|
Schedule of Investments
|
|
ARIZONA TAX-EXEMPT FUND
|
June 30, 2025 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS – 97.2%
|
||
|
Arizona – 93.2%
|
||
|
Arizona Board of Regents Revenue
Bonds, Series A, Green Bonds,
|
|
|
|
5.00%, 7/1/43
|
$850
|
$875
|
|
Arizona Board of Regents State
University System Revenue Refunding
Bonds, Series A, Green Bonds,
|
|
|
|
5.00%, 7/1/35
|
1,000
|
1,001
|
|
5.00%, 7/1/41
|
1,000
|
1,000
|
|
Arizona Board of Regents State
University System Revenue Refunding
Bonds, Series B,
|
|
|
|
5.00%, 7/1/36
|
495
|
508
|
|
Arizona Board of Regents University of
Arizona System Revenue Refunding
Bonds, Stimulus Plan For Economic
(BAM Insured),
|
|
|
|
5.00%, 8/1/43
|
705
|
732
|
|
Arizona Board of Regents University
System Revenue Refunding Bonds,
Stimulus Plan For Economic,
|
|
|
|
3.13%, 8/1/39
|
430
|
364
|
|
Arizona State IDA Education Revenue
Bonds, Series A-Social, Macombs
Facility Project,
|
|
|
|
4.00%, 7/1/41
|
500
|
443
|
|
Arizona State IDA National Charter
Equitable School Revolving Loan
Fund Revenue Bonds,
|
|
|
|
5.00%, 11/1/41
|
545
|
554
|
|
Arizona State University Sustainable
Revenue Bonds, Series A,
|
|
|
|
5.00%, 7/1/36
|
795
|
831
|
|
Bullhead City Excise TRB,
|
|
|
|
4.00%, 7/1/52
|
1,000
|
855
|
|
Bullhead City Excise TRB, Second
Series,
|
|
|
|
2.70%, 7/1/51
|
2,500
|
1,515
|
|
Chandler IDA IDR Bonds, Series 1
(AMT), Intel Corp. Project,
|
|
|
|
5.00%, 9/1/27(1) (2)
|
425
|
432
|
|
Gilbert Water Resource Municipal
Property Corp. Utility System
Revenue Bonds,
|
|
|
|
5.00%, 7/1/28
|
500
|
509
|
|
5.00%, 7/1/30
|
500
|
508
|
|
5.00%, 7/1/31
|
600
|
610
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 97.2%continued
|
||
|
Arizona – 93.2%continued
|
||
|
Glendale IDA Revenue Refunding
Bonds, Midwestern University,
|
|
|
|
5.00%, 5/15/32
|
$500
|
$538
|
|
Glendale Senior Excise Tax Revenue
Refunding Bonds,
|
|
|
|
5.00%, 7/1/37
|
1,000
|
1,102
|
|
Goodyear McDowell Road
Commercial Corridor Improvement
District Special Assessment Refunding
Bonds (BAM Insured),
|
|
|
|
3.35%, 1/1/28
|
785
|
797
|
|
Lake Havasu City Wastewater System
Senior Lien Revenue G.O. Unlimited
Refunding Bonds,
|
|
|
|
5.00%, 7/1/42
|
500
|
530
|
|
Maricopa County Arizona Unified
School District No. 69 Paradise
Valley G.O. Unlimited Bonds, School
Improvement Project,
|
|
|
|
4.00%, 7/1/39
|
275
|
271
|
|
Maricopa County Buckeye Elementary
School District No. 33 G.O.
Unlimited Bonds, Series 2020,
School Improvement Bonds Projects
of 2015 & 2019 (AGM Insured),
|
|
|
|
4.00%, 7/1/36
|
305
|
308
|
|
Maricopa County Elementary School
District No. 1 G.O. Unlimited Bonds,
Series B, Project of 2022 (BAM
Insured),
|
|
|
|
5.00%, 7/1/42
|
540
|
560
|
|
Maricopa County Elementary School
District No. 28 Kyrene Elementary
G.O. Unlimited Bonds, Series A,
School Improvement Project of 2017,
|
|
|
|
5.00%, 7/1/32
|
250
|
263
|
|
Maricopa County Elementary School
District No. 33 Buckeye G.O.
Unlimited Bonds, Series B, School
Improvement Project of 2015 (BAM
Insured),
|
|
|
|
5.00%, 7/1/38
|
1,000
|
1,025
|
|
Maricopa County Elementary School
District No. 66 Roosevelt Elementary
G.O. Unlimited Bonds, Series C,
Project of 2020 (AGM Insured),
|
|
|
|
5.00%, 7/1/30
|
275
|
301
|
|
Schedule of Investments
|
|
ARIZONA TAX-EXEMPT FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 97.2%continued
|
||
|
Arizona – 93.2%continued
|
||
|
Maricopa County Elementary School
District No. 8 G.O. Unlimited Bonds,
Series B, Osborn School
Improvement Project of 2017 (AGM
Insured),
|
|
|
|
5.00%, 7/1/35
|
$625
|
$648
|
|
Maricopa County IDA Education
Revenue Bonds, Legacy Traditional
Schools Project,
|
|
|
|
5.00%, 7/1/35
|
965
|
1,011
|
|
Maricopa County IDA Educational
Facilities Revenue Bonds, Creighton
University Project,
|
|
|
|
5.00%, 7/1/39
|
1,285
|
1,322
|
|
5.00%, 7/1/47
|
1,000
|
1,003
|
|
Maricopa County IDA Educational
Revenue Refunding Bonds, Legacy
Traditional School,
|
|
|
|
4.25%, 7/1/44
|
300
|
260
|
|
Maricopa County IDA Hospital
Revenue Refunding Bonds, Series A,
HonorHealth,
|
|
|
|
5.00%, 9/1/42
|
2,000
|
2,003
|
|
Maricopa County IDA Revenue
Refunding Bonds, Banner Health
Obligation Group,
|
|
|
|
5.00%, 1/1/38
|
1,250
|
1,265
|
|
Maricopa County Special Health Care
District G.O. Unlimited Bonds,
|
|
|
|
4.00%, 7/1/38
|
2,500
|
2,410
|
|
Maricopa County Tempe Elementary
School District No. 3 G.O. Unlimited
Bonds, Series A, Project of 2022,
|
|
|
|
5.00%, 7/1/36
|
725
|
809
|
|
Maricopa County Unified School
District No. 41 Gilbert G.O.
Unlimited Bonds, Series B, School
Improvement Project of 2015,
|
|
|
|
5.00%, 7/1/28
|
525
|
546
|
|
Maricopa County Unified School
District No. 69 Paradise Valley G.O.
Unlimited Bonds, Series D, School
Improvement Project of 2015,
|
|
|
|
5.00%, 7/1/27
|
1,000
|
1,047
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 97.2%continued
|
||
|
Arizona – 93.2%continued
|
||
|
Maricopa County Unified School
District No. 95 Queen Creek G.O.
Limited Refunding Bonds,
|
|
|
|
5.00%, 7/1/26
|
$400
|
$400
|
|
Maricopa County Unified School
District No. 95 Queen Creek G.O.
Unlimited Bonds, School
Improvement,
|
|
|
|
5.00%, 7/1/37
|
650
|
663
|
|
Mesa Utility System Revenue Bonds,
|
|
|
|
3.00%, 7/1/44
|
500
|
377
|
|
Phoenix Civic Airport Improvement
Corp. Revenue Refunding Bonds,
Series B,
|
|
|
|
5.00%, 7/1/34
|
1,000
|
1,028
|
|
Phoenix Civic Improvement Corp.
Excise Tax Subordinate Revenue
Refunding Bonds, Series A,
|
|
|
|
4.00%, 7/1/45
|
1,000
|
924
|
|
Phoenix Civic Improvement Corp. Junior
Lien Airport Revenue Bonds,
|
|
|
|
5.00%, 7/1/44
|
1,545
|
1,554
|
|
Phoenix Civic Improvement Corp. Junior
Lien Airport Revenue Bonds, Series B
(AMT),
|
|
|
|
3.25%, 7/1/49
|
1,330
|
968
|
|
Phoenix Civic Improvement Corp. Junior
Lien Airport Revenue Refunding
Bonds,
|
|
|
|
5.00%, 7/1/33
|
840
|
864
|
|
Phoenix Civic Improvement Corp.
Wastewater System Junior Lien
Revenue Bonds, Series A,
|
|
|
|
5.00%, 7/1/34
|
700
|
732
|
|
Phoenix Civic Improvement Corp.
Water System Junior Lien Revenue
Bonds, Series A,
|
|
|
|
5.00%, 7/1/44
|
2,000
|
2,044
|
|
Phoenix G.O. Unlimited Bonds, Series
A,
|
|
|
|
5.00%, 7/1/41
|
750
|
801
|
|
5.00%, 7/1/47
|
750
|
772
|
|
Phoenix IDA Healthcare Facilities
Revenue Bonds, Mayo Clinic,
|
|
|
|
4.00%, 11/15/57
|
1,000
|
838
|
|
|
June 30, 2025 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 97.2%continued
|
||
|
Arizona – 93.2%continued
|
||
|
Pima County IDA Revenue Refunding
Bonds, Tucson Medical Center,
|
|
|
|
3.00%, 4/1/51
|
$1,000
|
$663
|
|
Pinal County Unified School District No.
20 G.O. Unlimited Bonds, Series A,
Maricopa Project of 2024 (BAM
Insured),
|
|
|
|
5.00%, 7/1/32
|
150
|
167
|
|
5.00%, 7/1/43
|
200
|
208
|
|
Queen Creek Excise Tax & State
Shared Revenue Bonds,
|
|
|
|
4.00%, 8/1/45
|
1,250
|
1,132
|
|
Salt Verde Financial Corp. Senior Gas
Revenue Bonds,
|
|
|
|
5.00%, 12/1/37
|
1,000
|
1,042
|
|
Scottsdale Municipal Property Corp.
Excise Tax Revenue Refunding Bonds,
|
|
|
|
5.00%, 7/1/30
|
1,675
|
1,792
|
|
Sedona Excise TRB (AGM Insured),
|
|
|
|
5.00%, 7/1/41
|
100
|
103
|
|
Tempe Excise TRB,
|
|
|
|
5.00%, 7/1/38
|
500
|
548
|
|
Vistancia Community Facilities District
G.O. Unlimited Refunding Bonds
(BAM Insured),
|
|
|
|
4.00%, 7/15/26
|
450
|
455
|
|
Yavapai County Jail District Revenue
Bonds (BAM Insured),
|
|
|
|
5.00%, 7/1/29
|
955
|
1,028
|
|
|
|
47,859
|
|
Florida – 1.0%
|
||
|
Brevard County School Board
Refunding COPS, Series A,
|
|
|
|
5.00%, 7/1/27
|
500
|
522
|
|
Ohio – 0.3%
|
||
|
Ohio State Housing Finance Agency
Residential Mortgage Backed
Sustainable Revenue Bonds (GNMA,
FNMA, FHLMC Insured),
|
|
|
|
5.50%, 9/1/29
|
160
|
175
|
|
Texas – 0.5%
|
||
|
Wink Loving Independent School
District G.O. Unlimited Bonds (PSF,
Gtd.),
|
|
|
|
5.00%, 2/15/33
|
260
|
260
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 97.2%continued
|
||
|
Virginia – 2.2%
|
||
|
Richmond G.O. Unlimited Refunding
Bonds, Series B,
|
|
|
|
4.00%, 7/15/29
|
$1,095
|
$1,119
|
|
Total Municipal Bonds
|
|
|
|
(Cost $55,270)
|
|
49,935
|
|
|
NUMBER
OF SHARES
|
VALUE
(000S)
|
|
INVESTMENT COMPANIES – 0.9%
|
||
|
Northern Institutional Funds -
U.S. Government Portfolio (Shares),
4.15%(3) (4)
|
437,097
|
$437
|
|
Total Investment Companies
|
|
|
|
(Cost $437)
|
|
437
|
|
|
|
|
|
Total Investments – 98.1%
|
|
|
|
(Cost $55,707)
|
50,372
|
|
|
Other Assets less Liabilities – 1.9%
|
985
|
|
|
NET ASSETS – 100.0%
|
$51,357
|
|
|
(1)
|
Maturity date represents the puttable date.
|
|
(2)
|
Variable or floating rate security. These securities are remarketed by an
agent, and the rate at which these securities are set are determined by
general market conditions and supply and demand. Rate as of June 30,
2025 is disclosed.
|
|
(3)
|
Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the
investment adviser to the Fund and the investment adviser to Northern
Institutional Funds.
|
|
(4)
|
7-day current yield as of June 30, 2025 is disclosed.
|
|
|
|
EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT
THE SCHEDULE OF INVESTMENTS:
|
|
|
|
AGM - Assured Guaranty Municipal Corporation
|
|
|
|
AMT - Alternative Minimum Tax
|
|
|
|
BAM - Build America Mutual
|
|
|
|
COPS - Certificates of Participation
|
|
|
|
FHLMC - Federal Home Loan Mortgage Corporation
|
|
|
|
FNMA - Federal National Mortgage Association
|
|
|
|
G.O. - General Obligation
|
|
|
|
GNMA - Government National Mortgage Association
|
|
|
|
Gtd. - Guaranteed
|
|
|
|
IDA - Industrial Development Authority
|
|
Schedule of Investments
|
|
ARIZONA TAX-EXEMPT FUND continued
|
June 30, 2025 (UNAUDITED)
|
|
|
|
IDR - Industrial Development Revenue
|
|
|
|
PSF - Permanent School Fund
|
|
|
|
TRB - Tax Revenue Bonds
|
|
INVESTMENTS
|
LEVEL 1
(000s)
|
LEVEL 2
(000s)
|
LEVEL 3
(000s)
|
TOTAL
(000s)
|
|
Municipal Bonds(1)
|
$—
|
$49,935
|
$—
|
$49,935
|
|
Investment Companies
|
437
|
—
|
—
|
437
|
|
Total Investments
|
$437
|
$49,935
|
$—
|
$50,372
|
|
(1)
|
Classifications as defined in the Schedule of Investments.
|
|
AFFILIATE
|
VALUE,
BEGINNING
OF PERIOD
(000S)
|
PURCHASES
(000S)
|
SALES
PROCEEDS
(000S)
|
DIVIDEND
OR INTEREST
INCOME
(000S)
|
VALUE,
END OF PERIOD
(000S)
|
SHARES, END
OF PERIOD
|
|
Northern Institutional Funds - U.S. Government Portfolio (Shares)
|
$534
|
$5,860
|
$5,957
|
$10
|
$437
|
437,097
|
|
Schedule of Investments
|
|
BOND INDEX FUND
|
June 30, 2025 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
ASSET-BACKED SECURITIES – 0.4%
|
||
|
Auto Loan – 0.2%
|
||
|
Ally Auto Receivables Trust, Series
2024-2, Class A3
|
|
|
|
4.14%, 7/16/29
|
$100
|
$100
|
|
AmeriCredit Automobile Receivables
Trust, Series 2023-2, Class B
|
|
|
|
5.84%, 7/18/29
|
50
|
51
|
|
AmeriCredit Automobile Receivables
Trust, Series 2023-2, Class C
|
|
|
|
6.00%, 7/18/29
|
50
|
51
|
|
BMW Vehicle Lease Trust, Series
2024-1, Class A4
|
|
|
|
5.00%, 6/25/27
|
100
|
101
|
|
BMW Vehicle Lease Trust, Series
2025-1, Class A3
|
|
|
|
4.43%, 6/26/28
|
100
|
101
|
|
BMW Vehicle Owner Trust, Series
2025-A, Class A3
|
|
|
|
4.56%, 9/25/29
|
100
|
101
|
|
Capital One Prime Auto Receivables
Trust, Series 2024-1, Class A3
|
|
|
|
4.62%, 7/16/29
|
100
|
101
|
|
CarMax Auto Owner Trust, Series
2023-4, Class A4
|
|
|
|
5.96%, 5/15/29
|
50
|
52
|
|
CarMax Auto Owner Trust, Series
2024-1, Class A3
|
|
|
|
4.92%, 10/16/28
|
100
|
101
|
|
CarMax Auto Owner Trust, Series
2024-2, Class A3
|
|
|
|
5.50%, 1/16/29
|
100
|
101
|
|
CarMax Auto Owner Trust, Series
2024-2, Class B
|
|
|
|
5.69%, 11/15/29
|
100
|
103
|
|
CarMax Auto Owner Trust, Series
2024-4, Class A3
|
|
|
|
4.60%, 10/15/29
|
50
|
50
|
|
Carvana Auto Receivables Trust, Series
2024-P3, Class A3
|
|
|
|
4.26%, 10/10/29
|
75
|
75
|
|
Carvana Auto Receivables Trust, Series
2024-P3, Class A4
|
|
|
|
4.31%, 9/10/30
|
25
|
25
|
|
Drive Auto Receivables Trust, Series
2024-2, Class B
|
|
|
|
4.52%, 7/16/29
|
25
|
25
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
ASSET-BACKED SECURITIES - 0.4%continued
|
||
|
Auto Loan – 0.2%continued
|
||
|
Drive Auto Receivables Trust, Series
2024-2, Class C
|
|
|
|
4.67%, 5/17/32
|
$25
|
$25
|
|
Drive Auto Receivables Trust, Series
2025-1, Class B
|
|
|
|
4.79%, 9/15/32
|
25
|
25
|
|
Drive Auto Receivables Trust, Series
2025-1, Class C
|
|
|
|
4.99%, 9/15/32
|
25
|
25
|
|
Drive Auto Receivables Trust, Series
2025-1, Class D
|
|
|
|
5.41%, 9/15/32
|
25
|
25
|
|
Exeter Automobile Receivables Trust,
Series 2024-2A, Class D
|
|
|
|
5.92%, 2/15/30
|
50
|
51
|
|
Exeter Automobile Receivables Trust,
Series 2024-3A, Class C
|
|
|
|
5.70%, 7/16/29
|
50
|
51
|
|
Exeter Automobile Receivables Trust,
Series 2024-4A, Class C
|
|
|
|
5.48%, 8/15/30
|
50
|
51
|
|
Exeter Automobile Receivables Trust,
Series 2024-4A, Class D
|
|
|
|
5.81%, 12/16/30
|
50
|
51
|
|
Exeter Automobile Receivables Trust,
Series 2025-3A, Class B
|
|
|
|
4.86%, 2/15/30
|
50
|
50
|
|
Exeter Automobile Receivables Trust,
Series 2025-3A, Class C
|
|
|
|
5.09%, 10/15/31
|
25
|
25
|
|
Exeter Automobile Receivables Trust,
Series 2025-3A, Class D
|
|
|
|
5.57%, 10/15/31
|
25
|
25
|
|
Ford Credit Auto Lease Trust, Series
2024-B, Class A3
|
|
|
|
4.99%, 12/15/27
|
100
|
101
|
|
Ford Credit Auto Owner Trust, Series
2022-C, Class B
|
|
|
|
5.03%, 2/15/28
|
25
|
25
|
|
Ford Credit Auto Owner Trust, Series
2022-C, Class C
|
|
|
|
5.22%, 3/15/30
|
25
|
25
|
|
Ford Credit Auto Owner Trust, Series
2024-A, Class A4
|
|
|
|
5.01%, 9/15/29
|
100
|
102
|
|
Schedule of Investments
|
|
BOND INDEX FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
ASSET-BACKED SECURITIES - 0.4%continued
|
||
|
Auto Loan – 0.2%continued
|
||
|
Ford Credit Auto Owner Trust, Series
2024-C, Class A3
|
|
|
|
4.07%, 7/15/29
|
$100
|
$100
|
|
Ford Credit Auto Owner Trust, Series
2024-C, Class B
|
|
|
|
4.40%, 8/15/30
|
25
|
25
|
|
Ford Credit Auto Owner Trust, Series
2025-A, Class A3
|
|
|
|
4.45%, 10/15/29
|
50
|
50
|
|
GM Financial Automobile Leasing Trust,
Series 2024-3, Class A3
|
|
|
|
4.21%, 10/20/27
|
100
|
100
|
|
GM Financial Automobile Leasing Trust,
Series 2025-1, Class A3
|
|
|
|
4.66%, 2/21/28
|
50
|
50
|
|
GM Financial Automobile Leasing Trust,
Series 2025-2, Class A3
|
|
|
|
4.58%, 5/22/28
|
50
|
50
|
|
GM Financial Consumer Automobile
Receivables Trust, Series 2024-3,
Class A3
|
|
|
|
5.13%, 4/16/29
|
100
|
101
|
|
GM Financial Consumer Automobile
Receivables Trust, Series 2024-4,
Class A3
|
|
|
|
4.40%, 8/16/29
|
100
|
100
|
|
GM Financial Consumer Automobile
Receivables Trust, Series 2025-1,
Class A3
|
|
|
|
4.62%, 12/17/29
|
100
|
101
|
|
GM Financial Consumer Automobile
Receivables Trust, Series 2025-2,
Class A3
|
|
|
|
4.28%, 4/16/30
|
100
|
101
|
|
Harley-Davidson Motorcycle Trust,
Series 2024-A, Class A3
|
|
|
|
5.37%, 3/15/29
|
50
|
51
|
|
Harley-Davidson Motorcycle Trust,
Series 2024-B, Class A3
|
|
|
|
4.31%, 7/16/29
|
50
|
50
|
|
Honda Auto Receivables Owner Trust,
Series 2024-1, Class A4
|
|
|
|
5.17%, 5/15/30
|
50
|
51
|
|
Honda Auto Receivables Owner Trust,
Series 2024-3, Class A3
|
|
|
|
4.57%, 3/21/29
|
100
|
101
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
ASSET-BACKED SECURITIES - 0.4%continued
|
||
|
Auto Loan – 0.2%continued
|
||
|
Honda Auto Receivables Owner Trust,
Series 2024-4, Class A3
|
|
|
|
4.33%, 5/15/29
|
$100
|
$100
|
|
Honda Auto Receivables Owner Trust,
Series 2025-1, Class A3
|
|
|
|
4.57%, 9/21/29
|
100
|
101
|
|
Hyundai Auto Receivables Trust, Series
2024-A, Class A3
|
|
|
|
4.99%, 2/15/29
|
50
|
50
|
|
Hyundai Auto Receivables Trust, Series
2024-B, Class A3
|
|
|
|
4.84%, 3/15/29
|
50
|
50
|
|
Hyundai Auto Receivables Trust, Series
2025-A, Class A3
|
|
|
|
4.32%, 10/15/29
|
100
|
100
|
|
Hyundai Auto Receivables Trust, Series
2025-B, Class A3
|
|
|
|
4.36%, 12/17/29
|
100
|
101
|
|
Mercedes-Benz Auto Lease Trust, Series
2024-A, Class A3
|
|
|
|
5.32%, 1/18/28
|
50
|
51
|
|
Mercedes-Benz Auto Lease Trust, Series
2024-B, Class A3
|
|
|
|
4.23%, 2/15/28
|
50
|
50
|
|
Mercedes-Benz Auto Lease Trust, Series
2025-A, Class A3
|
|
|
|
4.61%, 4/16/29
|
50
|
51
|
|
Mercedes-Benz Auto Receivables Trust,
Series 2024-1, Class A3
|
|
|
|
4.80%, 4/16/29
|
100
|
101
|
|
Mercedes-Benz Auto Receivables Trust,
Series 2025-1, Class A3
|
|
|
|
4.78%, 12/17/29
|
50
|
51
|
|
Nissan Auto Lease Trust, Series 2024-B,
Class A3
|
|
|
|
4.92%, 11/15/27
|
100
|
101
|
|
Nissan Auto Receivables Owner Trust,
Series 2025-A, Class A3
|
|
|
|
4.49%, 12/17/29
|
150
|
151
|
|
Santander Drive Auto Receivables Trust,
Series 2023-1, Class C
|
|
|
|
5.09%, 5/15/30
|
100
|
101
|
|
Santander Drive Auto Receivables Trust,
Series 2023-4, Class C
|
|
|
|
6.04%, 12/15/31
|
50
|
51
|
|
|
June 30, 2025 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
ASSET-BACKED SECURITIES - 0.4%continued
|
||
|
Auto Loan – 0.2%continued
|
||
|
Santander Drive Auto Receivables Trust,
Series 2024-1, Class C
|
|
|
|
5.45%, 3/15/30
|
$50
|
$51
|
|
Santander Drive Auto Receivables Trust,
Series 2024-2, Class B
|
|
|
|
5.78%, 7/16/29
|
50
|
51
|
|
Santander Drive Auto Receivables Trust,
Series 2024-2, Class C
|
|
|
|
5.84%, 6/17/30
|
50
|
51
|
|
Santander Drive Auto Receivables Trust,
Series 2024-2, Class D
|
|
|
|
6.28%, 8/15/31
|
25
|
26
|
|
Santander Drive Auto Receivables Trust,
Series 2024-4, Class B
|
|
|
|
4.93%, 9/17/29
|
50
|
50
|
|
Santander Drive Auto Receivables Trust,
Series 2024-5, Class B
|
|
|
|
4.63%, 8/15/29
|
25
|
25
|
|
Santander Drive Auto Receivables Trust,
Series 2024-5, Class C
|
|
|
|
4.78%, 1/15/31
|
25
|
25
|
|
Santander Drive Auto Receivables Trust,
Series 2024-5, Class D
|
|
|
|
5.14%, 2/17/32
|
25
|
25
|
|
Toyota Auto Receivables Owner Trust,
Series 2022-C, Class A4
|
|
|
|
3.77%, 2/15/28
|
100
|
99
|
|
Toyota Auto Receivables Owner Trust,
Series 2024-B, Class A3
|
|
|
|
5.33%, 1/16/29
|
100
|
101
|
|
Toyota Auto Receivables Owner Trust,
Series 2024-C, Class A4
|
|
|
|
4.83%, 11/15/29
|
100
|
102
|
|
Toyota Auto Receivables Owner Trust,
Series 2024-D, Class A3
|
|
|
|
4.40%, 6/15/29
|
50
|
50
|
|
Volkswagen Auto Lease Trust, Series
2025-A, Class A3
|
|
|
|
4.50%, 6/20/28
|
50
|
50
|
|
Volkswagen Auto Loan Enhanced Trust,
Series 2023-2, Class A3
|
|
|
|
5.48%, 12/20/28
|
100
|
102
|
|
Volkswagen Auto Loan Enhanced Trust,
Series 2025-1, Class A3
|
|
|
|
4.50%, 8/20/29
|
50
|
50
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
ASSET-BACKED SECURITIES - 0.4%continued
|
||
|
Auto Loan – 0.2%continued
|
||
|
World Omni Auto Receivables Trust,
Series 2022-C, Class A4
|
|
|
|
3.68%, 9/15/28
|
$100
|
$99
|
|
World Omni Auto Receivables Trust,
Series 2024-C, Class A3
|
|
|
|
4.43%, 12/17/29
|
50
|
50
|
|
World Omni Auto Receivables Trust,
Series 2025-A, Class A4
|
|
|
|
4.86%, 11/15/30
|
225
|
230
|
|
World Omni Automobile Lease
Securitization Trust, Series 2025-A,
Class A3
|
|
|
|
4.42%, 4/17/28
|
50
|
50
|
|
|
|
5,323
|
|
Credit Card – 0.1%
|
||
|
American Express Credit Account
Master Trust, Series 2023-2, Class A
|
|
|
|
4.80%, 5/15/30
|
100
|
102
|
|
American Express Credit Account
Master Trust, Series 2023-4, Class A
|
|
|
|
5.15%, 9/15/30
|
100
|
103
|
|
American Express Credit Account
Master Trust, Series 2024-2, Class A
|
|
|
|
5.24%, 4/15/31
|
100
|
104
|
|
American Express Credit Account
Master Trust, Series 2024-3, Class A
|
|
|
|
4.65%, 7/15/29
|
100
|
101
|
|
American Express Credit Account
Master Trust, Series 2025-1, Class A
|
|
|
|
4.56%, 12/15/29
|
100
|
101
|
|
American Express Credit Account
Master Trust, Series 2025-2, Class A
|
|
|
|
4.28%, 4/15/30
|
100
|
101
|
|
American Express Credit Account
Master Trust, Series 2025-3, Class A
|
|
|
|
4.51%, 4/15/32
|
100
|
101
|
|
BA Credit Card Trust, Series 2023-A2,
Class A2
|
|
|
|
4.98%, 11/15/28
|
100
|
101
|
|
BA Credit Card Trust, Series 2024-A1,
Class A
|
|
|
|
4.93%, 5/15/29
|
125
|
127
|
|
Capital One Multi-Asset Execution Trust,
Series 2021-A2, Class A2
|
|
|
|
1.39%, 7/15/30
|
150
|
139
|
|
Schedule of Investments
|
|
BOND INDEX FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
ASSET-BACKED SECURITIES - 0.4%continued
|
||
|
Credit Card – 0.1%continued
|
||
|
Capital One Multi-Asset Execution Trust,
Series 2024-A1, Class A
|
|
|
|
3.92%, 9/15/29
|
$75
|
$75
|
|
Chase Issuance Trust, Series 2023-A1,
Class A
|
|
|
|
5.16%, 9/15/28
|
150
|
152
|
|
Chase Issuance Trust, Series 2023-A2,
Class A
|
|
|
|
5.08%, 9/15/30
|
100
|
103
|
|
Chase Issuance Trust, Series 2024-A1,
Class A
|
|
|
|
4.60%, 1/16/29
|
100
|
101
|
|
Chase Issuance Trust, Series 2024-A2,
Class A
|
|
|
|
4.63%, 1/15/31
|
100
|
102
|
|
Citibank Credit Card Issuance Trust,
Series 2007-A3, Class A3
|
|
|
|
6.15%, 6/15/39
|
50
|
55
|
|
Citibank Credit Card Issuance Trust,
Series 2018-A7, Class A7
|
|
|
|
3.96%, 10/13/30
|
100
|
100
|
|
Discover Card Execution Note Trust,
Series 2021-A2, Class A2
|
|
|
|
1.03%, 9/15/28
|
100
|
96
|
|
First National Master Note Trust, Series
2023-2, Class A
|
|
|
|
5.77%, 9/15/29
|
100
|
102
|
|
First National Master Note Trust, Series
2025-1, Class A
|
|
|
|
4.85%, 2/15/30
|
50
|
51
|
|
Synchrony Card Funding LLC, Series
2023-A2, Class A
|
|
|
|
5.74%, 10/15/29
|
100
|
102
|
|
Synchrony Card Funding LLC, Series
2024-A1, Class A
|
|
|
|
5.04%, 3/15/30
|
100
|
101
|
|
Synchrony Card Funding LLC, Series
2024-A2, Class A
|
|
|
|
4.93%, 7/15/30
|
100
|
101
|
|
Synchrony Card Funding LLC, Series
2025-A2, Class A
|
|
|
|
4.49%, 5/15/31
|
100
|
101
|
|
Synchrony Card Issuance Trust, Series
2025-A1, Class A
|
|
|
|
4.78%, 2/15/31
|
75
|
76
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
ASSET-BACKED SECURITIES - 0.4%continued
|
||
|
Credit Card – 0.1%continued
|
||
|
WF Card Issuance Trust, Series
2024-A1, Class A
|
|
|
|
4.94%, 2/15/29
|
$100
|
$101
|
|
WF Card Issuance Trust, Series
2024-A2, Class A
|
|
|
|
4.29%, 10/15/29
|
100
|
100
|
|
WF Card Issuance Trust, Series
2025-A1, Class A
|
|
|
|
4.34%, 5/15/30
|
100
|
101
|
|
World Financial Network Credit Card
Master Note Trust, Series 2024-B,
Class A
|
|
|
|
4.62%, 5/15/31
|
100
|
101
|
|
World Financial Network Credit Card
Master Trust, Series 2024-A, Class A
|
|
|
|
5.47%, 2/15/31
|
100
|
102
|
|
|
|
3,003
|
|
Other – 0.1%
|
||
|
CNH Equipment Trust, Series 2023-A,
Class A3
|
|
|
|
4.81%, 8/15/28
|
87
|
87
|
|
CNH Equipment Trust, Series 2024-C,
Class A3
|
|
|
|
4.03%, 1/15/30
|
50
|
50
|
|
Ford Credit Floorplan Master Owner
Trust A, Series 2025-1, Class A1
|
|
|
|
4.63%, 4/15/30
|
100
|
101
|
|
Ford Credit Floorplan Master Owner
Trust, Series 2018-4, Class A
|
|
|
|
4.06%, 11/15/30
|
100
|
99
|
|
John Deere Owner Trust, Series
2024-A, Class A3
|
|
|
|
4.96%, 11/15/28
|
50
|
51
|
|
John Deere Owner Trust, Series
2024-C, Class A3
|
|
|
|
4.06%, 6/15/29
|
50
|
50
|
|
John Deere Owner Trust, Series
2025-A, Class A3
|
|
|
|
4.23%, 9/17/29
|
100
|
100
|
|
PSNH Funding LLC 3, Series 2018-1,
Class A3
|
|
|
|
3.81%, 2/1/35
|
100
|
98
|
|
Verizon Master Trust, Series 2023-1,
Class A
|
|
|
|
4.49%, 1/22/29
|
100
|
100
|
|
|
June 30, 2025 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
ASSET-BACKED SECURITIES - 0.4%continued
|
||
|
Other – 0.1%continued
|
||
|
Verizon Master Trust, Series 2023-7,
Class A1A
|
|
|
|
5.67%, 11/20/29
|
$100
|
$102
|
|
Verizon Master Trust, Series 2024-3,
Class A1A
|
|
|
|
5.34%, 4/22/30
|
100
|
102
|
|
Verizon Master Trust, Series 2024-6,
Class A1A
|
|
|
|
4.17%, 8/20/30
|
100
|
100
|
|
Verizon Master Trust, Series 2024-8,
Class A1A
|
|
|
|
4.62%, 11/20/30
|
100
|
101
|
|
Verizon Master Trust, Series 2025-1,
Class A
|
|
|
|
4.71%, 1/21/31
|
100
|
102
|
|
Verizon Master Trust, Series 2025-3,
Class A1A
|
|
|
|
4.51%, 3/20/30
|
50
|
50
|
|
Verizon Master Trust, Series 2025-5,
Class A1A
|
|
|
|
4.40%, 6/20/31
|
100
|
101
|
|
|
|
1,394
|
|
Total Asset-Backed Securities
|
|
|
|
(Cost $9,648)
|
|
9,720
|
|
|
|
|
|
COMMERCIAL MORTGAGE-BACKED SECURITIES – 0.7%
|
||
|
Non Agency – 0.7%
|
||
|
BANK, Series 2017-BNK7, Class A5
|
|
|
|
3.44%, 9/15/60
|
250
|
244
|
|
BANK, Series 2017-BNK9, Class A4
|
|
|
|
3.54%, 11/15/54
|
250
|
244
|
|
BANK, Series 2018-BN10, Class A5
|
|
|
|
3.69%, 2/15/61
|
200
|
196
|
|
BANK, Series 2018-BN11, Class A3
|
|
|
|
4.05%, 3/15/61
|
200
|
198
|
|
BANK, Series 2018-BN12, Class A4
|
|
|
|
4.26%, 5/15/61
|
300
|
299
|
|
BANK, Series 2018-BN13, Class A5
|
|
|
|
4.22%, 8/15/61
|
100
|
99
|
|
BANK, Series 2018-BN14, Class A4
|
|
|
|
4.23%, 9/15/60
|
200
|
198
|
|
BANK, Series 2018-BN15, Class A4
|
|
|
|
4.41%, 11/15/61
|
300
|
299
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
COMMERCIAL MORTGAGE-BACKED SECURITIES - 0.7%continued
|
||
|
Non Agency – 0.7%continued
|
||
|
BANK, Series 2019-BN18, Class A3
|
|
|
|
3.33%, 5/15/62
|
$200
|
$192
|
|
BANK, Series 2019-BN19, Class A3
|
|
|
|
3.18%, 8/15/61
|
300
|
281
|
|
BANK, Series 2020-BN28, Class A4
|
|
|
|
1.84%, 3/15/63
|
500
|
435
|
|
BANK, Series 2021-BN31, Class A4
|
|
|
|
2.04%, 2/15/54
|
200
|
173
|
|
BANK, Series 2021-BN37, Class A5
|
|
|
|
2.62%, 11/15/64
|
200
|
175
|
|
BANK, Series 2021-BNK38, Class A5
|
|
|
|
2.52%, 12/15/64
|
300
|
260
|
|
BANK, Series 2022-BNK42, Class A5
|
|
|
|
4.49%, 6/15/55
|
200
|
195
|
|
BANK, Series 2022-BNK44, Class A5
|
|
|
|
5.94%, 11/15/55(1)
|
500
|
525
|
|
BANK, Series 2024-BNK47, Class A5
|
|
|
|
5.72%, 6/15/57
|
200
|
210
|
|
BANK, Series 2024-BNK48, Class A5
|
|
|
|
5.05%, 10/15/57
|
200
|
201
|
|
BANK, Series 2025-BNK49, Class A5
|
|
|
|
5.62%, 3/15/58
|
200
|
209
|
|
Barclays Commercial Mortgage Trust,
Series 2019-C3, Class A4
|
|
|
|
3.58%, 5/15/52
|
200
|
193
|
|
Barclays Commercial Mortgage Trust,
Series 2019-C5, Class C
|
|
|
|
3.71%, 11/15/52
|
150
|
133
|
|
BBCMS Mortgage Trust, Series
2018-C2, Class A5
|
|
|
|
4.31%, 12/15/51
|
150
|
147
|
|
BBCMS Mortgage Trust, Series
2024-5C27, Class A3
|
|
|
|
6.01%, 7/15/57
|
500
|
523
|
|
BBCMS Mortgage Trust, Series
2024-C30, Class A5
|
|
|
|
5.53%, 11/15/57
|
200
|
207
|
|
Benchmark Mortgage Trust, Series
2018-B2, Class A5
|
|
|
|
3.88%, 2/15/51
|
150
|
147
|
|
Benchmark Mortgage Trust, Series
2018-B3, Class A5
|
|
|
|
4.03%, 4/10/51
|
100
|
98
|
|
Schedule of Investments
|
|
BOND INDEX FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
COMMERCIAL MORTGAGE-BACKED SECURITIES - 0.7%continued
|
||
|
Non Agency – 0.7%continued
|
||
|
Benchmark Mortgage Trust, Series
2018-B5, Class A4
|
|
|
|
4.21%, 7/15/51
|
$200
|
$197
|
|
Benchmark Mortgage Trust, Series
2018-B6, Class B
|
|
|
|
4.74%, 10/10/51(1)
|
125
|
117
|
|
Benchmark Mortgage Trust, Series
2018-B8, Class A5
|
|
|
|
4.23%, 1/15/52
|
100
|
98
|
|
Benchmark Mortgage Trust, Series
2020-B16, Class A5
|
|
|
|
2.73%, 2/15/53
|
200
|
184
|
|
Benchmark Mortgage Trust, Series
2020-B18, Class A5
|
|
|
|
1.93%, 7/15/53
|
500
|
436
|
|
Benchmark Mortgage Trust, Series
2020-IG1, Class A3
|
|
|
|
2.69%, 9/15/43
|
100
|
86
|
|
Benchmark Mortgage Trust, Series
2021-B23, Class A5
|
|
|
|
2.07%, 2/15/54
|
200
|
172
|
|
Benchmark Mortgage Trust, Series
2021-B26, Class A5
|
|
|
|
2.61%, 6/15/54
|
200
|
176
|
|
BMO Mortgage Trust, Series
2024-C10, Class A5
|
|
|
|
5.48%, 11/15/57
|
200
|
206
|
|
CD Mortgage Trust, Series 2017-CD5,
Class A4
|
|
|
|
3.43%, 8/15/50
|
250
|
244
|
|
CD Mortgage Trust, Series 2017-CD6,
Class A5
|
|
|
|
3.46%, 11/13/50
|
200
|
194
|
|
CD Mortgage Trust, Series 2018-CD7,
Class A4
|
|
|
|
4.28%, 8/15/51
|
200
|
198
|
|
CD Mortgage Trust, Series 2019-CD8,
Class A4
|
|
|
|
2.91%, 8/15/57
|
150
|
138
|
|
CGMS Commercial Mortgage Trust,
Series 2017-B1, Class A4
|
|
|
|
3.46%, 8/15/50
|
250
|
245
|
|
Citigroup Commercial Mortgage Trust,
Series 2017-P8, Class A4
|
|
|
|
3.47%, 9/15/50
|
250
|
241
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
COMMERCIAL MORTGAGE-BACKED SECURITIES - 0.7%continued
|
||
|
Non Agency – 0.7%continued
|
||
|
Citigroup Commercial Mortgage Trust,
Series 2018-B2, Class A4
|
|
|
|
4.01%, 3/10/51
|
$100
|
$98
|
|
Citigroup Commercial Mortgage Trust,
Series 2018-C5, Class A4
|
|
|
|
4.23%, 6/10/51
|
200
|
197
|
|
Citigroup Commercial Mortgage Trust,
Series 2018-C6, Class A4
|
|
|
|
4.41%, 11/10/51
|
200
|
198
|
|
Commercial Mortgage Trust, Series
2018-COR3, Class A3
|
|
|
|
4.23%, 5/10/51
|
200
|
195
|
|
Commercial Mortgage Trust, Series
2019-GC44, Class C
|
|
|
|
3.63%, 8/15/57(1)
|
150
|
124
|
|
CSAIL Commercial Mortgage Trust,
Series 2018-C14, Class A4
|
|
|
|
4.42%, 11/15/51
|
300
|
298
|
|
CSAIL Commercial Mortgage Trust,
Series 2018-CX11, Class A5
|
|
|
|
4.03%, 4/15/51
|
175
|
172
|
|
DBJPM Mortgage Trust, Series
2020-C9, Class A5
|
|
|
|
1.93%, 8/15/53
|
100
|
88
|
|
GS Mortgage Securities Trust, Series
2017-GS7, Class A4
|
|
|
|
3.43%, 8/10/50
|
250
|
243
|
|
GS Mortgage Securities Trust, Series
2017-GS8, Class A4
|
|
|
|
3.47%, 11/10/50
|
200
|
194
|
|
GS Mortgage Securities Trust, Series
2018-GS9, Class A4
|
|
|
|
3.99%, 3/10/51
|
150
|
148
|
|
GS Mortgage Securities Trust, Series
2019-GC40, Class A4
|
|
|
|
3.16%, 7/10/52
|
150
|
140
|
|
GS Mortgage Securities Trust, Series
2020-GC45, Class A5
|
|
|
|
2.91%, 2/13/53
|
300
|
278
|
|
JP Morgan Chase Commercial
Mortgage Securities Trust, Series
2017-JP7, Class A5
|
|
|
|
3.45%, 9/15/50
|
100
|
97
|
|
|
June 30, 2025 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
COMMERCIAL MORTGAGE-BACKED SECURITIES - 0.7%continued
|
||
|
Non Agency – 0.7%continued
|
||
|
JP Morgan Chase Commercial
Mortgage Securities Trust, Series
2019-COR5, Class A4
|
|
|
|
3.39%, 6/13/52
|
$200
|
$188
|
|
JPMDB Commercial Mortgage
Securities Trust, Series 2017-C7,
Class A5
|
|
|
|
3.41%, 10/15/50
|
200
|
194
|
|
Morgan Stanley Capital I Trust, Series
2018-H4, Class A4
|
|
|
|
4.31%, 12/15/51
|
100
|
99
|
|
Morgan Stanley Capital I Trust, Series
2018-L1, Class A4
|
|
|
|
4.41%, 10/15/51
|
200
|
198
|
|
Morgan Stanley Capital I Trust, Series
2019-H7, Class A4
|
|
|
|
3.26%, 7/15/52
|
250
|
237
|
|
Morgan Stanley Capital I Trust, Series
2020-HR8, Class A4
|
|
|
|
2.04%, 7/15/53
|
500
|
440
|
|
Morgan Stanley Capital I, Series
2017-HR2, Class A4
|
|
|
|
3.59%, 12/15/50
|
200
|
195
|
|
MSWF Commercial Mortgage Trust,
Series 2023-1, Class A5
|
|
|
|
5.75%, 5/15/56
|
250
|
262
|
|
UBS Commercial Mortgage Trust,
Series 2017-C2, Class A4
|
|
|
|
3.49%, 8/15/50
|
250
|
244
|
|
UBS Commercial Mortgage Trust,
Series 2017-C2, Class B
|
|
|
|
3.99%, 8/15/50
|
100
|
96
|
|
UBS Commercial Mortgage Trust,
Series 2017-C3, Class A4
|
|
|
|
3.43%, 8/15/50
|
175
|
170
|
|
UBS Commercial Mortgage Trust,
Series 2017-C6, Class A5
|
|
|
|
3.58%, 12/15/50
|
100
|
97
|
|
UBS Commercial Mortgage Trust,
Series 2017-C7, Class A4
|
|
|
|
3.68%, 12/15/50
|
150
|
147
|
|
UBS Commercial Mortgage Trust,
Series 2018-C10, Class A4
|
|
|
|
4.31%, 5/15/51
|
200
|
196
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
COMMERCIAL MORTGAGE-BACKED SECURITIES - 0.7%continued
|
||
|
Non Agency – 0.7%continued
|
||
|
UBS Commercial Mortgage Trust,
Series 2018-C11, Class A5
|
|
|
|
4.24%, 6/15/51
|
$150
|
$148
|
|
UBS Commercial Mortgage Trust,
Series 2018-C13, Class A4
|
|
|
|
4.33%, 10/15/51
|
200
|
197
|
|
UBS Commercial Mortgage Trust,
Series 2018-C14, Class A4
|
|
|
|
4.45%, 12/15/51
|
100
|
98
|
|
UBS Commercial Mortgage Trust,
Series 2018-C8, Class A4
|
|
|
|
3.98%, 2/15/51
|
150
|
147
|
|
UBS Commercial Mortgage Trust,
Series 2018-C9, Class A4
|
|
|
|
4.12%, 3/15/51
|
100
|
98
|
|
Wells Fargo Commercial Mortgage
Trust, Series 2017-C39, Class A5
|
|
|
|
3.42%, 9/15/50
|
250
|
243
|
|
Wells Fargo Commercial Mortgage
Trust, Series 2017-C40, Class A4
|
|
|
|
3.58%, 10/15/50
|
100
|
98
|
|
Wells Fargo Commercial Mortgage
Trust, Series 2017-C41, Class A4
|
|
|
|
3.47%, 11/15/50
|
200
|
195
|
|
Wells Fargo Commercial Mortgage
Trust, Series 2017-C42, Class A4
|
|
|
|
3.59%, 12/15/50
|
100
|
97
|
|
Wells Fargo Commercial Mortgage
Trust, Series 2018-C43, Class A4
|
|
|
|
4.01%, 3/15/51
|
150
|
148
|
|
Wells Fargo Commercial Mortgage
Trust, Series 2018-C48, Class A5
|
|
|
|
4.30%, 1/15/52
|
100
|
99
|
|
Wells Fargo Commercial Mortgage
Trust, Series 2019-C50, Class A5
|
|
|
|
3.73%, 5/15/52
|
200
|
192
|
|
Wells Fargo Commercial Mortgage
Trust, Series 2020-C55, Class A5
|
|
|
|
2.73%, 2/15/53
|
100
|
92
|
|
Wells Fargo Commercial Mortgage
Trust, Series 2020-C56, Class A5
|
|
|
|
2.45%, 6/15/53
|
500
|
454
|
|
Schedule of Investments
|
|
BOND INDEX FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
COMMERCIAL MORTGAGE-BACKED SECURITIES - 0.7%continued
|
||
|
Non Agency – 0.7%continued
|
||
|
Wells Fargo Commercial Mortgage
Trust, Series 2025-5C3, Class A3
|
|
|
|
6.10%, 1/15/58
|
$250
|
$264
|
|
|
|
16,816
|
|
Total Commercial Mortgage-Backed
Securities
|
|
|
|
(Cost $17,527)
|
|
16,816
|
|
|
|
|
|
CORPORATE BONDS – 20.7%
|
||
|
Advertising & Marketing – 0.0%
|
||
|
Interpublic Group of (The) Cos., Inc.,
|
|
|
|
4.75%, 3/30/30
|
300
|
303
|
|
Aerospace & Defense – 0.6%
|
||
|
Boeing (The) Co.,
|
|
|
|
2.70%, 2/1/27
|
219
|
213
|
|
6.26%, 5/1/27
|
2,500
|
2,572
|
|
3.25%, 2/1/28
|
1,366
|
1,325
|
|
3.25%, 3/1/28
|
55
|
53
|
|
3.20%, 3/1/29
|
159
|
151
|
|
2.95%, 2/1/30
|
250
|
232
|
|
5.15%, 5/1/30
|
43
|
44
|
|
6.13%, 2/15/33
|
135
|
142
|
|
6.63%, 2/15/38
|
100
|
108
|
|
5.71%, 5/1/40
|
200
|
198
|
|
5.81%, 5/1/50
|
1,060
|
1,016
|
|
GE Capital Funding LLC,
|
|
|
|
4.55%, 5/15/32
|
700
|
696
|
|
General Dynamics Corp.,
|
|
|
|
2.63%, 11/15/27
|
104
|
101
|
|
3.75%, 5/15/28
|
246
|
245
|
|
4.25%, 4/1/40
|
100
|
90
|
|
2.85%, 6/1/41
|
160
|
117
|
|
HEICO Corp.,
|
|
|
|
5.35%, 8/1/33
|
150
|
153
|
|
Howmet Aerospace, Inc.,
|
|
|
|
3.00%, 1/15/29
|
200
|
191
|
|
Huntington Ingalls Industries, Inc.,
|
|
|
|
2.04%, 8/16/28
|
200
|
186
|
|
L3Harris Technologies, Inc.,
|
|
|
|
5.40%, 1/15/27
|
1,000
|
1,017
|
|
4.40%, 6/15/28
|
449
|
450
|
|
5.50%, 8/15/54
|
100
|
97
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 20.7% continued
|
||
|
Aerospace & Defense – 0.6%continued
|
||
|
Lockheed Martin Corp.,
|
|
|
|
5.25%, 1/15/33
|
$1,200
|
$1,246
|
|
3.60%, 3/1/35 †
|
135
|
122
|
|
4.07%, 12/15/42
|
168
|
141
|
|
3.80%, 3/1/45
|
230
|
181
|
|
4.09%, 9/15/52
|
20
|
16
|
|
5.20%, 2/15/64
|
200
|
185
|
|
Northrop Grumman Corp.,
|
|
|
|
3.25%, 1/15/28
|
500
|
488
|
|
5.05%, 11/15/40
|
250
|
240
|
|
4.75%, 6/1/43
|
250
|
226
|
|
3.85%, 4/15/45
|
8
|
6
|
|
4.03%, 10/15/47
|
252
|
201
|
|
Precision Castparts Corp.,
|
|
|
|
4.38%, 6/15/45
|
100
|
85
|
|
RTX Corp.,
|
|
|
|
1.90%, 9/1/31
|
71
|
61
|
|
2.38%, 3/15/32
|
68
|
59
|
|
4.50%, 6/1/42
|
250
|
221
|
|
4.80%, 12/15/43
|
400
|
361
|
|
3.75%, 11/1/46
|
750
|
572
|
|
6.40%, 3/15/54
|
300
|
329
|
|
Textron, Inc.,
|
|
|
|
2.45%, 3/15/31
|
250
|
222
|
|
|
|
14,359
|
|
Apparel & Textile Products – 0.0%
|
||
|
NIKE, Inc.,
|
|
|
|
2.85%, 3/27/30
|
750
|
707
|
|
3.25%, 3/27/40
|
75
|
60
|
|
Ralph Lauren Corp.,
|
|
|
|
2.95%, 6/15/30 †
|
100
|
93
|
|
|
|
860
|
|
Asset Management – 0.3%
|
||
|
Ameriprise Financial, Inc.,
|
|
|
|
2.88%, 9/15/26
|
435
|
428
|
|
Apollo Global Management, Inc.,
|
|
|
|
6.38%, 11/15/33
|
200
|
218
|
|
Ares Capital Corp.,
|
|
|
|
5.95%, 7/15/29
|
300
|
307
|
|
Ares Management Corp.,
|
|
|
|
6.38%, 11/10/28
|
100
|
106
|
|
Ares Strategic Income Fund,
|
|
|
|
6.20%, 3/21/32
|
150
|
150
|
|
|
June 30, 2025 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 20.7% continued
|
||
|
Asset Management – 0.3%continued
|
||
|
Barings BDC, Inc.,
|
|
|
|
3.30%, 11/23/26
|
$200
|
$195
|
|
BlackRock Funding, Inc.,
|
|
|
|
4.70%, 3/14/29
|
500
|
511
|
|
4.90%, 1/8/35
|
200
|
202
|
|
BlackRock TCP Capital Corp.,
|
|
|
|
6.95%, 5/30/29
|
100
|
103
|
|
Blackrock, Inc.,
|
|
|
|
1.90%, 1/28/31
|
720
|
633
|
|
Blackstone Private Credit Fund,
|
|
|
|
3.25%, 3/15/27
|
300
|
292
|
|
6.00%, 1/29/32 †
|
200
|
201
|
|
6.00%, 11/22/34
|
200
|
196
|
|
Blackstone Secured Lending Fund,
|
|
|
|
5.30%, 6/30/30
|
200
|
198
|
|
Blue Owl Capital Corp.,
|
|
|
|
5.95%, 3/15/29
|
400
|
402
|
|
Blue Owl Capital Corp. II,
|
|
|
|
8.45%, 11/15/26
|
100
|
104
|
|
Blue Owl Credit Income Corp.,
|
|
|
|
7.75%, 9/16/27
|
200
|
210
|
|
5.80%, 3/15/30
|
400
|
401
|
|
Blue Owl Finance LLC,
|
|
|
|
4.13%, 10/7/51
|
200
|
136
|
|
Blue Owl Technology Finance Corp.,
|
|
|
|
6.10%, 3/15/28 (2)
|
200
|
201
|
|
6.75%, 4/4/29
|
100
|
102
|
|
Charles Schwab (The) Corp.,
|
|
|
|
(Variable, U.S. SOFR + 2.21%),
5.64%, 5/19/29 (3)
|
400
|
415
|
|
(Variable, U.S. SOFR + 2.50%),
5.85%, 5/19/34 (3)
|
200
|
212
|
|
(Variable, U.S. SOFR + 2.01%),
6.14%, 8/24/34 (3)
|
300
|
325
|
|
Franklin Resources, Inc.,
|
|
|
|
2.95%, 8/12/51
|
150
|
92
|
|
FS KKR Capital Corp.,
|
|
|
|
3.25%, 7/15/27 †
|
200
|
192
|
|
HA Sustainable Infrastructure Capital,
Inc.,
|
|
|
|
6.38%, 7/1/34
|
100
|
100
|
|
Hercules Capital, Inc.,
|
|
|
|
3.38%, 1/20/27
|
100
|
97
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 20.7% continued
|
||
|
Asset Management – 0.3%continued
|
||
|
HPS Corporate Lending Fund,
|
|
|
|
5.45%, 1/14/28
|
$200
|
$201
|
|
Janus Henderson U.S. Holdings, Inc.,
|
|
|
|
5.45%, 9/10/34
|
30
|
30
|
|
Main Street Capital Corp.,
|
|
|
|
6.95%, 3/1/29
|
100
|
104
|
|
Morgan Stanley Direct Lending Fund,
|
|
|
|
6.15%, 5/17/29
|
200
|
205
|
|
New Mountain Finance Corp.,
|
|
|
|
6.20%, 10/15/27
|
200
|
202
|
|
Oaktree Specialty Lending Corp.,
|
|
|
|
6.34%, 2/27/30
|
100
|
99
|
|
Raymond James Financial, Inc.,
|
|
|
|
3.75%, 4/1/51
|
100
|
73
|
|
Sixth Street Specialty Lending, Inc.,
|
|
|
|
6.13%, 3/1/29
|
100
|
102
|
|
TPG Operating Group II L.P.,
|
|
|
|
5.88%, 3/5/34
|
50
|
52
|
|
Voya Financial, Inc.,
|
|
|
|
4.80%, 6/15/46
|
100
|
86
|
|
|
|
7,883
|
|
Automotive – 0.5%
|
||
|
American Honda Finance Corp.,
|
|
|
|
4.90%, 3/12/27
|
1,000
|
1,009
|
|
4.80%, 3/5/30
|
500
|
504
|
|
Aptiv Swiss Holdings Ltd.,
|
|
|
|
4.65%, 9/13/29
|
400
|
399
|
|
4.15%, 5/1/52
|
200
|
143
|
|
BorgWarner, Inc.,
|
|
|
|
4.38%, 3/15/45
|
170
|
140
|
|
Ford Motor Credit Co. LLC,
|
|
|
|
5.85%, 5/17/27
|
1,000
|
1,008
|
|
7.12%, 11/7/33
|
1,800
|
1,868
|
|
General Motors Co.,
|
|
|
|
6.80%, 10/1/27
|
118
|
123
|
|
5.00%, 10/1/28
|
227
|
229
|
|
5.60%, 10/15/32
|
183
|
186
|
|
6.25%, 10/2/43
|
350
|
343
|
|
6.75%, 4/1/46
|
145
|
148
|
|
5.40%, 4/1/48
|
267
|
232
|
|
General Motors Financial Co., Inc.,
|
|
|
|
2.70%, 8/20/27
|
658
|
632
|
|
6.00%, 1/9/28
|
500
|
515
|
|
Schedule of Investments
|
|
BOND INDEX FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 20.7% continued
|
||
|
Automotive – 0.5%continued
|
||
|
2.40%, 4/10/28
|
$119
|
$112
|
|
5.80%, 6/23/28 †
|
500
|
515
|
|
2.40%, 10/15/28
|
254
|
236
|
|
5.65%, 1/17/29
|
84
|
86
|
|
4.30%, 4/6/29
|
82
|
80
|
|
3.60%, 6/21/30
|
99
|
93
|
|
2.35%, 1/8/31
|
33
|
29
|
|
3.10%, 1/12/32
|
33
|
29
|
|
5.90%, 1/7/35 †
|
500
|
503
|
|
Lear Corp.,
|
|
|
|
3.55%, 1/15/52
|
200
|
127
|
|
Toyota Motor Credit Corp.,
|
|
|
|
3.05%, 3/22/27 †
|
500
|
491
|
|
4.35%, 10/8/27
|
500
|
502
|
|
4.70%, 1/12/33 †
|
500
|
502
|
|
4.80%, 1/5/34 †
|
500
|
500
|
|
|
|
11,284
|
|
Banking – 2.5%
|
||
|
Associated Banc-Corp,
|
|
|
|
(Variable, U.S. SOFR + 3.03%),
6.46%, 8/29/30 (3)
|
100
|
103
|
|
Bank of America Corp.,
|
|
|
|
4.25%, 10/22/26
|
47
|
47
|
|
(Variable, U.S. SOFR + 1.34%),
5.93%, 9/15/27 (3)
|
1,500
|
1,526
|
|
4.18%, 11/25/27
|
146
|
145
|
|
(Variable, U.S. SOFR + 1.05%),
2.55%, 2/4/28 (3)
|
18
|
18
|
|
(Variable, CME Term SOFR 3M +
1.77%), 3.71%, 4/24/28 (3)
|
106
|
105
|
|
(Variable, U.S. SOFR + 2.04%),
4.95%, 7/22/28 (3)
|
1,500
|
1,517
|
|
(Variable, CME Term SOFR 3M +
1.33%), 3.97%, 3/5/29 (3)
|
7
|
7
|
|
(Variable, U.S. SOFR + 1.57%),
5.82%, 9/15/29 (3)
|
500
|
521
|
|
(Variable, U.S. SOFR + 1.00%),
5.16%, 1/24/31 (3)
|
1,500
|
1,537
|
|
(Variable, CME Term SOFR 3M +
1.25%), 2.50%, 2/13/31 (3)
|
40
|
37
|
|
(Variable, U.S. SOFR + 2.15%),
2.59%, 4/29/31 (3)
|
52
|
47
|
|
(Variable, U.S. SOFR + 1.53%),
1.90%, 7/23/31 (3)
|
336
|
295
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 20.7% continued
|
||
|
Banking – 2.5%continued
|
||
|
(Variable, U.S. SOFR + 1.32%),
2.69%, 4/22/32 (3)
|
$380
|
$341
|
|
(Variable, U.S. SOFR + 2.16%),
5.02%, 7/22/33 (3)
|
1,403
|
1,419
|
|
(Variable, U.S. SOFR + 1.91%),
5.29%, 4/25/34 (3)
|
1,000
|
1,020
|
|
(Variable, U.S. SOFR + 1.84%),
5.87%, 9/15/34 (3)
|
400
|
422
|
|
(Variable, U.S. SOFR + 1.65%),
5.47%, 1/23/35 (3)
|
600
|
616
|
|
(Variable, U.S. SOFR + 1.31%),
5.51%, 1/24/36 (3)
|
200
|
206
|
|
(Variable, U.S. SOFR + 1.70%),
5.74%, 2/12/36 (3)
|
700
|
711
|
|
6.11%, 1/29/37
|
150
|
158
|
|
(Variable, CME Term SOFR 3M +
1.45%), 3.95%, 1/23/49 (3) †
|
600
|
471
|
|
(Variable, CME Term SOFR 3M +
1.78%), 4.33%, 3/15/50 (3)
|
755
|
627
|
|
(Variable, CME Term SOFR 3M +
3.41%), 4.08%, 3/20/51 (3)
|
810
|
643
|
|
Bank of America N.A.,
|
|
|
|
6.00%, 10/15/36
|
250
|
264
|
|
BankUnited, Inc.,
|
|
|
|
5.13%, 6/11/30
|
100
|
99
|
|
Capital One N.A.,
|
|
|
|
2.70%, 2/6/30
|
250
|
230
|
|
Citibank N.A.,
|
|
|
|
5.49%, 12/4/26
|
1,000
|
1,016
|
|
Citigroup, Inc.,
|
|
|
|
(Variable, CME Term SOFR 3M +
1.65%), 3.67%, 7/24/28 (3)
|
28
|
28
|
|
(Variable, U.S. SOFR + 3.91%),
4.41%, 3/31/31 (3)
|
1,150
|
1,138
|
|
(Variable, U.S. SOFR + 1.17%),
2.56%, 5/1/32 (3)
|
800
|
709
|
|
6.63%, 6/15/32
|
100
|
109
|
|
(Variable, U.S. SOFR + 2.66%),
6.17%, 5/25/34 (3)
|
1,400
|
1,466
|
|
(Variable, U.S. Treasury Yield Curve
Rate CMT 5Y + 1.28%), 5.59%,
11/19/34 (3)
|
2,000
|
2,031
|
|
(Variable, U.S. SOFR + 1.83%),
6.02%, 1/24/36 (3)
|
500
|
513
|
|
(Variable, U.S. SOFR + 1.47%),
5.33%, 3/27/36 (3) †
|
600
|
605
|
|
|
June 30, 2025 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 20.7% continued
|
||
|
Banking – 2.5%continued
|
||
|
6.13%, 8/25/36
|
$125
|
$129
|
|
8.13%, 7/15/39
|
332
|
418
|
|
(Variable, U.S. SOFR + 4.55%),
5.32%, 3/26/41 (3)
|
180
|
176
|
|
5.88%, 1/30/42
|
30
|
31
|
|
4.65%, 7/23/48
|
300
|
259
|
|
Citizens Bank N.A.,
|
|
|
|
(Variable, U.S. SOFR + 2.00%),
4.58%, 8/9/28 (3)
|
500
|
501
|
|
Citizens Financial Group, Inc.,
|
|
|
|
(Variable, U.S. SOFR + 2.33%),
6.65%, 4/25/35 (3)
|
200
|
216
|
|
Comerica Bank,
|
|
|
|
(Variable, U.S. SOFR + 2.61%),
5.33%, 8/25/33 (3)
|
250
|
243
|
|
Fifth Third Bancorp,
|
|
|
|
8.25%, 3/1/38
|
275
|
329
|
|
First Citizens BancShares, Inc.,
|
|
|
|
(Variable, U.S. Treasury Yield Curve
Rate CMT 5Y + 1.97%), 6.25%,
3/12/40 (3)
|
100
|
100
|
|
First Horizon Corp.,
|
|
|
|
(Variable, U.S. SOFR + 1.77%),
5.51%, 3/7/31 (3)
|
100
|
101
|
|
First-Citizens Bank & Trust Co.,
|
|
|
|
6.13%, 3/9/28
|
50
|
52
|
|
FNB Corp.,
|
|
|
|
(Variable, U.S. SOFR Compounded
Index + 1.93%), 5.72%,
12/11/30 (3)
|
50
|
50
|
|
HSBC Bank U.S.A. N.A.,
|
|
|
|
7.00%, 1/15/39
|
350
|
401
|
|
Huntington Bancshares, Inc.,
|
|
|
|
(Variable, U.S. SOFR + 1.97%),
4.44%, 8/4/28 (3)
|
500
|
500
|
|
(Variable, U.S. SOFR + 2.02%),
6.21%, 8/21/29 (3)
|
500
|
525
|
|
Independent Bank Corp.,
|
|
|
|
(Variable, CME Term SOFR 3M +
3.53%), 7.25%, 4/1/35 (3)
|
50
|
50
|
|
JPMorgan Chase & Co.,
|
|
|
|
8.00%, 4/29/27
|
658
|
702
|
|
4.25%, 10/1/27
|
299
|
300
|
|
(Variable, U.S. SOFR + 1.17%),
2.95%, 2/24/28 (3)
|
204
|
199
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 20.7% continued
|
||
|
Banking – 2.5%continued
|
||
|
(Variable, U.S. SOFR + 1.56%),
4.32%, 4/26/28 (3)
|
$176
|
$176
|
|
(Variable, U.S. SOFR + 0.93%),
4.98%, 7/22/28 (3)
|
1,000
|
1,013
|
|
(Variable, U.S. SOFR + 1.99%),
4.85%, 7/25/28 (3)
|
33
|
33
|
|
(Variable, CME Term SOFR 3M +
1.38%), 4.01%, 4/23/29 (3)
|
34
|
34
|
|
(Variable, U.S. SOFR + 1.45%),
5.30%, 7/24/29 (3)
|
800
|
821
|
|
(Variable, CME Term SOFR 3M +
1.59%), 4.45%, 12/5/29 (3)
|
59
|
59
|
|
(Variable, U.S. SOFR + 1.31%),
5.01%, 1/23/30 (3)
|
500
|
509
|
|
(Variable, U.S. SOFR + 1.01%),
5.14%, 1/24/31 (3)
|
1,500
|
1,538
|
|
(Variable, CME Term SOFR 3M +
2.52%), 2.96%, 5/13/31 (3)
|
545
|
504
|
|
(Variable, U.S. SOFR + 1.80%),
4.59%, 4/26/33 (3)
|
300
|
297
|
|
(Variable, U.S. SOFR + 2.58%),
5.72%, 9/14/33 (3)
|
500
|
521
|
|
(Variable, U.S. SOFR + 1.81%),
6.25%, 10/23/34 (3)
|
1,000
|
1,087
|
|
(Variable, U.S. SOFR + 1.49%),
5.77%, 4/22/35 (3)
|
1,000
|
1,051
|
|
(Variable, U.S. SOFR + 1.68%),
5.57%, 4/22/36 (3)
|
600
|
622
|
|
(Variable, CME Term SOFR 3M +
2.46%), 3.11%, 4/22/41 (3)
|
100
|
77
|
|
5.60%, 7/15/41
|
405
|
416
|
|
5.63%, 8/16/43
|
150
|
151
|
|
(Variable, CME Term SOFR 3M +
1.84%), 4.26%, 2/22/48 (3)
|
114
|
96
|
|
(Variable, CME Term SOFR 3M +
1.72%), 4.03%, 7/24/48 (3)
|
85
|
69
|
|
(Variable, CME Term SOFR 3M +
1.64%), 3.96%, 11/15/48 (3)
|
400
|
320
|
|
(Variable, CME Term SOFR 3M +
1.48%), 3.90%, 1/23/49 (3)
|
700
|
553
|
|
(Variable, U.S. SOFR + 2.44%),
3.11%, 4/22/51 (3)
|
1,300
|
875
|
|
KeyBank N.A.,
|
|
|
|
5.00%, 1/26/33
|
500
|
493
|
|
Manufacturers & Traders Trust Co.,
|
|
|
|
4.70%, 1/27/28
|
500
|
504
|
|
Schedule of Investments
|
|
BOND INDEX FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 20.7% continued
|
||
|
Banking – 2.5%continued
|
||
|
Morgan Stanley Bank N.A.,
|
|
|
|
(Variable, U.S. SOFR + 0.91%),
5.02%, 1/12/29 (3)
|
$700
|
$711
|
|
PNC Financial Services Group (The),
Inc.,
|
|
|
|
3.15%, 5/19/27
|
455
|
446
|
|
2.55%, 1/22/30 †
|
545
|
505
|
|
(Variable, U.S. SOFR + 1.20%),
5.49%, 5/14/30 (3)
|
700
|
725
|
|
(Variable, U.S. SOFR + 1.26%),
4.81%, 10/21/32 (3)
|
300
|
301
|
|
(Variable, U.S. SOFR + 1.93%),
5.07%, 1/24/34 (3)
|
300
|
302
|
|
(Variable, U.S. SOFR + 2.28%),
6.88%, 10/20/34 (3)
|
400
|
447
|
|
Regions Financial Corp.,
|
|
|
|
(Variable, U.S. SOFR + 2.06%),
5.50%, 9/6/35 (3)
|
300
|
301
|
|
Santander Holdings U.S.A., Inc.,
|
|
|
|
(Variable, U.S. SOFR + 2.36%),
6.50%, 3/9/29 (3)
|
300
|
313
|
|
(Variable, U.S. SOFR + 2.50%),
6.17%, 1/9/30 (3)
|
500
|
520
|
|
Synovus Bank,
|
|
|
|
5.63%, 2/15/28
|
250
|
253
|
|
Truist Financial Corp.,
|
|
|
|
1.13%, 8/3/27
|
221
|
208
|
|
(Variable, U.S. SOFR + 1.44%),
4.87%, 1/26/29 (3)
|
1,000
|
1,012
|
|
(Variable, U.S. SOFR + 0.86%),
1.89%, 6/7/29 (3)
|
57
|
53
|
|
(Variable, U.S. SOFR + 1.62%),
5.44%, 1/24/30 (3)
|
800
|
824
|
|
U.S. Bancorp,
|
|
|
|
2.38%, 7/22/26
|
133
|
131
|
|
(Variable, U.S. SOFR + 1.88%),
6.79%, 10/26/27 (3)
|
1,000
|
1,029
|
|
(Variable, U.S. SOFR + 0.73%),
2.22%, 1/27/28 (3)
|
322
|
311
|
|
3.90%, 4/26/28
|
402
|
399
|
|
(Variable, U.S. SOFR + 2.02%),
5.78%, 6/12/29 (3) †
|
500
|
519
|
|
1.38%, 7/22/30 †
|
143
|
124
|
|
(Variable, U.S. SOFR + 1.60%),
4.84%, 2/1/34 (3)
|
500
|
494
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 20.7% continued
|
||
|
Banking – 2.5%continued
|
||
|
(Variable, U.S. SOFR + 1.41%),
5.42%, 2/12/36 (3)
|
$300
|
$306
|
|
Webster Financial Corp.,
|
|
|
|
4.10%, 3/25/29
|
30
|
29
|
|
Wells Fargo & Co.,
|
|
|
|
3.00%, 10/23/26
|
542
|
533
|
|
(Variable, U.S. SOFR + 0.78%),
4.90%, 1/24/28 (3)
|
2,000
|
2,015
|
|
(Variable, U.S. SOFR + 1.98%),
4.81%, 7/25/28 (3)
|
500
|
504
|
|
(Variable, U.S. SOFR + 1.50%),
5.20%, 1/23/30 (3)
|
500
|
512
|
|
(Variable, U.S. SOFR + 1.99%),
5.56%, 7/25/34 (3)
|
700
|
722
|
|
(Variable, U.S. SOFR + 2.06%),
6.49%, 10/23/34 (3)
|
300
|
328
|
|
(Variable, U.S. SOFR + 1.78%),
5.50%, 1/23/35 (3)
|
600
|
615
|
|
(Variable, U.S. SOFR + 1.74%),
5.61%, 4/23/36 (3)
|
300
|
310
|
|
(Variable, U.S. SOFR + 2.53%),
3.07%, 4/30/41 (3)
|
100
|
76
|
|
(Variable, CME Term SOFR 3M +
4.50%), 5.01%, 4/4/51 (3)
|
1,300
|
1,184
|
|
(Variable, U.S. SOFR + 2.13%),
4.61%, 4/25/53 (3)
|
1,000
|
852
|
|
Wells Fargo Bank N.A.,
|
|
|
|
5.25%, 12/11/26
|
1,200
|
1,217
|
|
5.85%, 2/1/37
|
500
|
519
|
|
6.60%, 1/15/38
|
50
|
55
|
|
Wintrust Financial Corp.,
|
|
|
|
4.85%, 6/6/29
|
100
|
97
|
|
Zions Bancorp N.A.,
|
|
|
|
3.25%, 10/29/29
|
250
|
229
|
|
|
|
57,879
|
|
Beverages – 0.4%
|
||
|
Brown-Forman Corp.,
|
|
|
|
4.50%, 7/15/45
|
200
|
173
|
|
Coca-Cola (The) Co.,
|
|
|
|
3.38%, 3/25/27
|
133
|
132
|
|
1.50%, 3/5/28
|
81
|
76
|
|
2.13%, 9/6/29
|
243
|
226
|
|
1.65%, 6/1/30
|
179
|
159
|
|
2.00%, 3/5/31
|
1,204
|
1,070
|
|
5.00%, 5/13/34
|
500
|
515
|
|
|
June 30, 2025 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 20.7% continued
|
||
|
Beverages – 0.4%continued
|
||
|
4.65%, 8/14/34
|
$500
|
$503
|
|
Coca-Cola Consolidated, Inc.,
|
|
|
|
5.45%, 6/1/34
|
200
|
206
|
|
Constellation Brands, Inc.,
|
|
|
|
4.65%, 11/15/28
|
44
|
44
|
|
2.25%, 8/1/31
|
284
|
246
|
|
5.25%, 11/15/48 †
|
167
|
153
|
|
Keurig Dr. Pepper, Inc.,
|
|
|
|
2.55%, 9/15/26
|
185
|
181
|
|
5.05%, 3/15/29
|
500
|
511
|
|
4.42%, 12/15/46
|
300
|
247
|
|
Molson Coors Beverage Co.,
|
|
|
|
3.00%, 7/15/26
|
170
|
167
|
|
4.20%, 7/15/46
|
300
|
239
|
|
Pepsico Singapore Financing I Pte. Ltd.,
|
|
|
|
4.55%, 2/16/29
|
1,800
|
1,826
|
|
PepsiCo, Inc.,
|
|
|
|
2.75%, 3/19/30 †
|
483
|
453
|
|
1.63%, 5/1/30
|
77
|
68
|
|
1.95%, 10/21/31
|
500
|
435
|
|
5.00%, 2/7/35
|
300
|
305
|
|
5.25%, 7/17/54
|
400
|
388
|
|
|
|
8,323
|
|
Biotechnology & Pharmaceuticals – 1.2%
|
||
|
AbbVie, Inc.,
|
|
|
|
2.95%, 11/21/26
|
663
|
652
|
|
4.80%, 3/15/29
|
500
|
510
|
|
4.95%, 3/15/31
|
500
|
513
|
|
5.05%, 3/15/34
|
500
|
509
|
|
4.05%, 11/21/39
|
200
|
175
|
|
4.85%, 6/15/44
|
750
|
691
|
|
4.25%, 11/21/49
|
500
|
412
|
|
5.40%, 3/15/54
|
700
|
681
|
|
Amgen, Inc.,
|
|
|
|
5.15%, 3/2/28
|
500
|
511
|
|
5.25%, 3/2/30
|
1,500
|
1,546
|
|
2.00%, 1/15/32
|
1,000
|
853
|
|
5.15%, 11/15/41
|
126
|
119
|
|
5.60%, 3/2/43
|
300
|
298
|
|
3.38%, 2/21/50
|
200
|
141
|
|
5.65%, 3/2/53
|
1,000
|
976
|
|
5.75%, 3/2/63
|
200
|
194
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 20.7% continued
|
||
|
Biotechnology & Pharmaceuticals – 1.2%continued
|
||
|
Biogen, Inc.,
|
|
|
|
2.25%, 5/1/30
|
$40
|
$36
|
|
3.15%, 5/1/50
|
400
|
252
|
|
3.25%, 2/15/51
|
200
|
128
|
|
Bristol-Myers Squibb Co.,
|
|
|
|
3.90%, 2/20/28
|
726
|
723
|
|
4.35%, 11/15/47
|
1,083
|
902
|
|
5.55%, 2/22/54
|
700
|
683
|
|
6.40%, 11/15/63
|
300
|
325
|
|
Eli Lilly & Co.,
|
|
|
|
4.90%, 2/12/32
|
1,000
|
1,027
|
|
4.60%, 8/14/34
|
500
|
495
|
|
4.95%, 2/27/63
|
400
|
363
|
|
5.60%, 2/12/65
|
500
|
506
|
|
Gilead Sciences, Inc.,
|
|
|
|
1.20%, 10/1/27
|
1,050
|
986
|
|
5.25%, 10/15/33
|
1,000
|
1,035
|
|
2.60%, 10/1/40
|
100
|
72
|
|
4.80%, 4/1/44
|
185
|
169
|
|
4.50%, 2/1/45
|
150
|
131
|
|
4.75%, 3/1/46
|
168
|
150
|
|
4.15%, 3/1/47
|
60
|
49
|
|
Johnson & Johnson,
|
|
|
|
4.90%, 6/1/31
|
500
|
517
|
|
4.38%, 12/5/33
|
332
|
333
|
|
5.95%, 8/15/37
|
32
|
35
|
|
3.70%, 3/1/46
|
600
|
481
|
|
5.25%, 6/1/54
|
200
|
198
|
|
2.45%, 9/1/60
|
120
|
67
|
|
Merck & Co., Inc.,
|
|
|
|
1.70%, 6/10/27
|
263
|
252
|
|
1.90%, 12/10/28
|
279
|
260
|
|
3.40%, 3/7/29 †
|
389
|
379
|
|
2.15%, 12/10/31
|
688
|
600
|
|
4.50%, 5/17/33 †
|
1,000
|
997
|
|
3.60%, 9/15/42
|
25
|
20
|
|
3.70%, 2/10/45
|
60
|
47
|
|
5.15%, 5/17/63
|
200
|
184
|
|
Mylan, Inc.,
|
|
|
|
4.55%, 4/15/28
|
171
|
170
|
|
5.40%, 11/29/43
|
400
|
337
|
|
Novartis Capital Corp.,
|
|
|
|
2.20%, 8/14/30
|
524
|
477
|
|
Schedule of Investments
|
|
BOND INDEX FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 20.7% continued
|
||
|
Biotechnology & Pharmaceuticals – 1.2%continued
|
||
|
4.70%, 9/18/54
|
$300
|
$269
|
|
Pfizer Investment Enterprises Pte. Ltd.,
|
|
|
|
4.75%, 5/19/33
|
700
|
698
|
|
5.30%, 5/19/53
|
800
|
755
|
|
Pfizer, Inc.,
|
|
|
|
3.45%, 3/15/29
|
24
|
23
|
|
2.63%, 4/1/30
|
500
|
465
|
|
7.20%, 3/15/39
|
311
|
369
|
|
5.60%, 9/15/40
|
194
|
200
|
|
4.30%, 6/15/43
|
100
|
86
|
|
4.13%, 12/15/46
|
262
|
216
|
|
Pharmacia LLC,
|
|
|
|
6.60%, 12/1/28
|
125
|
134
|
|
Regeneron Pharmaceuticals, Inc.,
|
|
|
|
1.75%, 9/15/30
|
300
|
261
|
|
Royalty Pharma PLC,
|
|
|
|
3.55%, 9/2/50
|
300
|
203
|
|
5.90%, 9/2/54
|
100
|
97
|
|
Sanofi S.A.,
|
|
|
|
3.63%, 6/19/28
|
250
|
247
|
|
Shire Acquisitions Investments Ireland
DAC,
|
|
|
|
3.20%, 9/23/26
|
6
|
6
|
|
Wyeth LLC,
|
|
|
|
5.95%, 4/1/37
|
625
|
667
|
|
Zoetis, Inc.,
|
|
|
|
3.95%, 9/12/47
|
250
|
200
|
|
4.45%, 8/20/48
|
40
|
34
|
|
|
|
27,097
|
|
Cable & Satellite – 0.5%
|
||
|
Charter Communications
Operating LLC/Charter
Communications Operating Capital,
|
|
|
|
6.15%, 11/10/26
|
250
|
255
|
|
3.75%, 2/15/28
|
251
|
246
|
|
2.25%, 1/15/29 †
|
484
|
446
|
|
6.10%, 6/1/29
|
1,500
|
1,570
|
|
2.80%, 4/1/31
|
650
|
580
|
|
6.55%, 6/1/34
|
500
|
533
|
|
5.75%, 4/1/48
|
520
|
473
|
|
3.90%, 6/1/52
|
800
|
549
|
|
Comcast Corp.,
|
|
|
|
4.55%, 1/15/29
|
300
|
303
|
|
5.10%, 6/1/29
|
1,500
|
1,548
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 20.7% continued
|
||
|
Cable & Satellite – 0.5%continued
|
||
|
3.40%, 4/1/30
|
$1,370
|
$1,314
|
|
4.95%, 5/15/32
|
200
|
204
|
|
4.25%, 1/15/33
|
400
|
387
|
|
7.05%, 3/15/33
|
140
|
159
|
|
3.75%, 4/1/40
|
1,000
|
830
|
|
2.89%, 11/1/51
|
100
|
61
|
|
5.35%, 5/15/53
|
700
|
649
|
|
2.99%, 11/1/63
|
500
|
281
|
|
5.50%, 5/15/64
|
550
|
512
|
|
Time Warner Cable LLC,
|
|
|
|
7.30%, 7/1/38
|
600
|
654
|
|
|
|
11,554
|
|
Capital Goods – 0.0%
|
||
|
Ferguson Enterprises, Inc.,
|
|
|
|
5.00%, 10/3/34
|
100
|
99
|
|
Chemicals – 0.2%
|
||
|
Air Products and Chemicals, Inc.,
|
|
|
|
2.80%, 5/15/50
|
300
|
189
|
|
Albemarle Corp.,
|
|
|
|
4.65%, 6/1/27
|
300
|
299
|
|
Avery Dennison Corp.,
|
|
|
|
2.65%, 4/30/30
|
200
|
184
|
|
Cabot Corp.,
|
|
|
|
5.00%, 6/30/32
|
70
|
70
|
|
Dow Chemical (The) Co.,
|
|
|
|
4.25%, 10/1/34
|
470
|
432
|
|
9.40%, 5/15/39
|
174
|
228
|
|
5.25%, 11/15/41
|
200
|
183
|
|
5.55%, 11/30/48
|
200
|
183
|
|
DuPont de Nemours, Inc.,
|
|
|
|
5.42%, 11/15/48
|
300
|
302
|
|
Eastman Chemical Co.,
|
|
|
|
4.80%, 9/1/42 †
|
200
|
175
|
|
Ecolab, Inc.,
|
|
|
|
2.75%, 8/18/55
|
300
|
179
|
|
FMC Corp.,
|
|
|
|
6.38%, 5/18/53
|
100
|
96
|
|
International Flavors & Fragrances, Inc.,
|
|
|
|
5.00%, 9/26/48
|
41
|
35
|
|
Linde, Inc.,
|
|
|
|
2.00%, 8/10/50
|
200
|
105
|
|
Lubrizol (The) Corp.,
|
|
|
|
6.50%, 10/1/34
|
50
|
56
|
|
|
June 30, 2025 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 20.7% continued
|
||
|
Chemicals – 0.2%continued
|
||
|
LYB International Finance B.V.,
|
|
|
|
5.25%, 7/15/43
|
$565
|
$503
|
|
LYB International Finance III LLC,
|
|
|
|
4.20%, 5/1/50
|
35
|
26
|
|
Mosaic (The) Co.,
|
|
|
|
5.45%, 11/15/33
|
250
|
256
|
|
NewMarket Corp.,
|
|
|
|
2.70%, 3/18/31
|
100
|
89
|
|
PPG Industries, Inc.,
|
|
|
|
2.55%, 6/15/30
|
100
|
91
|
|
RPM International, Inc.,
|
|
|
|
3.75%, 3/15/27
|
100
|
99
|
|
Sherwin-Williams (The) Co.,
|
|
|
|
3.45%, 6/1/27
|
205
|
202
|
|
2.95%, 8/15/29
|
167
|
158
|
|
2.30%, 5/15/30
|
153
|
138
|
|
2.20%, 3/15/32
|
475
|
408
|
|
4.55%, 8/1/45
|
30
|
25
|
|
Westlake Corp.,
|
|
|
|
3.60%, 8/15/26
|
701
|
694
|
|
3.38%, 6/15/30
|
249
|
235
|
|
|
|
5,640
|
|
Commercial Support Services – 0.1%
|
||
|
Automatic Data Processing, Inc.,
|
|
|
|
1.70%, 5/15/28
|
300
|
282
|
|
Block Financial LLC,
|
|
|
|
3.88%, 8/15/30 †
|
200
|
190
|
|
Cintas Corp. No. 2,
|
|
|
|
4.00%, 5/1/32 †
|
150
|
145
|
|
GXO Logistics, Inc.,
|
|
|
|
6.50%, 5/6/34
|
200
|
209
|
|
Paychex, Inc.,
|
|
|
|
5.35%, 4/15/32
|
400
|
411
|
|
Republic Services, Inc.,
|
|
|
|
3.38%, 11/15/27
|
296
|
291
|
|
3.95%, 5/15/28
|
432
|
430
|
|
2.30%, 3/1/30
|
118
|
108
|
|
5.00%, 12/15/33
|
300
|
306
|
|
Waste Connections, Inc.,
|
|
|
|
2.95%, 1/15/52
|
300
|
191
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 20.7% continued
|
||
|
Commercial Support Services – 0.1%continued
|
||
|
Waste Management, Inc.,
|
|
|
|
4.15%, 7/15/49
|
$200
|
$163
|
|
2.50%, 11/15/50
|
500
|
298
|
|
|
|
3,024
|
|
Construction Materials – 0.1%
|
||
|
Amrize Finance U.S. LLC,
|
|
|
|
5.40%, 4/7/35 (2)
|
200
|
203
|
|
Carlisle Cos., Inc.,
|
|
|
|
2.75%, 3/1/30
|
300
|
277
|
|
CRH America Finance, Inc.,
|
|
|
|
5.50%, 1/9/35
|
200
|
205
|
|
CRH SMW Finance DAC,
|
|
|
|
5.20%, 5/21/29
|
200
|
205
|
|
Eagle Materials, Inc.,
|
|
|
|
2.50%, 7/1/31
|
100
|
89
|
|
Martin Marietta Materials, Inc.,
|
|
|
|
3.45%, 6/1/27
|
500
|
492
|
|
5.50%, 12/1/54
|
200
|
193
|
|
Owens Corning,
|
|
|
|
3.40%, 8/15/26
|
400
|
395
|
|
3.88%, 6/1/30
|
500
|
483
|
|
Vulcan Materials Co.,
|
|
|
|
3.50%, 6/1/30
|
200
|
191
|
|
5.35%, 12/1/34
|
300
|
305
|
|
|
|
3,038
|
|
Consumer Non-Cyclical – 0.0%
|
||
|
Solventum Corp.,
|
|
|
|
5.90%, 4/30/54
|
300
|
300
|
|
Consumer Services – 0.1%
|
||
|
California Endowment (The),
|
|
|
|
2.50%, 4/1/51
|
100
|
58
|
|
California Institute of Technology,
|
|
|
|
4.70%, 11/1/11 (4)
|
110
|
90
|
|
Duke University,
|
|
|
|
2.68%, 10/1/44
|
200
|
141
|
|
Emory University,
|
|
|
|
2.97%, 9/1/50
|
500
|
325
|
|
Johns Hopkins University,
|
|
|
|
4.08%, 7/1/53
|
100
|
80
|
|
Massachusetts Institute of Technology,
|
|
|
|
5.60%, 7/1/11 (4)
|
190
|
189
|
|
4.68%, 7/1/14 (5)
|
15
|
12
|
|
3.89%, 7/1/16 (6)
|
300
|
208
|
|
Schedule of Investments
|
|
BOND INDEX FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 20.7% continued
|
||
|
Consumer Services – 0.1%continued
|
||
|
Northwestern University,
|
|
|
|
4.64%, 12/1/44
|
$50
|
$47
|
|
President and Fellows of Harvard
College,
|
|
|
|
2.52%, 10/15/50
|
300
|
182
|
|
Trustees of the University of
Pennsylvania (The),
|
|
|
|
4.67%, 9/1/12 (7)
|
100
|
82
|
|
University of Southern California,
|
|
|
|
2.81%, 10/1/50
|
500
|
315
|
|
|
|
1,729
|
|
Containers & Packaging – 0.1%
|
||
|
Amcor Flexibles North America, Inc.,
|
|
|
|
5.10%, 3/17/30 (2)
|
200
|
204
|
|
AptarGroup, Inc.,
|
|
|
|
3.60%, 3/15/32
|
150
|
138
|
|
Berry Global, Inc.,
|
|
|
|
5.80%, 6/15/31
|
300
|
315
|
|
International Paper Co.,
|
|
|
|
6.00%, 11/15/41
|
350
|
355
|
|
Packaging Corp. of America,
|
|
|
|
3.05%, 10/1/51
|
200
|
125
|
|
Sonoco Products Co.,
|
|
|
|
2.85%, 2/1/32 †
|
300
|
264
|
|
WestRock MWV LLC,
|
|
|
|
7.95%, 2/15/31
|
100
|
116
|
|
|
|
1,517
|
|
Diversified Industrials – 0.1%
|
||
|
3M Co.,
|
|
|
|
2.25%, 9/19/26
|
165
|
161
|
|
3.05%, 4/15/30
|
1,000
|
939
|
|
Dover Corp.,
|
|
|
|
2.95%, 11/4/29
|
10
|
10
|
|
Emerson Electric Co.,
|
|
|
|
2.80%, 12/21/51
|
300
|
189
|
|
Honeywell International, Inc.,
|
|
|
|
2.50%, 11/1/26
|
461
|
451
|
|
1.10%, 3/1/27
|
182
|
173
|
|
2.70%, 8/15/29
|
137
|
129
|
|
3.81%, 11/21/47
|
425
|
329
|
|
5.25%, 3/1/54
|
200
|
190
|
|
Illinois Tool Works, Inc.,
|
|
|
|
3.90%, 9/1/42
|
100
|
83
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 20.7% continued
|
||
|
Diversified Industrials – 0.1%continued
|
||
|
Parker-Hannifin Corp.,
|
|
|
|
4.45%, 11/21/44
|
$300
|
$258
|
|
|
|
2,912
|
|
E-Commerce Discretionary – 0.2%
|
||
|
Amazon.com, Inc.,
|
|
|
|
1.20%, 6/3/27
|
544
|
517
|
|
1.65%, 5/12/28
|
533
|
501
|
|
4.65%, 12/1/29
|
1,000
|
1,022
|
|
2.88%, 5/12/41
|
600
|
448
|
|
4.95%, 12/5/44
|
156
|
151
|
|
2.50%, 6/3/50
|
200
|
120
|
|
3.10%, 5/12/51
|
800
|
539
|
|
4.25%, 8/22/57
|
400
|
327
|
|
eBay, Inc.,
|
|
|
|
2.60%, 5/10/31
|
167
|
150
|
|
4.00%, 7/15/42
|
235
|
190
|
|
|
|
3,965
|
|
Electric & Gas Marketing & Trading – 0.0%
|
||
|
Evergy Metro, Inc.,
|
|
|
|
5.30%, 10/1/41
|
50
|
48
|
|
4.20%, 3/15/48
|
300
|
239
|
|
|
|
287
|
|
Electric Utilities – 1.9%
|
||
|
AEP Texas, Inc.,
|
|
|
|
4.15%, 5/1/49
|
200
|
151
|
|
AEP Transmission Co. LLC,
|
|
|
|
4.00%, 12/1/46
|
200
|
158
|
|
3.65%, 4/1/50
|
100
|
73
|
|
AES (The) Corp.,
|
|
|
|
5.45%, 6/1/28
|
350
|
358
|
|
Alabama Power Co.,
|
|
|
|
4.30%, 7/15/48
|
300
|
248
|
|
Ameren Illinois Co.,
|
|
|
|
3.85%, 9/1/32 †
|
500
|
473
|
|
Appalachian Power Co.,
|
|
|
|
7.00%, 4/1/38
|
75
|
83
|
|
Arizona Public Service Co.,
|
|
|
|
4.50%, 4/1/42
|
230
|
196
|
|
4.20%, 8/15/48
|
100
|
78
|
|
Avangrid, Inc.,
|
|
|
|
3.80%, 6/1/29
|
200
|
195
|
|
|
June 30, 2025 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 20.7% continued
|
||
|
Electric Utilities – 1.9%continued
|
||
|
Avista Corp.,
|
|
|
|
4.00%, 4/1/52
|
$100
|
$74
|
|
Baltimore Gas and Electric Co.,
|
|
|
|
3.75%, 8/15/47
|
475
|
360
|
|
5.40%, 6/1/53
|
200
|
191
|
|
Berkshire Hathaway Energy Co.,
|
|
|
|
5.15%, 11/15/43 †
|
300
|
282
|
|
Black Hills Corp.,
|
|
|
|
2.50%, 6/15/30 †
|
500
|
450
|
|
CenterPoint Energy Houston
Electric LLC,
|
|
|
|
2.40%, 9/1/26
|
50
|
49
|
|
3.55%, 8/1/42
|
40
|
31
|
|
4.25%, 2/1/49
|
500
|
401
|
|
Cleco Corporate Holdings LLC,
|
|
|
|
4.97%, 5/1/46
|
100
|
86
|
|
CMS Energy Corp.,
|
|
|
|
3.45%, 8/15/27
|
500
|
491
|
|
4.88%, 3/1/44
|
500
|
446
|
|
Commonwealth Edison Co.,
|
|
|
|
5.30%, 6/1/34
|
300
|
309
|
|
6.45%, 1/15/38
|
200
|
220
|
|
4.60%, 8/15/43
|
100
|
88
|
|
Connecticut Light and Power (The) Co.,
|
|
|
|
4.00%, 4/1/48
|
250
|
196
|
|
5.25%, 1/15/53
|
500
|
467
|
|
Consolidated Edison Co. of New York,
Inc.,
|
|
|
|
5.38%, 5/15/34
|
300
|
310
|
|
5.85%, 3/15/36
|
100
|
105
|
|
6.75%, 4/1/38
|
100
|
114
|
|
5.50%, 12/1/39
|
85
|
86
|
|
3.95%, 3/1/43
|
120
|
98
|
|
4.45%, 3/15/44
|
100
|
86
|
|
3.85%, 6/15/46
|
100
|
77
|
|
4.65%, 12/1/48
|
100
|
85
|
|
6.15%, 11/15/52
|
500
|
527
|
|
Constellation Energy Generation LLC,
|
|
|
|
5.75%, 10/1/41
|
430
|
430
|
|
Consumers 2023 Securitization
Funding LLC,
|
|
|
|
5.21%, 9/1/30
|
50
|
51
|
|
Dominion Energy South Carolina, Inc.,
|
|
|
|
6.05%, 1/15/38
|
265
|
281
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 20.7% continued
|
||
|
Electric Utilities – 1.9%continued
|
||
|
5.10%, 6/1/65
|
$50
|
$45
|
|
Dominion Energy, Inc.,
|
|
|
|
4.25%, 6/1/28
|
500
|
499
|
|
5.25%, 8/1/33
|
250
|
252
|
|
5.95%, 6/15/35
|
500
|
526
|
|
7.00%, 6/15/38
|
20
|
23
|
|
4.90%, 8/1/41
|
35
|
32
|
|
4.05%, 9/15/42
|
100
|
79
|
|
DTE Electric Co.,
|
|
|
|
4.05%, 5/15/48
|
700
|
564
|
|
DTE Electric Securitization Funding
II LLC,
|
|
|
|
6.09%, 9/1/37
|
30
|
32
|
|
Duke Energy Carolinas LLC,
|
|
|
|
4.85%, 3/15/30
|
500
|
511
|
|
6.45%, 10/15/32
|
106
|
116
|
|
6.10%, 6/1/37
|
150
|
160
|
|
3.75%, 6/1/45
|
350
|
272
|
|
Duke Energy Corp.,
|
|
|
|
4.50%, 8/15/32 †
|
551
|
539
|
|
3.75%, 9/1/46
|
120
|
89
|
|
5.80%, 6/15/54
|
200
|
195
|
|
Duke Energy Florida LLC,
|
|
|
|
6.35%, 9/15/37
|
340
|
372
|
|
3.40%, 10/1/46 †
|
290
|
208
|
|
Duke Energy Indiana LLC,
|
|
|
|
6.12%, 10/15/35
|
500
|
530
|
|
6.35%, 8/15/38
|
25
|
27
|
|
4.90%, 7/15/43
|
500
|
455
|
|
Duke Energy Ohio, Inc.,
|
|
|
|
5.55%, 3/15/54
|
400
|
391
|
|
Duke Energy Progress LLC,
|
|
|
|
5.55%, 3/15/55
|
300
|
293
|
|
Duke Energy Progress NC Storm
Funding LLC,
|
|
|
|
2.39%, 7/1/37
|
50
|
42
|
|
Entergy Arkansas LLC,
|
|
|
|
5.75%, 6/1/54
|
300
|
297
|
|
Entergy Louisiana LLC,
|
|
|
|
3.05%, 6/1/31
|
950
|
875
|
|
3.10%, 6/15/41
|
300
|
220
|
|
4.75%, 9/15/52
|
300
|
259
|
|
Eversource Energy,
|
|
|
|
1.65%, 8/15/30 †
|
165
|
143
|
|
Schedule of Investments
|
|
BOND INDEX FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 20.7% continued
|
||
|
Electric Utilities – 1.9%continued
|
||
|
Exelon Corp.,
|
|
|
|
5.13%, 3/15/31
|
$500
|
$512
|
|
5.63%, 6/15/35
|
75
|
77
|
|
4.70%, 4/15/50
|
100
|
84
|
|
4.10%, 3/15/52
|
550
|
422
|
|
5.88%, 3/15/55
|
200
|
200
|
|
FirstEnergy Corp.,
|
|
|
|
3.40%, 3/1/50
|
300
|
203
|
|
Florida Power & Light Co.,
|
|
|
|
5.65%, 2/1/37
|
335
|
351
|
|
5.95%, 2/1/38
|
150
|
161
|
|
5.96%, 4/1/39
|
250
|
267
|
|
3.99%, 3/1/49
|
200
|
157
|
|
5.60%, 6/15/54
|
300
|
299
|
|
5.80%, 3/15/65
|
300
|
304
|
|
Georgia Power Co.,
|
|
|
|
4.85%, 3/15/31
|
300
|
307
|
|
Idaho Power Co.,
|
|
|
|
5.50%, 3/15/53
|
100
|
96
|
|
Indiana Michigan Power Co.,
|
|
|
|
6.05%, 3/15/37
|
200
|
215
|
|
5.63%, 4/1/53
|
500
|
491
|
|
Interstate Power and Light Co.,
|
|
|
|
3.10%, 11/30/51
|
300
|
192
|
|
ITC Holdings Corp.,
|
|
|
|
3.35%, 11/15/27
|
200
|
196
|
|
MidAmerican Energy Co.,
|
|
|
|
4.80%, 9/15/43
|
100
|
91
|
|
3.65%, 8/1/48 †
|
300
|
224
|
|
National Grid U.S.A.,
|
|
|
|
5.80%, 4/1/35
|
50
|
51
|
|
National Rural Utilities Cooperative
Finance Corp.,
|
|
|
|
5.10%, 5/6/27
|
700
|
711
|
|
8.00%, 3/1/32
|
50
|
59
|
|
4.30%, 3/15/49 †
|
125
|
104
|
|
(Variable, U.S. Treasury Yield Curve
Rate CMT 5Y + 3.53%), 7.13%,
9/15/53 (3)
|
400
|
418
|
|
Nevada Power Co.,
|
|
|
|
6.65%, 4/1/36
|
100
|
110
|
|
5.90%, 5/1/53
|
400
|
397
|
|
6.00%, 3/15/54
|
200
|
203
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 20.7% continued
|
||
|
Electric Utilities – 1.9%continued
|
||
|
NextEra Energy Capital Holdings, Inc.,
|
|
|
|
2.25%, 6/1/30
|
$1,561
|
$1,406
|
|
2.44%, 1/15/32
|
439
|
381
|
|
Northern States Power Co.,
|
|
|
|
5.65%, 6/15/54
|
400
|
402
|
|
Oglethorpe Power Corp.,
|
|
|
|
4.50%, 4/1/47
|
300
|
245
|
|
Ohio Power Co.,
|
|
|
|
5.65%, 6/1/34
|
300
|
308
|
|
Oklahoma Gas and Electric Co.,
|
|
|
|
4.15%, 4/1/47
|
200
|
159
|
|
Oncor Electric Delivery Co. LLC,
|
|
|
|
7.50%, 9/1/38
|
145
|
174
|
|
4.10%, 11/15/48
|
300
|
236
|
|
3.70%, 5/15/50
|
300
|
218
|
|
4.60%, 6/1/52
|
300
|
251
|
|
Pacific Gas and Electric Co.,
|
|
|
|
5.55%, 5/15/29
|
500
|
508
|
|
4.55%, 7/1/30
|
1,909
|
1,863
|
|
5.90%, 6/15/32
|
800
|
816
|
|
4.50%, 7/1/40
|
500
|
417
|
|
PacifiCorp,
|
|
|
|
5.30%, 2/15/31
|
400
|
412
|
|
6.10%, 8/1/36
|
200
|
209
|
|
6.25%, 10/15/37
|
275
|
291
|
|
4.13%, 1/15/49
|
50
|
38
|
|
5.80%, 1/15/55
|
100
|
96
|
|
(Variable, U.S. Treasury Yield Curve
Rate CMT 5Y + 3.32%), 7.38%,
9/15/55 (3)
|
800
|
832
|
|
PG&E Energy Recovery Funding LLC,
|
|
|
|
2.82%, 7/15/46
|
50
|
35
|
|
PG&E Recovery Funding LLC,
|
|
|
|
5.05%, 7/15/32
|
21
|
21
|
|
4.84%, 6/1/33
|
92
|
92
|
|
5.26%, 1/15/38
|
25
|
25
|
|
5.54%, 7/15/47
|
50
|
49
|
|
PG&E Wildfire Recovery Funding LLC,
|
|
|
|
3.59%, 6/1/30
|
13
|
13
|
|
4.02%, 6/1/31
|
58
|
58
|
|
4.72%, 6/1/37
|
100
|
97
|
|
4.45%, 12/1/47
|
135
|
116
|
|
5.21%, 12/1/47
|
100
|
95
|
|
4.67%, 12/1/51
|
100
|
86
|
|
|
June 30, 2025 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 20.7% continued
|
||
|
Electric Utilities – 1.9%continued
|
||
|
5.10%, 6/1/52
|
$75
|
$69
|
|
PPL Electric Utilities Corp.,
|
|
|
|
6.25%, 5/15/39
|
275
|
303
|
|
4.15%, 6/15/48
|
300
|
243
|
|
3.00%, 10/1/49
|
300
|
197
|
|
Public Service Co. of Colorado,
|
|
|
|
4.10%, 6/15/48
|
300
|
232
|
|
Public Service Electric and Gas Co.,
|
|
|
|
3.95%, 5/1/42
|
50
|
41
|
|
3.65%, 9/1/42
|
30
|
24
|
|
4.05%, 5/1/48
|
300
|
240
|
|
5.50%, 3/1/55
|
150
|
148
|
|
Public Service Enterprise Group, Inc.,
|
|
|
|
5.20%, 4/1/29
|
600
|
617
|
|
4.90%, 3/15/30
|
700
|
712
|
|
Puget Sound Energy, Inc.,
|
|
|
|
6.27%, 3/15/37
|
75
|
81
|
|
5.64%, 4/15/41
|
340
|
337
|
|
San Diego Gas & Electric Co.,
|
|
|
|
4.50%, 8/15/40
|
150
|
134
|
|
5.35%, 4/1/53 †
|
300
|
280
|
|
SCE Recovery Funding LLC,
|
|
|
|
5.11%, 12/15/47
|
100
|
93
|
|
Sempra,
|
|
|
|
3.25%, 6/15/27
|
150
|
147
|
|
6.00%, 10/15/39
|
250
|
253
|
|
Southern (The) Co.,
|
|
|
|
4.85%, 3/15/35
|
400
|
391
|
|
4.40%, 7/1/46
|
1,000
|
833
|
|
Southern California Edison Co.,
|
|
|
|
6.00%, 1/15/34
|
100
|
102
|
|
5.35%, 7/15/35
|
400
|
390
|
|
5.55%, 1/15/37
|
275
|
265
|
|
5.95%, 2/1/38
|
710
|
709
|
|
6.05%, 3/15/39
|
50
|
50
|
|
5.50%, 3/15/40
|
150
|
141
|
|
3.90%, 3/15/43
|
150
|
111
|
|
4.13%, 3/1/48
|
90
|
65
|
|
Southwestern Electric Power Co.,
|
|
|
|
4.10%, 9/15/28
|
250
|
248
|
|
3.90%, 4/1/45
|
170
|
128
|
|
Southwestern Public Service Co.,
|
|
|
|
6.00%, 6/1/54
|
300
|
302
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 20.7% continued
|
||
|
Electric Utilities – 1.9%continued
|
||
|
Tampa Electric Co.,
|
|
|
|
4.10%, 6/15/42
|
$50
|
$41
|
|
4.30%, 6/15/48
|
100
|
81
|
|
Tucson Electric Power Co.,
|
|
|
|
5.50%, 4/15/53
|
200
|
189
|
|
Union Electric Co.,
|
|
|
|
3.90%, 9/15/42
|
50
|
41
|
|
4.00%, 4/1/48
|
250
|
196
|
|
5.25%, 1/15/54
|
250
|
231
|
|
Virginia Electric and Power Co.,
|
|
|
|
6.00%, 5/15/37
|
15
|
16
|
|
6.35%, 11/30/37
|
40
|
43
|
|
8.88%, 11/15/38
|
100
|
132
|
|
4.65%, 8/15/43
|
150
|
131
|
|
4.45%, 2/15/44
|
75
|
64
|
|
3.80%, 9/15/47
|
125
|
94
|
|
5.35%, 1/15/54
|
300
|
282
|
|
5.65%, 3/15/55
|
200
|
197
|
|
Virginia Power Fuel Securitization LLC,
|
|
|
|
4.88%, 5/1/31
|
100
|
102
|
|
Wisconsin Electric Power Co.,
|
|
|
|
4.30%, 10/15/48
|
100
|
82
|
|
Wisconsin Public Service Corp.,
|
|
|
|
4.75%, 11/1/44
|
100
|
89
|
|
3.30%, 9/1/49
|
150
|
102
|
|
Xcel Energy, Inc.,
|
|
|
|
4.60%, 6/1/32 †
|
1,000
|
978
|
|
5.60%, 4/15/35
|
200
|
204
|
|
6.50%, 7/1/36
|
100
|
107
|
|
|
|
44,589
|
|
Electrical Equipment – 0.1%
|
||
|
Allegion U.S. Holding Co., Inc.,
|
|
|
|
5.60%, 5/29/34
|
200
|
205
|
|
Amphenol Corp.,
|
|
|
|
5.00%, 1/15/35
|
300
|
303
|
|
Carrier Global Corp.,
|
|
|
|
2.72%, 2/15/30
|
1,000
|
929
|
|
6.20%, 3/15/54
|
75
|
80
|
|
Fortive Corp.,
|
|
|
|
4.30%, 6/15/46
|
105
|
86
|
|
Hubbell, Inc.,
|
|
|
|
2.30%, 3/15/31
|
150
|
133
|
|
Schedule of Investments
|
|
BOND INDEX FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 20.7% continued
|
||
|
Electrical Equipment – 0.1%continued
|
||
|
Johnson Controls International PLC,
|
|
|
|
4.95%, 7/2/64
|
$110
|
$92
|
|
Keysight Technologies, Inc.,
|
|
|
|
3.00%, 10/30/29 †
|
200
|
188
|
|
Lennox International, Inc.,
|
|
|
|
5.50%, 9/15/28
|
200
|
206
|
|
Otis Worldwide Corp.,
|
|
|
|
3.36%, 2/15/50
|
200
|
138
|
|
Rockwell Automation, Inc.,
|
|
|
|
4.20%, 3/1/49
|
100
|
82
|
|
Trane Technologies Financing Ltd.,
|
|
|
|
4.65%, 11/1/44
|
35
|
31
|
|
Trane Technologies Global Holding Co.
Ltd.,
|
|
|
|
5.75%, 6/15/43
|
150
|
152
|
|
Trimble, Inc.,
|
|
|
|
6.10%, 3/15/33
|
200
|
213
|
|
Vontier Corp.,
|
|
|
|
2.95%, 4/1/31
|
200
|
179
|
|
|
|
3,017
|
|
Engineering & Construction – 0.0%
|
||
|
MasTec, Inc.,
|
|
|
|
5.90%, 6/15/29
|
100
|
103
|
|
Nature Conservancy (The),
|
|
|
|
3.96%, 3/1/52
|
50
|
39
|
|
Quanta Services, Inc.,
|
|
|
|
5.25%, 8/9/34
|
200
|
203
|
|
|
|
345
|
|
Entertainment Content – 0.3%
|
||
|
AppLovin Corp.,
|
|
|
|
5.13%, 12/1/29
|
500
|
506
|
|
Electronic Arts, Inc.,
|
|
|
|
1.85%, 2/15/31
|
300
|
261
|
|
Fox Corp.,
|
|
|
|
5.58%, 1/25/49
|
300
|
281
|
|
Netflix, Inc.,
|
|
|
|
6.38%, 5/15/29
|
600
|
646
|
|
Paramount Global,
|
|
|
|
4.20%, 5/19/32
|
600
|
548
|
|
5.85%, 9/1/43 †
|
197
|
171
|
|
5.25%, 4/1/44
|
30
|
24
|
|
Take-Two Interactive Software, Inc.,
|
|
|
|
4.95%, 3/28/28
|
400
|
406
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 20.7% continued
|
||
|
Entertainment Content – 0.3%continued
|
||
|
Walt Disney (The) Co.,
|
|
|
|
3.70%, 3/23/27
|
$297
|
$296
|
|
6.40%, 12/15/35
|
31
|
35
|
|
4.13%, 12/1/41
|
105
|
90
|
|
4.95%, 10/15/45
|
1,200
|
1,102
|
|
3.60%, 1/13/51
|
300
|
222
|
|
Warnermedia Holdings, Inc.,
|
|
|
|
5.05%, 3/15/42
|
400
|
236
|
|
5.14%, 3/15/52
|
800
|
558
|
|
5.39%, 3/15/62
|
700
|
483
|
|
|
|
5,865
|
|
Food – 0.3%
|
||
|
Conagra Brands, Inc.,
|
|
|
|
1.38%, 11/1/27
|
85
|
79
|
|
7.00%, 10/1/28
|
200
|
214
|
|
4.85%, 11/1/28
|
100
|
101
|
|
5.30%, 11/1/38
|
200
|
191
|
|
Flowers Foods, Inc.,
|
|
|
|
6.20%, 3/15/55
|
200
|
198
|
|
General Mills, Inc.,
|
|
|
|
2.88%, 4/15/30
|
218
|
203
|
|
2.25%, 10/14/31 †
|
432
|
376
|
|
Hershey (The) Co.,
|
|
|
|
2.30%, 8/15/26
|
365
|
358
|
|
4.25%, 5/4/28
|
200
|
202
|
|
Hormel Foods Corp.,
|
|
|
|
1.70%, 6/3/28
|
500
|
467
|
|
3.05%, 6/3/51
|
100
|
66
|
|
Ingredion, Inc.,
|
|
|
|
3.20%, 10/1/26
|
250
|
246
|
|
J.M. Smucker (The) Co.,
|
|
|
|
4.38%, 3/15/45 †
|
250
|
204
|
|
6.50%, 11/15/53
|
100
|
107
|
|
JBS U.S.A. Holding Lux S.a.r.l./JBS
U.S.A. Food Co./JBS Lux Co. S.a.r.l.,
|
|
|
|
3.63%, 1/15/32
|
400
|
366
|
|
7.25%, 11/15/53
|
400
|
450
|
|
Kellanova,
|
|
|
|
5.75%, 5/16/54
|
200
|
197
|
|
Kraft Heinz Foods Co.,
|
|
|
|
3.88%, 5/15/27
|
400
|
397
|
|
4.88%, 10/1/49
|
800
|
687
|
|
|
June 30, 2025 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 20.7% continued
|
||
|
Food – 0.3%continued
|
||
|
McCormick & Co., Inc.,
|
|
|
|
4.95%, 4/15/33
|
$200
|
$202
|
|
Mondelez International, Inc.,
|
|
|
|
3.00%, 3/17/32
|
500
|
450
|
|
Pilgrim's Pride Corp.,
|
|
|
|
6.88%, 5/15/34
|
350
|
383
|
|
The Campbell's Co.,
|
|
|
|
3.13%, 4/24/50
|
350
|
227
|
|
Tyson Foods, Inc.,
|
|
|
|
5.10%, 9/28/48
|
300
|
269
|
|
|
|
6,640
|
|
Forestry, Paper & Wood Products – 0.0%
|
||
|
Georgia-Pacific LLC,
|
|
|
|
7.75%, 11/15/29
|
500
|
569
|
|
Gas & Water Utilities – 0.2%
|
||
|
American Water Capital Corp.,
|
|
|
|
2.95%, 9/1/27
|
1,000
|
975
|
|
6.59%, 10/15/37
|
105
|
118
|
|
4.30%, 12/1/42
|
75
|
64
|
|
3.45%, 5/1/50
|
12
|
9
|
|
3.25%, 6/1/51
|
58
|
39
|
|
5.45%, 3/1/54
|
300
|
290
|
|
Atmos Energy Corp.,
|
|
|
|
4.15%, 1/15/43
|
250
|
210
|
|
4.13%, 10/15/44
|
75
|
62
|
|
6.20%, 11/15/53
|
200
|
216
|
|
CenterPoint Energy Resources Corp.,
|
|
|
|
5.25%, 3/1/28
|
500
|
512
|
|
5.85%, 1/15/41
|
50
|
51
|
|
Essential Utilities, Inc.,
|
|
|
|
4.80%, 8/15/27
|
600
|
606
|
|
National Fuel Gas Co.,
|
|
|
|
5.50%, 10/1/26
|
300
|
303
|
|
NiSource, Inc.,
|
|
|
|
4.80%, 2/15/44
|
580
|
512
|
|
ONE Gas, Inc.,
|
|
|
|
4.25%, 9/1/32
|
150
|
145
|
|
Piedmont Natural Gas Co., Inc.,
|
|
|
|
5.05%, 5/15/52
|
200
|
176
|
|
Southern California Gas Co.,
|
|
|
|
5.45%, 6/15/35
|
300
|
306
|
|
3.75%, 9/15/42
|
250
|
194
|
|
4.30%, 1/15/49
|
125
|
100
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 20.7% continued
|
||
|
Gas & Water Utilities – 0.2%continued
|
||
|
5.60%, 4/1/54
|
$150
|
$146
|
|
Southern Co. Gas Capital Corp.,
|
|
|
|
5.88%, 3/15/41
|
300
|
307
|
|
Southwest Gas Corp.,
|
|
|
|
3.80%, 9/29/46
|
50
|
37
|
|
Spire Missouri, Inc.,
|
|
|
|
3.30%, 6/1/51
|
100
|
67
|
|
Washington Gas Light Co.,
|
|
|
|
3.65%, 9/15/49
|
100
|
72
|
|
|
|
5,517
|
|
Health Care Facilities & Services – 1.0%
|
||
|
Advocate Health & Hospitals Corp.,
|
|
|
|
3.01%, 6/15/50
|
265
|
176
|
|
Aetna, Inc.,
|
|
|
|
6.63%, 6/15/36
|
40
|
43
|
|
6.75%, 12/15/37
|
150
|
162
|
|
AHS Hospital Corp.,
|
|
|
|
5.02%, 7/1/45
|
100
|
93
|
|
Ascension Health,
|
|
|
|
2.53%, 11/15/29
|
750
|
699
|
|
Cardinal Health, Inc.,
|
|
|
|
4.50%, 11/15/44
|
200
|
168
|
|
Cencora, Inc.,
|
|
|
|
4.25%, 3/1/45
|
60
|
49
|
|
4.30%, 12/15/47
|
100
|
81
|
|
Centene Corp.,
|
|
|
|
2.63%, 8/1/31
|
1,000
|
857
|
|
Cigna Group (The),
|
|
|
|
2.38%, 3/15/31
|
845
|
751
|
|
4.80%, 7/15/46
|
880
|
766
|
|
5.60%, 2/15/54
|
200
|
192
|
|
CommonSpirit Health,
|
|
|
|
3.82%, 10/1/49
|
200
|
146
|
|
CVS Health Corp.,
|
|
|
|
1.30%, 8/21/27
|
39
|
37
|
|
4.30%, 3/25/28
|
234
|
233
|
|
3.25%, 8/15/29 †
|
191
|
182
|
|
3.75%, 4/1/30
|
386
|
370
|
|
5.30%, 12/5/43
|
150
|
136
|
|
5.13%, 7/20/45
|
1,286
|
1,139
|
|
5.05%, 3/25/48
|
319
|
276
|
|
6.05%, 6/1/54
|
200
|
196
|
|
6.00%, 6/1/63
|
400
|
382
|
|
Schedule of Investments
|
|
BOND INDEX FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 20.7% continued
|
||
|
Health Care Facilities & Services – 1.0%continued
|
||
|
Dignity Health,
|
|
|
|
5.27%, 11/1/64
|
$200
|
$176
|
|
Elevance Health, Inc.,
|
|
|
|
4.10%, 3/1/28
|
245
|
244
|
|
6.38%, 6/15/37
|
500
|
539
|
|
4.63%, 5/15/42
|
325
|
285
|
|
3.60%, 3/15/51
|
100
|
70
|
|
5.65%, 6/15/54
|
300
|
288
|
|
5.70%, 2/15/55
|
300
|
291
|
|
HCA, Inc.,
|
|
|
|
4.50%, 2/15/27
|
1,426
|
1,426
|
|
5.50%, 6/1/33
|
500
|
512
|
|
5.75%, 3/1/35
|
300
|
309
|
|
5.13%, 6/15/39
|
200
|
188
|
|
5.50%, 6/15/47
|
330
|
307
|
|
5.25%, 6/15/49
|
50
|
44
|
|
6.00%, 4/1/54
|
300
|
294
|
|
5.95%, 9/15/54
|
100
|
97
|
|
6.20%, 3/1/55
|
200
|
201
|
|
6.10%, 4/1/64
|
200
|
195
|
|
Humana, Inc.,
|
|
|
|
5.75%, 12/1/28
|
500
|
520
|
|
3.13%, 8/15/29
|
85
|
80
|
|
5.38%, 4/15/31
|
300
|
307
|
|
5.50%, 3/15/53
|
300
|
269
|
|
Kaiser Foundation Hospitals,
|
|
|
|
3.27%, 11/1/49
|
500
|
346
|
|
Laboratory Corp. of America Holdings,
|
|
|
|
4.70%, 2/1/45
|
300
|
263
|
|
McKesson Corp.,
|
|
|
|
4.65%, 5/30/30
|
500
|
504
|
|
Memorial Sloan-Kettering Cancer
Center,
|
|
|
|
4.13%, 7/1/52
|
100
|
79
|
|
Novant Health, Inc.,
|
|
|
|
3.32%, 11/1/61
|
120
|
76
|
|
NYU Langone Hospitals,
|
|
|
|
4.37%, 7/1/47
|
200
|
171
|
|
Quest Diagnostics, Inc.,
|
|
|
|
4.20%, 6/30/29
|
59
|
59
|
|
6.40%, 11/30/33
|
200
|
219
|
|
Sutter Health,
|
|
|
|
4.09%, 8/15/48
|
500
|
399
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 20.7% continued
|
||
|
Health Care Facilities & Services – 1.0%continued
|
||
|
UnitedHealth Group, Inc.,
|
|
|
|
3.45%, 1/15/27
|
$300
|
$297
|
|
3.70%, 5/15/27
|
55
|
55
|
|
3.88%, 12/15/28
|
218
|
215
|
|
4.25%, 1/15/29
|
500
|
499
|
|
4.00%, 5/15/29
|
600
|
593
|
|
4.80%, 1/15/30
|
1,000
|
1,015
|
|
2.00%, 5/15/30
|
216
|
193
|
|
2.30%, 5/15/31
|
200
|
176
|
|
5.15%, 7/15/34
|
300
|
303
|
|
6.63%, 11/15/37
|
640
|
713
|
|
6.88%, 2/15/38
|
170
|
193
|
|
4.38%, 3/15/42
|
219
|
188
|
|
4.75%, 7/15/45
|
281
|
249
|
|
5.05%, 4/15/53
|
750
|
670
|
|
5.50%, 4/15/64
|
100
|
93
|
|
5.75%, 7/15/64
|
900
|
875
|
|
|
|
22,219
|
|
Home & Office Products – 0.0%
|
||
|
Leggett & Platt, Inc.,
|
|
|
|
3.50%, 11/15/27
|
500
|
485
|
|
Home Construction – 0.1%
|
||
|
D.R. Horton, Inc.,
|
|
|
|
5.50%, 10/15/35
|
200
|
204
|
|
Fortune Brands Innovations, Inc.,
|
|
|
|
4.50%, 3/25/52
|
50
|
40
|
|
Lennar Corp.,
|
|
|
|
4.75%, 11/29/27
|
200
|
201
|
|
Masco Corp.,
|
|
|
|
1.50%, 2/15/28
|
500
|
464
|
|
MDC Holdings, Inc.,
|
|
|
|
2.50%, 1/15/31
|
200
|
175
|
|
Meritage Homes Corp.,
|
|
|
|
5.65%, 3/15/35
|
100
|
100
|
|
Mohawk Industries, Inc.,
|
|
|
|
5.85%, 9/18/28
|
100
|
104
|
|
NVR, Inc.,
|
|
|
|
3.00%, 5/15/30
|
100
|
93
|
|
Toll Brothers Finance Corp.,
|
|
|
|
3.80%, 11/1/29
|
150
|
146
|
|
|
|
1,527
|
|
|
June 30, 2025 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 20.7% continued
|
||
|
Household Products – 0.2%
|
||
|
Church & Dwight Co., Inc.,
|
|
|
|
3.95%, 8/1/47
|
$100
|
$78
|
|
Colgate-Palmolive Co.,
|
|
|
|
4.60%, 3/1/33
|
200
|
202
|
|
Estee Lauder (The) Cos., Inc.,
|
|
|
|
6.00%, 5/15/37
|
100
|
107
|
|
4.38%, 6/15/45
|
150
|
123
|
|
4.15%, 3/15/47 †
|
70
|
54
|
|
5.15%, 5/15/53
|
100
|
95
|
|
Haleon U.S. Capital LLC,
|
|
|
|
3.63%, 3/24/32
|
600
|
561
|
|
Kenvue, Inc.,
|
|
|
|
4.90%, 3/22/33
|
200
|
203
|
|
5.10%, 3/22/43 †
|
200
|
193
|
|
5.05%, 3/22/53
|
200
|
186
|
|
Kimberly-Clark Corp.,
|
|
|
|
2.00%, 11/2/31 †
|
200
|
176
|
|
6.63%, 8/1/37
|
350
|
404
|
|
3.20%, 7/30/46
|
25
|
18
|
|
Procter & Gamble (The) Co.,
|
|
|
|
3.00%, 3/25/30
|
794
|
758
|
|
1.20%, 10/29/30
|
300
|
259
|
|
2.30%, 2/1/32
|
200
|
179
|
|
|
|
3,596
|
|
Industrial Intermediate Products – 0.0%
|
||
|
Timken (The) Co.,
|
|
|
|
4.13%, 4/1/32
|
100
|
93
|
|
Industrial Support Services – 0.0%
|
||
|
WW Grainger, Inc.,
|
|
|
|
4.60%, 6/15/45
|
100
|
89
|
|
Institutional Financial Services – 1.1%
|
||
|
Bank of New York Mellon (The) Corp.,
|
|
|
|
3.25%, 5/16/27
|
500
|
493
|
|
(Variable, CME Term SOFR 3M +
1.33%), 3.44%, 2/7/28 (3)
|
1,000
|
989
|
|
(Variable, U.S. SOFR + 1.09%),
4.98%, 3/14/30 (3)
|
500
|
512
|
|
(Variable, U.S. SOFR + 1.51%),
4.71%, 2/1/34 (3)
|
500
|
495
|
|
BGC Group, Inc.,
|
|
|
|
6.60%, 6/10/29
|
100
|
104
|
|
Cboe Global Markets, Inc.,
|
|
|
|
3.00%, 3/16/32
|
100
|
90
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 20.7% continued
|
||
|
Institutional Financial Services – 1.1%continued
|
||
|
CME Group, Inc.,
|
|
|
|
3.75%, 6/15/28
|
$300
|
$298
|
|
5.30%, 9/15/43
|
45
|
45
|
|
Goldman Sachs Group (The), Inc.,
|
|
|
|
5.95%, 1/15/27
|
613
|
630
|
|
3.85%, 1/26/27
|
623
|
619
|
|
(Variable, U.S. SOFR + 0.82%),
1.54%, 9/10/27 (3)
|
108
|
104
|
|
(Variable, U.S. SOFR + 0.91%),
1.95%, 10/21/27 (3)
|
445
|
431
|
|
(Variable, U.S. SOFR + 1.32%),
4.94%, 4/23/28 (3)
|
1,000
|
1,008
|
|
(Variable, CME Term SOFR 3M +
1.77%), 3.69%, 6/5/28 (3)
|
579
|
571
|
|
(Variable, CME Term SOFR 3M +
1.42%), 3.81%, 4/23/29 (3)
|
70
|
69
|
|
3.80%, 3/15/30 †
|
500
|
488
|
|
(Variable, U.S. SOFR + 1.08%),
5.21%, 1/28/31 (3)
|
1,000
|
1,023
|
|
(Variable, U.S. SOFR + 1.09%),
1.99%, 1/27/32 (3)
|
1,500
|
1,299
|
|
(Variable, U.S. SOFR + 1.95%),
6.56%, 10/24/34 (3)
|
400
|
442
|
|
(Variable, U.S. SOFR + 1.55%),
5.85%, 4/25/35 (3)
|
700
|
734
|
|
(Variable, U.S. SOFR + 1.38%),
5.54%, 1/28/36 (3)
|
400
|
410
|
|
(Variable, CME Term SOFR 3M +
1.69%), 4.41%, 4/23/39 (3)
|
500
|
451
|
|
6.25%, 2/1/41
|
192
|
205
|
|
(Variable, U.S. SOFR + 1.51%),
3.21%, 4/22/42 (3)
|
808
|
604
|
|
(Variable, U.S. SOFR + 1.63%),
3.44%, 2/24/43 (3)
|
400
|
305
|
|
4.80%, 7/8/44
|
350
|
314
|
|
Intercontinental Exchange, Inc.,
|
|
|
|
5.25%, 6/15/31
|
400
|
415
|
|
5.20%, 6/15/62
|
600
|
560
|
|
Jefferies Financial Group, Inc.,
|
|
|
|
2.63%, 10/15/31
|
400
|
348
|
|
6.20%, 4/14/34
|
200
|
209
|
|
Lazard Group LLC,
|
|
|
|
6.00%, 3/15/31
|
125
|
131
|
|
LPL Holdings, Inc.,
|
|
|
|
5.20%, 3/15/30
|
250
|
254
|
|
Schedule of Investments
|
|
BOND INDEX FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 20.7% continued
|
||
|
Institutional Financial Services – 1.1%continued
|
||
|
Morgan Stanley,
|
|
|
|
6.25%, 8/9/26
|
$100
|
$102
|
|
3.63%, 1/20/27
|
27
|
27
|
|
(Variable, U.S. SOFR + 1.26%),
5.66%, 4/18/30 (3)
|
1,000
|
1,039
|
|
(Variable, U.S. SOFR + 1.22%),
5.04%, 7/19/30 (3)
|
300
|
305
|
|
(Variable, U.S. SOFR + 1.11%),
5.23%, 1/15/31 (3)
|
2,400
|
2,457
|
|
(Variable, U.S. SOFR + 1.03%),
1.79%, 2/13/32 (3)
|
36
|
31
|
|
(Variable, U.S. SOFR + 1.02%),
1.93%, 4/28/32 (3)
|
66
|
56
|
|
(Variable, U.S. SOFR + 1.88%),
5.42%, 7/21/34 (3)
|
500
|
512
|
|
(Variable, U.S. SOFR + 1.73%),
5.47%, 1/18/35 (3)
|
700
|
716
|
|
(Variable, U.S. SOFR + 1.42%),
5.59%, 1/18/36 (3)
|
300
|
308
|
|
(Variable, U.S. SOFR + 1.76%),
5.66%, 4/17/36 (3)
|
300
|
311
|
|
(Variable, U.S. SOFR + 1.36%),
2.48%, 9/16/36 (3)
|
600
|
510
|
|
(Variable, U.S. Treasury Yield Curve
Rate CMT 5Y + 2.43%), 5.95%,
1/19/38 (3)
|
800
|
823
|
|
(Variable, U.S. Treasury Yield Curve
Rate CMT 5Y + 1.80%), 5.94%,
2/7/39 (3)
|
200
|
205
|
|
6.38%, 7/24/42
|
300
|
328
|
|
4.30%, 1/27/45
|
784
|
668
|
|
(Variable, U.S. SOFR + 1.71%),
5.52%, 11/19/55 (3)
|
300
|
293
|
|
Nasdaq, Inc.,
|
|
|
|
5.95%, 8/15/53 (8)
|
300
|
306
|
|
State Street Corp.,
|
|
|
|
4.73%, 2/28/30
|
500
|
508
|
|
(Variable, U.S. SOFR + 1.57%),
4.82%, 1/26/34 (3)
|
300
|
299
|
|
(Variable, U.S. SOFR + 1.89%),
5.16%, 5/18/34 (3) †
|
400
|
409
|
|
|
|
24,863
|
|
Insurance – 0.7%
|
||
|
Aflac, Inc.,
|
|
|
|
3.60%, 4/1/30
|
500
|
486
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 20.7% continued
|
||
|
Insurance – 0.7%continued
|
||
|
Allstate (The) Corp.,
|
|
|
|
4.50%, 6/15/43
|
$45
|
$39
|
|
4.20%, 12/15/46 †
|
100
|
82
|
|
(Variable, ICE LIBOR USD 3M +
2.12%), 6.50%, 5/15/57 (3)
|
225
|
231
|
|
American Financial Group, Inc.,
|
|
|
|
5.25%, 4/2/30 †
|
150
|
155
|
|
American International Group, Inc.,
|
|
|
|
4.50%, 7/16/44
|
9
|
8
|
|
4.38%, 6/30/50
|
300
|
251
|
|
American National Group, Inc.,
|
|
|
|
5.75%, 10/1/29
|
150
|
154
|
|
Aon Corp./Aon Global Holdings PLC,
|
|
|
|
3.90%, 2/28/52
|
300
|
222
|
|
Aon North America, Inc.,
|
|
|
|
5.13%, 3/1/27
|
2,000
|
2,024
|
|
5.30%, 3/1/31
|
300
|
310
|
|
Arch Capital Group Ltd.,
|
|
|
|
3.64%, 6/30/50
|
200
|
146
|
|
Arthur J Gallagher & Co.,
|
|
|
|
5.75%, 3/2/53
|
250
|
243
|
|
5.55%, 2/15/55
|
200
|
192
|
|
Assurant, Inc.,
|
|
|
|
4.90%, 3/27/28
|
215
|
217
|
|
Assured Guaranty U.S. Holdings, Inc.,
|
|
|
|
6.13%, 9/15/28
|
120
|
126
|
|
Athene Holding Ltd.,
|
|
|
|
6.65%, 2/1/33
|
300
|
324
|
|
6.25%, 4/1/54
|
100
|
99
|
|
AXIS Specialty Finance LLC,
|
|
|
|
(Variable, U.S. Treasury Yield Curve
Rate CMT 5Y + 3.19%), 4.90%,
1/15/40 (3)
|
200
|
191
|
|
Berkshire Hathaway Finance Corp.,
|
|
|
|
2.88%, 3/15/32 †
|
178
|
164
|
|
4.40%, 5/15/42 †
|
100
|
92
|
|
4.30%, 5/15/43
|
300
|
264
|
|
4.25%, 1/15/49
|
300
|
254
|
|
Berkshire Hathaway, Inc.,
|
|
|
|
4.50%, 2/11/43
|
255
|
238
|
|
Brighthouse Financial, Inc.,
|
|
|
|
3.85%, 12/22/51
|
250
|
161
|
|
Brown & Brown, Inc.,
|
|
|
|
4.95%, 3/17/52
|
200
|
173
|
|
|
June 30, 2025 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 20.7% continued
|
||
|
Insurance – 0.7%continued
|
||
|
Chubb (The) Corp.,
|
|
|
|
6.00%, 5/11/37
|
$50
|
$54
|
|
6.50%, 5/15/38
|
85
|
96
|
|
Chubb INA Holdings LLC,
|
|
|
|
6.70%, 5/15/36
|
50
|
57
|
|
4.15%, 3/13/43
|
100
|
85
|
|
2.85%, 12/15/51
|
100
|
64
|
|
3.05%, 12/15/61
|
200
|
123
|
|
CNA Financial Corp.,
|
|
|
|
5.50%, 6/15/33
|
200
|
205
|
|
Corebridge Financial, Inc.,
|
|
|
|
4.40%, 4/5/52
|
300
|
240
|
|
Enstar Group Ltd.,
|
|
|
|
3.10%, 9/1/31
|
150
|
133
|
|
Equitable Holdings, Inc.,
|
|
|
|
5.00%, 4/20/48 †
|
136
|
120
|
|
Everest Reinsurance Holdings, Inc.,
|
|
|
|
3.13%, 10/15/52
|
200
|
124
|
|
F&G Annuities & Life, Inc.,
|
|
|
|
7.40%, 1/13/28
|
100
|
105
|
|
Globe Life, Inc.,
|
|
|
|
5.85%, 9/15/34
|
150
|
155
|
|
Hartford Insurance Group (The), Inc.,
|
|
|
|
5.95%, 10/15/36
|
285
|
297
|
|
Horace Mann Educators Corp.,
|
|
|
|
7.25%, 9/15/28
|
150
|
160
|
|
Lincoln National Corp.,
|
|
|
|
3.63%, 12/12/26
|
148
|
146
|
|
3.80%, 3/1/28
|
117
|
115
|
|
6.30%, 10/9/37
|
100
|
104
|
|
Loews Corp.,
|
|
|
|
4.13%, 5/15/43 †
|
75
|
64
|
|
Markel Group, Inc.,
|
|
|
|
5.00%, 5/20/49
|
200
|
175
|
|
3.45%, 5/7/52 †
|
100
|
67
|
|
Marsh & McLennan Cos., Inc.,
|
|
|
|
5.88%, 8/1/33
|
100
|
107
|
|
5.15%, 3/15/34
|
500
|
511
|
|
5.45%, 3/15/53
|
200
|
194
|
|
5.40%, 3/15/55
|
300
|
289
|
|
MetLife, Inc.,
|
|
|
|
6.38%, 6/15/34
|
485
|
538
|
|
4.72%, 12/15/44
|
370
|
329
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 20.7% continued
|
||
|
Insurance – 0.7%continued
|
||
|
5.25%, 1/15/54 †
|
$100
|
$94
|
|
Old Republic International Corp.,
|
|
|
|
5.75%, 3/28/34
|
150
|
154
|
|
Principal Financial Group, Inc.,
|
|
|
|
5.50%, 3/15/53
|
200
|
193
|
|
Progressive (The) Corp.,
|
|
|
|
2.45%, 1/15/27
|
250
|
244
|
|
4.20%, 3/15/48
|
300
|
247
|
|
Prudential Financial, Inc.,
|
|
|
|
5.20%, 3/14/35
|
400
|
404
|
|
3.00%, 3/10/40
|
300
|
227
|
|
3.94%, 12/7/49
|
335
|
256
|
|
Reinsurance Group of America, Inc.,
|
|
|
|
6.00%, 9/15/33
|
200
|
210
|
|
Selective Insurance Group, Inc.,
|
|
|
|
5.90%, 4/15/35
|
100
|
102
|
|
Transatlantic Holdings, Inc.,
|
|
|
|
8.00%, 11/30/39
|
70
|
88
|
|
Travelers (The) Cos., Inc.,
|
|
|
|
6.25%, 6/15/37
|
375
|
414
|
|
5.45%, 5/25/53
|
200
|
196
|
|
Unum Group,
|
|
|
|
4.13%, 6/15/51
|
200
|
149
|
|
W R Berkley Corp.,
|
|
|
|
3.55%, 3/30/52
|
200
|
138
|
|
Willis North America, Inc.,
|
|
|
|
2.95%, 9/15/29
|
500
|
471
|
|
|
|
15,090
|
|
Internet Media & Services – 0.3%
|
||
|
Alphabet, Inc.,
|
|
|
|
4.00%, 5/15/30
|
1,300
|
1,301
|
|
2.05%, 8/15/50
|
75
|
42
|
|
2.25%, 8/15/60
|
400
|
211
|
|
Booking Holdings, Inc.,
|
|
|
|
4.63%, 4/13/30
|
200
|
202
|
|
Expedia Group, Inc.,
|
|
|
|
4.63%, 8/1/27
|
300
|
301
|
|
Meta Platforms, Inc.,
|
|
|
|
4.60%, 5/15/28
|
300
|
306
|
|
4.30%, 8/15/29
|
750
|
757
|
|
4.55%, 8/15/31
|
1,000
|
1,014
|
|
4.95%, 5/15/33
|
1,800
|
1,846
|
|
Schedule of Investments
|
|
BOND INDEX FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 20.7% continued
|
||
|
Internet Media & Services – 0.3%continued
|
||
|
Uber Technologies, Inc.,
|
|
|
|
5.35%, 9/15/54
|
$250
|
$233
|
|
|
|
6,213
|
|
IT Services – 0.2%
|
||
|
Accenture Capital, Inc.,
|
|
|
|
4.25%, 10/4/31
|
200
|
198
|
|
IBM International Capital Pte. Ltd.,
|
|
|
|
4.90%, 2/5/34
|
300
|
299
|
|
5.30%, 2/5/54
|
300
|
281
|
|
International Business Machines Corp.,
|
|
|
|
6.50%, 1/15/28
|
226
|
239
|
|
1.95%, 5/15/30
|
797
|
711
|
|
5.20%, 2/10/35
|
700
|
710
|
|
4.25%, 5/15/49
|
300
|
242
|
|
Kyndryl Holdings, Inc.,
|
|
|
|
2.70%, 10/15/28
|
500
|
472
|
|
Leidos, Inc.,
|
|
|
|
5.75%, 3/15/33
|
300
|
313
|
|
|
|
3,465
|
|
Leisure Facilities & Services – 0.2%
|
||
|
Hyatt Hotels Corp.,
|
|
|
|
5.75%, 1/30/27
|
300
|
306
|
|
Las Vegas Sands Corp.,
|
|
|
|
6.20%, 8/15/34
|
200
|
204
|
|
Marriott International, Inc.,
|
|
|
|
4.80%, 3/15/30
|
400
|
404
|
|
2.85%, 4/15/31
|
500
|
454
|
|
5.10%, 4/15/32
|
300
|
304
|
|
McDonald's Corp.,
|
|
|
|
4.80%, 8/14/28
|
700
|
713
|
|
5.00%, 5/17/29
|
400
|
411
|
|
4.88%, 12/9/45
|
200
|
180
|
|
4.45%, 3/1/47
|
200
|
169
|
|
4.45%, 9/1/48
|
112
|
93
|
|
5.45%, 8/14/53
|
300
|
288
|
|
Starbucks Corp.,
|
|
|
|
3.50%, 11/15/50
|
600
|
418
|
|
|
|
3,944
|
|
Leisure Products – 0.0%
|
||
|
Brunswick Corp.,
|
|
|
|
5.10%, 4/1/52
|
200
|
153
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 20.7% continued
|
||
|
Leisure Products – 0.0%continued
|
||
|
Hasbro, Inc.,
|
|
|
|
6.35%, 3/15/40
|
$50
|
$51
|
|
|
|
204
|
|
Machinery – 0.3%
|
||
|
AGCO Corp.,
|
|
|
|
5.80%, 3/21/34
|
100
|
102
|
|
Caterpillar Financial Services Corp.,
|
|
|
|
1.70%, 1/8/27
|
186
|
180
|
|
3.60%, 8/12/27
|
500
|
495
|
|
Caterpillar, Inc.,
|
|
|
|
3.80%, 8/15/42
|
185
|
153
|
|
4.30%, 5/15/44 †
|
235
|
204
|
|
3.25%, 9/19/49
|
220
|
154
|
|
CNH Industrial Capital LLC,
|
|
|
|
5.10%, 4/20/29
|
300
|
306
|
|
Deere & Co.,
|
|
|
|
3.75%, 4/15/50
|
633
|
492
|
|
Eaton Corp.,
|
|
|
|
3.10%, 9/15/27
|
250
|
245
|
|
4.35%, 5/18/28
|
500
|
504
|
|
4.70%, 8/23/52
|
100
|
89
|
|
Flowserve Corp.,
|
|
|
|
2.80%, 1/15/32
|
100
|
87
|
|
IDEX Corp.,
|
|
|
|
2.63%, 6/15/31
|
100
|
89
|
|
Ingersoll Rand, Inc.,
|
|
|
|
5.31%, 6/15/31
|
500
|
518
|
|
John Deere Capital Corp.,
|
|
|
|
4.15%, 9/15/27
|
118
|
118
|
|
4.65%, 1/7/28
|
400
|
406
|
|
4.95%, 7/14/28
|
1,000
|
1,025
|
|
4.40%, 9/8/31
|
300
|
299
|
|
Kennametal, Inc.,
|
|
|
|
4.63%, 6/15/28
|
100
|
100
|
|
Oshkosh Corp.,
|
|
|
|
3.10%, 3/1/30
|
100
|
94
|
|
Regal Rexnord Corp.,
|
|
|
|
6.05%, 4/15/28
|
500
|
515
|
|
Snap-on, Inc.,
|
|
|
|
3.10%, 5/1/50
|
100
|
67
|
|
Stanley Black & Decker, Inc.,
|
|
|
|
2.75%, 11/15/50 †
|
300
|
171
|
|
|
June 30, 2025 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 20.7% continued
|
||
|
Machinery – 0.3%continued
|
||
|
Veralto Corp.,
|
|
|
|
5.50%, 9/18/26
|
$300
|
$304
|
|
Xylem, Inc.,
|
|
|
|
2.25%, 1/30/31
|
200
|
177
|
|
|
|
6,894
|
|
Medical Equipment & Devices – 0.3%
|
||
|
Abbott Laboratories,
|
|
|
|
1.15%, 1/30/28
|
400
|
374
|
|
4.75%, 11/30/36
|
353
|
351
|
|
6.15%, 11/30/37
|
202
|
224
|
|
4.75%, 4/15/43
|
100
|
95
|
|
Agilent Technologies, Inc.,
|
|
|
|
2.30%, 3/12/31
|
300
|
266
|
|
Baxter International, Inc.,
|
|
|
|
3.50%, 8/15/46
|
350
|
250
|
|
Becton Dickinson & Co.,
|
|
|
|
4.69%, 2/13/28
|
800
|
808
|
|
4.69%, 12/15/44
|
210
|
183
|
|
Boston Scientific Corp.,
|
|
|
|
7.38%, 1/15/40
|
240
|
291
|
|
DH Europe Finance II S.a.r.l.,
|
|
|
|
2.60%, 11/15/29
|
1,100
|
1,027
|
|
GE HealthCare Technologies, Inc.,
|
|
|
|
5.91%, 11/22/32
|
600
|
638
|
|
Medtronic, Inc.,
|
|
|
|
4.63%, 3/15/45
|
406
|
365
|
|
Revvity, Inc.,
|
|
|
|
2.25%, 9/15/31
|
300
|
257
|
|
Stryker Corp.,
|
|
|
|
3.65%, 3/7/28
|
152
|
150
|
|
4.10%, 4/1/43
|
50
|
41
|
|
4.38%, 5/15/44
|
200
|
171
|
|
2.90%, 6/15/50
|
200
|
131
|
|
Thermo Fisher Scientific, Inc.,
|
|
|
|
5.00%, 12/5/26
|
500
|
505
|
|
1.75%, 10/15/28
|
38
|
35
|
|
2.80%, 10/15/41
|
500
|
359
|
|
Zimmer Biomet Holdings, Inc.,
|
|
|
|
2.60%, 11/24/31
|
400
|
353
|
|
|
|
6,874
|
|
Metals & Mining – 0.0%
|
||
|
Freeport-McMoRan, Inc.,
|
|
|
|
4.63%, 8/1/30
|
500
|
495
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 20.7% continued
|
||
|
Metals & Mining – 0.0%continued
|
||
|
Newmont Corp.,
|
|
|
|
5.88%, 4/1/35
|
$100
|
$107
|
|
Newmont Corp./Newcrest Finance Pty.
Ltd.,
|
|
|
|
4.20%, 5/13/50
|
300
|
242
|
|
|
|
844
|
|
Oil & Gas Services & Equipment – 0.1%
|
||
|
Baker Hughes Holdings LLC,
|
|
|
|
5.13%, 9/15/40 †
|
100
|
96
|
|
Baker Hughes Holdings LLC/Baker
Hughes Co-Obligor, Inc.,
|
|
|
|
2.06%, 12/15/26
|
500
|
484
|
|
4.08%, 12/15/47
|
110
|
86
|
|
Halliburton Co.,
|
|
|
|
2.92%, 3/1/30
|
300
|
279
|
|
4.85%, 11/15/35
|
275
|
265
|
|
7.45%, 9/15/39
|
160
|
187
|
|
4.75%, 8/1/43
|
15
|
13
|
|
NOV, Inc.,
|
|
|
|
3.60%, 12/1/29
|
150
|
144
|
|
|
|
1,554
|
|
Oil & Gas Supply Chain – 1.4%
|
||
|
APA Corp.,
|
|
|
|
6.10%, 2/15/35 (2)
|
200
|
196
|
|
Boardwalk Pipelines L.P.,
|
|
|
|
4.45%, 7/15/27
|
150
|
150
|
|
BP Capital Markets America, Inc.,
|
|
|
|
3.02%, 1/16/27
|
312
|
307
|
|
4.23%, 11/6/28
|
428
|
428
|
|
2.72%, 1/12/32 †
|
110
|
98
|
|
4.99%, 4/10/34
|
500
|
503
|
|
3.38%, 2/8/61
|
800
|
516
|
|
BP Capital Markets PLC,
|
|
|
|
3.28%, 9/19/27
|
138
|
135
|
|
Cheniere Corpus Christi Holdings LLC,
|
|
|
|
2.74%, 12/31/39
|
300
|
244
|
|
Cheniere Energy Partners L.P.,
|
|
|
|
5.95%, 6/30/33
|
500
|
522
|
|
Cheniere Energy, Inc.,
|
|
|
|
5.65%, 4/15/34
|
250
|
256
|
|
Chevron U.S.A., Inc.,
|
|
|
|
1.02%, 8/12/27
|
31
|
29
|
|
4.69%, 4/15/30
|
500
|
510
|
|
Schedule of Investments
|
|
BOND INDEX FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 20.7% continued
|
||
|
Oil & Gas Supply Chain – 1.4%continued
|
||
|
2.34%, 8/12/50
|
$200
|
$114
|
|
ConocoPhillips Co.,
|
|
|
|
5.05%, 9/15/33
|
200
|
204
|
|
3.76%, 3/15/42
|
100
|
80
|
|
5.30%, 5/15/53
|
300
|
277
|
|
5.50%, 1/15/55
|
200
|
190
|
|
4.03%, 3/15/62
|
405
|
292
|
|
Coterra Energy, Inc.,
|
|
|
|
4.38%, 3/15/29
|
200
|
198
|
|
DCP Midstream Operating L.P.,
|
|
|
|
5.63%, 7/15/27
|
300
|
307
|
|
Devon Energy Corp.,
|
|
|
|
5.25%, 10/15/27
|
250
|
251
|
|
5.75%, 9/15/54
|
500
|
450
|
|
Diamondback Energy, Inc.,
|
|
|
|
5.40%, 4/18/34
|
400
|
401
|
|
6.25%, 3/15/53
|
200
|
198
|
|
5.75%, 4/18/54
|
300
|
278
|
|
5.90%, 4/18/64
|
100
|
93
|
|
Eastern Gas Transmission & Storage,
Inc.,
|
|
|
|
4.60%, 12/15/44
|
200
|
168
|
|
Enbridge Energy Partners L.P.,
|
|
|
|
7.50%, 4/15/38
|
50
|
57
|
|
Energy Transfer L.P.,
|
|
|
|
3.90%, 7/15/26
|
98
|
97
|
|
4.40%, 3/15/27
|
90
|
90
|
|
4.20%, 4/15/27
|
160
|
159
|
|
5.50%, 6/1/27
|
266
|
271
|
|
4.95%, 6/15/28
|
27
|
27
|
|
5.25%, 4/15/29
|
212
|
217
|
|
4.15%, 9/15/29
|
183
|
180
|
|
6.40%, 12/1/30
|
400
|
431
|
|
7.50%, 7/1/38
|
310
|
354
|
|
4.95%, 1/15/43
|
500
|
426
|
|
5.15%, 2/1/43
|
309
|
270
|
|
5.30%, 4/1/44
|
15
|
13
|
|
5.35%, 5/15/45
|
80
|
72
|
|
6.25%, 4/15/49
|
400
|
395
|
|
6.05%, 9/1/54
|
200
|
192
|
|
Enterprise Products Operating LLC,
|
|
|
|
3.95%, 2/15/27
|
529
|
527
|
|
3.13%, 7/31/29
|
138
|
132
|
|
6.88%, 3/1/33
|
50
|
56
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 20.7% continued
|
||
|
Oil & Gas Supply Chain – 1.4%continued
|
||
|
7.55%, 4/15/38
|
$515
|
$612
|
|
5.95%, 2/1/41
|
40
|
42
|
|
4.80%, 2/1/49
|
200
|
174
|
|
4.20%, 1/31/50
|
700
|
555
|
|
5.55%, 2/16/55
|
300
|
289
|
|
EOG Resources, Inc.,
|
|
|
|
4.95%, 4/15/50
|
100
|
89
|
|
EQT Corp.,
|
|
|
|
5.75%, 2/1/34
|
200
|
207
|
|
Exxon Mobil Corp.,
|
|
|
|
3.48%, 3/19/30
|
125
|
121
|
|
2.61%, 10/15/30
|
1,010
|
935
|
|
3.00%, 8/16/39
|
200
|
156
|
|
4.33%, 3/19/50
|
500
|
414
|
|
Hess Corp.,
|
|
|
|
7.13%, 3/15/33
|
390
|
442
|
|
HF Sinclair Corp.,
|
|
|
|
4.50%, 10/1/30
|
250
|
243
|
|
Kinder Morgan Energy Partners L.P.,
|
|
|
|
7.30%, 8/15/33
|
175
|
197
|
|
6.55%, 9/15/40
|
205
|
219
|
|
7.50%, 11/15/40
|
305
|
349
|
|
6.38%, 3/1/41
|
35
|
36
|
|
5.63%, 9/1/41
|
310
|
298
|
|
5.40%, 9/1/44
|
50
|
46
|
|
Kinder Morgan, Inc.,
|
|
|
|
5.45%, 8/1/52
|
300
|
276
|
|
5.95%, 8/1/54
|
200
|
196
|
|
Marathon Petroleum Corp.,
|
|
|
|
3.80%, 4/1/28
|
38
|
37
|
|
6.50%, 3/1/41
|
300
|
313
|
|
MPLX L.P.,
|
|
|
|
4.80%, 2/15/29
|
300
|
303
|
|
2.65%, 8/15/30
|
300
|
272
|
|
5.20%, 12/1/47
|
407
|
354
|
|
4.70%, 4/15/48
|
400
|
325
|
|
5.65%, 3/1/53
|
100
|
92
|
|
Occidental Petroleum Corp.,
|
|
|
|
6.13%, 1/1/31
|
1,160
|
1,201
|
|
6.60%, 3/15/46
|
100
|
99
|
|
6.05%, 10/1/54
|
100
|
92
|
|
ONEOK Partners L.P.,
|
|
|
|
6.65%, 10/1/36
|
80
|
86
|
|
|
June 30, 2025 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 20.7% continued
|
||
|
Oil & Gas Supply Chain – 1.4%continued
|
||
|
ONEOK, Inc.,
|
|
|
|
4.55%, 7/15/28
|
$23
|
$23
|
|
4.35%, 3/15/29
|
12
|
12
|
|
4.75%, 10/15/31
|
400
|
396
|
|
6.05%, 9/1/33
|
300
|
315
|
|
5.15%, 10/15/43 †
|
20
|
18
|
|
5.45%, 6/1/47
|
100
|
89
|
|
7.15%, 1/15/51
|
400
|
431
|
|
5.70%, 11/1/54
|
300
|
277
|
|
Ovintiv, Inc.,
|
|
|
|
7.10%, 7/15/53
|
50
|
52
|
|
Phillips 66,
|
|
|
|
5.88%, 5/1/42
|
140
|
139
|
|
Phillips 66 Co.,
|
|
|
|
4.95%, 3/15/35
|
400
|
388
|
|
4.90%, 10/1/46 †
|
200
|
168
|
|
5.65%, 6/15/54
|
350
|
325
|
|
Plains All American Pipeline L.P./PAA
Finance Corp.,
|
|
|
|
4.50%, 12/15/26
|
139
|
139
|
|
3.55%, 12/15/29
|
554
|
530
|
|
3.80%, 9/15/30
|
137
|
131
|
|
Sabine Pass Liquefaction LLC,
|
|
|
|
5.00%, 3/15/27
|
268
|
270
|
|
4.50%, 5/15/30
|
300
|
299
|
|
Shell Finance U.S., Inc.,
|
|
|
|
2.38%, 11/7/29
|
287
|
267
|
|
4.13%, 5/11/35
|
300
|
284
|
|
4.55%, 8/12/43
|
60
|
53
|
|
4.38%, 5/11/45
|
390
|
330
|
|
3.75%, 9/12/46
|
230
|
177
|
|
Shell International Finance B.V.,
|
|
|
|
3.88%, 11/13/28
|
9
|
9
|
|
3.63%, 8/21/42
|
230
|
180
|
|
3.13%, 11/7/49
|
100
|
67
|
|
3.00%, 11/26/51
|
150
|
97
|
|
Spectra Energy Partners L.P.,
|
|
|
|
3.38%, 10/15/26
|
360
|
355
|
|
5.95%, 9/25/43
|
89
|
87
|
|
4.50%, 3/15/45
|
110
|
90
|
|
Targa Resources Corp.,
|
|
|
|
6.13%, 3/15/33
|
500
|
527
|
|
6.50%, 2/15/53
|
200
|
205
|
|
6.13%, 5/15/55
|
200
|
196
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 20.7% continued
|
||
|
Oil & Gas Supply Chain – 1.4%continued
|
||
|
Tennessee Gas Pipeline Co. LLC,
|
|
|
|
7.00%, 3/15/27
|
$158
|
$165
|
|
7.00%, 10/15/28
|
295
|
317
|
|
7.63%, 4/1/37
|
5
|
6
|
|
Valero Energy Corp.,
|
|
|
|
7.50%, 4/15/32
|
765
|
874
|
|
Western Midstream Operating L.P.,
|
|
|
|
6.15%, 4/1/33
|
700
|
728
|
|
Williams (The) Cos., Inc.,
|
|
|
|
3.75%, 6/15/27
|
548
|
542
|
|
4.90%, 3/15/29
|
500
|
507
|
|
4.65%, 8/15/32 †
|
600
|
589
|
|
5.15%, 3/15/34
|
500
|
499
|
|
5.80%, 11/15/43
|
200
|
198
|
|
|
|
31,782
|
|
Real Estate Investment Trusts – 0.9%
|
||
|
Alexandria Real Estate Equities, Inc.,
|
|
|
|
2.75%, 12/15/29
|
1,000
|
923
|
|
4.85%, 4/15/49
|
200
|
168
|
|
American Homes 4 Rent L.P.,
|
|
|
|
4.30%, 4/15/52
|
200
|
156
|
|
American Tower Corp.,
|
|
|
|
3.38%, 10/15/26
|
26
|
26
|
|
3.13%, 1/15/27
|
128
|
126
|
|
3.60%, 1/15/28
|
79
|
78
|
|
1.50%, 1/31/28
|
39
|
36
|
|
3.95%, 3/15/29
|
134
|
131
|
|
3.80%, 8/15/29
|
500
|
486
|
|
5.90%, 11/15/33
|
300
|
317
|
|
5.45%, 2/15/34
|
300
|
309
|
|
Americold Realty Operating Partnership
L.P.,
|
|
|
|
5.60%, 5/15/32
|
100
|
100
|
|
AvalonBay Communities, Inc.,
|
|
|
|
3.90%, 10/15/46
|
300
|
235
|
|
Boston Properties L.P.,
|
|
|
|
2.75%, 10/1/26
|
30
|
29
|
|
4.50%, 12/1/28
|
100
|
99
|
|
6.50%, 1/15/34 †
|
500
|
535
|
|
Brixmor Operating Partnership L.P.,
|
|
|
|
2.50%, 8/16/31
|
300
|
261
|
|
Camden Property Trust,
|
|
|
|
5.85%, 11/3/26
|
500
|
510
|
|
Schedule of Investments
|
|
BOND INDEX FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 20.7% continued
|
||
|
Real Estate Investment Trusts – 0.9%continued
|
||
|
COPT Defense Properties L.P.,
|
|
|
|
2.90%, 12/1/33
|
$200
|
$164
|
|
Crown Castle, Inc.,
|
|
|
|
3.30%, 7/1/30
|
200
|
187
|
|
5.80%, 3/1/34
|
300
|
311
|
|
5.20%, 2/15/49
|
350
|
313
|
|
CubeSmart L.P.,
|
|
|
|
3.13%, 9/1/26
|
250
|
246
|
|
Digital Realty Trust L.P.,
|
|
|
|
3.60%, 7/1/29
|
300
|
291
|
|
EPR Properties,
|
|
|
|
3.60%, 11/15/31
|
250
|
227
|
|
Equinix, Inc.,
|
|
|
|
2.15%, 7/15/30
|
1,000
|
890
|
|
ERP Operating L.P.,
|
|
|
|
3.50%, 3/1/28
|
500
|
492
|
|
4.50%, 6/1/45
|
55
|
47
|
|
Essential Properties L.P.,
|
|
|
|
2.95%, 7/15/31
|
100
|
89
|
|
Essex Portfolio L.P.,
|
|
|
|
4.00%, 3/1/29
|
146
|
144
|
|
3.00%, 1/15/30
|
154
|
144
|
|
Extra Space Storage L.P.,
|
|
|
|
5.70%, 4/1/28
|
700
|
723
|
|
Federal Realty OP L.P.,
|
|
|
|
5.38%, 5/1/28
|
250
|
256
|
|
First Industrial L.P.,
|
|
|
|
5.25%, 1/15/31
|
100
|
101
|
|
GLP Capital L.P./GLP Financing II, Inc.,
|
|
|
|
3.25%, 1/15/32
|
300
|
264
|
|
Healthcare Realty Holdings L.P.,
|
|
|
|
2.00%, 3/15/31 †
|
100
|
86
|
|
Healthpeak OP LLC,
|
|
|
|
3.25%, 7/15/26
|
128
|
126
|
|
3.50%, 7/15/29
|
277
|
267
|
|
Host Hotels & Resorts L.P.,
|
|
|
|
3.50%, 9/15/30
|
118
|
110
|
|
Invitation Homes Operating Partnership
L.P.,
|
|
|
|
2.30%, 11/15/28
|
200
|
187
|
|
Kilroy Realty L.P.,
|
|
|
|
4.75%, 12/15/28
|
112
|
111
|
|
Kimco Realty OP LLC,
|
|
|
|
6.40%, 3/1/34
|
200
|
218
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 20.7% continued
|
||
|
Real Estate Investment Trusts – 0.9%continued
|
||
|
4.25%, 4/1/45
|
$200
|
$164
|
|
Kite Realty Group L.P.,
|
|
|
|
4.95%, 12/15/31
|
100
|
100
|
|
Kite Realty Group Trust,
|
|
|
|
4.75%, 9/15/30
|
100
|
100
|
|
LXP Industrial Trust,
|
|
|
|
2.38%, 10/1/31
|
100
|
84
|
|
Mid-America Apartments L.P.,
|
|
|
|
2.88%, 9/15/51
|
200
|
126
|
|
NNN REIT, Inc.,
|
|
|
|
3.10%, 4/15/50
|
300
|
190
|
|
Omega Healthcare Investors, Inc.,
|
|
|
|
3.25%, 4/15/33
|
300
|
259
|
|
Phillips Edison Grocery Center
Operating Partnership I L.P.,
|
|
|
|
5.75%, 7/15/34
|
100
|
103
|
|
Piedmont Operating Partnership L.P.,
|
|
|
|
9.25%, 7/20/28
|
100
|
111
|
|
Prologis L.P.,
|
|
|
|
4.88%, 6/15/28
|
150
|
153
|
|
1.75%, 7/1/30
|
200
|
176
|
|
4.75%, 1/15/31
|
400
|
405
|
|
4.75%, 6/15/33
|
300
|
299
|
|
5.00%, 1/31/35
|
300
|
300
|
|
5.25%, 5/15/35
|
200
|
203
|
|
5.25%, 6/15/53
|
100
|
94
|
|
Public Storage Operating Co.,
|
|
|
|
5.13%, 1/15/29
|
300
|
309
|
|
2.30%, 5/1/31
|
300
|
267
|
|
2.25%, 11/9/31
|
200
|
175
|
|
Realty Income Corp.,
|
|
|
|
3.00%, 1/15/27
|
56
|
55
|
|
3.40%, 1/15/28
|
61
|
60
|
|
2.10%, 3/15/28
|
600
|
568
|
|
3.10%, 12/15/29
|
123
|
117
|
|
4.90%, 7/15/33
|
300
|
299
|
|
Regency Centers L.P.,
|
|
|
|
3.70%, 6/15/30
|
400
|
387
|
|
Rexford Industrial Realty L.P.,
|
|
|
|
5.00%, 6/15/28
|
200
|
202
|
|
Sabra Health Care L.P.,
|
|
|
|
3.90%, 10/15/29
|
150
|
143
|
|
Safehold GL Holdings LLC,
|
|
|
|
6.10%, 4/1/34
|
100
|
104
|
|
|
June 30, 2025 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 20.7% continued
|
||
|
Real Estate Investment Trusts – 0.9%continued
|
||
|
Simon Property Group L.P.,
|
|
|
|
2.45%, 9/13/29
|
$1,001
|
$930
|
|
4.75%, 9/26/34 †
|
300
|
292
|
|
6.75%, 2/1/40
|
242
|
273
|
|
4.25%, 10/1/44
|
148
|
122
|
|
Store Capital LLC,
|
|
|
|
2.70%, 12/1/31
|
200
|
170
|
|
Sun Communities Operating L.P.,
|
|
|
|
2.30%, 11/1/28
|
300
|
280
|
|
Tanger Properties L.P.,
|
|
|
|
2.75%, 9/1/31
|
100
|
88
|
|
UDR, Inc.,
|
|
|
|
2.10%, 6/15/33
|
300
|
241
|
|
Ventas Realty L.P.,
|
|
|
|
4.75%, 11/15/30
|
300
|
301
|
|
5.70%, 9/30/43
|
100
|
97
|
|
VICI Properties L.P.,
|
|
|
|
5.63%, 4/1/35
|
200
|
202
|
|
5.63%, 5/15/52
|
200
|
185
|
|
Welltower OP LLC,
|
|
|
|
2.05%, 1/15/29
|
67
|
62
|
|
4.13%, 3/15/29
|
260
|
258
|
|
3.10%, 1/15/30
|
218
|
206
|
|
Weyerhaeuser Co.,
|
|
|
|
4.00%, 3/9/52
|
200
|
150
|
|
|
|
19,929
|
|
Real Estate Services – 0.0%
|
||
|
CBRE Services, Inc.,
|
|
|
|
5.95%, 8/15/34
|
200
|
211
|
|
Retail - Consumer Staples – 0.2%
|
||
|
Costco Wholesale Corp.,
|
|
|
|
1.75%, 4/20/32
|
300
|
257
|
|
Dollar General Corp.,
|
|
|
|
5.50%, 11/1/52
|
200
|
185
|
|
Dollar Tree, Inc.,
|
|
|
|
2.65%, 12/1/31
|
200
|
176
|
|
Kroger (The) Co.,
|
|
|
|
5.00%, 9/15/34
|
800
|
794
|
|
6.90%, 4/15/38
|
100
|
112
|
|
5.40%, 7/15/40
|
100
|
98
|
|
5.50%, 9/15/54
|
200
|
190
|
|
5.65%, 9/15/64
|
100
|
95
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 20.7% continued
|
||
|
Retail - Consumer Staples – 0.2%continued
|
||
|
Target Corp.,
|
|
|
|
4.80%, 1/15/53 †
|
$500
|
$441
|
|
Walmart, Inc.,
|
|
|
|
3.70%, 6/26/28
|
251
|
250
|
|
1.80%, 9/22/31
|
2,000
|
1,742
|
|
3.95%, 6/28/38
|
200
|
183
|
|
4.50%, 4/15/53
|
300
|
263
|
|
|
|
4,786
|
|
Retail - Discretionary – 0.3%
|
||
|
AutoNation, Inc.,
|
|
|
|
3.85%, 3/1/32
|
300
|
276
|
|
AutoZone, Inc.,
|
|
|
|
5.05%, 7/15/26
|
500
|
503
|
|
3.75%, 4/18/29
|
121
|
118
|
|
4.00%, 4/15/30
|
129
|
126
|
|
6.55%, 11/1/33
|
300
|
331
|
|
Dick's Sporting Goods, Inc.,
|
|
|
|
4.10%, 1/15/52
|
100
|
72
|
|
Home Depot (The), Inc.,
|
|
|
|
4.75%, 6/25/29
|
600
|
613
|
|
5.40%, 9/15/40
|
680
|
688
|
|
5.95%, 4/1/41
|
405
|
427
|
|
4.50%, 12/6/48
|
400
|
343
|
|
3.63%, 4/15/52
|
643
|
468
|
|
Lowe's Cos., Inc.,
|
|
|
|
3.35%, 4/1/27
|
115
|
113
|
|
3.65%, 4/5/29
|
76
|
74
|
|
3.75%, 4/1/32 †
|
500
|
472
|
|
2.80%, 9/15/41
|
200
|
140
|
|
4.05%, 5/3/47
|
94
|
73
|
|
3.00%, 10/15/50
|
700
|
437
|
|
5.85%, 4/1/63
|
400
|
391
|
|
O'Reilly Automotive, Inc.,
|
|
|
|
3.90%, 6/1/29
|
500
|
491
|
|
Ross Stores, Inc.,
|
|
|
|
1.88%, 4/15/31
|
200
|
171
|
|
TJX (The) Cos., Inc.,
|
|
|
|
2.25%, 9/15/26
|
31
|
30
|
|
1.15%, 5/15/28
|
74
|
68
|
|
|
|
6,425
|
|
Semiconductors – 0.5%
|
||
|
Advanced Micro Devices, Inc.,
|
|
|
|
4.39%, 6/1/52
|
150
|
126
|
|
Schedule of Investments
|
|
BOND INDEX FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 20.7% continued
|
||
|
Semiconductors – 0.5%continued
|
||
|
Analog Devices, Inc.,
|
|
|
|
3.45%, 6/15/27
|
$500
|
$495
|
|
2.80%, 10/1/41
|
300
|
218
|
|
Applied Materials, Inc.,
|
|
|
|
1.75%, 6/1/30
|
500
|
444
|
|
5.85%, 6/15/41
|
100
|
106
|
|
Broadcom, Inc.,
|
|
|
|
4.15%, 2/15/28
|
1,000
|
997
|
|
2.45%, 2/15/31 (2)
|
1,024
|
916
|
|
4.15%, 4/15/32 (2)
|
500
|
482
|
|
4.93%, 5/15/37
|
200
|
194
|
|
3.50%, 2/15/41 (2) †
|
200
|
158
|
|
3.75%, 2/15/51 (2)
|
700
|
524
|
|
Intel Corp.,
|
|
|
|
5.00%, 2/21/31
|
400
|
407
|
|
2.00%, 8/12/31
|
50
|
43
|
|
5.20%, 2/10/33 †
|
300
|
302
|
|
4.80%, 10/1/41
|
80
|
70
|
|
3.73%, 12/8/47
|
741
|
523
|
|
3.25%, 11/15/49
|
200
|
127
|
|
4.75%, 3/25/50
|
200
|
163
|
|
5.70%, 2/10/53
|
700
|
651
|
|
3.10%, 2/15/60
|
200
|
112
|
|
KLA Corp.,
|
|
|
|
5.25%, 7/15/62
|
250
|
235
|
|
Lam Research Corp.,
|
|
|
|
1.90%, 6/15/30
|
700
|
625
|
|
Marvell Technology, Inc.,
|
|
|
|
5.75%, 2/15/29
|
300
|
312
|
|
Micron Technology, Inc.,
|
|
|
|
5.38%, 4/15/28 †
|
1,000
|
1,028
|
|
5.30%, 1/15/31
|
200
|
205
|
|
5.80%, 1/15/35
|
100
|
103
|
|
NVIDIA Corp.,
|
|
|
|
3.50%, 4/1/50
|
400
|
299
|
|
QUALCOMM, Inc.,
|
|
|
|
5.40%, 5/20/33
|
300
|
316
|
|
4.80%, 5/20/45
|
300
|
273
|
|
6.00%, 5/20/53
|
200
|
211
|
|
Texas Instruments, Inc.,
|
|
|
|
2.25%, 9/4/29
|
200
|
186
|
|
4.90%, 3/14/33
|
1,000
|
1,024
|
|
|
|
11,875
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 20.7% continued
|
||
|
Software – 0.6%
|
||
|
Adobe, Inc.,
|
|
|
|
2.15%, 2/1/27
|
$419
|
$407
|
|
5.30%, 1/17/35
|
200
|
209
|
|
Autodesk, Inc.,
|
|
|
|
3.50%, 6/15/27
|
135
|
133
|
|
Cadence Design Systems, Inc.,
|
|
|
|
4.30%, 9/10/29
|
400
|
400
|
|
Concentrix Corp.,
|
|
|
|
6.85%, 8/2/33
|
200
|
208
|
|
Fortinet, Inc.,
|
|
|
|
2.20%, 3/15/31
|
100
|
88
|
|
Intuit, Inc.,
|
|
|
|
5.25%, 9/15/26
|
500
|
506
|
|
5.20%, 9/15/33
|
300
|
311
|
|
Microsoft Corp.,
|
|
|
|
3.40%, 6/15/27
|
500
|
497
|
|
1.35%, 9/15/30
|
800
|
701
|
|
4.50%, 6/15/47
|
200
|
181
|
|
2.50%, 9/15/50
|
200
|
123
|
|
2.92%, 3/17/52
|
674
|
447
|
|
2.68%, 6/1/60
|
100
|
59
|
|
3.04%, 3/17/62
|
1,000
|
642
|
|
Oracle Corp.,
|
|
|
|
2.80%, 4/1/27
|
7
|
7
|
|
4.50%, 5/6/28
|
600
|
604
|
|
2.88%, 3/25/31
|
509
|
464
|
|
5.25%, 2/3/32
|
900
|
923
|
|
4.90%, 2/6/33
|
300
|
301
|
|
4.70%, 9/27/34
|
1,000
|
971
|
|
3.90%, 5/15/35
|
336
|
303
|
|
3.80%, 11/15/37
|
5
|
4
|
|
5.38%, 7/15/40
|
590
|
576
|
|
3.60%, 4/1/50
|
1,000
|
699
|
|
5.55%, 2/6/53
|
500
|
470
|
|
4.38%, 5/15/55
|
25
|
20
|
|
3.85%, 4/1/60
|
500
|
345
|
|
Roper Technologies, Inc.,
|
|
|
|
4.90%, 10/15/34
|
400
|
395
|
|
Salesforce, Inc.,
|
|
|
|
1.50%, 7/15/28
|
1,300
|
1,208
|
|
1.95%, 7/15/31
|
300
|
263
|
|
Synopsys, Inc.,
|
|
|
|
4.85%, 4/1/30
|
1,000
|
1,014
|
|
|
June 30, 2025 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 20.7% continued
|
||
|
Software – 0.6%continued
|
||
|
VMware LLC,
|
|
|
|
2.20%, 8/15/31
|
$300
|
$260
|
|
Workday, Inc.,
|
|
|
|
3.80%, 4/1/32
|
300
|
282
|
|
|
|
14,021
|
|
Specialty Finance – 0.7%
|
||
|
Air Lease Corp.,
|
|
|
|
1.88%, 8/15/26
|
78
|
76
|
|
3.63%, 12/1/27
|
163
|
161
|
|
2.10%, 9/1/28
|
131
|
122
|
|
4.63%, 10/1/28
|
651
|
655
|
|
3.25%, 10/1/29
|
500
|
476
|
|
Ally Financial, Inc.,
|
|
|
|
(Variable, U.S. SOFR + 2.82%),
6.85%, 1/3/30 (3)
|
500
|
528
|
|
American Express Co.,
|
|
|
|
1.65%, 11/4/26
|
84
|
81
|
|
5.85%, 11/5/27
|
500
|
518
|
|
4.05%, 5/3/29
|
72
|
72
|
|
(Variable, U.S. SOFR Compounded
Index + 1.28%), 5.28%,
7/27/29 (3)
|
200
|
206
|
|
(Variable, U.S. SOFR + 1.94%),
6.49%, 10/30/31 (3)
|
700
|
763
|
|
(Variable, U.S. SOFR + 1.93%),
5.63%, 7/28/34 (3)
|
300
|
307
|
|
(Variable, U.S. SOFR + 1.79%),
5.67%, 4/25/36 (3)
|
300
|
311
|
|
Capital One Financial Corp.,
|
|
|
|
3.75%, 7/28/26
|
150
|
148
|
|
3.75%, 3/9/27
|
250
|
248
|
|
3.65%, 5/11/27
|
144
|
142
|
|
(Variable, U.S. SOFR + 0.86%),
1.88%, 11/2/27 (3)
|
355
|
343
|
|
(Variable, U.S. SOFR + 2.08%),
5.47%, 2/1/29 (3)
|
700
|
717
|
|
(Variable, U.S. SOFR + 2.64%),
6.31%, 6/8/29 (3)
|
500
|
525
|
|
(Variable, U.S. SOFR + 2.86%),
6.38%, 6/8/34 (3)
|
400
|
426
|
|
(Variable, U.S. SOFR Compounded
Index + 3.37%), 7.96%,
11/2/34 (3)
|
300
|
349
|
|
Equifax, Inc.,
|
|
|
|
2.35%, 9/15/31 †
|
380
|
331
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 20.7% continued
|
||
|
Specialty Finance – 0.7%continued
|
||
|
FactSet Research Systems, Inc.,
|
|
|
|
3.45%, 3/1/32
|
$100
|
$91
|
|
Fidelity National Financial, Inc.,
|
|
|
|
3.20%, 9/17/51
|
200
|
123
|
|
Fidelity National Information Services,
Inc.,
|
|
|
|
5.10%, 7/15/32
|
400
|
407
|
|
Fiserv, Inc.,
|
|
|
|
5.38%, 8/21/28
|
500
|
514
|
|
3.50%, 7/1/29
|
200
|
193
|
|
5.15%, 8/12/34
|
500
|
502
|
|
GATX Corp.,
|
|
|
|
3.50%, 3/15/28
|
500
|
488
|
|
5.20%, 3/15/44
|
35
|
32
|
|
6.05%, 6/5/54
|
150
|
150
|
|
Global Payments, Inc.,
|
|
|
|
4.95%, 8/15/27
|
1,000
|
1,012
|
|
Mastercard, Inc.,
|
|
|
|
4.35%, 1/15/32
|
500
|
498
|
|
3.80%, 11/21/46
|
500
|
401
|
|
Moody's Corp.,
|
|
|
|
4.25%, 8/8/32
|
500
|
488
|
|
PayPal Holdings, Inc.,
|
|
|
|
2.85%, 10/1/29
|
300
|
283
|
|
5.15%, 6/1/34
|
500
|
508
|
|
S&P Global, Inc.,
|
|
|
|
2.45%, 3/1/27 †
|
300
|
292
|
|
5.25%, 9/15/33
|
300
|
312
|
|
3.70%, 3/1/52
|
100
|
76
|
|
Synchrony Financial,
|
|
|
|
3.95%, 12/1/27 †
|
400
|
393
|
|
Verisk Analytics, Inc.,
|
|
|
|
5.75%, 4/1/33
|
300
|
315
|
|
Visa, Inc.,
|
|
|
|
2.05%, 4/15/30
|
400
|
364
|
|
4.15%, 12/14/35
|
100
|
95
|
|
2.00%, 8/15/50
|
500
|
271
|
|
|
|
15,313
|
|
Steel – 0.0%
|
||
|
Nucor Corp.,
|
|
|
|
2.98%, 12/15/55
|
275
|
167
|
|
Schedule of Investments
|
|
BOND INDEX FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 20.7% continued
|
||
|
Steel – 0.0%continued
|
||
|
Steel Dynamics, Inc.,
|
|
|
|
3.45%, 4/15/30
|
$300
|
$286
|
|
|
|
453
|
|
Technology Hardware – 0.5%
|
||
|
Apple, Inc.,
|
|
|
|
2.05%, 9/11/26
|
308
|
301
|
|
3.35%, 2/9/27
|
345
|
342
|
|
3.20%, 5/11/27
|
201
|
199
|
|
2.90%, 9/12/27
|
400
|
391
|
|
4.00%, 5/10/28
|
500
|
502
|
|
3.25%, 8/8/29 †
|
37
|
36
|
|
2.20%, 9/11/29 †
|
188
|
175
|
|
4.15%, 5/10/30
|
400
|
404
|
|
4.50%, 5/12/32
|
300
|
304
|
|
3.35%, 8/8/32
|
450
|
425
|
|
4.30%, 5/10/33
|
300
|
301
|
|
2.38%, 2/8/41
|
215
|
150
|
|
3.85%, 5/4/43
|
305
|
256
|
|
3.45%, 2/9/45
|
25
|
19
|
|
4.38%, 5/13/45
|
160
|
141
|
|
4.65%, 2/23/46
|
206
|
188
|
|
3.85%, 8/4/46
|
20
|
16
|
|
4.25%, 2/9/47
|
11
|
9
|
|
3.75%, 9/12/47
|
8
|
6
|
|
3.75%, 11/13/47
|
25
|
20
|
|
2.95%, 9/11/49
|
700
|
470
|
|
4.85%, 5/10/53
|
900
|
858
|
|
Arrow Electronics, Inc.,
|
|
|
|
3.88%, 1/12/28
|
250
|
245
|
|
CDW LLC/CDW Finance Corp.,
|
|
|
|
3.28%, 12/1/28
|
500
|
477
|
|
Cisco Systems, Inc.,
|
|
|
|
4.95%, 2/24/32
|
400
|
410
|
|
5.90%, 2/15/39
|
200
|
215
|
|
5.50%, 1/15/40
|
90
|
93
|
|
5.35%, 2/26/64
|
500
|
483
|
|
Corning, Inc.,
|
|
|
|
5.35%, 11/15/48
|
300
|
282
|
|
Dell International LLC/EMC Corp.,
|
|
|
|
5.50%, 4/1/35
|
200
|
202
|
|
8.35%, 7/15/46
|
223
|
284
|
|
Dell, Inc.,
|
|
|
|
7.10%, 4/15/28
|
1,000
|
1,070
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 20.7% continued
|
||
|
Technology Hardware – 0.5%continued
|
||
|
Flex Ltd.,
|
|
|
|
6.00%, 1/15/28
|
$300
|
$310
|
|
Hewlett Packard Enterprise Co.,
|
|
|
|
4.85%, 10/15/31
|
800
|
798
|
|
6.35%, 10/15/45
|
200
|
205
|
|
HP, Inc.,
|
|
|
|
6.00%, 9/15/41
|
275
|
276
|
|
Jabil, Inc.,
|
|
|
|
3.00%, 1/15/31
|
300
|
274
|
|
Juniper Networks, Inc.,
|
|
|
|
5.95%, 3/15/41
|
100
|
99
|
|
Motorola Solutions, Inc.,
|
|
|
|
5.60%, 6/1/32
|
400
|
417
|
|
TD SYNNEX Corp.,
|
|
|
|
2.65%, 8/9/31
|
150
|
129
|
|
Teledyne Technologies, Inc.,
|
|
|
|
2.75%, 4/1/31
|
200
|
181
|
|
Western Digital Corp.,
|
|
|
|
3.10%, 2/1/32
|
250
|
221
|
|
|
|
12,184
|
|
Telecommunications – 0.7%
|
||
|
AT&T, Inc.,
|
|
|
|
4.70%, 8/15/30
|
400
|
404
|
|
2.75%, 6/1/31
|
359
|
325
|
|
5.40%, 2/15/34
|
1,700
|
1,748
|
|
4.50%, 5/15/35
|
300
|
286
|
|
3.10%, 2/1/43
|
900
|
649
|
|
4.50%, 3/9/48
|
574
|
478
|
|
3.30%, 2/1/52 †
|
550
|
364
|
|
3.80%, 12/1/57
|
1,200
|
840
|
|
3.65%, 9/15/59
|
500
|
335
|
|
T-Mobile U.S.A., Inc.,
|
|
|
|
4.75%, 2/1/28
|
1,066
|
1,066
|
|
4.80%, 7/15/28
|
785
|
795
|
|
3.88%, 4/15/30
|
1,258
|
1,222
|
|
5.15%, 4/15/34
|
500
|
506
|
|
3.00%, 2/15/41
|
300
|
220
|
|
4.50%, 4/15/50
|
400
|
331
|
|
6.00%, 6/15/54
|
200
|
204
|
|
5.50%, 1/15/55
|
500
|
474
|
|
5.88%, 11/15/55
|
300
|
300
|
|
Verizon Communications, Inc.,
|
|
|
|
3.15%, 3/22/30
|
1,352
|
1,281
|
|
|
June 30, 2025 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 20.7% continued
|
||
|
Telecommunications – 0.7%continued
|
||
|
1.68%, 10/30/30
|
$818
|
$708
|
|
4.78%, 2/15/35
|
1,465
|
1,427
|
|
3.40%, 3/22/41
|
300
|
231
|
|
3.88%, 3/1/52
|
300
|
223
|
|
5.50%, 2/23/54
|
200
|
193
|
|
2.99%, 10/30/56
|
700
|
421
|
|
3.70%, 3/22/61
|
1,000
|
690
|
|
|
|
15,721
|
|
Tobacco & Cannabis – 0.2%
|
||
|
Altria Group, Inc.,
|
|
|
|
6.20%, 11/1/28
|
500
|
528
|
|
2.45%, 2/4/32
|
200
|
172
|
|
4.50%, 5/2/43
|
410
|
342
|
|
5.95%, 2/14/49
|
517
|
514
|
|
Philip Morris International, Inc.,
|
|
|
|
5.25%, 9/7/28
|
800
|
823
|
|
4.88%, 2/13/29
|
600
|
611
|
|
1.75%, 11/1/30
|
181
|
158
|
|
4.75%, 11/1/31
|
400
|
403
|
|
4.13%, 3/4/43
|
591
|
494
|
|
4.88%, 11/15/43 †
|
100
|
92
|
|
|
|
4,137
|
|
Transportation & Logistics – 0.4%
|
||
|
American Airlines Pass Through Trust,
Series 2021-1, Class A,
|
|
|
|
2.88%, 7/11/34
|
260
|
229
|
|
Burlington Northern Santa Fe LLC,
|
|
|
|
3.25%, 6/15/27
|
325
|
321
|
|
6.20%, 8/15/36
|
455
|
502
|
|
5.15%, 9/1/43
|
280
|
269
|
|
5.20%, 4/15/54
|
400
|
379
|
|
5.50%, 3/15/55
|
150
|
149
|
|
CH Robinson Worldwide, Inc.,
|
|
|
|
4.20%, 4/15/28
|
100
|
99
|
|
CSX Corp.,
|
|
|
|
2.60%, 11/1/26
|
25
|
24
|
|
5.20%, 11/15/33
|
200
|
207
|
|
6.00%, 10/1/36
|
100
|
107
|
|
6.15%, 5/1/37
|
190
|
206
|
|
6.22%, 4/30/40
|
365
|
394
|
|
4.75%, 11/15/48
|
200
|
177
|
|
4.50%, 3/15/49
|
100
|
85
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 20.7% continued
|
||
|
Transportation & Logistics – 0.4%continued
|
||
|
Delta Air Lines Pass Through Trust,
Series 2020-1, Class AA,
|
|
|
|
2.00%, 6/10/28
|
$105
|
$99
|
|
FedEx Corp.,
|
|
|
|
4.25%, 5/15/30
|
95
|
93
|
|
4.10%, 4/15/43 (2)
|
300
|
233
|
|
4.75%, 11/15/45 (2)
|
600
|
500
|
|
JetBlue Pass Through Trust, Series
2020-1, Class A,
|
|
|
|
4.00%, 11/15/32
|
141
|
132
|
|
Kirby Corp.,
|
|
|
|
4.20%, 3/1/28 †
|
100
|
99
|
|
Norfolk Southern Corp.,
|
|
|
|
5.05%, 8/1/30
|
400
|
413
|
|
4.45%, 6/15/45
|
275
|
235
|
|
3.94%, 11/1/47
|
300
|
235
|
|
5.35%, 8/1/54
|
100
|
96
|
|
5.95%, 3/15/64
|
200
|
206
|
|
Ryder System, Inc.,
|
|
|
|
5.30%, 3/15/27
|
500
|
507
|
|
4.85%, 6/15/30
|
500
|
505
|
|
6.60%, 12/1/33
|
100
|
110
|
|
Southwest Airlines Co.,
|
|
|
|
5.13%, 6/15/27
|
400
|
404
|
|
Union Pacific Corp.,
|
|
|
|
2.89%, 4/6/36
|
300
|
248
|
|
3.38%, 2/14/42
|
100
|
78
|
|
3.25%, 2/5/50
|
800
|
552
|
|
5.60%, 12/1/54
|
100
|
99
|
|
5.15%, 1/20/63
|
700
|
638
|
|
United Airlines Pass Through Trust,
Series 2019-1, Class AA,
|
|
|
|
4.15%, 8/25/31
|
329
|
315
|
|
United Airlines Pass Through Trust,
Series 2024-1, Class A,
|
|
|
|
5.88%, 2/15/37
|
198
|
197
|
|
United Parcel Service, Inc.,
|
|
|
|
5.20%, 4/1/40
|
500
|
490
|
|
3.75%, 11/15/47
|
180
|
137
|
|
4.25%, 3/15/49
|
73
|
60
|
|
5.30%, 4/1/50
|
377
|
357
|
|
5.60%, 5/22/64
|
200
|
192
|
|
|
|
10,378
|
|
Schedule of Investments
|
|
BOND INDEX FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 20.7% continued
|
||
|
Transportation Equipment – 0.0%
|
||
|
Cummins, Inc.,
|
|
|
|
1.50%, 9/1/30 †
|
$500
|
$436
|
|
4.88%, 10/1/43
|
90
|
84
|
|
PACCAR Financial Corp.,
|
|
|
|
4.00%, 9/26/29
|
200
|
199
|
|
Westinghouse Air Brake Technologies
Corp.,
|
|
|
|
4.70%, 9/15/28
|
250
|
251
|
|
|
|
970
|
|
Wholesale - Consumer Staples – 0.1%
|
||
|
Archer-Daniels-Midland Co.,
|
|
|
|
2.50%, 8/11/26
|
305
|
300
|
|
3.75%, 9/15/47
|
295
|
223
|
|
Bunge Ltd. Finance Corp.,
|
|
|
|
3.25%, 8/15/26
|
615
|
607
|
|
Sysco Corp.,
|
|
|
|
3.30%, 7/15/26
|
597
|
590
|
|
3.25%, 7/15/27
|
523
|
513
|
|
5.38%, 9/21/35
|
250
|
253
|
|
4.45%, 3/15/48
|
300
|
249
|
|
|
|
2,735
|
|
Wholesale - Discretionary – 0.0%
|
||
|
LKQ Corp.,
|
|
|
|
5.75%, 6/15/28
|
200
|
206
|
|
Total Corporate Bonds
|
|
|
|
(Cost $500,168)
|
|
477,675
|
|
|
|
|
|
FOREIGN ISSUER BONDS – 6.1%
|
||
|
Aerospace & Defense – 0.0%
|
||
|
Embraer Netherlands Finance B.V.,
|
|
|
|
5.98%, 2/11/35
|
100
|
103
|
|
Asset Management – 0.1%
|
||
|
Brookfield Finance, Inc.,
|
|
|
|
4.85%, 3/29/29
|
300
|
303
|
|
4.35%, 4/15/30
|
500
|
493
|
|
5.68%, 1/15/35
|
300
|
308
|
|
CI Financial Corp.,
|
|
|
|
4.10%, 6/15/51 †
|
100
|
71
|
|
UBS A.G.,
|
|
|
|
1.25%, 8/7/26
|
116
|
112
|
|
5.65%, 9/11/28
|
800
|
833
|
|
|
|
2,120
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
FOREIGN ISSUER BONDS - 6.1% continued
|
||
|
Automotive – 0.1%
|
||
|
Honda Motor Co. Ltd.,
|
|
|
|
2.53%, 3/10/27
|
$1,000
|
$970
|
|
Magna International, Inc.,
|
|
|
|
5.50%, 3/21/33
|
200
|
205
|
|
Mercedes-Benz Finance North
America LLC,
|
|
|
|
8.50%, 1/18/31
|
175
|
208
|
|
|
|
1,383
|
|
Banking – 1.7%
|
||
|
Australia & New Zealand Banking
Group Ltd.,
|
|
|
|
4.62%, 12/16/29
|
350
|
356
|
|
Banco Bilbao Vizcaya Argentaria S.A.,
|
|
|
|
(Variable, U.S. Treasury Yield Curve
Rate CMT 1Y + 2.70%), 6.14%,
9/14/28 (3)
|
400
|
414
|
|
Banco Santander S.A.,
|
|
|
|
(Variable, U.S. Treasury Yield Curve
Rate CMT 1Y + 2.00%), 4.18%,
3/24/28 (3)
|
200
|
199
|
|
3.31%, 6/27/29
|
1,400
|
1,344
|
|
6.94%, 11/7/33
|
400
|
452
|
|
Bank of Montreal,
|
|
|
|
2.65%, 3/8/27
|
1,000
|
976
|
|
(Variable, U.S. SOFR + 1.25%),
4.64%, 9/10/30 (3) †
|
300
|
302
|
|
Bank of Nova Scotia (The),
|
|
|
|
5.65%, 2/1/34
|
500
|
525
|
|
Barclays PLC,
|
|
|
|
(Variable, U.S. Treasury Yield Curve
Rate CMT 1Y + 1.05%), 2.28%,
11/24/27 (3)
|
528
|
512
|
|
(Variable, U.S. SOFR + 1.74%),
5.69%, 3/12/30 (3)
|
500
|
517
|
|
(Variable, U.S. Treasury Yield Curve
Rate CMT 1Y + 3.50%), 7.44%,
11/2/33 (3)
|
500
|
567
|
|
(Variable, U.S. SOFR + 2.98%),
6.22%, 5/9/34 (3)
|
1,000
|
1,061
|
|
(Variable, U.S. SOFR + 1.59%),
5.79%, 2/25/36 (3)
|
300
|
307
|
|
(Variable, U.S. Treasury Yield Curve
Rate CMT 1Y + 1.30%), 3.33%,
11/24/42 (3)
|
100
|
74
|
|
5.25%, 8/17/45
|
144
|
138
|
|
|
June 30, 2025 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
FOREIGN ISSUER BONDS - 6.1% continued
|
||
|
Banking – 1.7%continued
|
||
|
BPCE S.A.,
|
|
|
|
3.38%, 12/2/26
|
$250
|
$247
|
|
Canadian Imperial Bank of Commerce,
|
|
|
|
3.45%, 4/7/27
|
500
|
494
|
|
6.09%, 10/3/33 †
|
300
|
322
|
|
Commonwealth Bank of Australia,
|
|
|
|
4.58%, 11/27/26
|
250
|
252
|
|
Cooperatieve Rabobank U.A.,
|
|
|
|
5.50%, 10/5/26
|
500
|
508
|
|
5.75%, 12/1/43
|
250
|
251
|
|
Deutsche Bank A.G.,
|
|
|
|
(Variable, U.S. SOFR + 3.65%),
7.08%, 2/10/34 (3)
|
900
|
959
|
|
(Variable, U.S. SOFR + 2.05%),
5.40%, 9/11/35 (3)
|
300
|
298
|
|
HSBC Holdings PLC,
|
|
|
|
(Variable, U.S. SOFR + 1.57%),
5.89%, 8/14/27 (3)
|
600
|
608
|
|
(Variable, U.S. SOFR + 1.10%),
2.25%, 11/22/27 (3)
|
1
|
1
|
|
(Variable, CME Term SOFR 3M +
1.81%), 4.04%, 3/13/28 (3)
|
200
|
198
|
|
(Variable, U.S. SOFR + 1.73%),
2.01%, 9/22/28 (3)
|
400
|
379
|
|
(Variable, U.S. SOFR + 1.04%),
5.13%, 11/19/28 (3)
|
1,500
|
1,519
|
|
(Variable, U.S. SOFR + 1.97%),
6.16%, 3/9/29 (3)
|
750
|
780
|
|
(Variable, U.S. SOFR + 1.29%),
2.21%, 8/17/29 (3)
|
150
|
140
|
|
(Variable, U.S. SOFR + 1.46%),
5.55%, 3/4/30 (3)
|
1,000
|
1,030
|
|
(Variable, U.S. SOFR + 1.29%),
5.13%, 3/3/31 (3)
|
500
|
507
|
|
(Variable, U.S. SOFR + 1.95%),
2.36%, 8/18/31 (3)
|
1,300
|
1,154
|
|
(Variable, U.S. SOFR + 1.52%),
5.73%, 5/17/32 (3)
|
800
|
832
|
|
(Variable, U.S. SOFR + 2.87%),
5.40%, 8/11/33 (3)
|
500
|
513
|
|
6.80%, 6/1/38
|
150
|
163
|
|
5.25%, 3/14/44
|
200
|
190
|
|
ING Groep N.V.,
|
|
|
|
(Variable, U.S. SOFR + 1.01%),
4.86%, 3/25/29 (3)
|
700
|
707
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
FOREIGN ISSUER BONDS - 6.1% continued
|
||
|
Banking – 1.7%continued
|
||
|
(Variable, U.S. SOFR + 2.09%),
6.11%, 9/11/34 (3)
|
$400
|
$425
|
|
(Variable, U.S. SOFR + 1.61%),
5.53%, 3/25/36 (3)
|
200
|
204
|
|
Lloyds Banking Group PLC,
|
|
|
|
(Variable, U.S. Treasury Yield Curve
Rate CMT 1Y + 1.38%), 5.46%,
1/5/28 (3)
|
500
|
507
|
|
(Variable, U.S. Treasury Yield Curve
Rate CMT 1Y + 0.85%), 5.09%,
11/26/28 (3)
|
500
|
506
|
|
4.34%, 1/9/48
|
500
|
397
|
|
Mitsubishi UFJ Financial Group, Inc.,
|
|
|
|
(Variable, U.S. Treasury Yield Curve
Rate CMT 1Y + 0.75%), 1.54%,
7/20/27 (3)
|
734
|
712
|
|
3.29%, 7/25/27
|
378
|
371
|
|
3.74%, 3/7/29
|
1,500
|
1,472
|
|
(Variable, U.S. Treasury Yield Curve
Rate CMT 1Y + 1.53%), 5.48%,
2/22/31 (3)
|
1,000
|
1,036
|
|
Mitsubshi UFJ Financial Group, Inc.,
|
|
|
|
(Variable, U.S. Treasury Yield Curve
Rate CMT 1Y + 1.27%), 5.62%,
4/24/36 (3)
|
200
|
206
|
|
Mizuho Financial Group, Inc.,
|
|
|
|
(Variable, CME Term SOFR 3M +
1.33%), 2.59%, 5/25/31 (3)
|
1,000
|
909
|
|
(Variable, U.S. Treasury Yield Curve
Rate CMT 1Y + 1.80%), 5.75%,
5/27/34 (3)
|
500
|
520
|
|
National Australia Bank Ltd.,
|
|
|
|
4.90%, 1/14/30
|
500
|
514
|
|
National Bank of Canada,
|
|
|
|
(Variable, U.S. SOFR + 0.00%),
5.60%, 7/2/27 (3)
|
300
|
303
|
|
NatWest Group PLC,
|
|
|
|
(Variable, ICE LIBOR USD 3M +
1.75%), 4.89%, 5/18/29 (3)
|
1,000
|
1,010
|
|
(Variable, U.S. Treasury Yield Curve
Rate CMT 1Y + 1.50%), 5.78%,
3/1/35 (3)
|
300
|
311
|
|
Royal Bank of Canada,
|
|
|
|
(Variable, U.S. SOFR Compounded
Index + 0.86%), 4.52%,
10/18/28 (3)
|
1,000
|
1,004
|
|
3.88%, 5/4/32
|
600
|
574
|
|
Schedule of Investments
|
|
BOND INDEX FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
FOREIGN ISSUER BONDS - 6.1% continued
|
||
|
Banking – 1.7%continued
|
||
|
5.15%, 2/1/34
|
$200
|
$205
|
|
Santander UK Group Holdings PLC,
|
|
|
|
(Variable, U.S. SOFR + 2.60%),
6.53%, 1/10/29 (3)
|
700
|
731
|
|
Standard Chartered Bank,
|
|
|
|
4.85%, 12/3/27
|
250
|
254
|
|
Sumitomo Mitsui Financial Group, Inc.,
|
|
|
|
3.54%, 1/17/28
|
1,250
|
1,228
|
|
2.13%, 7/8/30
|
400
|
357
|
|
5.78%, 7/13/33
|
800
|
841
|
|
5.81%, 9/14/33 †
|
500
|
531
|
|
Toronto-Dominion Bank (The),
|
|
|
|
1.95%, 1/12/27
|
2,052
|
1,984
|
|
4.46%, 6/8/32
|
400
|
393
|
|
UBS A.G.,
|
|
|
|
7.50%, 2/15/28
|
250
|
270
|
|
Westpac Banking Corp.,
|
|
|
|
3.35%, 3/8/27
|
500
|
494
|
|
5.46%, 11/18/27
|
500
|
516
|
|
1.95%, 11/20/28
|
308
|
287
|
|
5.05%, 4/16/29
|
500
|
516
|
|
6.82%, 11/17/33
|
300
|
330
|
|
|
|
39,714
|
|
Beverages – 0.2%
|
||
|
Anheuser-Busch Cos.
LLC/Anheuser-Busch InBev
Worldwide, Inc.,
|
|
|
|
4.90%, 2/1/46
|
1,500
|
1,375
|
|
Anheuser-Busch InBev Worldwide, Inc.,
|
|
|
|
3.50%, 6/1/30
|
1,300
|
1,254
|
|
8.00%, 11/15/39
|
310
|
392
|
|
4.95%, 1/15/42
|
190
|
179
|
|
4.50%, 6/1/50
|
200
|
178
|
|
Coca-Cola Femsa S.A.B. de C.V.,
|
|
|
|
1.85%, 9/1/32
|
200
|
164
|
|
Diageo Capital PLC,
|
|
|
|
5.63%, 10/5/33
|
500
|
525
|
|
Diageo Investment Corp.,
|
|
|
|
5.13%, 8/15/30
|
200
|
206
|
|
5.63%, 4/15/35
|
300
|
314
|
|
|
|
4,587
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
FOREIGN ISSUER BONDS - 6.1% continued
|
||
|
Biotechnology & Pharmaceuticals – 0.1%
|
||
|
AstraZeneca PLC,
|
|
|
|
3.13%, 6/12/27
|
$31
|
$30
|
|
1.38%, 8/6/30
|
731
|
635
|
|
6.45%, 9/15/37
|
450
|
505
|
|
4.00%, 9/18/42
|
250
|
212
|
|
GlaxoSmithKline Capital, Inc.,
|
|
|
|
3.88%, 5/15/28
|
300
|
299
|
|
5.38%, 4/15/34
|
150
|
157
|
|
6.38%, 5/15/38
|
274
|
304
|
|
Takeda Pharmaceutical Co. Ltd.,
|
|
|
|
3.03%, 7/9/40
|
500
|
374
|
|
3.18%, 7/9/50
|
204
|
134
|
|
|
|
2,650
|
|
Cable & Satellite – 0.0%
|
||
|
Grupo Televisa S.A.B.,
|
|
|
|
6.63%, 1/15/40
|
300
|
281
|
|
Chemicals – 0.0%
|
||
|
Nutrien Ltd.,
|
|
|
|
4.13%, 3/15/35
|
23
|
21
|
|
5.88%, 12/1/36
|
27
|
28
|
|
5.63%, 12/1/40
|
150
|
148
|
|
6.13%, 1/15/41
|
200
|
205
|
|
5.80%, 3/27/53
|
200
|
198
|
|
|
|
600
|
|
Commercial Support Services – 0.0%
|
||
|
RELX Capital, Inc.,
|
|
|
|
4.75%, 3/27/30
|
300
|
304
|
|
Thomson Reuters Corp.,
|
|
|
|
5.50%, 8/15/35
|
150
|
149
|
|
|
|
453
|
|
Containers & Packaging – 0.0%
|
||
|
Smurfit Kappa Treasury ULC,
|
|
|
|
5.78%, 4/3/54
|
200
|
197
|
|
E-Commerce Discretionary – 0.1%
|
||
|
Alibaba Group Holding Ltd.,
|
|
|
|
5.25%, 5/26/35 (2)
|
200
|
202
|
|
4.40%, 12/6/57
|
600
|
480
|
|
JD.com, Inc.,
|
|
|
|
3.38%, 1/14/30
|
300
|
287
|
|
|
|
969
|
|
|
June 30, 2025 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
FOREIGN ISSUER BONDS - 6.1% continued
|
||
|
Electric Utilities – 0.0%
|
||
|
Emera U.S. Finance L.P.,
|
|
|
|
2.64%, 6/15/31
|
$300
|
$263
|
|
Enel Americas S.A.,
|
|
|
|
4.00%, 10/25/26
|
200
|
199
|
|
National Grid PLC,
|
|
|
|
5.60%, 6/12/28
|
150
|
155
|
|
|
|
617
|
|
Electrical Equipment – 0.0%
|
||
|
ABB Finance U.S.A., Inc.,
|
|
|
|
3.80%, 4/3/28
|
200
|
200
|
|
Tyco Electronics Group S.A.,
|
|
|
|
7.13%, 10/1/37
|
50
|
57
|
|
|
|
257
|
|
Energy – 0.0%
|
||
|
South Bow U.S.A. Infrastructure
Holdings LLC,
|
|
|
|
5.03%, 10/1/29(2)
|
400
|
401
|
|
Forestry, Paper & Wood Products – 0.0%
|
||
|
Suzano Austria GmbH,
|
|
|
|
3.13%, 1/15/32
|
400
|
352
|
|
Governmental Banks – 0.4%
|
||
|
Export Development Canada,
|
|
|
|
3.88%, 2/14/28
|
500
|
501
|
|
4.13%, 2/13/29
|
1,000
|
1,011
|
|
Export-Import Bank of Korea,
|
|
|
|
2.50%, 6/29/41
|
500
|
354
|
|
Japan Bank for International
Cooperation,
|
|
|
|
2.75%, 11/16/27
|
1,373
|
1,336
|
|
4.63%, 7/19/28
|
200
|
204
|
|
3.50%, 10/31/28
|
301
|
297
|
|
1.88%, 4/15/31
|
500
|
443
|
|
Korea Development Bank (The),
|
|
|
|
4.88%, 2/3/30
|
200
|
206
|
|
4.38%, 2/15/33
|
800
|
788
|
|
Kreditanstalt fuer Wiederaufbau,
|
|
|
|
2.88%, 4/3/28
|
1,215
|
1,189
|
|
4.38%, 2/28/34
|
1,500
|
1,516
|
|
0.00%, 4/18/36 (9)
|
500
|
311
|
|
Landwirtschaftliche Rentenbank,
|
|
|
|
3.88%, 6/14/28
|
500
|
502
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
FOREIGN ISSUER BONDS - 6.1% continued
|
||
|
Governmental Banks – 0.4%continued
|
||
|
Oesterreichische Kontrollbank A.G.,
|
|
|
|
4.25%, 3/1/28
|
$500
|
$506
|
|
|
|
9,164
|
|
Household Products – 0.1%
|
||
|
Unilever Capital Corp.,
|
|
|
|
2.00%, 7/28/26
|
674
|
659
|
|
2.90%, 5/5/27
|
326
|
320
|
|
5.90%, 11/15/32
|
125
|
136
|
|
4.63%, 8/12/34
|
100
|
99
|
|
|
|
1,214
|
|
Industrial Support Services – 0.0%
|
||
|
Triton Container International Ltd./TAL
International Container Corp.,
|
|
|
|
3.25%, 3/15/32
|
200
|
173
|
|
Institutional Financial Services – 0.1%
|
||
|
Marex Group PLC,
|
|
|
|
6.40%, 11/4/29
|
50
|
51
|
|
Nomura Holdings, Inc.,
|
|
|
|
5.39%, 7/6/27
|
1,200
|
1,222
|
|
6.07%, 7/12/28
|
500
|
522
|
|
|
|
1,795
|
|
Insurance – 0.0%
|
||
|
Fairfax Financial Holdings Ltd.,
|
|
|
|
6.35%, 3/22/54
|
200
|
202
|
|
Manulife Financial Corp.,
|
|
|
|
3.70%, 3/16/32
|
300
|
284
|
|
RenaissanceRe Holdings Ltd.,
|
|
|
|
5.75%, 6/5/33
|
200
|
206
|
|
XL Group Ltd.,
|
|
|
|
5.25%, 12/15/43
|
50
|
48
|
|
|
|
740
|
|
Internet Media & Services – 0.0%
|
||
|
Baidu, Inc.,
|
|
|
|
2.38%, 8/23/31
|
300
|
267
|
|
Weibo Corp.,
|
|
|
|
3.38%, 7/8/30
|
200
|
186
|
|
|
|
453
|
|
Leisure Facilities & Services – 0.0%
|
||
|
Sands China Ltd.,
|
|
|
|
2.30%, 3/8/27
|
700
|
672
|
|
Schedule of Investments
|
|
BOND INDEX FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
FOREIGN ISSUER BONDS - 6.1% continued
|
||
|
Machinery – 0.0%
|
||
|
nVent Finance S.a.r.l.,
|
|
|
|
5.65%, 5/15/33
|
$200
|
$204
|
|
Medical Equipment & Devices – 0.0%
|
||
|
Koninklijke Philips N.V.,
|
|
|
|
6.88%, 3/11/38
|
225
|
246
|
|
5.00%, 3/15/42
|
100
|
90
|
|
|
|
336
|
|
Metals & Mining – 0.1%
|
||
|
AngloGold Ashanti Holdings PLC,
|
|
|
|
3.75%, 10/1/30
|
200
|
187
|
|
Barrick North America Finance LLC,
|
|
|
|
5.70%, 5/30/41
|
300
|
301
|
|
BHP Billiton Finance U.S.A. Ltd.,
|
|
|
|
4.13%, 2/24/42
|
200
|
172
|
|
5.50%, 9/8/53
|
300
|
297
|
|
Kinross Gold Corp.,
|
|
|
|
6.25%, 7/15/33
|
100
|
107
|
|
Rio Tinto Alcan, Inc.,
|
|
|
|
6.13%, 12/15/33
|
100
|
109
|
|
5.75%, 6/1/35
|
100
|
106
|
|
Rio Tinto Finance U.S.A. PLC,
|
|
|
|
4.75%, 3/22/42
|
150
|
136
|
|
4.13%, 8/21/42
|
300
|
253
|
|
5.88%, 3/14/65
|
300
|
301
|
|
Southern Copper Corp.,
|
|
|
|
7.50%, 7/27/35
|
300
|
344
|
|
6.75%, 4/16/40
|
90
|
97
|
|
Vale Overseas Ltd.,
|
|
|
|
6.13%, 6/12/33
|
600
|
628
|
|
|
|
3,038
|
|
Oil & Gas Supply Chain – 0.3%
|
||
|
Canadian Natural Resources Ltd.,
|
|
|
|
3.85%, 6/1/27
|
395
|
391
|
|
7.20%, 1/15/32
|
15
|
16
|
|
6.45%, 6/30/33
|
135
|
144
|
|
6.75%, 2/1/39
|
200
|
214
|
|
Cenovus Energy, Inc.,
|
|
|
|
3.75%, 2/15/52
|
200
|
136
|
|
Enbridge, Inc.,
|
|
|
|
6.00%, 11/15/28
|
400
|
420
|
|
6.20%, 11/15/30
|
500
|
535
|
|
5.63%, 4/5/34
|
300
|
308
|
|
3.40%, 8/1/51
|
300
|
198
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
FOREIGN ISSUER BONDS - 6.1% continued
|
||
|
Oil & Gas Supply Chain – 0.3%continued
|
||
|
5.95%, 4/5/54
|
$100
|
$99
|
|
Equinor ASA,
|
|
|
|
3.00%, 4/6/27
|
52
|
51
|
|
2.38%, 5/22/30 †
|
870
|
799
|
|
4.25%, 11/23/41
|
350
|
309
|
|
Suncor Energy, Inc.,
|
|
|
|
7.15%, 2/1/32
|
200
|
221
|
|
5.95%, 12/1/34
|
50
|
52
|
|
6.80%, 5/15/38
|
130
|
140
|
|
3.75%, 3/4/51
|
100
|
70
|
|
TotalEnergies Capital International S.A.,
|
|
|
|
2.83%, 1/10/30
|
500
|
474
|
|
TotalEnergies Capital S.A.,
|
|
|
|
5.15%, 4/5/34
|
400
|
410
|
|
5.28%, 9/10/54
|
500
|
468
|
|
TransCanada PipeLines Ltd.,
|
|
|
|
6.10%, 6/1/40
|
200
|
207
|
|
5.10%, 3/15/49
|
400
|
362
|
|
Woodside Finance Ltd.,
|
|
|
|
5.70%, 9/12/54
|
100
|
90
|
|
|
|
6,114
|
|
Regional – 0.2%
|
||
|
Province of Alberta Canada,
|
|
|
|
4.50%, 1/24/34
|
500
|
498
|
|
Province of British Columbia Canada,
|
|
|
|
4.80%, 11/15/28
|
750
|
770
|
|
4.90%, 4/24/29
|
500
|
517
|
|
7.25%, 9/1/36
|
175
|
211
|
|
Province of Manitoba Canada,
|
|
|
|
4.90%, 5/31/34
|
500
|
512
|
|
Province of Ontario Canada,
|
|
|
|
4.20%, 1/18/29
|
1,000
|
1,010
|
|
1.13%, 10/7/30
|
426
|
367
|
|
2.13%, 1/21/32
|
60
|
53
|
|
5.05%, 4/24/34
|
500
|
519
|
|
Province of Quebec Canada,
|
|
|
|
7.50%, 9/15/29
|
375
|
425
|
|
4.50%, 9/8/33
|
500
|
501
|
|
|
|
5,383
|
|
Retail - Consumer Staples – 0.0%
|
||
|
Koninklijke Ahold Delhaize N.V.,
|
|
|
|
5.70%, 10/1/40
|
116
|
119
|
|
|
June 30, 2025 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
FOREIGN ISSUER BONDS - 6.1% continued
|
||
|
Semiconductors – 0.1%
|
||
|
NXP B.V./NXP Funding LLC/NXP
U.S.A., Inc.,
|
|
|
|
3.40%, 5/1/30
|
$1,000
|
$947
|
|
TSMC Arizona Corp.,
|
|
|
|
3.13%, 10/25/41
|
500
|
387
|
|
|
|
1,334
|
|
Sovereign Agencies – 0.0%
|
||
|
Japan International Cooperation
Agency,
|
|
|
|
4.00%, 5/23/28
|
400
|
400
|
|
Sovereign Government – 1.0%
|
||
|
Canada Government International
Bond,
|
|
|
|
4.63%, 4/30/29
|
1,200
|
1,236
|
|
Chile Government International Bond,
|
|
|
|
2.75%, 1/31/27
|
1,000
|
973
|
|
5.65%, 1/13/37
|
300
|
309
|
|
3.50%, 1/25/50
|
210
|
149
|
|
5.33%, 1/5/54 †
|
500
|
468
|
|
3.10%, 1/22/61
|
500
|
302
|
|
Indonesia Government International
Bond,
|
|
|
|
3.50%, 1/11/28
|
500
|
493
|
|
5.35%, 2/11/49
|
1,000
|
968
|
|
5.65%, 1/11/53
|
300
|
297
|
|
Israel Government International Bond,
|
|
|
|
5.38%, 3/12/29
|
1,000
|
1,019
|
|
5.63%, 2/19/35
|
500
|
508
|
|
4.50%, 1/30/43
|
200
|
165
|
|
3.88%, 7/3/50
|
600
|
422
|
|
Korea International Bond,
|
|
|
|
2.75%, 1/19/27
|
200
|
196
|
|
3.50%, 9/20/28 †
|
500
|
492
|
|
Mexico Government International
Bond,
|
|
|
|
5.40%, 2/9/28
|
1,000
|
1,021
|
|
3.25%, 4/16/30
|
742
|
682
|
|
4.88%, 5/19/33
|
258
|
243
|
|
3.50%, 2/12/34 (10)
|
—
|
—
|
|
6.35%, 2/9/35
|
500
|
511
|
|
4.75%, 3/8/44
|
1,000
|
786
|
|
5.55%, 1/21/45 †
|
500
|
447
|
|
4.60%, 1/23/46
|
500
|
377
|
|
4.35%, 1/15/47
|
500
|
360
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
FOREIGN ISSUER BONDS - 6.1% continued
|
||
|
Sovereign Government – 1.0%continued
|
||
|
4.40%, 2/12/52
|
$700
|
$490
|
|
6.34%, 5/4/53
|
500
|
458
|
|
Panama Government International
Bond,
|
|
|
|
3.88%, 3/17/28
|
565
|
546
|
|
3.16%, 1/23/30
|
33
|
30
|
|
2.25%, 9/29/32
|
102
|
78
|
|
6.88%, 1/31/36
|
500
|
497
|
|
4.50%, 5/15/47
|
250
|
172
|
|
4.50%, 4/1/56 †
|
1,000
|
647
|
|
Peruvian Government International
Bond,
|
|
|
|
6.55%, 3/14/37
|
500
|
542
|
|
3.30%, 3/11/41
|
500
|
370
|
|
5.63%, 11/18/50
|
600
|
569
|
|
Philippine Government International
Bond,
|
|
|
|
4.38%, 3/5/30
|
700
|
700
|
|
7.75%, 1/14/31
|
500
|
581
|
|
6.38%, 10/23/34
|
500
|
549
|
|
5.00%, 1/13/37
|
500
|
497
|
|
3.70%, 2/2/42
|
500
|
400
|
|
Republic of Italy Government
International Bond,
|
|
|
|
2.88%, 10/17/29
|
1,200
|
1,125
|
|
5.38%, 6/15/33
|
175
|
183
|
|
Republic of Poland Government
International Bond,
|
|
|
|
5.38%, 2/12/35
|
400
|
407
|
|
5.50%, 4/4/53
|
500
|
466
|
|
5.50%, 3/18/54
|
200
|
185
|
|
Uruguay Government International
Bond,
|
|
|
|
7.63%, 3/21/36
|
250
|
298
|
|
5.10%, 6/18/50
|
750
|
692
|
|
|
|
22,906
|
|
Specialty Finance – 0.1%
|
||
|
AerCap Ireland Capital DAC/AerCap
Global Aviation Trust,
|
|
|
|
3.88%, 1/23/28
|
123
|
122
|
|
5.75%, 6/6/28
|
300
|
310
|
|
3.30%, 1/30/32 †
|
1,000
|
906
|
|
5.30%, 1/19/34
|
200
|
201
|
|
Schedule of Investments
|
|
BOND INDEX FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
FOREIGN ISSUER BONDS - 6.1% continued
|
||
|
Specialty Finance – 0.1%continued
|
||
|
ORIX Corp.,
|
|
|
|
5.00%, 9/13/27 †
|
$300
|
$304
|
|
|
|
1,843
|
|
Steel – 0.0%
|
||
|
ArcelorMittal S.A.,
|
|
|
|
6.80%, 11/29/32
|
500
|
550
|
|
Supranationals – 0.9%
|
||
|
African Development Bank,
|
|
|
|
4.38%, 3/14/28
|
1,000
|
1,016
|
|
Asian Development Bank,
|
|
|
|
2.50%, 11/2/27
|
500
|
486
|
|
4.50%, 8/25/28
|
700
|
715
|
|
4.00%, 1/12/33
|
2,000
|
1,989
|
|
Asian Infrastructure Investment Bank
(The),
|
|
|
|
4.13%, 1/18/29
|
1,000
|
1,011
|
|
Council of Europe Development Bank,
|
|
|
|
4.13%, 1/24/29
|
500
|
505
|
|
European Bank for Reconstruction &
Development,
|
|
|
|
4.38%, 3/9/28
|
1,000
|
1,015
|
|
European Investment Bank,
|
|
|
|
3.88%, 3/15/28
|
1,000
|
1,004
|
|
3.88%, 6/15/28
|
500
|
502
|
|
4.00%, 2/15/29
|
1,000
|
1,008
|
|
3.75%, 11/15/29
|
500
|
499
|
|
4.38%, 10/10/31
|
300
|
306
|
|
3.75%, 2/14/33
|
1,900
|
1,861
|
|
4.88%, 2/15/36
|
200
|
209
|
|
Inter-American Development Bank,
|
|
|
|
1.13%, 7/20/28
|
197
|
182
|
|
3.13%, 9/18/28
|
1,000
|
980
|
|
1.13%, 1/13/31
|
1,000
|
862
|
|
3.50%, 4/12/33
|
300
|
287
|
|
3.88%, 10/28/41
|
200
|
177
|
|
International Bank for Reconstruction &
Development,
|
|
|
|
4.00%, 7/25/30
|
500
|
503
|
|
2.50%, 3/29/32
|
1,000
|
909
|
|
3.88%, 8/28/34
|
500
|
486
|
|
4.70%, 11/8/34
|
500
|
501
|
|
4.75%, 2/15/35
|
25
|
26
|
|
5.06%, 2/28/39
|
1,000
|
1,010
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
FOREIGN ISSUER BONDS - 6.1% continued
|
||
|
Supranationals – 0.9%continued
|
||
|
International Finance Corp.,
|
|
|
|
4.25%, 7/2/29
|
$1,000
|
$1,017
|
|
Nordic Investment Bank,
|
|
|
|
4.38%, 3/14/28
|
700
|
711
|
|
|
|
19,777
|
|
Telecommunications – 0.3%
|
||
|
America Movil S.A.B. de C.V.,
|
|
|
|
6.13%, 11/15/37
|
505
|
536
|
|
Bell Telephone Co. of Canada or Bell
Canada,
|
|
|
|
4.46%, 4/1/48
|
400
|
322
|
|
British Telecommunications PLC,
|
|
|
|
5.13%, 12/4/28
|
200
|
205
|
|
9.63%, 12/15/30
|
100
|
123
|
|
Deutsche Telekom International Finance
B.V.,
|
|
|
|
8.75%, 6/15/30
|
400
|
472
|
|
Orange S.A.,
|
|
|
|
9.00%, 3/1/31
|
610
|
741
|
|
Rogers Communications, Inc.,
|
|
|
|
4.50%, 3/15/42
|
400
|
341
|
|
4.50%, 3/15/43
|
45
|
38
|
|
5.45%, 10/1/43
|
49
|
46
|
|
5.00%, 3/15/44
|
81
|
72
|
|
4.55%, 3/15/52
|
500
|
407
|
|
Telefonica Emisiones S.A.,
|
|
|
|
4.10%, 3/8/27
|
469
|
467
|
|
5.21%, 3/8/47
|
570
|
504
|
|
TELUS Corp.,
|
|
|
|
3.40%, 5/13/32
|
400
|
365
|
|
Vodafone Group PLC,
|
|
|
|
7.88%, 2/15/30
|
2
|
2
|
|
6.15%, 2/27/37
|
59
|
63
|
|
4.88%, 6/19/49
|
500
|
430
|
|
5.63%, 2/10/53
|
400
|
377
|
|
|
|
5,511
|
|
Tobacco & Cannabis – 0.1%
|
||
|
BAT Capital Corp.,
|
|
|
|
4.91%, 4/2/30
|
400
|
405
|
|
5.83%, 2/20/31
|
400
|
421
|
|
7.08%, 8/2/53
|
100
|
111
|
|
Reynolds American, Inc.,
|
|
|
|
7.25%, 6/15/37
|
250
|
280
|
|
|
June 30, 2025 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
FOREIGN ISSUER BONDS - 6.1% continued
|
||
|
Tobacco & Cannabis – 0.1%continued
|
||
|
6.15%, 9/15/43
|
$65
|
$66
|
|
5.85%, 8/15/45
|
795
|
767
|
|
|
|
2,050
|
|
Transportation & Logistics – 0.1%
|
||
|
Canadian National Railway Co.,
|
|
|
|
6.90%, 7/15/28
|
25
|
27
|
|
6.25%, 8/1/34
|
15
|
17
|
|
6.20%, 6/1/36
|
40
|
44
|
|
6.38%, 11/15/37
|
20
|
22
|
|
4.40%, 8/5/52
|
300
|
254
|
|
Canadian Pacific Railway Co.,
|
|
|
|
5.95%, 5/15/37
|
710
|
754
|
|
4.95%, 8/15/45
|
100
|
91
|
|
|
|
1,209
|
|
Total Foreign Issuer Bonds
|
|
|
|
(Cost $143,328)
|
|
139,669
|
|
|
|
|
|
U.S. GOVERNMENT AGENCIES – 25.7% (11)
|
||
|
Fannie Mae – 12.0%
|
||
|
1.88%, 9/24/26
|
1,000
|
975
|
|
7.13%, 1/15/30
|
1,175
|
1,336
|
|
0.88%, 8/5/30
|
600
|
518
|
|
6.63%, 11/15/30
|
200
|
226
|
|
5.63%, 7/15/37
|
250
|
274
|
|
Fannie Mae-Aces, Series 2017-M11,
Class A2,
|
|
|
|
2.98%, 8/25/29
|
106
|
102
|
|
Fannie Mae-Aces, Series 2017-M14,
Class A2,
|
|
|
|
2.90%, 11/25/27(1)
|
182
|
177
|
|
Fannie Mae-Aces, Series 2017-M4,
Class A2,
|
|
|
|
2.64%, 12/25/26(1)
|
96
|
94
|
|
Fannie Mae-Aces, Series 2017-M8,
Class A2,
|
|
|
|
3.06%, 5/25/27
|
209
|
205
|
|
Fannie Mae-Aces, Series 2018-M1,
Class A2,
|
|
|
|
3.09%, 12/25/27(1)
|
159
|
155
|
|
Fannie Mae-Aces, Series 2018-M10,
Class A2,
|
|
|
|
3.47%, 7/25/28(1)
|
194
|
190
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
U.S. GOVERNMENT AGENCIES - 25.7% (11)continued
|
||
|
Fannie Mae – 12.0%continued
|
||
|
Fannie Mae-Aces, Series 2018-M12,
Class A2,
|
|
|
|
3.75%, 8/25/30(1)
|
$110
|
$107
|
|
Fannie Mae-Aces, Series 2018-M13,
Class A2,
|
|
|
|
3.87%, 9/25/30(1)
|
147
|
144
|
|
Fannie Mae-Aces, Series 2018-M2,
Class A2,
|
|
|
|
3.00%, 1/25/28(1)
|
109
|
106
|
|
Fannie Mae-Aces, Series 2018-M4,
Class A2,
|
|
|
|
3.16%, 3/25/28(1)
|
71
|
69
|
|
Fannie Mae-Aces, Series 2018-M8,
Class A2,
|
|
|
|
3.41%, 6/25/28(1)
|
90
|
88
|
|
Fannie Mae-Aces, Series 2019-M18,
Class A2,
|
|
|
|
2.47%, 8/25/29
|
91
|
86
|
|
Fannie Mae-Aces, Series 2019-M4,
Class A2,
|
|
|
|
3.61%, 2/25/31
|
132
|
128
|
|
Fannie Mae-Aces, Series 2019-M7,
Class A2,
|
|
|
|
3.14%, 4/25/29
|
155
|
149
|
|
Fannie Mae-Aces, Series 2019-M9,
Class A2,
|
|
|
|
2.94%, 6/25/29
|
130
|
125
|
|
Fannie Mae-Aces, Series 2020-M42,
Class A2,
|
|
|
|
1.27%, 7/25/30
|
200
|
174
|
|
Fannie Mae-Aces, Series 2020-M46,
Class A2,
|
|
|
|
1.32%, 5/25/30
|
490
|
434
|
|
Fannie Mae-Aces, Series 2020-M52,
Class A2,
|
|
|
|
1.36%, 10/25/30(1)
|
350
|
303
|
|
Fannie Mae-Aces, Series 2020-M53,
Class A2,
|
|
|
|
1.75%, 11/25/32(1)
|
200
|
167
|
|
Fannie Mae-Aces, Series 2021-M11,
Class A2,
|
|
|
|
1.51%, 3/25/31(1)
|
200
|
171
|
|
Fannie Mae-Aces, Series 2022-M1,
Class A2,
|
|
|
|
1.72%, 10/25/31(1)
|
200
|
170
|
|
Schedule of Investments
|
|
BOND INDEX FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
U.S. GOVERNMENT AGENCIES - 25.7% (11)continued
|
||
|
Fannie Mae – 12.0%continued
|
||
|
Fannie Mae-Aces, Series 2022-M10,
Class A2,
|
|
|
|
1.99%, 1/25/32(1)
|
$250
|
$216
|
|
Fannie Mae-Aces, Series 2023-M1S,
Class A2,
|
|
|
|
4.65%, 4/25/33(1)
|
350
|
350
|
|
Fannie Mae-Aces, Series 2023-M6,
Class A2,
|
|
|
|
4.19%, 7/25/28(1) (10)
|
—
|
—
|
|
Fannie Mae-Aces, Series 2025-M1,
Class A2,
|
|
|
|
4.70%, 1/25/35
|
150
|
150
|
|
Pool #256925,
|
|
|
|
6.00%, 10/1/37
|
4
|
4
|
|
Pool #256959,
|
|
|
|
6.00%, 11/1/37
|
27
|
28
|
|
Pool #257042,
|
|
|
|
6.50%, 1/1/38
|
59
|
63
|
|
Pool #257237,
|
|
|
|
4.50%, 6/1/28
|
4
|
4
|
|
Pool #707791,
|
|
|
|
5.00%, 6/1/33
|
25
|
25
|
|
Pool #725425,
|
|
|
|
5.50%, 4/1/34
|
11
|
12
|
|
Pool #730811,
|
|
|
|
4.50%, 8/1/33
|
14
|
14
|
|
Pool #735222,
|
|
|
|
5.00%, 2/1/35
|
7
|
7
|
|
Pool #735358,
|
|
|
|
5.50%, 2/1/35
|
28
|
29
|
|
Pool #735502,
|
|
|
|
6.00%, 4/1/35
|
4
|
4
|
|
Pool #737853,
|
|
|
|
5.00%, 9/1/33
|
62
|
62
|
|
Pool #745336,
|
|
|
|
5.00%, 3/1/36
|
139
|
141
|
|
Pool #745418,
|
|
|
|
5.50%, 4/1/36
|
10
|
10
|
|
Pool #745754,
|
|
|
|
5.00%, 9/1/34
|
105
|
107
|
|
Pool #745826,
|
|
|
|
6.00%, 7/1/36
|
44
|
46
|
|
Pool #747383,
|
|
|
|
5.50%, 10/1/33
|
26
|
26
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
U.S. GOVERNMENT AGENCIES - 25.7% (11)continued
|
||
|
Fannie Mae – 12.0%continued
|
||
|
Pool #755632,
|
|
|
|
5.00%, 4/1/34
|
$20
|
$20
|
|
Pool #772730,
|
|
|
|
5.00%, 4/1/34
|
21
|
21
|
|
Pool #790406,
|
|
|
|
6.00%, 9/1/34
|
10
|
10
|
|
Pool #793666,
|
|
|
|
5.50%, 9/1/34
|
7
|
7
|
|
Pool #796250,
|
|
|
|
5.50%, 11/1/34
|
13
|
14
|
|
Pool #800471,
|
|
|
|
5.50%, 10/1/34
|
27
|
27
|
|
Pool #817795,
|
|
|
|
6.00%, 8/1/36
|
7
|
7
|
|
Pool #826057,
|
|
|
|
5.00%, 7/1/35
|
22
|
23
|
|
Pool #826585,
|
|
|
|
5.00%, 8/1/35
|
30
|
30
|
|
Pool #828523,
|
|
|
|
5.00%, 7/1/35
|
14
|
14
|
|
Pool #831676,
|
|
|
|
6.50%, 8/1/36
|
3
|
4
|
|
Pool #833067,
|
|
|
|
5.50%, 9/1/35
|
55
|
56
|
|
Pool #833163,
|
|
|
|
5.00%, 9/1/35
|
22
|
22
|
|
Pool #845425,
|
|
|
|
6.00%, 2/1/36
|
7
|
7
|
|
Pool #868435,
|
|
|
|
6.00%, 4/1/36
|
52
|
54
|
|
Pool #869710,
|
|
|
|
6.00%, 4/1/36
|
11
|
12
|
|
Pool #871135,
|
|
|
|
6.00%, 1/1/37
|
15
|
16
|
|
Pool #885866,
|
|
|
|
6.00%, 6/1/36
|
55
|
58
|
|
Pool #888100,
|
|
|
|
5.50%, 9/1/36
|
48
|
50
|
|
Pool #888205,
|
|
|
|
6.50%, 2/1/37
|
12
|
12
|
|
Pool #889224,
|
|
|
|
5.50%, 1/1/37
|
52
|
54
|
|
|
June 30, 2025 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
U.S. GOVERNMENT AGENCIES - 25.7% (11)continued
|
||
|
Fannie Mae – 12.0%continued
|
||
|
Pool #889401,
|
|
|
|
6.00%, 3/1/38
|
$25
|
$26
|
|
Pool #889579,
|
|
|
|
6.00%, 5/1/38
|
54
|
56
|
|
Pool #889630,
|
|
|
|
6.50%, 3/1/38
|
6
|
6
|
|
Pool #889970,
|
|
|
|
5.00%, 12/1/36
|
38
|
39
|
|
Pool #890234,
|
|
|
|
6.00%, 10/1/38
|
25
|
26
|
|
Pool #890796,
|
|
|
|
3.50%, 12/1/45
|
472
|
440
|
|
Pool #893363,
|
|
|
|
5.00%, 6/1/36
|
8
|
8
|
|
Pool #893366,
|
|
|
|
5.00%, 4/1/35
|
17
|
17
|
|
Pool #898417,
|
|
|
|
6.00%, 10/1/36
|
7
|
7
|
|
Pool #899079,
|
|
|
|
5.00%, 3/1/37
|
14
|
14
|
|
Pool #902414,
|
|
|
|
5.50%, 11/1/36
|
40
|
41
|
|
Pool #906090,
|
|
|
|
5.50%, 1/1/37
|
28
|
29
|
|
Pool #918515,
|
|
|
|
5.00%, 6/1/37
|
25
|
26
|
|
Pool #923123,
|
|
|
|
5.00%, 4/1/36
|
7
|
7
|
|
Pool #923166,
|
|
|
|
7.50%, 1/1/37
|
4
|
4
|
|
Pool #928261,
|
|
|
|
4.50%, 3/1/36
|
26
|
26
|
|
Pool #928584,
|
|
|
|
6.50%, 8/1/37
|
80
|
83
|
|
Pool #928909,
|
|
|
|
6.00%, 12/1/37(10)
|
—
|
—
|
|
Pool #928915,
|
|
|
|
6.00%, 11/1/37
|
2
|
2
|
|
Pool #930606,
|
|
|
|
4.00%, 2/1/39
|
119
|
115
|
|
Pool #932023,
|
|
|
|
5.00%, 1/1/38
|
20
|
20
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
U.S. GOVERNMENT AGENCIES - 25.7% (11)continued
|
||
|
Fannie Mae – 12.0%continued
|
||
|
Pool #940623,
|
|
|
|
5.50%, 8/1/37
|
$7
|
$7
|
|
Pool #943388,
|
|
|
|
6.00%, 6/1/37
|
27
|
28
|
|
Pool #943617,
|
|
|
|
6.00%, 8/1/37
|
10
|
10
|
|
Pool #945876,
|
|
|
|
5.50%, 8/1/37
|
4
|
4
|
|
Pool #947216,
|
|
|
|
6.00%, 10/1/37
|
17
|
18
|
|
Pool #953018,
|
|
|
|
6.50%, 10/1/37
|
29
|
31
|
|
Pool #953910,
|
|
|
|
6.00%, 11/1/37
|
16
|
17
|
|
Pool #955771,
|
|
|
|
6.50%, 10/1/37
|
10
|
11
|
|
Pool #959604,
|
|
|
|
6.50%, 11/1/37
|
3
|
4
|
|
Pool #959880,
|
|
|
|
5.50%, 11/1/37
|
4
|
4
|
|
Pool #962687,
|
|
|
|
5.00%, 4/1/38
|
29
|
29
|
|
Pool #968037,
|
|
|
|
6.00%, 1/1/38
|
21
|
22
|
|
Pool #969632,
|
|
|
|
6.50%, 1/1/38
|
14
|
15
|
|
Pool #970013,
|
|
|
|
4.50%, 6/1/38
|
61
|
61
|
|
Pool #972452,
|
|
|
|
5.50%, 3/1/38
|
36
|
37
|
|
Pool #981854,
|
|
|
|
5.50%, 7/1/38
|
7
|
7
|
|
Pool #986760,
|
|
|
|
5.50%, 7/1/38
|
86
|
88
|
|
Pool #992472,
|
|
|
|
6.00%, 10/1/38
|
8
|
8
|
|
Pool #995018,
|
|
|
|
5.50%, 6/1/38
|
17
|
18
|
|
Pool #995203,
|
|
|
|
5.00%, 7/1/35
|
111
|
112
|
|
Pool #995879,
|
|
|
|
6.00%, 4/1/39
|
22
|
23
|
|
Schedule of Investments
|
|
BOND INDEX FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
U.S. GOVERNMENT AGENCIES - 25.7% (11)continued
|
||
|
Fannie Mae – 12.0%continued
|
||
|
Pool #AA0649,
|
|
|
|
5.00%, 12/1/38
|
$83
|
$84
|
|
Pool #AA4482,
|
|
|
|
4.00%, 4/1/39
|
103
|
100
|
|
Pool #AA8978,
|
|
|
|
4.50%, 7/1/39
|
19
|
19
|
|
Pool #AA9357,
|
|
|
|
4.50%, 8/1/39
|
93
|
93
|
|
Pool #AB2067,
|
|
|
|
3.50%, 1/1/41
|
224
|
211
|
|
Pool #AB2092,
|
|
|
|
4.00%, 1/1/41
|
142
|
137
|
|
Pool #AB2693,
|
|
|
|
4.50%, 4/1/41
|
139
|
138
|
|
Pool #AB2768,
|
|
|
|
4.50%, 4/1/41
|
135
|
135
|
|
Pool #AB3035,
|
|
|
|
5.00%, 5/1/41
|
243
|
246
|
|
Pool #AB3246,
|
|
|
|
5.00%, 7/1/41
|
53
|
54
|
|
Pool #AB4293,
|
|
|
|
3.50%, 1/1/42
|
275
|
258
|
|
Pool #AB6016,
|
|
|
|
3.50%, 8/1/42
|
165
|
154
|
|
Pool #AB7076,
|
|
|
|
3.00%, 11/1/42
|
815
|
738
|
|
Pool #AB7503,
|
|
|
|
3.00%, 1/1/43
|
292
|
264
|
|
Pool #AB7733,
|
|
|
|
3.00%, 1/1/43
|
647
|
585
|
|
Pool #AB9019,
|
|
|
|
3.00%, 4/1/43
|
341
|
308
|
|
Pool #AB9136,
|
|
|
|
2.50%, 4/1/43
|
36
|
32
|
|
Pool #AB9990,
|
|
|
|
3.00%, 7/1/33
|
67
|
65
|
|
Pool #AC3263,
|
|
|
|
4.50%, 9/1/29
|
27
|
27
|
|
Pool #AC6118,
|
|
|
|
4.50%, 11/1/39
|
59
|
58
|
|
Pool #AC8518,
|
|
|
|
5.00%, 12/1/39
|
90
|
91
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
U.S. GOVERNMENT AGENCIES - 25.7% (11)continued
|
||
|
Fannie Mae – 12.0%continued
|
||
|
Pool #AD0119,
|
|
|
|
6.00%, 7/1/38
|
$73
|
$77
|
|
Pool #AD0639,
|
|
|
|
6.00%, 12/1/38
|
25
|
26
|
|
Pool #AD0969,
|
|
|
|
5.50%, 8/1/37
|
86
|
89
|
|
Pool #AD5241,
|
|
|
|
4.50%, 7/1/40
|
69
|
69
|
|
Pool #AD5525,
|
|
|
|
5.00%, 6/1/40
|
101
|
103
|
|
Pool #AD7859,
|
|
|
|
5.00%, 6/1/40
|
43
|
43
|
|
Pool #AE0981,
|
|
|
|
3.50%, 3/1/41
|
174
|
164
|
|
Pool #AE1807,
|
|
|
|
4.00%, 10/1/40
|
269
|
260
|
|
Pool #AE3873,
|
|
|
|
4.50%, 10/1/40
|
42
|
42
|
|
Pool #AE5436,
|
|
|
|
4.50%, 10/1/40
|
69
|
69
|
|
Pool #AE7758,
|
|
|
|
3.50%, 11/1/25
|
2
|
2
|
|
Pool #AH1295,
|
|
|
|
3.50%, 1/1/26
|
6
|
6
|
|
Pool #AH3226,
|
|
|
|
5.00%, 2/1/41
|
35
|
35
|
|
Pool #AH4158,
|
|
|
|
4.00%, 1/1/41
|
50
|
48
|
|
Pool #AH4450,
|
|
|
|
3.00%, 1/1/26
|
3
|
3
|
|
Pool #AH5614,
|
|
|
|
3.50%, 2/1/26
|
5
|
5
|
|
Pool #AH8854,
|
|
|
|
4.50%, 4/1/41
|
63
|
63
|
|
Pool #AI1247,
|
|
|
|
4.00%, 4/1/26
|
4
|
4
|
|
Pool #AI3470,
|
|
|
|
4.50%, 6/1/41
|
95
|
94
|
|
Pool #AI4361,
|
|
|
|
(Floating, Refinitiv USD IBOR
Consumer Cash Fallbacks 1Y
Index + 1.80%, 1.80% Floor,
8.09% Cap), 7.39%, 9/1/41(12)
|
2
|
2
|
|
|
June 30, 2025 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
U.S. GOVERNMENT AGENCIES - 25.7% (11)continued
|
||
|
Fannie Mae – 12.0%continued
|
||
|
Pool #AI4380,
|
|
|
|
(Floating, Refinitiv USD IBOR
Consumer Cash Fallbacks 1Y
Index + 1.80%, 1.80% Floor,
7.93% Cap), 6.43%, 11/1/41(12)
|
$5
|
$5
|
|
Pool #AI5603,
|
|
|
|
4.50%, 7/1/41
|
56
|
55
|
|
Pool #AI7743,
|
|
|
|
4.00%, 8/1/41
|
54
|
53
|
|
Pool #AI9555,
|
|
|
|
4.00%, 9/1/41
|
128
|
123
|
|
Pool #AI9828,
|
|
|
|
(Floating, Refinitiv USD IBOR
Consumer Cash Fallbacks 1Y
Index + 1.82%, 1.82% Floor,
7.93% Cap), 6.75%, 11/1/41(12)
|
3
|
3
|
|
Pool #AJ4093,
|
|
|
|
3.50%, 10/1/26
|
4
|
4
|
|
Pool #AJ4408,
|
|
|
|
4.50%, 10/1/41
|
56
|
55
|
|
Pool #AJ6086,
|
|
|
|
3.00%, 12/1/26
|
12
|
12
|
|
Pool #AJ9218,
|
|
|
|
4.00%, 2/1/42
|
215
|
207
|
|
Pool #AJ9326,
|
|
|
|
3.50%, 1/1/42
|
457
|
430
|
|
Pool #AJ9355,
|
|
|
|
3.00%, 1/1/27
|
28
|
28
|
|
Pool #AK4813,
|
|
|
|
3.50%, 3/1/42
|
155
|
143
|
|
Pool #AK4945,
|
|
|
|
3.50%, 2/1/42
|
122
|
114
|
|
Pool #AK7766,
|
|
|
|
2.50%, 3/1/27
|
40
|
39
|
|
Pool #AK9444,
|
|
|
|
4.00%, 3/1/42
|
24
|
23
|
|
Pool #AL0442,
|
|
|
|
5.50%, 6/1/40
|
27
|
28
|
|
Pool #AL1849,
|
|
|
|
6.00%, 2/1/39
|
104
|
110
|
|
Pool #AL1939,
|
|
|
|
3.50%, 6/1/42
|
416
|
391
|
|
Pool #AL2243,
|
|
|
|
4.00%, 3/1/42
|
285
|
275
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
U.S. GOVERNMENT AGENCIES - 25.7% (11)continued
|
||
|
Fannie Mae – 12.0%continued
|
||
|
Pool #AL2303,
|
|
|
|
4.50%, 6/1/26
|
$1
|
$1
|
|
Pool #AL2397,
|
|
|
|
(Floating, Refinitiv USD IBOR
Consumer Cash Fallbacks 1Y
Index + 1.71%, 1.71% Floor,
7.77% Cap), 7.37%, 8/1/42(12)
|
4
|
4
|
|
Pool #AL3803,
|
|
|
|
3.00%, 6/1/28
|
73
|
72
|
|
Pool #AL4462,
|
|
|
|
2.50%, 6/1/28
|
97
|
95
|
|
Pool #AL5167,
|
|
|
|
3.50%, 1/1/34
|
66
|
64
|
|
Pool #AL5254,
|
|
|
|
3.00%, 11/1/27
|
45
|
44
|
|
Pool #AL5377,
|
|
|
|
4.00%, 6/1/44
|
935
|
900
|
|
Pool #AL5734,
|
|
|
|
3.50%, 9/1/29
|
131
|
130
|
|
Pool #AL5785,
|
|
|
|
4.00%, 9/1/44
|
563
|
539
|
|
Pool #AL6488,
|
|
|
|
3.50%, 8/1/43
|
215
|
202
|
|
Pool #AL7807,
|
|
|
|
3.00%, 11/1/30
|
134
|
131
|
|
Pool #AL8951,
|
|
|
|
3.00%, 8/1/46
|
272
|
242
|
|
Pool #AO0752,
|
|
|
|
3.00%, 4/1/42
|
176
|
159
|
|
Pool #AO0800,
|
|
|
|
3.00%, 4/1/27
|
33
|
32
|
|
Pool #AO4136,
|
|
|
|
3.50%, 6/1/42
|
233
|
219
|
|
Pool #AO8629,
|
|
|
|
3.50%, 7/1/42
|
88
|
83
|
|
Pool #AP6273,
|
|
|
|
3.00%, 10/1/42
|
251
|
227
|
|
Pool #AQ6784,
|
|
|
|
3.50%, 12/1/42
|
228
|
214
|
|
Pool #AQ8185,
|
|
|
|
2.50%, 1/1/28
|
24
|
23
|
|
Pool #AQ8647,
|
|
|
|
3.50%, 12/1/42
|
360
|
338
|
|
Schedule of Investments
|
|
BOND INDEX FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
U.S. GOVERNMENT AGENCIES - 25.7% (11)continued
|
||
|
Fannie Mae – 12.0%continued
|
||
|
Pool #AR1706,
|
|
|
|
2.50%, 1/1/28
|
$259
|
$253
|
|
Pool #AR3054,
|
|
|
|
3.00%, 1/1/28
|
70
|
69
|
|
Pool #AR3792,
|
|
|
|
3.00%, 2/1/43
|
182
|
164
|
|
Pool #AR9188,
|
|
|
|
2.50%, 3/1/43
|
59
|
52
|
|
Pool #AR9582,
|
|
|
|
3.00%, 3/1/43
|
147
|
133
|
|
Pool #AS0018,
|
|
|
|
3.00%, 7/1/43
|
175
|
158
|
|
Pool #AS0275,
|
|
|
|
3.00%, 8/1/33
|
83
|
80
|
|
Pool #AS3294,
|
|
|
|
4.00%, 9/1/44
|
343
|
327
|
|
Pool #AS3600,
|
|
|
|
3.00%, 10/1/29
|
288
|
282
|
|
Pool #AS4085,
|
|
|
|
4.00%, 12/1/44
|
159
|
152
|
|
Pool #AS4306,
|
|
|
|
3.00%, 1/1/45
|
245
|
219
|
|
Pool #AS5500,
|
|
|
|
3.00%, 7/1/35
|
94
|
89
|
|
Pool #AS5666,
|
|
|
|
4.00%, 8/1/45
|
227
|
215
|
|
Pool #AS5892,
|
|
|
|
3.50%, 10/1/45
|
255
|
236
|
|
Pool #AS6262,
|
|
|
|
3.50%, 11/1/45
|
328
|
303
|
|
Pool #AS6398,
|
|
|
|
3.50%, 12/1/45
|
286
|
265
|
|
Pool #AS6730,
|
|
|
|
3.50%, 2/1/46
|
427
|
395
|
|
Pool #AS7149,
|
|
|
|
3.00%, 5/1/46
|
493
|
441
|
|
Pool #AS7157,
|
|
|
|
3.00%, 5/1/46
|
189
|
168
|
|
Pool #AS7247,
|
|
|
|
4.00%, 5/1/46
|
96
|
91
|
|
Pool #AS7343,
|
|
|
|
3.00%, 6/1/46
|
183
|
163
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
U.S. GOVERNMENT AGENCIES - 25.7% (11)continued
|
||
|
Fannie Mae – 12.0%continued
|
||
|
Pool #AS7480,
|
|
|
|
2.00%, 7/1/31
|
$44
|
$41
|
|
Pool #AS7580,
|
|
|
|
3.00%, 7/1/46
|
219
|
193
|
|
Pool #AS8067,
|
|
|
|
3.00%, 10/1/46
|
504
|
449
|
|
Pool #AS8074,
|
|
|
|
3.00%, 10/1/46
|
153
|
136
|
|
Pool #AS8178,
|
|
|
|
3.00%, 10/1/36
|
52
|
49
|
|
Pool #AS8194,
|
|
|
|
2.50%, 10/1/31
|
596
|
573
|
|
Pool #AS8424,
|
|
|
|
3.00%, 12/1/36
|
93
|
88
|
|
Pool #AS8699,
|
|
|
|
4.00%, 1/1/47
|
555
|
526
|
|
Pool #AS8960,
|
|
|
|
4.00%, 3/1/47
|
189
|
178
|
|
Pool #AS9505,
|
|
|
|
3.00%, 4/1/32
|
167
|
162
|
|
Pool #AS9615,
|
|
|
|
4.50%, 5/1/47
|
117
|
114
|
|
Pool #AT2720,
|
|
|
|
3.00%, 5/1/43
|
414
|
374
|
|
Pool #AT3180,
|
|
|
|
3.00%, 5/1/43
|
210
|
190
|
|
Pool #AU1657,
|
|
|
|
2.50%, 7/1/28
|
60
|
59
|
|
Pool #AU1689,
|
|
|
|
3.50%, 8/1/43
|
991
|
928
|
|
Pool #AU3164,
|
|
|
|
3.00%, 8/1/33
|
81
|
78
|
|
Pool #AU5919,
|
|
|
|
3.50%, 9/1/43
|
318
|
298
|
|
Pool #AV2339,
|
|
|
|
4.00%, 12/1/43
|
167
|
160
|
|
Pool #AW8167,
|
|
|
|
3.50%, 2/1/42
|
147
|
138
|
|
Pool #AW8595,
|
|
|
|
3.00%, 8/1/29
|
59
|
58
|
|
Pool #AX2163,
|
|
|
|
3.50%, 11/1/44
|
181
|
168
|
|
|
June 30, 2025 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
U.S. GOVERNMENT AGENCIES - 25.7% (11)continued
|
||
|
Fannie Mae – 12.0%continued
|
||
|
Pool #AX4413,
|
|
|
|
4.00%, 11/1/44
|
$221
|
$209
|
|
Pool #AX4839,
|
|
|
|
3.50%, 11/1/44
|
271
|
252
|
|
Pool #AY3062,
|
|
|
|
3.00%, 11/1/26
|
16
|
16
|
|
Pool #AY9555,
|
|
|
|
3.00%, 5/1/45
|
251
|
224
|
|
Pool #AZ1449,
|
|
|
|
3.00%, 7/1/45
|
197
|
175
|
|
Pool #AZ2936,
|
|
|
|
3.00%, 9/1/45
|
133
|
118
|
|
Pool #AZ2947,
|
|
|
|
4.00%, 9/1/45
|
260
|
246
|
|
Pool #AZ4775,
|
|
|
|
3.50%, 10/1/45
|
176
|
163
|
|
Pool #AZ6684,
|
|
|
|
3.00%, 2/1/31
|
223
|
216
|
|
Pool #BA2911,
|
|
|
|
3.00%, 11/1/30
|
71
|
69
|
|
Pool #BC0326,
|
|
|
|
3.50%, 12/1/45
|
134
|
124
|
|
Pool #BC0822,
|
|
|
|
3.50%, 4/1/46
|
1,147
|
1,061
|
|
Pool #BC1510,
|
|
|
|
3.00%, 8/1/46
|
164
|
145
|
|
Pool #BC9096,
|
|
|
|
3.50%, 12/1/46
|
236
|
219
|
|
Pool #BE3171,
|
|
|
|
2.50%, 2/1/32
|
187
|
180
|
|
Pool #BH1130,
|
|
|
|
3.50%, 4/1/32
|
104
|
103
|
|
Pool #BH7032,
|
|
|
|
3.50%, 12/1/47
|
104
|
95
|
|
Pool #BH7106,
|
|
|
|
3.50%, 1/1/48
|
231
|
211
|
|
Pool #BJ0648,
|
|
|
|
3.50%, 3/1/48
|
243
|
223
|
|
Pool #BJ9181,
|
|
|
|
5.00%, 5/1/48
|
193
|
193
|
|
Pool #BJ9260,
|
|
|
|
4.00%, 4/1/48
|
188
|
177
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
U.S. GOVERNMENT AGENCIES - 25.7% (11)continued
|
||
|
Fannie Mae – 12.0%continued
|
||
|
Pool #BJ9977,
|
|
|
|
4.00%, 5/1/48
|
$148
|
$140
|
|
Pool #BK0276,
|
|
|
|
4.00%, 9/1/48
|
77
|
72
|
|
Pool #BK0920,
|
|
|
|
4.00%, 7/1/48
|
317
|
300
|
|
Pool #BK0922,
|
|
|
|
4.50%, 7/1/48
|
55
|
53
|
|
Pool #BK3044,
|
|
|
|
2.50%, 9/1/50
|
414
|
348
|
|
Pool #BK4740,
|
|
|
|
4.00%, 8/1/48
|
97
|
91
|
|
Pool #BK4764,
|
|
|
|
4.00%, 8/1/48
|
96
|
91
|
|
Pool #BK4816,
|
|
|
|
4.00%, 9/1/48
|
136
|
128
|
|
Pool #BM1787,
|
|
|
|
4.00%, 9/1/47
|
106
|
101
|
|
Pool #BM2001,
|
|
|
|
3.50%, 12/1/46
|
68
|
63
|
|
Pool #BM3286,
|
|
|
|
4.50%, 11/1/47
|
39
|
38
|
|
Pool #BM5288,
|
|
|
|
3.50%, 1/1/34
|
97
|
96
|
|
Pool #BM5804,
|
|
|
|
5.00%, 1/1/49
|
210
|
209
|
|
Pool #BN1176,
|
|
|
|
4.50%, 11/1/48
|
88
|
86
|
|
Pool #BN1628,
|
|
|
|
4.50%, 11/1/48
|
61
|
59
|
|
Pool #BN5947,
|
|
|
|
3.50%, 6/1/49
|
149
|
135
|
|
Pool #BN6097,
|
|
|
|
4.00%, 6/1/49
|
489
|
460
|
|
Pool #BN6683,
|
|
|
|
3.50%, 6/1/49
|
215
|
196
|
|
Pool #BN8985,
|
|
|
|
2.00%, 3/1/51
|
313
|
248
|
|
Pool #BN9007,
|
|
|
|
2.00%, 3/1/51
|
702
|
561
|
|
Pool #BO1012,
|
|
|
|
3.50%, 8/1/49
|
84
|
76
|
|
Schedule of Investments
|
|
BOND INDEX FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
U.S. GOVERNMENT AGENCIES - 25.7% (11)continued
|
||
|
Fannie Mae – 12.0%continued
|
||
|
Pool #BO1021,
|
|
|
|
3.50%, 8/1/49
|
$106
|
$96
|
|
Pool #BO1169,
|
|
|
|
3.50%, 7/1/49
|
72
|
66
|
|
Pool #BO1444,
|
|
|
|
3.00%, 10/1/49
|
175
|
154
|
|
Pool #BO1461,
|
|
|
|
3.00%, 10/1/49
|
99
|
87
|
|
Pool #BO3181,
|
|
|
|
2.50%, 10/1/49
|
382
|
321
|
|
Pool #BO4708,
|
|
|
|
3.00%, 11/1/49
|
328
|
288
|
|
Pool #BO8620,
|
|
|
|
3.00%, 12/1/49
|
378
|
331
|
|
Pool #BP3454,
|
|
|
|
2.00%, 5/1/36
|
381
|
349
|
|
Pool #BP4660,
|
|
|
|
2.50%, 5/1/50
|
117
|
98
|
|
Pool #BP6496,
|
|
|
|
2.00%, 7/1/35
|
543
|
499
|
|
Pool #BP6626,
|
|
|
|
2.00%, 8/1/50
|
766
|
611
|
|
Pool #BP6683,
|
|
|
|
2.50%, 9/1/50
|
517
|
434
|
|
Pool #BP7273,
|
|
|
|
2.50%, 8/1/50
|
298
|
250
|
|
Pool #BP7585,
|
|
|
|
2.00%, 9/1/50
|
2,532
|
2,020
|
|
Pool #BQ0202,
|
|
|
|
2.50%, 8/1/50
|
395
|
332
|
|
Pool #BQ1147,
|
|
|
|
2.50%, 10/1/50
|
565
|
476
|
|
Pool #BQ1351,
|
|
|
|
2.50%, 8/1/50
|
490
|
413
|
|
Pool #BQ4077,
|
|
|
|
2.00%, 12/1/50
|
824
|
653
|
|
Pool #BQ5056,
|
|
|
|
2.00%, 10/1/50
|
305
|
245
|
|
Pool #BQ5979,
|
|
|
|
2.00%, 11/1/50
|
1,294
|
1,038
|
|
Pool #BR1035,
|
|
|
|
2.00%, 5/1/51
|
5,149
|
4,084
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
U.S. GOVERNMENT AGENCIES - 25.7% (11)continued
|
||
|
Fannie Mae – 12.0%continued
|
||
|
Pool #BR4450,
|
|
|
|
1.50%, 2/1/36
|
$523
|
$466
|
|
Pool #BR6042,
|
|
|
|
2.00%, 2/1/51
|
1,817
|
1,445
|
|
Pool #BR9755,
|
|
|
|
2.00%, 4/1/51
|
1,249
|
1,008
|
|
Pool #BR9761,
|
|
|
|
2.00%, 4/1/51
|
916
|
727
|
|
Pool #BT1034,
|
|
|
|
2.00%, 7/1/51
|
1,769
|
1,409
|
|
Pool #BT2034,
|
|
|
|
2.50%, 3/1/42
|
756
|
669
|
|
Pool #BT4528,
|
|
|
|
2.50%, 9/1/51
|
8,225
|
6,974
|
|
Pool #BT8308,
|
|
|
|
4.50%, 8/1/52
|
746
|
715
|
|
Pool #BT9031,
|
|
|
|
2.00%, 8/1/41
|
740
|
638
|
|
Pool #BU0066,
|
|
|
|
2.50%, 10/1/51
|
865
|
726
|
|
Pool #BU4046,
|
|
|
|
5.00%, 7/1/53
|
885
|
871
|
|
Pool #BX1915,
|
|
|
|
6.00%, 1/1/53
|
681
|
698
|
|
Pool #BX6021,
|
|
|
|
5.00%, 2/1/53
|
327
|
322
|
|
Pool #BY0545,
|
|
|
|
5.00%, 5/1/53
|
2,019
|
1,984
|
|
Pool #BY4424,
|
|
|
|
5.50%, 7/1/53
|
803
|
804
|
|
Pool #CA0110,
|
|
|
|
3.50%, 8/1/47
|
200
|
184
|
|
Pool #CA0619,
|
|
|
|
4.00%, 10/1/47
|
59
|
56
|
|
Pool #CA0620,
|
|
|
|
4.00%, 10/1/47
|
748
|
708
|
|
Pool #CA0656,
|
|
|
|
3.50%, 11/1/47
|
572
|
525
|
|
Pool #CA0859,
|
|
|
|
3.50%, 12/1/47
|
411
|
376
|
|
Pool #CA0917,
|
|
|
|
3.50%, 12/1/47
|
363
|
333
|
|
|
June 30, 2025 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
U.S. GOVERNMENT AGENCIES - 25.7% (11)continued
|
||
|
Fannie Mae – 12.0%continued
|
||
|
Pool #CA1370,
|
|
|
|
4.00%, 3/1/48
|
$193
|
$183
|
|
Pool #CA1378,
|
|
|
|
4.00%, 3/1/48
|
157
|
149
|
|
Pool #CA1564,
|
|
|
|
4.50%, 4/1/48
|
68
|
66
|
|
Pool #CA1711,
|
|
|
|
4.50%, 5/1/48
|
199
|
193
|
|
Pool #CA1902,
|
|
|
|
4.50%, 6/1/48
|
192
|
187
|
|
Pool #CA1909,
|
|
|
|
4.50%, 6/1/48
|
103
|
100
|
|
Pool #CA1951,
|
|
|
|
4.00%, 7/1/48
|
104
|
98
|
|
Pool #CA1952,
|
|
|
|
4.50%, 6/1/48
|
45
|
44
|
|
Pool #CA2056,
|
|
|
|
4.50%, 7/1/48
|
61
|
60
|
|
Pool #CA2208,
|
|
|
|
4.50%, 8/1/48
|
61
|
59
|
|
Pool #CA2256,
|
|
|
|
3.50%, 8/1/33
|
89
|
87
|
|
Pool #CA2366,
|
|
|
|
3.50%, 9/1/48
|
66
|
60
|
|
Pool #CA2375,
|
|
|
|
4.00%, 9/1/48
|
287
|
272
|
|
Pool #CA2559,
|
|
|
|
4.00%, 11/1/33
|
99
|
99
|
|
Pool #CA2729,
|
|
|
|
4.50%, 11/1/48
|
244
|
237
|
|
Pool #CA3640,
|
|
|
|
4.00%, 6/1/49
|
256
|
241
|
|
Pool #CA4029,
|
|
|
|
4.00%, 8/1/49
|
693
|
652
|
|
Pool #CA4143,
|
|
|
|
3.00%, 9/1/49
|
2,172
|
1,908
|
|
Pool #CA4420,
|
|
|
|
3.00%, 10/1/49
|
326
|
287
|
|
Pool #CA4792,
|
|
|
|
3.00%, 12/1/49
|
196
|
171
|
|
Pool #CA5020,
|
|
|
|
3.50%, 1/1/50
|
358
|
326
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
U.S. GOVERNMENT AGENCIES - 25.7% (11)continued
|
||
|
Fannie Mae – 12.0%continued
|
||
|
Pool #CA5452,
|
|
|
|
3.00%, 3/1/50
|
$619
|
$542
|
|
Pool #CA5508,
|
|
|
|
3.00%, 4/1/50
|
775
|
674
|
|
Pool #CA5700,
|
|
|
|
2.50%, 5/1/50
|
3,336
|
2,813
|
|
Pool #CA6072,
|
|
|
|
2.50%, 6/1/50
|
321
|
269
|
|
Pool #CA6074,
|
|
|
|
2.50%, 6/1/50
|
445
|
373
|
|
Pool #CA6144,
|
|
|
|
2.50%, 6/1/50
|
508
|
426
|
|
Pool #CA6290,
|
|
|
|
3.00%, 7/1/50
|
378
|
331
|
|
Pool #CA6305,
|
|
|
|
2.50%, 7/1/50
|
875
|
733
|
|
Pool #CA6339,
|
|
|
|
2.50%, 7/1/50
|
912
|
765
|
|
Pool #CA6346,
|
|
|
|
2.50%, 7/1/50
|
518
|
435
|
|
Pool #CA6563,
|
|
|
|
2.50%, 8/1/35
|
403
|
378
|
|
Pool #CA6601,
|
|
|
|
2.50%, 8/1/50
|
378
|
317
|
|
Pool #CA6951,
|
|
|
|
2.50%, 9/1/50
|
356
|
299
|
|
Pool #CA6962,
|
|
|
|
2.50%, 9/1/50
|
525
|
442
|
|
Pool #CA7216,
|
|
|
|
2.00%, 10/1/50
|
2,258
|
1,805
|
|
Pool #CA7232,
|
|
|
|
2.50%, 10/1/50
|
1,004
|
841
|
|
Pool #CA7596,
|
|
|
|
2.00%, 11/1/50
|
388
|
307
|
|
Pool #CA7600,
|
|
|
|
2.50%, 11/1/50
|
1,054
|
882
|
|
Pool #CA7697,
|
|
|
|
1.50%, 11/1/50
|
1,315
|
994
|
|
Pool #CA7736,
|
|
|
|
2.50%, 11/1/50
|
1,048
|
878
|
|
Pool #CA8043,
|
|
|
|
2.50%, 12/1/50
|
630
|
530
|
|
Schedule of Investments
|
|
BOND INDEX FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
U.S. GOVERNMENT AGENCIES - 25.7% (11)continued
|
||
|
Fannie Mae – 12.0%continued
|
||
|
Pool #CA9143,
|
|
|
|
2.00%, 2/1/36
|
$695
|
$639
|
|
Pool #CA9355,
|
|
|
|
2.00%, 3/1/41
|
412
|
355
|
|
Pool #CA9418,
|
|
|
|
1.50%, 3/1/36
|
116
|
103
|
|
Pool #CB0113,
|
|
|
|
2.00%, 4/1/41
|
630
|
543
|
|
Pool #CB0325,
|
|
|
|
2.00%, 4/1/51
|
1,476
|
1,175
|
|
Pool #CB1903,
|
|
|
|
2.50%, 10/1/51
|
1,421
|
1,197
|
|
Pool #CB2049,
|
|
|
|
2.50%, 11/1/51
|
1,590
|
1,319
|
|
Pool #CB2079,
|
|
|
|
2.00%, 11/1/51
|
3,662
|
2,929
|
|
Pool #CB3597,
|
|
|
|
3.50%, 5/1/52
|
1,409
|
1,269
|
|
Pool #CB3705,
|
|
|
|
3.00%, 5/1/37
|
209
|
200
|
|
Pool #CB4377,
|
|
|
|
4.00%, 8/1/52
|
492
|
459
|
|
Pool #CB5094,
|
|
|
|
6.50%, 11/1/52
|
1,138
|
1,196
|
|
Pool #CB6031,
|
|
|
|
5.00%, 4/1/53
|
84
|
83
|
|
Pool #CB6034,
|
|
|
|
6.50%, 4/1/53
|
261
|
272
|
|
Pool #CB6750,
|
|
|
|
5.50%, 7/1/53
|
958
|
963
|
|
Pool #CB6755,
|
|
|
|
6.00%, 7/1/53
|
813
|
832
|
|
Pool #CB6933,
|
|
|
|
6.50%, 8/1/53
|
245
|
256
|
|
Pool #CB7120,
|
|
|
|
6.00%, 9/1/53
|
340
|
348
|
|
Pool #CB7123,
|
|
|
|
6.00%, 9/1/53
|
322
|
330
|
|
Pool #CB7444,
|
|
|
|
6.50%, 11/1/53
|
807
|
843
|
|
Pool #CB8484,
|
|
|
|
5.50%, 5/1/54
|
666
|
668
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
U.S. GOVERNMENT AGENCIES - 25.7% (11)continued
|
||
|
Fannie Mae – 12.0%continued
|
||
|
Pool #CB8821,
|
|
|
|
6.00%, 7/1/54
|
$903
|
$923
|
|
Pool #CB9323,
|
|
|
|
5.50%, 10/1/54
|
960
|
969
|
|
Pool #CB9506,
|
|
|
|
6.00%, 11/1/54
|
1,027
|
1,053
|
|
Pool #CC0260,
|
|
|
|
6.00%, 4/1/55
|
592
|
608
|
|
Pool #DA0508,
|
|
|
|
6.00%, 10/1/53
|
274
|
279
|
|
Pool #FA0386,
|
|
|
|
5.00%, 12/1/54
|
980
|
965
|
|
Pool #FA0684,
|
|
|
|
6.00%, 2/1/55
|
1,888
|
1,919
|
|
Pool #FA1595,
|
|
|
|
5.50%, 5/1/55
|
989
|
999
|
|
Pool #FM1496,
|
|
|
|
3.50%, 9/1/49
|
1,071
|
976
|
|
Pool #FM1708,
|
|
|
|
3.00%, 12/1/45
|
207
|
187
|
|
Pool #FM1742,
|
|
|
|
3.00%, 10/1/49
|
204
|
180
|
|
Pool #FM1938,
|
|
|
|
4.50%, 9/1/49
|
343
|
334
|
|
Pool #FM2305,
|
|
|
|
3.50%, 2/1/50
|
536
|
488
|
|
Pool #FM2715,
|
|
|
|
3.00%, 3/1/50
|
136
|
120
|
|
Pool #FM2778,
|
|
|
|
3.00%, 3/1/50
|
885
|
777
|
|
Pool #FM2963,
|
|
|
|
3.00%, 2/1/50
|
737
|
651
|
|
Pool #FM3125,
|
|
|
|
3.50%, 3/1/50
|
743
|
674
|
|
Pool #FM3225,
|
|
|
|
3.00%, 5/1/50
|
495
|
436
|
|
Pool #FM3610,
|
|
|
|
4.00%, 6/1/50
|
281
|
263
|
|
Pool #FM3747,
|
|
|
|
2.50%, 8/1/50
|
813
|
683
|
|
Pool #FM4055,
|
|
|
|
2.50%, 8/1/50
|
5,662
|
4,775
|
|
|
June 30, 2025 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
U.S. GOVERNMENT AGENCIES - 25.7% (11)continued
|
||
|
Fannie Mae – 12.0%continued
|
||
|
Pool #FM4149,
|
|
|
|
3.00%, 9/1/50
|
$2,476
|
$2,174
|
|
Pool #FM4193,
|
|
|
|
2.50%, 9/1/50
|
574
|
484
|
|
Pool #FM4476,
|
|
|
|
2.00%, 10/1/50
|
1,499
|
1,203
|
|
Pool #FM4544,
|
|
|
|
2.00%, 10/1/50
|
790
|
631
|
|
Pool #FM4598,
|
|
|
|
2.00%, 11/1/40
|
177
|
155
|
|
Pool #FM4734,
|
|
|
|
2.00%, 11/1/35
|
927
|
852
|
|
Pool #FM4799,
|
|
|
|
2.00%, 11/1/50
|
667
|
535
|
|
Pool #FM4868,
|
|
|
|
2.00%, 11/1/50
|
1,118
|
899
|
|
Pool #FM4951,
|
|
|
|
1.50%, 11/1/35
|
426
|
381
|
|
Pool #FM5087,
|
|
|
|
2.00%, 12/1/50
|
469
|
376
|
|
Pool #FM5210,
|
|
|
|
2.00%, 12/1/50
|
671
|
546
|
|
Pool #FM5534,
|
|
|
|
2.00%, 1/1/41
|
263
|
227
|
|
Pool #FM5570,
|
|
|
|
2.00%, 1/1/36
|
527
|
486
|
|
Pool #FM5849,
|
|
|
|
2.00%, 12/1/50
|
879
|
696
|
|
Pool #FM6055,
|
|
|
|
2.00%, 2/1/51
|
1,721
|
1,380
|
|
Pool #FM6099,
|
|
|
|
2.00%, 2/1/51
|
1,736
|
1,375
|
|
Pool #FM6338,
|
|
|
|
2.00%, 2/1/51
|
1,076
|
863
|
|
Pool #FM6496,
|
|
|
|
2.00%, 2/1/51
|
486
|
392
|
|
Pool #FM6550,
|
|
|
|
2.00%, 3/1/51
|
343
|
276
|
|
Pool #FM6943,
|
|
|
|
2.00%, 4/1/51
|
1,159
|
933
|
|
Pool #FM6964,
|
|
|
|
2.00%, 5/1/51
|
920
|
742
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
U.S. GOVERNMENT AGENCIES - 25.7% (11)continued
|
||
|
Fannie Mae – 12.0%continued
|
||
|
Pool #FM6991,
|
|
|
|
2.00%, 4/1/51
|
$1,411
|
$1,134
|
|
Pool #FM7078,
|
|
|
|
2.00%, 4/1/51
|
1,089
|
880
|
|
Pool #FM7080,
|
|
|
|
2.00%, 4/1/51
|
556
|
449
|
|
Pool #FM7411,
|
|
|
|
2.00%, 5/1/51
|
2,905
|
2,301
|
|
Pool #FM7429,
|
|
|
|
1.50%, 5/1/36
|
182
|
163
|
|
Pool #FM7622,
|
|
|
|
2.00%, 5/1/51
|
731
|
589
|
|
Pool #FM8146,
|
|
|
|
2.00%, 7/1/36
|
1,207
|
1,110
|
|
Pool #FM8848,
|
|
|
|
2.50%, 9/1/41
|
707
|
632
|
|
Pool #FS0153,
|
|
|
|
2.00%, 12/1/36
|
327
|
301
|
|
Pool #FS1096,
|
|
|
|
2.00%, 1/1/51
|
1,255
|
1,002
|
|
Pool #FS2039,
|
|
|
|
2.00%, 2/1/51
|
813
|
648
|
|
Pool #FS2442,
|
|
|
|
4.00%, 7/1/52
|
740
|
693
|
|
Pool #FS2815,
|
|
|
|
4.00%, 9/1/52
|
388
|
364
|
|
Pool #FS3086,
|
|
|
|
5.50%, 10/1/52
|
1,478
|
1,491
|
|
Pool #FS3402,
|
|
|
|
5.00%, 11/1/52
|
314
|
310
|
|
Pool #FS3421,
|
|
|
|
5.00%, 12/1/52
|
333
|
329
|
|
Pool #FS3452,
|
|
|
|
5.00%, 12/1/52
|
555
|
551
|
|
Pool #FS3747,
|
|
|
|
5.50%, 12/1/52
|
601
|
603
|
|
Pool #FS3762,
|
|
|
|
5.00%, 12/1/52
|
465
|
459
|
|
Pool #FS3921,
|
|
|
|
5.50%, 2/1/53
|
390
|
395
|
|
Pool #FS4041,
|
|
|
|
5.50%, 3/1/53
|
579
|
581
|
|
Schedule of Investments
|
|
BOND INDEX FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
U.S. GOVERNMENT AGENCIES - 25.7% (11)continued
|
||
|
Fannie Mae – 12.0%continued
|
||
|
Pool #FS4047,
|
|
|
|
3.50%, 12/1/42
|
$162
|
$152
|
|
Pool #FS4463,
|
|
|
|
1.50%, 8/1/37
|
479
|
425
|
|
Pool #FS4485,
|
|
|
|
6.00%, 5/1/53
|
552
|
565
|
|
Pool #FS4522,
|
|
|
|
5.00%, 5/1/53
|
165
|
162
|
|
Pool #FS4842,
|
|
|
|
5.50%, 6/1/53
|
246
|
248
|
|
Pool #FS4931,
|
|
|
|
6.00%, 6/1/53
|
829
|
846
|
|
Pool #FS5115,
|
|
|
|
5.50%, 6/1/53
|
442
|
443
|
|
Pool #FS5116,
|
|
|
|
5.50%, 6/1/53
|
412
|
416
|
|
Pool #FS5119,
|
|
|
|
6.00%, 7/1/53
|
2,477
|
2,540
|
|
Pool #FS5304,
|
|
|
|
5.50%, 7/1/53
|
168
|
169
|
|
Pool #FS5396,
|
|
|
|
5.00%, 7/1/53
|
1,791
|
1,772
|
|
Pool #FS5436,
|
|
|
|
5.50%, 8/1/53
|
277
|
280
|
|
Pool #FS5562,
|
|
|
|
2.00%, 3/1/52
|
3,011
|
2,407
|
|
Pool #FS5584,
|
|
|
|
6.50%, 8/1/53
|
393
|
410
|
|
Pool #FS5696,
|
|
|
|
2.00%, 4/1/51
|
267
|
213
|
|
Pool #FS5709,
|
|
|
|
5.00%, 8/1/53
|
770
|
760
|
|
Pool #FS5838,
|
|
|
|
6.00%, 9/1/53
|
1,133
|
1,164
|
|
Pool #FS5946,
|
|
|
|
2.00%, 3/1/37
|
2,418
|
2,213
|
|
Pool #FS5965,
|
|
|
|
6.00%, 10/1/53
|
327
|
335
|
|
Pool #FS6092,
|
|
|
|
6.00%, 10/1/53
|
302
|
308
|
|
Pool #FS6315,
|
|
|
|
6.50%, 11/1/53
|
390
|
406
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
U.S. GOVERNMENT AGENCIES - 25.7% (11)continued
|
||
|
Fannie Mae – 12.0%continued
|
||
|
Pool #FS6461,
|
|
|
|
6.00%, 10/1/53
|
$416
|
$427
|
|
Pool #FS6533,
|
|
|
|
6.00%, 6/1/53
|
1,699
|
1,746
|
|
Pool #FS6611,
|
|
|
|
7.00%, 12/1/53
|
1,250
|
1,318
|
|
Pool #FS6635,
|
|
|
|
3.00%, 11/1/53
|
1,365
|
1,182
|
|
Pool #FS6855,
|
|
|
|
6.50%, 2/1/54
|
454
|
472
|
|
Pool #FS7033,
|
|
|
|
6.00%, 8/1/53
|
595
|
607
|
|
Pool #FS8129,
|
|
|
|
5.50%, 5/1/54
|
539
|
544
|
|
Pool #FS8144,
|
|
|
|
5.50%, 5/1/54
|
858
|
867
|
|
Pool #MA0361,
|
|
|
|
4.00%, 3/1/30
|
23
|
23
|
|
Pool #MA0711,
|
|
|
|
3.50%, 4/1/31
|
47
|
47
|
|
Pool #MA1138,
|
|
|
|
3.50%, 8/1/32
|
87
|
86
|
|
Pool #MA1141,
|
|
|
|
3.00%, 8/1/32
|
41
|
40
|
|
Pool #MA1200,
|
|
|
|
3.00%, 10/1/32
|
241
|
232
|
|
Pool #MA2320,
|
|
|
|
3.00%, 7/1/35
|
205
|
194
|
|
Pool #MA2473,
|
|
|
|
3.50%, 12/1/35
|
82
|
80
|
|
Pool #MA2512,
|
|
|
|
4.00%, 1/1/46
|
110
|
105
|
|
Pool #MA2670,
|
|
|
|
3.00%, 7/1/46
|
513
|
456
|
|
Pool #MA2672,
|
|
|
|
3.00%, 7/1/36
|
106
|
101
|
|
Pool #MA2705,
|
|
|
|
3.00%, 8/1/46
|
373
|
331
|
|
Pool #MA2737,
|
|
|
|
3.00%, 9/1/46
|
173
|
154
|
|
Pool #MA2771,
|
|
|
|
3.00%, 10/1/46
|
188
|
167
|
|
|
June 30, 2025 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
U.S. GOVERNMENT AGENCIES - 25.7% (11)continued
|
||
|
Fannie Mae – 12.0%continued
|
||
|
Pool #MA2775,
|
|
|
|
2.50%, 10/1/31
|
$87
|
$84
|
|
Pool #MA2781,
|
|
|
|
2.50%, 10/1/46
|
142
|
121
|
|
Pool #MA2804,
|
|
|
|
3.00%, 11/1/36
|
209
|
198
|
|
Pool #MA2863,
|
|
|
|
3.00%, 1/1/47
|
3,110
|
2,758
|
|
Pool #MA2895,
|
|
|
|
3.00%, 2/1/47
|
194
|
172
|
|
Pool #MA3028,
|
|
|
|
3.50%, 6/1/37
|
162
|
156
|
|
Pool #MA3057,
|
|
|
|
3.50%, 7/1/47
|
291
|
268
|
|
Pool #MA3058,
|
|
|
|
4.00%, 7/1/47
|
108
|
102
|
|
Pool #MA3059,
|
|
|
|
3.50%, 7/1/37
|
27
|
26
|
|
Pool #MA3073,
|
|
|
|
4.50%, 7/1/47
|
219
|
213
|
|
Pool #MA3127,
|
|
|
|
3.00%, 9/1/37
|
65
|
62
|
|
Pool #MA3150,
|
|
|
|
4.50%, 10/1/47
|
122
|
119
|
|
Pool #MA3181,
|
|
|
|
3.50%, 11/1/37
|
43
|
42
|
|
Pool #MA3182,
|
|
|
|
3.50%, 11/1/47
|
356
|
328
|
|
Pool #MA3184,
|
|
|
|
4.50%, 11/1/47
|
42
|
41
|
|
Pool #MA3185,
|
|
|
|
3.00%, 11/1/37
|
72
|
68
|
|
Pool #MA3188,
|
|
|
|
3.00%, 11/1/32
|
199
|
194
|
|
Pool #MA3211,
|
|
|
|
4.00%, 12/1/47
|
67
|
64
|
|
Pool #MA3239,
|
|
|
|
4.00%, 1/1/48
|
290
|
274
|
|
Pool #MA3276,
|
|
|
|
3.50%, 2/1/48
|
295
|
270
|
|
Pool #MA3281,
|
|
|
|
4.00%, 2/1/38
|
152
|
149
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
U.S. GOVERNMENT AGENCIES - 25.7% (11)continued
|
||
|
Fannie Mae – 12.0%continued
|
||
|
Pool #MA3334,
|
|
|
|
4.50%, 4/1/48
|
$219
|
$213
|
|
Pool #MA3385,
|
|
|
|
4.50%, 6/1/48
|
74
|
72
|
|
Pool #MA3413,
|
|
|
|
4.00%, 7/1/38
|
26
|
26
|
|
Pool #MA3443,
|
|
|
|
4.00%, 8/1/48
|
68
|
65
|
|
Pool #MA3444,
|
|
|
|
4.50%, 8/1/48
|
64
|
62
|
|
Pool #MA3467,
|
|
|
|
4.00%, 9/1/48
|
66
|
62
|
|
Pool #MA3492,
|
|
|
|
4.00%, 10/1/38
|
22
|
22
|
|
Pool #MA3547,
|
|
|
|
3.00%, 12/1/33
|
116
|
112
|
|
Pool #MA3590,
|
|
|
|
4.00%, 2/1/39
|
22
|
22
|
|
Pool #MA3685,
|
|
|
|
3.00%, 6/1/49
|
114
|
100
|
|
Pool #MA3692,
|
|
|
|
3.50%, 7/1/49
|
87
|
79
|
|
Pool #MA3695,
|
|
|
|
3.00%, 7/1/34
|
45
|
43
|
|
Pool #MA3744,
|
|
|
|
3.00%, 8/1/49
|
127
|
111
|
|
Pool #MA3765,
|
|
|
|
2.50%, 9/1/49
|
271
|
227
|
|
Pool #MA3870,
|
|
|
|
2.50%, 12/1/49
|
141
|
118
|
|
Pool #MA3871,
|
|
|
|
3.00%, 12/1/49
|
131
|
115
|
|
Pool #MA3896,
|
|
|
|
2.50%, 1/1/35
|
715
|
670
|
|
Pool #MA3898,
|
|
|
|
3.50%, 1/1/35
|
231
|
224
|
|
Pool #MA3902,
|
|
|
|
2.50%, 1/1/50
|
137
|
115
|
|
Pool #MA3934,
|
|
|
|
3.00%, 2/1/40
|
83
|
77
|
|
Pool #MA3958,
|
|
|
|
3.00%, 3/1/40
|
85
|
79
|
|
Schedule of Investments
|
|
BOND INDEX FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
U.S. GOVERNMENT AGENCIES - 25.7% (11)continued
|
||
|
Fannie Mae – 12.0%continued
|
||
|
Pool #MA4013,
|
|
|
|
2.50%, 5/1/35
|
$153
|
$143
|
|
Pool #MA4014,
|
|
|
|
3.00%, 5/1/35
|
240
|
230
|
|
Pool #MA4053,
|
|
|
|
2.50%, 6/1/35
|
637
|
596
|
|
Pool #MA4072,
|
|
|
|
2.50%, 7/1/40
|
191
|
174
|
|
Pool #MA4078,
|
|
|
|
2.50%, 7/1/50
|
1,161
|
974
|
|
Pool #MA4094,
|
|
|
|
2.50%, 8/1/40
|
213
|
193
|
|
Pool #MA4096,
|
|
|
|
2.50%, 8/1/50
|
727
|
611
|
|
Pool #MA4099,
|
|
|
|
2.50%, 8/1/35
|
657
|
615
|
|
Pool #MA4100,
|
|
|
|
2.00%, 8/1/50
|
1,451
|
1,149
|
|
Pool #MA4119,
|
|
|
|
2.00%, 9/1/50
|
1,704
|
1,356
|
|
Pool #MA4122,
|
|
|
|
1.50%, 9/1/35
|
232
|
207
|
|
Pool #MA4123,
|
|
|
|
2.00%, 9/1/35
|
809
|
744
|
|
Pool #MA4128,
|
|
|
|
2.00%, 9/1/40
|
366
|
320
|
|
Pool #MA4153,
|
|
|
|
2.50%, 10/1/40
|
106
|
96
|
|
Pool #MA4154,
|
|
|
|
1.50%, 10/1/35
|
353
|
316
|
|
Pool #MA4155,
|
|
|
|
2.00%, 10/1/35
|
891
|
819
|
|
Pool #MA4181,
|
|
|
|
1.50%, 11/1/50
|
2,186
|
1,646
|
|
Pool #MA4232,
|
|
|
|
2.00%, 1/1/41
|
315
|
272
|
|
Pool #MA4254,
|
|
|
|
1.50%, 2/1/51
|
484
|
364
|
|
Pool #MA4266,
|
|
|
|
1.50%, 2/1/41
|
471
|
391
|
|
Pool #MA4278,
|
|
|
|
1.50%, 3/1/36
|
1,604
|
1,429
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
U.S. GOVERNMENT AGENCIES - 25.7% (11)continued
|
||
|
Fannie Mae – 12.0%continued
|
||
|
Pool #MA4280,
|
|
|
|
1.50%, 3/1/51
|
$841
|
$633
|
|
Pool #MA4305,
|
|
|
|
2.00%, 4/1/51
|
2,644
|
2,104
|
|
Pool #MA4310,
|
|
|
|
1.50%, 4/1/41
|
283
|
234
|
|
Pool #MA4326,
|
|
|
|
2.50%, 5/1/51
|
1,006
|
838
|
|
Pool #MA4333,
|
|
|
|
2.00%, 5/1/41
|
748
|
643
|
|
Pool #MA4334,
|
|
|
|
2.50%, 5/1/41
|
274
|
244
|
|
Pool #MA4496,
|
|
|
|
1.50%, 12/1/36
|
1,734
|
1,542
|
|
Pool #MA4500,
|
|
|
|
1.50%, 12/1/41
|
383
|
316
|
|
Pool #MA4692,
|
|
|
|
2.50%, 8/1/37
|
145
|
135
|
|
Pool #MA4731,
|
|
|
|
3.50%, 9/1/52
|
945
|
852
|
|
Pool #MA4732,
|
|
|
|
4.00%, 9/1/52
|
4,516
|
4,208
|
|
Pool #MA4733,
|
|
|
|
4.50%, 9/1/52
|
4,908
|
4,703
|
|
Pool #MA4779,
|
|
|
|
4.00%, 10/1/42
|
153
|
148
|
|
Pool #MA4805,
|
|
|
|
4.50%, 11/1/52
|
2,272
|
2,178
|
|
Pool #MA4823,
|
|
|
|
4.50%, 10/1/37
|
182
|
181
|
|
Pool #MA4915,
|
|
|
|
5.00%, 2/1/38
|
153
|
154
|
|
Pool #MA4991,
|
|
|
|
5.50%, 4/1/38
|
93
|
95
|
|
Pool #MA5039,
|
|
|
|
5.50%, 6/1/53
|
661
|
662
|
|
Pool #MA5042,
|
|
|
|
4.50%, 6/1/38
|
71
|
71
|
|
Pool #MA5060,
|
|
|
|
5.00%, 6/1/43
|
73
|
73
|
|
Pool #MA5088,
|
|
|
|
6.00%, 7/1/38
|
118
|
122
|
|
|
June 30, 2025 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
U.S. GOVERNMENT AGENCIES - 25.7% (11)continued
|
||
|
Fannie Mae – 12.0%continued
|
||
|
Pool #MA5330,
|
|
|
|
5.50%, 4/1/39
|
$70
|
$72
|
|
Pool #MA5353,
|
|
|
|
5.50%, 5/1/54
|
7,069
|
7,071
|
|
Pool #MA5389,
|
|
|
|
6.00%, 6/1/54
|
1,087
|
1,106
|
|
Pool #MA5557,
|
|
|
|
4.50%, 12/1/39
|
184
|
183
|
|
Pool #MA5559,
|
|
|
|
5.50%, 12/1/39
|
257
|
262
|
|
Pool #MA5590,
|
|
|
|
5.00%, 1/1/40
|
454
|
457
|
|
Pool #MA5596,
|
|
|
|
4.50%, 1/1/45
|
96
|
94
|
|
Pool #MA5597,
|
|
|
|
5.00%, 1/1/45
|
191
|
191
|
|
Pool #MB0301,
|
|
|
|
5.00%, 2/1/55
|
1,959
|
1,923
|
|
Pool TBA,
|
|
|
|
7/1/40(13)
|
500
|
444
|
|
7/1/40(13)
|
1,200
|
1,096
|
|
7/1/40(13)
|
700
|
653
|
|
7/1/40(13)
|
500
|
477
|
|
7/1/52(13)
|
6,500
|
5,144
|
|
7/1/52(13)
|
5,500
|
4,559
|
|
7/1/52(13)
|
1,400
|
1,302
|
|
7/1/53(13)
|
3,000
|
2,595
|
|
7/1/53(13)
|
1,700
|
1,530
|
|
7/1/53(13)
|
2,100
|
2,008
|
|
7/1/53(13)
|
1,800
|
1,764
|
|
7/1/53(13)
|
6,300
|
6,299
|
|
7/1/53(13)
|
6,800
|
6,910
|
|
7/1/53(13)
|
4,700
|
4,853
|
|
7/1/55(13)
|
300
|
225
|
|
7/1/55(13)
|
1,500
|
1,579
|
|
|
|
277,177
|
|
Federal Farm Credit Bank – 0.2%
|
||
|
Federal Farm Credit Banks Funding
Corp.,
|
|
|
|
3.38%, 9/15/27
|
1,475
|
1,459
|
|
4.58%, 9/20/27
|
2,000
|
2,000
|
|
|
|
3,459
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
U.S. GOVERNMENT AGENCIES - 25.7% (11)continued
|
||
|
Federal Home Loan Bank – 0.2%
|
||
|
1.10%, 8/20/26
|
$2,000
|
$1,935
|
|
4.63%, 9/11/26
|
1,325
|
1,336
|
|
4.13%, 9/10/27
|
875
|
880
|
|
3.25%, 11/16/28
|
1,000
|
987
|
|
5.50%, 7/15/36
|
500
|
545
|
|
|
|
5,683
|
|
Freddie Mac – 7.5%
|
||
|
Federal Home Loan Mortgage Corp.,
|
|
|
|
6.75%, 3/15/31
|
700
|
801
|
|
Freddie Mac Multifamily Structured
Pass Through Certificates, Series
K065, Class A2,
|
|
|
|
3.24%, 4/25/27
|
350
|
344
|
|
Freddie Mac Multifamily Structured
Pass Through Certificates, Series
K067, Class A2,
|
|
|
|
3.19%, 7/25/27
|
250
|
246
|
|
Freddie Mac Multifamily Structured
Pass Through Certificates, Series
K068, Class A2,
|
|
|
|
3.24%, 8/25/27
|
150
|
147
|
|
Freddie Mac Multifamily Structured
Pass Through Certificates, Series
K069, Class A2,
|
|
|
|
3.19%, 9/25/27
|
147
|
144
|
|
Freddie Mac Multifamily Structured
Pass Through Certificates, Series
K072, Class A2,
|
|
|
|
3.44%, 12/25/27
|
150
|
148
|
|
Freddie Mac Multifamily Structured
Pass Through Certificates, Series
K074, Class A2,
|
|
|
|
3.60%, 1/25/28
|
150
|
148
|
|
Freddie Mac Multifamily Structured
Pass Through Certificates, Series
K075, Class A2,
|
|
|
|
3.65%, 2/25/28
|
150
|
148
|
|
Freddie Mac Multifamily Structured
Pass Through Certificates, Series
K076, Class A2,
|
|
|
|
3.90%, 4/25/28
|
150
|
149
|
|
Freddie Mac Multifamily Structured
Pass Through Certificates, Series
K077, Class A2,
|
|
|
|
3.85%, 5/25/28
|
200
|
199
|
|
Schedule of Investments
|
|
BOND INDEX FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
U.S. GOVERNMENT AGENCIES - 25.7% (11)continued
|
||
|
Freddie Mac – 7.5%continued
|
||
|
Freddie Mac Multifamily Structured
Pass Through Certificates, Series
K078, Class A2,
|
|
|
|
3.85%, 6/25/28
|
$150
|
$149
|
|
Freddie Mac Multifamily Structured
Pass Through Certificates, Series
K079, Class A2,
|
|
|
|
3.93%, 6/25/28
|
200
|
199
|
|
Freddie Mac Multifamily Structured
Pass Through Certificates, Series
K080, Class A2,
|
|
|
|
3.93%, 7/25/28
|
200
|
199
|
|
Freddie Mac Multifamily Structured
Pass Through Certificates, Series
K081, Class A2,
|
|
|
|
3.90%, 8/25/28
|
200
|
199
|
|
Freddie Mac Multifamily Structured
Pass Through Certificates, Series
K083, Class A2,
|
|
|
|
4.05%, 9/25/28
|
200
|
200
|
|
Freddie Mac Multifamily Structured
Pass Through Certificates, Series
K086, Class A2,
|
|
|
|
3.86%, 11/25/28
|
200
|
199
|
|
Freddie Mac Multifamily Structured
Pass Through Certificates, Series
K091, Class A2,
|
|
|
|
3.51%, 3/25/29
|
150
|
147
|
|
Freddie Mac Multifamily Structured
Pass Through Certificates, Series
K092, Class A2,
|
|
|
|
3.30%, 4/25/29
|
300
|
292
|
|
Freddie Mac Multifamily Structured
Pass Through Certificates, Series
K093, Class A2,
|
|
|
|
2.98%, 5/25/29
|
199
|
191
|
|
Freddie Mac Multifamily Structured
Pass Through Certificates, Series
K094, Class A2,
|
|
|
|
2.90%, 6/25/29
|
300
|
287
|
|
Freddie Mac Multifamily Structured
Pass Through Certificates, Series
K096, Class A2,
|
|
|
|
2.52%, 7/25/29
|
300
|
283
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
U.S. GOVERNMENT AGENCIES - 25.7% (11)continued
|
||
|
Freddie Mac – 7.5%continued
|
||
|
Freddie Mac Multifamily Structured
Pass Through Certificates, Series
K102, Class A2,
|
|
|
|
2.54%, 10/25/29
|
$250
|
$235
|
|
Freddie Mac Multifamily Structured
Pass Through Certificates, Series
K104, Class A2,
|
|
|
|
2.25%, 1/25/30
|
250
|
231
|
|
Freddie Mac Multifamily Structured
Pass Through Certificates, Series
K105, Class A2,
|
|
|
|
1.87%, 1/25/30
|
200
|
182
|
|
Freddie Mac Multifamily Structured
Pass Through Certificates, Series
K110, Class A2,
|
|
|
|
1.48%, 4/25/30
|
335
|
298
|
|
Freddie Mac Multifamily Structured
Pass Through Certificates, Series
K111, Class A2,
|
|
|
|
1.35%, 5/25/30
|
500
|
440
|
|
Freddie Mac Multifamily Structured
Pass Through Certificates, Series
K112, Class A2,
|
|
|
|
1.31%, 5/25/30
|
500
|
438
|
|
Freddie Mac Multifamily Structured
Pass Through Certificates, Series
K113, Class A2,
|
|
|
|
1.34%, 6/25/30
|
500
|
439
|
|
Freddie Mac Multifamily Structured
Pass Through Certificates, Series
K117, Class A2,
|
|
|
|
1.41%, 8/25/30
|
100
|
87
|
|
Freddie Mac Multifamily Structured
Pass Through Certificates, Series
K119, Class A2,
|
|
|
|
1.57%, 9/25/30
|
250
|
220
|
|
Freddie Mac Multifamily Structured
Pass Through Certificates, Series
K122, Class A2,
|
|
|
|
1.52%, 11/25/30
|
200
|
174
|
|
Freddie Mac Multifamily Structured
Pass Through Certificates, Series
K129, Class A2,
|
|
|
|
1.91%, 5/25/31
|
300
|
265
|
|
|
June 30, 2025 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
U.S. GOVERNMENT AGENCIES - 25.7% (11)continued
|
||
|
Freddie Mac – 7.5%continued
|
||
|
Freddie Mac Multifamily Structured
Pass Through Certificates, Series
K141, Class A2,
|
|
|
|
2.25%, 2/25/32
|
$200
|
$176
|
|
Freddie Mac Multifamily Structured
Pass Through Certificates, Series
K144, Class A2,
|
|
|
|
2.45%, 4/25/32
|
500
|
445
|
|
Freddie Mac Multifamily Structured
Pass Through Certificates, Series
K147, Class A2,
|
|
|
|
3.00%, 6/25/32
|
250
|
229
|
|
Freddie Mac Multifamily Structured
Pass Through Certificates, Series
K148, Class A2,
|
|
|
|
3.50%, 7/25/32
|
300
|
284
|
|
Freddie Mac Multifamily Structured
Pass Through Certificates, Series
K-151, Class A2,
|
|
|
|
3.80%, 10/25/32
|
300
|
289
|
|
Freddie Mac Multifamily Structured
Pass Through Certificates, Series
K-1510, Class A2,
|
|
|
|
3.72%, 1/25/31
|
100
|
97
|
|
Freddie Mac Multifamily Structured
Pass Through Certificates, Series
K-1510, Class A3,
|
|
|
|
3.79%, 1/25/34
|
100
|
94
|
|
Freddie Mac Multifamily Structured
Pass Through Certificates, Series
K-1511, Class A2,
|
|
|
|
3.47%, 3/25/31
|
100
|
96
|
|
Freddie Mac Multifamily Structured
Pass Through Certificates, Series
K-1511, Class A3,
|
|
|
|
3.54%, 3/25/34
|
100
|
93
|
|
Freddie Mac Multifamily Structured
Pass Through Certificates, Series
K-1512, Class A2,
|
|
|
|
2.99%, 5/25/31
|
100
|
93
|
|
Freddie Mac Multifamily Structured
Pass Through Certificates, Series
K-1512, Class A3,
|
|
|
|
3.06%, 4/25/34
|
100
|
89
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
U.S. GOVERNMENT AGENCIES - 25.7% (11)continued
|
||
|
Freddie Mac – 7.5%continued
|
||
|
Freddie Mac Multifamily Structured
Pass Through Certificates, Series
K-1515, Class A2,
|
|
|
|
1.94%, 2/25/35
|
$100
|
$80
|
|
Freddie Mac Multifamily Structured
Pass Through Certificates, Series
K-1517, Class A2,
|
|
|
|
1.72%, 7/25/35
|
200
|
155
|
|
Freddie Mac Multifamily Structured
Pass Through Certificates, Series
K-1518, Class A2,
|
|
|
|
1.86%, 10/25/35
|
100
|
78
|
|
Freddie Mac Multifamily Structured
Pass Through Certificates, Series
K-1519, Class A2,
|
|
|
|
2.01%, 12/25/35
|
150
|
117
|
|
Freddie Mac Multifamily Structured
Pass Through Certificates, Series
K-1520, Class A2,
|
|
|
|
2.44%, 2/25/36
|
225
|
182
|
|
Freddie Mac Multifamily Structured
Pass Through Certificates, Series
K1522, Class A2,
|
|
|
|
2.36%, 10/25/36
|
100
|
79
|
|
Freddie Mac Multifamily Structured
Pass Through Certificates, Series
K-153, Class A2,
|
|
|
|
3.82%, 12/25/32
|
500
|
481
|
|
Freddie Mac Multifamily Structured
Pass Through Certificates, Series
K154, Class A2,
|
|
|
|
3.42%, 4/25/32
|
100
|
97
|
|
Freddie Mac Multifamily Structured
Pass Through Certificates, Series
K-154, Class A2,
|
|
|
|
4.35%, 1/25/33
|
200
|
199
|
|
Freddie Mac Multifamily Structured
Pass Through Certificates, Series
K155, Class A3,
|
|
|
|
3.75%, 4/25/33
|
100
|
95
|
|
Freddie Mac Multifamily Structured
Pass Through Certificates, Series
K157, Class A2,
|
|
|
|
3.99%, 5/25/33
|
100
|
99
|
|
Schedule of Investments
|
|
BOND INDEX FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
U.S. GOVERNMENT AGENCIES - 25.7% (11)continued
|
||
|
Freddie Mac – 7.5%continued
|
||
|
Freddie Mac Multifamily Structured
Pass Through Certificates, Series
K157, Class A3,
|
|
|
|
3.99%, 8/25/33
|
$100
|
$96
|
|
Freddie Mac Multifamily Structured
Pass Through Certificates, Series
K-158, Class A2,
|
|
|
|
4.05%, 7/25/33
|
200
|
194
|
|
Freddie Mac Multifamily Structured
Pass Through Certificates, Series
K-159, Class A2,
|
|
|
|
4.50%, 7/25/33
|
200
|
200
|
|
Freddie Mac Multifamily Structured
Pass Through Certificates, Series
K-161, Class A2,
|
|
|
|
4.90%, 10/25/33
|
100
|
103
|
|
Freddie Mac Multifamily Structured
Pass Through Certificates, Series
K-164, Class A2,
|
|
|
|
5.00%, 5/25/34
|
150
|
155
|
|
Freddie Mac Multifamily Structured
Pass Through Certificates, Series
K-169, Class A2,
|
|
|
|
4.66%, 12/25/34
|
200
|
201
|
|
Freddie Mac Multifamily Structured
Pass Through Certificates, Series
K508, Class A2,
|
|
|
|
4.74%, 8/25/28
|
100
|
102
|
|
Freddie Mac Multifamily Structured
Pass Through Certificates, Series
K510, Class A2,
|
|
|
|
5.07%, 10/25/28
|
500
|
513
|
|
Freddie Mac Multifamily Structured
Pass Through Certificates, Series
K754, Class A2,
|
|
|
|
4.94%, 11/25/30
|
250
|
258
|
|
Freddie Mac Multifamily Structured
Pass Through Certificates, Series
K755, Class A2,
|
|
|
|
5.20%, 2/25/31
|
150
|
157
|
|
Freddie Mac Multifamily Structured
Pass Through Certificates, Series
K757, Class A2,
|
|
|
|
4.46%, 8/25/31
|
100
|
101
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
U.S. GOVERNMENT AGENCIES - 25.7% (11)continued
|
||
|
Freddie Mac – 7.5%continued
|
||
|
Freddie Mac Multifamily Structured
Pass Through Certificates, Series
K760, Class A2,
|
|
|
|
4.55%, 1/25/32
|
$100
|
$101
|
|
Pool #QA0127,
|
|
|
|
3.50%, 6/1/49
|
500
|
456
|
|
Pool #QA1132,
|
|
|
|
3.50%, 7/1/49
|
172
|
157
|
|
Pool #QA1263,
|
|
|
|
3.50%, 7/1/49
|
181
|
165
|
|
Pool #QA1752,
|
|
|
|
3.50%, 8/1/49
|
1,046
|
953
|
|
Pool #QA1883,
|
|
|
|
4.00%, 8/1/49
|
293
|
276
|
|
Pool #QA3149,
|
|
|
|
3.00%, 10/1/49
|
306
|
270
|
|
Pool #QA4699,
|
|
|
|
3.00%, 11/1/49
|
178
|
156
|
|
Pool #QA8043,
|
|
|
|
3.00%, 3/1/50
|
1,398
|
1,229
|
|
Pool #QB0211,
|
|
|
|
2.50%, 6/1/50
|
442
|
369
|
|
Pool #QB2516,
|
|
|
|
2.50%, 8/1/50
|
326
|
274
|
|
Pool #QB2545,
|
|
|
|
2.00%, 8/1/50
|
1,857
|
1,481
|
|
Pool #QB2682,
|
|
|
|
2.50%, 8/1/50
|
371
|
311
|
|
Pool #QB2966,
|
|
|
|
2.50%, 9/1/50
|
115
|
96
|
|
Pool #QB3199,
|
|
|
|
2.00%, 9/1/50
|
646
|
515
|
|
Pool #QB4275,
|
|
|
|
2.00%, 10/1/50
|
265
|
211
|
|
Pool #QB5128,
|
|
|
|
2.00%, 10/1/50
|
955
|
761
|
|
Pool #QB5507,
|
|
|
|
2.00%, 11/1/50
|
677
|
548
|
|
Pool #QB6246,
|
|
|
|
2.00%, 12/1/50
|
315
|
254
|
|
Pool #QB6448,
|
|
|
|
2.00%, 12/1/50
|
1,030
|
821
|
|
Pool #QB8131,
|
|
|
|
2.00%, 2/1/51
|
3,223
|
2,565
|
|
|
June 30, 2025 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
U.S. GOVERNMENT AGENCIES - 25.7% (11)continued
|
||
|
Freddie Mac – 7.5%continued
|
||
|
Pool #QB8132,
|
|
|
|
2.00%, 1/1/51
|
$844
|
$669
|
|
Pool #QB9266,
|
|
|
|
2.00%, 3/1/51
|
431
|
347
|
|
Pool #QB9410,
|
|
|
|
2.00%, 1/1/51
|
1,286
|
1,023
|
|
Pool #QC1443,
|
|
|
|
2.00%, 5/1/51
|
1,733
|
1,395
|
|
Pool #QC1809,
|
|
|
|
2.00%, 5/1/51
|
416
|
333
|
|
Pool #QC2062,
|
|
|
|
2.00%, 5/1/51
|
726
|
575
|
|
Pool #QC3259,
|
|
|
|
2.00%, 6/1/51
|
2,821
|
2,234
|
|
Pool #QC9442,
|
|
|
|
2.50%, 10/1/51
|
3,626
|
3,031
|
|
Pool #QD0822,
|
|
|
|
3.00%, 11/1/51
|
1,020
|
898
|
|
Pool #QD2146,
|
|
|
|
2.00%, 12/1/51
|
813
|
650
|
|
Pool #QE9161,
|
|
|
|
4.50%, 9/1/52
|
744
|
713
|
|
Pool #QF7121,
|
|
|
|
5.50%, 2/1/53
|
820
|
821
|
|
Pool #QG5959,
|
|
|
|
5.00%, 7/1/53
|
881
|
866
|
|
Pool #QG7215,
|
|
|
|
5.50%, 7/1/53
|
849
|
851
|
|
Pool #QG8401,
|
|
|
|
5.50%, 8/1/53
|
646
|
646
|
|
Pool #QG8408,
|
|
|
|
5.00%, 8/1/53
|
1,129
|
1,111
|
|
Pool #QH1135,
|
|
|
|
7.00%, 9/1/53
|
366
|
388
|
|
Pool #QI2828,
|
|
|
|
5.50%, 4/1/54
|
975
|
976
|
|
Pool #QJ5279,
|
|
|
|
6.00%, 10/1/54
|
937
|
954
|
|
Pool #QK0622,
|
|
|
|
1.50%, 2/1/41
|
463
|
384
|
|
Pool #QN0818,
|
|
|
|
2.50%, 10/1/34
|
192
|
181
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
U.S. GOVERNMENT AGENCIES - 25.7% (11)continued
|
||
|
Freddie Mac – 7.5%continued
|
||
|
Pool #QN5018,
|
|
|
|
2.00%, 1/1/36
|
$470
|
$432
|
|
Pool #QN5866,
|
|
|
|
2.00%, 4/1/36
|
253
|
233
|
|
Pool #QN6394,
|
|
|
|
1.50%, 5/1/36
|
1,370
|
1,221
|
|
Pool #QN7743,
|
|
|
|
2.00%, 9/1/36
|
729
|
668
|
|
Pool #QN8899,
|
|
|
|
2.00%, 12/1/36
|
682
|
623
|
|
Pool #RA1196,
|
|
|
|
4.00%, 8/1/49
|
663
|
625
|
|
Pool #RA1343,
|
|
|
|
3.00%, 9/1/49
|
1,908
|
1,676
|
|
Pool #RA1493,
|
|
|
|
3.00%, 10/1/49
|
358
|
315
|
|
Pool #RA1501,
|
|
|
|
3.00%, 10/1/49
|
117
|
103
|
|
Pool #RA2010,
|
|
|
|
3.50%, 1/1/50
|
213
|
194
|
|
Pool #RA2117,
|
|
|
|
3.00%, 2/1/50
|
278
|
245
|
|
Pool #RA2386,
|
|
|
|
3.00%, 4/1/50
|
723
|
635
|
|
Pool #RA2457,
|
|
|
|
3.00%, 4/1/50
|
428
|
377
|
|
Pool #RA2730,
|
|
|
|
2.50%, 6/1/50
|
261
|
219
|
|
Pool #RA2790,
|
|
|
|
2.50%, 6/1/50
|
408
|
342
|
|
Pool #RA2853,
|
|
|
|
2.50%, 6/1/50
|
497
|
417
|
|
Pool #RA2959,
|
|
|
|
2.50%, 7/1/50
|
476
|
399
|
|
Pool #RA3086,
|
|
|
|
2.50%, 7/1/50
|
363
|
305
|
|
Pool #RA3306,
|
|
|
|
2.50%, 8/1/50
|
336
|
282
|
|
Pool #RA3524,
|
|
|
|
2.00%, 9/1/50
|
1,802
|
1,445
|
|
Pool #RA3563,
|
|
|
|
2.00%, 9/1/50
|
895
|
715
|
|
Schedule of Investments
|
|
BOND INDEX FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
U.S. GOVERNMENT AGENCIES - 25.7% (11)continued
|
||
|
Freddie Mac – 7.5%continued
|
||
|
Pool #RA3578,
|
|
|
|
2.00%, 9/1/50
|
$1,179
|
$946
|
|
Pool #RA3580,
|
|
|
|
2.00%, 9/1/50
|
1,104
|
886
|
|
Pool #RA3662,
|
|
|
|
2.50%, 10/1/50
|
543
|
455
|
|
Pool #RA3663,
|
|
|
|
2.50%, 10/1/50
|
563
|
473
|
|
Pool #RA3723,
|
|
|
|
2.00%, 10/1/50
|
1,122
|
900
|
|
Pool #RA3765,
|
|
|
|
2.50%, 10/1/50
|
549
|
460
|
|
Pool #RA3913,
|
|
|
|
2.50%, 11/1/50
|
2,774
|
2,345
|
|
Pool #RA4209,
|
|
|
|
1.50%, 12/1/50
|
1,664
|
1,256
|
|
Pool #RA4218,
|
|
|
|
2.50%, 12/1/50
|
6,914
|
5,813
|
|
Pool #RA5204,
|
|
|
|
2.00%, 5/1/51
|
1,476
|
1,169
|
|
Pool #RA5373,
|
|
|
|
2.00%, 6/1/51
|
682
|
547
|
|
Pool #RA6333,
|
|
|
|
2.00%, 11/1/51
|
3,514
|
2,783
|
|
Pool #RA6340,
|
|
|
|
2.50%, 11/1/51
|
2,317
|
1,935
|
|
Pool #RA7097,
|
|
|
|
3.50%, 4/1/52
|
776
|
703
|
|
Pool #RA7099,
|
|
|
|
2.00%, 1/1/51
|
2,514
|
2,002
|
|
Pool #RA8761,
|
|
|
|
5.50%, 3/1/53
|
481
|
486
|
|
Pool #RA8791,
|
|
|
|
5.00%, 4/1/53
|
1,208
|
1,190
|
|
Pool #RB0452,
|
|
|
|
2.00%, 2/1/41
|
773
|
667
|
|
Pool #RB5032,
|
|
|
|
2.50%, 2/1/40
|
62
|
56
|
|
Pool #RB5033,
|
|
|
|
3.00%, 2/1/40
|
229
|
214
|
|
Pool #RB5043,
|
|
|
|
2.50%, 4/1/40
|
114
|
104
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
U.S. GOVERNMENT AGENCIES - 25.7% (11)continued
|
||
|
Freddie Mac – 7.5%continued
|
||
|
Pool #RB5048,
|
|
|
|
2.50%, 5/1/40
|
$62
|
$57
|
|
Pool #RB5059,
|
|
|
|
2.50%, 7/1/40
|
80
|
73
|
|
Pool #RB5066,
|
|
|
|
2.50%, 8/1/40
|
214
|
194
|
|
Pool #RB5076,
|
|
|
|
2.00%, 8/1/40
|
462
|
404
|
|
Pool #RB5085,
|
|
|
|
2.00%, 11/1/40
|
416
|
360
|
|
Pool #RB5095,
|
|
|
|
2.00%, 1/1/41
|
313
|
270
|
|
Pool #RB5110,
|
|
|
|
1.50%, 5/1/41
|
1,007
|
834
|
|
Pool #RB5111,
|
|
|
|
2.00%, 5/1/41
|
418
|
360
|
|
Pool #RB5131,
|
|
|
|
2.00%, 10/1/41
|
729
|
627
|
|
Pool #RC1857,
|
|
|
|
1.50%, 2/1/36
|
448
|
400
|
|
Pool #RC2045,
|
|
|
|
2.00%, 6/1/36
|
226
|
207
|
|
Pool #RJ1229,
|
|
|
|
6.00%, 4/1/54
|
880
|
895
|
|
Pool #RJ2693,
|
|
|
|
5.00%, 10/1/54
|
487
|
480
|
|
Pool #SB0048,
|
|
|
|
3.00%, 8/1/34
|
356
|
343
|
|
Pool #SB0330,
|
|
|
|
2.00%, 5/1/35
|
305
|
280
|
|
Pool #SB0434,
|
|
|
|
2.00%, 10/1/35
|
513
|
472
|
|
Pool #SB0571,
|
|
|
|
2.00%, 10/1/36
|
1,007
|
921
|
|
Pool #SB0726,
|
|
|
|
4.00%, 8/1/37
|
271
|
266
|
|
Pool #SB0834,
|
|
|
|
2.50%, 2/1/36
|
804
|
754
|
|
Pool #SB0955,
|
|
|
|
5.50%, 8/1/38
|
68
|
70
|
|
Pool #SB8045,
|
|
|
|
2.50%, 5/1/35
|
132
|
123
|
|
|
June 30, 2025 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
U.S. GOVERNMENT AGENCIES - 25.7% (11)continued
|
||
|
Freddie Mac – 7.5%continued
|
||
|
Pool #SB8046,
|
|
|
|
3.00%, 5/1/35
|
$225
|
$216
|
|
Pool #SB8057,
|
|
|
|
2.00%, 8/1/35
|
463
|
425
|
|
Pool #SB8058,
|
|
|
|
2.50%, 8/1/35
|
527
|
493
|
|
Pool #SB8061,
|
|
|
|
2.00%, 9/1/35
|
820
|
754
|
|
Pool #SB8067,
|
|
|
|
1.50%, 9/1/35
|
215
|
192
|
|
Pool #SB8068,
|
|
|
|
1.50%, 10/1/35
|
232
|
207
|
|
Pool #SB8069,
|
|
|
|
2.00%, 10/1/35
|
656
|
603
|
|
Pool #SB8073,
|
|
|
|
1.50%, 11/1/35
|
300
|
268
|
|
Pool #SB8078,
|
|
|
|
1.50%, 12/1/35
|
634
|
567
|
|
Pool #SB8083,
|
|
|
|
1.50%, 1/1/36
|
368
|
328
|
|
Pool #SB8092,
|
|
|
|
1.50%, 3/1/36
|
663
|
590
|
|
Pool #SB8122,
|
|
|
|
1.50%, 10/1/36
|
1,395
|
1,240
|
|
Pool #SB8177,
|
|
|
|
3.50%, 9/1/37
|
202
|
195
|
|
Pool #SB8178,
|
|
|
|
4.00%, 9/1/37
|
191
|
188
|
|
Pool #SB8182,
|
|
|
|
3.00%, 10/1/37
|
282
|
269
|
|
Pool #SB8206,
|
|
|
|
5.00%, 1/1/38
|
124
|
125
|
|
Pool #SB8208,
|
|
|
|
5.50%, 1/1/38
|
62
|
64
|
|
Pool #SB8233,
|
|
|
|
4.50%, 6/1/38
|
184
|
183
|
|
Pool #SB8247,
|
|
|
|
5.00%, 8/1/38
|
68
|
69
|
|
Pool #SB8501,
|
|
|
|
2.00%, 8/1/35
|
516
|
475
|
|
Pool #SD0163,
|
|
|
|
3.00%, 12/1/49
|
529
|
466
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
U.S. GOVERNMENT AGENCIES - 25.7% (11)continued
|
||
|
Freddie Mac – 7.5%continued
|
||
|
Pool #SD0261,
|
|
|
|
3.00%, 2/1/50
|
$213
|
$187
|
|
Pool #SD0262,
|
|
|
|
3.50%, 2/1/50
|
350
|
322
|
|
Pool #SD0410,
|
|
|
|
2.50%, 8/1/50
|
1,103
|
928
|
|
Pool #SD0414,
|
|
|
|
2.50%, 8/1/50
|
202
|
170
|
|
Pool #SD0467,
|
|
|
|
2.00%, 12/1/50
|
544
|
431
|
|
Pool #SD0537,
|
|
|
|
2.00%, 3/1/51
|
2,902
|
2,298
|
|
Pool #SD0608,
|
|
|
|
2.50%, 5/1/51
|
2,571
|
2,184
|
|
Pool #SD0764,
|
|
|
|
2.50%, 10/1/51
|
2,237
|
1,879
|
|
Pool #SD1592,
|
|
|
|
4.00%, 8/1/52
|
672
|
627
|
|
Pool #SD1596,
|
|
|
|
4.00%, 9/1/52
|
558
|
524
|
|
Pool #SD1855,
|
|
|
|
5.00%, 9/1/52
|
499
|
492
|
|
Pool #SD1958,
|
|
|
|
5.00%, 11/1/52
|
328
|
325
|
|
Pool #SD2236,
|
|
|
|
5.50%, 11/1/52
|
1,053
|
1,056
|
|
Pool #SD2258,
|
|
|
|
5.00%, 1/1/53
|
622
|
613
|
|
Pool #SD2266,
|
|
|
|
5.00%, 1/1/53
|
531
|
526
|
|
Pool #SD2666,
|
|
|
|
5.00%, 3/1/53
|
594
|
588
|
|
Pool #SD2693,
|
|
|
|
6.50%, 4/1/53
|
529
|
556
|
|
Pool #SD2922,
|
|
|
|
5.00%, 5/1/53
|
440
|
435
|
|
Pool #SD2936,
|
|
|
|
5.00%, 4/1/53
|
328
|
324
|
|
Pool #SD3074,
|
|
|
|
5.50%, 5/1/53
|
832
|
836
|
|
Pool #SD3683,
|
|
|
|
5.50%, 9/1/53
|
916
|
921
|
|
Schedule of Investments
|
|
BOND INDEX FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
U.S. GOVERNMENT AGENCIES - 25.7% (11)continued
|
||
|
Freddie Mac – 7.5%continued
|
||
|
Pool #SD3713,
|
|
|
|
6.50%, 8/1/53
|
$842
|
$879
|
|
Pool #SD3714,
|
|
|
|
6.50%, 8/1/53
|
460
|
479
|
|
Pool #SD3904,
|
|
|
|
6.50%, 9/1/53
|
373
|
388
|
|
Pool #SD3913,
|
|
|
|
5.50%, 9/1/53
|
259
|
260
|
|
Pool #SD3990,
|
|
|
|
5.50%, 9/1/53
|
877
|
888
|
|
Pool #SD3992,
|
|
|
|
5.50%, 9/1/53
|
530
|
536
|
|
Pool #SD4204,
|
|
|
|
6.50%, 10/1/53
|
637
|
665
|
|
Pool #SD4262,
|
|
|
|
6.00%, 11/1/53
|
593
|
610
|
|
Pool #SD4668,
|
|
|
|
6.00%, 10/1/53
|
404
|
413
|
|
Pool #SD4702,
|
|
|
|
6.50%, 1/1/54
|
537
|
559
|
|
Pool #SD4919,
|
|
|
|
6.50%, 2/1/54
|
433
|
458
|
|
Pool #SD5058,
|
|
|
|
5.50%, 3/1/54
|
277
|
278
|
|
Pool #SD5316,
|
|
|
|
6.00%, 4/1/54
|
799
|
813
|
|
Pool #SD5958,
|
|
|
|
6.50%, 8/1/54
|
1,023
|
1,058
|
|
Pool #SD6004,
|
|
|
|
6.00%, 8/1/54
|
1,920
|
1,973
|
|
Pool #SD7440,
|
|
|
|
5.00%, 1/1/55
|
974
|
963
|
|
Pool #SD7512,
|
|
|
|
3.00%, 2/1/50
|
447
|
394
|
|
Pool #SD7536,
|
|
|
|
2.50%, 2/1/51
|
5,082
|
4,286
|
|
Pool #SD7539,
|
|
|
|
2.00%, 4/1/51
|
347
|
280
|
|
Pool #SD7541,
|
|
|
|
2.00%, 5/1/51
|
1,874
|
1,509
|
|
Pool #SD8019,
|
|
|
|
4.50%, 10/1/49
|
291
|
282
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
U.S. GOVERNMENT AGENCIES - 25.7% (11)continued
|
||
|
Freddie Mac – 7.5%continued
|
||
|
Pool #SD8023,
|
|
|
|
2.50%, 11/1/49
|
$258
|
$217
|
|
Pool #SD8029,
|
|
|
|
2.50%, 12/1/49
|
289
|
242
|
|
Pool #SD8037,
|
|
|
|
2.50%, 1/1/50
|
293
|
246
|
|
Pool #SD8083,
|
|
|
|
2.50%, 8/1/50
|
664
|
557
|
|
Pool #SD8090,
|
|
|
|
2.00%, 9/1/50
|
2,105
|
1,680
|
|
Pool #SD8097,
|
|
|
|
2.00%, 8/1/50
|
1,840
|
1,461
|
|
Pool #SD8104,
|
|
|
|
1.50%, 11/1/50
|
3,625
|
2,730
|
|
Pool #SD8112,
|
|
|
|
1.50%, 12/1/50
|
1,076
|
810
|
|
Pool #SD8139,
|
|
|
|
1.50%, 4/1/51
|
2,063
|
1,552
|
|
Pool #SD8213,
|
|
|
|
3.00%, 5/1/52
|
1,412
|
1,224
|
|
Pool #SD8225,
|
|
|
|
3.00%, 7/1/52
|
1,718
|
1,489
|
|
Pool #SD8266,
|
|
|
|
4.50%, 11/1/52
|
2,283
|
2,188
|
|
Pool #SD8325,
|
|
|
|
6.00%, 5/1/53
|
836
|
852
|
|
Pool #SD8331,
|
|
|
|
5.50%, 6/1/53
|
580
|
581
|
|
Pool #SD8332,
|
|
|
|
6.00%, 6/1/53
|
626
|
637
|
|
Pool #SD8374,
|
|
|
|
6.50%, 11/1/53
|
335
|
346
|
|
Pool #SD8386,
|
|
|
|
7.00%, 12/1/53
|
269
|
283
|
|
Pool #SD8399,
|
|
|
|
7.50%, 1/1/54
|
139
|
148
|
|
6.50%, 2/1/54
|
640
|
664
|
|
Pool #SL0231,
|
|
|
|
5.00%, 1/1/55
|
962
|
949
|
|
Pool #ZA1036,
|
|
|
|
4.50%, 2/1/40
|
59
|
59
|
|
Pool #ZA1159,
|
|
|
|
3.50%, 4/1/42
|
173
|
163
|
|
|
June 30, 2025 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
U.S. GOVERNMENT AGENCIES - 25.7% (11)continued
|
||
|
Freddie Mac – 7.5%continued
|
||
|
Pool #ZA1165,
|
|
|
|
3.50%, 4/1/42
|
$263
|
$246
|
|
Pool #ZA1254,
|
|
|
|
3.00%, 10/1/42
|
801
|
725
|
|
Pool #ZA1334,
|
|
|
|
3.50%, 7/1/42
|
92
|
86
|
|
Pool #ZA1361,
|
|
|
|
3.50%, 5/1/43
|
133
|
125
|
|
Pool #ZA1375,
|
|
|
|
4.00%, 9/1/44
|
75
|
71
|
|
Pool #ZA1378,
|
|
|
|
3.50%, 10/1/44
|
122
|
114
|
|
Pool #ZA2773,
|
|
|
|
2.50%, 8/1/27
|
23
|
23
|
|
Pool #ZA3862,
|
|
|
|
2.50%, 5/1/31
|
169
|
163
|
|
Pool #ZA4194,
|
|
|
|
3.00%, 4/1/43
|
190
|
171
|
|
Pool #ZA4214,
|
|
|
|
3.00%, 5/1/43
|
290
|
262
|
|
Pool #ZA4715,
|
|
|
|
4.00%, 9/1/46
|
478
|
453
|
|
Pool #ZA5107,
|
|
|
|
4.00%, 11/1/47
|
135
|
128
|
|
Pool #ZA5642,
|
|
|
|
4.00%, 9/1/48
|
135
|
128
|
|
Pool #ZA5950,
|
|
|
|
4.50%, 11/1/48
|
354
|
345
|
|
Pool #ZI6135,
|
|
|
|
5.00%, 9/1/34
|
267
|
270
|
|
Pool #ZI6854,
|
|
|
|
4.50%, 12/1/37
|
39
|
39
|
|
Pool #ZI7645,
|
|
|
|
5.00%, 6/1/38
|
56
|
57
|
|
Pool #ZI8519,
|
|
|
|
4.50%, 2/1/39
|
13
|
13
|
|
Pool #ZI9349,
|
|
|
|
4.50%, 10/1/39
|
209
|
206
|
|
Pool #ZI9657,
|
|
|
|
4.50%, 1/1/40
|
264
|
261
|
|
Pool #ZI9939,
|
|
|
|
4.50%, 4/1/40
|
77
|
77
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
U.S. GOVERNMENT AGENCIES - 25.7% (11)continued
|
||
|
Freddie Mac – 7.5%continued
|
||
|
Pool #ZJ0631,
|
|
|
|
4.50%, 10/1/40
|
$95
|
$94
|
|
Pool #ZJ1046,
|
|
|
|
4.00%, 1/1/41
|
139
|
135
|
|
Pool #ZJ1052,
|
|
|
|
4.00%, 1/1/41
|
129
|
124
|
|
Pool #ZJ1228,
|
|
|
|
4.00%, 2/1/41
|
185
|
178
|
|
Pool #ZJ1359,
|
|
|
|
4.50%, 3/1/41
|
88
|
88
|
|
Pool #ZK5468,
|
|
|
|
2.00%, 5/1/28
|
141
|
137
|
|
Pool #ZL1714,
|
|
|
|
4.50%, 7/1/41
|
125
|
124
|
|
Pool #ZL1806,
|
|
|
|
4.50%, 8/1/41
|
354
|
353
|
|
Pool #ZL1922,
|
|
|
|
4.00%, 9/1/41
|
39
|
38
|
|
Pool #ZL2350,
|
|
|
|
3.50%, 11/1/41
|
62
|
58
|
|
Pool #ZL3211,
|
|
|
|
3.50%, 6/1/42
|
249
|
233
|
|
Pool #ZL3551,
|
|
|
|
3.50%, 8/1/42
|
375
|
352
|
|
Pool #ZL4709,
|
|
|
|
3.00%, 1/1/43
|
261
|
235
|
|
Pool #ZL5074,
|
|
|
|
3.00%, 2/1/43
|
118
|
107
|
|
Pool #ZL5915,
|
|
|
|
3.50%, 5/1/43
|
537
|
504
|
|
Pool #ZL5927,
|
|
|
|
3.00%, 5/1/43
|
156
|
141
|
|
Pool #ZL6381,
|
|
|
|
3.00%, 6/1/43
|
260
|
235
|
|
Pool #ZL6467,
|
|
|
|
3.00%, 7/1/43
|
202
|
182
|
|
Pool #ZL6920,
|
|
|
|
3.50%, 8/1/43
|
75
|
70
|
|
Pool #ZL7780,
|
|
|
|
4.00%, 2/1/44
|
198
|
190
|
|
Pool #ZL8709,
|
|
|
|
4.00%, 11/1/44
|
81
|
77
|
|
Schedule of Investments
|
|
BOND INDEX FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
U.S. GOVERNMENT AGENCIES - 25.7% (11)continued
|
||
|
Freddie Mac – 7.5%continued
|
||
|
Pool #ZM0489,
|
|
|
|
4.00%, 11/1/45
|
$143
|
$135
|
|
Pool #ZM0617,
|
|
|
|
3.50%, 12/1/45
|
188
|
174
|
|
Pool #ZM1194,
|
|
|
|
3.00%, 6/1/46
|
229
|
203
|
|
Pool #ZM1933,
|
|
|
|
3.00%, 10/1/46
|
261
|
231
|
|
Pool #ZM2167,
|
|
|
|
3.00%, 11/1/46
|
426
|
378
|
|
Pool #ZM2286,
|
|
|
|
3.50%, 12/1/46
|
683
|
630
|
|
Pool #ZM3525,
|
|
|
|
3.50%, 6/1/47
|
101
|
93
|
|
Pool #ZM4305,
|
|
|
|
3.50%, 9/1/47
|
383
|
353
|
|
Pool #ZM4711,
|
|
|
|
4.00%, 11/1/47
|
590
|
560
|
|
Pool #ZM4736,
|
|
|
|
3.50%, 11/1/47
|
139
|
127
|
|
Pool #ZM4908,
|
|
|
|
3.50%, 11/1/47
|
269
|
247
|
|
Pool #ZM5133,
|
|
|
|
3.50%, 12/1/47
|
117
|
108
|
|
Pool #ZM5397,
|
|
|
|
3.50%, 1/1/48
|
198
|
182
|
|
Pool #ZM5659,
|
|
|
|
3.50%, 2/1/48
|
221
|
202
|
|
Pool #ZM5917,
|
|
|
|
4.00%, 3/1/48
|
157
|
148
|
|
Pool #ZM6682,
|
|
|
|
4.50%, 5/1/48
|
134
|
130
|
|
Pool #ZM7370,
|
|
|
|
4.00%, 7/1/48
|
104
|
98
|
|
Pool #ZM7378,
|
|
|
|
5.00%, 7/1/48
|
121
|
121
|
|
Pool #ZM7849,
|
|
|
|
4.00%, 8/1/48
|
48
|
45
|
|
Pool #ZM8045,
|
|
|
|
4.00%, 9/1/48
|
146
|
138
|
|
Pool #ZM8575,
|
|
|
|
4.50%, 10/1/48
|
74
|
72
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
U.S. GOVERNMENT AGENCIES - 25.7% (11)continued
|
||
|
Freddie Mac – 7.5%continued
|
||
|
Pool #ZN1506,
|
|
|
|
3.50%, 11/1/48
|
$528
|
$484
|
|
Pool #ZN3447,
|
|
|
|
3.50%, 2/1/49
|
113
|
103
|
|
Pool #ZS0932,
|
|
|
|
4.50%, 8/1/34
|
6
|
6
|
|
Pool #ZS1567,
|
|
|
|
5.00%, 8/1/37
|
8
|
8
|
|
Pool #ZS2391,
|
|
|
|
5.00%, 9/1/38
|
18
|
18
|
|
Pool #ZS2499,
|
|
|
|
5.00%, 3/1/38
|
40
|
41
|
|
Pool #ZS2533,
|
|
|
|
4.50%, 2/1/39
|
43
|
42
|
|
Pool #ZS2827,
|
|
|
|
4.50%, 11/1/39
|
106
|
106
|
|
Pool #ZS3554,
|
|
|
|
3.50%, 7/1/42
|
165
|
155
|
|
Pool #ZS3596,
|
|
|
|
4.00%, 6/1/42
|
430
|
415
|
|
Pool #ZS4078,
|
|
|
|
3.50%, 1/1/45
|
237
|
221
|
|
Pool #ZS4127,
|
|
|
|
4.50%, 7/1/44
|
99
|
97
|
|
Pool #ZS4472,
|
|
|
|
3.50%, 2/1/42
|
163
|
153
|
|
Pool #ZS4536,
|
|
|
|
3.50%, 10/1/43
|
237
|
222
|
|
Pool #ZS4584,
|
|
|
|
3.00%, 9/1/44
|
90
|
81
|
|
Pool #ZS4600,
|
|
|
|
4.00%, 1/1/45
|
248
|
236
|
|
Pool #ZS4607,
|
|
|
|
3.50%, 3/1/45
|
316
|
294
|
|
Pool #ZS4617,
|
|
|
|
3.00%, 6/1/45
|
164
|
145
|
|
Pool #ZS4618,
|
|
|
|
3.50%, 6/1/45
|
255
|
237
|
|
Pool #ZS4621,
|
|
|
|
3.00%, 7/1/45
|
395
|
351
|
|
Pool #ZS4627,
|
|
|
|
4.00%, 8/1/45
|
84
|
80
|
|
|
June 30, 2025 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
U.S. GOVERNMENT AGENCIES - 25.7% (11)continued
|
||
|
Freddie Mac – 7.5%continued
|
||
|
Pool #ZS4629,
|
|
|
|
3.00%, 9/1/45
|
$501
|
$447
|
|
Pool #ZS4630,
|
|
|
|
3.50%, 9/1/45
|
173
|
160
|
|
Pool #ZS4634,
|
|
|
|
4.00%, 10/1/45
|
102
|
97
|
|
Pool #ZS4639,
|
|
|
|
4.00%, 11/1/45
|
104
|
99
|
|
Pool #ZS4642,
|
|
|
|
3.50%, 12/1/45
|
354
|
328
|
|
Pool #ZS4655,
|
|
|
|
3.50%, 3/1/46
|
173
|
160
|
|
Pool #ZS4667,
|
|
|
|
3.00%, 6/1/46
|
251
|
223
|
|
Pool #ZS4671,
|
|
|
|
3.00%, 8/1/46
|
568
|
505
|
|
Pool #ZS4677,
|
|
|
|
3.00%, 9/1/46
|
158
|
140
|
|
Pool #ZS4703,
|
|
|
|
3.00%, 2/1/47
|
165
|
146
|
|
Pool #ZS4722,
|
|
|
|
3.50%, 6/1/47
|
157
|
144
|
|
Pool #ZS4730,
|
|
|
|
3.50%, 8/1/47
|
59
|
55
|
|
Pool #ZS4740,
|
|
|
|
4.00%, 10/1/47
|
280
|
265
|
|
Pool #ZS4743,
|
|
|
|
3.50%, 11/1/47
|
390
|
358
|
|
Pool #ZS4745,
|
|
|
|
4.50%, 11/1/47
|
261
|
254
|
|
Pool #ZS4747,
|
|
|
|
3.50%, 12/1/47
|
108
|
99
|
|
Pool #ZS4748,
|
|
|
|
4.00%, 12/1/47
|
290
|
275
|
|
Pool #ZS4749,
|
|
|
|
4.50%, 12/1/47
|
88
|
86
|
|
Pool #ZS4752,
|
|
|
|
4.00%, 1/1/48
|
232
|
221
|
|
Pool #ZS4759,
|
|
|
|
3.50%, 3/1/48
|
230
|
210
|
|
Pool #ZS4769,
|
|
|
|
4.00%, 5/1/48
|
122
|
116
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
U.S. GOVERNMENT AGENCIES - 25.7% (11)continued
|
||
|
Freddie Mac – 7.5%continued
|
||
|
Pool #ZS4773,
|
|
|
|
4.50%, 6/1/48
|
$38
|
$37
|
|
Pool #ZS4781,
|
|
|
|
4.50%, 7/1/48
|
95
|
92
|
|
Pool #ZS4785,
|
|
|
|
4.00%, 8/1/48
|
94
|
89
|
|
Pool #ZS8023,
|
|
|
|
2.00%, 8/1/32
|
33
|
31
|
|
Pool #ZS8628,
|
|
|
|
2.00%, 11/1/31
|
54
|
51
|
|
Pool #ZS8639,
|
|
|
|
2.00%, 1/1/32
|
19
|
18
|
|
Pool #ZS9449,
|
|
|
|
3.50%, 8/1/45
|
256
|
238
|
|
Pool #ZS9495,
|
|
|
|
3.50%, 10/1/45
|
408
|
379
|
|
Pool #ZS9580,
|
|
|
|
3.50%, 12/1/45
|
374
|
347
|
|
Pool #ZS9805,
|
|
|
|
3.00%, 9/1/46
|
388
|
345
|
|
Pool #ZS9827,
|
|
|
|
3.00%, 10/1/46
|
348
|
311
|
|
Pool #ZT0495,
|
|
|
|
4.50%, 8/1/48
|
39
|
38
|
|
Pool #ZT0524,
|
|
|
|
4.50%, 9/1/48
|
218
|
212
|
|
Pool #ZT0712,
|
|
|
|
4.00%, 10/1/48
|
135
|
128
|
|
Pool #ZT0787,
|
|
|
|
4.00%, 10/1/48
|
124
|
117
|
|
Pool #ZT1702,
|
|
|
|
4.00%, 1/1/49
|
231
|
219
|
|
Pool #ZT2091,
|
|
|
|
3.00%, 6/1/34
|
51
|
49
|
|
|
|
173,586
|
|
Freddie Mac Gold – 0.2%
|
||
|
Pool #A16753,
|
|
|
|
5.00%, 11/1/33
|
21
|
21
|
|
Pool #A17665,
|
|
|
|
5.00%, 1/1/34
|
20
|
21
|
|
Pool #A27950,
|
|
|
|
5.50%, 11/1/34
|
48
|
49
|
|
Schedule of Investments
|
|
BOND INDEX FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
U.S. GOVERNMENT AGENCIES - 25.7% (11)continued
|
||
|
Freddie Mac Gold – 0.2%continued
|
||
|
Pool #A31136,
|
|
|
|
5.50%, 1/1/35
|
$100
|
$102
|
|
Pool #A39306,
|
|
|
|
5.50%, 11/1/35
|
19
|
19
|
|
Pool #A46224,
|
|
|
|
5.00%, 7/1/35
|
5
|
5
|
|
Pool #A48104,
|
|
|
|
5.00%, 1/1/36
|
20
|
21
|
|
Pool #A57604,
|
|
|
|
5.00%, 3/1/37
|
21
|
21
|
|
Pool #A58718,
|
|
|
|
5.50%, 3/1/37
|
4
|
4
|
|
Pool #A59081,
|
|
|
|
5.50%, 4/1/37
|
22
|
23
|
|
Pool #A61560,
|
|
|
|
5.50%, 10/1/36
|
57
|
59
|
|
Pool #A64474,
|
|
|
|
5.50%, 9/1/37
|
6
|
6
|
|
Pool #A67116,
|
|
|
|
7.00%, 10/1/37
|
12
|
13
|
|
Pool #A68761,
|
|
|
|
5.50%, 9/1/37
|
95
|
98
|
|
Pool #A69303,
|
|
|
|
6.00%, 11/1/37
|
3
|
3
|
|
Pool #A73778,
|
|
|
|
5.00%, 2/1/38
|
30
|
30
|
|
Pool #A74134,
|
|
|
|
7.00%, 2/1/38
|
16
|
17
|
|
Pool #A83008,
|
|
|
|
5.50%, 11/1/38
|
79
|
81
|
|
Pool #A91541,
|
|
|
|
5.00%, 3/1/40
|
59
|
60
|
|
Pool #C91009,
|
|
|
|
5.00%, 11/1/26
|
1
|
1
|
|
Pool #C91247,
|
|
|
|
5.00%, 4/1/29
|
16
|
16
|
|
Pool #C91370,
|
|
|
|
4.50%, 5/1/31
|
42
|
42
|
|
Pool #C91826,
|
|
|
|
3.00%, 5/1/35
|
65
|
62
|
|
Pool #C91858,
|
|
|
|
3.00%, 12/1/35
|
67
|
63
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
U.S. GOVERNMENT AGENCIES - 25.7% (11)continued
|
||
|
Freddie Mac Gold – 0.2%continued
|
||
|
Pool #C91879,
|
|
|
|
3.00%, 6/1/36
|
$81
|
$77
|
|
Pool #C91908,
|
|
|
|
3.00%, 1/1/37
|
40
|
38
|
|
Pool #D97564,
|
|
|
|
5.00%, 1/1/28
|
34
|
34
|
|
Pool #D99094,
|
|
|
|
3.00%, 3/1/32
|
53
|
51
|
|
Pool #E04044,
|
|
|
|
3.50%, 8/1/27
|
52
|
51
|
|
Pool #G02064,
|
|
|
|
5.00%, 2/1/36
|
31
|
32
|
|
Pool #G02069,
|
|
|
|
5.50%, 3/1/36
|
5
|
5
|
|
Pool #G02386,
|
|
|
|
6.00%, 11/1/36
|
45
|
47
|
|
Pool #G02391,
|
|
|
|
6.00%, 11/1/36
|
2
|
2
|
|
Pool #G02540,
|
|
|
|
5.00%, 11/1/34
|
17
|
17
|
|
Pool #G02649,
|
|
|
|
6.00%, 1/1/37
|
2
|
2
|
|
Pool #G02789,
|
|
|
|
6.00%, 4/1/37
|
233
|
245
|
|
Pool #G02911,
|
|
|
|
6.00%, 4/1/37
|
4
|
4
|
|
Pool #G02973,
|
|
|
|
6.00%, 6/1/37
|
7
|
7
|
|
Pool #G03121,
|
|
|
|
5.00%, 6/1/36
|
29
|
30
|
|
Pool #G03134,
|
|
|
|
5.50%, 8/1/36
|
13
|
14
|
|
Pool #G03218,
|
|
|
|
6.00%, 9/1/37
|
4
|
4
|
|
Pool #G03351,
|
|
|
|
6.00%, 9/1/37
|
13
|
13
|
|
Pool #G03513,
|
|
|
|
6.00%, 11/1/37
|
16
|
17
|
|
Pool #G03600,
|
|
|
|
7.00%, 11/1/37
|
7
|
8
|
|
Pool #G03737,
|
|
|
|
6.50%, 11/1/37
|
95
|
100
|
|
|
June 30, 2025 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
U.S. GOVERNMENT AGENCIES - 25.7% (11)continued
|
||
|
Freddie Mac Gold – 0.2%continued
|
||
|
Pool #G03992,
|
|
|
|
6.00%, 3/1/38
|
$11
|
$11
|
|
Pool #G04287,
|
|
|
|
5.00%, 5/1/38
|
26
|
27
|
|
Pool #G04459,
|
|
|
|
5.50%, 6/1/38
|
25
|
26
|
|
Pool #G04611,
|
|
|
|
6.00%, 7/1/38
|
47
|
49
|
|
Pool #G04650,
|
|
|
|
6.50%, 9/1/38
|
20
|
22
|
|
Pool #G05733,
|
|
|
|
5.00%, 11/1/39
|
80
|
81
|
|
Pool #G05969,
|
|
|
|
5.00%, 8/1/40
|
38
|
39
|
|
Pool #G06767,
|
|
|
|
5.00%, 10/1/41
|
172
|
174
|
|
Pool #G06947,
|
|
|
|
6.00%, 5/1/40
|
58
|
60
|
|
Pool #G08189,
|
|
|
|
7.00%, 3/1/37
|
11
|
12
|
|
Pool #G08192,
|
|
|
|
5.50%, 4/1/37
|
12
|
12
|
|
Pool #G08341,
|
|
|
|
5.00%, 4/1/39
|
206
|
209
|
|
Pool #G14554,
|
|
|
|
4.50%, 7/1/26(10)
|
—
|
—
|
|
Pool #G14891,
|
|
|
|
3.00%, 10/1/28
|
41
|
40
|
|
Pool #G15134,
|
|
|
|
3.00%, 5/1/29
|
33
|
32
|
|
Pool #G16774,
|
|
|
|
3.50%, 2/1/34
|
75
|
74
|
|
Pool #G18438,
|
|
|
|
2.50%, 6/1/27
|
29
|
28
|
|
Pool #G18571,
|
|
|
|
2.50%, 10/1/30
|
81
|
79
|
|
Pool #G18664,
|
|
|
|
3.50%, 10/1/32
|
68
|
67
|
|
Pool #G30327,
|
|
|
|
4.50%, 1/1/27
|
2
|
2
|
|
Pool #G67713,
|
|
|
|
4.00%, 6/1/48
|
457
|
433
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
U.S. GOVERNMENT AGENCIES - 25.7% (11)continued
|
||
|
Freddie Mac Gold – 0.2%continued
|
||
|
Pool #J14808,
|
|
|
|
3.50%, 3/1/26
|
$17
|
$17
|
|
Pool #J16932,
|
|
|
|
3.00%, 10/1/26
|
13
|
13
|
|
Pool #J17055,
|
|
|
|
3.00%, 11/1/26
|
14
|
14
|
|
Pool #J17232,
|
|
|
|
3.00%, 11/1/26
|
12
|
12
|
|
Pool #J20834,
|
|
|
|
2.50%, 10/1/27
|
52
|
51
|
|
Pool #J22069,
|
|
|
|
2.50%, 1/1/28
|
15
|
15
|
|
Pool #K90641,
|
|
|
|
3.50%, 6/1/33
|
19
|
19
|
|
Pool #V60886,
|
|
|
|
2.50%, 8/1/30
|
53
|
51
|
|
Pool #V60902,
|
|
|
|
2.50%, 8/1/30
|
44
|
42
|
|
Pool #V61347,
|
|
|
|
2.50%, 10/1/31
|
188
|
181
|
|
|
|
3,527
|
|
Government National Mortgage Association I – 0.2%
|
||
|
Pool #510835,
|
|
|
|
5.50%, 2/15/35
|
7
|
7
|
|
Pool #553463,
|
|
|
|
3.50%, 1/15/42
|
217
|
203
|
|
Pool #597889,
|
|
|
|
5.50%, 6/15/33
|
50
|
50
|
|
Pool #614169,
|
|
|
|
5.00%, 7/15/33
|
11
|
11
|
|
Pool #616879,
|
|
|
|
3.50%, 2/15/42
|
165
|
154
|
|
Pool #617739,
|
|
|
|
6.00%, 10/15/37
|
3
|
3
|
|
Pool #634431,
|
|
|
|
6.00%, 9/15/34
|
9
|
9
|
|
Pool #641416,
|
|
|
|
5.50%, 4/15/35
|
39
|
40
|
|
Pool #646341,
|
|
|
|
6.00%, 11/15/36
|
5
|
6
|
|
Pool #648538,
|
|
|
|
5.00%, 12/15/35
|
43
|
44
|
|
Schedule of Investments
|
|
BOND INDEX FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
U.S. GOVERNMENT AGENCIES - 25.7% (11)continued
|
||
|
Government National Mortgage Association I – 0.2%continued
|
||
|
Pool #651753,
|
|
|
|
5.50%, 3/15/36
|
$3
|
$3
|
|
Pool #670030,
|
|
|
|
3.00%, 7/15/45
|
148
|
132
|
|
Pool #675211,
|
|
|
|
6.50%, 3/15/38
|
4
|
4
|
|
Pool #675484,
|
|
|
|
5.50%, 6/15/38
|
13
|
13
|
|
Pool #676360,
|
|
|
|
6.50%, 10/15/37
|
1
|
2
|
|
Pool #682899,
|
|
|
|
6.00%, 9/15/40
|
47
|
49
|
|
Pool #687824,
|
|
|
|
5.50%, 8/15/38
|
34
|
35
|
|
Pool #687900,
|
|
|
|
5.00%, 9/15/38
|
48
|
49
|
|
Pool #687901,
|
|
|
|
5.00%, 9/15/38
|
15
|
15
|
|
Pool #692309,
|
|
|
|
6.00%, 1/15/39
|
13
|
14
|
|
Pool #697645,
|
|
|
|
5.50%, 10/15/38
|
15
|
15
|
|
Pool #698236,
|
|
|
|
5.00%, 6/15/39
|
83
|
84
|
|
Pool #698336,
|
|
|
|
4.50%, 5/15/39
|
85
|
83
|
|
Pool #699277,
|
|
|
|
6.00%, 9/15/38
|
2
|
2
|
|
Pool #700918,
|
|
|
|
5.50%, 11/15/38
|
15
|
15
|
|
Pool #700972,
|
|
|
|
5.50%, 11/15/38
|
8
|
8
|
|
Pool #703677,
|
|
|
|
5.50%, 6/15/39
|
69
|
71
|
|
Pool #704185,
|
|
|
|
5.50%, 1/15/39
|
10
|
10
|
|
Pool #704514,
|
|
|
|
4.50%, 5/15/39
|
182
|
179
|
|
Pool #717175,
|
|
|
|
4.50%, 6/15/39
|
91
|
90
|
|
Pool #719262,
|
|
|
|
5.00%, 8/15/40
|
54
|
54
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
U.S. GOVERNMENT AGENCIES - 25.7% (11)continued
|
||
|
Government National Mortgage Association I – 0.2%continued
|
||
|
Pool #720202,
|
|
|
|
4.50%, 7/15/39
|
$71
|
$70
|
|
Pool #723231,
|
|
|
|
4.00%, 10/15/39
|
71
|
67
|
|
Pool #723339,
|
|
|
|
5.00%, 9/15/39
|
40
|
40
|
|
Pool #728629,
|
|
|
|
4.50%, 1/15/40
|
121
|
119
|
|
Pool #736768,
|
|
|
|
3.00%, 11/15/42
|
394
|
357
|
|
Pool #737286,
|
|
|
|
4.50%, 5/15/40
|
96
|
93
|
|
Pool #737416,
|
|
|
|
3.50%, 9/15/25(10)
|
—
|
—
|
|
Pool #738134,
|
|
|
|
3.50%, 4/15/26
|
3
|
3
|
|
Pool #738247,
|
|
|
|
4.50%, 4/15/41
|
49
|
48
|
|
Pool #747643,
|
|
|
|
4.50%, 8/15/40
|
133
|
130
|
|
Pool #760874,
|
|
|
|
3.50%, 2/15/26
|
1
|
1
|
|
Pool #768800,
|
|
|
|
4.50%, 6/15/41
|
23
|
23
|
|
Pool #773939,
|
|
|
|
4.00%, 11/15/41
|
166
|
158
|
|
Pool #778957,
|
|
|
|
3.50%, 3/15/42
|
210
|
196
|
|
Pool #782131,
|
|
|
|
5.50%, 12/15/36
|
12
|
13
|
|
Pool #782150,
|
|
|
|
5.50%, 4/15/37
|
17
|
18
|
|
Pool #782259,
|
|
|
|
5.00%, 2/15/36
|
34
|
34
|
|
Pool #782272,
|
|
|
|
5.50%, 2/15/38
|
31
|
32
|
|
Pool #782498,
|
|
|
|
6.00%, 12/15/38
|
14
|
15
|
|
Pool #782584,
|
|
|
|
5.00%, 3/15/39
|
20
|
20
|
|
Pool #782696,
|
|
|
|
5.00%, 6/15/39
|
84
|
84
|
|
|
June 30, 2025 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
U.S. GOVERNMENT AGENCIES - 25.7% (11)continued
|
||
|
Government National Mortgage Association I – 0.2%continued
|
||
|
Pool #782831,
|
|
|
|
6.00%, 12/15/39
|
$11
|
$11
|
|
Pool #783176,
|
|
|
|
4.00%, 11/15/40
|
231
|
220
|
|
Pool #783740,
|
|
|
|
2.50%, 12/15/27
|
13
|
13
|
|
Pool #AA5391,
|
|
|
|
3.50%, 6/15/42
|
13
|
12
|
|
Pool #AA6089,
|
|
|
|
3.00%, 2/15/43
|
160
|
145
|
|
Pool #AB2761,
|
|
|
|
3.50%, 8/15/42
|
41
|
39
|
|
Pool #AB2891,
|
|
|
|
3.00%, 9/15/42
|
59
|
53
|
|
Pool #AD8781,
|
|
|
|
3.00%, 3/15/43
|
142
|
129
|
|
Pool #AD9016,
|
|
|
|
3.00%, 4/15/43
|
112
|
102
|
|
Pool #AL1763,
|
|
|
|
3.50%, 1/15/45
|
57
|
53
|
|
|
|
3,752
|
|
Government National Mortgage Association II – 5.4%
|
||
|
Pool #3570,
|
|
|
|
6.00%, 6/20/34
|
15
|
15
|
|
Pool #3665,
|
|
|
|
5.50%, 1/20/35
|
38
|
40
|
|
Pool #3852,
|
|
|
|
6.00%, 5/20/36
|
7
|
7
|
|
Pool #3879,
|
|
|
|
6.00%, 7/20/36
|
19
|
20
|
|
Pool #3910,
|
|
|
|
6.00%, 10/20/36
|
10
|
11
|
|
Pool #3994,
|
|
|
|
5.00%, 6/20/37
|
7
|
7
|
|
Pool #4018,
|
|
|
|
6.50%, 8/20/37
|
26
|
28
|
|
Pool #4026,
|
|
|
|
5.00%, 9/20/37
|
8
|
8
|
|
Pool #4027,
|
|
|
|
5.50%, 9/20/37
|
4
|
4
|
|
Pool #4040,
|
|
|
|
6.50%, 10/20/37
|
6
|
6
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
U.S. GOVERNMENT AGENCIES - 25.7% (11)continued
|
||
|
Government National Mortgage Association II – 5.4%continued
|
||
|
Pool #4098,
|
|
|
|
5.50%, 3/20/38
|
$32
|
$33
|
|
Pool #4116,
|
|
|
|
6.50%, 4/20/38
|
12
|
13
|
|
Pool #4170,
|
|
|
|
6.00%, 6/20/38
|
24
|
25
|
|
Pool #4194,
|
|
|
|
5.50%, 7/20/38
|
55
|
56
|
|
Pool #4243,
|
|
|
|
5.00%, 9/20/38
|
14
|
14
|
|
Pool #4244,
|
|
|
|
5.50%, 9/20/38
|
17
|
17
|
|
Pool #4245,
|
|
|
|
6.00%, 9/20/38
|
9
|
9
|
|
Pool #4269,
|
|
|
|
6.50%, 10/20/38
|
12
|
13
|
|
Pool #4290,
|
|
|
|
5.50%, 11/20/38
|
11
|
11
|
|
Pool #4344,
|
|
|
|
6.00%, 1/20/39
|
19
|
20
|
|
Pool #4345,
|
|
|
|
6.50%, 1/20/39
|
13
|
15
|
|
Pool #4425,
|
|
|
|
5.50%, 4/20/39
|
32
|
33
|
|
Pool #4559,
|
|
|
|
5.00%, 10/20/39
|
67
|
68
|
|
Pool #4561,
|
|
|
|
6.00%, 10/20/39
|
40
|
42
|
|
Pool #4617,
|
|
|
|
4.50%, 1/20/40
|
20
|
19
|
|
Pool #4619,
|
|
|
|
5.50%, 1/20/40
|
76
|
78
|
|
Pool #4713,
|
|
|
|
4.50%, 6/20/40
|
57
|
56
|
|
Pool #4747,
|
|
|
|
5.00%, 7/20/40
|
51
|
51
|
|
Pool #4923,
|
|
|
|
4.50%, 1/20/41
|
52
|
52
|
|
Pool #5050,
|
|
|
|
4.00%, 5/20/26
|
5
|
5
|
|
Pool #5081,
|
|
|
|
4.00%, 6/20/41
|
85
|
81
|
|
Schedule of Investments
|
|
BOND INDEX FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
U.S. GOVERNMENT AGENCIES - 25.7% (11)continued
|
||
|
Government National Mortgage Association II – 5.4%continued
|
||
|
Pool #5082,
|
|
|
|
4.50%, 6/20/41
|
$85
|
$84
|
|
Pool #5114,
|
|
|
|
4.00%, 7/20/41
|
315
|
301
|
|
Pool #5141,
|
|
|
|
5.00%, 8/20/41
|
49
|
49
|
|
Pool #5175,
|
|
|
|
4.50%, 9/20/41
|
50
|
50
|
|
Pool #5202,
|
|
|
|
3.50%, 10/20/41
|
133
|
125
|
|
Pool #5203,
|
|
|
|
4.00%, 10/20/41
|
79
|
75
|
|
Pool #5232,
|
|
|
|
3.50%, 11/20/41
|
249
|
233
|
|
Pool #5264,
|
|
|
|
5.50%, 12/20/41
|
5
|
5
|
|
Pool #5280,
|
|
|
|
4.00%, 1/20/42
|
92
|
87
|
|
Pool #5304,
|
|
|
|
3.50%, 2/20/42
|
93
|
88
|
|
Pool #5317,
|
|
|
|
5.50%, 2/20/42
|
41
|
42
|
|
Pool #5331,
|
|
|
|
3.50%, 3/20/42
|
147
|
137
|
|
Pool #737602,
|
|
|
|
4.00%, 11/20/40
|
116
|
110
|
|
Pool #752757,
|
|
|
|
4.50%, 11/20/40
|
160
|
156
|
|
Pool #755677,
|
|
|
|
4.00%, 12/20/40
|
65
|
62
|
|
Pool #782433,
|
|
|
|
6.00%, 10/20/38
|
34
|
36
|
|
Pool #784345,
|
|
|
|
3.50%, 7/20/47
|
313
|
295
|
|
Pool #AA5970,
|
|
|
|
3.00%, 1/20/43
|
438
|
397
|
|
Pool #AA6160,
|
|
|
|
3.50%, 3/20/43
|
128
|
118
|
|
Pool #AA6243,
|
|
|
|
3.50%, 4/20/43
|
44
|
41
|
|
Pool #AF5097,
|
|
|
|
4.00%, 8/20/43
|
374
|
356
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
U.S. GOVERNMENT AGENCIES - 25.7% (11)continued
|
||
|
Government National Mortgage Association II – 5.4%continued
|
||
|
Pool #AJ0645,
|
|
|
|
3.50%, 7/20/44
|
$107
|
$98
|
|
Pool #AJ3643,
|
|
|
|
4.00%, 10/20/44
|
276
|
261
|
|
Pool #AO7682,
|
|
|
|
4.00%, 8/20/45
|
260
|
245
|
|
Pool #BE9902,
|
|
|
|
4.50%, 6/20/48
|
44
|
42
|
|
Pool #MA0022,
|
|
|
|
3.50%, 4/20/42
|
145
|
136
|
|
Pool #MA0088,
|
|
|
|
3.50%, 5/20/42
|
330
|
309
|
|
Pool #MA0220,
|
|
|
|
3.50%, 7/20/42
|
171
|
160
|
|
Pool #MA0318,
|
|
|
|
3.50%, 8/20/42
|
320
|
300
|
|
Pool #MA0321,
|
|
|
|
5.00%, 8/20/42
|
72
|
73
|
|
Pool #MA0391,
|
|
|
|
3.00%, 9/20/42
|
742
|
676
|
|
Pool #MA0392,
|
|
|
|
3.50%, 9/20/42
|
142
|
133
|
|
Pool #MA0698,
|
|
|
|
3.00%, 1/20/43
|
173
|
158
|
|
Pool #MA0826,
|
|
|
|
3.00%, 3/20/28
|
16
|
16
|
|
Pool #MA0850,
|
|
|
|
2.50%, 3/20/43
|
72
|
63
|
|
Pool #MA0851,
|
|
|
|
3.00%, 3/20/43
|
251
|
229
|
|
Pool #MA0934,
|
|
|
|
3.50%, 4/20/43
|
100
|
93
|
|
Pool #MA1011,
|
|
|
|
3.00%, 5/20/43
|
293
|
266
|
|
Pool #MA1012,
|
|
|
|
3.50%, 5/20/43
|
268
|
251
|
|
Pool #MA1089,
|
|
|
|
3.00%, 6/20/43
|
311
|
282
|
|
Pool #MA1224,
|
|
|
|
3.50%, 8/20/43
|
217
|
203
|
|
Pool #MA1285,
|
|
|
|
3.50%, 9/20/43
|
129
|
120
|
|
|
June 30, 2025 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
U.S. GOVERNMENT AGENCIES - 25.7% (11)continued
|
||
|
Government National Mortgage Association II – 5.4%continued
|
||
|
Pool #MA1839,
|
|
|
|
4.00%, 4/20/44
|
$65
|
$62
|
|
Pool #MA1920,
|
|
|
|
4.00%, 5/20/44
|
69
|
66
|
|
Pool #MA2224,
|
|
|
|
4.00%, 9/20/44
|
390
|
371
|
|
Pool #MA2444,
|
|
|
|
3.00%, 12/20/44
|
46
|
41
|
|
Pool #MA2521,
|
|
|
|
3.50%, 1/20/45
|
192
|
179
|
|
Pool #MA2522,
|
|
|
|
4.00%, 1/20/45
|
83
|
79
|
|
Pool #MA2677,
|
|
|
|
3.00%, 3/20/45
|
92
|
83
|
|
Pool #MA2753,
|
|
|
|
3.00%, 4/20/45
|
254
|
229
|
|
Pool #MA2754,
|
|
|
|
3.50%, 4/20/45
|
103
|
96
|
|
Pool #MA2891,
|
|
|
|
3.00%, 6/20/45
|
283
|
255
|
|
Pool #MA2892,
|
|
|
|
3.50%, 6/20/45
|
97
|
90
|
|
Pool #MA2960,
|
|
|
|
3.00%, 7/20/45
|
234
|
210
|
|
Pool #MA3034,
|
|
|
|
3.50%, 8/20/45
|
285
|
265
|
|
Pool #MA3104,
|
|
|
|
3.00%, 9/20/45
|
340
|
305
|
|
Pool #MA3106,
|
|
|
|
4.00%, 9/20/45
|
245
|
233
|
|
Pool #MA3172,
|
|
|
|
3.00%, 10/20/45
|
62
|
56
|
|
Pool #MA3174,
|
|
|
|
4.00%, 10/20/45
|
137
|
130
|
|
Pool #MA3244,
|
|
|
|
3.50%, 11/20/45
|
218
|
203
|
|
Pool #MA3245,
|
|
|
|
4.00%, 11/20/45
|
501
|
475
|
|
Pool #MA3310,
|
|
|
|
3.50%, 12/20/45
|
810
|
753
|
|
Pool #MA3378,
|
|
|
|
4.50%, 1/20/46
|
310
|
303
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
U.S. GOVERNMENT AGENCIES - 25.7% (11)continued
|
||
|
Government National Mortgage Association II – 5.4%continued
|
||
|
Pool #MA3521,
|
|
|
|
3.50%, 3/20/46
|
$401
|
$372
|
|
Pool #MA3522,
|
|
|
|
4.00%, 3/20/46
|
115
|
109
|
|
Pool #MA3596,
|
|
|
|
3.00%, 4/20/46
|
229
|
205
|
|
Pool #MA3597,
|
|
|
|
3.50%, 4/20/46
|
407
|
379
|
|
Pool #MA3662,
|
|
|
|
3.00%, 5/20/46
|
382
|
343
|
|
Pool #MA3663,
|
|
|
|
3.50%, 5/20/46
|
241
|
224
|
|
Pool #MA3664,
|
|
|
|
4.00%, 5/20/46
|
111
|
105
|
|
Pool #MA3735,
|
|
|
|
3.00%, 6/20/46
|
460
|
413
|
|
Pool #MA3736,
|
|
|
|
3.50%, 6/20/46
|
312
|
290
|
|
Pool #MA3778,
|
|
|
|
3.00%, 7/20/31
|
40
|
39
|
|
Pool #MA3802,
|
|
|
|
3.00%, 7/20/46
|
544
|
488
|
|
Pool #MA3873,
|
|
|
|
3.00%, 8/20/46
|
209
|
188
|
|
Pool #MA3874,
|
|
|
|
3.50%, 8/20/46
|
219
|
203
|
|
Pool #MA3936,
|
|
|
|
3.00%, 9/20/46
|
477
|
428
|
|
Pool #MA4002,
|
|
|
|
2.50%, 10/20/46
|
36
|
31
|
|
Pool #MA4003,
|
|
|
|
3.00%, 10/20/46
|
319
|
286
|
|
Pool #MA4067,
|
|
|
|
2.50%, 11/20/46
|
297
|
258
|
|
Pool #MA4125,
|
|
|
|
2.50%, 12/20/46
|
20
|
17
|
|
Pool #MA4196,
|
|
|
|
3.50%, 1/20/47
|
330
|
306
|
|
Pool #MA4322,
|
|
|
|
4.00%, 3/20/47
|
126
|
119
|
|
Pool #MA4382,
|
|
|
|
3.50%, 4/20/47
|
104
|
96
|
|
Schedule of Investments
|
|
BOND INDEX FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
U.S. GOVERNMENT AGENCIES - 25.7% (11)continued
|
||
|
Government National Mortgage Association II – 5.4%continued
|
||
|
Pool #MA4509,
|
|
|
|
3.00%, 6/20/47
|
$500
|
$448
|
|
Pool #MA4512,
|
|
|
|
4.50%, 6/20/47
|
184
|
179
|
|
Pool #MA4624,
|
|
|
|
3.00%, 8/20/32
|
35
|
34
|
|
Pool #MA4652,
|
|
|
|
3.50%, 8/20/47
|
430
|
398
|
|
Pool #MA4718,
|
|
|
|
3.00%, 9/20/47
|
251
|
224
|
|
Pool #MA4778,
|
|
|
|
3.50%, 10/20/47
|
419
|
387
|
|
Pool #MA4838,
|
|
|
|
4.00%, 11/20/47
|
59
|
55
|
|
Pool #MA4900,
|
|
|
|
3.50%, 12/20/47
|
422
|
392
|
|
Pool #MA4962,
|
|
|
|
3.50%, 1/20/48
|
388
|
359
|
|
Pool #MA4963,
|
|
|
|
4.00%, 1/20/48
|
144
|
135
|
|
Pool #MA5021,
|
|
|
|
4.50%, 2/20/48
|
189
|
184
|
|
Pool #MA5077,
|
|
|
|
3.50%, 3/20/48
|
450
|
416
|
|
Pool #MA5137,
|
|
|
|
4.00%, 4/20/48
|
60
|
57
|
|
Pool #MA5191,
|
|
|
|
3.50%, 5/20/48
|
265
|
245
|
|
Pool #MA5264,
|
|
|
|
4.00%, 6/20/48
|
151
|
143
|
|
Pool #MA5265,
|
|
|
|
4.50%, 6/20/48
|
152
|
148
|
|
Pool #MA5266,
|
|
|
|
5.00%, 6/20/48
|
195
|
195
|
|
Pool #MA5330,
|
|
|
|
4.00%, 7/20/48
|
201
|
190
|
|
Pool #MA5331,
|
|
|
|
4.50%, 7/20/48
|
308
|
300
|
|
Pool #MA5398,
|
|
|
|
4.00%, 8/20/48
|
142
|
134
|
|
Pool #MA5399,
|
|
|
|
4.50%, 8/20/48
|
151
|
147
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
U.S. GOVERNMENT AGENCIES - 25.7% (11)continued
|
||
|
Government National Mortgage Association II – 5.4%continued
|
||
|
Pool #MA5466,
|
|
|
|
4.00%, 9/20/48
|
$345
|
$325
|
|
Pool #MA5467,
|
|
|
|
4.50%, 9/20/48
|
178
|
173
|
|
Pool #MA5528,
|
|
|
|
4.00%, 10/20/48
|
199
|
187
|
|
Pool #MA5529,
|
|
|
|
4.50%, 10/20/48
|
173
|
169
|
|
Pool #MA5595,
|
|
|
|
4.00%, 11/20/48
|
70
|
66
|
|
Pool #MA5653,
|
|
|
|
5.00%, 12/20/48
|
222
|
222
|
|
Pool #MA5818,
|
|
|
|
4.50%, 3/20/49
|
176
|
172
|
|
Pool #MA5931,
|
|
|
|
4.00%, 5/20/49
|
359
|
337
|
|
Pool #MA5985,
|
|
|
|
3.50%, 6/20/49
|
374
|
342
|
|
Pool #MA6040,
|
|
|
|
4.00%, 7/20/49
|
424
|
399
|
|
Pool #MA6218,
|
|
|
|
3.00%, 10/20/49
|
627
|
557
|
|
Pool #MA6310,
|
|
|
|
3.00%, 12/20/34
|
32
|
31
|
|
Pool #MA6337,
|
|
|
|
2.50%, 12/20/49
|
134
|
114
|
|
Pool #MA6338,
|
|
|
|
3.00%, 12/20/49
|
1,425
|
1,266
|
|
Pool #MA6339,
|
|
|
|
3.50%, 12/20/49
|
724
|
661
|
|
Pool #MA6408,
|
|
|
|
2.50%, 1/20/50
|
353
|
302
|
|
Pool #MA6409,
|
|
|
|
3.00%, 1/20/50
|
410
|
364
|
|
Pool #MA6410,
|
|
|
|
3.50%, 1/20/50
|
726
|
666
|
|
Pool #MA6654,
|
|
|
|
2.00%, 5/20/50
|
1,039
|
849
|
|
Pool #MA6655,
|
|
|
|
2.50%, 5/20/50
|
293
|
250
|
|
Pool #MA6709,
|
|
|
|
2.50%, 6/20/50
|
1,364
|
1,164
|
|
|
June 30, 2025 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
U.S. GOVERNMENT AGENCIES - 25.7% (11)continued
|
||
|
Government National Mortgage Association II – 5.4%continued
|
||
|
Pool #MA6765,
|
|
|
|
2.50%, 7/20/50
|
$1,571
|
$1,335
|
|
Pool #MA6819,
|
|
|
|
2.50%, 8/20/50
|
873
|
743
|
|
Pool #MA6820,
|
|
|
|
3.00%, 8/20/50
|
674
|
598
|
|
Pool #MA6865,
|
|
|
|
2.50%, 9/20/50
|
681
|
579
|
|
Pool #MA6866,
|
|
|
|
3.00%, 9/20/50
|
3,236
|
2,872
|
|
Pool #MA6930,
|
|
|
|
2.00%, 10/20/50
|
1,045
|
851
|
|
Pool #MA6994,
|
|
|
|
2.00%, 11/20/50
|
1,367
|
1,114
|
|
Pool #MA6995,
|
|
|
|
2.50%, 11/20/50
|
1,085
|
924
|
|
Pool #MA7051,
|
|
|
|
2.00%, 12/20/50
|
910
|
741
|
|
Pool #MA7052,
|
|
|
|
2.50%, 12/20/50
|
1,242
|
1,057
|
|
Pool #MA7135,
|
|
|
|
2.00%, 1/20/51
|
2,467
|
2,009
|
|
Pool #MA7136,
|
|
|
|
2.50%, 1/20/51
|
1,427
|
1,214
|
|
Pool #MA7164,
|
|
|
|
2.00%, 2/20/36
|
276
|
255
|
|
Pool #MA7192,
|
|
|
|
2.00%, 2/20/51
|
2,885
|
2,351
|
|
Pool #MA7254,
|
|
|
|
2.00%, 3/20/51
|
3,190
|
2,598
|
|
Pool #MA7312,
|
|
|
|
2.50%, 4/20/51
|
1,218
|
1,036
|
|
Pool #MA7366,
|
|
|
|
2.00%, 5/20/51
|
737
|
600
|
|
Pool #MA7367,
|
|
|
|
2.50%, 5/20/51
|
1,887
|
1,605
|
|
Pool #MA7417,
|
|
|
|
2.00%, 6/20/51
|
2,912
|
2,372
|
|
Pool #MA7418,
|
|
|
|
2.50%, 6/20/51
|
1,317
|
1,119
|
|
Pool #MA7471,
|
|
|
|
2.00%, 7/20/51
|
2,657
|
2,164
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
U.S. GOVERNMENT AGENCIES - 25.7% (11)continued
|
||
|
Government National Mortgage Association II – 5.4%continued
|
||
|
Pool #MA7472,
|
|
|
|
2.50%, 7/20/51
|
$2,046
|
$1,739
|
|
Pool #MA7534,
|
|
|
|
2.50%, 8/20/51
|
1,809
|
1,538
|
|
Pool #MA7535,
|
|
|
|
3.00%, 8/20/51
|
850
|
753
|
|
Pool #MA7588,
|
|
|
|
2.00%, 9/20/51
|
1,450
|
1,181
|
|
Pool #MA7589,
|
|
|
|
2.50%, 9/20/51
|
2,125
|
1,807
|
|
Pool #MA7590,
|
|
|
|
3.00%, 9/20/51
|
919
|
814
|
|
Pool #MA7647,
|
|
|
|
1.50%, 10/20/51
|
381
|
297
|
|
Pool #MA7649,
|
|
|
|
2.50%, 10/20/51
|
1,382
|
1,175
|
|
Pool #MA7704,
|
|
|
|
2.00%, 11/20/51
|
1,498
|
1,221
|
|
Pool #MA7705,
|
|
|
|
2.50%, 11/20/51
|
1,469
|
1,249
|
|
Pool #MA7880,
|
|
|
|
2.00%, 2/20/52
|
1,563
|
1,274
|
|
Pool #MA7881,
|
|
|
|
2.50%, 2/20/52
|
1,145
|
974
|
|
Pool #MA7936,
|
|
|
|
2.50%, 3/20/52
|
764
|
650
|
|
Pool #MA7988,
|
|
|
|
3.00%, 4/20/52
|
1,547
|
1,369
|
|
Pool #MA7989,
|
|
|
|
3.50%, 4/20/52
|
471
|
429
|
|
Pool #MA8148,
|
|
|
|
3.00%, 7/20/52
|
540
|
478
|
|
Pool #MA8151,
|
|
|
|
4.50%, 7/20/52
|
1,588
|
1,531
|
|
Pool #MA8199,
|
|
|
|
3.50%, 8/20/52
|
873
|
797
|
|
Pool #MA8201,
|
|
|
|
4.50%, 8/20/52
|
639
|
617
|
|
Pool #MA8266,
|
|
|
|
3.50%, 9/20/52
|
811
|
740
|
|
Pool #MA8267,
|
|
|
|
4.00%, 9/20/52
|
1,646
|
1,538
|
|
Schedule of Investments
|
|
BOND INDEX FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
U.S. GOVERNMENT AGENCIES - 25.7% (11)continued
|
||
|
Government National Mortgage Association II – 5.4%continued
|
||
|
Pool #MA8268,
|
|
|
|
4.50%, 9/20/52
|
$806
|
$778
|
|
Pool #MA8429,
|
|
|
|
5.50%, 11/20/52
|
223
|
225
|
|
Pool #MA8430,
|
|
|
|
6.00%, 11/20/52
|
60
|
62
|
|
Pool #MA8489,
|
|
|
|
4.50%, 12/20/52
|
1,675
|
1,615
|
|
Pool #MA8490,
|
|
|
|
5.00%, 12/20/52
|
1,607
|
1,588
|
|
Pool #MA8491,
|
|
|
|
5.50%, 12/20/52
|
1,452
|
1,466
|
|
Pool #MA8492,
|
|
|
|
6.00%, 12/20/52
|
1,153
|
1,178
|
|
Pool #MA8569,
|
|
|
|
5.00%, 1/20/53
|
1,598
|
1,577
|
|
Pool #MA8723,
|
|
|
|
4.00%, 3/20/53
|
1,580
|
1,475
|
|
Pool #MA8945,
|
|
|
|
4.00%, 6/20/53
|
263
|
246
|
|
Pool #MA8947,
|
|
|
|
5.00%, 6/20/53
|
871
|
859
|
|
Pool #MA8948,
|
|
|
|
5.50%, 6/20/53
|
803
|
808
|
|
Pool #MA8949,
|
|
|
|
6.00%, 6/20/53
|
1,660
|
1,694
|
|
Pool #MA8950,
|
|
|
|
6.50%, 6/20/53
|
730
|
752
|
|
Pool #MA9015,
|
|
|
|
4.50%, 7/20/53
|
901
|
866
|
|
Pool #MA9016,
|
|
|
|
5.00%, 7/20/53
|
2,114
|
2,082
|
|
Pool #MA9017,
|
|
|
|
5.50%, 7/20/53
|
1,295
|
1,303
|
|
Pool #MA9106,
|
|
|
|
5.50%, 8/20/53
|
815
|
819
|
|
Pool #MA9107,
|
|
|
|
6.00%, 8/20/53
|
336
|
343
|
|
Pool #MA9240,
|
|
|
|
5.00%, 10/20/53
|
732
|
722
|
|
Pool #MA9241,
|
|
|
|
5.50%, 10/20/53
|
656
|
660
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
U.S. GOVERNMENT AGENCIES - 25.7% (11)continued
|
||
|
Government National Mortgage Association II – 5.4%continued
|
||
|
Pool #MA9242,
|
|
|
|
6.00%, 10/20/53
|
$693
|
$707
|
|
Pool #MA9243,
|
|
|
|
6.50%, 10/20/53
|
269
|
277
|
|
Pool #MA9244,
|
|
|
|
7.00%, 10/20/53
|
206
|
214
|
|
Pool #MA9305,
|
|
|
|
5.50%, 11/20/53
|
1,084
|
1,094
|
|
Pool #MA9306,
|
|
|
|
6.00%, 11/20/53
|
487
|
497
|
|
Pool #MA9307,
|
|
|
|
6.50%, 11/20/53
|
277
|
285
|
|
Pool #MA9366,
|
|
|
|
7.50%, 12/20/53
|
60
|
62
|
|
Pool #MA9424,
|
|
|
|
6.00%, 1/20/54
|
329
|
336
|
|
Pool #MA9425,
|
|
|
|
6.50%, 1/20/54
|
636
|
654
|
|
Pool #MA9426,
|
|
|
|
7.00%, 1/20/54
|
303
|
314
|
|
Pool #MA9541,
|
|
|
|
5.50%, 3/20/54
|
2,144
|
2,153
|
|
Pool #MA9604,
|
|
|
|
5.00%, 4/20/54
|
375
|
369
|
|
Pool #MA9605,
|
|
|
|
5.50%, 4/20/54
|
2,433
|
2,442
|
|
Pool #MA9606,
|
|
|
|
6.00%, 4/20/54
|
618
|
629
|
|
Pool #MA9669,
|
|
|
|
6.00%, 5/20/54
|
1,434
|
1,459
|
|
Pool #MA9670,
|
|
|
|
6.50%, 5/20/54
|
922
|
948
|
|
Pool #MA9906,
|
|
|
|
5.50%, 9/20/54
|
1,243
|
1,246
|
|
Pool #MA9907,
|
|
|
|
6.00%, 9/20/54
|
1,779
|
1,806
|
|
Pool #MA9908,
|
|
|
|
6.50%, 9/20/54
|
845
|
869
|
|
Pool #MB0025,
|
|
|
|
5.00%, 11/20/54
|
2,060
|
2,025
|
|
Pool #MB0090,
|
|
|
|
4.50%, 12/20/54
|
1,381
|
1,322
|
|
|
June 30, 2025 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
U.S. GOVERNMENT AGENCIES - 25.7% (11)continued
|
||
|
Government National Mortgage Association II – 5.4%continued
|
||
|
Pool #MB0091,
|
|
|
|
5.00%, 12/20/54
|
$2,462
|
$2,419
|
|
Pool #MB0092,
|
|
|
|
5.50%, 12/20/54
|
984
|
986
|
|
|
|
125,126
|
|
Tennessee Valley Authority – 0.0%
|
||
|
5.25%, 9/15/39
|
1,050
|
1,094
|
|
Total U.S. Government Agencies
|
|
|
|
(Cost $655,520)
|
|
593,404
|
|
|
|
|
|
U.S. GOVERNMENT OBLIGATIONS – 44.6%
|
||
|
U.S. Treasury Bonds – 9.3%
|
||
|
6.63%, 2/15/27
|
5,000
|
5,238
|
|
4.50%, 2/15/36
|
700
|
718
|
|
4.75%, 2/15/37
|
500
|
521
|
|
5.00%, 5/15/37
|
500
|
532
|
|
4.38%, 2/15/38
|
600
|
599
|
|
4.50%, 5/15/38
|
600
|
607
|
|
3.50%, 2/15/39
|
500
|
451
|
|
4.25%, 5/15/39
|
1,000
|
974
|
|
4.50%, 8/15/39
|
1,000
|
996
|
|
4.38%, 11/15/39
|
1,000
|
980
|
|
4.63%, 2/15/40
|
1,000
|
1,006
|
|
1.13%, 5/15/40
|
3,500
|
2,176
|
|
4.38%, 5/15/40
|
500
|
489
|
|
1.13%, 8/15/40
|
3,500
|
2,153
|
|
3.88%, 8/15/40
|
1,000
|
920
|
|
1.38%, 11/15/40
|
4,000
|
2,548
|
|
4.25%, 11/15/40
|
1,000
|
959
|
|
1.88%, 2/15/41
|
5,000
|
3,439
|
|
4.75%, 2/15/41
|
1,000
|
1,013
|
|
2.25%, 5/15/41
|
3,750
|
2,723
|
|
4.38%, 5/15/41
|
1,000
|
969
|
|
1.75%, 8/15/41
|
5,500
|
3,652
|
|
3.75%, 8/15/41
|
1,000
|
896
|
|
2.00%, 11/15/41
|
5,000
|
3,439
|
|
3.13%, 11/15/41
|
1,000
|
820
|
|
2.38%, 2/15/42
|
4,000
|
2,910
|
|
3.13%, 2/15/42
|
1,000
|
817
|
|
3.00%, 5/15/42
|
1,000
|
799
|
|
3.25%, 5/15/42
|
3,000
|
2,481
|
|
2.75%, 8/15/42
|
1,500
|
1,148
|
|
3.38%, 8/15/42
|
3,000
|
2,518
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
U.S. GOVERNMENT OBLIGATIONS - 44.6%continued
|
||
|
U.S. Treasury Bonds – 9.3%continued
|
||
|
2.75%, 11/15/42
|
$2,000
|
$1,524
|
|
4.00%, 11/15/42
|
3,000
|
2,737
|
|
3.13%, 2/15/43
|
1,000
|
804
|
|
3.88%, 2/15/43
|
3,000
|
2,685
|
|
2.88%, 5/15/43
|
2,500
|
1,927
|
|
3.88%, 5/15/43
|
3,000
|
2,680
|
|
3.63%, 8/15/43
|
2,000
|
1,721
|
|
4.38%, 8/15/43
|
3,300
|
3,145
|
|
3.75%, 11/15/43
|
2,000
|
1,748
|
|
4.75%, 11/15/43
|
3,000
|
2,997
|
|
3.63%, 2/15/44
|
2,000
|
1,712
|
|
4.50%, 2/15/44
|
3,000
|
2,899
|
|
3.38%, 5/15/44
|
1,000
|
823
|
|
4.63%, 5/15/44
|
3,500
|
3,432
|
|
3.13%, 8/15/44
|
2,000
|
1,577
|
|
4.13%, 8/15/44
|
3,000
|
2,748
|
|
3.00%, 11/15/44
|
2,000
|
1,540
|
|
4.63%, 11/15/44
|
3,000
|
2,937
|
|
2.50%, 2/15/45
|
2,500
|
1,760
|
|
4.75%, 2/15/45
|
3,300
|
3,282
|
|
3.00%, 5/15/45
|
1,500
|
1,149
|
|
5.00%, 5/15/45
|
1,000
|
1,027
|
|
2.88%, 8/15/45
|
1,000
|
748
|
|
3.00%, 11/15/45
|
1,000
|
762
|
|
2.50%, 2/15/46
|
2,000
|
1,386
|
|
2.50%, 5/15/46
|
2,000
|
1,381
|
|
2.25%, 8/15/46
|
3,000
|
1,965
|
|
2.88%, 11/15/46
|
1,500
|
1,104
|
|
3.00%, 2/15/47
|
2,000
|
1,502
|
|
3.00%, 5/15/47
|
2,000
|
1,498
|
|
2.75%, 8/15/47
|
3,000
|
2,138
|
|
2.75%, 11/15/47
|
3,000
|
2,133
|
|
3.00%, 2/15/48
|
3,000
|
2,229
|
|
3.13%, 5/15/48
|
3,000
|
2,276
|
|
3.00%, 8/15/48
|
3,500
|
2,589
|
|
3.38%, 11/15/48
|
3,500
|
2,769
|
|
3.00%, 2/15/49
|
4,000
|
2,947
|
|
2.88%, 5/15/49
|
3,500
|
2,512
|
|
2.25%, 8/15/49
|
3,500
|
2,196
|
|
2.38%, 11/15/49
|
3,500
|
2,251
|
|
2.00%, 2/15/50
|
4,500
|
2,642
|
|
1.25%, 5/15/50
|
5,000
|
2,402
|
|
1.38%, 8/15/50
|
5,500
|
2,712
|
|
Schedule of Investments
|
|
BOND INDEX FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
U.S. GOVERNMENT OBLIGATIONS - 44.6%continued
|
||
|
U.S. Treasury Bonds – 9.3%continued
|
||
|
1.63%, 11/15/50
|
$5,000
|
$2,634
|
|
1.88%, 2/15/51
|
6,000
|
3,370
|
|
2.38%, 5/15/51
|
6,000
|
3,805
|
|
2.00%, 8/15/51
|
6,000
|
3,459
|
|
1.88%, 11/15/51
|
5,500
|
3,060
|
|
2.25%, 2/15/52
|
5,000
|
3,054
|
|
2.88%, 5/15/52
|
4,500
|
3,167
|
|
3.00%, 8/15/52
|
4,500
|
3,248
|
|
4.00%, 11/15/52
|
5,000
|
4,373
|
|
3.63%, 2/15/53
|
4,500
|
3,673
|
|
3.63%, 5/15/53
|
4,500
|
3,670
|
|
4.13%, 8/15/53
|
4,900
|
4,377
|
|
4.75%, 11/15/53
|
5,900
|
5,847
|
|
4.25%, 2/15/54
|
5,500
|
5,017
|
|
4.63%, 5/15/54
|
5,350
|
5,196
|
|
4.25%, 8/15/54
|
5,400
|
4,931
|
|
4.50%, 11/15/54
|
5,300
|
5,051
|
|
4.63%, 2/15/55
|
5,300
|
5,159
|
|
4.75%, 5/15/55
|
3,500
|
3,480
|
|
|
|
215,058
|
|
U.S. Treasury Notes – 35.3%
|
||
|
4.50%, 7/15/26
|
5,000
|
5,026
|
|
1.50%, 8/15/26
|
10,000
|
9,732
|
|
4.38%, 8/15/26
|
5,000
|
5,022
|
|
0.75%, 8/31/26
|
5,000
|
4,819
|
|
3.75%, 8/31/26
|
5,000
|
4,988
|
|
4.63%, 9/15/26
|
5,000
|
5,040
|
|
1.63%, 9/30/26
|
5,000
|
4,862
|
|
3.50%, 9/30/26
|
5,000
|
4,974
|
|
4.63%, 10/15/26
|
10,000
|
10,089
|
|
1.13%, 10/31/26
|
5,000
|
4,822
|
|
2.00%, 11/15/26
|
10,000
|
9,750
|
|
4.63%, 11/15/26
|
10,000
|
10,097
|
|
1.25%, 11/30/26
|
5,000
|
4,821
|
|
4.25%, 11/30/26
|
5,000
|
5,026
|
|
4.38%, 12/15/26
|
5,000
|
5,037
|
|
1.25%, 12/31/26
|
5,000
|
4,813
|
|
4.25%, 12/31/26
|
5,000
|
5,029
|
|
1.50%, 1/31/27
|
10,000
|
9,646
|
|
4.13%, 1/31/27
|
5,000
|
5,023
|
|
2.25%, 2/15/27
|
5,000
|
4,878
|
|
1.13%, 2/28/27
|
5,000
|
4,786
|
|
4.13%, 2/28/27
|
5,000
|
5,026
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
U.S. GOVERNMENT OBLIGATIONS - 44.6%continued
|
||
|
U.S. Treasury Notes – 35.3%continued
|
||
|
4.25%, 3/15/27
|
$5,000
|
$5,038
|
|
2.50%, 3/31/27
|
5,000
|
4,893
|
|
3.88%, 3/31/27
|
5,000
|
5,008
|
|
2.75%, 4/30/27
|
5,000
|
4,911
|
|
3.75%, 4/30/27
|
5,000
|
4,999
|
|
2.38%, 5/15/27
|
5,000
|
4,876
|
|
4.50%, 5/15/27
|
5,000
|
5,066
|
|
0.50%, 5/31/27
|
5,000
|
4,703
|
|
2.63%, 5/31/27
|
5,000
|
4,897
|
|
3.88%, 5/31/27
|
5,000
|
5,012
|
|
4.63%, 6/15/27
|
5,000
|
5,083
|
|
3.25%, 6/30/27
|
5,000
|
4,955
|
|
4.38%, 7/15/27
|
5,000
|
5,062
|
|
2.75%, 7/31/27
|
5,000
|
4,903
|
|
3.75%, 8/15/27
|
5,000
|
5,002
|
|
0.50%, 8/31/27
|
5,000
|
4,668
|
|
3.13%, 8/31/27
|
5,000
|
4,938
|
|
3.38%, 9/15/27
|
5,000
|
4,965
|
|
0.38%, 9/30/27
|
5,000
|
4,643
|
|
4.13%, 9/30/27
|
5,000
|
5,046
|
|
3.88%, 10/15/27
|
5,000
|
5,017
|
|
0.50%, 10/31/27
|
5,000
|
4,644
|
|
4.13%, 10/31/27
|
5,000
|
5,046
|
|
2.25%, 11/15/27
|
5,000
|
4,835
|
|
0.63%, 11/30/27
|
5,000
|
4,648
|
|
4.00%, 12/15/27
|
5,000
|
5,036
|
|
0.63%, 12/31/27
|
5,000
|
4,636
|
|
3.88%, 12/31/27
|
5,000
|
5,021
|
|
4.25%, 1/15/28
|
2,500
|
2,532
|
|
0.75%, 1/31/28
|
5,000
|
4,639
|
|
3.50%, 1/31/28
|
5,000
|
4,975
|
|
2.75%, 2/15/28
|
5,000
|
4,881
|
|
4.25%, 2/15/28
|
5,000
|
5,068
|
|
1.13%, 2/29/28
|
5,000
|
4,676
|
|
3.88%, 3/15/28
|
5,000
|
5,024
|
|
1.25%, 3/31/28
|
5,000
|
4,682
|
|
3.63%, 3/31/28
|
5,000
|
4,991
|
|
3.75%, 4/15/28
|
5,000
|
5,006
|
|
1.25%, 4/30/28
|
5,500
|
5,141
|
|
3.50%, 4/30/28
|
5,000
|
4,973
|
|
2.88%, 5/15/28
|
5,000
|
4,888
|
|
3.75%, 5/15/28
|
5,000
|
5,007
|
|
3.63%, 5/31/28
|
5,000
|
4,989
|
|
|
June 30, 2025 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
U.S. GOVERNMENT OBLIGATIONS - 44.6%continued
|
||
|
U.S. Treasury Notes – 35.3%continued
|
||
|
1.25%, 6/30/28
|
$5,000
|
$4,655
|
|
4.00%, 6/30/28
|
5,000
|
5,043
|
|
1.00%, 7/31/28
|
5,000
|
4,610
|
|
4.13%, 7/31/28
|
5,000
|
5,060
|
|
2.88%, 8/15/28
|
5,000
|
4,877
|
|
1.13%, 8/31/28
|
5,000
|
4,617
|
|
1.25%, 9/30/28
|
5,000
|
4,626
|
|
4.63%, 9/30/28
|
5,000
|
5,138
|
|
1.38%, 10/31/28
|
5,000
|
4,636
|
|
4.88%, 10/31/28
|
5,000
|
5,180
|
|
3.13%, 11/15/28
|
5,000
|
4,907
|
|
1.50%, 11/30/28
|
5,000
|
4,647
|
|
4.38%, 11/30/28
|
5,000
|
5,104
|
|
1.38%, 12/31/28
|
5,000
|
4,619
|
|
3.75%, 12/31/28
|
5,000
|
5,004
|
|
1.75%, 1/31/29
|
5,000
|
4,671
|
|
4.00%, 1/31/29
|
5,000
|
5,045
|
|
2.63%, 2/15/29
|
5,000
|
4,815
|
|
1.88%, 2/28/29
|
5,000
|
4,686
|
|
4.25%, 2/28/29
|
5,000
|
5,088
|
|
2.38%, 3/31/29
|
5,000
|
4,764
|
|
4.13%, 3/31/29
|
5,000
|
5,068
|
|
2.88%, 4/30/29
|
5,000
|
4,847
|
|
4.63%, 4/30/29
|
5,000
|
5,156
|
|
2.38%, 5/15/29
|
5,000
|
4,756
|
|
2.75%, 5/31/29
|
5,000
|
4,821
|
|
4.50%, 5/31/29
|
5,000
|
5,136
|
|
3.25%, 6/30/29
|
5,000
|
4,909
|
|
4.25%, 6/30/29
|
5,000
|
5,093
|
|
4.00%, 7/31/29
|
5,000
|
5,047
|
|
1.63%, 8/15/29
|
5,000
|
4,604
|
|
3.13%, 8/31/29
|
5,000
|
4,879
|
|
3.63%, 8/31/29
|
5,000
|
4,975
|
|
3.50%, 9/30/29
|
5,000
|
4,950
|
|
3.88%, 9/30/29
|
5,000
|
5,023
|
|
4.00%, 10/31/29
|
3,000
|
3,029
|
|
4.13%, 10/31/29
|
5,000
|
5,071
|
|
3.88%, 11/30/29
|
5,000
|
5,022
|
|
4.13%, 11/30/29
|
5,000
|
5,073
|
|
4.38%, 12/31/29
|
5,000
|
5,124
|
|
4.25%, 1/31/30
|
5,000
|
5,099
|
|
1.50%, 2/15/30
|
5,000
|
4,525
|
|
4.00%, 2/28/30
|
8,500
|
8,583
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
U.S. GOVERNMENT OBLIGATIONS - 44.6%continued
|
||
|
U.S. Treasury Notes – 35.3%continued
|
||
|
4.00%, 3/31/30
|
$5,000
|
$5,046
|
|
3.50%, 4/30/30
|
5,000
|
4,936
|
|
3.88%, 4/30/30
|
5,000
|
5,020
|
|
0.63%, 5/15/30
|
5,000
|
4,302
|
|
3.75%, 5/31/30
|
5,000
|
4,989
|
|
4.00%, 5/31/30
|
5,000
|
5,048
|
|
3.88%, 6/30/30
|
5,000
|
5,019
|
|
0.63%, 8/15/30
|
10,000
|
8,529
|
|
4.38%, 11/30/30
|
5,000
|
5,129
|
|
4.00%, 1/31/31
|
5,000
|
5,035
|
|
1.13%, 2/15/31
|
5,000
|
4,326
|
|
4.13%, 3/31/31
|
5,000
|
5,063
|
|
4.63%, 4/30/31
|
5,000
|
5,191
|
|
1.63%, 5/15/31
|
5,000
|
4,410
|
|
4.63%, 5/31/31
|
5,000
|
5,191
|
|
4.25%, 6/30/31
|
5,000
|
5,092
|
|
1.25%, 8/15/31
|
10,000
|
8,555
|
|
3.75%, 8/31/31
|
5,000
|
4,953
|
|
1.38%, 11/15/31
|
5,000
|
4,278
|
|
4.38%, 1/31/32
|
2,500
|
2,559
|
|
1.88%, 2/15/32
|
5,000
|
4,392
|
|
4.13%, 3/31/32
|
5,000
|
5,044
|
|
4.00%, 4/30/32
|
8,000
|
8,010
|
|
2.88%, 5/15/32
|
5,000
|
4,665
|
|
4.00%, 6/30/32
|
3,000
|
3,002
|
|
2.75%, 8/15/32
|
5,000
|
4,613
|
|
4.13%, 11/15/32
|
5,000
|
5,035
|
|
3.50%, 2/15/33
|
5,000
|
4,820
|
|
3.38%, 5/15/33
|
5,000
|
4,766
|
|
3.88%, 8/15/33
|
10,000
|
9,848
|
|
4.50%, 11/15/33
|
10,000
|
10,272
|
|
4.00%, 2/15/34
|
15,000
|
14,844
|
|
4.38%, 5/15/34
|
15,000
|
15,234
|
|
3.88%, 8/15/34
|
15,000
|
14,646
|
|
4.25%, 11/15/34
|
20,000
|
20,066
|
|
4.63%, 2/15/35
|
20,000
|
20,634
|
|
4.25%, 5/15/35
|
5,000
|
5,008
|
|
|
|
812,481
|
|
Total U.S. Government Obligations
|
|
|
|
(Cost $1,073,252)
|
|
1,027,539
|
|
|
|
|
|
Schedule of Investments
|
|
BOND INDEX FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS – 0.5%
|
||
|
Arizona – 0.0%
|
||
|
Salt River Project Agricultural
Improvement & Power District Electric
Revenue Bonds, Build America
Bonds,
|
|
|
|
4.84%, 1/1/41
|
$110
|
$103
|
|
California – 0.1%
|
||
|
Bay Area Toll Authority Toll Bridge
Subordinate Revenue Bonds, Series
S1, Build America Bonds,
|
|
|
|
7.04%, 4/1/50
|
150
|
170
|
|
Bay Area Toll Authority Toll Bridge
Taxable Revenue Bonds, Series S3,
Build America Bonds,
|
|
|
|
6.91%, 10/1/50
|
150
|
168
|
|
California State G.O. Unlimited Bonds,
Build America Bonds,
|
|
|
|
7.30%, 10/1/39
|
920
|
1,064
|
|
7.63%, 3/1/40
|
405
|
485
|
|
7.60%, 11/1/40
|
100
|
121
|
|
East Bay Municipal Utility District Water
System Subordinated Revenue
Bonds, Build America Bonds,
|
|
|
|
5.87%, 6/1/40
|
300
|
315
|
|
Los Angeles Community College District
G.O. Unlimited Bonds, Build America
Bonds,
|
|
|
|
6.75%, 8/1/49
|
150
|
168
|
|
San Diego County Water Authority
Financing Agency Water Revenue
Bonds, Build America Bonds,
|
|
|
|
6.14%, 5/1/49
|
100
|
102
|
|
San Francisco City & County Public
Utilities Commission Water Revenue
Bonds, Build America Bonds,
|
|
|
|
6.95%, 11/1/50
|
75
|
84
|
|
University of California Taxable
General Revenue Bonds, Series AD,
|
|
|
|
4.86%, 5/15/12(7)
|
500
|
415
|
|
|
|
3,092
|
|
Connecticut – 0.0%
|
||
|
Connecticut State Taxable G.O.
Unlimited Bonds, Series A,
|
|
|
|
5.85%, 3/15/32
|
300
|
322
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 0.5%continued
|
||
|
Georgia – 0.0%
|
||
|
Municipal Electric Authority of Georgia
Revenue Bonds, Build America
Bonds,
|
|
|
|
6.66%, 4/1/57
|
$92
|
$98
|
|
Municipal Electric Authority of Georgia
Taxable Revenue Bonds, Build
America Bonds,
|
|
|
|
6.64%, 4/1/57
|
63
|
68
|
|
7.06%, 4/1/57
|
279
|
310
|
|
|
|
476
|
|
Illinois – 0.1%
|
||
|
Chicago Transit Authority Sales &
Transfer Tax Receipts Pension
Funding Taxable Revenue Bonds,
Series A,
|
|
|
|
6.90%, 12/1/40
|
272
|
301
|
|
Chicago Transit Authority Sales Tax
Receipts Revenue Bonds, Series B,
Build America Bonds,
|
|
|
|
6.20%, 12/1/40
|
140
|
145
|
|
Illinois State Taxable Pension G.O.
Unlimited Bonds,
|
|
|
|
5.10%, 6/1/33
|
615
|
617
|
|
|
|
1,063
|
|
Massachusetts – 0.0%
|
||
|
Massachusetts State G.O. Limited
Bonds, Series D, Build America
Bonds,
|
|
|
|
4.50%, 8/1/31
|
250
|
250
|
|
Massachusetts State School Building
Authority Sales TRB, Build America
Bonds,
|
|
|
|
5.72%, 8/15/39
|
100
|
103
|
|
|
|
353
|
|
Mississippi – 0.0%
|
||
|
Mississippi State G.O. Unlimited Bonds,
Series F, Build America Bonds,
|
|
|
|
5.25%, 11/1/34
|
100
|
101
|
|
Nevada – 0.0%
|
||
|
Clark County Airport System Taxable
Revenue Bonds, Series C, Build
America Bonds,
|
|
|
|
6.82%, 7/1/45
|
200
|
223
|
|
|
June 30, 2025 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 0.5%continued
|
||
|
New Jersey – 0.0%
|
||
|
New Jersey State Transportation Trust
Fund Authority Revenue Bonds,
Series B, Build America Bonds,
|
|
|
|
6.56%, 12/15/40
|
$200
|
$218
|
|
New Jersey State Turnpike Authority
Taxable Revenue Bonds, Build
America Bonds,
|
|
|
|
7.41%, 1/1/40
|
125
|
149
|
|
Rutgers State University Revenue Bonds,
Build America Bonds,
|
|
|
|
5.67%, 5/1/40
|
145
|
146
|
|
|
|
513
|
|
New York – 0.1%
|
||
|
Metropolitan Transportation Authority
Dedicated Tax Fund, Build America
Revenue Bonds,
|
|
|
|
7.34%, 11/15/39
|
70
|
83
|
|
Metropolitan Transportation Authority
Taxable Revenue Bonds, Build
America Bonds,
|
|
|
|
6.81%, 11/15/40
|
35
|
38
|
|
New York City Municipal Water
Finance Authority Water & Sewer
System Revenue Bonds, Build
America Bonds,
|
|
|
|
5.75%, 6/15/41
|
200
|
202
|
|
5.72%, 6/15/42
|
250
|
250
|
|
New York G.O. Unlimited Bonds, Build
America Bonds,
|
|
|
|
5.52%, 10/1/37
|
100
|
102
|
|
New York State Dormitory Authority
Personal Income TRB, Series D, Build
America Bonds,
|
|
|
|
5.60%, 3/15/40
|
250
|
254
|
|
New York State Dormitory Authority
State Personal Income Tax Build
America Revenue Bonds, Unrefunded
Balance,
|
|
|
|
5.63%, 3/15/39
|
75
|
77
|
|
New York State Urban Development
Corp. Taxable Revenue Bonds, Build
America Bonds,
|
|
|
|
5.77%, 3/15/39
|
75
|
77
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 0.5%continued
|
||
|
New York – 0.1%continued
|
||
|
Port Authority of New York & New
Jersey Consolidated 164th Taxable
Revenue Bonds,
|
|
|
|
5.65%, 11/1/40
|
$350
|
$364
|
|
Port Authority of New York & New
Jersey Consolidated 165th Taxable
Revenue Bonds,
|
|
|
|
5.65%, 11/1/40
|
200
|
208
|
|
Port Authority of New York & New
Jersey Consolidated 168th Revenue
Bonds,
|
|
|
|
4.93%, 10/1/51
|
250
|
231
|
|
|
|
1,886
|
|
Ohio – 0.1%
|
||
|
American Municipal Power-Ohio, Inc.,
Revenue Bonds, Subseries B, Build
America Bonds,
|
|
|
|
6.45%, 2/15/44
|
200
|
212
|
|
American Municipal Power-Ohio, Inc.,
Taxable Revenue Bonds, Series B,
Build America Bonds, Combined
Hydroelectric Projects,
|
|
|
|
8.08%, 2/15/50
|
300
|
380
|
|
Ohio State University Revenue Bonds,
Series C, Build America Bonds,
|
|
|
|
4.91%, 6/1/40
|
190
|
185
|
|
Ohio State University Taxable Revenue
Bonds, Series A,
|
|
|
|
4.80%, 6/1/11(4)
|
200
|
167
|
|
|
|
944
|
|
Pennsylvania – 0.0%
|
||
|
State Public School Building Authority
Taxable Revenue Bonds, Series A,
Qualified School Construction
Bonds,
|
|
|
|
5.00%, 9/15/27
|
200
|
202
|
|
Tennessee – 0.0%
|
||
|
Metropolitan Government of Nashville
& Davidson County Convention
Center Authority Subordinate
Taxable Revenue Bonds, Series B,
Build America Bonds,
|
|
|
|
6.73%, 7/1/43
|
100
|
107
|
|
Schedule of Investments
|
|
BOND INDEX FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 0.5%continued
|
||
|
Texas – 0.1%
|
||
|
Dallas Area Rapid Transit Sales TRB,
Build America Bonds,
|
|
|
|
5.02%, 12/1/48
|
$180
|
$162
|
|
Dallas Independent School District
Taxable G.O. Unlimited Bonds,
Series C, Build America Bonds (PSF,
Gtd.),
|
|
|
|
6.45%, 2/15/35
|
200
|
201
|
|
North Texas Tollway Authority Revenue
Bonds, Build America Bonds,
|
|
|
|
6.72%, 1/1/49
|
125
|
137
|
|
San Antonio Electric & Gas Revenue
Bonds, Build America Bonds,
|
|
|
|
5.99%, 2/1/39
|
200
|
209
|
|
Texas State Taxable G.O. Unlimited
Bonds, Build America Bonds,
|
|
|
|
5.52%, 4/1/39
|
200
|
206
|
|
Texas Transportation Commission State
Highway Fund Taxable Revenue
Bonds, Series B, First Tier,
|
|
|
|
5.18%, 4/1/30
|
300
|
306
|
|
University of Texas Revenue Bonds,
Series C, Build America Bonds,
|
|
|
|
4.79%, 8/15/46
|
100
|
93
|
|
|
|
1,314
|
|
Virginia – 0.0%
|
||
|
University of Virginia University Taxable
Revenue Refunding Bonds,
|
|
|
|
2.26%, 9/1/50
|
300
|
171
|
|
Washington – 0.0%
|
||
|
Central Puget Sound Regional
Transportation Authority Sales & Use
TRB, Build America Bonds,
|
|
|
|
5.49%, 11/1/39
|
80
|
81
|
|
Total Municipal Bonds
|
|
|
|
(Cost $10,977)
|
|
10,951
|
|
|
NUMBER
OF SHARES
|
VALUE
(000S)
|
|
OTHER – 0.0%
|
||
|
Escrow Lehman Brothers Holdings
Capital Trust VII (14) (15) *
|
50,000
|
$—
|
|
Total Other
|
|
|
|
(Cost $39)
|
|
—
|
|
|
|
|
|
|
NUMBER
OF SHARES
|
VALUE
(000S)
|
|
INVESTMENT COMPANIES – 3.1%
|
||
|
Northern Institutional Funds - Liquid
Assets Portfolio (Shares),
4.39%(16) (17) (18)
|
8,526,703
|
$8,527
|
|
Northern Institutional Funds -
U.S. Government Portfolio (Shares),
4.15%(16) (17)
|
62,091,482
|
62,091
|
|
Total Investment Companies
|
|
|
|
(Cost $70,618)
|
|
70,618
|
|
|
|
|
|
Total Investments – 101.8%
|
|
|
|
(Cost $2,481,077)
|
2,346,392
|
|
|
Liabilities less Other Assets – (1.8%)
|
(41,378
)
|
|
|
NET ASSETS – 100.0%
|
$2,305,014
|
|
|
(1)
|
Variable or floating rate security, the interest rate of which adjusts
periodically based on changes in current interest rates and prepayments on
the underlying pool of assets.
|
|
(2)
|
Security exempt from registration pursuant to Rule 144A under the Securities
Act of 1933, as amended. These securities may be resold in transactions
exempt from registration to qualified institutional investors. At June 30,
2025, the value of these securities amounted to approximately $4,220,000
or 0.2% of net assets.
|
|
(3)
|
Variable or floating rate security. Security issued at a fixed coupon rate,
which converts to a variable rate at a future date. Rate shown is the rate in
effect as of June 30, 2025.
|
|
(4)
|
Century bond maturing in 2111.
|
|
(5)
|
Century bond maturing in 2114.
|
|
(6)
|
Century bond maturing in 2116.
|
|
(7)
|
Century bond maturing in 2112.
|
|
(8)
|
Investment in affiliate.
|
|
(9)
|
Zero coupon bond.
|
|
(10)
|
Principal Amount and Value rounds to less than one thousand.
|
|
(11)
|
The obligations of certain U.S. government-sponsored entities are neither
issued nor guaranteed by the United States Treasury.
|
|
(12)
|
Variable or floating rate security. Rate as of June 30, 2025 is disclosed.
|
|
(13)
|
When-Issued Security. Coupon rate is not in effect at June 30, 2025.
|
|
(14)
|
Issuer has defaulted on terms of debt obligation.
|
|
(15)
|
Security is valued using significant unobservable inputs and is classified as
Level 3 in the fair value hierarchy.
|
|
(16)
|
Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the
investment adviser to the Fund and the investment adviser to Northern
Institutional Funds.
|
|
(17)
|
7-day current yield as of June 30, 2025 is disclosed.
|
|
(18)
|
Investment of securities lending cash collateral in connection with securities
lending.
|
|
†
|
Security is either wholly or partially on loan.
|
|
*
|
Non-Income Producing Security
|
|
|
|
EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT
THE SCHEDULE OF INVESTMENTS:
|
|
|
|
1Y - 1 Year
|
|
|
|
3M - 3 Month
|
|
|
|
|
June 30, 2025 (UNAUDITED)
|
|
5Y - 5 Year
|
|
|
|
CME - Chicago Mercantile Exchange
|
|
|
|
CMT - Constant Maturity
|
|
|
|
Fannie Mae - Federal National Mortgage Association
|
|
|
|
Freddie Mac - Federal Home Loan Mortgage Corporation
|
|
|
|
G.O. - General Obligation
|
|
|
|
Gtd. - Guaranteed
|
|
|
|
IBOR - Interbank Offered Rates
|
|
|
|
ICE - Intercontinental Exchange
|
|
|
|
LIBOR - London Interbank Offered Rate
|
|
|
|
PSF - Permanent School Fund
|
|
|
|
SOFR - Secured Overnight Financing Rate
|
|
|
|
TBA - To be announced
|
|
|
|
TRB - Tax Revenue Bonds
|
|
|
|
USD - United States Dollar
|
|
INVESTMENTS
|
LEVEL 1
(000s)
|
LEVEL 2
(000s)
|
LEVEL 3
(000s)
|
TOTAL
(000s)
|
|
Asset-Backed Securities(1)
|
$—
|
$9,720
|
$—
|
$9,720
|
|
Commercial
Mortgage-Backed
Securities
|
—
|
16,816
|
—
|
16,816
|
|
Corporate Bonds(1)
|
—
|
477,675
|
—
|
477,675
|
|
Foreign Issuer Bonds(1)
|
—
|
139,669
|
—
|
139,669
|
|
U.S. Government
Agencies(1)
|
—
|
593,404
|
—
|
593,404
|
|
U.S. Government
Obligations(1)
|
—
|
1,027,539
|
—
|
1,027,539
|
|
Municipal Bonds(1)
|
—
|
10,951
|
—
|
10,951
|
|
Investment Companies
|
70,618
|
—
|
—
|
70,618
|
|
Total Investments
|
$70,618
|
$2,275,774
|
$—
|
$2,346,392
|
|
(1)
|
Classifications as defined in the Schedule of Investments.
|
|
AFFILIATE
|
VALUE,
BEGINNING
OF PERIOD
(000S)
|
PURCHASES
(000S)
|
SALES
PROCEEDS
(000S)
|
DIVIDEND
OR INTEREST
INCOME
(000S)
|
VALUE,
END OF PERIOD
(000S)
|
SHARES, END
OF PERIOD
|
|
Nasdaq, Inc.
|
$306
|
$—
|
$—
|
$5
|
$306
|
300,000
|
|
Northern Institutional Funds - Liquid Assets Portfolio (Shares)
|
—
|
23,816
|
15,289
|
3
(1)
|
8,527
|
8,526,703
|
|
Northern Institutional Funds - U.S. Government Portfolio (Shares)
|
41,789
|
110,434
|
90,132
|
458
|
62,091
|
62,091,482
|
|
Total
|
$42,095
|
$134,250
|
$105,421
|
$466
|
$70,924
|
70,918,185
|
|
(1)
|
Represents securities lending income earned from the reinvestment of cash collateral
from loaned securities, net of fees and collateral investment expenses, and other
payments to and from borrowers of securities.
|
|
Schedule of Investments
|
|
CALIFORNIA INTERMEDIATE TAX-EXEMPT FUND
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS – 95.8%
|
||
|
California – 95.8%
|
||
|
Alameda County Unified School District
G.O. Unlimited Bonds, Series B,
Election of 2014,
|
|
|
|
5.00%, 8/1/42
|
$2,000
|
$2,041
|
|
Albany Unified School District G.O.
Unlimited Bonds, Series B, Measure
B, Election of 2016,
|
|
|
|
5.00%, 8/1/43
|
1,000
|
1,017
|
|
Alum Rock Union Elementary School
District G.O. Unlimited Refunding
Bonds, Series B (BAM Insured),
|
|
|
|
5.00%, 8/1/33
|
1,750
|
1,987
|
|
Azusa Unified School District G.O.
Unlimited Bonds, Series C, Election
of 2014,
|
|
|
|
5.00%, 8/1/44
|
1,700
|
1,745
|
|
Bay Area Toll Authority Toll Bridge
Subordinate Revenue Refunding
Bonds, Series S-11,
|
|
|
|
5.00%, 4/1/32
|
795
|
910
|
|
California Community Choice Financing
Authority Clean Energy Project
Revenue Bonds, Green Bond, Series
B-1,
|
|
|
|
4.00%, 8/1/31(1) (2)
|
3,500
|
3,479
|
|
California Community Choice Financing
Authority Revenue Bonds, Clean
Energy Project, Green Bonds,
|
|
|
|
4.00%, 12/1/27(1) (2)
|
1,400
|
1,404
|
|
California Community Choice Financing
Authority Sustainable Revenue
Bonds, Clean Energy Project,
|
|
|
|
5.00%, 12/1/32(1) (2)
|
1,250
|
1,291
|
|
5.00%, 8/1/33(1) (2)
|
2,000
|
2,144
|
|
California Community Choice Financing
Authority Sustainable Revenue
Bonds, Series E, Clean Energy
Project,
|
|
|
|
5.00%, 9/1/32(1) (2)
|
2,320
|
2,451
|
|
California Community Choice Financing
Authority Variable Revenue Bonds,
Clean Energy Project, Green Bonds,
|
|
|
|
5.00%, 8/1/29(1) (2)
|
750
|
783
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 95.8%continued
|
||
|
California – 95.8%continued
|
||
|
California Community Choice Financing
Authority Variable Sustainable
Revenue Bonds, Clean Energy
Project,
|
|
|
|
5.00%, 9/1/32(1) (2)
|
$2,605
|
$2,771
|
|
California Housing Finance Agency
Municipal Certificates Revenue
Bonds, Series 2021-2, Class A Social
Certificates (FHLMC Insured),
|
|
|
|
3.75%, 3/25/35
|
1,897
|
1,889
|
|
California Public Finance Authority
Revenue Refunding Bonds, Series A,
PIH Health,
|
|
|
|
5.00%, 6/1/32
|
1,500
|
1,644
|
|
California School Finance Authority
Educational Facilities Revenue Bonds,
Series A,
|
|
|
|
4.00%, 7/1/40
|
800
|
719
|
|
California State Educational Facilities
Authority Revenue Bonds, University
of the Pacific,
|
|
|
|
5.00%, 11/1/43
|
610
|
640
|
|
5.00%, 11/1/44
|
700
|
730
|
|
California State Enterprise Development
Authority Lease Revenue Bonds,
Riverside County - Mead Valley
Wellness Village Project,
|
|
|
|
5.00%, 11/1/32
|
2,875
|
3,268
|
|
California State Enterprise Development
Authority Lease Revenue Bonds,
Riverside County Library Facilities
Project,
|
|
|
|
3.00%, 11/1/44
|
3,000
|
2,251
|
|
California State G.O. Unlimited Bonds,
Prerefunded,
|
|
|
|
5.00%, 11/1/30(3)
|
25
|
28
|
|
California State G.O. Unlimited Bonds,
Unrefunded Balance,
|
|
|
|
5.00%, 11/1/32
|
1,515
|
1,666
|
|
California State G.O. Unlimited
Refunding Bonds,
|
|
|
|
5.00%, 8/1/28
|
2,000
|
2,099
|
|
California State G.O. Unlimited
Refunding Bonds, Bid Group C,
|
|
|
|
5.00%, 8/1/28
|
4,000
|
4,096
|
|
|
June 30, 2025 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 95.8%continued
|
||
|
California – 95.8%continued
|
||
|
California State Health Facilities
Financing Authority Revenue Bonds,
Series B, Stanford Health Care,
|
|
|
|
5.00%, 8/15/33
|
$690
|
$791
|
|
California State Health Facilities
Financing Authority Revenue
Refunding Bonds, Cedars-Sinai
Medical Center,
|
|
|
|
5.00%, 11/15/27
|
250
|
252
|
|
California State Health Facilities
Financing Authority Revenue
Refunding Bonds, Series A, El
Camino Health,
|
|
|
|
5.00%, 2/1/33
|
700
|
793
|
|
California State Health Facilities
Financing Authority Revenue
Refunding Bonds, Sutter Health,
Prerefunded,
|
|
|
|
5.00%, 11/15/26(3)
|
1,215
|
1,256
|
|
California State Health Facilities
Financing Authority Variable
Revenue Bonds, Children's Hospital
of Orange County,
|
|
|
|
5.00%, 5/1/31(1) (2)
|
1,855
|
2,064
|
|
California State Health Facilities
Financing Authority Variable
Revenue Bonds, Providence St.
Joseph Health,
|
|
|
|
10/1/32(1) (4)
|
2,000
|
2,152
|
|
California State Health Facilities
Financing Authority Variable
Revenue Bonds, Series B-2, Scripps
Health,
|
|
|
|
5.00%, 2/4/31(1) (2)
|
1,350
|
1,492
|
|
California State Infrastructure &
Economic Development Bank
National Charter Equitable School
Revolving Fund Revenue Bonds,
|
|
|
|
5.00%, 11/1/29
|
2,045
|
2,172
|
|
5.00%, 11/1/33
|
200
|
217
|
|
California State Infrastructure &
Economic Development Bank
Revenue Bonds, UCSF
2130 Third Street,
|
|
|
|
5.00%, 5/15/36
|
1,000
|
1,041
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 95.8%continued
|
||
|
California – 95.8%continued
|
||
|
California State Infrastructure &
Economic Development Bank
Variable Revenue Refunding Bonds,
Los Angeles Museum of Art Project,
|
|
|
|
1.20%, 6/1/28(1) (2)
|
$3,000
|
$2,743
|
|
California State Municipal Finance
Authority MFH Revenue Bonds,
Pass-Through Park Western
Apartments (FNMA Insured),
|
|
|
|
2.65%, 8/1/36
|
3,257
|
2,731
|
|
California State Municipal Finance
Authority Revenue Bonds,
HumanGood, California Obligated
Group,
|
|
|
|
3.00%, 10/1/46
|
1,000
|
707
|
|
California State Municipal Finance
Authority Revenue Bonds, Series A,
National University,
|
|
|
|
5.00%, 4/1/36
|
2,245
|
2,367
|
|
California State Municipal Finance
Authority Revenue Refunding Bonds,
Southwestern Law School,
|
|
|
|
4.00%, 11/1/41
|
400
|
350
|
|
California State Public Works Board
Lease Revenue Refunding Bonds,
Series C,
|
|
|
|
5.00%, 8/1/31
|
1,500
|
1,683
|
|
California State Public Works Board
Lease Revenue Refunding Bonds,
Various Capital Projects,
|
|
|
|
5.00%, 9/1/32
|
3,500
|
3,969
|
|
California State Statewide Communities
Development Authority Student
Housing Revenue Refunding Bonds,
CHF-Irvine, LLC-Phase I (BAM
Insured),
|
|
|
|
5.00%, 5/15/33
|
4,630
|
4,997
|
|
California State Various Purpose G.O.
Unlimited Bonds,
|
|
|
|
5.00%, 11/1/31
|
4,560
|
4,775
|
|
5.25%, 10/1/39
|
1,500
|
1,515
|
|
California State Various Purpose G.O.
Unlimited Refunding Bonds
(BAM-TCRS Insured),
|
|
|
|
5.00%, 9/1/35
|
3,500
|
3,560
|
|
Schedule of Investments
|
|
CALIFORNIA INTERMEDIATE TAX-EXEMPT FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 95.8%continued
|
||
|
California – 95.8%continued
|
||
|
CSCDA Community Improvement
Authority Essential Housing Senior
Revenue Bonds, Crescent West
Hollywood,
|
|
|
|
3.25%, 7/1/43
|
$1,000
|
$745
|
|
Desert Sands Unified School District
G.O. Unlimited Bonds, Election of
2014,
|
|
|
|
5.00%, 8/1/39
|
1,330
|
1,363
|
|
Desert Sands Unified School District
G.O. Unlimited Refunding Bonds,
|
|
|
|
5.00%, 8/1/32
|
1,230
|
1,407
|
|
East Side Union High School District
Santa Clara County Election G.O.
Unlimited Bonds, Series D, Election
2016,
|
|
|
|
5.00%, 8/1/32
|
750
|
852
|
|
East Side Union High School District
Santa Clara County G.O. Unlimited
Bonds, Series B (AGM Insured),
|
|
|
|
5.00%, 8/1/32
|
4,610
|
5,252
|
|
Evergreen School District G.O.
Unlimited Bonds, Election of 2014,
|
|
|
|
5.00%, 8/1/46
|
1,000
|
1,025
|
|
Fremont Unified School District
Alameda County G.O. Unlimited
Bonds, Series D,
|
|
|
|
2.00%, 8/1/35
|
3,985
|
3,211
|
|
Garden Grove Public Financing
Authority Lease Revenue Bonds,
Series A,
|
|
|
|
5.00%, 4/1/29
|
300
|
328
|
|
Garden Grove Public Financing
Authority Lease Revenue Bonds,
Series A (BAM Insured),
|
|
|
|
5.00%, 4/1/32
|
580
|
664
|
|
Golden State Tobacco Securitization
Corp. Tobacco Settlement Taxable
Revenue Refunding Bonds, Series
A-1,
|
|
|
|
2.16%, 6/1/26
|
1,000
|
978
|
|
2.53%, 6/1/28
|
1,500
|
1,417
|
|
Hayward Unified School District G.O.
Unlimited Refunding Bonds, Series B
(AG Insured),
|
|
|
|
5.00%, 8/1/33
|
3,750
|
4,269
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 95.8%continued
|
||
|
California – 95.8%continued
|
||
|
Imperial Irrigation District Electric
Revenue Bonds, Series B-1,
|
|
|
|
5.00%, 11/1/46
|
$2,500
|
$2,514
|
|
Irvine Unified School District Special
Refunding Tax Bonds, Community
Facilities District No. 01-1 (BAM
Insured),
|
|
|
|
5.00%, 9/1/32
|
1,400
|
1,594
|
|
Jefferson Union High School District
San Mateo County G.O. Unlimited
Bonds, Series C, 2020 Election
Measure Z,
|
|
|
|
5.00%, 8/1/34
|
300
|
345
|
|
Lake Elsinore Facilities Financing
Authority Local Agency Special TRB,
Series A (AG Insured),
|
|
|
|
5.00%, 9/1/33
|
1,750
|
1,983
|
|
Long Beach Harbor Revenue Bonds,
Series A (AMT),
|
|
|
|
5.00%, 5/15/30
|
1,300
|
1,338
|
|
Long Beach Harbor Revenue Refunding
Bonds, Series C,
|
|
|
|
5.00%, 5/15/47
|
3,000
|
3,018
|
|
Long Beach Marina Revenue Refunding
Bonds, Alamitos Bay Marina Project,
|
|
|
|
5.00%, 5/15/33
|
700
|
789
|
|
Los Alamitos Unified School District
COPS, Capital Projects,
|
|
|
|
5.95%, 8/1/34
|
1,100
|
1,208
|
|
Los Angeles County Metropolitan
Transportation Authority Sales Senior
TRB, Series B,
|
|
|
|
5.00%, 7/1/36
|
2,975
|
3,109
|
|
Los Angeles County Public Works
Financing Authority Lease Revenue
Bonds, Series D,
|
|
|
|
5.00%, 12/1/29
|
1,665
|
1,671
|
|
Los Angeles County Public Works
Financing Authority Lease Revenue
Refunding Bonds, Series B,
|
|
|
|
5.00%, 12/1/29
|
2,630
|
2,639
|
|
Los Angeles Department of Airports
Airport Subordinate Revenue Bonds
(AMT), Los Angeles International,
|
|
|
|
5.00%, 5/15/30
|
1,465
|
1,533
|
|
|
June 30, 2025 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 95.8%continued
|
||
|
California – 95.8%continued
|
||
|
Los Angeles Department of Airports
Airport Subordinate Revenue Bonds
(AMT), Los Angeles International
Airport,
|
|
|
|
5.25%, 5/15/31
|
$2,000
|
$2,092
|
|
5.00%, 5/15/44
|
1,500
|
1,501
|
|
Los Angeles Department of Airports
Airport Subordinate Revenue
Refunding Bonds (AMT), Unrefunded
Balance,
|
|
|
|
5.00%, 5/15/32
|
2,840
|
3,043
|
|
Los Angeles Department of Airports
Revenue Refunding Bonds, Series B
(AMT),
|
|
|
|
5.00%, 5/15/27
|
3,435
|
3,548
|
|
Los Angeles Department of Water &
Power Revenue Refunding Bonds,
Series E,
|
|
|
|
5.00%, 7/1/33
|
4,210
|
4,621
|
|
Los Angeles Department of Water &
Power Waterworks System Revenue
Refunding Bonds, Series B,
|
|
|
|
5.00%, 7/1/43
|
1,850
|
1,853
|
|
Los Angeles Municipal Improvement
Corp. Lease Revenue Bonds, Capital
Equipment and Real Property,
|
|
|
|
5.00%, 5/1/30
|
600
|
661
|
|
Los Angeles Special Refunding Tax
Bonds, Community Facilities District
No. 4 Playa Vista,
|
|
|
|
5.00%, 9/1/30
|
775
|
857
|
|
Los Angeles Unified School District
G.O. Unlimited Bonds, Series B-1,
Election 2008 (BAM Insured),
|
|
|
|
5.00%, 7/1/31
|
1,500
|
1,579
|
|
Los Angeles Unified School District
G.O. Unlimited Bonds, Series B-1,
Election of 2008,
|
|
|
|
5.00%, 7/1/30
|
190
|
200
|
|
Los Angeles Unified School District
G.O. Unlimited Refunding Bonds,
Series A,
|
|
|
|
5.00%, 7/1/33
|
3,500
|
4,009
|
|
Menifee Special Tax, Community
Facilities District McCall,
|
|
|
|
3.00%, 9/1/42
|
385
|
291
|
|
4.00%, 9/1/51
|
1,000
|
827
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 95.8%continued
|
||
|
California – 95.8%continued
|
||
|
Metropolitan Water District of Southern
California Waterworks Revenue
Bonds, Series B-3,
|
|
|
|
5.00%, 7/1/31(1) (2)
|
$2,920
|
$3,217
|
|
Moreland School District Refunding
Bonds, Series A,
|
|
|
|
5.00%, 8/1/32
|
1,300
|
1,478
|
|
Mount Diablo Unified School District
G.O. Unlimited Refunding Bonds,
|
|
|
|
5.00%, 8/1/32
|
750
|
857
|
|
Mountain View Los Altos Union High
School District G.O. Unlimited
Convertible CABS, Series A, Election
of 2010,
|
|
|
|
5.15%, 8/1/30
|
2,250
|
2,465
|
|
Natomas Unified School District G.O.
Unlimited Bonds (AGM Insured),
|
|
|
|
3.00%, 8/1/39
|
1,655
|
1,396
|
|
3.00%, 8/1/40
|
2,325
|
1,905
|
|
3.00%, 8/1/41
|
2,590
|
2,064
|
|
Natomas Unified School District G.O.
Unlimited Bonds, Election of 2014
(BAM Insured),
|
|
|
|
5.00%, 8/1/33
|
1,185
|
1,212
|
|
Ontario Public Financing Authority
Lease Revenue Bonds, Series A,
|
|
|
|
5.00%, 11/1/32
|
300
|
340
|
|
5.00%, 11/1/33
|
475
|
541
|
|
Orange County Community Facilities
District No. 2021-1 Rienda Special
Tax Bonds, Series A,
|
|
|
|
5.00%, 8/15/37
|
1,000
|
1,049
|
|
Oxnard Union High School District
G.O. Unlimited BANS,
|
|
|
|
6.00%, 2/1/30
|
1,000
|
1,145
|
|
Oxnard Union High School District
G.O. Unlimited Bonds, Series A,
Election of 2018, Prerefunded,
|
|
|
|
5.00%, 8/1/26(3)
|
2,000
|
2,053
|
|
Palm Springs Unified School District
G.O. Unlimited Bonds, Series D,
Election of 2008,
|
|
|
|
2.00%, 8/1/27
|
1,970
|
1,917
|
|
Peralta Community College District
G.O. Unlimited Refunding Bonds,
|
|
|
|
5.00%, 8/1/33
|
2,150
|
2,461
|
|
Schedule of Investments
|
|
CALIFORNIA INTERMEDIATE TAX-EXEMPT FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 95.8%continued
|
||
|
California – 95.8%continued
|
||
|
Perris Union High School District G.O.
Unlimited Bonds, Series C, Election
of 2012,
|
|
|
|
3.00%, 9/1/40
|
$875
|
$724
|
|
Rancho Cucamonga Redevelopment
Agency Successor Agency Tax
Allocation Revenue Refunding Bonds,
Rancho Redevelopment Project,
|
|
|
|
5.00%, 9/1/32
|
1,500
|
1,710
|
|
Redlands Unified School District G.O.
Unlimited Refunding Bonds, San
Bernardino County,
|
|
|
|
3.00%, 7/1/30
|
2,295
|
2,290
|
|
Rialto Unified School District COPS,
Kitchen And Meeting (BAM Insured),
|
|
|
|
5.00%, 9/1/31
|
270
|
301
|
|
Sacramento County Airport System
Revenue Refunding Bonds, Series A,
|
|
|
|
5.00%, 7/1/29
|
565
|
600
|
|
5.00%, 7/1/31
|
500
|
529
|
|
Sacramento County Airport System
Revenue Refunding Bonds, Series B,
|
|
|
|
5.00%, 7/1/29
|
680
|
723
|
|
Sacramento County Special Refunding
Tax Bonds, Metro Air Park
Community Facilities,
|
|
|
|
5.00%, 9/1/27
|
1,000
|
1,036
|
|
San Diego Association of Governments
South Bay Expressway Toll Senior
Lien Revenue Bonds, Series A,
|
|
|
|
5.00%, 7/1/29
|
850
|
884
|
|
5.00%, 7/1/37
|
1,000
|
1,028
|
|
San Diego County Regional Airport
Authority Senior Revenue Bonds,
Private Activity (AMT),
|
|
|
|
7/1/36(4)
|
1,100
|
1,175
|
|
San Diego Public Facilities Financing
Authority Lease Revenue Refunding
Bonds, Capital Improvement Project,
|
|
|
|
5.00%, 10/15/31
|
1,000
|
1,133
|
|
San Francisco City & County Airports
Commission International Airport
Revenue Refunding Bonds, Second
Series (AMT),
|
|
|
|
5.25%, 5/1/41
|
1,000
|
1,037
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 95.8%continued
|
||
|
California – 95.8%continued
|
||
|
San Francisco City & County COPS,
Multiple Capital Projects,
|
|
|
|
2.00%, 10/1/33
|
$2,800
|
$2,395
|
|
San Francisco City & County
Infrastructure & Revitalization Tax
Allocation Bonds, Facilities
Increment, Treasure Island,
|
|
|
|
5.00%, 9/1/37
|
375
|
387
|
|
San Francisco City & County Public
Utilities Commission Wastewater
Sustainable Revenue Bonds, Series C
(SSIP),
|
|
|
|
5.00%, 10/1/31
|
2,000
|
2,266
|
|
San Francisco City & County
Redevelopment Successor Agency
Tax Allocation Refunding Bonds,
Mission Bay South Redevelopment
(AGC Insured),
|
|
|
|
5.00%, 8/1/31
|
1,150
|
1,280
|
|
5.00%, 8/1/32
|
1,420
|
1,592
|
|
San Francisco City & County Unified
School District G.O. Unlimited
Bonds, Proposition A, Series F&C,
|
|
|
|
3.25%, 6/15/32
|
1,500
|
1,469
|
|
San Francisco City & County Unified
School District G.O. Unlimited
Bonds, Series A, Election of 2016,
|
|
|
|
4.00%, 6/15/35
|
1,000
|
994
|
|
San Francisco County Transportation
Authority Sales TRB,
|
|
|
|
3.00%, 2/1/30
|
5,000
|
4,984
|
|
San Joaquin Valley Clean Energy
Authority Variable Sustainable
Revenue Bonds, Clean Energy
Project,
|
|
|
|
5.50%, 7/1/35(1) (2)
|
1,500
|
1,645
|
|
San Leandro Unified School District
G.O. Unlimited Bonds, Series B,
Election 2016 (BAM Insured),
|
|
|
|
5.00%, 8/1/32
|
560
|
592
|
|
Santa Clarita Community College
District G.O. Unlimited Bonds,
|
|
|
|
3.00%, 8/1/44
|
1,000
|
767
|
|
|
June 30, 2025 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 95.8%continued
|
||
|
California – 95.8%continued
|
||
|
Santa Rosa Elementary School District
G.O. Unlimited Bonds, Series D,
Election of 2014 (AGM Insured),
Prerefunded,
|
|
|
|
5.00%, 8/1/26(3)
|
$1,145
|
$1,164
|
|
Santa Rosa High School District G.O.
Unlimited Bonds, Series C, Election
of 2014 (AGM Insured),
|
|
|
|
5.00%, 8/1/43
|
1,000
|
1,016
|
|
Silicon Valley Clean Water Wastewater
Revenue Bonds, Series B,
|
|
|
|
0.50%, 3/1/26
|
3,000
|
2,945
|
|
Southern California Financing Authority
Water Replenishment Assessment
Revenue Bonds,
|
|
|
|
5.00%, 8/1/43
|
2,000
|
2,042
|
|
Southern California State Public Power
Authority Revenue Refunding Bonds,
Series A, Canyon Power Project,
|
|
|
|
5.00%, 7/1/35
|
1,000
|
1,075
|
|
Temecula Valley Unified School District
Financing Authority Special Tax
Refunding Bonds (BAM Insured),
|
|
|
|
5.00%, 9/1/32
|
670
|
762
|
|
Transbay Joint Powers Authority Senior
Tax Allocation Bonds, Green Bonds,
|
|
|
|
5.00%, 10/1/29
|
465
|
488
|
|
5.00%, 10/1/34
|
600
|
619
|
|
University of California Revenue
Refunding Bonds, Series B,
|
|
|
|
5.00%, 5/15/31
|
4,500
|
5,045
|
|
Val Verde Unified School District
Special Refunding Tax Bonds,
|
|
|
|
5.00%, 9/1/32
|
245
|
280
|
|
Ventura Unified School District G.O.
Unlimited Refunding Bonds,
|
|
|
|
5.00%, 8/1/31
|
710
|
773
|
|
Vista Joint Powers Financing Authority
Revenue Refunding Bonds, Series A,
|
|
|
|
5.00%, 5/1/33
|
900
|
1,026
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 95.8%continued
|
||
|
California – 95.8%continued
|
||
|
West Contra Costa Unified School
District 2020 Election G.O.
Unlimited Bonds, Series B (BAM
Insured),
|
|
|
|
5.00%, 8/1/31
|
$235
|
$263
|
|
|
|
224,153
|
|
Total Municipal Bonds
|
|
|
|
(Cost $235,812)
|
|
224,153
|
|
|
NUMBER
OF SHARES
|
VALUE
(000S)
|
|
INVESTMENT COMPANIES – 1.2%
|
||
|
Northern Institutional Funds -
U.S. Government Portfolio (Shares),
4.15%(5) (6)
|
2,806,693
|
$2,807
|
|
Total Investment Companies
|
|
|
|
(Cost $2,807)
|
|
2,807
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
SHORT-TERM INVESTMENTS – 2.9%
|
||
|
Bay Area Toll Authority Toll Bridge
Revenue Refunding Bonds, San
Francisco Bay Area,
|
|
|
|
2.95%, 4/1/26(1) (2)
|
$6,825
|
$6,805
|
|
Total Short-Term Investments
|
|
|
|
(Cost $6,830)
|
6,805
|
|
|
|
|
|
|
Total Investments – 99.9%
|
|
|
|
(Cost $245,449)
|
233,765
|
|
|
Other Assets less Liabilities – 0.1%
|
168
|
|
|
NET ASSETS – 100.0%
|
$233,933
|
|
|
(1)
|
Maturity date represents the puttable date.
|
|
(2)
|
Variable or floating rate security. These securities are remarketed by an
agent, and the rate at which these securities are set are determined by
general market conditions and supply and demand. Rate as of June 30,
2025 is disclosed.
|
|
(3)
|
Maturity date represents the prerefunded date.
|
|
(4)
|
When-Issued Security. Coupon rate is not in effect at June 30, 2025.
|
|
(5)
|
Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the
investment adviser to the Fund and the investment adviser to Northern
Institutional Funds.
|
|
(6)
|
7-day current yield as of June 30, 2025 is disclosed.
|
|
|
|
EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT
THE SCHEDULE OF INVESTMENTS:
|
|
|
|
AGC - Assured Guaranty Corporation
|
|
Schedule of Investments
|
|
CALIFORNIA INTERMEDIATE TAX-EXEMPT FUND continued
|
June 30, 2025 (UNAUDITED)
|
|
|
|
AGM - Assured Guaranty Municipal Corporation
|
|
|
|
AMT - Alternative Minimum Tax
|
|
|
|
BAM - Build America Mutual
|
|
|
|
BANS - Bond Anticipation Notes
|
|
|
|
CABS - Capital Appreciation Bonds
|
|
|
|
CHF - Collegiate Housing Foundation
|
|
|
|
COPS - Certificates of Participation
|
|
|
|
CSCDA - California Statewide Communities Development Authority
|
|
|
|
FHLMC - Federal Home Loan Mortgage Corporation
|
|
|
|
FNMA - Federal National Mortgage Association
|
|
|
|
G.O. - General Obligation
|
|
|
|
MFH - Multi-Family Housing
|
|
|
|
TCRS - Transferable Custodial Receipts
|
|
|
|
TRB - Tax Revenue Bonds
|
|
INVESTMENTS
|
LEVEL 1
(000s)
|
LEVEL 2
(000s)
|
LEVEL 3
(000s)
|
TOTAL
(000s)
|
|
Municipal Bonds
|
$—
|
$224,153
|
$—
|
$224,153
|
|
Investment Companies
|
2,807
|
—
|
—
|
2,807
|
|
Short-Term Investments
|
—
|
6,805
|
—
|
6,805
|
|
Total Investments
|
$2,807
|
$230,958
|
$—
|
$233,765
|
|
AFFILIATE
|
VALUE,
BEGINNING
OF PERIOD
(000S)
|
PURCHASES
(000S)
|
SALES
PROCEEDS
(000S)
|
DIVIDEND
OR INTEREST
INCOME
(000S)
|
VALUE,
END OF PERIOD
(000S)
|
SHARES, END
OF PERIOD
|
|
Northern Institutional Funds - U.S. Government Portfolio (Shares)
|
$5,563
|
$33,939
|
$36,695
|
$69
|
$2,807
|
2,806,693
|
|
Schedule of Investments
|
|
CALIFORNIA TAX-EXEMPT FUND
|
June 30, 2025 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS – 95.0%
|
||
|
California – 95.0%
|
||
|
Alameda County Unified School District
G.O. Unlimited Bonds, Series B,
Election of 2014,
|
|
|
|
5.00%, 8/1/42
|
$500
|
$510
|
|
Antioch Unified School District G.O.
Unlimited Bonds, Series A, Election
of 2024 (AGC Insured),
|
|
|
|
5.00%, 8/1/42
|
900
|
949
|
|
California Community Choice Financing
Authority Revenue Bonds, Clean
Energy Project, Green Bonds,
|
|
|
|
4.00%, 12/1/27(1) (2)
|
600
|
602
|
|
California Community Choice Financing
Authority Sustainable Revenue
Bonds, Clean Energy Project,
|
|
|
|
5.00%, 12/1/32(1) (2)
|
750
|
775
|
|
5.00%, 8/1/33(1) (2)
|
1,500
|
1,608
|
|
California Community Choice Financing
Authority Sustainable Revenue
Bonds, Series E, Clean Energy
Project,
|
|
|
|
5.00%, 9/1/32(1) (2)
|
1,385
|
1,463
|
|
California Community Choice Financing
Authority Variable Sustainable
Revenue Bonds, Clean Energy
Project,
|
|
|
|
5.00%, 9/1/32(1) (2)
|
500
|
532
|
|
California County Tobacco
Securitization Agency Tobacco
Settlement Revenue Refunding Bonds,
Series A,
|
|
|
|
4.00%, 6/1/35
|
885
|
877
|
|
California County Tobacco
Securitization Agency Tobacco
Settlement Revenue Refunding Bonds,
Sonoma County Securitization,
|
|
|
|
5.00%, 6/1/29
|
310
|
324
|
|
California Housing Finance Agency
Municipal Certificates Revenue
Bonds, Series 2021-1, Class A
Certificates,
|
|
|
|
3.50%, 11/20/35
|
1,168
|
1,090
|
|
California Housing Finance Agency
Municipal Certificates Revenue
Bonds, Series 2021-2, Class A Social
Certificates (FHLMC Insured),
|
|
|
|
3.75%, 3/25/35
|
474
|
472
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 95.0%continued
|
||
|
California – 95.0%continued
|
||
|
California State Educational Facilities
Authority Revenue Bonds, Art Center
College of Design,
|
|
|
|
3.00%, 12/1/51
|
$600
|
$397
|
|
California State Educational Facilities
Authority Revenue Bonds, University
of the Pacific,
|
|
|
|
5.00%, 11/1/55
|
1,500
|
1,527
|
|
California State Enterprise Development
Authority Lease Revenue Bonds,
Riverside County - Mead Valley
Wellness Village Project,
|
|
|
|
5.00%, 11/1/31
|
1,040
|
1,171
|
|
5.00%, 11/1/32
|
905
|
1,029
|
|
California State G.O. Unlimited Bonds,
|
|
|
|
3.00%, 12/1/46
|
300
|
232
|
|
California State G.O. Unlimited
Refunding Bonds,
|
|
|
|
5.00%, 9/1/42
|
1,000
|
1,056
|
|
California State G.O. Unlimited
Refunding Bonds, Group B,
|
|
|
|
5.00%, 10/1/28
|
790
|
850
|
|
California State Health Facilities
Financing Authority Revenue Bonds,
Subseries A-2, Kaiser Permanente,
|
|
|
|
4.00%, 11/1/44
|
2,000
|
1,796
|
|
California State Health Facilities
Financing Authority Revenue
Refunding Bonds, Series A, El
Camino Health,
|
|
|
|
5.00%, 2/1/34
|
800
|
911
|
|
California State Health Facilities
Financing Authority Variable
Revenue Bonds, Children's Hospital
of Orange County,
|
|
|
|
5.00%, 5/1/31(1) (2)
|
225
|
250
|
|
California State Health Facilities
Financing Authority Variable
Revenue Bonds, Providence St.
Joseph Health,
|
|
|
|
10/1/32(1) (3)
|
1,000
|
1,076
|
|
California State Infrastructure &
Economic Development Bank
National Charter Equitable School
Revolving Fund Revenue Bonds,
|
|
|
|
5.00%, 11/1/42
|
275
|
279
|
|
Schedule of Investments
|
|
CALIFORNIA TAX-EXEMPT FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 95.0%continued
|
||
|
California – 95.0%continued
|
||
|
California State Infrastructure &
Economic Development Bank
Revenue Bonds, Equitable School
Revolving Fund,
|
|
|
|
5.00%, 11/1/44
|
$625
|
$625
|
|
California State Infrastructure &
Economic Development Bank
Variable Revenue Refunding Bonds,
|
|
|
|
1.75%, 8/1/26(1) (2)
|
3,500
|
3,425
|
|
California State Infrastructure &
Economic Development Bank
Variable Revenue Refunding Bonds,
Los Angeles Museum of Art Project,
|
|
|
|
1.20%, 6/1/28(1) (2)
|
2,000
|
1,828
|
|
California State Municipal Finance
Authority Lease Revenue Bonds,
Orange County Civic Center
Infrastructure Improvement Program,
|
|
|
|
5.00%, 6/1/32
|
1,500
|
1,587
|
|
California State Municipal Finance
Authority Revenue Bonds, California
Institute of the Arts,
|
|
|
|
4.00%, 10/1/51
|
250
|
199
|
|
California State Municipal Finance
Authority Revenue Bonds,
HumanGood, California Obligated
Group,
|
|
|
|
3.00%, 10/1/49
|
1,000
|
679
|
|
California State Municipal Finance
Authority Revenue Bonds, Samuel
Merritt University,
|
|
|
|
5.25%, 6/1/53
|
500
|
517
|
|
California State Municipal Finance
Authority Revenue Bonds, Series A,
National University,
|
|
|
|
5.00%, 4/1/40
|
1,000
|
1,034
|
|
California State Municipal Finance
Authority Revenue Refunding Bonds,
Southwestern Law School,
|
|
|
|
4.00%, 11/1/41
|
175
|
153
|
|
California State Public Works Board
Lease Revenue Refunding Bonds,
Various Capital Projects,
|
|
|
|
5.00%, 9/1/27
|
1,750
|
1,841
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 95.0%continued
|
||
|
California – 95.0%continued
|
||
|
California State Statewide Communities
Development Authority Student
Housing Revenue Refunding Bonds,
CHF-Irvine, LLC-Phase I (BAM
Insured),
|
|
|
|
5.00%, 5/15/33
|
$500
|
$540
|
|
3.00%, 5/15/51
|
500
|
356
|
|
California State Various Purpose G.O.
Unlimited Bonds,
|
|
|
|
5.00%, 11/1/31
|
1,000
|
1,047
|
|
California State Various Purpose G.O.
Unlimited Refunding Bonds
(BAM-TCRS Insured),
|
|
|
|
5.00%, 9/1/35
|
2,000
|
2,034
|
|
Carlsbad Unified School District G.O.
Unlimited Bonds, Series A, Election
of 2018,
|
|
|
|
3.00%, 8/1/42
|
550
|
434
|
|
Coachella Valley Water District
Revenue COPS, Series A, Oasis
Project,
|
|
|
|
4.00%, 8/1/46
|
1,750
|
1,613
|
|
CSCDA Community Improvement
Authority Essential Housing Senior
Revenue Bonds, Crescent West
Hollywood,
|
|
|
|
4.30%, 7/1/59
|
500
|
389
|
|
Evergreen School District G.O.
Unlimited Bonds, Election of 2014,
|
|
|
|
5.00%, 8/1/46
|
1,300
|
1,333
|
|
Foothill Eastern Transportation Corridor
Agency Toll Road Senior Lien
Revenue Bonds, Series A,
|
|
|
|
4.00%, 1/15/46
|
250
|
235
|
|
Fremont Unified School District
Alameda County G.O. Unlimited
Bonds, Series D,
|
|
|
|
2.00%, 8/1/35
|
1,610
|
1,297
|
|
Imperial Irrigation District Electric
Revenue Bonds, Series B-1,
|
|
|
|
5.00%, 11/1/46
|
1,500
|
1,509
|
|
Lake Elsinore Facilities Financing
Authority Local Agency Special TRB,
Series A (AG Insured),
|
|
|
|
5.00%, 9/1/34
|
1,000
|
1,135
|
|
|
June 30, 2025 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 95.0%continued
|
||
|
California – 95.0%continued
|
||
|
Long Beach Marina Revenue Refunding
Bonds, Alamitos Bay Marina Project,
|
|
|
|
5.00%, 5/15/34
|
$700
|
$790
|
|
Los Angeles Community College District
2008 Election G.O. Unlimited
Refunding Bonds, Series K,
|
|
|
|
4.00%, 8/1/39
|
2,915
|
2,834
|
|
Los Angeles County Community
Facilities District No. 2021-01
Special TRB, Valencia Facilities,
|
|
|
|
5.00%, 9/1/52
|
500
|
499
|
|
Los Angeles County Metropolitan
Transportation Authority Sales Senior
TRB, Series B,
|
|
|
|
5.00%, 7/1/34
|
525
|
554
|
|
5.00%, 7/1/36
|
2,000
|
2,090
|
|
Los Angeles County Public Works
Financing Authority Lease Revenue
Bonds, Series F, Green Bonds,
|
|
|
|
2.63%, 12/1/51
|
1,600
|
1,038
|
|
Los Angeles County Public Works
Financing Authority Lease Revenue
Bonds, Series H,
|
|
|
|
5.25%, 12/1/41
|
1,000
|
1,089
|
|
Los Angeles Department of Airports
Airport Senior Revenue Bonds
(AMT), Private Activity,
|
|
|
|
5.50%, 5/15/47
|
1,000
|
1,030
|
|
Los Angeles Department of Airports
Airport Subordinate Revenue Bonds
(AMT), Los Angeles International,
|
|
|
|
5.00%, 5/15/31
|
1,000
|
1,043
|
|
Los Angeles Department of Airports
Airport Subordinate Revenue Bonds
(AMT), Los Angeles International
Airport,
|
|
|
|
5.00%, 5/15/44
|
500
|
500
|
|
Los Angeles Department of Airports
Airport Subordinate Revenue
Refunding Bonds, Series A (AMT), P3
Project,
|
|
|
|
5.00%, 5/15/46
|
500
|
500
|
|
Los Angeles Department of Water &
Power Revenue Refunding Bonds,
Series B,
|
|
|
|
5.00%, 7/1/40
|
1,000
|
1,029
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 95.0%continued
|
||
|
California – 95.0%continued
|
||
|
Los Angeles Department of Water &
Power Revenue Refunding Bonds,
Series C,
|
|
|
|
5.00%, 7/1/52
|
$500
|
$501
|
|
Los Angeles Department of Water &
Power Waterworks Revenue
Refunding Bonds, Series A,
|
|
|
|
5.00%, 7/1/38
|
450
|
476
|
|
Los Angeles Department of Water &
Power Waterworks System Revenue
Refunding Bonds, Series B,
|
|
|
|
5.00%, 7/1/39
|
525
|
542
|
|
Los Angeles Harbor Department
Sustainable Revenue Refunding
Bonds, Exempt Facility,
|
|
|
|
5.00%, 8/1/44
|
375
|
403
|
|
Los Angeles Unified School District
Sustainable G.O. Unlimited Bonds,
Series QRR,
|
|
|
|
5.00%, 7/1/38
|
1,000
|
1,106
|
|
Los Rios Community College District
G.O. Unlimited Bonds, Series D,
|
|
|
|
3.00%, 8/1/44
|
1,000
|
768
|
|
Lucia Mar Unified School District G.O.
Unlimited Bonds, Series B, Election of
2016,
|
|
|
|
5.00%, 8/1/42
|
1,450
|
1,485
|
|
Menifee Special Tax, Community
Facilities District McCall,
|
|
|
|
3.00%, 9/1/42
|
165
|
125
|
|
Mesa Water District COPS,
|
|
|
|
4.00%, 3/15/45
|
1,150
|
1,090
|
|
Metropolitan Water District of Southern
California Waterworks Revenue
Bonds, Series B-3,
|
|
|
|
5.00%, 7/1/31(1) (2)
|
1,990
|
2,192
|
|
Modesto High School District Stanislaus
County G.O. Unlimited Bonds, Series
A,
|
|
|
|
5.00%, 8/1/48
|
1,000
|
1,027
|
|
Monterey County Financing Authority
Revenue Refunding Bonds,
|
|
|
|
5.00%, 9/1/37
|
1,170
|
1,225
|
|
Mount Diablo Unified School District
G.O. Unlimited Refunding Bonds,
|
|
|
|
5.00%, 8/1/34
|
1,250
|
1,447
|
|
Schedule of Investments
|
|
CALIFORNIA TAX-EXEMPT FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 95.0%continued
|
||
|
California – 95.0%continued
|
||
|
Mountain View-Whisman School
District G.O. Unlimited Bonds, Series
B,
|
|
|
|
4.25%, 9/1/45
|
$500
|
$482
|
|
Newport Mesa Unified School District
G.O. Unlimited CABS, Election of
2005,
|
|
|
|
0.00%, 8/1/33(4)
|
7,000
|
5,410
|
|
Ontario PFA Lease Revenue Bonds,
Series A,
|
|
|
|
5.00%, 11/1/34
|
450
|
513
|
|
Perris Union High School District G.O.
Unlimited Bonds, Series C, Election
of 2012,
|
|
|
|
3.00%, 9/1/45
|
1,865
|
1,406
|
|
Rancho Cucamonga Redevelopment
Agency Successor Agency Tax
Allocation Revenue Refunding Bonds,
Rancho Redevelopment Project,
|
|
|
|
5.00%, 9/1/32
|
1,000
|
1,140
|
|
Redwood City Public Facilities &
Infrastructure Authority Lease
Revenue Bonds, Veterans Memorial
Building,
|
|
|
|
3.00%, 6/1/51
|
1,750
|
1,222
|
|
Riverside County Transportation
Commission Toll Senior Lien Revenue
Refunding Bonds, RCTC 91 Express
Lanes,
|
|
|
|
4.00%, 6/1/46
|
750
|
669
|
|
Sacramento County Special Refunding
Tax Bonds, Metro Air Park
Community Facilities,
|
|
|
|
5.00%, 9/1/34
|
1,000
|
1,050
|
|
San Carlos School District G.O.
Unlimited Refunding Bonds,
|
|
|
|
5.00%, 10/1/41
|
400
|
435
|
|
San Diego Community College District
G.O. Unlimited Bonds, Series A-1,
|
|
|
|
5.00%, 8/1/55
|
1,500
|
1,568
|
|
San Francisco City & County Airports
Commission International Airport
Revenue Bonds, Series A (AMT),
|
|
|
|
5.00%, 5/1/42
|
1,500
|
1,501
|
|
5.00%, 5/1/49
|
1,000
|
988
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 95.0%continued
|
||
|
California – 95.0%continued
|
||
|
San Francisco City & County Airports
Commission International Airport
Revenue Bonds, Series E (AMT),
|
|
|
|
5.00%, 5/1/45
|
$1,000
|
$996
|
|
5.00%, 5/1/50
|
1,500
|
1,481
|
|
San Francisco City & County Airports
Commission International Airport
Revenue Refunding Bonds, Second
Series A (AMT),
|
|
|
|
5.00%, 5/1/30
|
915
|
978
|
|
San Francisco City & County COPS,
Multiple Capital Projects,
|
|
|
|
2.00%, 10/1/33
|
1,200
|
1,026
|
|
San Francisco City & County Public
Utilities Commission Water Revenue
Bonds, Series D, Hetch Hetchy
Water,
|
|
|
|
3.00%, 11/1/50
|
600
|
423
|
|
San Francisco City & County Public
Utilities Commission Water Revenue
Refunding Bonds, Subseries C,
Green Bonds,
|
|
|
|
4.00%, 11/1/41
|
1,000
|
966
|
|
San Francisco City & County Public
Utilities Commission Water Revenue
Refunding Bonds, Sustainable Bonds,
|
|
|
|
5.00%, 11/1/32
|
205
|
235
|
|
San Francisco City & County Unified
School District G.O. Unlimited
Bonds, Series A, Election of 2016,
|
|
|
|
4.00%, 6/15/35
|
500
|
497
|
|
San Francisco Community College
District G.O. Unlimited Bonds, Series
A, Election of 2020,
|
|
|
|
3.00%, 6/15/45
|
1,000
|
751
|
|
San Joaquin Hills Transportation
Corridor Agency Toll Road Senior
Lien Revenue Refunding Bonds,
|
|
|
|
4.00%, 1/15/34
|
500
|
512
|
|
San Joaquin Valley Clean Energy
Authority Variable Sustainable
Revenue Bonds, Clean Energy
Project,
|
|
|
|
5.50%, 7/1/35(1) (2)
|
1,000
|
1,097
|
|
|
June 30, 2025 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 95.0%continued
|
||
|
California – 95.0%continued
|
||
|
San Jose Financing Authority
Wastewater Revenue Bonds, Series
B, Green Bonds,
|
|
|
|
5.00%, 11/1/41
|
$500
|
$537
|
|
San Jose G.O. Unlimited Bonds, Series
A-1,
|
|
|
|
5.00%, 9/1/42
|
1,310
|
1,356
|
|
Santa Clarita Community College
District G.O. Unlimited Bonds,
Election of 2016,
|
|
|
|
5.25%, 8/1/48
|
1,000
|
1,065
|
|
Santa Cruz County Capital Financing
Authority Lease Revenue Bonds,
Series A-1,
|
|
|
|
4.00%, 6/1/32
|
300
|
306
|
|
4.00%, 6/1/34
|
330
|
333
|
|
Silicon Valley Clean Water Wastewater
Revenue Bonds, Series B,
|
|
|
|
0.50%, 3/1/26
|
2,000
|
1,963
|
|
Sonoma County Junior College District
G.O. Unlimited Bonds, Series B,
|
|
|
|
3.00%, 8/1/36
|
900
|
828
|
|
Southwestern Community College
District G.O. Unlimited Bonds, Series
D,
|
|
|
|
4.00%, 8/1/33
|
650
|
684
|
|
Temecula Valley Unified School District
Financing Authority Special Tax
Refunding Bonds (BAM Insured),
|
|
|
|
5.00%, 9/1/32
|
2,575
|
2,930
|
|
Tobacco Securitization Authority
Tobacco Settlement Senior Revenue
Refunding Bonds, Sacramento
County,
|
|
|
|
4.00%, 6/1/37
|
700
|
676
|
|
Transbay Joint Powers Authority Senior
Tax Allocation Bonds, Green Bonds,
|
|
|
|
5.00%, 10/1/45
|
1,000
|
970
|
|
Turlock Irrigation District Revenue
Refunding Bonds,
|
|
|
|
5.00%, 1/1/37
|
805
|
860
|
|
University of California General
Revenue Refunding Bonds, Series AZ,
|
|
|
|
5.00%, 5/15/34
|
85
|
89
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 95.0%continued
|
||
|
California – 95.0%continued
|
||
|
University of California Revenue
Refunding Bonds, Series B,
|
|
|
|
5.00%, 5/15/31
|
$1,375
|
$1,541
|
|
5.00%, 5/15/35
|
1,500
|
1,673
|
|
University of California Revenue
Refunding Bonds, Series BH,
|
|
|
|
4.00%, 5/15/46
|
2,000
|
1,849
|
|
University of California Revenue
Refunding Bonds, Series O, Limited
Project,
|
|
|
|
5.00%, 5/15/58
|
2,500
|
2,508
|
|
Upper Santa Clara Valley Joint Powers
Authority Revenue Refunding Bonds,
Series A,
|
|
|
|
4.00%, 8/1/45
|
1,200
|
1,110
|
|
Western Placer Waste Management
Authority Solid Waste Revenue
Bonds, Material Recovery Facility
Project,
|
|
|
|
5.00%, 6/1/40
|
625
|
678
|
|
|
|
116,271
|
|
Total Municipal Bonds
|
|
|
|
(Cost $125,388)
|
|
116,271
|
|
|
NUMBER
OF SHARES
|
VALUE
(000S)
|
|
INVESTMENT COMPANIES – 2.7%
|
||
|
Northern Institutional Funds -
U.S. Government Portfolio (Shares),
4.15%(5) (6)
|
3,274,266
|
$3,274
|
|
Total Investment Companies
|
|
|
|
(Cost $3,274)
|
|
3,274
|
|
Schedule of Investments
|
|
CALIFORNIA TAX-EXEMPT FUND continued
|
June 30, 2025 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
SHORT-TERM INVESTMENTS – 2.9%
|
||
|
Bay Area Toll Authority Toll Bridge
Revenue Refunding Bonds, San
Francisco Bay Area,
|
|
|
|
2.95%, 4/1/26(1) (2)
|
$3,590
|
$3,580
|
|
Total Short-Term Investments
|
|
|
|
(Cost $3,594)
|
3,580
|
|
|
|
|
|
|
Total Investments – 100.6%
|
|
|
|
(Cost $132,256)
|
123,125
|
|
|
Liabilities less Other Assets – (0.6%)
|
(794
)
|
|
|
NET ASSETS – 100.0%
|
$122,331
|
|
|
(1)
|
Maturity date represents the puttable date.
|
|
(2)
|
Variable or floating rate security. These securities are remarketed by an
agent, and the rate at which these securities are set are determined by
general market conditions and supply and demand. Rate as of June 30,
2025 is disclosed.
|
|
(3)
|
When-Issued Security. Coupon rate is not in effect at June 30, 2025.
|
|
(4)
|
Zero coupon bond.
|
|
(5)
|
Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the
investment adviser to the Fund and the investment adviser to Northern
Institutional Funds.
|
|
(6)
|
7-day current yield as of June 30, 2025 is disclosed.
|
|
|
|
EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT
THE SCHEDULE OF INVESTMENTS:
|
|
|
|
AGC - Assured Guaranty Corporation
|
|
|
|
AMT - Alternative Minimum Tax
|
|
|
|
BAM - Build America Mutual
|
|
|
|
CABS - Capital Appreciation Bonds
|
|
|
|
CHF - Collegiate Housing Foundation
|
|
|
|
COPS - Certificates of Participation
|
|
|
|
CSCDA - California Statewide Communities Development Authority
|
|
|
|
FHLMC - Federal Home Loan Mortgage Corporation
|
|
|
|
G.O. - General Obligation
|
|
|
|
PFA - Public Finance Authority
|
|
|
|
TCRS - Transferable Custodial Receipts
|
|
|
|
TRB - Tax Revenue Bonds
|
|
INVESTMENTS
|
LEVEL 1
(000s)
|
LEVEL 2
(000s)
|
LEVEL 3
(000s)
|
TOTAL
(000s)
|
|
Municipal Bonds
|
$—
|
$116,271
|
$—
|
$116,271
|
|
Investment Companies
|
3,274
|
—
|
—
|
3,274
|
|
Short-Term Investments
|
—
|
3,580
|
—
|
3,580
|
|
Total Investments
|
$3,274
|
$119,851
|
$—
|
$123,125
|
|
AFFILIATE
|
VALUE,
BEGINNING
OF PERIOD
(000S)
|
PURCHASES
(000S)
|
SALES
PROCEEDS
(000S)
|
DIVIDEND
OR INTEREST
INCOME
(000S)
|
VALUE,
END OF PERIOD
(000S)
|
SHARES, END
OF PERIOD
|
|
Northern Institutional Funds - U.S. Government Portfolio (Shares)
|
$2,723
|
$13,066
|
$12,515
|
$19
|
$3,274
|
3,274,266
|
|
Schedule of Investments
|
|
CORE BOND FUND
|
June 30, 2025 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
ASSET-BACKED SECURITIES – 19.9%
|
||
|
Auto Loan – 11.2%
|
||
|
Carvana Auto Receivables Trust, Series
2025-P2, Class C
|
|
|
|
5.48%, 11/10/31
|
$400
|
$405
|
|
Drive Auto Receivables Trust, Series
2024-2, Class A3
|
|
|
|
4.50%, 9/15/28
|
2,390
|
2,389
|
|
Ford Credit Auto Lease Trust, Series
2023-B, Class A3
|
|
|
|
5.91%, 10/15/26
|
106
|
106
|
|
Ford Credit Auto Owner Trust, Series
2023-B, Class A3
|
|
|
|
5.23%, 5/15/28
|
120
|
120
|
|
Ford Credit Auto Owner Trust, Series
2024-B, Class A4
|
|
|
|
4.96%, 5/15/30
|
150
|
153
|
|
GM Financial Consumer Automobile
Receivables Trust, Series 2023-1,
Class A3
|
|
|
|
4.66%, 2/16/28
|
51
|
51
|
|
GM Financial Consumer Automobile
Receivables Trust, Series 2023-2,
Class A3
|
|
|
|
4.47%, 2/16/28
|
114
|
114
|
|
Harley-Davidson Motorcycle Trust,
Series 2023-A, Class A3
|
|
|
|
5.05%, 12/15/27
|
740
|
742
|
|
Harley-Davidson Motorcycle Trust,
Series 2024-A, Class A3
|
|
|
|
5.37%, 3/15/29
|
110
|
111
|
|
Hyundai Auto Lease Securitization
Trust, Series 2024-B, Class A3
|
|
|
|
5.41%, 5/17/27(1)
|
150
|
151
|
|
Hyundai Auto Receivables Trust, Series
2023-A, Class A3
|
|
|
|
4.58%, 4/15/27
|
104
|
104
|
|
Mercedes-Benz Auto Receivables Trust,
Series 2021-1, Class A4
|
|
|
|
0.73%, 12/15/27
|
2,811
|
2,778
|
|
Mercedes-Benz Auto Receivables Trust,
Series 2023-1, Class A3
|
|
|
|
4.51%, 11/15/27
|
70
|
70
|
|
Santander Drive Auto Receivables Trust,
Series 2024-2, Class A3
|
|
|
|
5.63%, 11/15/28
|
1,335
|
1,342
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
ASSET-BACKED SECURITIES - 19.9%continued
|
||
|
Auto Loan – 11.2%continued
|
||
|
Santander Drive Auto Receivables Trust,
Series 2025-2, Class C
|
|
|
|
5.06%, 5/15/31
|
$549
|
$556
|
|
Tesla Auto Lease Trust, Series 2024-B,
Class B
|
|
|
|
5.11%, 8/21/28(1)
|
500
|
501
|
|
Westlake Automobile Receivables Trust,
Series 2023-3, Class A3
|
|
|
|
5.82%, 5/17/27(1)
|
187
|
188
|
|
Westlake Automobile Receivables Trust,
Series 2025-P1, Class B
|
|
|
|
4.86%, 5/15/30(1)
|
100
|
101
|
|
Westlake Automobile Receivables Trust,
Series 2025-P1, Class C
|
|
|
|
5.15%, 11/15/30(1)
|
200
|
202
|
|
|
|
10,184
|
|
Credit Card – 0.3%
|
||
|
Discover Card Execution Note Trust,
Series 2023-A1, Class A
|
|
|
|
4.31%, 3/15/28
|
230
|
230
|
|
Synchrony Card Funding LLC, Series
2024-A1, Class A
|
|
|
|
5.04%, 3/15/30
|
77
|
78
|
|
|
|
308
|
|
Other – 2.7%
|
||
|
321 Henderson Receivables I LLC,
Series 2007-3A, Class A
|
|
|
|
6.15%, 10/15/48(1)
|
224
|
231
|
|
CNH Equipment Trust, Series 2024-A,
Class A3
|
|
|
|
4.77%, 6/15/29
|
100
|
101
|
|
CNH Equipment Trust, Series 2024-C,
Class A3
|
|
|
|
4.03%, 1/15/30
|
200
|
200
|
|
Dell Equipment Finance Trust, Series
2023-1, Class A3
|
|
|
|
5.65%, 9/22/28(1)
|
104
|
104
|
|
Dell Equipment Finance Trust, Series
2023-3, Class A3
|
|
|
|
5.93%, 4/23/29(1)
|
110
|
111
|
|
Finance of America Structured
Securities Trust, Series 2023-S2,
Class A1
|
|
|
|
6.50%, 4/25/73(1)
|
265
|
266
|
|
Schedule of Investments
|
|
CORE BOND FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
ASSET-BACKED SECURITIES - 19.9%continued
|
||
|
Other – 2.7%continued
|
||
|
J.G. Wentworth XLI LLC
|
|
|
|
3.74%, 10/17/72(1)
|
$409
|
$364
|
|
JGWPT XXVII LLC, Series 2012-3A,
Class A
|
|
|
|
3.22%, 9/15/65(1)
|
126
|
114
|
|
JGWPT XXX LLC, Series 2013-3A,
Class A
|
|
|
|
4.08%, 1/17/73(1)
|
320
|
301
|
|
John Deere Owner Trust, Series
2024-A, Class A3
|
|
|
|
4.96%, 11/15/28
|
35
|
35
|
|
John Deere Owner Trust, Series
2024-C, Class A3
|
|
|
|
4.06%, 6/15/29
|
500
|
500
|
|
MMAF Equipment Finance LLC, Series
2022-B, Class A4
|
|
|
|
5.67%, 10/9/48(1)
|
160
|
160
|
|
|
|
2,487
|
|
Whole Loan – 5.7%
|
||
|
Angel Oak Mortgage Trust, Series
2023-1, Class A1
|
|
|
|
(Step to 4.72% on 11/25/25),
4.75%, 9/26/67(1) (2)
|
222
|
221
|
|
Angel Oak Mortgage Trust, Series
2024-4, Class A1
|
|
|
|
(Step to 6.64% on 4/25/28),
6.20%, 1/25/69(1) (2)
|
513
|
517
|
|
Colt, Series 2024-7, Class A2
|
|
|
|
(Step to 6.79% on 12/25/28),
5.79%, 12/26/69(1) (2)
|
279
|
281
|
|
J.P. Morgan Mortgage Trust, Series
2022-7, Class 1A2
|
|
|
|
3.00%, 12/25/52(1) (3)
|
261
|
222
|
|
J.P. Morgan Mortgage Trust, Series
2023-1, Class A3A
|
|
|
|
5.00%, 6/25/53(1) (3)
|
188
|
183
|
|
Mello Mortgage Capital Acceptance,
Series 2021-MTG2, Class A1
|
|
|
|
2.50%, 6/25/51(1) (3)
|
259
|
211
|
|
OBX Trust, Series 2023-NQM7,
Class A1
|
|
|
|
(Step to 7.61% on 10/25/27),
6.84%, 4/25/63(1) (2)
|
305
|
308
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
ASSET-BACKED SECURITIES - 19.9%continued
|
||
|
Whole Loan – 5.7%continued
|
||
|
OBX Trust, Series 2023-NQM7,
Class A3
|
|
|
|
(Step to 7.61% on 10/25/27),
7.30%, 4/25/63(1) (2)
|
$65
|
$65
|
|
OBX Trust, Series 2024-NQM16,
Class A3
|
|
|
|
(Step to 6.89% on 11/25/28),
5.89%, 10/25/64(1) (2)
|
399
|
400
|
|
OBX Trust, Series 2024-NQM2,
Class A1
|
|
|
|
(Step to 6.88% on 2/25/28),
5.88%, 12/25/63(1) (2)
|
165
|
166
|
|
OBX Trust, Series 2024-NQM9,
Class A1
|
|
|
|
(Step to 7.20% on 7/25/28),
6.03%, 1/25/64(1) (2)
|
234
|
235
|
|
PMT Loan Trust, Series 2024-INV1,
Class A2
|
|
|
|
6.00%, 10/25/59(1) (3)
|
472
|
475
|
|
Provident Funding Mortgage Trust,
Series 2024-1, Class A13
|
|
|
|
5.50%, 12/25/54(1) (3)
|
731
|
722
|
|
Santander Mortgage Asset Receivable
Trust, Series 2025-NQM1,
Class M1A
|
|
|
|
6.42%, 1/25/65(1)
|
508
|
514
|
|
Sequoia Mortgage Trust, Series
2023-1, Class A1
|
|
|
|
5.00%, 1/25/53(1)
|
82
|
80
|
|
Towd Point Mortgage Trust, Series
2022-1, Class A1
|
|
|
|
3.75%, 7/25/62(1)
|
584
|
555
|
|
Towd Point Mortgage Trust, Series
2022-4, Class A1
|
|
|
|
3.75%, 9/25/62(1)
|
68
|
65
|
|
|
|
5,220
|
|
Total Asset-Backed Securities
|
|
|
|
(Cost $18,188)
|
|
18,199
|
|
|
|
|
|
COMMERCIAL MORTGAGE-BACKED SECURITIES – 4.7%
|
||
|
Non Agency – 4.7%
|
||
|
BANK, Series 2021-BN37, Class A5
|
|
|
|
2.62%, 11/15/64
|
250
|
219
|
|
BANK5 Trust, Series 2024-5YR6,
Class A3
|
|
|
|
6.23%, 5/15/57
|
140
|
147
|
|
|
June 30, 2025 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
COMMERCIAL MORTGAGE-BACKED SECURITIES - 4.7%continued
|
||
|
Non Agency – 4.7%continued
|
||
|
BANK5, Series 2023-5YR2, Class A3
|
|
|
|
6.66%, 7/15/56
|
$210
|
$222
|
|
Benchmark Mortgage Trust, Series
2023-V3, Class A3
|
|
|
|
6.36%, 7/15/56
|
260
|
273
|
|
BMARK, Series 2023-V4, Class C
|
|
|
|
7.71%, 11/15/56(3)
|
352
|
368
|
|
BX Trust, Series 2024-PAT, Class A
|
|
|
|
(Floating, CME Term SOFR 1M +
2.09%, 2.09% Floor), 6.40%,
3/15/41(1) (4)
|
343
|
343
|
|
Citigroup Commercial Mortgage Trust,
Series 2016-P3, Class AS
|
|
|
|
3.59%, 4/15/49
|
165
|
159
|
|
COMM Mortgage Trust, Series
2024-277P, Class B
|
|
|
|
7.23%, 8/10/44(1) (3)
|
800
|
849
|
|
FIVE Mortgage Trust, Series 2023-V1,
Class A3
|
|
|
|
5.67%, 2/10/56
|
260
|
267
|
|
Morgan Stanley Bank of America
Merrill Lynch Trust, Series 2016-C32,
Class A4
|
|
|
|
3.72%, 12/15/49
|
80
|
79
|
|
Morgan Stanley Capital I Trust, Series
2016-UBS9, Class AS
|
|
|
|
3.90%, 3/15/49
|
115
|
113
|
|
Wells Fargo Commercial Mortgage
Trust, Series 2016-C35, Class A4
|
|
|
|
2.93%, 7/15/48
|
90
|
88
|
|
Wells Fargo Commercial Mortgage
Trust, Series 2024-C63, Class A5
|
|
|
|
5.31%, 8/15/57
|
1,100
|
1,123
|
|
|
|
4,250
|
|
Total Commercial Mortgage-Backed
Securities
|
|
|
|
(Cost $4,199)
|
|
4,250
|
|
|
|
|
|
CORPORATE BONDS – 20.7%
|
||
|
Aerospace & Defense – 0.4%
|
||
|
Howmet Aerospace, Inc.,
|
|
|
|
4.85%, 10/15/31
|
110
|
111
|
|
Lockheed Martin Corp.,
|
|
|
|
4.70%, 12/15/31
|
230
|
233
|
|
|
|
344
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 20.7% continued
|
||
|
Apparel & Textile Products – 0.3%
|
||
|
Ralph Lauren Corp.,
|
|
|
|
5.00%, 6/15/32
|
$270
|
$274
|
|
Asset Management – 2.0%
|
||
|
Ares Capital Corp.,
|
|
|
|
5.95%, 7/15/29
|
160
|
164
|
|
Blackstone Private Credit Fund,
|
|
|
|
2.63%, 12/15/26
|
300
|
290
|
|
5.95%, 7/16/29
|
160
|
163
|
|
5.25%, 4/1/30
|
300
|
297
|
|
Blue Owl Credit Income Corp.,
|
|
|
|
7.95%, 6/13/28
|
450
|
481
|
|
Citadel L.P.,
|
|
|
|
6.38%, 1/23/32 (1)
|
390
|
407
|
|
|
|
1,802
|
|
Banking – 4.6%
|
||
|
Bank of America Corp.,
|
|
|
|
(Variable, U.S. SOFR + 1.57%),
5.82%, 9/15/29 (5)
|
165
|
172
|
|
(Variable, U.S. SOFR + 1.22%),
2.65%, 3/11/32 (5)
|
84
|
75
|
|
(Variable, U.S. SOFR + 1.21%),
2.57%, 10/20/32 (5)
|
210
|
185
|
|
Citigroup, Inc.,
|
|
|
|
(Variable, CME Term SOFR 3M +
1.41%), 3.52%, 10/27/28 (5)
|
131
|
128
|
|
(Variable, U.S. SOFR + 3.91%),
4.41%, 3/31/31 (5)
|
133
|
132
|
|
(Variable, U.S. SOFR + 1.45%),
5.45%, 6/11/35 (5)
|
170
|
174
|
|
Fifth Third Bancorp,
|
|
|
|
(Variable, U.S. SOFR + 2.34%),
6.34%, 7/27/29 (5)
|
130
|
137
|
|
Huntington Bancshares, Inc.,
|
|
|
|
(Variable, U.S. Treasury Yield Curve
Rate CMT 5Y + 1.70%), 6.14%,
11/18/39 (5)
|
270
|
275
|
|
JPMorgan Chase & Co.,
|
|
|
|
(Variable, U.S. Treasury Yield Curve
Rate CMT 5Y + 2.15%), 6.50%,
4/1/30 (5) (6)
|
300
|
310
|
|
(Variable, U.S. SOFR + 1.16%),
5.58%, 4/22/30 (5)
|
700
|
727
|
|
(Variable, U.S. SOFR + 2.08%),
4.91%, 7/25/33 (5)
|
252
|
253
|
|
Schedule of Investments
|
|
CORE BOND FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 20.7% continued
|
||
|
Banking – 4.6%continued
|
||
|
KeyBank N.A.,
|
|
|
|
5.00%, 1/26/33
|
$210
|
$207
|
|
M&T Bank Corp.,
|
|
|
|
(Variable, U.S. SOFR + 2.80%),
7.41%, 10/30/29 (5)
|
160
|
174
|
|
(Variable, U.S. SOFR + 1.40%),
5.18%, 7/8/31 (5)
|
440
|
447
|
|
U.S. Bancorp,
|
|
|
|
(Variable, U.S. SOFR + 2.09%),
5.85%, 10/21/33 (5)
|
281
|
296
|
|
Wells Fargo & Co.,
|
|
|
|
(Variable, U.S. SOFR + 2.10%),
2.39%, 6/2/28 (5)
|
159
|
153
|
|
(Variable, U.S. SOFR + 1.50%),
5.20%, 1/23/30 (5)
|
300
|
307
|
|
|
|
4,152
|
|
Beverages – 0.0%
|
||
|
Constellation Brands, Inc.,
|
|
|
|
2.88%, 5/1/30
|
44
|
41
|
|
Biotechnology & Pharmaceuticals – 0.3%
|
||
|
AbbVie, Inc.,
|
|
|
|
3.20%, 11/21/29
|
300
|
287
|
|
Commercial Support Services – 0.4%
|
||
|
Republic Services, Inc.,
|
|
|
|
5.15%, 3/15/35
|
380
|
387
|
|
Construction Materials – 0.9%
|
||
|
CRH America Finance, Inc.,
|
|
|
|
5.50%, 1/9/35
|
290
|
297
|
|
Vulcan Materials Co.,
|
|
|
|
5.35%, 12/1/34
|
525
|
535
|
|
|
|
832
|
|
Electric Utilities – 1.5%
|
||
|
Ameren Corp.,
|
|
|
|
3.50%, 1/15/31
|
93
|
88
|
|
Berkshire Hathaway Energy Co.,
|
|
|
|
1.65%, 5/15/31
|
130
|
111
|
|
Consolidated Edison Co. of New York,
Inc.,
|
|
|
|
3.35%, 4/1/30
|
2
|
2
|
|
Duke Energy Progress LLC,
|
|
|
|
3.40%, 4/1/32
|
114
|
106
|
|
5.25%, 3/15/33
|
173
|
178
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 20.7% continued
|
||
|
Electric Utilities – 1.5%continued
|
||
|
PacifiCorp,
|
|
|
|
5.45%, 2/15/34
|
$230
|
$233
|
|
PSEG Power LLC,
|
|
|
|
5.75%, 5/15/35 (1)
|
575
|
592
|
|
Virginia Electric and Power Co.,
|
|
|
|
2.40%, 3/30/32
|
92
|
80
|
|
|
|
1,390
|
|
Electrical Equipment – 0.2%
|
||
|
Hubbell, Inc.,
|
|
|
|
2.30%, 3/15/31
|
180
|
159
|
|
Energy – 0.1%
|
||
|
Cheniere Energy Partners L.P.,
|
|
|
|
5.75%, 8/15/34
|
65
|
67
|
|
Entertainment Content – 0.2%
|
||
|
Discovery Communications LLC,
|
|
|
|
3.63%, 5/15/30
|
225
|
182
|
|
Food – 0.1%
|
||
|
Tyson Foods, Inc.,
|
|
|
|
4.35%, 3/1/29
|
47
|
47
|
|
Health Care Facilities & Services – 0.8%
|
||
|
Cardinal Health, Inc.,
|
|
|
|
5.35%, 11/15/34
|
450
|
459
|
|
Cencora, Inc.,
|
|
|
|
5.15%, 2/15/35
|
270
|
272
|
|
|
|
731
|
|
Home Construction – 0.0%
|
||
|
Mohawk Industries, Inc.,
|
|
|
|
5.85%, 9/18/28
|
2
|
2
|
|
Institutional Financial Services – 1.0%
|
||
|
LPL Holdings, Inc.,
|
|
|
|
5.75%, 6/15/35
|
290
|
293
|
|
Morgan Stanley,
|
|
|
|
(Variable, U.S. SOFR + 1.63%),
5.45%, 7/20/29 (5)
|
262
|
270
|
|
(Variable, U.S. SOFR + 1.83%),
6.41%, 11/1/29 (5)
|
159
|
168
|
|
(Variable, U.S. SOFR + 1.14%),
2.70%, 1/22/31 (5)
|
187
|
173
|
|
|
|
904
|
|
Insurance – 1.1%
|
||
|
Arthur J Gallagher & Co.,
|
|
|
|
5.15%, 2/15/35
|
270
|
270
|
|
|
June 30, 2025 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 20.7% continued
|
||
|
Insurance – 1.1%continued
|
||
|
Marsh & McLennan Cos., Inc.,
|
|
|
|
5.15%, 3/15/34
|
$190
|
$194
|
|
New York Life Global Funding,
|
|
|
|
4.40%, 4/25/28 (1)
|
440
|
443
|
|
Sammons Financial Group, Inc.,
|
|
|
|
6.88%, 4/15/34 (1)
|
105
|
113
|
|
|
|
1,020
|
|
Internet Media & Services – 1.5%
|
||
|
Alphabet, Inc.,
|
|
|
|
5.25%, 5/15/55
|
380
|
374
|
|
5.30%, 5/15/65
|
380
|
372
|
|
Expedia Group, Inc.,
|
|
|
|
5.40%, 2/15/35
|
650
|
655
|
|
|
|
1,401
|
|
Machinery – 0.5%
|
||
|
Caterpillar, Inc.,
|
|
|
|
5.20%, 5/15/35
|
410
|
418
|
|
Oil & Gas Supply Chain – 0.9%
|
||
|
Marathon Petroleum Corp.,
|
|
|
|
5.70%, 3/1/35
|
380
|
385
|
|
ONEOK, Inc.,
|
|
|
|
6.05%, 9/1/33
|
58
|
61
|
|
Ovintiv, Inc.,
|
|
|
|
6.25%, 7/15/33
|
325
|
336
|
|
|
|
782
|
|
Real Estate Investment Trusts – 0.8%
|
||
|
Boston Properties L.P.,
|
|
|
|
2.55%, 4/1/32
|
44
|
37
|
|
Essex Portfolio L.P.,
|
|
|
|
2.65%, 3/15/32
|
66
|
58
|
|
NNN REIT, Inc.,
|
|
|
|
5.50%, 6/15/34
|
130
|
133
|
|
Omega Healthcare Investors, Inc.,
|
|
|
|
3.38%, 2/1/31
|
18
|
17
|
|
Store Capital LLC,
|
|
|
|
5.40%, 4/30/30 (1)
|
480
|
486
|
|
|
|
731
|
|
Retail - Discretionary – 0.0%
|
||
|
Tractor Supply Co.,
|
|
|
|
1.75%, 11/1/30
|
23
|
20
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 20.7% continued
|
||
|
Semiconductors – 0.7%
|
||
|
Broadcom, Inc.,
|
|
|
|
4.80%, 10/15/34
|
$110
|
$108
|
|
Foundry JV Holdco LLC,
|
|
|
|
6.30%, 1/25/39 (1)
|
450
|
471
|
|
KLA Corp.,
|
|
|
|
5.65%, 11/1/34
|
71
|
75
|
|
|
|
654
|
|
Software – 0.6%
|
||
|
Fortinet, Inc.,
|
|
|
|
2.20%, 3/15/31
|
97
|
86
|
|
Synopsys, Inc.,
|
|
|
|
5.15%, 4/1/35
|
420
|
423
|
|
VMware LLC,
|
|
|
|
1.80%, 8/15/28
|
42
|
39
|
|
|
|
548
|
|
Specialty Finance – 0.9%
|
||
|
American Express Co.,
|
|
|
|
(Variable, U.S. SOFR + 1.79%),
5.67%, 4/25/36 (5)
|
300
|
311
|
|
Broadridge Financial Solutions, Inc.,
|
|
|
|
2.90%, 12/1/29
|
42
|
39
|
|
Capital One Financial Corp.,
|
|
|
|
(Variable, U.S. SOFR + 2.26%),
6.05%, 2/1/35 (5)
|
50
|
52
|
|
(Variable, U.S. SOFR + 2.04%),
6.18%, 1/30/36 (5)
|
310
|
316
|
|
GATX Corp.,
|
|
|
|
4.00%, 6/30/30
|
9
|
9
|
|
Synchrony Financial,
|
|
|
|
(Variable, U.S. SOFR Compounded
Index + 2.13%), 5.94%,
8/2/30 (5)
|
120
|
123
|
|
|
|
850
|
|
Technology Hardware – 0.0%
|
||
|
Motorola Solutions, Inc.,
|
|
|
|
2.30%, 11/15/30
|
44
|
39
|
|
Tobacco & Cannabis – 0.1%
|
||
|
Philip Morris International, Inc.,
|
|
|
|
1.75%, 11/1/30
|
102
|
89
|
|
Transportation & Logistics – 0.0%
|
||
|
Union Pacific Corp.,
|
|
|
|
2.38%, 5/20/31(7)
|
1
|
—
|
|
Schedule of Investments
|
|
CORE BOND FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 20.7% continued
|
||
|
Transportation Equipment – 0.8%
|
||
|
Cummins, Inc.,
|
|
|
|
5.30%, 5/9/35
|
$700
|
$711
|
|
Total Corporate Bonds
|
|
|
|
(Cost $18,734)
|
|
18,864
|
|
|
|
|
|
FOREIGN ISSUER BONDS – 6.7%
|
||
|
Aerospace & Defense – 0.1%
|
||
|
Rolls-Royce PLC,
|
|
|
|
5.75%, 10/15/27(1)
|
70
|
72
|
|
Banking – 2.9%
|
||
|
Australia & New Zealand Banking
Group Ltd.,
|
|
|
|
(Variable, U.S. Treasury Yield Curve
Rate CMT 5Y + 1.29%), 2.95%,
7/22/30 (1) (5)
|
322
|
322
|
|
(Variable, U.S. Treasury Yield Curve
Rate CMT 1Y + 1.35%), 5.82%,
6/18/36 (1) (5)
|
650
|
660
|
|
Barclays PLC,
|
|
|
|
(Variable, U.S. Treasury Yield Curve
Rate CMT 1Y + 2.65%), 5.50%,
8/9/28 (5)
|
200
|
204
|
|
Commonwealth Bank of Australia,
|
|
|
|
(Variable, U.S. Treasury Yield Curve
Rate CMT 1Y + 1.32%), 5.93%,
3/14/46 (1) (5)
|
200
|
196
|
|
HSBC Holdings PLC,
|
|
|
|
(Variable, U.S. SOFR + 1.90%),
5.87%, 11/18/35 (5)
|
330
|
334
|
|
KBC Group N.V.,
|
|
|
|
(Variable, U.S. Treasury Yield Curve
Rate CMT 1Y + 2.10%), 5.80%,
1/19/29 (1) (5)
|
200
|
207
|
|
Mitsubshi UFJ Financial Group, Inc.,
|
|
|
|
(Variable, U.S. Treasury Yield Curve
Rate CMT 1Y + 1.27%), 5.62%,
4/24/36 (5)
|
240
|
247
|
|
NatWest Group PLC,
|
|
|
|
(Variable, U.S. Treasury Yield Curve
Rate CMT 1Y + 2.55%), 3.07%,
5/22/28 (5)
|
250
|
244
|
|
(Variable, U.S. Treasury Yield Curve
Rate CMT 5Y + 2.20%), 6.48%,
6/1/34 (5)
|
200
|
209
|
|
|
|
2,623
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
FOREIGN ISSUER BONDS - 6.7% continued
|
||
|
Beverages – 0.2%
|
||
|
Coca-Cola Europacific Partners PLC,
|
|
|
|
1.50%, 1/15/27 (1)
|
$1
|
$1
|
|
Coca-Cola Femsa S.A.B. de C.V.,
|
|
|
|
1.85%, 9/1/32
|
205
|
168
|
|
|
|
169
|
|
Commercial Support Services – 0.4%
|
||
|
RELX Capital, Inc.,
|
|
|
|
5.25%, 3/27/35
|
330
|
338
|
|
Electrical Equipment – 0.4%
|
||
|
Tyco Electronics Group S.A.,
|
|
|
|
5.00%, 5/9/35
|
410
|
408
|
|
Metals & Mining – 0.7%
|
||
|
BHP Billiton Finance U.S.A. Ltd.,
|
|
|
|
5.30%, 2/21/35
|
650
|
663
|
|
Oil & Gas Supply Chain – 0.7%
|
||
|
Harbour Energy PLC,
|
|
|
|
6.33%, 4/1/35(1)
|
700
|
696
|
|
Specialty Finance – 1.2%
|
||
|
AerCap Ireland Capital DAC/AerCap
Global Aviation Trust,
|
|
|
|
3.00%, 10/29/28
|
190
|
181
|
|
4.63%, 9/10/29
|
150
|
150
|
|
5.38%, 12/15/31
|
600
|
613
|
|
3.40%, 10/29/33
|
53
|
46
|
|
Macquarie Airfinance Holdings Ltd.,
|
|
|
|
6.50%, 3/26/31 (1)
|
97
|
103
|
|
|
|
1,093
|
|
Tobacco & Cannabis – 0.1%
|
||
|
Imperial Brands Finance PLC,
|
|
|
|
5.88%, 7/1/34(1)
|
80
|
82
|
|
Total Foreign Issuer Bonds
|
|
|
|
(Cost $6,100)
|
|
6,144
|
|
|
|
|
|
U.S. GOVERNMENT AGENCIES – 30.4% (8)
|
||
|
Fannie Mae – 15.3%
|
||
|
Fannie Mae-Aces, Series 2013-M6,
Class 1AC,
|
|
|
|
3.49%, 2/25/43(3)
|
672
|
651
|
|
Pool #889641,
|
|
|
|
5.50%, 8/1/37
|
82
|
85
|
|
Pool #995802,
|
|
|
|
5.50%, 12/1/35
|
83
|
85
|
|
|
June 30, 2025 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
U.S. GOVERNMENT AGENCIES - 30.4% (8)continued
|
||
|
Fannie Mae – 15.3%continued
|
||
|
Pool #AB5209,
|
|
|
|
3.00%, 5/1/32
|
$156
|
$151
|
|
Pool #AD0248,
|
|
|
|
5.50%, 11/1/37
|
151
|
154
|
|
Pool #AD0494,
|
|
|
|
5.50%, 8/1/37
|
84
|
86
|
|
Pool #AD0925,
|
|
|
|
5.00%, 4/1/40
|
86
|
87
|
|
Pool #AL5119,
|
|
|
|
4.00%, 4/1/34
|
84
|
83
|
|
Pool #AL6041,
|
|
|
|
4.00%, 8/1/33
|
392
|
389
|
|
Pool #AL7497,
|
|
|
|
3.50%, 9/1/40
|
177
|
167
|
|
Pool #AL8352,
|
|
|
|
3.00%, 10/1/44
|
205
|
185
|
|
Pool #AQ5150,
|
|
|
|
2.50%, 11/1/42
|
559
|
495
|
|
Pool #AS3655,
|
|
|
|
4.50%, 10/1/44
|
112
|
109
|
|
Pool #AS6520,
|
|
|
|
3.50%, 1/1/46
|
200
|
186
|
|
Pool #AS6730,
|
|
|
|
3.50%, 2/1/46
|
256
|
237
|
|
Pool #AS7088,
|
|
|
|
2.50%, 5/1/31
|
62
|
59
|
|
Pool #AS8576,
|
|
|
|
4.50%, 12/1/46
|
143
|
139
|
|
Pool #BH6175,
|
|
|
|
3.50%, 7/1/47
|
66
|
61
|
|
Pool #BJ0686,
|
|
|
|
4.00%, 4/1/48
|
111
|
106
|
|
Pool #BM1761,
|
|
|
|
4.00%, 8/1/44
|
101
|
98
|
|
Pool #BM4056,
|
|
|
|
4.00%, 3/1/45
|
130
|
125
|
|
Pool #BM5984,
|
|
|
|
5.00%, 5/1/49
|
55
|
55
|
|
Pool #BM5996,
|
|
|
|
5.00%, 12/1/48
|
39
|
39
|
|
Pool #BW9921,
|
|
|
|
5.00%, 10/1/52
|
267
|
263
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
U.S. GOVERNMENT AGENCIES - 30.4% (8)continued
|
||
|
Fannie Mae – 15.3%continued
|
||
|
Pool #BX4910,
|
|
|
|
5.00%, 1/1/53
|
$216
|
$212
|
|
Pool #BX7244,
|
|
|
|
5.50%, 2/1/53
|
232
|
233
|
|
Pool #BX7768,
|
|
|
|
5.00%, 3/1/53
|
257
|
255
|
|
Pool #BY5368,
|
|
|
|
6.00%, 7/1/53
|
74
|
76
|
|
Pool #CA6359,
|
|
|
|
2.50%, 7/1/50
|
253
|
214
|
|
Pool #CB1666,
|
|
|
|
2.50%, 9/1/51
|
153
|
128
|
|
Pool #CB2286,
|
|
|
|
2.50%, 12/1/51
|
230
|
193
|
|
Pool #CB3515,
|
|
|
|
3.50%, 5/1/52
|
203
|
184
|
|
Pool #CB4842,
|
|
|
|
5.50%, 10/1/52
|
233
|
235
|
|
Pool #CB4844,
|
|
|
|
5.50%, 10/1/52
|
123
|
124
|
|
Pool #CB5113,
|
|
|
|
5.50%, 11/1/52
|
71
|
72
|
|
Pool #CB7114,
|
|
|
|
5.50%, 9/1/53
|
129
|
130
|
|
Pool #CB8223,
|
|
|
|
6.00%, 3/1/54
|
183
|
187
|
|
Pool #DA0017,
|
|
|
|
6.00%, 9/1/53
|
218
|
223
|
|
Pool #FM1303,
|
|
|
|
3.00%, 1/1/48
|
384
|
343
|
|
Pool #FM1472,
|
|
|
|
3.50%, 3/1/34
|
23
|
22
|
|
Pool #FM1534,
|
|
|
|
4.50%, 9/1/49
|
187
|
182
|
|
Pool #FM2671,
|
|
|
|
4.00%, 1/1/48
|
88
|
84
|
|
Pool #FM2921,
|
|
|
|
2.50%, 4/1/50
|
516
|
434
|
|
Pool #FM3173,
|
|
|
|
3.50%, 7/1/47
|
311
|
292
|
|
Pool #FM3201,
|
|
|
|
3.50%, 4/1/34
|
71
|
70
|
|
Schedule of Investments
|
|
CORE BOND FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
U.S. GOVERNMENT AGENCIES - 30.4% (8)continued
|
||
|
Fannie Mae – 15.3%continued
|
||
|
Pool #FM3727,
|
|
|
|
3.00%, 7/1/50
|
$249
|
$218
|
|
Pool #FM4491,
|
|
|
|
3.50%, 12/1/36
|
206
|
200
|
|
Pool #FM5237,
|
|
|
|
5.00%, 7/1/47
|
126
|
128
|
|
Pool #FM6125,
|
|
|
|
2.50%, 1/1/51
|
283
|
239
|
|
Pool #FM8215,
|
|
|
|
2.50%, 3/1/51
|
252
|
212
|
|
Pool #FP0012,
|
|
|
|
3.00%, 8/1/51
|
227
|
201
|
|
Pool #FS2701,
|
|
|
|
2.50%, 2/1/35
|
160
|
154
|
|
Pool #FS3063,
|
|
|
|
4.50%, 10/1/52
|
346
|
333
|
|
Pool #FS3120,
|
|
|
|
5.00%, 9/1/52
|
336
|
331
|
|
Pool #FS3384,
|
|
|
|
4.50%, 10/1/50
|
293
|
285
|
|
Pool #FS3391,
|
|
|
|
2.50%, 8/1/51
|
297
|
250
|
|
Pool #FS3662,
|
|
|
|
5.00%, 1/1/53
|
258
|
255
|
|
Pool #FS4040,
|
|
|
|
5.00%, 2/1/53
|
241
|
239
|
|
Pool #FS4045,
|
|
|
|
5.50%, 2/1/53
|
228
|
229
|
|
Pool #FS4267,
|
|
|
|
4.50%, 3/1/38
|
273
|
272
|
|
Pool #FS4300,
|
|
|
|
5.50%, 4/1/53
|
163
|
164
|
|
Pool #FS4610,
|
|
|
|
6.50%, 6/1/40
|
109
|
115
|
|
Pool #FS4653,
|
|
|
|
5.50%, 5/1/53
|
163
|
163
|
|
Pool #FS4663,
|
|
|
|
5.00%, 5/1/53
|
267
|
263
|
|
Pool #FS5441,
|
|
|
|
6.00%, 8/1/53
|
249
|
255
|
|
Pool #FS5952,
|
|
|
|
6.50%, 10/1/53
|
176
|
184
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
U.S. GOVERNMENT AGENCIES - 30.4% (8)continued
|
||
|
Fannie Mae – 15.3%continued
|
||
|
Pool #FS6869,
|
|
|
|
7.00%, 1/1/40
|
$60
|
$63
|
|
Pool #MA2232,
|
|
|
|
3.50%, 4/1/35
|
147
|
142
|
|
Pool #MA2864,
|
|
|
|
3.50%, 1/1/47
|
249
|
230
|
|
Pool #MA3088,
|
|
|
|
4.00%, 8/1/47
|
174
|
165
|
|
Pool #MA3183,
|
|
|
|
4.00%, 11/1/47
|
342
|
323
|
|
Pool #MA3184,
|
|
|
|
4.50%, 11/1/47
|
63
|
61
|
|
Pool #MA3448,
|
|
|
|
5.00%, 8/1/48
|
91
|
91
|
|
Pool #MA4186,
|
|
|
|
3.00%, 10/1/35
|
88
|
84
|
|
Pool #MA5098,
|
|
|
|
5.50%, 7/1/43
|
170
|
173
|
|
|
|
14,010
|
|
Freddie Mac – 11.8%
|
||
|
Freddie Mac REMICS, Series 3013,
Class HZ,
|
|
|
|
5.00%, 8/15/35
|
145
|
148
|
|
Freddie Mac REMICS, Series 4077,
Class TO,
|
|
|
|
0.00%, 5/15/41(9)
|
273
|
207
|
|
Freddie Mac REMICS, Series 5391,
Class A,
|
|
|
|
5.50%, 11/25/51
|
146
|
148
|
|
Pool #1B3575,
|
|
|
|
(Floating, Refinitiv USD IBOR
Consumer Cash Fallbacks 1Y
Index + 1.80%, 1.80% Floor,
11.42% Cap), 7.55%, 9/1/37(4)
|
3
|
3
|
|
Pool #1G2296,
|
|
|
|
(Floating, Refinitiv USD IBOR
Consumer Cash Fallbacks 1Y
Index + 2.09%, 2.09% Floor,
11.34% Cap), 6.71%, 11/1/37(4)
|
8
|
8
|
|
Pool #QD2946,
|
|
|
|
2.50%, 12/1/51
|
242
|
202
|
|
Pool #QF3725,
|
|
|
|
5.00%, 11/1/52
|
256
|
252
|
|
|
June 30, 2025 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
U.S. GOVERNMENT AGENCIES - 30.4% (8)continued
|
||
|
Freddie Mac – 11.8%continued
|
||
|
Pool #QF8053,
|
|
|
|
5.50%, 2/1/53
|
$336
|
$338
|
|
Pool #QF8924,
|
|
|
|
5.50%, 3/1/53
|
260
|
262
|
|
Pool #QG4632,
|
|
|
|
5.50%, 6/1/53
|
252
|
253
|
|
Pool #RA3913,
|
|
|
|
2.50%, 11/1/50
|
578
|
489
|
|
Pool #RA7677,
|
|
|
|
5.00%, 7/1/52
|
236
|
234
|
|
Pool #RA8880,
|
|
|
|
5.50%, 4/1/53
|
241
|
243
|
|
Pool #RA9840,
|
|
|
|
5.50%, 9/1/53
|
248
|
251
|
|
Pool #RD5026,
|
|
|
|
3.00%, 4/1/30
|
35
|
34
|
|
Pool #SB0084,
|
|
|
|
3.00%, 2/1/32
|
173
|
169
|
|
Pool #SB0216,
|
|
|
|
3.00%, 12/1/32
|
58
|
57
|
|
Pool #SB0328,
|
|
|
|
3.00%, 6/1/34
|
184
|
178
|
|
Pool #SB0826,
|
|
|
|
2.50%, 1/1/35
|
185
|
177
|
|
Pool #SB8502,
|
|
|
|
2.00%, 8/1/35
|
429
|
395
|
|
Pool #SD0882,
|
|
|
|
2.50%, 2/1/52
|
99
|
83
|
|
Pool #SD1518,
|
|
|
|
4.50%, 8/1/52
|
254
|
245
|
|
Pool #SD1659,
|
|
|
|
2.50%, 2/1/52
|
294
|
247
|
|
Pool #SD1703,
|
|
|
|
5.00%, 9/1/52
|
376
|
371
|
|
Pool #SD2334,
|
|
|
|
5.00%, 2/1/53
|
259
|
255
|
|
Pool #SD2347,
|
|
|
|
5.50%, 2/1/53
|
244
|
247
|
|
Pool #SD2477,
|
|
|
|
5.50%, 3/1/53
|
268
|
271
|
|
Pool #SD2642,
|
|
|
|
5.50%, 4/1/53
|
252
|
253
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
U.S. GOVERNMENT AGENCIES - 30.4% (8)continued
|
||
|
Freddie Mac – 11.8%continued
|
||
|
Pool #SD2665,
|
|
|
|
6.00%, 4/1/53
|
$78
|
$80
|
|
Pool #SD2757,
|
|
|
|
5.00%, 5/1/53
|
252
|
248
|
|
Pool #SD2876,
|
|
|
|
3.00%, 7/1/46
|
245
|
222
|
|
Pool #SD2902,
|
|
|
|
5.50%, 5/1/53
|
157
|
157
|
|
Pool #SD2920,
|
|
|
|
5.50%, 5/1/53
|
255
|
257
|
|
Pool #SD2922,
|
|
|
|
5.00%, 5/1/53
|
264
|
261
|
|
Pool #SD2999,
|
|
|
|
5.50%, 6/1/53
|
255
|
257
|
|
Pool #SD3133,
|
|
|
|
5.00%, 6/1/53
|
197
|
195
|
|
Pool #SD3136,
|
|
|
|
5.50%, 6/1/53
|
261
|
262
|
|
Pool #SD3174,
|
|
|
|
5.50%, 6/1/53
|
254
|
255
|
|
Pool #SD3189,
|
|
|
|
6.00%, 6/1/53
|
183
|
188
|
|
Pool #SD3251,
|
|
|
|
6.00%, 7/1/53
|
234
|
239
|
|
Pool #SD3515,
|
|
|
|
6.00%, 7/1/53
|
155
|
158
|
|
Pool #SD3760,
|
|
|
|
6.00%, 8/1/53
|
196
|
200
|
|
Pool #SD4013,
|
|
|
|
4.00%, 5/1/53
|
177
|
166
|
|
Pool #SD4027,
|
|
|
|
6.50%, 10/1/53
|
219
|
228
|
|
Pool #SD4285,
|
|
|
|
5.50%, 11/1/53
|
209
|
211
|
|
Pool #SD5136,
|
|
|
|
6.00%, 4/1/54
|
183
|
188
|
|
Pool #ZK7457,
|
|
|
|
3.50%, 2/1/29
|
46
|
46
|
|
Pool #ZM5332,
|
|
|
|
3.00%, 1/1/48
|
193
|
171
|
|
Pool #ZS4687,
|
|
|
|
2.50%, 11/1/46
|
135
|
115
|
|
Schedule of Investments
|
|
CORE BOND FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
U.S. GOVERNMENT AGENCIES - 30.4% (8)continued
|
||
|
Freddie Mac – 11.8%continued
|
||
|
Pool #ZT1333,
|
|
|
|
2.50%, 10/1/31
|
$369
|
$356
|
|
Seasoned Loans Structured Transaction
Trust, Series 2019-2, Class A1C,
|
|
|
|
2.75%, 9/25/29
|
265
|
252
|
|
|
|
10,732
|
|
Freddie Mac Gold – 0.8%
|
||
|
Pool #G07505,
|
|
|
|
7.00%, 2/1/39
|
114
|
124
|
|
Pool #G16396,
|
|
|
|
3.50%, 2/1/33
|
49
|
48
|
|
Pool #G30926,
|
|
|
|
3.50%, 4/1/36
|
46
|
44
|
|
Pool #G60948,
|
|
|
|
3.00%, 1/1/47
|
162
|
143
|
|
Pool #Q15842,
|
|
|
|
3.00%, 2/1/43
|
278
|
252
|
|
Pool #Q42460,
|
|
|
|
4.00%, 6/1/46
|
55
|
53
|
|
Pool #Q63667,
|
|
|
|
4.50%, 5/1/49
|
58
|
56
|
|
|
|
720
|
|
Government National Mortgage Association – 0.2%
|
||
|
Government National Mortgage
Association, Series 2017-95,
Class QG,
|
|
|
|
2.50%, 8/20/46
|
157
|
146
|
|
Government National Mortgage Association I – 0.5%
|
||
|
Pool #604183,
|
|
|
|
5.50%, 4/15/33
|
1
|
1
|
|
Pool #633627,
|
|
|
|
5.50%, 9/15/34
|
2
|
2
|
|
Pool #757013,
|
|
|
|
3.50%, 12/15/40
|
233
|
217
|
|
Pool #786470,
|
|
|
|
5.00%, 11/15/40
|
226
|
229
|
|
|
|
449
|
|
Government National Mortgage Association II – 1.8%
|
||
|
Pool #784801,
|
|
|
|
3.50%, 6/20/47
|
236
|
217
|
|
Pool #786922,
|
|
|
|
5.50%, 9/1/53
|
225
|
226
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
U.S. GOVERNMENT AGENCIES - 30.4% (8)continued
|
||
|
Government National Mortgage Association II – 1.8%continued
|
||
|
Pool #MA0089,
|
|
|
|
4.00%, 5/20/42
|
$352
|
$336
|
|
Pool #MA0782,
|
|
|
|
3.00%, 2/20/43
|
124
|
113
|
|
Pool #MA1287,
|
|
|
|
4.50%, 9/20/43
|
61
|
59
|
|
Pool #MA1996,
|
|
|
|
4.00%, 6/20/44
|
62
|
59
|
|
Pool #MA2755,
|
|
|
|
4.00%, 4/20/45
|
47
|
45
|
|
Pool #MA3666,
|
|
|
|
5.00%, 5/20/46
|
116
|
117
|
|
Pool #MA8346,
|
|
|
|
4.00%, 10/20/52
|
248
|
233
|
|
Pool #MA8724,
|
|
|
|
4.50%, 3/20/53
|
254
|
245
|
|
|
|
1,650
|
|
Total U.S. Government Agencies
|
|
|
|
(Cost $28,782)
|
|
27,707
|
|
|
|
|
|
U.S. GOVERNMENT OBLIGATIONS – 14.6%
|
||
|
U.S. Treasury Bonds – 5.9%
|
||
|
4.63%, 5/15/44
|
1,382
|
1,355
|
|
4.50%, 11/15/54
|
3,299
|
3,144
|
|
4.63%, 2/15/55
|
890
|
866
|
|
|
|
5,365
|
|
U.S. Treasury Notes – 6.3%
|
||
|
3.50%, 9/30/26
|
35
|
35
|
|
3.88%, 10/15/27(10)
|
180
|
181
|
|
3.75%, 4/15/28
|
200
|
200
|
|
4.25%, 1/31/30
|
1,013
|
1,033
|
|
3.88%, 4/30/30
|
2,015
|
2,023
|
|
3.88%, 8/15/34
|
1,493
|
1,458
|
|
4.63%, 2/15/35
|
828
|
854
|
|
|
|
5,784
|
|
U.S. Treasury Strips – 2.4%
|
||
|
1.47%, 2/15/51(11)
|
7,762
|
2,213
|
|
Total U.S. Government Obligations
|
|
|
|
(Cost $15,731)
|
|
13,362
|
|
|
June 30, 2025 (UNAUDITED)
|
|
|
NUMBER
OF SHARES
|
VALUE
(000S)
|
|
INVESTMENT COMPANIES – 2.6%
|
||
|
Northern Institutional Funds -
U.S. Government Portfolio (Shares),
4.15%(12) (13)
|
2,330,626
|
$2,331
|
|
Total Investment Companies
|
|
|
|
(Cost $2,331)
|
|
2,331
|
|
|
|
|
|
Total Investments – 99.6%
|
|
|
|
(Cost $94,065)
|
90,857
|
|
|
Other Assets less Liabilities – 0.4%
|
367
|
|
|
NET ASSETS – 100.0%
|
$91,224
|
|
|
(1)
|
Security exempt from registration pursuant to Rule 144A under the Securities
Act of 1933, as amended. These securities may be resold in transactions
exempt from registration to qualified institutional investors. At June 30,
2025, the value of these securities amounted to approximately
$14,057,000 or 15.4% of net assets.
|
|
(2)
|
Step coupon bond. Rate as of June 30, 2025 is disclosed.
|
|
(3)
|
Variable or floating rate security, the interest rate of which adjusts
periodically based on changes in current interest rates and prepayments on
the underlying pool of assets.
|
|
(4)
|
Variable or floating rate security. Rate as of June 30, 2025 is disclosed.
|
|
(5)
|
Variable or floating rate security. Security issued at a fixed coupon rate,
which converts to a variable rate at a future date. Rate shown is the rate in
effect as of June 30, 2025.
|
|
(6)
|
Perpetual bond. Maturity date represents next call date.
|
|
(7)
|
Value rounds to less than one thousand.
|
|
(8)
|
The obligations of certain U.S. government-sponsored entities are neither
issued nor guaranteed by the United States Treasury.
|
|
(9)
|
Zero coupon bond.
|
|
(10)
|
A portion of this security has been pledged as collateral to cover margin
requirements for open futures contracts.
|
|
(11)
|
Discount rate at the time of purchase.
|
|
(12)
|
Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the
investment adviser to the Fund and the investment adviser to Northern
Institutional Funds.
|
|
(13)
|
7-day current yield as of June 30, 2025 is disclosed.
|
|
|
|
EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT
THE SCHEDULE OF INVESTMENTS:
|
|
|
|
1M - 1 Month
|
|
|
|
1Y - 1 Year
|
|
|
|
3M - 3 Month
|
|
|
|
5Y - 5 Year
|
|
|
|
CME - Chicago Mercantile Exchange
|
|
|
|
CMT - Constant Maturity
|
|
|
|
Fannie Mae - Federal National Mortgage Association
|
|
|
|
Freddie Mac - Federal Home Loan Mortgage Corporation
|
|
|
|
IBOR - Interbank Offered Rates
|
|
|
|
REMICS - Real Estate Mortgage Investment Conduits
|
|
|
|
SOFR - Secured Overnight Financing Rate
|
|
|
|
USD - United States Dollar
|
|
TYPE
|
NUMBER OF
CONTRACTS
|
NOTIONAL
AMOUNT
(000s)
|
CONTRACT
POSITION
|
CONTRACT
EXP.
|
VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION)
(000s)
|
|
2-Year
U.S. Treasury
Note
|
18
|
$3,744
|
Long
|
9/25
|
$14
|
|
5-Year
U.S. Treasury
Note
|
49
|
5,341
|
Long
|
9/25
|
51
|
|
U.S. Treasury
Long Bond
|
47
|
5,427
|
Long
|
9/25
|
202
|
|
Ultra 10-Year
U.S. Treasury
Note
|
(48
)
|
(5,485
)
|
Short
|
9/25
|
(122
)
|
|
Ultra Long
U.S. Treasury
Bond
|
(16
)
|
(1,906
)
|
Short
|
9/25
|
(83
)
|
|
Total
|
|
|
|
|
$62
|
|
Schedule of Investments
|
|
CORE BOND FUND continued
|
June 30, 2025 (UNAUDITED)
|
|
INVESTMENTS
|
LEVEL 1
(000s)
|
LEVEL 2
(000s)
|
LEVEL 3
(000s)
|
TOTAL
(000s)
|
|
Asset-Backed Securities(1)
|
$—
|
$18,199
|
$—
|
$18,199
|
|
Commercial Mortgage-Backed
Securities
|
—
|
4,250
|
—
|
4,250
|
|
Corporate Bonds(1)
|
—
|
18,864
|
—
|
18,864
|
|
Foreign Issuer Bonds(1)
|
—
|
6,144
|
—
|
6,144
|
|
U.S. Government Agencies(1)
|
—
|
27,707
|
—
|
27,707
|
|
U.S. Government Obligations(1)
|
—
|
13,362
|
—
|
13,362
|
|
Investment Companies
|
2,331
|
—
|
—
|
2,331
|
|
Total Investments
|
$2,331
|
$88,526
|
$—
|
$90,857
|
|
INVESTMENTS
|
LEVEL 1
(000s)
|
LEVEL 2
(000s)
|
LEVEL 3
(000s)
|
TOTAL
(000s)
|
|
OTHER FINANCIAL
INSTRUMENTS
|
|
|
|
|
|
Assets
|
|
|
|
|
|
Futures Contracts
|
$267
|
$—
|
$—
|
$267
|
|
Liabilities
|
|
|
|
|
|
Futures Contracts
|
(205
)
|
—
|
—
|
(205
)
|
|
Total Other Financial Instruments
|
$62
|
$—
|
$—
|
$62
|
|
(1)
|
Classifications as defined in the Schedule of Investments.
|
|
AFFILIATE
|
VALUE,
BEGINNING
OF PERIOD
(000S)
|
PURCHASES
(000S)
|
SALES
PROCEEDS
(000S)
|
DIVIDEND
OR INTEREST
INCOME
(000S)
|
VALUE,
END OF PERIOD
(000S)
|
SHARES, END
OF PERIOD
|
|
Northern Institutional Funds - Liquid Assets Portfolio (Shares)
|
$—
|
$128
|
$128
|
$—
(1),*
|
$—
|
—
|
|
Northern Institutional Funds - U.S. Government Portfolio (Shares)
|
769
|
10,957
|
9,395
|
12
|
2,331
|
2,330,626
|
|
Total
|
$769
|
$11,085
|
$9,523
|
$12
|
$2,331
|
2,330,626
|
|
(1)
|
Represents securities lending income earned from the reinvestment of cash collateral
from loaned securities, net of fees and collateral investment expenses, and other
payments to and from borrowers of securities.
|
|
*
|
Amount rounds to less than one thousand.
|
|
Schedule of Investments
|
|
FIXED INCOME FUND
|
June 30, 2025 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
ASSET-BACKED SECURITIES – 14.7%
|
||
|
Auto Loan – 4.0%
|
||
|
Carvana Auto Receivables Trust, Series
2025-P2, Class C
|
|
|
|
5.48%, 11/10/31
|
$1,692
|
$1,715
|
|
Drive Auto Receivables Trust, Series
2024-2, Class B
|
|
|
|
4.52%, 7/16/29
|
500
|
500
|
|
Ford Credit Auto Lease Trust, Series
2023-B, Class A3
|
|
|
|
5.91%, 10/15/26
|
437
|
438
|
|
Ford Credit Auto Owner Trust, Series
2023-B, Class A3
|
|
|
|
5.23%, 5/15/28
|
441
|
443
|
|
Ford Credit Auto Owner Trust, Series
2024-B, Class A4
|
|
|
|
4.96%, 5/15/30
|
510
|
520
|
|
GM Financial Consumer Automobile
Receivables Trust, Series 2023-1,
Class A3
|
|
|
|
4.66%, 2/16/28
|
244
|
244
|
|
GM Financial Consumer Automobile
Receivables Trust, Series 2023-2,
Class A3
|
|
|
|
4.47%, 2/16/28
|
476
|
476
|
|
Harley-Davidson Motorcycle Trust,
Series 2024-A, Class A3
|
|
|
|
5.37%, 3/15/29
|
410
|
414
|
|
Hyundai Auto Lease Securitization
Trust, Series 2024-B, Class A3
|
|
|
|
5.41%, 5/17/27(1)
|
550
|
554
|
|
Hyundai Auto Receivables Trust, Series
2023-A, Class A3
|
|
|
|
4.58%, 4/15/27
|
436
|
436
|
|
Mercedes-Benz Auto Receivables Trust,
Series 2023-1, Class A3
|
|
|
|
4.51%, 11/15/27
|
277
|
277
|
|
Santander Drive Auto Receivables Trust,
Series 2024-2, Class A3
|
|
|
|
5.63%, 11/15/28
|
420
|
422
|
|
Santander Drive Auto Receivables Trust,
Series 2025-2, Class C
|
|
|
|
5.06%, 5/15/31
|
1,805
|
1,827
|
|
Tesla Auto Lease Trust, Series 2024-B,
Class B
|
|
|
|
5.11%, 8/21/28(1)
|
1,600
|
1,604
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
ASSET-BACKED SECURITIES - 14.7%continued
|
||
|
Auto Loan – 4.0%continued
|
||
|
Westlake Automobile Receivables Trust,
Series 2023-3, Class A3
|
|
|
|
5.82%, 5/17/27(1)
|
$793
|
$795
|
|
Westlake Automobile Receivables Trust,
Series 2025-P1, Class B
|
|
|
|
4.86%, 5/15/30(1)
|
300
|
303
|
|
Westlake Automobile Receivables Trust,
Series 2025-P1, Class C
|
|
|
|
5.15%, 11/15/30(1)
|
800
|
808
|
|
|
|
11,776
|
|
Credit Card – 0.4%
|
||
|
Discover Card Execution Note Trust,
Series 2023-A1, Class A
|
|
|
|
4.31%, 3/15/28
|
940
|
939
|
|
Synchrony Card Funding LLC, Series
2024-A1, Class A
|
|
|
|
5.04%, 3/15/30
|
301
|
305
|
|
|
|
1,244
|
|
Other – 3.6%
|
||
|
321 Henderson Receivables I LLC,
Series 2007-3A, Class A
|
|
|
|
6.15%, 10/15/48(1)
|
963
|
993
|
|
CNH Equipment Trust, Series 2024-A,
Class A3
|
|
|
|
4.77%, 6/15/29
|
400
|
402
|
|
CNH Equipment Trust, Series 2024-C,
Class A3
|
|
|
|
4.03%, 1/15/30
|
1,000
|
999
|
|
Dell Equipment Finance Trust, Series
2023-1, Class A3
|
|
|
|
5.65%, 9/22/28(1)
|
420
|
421
|
|
Dell Equipment Finance Trust, Series
2023-3, Class A3
|
|
|
|
5.93%, 4/23/29(1)
|
449
|
451
|
|
Finance of America Structured
Securities Trust, Series 2023-S2,
Class A1
|
|
|
|
6.50%, 4/25/73(1)
|
1,058
|
1,064
|
|
J.G. Wentworth XLI LLC
|
|
|
|
3.74%, 10/17/72(1)
|
2,046
|
1,820
|
|
JGWPT XXVII LLC, Series 2012-3A,
Class A
|
|
|
|
3.22%, 9/15/65(1)
|
474
|
428
|
|
Schedule of Investments
|
|
FIXED INCOME FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
ASSET-BACKED SECURITIES - 14.7%continued
|
||
|
Other – 3.6%continued
|
||
|
JGWPT XXX LLC, Series 2013-3A,
Class A
|
|
|
|
4.08%, 1/17/73(1)
|
$1,150
|
$1,083
|
|
John Deere Owner Trust, Series
2024-A, Class A3
|
|
|
|
4.96%, 11/15/28
|
130
|
131
|
|
John Deere Owner Trust, Series
2024-C, Class A3
|
|
|
|
4.06%, 6/15/29
|
1,900
|
1,899
|
|
MMAF Equipment Finance LLC, Series
2022-B, Class A4
|
|
|
|
5.67%, 10/9/48(1)
|
530
|
530
|
|
MMAF Equipment Finance LLC, Series
2024-A, Class A3
|
|
|
|
4.95%, 7/14/31(1)
|
500
|
508
|
|
|
|
10,729
|
|
Whole Loan – 6.7%
|
||
|
Angel Oak Mortgage Trust, Series
2023-1, Class A1
|
|
|
|
(Step to 4.72% on 11/25/25),
4.75%, 9/26/67(1) (2)
|
897
|
890
|
|
Angel Oak Mortgage Trust, Series
2024-4, Class A1
|
|
|
|
(Step to 6.64% on 4/25/28),
6.20%, 1/25/69(1) (2)
|
1,906
|
1,921
|
|
Colt, Series 2024-7, Class A2
|
|
|
|
(Step to 6.79% on 12/25/28),
5.79%, 12/26/69(1) (2)
|
1,304
|
1,310
|
|
J.P. Morgan Mortgage Trust, Series
2022-7, Class 1A2
|
|
|
|
3.00%, 12/25/52(1) (3)
|
1,130
|
960
|
|
J.P. Morgan Mortgage Trust, Series
2023-1, Class A3A
|
|
|
|
5.00%, 6/25/53(1) (3)
|
791
|
770
|
|
Mello Mortgage Capital Acceptance,
Series 2021-MTG2, Class A1
|
|
|
|
2.50%, 6/25/51(1) (3)
|
1,102
|
897
|
|
OBX Trust, Series 2023-NQM7,
Class A1
|
|
|
|
(Step to 7.61% on 10/25/27),
6.84%, 4/25/63(1) (2)
|
1,095
|
1,109
|
|
OBX Trust, Series 2023-NQM7,
Class A3
|
|
|
|
(Step to 7.61% on 10/25/27),
7.30%, 4/25/63(1) (2)
|
278
|
282
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
ASSET-BACKED SECURITIES - 14.7%continued
|
||
|
Whole Loan – 6.7%continued
|
||
|
OBX Trust, Series 2024-NQM16,
Class A3
|
|
|
|
(Step to 6.89% on 11/25/28),
5.89%, 10/25/64(1) (2)
|
$1,744
|
$1,748
|
|
OBX Trust, Series 2024-NQM2,
Class A1
|
|
|
|
(Step to 6.88% on 2/25/28),
5.88%, 12/25/63(1) (2)
|
652
|
655
|
|
OBX Trust, Series 2024-NQM9,
Class A1
|
|
|
|
(Step to 7.20% on 7/25/28),
6.03%, 1/25/64(1) (2)
|
872
|
879
|
|
PMT Loan Trust, Series 2024-INV1,
Class A2
|
|
|
|
6.00%, 10/25/59(1) (3)
|
1,698
|
1,711
|
|
Provident Funding Mortgage Trust,
Series 2024-1, Class A13
|
|
|
|
5.50%, 12/25/54(1) (3)
|
2,650
|
2,617
|
|
Santander Mortgage Asset Receivable
Trust, Series 2025-NQM1,
Class M1A
|
|
|
|
6.42%, 1/25/65(1)
|
1,676
|
1,695
|
|
Sequoia Mortgage Trust, Series
2023-1, Class A1
|
|
|
|
5.00%, 1/25/53(1)
|
577
|
561
|
|
Towd Point Mortgage Trust, Series
2022-1, Class A1
|
|
|
|
3.75%, 7/25/62(1)
|
1,821
|
1,731
|
|
Towd Point Mortgage Trust, Series
2022-4, Class A1
|
|
|
|
3.75%, 9/25/62(1)
|
338
|
323
|
|
|
|
20,059
|
|
Total Asset-Backed Securities
|
|
|
|
(Cost $43,747)
|
|
43,808
|
|
|
|
|
|
COMMERCIAL MORTGAGE-BACKED SECURITIES – 5.4%
|
||
|
Non Agency – 5.4%
|
||
|
BANK, Series 2021-BN37, Class A5
|
|
|
|
2.62%, 11/15/64
|
898
|
786
|
|
BANK5 Trust, Series 2024-5YR6,
Class A3
|
|
|
|
6.23%, 5/15/57
|
590
|
621
|
|
BANK5, Series 2023-5YR2, Class A3
|
|
|
|
6.66%, 7/15/56
|
853
|
900
|
|
|
June 30, 2025 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
COMMERCIAL MORTGAGE-BACKED SECURITIES - 5.4%continued
|
||
|
Non Agency – 5.4%continued
|
||
|
Benchmark Mortgage Trust, Series
2023-V3, Class A3
|
|
|
|
6.36%, 7/15/56
|
$1,090
|
$1,142
|
|
BMARK, Series 2023-V4, Class C
|
|
|
|
7.71%, 11/15/56(3)
|
1,265
|
1,322
|
|
BX Trust, Series 2024-PAT, Class A
|
|
|
|
(Floating, CME Term SOFR 1M +
2.09%, 2.09% Floor), 6.40%,
3/15/41(1) (4)
|
1,208
|
1,208
|
|
Citigroup Commercial Mortgage Trust,
Series 2016-P3, Class AS
|
|
|
|
3.59%, 4/15/49
|
610
|
589
|
|
COMM Mortgage Trust, Series
2024-277P, Class B
|
|
|
|
7.23%, 8/10/44(1) (3)
|
2,900
|
3,079
|
|
FIVE Mortgage Trust, Series 2023-V1,
Class A3
|
|
|
|
5.67%, 2/10/56
|
1,140
|
1,168
|
|
Morgan Stanley Bank of America
Merrill Lynch Trust, Series 2016-C32,
Class A4
|
|
|
|
3.72%, 12/15/49
|
350
|
346
|
|
Morgan Stanley Capital I Trust, Series
2016-UBS9, Class AS
|
|
|
|
3.90%, 3/15/49
|
449
|
440
|
|
Wells Fargo Commercial Mortgage
Trust, Series 2016-C35, Class A4
|
|
|
|
2.93%, 7/15/48
|
370
|
363
|
|
Wells Fargo Commercial Mortgage
Trust, Series 2024-C63, Class A5
|
|
|
|
5.31%, 8/15/57
|
3,960
|
4,044
|
|
|
|
16,008
|
|
Total Commercial Mortgage-Backed
Securities
|
|
|
|
(Cost $15,809)
|
|
16,008
|
|
|
|
|
|
CORPORATE BONDS – 25.9%
|
||
|
Aerospace & Defense – 0.4%
|
||
|
Howmet Aerospace, Inc.,
|
|
|
|
4.85%, 10/15/31
|
420
|
425
|
|
Lockheed Martin Corp.,
|
|
|
|
4.70%, 12/15/31
|
790
|
800
|
|
|
|
1,225
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 25.9% continued
|
||
|
Apparel & Textile Products – 0.3%
|
||
|
Ralph Lauren Corp.,
|
|
|
|
5.00%, 6/15/32
|
$920
|
$934
|
|
Asset Management – 2.5%
|
||
|
Ares Capital Corp.,
|
|
|
|
5.95%, 7/15/29
|
610
|
624
|
|
Blackstone Private Credit Fund,
|
|
|
|
2.63%, 12/15/26
|
720
|
696
|
|
5.95%, 7/16/29
|
595
|
606
|
|
5.25%, 4/1/30
|
1,125
|
1,115
|
|
Blue Owl Credit Income Corp.,
|
|
|
|
7.95%, 6/13/28
|
2,000
|
2,138
|
|
Citadel L.P.,
|
|
|
|
6.38%, 1/23/32 (1)
|
1,440
|
1,504
|
|
Icahn Enterprises L.P./Icahn Enterprises
Finance Corp.,
|
|
|
|
5.25%, 5/15/27
|
835
|
809
|
|
|
|
7,492
|
|
Automotive – 0.2%
|
||
|
Ford Motor Credit Co. LLC,
|
|
|
|
4.95%, 5/28/27
|
313
|
311
|
|
6.80%, 11/7/28
|
305
|
316
|
|
|
|
627
|
|
Banking – 4.8%
|
||
|
Bank of America Corp.,
|
|
|
|
(Variable, U.S. SOFR + 1.57%),
5.82%, 9/15/29 (5)
|
1,092
|
1,138
|
|
(Variable, U.S. SOFR + 1.21%),
2.57%, 10/20/32 (5)
|
954
|
841
|
|
Citigroup, Inc.,
|
|
|
|
(Variable, CME Term SOFR 3M +
1.41%), 3.52%, 10/27/28 (5)
|
1,010
|
989
|
|
(Variable, U.S. SOFR + 1.45%),
5.45%, 6/11/35 (5)
|
690
|
705
|
|
Fifth Third Bancorp,
|
|
|
|
(Variable, U.S. SOFR + 2.34%),
6.34%, 7/27/29 (5)
|
400
|
421
|
|
Huntington Bancshares, Inc.,
|
|
|
|
(Variable, U.S. Treasury Yield Curve
Rate CMT 5Y + 1.70%), 6.14%,
11/18/39 (5)
|
1,020
|
1,040
|
|
JPMorgan Chase & Co.,
|
|
|
|
(Variable, U.S. Treasury Yield Curve
Rate CMT 5Y + 2.15%), 6.50%,
4/1/30 (5) (6)
|
1,135
|
1,172
|
|
Schedule of Investments
|
|
FIXED INCOME FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 25.9% continued
|
||
|
Banking – 4.8%continued
|
||
|
(Variable, U.S. SOFR + 1.16%),
5.58%, 4/22/30 (5)
|
$2,000
|
$2,077
|
|
KeyBank N.A.,
|
|
|
|
5.00%, 1/26/33
|
660
|
651
|
|
M&T Bank Corp.,
|
|
|
|
(Variable, U.S. SOFR + 2.80%),
7.41%, 10/30/29 (5)
|
660
|
716
|
|
(Variable, U.S. SOFR + 1.40%),
5.18%, 7/8/31 (5)
|
1,460
|
1,484
|
|
U.S. Bancorp,
|
|
|
|
(Variable, U.S. SOFR + 2.09%),
5.85%, 10/21/33 (5)
|
1,360
|
1,431
|
|
Wells Fargo & Co.,
|
|
|
|
(Variable, U.S. SOFR + 2.10%),
2.39%, 6/2/28 (5)
|
810
|
780
|
|
(Variable, U.S. SOFR + 1.50%),
5.20%, 1/23/30 (5)
|
1,000
|
1,024
|
|
|
|
14,469
|
|
Beverages – 0.1%
|
||
|
Pernod Ricard International
Finance LLC,
|
|
|
|
1.63%, 4/1/31(1)
|
370
|
312
|
|
Commercial Support Services – 0.4%
|
||
|
Republic Services, Inc.,
|
|
|
|
5.15%, 3/15/35
|
1,190
|
1,213
|
|
Construction Materials – 1.1%
|
||
|
CRH America Finance, Inc.,
|
|
|
|
5.50%, 1/9/35
|
1,320
|
1,353
|
|
Vulcan Materials Co.,
|
|
|
|
5.35%, 12/1/34
|
1,975
|
2,010
|
|
|
|
3,363
|
|
Electric Utilities – 1.2%
|
||
|
Berkshire Hathaway Energy Co.,
|
|
|
|
1.65%, 5/15/31
|
395
|
336
|
|
Consolidated Edison Co. of New York,
Inc.,
|
|
|
|
3.35%, 4/1/30
|
7
|
7
|
|
PacifiCorp,
|
|
|
|
5.45%, 2/15/34
|
900
|
913
|
|
Pattern Energy Operations L.P./Pattern
Energy Operations, Inc.,
|
|
|
|
4.50%, 8/15/28 (1)
|
230
|
223
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 25.9% continued
|
||
|
Electric Utilities – 1.2%continued
|
||
|
PSEG Power LLC,
|
|
|
|
5.75%, 5/15/35 (1)
|
$1,950
|
$2,008
|
|
|
|
3,487
|
|
Electrical Equipment – 0.2%
|
||
|
Hubbell, Inc.,
|
|
|
|
2.30%, 3/15/31
|
660
|
584
|
|
Energy – 0.1%
|
||
|
Cheniere Energy Partners L.P.,
|
|
|
|
5.75%, 8/15/34
|
260
|
267
|
|
Entertainment Content – 0.5%
|
||
|
Discovery Communications LLC,
|
|
|
|
3.63%, 5/15/30
|
1,000
|
810
|
|
TEGNA, Inc.,
|
|
|
|
5.00%, 9/15/29
|
775
|
740
|
|
|
|
1,550
|
|
Finance Companies – 0.3%
|
||
|
Air Lease Corp.,
|
|
|
|
(Variable, U.S. Treasury Yield Curve
Rate CMT 5Y + 0.00%), 6.00%,
9/24/29(5) (6)
|
800
|
782
|
|
Health Care Facilities & Services – 2.1%
|
||
|
AdaptHealth LLC,
|
|
|
|
5.13%, 3/1/30 (1)
|
850
|
808
|
|
Cardinal Health, Inc.,
|
|
|
|
5.35%, 11/15/34
|
1,850
|
1,887
|
|
Cencora, Inc.,
|
|
|
|
5.15%, 2/15/35
|
1,010
|
1,018
|
|
DaVita, Inc.,
|
|
|
|
3.75%, 2/15/31 (1)
|
825
|
750
|
|
LifePoint Health, Inc.,
|
|
|
|
8.38%, 2/15/32 (1)
|
850
|
906
|
|
UnitedHealth Group, Inc.,
|
|
|
|
4.00%, 5/15/29
|
770
|
761
|
|
|
|
6,130
|
|
Home Construction – 0.0%
|
||
|
Mohawk Industries, Inc.,
|
|
|
|
5.85%, 9/18/28
|
7
|
7
|
|
Institutional Financial Services – 1.5%
|
||
|
Jane Street Group/JSG Finance, Inc.,
|
|
|
|
7.13%, 4/30/31 (1)
|
1,392
|
1,465
|
|
LPL Holdings, Inc.,
|
|
|
|
5.75%, 6/15/35
|
970
|
981
|
|
|
June 30, 2025 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 25.9% continued
|
||
|
Institutional Financial Services – 1.5%continued
|
||
|
Morgan Stanley,
|
|
|
|
(Variable, U.S. SOFR + 1.63%),
5.45%, 7/20/29 (5)
|
$1,170
|
$1,203
|
|
(Variable, U.S. SOFR + 1.83%),
6.41%, 11/1/29 (5)
|
660
|
699
|
|
|
|
4,348
|
|
Insurance – 1.2%
|
||
|
Arthur J Gallagher & Co.,
|
|
|
|
5.15%, 2/15/35
|
1,000
|
1,001
|
|
Constellation Insurance, Inc.,
|
|
|
|
6.80%, 1/24/30 (1)
|
2,095
|
2,083
|
|
Sammons Financial Group, Inc.,
|
|
|
|
6.88%, 4/15/34 (1)
|
430
|
460
|
|
|
|
3,544
|
|
Internet Media & Services – 1.6%
|
||
|
Alphabet, Inc.,
|
|
|
|
5.25%, 5/15/55
|
1,300
|
1,280
|
|
5.30%, 5/15/65
|
1,300
|
1,273
|
|
Expedia Group, Inc.,
|
|
|
|
5.40%, 2/15/35
|
2,225
|
2,241
|
|
|
|
4,794
|
|
Leisure Facilities & Services – 0.3%
|
||
|
Carnival Corp.,
|
|
|
|
6.00%, 5/1/29(1)
|
825
|
834
|
|
Oil & Gas Supply Chain – 2.0%
|
||
|
Chord Energy Corp.,
|
|
|
|
6.75%, 3/15/33 (1)
|
850
|
868
|
|
Marathon Petroleum Corp.,
|
|
|
|
5.70%, 3/1/35
|
1,380
|
1,400
|
|
ONEOK, Inc.,
|
|
|
|
6.05%, 9/1/33
|
180
|
189
|
|
Ovintiv, Inc.,
|
|
|
|
6.25%, 7/15/33
|
1,200
|
1,239
|
|
Venture Global LNG, Inc.,
|
|
|
|
7.00%, 1/15/30 (1)
|
850
|
859
|
|
WPX Energy, Inc.,
|
|
|
|
4.50%, 1/15/30
|
1,593
|
1,573
|
|
|
|
6,128
|
|
Real Estate Investment Trusts – 0.7%
|
||
|
NNN REIT, Inc.,
|
|
|
|
5.50%, 6/15/34
|
510
|
523
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 25.9% continued
|
||
|
Real Estate Investment Trusts – 0.7%continued
|
||
|
Store Capital LLC,
|
|
|
|
5.40%, 4/30/30 (1)
|
$1,580
|
$1,601
|
|
|
|
2,124
|
|
Semiconductors – 0.6%
|
||
|
Foundry JV Holdco LLC,
|
|
|
|
6.30%, 1/25/39(1)
|
1,650
|
1,726
|
|
Software – 0.6%
|
||
|
Fortinet, Inc.,
|
|
|
|
2.20%, 3/15/31
|
275
|
242
|
|
Synopsys, Inc.,
|
|
|
|
5.15%, 4/1/35
|
1,370
|
1,381
|
|
VMware LLC,
|
|
|
|
1.80%, 8/15/28
|
135
|
125
|
|
4.70%, 5/15/30
|
205
|
206
|
|
|
|
1,954
|
|
Specialty Finance – 2.6%
|
||
|
American Express Co.,
|
|
|
|
(Variable, U.S. SOFR + 1.79%),
5.67%, 4/25/36 (5)
|
1,040
|
1,077
|
|
Capital One Financial Corp.,
|
|
|
|
(Variable, U.S. SOFR + 2.26%),
6.05%, 2/1/35 (5)
|
220
|
229
|
|
(Variable, U.S. SOFR + 2.04%),
6.18%, 1/30/36 (5)
|
1,140
|
1,161
|
|
Enova International, Inc.,
|
|
|
|
9.13%, 8/1/29 (1)
|
424
|
446
|
|
Fortress Transportation and
Infrastructure Investors LLC,
|
|
|
|
7.00%, 6/15/32 (1)
|
1,165
|
1,203
|
|
GATX Corp.,
|
|
|
|
4.00%, 6/30/30
|
5
|
5
|
|
Ladder Capital Finance
Holdings LLLP/Ladder Capital
Finance Corp.,
|
|
|
|
4.25%, 2/1/27 (1)
|
690
|
680
|
|
OneMain Finance Corp.,
|
|
|
|
5.38%, 11/15/29
|
825
|
812
|
|
Rocket Cos., Inc.,
|
|
|
|
6.38%, 8/1/33 (1)
|
1,600
|
1,637
|
|
Synchrony Financial,
|
|
|
|
(Variable, U.S. SOFR Compounded
Index + 2.13%), 5.94%,
8/2/30 (5)
|
450
|
462
|
|
|
|
7,712
|
|
Schedule of Investments
|
|
FIXED INCOME FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 25.9% continued
|
||
|
Tobacco & Cannabis – 0.1%
|
||
|
Philip Morris International, Inc.,
|
|
|
|
1.75%, 11/1/30
|
$350
|
$305
|
|
Transportation & Logistics – 0.5%
|
||
|
XPO, Inc.,
|
|
|
|
7.13%, 2/1/32(1)
|
1,340
|
1,404
|
|
Total Corporate Bonds
|
|
|
|
(Cost $76,449)
|
|
77,315
|
|
|
|
|
|
FOREIGN ISSUER BONDS – 6.6%
|
||
|
Aerospace & Defense – 0.1%
|
||
|
Rolls-Royce PLC,
|
|
|
|
5.75%, 10/15/27(1)
|
375
|
385
|
|
Banking – 2.5%
|
||
|
Australia & New Zealand Banking
Group Ltd.,
|
|
|
|
(Variable, U.S. Treasury Yield Curve
Rate CMT 5Y + 1.29%), 2.95%,
7/22/30 (1) (5)
|
620
|
619
|
|
(Variable, U.S. Treasury Yield Curve
Rate CMT 1Y + 1.35%), 5.82%,
6/18/36 (1) (5)
|
2,175
|
2,209
|
|
Barclays PLC,
|
|
|
|
(Variable, U.S. Treasury Yield Curve
Rate CMT 1Y + 2.65%), 5.50%,
8/9/28 (5)
|
200
|
204
|
|
BNP Paribas S.A.,
|
|
|
|
(Variable, U.S. SOFR + 1.22%),
2.16%, 9/15/29 (1) (5)
|
430
|
399
|
|
Commonwealth Bank of Australia,
|
|
|
|
(Variable, U.S. Treasury Yield Curve
Rate CMT 1Y + 1.32%), 5.93%,
3/14/46 (1) (5)
|
670
|
658
|
|
HSBC Holdings PLC,
|
|
|
|
(Variable, U.S. SOFR + 1.90%),
5.87%, 11/18/35 (5)
|
1,400
|
1,417
|
|
KBC Group N.V.,
|
|
|
|
(Variable, U.S. Treasury Yield Curve
Rate CMT 1Y + 2.10%), 5.80%,
1/19/29 (1) (5)
|
620
|
640
|
|
Mitsubshi UFJ Financial Group, Inc.,
|
|
|
|
(Variable, U.S. Treasury Yield Curve
Rate CMT 1Y + 1.27%), 5.62%,
4/24/36 (5)
|
1,030
|
1,059
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
FOREIGN ISSUER BONDS - 6.6% continued
|
||
|
Banking – 2.5%continued
|
||
|
NatWest Group PLC,
|
|
|
|
(Variable, U.S. Treasury Yield Curve
Rate CMT 5Y + 3.10%), 4.60%,
6/28/31 (5) (6)
|
$250
|
$219
|
|
(Variable, U.S. Treasury Yield Curve
Rate CMT 5Y + 3.75%), 8.13%,
11/10/33 (5) (6)
|
200
|
216
|
|
|
|
7,640
|
|
Commercial Support Services – 0.4%
|
||
|
RELX Capital, Inc.,
|
|
|
|
5.25%, 3/27/35
|
1,120
|
1,146
|
|
Electrical Equipment – 0.5%
|
||
|
Tyco Electronics Group S.A.,
|
|
|
|
5.00%, 5/9/35
|
1,390
|
1,384
|
|
Food – 0.1%
|
||
|
NBM U.S. Holdings, Inc.,
|
|
|
|
7.00%, 5/14/26(1)
|
333
|
333
|
|
Leisure Facilities & Services – 0.0%
|
||
|
Sands China Ltd.,
|
|
|
|
2.85%, 3/8/29(7)
|
—
|
—
|
|
Metals & Mining – 0.8%
|
||
|
BHP Billiton Finance U.S.A. Ltd.,
|
|
|
|
5.30%, 2/21/35
|
2,250
|
2,297
|
|
Oil & Gas Supply Chain – 0.8%
|
||
|
Harbour Energy PLC,
|
|
|
|
6.33%, 4/1/35(1)
|
2,300
|
2,287
|
|
Specialty Finance – 1.3%
|
||
|
AerCap Ireland Capital DAC/AerCap
Global Aviation Trust,
|
|
|
|
3.00%, 10/29/28
|
405
|
386
|
|
4.63%, 9/10/29
|
860
|
860
|
|
5.38%, 12/15/31
|
2,150
|
2,197
|
|
Macquarie Airfinance Holdings Ltd.,
|
|
|
|
6.50%, 3/26/31 (1)
|
375
|
397
|
|
|
|
3,840
|
|
Tobacco & Cannabis – 0.1%
|
||
|
Imperial Brands Finance PLC,
|
|
|
|
5.88%, 7/1/34(1)
|
345
|
354
|
|
Total Foreign Issuer Bonds
|
|
|
|
(Cost $19,412)
|
|
19,666
|
|
|
|
|
|
|
June 30, 2025 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
U.S. GOVERNMENT AGENCIES – 35.9% (8)
|
||
|
Fannie Mae – 17.4%
|
||
|
Fannie Mae-Aces, Series 2013-M6,
Class 1AC,
|
|
|
|
3.49%, 2/25/43(3)
|
$2,476
|
$2,397
|
|
Pool #545003,
|
|
|
|
8.00%, 5/1/31(7)
|
—
|
—
|
|
Pool #545437,
|
|
|
|
7.00%, 2/1/32
|
11
|
12
|
|
Pool #545556,
|
|
|
|
7.00%, 4/1/32
|
6
|
7
|
|
Pool #555189,
|
|
|
|
7.00%, 12/1/32
|
57
|
60
|
|
Pool #581806,
|
|
|
|
7.00%, 7/1/31
|
10
|
11
|
|
Pool #585617,
|
|
|
|
7.00%, 5/1/31(7)
|
—
|
—
|
|
Pool #889641,
|
|
|
|
5.50%, 8/1/37
|
353
|
363
|
|
Pool #995802,
|
|
|
|
5.50%, 12/1/35
|
354
|
364
|
|
Pool #AB5209,
|
|
|
|
3.00%, 5/1/32
|
1,353
|
1,312
|
|
Pool #AB9546,
|
|
|
|
3.50%, 6/1/28
|
22
|
22
|
|
Pool #AD0248,
|
|
|
|
5.50%, 11/1/37
|
647
|
663
|
|
Pool #AD0494,
|
|
|
|
5.50%, 8/1/37
|
359
|
367
|
|
Pool #AD0925,
|
|
|
|
5.00%, 4/1/40
|
43
|
44
|
|
Pool #AK9457,
|
|
|
|
3.50%, 3/1/32
|
64
|
63
|
|
Pool #AL3063,
|
|
|
|
3.50%, 1/1/28
|
54
|
53
|
|
Pool #AL5119,
|
|
|
|
4.00%, 4/1/34
|
550
|
544
|
|
Pool #AL7497,
|
|
|
|
3.50%, 9/1/40
|
863
|
812
|
|
Pool #AL8876,
|
|
|
|
3.00%, 10/1/44
|
260
|
234
|
|
Pool #AO2961,
|
|
|
|
4.00%, 5/1/42
|
137
|
132
|
|
Pool #AQ9360,
|
|
|
|
2.50%, 1/1/28
|
21
|
21
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
U.S. GOVERNMENT AGENCIES - 35.9% (8)continued
|
||
|
Fannie Mae – 17.4%continued
|
||
|
Pool #AS1991,
|
|
|
|
3.50%, 3/1/29
|
$125
|
$123
|
|
Pool #AS3655,
|
|
|
|
4.50%, 10/1/44
|
421
|
412
|
|
Pool #AS6520,
|
|
|
|
3.50%, 1/1/46
|
874
|
809
|
|
Pool #AS7088,
|
|
|
|
2.50%, 5/1/31
|
722
|
695
|
|
Pool #AS8576,
|
|
|
|
4.50%, 12/1/46
|
685
|
668
|
|
Pool #BH6175,
|
|
|
|
3.50%, 7/1/47
|
357
|
329
|
|
Pool #BJ0686,
|
|
|
|
4.00%, 4/1/48
|
446
|
422
|
|
Pool #BJ3524,
|
|
|
|
4.00%, 11/1/47
|
876
|
829
|
|
Pool #BM1761,
|
|
|
|
4.00%, 8/1/44
|
145
|
139
|
|
Pool #BM1762,
|
|
|
|
3.00%, 11/1/45
|
1,767
|
1,592
|
|
Pool #BM4056,
|
|
|
|
4.00%, 3/1/45
|
441
|
425
|
|
Pool #BM5984,
|
|
|
|
5.00%, 5/1/49
|
99
|
99
|
|
Pool #BM5996,
|
|
|
|
5.00%, 12/1/48
|
71
|
71
|
|
Pool #BV4119,
|
|
|
|
2.50%, 3/1/52
|
926
|
772
|
|
Pool #BW9887,
|
|
|
|
5.00%, 10/1/52
|
957
|
943
|
|
Pool #BW9921,
|
|
|
|
5.00%, 10/1/52
|
1,027
|
1,012
|
|
Pool #BX4910,
|
|
|
|
5.00%, 1/1/53
|
1,007
|
990
|
|
Pool #BX7244,
|
|
|
|
5.50%, 2/1/53
|
928
|
931
|
|
Pool #BX7768,
|
|
|
|
5.00%, 3/1/53
|
1,199
|
1,188
|
|
Pool #BY5368,
|
|
|
|
6.00%, 7/1/53
|
294
|
300
|
|
Pool #CA6359,
|
|
|
|
2.50%, 7/1/50
|
989
|
835
|
|
Schedule of Investments
|
|
FIXED INCOME FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
U.S. GOVERNMENT AGENCIES - 35.9% (8)continued
|
||
|
Fannie Mae – 17.4%continued
|
||
|
Pool #CA6417,
|
|
|
|
3.00%, 7/1/50
|
$716
|
$629
|
|
Pool #CB1666,
|
|
|
|
2.50%, 9/1/51
|
608
|
511
|
|
Pool #CB2286,
|
|
|
|
2.50%, 12/1/51
|
1,071
|
900
|
|
Pool #CB3515,
|
|
|
|
3.50%, 5/1/52
|
812
|
736
|
|
Pool #CB4844,
|
|
|
|
5.50%, 10/1/52
|
451
|
453
|
|
Pool #CB5113,
|
|
|
|
5.50%, 11/1/52
|
283
|
284
|
|
Pool #CB7114,
|
|
|
|
5.50%, 9/1/53
|
570
|
572
|
|
Pool #DA0017,
|
|
|
|
6.00%, 9/1/53
|
929
|
952
|
|
Pool #FM1303,
|
|
|
|
3.00%, 1/1/48
|
859
|
768
|
|
Pool #FM1438,
|
|
|
|
3.00%, 8/1/38
|
317
|
303
|
|
Pool #FM1472,
|
|
|
|
3.50%, 3/1/34
|
18
|
17
|
|
Pool #FM1534,
|
|
|
|
4.50%, 9/1/49
|
790
|
768
|
|
Pool #FM1572,
|
|
|
|
3.00%, 9/1/48
|
543
|
482
|
|
Pool #FM2671,
|
|
|
|
4.00%, 1/1/48
|
284
|
269
|
|
Pool #FM2921,
|
|
|
|
2.50%, 4/1/50
|
1,281
|
1,077
|
|
Pool #FM3201,
|
|
|
|
3.50%, 4/1/34
|
387
|
382
|
|
Pool #FM4491,
|
|
|
|
3.50%, 12/1/36
|
827
|
802
|
|
Pool #FM6125,
|
|
|
|
2.50%, 1/1/51
|
1,126
|
951
|
|
Pool #FM8215,
|
|
|
|
2.50%, 3/1/51
|
961
|
810
|
|
Pool #FP0012,
|
|
|
|
3.00%, 8/1/51
|
832
|
738
|
|
Pool #FS2701,
|
|
|
|
2.50%, 2/1/35
|
692
|
667
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
U.S. GOVERNMENT AGENCIES - 35.9% (8)continued
|
||
|
Fannie Mae – 17.4%continued
|
||
|
Pool #FS3063,
|
|
|
|
4.50%, 10/1/52
|
$1,000
|
$962
|
|
Pool #FS3120,
|
|
|
|
5.00%, 9/1/52
|
1,257
|
1,238
|
|
Pool #FS3391,
|
|
|
|
2.50%, 8/1/51
|
1,137
|
959
|
|
Pool #FS3662,
|
|
|
|
5.00%, 1/1/53
|
1,034
|
1,019
|
|
Pool #FS4040,
|
|
|
|
5.00%, 2/1/53
|
1,045
|
1,035
|
|
Pool #FS4045,
|
|
|
|
5.50%, 2/1/53
|
990
|
994
|
|
Pool #FS4267,
|
|
|
|
4.50%, 3/1/38
|
886
|
884
|
|
Pool #FS4610,
|
|
|
|
6.50%, 6/1/40
|
424
|
448
|
|
Pool #FS4653,
|
|
|
|
5.50%, 5/1/53
|
732
|
734
|
|
Pool #FS4663,
|
|
|
|
5.00%, 5/1/53
|
1,156
|
1,141
|
|
Pool #FS5441,
|
|
|
|
6.00%, 8/1/53
|
911
|
935
|
|
Pool #FS5952,
|
|
|
|
6.50%, 10/1/53
|
693
|
725
|
|
Pool #FS5965,
|
|
|
|
6.00%, 10/1/53
|
131
|
134
|
|
Pool #FS6176,
|
|
|
|
5.00%, 12/1/47
|
744
|
756
|
|
Pool #FS6869,
|
|
|
|
7.00%, 1/1/40
|
224
|
236
|
|
Pool #MA0878,
|
|
|
|
4.00%, 10/1/31
|
242
|
240
|
|
Pool #MA2522,
|
|
|
|
3.50%, 2/1/46
|
1,101
|
1,020
|
|
Pool #MA2864,
|
|
|
|
3.50%, 1/1/47
|
698
|
646
|
|
Pool #MA3004,
|
|
|
|
4.00%, 5/1/37
|
273
|
269
|
|
Pool #MA3088,
|
|
|
|
4.00%, 8/1/47
|
538
|
509
|
|
Pool #MA3183,
|
|
|
|
4.00%, 11/1/47
|
253
|
239
|
|
|
June 30, 2025 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
U.S. GOVERNMENT AGENCIES - 35.9% (8)continued
|
||
|
Fannie Mae – 17.4%continued
|
||
|
Pool #MA3184,
|
|
|
|
4.50%, 11/1/47
|
$22
|
$21
|
|
Pool #MA3211,
|
|
|
|
4.00%, 12/1/47
|
1,174
|
1,114
|
|
Pool #MA3448,
|
|
|
|
5.00%, 8/1/48
|
392
|
392
|
|
Pool #MA4186,
|
|
|
|
3.00%, 10/1/35
|
324
|
310
|
|
Pool #MA5098,
|
|
|
|
5.50%, 7/1/43
|
651
|
663
|
|
|
|
51,759
|
|
Freddie Mac – 15.2%
|
||
|
Freddie Mac REMICS, Series 3013,
Class HZ,
|
|
|
|
5.00%, 8/15/35
|
495
|
504
|
|
Freddie Mac REMICS, Series 4077,
Class TO,
|
|
|
|
0.00%, 5/15/41(9)
|
897
|
682
|
|
Freddie Mac REMICS, Series 5391,
Class A,
|
|
|
|
5.50%, 11/25/51
|
566
|
576
|
|
Pool #1B3575,
|
|
|
|
(Floating, Refinitiv USD IBOR
Consumer Cash Fallbacks 1Y
Index + 1.80%, 1.80% Floor,
11.42% Cap), 7.55%, 9/1/37(4)
|
42
|
42
|
|
Pool #1G2296,
|
|
|
|
(Floating, Refinitiv USD IBOR
Consumer Cash Fallbacks 1Y
Index + 2.09%, 2.09% Floor,
11.34% Cap), 6.71%, 11/1/37(4)
|
85
|
87
|
|
Pool #QD2946,
|
|
|
|
2.50%, 12/1/51
|
967
|
809
|
|
Pool #QD9323,
|
|
|
|
2.50%, 4/1/52
|
1,242
|
1,035
|
|
Pool #QF3725,
|
|
|
|
5.00%, 11/1/52
|
1,110
|
1,092
|
|
Pool #QF8053,
|
|
|
|
5.50%, 2/1/53
|
1,385
|
1,390
|
|
Pool #QF8924,
|
|
|
|
5.50%, 3/1/53
|
1,125
|
1,135
|
|
Pool #QG4632,
|
|
|
|
5.50%, 6/1/53
|
1,092
|
1,095
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
U.S. GOVERNMENT AGENCIES - 35.9% (8)continued
|
||
|
Freddie Mac – 15.2%continued
|
||
|
Pool #RA3913,
|
|
|
|
2.50%, 11/1/50
|
$1,233
|
$1,042
|
|
Pool #RA7677,
|
|
|
|
5.00%, 7/1/52
|
1,023
|
1,012
|
|
Pool #RA8880,
|
|
|
|
5.50%, 4/1/53
|
963
|
971
|
|
Pool #RA9840,
|
|
|
|
5.50%, 9/1/53
|
989
|
1,000
|
|
Pool #RD5026,
|
|
|
|
3.00%, 4/1/30
|
231
|
226
|
|
Pool #SB0084,
|
|
|
|
3.00%, 2/1/32
|
683
|
669
|
|
Pool #SB0216,
|
|
|
|
3.00%, 12/1/32
|
330
|
322
|
|
Pool #SB0328,
|
|
|
|
3.00%, 6/1/34
|
744
|
723
|
|
Pool #SB0826,
|
|
|
|
2.50%, 1/1/35
|
802
|
767
|
|
Pool #SB8502,
|
|
|
|
2.00%, 8/1/35
|
1,719
|
1,580
|
|
Pool #SD0033,
|
|
|
|
3.00%, 12/1/47
|
592
|
529
|
|
Pool #SD0882,
|
|
|
|
2.50%, 2/1/52
|
390
|
328
|
|
Pool #SD1360,
|
|
|
|
5.50%, 7/1/52
|
969
|
973
|
|
Pool #SD1518,
|
|
|
|
4.50%, 8/1/52
|
1,100
|
1,060
|
|
Pool #SD1659,
|
|
|
|
2.50%, 2/1/52
|
1,217
|
1,022
|
|
Pool #SD1703,
|
|
|
|
5.00%, 9/1/52
|
1,414
|
1,397
|
|
Pool #SD2334,
|
|
|
|
5.00%, 2/1/53
|
1,123
|
1,106
|
|
Pool #SD2347,
|
|
|
|
5.50%, 2/1/53
|
976
|
987
|
|
Pool #SD2477,
|
|
|
|
5.50%, 3/1/53
|
1,162
|
1,174
|
|
Pool #SD2642,
|
|
|
|
5.50%, 4/1/53
|
1,090
|
1,098
|
|
Pool #SD2665,
|
|
|
|
6.00%, 4/1/53
|
133
|
136
|
|
Schedule of Investments
|
|
FIXED INCOME FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
U.S. GOVERNMENT AGENCIES - 35.9% (8)continued
|
||
|
Freddie Mac – 15.2%continued
|
||
|
Pool #SD2757,
|
|
|
|
5.00%, 5/1/53
|
$1,090
|
$1,074
|
|
Pool #SD2876,
|
|
|
|
3.00%, 7/1/46
|
1,061
|
960
|
|
Pool #SD2902,
|
|
|
|
5.50%, 5/1/53
|
706
|
708
|
|
Pool #SD2920,
|
|
|
|
5.50%, 5/1/53
|
1,105
|
1,113
|
|
Pool #SD2922,
|
|
|
|
5.00%, 5/1/53
|
1,144
|
1,130
|
|
Pool #SD2999,
|
|
|
|
5.50%, 6/1/53
|
1,105
|
1,114
|
|
Pool #SD3133,
|
|
|
|
5.00%, 6/1/53
|
691
|
682
|
|
Pool #SD3136,
|
|
|
|
5.50%, 6/1/53
|
957
|
961
|
|
Pool #SD3174,
|
|
|
|
5.50%, 6/1/53
|
930
|
936
|
|
Pool #SD3189,
|
|
|
|
6.00%, 6/1/53
|
717
|
734
|
|
Pool #SD3251,
|
|
|
|
6.00%, 7/1/53
|
952
|
974
|
|
Pool #SD3515,
|
|
|
|
6.00%, 7/1/53
|
601
|
616
|
|
Pool #SD3760,
|
|
|
|
6.00%, 8/1/53
|
811
|
830
|
|
Pool #SD4027,
|
|
|
|
6.50%, 10/1/53
|
878
|
917
|
|
Pool #SD4285,
|
|
|
|
5.50%, 11/1/53
|
775
|
782
|
|
Pool #SD5136,
|
|
|
|
6.00%, 4/1/54
|
733
|
751
|
|
Pool #ZK7457,
|
|
|
|
3.50%, 2/1/29
|
541
|
535
|
|
Pool #ZM4714,
|
|
|
|
3.50%, 11/1/47
|
1,287
|
1,182
|
|
Pool #ZM5332,
|
|
|
|
3.00%, 1/1/48
|
464
|
409
|
|
Pool #ZS4687,
|
|
|
|
2.50%, 11/1/46
|
469
|
401
|
|
Pool #ZT1333,
|
|
|
|
2.50%, 10/1/31
|
1,335
|
1,287
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
U.S. GOVERNMENT AGENCIES - 35.9% (8)continued
|
||
|
Freddie Mac – 15.2%continued
|
||
|
Seasoned Loans Structured Transaction
Trust, Series 2019-2, Class A1C,
|
|
|
|
2.75%, 9/25/29
|
$849
|
$807
|
|
|
|
45,472
|
|
Freddie Mac Gold – 0.8%
|
||
|
Pool #A87842,
|
|
|
|
4.50%, 8/1/39
|
144
|
143
|
|
Pool #C00910,
|
|
|
|
7.50%, 1/1/30
|
33
|
34
|
|
Pool #G07068,
|
|
|
|
5.00%, 7/1/41
|
216
|
219
|
|
Pool #G07505,
|
|
|
|
7.00%, 2/1/39
|
460
|
503
|
|
Pool #G15612,
|
|
|
|
3.50%, 12/1/29
|
14
|
14
|
|
Pool #G16396,
|
|
|
|
3.50%, 2/1/33
|
572
|
564
|
|
Pool #G18643,
|
|
|
|
2.50%, 5/1/32
|
50
|
48
|
|
Pool #G30926,
|
|
|
|
3.50%, 4/1/36
|
194
|
189
|
|
Pool #G60948,
|
|
|
|
3.00%, 1/1/47
|
286
|
251
|
|
Pool #G61723,
|
|
|
|
3.50%, 1/1/43
|
71
|
67
|
|
Pool #Q42460,
|
|
|
|
4.00%, 6/1/46
|
223
|
212
|
|
Pool #Q63667,
|
|
|
|
4.50%, 5/1/49
|
191
|
186
|
|
|
|
2,430
|
|
Government National Mortgage Association – 0.2%
|
||
|
Government National Mortgage
Association, Series 2017-95,
Class QG,
|
|
|
|
2.50%, 8/20/46
|
665
|
617
|
|
Government National Mortgage Association I – 0.6%
|
||
|
Pool #757013,
|
|
|
|
3.50%, 12/15/40
|
932
|
867
|
|
Pool #786470,
|
|
|
|
5.00%, 11/15/40
|
980
|
993
|
|
|
|
1,860
|
|
|
June 30, 2025 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
U.S. GOVERNMENT AGENCIES - 35.9% (8)continued
|
||
|
Government National Mortgage Association II – 1.7%
|
||
|
Pool #786922,
|
|
|
|
5.50%, 9/1/53
|
$911
|
$918
|
|
Pool #MA0089,
|
|
|
|
4.00%, 5/20/42
|
1,050
|
1,004
|
|
Pool #MA1996,
|
|
|
|
4.00%, 6/20/44
|
195
|
186
|
|
Pool #MA3666,
|
|
|
|
5.00%, 5/20/46
|
439
|
442
|
|
Pool #MA4008,
|
|
|
|
5.50%, 10/20/46
|
65
|
67
|
|
Pool #MA6870,
|
|
|
|
5.00%, 9/20/50
|
348
|
348
|
|
Pool #MA8346,
|
|
|
|
4.00%, 10/20/52
|
1,077
|
1,008
|
|
Pool #MA8724,
|
|
|
|
4.50%, 3/20/53
|
1,102
|
1,062
|
|
|
|
5,035
|
|
Total U.S. Government Agencies
|
|
|
|
(Cost $110,648)
|
|
107,173
|
|
|
|
|
|
U.S. GOVERNMENT OBLIGATIONS – 9.8%
|
||
|
U.S. Treasury Bonds – 3.2%
|
||
|
4.63%, 5/15/44
|
450
|
441
|
|
4.50%, 11/15/54
|
5,490
|
5,232
|
|
4.63%, 2/15/55
|
3,895
|
3,791
|
|
|
|
9,464
|
|
U.S. Treasury Notes – 3.8%
|
||
|
4.38%, 12/31/29(10)
|
310
|
318
|
|
4.25%, 1/31/30(11)
|
1,980
|
2,019
|
|
3.88%, 4/30/30
|
4,000
|
4,016
|
|
3.88%, 8/15/34
|
920
|
898
|
|
4.63%, 2/15/35
|
3,943
|
4,068
|
|
|
|
11,319
|
|
U.S. Treasury Strips – 2.8%
|
||
|
1.47%, 2/15/51(12)
|
29,423
|
8,388
|
|
Total U.S. Government Obligations
|
|
|
|
(Cost $38,276)
|
|
29,171
|
|
|
NUMBER
OF SHARES
|
VALUE
(000S)
|
|
INVESTMENT COMPANIES – 1.0%
|
||
|
Northern Institutional Funds -
U.S. Government Portfolio (Shares),
4.15%(13) (14)
|
3,043,040
|
$3,043
|
|
Total Investment Companies
|
|
|
|
(Cost $3,043)
|
|
3,043
|
|
|
|
|
|
Total Investments – 99.3%
|
|
|
|
(Cost $307,384)
|
296,184
|
|
|
Other Assets less Liabilities – 0.7%
|
2,053
|
|
|
NET ASSETS – 100.0%
|
$298,237
|
|
|
(1)
|
Security exempt from registration pursuant to Rule 144A under the Securities
Act of 1933, as amended. These securities may be resold in transactions
exempt from registration to qualified institutional investors. At June 30,
2025, the value of these securities amounted to approximately
$65,766,000 or 22.1% of net assets.
|
|
(2)
|
Step coupon bond. Rate as of June 30, 2025 is disclosed.
|
|
(3)
|
Variable or floating rate security, the interest rate of which adjusts
periodically based on changes in current interest rates and prepayments on
the underlying pool of assets.
|
|
(4)
|
Variable or floating rate security. Rate as of June 30, 2025 is disclosed.
|
|
(5)
|
Variable or floating rate security. Security issued at a fixed coupon rate,
which converts to a variable rate at a future date. Rate shown is the rate in
effect as of June 30, 2025.
|
|
(6)
|
Perpetual bond. Maturity date represents next call date.
|
|
(7)
|
Principal Amount and Value rounds to less than one thousand.
|
|
(8)
|
The obligations of certain U.S. government-sponsored entities are neither
issued nor guaranteed by the United States Treasury.
|
|
(9)
|
Zero coupon bond.
|
|
(10)
|
Security pledged as collateral to cover margin requirements for open futures
contracts.
|
|
(11)
|
A portion of this security has been pledged as collateral to cover margin
requirements for open futures contracts.
|
|
(12)
|
Discount rate at the time of purchase.
|
|
(13)
|
Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the
investment adviser to the Fund and the investment adviser to Northern
Institutional Funds.
|
|
(14)
|
7-day current yield as of June 30, 2025 is disclosed.
|
|
|
|
EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT
THE SCHEDULE OF INVESTMENTS:
|
|
|
|
1M - 1 Month
|
|
|
|
1Y - 1 Year
|
|
|
|
3M - 3 Month
|
|
|
|
5Y - 5 Year
|
|
|
|
CME - Chicago Mercantile Exchange
|
|
|
|
CMT - Constant Maturity
|
|
|
|
Fannie Mae - Federal National Mortgage Association
|
|
|
|
Schedule of Investments
|
|
FIXED INCOME FUND continued
|
June 30, 2025 (UNAUDITED)
|
|
Freddie Mac - Federal Home Loan Mortgage Corporation
|
|
|
|
IBOR - Interbank Offered Rates
|
|
|
|
REMICS - Real Estate Mortgage Investment Conduits
|
|
|
|
SOFR - Secured Overnight Financing Rate
|
|
|
|
USD - United States Dollar
|
|
TYPE
|
NUMBER OF
CONTRACTS
|
NOTIONAL
AMOUNT
(000s)
|
CONTRACT
POSITION
|
CONTRACT
EXP.
|
VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION)
(000s)
|
|
2-Year
U.S. Treasury
Note
|
90
|
$18,722
|
Long
|
9/25
|
$68
|
|
5-Year
U.S. Treasury
Note
|
10
|
1,090
|
Long
|
9/25
|
11
|
|
U.S. Treasury
Long Bond
|
190
|
21,939
|
Long
|
9/25
|
817
|
|
Ultra 10-Year
U.S. Treasury
Note
|
(138
)
|
(15,769
)
|
Short
|
9/25
|
(349
)
|
|
Ultra Long
U.S. Treasury
Bond
|
(57
)
|
(6,790
)
|
Short
|
9/25
|
(296
)
|
|
Total
|
|
|
|
|
$251
|
|
INVESTMENTS
|
LEVEL 1
(000s)
|
LEVEL 2
(000s)
|
LEVEL 3
(000s)
|
TOTAL
(000s)
|
|
Asset-Backed Securities(1)
|
$—
|
$43,808
|
$—
|
$43,808
|
|
Commercial Mortgage-Backed
Securities
|
—
|
16,008
|
—
|
16,008
|
|
Corporate Bonds(1)
|
—
|
77,315
|
—
|
77,315
|
|
Foreign Issuer Bonds(1)
|
—
|
19,666
|
—
|
19,666
|
|
U.S. Government Agencies(1)
|
—
|
107,173
|
—
|
107,173
|
|
U.S. Government
Obligations(1)
|
—
|
29,171
|
—
|
29,171
|
|
Investment Companies
|
3,043
|
—
|
—
|
3,043
|
|
Total Investments
|
$3,043
|
$293,141
|
$—
|
$296,184
|
|
OTHER FINANCIAL
INSTRUMENTS
|
|
|
|
|
|
Assets
|
|
|
|
|
|
Futures Contracts
|
$896
|
$—
|
$—
|
$896
|
|
Liabilities
|
|
|
|
|
|
Futures Contracts
|
(645
)
|
—
|
—
|
(645
)
|
|
Total Other Financial
Instruments
|
$251
|
$—
|
$—
|
$251
|
|
(1)
|
Classifications as defined in the Schedule of Investments.
|
|
AFFILIATE
|
VALUE,
BEGINNING
OF PERIOD
(000S)
|
PURCHASES
(000S)
|
SALES
PROCEEDS
(000S)
|
DIVIDEND
OR INTEREST
INCOME
(000S)
|
VALUE,
END OF PERIOD
(000S)
|
SHARES, END
OF PERIOD
|
|
Northern Institutional Funds - Liquid Assets Portfolio (Shares)
|
$—
|
$480
|
$480
|
$—
(1),*
|
$—
|
—
|
|
Northern Institutional Funds - U.S. Government Portfolio (Shares)
|
2,380
|
41,463
|
40,800
|
42
|
3,043
|
3,043,040
|
|
Total
|
$2,380
|
$41,943
|
$41,280
|
$42
|
$3,043
|
3,043,040
|
|
(1)
|
Represents securities lending income earned from the reinvestment of cash collateral
from loaned securities, net of fees and collateral investment expenses, and other
payments to and from borrowers of securities.
|
|
*
|
Amount rounds to less than one thousand.
|
|
Schedule of Investments
|
|
HIGH YIELD FIXED INCOME FUND
|
June 30, 2025 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS – 81.7%
|
||
|
Advertising & Marketing – 1.0%
|
||
|
Dotdash Meredith, Inc.,
|
|
|
|
7.63%, 6/15/32 (1)
|
$5,125
|
$4,970
|
|
Neptune Bidco U.S., Inc.,
|
|
|
|
9.29%, 4/15/29 (1)
|
19,537
|
19,023
|
|
|
|
23,993
|
|
Aerospace & Defense – 2.2%
|
||
|
AAR Escrow Issuer LLC,
|
|
|
|
6.75%, 3/15/29 (1)
|
4,695
|
4,865
|
|
Axon Enterprise, Inc.,
|
|
|
|
6.13%, 3/15/30 (1)
|
2,865
|
2,946
|
|
6.25%, 3/15/33 (1)
|
1,655
|
1,704
|
|
Spirit AeroSystems, Inc.,
|
|
|
|
4.60%, 6/15/28 †
|
3,595
|
3,534
|
|
9.38%, 11/30/29 (1)
|
3,163
|
3,356
|
|
9.75%, 11/15/30 (1)
|
3,295
|
3,634
|
|
TransDigm, Inc.,
|
|
|
|
4.88%, 5/1/29 †
|
8,159
|
8,017
|
|
6.88%, 12/15/30 (1)
|
3,615
|
3,751
|
|
7.13%, 12/1/31 (1)
|
1,105
|
1,158
|
|
6.00%, 1/15/33 (1)
|
2,159
|
2,171
|
|
6.38%, 5/31/33 (1)
|
8,800
|
8,808
|
|
Triumph Group, Inc.,
|
|
|
|
9.00%, 3/15/28 (1)
|
7,760
|
8,109
|
|
|
|
52,053
|
|
Asset Management – 0.9%
|
||
|
Hightower Holding LLC,
|
|
|
|
9.13%, 1/31/30 (1) †
|
6,530
|
6,925
|
|
Icahn Enterprises L.P./Icahn Enterprises
Finance Corp.,
|
|
|
|
9.75%, 1/15/29
|
4,830
|
4,692
|
|
9.00%, 6/15/30
|
3,375
|
3,156
|
|
Osaic Holdings, Inc.,
|
|
|
|
10.75%, 8/1/27 (1)
|
7,160
|
7,177
|
|
|
|
21,950
|
|
Automotive – 1.5%
|
||
|
Adient Global Holdings Ltd.,
|
|
|
|
7.50%, 2/15/33 (1)
|
5,235
|
5,353
|
|
American Axle & Manufacturing, Inc.,
|
|
|
|
6.88%, 7/1/28 †
|
6,625
|
6,628
|
|
Clarios Global L.P./Clarios
U.S. Finance Co.,
|
|
|
|
6.75%, 5/15/28 (1) †
|
3,050
|
3,131
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 81.7% continued
|
||
|
Automotive – 1.5%continued
|
||
|
Dana, Inc.,
|
|
|
|
4.25%, 9/1/30 †
|
$6,855
|
$6,756
|
|
Ford Motor Co.,
|
|
|
|
9.63%, 4/22/30
|
2,030
|
2,335
|
|
4.75%, 1/15/43
|
2,095
|
1,611
|
|
Goodyear Tire & Rubber (The) Co.,
|
|
|
|
5.25%, 4/30/31
|
2,690
|
2,583
|
|
Phinia, Inc.,
|
|
|
|
6.75%, 4/15/29 (1)
|
7,040
|
7,267
|
|
|
|
35,664
|
|
Basic Industry – 0.4%
|
||
|
Avient Corp.,
|
|
|
|
6.25%, 11/1/31(1)
|
8,620
|
8,701
|
|
Biotechnology & Pharmaceuticals – 1.5%
|
||
|
1261229 B.C. Ltd.,
|
|
|
|
10.00%, 4/15/32 (1)
|
8,500
|
8,575
|
|
Bausch Health Americas, Inc.,
|
|
|
|
9.25%, 4/1/26 (1)
|
3,520
|
3,498
|
|
8.50%, 1/31/27 (1)
|
11,455
|
10,911
|
|
Bausch Health Cos., Inc.,
|
|
|
|
4.88%, 6/1/28 (1)
|
4,205
|
3,547
|
|
Organon & Co./Organon Foreign Debt
Co-Issuer B.V.,
|
|
|
|
5.13%, 4/30/31 (1)
|
9,775
|
8,483
|
|
|
|
35,014
|
|
Cable & Satellite – 4.5%
|
||
|
CCO Holdings LLC/CCO Holdings
Capital Corp.,
|
|
|
|
5.00%, 2/1/28 (1)
|
20,652
|
20,462
|
|
4.25%, 2/1/31 (1)
|
9,935
|
9,281
|
|
4.75%, 2/1/32 (1)
|
14,295
|
13,559
|
|
4.50%, 6/1/33 (1)
|
9,815
|
8,971
|
|
4.25%, 1/15/34 (1) †
|
4,906
|
4,367
|
|
CSC Holdings LLC,
|
|
|
|
11.75%, 1/31/29 (1)
|
3,025
|
2,877
|
|
6.50%, 2/1/29 (1)
|
10,985
|
8,932
|
|
5.75%, 1/15/30 (1)
|
7,445
|
3,682
|
|
4.63%, 12/1/30 (1)
|
3,735
|
1,737
|
|
Directv Financing LLC/Directv Financing
Co-Obligor, Inc.,
|
|
|
|
5.88%, 8/15/27 (1)
|
9,645
|
9,614
|
|
DISH DBS Corp.,
|
|
|
|
7.75%, 7/1/26 †
|
9,155
|
8,132
|
|
Schedule of Investments
|
|
HIGH YIELD FIXED INCOME FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 81.7% continued
|
||
|
Cable & Satellite – 4.5%continued
|
||
|
5.25%, 12/1/26 (1) †
|
$8,257
|
$7,493
|
|
DISH Network Corp.,
|
|
|
|
11.75%, 11/15/27 (1)
|
2,420
|
2,495
|
|
LCPR Senior Secured Financing DAC,
|
|
|
|
6.75%, 10/15/27 (1)
|
4,613
|
3,107
|
|
5.13%, 7/15/29 (1)
|
2,255
|
1,329
|
|
Midcontinent Communications,
|
|
|
|
8.00%, 8/15/32 (1) †
|
2,380
|
2,519
|
|
|
|
108,557
|
|
Chemicals – 1.3%
|
||
|
Celanese U.S. Holdings LLC,
|
|
|
|
6.50%, 4/15/30
|
3,060
|
3,132
|
|
6.75%, 4/15/33 †
|
4,260
|
4,304
|
|
CVR Partners L.P./CVR Nitrogen
Finance Corp.,
|
|
|
|
6.13%, 6/15/28 (1)
|
3,260
|
3,256
|
|
Illuminate Buyer LLC/Illuminate
Holdings IV, Inc.,
|
|
|
|
9.00%, 7/1/28 (1)
|
3,990
|
4,009
|
|
LSB Industries, Inc.,
|
|
|
|
6.25%, 10/15/28 (1) †
|
7,720
|
7,664
|
|
Mativ Holdings, Inc.,
|
|
|
|
8.00%, 10/1/29 (1) †
|
7,275
|
6,592
|
|
Olympus Water U.S. Holding Corp.,
|
|
|
|
7.13%, 10/1/27 (1)
|
3,265
|
3,325
|
|
|
|
32,282
|
|
Commercial Support Services – 2.7%
|
||
|
ADT Security (The) Corp.,
|
|
|
|
4.13%, 8/1/29 (1)
|
3,285
|
3,173
|
|
Allied Universal Holdco LLC,
|
|
|
|
7.88%, 2/15/31 (1)
|
5,170
|
5,401
|
|
Brink's (The) Co.,
|
|
|
|
6.50%, 6/15/29 (1)
|
4,228
|
4,358
|
|
Deluxe Corp.,
|
|
|
|
8.13%, 9/15/29 (1)
|
1,240
|
1,280
|
|
GFL Environmental, Inc.,
|
|
|
|
6.75%, 1/15/31 (1)
|
5,695
|
5,959
|
|
OT Midco, Inc.,
|
|
|
|
10.00%, 2/15/30 (1) †
|
4,000
|
3,087
|
|
Prime Security Services
Borrower LLC/Prime Finance, Inc.,
|
|
|
|
6.25%, 1/15/28 (1)
|
9,090
|
9,104
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 81.7% continued
|
||
|
Commercial Support Services – 2.7%continued
|
||
|
Raven Acquisition Holdings LLC,
|
|
|
|
6.88%, 11/15/31 (1)
|
$8,351
|
$8,351
|
|
Reworld Holding Corp.,
|
|
|
|
5.00%, 9/1/30
|
5,185
|
4,901
|
|
RR Donnelley & Sons Co.,
|
|
|
|
9.50%, 8/1/29 (1)
|
2,835
|
2,835
|
|
VM Consolidated, Inc.,
|
|
|
|
5.50%, 4/15/29 (1)
|
3,530
|
3,466
|
|
VT Topco, Inc.,
|
|
|
|
8.50%, 8/15/30 (1)
|
6,720
|
7,086
|
|
Williams Scotsman, Inc.,
|
|
|
|
6.63%, 6/15/29 (1)
|
3,060
|
3,141
|
|
ZipRecruiter, Inc.,
|
|
|
|
5.00%, 1/15/30 (1)
|
1,749
|
1,493
|
|
|
|
63,635
|
|
Construction Materials – 1.1%
|
||
|
Quikrete Holdings, Inc.,
|
|
|
|
6.38%, 3/1/32 (1)
|
8,650
|
8,895
|
|
6.75%, 3/1/33 (1)
|
11,150
|
11,505
|
|
Smyrna Ready Mix Concrete LLC,
|
|
|
|
8.88%, 11/15/31 (1)
|
3,530
|
3,701
|
|
Standard Industries, Inc.,
|
|
|
|
3.38%, 1/15/31 (1)
|
3,320
|
2,977
|
|
|
|
27,078
|
|
Consumer Non-Cyclical – 0.5%
|
||
|
Prime Healthcare Services, Inc.,
|
|
|
|
9.38%, 9/1/29(1) †
|
10,990
|
10,908
|
|
Consumer Services – 0.3%
|
||
|
PROG Holdings, Inc.,
|
|
|
|
6.00%, 11/15/29 (1)
|
2,755
|
2,645
|
|
StoneMor, Inc.,
|
|
|
|
8.50%, 5/15/29 (1)
|
6,070
|
5,554
|
|
|
|
8,199
|
|
Containers & Packaging – 0.5%
|
||
|
Ardagh Packaging Finance
PLC/Ardagh Holdings U.S.A., Inc.,
|
|
|
|
5.25%, 8/15/27 (1)
|
6,255
|
2,789
|
|
LABL, Inc.,
|
|
|
|
5.88%, 11/1/28 (1)
|
3,400
|
2,973
|
|
Mauser Packaging Solutions Holding
Co.,
|
|
|
|
9.25%, 4/15/27 (1)
|
2,897
|
2,877
|
|
|
June 30, 2025 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 81.7% continued
|
||
|
Containers & Packaging – 0.5%continued
|
||
|
Owens-Brockway Glass Container, Inc.,
|
|
|
|
7.25%, 5/15/31 (1)
|
$3,065
|
$3,141
|
|
|
|
11,780
|
|
Electric Utilities – 2.6%
|
||
|
Calpine Corp.,
|
|
|
|
5.13%, 3/15/28 (1)
|
7,022
|
7,014
|
|
5.00%, 2/1/31 (1)
|
3,195
|
3,161
|
|
Lightning Power LLC,
|
|
|
|
7.25%, 8/15/32 (1)
|
4,230
|
4,452
|
|
NRG Energy, Inc.,
|
|
|
|
5.75%, 1/15/28
|
7,565
|
7,603
|
|
5.75%, 7/15/29 (1)
|
4,320
|
4,326
|
|
3.88%, 2/15/32 (1)
|
4,342
|
3,987
|
|
6.25%, 11/1/34 (1)
|
6,340
|
6,460
|
|
Pattern Energy Operations L.P./Pattern
Energy Operations, Inc.,
|
|
|
|
4.50%, 8/15/28 (1)
|
3,720
|
3,604
|
|
Talen Energy Supply LLC,
|
|
|
|
8.63%, 6/1/30 (1)
|
3,435
|
3,681
|
|
Vistra Operations Co. LLC,
|
|
|
|
5.63%, 2/15/27 (1)
|
5,510
|
5,514
|
|
4.38%, 5/1/29 (1)
|
4,455
|
4,342
|
|
6.88%, 4/15/32 (1)
|
4,250
|
4,443
|
|
XPLR Infrastructure Operating Partners
L.P.,
|
|
|
|
8.38%, 1/15/31 (1) †
|
620
|
662
|
|
8.63%, 3/15/33 (1) †
|
1,895
|
2,031
|
|
|
|
61,280
|
|
Electrical Equipment – 0.4%
|
||
|
EMRLD Borrower L.P./Emerald
Co-Issuer, Inc.,
|
|
|
|
6.63%, 12/15/30(1)
|
9,800
|
10,017
|
|
Energy – 0.5%
|
||
|
Aethon United BR L.P./Aethon United
Finance Corp.,
|
|
|
|
7.50%, 10/1/29 (1)
|
4,135
|
4,337
|
|
Delek Logistics Partners L.P./Delek
Logistics Finance Corp.,
|
|
|
|
7.38%, 6/30/33 (1)
|
3,460
|
3,444
|
|
Tidewater, Inc.,
|
|
|
|
7/15/30 (1) (2)
|
2,070
|
2,130
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 81.7% continued
|
||
|
Energy – 0.5%continued
|
||
|
Venture Global Plaquemines LNG LLC,
|
|
|
|
6.50%, 1/15/34
|
$1,275
|
$1,291
|
|
6.75%, 1/15/36 (1)
|
1,290
|
1,290
|
|
|
|
12,492
|
|
Engineering & Construction – 0.5%
|
||
|
Arcosa, Inc.,
|
|
|
|
6.88%, 8/15/32 (1)
|
5,211
|
5,408
|
|
Brundage-Bone Concrete Pumping
Holdings, Inc.,
|
|
|
|
7.50%, 2/1/32 (1)
|
7,510
|
7,444
|
|
|
|
12,852
|
|
Entertainment Content – 1.2%
|
||
|
Allen Media LLC/Allen Media
Co-Issuer, Inc.,
|
|
|
|
10.50%, 2/15/28 (1)
|
12,035
|
4,513
|
|
AMC Networks, Inc.,
|
|
|
|
7/15/32 (1) (2)
|
3,470
|
3,516
|
|
TEGNA, Inc.,
|
|
|
|
5.00%, 9/15/29
|
9,257
|
8,842
|
|
Univision Communications, Inc.,
|
|
|
|
7.38%, 6/30/30 (1)
|
4,843
|
4,760
|
|
8.50%, 7/31/31 (1)
|
7,390
|
7,398
|
|
|
|
29,029
|
|
Food – 1.2%
|
||
|
Fiesta Purchaser, Inc.,
|
|
|
|
7.88%, 3/1/31 (1)
|
8,605
|
9,132
|
|
9.63%, 9/15/32 (1) †
|
5,375
|
5,671
|
|
Post Holdings, Inc.,
|
|
|
|
4.50%, 9/15/31 (1)
|
2,111
|
1,959
|
|
6.25%, 2/15/32 (1)
|
7,354
|
7,558
|
|
Simmons Foods, Inc./Simmons
Prepared Foods, Inc./Simmons Pet
Food, Inc./Simmons Feed,
|
|
|
|
4.63%, 3/1/29 (1)
|
3,672
|
3,467
|
|
|
|
27,787
|
|
Forestry, Paper & Wood Products – 0.4%
|
||
|
Magnera Corp.,
|
|
|
|
4.75%, 11/15/29(1)
|
10,617
|
9,382
|
|
Gas & Water Utilities – 0.2%
|
||
|
AmeriGas Partners L.P./AmeriGas
Finance Corp.,
|
|
|
|
9.50%, 6/1/30(1)
|
4,865
|
5,047
|
|
Schedule of Investments
|
|
HIGH YIELD FIXED INCOME FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 81.7% continued
|
||
|
Health Care Facilities & Services – 3.4%
|
||
|
AdaptHealth LLC,
|
|
|
|
5.13%, 3/1/30 (1)
|
$7,535
|
$7,159
|
|
CHS/Community Health Systems, Inc.,
|
|
|
|
5.63%, 3/15/27 (1)
|
5,065
|
4,989
|
|
6.88%, 4/15/29 (1)
|
2,125
|
1,695
|
|
6.13%, 4/1/30 (1) †
|
4,695
|
3,472
|
|
10.88%, 1/15/32 (1)
|
11,055
|
11,717
|
|
CVS Health Corp.,
|
|
|
|
(Variable, U.S. Treasury Yield Curve
Rate CMT 5Y + 2.52%), 6.75%,
12/10/54 (3)
|
5,635
|
5,647
|
|
DaVita, Inc.,
|
|
|
|
6.88%, 9/1/32 (1)
|
4,150
|
4,300
|
|
6.75%, 7/15/33 (1)
|
2,960
|
3,057
|
|
HealthEquity, Inc.,
|
|
|
|
4.50%, 10/1/29 (1) †
|
5,910
|
5,746
|
|
LifePoint Health, Inc.,
|
|
|
|
9.88%, 8/15/30 (1)
|
4,025
|
4,354
|
|
10.00%, 6/1/32 (1)
|
2,725
|
2,811
|
|
Star Parent, Inc.,
|
|
|
|
9.00%, 10/1/30 (1)
|
10,001
|
10,519
|
|
Surgery Center Holdings, Inc.,
|
|
|
|
7.25%, 4/15/32 (1) †
|
7,626
|
7,771
|
|
Tenet Healthcare Corp.,
|
|
|
|
4.38%, 1/15/30
|
7,127
|
6,899
|
|
|
|
80,136
|
|
Home & Office Products – 0.8%
|
||
|
CD&R Smokey Buyer, Inc./Radio
Systems Corp.,
|
|
|
|
9.50%, 10/15/29 (1)
|
1,715
|
1,397
|
|
FXI Holdings, Inc.,
|
|
|
|
12.25%, 11/15/26 (1) †
|
7,354
|
6,462
|
|
Newell Brands, Inc.,
|
|
|
|
6.63%, 5/15/32 †
|
2,860
|
2,728
|
|
6.88%, 4/1/36
|
9,065
|
8,688
|
|
|
|
19,275
|
|
Home Construction – 1.2%
|
||
|
Beazer Homes U.S.A., Inc.,
|
|
|
|
5.88%, 10/15/27
|
5,810
|
5,821
|
|
KB Home,
|
|
|
|
7.25%, 7/15/30
|
4,030
|
4,170
|
|
LGI Homes, Inc.,
|
|
|
|
8.75%, 12/15/28 (1)
|
2,380
|
2,474
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 81.7% continued
|
||
|
Home Construction – 1.2%continued
|
||
|
4.00%, 7/15/29 (1) †
|
$5,905
|
$5,284
|
|
M/I Homes, Inc.,
|
|
|
|
3.95%, 2/15/30
|
5,135
|
4,803
|
|
New Home (The) Co., Inc.,
|
|
|
|
8.50%, 11/1/30 (1)
|
5,325
|
5,423
|
|
|
|
27,975
|
|
Household Products – 0.1%
|
||
|
Perrigo Finance Unlimited Co.,
|
|
|
|
4.90%, 6/15/30
|
340
|
334
|
|
6.13%, 9/30/32
|
3,010
|
3,039
|
|
|
|
3,373
|
|
Industrial Intermediate Products – 0.4%
|
||
|
Anagram Holdings LLC/Anagram
International, Inc.,
|
|
|
|
10.00%, 8/15/26 (1) (4) (5)
|
2,819
|
48
|
|
Chart Industries, Inc.,
|
|
|
|
7.50%, 1/1/30 (1)
|
6,150
|
6,439
|
|
9.50%, 1/1/31 (1)
|
2,915
|
3,111
|
|
|
|
9,598
|
|
Industrial Support Services – 1.2%
|
||
|
EquipmentShare.com, Inc.,
|
|
|
|
8.63%, 5/15/32 (1)
|
2,965
|
3,151
|
|
8.00%, 3/15/33 (1)
|
7,230
|
7,574
|
|
Herc Holdings, Inc.,
|
|
|
|
7.00%, 6/15/30 (1)
|
4,080
|
4,261
|
|
7.25%, 6/15/33 (1)
|
2,915
|
3,054
|
|
NESCO Holdings II, Inc.,
|
|
|
|
5.50%, 4/15/29 (1)
|
3,365
|
3,278
|
|
United Rentals North America, Inc.,
|
|
|
|
3.75%, 1/15/32
|
3,835
|
3,523
|
|
6.13%, 3/15/34 (1)
|
2,730
|
2,812
|
|
|
|
27,653
|
|
Institutional Financial Services – 0.8%
|
||
|
Aretec Group, Inc.,
|
|
|
|
7.50%, 4/1/29 (1)
|
3,742
|
3,789
|
|
10.00%, 8/15/30 (1)
|
3,260
|
3,582
|
|
Armor Holdco, Inc.,
|
|
|
|
8.50%, 11/15/29 (1)
|
4,145
|
3,973
|
|
Coinbase Global, Inc.,
|
|
|
|
3.63%, 10/1/31 (1)
|
6,025
|
5,365
|
|
|
June 30, 2025 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 81.7% continued
|
||
|
Institutional Financial Services – 0.8%continued
|
||
|
Stonex Escrow Issuer LLC,
|
|
|
|
7/15/32 (1) (2)
|
$1,695
|
$1,712
|
|
|
|
18,421
|
|
Insurance – 1.1%
|
||
|
Acrisure LLC/Acrisure Finance, Inc.,
|
|
|
|
8.25%, 2/1/29 (1)
|
1,710
|
1,770
|
|
4.25%, 2/15/29 (1)
|
4,410
|
4,232
|
|
Alliant Holdings
Intermediate LLC/Alliant Holdings
Co-Issuer,
|
|
|
|
6.50%, 10/1/31 (1)
|
7,900
|
8,047
|
|
7.38%, 10/1/32 (1)
|
2,765
|
2,850
|
|
Panther Escrow Issuer LLC,
|
|
|
|
7.13%, 6/1/31 (1)
|
9,505
|
9,873
|
|
|
|
26,772
|
|
Internet Media & Services – 0.2%
|
||
|
GrubHub Holdings, Inc.,
|
|
|
|
5.50%, 7/1/27(1) †
|
5,780
|
5,609
|
|
IT Services – 0.3%
|
||
|
Insight Enterprises, Inc.,
|
|
|
|
6.63%, 5/15/32 (1)
|
3,745
|
3,858
|
|
Virtusa Corp.,
|
|
|
|
7.13%, 12/15/28 (1)
|
2,650
|
2,526
|
|
|
|
6,384
|
|
Leisure Facilities & Services – 5.1%
|
||
|
Boyne U.S.A., Inc.,
|
|
|
|
4.75%, 5/15/29 (1)
|
5,155
|
5,002
|
|
Caesars Entertainment, Inc.,
|
|
|
|
7.00%, 2/15/30 (1)
|
3,690
|
3,821
|
|
6.50%, 2/15/32 (1)
|
6,642
|
6,816
|
|
Carnival Corp.,
|
|
|
|
5.75%, 3/1/27 (1)
|
8,315
|
8,384
|
|
Everi Holdings, Inc.,
|
|
|
|
5.00%, 7/15/29 (1)
|
5,280
|
5,335
|
|
Fertitta Entertainment LLC/Fertitta
Entertainment Finance Co., Inc.,
|
|
|
|
6.75%, 1/15/30 (1) †
|
4,060
|
3,747
|
|
Full House Resorts, Inc.,
|
|
|
|
8.25%, 2/15/28 (1) †
|
8,261
|
8,027
|
|
GPS Hospitality Holding Co. LLC/GPS
Finco, Inc.,
|
|
|
|
7.00%, 8/15/28 (1)
|
6,555
|
3,802
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 81.7% continued
|
||
|
Leisure Facilities & Services – 5.1%continued
|
||
|
Jacobs Entertainment, Inc.,
|
|
|
|
6.75%, 2/15/29 (1)
|
$3,980
|
$3,831
|
|
Light & Wonder International, Inc.,
|
|
|
|
7.00%, 5/15/28 (1)
|
7,023
|
7,043
|
|
Lindblad Expeditions LLC,
|
|
|
|
6.75%, 2/15/27 (1)
|
7,280
|
7,323
|
|
NCL Corp. Ltd.,
|
|
|
|
5.88%, 3/15/26 (1)
|
996
|
997
|
|
5.88%, 2/15/27 (1)
|
4,805
|
4,825
|
|
6.25%, 3/1/30 (1)
|
4,975
|
5,017
|
|
6.75%, 2/1/32 (1) †
|
10,110
|
10,329
|
|
Penn Entertainment, Inc.,
|
|
|
|
4.13%, 7/1/29 (1) †
|
4,805
|
4,452
|
|
Premier Entertainment Sub LLC/Premier
Entertainment Finance Corp.,
|
|
|
|
5.88%, 9/1/31 (1)
|
2,190
|
1,199
|
|
Sabre GLBL, Inc.,
|
|
|
|
8.63%, 6/1/27 (1)
|
8,991
|
9,205
|
|
11.13%, 7/15/30 (1)
|
4,015
|
4,200
|
|
Scientific Games Holdings L.P.,Scientific
Games U.S. FinCo, Inc.,
|
|
|
|
6.63%, 3/1/30 (1)
|
2,565
|
2,472
|
|
Viking Cruises Ltd.,
|
|
|
|
5.88%, 9/15/27 (1)
|
10,075
|
10,081
|
|
7.00%, 2/15/29 (1)
|
5,680
|
5,730
|
|
|
|
121,638
|
|
Leisure Products – 0.4%
|
||
|
Acushnet Co.,
|
|
|
|
7.38%, 10/15/28 (1)
|
3,530
|
3,680
|
|
Thor Industries, Inc.,
|
|
|
|
4.00%, 10/15/29 (1) †
|
6,390
|
5,988
|
|
|
|
9,668
|
|
Machinery – 1.1%
|
||
|
Amsted Industries, Inc.,
|
|
|
|
6.38%, 3/15/33 (1)
|
3,580
|
3,639
|
|
Madison IAQ LLC,
|
|
|
|
4.13%, 6/30/28 (1)
|
4,540
|
4,410
|
|
5.88%, 6/30/29 (1)
|
3,070
|
3,020
|
|
Manitowoc (The) Co., Inc.,
|
|
|
|
9.25%, 10/1/31 (1)
|
2,895
|
3,047
|
|
Maxim Crane Works Holdings
Capital LLC,
|
|
|
|
11.50%, 9/1/28 (1)
|
6,655
|
7,025
|
|
Schedule of Investments
|
|
HIGH YIELD FIXED INCOME FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 81.7% continued
|
||
|
Machinery – 1.1%continued
|
||
|
Titan International, Inc.,
|
|
|
|
7.00%, 4/30/28
|
$5,145
|
$5,166
|
|
|
|
26,307
|
|
Medical Equipment & Devices – 0.5%
|
||
|
Medline Borrower L.P.,
|
|
|
|
3.88%, 4/1/29 (1)
|
5,352
|
5,134
|
|
5.25%, 10/1/29 (1)
|
6,860
|
6,806
|
|
|
|
11,940
|
|
Metals & Mining – 1.1%
|
||
|
Alcoa Nederland Holding B.V.,
|
|
|
|
7.13%, 3/15/31 (1)
|
7,030
|
7,378
|
|
Alliance Resource Operating Partners
L.P./Alliance Resource Finance
Corp.,
|
|
|
|
8.63%, 6/15/29 (1)
|
2,900
|
3,082
|
|
Alumina Pty. Ltd.,
|
|
|
|
6.38%, 9/15/32 (1)
|
3,623
|
3,691
|
|
Constellium S.E.,
|
|
|
|
3.75%, 4/15/29 (1)
|
2,785
|
2,617
|
|
6.38%, 8/15/32 (1)
|
8,803
|
8,950
|
|
|
|
25,718
|
|
Oil & Gas Services & Equipment – 1.3%
|
||
|
Nabors Industries Ltd.,
|
|
|
|
7.50%, 1/15/28 (1) †
|
790
|
705
|
|
Nabors Industries, Inc.,
|
|
|
|
7.38%, 5/15/27 (1)
|
1,570
|
1,550
|
|
9.13%, 1/31/30 (1) †
|
1,375
|
1,316
|
|
8.88%, 8/15/31 (1) †
|
1,591
|
1,182
|
|
Noble Finance II LLC,
|
|
|
|
8.00%, 4/15/30 (1)
|
3,495
|
3,559
|
|
Oceaneering International, Inc.,
|
|
|
|
6.00%, 2/1/28
|
5,895
|
5,944
|
|
6.00%, 2/1/28
|
1,612
|
1,625
|
|
Transocean Aquila Ltd.,
|
|
|
|
8.00%, 9/30/28 (1)
|
1,712
|
1,725
|
|
Transocean Poseidon Ltd.,
|
|
|
|
6.88%, 2/1/27 (1)
|
3,266
|
3,271
|
|
Transocean Titan Financing Ltd.,
|
|
|
|
8.38%, 2/1/28 (1)
|
1,217
|
1,236
|
|
Transocean, Inc.,
|
|
|
|
8.75%, 2/15/30 (1)
|
3,316
|
3,410
|
|
8.50%, 5/15/31 (1)
|
1,460
|
1,303
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 81.7% continued
|
||
|
Oil & Gas Services & Equipment – 1.3%continued
|
||
|
U.S.A. Compression Partners
L.P./U.S.A. Compression Finance
Corp.,
|
|
|
|
7.13%, 3/15/29 (1)
|
$4,560
|
$4,674
|
|
|
|
31,500
|
|
Oil & Gas Supply Chain – 10.0%
|
||
|
California Resources Corp.,
|
|
|
|
7.13%, 2/1/26 (1)
|
854
|
855
|
|
CITGO Petroleum Corp.,
|
|
|
|
6.38%, 6/15/26 (1)
|
8,289
|
8,285
|
|
8.38%, 1/15/29 (1)
|
2,800
|
2,912
|
|
Civitas Resources, Inc.,
|
|
|
|
8.38%, 7/1/28 (1)
|
3,565
|
3,650
|
|
8.63%, 11/1/30 (1)
|
2,880
|
2,924
|
|
8.75%, 7/1/31 (1)
|
3,780
|
3,822
|
|
9.63%, 6/15/33 (1)
|
3,490
|
3,578
|
|
CNX Resources Corp.,
|
|
|
|
7.38%, 1/15/31 (1)
|
2,795
|
2,915
|
|
7.25%, 3/1/32 (1)
|
5,330
|
5,519
|
|
Comstock Resources, Inc.,
|
|
|
|
6.75%, 3/1/29 (1)
|
3,230
|
3,237
|
|
6.75%, 3/1/29 (1)
|
1,990
|
1,984
|
|
Crescent Energy Finance LLC,
|
|
|
|
9.25%, 2/15/28 (1)
|
5,155
|
5,373
|
|
7.63%, 4/1/32 (1)
|
4,315
|
4,213
|
|
CVR Energy, Inc.,
|
|
|
|
8.50%, 1/15/29 (1)
|
2,606
|
2,607
|
|
Delek Logistics Partners L.P./Delek
Logistics Finance Corp.,
|
|
|
|
7.13%, 6/1/28 (1)
|
2,310
|
2,320
|
|
8.63%, 3/15/29 (1)
|
5,785
|
6,004
|
|
EQT Corp.,
|
|
|
|
6.38%, 4/1/29 (1)
|
3,745
|
3,863
|
|
7.50%, 6/1/30 (1)
|
3,405
|
3,742
|
|
FTAI Infra Escrow Holdings LLC,
|
|
|
|
10.50%, 6/1/27 (1)
|
7,040
|
7,325
|
|
Genesis Energy L.P./Genesis Energy
Finance Corp.,
|
|
|
|
8.25%, 1/15/29
|
5,500
|
5,751
|
|
Global Partners L.P./GLP Finance
Corp.,
|
|
|
|
6.88%, 1/15/29
|
3,625
|
3,681
|
|
7.13%, 7/1/33 (1)
|
2,005
|
2,033
|
|
|
June 30, 2025 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 81.7% continued
|
||
|
Oil & Gas Supply Chain – 10.0%continued
|
||
|
Harvest Midstream I L.P.,
|
|
|
|
7.50%, 9/1/28 (1)
|
$2,800
|
$2,848
|
|
Hilcorp Energy I L.P./Hilcorp Finance
Co.,
|
|
|
|
6.25%, 11/1/28 (1)
|
5,952
|
5,966
|
|
8.38%, 11/1/33 (1)
|
1,540
|
1,598
|
|
ITT Holdings LLC,
|
|
|
|
6.50%, 8/1/29 (1)
|
7,895
|
7,508
|
|
Martin Midstream Partners L.P./Martin
Midstream Finance Corp.,
|
|
|
|
11.50%, 2/15/28 (1)
|
5,385
|
5,660
|
|
Murphy Oil Corp.,
|
|
|
|
6.00%, 10/1/32
|
3,585
|
3,418
|
|
NGL Energy Operating LLC/NGL
Energy Finance Corp.,
|
|
|
|
8.38%, 2/15/32 (1)
|
13,488
|
13,529
|
|
Northern Oil & Gas, Inc.,
|
|
|
|
8.13%, 3/1/28 (1)
|
3,515
|
3,546
|
|
NuStar Logistics L.P.,
|
|
|
|
6.00%, 6/1/26
|
4,165
|
4,181
|
|
PBF Holding Co. LLC/PBF Finance
Corp.,
|
|
|
|
6.00%, 2/15/28
|
6,448
|
6,166
|
|
Permian Resources Operating LLC,
|
|
|
|
8.00%, 4/15/27 (1)
|
4,575
|
4,677
|
|
Range Resources Corp.,
|
|
|
|
8.25%, 1/15/29
|
3,935
|
4,051
|
|
Rockies Express Pipeline LLC,
|
|
|
|
6.75%, 3/15/33 (1)
|
1,470
|
1,534
|
|
SM Energy Co.,
|
|
|
|
6.75%, 8/1/29 (1)
|
6,669
|
6,644
|
|
7.00%, 8/1/32 (1)
|
3,555
|
3,503
|
|
Sunoco L.P.,
|
|
|
|
7.00%, 5/1/29 (1)
|
4,145
|
4,317
|
|
6.25%, 7/1/33 (1)
|
1,385
|
1,408
|
|
Sunoco L.P./Sunoco Finance Corp.,
|
|
|
|
4.50%, 5/15/29
|
2,733
|
2,653
|
|
4.50%, 4/30/30
|
3,670
|
3,529
|
|
Tallgrass Energy Partners L.P./Tallgrass
Energy Finance Corp.,
|
|
|
|
7.38%, 2/15/29 (1)
|
6,760
|
6,948
|
|
Talos Production, Inc.,
|
|
|
|
9.00%, 2/1/29 (1)
|
1,300
|
1,331
|
|
9.38%, 2/1/31 (1)
|
7,450
|
7,606
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 81.7% continued
|
||
|
Oil & Gas Supply Chain – 10.0%continued
|
||
|
TransMontaigne Partners LLC,
|
|
|
|
8.50%, 6/15/30 (1)
|
$6,855
|
$7,131
|
|
Venture Global LNG, Inc.,
|
|
|
|
9.50%, 2/1/29 (1)
|
17,963
|
19,569
|
|
8.38%, 6/1/31 (1)
|
13,653
|
14,181
|
|
Vital Energy, Inc.,
|
|
|
|
7.75%, 7/31/29 (1)
|
8,372
|
7,394
|
|
7.88%, 4/15/32 (1) †
|
790
|
675
|
|
|
|
238,164
|
|
Publishing & Broadcasting – 1.8%
|
||
|
Beasley Mezzanine Holdings LLC,
|
|
|
|
9.20%, 8/1/28 (1)
|
5,830
|
1,020
|
|
Clear Channel Outdoor Holdings, Inc.,
|
|
|
|
5.13%, 8/15/27 (1)
|
4,990
|
4,933
|
|
7.50%, 6/1/29 (1) †
|
5,471
|
5,060
|
|
7.88%, 4/1/30 (1)
|
2,260
|
2,333
|
|
Cumulus Media New Holdings, Inc.,
|
|
|
|
8.00%, 7/1/29 (1)
|
5,760
|
1,584
|
|
Gray Media, Inc.,
|
|
|
|
7.00%, 5/15/27 (1) †
|
4,625
|
4,623
|
|
10.50%, 7/15/29 (1) †
|
5,146
|
5,528
|
|
5.38%, 11/15/31 (1) †
|
4,446
|
3,334
|
|
iHeartCommunications, Inc.,
|
|
|
|
10.88%, 5/1/30 (1)
|
2,381
|
1,167
|
|
7.75%, 8/15/30 (1) †
|
3,106
|
2,395
|
|
McGraw-Hill Education, Inc.,
|
|
|
|
7.38%, 9/1/31 (1)
|
5,860
|
6,113
|
|
Nexstar Media, Inc.,
|
|
|
|
5.63%, 7/15/27 (1)
|
4,005
|
3,996
|
|
|
|
42,086
|
|
Real Estate Investment Trusts – 2.0%
|
||
|
Brookfield Property REIT, Inc./BPR
Cumulus LLC/BPR Nimbus LLC/GGSI
Sellco LL,
|
|
|
|
4.50%, 4/1/27 (1)
|
3,563
|
3,467
|
|
Global Net Lease, Inc.,
|
|
|
|
4.50%, 9/30/28 (1)
|
5,480
|
5,310
|
|
IIP Operating Partnership L.P.,
|
|
|
|
5.50%, 5/25/26
|
5,215
|
5,072
|
|
Iron Mountain, Inc.,
|
|
|
|
4.88%, 9/15/29 (1)
|
8,004
|
7,863
|
|
Schedule of Investments
|
|
HIGH YIELD FIXED INCOME FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 81.7% continued
|
||
|
Real Estate Investment Trusts – 2.0%continued
|
||
|
MPT Operating Partnership L.P./MPT
Finance Corp.,
|
|
|
|
8.50%, 2/15/32 (1)
|
$600
|
$628
|
|
Park Intermediate Holdings LLC/PK
Domestic Property LLC/PK Finance
Co-Issuer,
|
|
|
|
4.88%, 5/15/29 (1)
|
2,765
|
2,679
|
|
Service Properties Trust,
|
|
|
|
5.50%, 12/15/27
|
6,535
|
6,475
|
|
Uniti Group L.P./Uniti Group Finance
2019, Inc./CSL Capital LLC,
|
|
|
|
10.50%, 2/15/28 (1)
|
2,550
|
2,703
|
|
6.50%, 2/15/29 (1) †
|
10,350
|
10,004
|
|
8.63%, 6/15/32 (1)
|
2,740
|
2,768
|
|
|
|
46,969
|
|
Renewable Energy – 0.2%
|
||
|
EnerSys,
|
|
|
|
6.63%, 1/15/32(1)
|
4,205
|
4,300
|
|
Retail - Consumer Staples – 0.2%
|
||
|
Albertsons Cos., Inc./Safeway,
Inc./New Albertsons
L.P./Albertsons LLC,
|
|
|
|
4.63%, 1/15/27(1)
|
4,150
|
4,124
|
|
Retail - Discretionary – 3.9%
|
||
|
Academy Ltd.,
|
|
|
|
6.00%, 11/15/27 (1)
|
6,010
|
6,025
|
|
Bath & Body Works, Inc.,
|
|
|
|
5.25%, 2/1/28
|
2,125
|
2,135
|
|
6.63%, 10/1/30 (1)
|
4,230
|
4,360
|
|
6.75%, 7/1/36
|
7,455
|
7,579
|
|
Builders FirstSource, Inc.,
|
|
|
|
6.75%, 5/15/35 (1)
|
1,760
|
1,812
|
|
Carvana Co.,
|
|
|
|
9.00%, 12/1/28 (1)
|
678
|
695
|
|
9.00%, 6/1/30 (1)
|
1,194
|
1,256
|
|
9.00%, 6/1/31 (1)
|
1,526
|
1,808
|
|
Evergreen Acqco 1 L.P./TVI, Inc.,
|
|
|
|
9.75%, 4/26/28 (1)
|
8,692
|
9,092
|
|
Ken Garff Automotive LLC,
|
|
|
|
4.88%, 9/15/28 (1)
|
5,235
|
5,168
|
|
LCM Investments Holdings II LLC,
|
|
|
|
4.88%, 5/1/29 (1)
|
4,011
|
3,900
|
|
Macy's Retail Holdings LLC,
|
|
|
|
5.88%, 3/15/30 (1) †
|
1,720
|
1,689
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 81.7% continued
|
||
|
Retail - Discretionary – 3.9%continued
|
||
|
4.50%, 12/15/34
|
$5,280
|
$4,215
|
|
Mavis Tire Express Services Topco
Corp.,
|
|
|
|
6.50%, 5/15/29 (1) †
|
7,014
|
6,889
|
|
Michaels (The) Cos., Inc.,
|
|
|
|
5.25%, 5/1/28 (1)
|
5,005
|
4,001
|
|
7.88%, 5/1/29 (1)
|
2,240
|
1,467
|
|
Patrick Industries, Inc.,
|
|
|
|
4.75%, 5/1/29 (1)
|
1,150
|
1,117
|
|
6.38%, 11/1/32 (1)
|
4,280
|
4,292
|
|
PetSmart, Inc./PetSmart Finance Corp.,
|
|
|
|
4.75%, 2/15/28 (1)
|
1,150
|
1,121
|
|
7.75%, 2/15/29 (1)
|
2,750
|
2,672
|
|
Saks Global Enterprises LLC,
|
|
|
|
11.00%, 12/15/29 (1)
|
5,000
|
1,875
|
|
Staples, Inc.,
|
|
|
|
10.75%, 9/1/29 (1)
|
7,510
|
7,108
|
|
Victoria's Secret & Co.,
|
|
|
|
4.63%, 7/15/29 (1)
|
4,945
|
4,615
|
|
Victra Holdings LLC/Victra Finance
Corp.,
|
|
|
|
8.75%, 9/15/29 (1) †
|
7,735
|
8,104
|
|
|
|
92,995
|
|
Semiconductors – 0.2%
|
||
|
Coherent Corp.,
|
|
|
|
5.00%, 12/15/29(1)
|
4,011
|
3,939
|
|
Software – 2.0%
|
||
|
Capstone Borrower, Inc.,
|
|
|
|
8.00%, 6/15/30 (1)
|
3,065
|
3,198
|
|
Castle U.S. Holding Corp.,
|
|
|
|
10.00%, 6/30/31 (1)
|
3,995
|
1,698
|
|
Central Parent, Inc./CDK Global, Inc.,
|
|
|
|
7.25%, 6/15/29 (1)
|
7,605
|
6,180
|
|
Cloud Software Group, Inc.,
|
|
|
|
6.50%, 3/31/29 (1)
|
6,965
|
7,030
|
|
9.00%, 9/30/29 (1)
|
6,740
|
6,986
|
|
8.25%, 6/30/32 (1)
|
3,990
|
4,246
|
|
CoreWeave, Inc.,
|
|
|
|
9.25%, 6/1/30 (1)
|
5,830
|
5,960
|
|
GoTo Group, Inc.,
|
|
|
|
5.50%, 5/1/28 (1)
|
2,022
|
1,658
|
|
|
June 30, 2025 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 81.7% continued
|
||
|
Software – 2.0%continued
|
||
|
Helios Software Holdings, Inc./ION
Corporate Solutions Finance S.a.r.l.,
|
|
|
|
8.75%, 5/1/29 (1)
|
$3,835
|
$3,945
|
|
McAfee Corp.,
|
|
|
|
7.38%, 2/15/30 (1) †
|
4,720
|
4,458
|
|
UKG, Inc.,
|
|
|
|
6.88%, 2/1/31 (1)
|
3,320
|
3,445
|
|
|
|
48,804
|
|
Specialty Finance – 8.4%
|
||
|
Ally Financial, Inc.,
|
|
|
|
(Variable, U.S. Treasury Yield Curve
Rate CMT 5Y + 3.87%), 4.70%,
5/15/26 (3) (6)
|
5,605
|
5,412
|
|
(Variable, U.S. Treasury Yield Curve
Rate CMT 7Y + 3.48%), 4.70%,
5/15/28 (3) (6)
|
1,515
|
1,359
|
|
Blackstone Mortgage Trust, Inc.,
|
|
|
|
7.75%, 12/1/29 (1)
|
2,200
|
2,340
|
|
Boost Newco Borrower LLC,
|
|
|
|
7.50%, 1/15/31 (1)
|
6,430
|
6,826
|
|
Burford Capital Global Finance LLC,
|
|
|
|
6.88%, 4/15/30 (1)
|
7,929
|
7,921
|
|
9.25%, 7/1/31 (1)
|
6,440
|
6,778
|
|
Capital One Financial Corp.,
|
|
|
|
(Variable, CME Term SOFR 3M +
3.34%), 5.50%, 10/30/27 (3)
|
5,575
|
5,503
|
|
CPI CG, Inc.,
|
|
|
|
10.00%, 7/15/29 (1)
|
5,845
|
6,159
|
|
Credit Acceptance Corp.,
|
|
|
|
9.25%, 12/15/28 (1)
|
3,630
|
3,843
|
|
Encore Capital Group, Inc.,
|
|
|
|
9.25%, 4/1/29 (1)
|
3,065
|
3,259
|
|
8.50%, 5/15/30 (1) †
|
6,310
|
6,768
|
|
Enova International, Inc.,
|
|
|
|
9.13%, 8/1/29 (1) †
|
8,180
|
8,612
|
|
EZCORP, Inc.,
|
|
|
|
7.38%, 4/1/32 (1)
|
2,540
|
2,674
|
|
Fair Isaac Corp.,
|
|
|
|
6.00%, 5/15/33 (1)
|
5,415
|
5,465
|
|
Fortress Transportation and
Infrastructure Investors LLC,
|
|
|
|
7.00%, 6/15/32 (1)
|
9,960
|
10,284
|
|
5.88%, 4/15/33 (1)
|
4,363
|
4,308
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 81.7% continued
|
||
|
Specialty Finance – 8.4%continued
|
||
|
Freedom Mortgage Corp.,
|
|
|
|
12.25%, 10/1/30 (1)
|
$4,605
|
$5,106
|
|
Freedom Mortgage Holdings LLC,
|
|
|
|
9.25%, 2/1/29 (1)
|
3,230
|
3,355
|
|
8.38%, 4/1/32 (1)
|
2,450
|
2,476
|
|
Jefferies Finance LLC/JFIN Co-Issuer
Corp.,
|
|
|
|
5.00%, 8/15/28 (1)
|
6,350
|
6,138
|
|
6.63%, 10/15/31 (1)
|
4,278
|
4,263
|
|
Jefferson Capital Holdings LLC,
|
|
|
|
6.00%, 8/15/26 (1)
|
7,235
|
7,199
|
|
9.50%, 2/15/29 (1)
|
3,115
|
3,288
|
|
8.25%, 5/15/30 (1)
|
1,238
|
1,283
|
|
JPR Royalty Sub LLC,
|
|
|
|
14.00%, 9/1/20 (1) (4) (5)
|
8,000
|
—
|
|
Ladder Capital Finance
Holdings LLLP/Ladder Capital
Finance Corp.,
|
|
|
|
4.25%, 2/1/27 (1)
|
9,035
|
8,908
|
|
LFS Topco LLC,
|
|
|
|
5.88%, 10/15/26 (1)
|
5,285
|
5,285
|
|
Midcap Financial Issuer Trust,
|
|
|
|
6.50%, 5/1/28 (1)
|
2,615
|
2,590
|
|
Nationstar Mortgage Holdings, Inc.,
|
|
|
|
6.50%, 8/1/29 (1)
|
5,747
|
5,870
|
|
Navient Corp.,
|
|
|
|
5.00%, 3/15/27
|
8,745
|
8,709
|
|
OneMain Finance Corp.,
|
|
|
|
7.50%, 5/15/31
|
5,955
|
6,222
|
|
PennyMac Financial Services, Inc.,
|
|
|
|
7.13%, 11/15/30 (1)
|
4,975
|
5,156
|
|
5.75%, 9/15/31 (1)
|
3,070
|
3,010
|
|
6.88%, 5/15/32 (1)
|
1,855
|
1,897
|
|
Planet Financial Group LLC,
|
|
|
|
10.50%, 12/15/29 (1)
|
5,945
|
5,951
|
|
Provident Funding Associates L.P./PFG
Finance Corp.,
|
|
|
|
9.75%, 9/15/29 (1)
|
860
|
904
|
|
Rfna L.P.,
|
|
|
|
7.88%, 2/15/30 (1) †
|
6,995
|
7,158
|
|
Rocket Cos., Inc.,
|
|
|
|
6.13%, 8/1/30 (1)
|
4,965
|
5,059
|
|
6.38%, 8/1/33 (1)
|
3,715
|
3,801
|
|
Schedule of Investments
|
|
HIGH YIELD FIXED INCOME FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 81.7% continued
|
||
|
Specialty Finance – 8.4%continued
|
||
|
Voyager Aviation Holdings LLC,
|
|
|
|
8.50%, 5/9/26 (1) (4) (5)
|
$2,552
|
$—
|
|
WEX, Inc.,
|
|
|
|
6.50%, 3/15/33 (1)
|
5,530
|
5,579
|
|
World Acceptance Corp.,
|
|
|
|
7.00%, 11/1/26 (1)
|
5,175
|
5,164
|
|
|
|
201,882
|
|
Steel – 0.3%
|
||
|
Cleveland-Cliffs, Inc.,
|
|
|
|
7.50%, 9/15/31 (1)
|
3,701
|
3,569
|
|
TMS International Corp.,
|
|
|
|
6.25%, 4/15/29 (1)
|
2,165
|
2,059
|
|
United States Steel Corp.,
|
|
|
|
6.88%, 3/1/29
|
1,019
|
1,028
|
|
|
|
6,656
|
|
Technology Hardware – 2.1%
|
||
|
CommScope LLC,
|
|
|
|
7.13%, 7/1/28 (1) †
|
1,372
|
1,348
|
|
9.50%, 12/15/31 (1)
|
6,450
|
6,755
|
|
CommScope Technologies LLC,
|
|
|
|
5.00%, 3/15/27 (1)
|
5,646
|
5,499
|
|
Imola Merger Corp.,
|
|
|
|
4.75%, 5/15/29 (1)
|
5,720
|
5,523
|
|
NCR Atleos Corp.,
|
|
|
|
9.50%, 4/1/29 (1)
|
10,984
|
12,031
|
|
Seagate HDD Cayman,
|
|
|
|
3.38%, 7/15/31
|
2,615
|
2,192
|
|
Viasat, Inc.,
|
|
|
|
5.63%, 4/15/27 (1)
|
6,455
|
6,430
|
|
6.50%, 7/15/28 (1) †
|
1,621
|
1,532
|
|
Zebra Technologies Corp.,
|
|
|
|
6.50%, 6/1/32 (1)
|
7,649
|
7,865
|
|
|
|
49,175
|
|
Telecommunications – 2.5%
|
||
|
C&W Senior Finance Ltd.,
|
|
|
|
9.00%, 1/15/33 (1)
|
5,015
|
5,128
|
|
EchoStar Corp.,
|
|
|
|
10.75%, 11/30/29
|
13,540
|
13,946
|
|
Frontier Communications Holdings LLC,
|
|
|
|
6.75%, 5/1/29 (1)
|
6,695
|
6,783
|
|
Hughes Satellite Systems Corp.,
|
|
|
|
6.63%, 8/1/26 †
|
2,475
|
1,762
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 81.7% continued
|
||
|
Telecommunications – 2.5%continued
|
||
|
Level 3 Financing, Inc.,
|
|
|
|
4.25%, 7/1/28 (1)
|
$9,811
|
$8,997
|
|
4.88%, 6/15/29 (1)
|
1,490
|
1,391
|
|
6.88%, 6/30/33 (1)
|
4,010
|
4,080
|
|
Sable International Finance Ltd.,
|
|
|
|
7.13%, 10/15/32 (1)
|
4,440
|
4,452
|
|
Windstream Services LLC/Windstream
Escrow Finance Corp.,
|
|
|
|
8.25%, 10/1/31 (1)
|
10,086
|
10,563
|
|
Zayo Group Holdings, Inc.,
|
|
|
|
6.13%, 3/1/28 (1)
|
4,285
|
3,698
|
|
|
|
60,800
|
|
Tobacco & Cannabis – 0.2%
|
||
|
Turning Point Brands, Inc.,
|
|
|
|
7.63%, 3/15/32(1)
|
5,685
|
5,952
|
|
Transportation & Logistics – 3.3%
|
||
|
Allegiant Travel Co.,
|
|
|
|
7.25%, 8/15/27 (1)
|
3,985
|
3,986
|
|
American Airlines, Inc.,
|
|
|
|
7.25%, 2/15/28 (1) †
|
1,870
|
1,910
|
|
8.50%, 5/15/29 (1)
|
2,572
|
2,697
|
|
American Airlines, Inc./AAdvantage
Loyalty IP Ltd.,
|
|
|
|
5.50%, 4/20/26 (1)
|
2,425
|
2,419
|
|
5.75%, 4/20/29 (1)
|
13,230
|
13,218
|
|
Beacon Mobility Corp.,
|
|
|
|
8/1/30 (1) (2)
|
3,740
|
3,819
|
|
First Student Bidco, Inc./First Transit
Parent, Inc.,
|
|
|
|
4.00%, 7/31/29 (1)
|
5,975
|
5,617
|
|
Genesee & Wyoming, Inc.,
|
|
|
|
6.25%, 4/15/32 (1)
|
2,935
|
2,995
|
|
JetBlue Airways Corp./JetBlue Loyalty
L.P.,
|
|
|
|
9.88%, 9/20/31 (1) †
|
2,890
|
2,812
|
|
Mileage Plus Holdings LLC/Mileage
Plus Intellectual Property Assets Ltd.,
|
|
|
|
6.50%, 6/20/27 (1)
|
2,078
|
2,081
|
|
OneSky Flight LLC,
|
|
|
|
8.88%, 12/15/29 (1)
|
6,725
|
7,002
|
|
Star Leasing Co. LLC,
|
|
|
|
7.63%, 2/15/30 (1)
|
5,845
|
5,796
|
|
Stonepeak Nile Parent LLC,
|
|
|
|
7.25%, 3/15/32 (1)
|
9,745
|
10,330
|
|
|
June 30, 2025 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 81.7% continued
|
||
|
Transportation & Logistics – 3.3%continued
|
||
|
United Airlines, Inc.,
|
|
|
|
4.63%, 4/15/29 (1)
|
$6,860
|
$6,659
|
|
XPO, Inc.,
|
|
|
|
7.13%, 6/1/31 (1)
|
8,204
|
8,576
|
|
|
|
79,917
|
|
Transportation Equipment – 0.2%
|
||
|
Trinity Industries, Inc.,
|
|
|
|
7.75%, 7/15/28(1)
|
5,022
|
5,231
|
|
Total Corporate Bonds
|
|
|
|
(Cost $1,984,683)
|
|
1,950,661
|
|
|
|
|
|
FOREIGN ISSUER BONDS – 14.2%
|
||
|
Aerospace & Defense – 0.8%
|
||
|
Bombardier, Inc.,
|
|
|
|
6.00%, 2/15/28 (1)
|
8,745
|
8,798
|
|
7.50%, 2/1/29 (1)
|
2,915
|
3,061
|
|
7.25%, 7/1/31 (1)
|
2,890
|
3,034
|
|
7.00%, 6/1/32 (1) †
|
1,871
|
1,948
|
|
6.75%, 6/15/33 (1)
|
2,445
|
2,533
|
|
|
|
19,374
|
|
Asset Management – 0.4%
|
||
|
CI Financial Corp.,
|
|
|
|
7.50%, 5/30/29 (1)
|
6,075
|
6,410
|
|
UBS Group A.G.,
|
|
|
|
(Variable, USD SOFR ICE Swap Rate
5Y + 3.08%), 7.00%,
2/10/30 (1) (3) (6)
|
2,850
|
2,835
|
|
|
|
9,245
|
|
Automotive – 0.6%
|
||
|
IHO Verwaltungs GmbH,
|
|
|
|
7.75%, (100% Cash),
11/15/30 (1) (7)
|
4,654
|
4,777
|
|
ZF North America Capital, Inc.,
|
|
|
|
7.13%, 4/14/30 (1)
|
5,525
|
5,402
|
|
6.88%, 4/23/32 (1)
|
4,275
|
3,951
|
|
|
|
14,130
|
|
Banking – 1.1%
|
||
|
Banco Bilbao Vizcaya Argentaria S.A.,
|
|
|
|
(Variable, U.S. Treasury Yield Curve
Rate CMT 5Y + 5.10%), 9.38%,
3/19/29 (3) (6)
|
3,775
|
4,166
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
FOREIGN ISSUER BONDS - 14.2% continued
|
||
|
Banking – 1.1%continued
|
||
|
Barclays PLC,
|
|
|
|
(Variable, USD SOFR ICE Swap Rate
5Y + 5.78%), 9.63%,
12/15/29 (3) (6)
|
$2,135
|
$2,371
|
|
BNP Paribas S.A.,
|
|
|
|
(Variable, U.S. Treasury Yield Curve
Rate CMT 5Y + 3.13%), 7.45%,
6/27/35 (1) (3) (6)
|
2,325
|
2,339
|
|
Deutsche Bank A.G.,
|
|
|
|
(Variable, U.S. Treasury Yield Curve
Rate CMT 5Y + 4.52%), 6.00%,
10/30/25 (3) (6)
|
3,200
|
3,186
|
|
NatWest Group PLC,
|
|
|
|
(Variable, U.S. Treasury Yield Curve
Rate CMT 5Y + 3.10%), 4.60%,
6/28/31 (3) (6)
|
499
|
438
|
|
(Variable, U.S. Treasury Yield Curve
Rate CMT 5Y + 3.75%), 8.13%,
11/10/33 (3) (6)
|
4,490
|
4,843
|
|
Societe Generale S.A.,
|
|
|
|
(Variable, U.S. Treasury Yield Curve
Rate CMT 5Y + 5.45%), 10.00%,
11/14/28 (1) (3) (6)
|
3,610
|
3,940
|
|
Swedbank AB,
|
|
|
|
(Variable, U.S. Treasury Yield Curve
Rate CMT 5Y + 3.59%), 7.63%,
3/17/28 (3) (6) (8)
|
5,475
|
5,715
|
|
|
|
26,998
|
|
Cable & Satellite – 0.3%
|
||
|
Ziggo Bond Co. B.V.,
|
|
|
|
5.13%, 2/28/30(1)
|
8,370
|
7,308
|
|
Chemicals – 0.5%
|
||
|
Cerdia Finanz GmbH,
|
|
|
|
9.38%, 10/3/31 (1)
|
7,770
|
8,053
|
|
Nufarm Australia Ltd./Nufarm
Americas, Inc.,
|
|
|
|
5.00%, 1/27/30 (1)
|
3,750
|
3,460
|
|
|
|
11,513
|
|
Containers & Packaging – 0.0%
|
||
|
ARD Finance S.A.,
|
|
|
|
6.50%, (100% Cash), 6/30/27(1) (7)
|
6,067
|
258
|
|
E-Commerce Discretionary – 0.1%
|
||
|
Rakuten Group, Inc.,
|
|
|
|
9.75%, 4/15/29(1)
|
2,947
|
3,228
|
|
Schedule of Investments
|
|
HIGH YIELD FIXED INCOME FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
FOREIGN ISSUER BONDS - 14.2% continued
|
||
|
Electric Utilities – 0.1%
|
||
|
California Buyer Ltd./Atlantica
Sustainable Infrastructure PLC,
|
|
|
|
6.38%, 2/15/32(1)
|
$3,540
|
$3,546
|
|
Electrical Equipment – 0.1%
|
||
|
TK Elevator U.S. Newco, Inc.,
|
|
|
|
5.25%, 7/15/27(1)
|
2,940
|
2,938
|
|
Food – 0.2%
|
||
|
Minerva Luxembourg S.A.,
|
|
|
|
4.38%, 3/18/31 (1)
|
3,720
|
3,316
|
|
Sigma Holdco B.V.,
|
|
|
|
7.88%, 5/15/26 (1)
|
1,453
|
1,453
|
|
|
|
4,769
|
|
Household Products – 0.1%
|
||
|
Kronos Acquisition Holdings, Inc.,
|
|
|
|
8.25%, 6/30/31(1) †
|
3,520
|
3,196
|
|
Industrial Support Services – 0.1%
|
||
|
Albion Financing 1 S.a.r.l./Aggreko
Holdings, Inc.,
|
|
|
|
7.00%, 5/21/30(1)
|
2,940
|
3,000
|
|
Insurance – 1.1%
|
||
|
Ardonagh Group Finance Ltd.,
|
|
|
|
8.88%, 2/15/32 (1)
|
11,302
|
11,892
|
|
Howden UK Refinance PLC/Howden
UK Refinance 2 PLC/Howden
U.S. Refinance LLC,
|
|
|
|
8.13%, 2/15/32 (1)
|
7,435
|
7,733
|
|
Jones Deslauriers Insurance
Management, Inc.,
|
|
|
|
10.50%, 12/15/30 (1)
|
5,532
|
5,896
|
|
|
|
25,521
|
|
Leisure Facilities & Services – 1.3%
|
||
|
1011778 B.C. ULC/New Red Finance,
Inc.,
|
|
|
|
4.00%, 10/15/30 (1)
|
4,410
|
4,110
|
|
Allwyn Entertainment Financing UK PLC,
|
|
|
|
7.88%, 4/30/29 (1)
|
3,220
|
3,351
|
|
Cruise Yacht Upper HoldCo Ltd.,
|
|
|
|
11.88%, 7/5/28
|
8,250
|
6,930
|
|
Flutter Treasury DAC,
|
|
|
|
5.88%, 6/4/31 (1)
|
2,878
|
2,900
|
|
Melco Resorts Finance Ltd.,
|
|
|
|
5.63%, 7/17/27 (1)
|
6,680
|
6,668
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
FOREIGN ISSUER BONDS - 14.2% continued
|
||
|
Leisure Facilities & Services – 1.3%continued
|
||
|
Studio City Finance Ltd.,
|
|
|
|
5.00%, 1/15/29 (1)
|
$6,510
|
$5,973
|
|
|
|
29,932
|
|
Machinery – 0.3%
|
||
|
Husky Injection Molding Systems
Ltd./Titan Co-Borrower LLC,
|
|
|
|
9.00%, 2/15/29(1)
|
5,895
|
6,164
|
|
Metals & Mining – 1.4%
|
||
|
Aris Mining Corp.,
|
|
|
|
8.00%, 10/31/29 (1)
|
4,220
|
4,304
|
|
Capstone Copper Corp.,
|
|
|
|
6.75%, 3/31/33 (1)
|
4,420
|
4,526
|
|
First Quantum Minerals Ltd.,
|
|
|
|
9.38%, 3/1/29 (1)
|
1,265
|
1,343
|
|
8.63%, 6/1/31 (1)
|
9,070
|
9,410
|
|
FMG Resources Pty. Ltd., Series 2006,
|
|
|
|
4.38%, 4/1/31 (1)
|
7,160
|
6,690
|
|
Taseko Mines Ltd.,
|
|
|
|
8.25%, 5/1/30 (1)
|
6,451
|
6,754
|
|
|
|
33,027
|
|
Oil & Gas Services & Equipment – 0.3%
|
||
|
Seadrill Finance Ltd.,
|
|
|
|
8.38%, 8/1/30 (1)
|
5,855
|
5,963
|
|
Shelf Drilling Holdings Ltd.,
|
|
|
|
9.63%, 4/15/29 (1)
|
1,946
|
1,559
|
|
|
|
7,522
|
|
Oil & Gas Supply Chain – 1.1%
|
||
|
Baytex Energy Corp.,
|
|
|
|
8.50%, 4/30/30 (1)
|
3,175
|
3,177
|
|
7.38%, 3/15/32 (1) †
|
2,085
|
1,991
|
|
eG Global Finance PLC,
|
|
|
|
12.00%, 11/30/28 (1)
|
5,286
|
5,835
|
|
MEG Energy Corp.,
|
|
|
|
5.88%, 2/1/29 (1)
|
4,280
|
4,276
|
|
Parkland Corp.,
|
|
|
|
4.50%, 10/1/29 (1)
|
5,320
|
5,114
|
|
Strathcona Resources Ltd.,
|
|
|
|
6.88%, 8/1/26 (1)
|
4,845
|
4,845
|
|
|
|
25,238
|
|
Specialty Finance – 0.7%
|
||
|
GGAM Finance Ltd.,
|
|
|
|
8.00%, 2/15/27 (1)
|
3,355
|
3,459
|
|
|
June 30, 2025 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
FOREIGN ISSUER BONDS - 14.2% continued
|
||
|
Specialty Finance – 0.7%continued
|
||
|
6.88%, 4/15/29 (1)
|
$2,895
|
$2,993
|
|
goeasy Ltd.,
|
|
|
|
9.25%, 12/1/28 (1)
|
4,175
|
4,417
|
|
6.88%, 5/15/30 (1)
|
1,826
|
1,836
|
|
Phoenix Aviation Capital Ltd.,
|
|
|
|
9.25%, 7/15/30 (1)
|
3,455
|
3,579
|
|
|
|
16,284
|
|
Steel – 0.2%
|
||
|
Infrabuild Australia Pty. Ltd.,
|
|
|
|
14.50%, 11/15/28(1)
|
3,415
|
3,686
|
|
Telecommunications – 3.0%
|
||
|
Altice Financing S.A.,
|
|
|
|
5.00%, 1/15/28 (1) †
|
4,915
|
3,698
|
|
5.75%, 8/15/29 (1)
|
6,170
|
4,505
|
|
Altice France Holding S.A.,
|
|
|
|
10.50%, 5/15/27 (1) (4)
|
10,410
|
3,618
|
|
Altice France S.A.,
|
|
|
|
5.50%, 1/15/28 (1)
|
3,295
|
2,773
|
|
5.13%, 7/15/29 (1)
|
6,610
|
5,463
|
|
5.50%, 10/15/29 (1)
|
9,195
|
7,622
|
|
Connect Finco S.a.r.l./Connect
U.S. Finco LLC,
|
|
|
|
9.00%, 9/15/29 (1)
|
7,682
|
7,721
|
|
Fibercop S.p.A.,
|
|
|
|
6.38%, 11/15/33 (1)
|
10,504
|
10,200
|
|
Iliad Holding SASU,
|
|
|
|
7.00%, 10/15/28 (1)
|
2,950
|
3,004
|
|
8.50%, 4/15/31 (1)
|
4,675
|
5,001
|
|
7.00%, 4/15/32 (1)
|
4,900
|
5,020
|
|
Telesat Canada/Telesat LLC,
|
|
|
|
5.63%, 12/6/26 (1)
|
1,950
|
1,170
|
|
6.50%, 10/15/27 (1)
|
7,080
|
2,620
|
|
Vmed O2 UK Financing I PLC,
|
|
|
|
4.25%, 1/31/31 (1)
|
5,250
|
4,810
|
|
4.75%, 7/15/31 (1)
|
4,740
|
4,385
|
|
|
|
71,610
|
|
Transportation & Logistics – 0.3%
|
||
|
VistaJet Malta Finance PLC/Vista
Management Holding, Inc.,
|
|
|
|
7.88%, 5/1/27 (1)
|
3,045
|
3,064
|
|
6.38%, 2/1/30 (1) †
|
5,125
|
4,804
|
|
|
|
7,868
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
FOREIGN ISSUER BONDS - 14.2% continued
|
||
|
Transportation Equipment – 0.1%
|
||
|
New Flyer Holdings, Inc.,
|
|
|
|
9.25%, 7/1/30(1) †
|
$1,810
|
$1,910
|
|
Total Foreign Issuer Bonds
|
|
|
|
(Cost $355,629)
|
|
338,265
|
|
|
|
|
|
TERM LOANS – 0.0%
|
||
|
Biotechnology & Pharmaceuticals – 0.0%
|
||
|
Alvogen Pharma U.S., Inc., Loan,
|
|
|
|
(Floating, CME Term SOFR USD 3M
+ 2.50%, 3.00% Floor), 6.80%,
3/1/29
|
2,625
|
866
|
|
Total Term Loans
|
|
|
|
(Cost $2,624)
|
|
866
|
|
|
NUMBER
OF SHARES
|
VALUE
(000S)
|
|
COMMON STOCKS – 0.0%
|
||
|
Media – 0.0%
|
||
|
Beasley Broadcast Group, Inc.,
Class A*
|
6,461
|
$27
|
|
Passenger Airlines – 0.0%
|
||
|
Voyager Aviation Holdings LLC(5) (9) *
|
2,621
|
—
|
|
Total Common Stocks
|
|
|
|
(Cost $84)
|
|
27
|
|
|
|
|
|
PREFERRED STOCKS – 0.0%
|
||
|
Specialized Finance – 0.0%
|
||
|
Cayenne Aviation LLC(5) (9) *
|
15,725
|
—
|
|
Total Preferred Stocks
|
|
|
|
(Cost $1,573)
|
|
—
|
|
|
|
|
|
OTHER – 0.0%
|
||
|
Escrow Par Pharmaceutical, Inc.
(1) (5) *
|
8,813,000
|
—
|
|
Total Other
|
|
|
|
(Cost $—)
|
|
—
|
|
|
|
|
|
Schedule of Investments
|
|
HIGH YIELD FIXED INCOME FUND continued
|
|
|
|
NUMBER
OF SHARES
|
VALUE
(000S)
|
|
INVESTMENT COMPANIES – 6.1%
|
||
|
Northern Institutional Funds - Liquid
Assets Portfolio (Shares),
4.39%(10) (11) (12)
|
81,893,006
|
$81,893
|
|
Northern Institutional Funds -
U.S. Government Portfolio (Shares),
4.15%(10) (11)
|
63,914,238
|
63,914
|
|
Total Investment Companies
|
|
|
|
(Cost $145,807)
|
|
145,807
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
SHORT-TERM INVESTMENTS – 0.1%
|
||
|
U.S. Treasury Bills,
|
|
|
|
4.12%, 9/11/25(13)
|
$2,805
|
$2,781
|
|
4.14%, 11/28/25(13) (14)
|
551
|
542
|
|
Total Short-Term Investments
|
|
|
|
(Cost $3,323)
|
3,323
|
|
|
|
|
|
|
Total Investments – 102.1%
|
|
|
|
(Cost $2,493,723)
|
2,438,949
|
|
|
Liabilities less Other Assets – (2.1%)
|
(50,656
)
|
|
|
NET ASSETS – 100.0%
|
$2,388,293
|
|
|
(1)
|
Security exempt from registration pursuant to Rule 144A under the Securities
Act of 1933, as amended. These securities may be resold in transactions
exempt from registration to qualified institutional investors. At June 30, 2025,
the value of these securities amounted to approximately $2,020,334,000 or
84.6% of net assets.
|
|
(2)
|
When-Issued Security. Coupon rate is not in effect at June 30, 2025.
|
|
(3)
|
Variable or floating rate security. Security issued at a fixed coupon rate,
which converts to a variable rate at a future date. Rate shown is the rate in
effect as of June 30, 2025.
|
|
(4)
|
Issuer has defaulted on terms of debt obligation. Income is not being
accrued.
|
|
(5)
|
Security is valued using significant unobservable inputs and is classified as
Level 3 in the fair value hierarchy.
|
|
(6)
|
Perpetual bond. Maturity date represents next call date.
|
|
(7)
|
Security is a payment in-kind bond (PIK), distributions received in-kind unless
otherwise noted in the description.
|
|
(8)
|
Security exempt from registration pursuant to Regulation S under the
Securities Act of 1933. Regulation S applies to securities offerings that are
made outside of the United States and do not involve direct selling efforts in
the United States and as such may have restrictions on resale.
|
|
(9)
|
Restricted security. At June 30, 2025, the value of these restricted securities
amounted to $0 or 0.0% of net assets. Additional information on these
restricted securities are as follows:
|
|
SECURITY
|
ACQUISITION
AND
ENFORCEABLE
DATE
|
COST
(000S)
|
|
Cayenne Aviation LLC
|
5/18/21
|
$1,573
|
|
SECURITY
|
ACQUISITION
AND
ENFORCEABLE
DATE
|
COST
(000S)
|
|
Voyager Aviation Holdings LLC
|
5/18/21
|
$3
|
|
(10)
|
Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the
investment adviser to the Fund and the investment adviser to Northern
Institutional Funds.
|
|
(11)
|
7-day current yield as of June 30, 2025 is disclosed.
|
|
(12)
|
Investment of securities lending cash collateral in connection with securities
lending.
|
|
(13)
|
Discount rate at the time of purchase.
|
|
(14)
|
Security pledged as collateral to cover margin requirements for open futures
contracts.
|
|
†
|
Security is either wholly or partially on loan.
|
|
*
|
Non-Income Producing Security
|
|
|
|
EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT
THE SCHEDULE OF INVESTMENTS:
|
|
|
|
3M - 3 Month
|
|
|
|
5Y - 5 Year
|
|
|
|
7Y - 7 Year
|
|
|
|
CME - Chicago Mercantile Exchange
|
|
|
|
CMT - Constant Maturity
|
|
|
|
ICE - Intercontinental Exchange
|
|
|
|
REIT - Real Estate Investment Trust
|
|
|
|
SOFR - Secured Overnight Financing Rate
|
|
|
|
USD - United States Dollar
|
|
TYPE
|
NUMBER OF
CONTRACTS
|
NOTIONAL
AMOUNT
(000s)
|
CONTRACT
POSITION
|
CONTRACT
EXP.
|
VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION)
(000s)
|
|
2-Year
U.S. Treasury
Note
|
400
|
$83,209
|
Long
|
9/25
|
$303
|
|
|
June 30, 2025 (UNAUDITED)
|
|
INVESTMENTS
|
LEVEL 1
(000s)
|
LEVEL 2
(000s)
|
LEVEL 3
(000s)
|
TOTAL
(000s)
|
|
Corporate Bonds:
|
|
|
|
|
|
Industrial Intermediate
Products
|
$—
|
$9,550
|
$48
|
$9,598
|
|
All Other Industries(1)
|
—
|
1,941,063
|
—
|
1,941,063
|
|
Total Corporate Bonds
|
—
|
1,950,613
|
48
|
1,950,661
|
|
INVESTMENTS
|
LEVEL 1
(000s)
|
LEVEL 2
(000s)
|
LEVEL 3
(000s)
|
TOTAL
(000s)
|
|
Foreign Issuer Bonds(1)
|
$—
|
$338,265
|
$—
|
$338,265
|
|
Term Loans
|
—
|
866
|
—
|
866
|
|
Common Stocks(1)
|
27
|
—
|
—
|
27
|
|
Investment Companies
|
145,807
|
—
|
—
|
145,807
|
|
Short-Term Investments
|
—
|
3,323
|
—
|
3,323
|
|
Total Investments
|
$145,834
|
$2,293,067
|
$48
|
$2,438,949
|
|
OTHER FINANCIAL
INSTRUMENTS
|
|
|
|
|
|
Assets
|
|
|
|
|
|
Futures Contracts
|
$303
|
$—
|
$—
|
$303
|
|
(1)
|
Classifications as defined in the Schedule of Investments.
|
|
AFFILIATE
|
VALUE,
BEGINNING
OF PERIOD
(000S)
|
PURCHASES
(000S)
|
SALES
PROCEEDS
(000S)
|
DIVIDEND
OR INTEREST
INCOME
(000S)
|
VALUE,
END OF PERIOD
(000S)
|
SHARES, END
OF PERIOD
|
|
Northern Institutional Funds - Liquid Assets Portfolio (Shares)
|
$—
|
$99,818
|
$17,925
|
$80
(1)
|
$81,893
|
81,893,006
|
|
Northern Institutional Funds - U.S. Government Portfolio (Shares)
|
34,238
|
225,424
|
195,748
|
733
|
63,914
|
63,914,238
|
|
Total
|
$34,238
|
$325,242
|
$213,673
|
$813
|
$145,807
|
145,807,244
|
|
(1)
|
Represents securities lending income earned from the reinvestment of cash collateral
from loaned securities, net of fees and collateral investment expenses, and other
payments to and from borrowers of securities.
|
|
Schedule of Investments
|
|
INTERMEDIATE TAX-EXEMPT FUND
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS – 0.6%
|
||
|
Engineering & Construction – 0.1%
|
||
|
Nature Conservancy (The),
|
|
|
|
1.30%, 7/1/28
|
$1,350
|
$1,223
|
|
Health Care Facilities & Services – 0.5%
|
||
|
Bon Secours Mercy Health, Inc.,
|
|
|
|
3.46%, 6/1/30
|
500
|
480
|
|
Seattle Children's Hospital,
|
|
|
|
1.21%, 10/1/27
|
5,000
|
4,682
|
|
|
|
5,162
|
|
Total Corporate Bonds
|
|
|
|
(Cost $6,850)
|
|
6,385
|
|
|
|
|
|
MUNICIPAL BONDS – 97.4%
|
||
|
Alabama – 2.2%
|
||
|
Black Belt Energy District Gas Project
Revenue Bonds, Series B,
|
|
|
|
5.00%, 9/1/32(1) (2)
|
1,500
|
1,579
|
|
Black Belt Energy District Gas Project
Revenue Bonds, Series D,
|
|
|
|
5.00%, 11/1/32
|
6,000
|
6,376
|
|
Black Belt Energy Gas District Gas
Supply Revenue Refunding Bonds,
Series D1,
|
|
|
|
4.00%, 6/1/27(1) (2)
|
5,000
|
5,042
|
|
Black Belt Energy Gas District Revenue
Bonds, Series A, Gas Project No. 8,
|
|
|
|
4.00%, 12/1/29(1) (2)
|
7,500
|
7,445
|
|
Jefferson County Sewer Revenue
Refunding Warrants,
|
|
|
|
5.00%, 10/1/38
|
1,325
|
1,395
|
|
Southeast Energy Authority
Cooperative District Energy Supply
Revenue Bonds, Series C,
|
|
|
|
5.00%, 2/1/31(1) (2)
|
2,000
|
2,112
|
|
|
|
23,949
|
|
Alaska – 1.3%
|
||
|
Alaska State Housing Finance Corp.
Revenue Refunding Bonds, Series A,
|
|
|
|
5.00%, 6/1/30
|
5,000
|
5,183
|
|
Alaska State Housing Finance Corp.
Revenue Refunding Bonds, State
Capital, Unrefunded Balance,
|
|
|
|
4.00%, 6/1/36
|
3,555
|
3,555
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 97.4%continued
|
||
|
Alaska – 1.3%continued
|
||
|
Anchorage Port Revenue Bonds, Series
A (AMT),
|
|
|
|
5.50%, 2/1/32
|
$2,010
|
$2,238
|
|
Juneau City & Borough G.O. Unlimited
Bonds,
|
|
|
|
6/1/35(3)
|
2,000
|
2,249
|
|
Matanuska-Susitna Borough G.O.
Unlimited Bonds, Series A,
|
|
|
|
5.00%, 11/1/44
|
725
|
750
|
|
|
|
13,975
|
|
Arizona – 2.7%
|
||
|
Arizona State IDA Education Revenue
Bonds, Series A-Social, Macombs
Facility Project,
|
|
|
|
4.00%, 7/1/36
|
315
|
298
|
|
4.00%, 7/1/41
|
800
|
708
|
|
Arizona State IDA National Charter
School Revolving Loan Fund Revenue
Bonds, Equitable School Revenue,
Social Bonds,
|
|
|
|
4.00%, 11/1/46
|
1,000
|
838
|
|
Maricopa County High School District
No. 210 Phoenix G.O. Unlimited
Bonds, School Improvement Project
of 2011 & 2017,
|
|
|
|
5.00%, 7/1/35
|
1,775
|
1,831
|
|
Maricopa County IDA Educational
Facilities Revenue Bonds, Creighton
University Project,
|
|
|
|
5.00%, 7/1/47
|
1,500
|
1,505
|
|
Maricopa County IDA Revenue
Refunding Bonds, Banner Health
Obligation Group,
|
|
|
|
4.00%, 1/1/36
|
180
|
180
|
|
Maricopa County Special Health Care
District G.O. Unlimited Bonds,
|
|
|
|
4.00%, 7/1/38
|
2,500
|
2,410
|
|
Maricopa County Unified School
District No. 69 Paradise Valley
School Improvement Project 2015
G.O. Unlimited Bonds, Series C,
|
|
|
|
5.00%, 7/1/26
|
1,500
|
1,535
|
|
Mesa Utility Systems Revenue Bonds
(AG Insured),
|
|
|
|
5.00%, 7/1/45
|
1,055
|
1,097
|
|
|
June 30, 2025 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 97.4%continued
|
||
|
Arizona – 2.7%continued
|
||
|
Phoenix Civic Improvement Corp.
Airport Senior Lien Revenue
Refunding Bonds (AMT),
|
|
|
|
5.00%, 7/1/31
|
$1,500
|
$1,619
|
|
Phoenix Civic Improvement Corp.
Excise Tax Subordinate Revenue
Refunding Bonds, Series C,
|
|
|
|
7/1/39(3)
|
12,000
|
13,052
|
|
Phoenix Civic Improvement Corp.
Wastewater System Junior Lien
Revenue Refunding Bonds,
|
|
|
|
5.00%, 7/1/30
|
2,000
|
2,038
|
|
Salt Verde Financial Corp. Senior Gas
Revenue Bonds,
|
|
|
|
5.00%, 12/1/37
|
1,500
|
1,562
|
|
|
|
28,673
|
|
Arkansas – 0.4%
|
||
|
Little Rock School District G.O. Limited
Refunding Bonds, Series A (AGM
Insured State Aid Withholding),
|
|
|
|
2.00%, 2/1/34
|
4,000
|
3,293
|
|
2.25%, 2/1/41
|
1,485
|
989
|
|
|
|
4,282
|
|
California – 6.6%
|
||
|
Anaheim Housing & Public
Improvements Authority Revenue
Refunding Bonds, Electric Utility
Distribution System,
|
|
|
|
5.00%, 10/1/34
|
1,250
|
1,297
|
|
5.00%, 10/1/52
|
5,000
|
5,036
|
|
California Community Choice Financing
Authority Clean Energy Project
Revenue Bonds, Green Bond, Series
B-1,
|
|
|
|
4.00%, 8/1/31(1) (2)
|
4,525
|
4,498
|
|
California Community Choice Financing
Authority Revenue Bonds, Clean
Energy Project,
|
|
|
|
5.00%, 4/1/32(1) (2)
|
5,705
|
6,011
|
|
California Community Choice Financing
Authority Revenue Bonds, Clean
Energy Project, Green Bonds,
|
|
|
|
4.00%, 12/1/27(1) (2)
|
5,000
|
5,014
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 97.4%continued
|
||
|
California – 6.6%continued
|
||
|
California Community Choice Financing
Authority Sustainable Revenue
Bonds, Clean Energy Project,
|
|
|
|
5.00%, 8/1/33(1) (2)
|
$5,000
|
$5,360
|
|
California Housing Finance Agency
Municipal Certificates Revenue
Bonds, Series 2021-1, Class A
Certificates,
|
|
|
|
3.50%, 11/20/35
|
3,270
|
3,051
|
|
California State G.O. Unlimited Bonds,
Series 2007, Unrefunded Balance,
|
|
|
|
5.75%, 5/1/30
|
80
|
80
|
|
California State Health Facilities
Financing Authority Variable
Revenue Bonds, Providence St.
Joseph Health,
|
|
|
|
10/1/32(1) (3)
|
4,000
|
4,304
|
|
Carlsbad Unified School District G.O.
Unlimited Convertible CABS, Series
C, Election,
|
|
|
|
(Step to 6.63% on 8/1/26), 0.00%,
8/1/35(4)
|
11,850
|
13,817
|
|
Los Angeles Department of Airports
Airport Subordinate Revenue Bonds
(AMT), Los Angeles International
Airport,
|
|
|
|
5.00%, 5/15/35
|
600
|
604
|
|
Los Angeles Department of Airports
Senior Revenue Bonds, Series C
(AMT),
|
|
|
|
5.00%, 5/15/33
|
4,420
|
4,655
|
|
Los Angeles Department of Water &
Power Revenue Refunding Bonds,
Series D,
|
|
|
|
5.00%, 7/1/31
|
2,480
|
2,695
|
|
Los Angeles Department of Water &
Power System Revenue Refunding
Bonds, Series D,
|
|
|
|
5.25%, 7/1/38
|
3,000
|
3,030
|
|
Los Angeles Department of Water &
Power Waterworks Revenue
Refunding Bonds, Series A,
|
|
|
|
5.00%, 7/1/38
|
1,755
|
1,757
|
|
Los Angeles Unified School District
G.O. Unlimited Refunding Bonds,
Series A,
|
|
|
|
5.00%, 7/1/33
|
2,500
|
2,864
|
|
Schedule of Investments
|
|
INTERMEDIATE TAX-EXEMPT FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 97.4%continued
|
||
|
California – 6.6%continued
|
||
|
San Francisco City & County Airports
Commission International Airport
Revenue Bonds, Series E (AMT),
|
|
|
|
5.00%, 5/1/39
|
$2,355
|
$2,389
|
|
San Francisco City & County
Commission International Airport
Revenue Bonds, Second Series A
(AMT),
|
|
|
|
5.00%, 5/1/33
|
2,500
|
2,718
|
|
University of California Revenue
Refunding Bonds, Series BZ,
|
|
|
|
5.00%, 5/15/39
|
1,635
|
1,787
|
|
|
|
70,967
|
|
Colorado – 5.1%
|
||
|
Adams County School District No. 1
Taxable G.O. Unlimited Refunding
Bonds, Series B (State Aid
Withholding), Prerefunded,
|
|
|
|
5.25%, 12/1/26(5)
|
225
|
233
|
|
Adams County School District No. 1
Taxable G.O. Unlimited Refunding
Bonds, Series B, Unrefunded Balance
(State Aid Withholding),
|
|
|
|
5.25%, 12/1/40
|
4,775
|
4,881
|
|
Adams County School District No. 14
G.O. Unlimited Bonds (State Aid
Withholding),
|
|
|
|
5.50%, 12/1/40
|
1,500
|
1,674
|
|
5.50%, 12/1/43
|
3,500
|
3,813
|
|
Arvada Sales & Use TRB,
|
|
|
|
5.00%, 12/1/31
|
2,000
|
2,108
|
|
Colorado Bridge & Tunnel Enterprise
Senior Infrastructure Revenue Bonds,
Series A (AG Insured),
|
|
|
|
5.25%, 12/1/44
|
930
|
972
|
|
5.25%, 12/1/45
|
1,300
|
1,350
|
|
Colorado State COPS, Series A,
|
|
|
|
4.00%, 12/15/36
|
5,000
|
4,984
|
|
Colorado State Health Facilities
Authority Hospital Revenue
Refunding Bonds, Adventist Health
System Sunbelt,
|
|
|
|
4.00%, 11/15/41
|
1,000
|
939
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 97.4%continued
|
||
|
Colorado – 5.1%continued
|
||
|
Colorado State Health Facilities
Authority Revenue Refunding Bonds,
Intermountain Healthcare,
|
|
|
|
5.00%, 5/15/32
|
$2,000
|
$2,226
|
|
Denver City & County Airport Revenue
Bonds, Series A (AMT),
|
|
|
|
5.00%, 11/15/32
|
10,000
|
10,858
|
|
5.50%, 11/15/35
|
10,000
|
10,993
|
|
5.00%, 11/15/41
|
1,000
|
1,013
|
|
Denver City & County Airport System
Subordinate Revenue Refunding
Bonds (AMT), Series A,
|
|
|
|
5.00%, 12/1/43
|
4,500
|
4,487
|
|
Denver City & County Dedicated TRB,
Series A-1,
|
|
|
|
5.00%, 8/1/48
|
2,750
|
2,765
|
|
Larimer & Weld Counties School District
No. RE-5J G.O. Unlimited Bonds
(State Aid Withholding),
|
|
|
|
4.00%, 12/1/34
|
1,850
|
1,882
|
|
|
|
55,178
|
|
Connecticut – 1.6%
|
||
|
Connecticut State G.O. Unlimited
Bonds, Series 2021 A,
|
|
|
|
3.00%, 1/15/33
|
5,005
|
4,801
|
|
Connecticut State G.O. Unlimited
Bonds, Series A,
|
|
|
|
5.00%, 3/15/44
|
1,250
|
1,309
|
|
Connecticut State Health & Educational
Facilities Authority Variable Revenue
Bonds, Series A-3, Yale University,
|
|
|
|
2.95%, 7/1/27(1) (2)
|
3,000
|
2,993
|
|
University of Connecticut Revenue
Bonds, Series A,
|
|
|
|
5.25%, 11/15/47
|
8,000
|
8,119
|
|
|
|
17,222
|
|
District of Columbia – 2.1%
|
||
|
District of Columbia Income Tax
Secured Revenue Bonds, Series A,
|
|
|
|
5.00%, 7/1/47
|
2,000
|
2,025
|
|
Metropolitan Washington Airports
Authority Airport System Revenue
Refunding Bonds, Series A (AMT),
|
|
|
|
5.00%, 10/1/30
|
7,500
|
8,045
|
|
5.00%, 10/1/33
|
4,765
|
5,182
|
|
|
June 30, 2025 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 97.4%continued
|
||
|
District Of Columbia – 2.1%continued
|
||
|
Metropolitan Washington Airports
Authority System Revenue Refunding
Bonds (AMT),
|
|
|
|
5.00%, 10/1/30
|
$2,630
|
$2,706
|
|
Washington Metropolitan Area Transit
Authority Gross Revenue Bonds,
|
|
|
|
5.00%, 7/1/38
|
3,000
|
3,030
|
|
5.00%, 7/1/43
|
2,000
|
2,005
|
|
|
|
22,993
|
|
Florida – 8.0%
|
||
|
Broward County Airport System
Revenue Bonds (AMT),
|
|
|
|
5.00%, 10/1/37
|
1,500
|
1,509
|
|
Broward County School Board
Refunding COPS, Series C,
|
|
|
|
5.00%, 7/1/26
|
3,000
|
3,064
|
|
Central Florida Expressway Authority
Senior Lien Revenue Refunding
Bonds, Series B, Prerefunded,
|
|
|
|
4.00%, 7/1/26(5)
|
5,000
|
5,066
|
|
Columbia County School Board COPS
(AG Insured),
|
|
|
|
5.00%, 7/1/37
|
1,135
|
1,214
|
|
Florida State Development Finance
Corp. Revenue Refunding Bonds,
Brightline Florida Passenger Rail
Project (AMT),
|
|
|
|
5.00%, 7/1/41
|
2,000
|
1,821
|
|
Florida State Municipal Power Agency
Revenue Refunding Bonds, Series A,
|
|
|
|
5.00%, 10/1/31
|
1,000
|
1,021
|
|
Greater Orlando Aviation Authority
Airport Facilities Revenue Bonds
(AMT),
|
|
|
|
5.00%, 10/1/33
|
2,100
|
2,284
|
|
JEA Electric System Revenue Refunding
Bonds, Series Three 2024-A (AGC
Insured),
|
|
|
|
5.00%, 10/1/32
|
2,685
|
3,020
|
|
JEA Water and Sewer Revenue
Refunding Bonds, Series A,
|
|
|
|
5.00%, 10/1/31
|
14,960
|
15,606
|
|
Lake County School Board Refunding
COPS, Series A (AG Insured),
|
|
|
|
5.00%, 6/1/31
|
2,000
|
2,204
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 97.4%continued
|
||
|
Florida – 8.0%continued
|
||
|
Lee County Transportation Facilities
Revenue Refunding Bonds,
|
|
|
|
5.00%, 10/1/27
|
$1,600
|
$1,673
|
|
Manatee County School Board COPS,
Master Lease Program (AG Insured),
|
|
|
|
5.00%, 7/1/42
|
2,000
|
2,069
|
|
Miami-Dade County Aviation Revenue
Refunding Bonds, Series A (AMT),
|
|
|
|
5.00%, 10/1/35
|
2,810
|
2,997
|
|
Miami-Dade County Educational
Facilities Authority Revenue
Refunding Bonds, University of
Miami, Series B (AMBAC Insured),
|
|
|
|
5.25%, 4/1/26
|
4,000
|
4,069
|
|
Miami-Dade County G.O. Unlimited
Bonds, Building Better Communities
Program,
|
|
|
|
5.00%, 7/1/46
|
6,800
|
7,063
|
|
Miami-Dade County Seaport Revenue
Refunding Bonds, Subseries A-1
(AMT) (AGM Insured),
|
|
|
|
4.00%, 10/1/45
|
2,325
|
2,108
|
|
Miami-Dade County Seaport Revenue
Refunding Bonds, Subseries A-2
(AGM Insured),
|
|
|
|
3.00%, 10/1/50
|
7,500
|
5,251
|
|
Miami-Dade County Water & Sewer
System Revenue Bonds, Series A,
|
|
|
|
4.00%, 10/1/37
|
2,500
|
2,490
|
|
North Miami Community
Redevelopment Agency Revenue
Bonds,
|
|
|
|
5.00%, 3/1/39
|
1,250
|
1,289
|
|
5.00%, 3/1/40
|
1,000
|
1,023
|
|
5.00%, 3/1/41
|
1,000
|
1,010
|
|
Orlando Utilities Commission Utility
System Revenue Bonds, Series B,
|
|
|
|
1.25%, 10/1/28(1) (2)
|
1,000
|
896
|
|
Palm Beach County Educational
Facilities Authority Revenue Bonds,
Palm Beach Atlantic University,
|
|
|
|
5.00%, 10/1/43
|
625
|
604
|
|
Palm Beach County School Board
Refunding COPS, Series A,
|
|
|
|
5.00%, 8/1/32
|
1,300
|
1,458
|
|
Schedule of Investments
|
|
INTERMEDIATE TAX-EXEMPT FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 97.4%continued
|
||
|
Florida – 8.0%continued
|
||
|
Pasco County School Board COPS,
Series A (BAM Insured),
|
|
|
|
5.00%, 8/1/43
|
$5,000
|
$5,095
|
|
South Broward Hospital District
Revenue Refunding Bonds, Series A,
|
|
|
|
4.00%, 5/1/44
|
4,000
|
3,551
|
|
South Florida Water Management
District Refunding COPS,
|
|
|
|
5.00%, 10/1/36
|
4,000
|
4,036
|
|
Tallahassee Consolidated Utility
Revenue Refunding Bonds, Series A,
|
|
|
|
5.00%, 10/1/39
|
2,500
|
2,701
|
|
|
|
86,192
|
|
Georgia – 2.3%
|
||
|
Atlanta Airport Passenger Facility
Charge Subordinate Revenue Bonds,
|
|
|
|
5.00%, 7/1/37
|
5,000
|
5,216
|
|
Burke County Development Authority
PCR Bonds, Go Power Company
Plant Vogtle Project-FIF,
|
|
|
|
2.20%, 10/1/32
|
650
|
546
|
|
Downtown Savannah Authority
Revenue Bonds, Chatham County
Judicial Complex,
|
|
|
|
5.00%, 6/1/32
|
1,250
|
1,272
|
|
Main Street Natural Gas, Inc., Gas
Supply Revenue Bonds, Series A,
|
|
|
|
4.00%, 9/1/27(1) (2)
|
5,000
|
5,047
|
|
Main Street Natural Gas, Inc., Gas
Supply Revenue Bonds, Series B,
|
|
|
|
5.00%, 3/1/30(1) (2)
|
5,000
|
5,268
|
|
Main Street Natural Gas, Inc., Gas
Supply Revenue Bonds, Series E,
|
|
|
|
5.00%, 12/1/32(1) (2)
|
2,500
|
2,631
|
|
Municipal Electric Authority of Georgia
Revenue Bonds, Plant Vogtle Units 3
& 4 Project,
|
|
|
|
5.50%, 7/1/60
|
2,500
|
2,500
|
|
Richmond County Board of Education
G.O. Unlimited Bonds (State Aid
Withholding),
|
|
|
|
5.00%, 10/1/26
|
2,100
|
2,161
|
|
|
|
24,641
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 97.4%continued
|
||
|
Hawaii – 2.2%
|
||
|
Hawaii State Airports System Revenue
Bonds, Series A (AMT),
|
|
|
|
5.00%, 7/1/43
|
$5,000
|
$4,980
|
|
Hawaii State Department of Budget &
Finance Special Purpose Revenue
Bonds, Hawaii Pacific Health
Obligated Group,
|
|
|
|
5.00%, 7/1/26
|
2,510
|
2,566
|
|
Honolulu City & County G.O. Unlimited
Bonds, Series A,
|
|
|
|
5.00%, 10/1/35
|
4,825
|
4,838
|
|
Honolulu City & County Wastewater
System Revenue Refunding Bonds,
Senior First Bond Resolution,
|
|
|
|
5.00%, 7/1/27
|
11,755
|
11,755
|
|
|
|
24,139
|
|
Illinois – 6.6%
|
||
|
Champaign County Community Unit
School District No. 4 G.O. Unlimited
Bonds, Series A,
|
|
|
|
5.00%, 1/1/32
|
2,300
|
2,392
|
|
Chicago G.O. Unlimited Refunding
Bonds, Series A,
|
|
|
|
5.00%, 1/1/33
|
2,685
|
2,792
|
|
Chicago Midway Airport Senior
Revenue Refunding Bonds, Series C
(AMT),
|
|
|
|
5.00%, 1/1/33
|
2,500
|
2,682
|
|
Chicago O'Hare International Airport
Senior Lien Revenue Refunding
Bonds, Series A (AMT),
|
|
|
|
5.00%, 1/1/39
|
2,400
|
2,409
|
|
Chicago Waterworks Second Lien
Revenue Refunding Bonds, Series A,
|
|
|
|
5.00%, 11/1/27
|
1,220
|
1,273
|
|
Cook County Community Consolidated
School District No. 34 G.O.
Unlimited Bonds, Series A,
|
|
|
|
2.00%, 12/1/38
|
2,425
|
1,705
|
|
Cook County Sales Tax Revenue
Refunding Bonds,
|
|
|
|
5.00%, 11/15/33
|
5,000
|
5,191
|
|
5.25%, 11/15/35
|
5,000
|
5,168
|
|
|
June 30, 2025 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 97.4%continued
|
||
|
Illinois – 6.6%continued
|
||
|
Cook Kane Lake & Mc Henry Counties
Community College District No. 512
G.O. Unlimited Bonds,
|
|
|
|
4.00%, 12/15/30
|
$5,000
|
$5,138
|
|
DuPage County High School District
No. 87 Glenbard Township G.O.
Unlimited Bonds,
|
|
|
|
5.00%, 1/1/43
|
1,500
|
1,549
|
|
Illinois Finance Authority Revenue
Refunding Bonds, Series A, University
of Chicago,
|
|
|
|
5.00%, 10/1/31
|
4,150
|
4,579
|
|
Illinois State Finance Authority
Academic Facilities Lease Revenue
Bonds, University of Illinois at
Urbana-Champaign,
|
|
|
|
5.00%, 10/1/44
|
1,030
|
1,030
|
|
Illinois State Finance Authority Revenue
Bonds, Township High School
District,
|
|
|
|
4.00%, 12/1/32
|
1,940
|
1,979
|
|
Illinois State Finance Authority Revenue
Refunding Bonds, OSF Healthcare
System,
|
|
|
|
5.00%, 11/15/34
|
3,000
|
3,234
|
|
Illinois State Finance Authority Revenue
Refunding Bonds, Series A, Rush
University Medical Center,
|
|
|
|
5.00%, 11/15/38
|
1,955
|
1,955
|
|
Illinois State Finance Authority Variable
Revenue Bonds, Series A-3,
Uchicago Medicine,
|
|
|
|
5.00%, 8/15/35(1) (2)
|
2,500
|
2,683
|
|
Illinois State Finance Authority Variable
Revenue Refunding Bonds, Silver
Cross Hospital,
|
|
|
|
5.00%, 8/15/30(1) (2)
|
1,750
|
1,866
|
|
Illinois State Financing Authority
Revenue Bonds, The Chicago School,
|
|
|
|
5.00%, 4/1/27
|
300
|
308
|
|
Illinois State G.O. Unlimited Bonds,
Series B,
|
|
|
|
5.00%, 5/1/34
|
2,700
|
2,935
|
|
Illinois State G.O. Unlimited Bonds,
Series C,
|
|
|
|
5.00%, 11/1/29
|
3,425
|
3,541
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 97.4%continued
|
||
|
Illinois – 6.6%continued
|
||
|
Illinois State Toll Highway Authority
Senior Revenue Bonds, Series A,
|
|
|
|
5.00%, 1/1/41
|
$2,825
|
$2,970
|
|
Illinois State Toll Highway Authority
Senior Revenue Bonds, Series B,
|
|
|
|
5.00%, 1/1/33
|
1,720
|
1,745
|
|
Lake County Community Consolidated
School District No. 34 Antioch G.O.
Unlimited Bonds, Series C,
|
|
|
|
5.00%, 1/1/44
|
2,545
|
2,596
|
|
5.00%, 1/1/45
|
2,670
|
2,706
|
|
Lake County Community Consolidated
School District No. 41 Lake Villa
G.O. Unlimited Bonds (BAM
Insured),
|
|
|
|
4.00%, 11/1/31
|
1,000
|
1,030
|
|
Lake County Forest Preservation District
G.O. Unlimited Refunding Bonds,
|
|
|
|
2.00%, 12/15/31
|
1,765
|
1,546
|
|
Peoria G.O. Unlimited Bonds, Series A
(AGM Insured),
|
|
|
|
5.00%, 1/1/36
|
500
|
535
|
|
Regional Transportation Authority
Revenue Bonds, Series B (NATL
Insured),
|
|
|
|
5.75%, 6/1/33
|
2,000
|
2,215
|
|
Saint Clair County Community Unit
School District No. 187 Cahokia
G.O. Unlimited Bonds, Series A
(AGM Insured),
|
|
|
|
5.00%, 1/1/49
|
1,000
|
1,018
|
|
|
|
70,770
|
|
Indiana – 2.9%
|
||
|
Bloomington Public Building Corp.
Lease Rental Revenue Bonds,
|
|
|
|
5.00%, 2/1/45
|
800
|
808
|
|
Hamilton County Public Building Corp.
Lease Rental Revenue Bonds,
|
|
|
|
5.00%, 7/10/41
|
3,910
|
4,104
|
|
Indiana Finance Authority Thermal
Energy System Utility Revenue
Refunding Bonds, Citizens Energy
Group Project,
|
|
|
|
5.25%, 10/1/43
|
1,360
|
1,422
|
|
Schedule of Investments
|
|
INTERMEDIATE TAX-EXEMPT FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 97.4%continued
|
||
|
Indiana – 2.9%continued
|
||
|
Indiana Finance Authority Wastewater
Utility First Lien Revenue Bonds,
Series A, CWA Authority,
|
|
|
|
4.25%, 10/1/44
|
$5,000
|
$4,475
|
|
Indiana State Finance Authority
Hospital Revenue Refunding Bonds,
Series A, University Health
Obligated Group,
|
|
|
|
5.00%, 12/1/40
|
6,500
|
6,500
|
|
Indiana State Finance Authority
Sustainable Revenue Bonds, Series
A,
|
|
|
|
5.00%, 2/1/43
|
5,000
|
5,240
|
|
Indianapolis Local Public Improvement
Bank Revenue Refunding Bonds,
Indianapolis Airport Authority
Project,
|
|
|
|
5.25%, 1/1/50
|
3,000
|
3,104
|
|
IPS Multi-School Building Corp.
Sustainable First Mortgage Revenue
Bonds (State Intercept Program),
|
|
|
|
5.00%, 7/15/38
|
2,440
|
2,601
|
|
Logansport Renovation School Building
Corp. First Mortgage Revenue Bonds
(State Intercept Program),
|
|
|
|
5.00%, 7/15/27
|
1,025
|
1,068
|
|
South Bend Community School Corp.
G.O. Limited Bonds (State Intercept
Program),
|
|
|
|
4.00%, 1/15/26
|
1,375
|
1,382
|
|
|
|
30,704
|
|
Iowa – 0.1%
|
||
|
PEFA, Inc., Iowa Gas Project Revenue
Bonds,
|
|
|
|
5.00%, 9/1/26(1) (2)
|
1,000
|
1,012
|
|
Kansas – 0.3%
|
||
|
Kansas State Department of
Transportation Highway Revenue
Refunding Bonds, Series A,
|
|
|
|
5.00%, 9/1/41
|
2,000
|
2,139
|
|
Leavenworth County Unified School
District No. 458 G.O. Unlimited
Bonds,
|
|
|
|
5.50%, 9/1/35
|
670
|
742
|
|
|
|
2,881
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 97.4%continued
|
||
|
Kentucky – 4.8%
|
||
|
Carroll County Environmental Facilities
Revenue Refunding Bonds (AMT),
Kentucky Utilities Company,
|
|
|
|
2.00%, 2/1/32
|
$5,250
|
$4,482
|
|
Fayette County School District Finance
Corp. Revenue Bonds, Series A
(State Intercept Program),
|
|
|
|
4.00%, 5/1/38
|
5,000
|
4,711
|
|
Jefferson County School District Finance
Corp. School Building Revenue
Bonds, Series A (State Intercept
Program),
|
|
|
|
4.00%, 6/1/31
|
3,935
|
3,960
|
|
Kentucky State Economic Development
Finance Authority Revenue Refunding
Bonds, Series A, CommonSpirit
Health,
|
|
|
|
5.00%, 8/1/34
|
750
|
783
|
|
5.00%, 8/1/35
|
550
|
571
|
|
5.00%, 8/1/36
|
750
|
774
|
|
Kentucky State Property and Buildings
Commission Revenue Bonds, Project
No.130, Series A,
|
|
|
|
5.00%, 11/1/30
|
2,425
|
2,672
|
|
Kentucky State Public Energy Authority
Gas Supply Revenue Refunding
Bonds, Series A,
|
|
|
|
5.25%, 12/1/29(1) (2)
|
2,000
|
2,114
|
|
Kentucky State Public Energy Authority
Gas Supply Revenue Refunding
Bonds, Series A-1,
|
|
|
|
5.25%, 2/1/32(1) (2)
|
9,000
|
9,616
|
|
Kentucky State Public Energy Authority
Gas Supply Revenue Refunding
Bonds, Series B,
|
|
|
|
5.00%, 8/1/32(1) (2)
|
8,130
|
8,590
|
|
Louisville & Jefferson County Metro
Government Health System Revenue
Refunding Bonds, Norton
Healthcare, Inc.,
|
|
|
|
4.00%, 10/1/36
|
1,315
|
1,263
|
|
Louisville & Jefferson County Metro
Government PCR Refunding Bonds
(AMT), Gas & Electric,
|
|
|
|
1.35%, 11/1/27
|
2,500
|
2,361
|
|
|
June 30, 2025 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 97.4%continued
|
||
|
Kentucky – 4.8%continued
|
||
|
Louisville & Jefferson County Metro
Government PCR Refunding Bonds,
Gas & Electric,
|
|
|
|
2.00%, 10/1/33
|
$6,000
|
$4,985
|
|
Oldham School District Finance Corp.
Revenue Refunding Bonds (BAM
Insured),
|
|
|
|
5.00%, 8/1/31
|
2,170
|
2,383
|
|
Richmond G.O. Unlimited Bonds,
|
|
|
|
5.00%, 6/1/42
|
1,550
|
1,615
|
|
Trimble County Pollution Control
Variable Revenue Bonds (AMT),
Louisville Gas and Electric Co.,
|
|
|
|
1.30%, 9/1/27(1) (2)
|
1,000
|
930
|
|
|
|
51,810
|
|
Louisiana – 1.7%
|
||
|
East Baton Rouge Parish Sewerage
Commission Variable Revenue
Refunding Bonds, Series A,
|
|
|
|
1.30%, 2/1/28(1) (2)
|
2,500
|
2,318
|
|
Louisiana Local Government
Environmental Facilities and
Community Development Authority
Revenue Refunding Bonds, Entergy
Louisiana LLC Project,
|
|
|
|
2.50%, 4/1/36
|
7,500
|
6,070
|
|
Louisiana Public Facilities Authority
Revenue Bonds, Department of Public
Safety Crime (AGC Insured),
|
|
|
|
5.00%, 8/1/43
|
795
|
823
|
|
Louisiana Public Facilities Authority
Revenue Refunding Bonds, Ochsner
Clinic Foundation Project,
|
|
|
|
5.25%, 5/15/50
|
3,500
|
3,573
|
|
Louisiana Public Facilities Authority
Revenue Refunding Bonds, Ochsner
Clinic, Unrefunded Balance,
|
|
|
|
5.00%, 5/15/47
|
2,925
|
2,855
|
|
Louisiana State Local Government
Environmental Facilities & Community
Development Authority Revenue
Refunding Bonds, Series A, Woman's
Hospital Foundation Project,
|
|
|
|
5.00%, 10/1/30
|
1,505
|
1,554
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 97.4%continued
|
||
|
Louisiana – 1.7%continued
|
||
|
Saint John The Baptist Parish Revenue
Refunding Bonds, Marathon Oil
Corp. Project,
|
|
|
|
2.20%, 7/1/26(1) (2)
|
$1,000
|
$987
|
|
|
|
18,180
|
|
Maine – 0.4%
|
||
|
Maine State Housing Authority Energy
Housing & Economic Revenue Fund
Revenue Refunding Bonds, Series 1,
|
|
|
|
5.00%, 6/15/35
|
3,730
|
3,966
|
|
Maryland – 1.4%
|
||
|
Maryland State Department of
Transportation Consolidated Revenue
Bonds, Series A,
|
|
|
|
3.00%, 10/1/31
|
5,000
|
4,941
|
|
3.00%, 10/1/32
|
5,000
|
4,848
|
|
Washington Suburban Sanitary District
Consolidated Public Improvement
G.O. Unlimited Revenue Bonds,
Second Series (County Gtd.),
|
|
|
|
5.00%, 6/1/37
|
5,000
|
5,053
|
|
|
|
14,842
|
|
Massachusetts – 1.9%
|
||
|
Massachusetts State Bay Transportation
Authority Senior Sales Tax Revenue
Refunding Bonds, Series A,
|
|
|
|
5.00%, 7/1/40
|
4,000
|
4,313
|
|
Massachusetts State Development
Finance Agency Revenue Bonds,
Lasell Village, Inc.,
|
|
|
|
5.25%, 7/1/45
|
2,000
|
2,004
|
|
Massachusetts State Development
Finance Agency Revenue Refunding
Bonds, Partners Healthcare System,
|
|
|
|
5.00%, 7/1/29
|
1,625
|
1,698
|
|
Massachusetts State Development
Finance Agency Revenue Refunding
Bonds, Suffolk University,
|
|
|
|
5.00%, 7/1/29
|
500
|
516
|
|
Massachusetts State Development
Finance Agency Variable Revenue
Bonds, Brown Health University
Obligated Group,
|
|
|
|
5.00%, 8/15/31(1) (2)
|
2,000
|
2,135
|
|
Schedule of Investments
|
|
INTERMEDIATE TAX-EXEMPT FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 97.4%continued
|
||
|
Massachusetts – 1.9%continued
|
||
|
Massachusetts State G.O. Limited
Bonds, Series A,
|
|
|
|
5.00%, 4/1/50
|
$2,000
|
$2,053
|
|
Massachusetts State Port Authority
Revenue Bonds, Series C (AMT),
|
|
|
|
5.00%, 7/1/30
|
3,000
|
3,175
|
|
Massachusetts State School Building
Authority Senior Lien Sales TRB,
Series B,
|
|
|
|
5.00%, 11/15/39
|
4,000
|
4,045
|
|
|
|
19,939
|
|
Michigan – 3.4%
|
||
|
Battle Creek School District G.O.
Unlimited Refunding Bonds (Q-SBLF
Insured),
|
|
|
|
5.00%, 5/1/27
|
1,540
|
1,566
|
|
Chippewa Valley Schools G.O.
Unlimited Refunding Bonds, Series A
(Q-SBLF Insured),
|
|
|
|
5.00%, 5/1/27
|
400
|
403
|
|
Comstock Park Public Schools G.O.
Unlimited Bonds, Series II (Q-SBLF
Insured),
|
|
|
|
5.00%, 11/1/44
|
1,170
|
1,221
|
|
5.00%, 11/1/49
|
2,230
|
2,279
|
|
Grosse Pointe Public School System
G.O. Unlimited Bonds,
|
|
|
|
3.00%, 5/1/34
|
1,815
|
1,695
|
|
Holt Public Schools G.O. Unlimited
Bonds, Series I (Q-SBLF Insured),
|
|
|
|
3.00%, 5/1/34
|
1,175
|
1,091
|
|
Michigan State Finance Authority
Limited Obligation Revenue
Refunding Bonds, Lawrence
Technology University,
|
|
|
|
4.00%, 2/1/42
|
745
|
618
|
|
Michigan State Finance Authority
Revenue Refunding Bonds, Beaumont
Spectrum Consolidation,
|
|
|
|
5.00%, 4/15/27
|
3,175
|
3,295
|
|
Michigan State Finance Authority
Variable Revenue Refunding Bonds,
McLaren Healthcare,
|
|
|
|
1.20%, 4/13/28(1) (2)
|
1,250
|
1,173
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 97.4%continued
|
||
|
Michigan – 3.4%continued
|
||
|
Michigan State G.O. Unlimited
Refunding Bonds, Series A,
Environmental Program,
|
|
|
|
1.00%, 12/1/25
|
$635
|
$630
|
|
Michigan State HDA SFM Revenue
Bonds, Series A, Social Bonds,
|
|
|
|
4.00%, 12/1/37
|
2,505
|
2,403
|
|
Rockford Public School District G.O.
Unlimited Bonds, Series II (Q-SBLF
Insured),
|
|
|
|
5.00%, 5/1/44
|
3,805
|
3,926
|
|
Walled Lake Consolidated School
District G.O. Unlimited Bonds
(Q-SBLF Insured),
|
|
|
|
5.00%, 5/1/50
|
1,635
|
1,650
|
|
Wayne County Airport Authority
Revenue Bonds, Series D (AGM
Insured),
|
|
|
|
5.00%, 12/1/32
|
9,690
|
9,734
|
|
West Bloomfield School District G.O.
Unlimited Bonds, Series I (Q-SBLF
Insured),
|
|
|
|
5.00%, 5/1/42
|
4,200
|
4,383
|
|
|
|
36,067
|
|
Minnesota – 0.2%
|
||
|
Minneapolis & Saint Paul Housing &
Redevelopment Authority Health
Care Revenue Refunding Bonds,
Allina Health System,
|
|
|
|
5.00%, 11/15/26
|
2,000
|
2,054
|
|
Mississippi – 0.1%
|
||
|
Mississippi State Business Finance
Corp. Revenue Bonds, System
Energy Resources, Inc., Project,
|
|
|
|
2.38%, 6/1/44
|
1,000
|
601
|
|
Missouri – 1.4%
|
||
|
Joplin Schools G.O. Unlimited
Refunding Bonds, Missouri Direct
Deposit Program (State Aid Direct
Deposit Program),
|
|
|
|
5.00%, 3/1/30
|
1,215
|
1,255
|
|
Missouri Joint Municipal Electric Utility
Commission Power Project Revenue
Refunding Bonds, IATAN 2 Project,
|
|
|
|
5.00%, 1/1/33
|
1,400
|
1,562
|
|
|
June 30, 2025 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 97.4%continued
|
||
|
Missouri – 1.4%continued
|
||
|
Missouri State Environmental
Improvement & Energy Resources
Authority Water Pollution Revenue
Refunding Bonds, Series B,
|
|
|
|
5.00%, 1/1/26
|
$1,480
|
$1,482
|
|
Platte County School District No. 3
G.O. Unlimited Bonds,
|
|
|
|
5.25%, 3/1/34
|
2,710
|
3,015
|
|
Saint Charles County Public Water
Supply District No. 2 COPS,
|
|
|
|
5.25%, 12/1/46
|
5,000
|
5,227
|
|
Wentzville School District No. R-4 G.O.
Unlimited Refunding CABS, Missouri
Direct Deposit Program (State Aid
Direct Deposit Program),
|
|
|
|
0.00%, 3/1/27(6)
|
2,100
|
1,987
|
|
|
|
14,528
|
|
Nebraska – 1.1%
|
||
|
Lancaster County School District No. 1
G.O. Unlimited Refunding Bonds,
|
|
|
|
5.00%, 1/15/27
|
3,760
|
3,767
|
|
Omaha G.O. Unlimited Bonds,
|
|
|
|
5.00%, 4/15/43
|
1,250
|
1,309
|
|
Omaha Public Power District Electric
Revenue Bonds, Series A,
|
|
|
|
5.00%, 2/1/41
|
6,000
|
6,331
|
|
|
|
11,407
|
|
Nevada – 0.8%
|
||
|
Clark County School District G.O.
Limited Bonds, Various
Purpose-Medium Term Project,
|
|
|
|
3.00%, 6/15/26
|
1,265
|
1,265
|
|
Reno-Tahoe Airport Authority Revenue
Bonds (AMT), Taho International
Airport,
|
|
|
|
5.00%, 7/1/31
|
850
|
909
|
|
5.00%, 7/1/32
|
1,000
|
1,071
|
|
Washoe County School District G.O.
Limited Bonds, Series C, School
Improvement Bonds (AGM Insured),
|
|
|
|
3.25%, 10/1/42
|
6,500
|
5,231
|
|
|
|
8,476
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 97.4%continued
|
||
|
New Hampshire – 0.3%
|
||
|
New Hampshire State Health and
Education Facilities Authority
Revenue Refunding Bonds, Southern
New Hampshire University Issue,
|
|
|
|
5.00%, 1/1/30
|
$1,070
|
$1,154
|
|
5.00%, 1/1/32
|
835
|
918
|
|
New Hampshire State Health and
Educational Facilities Authority
Revenue Refunding Bonds, Southern
New Hampshire University Issue,
|
|
|
|
5.00%, 1/1/33
|
1,245
|
1,377
|
|
|
|
3,449
|
|
New Jersey – 0.6%
|
||
|
New Jersey State Transportation Trust
Fund Authority Revenue Bonds,
Transformation Program Notes,
|
|
|
|
5.00%, 6/15/33
|
3,325
|
3,477
|
|
Passaic Valley Sewage Commissioners
Revenue Refunding Bonds, Series J
(AGM Insured),
|
|
|
|
3.00%, 12/1/27
|
2,870
|
2,873
|
|
|
|
6,350
|
|
New Mexico – 0.4%
|
||
|
Albuquerque Bernalillo County Water
Utility Authority Joint Water & Sewer
Senior Lien Revenue Bonds,
|
|
|
|
4.00%, 7/1/31
|
1,300
|
1,342
|
|
New Mexico Finance Authority
Subordinate Lien Public Project
Revenue Bonds,
|
|
|
|
5.00%, 6/15/43
|
1,475
|
1,555
|
|
5.00%, 6/15/44
|
1,000
|
1,049
|
|
|
|
3,946
|
|
New York – 12.3%
|
||
|
Metropolitan Transportation Authority
Dedicated Tax Fund Sustainable
Revenue Refunding Bonds, Series
B-2,
|
|
|
|
5.00%, 11/15/47
|
9,200
|
9,420
|
|
New York City Housing Development
Corp. MFH Sustainable
Development Revenue Bonds,
|
|
|
|
2.75%, 11/1/33
|
2,870
|
2,613
|
|
Schedule of Investments
|
|
INTERMEDIATE TAX-EXEMPT FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 97.4%continued
|
||
|
New York – 12.3%continued
|
||
|
New York City Municipal Water
Finance Authority & Sewer System
Revenue Refunding Bonds, Fiscal
2025 Series DD,
|
|
|
|
5.50%, 6/15/39
|
$1,500
|
$1,695
|
|
New York City Municipal Water
Finance Authority Water & Sewer
System Revenue Bonds, Second
General Resolution, Series BB,
|
|
|
|
5.00%, 6/15/49
|
3,865
|
3,889
|
|
New York City Municipal Water
Finance Authority Water & Sewer
System Revenue Refunding Bonds,
Series DD-2 Block 5,
|
|
|
|
5.00%, 6/15/40
|
5,000
|
5,088
|
|
New York City Municipal Water
Finance Authority Water & Sewer
System Revenue Refunding Bonds,
Series EE,
|
|
|
|
5.00%, 12/15/25
|
3,500
|
3,533
|
|
New York City Transitional Finance
Authority Building Aid Revenue
Bonds, Series S-3 (State Aid
Withholding),
|
|
|
|
5.00%, 7/15/43
|
3,000
|
3,031
|
|
New York City Transitional Finance
Authority Future Tax Secured
Revenue Bonds, Subseries C-2,
|
|
|
|
5.00%, 5/1/36
|
1,575
|
1,627
|
|
New York City Transitional Finance
Authority Future Tax Secured
Subordinate Revenue Bonds,
|
|
|
|
5.00%, 8/1/40
|
2,000
|
2,044
|
|
New York City Transitional Finance
Authority Subordinate Revenue
Bonds, Series A-1,
|
|
|
|
5.00%, 8/1/44
|
2,500
|
2,568
|
|
New York City Transitional Finance
Authority Subordinate Revenue
Bonds, Series C-3,
|
|
|
|
5.00%, 5/1/41
|
2,100
|
2,136
|
|
New York City Transitional Finance
Authority Subordinate Revenue
Bonds, Series E,
|
|
|
|
5.00%, 11/1/46
|
3,815
|
3,926
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 97.4%continued
|
||
|
New York – 12.3%continued
|
||
|
New York City Transitional Finance
Authority Subordinate Revenue
Refunding Bonds, Series H, Fiscal
2025,
|
|
|
|
5.00%, 11/1/43
|
$2,750
|
$2,869
|
|
New York City Transitional Financing
Authority Future Tax Subordinate
Revenue Refunding Bonds,
|
|
|
|
5.00%, 11/1/27
|
1,850
|
1,952
|
|
New York G.O. Unlimited Bonds, Series
A-1,
|
|
|
|
5.00%, 8/1/47
|
5,000
|
5,071
|
|
New York G.O. Unlimited Bonds, Series
C, Subseries C1,
|
|
|
|
5.00%, 9/1/41
|
4,000
|
4,225
|
|
New York G.O. Unlimited Bonds, Series
D, Subseries D1,
|
|
|
|
5.00%, 12/1/39
|
10,000
|
10,222
|
|
New York G.O. Unlimited Bonds, Series
E, Unrefunded Balance,
|
|
|
|
5.00%, 11/1/25
|
5
|
5
|
|
New York G.O. Unlimited Bonds, Series
E-1,
|
|
|
|
5.25%, 3/1/34
|
2,750
|
2,871
|
|
5.00%, 3/1/37
|
3,700
|
3,798
|
|
New York G.O. Unlimited Bonds, Series
H, Unrefunded Balance,
|
|
|
|
5.00%, 8/1/30
|
5
|
5
|
|
New York G.O. Unlimited Bonds,
Subseries F-1,
|
|
|
|
5.00%, 4/1/45
|
5,000
|
5,028
|
|
New York State Dormitory Authority
Non State Supported Debt Revenue
Bonds, School Districts Building
Financing Program (State Aid
Withholding),
|
|
|
|
5.00%, 10/1/31
|
1,460
|
1,490
|
|
New York State Dormitory Authority
Non State Supported Debt Revenue
Bonds, Series C,
|
|
|
|
5.00%, 10/1/31
|
665
|
707
|
|
5.00%, 10/8/32
|
575
|
609
|
|
New York State Dormitory Authority
Sales TRB, Series A, Group C,
|
|
|
|
5.00%, 3/15/44
|
3,755
|
3,770
|
|
|
June 30, 2025 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 97.4%continued
|
||
|
New York – 12.3%continued
|
||
|
New York State Dormitory Authority
State Personal Income Tax Revenue
Refunding Bonds, Series A,
|
|
|
|
5.25%, 3/15/39
|
$2,000
|
$2,065
|
|
New York State Dormitory Authority
State Personal Income Tax Revenue
Refunding Bonds, Series E,
|
|
|
|
3.25%, 3/15/36
|
3,000
|
2,753
|
|
New York State Dormitory Authority
State Personal Income TRB, Series A,
Unrefunded Balance,
|
|
|
|
5.00%, 2/15/43
|
2,000
|
2,005
|
|
New York State Housing Finance
Agency Affordable Housing
Sustainability Revenue Bonds, Series
M-2 (SonyMA, FHA Insured),
|
|
|
|
0.75%, 11/1/25
|
165
|
163
|
|
New York State Housing Finance
Agency Affordable Housing Variable
Sustainability Revenue Bonds, Series
J (SonyMA Insured),
|
|
|
|
1.10%, 5/1/27(1) (2)
|
5,820
|
5,550
|
|
New York State Mortgage Agency
Homeowner Mortgage Revenue
Refunding Bonds, Series 220,
|
|
|
|
2.60%, 10/1/39
|
3,300
|
2,509
|
|
New York State Mortgage Agency
Homeowner Revenue Bonds, Series
244, Social Bonds (SonyMA
Insured),
|
|
|
|
2.75%, 4/1/35
|
3,150
|
2,739
|
|
New York State Mortgage Agency
Homeowner Revenue Refunding
Bonds, Series 233, Social Bonds,
|
|
|
|
2.05%, 4/1/33
|
3,000
|
2,489
|
|
New York State Transportation
Development Corp. Special Facilities
Revenue Bonds (AMT), Terminal 4
John F. Kennedy International Airport
Project,
|
|
|
|
4.00%, 12/1/42
|
500
|
432
|
|
5.00%, 12/1/42
|
255
|
251
|
|
New York State Transportation
Development Corp. Special Facilities
Revenue Refunding Bonds (AMT),
Terminal 4 John F. Kennedy
International Airport,
|
|
|
|
5.00%, 12/1/30
|
350
|
374
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 97.4%continued
|
||
|
New York – 12.3%continued
|
||
|
New York State Transportation
Development Corp. Special Facilities
Revenue Refunding Bonds, Terminal
4 John F. Kennedy International
Airport,
|
|
|
|
5.00%, 12/1/31
|
$550
|
$593
|
|
New York State Urban Development
Corp. General Purpose Personal
Income TRB,
|
|
|
|
5.00%, 3/15/37
|
5,000
|
5,162
|
|
5.00%, 3/15/40
|
2,500
|
2,550
|
|
Onondaga Civic Development Corp.
Revenue Bonds, Syracuse University
Project,
|
|
|
|
5.25%, 12/1/45
|
1,000
|
1,061
|
|
Port Authority of New York & New
Jersey Revenue Refunding Bonds,
Series 207 (AMT),
|
|
|
|
5.00%, 9/15/28
|
2,000
|
2,080
|
|
Port Authority of New York & New
Jersey Revenue Refunding Bonds,
Series 227 (AMT),
|
|
|
|
2.00%, 10/1/34
|
1,500
|
1,151
|
|
Port Authority of New York & New
Jersey Revenue Refunding Bonds,
Series 277 (AMT),
|
|
|
|
2.00%, 10/1/32
|
12,550
|
10,368
|
|
Troy Capital Resource Corp. Revenue
Refunding Bonds, Rensselaer
Polytechnic Institute,
|
|
|
|
5.00%, 9/1/38
|
1,300
|
1,343
|
|
Utility Debt Securitization Authority
Restructuring Revenue Refunding
Bonds,
|
|
|
|
5.00%, 12/15/37
|
2,500
|
2,511
|
|
|
|
132,341
|
|
North Carolina – 1.1%
|
||
|
Charlotte Water & Sewer System
Revenue Refunding Bonds,
|
|
|
|
4.00%, 7/1/36
|
6,790
|
6,790
|
|
Charlotte-Mecklenburg Hospital
Authority Health Care System
Variable Revenue Bonds, Series B,
Atrium Health,
|
|
|
|
1.95%, 11/1/29(1) (2)
|
4,500
|
4,149
|
|
Schedule of Investments
|
|
INTERMEDIATE TAX-EXEMPT FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 97.4%continued
|
||
|
North Carolina – 1.1%continued
|
||
|
North Carolina State Grant
Anticipation Revenue Refunding
GARVEE Bonds,
|
|
|
|
5.00%, 3/1/40
|
$1,250
|
$1,343
|
|
|
|
12,282
|
|
Ohio – 1.9%
|
||
|
Akron Income Tax Revenue Refunding
Bonds,
|
|
|
|
4.00%, 12/1/32
|
1,285
|
1,316
|
|
Franklin County Convention Facilities
Authority Revenue Refunding Bonds,
|
|
|
|
5.00%, 12/1/34
|
10,600
|
11,945
|
|
Hamilton County Sewer System
Revenue Refunding Bonds, Series A,
|
|
|
|
5.00%, 12/1/32
|
4,575
|
4,936
|
|
North Ridgeville City School District
G.O. Unlimited Bonds,
|
|
|
|
5.00%, 12/1/39
|
600
|
619
|
|
Northeast Ohio Medical University
General Receipts Revenue Refunding
Bonds, Series A,
|
|
|
|
5.00%, 12/1/29
|
100
|
105
|
|
4.00%, 12/1/35
|
300
|
291
|
|
Ohio State Higher Educational Facility
Revenue Bonds, Denison University
Project,
|
|
|
|
5.00%, 11/1/39
|
1,365
|
1,394
|
|
|
|
20,606
|
|
Oklahoma – 0.6%
|
||
|
Oklahoma County Independent School
District No. 12 G.O. Unlimited
Bonds, Edmond School District,
|
|
|
|
4.00%, 3/1/27
|
3,925
|
4,007
|
|
Oklahoma State Capitol Improvement
Authority Highways Capital
Improvement Revenue Bonds,
Oklahoma Department of
Transportation Project,
|
|
|
|
5.00%, 7/1/45
|
1,000
|
1,041
|
|
Oklahoma State Capitol Improvement
Authority State Facilities Revenue
Refunding Bonds, Series B,
|
|
|
|
5.00%, 7/1/30
|
1,500
|
1,653
|
|
|
|
6,701
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 97.4%continued
|
||
|
Oregon – 0.4%
|
||
|
Clackamas Community College District
G.O. Unlimited Bonds, Series B,
|
|
|
|
5.00%, 6/15/36
|
$1,600
|
$1,647
|
|
Lane County Eugene School District
No.4J G.O. Unlimited Bonds,
(School Board Guaranty Program),
|
|
|
|
4.00%, 6/15/35
|
475
|
480
|
|
Metropolitan Dedicated TRB, Oregon
Convention Center Hotel,
|
|
|
|
5.00%, 6/15/42
|
2,065
|
2,096
|
|
|
|
4,223
|
|
Pennsylvania – 1.7%
|
||
|
Pennsylvania State G.O. Unlimited
Bonds, First Series of 2020,
|
|
|
|
5.00%, 5/1/26
|
1,450
|
1,477
|
|
Pennsylvania State Higher Educational
Facilities Authority Revenue Bonds,
University of Pennsylvania Health
System,
|
|
|
|
5.00%, 8/15/37
|
5,000
|
5,090
|
|
Pennsylvania State Housing Finance
Agency SFM Revenue Bonds, Series
137, Social Bonds,
|
|
|
|
2.20%, 10/1/33
|
2,420
|
2,043
|
|
Pennsylvania State Housing Finance
Agency SFM Revenue Refunding
Bonds, Series 136, Social Bonds,
|
|
|
|
5.00%, 4/1/31
|
1,845
|
1,984
|
|
Pennsylvania State Turnpike
Commission Revenue Bonds, Series
A-2,
|
|
|
|
5.00%, 12/1/37
|
5,000
|
5,143
|
|
Philadelphia Gas Works Revenue
Refunding Bonds, 1998 General
Ordinance,
|
|
|
|
5.00%, 8/1/32
|
2,485
|
2,773
|
|
|
|
18,510
|
|
Rhode Island – 0.1%
|
||
|
Rhode Island Housing & Mortgage
Finance Corp. Revenue Bonds, Series
77-A, Social Bonds,
|
|
|
|
3.80%, 4/1/33
|
1,535
|
1,549
|
|
|
June 30, 2025 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 97.4%continued
|
||
|
South Carolina – 1.2%
|
||
|
Charleston Educational Excellence
Financing Corp. Revenue Refunding
Bonds, Charleston County School
District Project,
|
|
|
|
5.00%, 12/1/26
|
$1,125
|
$1,160
|
|
Patriots Energy Group Financing
Agency Gas Supply Variable
Revenue Refunding Bonds, Series
B-1,
|
|
|
|
5.25%, 3/1/31(1) (2)
|
10,000
|
10,736
|
|
SCAGO Educational Facilities Corp.
Cherokee School District No. 1
Revenue Refunding Bonds,
|
|
|
|
5.00%, 12/1/25
|
500
|
501
|
|
|
|
12,397
|
|
Tennessee – 1.1%
|
||
|
Knox County G.O. Unlimited Bonds,
|
|
|
|
4.00%, 6/1/28
|
1,000
|
1,000
|
|
Metropolitan Government Nashville &
Davidson County Health &
Educational Facility Board Revenue
Bonds, The Vanderbilt University,
|
|
|
|
5.00%, 10/1/49
|
1,000
|
1,027
|
|
Tennergy Corp. Gas Revenue Bonds,
Series A,
|
|
|
|
4.00%, 9/1/28(1) (2)
|
10,000
|
10,056
|
|
|
|
12,083
|
|
Texas – 4.6%
|
||
|
Clifton Higher Education Finance Corp.
Revenue Bonds, Series A, Idea Public
Schools,
|
|
|
|
4.00%, 8/15/37
|
780
|
753
|
|
Dallas County Community College
District G.O. Limited Bonds,
|
|
|
|
5.00%, 2/15/36
|
1,000
|
1,001
|
|
Dallas-Fort Worth International Airport
Revenue Refunding Bonds, Series B,
|
|
|
|
5.00%, 11/1/26
|
500
|
514
|
|
El Paso Independent School District
G.O. Unlimited Bonds (PSF, Gtd.),
|
|
|
|
4.00%, 8/15/39
|
2,630
|
2,525
|
|
Forney Independent School District
G.O. Unlimited Refunding CABS,
Series C,
|
|
|
|
0.00%, 8/15/39(6)
|
1,000
|
517
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 97.4%continued
|
||
|
Texas – 4.6%continued
|
||
|
Harris County Cultural Education
Facilities Finance Corp. Medical
Facilities Variable Revenue Bonds,
Baylor College of Medicine,
|
|
|
|
5.00%, 5/15/32(1) (2)
|
$2,000
|
$2,141
|
|
Houston Utility System Subordinate First
Lien Revenue Refunding Bonds,
|
|
|
|
5.00%, 11/15/28
|
2,500
|
2,574
|
|
Lower Colorado River Authority Junior
Lien Revenue Bonds, Seventh
Supplemental Series, Escrowed to
Maturity (AGM Insured),
|
|
|
|
4.75%, 1/1/28
|
155
|
159
|
|
Mc Kinney G.O. Limited Bonds,
|
|
|
|
5.00%, 8/15/32
|
2,010
|
2,014
|
|
North Texas Tollway Authority Revenue
Refunding Bonds, Series A, First Tier,
|
|
|
|
5.00%, 1/1/26
|
4,860
|
4,916
|
|
5.00%, 1/1/38
|
3,000
|
3,072
|
|
5.00%, 1/1/39
|
5,000
|
5,103
|
|
Northside Texas Independent School
District G.O. Unlimited Refunding
Bonds, Series B (PSF, Gtd.),
|
|
|
|
5.00%, 2/15/30
|
1,640
|
1,731
|
|
Pasadena Independent School District
G.O. Unlimited Refunding Bonds,
Series B,
|
|
|
|
5.00%, 2/15/27
|
1,250
|
1,297
|
|
San Antonio Certificates of Obligation
G.O. Limited Bonds,
|
|
|
|
5.00%, 8/1/30
|
2,820
|
2,932
|
|
San Antonio Electric and Gas Junior
Lien Revenue Refunding Bonds,
|
|
|
|
5.00%, 2/1/35
|
1,640
|
1,745
|
|
San Antonio Water System Junior Lien
Revenue Refunding Bonds, Series C,
|
|
|
|
5.00%, 5/15/35
|
3,500
|
3,567
|
|
Sherman Certificates of Obligation
G.O. Limited Bonds,
|
|
|
|
5.00%, 8/15/48
|
4,000
|
4,081
|
|
Tarrant County Cultural Education
Facilities Finance Corp. Hospital
Revenue Bonds, Methodist Hospitals
of Dallas,
|
|
|
|
5.00%, 10/1/31
|
1,000
|
1,105
|
|
Schedule of Investments
|
|
INTERMEDIATE TAX-EXEMPT FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 97.4%continued
|
||
|
Texas – 4.6%continued
|
||
|
Texas State A&M University Revenue
Refunding Bonds, Series C,
|
|
|
|
4.00%, 5/15/31
|
$1,655
|
$1,666
|
|
Texas State G.O. Unlimited Refunding
Bonds,
|
|
|
|
5.00%, 10/1/27
|
3,270
|
3,441
|
|
Texas State G.O. Unlimited Refunding
Bonds, Series B,
|
|
|
|
2.00%, 8/1/35
|
1,000
|
813
|
|
Wylie Independent School District G.O.
Unlimited Bonds, Series B, Collin
County (PSF, Gtd.),
|
|
|
|
3.25%, 8/15/41(2)
|
1,750
|
1,643
|
|
|
|
49,310
|
|
Utah – 1.4%
|
||
|
Downtown Revitalization Public
Infrastructure District First Lien Sales
Revenue Bonds, Seg Redevelopment
Project (AG Insured),
|
|
|
|
5.00%, 6/1/35
|
1,600
|
1,778
|
|
Salt Lake City Airport Revenue Bonds,
Series A (AMT),
|
|
|
|
5.00%, 7/1/32
|
1,250
|
1,330
|
|
5.00%, 7/1/36
|
5,000
|
5,175
|
|
5.00%, 7/1/42
|
2,000
|
1,990
|
|
Salt Lake City International Airport
Revenue Bonds, Series A (AMT),
|
|
|
|
5.00%, 7/1/46
|
5,000
|
4,939
|
|
|
|
15,212
|
|
Virginia – 1.8%
|
||
|
Albemarle County EDA Residential
Care Facility Revenue Refunding
Bonds, Westminster-Canterbury of
the Blue Ridge,
|
|
|
|
4.00%, 6/1/49
|
1,905
|
1,632
|
|
Roanoke EDA Hospital Variable
Revenue Refunding Bonds, Carilion
Clinic Obligated Group,
|
|
|
|
5.00%, 7/1/30(1) (2)
|
4,425
|
4,768
|
|
Virginia State HDA Revenue Bonds,
Series D,
|
|
|
|
1.60%, 5/1/31
|
880
|
750
|
|
Virginia State HDA Revenue Bonds,
Series K Non-AMT (GNMA, FNMA,
FHLMC Insured),
|
|
|
|
1.95%, 12/1/32
|
1,440
|
1,256
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 97.4%continued
|
||
|
Virginia – 1.8%continued
|
||
|
Virginia State Small Business Financing
Authority Hospital Variable Revenue
Bonds, Carilion Clinic Obligated
Group,
|
|
|
|
3.95%, 7/1/42(7)
|
$10,000
|
$10,000
|
|
Virginia State Small Business Financing
Authority Senior Lien Revenue Bonds
(AMT), Elizabeth River,
|
|
|
|
3.00%, 1/1/41
|
1,810
|
1,393
|
|
|
|
19,799
|
|
Washington – 4.1%
|
||
|
Grant County G.O. Limited Bonds
(BAM Insured),
|
|
|
|
5.25%, 12/1/45
|
1,280
|
1,338
|
|
King County G.O. Limited Refunding
Bonds, Series E,
|
|
|
|
5.00%, 12/1/27
|
1,200
|
1,209
|
|
King County School District No. 401
Highline G.O. Unlimited Bonds
(School Board Guaranty Program),
|
|
|
|
5.00%, 12/1/30
|
10,000
|
10,235
|
|
Pierce County School District No. 403
Bethel G.O. Unlimited Bonds (School
Board Guaranty Program),
|
|
|
|
5.00%, 12/1/36
|
1,750
|
1,833
|
|
Port of Seattle Intermediate Senior Lien
Revenue Refunding Bonds (AMT),
|
|
|
|
5.00%, 8/1/42
|
2,500
|
2,513
|
|
Seattle Solid Waste Revenue Refunding
& Improvement Bonds,
|
|
|
|
4.00%, 6/1/31
|
1,865
|
1,876
|
|
Washington State COPS, Series A,
|
|
|
|
5.00%, 7/1/26
|
1,000
|
1,022
|
|
Washington State G.O. Unlimited
Bonds, Series B,
|
|
|
|
5.00%, 8/1/36
|
2,500
|
2,534
|
|
Washington State G.O. Unlimited
Bonds, Series C,
|
|
|
|
5.00%, 2/1/32
|
5,000
|
5,248
|
|
Washington State G.O. Unlimited
Refunding Bonds, Series R-2017A,
|
|
|
|
5.00%, 8/1/29
|
2,895
|
2,959
|
|
Washington State G.O. Unlimited
Refunding Bonds, Series R-2018C,
|
|
|
|
5.00%, 8/1/33
|
4,000
|
4,141
|
|
|
June 30, 2025 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 97.4%continued
|
||
|
Washington – 4.1%continued
|
||
|
Washington State G.O. Unlimited
Refunding Bonds, Series R-2022C,
Bid Group 2,
|
|
|
|
4.00%, 7/1/27
|
$2,500
|
$2,572
|
|
Washington State G.O. Unlimited
Refunding Bonds, Series R-2023B,
|
|
|
|
5.00%, 7/1/26
|
3,000
|
3,070
|
|
Washington State Motor Vehicle Fuel
Tax G.O. Unlimited Bonds, Series D,
|
|
|
|
5.00%, 2/1/31
|
1,930
|
2,030
|
|
Whatcom County Public Utility District
No. 1 G.O. Limited Bonds, Series A
(AMT) (BAM Insured),
|
|
|
|
5.50%, 12/1/41
|
700
|
739
|
|
5.50%, 12/1/42
|
1,000
|
1,048
|
|
|
|
44,367
|
|
West Virginia – 0.2%
|
||
|
West Virginia State Hospital Finance
Authority Variable Revenue Bonds,
United Health System Obligated
Group,
|
|
|
|
6/1/33(1) (3)
|
1,850
|
1,975
|
|
Wisconsin – 2.0%
|
||
|
Central Brown County Water Authority
Water System Revenue Refunding
Bonds, Series A,
|
|
|
|
5.00%, 11/1/31
|
3,425
|
3,780
|
|
PFA Hospital Taxable Revenue Bonds,
Series 2021A, UNC Health
Southeastern,
|
|
|
|
2.35%, 2/1/29
|
2,000
|
1,670
|
|
Union Grove Union High School District
G.O. Unlimited Refunding Promissory
Notes,
|
|
|
|
4.00%, 3/1/41
|
1,565
|
1,504
|
|
Wisconsin State G.O. Unlimited Bonds,
Series A,
|
|
|
|
5.00%, 5/1/32
|
2,500
|
2,782
|
|
Wisconsin State Health & Educational
Facilities Authority Revenue
Refunding Bonds, Ascension Health
Credit Group,
|
|
|
|
4.00%, 11/15/36
|
3,000
|
2,883
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 97.4%continued
|
||
|
Wisconsin – 2.0%continued
|
||
|
Wisconsin State Health & Educational
Facilities Authority Revenue
Refunding Bonds, Marquette
University,
|
|
|
|
5.00%, 10/1/28
|
$670
|
$686
|
|
Wisconsin State Health & Educational
Facilities Authority Revenue
Refunding Bonds, Milwaukee
Regional Medical Center,
|
|
|
|
5.00%, 4/1/36
|
3,875
|
4,011
|
|
4.00%, 4/1/39
|
4,250
|
4,098
|
|
Wisconsin State Housing & EDA Home
Ownership Revenue Refunding
Bonds, Series A,
|
|
|
|
3.00%, 3/1/39
|
165
|
140
|
|
|
|
21,554
|
|
Wyoming – 0.0%
|
||
|
Laramie County Hospital Revenue
Refunding Bonds, Cheyenne
Regional Medical Center,
|
|
|
|
4.00%, 5/1/36
|
200
|
199
|
|
Total Municipal Bonds
|
|
|
|
(Cost $1,098,029)
|
|
1,046,301
|
|
|
NUMBER
OF SHARES
|
VALUE
(000S)
|
|
INVESTMENT COMPANIES – 1.9%
|
||
|
Northern Institutional Funds -
U.S. Government Portfolio (Shares),
4.15%(8) (9)
|
20,573,362
|
$20,573
|
|
Total Investment Companies
|
|
|
|
(Cost $20,573)
|
|
20,573
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
SHORT-TERM INVESTMENTS – 1.2%
|
||
|
Little Elm Independent School District
Variable G.O. Unlimited Bonds,
School Building (PSF, Gtd.),
|
|
|
|
0.68%, 8/15/25(1) (2)
|
$240
|
$239
|
|
New York City Housing Development
Corp. MFH Revenue Refunding
Bonds, Sustainable Neighborhood
Bonds (FNMA Insured),
|
|
|
|
2.95%, 2/1/26(1) (2)
|
4,000
|
3,973
|
|
Schedule of Investments
|
|
INTERMEDIATE TAX-EXEMPT FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
SHORT-TERM INVESTMENTS - 1.2%continued
|
||
|
New York State Housing Finance
Agency Affordable Housing Variable
Climate Bond Certified Revenue
Bonds (SonyMA Insured),
|
|
|
|
0.65%, 11/1/25(1) (2)
|
$625
|
$617
|
|
Tennessee State Energy Acquisition
Corp. Gas Revenue Bonds,
|
|
|
|
4.00%, 11/1/25(1) (2)
|
2,500
|
2,504
|
|
Texas State Transportation Commission
Mobility Variable G.O. Unlimited
Bonds,
|
|
|
|
0.65%, 4/1/26(1) (2)
|
5,000
|
4,872
|
|
Total Short-Term Investments
|
|
|
|
(Cost $12,376)
|
12,205
|
|
|
|
|
|
|
Total Investments – 101.1%
|
|
|
|
(Cost $1,137,828)
|
1,085,464
|
|
|
Liabilities less Other Assets – (1.1%)
|
(11,346
)
|
|
|
NET ASSETS – 100.0%
|
$1,074,118
|
|
|
(1)
|
Maturity date represents the puttable date.
|
|
(2)
|
Variable or floating rate security. These securities are remarketed by an
agent, and the rate at which these securities are set are determined by
general market conditions and supply and demand. Rate as of June 30,
2025 is disclosed.
|
|
(3)
|
When-Issued Security. Coupon rate is not in effect at June 30, 2025.
|
|
(4)
|
Step coupon bond. Rate as of June 30, 2025 is disclosed.
|
|
(5)
|
Maturity date represents the prerefunded date.
|
|
(6)
|
Zero coupon bond.
|
|
(7)
|
Variable or floating rate security. Rate is determined by a remarketing agent
and, in the agent's judgment, on the basis of prevailing financial markets, will
be the lowest interest rate necessary to enable the remarketing agent to sell
the bonds at a price equal to 100% of the principal amount.
|
|
(8)
|
Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the
investment adviser to the Fund and the investment adviser to Northern
Institutional Funds.
|
|
(9)
|
7-day current yield as of June 30, 2025 is disclosed.
|
|
|
|
EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT
THE SCHEDULE OF INVESTMENTS:
|
|
|
|
AGC - Assured Guaranty Corporation
|
|
|
|
AGM - Assured Guaranty Municipal Corporation
|
|
|
|
AMBAC - American Municipal Bond Assurance Corporation
|
|
|
|
AMT - Alternative Minimum Tax
|
|
|
|
BAM - Build America Mutual
|
|
|
|
CABS - Capital Appreciation Bonds
|
|
|
|
COPS - Certificates of Participation
|
|
|
|
CWA - Clean Water Act
|
|
|
|
EDA - Economic Development Authority
|
|
|
|
FHA - Federal Housing Administration
|
|
|
|
FHLMC - Federal Home Loan Mortgage Corporation
|
|
|
|
FNMA - Federal National Mortgage Association
|
|
|
|
G.O. - General Obligation
|
|
|
|
GARVEE - Grant Anticipation Revenue Vehicle
|
|
|
|
GNMA - Government National Mortgage Association
|
|
|
|
Gtd. - Guaranteed
|
|
|
|
HDA - Housing Development Authority
|
|
|
|
IDA - Industrial Development Authority
|
|
|
|
MFH - Multi-Family Housing
|
|
|
|
NATL - National Public Finance Guarantee Corporation
|
|
|
|
PCR - Pollution Control Revenue
|
|
|
|
PFA - Public Finance Authority
|
|
|
|
PSF - Permanent School Fund
|
|
|
|
Q-SBLF - Qualified School Bond Loan Fund
|
|
|
|
SFM - Single Family Mortgage
|
|
|
|
SonyMA - State of New York Mortgage Agency
|
|
|
|
TRB - Tax Revenue Bonds
|
|
|
June 30, 2025 (UNAUDITED)
|
|
INVESTMENTS
|
LEVEL 1
(000s)
|
LEVEL 2
(000s)
|
LEVEL 3
(000s)
|
TOTAL
(000s)
|
|
Corporate Bonds(1)
|
$—
|
$6,385
|
$—
|
$6,385
|
|
Municipal Bonds(1)
|
—
|
1,046,301
|
—
|
1,046,301
|
|
Investment Companies
|
20,573
|
—
|
—
|
20,573
|
|
Short-Term Investments
|
—
|
12,205
|
—
|
12,205
|
|
Total Investments
|
$20,573
|
$1,064,891
|
$—
|
$1,085,464
|
|
(1)
|
Classifications as defined in the Schedule of Investments.
|
|
AFFILIATE
|
VALUE,
BEGINNING
OF PERIOD
(000S)
|
PURCHASES
(000S)
|
SALES
PROCEEDS
(000S)
|
DIVIDEND
OR INTEREST
INCOME
(000S)
|
VALUE,
END OF PERIOD
(000S)
|
SHARES, END
OF PERIOD
|
|
Northern Institutional Funds - U.S. Government Portfolio (Shares)
|
$12,265
|
$129,504
|
$121,196
|
$162
|
$20,573
|
20,573,362
|
|
Schedule of Investments
|
|
LIMITED TERM TAX-EXEMPT FUND
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS – 96.2%
|
||
|
Alabama – 6.4%
|
||
|
Black Belt Energy Gas District Gas
Supply Revenue Refunding Bonds,
Series D1,
|
|
|
|
4.00%, 6/1/27(1) (2)
|
$440
|
$444
|
|
Black Belt Energy Gas District Revenue
Bonds, Gas Project No.7-S,
|
|
|
|
4.00%, 12/1/26(1) (2)
|
2,500
|
2,506
|
|
Black Belt Energy Gas District Revenue
Bonds, Series C-1,
|
|
|
|
5.25%, 6/1/29(1) (2)
|
3,000
|
3,155
|
|
Black Belt Energy Gas District Revenue
Bonds, Series E, Gas Project,
|
|
|
|
5.00%, 6/1/28(1) (2)
|
8,000
|
8,283
|
|
Energy Southeast, A Cooperative
District Energy Supply Revenue
Bonds, Series B,
|
|
|
|
5.25%, 6/1/32(1) (2)
|
2,500
|
2,674
|
|
Limestone County Water & Sewer
Authority Water Revenue Refunding
Bonds (BAM Insured), Prerefunded,
|
|
|
|
5.00%, 12/1/26(3)
|
3,000
|
3,097
|
|
Southeast Energy Authority
Cooperative District Energy Supply
Revenue Bonds, Series C,
|
|
|
|
5.00%, 2/1/31(1) (2)
|
1,500
|
1,584
|
|
|
|
21,743
|
|
Alaska – 0.6%
|
||
|
Anchorage Port Revenue Bonds, Series
A (AMT),
|
|
|
|
5.50%, 2/1/31
|
1,900
|
2,095
|
|
Arizona – 2.7%
|
||
|
Chandler IDA IDR Bonds, Series 1
(AMT), Intel Corp. Project,
|
|
|
|
5.00%, 9/1/27(1) (2)
|
2,575
|
2,620
|
|
Maricopa County Industrial
Development Authority Variable
Revenue Bonds, Series A-2, Banner
Health,
|
|
|
|
5.00%, 5/15/28(1) (2)
|
2,400
|
2,519
|
|
Phoenix Civic Improvement Corp.
Airport Senior Lien Revenue
Refunding Bonds (AMT),
|
|
|
|
5.00%, 7/1/31
|
1,095
|
1,182
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 96.2%continued
|
||
|
Arizona – 2.7%continued
|
||
|
Salt River Project Agricultural
Improvement & Power District Electric
System Revenue Refunding Bonds,
|
|
|
|
5.00%, 1/1/33
|
$2,700
|
$2,821
|
|
|
|
9,142
|
|
California – 4.9%
|
||
|
California Community Choice Financing
Authority Clean Energy Project
Revenue Bonds, Green Bond, Series
B-1,
|
|
|
|
4.00%, 2/1/27
|
1,125
|
1,137
|
|
4.00%, 8/1/31(1) (2)
|
3,150
|
3,131
|
|
California Community Choice Financing
Authority Sustainable Revenue
Bonds, Clean Energy Project,
|
|
|
|
5.00%, 8/1/31
|
500
|
542
|
|
California Community Choice Financing
Authority Variable Revenue Bonds,
Clean Energy Project, Green Bonds,
|
|
|
|
5.00%, 10/1/26
|
630
|
639
|
|
5.00%, 10/1/27
|
675
|
693
|
|
5.00%, 10/1/28
|
475
|
492
|
|
5.00%, 10/1/29
|
650
|
679
|
|
California State Health Facilities
Financing Authority Variable
Revenue Bonds, Providence St.
Joseph Health,
|
|
|
|
10/1/32(1) (4)
|
1,000
|
1,076
|
|
Local Public Schools Funding Authority
School Facilities Improvement District
No. 2016-1 G.O. Unlimited Bonds,
Series B (AGM Insured),
|
|
|
|
3.00%, 8/1/26
|
805
|
806
|
|
4.00%, 8/1/28
|
935
|
970
|
|
Los Angeles County Development
Authority MFH Variable Revenue
Bonds, West Los Angeles VA
Campus (HUD Sector 8 Program),
|
|
|
|
3.38%, 7/1/26(1) (2)
|
1,000
|
998
|
|
Los Angeles Department of Airports
Airport Subordinate Revenue
Refunding Bonds (AMT), Private
Activity,
|
|
|
|
5.00%, 5/15/32
|
615
|
656
|
|
|
June 30, 2025 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 96.2%continued
|
||
|
California – 4.9%continued
|
||
|
Los Angeles Department of Water &
Power Waterworks Revenue
Refunding Bonds, Series A,
|
|
|
|
5.00%, 7/1/28
|
$1,430
|
$1,441
|
|
Los Angeles Unified School District
G.O. Unlimited Refunding Bonds,
Series A,
|
|
|
|
5.00%, 7/1/33
|
1,000
|
1,146
|
|
San Francisco City & County
Commission International Airport
Revenue Bonds, Second Series A
(AMT),
|
|
|
|
5.00%, 5/1/30
|
2,000
|
2,137
|
|
|
|
16,543
|
|
Colorado – 4.0%
|
||
|
Arapahoe County School District No. 6
Littleton G.O. Unlimited Bonds,
Series A (State Aid Withholding),
|
|
|
|
5.50%, 12/1/43
|
3,825
|
3,982
|
|
Colorado Springs Utilities Revenue
Refunding Bonds, Series A,
|
|
|
|
5.00%, 11/15/40
|
200
|
201
|
|
Colorado State Board of Governors
University Enterprise System Revenue
Refunding Bonds, Prerefunded,
|
|
|
|
5.00%, 3/1/27(3)
|
1,000
|
1,039
|
|
Colorado State Health Facilities
Authority Variable Revenue Bonds,
Adventhealth Obligated Group,
|
|
|
|
5.00%, 11/15/29(1) (2)
|
3,660
|
3,933
|
|
Colorado State Health Facilities
Authority Variable Revenue
Refunding Bonds, Adventhealth
Obligated Group, Prerefunded,
|
|
|
|
5.00%, 11/19/26(2) (3)
|
95
|
98
|
|
Colorado State Health Facilities
Authority Variable Revenue
Refunding Bonds, Adventhealth
Obligated Group, Unrefunded
Balance,
|
|
|
|
5.00%, 11/19/26(1) (2)
|
905
|
927
|
|
Denver City & Country Airport Revenue
Refunding Bonds, Series D (AMT),
|
|
|
|
5.25%, 11/15/27
|
1,750
|
1,830
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 96.2%continued
|
||
|
Colorado – 4.0%continued
|
||
|
Denver City & County Airport Revenue
Refunding Bonds, Series C,
|
|
|
|
5.00%, 11/15/29
|
$1,500
|
$1,637
|
|
|
|
13,647
|
|
Connecticut – 0.3%
|
||
|
Connecticut State G.O. Unlimited
Bonds, Series C,
|
|
|
|
4.00%, 6/1/27
|
1,000
|
1,025
|
|
District of Columbia – 1.3%
|
||
|
Metropolitan Washington Airports
Authority Airport System Revenue
Refunding Bonds, Series A (AMT),
|
|
|
|
5.00%, 10/1/32
|
3,150
|
3,333
|
|
10/1/34(4)
|
1,000
|
1,081
|
|
|
|
4,414
|
|
Florida – 6.0%
|
||
|
Broward County Airport System
Revenue Bonds, Series A (AMT),
|
|
|
|
5.00%, 10/1/32
|
1,315
|
1,373
|
|
Collier County IDA Revenue Bonds,
NCH Healthcare System Projects,
|
|
|
|
5.00%, 10/1/31(1) (2)
|
2,000
|
2,161
|
|
Duval County School Board COPS,
Series A (AGM Insured),
|
|
|
|
5.00%, 7/1/26
|
1,750
|
1,786
|
|
Florida State Board of Education G.O.
Unlimited Refunding Bonds, Series C,
|
|
|
|
5.00%, 6/1/27
|
3,115
|
3,256
|
|
Florida State Board of Education Public
Education Capital Outlay G.O.
Unlimited Refunding Bonds, Series A,
|
|
|
|
5.00%, 6/1/26
|
1,950
|
1,991
|
|
Florida State Development Finance
Corp. Revenue Refunding Bonds,
Brightline Trains Florida LLC Issue
(AMT),
|
|
|
|
5.00%, 7/1/34
|
1,000
|
1,000
|
|
Greater Orlando Aviation Authority
Airport Facilities Revenue Bonds
(AMT),
|
|
|
|
5.00%, 10/1/32
|
700
|
760
|
|
Miami-Dade County Aviation Revenue
Refunding Bonds, Series A (AMT),
|
|
|
|
5.00%, 10/1/27
|
3,000
|
3,108
|
|
Schedule of Investments
|
|
LIMITED TERM TAX-EXEMPT FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 96.2%continued
|
||
|
Florida – 6.0%continued
|
||
|
Pasco Country School District Sales Tax
Revenue Bonds,
|
|
|
|
5.00%, 10/1/32
|
$2,500
|
$2,798
|
|
Saint Johns County School Board
COPS, Series A (AGM Insured),
|
|
|
|
5.00%, 7/1/31
|
1,270
|
1,409
|
|
Tallahassee Consolidated Utility
Revenue Refunding Bonds, Series A,
|
|
|
|
5.00%, 10/1/32
|
535
|
605
|
|
|
|
20,247
|
|
Georgia – 3.7%
|
||
|
Atlanta G.O. Unlimited Bonds, Series
A-1, Social Bonds,
|
|
|
|
5.00%, 12/1/26
|
1,000
|
1,034
|
|
Atlanta G.O. Unlimited Bonds, Series
A-2,
|
|
|
|
5.00%, 12/1/26
|
1,050
|
1,085
|
|
Franklin County School District G.O.
Unlimited Bonds (State Aid
Withholding),
|
|
|
|
5.00%, 3/1/27
|
1,750
|
1,820
|
|
Gwinnett County School District G.O.
Unlimited Bonds, Series A,
Prerefunded, Escrowed to Maturity,
|
|
|
|
1.75%, 8/1/25(3)
|
2,515
|
2,512
|
|
Gwinnett County School District G.O.
Unlimited Bonds, Series A,
Unrefunded Balance,
|
|
|
|
1.75%, 8/1/25
|
610
|
609
|
|
Main Street Natural Gas, Inc., Gas
Supply Revenue Bonds, Series A,
|
|
|
|
4.00%, 9/1/27(1) (2)
|
1,535
|
1,549
|
|
Main Street Natural Gas, Inc., Gas
Supply Revenue Bonds, Series C,
|
|
|
|
5.00%, 12/1/31(1) (2)
|
2,715
|
2,852
|
|
Main Street Natural Gas, Inc., Gas
Supply Revenue Bonds, Series E,
|
|
|
|
5.00%, 12/1/32(1) (2)
|
1,000
|
1,052
|
|
|
|
12,513
|
|
Hawaii – 0.2%
|
||
|
Honolulu City & County G.O. Unlimited
Refunding Bonds, Series F,
|
|
|
|
5.00%, 7/1/26
|
725
|
742
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 96.2%continued
|
||
|
Illinois – 3.7%
|
||
|
Chicago G.O. Unlimited Bonds, Series
B,
|
|
|
|
5.00%, 1/1/33
|
$1,000
|
$1,060
|
|
Chicago Midway Airport Senior
Revenue Refunding Bonds, Series C
(AMT),
|
|
|
|
5.00%, 1/1/27
|
2,000
|
2,048
|
|
Chicago Waterworks Second Lien
Revenue Refunding Bonds, Series A,
|
|
|
|
5.00%, 11/1/27
|
3,640
|
3,797
|
|
Illinois State Finance Authority Variable
Revenue Refunding Bonds, Silver
Cross Hospital,
|
|
|
|
5.00%, 8/15/30(1) (2)
|
1,000
|
1,066
|
|
Illinois State Financing Authority
Revenue Bonds, The Chicago School,
|
|
|
|
5.00%, 4/1/26
|
300
|
303
|
|
Illinois State G.O. Unlimited Bonds,
Series B,
|
|
|
|
5.00%, 5/1/27
|
1,500
|
1,549
|
|
Illinois State G.O. Unlimited Refunding
Bonds,
|
|
|
|
5.00%, 2/1/27
|
2,100
|
2,160
|
|
Saint Clair County Community Unit
School District No. 187 Cahokia
G.O. Unlimited Bonds, Series A
(AGM Insured),
|
|
|
|
5.00%, 1/1/27
|
180
|
185
|
|
5.00%, 1/1/33
|
260
|
290
|
|
|
|
12,458
|
|
Indiana – 3.2%
|
||
|
Greater Clark County School Building
Corp. Revenue Refunding Bonds,
Series A (State Intercept Program),
|
|
|
|
5.00%, 7/15/32
|
1,100
|
1,226
|
|
Hamilton Heights School Building Corp.
Revenue Bonds (State Intercept
Program),
|
|
|
|
5.00%, 1/15/26
|
585
|
591
|
|
Indianapolis Local Public Improvement
Bank Revenue Refunding Bonds,
Series B,
|
|
|
|
5.00%, 2/1/32
|
1,040
|
1,154
|
|
|
June 30, 2025 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 96.2%continued
|
||
|
Indiana – 3.2%continued
|
||
|
MSD of Washington Township School
Building Corp. Revenue Bonds (State
Intercept Program),
|
|
|
|
5.00%, 7/15/35
|
$1,090
|
$1,149
|
|
MSD of Washington Township School
Building Corp. Revenue Bonds, 2016
Refferendum Projects (State Intercept
Program),
|
|
|
|
5.00%, 1/15/27
|
1,100
|
1,137
|
|
5.00%, 7/15/27
|
1,075
|
1,123
|
|
MSD of Washington Township School
Building Corp. Revenue Bonds, 2020
Refferendum Projects (State Intercept
Program),
|
|
|
|
5.00%, 1/15/26
|
2,040
|
2,062
|
|
5.00%, 7/15/27
|
2,195
|
2,294
|
|
|
|
10,736
|
|
Iowa – 1.2%
|
||
|
Polk County G.O. Unlimited Capital
Loan Notes, Series A (AMT),
|
|
|
|
5.00%, 6/1/31
|
2,280
|
2,469
|
|
Waterloo G.O. Unlimited Bonds, Series
D,
|
|
|
|
4.50%, 6/1/27
|
1,700
|
1,723
|
|
|
|
4,192
|
|
Kansas – 1.0%
|
||
|
Kansas Department of Transportation
Highway Revenue Bonds,
|
|
|
|
5.00%, 9/1/33
|
2,240
|
2,247
|
|
Wichita G.O. Unlimited Bonds, Series
811,
|
|
|
|
3.00%, 6/1/27
|
1,185
|
1,185
|
|
|
|
3,432
|
|
Kentucky – 0.5%
|
||
|
Kentucky State Public Energy Authority
Gas Supply Revenue Refunding
Bonds, Series A,
|
|
|
|
5.25%, 12/1/29(1) (2)
|
1,500
|
1,586
|
|
Louisiana – 0.5%
|
||
|
Louisiana Public Facilities Authority
Revenue Refunding Bonds, Tulane
University, Prerefunded, Escrowed to
Maturity,
|
|
|
|
5.00%, 4/1/26(3)
|
270
|
274
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 96.2%continued
|
||
|
Louisiana – 0.5%continued
|
||
|
Louisiana State Local Government
Environmental Facilities & Community
Development Authority Insurance
Revenue Bonds, Louisiana Insurance
Guaranty Association,
|
|
|
|
5.00%, 8/15/26
|
$1,500
|
$1,534
|
|
|
|
1,808
|
|
Maine – 0.8%
|
||
|
Maine State Governmental Facilities
Authority Revenue Bonds, Series A,
|
|
|
|
4.00%, 10/1/33
|
2,640
|
2,679
|
|
Maryland – 0.9%
|
||
|
Montgomery County G.O. Unlimited
Refunding Bonds, Series D,
|
|
|
|
4.00%, 11/1/29
|
2,925
|
2,983
|
|
Massachusetts – 3.8%
|
||
|
Massachusetts State Clean Water Trust
Revenue Bonds, Series 22, Green
Bonds,
|
|
|
|
5.00%, 8/1/27
|
2,000
|
2,103
|
|
Massachusetts State Development
Finance Agency Revenue Bonds,
Lasell Village, Inc.,
|
|
|
|
5.00%, 7/1/29
|
1,000
|
1,055
|
|
Massachusetts State Development
Finance Agency Variable Revenue
Bonds, Brown Health University
Obligated Group,
|
|
|
|
5.00%, 8/15/31(1) (2)
|
1,000
|
1,068
|
|
Massachusetts State G.O. Limited
Bonds, Series C,
|
|
|
|
5.00%, 5/1/30
|
595
|
656
|
|
Massachusetts State G.O. Limited
Refunding Bonds, Series B,
|
|
|
|
5.00%, 7/1/26
|
1,040
|
1,065
|
|
MWRA General Revenue Refunding
Bonds, Series C, Green Bonds,
Prerefunded,
|
|
|
|
5.00%, 8/1/26(3)
|
2,340
|
2,398
|
|
5.00%, 8/1/26(3)
|
1,000
|
1,025
|
|
University of Massachusetts Building
Authority Revenue Refunding Bonds,
Series 2,
|
|
|
|
5.00%, 11/1/29
|
3,370
|
3,392
|
|
|
|
12,762
|
|
Schedule of Investments
|
|
LIMITED TERM TAX-EXEMPT FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 96.2%continued
|
||
|
Michigan – 1.3%
|
||
|
Michigan State Finance Authority
Revenue Refunding Bonds, Henry
Ford Health System,
|
|
|
|
5.00%, 11/15/29
|
$3,840
|
$3,926
|
|
Michigan State HDA Rental Housing
Revenue Bonds, Series A,
|
|
|
|
3.38%, 10/1/26
|
465
|
466
|
|
|
|
4,392
|
|
Minnesota – 0.9%
|
||
|
Minnesota Municipal Gas Agency
Commodity Supply Revenue Bonds,
Series A,
|
|
|
|
4.00%, 12/1/27(1) (2)
|
2,000
|
2,021
|
|
Minnesota State G.O. Unlimited Bonds,
Series A,
|
|
|
|
5.00%, 8/1/27
|
1,020
|
1,070
|
|
|
|
3,091
|
|
Missouri – 0.6%
|
||
|
Saint Joseph School District G.O.
Unlimited Bonds (State Aid
Withholding),
|
|
|
|
5.00%, 3/1/31
|
2,000
|
2,140
|
|
Nebraska – 0.4%
|
||
|
Omaha Airport Authority Airport
Facilities Revenue Bonds (AMT)
(AGC Insured),
|
|
|
|
5.00%, 12/15/31
|
1,275
|
1,375
|
|
Nevada – 1.2%
|
||
|
Clark County School District G.O.
Limited Bonds, Series A (AGM
Insured),
|
|
|
|
5.00%, 6/15/27
|
1,000
|
1,045
|
|
Clark County School District G.O.
Limited Bonds, Series B (AGM
Insured),
|
|
|
|
4.00%, 6/15/32
|
3,000
|
3,063
|
|
|
|
4,108
|
|
New Hampshire – 0.3%
|
||
|
New Hampshire State Health and
Education Facilities Authority
Revenue Refunding Bonds, Southern
New Hampshire University Issue,
|
|
|
|
5.00%, 1/1/34
|
1,000
|
1,110
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 96.2%continued
|
||
|
New Jersey – 2.1%
|
||
|
Clifton Board of Education G.O.
Unlimited Bonds (AGM School
Board Resource Fund Insured),
|
|
|
|
2.00%, 8/15/26
|
$1,200
|
$1,177
|
|
New Jersey State EDA Revenue School
Facilities Construction Revenue
Refunding Bonds, Series GGG,
|
|
|
|
5.25%, 9/1/26
|
3,000
|
3,082
|
|
New Jersey State G.O. Unlimited
Bonds, Covid-19 Go Emergency
Bonds,
|
|
|
|
5.00%, 6/1/27
|
2,750
|
2,875
|
|
|
|
7,134
|
|
New York – 6.8%
|
||
|
New York City Transitional Finance
Authority Future Tax Secured
Revenue Bonds, Subseries F-1,
|
|
|
|
5.00%, 5/1/31
|
1,000
|
1,036
|
|
New York City Transitional Finance
Authority Future Tax Secured
Revenue Refunding Bonds,
|
|
|
|
5.00%, 11/1/27
|
1,000
|
1,055
|
|
New York G.O. Unlimited Bonds, Series
J-10, Fiscal 2008,
|
|
|
|
5.00%, 8/1/26
|
605
|
620
|
|
New York G.O. Unlimited Refunding
Bonds, Series C,
|
|
|
|
5.00%, 8/1/27
|
1,795
|
1,882
|
|
New York State Dormitory Authority
Non State Supported Debt Revenue
Bonds, Series A, Pace University,
|
|
|
|
5.25%, 5/1/31
|
400
|
429
|
|
5.25%, 5/1/32
|
600
|
647
|
|
New York State Dormitory Authority
Personal Income Tax Revenue
Refunding Bonds, Series E,
|
|
|
|
5.00%, 3/15/32
|
5,000
|
5,014
|
|
New York State Housing Finance
Agency Affordable Housing
Sustainability Revenue Bonds, Series
M-2 (SonyMA, FHA Insured),
|
|
|
|
0.75%, 11/1/25
|
215
|
212
|
|
|
June 30, 2025 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 96.2%continued
|
||
|
New York – 6.8%continued
|
||
|
New York State Housing Finance
Agency Affordable Housing
Sustainability Variable Revenue
Bonds, Series B (SonyMA Insured,
HUD Sector 8 Program),
|
|
|
|
3.60%, 5/1/27(1) (2)
|
$1,500
|
$1,500
|
|
New York State Housing Finance
Agency Affordable Housing Variable
Revenue Bonds, Series F,
Sustainability Bonds (SonyMA, FHA
Insured),
|
|
|
|
3.85%, 5/1/27(1) (2)
|
4,000
|
4,001
|
|
New York State Liberty Development
Corp. Revenue Refunding Bonds,
Four World Trade, Green Bonds,
|
|
|
|
1.20%, 11/15/28
|
2,000
|
1,814
|
|
Port Authority of New York & New
Jersey Revenue Refunding Bonds,
Series 207 (AMT),
|
|
|
|
5.00%, 9/15/32
|
1,500
|
1,546
|
|
Triborough Bridge & Tunnel Authority
Payroll Mobility Tax Revenue
Refunding Bonds, MTA Bridges &
Tunnels, Green Bonds,
|
|
|
|
5.00%, 11/15/27
|
1,700
|
1,795
|
|
Utility Debt Securitization Authority
Revenue Refunding Restructuring
Bonds, Series A,
|
|
|
|
5.00%, 12/15/27
|
1,450
|
1,465
|
|
|
|
23,016
|
|
North Carolina – 0.7%
|
||
|
Charlotte Water & Sewer System
Revenue Bonds,
|
|
|
|
5.00%, 7/1/30
|
225
|
249
|
|
Charlotte Water & Sewer System
Revenue Refunding Bonds,
|
|
|
|
5.00%, 7/1/26
|
2,115
|
2,165
|
|
|
|
2,414
|
|
North Dakota – 0.3%
|
||
|
Fargo Annual Appropriation Revenue
Bonds, Series G,
|
|
|
|
5.00%, 12/1/32
|
1,010
|
1,121
|
|
Ohio – 4.5%
|
||
|
Akron Income Tax Revenue Refunding
Bonds,
|
|
|
|
4.00%, 12/1/26
|
1,120
|
1,138
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 96.2%continued
|
||
|
Ohio – 4.5%continued
|
||
|
Columbus Regional Airport Authority
Revenue Refunding Bonds, John
Glenn Columbus International
(AMT),
|
|
|
|
5.00%, 1/1/33
|
$1,000
|
$1,075
|
|
North Ridgeville City School District
G.O. Unlimited Bonds,
|
|
|
|
5.00%, 12/1/33
|
870
|
926
|
|
Ohio State Air Quality Development
Authority Revenue Bonds, American
Electric Power Company Project,
|
|
|
|
3.20%, 5/1/26
|
1,075
|
1,069
|
|
Ohio State G.O. Unlimited Refunding
Bonds, Series A, Conservation
Project,
|
|
|
|
5.00%, 3/1/32
|
1,500
|
1,690
|
|
Ohio State Highway Capital
Improvements G.O. Unlimited Bonds,
Series S,
|
|
|
|
5.00%, 5/1/28
|
5,085
|
5,179
|
|
Ohio State Turnpike Commission
Subordinate Revenue Bonds,
|
|
|
|
5.00%, 2/15/32
|
3,860
|
4,047
|
|
|
|
15,124
|
|
Oklahoma – 5.2%
|
||
|
Oklahoma County Independent School
District No. 12 G.O. Unlimited
Bonds, Edmond School District,
|
|
|
|
4.00%, 3/1/27
|
4,175
|
4,262
|
|
Oklahoma County Independent School
District No. 89 G.O. Unlimited
Bonds, Series A,
|
|
|
|
4.00%, 7/1/27
|
4,275
|
4,382
|
|
Oklahoma State Capitol Improvement
Authority Facilities Revenue
Refunding Bonds, Series A,
|
|
|
|
5.00%, 7/1/27
|
3,985
|
4,165
|
|
Tulsa G.O. Unlimited Bonds, Series C,
|
|
|
|
3.00%, 10/1/28
|
4,865
|
4,837
|
|
|
|
17,646
|
|
Oregon – 2.0%
|
||
|
Multnomah County G.O. Limited Bonds,
|
|
|
|
5.00%, 6/1/28
|
1,000
|
1,037
|
|
Oregon State G.O. Unlimited
Refunding Bonds, Series B,
|
|
|
|
5.00%, 8/1/33
|
1,450
|
1,452
|
|
Schedule of Investments
|
|
LIMITED TERM TAX-EXEMPT FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 96.2%continued
|
||
|
Oregon – 2.0%continued
|
||
|
Portland G.O. Limited Bonds, Series A,
Transportation Projects,
|
|
|
|
5.00%, 10/1/27
|
$1,730
|
$1,821
|
|
Washington County School District No.
48J Beaverton G.O. Convertible
CABS (School Board Guaranty
Program),
|
|
|
|
5.00%, 6/15/35
|
2,500
|
2,575
|
|
|
|
6,885
|
|
Pennsylvania – 4.1%
|
||
|
Delaware Valley Regional Financial
Authority Revenue Bonds, Series A,
|
|
|
|
2.00%, 10/1/29
|
2,275
|
2,081
|
|
Delaware Valley Regional Financial
Authority Revenue Bonds, Series A
(AMBAC Insured),
|
|
|
|
5.50%, 8/1/28
|
3,225
|
3,476
|
|
Pennsylvania State Turnpike
Commission Revenue Refunding
Bonds, Series B,
|
|
|
|
5.00%, 12/1/25
|
425
|
429
|
|
5.00%, 12/1/26
|
275
|
284
|
|
Pennsylvania State Turnpike
Commission Revenue Refunding
Bonds, Subseries B-2,
|
|
|
|
5.00%, 6/1/32
|
1,875
|
1,936
|
|
Pennsylvania State Turnpike
Commission Subordinate Revenue
Refunding Bonds, Series 2017-3,
|
|
|
|
5.00%, 12/1/30
|
860
|
901
|
|
Philadelphia Redevelopment Authority
Revenue Refunding Bonds, Series A,
|
|
|
|
5.00%, 4/15/31
|
1,000
|
1,103
|
|
Philadelphia Refunding Bonds,
|
|
|
|
5.00%, 8/1/26
|
3,535
|
3,622
|
|
|
|
13,832
|
|
South Carolina – 0.3%
|
||
|
South Carolina State Jobs EDA Hospital
Facilities Variable Revenue Refunding
Bonds, Bon Secours Mercy Health,
Inc.,
|
|
|
|
5.00%, 11/1/32(1) (2)
|
1,000
|
1,061
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 96.2%continued
|
||
|
Texas – 14.1%
|
||
|
Austin Water & Wastewater System
Revenue Refunding Bonds,
|
|
|
|
5.00%, 11/15/26
|
$1,000
|
$1,032
|
|
Bexar County Certificates of Obligation
G.O. Limited Bonds,
|
|
|
|
5.00%, 6/15/30
|
1,000
|
1,096
|
|
5.00%, 6/15/31
|
1,250
|
1,385
|
|
Bexar County Certificates of Obligation
G.O. Limited Bonds, Series B,
|
|
|
|
5.00%, 6/15/26
|
1,125
|
1,150
|
|
Dallas Area Rapid Transit Senior Lien
Sales Tax Revenue Refunding Bonds,
|
|
|
|
5.00%, 12/1/32
|
3,395
|
3,658
|
|
Fort Bend County G.O. Limited
Refunding Bonds, Series B,
|
|
|
|
4.00%, 3/1/30
|
3,900
|
3,903
|
|
Grand Prairie Independent School
District G.O. Unlimited Refunding
Bonds (PSF, Gtd.),
|
|
|
|
4.00%, 2/15/33
|
5,420
|
5,421
|
|
Harlingen Consolidated Independent
School District G.O. Unlimited
Refunding Bonds (PSF, Gtd.),
|
|
|
|
5.00%, 8/15/26
|
1,105
|
1,131
|
|
Harris County Cultural Education
Facilities Finance Corp. Medical
Facilities Variable Revenue Bonds,
Baylor College of Medicine,
|
|
|
|
5.00%, 5/15/32(1) (2)
|
1,000
|
1,071
|
|
Harris County Toll Road First Lien
Revenue Refunding Bonds, Series A,
|
|
|
|
5.00%, 8/15/31
|
1,635
|
1,821
|
|
Klein Independent School District G.O.
Unlimited Refunding Bonds (PSF,
Gtd.),
|
|
|
|
5.00%, 8/1/32
|
1,575
|
1,716
|
|
Laredo Public Property Finance
Contractual Obligation G.O. Limited
Bonds,
|
|
|
|
5.00%, 2/15/27
|
800
|
828
|
|
North Texas Tollway Authority Revenue
Refunding Bonds, Series A, First Tier,
|
|
|
|
5.00%, 1/1/31
|
595
|
654
|
|
|
June 30, 2025 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 96.2%continued
|
||
|
Texas – 14.1%continued
|
||
|
Pecos Barstow Toyah Independent
School District G.O. Unlimited
Bonds, Escrowed to Maturity (PSF
Gtd.),
|
|
|
|
5.00%, 2/15/27
|
$1,000
|
$1,038
|
|
San Antonio Electric & Gas Junior Lien
Variable Revenue Bonds,
|
|
|
|
1.13%, 12/1/26(1) (2)
|
3,500
|
3,379
|
|
2.00%, 12/1/27(1) (2)
|
3,150
|
3,010
|
|
Tarrant Regional Water District
Transmission Facility Contract
Revenue Bonds, Series A, City of
Dallas Project,
|
|
|
|
4.00%, 9/1/31
|
1,370
|
1,421
|
|
Texas State G.O. Unlimited Refunding
Bonds, Series B,
|
|
|
|
4.00%, 8/1/27
|
2,135
|
2,137
|
|
Texas State G.O. Unlimited Refunding
Bonds, Transportation Commission
Mobility Fund,
|
|
|
|
5.00%, 10/1/29
|
5,000
|
5,018
|
|
Texas State Municipal Gas Acquisition
& Supply Corp. III Gas Supply
Revenue Refunding Bonds,
|
|
|
|
5.00%, 12/15/26
|
1,400
|
1,428
|
|
Texas State PFA G.O. Unlimited
Refunding Bonds,
|
|
|
|
5.00%, 10/1/26
|
2,110
|
2,173
|
|
Texas State Water Development Board
Revolving Fund Revenue Bonds,
|
|
|
|
5.00%, 8/1/30
|
1,000
|
1,106
|
|
Trinity River Authority Regional
Wastewater System Revenue
Refunding Bonds,
|
|
|
|
5.00%, 8/1/32
|
1,000
|
1,035
|
|
University of North Texas Revenue
Refunding Bonds, Series A,
|
|
|
|
5.00%, 4/15/32
|
1,000
|
1,086
|
|
|
|
47,697
|
|
Utah – 2.2%
|
||
|
Davis County School District G.O.
Unlimited Refunding Bonds, Utah
School Bond Guaranty (School
Board Guaranty Program),
|
|
|
|
3.00%, 6/1/28
|
4,095
|
4,094
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 96.2%continued
|
||
|
Utah – 2.2%continued
|
||
|
Murray City School District G.O.
Unlimited Refunding Bonds (School
Board Guaranty Program),
|
|
|
|
5.00%, 2/1/28
|
$1,685
|
$1,782
|
|
Salt Lake City Airport Revenue Bonds,
Series A (AMT),
|
|
|
|
5.00%, 7/1/32
|
1,500
|
1,596
|
|
|
|
7,472
|
|
Virginia – 1.0%
|
||
|
Virginia State College Building
Authority Educational Facilities
Revenue Refunding Bonds, 21st
Century College and Equipment
Programs, Series B,
|
|
|
|
4.00%, 2/1/29
|
275
|
276
|
|
Virginia State Small Business Financing
Authority Hospital Variable Revenue
Bonds, Carilion Clinic Obligated
Group,
|
|
|
|
3.95%, 7/1/42(5)
|
3,000
|
3,000
|
|
|
|
3,276
|
|
Washington – 2.4%
|
||
|
Benton County School District No. 17
Kennewick G.O. Unlimited Refunding
Bonds (School Board Guaranty
Program),
|
|
|
|
4.00%, 12/1/28
|
1,000
|
1,004
|
|
Central Puget Sound Regional Transit
Authority Sales & Use Tax
Improvement Revenue Refunding
Bonds, Series S-1, Green Bonds,
Prerefunded,
|
|
|
|
5.00%, 11/1/25(3)
|
1,000
|
1,007
|
|
Pierce County School District No. 320
G.O. Unlimited Refunding Bonds
(School Board Guaranty Program),
|
|
|
|
4.00%, 12/1/28
|
650
|
650
|
|
Washington State G.O. Unlimited
Bonds, Series 2017-A,
|
|
|
|
5.00%, 8/1/29
|
2,400
|
2,453
|
|
Washington State G.O. Unlimited
Refunding Bonds, Series R-2023B,
|
|
|
|
5.00%, 7/1/26
|
2,000
|
2,047
|
|
Schedule of Investments
|
|
LIMITED TERM TAX-EXEMPT FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 96.2%continued
|
||
|
Washington – 2.4%continued
|
||
|
Whatcom County Public Utility District
No. 1 G.O. Limited Bonds, Series A
(AMT) (BAM Insured),
|
|
|
|
5.00%, 12/1/27
|
$450
|
$467
|
|
5.00%, 12/1/28
|
450
|
473
|
|
|
|
8,101
|
|
Wisconsin – 0.1%
|
||
|
Waushara County G.O. Unlimited
Bonds, Series B,
|
|
|
|
5.50%, 6/1/31
|
450
|
507
|
|
Total Municipal Bonds
|
|
|
|
(Cost $330,135)
|
|
326,249
|
|
|
NUMBER
OF SHARES
|
VALUE
(000S)
|
|
INVESTMENT COMPANIES – 1.4%
|
||
|
Northern Institutional Funds -
U.S. Government Portfolio (Shares),
4.15%(6) (7)
|
4,806,036
|
$4,806
|
|
Total Investment Companies
|
|
|
|
(Cost $4,806)
|
|
4,806
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
SHORT-TERM INVESTMENTS – 2.0%
|
||
|
California State Municipal Finance
Authority Solid Waste Disposal
Variable Revenue Bonds (AMT),
Series A, Waste Management, Inc.,
|
|
|
|
4.13%, 10/1/25(1) (2)
|
$1,000
|
$1,000
|
|
Colorado State Health Facilities
Authority Hospital Revenue Bonds,
Adventist Health System/Sunbel,
|
|
|
|
5.00%, 11/20/25(1) (2)
|
3,000
|
3,016
|
|
Fort Bend Independent School District
Variable G.O. Unlimited Bonds,
Series B (PSF, Gtd.),
|
|
|
|
0.88%, 8/1/25(1) (2)
|
1,135
|
1,133
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
SHORT-TERM INVESTMENTS - 2.0%continued
|
||
|
Missouri State Health & Educational
Facilities Authority Health Variable
Revenue Refunding Bonds, Series B,
BJC Health System,
|
|
|
|
4.00%, 5/1/26(1) (2)
|
$1,500
|
$1,509
|
|
Total Short-Term Investments
|
|
|
|
(Cost $6,680)
|
6,658
|
|
|
|
|
|
|
Total Investments – 99.6%
|
|
|
|
(Cost $341,621)
|
337,713
|
|
|
Other Assets less Liabilities – 0.4%
|
1,397
|
|
|
NET ASSETS – 100.0%
|
$339,110
|
|
|
(1)
|
Maturity date represents the puttable date.
|
|
(2)
|
Variable or floating rate security. These securities are remarketed by an
agent, and the rate at which these securities are set are determined by
general market conditions and supply and demand. Rate as of June 30,
2025 is disclosed.
|
|
(3)
|
Maturity date represents the prerefunded date.
|
|
(4)
|
When-Issued Security. Coupon rate is not in effect at June 30, 2025.
|
|
(5)
|
Variable or floating rate security. Rate is determined by a remarketing agent
and, in the agent's judgment, on the basis of prevailing financial markets, will
be the lowest interest rate necessary to enable the remarketing agent to sell
the bonds at a price equal to 100% of the principal amount.
|
|
(6)
|
Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the
investment adviser to the Fund and the investment adviser to Northern
Institutional Funds.
|
|
(7)
|
7-day current yield as of June 30, 2025 is disclosed.
|
|
|
|
EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT
THE SCHEDULE OF INVESTMENTS:
|
|
|
|
AGC - Assured Guaranty Corporation
|
|
|
|
AGM - Assured Guaranty Municipal Corporation
|
|
|
|
AMBAC - American Municipal Bond Assurance Corporation
|
|
|
|
AMT - Alternative Minimum Tax
|
|
|
|
BAM - Build America Mutual
|
|
|
|
CABS - Capital Appreciation Bonds
|
|
|
|
COPS - Certificates of Participation
|
|
|
|
EDA - Economic Development Authority
|
|
|
|
FHA - Federal Housing Administration
|
|
|
|
G.O. - General Obligation
|
|
|
|
Gtd. - Guaranteed
|
|
|
|
|
June 30, 2025 (UNAUDITED)
|
|
HDA - Housing Development Authority
|
|
|
|
HUD - Housing and Urban Development
|
|
|
|
IDA - Industrial Development Authority
|
|
|
|
IDR - Industrial Development Revenue
|
|
|
|
MFH - Multi-Family Housing
|
|
|
|
MWRA - Massachusetts Water Resources Authority
|
|
|
|
PFA - Public Finance Authority
|
|
|
|
PSF - Permanent School Fund
|
|
|
|
SonyMA - State of New York Mortgage Agency
|
|
|
|
VA - Veterans Affairs
|
|
INVESTMENTS
|
LEVEL 1
(000s)
|
LEVEL 2
(000s)
|
LEVEL 3
(000s)
|
TOTAL
(000s)
|
|
Municipal Bonds(1)
|
$—
|
$326,249
|
$—
|
$326,249
|
|
Investment Companies
|
4,806
|
—
|
—
|
4,806
|
|
Short-Term Investments
|
—
|
6,658
|
—
|
6,658
|
|
Total Investments
|
$4,806
|
$332,907
|
$—
|
$337,713
|
|
(1)
|
Classifications as defined in the Schedule of Investments.
|
|
AFFILIATE
|
VALUE,
BEGINNING
OF PERIOD
(000S)
|
PURCHASES
(000S)
|
SALES
PROCEEDS
(000S)
|
DIVIDEND
OR INTEREST
INCOME
(000S)
|
VALUE,
END OF PERIOD
(000S)
|
SHARES, END
OF PERIOD
|
|
Northern Institutional Funds - U.S. Government Portfolio (Shares)
|
$4,900
|
$37,081
|
$37,175
|
$68
|
$4,806
|
4,806,036
|
|
Schedule of Investments
|
|
LIMITED TERM U.S. GOVERNMENT FUND
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
U.S. GOVERNMENT AGENCIES – 3.6% (1)
|
||
|
Fannie Mae – 0.4%
|
||
|
Pool #555649,
|
|
|
|
7.50%, 10/1/32
|
$5
|
$6
|
|
Pool #BH9277,
|
|
|
|
3.50%, 2/1/48
|
105
|
96
|
|
|
|
102
|
|
Freddie Mac – 1.1%
|
||
|
Pool #RA8880,
|
|
|
|
5.50%, 4/1/53
|
80
|
81
|
|
Pool #SD1360,
|
|
|
|
5.50%, 7/1/52
|
90
|
90
|
|
Pool #SD2665,
|
|
|
|
6.00%, 4/1/53
|
78
|
80
|
|
Pool #ZS7735,
|
|
|
|
2.00%, 1/1/32
|
2
|
1
|
|
|
|
252
|
|
Freddie Mac Gold – 0.5%
|
||
|
Pool #D99701,
|
|
|
|
3.00%, 11/1/32
|
111
|
107
|
|
Government National Mortgage Association – 0.3%
|
||
|
Government National Mortgage
Association, Series 2017-95,
Class QG,
|
|
|
|
2.50%, 8/20/46
|
75
|
70
|
|
Sovereign Agencies – 1.3%
|
||
|
Resolution Funding Corp. Interest Strip,
|
|
|
|
3.89%, 10/15/28(2)
|
357
|
314
|
|
Total U.S. Government Agencies
|
|
|
|
(Cost $865)
|
|
845
|
|
|
|
|
|
U.S. GOVERNMENT OBLIGATIONS – 95.4%
|
||
|
U.S. Treasury Bonds – 0.1%
|
||
|
6.00%, 2/15/26
|
10
|
10
|
|
U.S. Treasury Inflation Indexed Notes – 1.6%
|
||
|
0.13%, 4/15/26
|
153
|
185
|
|
0.13%, 4/15/27
|
166
|
185
|
|
|
|
370
|
|
U.S. Treasury Notes – 93.7%
|
||
|
1.88%, 7/31/26
|
51
|
50
|
|
0.75%, 8/31/26
|
232
|
224
|
|
0.88%, 9/30/26
|
487
|
469
|
|
3.50%, 9/30/26
|
100
|
100
|
|
4.63%, 10/15/26
|
500
|
504
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
U.S. GOVERNMENT OBLIGATIONS - 95.4%continued
|
||
|
U.S. Treasury Notes – 93.7%continued
|
||
|
4.13%, 10/31/26
|
$100
|
$100
|
|
4.63%, 11/15/26
|
1,150
|
1,161
|
|
4.38%, 12/15/26
|
200
|
202
|
|
4.25%, 12/31/26
|
800
|
805
|
|
4.13%, 2/15/27
|
250
|
251
|
|
4.13%, 2/28/27
|
300
|
302
|
|
4.25%, 3/15/27
|
250
|
252
|
|
3.88%, 3/31/27
|
1,800
|
1,803
|
|
4.50%, 4/15/27
|
300
|
304
|
|
3.75%, 4/30/27
|
375
|
375
|
|
3.88%, 5/31/27
|
450
|
451
|
|
4.63%, 6/15/27
|
250
|
254
|
|
3.75%, 6/30/27
|
250
|
250
|
|
3.88%, 11/30/27
|
1,404
|
1,409
|
|
4.00%, 2/29/28
|
1,825
|
1,839
|
|
3.88%, 3/15/28
|
1,000
|
1,005
|
|
3.63%, 3/31/28
|
850
|
849
|
|
3.75%, 4/15/28
|
335
|
335
|
|
3.75%, 5/15/28
|
125
|
125
|
|
3.63%, 5/31/28
|
975
|
973
|
|
3.88%, 6/15/28
|
225
|
226
|
|
4.38%, 8/31/28
|
400
|
408
|
|
4.38%, 11/30/28
|
350
|
357
|
|
3.75%, 12/31/28
|
250
|
250
|
|
4.00%, 1/31/29
|
250
|
252
|
|
4.25%, 2/28/29
|
200
|
204
|
|
4.13%, 3/31/29
|
300
|
304
|
|
2.88%, 4/30/29
|
250
|
242
|
|
4.63%, 4/30/29
|
300
|
309
|
|
4.50%, 5/31/29
|
150
|
154
|
|
4.25%, 6/30/29
|
300
|
306
|
|
4.00%, 7/31/29
|
450
|
454
|
|
3.63%, 8/31/29
|
475
|
473
|
|
3.50%, 9/30/29
|
275
|
272
|
|
4.13%, 10/31/29
|
300
|
304
|
|
4.13%, 11/30/29
|
650
|
660
|
|
4.38%, 12/31/29
|
250
|
256
|
|
4.25%, 1/31/30
|
225
|
229
|
|
4.00%, 2/28/30
|
700
|
707
|
|
4.00%, 3/31/30
|
200
|
202
|
|
3.88%, 4/30/30
|
275
|
276
|
|
|
June 30, 2025 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
U.S. GOVERNMENT OBLIGATIONS - 95.4%continued
|
||
|
U.S. Treasury Notes – 93.7%continued
|
||
|
4.00%, 5/31/30
|
$450
|
$454
|
|
3.88%, 6/30/30
|
250
|
251
|
|
|
|
21,942
|
|
Total U.S. Government Obligations
|
|
|
|
(Cost $22,234)
|
|
22,322
|
|
|
NUMBER
OF SHARES
|
VALUE
(000S)
|
|
INVESTMENT COMPANIES – 0.3%
|
||
|
Northern Institutional Funds -
U.S. Government Portfolio (Shares),
4.15%(3) (4)
|
70,302
|
$70
|
|
Total Investment Companies
|
|
|
|
(Cost $70)
|
|
70
|
|
|
|
|
|
Total Investments – 99.3%
|
|
|
|
(Cost $23,169)
|
23,237
|
|
|
Other Assets less Liabilities – 0.7%
|
173
|
|
|
NET ASSETS – 100.0%
|
$23,410
|
|
|
(1)
|
The obligations of certain U.S. government-sponsored entities are neither
issued nor guaranteed by the United States Treasury.
|
|
(2)
|
Discount rate at the time of purchase.
|
|
(3)
|
Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the
investment adviser to the Fund and the investment adviser to Northern
Institutional Funds.
|
|
(4)
|
7-day current yield as of June 30, 2025 is disclosed.
|
|
|
|
EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT
THE SCHEDULE OF INVESTMENTS:
|
|
|
|
Fannie Mae - Federal National Mortgage Association
|
|
|
|
Freddie Mac - Federal Home Loan Mortgage Corporation
|
|
INVESTMENTS
|
LEVEL 1
(000s)
|
LEVEL 2
(000s)
|
LEVEL 3
(000s)
|
TOTAL
(000s)
|
|
U.S. Government Agencies(1)
|
$—
|
$845
|
$—
|
$845
|
|
U.S. Government Obligations(1)
|
—
|
22,322
|
—
|
22,322
|
|
Investment Companies
|
70
|
—
|
—
|
70
|
|
Total Investments
|
$70
|
$23,167
|
$—
|
$23,237
|
|
(1)
|
Classifications as defined in the Schedule of Investments.
|
|
AFFILIATE
|
VALUE,
BEGINNING
OF PERIOD
(000S)
|
PURCHASES
(000S)
|
SALES
PROCEEDS
(000S)
|
DIVIDEND
OR INTEREST
INCOME
(000S)
|
VALUE,
END OF PERIOD
(000S)
|
SHARES, END
OF PERIOD
|
|
Northern Institutional Funds - U.S. Government Portfolio (Shares)
|
$899
|
$494
|
$1,323
|
$1
|
$70
|
70,302
|
|
Schedule of Investments
|
|
MULTI-MANAGER HIGH YIELD OPPORTUNITY FUND
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CONVERTIBLE BONDS – 0.3%
|
||
|
Electric Utilities – 0.1%
|
||
|
XPLR Infrastructure L.P.,
|
|
|
|
0.00%, 11/15/25 (1) (2)
|
$77
|
$75
|
|
2.50%, 6/15/26 (1)
|
119
|
114
|
|
|
|
189
|
|
Home Construction – 0.1%
|
||
|
Meritage Homes Corp.,
|
|
|
|
1.75%, 5/15/28
|
79
|
76
|
|
Real Estate Investment Trusts – 0.0%
|
||
|
Digital Realty Trust L.P.,
|
|
|
|
1.88%, 11/15/29 (1)
|
16
|
17
|
|
Pebblebrook Hotel Trust,
|
|
|
|
1.75%, 12/15/26
|
2
|
2
|
|
|
|
19
|
|
Semiconductors – 0.1%
|
||
|
MKS, Inc.,
|
|
|
|
1.25%, 6/1/30
|
85
|
84
|
|
ON Semiconductor Corp.,
|
|
|
|
0.50%, 3/1/29
|
48
|
44
|
|
|
|
128
|
|
Total Convertible Bonds
|
|
|
|
(Cost $421)
|
|
412
|
|
|
|
|
|
CORPORATE BONDS – 79.0%
|
||
|
Advertising & Marketing – 0.4%
|
||
|
Neptune Bidco U.S., Inc.,
|
|
|
|
9.29%, 4/15/29 (1)
|
257
|
250
|
|
Outfront Media Capital LLC/Outfront
Media Capital Corp.,
|
|
|
|
5.00%, 8/15/27 (1)
|
169
|
168
|
|
4.25%, 1/15/29 (1)
|
65
|
62
|
|
4.63%, 3/15/30 (1)
|
104
|
100
|
|
|
|
580
|
|
Aerospace & Defense – 2.5%
|
||
|
AAR Escrow Issuer LLC,
|
|
|
|
6.75%, 3/15/29 (1)
|
43
|
45
|
|
Axon Enterprise, Inc.,
|
|
|
|
6.13%, 3/15/30 (1)
|
42
|
43
|
|
6.25%, 3/15/33 (1)
|
98
|
101
|
|
Boeing (The) Co.,
|
|
|
|
6.53%, 5/1/34
|
25
|
27
|
|
6.86%, 5/1/54
|
50
|
55
|
|
7.01%, 5/1/64
|
25
|
27
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 79.0% continued
|
||
|
Aerospace & Defense – 2.5%continued
|
||
|
Goat Holdco LLC,
|
|
|
|
6.75%, 2/1/32 (1)
|
$416
|
$423
|
|
Howmet Aerospace, Inc.,
|
|
|
|
5.95%, 2/1/37
|
25
|
26
|
|
Spirit AeroSystems, Inc.,
|
|
|
|
4.60%, 6/15/28
|
50
|
49
|
|
9.38%, 11/30/29 (1)
|
151
|
160
|
|
9.75%, 11/15/30 (1)
|
176
|
194
|
|
TransDigm, Inc.,
|
|
|
|
6.75%, 8/15/28 (1)
|
75
|
77
|
|
6.38%, 3/1/29 (1)
|
55
|
56
|
|
4.88%, 5/1/29
|
645
|
634
|
|
6.88%, 12/15/30 (1)
|
250
|
259
|
|
7.13%, 12/1/31 (1)
|
55
|
58
|
|
6.63%, 3/1/32 (1)
|
530
|
549
|
|
6.00%, 1/15/33 (1)
|
287
|
289
|
|
6.38%, 5/31/33 (1)
|
701
|
702
|
|
Triumph Group, Inc.,
|
|
|
|
9.00%, 3/15/28 (1)
|
99
|
103
|
|
|
|
3,877
|
|
Apparel & Textile Products – 0.1%
|
||
|
Crocs, Inc.,
|
|
|
|
4.25%, 3/15/29 (1)
|
25
|
24
|
|
4.13%, 8/15/31 (1) †
|
72
|
65
|
|
Hanesbrands, Inc.,
|
|
|
|
9.00%, 2/15/31 (1) †
|
3
|
3
|
|
Kontoor Brands, Inc.,
|
|
|
|
4.13%, 11/15/29 (1)
|
25
|
24
|
|
Levi Strauss & Co.,
|
|
|
|
3.50%, 3/1/31 (1) †
|
47
|
43
|
|
S&S Holdings LLC,
|
|
|
|
8.38%, 10/1/31 (1)
|
25
|
24
|
|
Under Armour, Inc.,
|
|
|
|
7.25%, 7/15/30 (1)
|
21
|
21
|
|
VF Corp.,
|
|
|
|
6.00%, 10/15/33
|
25
|
23
|
|
|
|
227
|
|
Asset Management – 1.3%
|
||
|
AG Issuer LLC,
|
|
|
|
6.25%, 3/1/28 (1)
|
50
|
50
|
|
Apollo Debt Solutions BDC,
|
|
|
|
6.70%, 7/29/31
|
35
|
36
|
|
6.55%, 3/15/32 (1)
|
9
|
9
|
|
|
June 30, 2025 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 79.0% continued
|
||
|
Asset Management – 1.3%continued
|
||
|
Apollo Global Management, Inc.,
|
|
|
|
(Variable, U.S. Treasury Yield Curve
Rate CMT 5Y + 2.17%), 6.00%,
12/15/54 (3)
|
$69
|
$67
|
|
Ares Capital Corp.,
|
|
|
|
5.50%, 9/1/30
|
40
|
40
|
|
Bain Capital Specialty Finance, Inc.,
|
|
|
|
5.95%, 3/15/30
|
15
|
15
|
|
Blackstone Private Credit Fund,
|
|
|
|
6.00%, 11/22/34
|
135
|
132
|
|
Blue Owl Capital Corp.,
|
|
|
|
6.20%, 7/15/30
|
80
|
81
|
|
Blue Owl Capital Corp. II,
|
|
|
|
8.45%, 11/15/26
|
25
|
26
|
|
Blue Owl Credit Income Corp.,
|
|
|
|
7.75%, 9/16/27
|
55
|
58
|
|
Blue Owl Technology Finance Corp.,
|
|
|
|
6.75%, 4/4/29
|
14
|
14
|
|
Compass Group Diversified
Holdings LLC,
|
|
|
|
5.25%, 4/15/29 (1)
|
71
|
64
|
|
5.00%, 1/15/32 (1)
|
25
|
21
|
|
Focus Financial Partners LLC,
|
|
|
|
6.75%, 9/15/31 (1)
|
863
|
881
|
|
HA Sustainable Infrastructure Capital,
Inc.,
|
|
|
|
6.38%, 7/1/34
|
39
|
39
|
|
HAT Holdings I LLC/HAT Holdings
II LLC,
|
|
|
|
3.38%, 6/15/26 (1)
|
8
|
8
|
|
8.00%, 6/15/27 (1)
|
31
|
32
|
|
Hightower Holding LLC,
|
|
|
|
9.13%, 1/31/30 (1)
|
25
|
27
|
|
Icahn Enterprises L.P./Icahn Enterprises
Finance Corp.,
|
|
|
|
6.25%, 5/15/26
|
115
|
114
|
|
5.25%, 5/15/27
|
195
|
189
|
|
9.75%, 1/15/29
|
63
|
61
|
|
4.38%, 2/1/29
|
25
|
21
|
|
10.00%, 11/15/29 (1)
|
93
|
92
|
|
9.00%, 6/15/30
|
50
|
47
|
|
|
|
2,124
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 79.0% continued
|
||
|
Automotive – 1.6%
|
||
|
Adient Global Holdings Ltd.,
|
|
|
|
7.50%, 2/15/33 (1)
|
$25
|
$25
|
|
American Axle & Manufacturing, Inc.,
|
|
|
|
5.00%, 10/1/29
|
50
|
46
|
|
Clarios Global L.P./Clarios
U.S. Finance Co.,
|
|
|
|
6.75%, 5/15/28 (1)
|
73
|
75
|
|
6.75%, 2/15/30 (1) †
|
101
|
105
|
|
Dana, Inc.,
|
|
|
|
4.25%, 9/1/30
|
42
|
41
|
|
4.50%, 2/15/32
|
76
|
74
|
|
Dornoch Debt Merger Sub, Inc.,
|
|
|
|
6.63%, 10/15/29 (1)
|
1,325
|
1,026
|
|
Garrett Motion Holdings, Inc./Garrett
LX I S.a.r.l.,
|
|
|
|
7.75%, 5/31/32 (1)
|
50
|
52
|
|
Goodyear Tire & Rubber (The) Co.,
|
|
|
|
5.00%, 7/15/29
|
97
|
95
|
|
6.63%, 7/15/30
|
29
|
30
|
|
5.25%, 4/30/31
|
3
|
3
|
|
5.25%, 7/15/31 (1)
|
50
|
48
|
|
5.63%, 4/30/33
|
25
|
24
|
|
Phinia, Inc.,
|
|
|
|
6.63%, 10/15/32 (1)
|
25
|
25
|
|
Real Hero Merger Sub 2, Inc.,
|
|
|
|
6.25%, 2/1/29 (1)
|
800
|
576
|
|
Rivian Holdings LLC/Rivian LLC/Rivian
Automotive LLC,
|
|
|
|
10.00%, 1/15/31 (1)
|
65
|
64
|
|
Tenneco, Inc.,
|
|
|
|
8.00%, 11/17/28 (1)
|
187
|
185
|
|
|
|
2,494
|
|
Banking – 0.1%
|
||
|
PNC Financial Services Group (The),
Inc.,
|
|
|
|
(Variable, U.S. Treasury Yield Curve
Rate CMT 7Y + 2.81%), 6.25%,
3/15/30 (3) (4)
|
95
|
98
|
|
Wells Fargo & Co.,
|
|
|
|
(Variable, U.S. Treasury Yield Curve
Rate CMT 5Y + 2.77%), 6.85%,
9/15/29 (3) (4)
|
39
|
41
|
|
|
|
139
|
|
Schedule of Investments
|
|
MULTI-MANAGER HIGH YIELD OPPORTUNITY FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 79.0% continued
|
||
|
Basic Industry – 0.0%
|
||
|
Avient Corp.,
|
|
|
|
6.25%, 11/1/31(1)
|
$27
|
$27
|
|
Beverages – 0.1%
|
||
|
Primo Water Holdings, Inc./Triton
Water Holdings, Inc.,
|
|
|
|
6.25%, 4/1/29 (1)
|
50
|
50
|
|
4.38%, 4/30/29 (1)
|
75
|
73
|
|
|
|
123
|
|
Biotechnology & Pharmaceuticals – 1.2%
|
||
|
1261229 B.C. Ltd.,
|
|
|
|
10.00%, 4/15/32 (1)
|
686
|
692
|
|
AbbVie, Inc.,
|
|
|
|
5.20%, 3/15/35
|
25
|
25
|
|
5.60%, 3/15/55
|
50
|
50
|
|
Bausch Health Americas, Inc.,
|
|
|
|
9.25%, 4/1/26 (1)
|
50
|
50
|
|
8.50%, 1/31/27 (1)
|
75
|
71
|
|
Bausch Health Cos., Inc.,
|
|
|
|
7.00%, 1/15/28 (1)
|
25
|
21
|
|
4.88%, 6/1/28 (1)
|
25
|
21
|
|
11.00%, 9/30/28 (1)
|
325
|
322
|
|
7.25%, 5/30/29 (1)
|
50
|
36
|
|
5.25%, 1/30/30 (1)
|
25
|
16
|
|
5.25%, 2/15/31 (1)
|
25
|
15
|
|
Endo Finance Holdings, Inc.,
|
|
|
|
8.50%, 4/15/31 (1) †
|
31
|
33
|
|
Mallinckrodt International Finance
S.A./Mallinckrodt CB LLC,
|
|
|
|
14.75%, 11/14/28 (1)
|
15
|
16
|
|
Organon & Co./Organon Foreign Debt
Co-Issuer B.V.,
|
|
|
|
5.13%, 4/30/31 (1)
|
580
|
503
|
|
P&L Development LLC/PLD Finance
Corp.,
|
|
|
|
12.00%, 5/15/29 (1) (5)
|
40
|
40
|
|
|
|
1,911
|
|
Cable & Satellite – 3.9%
|
||
|
CCO Holdings LLC/CCO Holdings
Capital Corp.,
|
|
|
|
5.38%, 6/1/29 (1)
|
33
|
33
|
|
6.38%, 9/1/29 (1)
|
240
|
245
|
|
4.75%, 3/1/30 (1)
|
65
|
63
|
|
4.50%, 8/15/30 (1)
|
114
|
109
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 79.0% continued
|
||
|
Cable & Satellite – 3.9%continued
|
||
|
4.25%, 2/1/31 (1)
|
$154
|
$144
|
|
7.38%, 3/1/31 (1)
|
235
|
245
|
|
4.75%, 2/1/32 (1)
|
436
|
414
|
|
4.50%, 5/1/32
|
516
|
481
|
|
4.50%, 6/1/33 (1)
|
692
|
633
|
|
4.25%, 1/15/34 (1)
|
835
|
743
|
|
Charter Communications
Operating LLC/Charter
Communications Operating Capital,
|
|
|
|
5.38%, 5/1/47
|
75
|
65
|
|
CSC Holdings LLC,
|
|
|
|
5.38%, 2/1/28 (1) †
|
200
|
183
|
|
11.25%, 5/15/28 (1)
|
200
|
199
|
|
11.75%, 1/31/29 (1)
|
200
|
190
|
|
5.75%, 1/15/30 (1)
|
275
|
136
|
|
4.50%, 11/15/31 (1)
|
400
|
281
|
|
Directv Financing LLC/Directv Financing
Co-Obligor, Inc.,
|
|
|
|
5.88%, 8/15/27 (1)
|
204
|
203
|
|
10.00%, 2/15/31 (1)
|
275
|
267
|
|
DISH DBS Corp.,
|
|
|
|
7.75%, 7/1/26 †
|
75
|
67
|
|
5.25%, 12/1/26 (1)
|
254
|
230
|
|
7.38%, 7/1/28
|
100
|
72
|
|
5.75%, 12/1/28 (1) †
|
188
|
163
|
|
5.13%, 6/1/29
|
75
|
50
|
|
DISH Network Corp.,
|
|
|
|
11.75%, 11/15/27 (1)
|
368
|
379
|
|
Midcontinent Communications,
|
|
|
|
8.00%, 8/15/32 (1)
|
115
|
122
|
|
Radiate Holdco LLC/Radiate Finance,
Inc.,
|
|
|
|
4.50%, 9/15/26 (1)
|
43
|
37
|
|
Sirius XM Radio LLC,
|
|
|
|
3.13%, 9/1/26 (1)
|
19
|
19
|
|
5.00%, 8/1/27 (1)
|
179
|
177
|
|
4.00%, 7/15/28 (1)
|
50
|
48
|
|
3.88%, 9/1/31 (1) †
|
125
|
111
|
|
|
|
6,109
|
|
Capital Goods – 0.2%
|
||
|
Clydesdale Acquisition Holdings, Inc.,
|
|
|
|
6.88%, 1/15/30 (1)
|
98
|
100
|
|
Vortex Opco LLC,
|
|
|
|
8.00%, 4/30/30 (1)
|
47
|
7
|
|
|
June 30, 2025 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 79.0% continued
|
||
|
Capital Goods – 0.2%continued
|
||
|
Wilsonart LLC,
|
|
|
|
11.00%, 8/15/32 (1)
|
$159
|
$145
|
|
|
|
252
|
|
Chemicals – 2.3%
|
||
|
Avient Corp.,
|
|
|
|
7.13%, 8/1/30 (1)
|
25
|
26
|
|
Celanese U.S. Holdings LLC,
|
|
|
|
6.58%, 7/15/29
|
25
|
26
|
|
6.50%, 4/15/30
|
12
|
12
|
|
6.63%, 7/15/32 †
|
125
|
131
|
|
6.75%, 4/15/33 †
|
36
|
36
|
|
7.20%, 11/15/33 †
|
125
|
133
|
|
Chemours (The) Co.,
|
|
|
|
5.38%, 5/15/27
|
100
|
99
|
|
5.75%, 11/15/28 (1)
|
194
|
182
|
|
4.63%, 11/15/29 (1) †
|
25
|
22
|
|
8.00%, 1/15/33 (1)
|
58
|
54
|
|
Element Solutions, Inc.,
|
|
|
|
3.88%, 9/1/28 (1)
|
128
|
124
|
|
Herens Holdco S.a.r.l.,
|
|
|
|
4.75%, 5/15/28 (1) †
|
200
|
179
|
|
Innophos Holdings, Inc.,
|
|
|
|
11.50%, 6/15/29 (1)
|
76
|
76
|
|
LYB International Finance III LLC,
|
|
|
|
6.15%, 5/15/35 †
|
15
|
15
|
|
Mativ Holdings, Inc.,
|
|
|
|
8.00%, 10/1/29 (1)
|
55
|
50
|
|
Methanex U.S. Operations, Inc.,
|
|
|
|
6.25%, 3/15/32 (1)
|
53
|
53
|
|
Minerals Technologies, Inc.,
|
|
|
|
5.00%, 7/1/28 (1)
|
72
|
71
|
|
Olin Corp.,
|
|
|
|
5.63%, 8/1/29
|
75
|
74
|
|
6.63%, 4/1/33 (1)
|
25
|
25
|
|
Olympus Water U.S. Holding Corp.,
|
|
|
|
9.75%, 11/15/28 (1)
|
200
|
211
|
|
6.25%, 10/1/29 (1) †
|
200
|
191
|
|
7.25%, 6/15/31 (1)
|
200
|
204
|
|
SCIH Salt Holdings, Inc.,
|
|
|
|
6.63%, 5/1/29 (1) †
|
990
|
968
|
|
SK Invictus Intermediate II S.a.r.l.,
|
|
|
|
5.00%, 10/30/29 (1)
|
100
|
97
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 79.0% continued
|
||
|
Chemicals – 2.3%continued
|
||
|
Trinseo Luxco Finance SPV
S.a.r.l./Trinseo N.A. Finance
SPV LLC,
|
|
|
|
7.63%, 5/3/29 (1)
|
$85
|
$50
|
|
Tronox, Inc.,
|
|
|
|
4.63%, 3/15/29 (1)
|
75
|
65
|
|
Windsor Holdings III LLC,
|
|
|
|
8.50%, 6/15/30 (1)
|
25
|
27
|
|
WR Grace Holdings LLC,
|
|
|
|
4.88%, 6/15/27 (1)
|
71
|
71
|
|
5.63%, 8/15/29 (1)
|
253
|
229
|
|
7.38%, 3/1/31 (1)
|
90
|
92
|
|
|
|
3,593
|
|
Commercial Support Services – 2.2%
|
||
|
ADT Security (The) Corp.,
|
|
|
|
4.13%, 8/1/29 (1)
|
50
|
48
|
|
4.88%, 7/15/32 (1)
|
90
|
86
|
|
Allied Universal Holdco LLC,
|
|
|
|
7.88%, 2/15/31 (1)
|
587
|
613
|
|
Allied Universal Holdco LLC/Allied
Universal Finance Corp.,
|
|
|
|
6.00%, 6/1/29 (1) †
|
325
|
316
|
|
6.88%, 6/15/30 (1)
|
113
|
115
|
|
Allied Universal Holdco LLC/Allied
Universal Finance Corp./Atlas Luxco
4 S.a.r.l.,
|
|
|
|
4.63%, 6/1/28 (1)
|
185
|
180
|
|
AMN Healthcare, Inc.,
|
|
|
|
4.63%, 10/1/27 (1)
|
25
|
24
|
|
4.00%, 4/15/29 (1)
|
75
|
69
|
|
Aramark Services, Inc.,
|
|
|
|
5.00%, 2/1/28 (1)
|
25
|
25
|
|
Brink's (The) Co.,
|
|
|
|
6.50%, 6/15/29 (1)
|
25
|
26
|
|
6.75%, 6/15/32 (1)
|
92
|
96
|
|
Clarivate Science Holdings Corp.,
|
|
|
|
3.88%, 7/1/28 (1)
|
206
|
197
|
|
4.88%, 7/1/29 (1)
|
110
|
104
|
|
Clean Harbors, Inc.,
|
|
|
|
6.38%, 2/1/31 (1)
|
34
|
35
|
|
Deluxe Corp.,
|
|
|
|
8.13%, 9/15/29 (1)
|
25
|
26
|
|
GEO Group (The), Inc.,
|
|
|
|
8.63%, 4/15/29
|
25
|
26
|
|
Schedule of Investments
|
|
MULTI-MANAGER HIGH YIELD OPPORTUNITY FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 79.0% continued
|
||
|
Commercial Support Services – 2.2%continued
|
||
|
10.25%, 4/15/31
|
$100
|
$110
|
|
GFL Environmental, Inc.,
|
|
|
|
4.75%, 6/15/29 (1)
|
34
|
34
|
|
4.38%, 8/15/29 (1)
|
12
|
12
|
|
6.75%, 1/15/31 (1)
|
95
|
99
|
|
Prime Security Services
Borrower LLC/Prime Finance, Inc.,
|
|
|
|
6.25%, 1/15/28 (1)
|
25
|
25
|
|
Raven Acquisition Holdings LLC,
|
|
|
|
6.88%, 11/15/31 (1)
|
199
|
199
|
|
Reworld Holding Corp.,
|
|
|
|
5.00%, 9/1/30
|
25
|
24
|
|
RR Donnelley & Sons Co.,
|
|
|
|
9.50%, 8/1/29 (1)
|
172
|
172
|
|
10.88%, 8/1/29 (1)
|
25
|
24
|
|
RRD Intermediate Holdings, Inc.,
|
|
|
|
11.00%, 12/1/30 (1) (5)
|
53
|
51
|
|
Sotheby's,
|
|
|
|
7.38%, 10/15/27 (1)
|
200
|
198
|
|
TKC Holdings, Inc.,
|
|
|
|
10.50%, 5/15/29 (1)
|
25
|
26
|
|
Veritiv Operating Co.,
|
|
|
|
10.50%, 11/30/30 (1)
|
30
|
32
|
|
WASH Multifamily Acquisition, Inc.,
|
|
|
|
5.75%, 4/15/26 (1)
|
25
|
25
|
|
Waste Pro U.S.A., Inc.,
|
|
|
|
7.00%, 2/1/33 (1)
|
240
|
249
|
|
Williams Scotsman, Inc.,
|
|
|
|
4.63%, 8/15/28 (1)
|
50
|
49
|
|
6.63%, 6/15/29 (1)
|
33
|
34
|
|
6.63%, 4/15/30 (1)
|
62
|
64
|
|
7.38%, 10/1/31 (1)
|
37
|
39
|
|
|
|
3,452
|
|
Communications – 0.1%
|
||
|
Warnermedia Holdings, Inc.,
|
|
|
|
5.05%, 3/15/42
|
162
|
109
|
|
Construction Materials – 1.7%
|
||
|
Advanced Drainage Systems, Inc.,
|
|
|
|
6.38%, 6/15/30 (1)
|
25
|
26
|
|
AmeriTex HoldCo Intermediate LLC,
|
|
|
|
10.25%, 10/15/28 (1)
|
370
|
392
|
|
JH North America Holdings, Inc.,
|
|
|
|
5.88%, 1/31/31 (1)
|
66
|
67
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 79.0% continued
|
||
|
Construction Materials – 1.7%continued
|
||
|
6.13%, 7/31/32 (1)
|
$79
|
$80
|
|
Knife River Corp.,
|
|
|
|
7.75%, 5/1/31 (1)
|
25
|
26
|
|
New Enterprise Stone & Lime Co., Inc.,
|
|
|
|
5.25%, 7/15/28 (1)
|
69
|
69
|
|
9.75%, 7/15/28 (1)
|
138
|
138
|
|
Oscar AcquisitionCo LLC/Oscar
Finance, Inc.,
|
|
|
|
9.50%, 4/15/30 (1)
|
1,240
|
1,010
|
|
Quikrete Holdings, Inc.,
|
|
|
|
6.38%, 3/1/32 (1)
|
304
|
313
|
|
6.75%, 3/1/33 (1)
|
75
|
77
|
|
Smyrna Ready Mix Concrete LLC,
|
|
|
|
6.00%, 11/1/28 (1)
|
128
|
128
|
|
8.88%, 11/15/31 (1)
|
43
|
45
|
|
Standard Building Solutions, Inc.,
|
|
|
|
6.50%, 8/15/32 (1)
|
110
|
113
|
|
Standard Industries, Inc.,
|
|
|
|
4.75%, 1/15/28 (1)
|
25
|
25
|
|
4.38%, 7/15/30 (1)
|
125
|
118
|
|
|
|
2,627
|
|
Consumer Cyclical – 0.2%
|
||
|
BCPE Flavor Debt Merger Sub LLC and
BCPE Flavor Issuer, Inc.,
|
|
|
|
9.50%, 7/1/32 (1)
|
50
|
51
|
|
Beach Acquisition Bidco LLC,
|
|
|
|
7/15/33 (1) (6)
|
200
|
207
|
|
Group 1 Automotive, Inc.,
|
|
|
|
6.38%, 1/15/30 (1)
|
26
|
27
|
|
Rite Aid Corp.,
|
|
|
|
15.00%, 8/30/21 (1) (7)
|
9
|
1
|
|
11.32%, 8/30/31 (1) (7)
|
4
|
2
|
|
15.00%, 8/30/31 (7) (8)
|
12
|
—
|
|
|
|
288
|
|
Consumer Non-Cyclical – 0.0%
|
||
|
Prime Healthcare Services, Inc.,
|
|
|
|
9.38%, 9/1/29 (1)
|
44
|
44
|
|
Radiology Partners, Inc.,
|
|
|
|
8.50%, 7/15/32 (1)
|
25
|
25
|
|
|
|
69
|
|
Consumer Services – 0.3%
|
||
|
Adtalem Global Education, Inc.,
|
|
|
|
5.50%, 3/1/28 (1)
|
40
|
40
|
|
|
June 30, 2025 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 79.0% continued
|
||
|
Consumer Services – 0.3%continued
|
||
|
Carriage Services, Inc.,
|
|
|
|
4.25%, 5/15/29 (1)
|
$25
|
$24
|
|
Matthews International Corp.,
|
|
|
|
8.63%, 10/1/27 (1)
|
50
|
52
|
|
Service Corp. International,
|
|
|
|
4.00%, 5/15/31
|
136
|
127
|
|
5.75%, 10/15/32
|
197
|
199
|
|
|
|
442
|
|
Containers & Packaging – 1.7%
|
||
|
Ardagh Metal Packaging Finance
U.S.A. LLC/Ardagh Metal Packaging
Finance PLC,
|
|
|
|
3.25%, 9/1/28 (1) †
|
210
|
198
|
|
4.00%, 9/1/29 (1) †
|
280
|
256
|
|
Ardagh Packaging Finance
PLC/Ardagh Holdings U.S.A., Inc.,
|
|
|
|
2.13%, 8/15/26 [EUR](9)
|
100
|
113
|
|
4.13%, 8/15/26 (1)
|
200
|
188
|
|
Ball Corp.,
|
|
|
|
6.88%, 3/15/28
|
50
|
51
|
|
3.13%, 9/15/31
|
25
|
22
|
|
Clydesdale Acquisition Holdings, Inc.,
|
|
|
|
6.63%, 4/15/29 (1)
|
45
|
46
|
|
8.75%, 4/15/30 (1)
|
105
|
107
|
|
6.75%, 4/15/32 (1)
|
271
|
278
|
|
Crown Americas LLC,
|
|
|
|
5.88%, 6/1/33 (1)
|
96
|
97
|
|
Graphic Packaging International LLC,
|
|
|
|
6.38%, 7/15/32 (1)
|
25
|
26
|
|
LABL, Inc.,
|
|
|
|
5.88%, 11/1/28 (1)
|
44
|
38
|
|
9.50%, 11/1/28 (1)
|
130
|
120
|
|
8.63%, 10/1/31 (1) †
|
32
|
27
|
|
Mauser Packaging Solutions Holding
Co.,
|
|
|
|
7.88%, 4/15/27 (1)
|
468
|
476
|
|
9.25%, 4/15/27 (1)
|
40
|
40
|
|
OI European Group B.V.,
|
|
|
|
4.75%, 2/15/30 (1)
|
100
|
96
|
|
Owens-Brockway Glass Container, Inc.,
|
|
|
|
6.63%, 5/13/27 (1)
|
119
|
119
|
|
7.25%, 5/15/31 (1)
|
25
|
26
|
|
Sealed Air Corp.,
|
|
|
|
4.00%, 12/1/27 (1)
|
40
|
39
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 79.0% continued
|
||
|
Containers & Packaging – 1.7%continued
|
||
|
5.00%, 4/15/29 (1)
|
$50
|
$49
|
|
6.50%, 7/15/32 (1)
|
63
|
65
|
|
Sealed Air Corp./Sealed Air Corp.
U.S.,
|
|
|
|
7.25%, 2/15/31 (1)
|
29
|
31
|
|
Trident TPI Holdings, Inc.,
|
|
|
|
12.75%, 12/31/28 (1)
|
61
|
65
|
|
TriMas Corp.,
|
|
|
|
4.13%, 4/15/29 (1)
|
50
|
47
|
|
|
|
2,620
|
|
Electric Utilities – 2.1%
|
||
|
AES (The) Corp.,
|
|
|
|
(Variable, U.S. Treasury Yield Curve
Rate CMT 5Y + 3.20%), 7.60%,
1/15/55 (3)
|
107
|
110
|
|
(Variable, U.S. Treasury Yield Curve
Rate CMT 5Y + 2.89%), 6.95%,
7/15/55 (3)
|
25
|
24
|
|
Alpha Generation LLC,
|
|
|
|
6.75%, 10/15/32 (1)
|
93
|
96
|
|
American Electric Power Co., Inc.,
|
|
|
|
(Variable, U.S. Treasury Yield Curve
Rate CMT 5Y + 0.00%), 6.95%,
12/15/54 (3)
|
25
|
26
|
|
(Variable, U.S. Treasury Yield Curve
Rate CMT 5Y + 0.00%), 7.05%,
12/15/54 (3)
|
25
|
26
|
|
Calpine Corp.,
|
|
|
|
5.13%, 3/15/28 (1)
|
75
|
75
|
|
4.63%, 2/1/29 (1)
|
25
|
25
|
|
5.00%, 2/1/31 (1)
|
125
|
124
|
|
CenterPoint Energy, Inc.,
|
|
|
|
(Variable, U.S. Treasury Yield Curve
Rate CMT 5Y + 2.95%), 6.85%,
2/15/55 (3)
|
27
|
28
|
|
Clearway Energy Operating LLC,
|
|
|
|
3.75%, 1/15/32 (1)
|
67
|
60
|
|
Dominion Energy, Inc.,
|
|
|
|
(Variable, U.S. Treasury Yield Curve
Rate CMT 5Y + 2.21%), 6.63%,
5/15/55 (3)
|
15
|
15
|
|
Duke Energy Corp.,
|
|
|
|
(Variable, U.S. Treasury Yield Curve
Rate CMT 5Y + 2.59%), 6.45%,
9/1/54 (3)
|
40
|
41
|
|
Schedule of Investments
|
|
MULTI-MANAGER HIGH YIELD OPPORTUNITY FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 79.0% continued
|
||
|
Electric Utilities – 2.1%continued
|
||
|
Edison International,
|
|
|
|
(Variable, U.S. Treasury Yield Curve
Rate CMT 5Y + 4.70%), 5.38%,
3/9/26 (3) (4)
|
$176
|
$166
|
|
(Variable, U.S. Treasury Yield Curve
Rate CMT 5Y + 3.66%), 7.88%,
6/15/54 (3)
|
50
|
47
|
|
Lightning Power LLC,
|
|
|
|
7.25%, 8/15/32 (1)
|
93
|
98
|
|
Long Ridge Energy LLC,
|
|
|
|
8.75%, 2/15/32 (1)
|
25
|
26
|
|
NextEra Energy Capital Holdings, Inc.,
|
|
|
|
(Variable, U.S. Treasury Yield Curve
Rate CMT 5Y + 2.46%), 6.75%,
6/15/54 (3)
|
41
|
43
|
|
(Variable, U.S. Treasury Yield Curve
Rate CMT 5Y + 2.05%), 6.38%,
8/15/55 (3)
|
50
|
51
|
|
NRG Energy, Inc.,
|
|
|
|
5.75%, 1/15/28
|
25
|
25
|
|
(Variable, U.S. Treasury Yield Curve
Rate CMT 5Y + 5.92%), 10.25%,
3/15/28 (1) (3) (4)
|
179
|
199
|
|
5.25%, 6/15/29 (1)
|
25
|
25
|
|
5.75%, 7/15/29 (1)
|
100
|
100
|
|
3.88%, 2/15/32 (1)
|
50
|
46
|
|
6.00%, 2/1/33 (1)
|
247
|
249
|
|
7.00%, 3/15/33 (1)
|
50
|
55
|
|
6.25%, 11/1/34 (1)
|
151
|
154
|
|
Pattern Energy Operations L.P./Pattern
Energy Operations, Inc.,
|
|
|
|
4.50%, 8/15/28 (1)
|
8
|
8
|
|
PG&E Corp.,
|
|
|
|
5.00%, 7/1/28
|
50
|
49
|
|
(Variable, U.S. Treasury Yield Curve
Rate CMT 5Y + 3.88%), 7.38%,
3/15/55 (3)
|
125
|
118
|
|
Talen Energy Supply LLC,
|
|
|
|
8.63%, 6/1/30 (1)
|
75
|
80
|
|
TerraForm Power Operating LLC,
|
|
|
|
4.75%, 1/15/30 (1)
|
25
|
24
|
|
Vistra Corp.,
|
|
|
|
(Variable, U.S. Treasury Yield Curve
Rate CMT 5Y + 6.93%), 8.00%,
10/15/26 (1) (3) (4)
|
136
|
139
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 79.0% continued
|
||
|
Electric Utilities – 2.1%continued
|
||
|
(Variable, U.S. Treasury Yield Curve
Rate CMT 5Y + 5.74%), 7.00%,
12/15/26 (1) (3) (4)
|
$245
|
$248
|
|
Vistra Operations Co. LLC,
|
|
|
|
5.50%, 9/1/26 (1)
|
50
|
50
|
|
5.63%, 2/15/27 (1)
|
100
|
100
|
|
5.00%, 7/31/27 (1)
|
100
|
100
|
|
7.75%, 10/15/31 (1)
|
100
|
106
|
|
6.88%, 4/15/32 (1)
|
111
|
116
|
|
XPLR Infrastructure Operating Partners
L.P.,
|
|
|
|
8.38%, 1/15/31 (1)
|
151
|
161
|
|
8.63%, 3/15/33 (1) †
|
25
|
27
|
|
|
|
3,260
|
|
Electrical Equipment – 0.9%
|
||
|
BWX Technologies, Inc.,
|
|
|
|
4.13%, 6/30/28 (1)
|
11
|
11
|
|
EMRLD Borrower L.P./Emerald
Co-Issuer, Inc.,
|
|
|
|
6.63%, 12/15/30 (1)
|
772
|
789
|
|
6.75%, 7/15/31 (1)
|
71
|
73
|
|
Gates Corp.,
|
|
|
|
6.88%, 7/1/29 (1)
|
42
|
44
|
|
Sensata Technologies B.V.,
|
|
|
|
4.00%, 4/15/29 (1)
|
285
|
271
|
|
Sensata Technologies, Inc.,
|
|
|
|
4.38%, 2/15/30 (1)
|
14
|
13
|
|
3.75%, 2/15/31 (1)
|
84
|
76
|
|
Vertiv Group Corp.,
|
|
|
|
4.13%, 11/15/28 (1)
|
44
|
43
|
|
WESCO Distribution, Inc.,
|
|
|
|
6.63%, 3/15/32 (1)
|
18
|
19
|
|
6.38%, 3/15/33 (1)
|
52
|
54
|
|
|
|
1,393
|
|
Energy – 0.6%
|
||
|
Aethon United BR L.P./Aethon United
Finance Corp.,
|
|
|
|
7.50%, 10/1/29 (1)
|
92
|
97
|
|
Delek Logistics Partners L.P./Delek
Logistics Finance Corp.,
|
|
|
|
7.38%, 6/30/33 (1)
|
125
|
124
|
|
Hilcorp Energy I L.P./Hilcorp Finance
Co.,
|
|
|
|
7.25%, 2/15/35 (1)
|
53
|
52
|
|
|
June 30, 2025 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 79.0% continued
|
||
|
Energy – 0.6%continued
|
||
|
Matador Resources Co.,
|
|
|
|
6.25%, 4/15/33 (1)
|
$75
|
$74
|
|
Tidewater, Inc.,
|
|
|
|
7/15/30 (1) (6)
|
35
|
36
|
|
Venture Global Plaquemines LNG LLC,
|
|
|
|
6.50%, 1/15/34
|
276
|
280
|
|
6.75%, 1/15/36
|
283
|
283
|
|
|
|
946
|
|
Engineering & Construction – 0.3%
|
||
|
Arcosa, Inc.,
|
|
|
|
4.38%, 4/15/29 (1)
|
44
|
42
|
|
Brand Industrial Services, Inc.,
|
|
|
|
10.38%, 8/1/30 (1)
|
261
|
241
|
|
Brundage-Bone Concrete Pumping
Holdings, Inc.,
|
|
|
|
7.50%, 2/1/32 (1)
|
135
|
134
|
|
Dycom Industries, Inc.,
|
|
|
|
4.50%, 4/15/29 (1)
|
42
|
41
|
|
Installed Building Products, Inc.,
|
|
|
|
5.75%, 2/1/28 (1)
|
25
|
25
|
|
Pike Corp.,
|
|
|
|
8.63%, 1/31/31 (1)
|
46
|
50
|
|
TopBuild Corp.,
|
|
|
|
4.13%, 2/15/32 (1)
|
25
|
23
|
|
|
|
556
|
|
Entertainment Content – 0.6%
|
||
|
AMC Networks, Inc.,
|
|
|
|
4.25%, 2/15/29 †
|
75
|
60
|
|
7/15/32 (1) (6)
|
25
|
25
|
|
Playtika Holding Corp.,
|
|
|
|
4.25%, 3/15/29 (1)
|
96
|
87
|
|
Starz Capital Holdings 1, Inc.,
|
|
|
|
5.50%, 4/15/29 (1)
|
66
|
57
|
|
Starz Capital Holdings LLC,
|
|
|
|
5.50%, 4/15/29 (1)
|
25
|
21
|
|
TEGNA, Inc.,
|
|
|
|
5.00%, 9/15/29
|
25
|
24
|
|
Univision Communications, Inc.,
|
|
|
|
6.63%, 6/1/27 (1)
|
84
|
84
|
|
8.00%, 8/15/28 (1)
|
149
|
151
|
|
4.50%, 5/1/29 (1)
|
150
|
137
|
|
7.38%, 6/30/30 (1) †
|
65
|
64
|
|
8.50%, 7/31/31 (1)
|
173
|
173
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 79.0% continued
|
||
|
Entertainment Content – 0.6%continued
|
||
|
Warnermedia Holdings, Inc.,
|
|
|
|
5.14%, 3/15/52
|
$150
|
$105
|
|
|
|
988
|
|
Finance Companies – 0.1%
|
||
|
Azorra Finance Ltd.,
|
|
|
|
1/15/31 (1) (6)
|
45
|
46
|
|
LFS Topco LLC,
|
|
|
|
7/15/30 (1) (6)
|
100
|
98
|
|
|
|
144
|
|
Food – 2.5%
|
||
|
B&G Foods, Inc.,
|
|
|
|
8.00%, 9/15/28 (1)
|
68
|
65
|
|
BellRing Brands, Inc.,
|
|
|
|
7.00%, 3/15/30 (1)
|
100
|
104
|
|
Chobani Holdco II LLC,
|
|
|
|
8.75%, 10/1/29 (1) (5)
|
314
|
336
|
|
Chobani LLC/Chobani Finance Corp.,
Inc.,
|
|
|
|
4.63%, 11/15/28 (1) †
|
63
|
62
|
|
7.63%, 7/1/29 (1)
|
84
|
88
|
|
Darling Ingredients, Inc.,
|
|
|
|
5.25%, 4/15/27 (1)
|
25
|
25
|
|
6.00%, 6/15/30 (1)
|
63
|
64
|
|
Fiesta Purchaser, Inc.,
|
|
|
|
7.88%, 3/1/31 (1)
|
675
|
716
|
|
9.63%, 9/15/32 (1)
|
442
|
466
|
|
Herbalife Nutrition Ltd./HLF Financing,
Inc.,
|
|
|
|
7.88%, 9/1/25 (1)
|
21
|
21
|
|
HLF Financing S.a.r.l. LLC/Herbalife
International, Inc.,
|
|
|
|
4.88%, 6/1/29 (1)
|
25
|
21
|
|
Lamb Weston Holdings, Inc.,
|
|
|
|
4.13%, 1/31/30 (1)
|
25
|
24
|
|
4.38%, 1/31/32 (1)
|
117
|
110
|
|
Pilgrim's Pride Corp.,
|
|
|
|
6.25%, 7/1/33
|
25
|
26
|
|
Post Holdings, Inc.,
|
|
|
|
5.50%, 12/15/29 (1)
|
100
|
100
|
|
4.63%, 4/15/30 (1)
|
50
|
48
|
|
4.50%, 9/15/31 (1)
|
25
|
23
|
|
6.38%, 3/1/33 (1)
|
60
|
61
|
|
6.25%, 10/15/34 (1)
|
489
|
492
|
|
Schedule of Investments
|
|
MULTI-MANAGER HIGH YIELD OPPORTUNITY FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 79.0% continued
|
||
|
Food – 2.5%continued
|
||
|
Simmons Foods, Inc./Simmons
Prepared Foods, Inc./Simmons Pet
Food, Inc./Simmons Feed,
|
|
|
|
4.63%, 3/1/29 (1)
|
$1,033
|
$975
|
|
Viking Baked Goods Acquisition Corp.,
|
|
|
|
8.63%, 11/1/31 (1)
|
50
|
49
|
|
|
|
3,876
|
|
Forestry, Paper & Wood Products – 0.0%
|
||
|
Domtar Corp.,
|
|
|
|
6.75%, 10/1/28 (1)
|
42
|
38
|
|
Magnera Corp.,
|
|
|
|
7.25%, 11/15/31 (1)
|
27
|
26
|
|
|
|
64
|
|
Gas & Water Utilities – 0.2%
|
||
|
AmeriGas Partners L.P./AmeriGas
Finance Corp.,
|
|
|
|
5.75%, 5/20/27
|
100
|
99
|
|
9.50%, 6/1/30 (1)
|
22
|
23
|
|
Ferrellgas L.P./Ferrellgas Finance Corp.,
|
|
|
|
5.38%, 4/1/26 (1)
|
75
|
74
|
|
5.88%, 4/1/29 (1)
|
100
|
93
|
|
Suburban Propane Partners
L.P./Suburban Energy Finance Corp.,
|
|
|
|
5.00%, 6/1/31 (1)
|
25
|
24
|
|
|
|
313
|
|
Health Care Facilities & Services – 4.0%
|
||
|
Acadia Healthcare Co., Inc.,
|
|
|
|
5.50%, 7/1/28 (1)
|
50
|
50
|
|
7.38%, 3/15/33 (1) †
|
779
|
803
|
|
AHP Health Partners, Inc.,
|
|
|
|
5.75%, 7/15/29 (1)
|
155
|
151
|
|
Charles River Laboratories
International, Inc.,
|
|
|
|
3.75%, 3/15/29 (1)
|
25
|
23
|
|
4.00%, 3/15/31 (1)
|
50
|
46
|
|
CHS/Community Health Systems, Inc.,
|
|
|
|
5.63%, 3/15/27 (1)
|
300
|
296
|
|
6.00%, 1/15/29 (1)
|
149
|
143
|
|
6.88%, 4/15/29 (1)
|
50
|
40
|
|
6.13%, 4/1/30 (1)
|
50
|
37
|
|
5.25%, 5/15/30 (1)
|
309
|
274
|
|
4.75%, 2/15/31 (1)
|
102
|
87
|
|
10.88%, 1/15/32 (1)
|
172
|
182
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 79.0% continued
|
||
|
Health Care Facilities & Services – 4.0%continued
|
||
|
Concentra Health Services, Inc.,
|
|
|
|
6.88%, 7/15/32 (1)
|
$270
|
$280
|
|
CVS Health Corp.,
|
|
|
|
(Variable, U.S. Treasury Yield Curve
Rate CMT 5Y + 2.52%), 6.75%,
12/10/54 (3)
|
25
|
25
|
|
(Variable, U.S. Treasury Yield Curve
Rate CMT 5Y + 2.89%), 7.00%,
3/10/55 (3)
|
50
|
52
|
|
DaVita, Inc.,
|
|
|
|
4.63%, 6/1/30 (1)
|
100
|
96
|
|
6.88%, 9/1/32 (1)
|
25
|
26
|
|
6.75%, 7/15/33 (1)
|
55
|
57
|
|
Encompass Health Corp.,
|
|
|
|
4.75%, 2/1/30
|
75
|
74
|
|
Fortrea Holdings, Inc.,
|
|
|
|
7.50%, 7/1/30 (1)
|
23
|
21
|
|
HAH Group Holding Co. LLC,
|
|
|
|
9.75%, 10/1/31 (1)
|
46
|
46
|
|
HealthEquity, Inc.,
|
|
|
|
4.50%, 10/1/29 (1)
|
107
|
104
|
|
IQVIA, Inc.,
|
|
|
|
6.25%, 6/1/32 (1)
|
178
|
183
|
|
LifePoint Health, Inc.,
|
|
|
|
9.88%, 8/15/30 (1)
|
55
|
59
|
|
11.00%, 10/15/30 (1)
|
176
|
194
|
|
8.38%, 2/15/32 (1)
|
72
|
77
|
|
10.00%, 6/1/32 (1)
|
113
|
117
|
|
ModivCare, Inc.,
|
|
|
|
5.00%, 10/1/29 (1)
|
25
|
1
|
|
Molina Healthcare, Inc.,
|
|
|
|
4.38%, 6/15/28 (1)
|
75
|
73
|
|
3.88%, 5/15/32 (1)
|
73
|
66
|
|
6.25%, 1/15/33 (1)
|
72
|
73
|
|
MPH Acquisition Holdings LLC,
|
|
|
|
5.75%, 12/31/30 (1)
|
34
|
28
|
|
11.50%, 12/31/30 (1)
|
24
|
24
|
|
6.75%, 3/31/31 (1) †
|
27
|
20
|
|
Owens & Minor, Inc.,
|
|
|
|
4.50%, 3/31/29 (1)
|
25
|
22
|
|
Select Medical Corp.,
|
|
|
|
6.25%, 12/1/32 (1) †
|
25
|
25
|
|
Star Parent, Inc.,
|
|
|
|
9.00%, 10/1/30 (1)
|
113
|
119
|
|
|
June 30, 2025 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 79.0% continued
|
||
|
Health Care Facilities & Services – 4.0%continued
|
||
|
Surgery Center Holdings, Inc.,
|
|
|
|
7.25%, 4/15/32 (1) †
|
$1,581
|
$1,611
|
|
Tenet Healthcare Corp.,
|
|
|
|
6.25%, 2/1/27
|
25
|
25
|
|
5.13%, 11/1/27
|
150
|
150
|
|
6.13%, 10/1/28
|
125
|
125
|
|
4.25%, 6/1/29 †
|
75
|
73
|
|
4.38%, 1/15/30
|
25
|
24
|
|
6.13%, 6/15/30 †
|
125
|
127
|
|
6.75%, 5/15/31
|
119
|
123
|
|
U.S. Acute Care Solutions LLC,
|
|
|
|
9.75%, 5/15/29 (1)
|
101
|
104
|
|
|
|
6,356
|
|
Home & Office Products – 0.4%
|
||
|
FXI Holdings, Inc.,
|
|
|
|
12.25%, 11/15/26 (1)
|
98
|
86
|
|
12.25%, 11/15/26 (1)
|
20
|
18
|
|
Newell Brands, Inc.,
|
|
|
|
6.38%, 9/15/27
|
25
|
25
|
|
8.50%, 6/1/28 (1)
|
61
|
64
|
|
6.63%, 9/15/29
|
50
|
50
|
|
6.38%, 5/15/30
|
25
|
24
|
|
6.63%, 5/15/32
|
25
|
24
|
|
6.88%, 4/1/36
|
25
|
24
|
|
7.00%, 4/1/46
|
25
|
21
|
|
Scotts Miracle-Gro (The) Co.,
|
|
|
|
4.00%, 4/1/31
|
50
|
46
|
|
4.38%, 2/1/32
|
50
|
46
|
|
Somnigroup International, Inc.,
|
|
|
|
4.00%, 4/15/29 (1)
|
25
|
24
|
|
3.88%, 10/15/31 (1)
|
25
|
23
|
|
Whirlpool Corp.,
|
|
|
|
6.13%, 6/15/30
|
59
|
60
|
|
6.50%, 6/15/33
|
61
|
61
|
|
5.15%, 3/1/43
|
50
|
43
|
|
4.50%, 6/1/46
|
25
|
19
|
|
|
|
658
|
|
Home Construction – 1.0%
|
||
|
Adams Homes, Inc.,
|
|
|
|
9.25%, 10/15/28 (1)
|
150
|
155
|
|
Ashton Woods U.S.A. LLC/Ashton
Woods Finance Co.,
|
|
|
|
6.63%, 1/15/28 (1)
|
50
|
50
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 79.0% continued
|
||
|
Home Construction – 1.0%continued
|
||
|
4.63%, 8/1/29 (1)
|
$50
|
$48
|
|
4.63%, 4/1/30 (1)
|
75
|
71
|
|
Beazer Homes U.S.A., Inc.,
|
|
|
|
5.88%, 10/15/27
|
11
|
11
|
|
7.25%, 10/15/29
|
25
|
25
|
|
7.50%, 3/15/31 (1)
|
75
|
76
|
|
Century Communities, Inc.,
|
|
|
|
3.88%, 8/15/29 (1)
|
75
|
70
|
|
Cornerstone Building Brands, Inc.,
|
|
|
|
9.50%, 8/15/29 (1)
|
25
|
23
|
|
Dream Finders Homes, Inc.,
|
|
|
|
8.25%, 8/15/28 (1)
|
71
|
74
|
|
Forestar Group, Inc.,
|
|
|
|
5.00%, 3/1/28 (1)
|
50
|
49
|
|
Griffon Corp.,
|
|
|
|
5.75%, 3/1/28
|
100
|
100
|
|
JELD-WEN, Inc.,
|
|
|
|
4.88%, 12/15/27 (1)
|
14
|
13
|
|
7.00%, 9/1/32 (1)
|
76
|
60
|
|
K Hovnanian Enterprises, Inc.,
|
|
|
|
11.75%, 9/30/29 (1)
|
192
|
208
|
|
KB Home,
|
|
|
|
7.25%, 7/15/30
|
75
|
78
|
|
4.00%, 6/15/31 †
|
25
|
23
|
|
LGI Homes, Inc.,
|
|
|
|
8.75%, 12/15/28 (1)
|
56
|
58
|
|
4.00%, 7/15/29 (1)
|
25
|
22
|
|
7.00%, 11/15/32 (1)
|
97
|
92
|
|
Miter Brands Acquisition Holdco,
Inc./MIWD Borrower LLC,
|
|
|
|
6.75%, 4/1/32 (1)
|
25
|
26
|
|
MIWD Holdco II LLC/MIWD Finance
Corp.,
|
|
|
|
5.50%, 2/1/30 (1)
|
25
|
24
|
|
New Home (The) Co., Inc.,
|
|
|
|
9.25%, 10/1/29 (1)
|
73
|
76
|
|
Shea Homes L.P./Shea Homes Funding
Corp.,
|
|
|
|
4.75%, 2/15/28
|
50
|
49
|
|
4.75%, 4/1/29
|
25
|
24
|
|
STL Holding Co. LLC,
|
|
|
|
8.75%, 2/15/29 (1)
|
52
|
54
|
|
Taylor Morrison Communities, Inc.,
|
|
|
|
5.88%, 6/15/27 (1)
|
25
|
25
|
|
Schedule of Investments
|
|
MULTI-MANAGER HIGH YIELD OPPORTUNITY FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 79.0% continued
|
||
|
Home Construction – 1.0%continued
|
||
|
Tri Pointe Homes, Inc.,
|
|
|
|
5.25%, 6/1/27
|
$25
|
$25
|
|
Weekley Homes LLC/Weekley Finance
Corp.,
|
|
|
|
4.88%, 9/15/28 (1)
|
50
|
49
|
|
|
|
1,658
|
|
Household Products – 0.1%
|
||
|
Central Garden & Pet Co.,
|
|
|
|
4.13%, 10/15/30 †
|
25
|
24
|
|
4.13%, 4/30/31 (1)
|
25
|
23
|
|
Perrigo Finance Unlimited Co.,
|
|
|
|
6.13%, 9/30/32
|
94
|
95
|
|
Prestige Brands, Inc.,
|
|
|
|
5.13%, 1/15/28 (1)
|
25
|
25
|
|
3.75%, 4/1/31 (1)
|
25
|
23
|
|
|
|
190
|
|
Industrial Intermediate Products – 0.1%
|
||
|
Chart Industries, Inc.,
|
|
|
|
7.50%, 1/1/30 (1)
|
39
|
41
|
|
Enpro, Inc.,
|
|
|
|
6.13%, 6/1/33 (1)
|
28
|
29
|
|
Park-Ohio Industries, Inc.,
|
|
|
|
6.63%, 4/15/27
|
25
|
24
|
|
Roller Bearing Co. of America, Inc.,
|
|
|
|
4.38%, 10/15/29 (1)
|
25
|
24
|
|
|
|
118
|
|
Industrial Support Services – 0.5%
|
||
|
Alta Equipment Group, Inc.,
|
|
|
|
9.00%, 6/1/29 (1)
|
25
|
23
|
|
APi Group DE, Inc.,
|
|
|
|
4.13%, 7/15/29 (1)
|
84
|
80
|
|
4.75%, 10/15/29 (1)
|
52
|
51
|
|
EquipmentShare.com, Inc.,
|
|
|
|
8.63%, 5/15/32 (1)
|
75
|
80
|
|
8.00%, 3/15/33 (1)
|
77
|
81
|
|
Herc Holdings, Inc.,
|
|
|
|
6.63%, 6/15/29 (1) †
|
47
|
48
|
|
7.00%, 6/15/30 (1)
|
68
|
71
|
|
7.25%, 6/15/33 (1)
|
35
|
37
|
|
NESCO Holdings II, Inc.,
|
|
|
|
5.50%, 4/15/29 (1)
|
50
|
49
|
|
Resideo Funding, Inc.,
|
|
|
|
6.50%, 7/15/32 (1)
|
99
|
101
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 79.0% continued
|
||
|
Industrial Support Services – 0.5%continued
|
||
|
United Rentals North America, Inc.,
|
|
|
|
5.25%, 1/15/30
|
$25
|
$25
|
|
4.00%, 7/15/30
|
100
|
95
|
|
3.88%, 2/15/31
|
25
|
24
|
|
3.75%, 1/15/32
|
50
|
46
|
|
6.13%, 3/15/34 (1)
|
25
|
26
|
|
Velocity Vehicle Group LLC,
|
|
|
|
8.00%, 6/1/29 (1)
|
25
|
25
|
|
|
|
862
|
|
Institutional Financial Services – 0.6%
|
||
|
Coinbase Global, Inc.,
|
|
|
|
3.38%, 10/1/28 (1)
|
200
|
188
|
|
3.63%, 10/1/31 (1)
|
225
|
200
|
|
Goldman Sachs Group (The), Inc.,
|
|
|
|
(Variable, U.S. Treasury Yield Curve
Rate CMT 5Y + 3.22%), 7.56%,
8/10/25 (3) (4)
|
50
|
50
|
|
(Variable, U.S. Treasury Yield Curve
Rate CMT 5Y + 2.46%), 6.85%,
2/10/30 (3) (4)
|
75
|
77
|
|
(Variable, U.S. Treasury Yield Curve
Rate CMT 10Y + 2.40%), 6.13%,
11/10/34 (3) (4)
|
168
|
168
|
|
Jane Street Group/JSG Finance, Inc.,
|
|
|
|
4.50%, 11/15/29 (1)
|
100
|
97
|
|
6.13%, 11/1/32 (1)
|
50
|
51
|
|
6.75%, 5/1/33 (1)
|
65
|
67
|
|
State Street Corp.,
|
|
|
|
(Variable, U.S. Treasury Yield Curve
Rate CMT 5Y + 2.61%), 6.70%,
3/15/29 (3) (4)
|
28
|
29
|
|
VFH Parent LLC/Valor Co-Issuer, Inc.,
|
|
|
|
7.50%, 6/15/31 (1)
|
25
|
26
|
|
|
|
953
|
|
Insurance – 3.0%
|
||
|
Acrisure LLC/Acrisure Finance, Inc.,
|
|
|
|
8.25%, 2/1/29 (1)
|
75
|
78
|
|
4.25%, 2/15/29 (1)
|
25
|
24
|
|
8.50%, 6/15/29 (1)
|
50
|
52
|
|
6.00%, 8/1/29 (1)
|
25
|
24
|
|
7.50%, 11/6/30 (1)
|
75
|
77
|
|
6.75%, 7/1/32 (1)
|
46
|
47
|
|
|
June 30, 2025 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 79.0% continued
|
||
|
Insurance – 3.0%continued
|
||
|
Alliant Holdings
Intermediate LLC/Alliant Holdings
Co-Issuer,
|
|
|
|
4.25%, 10/15/27 (1)
|
$161
|
$158
|
|
6.75%, 10/15/27 (1)
|
153
|
153
|
|
6.75%, 4/15/28 (1)
|
25
|
25
|
|
5.88%, 11/1/29 (1)
|
197
|
194
|
|
7.00%, 1/15/31 (1)
|
148
|
153
|
|
6.50%, 10/1/31 (1)
|
25
|
25
|
|
7.38%, 10/1/32 (1)
|
117
|
121
|
|
AmWINS Group, Inc.,
|
|
|
|
6.38%, 2/15/29 (1)
|
12
|
12
|
|
4.88%, 6/30/29 (1)
|
36
|
35
|
|
APH Somerset Investor 2 LLC/APH2
Somerset Investor 2 LLC/APH3
Somerset Inves,
|
|
|
|
7.88%, 11/1/29 (1)
|
93
|
95
|
|
AssuredPartners, Inc.,
|
|
|
|
5.63%, 1/15/29 (1)
|
25
|
25
|
|
7.50%, 2/15/32 (1)
|
82
|
88
|
|
Baldwin Insurance Group
Holdings LLC/Baldwin Insurance
Group Holdings Finance,
|
|
|
|
7.13%, 5/15/31 (1)
|
50
|
52
|
|
Corebridge Financial, Inc.,
|
|
|
|
(Variable, U.S. Treasury Yield Curve
Rate CMT 5Y + 2.65%), 6.38%,
9/15/54 (3)
|
48
|
48
|
|
HUB International Ltd.,
|
|
|
|
7.25%, 6/15/30 (1)
|
525
|
549
|
|
7.38%, 1/31/32 (1)
|
1,930
|
2,019
|
|
Panther Escrow Issuer LLC,
|
|
|
|
7.13%, 6/1/31 (1)
|
402
|
418
|
|
Ryan Specialty LLC,
|
|
|
|
4.38%, 2/1/30 (1)
|
36
|
35
|
|
5.88%, 8/1/32 (1)
|
94
|
95
|
|
USI, Inc./NY,
|
|
|
|
7.50%, 1/15/32 (1)
|
83
|
88
|
|
|
|
4,690
|
|
Internet Media & Services – 0.4%
|
||
|
ANGI Group LLC,
|
|
|
|
3.88%, 8/15/28 (1)
|
48
|
45
|
|
Arches Buyer, Inc.,
|
|
|
|
4.25%, 6/1/28 (1)
|
25
|
24
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 79.0% continued
|
||
|
Internet Media & Services – 0.4%continued
|
||
|
Getty Images, Inc.,
|
|
|
|
11.25%, 2/21/30 (1)
|
$36
|
$36
|
|
Go Daddy Operating Co. LLC/GD
Finance Co., Inc.,
|
|
|
|
5.25%, 12/1/27 (1)
|
50
|
50
|
|
GrubHub Holdings, Inc.,
|
|
|
|
5.50%, 7/1/27 (1) †
|
70
|
68
|
|
Match Group Holdings II LLC,
|
|
|
|
4.63%, 6/1/28 (1)
|
11
|
11
|
|
3.63%, 10/1/31 (1)
|
10
|
9
|
|
Millennium Escrow Corp.,
|
|
|
|
6.63%, 8/1/26 (1)
|
50
|
41
|
|
Newfold Digital Holdings Group, Inc.,
|
|
|
|
6.00%, 2/15/29 (1)
|
25
|
14
|
|
Snap, Inc.,
|
|
|
|
6.88%, 3/1/33 (1)
|
282
|
289
|
|
Ziff Davis, Inc.,
|
|
|
|
4.63%, 10/15/30 (1)
|
22
|
20
|
|
|
|
607
|
|
IT Services – 0.3%
|
||
|
Ahead DB Holdings LLC,
|
|
|
|
6.63%, 5/1/28 (1)
|
110
|
110
|
|
Amentum Holdings, Inc.,
|
|
|
|
7.25%, 8/1/32 (1)
|
75
|
77
|
|
ASGN, Inc.,
|
|
|
|
4.63%, 5/15/28 (1)
|
75
|
73
|
|
CACI International, Inc.,
|
|
|
|
6.38%, 6/15/33 (1)
|
60
|
62
|
|
Exela Intermediate LLC/Exela Finance,
Inc.,
|
|
|
|
11.50%, 4/15/26 (1) (7)
|
88
|
4
|
|
Fortress Intermediate 3, Inc.,
|
|
|
|
7.50%, 6/1/31 (1)
|
73
|
77
|
|
Insight Enterprises, Inc.,
|
|
|
|
6.63%, 5/15/32 (1)
|
25
|
26
|
|
KBR, Inc.,
|
|
|
|
4.75%, 9/30/28 (1)
|
54
|
52
|
|
Science Applications International
Corp.,
|
|
|
|
4.88%, 4/1/28 (1) †
|
35
|
34
|
|
|
|
515
|
|
Schedule of Investments
|
|
MULTI-MANAGER HIGH YIELD OPPORTUNITY FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 79.0% continued
|
||
|
Leisure Facilities & Services – 4.9%
|
||
|
Affinity Interactive,
|
|
|
|
6.88%, 12/15/27 (1)
|
$50
|
$31
|
|
AMC Entertainment Holdings, Inc.,
|
|
|
|
5.88%, 11/15/26
|
25
|
23
|
|
7.50%, 2/15/29 (1) †
|
75
|
59
|
|
Boyd Gaming Corp.,
|
|
|
|
4.75%, 6/15/31 (1)
|
545
|
522
|
|
Boyne U.S.A., Inc.,
|
|
|
|
4.75%, 5/15/29 (1)
|
63
|
61
|
|
Caesars Entertainment, Inc.,
|
|
|
|
4.63%, 10/15/29 (1) †
|
100
|
95
|
|
7.00%, 2/15/30 (1)
|
30
|
31
|
|
6.50%, 2/15/32 (1)
|
99
|
102
|
|
Carnival Corp.,
|
|
|
|
5.75%, 3/1/27 (1)
|
150
|
151
|
|
7.88%, 6/1/27
|
25
|
26
|
|
6.65%, 1/15/28
|
25
|
26
|
|
6.00%, 5/1/29 (1)
|
200
|
202
|
|
7.00%, 8/15/29 (1)
|
25
|
26
|
|
5.88%, 6/15/31 (1)
|
127
|
129
|
|
6.13%, 2/15/33 (1)
|
333
|
341
|
|
Churchill Downs, Inc.,
|
|
|
|
5.50%, 4/1/27 (1)
|
25
|
25
|
|
4.75%, 1/15/28 (1)
|
25
|
25
|
|
5.75%, 4/1/30 (1)
|
219
|
220
|
|
6.75%, 5/1/31 (1)
|
79
|
81
|
|
Cinemark U.S.A., Inc.,
|
|
|
|
5.25%, 7/15/28 (1)
|
25
|
25
|
|
7.00%, 8/1/32 (1)
|
41
|
43
|
|
Fertitta Entertainment LLC/Fertitta
Entertainment Finance Co., Inc.,
|
|
|
|
4.63%, 1/15/29 (1)
|
59
|
56
|
|
6.75%, 1/15/30 (1)
|
544
|
502
|
|
Full House Resorts, Inc.,
|
|
|
|
8.25%, 2/15/28 (1)
|
50
|
49
|
|
GPS Hospitality Holding Co. LLC/GPS
Finco, Inc.,
|
|
|
|
7.00%, 8/15/28 (1)
|
75
|
43
|
|
Hilton Domestic Operating Co., Inc.,
|
|
|
|
3.75%, 5/1/29 (1)
|
25
|
24
|
|
4.00%, 5/1/31 (1)
|
125
|
118
|
|
3.63%, 2/15/32 (1)
|
75
|
68
|
|
5.88%, 3/15/33 (1)
|
148
|
151
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 79.0% continued
|
||
|
Leisure Facilities & Services – 4.9%continued
|
||
|
Hilton Grand Vacations
Borrower LLC/Hilton Grand
Vacations Borrower, Inc.,
|
|
|
|
5.00%, 6/1/29 (1)
|
$100
|
$96
|
|
4.88%, 7/1/31 (1)
|
50
|
46
|
|
Jacobs Entertainment, Inc.,
|
|
|
|
6.75%, 2/15/29 (1) †
|
75
|
72
|
|
Las Vegas Sands Corp.,
|
|
|
|
6.00%, 6/14/30
|
30
|
31
|
|
Life Time, Inc.,
|
|
|
|
6.00%, 11/15/31 (1)
|
100
|
102
|
|
Light & Wonder International, Inc.,
|
|
|
|
7.00%, 5/15/28 (1)
|
100
|
100
|
|
7.50%, 9/1/31 (1)
|
45
|
47
|
|
Lindblad Expeditions Holdings, Inc.,
|
|
|
|
9.00%, 5/15/28 (1)
|
24
|
25
|
|
Lindblad Expeditions LLC,
|
|
|
|
6.75%, 2/15/27 (1)
|
35
|
35
|
|
Live Nation Entertainment, Inc.,
|
|
|
|
5.63%, 3/15/26 (1)
|
75
|
75
|
|
6.50%, 5/15/27 (1)
|
25
|
25
|
|
4.75%, 10/15/27 (1)
|
75
|
74
|
|
Marriott Ownership Resorts, Inc.,
|
|
|
|
4.50%, 6/15/29 (1)
|
25
|
24
|
|
MGM Resorts International,
|
|
|
|
6.13%, 9/15/29
|
63
|
64
|
|
6.50%, 4/15/32
|
75
|
76
|
|
Midwest Gaming
Borrower LLC/Midwest Gaming
Finance Corp.,
|
|
|
|
4.88%, 5/1/29 (1)
|
63
|
61
|
|
Mohegan Tribal Gaming Authority/MS
Digital Entertainment Holdings LLC,
|
|
|
|
8.25%, 4/15/30 (1)
|
74
|
76
|
|
NCL Corp. Ltd.,
|
|
|
|
8.13%, 1/15/29 (1)
|
25
|
26
|
|
7.75%, 2/15/29 (1)
|
12
|
13
|
|
6.25%, 3/1/30 (1)
|
55
|
55
|
|
6.75%, 2/1/32 (1)
|
230
|
235
|
|
NCL Finance Ltd.,
|
|
|
|
6.13%, 3/15/28 (1)
|
37
|
38
|
|
Penn Entertainment, Inc.,
|
|
|
|
4.13%, 7/1/29 (1) †
|
100
|
93
|
|
|
June 30, 2025 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 79.0% continued
|
||
|
Leisure Facilities & Services – 4.9%continued
|
||
|
Premier Entertainment Sub LLC/Premier
Entertainment Finance Corp.,
|
|
|
|
5.63%, 9/1/29 (1)
|
$50
|
$29
|
|
5.88%, 9/1/31 (1)
|
140
|
77
|
|
Raising Cane's Restaurants LLC,
|
|
|
|
9.38%, 5/1/29 (1)
|
37
|
39
|
|
Rivers Enterprise Borrower LLC/Rivers
Enterprise Finance Corp.,
|
|
|
|
6.63%, 2/1/33 (1)
|
34
|
34
|
|
Royal Caribbean Cruises Ltd.,
|
|
|
|
5.50%, 8/31/26 (1)
|
50
|
50
|
|
5.63%, 9/30/31 (1)
|
75
|
75
|
|
6.25%, 3/15/32 (1)
|
25
|
26
|
|
6.00%, 2/1/33 (1)
|
125
|
127
|
|
Sabre GLBL, Inc.,
|
|
|
|
8.63%, 6/1/27 (1)
|
23
|
24
|
|
10.75%, 11/15/29 (1)
|
105
|
108
|
|
11.13%, 7/15/30 (1)
|
93
|
97
|
|
Scientific Games Holdings L.P.,Scientific
Games U.S. FinCo, Inc.,
|
|
|
|
6.63%, 3/1/30 (1)
|
581
|
560
|
|
SeaWorld Parks & Entertainment, Inc.,
|
|
|
|
5.25%, 8/15/29 (1)
|
75
|
73
|
|
Six Flags Entertainment
Corp./Canada's Wonderland
Co./Magnum Management Corp.,
|
|
|
|
6.50%, 10/1/28
|
25
|
25
|
|
5.25%, 7/15/29
|
25
|
24
|
|
Six Flags Entertainment Corp./Six Flags
Theme Parks, Inc./Canada's
Wonderland Co.,
|
|
|
|
6.63%, 5/1/32 (1)
|
329
|
339
|
|
Station Casinos LLC,
|
|
|
|
4.50%, 2/15/28 (1)
|
25
|
25
|
|
4.63%, 12/1/31 (1)
|
67
|
63
|
|
6.63%, 3/15/32 (1)
|
36
|
37
|
|
Travel + Leisure Co.,
|
|
|
|
6.63%, 7/31/26 (1)
|
50
|
51
|
|
4.63%, 3/1/30 (1)
|
25
|
24
|
|
Vail Resorts, Inc.,
|
|
|
|
5.63%, 7/15/30 (1)
|
60
|
60
|
|
6.50%, 5/15/32 (1)
|
49
|
51
|
|
Viking Cruises Ltd.,
|
|
|
|
5.88%, 9/15/27 (1)
|
160
|
160
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 79.0% continued
|
||
|
Leisure Facilities & Services – 4.9%continued
|
||
|
9.13%, 7/15/31 (1)
|
$178
|
$192
|
|
Viking Ocean Cruises Ship VII Ltd.,
|
|
|
|
5.63%, 2/15/29 (1)
|
59
|
59
|
|
VOC Escrow Ltd.,
|
|
|
|
5.00%, 2/15/28 (1)
|
50
|
50
|
|
Voyager Parent LLC,
|
|
|
|
9.25%, 7/1/32 (1)
|
54
|
56
|
|
Wynn Las Vegas LLC/Wynn Las Vegas
Capital Corp.,
|
|
|
|
5.25%, 5/15/27 (1)
|
50
|
50
|
|
Wynn Resorts Finance LLC/Wynn
Resorts Capital Corp.,
|
|
|
|
5.13%, 10/1/29 (1)
|
176
|
175
|
|
6.25%, 3/15/33 (1)
|
138
|
139
|
|
Yum! Brands, Inc.,
|
|
|
|
5.38%, 4/1/32
|
100
|
100
|
|
|
|
7,743
|
|
Leisure Products – 0.1%
|
||
|
MajorDrive Holdings IV LLC,
|
|
|
|
6.38%, 6/1/29 (1)
|
109
|
86
|
|
Mattel, Inc.,
|
|
|
|
5.45%, 11/1/41
|
25
|
22
|
|
Winnebago Industries, Inc.,
|
|
|
|
6.25%, 7/15/28 (1)
|
20
|
20
|
|
|
|
128
|
|
Machinery – 1.4%
|
||
|
Amsted Industries, Inc.,
|
|
|
|
6.38%, 3/15/33 (1)
|
25
|
25
|
|
Esab Corp.,
|
|
|
|
6.25%, 4/15/29 (1)
|
26
|
27
|
|
GrafTech Global Enterprises, Inc.,
|
|
|
|
9.88%, 12/23/29 (1)
|
81
|
64
|
|
Madison IAQ LLC,
|
|
|
|
4.13%, 6/30/28 (1)
|
53
|
51
|
|
5.88%, 6/30/29 (1)
|
1,099
|
1,081
|
|
Manitowoc (The) Co., Inc.,
|
|
|
|
9.25%, 10/1/31 (1)
|
52
|
55
|
|
SPX FLOW, Inc.,
|
|
|
|
8.75%, 4/1/30 (1)
|
760
|
789
|
|
Terex Corp.,
|
|
|
|
5.00%, 5/15/29 (1)
|
75
|
73
|
|
6.25%, 10/15/32 (1)
|
35
|
35
|
|
|
|
2,200
|
|
Schedule of Investments
|
|
MULTI-MANAGER HIGH YIELD OPPORTUNITY FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 79.0% continued
|
||
|
Medical Equipment & Devices – 1.2%
|
||
|
Avantor Funding, Inc.,
|
|
|
|
4.63%, 7/15/28 (1)
|
$85
|
$84
|
|
3.88%, 11/1/29 (1)
|
108
|
102
|
|
Bausch + Lomb Corp.,
|
|
|
|
8.38%, 10/1/28 (1)
|
252
|
263
|
|
Embecta Corp.,
|
|
|
|
5.00%, 2/15/30 (1)
|
25
|
23
|
|
Insulet Corp.,
|
|
|
|
6.50%, 4/1/33 (1)
|
72
|
75
|
|
Medline Borrower L.P.,
|
|
|
|
3.88%, 4/1/29 (1)
|
71
|
68
|
|
5.25%, 10/1/29 (1)
|
315
|
313
|
|
Medline Borrower L.P./ Medline
Co-Issuer, Inc.,
|
|
|
|
6.25%, 4/1/29 (1)
|
77
|
79
|
|
Neogen Food Safety Corp.,
|
|
|
|
8.63%, 7/20/30 (1)
|
71
|
73
|
|
Sotera Health Holdings LLC,
|
|
|
|
7.38%, 6/1/31 (1)
|
839
|
873
|
|
|
|
1,953
|
|
Metals & Mining – 2.1%
|
||
|
Arsenal AIC Parent LLC,
|
|
|
|
8.00%, 10/1/30 (1)
|
79
|
84
|
|
11.50%, 10/1/31 (1)
|
230
|
258
|
|
Century Aluminum Co.,
|
|
|
|
7.50%, 4/1/28 (1)
|
1,790
|
1,817
|
|
Coeur Mining, Inc.,
|
|
|
|
5.13%, 2/15/29 (1)
|
25
|
24
|
|
Compass Minerals International, Inc.,
|
|
|
|
8.00%, 7/1/30 (1)
|
315
|
326
|
|
Constellium S.E.,
|
|
|
|
6.38%, 8/15/32 (1)
|
250
|
254
|
|
Freeport-McMoRan, Inc.,
|
|
|
|
5.45%, 3/15/43
|
25
|
24
|
|
Kaiser Aluminum Corp.,
|
|
|
|
4.63%, 3/1/28 (1)
|
129
|
126
|
|
4.50%, 6/1/31 (1)
|
167
|
156
|
|
Murray Energy Corp.,
|
|
|
|
12.00%, 4/15/24 (1) (7) (10)
|
486
|
—
|
|
Northwest Acquisitions ULC/Dominion
Finco, Inc.,
|
|
|
|
7.13%, 11/1/22 (1) (7) (10)
|
1,905
|
—
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 79.0% continued
|
||
|
Metals & Mining – 2.1%continued
|
||
|
Novelis Corp.,
|
|
|
|
4.75%, 1/30/30 (1)
|
$95
|
$91
|
|
6.88%, 1/30/30 (1)
|
102
|
106
|
|
3.88%, 8/15/31 (1)
|
91
|
82
|
|
|
|
3,348
|
|
Oil & Gas Services & Equipment – 1.3%
|
||
|
Archrock Partners L.P./Archrock
Partners Finance Corp.,
|
|
|
|
6.88%, 4/1/27 (1)
|
9
|
9
|
|
6.25%, 4/1/28 (1)
|
115
|
115
|
|
6.63%, 9/1/32 (1)
|
154
|
157
|
|
Aris Water Holdings LLC,
|
|
|
|
7.25%, 4/1/30 (1)
|
25
|
26
|
|
Bristow Group, Inc.,
|
|
|
|
6.88%, 3/1/28 (1)
|
25
|
25
|
|
Diamond Foreign Asset Co./Diamond
Finance LLC,
|
|
|
|
8.50%, 10/1/30 (1)
|
38
|
40
|
|
Global Marine, Inc.,
|
|
|
|
7.00%, 6/1/28
|
50
|
46
|
|
Helix Energy Solutions Group, Inc.,
|
|
|
|
9.75%, 3/1/29 (1)
|
50
|
53
|
|
Kodiak Gas Services LLC,
|
|
|
|
7.25%, 2/15/29 (1)
|
122
|
126
|
|
Nabors Industries Ltd.,
|
|
|
|
7.50%, 1/15/28 (1) †
|
25
|
22
|
|
Nabors Industries, Inc.,
|
|
|
|
7.38%, 5/15/27 (1)
|
89
|
88
|
|
8.88%, 8/15/31 (1) †
|
75
|
56
|
|
Nine Energy Service, Inc.,
|
|
|
|
13.00%, 2/1/28
|
50
|
25
|
|
Noble Finance II LLC,
|
|
|
|
8.00%, 4/15/30 (1)
|
103
|
105
|
|
Oceaneering International, Inc.,
|
|
|
|
6.00%, 2/1/28
|
18
|
18
|
|
Star Holding LLC,
|
|
|
|
8.75%, 8/1/31 (1)
|
76
|
72
|
|
Transocean Aquila Ltd.,
|
|
|
|
8.00%, 9/30/28 (1)
|
20
|
21
|
|
Transocean Titan Financing Ltd.,
|
|
|
|
8.38%, 2/1/28 (1)
|
45
|
46
|
|
Transocean, Inc.,
|
|
|
|
8.00%, 2/1/27 (1)
|
161
|
159
|
|
|
June 30, 2025 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 79.0% continued
|
||
|
Oil & Gas Services & Equipment – 1.3%continued
|
||
|
8.25%, 5/15/29 (1)
|
$24
|
$22
|
|
8.75%, 2/15/30 (1)
|
18
|
18
|
|
7.50%, 4/15/31 †
|
75
|
61
|
|
8.50%, 5/15/31 (1)
|
26
|
23
|
|
6.80%, 3/15/38
|
171
|
120
|
|
9.35%, 12/15/41
|
25
|
20
|
|
U.S.A. Compression Partners
L.P./U.S.A. Compression Finance
Corp.,
|
|
|
|
6.88%, 9/1/27
|
25
|
25
|
|
7.13%, 3/15/29 (1)
|
98
|
100
|
|
Valaris Ltd.,
|
|
|
|
8.38%, 4/30/30 (1)
|
151
|
155
|
|
Weatherford International Ltd.,
|
|
|
|
8.63%, 4/30/30 (1)
|
285
|
294
|
|
|
|
2,047
|
|
Oil & Gas Supply Chain – 6.3%
|
||
|
Antero Midstream Partners L.P./Antero
Midstream Finance Corp.,
|
|
|
|
5.75%, 3/1/27 (1)
|
50
|
50
|
|
6.63%, 2/1/32 (1)
|
50
|
52
|
|
Ascent Resources Utica
Holdings LLC/ARU Finance Corp.,
|
|
|
|
9.00%, 11/1/27 (1)
|
86
|
105
|
|
5.88%, 6/30/29 (1)
|
42
|
42
|
|
6.63%, 10/15/32 (1)
|
25
|
25
|
|
6.63%, 7/15/33 (1)
|
55
|
56
|
|
Blue Racer Midstream LLC/Blue Racer
Finance Corp.,
|
|
|
|
7.00%, 7/15/29 (1)
|
70
|
73
|
|
7.25%, 7/15/32 (1)
|
61
|
65
|
|
Buckeye Partners L.P.,
|
|
|
|
6.88%, 7/1/29 (1)
|
53
|
55
|
|
6.75%, 2/1/30 (1)
|
39
|
40
|
|
5.85%, 11/15/43
|
25
|
22
|
|
5.60%, 10/15/44
|
32
|
27
|
|
California Resources Corp.,
|
|
|
|
8.25%, 6/15/29 (1)
|
25
|
26
|
|
Chord Energy Corp.,
|
|
|
|
6.75%, 3/15/33 (1)
|
50
|
51
|
|
CITGO Petroleum Corp.,
|
|
|
|
6.38%, 6/15/26 (1)
|
50
|
50
|
|
8.38%, 1/15/29 (1)
|
179
|
186
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 79.0% continued
|
||
|
Oil & Gas Supply Chain – 6.3%continued
|
||
|
Civitas Resources, Inc.,
|
|
|
|
5.00%, 10/15/26 (1)
|
$25
|
$25
|
|
8.38%, 7/1/28 (1)
|
3
|
3
|
|
8.63%, 11/1/30 (1)
|
175
|
178
|
|
8.75%, 7/1/31 (1)
|
77
|
78
|
|
9.63%, 6/15/33 (1)
|
50
|
51
|
|
CNX Midstream Partners L.P.,
|
|
|
|
4.75%, 4/15/30 (1)
|
15
|
14
|
|
CNX Resources Corp.,
|
|
|
|
6.00%, 1/15/29 (1)
|
25
|
25
|
|
7.38%, 1/15/31 (1)
|
50
|
52
|
|
7.25%, 3/1/32 (1)
|
41
|
42
|
|
Comstock Resources, Inc.,
|
|
|
|
6.75%, 3/1/29 (1)
|
76
|
76
|
|
6.75%, 3/1/29 (1)
|
54
|
54
|
|
5.88%, 1/15/30 (1)
|
187
|
182
|
|
CQP Holdco L.P./BIP-V Chinook
Holdco LLC,
|
|
|
|
5.50%, 6/15/31 (1)
|
265
|
262
|
|
Crescent Energy Finance LLC,
|
|
|
|
7.63%, 4/1/32 (1)
|
95
|
93
|
|
7.38%, 1/15/33 (1)
|
138
|
132
|
|
1/15/34 (1) (6)
|
65
|
65
|
|
Delek Logistics Partners L.P./Delek
Logistics Finance Corp.,
|
|
|
|
7.13%, 6/1/28 (1)
|
50
|
50
|
|
8.63%, 3/15/29 (1)
|
100
|
104
|
|
Encino Acquisition Partners
Holdings LLC,
|
|
|
|
8.75%, 5/1/31 (1)
|
50
|
55
|
|
Energy Transfer L.P.,
|
|
|
|
(Variable, U.S. Treasury Yield Curve
Rate CMT 5Y + 4.02%), 8.00%,
5/15/54 (3)
|
100
|
106
|
|
(Variable, U.S. Treasury Yield Curve
Rate CMT 5Y + 2.83%), 7.13%,
10/1/54 (3) †
|
110
|
113
|
|
EQT Corp.,
|
|
|
|
7.50%, 6/1/27
|
25
|
25
|
|
4.50%, 1/15/29
|
45
|
44
|
|
Excelerate Energy L.P.,
|
|
|
|
8.00%, 5/15/30 (1)
|
85
|
90
|
|
Genesis Energy L.P./Genesis Energy
Finance Corp.,
|
|
|
|
7.75%, 2/1/28
|
90
|
91
|
|
Schedule of Investments
|
|
MULTI-MANAGER HIGH YIELD OPPORTUNITY FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 79.0% continued
|
||
|
Oil & Gas Supply Chain – 6.3%continued
|
||
|
8.25%, 1/15/29
|
$13
|
$14
|
|
8.88%, 4/15/30
|
52
|
55
|
|
7.88%, 5/15/32
|
133
|
138
|
|
8.00%, 5/15/33
|
68
|
71
|
|
Global Partners L.P./GLP Finance
Corp.,
|
|
|
|
7.13%, 7/1/33 (1)
|
47
|
48
|
|
Gulfport Energy Operating Corp.,
|
|
|
|
6.75%, 9/1/29 (1)
|
55
|
56
|
|
Harvest Midstream I L.P.,
|
|
|
|
7.50%, 9/1/28 (1)
|
295
|
300
|
|
7.50%, 5/15/32 (1)
|
43
|
45
|
|
Hess Midstream Operations L.P.,
|
|
|
|
5.13%, 6/15/28 (1)
|
75
|
74
|
|
6.50%, 6/1/29 (1)
|
73
|
75
|
|
5.50%, 10/15/30 (1)
|
50
|
50
|
|
Hilcorp Energy I L.P./Hilcorp Finance
Co.,
|
|
|
|
6.25%, 11/1/28 (1)
|
25
|
25
|
|
5.75%, 2/1/29 (1)
|
8
|
8
|
|
6.00%, 4/15/30 (1)
|
27
|
26
|
|
6.00%, 2/1/31 (1)
|
75
|
72
|
|
6.25%, 4/15/32 (1)
|
1
|
1
|
|
8.38%, 11/1/33 (1)
|
145
|
150
|
|
6.88%, 5/15/34 (1)
|
73
|
70
|
|
Howard Midstream Energy
Partners LLC,
|
|
|
|
8.88%, 7/15/28 (1)
|
79
|
83
|
|
7.38%, 7/15/32 (1)
|
75
|
79
|
|
ITT Holdings LLC,
|
|
|
|
6.50%, 8/1/29 (1)
|
180
|
171
|
|
Kimmeridge Texas Gas LLC,
|
|
|
|
8.50%, 2/15/30 (1)
|
149
|
154
|
|
Kinetik Holdings L.P.,
|
|
|
|
6.63%, 12/15/28 (1)
|
25
|
26
|
|
5.88%, 6/15/30 (1)
|
60
|
61
|
|
Kraken Oil & Gas Partners LLC,
|
|
|
|
7.63%, 8/15/29 (1)
|
50
|
49
|
|
Magnolia Oil & Gas
Operating LLC/Magnolia Oil & Gas
Finance Corp.,
|
|
|
|
6.88%, 12/1/32 (1)
|
78
|
79
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 79.0% continued
|
||
|
Oil & Gas Supply Chain – 6.3%continued
|
||
|
Martin Midstream Partners L.P./Martin
Midstream Finance Corp.,
|
|
|
|
11.50%, 2/15/28 (1)
|
$75
|
$79
|
|
Matador Resources Co.,
|
|
|
|
6.88%, 4/15/28 (1)
|
25
|
25
|
|
6.50%, 4/15/32 (1)
|
124
|
124
|
|
Murphy Oil Corp.,
|
|
|
|
6.00%, 10/1/32
|
25
|
24
|
|
Murphy Oil U.S.A., Inc.,
|
|
|
|
4.75%, 9/15/29
|
50
|
49
|
|
New Fortress Energy, Inc.,
|
|
|
|
6.50%, 9/30/26 (1) †
|
25
|
14
|
|
NFE Financing LLC,
|
|
|
|
12.00%, 11/15/29 (1)
|
100
|
45
|
|
NGL Energy Operating LLC/NGL
Energy Finance Corp.,
|
|
|
|
8.13%, 2/15/29 (1)
|
182
|
184
|
|
8.38%, 2/15/32 (1)
|
262
|
263
|
|
Northern Oil & Gas, Inc.,
|
|
|
|
8.13%, 3/1/28 (1)
|
240
|
242
|
|
8.75%, 6/15/31 (1)
|
25
|
26
|
|
NuStar Logistics L.P.,
|
|
|
|
6.38%, 10/1/30
|
75
|
78
|
|
ONEOK, Inc.,
|
|
|
|
5.05%, 4/1/45
|
25
|
21
|
|
PBF Holding Co. LLC/PBF Finance
Corp.,
|
|
|
|
6.00%, 2/15/28
|
150
|
143
|
|
7.88%, 9/15/30 (1)
|
42
|
38
|
|
Permian Resources Operating LLC,
|
|
|
|
5.38%, 1/15/26 (1)
|
75
|
75
|
|
8.00%, 4/15/27 (1)
|
50
|
51
|
|
5.88%, 7/1/29 (1)
|
50
|
50
|
|
7.00%, 1/15/32 (1)
|
26
|
27
|
|
6.25%, 2/1/33 (1)
|
102
|
103
|
|
Plains All American Pipeline L.P.,
|
|
|
|
(Variable, CME Term SOFR 3M +
4.37%), 8.70%, 7/30/25 (4) (11)
|
75
|
75
|
|
Prairie Acquiror L.P.,
|
|
|
|
9.00%, 8/1/29 (1)
|
76
|
79
|
|
Range Resources Corp.,
|
|
|
|
8.25%, 1/15/29
|
50
|
51
|
|
Rockies Express Pipeline LLC,
|
|
|
|
4.95%, 7/15/29 (1)
|
50
|
49
|
|
|
June 30, 2025 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 79.0% continued
|
||
|
Oil & Gas Supply Chain – 6.3%continued
|
||
|
4.80%, 5/15/30 (1)
|
$25
|
$24
|
|
6.88%, 4/15/40 (1)
|
25
|
25
|
|
Sitio Royalties Operating Partnership
L.P./Sitio Finance Corp.,
|
|
|
|
7.88%, 11/1/28 (1)
|
58
|
61
|
|
SM Energy Co.,
|
|
|
|
6.75%, 8/1/29 (1)
|
25
|
25
|
|
7.00%, 8/1/32 (1)
|
25
|
25
|
|
Sunoco L.P.,
|
|
|
|
6.25%, 7/1/33 (1)
|
88
|
89
|
|
Sunoco L.P./Sunoco Finance Corp.,
|
|
|
|
6.00%, 4/15/27
|
50
|
50
|
|
7.00%, 9/15/28 (1)
|
50
|
52
|
|
4.50%, 4/30/30
|
50
|
48
|
|
Tallgrass Energy Partners L.P./Tallgrass
Energy Finance Corp.,
|
|
|
|
5.50%, 1/15/28 (1)
|
24
|
24
|
|
7.38%, 2/15/29 (1)
|
137
|
141
|
|
6.00%, 12/31/30 (1)
|
53
|
52
|
|
6.00%, 9/1/31 (1)
|
50
|
49
|
|
Talos Production, Inc.,
|
|
|
|
9.00%, 2/1/29 (1)
|
25
|
26
|
|
9.38%, 2/1/31 (1)
|
50
|
51
|
|
Targa Resources Corp.,
|
|
|
|
6.13%, 5/15/55
|
50
|
49
|
|
TGNR Intermediate Holdings LLC,
|
|
|
|
5.50%, 10/15/29 (1)
|
68
|
66
|
|
TransMontaigne Partners LLC,
|
|
|
|
8.50%, 6/15/30 (1)
|
37
|
38
|
|
Venture Global Calcasieu Pass LLC,
|
|
|
|
6.25%, 1/15/30 (1)
|
50
|
52
|
|
4.13%, 8/15/31 (1)
|
50
|
46
|
|
Venture Global LNG, Inc.,
|
|
|
|
8.13%, 6/1/28 (1)
|
25
|
26
|
|
9.50%, 2/1/29 (1)
|
319
|
348
|
|
(Variable, U.S. Treasury Yield Curve
Rate CMT 5Y + 5.44%), 9.00%,
9/30/29 (1) (3) (4)
|
585
|
569
|
|
8.38%, 6/1/31 (1)
|
228
|
237
|
|
9.88%, 2/1/32 (1)
|
308
|
333
|
|
Venture Global Plaquemines LNG LLC,
|
|
|
|
7.50%, 5/1/33 (1)
|
148
|
158
|
|
7.75%, 5/1/35 (1)
|
144
|
156
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 79.0% continued
|
||
|
Oil & Gas Supply Chain – 6.3%continued
|
||
|
Vital Energy, Inc.,
|
|
|
|
7.75%, 7/31/29 (1)
|
$38
|
$34
|
|
9.75%, 10/15/30 †
|
89
|
81
|
|
7.88%, 4/15/32 (1) †
|
157
|
134
|
|
Wildfire Intermediate Holdings LLC,
|
|
|
|
7.50%, 10/15/29 (1)
|
48
|
48
|
|
|
|
9,947
|
|
Publishing & Broadcasting – 1.5%
|
||
|
Clear Channel Outdoor Holdings, Inc.,
|
|
|
|
5.13%, 8/15/27 (1)
|
206
|
204
|
|
7.75%, 4/15/28 (1)
|
133
|
126
|
|
9.00%, 9/15/28 (1)
|
136
|
143
|
|
7.50%, 6/1/29 (1) †
|
182
|
168
|
|
7.88%, 4/1/30 (1)
|
291
|
300
|
|
Gray Media, Inc.,
|
|
|
|
7.00%, 5/15/27 (1)
|
60
|
60
|
|
10.50%, 7/15/29 (1)
|
122
|
131
|
|
4.75%, 10/15/30 (1) †
|
75
|
57
|
|
5.38%, 11/15/31 (1)
|
50
|
37
|
|
iHeartCommunications, Inc.,
|
|
|
|
9.13%, 5/1/29 (1)
|
21
|
17
|
|
10.88%, 5/1/30 (1)
|
40
|
20
|
|
7.75%, 8/15/30 (1)
|
64
|
49
|
|
Lamar Media Corp.,
|
|
|
|
4.00%, 2/15/30
|
50
|
48
|
|
McGraw-Hill Education, Inc.,
|
|
|
|
8.00%, 8/1/29 (1)
|
630
|
641
|
|
7.38%, 9/1/31 (1)
|
25
|
26
|
|
News Corp.,
|
|
|
|
5.13%, 2/15/32 (1)
|
100
|
98
|
|
Scripps Escrow II, Inc.,
|
|
|
|
5.38%, 1/15/31 (1)
|
50
|
34
|
|
Sinclair Television Group, Inc.,
|
|
|
|
5.13%, 2/15/27 (1)
|
25
|
24
|
|
5.50%, 3/1/30 (1) †
|
25
|
20
|
|
4.38%, 12/31/32 (1)
|
25
|
18
|
|
8.13%, 2/15/33 (1)
|
123
|
124
|
|
|
|
2,345
|
|
Real Estate Investment Trusts – 2.0%
|
||
|
Brookfield Property REIT, Inc./BPR
Cumulus LLC/BPR Nimbus LLC/GGSI
Sellco LL,
|
|
|
|
4.50%, 4/1/27 (1)
|
64
|
62
|
|
Schedule of Investments
|
|
MULTI-MANAGER HIGH YIELD OPPORTUNITY FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 79.0% continued
|
||
|
Real Estate Investment Trusts – 2.0%continued
|
||
|
Iron Mountain Information
Management Services, Inc.,
|
|
|
|
5.00%, 7/15/32 (1)
|
$260
|
$249
|
|
Iron Mountain, Inc.,
|
|
|
|
4.88%, 9/15/27 (1)
|
25
|
25
|
|
5.25%, 3/15/28 (1)
|
50
|
50
|
|
5.00%, 7/15/28 (1)
|
25
|
25
|
|
7.00%, 2/15/29 (1)
|
25
|
26
|
|
5.25%, 7/15/30 (1)
|
155
|
153
|
|
4.50%, 2/15/31 (1)
|
100
|
95
|
|
6.25%, 1/15/33 (1)
|
97
|
100
|
|
MPT Operating Partnership L.P./MPT
Finance Corp.,
|
|
|
|
5.00%, 10/15/27 †
|
100
|
92
|
|
4.63%, 8/1/29
|
50
|
39
|
|
3.50%, 3/15/31
|
50
|
35
|
|
8.50%, 2/15/32 (1)
|
214
|
224
|
|
Park Intermediate Holdings LLC/PK
Domestic Property LLC/PK Finance
Co-Issuer,
|
|
|
|
5.88%, 10/1/28 (1)
|
50
|
50
|
|
4.88%, 5/15/29 (1)
|
50
|
48
|
|
7.00%, 2/1/30 (1)
|
70
|
72
|
|
Pebblebrook Hotel L.P./PEB Finance
Corp.,
|
|
|
|
6.38%, 10/15/29 (1)
|
49
|
49
|
|
Prologis L.P.,
|
|
|
|
5.25%, 3/15/54
|
100
|
94
|
|
RHP Hotel Properties L.P./RHP Finance
Corp.,
|
|
|
|
4.50%, 2/15/29 (1)
|
25
|
24
|
|
6.50%, 4/1/32 (1)
|
173
|
178
|
|
6.50%, 6/15/33 (1)
|
73
|
75
|
|
RLJ Lodging Trust L.P.,
|
|
|
|
3.75%, 7/1/26 (1)
|
50
|
50
|
|
4.00%, 9/15/29 (1)
|
139
|
130
|
|
SBA Communications Corp.,
|
|
|
|
3.13%, 2/1/29
|
53
|
50
|
|
Service Properties Trust,
|
|
|
|
5.25%, 2/15/26
|
50
|
50
|
|
4.75%, 10/1/26
|
50
|
49
|
|
4.95%, 10/1/29
|
50
|
44
|
|
4.38%, 2/15/30
|
50
|
42
|
|
8.63%, 11/15/31 (1)
|
244
|
262
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 79.0% continued
|
||
|
Real Estate Investment Trusts – 2.0%continued
|
||
|
8.88%, 6/15/32
|
$91
|
$94
|
|
Uniti Group L.P./Uniti Fiber Holdings,
Inc./CSL Capital LLC,
|
|
|
|
6.00%, 1/15/30 (1)
|
75
|
70
|
|
Uniti Group L.P./Uniti Group Finance
2019, Inc./CSL Capital LLC,
|
|
|
|
10.50%, 2/15/28 (1)
|
291
|
308
|
|
4.75%, 4/15/28 (1)
|
25
|
25
|
|
6.50%, 2/15/29 (1)
|
75
|
73
|
|
8.63%, 6/15/32 (1)
|
100
|
101
|
|
XHR L.P.,
|
|
|
|
4.88%, 6/1/29 (1)
|
25
|
24
|
|
6.63%, 5/15/30 (1)
|
48
|
49
|
|
|
|
3,186
|
|
Real Estate Owners & Developers – 0.2%
|
||
|
Greystar Real Estate Partners LLC,
|
|
|
|
7.75%, 9/1/30 (1)
|
25
|
26
|
|
Howard Hughes (The) Corp.,
|
|
|
|
5.38%, 8/1/28 (1)
|
100
|
99
|
|
4.13%, 2/1/29 (1)
|
50
|
48
|
|
4.38%, 2/1/31 (1)
|
42
|
39
|
|
Kennedy-Wilson, Inc.,
|
|
|
|
4.75%, 3/1/29
|
25
|
23
|
|
4.75%, 2/1/30
|
50
|
46
|
|
|
|
281
|
|
Real Estate Services – 0.4%
|
||
|
Anywhere Real Estate
Group LLC/Anywhere Co-Issuer
Corp.,
|
|
|
|
7.00%, 4/15/30 (1) †
|
144
|
135
|
|
7.00%, 4/15/30
|
86
|
81
|
|
Anywhere Real Estate
Group LLC/Realogy Co-Issuer Corp.,
|
|
|
|
5.75%, 1/15/29 (1)
|
50
|
44
|
|
5.25%, 4/15/30 (1) †
|
25
|
21
|
|
9.75%, 4/15/30 (1)
|
25
|
25
|
|
CoreLogic, Inc.,
|
|
|
|
4.50%, 5/1/28 (1)
|
207
|
197
|
|
Cushman & Wakefield U.S. Borrower
LLC,
|
|
|
|
6.75%, 5/15/28 (1)
|
25
|
25
|
|
8.88%, 9/1/31 (1)
|
86
|
92
|
|
|
|
620
|
|
|
June 30, 2025 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 79.0% continued
|
||
|
Retail - Consumer Staples – 0.4%
|
||
|
Albertsons Cos., Inc./Safeway,
Inc./New Albertsons
L.P./Albertsons LLC,
|
|
|
|
4.63%, 1/15/27 (1)
|
$50
|
$50
|
|
6.50%, 2/15/28 (1)
|
75
|
77
|
|
4.88%, 2/15/30 (1)
|
50
|
49
|
|
6.25%, 3/15/33 (1)
|
67
|
69
|
|
Ingles Markets, Inc.,
|
|
|
|
4.00%, 6/15/31 (1)
|
75
|
70
|
|
Kroger (The) Co.,
|
|
|
|
5.00%, 9/15/34
|
50
|
50
|
|
5.65%, 9/15/64
|
125
|
118
|
|
Walgreens Boots Alliance, Inc.,
|
|
|
|
8.13%, 8/15/29
|
56
|
59
|
|
4.80%, 11/18/44
|
68
|
65
|
|
4.65%, 6/1/46
|
25
|
23
|
|
|
|
630
|
|
Retail - Discretionary – 3.2%
|
||
|
Asbury Automotive Group, Inc.,
|
|
|
|
4.63%, 11/15/29 (1)
|
25
|
24
|
|
5.00%, 2/15/32 (1)
|
2
|
2
|
|
Avis Budget Car Rental LLC/Avis
Budget Finance, Inc.,
|
|
|
|
5.75%, 7/15/27 (1)
|
21
|
21
|
|
4.75%, 4/1/28 (1)
|
50
|
49
|
|
8.25%, 1/15/30 (1)
|
25
|
26
|
|
Bath & Body Works, Inc.,
|
|
|
|
6.63%, 10/1/30 (1)
|
25
|
26
|
|
6.75%, 7/1/36
|
100
|
102
|
|
BCPE Ulysses Intermediate, Inc.,
|
|
|
|
7.75%, (100% Cash), 4/1/27 (1) (5)
|
25
|
24
|
|
Builders FirstSource, Inc.,
|
|
|
|
5.00%, 3/1/30 (1)
|
150
|
147
|
|
4.25%, 2/1/32 (1)
|
175
|
162
|
|
6.38%, 6/15/32 (1)
|
75
|
77
|
|
6.38%, 3/1/34 (1)
|
129
|
132
|
|
6.75%, 5/15/35 (1)
|
81
|
83
|
|
Carvana Co.,
|
|
|
|
9.00%, 6/1/30 (1)
|
147
|
155
|
|
9.00%, 6/1/31 (1) (5)
|
350
|
415
|
|
Cougar JV Subsidiary LLC,
|
|
|
|
8.00%, 5/15/32 (1)
|
41
|
44
|
|
Foundation Building Materials, Inc.,
|
|
|
|
6.00%, 3/1/29 (1)
|
27
|
25
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 79.0% continued
|
||
|
Retail - Discretionary – 3.2%continued
|
||
|
Gap (The), Inc.,
|
|
|
|
3.63%, 10/1/29 (1)
|
$25
|
$23
|
|
3.88%, 10/1/31 (1)
|
25
|
22
|
|
GYP Holdings III Corp.,
|
|
|
|
4.63%, 5/1/29 (1)
|
46
|
46
|
|
Hertz (The) Corp.,
|
|
|
|
4.63%, 12/1/26 (1)
|
25
|
22
|
|
12.63%, 7/15/29 (1)
|
29
|
30
|
|
LBM Acquisition LLC,
|
|
|
|
6.25%, 1/15/29 (1)
|
50
|
43
|
|
LCM Investments Holdings II LLC,
|
|
|
|
4.88%, 5/1/29 (1)
|
112
|
109
|
|
8.25%, 8/1/31 (1)
|
66
|
70
|
|
Liberty Interactive LLC,
|
|
|
|
8.25%, 2/1/30
|
25
|
3
|
|
Lithia Motors, Inc.,
|
|
|
|
4.63%, 12/15/27 (1)
|
75
|
75
|
|
3.88%, 6/1/29 (1)
|
50
|
48
|
|
Macy's Retail Holdings LLC,
|
|
|
|
5.88%, 4/1/29 (1)
|
21
|
21
|
|
4.50%, 12/15/34
|
25
|
20
|
|
5.13%, 1/15/42
|
75
|
52
|
|
Mavis Tire Express Services Topco
Corp.,
|
|
|
|
6.50%, 5/15/29 (1)
|
100
|
98
|
|
Michaels (The) Cos., Inc.,
|
|
|
|
5.25%, 5/1/28 (1)
|
50
|
40
|
|
7.88%, 5/1/29 (1)
|
75
|
49
|
|
Patrick Industries, Inc.,
|
|
|
|
4.75%, 5/1/29 (1)
|
75
|
73
|
|
6.38%, 11/1/32 (1)
|
740
|
742
|
|
QVC, Inc.,
|
|
|
|
6.88%, 4/15/29 (1)
|
8
|
3
|
|
QXO Building Products, Inc.,
|
|
|
|
6.75%, 4/30/32 (1)
|
211
|
217
|
|
Saks Global Enterprises LLC,
|
|
|
|
11.00%, 12/15/29 (1)
|
75
|
28
|
|
Sonic Automotive, Inc.,
|
|
|
|
4.63%, 11/15/29 (1)
|
50
|
49
|
|
Staples, Inc.,
|
|
|
|
10.75%, 9/1/29 (1)
|
112
|
106
|
|
12.75%, 1/15/30 (1)
|
88
|
58
|
|
Wand NewCo 3, Inc.,
|
|
|
|
7.63%, 1/30/32 (1)
|
1,020
|
1,072
|
|
Schedule of Investments
|
|
MULTI-MANAGER HIGH YIELD OPPORTUNITY FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 79.0% continued
|
||
|
Retail - Discretionary – 3.2%continued
|
||
|
White Cap Buyer LLC,
|
|
|
|
6.88%, 10/15/28 (1) †
|
$438
|
$437
|
|
|
|
5,070
|
|
Semiconductors – 0.2%
|
||
|
Coherent Corp.,
|
|
|
|
5.00%, 12/15/29 (1)
|
157
|
154
|
|
ON Semiconductor Corp.,
|
|
|
|
3.88%, 9/1/28 (1)
|
50
|
49
|
|
Synaptics, Inc.,
|
|
|
|
4.00%, 6/15/29 (1)
|
50
|
47
|
|
|
|
250
|
|
Software – 4.2%
|
||
|
AthenaHealth Group, Inc.,
|
|
|
|
6.50%, 2/15/30 (1)
|
2,121
|
2,088
|
|
Camelot Finance S.A.,
|
|
|
|
4.50%, 11/1/26 (1)
|
35
|
34
|
|
Capstone Borrower, Inc.,
|
|
|
|
8.00%, 6/15/30 (1)
|
121
|
126
|
|
8.00%, 6/15/30 (1)
|
47
|
49
|
|
Castle U.S. Holding Corp.,
|
|
|
|
10.00%, 6/30/31 (1)
|
46
|
19
|
|
Central Parent LLC/CDK Global
II LLC/CDK Financing Co., Inc.,
|
|
|
|
8.00%, 6/15/29 (1)
|
36
|
30
|
|
Central Parent, Inc./CDK Global, Inc.,
|
|
|
|
7.25%, 6/15/29 (1)
|
98
|
80
|
|
Cloud Software Group, Inc.,
|
|
|
|
6.50%, 3/31/29 (1)
|
510
|
515
|
|
9.00%, 9/30/29 (1)
|
797
|
826
|
|
8.25%, 6/30/32 (1)
|
429
|
457
|
|
CoreWeave, Inc.,
|
|
|
|
9.25%, 6/1/30 (1)
|
125
|
128
|
|
Elastic N.V.,
|
|
|
|
4.13%, 7/15/29 (1)
|
74
|
71
|
|
Ellucian Holdings, Inc.,
|
|
|
|
6.50%, 12/1/29 (1)
|
104
|
106
|
|
Gen Digital, Inc.,
|
|
|
|
6.75%, 9/30/27 (1)
|
25
|
25
|
|
7.13%, 9/30/30 (1)
|
50
|
52
|
|
6.25%, 4/1/33 (1)
|
25
|
26
|
|
GoTo Group, Inc.,
|
|
|
|
5.50%, 5/1/28 (1)
|
24
|
20
|
|
5.50%, 5/1/28 (1)
|
34
|
11
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 79.0% continued
|
||
|
Software – 4.2%continued
|
||
|
McAfee Corp.,
|
|
|
|
7.38%, 2/15/30 (1)
|
$118
|
$111
|
|
Rocket Software, Inc.,
|
|
|
|
9.00%, 11/28/28 (1)
|
75
|
77
|
|
SS&C Technologies, Inc.,
|
|
|
|
5.50%, 9/30/27 (1)
|
150
|
150
|
|
6.50%, 6/1/32 (1)
|
207
|
215
|
|
Synopsys, Inc.,
|
|
|
|
5.70%, 4/1/55
|
25
|
25
|
|
Twilio, Inc.,
|
|
|
|
3.63%, 3/15/29
|
22
|
21
|
|
3.88%, 3/15/31
|
80
|
75
|
|
UKG, Inc.,
|
|
|
|
6.88%, 2/1/31 (1)
|
1,145
|
1,188
|
|
ZoomInfo Technologies LLC/ZoomInfo
Finance Corp.,
|
|
|
|
3.88%, 2/1/29 (1)
|
44
|
41
|
|
|
|
6,566
|
|
Specialty Finance – 4.7%
|
||
|
Acuris Finance U.S., Inc./Acuris Finance
S.a.r.l.,
|
|
|
|
5.00%, 5/1/28 (1)
|
200
|
191
|
|
Ally Financial, Inc.,
|
|
|
|
(Variable, U.S. Treasury Yield Curve
Rate CMT 5Y + 3.87%), 4.70%,
5/15/26 (3) (4)
|
75
|
72
|
|
(Variable, U.S. SOFR Compounded
Index + 1.96%), 5.74%,
5/15/29 (3)
|
15
|
15
|
|
6.70%, 2/14/33
|
25
|
26
|
|
Azorra Finance Ltd.,
|
|
|
|
7.75%, 4/15/30 (1)
|
58
|
61
|
|
Blackstone Mortgage Trust, Inc.,
|
|
|
|
3.75%, 1/15/27 (1)
|
101
|
98
|
|
7.75%, 12/1/29 (1)
|
36
|
38
|
|
Block, Inc.,
|
|
|
|
3.50%, 6/1/31
|
3
|
3
|
|
6.50%, 5/15/32
|
341
|
352
|
|
Boost Newco Borrower LLC,
|
|
|
|
7.50%, 1/15/31 (1)
|
200
|
212
|
|
Bread Financial Holdings, Inc.,
|
|
|
|
9.75%, 3/15/29 (1)
|
50
|
54
|
|
|
June 30, 2025 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 79.0% continued
|
||
|
Specialty Finance – 4.7%continued
|
||
|
(Variable, U.S. Treasury Yield Curve
Rate CMT 5Y + 4.30%), 8.38%,
6/15/35 (1) (3)
|
$34
|
$34
|
|
Dun & Bradstreet (The) Corp.,
|
|
|
|
5.00%, 12/15/29 (1)
|
79
|
81
|
|
EZCORP, Inc.,
|
|
|
|
7.38%, 4/1/32 (1)
|
120
|
126
|
|
Fair Isaac Corp.,
|
|
|
|
6.00%, 5/15/33 (1)
|
263
|
265
|
|
FirstCash, Inc.,
|
|
|
|
4.63%, 9/1/28 (1)
|
50
|
49
|
|
5.63%, 1/1/30 (1)
|
25
|
25
|
|
6.88%, 3/1/32 (1)
|
50
|
52
|
|
Fortress Transportation and
Infrastructure Investors LLC,
|
|
|
|
5.50%, 5/1/28 (1)
|
108
|
108
|
|
7.88%, 12/1/30 (1)
|
136
|
144
|
|
7.00%, 5/1/31 (1)
|
231
|
239
|
|
7.00%, 6/15/32 (1)
|
211
|
218
|
|
5.88%, 4/15/33 (1)
|
136
|
134
|
|
Freedom Mortgage Corp.,
|
|
|
|
7.63%, 5/1/26 (1)
|
75
|
75
|
|
6.63%, 1/15/27 (1)
|
125
|
125
|
|
Freedom Mortgage Holdings LLC,
|
|
|
|
9.25%, 2/1/29 (1)
|
56
|
58
|
|
9.13%, 5/15/31 (1)
|
58
|
60
|
|
8.38%, 4/1/32 (1)
|
36
|
36
|
|
Jefferson Capital Holdings LLC,
|
|
|
|
6.00%, 8/15/26 (1)
|
50
|
50
|
|
9.50%, 2/15/29 (1)
|
50
|
53
|
|
8.25%, 5/15/30 (1)
|
75
|
78
|
|
Ladder Capital Finance
Holdings LLLP/Ladder Capital
Finance Corp.,
|
|
|
|
4.25%, 2/1/27 (1)
|
25
|
25
|
|
7.00%, 7/15/31 (1)
|
25
|
26
|
|
LD Holdings Group LLC,
|
|
|
|
8.75%, 11/1/27 (1)
|
17
|
16
|
|
6.13%, 4/1/28 (1) †
|
50
|
41
|
|
Nationstar Mortgage Holdings, Inc.,
|
|
|
|
6.00%, 1/15/27 (1)
|
25
|
25
|
|
5.50%, 8/15/28 (1)
|
50
|
50
|
|
6.50%, 8/1/29 (1)
|
136
|
139
|
|
5.13%, 12/15/30 (1)
|
25
|
25
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 79.0% continued
|
||
|
Specialty Finance – 4.7%continued
|
||
|
5.75%, 11/15/31 (1)
|
$46
|
$47
|
|
7.13%, 2/1/32 (1)
|
186
|
193
|
|
Navient Corp.,
|
|
|
|
6.75%, 6/15/26
|
75
|
76
|
|
5.50%, 3/15/29
|
25
|
25
|
|
9.38%, 7/25/30
|
41
|
45
|
|
11.50%, 3/15/31
|
50
|
57
|
|
7.88%, 6/15/32
|
46
|
48
|
|
OneMain Finance Corp.,
|
|
|
|
7.13%, 3/15/26
|
18
|
18
|
|
6.63%, 1/15/28
|
75
|
78
|
|
6.63%, 5/15/29
|
74
|
76
|
|
5.38%, 11/15/29
|
37
|
36
|
|
7.88%, 3/15/30
|
117
|
124
|
|
4.00%, 9/15/30
|
77
|
71
|
|
7.50%, 5/15/31
|
75
|
78
|
|
7.13%, 11/15/31
|
95
|
99
|
|
6.75%, 3/15/32
|
207
|
211
|
|
7.13%, 9/15/32
|
86
|
89
|
|
Paysafe Finance PLC/Paysafe Holdings
U.S. Corp.,
|
|
|
|
4.00%, 6/15/29 (1)
|
50
|
46
|
|
PennyMac Financial Services, Inc.,
|
|
|
|
4.25%, 2/15/29 (1)
|
50
|
48
|
|
7.88%, 12/15/29 (1)
|
49
|
52
|
|
7.13%, 11/15/30 (1)
|
56
|
58
|
|
5.75%, 9/15/31 (1)
|
100
|
98
|
|
6.88%, 5/15/32 (1)
|
88
|
90
|
|
6.88%, 2/15/33 (1)
|
106
|
109
|
|
PHH Escrow Issuer LLC/PHH Corp.,
|
|
|
|
9.88%, 11/1/29 (1)
|
50
|
50
|
|
PRA Group, Inc.,
|
|
|
|
8.38%, 2/1/28 (1)
|
50
|
51
|
|
8.88%, 1/31/30 (1)
|
50
|
52
|
|
Rithm Capital Corp.,
|
|
|
|
8.00%, 4/1/29 (1)
|
75
|
76
|
|
8.00%, 7/15/30 (1)
|
48
|
48
|
|
Rocket Cos., Inc.,
|
|
|
|
6.13%, 8/1/30 (1)
|
213
|
217
|
|
6.38%, 8/1/33 (1)
|
318
|
325
|
|
Rocket Mortgage LLC/Rocket
Mortgage Co-Issuer, Inc.,
|
|
|
|
2.88%, 10/15/26 (1)
|
26
|
25
|
|
3.88%, 3/1/31 (1)
|
27
|
25
|
|
Schedule of Investments
|
|
MULTI-MANAGER HIGH YIELD OPPORTUNITY FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 79.0% continued
|
||
|
Specialty Finance – 4.7%continued
|
||
|
4.00%, 10/15/33 (1)
|
$200
|
$179
|
|
Shift4 Payments LLC/Shift4 Payments
Finance Sub, Inc.,
|
|
|
|
6.75%, 8/15/32 (1)
|
190
|
197
|
|
SLM Corp.,
|
|
|
|
3.13%, 11/2/26
|
50
|
49
|
|
6.50%, 1/31/30
|
38
|
40
|
|
Starwood Property Trust, Inc.,
|
|
|
|
7.25%, 4/1/29 (1)
|
18
|
19
|
|
6.00%, 4/15/30 (1)
|
92
|
93
|
|
6.50%, 7/1/30 (1)
|
68
|
70
|
|
6.50%, 10/15/30 (1)
|
69
|
71
|
|
Synchrony Financial,
|
|
|
|
7.25%, 2/2/33
|
50
|
52
|
|
United Wholesale Mortgage LLC,
|
|
|
|
5.75%, 6/15/27 (1)
|
25
|
25
|
|
5.50%, 4/15/29 (1)
|
50
|
49
|
|
UWM Holdings LLC,
|
|
|
|
6.63%, 2/1/30 (1)
|
112
|
112
|
|
Walker & Dunlop, Inc.,
|
|
|
|
6.63%, 4/1/33 (1)
|
54
|
56
|
|
WEX, Inc.,
|
|
|
|
6.50%, 3/15/33 (1)
|
263
|
265
|
|
|
|
7,497
|
|
Steel – 2.1%
|
||
|
ATI, Inc.,
|
|
|
|
5.88%, 12/1/27
|
18
|
18
|
|
4.88%, 10/1/29
|
53
|
52
|
|
7.25%, 8/15/30
|
25
|
26
|
|
5.13%, 10/1/31
|
151
|
148
|
|
Big River Steel LLC/BRS Finance Corp.,
|
|
|
|
6.63%, 1/31/29 (1)
|
106
|
107
|
|
Carpenter Technology Corp.,
|
|
|
|
6.38%, 7/15/28
|
75
|
75
|
|
7.63%, 3/15/30
|
51
|
53
|
|
Cleveland-Cliffs, Inc.,
|
|
|
|
5.88%, 6/1/27 †
|
67
|
67
|
|
6.88%, 11/1/29 (1)
|
109
|
107
|
|
6.75%, 4/15/30 (1)
|
25
|
24
|
|
4.88%, 3/1/31 (1)
|
50
|
43
|
|
7.50%, 9/15/31 (1)
|
25
|
24
|
|
7.00%, 3/15/32 (1) †
|
50
|
47
|
|
7.38%, 5/1/33 (1)
|
25
|
23
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 79.0% continued
|
||
|
Steel – 2.1%continued
|
||
|
Commercial Metals Co.,
|
|
|
|
4.13%, 1/15/30
|
$25
|
$24
|
|
4.38%, 3/15/32
|
25
|
23
|
|
Specialty Steel Supply, Inc.,
|
|
|
|
14.44%, 11/15/26 (1) (10)
|
2,490
|
2,490
|
|
TMS International Corp.,
|
|
|
|
6.25%, 4/15/29 (1)
|
25
|
24
|
|
|
|
3,375
|
|
Technology Hardware – 0.9%
|
||
|
CommScope LLC,
|
|
|
|
8.25%, 3/1/27 (1)
|
50
|
50
|
|
7.13%, 7/1/28 (1)
|
50
|
49
|
|
4.75%, 9/1/29 (1) †
|
205
|
200
|
|
9.50%, 12/15/31 (1)
|
21
|
22
|
|
CommScope Technologies LLC,
|
|
|
|
5.00%, 3/15/27 (1)
|
25
|
24
|
|
Diebold Nixdorf, Inc.,
|
|
|
|
7.75%, 3/31/30 (1)
|
50
|
53
|
|
Imola Merger Corp.,
|
|
|
|
4.75%, 5/15/29 (1)
|
265
|
256
|
|
NCR Atleos Corp.,
|
|
|
|
9.50%, 4/1/29 (1)
|
100
|
109
|
|
NCR Voyix Corp.,
|
|
|
|
5.00%, 10/1/28 (1)
|
50
|
49
|
|
5.13%, 4/15/29 (1) †
|
30
|
29
|
|
Seagate Data Storage Technology Pte.
Ltd.,
|
|
|
|
5.88%, 7/15/30 (1)
|
69
|
70
|
|
Seagate HDD Cayman,
|
|
|
|
8.25%, 12/15/29
|
40
|
43
|
|
4.13%, 1/15/31
|
55
|
50
|
|
8.50%, 7/15/31
|
40
|
43
|
|
9.63%, 12/1/32
|
70
|
79
|
|
TTM Technologies, Inc.,
|
|
|
|
4.00%, 3/1/29 (1)
|
50
|
48
|
|
Viasat, Inc.,
|
|
|
|
6.50%, 7/15/28 (1)
|
25
|
24
|
|
7.50%, 5/30/31 (1)
|
25
|
22
|
|
Viavi Solutions, Inc.,
|
|
|
|
3.75%, 10/1/29 (1)
|
37
|
35
|
|
Xerox Corp.,
|
|
|
|
10.25%, 10/15/30 (1)
|
24
|
25
|
|
|
June 30, 2025 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 79.0% continued
|
||
|
Technology Hardware – 0.9%continued
|
||
|
Xerox Issuer Corp.,
|
|
|
|
13.50%, 4/15/31 (1)
|
$25
|
$26
|
|
Zebra Technologies Corp.,
|
|
|
|
6.50%, 6/1/32 (1)
|
73
|
75
|
|
|
|
1,381
|
|
Telecommunications – 2.9%
|
||
|
Cogent Communications Group LLC,
|
|
|
|
7.00%, 6/15/27 (1)
|
25
|
25
|
|
Cogent Communications
Group LLC/Cogent Finance, Inc.,
|
|
|
|
7.00%, 6/15/27 (1)
|
25
|
25
|
|
EchoStar Corp.,
|
|
|
|
10.75%, 11/30/29
|
447
|
460
|
|
6.75%, 11/30/30 (5)
|
505
|
460
|
|
Embarq LLC,
|
|
|
|
8.00%, 6/1/36
|
50
|
23
|
|
Frontier Communications Holdings LLC,
|
|
|
|
5.88%, 10/15/27 (1)
|
46
|
46
|
|
5.00%, 5/1/28 (1)
|
163
|
163
|
|
6.75%, 5/1/29 (1)
|
122
|
124
|
|
5.88%, 11/1/29
|
75
|
76
|
|
6.00%, 1/15/30 (1)
|
132
|
134
|
|
8.75%, 5/15/30 (1)
|
414
|
433
|
|
8.63%, 3/15/31 (1)
|
81
|
86
|
|
Frontier North, Inc.,
|
|
|
|
6.73%, 2/15/28
|
25
|
26
|
|
Hughes Satellite Systems Corp.,
|
|
|
|
6.63%, 8/1/26
|
50
|
36
|
|
Intelsat Jackson Holdings S.A.,
|
|
|
|
6.50%, 3/15/30 (1)
|
50
|
51
|
|
Level 3 Financing, Inc.,
|
|
|
|
4.25%, 7/1/28 (1)
|
25
|
23
|
|
3.63%, 1/15/29 (1)
|
61
|
52
|
|
4.88%, 6/15/29 (1)
|
244
|
228
|
|
3.75%, 7/15/29 (1)
|
25
|
21
|
|
11.00%, 11/15/29 (1)
|
293
|
336
|
|
4.50%, 4/1/30 (1)
|
145
|
132
|
|
3.88%, 10/15/30 (1)
|
21
|
18
|
|
10.75%, 12/15/30 (1)
|
155
|
176
|
|
4.00%, 4/15/31 (1)
|
28
|
24
|
|
10.00%, 10/15/32 (1)
|
25
|
25
|
|
6.88%, 6/30/33 (1)
|
389
|
396
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 79.0% continued
|
||
|
Telecommunications – 2.9%continued
|
||
|
Lumen Technologies, Inc.,
|
|
|
|
4.50%, 1/15/29 (1) †
|
$25
|
$22
|
|
4.13%, 4/15/29 (1)
|
61
|
59
|
|
4.13%, 4/15/30 (1)
|
60
|
58
|
|
10.00%, 10/15/32 (1)
|
68
|
69
|
|
Windstream Services LLC/Windstream
Escrow Finance Corp.,
|
|
|
|
8.25%, 10/1/31 (1)
|
419
|
439
|
|
Zayo Group Holdings, Inc.,
|
|
|
|
4.00%, 3/1/27 (1) †
|
238
|
223
|
|
6.13%, 3/1/28 (1)
|
109
|
94
|
|
|
|
4,563
|
|
Transportation & Logistics – 0.7%
|
||
|
Allegiant Travel Co.,
|
|
|
|
7.25%, 8/15/27 (1)
|
25
|
25
|
|
American Airlines, Inc.,
|
|
|
|
7.25%, 2/15/28 (1) †
|
50
|
51
|
|
8.50%, 5/15/29 (1)
|
142
|
149
|
|
American Airlines, Inc./AAdvantage
Loyalty IP Ltd.,
|
|
|
|
5.50%, 4/20/26 (1)
|
8
|
8
|
|
5.75%, 4/20/29 (1)
|
150
|
150
|
|
Beacon Mobility Corp.,
|
|
|
|
8/1/30 (1) (6)
|
25
|
26
|
|
First Student Bidco, Inc./First Transit
Parent, Inc.,
|
|
|
|
4.00%, 7/31/29 (1)
|
25
|
23
|
|
Genesee & Wyoming, Inc.,
|
|
|
|
6.25%, 4/15/32 (1)
|
88
|
90
|
|
JetBlue Airways Corp./JetBlue Loyalty
L.P.,
|
|
|
|
9.88%, 9/20/31 (1)
|
192
|
187
|
|
OneSky Flight LLC,
|
|
|
|
8.88%, 12/15/29 (1)
|
72
|
75
|
|
Rand Parent LLC,
|
|
|
|
8.50%, 2/15/30 (1) †
|
72
|
72
|
|
Spirit Loyalty Cayman Ltd./Spirit IP
Cayman Ltd.,
|
|
|
|
11.00%, 3/6/30 (1) (5)
|
35
|
25
|
|
Star Leasing Co. LLC,
|
|
|
|
7.63%, 2/15/30 (1)
|
25
|
25
|
|
Stonepeak Nile Parent LLC,
|
|
|
|
7.25%, 3/15/32 (1)
|
14
|
15
|
|
Schedule of Investments
|
|
MULTI-MANAGER HIGH YIELD OPPORTUNITY FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 79.0% continued
|
||
|
Transportation & Logistics – 0.7%continued
|
||
|
United Airlines, Inc.,
|
|
|
|
4.63%, 4/15/29 (1)
|
$94
|
$91
|
|
Watco Cos. LLC/Watco Finance Corp.,
|
|
|
|
7.13%, 8/1/32 (1)
|
50
|
52
|
|
XPO, Inc.,
|
|
|
|
6.25%, 6/1/28 (1)
|
50
|
51
|
|
7.13%, 6/1/31 (1)
|
25
|
26
|
|
7.13%, 2/1/32 (1)
|
25
|
26
|
|
|
|
1,167
|
|
Transportation Equipment – 0.4%
|
||
|
Allison Transmission, Inc.,
|
|
|
|
4.75%, 10/1/27 (1)
|
25
|
25
|
|
3.75%, 1/30/31 (1)
|
25
|
23
|
|
JB Poindexter & Co., Inc.,
|
|
|
|
8.75%, 12/15/31 (1)
|
25
|
25
|
|
Trinity Industries, Inc.,
|
|
|
|
7.75%, 7/15/28 (1)
|
50
|
52
|
|
Wabash National Corp.,
|
|
|
|
4.50%, 10/15/28 (1)
|
522
|
472
|
|
|
|
597
|
|
Wholesale - Consumer Staples – 0.3%
|
||
|
C&S Group Enterprises LLC,
|
|
|
|
5.00%, 12/15/28 (1)
|
25
|
23
|
|
KeHE Distributors LLC/KeHE Finance
Corp./NextWave Distribution, Inc.,
|
|
|
|
9.00%, 2/15/29 (1)
|
106
|
110
|
|
Performance Food Group, Inc.,
|
|
|
|
4.25%, 8/1/29 (1)
|
50
|
48
|
|
6.13%, 9/15/32 (1)
|
100
|
102
|
|
U.S. Foods, Inc.,
|
|
|
|
6.88%, 9/15/28 (1)
|
25
|
26
|
|
7.25%, 1/15/32 (1)
|
25
|
26
|
|
5.75%, 4/15/33 (1)
|
25
|
25
|
|
United Natural Foods, Inc.,
|
|
|
|
6.75%, 10/15/28 (1) †
|
66
|
65
|
|
|
|
425
|
|
Wholesale - Discretionary – 0.0%
|
||
|
Dealer Tire LLC/DT Issuer LLC,
|
|
|
|
8.00%, 2/1/28(1)
|
25
|
24
|
|
Total Corporate Bonds
|
|
|
|
(Cost $124,687)
|
|
124,553
|
|
|
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
FOREIGN ISSUER BONDS – 8.7%
|
||
|
Aerospace & Defense – 0.4%
|
||
|
Bombardier, Inc.,
|
|
|
|
7.88%, 4/15/27 (1)
|
$21
|
$21
|
|
6.00%, 2/15/28 (1)
|
131
|
132
|
|
8.75%, 11/15/30 (1)
|
86
|
93
|
|
7.25%, 7/1/31 (1)
|
61
|
64
|
|
7.00%, 6/1/32 (1)
|
86
|
90
|
|
6.75%, 6/15/33 (1)
|
37
|
38
|
|
Efesto Bidco S.p.A. Efesto U.S. LLC,
|
|
|
|
7.50%, 2/15/32 (1)
|
200
|
202
|
|
|
|
640
|
|
Asset Management – 0.1%
|
||
|
Brookfield Finance, Inc.,
|
|
|
|
(Variable, U.S. Treasury Yield Curve
Rate CMT 5Y + 2.08%), 6.30%,
1/15/55(3)
|
115
|
110
|
|
Banking – 0.3%
|
||
|
Barclays PLC,
|
|
|
|
(Variable, U.S. Treasury Yield Curve
Rate CMT 5Y + 3.41%), 4.38%,
3/15/28 (3) (4)
|
200
|
186
|
|
(Variable, USD SOFR ICE Swap Rate
5Y + 5.78%), 9.63%,
12/15/29 (3) (4)
|
200
|
222
|
|
|
|
408
|
|
Basic Industry – 0.0%
|
||
|
Champion Iron Canada, Inc.,
|
|
|
|
7.88%, 7/15/32(1)
|
25
|
25
|
|
Biotechnology & Pharmaceuticals – 0.1%
|
||
|
Teva Pharmaceutical Finance
Netherlands III B.V.,
|
|
|
|
3.15%, 10/1/26
|
81
|
79
|
|
4.10%, 10/1/46
|
25
|
18
|
|
|
|
97
|
|
Chemicals – 0.2%
|
||
|
Cerdia Finanz GmbH,
|
|
|
|
9.38%, 10/3/31 (1)
|
25
|
26
|
|
Methanex Corp.,
|
|
|
|
5.13%, 10/15/27
|
25
|
25
|
|
NOVA Chemicals Corp.,
|
|
|
|
5.25%, 6/1/27 (1)
|
25
|
25
|
|
8.50%, 11/15/28 (1)
|
75
|
79
|
|
4.25%, 5/15/29 (1)
|
25
|
24
|
|
|
June 30, 2025 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
FOREIGN ISSUER BONDS - 8.7% continued
|
||
|
Chemicals – 0.2%continued
|
||
|
9.00%, 2/15/30 (1)
|
$50
|
$54
|
|
7.00%, 12/1/31 (1)
|
25
|
26
|
|
|
|
259
|
|
Commercial Support Services – 0.4%
|
||
|
Garda World Security Corp.,
|
|
|
|
4.63%, 2/15/27 (1)
|
96
|
96
|
|
7.75%, 2/15/28 (1)
|
92
|
95
|
|
6.00%, 6/1/29 (1)
|
90
|
88
|
|
8.25%, 8/1/32 (1)
|
200
|
205
|
|
8.38%, 11/15/32 (1)
|
152
|
156
|
|
Wrangler Holdco Corp.,
|
|
|
|
6.63%, 4/1/32 (1)
|
31
|
32
|
|
|
|
672
|
|
Containers & Packaging – 0.4%
|
||
|
ARD Finance S.A.,
|
|
|
|
6.50%, (100% Cash),
6/30/27 (1) (5)
|
215
|
9
|
|
Intelligent Packaging Ltd. Finco,
Inc./Intelligent Packaging Ltd.
Co-Issuer LLC,
|
|
|
|
6.00%, 9/15/28 (1)
|
25
|
25
|
|
Toucan FinCo Ltd./Toucan FinCo Can,
Inc./Toucan FinCo U.S. LLC,
|
|
|
|
9.50%, 5/15/30 (1)
|
530
|
542
|
|
|
|
576
|
|
E-Commerce Discretionary – 0.1%
|
||
|
Rakuten Group, Inc.,
|
|
|
|
9.75%, 4/15/29(1)
|
200
|
219
|
|
Electric Utilities – 0.0%
|
||
|
TransAlta Corp.,
|
|
|
|
7.75%, 11/15/29
|
25
|
26
|
|
Electrical Equipment – 0.5%
|
||
|
TK Elevator Holdco GmbH,
|
|
|
|
6.63%, 7/15/28 [EUR](9)
|
90
|
107
|
|
7.63%, 7/15/28 (1)
|
400
|
400
|
|
TK Elevator Midco GmbH,
|
|
|
|
4.38%, 7/15/27 [EUR](9)
|
100
|
118
|
|
TK Elevator U.S. Newco, Inc.,
|
|
|
|
5.25%, 7/15/27 (1)
|
200
|
200
|
|
|
|
825
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
FOREIGN ISSUER BONDS - 8.7% continued
|
||
|
Energy – 0.1%
|
||
|
South Bow Canadian Infrastructure
Holdings Ltd.,
|
|
|
|
(Variable, U.S. Treasury Yield Curve
Rate CMT 5Y + 3.67%), 7.50%,
3/1/55 (1) (3)
|
$25
|
$26
|
|
(Variable, U.S. Treasury Yield Curve
Rate CMT 5Y + 3.95%), 7.63%,
3/1/55 (1) (3)
|
50
|
52
|
|
|
|
78
|
|
Forestry, Paper & Wood Products – 0.0%
|
||
|
Mercer International, Inc.,
|
|
|
|
12.88%, 10/1/28 (1)
|
25
|
25
|
|
5.13%, 2/1/29
|
25
|
21
|
|
|
|
46
|
|
Gas & Water Utilities – 0.0%
|
||
|
AltaGas Ltd.,
|
|
|
|
(Variable, U.S. Treasury Yield Curve
Rate CMT 5Y + 3.57%), 7.20%,
10/15/54 (1) (3)
|
42
|
42
|
|
Superior Plus L.P./Superior General
Partner, Inc.,
|
|
|
|
4.50%, 3/15/29 (1)
|
25
|
24
|
|
|
|
66
|
|
Home Construction – 0.2%
|
||
|
Brookfield Residential Properties,
Inc./Brookfield Residential U.S. LLC,
|
|
|
|
5.00%, 6/15/29 (1) †
|
151
|
138
|
|
4.88%, 2/15/30 (1)
|
25
|
22
|
|
Empire Communities Corp.,
|
|
|
|
9.75%, 5/1/29 (1)
|
60
|
61
|
|
Mattamy Group Corp.,
|
|
|
|
4.63%, 3/1/30 (1)
|
65
|
63
|
|
|
|
284
|
|
Household Products – 0.0%
|
||
|
Kronos Acquisition Holdings, Inc.,
|
|
|
|
8.25%, 6/30/31(1)
|
12
|
11
|
|
Insurance – 0.9%
|
||
|
Ardonagh Finco Ltd.,
|
|
|
|
7.75%, 2/15/31 (1)
|
200
|
209
|
|
Ardonagh Group Finance Ltd.,
|
|
|
|
8.88%, 2/15/32 (1)
|
400
|
421
|
|
Schedule of Investments
|
|
MULTI-MANAGER HIGH YIELD OPPORTUNITY FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
FOREIGN ISSUER BONDS - 8.7% continued
|
||
|
Insurance – 0.9%continued
|
||
|
Howden UK Refinance PLC/Howden
UK Refinance 2 PLC/Howden
U.S. Refinance LLC,
|
|
|
|
7.25%, 2/15/31 (1)
|
$230
|
$238
|
|
8.13%, 2/15/32 (1)
|
213
|
221
|
|
Jones Deslauriers Insurance
Management, Inc.,
|
|
|
|
8.50%, 3/15/30 (1)
|
296
|
314
|
|
|
|
1,403
|
|
IT Services – 0.1%
|
||
|
CA Magnum Holdings,
|
|
|
|
5.38%, 10/31/26(1)
|
200
|
199
|
|
Leisure Facilities & Services – 0.5%
|
||
|
1011778 B.C. ULC/New Red Finance,
Inc.,
|
|
|
|
3.88%, 1/15/28 (1)
|
25
|
24
|
|
4.38%, 1/15/28 (1)
|
8
|
8
|
|
6.13%, 6/15/29 (1)
|
25
|
26
|
|
4.00%, 10/15/30 (1)
|
267
|
249
|
|
Great Canadian Gaming
Corp./Raptor LLC,
|
|
|
|
8.75%, 11/15/29 (1)
|
124
|
121
|
|
Melco Resorts Finance Ltd.,
|
|
|
|
5.38%, 12/4/29 (1)
|
200
|
187
|
|
Wynn Macau Ltd.,
|
|
|
|
5.63%, 8/26/28 (1)
|
200
|
197
|
|
|
|
812
|
|
Machinery – 0.1%
|
||
|
Husky Injection Molding Systems
Ltd./Titan Co-Borrower LLC,
|
|
|
|
9.00%, 2/15/29(1)
|
178
|
186
|
|
Metals & Mining – 1.7%
|
||
|
Baffinland Iron Mines Corp./Baffinland
Iron Mines L.P.,
|
|
|
|
8.75%, 7/15/26 (1)
|
2,060
|
1,901
|
|
Capstone Copper Corp.,
|
|
|
|
6.75%, 3/31/33 (1)
|
25
|
26
|
|
ERO Copper Corp.,
|
|
|
|
6.50%, 2/15/30 (1)
|
73
|
72
|
|
First Quantum Minerals Ltd.,
|
|
|
|
9.38%, 3/1/29 (1)
|
200
|
212
|
|
FMG Resources Pty. Ltd., Series 2006,
|
|
|
|
5.88%, 4/15/30 (1)
|
25
|
25
|
|
4.38%, 4/1/31 (1)
|
100
|
93
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
FOREIGN ISSUER BONDS - 8.7% continued
|
||
|
Metals & Mining – 1.7%continued
|
||
|
6.13%, 4/15/32 (1)
|
$100
|
$102
|
|
Hudbay Minerals, Inc.,
|
|
|
|
4.50%, 4/1/26 (1)
|
25
|
25
|
|
IAMGOLD Corp.,
|
|
|
|
5.75%, 10/15/28 (1)
|
25
|
25
|
|
Mineral Resources Ltd.,
|
|
|
|
8.13%, 5/1/27 (1)
|
50
|
50
|
|
8.00%, 11/1/27 (1)
|
25
|
25
|
|
8.50%, 5/1/30 (1) †
|
50
|
50
|
|
New Gold, Inc.,
|
|
|
|
6.88%, 4/1/32 (1)
|
60
|
62
|
|
Taseko Mines Ltd.,
|
|
|
|
8.25%, 5/1/30 (1)
|
25
|
26
|
|
|
|
2,694
|
|
Oil & Gas Services & Equipment – 0.1%
|
||
|
Enerflex Ltd.,
|
|
|
|
9.00%, 10/15/27 (1)
|
68
|
70
|
|
Precision Drilling Corp.,
|
|
|
|
7.13%, 1/15/26 (1)
|
25
|
25
|
|
6.88%, 1/15/29 (1)
|
25
|
25
|
|
|
|
120
|
|
Oil & Gas Supply Chain – 0.8%
|
||
|
Baytex Energy Corp.,
|
|
|
|
8.50%, 4/30/30 (1)
|
50
|
50
|
|
Enbridge, Inc.,
|
|
|
|
(Variable, U.S. Treasury Yield Curve
Rate CMT 5Y + 2.97%), 7.20%,
6/27/54 (3)
|
35
|
36
|
|
(Variable, U.S. Treasury Yield Curve
Rate CMT 5Y + 3.12%), 7.38%,
3/15/55 (3)
|
43
|
45
|
|
MEG Energy Corp.,
|
|
|
|
5.88%, 2/1/29 (1)
|
25
|
25
|
|
Northriver Midstream Finance L.P.,
|
|
|
|
6.75%, 7/15/32 (1)
|
70
|
72
|
|
OGX Austria GmbH,
|
|
|
|
8.38%, 4/1/22 (1) (7) (10)
|
1,800
|
—
|
|
8.50%, 6/1/28 (1) (7) (8)
|
2,420
|
—
|
|
Parkland Corp.,
|
|
|
|
5.88%, 7/15/27 (1)
|
25
|
25
|
|
4.50%, 10/1/29 (1)
|
125
|
120
|
|
4.63%, 5/1/30 (1)
|
50
|
48
|
|
6.63%, 8/15/32 (1)
|
36
|
37
|
|
|
June 30, 2025 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
FOREIGN ISSUER BONDS - 8.7% continued
|
||
|
Oil & Gas Supply Chain – 0.8%continued
|
||
|
Saturn Oil & Gas, Inc.,
|
|
|
|
9.63%, 6/15/29 (1) †
|
$23
|
$23
|
|
Teine Energy Ltd.,
|
|
|
|
6.88%, 4/15/29 (1)
|
810
|
806
|
|
Vermilion Energy, Inc.,
|
|
|
|
6.88%, 5/1/30 (1)
|
50
|
48
|
|
|
|
1,335
|
|
Software – 0.2%
|
||
|
Dye & Durham Ltd.,
|
|
|
|
8.63%, 4/15/29 (1)
|
25
|
26
|
|
Open Text Corp.,
|
|
|
|
3.88%, 2/15/28 (1)
|
50
|
49
|
|
3.88%, 12/1/29 (1)
|
50
|
47
|
|
Open Text Holdings, Inc.,
|
|
|
|
4.13%, 2/15/30 (1)
|
50
|
47
|
|
4.13%, 12/1/31 (1)
|
100
|
92
|
|
|
|
261
|
|
Specialty Finance – 0.4%
|
||
|
GGAM Finance Ltd.,
|
|
|
|
8.00%, 2/15/27 (1)
|
36
|
37
|
|
8.00%, 6/15/28 (1)
|
28
|
30
|
|
6.88%, 4/15/29 (1)
|
62
|
64
|
|
5.88%, 3/15/30 (1)
|
68
|
69
|
|
Global Aircraft Leasing Co. Ltd.,
|
|
|
|
8.75%, 9/1/27 (1)
|
75
|
77
|
|
goeasy Ltd.,
|
|
|
|
9.25%, 12/1/28 (1)
|
25
|
26
|
|
7.63%, 7/1/29 (1)
|
75
|
77
|
|
6.88%, 5/15/30 (1)
|
25
|
25
|
|
Macquarie Airfinance Holdings Ltd.,
|
|
|
|
6.40%, 3/26/29 (1)
|
25
|
26
|
|
6.50%, 3/26/31 (1)
|
35
|
37
|
|
Phoenix Aviation Capital Ltd.,
|
|
|
|
9.25%, 7/15/30 (1)
|
74
|
77
|
|
TrueNoord Capital DAC,
|
|
|
|
8.75%, 3/1/30 (1)
|
50
|
52
|
|
|
|
597
|
|
Steel – 0.0%
|
||
|
Algoma Steel, Inc.,
|
|
|
|
9.13%, 4/15/29 (1) †
|
50
|
46
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
FOREIGN ISSUER BONDS - 8.7% continued
|
||
|
Steel – 0.0%continued
|
||
|
Infrabuild Australia Pty. Ltd.,
|
|
|
|
14.50%, 11/15/28 (1)
|
$25
|
$27
|
|
|
|
73
|
|
Telecommunications – 0.9%
|
||
|
Altice Financing S.A.,
|
|
|
|
5.75%, 8/15/29 (1)
|
200
|
146
|
|
Altice France Holding S.A.,
|
|
|
|
10.50%, 5/15/27 (1) (7)
|
200
|
70
|
|
6.00%, 2/15/28 (1)
|
200
|
70
|
|
Altice France S.A.,
|
|
|
|
8.13%, 2/1/27 (1)
|
200
|
180
|
|
5.50%, 1/15/28 (1)
|
370
|
312
|
|
Digicel Group Holdings Ltd.,
|
|
|
|
0.00%, 12/31/30 (1) (2) (10)
|
28
|
2
|
|
0.00%, 12/31/30 (1) (2) (10) (12)
|
—
|
—
|
|
0.00%, 12/31/30 (1) (2) (8) (10)
|
9
|
—
|
|
Rogers Communications, Inc.,
|
|
|
|
(Variable, U.S. Treasury Yield Curve
Rate CMT 5Y + 2.62%), 7.13%,
4/15/55 (3)
|
25
|
25
|
|
Telecom Italia Capital S.A.,
|
|
|
|
6.38%, 11/15/33
|
25
|
26
|
|
7.72%, 6/4/38
|
68
|
73
|
|
Telesat Canada/Telesat LLC,
|
|
|
|
5.63%, 12/6/26 (1)
|
25
|
15
|
|
4.88%, 6/1/27 (1)
|
50
|
29
|
|
6.50%, 10/15/27 (1)
|
25
|
9
|
|
Vmed O2 UK Financing I PLC,
|
|
|
|
4.25%, 1/31/31 (1)
|
200
|
183
|
|
4.75%, 7/15/31 (1)
|
200
|
185
|
|
Vodafone Group PLC,
|
|
|
|
(Variable, USD Swap 5Y + 4.87%),
7.00%, 4/4/79 (3)
|
50
|
52
|
|
|
|
1,377
|
|
Transportation & Logistics – 0.2%
|
||
|
Latam Airlines Group S.A.,
|
|
|
|
7.88%, 4/15/30 (1)
|
50
|
51
|
|
Seaspan Corp.,
|
|
|
|
5.50%, 8/1/29 (1)
|
25
|
24
|
|
VistaJet Malta Finance PLC/Vista
Management Holding, Inc.,
|
|
|
|
7.88%, 5/1/27 (1)
|
100
|
100
|
|
Schedule of Investments
|
|
MULTI-MANAGER HIGH YIELD OPPORTUNITY FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
FOREIGN ISSUER BONDS - 8.7% continued
|
||
|
Transportation & Logistics – 0.2%continued
|
||
|
9.50%, 6/1/28 (1) †
|
$25
|
$26
|
|
6.38%, 2/1/30 (1)
|
75
|
70
|
|
|
|
271
|
|
Total Foreign Issuer Bonds
|
|
|
|
(Cost $17,860)
|
|
13,670
|
|
|
|
|
|
TERM LOANS – 5.2% (11)
|
||
|
Advertising & Marketing – 0.1%
|
||
|
Neptune BidCo U.S., Inc., Dollar Term
B Loan,
|
|
|
|
(Floating, CME Term SOFR USD 3M
+ 5.00%, 0.50% Floor), 9.33%,
4/11/29
|
71
|
67
|
|
Summer Bidco B LLC, Extended Facility
B,
|
|
|
|
(Floating, CME Term SOFR USD 3M
+ 5.00%), 9.56%, 2/15/29
|
17
|
17
|
|
|
|
84
|
|
Aerospace & Defense – 0.1%
|
||
|
Goat Holdco LLC, Term B Loan,
|
|
|
|
(Floating, CME Term SOFR USD 1M
+ 3.00%), 7.33%, 1/27/32
|
9
|
8
|
|
Kaman Corp., Delayed Draw Term
Loan,
|
|
|
|
2/26/32 (13)
|
6
|
6
|
|
Kaman Corp., Initial Term Loan,
|
|
|
|
(Floating, CME Term SOFR USD 6M
+ 2.75%, 0.50% Floor), 7.03%,
2/26/32
|
30
|
30
|
|
(Floating, CME Term SOFR USD 3M
+ 2.75%, 0.50% Floor), 7.08%,
2/26/32
|
30
|
30
|
|
|
|
74
|
|
Apparel & Textile Products – 0.0%
|
||
|
Champ Acquisition Corp., Initial Term
Loan,
|
|
|
|
(Floating, CME Term SOFR USD 6M
+ 4.00%), 8.17%, 11/25/31
|
25
|
25
|
|
Asset Management – 0.0%
|
||
|
Focus Financial Partners LLC, Tranche B
Incremental Term Loan,
|
|
|
|
9/15/31(13)
|
14
|
14
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
TERM LOANS - 5.2% (11)continued
|
||
|
Automotive – 0.1%
|
||
|
Clarios Global L.P., Amendment No. 6
Dollar Term Loan,
|
|
|
|
(Floating, CME Term SOFR USD 1M
+ 2.75%), 7.08%, 1/28/32
|
$63
|
$64
|
|
Tenneco, Inc., Term A Loan,
|
|
|
|
(Floating, CME Term SOFR USD 3M
+ 4.75%, 0.50% Floor), 9.17%,
11/17/28
|
6
|
6
|
|
Tenneco, Inc., Term B Loan,
|
|
|
|
(Floating, CME Term SOFR USD 3M
+ 5.00%, 0.50% Floor), 9.40%,
11/17/28 (12)
|
—
|
—
|
|
(Floating, CME Term SOFR USD 3M
+ 5.00%, 0.50% Floor), 9.42%,
11/17/28
|
25
|
24
|
|
|
|
94
|
|
Basic Industry – 0.0%
|
||
|
Polar US Borrower LLC, Term B-1-B
Loan,
|
|
|
|
(Floating, CME Term SOFR USD 3M
+ 4.75%), 9.13%, 10/16/28
|
49
|
18
|
|
Beverages – 0.0%
|
||
|
Sazerac Co., Inc., Term Loan B,
|
|
|
|
6/26/32(13)
|
55
|
55
|
|
Biotechnology & Pharmaceuticals – 0.0%
|
||
|
1261229 BC Ltd., Term Loan B,
|
|
|
|
(Floating, CME Term SOFR USD 1M
+ 6.25%), 10.56%, 10/8/30
|
25
|
24
|
|
Amneal Pharmaceuticals LLC, Initial
Term Loan,
|
|
|
|
(Floating, CME Term SOFR USD 1M
+ 5.50%), 9.83%, 5/4/28
|
7
|
7
|
|
Endo Finance Holdings, Inc., 2024
Refinancing Term Loan,
|
|
|
|
(Floating, CME Term SOFR USD 1M
+ 4.00%, 0.50% Floor), 8.33%,
4/23/31
|
35
|
35
|
|
|
|
66
|
|
Cable & Satellite – 0.1%
|
||
|
CSC Holdings LLC, September 2019
Initial Term Loan,
|
|
|
|
4/15/27 (13)
|
9
|
9
|
|
(Floating, PRIME USD 3M + 1.50%,
1.00% Floor), 9.00%, 4/15/27
|
33
|
32
|
|
|
June 30, 2025 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
TERM LOANS - 5.2% (11)continued
|
||
|
Cable & Satellite – 0.1%continued
|
||
|
DIRECTV Financing LLC, 2025
Incremental Term B Loan,
|
|
|
|
(Floating, CME Term SOFR USD 1M
+ 5.50%, 0.75% Floor), 9.83%,
2/17/31
|
$142
|
$135
|
|
Radiate Holdco LLC, Amendment No. 6
Term B Loan,
|
|
|
|
(Floating, CME Term SOFR USD 1M
+ 3.25%, 0.75% Floor), 7.69%,
9/25/26
|
31
|
27
|
|
|
|
203
|
|
Capital Goods – 0.1%
|
||
|
Covia Holdings LLC, Initial Term Loan,
|
|
|
|
(Floating, CME Term SOFR USD 1M
+ 3.25%), 7.57%, 2/26/32
|
6
|
6
|
|
Signia Aerospace LLC, Delayed Draw
Term Loan,
|
|
|
|
12/11/31 (13)
|
1
|
1
|
|
Signia Aerospace LLC, Initial Term Loan,
|
|
|
|
(Floating, CME Term SOFR USD 3M
+ 3.00%, 0.50% Floor), 7.30%,
12/11/31
|
11
|
11
|
|
Vortex Opco LLC, First-Out New Money
Term Loan,
|
|
|
|
(Floating, CME Term SOFR USD 3M
+ 6.25%, 0.50% Floor), 10.55%,
4/30/30
|
11
|
11
|
|
Vortex Opco LLC, Second-Out New
Money Term Loan,
|
|
|
|
(Floating, CME Term SOFR USD 3M
+ 4.25%, 0.50% Floor), 8.66%,
12/17/28
|
51
|
22
|
|
Wilsonart LLC, Initial Term Loan,
|
|
|
|
(Floating, CME Term SOFR USD 3M
+ 4.25%), 8.55%, 8/5/31
|
29
|
29
|
|
|
|
80
|
|
Chemicals – 0.1%
|
||
|
Discovery Purchaser Corp., Initial Term
Loan,
|
|
|
|
(Floating, CME Term SOFR USD 3M
+ 3.75%, 0.50% Floor), 8.02%,
10/4/29
|
76
|
76
|
|
Herens Holdco S.a.r.l., Facility B,
|
|
|
|
(Floating, CME Term SOFR USD 3M
+ 3.93%, 0.75% Floor), 8.32%,
7/3/28
|
60
|
54
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
TERM LOANS - 5.2% (11)continued
|
||
|
Chemicals – 0.1%continued
|
||
|
7/3/28 (13)
|
$21
|
$19
|
|
Momentive Performance Materials, Inc.,
Initial Term Loan,
|
|
|
|
(Floating, CME Term SOFR USD 1M
+ 4.00%), 8.33%, 3/29/28
|
23
|
24
|
|
SCUR-Alpha 2505 GmbH & Co. KG,
Tranche B-2 Term Loan,
|
|
|
|
4/8/31 (13)
|
6
|
6
|
|
|
|
179
|
|
Commercial Support Services – 0.1%
|
||
|
Allied Universal Holdco LLC, Initial
U.S. Dollar Term Loan,
|
|
|
|
(Floating, CME Term SOFR USD 1M
+ 3.75%, 0.50% Floor), 8.18%,
5/12/28
|
39
|
39
|
|
Camelot U.S. Acquisition LLC,
Amendment No. 7 Incremental Term
Loan,
|
|
|
|
(Floating, CME Term SOFR USD 1M
+ 3.25%), 7.58%, 1/31/31
|
46
|
46
|
|
|
|
85
|
|
Communications – 0.6%
|
||
|
Coral-U.S. Co-Borrower LLC, Term B-7
Loan,
|
|
|
|
(Floating, CME Term SOFR USD 3M
+ 3.25%), 7.51%, 2/2/32
|
33
|
33
|
|
Sterling Entertainment Enterprises LLC,
Initial Loan,
|
|
|
|
17.75%, 4/10/26 (10) (14)
|
1,143
|
928
|
|
|
|
961
|
|
Construction Materials – 0.0%
|
||
|
Quikrete Holdings, Inc., Tranche B-3
Term Loan,
|
|
|
|
(Floating, CME Term SOFR USD 1M
+ 2.25%), 6.58%, 2/10/32
|
50
|
50
|
|
Consumer Cyclical – 0.0%
|
||
|
Beach Acquisition Bidco LLC, Term
Loan,
|
|
|
|
6/25/32(13)
|
67
|
67
|
|
Containers & Packaging – 0.1%
|
||
|
LABL, Inc., Initial Dollar Term Loan,
|
|
|
|
(Floating, CME Term SOFR USD 1M
+ 5.00%, 0.50% Floor), 9.43%,
10/30/28
|
114
|
103
|
|
Schedule of Investments
|
|
MULTI-MANAGER HIGH YIELD OPPORTUNITY FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
TERM LOANS - 5.2% (11)continued
|
||
|
Electric Utilities – 0.1%
|
||
|
Alpha Generation LLC, Initial Term B
Loan,
|
|
|
|
(Floating, CME Term SOFR USD 1M
+ 2.00%), 6.33%, 9/30/31
|
$49
|
$49
|
|
Lightning Power LLC, Initial Term B Loan,
|
|
|
|
(Floating, CME Term SOFR USD 3M
+ 2.25%), 6.55%, 8/18/31
|
25
|
25
|
|
|
|
74
|
|
Electrical Equipment – 0.0%
|
||
|
LSF12 Crown U.S. Commercial
Bidco LLC, Term Loan,
|
|
|
|
(Floating, CME Term SOFR USD 1M
+ 4.25%), 8.57%, 12/2/31
|
45
|
45
|
|
Engineering & Construction – 0.1%
|
||
|
Brand Industrial Services, Inc., Tranche
C Term Loan,
|
|
|
|
(Floating, CME Term SOFR USD 3M
+ 4.50%, 0.50% Floor), 8.78%,
8/1/30
|
117
|
97
|
|
Entertainment Content – 0.0%
|
||
|
Allen Media LLC, Initial Term Loan,
|
|
|
|
(Floating, CME Term SOFR USD 3M
+ 5.50%), 9.95%, 2/10/27
|
47
|
30
|
|
Food – 0.0%
|
||
|
Chobani LLC, 2025 New Term Loan,
|
|
|
|
(Floating, CME Term SOFR USD 1M
+ 2.50%), 6.83%, 10/25/27
|
3
|
3
|
|
Forestry, Paper & Wood Products – 0.0%
|
||
|
Glatfelter Corp., Term Loan,
|
|
|
|
(Floating, CME Term SOFR USD 3M
+ 4.25%), 8.58%, 11/4/31
|
50
|
49
|
|
Health Care Facilities & Services – 0.2%
|
||
|
Gainwell Acquisition Corp., Term B
Loan,
|
|
|
|
(Floating, CME Term SOFR USD 3M
+ 4.00%, 0.75% Floor), 8.40%,
10/1/27
|
123
|
118
|
|
LifePoint Health, Inc., 2024-1
Refinancing Term Loan,
|
|
|
|
5/17/31 (13)
|
16
|
16
|
|
(Floating, CME Term SOFR USD 3M
+ 3.75%), 8.01%, 5/17/31
|
46
|
45
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
TERM LOANS - 5.2% (11)continued
|
||
|
Health Care Facilities & Services – 0.2%continued
|
||
|
LifePoint Health, Inc., 2024-2
Refinancing Term Loan,
|
|
|
|
(Floating, CME Term SOFR USD 3M
+ 3.50%), 7.82%, 5/19/31
|
$30
|
$29
|
|
MPH Acquisition Holdings LLC,
Exchange First Out Term Loan,
|
|
|
|
(Floating, CME Term SOFR USD 3M
+ 3.75%, 0.50% Floor), 8.03%,
12/31/30
|
9
|
9
|
|
Star Parent, Inc., Term Loan,
|
|
|
|
(Floating, CME Term SOFR USD 3M
+ 4.00%), 8.30%, 9/27/30
|
96
|
95
|
|
|
|
312
|
|
Home & Office Products – 0.0%
|
||
|
Hunter Douglas Holding B.V.,
Amendment No. 3 Tranche B-1 Term
Loan,
|
|
|
|
(Floating, CME Term SOFR USD 3M
+ 3.25%), 7.55%, 1/17/32
|
35
|
35
|
|
SWF Holdings I Corp., Delayed Draw
Term Loan,
|
|
|
|
12/19/29 (13)
|
17
|
17
|
|
SWF Holdings I Corp., Tranche A-1
Term Loan,
|
|
|
|
(Floating, CME Term SOFR USD 1M
+ 4.50%, 1.00% Floor), 8.83%,
12/19/29
|
13
|
12
|
|
|
|
64
|
|
Home Construction – 0.0%
|
||
|
Cornerstone Building Brands, Inc.,
Tranche C Term Loan,
|
|
|
|
(Floating, CME Term SOFR USD 1M
+ 4.50%, 0.50% Floor), 8.81%,
5/15/31
|
11
|
9
|
|
Industrial Intermediate Products – 0.0%
|
||
|
Gates Corp., Initial B-5 Dollar Term
Loan,
|
|
|
|
(Floating, CME Term SOFR USD 1M
+ 1.75%, 0.50% Floor), 6.08%,
6/4/31(12)
|
—
|
—
|
|
Institutional Financial Services – 0.1%
|
||
|
Deerfield Dakota Holding LLC, 2021
Replacement Term Loan,
|
|
|
|
(Floating, CME Term SOFR USD 3M
+ 6.75%), 11.31%, 4/7/28
|
75
|
72
|
|
|
June 30, 2025 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
TERM LOANS - 5.2% (11)continued
|
||
|
Institutional Financial Services – 0.1%continued
|
||
|
Deerfield Dakota Holding LLC, Initial
Dollar Term Loan,
|
|
|
|
(Floating, CME Term SOFR USD 3M
+ 3.75%, 1.00% Floor), 8.05%,
4/9/27
|
$19
|
$18
|
|
Summit Acquisition, Inc., Initial Term
Loan,
|
|
|
|
(Floating, CME Term SOFR USD 1M
+ 3.75%), 8.08%, 10/16/31
|
23
|
23
|
|
|
|
113
|
|
Insurance – 0.6%
|
||
|
Ardonagh Midco 3 Ltd., Syndicated
Facility B,
|
|
|
|
(Floating, CME Term SOFR USD 6M
+ 2.75%), 7.03%, 2/15/31
|
12
|
12
|
|
(Floating, CME Term SOFR USD 6M
+ 2.75%), 7.04%, 2/15/31
|
21
|
20
|
|
(Floating, CME Term SOFR USD 3M
+ 2.75%), 7.05%, 2/15/31
|
2
|
2
|
|
AssuredPartners, Inc., 2024 Term Loan,
|
|
|
|
(Floating, CME Term SOFR USD 1M
+ 3.50%, 0.50% Floor), 7.83%,
2/14/31
|
12
|
12
|
|
Asurion LLC, New B-4 Term Loan,
|
|
|
|
(Floating, CME Term SOFR USD 1M
+ 5.25%), 9.69%, 1/20/29
|
810
|
750
|
|
Asurion LLC, New Term B-13 Term Loan,
|
|
|
|
9/19/30 (13)
|
29
|
28
|
|
HIG Finance 2 Ltd., 2024-2
Refinancing Term Loan,
|
|
|
|
(Floating, CME Term SOFR USD 1M
+ 3.50%, 0.50% Floor), 7.83%,
4/18/30
|
6
|
6
|
|
Truist Insurance Holdings LLC, Initial
Term Loan,
|
|
|
|
(Floating, CME Term SOFR USD 3M
+ 4.75%), 9.05%, 5/6/32
|
110
|
112
|
|
|
|
942
|
|
Internet Media & Services – 0.1%
|
||
|
Endurance International Group
Holdings, Inc., Initial Term Loan,
|
|
|
|
(Floating, CME Term SOFR USD 1M
+ 3.50%, 0.75% Floor), 7.93%,
2/10/28
|
24
|
12
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
TERM LOANS - 5.2% (11)continued
|
||
|
Internet Media & Services – 0.1%continued
|
||
|
MH Sub I LLC, 2023 May Incremental
Term Loan,
|
|
|
|
(Floating, CME Term SOFR USD 1M
+ 4.25%, 0.50% Floor), 8.58%,
5/3/28
|
$83
|
$78
|
|
MH SUB I LLC, 2024 December New
Term Loan,
|
|
|
|
(Floating, CME Term SOFR USD 1M
+ 4.25%, 0.50% Floor), 8.58%,
12/31/31
|
56
|
49
|
|
Stubhub Holdco Sub LLC, Extended
USD Term B Loan,
|
|
|
|
(Floating, CME Term SOFR USD 1M
+ 4.75%), 9.08%, 3/15/30
|
47
|
45
|
|
|
|
184
|
|
IT Services – 0.3%
|
||
|
Amentum Holdings, Inc., Initial Term
Loan,
|
|
|
|
(Floating, CME Term SOFR USD 1M
+ 2.25%), 6.58%, 9/29/31
|
78
|
78
|
|
Fortress Intermediate 3, Inc., Initial Term
Loan,
|
|
|
|
(Floating, CME Term SOFR USD 1M
+ 3.50%), 7.83%, 6/27/31
|
7
|
7
|
|
Vericast Corp., 2024 Extended Term
Loan,
|
|
|
|
(Floating, CME Term SOFR USD 3M
+ 7.75%, 3.75% Floor), 12.05%,
6/15/30
|
53
|
51
|
|
X Corp., Tranche B-3 Term Loan,
|
|
|
|
9.50%, 10/26/29
|
384
|
373
|
|
|
|
509
|
|
Leisure Facilities & Services – 0.1%
|
||
|
City Football Group Ltd., Term B-1 Loan,
|
|
|
|
(Floating, CME Term SOFR USD 3M
+ 3.50%, 0.50% Floor), 8.04%,
7/21/30
|
36
|
36
|
|
EOC Borrower LLC, Term B Loan,
|
|
|
|
(Floating, CME Term SOFR USD 1M
+ 3.00%), 7.33%, 3/24/32
|
62
|
63
|
|
Great Canadian Gaming Corp., 2024
Refinancing Term Loan,
|
|
|
|
(Floating, CME Term SOFR USD 3M
+ 4.75%), 9.07%, 11/1/29
|
21
|
21
|
|
Schedule of Investments
|
|
MULTI-MANAGER HIGH YIELD OPPORTUNITY FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
TERM LOANS - 5.2% (11)continued
|
||
|
Leisure Facilities & Services – 0.1%continued
|
||
|
OVG Business Services LLC, Initial Term
Loan,
|
|
|
|
(Floating, CME Term SOFR USD 1M
+ 3.00%), 7.33%, 6/25/31
|
$3
|
$3
|
|
Sabre GLBL, Inc., 2021 Other Term B-1
Loan,
|
|
|
|
(Floating, CME Term SOFR USD 1M
+ 3.50%, 0.50% Floor), 7.94%,
12/17/27
|
2
|
2
|
|
Sabre GLBL, Inc., 2021 Other Term B-2
Loan,
|
|
|
|
(Floating, CME Term SOFR USD 1M
+ 3.50%, 0.50% Floor), 7.94%,
12/17/27
|
1
|
1
|
|
Sabre GLBL, Inc., 2022 Other Term B
Loan,
|
|
|
|
(Floating, CME Term SOFR USD 1M
+ 4.25%, 0.50% Floor), 8.68%,
6/30/28
|
1
|
1
|
|
Sabre GLBL, Inc., 2024 Term B-1 Loan,
|
|
|
|
(Floating, CME Term SOFR USD 1M
+ 6.00%, 0.50% Floor), 10.43%,
11/15/29
|
13
|
12
|
|
Sabre GLBL, Inc., 2024 Term B-2 Loan,
|
|
|
|
(Floating, CME Term SOFR USD 1M
+ 6.00%, 0.50% Floor), 10.43%,
11/15/29
|
3
|
2
|
|
|
|
141
|
|
Machinery – 0.1%
|
||
|
GrafTech Global Enterprises, Inc.,
Delayed Draw Term Loan,
|
|
|
|
12/21/29 (13)
|
13
|
13
|
|
GrafTech Global Enterprises, Inc., Term
Loan,
|
|
|
|
(Floating, CME Term SOFR USD 1M
+ 6.00%, 2.00% Floor), 10.32%,
12/21/29
|
22
|
23
|
|
Husky Injection Molding Systems Ltd.,
Amendment No. 5 Refinancing Term
Loan,
|
|
|
|
(Floating, CME Term SOFR USD 6M
+ 4.50%), 8.67%, 2/15/29
|
50
|
50
|
|
(Floating, CME Term SOFR USD 3M
+ 4.50%), 8.80%, 2/15/29
|
50
|
50
|
|
|
|
136
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
TERM LOANS - 5.2% (11)continued
|
||
|
Medical Equipment & Devices – 0.1%
|
||
|
Bausch + Lomb Corp., First Incremental
Term Loan,
|
|
|
|
(Floating, CME Term SOFR USD 1M
+ 4.00%), 8.33%, 9/29/28
|
$52
|
$52
|
|
Bausch + Lomb Corp., Initial Term Loan,
|
|
|
|
(Floating, CME Term SOFR USD 1M
+ 3.25%, 0.50% Floor), 7.67%,
5/10/27
|
63
|
63
|
|
Bausch + Lomb Corp., Third
Amendment Term Loan,
|
|
|
|
1/15/31 (13)
|
27
|
26
|
|
|
|
141
|
|
Oil & Gas Services & Equipment – 0.0%
|
||
|
Star Holding LLC, Term B Loan,
|
|
|
|
(Floating, CME Term SOFR USD 1M
+ 4.50%), 8.83%, 7/31/31
|
36
|
34
|
|
Other Financial – 0.0%
|
||
|
Altera Corp., Term Loan B,
|
|
|
|
6/21/32(13)
|
50
|
50
|
|
Other Industrial – 0.0%
|
||
|
Jupiter Buyer, Inc., Initial Delayed Draw
Term Loan,
|
|
|
|
11/1/31 (13) (15)
|
2
|
2
|
|
Jupiter Buyer, Inc., Initial Term Loan,
|
|
|
|
(Floating, CME Term SOFR USD 3M
+ 4.75%), 9.05%, 11/1/31
|
14
|
14
|
|
|
|
16
|
|
Publishing & Broadcasting – 0.1%
|
||
|
Clear Channel Outdoor Holdings, Inc.,
2024 Refinancing Term Loan,
|
|
|
|
(Floating, CME Term SOFR USD 1M
+ 4.00%), 8.44%, 8/21/28
|
89
|
88
|
|
Gray Television, Inc., Term D Loan,
|
|
|
|
12/1/28 (13)
|
26
|
25
|
|
(Floating, CME Term SOFR USD 1M
+ 3.00%), 7.44%, 12/1/28
|
30
|
29
|
|
Gray Television, Inc., Term F Loan,
|
|
|
|
(Floating, CME Term SOFR USD 1M
+ 5.25%), 9.57%, 6/4/29
|
11
|
11
|
|
|
|
153
|
|
|
June 30, 2025 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
TERM LOANS - 5.2% (11)continued
|
||
|
Real Estate Services – 0.0%
|
||
|
CoreLogic, Inc., Initial Term Loan,
|
|
|
|
(Floating, CME Term SOFR USD 1M
+ 3.50%, 0.50% Floor), 7.94%,
6/2/28
|
$29
|
$29
|
|
Retail - Discretionary – 0.2%
|
||
|
Champions Holdco, Inc., Initial Term
Loan,
|
|
|
|
(Floating, CME Term SOFR USD 3M
+ 4.75%), 9.08%, 2/23/29
|
75
|
70
|
|
Foundation Building Materials, Inc.,
2024 Incremental Term Loan,
|
|
|
|
1/29/31 (13)
|
12
|
12
|
|
(Floating, CME Term SOFR USD 3M
+ 4.00%), 8.28%, 1/29/31
|
86
|
84
|
|
Foundation Building Materials, Inc.,
2025 Incremental Term Loan,
|
|
|
|
1/29/31 (13)
|
14
|
14
|
|
Foundation Building Materials, Inc.,
Initial Term Loan,
|
|
|
|
1/31/28 (13)
|
21
|
21
|
|
(Floating, CME Term SOFR USD 3M
+ 3.25%, 0.50% Floor), 7.79%,
1/31/28
|
4
|
4
|
|
Wand Newco 3, Inc., Tranche B-2 Term
Loan,
|
|
|
|
(Floating, CME Term SOFR USD 1M
+ 2.50%), 6.83%, 1/30/31
|
49
|
48
|
|
White Cap Supply Holdings LLC,
Tranche C Term Loan,
|
|
|
|
10/19/29 (13)
|
5
|
5
|
|
(Floating, CME Term SOFR USD 1M
+ 3.25%), 7.58%, 10/19/29
|
117
|
116
|
|
|
|
374
|
|
Software – 1.0%
|
||
|
Ascend Learning LLC, Amendment No.
5 Incremental Term Loan,
|
|
|
|
(Floating, CME Term SOFR USD 1M
+ 3.00%, 0.50% Floor), 7.33%,
12/11/28
|
2
|
2
|
|
athenahealth Group, Inc., Initial Term
Loan,
|
|
|
|
(Floating, CME Term SOFR USD 1M
+ 2.75%, 0.50% Floor), 7.08%,
2/15/29
|
126
|
125
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
TERM LOANS - 5.2% (11)continued
|
||
|
Software – 1.0%continued
|
||
|
Boxer Parent Co., Inc., 2031
Replacement Dollar Term Loan,
|
|
|
|
(Floating, CME Term SOFR USD 3M
+ 3.00%), 7.33%, 7/30/31
|
$28
|
$27
|
|
Boxer Parent Co., Inc., Initial Term Loan,
|
|
|
|
(Floating, CME Term SOFR USD 3M
+ 5.75%), 10.08%, 7/30/32
|
41
|
40
|
|
Central Parent LLC, 2024 Refinancing
Term Loan,
|
|
|
|
(Floating, CME Term SOFR USD 3M
+ 3.25%), 7.55%, 7/6/29
|
14
|
12
|
|
Cloud Software Group, Inc., Seventh
Amendment Tranche B-1 Term Loan,
|
|
|
|
(Floating, CME Term SOFR USD 3M
+ 3.50%, 0.50% Floor), 7.80%,
3/29/29
|
80
|
80
|
|
Cloud Software Group, Inc., Sixth
Amendment Term Loan,
|
|
|
|
(Floating, CME Term SOFR USD 3M
+ 3.75%, 0.50% Floor), 8.05%,
3/21/31
|
107
|
107
|
|
Cloudera, Inc., Initial Term Loan,
|
|
|
|
(Floating, CME Term SOFR USD 1M
+ 3.75%, 0.50% Floor), 8.18%,
10/8/28
|
20
|
19
|
|
(Floating, CME Term SOFR USD 1M
+ 0.00%), 4.43%, 10/8/29 (14)
|
147
|
133
|
|
Clover Holdings 2 LLC, Initial Fixed Rate
Term Loan,
|
|
|
|
7.75%, 12/9/31
|
350
|
353
|
|
Cotiviti, Inc., Initial Fixed Rate Term
Loan,
|
|
|
|
7.63%, 5/1/31
|
434
|
436
|
|
Ellucian Holdings, Inc., Initial Term
Loan,
|
|
|
|
(Floating, CME Term SOFR USD 1M
+ 4.75%, 0.50% Floor), 9.08%,
11/22/32
|
129
|
132
|
|
Mitchell International, Inc., Initial Term
Loan,
|
|
|
|
(Floating, CME Term SOFR USD 1M
+ 3.25%, 0.50% Floor), 7.58%,
6/17/31
|
14
|
14
|
|
Polaris Newco LLC, Dollar Term Loan,
|
|
|
|
(Floating, CME Term SOFR USD 3M
+ 3.75%, 0.50% Floor), 8.29%,
6/2/28
|
35
|
34
|
|
Schedule of Investments
|
|
MULTI-MANAGER HIGH YIELD OPPORTUNITY FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
TERM LOANS - 5.2% (11)continued
|
||
|
Software – 1.0%continued
|
||
|
RealPage, Inc., 2024-1 Incremental
Term Loan,
|
|
|
|
(Floating, CME Term SOFR USD 3M
+ 3.75%, 0.50% Floor), 8.05%,
4/24/28
|
$29
|
$29
|
|
|
|
1,543
|
|
Specialty Finance – 0.0%
|
||
|
Orion U.S. FINCO, Inc., Term Loan,
|
|
|
|
5/20/32 (13)
|
17
|
17
|
|
Shift4 Payments LLC, Term Loan,
|
|
|
|
5/10/32 (13)
|
22
|
22
|
|
|
|
39
|
|
Technology – 0.0%
|
||
|
Applied Systems, Inc., Initial Term Loan,
|
|
|
|
(Floating, CME Term SOFR USD 3M
+ 4.50%), 8.80%, 2/23/32
|
13
|
14
|
|
Proofpoint, Inc., Term Loan,
|
|
|
|
8/31/28 (13)
|
9
|
9
|
|
|
|
23
|
|
Technology Hardware – 0.1%
|
||
|
Atlas CC Acquisition Corp., Term B
Loan,
|
|
|
|
(Floating, CME Term SOFR USD 3M
+ 4.25%, 0.75% Floor), 8.84%,
5/25/28
|
27
|
14
|
|
Atlas CC Acquisition Corp., Term C
Loan,
|
|
|
|
(Floating, CME Term SOFR USD 3M
+ 4.25%, 0.75% Floor), 8.84%,
5/25/28
|
6
|
3
|
|
Commscope LLC, Initial Term Loan,
|
|
|
|
12/17/29 (13)
|
60
|
61
|
|
Delta Topco, Inc., Second Amendment
Refinancing Term Loan,
|
|
|
|
(Floating, CME Term SOFR USD 3M
+ 5.25%), 9.57%, 11/29/30
|
12
|
12
|
|
|
|
90
|
|
Telecommunications – 0.4%
|
||
|
Altice France S.A., USD TLB Loan,
|
|
|
|
(Floating, CME Term SOFR USD 3M
+ 5.50%), 9.76%, 8/15/28
|
45
|
40
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
TERM LOANS - 5.2% (11)continued
|
||
|
Telecommunications – 0.4%continued
|
||
|
Frontier Communications Holdings LLC,
Initial Term Loan,
|
|
|
|
(Floating, CME Term SOFR USD 6M
+ 2.50%), 6.79%, 7/1/31
|
$15
|
$15
|
|
Level 3 Financing, Inc., Term B-3
Refinancing Loan,
|
|
|
|
(Floating, CME Term SOFR USD 1M
+ 4.25%, 0.50% Floor), 8.58%,
3/29/32
|
200
|
202
|
|
Lumen Technologies, Inc., Term A Loan,
|
|
|
|
(Floating, CME Term SOFR USD 1M
+ 6.00%, 2.00% Floor), 10.33%,
6/1/28
|
13
|
14
|
|
Lumen Technologies, Inc., Term B-1
Loan,
|
|
|
|
(Floating, CME Term SOFR USD 1M
+ 2.35%, 2.00% Floor), 6.79%,
4/16/29
|
50
|
50
|
|
Lumen Technologies, Inc., Term B-2
Loan,
|
|
|
|
(Floating, CME Term SOFR USD 1M
+ 2.35%, 2.00% Floor), 6.79%,
4/15/30
|
20
|
19
|
|
Windstream Services LLC, 2024 Term
Loan,
|
|
|
|
(Floating, CME Term SOFR USD 1M
+ 4.75%), 9.18%, 10/1/31
|
49
|
49
|
|
Zayo Group Holdings, Inc., Initial
Dollar Term Loan,
|
|
|
|
(Floating, CME Term SOFR USD 1M
+ 3.00%), 7.44%, 3/9/27
|
273
|
259
|
|
|
|
648
|
|
Transportation & Logistics – 0.1%
|
||
|
WestJet Loyalty L.P., Initial Term Loan,
|
|
|
|
(Floating, CME Term SOFR USD 3M
+ 3.25%), 7.55%, 2/14/31
|
74
|
74
|
|
Wholesale - Consumer Staples – 0.1%
|
||
|
Northeast Grocery, Inc., Initial Term
Loan,
|
|
|
|
(Floating, CME Term SOFR USD 3M
+ 7.50%, 1.00% Floor), 11.82%,
12/13/28
|
92
|
92
|
|
Total Term Loans
|
|
|
|
(Cost $8,528)
|
|
8,172
|
|
|
June 30, 2025 (UNAUDITED)
|
|
|
NUMBER
OF SHARES
|
VALUE
(000S)
|
|
COMMON STOCKS – 2.8%
|
||
|
Biotechnology & Pharmaceuticals – 0.0%
|
||
|
Endo Guc Trust, Class A(10) *
|
10,702
|
$—
|
|
Endo, Inc.*
|
1,870
|
39
|
|
|
|
39
|
|
Chemicals – 0.1%
|
||
|
Cornerstone Capital Corp.(10) (14) *
|
602
|
—
|
|
Utex Industries, Inc.(14) *
|
2,200
|
64
|
|
|
|
64
|
|
Construction Materials – 0.0%
|
||
|
Hardwood Holdings LLC(10) *
|
187
|
2
|
|
Consumer Finance – 0.0%
|
||
|
Curo Group Holdings LLC(10) *
|
549
|
3
|
|
Consumer Staples Distribution & Retail – 0.0%
|
||
|
Rite Aid Corp.(8) (10) *
|
57
|
—
|
|
Rite Aid Corp.(10) (14) *
|
3,929
|
1
|
|
|
|
1
|
|
Distributors – 0.0%
|
||
|
ATD New Holdings, Inc.(10) (14) *
|
22,076
|
—
|
|
Gas Utilities – 0.0%
|
||
|
Ferrellgas Partners L.P., Class B*
|
180
|
23
|
|
Health Care Facilities & Services – 0.0%
|
||
|
CHPPR Holdings, Inc.(10) *
|
20
|
1
|
|
Hotels, Restaurants & Leisure – 0.0%
|
||
|
Churchill Downs, Inc.
|
408
|
41
|
|
Life Sciences Tools & Services – 0.0%
|
||
|
Avantor, Inc.*
|
2,989
|
40
|
|
Media – 0.0%
|
||
|
iHeartMedia, Inc., Class A*
|
419
|
1
|
|
Metals & Mining – 2.4%
|
||
|
Constellium S.E.*
|
8,208
|
109
|
|
Real Alloy Parent, Inc.(10) (14) *
|
48
|
3,720
|
|
|
|
3,829
|
|
Oil, Gas & Consumable Fuels – 0.1%
|
||
|
Cloud Peak Energy, Inc.(10) *
|
20
|
—
|
|
ONEOK, Inc.
|
626
|
51
|
|
Superior Energy Services(10) (14) *
|
862
|
48
|
|
|
|
99
|
|
Passenger Airlines – 0.0%
|
||
|
Spirit Aviation Holdings, Inc.*
|
1,358
|
7
|
|
Pharmaceuticals – 0.0%
|
||
|
Mallinckrodt PLC(10) *
|
416
|
36
|
|
|
NUMBER
OF SHARES
|
VALUE
(000S)
|
|
COMMON STOCKS - 2.8%continued
|
||
|
Specialized Finance – 0.1%
|
||
|
Carnelian Point Holdings L.P.(10) *
|
50
|
$1
|
|
Carnelian Point Holdings L.P.(10) (14) *
|
8,610
|
103
|
|
|
|
104
|
|
Specialized Real Estate Investment Trusts – 0.1%
|
||
|
VICI Properties, Inc.
|
3,048
|
99
|
|
Wireless Telecommunication Services – 0.0%
|
||
|
Intelsat S.A./Luxembourg(10) (14) *
|
1,201
|
51
|
|
Total Common Stocks
|
|
|
|
(Cost $3,207)
|
|
4,440
|
|
|
|
|
|
CONVERTIBLE PREFERRED STOCKS – 0.1%
|
||
|
Aerospace & Defense – 0.1%
|
||
|
Boeing (The) Co., 6.00%
|
2,306
|
157
|
|
Financial Services – 0.0%
|
||
|
Shift4 Payments, Inc.*
|
241
|
27
|
|
Total Convertible Preferred Stocks
|
|
|
|
(Cost $141)
|
|
184
|
|
|
|
|
|
MASTER LIMITED PARTNERSHIPS – 0.2%
|
||
|
Oil, Gas & Consumable Fuels – 0.2%
|
||
|
Energy Transfer L.P.
|
6,212
|
113
|
|
Enterprise Products Partners L.P.
|
2,802
|
87
|
|
MPLX L.P.
|
962
|
49
|
|
Western Midstream Partners L.P.
|
250
|
10
|
|
|
|
259
|
|
Total Master Limited Partnerships
|
|
|
|
(Cost $246)
|
|
259
|
|
|
|
|
|
PREFERRED STOCKS – 0.0%
|
||
|
Software – 0.0%
|
||
|
MicroStrategy, Inc.*
|
700
|
63
|
|
Total Preferred Stocks
|
|
|
|
(Cost $60)
|
|
63
|
|
|
|
|
|
OTHER – 0.0%
|
||
|
Escrow Appvion, Inc. (10) (14) *
|
225,000
|
—
|
|
Escrow Cloud Peak Energy,
Inc. (10) (14) *
|
250,000
|
2
|
|
Escrow Endo Luxembourg Finance Co. I
S.a.r.l./Endo U.S., Inc. (1) (10) *
|
50,000
|
—
|
|
Escrow GenOn Energy, Inc. (10) (14) *
|
25,000
|
—
|
|
Escrow Hertz (The) Corp. (1) *
|
125,000
|
9
|
|
Schedule of Investments
|
|
MULTI-MANAGER HIGH YIELD OPPORTUNITY FUND continued
|
|
|
|
NUMBER
OF SHARES
|
VALUE
(000S)
|
|
OTHER - 0.0% continued
|
||
|
Escrow High Ridge Brands Co.
(1) (10) *
|
1,100,000
|
$—
|
|
Escrow Par Pharmaceutical, Inc. (1) (10) *
|
111,000
|
—
|
|
Escrow Rite Aid Corp. (10) (14) *
|
63,000
|
—
|
|
Escrow Rite Aid Corp. (1) (10) *
|
11,539
|
—
|
|
Escrow Washington Mutual
Bank (10) (14) *
|
250,000
|
3
|
|
Total Other
|
|
|
|
(Cost $110)
|
|
14
|
|
|
NUMBER
OF WARRANTS
|
VALUE
(000S)
|
|
WARRANTS – 0.0%
|
||
|
Audacy, Inc., Exp. 12/31/49, Strike
$0.00(10) *
|
38
|
$1
|
|
Audacy, Inc., Exp. 12/31/49, Strike
$0.00(10) *
|
46
|
—
|
|
Audacy, Inc., Exp. 12/31/49, Strike
$0.00(10) *
|
8
|
—
|
|
CHPPR Holdings, Inc., Exp. 12/31/49,
Strike $0.00(10) *
|
111
|
—
|
|
CHPPR Holdings, Inc., Exp. 12/31/49,
Strike $0.00(10) *
|
53
|
—
|
|
Curo Group Holdings LLC, Exp.
7/19/31, Strike $0.00(10) *
|
960
|
—
|
|
Utex Industries, Inc., Exp. 12/31/49,
Strike $0.00(10) (14) *
|
5,500
|
—
|
|
Total Warrants
|
|
|
|
(Cost $1)
|
|
1
|
|
|
NUMBER
OF SHARES
|
VALUE
(000S)
|
|
INVESTMENT COMPANIES – 7.1%
|
||
|
Northern Institutional Funds - Liquid
Assets Portfolio (Shares),
4.39%(16) (17) (18)
|
6,655,644
|
$6,656
|
|
Northern Institutional Funds -
U.S. Government Portfolio (Shares),
4.15%(16) (17)
|
4,621,682
|
4,622
|
|
Total Investment Companies
|
|
|
|
(Cost $11,278)
|
|
11,278
|
|
|
|
|
|
Total Investments – 103.4%
|
|
|
|
(Cost $166,539)
|
163,046
|
|
|
Liabilities less Other Assets – (3.4%)
|
(5,293
)
|
|
|
NET ASSETS – 100.0%
|
$157,753
|
|
|
(1)
|
Security exempt from registration pursuant to Rule 144A under the Securities
Act of 1933, as amended. These securities may be resold in transactions
exempt from registration to qualified institutional investors. At June 30,
2025, the value of these securities amounted to approximately
$121,939,000 or 77.3% of net assets.
|
|
(2)
|
Zero coupon bond.
|
|
(3)
|
Variable or floating rate security. Security issued at a fixed coupon rate,
which converts to a variable rate at a future date. Rate shown is the rate in
effect as of June 30, 2025.
|
|
(4)
|
Perpetual bond. Maturity date represents next call date.
|
|
(5)
|
Security is a payment in-kind bond (PIK), distributions received in-kind unless
otherwise noted in the description.
|
|
(6)
|
When-Issued Security. Coupon rate is not in effect at June 30, 2025.
|
|
(7)
|
Issuer has defaulted on terms of debt obligation. Income is not being
accrued.
|
|
(8)
|
Value rounds to less than one thousand.
|
|
(9)
|
Security exempt from registration pursuant to Regulation S under the
Securities Act of 1933. Regulation S applies to securities offerings that are
made outside of the United States and do not involve direct selling efforts in
the United States and as such may have restrictions on resale.
|
|
(10)
|
Security is valued using significant unobservable inputs and is classified as
Level 3 in the fair value hierarchy.
|
|
(11)
|
Variable or floating rate security. Rate as of June 30, 2025 is disclosed.
|
|
(12)
|
Principal Amount and Value rounds to less than one thousand.
|
|
(13)
|
Position is unsettled. Contract rate was not determined at June 30, 2025
and does not take effect until settlement date.
|
|
(14)
|
Restricted security. At June 30, 2025, the value of these restricted securities
amounted to approximately $5,053,000 or 3.2% of net assets. Additional
information on these restricted securities are as follows:
|
|
SECURITY
|
ACQUISITION
AND
ENFORCEABLE
DATE
|
COST
(000S)
|
|
ATD New Holdings, Inc.
|
1/9/19
|
$469
|
|
Carnelian Point Holdings L.P.
|
7/5/22-8/6/24
|
53
|
|
Cloudera, Inc., Initial Term Loan,
4.43%, 10/8/29
|
2/27/23
|
137
|
|
Cornerstone Capital Corp.
|
1/26/24
|
25
|
|
Escrow Appvion, Inc.
|
8/24/18
|
—
|
|
|
June 30, 2025 (UNAUDITED)
|
|
SECURITY
|
ACQUISITION
AND
ENFORCEABLE
DATE
|
COST
(000S)
|
|
Escrow Cloud Peak Energy,
Inc.
|
7/29/16-12/11/18
|
$110
|
|
Escrow GenOn Energy, Inc.
|
12/19/18
|
—
|
|
Escrow Rite Aid Corp.
|
9/4/24
|
—
|
|
Escrow Washington Mutual
Bank
|
10/11/17
|
—
|
|
Intelsat S.A./Luxembourg
|
6/6/19-7/3/23
|
106
|
|
Real Alloy Parent, Inc.
|
5/31/18
|
1,738
|
|
Rite Aid Corp.
|
9/4/24
|
6
|
|
Sterling Entertainment Enterprises LLC,
Initial Loan,
17.75%, 4/10/26
|
2/6/25
|
1,143
|
|
Superior Energy Services
|
9/19/17-2/1/21
|
52
|
|
Utex Industries, Inc.
|
12/3/20
|
108
|
|
Utex Industries, Inc., Exp. 12/31/49,
Strike $0.00
|
12/3/20
|
—
|
|
(15)
|
Unfunded loan commitment. An unfunded loan commitment is a contractual
obligation for future funding at the option of the Borrower. The Fund receives
a stated coupon rate until the borrower draws on the loan commitment, at
which time the rate will become the stated rate in the loan agreement.
|
|
(16)
|
Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the
investment adviser to the Fund and the investment adviser to Northern
Institutional Funds.
|
|
(17)
|
7-day current yield as of June 30, 2025 is disclosed.
|
|
(18)
|
Investment of securities lending cash collateral in connection with securities
lending.
|
|
†
|
Security is either wholly or partially on loan.
|
|
*
|
Non-Income Producing Security
|
|
|
|
EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT
THE SCHEDULE OF INVESTMENTS:
|
|
|
|
10Y - 10 Year
|
|
|
|
1M - 1 Month
|
|
|
|
3M - 3 Month
|
|
|
|
5Y - 5 Year
|
|
|
|
6M - 6 Month
|
|
|
|
7Y - 7 Year
|
|
|
|
CME - Chicago Mercantile Exchange
|
|
|
|
CMT - Constant Maturity
|
|
|
|
ICE - Intercontinental Exchange
|
|
|
|
REIT - Real Estate Investment Trust
|
|
|
|
SOFR - Secured Overnight Financing Rate
|
|
|
|
USD - United States Dollar
|
|
COUNTERPARTY
|
CONTRACTS
TO
DELIVER
CURRENCY
|
AMOUNT
(LOCAL
CURRENCY)
(000s)
|
IN
EXCHANGE
FOR
CURRENCY
|
AMOUNT
(LOCAL
CURRENCY)
(000s)
|
SETTLEMENT
DATE
|
UNREALIZED
APPRECIATION
(DEPRECIATION)
(000s)
|
|
BNP Paribas
|
Euro
|
262
|
United States
Dollar
|
306
|
9/17/25
|
$(4
)
|
|
Subtotal Depreciation
|
|
|
|
|
(4
)
|
|
|
Total
|
|
|
|
|
|
$(4
)
|
|
Buy/Sell
Protection
|
Implied Credit
Spread
|
(Pay)/
Receive
Fixed Rate
|
Reference
Entity/Security
|
Currency
|
Notional
Amount
|
Maturity
Date
|
Market
Value
(000s)
|
Upfront
Premiums
Paid/
(Received)
(000s)
|
Unrealized
Appreciation
(Depreciation)
(000s)
|
|
Sell
|
0.0319
%
|
5.00
%(1)
|
Markit
CDX N.A. High Yield Index Series 44(1)
|
USD
|
255,359
|
6/20/30
|
$19
|
$15
|
$4
|
|
Total
|
|
|
|
|
|
|
|
$15
|
$4
|
|
(1)
|
Payment frequency is quarterly.
|
|
Schedule of Investments
|
|
MULTI-MANAGER HIGH YIELD OPPORTUNITY FUND continued
|
|
|
COUNTERPARTY
|
FINANCING RATE/
PAY RATE
|
REFERENCE
ENTITY/ASSET
|
NOTIONAL
AMOUNT
|
CURRENCY
|
MATURITY
DATE
|
MARKET
VALUE
(000S)
|
UPFRONT
PREMIUMS
PAID/
(RECEIVED)
(000S)
|
UNREALIZED
APPRECIATION
(DEPRECIATION)
(000s)
|
|
Morgan Stanley
|
SOFR 3M + 0.00%, 4.34%(1)
|
IBOXX $ Liquid High Yield Index(2)
|
220,000
|
USD
|
9/22/25
|
$10
|
$(2)
|
$12
|
|
Morgan Stanley
|
SOFR 3M + 0.00%, 4.34%(1)
|
IBOXX $ Liquid High Yield Index(2)
|
440,000
|
USD
|
9/22/25
|
20
|
(4)
|
24
|
|
Morgan Stanley
|
SOFR 3M + 0.00%, 4.34%(1)
|
IBOXX $ Liquid High Yield Index(2)
|
220,000
|
USD
|
9/22/25
|
9
|
(2)
|
11
|
|
Morgan Stanley
|
SOFR 3M + 0.00%, 4.34%(1)
|
IBOXX $ Liquid High Yield Index(2)
|
520,000
|
USD
|
9/22/25
|
22
|
(6)
|
28
|
|
Morgan Stanley
|
SOFR 3M + 0.00%, 4.34%(1)
|
IBOXX $ Liquid High Yield Index(2)
|
116,000
|
USD
|
9/22/25
|
4
|
(1)
|
5
|
|
Morgan Stanley
|
SOFR 3M + 0.00%, 4.34%(1)
|
IBOXX $ Liquid High Yield Index(2)
|
925,000
|
USD
|
12/22/25
|
31
|
(8)
|
39
|
|
Morgan Stanley
|
SOFR 3M + 0.00%, 4.34%(1)
|
IBOXX $ Liquid High Yield Index(2)
|
463,000
|
USD
|
9/22/25
|
17
|
(5)
|
22
|
|
Morgan Stanley
|
SOFR 3M + 0.00%, 4.34%(1)
|
IBOXX $ Liquid High Yield Index(2)
|
596,000
|
USD
|
12/22/25
|
23
|
(6)
|
29
|
|
Total
|
|
|
|
|
|
|
|
$170
|
|
(1)
|
Payment frequency is quarterly.
|
|
(2)
|
Payment frequency is at maturity.
|
|
INVESTMENTS
|
LEVEL 1
(000s)
|
LEVEL 2
(000s)
|
LEVEL 3
(000s)
|
TOTAL
(000s)
|
|
Assets
|
|
|
|
|
|
Convertible Bonds(1)
|
$—
|
$412
|
$—
|
$412
|
|
Corporate Bonds:
|
|
|
|
|
|
Steel
|
—
|
885
|
2,490
|
3,375
|
|
All Other Industries(1)
|
—
|
121,178
|
—
|
121,178
|
|
Total Corporate Bonds
|
—
|
122,063
|
2,490
|
124,553
|
|
Foreign Issuer Bonds:
|
|
|
|
|
|
Telecommunications
|
—
|
1,375
|
2
|
1,377
|
|
All Other Industries(1)
|
—
|
12,293
|
—
|
12,293
|
|
Total Foreign Issuer Bonds
|
—
|
13,668
|
2
|
13,670
|
|
Term Loans:
|
|
|
|
|
|
Communications
|
—
|
33
|
928
|
961
|
|
All Other Industries(1)
|
—
|
7,211
|
—
|
7,211
|
|
Total Term Loans
|
—
|
7,244
|
928
|
8,172
|
|
Common Stocks:
|
|
|
|
|
|
Biotechnology &
Pharmaceuticals
|
39
|
—
|
—
|
39
|
|
Chemicals
|
—
|
64
|
—
|
64
|
|
INVESTMENTS
|
LEVEL 1
(000s)
|
LEVEL 2
(000s)
|
LEVEL 3
(000s)
|
TOTAL
(000s)
|
|
Gas Utilities
|
$—
|
$23
|
$—
|
$23
|
|
Hotels, Restaurants &
Leisure
|
41
|
—
|
—
|
41
|
|
Life Sciences Tools &
Services
|
40
|
—
|
—
|
40
|
|
Media
|
1
|
—
|
—
|
1
|
|
Metals & Mining
|
109
|
—
|
3,720
|
3,829
|
|
Oil, Gas & Consumable
Fuels
|
51
|
—
|
48
|
99
|
|
Passenger Airlines
|
7
|
—
|
—
|
7
|
|
Specialized Real Estate
Investment Trusts
|
99
|
—
|
—
|
99
|
|
All Other Industries(1)
|
—
|
—
|
198
|
198
|
|
Total Common Stocks
|
387
|
87
|
3,966
|
4,440
|
|
Convertible Preferred Stocks(1)
|
184
|
—
|
—
|
184
|
|
Master Limited Partnerships
|
259
|
—
|
—
|
259
|
|
Preferred Stocks
|
63
|
—
|
—
|
63
|
|
Other
|
—
|
9
|
5
|
14
|
|
Warrants
|
—
|
—
|
1
|
1
|
|
Investment Companies
|
11,278
|
—
|
—
|
11,278
|
|
Total Investments
|
12,171
|
143,483
|
7,392
|
163,046
|
|
OTHER FINANCIAL
INSTRUMENTS
|
|
|
|
|
|
Assets
|
|
|
|
|
|
Centrally Cleared Credit
Default Swap
Agreements
|
$—
|
$4
|
$—
|
$4
|
|
|
June 30, 2025 (UNAUDITED)
|
|
INVESTMENTS
|
LEVEL 1
(000s)
|
LEVEL 2
(000s)
|
LEVEL 3
(000s)
|
TOTAL
(000s)
|
|
Bilateral Total Return
Swaps
|
$—
|
$170
|
$—
|
$170
|
|
Liabilities
|
|
|
|
|
|
Forward Foreign Currency
Exchange Contracts
|
—
|
(4
)
|
—
|
(4
)
|
|
Total Other Financial
Instruments
|
$—
|
$170
|
$—
|
$170
|
|
(1)
|
Classifications as defined in the Schedule of Investments.
|
|
|
BALANCE
AS OF
3/31/25
(000S)
|
ACCRUED
DISCOUNTS
(PREMIUMS)
(000s)
|
REALIZED
GAIN
(LOSS)
(000s)
|
CHANGE IN
UNREALIZED
APPRECIATION
(DEPRECIATION)
(000s)
|
PURCHASES
(000s)
|
SALES
(000s)
|
TRANSFERS
INTO
LEVEL 3
(000s)
|
TRANSFERS
OUT OF
LEVEL 3
(000s)
|
BALANCE
AS OF
6/30/25
(000S)
|
CHANGE IN
UNREALIZED
APPRECIATION
(DEPRECIATION)
FROM
INVESTMENTS
STILL HELD
AT 6/30/25
(000S)
|
|
Corporate Bonds
|
|
|
|
|
|
|
|
|
|
|
|
Consumer Cyclical
|
$9
|
$—
|
$—
|
$—
|
$—
|
$(9
)
|
$—
|
$—
|
$—
|
$—
|
|
Steel
|
2,490
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
2,490
|
—
|
|
Transportation & Logistics
|
48
|
—
|
(11
)
|
4
|
—
|
(41
)
|
—
|
—
|
—
|
—
|
|
Foreign Issuer Bonds
|
|
|
|
|
|
|
|
|
|
|
|
Telecommunications
|
1
|
1
|
—
|
(—
)*
|
—
|
—
|
—
|
—
|
2
|
(—
)*
|
|
Term Loans
|
|
|
|
|
|
|
|
|
|
|
|
Communications
|
1,143
|
—
|
—
|
(215
)
|
—
|
—
|
—
|
—
|
928
|
(215
)
|
|
Common Stocks
|
|
|
|
|
|
|
|
|
|
|
|
Construction Materials
|
4
|
—
|
—
|
(2
)
|
—
|
—
|
—
|
—
|
2
|
(2
)
|
|
Consumer Finance
|
3
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
3
|
—
|
|
Consumer Staples
Distribution & Retail
|
3
|
—
|
—
|
(8
)
|
6
|
—
|
—
|
—
|
1
|
(8
)
|
|
Distributors
|
—*
|
—
|
—
|
(—
)*
|
—
|
—
|
—
|
—
|
—
|
(—
)*
|
|
Health Care Facilities &
Services
|
1
|
—
|
—
|
—*
|
—
|
—
|
—
|
—
|
1
|
—*
|
|
Metals & Mining
|
3,890
|
—
|
—
|
(170
)
|
—
|
—
|
—
|
—
|
3,720
|
(170
)
|
|
Oil, Gas & Consumable
Fuels
|
55
|
—
|
—
|
(7
)
|
—
|
—
|
—
|
—
|
48
|
(7
)
|
|
Pharmaceuticals
|
42
|
—
|
—
|
(6
)
|
—
|
—
|
—
|
—
|
36
|
(6
)
|
|
Specialty Finance
|
116
|
—
|
—
|
(12
)
|
—
|
—
|
—
|
—
|
104
|
(12
)
|
|
Wireless
Telecommunication
Services
|
44
|
—
|
—
|
7
|
—
|
—
|
—
|
—
|
51
|
7
|
|
Other
|
5
|
—
|
—*
|
—
|
—
|
(—
)*
|
—
|
—
|
5
|
—
|
|
Warrants
|
1
|
—
|
—
|
—*
|
—
|
—
|
—
|
—
|
1
|
—*
|
|
Total
|
$7,855
|
$1
|
$(11
)
|
$(409
)
|
$6
|
$(50
)
|
$—
|
$—
|
$7,392
|
$(418
)
|
|
Schedule of Investments
|
|
MULTI-MANAGER HIGH YIELD OPPORTUNITY FUND continued
|
June 30, 2025 (UNAUDITED)
|
|
|
FAIR VALUE AT
06/30/25
(000S)
|
VALUATION
TECHNIQUES
|
UNOBSERVABLE
INPUTS
|
RANGE (WEIGHTED
AVERAGE)
|
|
Corporate Bonds
|
$2,490
|
Market Comparables
|
Yield(2)
|
6.2%
|
|
Common Stocks
|
$3,720
|
Discounted Cash Flow / Market Comparables
|
Discount Rate/EBITDA multiple(1)
|
13.5%/6.0x
|
|
|
104
|
Market Comparables
|
Adjusted LTM EBITDA(1)
|
13.74x
|
|
Term Loan
|
$928
|
Discounted Cash Flow/Market Comparables
|
Discount Rate/TEV/forward EBITDA multiple(2)
|
13.2%/7.9x
|
|
Other
|
$2
|
Liquidation
|
Future Liquidation Payments(1)
|
$1
|
|
(1)
|
The significant unobservable inputs that can be used in the fair value measurement
are; Discount Rate, estimated recovery value, EBITDA Multiple and future
liquidation payments. Significant increases (decreases) in the discount rate in isolation
would have resulted in a significantly lower (higher) fair value measurement
while an increase (decrease) in EBITDA multiple in isolation would have resulted in
a significantly higher (lower) fair value measurement.Significant decreases in the
trading value of previous notes would result in lower fair values and signficiant
increases in the trading value would result in higher fair values. Future liquidation
payments are at the sole discretion of the company in which we have an ownership interest
in, there are no increases/decreases based upon an increase or decrease
in multiple or discount rate. Estimated recovery value is based upon the current state
of operations for the firm in question, looking specifically at balance sheet
liquidity. There are no value increases or decreases in multiple or discount rate.
|
|
(2)
|
The significant unobservable inputs that can be used in the fair value measurement
are; Yield. Significant decreases (increase) in yield would have resulted in a
significantly higher (lower) fair value measurement.
|
|
AFFILIATE
|
VALUE,
BEGINNING
OF PERIOD
(000S)
|
PURCHASES
(000S)
|
SALES
PROCEEDS
(000S)
|
DIVIDEND
OR INTEREST
INCOME
(000S)
|
VALUE,
END OF PERIOD
(000S)
|
SHARES, END
OF PERIOD
|
|
Northern Institutional Funds - Liquid Assets Portfolio (Shares)
|
$—
|
$11,015
|
$4,359
|
$3
(1)
|
$6,656
|
6,655,644
|
|
Northern Institutional Funds - U.S. Government Portfolio (Shares)
|
8,581
|
34,883
|
38,842
|
46
|
4,622
|
4,621,682
|
|
Total
|
$8,581
|
$45,898
|
$43,201
|
$49
|
$11,278
|
11,277,326
|
|
(1)
|
Represents securities lending income earned from the reinvestment of cash collateral
from loaned securities, net of fees and collateral investment expenses, and other
payments to and from borrowers of securities.
|
|
Schedule of Investments
|
|
SHORT BOND FUND
|
June 30, 2025 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
ASSET-BACKED SECURITIES – 17.2%
|
||
|
Auto Loan – 11.7%
|
||
|
Ally Auto Receivables Trust, Series
2023-1, Class A3
|
|
|
|
5.46%, 5/15/28
|
$2,384
|
$2,401
|
|
Americredit Automobile Receivables
Trust, Series 2022-1, Class D
|
|
|
|
3.23%, 2/18/28
|
1,900
|
1,869
|
|
BMW Vehicle Lease Trust, Series
2024-1, Class A4
|
|
|
|
5.00%, 6/25/27
|
700
|
706
|
|
Carmax Auto Owner Trust, Series
2025-1, Class C
|
|
|
|
5.26%, 10/15/30
|
1,900
|
1,933
|
|
Carvana Auto Receivables Trust, Series
2025-P2, Class C
|
|
|
|
5.48%, 11/10/31
|
1,300
|
1,317
|
|
Drive Auto Receivables Trust, Series
2024-2, Class B
|
|
|
|
4.52%, 7/16/29
|
300
|
300
|
|
Drive Auto Receivables Trust, Series
2024-2, Class C
|
|
|
|
4.67%, 5/17/32
|
3,675
|
3,679
|
|
Exeter Automobile Receivables Trust,
Series 2024-2A, Class B
|
|
|
|
5.61%, 4/17/28
|
1,083
|
1,086
|
|
Exeter Automobile Receivables Trust,
Series 2024-4A, Class C
|
|
|
|
5.48%, 8/15/30
|
2,563
|
2,592
|
|
Flagship Credit Auto Trust, Series
2023-1, Class B
|
|
|
|
5.05%, 1/18/28(1)
|
1,700
|
1,699
|
|
Ford Credit Auto Lease Trust, Series
2023-B, Class A3
|
|
|
|
5.91%, 10/15/26
|
338
|
339
|
|
GM Financial Automobile Leasing Trust,
Series 2025-1, Class B
|
|
|
|
4.89%, 2/20/29
|
1,600
|
1,610
|
|
Honda Auto Receivables Owner Trust,
Series 2023-3, Class A3
|
|
|
|
5.41%, 2/18/28
|
938
|
944
|
|
Honda Auto Receivables Owner Trust,
Series 2024-1, Class A3
|
|
|
|
5.21%, 8/15/28
|
338
|
341
|
|
Mercedes-Benz Auto Receivables Trust,
Series 2023-1, Class A3
|
|
|
|
4.51%, 11/15/27
|
1,966
|
1,965
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
ASSET-BACKED SECURITIES - 17.2%continued
|
||
|
Auto Loan – 11.7%continued
|
||
|
Mercedes-Benz Auto Receivables Trust,
Series 2023-2, Class A3
|
|
|
|
5.95%, 11/15/28
|
$2,700
|
$2,735
|
|
Santander Drive Auto Receivables Trust,
Series 2024-4, Class A3
|
|
|
|
4.85%, 1/16/29
|
1,430
|
1,434
|
|
Westlake Automobile Receivables Trust,
Series 2025-P1, Class A2
|
|
|
|
4.65%, 2/15/28(1)
|
900
|
902
|
|
Westlake Automobile Receivables Trust,
Series 2025-P1, Class B
|
|
|
|
4.86%, 5/15/30(1)
|
300
|
303
|
|
Westlake Automobile Receivables Trust,
Series 2025-P1, Class C
|
|
|
|
5.15%, 11/15/30(1)
|
600
|
606
|
|
World Omni Auto Receivables Trust,
Series 2024-A, Class A3
|
|
|
|
4.86%, 3/15/29
|
320
|
322
|
|
World Omni Auto Receivables Trust,
Series 2024-B, Class A3
|
|
|
|
5.27%, 9/17/29
|
250
|
252
|
|
|
|
29,335
|
|
Credit Card – 2.8%
|
||
|
Citibank Credit Card Issuance Trust,
Series 2023-A1, Class A1
|
|
|
|
5.23%, 12/8/27
|
6,110
|
6,129
|
|
Synchrony Card Funding LLC, Series
2023-A1, Class A
|
|
|
|
5.54%, 7/15/29
|
180
|
182
|
|
Synchrony Card Funding LLC, Series
2024-A1, Class A
|
|
|
|
5.04%, 3/15/30
|
236
|
239
|
|
WF Card Issuance Trust, Series
2024-A1, Class A
|
|
|
|
4.94%, 2/15/29
|
420
|
425
|
|
|
|
6,975
|
|
Other – 1.0%
|
||
|
CNH Equipment Trust, Series 2024-B,
Class A3
|
|
|
|
5.19%, 9/17/29
|
300
|
304
|
|
CNH Equipment Trust, Series 2024-C,
Class A3
|
|
|
|
4.03%, 1/15/30
|
800
|
799
|
|
Schedule of Investments
|
|
SHORT BOND FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
ASSET-BACKED SECURITIES - 17.2%continued
|
||
|
Other – 1.0%continued
|
||
|
John Deere Owner Trust, Series
2024-C, Class A3
|
|
|
|
4.06%, 6/15/29
|
$1,500
|
$1,499
|
|
|
|
2,602
|
|
Whole Loan – 1.7%
|
||
|
Bravo Residential Funding Trust, Series
2025-NQM1, Class A3
|
|
|
|
(Step to 6.91% on 2/25/29),
5.91%, 12/25/64(1) (2)
|
2,049
|
2,059
|
|
JP Morgan Mortgage Trust, Series
2024-2, Class A6A
|
|
|
|
6.00%, 8/25/54(1)
|
135
|
135
|
|
OBX Trust, Series 2024-NQM16,
Class A1
|
|
|
|
(Step to 6.53% on 11/25/28),
5.53%, 10/25/64(1) (2)
|
546
|
547
|
|
OBX Trust, Series 2024-NQM18,
Class A1
|
|
|
|
5.41%, 10/25/64(3)
|
50
|
50
|
|
Provident Funding Mortgage Trust,
Series 2025-2, Class A4
|
|
|
|
5.50%, 6/25/55(1) (3)
|
890
|
892
|
|
Santander Mortgage Asset Receivable
Trust, Series 2025-NQM3, Class A2
|
|
|
|
(Step to 6.85% on 7/25/29),
5.85%, 5/25/65(1) (2)
|
700
|
702
|
|
|
|
4,385
|
|
Total Asset-Backed Securities
|
|
|
|
(Cost $43,175)
|
|
43,297
|
|
|
|
|
|
COMMERCIAL MORTGAGE-BACKED SECURITIES – 5.5%
|
||
|
Non Agency – 5.5%
|
||
|
BANK, Series 2021-BN37, Class A5
|
|
|
|
2.62%, 11/15/64
|
1,525
|
1,335
|
|
BANK5 Trust, Series 2024-5YR6,
Class A3
|
|
|
|
6.23%, 5/15/57
|
2,682
|
2,824
|
|
BX Commercial Mortgage Trust, Series
2019-IMC, Class A
|
|
|
|
(Floating, CME Term SOFR 1M +
1.05%, 1.00% Floor), 5.36%,
4/15/34(1) (4)
|
235
|
234
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
COMMERCIAL MORTGAGE-BACKED SECURITIES - 5.5%continued
|
||
|
Non Agency – 5.5%continued
|
||
|
BX Trust, Series 2024-PAT, Class A
|
|
|
|
(Floating, CME Term SOFR 1M +
2.09%, 2.09% Floor), 6.40%,
3/15/41(1) (4)
|
$1,026
|
$1,026
|
|
COMM Mortgage Trust, Series
2024-277P, Class B
|
|
|
|
7.23%, 8/10/44(1) (3)
|
2,200
|
2,335
|
|
FS Commercial Mortgage Trust, Series
2023-4SZN, Class B
|
|
|
|
7.80%, 11/10/39(1) (3)
|
1,220
|
1,252
|
|
FS Commercial Mortgage Trust, Series
2023-4SZN, Class C
|
|
|
|
8.39%, 11/10/39(1) (3)
|
800
|
822
|
|
GS Mortgage Securities Trust, Series
2021-GSA3, Class A1
|
|
|
|
1.37%, 12/15/54(1)
|
350
|
340
|
|
JP Morgan Chase Commercial
Mortgage Securities Trust, Series
2019-COR5, Class A4
|
|
|
|
3.39%, 6/13/52
|
3,760
|
3,526
|
|
|
|
13,694
|
|
Total Commercial Mortgage-Backed
Securities
|
|
|
|
(Cost $13,600)
|
|
13,694
|
|
|
|
|
|
CORPORATE BONDS – 40.6%
|
||
|
Aerospace & Defense – 0.1%
|
||
|
Huntington Ingalls Industries, Inc.,
|
|
|
|
5.35%, 1/15/30
|
170
|
175
|
|
Asset Management – 1.7%
|
||
|
Ares Capital Corp.,
|
|
|
|
5.88%, 3/1/29
|
1,875
|
1,912
|
|
Blackstone Private Credit Fund,
|
|
|
|
4.95%, 9/26/27
|
500
|
497
|
|
Charles Schwab (The) Corp.,
|
|
|
|
5.88%, 8/24/26
|
1,000
|
1,017
|
|
Citadel L.P.,
|
|
|
|
6.00%, 1/23/30 (1)
|
425
|
439
|
|
FS KKR Capital Corp.,
|
|
|
|
3.40%, 1/15/26
|
500
|
496
|
|
|
|
4,361
|
|
Automotive – 3.9%
|
||
|
American Honda Finance Corp.,
|
|
|
|
4.40%, 10/5/26
|
1,325
|
1,326
|
|
|
June 30, 2025 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 40.6% continued
|
||
|
Automotive – 3.9%continued
|
||
|
Ford Motor Credit Co. LLC,
|
|
|
|
3.38%, 11/13/25
|
$260
|
$258
|
|
5.80%, 3/8/29
|
1,875
|
1,879
|
|
General Motors Financial Co., Inc.,
|
|
|
|
4.00%, 10/6/26
|
950
|
944
|
|
5.55%, 7/15/29
|
935
|
955
|
|
Hyundai Capital America,
|
|
|
|
5.28%, 6/24/27 (1)
|
1,340
|
1,357
|
|
4.55%, 9/26/29 (1)
|
500
|
496
|
|
Nissan Motor Acceptance Co. LLC,
|
|
|
|
2.00%, 3/9/26 (1)
|
1,300
|
1,267
|
|
Toyota Motor Credit Corp.,
|
|
|
|
4.35%, 10/8/27
|
1,300
|
1,305
|
|
|
|
9,787
|
|
Banking – 6.1%
|
||
|
Bank of America Corp.,
|
|
|
|
(Variable, U.S. SOFR + 0.96%),
1.73%, 7/22/27 (5)
|
1,000
|
972
|
|
(Variable, U.S. SOFR + 1.34%),
5.93%, 9/15/27 (5)
|
1,000
|
1,017
|
|
(Variable, U.S. SOFR + 1.63%),
5.20%, 4/25/29 (5)
|
1,610
|
1,645
|
|
Citizens Financial Group, Inc.,
|
|
|
|
(Variable, U.S. Treasury Yield Curve
Rate CMT 5Y + 2.50%), 4.30%,
2/11/31 (5)
|
30
|
30
|
|
Goldman Sachs Bank U.S.A.,
|
|
|
|
(Variable, U.S. SOFR + 0.75%),
5.41%, 5/21/27 (5)
|
840
|
847
|
|
Huntington National Bank (The),
|
|
|
|
(Variable, U.S. SOFR + 0.72%),
4.87%, 4/12/28 (5)
|
500
|
503
|
|
JPMorgan Chase & Co.,
|
|
|
|
(Variable, CME Term SOFR 3M +
0.70%), 1.04%, 2/4/27 (5)
|
60
|
59
|
|
(Variable, U.S. SOFR + 0.77%),
1.47%, 9/22/27 (5)
|
1,000
|
965
|
|
(Variable, U.S. SOFR + 1.56%),
4.32%, 4/26/28 (5)
|
1,710
|
1,708
|
|
KeyBank N.A.,
|
|
|
|
4.70%, 1/26/26
|
950
|
949
|
|
Manufacturers & Traders Trust Co.,
|
|
|
|
(Variable, U.S. SOFR + 0.95%),
4.76%, 7/6/28 (5)
|
1,000
|
1,007
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 40.6% continued
|
||
|
Banking – 6.1%continued
|
||
|
Morgan Stanley Bank N.A.,
|
|
|
|
(Variable, U.S. SOFR + 0.87%),
5.50%, 5/26/28 (5)
|
$840
|
$858
|
|
(Variable, U.S. SOFR + 0.93%),
4.97%, 7/14/28 (5)
|
1,160
|
1,174
|
|
PNC Financial Services Group (The),
Inc.,
|
|
|
|
(Variable, U.S. SOFR Compounded
Index + 1.73%), 6.62%,
10/20/27 (5)
|
635
|
653
|
|
Santander Holdings U.S.A., Inc.,
|
|
|
|
(Variable, U.S. SOFR + 2.33%),
5.81%, 9/9/26 (5)
|
500
|
501
|
|
Truist Financial Corp.,
|
|
|
|
(Variable, U.S. SOFR + 1.46%),
4.26%, 7/28/26 (5)
|
1,000
|
1,000
|
|
Wells Fargo & Co.,
|
|
|
|
(Variable, U.S. SOFR + 1.07%),
5.71%, 4/22/28 (5)
|
840
|
858
|
|
Wells Fargo Bank N.A.,
|
|
|
|
5.25%, 12/11/26
|
500
|
507
|
|
|
|
15,253
|
|
Biotechnology & Pharmaceuticals – 1.0%
|
||
|
AbbVie, Inc.,
|
|
|
|
4.65%, 3/15/28
|
1,950
|
1,980
|
|
Eli Lilly & Co.,
|
|
|
|
4.15%, 8/14/27
|
480
|
482
|
|
|
|
2,462
|
|
Chemicals – 0.3%
|
||
|
Ecolab, Inc.,
|
|
|
|
4.30%, 6/15/28
|
710
|
715
|
|
Commercial Support Services – 0.4%
|
||
|
Republic Services, Inc.,
|
|
|
|
5.00%, 11/15/29
|
485
|
499
|
|
Waste Management, Inc.,
|
|
|
|
4.65%, 3/15/30
|
460
|
466
|
|
|
|
965
|
|
Construction Materials – 0.1%
|
||
|
Vulcan Materials Co.,
|
|
|
|
4.95%, 12/1/29
|
260
|
265
|
|
Containers & Packaging – 0.5%
|
||
|
Graphic Packaging International LLC,
|
|
|
|
4.75%, 7/15/27(1)
|
1,180
|
1,160
|
|
Schedule of Investments
|
|
SHORT BOND FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 40.6% continued
|
||
|
Electric Utilities – 1.3%
|
||
|
Calpine Corp.,
|
|
|
|
4.50%, 2/15/28 (1)
|
$300
|
$298
|
|
Dominion Energy, Inc.,
|
|
|
|
4.60%, 5/15/28
|
640
|
644
|
|
NextEra Energy Capital Holdings, Inc.,
|
|
|
|
5.05%, 3/15/30
|
585
|
599
|
|
PSEG Power LLC,
|
|
|
|
5.20%, 5/15/30 (1)
|
1,675
|
1,709
|
|
|
|
3,250
|
|
Electrical Equipment – 0.4%
|
||
|
Amphenol Corp.,
|
|
|
|
5.05%, 4/5/27
|
410
|
417
|
|
Eaton Capital ULC,
|
|
|
|
4.45%, 5/9/30
|
490
|
492
|
|
|
|
909
|
|
Entertainment Content – 0.8%
|
||
|
Take-Two Interactive Software, Inc.,
|
|
|
|
5.00%, 3/28/26
|
1,400
|
1,403
|
|
TEGNA, Inc.,
|
|
|
|
5.00%, 9/15/29
|
650
|
621
|
|
|
|
2,024
|
|
Finance Companies – 0.2%
|
||
|
Air Lease Corp.,
|
|
|
|
(Variable, U.S. Treasury Yield Curve
Rate CMT 5Y + 0.00%), 6.00%,
9/24/29(5) (6)
|
650
|
636
|
|
Food – 1.3%
|
||
|
Cargill, Inc.,
|
|
|
|
4.63%, 2/11/28 (1)
|
1,000
|
1,012
|
|
General Mills, Inc.,
|
|
|
|
4.70%, 1/30/27
|
380
|
382
|
|
JBS U.S.A. Holding Lux S.a.r.l./JBS
U.S.A. Food Co./JBS Lux Co. S.a.r.l.,
|
|
|
|
5.50%, 1/15/30
|
192
|
197
|
|
Lamb Weston Holdings, Inc.,
|
|
|
|
4.88%, 5/15/28 (1)
|
220
|
219
|
|
Mondelez International, Inc.,
|
|
|
|
4.13%, 5/7/28
|
1,400
|
1,400
|
|
|
|
3,210
|
|
Health Care Facilities & Services – 2.9%
|
||
|
Cardinal Health, Inc.,
|
|
|
|
5.00%, 11/15/29
|
410
|
418
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 40.6% continued
|
||
|
Health Care Facilities & Services – 2.9%continued
|
||
|
Cencora, Inc.,
|
|
|
|
4.63%, 12/15/27
|
$410
|
$413
|
|
CHS/Community Health Systems, Inc.,
|
|
|
|
5.25%, 5/15/30 (1)
|
675
|
598
|
|
Cigna Group (The),
|
|
|
|
1.25%, 3/15/26
|
242
|
237
|
|
DaVita, Inc.,
|
|
|
|
3.75%, 2/15/31 (1)
|
675
|
614
|
|
Elevance Health, Inc.,
|
|
|
|
4.50%, 10/30/26
|
200
|
201
|
|
HCA, Inc.,
|
|
|
|
5.00%, 3/1/28
|
560
|
568
|
|
IQVIA, Inc.,
|
|
|
|
6.25%, 2/1/29
|
2,125
|
2,221
|
|
LifePoint Health, Inc.,
|
|
|
|
9.88%, 8/15/30 (1)
|
1,000
|
1,082
|
|
UnitedHealth Group, Inc.,
|
|
|
|
4.75%, 7/15/26
|
1,030
|
1,034
|
|
|
|
7,386
|
|
Home Construction – 0.1%
|
||
|
Forestar Group, Inc.,
|
|
|
|
5.00%, 3/1/28(1)
|
370
|
364
|
|
Institutional Financial Services – 2.6%
|
||
|
Coinbase Global, Inc.,
|
|
|
|
3.38%, 10/1/28 (1)
|
600
|
562
|
|
Jane Street Group/JSG Finance, Inc.,
|
|
|
|
7.13%, 4/30/31 (1)
|
1,108
|
1,166
|
|
LPL Holdings, Inc.,
|
|
|
|
4.90%, 4/3/28
|
1,250
|
1,259
|
|
Morgan Stanley,
|
|
|
|
3.88%, 1/27/26
|
1,000
|
996
|
|
State Street Corp.,
|
|
|
|
5.27%, 8/3/26
|
2,000
|
2,020
|
|
(Variable, U.S. SOFR + 0.95%),
4.54%, 4/24/28 (5)
|
570
|
574
|
|
|
|
6,577
|
|
Insurance – 1.4%
|
||
|
Arthur J Gallagher & Co.,
|
|
|
|
4.60%, 12/15/27
|
1,230
|
1,239
|
|
New York Life Global Funding,
|
|
|
|
4.40%, 4/25/28 (1)
|
1,350
|
1,360
|
|
|
June 30, 2025 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 40.6% continued
|
||
|
Insurance – 1.4%continued
|
||
|
Principal Financial Group, Inc.,
|
|
|
|
3.10%, 11/15/26
|
$1,000
|
$983
|
|
|
|
3,582
|
|
Leisure Facilities & Services – 0.4%
|
||
|
Carnival Corp.,
|
|
|
|
6.00%, 5/1/29 (1)
|
700
|
708
|
|
Hyatt Hotels Corp.,
|
|
|
|
5.75%, 1/30/27
|
400
|
408
|
|
|
|
1,116
|
|
Machinery – 1.1%
|
||
|
Caterpillar Financial Services Corp.,
|
|
|
|
4.40%, 10/15/27
|
1,275
|
1,284
|
|
CNH Industrial Capital LLC,
|
|
|
|
4.50%, 10/8/27
|
480
|
481
|
|
John Deere Capital Corp.,
|
|
|
|
4.20%, 7/15/27
|
570
|
571
|
|
Stanley Black & Decker, Inc.,
|
|
|
|
3.40%, 3/1/26
|
500
|
496
|
|
|
|
2,832
|
|
Medical Equipment & Devices – 1.3%
|
||
|
Baxter International, Inc.,
|
|
|
|
2.60%, 8/15/26
|
500
|
491
|
|
Edwards Lifesciences Corp.,
|
|
|
|
4.30%, 6/15/28
|
1,140
|
1,138
|
|
GE HealthCare Technologies, Inc.,
|
|
|
|
5.60%, 11/15/25
|
1,000
|
1,002
|
|
Stryker Corp.,
|
|
|
|
4.85%, 2/10/30
|
585
|
597
|
|
|
|
3,228
|
|
Oil & Gas Supply Chain – 2.5%
|
||
|
Continental Resources, Inc.,
|
|
|
|
2.27%, 11/15/26 (1)
|
100
|
97
|
|
Marathon Petroleum Corp.,
|
|
|
|
5.15%, 3/1/30
|
545
|
555
|
|
ONEOK, Inc.,
|
|
|
|
5.55%, 11/1/26
|
2,210
|
2,240
|
|
Pioneer Natural Resources Co.,
|
|
|
|
1.13%, 1/15/26
|
1,160
|
1,140
|
|
Plains All American Pipeline L.P.,
|
|
|
|
(Variable, CME Term SOFR 3M +
4.37%), 8.70%, 7/30/25 (4) (6)
|
525
|
526
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 40.6% continued
|
||
|
Oil & Gas Supply Chain – 2.5%continued
|
||
|
Tallgrass Energy Partners L.P./Tallgrass
Energy Finance Corp.,
|
|
|
|
7.38%, 2/15/29 (1)
|
$1,000
|
$1,028
|
|
Williams (The) Cos., Inc.,
|
|
|
|
5.40%, 3/2/26
|
730
|
734
|
|
|
|
6,320
|
|
Real Estate Investment Trusts – 2.3%
|
||
|
Extra Space Storage L.P.,
|
|
|
|
5.70%, 4/1/28
|
1,410
|
1,456
|
|
Simon Property Group L.P.,
|
|
|
|
3.25%, 11/30/26
|
1,000
|
986
|
|
Store Capital LLC,
|
|
|
|
5.40%, 4/30/30 (1)
|
705
|
714
|
|
Uniti Group L.P./Uniti Group Finance
2019, Inc./CSL Capital LLC,
|
|
|
|
10.50%, 2/15/28 (1)
|
784
|
831
|
|
VICI Properties L.P.,
|
|
|
|
4.75%, 2/15/28
|
1,425
|
1,433
|
|
4.75%, 4/1/28
|
400
|
403
|
|
|
|
5,823
|
|
Retail - Consumer Staples – 0.3%
|
||
|
Walmart, Inc.,
|
|
|
|
4.35%, 4/28/30
|
650
|
657
|
|
Retail - Discretionary – 0.4%
|
||
|
PetSmart, Inc./PetSmart Finance Corp.,
|
|
|
|
7.75%, 2/15/29(1)
|
1,000
|
972
|
|
Semiconductors – 0.5%
|
||
|
Broadcom, Inc.,
|
|
|
|
4.15%, 2/15/28
|
1,140
|
1,137
|
|
Intel Corp.,
|
|
|
|
4.88%, 2/10/26
|
65
|
65
|
|
|
|
1,202
|
|
Software – 0.4%
|
||
|
Oracle Corp.,
|
|
|
|
2.65%, 7/15/26
|
1,000
|
982
|
|
Specialty Finance – 5.3%
|
||
|
Ally Financial, Inc.,
|
|
|
|
(Variable, U.S. SOFR Compounded
Index + 1.73%), 5.54%,
1/17/31 (5)
|
355
|
360
|
|
American Express Co.,
|
|
|
|
4.90%, 2/13/26
|
500
|
501
|
|
Schedule of Investments
|
|
SHORT BOND FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 40.6% continued
|
||
|
Specialty Finance – 5.3%continued
|
||
|
(Variable, U.S. SOFR + 0.93%),
5.04%, 7/26/28 (5)
|
$1,185
|
$1,201
|
|
(Variable, U.S. SOFR + 1.44%),
5.02%, 4/25/31 (5)
|
1,070
|
1,093
|
|
Aviation Capital Group LLC,
|
|
|
|
1.95%, 1/30/26 (1)
|
1,100
|
1,083
|
|
Capital One Financial Corp.,
|
|
|
|
(Variable, U.S. SOFR + 1.91%),
5.70%, 2/1/30 (5)
|
1,875
|
1,939
|
|
Enova International, Inc.,
|
|
|
|
9.13%, 8/1/29 (1)
|
346
|
364
|
|
Fiserv, Inc.,
|
|
|
|
3.20%, 7/1/26
|
200
|
198
|
|
5.45%, 3/2/28
|
1,875
|
1,927
|
|
Global Payments, Inc.,
|
|
|
|
5.30%, 8/15/29
|
935
|
952
|
|
Jefferies Finance LLC/JFIN Co-Issuer
Corp.,
|
|
|
|
5.00%, 8/15/28 (1)
|
1,000
|
967
|
|
OneMain Finance Corp.,
|
|
|
|
5.38%, 11/15/29
|
675
|
664
|
|
Rocket Cos., Inc.,
|
|
|
|
6.13%, 8/1/30 (1)
|
1,865
|
1,900
|
|
Synchrony Financial,
|
|
|
|
(Variable, U.S. SOFR Compounded
Index + 2.13%), 5.94%,
8/2/30 (5)
|
175
|
180
|
|
|
|
13,329
|
|
Technology Hardware – 0.4%
|
||
|
Dell International LLC/EMC Corp.,
|
|
|
|
4.75%, 4/1/28
|
990
|
1,002
|
|
Transportation & Logistics – 0.2%
|
||
|
United Parcel Service, Inc.,
|
|
|
|
4.65%, 10/15/30
|
450
|
456
|
|
Transportation Equipment – 0.2%
|
||
|
Cummins, Inc.,
|
|
|
|
4.25%, 5/9/28
|
175
|
176
|
|
PACCAR Financial Corp.,
|
|
|
|
4.00%, 9/26/29
|
460
|
457
|
|
|
|
633
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 40.6% continued
|
||
|
Wholesale - Consumer Staples – 0.2%
|
||
|
Sysco Corp.,
|
|
|
|
5.10%, 9/23/30
|
$475
|
$487
|
|
Total Corporate Bonds
|
|
|
|
(Cost $101,194)
|
|
102,120
|
|
|
|
|
|
FOREIGN ISSUER BONDS – 16.2%
|
||
|
Aerospace & Defense – 0.5%
|
||
|
Bombardier, Inc.,
|
|
|
|
7.50%, 2/1/29 (1)
|
500
|
525
|
|
Rolls-Royce PLC,
|
|
|
|
5.75%, 10/15/27 (1)
|
810
|
831
|
|
|
|
1,356
|
|
Asset Management – 0.4%
|
||
|
UBS Group A.G.,
|
|
|
|
(Variable, U.S. SOFR + 3.34%),
6.37%, 7/15/26(1) (5)
|
1,000
|
1,001
|
|
Automotive – 1.5%
|
||
|
Mercedes-Benz Finance North
America LLC,
|
|
|
|
4.65%, 4/1/27 (1)
|
2,150
|
2,158
|
|
4.75%, 8/1/27 (1)
|
700
|
705
|
|
Volkswagen Group of America
Finance LLC,
|
|
|
|
5.65%, 9/12/28 (1)
|
1,000
|
1,021
|
|
|
|
3,884
|
|
Banking – 8.3%
|
||
|
Australia & New Zealand Banking
Group Ltd.,
|
|
|
|
5.09%, 12/8/25
|
250
|
251
|
|
3.92%, 9/30/27
|
1,040
|
1,036
|
|
Banco Bilbao Vizcaya Argentaria S.A.,
|
|
|
|
5.38%, 3/13/29
|
800
|
824
|
|
Bank of Montreal,
|
|
|
|
(Floating, U.S. SOFR Compounded
Index + 0.62%), 5.06%,
9/15/26 (4)
|
100
|
100
|
|
Bank of Nova Scotia (The),
|
|
|
|
4.50%, 12/16/25
|
300
|
300
|
|
Barclays PLC,
|
|
|
|
(Variable, U.S. SOFR + 1.49%),
5.67%, 3/12/28 (5)
|
1,280
|
1,304
|
|
|
June 30, 2025 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
FOREIGN ISSUER BONDS - 16.2% continued
|
||
|
Banking – 8.3%continued
|
||
|
BNP Paribas S.A.,
|
|
|
|
(Variable, U.S. Treasury Yield Curve
Rate CMT 5Y + 2.05%), 2.59%,
8/12/35 (1) (5)
|
$500
|
$441
|
|
BPCE S.A.,
|
|
|
|
1.00%, 1/20/26 (1)
|
490
|
481
|
|
(Variable, U.S. SOFR + 1.96%),
5.72%, 1/18/30 (1) (5)
|
1,750
|
1,802
|
|
Cooperatieve Rabobank U.A.,
|
|
|
|
4.33%, 8/28/26
|
1,375
|
1,378
|
|
Credit Agricole S.A.,
|
|
|
|
(Variable, U.S. SOFR + 1.21%),
4.63%, 9/11/28 (1) (5)
|
1,430
|
1,432
|
|
HSBC Holdings PLC,
|
|
|
|
(Variable, U.S. SOFR + 1.57%),
5.89%, 8/14/27 (5)
|
500
|
507
|
|
(Variable, U.S. SOFR + 1.06%),
5.60%, 5/17/28 (5)
|
840
|
856
|
|
(Variable, U.S. SOFR + 1.46%),
5.55%, 3/4/30 (5)
|
1,900
|
1,956
|
|
Lloyds Banking Group PLC,
|
|
|
|
(Floating, U.S. SOFR Compounded
Index + 1.58%), 6.04%,
1/5/28 (4)
|
1,690
|
1,707
|
|
(Variable, U.S. Treasury Yield Curve
Rate CMT 1Y + 1.70%), 5.87%,
3/6/29 (5)
|
1,650
|
1,706
|
|
Mitsubishi UFJ Financial Group, Inc.,
|
|
|
|
(Variable, U.S. Treasury Yield Curve
Rate CMT 1Y + 1.17%), 5.16%,
4/24/31 (5)
|
430
|
440
|
|
National Australia Bank Ltd.,
|
|
|
|
4.75%, 12/10/25
|
860
|
861
|
|
2.50%, 7/12/26
|
750
|
737
|
|
NatWest Group PLC,
|
|
|
|
(Variable, U.S. Treasury Yield Curve
Rate CMT 1Y + 1.10%), 5.58%,
3/1/28 (5)
|
840
|
855
|
|
Societe Generale S.A.,
|
|
|
|
(Variable, U.S. Treasury Yield Curve
Rate CMT 1Y + 1.50%), 5.52%,
1/19/28 (1) (5)
|
1,000
|
1,012
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
FOREIGN ISSUER BONDS - 16.2% continued
|
||
|
Banking – 8.3%continued
|
||
|
Standard Chartered PLC,
|
|
|
|
(Variable, U.S. Treasury Yield Curve
Rate CMT 1Y + 2.05%), 6.17%,
1/9/27 (1) (5)
|
$900
|
$907
|
|
|
|
20,893
|
|
Chemicals – 0.2%
|
||
|
Nutrien Ltd.,
|
|
|
|
5.25%, 3/12/32
|
610
|
622
|
|
Commercial Support Services – 0.4%
|
||
|
RELX Capital, Inc.,
|
|
|
|
4.75%, 3/27/30
|
510
|
517
|
|
3.00%, 5/22/30
|
460
|
433
|
|
|
|
950
|
|
Electrical Equipment – 0.3%
|
||
|
Tyco Electronics Group S.A.,
|
|
|
|
4.50%, 2/9/31
|
630
|
629
|
|
Household Products – 0.2%
|
||
|
Unilever Capital Corp.,
|
|
|
|
4.25%, 8/12/27
|
420
|
422
|
|
Industrial Support Services – 0.6%
|
||
|
Ashtead Capital, Inc.,
|
|
|
|
4.38%, 8/15/27 (1)
|
500
|
498
|
|
Element Fleet Management Corp.,
|
|
|
|
6.27%, 6/26/26 (1)
|
1,050
|
1,065
|
|
|
|
1,563
|
|
Metals & Mining – 0.8%
|
||
|
BHP Billiton Finance U.S.A. Ltd.,
|
|
|
|
5.00%, 2/21/30
|
1,075
|
1,101
|
|
Rio Tinto Finance U.S.A. PLC,
|
|
|
|
4.50%, 3/14/28
|
850
|
857
|
|
|
|
1,958
|
|
Specialty Finance – 2.5%
|
||
|
AerCap Ireland Capital DAC/AerCap
Global Aviation Trust,
|
|
|
|
1.75%, 1/30/26
|
1,070
|
1,051
|
|
4.88%, 4/1/28
|
1,925
|
1,944
|
|
Avolon Holdings Funding Ltd.,
|
|
|
|
4.95%, 1/15/28 (1)
|
1,800
|
1,810
|
|
Macquarie Airfinance Holdings Ltd.,
|
|
|
|
6.40%, 3/26/29 (1)
|
1,300
|
1,357
|
|
|
|
6,162
|
|
Schedule of Investments
|
|
SHORT BOND FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
FOREIGN ISSUER BONDS - 16.2% continued
|
||
|
Transportation & Logistics – 0.5%
|
||
|
Air Canada,
|
|
|
|
3.88%, 8/15/26 (1)
|
$320
|
$317
|
|
VistaJet Malta Finance PLC/Vista
Management Holding, Inc.,
|
|
|
|
7.88%, 5/1/27 (1)
|
1,000
|
1,006
|
|
|
|
1,323
|
|
Total Foreign Issuer Bonds
|
|
|
|
(Cost $40,309)
|
|
40,763
|
|
|
|
|
|
U.S. GOVERNMENT AGENCIES – 8.5% (7)
|
||
|
Fannie Mae – 2.6%
|
||
|
Pool #555649,
|
|
|
|
7.50%, 10/1/32
|
3
|
3
|
|
Pool #AD0915,
|
|
|
|
5.50%, 12/1/38
|
13
|
13
|
|
Pool #AI3471,
|
|
|
|
5.00%, 6/1/41
|
45
|
45
|
|
Pool #BA6574,
|
|
|
|
3.00%, 1/1/31
|
325
|
317
|
|
Pool #BC0266,
|
|
|
|
3.50%, 2/1/31
|
279
|
275
|
|
Pool #BC1465,
|
|
|
|
2.50%, 7/1/31
|
192
|
185
|
|
Pool #BE0514,
|
|
|
|
2.50%, 11/1/31
|
581
|
559
|
|
Pool #BM1239,
|
|
|
|
3.50%, 2/1/32
|
295
|
292
|
|
Pool #BM4485,
|
|
|
|
3.00%, 9/1/30
|
360
|
354
|
|
Pool #BM5017,
|
|
|
|
3.00%, 3/1/30
|
261
|
256
|
|
Pool #BM5525,
|
|
|
|
4.00%, 3/1/31
|
22
|
22
|
|
Pool #BM5708,
|
|
|
|
3.00%, 12/1/29
|
28
|
28
|
|
Pool #FM1534,
|
|
|
|
4.50%, 9/1/49
|
582
|
566
|
|
Pool #FM1773,
|
|
|
|
3.00%, 12/1/31
|
205
|
201
|
|
Pool #FM1849,
|
|
|
|
3.50%, 12/1/33
|
296
|
292
|
|
Pool #FM1852,
|
|
|
|
3.00%, 7/1/33
|
349
|
341
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
U.S. GOVERNMENT AGENCIES - 8.5% (7)continued
|
||
|
Fannie Mae – 2.6%continued
|
||
|
Pool #FM1897,
|
|
|
|
3.00%, 9/1/32
|
$236
|
$230
|
|
Pool #FM3308,
|
|
|
|
3.00%, 4/1/32
|
632
|
618
|
|
Pool #FS2701,
|
|
|
|
2.50%, 2/1/35
|
532
|
513
|
|
Pool #FS4618,
|
|
|
|
4.50%, 2/1/51
|
663
|
641
|
|
Pool #FS4653,
|
|
|
|
5.50%, 5/1/53
|
570
|
571
|
|
Pool #MA3090,
|
|
|
|
3.00%, 8/1/32
|
147
|
143
|
|
|
|
6,465
|
|
Freddie Mac – 5.6%
|
||
|
Freddie Mac REMICS, Series 4835,
Class CA,
|
|
|
|
3.50%, 1/15/47
|
239
|
233
|
|
Pool #1B3617,
|
|
|
|
(Floating, Refinitiv USD IBOR
Consumer Cash Fallbacks 1Y
Index + 1.92%, 1.92% Floor,
11.07% Cap), 7.33%, 10/1/37(4)
|
42
|
43
|
|
Pool #RA8880,
|
|
|
|
5.50%, 4/1/53
|
722
|
728
|
|
Pool #SB0084,
|
|
|
|
3.00%, 2/1/32
|
734
|
719
|
|
Pool #SB0093,
|
|
|
|
2.50%, 12/1/31
|
1,751
|
1,683
|
|
Pool #SB0215,
|
|
|
|
3.00%, 2/1/32
|
245
|
240
|
|
Pool #SB0216,
|
|
|
|
3.00%, 12/1/32
|
560
|
546
|
|
Pool #SB0329,
|
|
|
|
3.00%, 9/1/32
|
606
|
593
|
|
Pool #SD1360,
|
|
|
|
5.50%, 7/1/52
|
746
|
748
|
|
Pool #SD1959,
|
|
|
|
6.50%, 12/1/52
|
623
|
646
|
|
Pool #SD2342,
|
|
|
|
5.00%, 12/1/44
|
763
|
772
|
|
Pool #SD2665,
|
|
|
|
6.00%, 4/1/53
|
703
|
719
|
|
Pool #SD2902,
|
|
|
|
5.50%, 5/1/53
|
549
|
551
|
|
|
June 30, 2025 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
U.S. GOVERNMENT AGENCIES - 8.5% (7)continued
|
||
|
Freddie Mac – 5.6%continued
|
||
|
Pool #SD2922,
|
|
|
|
5.00%, 5/1/53
|
$880
|
$869
|
|
Pool #SD2999,
|
|
|
|
5.50%, 6/1/53
|
850
|
857
|
|
Pool #SD3133,
|
|
|
|
5.00%, 6/1/53
|
717
|
708
|
|
Pool #SD3136,
|
|
|
|
5.50%, 6/1/53
|
696
|
699
|
|
Pool #SD3174,
|
|
|
|
5.50%, 6/1/53
|
676
|
681
|
|
Pool #ZA2807,
|
|
|
|
2.50%, 2/1/28
|
29
|
29
|
|
Pool #ZK9070,
|
|
|
|
3.00%, 11/1/32
|
306
|
297
|
|
Pool #ZS6689,
|
|
|
|
2.50%, 4/1/28
|
95
|
93
|
|
Pool #ZS8598,
|
|
|
|
3.00%, 2/1/31
|
377
|
367
|
|
Pool #ZS8675,
|
|
|
|
2.50%, 11/1/32
|
625
|
598
|
|
Seasoned Loans Structured Transaction
Trust, Series 2019-2, Class A1C,
|
|
|
|
2.75%, 9/25/29
|
611
|
581
|
|
|
|
14,000
|
|
Freddie Mac Gold – 0.2%
|
||
|
Pool #A92650,
|
|
|
|
5.50%, 6/1/40
|
27
|
28
|
|
Pool #E04360,
|
|
|
|
2.50%, 4/1/28
|
117
|
114
|
|
Pool #G18641,
|
|
|
|
3.00%, 4/1/32
|
111
|
108
|
|
Pool #G18647,
|
|
|
|
3.00%, 6/1/32
|
272
|
265
|
|
|
|
515
|
|
Government National Mortgage Association – 0.1%
|
||
|
Government National Mortgage
Association, Series 2017-95,
Class QG,
|
|
|
|
2.50%, 8/20/46
|
294
|
273
|
|
Total U.S. Government Agencies
|
|
|
|
(Cost $21,832)
|
|
21,253
|
|
|
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
U.S. GOVERNMENT OBLIGATIONS – 9.7%
|
||
|
U.S. Treasury Notes – 9.7%
|
||
|
4.50%, 11/15/25(8)
|
$1,009
|
$1,009
|
|
3.50%, 9/30/26
|
4,700
|
4,676
|
|
3.88%, 5/31/27
|
3,000
|
3,007
|
|
4.00%, 12/15/27
|
3,686
|
3,712
|
|
3.75%, 4/15/28
|
8,800
|
8,811
|
|
4.00%, 3/31/30
|
1,052
|
1,062
|
|
3.88%, 4/30/30
|
2,200
|
2,209
|
|
|
|
24,486
|
|
Total U.S. Government Obligations
|
|
|
|
(Cost $24,340)
|
|
24,486
|
|
|
|
|
|
MUNICIPAL BONDS – 0.6%
|
||
|
Florida – 0.6%
|
||
|
Florida State Board of Administration
Finance Corp. Taxable Revenue
Bonds, Series A,
|
|
|
|
1.26%, 7/1/25
|
1,100
|
1,100
|
|
Miami-Dade County Aviation Taxable
Revenue Refunding Bonds, Series B,
|
|
|
|
1.23%, 10/1/25
|
500
|
496
|
|
|
|
1,596
|
|
Total Municipal Bonds
|
|
|
|
(Cost $1,600)
|
|
1,596
|
|
|
NUMBER
OF SHARES
|
VALUE
(000S)
|
|
INVESTMENT COMPANIES – 0.6%
|
||
|
Northern Institutional Funds -
U.S. Government Portfolio (Shares),
4.15%(9) (10)
|
1,549,346
|
$1,549
|
|
Total Investment Companies
|
|
|
|
(Cost $1,549)
|
|
1,549
|
|
|
|
|
|
Total Investments – 98.9%
|
|
|
|
(Cost $247,599)
|
248,758
|
|
|
Other Assets less Liabilities – 1.1%
|
2,837
|
|
|
NET ASSETS – 100.0%
|
$251,595
|
|
|
(1)
|
Security exempt from registration pursuant to Rule 144A under the Securities
Act of 1933, as amended. These securities may be resold in transactions
exempt from registration to qualified institutional investors. At June 30,
2025, the value of these securities amounted to approximately
$54,590,000 or 21.7% of net assets.
|
|
(2)
|
Step coupon bond. Rate as of June 30, 2025 is disclosed.
|
|
(3)
|
Variable or floating rate security, the interest rate of which adjusts
periodically based on changes in current interest rates and prepayments on
the underlying pool of assets.
|
|
Schedule of Investments
|
|
SHORT BOND FUND continued
|
|
|
(4)
|
Variable or floating rate security. Rate as of June 30, 2025 is disclosed.
|
|
(5)
|
Variable or floating rate security. Security issued at a fixed coupon rate,
which converts to a variable rate at a future date. Rate shown is the rate in
effect as of June 30, 2025.
|
|
(6)
|
Perpetual bond. Maturity date represents next call date.
|
|
(7)
|
The obligations of certain U.S. government-sponsored entities are neither
issued nor guaranteed by the United States Treasury.
|
|
(8)
|
Security pledged as collateral to cover margin requirements for open futures
contracts.
|
|
(9)
|
Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the
investment adviser to the Fund and the investment adviser to Northern
Institutional Funds.
|
|
(10)
|
7-day current yield as of June 30, 2025 is disclosed.
|
|
|
|
EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT
THE SCHEDULE OF INVESTMENTS:
|
|
|
|
1M - 1 Month
|
|
|
|
1Y - 1 Year
|
|
|
|
3M - 3 Month
|
|
|
|
5Y - 5 Year
|
|
|
|
CME - Chicago Mercantile Exchange
|
|
|
|
CMT - Constant Maturity
|
|
|
|
Fannie Mae - Federal National Mortgage Association
|
|
|
|
Freddie Mac - Federal Home Loan Mortgage Corporation
|
|
|
|
IBOR - Interbank Offered Rates
|
|
|
|
REMICS - Real Estate Mortgage Investment Conduits
|
|
|
|
SOFR - Secured Overnight Financing Rate
|
|
|
|
USD - United States Dollar
|
|
TYPE
|
NUMBER OF
CONTRACTS
|
NOTIONAL
AMOUNT
(000s)
|
CONTRACT
POSITION
|
CONTRACT
EXP.
|
VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION)
(000s)
|
|
2-Year
U.S. Treasury
Note
|
550
|
$114,413
|
Long
|
9/25
|
$417
|
|
5-Year
U.S. Treasury
Note
|
(496
)
|
(54,064
)
|
Short
|
9/25
|
(593
)
|
|
TYPE
|
NUMBER OF
CONTRACTS
|
NOTIONAL
AMOUNT
(000s)
|
CONTRACT
POSITION
|
CONTRACT
EXP.
|
VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION)
(000s)
|
|
Ultra 10-Year
U.S. Treasury
Note
|
(55
)
|
$(6,285
)
|
Short
|
9/25
|
$(139
)
|
|
Ultra Long
U.S. Treasury
Bond
|
(10
)
|
(1,191
)
|
Short
|
9/25
|
(52
)
|
|
Total
|
|
|
|
|
$(367
)
|
|
INVESTMENTS
|
LEVEL 1
(000s)
|
LEVEL 2
(000s)
|
LEVEL 3
(000s)
|
TOTAL
(000s)
|
|
Asset-Backed Securities(1)
|
$—
|
$43,297
|
$—
|
$43,297
|
|
Commercial Mortgage-Backed
Securities
|
—
|
13,694
|
—
|
13,694
|
|
Corporate Bonds(1)
|
—
|
102,120
|
—
|
102,120
|
|
Foreign Issuer Bonds(1)
|
—
|
40,763
|
—
|
40,763
|
|
U.S. Government Agencies(1)
|
—
|
21,253
|
—
|
21,253
|
|
U.S. Government Obligations
|
—
|
24,486
|
—
|
24,486
|
|
Municipal Bonds
|
—
|
1,596
|
—
|
1,596
|
|
Investment Companies
|
1,549
|
—
|
—
|
1,549
|
|
Total Investments
|
$1,549
|
$247,209
|
$—
|
$248,758
|
|
OTHER FINANCIAL
INSTRUMENTS
|
|
|
|
|
|
Assets
|
|
|
|
|
|
Futures Contracts
|
$417
|
$—
|
$—
|
$417
|
|
Liabilities
|
|
|
|
|
|
Futures Contracts
|
(784
)
|
—
|
—
|
(784
)
|
|
Total Other Financial
Instruments
|
$(367
)
|
$—
|
$—
|
$(367
)
|
|
(1)
|
Classifications as defined in the Schedule of Investments.
|
|
|
June 30, 2025 (UNAUDITED)
|
|
AFFILIATE
|
VALUE,
BEGINNING
OF PERIOD
(000S)
|
PURCHASES
(000S)
|
SALES
PROCEEDS
(000S)
|
DIVIDEND
OR INTEREST
INCOME
(000S)
|
VALUE,
END OF PERIOD
(000S)
|
SHARES, END
OF PERIOD
|
|
Northern Institutional Funds - Liquid Assets Portfolio (Shares)
|
$—
|
$227
|
$227
|
$—
(1),*
|
$—
|
—
|
|
Northern Institutional Funds - U.S. Government Portfolio (Shares)
|
3,687
|
49,175
|
51,313
|
29
|
1,549
|
1,549,346
|
|
Total
|
$3,687
|
$49,402
|
$51,540
|
$29
|
$1,549
|
1,549,346
|
|
(1)
|
Represents securities lending income earned from the reinvestment of cash collateral
from loaned securities, net of fees and collateral investment expenses, and other
payments to and from borrowers of securities.
|
|
*
|
Amount rounds to less than one thousand.
|
|
Schedule of Investments
|
|
TAX-ADVANTAGED ULTRA-SHORT FIXED INCOME FUND
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
ASSET-BACKED SECURITIES – 1.2%
|
||
|
Auto Loan – 0.6%
|
||
|
BMW Vehicle Lease Trust, Series
2024-1, Class A4
|
|
|
|
5.00%, 6/25/27
|
$6,100
|
$6,150
|
|
CarMax Auto Owner Trust, Series
2024-1, Class A3
|
|
|
|
4.92%, 10/16/28
|
1,000
|
1,006
|
|
Ford Credit Auto Lease Trust, Series
2024-A, Class A4
|
|
|
|
5.05%, 6/15/27
|
1,000
|
1,007
|
|
Ford Credit Auto Owner Trust, Series
2023-C, Class A2A
|
|
|
|
5.68%, 9/15/26
|
146
|
146
|
|
Mercedes-Benz Auto Receivables Trust,
Series 2024-1, Class A3
|
|
|
|
4.80%, 4/16/29
|
6,000
|
6,033
|
|
World Omni Auto Receivables Trust,
Series 2024-A, Class A3
|
|
|
|
4.86%, 3/15/29
|
2,760
|
2,775
|
|
|
|
17,117
|
|
Credit Card – 0.3%
|
||
|
Synchrony Card Funding LLC, Series
2024-A1, Class A
|
|
|
|
5.04%, 3/15/30
|
2,250
|
2,280
|
|
WF Card Issuance Trust, Series
2024-A1, Class A
|
|
|
|
4.94%, 2/15/29
|
5,000
|
5,065
|
|
|
|
7,345
|
|
Other – 0.1%
|
||
|
CNH Equipment Trust, Series 2024-A,
Class A3
|
|
|
|
4.77%, 6/15/29
|
1,120
|
1,126
|
|
Kubota Credit Owner Trust, Series
2025-1A, Class A2
|
|
|
|
4.61%, 12/15/27(1)
|
2,850
|
2,858
|
|
|
|
3,984
|
|
Whole Loan – 0.2%
|
||
|
Santander Mortgage Asset Receivable
Trust, Series 2025-NQM1, Class A1
|
|
|
|
(Step to 6.55% on 4/25/29),
5.55%, 1/25/65(1) (2)
|
5,702
|
5,717
|
|
Total Asset-Backed Securities
|
|
|
|
(Cost $33,926)
|
|
34,163
|
|
|
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
COMMERCIAL PAPER – 3.7%
|
||
|
Consumer Services – 1.3%
|
||
|
Board of Regents of the University of
Texas System,
|
|
|
|
3.00%, 9/30/25
|
$12,500
|
$12,506
|
|
2.95%, 11/4/25
|
25,000
|
24,995
|
|
|
|
37,501
|
|
Local Authority – 0.3%
|
||
|
Dallas Area Rapid Transit,
|
|
|
|
3.05%, 10/23/25
|
7,000
|
6,999
|
|
3.05%, 12/4/25
|
2,213
|
2,212
|
|
|
|
9,211
|
|
Regional – 2.1%
|
||
|
County of Harris,
|
|
|
|
2.95%, 8/18/25
|
10,185
|
10,185
|
|
County of Hillsborough,
|
|
|
|
3.00%, 9/4/25
|
4,000
|
4,000
|
|
Illinois Finance Authority,
|
|
|
|
3.05%, 9/4/25
|
15,500
|
15,500
|
|
3.05%, 9/16/25
|
8,000
|
8,000
|
|
Massachusetts Bay Transportation
Authority,
|
|
|
|
3.06%, 7/10/25
|
4,850
|
4,850
|
|
2.98%, 10/10/25
|
11,250
|
11,250
|
|
New Jersey Educational Facilities
Authority,
|
|
|
|
2.95%, 9/2/25
|
9,000
|
8,999
|
|
|
|
62,784
|
|
Total Commercial Paper
|
|
|
|
(Cost $109,494)
|
|
109,496
|
|
|
|
|
|
CORPORATE BONDS – 4.5%
|
||
|
Automotive – 0.3%
|
||
|
General Motors Financial Co., Inc.,
|
|
|
|
5.40%, 5/8/27
|
5,000
|
5,073
|
|
Hyundai Capital America,
|
|
|
|
5.25%, 1/8/27 (1)
|
5,000
|
5,046
|
|
|
|
10,119
|
|
Banking – 2.2%
|
||
|
Bank of America Corp.,
|
|
|
|
3.50%, 4/19/26
|
10,000
|
9,931
|
|
Citigroup, Inc.,
|
|
|
|
(Floating, U.S. SOFR + 0.87%),
5.30%, 3/4/29 (3)
|
12,900
|
12,879
|
|
|
June 30, 2025 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 4.5% continued
|
||
|
Banking – 2.2%continued
|
||
|
Huntington National Bank (The),
|
|
|
|
(Variable, U.S. SOFR + 0.72%),
4.87%, 4/12/28 (4)
|
$7,400
|
$7,446
|
|
JPMorgan Chase & Co.,
|
|
|
|
(Floating, U.S. SOFR + 0.77%),
5.22%, 9/22/27 (3)
|
11,400
|
11,427
|
|
KeyBank N.A.,
|
|
|
|
4.70%, 1/26/26
|
1,250
|
1,249
|
|
Santander Holdings U.S.A., Inc.,
|
|
|
|
(Floating, U.S. SOFR + 1.61%),
6.06%, 3/20/29 (3)
|
20,000
|
20,197
|
|
|
|
63,129
|
|
Electric Utilities – 0.2%
|
||
|
NextEra Energy Capital Holdings, Inc.,
|
|
|
|
5.75%, 9/1/25
|
5,000
|
5,007
|
|
Food – 0.3%
|
||
|
Cargill, Inc.,
|
|
|
|
(Floating, U.S. SOFR + 0.61%),
4.99%, 2/11/28(1) (3)
|
10,000
|
10,023
|
|
Health Care Facilities & Services – 0.1%
|
||
|
HCA, Inc.,
|
|
|
|
5.00%, 3/1/28
|
3,470
|
3,521
|
|
Insurance – 0.1%
|
||
|
Marsh & McLennan Cos., Inc.,
|
|
|
|
(Floating, U.S. SOFR Compounded
Index + 0.70%), 5.08%,
11/8/27(3)
|
3,530
|
3,538
|
|
IT Services – 0.3%
|
||
|
International Business Machines Corp.,
|
|
|
|
3.30%, 5/15/26
|
9,000
|
8,916
|
|
Oil & Gas Supply Chain – 0.7%
|
||
|
BP Capital Markets America, Inc.,
|
|
|
|
3.12%, 5/4/26
|
10,000
|
9,899
|
|
Pioneer Natural Resources Co.,
|
|
|
|
5.10%, 3/29/26
|
10,000
|
10,048
|
|
|
|
19,947
|
|
Wholesale - Consumer Staples – 0.3%
|
||
|
Sysco Corp.,
|
|
|
|
3.25%, 7/15/27
|
7,646
|
7,497
|
|
Total Corporate Bonds
|
|
|
|
(Cost $131,141)
|
|
131,697
|
|
|
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
FOREIGN ISSUER BONDS – 4.0%
|
||
|
Asset Management – 0.2%
|
||
|
UBS A.G.,
|
|
|
|
5.00%, 7/9/27
|
$6,458
|
$6,558
|
|
Banking – 3.2%
|
||
|
ABN AMRO Bank N.V.,
|
|
|
|
5.12%, 7/7/28 (1)
|
20,000
|
19,996
|
|
Bank of Montreal,
|
|
|
|
(Floating, U.S. SOFR Compounded
Index + 0.62%), 5.06%,
9/15/26 (3)
|
9,600
|
9,607
|
|
Deutsche Bank A.G.,
|
|
|
|
(Floating, U.S. SOFR + 1.22%),
5.61%, 11/16/27 (3)
|
7,500
|
7,500
|
|
HSBC Holdings PLC,
|
|
|
|
(Floating, U.S. SOFR + 1.03%),
5.45%, 3/3/29 (3)
|
6,000
|
5,995
|
|
ING Groep N.V.,
|
|
|
|
(Floating, U.S. SOFR Compounded
Index + 1.01%), 5.47%,
4/1/27 (3)
|
23,800
|
23,865
|
|
Nationwide Building Society,
|
|
|
|
(Floating, U.S. SOFR + 1.29%),
5.68%, 2/16/28 (1) (3)
|
9,300
|
9,353
|
|
NatWest Markets PLC,
|
|
|
|
(Floating, U.S. SOFR + 0.76%),
5.22%, 9/29/26 (1) (3)
|
7,800
|
7,821
|
|
Sumitomo Mitsui Financial Group, Inc.,
|
|
|
|
(Floating, U.S. SOFR + 0.88%),
5.23%, 1/14/27 (3)
|
9,880
|
9,929
|
|
|
|
94,066
|
|
Institutional Financial Services – 0.4%
|
||
|
Nomura Holdings, Inc.,
|
|
|
|
5.71%, 1/9/26
|
10,000
|
10,051
|
|
Specialty Finance – 0.2%
|
||
|
AerCap Ireland Capital DAC/AerCap
Global Aviation Trust,
|
|
|
|
6.45%, 4/15/27
|
5,000
|
5,163
|
|
Total Foreign Issuer Bonds
|
|
|
|
(Cost $115,365)
|
|
115,838
|
|
|
|
|
|
Schedule of Investments
|
|
TAX-ADVANTAGED ULTRA-SHORT FIXED INCOME FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS – 77.8%
|
||
|
Alabama – 2.3%
|
||
|
Alabama Federal Aid Highway Finance
Authority Special Obligation
Revenue Refunding GARVEE Bonds,
Series B, Escrowed to Maturity,
|
|
|
|
5.00%, 9/1/25
|
$7,425
|
$7,449
|
|
Black Belt Energy Gas District Gas
Supply Revenue Bonds, Subseries
D2,
|
|
|
|
(Floating, U.S. SOFR + 1.40%),
4.38%, 6/1/27(3) (5)
|
20,000
|
20,169
|
|
Black Belt Energy Gas District Revenue
Bonds, Gas Project No.7-S,
|
|
|
|
4.00%, 12/1/26(5) (6)
|
9,800
|
9,825
|
|
Black Belt Energy Gas District Variable
Revenue Bonds, Gas Project,
|
|
|
|
(Floating, SIFMA Municipal Swap
Index Yield + 0.35%), 1.97%,
12/1/26(3) (5)
|
29,000
|
28,624
|
|
|
|
66,067
|
|
Alaska – 0.2%
|
||
|
Alaska State G.O. Unlimited Refunding
Bonds, Series A,
|
|
|
|
5.00%, 8/1/27
|
2,000
|
2,096
|
|
Alaska State Housing Finance Corp.
Revenue Refunding Bonds, State
Capital Project,
|
|
|
|
5.00%, 6/1/27
|
2,605
|
2,710
|
|
|
|
4,806
|
|
Arizona – 2.2%
|
||
|
Arizona State Health Facilities Authority
Variable Revenue Bonds, Banner
Health Services, Unrefunded
Balance,
|
|
|
|
(Floating, SIFMA Municipal Swap
Index Yield + 0.00%), 1.87%,
11/4/26(3) (5)
|
7,335
|
7,270
|
|
Arizona State Health Facilities Authority
Variable Revenue Bonds, Banner
Health, Prerefunded,
|
|
|
|
(Floating, SIFMA Municipal Swap
Index Yield + 0.00%), 1.87%,
11/4/25(3) (7)
|
300
|
299
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 77.8%continued
|
||
|
Arizona – 2.2%continued
|
||
|
Arizona State Health Facilities Authority
Variable Revenue Refunding Bonds,
Banner Health, Prerefunded,
|
|
|
|
(Floating, SIFMA Municipal Swap
Index Yield + 0.25%), 1.87%,
11/4/25(3) (7)
|
$1,495
|
$1,493
|
|
Arizona State IDA Revenue Bonds,
Lincoln South Beltway Project,
|
|
|
|
5.00%, 2/1/26
|
2,500
|
2,531
|
|
Arizona State Sports & Tourism
Authority Senior Lien Revenue
Refunding Bonds, Multipurpose
Stadium Facility Project (BAM
Insured),
|
|
|
|
5.00%, 7/1/25
|
2,500
|
2,500
|
|
Arizona State Transportation Board
Revenue GARVEE Bonds GANS,
Series A,
|
|
|
|
5.00%, 7/1/25
|
1,055
|
1,055
|
|
Glendale Water & Sewer Revenue
Refunding Bonds,
|
|
|
|
5.00%, 7/1/26
|
3,000
|
3,067
|
|
Glendale Water & Sewer Senior Lien
Revenue Refunding Bonds, Series B,
|
|
|
|
5.00%, 7/1/25
|
1,225
|
1,225
|
|
Lake Havasu City Wastewater System
Revenue Refunding Bonds, Series B
(AG Insured),
|
|
|
|
5.00%, 7/1/40
|
15,000
|
15,000
|
|
Maricopa County High School District
No. 210 G.O. Unlimited Bonds,
Series B, Project of 2023,
|
|
|
|
5.00%, 7/1/27
|
2,265
|
2,370
|
|
Maricopa County Industrial
Development Authority Variable
Revenue Bonds, Series A-2, Banner
Health,
|
|
|
|
5.00%, 5/15/28(5) (6)
|
10,000
|
10,495
|
|
Maricopa County Litchfield Elementary
School District No. 79 G.O.
Unlimited Bonds, Series A, Project of
2023,
|
|
|
|
5.00%, 7/1/26
|
1,830
|
1,872
|
|
Maricopa County Unified School
District No. 4 G.O. Unlimited Bonds,
Series E, Mesa Project of 2018,
|
|
|
|
5.00%, 7/1/26
|
1,050
|
1,074
|
|
|
June 30, 2025 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 77.8%continued
|
||
|
Arizona – 2.2%continued
|
||
|
Phoenix Civic Improvement Corp.
Water System Junior Lien Revenue
Refunding Bonds, Series B,
|
|
|
|
5.00%, 7/1/26
|
$1,750
|
$1,753
|
|
Pima County Refunding COPS,
|
|
|
|
5.00%, 12/1/27
|
2,860
|
3,011
|
|
Pima County Unified School District No.
1 Tucson G.O. Unlimited Bonds,
Series A, Project of 2023 (AGM
Insured),
|
|
|
|
5.00%, 7/1/25
|
1,100
|
1,100
|
|
Salt River Project Agricultural
Improvement & Power District Electric
System Revenue Refunding Bonds,
|
|
|
|
5.00%, 1/1/27
|
2,130
|
2,204
|
|
Tucson G.O. Unlimited Bonds, Series
2018-B,
|
|
|
|
5.00%, 7/1/27
|
6,460
|
6,765
|
|
|
|
65,084
|
|
Arkansas – 0.1%
|
||
|
Fort Smith Water & Sewer Revenue
Refunding Bonds,
|
|
|
|
5.00%, 10/1/26
|
2,385
|
2,442
|
|
California – 4.1%
|
||
|
Bay Area Toll Authority Toll Bridge
Variable Revenue Bonds, San
Francisco Bay Area Toll,
|
|
|
|
(Floating, SIFMA Municipal Swap
Index Yield + 0.30%), 1.92%,
4/1/27(3) (5)
|
8,500
|
8,303
|
|
Bay Area Toll Authority Toll Bridge
Variable Revenue Refunding Bonds,
San Francisco Bay Area,
|
|
|
|
(Floating, SIFMA Municipal Swap
Index Yield + 0.45%), 2.07%,
4/1/26(3) (5)
|
8,750
|
8,683
|
|
California Community Choice Financing
Authority Sustainable Revenue
Bonds, Series A-1, Clean Energy
Project,
|
|
|
|
4.00%, 8/1/28(5) (6)
|
4,745
|
4,786
|
|
California State G.O. Unlimited Bonds,
|
|
|
|
5.00%, 3/1/28
|
15,000
|
15,945
|
|
California State G.O. Unlimited
Refunding Bonds,
|
|
|
|
5.00%, 3/1/27
|
13,400
|
13,940
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 77.8%continued
|
||
|
California – 4.1%continued
|
||
|
5.00%, 8/1/27
|
$10,150
|
$10,661
|
|
California State G.O. Unlimited
Refunding Bonds, Bidding Group A,
|
|
|
|
5.00%, 9/1/25
|
13,650
|
13,698
|
|
Cotati-Ronhert Park Unified School
District G.O. Unlimited Bonds, Series
C (BAM Insured), Prerefunded,
|
|
|
|
5.00%, 8/1/25(7)
|
3,300
|
3,306
|
|
Los Angeles Department of Water &
Power Revenue Refunding Bonds
Series B,
|
|
|
|
5.00%, 7/1/26
|
2,600
|
2,640
|
|
Los Angeles Department of Water &
Power Revenue Refunding Bonds,
Series A,
|
|
|
|
5.00%, 7/1/26
|
4,035
|
4,102
|
|
5.00%, 7/1/26
|
1,990
|
2,023
|
|
Los Angeles Department of Water &
Power System Revenue Bonds,
|
|
|
|
5.00%, 7/1/26
|
6,270
|
6,365
|
|
Los Angeles Department of Water &
Power System Revenue Refunding
Bonds, Series A,
|
|
|
|
5.00%, 7/1/26
|
1,930
|
1,962
|
|
5.00%, 7/1/27
|
3,040
|
3,148
|
|
Los Angeles Department of Water &
Power System Revenue Refunding
Bonds, Series B,
|
|
|
|
5.00%, 7/1/27
|
2,225
|
2,304
|
|
Los Angeles Department of Water and
Power System Revenue Refunding
Bonds, Series B,
|
|
|
|
5.00%, 7/1/27
|
3,180
|
3,263
|
|
Los Angeles Unified School District
G.O. Unlimited Refunding Bonds,
Series A,
|
|
|
|
5.00%, 7/1/27
|
9,075
|
9,512
|
|
Los Angeles Unified School District
Sustainability G.O. Unlimited Bonds,
Series QRR,
|
|
|
|
5.00%, 7/1/25
|
4,000
|
4,000
|
|
Schedule of Investments
|
|
TAX-ADVANTAGED ULTRA-SHORT FIXED INCOME FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 77.8%continued
|
||
|
California – 4.1%continued
|
||
|
Oakland Unified School District
Alameda County Election of 2020
G.O. Unlimited Bonds, Series A
(AGM Insured),
|
|
|
|
5.00%, 8/1/26
|
$325
|
$334
|
|
|
|
118,975
|
|
Colorado – 2.9%
|
||
|
Adams & Arapahoe Counties Joint
School District No. 28J Aurora G.O.
Unlimited Bonds (State Aid
Withholding),
|
|
|
|
5.50%, 12/1/26
|
3,340
|
3,475
|
|
Adams 12 Five Star Schools G.O.
Unlimited Bonds (State Aid
Withholding),
|
|
|
|
5.00%, 12/15/26
|
8,000
|
8,274
|
|
Boulder, Larimer & Weld Counties,
Saint Vrain Valley School District
RE-1J G.O. Unlimited Bonds (State
Aid Withholding),
|
|
|
|
5.00%, 12/15/25
|
6,550
|
6,620
|
|
Colorado State COPS, Series A,
|
|
|
|
5.00%, 12/15/25
|
1,350
|
1,362
|
|
Colorado State Health Facilities
Authority Revenue Refunding Bonds,
Series A, CommonSpirit Health,
|
|
|
|
5.00%, 8/1/27
|
5,000
|
5,196
|
|
Colorado State Health Facilities
Authority Variable Revenue Bonds,
Intermountain Healthcare,
|
|
|
|
(Floating, SIFMA Municipal Swap
Index Yield + 0.55%), 2.17%,
8/17/26(3) (5)
|
22,100
|
21,927
|
|
Denver City & County Airport Revenue
Refunding Bonds, Series C,
|
|
|
|
5.00%, 11/15/25
|
9,000
|
9,069
|
|
Denver City & County Airport
Subordinate Revenue Refunding
Bonds, Series A,
|
|
|
|
5.00%, 11/15/25
|
3,160
|
3,184
|
|
5.00%, 11/15/26
|
15,560
|
16,024
|
|
Denver City and County School District
No. 1 G.O. Unlimited Bonds, Series
A (State Aid Withholding),
|
|
|
|
5.00%, 12/1/26
|
3,650
|
3,770
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 77.8%continued
|
||
|
Colorado – 2.9%continued
|
||
|
Denver City and County School District
No. 1 G.O. Unlimited Refunding
Bonds, Series B (State Aid
Withholding),
|
|
|
|
5.00%, 12/1/27
|
$4,500
|
$4,754
|
|
|
|
83,655
|
|
Connecticut – 2.2%
|
||
|
Connecticut State G.O. Unlimited
Bonds, Series A,
|
|
|
|
5.00%, 1/15/26
|
4,100
|
4,145
|
|
5.00%, 3/15/27
|
3,000
|
3,005
|
|
Connecticut State G.O. Unlimited
Bonds, Series B,
|
|
|
|
5.00%, 12/1/27
|
12,100
|
12,771
|
|
Connecticut State G.O. Unlimited
Bonds, Series E,
|
|
|
|
5.00%, 10/15/26
|
3,295
|
3,390
|
|
Connecticut State G.O. Unlimited
Refunding Bonds, Series D,
|
|
|
|
5.00%, 4/15/26
|
12,175
|
12,379
|
|
Connecticut State G.O. Unlimited
Refunding Bonds, Series F,
|
|
|
|
5.00%, 11/15/25
|
1,215
|
1,225
|
|
Connecticut State Sustainability G.O.
Unlimited Refunding Bonds, Series C,
|
|
|
|
5.00%, 3/1/26
|
2,715
|
2,753
|
|
Connecticut State Sustainable G.O.
Unlimited Refunding Bonds, Series D,
|
|
|
|
5.00%, 7/15/25
|
1,480
|
1,481
|
|
Ellington G.O. Unlimited BANS, Series
B,
|
|
|
|
4.00%, 9/23/25
|
15,000
|
15,033
|
|
Hartford Special Obligation Revenue
Refunding Bonds,
|
|
|
|
5.00%, 7/15/26
|
7,000
|
7,150
|
|
University of Connecticut Revenue
Refunding Bonds, Series A,
|
|
|
|
5.00%, 11/15/25
|
2,280
|
2,297
|
|
|
|
65,629
|
|
District of Columbia – 0.1%
|
||
|
Metropolitan Washington Airports
Authority Airport System Revenue
Refunding Bonds, Series A (AMT),
|
|
|
|
10/1/27(8)
|
550
|
571
|
|
|
June 30, 2025 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 77.8%continued
|
||
|
District Of Columbia – 0.1%continued
|
||
|
Metropolitan Washington Airports
Authority Airport System Revenue
Refunding Bonds, Series B,
|
|
|
|
5.00%, 10/1/25
|
$1,400
|
$1,406
|
|
|
|
1,977
|
|
Florida – 3.3%
|
||
|
Broward County School Board
Refunding COPS, Series A (AG
Insured),
|
|
|
|
5.00%, 7/1/28
|
6,710
|
7,137
|
|
Broward County School Board
Refunding COPS, Series B,
|
|
|
|
5.00%, 7/1/25
|
2,500
|
2,500
|
|
Broward County School Board
Refunding COPS, Series C,
|
|
|
|
5.00%, 7/1/26
|
5,000
|
5,107
|
|
Central Florida Expressway Authority
Senior Lien Revenue Refunding
Bonds, Series A, Prerefunded,
|
|
|
|
5.00%, 7/1/26(7)
|
1,950
|
1,995
|
|
Duval County School Board COPS,
Series A (AGM Insured),
|
|
|
|
5.00%, 7/1/25
|
3,000
|
3,000
|
|
Duval County School Board Refunding
COPS, Series A (AG Insured),
|
|
|
|
5.00%, 7/1/27
|
2,850
|
2,979
|
|
Florida Insurance Assistance Interlocal
Agency Revenue Bonds, Series A-1,
|
|
|
|
5.00%, 9/1/26
|
9,250
|
9,366
|
|
Florida State Board of Education
Lottery Revenue Refunding Bonds,
Series A,
|
|
|
|
5.00%, 7/1/25
|
3,000
|
3,000
|
|
Florida State Department of
Transportation Financing Corp.
Revenue Bonds,
|
|
|
|
5.00%, 7/1/25
|
4,945
|
4,945
|
|
Florida State Housing Finance Corp.
MFH Mortgage Variable Revenue
Bonds, Hermosa North Fort Myers II,
|
|
|
|
3.50%, 7/1/27(5) (6)
|
3,000
|
3,026
|
|
Florida State Mid-Bay Bridge Authority
First Senior Lien Revenue Refunding
Bonds (AG Insured),
|
|
|
|
10/1/26(8)
|
3,250
|
3,327
|
|
10/1/27(8)
|
1,700
|
1,772
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 77.8%continued
|
||
|
Florida – 3.3%continued
|
||
|
Hillsborough County Aviation Authority
Revenue Bonds, Series A (AMT),
Tampa International Airport,
|
|
|
|
5.00%, 10/1/25
|
$1,500
|
$1,506
|
|
Hillsborough County Aviation Authority
Tampa International Airport Revenue
Bonds, Series B,
|
|
|
|
5.00%, 10/1/25
|
1,615
|
1,623
|
|
Hillsborough County Capital
Improvement Non-Ad Valorem
Revenue Bonds,
|
|
|
|
5.00%, 8/1/25
|
2,700
|
2,704
|
|
Jacksonville Special Revenue Refunding
Bonds, Series B,
|
|
|
|
5.00%, 10/1/27
|
8,650
|
8,876
|
|
Lake County School Board Refunding
COPS, Series A (AG Insured),
|
|
|
|
5.00%, 6/1/27
|
1,945
|
2,024
|
|
5.00%, 6/1/28
|
1,135
|
1,204
|
|
Miami-Dade County School Board
Refunding COPS, Series A,
|
|
|
|
5.00%, 5/1/27
|
8,840
|
9,177
|
|
Miami-Dade County Transit Sales
Surtax Revenue Refunding Bonds,
|
|
|
|
5.00%, 7/1/26
|
8,955
|
9,151
|
|
Orlando Utilities Commission Utility
System Revenue Refunding Bonds,
Series A,
|
|
|
|
5.00%, 10/1/25
|
3,000
|
3,015
|
|
Palm Beach County Public Improvement
Revenue Refunding Bonds, Series A,
|
|
|
|
5.00%, 11/1/25
|
1,000
|
1,002
|
|
Palm Beach County School Board
Refunding COPS, Series A,
|
|
|
|
5.00%, 8/1/27
|
4,675
|
4,890
|
|
Reedy Creek Improvement District G.O.
Limited Bonds,
|
|
|
|
5.00%, 6/1/27
|
1,315
|
1,340
|
|
Sarasota County School Board COPS,
Master Lease Program,
|
|
|
|
5.00%, 7/1/26
|
1,375
|
1,405
|
|
|
|
96,071
|
|
Georgia – 0.7%
|
||
|
Atlanta G.O. Unlimited Bonds, Series
A-1, Social Bonds,
|
|
|
|
5.00%, 12/1/25
|
775
|
782
|
|
Schedule of Investments
|
|
TAX-ADVANTAGED ULTRA-SHORT FIXED INCOME FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 77.8%continued
|
||
|
Georgia – 0.7%continued
|
||
|
Atlanta G.O. Unlimited Bonds, Series
A-2,
|
|
|
|
5.00%, 12/1/25
|
$1,575
|
$1,589
|
|
Decatur Housing Authority MFH
Variable Revenue Bonds, Philips
Tower Project,
|
|
|
|
3.25%, 9/1/27(5) (6)
|
2,250
|
2,258
|
|
Gwinnett County School District G.O.
Unlimited Refunding Bonds,
|
|
|
|
4.00%, 2/1/32
|
3,800
|
3,803
|
|
Municipal Electricity Authority of
Georgia Revenue Refunding Bonds,
Subseries A, Project 1 (BAM-TCRS
Insured),
|
|
|
|
5.00%, 1/1/28
|
9,040
|
9,225
|
|
Paulding County School District G.O.
Unlimited Bonds (State Aid
Withholding),
|
|
|
|
5.00%, 2/1/27
|
3,000
|
3,109
|
|
|
|
20,766
|
|
Hawaii – 0.4%
|
||
|
Hawaii State G.O. Unlimited Bonds,
Series FB,
|
|
|
|
5.00%, 4/1/27
|
6,895
|
7,013
|
|
Honolulu City & County G.O. Unlimited
Refunding Bonds, Series C,
|
|
|
|
5.00%, 10/1/27
|
4,030
|
4,051
|
|
|
|
11,064
|
|
Idaho – 1.0%
|
||
|
Idaho State Building Authority Sales
Tax Revenue Bonds, Series A,
|
|
|
|
5.00%, 6/1/26
|
25,000
|
25,500
|
|
Kootenai County Coeur d'Alene School
District No. 271 G.O. Unlimited
Bonds (Idaho Sales Tax Guaranty
Insured),
|
|
|
|
4.00%, 9/15/27
|
3,000
|
3,060
|
|
|
|
28,560
|
|
Illinois – 2.7%
|
||
|
Chicago Midway Airport Revenue
Refunding Bonds, Series A (AMT),
|
|
|
|
5.00%, 1/1/26
|
3,500
|
3,531
|
|
Chicago Park District G.O. Limited
Refunding Bonds, Series C,
|
|
|
|
5.00%, 1/1/26
|
2,000
|
2,019
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 77.8%continued
|
||
|
Illinois – 2.7%continued
|
||
|
Chicago Transit Authority Sales Tax
Receipts Revenue Refunding Bonds,
Series A,
|
|
|
|
5.00%, 12/1/27
|
$2,250
|
$2,364
|
|
Chicago Wastewater Transmission
Second Lien Revenue Refunding
Bonds, Series B,
|
|
|
|
5.00%, 1/1/27
|
2,300
|
2,368
|
|
DuPage County Forest Preserve District
G.O. Limited Bonds,
|
|
|
|
5.00%, 11/1/27
|
1,600
|
1,681
|
|
Illinois State Development Finance
Authority Revenue Bonds, Zero
Regency Park, Escrowed to Maturity,
|
|
|
|
0.00%, 7/15/25(9)
|
9,000
|
8,988
|
|
Illinois State Finance Authority Revenue
Bonds, Northwestern University,
|
|
|
|
5.00%, 12/1/25
|
1,850
|
1,865
|
|
Illinois State Finance Authority Revenue
Refunding Bonds, Silver Cross
Hospital & Medical Centers,
|
|
|
|
5.00%, 8/15/35
|
6,565
|
6,580
|
|
Illinois State Finance Authority Variable
Revenue Refunding Bonds, Field
Museum of Natural History,
|
|
|
|
(Floating, U.S. SOFR + 1.20%),
4.31%, 9/1/25(3) (5)
|
9,530
|
9,524
|
|
Illinois State G.O. Unlimited Bonds,
Series B,
|
|
|
|
5.00%, 10/1/26
|
7,000
|
7,157
|
|
5.00%, 10/1/27
|
3,430
|
3,564
|
|
Illinois State G.O. Unlimited Bonds,
Series D,
|
|
|
|
3.25%, 11/1/26
|
6,855
|
6,844
|
|
5.00%, 11/1/26
|
12,435
|
12,739
|
|
Illinois State G.O. Unlimited Refunding
Bonds, Series A,
|
|
|
|
5.00%, 10/1/27
|
1,100
|
1,140
|
|
Illinois State Housing Development
Authority Sustainable Revenue
Bonds, Series N (GNMA, FNMA,
FHLMC Insured),
|
|
|
|
3.70%, 10/1/25
|
800
|
801
|
|
3.80%, 10/1/26
|
600
|
605
|
|
|
June 30, 2025 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 77.8%continued
|
||
|
Illinois – 2.7%continued
|
||
|
Metropolitan Water Reclamation
District of Greater Chicago G.O.
Unlimited Refunding Bonds, Series A,
|
|
|
|
5.00%, 12/1/25
|
$1,000
|
$1,009
|
|
Springfield Electric Senior Lien Revenue
Refunding Bonds (BAM Insured),
|
|
|
|
5.00%, 3/1/27
|
3,220
|
3,326
|
|
Will County G.O. Unlimited Bonds,
Prerefunded,
|
|
|
|
5.00%, 11/15/25(7)
|
3,000
|
3,023
|
|
|
|
79,128
|
|
Indiana – 0.5%
|
||
|
Carmel Clay Schools G.O. Limited
Bonds (State Intercept Program),
|
|
|
|
5.00%, 1/15/27
|
2,405
|
2,486
|
|
Decatur Township Multi-School Building
Corp. First Mortgage Multipurpose
Revenue Refunding Bonds (State
Intercept Program),
|
|
|
|
5.00%, 7/15/25
|
1,545
|
1,546
|
|
Indiana Finance Authority Wastewater
Utility First Lien Revenue Refunding
Bonds, CWA Authority Project,
|
|
|
|
5.00%, 10/1/25
|
1,075
|
1,080
|
|
Indiana State Finance Authority
Revenue Refunding Bonds, Series A,
Stadium Project,
|
|
|
|
5.00%, 2/1/26
|
1,765
|
1,786
|
|
5.00%, 2/1/28
|
2,710
|
2,853
|
|
Indiana State Finance Authority
Variable Revenue Refunding Bonds,
Deaconess Health System,
|
|
|
|
(Floating, SIFMA Municipal Swap
Index Yield + 0.30%), 1.92%,
3/1/27(3) (5)
|
6,315
|
6,257
|
|
Westfield Washington Schools G.O.
Limited Bonds (State Intercept
Program),
|
|
|
|
5.00%, 7/15/25
|
250
|
250
|
|
|
|
16,258
|
|
Kansas – 2.4%
|
||
|
Kansas State Department of
Transportation Highway Revenue
Refunding Bonds, Series A,
|
|
|
|
5.00%, 9/1/27
|
8,645
|
9,081
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 77.8%continued
|
||
|
Kansas – 2.4%continued
|
||
|
Manhattan G.O. Unlimited Temporary
Notes,
|
|
|
|
4.00%, 6/15/28
|
$19,150
|
$19,325
|
|
Olathe Temporary Notes, Series A,
|
|
|
|
5.00%, 8/1/25
|
30,000
|
30,047
|
|
Spring Hill G.O. Unlimited Notes,
Series B,
|
|
|
|
9/1/27(8)
|
9,990
|
10,106
|
|
Topeka G.O. Unlimited Refunding
Bonds, Series A,
|
|
|
|
4.00%, 8/15/25
|
1,925
|
1,927
|
|
|
|
70,486
|
|
Kentucky – 1.5%
|
||
|
Kentucky State Asset/Liability
Commission Agency Fund Revenue
Refunding Bonds, Federal Highway
Trust Fund Project Notes,
|
|
|
|
5.00%, 9/1/26
|
6,290
|
6,453
|
|
Kentucky State Property & Buildings
Commission Revenue Bonds, Series
A, Project No. 132,
|
|
|
|
5.00%, 4/1/28
|
1,500
|
1,589
|
|
Kentucky State Public Energy Authority
Gas Supply Variable Revenue Bonds,
Series C,
|
|
|
|
4.00%, 2/1/28(5) (6)
|
12,995
|
13,061
|
|
Rural Water Financing Agency Public
Projects Revenue Notes, Series D,
Flexible Term Program,
|
|
|
|
5.00%, 8/1/25
|
11,880
|
11,896
|
|
Rural Water Financing Agency Revenue
Bonds, Public Projects Construction
Notes,
|
|
|
|
3.05%, 5/1/27
|
10,000
|
9,953
|
|
University of Kentucky General Receipts
Revenue Refunding Bonds, Series A,
|
|
|
|
3.00%, 4/1/26
|
2,105
|
2,105
|
|
|
|
45,057
|
|
Louisiana – 0.5%
|
||
|
Louisiana State Gas & Fuels Tax
Second Lien Variable Revenue
Refunding Bonds, Series A,
|
|
|
|
(Floating, U.S. SOFR + 0.50%),
3.61%, 5/1/26(3) (5)
|
12,015
|
11,994
|
|
Schedule of Investments
|
|
TAX-ADVANTAGED ULTRA-SHORT FIXED INCOME FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 77.8%continued
|
||
|
Louisiana – 0.5%continued
|
||
|
Louisiana State Local Government
Environmental Facilities & Community
Development Authority Insurance
Revenue Bonds, Louisiana Insurance
Guaranty Association,
|
|
|
|
5.00%, 8/15/25
|
$3,000
|
$3,006
|
|
|
|
15,000
|
|
Maine – 0.1%
|
||
|
Maine State Municipal Bond Bank
Revenue Refunding Bonds, Series C,
|
|
|
|
5.00%, 11/1/27
|
2,150
|
2,262
|
|
Maryland – 0.9%
|
||
|
Anne Arundel County G.O. Limited
Refunding Bonds, Consolidated
General Improvements,
|
|
|
|
5.00%, 4/1/27
|
3,245
|
3,381
|
|
Charles County G.O. Limited Bonds,
|
|
|
|
5.00%, 10/1/27
|
3,815
|
4,020
|
|
Maryland Stadium Authority Built to
Learn Revenue Bonds,
|
|
|
|
5.00%, 6/1/26
|
2,180
|
2,224
|
|
Maryland State G.O. Refunding
Unlimited Bonds, Series B,
|
|
|
|
5.00%, 8/1/25
|
2,085
|
2,088
|
|
Maryland State G.O. Unlimited
Refunding Bonds, Series B, Bid
Group 1,
|
|
|
|
5.00%, 8/1/26
|
10,000
|
10,255
|
|
Maryland State Transportation
Authority Revenue Refunding Bonds,
Series A, Transportation Facilities
Projects,
|
|
|
|
5.00%, 7/1/25
|
1,220
|
1,220
|
|
Montgomery County G.O. Unlimited
Bonds, Series A,
|
|
|
|
5.00%, 8/1/25
|
4,500
|
4,508
|
|
|
|
27,696
|
|
Massachusetts – 1.8%
|
||
|
Pembroke G.O. Limited BANS,
|
|
|
|
4.00%, 9/26/25
|
13,515
|
13,548
|
|
Quincy BANS,
|
|
|
|
5.00%, 7/25/25
|
16,000
|
16,017
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 77.8%continued
|
||
|
Massachusetts – 1.8%continued
|
||
|
Somerville G.O. Limited BANS, Series
B,
|
|
|
|
5.00%, 7/1/26
|
$23,230
|
$23,704
|
|
|
|
53,269
|
|
Michigan – 1.7%
|
||
|
Fraser Public Schools District G.O.
Unlimited Refunding Bonds (Q-SBLF
Insured),
|
|
|
|
5.00%, 5/1/27
|
2,850
|
2,960
|
|
Michigan State Finance Authority
Variable Revenue Refunding Bonds,
Beaumont-Spectrum Consolidation,
|
|
|
|
(Floating, SIFMA Municipal Swap
Index Yield + 0.75%), 2.37%,
4/15/27(3) (5)
|
15,000
|
14,946
|
|
Michigan State HDA Rental Housing
Revenue Bonds, Series A,
|
|
|
|
3.35%, 4/1/26
|
655
|
655
|
|
Michigan State Revenue Refunding
GARVEE Bonds GANS,
|
|
|
|
5.00%, 3/15/27
|
4,435
|
4,612
|
|
Michigan State Strategic Fund Ltd.
Obligation Revenue Refunding
Bonds, Facility for Rare Isotope
Beam,
|
|
|
|
5.00%, 12/1/26
|
3,090
|
3,186
|
|
Traverse City Area Public Schools G.O.
Unlimited Bonds,
|
|
|
|
5.00%, 5/1/27
|
8,100
|
8,430
|
|
West Ottawa Public School District
G.O. Unlimited Bonds, Series I,
|
|
|
|
5.00%, 11/1/26
|
9,125
|
9,389
|
|
Western Michigan University Revenue
Refunding Bonds, Series A (AG
Insured),
|
|
|
|
5.00%, 11/15/27
|
4,595
|
4,819
|
|
|
|
48,997
|
|
Minnesota – 3.7%
|
||
|
Edina Independent School District No.
273 G.O. Unlimited Refunding
Bonds, Series A (School District
Credit Program),
|
|
|
|
5.00%, 2/1/27
|
3,425
|
3,549
|
|
Hennepin County G.O. Unlimited
Bonds, Series C,
|
|
|
|
5.00%, 12/15/25
|
4,405
|
4,448
|
|
|
June 30, 2025 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 77.8%continued
|
||
|
Minnesota – 3.7%continued
|
||
|
Minneapolis-St. Paul Metropolitan
Airports Commission Senior Airport
Revenue Refunding Bonds, Series A,
|
|
|
|
5.00%, 1/1/28
|
$11,705
|
$12,082
|
|
Minnesota Municipal Gas Agency
Commodity Supply Variable Revenue
Bonds, Series B,
|
|
|
|
(Floating, U.S. SOFR + 1.00%),
3.98%, 12/1/27(3) (5)
|
40,000
|
39,937
|
|
Minnesota State G.O. Unlimited Bonds,
Series B,
|
|
|
|
5.00%, 8/1/25
|
5,000
|
5,009
|
|
5.00%, 8/1/27
|
1,770
|
1,857
|
|
Minnesota State Housing Finance
Agency Revenue Bonds, Series G
(HUD Sector 8 Program),
|
|
|
|
3.25%, 8/1/27
|
5,875
|
5,877
|
|
Minnesota State Rural Water Finance
Authority Revenue BANS,
|
|
|
|
3.30%, 8/1/26
|
10,000
|
10,012
|
|
Moorhead Temporary Tax Increment
Financing G.O. Unlimited Bonds,
|
|
|
|
4.00%, 10/1/27
|
18,845
|
19,233
|
|
Saint Paul Housing & Redevelopment
Authority Health Care Facility
Revenue Refunding Bonds,
HealthPartners Obligated Group,
|
|
|
|
5.00%, 7/1/30
|
4,660
|
4,660
|
|
|
|
106,664
|
|
Mississippi – 0.0%
|
||
|
Mississippi State Development Bank
Special Obligation Revenue Bonds,
Canton Public School District (AGM
Insured), Prerefunded,
|
|
|
|
5.00%, 12/1/25(7)
|
1,530
|
1,544
|
|
Missouri – 1.8%
|
||
|
Fort Zumwalt School District G.O.
Unlimited Bonds (State Aid Direct
Deposit Program),
|
|
|
|
5.00%, 3/1/28
|
8,415
|
8,908
|
|
Jackson County Consolidated School
District No. 4 G.O. Unlimited
Refunding Bonds (State Aid Direct
Deposit Program),
|
|
|
|
6.00%, 3/1/27
|
2,830
|
2,981
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 77.8%continued
|
||
|
Missouri – 1.8%continued
|
||
|
Missouri Joint Municipal Electric Utility
Commission Power Project Revenue
Refunding Bonds, Prairie State
Project,
|
|
|
|
5.00%, 12/1/26
|
$3,885
|
$4,004
|
|
Missouri State Highways &
Transportation Commission State
Road Revenue Bonds, Mega Project
(State Appropriation Insured),
|
|
|
|
5.00%, 5/1/26
|
20,000
|
20,380
|
|
Missouri States Public Utilities
Commission Revenue Refunding
Bonds, Interim Construction Notes,
|
|
|
|
4.00%, 5/1/26
|
11,980
|
12,029
|
|
Platte County Reorganization School
District No. R-3 Platte City G.O.
Unlimited Bonds,
|
|
|
|
6.25%, 3/1/27
|
2,960
|
3,129
|
|
Ritenour School District G.O. Unlimited
Refunding Bonds (State Aid Direct
Deposit Program),
|
|
|
|
5.00%, 3/1/26
|
575
|
583
|
|
|
|
52,014
|
|
Nevada – 1.1%
|
||
|
Clark County Airport Revenue
Refunding Bonds (AMT), Jet Aviation
Fuel Tax,
|
|
|
|
5.00%, 7/1/25
|
2,550
|
2,550
|
|
Clark County School District Building
G.O. Limited Bonds, Series B
(AGM-CR Insured),
|
|
|
|
5.00%, 6/15/27
|
2,900
|
3,031
|
|
Clark County School District G.O.
Limited Refunding Bonds, Series B,
|
|
|
|
5.00%, 6/15/26
|
1,040
|
1,061
|
|
Las Vegas Valley Water District G.O.
Limited Refunding Bonds, Series A,
|
|
|
|
5.00%, 6/1/26
|
1,075
|
1,077
|
|
Nevada State G.O. Limited Bonds,
Series A,
|
|
|
|
5.00%, 4/1/27
|
24,175
|
25,186
|
|
|
|
32,905
|
|
Schedule of Investments
|
|
TAX-ADVANTAGED ULTRA-SHORT FIXED INCOME FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 77.8%continued
|
||
|
New Hampshire – 0.1%
|
||
|
New Hampshire State HFA Multi-Family
Revenue Bonds, Series 3 (FHA
Insured),
|
|
|
|
3.80%, 7/1/26
|
$1,000
|
$1,002
|
|
New Hampshire State Housing Finance
Authority Multifamily Revenue Bonds,
Series 4 (FHA Insured),
|
|
|
|
3.63%, 4/1/26
|
1,000
|
1,003
|
|
|
|
2,005
|
|
New Jersey – 3.5%
|
||
|
Essex County G.O. Unlimited BANS,
|
|
|
|
7/8/26(8)
|
12,305
|
12,437
|
|
Jersey City Municipal Utilities Authority
Water Project Revenue Notes
(Municipal Government Gtd.),
|
|
|
|
5.00%, 5/1/26
|
15,510
|
15,738
|
|
Mercer County G.O. Unlimited Bonds,
|
|
|
|
3.00%, 2/15/26
|
2,830
|
2,829
|
|
Monmouth County Improvement
Authority Revenue Bonds,
|
|
|
|
5.00%, 12/1/25
|
725
|
731
|
|
5.00%, 12/1/26
|
1,350
|
1,396
|
|
Monmouth County Improvement
Authority Revenue Notes,
Governmental Pooled Loan Project
(County Gtd.),
|
|
|
|
4.00%, 3/13/26
|
35,000
|
35,233
|
|
New Jersey State EDA Revenue
Refunding Bonds, Series BBB,
Prerefunded,
|
|
|
|
5.50%, 12/15/26(7)
|
4,000
|
4,163
|
|
New Jersey State EDA Revenue
Refunding Bonds, Series XX,
|
|
|
|
4.25%, 6/15/26
|
13,565
|
13,571
|
|
New Jersey State EDA Revenue School
Facilities Construction Revenue
Refunding Bonds, Series GGG,
|
|
|
|
5.25%, 9/1/26
|
5,000
|
5,137
|
|
New Jersey State Educational Facilities
Authority Revenue Bonds, Higher
Education Equipment Lease,
|
|
|
|
5.00%, 9/1/25
|
1,655
|
1,660
|
|
New Jersey State Turnpike Authority
Revenue Bonds, Series B,
|
|
|
|
5.00%, 1/1/28
|
3,485
|
3,676
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 77.8%continued
|
||
|
New Jersey – 3.5%continued
|
||
|
New Jersey State Turnpike Authority
Revenue Exchange Refunding Bonds,
Series A,
|
|
|
|
5.00%, 1/1/27
|
$4,490
|
$4,638
|
|
|
|
101,209
|
|
New Mexico – 0.5%
|
||
|
Albuquerque G.O. Unlimited Bonds,
Series A,
|
|
|
|
5.00%, 7/1/26
|
1,715
|
1,754
|
|
Albuquerque Municipal School District
No. 12 G.O. Unlimited Bonds, Series
A (State Aid Withholding),
|
|
|
|
5.00%, 8/1/26
|
2,150
|
2,201
|
|
New Mexico State G.O. Unlimited
Bonds,
|
|
|
|
5.00%, 3/1/26
|
6,140
|
6,230
|
|
5.00%, 3/1/26
|
1,175
|
1,192
|
|
New Mexico State Severance Tax
Revenue Bonds, Series A,
|
|
|
|
5.00%, 7/1/26
|
2,505
|
2,564
|
|
|
|
13,941
|
|
New York – 9.2%
|
||
|
Herricks Union Free School District
G.O. Unlimited BANS (State Aid
Withholding),
|
|
|
|
4.00%, 7/30/25
|
13,875
|
13,886
|
|
Long Island Power Authority Electric
System Variable Revenue Refunding
Bonds, Series C,
|
|
|
|
(Floating, SIFMA Municipal Swap
Index Yield + 0.45%), 2.07%,
9/1/25(3) (5)
|
11,500
|
11,491
|
|
Metropolitan Transportation Authority
Sustainable Revenue Refunding
Bonds, Series B,
|
|
|
|
5.00%, 11/15/27
|
2,675
|
2,802
|
|
Metropolitan Transportation Authority
Variable Revenue Refunding Bonds,
Subseries G-1,
|
|
|
|
(Floating, U.S. SOFR + 0.43%),
3.41%, 11/1/26(3)
|
590
|
589
|
|
Metropolitan Transportation Authority
Variable Revenue Tender Notes,
|
|
|
|
(Floating, U.S. SOFR + 0.65%),
3.63%, 4/1/26(3) (5)
|
40,000
|
39,924
|
|
|
June 30, 2025 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 77.8%continued
|
||
|
New York – 9.2%continued
|
||
|
New York City Municipal Water
Finance Authority Water & Sewer
System Revenue Refunding Bonds,
Series DD, Fiscal 2025,
|
|
|
|
5.00%, 6/15/28
|
$7,240
|
$7,752
|
|
New York City Transitional Finance
Authority Future Tax Secured
Subordinate Revenue Bonds, Fiscal
2016,
|
|
|
|
5.00%, 8/1/33
|
1,070
|
1,072
|
|
New York G.O. Unlimited Bonds, Series
G, Subseries G-1,
|
|
|
|
5.00%, 2/1/28
|
16,995
|
17,995
|
|
New York G.O. Unlimited Refunding
Bonds, Series A,
|
|
|
|
5.00%, 8/1/26
|
6,765
|
6,775
|
|
5.00%, 8/1/26
|
5,000
|
5,125
|
|
New York G.O. Unlimited Refunding
Bonds, Series C,
|
|
|
|
5.00%, 8/1/26
|
2,500
|
2,562
|
|
New York G.O. Unlimited Refunding
Bonds, Series C-1,
|
|
|
|
5.00%, 8/1/25
|
12,500
|
12,520
|
|
5.00%, 8/1/26
|
1,890
|
1,937
|
|
New York Multi-modal G.O. Unlimited
Refunding Bonds, Fiscal 2025,
|
|
|
|
5.00%, 8/1/27
|
18,780
|
19,694
|
|
New York State Dorm Authority State
Personal Income Tax Revenue
Refunding Bonds, Series A, Escrowed
to Maturity,
|
|
|
|
5.00%, 3/15/26
|
15,000
|
15,246
|
|
New York State Dormitory Authority
Non State Supported Debt Revenue
Bonds, School Districts Financing
Program, Series A (AGM Insured),
|
|
|
|
4.00%, 10/1/25
|
4,165
|
4,177
|
|
Port Authority of New York & New
Jersey Revenue Refunding Bonds,
Series 246 (AMT),
|
|
|
|
5.00%, 9/1/27
|
15,005
|
15,575
|
|
Triborough Bridge & Tunnel Authority
Payroll Mobility Tax Revenue BANS,
Series A,
|
|
|
|
5.00%, 3/1/28
|
24,420
|
25,794
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 77.8%continued
|
||
|
New York – 9.2%continued
|
||
|
Triborough Bridge & Tunnel Authority
Payroll Mobility Tax Revenue
Refunding Bonds, MTA Bridges &
Tunnels, Green Bonds,
|
|
|
|
5.00%, 11/15/25
|
$3,500
|
$3,527
|
|
Triborough Bridge & Tunnel Authority
Payroll Mobility Tax Variable
Revenue Refunding Bonds, Series E,
Green Bonds,
|
|
|
|
(Floating, U.S. SOFR + 1.05%),
4.03%, 4/1/26(3)
|
15,560
|
15,560
|
|
Triborough Bridge and Tunnel Authority
Subordinate Revenue BANS, Series
A,
|
|
|
|
5.00%, 2/1/28
|
25,420
|
26,919
|
|
West Seneca G.O. Limited BANS,
|
|
|
|
4.00%, 2/6/26
|
16,999
|
17,094
|
|
|
|
268,016
|
|
North Carolina – 1.5%
|
||
|
Charlotte Water & Sewer System
Revenue Bonds,
|
|
|
|
5.00%, 7/1/25
|
750
|
750
|
|
East Carolina University Revenue
Bonds, Series A,
|
|
|
|
5.00%, 10/1/27
|
1,225
|
1,241
|
|
Mecklenburg County G.O. Unlimited
Bonds, Series A,
|
|
|
|
5.00%, 2/1/27
|
2,065
|
2,143
|
|
Mecklenburg County G.O. Unlimited
Bonds, Series B,
|
|
|
|
5.00%, 2/1/27
|
13,680
|
14,196
|
|
North Carolina State Limited
Obligation Revenue Bonds, Series B,
Build NC Programs,
|
|
|
|
5.00%, 5/1/26
|
3,520
|
3,588
|
|
North Carolina State Medical Care
Commission Health Care Facilities
Revenue Refunding Bonds, Series A,
Duke University Health System,
|
|
|
|
5.00%, 6/1/27
|
1,750
|
1,823
|
|
5.00%, 6/1/28
|
2,115
|
2,248
|
|
North Carolina State Revenue
Refunding GARVEE Bonds,
|
|
|
|
5.00%, 3/1/28
|
12,640
|
13,391
|
|
Schedule of Investments
|
|
TAX-ADVANTAGED ULTRA-SHORT FIXED INCOME FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 77.8%continued
|
||
|
North Carolina – 1.5%continued
|
||
|
Wake County Limited Obligation
Revenue Bonds, Series A,
|
|
|
|
5.00%, 5/1/28
|
$3,400
|
$3,618
|
|
|
|
42,998
|
|
Ohio – 1.5%
|
||
|
American Municipal Power-Ohio, Inc.,
Revenue Refunding Bonds, Prairie
State Energy Campus Project,
|
|
|
|
5.00%, 2/15/26
|
3,000
|
3,038
|
|
5.00%, 2/15/27
|
6,765
|
7,002
|
|
Cleveland G.O. Limited refunding
Bonds, Series A,
|
|
|
|
5.00%, 12/1/25
|
3,555
|
3,585
|
|
Hamilton Bond Anticipation Notes G.O.
Limited BANS (State Standby NT
Purchase),
|
|
|
|
4.00%, 12/17/25
|
1,675
|
1,681
|
|
Lake County G.O. Limited Notes,
|
|
|
|
4.00%, 9/24/25
|
7,000
|
7,010
|
|
Ohio State G.O. Limited Bonds, Series
A,
|
|
|
|
5.00%, 5/1/27
|
8,135
|
8,492
|
|
Ohio State G.O. Limited Bonds, Series
B,
|
|
|
|
5.00%, 11/1/26
|
12,035
|
12,415
|
|
Ohio State G.O. Unlimited Bonds,
Series Y,
|
|
|
|
5.00%, 5/1/26
|
1,000
|
1,019
|
|
|
|
44,242
|
|
Oklahoma – 1.6%
|
||
|
Cleveland County Independent School
District No. 2 G.O. Unlimited Bonds,
|
|
|
|
4.00%, 3/1/27
|
5,520
|
5,628
|
|
4.00%, 3/1/28
|
7,440
|
7,673
|
|
Oklahoma County Independent School
District No. 1 G.O. Unlimited Bonds,
|
|
|
|
3.25%, 5/1/27
|
17,375
|
17,451
|
|
Oklahoma County Independent School
District No. 12 G.O. Unlimited
Bonds,
|
|
|
|
4.00%, 3/1/27
|
3,425
|
3,496
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 77.8%continued
|
||
|
Oklahoma – 1.6%continued
|
||
|
Oklahoma State Capitol Improvement
Authority State Highways Capital
Improvement Revenue Bonds,
Department of Transportation Project,
|
|
|
|
5.00%, 7/1/28
|
$510
|
$544
|
|
Tulsa County Industrial Authority
Educational Facilities Lease Revenue
Bonds, Broken Arrow Public Schools
Project,
|
|
|
|
5.00%, 9/1/27
|
8,480
|
8,886
|
|
Tulsa G.O. Unlimited Bonds, Series D,
|
|
|
|
3.00%, 10/1/26
|
3,000
|
3,000
|
|
|
|
46,678
|
|
Oregon – 1.5%
|
||
|
Clackamas & Washington Counties
Joint School District No. 3 West
Linn-Wilsonville G.O. Unlimited
Refunding Bonds (School Board
Guaranty Program),
|
|
|
|
5.00%, 6/15/27
|
2,810
|
2,937
|
|
5.00%, 6/15/28
|
6,700
|
7,153
|
|
Multnomah County School District No.
7 Reynolds G.O. Unlimited Bonds,
Series A (School Board Guaranty
Program),
|
|
|
|
5.00%, 6/15/26
|
2,225
|
2,226
|
|
Multnomah County School District No.
7 Reynolds G.O. Unlimited
Refunding Bonds (School Board
Guaranty Program),
|
|
|
|
5.00%, 6/15/27
|
4,680
|
4,878
|
|
5.00%, 6/15/28
|
695
|
739
|
|
Oregon State Department of
Administrative Services Lottery
Revenue Refunding Bonds, Series A,
|
|
|
|
5.00%, 4/1/27
|
5,000
|
5,201
|
|
5.00%, 4/1/28
|
10,000
|
10,633
|
|
Port of Portland Airport Revenue Bonds,
Series 28 (AMT),
|
|
|
|
5.00%, 7/1/25
|
2,500
|
2,500
|
|
Portland Sewer System Second Lien
Revenue Refunding Bonds,
|
|
|
|
5.00%, 6/1/27
|
5,000
|
5,225
|
|
|
June 30, 2025 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 77.8%continued
|
||
|
Oregon – 1.5%continued
|
||
|
Union County Hospital Facility Authority
Revenue Bonds, Grand Ronde
Hospital Project,
|
|
|
|
5.00%, 7/1/25
|
$125
|
$125
|
|
Washington County School District No.
48J Beaverton G.O. Unlimited
Bonds, Series B (School Board
Guaranty Program),
|
|
|
|
5.00%, 6/15/28
|
1,355
|
1,446
|
|
|
|
43,063
|
|
Pennsylvania – 4.5%
|
||
|
Allegheny County Higher Education
Building Authority College Variable
Revenue Refunding Bonds, Carnegie
Mellon University,
|
|
|
|
(Floating, U.S. SOFR + 0.29%),
3.40%, 8/1/27(3) (5)
|
5,000
|
4,976
|
|
Allegheny County Hospital
Development Authority UPMC
Variable Revenue Bonds,
|
|
|
|
(Floating, SIFMA Municipal Swap
Index Yield + 0.70%), 2.32%,
5/15/27(3) (5)
|
40,000
|
39,546
|
|
Bethlehem Area School District
Authority Variable Revenue
Refunding Bonds, Bethlehem Area
School (State Aid Withholding),
|
|
|
|
(Floating, U.S. SOFR + 0.35%),
3.33%, 11/1/25(3) (5)
|
1,250
|
1,246
|
|
Centre County Hospital Authority
Revenue Refunding Bonds, Mount
Nittany Medical Center Project,
Prerefunded,
|
|
|
|
5.00%, 11/15/25(7)
|
6,250
|
6,295
|
|
Delaware Valley Regional Financial
Authority Variable Revenue Bonds,
Series B,
|
|
|
|
(Floating, SIFMA Municipal Swap
Index Yield + 0.40%), 2.02%,
3/1/26(3) (5)
|
7,000
|
6,969
|
|
Delaware Valley Regional Financial
Authority Variable Revenue Bonds,
Series C,
|
|
|
|
(Floating, U.S. SOFR + 0.49%),
3.47%, 3/1/27(3) (5)
|
11,000
|
10,970
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 77.8%continued
|
||
|
Pennsylvania – 4.5%continued
|
||
|
Northampton County General Purpose
Authority Hospital Revenue
Refunding Bonds, St Luke's University
Health,
|
|
|
|
5.00%, 8/15/25
|
$1,400
|
$1,403
|
|
Pennsylvania State Economic
Development Financing Authority
UPMC Revenue Refunding Bonds,
Series B, UPMC Obligated Group,
|
|
|
|
5.00%, 3/15/27
|
2,680
|
2,771
|
|
5.00%, 3/15/28
|
3,500
|
3,675
|
|
Pennsylvania State G.O Unlimited
Bonds, Second Series of 2016,
|
|
|
|
5.00%, 9/15/27
|
7,170
|
7,355
|
|
Pennsylvania State G.O. Unlimited
Bonds, First Series of 2024, Bid
Group C,
|
|
|
|
5.00%, 8/15/27
|
9,415
|
9,870
|
|
Pennsylvania State G.O. Unlimited First
Refunding Bonds, Series A,
|
|
|
|
5.00%, 8/15/26
|
12,225
|
12,541
|
|
Pennsylvania State Higher Educational
Facilities Authority Revenue
Refunding Bonds, University of
Pennsylvania,
|
|
|
|
8/15/26(8)
|
2,240
|
2,294
|
|
Pennsylvania State Turnpike
Commission Registration Fee
Variable Revenue Refunding Bonds,
|
|
|
|
(Floating, SIFMA Municipal Swap
Index Yield + 0.85%), 2.47%,
7/15/26(3) (5)
|
2,500
|
2,495
|
|
Philadelphia G.O. Unlimited Refunding
Bonds, Series C,
|
|
|
|
5.00%, 8/1/28
|
2,725
|
2,899
|
|
Philadelphia Water & Wastewater
Revenue Refunding Bonds, Series B
(AGM Insured),
|
|
|
|
5.00%, 9/1/25
|
2,000
|
2,006
|
|
University of Pittsburgh - of The
Commonwealth System of Higher
Education Revenue Refunding Bonds,
|
|
|
|
4.00%, 4/15/26
|
14,110
|
14,217
|
|
|
|
131,528
|
|
Schedule of Investments
|
|
TAX-ADVANTAGED ULTRA-SHORT FIXED INCOME FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 77.8%continued
|
||
|
Rhode Island – 0.9%
|
||
|
Bristol Warren Regional School District
G.O. Unlimited BANS, Series 1,
|
|
|
|
5.00%, 6/4/26
|
$25,000
|
$25,425
|
|
Rhode Island State G.O. Unlimited
Refunding Bonds, Series C,
|
|
|
|
5.00%, 8/1/26
|
1,040
|
1,066
|
|
5.00%, 8/1/27
|
1,210
|
1,268
|
|
|
|
27,759
|
|
South Carolina – 0.3%
|
||
|
Greenville County School District
Installment Purchase Revenue
Refunding Bonds, South Carolina
Project,
|
|
|
|
5.00%, 12/1/25
|
3,125
|
3,150
|
|
Lancaster County School Public
Facilities Corp. Installment Purchase
Revenue Bonds, Lancaster County
Project,
|
|
|
|
5.00%, 6/1/26
|
375
|
382
|
|
South Carolina State Public Service
Authority Revenue Refunding Bonds,
Series B,
|
|
|
|
5.00%, 12/1/26
|
4,395
|
4,526
|
|
|
|
8,058
|
|
Tennessee – 1.1%
|
||
|
Johnson City Health & Educational
Facilities Board Multifamily Variable
Revenue Bonds, Tapestry At Roan
Hill (Housing & Urban Development
Sector 8 Program),
|
|
|
|
3.60%, 12/1/26(5) (6)
|
3,000
|
3,021
|
|
Metropolitan Government Nashville &
Davidson County Electric Revenue
Bonds, Series A,
|
|
|
|
5.00%, 5/15/26
|
1,000
|
1,021
|
|
Metropolitan Government Nashville &
Davidson County Electric Revenue
Refunding Bonds, Series B,
|
|
|
|
5.00%, 5/15/26
|
2,200
|
2,245
|
|
Metropolitan Government of Nashville
& Davidson County G.O. Unlimited
Improvement Bonds, Series C,
|
|
|
|
5.00%, 7/1/26
|
9,225
|
9,236
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 77.8%continued
|
||
|
Tennessee – 1.1%continued
|
||
|
Metropolitan Nashville Airport
Authority Subordinate Revenue
Bonds, Series B (AMT),
|
|
|
|
5.00%, 7/1/25
|
$1,200
|
$1,200
|
|
Tennessee Housing Development
Agency Residential Finance Program
Revenue Bonds, Series 2B,
|
|
|
|
3.30%, 1/1/28
|
1,750
|
1,750
|
|
Tennessee State G.O. Unlimited Bonds,
Series A,
|
|
|
|
5.00%, 5/1/26
|
12,680
|
12,923
|
|
|
|
31,396
|
|
Texas – 7.4%
|
||
|
Aldine Independent School District
G.O. Unlimited Bonds (PSF, Gtd.),
|
|
|
|
5.00%, 2/15/27
|
1,450
|
1,506
|
|
Arlington Independent School District
G.O. Unlimited Bonds (PSF, Gtd.),
|
|
|
|
5.00%, 2/15/27
|
13,965
|
14,507
|
|
Austin G.O. Limited Refunding Bonds,
|
|
|
|
5.00%, 9/1/25
|
3,225
|
3,236
|
|
Austin Independent School District G.O.
Unlimited Bonds,
|
|
|
|
5.00%, 8/1/25
|
5,000
|
5,008
|
|
Austin Independent School District G.O.
Unlimited Refunding Bonds, Series A
(PSF, Gtd.), Prerefunded,
|
|
|
|
5.00%, 8/1/25(7)
|
2,035
|
2,038
|
|
Austin Water & Wastewater System
Revenue Refunding Bonds,
|
|
|
|
5.00%, 11/15/25
|
1,000
|
1,008
|
|
Central Texas Regional Mobility
Authority Senior Lien Revenue Bonds,
Series A, Prerefunded,
|
|
|
|
5.00%, 7/1/25(7)
|
8,890
|
8,890
|
|
5.00%, 7/1/25(7)
|
7,085
|
7,085
|
|
Clifton Higher Education Finance Corp.
Education Revenue Refunding Bonds,
International Leadership of Texas,
Inc. (PSF, Gtd.),
|
|
|
|
5.00%, 2/15/27
|
3,000
|
3,102
|
|
Collin County Community College
District G.O. Limited Bonds, Series A,
|
|
|
|
5.00%, 8/15/25
|
1,760
|
1,764
|
|
|
June 30, 2025 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 77.8%continued
|
||
|
Texas – 7.4%continued
|
||
|
Collin County Community College
District G.O. Unlimited Bonds,
|
|
|
|
5.00%, 8/15/27
|
$5,580
|
$5,843
|
|
Collin County Permanent Improvement
G.O. Limited Bonds,
|
|
|
|
5.00%, 2/15/26
|
2,315
|
2,347
|
|
5.00%, 2/15/26
|
1,030
|
1,044
|
|
Dallas G.O. Limited Bonds, Series A,
|
|
|
|
5.00%, 8/15/27
|
1,160
|
1,216
|
|
Dallas Improvement G.O. Limited
Refunding Bonds,
|
|
|
|
5.00%, 2/15/26
|
4,000
|
4,051
|
|
Dallas Independent School District
G.O. Unlimited Bonds, Series C (PSF,
Gtd.),
|
|
|
|
5.00%, 2/15/28
|
12,000
|
12,720
|
|
Dallas Independent School District
G.O. Unlimited Refunding Bonds,
Series B (PSF, Gtd.),
|
|
|
|
5.00%, 2/15/27
|
975
|
1,013
|
|
5.00%, 2/15/28
|
2,285
|
2,422
|
|
El Paso County Certificates of
Obligation G.O. Limited Bonds,
|
|
|
|
8/15/26(8)
|
1,275
|
1,306
|
|
El Paso County G.O. Limited Bonds,
|
|
|
|
8/15/26(8)
|
4,000
|
4,096
|
|
Fort Bend Independent School District
G.O. Unlimited Refunding Bonds,
Series A (PSF, Gtd.),
|
|
|
|
5.00%, 8/15/26
|
1,360
|
1,395
|
|
Fort Worth Independent School District
G.O. Unlimited Refunding Bonds
(PSF, Gtd.),
|
|
|
|
5.00%, 2/15/27
|
2,570
|
2,670
|
|
Fort Worth Water & Sewer System
Revenue Refunding Bonds,
|
|
|
|
4.00%, 2/15/27
|
4,455
|
4,557
|
|
Frisco Independent School District G.O.
Unlimited Refunding Bonds (PSF,
Gtd.),
|
|
|
|
5.00%, 2/15/28
|
4,850
|
5,141
|
|
Garland Certificates of Obligation
G.O. Limited Bonds,
|
|
|
|
5.00%, 2/15/27
|
1,000
|
1,035
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 77.8%continued
|
||
|
Texas – 7.4%continued
|
||
|
Harris County Flood Control District
G.O. Limited Bonds, Series A,
|
|
|
|
5.00%, 10/1/25
|
$1,500
|
$1,507
|
|
Harris County Flood Control District
G.O. Limited Bonds, Series A,
Sustainability Bond,
|
|
|
|
5.00%, 10/1/25
|
375
|
377
|
|
Harris County Permanent Improvement
G.O. Limited Refunding Bonds,
Series A,
|
|
|
|
5.00%, 10/1/25
|
1,825
|
1,835
|
|
Houston Independent School District
G.O. Limited Refunding Bonds,
Series B (PSF, Gtd.),
|
|
|
|
5.00%, 2/15/27
|
9,000
|
9,349
|
|
Houston Independent School District
Public Facility Corp. Lease Revenue
Refunding Bonds,
|
|
|
|
5.00%, 9/15/25
|
1,880
|
1,887
|
|
Houston Utility System Subordinate First
Lien Revenue Refunding Bonds,
|
|
|
|
5.00%, 11/15/25
|
10,000
|
10,082
|
|
Irving Waterworks & Sewer Revenue
Refunding Bonds,
|
|
|
|
5.00%, 8/15/26
|
1,585
|
1,624
|
|
Lower Colorado River Authority
Revenue Refunding Bonds, Series D,
|
|
|
|
5.00%, 5/15/30
|
4,450
|
4,456
|
|
Lower Colorado River Authority
Transmission Contract Revenue
Refunding Bonds, LCRA Transmission
Services,
|
|
|
|
5.00%, 5/15/27
|
4,000
|
4,147
|
|
Lubbock Electric Light & Power System
Revenue Refunding Bonds,
|
|
|
|
5.00%, 4/15/26
|
675
|
686
|
|
Maricopa County Industrial
Development Authority Education
Revenue Bonds, Legacy Traditional
Schools Project,
|
|
|
|
5.00%, 5/15/27
|
2,100
|
2,177
|
|
North Texas State Municipal District
Water System Revenue Refunding &
Improvement Bonds,
|
|
|
|
5.00%, 9/1/26
|
5,000
|
5,009
|
|
Schedule of Investments
|
|
TAX-ADVANTAGED ULTRA-SHORT FIXED INCOME FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 77.8%continued
|
||
|
Texas – 7.4%continued
|
||
|
North Texas State Municipal Water
District Water System Revenue
Refunding Bonds,
|
|
|
|
9/1/27(8)
|
$3,450
|
$3,607
|
|
North Texas Tollway Authority Revenue
Refunding Bonds, Series A, First Tier,
|
|
|
|
5.00%, 1/1/26
|
4,000
|
4,046
|
|
Oklahoma County Independent School
District 1, Putnam City Board of
Education Revenue Bonds,
|
|
|
|
5.00%, 5/15/28
|
1,565
|
1,657
|
|
Pasadena Independent School District
G.O. Unlimited Refunding Bonds,
|
|
|
|
5.00%, 2/15/26
|
1,000
|
1,013
|
|
Pearland Independent School District
G.O. Unlimited Refunding Bonds
(PSF, Gtd.),
|
|
|
|
5.00%, 2/15/28
|
1,500
|
1,589
|
|
Plano G.O. Limited Refunding Bonds,
|
|
|
|
5.00%, 9/1/27
|
3,250
|
3,410
|
|
Plano Independent School District G.O.
Unlimited Bonds (PSF, Gtd.),
|
|
|
|
5.00%, 2/15/27
|
11,000
|
11,414
|
|
Prosper Independent School District
G.O. Unlimited Refunding Bonds
(PSF, Gtd.),
|
|
|
|
5.00%, 2/15/27
|
2,110
|
2,188
|
|
Richardson City G.O. Limited Bonds,
|
|
|
|
5.00%, 2/15/27
|
2,000
|
2,074
|
|
Round Rock Independent School District
G.O. Unlimited Refunding Bonds,
Series A (PSF, Gtd.),
|
|
|
|
5.00%, 8/1/26
|
7,440
|
7,630
|
|
San Antonio Electric & Gas Junior Lien
Variable Revenue Bonds,
|
|
|
|
(Floating, SIFMA Municipal Swap
Index Yield + 0.87%), 2.49%,
12/1/25(3) (5)
|
10,000
|
9,996
|
|
San Antonio Electric & Gas Revenue
Refunding Bonds,
|
|
|
|
5.00%, 2/1/27
|
4,745
|
4,921
|
|
San Antonio Independent School
District G.O. Unlimited Refunding
Bonds, Series B (PSF, Gtd.),
|
|
|
|
5.00%, 8/15/26
|
1,590
|
1,630
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 77.8%continued
|
||
|
Texas – 7.4%continued
|
||
|
Texas State Affordable Housing Corp.
Multifamily Housing Variable
Revenue Bonds, Norman Commons,
|
|
|
|
3.63%, 1/1/27(5) (6)
|
$3,400
|
$3,427
|
|
Texas State G.O. Unlimited Refunding
Bonds, Series B,
|
|
|
|
5.00%, 8/1/25
|
5,040
|
5,048
|
|
Texas State G.O. Unlimited Refunding
Bonds, Series B-1,
|
|
|
|
5.00%, 8/1/25
|
2,000
|
2,003
|
|
Texas State Water Development Board
Revolving Fund Revenue Bonds,
|
|
|
|
5.00%, 8/1/26
|
3,865
|
3,964
|
|
University of Texas Revenue Bonds,
Series E,
|
|
|
|
5.00%, 8/15/25
|
2,695
|
2,701
|
|
Williamson County G.O. Unlimited
Bonds,
|
|
|
|
5.00%, 2/15/27
|
900
|
934
|
|
|
|
215,388
|
|
Virginia – 0.6%
|
||
|
Spotsylvania County Water & Sewer
System Revenue Refunding Bonds,
|
|
|
|
5.00%, 6/1/26
|
1,000
|
1,002
|
|
Virginia State Public School Authority
School Financing Revenue Refunding
Bonds, 1997 Resolution, Series B
(State Aid Withholding),
|
|
|
|
5.00%, 8/1/28
|
12,460
|
13,328
|
|
Virginia State Resources Authority
Infrastructure Revenue Refunding
Bonds, Virginia Pooled Financing
Program,
|
|
|
|
5.00%, 11/1/27
|
2,095
|
2,211
|
|
|
|
16,541
|
|
Washington – 4.9%
|
||
|
Central Puget Sound Regional Transit
Authority Sales & Use Tax Variable
Revenue Bonds, Series 2015S,
Green Bond,
|
|
|
|
(Floating, SIFMA Municipal Swap
Index Yield + 0.20%), 1.82%,
11/1/26(3) (5)
|
24,000
|
23,805
|
|
|
June 30, 2025 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 77.8%continued
|
||
|
Washington – 4.9%continued
|
||
|
Chelan County Public Utility District No.
1 Revenue Refunding Bonds, Series
A,
|
|
|
|
5.00%, 7/1/25
|
$1,000
|
$1,000
|
|
Clark County School District No. 114
G.O. Unlimited Bonds (School Board
Guaranty Program),
|
|
|
|
5.00%, 12/1/25
|
2,750
|
2,773
|
|
Energy Northwest Electric Revenue
Refunding Bonds, Series A, Project 1,
|
|
|
|
5.00%, 7/1/28
|
3,260
|
3,483
|
|
Energy Northwest Electric Subordinate
Revenue Refunding Bonds, Series A,
Project 1,
|
|
|
|
5.00%, 7/1/28
|
7,565
|
7,565
|
|
Grant County Public Utility District No.
2 Priest Rapids Hydroelectric
Revenue Refunding Bonds, Series A,
Prerefunded,
|
|
|
|
5.00%, 1/1/26(7)
|
2,335
|
2,359
|
|
King & Pierce County School District
No. 408 Auburn G.O. Unlimited
Refunding Bonds (School Board
Guaranty Program),
|
|
|
|
5.00%, 12/1/25
|
1,350
|
1,362
|
|
King County G.O. Limited Refunding
Bonds, Series B,
|
|
|
|
5.00%, 12/1/26
|
6,730
|
6,955
|
|
King County School District No. 400
Mercer Island G.O. Unlimited
Refunding Bonds (School Board
Guaranty Program),
|
|
|
|
5.00%, 12/1/26
|
1,750
|
1,808
|
|
King County School District No. 401
Highline G.O. Unlimited Refunding
Bonds, Series B (School Board
Guaranty Program),
|
|
|
|
5.00%, 12/1/25
|
2,700
|
2,725
|
|
Port of Seattle Intermediate Lien
Revenue Bonds (AMT),
|
|
|
|
5.00%, 4/1/28
|
2,055
|
2,144
|
|
Seattle Municipal Light & Power
Variable Revenue Refunding Bonds,
Series B,
|
|
|
|
(Floating, SIFMA Municipal Swap
Index Yield + 0.25%), 1.87%,
11/1/26(3) (5)
|
7,520
|
7,436
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 77.8%continued
|
||
|
Washington – 4.9%continued
|
||
|
Washington State COPS, State & Local
Agency Real & Personal Property,
|
|
|
|
5.00%, 1/1/28
|
$6,800
|
$7,187
|
|
Washington State G.O. Unlimited
Refunding Bonds, Series R 2022-C,
Bid Group 1,
|
|
|
|
5.00%, 7/1/25
|
7,000
|
7,000
|
|
Washington State G.O. Unlimited
Refunding Bonds, Series R-2022C,
Bid Group 1,
|
|
|
|
4.00%, 7/1/26
|
2,125
|
2,154
|
|
Washington State G.O. Unlimited
Refunding Bonds, Series R-2022C,
Bid Group 2,
|
|
|
|
4.00%, 7/1/27
|
6,000
|
6,172
|
|
Washington State G.O. Unlimited
Refunding Bonds, Series R-2022D,
Group 1,
|
|
|
|
5.00%, 7/1/25
|
2,265
|
2,265
|
|
Washington State G.O. Unlimited
Refunding Bonds, Series R-2023B,
|
|
|
|
5.00%, 7/1/26
|
9,465
|
9,688
|
|
Washington State G.O. Unlimited
Refunding Bonds, Series R-2024A,
|
|
|
|
5.00%, 2/1/27
|
4,325
|
4,488
|
|
Washington State G.O. Unlimited
Refunding Bonds, Series R-2024C,
|
|
|
|
5.00%, 8/1/26
|
15,720
|
16,121
|
|
Washington State G.O. Unlimited
Refunding Bonds, Series R-2025B,
|
|
|
|
5.00%, 7/1/27
|
22,525
|
23,608
|
|
Washington State Health Care Facilities
Authority Revenue Refunding Bonds,
Series B, Multicare Health System,
|
|
|
|
5.00%, 8/15/25
|
450
|
451
|
|
|
|
142,549
|
|
West Virginia – 0.0%
|
||
|
West Virginia State Housing
Development Fund Sustainable
Revenue Bonds, Series D,
|
|
|
|
3.50%, 5/1/26
|
500
|
500
|
|
3.55%, 11/1/26
|
475
|
476
|
|
|
|
976
|
|
Schedule of Investments
|
|
TAX-ADVANTAGED ULTRA-SHORT FIXED INCOME FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 77.8%continued
|
||
|
Wisconsin – 0.4%
|
||
|
Madison Metropolitan School District
G.O. Unlimited Promissory Notes,
Series A,
|
|
|
|
5.00%, 3/1/27
|
$1,825
|
$1,896
|
|
5.00%, 3/1/28
|
2,560
|
2,717
|
|
PMA Levy & Aid Revenue Notes, Series
A, Anticipation Notes Program,
|
|
|
|
5.00%, 9/24/25
|
7,980
|
8,012
|
|
|
|
12,625
|
|
Wyoming – 0.1%
|
||
|
Sweetwater County 2023 Specific
Purpose Tax Joint Powers Board
Revenue Bonds,
|
|
|
|
6.00%, 6/15/26
|
2,655
|
2,732
|
|
Total Municipal Bonds
|
|
|
|
(Cost $2,264,425)
|
|
2,268,080
|
|
|
NUMBER
OF SHARES
|
VALUE
(000S)
|
|
INVESTMENT COMPANIES – 0.6%
|
||
|
Northern Institutional Funds -
U.S. Government Portfolio (Shares),
4.15%(10) (11)
|
16,989,626
|
$16,990
|
|
Total Investment Companies
|
|
|
|
(Cost $16,990)
|
|
16,990
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
SHORT-TERM INVESTMENTS – 10.1%
|
||
|
Alvarado Independent School District
Variable G.O. Unlimited Bonds (PSF,
Gtd.),
|
|
|
|
2.75%, 8/15/25(5) (6)
|
$2,000
|
$1,997
|
|
Austin Public Improvements G.O.
Limited Refunding Bonds,
|
|
|
|
5.00%, 9/1/25
|
4,400
|
4,414
|
|
Baltimore County G.O. Unlimited
Refunding Bonds, Metropolitan
District Bond,
|
|
|
|
5.00%, 7/1/25
|
5,945
|
5,945
|
|
Bedford City School District G.O.
Unlimited Notes (State Standby NT
Purchase),
|
|
|
|
4.50%, 9/4/25
|
23,580
|
23,641
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
SHORT-TERM INVESTMENTS - 10.1%continued
|
||
|
California State Health Facilities
Financing Authority Revenue
Refunding Bonds, Providence St.
Joseph Health,
|
|
|
|
2.00%, 10/1/25(5) (6)
|
$8,225
|
$8,204
|
|
California State Municipal Finance
Authority Solid Waste Disposal
Variable Revenue Bonds (AMT),
Series A, Waste Management, Inc.,
|
|
|
|
4.13%, 10/1/25(5) (6)
|
4,000
|
4,000
|
|
Charleston G.O. Unlimited Bonds,
Series A (State Aid Withholding),
|
|
|
|
5.00%, 9/1/25
|
3,970
|
3,983
|
|
Charleston G.O. Unlimited Bonds,
Series B (State Aid Withholding),
|
|
|
|
5.00%, 9/1/25
|
5,545
|
5,564
|
|
Clifton Higher Education Finance Corp.
Revenue Refunding Bonds,
International Leadership of Texas
(PSF, Gtd.),
|
|
|
|
5.00%, 2/15/26
|
2,225
|
2,252
|
|
Connecticut State Health & Educational
Facilities Authority Variable Revenue
Bonds, Series A,
|
|
|
|
2.80%, 2/10/26(5) (6)
|
5,000
|
4,968
|
|
Connecticut State Health & Educational
Facilities Authority Variable Revenue
Bonds, Series C-2,
|
|
|
|
2.80%, 2/3/26(5) (6)
|
9,635
|
9,581
|
|
Cuyahoga Metropolitan Housing
Authority Multifamily Housing
Variable Revenue Bonds, Wade Park
Apartments (FHA Insured, HUD
Sector 8 Program),
|
|
|
|
4.75%, 12/1/25(5) (6)
|
2,000
|
2,011
|
|
Denver City & County Refunding COPS,
Willington E. Webb Municipal,
|
|
|
|
5.00%, 12/1/25
|
5,000
|
5,038
|
|
Essex County Improvement Authority
Revenue Notes, Essex County Family
Court Building Project (County Gtd.),
|
|
|
|
5.00%, 3/17/26
|
2,485
|
2,521
|
|
Fraser Public Schools District G.O.
Unlimited Refunding Bonds (Q-SBLF
Insured),
|
|
|
|
5.00%, 5/1/26
|
1,415
|
1,439
|
|
|
June 30, 2025 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
SHORT-TERM INVESTMENTS - 10.1%continued
|
||
|
Garland Certificates of Obligation
G.O. Limited Bonds,
|
|
|
|
5.00%, 2/15/26
|
$1,000
|
$1,013
|
|
Great Lakes Water Authority Sewage
Disposal System Senior Lien Revenue
Refunding Bonds, Series A,
|
|
|
|
5.00%, 7/1/25
|
9,410
|
9,410
|
|
Great Lakes Water Authority Water
Supply System Second Lien Revenue
Refunding Bonds, Series A,
|
|
|
|
5.00%, 7/1/25
|
2,500
|
2,500
|
|
Harris County-Houston Sports Authority
Senior Lien Revenue Refunding
Bonds, Series A (AGC Insured),
|
|
|
|
5.00%, 11/15/25
|
15,430
|
15,539
|
|
Indiana State Finance Authority Health
System Revenue Bonds, Indiana
University Health,
|
|
|
|
2.25%, 7/1/25(5) (6)
|
10,000
|
10,000
|
|
Indiana State Finance Authority
Revenue Refunding Bonds, Series A,
Stadium Project,
|
|
|
|
5.00%, 2/1/26
|
5,000
|
5,059
|
|
Knox County Health Educational &
Housing Facility Board Multifamily
Housing Variable Revenue Bonds,
Westview Towers Project (HUD
Sector 8 Program),
|
|
|
|
3.95%, 12/1/25(5) (6)
|
3,500
|
3,505
|
|
Long Beach Unified School District
G.O. Unlimited Bonds, Series C,
|
|
|
|
5.00%, 5/15/26
|
2,800
|
2,850
|
|
Long Beach Unified School District
G.O. Unlimited Bonds, Series C,
Election of 2016,
|
|
|
|
5.00%, 8/1/25
|
9,090
|
9,105
|
|
Los Angeles TRANS,
|
|
|
|
6/25/26(8)
|
12,625
|
12,880
|
|
Maryland State G.O. Unlimited
Refunding Bonds, Series B,
|
|
|
|
4.00%, 8/1/25
|
16,725
|
16,739
|
|
Miami-Dade County HFA MFH Revenue
Variable Revenue Bonds, Quail Roost
Transit Village I (HUD Sector 8
Program),
|
|
|
|
5.00%, 9/1/25(5) (6)
|
2,500
|
2,507
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
SHORT-TERM INVESTMENTS - 10.1%continued
|
||
|
Michigan State Finance Authority
Revenue Notes, Series A-1 (State Aid
Withholding),
|
|
|
|
5.00%, 7/21/25
|
$6,655
|
$6,662
|
|
Minnesota State G.O. Unlimited
Refunding Bonds, Series D,
|
|
|
|
5.00%, 8/1/25
|
17,800
|
17,830
|
|
Monroe County Development Authority
Pollution Control Variable Revenue
Refunding Bonds, Georgia Power
Company Plant Scherer,
|
|
|
|
3.88%, 3/6/26(5) (6)
|
1,000
|
1,003
|
|
Montgomery County G.O. Unlimited
Refunding Bonds, Series C,
|
|
|
|
5.00%, 10/1/25
|
2,585
|
2,599
|
|
Natomas Unified School District G.O.
Unlimited Refunding Bonds,
|
|
|
|
5.00%, 8/1/25
|
9,280
|
9,296
|
|
New Jersey State EDA School Facilities
Construction Revenue Refunding
Bonds, Series GGG,
|
|
|
|
5.25%, 9/1/25
|
3,000
|
3,010
|
|
New York G.O. Unlimited Bonds,
Subseries J-4,
|
|
|
|
5.00%, 8/1/25
|
10,840
|
10,858
|
|
North Carolina State Medical Care
Commission Health Care Facilities
Revenue Refunding Bonds, Series A,
Duke University Health System,
|
|
|
|
5.00%, 6/1/26
|
3,055
|
3,114
|
|
North Carolina State Revenue
Refunding GARVEE Bonds,
|
|
|
|
5.00%, 3/1/26
|
4,020
|
4,079
|
|
Oklahoma State Capitol Improvement
Authority State Highways Capital
Improvement Revenue Refunding
Bonds, Department of Transportation
Project,
|
|
|
|
5.00%, 7/1/25
|
3,900
|
3,900
|
|
Pennsylvania State G.O. Unlimited First
Refunding Bonds, Series B,
|
|
|
|
5.00%, 8/15/25
|
20,000
|
20,050
|
|
Platte County Reorganized School
District No. R-3 G.O. Unlimited
Bonds,
|
|
|
|
6.25%, 3/1/26
|
2,690
|
2,751
|
|
Schedule of Investments
|
|
TAX-ADVANTAGED ULTRA-SHORT FIXED INCOME FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
SHORT-TERM INVESTMENTS - 10.1%continued
|
||
|
PMA Levy & Aid Revenue Notes, Series
A, Anticipation Notes Program,
|
|
|
|
5.00%, 8/26/25
|
$9,690
|
$9,718
|
|
5.00%, 9/24/25
|
10,000
|
10,040
|
|
Rockford Public School District G.O.
Unlimited Bonds, Series III (Q-SBLF
Insured),
|
|
|
|
5.00%, 5/1/26
|
6,185
|
6,289
|
|
San Antonio Housing Trust Public
Facility Corp. MFH Variable Revenue
Bonds, Country Club Village,
|
|
|
|
4.00%, 8/1/25(5) (6)
|
1,500
|
1,500
|
|
Seminole County School District Sales
TRB (AG Insured),
|
|
|
|
5.00%, 10/1/25
|
4,180
|
4,201
|
|
Total Short-Term Investments
|
|
|
|
(Cost $293,607)
|
293,565
|
|
|
|
|
|
|
Total Investments – 101.9%
|
|
|
|
(Cost $2,964,948)
|
2,969,829
|
|
|
Liabilities less Other Assets – (1.9%)
|
(55,050
)
|
|
|
NET ASSETS – 100.0%
|
$2,914,779
|
|
|
(1)
|
Security exempt from registration pursuant to Rule 144A under the Securities
Act of 1933, as amended. These securities may be resold in transactions
exempt from registration to qualified institutional investors. At June 30,
2025, the value of these securities amounted to approximately
$60,814,000 or 2.1% of net assets.
|
|
(2)
|
Step coupon bond. Rate as of June 30, 2025 is disclosed.
|
|
(3)
|
Variable or floating rate security. Rate as of June 30, 2025 is disclosed.
|
|
(4)
|
Variable or floating rate security. Security issued at a fixed coupon rate,
which converts to a variable rate at a future date. Rate shown is the rate in
effect as of June 30, 2025.
|
|
(5)
|
Maturity date represents the puttable date.
|
|
(6)
|
Variable or floating rate security. These securities are remarketed by an
agent, and the rate at which these securities are set are determined by
general market conditions and supply and demand. Rate as of June 30,
2025 is disclosed.
|
|
(7)
|
Maturity date represents the prerefunded date.
|
|
(8)
|
When-Issued Security. Coupon rate is not in effect at June 30, 2025.
|
|
(9)
|
Zero coupon bond.
|
|
(10)
|
Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the
investment adviser to the Fund and the investment adviser to Northern
Institutional Funds.
|
|
(11)
|
7-day current yield as of June 30, 2025 is disclosed.
|
|
|
|
EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT
THE SCHEDULE OF INVESTMENTS:
|
|
|
|
AGC - Assured Guaranty Corporation
|
|
|
|
AGM - Assured Guaranty Municipal Corporation
|
|
|
|
AMT - Alternative Minimum Tax
|
|
|
|
BAM - Build America Mutual
|
|
|
|
BANS - Bond Anticipation Notes
|
|
|
|
COPS - Certificates of Participation
|
|
|
|
CR - Custody Receipt
|
|
|
|
CWA - Clean Water Act
|
|
|
|
EDA - Economic Development Authority
|
|
|
|
FHA - Federal Housing Administration
|
|
|
|
FHLMC - Federal Home Loan Mortgage Corporation
|
|
|
|
FNMA - Federal National Mortgage Association
|
|
|
|
G.O. - General Obligation
|
|
|
|
GANS - Grant Anticipation Notes
|
|
|
|
GARVEE - Grant Anticipation Revenue Vehicle
|
|
|
|
GNMA - Government National Mortgage Association
|
|
|
|
Gtd. - Guaranteed
|
|
|
|
HDA - Housing Development Authority
|
|
|
|
HFA - Housing Finance Authority
|
|
|
|
HUD - Housing and Urban Development
|
|
|
|
IDA - Industrial Development Authority
|
|
|
|
LCRA - Lower Colorado River Authority
|
|
|
|
MFH - Multi-Family Housing
|
|
|
|
PSF - Permanent School Fund
|
|
|
|
Q-SBLF - Qualified School Bond Loan Fund
|
|
|
|
SIFMA - Securities Industry and Financial Markets Association
|
|
|
|
SOFR - Secured Overnight Financing Rate
|
|
|
|
TCRS - Transferable Custodial Receipts
|
|
|
|
TRANS - Tax and Revenue Anticipation Notes
|
|
|
|
TRB - Tax Revenue Bonds
|
|
|
June 30, 2025 (UNAUDITED)
|
|
INVESTMENTS
|
LEVEL 1
(000s)
|
LEVEL 2
(000s)
|
LEVEL 3
(000s)
|
TOTAL
(000s)
|
|
Asset-Backed Securities(1)
|
$—
|
$34,163
|
$—
|
$34,163
|
|
Commercial Paper(1)
|
—
|
109,496
|
—
|
109,496
|
|
Corporate Bonds(1)
|
—
|
131,697
|
—
|
131,697
|
|
Foreign Issuer Bonds(1)
|
—
|
115,838
|
—
|
115,838
|
|
Municipal Bonds(1)
|
—
|
2,268,080
|
—
|
2,268,080
|
|
Investment Companies
|
16,990
|
—
|
—
|
16,990
|
|
Short-Term Investments
|
—
|
293,565
|
—
|
293,565
|
|
Total Investments
|
$16,990
|
$2,952,839
|
$—
|
$2,969,829
|
|
(1)
|
Classifications as defined in the Schedule of Investments.
|
|
AFFILIATE
|
VALUE,
BEGINNING
OF PERIOD
(000S)
|
PURCHASES
(000S)
|
SALES
PROCEEDS
(000S)
|
DIVIDEND
OR INTEREST
INCOME
(000S)
|
VALUE,
END OF PERIOD
(000S)
|
SHARES, END
OF PERIOD
|
|
Northern Institutional Funds - U.S. Government Portfolio (Shares)
|
$28,926
|
$564,258
|
$576,194
|
$432
|
$16,990
|
16,989,626
|
|
Schedule of Investments
|
|
TAX-EXEMPT FUND
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS – 98.3%
|
||
|
Alabama – 2.4%
|
||
|
Black Belt Energy District Gas Project
Revenue Bonds, Series B,
|
|
|
|
5.00%, 9/1/32(1) (2)
|
$1,500
|
$1,579
|
|
Black Belt Energy District Gas Project
Revenue Bonds, Series D,
|
|
|
|
5.00%, 11/1/32
|
4,000
|
4,250
|
|
Black Belt Energy Gas District Gas
Supply Revenue Refunding Bonds,
Series D1,
|
|
|
|
4.00%, 6/1/27(1) (2)
|
5,000
|
5,042
|
|
Jefferson County Sewer Revenue
Refunding Warrants,
|
|
|
|
5.50%, 10/1/53
|
2,425
|
2,486
|
|
Limestone County Water & Sewer
Revenue Bonds,
|
|
|
|
5.00%, 12/1/44
|
500
|
518
|
|
Southeast Energy Authority Commodity
Supply Variable Revenue Bonds,
Series A-1, Project No. 3,
|
|
|
|
5.50%, 12/1/29(1) (2)
|
1,000
|
1,067
|
|
Southeast Energy Authority
Cooperative District Energy Supply
Revenue Bonds, Series C,
|
|
|
|
5.00%, 2/1/31(1) (2)
|
3,000
|
3,168
|
|
|
|
18,110
|
|
Alaska – 0.3%
|
||
|
Anchorage Port Revenue Bonds, Series
A (AMT),
|
|
|
|
5.50%, 2/1/33
|
2,120
|
2,377
|
|
Arizona – 1.5%
|
||
|
Arizona Board of Regents State
University System Revenue Refunding
Bonds, Series B,
|
|
|
|
5.00%, 7/1/43
|
2,000
|
2,018
|
|
Arizona State IDA National Charter
School Revolving Loan Fund Revenue
Bonds, Equitable School Revenue,
Social Bonds,
|
|
|
|
4.00%, 11/1/46
|
1,000
|
838
|
|
Maricopa County Industrial
Development Authority Variable
Revenue Bonds, Series A-2, Banner
Health,
|
|
|
|
5.00%, 5/15/28(1) (2)
|
4,000
|
4,198
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 98.3%continued
|
||
|
Arizona – 1.5%continued
|
||
|
Maricopa County Roosevelt Elementary
School District No. 66 G.O.
Unlimited Bonds (BAM Insured),
|
|
|
|
5.00%, 7/1/40
|
$730
|
$766
|
|
Phoenix Civic Improvement Corp.
Airport Senior Lien Revenue
Refunding Bonds (AMT),
|
|
|
|
5.00%, 7/1/31
|
2,500
|
2,698
|
|
Pinal County Unified School District No.
20 G.O. Unlimited Bonds, Series A,
Maricopa Project of 2024 (BAM
Insured),
|
|
|
|
5.00%, 7/1/43
|
1,000
|
1,038
|
|
|
|
11,556
|
|
Arkansas – 0.4%
|
||
|
Little Rock School District G.O. Limited
Refunding Bonds, Series A (AGM
Insured State Aid Withholding),
|
|
|
|
2.00%, 2/1/34
|
2,610
|
2,149
|
|
2.25%, 2/1/41
|
1,000
|
666
|
|
|
|
2,815
|
|
California – 7.8%
|
||
|
Alameda Corridor Transportation
Authority Senior Lien Convertible
Revenue Refunding CABS, Series A,
|
|
|
|
(Step to 5.40% on 10/1/37),
0.00%, 10/1/50(3)
|
1,500
|
835
|
|
California Community Choice Financing
Authority Clean Energy Project
Revenue Bonds, Green Bond, Series
B-1,
|
|
|
|
4.00%, 8/1/31(1) (2)
|
1,095
|
1,088
|
|
California Community Choice Financing
Authority Revenue Bonds, Clean
Energy Project,
|
|
|
|
5.00%, 4/1/32(1) (2)
|
9,000
|
9,483
|
|
California Community Choice Financing
Authority Sustainable Revenue
Bonds, Clean Energy Project,
|
|
|
|
5.00%, 8/1/33(1) (2)
|
3,000
|
3,216
|
|
California Community Choice Financing
Authority Variable Sustainable
Revenue Bonds, Clean Energy
Project,
|
|
|
|
5.00%, 9/1/32(1) (2)
|
6,895
|
7,334
|
|
|
June 30, 2025 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 98.3%continued
|
||
|
California – 7.8%continued
|
||
|
California Housing Finance Agency
Municipal Certificates Revenue
Bonds, Series 2021-1, Class A
Certificates,
|
|
|
|
3.50%, 11/20/35
|
$3,270
|
$3,051
|
|
California School Finance Authority
Educational Facilities Revenue Bonds,
Series A,
|
|
|
|
4.00%, 7/1/55
|
1,075
|
859
|
|
California State G.O. Unlimited Bonds,
Series 2007, Unrefunded Balance,
|
|
|
|
5.75%, 5/1/30
|
75
|
75
|
|
California State Health Facilities
Financing Authority Variable
Revenue Bonds, Providence St.
Joseph Health,
|
|
|
|
10/1/32(1) (4)
|
2,500
|
2,690
|
|
California State Municipal Finance
Authority Student Housing Revenue
Bonds, CHF-Davis I, LLC -West
Village,
|
|
|
|
5.00%, 5/15/43
|
2,000
|
1,992
|
|
California State Municipal Finance
Authority Student Housing Revenue
Bonds, Orchard Park Student
Housing Project, Green Bonds (BAM
Insured),
|
|
|
|
3.00%, 5/15/54
|
1,000
|
708
|
|
California State Various Purpose G.O.
Unlimited Bonds,
|
|
|
|
5.25%, 10/1/39
|
5,000
|
5,050
|
|
Los Angeles Department of Airports
Revenue Refunding Bonds, Series B
(AMT),
|
|
|
|
5.00%, 5/15/34
|
3,000
|
3,077
|
|
Los Angeles Department of Airports
Senior Revenue Bonds, Series C
(AMT),
|
|
|
|
5.00%, 5/15/33
|
3,500
|
3,686
|
|
Los Angeles Department of Water &
Power System Revenue Bonds, Series
C,
|
|
|
|
5.00%, 7/1/37
|
2,380
|
2,431
|
|
Los Angeles Department of Water &
Power Waterworks Revenue Bonds,
Series A,
|
|
|
|
5.00%, 7/1/50
|
1,245
|
1,254
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 98.3%continued
|
||
|
California – 7.8%continued
|
||
|
Los Angeles Department of Water &
Power Waterworks Revenue
Refunding Bonds, Series A,
|
|
|
|
5.00%, 7/1/38
|
$1,300
|
$1,302
|
|
Los Angeles Department of Water &
Power Waterworks Revenue
Refunding Bonds, Series B,
|
|
|
|
5.00%, 7/1/36
|
1,370
|
1,461
|
|
San Francisco Bay Area Rapid Transit
District G.O. Unlimited Bonds,
Election of 2016, Green Bonds,
|
|
|
|
4.00%, 8/1/47
|
5,000
|
4,627
|
|
San Francisco City & County Airports
Commission International Airport
Revenue Bonds, Series A (AMT),
|
|
|
|
5.00%, 5/1/42
|
1,500
|
1,501
|
|
San Francisco City & County
Commission International Airport
Revenue Bonds, Second Series A
(AMT),
|
|
|
|
5.00%, 5/1/33
|
2,500
|
2,718
|
|
|
|
58,438
|
|
Colorado – 7.6%
|
||
|
Adams County School District No. 1
Taxable G.O. Unlimited Refunding
Bonds, Series B (State Aid
Withholding), Prerefunded,
|
|
|
|
5.25%, 12/1/26(5)
|
225
|
233
|
|
Adams County School District No. 1
Taxable G.O. Unlimited Refunding
Bonds, Series B, Unrefunded Balance
(State Aid Withholding),
|
|
|
|
5.25%, 12/1/40
|
4,775
|
4,881
|
|
Adams County School District No. 14
G.O. Unlimited Bonds (State Aid
Withholding),
|
|
|
|
5.50%, 12/1/44
|
2,620
|
2,829
|
|
Arapahoe County School District No. 6
Littleton G.O. Unlimited Bonds,
Series A (State Aid Withholding),
|
|
|
|
5.50%, 12/1/43
|
5,000
|
5,206
|
|
Centennial Water & Sanitation District
Water & Wastewater Revenue
Bonds,
|
|
|
|
5.00%, 12/1/53
|
3,900
|
4,018
|
|
Schedule of Investments
|
|
TAX-EXEMPT FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 98.3%continued
|
||
|
Colorado – 7.6%continued
|
||
|
Central Weld County Water District
Revenue Bonds (BAM Insured),
|
|
|
|
5.00%, 12/1/45
|
$1,100
|
$1,122
|
|
5.00%, 12/1/50
|
1,000
|
1,011
|
|
Colorado State COPS,
|
|
|
|
6.00%, 12/15/39
|
5,000
|
5,657
|
|
Colorado State COPS, Series A,
|
|
|
|
4.00%, 12/15/37
|
10,000
|
9,874
|
|
Colorado State Educational & Cultural
Facilities Authority Revenue Bonds,
Series A, University of Denver
Project,
|
|
|
|
5.00%, 3/1/40
|
2,500
|
2,533
|
|
Colorado State Health Facilities
Authority Hospital Revenue
Refunding Bonds, Adventist Health
System Sunbelt,
|
|
|
|
4.00%, 11/15/41
|
1,000
|
939
|
|
Colorado State School of Mines
Institutional Enterprise Revenue
Bonds, Series B,
|
|
|
|
5.00%, 12/1/42
|
3,400
|
3,391
|
|
Denver City & County Airport Revenue
Bonds, Series A (AMT),
|
|
|
|
5.00%, 11/15/37
|
2,000
|
2,082
|
|
5.00%, 11/15/41
|
1,000
|
1,013
|
|
Denver City & County Airport System
Subordinate Revenue Refunding
Bonds (AMT), Series A,
|
|
|
|
5.00%, 12/1/43
|
2,000
|
1,994
|
|
Denver City & County Dedicated Tax
Revenue CABS, Series A-2,
|
|
|
|
0.00%, 8/1/37(6)
|
2,750
|
1,573
|
|
0.00%, 8/1/39(6)
|
2,805
|
1,406
|
|
Denver City & County Dedicated Tax
Revenue Refunding & Improvement
Bonds, Series A,
|
|
|
|
5.00%, 8/1/42
|
1,500
|
1,513
|
|
Denver Health & Hospital Authority
Healthcare Revenue Bonds, Series A,
|
|
|
|
5.13%, 12/1/50
|
1,000
|
989
|
|
Fremont County School District RE-1
Canon City G.O. Unlimited Bonds
(State Aid Withholding),
|
|
|
|
5.00%, 12/1/48
|
1,000
|
1,027
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 98.3%continued
|
||
|
Colorado – 7.6%continued
|
||
|
Weld County School District No. Re-7
Platte Valley G.O Unlimited Bonds
(State Aid Withholding),
|
|
|
|
5.00%, 12/1/32
|
$1,200
|
$1,360
|
|
Windy Gap Firming Project Water
Activity Enterprise Revenue Bonds,
|
|
|
|
5.00%, 7/15/46
|
2,000
|
2,042
|
|
|
|
56,693
|
|
Connecticut – 1.9%
|
||
|
Connecticut State Health and
Educational Facilities Authority
Variable Revenue Refunding Bonds,
Yale New Haven Health Issue,
|
|
|
|
5.00%, 7/1/29(1) (2)
|
7,050
|
7,514
|
|
Connecticut State Special Tax
Obligation Revenue Bonds, Series A,
Transportation Infrastructure,
|
|
|
|
5.00%, 8/1/34
|
3,000
|
3,002
|
|
Connecticut State Special Tax
Obligation Revenue Bonds,
Transportation Infrastructure,
|
|
|
|
5.00%, 7/1/39
|
565
|
613
|
|
University of Connecticut Revenue
Bonds, Series A,
|
|
|
|
5.25%, 11/15/47
|
3,000
|
3,045
|
|
|
|
14,174
|
|
District of Columbia – 2.8%
|
||
|
District of Columbia G.O. Unlimited
Bonds, Series A,
|
|
|
|
5.00%, 8/1/41
|
1,930
|
2,047
|
|
5.00%, 6/1/43
|
5,000
|
5,038
|
|
District of Columbia Income Tax
Secured Revenue Refunding Bonds,
Series A,
|
|
|
|
5.00%, 6/1/50
|
2,750
|
2,805
|
|
Metropolitan Washington Airports
Authority Airport System Revenue
Refunding Bonds, Series A (AMT),
|
|
|
|
5.00%, 10/1/33
|
3,000
|
3,263
|
|
10/1/34(4)
|
2,750
|
2,973
|
|
Washington Metropolitan Area Transit
Authority Gross Revenue Bonds,
|
|
|
|
5.00%, 7/1/38
|
1,800
|
1,818
|
|
5.00%, 7/1/43
|
3,000
|
3,008
|
|
|
|
20,952
|
|
|
June 30, 2025 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 98.3%continued
|
||
|
Florida – 8.8%
|
||
|
Broward County Airport System
Revenue Bonds (AMT),
|
|
|
|
5.00%, 10/1/42
|
$2,500
|
$2,493
|
|
Davie Educational Facilities Revenue
Refunding Bonds, Nova Southeastern
University Project,
|
|
|
|
5.00%, 4/1/48
|
2,000
|
1,986
|
|
Duval County School Board Refunding
COPS, Series A (AG Insured),
|
|
|
|
5.00%, 7/1/33
|
1,250
|
1,399
|
|
Florida State Development Finance
Corp. Educational Facility Revenue
Bonds, Mater Academy Project,
Series A,
|
|
|
|
5.00%, 6/15/50
|
2,000
|
1,883
|
|
Florida State Development Finance
Corp. Revenue Refunding Bonds,
Brightline Florida Passenger Rail
Project (AMT),
|
|
|
|
5.00%, 7/1/41
|
1,000
|
910
|
|
Fort Myers Utility Revenue Refunding
Bonds,
|
|
|
|
5.25%, 10/1/53
|
3,145
|
3,263
|
|
Greater Orlando Aviation Authority
Airport Facilities Priority
Subordinated Revenue Bonds, Series
A (AMT),
|
|
|
|
5.00%, 10/1/42
|
1,965
|
1,965
|
|
Greater Orlando Aviation Authority
Airport Facilities Revenue Bonds
(AMT),
|
|
|
|
5.00%, 10/1/32
|
1,300
|
1,411
|
|
JEA Water & Sewer System Revenue
Refunding Bonds, Series A,
|
|
|
|
5.00%, 10/1/29
|
1,350
|
1,412
|
|
Lakeland Hospital System Revenue
Refunding Bonds, Lakeland Regional
Health System,
|
|
|
|
5.00%, 11/15/45
|
1,000
|
1,007
|
|
Lee County Airport Revenue Bonds
(AMT),
|
|
|
|
5.25%, 10/1/44
|
2,250
|
2,294
|
|
Lee County Local Optional Gas TRB,
|
|
|
|
5.25%, 8/1/49
|
3,500
|
3,552
|
|
Miami-Dade County Aviation Revenue
Refunding Bonds, Series A (AMT),
|
|
|
|
5.00%, 10/1/38
|
5,000
|
5,000
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 98.3%continued
|
||
|
Florida – 8.8%continued
|
||
|
Miami-Dade County Educational
Facilities Authority Revenue
Refunding Bonds, University of
Miami, Series B (AMBAC Insured),
|
|
|
|
5.25%, 4/1/26
|
$2,000
|
$2,034
|
|
Miami-Dade County Seaport Revenue
Refunding Bonds, Subseries A-2
(AGM Insured),
|
|
|
|
3.00%, 10/1/50
|
7,500
|
5,252
|
|
Miami-Dade County Transit Sales
Surtax Revenue Bonds,
|
|
|
|
5.00%, 7/1/47
|
2,750
|
2,781
|
|
Miami-Dade County Water & Sewer
System Revenue Bonds, Series A,
|
|
|
|
4.00%, 10/1/37
|
2,500
|
2,490
|
|
North Miami Community
Redevelopment Agency Revenue
Bonds,
|
|
|
|
5.00%, 3/1/42
|
1,000
|
1,001
|
|
5.00%, 3/1/43
|
1,100
|
1,088
|
|
Orlando Water Reclamation System
Revenue Bonds, Series A,
|
|
|
|
5.00%, 10/1/54
|
3,500
|
3,567
|
|
Palm Beach County Educational
Facilities Authority Revenue Bonds,
Palm Beach Atlantic University,
|
|
|
|
5.00%, 10/1/43
|
375
|
362
|
|
Palm Beach County School Board
Refunding COPS, Series A,
|
|
|
|
5.00%, 8/1/32
|
1,000
|
1,121
|
|
Pasco County School Board COPS,
Series A (BAM Insured),
|
|
|
|
5.00%, 8/1/43
|
3,000
|
3,057
|
|
Seminole County Special Obligation
Revenue Refunding Bonds,
|
|
|
|
5.00%, 10/1/52
|
1,325
|
1,345
|
|
South Broward Hospital District
Revenue Refunding Bonds, Series A,
|
|
|
|
4.00%, 5/1/44
|
3,500
|
3,107
|
|
Tampa Bay Water Regional Water
Supply Authority Utility System
Revenue Refunding Bonds, Series A,
|
|
|
|
4.00%, 10/1/35
|
5,000
|
5,012
|
|
5.00%, 10/1/36
|
1,750
|
1,793
|
|
Schedule of Investments
|
|
TAX-EXEMPT FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 98.3%continued
|
||
|
Florida – 8.8%continued
|
||
|
Winter Garden Water & Wastewater
Revenue Bonds,
|
|
|
|
5.25%, 8/1/54
|
$3,000
|
$3,109
|
|
|
|
65,694
|
|
Georgia – 2.0%
|
||
|
Main Street Natural Gas, Inc., Gas
Supply Revenue Bonds, Series A,
|
|
|
|
4.00%, 9/1/27(1) (2)
|
5,000
|
5,047
|
|
5.00%, 5/15/43
|
500
|
501
|
|
Main Street Natural Gas, Inc., Gas
Supply Revenue Bonds, Series E,
|
|
|
|
5.00%, 12/1/32(1) (2)
|
1,500
|
1,579
|
|
Municipal Electric Authority of Georgia
Revenue Bonds, Plant Vogtle Units 3
& 4 Project,
|
|
|
|
5.00%, 7/1/52
|
1,500
|
1,488
|
|
5.50%, 7/1/60
|
2,500
|
2,500
|
|
Municipal Electric Authority of Georgia
Revenue Bonds, Plant Vogtle Units 3
& 4 Project (AGM Insured),
|
|
|
|
5.00%, 7/1/52
|
2,500
|
2,495
|
|
Richmond County Board of Education
G.O. Unlimited Bonds (State Aid
Withholding),
|
|
|
|
5.00%, 10/1/26
|
1,150
|
1,183
|
|
|
|
14,793
|
|
Hawaii – 0.3%
|
||
|
Honolulu City & County G.O. Unlimited
Bonds, Series A,
|
|
|
|
5.00%, 9/1/43
|
2,000
|
2,030
|
|
Idaho – 0.3%
|
||
|
Idaho State Housing & Finance
Association Sales TRB, Transportation
Expansion & Mitigation,
|
|
|
|
5.00%, 8/15/47
|
2,000
|
2,046
|
|
Illinois – 7.0%
|
||
|
Aurora Waterworks & Sewerage
Revenue Refunding Bonds, Series B,
|
|
|
|
4.00%, 12/1/36
|
800
|
750
|
|
Chicago G.O. Unlimited Bonds, Series
A,
|
|
|
|
6.00%, 1/1/50
|
1,000
|
1,032
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 98.3%continued
|
||
|
Illinois – 7.0%continued
|
||
|
Chicago Midway Airport Senior
Revenue Refunding Bonds, Series C
(AMT),
|
|
|
|
5.00%, 1/1/33
|
$2,500
|
$2,682
|
|
Chicago O'Hare International Airport
Senior Lien Revenue Refunding
Bonds, Series A (AMT),
|
|
|
|
5.00%, 1/1/39
|
1,600
|
1,606
|
|
5.00%, 1/1/48
|
3,455
|
3,398
|
|
Chicago Water Second Lien Revenue
Bonds, Series A (AGM Insured),
|
|
|
|
5.25%, 11/1/53
|
2,000
|
2,027
|
|
Illinois State Educational Facilities
Authority Revenue Bonds, Field
Museum of Natural History,
|
|
|
|
3.90%, 11/1/36
|
1,740
|
1,740
|
|
Illinois State Finance Authority
Academic Facilities Lease Revenue
Bonds, University of Illinois at
Urbana-Champaign,
|
|
|
|
5.00%, 10/1/49
|
1,250
|
1,209
|
|
Illinois State Finance Authority Revenue
Bonds, The Chicago School,
|
|
|
|
5.00%, 4/1/32
|
1,110
|
1,186
|
|
Illinois State Finance Authority Revenue
Refunding Bonds, Northshore
University Health System,
|
|
|
|
3.25%, 8/15/49
|
2,500
|
1,852
|
|
Illinois State Finance Authority Revenue
Refunding Bonds, Series A, Lake
Forest College,
|
|
|
|
5.25%, 10/1/52
|
500
|
473
|
|
Illinois State Finance Authority Revenue
Refunding Bonds, Series A, Rush
University Medical Center,
|
|
|
|
5.00%, 11/15/38
|
1,500
|
1,500
|
|
Illinois State Finance Authority Variable
Revenue Bonds, Series A-3,
Uchicago Medicine,
|
|
|
|
5.00%, 8/15/35(1) (2)
|
1,750
|
1,878
|
|
Illinois State Finance Authority Variable
Revenue Refunding Bonds, Silver
Cross Hospital,
|
|
|
|
5.00%, 8/15/30(1) (2)
|
1,000
|
1,066
|
|
Illinois State G.O. Unlimited Bonds,
Series B,
|
|
|
|
5.00%, 5/1/37
|
1,460
|
1,543
|
|
|
June 30, 2025 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 98.3%continued
|
||
|
Illinois – 7.0%continued
|
||
|
5.25%, 5/1/45
|
$1,000
|
$1,016
|
|
Illinois State G.O. Unlimited Bonds,
Series D,
|
|
|
|
3.25%, 11/1/26
|
6,855
|
6,844
|
|
Illinois State Toll Highway Authority
Revenue Bonds, Series A,
|
|
|
|
5.00%, 1/1/41
|
2,300
|
2,383
|
|
Illinois State Toll Highway Authority
Revenue Bonds, Series B,
|
|
|
|
5.00%, 1/1/40
|
6,500
|
6,468
|
|
Saint Clair County Community Unit
School District No. 187 Cahokia
G.O. Unlimited Bonds, Series A
(AGM Insured),
|
|
|
|
5.00%, 1/1/54
|
1,250
|
1,265
|
|
Sangamon County School District No.
186 Springfield G.O. Unlimited
Bonds (AGM Insured),
|
|
|
|
5.00%, 6/1/26
|
1,200
|
1,220
|
|
Schaumburg G.O. Unlimited Refunding
Bonds, Series A,
|
|
|
|
4.00%, 12/1/41
|
5,000
|
4,677
|
|
Springfield Electric Senior Lien Revenue
Refunding Bonds (BAM Insured),
|
|
|
|
5.00%, 3/1/37
|
2,325
|
2,519
|
|
University of Illinois Auxiliary Facilities
System Revenue Bonds, Series A,
|
|
|
|
5.00%, 4/1/33
|
1,500
|
1,688
|
|
|
|
52,022
|
|
Indiana – 1.8%
|
||
|
Brownsburg 1999 School Building
Corp. First Mortgage Revenue
Bonds, Series A (State Intercept
Program),
|
|
|
|
5.00%, 1/15/33
|
800
|
885
|
|
5.00%, 7/15/33
|
750
|
832
|
|
Fishers Sewage Works Revenue Bonds
(BAM Insured),
|
|
|
|
3.00%, 7/1/51
|
1,000
|
695
|
|
Greater Clark Building Corp. First
Mortgage Revenue Bonds, Series B
(State Intercept Program),
|
|
|
|
6.00%, 7/15/38
|
1,000
|
1,147
|
|
Hamilton County Public Building Corp.
Lease Rental Revenue Bonds,
|
|
|
|
5.00%, 7/10/42
|
1,000
|
1,043
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 98.3%continued
|
||
|
Indiana – 1.8%continued
|
||
|
Indiana State Financing Authority
Student Housing Revenue Bonds,
Senior Student Housing Project,
|
|
|
|
5.00%, 7/1/49
|
$1,075
|
$1,045
|
|
Indianapolis Local Public Improvement
Bank Revenue Refunding Bonds,
Indianapolis Airport Authority
Project,
|
|
|
|
5.25%, 1/1/50
|
2,000
|
2,069
|
|
Indianapolis Local Public Improvement
Bond Bank Revenue Bonds,
Indianapolis Airport Authority
Project,
|
|
|
|
5.00%, 1/1/44
|
2,000
|
2,034
|
|
Indianapolis Local Public Improvement
Bond Bank Revenue Refunding
Bonds, Series F, Stormwater Project,
|
|
|
|
5.00%, 1/1/49
|
895
|
921
|
|
IPS Multi-School Building Corp.
Sustainable First Mortgage Revenue
Bonds (State Intercept Program),
|
|
|
|
5.00%, 7/15/43
|
1,230
|
1,264
|
|
Noblesville Redevelopment Authority
Revenue Refunding Bonds, Event
Center Public Improvement Projects
(AGM State Intercept Program),
|
|
|
|
5.00%, 8/1/37
|
750
|
808
|
|
Northwest Allen School Building Corp.
First Mortgage Revenue Bonds (State
Intercept Program),
|
|
|
|
5.00%, 7/15/31
|
600
|
666
|
|
|
|
13,409
|
|
Iowa – 0.5%
|
||
|
PEFA, Inc., Iowa Gas Project Revenue
Bonds,
|
|
|
|
5.00%, 9/1/26(1) (2)
|
3,500
|
3,543
|
|
Kentucky – 1.8%
|
||
|
Carroll County Environmental Facilities
Revenue Bonds (AMT), Kentucky
Utilities Co. Project,
|
|
|
|
1.75%, 9/1/26(1) (2)
|
1,500
|
1,454
|
|
Fayette County School District Finance
Corp. Revenue Bonds, Series A
(State Intercept Program),
|
|
|
|
4.00%, 5/1/38
|
5,000
|
4,711
|
|
Schedule of Investments
|
|
TAX-EXEMPT FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 98.3%continued
|
||
|
Kentucky – 1.8%continued
|
||
|
Kentucky State Public Energy Authority
Gas Supply Revenue Refunding
Bonds, Series A,
|
|
|
|
5.25%, 12/1/29(1) (2)
|
$3,000
|
$3,171
|
|
Louisville & Jefferson County Metro
Government Health System Revenue
Refunding Bonds, Norton
Healthcare, Inc.,
|
|
|
|
5.00%, 10/1/26
|
600
|
614
|
|
Louisville & Jefferson County Metro
Government PCR Refunding Bonds,
Gas & Electric,
|
|
|
|
2.00%, 10/1/33
|
4,500
|
3,739
|
|
|
|
13,689
|
|
Louisiana – 2.8%
|
||
|
Louisiana Local Government
Environmental Facilities and
Community Development Authority
Revenue Refunding Bonds, Entergy
Louisiana LLC Project,
|
|
|
|
2.50%, 4/1/36
|
7,250
|
5,868
|
|
Louisiana Public Facilities Authority
Revenue Refunding Bonds, Ochsner
Clinic Foundation Project,
|
|
|
|
5.25%, 5/15/50
|
2,500
|
2,552
|
|
Louisiana Public Facilities Authority
Revenue Refunding Bonds, Ochsner
Clinic, Unrefunded Balance,
|
|
|
|
5.00%, 5/15/47
|
2,000
|
1,952
|
|
Louisiana Stadium & Exposition District
Senior Revenue Refunding Bonds,
Series A,
|
|
|
|
5.25%, 7/1/53
|
2,695
|
2,734
|
|
New Orleans G.O. Unlimited Bonds,
Series A,
|
|
|
|
5.00%, 12/1/47
|
3,000
|
3,031
|
|
Shreveport Water & Sewer Revenue
Bonds, Series B (BAM Insured),
|
|
|
|
5.00%, 12/1/41
|
5,000
|
5,086
|
|
|
|
21,223
|
|
Maryland – 0.1%
|
||
|
Maryland State Health & Higher
Educational Facilities Authority
Revenue Refunding Bonds, LifeBridge
Health,
|
|
|
|
5.00%, 7/1/44
|
1,100
|
1,099
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 98.3%continued
|
||
|
Massachusetts – 5.2%
|
||
|
Massachusetts State Bay Transportation
Authority Sales Tax Revenue
Refunding CABS, Series A,
|
|
|
|
0.00%, 7/1/29(6)
|
$2,500
|
$2,194
|
|
Massachusetts State Development
Finance Agency Revenue Bonds,
Lasell Village, Inc.,
|
|
|
|
5.25%, 7/1/50
|
1,500
|
1,484
|
|
Massachusetts State G.O. Limited
Bonds, Series D,
|
|
|
|
5.00%, 10/1/50
|
4,525
|
4,629
|
|
5.00%, 10/1/52
|
3,500
|
3,570
|
|
Massachusetts State G.O. Unlimited
Bonds, Series C, Consolidated Loan,
|
|
|
|
5.25%, 10/1/47
|
5,000
|
5,236
|
|
Massachusetts State Port Authority
Revenue Bonds, Series A,
|
|
|
|
5.00%, 7/1/40
|
2,725
|
2,725
|
|
Massachusetts State Port Authority
Revenue Bonds, Series C (AMT),
|
|
|
|
5.00%, 7/1/44
|
2,000
|
2,010
|
|
5.00%, 7/1/49
|
3,450
|
3,457
|
|
Massachusetts State School Building
Authority Senior Lien Sales TRB,
Series B,
|
|
|
|
5.00%, 11/15/36
|
1,500
|
1,525
|
|
5.00%, 11/15/39
|
1,500
|
1,517
|
|
Massachusetts State School Building
Authority Subordinated Sales TRB,
Series A,
|
|
|
|
5.00%, 2/15/44
|
4,000
|
4,062
|
|
Massachusetts State Transportation
Fund Sustainability Revenue Bonds,
Rail Enhancement Program,
|
|
|
|
5.00%, 6/1/50
|
2,500
|
2,524
|
|
Massachusetts State Water Resources
Authority General Revenue Bonds,
Series B,
|
|
|
|
5.00%, 8/1/43
|
920
|
930
|
|
Massachusetts State Water Resources
Authority Sustainable Revenue
Bonds, Series C,
|
|
|
|
5.00%, 8/1/32
|
2,495
|
2,845
|
|
|
|
38,708
|
|
|
June 30, 2025 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 98.3%continued
|
||
|
Michigan – 2.4%
|
||
|
Great Lakes Water Authority Supply
System Senior Lien Revenue Bonds,
Series B,
|
|
|
|
5.25%, 7/1/53
|
$1,000
|
$1,033
|
|
Howell Public Schools G.O. Unlimited
Bonds, Series II (Q-SBLF Insured),
|
|
|
|
5.00%, 5/1/41
|
1,000
|
1,053
|
|
5.00%, 5/1/42
|
1,000
|
1,043
|
|
5.00%, 5/1/43
|
750
|
777
|
|
5.00%, 5/1/44
|
750
|
773
|
|
L'Anse Creuse Public Schools G.O.
Unlimited Bonds, Series I (Q-SBLF
Insured),
|
|
|
|
5.00%, 5/1/43
|
1,250
|
1,316
|
|
5.00%, 5/1/49
|
610
|
630
|
|
Michigan State Building Authority
Facilities Program Revenue Refunding
Bonds, Series I,
|
|
|
|
5.00%, 4/15/38
|
2,000
|
2,004
|
|
Michigan State Finance Authority
Revenue Refunding Bonds,
Beaumont-Spectrum Consolidation,
|
|
|
|
5.00%, 4/15/26
|
3,350
|
3,402
|
|
Michigan State HDA SFM Revenue
Bonds, Series A, Social Bonds,
|
|
|
|
4.10%, 6/1/43
|
1,875
|
1,759
|
|
Southfield Public Schools G.O.
Unlimited Bonds (Q-SBLF Insured),
|
|
|
|
5.25%, 5/1/50
|
1,200
|
1,245
|
|
Walled Lake Consolidated School
District G.O. Unlimited Bonds
(Q-SBLF Insured),
|
|
|
|
5.00%, 5/1/50
|
1,000
|
1,009
|
|
West Bloomfield School District G.O.
Unlimited Bonds, Series I (Q-SBLF
Insured),
|
|
|
|
5.00%, 5/1/42
|
1,750
|
1,826
|
|
West Ottawa Public School District
G.O. Unlimited Bonds, Series I,
|
|
|
|
5.00%, 11/1/28
|
25
|
27
|
|
|
|
17,897
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 98.3%continued
|
||
|
Minnesota – 0.3%
|
||
|
Minneapolis & Saint Paul Housing and
Redevelopment Authority Health
Care System Revenue Refunding
Bonds, Series A, Allina Health
System,
|
|
|
|
5.00%, 11/15/29
|
$1,000
|
$1,032
|
|
Truman Independent School District No.
458 G.O. Unlimited Bonds, Series A
(School District Credit Program),
|
|
|
|
5.00%, 2/1/40
|
770
|
828
|
|
|
|
1,860
|
|
Mississippi – 0.1%
|
||
|
Mississippi State Business Finance
Corp. Revenue Bonds, System
Energy Resources, Inc., Project,
|
|
|
|
2.38%, 6/1/44
|
1,000
|
601
|
|
Missouri – 1.1%
|
||
|
Greene County Reorganized School
District No. R-3 Republic G.O.
Unlimited Bonds (State Aid Direct
Deposit Program),
|
|
|
|
5.00%, 3/1/38
|
1,000
|
1,072
|
|
Kansas City Sanitary Sewer System
Revenue Bonds, Series A,
|
|
|
|
4.00%, 1/1/49
|
1,000
|
878
|
|
Lebanon Reorganized School District
No. R-3 Laclede County G.O.
Unlimited Bonds (State Aid Direct
Deposit Program),
|
|
|
|
5.50%, 3/1/45
|
915
|
990
|
|
Marion & Ralls County School District
No. 60 G.O. Unlimited Refunding
Bonds, Missouri Direct Deposit
Program (State Aid Direct Deposit
Program),
|
|
|
|
5.75%, 3/1/44
|
50
|
55
|
|
Missouri State Development Finance
Board Infrastructure Facilities
Revenue Bonds, Series A, Public
Safety Projects (AG Insured),
|
|
|
|
5.50%, 12/1/50
|
1,080
|
1,118
|
|
Missouri State Health & Educational
Facilities Authority Educational
Facilities Revenue Bonds, Series A,
Saint Louis University,
|
|
|
|
5.00%, 10/1/38
|
2,500
|
2,506
|
|
Schedule of Investments
|
|
TAX-EXEMPT FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 98.3%continued
|
||
|
Missouri – 1.1%continued
|
||
|
Missouri State Health & Educational
Facilities Authority Health Facilities
Revenue Refunding Bonds, Series A,
St. Luke's Health System,
|
|
|
|
5.00%, 11/15/43
|
$1,280
|
$1,291
|
|
Springfield School District No. R-12
G.O. Unlimited Bonds, School
Building (State Aid Direct Deposit
Program),
|
|
|
|
5.00%, 3/1/38
|
625
|
669
|
|
|
|
8,579
|
|
Montana – 0.0%
|
||
|
Montana Board of Housing Single
Family Program Revenue Refunding
Bonds, Series A (FHA INS HUD VA
Insured),
|
|
|
|
3.90%, 12/1/48
|
50
|
44
|
|
Nebraska – 0.8%
|
||
|
Douglas County Hospital Authority No.
2 Health Facilities Revenue Bonds,
Children's Hospital Obligated
Group,
|
|
|
|
5.00%, 11/15/36
|
1,000
|
1,015
|
|
Omaha Airport Authority Airport
Facilities Revenue Bonds (AMT)
(AGC Insured),
|
|
|
|
5.00%, 12/15/32
|
900
|
974
|
|
Omaha Public Power District Electric
Revenue Refunding Bonds, Series A,
|
|
|
|
5.00%, 2/1/42
|
4,250
|
4,289
|
|
|
|
6,278
|
|
New Jersey – 0.4%
|
||
|
Casino Reinvestment Development
Authority Luxury Tax Revenue
Refunding Bonds, Series A (AGC
Insured),
|
|
|
|
5.00%, 11/1/39
|
1,145
|
1,212
|
|
New Jersey State Transportation Trust
Fund Authority Revenue Bonds,
Series BB, Transformation Program,
|
|
|
|
5.00%, 6/15/46
|
2,000
|
2,026
|
|
|
|
3,238
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 98.3%continued
|
||
|
New Mexico – 0.2%
|
||
|
New Mexico State Mortgage Finance
Authority Revenue Bonds, Series C
(GNMA, FNMA, FHLMC Insured),
|
|
|
|
4.00%, 9/1/52
|
$990
|
$848
|
|
New Mexico State Mortgage Finance
Authority Revenue Bonds, Series D,
Class I (GNMA, FNMA, FHLMC
Insured),
|
|
|
|
4.30%, 9/1/52
|
1,000
|
897
|
|
|
|
1,745
|
|
New York – 11.6%
|
||
|
Metropolitan Transportation Authority
Sustainable Revenue Refunding
Bonds, Series A,
|
|
|
|
5.00%, 11/15/37
|
2,500
|
2,681
|
|
New York City Housing Development
Corp. MFH Revenue Bonds,
Sustainable Neighborhood Bonds,
|
|
|
|
3.00%, 11/1/39
|
1,370
|
1,125
|
|
New York City Housing Development
Corp. MFH Revenue Refunding
Bonds, Sustainable Neighborhood
Bonds,
|
|
|
|
3.00%, 11/1/44
|
1,535
|
1,174
|
|
New York City Municipal Water
Finance Authority Water & Sewer
System Revenue Refunding Bonds,
Series EE,
|
|
|
|
5.00%, 6/15/39
|
1,800
|
1,829
|
|
New York City Municipal Water
Finance Authority Water & Sewer
System Revenue Refunding Bonds,
Sub-Series EE,
|
|
|
|
5.00%, 6/15/45
|
5,000
|
5,113
|
|
New York City Transitional Finance
Authority Building Aid Revenue
Bonds, Series S-3 (State Aid
Withholding),
|
|
|
|
5.00%, 7/15/43
|
3,000
|
3,031
|
|
New York City Transitional Finance
Authority Future Tax Secured
Subordinate Revenue Bonds,
|
|
|
|
5.00%, 8/1/40
|
250
|
256
|
|
New York City Transitional Finance
Authority Future Tax Subordinate
Revenue Bonds,
|
|
|
|
3.00%, 5/1/48
|
4,750
|
3,357
|
|
|
June 30, 2025 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 98.3%continued
|
||
|
New York – 11.6%continued
|
||
|
New York City Transitional Finance
Authority Subordinate Multi-modal
Revenue Bonds, Series F-1,
|
|
|
|
5.25%, 2/1/53
|
$1,000
|
$1,035
|
|
New York City Transitional Finance
Authority Subordinate Revenue
Bonds, Series A-3,
|
|
|
|
3.00%, 5/1/45
|
5,000
|
3,676
|
|
New York City Transitional Finance
Authority Subordinate Revenue
Bonds, Series C-3,
|
|
|
|
5.00%, 5/1/41
|
3,450
|
3,509
|
|
New York City Transitional Finance
Authority Subordinate Revenue
Bonds, Series E,
|
|
|
|
5.00%, 11/1/46
|
3,000
|
3,087
|
|
New York City Transitional Finance
Authority Subordinate Revenue
Refunding Bonds, Series H, Fiscal
2025,
|
|
|
|
5.00%, 11/1/46
|
1,150
|
1,185
|
|
New York G.O. Unlimited Bonds, Series
A, Fiscal 2024,
|
|
|
|
5.00%, 8/1/51
|
1,500
|
1,514
|
|
New York G.O. Unlimited Bonds, Series
D, Subseries D1,
|
|
|
|
5.00%, 12/1/44
|
3,000
|
3,025
|
|
New York G.O. Unlimited Refunding
Bonds, Series C-1,
|
|
|
|
5.00%, 8/1/30
|
2,825
|
3,112
|
|
New York State Dormitory Authority
Non State Supported Debt Revenue
Bonds, School Districts Building
Financing Program (State Aid
Withholding),
|
|
|
|
5.00%, 10/1/31
|
720
|
735
|
|
New York State Dormitory Authority
Non State Supported Debt Revenue
Bonds, School Districts Financing
Program (AGM Insured),
Prerefunded,
|
|
|
|
5.00%, 10/1/28(5)
|
5
|
5
|
|
New York State Dormitory Authority
State Personal Income Tax Revenue
Refunding Bonds, Series A,
|
|
|
|
5.25%, 3/15/39
|
2,500
|
2,582
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 98.3%continued
|
||
|
New York – 11.6%continued
|
||
|
New York State Dormitory Authority
State Personal Income TRB, Series A,
Unrefunded Balance,
|
|
|
|
5.00%, 2/15/43
|
$2,000
|
$2,006
|
|
New York State Environmental Facilities
Corp. State Clean Water & Drinking
Water Subordinated Revenue
Refunding SRF Bonds,
|
|
|
|
4.00%, 6/15/46
|
5,000
|
4,363
|
|
New York State Liberty Development
Corp. Liberty Revenue Refunding
Bonds, Series 1,
|
|
|
|
2.25%, 2/15/41
|
5,000
|
3,524
|
|
New York State Mortgage Agency
Homeowner Revenue Refunding
Bonds, Series 233, Social Bonds,
|
|
|
|
2.05%, 4/1/33
|
1,555
|
1,290
|
|
New York State Transportation
Development Corp. Special Facilities
Revenue Refunding Bonds, Terminal
4 John F. Kennedy International
Airport,
|
|
|
|
5.00%, 12/1/31
|
550
|
593
|
|
New York State Transportation
Development Corp. Special Facilities
Sustainable Revenue Bonds, John F.
Kennedy International Airport New
Terminal One Project (AMT),
|
|
|
|
5.25%, 6/30/41
|
1,600
|
1,631
|
|
New York State Urban Development
Corp. Revenue Refunding Bonds,
State Personal Income Tax,
|
|
|
|
5.00%, 3/15/47
|
4,500
|
4,550
|
|
Port Authority of New York & New
Jersey Revenue Refunding Bonds,
Series 207 (AMT),
|
|
|
|
5.00%, 9/15/28
|
1,000
|
1,040
|
|
Port Authority of New York & New
Jersey Revenue Refunding Bonds,
Series 246 (AMT),
|
|
|
|
5.00%, 9/1/33
|
5,500
|
5,958
|
|
Port Authority of New York & New
Jersey Revenue Refunding Bonds,
Series 277 (AMT),
|
|
|
|
2.00%, 10/1/32
|
2,000
|
1,652
|
|
Schedule of Investments
|
|
TAX-EXEMPT FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 98.3%continued
|
||
|
New York – 11.6%continued
|
||
|
Triborough Bridge & Tunnel Authority
Sales Tax Revenue Bonds, Series A-1,
|
|
|
|
5.00%, 5/15/54
|
$2,975
|
$3,029
|
|
Triborough MTA Bridge & Tunnel
Authority Real Estate Transfer Tax
Revenue Bonds, TBTA Capital
Lockbox Fund,
|
|
|
|
5.00%, 12/1/50
|
6,300
|
6,393
|
|
5.25%, 12/1/54
|
3,295
|
3,400
|
|
Utility Debt Securitization Authority
Restructuring Revenue Refunding
Bonds,
|
|
|
|
5.00%, 12/15/37
|
2,500
|
2,511
|
|
Utility Debt Securitization Authority
Revenue Bonds, Restructuring Bonds,
|
|
|
|
5.00%, 12/15/39
|
2,500
|
2,555
|
|
|
|
86,526
|
|
North Carolina – 0.2%
|
||
|
North Carolina State Housing Finance
Agency Home Ownership Revenue
Bonds, Series 44,
|
|
|
|
3.00%, 7/1/46
|
915
|
672
|
|
North Carolina State Turnpike Authority
Senior Lien Revenue Bonds, Triangle
Expressway (AGM Insured),
|
|
|
|
5.00%, 1/1/49
|
500
|
500
|
|
|
|
1,172
|
|
North Dakota – 0.3%
|
||
|
Grand Forks Health Care System
Revenue Refunding Bonds, Altru
Health System (AGM Insured),
|
|
|
|
3.00%, 12/1/46
|
1,500
|
1,087
|
|
North Dakota State Public Finance
Authority Revenue Refunding Bonds,
State Revolving Fund Program,
|
|
|
|
5.00%, 10/1/43
|
885
|
930
|
|
|
|
2,017
|
|
Ohio – 3.0%
|
||
|
Columbus Regional Airport Authority
Revenue Refunding Bonds, John
Glenn Columbus International
(AMT),
|
|
|
|
5.00%, 1/1/34
|
650
|
698
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 98.3%continued
|
||
|
Ohio – 3.0%continued
|
||
|
Franklin County Convention Facilities
Authority Revenue Refunding Bonds,
|
|
|
|
5.00%, 12/1/34
|
$7,000
|
$7,889
|
|
Northeast Ohio Medical University
General Receipts Revenue Refunding
Bonds, Series A,
|
|
|
|
4.00%, 12/1/45
|
225
|
189
|
|
Ohio State Hospital Facility Revenue
Refunding Bonds, Cleveland Clinic
Health System,
|
|
|
|
4.00%, 1/1/36
|
1,000
|
998
|
|
Ohio State Water Development
Authority Sustainable Revenue Bond,
Series A,
|
|
|
|
5.00%, 12/1/40
|
4,000
|
4,320
|
|
Troy City School District G.O. Unlimited
Bonds,
|
|
|
|
5.00%, 12/1/54
|
2,650
|
2,694
|
|
Washington Local School District Lucas
County G.O. Unlimited Bonds, Series
A (School District Credit Program),
|
|
|
|
3.13%, 12/1/51
|
2,000
|
1,364
|
|
Wyoming City School District G.O.
Unlimited Bonds,
|
|
|
|
5.00%, 12/1/43
|
1,530
|
1,609
|
|
5.00%, 12/1/55
|
2,500
|
2,558
|
|
|
|
22,319
|
|
Oklahoma – 1.3%
|
||
|
Oklahoma State Capitol Improvement
Authority Facilities Revenue
Refunding Bonds, Series B,
|
|
|
|
5.00%, 7/1/29
|
280
|
304
|
|
Oklahoma State Capitol Improvement
Authority Highway Capital
Improvement Revenue Bonds,
Oklahoma Department of
Transportation Project,
|
|
|
|
5.25%, 7/1/50
|
2,000
|
2,097
|
|
Oklahoma State Industries Authority
Educational Facilities Lease Revenue
Bonds, Oklahoma City Public School
Project,
|
|
|
|
5.00%, 4/1/31
|
6,765
|
7,405
|
|
|
|
9,806
|
|
|
June 30, 2025 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 98.3%continued
|
||
|
Oregon – 1.3%
|
||
|
Clackamas County School District No.
12 North Clackamas G.O. Unlimited
CABS, Series A (School Board
Guaranty Program),
|
|
|
|
0.00%, 6/15/38(6)
|
$2,500
|
$1,348
|
|
Clackamas County School District No.
62C Oregon City G.O. Unlimited
CABS, Series A (School Board
Guaranty Program),
|
|
|
|
0.00%, 6/15/37(6)
|
1,000
|
613
|
|
Port of Portland International Airport
Revenue Bonds,
|
|
|
|
5.00%, 7/1/49
|
2,010
|
2,000
|
|
Salem Hospital Facility Authority
Revenue Refunding Bonds, Multi
Model Salem Health Projects,
|
|
|
|
5.00%, 5/15/44
|
3,500
|
3,503
|
|
Union County Hospital Facility Authority
Revenue Bonds, Grand Ronde
Hospital Project,
|
|
|
|
5.00%, 7/1/52
|
750
|
716
|
|
Washington County School District No.
48J Beaverton G.O. Unlimited
CABS, Series A (School Board
Guaranty Program),
|
|
|
|
0.00%, 6/15/48(6)
|
5,000
|
1,528
|
|
|
|
9,708
|
|
Pennsylvania – 3.2%
|
||
|
Delaware County Regional Water
Quality Control Authority Sewer
Revenue Bonds,
|
|
|
|
5.00%, 5/1/32
|
820
|
821
|
|
5.00%, 5/1/35
|
865
|
866
|
|
Delaware Valley Regional Financial
Authority Revenue Bonds, Series A
(AMBAC Insured),
|
|
|
|
5.50%, 8/1/28
|
1,880
|
2,027
|
|
Pennsylvania State Higher Educational
Facilities Authority Revenue Bonds,
University of Pennsylvania Health
System,
|
|
|
|
5.00%, 8/15/49
|
5,000
|
4,954
|
|
Pennsylvania State Turnpike
Commission Oil Franchise Tax
Subordinate Revenue Bonds, Series
B,
|
|
|
|
5.00%, 12/1/43
|
2,500
|
2,515
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 98.3%continued
|
||
|
Pennsylvania – 3.2%continued
|
||
|
Pennsylvania State Turnpike
Commission Revenue Refunding
Bonds, First Series of 2024,
|
|
|
|
5.00%, 12/1/41
|
$6,740
|
$7,143
|
|
Pennsylvania State Turnpike
Commission Turnpike Revenue Bonds,
Series B,
|
|
|
|
5.00%, 12/1/40
|
1,525
|
1,527
|
|
Pennsylvania State University Revenue
Bonds, Series A,
|
|
|
|
5.00%, 9/1/45
|
2,000
|
2,034
|
|
Pennsylvania Turnpike Commission
Turnpike Revenue Refunding Bonds,
Series B,
|
|
|
|
5.00%, 12/1/46
|
1,700
|
1,732
|
|
|
|
23,619
|
|
Rhode Island – 0.7%
|
||
|
Providence Public Buildings Authority
Revenue Bonds, Capital Improvement
Program Project (AGC Insured),
|
|
|
|
5.00%, 9/15/37
|
740
|
803
|
|
Rhode Island Turnpike & Bridge
Authority Motor Fuel TRB, Series A,
|
|
|
|
4.00%, 10/1/44
|
5,265
|
4,642
|
|
|
|
5,445
|
|
South Carolina – 0.8%
|
||
|
Aiken Water & Sewer Revenue Bonds,
Series A,
|
|
|
|
4.00%, 8/1/49
|
1,000
|
878
|
|
Patriots Energy Group Financing
Agency Gas Supply Variable
Revenue Refunding Bonds, Series
B-1,
|
|
|
|
5.25%, 3/1/31(1) (2)
|
2,000
|
2,147
|
|
Patriots Energy Group Gas System
Revenue Refunding Bonds, Series A,
|
|
|
|
4.00%, 6/1/51
|
2,500
|
2,162
|
|
South Carolina State Jobs EDA Hospital
Facilities Variable Revenue Refunding
Bonds, Bon Secours Mercy Health,
Inc.,
|
|
|
|
5.00%, 11/1/32(1) (2)
|
1,000
|
1,061
|
|
|
|
6,248
|
|
Schedule of Investments
|
|
TAX-EXEMPT FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 98.3%continued
|
||
|
Tennessee – 1.0%
|
||
|
Chattanooga Electric Revenue
Refunding Bonds, Series A,
|
|
|
|
5.00%, 9/1/28
|
$2,315
|
$2,322
|
|
Tennergy Corp. Gas Revenue Bonds,
Series A,
|
|
|
|
4.00%, 9/1/28(1) (2)
|
5,000
|
5,028
|
|
Tennessee Housing Development
Agency Residential Financing
Program Revenue Bonds, Series 1B,
|
|
|
|
3.38%, 7/1/38
|
50
|
45
|
|
|
|
7,395
|
|
Texas – 5.7%
|
||
|
Austin Electric Utility System Revenue
Refunding Bonds, Series A,
|
|
|
|
5.00%, 11/15/28
|
500
|
504
|
|
5.00%, 11/15/35
|
2,500
|
2,511
|
|
Bexar County Certificates of Obligation
G.O. Limited Bonds,
|
|
|
|
4.00%, 6/15/46
|
5,000
|
4,509
|
|
Bexar County Hospital District
Certificates of Obligation G.O.
Limited Bonds,
|
|
|
|
5.00%, 2/15/26
|
625
|
633
|
|
Chambers County Justice Center Public
Facilities Corp. Lease Revenue
Bonds, Justice Center Project,
|
|
|
|
5.00%, 6/1/32
|
1,005
|
1,114
|
|
5.50%, 6/1/49
|
3,120
|
3,265
|
|
Dallas G.O. Limited Refunding Bonds,
Series A,
|
|
|
|
5.00%, 2/15/38
|
1,315
|
1,401
|
|
El Paso G.O. Unlimited Refunding
Bonds,
|
|
|
|
5.00%, 8/15/31
|
1,020
|
1,127
|
|
El Paso Municipal Drainage Utility
System Revenue Bonds,
|
|
|
|
5.00%, 3/1/38
|
1,215
|
1,299
|
|
Fort Bend Independent School District
G.O. Unlimited Refunding Bonds,
Series A (PSF, Gtd.),
|
|
|
|
5.00%, 8/15/31
|
1,875
|
2,095
|
|
Huffman Independent School District
G.O. Unlimited Bonds (PSF, Gtd.),
|
|
|
|
5.25%, 2/15/49
|
1,750
|
1,821
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 98.3%continued
|
||
|
Texas – 5.7%continued
|
||
|
Lower Colorado River Authority
Transmission Contract Revenue
Refunding Bonds, LCRA Transmission
Services,
|
|
|
|
5.00%, 5/15/46
|
$2,500
|
$2,514
|
|
Port Houston Authority Revenue Bonds,
|
|
|
|
5.00%, 10/1/51
|
2,500
|
2,519
|
|
Rankin Independent School District
G.O. Unlimited Bonds (PSF, Gtd.),
|
|
|
|
5.00%, 2/15/26
|
500
|
506
|
|
Rockwall Independent School District
G.O. Unlimited Bonds, Series A (PSF,
Gtd.),
|
|
|
|
5.00%, 2/15/52
|
2,445
|
2,463
|
|
Roma Independent School District G.O.
Unlimited Bonds (PSF, Gtd.),
|
|
|
|
5.00%, 2/15/49
|
1,500
|
1,535
|
|
Round Rock Independent School District
G.O. Unlimited Refunding Bonds,
Series A (PSF, Gtd.),
|
|
|
|
5.00%, 8/1/31
|
1,500
|
1,617
|
|
San Antonio Electric & Gas Revenue
Bonds, Series A,
|
|
|
|
5.00%, 2/1/37
|
670
|
727
|
|
San Antonio General Improvement
G.O. Limited Bonds,
|
|
|
|
5.00%, 8/1/30
|
3,700
|
3,846
|
|
Texas State Transportation Commission
Central Texas Turnpike System
Second Tier Revenue Refunding
Bonds, Series C,
|
|
|
|
5.00%, 8/15/39
|
1,800
|
1,908
|
|
University of Texas Permanent University
Fund Revenue Bonds, Series B,
|
|
|
|
4.00%, 7/1/41
|
5,000
|
4,659
|
|
|
|
42,573
|
|
Utah – 1.5%
|
||
|
Intermountain Power Agency Supply
Revenue Bonds, Series A,
|
|
|
|
5.00%, 7/1/26
|
1,250
|
1,266
|
|
Ogden City Municipal Building
Authority Lease Revenue Bonds,
Series A,
|
|
|
|
5.00%, 1/15/53
|
1,250
|
1,259
|
|
|
June 30, 2025 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 98.3%continued
|
||
|
Utah – 1.5%continued
|
||
|
Ogden City Redevelopment Agency
Sales & Tax Increment Revenue
Bonds,
|
|
|
|
5.00%, 1/15/53
|
$1,500
|
$1,524
|
|
Salt Lake City Airport Revenue Bonds,
Series A (AMT),
|
|
|
|
5.00%, 7/1/32
|
1,250
|
1,330
|
|
5.00%, 7/1/35
|
5,000
|
5,206
|
|
Tooele County School District G.O.
Unlimited Bonds (School Board
Guaranty Program),
|
|
|
|
5.00%, 6/1/30
|
505
|
556
|
|
|
|
11,141
|
|
Virginia – 1.0%
|
||
|
Rockingham County EDA Facilities
Revenue Refunding Bonds, Sentara
RMH Medical Center,
|
|
|
|
3.00%, 11/1/46
|
2,000
|
1,451
|
|
Virginia State Port Authority
Commonwealth Fund Revenue
Bonds, Series A,
|
|
|
|
5.25%, 7/1/48
|
2,500
|
2,609
|
|
Virginia State Public Building Authority
Public Facilities Revenue Bonds,
Series A,
|
|
|
|
5.00%, 8/1/31
|
2,325
|
2,601
|
|
Virginia State Small Business Financing
Authority Senior Lien Revenue Bonds
(AMT), Elizabeth River,
|
|
|
|
3.00%, 1/1/41
|
1,000
|
769
|
|
|
|
7,430
|
|
Washington – 4.3%
|
||
|
Benton County Public Utility District No.
1 Electric Revenue Bonds,
|
|
|
|
5.00%, 11/1/48
|
1,100
|
1,121
|
|
Clark County Public Utility District No. 1
Electric Revenue Refunding Bonds,
|
|
|
|
5.00%, 1/1/38
|
850
|
919
|
|
Grant County G.O. Limited Bonds
(BAM Insured),
|
|
|
|
5.25%, 12/1/50
|
1,350
|
1,405
|
|
Pasco Public Facilities District Sales Tax
Revenue Bonds (AGC Insured),
|
|
|
|
5.00%, 11/1/38
|
1,080
|
1,153
|
|
5.00%, 11/1/40
|
1,050
|
1,104
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 98.3%continued
|
||
|
Washington – 4.3%continued
|
||
|
Port of Seattle Intermediate Lien
Revenue Refunding Bonds (AMT),
|
|
|
|
5.00%, 8/1/36
|
$3,570
|
$3,738
|
|
Port of Seattle Intermediate Senior Lien
Revenue Refunding Bonds (AMT),
|
|
|
|
5.00%, 8/1/42
|
1,500
|
1,508
|
|
Snohomish County Public Utility District
No. 1 Electric System Revenue
Bonds,
|
|
|
|
5.00%, 12/1/40
|
560
|
561
|
|
Snohomish County Public Utility District
No. 1 Electric System Revenue
Bonds, Series A,
|
|
|
|
5.00%, 12/1/47
|
5,000
|
5,130
|
|
Snohomish County School District No.
15 Edmonds G.O. Unlimited
Refunding Bonds (School Board
Guaranty Program),
|
|
|
|
5.00%, 12/1/31
|
5,000
|
5,600
|
|
Washington State COPS, Series A,
|
|
|
|
5.00%, 7/1/26
|
1,000
|
1,022
|
|
Washington State G.O. Unlimited
Bonds, Series C, Bidding Group 3,
|
|
|
|
5.00%, 2/1/45
|
2,000
|
2,051
|
|
Washington State Health Care Facilities
Authority Revenue Refunding Bonds,
Providence Health & Services,
|
|
|
|
5.00%, 10/1/38
|
5,000
|
5,002
|
|
Whatcom County Public Utility District
No. 1 G.O. Limited Bonds, Series A
(AMT) (BAM Insured),
|
|
|
|
5.50%, 12/1/43
|
1,500
|
1,564
|
|
|
|
31,878
|
|
Wisconsin – 1.8%
|
||
|
Central Brown County Water Authority
Water System Revenue Refunding
Bonds, Series A,
|
|
|
|
5.00%, 11/1/30
|
1,320
|
1,444
|
|
Public Finance Authority Revenue
Refunding Bonds, Kahala Nui
Project,
|
|
|
|
5.25%, 11/15/50
|
1,000
|
1,008
|
|
University Hospitals & Clinics Authority
Revenue Refunding Bonds, Series A,
|
|
|
|
4.25%, 4/1/48
|
2,775
|
2,517
|
|
Schedule of Investments
|
|
TAX-EXEMPT FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 98.3%continued
|
||
|
Wisconsin – 1.8%continued
|
||
|
Westfield School District G.O.
Unlimited Promissory Notes (AGC
Insured),
|
|
|
|
5.00%, 3/1/39
|
$685
|
$724
|
|
Wisconsin State G.O. Unlimited
Refunding Bonds, Series 2,
|
|
|
|
5.00%, 5/1/38
|
1,000
|
1,081
|
|
Wisconsin State Health & Educational
Facilities Authority Revenue Bonds,
Three Pillars Senior Living
Communities,
|
|
|
|
4.40%, 8/15/29
|
1,100
|
1,100
|
|
Wisconsin State Health & Educational
Facilities Authority Revenue
Refunding Bonds, Milwaukee
Regional Medical Center,
|
|
|
|
4.13%, 4/1/46
|
1,500
|
1,314
|
|
Wisconsin State Health & Educational
Facilities Authority Revenue
Refunding Bonds, Series of 2024,
Unrefunded Balance,
|
|
|
|
4.00%, 11/15/46
|
4,945
|
4,287
|
|
|
|
13,475
|
|
Total Municipal Bonds
|
|
|
|
(Cost $787,898)
|
|
734,365
|
|
|
NUMBER
OF SHARES
|
VALUE
(000S)
|
|
INVESTMENT COMPANIES – 0.6%
|
||
|
Northern Institutional Funds -
U.S. Government Portfolio (Shares),
4.15%(7) (8)
|
4,552,102
|
$4,552
|
|
Total Investment Companies
|
|
|
|
(Cost $4,552)
|
|
4,552
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
SHORT-TERM INVESTMENTS – 0.4%
|
||
|
Indiana Finance Authority
Environmental Facilities Variable
Revenue Refunding Bonds (AMT),
Indianapolis Power & Light Co.
Project,
|
|
|
|
0.95%, 4/1/26(1) (2)
|
$1,500
|
$1,468
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
SHORT-TERM INVESTMENTS - 0.4%continued
|
||
|
Indiana Finance Authority
Environmental Facilities Variable
Revenue Refunding Bonds,
Indianapolis Power & Light Co.
Project,
|
|
|
|
0.75%, 4/1/26(1) (2)
|
$1,125
|
$1,099
|
|
Total Short-Term Investments
|
|
|
|
(Cost $2,625)
|
2,567
|
|
|
|
|
|
|
Total Investments – 99.3%
|
|
|
|
(Cost $795,075)
|
741,484
|
|
|
Other Assets less Liabilities – 0.7%
|
5,455
|
|
|
NET ASSETS – 100.0%
|
$746,939
|
|
|
(1)
|
Maturity date represents the puttable date.
|
|
(2)
|
Variable or floating rate security. These securities are remarketed by an
agent, and the rate at which these securities are set are determined by
general market conditions and supply and demand. Rate as of June 30,
2025 is disclosed.
|
|
(3)
|
Step coupon bond. Rate as of June 30, 2025 is disclosed.
|
|
(4)
|
When-Issued Security. Coupon rate is not in effect at June 30, 2025.
|
|
(5)
|
Maturity date represents the prerefunded date.
|
|
(6)
|
Zero coupon bond.
|
|
(7)
|
Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the
investment adviser to the Fund and the investment adviser to Northern
Institutional Funds.
|
|
(8)
|
7-day current yield as of June 30, 2025 is disclosed.
|
|
|
|
EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT
THE SCHEDULE OF INVESTMENTS:
|
|
|
|
AGC - Assured Guaranty Corporation
|
|
|
|
AGM - Assured Guaranty Municipal Corporation
|
|
|
|
AMBAC - American Municipal Bond Assurance Corporation
|
|
|
|
AMT - Alternative Minimum Tax
|
|
|
|
BAM - Build America Mutual
|
|
|
|
CABS - Capital Appreciation Bonds
|
|
|
|
CHF - Collegiate Housing Foundation
|
|
|
|
COPS - Certificates of Participation
|
|
|
|
EDA - Economic Development Authority
|
|
|
|
FHA - Federal Housing Administration
|
|
|
|
FHLMC - Federal Home Loan Mortgage Corporation
|
|
|
|
FNMA - Federal National Mortgage Association
|
|
|
June 30, 2025 (UNAUDITED)
|
|
|
|
G.O. - General Obligation
|
|
|
|
GNMA - Government National Mortgage Association
|
|
|
|
Gtd. - Guaranteed
|
|
|
|
HDA - Housing Development Authority
|
|
|
|
HUD - Housing and Urban Development
|
|
|
|
IDA - Industrial Development Authority
|
|
|
|
INS - Insured
|
|
|
|
LCRA - Lower Colorado River Authority
|
|
|
|
MFH - Multi-Family Housing
|
|
|
|
PCR - Pollution Control Revenue
|
|
|
|
PSF - Permanent School Fund
|
|
|
|
Q-SBLF - Qualified School Bond Loan Fund
|
|
|
|
SFM - Single Family Mortgage
|
|
|
|
SRF - Special Revenue Fund
|
|
|
|
TRB - Tax Revenue Bonds
|
|
|
|
VA - Veterans Affairs
|
|
INVESTMENTS
|
LEVEL 1
(000s)
|
LEVEL 2
(000s)
|
LEVEL 3
(000s)
|
TOTAL
(000s)
|
|
Municipal Bonds(1)
|
$—
|
$734,365
|
$—
|
$734,365
|
|
Investment Companies
|
4,552
|
—
|
—
|
4,552
|
|
Short-Term Investments
|
—
|
2,567
|
—
|
2,567
|
|
Total Investments
|
$4,552
|
$736,932
|
$—
|
$741,484
|
|
(1)
|
Classifications as defined in the Schedule of Investments.
|
|
AFFILIATE
|
VALUE,
BEGINNING
OF PERIOD
(000S)
|
PURCHASES
(000S)
|
SALES
PROCEEDS
(000S)
|
DIVIDEND
OR INTEREST
INCOME
(000S)
|
VALUE,
END OF PERIOD
(000S)
|
SHARES, END
OF PERIOD
|
|
Northern Institutional Funds - U.S. Government Portfolio (Shares)
|
$14,033
|
$52,990
|
$62,471
|
$88
|
$4,552
|
4,552,102
|
|
Schedule of Investments
|
|
ULTRA-SHORT FIXED INCOME FUND
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
ASSET-BACKED SECURITIES – 9.5%
|
||
|
Auto Loan – 4.4%
|
||
|
Americredit Automobile Receivables
Trust, Series 2022-1, Class D
|
|
|
|
3.23%, 2/18/28
|
$4,500
|
$4,428
|
|
Bank of America Auto Trust, Series
2023-1A, Class A3
|
|
|
|
5.53%, 2/15/28(1)
|
1,635
|
1,646
|
|
BMW Vehicle Lease Trust, Series
2024-1, Class A4
|
|
|
|
5.00%, 6/25/27
|
2,000
|
2,016
|
|
CarMax Auto Owner Trust, Series
2023-4, Class A3
|
|
|
|
6.00%, 7/17/28
|
423
|
429
|
|
Carvana Auto Receivables Trust, Series
2025-P2, Class A2
|
|
|
|
4.56%, 8/10/28
|
5,900
|
5,911
|
|
Drive Auto Receivables Trust, Series
2024-2, Class A2
|
|
|
|
4.94%, 12/15/27
|
1,668
|
1,669
|
|
Exeter Automobile Receivables Trust,
Series 2024-5A, Class A2
|
|
|
|
4.79%, 4/15/27
|
854
|
854
|
|
GM Financial Automobile Leasing Trust,
Series 2024-1, Class A3
|
|
|
|
5.09%, 3/22/27
|
1,581
|
1,586
|
|
GM Financial Consumer Automobile
Receivables Trust, Series 2023-2,
Class A3
|
|
|
|
4.47%, 2/16/28
|
3,588
|
3,587
|
|
GM Financial Consumer Automobile
Receivables Trust, Series 2024-1,
Class A3
|
|
|
|
4.85%, 12/18/28
|
2,600
|
2,613
|
|
Harley-Davidson Motorcycle Trust,
Series 2024-A, Class A3
|
|
|
|
5.37%, 3/15/29
|
2,050
|
2,072
|
|
Honda Auto Receivables Owner Trust,
Series 2024-1, Class A3
|
|
|
|
5.21%, 8/15/28
|
1,743
|
1,758
|
|
Hyundai Auto Lease Securitization
Trust, Series 2024-B, Class A3
|
|
|
|
5.41%, 5/17/27(1)
|
2,780
|
2,802
|
|
Hyundai Auto Receivables Trust, Series
2024-A, Class A3
|
|
|
|
4.99%, 2/15/29
|
940
|
948
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
ASSET-BACKED SECURITIES - 9.5%continued
|
||
|
Auto Loan – 4.4%continued
|
||
|
Mercedes-Benz Auto Receivables Trust,
Series 2023-2, Class A3
|
|
|
|
5.95%, 11/15/28
|
$10,000
|
$10,130
|
|
Santander Drive Auto Receivables Trust,
Series 2025-2, Class A2
|
|
|
|
4.71%, 6/15/28
|
15,150
|
15,155
|
|
Tesla Auto Lease Trust, Series 2023-B,
Class A3
|
|
|
|
6.13%, 9/21/26(1)
|
1,831
|
1,837
|
|
Tesla Auto Lease Trust, Series 2024-B,
Class A2A
|
|
|
|
4.79%, 1/20/27(1)
|
1,388
|
1,388
|
|
Toyota Lease Owner Trust, Series
2024-B, Class A2A
|
|
|
|
4.31%, 2/22/27(1)
|
3,486
|
3,481
|
|
Westlake Automobile Receivables Trust,
Series 2023-3, Class A3
|
|
|
|
5.82%, 5/17/27(1)
|
6,023
|
6,036
|
|
Westlake Automobile Receivables Trust,
Series 2025-P1, Class A2
|
|
|
|
4.65%, 2/15/28(1)
|
5,000
|
5,010
|
|
World Omni Auto Receivables Trust,
Series 2024-A, Class A3
|
|
|
|
4.86%, 3/15/29
|
1,130
|
1,136
|
|
World Omni Auto Receivables Trust,
Series 2024-B, Class A3
|
|
|
|
5.27%, 9/17/29
|
1,625
|
1,641
|
|
|
|
78,133
|
|
Credit Card – 2.6%
|
||
|
Capital One Multi-Asset Execution Trust,
Series 2022-A3, Class A
|
|
|
|
4.95%, 10/15/27
|
6,000
|
6,007
|
|
Capital One Multi-Asset Execution Trust,
Series 2023-A1, Class A
|
|
|
|
4.42%, 5/15/28
|
8,000
|
8,008
|
|
Capital One Multi-Asset Execution Trust,
Series 2024-A1, Class A
|
|
|
|
3.92%, 9/15/29
|
9,575
|
9,546
|
|
Chase Issuance Trust, Series 2023-A1,
Class A
|
|
|
|
5.16%, 9/15/28
|
4,000
|
4,046
|
|
Citibank Credit Card Issuance Trust,
Series 2023-A1, Class A1
|
|
|
|
5.23%, 12/8/27
|
9,900
|
9,930
|
|
|
June 30, 2025 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
ASSET-BACKED SECURITIES - 9.5%continued
|
||
|
Credit Card – 2.6%continued
|
||
|
Discover Card Execution Note Trust,
Series 2023-A1, Class A
|
|
|
|
4.31%, 3/15/28
|
$4,290
|
$4,286
|
|
Synchrony Card Funding LLC, Series
2023-A1, Class A
|
|
|
|
5.54%, 7/15/29
|
1,250
|
1,264
|
|
Synchrony Card Funding LLC, Series
2024-A1, Class A
|
|
|
|
5.04%, 3/15/30
|
1,458
|
1,477
|
|
WF Card Issuance Trust, Series
2024-A1, Class A
|
|
|
|
4.94%, 2/15/29
|
2,530
|
2,563
|
|
|
|
47,127
|
|
Other – 0.5%
|
||
|
CNH Equipment Trust, Series 2024-B,
Class A3
|
|
|
|
5.19%, 9/17/29
|
1,100
|
1,115
|
|
HPEFS Equipment Trust, Series
2024-2A, Class A2
|
|
|
|
5.50%, 10/20/31(1)
|
1,692
|
1,696
|
|
John Deere Owner Trust, Series
2024-A, Class A3
|
|
|
|
4.96%, 11/15/28
|
625
|
631
|
|
John Deere Owner Trust, Series
2024-C, Class A2A
|
|
|
|
4.36%, 8/16/27
|
3,648
|
3,644
|
|
Kubota Credit Owner Trust, Series
2025-1A, Class A2
|
|
|
|
4.61%, 12/15/27(1)
|
1,830
|
1,835
|
|
MMAF Equipment Finance LLC, Series
2024-A, Class A2
|
|
|
|
5.20%, 9/13/27(1)
|
660
|
662
|
|
|
|
9,583
|
|
Whole Loan – 2.0%
|
||
|
Bravo Residential Funding Trust, Series
2025-NQM1, Class A1
|
|
|
|
(Step to 6.60% on 2/25/29),
5.60%, 12/25/64(1) (2)
|
10,961
|
11,022
|
|
Chase Home Lending Mortgage Trust,
Series 2024-2, Class A4A
|
|
|
|
2/25/55(1) (3)
|
2,430
|
2,453
|
|
JP Morgan Mortgage Trust, Series
2024-2, Class A6A
|
|
|
|
6.00%, 8/25/54(1)
|
768
|
766
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
ASSET-BACKED SECURITIES - 9.5%continued
|
||
|
Whole Loan – 2.0%continued
|
||
|
JP Morgan Mortgage Trust, Series
2025-NQM1, Class A1
|
|
|
|
(Step to 6.59% on 4/25/29),
5.59%, 6/25/65(1) (2)
|
$5,738
|
$5,759
|
|
OBX Trust, Series 2024-NQM16,
Class A1
|
|
|
|
(Step to 6.53% on 11/25/28),
5.53%, 10/25/64(1) (2)
|
2,732
|
2,735
|
|
Santander Mortgage Asset Receivable
Trust, Series 2025-NQM1, Class A1
|
|
|
|
(Step to 6.55% on 4/25/29),
5.55%, 1/25/65(1) (2)
|
3,801
|
3,812
|
|
Santander Mortgage Asset Receivable
Trust, Series 2025-NQM3,
Class A1B
|
|
|
|
(Step to 6.60% on 7/25/29),
5.60%, 5/25/65(1) (2)
|
8,361
|
8,374
|
|
|
|
34,921
|
|
Total Asset-Backed Securities
|
|
|
|
(Cost $169,441)
|
|
169,764
|
|
|
|
|
|
COMMERCIAL MORTGAGE-BACKED SECURITIES – 0.4%
|
||
|
Non Agency – 0.4%
|
||
|
BX Commercial Mortgage Trust, Series
2019-IMC, Class A
|
|
|
|
(Floating, CME Term SOFR 1M +
1.05%, 1.00% Floor), 5.36%,
4/15/34(1) (4)
|
2,308
|
2,291
|
|
Legends Outlets Kansas City KS
Mortgage Secured Pass-Through
Trust, Series 2024-LGND, Class A
|
|
|
|
6.25%, 11/5/39(1)
|
5,000
|
5,013
|
|
|
|
7,304
|
|
Total Commercial Mortgage-Backed
Securities
|
|
|
|
(Cost $7,366)
|
|
7,304
|
|
|
|
|
|
COMMERCIAL PAPER – 0.6%
|
||
|
Banking – 0.6%
|
||
|
ANZ New Zealand International Ltd.,
|
|
|
|
(Floating, U.S. SOFR + 0.00%),
4.62%, 8/20/25(1) (4)
|
10,000
|
9,997
|
|
Total Commercial Paper
|
|
|
|
(Cost $10,000)
|
|
9,997
|
|
|
|
|
|
Schedule of Investments
|
|
ULTRA-SHORT FIXED INCOME FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS – 50.6%
|
||
|
Aerospace & Defense – 0.2%
|
||
|
RTX Corp.,
|
|
|
|
3.95%, 8/16/25
|
$3,000
|
$2,996
|
|
Apparel & Textile Products – 0.3%
|
||
|
Ralph Lauren Corp.,
|
|
|
|
3.75%, 9/15/25
|
6,000
|
5,980
|
|
Asset Management – 2.7%
|
||
|
BlackRock Funding, Inc.,
|
|
|
|
4.60%, 7/26/27
|
17,340
|
17,552
|
|
Blackstone Private Credit Fund,
|
|
|
|
4.95%, 9/26/27
|
2,310
|
2,298
|
|
Charles Schwab (The) Corp.,
|
|
|
|
(Floating, U.S. SOFR Compounded
Index + 1.05%), 5.47%,
3/3/27 (4)
|
20,000
|
20,157
|
|
Citadel Finance LLC,
|
|
|
|
3.38%, 3/9/26 (1)
|
8,000
|
7,898
|
|
|
|
47,905
|
|
Automotive – 3.9%
|
||
|
American Honda Finance Corp.,
|
|
|
|
(Floating, U.S. SOFR + 0.72%),
5.08%, 10/22/27 (4)
|
9,000
|
8,999
|
|
General Motors Financial Co., Inc.,
|
|
|
|
(Floating, U.S. SOFR + 1.29%),
5.76%, 1/7/30 (4)
|
13,200
|
12,907
|
|
Hyundai Capital America,
|
|
|
|
5.45%, 6/24/26 (1)
|
4,000
|
4,032
|
|
5.95%, 9/21/26 (1)
|
4,000
|
4,062
|
|
(Floating, U.S. SOFR + 1.50%),
5.85%, 1/8/27 (1) (4)
|
10,000
|
10,060
|
|
(Floating, U.S. SOFR + 0.00%),
5.49%, 6/24/27 (1) (4)
|
10,000
|
9,993
|
|
Toyota Motor Credit Corp.,
|
|
|
|
(Floating, U.S. SOFR Compounded
Index + 0.45%), 4.80%,
4/10/26 (4)
|
5,180
|
5,186
|
|
(Floating, U.S. SOFR + 0.47%),
4.81%, 1/8/27 (4)
|
15,000
|
14,971
|
|
|
|
70,210
|
|
Banking – 10.2%
|
||
|
Bank of America Corp.,
|
|
|
|
(Floating, U.S. SOFR + 1.11%),
5.49%, 5/9/29 (4)
|
34,000
|
34,217
|
|
Citibank N.A.,
|
|
|
|
5.44%, 4/30/26
|
1,600
|
1,612
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 50.6% continued
|
||
|
Banking – 10.2%continued
|
||
|
4.93%, 8/6/26
|
$2,500
|
$2,517
|
|
Citigroup, Inc.,
|
|
|
|
(Floating, U.S. SOFR + 1.28%),
5.69%, 2/24/28 (4)
|
21,000
|
21,154
|
|
(Floating, U.S. SOFR + 0.87%),
5.30%, 3/4/29 (4)
|
5,514
|
5,505
|
|
Fifth Third Bank N.A.,
|
|
|
|
(Floating, U.S. SOFR + 0.00%),
5.18%, 1/28/28 (4)
|
7,300
|
7,298
|
|
Huntington National Bank (The),
|
|
|
|
(Variable, U.S. SOFR + 0.72%),
4.87%, 4/12/28 (5)
|
3,800
|
3,824
|
|
JPMorgan Chase & Co.,
|
|
|
|
(Floating, U.S. SOFR + 0.77%),
5.22%, 9/22/27 (4)
|
10,100
|
10,123
|
|
(Floating, U.S. SOFR + 1.18%),
5.59%, 2/24/28 (4)
|
13,000
|
13,110
|
|
(Floating, U.S. SOFR + 0.80%),
5.17%, 1/24/29 (4)
|
4,300
|
4,298
|
|
KeyBank N.A.,
|
|
|
|
4.15%, 8/8/25
|
3,800
|
3,797
|
|
Morgan Stanley Bank N.A.,
|
|
|
|
(Floating, U.S. SOFR + 0.87%),
5.28%, 5/26/28 (4)
|
13,110
|
13,146
|
|
PNC Bank N.A.,
|
|
|
|
(Variable, U.S. SOFR + 0.50%),
4.78%, 1/15/27 (5)
|
5,000
|
5,008
|
|
(Floating, U.S. SOFR + 0.50%),
4.85%, 1/15/27 (4)
|
6,500
|
6,502
|
|
(Variable, U.S. SOFR + 0.63%),
4.54%, 5/13/27 (5)
|
9,050
|
9,055
|
|
PNC Financial Services Group (The),
Inc.,
|
|
|
|
(Variable, U.S. SOFR Compounded
Index + 1.73%), 6.62%,
10/20/27 (5)
|
3,105
|
3,192
|
|
Santander Holdings U.S.A., Inc.,
|
|
|
|
(Variable, U.S. SOFR + 1.23%),
6.12%, 5/31/27 (5)
|
2,850
|
2,882
|
|
(Floating, U.S. SOFR + 1.61%),
6.06%, 3/20/29 (4)
|
11,000
|
11,108
|
|
Truist Financial Corp.,
|
|
|
|
(Variable, U.S. SOFR + 2.05%),
6.05%, 6/8/27 (5)
|
5,000
|
5,067
|
|
|
June 30, 2025 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 50.6% continued
|
||
|
Banking – 10.2%continued
|
||
|
Wells Fargo & Co.,
|
|
|
|
(Floating, U.S. SOFR + 0.78%),
5.15%, 1/24/28 (4)
|
$11,500
|
$11,507
|
|
Wells Fargo Bank N.A.,
|
|
|
|
5.25%, 12/11/26
|
7,955
|
8,070
|
|
|
|
182,992
|
|
Beverages – 0.3%
|
||
|
Keurig Dr. Pepper, Inc.,
|
|
|
|
(Floating, U.S. SOFR + 0.58%),
4.97%, 11/15/26(4)
|
6,190
|
6,201
|
|
Biotechnology & Pharmaceuticals – 0.8%
|
||
|
Pfizer Investment Enterprises Pte. Ltd.,
|
|
|
|
4.45%, 5/19/26
|
13,903
|
13,918
|
|
Containers & Packaging – 0.4%
|
||
|
Amcor Flexibles North America, Inc.,
|
|
|
|
4.80%, 3/17/28(1)
|
7,120
|
7,169
|
|
E-Commerce Discretionary – 0.7%
|
||
|
eBay, Inc.,
|
|
|
|
5.90%, 11/22/25
|
8,750
|
8,785
|
|
1.40%, 5/10/26
|
3,454
|
3,366
|
|
|
|
12,151
|
|
Electric Utilities – 0.6%
|
||
|
Dominion Energy, Inc.,
|
|
|
|
3.90%, 10/1/25
|
4,595
|
4,587
|
|
NextEra Energy Capital Holdings, Inc.,
|
|
|
|
(Floating, U.S. SOFR Compounded
Index + 0.80%), 5.18%,
2/4/28 (4)
|
6,600
|
6,632
|
|
|
|
11,219
|
|
Entertainment Content – 0.2%
|
||
|
Take-Two Interactive Software, Inc.,
|
|
|
|
5.00%, 3/28/26
|
3,100
|
3,107
|
|
Food – 2.3%
|
||
|
Cargill, Inc.,
|
|
|
|
(Floating, U.S. SOFR + 0.61%),
4.99%, 2/11/28 (1) (4)
|
7,500
|
7,517
|
|
General Mills, Inc.,
|
|
|
|
4.70%, 1/30/27
|
2,291
|
2,304
|
|
Kellanova,
|
|
|
|
3.25%, 4/1/26
|
15,200
|
15,079
|
|
Kraft Heinz Foods Co.,
|
|
|
|
3.00%, 6/1/26
|
6,000
|
5,922
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 50.6% continued
|
||
|
Food – 2.3%continued
|
||
|
Mars, Inc.,
|
|
|
|
4.60%, 3/1/28 (1)
|
$5,200
|
$5,242
|
|
McCormick & Co., Inc.,
|
|
|
|
3.25%, 11/15/25
|
5,000
|
4,964
|
|
The Campbell's Co.,
|
|
|
|
5.30%, 3/20/26
|
1,000
|
1,005
|
|
|
|
42,033
|
|
Health Care Facilities & Services – 2.0%
|
||
|
Cencora, Inc.,
|
|
|
|
4.63%, 12/15/27
|
3,280
|
3,307
|
|
CVS Health Corp.,
|
|
|
|
5.00%, 2/20/26
|
2,400
|
2,403
|
|
Elevance Health, Inc.,
|
|
|
|
4.50%, 10/30/26
|
2,320
|
2,328
|
|
HCA, Inc.,
|
|
|
|
5.88%, 2/15/26
|
5,000
|
5,005
|
|
5.00%, 3/1/28
|
2,220
|
2,253
|
|
UnitedHealth Group, Inc.,
|
|
|
|
1.15%, 5/15/26
|
9,510
|
9,244
|
|
(Floating, U.S. SOFR + 0.50%),
4.85%, 7/15/26 (4)
|
7,000
|
7,000
|
|
4.40%, 6/15/28
|
4,000
|
4,020
|
|
|
|
35,560
|
|
Home Construction – 0.7%
|
||
|
D.R. Horton, Inc.,
|
|
|
|
2.60%, 10/15/25
|
5,000
|
4,970
|
|
Lennar Corp.,
|
|
|
|
5.25%, 6/1/26
|
8,500
|
8,517
|
|
|
|
13,487
|
|
Institutional Financial Services – 3.1%
|
||
|
Goldman Sachs Group (The), Inc.,
|
|
|
|
(Floating, U.S. SOFR + 0.81%),
5.24%, 3/9/27 (4)
|
25,000
|
25,033
|
|
LPL Holdings, Inc.,
|
|
|
|
4.90%, 4/3/28
|
4,370
|
4,403
|
|
Morgan Stanley,
|
|
|
|
(Floating, U.S. SOFR + 1.02%),
5.38%, 4/13/28 (4)
|
11,000
|
11,061
|
|
State Street Bank & Trust Co.,
|
|
|
|
(Floating, U.S. SOFR + 0.46%),
4.87%, 11/25/26 (4)
|
5,240
|
5,245
|
|
Schedule of Investments
|
|
ULTRA-SHORT FIXED INCOME FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 50.6% continued
|
||
|
Institutional Financial Services – 3.1%continued
|
||
|
State Street Corp.,
|
|
|
|
5.27%, 8/3/26
|
$2,070
|
$2,091
|
|
4.33%, 10/22/27
|
7,040
|
7,076
|
|
|
|
54,909
|
|
Insurance – 1.2%
|
||
|
Arthur J Gallagher & Co.,
|
|
|
|
4.60%, 12/15/27
|
13,050
|
13,147
|
|
Marsh & McLennan Cos., Inc.,
|
|
|
|
(Floating, U.S. SOFR Compounded
Index + 0.70%), 5.08%,
11/8/27 (4)
|
5,280
|
5,292
|
|
New York Life Global Funding,
|
|
|
|
(Floating, U.S. SOFR + 0.67%),
5.13%, 4/2/27 (1) (4)
|
2,480
|
2,485
|
|
|
|
20,924
|
|
IT Services – 0.8%
|
||
|
International Business Machines Corp.,
|
|
|
|
3.45%, 2/19/26
|
4,422
|
4,392
|
|
3.30%, 5/15/26
|
9,199
|
9,113
|
|
|
|
13,505
|
|
Leisure Facilities & Services – 1.2%
|
||
|
Marriott International, Inc.,
|
|
|
|
3.75%, 10/1/25
|
8,500
|
8,476
|
|
McDonald's Corp.,
|
|
|
|
3.70%, 1/30/26
|
2,750
|
2,738
|
|
Royal Caribbean Cruises Ltd.,
|
|
|
|
4.25%, 7/1/26 (1)
|
5,000
|
4,975
|
|
Starbucks Corp.,
|
|
|
|
4.50%, 5/15/28
|
4,790
|
4,814
|
|
|
|
21,003
|
|
Machinery – 1.8%
|
||
|
AGCO Corp.,
|
|
|
|
5.45%, 3/21/27
|
1,710
|
1,731
|
|
Caterpillar Financial Services Corp.,
|
|
|
|
(Floating, U.S. SOFR + 0.69%),
5.05%, 10/16/26 (4)
|
1,300
|
1,306
|
|
CNH Industrial Capital LLC,
|
|
|
|
4.50%, 10/8/27
|
2,620
|
2,627
|
|
John Deere Capital Corp.,
|
|
|
|
(Floating, U.S. SOFR + 0.40%),
4.86%, 1/5/27 (4)
|
15,000
|
15,006
|
|
(Floating, U.S. SOFR + 0.60%),
4.96%, 4/19/27 (4)
|
5,000
|
5,021
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 50.6% continued
|
||
|
Machinery – 1.8%continued
|
||
|
Stanley Black & Decker, Inc.,
|
|
|
|
6.27%, 3/6/26
|
$5,870
|
$5,869
|
|
|
|
31,560
|
|
Medical Equipment & Devices – 2.2%
|
||
|
Agilent Technologies, Inc.,
|
|
|
|
4.20%, 9/9/27
|
7,800
|
7,797
|
|
GE HealthCare Technologies, Inc.,
|
|
|
|
5.60%, 11/15/25
|
10,000
|
10,021
|
|
Stryker Corp.,
|
|
|
|
3.50%, 3/15/26
|
7,000
|
6,957
|
|
4.55%, 2/10/27
|
9,500
|
9,558
|
|
Zimmer Biomet Holdings, Inc.,
|
|
|
|
4.70%, 2/19/27
|
5,432
|
5,461
|
|
|
|
39,794
|
|
Oil & Gas Services & Equipment – 0.7%
|
||
|
Schlumberger Holdings Corp.,
|
|
|
|
5.00%, 5/29/27(1)
|
12,799
|
12,965
|
|
Oil & Gas Supply Chain – 1.5%
|
||
|
BP Capital Markets America, Inc.,
|
|
|
|
3.41%, 2/11/26
|
5,000
|
4,967
|
|
Enbridge Energy Partners L.P.,
|
|
|
|
5.88%, 10/15/25
|
4,400
|
4,404
|
|
Enterprise Products Operating LLC,
|
|
|
|
5.05%, 1/10/26
|
2,230
|
2,235
|
|
Phillips 66,
|
|
|
|
1.30%, 2/15/26
|
5,600
|
5,489
|
|
Pioneer Natural Resources Co.,
|
|
|
|
5.10%, 3/29/26
|
5,311
|
5,336
|
|
Williams (The) Cos., Inc.,
|
|
|
|
5.40%, 3/2/26
|
5,110
|
5,139
|
|
|
|
27,570
|
|
Real Estate Investment Trusts – 0.3%
|
||
|
Public Storage Operating Co.,
|
|
|
|
(Floating, U.S. SOFR Compounded
Index + 0.70%), 5.06%,
4/16/27(4)
|
4,720
|
4,737
|
|
Retail - Consumer Staples – 0.7%
|
||
|
Walmart, Inc.,
|
|
|
|
(Floating, U.S. SOFR Compounded
Index + 0.43%), 4.80%,
4/28/27(4)
|
12,600
|
12,639
|
|
|
June 30, 2025 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 50.6% continued
|
||
|
Retail - Discretionary – 1.9%
|
||
|
AutoNation, Inc.,
|
|
|
|
4.50%, 10/1/25
|
$1,000
|
$1,000
|
|
AutoZone, Inc.,
|
|
|
|
5.05%, 7/15/26
|
2,980
|
2,999
|
|
Lowe's Cos., Inc.,
|
|
|
|
4.80%, 4/1/26
|
10,300
|
10,317
|
|
2.50%, 4/15/26
|
8,244
|
8,121
|
|
O'Reilly Automotive, Inc.,
|
|
|
|
5.75%, 11/20/26
|
1,890
|
1,923
|
|
Ross Stores, Inc.,
|
|
|
|
0.88%, 4/15/26
|
10,300
|
10,007
|
|
|
|
34,367
|
|
Semiconductors – 1.7%
|
||
|
Advanced Micro Devices, Inc.,
|
|
|
|
4.21%, 9/24/26
|
4,600
|
4,615
|
|
4.32%, 3/24/28
|
11,000
|
11,081
|
|
Intel Corp.,
|
|
|
|
3.70%, 7/29/25
|
5,000
|
4,984
|
|
4.88%, 2/10/26
|
9,509
|
9,523
|
|
|
|
30,203
|
|
Software – 1.9%
|
||
|
Oracle Corp.,
|
|
|
|
1.65%, 3/25/26
|
9,311
|
9,121
|
|
(Floating, U.S. SOFR + 0.76%),
5.14%, 8/3/28 (4)
|
11,600
|
11,650
|
|
Roper Technologies, Inc.,
|
|
|
|
3.85%, 12/15/25
|
2,021
|
2,020
|
|
Synopsys, Inc.,
|
|
|
|
4.55%, 4/1/27
|
10,800
|
10,854
|
|
|
|
33,645
|
|
Specialty Finance – 3.6%
|
||
|
Air Lease Corp.,
|
|
|
|
3.38%, 7/1/25
|
5,733
|
5,733
|
|
American Express Co.,
|
|
|
|
(Floating, U.S. SOFR Compounded
Index + 0.65%), 5.03%,
11/4/26 (4)
|
12,996
|
13,020
|
|
(Floating, U.S. SOFR Compounded
Index + 0.97%), 5.34%,
7/28/27 (4)
|
8,000
|
8,029
|
|
(Floating, U.S. SOFR + 1.02%),
5.39%, 1/30/31 (4)
|
3,000
|
2,997
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 50.6% continued
|
||
|
Specialty Finance – 3.6%continued
|
||
|
Aviation Capital Group LLC,
|
|
|
|
4.88%, 10/1/25 (1)
|
$4,300
|
$4,298
|
|
Fidelity National Information Services,
Inc.,
|
|
|
|
1.15%, 3/1/26
|
12,831
|
12,553
|
|
Mastercard, Inc.,
|
|
|
|
(Floating, U.S. SOFR Compounded
Index + 0.44%), 4.88%,
3/15/28 (4)
|
4,700
|
4,709
|
|
PayPal Holdings, Inc.,
|
|
|
|
(Floating, U.S. SOFR + 0.67%),
5.10%, 3/6/28 (4)
|
13,800
|
13,807
|
|
|
|
65,146
|
|
Technology Hardware – 1.6%
|
||
|
Dell International LLC/EMC Corp.,
|
|
|
|
4.75%, 4/1/28
|
3,660
|
3,703
|
|
Hewlett Packard Enterprise Co.,
|
|
|
|
4.90%, 10/15/25
|
12,987
|
12,987
|
|
4.45%, 9/25/26
|
2,270
|
2,273
|
|
Juniper Networks, Inc.,
|
|
|
|
1.20%, 12/10/25
|
9,990
|
9,832
|
|
|
|
28,795
|
|
Telecommunications – 0.7%
|
||
|
AT&T, Inc.,
|
|
|
|
1.70%, 3/25/26
|
2,831
|
2,774
|
|
T-Mobile U.S.A., Inc.,
|
|
|
|
2.63%, 4/15/26
|
10,200
|
10,042
|
|
|
|
12,816
|
|
Wholesale - Consumer Staples – 0.4%
|
||
|
Sysco Corp.,
|
|
|
|
3.25%, 7/15/27
|
7,760
|
7,609
|
|
Total Corporate Bonds
|
|
|
|
(Cost $904,438)
|
|
907,115
|
|
|
|
|
|
FOREIGN ISSUER BONDS – 34.5%
|
||
|
Asset Management – 0.4%
|
||
|
UBS Group A.G.,
|
|
|
|
(Variable, U.S. Treasury Yield Curve
Rate CMT 1Y + 1.08%), 1.36%,
1/30/27(1) (5)
|
6,406
|
6,290
|
|
Schedule of Investments
|
|
ULTRA-SHORT FIXED INCOME FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
FOREIGN ISSUER BONDS - 34.5% continued
|
||
|
Automotive – 1.5%
|
||
|
BMW U.S. Capital LLC,
|
|
|
|
(Floating, U.S. SOFR Compounded
Index + 0.78%), 5.23%,
3/19/27 (1) (4)
|
$12,400
|
$12,409
|
|
4.90%, 4/2/27 (1)
|
3,000
|
3,030
|
|
Mercedes-Benz Finance North
America LLC,
|
|
|
|
(Floating, U.S. SOFR + 0.57%),
4.94%, 8/1/25 (1) (4)
|
2,000
|
2,001
|
|
5.38%, 8/1/25 (1)
|
2,410
|
2,411
|
|
4.75%, 8/1/27 (1)
|
7,350
|
7,399
|
|
|
|
27,250
|
|
Banking – 24.9%
|
||
|
Australia & New Zealand Banking
Group Ltd.,
|
|
|
|
(Floating, U.S. SOFR + 0.65%),
5.11%, 9/30/27 (1) (4)
|
2,000
|
2,006
|
|
Bank of Montreal,
|
|
|
|
(Floating, U.S. SOFR Compounded
Index + 0.62%), 5.06%,
9/15/26 (4)
|
25,800
|
25,818
|
|
(Floating, U.S. SOFR + 0.86%),
5.23%, 1/27/29 (4)
|
3,500
|
3,480
|
|
Bank of New Zealand,
|
|
|
|
(Floating, U.S. SOFR + 0.81%),
5.18%, 1/27/27 (1) (4)
|
21,000
|
21,036
|
|
Bank of Nova Scotia (The),
|
|
|
|
(Floating, U.S. SOFR Compounded
Index + 0.55%), 4.96%,
3/2/26 (4)
|
15,000
|
15,018
|
|
Banque Federative du Credit Mutuel
S.A.,
|
|
|
|
(Floating, U.S. SOFR Compounded
Index + 1.23%), 5.59%,
1/22/30 (1) (4)
|
5,100
|
5,115
|
|
Barclays PLC,
|
|
|
|
4.38%, 1/12/26
|
5,250
|
5,246
|
|
(Floating, U.S. SOFR + 1.49%),
5.93%, 3/12/28 (4)
|
9,000
|
9,070
|
|
BPCE S.A.,
|
|
|
|
(Floating, U.S. SOFR + 0.96%),
5.41%, 9/25/25 (1) (4)
|
2,000
|
2,003
|
|
Canadian Imperial Bank of Commerce,
|
|
|
|
(Floating, U.S. SOFR + 0.72%),
5.07%, 1/13/28 (4)
|
15,000
|
14,987
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
FOREIGN ISSUER BONDS - 34.5% continued
|
||
|
Banking – 24.9%continued
|
||
|
Commonwealth Bank of Australia,
|
|
|
|
(Floating, U.S. SOFR + 0.52%),
4.96%, 6/15/26 (1) (4)
|
$4,500
|
$4,510
|
|
Credit Agricole S.A.,
|
|
|
|
(Floating, U.S. SOFR + 0.87%),
5.31%, 3/11/27 (1) (4)
|
4,660
|
4,668
|
|
(Variable, U.S. SOFR + 1.21%),
4.63%, 9/11/28 (1) (5)
|
8,080
|
8,090
|
|
(Floating, U.S. SOFR + 1.21%),
5.65%, 9/11/28 (1) (4)
|
6,000
|
6,035
|
|
Danske Bank A/S,
|
|
|
|
(Variable, U.S. Treasury Yield Curve
Rate CMT 1Y + 1.18%), 6.26%,
9/22/26 (1) (5)
|
4,060
|
4,072
|
|
Deutsche Bank A.G.,
|
|
|
|
(Floating, U.S. SOFR + 1.22%),
5.61%, 11/16/27 (4)
|
6,500
|
6,500
|
|
(Floating, U.S. SOFR + 1.21%),
5.56%, 1/10/29 (4)
|
7,000
|
7,007
|
|
HSBC Holdings PLC,
|
|
|
|
3.90%, 5/25/26
|
3,000
|
2,988
|
|
(Floating, CME Term SOFR 3M +
1.64%), 5.97%, 9/12/26 (4)
|
2,816
|
2,824
|
|
(Floating, U.S. SOFR + 1.04%),
5.43%, 11/19/28 (4)
|
3,200
|
3,200
|
|
(Floating, U.S. SOFR + 1.03%),
5.45%, 3/3/29 (4)
|
10,000
|
9,992
|
|
ING Groep N.V.,
|
|
|
|
(Floating, U.S. SOFR Compounded
Index + 1.01%), 5.47%,
4/1/27 (4)
|
27,000
|
27,073
|
|
Lloyds Banking Group PLC,
|
|
|
|
(Variable, U.S. Treasury Yield Curve
Rate CMT 1Y + 1.75%), 4.72%,
8/11/26 (5)
|
7,700
|
7,697
|
|
(Floating, U.S. SOFR Compounded
Index + 1.06%), 5.46%,
11/26/28 (4)
|
11,000
|
11,023
|
|
Macquarie Bank Ltd.,
|
|
|
|
5.27%, 7/2/27 (1)
|
9,430
|
9,628
|
|
(Floating, U.S. SOFR + 0.74%),
5.18%, 6/12/28 (1) (4)
|
17,000
|
17,024
|
|
Mitsubishi UFJ Financial Group, Inc.,
|
|
|
|
3.85%, 3/1/26
|
4,261
|
4,248
|
|
|
June 30, 2025 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
FOREIGN ISSUER BONDS - 34.5% continued
|
||
|
Banking – 24.9%continued
|
||
|
National Australia Bank Ltd.,
|
|
|
|
(Floating, U.S. SOFR + 0.62%),
5.06%, 6/11/27 (1) (4)
|
$10,220
|
$10,255
|
|
National Bank of Canada,
|
|
|
|
(Floating, U.S. SOFR Compounded
Index + 0.00%), 5.50%,
7/2/27 (4)
|
6,260
|
6,274
|
|
Nationwide Building Society,
|
|
|
|
(Floating, U.S. SOFR + 1.29%),
5.68%, 2/16/28 (1) (4)
|
10,700
|
10,760
|
|
NatWest Markets PLC,
|
|
|
|
(Floating, U.S. SOFR + 0.76%),
5.22%, 9/29/26 (1) (4)
|
27,900
|
27,977
|
|
Nordea Bank Abp,
|
|
|
|
(Floating, U.S. SOFR + 0.74%),
5.19%, 3/19/27 (1) (4)
|
8,500
|
8,543
|
|
(Floating, U.S. SOFR + 0.70%),
5.14%, 3/17/28 (1) (4)
|
14,300
|
14,322
|
|
Royal Bank of Canada,
|
|
|
|
(Floating, U.S. SOFR Compounded
Index + 0.57%), 4.94%,
4/27/26 (4)
|
5,900
|
5,912
|
|
(Floating, U.S. SOFR Compounded
Index + 0.59%), 4.97%,
11/2/26 (4)
|
14,237
|
14,261
|
|
(Floating, U.S. SOFR Compounded
Index + 0.83%), 5.20%,
1/24/29 (4)
|
9,000
|
8,984
|
|
Societe Generale S.A.,
|
|
|
|
(Floating, U.S. SOFR + 1.41%),
5.76%, 4/13/29 (1) (4)
|
3,100
|
3,102
|
|
Sumitomo Mitsui Financial Group, Inc.,
|
|
|
|
(Floating, U.S. SOFR + 0.88%),
5.23%, 1/14/27 (4)
|
5,840
|
5,869
|
|
(Floating, U.S. SOFR + 1.17%),
5.51%, 7/9/29 (4)
|
3,807
|
3,844
|
|
Sumitomo Mitsui Trust Bank Ltd.,
|
|
|
|
4.45%, 9/10/27 (1)
|
5,000
|
5,020
|
|
Svenska Handelsbanken AB,
|
|
|
|
(Floating, U.S. SOFR + 0.66%),
5.07%, 5/28/27 (1) (4)
|
15,220
|
15,257
|
|
Swedbank AB,
|
|
|
|
5.47%, 6/15/26 (1)
|
10,577
|
10,685
|
|
6.14%, 9/12/26 (1)
|
7,000
|
7,149
|
|
(Floating, U.S. SOFR + 1.03%),
5.43%, 11/20/29 (1) (4)
|
4,700
|
4,749
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
FOREIGN ISSUER BONDS - 34.5% continued
|
||
|
Banking – 24.9%continued
|
||
|
Toronto-Dominion Bank (The),
|
|
|
|
5.53%, 7/17/26
|
$5,000
|
$5,062
|
|
(Floating, U.S. SOFR + 0.59%),
5.02%, 9/10/26 (4)
|
20,000
|
20,018
|
|
Westpac Banking Corp.,
|
|
|
|
(Floating, U.S. SOFR + 0.46%),
4.82%, 10/20/26 (4)
|
16,000
|
16,028
|
|
(Floating, U.S. SOFR + 0.00%),
5.28%, 7/1/30 (4)
|
1,380
|
1,384
|
|
|
|
445,813
|
|
Biotechnology & Pharmaceuticals – 0.6%
|
||
|
GlaxoSmithKline Capital PLC,
|
|
|
|
(Floating, U.S. SOFR + 0.50%),
4.94%, 3/12/27(4)
|
11,400
|
11,419
|
|
Chemicals – 0.6%
|
||
|
Nutrien Ltd.,
|
|
|
|
5.95%, 11/7/25
|
5,000
|
5,025
|
|
4.50%, 3/12/27
|
5,000
|
5,013
|
|
|
|
10,038
|
|
Household Products – 0.3%
|
||
|
Reckitt Benckiser Treasury Services PLC,
|
|
|
|
3.00%, 6/26/27(1)
|
5,000
|
4,888
|
|
Industrial Support Services – 0.5%
|
||
|
Element Fleet Management Corp.,
|
|
|
|
6.27%, 6/26/26(1)
|
9,720
|
9,858
|
|
Institutional Financial Services – 1.1%
|
||
|
Mitsubishi UFJ Trust & Banking Corp.,
|
|
|
|
(Floating, U.S. SOFR + 0.32%),
4.76%, 3/17/26 (4)
|
5,000
|
5,001
|
|
Mizuho Markets Cayman L.P.,
|
|
|
|
(Floating, U.S. SOFR + 0.53%),
4.97%, 1/9/26 (1) (4)
|
14,600
|
14,608
|
|
|
|
19,609
|
|
Metals & Mining – 2.0%
|
||
|
Glencore Funding LLC,
|
|
|
|
(Floating, U.S. SOFR Compounded
Index + 0.75%), 5.21%,
10/1/26 (1) (4)
|
21,450
|
21,448
|
|
Rio Tinto Finance U.S.A. PLC,
|
|
|
|
(Floating, U.S. SOFR Compounded
Index + 0.84%), 5.28%,
3/14/28 (4)
|
15,100
|
15,181
|
|
|
|
36,629
|
|
Schedule of Investments
|
|
ULTRA-SHORT FIXED INCOME FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
FOREIGN ISSUER BONDS - 34.5% continued
|
||
|
Semiconductors – 0.2%
|
||
|
NXP B.V./NXP Funding LLC,
|
|
|
|
5.35%, 3/1/26
|
$4,235
|
$4,255
|
|
Specialty Finance – 1.2%
|
||
|
AerCap Ireland Capital DAC/AerCap
Global Aviation Trust,
|
|
|
|
6.50%, 7/15/25
|
17,700
|
17,711
|
|
Avolon Holdings Funding Ltd.,
|
|
|
|
4.95%, 1/15/28 (1)
|
4,600
|
4,624
|
|
|
|
22,335
|
|
Transportation Equipment – 1.2%
|
||
|
Daimler Truck Finance North
America LLC,
|
|
|
|
5.00%, 1/15/27 (1)
|
4,000
|
4,039
|
|
(Floating, U.S. SOFR + 0.00%),
5.41%, 9/25/27 (1) (4)
|
10,720
|
10,731
|
|
(Floating, U.S. SOFR + 0.84%),
5.19%, 1/13/28 (1) (4)
|
5,900
|
5,879
|
|
|
|
20,649
|
|
Total Foreign Issuer Bonds
|
|
|
|
(Cost $617,401)
|
|
619,033
|
|
|
|
|
|
U.S. GOVERNMENT AGENCIES – 0.7% (6)
|
||
|
Fannie Mae – 0.2%
|
||
|
Pool #FM3019,
|
|
|
|
3.50%, 2/1/35
|
1,659
|
1,628
|
|
Pool #MA3932,
|
|
|
|
3.50%, 2/1/35
|
1,407
|
1,365
|
|
|
|
2,993
|
|
Freddie Mac – 0.5%
|
||
|
FRESB Mortgage Trust, Series
2022-SB94, Class A5F,
|
|
|
|
1.64%, 11/25/26
|
6,179
|
5,944
|
|
Pool #ZS8641,
|
|
|
|
2.50%, 2/1/32
|
2,215
|
2,127
|
|
|
|
8,071
|
|
Government National Mortgage Association – 0.0%
|
||
|
Government National Mortgage
Association, Series 2013-149,
Class MA,
|
|
|
|
2.50%, 5/20/40
|
689
|
677
|
|
Total U.S. Government Agencies
|
|
|
|
(Cost $12,131)
|
|
11,741
|
|
|
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
U.S. GOVERNMENT OBLIGATIONS – 2.6%
|
||
|
U.S. Treasury Notes – 2.6%
|
||
|
4.38%, 7/31/26
|
$3,000
|
$3,012
|
|
4.63%, 11/15/26
|
8,000
|
8,077
|
|
4.13%, 2/15/27
|
25,000
|
25,120
|
|
4.50%, 4/15/27
|
10,000
|
10,125
|
|
|
|
46,334
|
|
Total U.S. Government Obligations
|
|
|
|
(Cost $45,915)
|
|
46,334
|
|
|
NUMBER
OF SHARES
|
VALUE
(000S)
|
|
INVESTMENT COMPANIES – 0.4%
|
||
|
Northern Institutional Funds -
U.S. Government Portfolio (Shares),
4.15%(7) (8)
|
7,432,692
|
$7,433
|
|
Total Investment Companies
|
|
|
|
(Cost $7,433)
|
|
7,433
|
|
|
|
|
|
Total Investments – 99.3%
|
|
|
|
(Cost $1,774,125)
|
1,778,721
|
|
|
Other Assets less Liabilities – 0.7%
|
13,432
|
|
|
NET ASSETS – 100.0%
|
$1,792,153
|
|
|
(1)
|
Security exempt from registration pursuant to Rule 144A under the Securities
Act of 1933, as amended. These securities may be resold in transactions
exempt from registration to qualified institutional investors. At June 30, 2025,
the value of these securities amounted to approximately $470,932,000 or
26.3% of net assets.
|
|
(2)
|
Step coupon bond. Rate as of June 30, 2025 is disclosed.
|
|
(3)
|
When-Issued Security. Coupon rate is not in effect at June 30, 2025.
|
|
(4)
|
Variable or floating rate security. Rate as of June 30, 2025 is disclosed.
|
|
(5)
|
Variable or floating rate security. Security issued at a fixed coupon rate,
which converts to a variable rate at a future date. Rate shown is the rate in
effect as of June 30, 2025.
|
|
(6)
|
The obligations of certain U.S. government-sponsored entities are neither
issued nor guaranteed by the United States Treasury.
|
|
(7)
|
Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the
investment adviser to the Fund and the investment adviser to Northern
Institutional Funds.
|
|
(8)
|
7-day current yield as of June 30, 2025 is disclosed.
|
|
|
|
EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT
THE SCHEDULE OF INVESTMENTS:
|
|
|
|
1M - 1 Month
|
|
|
|
1Y - 1 Year
|
|
|
|
3M - 3 Month
|
|
|
|
CME - Chicago Mercantile Exchange
|
|
|
|
|
June 30, 2025 (UNAUDITED)
|
|
CMT - Constant Maturity
|
|
|
|
Fannie Mae - Federal National Mortgage Association
|
|
|
|
Freddie Mac - Federal Home Loan Mortgage Corporation
|
|
|
|
SOFR - Secured Overnight Financing Rate
|
|
INVESTMENTS
|
LEVEL 1
(000s)
|
LEVEL 2
(000s)
|
LEVEL 3
(000s)
|
TOTAL
(000s)
|
|
Asset-Backed Securities(1)
|
$—
|
$169,764
|
$—
|
$169,764
|
|
Commercial
Mortgage-Backed
Securities
|
—
|
7,304
|
—
|
7,304
|
|
Commercial Paper
|
—
|
9,997
|
—
|
9,997
|
|
Corporate Bonds(1)
|
—
|
907,115
|
—
|
907,115
|
|
Foreign Issuer Bonds(1)
|
—
|
619,033
|
—
|
619,033
|
|
U.S. Government
Agencies(1)
|
—
|
11,741
|
—
|
11,741
|
|
U.S. Government
Obligations
|
—
|
46,334
|
—
|
46,334
|
|
Investment Companies
|
7,433
|
—
|
—
|
7,433
|
|
Total Investments
|
$7,433
|
$1,771,288
|
$—
|
$1,778,721
|
|
(1)
|
Classifications as defined in the Schedule of Investments.
|
|
AFFILIATE
|
VALUE,
BEGINNING
OF PERIOD
(000S)
|
PURCHASES
(000S)
|
SALES
PROCEEDS
(000S)
|
NET CHANGE
IN UNREALIZED
APPRECIATION
(DEPRECIATION)
(000S)
|
ACCRUED
PREMIUM
(DISCOUNT)
|
DIVIDEND
OR INTEREST
INCOME
(000S)
|
VALUE,
END OF PERIOD
(000S)
|
SHARES, END
OF PERIOD
|
|
Nasdaq, Inc.
|
$8,019
|
$—
|
$8,000
|
$(16
)
|
$(3
)
|
$109
|
$—
|
—
|
|
Northern Institutional Funds - Liquid Assets Portfolio (Shares)
|
—
|
5,150
|
5,150
|
—
|
—
|
—
(1),*
|
—
|
—
|
|
Northern Institutional Funds - U.S. Government Portfolio (Shares)
|
66,804
|
410,168
|
469,539
|
—
|
—
|
679
|
7,433
|
7,432,692
|
|
Total
|
$74,823
|
$415,318
|
$482,689
|
$(16
)
|
$(3
)
|
$788
|
$7,433
|
7,432,692
|
|
(1)
|
Represents securities lending income earned from the reinvestment of cash collateral
from loaned securities, net of fees and collateral investment expenses, and other
payments to and from borrowers of securities.
|
|
*
|
Amount rounds to less than one thousand.
|
|
Schedule of Investments
|
|
U.S. GOVERNMENT FUND
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
U.S. GOVERNMENT AGENCIES – 4.9% (1)
|
||
|
Fannie Mae – 2.0%
|
||
|
Pool #555649,
|
|
|
|
7.50%, 10/1/32
|
$6
|
$6
|
|
Pool #BH9277,
|
|
|
|
3.50%, 2/1/48
|
102
|
94
|
|
Pool #CB7509,
|
|
|
|
6.00%, 11/1/53
|
71
|
72
|
|
Pool #DA0021,
|
|
|
|
6.00%, 9/1/53
|
63
|
65
|
|
Pool #FS3063,
|
|
|
|
4.50%, 10/1/52
|
154
|
148
|
|
Pool #FS4669,
|
|
|
|
6.00%, 3/1/53
|
65
|
66
|
|
Pool #FS5952,
|
|
|
|
6.50%, 10/1/53
|
51
|
53
|
|
Pool #FS6176,
|
|
|
|
5.00%, 12/1/47
|
57
|
58
|
|
Pool #FS6177,
|
|
|
|
6.50%, 5/1/40
|
60
|
64
|
|
|
|
626
|
|
Freddie Mac – 1.4%
|
||
|
Pool #RA8880,
|
|
|
|
5.50%, 4/1/53
|
80
|
81
|
|
Pool #SD1360,
|
|
|
|
5.50%, 7/1/52
|
89
|
90
|
|
Pool #SD2347,
|
|
|
|
5.50%, 2/1/53
|
68
|
68
|
|
Pool #SD2665,
|
|
|
|
6.00%, 4/1/53
|
78
|
80
|
|
Pool #SD3817,
|
|
|
|
6.00%, 9/1/53
|
107
|
109
|
|
Pool #ZS7735,
|
|
|
|
2.00%, 1/1/32
|
1
|
1
|
|
|
|
429
|
|
Freddie Mac Gold – 0.1%
|
||
|
Pool #G30926,
|
|
|
|
3.50%, 4/1/36
|
16
|
15
|
|
Government National Mortgage Association – 0.2%
|
||
|
Government National Mortgage
Association, Series 2017-95,
Class QG,
|
|
|
|
2.50%, 8/20/46
|
57
|
52
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
U.S. GOVERNMENT AGENCIES - 4.9% (1)continued
|
||
|
Sovereign Agencies – 1.2%
|
||
|
Resolution Funding Corp. Interest Strip,
|
|
|
|
3.89%, 10/15/28(2)
|
$425
|
$374
|
|
Total U.S. Government Agencies
|
|
|
|
(Cost $1,488)
|
|
1,496
|
|
|
|
|
|
U.S. GOVERNMENT OBLIGATIONS – 94.3%
|
||
|
U.S. Treasury Bonds – 20.3%
|
||
|
4.50%, 8/15/39
|
50
|
50
|
|
4.38%, 11/15/39
|
460
|
451
|
|
4.63%, 2/15/40
|
80
|
81
|
|
1.13%, 5/15/40
|
250
|
155
|
|
4.25%, 11/15/40
|
165
|
158
|
|
3.88%, 2/15/43
|
460
|
412
|
|
3.88%, 5/15/43
|
385
|
344
|
|
4.38%, 8/15/43
|
375
|
357
|
|
4.75%, 11/15/43
|
135
|
135
|
|
4.63%, 5/15/44
|
100
|
98
|
|
4.63%, 11/15/44
|
345
|
338
|
|
4.75%, 2/15/45
|
240
|
239
|
|
5.00%, 5/15/45
|
145
|
149
|
|
2.75%, 11/15/47
|
430
|
306
|
|
3.38%, 11/15/48
|
240
|
190
|
|
2.88%, 5/15/49
|
75
|
54
|
|
2.38%, 11/15/49
|
880
|
566
|
|
1.38%, 8/15/50
|
465
|
229
|
|
2.38%, 5/15/51
|
480
|
304
|
|
4.75%, 11/15/53
|
520
|
515
|
|
4.63%, 5/15/54
|
225
|
219
|
|
4.25%, 8/15/54
|
175
|
160
|
|
4.50%, 11/15/54
|
300
|
286
|
|
4.63%, 2/15/55
|
290
|
282
|
|
4.75%, 5/15/55
|
140
|
139
|
|
|
|
6,217
|
|
U.S. Treasury Inflation Indexed Notes – 1.0%
|
||
|
0.13%, 4/15/26
|
126
|
153
|
|
0.13%, 4/15/27
|
137
|
152
|
|
0.13%, 7/15/30
|
2
|
2
|
|
|
|
307
|
|
U.S. Treasury Notes – 73.0%
|
||
|
0.63%, 7/31/26
|
99
|
96
|
|
4.38%, 7/31/26
|
110
|
110
|
|
1.50%, 8/15/26
|
150
|
146
|
|
0.75%, 8/31/26
|
293
|
282
|
|
|
June 30, 2025 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
U.S. GOVERNMENT OBLIGATIONS - 94.3%continued
|
||
|
U.S. Treasury Notes – 73.0%continued
|
||
|
3.75%, 8/31/26
|
$135
|
$135
|
|
3.50%, 9/30/26
|
375
|
373
|
|
1.13%, 10/31/26
|
211
|
203
|
|
4.13%, 10/31/26
|
200
|
201
|
|
4.25%, 11/30/26
|
50
|
50
|
|
4.25%, 12/31/26
|
75
|
75
|
|
4.00%, 1/15/27
|
75
|
75
|
|
1.50%, 1/31/27
|
115
|
111
|
|
4.13%, 2/28/27
|
100
|
101
|
|
0.63%, 3/31/27
|
92
|
87
|
|
3.88%, 3/31/27
|
1,775
|
1,778
|
|
3.75%, 4/30/27
|
300
|
300
|
|
4.50%, 5/15/27
|
250
|
253
|
|
0.50%, 5/31/27
|
107
|
101
|
|
3.88%, 5/31/27
|
125
|
125
|
|
4.63%, 6/15/27
|
100
|
102
|
|
3.75%, 6/30/27
|
275
|
275
|
|
4.38%, 7/15/27
|
200
|
202
|
|
0.38%, 9/30/27
|
311
|
289
|
|
2.25%, 11/15/27
|
126
|
122
|
|
4.13%, 11/15/27
|
50
|
50
|
|
0.63%, 11/30/27
|
36
|
33
|
|
3.88%, 11/30/27
|
313
|
314
|
|
4.00%, 12/15/27
|
360
|
363
|
|
4.25%, 1/15/28
|
50
|
51
|
|
0.75%, 1/31/28
|
104
|
96
|
|
4.25%, 2/15/28
|
350
|
355
|
|
3.88%, 3/15/28
|
1,755
|
1,763
|
|
3.75%, 4/15/28
|
450
|
451
|
|
3.50%, 4/30/28
|
500
|
497
|
|
3.75%, 5/15/28
|
225
|
225
|
|
1.25%, 5/31/28
|
215
|
201
|
|
3.63%, 5/31/28
|
300
|
299
|
|
3.88%, 6/15/28
|
550
|
553
|
|
2.88%, 8/15/28
|
245
|
239
|
|
1.13%, 8/31/28
|
208
|
192
|
|
4.38%, 8/31/28
|
100
|
102
|
|
3.13%, 11/15/28
|
588
|
577
|
|
4.00%, 1/31/29
|
200
|
202
|
|
4.13%, 3/31/29
|
100
|
101
|
|
4.50%, 5/31/29
|
100
|
103
|
|
4.00%, 7/31/29
|
100
|
101
|
|
3.63%, 8/31/29
|
100
|
100
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
U.S. GOVERNMENT OBLIGATIONS - 94.3%continued
|
||
|
U.S. Treasury Notes – 73.0%continued
|
||
|
4.13%, 10/31/29
|
$65
|
$66
|
|
4.38%, 12/31/29
|
260
|
266
|
|
4.25%, 1/31/30
|
400
|
408
|
|
4.00%, 2/28/30
|
425
|
429
|
|
4.00%, 3/31/30
|
375
|
378
|
|
3.88%, 4/30/30
|
105
|
105
|
|
4.00%, 5/31/30
|
65
|
66
|
|
3.88%, 6/30/30
|
225
|
226
|
|
4.13%, 8/31/30
|
1,850
|
1,877
|
|
4.38%, 11/30/30
|
350
|
359
|
|
3.75%, 12/31/30
|
200
|
199
|
|
4.00%, 1/31/31
|
100
|
101
|
|
4.25%, 2/28/31
|
150
|
153
|
|
4.63%, 4/30/31
|
75
|
78
|
|
4.63%, 5/31/31
|
200
|
208
|
|
4.25%, 6/30/31
|
150
|
153
|
|
4.13%, 7/31/31
|
250
|
253
|
|
3.75%, 8/31/31
|
100
|
99
|
|
3.63%, 9/30/31
|
100
|
98
|
|
4.13%, 10/31/31
|
65
|
66
|
|
4.13%, 11/30/31
|
200
|
202
|
|
4.50%, 12/31/31
|
210
|
217
|
|
4.38%, 1/31/32
|
550
|
563
|
|
4.13%, 2/29/32
|
260
|
262
|
|
4.13%, 3/31/32
|
290
|
293
|
|
4.00%, 4/30/32
|
275
|
275
|
|
4.13%, 5/31/32
|
125
|
126
|
|
4.00%, 6/30/32
|
275
|
275
|
|
3.50%, 2/15/33
|
180
|
174
|
|
3.38%, 5/15/33
|
300
|
286
|
|
4.00%, 2/15/34
|
465
|
460
|
|
4.38%, 5/15/34
|
175
|
178
|
|
3.88%, 8/15/34
|
125
|
122
|
|
4.25%, 11/15/34
|
325
|
326
|
|
4.63%, 2/15/35
|
285
|
294
|
|
4.25%, 5/15/35
|
170
|
170
|
|
|
|
22,371
|
|
Total U.S. Government Obligations
|
|
|
|
(Cost $29,140)
|
|
28,895
|
|
Schedule of Investments
|
|
U.S. GOVERNMENT FUND continued
|
June 30, 2025 (UNAUDITED)
|
|
|
NUMBER
OF SHARES
|
VALUE
(000S)
|
|
INVESTMENT COMPANIES – 0.1%
|
||
|
Northern Institutional Funds -
U.S. Government Portfolio (Shares),
4.15%(3) (4)
|
31,590
|
$32
|
|
Total Investment Companies
|
|
|
|
(Cost $32)
|
|
32
|
|
|
|
|
|
Total Investments – 99.3%
|
|
|
|
(Cost $30,660)
|
30,423
|
|
|
Other Assets less Liabilities – 0.7%
|
213
|
|
|
NET ASSETS – 100.0%
|
$30,636
|
|
|
(1)
|
The obligations of certain U.S. government-sponsored entities are neither
issued nor guaranteed by the United States Treasury.
|
|
(2)
|
Discount rate at the time of purchase.
|
|
(3)
|
Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the
investment adviser to the Fund and the investment adviser to Northern
Institutional Funds.
|
|
(4)
|
7-day current yield as of June 30, 2025 is disclosed.
|
|
|
|
EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT
THE SCHEDULE OF INVESTMENTS:
|
|
|
|
Fannie Mae - Federal National Mortgage Association
|
|
|
|
Freddie Mac - Federal Home Loan Mortgage Corporation
|
|
INVESTMENTS
|
LEVEL 1
(000s)
|
LEVEL 2
(000s)
|
LEVEL 3
(000s)
|
TOTAL
(000s)
|
|
U.S. Government Agencies(1)
|
$—
|
$1,496
|
$—
|
$1,496
|
|
U.S. Government Obligations(1)
|
—
|
28,895
|
—
|
28,895
|
|
Investment Companies
|
32
|
—
|
—
|
32
|
|
Total Investments
|
$32
|
$30,391
|
$—
|
$30,423
|
|
(1)
|
Classifications as defined in the Schedule of Investments.
|
|
AFFILIATE
|
VALUE,
BEGINNING
OF PERIOD
(000S)
|
PURCHASES
(000S)
|
SALES
PROCEEDS
(000S)
|
DIVIDEND
OR INTEREST
INCOME
(000S)
|
VALUE,
END OF PERIOD
(000S)
|
SHARES, END
OF PERIOD
|
|
Northern Institutional Funds - Liquid Assets Portfolio (Shares)
|
$—
|
$50
|
$50
|
$—
(1)
|
$—
|
—
|
|
Northern Institutional Funds - U.S. Government Portfolio (Shares)
|
710
|
1,555
|
2,233
|
1
|
32
|
31,590
|
|
Total
|
$710
|
$1,605
|
$2,283
|
$1
|
$32
|
31,590
|
|
(1)
|
Represents securities lending income earned from the reinvestment of cash collateral
from loaned securities, net of fees and collateral investment expenses, and other
payments to and from borrowers of securities.
|