Semi-Annual Reports

Class II

Class III

Class IV

Class V

Class VI

Class R6

Class I

Alternative Allocation Fund

Benchmark-Free Allocation Fund

Benchmark-Free Fund

Global Asset Allocation Fund

Global Developed Equity Allocation Fund

Global Equity Allocation Fund

Implementation Fund

Core Class

International Developed Equity Allocation Fund

International Equity Allocation Fund

MAC Implementation Fund

Core Class

Multi-Asset Credit Fund

Strategic Opportunities Allocation Fund

Class II

Class III

Class IV

Class V

Class VI

Class R6

Class I

Climate Change Fund

Emerging Markets ex-China Fund

Emerging Markets Fund

International Equity Fund

International Opportunistic Value Fund

Japan Value Creation Fund

Quality Fund

Resource Transition Fund

Resources Fund

Small Cap Quality Fund

U.S. Equity Fund

U.S. Opportunistic Value Fund

U.S. Small Cap Value Fund

Class II

Class III

Class IV

Class V

Class VI

Class R6

Class I

Asset Allocation Bond Fund

Emerging Country Debt Fund

High Yield Fund

Multi-Sector Fixed Income Fund

Opportunistic Income Fund

U.S. Treasury Fund