MoA FUNDS — INTERNATIONAL FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES
December 31, 2024
| | | | | | | | |
| | | Shares | | | Value | |
| COMMON STOCKS (95.0%): | |
| AUSTRALIA (5.0%) | |
| CONSUMER DISCRETIONARY (1.3%) | | | | |
Aristocrat Leisure Ltd. | | | 208,049 | | | $ | 8,787,445 | |
Wesfarmers Ltd. | | | 277,668 | | | | 12,268,674 | |
| | | | | | | | |
| | | | | | | 21,056,119 | |
| | | | | | | | |
| FINANCIALS (1.2%) | | | | | | |
ANZ Group Hldgs. Ltd. | | | 590,170 | | | | 10,400,359 | |
Commonwealth Bank of Australia | | | 96,398 | | | | 9,122,769 | |
| | | | | | | | |
| | | | | | | 19,523,128 | |
| | | | | | | | |
| HEALTH CARE (0.6%) | | | | | | |
Pro Medicus Ltd. | | | 61,903 | | | | 9,563,858 | |
| | | | | | | | |
| INFORMATION TECHNOLOGY (0.4%) | | | | | | |
WiseTech Global Ltd. | | | 103,457 | | | | 7,724,641 | |
| | | | | | | | |
| MATERIALS (1.5%) | | | | | | |
BHP Group Ltd. | | | 522,487 | | | | 12,748,006 | |
BlueScope Steel Ltd. | | | 510,992 | | | | 5,909,611 | |
Fortescue Ltd. | | | 546,465 | | | | 6,154,497 | |
| | | | | | | | |
| | | | | | | 24,812,114 | |
| | | | | | | | |
TOTAL AUSTRALIA | | | | | | | 82,679,860 | |
| | | | | | | | |
| AUSTRIA (0.3%) | | | | | | |
| ENERGY (0.3%) | | | | | | |
OMV AG | | | 111,571 | | | | 4,327,748 | |
| | | | | | | | |
| DENMARK (2.6%) | | | | | | |
| CONSUMER DISCRETIONARY (1.0%) | | | | | | |
Pandora A/S | | | 88,211 | | | | 16,141,489 | |
| | | | | | | | |
| HEALTH CARE (1.4%) | | | | | | |
Novo Nordisk A/S Cl B | | | 270,110 | | | | 23,309,632 | |
| | | | | | | | |
| INDUSTRIALS (0.2%) | | | | | | |
ROCKWOOL A/S Cl B | | | 12,102 | | | | 4,307,081 | |
| | | | | | | | |
TOTAL DENMARK | | | | | | | 43,758,202 | |
| | | | | | | | |
| FINLAND (0.6%) | | | | | | |
| FINANCIALS (0.6%) | | | | | | |
Nordea Bank Abp | | | 883,684 | | | | 9,627,480 | |
| | | | | | | | |
| FRANCE (9.6%) | | | | | | |
| COMMUNICATION SERVICES (0.8%) | | | | | | |
Orange S.A. | | | 640,597 | | | | 6,393,001 | |
Publicis Groupe S.A. | | | 63,561 | | | | 6,767,990 | |
| | | | | | | | |
| | | | | | | 13,160,991 | |
| | | | | | | | |
| CONSUMER DISCRETIONARY (1.4%) | |
Hermes International SCA | | | 10,065 | | | | 24,154,342 | |
| | | | | | | | |
| CONSUMER STAPLES (0.7%) | | | | | | |
Danone S.A. | | | 162,379 | | | | 10,975,653 | |
| | | | | | | | |
| ENERGY (1.0%) | | | | | | |
TotalEnergies SE | | | 286,589 | | | | 15,970,354 | |
| | | | | | | | |
| FINANCIALS (1.3%) | | | | | | |
AXA S.A. | | | 325,159 | | | | 11,574,527 | |
BNP Paribas S.A. | | | 162,311 | | | | 9,967,305 | |
| | | | | | | | |
| | | | | | | 21,541,832 | |
| | | | | | | | |
| HEALTH CARE (0.4%) | | | | | | |
EssilorLuxottica S.A. | | | 29,069 | | | | 7,092,166 | |
| | | | | | | | |
| | | | | | | | |
| | | Shares | | | Value | |
| COMMON STOCKS (CONTINUED): | |
| FRANCE (CONTINUED) | | | | | | |
| INDUSTRIALS (3.0%) | | | | | | |
Cie de Saint-Gobain S.A. | | | 156,814 | | | $ | 13,937,448 | |
Eiffage S.A. | | | 88,702 | | | | 7,779,902 | |
Schneider Electric SE | | | 87,878 | | | | 21,881,985 | |
Vinci S.A. | | | 60,951 | | | | 6,276,520 | |
| | | | | | | | |
| | | | | | | 49,875,855 | |
| | | | | | | | |
| REAL ESTATE (0.3%) | | | | | | |
Klepierre S.A. | | | 160,247 | | | | 4,615,925 | |
| | | | | | | | |
| UTILITIES (0.7%) | | | | | | |
Engie S.A. | | | 703,983 | | | | 11,166,915 | |
| | | | | | | | |
TOTAL FRANCE | | | | | | | 158,554,033 | |
| | | | | | | | |
| GERMANY (8.4%) | | | | | | |
| COMMUNICATION SERVICES (0.9%) | |
Deutsche Telekom AG | | | 500,985 | | | | 15,013,961 | |
| | | | | | | | |
| CONSUMER DISCRETIONARY (0.5%) | |
Mercedes-Benz Group AG | | | 136,947 | | | | 7,636,514 | |
| | | | | | | | |
| FINANCIALS (2.5%) | | | | | | |
Allianz SE | | | 55,855 | | | | 17,171,083 | |
Deutsche Bank AG | | | 816,855 | | | | 14,099,107 | |
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | | | 21,310 | | | | 10,754,304 | |
| | | | | | | | |
| | | | | | | 42,024,494 | |
| | | | | | | | |
| INDUSTRIALS (1.9%) | | | | | | |
GEA Group AG | | | 146,664 | | | | 7,286,686 | |
Siemens AG | | | 124,601 | | | | 24,301,231 | |
| | | | | | | | |
| | | | | | | 31,587,917 | |
| | | | | | | | |
| INFORMATION TECHNOLOGY (2.1%) | |
SAP SE | | | 145,204 | | | | 35,723,346 | |
| | | | | | | | |
| MATERIALS (0.5%) | | | | | | |
Heidelberg Materials AG | | | 63,088 | | | | 7,796,859 | |
| | | | | | | | |
TOTAL GERMANY | | | | | | | 139,783,091 | |
| | | | | | | | |
| HONG KONG (0.8%) | | | | | | |
| CONSUMER STAPLES (0.5%) | | | | | | |
WH Group Ltd.† | | | 10,984,071 | | | | 8,464,653 | |
| | | | | | | | |
| REAL ESTATE (0.3%) | | | | | | |
Sun Hung Kai Properties Ltd. | | | 471,703 | | | | 4,488,387 | |
| | | | | | | | |
TOTAL HONG KONG | | | | | | | 12,953,040 | |
| | | | | | | | |
| IRELAND (0.7%) | | | | | | |
| INDUSTRIALS (0.7%) | | | | | | |
Experian PLC | | | 274,818 | | | | 11,813,060 | |
| | | | | | | | |
| ISRAEL (1.2%) | | | | | | |
| INFORMATION TECHNOLOGY (1.2%) | |
Check Point Software Technologies Ltd.* | | | 66,615 | | | | 12,437,021 | |
Wix.com Ltd.* | | | 38,353 | | | | 8,228,636 | |
| | | | | | | | |
| | | | | | | 20,665,657 | |
| | | | | | | | |
The accompanying notes are an integral part of these portfolio schedules.
44
MoA FUNDS — INTERNATIONAL FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
December 31, 2024
| | | | | | | | |
| | | Shares | | | Value | |
| COMMON STOCKS (CONTINUED): | |
| ITALY (4.3%) | | | | | | |
| CONSUMER DISCRETIONARY (0.6%) | | | | | | |
Ferrari N.V. | | | 23,517 | | | $ | 10,036,618 | |
| | | | | | | | |
| FINANCIALS (3.1%) | | | | | | |
Banco BPM SpA | | | 792,276 | | | | 6,415,981 | |
Generali | | | 282,314 | | | | 7,988,741 | |
Intesa Sanpaolo SpA | | | 2,746,056 | | | | 11,016,058 | |
Poste Italiane SpA† | | | 643,754 | | | | 9,106,417 | |
UniCredit SpA | | | 392,649 | | | | 15,727,987 | |
| | | | | | | | |
| | | | | | | 50,255,184 | |
| | | | | | | | |
| UTILITIES (0.6%) | | | | | | |
Enel SpA | | | 1,459,266 | | | | 10,415,594 | |
| | | | | | | | |
TOTAL ITALY | | | | | | | 70,707,396 | |
| | | | | | | | |
| JAPAN (21.0%) | | | | | | |
| COMMUNICATION SERVICES (1.3%) | | | | | | |
Konami Group Corp. | | | 70,597 | | | | 6,606,411 | |
Nintendo Co. Ltd. | | | 266,982 | | | | 15,550,994 | |
| | | | | | | | |
| | | | | | | 22,157,405 | |
| | | | | | | | |
| CONSUMER DISCRETIONARY (2.3%) | | | | | | |
Fast Retailing Co. Ltd. | | | 31,236 | | | | 10,538,212 | |
Honda Motor Co. Ltd. | | | 954,592 | | | | 9,089,354 | |
Sumitomo Electric Industries Ltd. | | | 659,013 | | | | 11,782,608 | |
Yamaha Motor Co. Ltd. | | | 689,404 | | | | 6,074,712 | |
| | | | | | | | |
| | | | | | | 37,484,886 | |
| | | | | | | | |
| CONSUMER STAPLES (0.7%) | | | | | | |
Japan Tobacco, Inc. | | | 427,593 | | | | 10,970,023 | |
| | | | | | | | |
| ENERGY (0.4%) | | | | | | |
Inpex Corp. | | | 476,346 | | | | 5,993,702 | |
| | | | | | | | |
| FINANCIALS (1.5%) | | | | | | |
Daiwa Securities Group, Inc. | | | 1,546,701 | | | | 10,207,242 | |
Japan Post Insurance Co. Ltd. | | | 459,673 | | | | 8,444,107 | |
Tokio Marine Hldgs., Inc. | | | 189,200 | | | | 6,790,681 | |
| | | | | | | | |
| | | | | | | 25,442,030 | |
| | | | | | | | |
| HEALTH CARE (2.3%) | | | | | | |
Chugai Pharmaceutical Co. Ltd. | | | 194,907 | | | | 8,592,542 | |
Hoya Corp. | | | 102,888 | | | | 12,770,267 | |
Kyowa Kirin Co. Ltd. | | | 295,157 | | | | 4,438,990 | |
Shionogi & Co. Ltd. | | | 841,573 | | | | 11,804,327 | |
| | | | | | | | |
| | | | | | | 37,606,126 | |
| | | | | | | | |
| INDUSTRIALS (5.5%) | | | | | | |
Hitachi Ltd. | | | 1,016,747 | | | | 24,902,568 | |
Marubeni Corp. | | | 468,600 | | | | 7,033,690 | |
Mitsubishi Corp. | | | 644,872 | | | | 10,552,223 | |
Mitsui & Co. Ltd. | | | 530,376 | | | | 11,000,583 | |
Nippon Yusen KK | | | 203,138 | | | | 6,761,790 | |
Recruit Hldgs. Co. Ltd. | | | 266,349 | | | | 18,515,130 | |
Sumitomo Corp. | | | 583,900 | | | | 12,637,481 | |
| | | | | | | | |
| | | | | | | 91,403,465 | |
| | | | | | | | |
| | | | | | | | |
| | | Shares | | | Value | |
| COMMON STOCKS (CONTINUED): | |
| JAPAN (CONTINUED) | | | | | | |
| INFORMATION TECHNOLOGY (3.9%) | | | | | | |
Advantest Corp. | | | 195,300 | | | $ | 11,105,591 | |
Brother Industries Ltd. | | | 433,397 | | | | 7,332,056 | |
Canon, Inc. | | | 174,013 | | | | 5,652,771 | |
Disco Corp. | | | 21,527 | | | | 5,711,171 | |
Keyence Corp. | | | 29,970 | | | | 12,183,117 | |
Seiko Epson Corp. | | | 495,341 | | | | 8,938,300 | |
Tokyo Electron Ltd. | | | 34,600 | | | | 5,201,547 | |
Yokogawa Electric Corp. | | | 410,392 | | | | 8,729,597 | |
| | | | | | | | |
| | | | | | | 64,854,150 | |
| | | | | | | | |
| MATERIALS (0.9%) | | | | | | |
Nitto Denko Corp. | | | 480,145 | | | | 8,028,222 | |
Shin-Etsu Chemical Co. Ltd. | | | 189,000 | | | | 6,225,711 | |
| | | | | | | | |
| | | | | | | 14,253,933 | |
| | | | | | | | |
| REAL ESTATE (1.1%) | | | | | | |
Daito Trust Construction Co. Ltd. | | | 70,808 | | | | 7,916,707 | |
Daiwa House Industry Co. Ltd. | | | 364,066 | | | | 11,178,319 | |
| | | | | | | | |
| | | | | | | 19,095,026 | |
| | | | | | | | |
| UTILITIES (1.1%) | | | | | | |
Kansai Electric Power Co., Inc. | | | 394,247 | | | | 4,370,201 | |
Osaka Gas Co. Ltd. | | | 251,258 | | | | 5,495,939 | |
Tokyo Gas Co. Ltd. | | | 329,031 | | | | 9,117,229 | |
| | | | | | | | |
| | | | | | | 18,983,369 | |
| | | | | | | | |
TOTAL JAPAN | | | | | | | 348,244,115 | |
| | | | | | | | |
| NETHERLANDS (4.2%) | | | | | | |
| COMMUNICATION SERVICES (0.5%) | | | | | | |
Koninklijke KPN N.V. | | | 2,339,778 | | | | 8,533,511 | |
| | | | | | | | |
| CONSUMER DISCRETIONARY (0.9%) | | | | | | |
Prosus NV* | | | 355,195 | | | | 14,112,791 | |
| | | | | | | | |
| CONSUMER STAPLES (0.8%) | | | | | | |
Koninklijke Ahold Delhaize N.V. | | | 416,842 | | | | 13,599,560 | |
| | | | | | | | |
| FINANCIALS (0.6%) | | | | | | |
ING Groep N.V. | | | 630,586 | | | | 9,884,193 | |
| | | | | | | | |
| INFORMATION TECHNOLOGY (1.4%) | | | | | | |
ASM International N.V. | | | 13,979 | | | | 8,084,016 | |
ASML Hldg. N.V. | | | 21,673 | | | | 15,183,452 | |
| | | | | | | | |
| | | | | | | 23,267,468 | |
| | | | | | | | |
TOTAL NETHERLANDS | | | | | | | 69,397,523 | |
| | | | | | | | |
| NORWAY (1.0%) | | | | | | |
| CONSUMER STAPLES (0.3%) | | | | | | |
Orkla ASA | | | 565,809 | | | | 4,895,396 | |
| | | | | | | | |
| ENERGY (0.7%) | | | | | | |
Equinor ASA | | | 477,681 | | | | 11,331,290 | |
| | | | | | | | |
TOTAL NORWAY | | | | | | | 16,226,686 | |
| | | | | | | | |
| SINGAPORE (0.9%) | | | | | | |
| FINANCIALS (0.9%) | | | | | | |
DBS Group Hldgs. Ltd. | | | 461,763 | | | | 14,797,952 | |
| | | | | | | | |
The accompanying notes are an integral part of these portfolio schedules.
45
MoA FUNDS — INTERNATIONAL FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
December 31, 2024
| | | | | | | | |
| | | Shares | | | Value | |
| COMMON STOCKS (CONTINUED): | |
| SPAIN (4.3%) | | | | | | |
| CONSUMER DISCRETIONARY (0.8%) | |
Industria de Diseno Textil S.A. | | | 261,162 | | | $ | 13,380,336 | |
| | | | | | | | |
| FINANCIALS (2.7%) | | | | | | |
Banco Bilbao Vizcaya Argentaria S.A. | | | 1,879,998 | | | | 18,398,276 | |
Banco Santander S.A. | | | 4,137,131 | | | | 19,143,106 | |
CaixaBank S.A. | | | 1,190,907 | | | | 6,466,888 | |
| | | | | | | | |
| | | | | | | 44,008,270 | |
| | | | | | | | |
| UTILITIES (0.8%) | | | | | | |
Iberdrola S.A. | | | 964,745 | | | | 13,296,972 | |
| | | | | | | | |
TOTAL SPAIN | | | | | | | 70,685,578 | |
| | | | | | | | |
| SWEDEN (2.6%) | | | | | | |
| FINANCIALS (1.0%) | | | | | | |
Investor AB Cl B | | | 386,017 | | | | 10,225,884 | |
Svenska Handelsbanken AB Cl A | | | 623,515 | | | | 6,438,754 | |
| | | | | | | | |
| | | | | | | 16,664,638 | |
| | | | | | | | |
| INDUSTRIALS (1.6%) | | | | | | |
Assa Abloy AB Cl B | | | 320,525 | | | | 9,468,494 | |
Atlas Copco AB Cl A | | | 794,996 | | | | 12,134,710 | |
Trelleborg AB Cl B | | | 162,578 | | | | 5,564,323 | |
| | | | | | | | |
| | | | | | | 27,167,527 | |
| | | | | | | | |
TOTAL SWEDEN | | | | | | | 43,832,165 | |
| | | | | | | | |
| SWITZERLAND (8.5%) | | | | | | |
| FINANCIALS (1.2%) | | | | | | |
Partners Group Hldg. AG | | | 5,454 | | | | 7,409,764 | |
Zurich Insurance Group AG | | | 21,761 | | | | 12,945,548 | |
| | | | | | | | |
| | | | | | | 20,355,312 | |
| | | | | | | | |
| HEALTH CARE (4.8%) | | | | | | |
Lonza Group AG | | | 7,988 | | | | 4,715,867 | |
Novartis AG | | | 361,339 | | | | 35,186,743 | |
Roche Hldg. AG | | | 104,208 | | | | 29,143,683 | |
Sonova Hldg. AG | | | 32,168 | | | | 10,521,566 | |
| | | | | | | | |
| | | | | | | 79,567,859 | |
| | | | | | | | |
| INDUSTRIALS (1.5%) | | | | | | |
ABB Ltd. | | | 296,622 | | | | 16,020,678 | |
Schindler Hldg. AG | | | 33,934 | | | | 9,377,479 | |
| | | | | | | | |
| | | | | | | 25,398,157 | |
| | | | | | | | |
| INFORMATION TECHNOLOGY (0.4%) | |
Logitech International S.A. | | | 80,591 | | | | 6,653,947 | |
| | | | | | | | |
| MATERIALS (0.6%) | | | | | | |
Givaudan S.A. | | | 2,099 | | | | 9,177,560 | |
| | | | | | | | |
TOTAL SWITZERLAND | | | | | | | 141,152,835 | |
| | | | | | | | |
| UNITED KINGDOM (14.9%) | | | | | | |
| COMMUNICATION SERVICES (0.4%) | |
Vodafone Group PLC | | | 7,484,664 | | | | 6,385,780 | |
| | | | | | | | |
| | | | | | | | |
| | | Shares | | | Value | |
| COMMON STOCKS (CONTINUED): | |
| UNITED KINGDOM (CONTINUED) | | | | | | |
| CONSUMER DISCRETIONARY (0.9%) | |
InterContinental Hotels Group PLC | | | 61,498 | | | $ | 7,652,724 | |
Next PLC | | | 56,892 | | | | 6,749,464 | |
| | | | | | | | |
| | | | | | | 14,402,188 | |
| | | | | | | | |
| CONSUMER STAPLES (3.6%) | | | | | | |
British American Tobacco PLC | | | 340,990 | | | | 12,306,007 | |
Imperial Brands PLC | | | 447,958 | | | | 14,326,905 | |
Tesco PLC | | | 2,629,016 | | | | 12,093,220 | |
Unilever PLC | | | 362,709 | | | | 20,611,818 | |
| | | | | | | | |
| | | | | | | 59,337,950 | |
| | | | | | | | |
| ENERGY (1.4%) | | | | | | |
Shell PLC | | | 772,534 | | | | 24,083,543 | |
| | | | | | | | |
| FINANCIALS (4.1%) | | | | | | |
3i Group PLC | | | 280,920 | | | | 12,506,159 | |
Barclays PLC | | | 5,808,853 | | | | 19,434,092 | |
HSBC Hldgs. PLC | | | 2,387,632 | | | | 23,456,758 | |
Lloyds Banking Group PLC | | | 17,203,490 | | | | 11,750,169 | |
| | | | | | | | |
| | | | | | | 67,147,178 | |
| | | | | | | | |
| HEALTH CARE (1.3%) | | | | | | |
AstraZeneca PLC | | | 79,486 | | | | 10,364,601 | |
GSK PLC | | | 703,418 | | | | 11,866,168 | |
| | | | | | | | |
| | | | | | | 22,230,769 | |
| | | | | | | | |
| INDUSTRIALS (2.2%) | |
RELX PLC | | | 494,865 | | | | 22,424,516 | |
Rolls-Royce Hldgs. PLC* | | | 1,998,344 | | | | 14,172,741 | |
| | | | | | | | |
| | | | | | | 36,597,257 | |
| | | | | | | | |
| MATERIALS (1.0%) | |
Rio Tinto PLC | | | 268,091 | | | | 15,827,328 | |
| | | | | | | | |
TOTAL UNITED KINGDOM | | | | | | | 246,011,993 | |
| | | | | | | | |
| UNITED STATES (4.1%) | |
| FINANCIALS (4.1%) | |
iShares Core MSCI Emerging Markets ETF | | | 383,098 | | | | 20,005,377 | |
iShares MSCI Emerging Markets ex China ETF | | | 211,053 | | | | 11,702,889 | |
iShares MSCI India ETF | | | 317,382 | | | | 16,706,988 | |
Vanguard FTSE Emerging Markets ETF | | | 459,014 | | | | 20,214,977 | |
| | | | | | | | |
| | | | | | | 68,630,231 | |
| | | | | | | | |
TOTAL COMMON STOCKS | |
(Cost: $1,447,361,449) | | | | | | | 1,573,848,645 | |
| | | | | | | | |
The accompanying notes are an integral part of these portfolio schedules.
46
MoA FUNDS — INTERNATIONAL FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
December 31, 2024
| | | | | | | | | | | | | | | | |
| | | Rating** | | Rate(%) | | | Maturity | | Face Amount | | | Value | |
| SHORT-TERM DEBT SECURITIES (4.2%): | | | | | | | | | | | | | |
| UNITED STATES (4.2%) | | | | | | | | | |
| U.S. GOVERNMENT (3.9%) | | | | | | | | | |
U.S. Treasury Bill | | A-1+ | | | 4.25 | | | 01/16/25 | | $ | 10,000,000 | | | $ | 9,982,347 | |
U.S. Treasury Bill | | A-1+ | | | 4.27 | | | 02/11/25 | | | 15,000,000 | | | | 14,927,609 | |
U.S. Treasury Bill | | A-1+ | | | 4.32 | | | 02/04/25 | | | 15,000,000 | | | | 14,939,183 | |
U.S. Treasury Bill | | A-1+ | | | 4.33 | | | 01/28/25 | | | 10,000,000 | | | | 9,967,691 | |
U.S. Treasury Bill | | A-1+ | | | 4.37 | | | 01/21/25 | | | 4,000,000 | | | | 3,990,344 | |
U.S. Treasury Bill (1) | | A-1+ | | | 4.39 | | | 04/01/25 | | | 6,250,000 | | | | 6,185,747 | |
U.S. Treasury Bill | | A-1+ | | | 4.40 | | | 02/20/25 | | | 4,500,000 | | | | 4,472,802 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 64,465,723 | |
| | | | | | | | | | | | | | | | |
| U.S. GOVERNMENT AGENCIES (0.3%) | | | | | | | | | |
FHLB | | A-1+ | | | 4.21 | | | 01/07/25 | | | 5,000,000 | | | | 4,996,492 | |
| | | | | | | | | | | | | | | | |
TOTAL SHORT-TERM DEBT SECURITIES
(Cost: $69,458,795) | | | | 69,462,215 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | |
| | | | | |
| | | | | | Rate(%) | | | Maturity | | Face Amount | | | Value | |
| TEMPORARY CASH INVESTMENT (0.3%): | | | | | | | | | | | | | | |
Brown Brothers Harriman, New York Time Deposit | | | | | | | (0.93) | | | 01/02/25 | | SEK | 346 | | | $ | 31 | |
Brown Brothers Harriman, New York Time Deposit | | | | | | | (0.45) | | | 01/03/25 | | CHF | 76 | | | | 84 | |
Brown Brothers Harriman, New York Time Deposit | | | | | | | 0.01 | | | 01/06/25 | | JPY | 361 | | | | 2 | |
Brown Brothers Harriman, New York Time Deposit | | | | | | | 0.90 | | | 01/02/25 | | DKK | 1,898 | | | | 264 | |
Brown Brothers Harriman, New York Time Deposit | | | | | | | 2.35 | | | 01/02/25 | | NOK | 975 | | | | 86 | |
Brown Brothers Harriman, New York Time Deposit | | | | | | | 2.98 | | | 01/02/25 | | AUD | 200 | | | | 124 | |
Citibank, New York Time Deposit | | | | | | | 1.71 | | | 01/02/25 | | EUR | 20,691 | | | | 21,436 | |
JP Morgan Chase, New York Time Deposit | | | | | | | 3.58 | | | 01/02/25 | | USD | 5,150,822 | | | | 5,150,822 | |
| | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | 5,172,849 | |
| | | | | | | | | | | | | | | | | | |
TOTAL TEMPORARY CASH INVESTMENT
(Cost: $5,172,849) | | | | 5,172,849 | |
| | | | | | | | | | | | | | | | | | |
TOTAL INVESTMENTS
(Cost: $1,521,993,093) 99.5% | | | | 1,648,483,709 | |
| | | | | | | | | | | | | | | | | | |
OTHER NET ASSETS 0.5% | | | | 7,662,633 | |
| | | | | | | | | | | | | | | | | | |
NET ASSETS 100.0% | | | $ | 1,656,146,342 | |
| | | | | | | | | | | | | | | | | | |
FOOTNOTES TO PORTFOLIO OF INVESTMENTS IN SECURITIES
| | |
| Abbreviations: | | FHLB = Federal Home Loan Bank |
| * | Non-income producing security. |
| ** | Ratings as per Standard & Poor’s Corporation (unaudited). |
| † | Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2024, the aggregate values of these securities amounts to $17,571,070 and represents 1.1% of net assets. |
The accompanying notes are an integral part of these portfolio schedules.
47
MoA FUNDS — INTERNATIONAL FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
December 31, 2024
| (1) | This security, or a portion thereof, has been segregated to cover initial margin requirements on open futures contracts. Information on futures contracts outstanding in the Fund as of December 31, 2024, was as follows: |
| | | | | | | | | | | | | | | | | | | | | | | | |
Contract Type | | Number of
Contracts | | | Purchased (P)
or Sold (S) | | | Expiration
Date | | | Underlying
Face Amount
at Value | | | Unrealized
Gain(Loss)(a) | | | Face Value
of Futures
as a %
of Total
Investments | |
MSCI EAFE Index | | | 138 | | | | P | | | | March 2025 | | | $ | 15,645,750 | | | $ | (481,620 | ) | | | 0.9 | % |
| | (a) | Includes the cumulative appreciation(depreciation) of futures contracts, which is included in Total Distributable Earnings (Loss) in the Components of Net Assets section of the Statements of Assets and Liabilities. The Receivable or Payable for Daily Variation on Futures Contracts in the Statements of Assets and Liabilities only includes the current day’s variation margin payable or receivable. |
The accompanying notes are an integral part of these portfolio schedules.
48
MoA FUNDS — CATHOLIC VALUES INDEX FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES
December 31, 2024
| | | | | | | | |
| | | Shares | | | Value | |
| COMMON STOCKS (100.2%): | | | | | | |
| COMMUNICATION SERVICES (9.3%) | | | | | | |
Alphabet, Inc. Cl A | | | 883 | | | $ | 167,152 | |
Alphabet, Inc. Cl C | | | 719 | | | | 136,926 | |
AT&T, Inc. | | | 1,085 | | | | 24,705 | |
Charter Communications, Inc. Cl A* | | | 14 | | | | 4,799 | |
Comcast Corp. Cl A | | | 577 | | | | 21,655 | |
Electronic Arts, Inc. | | | 36 | | | | 5,267 | |
Fox Corp. Cl A | | | 33 | | | | 1,603 | |
Fox Corp. Cl B | | | 19 | | | | 869 | |
Interpublic Group of Cos., Inc. | | | 56 | | | | 1,569 | |
Live Nation Entertainment, Inc.* | | | 23 | | | | 2,979 | |
Match Group, Inc.* | | | 38 | | | | 1,243 | |
Meta Platforms, Inc. Cl A | | | 330 | | | | 193,218 | |
Netflix, Inc.* | | | 65 | | | | 57,936 | |
News Corp. Cl A | | | 57 | | | | 1,570 | |
News Corp. Cl B | | | 16 | | | | 487 | |
Omnicom Group, Inc. | | | 29 | | | | 2,495 | |
Paramount Global Cl B | | | 90 | | | | 941 | |
Take-Two Interactive Software, Inc.* | | | 24 | | | | 4,418 | |
T-Mobile US, Inc. | | | 74 | | | | 16,334 | |
Verizon Communications, Inc. | | | 636 | | | | 25,434 | |
Walt Disney Co. | | | 274 | | | | 30,510 | |
Warner Bros Discovery, Inc.* | | | 337 | | | | 3,562 | |
| | | | | | | | |
| | | | | | | 705,672 | |
| | | | | | | | |
| CONSUMER DISCRETIONARY (11.0%) | | | | | | |
Airbnb, Inc. Cl A* | | | 102 | | | | 13,404 | |
Aptiv PLC* | | | 56 | | | | 3,387 | |
AutoZone, Inc.* | | | 4 | | | | 12,808 | |
Best Buy Co., Inc. | | | 46 | | | | 3,947 | |
Booking Hldgs., Inc. | | | 8 | | | | 39,747 | |
BorgWarner, Inc. | | | 52 | | | | 1,653 | |
CarMax, Inc.* | | | 37 | | | | 3,025 | |
Carnival Corp.* | | | 247 | | | | 6,155 | |
Chipotle Mexican Grill, Inc. Cl A* | | | 324 | | | | 19,537 | |
Darden Restaurants, Inc. | | | 28 | | | | 5,227 | |
Deckers Outdoor Corp.* | | | 36 | | | | 7,311 | |
Domino’s Pizza, Inc. | | | 8 | | | | 3,358 | |
DR Horton, Inc. | | | 69 | | | | 9,648 | |
eBay, Inc. | | | 113 | | | | 7,000 | |
Expedia Group, Inc.* | | | 29 | | | | 5,404 | |
Ford Motor Co. | | | 928 | | | | 9,187 | |
Garmin Ltd. | | | 36 | | | | 7,425 | |
General Motors Co. | | | 261 | | | | 13,904 | |
Genuine Parts Co. | | | 33 | | | | 3,853 | |
Hasbro, Inc. | | | 31 | | | | 1,733 | |
Hilton Worldwide Hldgs., Inc. | | | 57 | | | | 14,088 | |
Home Depot, Inc. | | | 236 | | | | 91,802 | |
Lennar Corp. Cl A | | | 56 | | | | 7,637 | |
LKQ Corp. | | | 61 | | | | 2,242 | |
Lowe’s Cos., Inc. | | | 134 | | | | 33,071 | |
Lululemon Athletica, Inc.* | | | 27 | | | | 10,325 | |
Marriott International, Inc. Cl A | | | 55 | | | | 15,342 | |
McDonald’s Corp. | | | 170 | | | | 49,281 | |
Mohawk Industries, Inc.* | | | 12 | | | | 1,430 | |
NIKE, Inc. Cl B | | | 283 | | | | 21,415 | |
| | | | | | | | |
| | | Shares | | | Value | |
| COMMON STOCKS (CONTINUED): | | | | |
| CONSUMER DISCRETIONARY (CONTINUED) | | | | | | |
Norwegian Cruise Line Hldgs. Ltd.* | | | 105 | | | $ | 2,702 | |
NVR, Inc.* | | | 1 | | | | 8,179 | |
O’Reilly Automotive, Inc.* | | | 14 | | | | 16,601 | |
Pool Corp. | | | 9 | | | | 3,068 | |
PulteGroup, Inc. | | | 48 | | | | 5,227 | |
Ross Stores, Inc. | | | 78 | | | | 11,799 | |
Royal Caribbean Cruises Ltd. | | | 58 | | | | 13,380 | |
Starbucks Corp. | | | 269 | | | | 24,546 | |
Tapestry, Inc. | | | 55 | | | | 3,593 | |
Tesla, Inc.* | | | 664 | | | | 268,150 | |
TJX Cos., Inc. | | | 268 | | | | 32,377 | |
Tractor Supply Co. | | | 127 | | | | 6,739 | |
Ulta Beauty, Inc.* | | | 11 | | | | 4,784 | |
Yum! Brands, Inc. | | | 66 | | | | 8,855 | |
| | | | | | | | |
| | | | | | | 834,346 | |
| | | | | | | | |
| CONSUMER STAPLES (5.5%) | | | | | | |
Archer-Daniels-Midland Co. | | | 111 | | | | 5,608 | |
Brown-Forman Corp. Cl B | | | 42 | | | | 1,595 | |
Bunge Global S.A. | | | 33 | | | | 2,566 | |
Clorox Co. | | | 29 | | | | 4,710 | |
Colgate-Palmolive Co. | | | 191 | | | | 17,364 | |
Conagra Brands, Inc. | | | 111 | | | | 3,080 | |
Constellation Brands, Inc. Cl A | | | 36 | | | | 7,956 | |
Costco Wholesale Corp. | | | 103 | | | | 94,376 | |
Dollar General Corp. | | | 51 | | | | 3,867 | |
Dollar Tree, Inc.* | | | 47 | | | | 3,522 | |
Estee Lauder Cos., Inc. Cl A | | | 54 | | | | 4,049 | |
General Mills, Inc. | | | 130 | | | | 8,290 | |
Hormel Foods Corp. | | | 67 | | | | 2,102 | |
J M Smucker Co. | | | 25 | | | | 2,753 | |
Kellanova | | | 62 | | | | 5,020 | |
Keurig Dr Pepper, Inc. | | | 263 | | | | 8,448 | |
Kimberly-Clark Corp. | | | 77 | | | | 10,090 | |
Kraft Heinz Co. | | | 206 | | | | 6,326 | |
Kroger Co. | | | 155 | | | | 9,478 | |
Lamb Weston Hldgs., Inc. | | | 33 | | | | 2,205 | |
McCormick & Co., Inc. | | | 59 | | | | 4,498 | |
Molson Coors Beverage Co. Cl B | | | 41 | | | | 2,350 | |
Monster Beverage Corp.* | | | 163 | | | | 8,567 | |
Procter & Gamble Co. | | | 550 | | | | 92,208 | |
Sysco Corp. | | | 114 | | | | 8,716 | |
The Campbell’s Co. | | | 46 | | | | 1,927 | |
Tyson Foods, Inc. Cl A | | | 66 | | | | 3,791 | |
Walgreens Boots Alliance, Inc. | | | 167 | | | | 1,558 | |
Walmart, Inc. | | | 1,013 | | | | 91,525 | |
| | | | | | | | |
| | | | | | | 418,545 | |
| | | | | | | | |
| ENERGY (3.2%) | | | | | | |
APA Corp. | | | 56 | | | | 1,293 | |
Baker Hughes Co. Cl A | | | 152 | | | | 6,235 | |
Chevron Corp. | | | 257 | | | | 37,224 | |
ConocoPhillips | | | 199 | | | | 19,735 | |
Coterra Energy, Inc. | | | 113 | | | | 2,886 | |
Devon Energy Corp. | | | 101 | | | | 3,306 | |
Diamondback Energy, Inc. | | | 28 | | | | 4,587 | |
The accompanying notes are an integral part of these portfolio schedules.
49
MoA FUNDS — CATHOLIC VALUES INDEX FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
December 31, 2024
| | | | | | | | |
| | | Shares | | | Value | |
| COMMON STOCKS (CONTINUED): | | | | |
| ENERGY (CONTINUED) | | | | | | |
EOG Resources, Inc. | | | 86 | | | $ | 10,542 | |
EQT Corp. | | | 92 | | | | 4,242 | |
Exxon Mobil Corp. | | | 676 | | | | 72,717 | |
Halliburton Co. | | | 135 | | | | 3,671 | |
Hess Corp. | | | 43 | | | | 5,719 | |
Kinder Morgan, Inc. | | | 297 | | | | 8,138 | |
Marathon Petroleum Corp. | | | 49 | | | | 6,835 | |
Occidental Petroleum Corp. | | | 104 | | | | 5,139 | |
ONEOK, Inc. | | | 90 | | | | 9,036 | |
Phillips 66 | | | 64 | | | | 7,292 | |
Schlumberger N.V. | | | 217 | | | | 8,320 | |
Targa Resources Corp. | | | 33 | | | | 5,890 | |
Valero Energy Corp. | | | 48 | | | | 5,884 | |
Williams Cos., Inc. | | | 187 | | | | 10,120 | |
| | | | | | | | |
| | | | | | | 238,811 | |
| | | | | | | | |
| FINANCIALS (14.7%) | | | | | | |
Aflac, Inc. | | | 86 | | | | 8,896 | |
Allstate Corp. | | | 46 | | | | 8,868 | |
American Express Co. | | | 96 | | | | 28,492 | |
American International Group, Inc. | | | 107 | | | | 7,790 | |
Ameriprise Financial, Inc. | | | 16 | | | | 8,519 | |
Aon PLC Cl A | | | 37 | | | | 13,289 | |
Arch Capital Group Ltd. | | | 64 | | | | 5,910 | |
Arthur J. Gallagher & Co. | | | 43 | | | | 12,205 | |
Assurant, Inc. | | | 8 | | | | 1,706 | |
Bank of America Corp. | | | 1,156 | | | | 50,806 | |
Bank of New York Mellon Corp. | | | 125 | | | | 9,604 | |
Blackrock, Inc. | | | 25 | | | | 25,628 | |
Blackstone, Inc. | | | 124 | | | | 21,380 | |
Brown & Brown, Inc. | | | 41 | | | | 4,183 | |
Capital One Financial Corp. | | | 66 | | | | 11,769 | |
Cboe Global Markets, Inc. | | | 18 | | | | 3,517 | |
Charles Schwab Corp. | | | 259 | | | | 19,169 | |
Chubb Ltd. | | | 65 | | | | 17,959 | |
Cincinnati Financial Corp. | | | 27 | | | | 3,880 | |
Citigroup, Inc. | | | 327 | | | | 23,017 | |
Citizens Financial Group, Inc. | | | 76 | | | | 3,326 | |
CME Group, Inc. Cl A | | | 62 | | | | 14,398 | |
Corpay, Inc.* | | | 12 | | | | 4,061 | |
Discover Financial Svcs. | | | 43 | | | | 7,449 | |
Erie Indemnity Co. Cl A | | | 4 | | | | 1,649 | |
FactSet Research Systems, Inc. | | | 6 | | | | 2,882 | |
Fidelity National Information Svcs., Inc. | | | 93 | | | | 7,512 | |
Fifth Third Bancorp | | | 116 | | | | 4,904 | |
Fiserv, Inc.* | | | 98 | | | | 20,131 | |
Franklin Resources, Inc. | | | 53 | | | | 1,075 | |
Global Payments, Inc. | | | 44 | | | | 4,931 | |
Global X S&P 500 Catholic Values ETF | | | 1,364 | | | | 96,626 | |
Globe Life, Inc. | | | 15 | | | | 1,673 | |
Goldman Sachs Group, Inc. | | | 54 | | | | 30,921 | |
Hartford Financial Svcs. Group, Inc. | | | 50 | | | | 5,470 | |
Huntington Bancshares, Inc. | | | 252 | | | | 4,100 | |
| | | | | | | | |
| | | Shares | | | Value | |
| COMMON STOCKS (CONTINUED): | | | | |
| FINANCIALS (CONTINUED) | | | | | | |
Intercontinental Exchange, Inc. | | | 99 | | | $ | 14,752 | |
Invesco Ltd. | | | 77 | | | | 1,346 | |
Jack Henry & Associates, Inc. | | | 12 | | | | 2,104 | |
JPMorgan Chase & Co. | | | 487 | | | | 116,739 | |
KeyCorp. | | | 172 | | | | 2,948 | |
KKR & Co., Inc. | | | 116 | | | | 17,157 | |
Loews Corp. | | | 31 | | | | 2,625 | |
M&T Bank Corp. | | | 28 | | | | 5,264 | |
MarketAxess Hldgs., Inc. | | | 6 | | | | 1,356 | |
Marsh & McLennan Cos., Inc. | | | 85 | | | | 18,055 | |
Mastercard, Inc. Cl A | | | 142 | | | | 74,773 | |
MetLife, Inc. | | | 100 | | | | 8,188 | |
Moody’s Corp. | | | 26 | | | | 12,308 | |
Morgan Stanley | | | 215 | | | | 27,030 | |
MSCI, Inc. Cl A | | | 13 | | | | 7,800 | |
Nasdaq, Inc. | | | 71 | | | | 5,489 | |
Northern Trust Corp. | | | 34 | | | | 3,485 | |
PayPal Hldgs., Inc.* | | | 174 | | | | 14,851 | |
PNC Financial Svcs. Group, Inc. | | | 68 | | | | 13,114 | |
Principal Financial Group, Inc. | | | 36 | | | | 2,787 | |
Progressive Corp. | | | 101 | | | | 24,201 | |
Prudential Financial, Inc. | | | 61 | | | | 7,230 | |
Raymond James Financial, Inc. | | | 31 | | | | 4,815 | |
Regions Financial Corp. | | | 157 | | | | 3,693 | |
S&P Global, Inc. | | | 55 | | | | 27,392 | |
State Street Corp. | | | 51 | | | | 5,006 | |
Synchrony Financial | | | 67 | | | | 4,355 | |
T. Rowe Price Group, Inc. | | | 38 | | | | 4,297 | |
Travelers Cos., Inc. | | | 39 | | | | 9,395 | |
Truist Financial Corp. | | | 230 | | | | 9,977 | |
U.S. Bancorp | | | 270 | | | | 12,914 | |
Visa, Inc. Cl A | | | 299 | | | | 94,496 | |
Wells Fargo & Co. | | | 576 | | | | 40,458 | |
Willis Towers Watson PLC | | | 17 | | | | 5,325 | |
WR Berkley Corp. | | | 52 | | | | 3,043 | |
| | | | | | | | |
| | | | | | | 1,106,463 | |
| | | | | | | | |
| HEALTH CARE (10.0%) | | | | | | |
Align Technology, Inc.* | | | 30 | | | | 6,255 | |
Amgen, Inc. | | | 232 | | | | 60,469 | |
Baxter International, Inc. | | | 221 | | | | 6,444 | |
Biogen, Inc.* | | | 63 | | | | 9,634 | |
Boston Scientific Corp.* | | | 637 | | | | 56,897 | |
Cardinal Health, Inc. | | | 104 | | | | 12,300 | |
Cencora, Inc. | | | 75 | | | | 16,851 | |
Cigna Group | | | 120 | | | | 33,137 | |
Contra ABIOMED, Inc. — contingent value rights* | | | 20 | | | | 0 | † |
CVS Health Corp. | | | 544 | | | | 24,420 | |
DaVita, Inc.* | | | 20 | | | | 2,991 | |
Dexcom, Inc.* | | | 169 | | | | 13,143 | |
Edwards Lifesciences Corp.* | | | 255 | | | | 18,878 | |
Elevance Health, Inc. | | | 100 | | | | 36,890 | |
GE HealthCare Technologies, Inc. | | | 198 | | | | 15,480 | |
Gilead Sciences, Inc. | | | 539 | | | | 49,787 | |
Henry Schein, Inc.* | | | 54 | | | | 3,737 | |
The accompanying notes are an integral part of these portfolio schedules.
50
MoA FUNDS — CATHOLIC VALUES INDEX FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
December 31, 2024
| | | | | | | | |
| | | Shares | | | Value | |
| COMMON STOCKS (CONTINUED): | | | | |
| HEALTH CARE (CONTINUED) | | | | | | |
Hologic, Inc.* | | | 100 | | | $ | 7,209 | |
Humana, Inc. | | | 52 | | | | 13,193 | |
IDEXX Laboratories, Inc.* | | | 35 | | | | 14,470 | |
Incyte Corp.* | | | 69 | | | | 4,766 | |
Insulet Corp.* | | | 30 | | | | 7,832 | |
Intuitive Surgical, Inc.* | | | 154 | | | | 80,382 | |
IQVIA Hldgs., Inc.* | | | 74 | | | | 14,542 | |
Labcorp Hldgs., Inc. | | | 36 | | | | 8,256 | |
McKesson Corp. | | | 55 | | | | 31,345 | |
Medtronic PLC | | | 555 | | | | 44,333 | |
Mettler-Toledo International, Inc.* | | | 9 | | | | 11,013 | |
Molina Healthcare, Inc.* | | | 25 | | | | 7,276 | |
Quest Diagnostics, Inc. | | | 48 | | | | 7,241 | |
ResMed, Inc. | | | 63 | | | | 14,408 | |
Solventum Corp.* | | | 59 | | | | 3,898 | |
STERIS PLC | | | 43 | | | | 8,839 | |
Stryker Corp. | | | 148 | | | | 53,287 | |
Teleflex, Inc. | | | 20 | | | | 3,560 | |
West Pharmaceutical Svcs., Inc. | | | 31 | | | | 10,154 | |
Zimmer Biomet Hldgs., Inc. | | | 86 | | | | 9,084 | |
Zoetis, Inc. Cl A | | | 195 | | | | 31,771 | |
| | | | | | | | |
| | | | | | | 754,172 | |
| | | | | | | | |
| INDUSTRIALS (8.0%) | | | | | | |
3M Co. | | | 102 | | | | 13,167 | |
Allegion PLC | | | 17 | | | | 2,222 | |
AMETEK, Inc. | | | 43 | | | | 7,751 | |
AO Smith Corp. | | | 23 | | | | 1,569 | |
Automatic Data Processing, Inc. | | | 76 | | | | 22,247 | |
Axon Enterprise, Inc.* | | | 14 | | | | 8,320 | |
Broadridge Financial Solutions, Inc. | | | 22 | | | | 4,974 | |
Builders FirstSource, Inc.* | | | 22 | | | | 3,144 | |
Carrier Global Corp. | | | 157 | | | | 10,717 | |
Caterpillar, Inc. | | | 90 | | | | 32,648 | |
CH Robinson Worldwide, Inc. | | | 22 | | | | 2,273 | |
Cintas Corp. | | | 64 | | | | 11,693 | |
Copart, Inc.* | | | 165 | | | | 9,469 | |
CSX Corp. | | | 363 | | | | 11,714 | |
Cummins, Inc. | | | 26 | | | | 9,064 | |
Dayforce, Inc.* | | | 30 | | | | 2,179 | |
Deere & Co. | | | 48 | | | | 20,338 | |
Delta Air Lines, Inc. | | | 121 | | | | 7,320 | |
Dover Corp. | | | 26 | | | | 4,878 | |
Eaton Corp. PLC | | | 74 | | | | 24,558 | |
Emerson Electric Co. | | | 107 | | | | 13,261 | |
Equifax, Inc. | | | 23 | | | | 5,862 | |
Expeditors International of Washington, Inc. | | | 26 | | | | 2,880 | |
Fastenal Co. | | | 107 | | | | 7,694 | |
FedEx Corp. | | | 42 | | | | 11,816 | |
Fortive Corp. | | | 65 | | | | 4,875 | |
GE Vernova, Inc. | | | 51 | | | | 16,775 | |
Generac Hldgs., Inc.* | | | 12 | | | | 1,861 | |
General Electric Co. | | | 203 | | | | 33,858 | |
Howmet Aerospace, Inc. | | | 76 | | | | 8,312 | |
Hubbell, Inc. Cl B | | | 10 | | | | 4,189 | |
| | | | | | | | |
| | | Shares | | | Value | |
| COMMON STOCKS (CONTINUED): | | | | |
| INDUSTRIALS (CONTINUED) | | | | | | |
IDEX Corp. | | | 15 | | | $ | 3,139 | |
Illinois Tool Works, Inc. | | | 50 | | | | 12,678 | |
Ingersoll Rand, Inc. | | | 75 | | | | 6,784 | |
JB Hunt Transport Svcs., Inc. | | | 15 | | | | 2,560 | |
Johnson Controls International PLC | | | 126 | | | | 9,945 | |
Masco Corp. | | | 41 | | | | 2,975 | |
Nordson Corp. | | | 11 | | | | 2,302 | |
Norfolk Southern Corp. | | | 42 | | | | 9,857 | |
Old Dominion Freight Line, Inc. | | | 35 | | | | 6,174 | |
Otis Worldwide Corp. | | | 75 | | | | 6,946 | |
PACCAR, Inc. | | | 98 | | | | 10,194 | |
Parker-Hannifin Corp. | | | 24 | | | | 15,265 | |
Paychex, Inc. | | | 60 | | | | 8,413 | |
Paycom Software, Inc. | | | 9 | | | | 1,845 | |
Pentair PLC | | | 31 | | | | 3,120 | |
Quanta Svcs., Inc. | | | 28 | | | | 8,849 | |
Republic Svcs., Inc. Cl A | | | 38 | | | | 7,645 | |
Rockwell Automation, Inc. | | | 21 | | | | 6,002 | |
Rollins, Inc. | | | 53 | | | | 2,457 | |
Snap-on, Inc. | | | 10 | | | | 3,395 | |
Southwest Airlines Co. | | | 112 | | | | 3,765 | |
Stanley Black & Decker, Inc. | | | 29 | | | | 2,328 | |
Trane Technologies PLC | | | 42 | | | | 15,513 | |
Uber Technologies, Inc.* | | | 396 | | | | 23,887 | |
Union Pacific Corp. | | | 113 | | | | 25,769 | |
United Airlines Hldgs., Inc.* | | | 61 | | | | 5,923 | |
United Parcel Svc., Inc. Cl B | | | 137 | | | | 17,276 | |
United Rentals, Inc. | | | 13 | | | | 9,158 | |
Veralto Corp. | | | 46 | | | | 4,685 | |
Verisk Analytics, Inc. Cl A | | | 27 | | | | 7,437 | |
Waste Management, Inc. | | | 68 | | | | 13,722 | |
Westinghouse Air Brake Technologies Corp. | | | 32 | | | | 6,067 | |
WW Grainger, Inc. | | | 8 | | | | 8,432 | |
Xylem, Inc. | | | 46 | | | | 5,337 | |
| | | | | | | | |
| | | | | | | 601,472 | |
| | | | | | | | |
| INFORMATION TECHNOLOGY (32.2%) | | | | | | |
Accenture PLC Cl A | | | 96 | | | | 33,772 | |
Adobe, Inc.* | | | 68 | | | | 30,238 | |
Advanced Micro Devices, Inc.* | | | 249 | | | | 30,077 | |
Akamai Technologies, Inc.* | | | 23 | | | | 2,200 | |
Amphenol Corp. Cl A | | | 185 | | | | 12,848 | |
Analog Devices, Inc. | | | 76 | | | | 16,147 | |
ANSYS, Inc.* | | | 13 | | | | 4,385 | |
Apple, Inc. | | | 2,322 | | | | 581,475 | |
Applied Materials, Inc. | | | 127 | | | | 20,654 | |
Arista Networks, Inc.* | | | 159 | | | | 17,574 | |
Autodesk, Inc.* | | | 33 | | | | 9,754 | |
Broadcom, Inc. | | | 717 | | | | 166,229 | |
Cadence Design Systems, Inc.* | | | 42 | | | | 12,619 | |
CDW Corp. | | | 20 | | | | 3,481 | |
Cisco Systems, Inc. | | | 612 | | | | 36,230 | |
Cognizant Technology Solutions Corp. Cl A | | | 76 | | | | 5,844 | |
Crowdstrike Hldgs., Inc. Cl A* | | | 35 | | | | 11,976 | |
The accompanying notes are an integral part of these portfolio schedules.
51
MoA FUNDS — CATHOLIC VALUES INDEX FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
December 31, 2024
| | | | | | | | |
| | | Shares | | | Value | |
| COMMON STOCKS (CONTINUED): | | | | |
| INFORMATION TECHNOLOGY (CONTINUED) | | | | | | |
Dell Technologies, Inc. Cl C | | | 47 | | | $ | 5,416 | |
Enphase Energy, Inc.* | | | 20 | | | | 1,374 | |
EPAM Systems, Inc.* | | | 8 | | | | 1,871 | |
F5, Inc.* | | | 8 | | | | 2,012 | |
Fair Isaac Corp.* | | | 3 | | | | 5,973 | |
First Solar, Inc.* | | | 16 | | | | 2,820 | |
Fortinet, Inc.* | | | 98 | | | | 9,259 | |
Gartner, Inc.* | | | 11 | | | | 5,329 | |
Gen Digital, Inc. | | | 83 | | | | 2,273 | |
GoDaddy, Inc. Cl A* | | | 21 | | | | 4,145 | |
Hewlett Packard Enterprise Co. | | | 199 | | | | 4,249 | |
HP, Inc. | | | 148 | | | | 4,829 | |
Intel Corp. | | | 662 | | | | 13,273 | |
Intuit, Inc. | | | 43 | | | | 27,026 | |
Jabil, Inc. | | | 17 | | | | 2,446 | |
Juniper Networks, Inc. | | | 50 | | | | 1,873 | |
Keysight Technologies, Inc.* | | | 26 | | | | 4,176 | |
KLA Corp. | | | 20 | | | | 12,602 | |
Lam Research Corp. | | | 198 | | | | 14,302 | |
Microchip Technology, Inc. | | | 82 | | | | 4,703 | |
Micron Technology, Inc. | | | 170 | | | | 14,307 | |
Microsoft Corp. | | | 1,142 | | | | 481,353 | |
Monolithic Power Systems, Inc. | | | 7 | | | | 4,142 | |
Motorola Solutions, Inc. | | | 25 | | | | 11,556 | |
NetApp, Inc. | | | 31 | | | | 3,598 | |
NVIDIA Corp. | | | 3,767 | | | | 505,870 | |
NXP Semiconductors N.V. | | | 39 | | | | 8,106 | |
ON Semiconductor Corp.* | | | 65 | | | | 4,098 | |
Oracle Corp. | | | 247 | | | | 41,160 | |
Palantir Technologies, Inc. Cl A* | | | 315 | | | | 23,823 | |
Palo Alto Networks, Inc.* | | | 101 | | | | 18,378 | |
PTC, Inc.* | | | 18 | | | | 3,310 | |
QUALCOMM, Inc. | | | 171 | | | | 26,269 | |
Roper Technologies, Inc. | | | 16 | | | | 8,318 | |
Salesforce, Inc. | | | 147 | | | | 49,147 | |
Seagate Technology Hldgs. PLC | | | 32 | | | | 2,762 | |
ServiceNow, Inc.* | | | 31 | | | | 32,864 | |
Skyworks Solutions, Inc. | | | 24 | | | | 2,128 | |
Super Micro Computer, Inc.* | | | 77 | | | | 2,347 | |
Synopsys, Inc.* | | | 23 | | | | 11,163 | |
TE Connectivity PLC | | | 45 | | | | 6,434 | |
Teledyne Technologies, Inc.* | | | 7 | | | | 3,249 | |
Teradyne, Inc. | | | 25 | | | | 3,148 | |
Texas Instruments, Inc. | | | 140 | | | | 26,251 | |
Trimble, Inc.* | | | 38 | | | | 2,685 | |
Tyler Technologies, Inc.* | | | 6 | | | | 3,460 | |
VeriSign, Inc.* | | | 13 | | | | 2,690 | |
Western Digital Corp.* | | | 53 | | | | 3,160 | |
Zebra Technologies Corp. Cl A* | | | 7 | | | | 2,704 | |
| | | | | | | | |
| | | | | | | 2,433,934 | |
| | | | | | | | |
| MATERIALS (1.9%) | | | | | | |
Air Products & Chemicals, Inc. | | | 34 | | | | 9,861 | |
Albemarle Corp. | | | 18 | | | | 1,549 | |
Amcor PLC | | | 223 | | | | 2,098 | |
Avery Dennison Corp. | | | 12 | | | | 2,246 | |
| | | | | | | | |
| | | Shares | | | Value | |
| COMMON STOCKS (CONTINUED): | | | | |
| MATERIALS (CONTINUED) | | | | | | |
Ball Corp. | | | 46 | | | $ | 2,536 | |
CF Industries Hldgs., Inc. | | | 27 | | | | 2,304 | |
Corteva, Inc. | | | 105 | | | | 5,981 | |
Dow, Inc. | | | 107 | | | | 4,294 | |
DuPont de Nemours, Inc. | | | 64 | | | | 4,880 | |
Ecolab, Inc. | | | 39 | | | | 9,138 | |
FMC Corp. | | | 19 | | | | 924 | |
Freeport-McMoRan, Inc. | | | 221 | | | | 8,416 | |
International Flavors & Fragrances, Inc. | | | 39 | | | | 3,297 | |
International Paper Co. | | | 53 | | | | 2,852 | |
Linde PLC | | | 73 | | | | 30,563 | |
LyondellBasell Industries N.V. Cl A | | | 40 | | | | 2,971 | |
Martin Marietta Materials, Inc. | | | 9 | | | | 4,648 | |
Mosaic Co. | | | 49 | | | | 1,204 | |
Newmont Corp. | | | 175 | | | | 6,514 | |
Nucor Corp. | | | 36 | | | | 4,202 | |
Packaging Corp. of America | | | 13 | | | | 2,927 | |
PPG Industries, Inc. | | | 36 | | | | 4,300 | |
Sherwin-Williams Co. | | | 36 | | | | 12,237 | |
Smurfit WestRock PLC | | | 76 | | | | 4,093 | |
Steel Dynamics, Inc. | | | 22 | | | | 2,510 | |
Vulcan Materials Co. | | | 20 | | | | 5,145 | |
| | | | | | | | |
| | | | | | | 141,690 | |
| | | | | | | | |
| REAL ESTATE (2.1%) | | | | | | |
American Tower Corp. | | | 77 | | | | 14,123 | |
AvalonBay Communities, Inc. | | | 23 | | | | 5,059 | |
BXP, Inc. | | | 23 | | | | 1,710 | |
Camden Property Trust | | | 17 | | | | 1,973 | |
CBRE Group, Inc. Cl A* | | | 49 | | | | 6,433 | |
CoStar Group, Inc.* | | | 67 | | | | 4,797 | |
Crown Castle, Inc. | | | 72 | | | | 6,535 | |
Digital Realty Trust, Inc. | | | 51 | | | | 9,044 | |
Equinix, Inc. | | | 15 | | | | 14,143 | |
Equity Residential | | | 56 | | | | 4,019 | |
Essex Property Trust, Inc. | | | 10 | | | | 2,854 | |
Extra Space Storage, Inc. | | | 34 | | | | 5,086 | |
Federal Realty Investment Trust | | | 12 | | | | 1,343 | |
Host Hotels & Resorts, Inc. | | | 115 | | | | 2,015 | |
Invitation Homes, Inc. | | | 94 | | | | 3,005 | |
Iron Mountain, Inc. | | | 48 | | | | 5,045 | |
Kimco Realty Corp. | | | 111 | | | | 2,601 | |
Mid-America Apartment Communities, Inc. | | | 19 | | | | 2,937 | |
Prologis, Inc. | | | 152 | | | | 16,066 | |
Public Storage | | | 25 | | | | 7,486 | |
Realty Income Corp. | | | 144 | | | | 7,691 | |
Regency Centers Corp. | | | 26 | | | | 1,922 | |
SBA Communications Corp. Cl A | | | 17 | | | | 3,465 | |
Simon Property Group, Inc. | | | 50 | | | | 8,611 | |
UDR, Inc. | | | 49 | | | | 2,127 | |
Welltower, Inc. | | | 97 | | | | 12,225 | |
Weyerhaeuser Co. | | | 120 | | | | 3,378 | |
| | | | | | | | |
| | | | | | | 155,693 | |
| | | | | | | | |
The accompanying notes are an integral part of these portfolio schedules.
52
MoA FUNDS — CATHOLIC VALUES INDEX FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
December 31, 2024
| | | | | | | | |
| | | Shares | | | Value | |
| COMMON STOCKS (CONTINUED): | | | | |
| UTILITIES (2.3%) | | | | | | |
AES Corp. | | | 107 | | | $ | 1,377 | |
Alliant Energy Corp. | | | 38 | | | | 2,247 | |
Ameren Corp. | | | 40 | | | | 3,566 | |
American Electric Power Co., Inc. | | | 80 | | | | 7,378 | |
American Water Works Co., Inc. | | | 29 | | | | 3,610 | |
Atmos Energy Corp. | | | 23 | | | | 3,203 | |
CenterPoint Energy, Inc. | | | 99 | | | | 3,141 | |
CMS Energy Corp. | | | 45 | | | | 2,999 | |
Consolidated Edison, Inc. | | | 52 | | | | 4,640 | |
Constellation Energy Corp. | | | 47 | | | | 10,514 | |
Dominion Energy, Inc. | | | 127 | | | | 6,840 | |
DTE Energy Co. | | | 31 | | | | 3,743 | |
Duke Energy Corp. | | | 117 | | | | 12,606 | |
Edison International | | | 59 | | | | 4,711 | |
Entergy Corp. | | | 64 | | | | 4,853 | |
Evergy, Inc. | | | 34 | | | | 2,093 | |
Eversource Energy | | | 55 | | | | 3,159 | |
Exelon Corp. | | | 152 | | | | 5,721 | |
FirstEnergy Corp. | | | 78 | | | | 3,103 | |
NextEra Energy, Inc. | | | 311 | | | | 22,296 | |
| | | | | | | | |
| | | Shares | | | Value | |
| COMMON STOCKS (CONTINUED): | | | | |
| UTILITIES (CONTINUED) | | | | | | |
NiSource, Inc. | | | 71 | | | $ | 2,610 | |
NRG Energy, Inc. | | | 30 | | | | 2,707 | |
PG&E Corp. | | | 330 | | | | 6,659 | |
Pinnacle West Capital Corp. | | | 17 | | | | 1,441 | |
PPL Corp. | | | 112 | | | | 3,636 | |
Public Svc. Enterprise Group, Inc. | | | 75 | | | | 6,337 | |
Sempra | | | 96 | | | | 8,421 | |
Southern Co. | | | 166 | | | | 13,665 | |
Vistra Corp. | | | 51 | | | | 7,031 | |
WEC Energy Group, Inc. | | | 47 | | | | 4,420 | |
Xcel Energy, Inc. | | | 87 | | | | 5,874 | |
| | | | | | | | |
| | | | | | | 174,601 | |
| | | | | | | | |
TOTAL COMMON STOCKS | | | | | | | | |
(Cost: $5,349,083) | | | | | | | 7,565,399 | |
| | | | | | | | |
| TOTAL INVESTMENTS | | | | | | |
(Cost: $5,349,083) 100.2% | | | | | | | 7,565,399 | |
| | | | | | | | |
OTHER NET ASSETS -0.2% | | | | | | | (12,037 | ) |
| | | | | | | | |
NET ASSETS 100.0% | | | | | | $ | 7,553,362 | |
| | | | | | | | |
FOOTNOTES TO PORTFOLIO OF INVESTMENTS IN SECURITIES
| * | Non-income producing security. |
The accompanying notes are an integral part of these portfolio schedules.
53
MoA FUNDS — RETIREMENT INCOME FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES
December 31, 2024
| | | | | | | | |
| | | Shares | | | Value | |
| COMMON STOCKS (100.0%): | | | | | | |
| AFFILIATED MUTUAL FUNDS (100.0%) | | | | | | |
MoA Funds | | | | | | | | |
Core Bond Fund (34.2%) | | | 5,869,681 | | | $ | 71,140,536 | |
Equity Index Fund (21.6%) | | | 674,655 | | | | 44,979,253 | |
Intermediate Bond Fund (29.6%) | | | 6,438,634 | | | | 61,488,957 | |
International Fund (4.7%) | | | 1,183,772 | | | | 9,837,148 | |
Mid Cap Equity Index Fund (4.3%) | | | 423,622 | | | | 8,862,182 | |
Mid Cap Value Fund (0.5%) | | | 60,892 | | | | 1,039,429 | |
US Government Money Market Fund (5.1%) | | | 10,594,824 | | | | 10,594,824 | |
| | | | | | | | |
TOTAL INVESTMENTS
(Cost: $207,157,666) 100.0% | | | | | | | 207,942,329 | |
| | | | | | | | |
OTHER NET ASSETS -0.0% (1) | | | | | | | (17,784 | ) |
| | | | | | | | |
NET ASSETS 100.0% | | | | | | $ | 207,924,545 | |
| | | | | | | | |
FOOTNOTES TO PORTFOLIO OF INVESTMENTS IN SECURITIES
| (1) | Percentage is less than 0.05%. |
MoA FUNDS — CLEAR PASSAGE 2015 FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES
December 31, 2024
| | | | | | | | |
| | | Shares | | | Value | |
| COMMON STOCKS (100.0%): | | | | | | |
| AFFILIATED MUTUAL FUNDS (100.0%) | | | | | | |
MoA Funds | | | | | | | | |
Core Bond Fund (34.6%) | | | 3,011,383 | | | $ | 36,497,960 | |
Equity Index Fund (22.6%) | | | 357,227 | | | | 23,816,301 | |
Intermediate Bond Fund (28.0%) | | | 3,087,167 | | | | 29,482,442 | |
International Fund (4.8%) | | | 610,263 | | | | 5,071,282 | |
Mid Cap Equity Index Fund (4.5%) | | | 226,813 | | | | 4,744,926 | |
Mid Cap Value Fund (0.5%) | | | 28,190 | | | | 481,195 | |
US Government Money Market Fund (5.0%) | | | 5,304,983 | | | | 5,304,983 | |
| | | | | | | | |
TOTAL INVESTMENTS
(Cost: $106,895,275) 100.0% | | | | | | | 105,399,089 | |
| | | | | | | | |
OTHER NET ASSETS -0.0% (1) | | | | | | | (24,368 | ) |
| | | | | | | | |
NET ASSETS 100.0% | | | | | | $ | 105,374,721 | |
| | | | | | | | |
FOOTNOTES TO PORTFOLIO OF INVESTMENTS IN SECURITIES
| (1) | Percentage is less than 0.05%. |
The accompanying notes are an integral part of these portfolio schedules.
54
MoA FUNDS — CLEAR PASSAGE 2020 FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES
December 31, 2024
| | | | | | | | | | | | | | | | |
| | | | | | | | | Shares | | | Value | |
| COMMON STOCKS (100.0%): | | | | | | | | | | | | |
| AFFILIATED MUTUAL FUNDS (100.0%) | | | | | | | | | | | | |
MoA Funds | | | | | | | | | | | | | | | | |
Core Bond Fund (36.3%) | | | | | | | | | | | 13,766,806 | | | $ | 166,853,693 | |
Equity Index Fund (24.7%) | | | | | | | | | | | 1,704,181 | | | | 113,617,748 | |
Intermediate Bond Fund (20.1%) | | | | | | | | | | | 9,655,771 | | | | 92,212,617 | |
International Fund (6.7%) | | | | | | | | | | | 3,689,014 | | | | 30,655,704 | |
Mid Cap Equity Index Fund (4.7%) | | | | | | | | | | | 1,022,581 | | | | 21,392,394 | |
Mid Cap Value Fund (0.7%) | | | | | | | | | | | 187,380 | | | | 3,198,575 | |
Small Cap Equity Index Fund (0.7%) | | | | | | | | | | | 307,852 | | | | 3,238,599 | |
Small Cap Value Fund (1.1%) | | | | | | | | | | | 343,276 | | | | 4,977,497 | |
US Government Money Market Fund (5.0%) | | | | | | | | | | | 22,990,170 | | | | 22,990,170 | |
| | | | | | | | | | | | | | | | |
TOTAL COMMON STOCKS
(Cost: $458,350,694) | | | | | | | | | | | | | | | 459,136,997 | |
| | | | | | | | | | | | | | | | |
| | | | |
| | | Rate(%) | | | Maturity | | | Face Amount | | | Value | |
TEMPORARY CASH INVESTMENT (0.0%) (1) | | | | | | | | | | | | | | | | |
JP Morgan Chase, New York Time Deposit | | | 3.58 | | | | 01/02/25 | | | $ | 40,473 | | | $ | 40,473 | |
| | | | | | | | | | | | | | | | |
TOTAL TEMPORARY CASH INVESTMENT
(Cost: $40,473) | | | | 40,473 | |
| | | | | | | | | | | | | | | | |
TOTAL INVESTMENTS
(Cost: $458,391,167) 100.0% | | | | 459,177,470 | |
| | | | | | | | | | | | | | | | |
OTHER NET ASSETS -0.0% (1) | | | | (35,695 | ) |
| | | | | | | | | | | | | | | | |
NET ASSETS 100.0% | | | $ | 459,141,775 | |
| | | | | | | | | | | | | | | | |
FOOTNOTES TO PORTFOLIO OF INVESTMENTS IN SECURITIES
| (1) | Percentage is less than 0.05%. |
The accompanying notes are an integral part of these portfolio schedules.
55
MoA FUNDS — CLEAR PASSAGE 2025 FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES
December 31, 2024
| | | | | | | | | | | | | | | | |
| | | | | | | | | Shares | | | Value | |
| COMMON STOCKS (100.0%): | | | | | | | | | | | | |
| AFFILIATED MUTUAL FUNDS (100.0%) | | | | | | | | | | | | |
MoA Funds | | | | | | | | | | | | | | | | |
Core Bond Fund (33.0%) | | | | | | | | | | | 30,220,500 | | | $ | 366,272,456 | |
Equity Index Fund (30.7%) | | | | | | | | | | | 5,116,506 | | | | 341,117,466 | |
Intermediate Bond Fund (15.0%) | | | | | | | | | | | 17,447,494 | | | | 166,623,563 | |
International Fund (10.0%) | | | | | | | | | | | 13,385,348 | | | | 111,232,243 | |
Mid Cap Equity Index Fund (4.9%) | | | | | | | | | | | 2,584,117 | | | | 54,059,735 | |
Mid Cap Value Fund (0.9%) | | | | | | | | | | | 607,144 | | | | 10,363,948 | |
Small Cap Equity Index Fund (0.8%) | | | | | | | | | | | 883,826 | | | | 9,297,850 | |
Small Cap Value Fund (1.7%) | | | | | | | | | | | 1,312,261 | | | | 19,027,791 | |
US Government Money Market Fund (3.0%) | | | | | | | | | | | 33,421,802 | | | | 33,421,802 | |
| | | | | | | | | | | | | | | | |
TOTAL COMMON STOCKS
(Cost: $1,087,797,764) | | | | | | | | | | | | | | | 1,111,416,854 | |
| | | | | | | | | | | | | | | | |
| | | | |
| | | Rate(%) | | | Maturity | | | Face Amount | | | Value | |
TEMPORARY CASH INVESTMENT (0.0%) (1) | | | | | | | | | | | | | | | | |
Citibank, New York Time Deposit | | | 3.58 | | | | 01/02/25 | | | $ | 97,217 | | | $ | 97,217 | |
| | | | | | | | | | | | | | | | |
TOTAL TEMPORARY CASH INVESTMENT
(Cost: $97,217) | | | | 97,217 | |
| | | | | | | | | | | | | | | | |
TOTAL INVESTMENTS
(Cost: $1,087,894,981) 100.0% | | | | 1,111,514,071 | |
| | | | | | | | | | | | | | | | |
OTHER NET ASSETS -0.0% (1) | | | | (111,346 | ) |
| | | | | | | | | | | | | | | | |
NET ASSETS 100.0% | | | $ | 1,111,402,725 | |
| | | | | | | | | | | | | | | | |
FOOTNOTES TO PORTFOLIO OF INVESTMENTS IN SECURITIES
| (1) | Percentage is less than 0.05%. |
The accompanying notes are an integral part of these portfolio schedules.
56
MoA FUNDS — CLEAR PASSAGE 2030 FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES
December 31, 2024
| | | | | | | | | | | | | | | | |
| | | | | | | | | Shares | | | Value | |
| COMMON STOCKS (100.0%): | | | | | | | | | | | | |
| AFFILIATED MUTUAL FUNDS (100.0%) | | | | | | | | | | | | |
MoA Funds | | | | | | | | | | | | | | | | |
Core Bond Fund (27.7%) | | | | | | | | | | | 32,213,863 | | | $ | 390,432,015 | |
Equity Index Fund (35.8%) | | | | | | | | | | | 7,570,305 | | | | 504,712,209 | |
Intermediate Bond Fund (9.9%) | | | | | | | | | | | 14,631,215 | | | | 139,728,106 | |
International Fund (12.0%) | | | | | | | | | | | 20,390,769 | | | | 169,447,292 | |
Mid Cap Equity Index Fund (5.8%) | | | | | | | | | | | 3,910,965 | | | | 81,817,396 | |
Mid Cap Value Fund (1.7%) | | | | | | | | | | | 1,367,274 | | | | 23,339,366 | |
Small Cap Equity Index Fund (1.0%) | | | | | | | | | | | 1,402,197 | | | | 14,751,108 | |
Small Cap Growth Fund (1.2%) | | | | | | | | | | | 1,178,074 | | | | 16,222,078 | |
Small Cap Value Fund (1.9%) | | | | | | | | | | | 1,815,419 | | | | 26,323,582 | |
US Government Money Market Fund (3.0%) | | | | | | | | | | | 41,978,338 | | | | 41,978,338 | |
| | | | | | | | | | | | | | | | |
TOTAL COMMON STOCKS
(Cost: $1,348,640,649) | | | | | | | | | | | | | | | 1,408,751,490 | |
| | | | | | | | | | | | | | | | |
| | | | |
| | | Rate(%) | | | Maturity | | | Face Amount | | | Value | |
TEMPORARY CASH INVESTMENT (0.0%) (1) | | | | | | | | | | | | | | | | |
JP Morgan Chase, New York Time Deposit | | | 3.58 | | | | 01/02/25 | | | $ | 121,658 | | | $ | 121,658 | |
| | | | | | | | | | | | | | | | |
TOTAL TEMPORARY CASH INVESTMENT
(Cost: $121,658) | | | | 121,658 | |
| | | | | | | | | | | | | | | | |
TOTAL INVESTMENTS
(Cost: $1,348,762,307) 100.0% | | | | 1,408,873,148 | |
| | | | | | | | | | | | | | | | |
OTHER NET ASSETS -0.0% (1) | | | | (132,448 | ) |
| | | | | | | | | | | | | | | | |
NET ASSETS 100.0% | | | $ | 1,408,740,700 | |
| | | | | | | | | | | | | | | | |
FOOTNOTES TO PORTFOLIO OF INVESTMENTS IN SECURITIES
| (1) | Percentage is less than 0.05%. |
The accompanying notes are an integral part of these portfolio schedules.
57
MoA FUNDS — CLEAR PASSAGE 2035 FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES
December 31, 2024
| | | | | | | | | | | | | | | | |
| | | | | | | | | Shares | | | Value | |
| COMMON STOCKS (100.0%): | | | | | | | | | | | | |
| AFFILIATED MUTUAL FUNDS (100.0%) | | | | | | | | | | | | |
MoA Funds | | | | | | | | | | | | | | | | |
Core Bond Fund (21.9%) | | | | | | | | | | | 25,239,258 | | | $ | 305,899,807 | |
Equity Index Fund (41.9%) | | | | | | | | | | | 8,799,182 | | | | 586,641,436 | |
Intermediate Bond Fund (5.0%) | | | | | | | | | | | 7,381,769 | | | | 70,495,892 | |
International Fund (14.7%) | | | | | | | | | | | 24,788,164 | | | | 205,989,644 | |
Mid Cap Equity Index Fund (8.1%) | | | | | | | | | | | 5,396,575 | | | | 112,896,351 | |
Mid Cap Value Fund (1.4%) | | | | | | | | | | | 1,135,660 | | | | 19,385,718 | |
Small Cap Equity Index Fund (1.0%) | | | | | | | | | | | 1,377,823 | | | | 14,494,694 | |
Small Cap Growth Fund (1.1%) | | | | | | | | | | | 1,082,663 | | | | 14,908,269 | |
Small Cap Value Fund (2.0%) | | | | | | | | | | | 1,905,195 | | | | 27,625,334 | |
US Government Money Market Fund (2.9%) | | | | | | | | | | | 40,906,131 | | | | 40,906,131 | |
| | | | | | | | | | | | | | | | |
TOTAL COMMON STOCKS
(Cost: $1,327,592,593) | | | | | | | | | | | | | | | 1,399,243,276 | |
| | | | | | | | | | | | | | | | |
| | | | |
| | | Rate(%) | | | Maturity | | | Face Amount | | | Value | |
TEMPORARY CASH INVESTMENT (0.0%) (1) | | | | | | | | | | | | | | | | |
Citibank, New York Time Deposit | | | 3.58 | | | | 01/02/25 | | | $ | 120,935 | | | $ | 120,935 | |
| | | | | | | | | | | | | | | | |
TOTAL TEMPORARY CASH INVESTMENT
(Cost: $120,935) | | | | 120,935 | |
| | | | | | | | | | | | | | | | |
TOTAL INVESTMENTS
(Cost: $1,327,713,528) 100.0% | | | | 1,399,364,211 | |
| | | | | | | | | | | | | | | | |
OTHER NET ASSETS -0.0% (1) | | | | (135,113 | ) |
| | | | | | | | | | | | | | | | |
NET ASSETS 100.0% | | | $ | 1,399,229,098 | |
| | | | | | | | | | | | | | | | |
FOOTNOTES TO PORTFOLIO OF INVESTMENTS IN SECURITIES
| (1) | Percentage is less than 0.05%. |
The accompanying notes are an integral part of these portfolio schedules.
58
MoA FUNDS — CLEAR PASSAGE 2040 FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES
December 31, 2024
| | | | | | | | | | | | | | | | |
| | | | | | | | | Shares | | | Value | |
| COMMON STOCKS (100.0%): | | | | | | | | | | | | |
| AFFILIATED MUTUAL FUNDS (100.0%) | | | | | | | | | | | | |
MoA Funds | | | | | | | | | | | | | | | | |
Core Bond Fund (14.0%) | | | | | | | | | | | 13,951,839 | | | $ | 169,096,294 | |
Equity Index Fund (45.1%) | | | | | | | | | | | 8,137,018 | | | | 542,495,016 | |
Intermediate Bond Fund (4.0%) | | | | | | | | | | | 5,001,674 | | | | 47,765,986 | |
International Fund (18.6%) | | | | | | | | | | | 26,918,908 | | | | 223,696,125 | |
Mid Cap Equity Index Fund (10.3%) | | | | | | | | | | | 5,925,324 | | | | 123,957,786 | |
Mid Cap Value Fund (1.0%) | | | | | | | | | | | 738,572 | | | | 12,607,418 | |
Small Cap Equity Index Fund (2.0%) | | | | | | | | | | | 2,314,204 | | | | 24,345,425 | |
Small Cap Growth Fund (1.0%) | | | | | | | | | | | 845,166 | | | | 11,637,931 | |
Small Cap Value Fund (2.0%) | | | | | | | | | | | 1,666,288 | | | | 24,161,177 | |
US Government Money Market Fund (2.0%) | | | | | | | | | | | 23,855,846 | | | | 23,855,846 | |
| | | | | | | | | | | | | | | | |
TOTAL COMMON STOCKS
(Cost: $1,133,475,772) | | | | | | | | | | | | | | | 1,203,619,004 | |
| | | | | | | | | | | | | | | | |
| | | | |
| | | Rate(%) | | | Maturity | | | Face Amount | | | Value | |
TEMPORARY CASH INVESTMENT (0.0%) (1) | | | | | | | | | | | | | | | | |
JP Morgan Chase, New York Time Deposit | | | 3.58 | | | | 01/02/25 | | | $ | 103,395 | | | $ | 103,395 | |
| | | | | | | | | | | | | | | | |
TOTAL TEMPORARY CASH INVESTMENT
(Cost: $103,395) | | | | 103,395 | |
| | | | | | | | | | | | | | | | |
TOTAL INVESTMENTS
(Cost: $1,133,579,167) 100.0% | | | | 1,203,722,399 | |
| | | | | | | | | | | | | | | | |
OTHER NET ASSETS -0.0% (1) | | | | (160,256 | ) |
| | | | | | | | | | | | | | | | |
NET ASSETS 100.0% | | | $ | 1,203,562,143 | |
| | | | | | | | | | | | | | | | |
FOOTNOTES TO PORTFOLIO OF INVESTMENTS IN SECURITIES
| (1) | Percentage is less than 0.05%. |
The accompanying notes are an integral part of these portfolio schedules.
59
MoA FUNDS — CLEAR PASSAGE 2045 FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES
December 31, 2024
| | | | | | | | | | | | | | | | |
| | | | | | | | | Shares | | | Value | |
| COMMON STOCKS (100.0%): | | | | | | | | | | | | |
| AFFILIATED MUTUAL FUNDS (100.0%) | | | | | | | | | | | | |
MoA Funds | | | | | | | | | | | | | | | | |
Core Bond Fund (10.0%) | | | | | | | | | | | 10,167,201 | | | $ | 123,226,478 | |
Equity Index Fund (47.2%) | | | | | | | | | | | 8,719,268 | | | | 581,313,604 | |
Intermediate Bond Fund (3.0%) | | | | | | | | | | | 3,855,384 | | | | 36,818,921 | |
International Fund (20.1%) | | | | | | | | | | | 29,862,140 | | | | 248,154,383 | |
Mid Cap Equity Index Fund (10.5%) | | | | | | | | | | | 6,197,567 | | | | 129,653,102 | |
Mid Cap Value Fund (1.0%) | | | | | | | | | | | 755,801 | | | | 12,901,523 | |
Small Cap Equity Index Fund (2.1%) | | | | | | | | | | | 2,417,810 | | | | 25,435,363 | |
Small Cap Growth Fund (2.1%) | | | | | | | | | | | 1,863,201 | | | | 25,656,277 | |
Small Cap Value Fund (2.0%) | | | | | | | | | | | 1,659,502 | | | | 24,062,773 | |
US Government Money Market Fund (2.0%) | | | | | | | | | | | 24,460,724 | | | | 24,460,724 | |
| | | | | | | | | | | | | | | | |
TOTAL COMMON STOCKS
(Cost: $1,152,884,768) | | | | | | | | | | | | | | | 1,231,683,148 | |
| | | | | | | | | | | | | | | | |
| | | | |
| | | Rate(%) | | | Maturity | | | Face Amount | | | Value | |
TEMPORARY CASH INVESTMENT (0.0%) (1) | | | | | | | | | | | | | | | | |
JP Morgan Chase, New York Time Deposit | | | 3.58 | | | | 01/02/25 | | | $ | 106,816 | | | $ | 106,816 | |
| | | | | | | | | | | | | | | | |
TOTAL TEMPORARY CASH INVESTMENT
(Cost: $106,816) | | | | 106,816 | |
| | | | | | | | | | | | | | | | |
TOTAL INVESTMENTS
(Cost: $1,152,991,584) 100.0% | | | | 1,231,789,964 | |
| | | | | | | | | | | | | | | | |
OTHER NET ASSETS -0.0% (1) | | | | (163,732 | ) |
| | | | | | | | | | | | | | | | |
NET ASSETS 100.0% | | | $ | 1,231,626,232 | |
| | | | | | | | | | | | | | | | |
FOOTNOTES TO PORTFOLIO OF INVESTMENTS IN SECURITIES
| (1) | Percentage is less than 0.05%. |
The accompanying notes are an integral part of these portfolio schedules.
60
MoA FUNDS — CLEAR PASSAGE 2050 FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES
December 31, 2024
| | | | | | | | | | | | | | | | |
| | | | | | | | | Shares | | | Value | |
| COMMON STOCKS (100.0%): | | | | | | | | | | | | |
| AFFILIATED MUTUAL FUNDS (100.0%) | | | | | | | | | | | | |
MoA Funds | | | | | | | | | | | | | | | | |
Core Bond Fund (7.0%) | | | | | | | | | | | 5,628,852 | | | $ | 68,221,684 | |
Equity Index Fund (49.3%) | | | | | | | | | | | 7,221,606 | | | | 481,464,473 | |
Intermediate Bond Fund (1.9%) | | | | | | | | | | | 1,965,587 | | | | 18,771,352 | |
International Fund (20.4%) | | | | | | | | | | | 23,922,154 | | | | 198,793,102 | |
Mid Cap Equity Index Fund (11.3%) | | | | | | | | | | | 5,261,419 | | | | 110,068,888 | |
Mid Cap Value Fund (2.1%) | | | | | | | | | | | 1,221,148 | | | | 20,844,989 | |
Small Cap Equity Index Fund (2.0%) | | | | | | | | | | | 1,866,593 | | | | 19,636,560 | |
Small Cap Growth Fund (2.0%) | | | | | | | | | | | 1,444,668 | | | | 19,893,082 | |
Small Cap Value Fund (2.0%) | | | | | | | | | | | 1,365,698 | | | | 19,802,614 | |
US Government Money Market Fund (2.0%) | | | | | | | | | | | 19,165,531 | | | | 19,165,531 | |
| | | | | | | | | | | | | | | | |
TOTAL COMMON STOCKS
(Cost: $911,163,576) | | | | | | | | | | | | | | | 976,662,275 | |
| | | | | | | | | | | | | | | | |
| | | | |
| | | Rate(%) | | | Maturity | | | Face Amount | | | Value | |
TEMPORARY CASH INVESTMENT (0.0%) (1) | | | | | | | | | | | | | | | | |
Citibank, New York Time Deposit | | | 3.58 | | | | 01/02/25 | | | $ | 86,471 | | | $ | 86,471 | |
| | | | | | | | | | | | | | | | |
TOTAL TEMPORARY CASH INVESTMENT
(Cost: $86,471) | | | | 86,471 | |
| | | | | | | | | | | | | | | | |
TOTAL INVESTMENTS
(Cost: $911,250,047) 100.0% | | | | 976,748,746 | |
| | | | | | | | | | | | | | | | |
OTHER NET ASSETS -0.0% (1) | | | | (139,101 | ) |
| | | | | | | | | | | | | | | | |
NET ASSETS 100.0% | | | $ | 976,609,645 | |
| | | | | | | | | | | | | | | | |
FOOTNOTES TO PORTFOLIO OF INVESTMENTS IN SECURITIES
| (1) | Percentage is less than 0.05%. |
The accompanying notes are an integral part of these portfolio schedules.
61
MoA FUNDS — CLEAR PASSAGE 2055 FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES
December 31, 2024
| | | | | | | | | | | | | | | | |
| | | | | | | | | Shares | | | Value | |
| COMMON STOCKS (100.0%): | | | | | | | | | | | | |
| AFFILIATED MUTUAL FUNDS (100.0%) | | | | | | | | | | | | |
MoA Funds | | | | | | | | | | | | | | | | |
Core Bond Fund (6.0%) | | | | | | | | | | | 2,795,649 | | | $ | 33,883,271 | |
Equity Index Fund (49.4%) | | | | | | | | | | | 4,157,129 | | | | 277,155,765 | |
Intermediate Bond Fund (0.8%) | | | | | | | | | | | 483,784 | | | | 4,620,137 | |
International Fund (21.8%) | | | | | | | | | | | 14,716,525 | | | | 122,294,326 | |
Mid Cap Equity Index Fund (11.9%) | | | | | | | | | | | 3,198,003 | | | | 66,902,233 | |
Mid Cap Value Fund (2.1%) | | | | | | | | | | | 673,461 | | | | 11,495,985 | |
Small Cap Equity Index Fund (3.0%) | | | | | | | | | | | 1,604,836 | | | | 16,882,873 | |
Small Cap Growth Fund (2.0%) | | | | | | | | | | | 795,474 | | | | 10,953,676 | |
Small Cap Value Fund (2.0%) | | | | | | | | | | | 784,109 | | | | 11,369,576 | |
US Government Money Market Fund (1.0%) | | | | | | | | | | | 5,503,170 | | | | 5,503,170 | |
| | | | | | | | | | | | | | | | |
TOTAL COMMON STOCKS
(Cost: $527,291,613) | | | | | | | | | | | | | | | 561,061,012 | |
| | | | | | | | | | | | | | | | |
| | | | |
| | | Rate(%) | | | Maturity | | | Face Amount | | | Value | |
TEMPORARY CASH INVESTMENT (0.0%) (1) | | | | | | | | | | | | | | | | |
Citibank, New York Time Deposit | | | 3.58 | | | | 01/02/25 | | | $ | 47,777 | | | $ | 47,777 | |
| | | | | | | | | | | | | | | | |
TOTAL TEMPORARY CASH INVESTMENT
(Cost: $47,777) | | | | 47,777 | |
| | | | | | | | | | | | | | | | |
TOTAL INVESTMENTS
(Cost: $527,339,390) 100.0% | | | | 561,108,789 | |
| | | | | | | | | | | | | | | | |
OTHER NET ASSETS -0.0% (1) | | | | (115,521 | ) |
| | | | | | | | | | | | | | | | |
NET ASSETS 100.0% | | | $ | 560,993,268 | |
| | | | | | | | | | | | | | | | |
FOOTNOTES TO PORTFOLIO OF INVESTMENTS IN SECURITIES
| (1) | Percentage is less than 0.05%. |
The accompanying notes are an integral part of these portfolio schedules.
62
MoA FUNDS — CLEAR PASSAGE 2060 FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES
December 31, 2024
| | | | | | | | | | | | | | | | |
| | | | | | | | | Shares | | | Value | |
| COMMON STOCKS (100.0%): | | | | | | | | | | | | |
| AFFILIATED MUTUAL FUNDS (100.0%) | | | | | | | | | | | | |
MoA Funds | | | | | | | | | | | | | | | | |
Core Bond Fund (4.3%) | | | | | | | | | | | 1,096,233 | | | $ | 13,286,339 | |
Equity Index Fund (48.4%) | | | | | | | | | | | 2,261,529 | | | | 150,776,149 | |
Intermediate Bond Fund (0.6%) | | | | | | | | | | | 187,014 | | | | 1,785,988 | |
International Fund (22.9%) | | | | | | | | | | | 8,583,377 | | | | 71,327,866 | |
Mid Cap Equity Index Fund (12.7%) | | | | | | | | | | | 1,887,191 | | | | 39,480,043 | |
Mid Cap Value Fund (2.2%) | | | | | | | | | | | 398,377 | | | | 6,800,291 | |
Small Cap Equity Index Fund (3.1%) | | | | | | | | | | | 909,829 | | | | 9,571,405 | |
Small Cap Growth Fund (2.0%) | | | | | | | | | | | 452,006 | | | | 6,224,129 | |
Small Cap Value Fund (2.9%) | | | | | | | | | | | 620,458 | | | | 8,996,642 | |
US Government Money Market Fund (0.9%) | | | | | | | | | | | 2,884,892 | | | | 2,884,892 | |
| | | | | | | | | | | | | | | | |
TOTAL COMMON STOCKS
(Cost: $293,078,047) | | | | | | | | | | | | | | | 311,133,744 | |
| | | | | | | | | | | | | | | | |
| | | | |
| | | Rate(%) | | | Maturity | | | Face Amount | | | Value | |
TEMPORARY CASH INVESTMENT (0.0%) (1) | | | | | | | | | | | | | | | | |
Brown Brothers Harriman, New York Time Deposit | | | 3.58 | | | | 01/02/25 | | | $ | 26,300 | | | $ | 26,300 | |
| | | | | | | | | | | | | | | | |
TOTAL TEMPORARY CASH INVESTMENT
(Cost: $26,300) | | | | 26,300 | |
| | | | | | | | | | | | | | | | |
TOTAL INVESTMENTS
(Cost: $293,104,347) 100.0% | | | | 311,160,044 | |
| | | | | | | | | | | | | | | | |
OTHER NET ASSETS -0.0% (1) | | | | (82,320 | ) |
| | | | | | | | | | | | | | | | |
NET ASSETS 100.0% | | | $ | 311,077,724 | |
| | | | | | | | | | | | | | | | |
FOOTNOTES TO PORTFOLIO OF INVESTMENTS IN SECURITIES
| (1) | Percentage is less than 0.05%. |
The accompanying notes are an integral part of these portfolio schedules.
63
MoA FUNDS — CLEAR PASSAGE 2065 FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES
December 31, 2024
| | | | | | | | | | | | | | | | |
| | | | | | | | | Shares | | | Value | |
| COMMON STOCKS (100.0%): | | | | | | | | | | | | |
| AFFILIATED MUTUAL FUNDS (100.0%) | | | | | | | | | | | | |
MoA Funds | | | | | | | | | | | | | | | | |
Core Bond Fund (3.5%) | | | | | | | | | | | 349,523 | | | $ | 4,236,216 | |
Equity Index Fund (48.4%) | | | | | | | | | | | 886,690 | | | | 59,115,627 | |
Intermediate Bond Fund (0.6%) | | | | | | | | | | | 73,372 | | | | 700,701 | |
International Fund (22.5%) | | | | | | | | | | | 3,317,489 | | | | 27,568,337 | |
Mid Cap Equity Index Fund (12.1%) | | | | | | | | | | | 709,311 | | | | 14,838,791 | |
Mid Cap Value Fund (2.9%) | | | | | | | | | | | 210,014 | | | | 3,584,935 | |
Small Cap Equity Index Fund (3.1%) | | | | | | | | | | | 356,055 | | | | 3,745,696 | |
Small Cap Growth Fund (2.9%) | | | | | | | | | | | 256,647 | | | | 3,534,032 | |
Small Cap Value Fund (3.1%) | | | | | | | | | | | 262,046 | | | | 3,799,666 | |
US Government Money Market Fund (0.9%) | | | | | | | | | | | 1,058,341 | | | | 1,058,341 | |
| | | | | | | | | | | | | | | | |
TOTAL COMMON STOCKS
(Cost: $114,680,508) | | | | | | | | | | | | | | | 122,182,342 | |
| | | | | | | | | | | | | | | | |
| | | | |
| | | Rate(%) | | | Maturity | | | Face Amount | | | Value | |
TEMPORARY CASH INVESTMENT (0.0%) (1) | | | | | | | | | | | | | | | | |
JP Morgan Chase, New York Time Deposit | | | 3.58 | | | | 01/02/25 | | | $ | 24,996 | | | $ | 24,996 | |
| | | | | | | | | | | | | | | | |
TOTAL TEMPORARY CASH INVESTMENT
(Cost: $24,996) | | | | 24,996 | |
| | | | | | | | | | | | | | | | |
TOTAL INVESTMENTS
(Cost: $114,705,504) 100.0% | | | | 122,207,338 | |
| | | | | | | | | | | | | | | | |
OTHER NET ASSETS -0.0% (1) | | | | (20,647 | ) |
| | | | | | | | | | | | | | | | |
NET ASSETS 100.0% | | | $ | 122,186,691 | |
| | | | | | | | | | | | | | | | |
FOOTNOTES TO PORTFOLIO OF INVESTMENTS IN SECURITIES
| (1) | Percentage is less than 0.05%. |
The accompanying notes are an integral part of these portfolio schedules.
64
MoA FUNDS — CONSERVATIVE ALLOCATION FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES
December 31, 2024
| | | | | | | | |
| | | Shares | | | Value | |
| COMMON STOCKS (100.0%): | | | | | | |
| AFFILIATED MUTUAL FUNDS (100.0%) | | | | | | |
MoA Funds | | | | | | | | |
Core Bond Fund (34.2%) | | | 4,302,021 | | | $ | 52,140,498 | |
Equity Index Fund (27.4%) | | | 626,515 | | | | 41,769,781 | |
Intermediate Bond Fund (24.4%) | | | 3,893,128 | | | | 37,179,369 | |
International Fund (4.9%) | | | 911,177 | | | | 7,571,882 | |
Mid Cap Equity Index Fund (5.3%) | | | 386,286 | | | | 8,081,097 | |
US Government Money Market Fund (3.8%) | | | 5,877,137 | | | | 5,877,137 | |
| | | | | | | | |
TOTAL INVESTMENTS
(Cost: $153,127,957) 100.0% | | | | | | | 152,619,764 | |
| | | | | | | | |
OTHER NET ASSETS -0.0% (1) | | | | | | | (18,284 | ) |
| | | | | | | | |
NET ASSETS 100.0% | | | | | | $ | 152,601,480 | |
| | | | | | | | |
FOOTNOTES TO PORTFOLIO OF INVESTMENTS IN SECURITIES
| (1) | Percentage is less than 0.05%. |
MoA FUNDS — MODERATE ALLOCATION FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES
December 31, 2024
| | | | | | | | |
| | | Shares | | | Value | |
| COMMON STOCKS (100.0%): | | | | | | |
| AFFILIATED MUTUAL FUNDS (100.0%) | | | | | | |
MoA Funds | | | | | | | | |
Core Bond Fund (23.1%) | | | 7,573,081 | | | $ | 91,785,740 | |
Equity Index Fund (37.4%) | | | 2,223,271 | | | | 148,225,457 | |
Intermediate Bond Fund (13.9%) | | | 5,767,212 | | | | 55,076,879 | |
International Fund (14.9%) | | | 7,116,511 | | | | 59,138,210 | |
Mid Cap Equity Index Fund (10.7%) | | | 2,031,675 | | | | 42,502,638 | |
| | | | | | | | |
TOTAL INVESTMENTS
(Cost: $377,665,647) 100.0% | | | | | | | 396,728,924 | |
| | | | | | | | |
OTHER NET ASSETS -0.0% (1) | | | | | | | (47,274 | ) |
| | | | | | | | |
NET ASSETS 100.0% | | | | | | $ | 396,681,650 | |
| | | | | | | | |
FOOTNOTES TO PORTFOLIO OF INVESTMENTS IN SECURITIES
| (1) | Percentage is less than 0.05%. |
The accompanying notes are an integral part of these portfolio schedules.
65
MoA FUNDS — AGGRESSIVE ALLOCATION FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES
December 31, 2024
| | | | | | | | |
| | | Shares | | | Value | |
| COMMON STOCKS (100.0%): | | | | | | |
| AFFILIATED MUTUAL FUNDS (100.0%) | | | | | | |
MoA Funds | | | | | | | | |
Core Bond Fund (13.9%) | | | 3,846,612 | | | $ | 46,620,937 | |
Equity Index Fund (37.6%) | | | 1,891,383 | | | | 126,098,497 | |
International Fund (18.2%) | | | 7,340,824 | | | | 61,002,250 | |
Mid Cap Equity Index Fund (20.3%) | | | 3,246,400 | | | | 67,914,687 | |
Small Cap Growth Fund (5.1%) | | | 1,232,547 | | | | 16,972,171 | |
Small Cap Value Fund (4.9%) | | | 1,142,143 | | | | 16,561,074 | |
| | | | | | | | |
TOTAL INVESTMENTS
(Cost: $309,664,143) 100.0% | | | | | | | 335,169,616 | |
| | | | | | | | |
OTHER NET ASSETS -0.0% (1) | | | | | | | (45,597 | ) |
| | | | | | | | |
NET ASSETS 100.0% | | | | | | $ | 335,124,019 | |
| | | | | | | | |
FOOTNOTES TO PORTFOLIO OF INVESTMENTS IN SECURITIES
| (1) | Percentage is less than 0.05%. |
The accompanying notes are an integral part of these portfolio schedules.
66
MoA FUNDS — US GOVERNMENT MONEY MARKET FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES
December 31, 2024
| | | | | | | | | | | | | | | | | | | | |
| | | Rating* | | | Rate(%) | | | Maturity | | | Face Amount | | | Value | |
| SHORT-TERM DEBT SECURITIES (100.4%): | | | | | | | | | | | | | | | |
| U.S. GOVERNMENT (69.9%) | | | | | | | | | | |
U.S. Treasury Bill | | | A-1+ | | | | 4.24 | | | | 02/27/25 | | | $ | 1,000,000 | | | $ | 993,335 | |
U.S. Treasury Bill | | | A-1+ | | | | 4.27 | | | | 02/18/25 | | | | 25,750,000 | | | | 25,604,425 | |
U.S. Treasury Bill | | | A-1+ | | | | 4.28 | | | | 02/11/25 | | | | 34,500,000 | | | | 34,333,139 | |
U.S. Treasury Bill | | | A-1+ | | | | 4.34 | | | | 02/04/25 | | | | 23,000,000 | | | | 22,906,460 | |
U.S. Treasury Bill | | | A-1+ | | | | 4.34 | | | | 02/13/25 | | | | 26,000,000 | | | | 25,866,200 | |
U.S. Treasury Bill | | | A-1+ | | | | 4.37 | | | | 02/06/25 | | | | 27,450,000 | | | | 27,330,870 | |
U.S. Treasury Bill | | | A-1+ | | | | 4.41 | | | | 01/30/25 | | | | 29,700,000 | | | | 29,595,332 | |
U.S. Treasury Bill | | | A-1+ | | | | 4.43 | | | | 01/02/25 | | | | 25,100,000 | | | | 25,096,929 | |
U.S. Treasury Bill | | | A-1+ | | | | 4.43 | | | | 01/28/25 | | | | 67,000,000 | | | | 66,778,882 | |
U.S. Treasury Bill | | | A-1+ | | | | 4.45 | | | | 01/14/25 | | | | 28,000,000 | | | | 27,955,300 | |
U.S. Treasury Bill | | | A-1+ | | | | 4.49 | | | | 01/21/25 | | | | 40,350,000 | | | | 40,249,998 | |
U.S. Treasury Bill | | | A-1+ | | | | 4.51 | | | | 01/07/25 | | | | 34,050,000 | | | | 34,024,588 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | 360,735,458 | |
| | | | | | | | | | | | | | | | | | | | |
| U.S. GOVERNMENT AGENCIES (30.5%) | | | | | | | | | | | | | | | |
FHLB | | | A-1+ | | | | 4.25 | | | | 02/24/25 | | | | 29,000,000 | | | | 28,816,213 | |
FHLB | | | A-1+ | | | | 4.27 | | | | 02/18/25 | | | | 2,000,000 | | | | 1,988,693 | |
FHLB | | | A-1+ | | | | 4.28 | | | | 02/21/25 | | | | 12,100,000 | | | | 12,027,148 | |
FHLB | | | A-1+ | | | | 4.29 | | | | 02/07/25 | | | | 22,800,000 | | | | 22,700,174 | |
FHLB | | | A-1+ | | | | 4.29 | | | | 02/12/25 | | | | 31,000,000 | | | | 30,845,930 | |
FHLB | | | A-1+ | | | | 4.33 | | | | 02/05/25 | | | | 20,000,000 | | | | 19,916,389 | |
FHLB | | | A-1+ | | | | 4.50 | | | | 01/02/25 | | | | 23,000,000 | | | | 22,997,144 | |
FHLB | | | A-1+ | | | | 4.51 | | | | 01/08/25 | | | | 18,000,000 | | | | 17,984,337 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | 157,276,028 | |
| | | | | | | | | | | | | | | | | | | | |
TOTAL SHORT-TERM DEBT SECURITIES
(Cost: $518,011,486) | | | | 518,011,486 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| | | | | | Rate(%) | | | Maturity | | | Face Amount | | | Value | |
| TEMPORARY CASH INVESTMENT (0.0%) (1) | | | | | | | | | | | | | | | |
JP Morgan Chase, New York Time Deposit | | | | | | | 3.58 | | | | 01/02/25 | | | $ | 86,205 | | | $ | 86,205 | |
| | | | | | | | | | | | | | | | | | | | |
TOTAL TEMPORARY CASH INVESTMENT
(Cost: $86,205) | | | | 86,205 | |
| | | | | | | | | | | | | | | | | | | | |
TOTAL INVESTMENTS
(Cost: $518,097,691) 100.4% | | | | 518,097,691 | |
| | | | | | | | | | | | | | | | | | | | |
OTHER NET ASSETS -0.4% | | | | (2,214,936 | ) |
| | | | | | | | | | | | | | | | | | | | |
NET ASSETS 100.0% | | | $ | 515,882,755 | |
| | | | | | | | | | | | | | | | | | | | |
FOOTNOTES TO PORTFOLIO OF INVESTMENTS IN SECURITIES
| | |
| Abbreviations: | | FHLB = Federal Home Loan Bank |
| * | Ratings as per Standard & Poor’s Corporation (unaudited). |
| (1) | Percentage is less than 0.05%. |
The accompanying notes are an integral part of these portfolio schedules.
67
MoA FUNDS — INTERMEDIATE BOND FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES
December 31, 2024
| | | | | | | | | | | | | | |
| | | Rating* | | Rate(%) | | Maturity | | Face Amount | | | Value | |
| LONG-TERM DEBT SECURITIES (98.7%): | | | | | | | | | | | | |
| U.S. GOVERNMENT (40.1%) | | | | | | | | |
U.S. Treasury Note | | AA+ | | 0.50 | | 06/30/27 | | $ | 7,750,000 | | | $ | 7,064,609 | |
U.S. Treasury Note | | AA+ | | 0.63 | | 08/15/30 | | | 39,500,000 | | | | 32,084,493 | |
U.S. Treasury Note | | AA+ | | 1.50 | | 11/30/28 | | | 7,100,000 | | | | 6,375,578 | |
U.S. Treasury Note | | AA+ | | 1.63 | | 05/15/26 | | | 4,475,000 | | | | 4,318,725 | |
U.S. Treasury Note | | AA+ | | 1.75 | | 01/31/29 | | | 9,980,000 | | | | 9,010,069 | |
U.S. Treasury Note | | AA+ | | 2.63 | | 05/31/27 | | | 28,415,000 | | | | 27,353,877 | |
U.S. Treasury Note | | AA+ | | 2.75 | | 07/31/27 | | | 20,000,000 | | | | 19,260,938 | |
U.S. Treasury Note | | AA+ | | 3.25 | | 06/30/27 | | | 9,755,000 | | | | 9,525,605 | |
U.S. Treasury Note | | AA+ | | 3.38 | | 05/15/33 | | | 6,010,000 | | | | 5,523,566 | |
U.S. Treasury Note | | AA+ | | 3.50 | | 04/30/28 | | | 24,100,000 | | | | 23,489,969 | |
U.S. Treasury Note | | AA+ | | 3.63 | | 03/31/28 | | | 29,100,000 | | | | 28,499,812 | |
U.S. Treasury Note | | AA+ | | 3.63 | | 08/31/29 | | | 2,950,000 | | | | 2,856,430 | |
U.S. Treasury Note | | AA+ | | 3.75 | | 08/31/31 | | | 7,200,000 | | | | 6,898,500 | |
U.S. Treasury Note | | AA+ | | 3.88 | | 11/30/27 | | | 26,400,000 | | | | 26,100,938 | |
U.S. Treasury Note | | AA+ | | 3.88 | | 08/15/33 | | | 31,420,000 | | | | 29,912,822 | |
U.S. Treasury Note | | AA+ | | 3.88 | | 08/15/34 | | | 6,600,000 | | | | 6,243,187 | |
U.S. Treasury Note | | AA+ | | 4.13 | | 01/31/25 | | | 5,000,000 | | | | 4,998,633 | |
U.S. Treasury Note | | AA+ | | 4.13 | | 07/31/28 | | | 18,500,000 | | | | 18,369,922 | |
U.S. Treasury Note | | AA+ | | 4.13 | | 07/31/31 | | | 9,800,000 | | | | 9,604,000 | |
U.S. Treasury Note | | AA+ | | 4.13 | | 11/15/32 | | | 17,660,000 | | | | 17,226,778 | |
U.S. Treasury Note | | AA+ | | 4.38 | | 11/30/28 | | | 17,800,000 | | | | 17,805,562 | |
U.S. Treasury Note | | AA+ | | 4.38 | | 11/30/30 | | | 7,500,000 | | | | 7,472,461 | |
U.S. Treasury Note | | AA+ | | 4.38 | | 05/15/34 | | | 11,300,000 | | | | 11,130,500 | |
U.S. Treasury Note | | AA+ | | 4.50 | | 11/15/33 | | | 2,500,000 | | | | 2,489,453 | |
U.S. Treasury Note | | AA+ | | 4.63 | | 04/30/31 | | | 16,000,000 | | | | 16,135,000 | |
U.S. Treasury Note | | AA+ | | 4.63 | | 05/31/31 | | | 6,900,000 | | | | 6,957,141 | |
U.S. Treasury Note | | AA+ | | 5.00 | | 09/30/25 | | | 4,500,000 | | | | 4,523,379 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 361,231,947 | |
| | | | | | | | | | | | | | |
| U.S. GOVERNMENT AGENCIES (1.9%) | | | | | | | | | | | | |
| NON-MORTGAGE-BACKED OBLIGATIONS (1.9%) | | | | | | | | | | | | |
FFCB | | AA+ | | 5.95 | | 05/24/34 | | | 2,700,000 | | | | 2,691,990 | |
FHLB | | AA+ | | 5.00 | | 10/22/32 | | | 2,000,000 | | | | 1,960,884 | |
FHLB | | AA+ | | 5.65 | | 05/21/29 | | | 2,075,000 | | | | 2,076,315 | |
FHLB | | AA+ | | 5.70 | | 05/01/29 | | | 1,000,000 | | | | 1,001,096 | |
FHLMC | | AA+ | | 5.00 | | 03/14/29 | | | 3,000,000 | | | | 2,988,520 | |
FHLMC | | AA+ | | 5.60 | | 04/17/29 | | | 4,303,000 | | | | 4,307,574 | |
FHLMC | | AA+ | | 5.68 | | 04/30/29 | | | 1,957,000 | | | | 1,960,460 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 16,986,839 | |
| | | | | | | | | | | | | | |
| CORPORATE DEBT (56.7%) | | | | | | | | | | | | |
| COMMUNICATION SERVICES (3.1%) | | | | | | | | | | | | |
AT&T, Inc. | | BBB | | 1.70 | | 03/25/26 | | | 1,200,000 | | | | 1,157,958 | |
AT&T, Inc. | | BBB | | 2.75 | | 06/01/31 | | | 4,050,000 | | | | 3,522,293 | |
Comcast Corp. | | A- | | 2.35 | | 01/15/27 | | | 4,100,000 | | | | 3,918,823 | |
Sprint LLC | | BBB- | | 7.63 | | 03/01/26 | | | 3,605,000 | | | | 3,686,445 | |
Take-Two Interactive Software, Inc. | | BBB | | 5.40 | | 06/12/29 | | | 3,000,000 | | | | 3,036,552 | |
T-Mobile USA, Inc. | | BBB | | 3.38 | | 04/15/29 | | | 2,295,000 | | | | 2,145,343 | |
T-Mobile USA, Inc. | | BBB | | 3.75 | | 04/15/27 | | | 1,840,000 | | | | 1,797,374 | |
Verizon Communications, Inc. | | BBB+ | | 4.02 | | 12/03/29 | | | 3,200,000 | | | | 3,067,593 | |
Verizon Communications, Inc. | | BBB+ | | 4.13 | | 03/16/27 | | | 980,000 | | | | 968,567 | |
Warnermedia Hldgs., Inc. | | BBB- | | 3.76 | | 03/15/27 | | | 2,830,000 | | | | 2,726,400 | |
Warnermedia Hldgs., Inc. | | BBB- | | 6.41 | | 03/15/26 | | | 1,500,000 | | | | 1,500,837 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 27,528,185 | |
| | | | | | | | | | | | | | |
| CONSUMER DISCRETIONARY (3.9%) | | | | | | | | | | | | |
Best Buy Co., Inc. | | BBB+ | | 1.95 | | 10/01/30 | | | 1,735,000 | | | | 1,460,311 | |
Darden Restaurants, Inc. | | BBB | | 3.85 | | 05/01/27 | | | 2,341,000 | | | | 2,287,671 | |
The accompanying notes are an integral part of these portfolio schedules.
68
MoA FUNDS — INTERMEDIATE BOND FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
December 31, 2024
| | | | | | | | | | | | | | |
| | | Rating* | | Rate(%) | | Maturity | | Face Amount | | | Value | |
| LONG-TERM DEBT SECURITIES (CONTINUED): | | | | | | | | | | | | |
| CORPORATE DEBT (CONTINUED) | | | | | | | | |
| CONSUMER DISCRETIONARY (CONTINUED) | | | | | | | | | | |
Expedia Group, Inc. | | BBB | | 5.00 | | 02/15/26 | | $ | 3,563,000 | | | $ | 3,570,232 | |
Ford Motor Credit Co. LLC | | BBB- | | 2.70 | | 08/10/26 | | | 2,411,000 | | | | 2,315,275 | |
General Motors Financial Co., Inc. | | BBB | | 5.75 | | 02/08/31 | | | 4,315,000 | | | | 4,366,944 | |
Lennar Corp. | | BBB | | 5.00 | | 06/15/27 | | | 3,500,000 | | | | 3,507,120 | |
Lowe’s Cos., Inc. | | BBB+ | | 2.63 | | 04/01/31 | | | 2,000,000 | | | | 1,736,226 | |
Lowe’s Cos., Inc. | | BBB+ | | 4.50 | | 04/15/30 | | | 4,840,000 | | | | 4,745,359 | |
Marriott International, Inc. | | BBB | | 2.85 | | 04/15/31 | | | 2,640,000 | | | | 2,306,337 | |
Mattel, Inc.† | | BBB | | 3.38 | | 04/01/26 | | | 2,814,000 | | | | 2,756,024 | |
Mattel, Inc.† | | BBB | | 5.88 | | 12/15/27 | | | 425,000 | | | | 426,119 | |
PulteGroup, Inc. | | BBB | | 5.00 | | 01/15/27 | | | 1,727,000 | | | | 1,729,161 | |
Toll Brothers Finance Corp. | | BBB- | | 4.88 | | 03/15/27 | | | 3,731,000 | | | | 3,727,493 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 34,934,272 | |
| | | | | | | | | | | | | | |
| CONSUMER STAPLES (1.3%) | | | | | | | | | | |
Bunge Ltd. Finance Corp. | | BBB+ | | 2.75 | | 05/14/31 | | | 4,400,000 | | | | 3,800,197 | |
Bunge Ltd. Finance Corp. | | BBB+ | | 4.20 | | 09/17/29 | | | 660,000 | | | | 639,853 | |
Constellation Brands, Inc. | | BBB | | 4.80 | | 01/15/29 | | | 2,875,000 | | | | 2,853,824 | |
J M Smucker Co. | | BBB | | 5.90 | | 11/15/28 | | | 3,300,000 | | | | 3,417,879 | |
Keurig Dr Pepper, Inc. | | BBB | | 5.10 | | 03/15/27 | | | 1,450,000 | | | | 1,462,841 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 12,174,594 | |
| | | | | | | | | | | | | | |
| ENERGY (5.1%) | | | | | | | | | | |
Cheniere Energy Partners LP | | BBB- | | 4.50 | | 10/01/29 | | | 3,034,000 | | | | 2,937,147 | |
Diamondback Energy, Inc. | | BBB | | 5.15 | | 01/30/30 | | | 2,075,000 | | | | 2,078,421 | |
Diamondback Energy, Inc. | | BBB | | 5.20 | | 04/18/27 | | | 2,500,000 | | | | 2,523,683 | |
Energy Transfer LP | | BBB | | 5.25 | | 07/01/29 | | | 3,465,000 | | | | 3,480,349 | |
Energy Transfer LP | | BBB | | 5.55 | | 02/15/28 | | | 2,000,000 | | | | 2,030,365 | |
EnLink Midstream LLC† | | BBB | | 5.63 | | 01/15/28 | | | 2,370,000 | | | | 2,392,116 | |
EQT Corp.† | | BBB- | | 3.13 | | 05/15/26 | | | 2,475,000 | | | | 2,410,588 | |
EQT Corp. | | BBB- | | 3.90 | | 10/01/27 | | | 875,000 | | | | 850,064 | |
Hess Corp. | | BBB- | | 4.30 | | 04/01/27 | | | 1,180,000 | | | | 1,167,966 | |
HF Sinclair Corp. | | BBB- | | 5.88 | | 04/01/26 | | | 1,628,000 | | | | 1,639,629 | |
HF Sinclair Corp. | | BBB- | | 6.38 | | 04/15/27 | | | 3,000,000 | | | | 3,042,489 | |
Kinder Morgan, Inc. | | BBB | | 5.10 | | 08/01/29 | | | 4,495,000 | | | | 4,495,545 | |
Occidental Petroleum Corp. | | BB+ | | 6.38 | | 09/01/28 | | | 2,180,000 | | | | 2,249,796 | |
ONEOK, Inc. | | BBB | | 4.40 | | 10/15/29 | | | 1,650,000 | | | | 1,599,081 | |
Plains All American Pipeline LP/PAA Finance Corp. | | BBB | | 3.55 | | 12/15/29 | | | 2,480,000 | | | | 2,305,147 | |
Targa Resources Partners LP/Targa Resources Partners Finance Corp. | | BBB | | 5.50 | | 03/01/30 | | | 2,415,000 | | | | 2,421,712 | |
Targa Resources Partners LP/Targa Resources Partners Finance Corp. | | BBB | | 6.88 | | 01/15/29 | | | 2,250,000 | | | | 2,300,933 | |
Western Midstream Operating LP | | BBB- | | 4.65 | | 07/01/26 | | | 3,800,000 | | | | 3,781,997 | |
Williams Cos., Inc. | | BBB | | 5.40 | | 03/02/26 | | | 2,214,000 | | | | 2,229,030 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 45,936,058 | |
| | | | | | | | | | | | | | |
| FINANCIALS (18.8%) | | | | | | | | | | |
Alleghany Corp. | | AA | | 3.63 | | 05/15/30 | | | 2,200,000 | | | | 2,066,817 | |
American Express Co. | | A- | | 5.39 | | 07/28/27 | | | 3,085,000 | | | | 3,118,338 | |
American Express Co. | | A- | | 5.53 | | 04/25/30 | | | 2,270,000 | | | | 2,309,429 | |
Aon North America, Inc. | | A- | | 5.15 | | 03/01/29 | | | 5,000,000 | | | | 5,016,646 | |
Arthur J Gallagher & Co. | | BBB | | 4.60 | | 12/15/27 | | | 3,000,000 | | | | 2,988,839 | |
Bank of America Corp. | | A- | | 2.97 | | 02/04/33 | | | 16,830,000 | | | | 14,459,457 | |
Bank of New York Mellon Corp. | | A | | 4.41 | | 07/24/26 | | | 6,500,000 | | | | 6,482,029 | |
BankUnited, Inc. | | BBB | | 4.88 | | 11/17/25 | | | 3,470,000 | | | | 3,461,801 | |
Barclays PLC | | BBB+ | | 5.83 | | 05/09/27 | | | 2,000,000 | | | | 2,021,134 | |
Bristol-Myers Squibb Co. | | A | | 4.90 | | 02/22/29 | | | 5,000,000 | | | | 5,018,939 | |
Capital One Financial Corp. | | BBB | | 4.93 | | 05/10/28 | | | 1,475,000 | | | | 1,468,867 | |
The accompanying notes are an integral part of these portfolio schedules.
69
MoA FUNDS — INTERMEDIATE BOND FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
December 31, 2024
| | | | | | | | | | | | | | |
| | | Rating* | | Rate(%) | | Maturity | | Face Amount | | | Value | |
| LONG-TERM DEBT SECURITIES (CONTINUED): | | | | | | | | | | | | |
| CORPORATE DEBT (CONTINUED) | | | | | | | | |
| FINANCIALS (CONTINUED) | | | | | | | | | | |
Capital One Financial Corp. | | BBB | | 5.70 | | 02/01/30 | | $ | 3,000,000 | | | $ | 3,041,532 | |
Citigroup, Inc. | | BBB+ | | 3.98 | | 03/20/30 | | | 9,675,000 | | | | 9,219,827 | |
Citizens Bank N.A. | | A- | | 5.28 | | 01/26/26 | | | 2,300,000 | | | | 2,297,356 | |
Citizens Financial Group, Inc. | | BBB+ | | 5.84 | | 01/23/30 | | | 2,275,000 | | | | 2,307,962 | |
Discover Financial Svcs. | | BBB- | | 4.10 | | 02/09/27 | | | 4,895,000 | | | | 4,804,511 | |
Fifth Third Bancorp | | BBB+ | | 4.90 | | 09/06/30 | | | 1,600,000 | | | | 1,578,295 | |
Fifth Third Bancorp | | BBB+ | | 6.34 | | 07/27/29 | | | 2,200,000 | | | | 2,280,127 | |
First Horizon Bank | | BBB | | 5.75 | | 05/01/30 | | | 2,068,000 | | | | 2,055,076 | |
Global Payments, Inc. | | BBB- | | 2.90 | | 05/15/30 | | | 4,500,000 | | | | 4,006,567 | |
Goldman Sachs Group, Inc. | | BBB+ | | 2.60 | | 02/07/30 | | | 1,000,000 | | | | 884,831 | |
Goldman Sachs Group, Inc. | | BBB+ | | 2.64 | | 02/24/28 | | | 2,935,000 | | | | 2,797,950 | |
Goldman Sachs Group, Inc. | | BBB+ | | 3.85 | | 01/26/27 | | | 5,620,000 | | | | 5,512,939 | |
JPMorgan Chase & Co. | | A | | 3.51 | | 01/23/29 | | | 5,030,000 | | | | 4,827,067 | |
JPMorgan Chase & Co. | | A | | 5.35 | | 06/01/34 | | | 2,800,000 | | | | 2,794,141 | |
JPMorgan Chase & Co. | | A- | | 5.72 | | 09/14/33 | | | 3,150,000 | | | | 3,206,750 | |
KeyBank N.A. | | BBB+ | | 5.85 | | 11/15/27 | | | 1,000,000 | | | | 1,024,061 | |
KeyCorp | | BBB | | 2.25 | | 04/06/27 | | | 3,073,000 | | | | 2,898,896 | |
KeyCorp | | BBB | | 2.55 | | 10/01/29 | | | 1,200,000 | | | | 1,065,159 | |
Liberty Mutual Group, Inc.† | | BBB | | 4.57 | | 02/01/29 | | | 4,600,000 | | | | 4,506,326 | |
Manufacturers & Traders Trust Co. | | BBB+ | | 3.40 | | 08/17/27 | | | 3,700,000 | | | | 3,557,974 | |
Mercury General Corp. | | BBB- | | 4.40 | | 03/15/27 | | | 3,030,000 | | | | 2,970,953 | |
Morgan Stanley | | A- | | 4.43 | | 01/23/30 | | | 2,425,000 | | | | 2,362,109 | |
Morgan Stanley | | A- | | 5.12 | | 02/01/29 | | | 4,670,000 | | | | 4,678,622 | |
Morgan Stanley | | A- | | 5.45 | | 07/20/29 | | | 3,920,000 | | | | 3,963,165 | |
PNC Financial Svcs. Group, Inc. | | A- | | 5.81 | | 06/12/26 | | | 4,230,000 | | | | 4,246,253 | |
PNC Financial Svcs. Group, Inc. | | A- | | 6.62 | | 10/20/27 | | | 2,200,000 | | | | 2,264,725 | |
Progressive Corp. | | A | | 2.50 | | 03/15/27 | | | 1,950,000 | | | | 1,866,926 | |
Synchrony Bank | | BBB | | 5.63 | | 08/23/27 | | | 300,000 | | | | 302,116 | |
Synchrony Financial | | BBB- | | 3.70 | | 08/04/26 | | | 4,290,000 | | | | 4,195,213 | |
Truist Financial Corp. | | A- | | 4.87 | | 01/26/29 | | | 5,060,000 | | | | 5,026,877 | |
US Bancorp | | A | | 4.65 | | 02/01/29 | | | 6,440,000 | | | | 6,374,147 | |
US Bancorp | | A | | 5.78 | | 06/12/29 | | | 1,340,000 | | | | 1,369,825 | |
Voya Financial, Inc. | | BBB+ | | 3.65 | | 06/15/26 | | | 1,945,000 | | | | 1,912,653 | |
Wells Fargo & Co. | | BBB+ | | 3.35 | | 03/02/33 | | | 3,390,000 | | | | 2,967,437 | |
Wells Fargo & Co. | | BBB+ | | 3.53 | | 03/24/28 | | | 3,660,000 | | | | 3,550,957 | |
Wells Fargo & Co. | | BBB+ | | 5.20 | | 01/23/30 | | | 3,000,000 | | | | 3,009,614 | |
Zions Bancorporation | | BBB | | 3.25 | | 10/29/29 | | | 5,119,000 | | | | 4,562,610 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 168,703,845 | |
| | | | | | | | | | | | | | |
| HEALTH CARE (3.5%) | | | | | | | | | | |
AbbVie, Inc. | | A- | | 4.25 | | 11/14/28 | | | 4,046,000 | | | | 3,982,870 | |
AbbVie, Inc. | | A- | | 4.80 | | 03/15/29 | | | 3,500,000 | | | | 3,494,828 | |
Amgen, Inc. | | BBB+ | | 5.15 | | 03/02/28 | | | 4,775,000 | | | | 4,805,528 | |
Baxter International, Inc. | | BBB | | 1.92 | | 02/01/27 | | | 4,000,000 | | | | 3,768,953 | |
Cencora, Inc. | | BBB+ | | 4.63 | | 12/15/27 | | | 3,000,000 | | | | 3,001,018 | |
CVS Health Corp. | | BBB | | 3.25 | | 08/15/29 | | | 2,375,000 | | | | 2,159,082 | |
CVS Health Corp. | | BBB | | 5.40 | | 06/01/29 | | | 2,500,000 | | | | 2,500,809 | |
Elevance Health, Inc. | | A | | 2.88 | | 09/15/29 | | | 2,900,000 | | | | 2,636,417 | |
Elevance Health, Inc. | | A | | 4.75 | | 02/15/30 | | | 1,160,000 | | | | 1,144,694 | |
Thermo Fisher Scientific, Inc. | | A- | | 1.75 | | 10/15/28 | | | 4,410,000 | | | | 3,963,457 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 31,457,656 | |
| | | | | | | | | | | | | | |
| INDUSTRIALS (4.0%) | | | | | | | | | | |
AutoZone, Inc. | | BBB | | 6.25 | | 11/01/28 | | | 3,500,000 | | | | 3,658,425 | |
Boeing Co. | | BBB- | | 2.20 | | 02/04/26 | | | 3,300,000 | | | | 3,201,405 | |
Boeing Co. | | BBB- | | 2.75 | | 02/01/26 | | | 490,000 | | | | 477,963 | |
The accompanying notes are an integral part of these portfolio schedules.
70
MoA FUNDS — INTERMEDIATE BOND FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
December 31, 2024
| | | | | | | | | | | | | | |
| | | Rating* | | Rate(%) | | Maturity | | Face Amount | | | Value | |
| LONG-TERM DEBT SECURITIES (CONTINUED): | | | | | | | | | | | | |
| CORPORATE DEBT (CONTINUED) | | | | | | | | |
| INDUSTRIALS (CONTINUED) | | | | | | | | | | |
CH Robinson Worldwide, Inc. | | BBB | | 4.20 | | 04/15/28 | | $ | 2,400,000 | | | $ | 2,338,727 | |
Equifax, Inc. | | BBB | | 4.80 | | 09/15/29 | | | 5,000,000 | | | | 4,937,874 | |
Hexcel Corp. | | BB+ | | 4.20 | | 02/15/27 | | | 1,000,000 | | | | 977,164 | |
Huntington Ingalls Industries, Inc. | | BBB- | | 3.48 | | 12/01/27 | | | 2,000,000 | | | | 1,920,235 | |
L3Harris Technologies, Inc. | | BBB | | 5.40 | | 01/15/27 | | | 3,400,000 | | | | 3,440,587 | |
Lennox International, Inc. | | BBB | | 1.70 | | 08/01/27 | | | 3,796,000 | | | | 3,500,525 | |
Otis Worldwide Corp. | | BBB | | 5.13 | | 11/19/31 | | | 3,300,000 | | | | 3,301,967 | |
Owens Corning | | BBB | | 5.50 | | 06/15/27 | | | 2,000,000 | | | | 2,034,668 | |
Quanta Svcs., Inc. | | BBB- | | 4.75 | | 08/09/27 | | | 3,000,000 | | | | 2,993,704 | |
Uber Technologies, Inc.† | | BBB- | | 4.50 | | 08/15/29 | | | 2,900,000 | | | | 2,804,717 | |
Verisk Analytics, Inc. | | BBB | | 4.00 | | 06/15/25 | | | 297,000 | | | | 295,612 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 35,883,573 | |
| | | | | | | | | | | | | | |
| INFORMATION TECHNOLOGY (5.6%) | | | | | | | | | | | | |
Amphenol Corp. | | BBB+ | | 2.80 | | 02/15/30 | | | 4,025,000 | | | | 3,636,297 | |
Arrow Electronics, Inc. | | BBB- | | 5.15 | | 08/21/29 | | | 610,000 | | | | 606,808 | |
Arrow Electronics, Inc. | | BBB- | | 5.88 | | 04/10/34 | | | 3,000,000 | | | | 3,008,821 | |
Broadcom, Inc. | | BBB | | 5.05 | | 07/12/29 | | | 4,930,000 | | | | 4,945,785 | |
Flex Ltd. | | BBB- | | 3.75 | | 02/01/26 | | | 3,008,000 | | | | 2,964,851 | |
Hewlett Packard Enterprise Co. | | BBB | | 4.55 | | 10/15/29 | | | 2,315,000 | | | | 2,255,764 | |
Intel Corp. | | BBB | | 3.75 | | 03/25/27 | | | 1,245,000 | | | | 1,213,015 | |
Intel Corp. | | BBB | | 4.88 | | 02/10/28 | | | 3,225,000 | | | | 3,206,029 | |
Jabil, Inc. | | BBB- | | 1.70 | | 04/15/26 | | | 1,608,000 | | | | 1,543,070 | |
Jabil, Inc. | | BBB- | | 3.95 | | 01/12/28 | | | 3,000,000 | | | | 2,901,480 | |
Juniper Networks, Inc. | | BBB | | 3.75 | | 08/15/29 | | | 2,550,000 | | | | 2,420,977 | |
Kyndryl Hldgs., Inc. | | BBB- | | 2.05 | | 10/15/26 | | | 3,500,000 | | | | 3,327,069 | |
Microchip Technology, Inc. | | BBB | | 4.90 | | 03/15/28 | | | 2,000,000 | | | | 1,994,337 | |
Micron Technology, Inc. | | BBB- | | 4.19 | | 02/15/27 | | | 2,000,000 | | | | 1,970,105 | |
Micron Technology, Inc. | | BBB- | | 4.98 | | 02/06/26 | | | 2,500,000 | | | | 2,502,092 | |
Motorola Solutions, Inc. | | BBB | | 5.00 | | 04/15/29 | | | 2,047,000 | | | | 2,042,585 | |
Oracle Corp. | | BBB | | 2.80 | | 04/01/27 | | | 2,115,000 | | | | 2,029,862 | |
Oracle Corp. | | BBB | | 2.88 | | 03/25/31 | | | 2,860,000 | | | | 2,512,025 | |
Teledyne Technologies, Inc. | | BBB | | 2.75 | | 04/01/31 | | | 2,375,000 | | | | 2,064,668 | |
VMware LLC | | BBB | | 1.40 | | 08/15/26 | | | 3,960,000 | | | | 3,750,952 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 50,896,592 | |
| | | | | | | | | | | | | | |
| MATERIALS (2.0%) | | | | | | | | | | | | |
Celanese US Hldgs. LLC | | BB+ | | 6.17 | | 07/15/27 | | | 3,480,000 | | | | 3,534,119 | |
International Flavors & Fragrances, Inc.† | | BBB- | | 1.83 | | 10/15/27 | | | 5,000,000 | | | | 4,590,382 | |
Sherwin-Williams Co. | | BBB | | 3.95 | | 01/15/26 | | | 4,500,000 | | | | 4,468,670 | |
Steel Dynamics, Inc. | | BBB | | 5.00 | | 12/15/26 | | | 1,953,000 | | | | 1,955,565 | |
Vulcan Materials Co. | | BBB+ | | 4.95 | | 12/01/29 | | | 3,625,000 | | | | 3,609,946 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 18,158,682 | |
| | | | | | | | | | | | | | |
| REAL ESTATE (5.7%) | | | | | | | | | | | | |
Alexandria Real Estate Equities, Inc. | | BBB+ | | 4.50 | | 07/30/29 | | | 4,700,000 | | | | 4,591,879 | |
American Tower Corp. | | BBB | | 2.75 | | 01/15/27 | | | 3,874,000 | | | | 3,720,839 | |
American Tower Corp. | | BBB | | 5.80 | | 11/15/28 | | | 750,000 | | | | 768,996 | |
Boston Properties LP | | BBB | | 3.25 | | 01/30/31 | | | 3,100,000 | | | | 2,723,048 | |
Boston Properties LP | | BBB | | 6.50 | | 01/15/34 | | | 1,945,000 | | | | 2,037,360 | |
Digital Realty Trust LP | | BBB | | 5.55 | | 01/15/28 | | | 4,543,000 | | | | 4,610,922 | |
Equinix, Inc. | | BBB | | 1.45 | | 05/15/26 | | | 2,295,000 | | | | 2,195,609 | |
Equinix, Inc. | | BBB | | 3.20 | | 11/18/29 | | | 2,580,000 | | | | 2,371,154 | |
Host Hotels & Resorts LP | | BBB- | | 3.38 | | 12/15/29 | | | 2,000,000 | | | | 1,828,860 | |
Host Hotels & Resorts LP | | BBB- | | 5.70 | | 07/01/34 | | | 2,090,000 | | | | 2,085,468 | |
Kilroy Realty LP | | BBB- | | 4.25 | | 08/15/29 | | | 2,000,000 | | | | 1,882,592 | |
Kimco Realty OP LLC | | BBB+ | | 3.25 | | 08/15/26 | | | 1,905,000 | | | | 1,854,748 | |
The accompanying notes are an integral part of these portfolio schedules.
71
MoA FUNDS — INTERMEDIATE BOND FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
December 31, 2024
| | | | | | | | | | | | | | | | | | | | |
| | | Rating* | | | Rate(%) | | | Maturity | | | Face Amount | | | Value | |
| LONG-TERM DEBT SECURITIES (CONTINUED): | | | | | | | | | | | | | | | |
| CORPORATE DEBT (CONTINUED) | | | | | | | | | | |
| REAL ESTATE (CONTINUED) | | | | | | | | | | | | | |
Kimco Realty OP LLC | | | BBB+ | | | | 6.40 | | | | 03/01/34 | | | $ | 3,600,000 | | | $ | 3,826,112 | |
NNN REIT, Inc. | | | BBB+ | | | | 3.60 | | | | 12/15/26 | | | | 4,460,000 | | | | 4,363,798 | |
Prologis LP | | | A | | | | 1.75 | | | | 07/01/30 | | | | 2,320,000 | | | | 1,956,336 | |
Realty Income Corp. | | | A- | | | | 5.13 | | | | 02/15/34 | | | | 6,250,000 | | | | 6,124,431 | |
Tanger Properties LP | | | BBB- | | | | 3.13 | | | | 09/01/26 | | | | 2,485,000 | | | | 2,408,118 | |
Tanger Properties LP | | | BBB- | | | | 3.88 | | | | 07/15/27 | | | | 1,655,000 | | | | 1,605,546 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | 50,955,816 | |
| | | | | | | | | | | | | | | | | | | | |
| UTILITIES (3.7%) | | | | | | | | | | | | | |
American Electric Power Co., Inc. | | | BBB | | | | 5.20 | | | | 01/15/29 | | | | 4,565,000 | | | | 4,597,966 | |
Black Hills Corp. | | | BBB+ | | | | 3.15 | | | | 01/15/27 | | | | 3,000,000 | | | | 2,894,176 | |
DTE Energy Co. | | | BBB | | | | 5.10 | | | | 03/01/29 | | | | 4,660,000 | | | | 4,670,045 | |
Duke Energy Corp. | | | BBB | | | | 4.85 | | | | 01/05/29 | | | | 4,900,000 | | | | 4,879,225 | |
NextEra Energy Capital Hldgs., Inc. | | | BBB+ | | | | 3.55 | | | | 05/01/27 | | | | 3,210,000 | | | | 3,127,152 | |
NiSource, Inc. | | | BBB+ | | | | 5.20 | | | | 07/01/29 | | | | 2,900,000 | | | | 2,920,789 | |
Southern Co. | | | BBB+ | | | | 3.25 | | | | 07/01/26 | | | | 2,430,000 | | | | 2,380,392 | |
Southern Co. | | | BBB+ | | | | 5.50 | | | | 03/15/29 | | | | 5,000,000 | | | | 5,099,724 | |
WEC Energy Group, Inc. | | | BBB+ | | | | 4.75 | | | | 01/09/26 | | | | 2,500,000 | | | | 2,501,026 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | 33,070,495 | |
| | | | | | | | | | | | | | | | | | | | |
TOTAL CORPORATE DEBT | | | | 509,699,768 | |
| | | | | | | | | | | | | | | | | | | | |
TOTAL LONG-TERM DEBT SECURITIES
(Cost: $905,785,205) | | | | 887,918,554 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| | | Rating* | | | Rate(%) | | | Maturity | | | Face Amount | | | Value | |
| SHORT-TERM DEBT SECURITIES (0.2%): | | | | | | | | | | | | | | | |
| U.S. GOVERNMENT (0.2%) | | | | | | | | | | |
U.S. Treasury Bill | | | A-1+ | | | | 4.24 | | | | 01/21/25 | | | $ | 2,000,000 | | | $ | 1,995,304 | |
| | | | | | | | | | | | | | | | | | | | |
TOTAL SHORT-TERM DEBT SECURITIES
(Cost: $1,995,304) | | | | 1,995,304 | |
| | | | | | | | | | | | | | | | | |
| TEMPORARY CASH INVESTMENT (0.1%) | | | | | | | | | | | | | | | |
JP Morgan Chase, New York Time Deposit | | | | | | | 3.58 | | | | 01/02/25 | | | | 442,324 | | | | 442,324 | |
| | | | | | | | | | | | | | | | | | | | |
TOTAL TEMPORARY CASH INVESTMENT
(Cost: $442,324) | | | | 442,324 | |
| | | | | | | | | | | | | | | | | |
TOTAL INVESTMENTS
(Cost: $908,222,833) 99.0% | | | | 890,356,182 | |
| | | | | | | | | | | | | |
OTHER NET ASSETS 1.0% | | | | 8,885,004 | |
| | | | | | | | | | | | | |
NET ASSETS 100.0% | | | $ | 899,241,186 | |
| | | | | | | | | | | | | |
FOOTNOTES TO PORTFOLIO OF INVESTMENTS IN SECURITIES
| | |
| Abbreviations: | | FFCB = Federal Farm Credit Bank |
| | FHLB = Federal Home Loan Bank |
| | FHLMC = Federal Home Loan Mortgage Corporation |
| * | Ratings as per Standard & Poor’s Corporation (unaudited). |
| † | Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2024, the aggregate values of these securities amounts to $19,886,272 and represents 2.2% of net assets. |
The accompanying notes are an integral part of these portfolio schedules.
72
MoA FUNDS — CORE BOND FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES
December 31, 2024
| | | | | | | | | | | | | | |
| | | Rating* | | Rate(%) | | Maturity | | Face Amount | | | Value | |
| LONG-TERM DEBT SECURITIES (98.8%): | | | | | | | | | | | | |
| U.S. GOVERNMENT (18.4%) | | | | | | | | | | | | |
U.S. Treasury Bond | | AA+ | | 1.13 | | 05/15/40 | | $ | 71,625,000 | | | $ | 43,131,680 | |
U.S. Treasury Bond | | AA+ | | 1.13 | | 08/15/40 | | | 46,250,000 | | | | 27,605,469 | |
U.S. Treasury Bond | | AA+ | | 1.38 | | 11/15/40 | | | 22,500,000 | | | | 13,939,453 | |
U.S. Treasury Bond | | AA+ | | 2.25 | | 08/15/46 | | | 29,985,000 | | | | 19,377,806 | |
U.S. Treasury Bond | | AA+ | | 2.75 | | 08/15/47 | | | 9,790,000 | | | | 6,894,302 | |
U.S. Treasury Bond | | AA+ | | 2.88 | | 05/15/43 | | | 200,000 | | | | 151,625 | |
U.S. Treasury Bond | | AA+ | | 2.88 | | 05/15/49 | | | 7,500,000 | | | | 5,323,828 | |
U.S. Treasury Bond | | AA+ | | 3.63 | | 02/15/53 | | | 23,570,000 | | | | 19,183,770 | |
U.S. Treasury Bond | | AA+ | | 4.00 | | 11/15/52 | | | 30,665,000 | | | | 26,755,212 | |
U.S. Treasury Bond | | AA+ | | 4.13 | | 08/15/53 | | | 42,025,000 | | | | 37,500,746 | |
U.S. Treasury Bond | | AA+ | | 4.25 | | 02/15/54 | | | 11,530,000 | | | | 10,537,339 | |
U.S. Treasury Bond | | AA+ | | 4.63 | | 05/15/44 | | | 3,500,000 | | | | 3,397,187 | |
U.S. Treasury Note | | AA+ | | 1.50 | | 11/30/28 | | | 2,200,000 | | | | 1,975,531 | |
U.S. Treasury Note | | AA+ | | 1.50 | | 02/15/30 | | | 2,775,000 | | | | 2,409,264 | |
U.S. Treasury Note | | AA+ | | 1.63 | | 08/15/29 | | | 7,500,000 | | | | 6,656,250 | |
U.S. Treasury Note | | AA+ | | 2.63 | | 02/15/29 | | | 33,700,000 | | | | 31,501,602 | |
U.S. Treasury Note | | AA+ | | 2.88 | | 08/15/28 | | | 1,000,000 | | | | 951,172 | |
U.S. Treasury Note | | AA+ | | 3.63 | | 03/31/30 | | | 24,820,000 | | | | 23,920,275 | |
U.S. Treasury Note | | AA+ | | 3.75 | | 05/31/30 | | | 4,500,000 | | | | 4,355,156 | |
U.S. Treasury Note | | AA+ | | 3.88 | | 11/30/29 | | | 35,925,000 | | | | 35,116,688 | |
U.S. Treasury Note | | AA+ | | 3.88 | | 08/15/33 | | | 18,100,000 | | | | 17,231,766 | |
U.S. Treasury Note | | AA+ | | 3.88 | | 08/15/34 | | | 11,000,000 | | | | 10,405,313 | |
U.S. Treasury Note | | AA+ | | 4.13 | | 01/31/25 | | | 15,000,000 | | | | 14,995,898 | |
U.S. Treasury Note | | AA+ | | 4.50 | | 11/15/33 | | | 5,690,000 | | | | 5,665,995 | |
U.S. Treasury Strip | | AA+ | | 0.00 | | 08/15/29 | | | 3,280,000 | | | | 2,662,438 | |
U.S. Treasury Strip | | AA+ | | 0.00 | | 08/15/33 | | | 9,790,000 | | | | 6,512,645 | |
U.S. Treasury Strip | | AA+ | | 0.00 | | 08/15/35 | | | 9,790,000 | | | | 5,893,886 | |
U.S. Treasury Strip | | AA+ | | 0.00 | | 08/15/37 | | | 9,790,000 | | | | 5,294,248 | |
U.S. Treasury Strip | | AA+ | | 0.00 | | 02/15/42 | | | 28,575,000 | | | | 12,008,197 | |
U.S. Treasury Strip | | AA+ | | 0.00 | | 08/15/48 | | | 15,160,000 | | | | 4,651,041 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 406,005,782 | |
| | | | | | | | | | | | | | |
| U.S. GOVERNMENT AGENCIES (35.7%) | | | | | | | | |
| MORTGAGE-BACKED OBLIGATIONS (34.1%) | | | | | | | | | | | | |
FHLMC | | AA+ | | 1.50 | | 10/01/36 | | | 3,649,775 | | | | 3,146,193 | |
FHLMC | | AA+ | | 2.00 | | 02/01/51 | | | 3,363,668 | | | | 2,665,997 | |
FHLMC | | AA+ | | 2.50 | | 09/01/27 | | | 33,304 | | | | 32,539 | |
FHLMC | | AA+ | | 2.50 | | 09/01/27 | | | 153,711 | | | | 149,994 | |
FHLMC | | AA+ | | 2.50 | | 12/01/27 | | | 183,874 | | | | 178,844 | |
FHLMC | | AA+ | | 2.50 | | 06/01/35 | | | 1,507,665 | | | | 1,379,074 | |
FHLMC | | AA+ | | 2.50 | | 05/01/42 | | | 12,374,171 | | | | 10,602,102 | |
FHLMC | | AA+ | | 2.50 | | 10/01/49 | | | 1,678,942 | | | | 1,382,997 | |
FHLMC | | AA+ | | 2.50 | | 01/01/50 | | | 1,102,115 | | | | 907,847 | |
FHLMC | | AA+ | | 2.50 | | 01/01/50 | | | 967,063 | | | | 796,598 | |
FHLMC | | AA+ | | 2.50 | | 04/25/50 | | | 12,970,936 | | | | 10,319,873 | |
FHLMC | | AA+ | | 2.50 | | 05/01/50 | | | 3,118,940 | | | | 2,582,641 | |
FHLMC | | AA+ | | 2.50 | | 06/01/50 | | | 3,819,476 | | | | 3,143,714 | |
FHLMC | | AA+ | | 2.50 | | 02/01/51 | | | 914,590 | | | | 761,586 | |
FHLMC | | AA+ | | 2.50 | | 02/01/51 | | | 590,521 | | | | 490,594 | |
FHLMC | | AA+ | | 2.50 | | 04/01/51 | | | 4,040,801 | | | | 3,353,263 | |
FHLMC | | AA+ | | 2.50 | | 05/01/51 | | | 14,612,256 | | | | 12,098,741 | |
FHLMC | | AA+ | | 2.50 | | 09/01/51 | | | 3,625,481 | | | | 2,987,891 | |
FHLMC | | AA+ | | 2.50 | | 10/01/51 | | | 2,877,221 | | | | 2,355,831 | |
FHLMC | | AA+ | | 2.50 | | 11/01/51 | | | 2,753,879 | | | | 2,265,576 | |
FHLMC | | AA+ | | 3.00 | | 06/01/27 | | | 3,789 | | | | 3,727 | |
FHLMC | | AA+ | | 3.00 | | 06/01/27 | | | 99,100 | | | | 97,366 | |
FHLMC | | AA+ | | 3.00 | | 08/01/27 | | | 3,403 | | | | 3,348 | |
The accompanying notes are an integral part of these portfolio schedules.
73
MoA FUNDS — CORE BOND FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
December 31, 2024
| | | | | | | | | | | | | | |
| | | Rating* | | Rate(%) | | Maturity | | Face Amount | | | Value | |
| LONG-TERM DEBT SECURITIES (CONTINUED): | | | | | | | | | | | | |
| U.S. GOVERNMENT AGENCIES (CONTINUED) | | | | | | | | |
| MORTGAGE-BACKED OBLIGATIONS (CONTINUED) | | | | | | | | | | | | |
FHLMC | | AA+ | | 3.00 | | 08/01/27 | | $ | 53,186 | | | $ | 52,256 | |
FHLMC | | AA+ | | 3.00 | | 02/01/32 | | | 1,200,625 | | | | 1,145,927 | |
FHLMC | | AA+ | | 3.00 | | 07/01/42 | | | 161,441 | | | | 143,056 | |
FHLMC | | AA+ | | 3.00 | | 11/01/42 | | | 374,582 | | | | 327,747 | |
FHLMC | | AA+ | | 3.00 | | 11/01/42 | | | 15,151 | | | | 13,447 | |
FHLMC | | AA+ | | 3.00 | | 03/01/43 | | | 669,300 | | | | 592,769 | |
FHLMC | | AA+ | | 3.00 | | 04/01/43 | | | 4,534,994 | | | | 4,018,273 | |
FHLMC | | AA+ | | 3.00 | | 04/01/43 | | | 2,710,181 | | | | 2,401,952 | |
FHLMC | | AA+ | | 3.00 | | 04/01/43 | | | 917,842 | | | | 812,892 | |
FHLMC | | AA+ | | 3.00 | | 04/01/43 | | | 14,914 | | | | 13,231 | |
FHLMC | | AA+ | | 3.00 | | 09/15/43 | | | 103,512 | | | | 101,962 | |
FHLMC | | AA+ | | 3.00 | | 04/15/44 | | | 191,935 | | | | 177,759 | |
FHLMC | | AA+ | | 3.00 | | 04/15/45 | | | 36,285 | | | | 35,998 | |
FHLMC | | AA+ | | 3.00 | | 09/01/46 | | | 912,701 | | | | 793,497 | |
FHLMC | | AA+ | | 3.00 | | 09/01/46 | | | 1,958,439 | | | | 1,677,272 | |
FHLMC | | AA+ | | 3.00 | | 11/01/46 | | | 239,083 | | | | 205,378 | |
FHLMC | | AA+ | | 3.00 | | 05/01/49 | | | 1,892,387 | | | | 1,630,176 | |
FHLMC | | AA+ | | 3.00 | | 11/01/49 | | | 1,570,771 | | | | 1,353,123 | |
FHLMC | | AA+ | | 3.00 | | 11/01/49 | | | 1,576,885 | | | | 1,358,390 | |
FHLMC | | AA+ | | 3.00 | | 12/01/49 | | | 1,281,021 | | | | 1,103,605 | |
FHLMC | | AA+ | | 3.00 | | 02/01/50 | | | 1,838,435 | | | | 1,583,699 | |
FHLMC | | AA+ | | 3.00 | | 11/01/50 | | | 3,157,816 | | | | 2,709,940 | |
FHLMC | | AA+ | | 3.00 | | 04/01/51 | | | 1,175,476 | | | | 1,007,326 | |
FHLMC | | AA+ | | 3.00 | | 10/01/51 | | | 10,123,916 | | | | 8,599,741 | |
FHLMC | | AA+ | | 3.00 | | 06/01/52 | | | 6,307,758 | | | | 5,413,527 | |
FHLMC | | AA+ | | 3.00 | | 07/01/53 | | | 5,180,050 | | | | 4,413,889 | |
FHLMC | | AA+ | | 3.50 | | 02/01/35 | | | 323,158 | | | | 307,908 | |
FHLMC | | AA+ | | 3.50 | | 02/01/35 | | | 629,787 | | | | 599,013 | |
FHLMC | | AA+ | | 3.50 | | 04/01/35 | | | 299,486 | | | | 284,104 | |
FHLMC | | AA+ | | 3.50 | | 02/01/36 | | | 298,051 | | | | 281,689 | |
FHLMC | | AA+ | | 3.50 | | 11/01/39 | | | 1,769,048 | | | | 1,645,130 | |
FHLMC | | AA+ | | 3.50 | | 01/01/41 | | | 307,284 | | | | 280,977 | |
FHLMC | | AA+ | | 3.50 | | 05/01/42 | | | 21,274 | | | | 19,445 | |
FHLMC | | AA+ | | 3.50 | | 07/01/42 | | | 790,434 | | | | 723,713 | |
FHLMC | | AA+ | | 3.50 | | 01/01/43 | | | 18,774 | | | | 17,159 | |
FHLMC | | AA+ | | 3.50 | | 04/01/43 | | | 17,728 | | | | 16,180 | |
FHLMC | | AA+ | | 3.50 | | 06/01/43 | | | 569,634 | | | | 518,385 | |
FHLMC | | AA+ | | 3.50 | | 08/15/43 | | | 964,621 | | | | 924,416 | |
FHLMC | | AA+ | | 3.50 | | 11/01/43 | | | 47,137 | | | | 43,084 | |
FHLMC | | AA+ | | 3.50 | | 01/01/44 | | | 7,625,038 | | | | 6,960,904 | |
FHLMC | | AA+ | | 3.50 | | 04/01/45 | | | 760,010 | | | | 687,634 | |
FHLMC | | AA+ | | 3.50 | | 07/01/45 | | | 28,811 | | | | 26,186 | |
FHLMC | | AA+ | | 3.50 | | 07/01/45 | | | 864,326 | | | | 784,373 | |
FHLMC | | AA+ | | 3.50 | | 09/01/45 | | | 414,117 | | | | 374,134 | |
FHLMC | | AA+ | | 3.50 | | 11/01/45 | | | 1,712,290 | | | | 1,556,173 | |
FHLMC | | AA+ | | 3.50 | | 08/01/46 | | | 708,871 | | | | 640,417 | |
FHLMC | | AA+ | | 3.50 | | 12/01/47 | | | 401,078 | | | | 360,609 | |
FHLMC | | AA+ | | 3.50 | | 02/01/50 | | | 1,147,882 | | | | 1,033,409 | |
FHLMC | | AA+ | | 3.50 | | 09/01/50 | | | 2,198,052 | | | | 1,968,425 | |
FHLMC | | AA+ | | 4.00 | | 02/01/25 | | | 526 | | | | 524 | |
FHLMC | | AA+ | | 4.00 | | 05/01/25 | | | 790 | | | | 786 | |
FHLMC | | AA+ | | 4.00 | | 05/01/26 | | | 10,833 | | | | 10,754 | |
FHLMC | | AA+ | | 4.00 | | 12/01/33 | | | 385,430 | | | | 370,158 | |
FHLMC | | AA+ | | 4.00 | | 01/01/38 | | | 924,396 | | | | 890,765 | |
FHLMC | | AA+ | | 4.00 | | 01/01/38 | | | 262,878 | | | | 253,625 | |
The accompanying notes are an integral part of these portfolio schedules.
74
MoA FUNDS — CORE BOND FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
December 31, 2024
| | | | | | | | | | | | | | |
| | | Rating* | | Rate(%) | | Maturity | | Face Amount | | | Value | |
| LONG-TERM DEBT SECURITIES (CONTINUED): | | | | | | | | | | | | |
| U.S. GOVERNMENT AGENCIES (CONTINUED) | | | | | | | | |
| MORTGAGE-BACKED OBLIGATIONS (CONTINUED) | | | | | | | | | | | | |
FHLMC | | AA+ | | 4.00 | | 01/15/40 | | $ | 998,126 | | | $ | 991,514 | |
FHLMC | | AA+ | | 4.00 | | 03/01/41 | | | 5,724 | | | | 5,417 | |
FHLMC | | AA+ | | 4.00 | | 07/01/41 | | | 9,069 | | | | 8,583 | |
FHLMC | | AA+ | | 4.00 | | 07/01/41 | | | 271,712 | | | | 256,814 | |
FHLMC | | AA+ | | 4.00 | | 11/01/42 | | | 5,215 | | | | 4,914 | |
FHLMC | | AA+ | | 4.00 | | 10/01/44 | | | 282,103 | | | | 263,500 | |
FHLMC | | AA+ | | 4.00 | | 10/01/44 | | | 672,327 | | | | 627,936 | |
FHLMC | | AA+ | | 4.00 | | 10/01/44 | | | 12,467 | | | | 11,659 | |
FHLMC | | AA+ | | 4.00 | | 10/01/44 | | | 374,003 | | | | 349,309 | |
FHLMC | | AA+ | | 4.00 | | 02/01/45 | | | 1,734,559 | | | | 1,636,423 | |
FHLMC | | AA+ | | 4.00 | | 06/01/45 | | | 24,744 | | | | 23,131 | |
FHLMC | | AA+ | | 4.00 | | 05/01/47 | | | 319,246 | | | | 296,203 | |
FHLMC | | AA+ | | 4.00 | | 02/01/48 | | | 267,842 | | | | 248,576 | |
FHLMC | | AA+ | | 4.00 | | 05/01/48 | | | 123,911 | | | | 114,917 | |
FHLMC | | AA+ | | 4.00 | | 04/01/52 | | | 3,421,788 | | | | 3,152,728 | |
FHLMC | | AA+ | | 4.00 | | 06/01/52 | | | 4,513,648 | | | | 4,171,686 | |
FHLMC | | AA+ | | 4.00 | | 08/01/52 | | | 4,247,844 | | | | 3,925,362 | |
FHLMC | | AA+ | | 4.23 | | 05/01/30 | | | 7,361,000 | | | | 7,101,652 | |
FHLMC | | AA+ | | 4.25 | | 12/01/29 | | | 3,250,000 | | | | 3,153,833 | |
FHLMC | | AA+ | | 4.50 | | 03/01/34 | | | 2,268 | | | | 2,238 | |
FHLMC | | AA+ | | 4.50 | | 09/01/41 | | | 5,457 | | | | 5,292 | |
FHLMC | | AA+ | | 4.50 | | 02/01/44 | | | 48,919 | | | | 47,215 | |
FHLMC | | AA+ | | 4.50 | | 05/01/48 | | | 400,490 | | | | 382,360 | |
FHLMC | | AA+ | | 4.50 | | 05/01/48 | | | 762,018 | | | | 727,521 | |
FHLMC | | AA+ | | 5.00 | | 02/01/26 | | | 1,879 | | | | 1,874 | |
FHLMC | | AA+ | | 5.00 | | 02/01/26 | | | 78 | | | | 78 | |
FHLMC | | AA+ | | 5.00 | | 10/01/40 | | | 169,056 | | | | 167,829 | |
FHLMC | | AA+ | | 5.00 | | 09/01/47 | | | 355,357 | | | | 348,665 | |
FHLMC | | AA+ | | 5.00 | | 01/25/52 | | | 9,502,348 | | | | 9,298,809 | |
FHLMC | | AA+ | | 5.00 | | 04/01/52 | | | 3,463,787 | | | | 3,361,128 | |
FHLMC | | AA+ | | 5.00 | | 06/01/52 | | | 6,106,574 | | | | 5,922,304 | |
FHLMC | | AA+ | | 5.00 | | 06/01/52 | | | 2,490,474 | | | | 2,415,487 | |
FHLMC | | AA+ | | 5.00 | | 07/01/52 | | | 3,822,485 | | | | 3,707,393 | |
FHLMC | | AA+ | | 5.00 | | 12/01/52 | | | 17,082,835 | | | | 16,610,879 | |
FHLMC | | AA+ | | 5.00 | | 06/01/54 | | | 1,160,834 | | | | 1,123,987 | |
FHLMC | | AA+ | | 5.50 | | 07/01/32 | | | 1,297 | | | | 1,317 | |
FHLMC | | AA+ | | 5.50 | | 01/15/33 | | | 44,439 | | | | 45,003 | |
FHLMC | | AA+ | | 5.50 | | 05/01/33 | | | 560 | | | | 570 | |
FHLMC | | AA+ | | 5.50 | | 06/01/37 | | | 8,795 | | | | 8,952 | |
FHLMC | | AA+ | | 5.50 | | 09/25/47 | | | 3,476,629 | | | | 3,482,764 | |
FHLMC | | AA+ | | 5.50 | | 06/01/53 | | | 4,450,420 | | | | 4,418,854 | |
FHLMC | | AA+ | | 5.50 | | 07/01/53 | | | 34,105,795 | | | | 33,851,500 | |
FHLMC | | AA+ | | 5.50 | | 07/01/53 | | | 2,298,140 | | | | 2,287,076 | |
FHLMC | | AA+ | | 6.00 | | 07/15/29 | | | 17,786 | | | | 18,022 | |
FHLMC | | AA+ | | 6.00 | | 09/01/53 | | | 2,763,856 | | | | 2,808,119 | |
FHLMC | | AA+ | | 6.00 | | 02/01/54 | | | 7,480,692 | | | | 7,526,189 | |
FHLMC | | AA+ | | 6.50 | | 12/01/52 | | | 1,460,171 | | | | 1,511,077 | |
FHLMC | | AA+ | | 6.50 | | 12/01/52 | | | 4,686,038 | | | | 4,840,214 | |
FHLMC | | AA+ | | 7.00 | | 10/01/54 | | | 2,225,913 | | | | 2,335,209 | |
FHLMC | | AA+ | | 7.00 | | 11/01/54 | | | 3,908,552 | | | | 4,099,003 | |
FHLMC ARM | | AA+ | | 1.94 | | 10/01/51 | | | 10,823,682 | | | | 9,442,589 | |
FHLMC ARM | | AA+ | | 4.43 | | 04/01/53 | | | 6,981,768 | | | | 6,738,834 | |
FHLMC ARM | | AA+ | | 6.74 | | 04/01/37 | | | 16,703 | | | | 16,895 | |
FHLMC Strip | | AA+ | | 3.00 | | 06/15/42 | | | 3,917,715 | | | | 3,500,585 | |
FHLMC Strip | | AA+ | | 3.00 | | 01/15/43 | | | 638,531 | | | | 568,219 | |
FHLMC Strip | | AA+ | | 3.50 | | 10/15/47 | | | 375,744 | | | | 336,251 | |
The accompanying notes are an integral part of these portfolio schedules.
75
MoA FUNDS — CORE BOND FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
December 31, 2024
| | | | | | | | | | | | | | |
| | | Rating* | | Rate(%) | | Maturity | | Face Amount | | | Value | |
| LONG-TERM DEBT SECURITIES (CONTINUED): | | | | | | | | | | | | |
| U.S. GOVERNMENT AGENCIES (CONTINUED) | | | | | | | | |
| MORTGAGE-BACKED OBLIGATIONS (CONTINUED) | | | | | | | | | | | | |
FNMA | | AA+ | | 1.00 | | 08/01/36 | | $ | 712,938 | | | $ | 602,778 | |
FNMA | | AA+ | | 1.00 | | 12/01/36 | | | 745,107 | | | | 627,596 | |
FNMA | | AA+ | | 1.80 | | 09/01/51 | | | 10,057,151 | | | | 8,744,907 | |
FNMA | | AA+ | | 2.00 | | 07/01/36 | | | 20,494,508 | | | | 18,250,178 | |
FNMA | | AA+ | | 2.00 | | 09/01/50 | | | 7,653,173 | | | | 6,005,594 | |
FNMA | | AA+ | | 2.00 | | 10/01/50 | | | 3,541,574 | | | | 2,802,765 | |
FNMA | | AA+ | | 2.00 | | 10/01/50 | | | 3,189,853 | | | | 2,529,829 | |
FNMA | | AA+ | | 2.00 | | 12/01/50 | | | 3,259,343 | | | | 2,535,750 | |
FNMA | | AA+ | | 2.00 | | 02/01/51 | | | 8,205,379 | | | | 6,383,131 | |
FNMA | | AA+ | | 2.00 | | 03/01/51 | | | 8,534,834 | | | | 6,640,051 | |
FNMA | | AA+ | | 2.00 | | 03/01/51 | | | 5,504,851 | | | | 4,376,364 | |
FNMA | | AA+ | | 2.00 | | 08/01/51 | | | 2,404,330 | | | | 1,878,855 | |
FNMA | | AA+ | | 2.00 | | 12/01/51 | | | 17,713,094 | | | | 13,821,945 | |
FNMA | | AA+ | | 2.16 | | 02/01/32 | | | 5,000,000 | | | | 4,120,495 | |
FNMA | | AA+ | | 2.34 | | 05/01/36 | | | 9,302,490 | | | | 7,337,189 | |
FNMA | | AA+ | | 2.50 | | 01/01/33 | | | 132,707 | | | | 123,543 | |
FNMA | | AA+ | | 2.50 | | 02/01/33 | | | 413,913 | | | | 385,384 | |
FNMA | | AA+ | | 2.50 | | 05/01/35 | | | 347,926 | | | | 318,358 | |
FNMA | | AA+ | | 2.50 | | 06/01/35 | | | 2,578,304 | | | | 2,358,396 | |
FNMA | | AA+ | | 2.50 | | 07/01/35 | | | 772,822 | | | | 706,669 | |
FNMA | | AA+ | | 2.50 | | 07/01/35 | | | 2,019,681 | | | | 1,847,173 | |
FNMA | | AA+ | | 2.50 | | 09/01/35 | | | 2,511,344 | | | | 2,295,600 | |
FNMA | | AA+ | | 2.50 | | 10/01/35 | | | 5,873,115 | | | | 5,364,949 | |
FNMA | | AA+ | | 2.50 | | 04/01/42 | | | 12,035,852 | | | | 10,315,961 | |
FNMA | | AA+ | | 2.50 | | 05/01/42 | | | 4,385,624 | | | | 3,775,703 | |
FNMA | | AA+ | | 2.50 | | 06/01/42 | | | 7,855,325 | | | | 6,730,387 | |
FNMA | | AA+ | | 2.50 | | 05/01/43 | | | 795,508 | | | | 670,781 | |
FNMA | | AA+ | | 2.50 | | 10/01/50 | | | 1,052,987 | | | | 872,707 | |
FNMA | | AA+ | | 2.50 | | 03/01/51 | | | 1,528,872 | | | | 1,261,570 | |
FNMA | | AA+ | | 2.50 | | 03/01/51 | | | 9,903,149 | | | | 8,230,610 | |
FNMA | | AA+ | | 2.50 | | 04/01/51 | | | 3,406,704 | | | | 2,818,988 | |
FNMA | | AA+ | | 2.50 | | 04/01/51 | | | 8,919,589 | | | | 7,324,275 | |
FNMA | | AA+ | | 2.50 | | 04/01/51 | | | 3,874,129 | | | | 3,214,875 | |
FNMA | | AA+ | | 2.50 | | 05/01/51 | | | 2,144,199 | | | | 1,778,702 | |
FNMA | | AA+ | | 2.50 | | 05/01/51 | | | 17,754,509 | | | | 14,722,762 | |
FNMA | | AA+ | | 2.50 | | 06/01/51 | | | 1,733,565 | | | | 1,421,332 | |
FNMA | | AA+ | | 2.50 | | 03/01/52 | | | 4,273,276 | | | | 3,486,939 | |
FNMA | | AA+ | | 2.50 | | 04/01/52 | | | 4,975,418 | | | | 4,092,434 | |
FNMA | | AA+ | | 2.50 | | 05/01/52 | | | 1,792,345 | | | | 1,471,687 | |
FNMA | | AA+ | | 2.77 | | 03/01/32 | | | 5,122,000 | | | | 4,410,130 | |
FNMA | | AA+ | | 3.00 | | 06/01/33 | | | 438,417 | | | | 413,521 | |
FNMA | | AA+ | | 3.00 | | 07/01/33 | | | 595,563 | | | | 561,739 | |
FNMA | | AA+ | | 3.00 | | 09/01/33 | | | 694,129 | | | | 654,279 | |
FNMA | | AA+ | | 3.00 | | 03/01/36 | | | 678,878 | | | | 629,020 | |
FNMA | | AA+ | | 3.00 | | 09/01/40 | | | 779,735 | | | | 699,262 | |
FNMA | | AA+ | | 3.00 | | 12/01/42 | | | 415,897 | | | | 367,506 | |
FNMA | | AA+ | | 3.00 | | 02/01/43 | | | 10,550 | | | | 9,346 | |
FNMA | | AA+ | | 3.00 | | 03/01/43 | | | 9,716 | | | | 8,606 | |
FNMA | | AA+ | | 3.00 | | 09/01/43 | | | 149,085 | | | | 132,031 | |
FNMA | | AA+ | | 3.00 | | 02/01/45 | | | 830,543 | | | | 732,384 | |
FNMA | | AA+ | | 3.00 | | 03/01/45 | | | 206,919 | | | | 177,788 | |
FNMA | | AA+ | | 3.00 | | 09/01/46 | | | 1,377,665 | | | | 1,197,686 | |
FNMA | | AA+ | | 3.00 | | 01/01/47 | | | 272,267 | | | | 233,884 | |
FNMA | | AA+ | | 3.00 | | 12/01/47 | | | 141,126 | | | | 122,753 | |
FNMA | | AA+ | | 3.00 | | 03/01/48 | | | 360,485 | | | | 310,980 | |
The accompanying notes are an integral part of these portfolio schedules.
76
MoA FUNDS — CORE BOND FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
December 31, 2024
| | | | | | | | | | | | | | |
| | | Rating* | | Rate(%) | | Maturity | | Face Amount | | | Value | |
| LONG-TERM DEBT SECURITIES (CONTINUED): | | | | | | | | | | | | |
| U.S. GOVERNMENT AGENCIES (CONTINUED) | | | | | | | | |
| MORTGAGE-BACKED OBLIGATIONS (CONTINUED) | | | | | | | | | | | | |
FNMA | | AA+ | | 3.00 | | 03/01/50 | | $ | 7,938,815 | | | $ | 6,756,451 | |
FNMA | | AA+ | | 3.00 | | 03/01/50 | | | 1,204,047 | | | | 1,036,634 | |
FNMA | | AA+ | | 3.00 | | 05/01/50 | | | 1,953,345 | | | | 1,682,371 | |
FNMA | | AA+ | | 3.00 | | 06/01/50 | | | 3,839,093 | | | | 3,298,541 | |
FNMA | | AA+ | | 3.00 | | 08/01/50 | | | 2,302,276 | | | | 1,977,200 | |
FNMA | | AA+ | | 3.00 | | 12/01/50 | | | 6,881,074 | | | | 5,860,981 | |
FNMA | | AA+ | | 3.00 | | 01/01/52 | | | 9,763,143 | | | | 8,346,547 | |
FNMA | | AA+ | | 3.00 | | 03/01/52 | | | 10,131,360 | | | | 8,608,602 | |
FNMA | | AA+ | | 3.03 | | 04/01/34 | | | 8,642,172 | | | | 7,417,042 | |
FNMA | | AA+ | | 3.10 | | 06/01/29 | | | 9,800,000 | | | | 9,106,409 | |
FNMA | | AA+ | | 3.50 | | 03/01/32 | | | 197,377 | | | | 190,120 | |
FNMA | | AA+ | | 3.50 | | 09/01/32 | | | 21,421 | | | | 20,580 | |
FNMA | | AA+ | | 3.50 | | 07/01/34 | | | 355,739 | | | | 340,784 | |
FNMA | | AA+ | | 3.50 | | 10/01/34 | | | 539,944 | | | | 514,371 | |
FNMA | | AA+ | | 3.50 | | 02/01/35 | | | 440,567 | | | | 418,736 | |
FNMA | | AA+ | | 3.50 | | 08/01/38 | | | 15,269 | | | | 13,917 | |
FNMA | | AA+ | | 3.50 | | 10/01/40 | | | 28,077 | | | | 25,674 | |
FNMA | | AA+ | | 3.50 | | 03/01/41 | | | 460,948 | | | | 422,661 | |
FNMA | | AA+ | | 3.50 | | 10/01/41 | | | 416,142 | | | | 380,055 | |
FNMA | | AA+ | | 3.50 | | 12/01/41 | | | 348,455 | | | | 318,238 | |
FNMA | | AA+ | | 3.50 | | 04/01/42 | | | 770,740 | | | | 703,648 | |
FNMA | | AA+ | | 3.50 | | 08/01/42 | | | 20,704 | | | | 18,902 | |
FNMA | | AA+ | | 3.50 | | 12/01/42 | | | 403,528 | | | | 367,403 | |
FNMA | | AA+ | | 3.50 | | 01/01/43 | | | 79,714 | | | | 72,775 | |
FNMA | | AA+ | | 3.50 | | 01/01/43 | | | 353,627 | | | | 321,812 | |
FNMA | | AA+ | | 3.50 | | 04/01/43 | | | 99,516 | | | | 90,711 | |
FNMA | | AA+ | | 3.50 | | 08/01/43 | | | 811,640 | | | | 739,822 | |
FNMA | | AA+ | | 3.50 | | 08/01/43 | | | 1,512,095 | | | | 1,373,879 | |
FNMA | | AA+ | | 3.50 | | 10/01/43 | | | 195,006 | | | | 177,268 | |
FNMA | | AA+ | | 3.50 | | 08/01/44 | | | 1,029,138 | | | | 919,622 | |
FNMA | | AA+ | | 3.50 | | 04/01/45 | | | 692,577 | | | | 626,623 | |
FNMA | | AA+ | | 3.50 | | 04/01/45 | | | 1,308,980 | | | | 1,187,915 | |
FNMA | | AA+ | | 3.50 | | 05/01/45 | | | 957,099 | | | | 864,693 | |
FNMA | | AA+ | | 3.50 | | 10/01/45 | | | 1,082,697 | | | | 981,145 | |
FNMA | | AA+ | | 3.50 | | 02/01/46 | | | 1,474,411 | | | | 1,322,000 | |
FNMA | | AA+ | | 3.50 | | 02/01/46 | | | 483,895 | | | | 437,201 | |
FNMA | | AA+ | | 3.50 | | 08/01/46 | | | 594,059 | | | | 537,519 | |
FNMA | | AA+ | | 3.50 | | 10/01/46 | | | 154,617 | | | | 139,315 | |
FNMA | | AA+ | | 3.50 | | 12/01/46 | | | 242,371 | | | | 218,382 | |
FNMA | | AA+ | | 3.50 | | 01/01/47 | | | 283,301 | | | | 255,263 | |
FNMA | | AA+ | | 3.50 | | 09/01/47 | | | 1,136,513 | | | | 1,026,763 | |
FNMA | | AA+ | | 3.50 | | 11/01/47 | | | 4,953,661 | | | | 4,453,832 | |
FNMA | | AA+ | | 3.50 | | 04/01/48 | | | 128,222 | | | | 115,253 | |
FNMA | | AA+ | | 3.50 | | 03/01/50 | | | 2,434,579 | | | | 2,190,172 | |
FNMA | | AA+ | | 3.50 | | 06/01/51 | | | 6,523,384 | | | | 5,786,447 | |
FNMA | | AA+ | | 3.50 | | 01/01/52 | | | 2,839,949 | | | | 2,526,184 | |
FNMA | | AA+ | | 3.50 | | 02/01/52 | | | 6,134,138 | | | | 5,456,422 | |
FNMA | | AA+ | | 3.50 | | 05/01/52 | | | 4,133,232 | | | | 3,693,441 | |
FNMA | | AA+ | | 3.50 | | 05/01/52 | | | 397,238 | | | | 354,139 | |
FNMA | | AA+ | | 3.75 | | 08/01/28 | | | 5,105,000 | | | | 4,913,322 | |
FNMA | | AA+ | | 4.00 | | 01/01/31 | | | 67,856 | | | | 66,592 | |
FNMA | | AA+ | | 4.00 | | 03/01/35 | | | 111,339 | | | | 106,239 | |
FNMA | | AA+ | | 4.00 | | 06/01/36 | | | 248,230 | | | | 238,878 | |
FNMA | | AA+ | | 4.00 | | 10/01/36 | | | 264,262 | | | | 254,364 | |
FNMA | | AA+ | | 4.00 | | 10/01/40 | | | 305,024 | | | | 288,281 | |
The accompanying notes are an integral part of these portfolio schedules.
77
MoA FUNDS — CORE BOND FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
December 31, 2024
| | | | | | | | | | | | | | |
| | | Rating* | | Rate(%) | | Maturity | | Face Amount | | | Value | |
| LONG-TERM DEBT SECURITIES (CONTINUED): | | | | | | | | | | | | |
| U.S. GOVERNMENT AGENCIES (CONTINUED) | | | | | | | | |
| MORTGAGE-BACKED OBLIGATIONS (CONTINUED) | | | | | | | | | | | | |
FNMA | | AA+ | | 4.00 | | 11/01/40 | | $ | 6,410 | | | $ | 6,058 | |
FNMA | | AA+ | | 4.00 | | 01/01/41 | | | 21,639 | | | | 20,450 | |
FNMA | | AA+ | | 4.00 | | 05/01/41 | | | 173,277 | | | | 163,778 | |
FNMA | | AA+ | | 4.00 | | 05/01/43 | | | 1,869,371 | | | | 1,766,798 | |
FNMA | | AA+ | | 4.00 | | 01/01/44 | | | 3,606,649 | | | | 3,394,181 | |
FNMA | | AA+ | | 4.00 | | 09/01/45 | | | 157,622 | | | | 147,429 | |
FNMA | | AA+ | | 4.00 | | 11/01/45 | | | 370,501 | | | | 346,784 | |
FNMA | | AA+ | | 4.00 | | 02/01/47 | | | 1,170,187 | | | | 1,092,152 | |
FNMA | | AA+ | | 4.00 | | 11/01/47 | | | 469,563 | | | | 435,704 | |
FNMA | | AA+ | | 4.00 | | 04/01/48 | | | 199,541 | | | | 185,058 | |
FNMA | | AA+ | | 4.00 | | 04/01/49 | | | 5,187,656 | | | | 4,811,113 | |
FNMA | | AA+ | | 4.00 | | 03/01/50 | | | 3,467,951 | | | | 3,204,418 | |
FNMA | | AA+ | | 4.00 | | 03/01/52 | | | 2,073,624 | | | | 1,922,036 | |
FNMA | | AA+ | | 4.00 | | 07/01/52 | | | 4,265,566 | | | | 3,951,101 | |
FNMA | | AA+ | | 4.00 | | 07/01/56 | | | 3,229,405 | | | | 2,973,943 | |
FNMA | | AA+ | | 4.50 | | 05/01/30 | | | 51,398 | | | | 51,010 | |
FNMA | | AA+ | | 4.50 | | 05/01/34 | | | 1,877 | | | | 1,849 | |
FNMA | | AA+ | | 4.50 | | 06/01/34 | | | 1,384 | | | | 1,363 | |
FNMA | | AA+ | | 4.50 | | 08/01/35 | | | 1,837 | | | | 1,808 | |
FNMA | | AA+ | | 4.50 | | 05/01/39 | | | 261,289 | | | | 254,268 | |
FNMA | | AA+ | | 4.50 | | 05/01/39 | | | 185,625 | | | | 180,634 | |
FNMA | | AA+ | | 4.50 | | 12/01/39 | | | 1,119,814 | | | | 1,102,924 | |
FNMA | | AA+ | | 4.50 | | 05/01/40 | | | 179,900 | | | | 174,620 | |
FNMA | | AA+ | | 4.50 | | 07/01/40 | | | 805,683 | | | | 784,019 | |
FNMA | | AA+ | | 4.50 | | 10/01/40 | | | 158,429 | | | | 153,779 | |
FNMA | | AA+ | | 4.50 | | 03/01/44 | | | 377,878 | | | | 364,247 | |
FNMA | | AA+ | | 4.50 | | 04/01/44 | | | 700,609 | | | | 675,380 | |
FNMA | | AA+ | | 4.50 | | 11/01/47 | | | 915,933 | | | | 877,505 | |
FNMA | | AA+ | | 4.50 | | 11/01/47 | | | 1,082,700 | | | | 1,037,276 | |
FNMA | | AA+ | | 4.50 | | 11/01/47 | | | 766,671 | | | | 733,903 | |
FNMA | | AA+ | | 4.50 | | 02/01/49 | | | 339,084 | | | | 323,734 | |
FNMA | | AA+ | | 4.50 | | 05/01/50 | | | 7,646,876 | | | | 7,295,123 | |
FNMA | | AA+ | | 4.52 | | 02/01/53 | | | 8,175,710 | | | | 7,948,830 | |
FNMA | | AA+ | | 5.00 | | 06/01/33 | | | 2,184 | | | | 2,186 | |
FNMA | | AA+ | | 5.00 | | 09/01/33 | | | 8,645 | | | | 8,655 | |
FNMA | | AA+ | | 5.00 | | 10/01/33 | | | 2,477 | | | | 2,480 | |
FNMA | | AA+ | | 5.00 | | 11/01/33 | | | 3,347 | | | | 3,351 | |
FNMA | | AA+ | | 5.00 | | 03/01/34 | | | 647 | | | | 647 | |
FNMA | | AA+ | | 5.00 | | 04/01/34 | | | 1,140 | | | | 1,140 | |
FNMA | | AA+ | | 5.00 | | 04/01/34 | | | 471 | | | | 471 | |
FNMA | | AA+ | | 5.00 | | 04/01/35 | | | 1,604 | | | | 1,603 | |
FNMA | | AA+ | | 5.00 | | 06/01/35 | | | 671 | | | | 671 | |
FNMA | | AA+ | | 5.00 | | 09/01/35 | | | 1,064 | | | | 1,063 | |
FNMA | | AA+ | | 5.00 | | 10/01/36 | | | 1,294 | | | | 1,292 | |
FNMA | | AA+ | | 5.00 | | 08/01/37 | | | 1,180,162 | | | | 1,180,260 | |
FNMA | | AA+ | | 5.00 | | 05/01/39 | | | 145,416 | | | | 144,618 | |
FNMA | | AA+ | | 5.00 | | 06/01/40 | | | 2,662 | | | | 2,643 | |
FNMA | | AA+ | | 5.00 | | 09/01/52 | | | 11,948,379 | | | | 11,577,194 | |
FNMA | | AA+ | | 5.00 | | 10/01/52 | | | 1,721,503 | | | | 1,667,490 | |
FNMA | | AA+ | | 5.00 | | 11/01/52 | | | 2,986,124 | | | | 2,912,272 | |
FNMA | | AA+ | | 5.00 | | 07/01/53 | | | 5,723,220 | | | | 5,523,937 | |
FNMA | | AA+ | | 5.50 | | 08/01/25 | | | 63 | | | | 63 | |
FNMA | | AA+ | | 5.50 | | 11/01/26 | | | 5,531 | | | | 5,542 | |
FNMA | | AA+ | | 5.50 | | 03/01/33 | | | 65,149 | | | | 66,093 | |
FNMA | | AA+ | | 5.50 | | 02/25/37 | | | 4,056 | | | | 4,110 | |
The accompanying notes are an integral part of these portfolio schedules.
78
MoA FUNDS — CORE BOND FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
December 31, 2024
| | | | | | | | | | | | | | |
| | | Rating* | | Rate(%) | | Maturity | | Face Amount | | | Value | |
| LONG-TERM DEBT SECURITIES (CONTINUED): | | | | | | | | | | | | |
| U.S. GOVERNMENT AGENCIES (CONTINUED) | | | | | | | | |
| MORTGAGE-BACKED OBLIGATIONS (CONTINUED) | | | | | | | | | | | | |
FNMA | | AA+ | | 5.50 | | 05/01/38 | | $ | 1,220,860 | | | $ | 1,242,089 | |
FNMA | | AA+ | | 5.50 | | 06/01/48 | | | 23,183 | | | | 23,184 | |
FNMA | | AA+ | | 5.50 | | 06/01/52 | | | 1,014,963 | | | | 1,006,674 | |
FNMA | | AA+ | | 5.50 | | 03/01/53 | | | 8,815,098 | | | | 8,719,663 | |
FNMA | | AA+ | | 5.50 | | 04/01/53 | | | 2,705,806 | | | | 2,686,906 | |
FNMA | | AA+ | | 5.50 | | 10/01/54 | | | 8,356,169 | | | | 8,262,828 | |
FNMA | | AA+ | | 6.00 | | 03/01/28 | | | 17,659 | | | | 17,861 | |
FNMA | | AA+ | | 6.00 | | 05/01/32 | | | 40,230 | | | | 41,472 | |
FNMA | | AA+ | | 6.00 | | 04/01/33 | | | 86,152 | | | | 88,821 | |
FNMA | | AA+ | | 6.00 | | 05/01/33 | | | 2,062 | | | | 2,126 | |
FNMA | | AA+ | | 6.00 | | 09/01/34 | | | 521 | | | | 537 | |
FNMA | | AA+ | | 6.00 | | 10/01/34 | | | 4,302 | | | | 4,436 | |
FNMA | | AA+ | | 6.00 | | 03/01/36 | | | 7,717 | | | | 8,024 | |
FNMA | | AA+ | | 6.00 | | 01/01/37 | | | 28,112 | | | | 29,233 | |
FNMA | | AA+ | | 6.00 | | 05/01/37 | | | 6,529 | | | | 6,788 | |
FNMA | | AA+ | | 6.00 | | 08/01/37 | | | 33,497 | | | | 34,829 | |
FNMA | | AA+ | | 6.00 | | 12/01/37 | | | 13,829 | | | | 14,378 | |
FNMA | | AA+ | | 6.00 | | 11/01/52 | | | 4,442,612 | | | | 4,515,130 | |
FNMA | | AA+ | | 6.00 | | 09/01/53 | | | 10,332,698 | | | | 10,522,431 | |
FNMA | | AA+ | | 6.00 | | 03/01/54 | | | 9,173,518 | | | | 9,268,413 | |
FNMA | | AA+ | | 6.50 | | 05/01/32 | | | 58,149 | | | | 60,369 | |
FNMA | | AA+ | | 6.50 | | 07/01/34 | | | 499 | | | | 523 | |
FNMA | | AA+ | | 6.50 | | 09/01/34 | | | 319 | | | | 334 | |
FNMA | | AA+ | | 6.50 | | 09/01/36 | | | 7,388 | | | | 7,782 | |
FNMA | | AA+ | | 6.50 | | 05/01/37 | | | 70,801 | | | | 74,676 | |
FNMA | | AA+ | | 6.50 | | 07/01/37 | | | 3,938 | | | | 4,153 | |
FNMA | | AA+ | | 6.50 | | 02/01/54 | | | 4,356,531 | | | | 4,485,107 | |
FNMA | | AA+ | | 7.00 | | 04/01/32 | | | 107 | | | | 113 | |
FNMA | | AA+ | | 7.00 | | 10/01/54 | | | 2,163,753 | | | | 2,269,185 | |
FNMA | | AA+ | | 7.50 | | 06/01/31 | | | 54 | | | | 56 | |
FNMA | | AA+ | | 7.50 | | 02/01/32 | | | 277 | | | | 293 | |
FNMA | | AA+ | | 7.50 | | 06/01/32 | | | 13,087 | | | | 13,967 | |
FNMA | | AA+ | | 8.00 | | 04/01/32 | | | 12,754 | | | | 13,282 | |
FNMA Strip | | AA+ | | 3.00 | | 08/25/42 | | | 385,432 | | | | 343,973 | |
FRESB Multifamily Mortgage | | AA+ | | 2.37 | | 10/25/26 | | | 656,395 | | | | 632,298 | |
FRESB Multifamily Mortgage | | AA+ | | 3.61 | | 10/25/28 | | | 572,896 | | | | 552,353 | |
GNMA (1) | | AA+ | | 2.00 | | 04/20/32 | | | 344,064 | | | | 319,432 | |
GNMA (1) | | AA+ | | 2.00 | | 09/20/50 | | | 1,715,770 | | | | 1,326,456 | |
GNMA (1) | | AA+ | | 2.50 | | 12/20/50 | | | 4,365,967 | | | | 3,619,341 | |
GNMA (1) | | AA+ | | 2.50 | | 10/20/51 | | | 3,923,481 | | | | 3,229,782 | |
GNMA (1) | | AA+ | | 2.50 | | 10/20/51 | | | 3,807,156 | | | | 3,179,450 | |
GNMA (1) | | AA+ | | 2.50 | | 08/20/52 | | | 10,625,513 | | | | 8,880,136 | |
GNMA (1) | | AA+ | | 2.50 | | 03/20/53 | | | 16,077,020 | | | | 13,436,266 | |
GNMA (1) | | AA+ | | 2.50 | | 06/20/53 | | | 7,182,734 | | | | 6,000,701 | |
GNMA (1) | | AA+ | | 3.00 | | 07/16/36 | | | 1,126,520 | | | | 1,018,471 | |
GNMA (1) | | AA+ | | 3.00 | | 01/15/46 | | | 739,641 | | | | 641,044 | |
GNMA (1) | | AA+ | | 3.00 | | 02/20/47 | | | 883,168 | | | | 773,026 | |
GNMA (1) | | AA+ | | 3.00 | | 10/20/51 | | | 5,463,992 | | | | 4,689,748 | |
GNMA (1) | | AA+ | | 3.00 | | 08/20/52 | | | 4,506,437 | | | | 3,906,073 | |
GNMA (1) | | AA+ | | 3.50 | | 02/20/42 | | | 275,696 | | | | 250,362 | |
GNMA (1) | | AA+ | | 3.50 | | 07/15/42 | | | 770,508 | | | | 701,570 | |
GNMA (1) | | AA+ | | 3.50 | | 11/15/42 | | | 159,936 | | | | 146,279 | |
GNMA (1) | | AA+ | | 3.50 | | 03/20/45 | | | 706,164 | | | | 639,503 | |
GNMA (1) | | AA+ | | 3.50 | | 05/20/45 | | | 752,117 | | | | 681,081 | |
GNMA (1) | | AA+ | | 3.50 | | 12/20/50 | | | 326,639 | | | | 290,949 | |
GNMA (1) | | AA+ | | 3.70 | | 05/15/42 | | | 366,624 | | | | 339,262 | |
The accompanying notes are an integral part of these portfolio schedules.
79
MoA FUNDS — CORE BOND FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
December 31, 2024
| | | | | | | | | | | | | | |
| | | Rating* | | Rate(%) | | Maturity | | Face Amount | | | Value | |
| LONG-TERM DEBT SECURITIES (CONTINUED): | | | | | | | | | | | | |
| U.S. GOVERNMENT AGENCIES (CONTINUED) | | | | | | | | |
| MORTGAGE-BACKED OBLIGATIONS (CONTINUED) | | | | | | | | | | | | |
GNMA (1) | | AA+ | | 4.00 | | 10/16/36 | | $ | 6,990,966 | | | $ | 6,426,309 | |
GNMA (1) | | AA+ | | 4.00 | | 03/15/41 | | | 161,365 | | | | 152,905 | |
GNMA (1) | | AA+ | | 4.00 | | 11/15/41 | | | 238,814 | | | | 226,304 | |
GNMA (1) | | AA+ | | 4.00 | | 01/15/42 | | | 20,805 | | | | 19,714 | |
GNMA (1) | | AA+ | | 4.00 | | 08/20/42 | | | 232,070 | | | | 220,041 | |
GNMA (1) | | AA+ | | 4.25 | | 04/20/41 | | | 285,403 | | | | 273,553 | |
GNMA (1) | | AA+ | | 4.29 | | 04/15/41 | | | 3,161 | | | | 3,149 | |
GNMA (1) | | AA+ | | 4.50 | | 06/20/30 | | | 8,472 | | | | 8,432 | |
GNMA (1) | | AA+ | | 4.50 | | 09/15/30 | | | 127,187 | | | | 126,575 | |
GNMA (1) | | AA+ | | 4.50 | | 04/20/31 | | | 3,700 | | | | 3,674 | |
GNMA (1) | | AA+ | | 4.50 | | 06/20/34 | | | 73,933 | | | | 72,387 | |
GNMA (1) | | AA+ | | 4.50 | | 09/15/40 | | | 283,010 | | | | 275,305 | |
GNMA (1) | | AA+ | | 4.50 | | 10/15/40 | | | 371,092 | | | | 361,003 | |
GNMA (1) | | AA+ | | 4.50 | | 10/20/43 | | | 9,066 | | | | 8,772 | |
GNMA (1) | | AA+ | | 5.00 | | 06/20/39 | | | 357,601 | | | | 355,002 | |
GNMA (1) | | AA+ | | 5.00 | | 05/15/40 | | | 36,055 | | | | 35,877 | |
GNMA (1) | | AA+ | | 5.00 | | 06/20/40 | | | 21,415 | | | | 21,303 | |
GNMA (1) | | AA+ | | 5.50 | | 01/15/36 | | | 48,939 | | | | 49,659 | |
GNMA (1) | | AA+ | | 6.50 | | 04/15/31 | | | 4,190 | | | | 4,302 | |
GNMA (1) | | AA+ | | 6.50 | | 10/15/31 | | | 123 | | | | 127 | |
GNMA (1) | | AA+ | | 6.50 | | 12/15/31 | | | 3,285 | | | | 3,305 | |
GNMA (1) | | AA+ | | 6.50 | | 05/15/32 | | | 6,225 | | | | 6,341 | |
GNMA (1) | | AA+ | | 7.00 | | 05/15/31 | | | 124 | | | | 129 | |
GNMA (1) | | AA+ | | 7.00 | | 05/15/32 | | | 482 | | | | 483 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 752,916,899 | |
| | | | | | | | | | | | | | |
| NON-MORTGAGE-BACKED OBLIGATIONS (1.6%) | |
FFCB | | AA+ | | 5.95 | | 05/24/34 | | | 6,156,000 | | | | 6,137,737 | |
FHLB | | AA+ | | 5.00 | | 10/22/32 | | | 5,875,000 | | | | 5,760,096 | |
FHLB | | AA+ | | 5.30 | | 12/24/31 | | | 1,720,000 | | | | 1,710,537 | |
FHLB | | AA+ | | 5.42 | | 05/27/32 | | | 3,300,000 | | | | 3,278,177 | |
FHLB | | AA+ | | 5.65 | | 05/21/29 | | | 4,700,000 | | | | 4,702,979 | |
FHLB | | AA+ | | 5.70 | | 05/01/29 | | | 2,000,000 | | | | 2,002,193 | |
FHLB | | AA+ | | 6.00 | | 05/24/34 | | | 4,365,000 | | | | 4,356,548 | |
FHLMC | | AA+ | | 5.00 | | 03/14/29 | | | 6,600,000 | | | | 6,574,744 | |
FHLMC | | AA+ | | 5.60 | | 05/03/27 | | | 1,000,000 | | | | 1,000,532 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 35,523,543 | |
| | | | | | | | | | | | | | |
| CORPORATE DEBT (44.6%) | | | | | | | | |
| COMMUNICATION SERVICES (2.7%) | | | | | | | | | | |
AT&T, Inc. | | BBB | | 2.75 | | 06/01/31 | | | 10,048,000 | | | | 8,738,766 | |
Comcast Corp. | | A- | | 3.40 | | 04/01/30 | | | 9,395,000 | | | | 8,704,032 | |
Sprint LLC | | BBB- | | 7.63 | | 03/01/26 | | | 7,970,000 | | | | 8,150,060 | |
Take-Two Interactive Software, Inc. | | BBB | | 4.00 | | 04/14/32 | | | 3,000,000 | | | | 2,769,046 | |
T-Mobile USA, Inc. | | BBB | | 3.38 | | 04/15/29 | | | 4,580,000 | | | | 4,281,339 | |
T-Mobile USA, Inc. | | BBB | | 3.75 | | 04/15/27 | | | 6,105,000 | | | | 5,963,570 | |
Verizon Communications, Inc. | | BBB+ | | 4.02 | | 12/03/29 | | | 5,450,000 | | | | 5,224,494 | |
Verizon Communications, Inc. | | BBB+ | | 4.40 | | 11/01/34 | | | 5,555,000 | | | | 5,138,603 | |
Warnermedia Hldgs., Inc. | | BBB- | | 4.28 | | 03/15/32 | | | 7,905,000 | | | | 6,964,995 | |
Warnermedia Hldgs., Inc. | | BBB- | | 6.41 | | 03/15/26 | | | 3,420,000 | | | | 3,421,908 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 59,356,813 | |
| | | | | | | | | | | | | | |
| CONSUMER DISCRETIONARY (2.5%) | | | | | | | | | | |
AutoZone, Inc. | | BBB | | 3.75 | | 04/18/29 | | | 1,795,000 | | | | 1,709,337 | |
Best Buy Co., Inc. | | BBB+ | | 1.95 | | 10/01/30 | | | 1,625,000 | | | | 1,367,726 | |
Darden Restaurants, Inc. | | BBB | | 3.85 | | 05/01/27 | | | 5,280,000 | | | | 5,159,720 | |
Expedia Group, Inc. | | BBB | | 5.00 | | 02/15/26 | | | 9,590,000 | | | | 9,609,465 | |
The accompanying notes are an integral part of these portfolio schedules.
80
MoA FUNDS — CORE BOND FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
December 31, 2024
| | | | | | | | | | | | | | |
| | | Rating* | | Rate(%) | | Maturity | | Face Amount | | | Value | |
| LONG-TERM DEBT SECURITIES (CONTINUED): | | | | | | | | | | | | |
| CORPORATE DEBT (CONTINUED) | | | | | | | | |
| CONSUMER DISCRETIONARY (CONTINUED) | | | | | | | | | | |
Ford Motor Credit Co. LLC | | BBB- | | 2.70 | | 08/10/26 | | $ | 5,510,000 | | | $ | 5,291,233 | |
General Motors Financial Co., Inc. | | BBB | | 5.75 | | 02/08/31 | | | 9,725,000 | | | | 9,842,070 | |
Lennar Corp. | | BBB | | 5.00 | | 06/15/27 | | | 3,051,000 | | | | 3,057,207 | |
Lowe’s Cos, Inc. | | BBB+ | | 5.50 | | 10/15/35 | | | 2,500,000 | | | | 2,527,533 | |
Lowe’s Cos., Inc. | | BBB+ | | 4.50 | | 04/15/30 | | | 5,050,000 | | | | 4,951,253 | |
Marriott International, Inc. | | BBB | | 2.85 | | 04/15/31 | | | 6,325,000 | | | | 5,525,599 | |
Toll Brothers Finance Corp. | | BBB- | | 4.88 | | 03/15/27 | | | 5,350,000 | | | | 5,344,971 | |
Whirlpool Corp. | | BBB- | | 3.70 | | 05/01/25 | | | 1,960,000 | | | | 1,950,611 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 56,336,725 | |
| | | | | | | | | | | | | | |
| CONSUMER STAPLES (1.3%) | | | | | | | | | | |
Bunge Ltd. Finance Corp. | | BBB+ | | 2.75 | | 05/14/31 | | | 8,115,000 | | | | 7,008,773 | |
Bunge Ltd. Finance Corp. | | BBB+ | | 4.20 | | 09/17/29 | | | 4,125,000 | | | | 3,999,081 | |
Constellation Brands, Inc. | | BBB | | 4.80 | | 01/15/29 | | | 7,450,000 | | | | 7,395,126 | |
Hormel Foods Corp. | | A- | | 1.80 | | 06/11/30 | | | 2,458,000 | | | | 2,095,362 | |
J M Smucker Co. | | BBB | | 6.20 | | 11/15/33 | | | 7,890,000 | | | | 8,316,885 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 28,815,227 | |
| | | | | | | | | | | | | | |
| ENERGY (4.5%) | | | | | | | | | | |
Cheniere Energy Partners LP | | BBB- | | 4.50 | | 10/01/29 | | | 6,865,000 | | | | 6,645,853 | |
Diamondback Energy, Inc. | | BBB | | 5.15 | | 01/30/30 | | | 8,492,000 | | | | 8,506,002 | |
Energy Transfer LP | | BBB | | 5.25 | | 07/01/29 | | | 3,400,000 | | | | 3,415,062 | |
Energy Transfer LP | | BBB | | 5.55 | | 02/15/28 | | | 8,915,000 | | | | 9,050,351 | |
EnLink Midstream LLC† | | BBB | | 5.63 | | 01/15/28 | | | 5,510,000 | | | | 5,561,416 | |
EQT Corp.† | | BBB- | | 3.13 | | 05/15/26 | | | 4,715,000 | | | | 4,592,292 | |
EQT Corp. | | BBB- | | 3.90 | | 10/01/27 | | | 3,200,000 | | | | 3,108,804 | |
Hess Corp. | | BBB- | | 4.30 | | 04/01/27 | | | 2,492,000 | | | | 2,466,585 | |
HF Sinclair Corp. | | BBB- | | 6.38 | | 04/15/27 | | | 11,073,000 | | | | 11,229,825 | |
Kinder Morgan, Inc. | | BBB | | 5.10 | | 08/01/29 | | | 10,870,000 | | | | 10,871,319 | |
Occidental Petroleum Corp. | | BB+ | | 6.38 | | 09/01/28 | | | 5,300,000 | | | | 5,469,689 | |
ONEOK, Inc. | | BBB | | 4.40 | | 10/15/29 | | | 2,260,000 | | | | 2,190,257 | |
Plains All American Pipeline LP/PAA Finance Corp. | | BBB | | 3.55 | | 12/15/29 | | | 5,990,000 | | | | 5,567,672 | |
Targa Resources Partners LP/Targa Resources Partners Finance Corp. | | BBB | | 5.50 | | 03/01/30 | | | 3,100,000 | | | | 3,108,616 | |
Targa Resources Partners LP/Targa Resources Partners Finance Corp. | | BBB | | 6.88 | | 01/15/29 | | | 3,125,000 | | | | 3,195,740 | |
Western Midstream Operating LP | | BBB- | | 4.65 | | 07/01/26 | | | 8,945,000 | | | | 8,902,623 | |
Williams Cos., Inc. | | BBB | | 5.40 | | 03/02/26 | | | 4,620,000 | | | | 4,651,362 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 98,533,468 | |
| | | | | | | | | | | | | | |
| FINANCIALS (15.6%) | | | | | | | | | | |
Alleghany Corp. | | AA | | 3.63 | | 05/15/30 | | | 4,660,000 | | | | 4,377,894 | |
American Express Co. | | A- | | 5.39 | | 07/28/27 | | | 6,650,000 | | | | 6,721,863 | |
American Express Co. | | A- | | 5.53 | | 04/25/30 | | | 5,525,000 | | | | 5,620,966 | |
Aon North America, Inc. | | A- | | 5.45 | | 03/01/34 | | | 14,345,000 | | | | 14,334,975 | |
Arthur J Gallagher & Co. | | BBB | | 4.85 | | 12/15/29 | | | 2,000,000 | | | | 1,991,173 | |
Arthur J Gallagher & Co. | | BBB | | 5.00 | | 02/15/32 | | | 5,250,000 | | | | 5,178,490 | |
Bank of America Corp. | | A- | | 2.97 | | 02/04/33 | | | 26,230,000 | | | | 22,535,447 | |
BankUnited, Inc. | | BBB | | 4.88 | | 11/17/25 | | | 5,315,000 | | | | 5,302,442 | |
Barclays PLC | | BBB+ | | 5.83 | | 05/09/27 | | | 3,000,000 | | | | 3,031,701 | |
Capital One Financial Corp. | | BBB | | 4.93 | | 05/10/28 | | | 3,165,000 | | | | 3,151,840 | |
Capital One Financial Corp. | | BBB | | 6.38 | | 06/08/34 | | | 5,040,000 | | | | 5,230,825 | |
Citigroup, Inc. | | BBB+ | | 3.79 | | 03/17/33 | | | 10,865,000 | | | | 9,758,843 | |
Citigroup, Inc. | | BBB+ | | 3.98 | | 03/20/30 | | | 4,460,000 | | | | 4,250,174 | |
Citigroup, Inc. | | BBB+ | | 4.41 | | 03/31/31 | | | 1,000,000 | | | | 959,861 | |
Citigroup, Inc. | | BBB | | 5.83 | | 02/13/35 | | | 6,620,000 | | | | 6,583,325 | |
The accompanying notes are an integral part of these portfolio schedules.
81
MoA FUNDS — CORE BOND FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
December 31, 2024
| | | | | | | | | | | | | | | | | | | | |
| | | Rating* | | | Rate(%) | | | Maturity | | | Face Amount | | | Value | |
| LONG-TERM DEBT SECURITIES (CONTINUED): | | | | | | | | | | | | | | | |
| CORPORATE DEBT (CONTINUED) | | | | | | | | | | |
| FINANCIALS (CONTINUED) | | | | | | | | | | | | | |
Citizens Bank N.A. | | | A- | | | | 5.28 | | | | 01/26/26 | | | $ | 4,700,000 | | | $ | 4,694,596 | |
Citizens Financial Group, Inc. | | | BBB+ | | | | 5.84 | | | | 01/23/30 | | | | 5,510,000 | | | | 5,589,834 | |
Discover Financial Svcs. | | | BBB- | | | | 4.10 | | | | 02/09/27 | | | | 10,885,000 | | | | 10,683,780 | |
Fairfax Financial Hldgs. Ltd. | | | BBB+ | | | | 6.00 | | | | 12/07/33 | | | | 5,010,000 | | | | 5,164,101 | |
Fifth Third Bancorp | | | BBB+ | | | | 1.71 | | | | 11/01/27 | | | | 1,000,000 | | | | 943,574 | |
Fifth Third Bancorp | | | BBB+ | | | | 4.90 | | | | 09/06/30 | | | | 3,240,000 | | | | 3,196,047 | |
Fifth Third Bancorp | | | BBB+ | | | | 6.34 | | | | 07/27/29 | | | | 4,762,000 | | | | 4,935,439 | |
First Horizon Bank | | | BBB- | | | | 5.75 | | | | 05/01/30 | | | | 4,800,000 | | | | 4,770,001 | |
Global Payments, Inc. | | | BBB- | | | | 2.90 | | | | 05/15/30 | | | | 11,053,000 | | | | 9,841,019 | |
Goldman Sachs Group, Inc. | | | BBB+ | | | | 2.60 | | | | 02/07/30 | | | | 9,000,000 | | | | 7,963,477 | |
Goldman Sachs Group, Inc. | | | BBB+ | | | | 2.64 | | | | 02/24/28 | | | | 500,000 | | | | 476,652 | |
Goldman Sachs Group, Inc. | | | BBB+ | | | | 6.56 | | | | 10/24/34 | | | | 12,145,000 | | | | 13,069,864 | |
JPMorgan Chase & Co. | | | A | | | | 5.35 | | | | 06/01/34 | | | | 4,625,000 | | | | 4,615,323 | |
JPMorgan Chase & Co. | | | A- | | | | 5.72 | | | | 09/14/33 | | | | 17,270,000 | | | | 17,581,136 | |
Kemper Corp. | | | BBB- | | | | 3.80 | | | | 02/23/32 | | | | 4,500,000 | | | | 3,965,592 | |
KeyBank N.A. | | | BBB+ | | | | 5.85 | | | | 11/15/27 | | | | 2,000,000 | | | | 2,048,122 | |
KeyCorp | | | BBB | | | | 2.25 | | | | 04/06/27 | | | | 3,565,000 | | | | 3,363,022 | |
KeyCorp | | | BBB | | | | 2.55 | | | | 10/01/29 | | | | 3,800,000 | | | | 3,373,004 | |
KeyCorp | | | BBB | | | | 6.40 | | | | 03/06/35 | | | | 2,000,000 | | | | 2,081,974 | |
Liberty Mutual Group, Inc.† | | | BBB | | | | 4.57 | | | | 02/01/29 | | | | 11,473,000 | | | | 11,239,366 | |
M&T Bank Corp. | | | BBB+ | | | | 4.55 | | | | 08/16/28 | | | | 1,387,000 | | | | 1,370,560 | |
Manufacturers & Traders Trust Co. | | | BBB+ | | | | 3.40 | | | | 08/17/27 | | | | 3,690,000 | | | | 3,548,357 | |
Manufacturers & Traders Trust Co. | | | A- | | | | 4.70 | | | | 01/27/28 | | | | 3,450,000 | | | | 3,412,394 | |
Mercury General Corp. | | | BBB- | | | | 4.40 | | | | 03/15/27 | | | | 3,330,000 | | | | 3,265,107 | |
Morgan Stanley | | | A- | | | | 2.70 | | | | 01/22/31 | | | | 10,000,000 | | | | 8,878,173 | |
Morgan Stanley | | | A- | | | | 5.17 | | | | 01/16/30 | | | | 1,910,000 | | | | 1,910,633 | |
Morgan Stanley | | | A- | | | | 5.45 | | | | 07/20/29 | | | | 10,255,000 | | | | 10,367,924 | |
Old Republic International Corp. | | | BBB+ | | | | 3.88 | | | | 08/26/26 | | | | 4,895,000 | | | | 4,815,424 | |
PNC Bank N.A. | | | A- | | | | 2.70 | | | | 10/22/29 | | | | 7,000,000 | | | | 6,286,237 | |
PNC Financial Svcs. Group, Inc. | | | A- | | | | 4.76 | | | | 01/26/27 | | | | 1,000,000 | | | | 998,415 | |
PNC Financial Svcs. Group, Inc. | | | A- | | | | 5.81 | | | | 06/12/26 | | | | 5,020,000 | | | | 5,039,288 | |
PNC Financial Svcs. Group, Inc. | | | A- | | | | 6.88 | | | | 10/20/34 | | | | 3,635,000 | | | | 3,962,789 | |
Synchrony Financial | | | BBB- | | | | 3.70 | | | | 08/04/26 | | | | 11,535,000 | | | | 11,280,135 | |
Truist Financial Corp. | | | A- | | | | 4.87 | | | | 01/26/29 | | | | 7,855,000 | | | | 7,803,581 | |
U.S. Bancorp | | | A | | | | 4.65 | | | | 02/01/29 | | | | 13,695,000 | | | | 13,554,961 | |
U.S. Bancorp | | | A | | | | 5.78 | | | | 06/12/29 | | | | 2,500,000 | | | | 2,555,644 | |
Voya Financial, Inc. | | | BBB+ | | | | 3.65 | | | | 06/15/26 | | | | 4,970,000 | | | | 4,887,343 | |
Wells Fargo & Co. | | | BBB+ | | | | 2.57 | | | | 02/11/31 | | | | 1,000,000 | | | | 881,987 | |
Wells Fargo & Co. | | | BBB+ | | | | 3.35 | | | | 03/02/33 | | | | 9,115,000 | | | | 7,978,817 | |
Wells Fargo & Co. | | | BBB+ | | | | 3.53 | | | | 03/24/28 | | | | 6,200,000 | | | | 6,015,283 | |
Wells Fargo & Co. | | | BBB+ | | | | 5.20 | | | | 01/23/30 | | | | 6,595,000 | | | | 6,616,136 | |
Zions Bancorporation | | | BBB | | | | 3.25 | | | | 10/29/29 | | | | 12,030,000 | | | | 10,722,447 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | 344,777,377 | |
| | | | | | | | | | | | | | | | | | | | |
| HEALTH CARE (2.3%) | | | | | | | | | | | | | |
AbbVie, Inc. | | | A- | | | | 5.05 | | | | 03/15/34 | | | | 14,690,000 | | | | 14,516,278 | |
Amgen, Inc. | | | BBB+ | | | | 5.15 | | | | 03/02/28 | | | | 8,125,000 | | | | 8,176,946 | |
Amgen, Inc. | | | BBB+ | | | | 5.25 | | | | 03/02/33 | | | | 2,800,000 | | | | 2,778,038 | |
Baxter International, Inc. | | | BBB | | | | 2.54 | | | | 02/01/32 | | | | 2,697,000 | | | | 2,247,141 | |
Bristol-Myers Squibb Co. | | | A | | | | 5.20 | | | | 02/22/34 | | | | 2,860,000 | | | | 2,851,713 | |
CVS Health Corp. | | | BBB | | | | 3.75 | | | | 04/01/30 | | | | 9,660,000 | | | | 8,854,216 | |
CVS Health Corp. | | | BBB | | | | 5.40 | | | | 06/01/29 | | | | 2,045,000 | | | | 2,045,662 | |
Elevance Health, Inc. | | | A | | | | 2.88 | | | | 09/15/29 | | | | 7,245,000 | | | | 6,586,498 | |
Elevance Health, Inc. | | | A | | | | 4.75 | | | | 02/15/30 | | | | 2,725,000 | | | | 2,689,044 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | 50,745,536 | |
| | | | | | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these portfolio schedules.
82
MoA FUNDS — CORE BOND FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
December 31, 2024
| | | | | | | | | | | | | | |
| | | Rating* | | Rate(%) | | Maturity | | Face Amount | | | Value | |
| LONG-TERM DEBT SECURITIES (CONTINUED): | | | | | | | | | | | | |
| CORPORATE DEBT (CONTINUED) | | | | | | | | |
| INDUSTRIALS (2.9%) | | | | | | | | | | |
AutoZone, Inc. | | BBB | | 6.25 | | 11/01/28 | | $ | 6,195,000 | | | $ | 6,475,412 | |
Boeing Co. | | BBB- | | 2.20 | | 02/04/26 | | | 5,370,000 | | | | 5,209,560 | |
Boeing Co. | | BBB- | | 2.75 | | 02/01/26 | | | 4,901,000 | | | | 4,780,603 | |
CH Robinson Worldwide, Inc. | | BBB | | 4.20 | | 04/15/28 | | | 5,575,000 | | | | 5,432,667 | |
Equifax, Inc. | | BBB | | 4.80 | | 09/15/29 | | | 8,650,000 | | | | 8,542,521 | |
Hexcel Corp. | | BB+ | | 4.95 | | 08/15/25 | | | 3,820,000 | | | | 3,812,107 | |
Huntington Ingalls Industries, Inc. | | BBB- | | 3.48 | | 12/01/27 | | | 4,613,000 | | | | 4,429,022 | |
L3Harris Technologies, Inc. | | BBB | | 5.40 | | 01/15/27 | | | 6,840,000 | | | | 6,921,651 | |
Lennox International, Inc. | | BBB | | 1.70 | | 08/01/27 | | | 4,935,000 | | | | 4,550,867 | |
Otis Worldwide Corp. | | BBB | | 5.13 | | 11/19/31 | | | 7,715,000 | | | | 7,719,599 | |
Uber Technologies, Inc.† | | BBB- | | 4.50 | | 08/15/29 | | | 6,425,000 | | | | 6,213,899 | |
Verisk Analytics, Inc. | | BBB | | 4.00 | | 06/15/25 | | | 871,000 | | | | 866,929 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 64,954,837 | |
| | | | | | | | | | | | | | |
| INFORMATION TECHNOLOGY (3.8%) | | | | | | | | | | |
Amphenol Corp. | | BBB+ | | 2.80 | | 02/15/30 | | | 9,520,000 | | | | 8,600,633 | |
Arrow Electronics, Inc. | | BBB- | | 5.15 | | 08/21/29 | | | 8,845,000 | | | | 8,798,720 | |
Broadcom, Inc. | | BBB | | 5.05 | | 07/12/29 | | | 10,805,000 | | | | 10,839,596 | |
Hewlett Packard Enterprise Co. | | BBB | | 4.55 | | 10/15/29 | | | 5,465,000 | | | | 5,325,163 | |
Intel Corp. | | BBB | | 3.75 | | 03/25/27 | | | 6,330,000 | | | | 6,167,378 | |
Intel Corp. | | BBB | | 5.20 | | 02/10/33 | | | 4,670,000 | | | | 4,509,527 | |
Jabil, Inc. | | BBB- | | 3.00 | | 01/15/31 | | | 4,000,000 | | | | 3,521,331 | |
Jabil, Inc. | | BBB- | | 3.95 | | 01/12/28 | | | 2,910,000 | | | | 2,814,436 | |
Juniper Networks, Inc. | | BBB | | 3.75 | | 08/15/29 | | | 6,295,000 | | | | 5,976,491 | |
Kyndryl Hldgs., Inc. | | BBB- | | 2.05 | | 10/15/26 | | | 2,500,000 | | | | 2,376,478 | |
Microchip Technology, Inc. | | BBB+ | | 4.90 | | 03/15/28 | | | 4,825,000 | | | | 4,811,338 | |
Oracle Corp. | | BBB | | 2.80 | | 04/01/27 | | | 3,410,000 | | | | 3,272,733 | |
Oracle Corp. | | BBB | | 4.90 | | 02/06/33 | | | 5,580,000 | | | | 5,429,542 | |
Teledyne Technologies, Inc. | | BBB | | 2.75 | | 04/01/31 | | | 5,800,000 | | | | 5,042,136 | |
VeriSign, Inc. | | BBB | | 2.70 | | 06/15/31 | | | 1,347,000 | | | | 1,155,114 | |
VMware LLC | | BBB | | 1.40 | | 08/15/26 | | | 6,860,000 | | | | 6,497,861 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 85,138,477 | |
| | | | | | | | | | | | | | |
| MATERIALS (1.6%) | | | | | | | | | | |
Celanese US Hldgs. LLC | | BB+ | | 6.17 | | 07/15/27 | | | 8,485,000 | | | | 8,616,955 | |
International Flavors & Fragrances, Inc.† | | BBB- | | 1.83 | | 10/15/27 | | | 9,112,000 | | | | 8,365,512 | |
Sherwin-Williams Co. | | BBB | | 3.95 | | 01/15/26 | | | 4,895,000 | | | | 4,860,920 | |
Steel Dynamics, Inc. | | BBB | | 5.00 | | 12/15/26 | | | 3,885,000 | | | | 3,890,102 | |
Vulcan Materials Co. | | BBB+ | | 4.95 | | 12/01/29 | | | 8,955,000 | | | | 8,917,810 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 34,651,299 | |
| | | | | | | | | | | | | | |
| REAL ESTATE (4.7%) | | | | | | | | | | |
Alexandria Real Estate Equities, Inc. | | BBB+ | | 4.75 | | 04/15/35 | | | 11,253,000 | | | | 10,559,396 | |
American Tower Corp. | | BBB | | 2.75 | | 01/15/27 | | | 4,235,000 | | | | 4,067,566 | |
American Tower Corp. | | BBB | | 3.13 | | 01/15/27 | | | 1,550,000 | | | | 1,499,255 | |
American Tower Corp. | | BBB | | 5.80 | | 11/15/28 | | | 5,435,000 | | | | 5,572,658 | |
Boston Properties LP | | BBB | | 3.25 | | 01/30/31 | | | 6,488,000 | | | | 5,699,077 | |
Boston Properties LP | | BBB | | 5.75 | | 01/15/35 | | | 1,465,000 | | | | 1,436,268 | |
Boston Properties LP | | BBB | | 6.50 | | 01/15/34 | | | 3,435,000 | | | | 3,598,114 | |
Digital Realty Trust LP | | BBB | | 5.55 | | 01/15/28 | | | 7,531,000 | | | | 7,643,595 | |
Equinix, Inc. | | BBB | | 1.45 | | 05/15/26 | | | 7,345,000 | | | | 7,026,907 | |
Equinix, Inc. | | BBB | | 3.20 | | 11/18/29 | | | 4,485,000 | | | | 4,121,947 | |
Host Hotels & Resorts LP | | BBB- | | 5.70 | | 07/01/34 | | | 8,715,000 | | | | 8,696,103 | |
Kilroy Realty LP | | BBB- | | 3.05 | | 02/15/30 | | | 3,500,000 | | | | 3,065,033 | |
Kimco Realty OP LLC | | BBB+ | | 4.85 | | 03/01/35 | | | 3,850,000 | | | | 3,659,305 | |
Kimco Realty OP LLC | | BBB+ | | 6.40 | | 03/01/34 | | | 6,800,000 | | | | 7,227,100 | |
The accompanying notes are an integral part of these portfolio schedules.
83
MoA FUNDS — CORE BOND FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
December 31, 2024
| | | | | | | | | | | | | | | | | | | | |
| | | Rating* | | | Rate(%) | | | Maturity | | | Face Amount | | | Value | |
| LONG-TERM DEBT SECURITIES (CONTINUED): | | | | | | | | | | | | | | | |
| CORPORATE DEBT (CONTINUED) | | | | | | | | | | |
| REAL ESTATE (CONTINUED) | | | | | | | | | | | | | |
NNN REIT, Inc. | | | BBB+ | | | | 2.50 | | | | 04/15/30 | | | $ | 4,835,000 | | | $ | 4,230,075 | |
NNN REIT, Inc. | | | BBB+ | | | | 3.60 | | | | 12/15/26 | | | | 3,145,000 | | | | 3,077,163 | |
Prologis LP | | | A | | | | 1.75 | | | | 07/01/30 | | | | 3,906,000 | | | | 3,293,728 | |
Realty Income Corp. | | | A- | | | | 4.85 | | | | 03/15/30 | | | | 1,780,000 | | | | 1,769,126 | |
Realty Income Corp. | | | A- | | | | 5.13 | | | | 02/15/34 | | | | 8,865,000 | | | | 8,686,892 | |
Tanger Properties LP | | | BBB- | | | | 3.13 | | | | 09/01/26 | | | | 5,800,000 | | | | 5,620,558 | |
Tanger Properties LP | | | BBB- | | | | 3.88 | | | | 07/15/27 | | | | 3,500,000 | | | | 3,395,415 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | 103,945,281 | |
| | | | | | | | | | | | | | | | | | | | |
| UTILITIES (2.7%) | | | | | | | | | | | | | |
American Electric Power Co., Inc. | | | BBB | | | | 5.20 | | | | 01/15/29 | | | | 11,429,000 | | | | 11,511,534 | |
Black Hills Corp. | | | BBB+ | | | | 3.05 | | | | 10/15/29 | | | | 4,000,000 | | | | 3,655,082 | |
DTE Energy Co. | | | BBB | | | | 5.10 | | | | 03/01/29 | | | | 10,596,000 | | | | 10,618,840 | |
Duke Energy Carolinas LLC | | | A | | | | 4.85 | | | | 01/15/34 | | | | 9,330,000 | | | | 9,052,857 | |
Duke Energy Corp. | | | BBB | | | | 4.85 | | | | 01/05/29 | | | | 1,704,000 | | | | 1,696,775 | |
NextEra Energy Capital Hldgs., Inc. | | | BBB+ | | | | 3.55 | | | | 05/01/27 | | | | 6,722,000 | | | | 6,548,509 | |
NiSource, Inc. | | | BBB+ | | | | 5.20 | | | | 07/01/29 | | | | 6,840,000 | | | | 6,889,034 | |
Southern Co. | | | BBB+ | | | | 5.70 | | | | 03/15/34 | | | | 8,560,000 | | | | 8,744,710 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | 58,717,341 | |
| | | | | | | | | | | | | | | | | | | | |
TOTAL CORPORATE DEBT | | | | 985,972,381 | |
| | | | | | | | | | | | | | | | | | | | |
| SOVEREIGN DEBT (0.1%) | | | | | | | | | | |
Sri Lanka AID | | | NR | | | | 6.59 | | | | 09/15/28 | | | | 1,257,389 | | | | 1,284,467 | †† |
| | | | | | | | | | | | | | | | | | | | |
TOTAL LONG-TERM DEBT SECURITIES
(Cost: $2,337,456,845) | | | | 2,181,703,072 | |
| | | | | | | | | | | | | | | | | |
| | | | | |
| | | Rating* | | | Rate(%) | | | Maturity | | | Face Amount | | | Value | |
| SHORT-TERM DEBT SECURITIES (0.3%): | | | | | | | | | | | | | | | |
| U.S. GOVERNMENT (0.3%) | | | | | | | | | | |
U.S. Treasury Bill | | | A-1+ | | | | 4.24 | | | | 01/21/25 | | | $ | 7,000,000 | | | $ | 6,983,563 | |
| | | | | | | | | | | | | | | | | |
TOTAL SHORT-TERM DEBT SECURITIES
(Cost: $6,983,563) | | | | 6,983,563 | |
| | | | | | | | | | | | | | | | | |
| | | | | |
| | | | | | Rate(%) | | | Maturity | | | Face Amount | | | Value | |
| TEMPORARY CASH INVESTMENT (0.0%) (2) | |
JP Morgan Chase, New York Time Deposit | | | | | | | 3.58 | | | | 01/02/25 | | | $ | 243,506 | | | $ | 243,506 | |
| | | | | | | | | | | | | | | | | | | | |
TOTAL TEMPORARY CASH INVESTMENT
(Cost: $243,506) | | | | 243,506 | |
| | | | | | | | | | | | | | | | | |
TOTAL INVESTMENTS
(Cost: $2,344,683,914) 99.1% | | | | 2,188,930,141 | |
| | | | | | | | | | | | | |
OTHER NET ASSETS 0.9% | | | | 20,143,603 | |
| | | | | | | | | | | | | |
NET ASSETS 100.0% | | | $ | 2,209,073,744 | |
| | | | | | | | | | | | | |
The accompanying notes are an integral part of these portfolio schedules.
84
MoA FUNDS — CORE BOND FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
December 31, 2024
FOOTNOTES TO PORTFOLIO OF INVESTMENTS IN SECURITIES
| | |
| Abbreviations: | | ARM = Adjustable Rate Mortgage |
| | FFCB = Federal Farm Credit Banks Funding Corporation |
| | FHLB = Federal Home Loan Bank |
| | FHLMC = Federal Home Loan Mortgage Corporation |
| | FNMA = Federal National Mortgage Association |
| | FRESB = Federal Home Loan Mortgage Corporation Multifamily Securitization Small Loan Balance |
| | GNMA = Government National Mortgage Association |
| | NR = Not Rated |
| * | Ratings as per Standard & Poor’s Corporation (unaudited). |
| † | Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transaction exempt from registration, normally to qualified institutional buyers. At December 31, 2024, the aggregate values of these securities amounts to $35,972,485 and represents 1.6% of net assets. |
| (1) | U.S. Government guaranteed security. |
| (2) | Percentage is less than 0.05%. |
The accompanying notes are an integral part of these portfolio schedules.
85
MoA FUNDS
STATEMENTS OF ASSETS AND LIABILITIES
As of December 31, 2024
| | | | | | | | | | | | | | | | | | | | |
| | | Equity Index
Fund | | | All America
Fund | | | Small Cap
Value Fund | | | Small Cap
Growth Fund | | | Small Cap
Equity Index
Fund | |
ASSETS | | | | | | | | | | | | | | | | | | | | |
Investments at fair value (a) (Notes 2 and 4) | | $ | 5,893,341,744 | | | $ | 306,522,575 | | | $ | 397,789,560 | | | $ | 397,688,439 | | | $ | 209,802,718 | |
Cash | | | — | | | | — | | | | — | | | | — | | | | — | |
Foreign cash (b) | | | — | | | | 2,722 | | | | — | | | | — | | | | — | |
Interest and dividends receivable | | | 3,524,603 | | | | 241,990 | | | | 439,421 | | | | 316,285 | | | | 264,970 | |
Receivable for securities sold | | | — | | | | 2,113,908 | | | | — | | | | — | | | | 210,695 | |
Receivable for daily variation on future contracts | | | — | | | | — | | | | — | | | | — | | | | — | |
Shareholder subscription receivable | | | 6,763,697 | | | | 256 | | | | 206,740 | | | | 125,333 | | | | 347,176 | |
Due from the Adviser | | | — | | | | — | | | | — | | | | — | | | | — | |
Other receivables | | | — | | | | — | | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | |
TOTAL ASSETS | | | 5,903,630,044 | | | | 308,881,451 | | | | 398,435,721 | | | | 398,130,057 | | | | 210,625,559 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
LIABILITIES | | | | | | | | | | | | | | | | | | | | |
Due to custodian bank | | | 7 | | | | 180 | | | | — | | | | — | | | | 265 | |
Payable for securities purchased | | | 33,519,011 | | | | 23,979 | | | | 318,963 | | | | — | | | | 357,005 | |
Payable for daily variation on future contracts | | | 272,798 | | | | 20,084 | | | | — | | | | — | | | | — | |
Shareholder redemptions payable | | | 1,237,791 | | | | 28,663 | | | | 103,720 | | | | 123,531 | | | | 150,480 | |
Payable to the Adviser | | | 488,586 | | | | 112,883 | | | | 267,791 | | | | 268,956 | | | | 34,114 | |
Dividends payable | | | — | | | | — | | | | — | | | | — | | | | — | |
Accrued expenses | | | 149,898 | | | | 51,917 | | | | 45,317 | | | | 46,166 | | | | 49,758 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
TOTAL LIABILITIES | | | 35,668,091 | | | | 237,706 | | | | 735,791 | | | | 438,653 | | | | 591,622 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
NET ASSETS | | $ | 5,867,961,953 | | | $ | 308,643,745 | | | $ | 397,699,930 | | | $ | 397,691,404 | | | $ | 210,033,937 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
NUMBER OF SHARES OUTSTANDING (Note 5) | | | 88,017,819 | | | | 13,384,323 | | | | 27,418,645 | | | | 28,872,840 | | | | 19,961,552 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
NET ASSET VALUE PER SHARE REDEMPTION PRICE PER SHARE | | | $ 66.67 | | | | $ 23.06 | | | | $ 14.50 | | | | $ 13.77 | | | | $ 10.52 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
COMPONENTS OF NET ASSETS | | | | | | | | | | | | | | | | | | | | |
Paid-in capital | | $ | 2,676,917,866 | | | $ | 200,568,768 | | | $ | 323,359,521 | | | $ | 327,331,938 | | | $ | 190,041,022 | |
Total Distributable Earnings (Loss) (Notes 2 and 6) | | | 3,191,044,087 | | | | 108,074,977 | | | | 74,340,409 | | | | 70,359,466 | | | | 19,992,915 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
NET ASSETS | | $ | 5,867,961,953 | | | $ | 308,643,745 | | | $ | 397,699,930 | | | $ | 397,691,404 | | | $ | 210,033,937 | |
| | | | | | | | | | | | | | | | | | | | |
(a) Investments at cost | | $ | 2,812,971,851 | | | $ | 208,511,816 | | | $ | 325,560,528 | | | $ | 327,679,880 | | | $ | 188,938,506 | |
(b) Foreign cash, at cost, translated to US Dollars | | $ | — | | | $ | 2,997 | | | $ | — | | | $ | — | | | $ | — | |
| (c) | The Target Date and Asset Allocation Funds (with the exception of the MoA Balanced Fund) are invested in affiliated investment companies of MoA Funds Corporation. |
The accompanying notes are an integral part of these financial statements.
86
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Mid Cap
Value Fund | | | Mid Cap
Equity Index
Fund | | | Balanced
Fund | | | International
Fund | | | Catholic Values
Index Fund | | | Retirement
Income
Fund | | | Clear
Passage
2015
Fund | | | Clear
Passage
2020
Fund | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 212,798,075 | | | $ | 1,538,900,825 | | | $ | 198,320,358 | | | $ | 1,648,483,709 | | | $ | 7,565,399 | | | $ | 207,942,329 | (c) | | $ | 105,399,089 | (c) | | $ | 459,177,470 | (c) |
| | — | | | | — | | | | — | | | | — | | | | 17,115 | | | | 17,921 | | | | 9,042 | | | | — | |
| | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
| | 257,812 | | | | 1,402,710 | | | | 729,896 | | | | 6,622,357 | | | | 4,794 | | | | 36,279 | | | | 18,290 | | | | 78,927 | |
| | — | | | | — | | | | 22,433 | | | | 62 | | | | 71,188 | | | | — | | | | — | | | | — | |
| | | | | | | |
| | — | | | | 33,807 | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
| | 215,064 | | | | 2,178,274 | | | | 196 | | | | 1,784,499 | | | | 151 | | | | — | | | | — | | | | — | |
| | — | | | | — | | | | — | | | | 415,495 | | | | 16,719 | | | | — | | | | — | | | | — | |
| | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 213,270,951 | | | | 1,542,515,616 | | | | 199,072,883 | | | | 1,657,306,122 | | | | 7,675,366 | | | | 207,996,529 | | | | 105,426,421 | | | | 459,256,397 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | — | | | | 88 | | | | — | | | | 1,696 | | | | — | | | | — | | | | — | | | | — | |
| | — | | | | — | | | | — | | | | — | | | | 83,182 | | | | — | | | | — | | | | — | |
| | — | | | | — | | | | — | | | | 15,870 | | | | — | | | | — | | | | — | | | | — | |
| | 69,942 | | | | 516,221 | | | | 146,998 | | | | 254,338 | | | | 84 | | | | — | | | | — | | | | — | |
| | 106,060 | | | | 130,456 | | | | 71,957 | | | | 803,107 | | | | 1,116 | | | | 12,771 | | | | 6,517 | | | | 28,332 | |
| | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
| | 41,675 | | | | 76,071 | | | | 49,779 | | | | 84,769 | | | | 37,622 | | | | 59,213 | | | | 45,183 | | | | 86,290 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | 217,677 | | | | 722,836 | | | | 268,734 | | | | 1,159,780 | | | | 122,004 | | | | 71,984 | | | | 51,700 | | | | 114,622 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| $ | 213,053,274 | | | $ | 1,541,792,780 | | | $ | 198,804,149 | | | $ | 1,656,146,342 | | | $ | 7,553,362 | | | $ | 207,924,545 | | | $ | 105,374,721 | | | $ | 459,141,775 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | 12,478,741 | | | | 73,711,336 | | | | 9,781,899 | | | | 199,340,544 | | | | 474,249 | | | | 18,773,469 | | | | 12,188,798 | | | | 44,342,323 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | $ 17.07 | | | | $ 20.92 | | | | $ 20.32 | | | | $ 8.31 | | | | $ 15.93 | | | | $ 11.08 | | | | $ 8.65 | | | | $ 10.35 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 180,516,241 | | | $ | 1,211,159,234 | | | $ | 142,695,533 | | | $ | 1,626,052,234 | | | $ | 5,325,244 | | | $ | 219,188,869 | | | $ | 110,600,980 | | | $ | 467,762,142 | |
| | | | | | | |
| | 32,537,033 | | | | 330,633,546 | | | | 56,108,616 | | | | 30,094,108 | | | | 2,228,118 | | | | (11,264,324 | ) | | | (5,226,259 | ) | | | (8,620,367 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| $ | 213,053,274 | | | $ | 1,541,792,780 | | | $ | 198,804,149 | | | $ | 1,656,146,342 | | | $ | 7,553,362 | | | $ | 207,924,545 | | | $ | 105,374,721 | | | $ | 459,141,775 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 184,481,979 | | | $ | 1,213,903,547 | | | $ | 146,956,997 | | | $ | 1,521,993,093 | | | $ | 5,349,083 | | | $ | 207,157,666 | | | $ | 106,895,275 | | | $ | 458,391,167 | |
| $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | |
The accompanying notes are an integral part of these financial statements.
87
MoA FUNDS
STATEMENTS OF ASSETS AND LIABILITIES (Continued)
As of December 31, 2024
| | | | | | | | | | | | | | | | | | | | |
| | | Clear
Passage
2025
Fund | | | Clear
Passage
2030
Fund | | | Clear
Passage
2035
Fund | | | Clear
Passage
2040
Fund | | | Clear
Passage
2045
Fund | |
ASSETS | | | | | | | | | | | | | | | | | | | | |
Investments at fair value (a) (Notes 2 and 4) | | $ | 1,111,514,071 | (c) | | $ | 1,408,873,148 | (c) | | $ | 1,399,364,211 | (c) | | $ | 1,203,722,399 | (c) | | $ | 1,231,789,964 | (c) |
Cash | | | — | | | | — | | | | — | | | | — | | | | — | |
Foreign cash (b) | | | — | | | | — | | | | — | | | | — | | | | — | |
Interest and dividends receivable | | | 114,527 | | | | 143,277 | | | | 140,047 | | | | 81,363 | | | | 83,651 | |
Receivable for securities sold | | | — | | | | — | | | | — | | | | — | | | | — | |
Receivable for daily variation on future contracts | | | — | | | | — | | | | — | | | | — | | | | — | |
Shareholder subscription receivable | | | — | | | | — | | | | — | | | | — | | | | — | |
Due from the Adviser | | | — | | | | — | | | | — | | | | — | | | | — | |
Other receivables | | | — | | | | — | | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | |
TOTAL ASSETS | | | 1,111,628,598 | | | | 1,409,016,425 | | | | 1,399,504,258 | | | | 1,203,803,762 | | | | 1,231,873,615 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
LIABILITIES | | | | | | | | | | | | | | | | | | | | |
Due to custodian bank | | | — | | | | — | | | | — | | | | — | | | | — | |
Payable for securities purchased | | | — | | | | — | | | | — | | | | — | | | | — | |
Payable for daily variation on future contracts | | | — | | | | — | | | | — | | | | — | | | | — | |
Shareholder redemptions payable | | | — | | | | — | | | | — | | | | — | | | | — | |
Payable to the Adviser | | | 68,540 | | | | 86,726 | | | | 86,531 | | | | 74,283 | | | | 76,276 | |
Dividends payable | | | — | | | | — | | | | — | | | | — | | | | — | |
Accrued expenses | | | 157,333 | | | | 188,999 | | | | 188,629 | | | | 167,336 | | | | 171,107 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
TOTAL LIABILITIES | | | 225,873 | | | | 275,725 | | | | 275,160 | | | | 241,619 | | | | 247,383 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
NET ASSETS | | $ | 1,111,402,725 | | | $ | 1,408,740,700 | | | $ | 1,399,229,098 | | | $ | 1,203,562,143 | | | $ | 1,231,626,232 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
NUMBER OF SHARES OUTSTANDING (Note 5) | | | 92,144,987 | | | | 105,328,827 | | | | 99,488,517 | | | | 84,624,705 | | | | 87,561,925 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
NET ASSET VALUE PER SHARE REDEMPTION PRICE PER SHARE | | | $ 12.06 | | | | $ 13.37 | | | | $ 14.06 | | | | $ 14.22 | | | | $ 14.07 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
COMPONENTS OF NET ASSETS | | | | | | | | | | | | | | | | | | | | |
Paid-in capital | | $ | 1,096,776,015 | | | $ | 1,332,696,073 | | | $ | 1,291,136,037 | | | $ | 1,093,074,817 | | | $ | 1,104,494,666 | |
Total Distributable Earnings (Loss) (Notes 2 and 6) | | | 14,626,710 | | | | 76,044,627 | | | | 108,093,061 | | | | 110,487,326 | | | | 127,131,566 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
NET ASSETS | | $ | 1,111,402,725 | | | $ | 1,408,740,700 | | | $ | 1,399,229,098 | | | $ | 1,203,562,143 | | | $ | 1,231,626,232 | |
| | | | | | | | | | | | | | | | | | | | |
(a) Investments at cost | | $ | 1,087,894,981 | | | $ | 1,348,762,307 | | | $ | 1,327,713,528 | | | $ | 1,133,579,167 | | | $ | 1,152,991,584 | |
(b) Foreign cash, at cost, translated to US Dollars | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | |
| (c) | The Target Date and Asset Allocation Funds (with the exception of the MoA Balanced Fund) are invested in affiliated investment companies of MoA Funds Corporation. |
The accompanying notes are an integral part of these financial statements.
88
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Clear
Passage
2050
Fund | | | Clear
Passage
2055
Fund | | | Clear
Passage
2060
Fund | | | Clear
Passage
2065
Fund | | | Conservative
Allocation
Fund | | | Moderate
Allocation
Fund | | | Aggressive
Allocation
Fund | | | US Government
Money Market
Fund (d) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 976,748,746 | (c) | | $ | 561,108,789 | (c) | | $ | 311,160,044 | (c) | | $ | 122,207,338 | (c) | | $ | 152,619,764 | (c) | | $ | 396,728,924 | (c) | | $ | 335,169,616 | (c) | | $ | 518,097,691 | |
| | — | | | | — | | | | — | | | | — | | | | 559 | | | | 1,692 | | | | 1,370 | | | | — | |
| | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
| | 65,489 | | | | 18,751 | | | | 9,811 | | | | 3,542 | | | | 20,275 | | | | — | | | | — | | | | — | |
| | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
| | | | | | | |
| | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
| | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | 319,180 | |
| | — | | | | — | | | | — | | | | 35,124 | | | | — | | | | — | | | | — | | | | 145 | (f) |
| | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | 9,076 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 976,814,235 | | | | 561,127,540 | | | | 311,169,855 | | | | 122,246,004 | | | | 152,640,598 | | | | 396,730,616 | | | | 335,170,986 | | | | 518,426,092 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
| | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
| | | | | | | |
| | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
| | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | 2,422,930 | |
| | 60,548 | | | | 34,711 | | | | 19,237 | | | | 7,463 | | | | 2,891 | | | | 7,555 | | | | 6,429 | | | | 74,496 | |
| | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
| | 144,042 | | | | 99,561 | | | | 72,894 | | | | 51,850 | | | | 36,227 | | | | 41,411 | | | | 40,538 | | | | 45,911 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | 204,590 | | | | 134,272 | | | | 92,131 | | | | 59,313 | | | | 39,118 | | | | 48,966 | | | | 46,967 | | | | 2,543,337 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| $ | 976,609,645 | | | $ | 560,993,268 | | | $ | 311,077,724 | | | $ | 122,186,691 | | | $ | 152,601,480 | | | $ | 396,681,650 | | | $ | 335,124,019 | | | $ | 515,882,755 | (e) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | 53,346,612 | | | | 38,032,194 | | | | 24,519,592 | | | | 9,286,050 | | | | 13,347,683 | | | | 29,526,390 | | | | 22,355,524 | | | | 515,882,108 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | $ 18.31 | | | | $ 14.75 | | | | $ 12.69 | | | | $ 13.16 | | | | $ 11.43 | | | | $ 13.43 | | | | $ 14.99 | | | | $ 1.00 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 870,117,452 | | | $ | 506,076,757 | | | $ | 282,866,900 | | | $ | 111,520,611 | | | $ | 154,958,110 | | | $ | 370,678,156 | | | $ | 299,625,555 | | | $ | 515,534,908 | |
| | | | | | | |
| | 106,492,193 | | | | 54,916,511 | | | | 28,210,824 | | | | 10,666,080 | | | | (2,356,630 | ) | | | 26,003,494 | | | | 35,498,464 | | | | 347,847 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| $ | 976,609,645 | | | $ | 560,993,268 | | | $ | 311,077,724 | | | $ | 122,186,691 | | | $ | 152,601,480 | | | $ | 396,681,650 | | | $ | 335,124,019 | | | $ | 515,882,755 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 911,250,047 | | | $ | 527,339,390 | | | $ | 293,104,347 | | | $ | 114,705,504 | | | $ | 153,127,957 | | | $ | 377,665,647 | | | $ | 309,664,143 | | | $ | 518,097,691 | |
| | | | | | | |
| $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | |
| (d) | Formerly MoA Money Market Fund |
| (e) | After the close of business on August 23, 2024, the MoA Money Market Fund was restructured as a US Government Money Market Fund and renamed as the MoA US Government Money Market Fund. After the close of business on August 23, 2024, the Fund underwent a stock split so the ending NAV was $1.00. The exact split ratio was 11.855015:1. Post the split and commencing on August 26, 2024, the Fund began seeking to preserve a $1.00 per share net asset value, declaring dividends daily and paying dividends monthly. |
| (f) | The Fund accrued a non-recurring capital contribution from Mutual of America Capital Management LLC of $145 to reflect lost opportunity cost arising when a portion of the portfolio was uninvested. |
The accompanying notes are an integral part of these financial statements.
89
MoA FUNDS
STATEMENTS OF ASSETS AND LIABILITIES (Continued)
As of December 31, 2024
| | | | | | | | |
| | | Intermediate
Bond Fund | | | Core Bond
Fund | |
ASSETS | | | | | | | | |
Investments at fair value (a) (Notes 2 and 4) | | $ | 890,356,182 | | | $ | 2,188,930,141 | |
Cash | | | — | | | | — | |
Foreign cash (b) | | | — | | | | — | |
Interest and dividends receivable | | | 9,983,462 | | | | 20,276,436 | |
Receivable for securities sold | | | — | | | | 477,935 | |
Receivable for daily variation on future contracts | | | — | | | | — | |
Shareholder subscription receivable | | | 839,143 | | | | 2,057,460 | |
Due from the Adviser | | | — | | | | — | |
Other receivables | | | — | | | | — | |
| | | | | | | | |
TOTAL ASSETS | | | 901,178,787 | | | | 2,211,741,972 | |
| | | | | | | | |
| | |
LIABILITIES | | | | | | | | |
Due to custodian bank | | | 19 | | | | — | |
Payable for securities purchased | | | — | | | | — | |
Payable for daily variation on future contracts | | | — | | | | — | |
Shareholder redemptions payable | | | 1,552,719 | | | | 1,796,328 | |
Payable to the Adviser | | | 321,827 | | | | 775,102 | |
Dividends payable | | | — | | | | — | |
Accrued expenses | | | 63,036 | | | | 96,798 | |
| | | | | | | | |
| | |
TOTAL LIABILITIES | | | 1,937,601 | | | | 2,668,228 | |
| | | | | | | | |
| | |
NET ASSETS | | $ | 899,241,186 | | | $ | 2,209,073,744 | |
| | | | | | | | |
| | |
NUMBER OF SHARES OUTSTANDING (Note 5) | | | 94,137,008 | | | | 182,212,676 | |
| | | | | | | | |
| | |
NET ASSET VALUE PER SHARE REDEMPTION PRICE PER SHARE | | | $ 9.55 | | | | $ 12.12 | |
| | | | | | | | |
| | |
COMPONENTS OF NET ASSETS | | | | | | | | |
Paid-in capital | | $ | 972,311,667 | | | $ | 2,507,161,139 | |
Total Distributable Earnings (Loss) (Notes 2 and 6) | | | (73,070,481 | ) | | | (298,087,395 | ) |
| | | | | | | | |
NET ASSETS | | $ | 899,241,186 | | | $ | 2,209,073,744 | |
| | | | | | | | |
(a) Investments at cost | | $ | 908,222,833 | | | $ | 2,344,683,914 | |
(b) Foreign cash, at cost, translated to US Dollars | | $ | — | | | $ | — | |
The accompanying notes are an integral part of these financial statements.
90
(This page has been left blank intentionally.)
MoA FUNDS
STATEMENTS OF OPERATIONS
For the year ended December 31, 2024
| | | | | | | | | | | | | | | | | | | | |
| | | Equity Index
Fund | | | All America
Fund | | | Small Cap
Value Fund | | | Small Cap
Growth Fund | | |
Small Cap
Equity Index
Fund | |
INVESTMENT INCOME AND EXPENSES | | | | | | | | | | | | | | | | | | | | |
INVESTMENT INCOME | | | | | | | | | | | | | | | | | | | | |
Dividends (Notes 2 and 4) | | $ | 77,602,305 | (a) | | $ | 4,302,870 | (a) | | $ | 7,998,421 | (a) | | $ | 2,141,219 | (a) | | $ | 3,661,521 | (a) |
Interest | | | 1,971,116 | | | | 231,516 | | | | 460,091 | | | | 380,024 | | | | 1,514 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total investment income | | | 79,573,421 | | | | 4,534,386 | | | | 8,458,512 | | | | 2,521,243 | | | | 3,663,035 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
EXPENSES | | | | | | | | | | | | | | | | | | | | |
Investment advisory fees (Note 3) | | | 4,233,082 | | | | 1,232,230 | | | | 2,950,486 | | | | 3,022,361 | | | | 153,785 | |
Administrative fee (Note 3) | | | 1,693,894 | | | | 92,451 | | | | 118,024 | | | | 120,850 | | | | 61,532 | |
Other operating expenses | | | | | | | | | | | | | | | | | | | | |
Custody and Fund administration expenses | | | 816,245 | | | | 49,203 | | | | 27,273 | | | | 32,083 | | | | 39,727 | |
Shareholders reports | | | 158,844 | | | | (763 | ) | | | 1,043 | | | | 3,554 | | | | 6,165 | |
Shareholder service fees | | | — | | | | — | | | | — | | | | — | | | | — | |
Transfer agent fees | | | 48,780 | | | | 10,076 | | | | 8,568 | | | | 9,659 | | | | 19,817 | |
Independent directors’ fees and expenses | | | 35,149 | | | | 35,149 | | | | 35,149 | | | | 35,150 | | | | 35,149 | |
Audit and Tax Expense | | | 49,181 | | | | 37,188 | | | | 36,015 | | | | 34,724 | | | | 65,125 | |
Legal | | | 30,357 | | | | 28,170 | | | | 24,099 | | | | 18,141 | | | | 34,587 | |
Licenses | | | 634,013 | | | | 55,543 | | | | 13,609 | | | | 13,759 | | | | 65,912 | |
Registration fees | | | 26,960 | | | | 17,803 | | | | 18,232 | | | | 17,969 | | | | 24,256 | |
Miscellaneous fees | | | 44,940 | | | | 3,555 | | | | 3,424 | | | | 3,136 | | | | 3,097 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total other operating expenses | | | 1,844,469 | | | | 235,924 | | | | 167,412 | | | | 168,175 | | | | 293,835 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total expenses before waiver/reimbursement | | | 7,771,445 | | | | 1,560,605 | | | | 3,235,922 | | | | 3,311,386 | | | | 509,152 | |
Fee waiver and expense reimbursement (Note 3) | | | (451,705 | ) | | | (24,654 | ) | | | (31,473 | ) | | | (32,227 | ) | | | (228,201 | ) |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Net expenses | | | 7,319,740 | | | | 1,535,951 | | | | 3,204,449 | | | | 3,279,159 | | | | 280,951 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Net Investment Income (Loss) | | | 72,253,681 | | | | 2,998,435 | | | | 5,254,063 | | | | (757,916 | ) | | | 3,382,084 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, FUTURES CONTRACTS AND FOREIGN CURRENCY TRANSLATIONS (Note 2) | | | | | | | | | | | | | | | | | | | | |
Net realized gain (loss) on: | | | | | | | | | | | | | | | | | | | | |
Investment securities (Notes 2 and 4) | | | 501,933,196 | | | | 37,950,067 | | | | 22,265,194 | | | | 19,141,684 | | | | 8,748,213 | |
Futures contracts (Note 2) | | | 10,709,119 | | | | 325,313 | | | | — | | | | — | | | | — | |
Foreign currency translation | | | — | | | | — | | | | — | | | | — | | | | — | |
Gain distributions from MoA Funds (Note 4) | | | — | | | | — | | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| | | 512,642,315 | | | | 38,275,380 | | | | 22,265,194 | | | | 19,141,684 | | | | 8,748,213 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Change in net unrealized appreciation (depreciation) of: | | | | | | | | | | | | | | | | | | | | |
Investment securities (Notes 2 and 4) | | | 661,156,105 | | | | 12,618,771 | | | | 13,934,625 | | | | 19,798,940 | | | | 4,608,208 | |
Futures contracts (Note 2) | | | (4,206,495 | ) | | | (106,433 | ) | | | — | | | | — | | | | — | |
Foreign currency translation | | | — | | | | (310 | ) | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| | | 656,949,610 | | | | 12,512,028 | | | | 13,934,625 | | | | 19,798,940 | | | | 4,608,208 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, FUTURES CONTRACTS AND FOREIGN CURRENCY TRANSLATIONS | | | 1,169,591,925 | | | | 50,787,408 | | | | 36,199,819 | | | | 38,940,624 | | | | 13,356,421 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 1,241,845,606 | | | $ | 53,785,843 | | | $ | 41,453,882 | | | $ | 38,182,708 | | | $ | 16,738,505 | |
| | | | | | | | | | | | | | | | | | | | |
| (a) | Net of foreign taxes as follows: |
| | | | |
Equity Index Fund | | $ | 18,920 | |
All America Fund | | $ | 2,287 | |
Small Cap Value Fund | | $ | 4,240 | |
Small Cap Growth Fund | | $ | 1,557 | |
Small Cap Equity Index Fund | | $ | 3,877 | |
Mid Cap Equity Index Fund | | $ | 8,467 | |
International Fund | | $ | 5,578,277 | |
Catholic Values Index Fund | | $ | 170 | |
The accompanying notes are an integral part of these financial statements.
92
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Mid Cap
Value Fund | | | Mid Cap
Equity Index
Fund | | | Balanced
Fund | | | International
Fund | | | Catholic Values
Index Fund | | | Retirement
Income
Fund | | | Clear
Passage
2015
Fund | | | Clear
Passage
2020
Fund | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| $ | 3,901,533 | (a) | | $ | 23,669,058 | | | $ | 1,877,521 | | | $ | 51,094,351 | (a) | | $ | 89,237 | (a) | | $ | 6,534,624 | | | $ | 3,415,690 | | | $ | 14,424,905 | |
| | 233,832 | | | | 359,598 | | | | 3,219,624 | | | | 1,826,377 | | | | 146 | | | | 41 | | | | 33 | | | | 89 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | 4,135,365 | | | | 24,028,656 | | | | 5,097,145 | | | | 52,920,728 | | | | 89,383 | | | | 6,534,665 | | | | 3,415,723 | | | | 14,424,994 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 987,350 | | | | 1,151,505 | | | | 777,855 | | | | 4,716,790 | | | | 10,040 | | | | 102,330 | | | | 54,487 | | | | 238,023 | |
| | 53,910 | | | | 460,773 | | | | 58,357 | | | | 473,110 | | | | 2,009 | | | | 61,410 | | | | 32,695 | | | | 142,795 | |
| | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 18,221 | | | | 225,230 | | | | 36,625 | | | | 296,097 | | | | 33,902 | | | | 27,864 | | | | 26,054 | | | | 73,599 | |
| | 5,922 | | | | 33,621 | | | | 5,490 | | | | 53,865 | | | | 211 | | | | 5,761 | | | | 2,621 | | | | 2,184 | |
| | — | | | | — | | | | — | | | | — | | | | — | | | | 34,989 | | | | 17,874 | | | | 77,789 | |
| | 9,144 | | | | 21,473 | | | | 8,930 | | | | 22,777 | | | | 7,138 | | | | 20,071 | | | | 9,533 | | | | 18,092 | |
| | 35,149 | | | | 35,149 | | | | 42,070 | | | | 35,150 | | | | 35,149 | | | | 35,149 | | | | 35,149 | | | | 35,149 | |
| | 61,358 | | | | 49,107 | | | | 61,108 | | | | 64,458 | | | | 56,886 | | | | 38,629 | | | | 38,518 | | | | 33,518 | |
| | 33,738 | | | | 24,061 | | | | 30,360 | | | | 45,993 | | | | 30,330 | | | | 29,039 | | | | 31,083 | | | | 29,514 | |
| | 6,086 | | | | 322,470 | | | | 41,629 | | | | — | | | | 15,341 | | | | — | | | | — | | | | — | |
| | 24,042 | | | | 15,433 | | | | 28,175 | | | | 24,927 | | | | 12,542 | | | | 19,023 | | | | 18,411 | | | | 22,657 | |
| | 2,796 | | | | 18,255 | | | | 3,029 | | | | 18,542 | | | | 923 | | | | 3,168 | | | | 2,087 | | | | 6,287 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | 196,456 | | | | 744,799 | | | | 257,416 | | | | 561,809 | | | | 192,422 | | | | 213,693 | | | | 181,330 | | | | 298,789 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | 1,237,716 | | | | 2,357,077 | | | | 1,093,628 | | | | 5,751,709 | | | | 204,471 | | | | 377,433 | | | | 268,512 | | | | 679,607 | |
| | (14,376 | ) | | | (122,873 | ) | | | (15,562 | ) | | | (1,757,543 | ) | | | (190,285 | ) | | | (16,376 | ) | | | (8,718 | ) | | | (38,079 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | 1,223,340 | | | | 2,234,204 | | | | 1,078,066 | | | | 3,994,166 | | | | 14,186 | | | | 361,057 | | | | 259,794 | | | | 641,528 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | 2,912,025 | | | | 21,794,452 | | | | 4,019,079 | | | | 48,926,562 | | | | 75,197 | | | | 6,173,608 | | | | 3,155,929 | | | | 13,783,466 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 9,972,244 | | | | 111,560,543 | | | | 16,518,011 | | | | 10,709,842 | | | | 249,473 | | | | (3,997,757 | ) | | | 379,360 | | | | 1,959,334 | |
| | — | | | | 1,851,045 | | | | — | | | | 1,744,522 | | | | — | | | | — | | | | — | | | | — | |
| | — | | | | — | | | | — | | | | (1,130,191 | ) | | | — | | | | — | | | | — | | | | — | |
| | — | | | | — | | | | — | | | | — | | | | — | | | | 4,020,487 | | | | 2,158,181 | | | | 10,585,617 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | 9,972,244 | | | | 113,411,588 | | | | 16,518,011 | | | | 11,324,173 | | | | 249,473 | | | | 22,730 | | | | 2,537,541 | | | | 12,544,951 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 3,435,684 | | | | 64,142,757 | | | | 10,875,359 | | | | 13,595,374 | | | | 1,030,408 | | | | 7,787,536 | | | | 2,251,939 | | | | 10,992,231 | |
| | — | | | | (1,319,450 | ) | | | — | | | | (1,512,845 | ) | | | — | | | | — | | | | — | | | | — | |
| | — | | | | — | | | | — | | | | (319,667 | ) | | | — | | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | 3,435,684 | | | | 62,823,307 | | | | 10,875,359 | | | | 11,762,862 | | | | 1,030,408 | | | | 7,787,536 | | | | 2,251,939 | | | | 10,992,231 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | 13,407,928 | | | | 176,234,895 | | | | 27,393,370 | | | | 23,087,035 | | | | 1,279,881 | | | | 7,810,266 | | | | 4,789,480 | | | | 23,537,182 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| $ | 16,319,953 | | | $ | 198,029,347 | | | $ | 31,412,449 | | | $ | 72,013,597 | | | $ | 1,355,078 | | | $ | 13,983,874 | | | $ | 7,945,409 | | | $ | 37,320,648 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
93
MoA FUNDS
STATEMENTS OF OPERATIONS (Continued)
For the year ended December 31, 2024
| | | | | | | | | | | | | | | | | | | | |
| | | Clear
Passage
2025
Fund | | | Clear
Passage
2030
Fund | | | Clear
Passage
2035
Fund | | | Clear
Passage
2040
Fund | | | Clear
Passage
2045
Fund | |
INVESTMENT INCOME AND EXPENSES | | | | | | | | | | | | | | | | | | | | |
INVESTMENT INCOME | | | | | | | | | | | | | | | | | | | | |
Dividends (Notes 2 and 4) | | $ | 31,962,680 | | | $ | 36,195,185 | | | $ | 32,646,061 | | | $ | 26,234,975 | | | $ | 25,867,056 | |
Interest | | | 171 | | | | 218 | | | | 203 | | | | 175 | | | | 180 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total investment income | | | 31,962,851 | | | | 36,195,403 | | | | 32,646,264 | | | | 26,235,150 | | | | 25,867,236 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
EXPENSES | | | | | | | | | | | | | | | | | | | | |
Investment advisory fees (Note 3) | | | 561,490 | | | | 682,197 | | | | 665,632 | | | | 566,439 | | | | 583,895 | |
Administrative fee (Note 3) | | | 336,921 | | | | 409,463 | | | | 399,644 | | | | 340,105 | | | | 350,580 | |
Other operating expenses | | | | | | | | | | | | | | | | | | | | |
Custody and Fund administration expenses | | | 174,264 | | | | 209,384 | | | | 202,034 | | | | 168,833 | | | | 181,799 | |
Shareholders reports | | | 12,836 | | | | 22,199 | | | | 23,568 | | | | 20,427 | | | | 20,010 | |
Shareholder service fees | | | 187,543 | | | | 236,559 | | | | 235,968 | | | | 202,344 | | | | 208,404 | |
Transfer agent fees | | | 24,743 | | | | 27,981 | | | | 28,225 | | | | 28,364 | | | | 29,077 | |
Independent directors’ fees and expenses | | | 35,149 | | | | 35,149 | | | | 35,149 | | | | 34,963 | | | | 35,149 | |
Audit and Tax Expense | | | 33,518 | | | | 33,518 | | | | 33,455 | | | | 38,510 | | | | 35,010 | |
Legal | | | 18,261 | | | | 15,144 | | | | 21,627 | | | | 24,295 | | | | 25,141 | |
Licenses | | | — | | | | — | | | | — | | | | — | | | | — | |
Registration fees | | | 23,955 | | | | 33,467 | | | | 16,556 | | | | 22,972 | | | | 29,938 | |
Miscellaneous fees | | | 14,356 | | | | 16,977 | | | | 16,344 | | | | 13,361 | | | | 14,458 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total other operating expenses | | | 524,625 | | | | 630,378 | | | | 612,926 | | | | 554,069 | | | | 578,986 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total expenses before waiver/reimbursement | | | 1,423,036 | | | | 1,722,038 | | | | 1,678,202 | | | | 1,460,613 | | | | 1,513,461 | |
Fee waiver and expense reimbursement (Note 3) | | | (89,845 | ) | | | (109,190 | ) | | | (106,572 | ) | | | (90,695 | ) | | | (93,488 | ) |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Net expenses | | | 1,333,191 | | | | 1,612,848 | | | | 1,571,630 | | | | 1,369,918 | | | | 1,419,973 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Net Investment Income (Loss) | | | 30,629,660 | | | | 34,582,555 | | | | 31,074,634 | | | | 24,865,232 | | | | 24,447,263 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, FUTURES CONTRACTS AND FOREIGN CURRENCY TRANSLATIONS (Note 2) | | | | | | | | | | | | | | | | | | | | |
Net realized gain (loss) on: | | | | | | | | | | | | | | | | | | | | |
Investment securities (Notes 2 and 4) | | | 14,440,196 | | | | 24,648,986 | | | | 42,091,901 | | | | 44,008,312 | | | | 50,271,388 | |
Futures contracts (Note 2) | | | — | | | | — | | | | — | | | | — | | | | — | |
Foreign currency translation | | | — | | | | — | | | | — | | | | — | | | | — | |
Gain distributions from MoA Funds (Note 4) | | | 31,014,956 | | | | 46,287,356 | | | | 54,606,314 | | | | 51,792,317 | | | | 55,577,315 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| | | 45,455,152 | | | | 70,936,342 | | | | 96,698,215 | | | | 95,800,629 | | | | 105,848,703 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Change in net unrealized appreciation (depreciation) of: | | | | | | | | | | | | | | | | | | | | |
Investment securities (Notes 2 and 4) | | | 27,908,572 | | | | 38,422,996 | | | | 33,734,556 | | | | 27,847,991 | | | | 28,673,695 | |
Futures contracts (Note 2) | | | — | | | | — | | | | — | | | | — | | | | — | |
Foreign currency translation | | | — | | | | — | | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| | | 27,908,572 | | | | 38,422,996 | | | | 33,734,556 | | | | 27,847,991 | | | | 28,673,695 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, FUTURES CONTRACTS AND FOREIGN CURRENCY TRANSLATIONS | | | 73,363,724 | | | | 109,359,338 | | | | 130,432,771 | | | | 123,648,620 | | | | 134,522,398 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 103,993,384 | | | $ | 143,941,893 | | | $ | 161,507,405 | | | $ | 148,513,852 | | | $ | 158,969,661 | |
| | | | | | | | | | | | | | | | | | | | |
| (b) | Formerly MoA Money Market Fund |
The accompanying notes are an integral part of these financial statements.
94
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Clear
Passage
2050
Fund | | | Clear
Passage
2055
Fund | | | Clear
Passage
2060
Fund | | | Clear
Passage
2065
Fund | | | Conservative
Allocation
Fund | | | Moderate
Allocation
Fund | | | Aggressive
Allocation
Fund | | | US Government
Money Market
Fund(b) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 19,536,995 | | | $ | 10,867,630 | | | $ | 5,878,514 | | | $ | 2,081,009 | | | $ | 4,683,458 | | | $ | 10,444,673 | | | $ | 7,283,504 | | | $ | — | |
| | 153 | | | | 97 | | | | 64 | | | | 434 | | | | 34 | | | | 44 | | | | 44 | | | | 27,560,545 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | 19,537,148 | | | | 10,867,727 | | | | 5,878,578 | | | | 2,081,443 | | | | 4,683,492 | | | | 10,444,717 | | | | 7,283,548 | | | | 27,560,545 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 457,960 | | | | 255,869 | | | | 138,705 | | | | 48,262 | | | | — | | | | — | | | | — | | | | 793,426 | |
| | 274,945 | | | | 153,639 | | | | 83,306 | | | | 29,014 | | | | 46,836 | | | | 121,913 | | | | 102,476 | | | | 158,621 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 141,107 | | | | 76,120 | | | | 39,899 | | | | 10,893 | | | | 18,641 | | | | 55,319 | | | | 46,480 | | | | 48,824 | |
| | 18,241 | | | | 15,787 | | | | 8,484 | | | | 2,795 | | | | 5,063 | | | | 11,531 | | | | 9,695 | | | | 17,278 | |
| | 165,181 | | | | 94,320 | | | | 52,324 | | | | 20,104 | | | | — | | | | — | | | | — | | | | — | |
| | 29,465 | | | | 29,220 | | | | 28,251 | | | | 22,888 | | | | 7,146 | | | | 7,455 | | | | 9,118 | | | | 22,391 | |
| | 33,841 | | | | 35,149 | | | | 35,149 | | | | 35,149 | | | | 35,149 | | | | 35,149 | | | | 35,149 | | | | 35,149 | |
| | 38,510 | | | | 38,510 | | | | 38,510 | | | | 38,510 | | | | 38,629 | | | | 38,629 | | | | 38,630 | | | | 57,595 | |
| | 21,588 | | | | 28,608 | | | | 28,876 | | | | 24,147 | | | | 30,357 | | | | 30,473 | | | | 30,357 | | | | 33,312 | |
| | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | 1,539 | |
| | 27,440 | | | | 31,369 | | | | 25,722 | | | | 22,776 | | | | 29,043 | | | | 31,043 | | | | 30,864 | | | | 44,203 | |
| | 12,244 | | | | 6,424 | | | | 3,850 | | | | 1,862 | | | | 2,628 | | | | 5,435 | | | | 4,690 | | | | 6,907 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | 487,617 | | | | 355,507 | | | | 261,065 | | | | 179,124 | | | | 166,656 | | | | 215,034 | | | | 204,983 | | | | 267,198 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | 1,220,522 | | | | 765,015 | | | | 483,076 | | | | 256,400 | | | | 213,492 | | | | 336,947 | | | | 307,459 | | | | 1,219,245 | |
| | (73,318 | ) | | | (40,970 | ) | | | (22,215 | ) | | | (215,892 | ) | | | (12,489 | ) | | | (32,510 | ) | | | (27,327 | ) | | | (42,299 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | 1,147,204 | | | | 724,045 | | | | 460,861 | | | | 40,508 | | | | 201,003 | | | | 304,437 | | | | 280,132 | | | | 1,176,946 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | 18,389,944 | | | | 10,143,682 | | | | 5,417,717 | | | | 2,040,935 | | | | 4,482,489 | | | | 10,140,280 | | | | 7,003,416 | | | | 26,383,599 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 27,199,897 | | | | 12,120,713 | | | | 4,115,357 | | | | 805,265 | | | | (154,236 | ) | | | 10,558,362 | | | | 8,727,454 | | | | 4,577 | |
| | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
| | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
| | 46,458,887 | | | | 27,065,455 | | | | 15,143,165 | | | | 5,831,214 | | | | 3,712,254 | | | | 14,275,824 | | | | 15,573,576 | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | 73,658,784 | | | | 39,186,168 | | | | 19,258,522 | | | | 6,636,479 | | | | 3,558,018 | | | | 24,834,186 | | | | 24,301,030 | | | | 4,577 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 36,269,647 | | | | 22,946,424 | | | | 14,233,372 | | | | 4,454,789 | | | | 4,208,215 | | | | 8,803,109 | | | | 11,150,640 | | | | — | |
| | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
| | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | 36,269,647 | | | | 22,946,424 | | | | 14,233,372 | | | | 4,454,789 | | | | 4,208,215 | | | | 8,803,109 | | | | 11,150,640 | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | 109,928,431 | | | | 62,132,592 | | | | 33,491,894 | | | | 11,091,268 | | | | 7,766,233 | | | | 33,637,295 | | | | 35,451,670 | | | | 4,577 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| $ | 128,318,375 | | | $ | 72,276,274 | | | $ | 38,909,611 | | | $ | 13,132,203 | | | $ | 12,248,722 | | | $ | 43,777,575 | | | $ | 42,455,086 | | | $ | 26,388,176 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| (b) | Formerly MoA Money Market Fund |
The accompanying notes are an integral part of these financial statements.
95
MoA FUNDS
STATEMENTS OF OPERATIONS (Continued)
For the year ended December 31, 2024
| | | | | | | | |
| | |
Intermediate
Bond Fund | | | Core Bond
Fund | |
INVESTMENT INCOME AND EXPENSES | | | | | | | | |
INVESTMENT INCOME | | | | | | | | |
Dividends (Notes 2 and 4) | | $ | — | | | $ | — | |
Interest | | | 37,385,350 | | | | 90,244,401 | |
| | | | | | | | |
| | |
Total investment income | | | 37,385,350 | | | | 90,244,401 | |
| | | | | | | | |
| | |
EXPENSES | | | | | | | | |
Investment advisory fees (Note 3) | | | 3,678,995 | | | | 8,341,085 | |
Administrative fee (Note 3) | | | 275,878 | | | | 641,771 | |
Other operating expenses | | | | | | | | |
Custody and Fund administration expenses | | | 131,596 | | | | 369,877 | |
Shareholders reports | | | 23,599 | | | | 47,142 | |
Shareholder service fees | | | — | | | | — | |
Transfer agent fees | | | 13,024 | | | | 19,452 | |
Independent directors’ fees and expenses | | | 35,149 | | | | 35,149 | |
Audit and Tax Expense | | | 53,966 | | | | 53,966 | |
Legal | | | 30,357 | | | | 30,357 | |
Licenses | | | — | | | | — | |
Registration fees | | | 21,919 | | | | 14,883 | |
Miscellaneous fees | | | 10,883 | | | | 25,434 | |
| | | | | | | | |
| | |
Total other operating expenses | | | 320,493 | | | | 596,260 | |
| | | | | | | | |
| | |
Total expenses before waiver/reimbursement | | | 4,275,366 | | | | 9,579,116 | |
Fee waiver and expense reimbursement (Note 3) | | | (73,567 | ) | | | (171,139 | ) |
| | | | | | | | |
| | |
Net expenses | | | 4,201,799 | | | | 9,407,977 | |
| | | | | | | | |
| | |
Net Investment Income (Loss) | | | 33,183,551 | | | | 80,836,424 | |
| | | | | | | | |
| | |
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, FUTURES CONTRACTS AND FOREIGN CURRENCY TRANSLATIONS (Note 2) | | | | | | | | |
Net realized gain (loss) on: | | | | | | | | |
Investment securities (Notes 2 and 4) | | | (13,630,395 | ) | | | (50,754,376 | ) |
Futures contracts (Note 2) | | | — | | | | — | |
Foreign currency translation | | | — | | | | — | |
Gain distributions from MoA Funds (Note 4) | | | — | | | | — | |
| | | | | | | | |
| | |
| | | (13,630,395 | ) | | | (50,754,376 | ) |
| | | | | | | | |
| | |
Change in net unrealized appreciation (depreciation) of: | | | | | | | | |
Investment securities (Notes 2 and 4) | | | 6,821,704 | | | | (5,404,002 | ) |
Futures contracts (Note 2) | | | — | | | | — | |
Foreign currency translation | | | — | | | | — | |
| | | | | | | | |
| | |
| | | 6,821,704 | | | | (5,404,002 | ) |
| | | | | | | | |
| | |
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, FUTURES CONTRACTS AND FOREIGN CURRENCY TRANSLATIONS | | | (6,808,691 | ) | | | (56,158,378 | ) |
| | | | | | | | |
| | |
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 26,374,860 | | | $ | 24,678,046 | |
| | | | | | | | |
The accompanying notes are an integral part of these financial statements.
96
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MoA FUNDS
STATEMENTS OF CHANGES IN NET ASSETS
For the years ended December 31, 2024
| | | | | | | | | | | | | | | | |
| | | Equity Index Fund | | | All America Fund | |
| | | 2024 | | | 2023 | | | 2024 | | | 2023 | |
INCREASE (DECREASE) IN NET ASSETS | | | | | | | | | | | | | | | | |
FROM OPERATIONS | | | | | | | | | | | | | | | | |
Net investment income (loss) | | $ | 72,253,681 | | | $ | 75,271,850 | | | $ | 2,998,435 | | | $ | 3,369,905 | |
| | | | |
Net realized and unrealized gain (loss): | | | | | | | | | | | | | | | | |
Net realized gain (loss) on investments, futures contracts and foreign currency translations | | | 512,642,315 | | | | 234,299,112 | | | | 38,275,380 | | | | 21,955,860 | |
Change in net unrealized appreciation (depreciation) of investments, futures contracts and foreign currency translations | | | 656,949,610 | | | | 800,629,761 | | | | 12,512,028 | | | | 27,941,199 | |
| | | | | | | | | | | | | | | | |
| | | | |
| | | 1,169,591,925 | | | | — | | | | 50,787,408 | | | | — | |
| | | | | | | | | | | | | | | | |
| | | | |
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | | | 1,241,845,606 | | | | 1,110,200,723 | | | | 53,785,843 | | | | 53,266,964 | |
| | | | | | | | | | | | | | | | |
| | | | |
DISTRIBUTIONS (Notes 2 and 6) | | | | | | | | | | | | | | | | |
Distributions from distributable earnings | | | (504,522,692 | ) | | | (272,893,639 | ) | | | (33,338,493 | ) | | | (27,503,248 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
NET INCREASE (DECREASE) IN NET ASSETS FROM DISTRIBUTIONS | | | (504,522,692 | ) | | | (272,893,639 | ) | | | (33,338,493 | ) | | | (27,503,248 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
CAPITAL TRANSACTIONS (Note 5) | | | | | | | | | | | | | | | | |
Proceeds from the sale of shares | | | 538,969,151 | | | | 561,250,860 | | | | 5,184,267 | | | | 4,277,338 | |
Distributions reinvested | | | 504,506,272 | | | | 272,885,172 | | | | 33,321,942 | | | | 27,498,410 | |
Cost of shares redeemed | | | (1,113,425,088 | ) | | | (801,125,488 | ) | | | (49,455,022 | ) | | | (39,538,366 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
NET INCREASE (DECREASE) IN NET ASSETS FROM CAPITAL TRANSACTIONS | | | (69,949,665 | ) | | | 33,010,544 | | | | (10,948,813 | ) | | | (7,762,618 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
TOTAL INCREASE (DECREASE) IN NET ASSETS | | | 667,373,249 | | | | 870,317,628 | | | | 9,498,537 | | | | 18,001,098 | |
| | | | |
NET ASSETS, BEGINNING OF YEAR | | | 5,200,588,704 | | | | 4,330,271,076 | | | | 299,145,208 | | | | 281,144,110 | |
| | | | | | | | | | | | | | | | |
| | | | |
NET ASSETS, END OF YEAR | | $ | 5,867,961,953 | | | $ | 5,200,588,704 | | | $ | 308,643,745 | | | $ | 299,145,208 | |
| | | | | | | | | | | | | | | | |
| | | | |
OTHER INFORMATION (Note 5) | | | | | | | | | | | | | | | | |
Shares outstanding at beginning of year | | | 89,220,905 | | | | 88,695,161 | | | | 13,864,620 | | | | 14,228,687 | |
| | | | | | | | | | | | | | | | |
Shares issued | | | 8,137,426 | | | | 10,268,431 | | | | 221,899 | | | | 202,111 | |
Shares issued as reinvestment of distributions | | | 7,372,740 | | | | 4,783,972 | | | | 1,390,847 | | | | 1,303,928 | |
Shares redeemed | | | (16,713,252 | ) | | | (14,526,659 | ) | | | (2,093,043 | ) | | | (1,870,106 | ) |
Shares issued in split | | | — | | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
Net increase (decrease) | | | (1,203,086 | ) | | | 525,744 | | | | (480,297 | ) | | | (364,067 | ) |
| | | | | | | | | | | | | | | | |
Shares outstanding at end of year | | | 88,017,819 | | | | 89,220,905 | | | | 13,384,323 | | | | 13,864,620 | |
| | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
98
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Small Cap Value Fund | | | Small Cap Growth Fund | | | Small Cap Equity Index Fund | | | Mid Cap Value Fund | |
| 2024 | | | 2023 | | | 2024 | | | 2023 | | | 2024 | | | 2023 | | | 2024 | | | 2023 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 5,254,063 | | | $ | 6,955,838 | | | $ | (757,916 | ) | | $ | (487,599 | ) | | $ | 3,382,084 | | | $ | 3,213,218 | | | $ | 2,912,025 | | | $ | 1,899,632 | |
| | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | 22,265,194 | | | | 6,761,421 | | | | 19,141,684 | | | | 5,352,858 | | | | 8,748,213 | | | | 3,345,321 | | | | 9,972,244 | | | | 4,175,249 | |
| | | | | | | |
| | 13,934,625 | | | | 22,652,196 | | | | 19,798,940 | | | | 56,274,192 | | | | 4,608,208 | | | | 21,369,619 | | | | 3,435,684 | | | | 5,967,408 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | 36,199,819 | | | | — | | | | 38,940,624 | | | | — | | | | 13,356,421 | | | | — | | | | 13,407,928 | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
|
41,453,882 |
| | | 36,369,455 | | | | 38,182,708 | | | | 61,139,451 | | | | 16,738,505 | | | | 27,928,158 | | | | 16,319,953 | | | | 12,042,289 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | (23,218,555 | ) | | | (24,891,911 | ) | | | (6,326,238 | ) | | | (313,463 | ) | | | (11,056,800 | ) | | | (5,743,901 | ) | | | (11,457,434 | ) | | | (3,979,115 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | (23,218,555 | ) | | | (24,891,911 | ) | | | (6,326,238 | ) | | | (313,463 | ) | | | (11,056,800 | ) | | | (5,743,901 | ) | | | (11,457,434 | ) | | | (3,979,115 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 29,588,205 | | | | 34,984,683 | | | | 23,513,635 | | | | 22,355,063 | | | | 35,939,780 | | | | 38,912,496 | | | | 82,574,142 | | | | 69,168,632 | |
| | 23,217,127 | | | | 24,890,500 | | | | 6,326,238 | | | | 313,463 | | | | 11,056,800 | | | | 5,743,901 | | | | 11,457,434 | | | | 3,979,115 | |
| | (82,717,265 | ) | | | (74,899,376 | ) | | | (80,094,663 | ) | | | (99,782,265 | ) | | | (47,678,395 | ) | | | (40,312,283 | ) | | | (42,986,598 | ) | | | (39,049,305 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | (29,911,933 | ) | | | (15,024,193 | ) | | | (50,254,790 | ) | | | (77,113,739 | ) | | | (681,815 | ) | | | 4,344,114 | | | | 51,044,978 | | | | 34,098,442 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | (11,676,606 | ) | | | (3,546,649 | ) | | | (18,398,320 | ) | | | (16,287,751 | ) | | | 4,999,890 | | | | 26,528,371 | | | | 55,907,497 | | | | 42,161,616 | |
| | | | | | | |
| | 409,376,536 | | | | 412,923,185 | | | | 416,089,724 | | | | 432,377,475 | | | | 205,034,047 | | | | 178,505,676 | | | | 157,145,777 | | | | 114,984,161 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| $ | 397,699,930 | | | $ | 409,376,536 | | | $ | 397,691,404 | | | $ | 416,089,724 | | | $ | 210,033,937 | | | $ | 205,034,047 | | | $ | 213,053,274 | | | $ | 157,145,777 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 29,655,222 | | | | 30,715,648 | | | | 32,712,005 | | | | 39,257,270 | | | | 20,074,684 | | | | 19,649,648 | | | | 9,654,349 | | | | 7,347,633 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 2,055,419 | | | | 2,597,500 | | | | 1,749,186 | | | | 1,886,345 | | | | 3,412,737 | | | | 4,143,071 | | | | 4,684,934 | | | | 4,533,937 | |
| | 1,536,722 | | | | 1,869,933 | | | | 437,802 | | | | 27,691 | | | | 1,008,894 | | | | 588,376 | | | | 644,454 | | | | 248,803 | |
| | (5,828,718 | ) | | | (5,527,859 | ) | | | (6,026,153 | ) | | | (8,459,301 | ) | | | (4,534,763 | ) | | | (4,306,411 | ) | | | (2,504,996 | ) | | | (2,476,024 | ) |
| | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | (2,236,577 | ) | | | (1,060,426 | ) | | | (3,839,165 | ) | | | (6,545,265 | ) | | | (113,132 | ) | | | 425,036 | | | | 2,824,392 | | | | 2,306,716 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 27,418,645 | | | | 29,655,222 | | | | 28,872,840 | | | | 32,712,005 | | | | 19,961,552 | | | | 20,074,684 | | | | 12,478,741 | | | | 9,654,349 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
99
MoA FUNDS
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
For the years ended December 31, 2024
| | | | | | | | | | | | | | | | |
| | | Mid Cap Equity Index Fund | | | Balanced Fund | |
| | | 2024 | | | 2023 | | | 2024 | | | 2023 | |
INCREASE (DECREASE) IN NET ASSETS | | | | | | | | | | | | | | | | |
FROM OPERATIONS | | | | | | | | | | | | | | | | |
Net investment income (loss) | | $ | 21,794,452 | | | $ | 24,941,132 | | | $ | 4,019,079 | | | $ | 3,788,007 | |
| | | | |
Net realized and unrealized gain (loss): | | | | | | | | | | | | | | | | |
Net realized gain (loss) on investments, futures contracts and foreign currency translations | | | 113,411,588 | | | | 104,145,230 | | | | 16,518,011 | | | | 8,019,421 | |
Change in net unrealized appreciation (depreciation) of investments, futures contracts and foreign currency translations | | | 62,823,307 | | | | 99,207,336 | | | | 10,875,359 | | | | 13,578,314 | |
| | | | | | | | | | | | | | | | |
| | | | |
| | | 176,234,895 | | | | — | | | | 27,393,370 | | | | — | |
| | | | | | | | | | | | | | | | |
| | | | |
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | | | 198,029,347 | | | | 228,293,698 | | | | 31,412,449 | | | | 25,385,742 | |
| | | | | | | | | | | | | | | | |
| | | | |
DISTRIBUTIONS (Notes 2 and 6) | | | | | | | | | | | | | | | | |
Distributions from distributable earnings | | | (138,414,946 | ) | | | (127,782,556 | ) | | | (16,661,536 | ) | | | (11,120,619 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
NET INCREASE (DECREASE) IN NET ASSETS FROM DISTRIBUTIONS | | | (138,414,946 | ) | | | (127,782,556 | ) | | | (16,661,536 | ) | | | (11,120,619 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
CAPITAL TRANSACTIONS (Note 5) | | | | | | | | | | | | | | | | |
Proceeds from the sale of shares | | | 131,251,213 | | | | 129,626,886 | | | | 7,806,351 | | | | 5,512,608 | |
Distributions reinvested | | | 138,408,487 | | | | 127,776,762 | | | | 16,661,536 | | | | 11,120,619 | |
Cost of shares redeemed | | | (288,382,238 | ) | | | (457,086,919 | ) | | | (26,952,358 | ) | | | (24,347,307 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
NET INCREASE (DECREASE) IN NET ASSETS FROM CAPITAL TRANSACTIONS | | | (18,722,538 | ) | | | (199,683,271 | ) | | | (2,484,471 | ) | | | (7,714,080 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
TOTAL INCREASE (DECREASE) IN NET ASSETS | | | 40,891,863 | | | | (99,172,129 | ) | | | 12,266,442 | | | | 6,551,043 | |
| | | | |
NET ASSETS, BEGINNING OF YEAR | | | 1,500,900,917 | | | | 1,600,073,046 | | | | 186,537,707 | | | | 179,986,664 | |
| | | | | | | | | | | | | | | | |
| | | | |
NET ASSETS, END OF YEAR | | $ | 1,541,792,780 | | | $ | 1,500,900,917 | | | $ | 198,804,149 | | | $ | 186,537,707 | |
| | | | | | | | | | | | | | | | |
| | | | |
OTHER INFORMATION (Note 5) | | | | | | | | | | | | | | | | |
Shares outstanding at beginning of year | | | 74,653,665 | | | | 84,605,273 | | | | 9,913,926 | | | | 10,349,539 | |
| | | | | | | | | | | | | | | | |
Shares issued | | | 6,097,328 | | | | 6,512,947 | | | | 378,967 | | | | 296,111 | |
Shares issued as reinvestment of distributions | | | 6,290,847 | | | | 6,499,082 | | | | 806,389 | | | | 597,384 | |
Shares redeemed | | | (13,330,504 | ) | | | (22,963,637 | ) | | | (1,317,383 | ) | | | (1,329,108 | ) |
Shares issued in split | | | — | | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
Net increase (decrease) | | | (942,329 | ) | | | (9,951,608 | ) | | | (132,027 | ) | | | (435,613 | ) |
| | | | | | | | | | | | | | | | |
Shares outstanding at end of year | | | 73,711,336 | | | | 74,653,665 | | | | 9,781,899 | | | | 9,913,926 | |
| | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
100
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| International Fund | | | Catholic Values Index Fund | | | Retirement Income Fund | | | Clear Passage 2015 Fund | |
| 2024 | | | 2023 | | | 2024 | | | 2023 | | | 2024 | | | 2023 | | | 2024 | | | 2023 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 48,926,562 | | | $ | 50,691,837 | | | $ | 75,197 | | | $ | 70,190 | | | $ | 6,173,608 | | | $ | 4,886,306 | | | $ | 3,155,929 | | | $ | 2,570,700 | |
| | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | 11,324,173 | | | | (48,151,180 | ) | | | 249,473 | | | | 82,259 | | | | 22,730 | | | | (2,926,915 | ) | | | 2,537,541 | | | | 796,929 | |
| | | | | | | |
| | 11,762,862 | | | | 234,409,415 | | | | 1,030,408 | | | | 1,010,543 | | | | 7,787,536 | | | | 17,208,934 | | | | 2,251,939 | | | | 7,589,493 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | 23,087,035 | | | | — | | | | 1,279,881 | | | | — | | | | 7,810,266 | | | | — | | | | 4,789,480 | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | 72,013,597 | | | | 236,950,072 | | | | 1,355,078 | | | | 1,162,992 | | | | 13,983,874 | | | | 19,168,325 | | | | 7,945,409 | | | | 10,957,122 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | (60,672,335 | ) | | | (71,735,676 | ) | | | (316,012 | ) | | | (139,550 | ) | | | (10,765,437 | ) | | | (6,433,914 | ) | | | (7,421,735 | ) | | | (4,339,140 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | (60,672,335 | ) | | | (71,735,676 | ) | | | (316,012 | ) | | | (139,550 | ) | | | (10,765,437 | ) | | | (6,433,914 | ) | | | (7,421,735 | ) | | | (4,339,140 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 367,635,251 | | | | 190,924,234 | | | | 912,456 | | | | 687,494 | | | | 38,593,244 | | | | 33,437,306 | | | | 9,016,683 | | | | 11,046,350 | |
| | 60,672,335 | | | | 71,735,676 | | | | 316,012 | | | | 139,550 | | | | 10,765,437 | | | | 6,433,914 | | | | 7,421,735 | | | | 4,339,140 | |
| | (243,229,184 | ) | | | (169,726,954 | ) | | | (451,328 | ) | | | (532,969 | ) | | | (52,012,273 | ) | | | (48,345,483 | ) | | | (23,083,751 | ) | | | (23,105,040 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | 185,078,402 | | | | 92,932,956 | | | | 777,140 | | | | 294,075 | | | | (2,653,592 | ) | | | (8,474,263 | ) | | | (6,645,333 | ) | | | (7,719,550 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | 196,419,664 | | | | 258,147,352 | | | | 1,816,206 | | | | 1,317,517 | | | | 564,845 | | | | 4,260,148 | | | | (6,121,659 | ) | | | (1,101,568 | ) |
| | | | | | | |
| | 1,459,726,678 | | | | 1,201,579,326 | | | | 5,737,156 | | | | 4,419,639 | | | | 207,359,700 | | | | 203,099,552 | | | | 111,496,380 | | | | 112,597,948 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| $ | 1,656,146,342 | | | $ | 1,459,726,678 | | | $ | 7,553,362 | | | $ | 5,737,156 | | | $ | 207,924,545 | | | $ | 207,359,700 | | | $ | 105,374,721 | | | $ | 111,496,380 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 177,964,034 | | | | 166,036,582 | | | | 424,687 | | | | 402,782 | | | | 19,017,410 | | | | 19,840,515 | | | | 12,914,287 | | | | 13,852,904 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 42,650,996 | | | | 24,538,784 | | | | 60,002 | | | | 54,609 | | | | 3,412,192 | | | | 3,145,079 | | | | 1,011,610 | | | | 1,301,857 | |
| | 6,963,577 | | | | 9,317,776 | | | | 19,466 | | | | 10,659 | | | | 965,427 | | | | 603,501 | | | | 847,334 | | | | 516,862 | |
| | (28,238,063 | ) | | | (21,929,108 | ) | | | (29,906 | ) | | | (43,363 | ) | | | (4,621,560 | ) | | | (4,571,685 | ) | | | (2,584,433 | ) | | | (2,757,336 | ) |
| | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 21,376,510 | | | | 11,927,452 | | | | 49,562 | | | | 21,905 | | | | (243,941 | ) | | | (823,105 | ) | | | (725,489 | ) | | | (938,617 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 199,340,544 | | | | 177,964,034 | | | | 474,249 | | | | 424,687 | | | | 18,773,469 | | | | 19,017,410 | | | | 12,188,798 | | | | 12,914,287 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
101
MoA FUNDS
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
For the years ended December 31, 2024
| | | | | | | | | | | | | | | | |
| | | Clear Passage 2020 Fund | | | Clear Passage 2025 Fund | |
| | | 2024 | | | 2023 | | | 2024 | | | 2023 | |
INCREASE (DECREASE) IN NET ASSETS | | | | | | | | | | | | | | | | |
FROM OPERATIONS | | | | | | | | | | | | | | | | |
Net investment income (loss) | | $ | 13,783,466 | | | $ | 12,115,766 | | | $ | 30,629,660 | | | $ | 27,000,825 | |
| | | | |
Net realized and unrealized gain (loss): | | | | | | | | | | | | | | | | |
Net realized gain (loss) on investments, futures contracts and foreign currency translations | | | 12,544,951 | | | | 3,712,633 | | | | 45,455,152 | | | | 23,109,748 | |
Change in net unrealized appreciation (depreciation) of investments, futures contracts and foreign currency translations | | | 10,992,231 | | | | 39,233,618 | | | | 27,908,572 | | | | 88,078,173 | |
| | | | | | | | | | | | | | | | |
| | | | |
| | | 23,537,182 | | | | — | | | | 73,363,724 | | | | — | |
| | | | | | | | | | | | | | | | |
| | | | |
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | | | 37,320,648 | | | | 55,062,017 | | | | 103,993,384 | | | | 138,188,746 | |
| | | | | | | | | | | | | | | | |
| | | | |
DISTRIBUTIONS (Notes 2 and 6) | | | | | | | | | | | | | | | | |
Distributions from distributable earnings | | | (28,210,119 | ) | | | (22,899,461 | ) | | | (80,504,666 | ) | | | (57,398,524 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
NET INCREASE (DECREASE) IN NET ASSETS FROM DISTRIBUTIONS | | | (28,210,119 | ) | | | (22,899,461 | ) | | | (80,504,666 | ) | | | (57,398,524 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
CAPITAL TRANSACTIONS (Note 5) | | | | | | | | | | | | | | | | |
Proceeds from the sale of shares | | | 25,649,032 | | | | 36,143,624 | | | | 90,991,252 | | | | 111,356,373 | |
Distributions reinvested | | | 28,210,119 | | | | 22,899,461 | | | | 80,504,666 | | | | 57,398,524 | |
Cost of shares redeemed | | | (95,168,441 | ) | | | (103,471,027 | ) | | | (212,427,905 | ) | | | (177,368,777 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
NET INCREASE (DECREASE) IN NET ASSETS FROM CAPITAL TRANSACTIONS | | | (41,309,290 | ) | | | (44,427,942 | ) | | | (40,931,987 | ) | | | (8,613,880 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
TOTAL INCREASE (DECREASE) IN NET ASSETS | | | (32,198,761 | ) | | | (12,265,386 | ) | | | (17,443,269 | ) | | | 72,176,342 | |
| | | | |
NET ASSETS, BEGINNING OF YEAR | | | 491,340,536 | | | | 503,605,922 | | | | 1,128,845,994 | | | | 1,056,669,652 | |
| | | | | | | | | | | | | | | | |
| | | | |
NET ASSETS, END OF YEAR | | $ | 459,141,775 | | | $ | 491,340,536 | | | $ | 1,111,402,725 | | | $ | 1,128,845,994 | |
| | | | | | | | | | | | | | | | |
| | | | |
OTHER INFORMATION (Note 5) | | | | | | | | | | | | | | | | |
Shares outstanding at beginning of year | | | 48,246,361 | | | | 52,737,634 | | | | 95,398,941 | | | | 96,200,741 | |
| | | | | | | | | | | | | | | | |
Shares issued | | | 2,422,179 | | | | 3,625,135 | | | | 7,325,873 | | | | 9,635,433 | |
Shares issued as reinvestment of distributions | | | 2,694,314 | | | | 2,295,120 | | | | 6,580,406 | | | | 4,945,749 | |
Shares redeemed | | | (9,020,531 | ) | | | (10,411,528 | ) | | | (17,160,233 | ) | | | (15,382,982 | ) |
Shares issued in split | | | — | | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
Net increase (decrease) | | | (3,904,038 | ) | | | (4,491,273 | ) | | | (3,253,954 | ) | | | (801,800 | ) |
| | | | | | | | | | | | | | | | |
Shares outstanding at end of year | | | 44,342,323 | | | | 48,246,361 | | | | 92,144,987 | | | | 95,398,941 | |
| | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
102
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Clear Passage 2030 Fund | | | Clear Passage 2035 Fund | | | Clear Passage 2040 Fund | | | Clear Passage 2045 Fund | |
| 2024 | | | 2023 | | | 2024 | | | 2023 | | | 2024 | | | 2023 | | | 2024 | | | 2023 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 34,582,555 | | | $ | 29,565,831 | | | $ | 31,074,634 | | | $ | 27,209,856 | | | $ | 24,865,232 | | | $ | 22,339,765 | | | $ | 24,447,263 | | | $ | 22,832,038 | |
| | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
70,936,342 |
| | | 42,769,347 | | | | 96,698,215 | | | | 43,275,627 | | | | 95,800,629 | | | | 42,290,853 | | | | 105,848,703 | | | | 43,505,045 | |
| | | | | | | |
| | 38,422,996 | | | | 98,615,265 | | | | 33,734,556 | | | | 108,464,009 | | | | 27,847,991 | | | | 97,973,374 | | | | 28,673,695 | | | | 107,248,024 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | 109,359,338 | | | | — | | | | 130,432,771 | | | | — | | | | 123,648,620 | | | | — | | | | 134,522,398 | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
|
143,941,893 |
| | | 170,950,443 | | | | 161,507,405 | | | | 178,949,492 | | | | 148,513,852 | | | | 162,603,992 | | | | 158,969,661 | | | | 173,585,107 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | (98,201,001 | ) | | | (73,897,218 | ) | | | (113,312,499 | ) | | | (65,036,438 | ) | | | (100,371,526 | ) | | | (58,597,797 | ) | | | (104,644,513 | ) | | | (61,440,943 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | (98,201,001 | ) | | | (73,897,218 | ) | | | (113,312,499 | ) | | | (65,036,438 | ) | | | (100,371,526 | ) | | | (58,597,797 | ) | | | (104,644,513 | ) | | | (61,440,943 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 135,189,970 | | | | 144,218,851 | | | | 165,895,140 | | | | 155,310,004 | | | | 127,467,009 | | | | 126,765,781 | | | | 122,022,620 | | | | 106,970,849 | |
| | 98,201,001 | | | | 73,897,218 | | | | 113,312,499 | | | | 65,036,438 | | | | 100,371,526 | | | | 58,597,797 | | | | 104,644,513 | | | | 61,440,943 | |
| | (179,465,644 | ) | | | (131,145,428 | ) | | | (159,242,743 | ) | | | (126,628,726 | ) | | | (110,243,511 | ) | | | (99,080,596 | ) | | | (117,990,849 | ) | | | (86,751,838 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | 53,925,327 | | | | 86,970,641 | | | | 119,964,896 | | | | 93,717,716 | | | | 117,595,024 | | | | 86,282,982 | | | | 108,676,284 | | | | 81,659,954 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | 99,666,219 | | | | 184,023,866 | | | | 168,159,802 | | | | 207,630,770 | | | | 165,737,350 | | | | 190,289,177 | | | | 163,001,432 | | | | 193,804,118 | |
| | | | | | | |
| | 1,309,074,481 | | | | 1,125,050,615 | | | | 1,231,069,296 | | | | 1,023,438,526 | | | | 1,037,824,793 | | | | 847,535,616 | | | | 1,068,624,800 | | | | 874,820,682 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| $ | 1,408,740,700 | | | $ | 1,309,074,481 | | | $ | 1,399,229,098 | | | $ | 1,231,069,296 | | | $ | 1,203,562,143 | | | $ | 1,037,824,793 | | | $ | 1,231,626,232 | | | $ | 1,068,624,800 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 101,358,436 | | | | 94,524,726 | | | | 91,087,947 | | | | 83,915,573 | | | | 76,507,647 | | | | 69,936,961 | | | | 79,927,633 | | | | 73,598,703 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 9,885,998 | | | | 11,410,972 | | | | 11,479,382 | | | | 11,913,020 | | | | 8,704,106 | | | | 9,714,297 | | | | 8,441,741 | | | | 8,327,566 | |
| | 7,248,786 | | | | 5,831,430 | | | | 7,934,837 | | | | 4,969,516 | | | | 6,949,081 | | | | 4,464,920 | | | | 7,328,318 | | | | 4,764,609 | |
| | (13,164,393 | ) | | | (10,408,692 | ) | | | (11,013,649 | ) | | | (9,710,162 | ) | | | (7,536,129 | ) | | | (7,608,531 | ) | | | (8,135,767 | ) | | | (6,763,245 | ) |
| | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 3,970,391 | | | | 6,833,710 | | | | 8,400,570 | | | | 7,172,374 | | | | 8,117,058 | | | | 6,570,686 | | | | 7,634,292 | | | | 6,328,930 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 105,328,827 | | | | 101,358,436 | | | | 99,488,517 | | | | 91,087,947 | | | | 84,624,705 | | | | 76,507,647 | | | | 87,561,925 | | | | 79,927,633 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
103
MoA FUNDS
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
For the years ended December 31, 2024
| | | | | | | | | | | | | | | | |
| | | Clear Passage 2050 Fund | | | Clear Passage 2055 Fund | |
| | | 2024 | | | 2023 | | | 2024 | | | 2023 | |
INCREASE (DECREASE) IN NET ASSETS | | | | | | | | | | | | | | | | |
FROM OPERATIONS | | | | | | | | | | | | | | | | |
Net investment income (loss) | | $ | 18,389,944 | | | $ | 17,417,096 | | | $ | 10,143,682 | | | $ | 9,220,327 | |
| | | | |
Net realized and unrealized gain (loss): | | | | | | | | | | | | | | | | |
Net realized gain (loss) on investments, futures contracts and foreign currency translations | | | 73,658,784 | | | | 39,088,485 | | | | 39,186,168 | | | | 15,407,087 | |
Change in net unrealized appreciation (depreciation) of investments, futures contracts and foreign currency translations | | | 36,269,647 | | | | 78,824,585 | | | | 22,946,424 | | | | 46,935,365 | |
| | | | | | | | | | | | | | | | |
| | | | |
| | | 109,928,431 | | | | — | | | | 62,132,592 | | | | — | |
| | | | | | | | | | | | | | | | |
| | | | |
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | | | 128,318,375 | | | | 135,330,166 | | | | 72,276,274 | | | | 71,562,779 | |
| | | | | | | | | | | | | | | | |
| | | | |
DISTRIBUTIONS (Notes 2 and 6) | | | | | | | | | | | | | | | | |
Distributions from distributable earnings | | | (67,915,736 | ) | | | (51,541,323 | ) | | | (37,269,115 | ) | | | (20,852,274 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
NET INCREASE (DECREASE) IN NET ASSETS FROM DISTRIBUTIONS | | | (67,915,736 | ) | | | (51,541,323 | ) | | | (37,269,115 | ) | | | (20,852,274 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
CAPITAL TRANSACTIONS (Note 5) | | | | | | | | | | | | | | | | |
Proceeds from the sale of shares | | | 109,890,457 | | | | 100,928,790 | | | | 89,167,656 | | | | 74,424,549 | |
Distributions reinvested | | | 67,915,736 | | | | 51,541,323 | | | | 37,269,115 | | | | 20,852,274 | |
Cost of shares redeemed | | | (91,346,006 | ) | | | (71,231,167 | ) | | | (50,930,153 | ) | | | (34,565,212 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
NET INCREASE (DECREASE) IN NET ASSETS FROM CAPITAL TRANSACTIONS | | | 86,460,187 | | | | 81,238,946 | | | | 75,506,618 | | | | 60,711,611 | |
| | | | | | | | | | | | | | | | |
| | | | |
TOTAL INCREASE (DECREASE) IN NET ASSETS | | | 146,862,826 | | | | 165,027,789 | | | | 110,513,777 | | | | 111,422,116 | |
| | | | |
NET ASSETS, BEGINNING OF YEAR | | | 829,746,819 | | | | 664,719,030 | | | | 450,479,491 | | | | 339,057,375 | |
| | | | | | | | | | | | | | | | |
| | | | |
NET ASSETS, END OF YEAR | | $ | 976,609,645 | | | $ | 829,746,819 | | | $ | 560,993,268 | | | $ | 450,479,491 | |
| | | | | | | | | | | | | | | | |
| | | | |
OTHER INFORMATION (Note 5) | | | | | | | | | | | | | | | | |
Shares outstanding at beginning of year | | | 48,668,561 | | | | 43,738,784 | | | | 32,950,909 | | | | 28,269,738 | |
| | | | | | | | | | | | | | | | |
Shares issued | | | 5,941,385 | | | | 6,138,291 | | | | 5,989,223 | | | | 5,748,087 | |
Shares issued as reinvestment of distributions | | | 3,671,142 | | | | 3,117,169 | | | | 2,503,771 | | | | 1,597,155 | |
Shares redeemed | | | (4,934,476 | ) | | | (4,325,683 | ) | | | (3,411,709 | ) | | | (2,664,071 | ) |
Shares issued in split | | | — | | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
Net increase (decrease) | | | 4,678,051 | | | | 4,929,777 | | | | 5,081,285 | | | | 4,681,171 | |
| | | | | | | | | | | | | | | | |
Shares outstanding at end of year | | | 53,346,612 | | | | 48,668,561 | | | | 38,032,194 | | | | 32,950,909 | |
| | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
104
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Clear Passage 2060 Fund | | | Clear Passage 2065 Fund | | | Conservative Allocation Fund | | | Moderate Allocation Fund | |
| 2024 | | | 2023 | | | 2024 | | | 2023 | | | 2024 | | | 2023 | | | 2024 | | | 2023 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 5,417,717 | | | $ | 4,535,947 | | | $ | 2,040,935 | | | $ | 1,295,780 | | | $ | 4,482,489 | | | $ | 3,560,825 | | | $ | 10,140,280 | | | $ | 8,832,337 | |
| | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | 19,258,522 | | | | 6,165,329 | | | | 6,636,479 | | | | 350,501 | | | | 3,558,018 | | | | 1,391,775 | | | | 24,834,186 | | | | 18,129,724 | |
| | | | | | | |
| | 14,233,372 | | | | 24,876,342 | | | | 4,454,789 | | | | 7,896,117 | | | | 4,208,215 | | | | 11,860,687 | | | | 8,803,109 | | | | 28,967,265 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | 33,491,894 | | | | — | | | | 11,091,268 | | | | — | | | | 7,766,233 | | | | — | | | | 33,637,295 | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | 38,909,611 | | | | 35,577,618 | | | | 13,132,203 | | | | 9,542,398 | | | | 12,248,722 | | | | 16,813,287 | | | | 43,777,575 | | | | 55,929,326 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | (18,719,133 | ) | | | (9,588,157 | ) | | | (5,228,439 | ) | | | (2,176,121 | ) | | | (8,256,023 | ) | | | (5,593,392 | ) | | | (34,443,135 | ) | | | (25,506,727 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | (18,719,133 | ) | | | (9,588,157 | ) | | | (5,228,439 | ) | | | (2,176,121 | ) | | | (8,256,023 | ) | | | (5,593,392 | ) | | | (34,443,135 | ) | | | (25,506,727 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 65,650,855 | | | | 57,819,106 | | | | 50,121,552 | | | | 30,794,535 | | | | 9,647,786 | | | | 5,611,685 | | | | 9,326,258 | | | | 14,144,412 | |
| | 18,719,133 | | | | 9,588,157 | | | | 5,228,439 | | | | 2,176,121 | | | | 8,256,023 | | | | 5,593,392 | | | | 34,443,135 | | | | 25,506,727 | |
| | (26,773,333 | ) | | | (14,836,038 | ) | | | (8,774,863 | ) | | | (6,788,364 | ) | | | (27,236,289 | ) | | | (25,961,885 | ) | | | (59,512,579 | ) | | | (59,891,956 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | 57,596,655 | | | | 52,571,225 | | | | 46,575,128 | | | | 26,182,292 | | | | (9,332,480 | ) | | | (14,756,808 | ) | | | (15,743,186 | ) | | | (20,240,817 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | 77,787,133 | | | | 78,560,686 | | | | 54,478,892 | | | | 33,548,569 | | | | (5,339,781 | ) | | | (3,536,913 | ) | | | (6,408,746 | ) | | | 10,181,782 | |
| | | | | | | |
| | 233,290,591 | | | | 154,729,905 | | | | 67,707,799 | | | | 34,159,230 | | | | 157,941,261 | | | | 161,478,174 | | | | 403,090,396 | | | | 392,908,614 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| $ | 311,077,724 | | | $ | 233,290,591 | | | $ | 122,186,691 | | | $ | 67,707,799 | | | $ | 152,601,480 | | | $ | 157,941,261 | | | $ | 396,681,650 | | | $ | 403,090,396 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 19,968,768 | | | | 15,192,348 | | | | 5,692,295 | | | | 3,333,354 | | | | 14,155,969 | | | | 15,529,615 | | | | 30,615,098 | | | | 32,217,749 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 5,168,322 | | | | 5,258,267 | | | | 3,862,704 | | | | 2,773,642 | | | | 833,996 | | | | 519,616 | | | | 678,535 | | | | 1,091,011 | |
| | 1,464,631 | | | | 861,075 | | | | 396,964 | | | | 192,652 | | | | 715,234 | | | | 512,992 | | | | 2,513,876 | | | | 1,981,984 | |
| | (2,082,129 | ) | | | (1,342,922 | ) | | | (665,913 | ) | | | (607,353 | ) | | | (2,357,516 | ) | | | (2,406,254 | ) | | | (4,281,119 | ) | | | (4,675,646 | ) |
| | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 4,550,824 | | | | 4,776,420 | | | | 3,593,755 | | | | 2,358,941 | | | | (808,286 | ) | | | (1,373,646 | ) | | | (1,088,708 | ) | | | (1,602,651 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 24,519,592 | | | | 19,968,768 | | | | 9,286,050 | | | | 5,692,295 | | | | 13,347,683 | | | | 14,155,969 | | | | 29,526,390 | | | | 30,615,098 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
105
MoA FUNDS
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
For the years ended December 31, 2024
| | | | | | | | | | | | | | | | |
| | | Aggressive Allocation Fund | | | US Government Money Market Fund(b) | |
| | | 2024 | | | 2023 | | | 2024 | | | 2023 | |
INCREASE (DECREASE) IN NET ASSETS | | | | | | | | | | | | | | | | |
FROM OPERATIONS | | | | | | | | | | | | | | | | |
Net investment income (loss) | | $ | 7,003,416 | | | $ | 7,113,089 | | | $ | 26,383,599 | | | $ | 21,906,612 | |
| | | | |
Net realized and unrealized gain (loss): | | | | | | | | | | | | | | | | |
Net realized gain (loss) on investments, futures contracts and foreign currency translations | | | 24,301,030 | | | | 18,336,397 | | | | 4,577 | | | | 19,453 | |
Change in net unrealized appreciation (depreciation) of investments, futures contracts and foreign currency translations | | | 11,150,640 | | | | 26,593,289 | | | | — | | | | (6,226 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
| | | 35,451,670 | | | | — | | | | 4,577 | | | | — | |
| | | | | | | | | | | | | | | | |
| | | | |
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | | | 42,455,086 | | | | 52,042,775 | | | | 26,388,176 | | | | 21,919,839 | |
| | | | | | | | | | | | | | | | |
| | | | |
DISTRIBUTIONS (Notes 2 and 6) | | | | | | | | | | | | | | | | |
Distributions from distributable earnings | | | (28,180,313 | ) | | | (25,881,807 | ) | | | (26,397,139 | ) | | | (21,370,350 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
NET INCREASE (DECREASE) IN NET ASSETS FROM DISTRIBUTIONS | | | (28,180,313 | ) | | | (25,881,807 | ) | | | (26,397,139 | ) | | | (21,370,350 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
CAPITAL TRANSACTIONS (Note 5) | | | | | | | | | | | | | | | | |
Proceeds from the sale of shares | | | 11,537,710 | | | | 7,980,634 | | | | 180,969,847 | (c) | | | 344,546,840 | |
Distributions reinvested | | | 28,180,313 | | | | 25,881,807 | | | | 26,404,813 | | | | 21,369,066 | |
Cost of shares redeemed | | | (54,406,107 | ) | | | (37,193,382 | ) | | | (277,882,424 | ) | | | (114,942,828 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
NET INCREASE (DECREASE) IN NET ASSETS FROM CAPITAL TRANSACTIONS | | | (14,688,084 | ) | | | (3,330,941 | ) | | | (70,507,764 | ) | | | 250,973,078 | |
| | | | | | | | | | | | | | | | |
| | | | |
TOTAL INCREASE (DECREASE) IN NET ASSETS | | | (413,311 | ) | | | 22,830,027 | | | | (70,516,727 | ) | | | 251,522,567 | |
| | | | |
NET ASSETS, BEGINNING OF YEAR | | | 335,537,330 | | | | 312,707,303 | | | | 586,399,482 | | | | 334,876,915 | |
| | | | | | | | | | | | | | | | |
| | | | |
NET ASSETS, END OF YEAR | | $ | 335,124,019 | | | $ | 335,537,330 | | | $ | 515,882,755 | | | $ | 586,399,482 | |
| | | | | | | | | | | | | | | | |
| | | | |
OTHER INFORMATION (Note 5) | | | | | | | | | | | | | | | | |
Shares outstanding at beginning of year | | | 23,285,344 | | | | 23,506,156 | | | | 586,254,771 | (a) | | | 335,492,763 | (a) |
| | | | | | | | | | | | | | | | |
Shares issued | | | 751,012 | | | | 567,811 | | | | 180,719,079 | (a) | | | 344,276,998 | (a) |
Shares issued as reinvestment of distributions | | | 1,850,382 | | | | 1,847,936 | | | | 26,403,383 | (a) | | | 21,394,959 | (a) |
Shares redeemed | | | (3,531,214 | ) | | | (2,636,559 | ) | | | (277,495,125 | )(a) | | | (114,909,949 | )(a) |
| | | | | | | | | | | | | | | | |
Net increase (decrease) | | | (929,820 | ) | | | (220,812 | ) | | | (70,372,663 | )(a) | | | 250,762,008 | (a) |
| | | | | | | | | | | | | | | | |
Shares outstanding at end of year | | | 22,355,524 | | | | 23,285,344 | | | | 515,882,108 | | | | 586,254,771 | (a) |
| | | | | | | | | | | | | | | | |
| (a) | After the close of business on August 23, 2024, the MoA Money Market Fund was restructured as a US Government Money Market Fund and renamed as the MoA US Government Money Market Fund. After the close of business on August 23, 2024, the Fund underwent a stock split so the ending NAV was $1.00. The exact split ratio was 11.855015:1. Post the split and commencing on August 26, 2024, the Fund began seeking to preserve a $1.00 per share net asset value, declaring dividends daily and paying dividends monthly. Number of shares outstanding shown and the share activity prior to the split has been adjusted to reflect the split on a retroactive basis. |
| (b) | Formerly MoA Money Market Fund |
| (c) | The Fund accrued a non-recurring capital contribution from Mutual of America Capital Management LLC of $145 to reflect lost opportunity cost arising when a portion of the portfolio was uninvested. |
The accompanying notes are an integral part of these financial statements.
106
| | | | | | | | | | | | | | |
| Intermediate Bond Fund | | | Core Bond Fund | |
| 2024 | | | 2023 | | | 2024 | | | 2023 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
| $ | 33,183,551 | | | $ | 21,287,726 | | | $ | 80,836,424 | | | $ | 55,387,583 | |
| | | |
| | | | | | | | | | | | | | |
| | | |
| | (13,630,395 | ) | | | (37,964,215 | ) | | | (50,754,376 | ) | | | (53,609,907 | ) |
| | | |
|
6,821,704 |
| | | 58,344,928 | | | | (5,404,002 | ) | | | 95,878,693 | |
| | | | | | | | | | | | | | |
| | | |
| | (6,808,691 | ) | | | — | | | | (56,158,378 | ) | | | — | |
| | | | | | | | | | | | | | |
| | | |
|
26,374,860 |
| | | 41,668,439 | | | | 24,678,046 | | | | 97,656,369 | |
| | | | | | | | | | | | | | |
| | | |
| | | | | | | | | | | | | | |
| | (33,835,589 | ) | | | (20,734,790 | ) | | | (82,791,259 | ) | | | (56,075,190 | ) |
| | | | | | | | | | | | | | |
| | | |
| | (33,835,589 | ) | | | (20,734,790 | ) | | | (82,791,259 | ) | | | (56,075,190 | ) |
| | | | | | | | | | | | | | |
| | | |
| | | | | | | | | | | | | | |
| | 178,360,292 | | | | 189,611,880 | | | | 530,329,675 | | | | 454,212,820 | |
| | 33,835,589 | | | | 20,734,790 | | | | 82,776,536 | | | | 56,064,005 | |
| | (255,044,059 | ) | | | (160,132,833 | ) | | | (406,032,486 | ) | | | (332,811,407 | ) |
| | | | | | | | | | | | | | |
| | | |
|
(42,848,178) |
| | | 50,213,837 | | | | 207,073,725 | | | | 177,465,418 | |
| | | | | | | | | | | | | | |
| | | |
| | (50,308,907 | ) | | | 71,147,486 | | | | 148,960,512 | | | | 219,046,597 | |
| | | |
| | 949,550,093 | | | | 878,402,607 | | | | 2,060,113,232 | | | | 1,841,066,635 | |
| | | | | | | | | | | | | | |
| | | |
| $ | 899,241,186 | | | $ | 949,550,093 | | | $ | 2,209,073,744 | | | $ | 2,060,113,232 | |
| | | | | | | | | | | | | | |
| | | |
| | | | | | | | | | | | | | |
| | 98,461,581 | | | | 93,142,276 | | | | 165,444,728 | | | | 150,726,687 | |
| | | | | | | | | | | | | | |
| | 18,636,508 | | | | 20,040,800 | | | | 43,035,621 | | | | 37,294,206 | |
| | 3,521,878 | | | | 2,191,840 | | | | 6,729,075 | | | | 4,604,851 | |
| | (26,482,959 | ) | | | (16,913,335 | ) | | | (32,996,748 | ) | | | (27,181,016 | ) |
| | — | | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | |
| | (4,324,573 | ) | | | 5,319,305 | | | | 16,767,948 | | | | 14,718,041 | |
| | | | | | | | | | | | | | |
| | 94,137,008 | | | | 98,461,581 | | | | 182,212,676 | | | | 165,444,728 | |
| | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
107
MoA FUNDS
FINANCIAL HIGHLIGHTS
Income from investment operations and distributions per share for a Fund share outstanding throughout the five years ended December 31, 2024 (or since the Fund’s inception date if in existence less than five years) and other supplementary data with respect to each Fund are presented below and in the pages following:
| | | | | | | | | | | | | | | | | | | | |
| | | MoA Equity Index Fund | |
| | | Years Ended December 31, | |
| | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020(a) | |
| | | | | |
Net Asset Value, Beginning of Year | | $ | 58.29 | | | $ | 48.82 | | | $ | 62.41 | | | $ | 51.15 | | | $ | 47.89 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
INCOME (LOSS) FROM INVESTMENT OPERATIONS | | | | | | | | | | | | | | | | | | | | |
Net Investment Income (Loss) | | | 0.87 | | | | 0.87 | | | | 0.79 | | | | 0.73 | | | | 0.92 | |
Net Realized and Unrealized Gains (Losses) on Investments, Futures Contracts and Foreign Currency Translations | | | 13.68 | | | | 11.79 | | | | (12.20 | ) | | | 13.70 | | | | 7.52 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total From Investment Operations | | | 14.55 | | | | 12.66 | | | | (11.41 | ) | | | 14.43 | | | | 8.44 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Less Distributions | | | | | | | | | | | | | | | | | | | | |
From Net Investment Income | | | (0.87 | ) | | | (0.85 | ) | | | (0.78 | ) | | | (0.70 | ) | | | (1.68 | ) |
From Net Realized Gains | | | (5.30 | ) | | | (2.34 | ) | | | (1.40 | ) | | | (2.47 | ) | | | (3.50 | ) |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total Distributions | | | (6.17 | ) | | | (3.19 | ) | | | (2.18 | ) | | | (3.17 | ) | | | (5.18 | ) |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Net Asset Value, End of Year | | $ | 66.67 | | | $ | 58.29 | | | $ | 48.82 | | | $ | 62.41 | | | $ | 51.15 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total Return (%)(b) | | | 24.83 | | | | 26.12 | | | | (18.24 | ) | | | 28.50 | | | | 18.20 | |
Net Assets, End of Year ($ millions) | | | 5,868 | | | | 5,201 | | | | 4,330 | | | | 4,992 | | | | 3,714 | |
Ratio of Net Income (Loss) to Average Net Assets (%) | | | 1.28 | | | | 1.57 | | | | 1.51 | | | | 1.27 | | | | 1.72 | |
Ratio of Expenses to Average Net Assets Before Expense Reimbursement (%) | | | 0.14 | | | | 0.14 | | | | 0.14 | | | | 0.13 | | | | 0.15 | |
Ratio of Expenses to Average Net Assets After Expense Reimbursement (%) | | | 0.13 | | | | 0.14 | | | | 0.14 | | | | 0.13 | | | | 0.15 | |
Portfolio Turnover Rate (%)(c) | | | 8.64 | | | | 4.07 | | | | 3.14 | | | | 7.01 | | | | 5.77 | |
| (a) | On September 25, 2020, the MoA Funds, with the exception of the Catholic Values Index Fund which commenced operations on September 30, 2020, had a 1 for 10 reverse share split. |
| (b) | Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year or period reported and includes reinvestment of distributions, if any. For variable annuity owners or participants in a group variable annuity, the total return does not reflect the effect of fees and charges associated with your variable annuity contract and does not reflect expenses associated with the separate account such as administrative fees and account charges which, if reflected, would reduce the total returns for all years and periods shown. Past performance is no guarantee of future results. Total returns for periods less than one full year are not annualized. |
| (c) | Portfolio turnover rate excludes all short-term securities. |
The accompanying notes are an integral part of these financial statements.
108
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| MoA All America Fund | | | MoA Small Cap Value Fund | | | |
| Years Ended December 31, | | | Years Ended December 31, | | | |
| 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020(a) | | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020(a) | | | |
| | | | | | | | | | |
| $ | 21.58 | | | $ | 19.76 | | | $ | 27.73 | | | $ | 24.18 | | | $ | 24.24 | | | $ | 13.80 | | | $ | 13.44 | | | $ | 16.52 | | | $ | 13.45 | | | $ | 15.11 | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 0.24 | | | | 0.25 | | | | 0.25 | | | | 0.25 | | | | 0.34 | | | | 0.20 | | | | 0.24 | | | | 0.19 | | | | 0.17 | | | | 0.23 | | | |
| | | | | | | | | | |
| | 3.94 | | | | 3.67 | | | | (5.21 | ) | | | 6.18 | | | | 3.31 | | | | 1.39 | | | | 1.00 | | | | (1.83 | ) | | | 4.12 | | | | (1.03 | ) | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | |
| | 4.18 | | | | 3.92 | | | | (4.96 | ) | | | 6.43 | | | | 3.65 | | | | 1.59 | | | | 1.24 | | | | (1.64 | ) | | | 4.29 | | | | (0.80 | ) | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | (0.23 | ) | | | (0.24 | ) | | | (0.25 | ) | | | (0.20 | ) | | | (0.63 | ) | | | (0.18 | ) | | | (0.22 | ) | | | (0.18 | ) | | | (0.09 | ) | | | (0.41 | ) | | |
| | (2.47 | ) | | | (1.86 | ) | | | (2.76 | ) | | | (2.68 | ) | | | (3.08 | ) | | | (0.71 | ) | | | (0.66 | ) | | | (1.26 | ) | | | (1.13 | ) | | | (0.45 | ) | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | |
| | (2.70 | ) | | | (2.10 | ) | | | (3.01 | ) | | | (2.88 | ) | | | (3.71 | ) | | | (0.89 | ) | | | (0.88 | ) | | | (1.44 | ) | | | (1.22 | ) | | | (0.86 | ) | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | |
| $ | 23.06 | | | $ | 21.58 | | | $ | 19.76 | | | $ | 27.73 | | | $ | 24.18 | | | $ | 14.50 | | | $ | 13.80 | | | $ | 13.44 | | | $ | 16.52 | | | $ | 13.45 | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | |
| | 19.12 | | | | 20.33 | | | | (17.70 | ) | | | 27.07 | | | | 16.78 | | | | 11.29 | | | | 9.59 | | | | (9.82 | ) | | | 32.29 | | | | (4.01 | ) | | |
| | 309 | | | | 299 | | | | 281 | | | | 374 | | | | 320 | | | | 398 | | | | 409 | | | | 413 | | | | 580 | | | | 472 | | | |
| | 0.97 | | | | 1.17 | | | | 1.07 | | | | 0.90 | | | | 1.33 | | | | 1.33 | | | | 1.78 | | | | 1.15 | | | | 1.03 | | | | 1.90 | | | |
| | 0.51 | | | | 0.53 | | | | 0.54 | | | | 0.49 | | | | 0.52 | | | | 0.82 | | | | 0.84 | | | | 0.82 | | | | 0.80 | | | | 0.82 | | | |
| | 0.50 | | | | 0.53 | | | | 0.54 | | | | 0.49 | | | | 0.52 | | | | 0.81 | | | | 0.84 | | | | 0.82 | | | | 0.80 | | | | 0.82 | | | |
| | 30.64 | | | | 31.84 | | | | 19.24 | | | | 19.84 | | | | 24.07 | | | | 47.84 | | | | 22.33 | | | | 8.40 | | | | 33.93 | | | | 42.64 | | | |
The accompanying notes are an integral part of these financial statements.
109
MoA FUNDS
FINANCIAL HIGHLIGHTS (Continued)
| | | | | | | | | | | | | | | | | | | | |
| | | MoA Small Cap Growth Fund | |
| | | Years Ended December 31, | |
| | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020(a) | |
| | | | | |
Net Asset Value, Beginning of Year | | $ | 12.72 | | | $ | 11.01 | | | $ | 16.22 | | | $ | 17.53 | | | $ | 14.63 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
INCOME (LOSS) FROM INVESTMENT OPERATIONS | | | | | | | | | | | | | | | | | | | | |
Net Investment Income (Loss) | | | (0.03 | ) | | | (0.01 | ) | | | (0.01 | ) | | | (0.03 | ) | | | (0.02 | ) |
Net Realized and Unrealized Gains (Losses) on Investments, Futures Contracts and Foreign Currency Translations | | | 1.30 | | | | 1.73 | | | | (4.60 | ) | | | 1.74 | | | | 6.01 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total From Investment Operations | | | 1.27 | | | | 1.72 | | | | (4.61 | ) | | | 1.71 | | | | 5.99 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Less Distributions | | | | | | | | | | | | | | | | | | | | |
From Net Investment Income | | | — | | | | — | | | | — | | | | (0.01 | ) | | | (0.06 | ) |
From Net Realized Gains | | | (0.22 | ) | | | (0.01 | ) | | | (0.60 | ) | | | (3.01 | ) | | | (3.03 | ) |
Return of Capital | | | — | | | | — | | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total Distributions | | | (0.22 | ) | | | (0.01 | ) | | | (0.60 | ) | | | (3.02 | ) | | | (3.09 | ) |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Net Asset Value, End of Year | | $ | 13.77 | | | $ | 12.72 | | | $ | 11.01 | | | $ | 16.22 | | | $ | 17.53 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total Return (%)(b) | | | 9.92 | | | | 15.63 | | | | (28.37 | ) | | | 10.38 | | | | 43.31 | |
Net Assets, End of Year ($ millions) | | | 398 | | | | 416 | | | | 432 | | | | 673 | | | | 667 | |
Ratio of Net Income (Loss) to Average Net Assets (%) | | | (0.19 | ) | | | (0.12 | ) | | | (0.05 | ) | | | (0.24 | ) | | | (0.17 | ) |
Ratio of Expenses to Average Net Assets Before Expense Reimbursement (%) | | | 0.82 | | | | 0.84 | | | | 0.83 | | | | 0.80 | | | | 0.81 | |
Ratio of Expenses to Average Net Assets After Expense Reimbursement (%) | | | 0.81 | | | | 0.84 | | | | 0.83 | | | | 0.80 | | | | 0.81 | |
Portfolio Turnover Rate (%)(c) | | | 43.85 | | | | 49.48 | | | | 61.61 | | | | 45.18 | | | | 70.58 | |
| (a) | On September 25, 2020, the MoA Funds, with the exception of the Catholic Values Index Fund which commenced operations on September 30, 2020, had a 1 for 10 reverse share split. |
| (b) | Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year or period reported and includes reinvestment of distributions, if any. For variable annuity owners or participants in a group variable annuity, the total return does not reflect the effect of fees and charges associated with your variable annuity contract and does not reflect expenses associated with the separate account such as administrative fees and account charges which, if reflected, would reduce the total returns for all years and periods shown. Past performance is no guarantee of future results. Total returns for periods less than one full year are not annualized. |
| (c) | Portfolio turnover rate excludes all short-term securities. |
The accompanying notes are an integral part of these financial statements.
110
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| MoA Small Cap Equity Index Fund | | | MoA Mid Cap Value Fund | | | |
| Years Ended December 31, | | | Years Ended December 31, | | | |
| 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020(a) | | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020(a) | | | |
| | | | | | | | | | |
| $ | 10.21 | | | $ | 9.08 | | | $ | 11.59 | | | $ | 10.74 | | | $ | 9.93 | | | $ | 16.28 | | | $ | 15.65 | | | $ | 19.21 | | | $ | 15.53 | | | $ | 16.36 | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 0.18 | | | | 0.16 | | | | 0.13 | | | | 0.16 | | | | 0.07 | | | | 0.26 | | | | 0.23 | | | | 0.23 | | | | 0.26 | | | | 0.44 | | | |
| | | | | | | | | | |
| | 0.70 | | | | 1.26 | | | | (2.03 | ) | | | 2.62 | | | | 0.94 | | | | 1.52 | | | | 0.85 | | | | (2.32 | ) | | | 5.01 | | | | (0.14 | ) | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | |
| | 0.88 | | | | 1.42 | | | | (1.90 | ) | | | 2.78 | | | | 1.01 | | | | 1.78 | | | | 1.08 | | | | (2.09 | ) | | | 5.27 | | | | 0.30 | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | (0.17 | ) | | | (0.15 | ) | | | (0.12 | ) | | | (0.15 | ) | | | (0.07 | ) | | | (0.24 | ) | | | (0.20 | ) | | | (0.29 | ) | | | (0.14 | ) | | | (0.53 | ) | | |
| | (0.40 | ) | | | (0.14 | ) | | | (0.49 | ) | | | (1.78 | ) | | | (0.13 | ) | | | (0.75 | ) | | | (0.25 | ) | | | (1.18 | ) | | | (1.45 | ) | | | (0.48 | ) | | |
| | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | (0.12 | ) | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | |
| | (0.57 | ) | | | (0.29 | ) | | | (0.61 | ) | | | (1.93 | ) | | | (0.20 | ) | | | (0.99 | ) | | | (0.45 | ) | | | (1.47 | ) | | | (1.59 | ) | | | (1.13 | ) | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | |
| $ | 10.52 | | | $ | 10.21 | | | $ | 9.08 | | | $ | 11.59 | | | $ | 10.74 | | | $ | 17.07 | | | $ | 16.28 | | | $ | 15.65 | | | $ | 19.21 | | | $ | 15.53 | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | |
| | 8.55 | | | | 15.87 | | | | (16.31 | ) | | | 26.56 | | | | 10.62 | | | | 10.78 | | | | 6.96 | | | | (10.67 | ) | | | 34.35 | | | | 2.82 | | | |
| | 210 | | | | 205 | | | | 179 | | | | 143 | | | | 107 | | | | 213 | | | | 157 | | | | 115 | | | | 131 | | | | 90 | | | |
| | 1.65 | | | | 1.76 | | | | 1.54 | | | | 1.29 | | | | 1.51 | | | | 1.62 | | | | 1.61 | | | | 1.34 | | | | 1.47 | | | | 2.96 | | | |
| | 0.25 | | | | 0.24 | | | | 0.25 | | | | 0.25 | | | | 0.39 | | | | 0.69 | | | | 0.74 | | | | 0.70 | | | | 0.65 | | | | 0.74 | | | |
| | 0.14 | | | | 0.14 | | | | 0.14 | | | | 0.14 | | | | 0.12 | | | | 0.68 | | | | 0.73 | | | | 0.70 | | | | 0.65 | | | | 0.74 | | | |
| | 35.80 | | | | 43.99 | | | | 29.55 | | | | 69.91 | | | | 42.67 | | | | 38.06 | | | | 29.02 | | | | 11.44 | | | | 23.84 | | | | 23.65 | | | |
111
MoA FUNDS
FINANCIAL HIGHLIGHTS (Continued)
| | | | | | | | | | | | | | | | | | | | |
| | | MoA Mid Cap Equity Index Fund | |
| | | Years Ended December 31, | |
| | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020(a) | |
| | | | | |
Net Asset Value, Beginning of Year | | $ | 20.10 | | | $ | 18.91 | | | $ | 25.12 | | | $ | 23.07 | | | $ | 22.45 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
INCOME (LOSS) FROM INVESTMENT OPERATIONS | | | | | | | | | | | | | | | | | | | | |
Net Investment Income (Loss) | | | 0.32 | | | | 0.34 | | | | 0.36 | | | | 0.33 | | | | 0.32 | |
Net Realized and Unrealized Gains (Losses) on Investments, Futures Contracts and Foreign Currency Translations | | | 2.51 | | | | 2.66 | | | | (3.76 | ) | | | 5.21 | | | | 2.37 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total From Investment Operations | | | 2.83 | | | | 3.00 | | | | (3.40 | ) | | | 5.54 | | | | 2.69 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Less Distributions | | | | | | | | | | | | | | | | | | | | |
From Net Investment Income | | | (0.33 | ) | | | (0.28 | ) | | | (0.31 | ) | | | (0.30 | ) | | | (0.59 | ) |
From Net Realized Gains | | | (1.68 | ) | | | (1.53 | ) | | | (2.50 | ) | | | (3.19 | ) | | | (1.48 | ) |
Return of Capital | | | — | | | | — | | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total Distributions | | | (2.01 | ) | | | (1.81 | ) | | | (2.81 | ) | | | (3.49 | ) | | | (2.07 | ) |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Net Asset Value, End of Year | | $ | 20.92 | | | $ | 20.10 | | | $ | 18.91 | | | $ | 25.12 | | | $ | 23.07 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total Return (%)(b) | | | 13.77 | | | | 16.25 | | | | (13.23 | ) | | | 24.56 | | | | 13.50 | |
Net Assets, End of Year ($ millions) | | | 1,542 | | | | 1,501 | | | | 1,600 | | | | 2,118 | | | | 1,856 | |
Ratio of Net Income (Loss) to Average Net Assets (%) | | | 1.42 | | | | 1.63 | | | | 1.58 | | | | 1.24 | | | | 1.56 | |
Ratio of Expenses to Average Net Assets Before Expense Reimbursement (%) | | | 0.15 | | | | 0.15 | | | | 0.16 | | | | 0.14 | | | | 0.15 | |
Ratio of Expenses to Average Net Assets After Expense Reimbursement (%) | | | 0.15 | | | | 0.15 | | | | 0.16 | | | | 0.14 | | | | 0.15 | |
Portfolio Turnover Rate (%)(c) | | | 24.85 | | | | 19.60 | | | | 19.54 | | | | 25.62 | | | | 13.14 | |
| (a) | On September 25, 2020, the MoA Funds, with the exception of the Catholic Values Index Fund which commenced operations on September 30, 2020, had a 1 for 10 reverse share split. |
| (b) | Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year or period reported and includes reinvestment of distributions, if any. For variable annuity owners or participants in a group variable annuity, the total return does not reflect the effect of fees and charges associated with your variable annuity contract and does not reflect expenses associated with the separate account such as administrative fees and account charges which, if reflected, would reduce the total returns for all years and periods shown. Past performance is no guarantee of future results. Total returns for periods less than one full year are not annualized. |
| (c) | Portfolio turnover rate excludes all short-term securities. |
The accompanying notes are an integral part of these financial statements.
112
| | | | | | | | | | | | | | | | | | | | |
| MoA Balanced Fund | | | |
| Years Ended December 31, | | | |
| 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020(a) | | | |
| | | | | |
| $ | 18.82 | | | $ | 17.39 | | | $ | 21.18 | | | $ | 19.16 | | | $ | 18.68 | | | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| | | | | | | | | | | | | | | | | | | | |
| | 0.43 | | | | 0.39 | | | | 0.35 | | | | 0.32 | | | | 0.37 | | | |
| | | | | |
| | 2.88 | | | | 2.21 | | | | (2.91 | ) | | | 2.80 | | | | 1.75 | | | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| | 3.31 | | | | 2.60 | | | | (2.56 | ) | | | 3.12 | | | | 2.12 | | | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| | | | | | | | | | | | | | | | | | | | |
| | (0.44 | ) | | | (0.40 | ) | | | (0.36 | ) | | | (0.32 | ) | | | (0.77 | ) | | |
| | (1.37 | ) | | | (0.77 | ) | | | (0.87 | ) | | | (0.78 | ) | | | (0.87 | ) | | |
| | — | | | | — | | | | — | | | | — | | | | — | | | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| | (1.81 | ) | | | (1.17 | ) | | | (1.23 | ) | | | (1.10 | ) | | | (1.64 | ) | | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| $ | 20.32 | | | $ | 18.82 | | | $ | 17.39 | | | $ | 21.18 | | | $ | 19.16 | | | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| | 17.56 | | | | 15.07 | | | | (12.02 | ) | | | 16.48 | | | | 11.77 | | | |
| | 199 | | | | 187 | | | | 180 | | | | 218 | | | | 191 | | | |
| | 2.07 | | | | 2.09 | | | | 1.81 | | | | 1.53 | | | | 1.76 | | | |
| | 0.56 | | | | 0.54 | | | | 0.54 | | | | 0.46 | | | | 0.54 | | | |
| | 0.55 | | | | 0.54 | | | | 0.54 | | | | 0.46 | | | | 0.54 | | | |
| | 36.98 | | | | 50.33 | | | | 25.01 | | | | 23.68 | | | | 38.58 | | | |
The accompanying notes are an integral part of these financial statements.
113
MoA FUNDS
FINANCIAL HIGHLIGHTS (Continued)
| | | | | | | | | | | | | | | | | | | | |
| | | MoA International Fund | |
| |
| | | Years Ended December 31, | |
| | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020(a) | |
| | | | | |
Net Asset Value, Beginning of Year | | $ | 8.20 | | | $ | 7.24 | | | $ | 9.26 | | | $ | 9.34 | | | $ | 9.05 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
INCOME (LOSS) FROM INVESTMENT OPERATIONS | | | | | | | | | | | | | | | | | | | | |
Net Investment Income (Loss) | | | 0.27 | | | | 0.29 | | | | 0.31 | | | | 0.20 | | | | 0.14 | |
Net Realized and Unrealized Gains (Losses) on Investments, Futures Contracts and Foreign Currency Translations | | | 0.17 | | | | 1.09 | | | | (1.44 | ) | | | 0.74 | | | | 0.56 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total From Investment Operations | | | 0.44 | | | | 1.38 | | | | (1.13 | ) | | | 0.94 | | | | 0.70 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Less Distributions | | | | | | | | | | | | | | | | | | | | |
From Net Investment Income | | | (0.33 | ) | | | (0.42 | ) | | | (0.23 | ) | | | (0.16 | ) | | | (0.38 | ) |
From Net Realized Gains | | | — | | | | — | | | | (0.66 | ) | | | (0.86 | ) | | | (0.03 | ) |
Return of Capital | | | — | | | | — | | | | — | | | | — | | | | — | (d) |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total Distributions | | | (0.33 | ) | | | (0.42 | ) | | | (0.89 | ) | | | (1.02 | ) | | | (0.41 | ) |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Net Asset Value, End of Year | | $ | 8.31 | | | $ | 8.20 | | | $ | 7.24 | | | $ | 9.26 | | | $ | 9.34 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total Return (%)(b) | | | 5.19 | | | | 19.55 | | | | (11.09 | ) | | | 10.37 | | | | 8.19 | |
Net Assets, End of Year ($ millions) | | | 1,656 | | | | 1,460 | | | | 1,202 | | | | 1,203 | | | | 940 | |
Ratio of Net Income (Loss) to Average Net Assets (%) | | | 3.07 | | | | 3.83 | | | | 4.10 | | | | 2.05 | | | | 2.20 | |
Ratio of Expenses to Average Net Assets Before Expense Reimbursement (%)(e)(f) | | | 0.36 | | | | 0.14 | | | | 0.13 | | | | 0.12 | | | | 0.13 | |
Ratio of Expenses to Average Net Assets After Expense Reimbursement (%)(e)(f) | | | 0.25 | | | | 0.13 | | | | 0.13 | | | | 0.12 | | | | 0.13 | |
Portfolio Turnover Rate (%)(c) | | | 37.96 | | | | 20.14 | | | | 18.25 | | | | 123.53 | | | | 4.69 | |
| (a) | On September 25, 2020, the MoA Funds, with the exception of the Catholic Values Index Fund which commenced operations on September 30, 2020, had a 1 for 10 reverse share split. |
| (b) | Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year or period reported and includes reinvestment of distributions, if any. For variable annuity owners or participants in a group variable annuity, the total return does not reflect the effect of fees and charges associated with your variable annuity contract and does not reflect expenses associated with the separate account such as administrative fees and account charges which, if reflected, would reduce the total returns for all years and periods shown. Past performance is no guarantee of future results. Total returns for periods less than one full year are not annualized. |
| (c) | Portfolio turnover rate excludes all short-term securities. |
| (d) | Amount is less than $0.005 per share. |
| (e) | The Conservative, Aggressive, and Moderate Allocation Funds and Target Date Funds exclude expenses of the underlying funds. |
| (f) | International Fund excludes the expenses of its ETF investments. |
| (g) | For the period September 30, 2020 (commencement of operations) through December 31, 2020. |
The accompanying notes are an integral part of these financial statements.
114
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| MoA Catholic Values Index Fund | | | MoA Retirement Income Fund | | | |
| Years Ended December 31, | | | Period Ended
December 31,
2020(g) | | | Years Ended December 31, | | | |
| 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020(a) | | | |
| | | | | | | | | | |
| $ | 13.51 | | | $ | 10.97 | | | $ | 14.06 | | | $ | 11.17 | | | $ | 10.00 | | | $ | 10.90 | | | $ | 10.24 | | | $ | 12.26 | | | $ | 12.09 | | | $ | 12.09 | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 0.17 | | | | 0.17 | | | | 0.15 | | | | 0.15 | | | | 0.04 | | | | 0.35 | | | | 0.26 | | | | 0.17 | | | | 0.15 | | | | 0.41 | | | |
| | | | | | | | | | |
| | 2.95 | | | | 2.71 | | | | (2.98 | ) | | | 3.07 | | | | 1.17 | | | | 0.44 | | | | 0.74 | | | | (1.54 | ) | | | 0.54 | | | | 0.49 | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | |
| | 3.12 | | | | 2.88 | | | | (2.83 | ) | | | 3.22 | | | | 1.21 | | | | 0.79 | | | | 1.00 | | | | (1.37 | ) | | | 0.69 | | | | 0.90 | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | (0.17 | ) | | | (0.17 | ) | | | (0.15 | ) | | | (0.14 | ) | | | (0.04 | ) | | | (0.42 | ) | | | (0.26 | ) | | | (0.17 | ) | | | (0.16 | ) | | | (0.60 | ) | | |
| | (0.53 | ) | | | (0.17 | ) | | | (0.11 | ) | | | (0.19 | ) | | | — | (d) | | | (0.19 | ) | | | (0.08 | ) | | | (0.48 | ) | | | (0.36 | ) | | | (0.30 | ) | | |
| | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | |
| | (0.70 | ) | | | (0.34 | ) | | | (0.26 | ) | | | (0.33 | ) | | | (0.04 | ) | | | (0.61 | ) | | | (0.34 | ) | | | (0.65 | ) | | | (0.52 | ) | | | (0.90 | ) | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | |
| $ | 15.93 | | | $ | 13.51 | | | $ | 10.97 | | | $ | 14.06 | | | $ | 11.17 | | | $ | 11.08 | | | $ | 10.90 | | | $ | 10.24 | | | $ | 12.26 | | | $ | 12.09 | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | |
| | 23.02 | | | | 26.37 | | | | (20.10 | ) | | | 28.99 | | | | 12.12 | (h) | | | 7.21 | | | | 9.91 | | | | (11.12 | ) | | | 5.77 | | | | 7.59 | | | |
| | 8 | | | | 6 | | | | 4 | | | | 5 | | | | 3 | | | | 208 | | | | 207 | | | | 203 | | | | 224 | | | | 193 | | | |
| | 1.12 | | | | 1.39 | | | | 1.36 | | | | 1.16 | | | | 1.57 | (i) | | | 3.02 | | | | 2.40 | | | | 1.58 | | | | 1.22 | | | | 4.25 | | | |
| | 3.05 | | | | 2.94 | | | | 2.53 | | | | 2.14 | | | | 2.18 | (i) | | | 0.18 | | | | 0.16 | | | | 0.13 | | | | 0.11 | | | | 0.11 | | | |
| | 0.21 | | | | 0.22 | | | | 0.22 | | | | 0.22 | | | | 0.15 | (i) | | | 0.18 | | | | 0.16 | | | | 0.13 | | | | 0.11 | | | | 0.11 | | | |
| | 25.87 | | | | 25.23 | | | | 13.48 | | | | 9.54 | | | | 16.38 | (h) | | | 28.84 | | | | 25.22 | | | | 32.16 | | | | 28.07 | | | | 23.13 | | | |
The accompanying notes are an integral part of these financial statements.
115
MoA FUNDS
FINANCIAL HIGHLIGHTS (Continued)
| | | | | | | | | | | | | | | | | | | | |
| | | MoA Clear Passage 2015 Fund | |
| | | Years Ended December 31, | |
| | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020(a) | |
| | | | | |
Net Asset Value, Beginning of Year | | $ | 8.63 | | | $ | 8.13 | | | $ | 9.45 | | | $ | 9.90 | | | $ | 10.49 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
INCOME (LOSS) FROM INVESTMENT OPERATIONS | | | | | | | | | | | | | | | | | | | | |
Net Investment Income (Loss) | | | 0.27 | | | | 0.20 | | | | 0.13 | | | | 0.13 | | | | 0.39 | |
Net Realized and Unrealized Gains (Losses) on Investments, Futures Contracts and Foreign Currency Translations | | | 0.38 | | | | 0.65 | | | | (1.27 | ) | | | 0.63 | | | | 0.37 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total From Investment Operations | | | 0.65 | | | | 0.85 | | | | (1.14 | ) | | | 0.76 | | | | 0.76 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Less Distributions | | | | | | | | | | | | | | | | | | | | |
From Net Investment Income | | | (0.28 | ) | | | (0.21 | ) | | | (0.13 | ) | | | (0.15 | ) | | | (0.59 | ) |
From Net Realized Gains | | | (0.35 | ) | | | (0.14 | ) | | | (0.02 | ) | | | (1.09 | ) | | | (0.76 | ) |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total Distributions | | | (0.63 | ) | | | (0.35 | ) | | | (0.15 | ) | | | (1.24 | ) | | | (1.35 | ) |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Capital Contribution from Adviser | | | — | | | | — | | | | (0.03 | )(e) | | | 0.03 | (e) | | | — | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Net Asset Value, End of Year | | $ | 8.65 | | | $ | 8.63 | | | $ | 8.13 | | | $ | 9.45 | | | $ | 9.90 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total Return (%)(b) | | | 7.58 | | | | 10.55 | | | | (12.38 | ) | | | 8.11 | | | | 7.65 | |
Net Assets, End of Year ($ millions) | | | 105 | | | | 111 | | | | 113 | | | | 141 | | | | 140 | |
Ratio of Net Income (Loss) to Average Net Assets (%) | | | 2.90 | | | | 2.34 | | | | 1.53 | | | | 1.26 | | | | 3.63 | |
Ratio of Expenses to Average Net Assets Before Expense Reimbursement (%)(d) | | | 0.25 | | | | 0.22 | | | | 0.16 | | | | 0.13 | | | | 0.12 | |
Ratio of Expenses to Average Net Assets After Expense Reimbursement (%)(d) | | | 0.24 | | | | 0.22 | | | | 0.16 | | | | 0.13 | | | | 0.12 | |
Portfolio Turnover Rate (%)(c) | | | 19.25 | | | | 19.08 | | | | 24.14 | | | | 24.63 | | | | 25.28 | |
| (a) | On September 25, 2020, the MoA Funds, with the exception of the Catholic Values Index Fund which commenced operations on September 30, 2020, had a 1 for 10 reverse share split. |
| (b) | Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year or period reported and includes reinvestment of distributions, if any. For variable annuity owners or participants in a group variable annuity, the total return does not reflect the effect of fees and charges associated with your variable annuity contract and does not reflect expenses associated with the separate account such as administrative fees and account charges which, if reflected, would reduce the total returns for all years and periods shown. Past performance is no guarantee of future results. Total returns for periods less than one full year are not annualized. |
| (c) | Portfolio turnover rate excludes all short-term securities. |
| (d) | The Conservative, Aggressive, and Moderate Allocation Funds and Target Date Funds exclude expenses of the underlying funds. |
| (e) | In 2021, the Clear Passage 2015 Fund had accrued a non-recurring capital contribution from the Adviser of $410,599 to reflect the estimated lost opportunity cost arising when a portion of the portfolio was uninvested. The 2022 amount disclosed includes adjustments to the prior accrual to record the final settlement amount of the capital contribution accrued as of December 31, 2021. |
The accompanying notes are an integral part of these financial statements.
116
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| MoA Clear Passage 2020 Fund | | | MoA Clear Passage 2025 Fund | |
| Years Ended December 31, | | | | | | Years Ended December 31, | |
| 2024 | | | 2023 | | | 2022 | | | 2021(a) | | | 2020(a) | | | 2024 | | | 2023 | | | 2022 | | | 2021(a) | | | 2020(a) | |
| | | | | | | | | |
| $ | 10.18 | | | $ | 9.55 | | | $ | 12.16 | | | $ | 11.84 | | | $ | 12.42 | | | $ | 11.83 | | | $ | 10.98 | | | $ | 13.97 | | | $ | 13.29 | | | $ | 13.65 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 0.32 | | | | 0.26 | | | | 0.18 | | | | 0.16 | | | | 0.46 | | | | 0.36 | | | | 0.29 | | | | 0.20 | | | | 0.18 | | | | 0.48 | |
| | | | | | | | | |
| | 0.50 | | | | 0.86 | | | | (1.78 | ) | | | 0.99 | | | | 0.62 | | | | 0.78 | | | | 1.18 | | | | (2.11 | ) | | | 1.39 | | | | 0.85 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
| | 0.82 | | | | 1.12 | | | | (1.60 | ) | | | 1.15 | | | | 1.08 | | | | 1.14 | | | | 1.47 | | | | (1.91 | ) | | | 1.57 | | | | 1.33 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | (0.33 | ) | | | (0.26 | ) | | | (0.18 | ) | | | (0.20 | ) | | | (0.70 | ) | | | (0.36 | ) | | | (0.29 | ) | | | (0.21 | ) | | | (0.23 | ) | | | (0.72 | ) |
| | (0.32 | ) | | | (0.23 | ) | | | (0.83 | ) | | | (0.63 | ) | | | (0.96 | ) | | | (0.55 | ) | | | (0.33 | ) | | | (0.87 | ) | | | (0.66 | ) | | | (0.97 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
| | (0.65 | ) | | | (0.49 | ) | | | (1.01 | ) | | | (0.83 | ) | | | (1.66 | ) | | | (0.91 | ) | | | (0.62 | ) | | | (1.08 | ) | | | (0.89 | ) | | | (1.69 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
| | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
| $ | 10.35 | | | $ | 10.18 | | | $ | 9.55 | | | $ | 12.16 | | | $ | 11.84 | | | $ | 12.06 | | | $ | 11.83 | | | $ | 10.98 | | | $ | 13.97 | | | $ | 13.29 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
| | 8.10 | | | | 11.83 | | | | (13.06 | ) | | | 9.80 | | | | 9.11 | | | | 9.70 | | | | 13.59 | | | | (13.56 | ) | | | 11.96 | | | | 10.26 | |
| | 459 | | | | 491 | | | | 504 | | | | 621 | | | | 594 | | | | 1,111 | | | | 1,129 | | | | 1,057 | | | | 1,203 | | | | 1,020 | |
| | 2.89 | | | | 2.48 | | | | 1.65 | | | | 1.29 | | | | 3.66 | | | | 2.73 | | | | 2.50 | | | | 1.69 | | | | 1.29 | | | | 3.68 | |
| | 0.14 | | | | 0.12 | | | | 0.09 | | | | 0.08 | | | | 0.07 | | | | 0.13 | | | | 0.10 | | | | 0.08 | | | | 0.08 | | | | 0.07 | |
| | 0.13 | | | | 0.11 | | | | 0.09 | | | | 0.08 | | | | 0.07 | | | | 0.12 | | | | 0.09 | | | | 0.08 | | | | 0.08 | | | | 0.07 | |
| | 17.58 | | | | 21.68 | | | | 19.16 | | | | 22.78 | | | | 22.40 | | | | 20.69 | | | | 22.19 | | | | 18.16 | | | | 15.42 | | | | 16.72 | |
The accompanying notes are an integral part of these financial statements.
117
MoA FUNDS
FINANCIAL HIGHLIGHTS (Continued)
| | | | | | | | | | | | | | | | | | | | |
| | | MoA Clear Passage 2030 Fund | |
| | | Years Ended December 31, | |
| | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020(a) | |
| | | | | |
Net Asset Value, Beginning of Year | | $ | 12.92 | | | $ | 11.90 | | | $ | 15.25 | | | $ | 14.08 | | | $ | 14.32 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
INCOME (LOSS) FROM INVESTMENT OPERATIONS | | | | | | | | | | | | | | | | | | | | |
Net Investment Income (Loss) | | | 0.35 | | | | 0.31 | | | | 0.22 | | | | 0.19 | | | | 0.48 | |
Net Realized and Unrealized Gains (Losses) on Investments, Futures Contracts and Foreign Currency Translations | | | 1.09 | | | | 1.48 | | | | (2.40 | ) | | | 1.94 | | | | 1.10 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total From Investment Operations | | | 1.44 | | | | 1.79 | | | | (2.18 | ) | | | 2.13 | | | | 1.58 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Less Distributions | | | | | | | | | | | | | | | | | | | | |
From Net Investment Income | | | (0.37 | ) | | | (0.31 | ) | | | (0.22 | ) | | | (0.26 | ) | | | (0.73 | ) |
From Net Realized Gains | | | (0.62 | ) | | | (0.46 | ) | | | (0.95 | ) | | | (0.70 | ) | | | (1.09 | ) |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total Distributions | | | (0.99 | ) | | | (0.77 | ) | | | (1.17 | ) | | | (0.96 | ) | | | (1.82 | ) |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Net Asset Value, End of Year | | $ | 13.37 | | | $ | 12.92 | | | $ | 11.90 | | | $ | 15.25 | | | $ | 14.08 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total Return (%)(b) | | | 11.16 | | | | 15.25 | | | | (14.14 | ) | | | 15.29 | | | | 11.67 | |
Net Assets, End of Year ($ millions) | | | 1,409 | | | | 1,309 | | | | 1,125 | | | | 1,231 | | | | 981 | |
Ratio of Net Income (Loss) to Average Net Assets (%) | | | 2.53 | | | | 2.46 | | | | 1.67 | | | | 1.25 | | | | 3.67 | |
Ratio of Expenses to Average Net Assets Before Expense Reimbursement (%)(d) | | | 0.13 | | | | 0.10 | | | | 0.08 | | | | 0.08 | | | | 0.07 | |
Ratio of Expenses to Average Net Assets After Expense Reimbursement (%)(d) | | | 0.12 | | | | 0.09 | | | | 0.08 | | | | 0.08 | | | | 0.07 | |
Portfolio Turnover Rate (%)(c) | | | 20.62 | | | | 19.17 | | | | 15.52 | | | | 13.45 | | | | 12.53 | |
| (a) | On September 25, 2020, the MoA Funds, with the exception of the Catholic Values Index Fund which commenced operations on September 30, 2020, had a 1 for 10 reverse share split. |
| (b) | Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year or period reported and includes reinvestment of distributions, if any. For variable annuity owners or participants in a group variable annuity, the total return does not reflect the effect of fees and charges associated with your variable annuity contract and does not reflect expenses associated with the separate account such as administrative fees and account charges which, if reflected, would reduce the total returns for all years and periods shown. Past performance is no guarantee of future results. Total returns for periods less than one full year are not annualized. |
| (c) | Portfolio turnover rate excludes all short-term securities. |
| (d) | The Conservative, Aggressive, and Moderate Allocation Funds and Target Date Funds exclude expenses of the underlying funds. |
The accompanying notes are an integral part of these financial statements.
118
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| MoA Clear Passage 2035 Fund | | | MoA Clear Passage 2040 Fund | |
| Years Ended December 31, | | | Years Ended December 31, | |
| 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020(a) | | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020(a) | |
| | | | | | | | | |
| $ | 13.52 | | | $ | 12.20 | | | $ | 16.00 | | | $ | 14.40 | | | $ | 14.59 | | | $ | 13.56 | | | $ | 12.12 | | | $ | 16.15 | | | $ | 14.44 | | | $ | 14.48 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 0.34 | | | | 0.31 | | | | 0.23 | | | | 0.20 | | | | 0.48 | | | | 0.32 | | | | 0.31 | | | | 0.23 | | | | 0.20 | | | | 0.47 | |
| | 1.41 | | | | 1.76 | | | | (2.69 | ) | | | 2.34 | | | | 1.25 | | | | 1.61 | | | | 1.93 | | | | (2.75 | ) | | | 2.64 | | | | 1.37 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
| | 1.75 | | | | 2.07 | | | | (2.46 | ) | | | 2.54 | | | | 1.73 | | | | 1.93 | | | | 2.24 | | | | (2.52 | ) | | | 2.84 | | | | 1.84 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | (0.36 | ) | | | (0.32 | ) | | | (0.24 | ) | | | (0.29 | ) | | | (0.72 | ) | | | (0.35 | ) | | | (0.31 | ) | | | (0.24 | ) | | | (0.30 | ) | | | (0.70 | ) |
| | (0.85 | ) | | | (0.43 | ) | | | (1.10 | ) | | | (0.65 | ) | | | (1.20 | ) | | | (0.92 | ) | | | (0.49 | ) | | | (1.27 | ) | | | (0.83 | ) | | | (1.18 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
| | (1.21 | ) | | | (0.75 | ) | | | (1.34 | ) | | | (0.94 | ) | | | (1.92 | ) | | | (1.27 | ) | | | (0.80 | ) | | | (1.51 | ) | | | (1.13 | ) | | | (1.88 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
| $ | 14.06 | | | $ | 13.52 | | | $ | 12.20 | | | $ | 16.00 | | | $ | 14.40 | | | $ | 14.22 | | | $ | 13.56 | | | $ | 12.12 | | | $ | 16.15 | | | $ | 14.44 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
| | 13.05 | | | | 17.26 | | | | (15.20 | ) | | | 17.84 | | | | 12.61 | | | | 14.35 | | | | 18.87 | | | | (15.37 | ) | | | 19.89 | | | | 13.43 | |
| | 1,399 | | | | 1,231 | | | | 1,023 | | | | 1,101 | | | | 846 | | | | 1,204 | | | | 1,038 | | | | 848 | | | | 925 | | | | 708 | |
| | 2.33 | | | | 2.44 | | | | 1.70 | | | | 1.25 | | | | 3.67 | | | | 2.19 | | | | 2.40 | | | | 1.69 | | | | 1.22 | | | | 3.59 | |
| | 0.13 | | | | 0.10 | | | | 0.08 | | | | 0.08 | | | | 0.07 | | | | 0.13 | | | | 0.10 | | | | 0.08 | | | | 0.08 | | | | 0.07 | |
| | 0.12 | | | | 0.10 | | | | 0.08 | | | | 0.08 | | | | 0.07 | | | | 0.12 | | | | 0.10 | | | | 0.08 | | | | 0.08 | | | | 0.07 | |
| | 19.82 | | | | 18.50 | | | | 16.15 | | | | 8.93 | | | | 11.53 | | | | 17.81 | | | | 18.97 | | | | 10.97 | | | | 11.55 | | | | 12.53 | |
The accompanying notes are an integral part of these financial statements.
119
MoA FUNDS
FINANCIAL HIGHLIGHTS (Continued)
| | | | | | | | | | | | | | | | | | | | |
| | | MoA Clear Passage 2045 Fund | |
| | | Years Ended December 31, | |
| | | 2024 | | | 2023 | | | 2022 | | | 2021(a) | | | 2020(a) | |
| | | | | |
Net Asset Value, Beginning of Year | | $ | 13.37 | | | $ | 11.89 | | | $ | 15.97 | | | $ | 14.28 | | | $ | 14.32 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
INCOME (LOSS) FROM INVESTMENT OPERATIONS | | | | | | | | | | | | | | | | | | | | |
Net Investment Income (Loss) | | | 0.30 | | | | 0.30 | | | | 0.22 | | | | 0.19 | | | | 0.45 | |
Net Realized and Unrealized Gains (Losses) on Investments, Futures Contracts and Foreign Currency Translations | | | 1.68 | | | | 1.99 | | | | (2.75 | ) | | | 2.71 | | | | 1.34 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total From Investment Operations | | | 1.98 | | | | 2.29 | | | | (2.53 | ) | | | 2.90 | | | | 1.79 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Less Distributions | | | | | | | | | | | | | | | | | | | | |
From Net Investment Income | | | (0.34 | ) | | | (0.31 | ) | | | (0.23 | ) | | | (0.29 | ) | | | (0.68 | ) |
From Net Realized Gains | | | (0.94 | ) | | | (0.50 | ) | | | (1.32 | ) | | | (0.92 | ) | | | (1.15 | ) |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total Distributions | | | (1.28 | ) | | | (0.81 | ) | | | (1.55 | ) | | | (1.21 | ) | | | (1.83 | ) |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Net Asset Value, End of Year | | $ | 14.07 | | | $ | 13.37 | | | $ | 11.89 | | | $ | 15.97 | | | $ | 14.28 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total Return (%)(b) | | | 14.90 | | | | 19.64 | | | | (15.59 | ) | | | 20.57 | | | | 13.31 | |
Net Assets, End of Year ($ millions) | | | 1,232 | | | | 1,069 | | | | 875 | | | | 957 | | | | 733 | |
Ratio of Net Income (Loss) to Average Net Assets (%) | | | 2.09 | | | | 2.38 | | | | 1.68 | | | | 1.19 | | | | 3.54 | |
Ratio of Expenses to Average Net Assets Before Expense Reimbursement (%)(d) | | | 0.13 | | | | 0.10 | | | | 0.08 | | | | 0.08 | | | | 0.07 | |
Ratio of Expenses to Average Net Assets After Expense Reimbursement (%)(d) | | | 0.12 | | | | 0.10 | | | | 0.08 | | | | 0.08 | | | | 0.07 | |
Portfolio Turnover Rate (%)(c) | | | 16.21 | | | | 14.87 | | | | 13.09 | | | | 11.96 | | | | 10.77 | |
| (a) | On September 25, 2020, the MoA Funds, with the exception of the Catholic Values Index Fund which commenced operations on September 30, 2020, had a 1 for 10 reverse share split. |
| (b) | Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year or period reported and includes reinvestment of distributions, if any. For variable annuity owners or participants in a group variable annuity, the total return does not reflect the effect of fees and charges associated with your variable annuity contract and does not reflect expenses associated with the separate account such as administrative fees and account charges which, if reflected, would reduce the total returns for all years and periods shown. Past performance is no guarantee of future results. Total returns for periods less than one full year are not annualized. |
| (c) | Portfolio turnover rate excludes all short-term securities. |
| (d) | The Conservative, Aggressive, and Moderate Allocation Funds and Target Date Funds exclude expenses of the underlying funds. |
The accompanying notes are an integral part of these financial statements.
120
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| MoA Clear Passage 2050 Fund | | | MoA Clear Passage 2055 Fund | |
| Years Ended December 31, | | | Years Ended December 31, | |
| 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020(a) | | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020(a) | |
| | | | | | | | | |
| $ | 17.05 | | | $ | 15.20 | | | $ | 20.31 | | | $ | 17.92 | | | $ | 17.47 | | | $ | 13.67 | | | $ | 11.99 | | | $ | 15.99 | | | $ | 13.98 | | | $ | 13.31 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 0.37 | | | | 0.38 | | | | 0.28 | | | | 0.24 | | | | 0.54 | | | | 0.29 | | | | 0.30 | | | | 0.21 | | | | 0.18 | | | | 0.38 | |
| | 2.24 | | | | 2.59 | | | | (3.52 | ) | | | 3.45 | | | | 1.68 | | | | 1.84 | | | | 2.05 | | | | (2.77 | ) | | | 2.74 | | | | 1.41 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
| | 2.61 | | | | 2.97 | | | | (3.24 | ) | | | 3.69 | | | | 2.22 | | | | 2.13 | | | | 2.35 | | | | (2.56 | ) | | | 2.92 | | | | 1.79 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | (0.42 | ) | | | (0.39 | ) | | | (0.29 | ) | | | (0.38 | ) | | | (0.81 | ) | | | (0.33 | ) | | | (0.30 | ) | | | (0.23 | ) | | | (0.29 | ) | | | (0.57 | ) |
| | (0.93 | ) | | | (0.73 | ) | | | (1.58 | ) | | | (0.92 | ) | | | (0.96 | ) | | | (0.72 | ) | | | (0.37 | ) | | | (1.21 | ) | | | (0.62 | ) | | | (0.55 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
| | (1.35 | ) | | | (1.12 | ) | | | (1.87 | ) | | | (1.30 | ) | | | (1.77 | ) | | | (1.05 | ) | | | (0.67 | ) | | | (1.44 | ) | | | (0.91 | ) | | | (1.12 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
| $ | 18.31 | | | $ | 17.05 | | | $ | 15.20 | | | $ | 20.31 | | | $ | 17.92 | | | $ | 14.75 | | | $ | 13.67 | | | $ | 11.99 | | | $ | 15.99 | | | $ | 13.98 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
| | 15.39 | | | | 19.94 | | | | (15.66 | ) | | | 20.82 | | | | 13.39 | | | | 15.66 | | | | 19.98 | | | | (15.77 | ) | | | 21.11 | | | | 13.93 | |
| | 977 | | | | 830 | | | | 665 | | | | 717 | | | | 536 | | | | 561 | | | | 450 | | | | 339 | | | | 330 | | | | 220 | |
| | 2.01 | | | | 2.36 | | | | 1.66 | | | | 1.18 | | | | 3.56 | | | | 1.98 | | | | 2.38 | | | | 1.64 | | | | 1.16 | | | | 3.66 | |
| | 0.13 | | | | 0.11 | | | | 0.09 | | | | 0.08 | | | | 0.08 | | | | 0.15 | | | | 0.13 | | | | 0.11 | | | | 0.10 | | | | 0.11 | |
| | 0.13 | | | | 0.10 | | | | 0.09 | | | | 0.08 | | | | 0.08 | | | | 0.14 | | | | 0.12 | | | | 0.11 | | | | 0.10 | | | | 0.11 | |
| | 13.94 | | | | 16.86 | | | | 12.91 | | | | 11.57 | | | | 9.80 | | | | 16.37 | | | | 14.85 | | | | 12.88 | | | | 10.49 | | | | 7.28 | |
The accompanying notes are an integral part of these financial statements.
121
MoA FUNDS
FINANCIAL HIGHLIGHTS (Continued)
| | | | | | | | | | | | | | | | | | | | |
| | | MoA Clear Passage 2060 Fund | |
| | | Years Ended December 31, | |
| | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020(a) | |
| | | | | |
Net Asset Value, Beginning of Year | | $ | 11.68 | | | $ | 10.18 | | | $ | 13.58 | | | $ | 11.87 | | | $ | 11.12 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
INCOME (LOSS) FROM INVESTMENT OPERATIONS | | | | | | | | | | | | | | | | | | | | |
Net Investment Income (Loss) | | | 0.24 | | | | 0.25 | | | | 0.18 | | | | 0.16 | | | | 0.28 | |
Net Realized and Unrealized Gains (Losses) on Investments, Futures Contracts and Foreign Currency Translations | | | 1.59 | | | | 1.77 | | | | (2.34 | ) | | | 2.38 | | | | 1.25 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total From Investment Operations | | | 1.83 | | | | 2.02 | | | | (2.16 | ) | | | 2.54 | | | | 1.53 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Less Distributions | | | | | | | | | | | | | | | | | | | | |
From Net Investment Income | | | (0.28 | ) | | | (0.25 | ) | | | (0.19 | ) | | | (0.26 | ) | | | (0.42 | ) |
From Net Realized Gains | | | (0.54 | ) | | | (0.27 | ) | | | (1.05 | ) | | | (0.57 | ) | | | (0.36 | ) |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total Distributions | | | (0.82 | ) | | | (0.52 | ) | | | (1.24 | ) | | | (0.83 | ) | | | (0.78 | ) |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Net Asset Value, End of Year | | $ | 12.69 | | | $ | 11.68 | | | $ | 10.18 | | | $ | 13.58 | | | $ | 11.87 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total Return (%)(b) | | | 15.73 | | | | 20.19 | | | | (15.72 | ) | | | 21.60 | | | | 14.08 | |
Net Assets, End of Year ($ millions) | | | 311 | | | | 233 | | | | 155 | | | | 130 | | | | 72 | |
Ratio of Net Income (Loss) to Average Net Assets (%) | | | 1.95 | | | | 2.39 | | | | 1.62 | | | | 1.25 | | | | 4.14 | |
Ratio of Expenses to Average Net Assets Before Expense Reimbursement (%)(d) | | | 0.17 | | | | 0.17 | | | | 0.17 | | | | 0.16 | | | | 0.22 | |
Ratio of Expenses to Average Net Assets After Expense Reimbursement (%)(d) | | | 0.17 | | | | 0.17 | | | | 0.17 | | | | 0.05 | | | | 0.05 | |
Portfolio Turnover Rate (%)(c) | | | 15.46 | | | | 12.15 | | | | 12.95 | | | | 14.26 | | | | 6.7 | |
| (a) | On September 25, 2020, the MoA Funds, with the exception of the Catholic Values Index Fund which commenced operations on September 30, 2020, had a 1 for 10 reverse share split. |
| (b) | Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year or period reported and includes reinvestment of distributions, if any. For variable annuity owners or participants in a group variable annuity, the total return does not reflect the effect of fees and charges associated with your variable annuity contract and does not reflect expenses associated with the separate account such as administrative fees and account charges which, if reflected, would reduce the total returns for all years and periods shown. Past performance is no guarantee of future results. Total returns for periods less than one full year are not annualized. |
| (c) | Portfolio turnover rate excludes all short-term securities. |
| (d) | The Conservative, Aggressive, and Moderate Allocation Funds and Target Date Funds exclude expenses of the underlying funds. |
| (g) | For the period August 3, 2020 (commencement of operations) through December 31, 2020. |
The accompanying notes are an integral part of these financial statements.
122
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| MoA Clear Passage 2065 Fund | | | MoA Conservative Allocation Fund | |
| Years Ended December 31, | | | Period
Ended
December 31, | | | Years Ended December 31, | |
| 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020(a)(g) | | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020(a) | |
| | | | | | | | | |
| $ | 11.89 | | | $ | 10.25 | | | $ | 13.20 | | | $ | 11.45 | | | $ | 10.00 | | | $ | 11.16 | | | $ | 10.40 | | | $ | 12.86 | | | $ | 12.67 | | | $ | 12.71 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 0.25 | | | | 0.26 | | | | 0.18 | | | | 0.16 | | | | 0.22 | | | | 0.37 | | | | 0.25 | | | | 0.19 | | | | 0.18 | | | | 0.48 | |
| | 1.65 | | | | 1.81 | | | | (2.26 | ) | | | 2.31 | | | | 1.59 | | | | 0.53 | | | | 0.91 | | | | (1.80 | ) | | | 0.80 | | | | 0.67 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
| | 1.90 | | | | 2.07 | | | | (2.08 | ) | | | 2.47 | | | | 1.81 | | | | 0.90 | | | | 1.16 | | | | (1.61 | ) | | | 0.98 | | | | 1.15 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | (0.29 | ) | | | (0.26 | ) | | | (0.19 | ) | | | (0.26 | ) | | | (0.24 | ) | | | (0.36 | ) | | | (0.26 | ) | | | (0.19 | ) | | | (0.20 | ) | | | (0.74 | ) |
| | (0.34 | ) | | | (0.17 | ) | | | (0.68 | ) | | | (0.46 | ) | | | (0.12 | ) | | | (0.27 | ) | | | (0.14 | ) | | | (0.66 | ) | | | (0.59 | ) | | | (0.45 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
| | (0.63 | ) | | | (0.43 | ) | | | (0.87 | ) | | | (0.72 | ) | | | (0.36 | ) | | | (0.63 | ) | | | (0.40 | ) | | | (0.85 | ) | | | (0.79 | ) | | | (1.19 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
| $ | 13.16 | | | $ | 11.89 | | | $ | 10.25 | | | $ | 13.20 | | | $ | 11.45 | | | $ | 11.43 | | | $ | 11.16 | | | $ | 10.40 | | | $ | 12.86 | | | $ | 12.67 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
| | 16.01 | | | | 20.50 | | | | (15.54 | ) | | | 21.73 | | | | 18.16 | (e) | | | 8.09 | | | | 11.22 | | | | (12.44 | ) | | | 7.82 | | | | 9.32 | |
| | 122 | | | | 68 | | | | 34 | | | | 17 | | | | 3 | | | | 153 | | | | 158 | | | | 161 | | | | 201 | | | | 188 | |
| | 2.11 | | | | 2.62 | | | | 1.88 | | | | 1.44 | | | | 3.4 | (e) | | | 2.87 | | | | 2.24 | | | | 1.63 | | | | 1.36 | | | | 3.81 | |
| 0.27 | | | | 0.43 | | | | 0.63 | | | | 1.15 | | | | 4.61 | (f) | | | 0.14 | | | | 0.13 | | | | 0.08 | | | | 0.06 | | | | 0.06 | |
| | 0.04 | | | | 0.05 | | | | 0.05 | | | | 0.05 | | | | 0.05 | (f) | | | 0.13 | | | | 0.13 | | | | 0.08 | | | | 0.06 | | | | 0.06 | |
| | 12.71 | | | | 17.62 | | | | 16.45 | | | | 28.1 | | | | 10.76 | (e) | | | 22.14 | | | | 12.65 | | | | 10.16 | | | | 16.91 | | | | 10.07 | |
The accompanying notes are an integral part of these financial statements.
123
MoA FUNDS
FINANCIAL HIGHLIGHTS (Continued)
| | | | | | | | | | | | | | | | | | | | |
| | | MoA Moderate Allocation Fund | |
| | | Years Ended December 31, | |
| | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020(a) | |
| | | | | |
Net Asset Value, Beginning of Year | | $ | 13.17 | | | $ | 12.20 | | | $ | 15.98 | | | $ | 15.14 | | | $ | 15.51 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
INCOME (LOSS) FROM INVESTMENT OPERATIONS | | | | | | | | | | | | | | | | | | | | |
Net Investment Income (Loss) | | | 0.36 | | | | 0.30 | | | | 0.24 | | | | 0.22 | | | | 0.58 | |
Net Realized and Unrealized Gains (Losses) on Investments, Futures Contracts and Foreign Currency Translations | | | 1.12 | | | | 1.53 | | | | (2.49 | ) | | | 1.90 | | | | 1.13 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total From Investment Operations | | | 1.48 | | | | 1.83 | | | | (2.25 | ) | | | 2.12 | | | | 1.71 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Less Distributions | | | | | | | | | | | | | | | | | | | | |
From Net Investment Income | | | (0.39 | ) | | | (0.30 | ) | | | (0.24 | ) | | | (0.28 | ) | | | (0.89 | ) |
From Net Realized Gains | | | (0.83 | ) | | | (0.56 | ) | | | (1.29 | ) | | | (1.00 | ) | | | (1.19 | ) |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total Distributions | | | (1.22 | ) | | | (0.86 | ) | | | (1.53 | ) | | | (1.28 | ) | | | (2.08 | ) |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Net Asset Value, End of Year | | $ | 13.43 | | | $ | 13.17 | | | $ | 12.20 | | | $ | 15.98 | | | $ | 15.14 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total Return (%)(b) | | | 11.27 | | | | 15.34 | | | | (13.91 | ) | | | 14.19 | | | | 11.67 | |
Net Assets, End of Year ($ millions) | | | 397 | | | | 403 | | | | 393 | | | | 487 | | | | 444 | |
Ratio of Net Income (Loss) to Average Net Assets (%) | | | 2.49 | | | | 2.25 | | | | 1.71 | | | | 1.34 | | | | 3.69 | |
Ratio of Expenses to Average Net Assets Before Expense Reimbursement (%)(d) | | | 0.08 | | | | 0.07 | | | | 0.04 | | | | 0.03 | | | | 0.03 | |
Ratio of Expenses to Average Net Assets After Expense Reimbursement (%)(d) | | | 0.07 | | | | 0.07 | | | | 0.04 | | | | 0.03 | | | | 0.03 | |
Portfolio Turnover Rate (%)(c) | | | 15.72 | | | | 12.56 | | | | 8.74 | | | | 14.83 | | | | 10.69 | |
| (a) | On September 25, 2020, the MoA Funds, with the exception of the Catholic Values Index Fund which commenced operations on September 30, 2020, had a 1 for 10 reverse share split. |
| (b) | Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year or period reported and includes reinvestment of distributions, if any. For variable annuity owners or participants in a group variable annuity, the total return does not reflect the effect of fees and charges associated with your variable annuity contract and does not reflect expenses associated with the separate account such as administrative fees and account charges which, if reflected, would reduce the total returns for all years and periods shown. Past performance is no guarantee of future results. Total returns for periods less than one full year are not annualized. |
| (c) | Portfolio turnover rate excludes all short-term securities. |
| (d) | The Conservative, Aggressive, and Moderate Allocation Funds and Target Date Funds exclude expenses of the underlying funds. |
The accompanying notes are an integral part of these financial statements.
124
| | | | | | | | | | | | | | | | | | | | |
| MoA Aggressive Allocation Fund | | | |
| Years Ended December 31, | | | |
| 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020(a) | | | |
| | | | | |
| $ | 14.41 | | | $ | 13.30 | | | $ | 17.86 | | | $ | 16.80 | | | $ | 17.36 | | | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| | | | | | | | | | | | | | | | | | | | |
| | 0.33 | | | | 0.32 | | | | 0.26 | | | | 0.23 | | | | 0.59 | | | |
| | 1.56 | | |
|
1.94 |
| | | (3.02 | ) | | | 2.78 | | | | 1.60 | | | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| | 1.89 | | | | 2.26 | | | | (2.76 | ) | | | 3.01 | | | | 2.19 | | | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| | | | | | | | | | | | | | | | | | | | |
| | (0.38 | ) | | | (0.32 | ) | | | (0.27 | ) | | | (0.35 | ) | | | (0.92 | ) | | |
| | (0.93 | ) | | | (0.83 | ) | | | (1.53 | ) | | | (1.60 | ) | | | (1.83 | ) | | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| | (1.31 | ) | | | (1.15 | ) | | | (1.80 | ) | | | (1.95 | ) | | | (2.75 | ) | | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| $ | 14.99 | | | $ | 14.41 | | | $ | 13.30 | | | $ | 17.86 | | | $ | 16.80 | | | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| | 13.22 | | | | 17.52 | | | | (15.24 | ) | | | 18.21 | | | | 13.72 | | | |
| | 335 | | | | 336 | | | | 313 | | | | 390 | | | | 337 | | | |
| | 2.05 | | | | 2.21 | | | | 1.66 | | | | 1.22 | | | | 3.50 | | | |
| | 0.09 | | |
|
0.08 |
| | | 0.05 | | | | 0.04 | | | | 0.04 | | | |
| | 0.08 | | | | 0.08 | | | | 0.05 | | | | 0.04 | | | | 0.04 | | | |
| | 15.97 | | | | 10.51 | | | | 9.54 | | | | 13.06 | | | | 10.23 | | | |
The accompanying notes are an integral part of these financial statements.
125
MoA FUNDS
FINANCIAL HIGHLIGHTS (Continued)
| | | | | | | | | | | | | | | | | | | | |
| | | MoA US Government Money Market Fund
(Formerly MoA Money Market Fund) | |
| | | Years Ended December 31, | |
| | | 2024(e) | | | 2023(e) | | | 2022(e) | | | 2021(e) | | | 2020(a)(e) | |
Net Asset Value, Beginning of Year | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.04 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
INCOME (LOSS) FROM INVESTMENT OPERATIONS | | | | | | | | | | | | | | | | | | | | |
Net Investment Income (Loss) | | | 0.05 | | | | 0.05 | | | | 0.01 | | | | — | (d) | | | 0.01 | |
Net Realized and Unrealized Gains (Losses) on Investments, Futures Contracts and Foreign Currency Translations | | | — | (d) | | | — | (f) | | | — | (f) | | | — | (f) | | | (0.01 | ) |
| | | | | | | | | | | | | | | | | | | | |
Total From Investment Operations | | | 0.05 | | | | 0.05 | | | | 0.01 | | | | — | (d) | | | — | (d) |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Less Distributions | | | | | | | | | | | | | | | | | | | | |
From Net Investment Income | | | (0.05 | ) | | | (0.05 | ) | | | (0.01 | ) | | | — | | | | 0.04 | |
From Net Realized Gains | | | — | | | | — | (f) | | | — | | | | — | | | | — | (d) |
Return of Capital | | | — | | | | — | | | | — | | | | — | | | | — | (f) |
| | | | | | | | | | | | | | | | | | | | |
Total Distributions | | | (0.05 | ) | | | (0.05 | ) | | | (0.01 | ) | | | — | | | | 0.04 | |
| | | | | | | | | | | | | | | | | | | | |
Capital Contribution from Advisor | | | — | (f) | | | — | | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | |
Net Asset Value, End of Year | | | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | |
| | | | | | | | | | | | | | | | | | | | |
Total Return (%)(b) | | | 5.09 | (g) | | | 4.99 | | | | 1.31 | | | | (0.17 | ) | | | 0.28 | |
Net Assets, End of Year ($ millions) | | | 516 | | | | 586 | | | | 335 | | | | 173 | | | | 122 | |
Ratio of Net Income (Loss) to Average Net Assets (%) | | | 4.99 | | | | 4.90 | | | | 1.71 | | | | (0.20 | ) | | | 0.40 | |
Ratio of Expenses to Average Net Assets Before Expense Reimbursement (%) | | | 0.23 | | | | 0.23 | | | | 0.24 | | | | 0.26 | | | | 0.27 | |
Ratio of Expenses to Average Net Assets After Expense Reimbursement (%) | | | 0.22 | | | | 0.23 | | | | 0.24 | | | | 0.26 | | | | 0.27 | |
Portfolio Turnover Rate (%)(c) | | | NA | | | | NA | | | | NA | | | | NA | | | | NA | |
| (a) | On September 25, 2020, the MoA Funds, with the exception of the Catholic Values Index Fund which commenced operations on September 30, 2020, had a 1 for 10 reverse share split. |
| (b) | Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year or period reported and includes reinvestment of distributions, if any. For variable annuity owners or participants in a group variable annuity, the total return does not reflect the effect of fees and charges associated with your variable annuity contract and does not reflect expenses associated with the separate account such as administrative fees and account charges which, if reflected, would reduce the total returns for all years and periods shown. Past performance is no guarantee of future results. Total returns for periods less than one full year are not annualized. |
| (c) | Portfolio turnover rate excludes all short-term securities. |
| (d) | Amount is less than $0.005 per share. |
| (e) | On August 23, 2024, the MoA US Government Money Market Fund, had a stock split with an exact split ratio of 11.855015:1. Historical net asset value per share and per share activity have been adjusted to reflect the split on a retroactive basis and the historical split that occurred on September 25, 2020 referenced in note (a). |
| (f) | Amount is less than $0.0005 per share. |
| (g) | The Fund accrued a non-recurring capital contribution from Mutual of America Capital Management LLC of $145 to reflect lost opportunity cost arising when a portion of the portfolio was uninvested. The total return absent the adviser capital contribution was 5.09%. |
The accompanying notes are an integral part of these financial statements.
126
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
MoA Intermediate Bond Fund | | |
MoA Core Bond Fund | | | |
| Years Ended December 31, | | | Years Ended December 31, | | | |
2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020(a) | | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020(a) | | | |
| $ | 9.64 | | | $ | 9.43 | | | $ | 10.36 | | | $ | 10.79 | | | $ | 10.63 | | | $ | 12.45 | | | $ | 12.21 | | | $ | 14.32 | | | $ | 15.01 | | | $ | 14.77 | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 0.35 | | | | 0.22 | | | | 0.14 | | | | 0.14 | | | | 0.15 | | | | 0.46 | | | | 0.36 | | | | 0.27 | | | | 0.23 | | | | 0.28 | | | |
| | (0.09 | ) | |
|
0.21 |
| | | (0.93 | ) | | | (0.36 | ) | | | 0.39 | | | | (0.32 | ) | | | 0.24 | | | | (2.09 | ) | | | (0.60 | ) | | | 0.67 | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 0.26 | | | | 0.43 | | | | (0.79 | ) | | | (0.22 | ) | | | 0.54 | | | | 0.14 | | | | 0.60 | | | | (1.82 | ) | | | (0.37 | ) | | | 0.95 | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | (0.35 | ) | | | (0.22 | ) | | | (0.14 | ) | | | (0.14 | ) | | | (0.38 | ) | | | (0.47 | ) | | | (0.36 | ) | | | (0.29 | ) | | | (0.27 | ) | | | (0.70 | ) | | |
| | — | | | | — | | | | — | (d) | | | (0.07 | ) | | | — | (d) | | | — | | | | — | | | | — | | | | (0.05 | ) | | | (0.01 | ) | | |
| | — | (d) | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | (d) | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | (0.35 | ) | | | (0.22 | ) | | | (0.14 | ) | | | (0.21 | ) | | | (0.38 | ) | | | (0.47 | ) | | | (0.36 | ) | | | (0.29 | ) | | | (0.32 | ) | | | (0.71 | ) | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 9.55 | | | $ | 9.64 | | | $ | 9.43 | | | $ | 10.36 | | | $ | 10.79 | | | $ | 12.12 | | | $ | 12.45 | | | $ | 12.21 | | | $ | 14.32 | | | $ | 15.01 | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 2.79 | | | | 4.62 | | | | (7.66 | ) | | | (2.02 | ) | | | 5.05 | | | | 1.17 | | | | 5.03 | | | | (12.79 | ) | | | (2.45 | ) | | | 6.40 | | | |
| | 899 | | | | 950 | | | | 878 | | | | 866 | | | | 829 | | | | 2,209 | | | | 2,060 | | | | 1,841 | | | | 2,049 | | | | 1,873 | | | |
| | 3.61 | | | | 2.39 | | | | 1.42 | | | | 1.32 | | | | 1.79 | | | | 3.78 | | | | 2.94 | | | | 2.07 | | | | 1.56 | | | | 2.03 | | | |
| | 0.46 | | |
|
0.47 |
| | | 0.45 | | | | 0.44 | | | | 0.46 | | | | 0.45 | | | | 0.45 | | | | 0.43 | | | | 0.43 | | | | 0.45 | | | |
| | 0.46 | | |
|
0.46 |
| | | 0.45 | | | | 0.44 | | | | 0.46 | | | | 0.44 | | | | 0.44 | | | | 0.43 | | | | 0.43 | | | | 0.45 | | | |
| | 53.52 | | | | 50.30 | | | | 21.07 | | | | 17.57 | | | | 10.72 | | | | 44.53 | | | | 34.81 | | | | 33.44 | | | | 31.53 | | | | 28.98 | | | |
The accompanying notes are an integral part of these financial statements.
127
MoA FUNDS
NOTES TO FINANCIAL STATEMENTS
December 31, 2024
MoA Funds Corporation (the “Investment Company”) is a diversified, open-end management investment company — a type of company commonly known as a “mutual fund.” It is registered under the Investment Company Act of 1940. The Investment Company was formed on February 21, 1986 as a Maryland corporation and offers its shares to various types of investors, including separate accounts of affiliated insurance companies. The Investment Company issues separate series of capital stock, each of which represents a separate Fund (collectively, “the Funds”). The financial statements for each of the Funds are contained within this report.
As of December 31, 2024 there were 28 active funds (collectively the “Funds”), as follows:
| | |
Equity Funds | | Asset Allocation Funds |
MoA Small Cap Value Fund | | MoA Conservative Allocation Fund |
MoA Mid Cap Value Fund | | MoA Moderate Allocation Fund |
MoA Small Cap Growth Fund | | MoA Aggressive Allocation Fund |
MoA International Fund | | MoA Balanced Fund |
MoA Equity Index Fund | | |
MoA Mid Cap Equity Index Fund | | Target Date Funds |
MoA Small Cap Equity Index Fund | | MoA Retirement Income Fund |
MoA Catholic Values Index Fund | | MoA Clear Passage 2015 Fund |
MoA All America Fund | | MoA Clear Passage 2020 Fund |
| | MoA Clear Passage 2025 Fund |
| Fixed Income Funds | | MoA Clear Passage 2030 Fund |
MoA Intermediate Bond Fund | | MoA Clear Passage 2035 Fund |
MoA Core Bond Fund | | MoA Clear Passage 2040 Fund |
MoA US Government Money Market Fund
(formerly MoA Money Market Fund)* | | MoA Clear Passage 2045 Fund MoA Clear Passage 2050 Fund |
| | MoA Clear Passage 2055 Fund |
| | MoA Clear Passage 2060 Fund |
| | MoA Clear Passage 2065 Fund |
| * | At their meeting on June 11, 2024, the Board of Directors of the Investment Company (the “Board”) approved a plan to convert the MoA Money Market Fund, previously an “institutional prime money market fund,” into a “government money market fund,” as defined under Rule 2a-7 of the Investment Company Act of 1940, as amended. Upon full conversion, the MoA Money Market Fund was renamed the MoA US Government Money Market Fund. The conversion occurred on August 23, 2024 after the close of business. Concurrently with the conversion, the Fund underwent a stock split so the ending NAV was $1.00. The exact split ratio was 11.855015:1. |
Effective August 26, 2024, the MoA US Government Money Market Fund invests at least 99.5% of its assets in short-term obligations of the US Government, repurchase agreements that are fully collateralized by obligations of the US Government and cash. The MoA US Government Money Market Fund seeks to preserve a $1.00 per share net asset value and will also declare dividends daily and pay them monthly. The investment advisory fee and other expenses of the Fund did not change as a result of the conversion.
Investment Company shares are issued to retail and institutional investors, such as endowments, foundations, corporations, municipalities and other public entities, and trusts. In addition, shares are issued to Mutual of America Life Insurance Company for allocation to its Separate Accounts as a funding medium for variable accumulation annuity contracts, as well as directly issued to one or more of the Investment Company’s Target Date Funds and the MoA Conservative Allocation, MoA Moderate Allocation and MoA Aggressive Allocation Funds (collectively, “Asset Allocation Funds”). Foreside Fund Services, LLC acts as principal underwriter for the distribution of the Funds’ shares.
128
MoA FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
December 31, 2024
| 2. | SIGNIFICANT ACCOUNTING POLICIES |
The Funds follow investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Codification Topic 946 Financial Services — Investment Companies. The preparation of financial statements in accordance with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, income, expenses and related disclosures. Changes in the economic environment, financial markets and any other parameters used in determining these estimates could cause actual results to differ.
In this reporting period, the Funds adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) — Improvements to Reportable Segment Disclosures (“ASU 2023-07”). Adoption of the new standard impacted financial statement disclosures only and did not affect the Funds’ financial position or the results of their operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity’s chief operating decision maker (CODM) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available.
An executive committee of the Funds’ adviser, Mutual of America Capital Management LLC (the “Adviser”), acts as the Funds’ CODM. Since its inception, each Fund has represented a single operating segment, as the CODM monitors the operating results of the Investment Company as a whole and each Fund’s long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the respective Fund’s portfolio managers as a team. The financial information in the form of the Fund’s portfolio of investment securities, expense ratios, net increase (decrease) in net assets resulting from operations on the respective statement of operations and other information about the Funds’ performance, including total return within the respective financial highlights schedule, which are used by the CODM to assess the segment’s performance versus the Fund’s comparative benchmarks and to make resource allocation decisions for the Funds’ single segment, is consistent with that presented within the Funds’ financial statements. Segment assets are reflected on the accompanying statements of assets and liabilities as “total assets” and significant segment expenses are listed on the accompanying statements of operations.
The following is a summary of the significant accounting policies consistently followed by the Investment
Company, which are in conformity with GAAP:
Fair Value — The Investment Company values its investments at fair value. Fair value is an estimate of the price the Fund would receive upon selling a security in an orderly arms-length transaction. Investments are categorized based on a three-level valuation hierarchy for measurement and disclosure of fair value. The valuation hierarchy is based upon the transparency of inputs used to measure fair value. These inputs are summarized in the three broad levels listed below:
| | • | | Level 1 — quoted prices in active markets for identical securities. |
| | • | | Level 2 — other significant observable inputs (including yield, quality, coupon rate, maturity, issue type, quoted prices for similar securities, prepayment speeds, trading characteristics, etc.). |
| | • | | Level 3 — significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). |
As of December 31, 2024, management determined that the fair value inputs used for all equity securities were considered Level 1, with the exception of two securities in the Small Cap Equity Index Fund and one in the Catholic Values Index Fund (see Note (a) below) which were considered Level 3 and certain securities listed on foreign exchanges which were considered Level 2. Valuation adjustments may be applied to certain securities that were solely traded on a foreign exchange to account for the market movement between the close of the foreign market and the close of the New York Stock Exchange. Securities using these valuation adjustments were considered Level 2. In addition, non-registered securities under Rule 144A of the Securities Act of 1933 were considered Level 2. Fair value inputs for all debt securities and temporary cash investments were considered Level 2, with the exception of one debt security in the Core Bond Fund (see Note (a) below) which was considered as Level 3. The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
129
MoA FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
December 31, 2024
| 2. | SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) |
The following is a summary of the inputs used to value the Funds’ investments and other financial instruments as of December 31, 2024:
| | | | | | | | | | | | | | | | |
Fund | | Level 1 — Quoted
Prices | | | Level 2 — Significant
Observable Inputs | | | Level 3 — Significant
Unobservable Inputs | | | Total | |
| | | | |
Investments at Fair Value:* | | | | | | | | | | | | | | | | |
Equity Index Fund | | | | | | | | | | | | | | | | |
Common Stock | | $ | 5,775,561,368 | | | | — | | | | — | | | $ | 5,775,561,368 | |
Short-Term Debt Securities | | | — | | | $ | 116,854,691 | | | | — | | | $ | 116,854,691 | |
Temporary Cash Investment | | | — | | | $ | 925,685 | | | | — | | | $ | 925,685 | |
| | | | | | | | | | | | | | | | |
| | $ | 5,775,561,368 | | | $ | 117,780,376 | | | | — | | | $ | 5,893,341,744 | |
All America Fund | | | | | | | | | | | | | | | | |
Common Stock | | $ | 301,896,160 | | | | — | | | | — | | | $ | 301,896,160 | |
Short-Term Debt Securities | | | — | | | $ | 2,543,661 | | | | — | | | $ | 2,543,661 | |
Temporary Cash Investment | | | — | | | $ | 2,082,754 | | | | — | | | $ | 2,082,754 | |
| | | | | | | | | | | | | | | | |
| | $ | 301,896,160 | | | $ | 4,626,415 | | | | — | | | $ | 306,522,575 | |
Small Cap Value Fund | | | | | | | | | | | | | | | | |
Common Stock | | $ | 395,221,063 | | | | — | | | | — | | | $ | 395,221,063 | |
Short-Term Debt Securities | | | — | | | $ | 1,944,302 | | | | — | | | $ | 1,944,302 | |
Temporary Cash Investment | | | — | | | $ | 624,195 | | | | — | | | $ | 624,195 | |
| | | | | | | | | | | | | | | | |
| | $ | 395,221,063 | | | $ | 2,568,497 | | | | — | | | $ | 397,789,560 | |
Small Cap Growth Fund | | | | | | | | | | | | | | | | |
Common Stock | | $ | 392,403,393 | | | | — | | | | — | | | $ | 392,403,393 | |
Short-Term Debt Securities | | | — | | | $ | 4,777,483 | | | | — | | | $ | 4,777,483 | |
Temporary Cash Investment | | | — | | | $ | 507,563 | | | | — | | | $ | 507,563 | |
| | | | | | | | | | | | | | | | |
| | $ | 392,403,393 | | | $ | 5,285,046 | | | | — | | | $ | 397,688,439 | |
Small Cap Equity Index Fund | | | | | | | | | | | | | | | | |
Common Stock | | $ | 209,648,431 | | | | — | | | | — | (a) | | $ | 209,648,431 | |
Temporary Cash Investment | | | — | | | $ | 154,287 | | | | — | | | $ | 154,287 | |
| | | | | | | | | | | | | | | | |
| | $ | 209,648,431 | | | $ | 154,287 | | | | — | | | $ | 209,802,718 | |
Mid Cap Value Fund | | | | | | | | | | | | | | | | |
Common Stock | | $ | 206,962,949 | | | | — | | | | — | | | $ | 206,962,949 | |
Short-Term Debt Securities | | | — | | | $ | 5,483,353 | | | | — | | | $ | 5,483,353 | |
Temporary Cash Investment | | | — | | | $ | 351,773 | | | | — | | | $ | 351,773 | |
| | | | | | | | | | | | | | | | |
| | $ | 206,962,949 | | | $ | 5,835,126 | | | | — | | | $ | 212,798,075 | |
Mid Cap Equity Index Fund | | | | | | | | | | | | | | | | |
Common Stock | | $ | 1,522,209,842 | | | | — | | | | — | | | $ | 1,522,209,842 | |
Short-Term Debt Securities | | | — | | | $ | 15,936,254 | | | | — | | | $ | 15,936,254 | |
Temporary Cash Investment | | | — | | | $ | 754,729 | | | | — | | | $ | 754,729 | |
| | | | | | | | | | | | | | | | |
| | $ | 1,522,209,842 | | | $ | 16,690,983 | | | | — | | | $ | 1,538,900,825 | |
Balanced Fund | | | | | | | | | | | | | | | | |
Common Stock | | $ | 120,682,107 | | | | — | | | | — | | | $ | 120,682,107 | |
U.S. Government Debt | | | — | | | $ | 11,784,300 | | | | — | | | $ | 11,784,300 | |
U.S. Government Agency Residential
Mortgage-Backed Obligations | | | — | | | $ | 24,166,019 | | | | — | | | $ | 24,166,019 | |
U.S. Government Agency Non-Mortgage-Backed Obligations | | | — | | | $ | 1,553,926 | | | | — | | | $ | 1,553,926 | |
Long-Term Corporate Debt | | | — | | | $ | 31,067,551 | | | | — | | | $ | 31,067,551 | |
Short-Term Debt Securities | | | — | | | $ | 7,786,409 | | | | — | | | $ | 7,786,409 | |
Temporary Cash Investment | | | — | | | $ | 1,280,046 | | | | — | | | $ | 1,280,046 | |
| | | | | | | | | | | | | | | | |
| | $ | 120,682,107 | | | $ | 77,638,251 | | | | — | | | $ | 198,320,358 | |
130
MoA FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
December 31, 2024
| 2. | SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) |
| | | | | | | | | | | | | | | | |
Fund | | Level 1 — Quoted
Prices | | | Level 2 — Significant
Observable Inputs | | | Level 3 — Significant
Unobservable Inputs | | | Total | |
International Fund | | | | | | | | | | | | | | | | |
Common Stock | | $ | 89,295,888 | | | $ | 1,484,552,757 | | | | — | | | $ | 1,573,848,645 | |
Short-Term Debt Securities | | | — | | | $ | 69,462,215 | | | | — | | | $ | 69,462,215 | |
Temporary Cash Investment | | | — | | | $ | 5,172,849 | | | | — | | | $ | 5,172,849 | |
| | | | | | | | | | | | | | | | |
| | $ | 89,295,888 | | | $ | 1,559,187,821 | | | | — | | | $ | 1,648,483,709 | |
Catholic Values Index Fund | | | | | | | | | | | | | | | | |
Common Stock | | $ | 7,565,399 | | | | — | | | | — | (a) | | $ | 7,565,399 | |
| | | | | | | | | | | | | | | | |
Retirement Income Fund | | | | | | | | | | | | | | | | |
Common Stock | | $ | 207,942,329 | | | | — | | | | — | | | $ | 207,942,329 | |
| | | | | | | | | | | | | | | | |
Clear Passage 2015 Fund | | | | | | | | | | | | | | | | |
Common Stock | | $ | 105,399,089 | | | | — | | | | — | | | $ | 105,399,089 | |
| | | | | | | | | | | | | | | | |
Clear Passage 2020 Fund | | | | | | | | | | | | | | | | |
Common Stock | | $ | 459,136,997 | | | | — | | | | — | | | $ | 459,136,997 | |
Temporary Cash Investment | | | — | | | $ | 40,473 | | | | | | | $ | 40,473 | |
| | | | | | | | | | | | | | | | |
| | $ | 459,136,997 | | | $ | 40,473 | | | | — | | | $ | 459,177,470 | |
Clear Passage 2025 Fund | | | | | | | | | | | | | | | | |
Common Stock | | $ | 1,111,416,854 | | | | — | | | | — | | | $ | 1,111,416,854 | |
Temporary Cash Investment | | | — | | | $ | 97,217 | | | | — | | | $ | 97,217 | |
| | | | | | | | | | | | | | | | |
| | $ | 1,111,416,854 | | | $ | 97,217 | | | | — | | | $ | 1,111,514,071 | |
Clear Passage 2030 Fund | | | | | | | | | | | | | | | | |
Common Stock | | $ | 1,408,751,490 | | | | — | | | | — | | | $ | 1,408,751,490 | |
Temporary Cash Investment | | | — | | | $ | 121,658 | | | | — | | | $ | 121,658 | |
| | | | | | | | | | | | | | | | |
| | $ | 1,408,751,490 | | | $ | 121,658 | | | | — | | | $ | 1,408,873,148 | |
Clear Passage 2035 Fund | | | | | | | | | | | | | | | | |
Common Stock | | $ | 1,399,243,276 | | | | — | | | | — | | | $ | 1,399,243,276 | |
Temporary Cash Investment | | | — | | | $ | 120,935 | | | | — | | | $ | 120,935 | |
| | | | | | | | | | | | | | | | |
| | $ | 1,399,243,276 | | | $ | 120,935 | | | | — | | | $ | 1,399,364,211 | |
Clear Passage 2040 Fund | | | | | | | | | | | | | | | | |
Common Stock | | $ | 1,203,619,004 | | | | — | | | | — | | | $ | 1,203,619,004 | |
Temporary Cash Investment | | | — | | | $ | 103,395 | | | | — | | | $ | 103,395 | |
| | | | | | | | | | | | | | | | |
| | $ | 1,203,619,004 | | | $ | 103,395 | | | | — | | | $ | 1,203,722,399 | |
Clear Passage 2045 Fund | | | | | | | | | | | | | | | | |
Common Stock | | $ | 1,231,683,148 | | | | — | | | | — | | | $ | 1,231,683,148 | |
Temporary Cash Investment | | | — | | | $ | 106,816 | | | | — | | | $ | 106,816 | |
| | | | | | | | | | | | | | | | |
| | $ | 1,231,683,148 | | | $ | 106,816 | | | | — | | | $ | 1,231,789,964 | |
Clear Passage 2050 Fund | | | | | | | | | | | | | | | | |
Common Stock | | $ | 976,662,275 | | | | — | | | | — | | | $ | 976,662,275 | |
Temporary Cash Investment | | | — | | | $ | 86,471 | | | | — | | | $ | 86,471 | |
| | | | | | | | | | | | | | | | |
| | $ | 976,662,275 | | | $ | 86,471 | | | | — | | | $ | 976,748,746 | |
Clear Passage 2055 Fund | | | | | | | | | | | | | | | | |
Common Stock | | $ | 561,061,012 | | | | — | | | | — | | | $ | 561,061,012 | |
Temporary Cash Investment | | | — | | | $ | 47,777 | | | | — | | | $ | 47,777 | |
| | | | | | | | | | | | | | | | |
| | $ | 561,061,012 | | | $ | 47,777 | | | | — | | | $ | 561,108,789 | |
Clear Passage 2060 Fund | | | | | | | | | | | | | | | | |
Common Stock | | $ | 311,133,744 | | | | — | | | | — | | | $ | 311,133,744 | |
Temporary Cash Investment | | | — | | | $ | 26,300 | | | | — | | | $ | 26,300 | |
| | | | | | | | | | | | | | | | |
| | $ | 311,133,744 | | | $ | 26,300 | | | | — | | | $ | 311,160,044 | |
Clear Passage 2065 Fund | | | | | | | | | | | | | | | | |
Common Stock | | $ | 122,182,342 | | | | — | | | | — | | | $ | 122,182,342 | |
Temporary Cash Investment | | | — | | | $ | 24,996 | | | | — | | | $ | 24,996 | |
| | | | | | | | | | | | | | | | |
| | $ | 122,182,342 | | | $ | 24,996 | | | | — | | | $ | 122,207,338 | |
131
MoA FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
December 31, 2024
| 2. | SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) |
| | | | | | | | | | | | | | | | |
Fund | | Level 1 — Quoted
Prices | | | Level 2 — Significant
Observable Inputs | | | Level 3 — Significant
Unobservable Inputs | | | Total | |
Conservative Allocation Fund | | | | | | | | | | | | | | | | |
Common Stock | | $ | 152,619,764 | | | $ | — | | | | — | | | $ | 152,619,764 | |
| | | | | | | | | | | | | | | | |
Moderate Allocation Fund | | | | | | | | | | | | | | | | |
Common Stock | | $ | 396,728,924 | | | | — | | | | — | | | $ | 396,728,924 | |
| | | | | | | | | | | | | | | | |
Aggressive Allocation Fund | | | | | | | | | | | | | | | | |
Common Stock | | $ | 335,169,616 | | | | — | | | | — | | | $ | 335,169,616 | |
| | | | | | | | | | | | | | | | |
US Government Money Market Fund(b) | | | | | | | | | | | | | | | | |
U.S. Government Debt | | | — | | | $ | 360,735,458 | | | | — | | | $ | 360,735,458 | |
U.S. Government Agencies | | | — | | | $ | 157,276,028 | | | | — | | | $ | 157,276,028 | |
Temporary Cash Investment | | | — | | | $ | 86,205 | | | | — | | | $ | 86,205 | |
| | | | | | | | | | | | | | | | |
| | | — | | | $ | 518,097,691 | | | | — | | | $ | 518,097,691 | |
Intermediate Bond Fund | | | | | | | | | | | | | | | | |
U.S. Government Debt | | | — | | | $ | 361,231,947 | | | | — | | | $ | 361,231,947 | |
U.S. Government Agency Non-Mortgage-Backed Obligations | | | — | | | $ | 16,986,839 | | | | — | | | $ | 16,986,839 | |
Long-Term Corporate Debt | | | — | | | $ | 509,699,768 | | | | — | | | $ | 509,699,768 | |
Short-Term Debt Securities | | | — | | | $ | 1,995,304 | | | | — | | | $ | 1,995,304 | |
Temporary Cash Investment | | | — | | | $ | 442,324 | | | | — | | | $ | 442,324 | |
| | | | | | | | | | | | | | | | |
| | | — | | | $ | 890,356,182 | | | | — | | | $ | 890,356,182 | |
Core Bond Fund | | | | | | | | | | | | | | | | |
U.S. Government Debt | | | — | | | $ | 406,005,782 | | | | — | | | $ | 406,005,782 | |
U.S. Government Agency Residential Mortgage-Backed Obligations | | | — | | | $ | 752,916,899 | | | | — | | | $ | 752,916,899 | |
U.S. Government Agency Non-Mortgage-Backed Obligations | | | — | | | $ | 35,523,543 | | | | — | | | $ | 35,523,543 | |
Long-Term Corporate Debt | | | — | | | $ | 985,972,381 | | | | — | | | $ | 985,972,381 | |
Sovereign Debt | | | — | | | | — | | | $ | 1,284,467 | (a) | | $ | 1,284,467 | |
Short-Term Debt Securities | | | — | | | $ | 6,983,563 | | | | — | | | $ | 6,983,563 | |
Temporary Cash Investment | | | — | | | $ | 243,506 | | | | — | | | $ | 243,506 | |
| | | | | | | | | | | | | | | | |
| | | — | | | $ | 2,187,645,674 | | | $ | 1,284,467 | | | $ | 2,188,930,141 | |
| | | | |
Other Financial Instruments:** | | | | | | | | | | | | | | | | |
| | | | |
Equity Index Fund | | $ | (2,199,192 | ) | | | — | | | | — | | | $ | (2,199,192 | ) |
All America Fund | | $ | (70,845 | ) | | | — | | | | — | | | $ | (70,845 | ) |
Mid Cap Equity Index Fund | | $ | (710,350 | ) | | | — | | | | — | | | $ | (710,350 | ) |
International Fund | | $ | (481,620 | ) | | | — | | | | — | | | $ | (481,620 | ) |
| * | See Portfolios of Investments for more details on industry or country classifications, as applicable. |
| ** | Other financial instruments are derivative instruments not reflected in the Portfolio of Investments, such as futures contracts which are valued at the settlement price established each day by the exchange on which traded. |
| (a) | Includes securities fair valued using methods determined in good faith by the Adviser and reviewed by the Investment Company Valuation Committee, in accordance with procedures adopted by the Board of Directors of the Investment Company. |
| (b) | Formerly Money Market Fund. |
132
MoA FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
December 31, 2024
| 2. | SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Fair Value Measurement Using Significant Unobservable
Inputs (Level 3) for the year ended December 31, 2024 | |
| | | Balance
December 31,
2023(a) | | | Change in
Unrealized
Gains
(Losses) | | | Realized
Gains
(Losses) | | | Accrued
Discounts/
Premiums | | | Transfers
Into
Level 3 | | | Transfers
Out of
Level 3 | | | Purchases/
Payups | | | Sales/
Paydown | | | Balance
December 31,
2024(a) | | | Net Change in
Unrealized
Gains/
(Losses)
of Level 3
Assets Held
as of
December 31,
2024 | |
Small Cap Equity Index Fund — Common Stock | | | — | (b) | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | (b) | | | — | |
Core Bond Fund — Sovereign Debt | | $ | 1,566,371 | (c) | | $ | (51,568 | ) | | | — | | | $ | 36,284 | | | | — | | | | — | | | | — | | | $ | (266,620 | ) | | $ | 1,284,467 | (c) | | $ | (51,568 | ) |
Catholic Values Index Fund — Common Stock | | | — | (d) | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | (d) | | | — | |
| (a) | Includes securities fair valued using methods determined in good faith by the Adviser and reviewed by the Investment Company Valuation Committee, in accordance with procedures adopted by the Board of Directors of the Investment Company. |
| (b) | Level 3 securities, OmniAB, Inc. Cl CR3 and OmniAB, Inc. Cl CR4 - common stocks with $0 fair value. |
| (c) | Level 3 security, Sri Lanka AID, with change in unrealized loss of $(51,568), accrued discounts of $36,284, sales/paydowns of $(266,620) and $1,284,467 fair value. |
| (d) | Level 3 security, Contra ABIOMED, Inc. - contingent value rights with $0 fair value. |
Security Valuation — Investment securities are carried at fair value as follows:
The Funds’ investments are valued as of the close of trading on the New York Stock Exchange (“Exchange”) on each day the Exchange is open for trading. The Exchange usually closes at 4:00 pm Eastern Time but sometimes closes earlier. For Funds that invest in securities listed on foreign exchanges, the value of the securities may change on days when the Funds are closed and there is no possibility to purchase or redeem shares of the Funds. Valuation adjustments may be applied to certain securities that were solely traded on a foreign exchange to account for the market movement between the close of the foreign market and the close of the Exchange.
The Board has adopted valuation procedures for security valuation under which the Adviser was designated to perform certain fair valuation responsibilities. The Adviser has established a Valuation Committee responsible for supervising the fair valuation of portfolio securities. The valuation procedures permit the Funds to utilize independent pricing vendor services, quotations from market makers and alternative valuation methods when market quotations are either not readily available or not deemed representative of market value. Assumptions utilized by the valuation committee vary depending on the investment being fair-valued and the technique deemed most appropriate to the nature of the investment and how a market participant would fair value the investment. Such techniques involve utilizing market observable spreads for fixed income securities, discounted cash flow models and weighting of company specific events and circumstances as inputs into fair value estimates. A record of the Valuation Committee’s actions is subject to the Board’s review at its next regularly scheduled quarterly meeting.
Exchange-traded equity securities are valued at the last reported sales price on the principal exchange on which the security is traded. If there is no trading volume for a particular valuation day, the Valuation Committee is responsible for the fair valuation of portfolio security.
Short-term debt securities with a maturity of 60 days or less are valued at amortized cost, which approximates fair value for such securities.
Debt securities, including short-term debt securities maturing in excess of 60 days, are typically valued on the basis of prices obtained from an independent pricing source. The pricing source may utilize
various pricing methodologies that incorporate both models (which consider factors such as yield,
133
MoA FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
December 31, 2024
| 2. | SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) |
quality, coupon rate, maturity, issue type, quoted prices for similar securities, prepayment speeds and trading characteristics) and dealer-supplied valuations to derive a valuation.
Temporary cash investments are amounts on deposit with financial institutions that are swept daily into an overnight investment and returned the next business day. These short-term temporary cash investments are valued at cost.
When a price is not available from an independent pricing source or when prices may not reflect market value, such as when the price provided by the pricing source is not based on a recent trade, these securities are fair valued using the valuation procedures described above and are considered Level 3 securities.
The Target Date Funds and the Conservative, Aggressive, and Moderate Allocation Funds value their investments in the underlying Funds of the Investment Company at their respective net asset values.
Investment Transactions — Investment transactions are accounted for as of the trade date. Realized gains and losses on the sale of securities are computed on the basis of identified cost at the time of sale, determined on the first-in, first-out (“FIFO”) basis.
Futures Contracts — The Equity Index Fund, Mid Cap Equity Index Fund, International Fund and a portion of the All America Fund each maintain portfolios which are subject to equity price risk. In order to remain more fully invested in the equity markets while minimizing transaction costs, the Funds may purchase stock index futures contracts. These purchases of futures contracts allow the Funds to invest available cash to attempt to efficiently and cost effectively keep the Funds fully invested on a daily basis in an attempt to minimize deviation from the performance of the indices.
An initial cash margin deposit (represented by Treasury bills) is made upon entering into a futures contract and serves as collateral for the contract. This initial margin, maintained in a segregated account, does not involve the borrowing of funds to finance the transaction. During the period the futures contract is outstanding, changes in the value of the contract are recognized as unrealized appreciation or depreciation by “marking-to-market” on a daily basis to reflect the market value of the contract at the end of each trading day. The accumulated unrealized appreciation or depreciation on the contract is included in Total Distributable Earnings (Loss) in the Components of Net Assets section of the Statements of Assets and Liabilities. Futures contracts are valued at the settlement price established each day by the exchange on which traded. Depending upon whether unrealized appreciation or depreciation are incurred, variation margin payments are received or made daily. The net change in unrealized appreciation or depreciation of futures contracts is recorded in the Statements of Operations. When the contract is closed, a realized gain or loss from futures transactions is recorded in the Statements of Operations, equal to the net variation margin received or paid over the period the contract was outstanding.
The “Underlying Face Amount at Value” (appearing in the “Footnotes to Portfolios of Investments in Securities”) representing the aggregate of outstanding contractual amounts under futures contracts reflects the extent of a Fund’s exposure to off-balance sheet risk. The use of futures transactions involves the risk of imperfect correlation in the price movements of the contract and the underlying securities. With futures contracts, there is minimal counterparty credit risk to the Fund since futures are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default.
The following table presents the financial statement impacts resulting from the Funds’ use of futures contracts at their fair values as of December 31, 2024 and for the year ended December 31, 2024:
| | | | | | | | | | | | | | | | | | | | | | |
Derivatives not accounted
for as hedging instruments | | Risk
Type | | | Locations on Statements of
Assets and Liabilities | | Equity Index
Fund | | | All America
Fund | | | Mid Cap
Equity Index
Fund | | | International
Fund | |
Futures Contracts | | | Equity | | | Total Distributable Earnings (Loss) | | $ | (2,199,192 | ) | | $ | (70,845 | ) | | $ | (710,350 | ) | | $ | (481,620 | ) |
| | | | | | | | | | | | | | | | | | | | | | |
134
MoA FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
December 31, 2024
| 2. | SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Derivatives not accounted
for as hedging instruments | | Risk
Type | | | Locations on Statements of
Operations | | Equity Index
Fund | | | All America
Fund | | | Mid Cap
Equity Index
Fund | | | International
Fund | |
Futures Contracts | | | Equity | | | Net realized gain (loss) on Futures contracts | | $ | 10,709,119 | | | $ | 325,313 | | | $ | 1,851,045 | | | $ | 1,744,522 | |
| | | | | | | | | | | | | | | | | | | | | | |
Futures Contracts | | | Equity | | | Change in net unrealized appreciation (depreciation) of Futures contracts | | $ | (4,206,495 | ) | | $ | (106,433 | ) | | $ | (1,319,450 | ) | | $ | (1,512,845 | ) |
| | | | | | | | | | | | | | | | | | | | | | |
During the year ended December 31, 2024, the Equity Index Fund, All America Fund, Mid-Cap Equity Index Fund and International Fund held futures contracts with average notional amounts of $79,405,359, $2,390,534, $15,469,299 and $16,243,817, respectively.
Warrants — A warrant is an option to purchase common stock of an issuer and is issued in conjunction with another security, such as a debt obligation. A warrant specifies the price at which the holder may purchase shares of common stock and usually expires after a period of time. A warrant holder generally may pay cash for the common stock to be purchased or may surrender the principal amount of the related debt security the warrant holder owns equal to the purchase price for the stock.
The common stock underlying a warrant may not increase in value after the date the warrant was issued, or may not increase up to the warrant exercise price. In this case, the warrant generally would have little value and could expire unexercised.
Foreign Investment Risk — unaudited. — Foreign markets are subject to the risk of change in currency or exchange rates, economic and political trends in foreign countries, less liquidity, more volatility, more difficulty in enforcing contractual obligations, higher transaction costs and less government supervision and other reporting regulations and requirements than domestic markets. Foreign investment risks are greater in emerging markets than in developed markets. Domestic equities indices could outperform the MSCI EAFE Index for periods of time.
Investment Income — Interest income, accretion of discount and amortization of premium are recorded daily on an accrual basis using the effective interest method. A debt obligation may cease accrual of income and result in a reduction to interest income when the collection of all or a portion of current and past due interest is in doubt. Dividend income is recorded on the ex-dividend date. Non-cash dividends, if any, are recorded at the fair market value of the securities received. Foreign source tax withheld from dividends is recorded as a reduction from dividend income. The Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. These amounts are included in Interest and dividends receivable on the Statements of Assets and Liabilities and in Dividends on the Statements of Operations. At year-end December 31, 2024, the International Fund had a withholding tax reclaim receivable amount of $5,093,270.
Foreign Currency Translations — The accounting records of the Funds are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars at the current rate of exchange of such currency against the U.S. dollar to determine the value of investments, assets and liabilities. Purchases and sales of securities, and income and expenses are translated at the prevailing rate of exchange on the respective dates of such transactions.
Reported net realized gains and losses arise from the sales of portfolio securities, sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. As of December 31, 2023, the effect of changes in foreign exchange rates on the sale of foreign dominated securities was reflected separately in the net realized gain (loss) on foreign currency translations. For the year ended December 31, 2024, the effect of changes in foreign exchange rates on the sale of foreign denominated securities is reflected within the net realized gain (loss) on investment securities and is not reflected separately from the fluctuations arising from changes in the market price of securities sold. The effect of changes in foreign currency translations on securities held is reflected within the change in net unrealized appreciation
135
MoA FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
December 31, 2024
| 2. | SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) |
(depreciation) of Investment securities and is not reflected separately from the fluctuations arising from changes in market prices of securities held.
Distributions to Shareholders (“Dividends”) — Distributions to shareholders are recorded on the ex-dividend date and are made at least annually. It is the Investment Company’s policy to make distributions of its net investment income and net realized gains, if any, in accordance with Federal income tax regulations, which may differ from U.S. generally accepted accounting principles. Accordingly, periodic reclassifications (which do not impact the Funds’ net asset values) are made within the Funds’ capital accounts to reflect income and gains available for distribution under Federal income tax regulations.
Federal Income Taxes — Each Fund in the Investment Company intends to continue to comply with the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of its taxable income to shareholders annually. Therefore, no federal income or excise tax provision is required.
GAAP requires the evaluation of tax positions taken in the course of preparing a fund’s tax return to determine whether it is “more-likely-than-not” that tax positions taken in the fund’s tax return will be ultimately sustained, and, if not, a tax liability and expense is recorded.
As of December 31, 2024, management has evaluated the tax positions taken on the Funds’ filed tax returns for all open tax years and has concluded that no tax provision is required in any of the Funds’ financial statements. Generally, the statute of limitations is open for 3 years after the tax returns are filed. Each Fund’s federal, state and local income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state departments of revenue.
As of December 31, 2024, the following Funds had late-year, and capital loss carry-forwards available to offset net realized capital gains generated after December 31, 2023.
| | | | | | | | | | | | |
| | | International
Fund | | | Intermediate
Bond Fund | | | Core Bond
Fund | |
Capital loss carry-forward — (short-term) | | $ | (46,856,383 | ) | | $ | (667,029 | ) | | $ | (16,352,481 | ) |
Capital loss carry-forward — (long term) | | $ | (41,134,683 | ) | | $ | (54,517,570 | ) | | $ | (125,962,238 | ) |
The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.
The Investment Company has an Investment Advisory Agreement with the Adviser, an indirect wholly-owned subsidiary of Mutual of America. For providing investment management services to each of the Funds of the Investment Company, the Adviser receives a fee, calculated as a daily charge of the value of the net assets of each Fund, at the following annual rates:
| | | | |
Fund | | Annual Investment
Management Fee | |
Conservative Allocation, Moderate Allocation, Aggressive Allocation Funds | | | 0.00 | % |
Target Date Funds | | | 0.05 | % |
Equity Index, Mid Cap Equity Index, Small Cap Equity Index Funds | | | 0.075 | % |
Catholic Values Index and US Government Money Market Funds | | | 0.15 | % |
Core Bond Fund | | | 0.39 | % |
All America, Balanced, International Fund (a), Intermediate Bond Funds | | | 0.40 | % |
Mid Cap Value Fund | | | 0.55 | % |
Small Cap Value, Small Cap Growth Funds | | | 0.75 | % |
| (a) | On March 12, 2024, the shareholders of the MoA International Fund approved an amendment to the Fund’s investment advisory agreement that amended the Fund’s management fee from 0.075% to the annual rate of 0.40% of the Fund’s average daily net assets. The change in management fee was effective on May 1, 2024. The Adviser has contractually agreed to waive 0.15% of this fee for the first two years. |
136
MoA FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
December 31, 2024
For the year ended December 31, 2024, the reimbursement amounted to $147,301, $211,793 and $208,155 for MoA Catholic Values Index Fund, MoA Small Cap Equity Index Fund, and MoA Clear Passage 2065 Fund, respectively.
Shareholders in the Conservative Allocation, Moderate Allocation, Aggressive Allocation, and Target Date Funds (each a “Fund of Funds”) indirectly bear their pro-rata share of the investment management fees incurred by the underlying funds in which they invest. Certain non-investment management operating expenses that can be attributed only to the Fund of Funds are charged directly to those Funds.
The Investment Company and the Adviser have entered into an agreement under which the Adviser agrees to reimburse the direct non-investment management operating expenses of any Fund of Funds that has less than $50 million in average daily net assets for the prior calendar year. This agreement remains in effect through April 30, 2025. For the year ended December 31, 2024, the Clear Passage 2065 Fund is the only Fund of Funds that qualified for this expense limitation. Beginning January 1, 2025, the Clear Passage 2065 Fund will no longer qualify for the expense limitation. The Investment Company and the Adviser have entered into an additional agreement under which the Adviser agrees to reimburse the non-investment management operating expenses of the Small Cap Equity Index Fund and the Catholic Values Index Fund to the extent that such operating expenses exceed 0.07% of the respective Fund’s net assets. This additional agreement remains in effect through April 30, 2025 and continues into successive 12 month periods ending April 30 unless i) the Investment Company gives not less than 30 days written notice to the Adviser, or ii) the Adviser gives 45 days advance notice to the Investment Company before the next May 1 of a given year to terminate the agreement. In that case, the agreement will terminate on the next May 1 following the written notice.
The Adviser also serves as an administrator for the Investment Company. Under the terms of the Administration Agreement between the Adviser and the Investment Company, which became effective on July 1, 2023, the Adviser agrees to provide certain Administrative Services or bear the cost of certain affiliates providing such services, in exchange for a fee at an annual rate of 0.03% of each Fund’s average daily net assets.
The administrative services provided by the Adviser include, among other items, coordination and supervision of the Funds’ other principal service providers; preparing and submitting reports to various regulatory agencies; compliance-related services; internal legal support; preparing and submitting reports and meeting materials to the Board of Directors; maintaining the Investment Company’s records; providing officers to the Funds; and negotiating and administering contractual arrangements with, and monitoring the performance of, service providers to the Funds. The Adviser has voluntarily agreed to waive 0.008% of this fee. This waiver may be modified or discontinued at any time.
The fees to the Adviser from the Administration Agreement, effective July 1, 2023, are disclosed as Administrative fees on the Statements of Operations. The effect of the waiver of expenses related to the Administrative Services and any non-investment management operating expense reimbursements by the Adviser is included in Fee waiver and expense reimbursement on the Statements of Operations. Amounts by Fund are listed below.
| | | | |
Fund | | Administrative
Services
Waiver | |
MoA Equity Index Fund | | $ | 451,705 | |
MoA All America Fund | | | 24,654 | |
MoA Small Cap Value Fund | | | 31,473 | |
MoA Small Cap Growth Fund | | | 32,227 | |
MoA Small Cap Equity Index Fund | | | 16,408 | |
MoA Mid Cap Value Fund | | | 14,376 | |
MoA Mid Cap Equity Index Fund | | | 122,873 | |
MoA Balanced Fund | | | 15,562 | |
MoA International Fund | | | 126,163 | |
MoA Catholic Values Index Fund | | | 536 | |
137
MoA FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
December 31, 2024
| | | | |
Fund | | Administrative
Services
Waiver | |
MoA Retirement Income Fund | | $ | 16,376 | |
MoA Clear Passage 2015 Fund | | | 8,718 | |
MoA Clear Passage 2020 Fund | | | 38,079 | |
MoA Clear Passage 2025 Fund | | | 89,845 | |
MoA Clear Passage 2030 Fund | | | 109,190 | |
MoA Clear Passage 2035 Fund | | | 106,572 | |
MoA Clear Passage 2040 Fund | | | 90,695 | |
MoA Clear Passage 2045 Fund | | | 93,488 | |
MoA Clear Passage 2050 Fund | | | 73,318 | |
MoA Clear Passage 2055 Fund | | | 40,970 | |
MoA Clear Passage 2060 Fund | | | 22,215 | |
MoA Clear Passage 2065 Fund | | | 7,737 | |
MoA Conservative Allocation Fund | | | 12,489 | |
MoA Moderate Allocation Fund | | | 32,510 | |
MoA Aggressive Allocation Fund | | | 27,327 | |
MoA US Government Money Market Fund | | | 42,299 | |
MoA Intermediate Bond Fund | | | 73,567 | |
MoA Core Bond Fund | | | 171,139 | |
| | | | |
| | $ | 1,892,511 | |
| | | | |
Effective June 15, 2023, the Board authorized each Fund to pay up to $10 per account or up to 0.15% of average daily net assets for shareholder services, depending on the terms of the fee assessed by the financial intermediary. For certain distribution channels, the payment amount is set at a per account amount. If the charge exceeds $10 per account or 0.15% of average daily net assets, the excess is borne by the Advisor. These payments are in addition to the annual transfer agency fees paid by a Fund to the Transfer Agent, and may include payments to financial intermediaries that charge networking fees for certain services provided in connection with the maintenance of shareholder accounts through the NSCC. These shareholder servicing fees are recorded in Shareholder service fees on the Statements of Operations. Any portion of unpaid fee as of December 31, 2024, is included within Accrued Expenses on the Statements of Assets and Liabilities.
Effective November 1, 2024, the Target Date Funds and the MoA Retirement Income Fund owe a fee of 0.10% of average daily net assets to Mutual of America Life Insurance Company, the owner of the Advisor. For the year ended December 31, 2024 amounts incurred to Mutual of America Life Insurance Company were as follows:
| | | | |
Fund | | | |
MoA Clear Passage 2015 Fund | | $ | 17,878 | |
MoA Clear Passage 2020 Fund | | $ | 77,787 | |
MoA Clear Passage 2025 Fund | | $ | 187,461 | |
MoA Clear Passage 2030 Fund | | $ | 236,523 | |
MoA Clear Passage 2035 Fund | | $ | 235,977 | |
MoA Clear Passage 2040 Fund | | $ | 202,300 | |
MoA Clear Passage 2045 Fund | | $ | 208,453 | |
MoA Clear Passage 2050 Fund | | $ | 165,186 | |
MoA Clear Passage 2055 Fund | | $ | 94,353 | |
MoA Clear Passage 2060 Fund | | $ | 52,333 | |
MoA Clear Passage 2065 Fund | | $ | 20,106 | |
MoA Retirement Income Fund | | $ | 34,998 | |
| | | | |
Total | | $ | 1,533,355 | |
| | | | |
138
MoA FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
December 31, 2024
The cost of investment purchases and proceeds from sales of investments, excluding short-term securities and futures contracts, for the year ended December 31, 2024, were as follows:
| | | | | | | | | | | | | | | | | | | | |
| | | Equity Index
Fund | | | All America
Fund | | | Small Cap
Value Fund | | | Small Cap
Growth Fund | | | Small Cap
Equity Index
Fund | |
Cost of investment purchases | | $ | 482,853,555 | | | $ | 92,993,956 | | | $ | 186,067,281 | | | $ | 175,139,989 | | | $ | 73,969,981 | |
| | | | | | | | | | | | | | | | | | | | |
Proceeds from sales of investments | | $ | (989,674,670 | ) | | $ | (135,692,085 | ) | | $ | (216,519,666 | ) | | $ | (227,471,091 | ) | | $ | (77,735,665 | ) |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| | | Mid Cap
Value Fund | | | Mid Cap
Equity Index
Fund | | | Balanced
Fund | | | International
Fund | | | Catholic Values
Index Fund | |
Cost of investment purchases | | $ | 110,375,390 | | | $ | 380,651,183 | | | $ | 70,447,927 | | | $ | 735,099,123 | | | $ | 2,319,637 | |
| | | | | | | | | | | | | | | | | | | | |
Proceeds from sales of investments | | $ | (68,429,166 | ) | | $ | (507,196,812 | ) | | $ | (85,388,930 | ) | | $ | (581,337,043 | ) | | $ | (1,719,530 | ) |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| | | Retirement
Income Fund | | | Clear
Passage 2015
Fund | | | Clear
Passage 2020
Fund | | | Clear
Passage 2025
Fund | | | Clear
Passage 2030
Fund | |
Cost of investment purchases | | $ | 59,112,060 | | | $ | 21,013,156 | | | $ | 83,780,607 | | | $ | 232,604,344 | | | $ | 318,029,216 | |
| | | | | | | | | | | | | | | | | | | | |
Proceeds from sales of investments | | $ | (62,387,750 | ) | | $ | (29,786,921 | ) | | $ | (129,032,581 | ) | | $ | (292,534,658 | ) | | $ | (281,589,120 | ) |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| | | Clear
Passage 2035
Fund | | | Clear
Passage 2040
Fund | | | Clear
Passage 2045
Fund | | | Clear Passage
2050
Fund | | | Clear
Passage 2055
Fund | |
Cost of investment purchases | | $ | 356,030,546 | | | $ | 295,712,912 | | | $ | 273,383,312 | | | $ | 211,070,827 | | | $ | 159,331,968 | |
| | | | | | | | | | | | | | | | | | | | |
Proceeds from sales of investments | | $ | (263,851,425 | ) | | $ | (201,918,558 | ) | | $ | (189,402,258 | ) | | $ | (127,747,353 | ) | | $ | (83,895,542 | ) |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| | | Clear
Passage 2060
Fund | | | Clear
Passage 2065
Fund | | | Conservative
Allocation
Fund | | | Moderate
Allocation
Fund | | | Aggressive
Allocation
Fund | |
Cost of investment purchases | | $ | 102,378,065 | | | $ | 61,541,367 | | | $ | 34,573,209 | | | $ | 63,846,744 | | | $ | 54,594,772 | |
| | | | | | | | | | | | | | | | | | | | |
Proceeds from sales of investments | | $ | (42,940,628 | ) | | $ | (12,285,418 | ) | | $ | (44,002,745 | ) | | $ | (89,627,268 | ) | | $ | (74,896,713 | ) |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| | | Intermediate
Bond Fund | | | Core
Bond Fund | | | | | | | | | | |
Cost of investment purchases | | $ | 487,382,445 | | | $ | 1,117,677,568 | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
Proceeds from sales of investments | | $ | (537,789,470 | ) | | $ | (939,334,344 | ) | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
The cost of short-term security purchases for the MoA US Government Money Market Fund for the year ended December 31, 2024, was $4,331,079,463; proceeds from sales for the same period were $4,429,311,251.
139
MoA FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
December 31, 2024
| 4. | INVESTMENTS (CONTINUED) |
The components of net unrealized appreciation (depreciation) of investments for federal income tax purposes and the cost of investments for federal income tax purposes at December 31, 2024 for each of the Funds were as follows:
| | | | | | | | | | | | | | | | | | | | |
| | | Equity Index
Fund | | | All America
Fund | | | Small Cap Value
Fund | | | Small Cap
Growth Fund | | | Small Cap Equity
Index Fund | |
Unrealized Appreciation | | $ | 3,192,731,731 | | | $ | 108,225,721 | | | $ | 92,850,727 | | | $ | 99,359,017 | | | $ | 42,957,852 | |
Unrealized Depreciation | | $ | (133,996,514 | ) | | $ | (12,200,892 | ) | | $ | (19,927,338 | ) | | $ | (31,471,629 | ) | | $ | (24,802,010 | ) |
| | | | | | | | | | | | | | | | | | | | |
Net | | $ | 3,058,735,217 | | | $ | 96,024,829 | | | $ | 72,923,389 | | | $ | 67,887,388 | | | $ | 18,155,842 | |
| | | | | | | | | | | | | | | | | | | | |
Tax Cost of Investments | | $ | 2,834,606,526 | | | $ | 210,497,472 | | | $ | 324,866,171 | | | $ | 329,801,051 | | | $ | 191,646,876 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| | | Mid Cap
Value Fund | | | Mid Cap Equity
Index Fund | | | Balanced
Fund | | | International
Fund | | | Catholic Values
Index Fund | |
Unrealized Appreciation | | $ | 36,174,802 | | | $ | 412,300,644 | | | $ | 56,692,216 | | | $ | 261,333,998 | | | $ | 2,488,414 | |
Unrealized Depreciation | | $ | (7,061,268 | ) | | $ | (97,498,666 | ) | | $ | (5,412,841 | ) | | $ | (143,872,206 | ) | | $ | (296,543 | ) |
| | | | | | | | | | | | | | | | | | | | |
Net | | $ | 29,113,534 | | | $ | 314,801,978 | | | $ | 51,279,375 | | | $ | 117,461,792 | | | $ | 2,191,871 | |
| | | | | | | | | | | | | | | | | | | | |
Tax Cost of Investments | | $ | 183,684,541 | | | $ | 1,224,098,847 | | | $ | 147,040,982 | | | $ | 1,530,896,057 | | | $ | 5,373,528 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| | | Retirement
Income
Fund | | | Clear Passage
2015
Fund | | | Clear Passage
2020
Fund | | | Clear Passage
2025
Fund | | | Clear Passage
2030
Fund | |
Unrealized Appreciation | | $ | 6,296,749 | | | $ | 3,597,815 | | | $ | 21,376,123 | | | $ | 58,489,975 | | | $ | 93,075,979 | |
Unrealized Depreciation | | $ | (21,602,827 | ) | | $ | (10,478,801 | ) | | $ | (42,082,452 | ) | | $ | (81,069,120 | ) | | $ | (68,604,540 | ) |
| | | | | | | | | | | | | | | | | | | | |
Net | | $ | (15,306,078 | ) | | $ | (6,880,986 | ) | | $ | (20,706,329 | ) | | $ | (22,579,145 | ) | | $ | 24,471,439 | |
| | | | | | | | | | | | | | | | | | | | |
Tax Cost of Investments | | $ | 223,248,407 | | | $ | 112,280,075 | | | $ | 479,883,799 | | | $ | 1,134,093,216 | | | $ | 1,384,401,709 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| | | Clear Passage
2035
Fund | | | Clear Passage
2040
Fund | | | Clear Passage
2045
Fund | | | Clear Passage
2050
Fund | | | Clear Passage
2055
Fund | |
Unrealized Appreciation | | $ | 101,460,499 | | | $ | 93,382,404 | | | $ | 101,741,866 | | | $ | 81,276,237 | | | $ | 39,837,504 | |
Unrealized Depreciation | | $ | (52,761,310 | ) | | $ | (37,795,383 | ) | | $ | (34,811,214 | ) | | $ | (24,461,601 | ) | | $ | (12,513,474 | ) |
| | | | | | | | | | | | | | | | | | | | |
Net | | $ | 48,699,189 | | | $ | 55,587,021 | | | $ | 66,930,652 | | | $ | 56,814,636 | | | $ | 27,324,030 | |
| | | | | | | | | | | | | | | | | | | | |
Tax Cost of Investments | | $ | 1,350,665,022 | | | $ | 1,148,135,378 | | | $ | 1,164,859,312 | | | $ | 919,934,110 | | | $ | 533,784,759 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| | | Clear Passage
2060
Fund | | | Clear Passage
2065
Fund | | | Conservative
Allocation
Fund | | | Moderate
Allocation
Fund | | | Aggressive
Allocation
Fund | |
Unrealized Appreciation | | $ | 19,786,748 | | | $ | 7,557,471 | | | $ | 7,871,134 | | | $ | 35,949,394 | | | $ | 34,197,965 | |
Unrealized Depreciation | | $ | (6,101,907 | ) | | $ | (2,443,615 | ) | | $ | (13,564,278 | ) | | $ | (24,451,194 | ) | | $ | (13,301,485 | ) |
| | | | | | | | | | | | | | | | | | | | |
Net | | $ | 13,684,841 | | | $ | 5,113,856 | | | $ | (5,693,144 | ) | | $ | 11,498,200 | | | $ | 20,896,480 | |
| | | | | | | | | | | | | | | | | | | | |
Tax Cost of Investments | | $ | 297,475,203 | | | $ | 117,093,482 | | | $ | 158,312,908 | | | $ | 385,230,724 | | | $ | 314,273,136 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| | | US Government
Money Market
Fund | | | Intermediate
Bond
Fund | | | Core
Bond
Fund | | | | | | | |
Unrealized Appreciation | | $ | — | | | $ | 3,476,045 | | | $ | 6,469,228 | | | | | | | | | |
Unrealized Depreciation | | $ | — | | | $ | (21,361,925 | ) | | $ | (162,338,346 | ) | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
Net | | $ | — | | | $ | (17,885,880 | ) | | $ | (155,869,118 | ) | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
Tax Cost of Investments | | $ | 518,097,691 | | | $ | 908,242,062 | | | $ | 2,344,799,259 | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
Differences between amounts reflected in the Statements of Assets and Liabilities and those computed for federal income tax purposes arise primarily from federal income tax treatment of wash sales, REITs, PFICs, partnerships, corporate actions and futures contracts.
140
MoA FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
December 31, 2024
| 4. | INVESTMENTS (CONTINUED) |
The Target Date and the Conservative, Aggressive, and Moderate Allocation Funds are invested in affiliated funds of the Investment Company and receive dividend income and distributions of gains entirely from these affiliated funds. Realized gains and losses result from the disposition of shares of these underlying funds. The Target Date and the Conservative, Aggressive, and Moderate Allocation Funds also derive unrealized gains and losses entirely from these affiliated funds. Investments in affiliated investment companies during the year ended December 31, 2024 were as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Affiliated Investment
Company | | Value as of
December 31,
2023 | | | Purchases | | | Realized
Gain
(Loss) on
Investment
Securities | | | Change in
Unrealized
Appreciation
(Depreciation)
of Investment
Securities | | | Sales | | | Value as of
December 31,
2024 | | | Dividends | | | Realized
Gain,
Distributions | |
MoA Retirement Income Fund | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
MoA Core Bond Fund | | $ | 68,302,939 | | | $ | 23,080,104 | | | $ | (3,363,941 | ) | | $ | 1,377,107 | | | $ | (18,255,673 | ) | | $ | 71,140,536 | | | $ | 2,672,469 | | | $ | — | |
MoA Equity Index Fund | | | 42,451,039 | | | | 11,591,022 | | | | 2,382,514 | | | | 3,581,240 | | | | (15,026,562 | ) | | | 44,979,253 | | | | 552,303 | | | | 3,320,079 | |
MoA Intermediate Bond Fund | | | 64,464,284 | | | | 14,831,274 | | | | (2,698,122 | ) | | | 2,095,200 | | | | (17,203,679 | ) | | | 61,488,957 | | | | 2,253,304 | | | | — | |
MoA International Fund | | | 8,572,736 | | | | 3,803,915 | | | | 56,602 | | | | 4,508 | | | | (2,600,613 | ) | | | 9,837,148 | | | | 374,254 | | | | — | |
MoA Mid Cap Equity Index Fund | | | 8,767,604 | | | | 2,331,216 | | | | (449,364 | ) | | | 793,216 | | | | (2,580,490 | ) | | | 8,862,182 | | | | 129,944 | | | | 657,542 | |
MoA Mid Cap Value Fund | | | 520,207 | | | | 1,039,385 | | | | 45,282 | | | | (45,323 | ) | | | (520,122 | ) | | | 1,039,429 | | | | 10,588 | | | | 42,866 | |
MoA US Government Money Market Fund | | | 14,349,431 | | | | 2,435,144 | | | | 29,272 | | | | (18,412 | ) | | | (6,200,611 | ) | | | 10,594,824 | | | | 541,762 | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total | | $ | 207,428,240 | | | $ | 59,112,060 | | | $ | (3,997,757 | ) | | $ | 7,787,536 | | | $ | (62,387,750 | ) | | $ | 207,942,329 | | | $ | 6,534,624 | | | $ | 4,020,487 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
MoA Clear Passage 2015 Fund | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
MoA Core Bond Fund | | $ | 35,657,295 | | | $ | 9,922,659 | | | $ | (1,705,350 | ) | | $ | 738,754 | | | $ | (8,115,398 | ) | | $ | 36,497,960 | | | $ | 1,426,504 | | | $ | — | |
MoA Equity Index Fund | | | 25,067,920 | | | | 4,004,953 | | | | 2,733,234 | | | | 811,646 | | | | (8,801,452 | ) | | | 23,816,301 | | | | 305,033 | | | | 1,781,036 | |
MoA Intermediate Bond Fund | | | 31,641,875 | | | | 4,816,999 | | | | (770,421 | ) | | | 511,364 | | | | (6,717,375 | ) | | | 29,482,442 | | | | 1,127,097 | | | | — | |
MoA International Fund | | | 6,170,016 | | | | 653,744 | | | | 117,307 | | | | (25,554 | ) | | | (1,844,231 | ) | | | 5,071,282 | | | | 202,865 | | | | — | |
MoA Mid Cap Equity Index Fund | | | 4,693,370 | | | | 789,367 | | | | (34,237 | ) | | | 219,812 | | | | (923,386 | ) | | | 4,744,926 | | | | 72,066 | | | | 356,599 | |
MoA Mid Cap Value Fund | | | 567,466 | | | | 117,776 | | | | 19,164 | | | | 7,635 | | | | (230,846 | ) | | | 481,195 | | | | 7,055 | | | | 20,546 | |
MoA US Government Money Market Fund | | | 7,743,613 | | | | 707,658 | | | | 19,663 | | | | (11,718 | ) | | | (3,154,233 | ) | | | 5,304,983 | | | | 275,070 | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total | | $ | 111,541,555 | | | $ | 21,013,156 | | | $ | 379,360 | | | $ | 2,251,939 | | | $ | (29,786,921 | ) | | $ | 105,399,089 | | | $ | 3,415,690 | | | $ | 2,158,181 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
MoA Clear Passage 2020 Fund | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
MoA Core Bond Fund | | $ | 161,030,728 | | | $ | 45,274,731 | | | $ | (7,807,585 | ) | | $ | 3,073,856 | | | $ | (34,718,037 | ) | | $ | 166,853,693 | | | $ | 6,375,469 | | | $ | — | |
MoA Equity Index Fund | | | 115,016,170 | | | | 15,833,030 | | | | 12,101,076 | | | | 4,123,544 | | | | (33,456,072 | ) | | | 113,617,748 | | | | 1,445,626 | | | | 8,488,132 | |
MoA Intermediate Bond Fund | | | 104,894,488 | | | | 9,685,817 | | | | (1,577,839 | ) | | | 695,521 | | | | (21,485,370 | ) | | | 92,212,617 | | | | 3,599,524 | | | | — | |
MoA International Fund | | | 39,452,711 | | | | 3,020,215 | | | | (107,800 | ) | | | 652,367 | | | | (12,361,789 | ) | | | 30,655,704 | | | | 1,224,785 | | | | — | |
MoA Mid Cap Equity Index Fund | | | 25,699,695 | | | | 3,028,131 | | | | (770,904 | ) | | | 2,037,763 | | | | (8,602,291 | ) | | | 21,392,394 | | | | 348,424 | | | | 1,608,307 | |
MoA Mid Cap Value Fund | | | 797,118 | | | | 3,421,184 | | | | 73,635 | | | | (141,680 | ) | | | (951,682 | ) | | | 3,198,575 | | | | 28,624 | | | | 136,071 | |
MoA US Government Money Market Fund | | | 31,268,227 | | | | 2,467,136 | | | | 44,898 | | | | (31,672 | ) | | | (10,758,419 | ) | | | 22,990,170 | | | | 1,263,615 | | | | — | |
MoA Small Cap Equity Index Fund | | | 3,662,734 | | | | 431,179 | | | | 115,282 | | | | (18,912 | ) | | | (951,684 | ) | | | 3,238,599 | | | | 53,679 | | | | 121,010 | |
MoA Small Cap Value Fund | | | 9,615,535 | | | | 619,184 | | | | (111,429 | ) | | | 601,444 | | | | (5,747,237 | ) | | | 4,977,497 | | | | 85,159 | | | | 232,097 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total | | $ | 491,437,406 | | | $ | 83,780,607 | | | $ | 1,959,334 | | | $ | 10,992,231 | | | $ | (129,032,581 | ) | | $ | 459,136,997 | | | $ | 14,424,905 | | | $ | 10,585,617 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
141
MoA FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
December 31, 2024
| 4. | INVESTMENTS (CONTINUED) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Affiliated Investment
Company | | Value as of
December 31,
2023 | | | Purchases | | | Realized
Gain
(Loss) on
Investment
Securities | | | Change in
Unrealized
Appreciation
(Depreciation)
of Investment
Securities | | | Sales | | | Value as of
December 31,
2024 | | | Dividends | | | Realized
Gain,
Distributions | |
| | | | | | | | |
MoA Clear Passage 2025 Fund | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
MoA Core Bond Fund | | $ | 349,549,036 | | | $ | 98,264,446 | | | $ | (17,112,925 | ) | | $ | 7,341,864 | | | $ | (71,769,965 | ) | | $ | 366,272,456 | | | $ | 14,065,102 | | | $ | — | |
MoA Equity Index Fund | | | 342,798,541 | | | | 56,267,887 | | | | 38,424,140 | | | | 10,043,276 | | | | (106,416,378 | ) | | | 341,117,466 | | | | 4,289,823 | | | | 25,352,927 | |
MoA Intermediate Bond Fund | | | 169,028,884 | | | | 32,495,265 | | | | (3,869,082 | ) | | | 2,309,707 | | | | (33,341,211 | ) | | | 166,623,563 | | | | 6,174,349 | | | | — | |
MoA International Fund | | | 123,493,342 | | | | 19,328,542 | | | | (233,549 | ) | | | 1,886,697 | | | | (33,242,789 | ) | | | 111,232,243 | | | | 4,229,418 | | | | — | |
MoA Mid Cap Equity Index Fund | | | 58,988,175 | | | | 8,766,574 | | | | (3,144,401 | ) | | | 5,843,753 | | | | (16,394,366 | ) | | | 54,059,735 | | | | 848,826 | | | | 4,040,417 | |
MoA Mid Cap Value Fund | | | 4,141,068 | | | | 8,660,228 | | | | 210,677 | | | | (523,748 | ) | | | (2,124,277 | ) | | | 10,363,948 | | | | 104,886 | | | | 395,430 | |
MoA US Government Money Market Fund | | | 51,775,475 | | | | 4,488,004 | | | | 93,700 | | | | (62,540 | ) | | | (22,872,837 | ) | | | 33,421,802 | | | | 1,872,795 | | | | — | |
MoA Small Cap Equity Index Fund | | | 9,760,204 | | | | 1,404,559 | | | | 141,005 | | | | 116,360 | | | | (2,124,278 | ) | | | 9,297,850 | | | | 150,894 | | | | 343,753 | |
MoA Small Cap Value Fund | | | 19,463,675 | | | | 2,928,839 | | | | (69,369 | ) | | | 953,203 | | | | (4,248,557 | ) | | | 19,027,791 | | | | 226,587 | | | | 882,429 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total | | $ | 1,128,998,400 | | | $ | 232,604,344 | | | $ | 14,440,196 | | | $ | 27,908,572 | | | $ | (292,534,658 | ) | | $ | 1,111,416,854 | | | $ | 31,962,680 | | | $ | 31,014,956 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
MoA Clear Passage 2030 Fund | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
MoA Core Bond Fund | | $ | 327,183,223 | | | $ | 124,475,655 | | | $ | (11,618,569 | ) | | $ | 1,587,587 | | | $ | (51,195,881 | ) | | $ | 390,432,015 | | | $ | 14,046,585 | | | $ | — | |
MoA Equity Index Fund | | | 462,321,802 | | | | 89,793,492 | | | | 43,823,699 | | | | 21,728,112 | | | | (112,954,896 | ) | | | 504,712,209 | | | | 6,193,131 | | | | 37,247,768 | |
MoA Intermediate Bond Fund | | | 151,379,099 | | | | 20,235,204 | | | | (4,161,316 | ) | | | 3,016,337 | | | | (30,741,218 | ) | | | 139,728,106 | | | | 5,364,310 | | | | — | |
MoA International Fund | | | 169,813,926 | | | | 32,476,642 | | | | 285,855 | | | | 2,406,744 | | | | (35,535,875 | ) | | | 169,447,292 | | | | 6,253,847 | | | | — | |
MoA Mid Cap Equity Index Fund | | | 81,395,372 | | | | 14,478,061 | | | | (3,928,084 | ) | | | 7,381,395 | | | | (17,509,348 | ) | | | 81,817,396 | | | | 1,248,170 | | | | 6,082,383 | |
MoA Mid Cap Value Fund | | | 7,189,094 | | | | 19,902,123 | | | | 510,587 | | | | (673,126 | ) | | | (3,589,312 | ) | | | 23,339,366 | | | | 256,535 | | | | 941,788 | |
MoA US Government Money Market Fund | | | 56,149,726 | | | | 6,204,591 | | | | 69,544 | | | | (61,556 | ) | | | (20,383,967 | ) | | | 41,978,338 | | | | 2,292,171 | | | | — | |
MoA Small Cap Equity Index Fund | | | 16,403,136 | | | | 2,143,453 | | | | (29,006 | ) | | | 528,181 | | | | (4,294,656 | ) | | | 14,751,108 | | | | 249,701 | | | | 541,853 | |
MoA Small Cap Growth Fund | | | 15,196,974 | | | | 1,608,517 | | | | (278,356 | ) | | | 1,489,598 | | | | (1,794,655 | ) | | | 16,222,078 | | | | — | | | | 256,619 | |
MoA Small Cap Value Fund | | | 22,207,060 | | | | 6,711,478 | | | | (25,368 | ) | | | 1,019,724 | | | | (3,589,312 | ) | | | 26,323,582 | | | | 290,735 | | | | 1,216,945 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total | | $ | 1,309,239,412 | | | $ | 318,029,216 | | | $ | 24,648,986 | | | $ | 38,422,996 | | | $ | (281,589,120 | ) | | $ | 1,408,751,490 | | | $ | 36,195,185 | | | $ | 46,287,356 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
142
MoA FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
December 31, 2024
| 4. | INVESTMENTS (CONTINUED) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Affiliated Investment
Company | | Value as of
December 31,
2023 | | | Purchases | | | Realized
Gain
(Loss) on
Investment
Securities | | | Change in
Unrealized
Appreciation
(Depreciation)
of Investment
Securities | | | Sales | | | Value as of
December 31,
2024 | | | Dividends | | | Realized
Gain,
Distributions | |
| | | | | | | | |
MoA Clear Passage 2035 Fund | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
MoA Core Bond Fund | | $ | 225,781,686 | | | $ | 123,182,394 | | | $ | (7,258,150 | ) | | $ | (292,539 | ) | | $ | (35,513,584 | ) | | $ | 305,899,807 | | | $ | 10,477,584 | | | $ | — | |
MoA Equity Index Fund | | | 519,654,103 | | | | 117,882,685 | | | | 52,622,585 | | | | 21,459,287 | | | | (124,977,224 | ) | | | 586,641,436 | | | | 7,179,383 | | | | 43,354,775 | |
MoA Intermediate Bond Fund | | | 71,848,930 | | | | 16,641,849 | | | | (67,571 | ) | | | (372,755 | ) | | | (17,554,561 | ) | | | 70,495,892 | | | | 2,688,144 | | | | — | |
MoA International Fund | | | 193,932,543 | | | | 42,511,476 | | | | 408,773 | | | | 2,023,261 | | | | (32,886,409 | ) | | | 205,989,644 | | | | 7,627,207 | | | | — | |
MoA Mid Cap Equity Index Fund | | | 107,961,474 | | | | 22,200,648 | | | | (3,033,835 | ) | | | 7,355,871 | | | | (21,587,807 | ) | | | 112,896,351 | | | | 1,692,848 | | | | 8,411,453 | |
MoA Mid Cap Value Fund | | | 6,301,342 | | | | 16,324,718 | | | | 432,498 | | | | (487,986 | ) | | | (3,184,854 | ) | | | 19,385,718 | | | | 218,416 | | | | 788,401 | |
MoA US Government Money Market Fund | | | 46,691,984 | | | | 7,005,654 | | | | 28,245 | | | | (42,472 | ) | | | (12,777,280 | ) | | | 40,906,131 | | | | 2,168,848 | | | | — | |
MoA Small Cap Equity Index Fund | | | 20,852,358 | | | | 2,472,833 | | | | 44,498 | | | | 717,432 | | | | (9,592,427 | ) | | | 14,494,694 | | | | 280,229 | | | | 533,651 | |
MoA Small Cap Growth Fund | | | 14,435,564 | | | | 1,895,330 | | | | (873,427 | ) | | | 2,043,228 | | | | (2,592,426 | ) | | | 14,908,269 | | | | – | | | | 236,379 | |
MoA Small Cap Value Fund | | | 23,777,714 | | | | 5,912,959 | | | | (211,715 | ) | | | 1,331,229 | | | | (3,184,853 | ) | | | 27,625,334 | | | | 313,402 | | | | 1,281,655 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total | | $ | 1,231,237,698 | | | $ | 356,030,546 | | | $ | 42,091,901 | | | $ | 33,734,556 | | | $ | (263,851,425 | ) | | $ | 1,399,243,276 | | | $ | 32,646,061 | | | $ | 54,606,314 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
MoA Clear Passage 2040 Fund | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
MoA Core Bond Fund | | $ | 145,076,502 | | | $ | 44,992,486 | | | $ | (2,627,334 | ) | | $ | (1,630,015 | ) | | $ | (16,715,345 | ) | | $ | 169,096,294 | | | $ | 6,072,437 | | | $ | — | |
MoA Equity Index Fund | | | 488,597,615 | | | | 102,715,598 | | | | 46,132,580 | | | | 22,372,322 | | | | (117,323,099 | ) | | | 542,495,016 | | | | 6,580,723 | | | | 39,903,562 | |
MoA Intermediate Bond Fund | | | 23,713,889 | | | | 38,397,072 | | | | 458,910 | | | | (208,324 | ) | | | (14,595,561 | ) | | | 47,765,986 | | | | 1,589,105 | | | | — | |
MoA International Fund | | | 184,744,601 | | | | 58,496,761 | | | | (101,411 | ) | | | 1,196,902 | | | | (20,640,728 | ) | | | 223,696,125 | | | | 8,133,157 | | | | — | |
MoA Mid Cap Equity Index Fund | | | 101,558,742 | | | | 31,929,182 | | | | 847,769 | | | | 2,544,008 | | | | (12,921,915 | ) | | | 123,957,786 | | | | 1,759,494 | | | | 9,197,661 | |
MoA Mid Cap Value Fund | | | 8,462,042 | | | | 6,200,788 | | | | 318,450 | | | | (168,993 | ) | | | (2,204,869 | ) | | | 12,607,418 | | | | 152,160 | | | | 499,289 | |
MoA US Government Money Market Fund | | | 26,311,342 | | | | 3,756,315 | | | | 16,996 | | | | (23,940 | ) | | | (6,204,867 | ) | | | 23,855,846 | | | | 1,288,340 | | | | — | |
MoA Small Cap Equity Index Fund | | | 22,126,451 | | | | 3,823,867 | | | | 472,908 | | | | 127,069 | | | | (2,204,870 | ) | | | 24,345,425 | | | | 382,538 | | | | 891,989 | |
MoA Small Cap Growth Fund | | | 13,262,420 | | | | 1,458,289 | | | | (1,446,907 | ) | | | 2,466,564 | | | | (4,102,435 | ) | | | 11,637,931 | | | | — | | | | 183,621 | |
MoA Small Cap Value Fund | | | 24,114,743 | | | | 3,942,554 | | | | (63,649 | ) | | | 1,172,398 | | | | (5,004,869 | ) | | | 24,161,177 | | | | 277,021 | | | | 1,116,195 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total | | $ | 1,037,968,347 | | | $ | 295,712,912 | | | $ | 44,008,312 | | | $ | 27,847,991 | | | $ | (201,918,558 | ) | | $ | 1,203,619,004 | | | $ | 26,234,975 | | | $ | 51,792,317 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
143
MoA FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
December 31, 2024
| 4. | INVESTMENTS (CONTINUED) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Affiliated Investment
Company | | Value as of
December 31,
2023 | | | Purchases | | | Realized
Gain
(Loss) on
Investment
Securities | | | Change in
Unrealized
Appreciation
(Depreciation)
of Investment
Securities | | | Sales | | | Value as of
December 31,
2024 | | | Dividends | | | Realized
Gain,
Distributions | |
| | | | | | | | |
MoA Clear Passage 2045 Fund | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
MoA Core Bond Fund | | $ | 103,363,845 | | | $ | 35,913,383 | | | $ | (2,215,050 | ) | | $ | (1,021,119 | ) | | $ | (12,814,581 | ) | | $ | 123,226,478 | | | $ | 4,316,118 | | | $ | — | |
MoA Equity Index Fund | | | 513,601,033 | | | | 105,926,572 | | | | 48,263,507 | | | | 24,892,607 | | | | (111,370,115 | ) | | | 581,313,604 | | | | 7,090,614 | | | | 42,950,128 | |
MoA Intermediate Bond Fund | | | 22,559,850 | | | | 20,876,382 | | | | 129,132 | | | | (225,209 | ) | | | (6,521,234 | ) | | | 36,818,921 | | | | 1,145,922 | | | | — | |
MoA International Fund | | | 205,989,584 | | | | 65,471,801 | | | | 1,113,186 | | | | 8,690 | | | | (24,428,878 | ) | | | 248,154,383 | | | | 9,172,274 | | | | — | |
MoA Mid Cap Equity Index Fund | | | 115,504,612 | | | | 22,874,502 | | | | 1,204,378 | | | | 3,037,982 | | | | (12,968,372 | ) | | | 129,653,102 | | | | 1,905,663 | | | | 9,661,582 | |
MoA Mid Cap Value Fund | | | 7,082,559 | | | | 8,105,995 | | | | 357,902 | | | | (285,118 | ) | | | (2,359,815 | ) | | | 12,901,523 | | | | 158,367 | | | | 507,177 | |
MoA US Government Money Market Fund | | | 29,072,758 | | | | 3,755,658 | | | | 16,571 | | | | (24,448 | ) | | | (8,359,815 | ) | | | 24,460,724 | | | | 1,398,860 | | | | — | |
MoA Small Cap Equity Index Fund | | | 25,362,539 | | | | 3,779,129 | | | | 896,229 | | | | (242,716 | ) | | | (4,359,818 | ) | | | 25,435,363 | | | | 401,813 | | | | 936,864 | |
MoA Small Cap Growth Fund | | | 24,672,346 | | | | 2,846,828 | | | | (101,128 | ) | | | 2,098,046 | | | | (3,859,815 | ) | | | 25,656,277 | | | | – | | | | 406,377 | |
MoA Small Cap Value Fund | | | 21,547,885 | | | | 3,833,062 | | | | 606,661 | | | | 434,980 | | | | (2,359,815 | ) | | | 24,062,773 | | | | 277,425 | | | | 1,115,187 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total | | $ | 1,068,757,011 | | | $ | 273,383,312 | | | $ | 50,271,388 | | | $ | 28,673,695 | | | $ | (189,402,258 | ) | | $ | 1,231,683,148 | | | $ | 25,867,056 | | | $ | 55,577,315 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
MoA Clear Passage 2050 Fund | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
MoA Core Bond Fund | | $ | 67,946,967 | | | $ | 12,758,675 | | | $ | (1,540,950 | ) | | $ | (207,722 | ) | | $ | (10,735,286 | ) | | $ | 68,221,684 | | | $ | 2,646,754 | | | $ | — | |
MoA Equity Index Fund | | | 398,727,995 | | | | 93,302,214 | | | | 26,456,271 | | | | 31,190,502 | | | | (68,212,509 | ) | | | 481,464,473 | | | | 5,857,413 | | | | 35,475,604 | |
MoA Intermediate Bond Fund | | | 12,705,013 | | | | 8,431,538 | | | | 52,292 | | | | (233,244 | ) | | | (2,184,247 | ) | | | 18,771,352 | | | | 526,200 | | | | — | |
MoA International Fund | | | 164,771,529 | | | | 51,884,739 | | | | (89,302 | ) | | | 1,130,730 | | | | (18,904,594 | ) | | | 198,793,102 | | | | 7,128,440 | | | | — | |
MoA Mid Cap Equity Index Fund | | | 97,799,882 | | | | 21,103,006 | | | | 1,510,181 | | | | 2,068,484 | | | | (12,412,665 | ) | | | 110,068,888 | | | | 1,609,425 | | | | 8,183,847 | |
MoA Mid Cap Value Fund | | | 12,866,414 | | | | 10,395,997 | | | | 272,219 | | | | 50,738 | | | | (2,740,379 | ) | | | 20,844,989 | | | | 252,275 | | | | 847,009 | |
MoA US Government Money Market Fund | | | 19,149,692 | | | | 3,098,341 | | | | 5,828 | | | | (11,413 | ) | | | (3,076,917 | ) | | | 19,165,531 | | | | 966,022 | | | | — | |
MoA Small Cap Equity Index Fund | | | 21,668,235 | | | | 3,247,300 | | | | 234,258 | | | | 313,686 | | | | (5,826,919 | ) | | | 19,636,560 | | | | 328,162 | | | | 721,330 | |
MoA Small Cap Growth Fund | | | 17,551,187 | | | | 2,712,374 | | | | (135,489 | ) | | | 1,591,929 | | | | (1,826,919 | ) | | | 19,893,082 | | | | — | | | | 314,566 | |
MoA Small Cap Value Fund | | | 16,682,343 | | | | 4,136,643 | | | | 434,589 | | | | 375,957 | | | | (1,826,918 | ) | | | 19,802,614 | | | | 222,304 | | | | 916,531 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total | | $ | 829,869,257 | | | $ | 211,070,827 | | | $ | 27,199,897 | | | $ | 36,269,647 | | | $ | (127,747,353 | ) | | $ | 976,662,275 | | | $ | 19,536,995 | | | $ | 46,458,887 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
144
MoA FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
December 31, 2024
| 4. | INVESTMENTS (CONTINUED) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Affiliated Investment
Company | | Value as of
December 31,
2023 | | | Purchases | | | Realized
Gain
(Loss) on
Investment
Securities | | | Change in
Unrealized
Appreciation
(Depreciation)
of Investment
Securities | | | Sales | | | Value as of
December 31,
2024 | | | Dividends | | | Realized
Gain,
Distributions | |
| | | | | | | | |
MoA Clear Passage 2055 Fund | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
MoA Core Bond Fund | | $ | 30,739,770 | | | $ | 7,684,333 | | | $ | (789,916 | ) | | $ | (94,867 | ) | | $ | (3,656,049 | ) | | $ | 33,883,271 | | | $ | 1,242,600 | | | $ | — | |
MoA Equity Index Fund | | | 220,647,932 | | | | 66,057,132 | | | | 14,350,472 | | | | 17,436,260 | | | | (41,336,031 | ) | | | 277,155,765 | | | | 3,318,151 | | | | 20,318,751 | |
MoA Intermediate Bond Fund | | | 6,586,145 | | | | 5,776,767 | | | | 276,560 | | | | (137,933 | ) | | | (7,881,402 | ) | | | 4,620,137 | | | | 249,133 | | | | — | |
MoA International Fund | | | 92,694,546 | | | | 40,443,005 | | | | 34,885 | | | | 189,324 | | | | (11,067,434 | ) | | | 122,294,326 | | | | 4,281,844 | | | | — | |
MoA Mid Cap Equity Index Fund | | | 53,506,478 | | | | 22,070,977 | | | | (1,481,079 | ) | | | 3,408,173 | | | | (10,602,316 | ) | | | 66,902,233 | | | | 942,388 | | | | 4,970,148 | |
MoA Mid Cap Value Fund | | | 6,570,853 | | | | 6,278,291 | | | | 180,214 | | | | (5,470 | ) | | | (1,527,903 | ) | | | 11,495,985 | | | | 140,152 | | | | 463,112 | |
MoA US Government Money Market Fund | | | 6,186,564 | | | | 1,177,982 | | | | 4,952 | | | | (7,028 | ) | | | (1,859,300 | ) | | | 5,503,170 | | | | 305,057 | | | | — | |
MoA Small Cap Equity Index Fund | | | 12,605,492 | | | | 5,440,448 | | | | 331,732 | | | | 33,105 | | | | (1,527,904 | ) | | | 16,882,873 | | | | 249,110 | | | | 616,309 | |
MoA Small Cap Growth Fund | | | 9,714,146 | | | | 1,955,940 | | | | (621,475 | ) | | | 1,423,667 | | | | (1,518,602 | ) | | | 10,953,676 | | | | — | | | | 172,589 | |
MoA Small Cap Value Fund | | | 11,305,523 | | | | 2,447,093 | | | | (165,632 | ) | | | 701,193 | | | | (2,918,601 | ) | | | 11,369,576 | | | | 139,195 | | | | 524,546 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total | | $ | 450,557,449 | | | $ | 159,331,968 | | | $ | 12,120,713 | | | $ | 22,946,424 | | | $ | (83,895,542 | ) | | $ | 561,061,012 | | | $ | 10,867,630 | | | $ | 27,065,455 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
MoA Clear Passage 2060 Fund | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
MoA Core Bond Fund | | $ | 12,194,896 | | | $ | 3,799,711 | | | $ | (508,185 | ) | | $ | 195,344 | | | $ | (2,395,427 | ) | | $ | 13,286,339 | | | $ | 501,818 | | | $ | — | |
MoA Equity Index Fund | | | 111,965,072 | | | | 43,448,294 | | | | 5,682,963 | | | | 10,724,351 | | | | (21,044,531 | ) | | | 150,776,149 | | | | 1,789,208 | | | | 11,061,209 | |
MoA Intermediate Bond Fund | | | 2,980,758 | | | | 2,720,996 | | | | 131,152 | | | | (70,579 | ) | | | (3,976,339 | ) | | | 1,785,988 | | | | 107,221 | | | | — | |
MoA International Fund | | | 50,407,039 | | | | 27,060,881 | | | | 484,738 | | | | (526,054 | ) | | | (6,098,738 | ) | | | 71,327,866 | | | | 2,460,426 | | | | — | |
MoA Mid Cap Equity Index Fund | | | 29,704,376 | | | | 14,382,107 | | | | (1,219,179 | ) | | | 2,325,538 | | | | (5,712,799 | ) | | | 39,480,043 | | | | 560,736 | | | | 2,943,272 | |
MoA Mid Cap Value Fund | | | 3,692,014 | | | | 3,825,178 | | | | 69,826 | | | | 16,473 | | | | (803,200 | ) | | | 6,800,291 | | | | 80,158 | | | | 275,494 | |
MoA US Government Money Market Fund | | | 2,375,524 | | | | 778,295 | | | | 1,000 | | | | (2,195 | ) | | | (267,732 | ) | | | 2,884,892 | | | | 131,599 | | | | — | |
MoA Small Cap Equity Index Fund | | | 7,681,181 | | | | 2,466,389 | | | | (48,954 | ) | | | 275,987 | | | | (803,198 | ) | | | 9,571,405 | | | | 147,139 | | | | 349,725 | |
MoA Small Cap Growth Fund | | | 5,388,373 | | | | 1,411,212 | | | | (377,774 | ) | | | 837,784 | | | | (1,035,466 | ) | | | 6,224,129 | | | | — | | | | 98,196 | |
MoA Small Cap Value Fund | | | 6,958,345 | | | | 2,485,002 | | | | (100,230 | ) | | | 456,723 | | | | (803,198 | ) | | | 8,996,642 | | | | 100,209 | | | | 415,269 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total | | $ | 233,347,578 | | | $ | 102,378,065 | | | $ | 4,115,357 | | | $ | 14,233,372 | | | $ | (42,940,628 | ) | | $ | 311,133,744 | | | $ | 5,878,514 | | | $ | 15,143,165 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
145
MoA FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
December 31, 2024
| 4. | INVESTMENTS (CONTINUED) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Affiliated Investment
Company | | Value as of
December 31,
2023 | | | Purchases | | | Realized
Gain
(Loss) on
Investment
Securities | | | Change in
Unrealized
Appreciation
(Depreciation)
of Investment
Securities | | | Sales | | | Value as of
December 31,
2024 | | | Dividends | | | Realized
Gain,
Distributions | |
| | | | | | | | |
MoA Clear Passage 2065 Fund | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
MoA Core Bond Fund | | $ | 2,047,795 | | | $ | 2,630,307 | | | $ | (35,588 | ) | | $ | (42,084 | ) | | $ | (364,214 | ) | | $ | 4,236,216 | | | $ | 127,132 | | | $ | — | |
MoA Equity Index Fund | | | 33,119,467 | | | | 28,455,059 | | | | 1,115,278 | | | | 3,895,297 | | | | (7,469,474 | ) | | | 59,115,627 | | | | 657,567 | | | | 4,253,049 | |
MoA Intermediate Bond Fund | | | 273,176 | | | | 520,220 | | | | 26 | | | | (4,975 | ) | | | (87,746 | ) | | | 700,701 | | | | 19,007 | | | | — | |
MoA International Fund | | | 15,108,767 | | | | 14,716,764 | | | | (174,782 | ) | | | (82,040 | ) | | | (2,000,372 | ) | | | 27,568,337 | | | | 901,657 | | | | — | |
MoA Mid Cap Equity Index Fund | | | 8,169,571 | | | | 7,587,186 | | | | (27,280 | ) | | | 162,296 | | | | (1,052,982 | ) | | | 14,838,791 | | | | 197,995 | | | | 1,074,606 | |
MoA Mid Cap Value Fund | | | 1,738,525 | | | | 2,126,079 | | | | 34,708 | | | | 18,772 | | | | (333,149 | ) | | | 3,584,935 | | | | 42,150 | | | | 141,914 | |
MoA US Government Money Market Fund | | | 607,387 | | | | 539,417 | | | | 280 | | | | (997 | ) | | | (87,746 | ) | | | 1,058,341 | | | | 41,746 | | | | — | |
MoA Small Cap Equity Index Fund | | | 2,346,823 | | | | 1,691,625 | | | | (25,782 | ) | | | 96,276 | | | | (363,246 | ) | | | 3,745,696 | | | | 54,183 | | | | 133,795 | |
MoA Small Cap Growth Fund | | | 2,033,509 | | | | 1,558,516 | | | | (42,620 | ) | | | 247,872 | | | | (263,245 | ) | | | 3,534,032 | | | | — | | | | 54,871 | |
MoA Small Cap Value Fund | | | 2,221,319 | | | | 1,716,194 | | | | (38,975 | ) | | | 164,372 | | | | (263,244 | ) | | | 3,799,666 | | | | 39,572 | | | | 172,979 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total | | $ | 67,666,339 | | | $ | 61,541,367 | | | $ | 805,265 | | | $ | 4,454,789 | | | $ | (12,285,418 | ) | | $ | 122,182,342 | | | $ | 2,081,009 | | | $ | 5,831,214 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
MoA Conservative Allocation Fund | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
MoA Core Bond Fund | | $ | 47,309,741 | | | $ | 15,260,056 | | | $ | (1,542,898 | ) | | $ | 217,733 | | | $ | (9,104,134 | ) | | $ | 52,140,498 | | | $ | 1,937,792 | | | $ | — | |
MoA Equity Index Fund | | | 39,834,626 | | | | 6,036,919 | | | | 3,343,099 | | | | 2,091,831 | | | | (9,536,694 | ) | | | 41,769,781 | | | | 521,212 | | | | 3,103,766 | |
MoA Intermediate Bond Fund | | | 54,700,475 | | | | 4,497,433 | | | | (2,013,489 | ) | | | 1,538,837 | | | | (21,543,887 | ) | | | 37,179,369 | | | | 1,626,569 | | | | — | |
MoA International Fund | | | 8,028,694 | | | | 782,230 | | | | (7,598 | ) | | | 130,369 | | | | (1,361,813 | ) | | | 7,571,882 | | | | 299,841 | | | | — | |
MoA Mid Cap Equity Index Fund | | | 8,121,785 | | | | 1,213,010 | | | | 66,116 | | | | 241,999 | | | | (1,561,813 | ) | | | 8,081,097 | | | | 122,135 | | | | 608,488 | |
MoA US Government Money Market Fund | | | — | | | | 6,783,561 | | | | 534 | | | | (12,554 | ) | | | (894,404 | ) | | | 5,877,137 | | | | 175,909 | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total | | $ | 157,995,321 | | | $ | 34,573,209 | | | $ | (154,236 | ) | | $ | 4,208,215 | | | $ | (44,002,745 | ) | | $ | 152,619,764 | | | $ | 4,683,458 | | | $ | 3,712,254 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
MoA Moderate Allocation Fund | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
MoA Core Bond Fund | | $ | 97,842,315 | | | $ | 11,333,741 | | | $ | (2,768,179 | ) | | $ | 310,591 | | | $ | (14,932,728 | ) | | $ | 91,785,740 | | | $ | 3,702,187 | | | $ | — | |
MoA Equity Index Fund | | | 141,776,050 | | | | 16,199,137 | | | | 14,297,643 | | | | 5,542,139 | | | | (29,589,512 | ) | | | 148,225,457 | | | | 1,867,236 | | | | 11,067,710 | |
MoA Intermediate Bond Fund | | | 59,994,295 | | | | 4,518,337 | | | | (857,761 | ) | | | 348,892 | | | | (8,926,884 | ) | | | 55,076,879 | | | | 2,119,401 | | | | — | |
MoA International Fund | | | 41,735,768 | | | | 26,727,007 | | | | 886,425 | | | | (1,184,947 | ) | | | (9,026,043 | ) | | | 59,138,210 | | | | 2,043,430 | | | | — | |
MoA Mid Cap Equity Index Fund | | | 61,799,549 | | | | 5,068,522 | | | | (999,766 | ) | | | 3,786,434 | | | | (27,152,101 | ) | | | 42,502,638 | | | | 712,419 | | | | 3,208,114 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total | | $ | 403,147,977 | | | $ | 63,846,744 | | | $ | 10,558,362 | | | $ | 8,803,109 | | | $ | (89,627,268 | ) | | $ | 396,728,924 | | | $ | 10,444,673 | | | $ | 14,275,824 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
146
MoA FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
December 31, 2024
| 4. | INVESTMENTS (CONTINUED) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Affiliated Investment
Company | | Value as of
December 31,
2023 | | | Purchases | | | Realized
Gain
(Loss) on
Investment
Securities | | | Change in
Unrealized
Appreciation
(Depreciation)
of Investment
Securities | | | Sales | | | Value as of
December 31,
2024 | | | Dividends | | | Realized
Gain,
Distributions | |
| | | | | | | | |
MoA Aggressive Allocation Fund | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
MoA Core Bond Fund | | $ | 64,091,831 | | | $ | 6,511,481 | | | $ | (4,019,652 | ) | | $ | 2,502,199 | | | $ | (22,464,922 | ) | | $ | 46,620,937 | | | $ | 2,117,558 | | | $ | — | |
MoA Equity Index Fund | | | 118,183,358 | | | | 15,014,140 | | | | 11,966,793 | | | | 4,466,117 | | | | (23,531,911 | ) | | | 126,098,497 | | | | 1,580,804 | | | | 9,395,147 | |
MoA International Fund | | | 52,278,320 | | | | 18,397,942 | | | | 830,445 | | | | (426,404 | ) | | | (10,078,053 | ) | | | 61,002,250 | | | | 2,353,668 | | | | — | |
MoA Mid Cap Equity Index Fund | | | 69,691,810 | | | | 8,969,819 | | | | 644,884 | | | | 1,989,392 | | | | (13,381,218 | ) | | | 67,914,687 | | | | 1,031,951 | | | | 5,130,328 | |
MoA Small Cap Growth Fund | | | 14,413,790 | | | | 4,148,654 | | | | (314,865 | ) | | | 1,444,897 | | | | (2,720,305 | ) | | | 16,972,171 | | | | — | | | | 271,771 | |
MoA Small Cap Value Fund | | | 16,934,354 | | | | 1,552,736 | | | | (380,151 | ) | | | 1,174,439 | | | | (2,720,304 | ) | | | 16,561,074 | | | | 199,523 | | | | 776,330 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total | | $ | 335,593,463 | | | $ | 54,594,772 | | | $ | 8,727,454 | | | $ | 11,150,640 | | | $ | (74,896,713 | ) | | $ | 335,169,616 | | | $ | 7,283,504 | | | $ | 15,573,576 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
The Investment Company has registered an indefinite number of its capital shares pursuant to Rule 24f-2 under the Investment Company Act of 1940. As of December 31, 2024, shares authorized at par value $0.01 per share were allocated into the 28 series of Funds as follows:
| | | | |
| | | Authorized No. of Shares | |
| | | Total Shares
Allocated | |
MoA Equity Index Fund | | | 900,000,000 | |
MoA All America Fund | | | 200,000,000 | |
MoA Small Cap Value Fund | | | 475,000,000 | |
MoA Small Cap Growth Fund | | | 570,000,000 | |
MoA Small Cap Equity Index Fund | | | 200,000,000 | |
MoA Mid Cap Value Fund | | | 100,000,000 | |
MoA Mid Cap Equity Index Fund | | | 1,050,000,000 | |
MoA Balanced Fund | | | 150,000,000 | |
MoA International Fund | | | 1,275,000,000 | |
MoA Catholic Values Index Fund | | | 100,000,000 | |
MoA Retirement Income Fund | | | 270,000,000 | |
MoA Clear Passage 2015 Fund | | | 200,000,000 | |
MoA Clear Passage 2020 Fund | | | 665,000,000 | |
MoA Clear Passage 2025 Fund | | | 1,025,000,000 | |
MoA Clear Passage 2030 Fund | | | 915,000,000 | |
MoA Clear Passage 2035 Fund | | | 845,000,000 | |
MoA Clear Passage 2040 Fund | | | 685,000,000 | |
MoA Clear Passage 2045 Fund | | | 675,000,000 | |
MoA Clear Passage 2050 Fund | | | 470,000,000 | |
MoA Clear Passage 2055 Fund | | | 350,000,000 | |
MoA Clear Passage 2060 Fund | | | 200,000,000 | |
MoA Clear Passage 2065 Fund | | | 100,000,000 | |
MoA Conservative Allocation Fund | | | 215,000,000 | |
MoA Moderate Allocation Fund | | | 370,000,000 | |
MoA Aggressive Allocation Fund | | | 265,000,000 | |
MoA US Government Money Market Fund | | | 5,000,000,000 | |
MoA Intermediate Bond Fund | | | 840,000,000 | |
MoA Core Bond Fund | | | 1,525,000,000 | |
| | | | |
Total | | | 19,635,000,000 | |
| | | | |
147
MoA FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
December 31, 2024
| 6. | DISTRIBUTIONS TO SHAREHOLDERS AND INCOME TAX INFORMATION |
Each Fund generally declares dividends at least annually to pay out substantially all of the Fund’s net investment income and net realized short and long term capital gains. All dividends and capital gains distributions are reinvested in additional shares of the distributing Fund, unless a shareholder elects to receive dividends and distributions in cash.
Pursuant to shareholders’ election, substantially all dividend distributions throughout 2024 and 2023 were immediately reinvested into their respective Funds. The tax character of the distributions paid during 2024 and 2023 were as follows:
| | | | | | | | | | | | | | | | | | | | |
| | | Equity Index
Fund | | | All America
Fund | | | Small Cap
Value Fund | | | Small Cap
Growth Fund | | | Small Cap
Equity
Index Fund | |
Ordinary Income (a) | | | | | | | | | | | | | | | | | | | | |
| | | | | |
2024 | | $ | 83,571,629 | | | $ | 3,745,161 | | | $ | 4,649,807 | | | $ | — | | | $ | 3,777,165 | |
2023 | | $ | 74,340,507 | | | $ | 3,229,269 | | | $ | 6,233,886 | | | $ | — | | | $ | 3,041,639 | |
Long-Term Capital Gains | | | | | | | | | | | | | | | | | | | | |
| | | | | |
2024 | | $ | 420,951,063 | | | $ | 29,593,332 | | | $ | 18,568,748 | | | $ | 6,326,238 | | | $ | 7,279,635 | |
2023 | | $ | 198,553,132 | | | $ | 24,273,979 | | | $ | 18,658,025 | | | $ | 313,463 | | | $ | 2,702,262 | |
| | | | | |
| | | Mid Cap
Value Fund | | | Mid Cap
Equity Index
Fund | | | Balanced
Fund | | | International
Fund | | | Catholic
Values
Index Fund | |
Ordinary Income (a) | | | | | | | | | | | | | | | | | | | | |
| | | | | |
2024 | | $ | 3,599,134 | | | $ | 44,457,706 | | | $ | 4,378,844 | | | $ | 60,672,335 | | | $ | 95,676 | |
2023 | | $ | 1,643,172 | | | $ | 23,962,599 | | | $ | 3,840,541 | | | $ | 71,735,676 | | | $ | 67,635 | |
Long-Term Capital Gains | | | | | | | | | | | | | | | | | | | | |
| | | | | |
2024 | | $ | 7,858,300 | | | $ | 93,957,240 | | | $ | 12,282,692 | | | $ | — | | | $ | 220,336 | |
2023 | | $ | 2,335,943 | | | $ | 103,819,957 | | | $ | 7,280,078 | | | $ | — | | | $ | 71,915 | |
| | | | | |
| | | Retirement
Income
Fund | | | Clear
Passage
2015 Fund | | | Clear
Passage
2020 Fund | | | Clear
Passage
2025 Fund | | | Clear
Passage
2030 Fund | |
Ordinary Income (a) | | | | | | | | | | | | | | | | | | | | |
| | | | | |
2024 | | $ | 6,404,379 | | | $ | 3,277,216 | | | $ | 14,426,941 | | | $ | 32,281,142 | | | $ | 37,237,314 | |
2023 | | $ | 4,925,605 | | | $ | 2,608,079 | | | $ | 12,236,139 | | | $ | 27,254,324 | | | $ | 29,856,781 | |
Long-Term Capital Gains | | | | | | | | | | | | | | | | | | | | |
| | | | | |
2024 | | $ | 4,361,058 | | | $ | 4,144,519 | | | $ | 13,783,178 | | | $ | 48,223,524 | | | $ | 60,963,687 | |
2023 | | $ | 1,508,309 | | | $ | 1,731,061 | | | $ | 10,663,322 | | | $ | 30,144,200 | | | $ | 44,040,437 | |
| | | | | |
| | | Clear
Passage
2035 Fund | | | Clear
Passage
2040 Fund | | | Clear
Passage
2045 Fund | | | Clear
Passage
2050 Fund | | | Clear
Passage
2055 Fund | |
Ordinary Income (a) | | | | | | | | | | | | | | | | | | | | |
| | | | | |
2024 | | $ | 34,210,106 | | | $ | 27,998,069 | | | $ | 27,740,440 | | | $ | 21,149,820 | | | $ | 11,811,727 | |
2023 | | $ | 27,573,276 | | | $ | 22,653,940 | | | $ | 23,182,679 | | | $ | 17,703,503 | | | $ | 9,386,631 | |
Long-Term Capital Gains | | | | | | | | | | | | | | | | | | | | |
| | | | | |
2024 | | $ | 79,102,393 | | | $ | 72,373,457 | | | $ | 76,904,073 | | | $ | 46,765,916 | | | $ | 25,457,388 | |
2023 | | $ | 37,463,162 | | | $ | 35,943,857 | | | $ | 38,258,264 | | | $ | 33,837,820 | | | $ | 11,465,643 | |
148
MoA FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
December 31, 2024
| 6. | DISTRIBUTIONS TO SHAREHOLDERS AND INCOME TAX INFORMATION (CONTINUED) |
| | | | | | | | | | | | | | | | | | | | |
| | | Clear
Passage
2060 Fund | | | Clear
Passage
2065 Fund | | | Conservative
Allocation
Fund | | | Moderate
Allocation
Fund | | | Aggressive
Allocation
Fund | |
Ordinary Income (a) | | | | | | | | | | | | | | | | | | | | |
| | | | | |
2024 | | $ | 6,390,056 | | | $ | 2,388,456 | | | $ | 4,679,272 | | | $ | 11,029,871 | | | $ | 8,204,337 | |
2023 | | $ | 4,626,021 | | | $ | 1,318,993 | | | $ | 3,632,321 | | | $ | 9,026,965 | | | $ | 7,293,393 | |
Long-Term Capital Gains | | | | | | | | | | | | | | | | | | | | |
| | | | | |
2024 | | $ | 12,329,077 | | | $ | 2,839,983 | | | $ | 3,576,751 | | | $ | 23,413,264 | | | $ | 19,975,976 | |
2023 | | $ | 4,962,136 | | | $ | 857,128 | | | $ | 1,961,071 | | | $ | 16,479,762 | | | $ | 18,588,414 | |
| | | | | |
| | | US
Government
Money Market
Fund | | | Intermediate
Bond Fund | | | Core
Bond Fund | | | | | | | |
Ordinary Income (a) | | | | | | | | | | | | | | | | | | | | |
| | | | | |
2024 | | $ | 26,397,139 | | | $ | 33,803,865 | | | $ | 82,791,259 | | | | | | | | | |
2023 | | $ | 21,370,350 | | | $ | 20,734,790 | | | $ | 56,075,190 | | | | | | | | | |
Long-Term Capital Gains | | | | | | | | | | | | | | | | | | | | |
| | | | | |
2024 | | $ | — | | | $ | — | | | $ | — | | | | | | | | | |
2023 | | $ | — | | | $ | — | | | $ | — | | | | | | | | | |
Return of Capital | | | | | | | | | | | | | | | | | | | | |
2024 | | $ | — | | | $ | 31,724 | | | $ | — | | | | | | | | | |
2023 | | $ | — | | | $ | — | | | $ | — | | | | | | | | | |
Notes:
| (a) | Includes distributions from Fund-level net short-term capital gains. |
Undistributed net income and gains (losses) — As of December 31, 2024, undistributed net income and undistributed accumulated gain (loss) for federal income tax purposes were as follows:
| | | | | | | | | | | | | | | | | | | | |
| | | Equity Index
Fund | | | All America
Fund | | | Small Cap
Value Fund | | | Small Cap
Growth Fund | | | Small Cap
Equity Index
Fund | |
Accumulated undistributed net investment income | | $ | 1,839,551 | | | $ | 36,267 | | | $ | — | | | $ | — | | | $ | 112,846 | |
Accumulated undistributed net realized gain/(loss) on investments and futures contracts | | $ | 130,469,319 | | | $ | 12,013,882 | | | $ | 3,925,555 | | | $ | 2,472,078 | | | $ | 1,724,227 | |
Post-October Capital Loss Deferred | | $ | — | | | $ | — | | | $ | (2,508,535 | ) | | $ | — | | | $ | — | |
Net unrealized appreciation (depreciation) of investments and futures contracts | | $ | 3,058,735,217 | | | $ | 96,024,829 | | | $ | 72,923,389 | | | $ | 67,887,388 | | | $ | 18,155,842 | |
| | | | | |
| | | Mid Cap
Value Fund | | | Mid Cap
Equity
Index Fund | | | Balanced
Fund | | | International
Fund | | | Catholic
Values
Index Fund | |
Accumulated undistributed net investment income | | $ | — | | | $ | 8,396,320 | | | $ | 365,872 | | | $ | 623,382 | | | $ | 8,695 | |
Accumulated undistributed net realized gain/(loss) on investments and futures contracts | | $ | 3,423,499 | | | $ | 7,435,244 | | | $ | 4,463,369 | | | $ | (87,991,066 | ) | | $ | 27,552 | |
Post-October Capital Loss Deferred | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | |
Net unrealized appreciation (depreciation) of investments and futures contracts | | $ | 29,113,534 | | | $ | 314,801,978 | | | $ | 51,279,375 | | | $ | 117,461,792 | | | $ | 2,191,871 | |
149
MoA FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
December 31, 2024
| 6. | DISTRIBUTIONS TO SHAREHOLDERS AND INCOME TAX INFORMATION (CONTINUED) |
| | | | | | | | | | | | | | | | | | | | |
| | | Retirement
Income
Fund | | | Clear
Passage
2015 Fund | | | Clear
Passage
2020 Fund | | | Clear
Passage
2025 Fund | | | Clear Passage
2030 Fund | |
Accumulated undistributed net investment income | | $ | — | | | $ | — | | | $ | 34,148 | | | $ | 27,214 | | | $ | 946 | |
Accumulated undistributed net realized gain/(loss) on investments and futures contracts | | $ | 4,041,755 | | | $ | 1,654,730 | | | $ | 12,051,814 | | | $ | 37,178,641 | | | $ | 51,572,242 | |
Post-October Capital Loss Deferred | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | |
Net unrealized appreciation (depreciation) of investments and futures contracts | | $ | (15,306,078 | ) | | $ | (6,880,986 | ) | | $ | (20,706,329 | ) | | $ | (22,579,145 | ) | | $ | 24,471,439 | |
| | | | | |
| | | Clear
Passage
2035 Fund | | | Clear
Passage
2040 Fund | | | Clear
Passage
2045 Fund | | | Clear
Passage
2050 Fund | | | Clear Passage
2055 Fund | |
Accumulated undistributed net investment income | | $ | 7,701 | | | $ | 6,644 | | | $ | 6,803 | | | $ | 3,660 | | | $ | 7,986 | |
Accumulated undistributed net realized gain/(loss) on investments and futures contracts | | $ | 59,386,172 | | | $ | 54,893,661 | | | $ | 60,194,111 | | | $ | 49,673,897 | | | $ | 27,584,495 | |
Post-October Capital Loss Deferred | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | |
Net unrealized appreciation (depreciation) of investments and futures contracts | | $ | 48,699,189 | | | $ | 55,587,021 | | | $ | 66,930,652 | | | $ | 56,814,636 | | | $ | 27,324,030 | |
| | | | | |
| | | Clear
Passage
2060 Fund | | | Clear
Passage
2065 Fund | | | Conservative
Allocation
Fund | | | Moderate
Allocation
Fund | | | Aggressive
Allocation
Fund | |
Accumulated undistributed net investment income | | $ | 2,795 | | | $ | — | | | $ | — | | | $ | 2,798 | | | $ | 323 | |
Accumulated undistributed net realized gain/(loss) on investments and futures contracts | | $ | 14,523,188 | | | $ | 5,552,224 | | | $ | 3,336,515 | | | $ | 14,502,496 | | | $ | 14,601,661 | |
Post-October Capital Loss Deferred | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | |
Net unrealized appreciation (depreciation) of investments and futures contracts | | $ | 13,684,841 | | | $ | 5,113,856 | | | $ | (5,693,144 | ) | | $ | 11,498,200 | | | $ | 20,896,480 | |
| | | | | |
| | | US
Government
Money
Market Fund | | | Intermediate
Bond Fund | | | Core
Bond Fund | | | | | | | |
Accumulated undistributed net investment income | | $ | 347,846 | | | $ | — | | | $ | 96,442 | | | | | | | | | |
Accumulated undistributed net realized gain/(loss) on investments and futures contracts | | $ | — | | | $ | (55,184,599 | ) | | $ | (142,314,719 | ) | | | | | | | | |
Post-October Capital Loss Deferred | | $ | — | | | $ | — | | | $ | — | | | | | | | | | |
Net unrealized appreciation (depreciation) of investments and futures contracts | | $ | — | | | $ | (17,885,880 | ) | | $ | (155,869,118 | ) | | | | | | | | |
The difference between the components of distributable earnings for income tax purposes and the amounts reflected in the statements of assets and liabilities arise primarily from federal income tax treatment of wash sales, REITs, PFICs, partnerships, corporate actions and futures contracts.
Reclassifications: U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. For the year ended December 31, 2024, the Funds reclassified amounts primarily relating to tax treatment of paydowns, REITs, PFICs, prior year post financial statement adjustments and tax equalization. These reclassifications have no effect on net assets or net asset values per share.
150
MoA FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
December 31, 2024
At the November 2024 Board meeting, the Board approved an Agreement and Plan of Reorganization under which the MoA Clear Passage 2015 Fund will transfer all of its assets into the MoA Retirement Income Fund in exchange for shares of the Income Fund. The reorganization is expected to take place on or about April 28, 2025.
Management, on behalf of the Investment Company, has evaluated the need for disclosures and/or adjustments to the financial statements from subsequent events. As a result of this evaluation, no additional subsequent events require disclosure and/or adjustment to the financial statements.
151
MoA FUNDS
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Shareholders of the Funds and Board of Directors
MoA Funds Corporation:
Opinion on the Financial Statements
We have audited the accompanying statements of assets and liabilities of the funds listed in the Appendix, each a fund comprising MoA Funds Corporation (the Funds), including the portfolios of investments in securities, as of December 31, 2024, the related statements of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for each of the years or periods in the five-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the Funds as of December 31, 2024, the results of their operations for the year then ended, the changes in their net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years or periods in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.
Basis for Opinion
These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of December 31, 2024, by correspondence with the custodian, brokers, and the transfer agent; when replies were not received from brokers we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.
We have served as the auditor of one or more Mutual of America investment companies since 2002.
New York, New York
February 25, 2025
152
Appendix
MoA Equity Index Fund
MoA All America Fund
MoA Small Cap Value Fund
MoA Small Cap Growth Fund
MoA Small Cap Equity Index Fund
MoA Mid Cap Value Fund
MoA Mid Cap Equity Index Fund
MoA Balanced Fund
MoA International Fund
MoA Catholic Values Index Fund
MoA Retirement Income Fund
MoA Clear Passage 2015 Fund
MoA Clear Passage 2020 Fund
MoA Clear Passage 2025 Fund
MoA Clear Passage 2030 Fund
MoA Clear Passage 2035 Fund
MoA Clear Passage 2040 Fund
MoA Clear Passage 2045 Fund
MoA Clear Passage 2050 Fund
MoA Clear Passage 2055 Fund
MoA Clear Passage 2060 Fund
MoA Clear Passage 2065 Fund
MoA Conservative Allocation Fund
MoA Moderate Allocation Fund
MoA Aggressive Allocation Fund
MoA US Government Money Market Fund (formerly known as MoA Money Market Fund)
MoA Intermediate Bond Fund
MoA Core Bond Fund
153
MoA FUNDS
ADDITIONAL INFORMATION
Tax Letter — (Unaudited)
Certain tax information for the MoA Funds is required to be provided to shareholders based upon the Funds’ income and distributions for the taxable year ended December 31, 2024.
Treasury Income
Each Fund listed below had the following percentage, or maximum allowable percentage, of income earned from direct U.S. Treasury Obligations for the calendar year ended December 31, 2024:
| | | | |
Fund Name | | % | |
MoA Equity Index Fund | | | 2.10 | |
MoA All America Fund | | | 1.96 | |
MoA Small Cap Value Fund | | | 5.16 | |
MoA Mid Cap Value Fund | | | 3.50 | |
MoA Mid Cap Equity Index Fund | | | 0.69 | |
MoA Balanced Fund | | | 17.65 | |
MoA International Fund | | | 2.33 | |
MoA Retirement Income Fund | | | 29.80 | |
MoA Clear Passage 2015 Fund | | | 29.20 | |
MoA Clear Passage 2020 Fund | | | 26.42 | |
MoA Clear Passage 2025 Fund | | | 22.43 | |
MoA Clear Passage 2030 Fund | | | 19.25 | |
MoA Clear Passage 2035 Fund | | | 14.91 | |
MoA Clear Passage 2040 Fund | | | 11.19 | |
MoA Clear Passage 2045 Fund | | | 9.47 | |
MoA Clear Passage 2050 Fund | | | 7.78 | |
MoA Clear Passage 2055 Fund | | | 6.28 | |
MoA Clear Passage 2060 Fund | | | 5.17 | |
MoA Clear Passage 2065 Fund | | | 4.25 | |
MoA Conservative Allocation Fund | | | 27.02 | |
MoA Moderate Allocation Fund | | | 17.62 | |
MoA Aggressive Allocation Fund | | | 7.37 | |
MoA US Government Money Market Fund | | | 75.15 | |
MoA Intermediate Bond Fund | | | 47.51 | |
MoA Core Bond Fund | | | 23.99 | |
Dividends Received Deduction (DRD)
Each Fund listed below had the following percentage, or maximum allowable percentage, of ordinary income distributions eligible for the dividends received deduction for corporate shareholders for the calendar year ended December 31, 2024.
| | | | |
Fund Name | | % | |
MoA Equity Index Fund | | | 88.23 | |
MoA All America Fund | | | 94.94 | |
MoA Small Cap Value Fund | | | 100.00 | |
MoA Small Cap Equity Index Fund | | | 60.68 | |
MoA Mid Cap Value Fund | | | 72.55 | |
MoA Mid Cap Equity Index Fund | | | 34.91 | |
MoA Balanced Fund | | | 39.43 | |
MoA Catholic Values Index Fund | | | 80.47 | |
MoA Retirement Income Fund | | | 10.40 | |
MoA Clear Passage 2015 Fund | | | 11.20 | |
MoA Clear Passage 2020 Fund | | | 12.86 | |
MoA Clear Passage 2025 Fund | | | 16.70 | |
MoA Clear Passage 2030 Fund | | | 21.26 | |
MoA Clear Passage 2035 Fund | | | 27.00 | |
MoA Clear Passage 2040 Fund | | | 30.93 | |
MoA Clear Passage 2045 Fund | | | 33.47 | |
MoA Clear Passage 2050 Fund | | | 36.93 | |
MoA Clear Passage 2055 Fund | | | 38.21 | |
MoA Clear Passage 2060 Fund | | | 39.29 | |
MoA Clear Passage 2065 Fund | | | 39.41 | |
MoA Conservative Allocation Fund | | | 13.16 | |
MoA Moderate Allocation Fund | | | 21.46 | |
MoA Aggressive Allocation Fund | | | 30.58 | |
154
Long Term Capital Gain
Each Fund listed below distributed the following amount, or maximum allowable amount, of long-term capital gain dividends for the calendar year ended December 31, 2024:
| | | | |
Fund Name | | $ | |
MoA Equity Index Fund | | | 420,951,063 | |
MoA All America Fund | | | 29,593,332 | |
MoA Small Cap Value Fund | | | 18,568,748 | |
MoA Small Cap Growth Fund | | | 6,326,238 | |
MoA Small Cap Equity Index Fund | | | 7,279,635 | |
MoA Mid Cap Value Fund | | | 7,858,300 | |
MoA Mid Cap Equity Index Fund | | | 93,957,240 | |
MoA Balanced Fund | | | 12,282,692 | |
MoA Catholic Values Index Fund | | | 220,336 | |
MoA Retirement Income Fund | | | 4,361,058 | |
MoA Clear Passage 2015 Fund | | | 4,144,519 | |
MoA Clear Passage 2020 Fund | | | 13,783,178 | |
MoA Clear Passage 2025 Fund | | | 48,223,524 | |
MoA Clear Passage 2030 Fund | | | 60,963,687 | |
MoA Clear Passage 2035 Fund | | | 79,102,393 | |
MoA Clear Passage 2040 Fund | | | 72,373,457 | |
MoA Clear Passage 2045 Fund | | | 76,904,073 | |
MoA Clear Passage 2050 Fund | | | 46,765,916 | |
MoA Clear Passage 2055 Fund | | | 25,457,388 | |
MoA Clear Passage 2060 Fund | | | 12,329,077 | |
MoA Clear Passage 2065 Fund | | | 2,839,983 | |
MoA Conservative Allocation Fund | | | 3,576,751 | |
MoA Moderate Allocation Fund | | | 23,413,264 | |
MoA Aggressive Allocation Fund | | | 19,975,976 | |
Qualified Dividend Income (QDI)
Each Fund listed below had the following percentage, or maximum allowable percentage, of ordinary income distributions treated as qualified dividends for the calendar year ended December 31, 2024:
| | | | |
Fund Name | | % | |
MoA Equity Index Fund | | | 92.01 | |
MoA All America Fund | | | 98.47 | |
MoA Small Cap Value Fund | | | 100.00 | |
MoA Small Cap Equity Index Fund | | | 62.58 | |
MoA Mid Cap Value Fund | | | 76.61 | |
MoA Mid Cap Equity Index Fund | | | 35.97 | |
MoA Balanced Fund | | | 39.71 | |
MoA International Fund | | | 80.52 | |
MoA Catholic Values Index Fund | | | 81.91 | |
MoA Retirement Income Fund | | | 16.08 | |
MoA Clear Passage 2015 Fund | | | 17.23 | |
MoA Clear Passage 2020 Fund | | | 20.97 | |
MoA Clear Passage 2025 Fund | | | 29.13 | |
MoA Clear Passage 2030 Fund | | | 37.20 | |
MoA Clear Passage 2035 Fund | | | 48.10 | |
MoA Clear Passage 2040 Fund | | | 58.25 | |
MoA Clear Passage 2045 Fund | | | 64.49 | |
MoA Clear Passage 2050 Fund | | | 68.68 | |
MoA Clear Passage 2055 Fund | | | 72.27 | |
MoA Clear Passage 2060 Fund | | | 75.40 | |
MoA Clear Passage 2065 Fund | | | 74.83 | |
MoA Conservative Allocation Fund | | | 19.46 | |
MoA Moderate Allocation Fund | | | 38.97 | |
MoA Aggressive Allocation Fund | | | 57.45 | |
155
Interest Dividends
Each Fund listed below had the following percentage, or maximum allowable percentage, of ordinary income distributions eligible to be treated as 163(j) interest dividend for the calendar year ended December 31, 2024:
| | | | |
Fund Name | | % | |
MoA Equity Index Fund | | | 2.20 | |
MoA All America Fund | | | 4.01 | |
MoA Small Cap Value Fund | | | 5.86 | |
MoA Small Cap Equity Index Fund | | | 0.04 | |
MoA Mid Cap Value Fund | | | 4.45 | |
MoA Mid Cap Equity Index Fund | | | 0.64 | |
MoA Balanced Fund | | | 53.75 | |
MoA International Fund | | | 3.09 | |
MoA Catholic Values Index Fund | | | 0.12 | |
MoA Retirement Income Fund | | | 78.25 | |
MoA Clear Passage 2015 Fund | | | 77.47 | |
MoA Clear Passage 2020 Fund | | | 71.97 | |
MoA Clear Passage 2025 Fund | | | 64.41 | |
MoA Clear Passage 2030 Fund | | | 54.72 | |
MoA Clear Passage 2035 Fund | | | 41.99 | |
MoA Clear Passage 2040 Fund | | | 30.49 | |
MoA Clear Passage 2045 Fund | | | 23.72 | |
MoA Clear Passage 2050 Fund | | | 18.92 | |
MoA Clear Passage 2055 Fund | | | 15.45 | |
MoA Clear Passage 2060 Fund | | | 12.10 | |
MoA Clear Passage 2065 Fund | | | 9.19 | |
MoA Conservative Allocation Fund | | | 74.67 | |
MoA Moderate Allocation Fund | | | 52.01 | |
MoA Aggressive Allocation Fund | | | 26.28 | |
MoA US Government Money Market Fund | | | 99.95 | |
MoA Intermediate Bond Fund | | | 99.90 | |
MoA Core Bond Fund | | | 98.79 | |
Section 199A
Each Fund listed below had the following percentage, or maximum allowable percentage, of ordinary income distributions treated as 199A dividends for the calendar year ended December 31, 2024:
| | | | |
Fund Name | | % | |
MoA Equity Index Fund | | | 2.34 | |
MoA All America Fund | | | 1.53 | |
MoA Small Cap Equity Index Fund | | | 11.59 | |
MoA Mid Cap Value Fund | | | 5.54 | |
MoA Mid Cap Equity Index Fund | | | 3.50 | |
MoA Balanced Fund | | | 0.45 | |
MoA Catholic Values Index Fund | | | 0.81 | |
MoA Retirement Income Fund | | | 0.37 | |
MoA Clear Passage 2015 Fund | | | 0.39 | |
MoA Clear Passage 2020 Fund | | | 0.47 | |
MoA Clear Passage 2025 Fund | | | 0.60 | |
MoA Clear Passage 2030 Fund | | | 0.78 | |
MoA Clear Passage 2035 Fund | | | 1.01 | |
MoA Clear Passage 2040 Fund | | | 1.23 | |
MoA Clear Passage 2045 Fund | | | 1.33 | |
MoA Clear Passage 2050 Fund | | | 1.49 | |
MoA Clear Passage 2055 Fund | | | 1.59 | |
MoA Clear Passage 2060 Fund | | | 1.65 | |
MoA Clear Passage 2065 Fund | | | 1.75 | |
MoA Conservative Allocation Fund | | | 0.46 | |
MoA Moderate Allocation Fund | | | 0.85 | |
MoA Aggressive Allocation Fund | | | 1.32 | |
156
| ITEM 8. | CHANGE IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable.
| ITEM 9. | PROXY DISCLOSURE FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES. |
| | (1) | Special meeting date March 12, 2024. |
| | (3) | Proposal to amend MoA Fund Corporation’s Investment Advisory Agreement to increase the advisory fee for the MoA International Fund. 169,616,053.960 votes cast for, 5,635,931.514 votes against, 446,448.526 abstentions or votes withheld. |
| ITEM 10. | RENUMERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES. |
Disclosed as part of the financial statements included in Item 7.
| ITEM 11. | STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT. |
Not applicable.
| 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. | PURCHASES 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. |
Not applicable.
| 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 within 90 days of this filing and have concluded that the registrant’s disclosure controls and procedures were effective, as of that date, in ensuring that information required to be disclosed by the registrant in this Form N-CSR was recorded, processed, summarized, and reported in a timely and accurate manner. |
| | (b) | The registrant’s principal executive officer and principal financial officer are aware of no changes in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is likely to materially affect, the registrant’s internal control over financial reporting. |
| ITEM 17. | DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable.
| ITEM 18. | RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION. |
Not applicable.
Attached hereto:
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.
| | |
| | MoA Funds Corporation |
| |
| By: | | /s/ JOSEPH R. GAFFOGLIO |
| | Joseph R. Gaffoglio |
| | Chief Executive Officer and |
| | Principal Executive Officer of |
| | MoA Funds Corporation |
Date: February 28, 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/ JOSEPH R. GAFFOGLIO |
| | Joseph R. Gaffoglio |
| | Chief Executive Officer and |
| | Principal Executive Officer of |
| | MoA Funds Corporation |
Date: February 28, 2025
| | |
| By: | | /s/ R. JEFFREY YOUNG |
| | R. Jeffrey Young |
| | Treasurer, Chief Financial Officer and |
| | Principal Financial Officer |
| | MoA Funds Corporation |
Date: February 28, 2025
