Schedule
of
Investments
California
Municipal
Fund
July
31,
2025
(unaudited)
1
INVESTMENT
COMPANIES
-
0
.01
%
Shares
Held
Value
(000's)
Exchange-Traded
Funds
-
0
.01
%
Invesco
California
AMT-Free
Municipal
Bond
ETF
500‌
$
12‌
iShares
California
Muni
Bond
ETF
702‌
39‌
$
51‌
TOTAL
INVESTMENT
COMPANIES
$
51‌
MUNICIPAL
BONDS
-
103
.13
%
Principal
Amount
(000's)
Value
(000's)
California
-
98
.01
%
Alameda
Community
Improvement
Commission
Successor
Agency
(credit
support
from
Build
America
Mutual
Assurance
Corp
)
5.00%,
09/01/2031
(a)
$
1,000‌
$
1,004‌
Alameda
Corridor
Transportation
Authority
0.00%,
10/01/2047
(b)
1,750‌
984‌
5.00%,
10/01/2035
5,270‌
5,342‌
Alameda
Corridor
Transportation
Authority
(credit
support
from
Assured
Guaranty
)
5.00%,
10/01/2043
(a)
1,000‌
1,040‌
Alameda
Unified
School
District-Alameda
County/
CA
5.00%,
08/01/2032
1,795‌
1,797‌
Anaheim
Housing
&
Public
Improvements
Authority
2.60%,
10/01/2054
(c)
200‌
200‌
Bay
Area
Toll
Authority
5.00%,
04/01/2042
1,000‌
1,046‌
5.00%,
04/01/2043
1,000‌
1,040‌
Beverly
Hills
Unified
School
District
CA
3.00%,
08/01/2044
2,230‌
1,714‌
Burbank-Glendale-Pasadena
Airport
Authority
Brick
Campaign
5.25%,
07/01/2040
1,435‌
1,507‌
California
Community
Choice
Financing
Authority
4.00%,
02/01/2052
(c)
2,275‌
2,261‌
4.00%,
10/01/2052
(c)
1,115‌
1,123‌
4.00%,
05/01/2053
(c)
3,150‌
3,165‌
5.00%,
02/01/2054
(c)
5,000‌
5,253‌
5.00%,
02/01/2055
(c)
5,000‌
5,305‌
5.00%,
02/01/2055
(c)
5,000‌
5,298‌
California
County
Tobacco
Securitization
Agency
4.00%,
06/01/2049
1,485‌
1,224‌
California
Educational
Facilities
Authority
5.00%,
10/01/2036
1,000‌
1,002‌
5.00%,
06/01/2043
4,645‌
5,026‌
5.00%,
05/01/2045
9,550‌
10,211‌
5.00%,
10/01/2045
1,000‌
1,000‌
5.00%,
04/01/2051
10,015‌
10,496‌
5.00%,
03/01/2055
(c)
1,800‌
2,071‌
California
Health
Facilities
Financing
Authority
5.00%,
08/15/2031
2,700‌
2,752‌
5.00%,
06/01/2041
(c)
10,000‌
10,924‌
5.00%,
11/01/2047
3,375‌
3,444‌
5.00%,
11/15/2048
2,785‌
2,770‌
5.00%,
12/01/2054
2,000‌
1,959‌
5.25%,
12/01/2044
2,155‌
2,134‌
California
Housing
Finance
Agency
3.50%,
11/20/2035
9,235‌
8,617‌
4.25%,
01/15/2035
8,138‌
8,250‌
California
Housing
Finance
Agency
(credit
support
from
Federal
Home
Loan
Mortgage
Corporation
Collateral
)
3.75%,
03/25/2035
(a)
12,016‌
11,922‌
California
Housing
Finance
Agency
(credit
support
from
Section
542(c)
Housing
Finance
Agency
Risk
Sharing
Program
)
4.75%,
08/01/2045
(a)
4,050‌
4,020‌
MUNICIPAL
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
California
(continued)
California
Infrastructure
&
Economic
Development
Bank
5.00%,
08/01/2038
$
1,175‌
$
1,218‌
5.00%,
08/01/2039
1,130‌
1,166‌
9.50%,
01/01/2065
(c),(d)
14,000‌
12,483‌
California
Municipal
Finance
Authority
2.40%,
10/01/2044
(c)
4,000‌
3,774‌
3.44%,
02/20/2041
(c)
4,278‌
3,768‌
4.00%,
07/15/2029
8,310‌
8,167‌
4.00%,
10/01/2039
2,150‌
1,980‌
4.38%,
09/01/2053
(c)
1,700‌
1,689‌
5.00%,
05/15/2033
1,000‌
1,034‌
5.00%,
05/15/2034
1,000‌
1,029‌
5.00%,
12/31/2034
7,550‌
7,623‌
5.00%,
11/01/2035
(d)
1,750‌
1,804‌
5.00%,
12/31/2036
8,000‌
8,046‌
5.00%,
05/15/2038
2,000‌
2,026‌
5.00%,
10/01/2044
1,000‌
967‌
5.00%,
04/01/2054
3,480‌
3,221‌
5.25%,
11/01/2036
2,100‌
2,105‌
5.38%,
11/01/2045
(d)
3,245‌
3,206‌
California
Municipal
Finance
Authority
(credit
support
from
Build
America
Mutual
Assurance
Corp
)
5.00%,
05/15/2043
(a)
600‌
608‌
5.00%,
05/15/2044
(a)
5,000‌
5,050‌
California
Municipal
Finance
Authority
(credit
support
from
Build
America
Mutual
Assurance
Corp
-
Transfer
Custodial
Receipt
)
5.00%,
05/15/2031
(a)
10,000‌
10,606‌
California
Municipal
Finance
Authority
(credit
support
from
Fannie
Mae
Collateral
)
4.45%,
12/01/2042
(a)
4,900‌
4,772‌
California
Pollution
Control
Financing
Authority
3.00%,
11/01/2025
11,380‌
11,376‌
4.25%,
12/01/2027
(c)
1,200‌
1,211‌
4.30%,
07/01/2040
3,600‌
3,601‌
5.00%,
07/01/2029
(d)
1,000‌
1,031‌
5.00%,
07/01/2029
(d)
1,000‌
1,046‌
5.00%,
07/01/2030
(d)
2,000‌
2,008‌
5.00%,
07/01/2030
(d)
565‌
595‌
5.00%,
07/01/2031
(d)
1,000‌
1,054‌
5.00%,
07/01/2037
(d)
12,500‌
12,444‌
5.00%,
07/01/2039
(d)
8,500‌
8,558‌
5.00%,
11/21/2045
(d)
2,500‌
2,439‌
California
Public
Finance
Authority
4.00%,
08/01/2047
1,325‌
1,164‌
6.50%,
06/01/2054
(d)
17,120‌
15,687‌
California
School
Finance
Authority
5.00%,
07/01/2035
(d)
1,925‌
1,926‌
5.00%,
08/01/2038
(d)
1,000‌
1,006‌
California
State
University
5.00%,
11/01/2037
2,000‌
2,039‌
California
Statewide
Communities
Development
Authority
3.00%,
06/01/2029
(d)
550‌
528‌
4.00%,
09/02/2029
1,000‌
1,014‌
5.00%,
10/01/2028
1,875‌
1,882‌
5.00%,
11/01/2032
(d)
1,135‌
1,150‌
5.00%,
06/01/2034
(d)
375‌
381‌
5.00%,
09/02/2034
1,000‌
1,033‌
5.00%,
12/01/2036
(d)
7,000‌
7,012‌
5.00%,
09/02/2038
3,000‌
3,052‌
5.00%,
06/01/2039
(d)
475‌
465‌
5.00%,
09/02/2039
900‌
923‌
5.00%,
09/02/2039
945‌
961‌
5.00%,
05/15/2040
3,840‌
3,835‌
5.00%,
09/02/2040
1,000‌
1,013‌
Schedule
of
Investments
California
Municipal
Fund
July
31,
2025
(unaudited)
2
MUNICIPAL
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
California
(continued)
California
Statewide
Communities
Development
Authority  
(continued)
5.00%,
12/01/2041
(d)
$
4,040‌
$
3,891‌
5.00%,
09/02/2044
1,425‌
1,389‌
5.00%,
09/02/2048
940‌
916‌
5.00%,
06/01/2051
(d)
1,950‌
1,734‌
5.25%,
12/01/2034
3,500‌
3,502‌
5.25%,
12/01/2038
(d)
1,000‌
1,003‌
5.25%,
12/01/2043
(d)
3,825‌
3,752‌
5.25%,
12/01/2044
1,370‌
1,423‌
California
Statewide
Communities
Development
Authority
(credit
support
from
Build
America
Mutual
Assurance
Corp
)
4.00%,
05/15/2036
(a)
3,000‌
2,987‌
California
Statewide
Financing
Authority
6.00%,
05/01/2043
2,050‌
2,054‌
6.00%,
05/01/2043
1,550‌
1,583‌
Carlsbad
Unified
School
District
4.00%,
08/01/2050
500‌
438‌
Chino
Valley
Unified
School
District
5.00%,
08/01/2055
(e)
6,570‌
6,589‌
5.25%,
08/01/2047
2,000‌
2,026‌
City
of
Compton
CA
Water
Revenue
6.00%,
08/01/2039
1,250‌
1,274‌
City
of
Irvine
CA
4.00%,
09/02/2038
1,000‌
970‌
City
of
Long
Beach
CA
Airport
System
Revenue
(credit
support
from
Assured
Guaranty
)
5.25%,
06/01/2047
(a)
3,600‌
3,591‌
City
of
Los
Angeles
Department
of
Airports
3.25%,
05/15/2049
720‌
501‌
5.00%,
05/15/2026
415‌
421‌
5.00%,
05/15/2028
(e)
2,760‌
2,912‌
5.00%,
05/15/2029
1,875‌
2,008‌
5.00%,
05/15/2035
835‌
899‌
5.00%,
05/15/2036
5,000‌
5,128‌
5.00%,
05/15/2037
(e)
4,225‌
4,382‌
5.00%,
05/15/2042
(e)
3,500‌
3,487‌
5.00%,
05/15/2044
(e)
3,100‌
3,045‌
5.00%,
05/15/2044
(e)
4,090‌
4,022‌
5.50%,
05/15/2040
(e)
5,000‌
5,242‌
Coachella
Valley
Unified
School
District/CA
(credit
support
from
Assured
Guaranty
)
0.00%,
08/01/2039
(a),(b)
4,000‌
2,125‌
Compton
Public
Finance
Authority
4.50%,
09/01/2032
(d)
8,000‌
8,000‌
County
of
Sacramento
CA
Airport
System
Revenue
5.00%,
07/01/2036
1,350‌
1,359‌
5.00%,
07/01/2037
2,000‌
2,028‌
5.25%,
07/01/2054
10,000‌
10,285‌
East
Bay
Municipal
Utility
District
Water
System
Revenue
3.00%,
06/01/2037
10‌
9‌
Escondido
Union
High
School
District
0.00%,
08/01/2041
(b)
1,000‌
461‌
Foothill-Eastern
Transportation
Corridor
Agency
4.00%,
01/15/2046
6,000‌
5,530‌
Golden
State
Tobacco
Securitization
Corp
5.00%,
06/01/2026
1,000‌
1,021‌
5.00%,
06/01/2028
5,000‌
5,232‌
5.00%,
06/01/2051
10,630‌
10,169‌
Indio
Redevelopment
Agency
Successor
Agency
5.63%,
08/15/2035
295‌
296‌
Inland
Valley
Development
Agency
5.25%,
09/01/2037
1,000‌
1,008‌
La
Verne
Public
Financing
Authority
7.25%,
09/01/2026
200‌
201‌
MUNICIPAL
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
California
(continued)
Long
Beach
Bond
Finance
Authority
5.00%,
11/15/2035
$
3,485‌
$
3,695‌
5.50%,
11/15/2032
1,010‌
1,136‌
Los
Angeles
County
Metropolitan
Transportation
Authority
Sales
Tax
Revenue
5.00%,
07/01/2038
1,695‌
1,823‌
5.00%,
07/01/2038
960‌
1,054‌
Los
Angeles
County
Public
Works
Financing
Authority
5.00%,
12/01/2033
2,000‌
2,005‌
Los
Angeles
County
Sanitation
Districts
Financing
Authority
5.00%,
10/01/2035
4,500‌
4,511‌
Los
Angeles
Department
of
Water
&
Power
2.50%,
07/01/2050
(c)
900‌
900‌
5.00%,
07/01/2029
520‌
563‌
5.00%,
07/01/2042
2,180‌
2,227‌
5.00%,
07/01/2043
(e)
5,000‌
5,059‌
Los
Angeles
Department
of
Water
&
Power
Water
System
Revenue
2.60%,
07/01/2035
(c)
1,600‌
1,600‌
Los
Angeles
Unified
School
District/CA
5.00%,
07/01/2033
5,000‌
5,755‌
5.25%,
07/01/2042
9,050‌
9,236‌
Merced
Union
High
School
District
0.00%,
08/01/2032
(b)
3,380‌
2,667‌
Metropolitan
Water
District
of
Southern
California
5.00%,
07/01/2040
5,000‌
5,252‌
5.00%,
04/01/2054
1,000‌
1,027‌
M-S-R
Energy
Authority
6.13%,
11/01/2029
1,500‌
1,586‌
6.13%,
11/01/2029
1,790‌
1,893‌
Norco
Community
Redevelopment
Agency
Successor
Agency
(credit
support
from
Build
America
Mutual
Assurance
Corp
)
5.00%,
03/01/2032
(a)
895‌
897‌
Norman
Y
Mineta
San
Jose
International
Airport
SJC
5.00%,
03/01/2047
6,000‌
5,816‌
Nuveen
California
AMT-Free
Quality
Municipal
Income
Fund
2.74%,
10/01/2047
(c),(d)
500‌
500‌
Oakland
Unified
School
District/Alameda
County
5.00%,
08/01/2040
3,400‌
3,400‌
Port
Commission
of
the
City
&
County
of
San
Francisco
4.00%,
03/01/2035
1,000‌
994‌
Port
of
Los
Angeles
5.00%,
08/01/2033
500‌
549‌
5.00%,
08/01/2034
3,465‌
3,801‌
5.00%,
08/01/2036
500‌
538‌
Poway
Unified
School
District
0.00%,
08/01/2036
(b)
4,000‌
2,610‌
Regents
of
the
University
of
California
Medical
Center
Pooled
Revenue
5.00%,
05/15/2035
4,540‌
4,589‌
Rialto
Redevelopment
Agency
5.00%,
09/01/2037
1,000‌
1,033‌
Richmond
Joint
Powers
Financing
Authority
(credit
support
from
Assured
Guaranty
)
5.00%,
11/01/2035
(a)
1,180‌
1,246‌
5.00%,
11/01/2037
(a)
3,660‌
3,815‌
Riverside
County
Public
Financing
Authority
(credit
support
from
Build
America
Mutual
Assurance
Corp
)
5.00%,
10/01/2029
(a)
1,500‌
1,505‌
Schedule
of
Investments
California
Municipal
Fund
July
31,
2025
(unaudited)
3
MUNICIPAL
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
California
(continued)
Riverside
County
Transportation
Commission
4.00%,
06/01/2037
$
1,875‌
$
1,829‌
4.00%,
06/01/2046
3,460‌
2,934‌
Sacramento
Area
Flood
Control
Agency
5.00%,
10/01/2033
2,000‌
2,040‌
Sacramento
Municipal
Utility
District
5.00%,
11/15/2054
1,000‌
1,010‌
San
Diego
Association
of
Governments
South
Bay
Expressway
Revenue
5.00%,
07/01/2036
1,500‌
1,540‌
5.00%,
07/01/2037
2,300‌
2,357‌
San
Diego
County
Regional
Airport
Authority
4.00%,
07/01/2038
10,815‌
10,686‌
5.00%,
07/01/2039
2,000‌
2,072‌
5.00%,
07/01/2042
1,345‌
1,340‌
5.25%,
07/01/2042
2,745‌
2,849‌
San
Diego
Housing
Authority
Inc
(credit
support
from
Federal
Home
Loan
Mortgage
Corporation
Collateral
HUD
Section
8
)
4.20%,
06/01/2040
(a)
3,195‌
3,014‌
San
Francisco
Bay
Area
Rapid
Transit
District
Sales
Tax
Revenue
4.00%,
07/01/2039
2,075‌
2,014‌
San
Francisco
City
&
County
Airport
Comm-San
Francisco
International
Airport
5.00%,
05/01/2035
1,000‌
1,029‌
5.00%,
05/01/2036
3,000‌
3,072‌
5.25%,
05/01/2055
(e)
3,500‌
3,531‌
5.50%,
05/01/2043
4,000‌
4,149‌
San
Joaquin
Valley
Clean
Energy
Authority
5.50%,
01/01/2056
(c)
7,020‌
7,722‌
San
Luis
Obispo
County
Financing
Authority
(credit
support
from
Assured
Guaranty
)
5.00%,
08/01/2030
(a)
1,000‌
1,002‌
San
Ramon
Valley
Fire
Protection
District
4.00%,
08/01/2050
680‌
587‌
Santa
Monica-Malibu
Unified
School
District
4.00%,
08/01/2041
2,340‌
2,202‌
4.00%,
08/01/2042
2,000‌
1,904‌
5.00%,
08/01/2054
5,000‌
5,102‌
Southern
California
Public
Power
Authority
5.00%,
11/01/2029
4,725‌
4,942‌
5.00%,
07/01/2049
1,000‌
1,005‌
5.00%,
07/01/2053
1,000‌
998‌
State
of
California
5.00%,
09/01/2028
5‌
5‌
5.00%,
03/01/2035
5,000‌
5,711‌
5.00%,
03/01/2038
2,000‌
2,194‌
5.00%,
09/01/2043
5,000‌
5,211‌
State
of
California
(credit
support
from
Assured
Guaranty
)
5.25%,
08/01/2032
(a)
5,000‌
5,665‌
Tender
Option
Bond
Trust
Receipts/Certificates
2.44%,
07/01/2048
(c),(d)
3,050‌
3,050‌
3.00%,
04/01/2043
(c),(d)
5,000‌
5,000‌
Tobacco
Securitization
Authority
of
Southern
California
5.00%,
06/01/2035
1,500‌
1,540‌
Travis
Unified
School
District
(credit
support
from
Assured
Guaranty
)
5.00%,
09/01/2029
(a)
1,000‌
1,002‌
University
of
California
2.30%,
05/15/2048
(c)
3,000‌
3,000‌
Woodland-Davis
Clean
Water
Agency
(credit
support
from
Assured
Guaranty
)
5.00%,
03/01/2039
(a)
1,500‌
1,509‌
$
609,669‌
MUNICIPAL
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Guam
-
1
.69
%
Guam
Government
Waterworks
Authority
5.00%,
07/01/2040
$
7,890‌
$
7,917‌
5.50%,
07/01/2044
(f)
1,545‌
1,597‌
Port
Authority
of
Guam
5.00%,
07/01/2048
1,000‌
952‌
$
10,466‌
Puerto
Rico
-
3
.43
%
Commonwealth
of
Puerto
Rico
0.00%,
07/01/2033
(b)
526‌
365‌
0.00%,
11/01/2043
(b),(c)
1,685‌
1,047‌
4.00%,
07/01/2037
316‌
298‌
4.00%,
07/01/2041
429‌
374‌
4.00%,
07/01/2046
446‌
372‌
Puerto
Rico
Industrial
Tourist
Educational
Medical
&
Environmental
Control
Facilities
Financing
Authority
6.50%,
01/01/2041
3,420‌
3,772‌
6.50%,
01/01/2042
3,250‌
3,586‌
6.75%,
01/01/2045
5,550‌
6,118‌
6.75%,
01/01/2045
3,250‌
3,583‌
Puerto
Rico
Sales
Tax
Financing
Corp
Sales
Tax
Revenue
5.00%,
07/01/2058
2,000‌
1,828‌
$
21,343‌
TOTAL
MUNICIPAL
BONDS
$
641,478‌
Total
Investments
$
641,529‌
Liability
for
Floating
Rate
Notes
Issued
in
Conjunction
with
Securities
Held
-
(4.14)%
Notes
with
interest
rates
of
2.30%
-
3.50%
at
July
31,
2025
and
contractual
maturities
of
collateral
of
2027-2032.
(g)
$
(
25,720‌
)
(
25,720‌
)
Total
Net
Investments
$
615,809‌
Other
Assets
and
Liabilities
-  1.00%
6,224‌
TOTAL
NET
ASSETS
-
100.00%
$
622,033‌
(a)
Credit
support
indicates
investments
that
benefit
from
credit
enhancement
or
liquidity
support
provided
by
a
third
party
bank,
institution,
or
government
agency.
(b)
Non-income
producing
security
(c)
Certain
variable
rate
securities
are
not
based
on
a
published
reference
rate
and
spread
but
are
determined
by
the
issuer
or
agent
and
are
based
on
current
market
conditions.  These
securities
do
not
indicate
a
reference
rate
and
spread
in
their
description.
Rate
shown
is
the
rate
in
effect
as
of
period
end.
(d)
Security
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933.
These
securities
may
be
resold
in
transactions
exempt
from
registration,
normally
to
qualified
institutional
buyers.
At
the
end
of
the
period,
the
value
of
these
securities
totaled
$101,753
or
16.36%
of
net
assets.
(e)
Security
or
portion
of
underlying
security
related
to
Inverse
Floaters
entered
into
by
the
fund.
(f)
Security
purchased
on
a
when-issued
basis.
(g)
Floating
rate
securities.
The
interest
rate(s)
shown
reflect
the
rates
in
effect
at
July
31,
2025.
Schedule
of
Investments
Core
Fixed
Income
Fund
July
31,
2025
(unaudited)
4
INVESTMENT
COMPANIES
-
0
.95
%
Shares
Held
Value
(000's)
Money
Market
Funds
-
0
.95
%
BlackRock
Liquidity
FedFund
-
Institutional
Class
4.21%
(a),(b)
632,360‌
$
632‌
Principal
Government
Money
Market
Fund
-
Class
R-6
4.22%
(a),(b),(c)
98,614,602‌
98,615‌
$
99,247‌
TOTAL
INVESTMENT
COMPANIES
$
99,247‌
COMMON
STOCKS
-
0
.15
%
Shares
Held
Value
(000's)
Transportation
-
0
.15
%
Trailer
Bridge
Inc
(d),(e),(f)
178,279‌
$
15,050‌
TOTAL
COMMON
STOCKS
$
15,050‌
BONDS
-
58
.39
%
Principal
Amount
(000's)
Value
(000's)
Airlines
-
1
.19
%
Alaska
Airlines
2020-1
Class
A
Pass
Through
Trust
4.80%,
02/15/2029
(g)
$
19,418‌
$
19,414‌
AS
Mileage
Plan
IP
Ltd
5.02%,
10/20/2029
(g)
27,523‌
27,289‌
Delta
Air
Lines
Inc
/
SkyMiles
IP
Ltd
4.75%,
10/20/2028
(g)
24,492‌
24,507‌
United
Airlines
2013-1
Class
A
Pass
Through
Trust
4.30%,
02/15/2027
4,608‌
4,606‌
United
Airlines
2019-2
Class
AA
Pass
Through
Trust
2.70%,
11/01/2033
6,812‌
6,093‌
United
Airlines
2024-1
Class
A
Pass
Through
Trust
5.88%,
08/15/2038
41,634‌
41,720‌
$
123,629‌
Apparel
-
0
.14
%
Under
Armour
Inc
3.25%,
06/15/2026
14,750‌
14,509‌
Automobile
Asset
Backed
Securities
-
1
.05
%
BMW
Vehicle
Owner
Trust
2024-A
4.69%,
02/25/2027
11,408‌
11,410‌
1.00
x
30
Day
Average
Secured
Overnight
Financing
Rate
+
0.34%
Ford
Credit
Auto
Owner
Trust
2024-A
4.70%,
01/15/2027
10,043‌
10,043‌
1.00
x
30
Day
Average
Secured
Overnight
Financing
Rate
+
0.36%
Ford
Credit
Floorplan
Master
Owner
Trust
A
5.59%,
05/15/2028
(g)
20,000‌
20,108‌
1.00
x
30
Day
Average
Secured
Overnight
Financing
Rate
+
1.25%
Nissan
Master
Owner
Trust
Receivables
5.01%,
02/15/2028
(g)
38,000‌
38,035‌
1.00
x
30
Day
Average
Secured
Overnight
Financing
Rate
+
0.67%
Tesla
Electric
Vehicle
Trust
2023-1
4.87%,
12/21/2026
(g)
7,455‌
7,457‌
1.00
x
30
Day
Average
Secured
Overnight
Financing
Rate
+
0.52%
Toyota
Auto
Receivables
2024-A
Owner
Trust
4.69%,
12/15/2026
2,928‌
2,928‌
1.00
x
30
Day
Average
Secured
Overnight
Financing
Rate
+
0.35%
Toyota
Auto
Receivables
2024-C
Owner
Trust
5.16%,
05/17/2027
19,238‌
19,268‌
$
109,249‌
Automobile
Manufacturers
-
1
.04
%
American
Honda
Finance
Corp
2.30%,
09/09/2026
7,000‌
6,836‌
4.40%,
10/05/2026
30,000‌
29,967‌
4.75%,
01/12/2026
9,000‌
8,999‌
4.90%,
07/09/2027
15,000‌
15,128‌
5.80%,
10/03/2025
47,000‌
47,085‌
$
108,015‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
-
8
.44
%
Bank
of
America
Corp
3.19%,
07/23/2030
(h)
$
8,000‌
$
7,611‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.44%
3.88%,
08/01/2025
10,000‌
10,000‌
3.97%,
02/07/2030
(h)
8,000‌
7,869‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.47%
4.98%,
01/24/2029
(h)
29,000‌
29,360‌
Secured
Overnight
Financing
Rate
+
0.83%
5.08%,
01/20/2027
(h)
20,000‌
20,059‌
Secured
Overnight
Financing
Rate
+
1.29%
5.74%,
02/12/2036
(h)
28,000‌
28,485‌
Secured
Overnight
Financing
Rate
+
1.70%
Bank
of
New
York
Mellon
Corp/The
1.65%,
01/28/2031
10,000‌
8,666‌
2.80%,
05/04/2026
8,000‌
7,906‌
3.00%,
10/30/2028
9,000‌
8,617‌
4.94%,
02/11/2031
(h)
29,000‌
29,535‌
Secured
Overnight
Financing
Rate
+
0.89%
5.32%,
06/06/2036
(h)
10,000‌
10,191‌
Secured
Overnight
Financing
Rate
+
1.35%
Bank
of
New
York
Mellon/The
4.73%,
04/20/2029
(h)
13,000‌
13,137‌
Secured
Overnight
Financing
Rate
+
1.14%
Citibank
NA
4.88%,
11/19/2027
(h)
24,000‌
24,098‌
Secured
Overnight
Financing
Rate
+
0.71%
Citigroup
Inc
2.98%,
11/05/2030
(h)
51,000‌
47,620‌
Secured
Overnight
Financing
Rate
+
1.42%
4.45%,
09/29/2027
8,000‌
7,978‌
Cullen/Frost
Bankers
Inc
4.50%,
03/17/2027
11,000‌
10,902‌
Goldman
Sachs
Group
Inc/The
1.99%,
01/27/2032
(h)
15,000‌
13,014‌
Secured
Overnight
Financing
Rate
+
1.09%
3.50%,
11/16/2026
21,000‌
20,727‌
3.81%,
04/23/2029
(h)
13,000‌
12,760‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.42%
4.25%,
10/21/2025
23,500‌
23,472‌
5.54%,
01/28/2036
(h)
23,000‌
23,514‌
Secured
Overnight
Financing
Rate
+
1.38%
JPMorgan
Chase
&
Co
1.05%,
11/19/2026
(h)
9,000‌
8,901‌
Secured
Overnight
Financing
Rate
+
0.80%
2.53%,
11/19/2041
(h)
9,000‌
6,312‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.51%
2.74%,
10/15/2030
(h)
47,000‌
43,781‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.51%
4.92%,
01/24/2029
(h)
28,000‌
28,305‌
Secured
Overnight
Financing
Rate
+
0.80%
Morgan
Stanley
1.79%,
02/13/2032
(h)
10,000‌
8,554‌
Secured
Overnight
Financing
Rate
+
1.03%
1.93%,
04/28/2032
(h)
6,250‌
5,358‌
Secured
Overnight
Financing
Rate
+
1.02%
2.70%,
01/22/2031
(h)
38,000‌
35,020‌
Secured
Overnight
Financing
Rate
+
1.14%
3.95%,
04/23/2027
10,000‌
9,917‌
5.12%,
02/01/2029
(h)
18,000‌
18,265‌
Secured
Overnight
Financing
Rate
+
1.73%
6.25%,
08/09/2026
4,000‌
4,069‌
Schedule
of
Investments
Core
Fixed
Income
Fund
July
31,
2025
(unaudited)
5
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
Morgan
Stanley
Bank
NA
4.45%,
10/15/2027
(h)
$
25,000‌
$
24,966‌
Secured
Overnight
Financing
Rate
+
0.68%
PNC
Bank
NA
2.70%,
10/22/2029
53,000‌
49,201‌
3.10%,
10/25/2027
4,750‌
4,621‌
4.78%,
01/15/2027
(h)
25,000‌
25,011‌
Secured
Overnight
Financing
Rate
+
0.50%
PNC
Financial
Services
Group
Inc/The
2.31%,
04/23/2032
(h)
15,000‌
13,169‌
Secured
Overnight
Financing
Rate
+
0.98%
4.90%,
05/13/2031
(h)
19,000‌
19,208‌
Secured
Overnight
Financing
Rate
+
1.33%
Truist
Bank
3.30%,
05/15/2026
5,000‌
4,948‌
4.63%,
09/17/2029
(h)
52,000‌
51,573‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
1.15%
Truist
Financial
Corp
1.27%,
03/02/2027
(h)
5,500‌
5,386‌
Secured
Overnight
Financing
Rate
+
0.61%
US
Bancorp
2.49%,
11/03/2036
(h)
29,000‌
24,618‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
0.95%
3.00%,
07/30/2029
6,000‌
5,664‌
3.15%,
04/27/2027
3,800‌
3,728‌
3.90%,
04/26/2028
5,000‌
4,956‌
4.84%,
02/01/2034
(h)
25,000‌
24,681‌
Secured
Overnight
Financing
Rate
+
1.60%
5.08%,
05/15/2031
(h)
12,000‌
12,215‌
Secured
Overnight
Financing
Rate
+
1.30%
5.42%,
02/12/2036
(h)
18,000‌
18,322‌
Secured
Overnight
Financing
Rate
+
1.41%
Wells
Fargo
&
Co
2.88%,
10/30/2030
(h)
32,000‌
29,893‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.43%
4.90%,
01/24/2028
(h)
23,500‌
23,623‌
Secured
Overnight
Financing
Rate
+
0.78%
$
879,786‌
Beverages
-
0
.81
%
Anheuser-Busch
Cos
LLC
/
Anheuser-Busch
InBev
Worldwide
Inc
4.70%,
02/01/2036
34,000‌
32,968‌
Anheuser-Busch
InBev
Worldwide
Inc
4.90%,
01/23/2031
21,000‌
21,503‌
5.00%,
06/15/2034
30,000‌
30,424‌
$
84,895‌
Biotechnology
-
2
.29
%
Amgen
Inc
1.65%,
08/15/2028
20,000‌
18,461‌
2.20%,
02/21/2027
11,500‌
11,122‌
2.45%,
02/21/2030
40,000‌
36,562‌
5.25%,
03/02/2033
19,000‌
19,381‌
Biogen
Inc
2.25%,
05/01/2030
65,000‌
58,313‌
Gilead
Sciences
Inc
1.20%,
10/01/2027
19,000‌
17,798‌
2.60%,
10/01/2040
19,000‌
13,540‌
3.65%,
03/01/2026
21,000‌
20,898‌
4.80%,
11/15/2029
20,000‌
20,320‌
5.25%,
10/15/2033
22,000‌
22,670‌
$
239,065‌
Chemicals
-
0
.76
%
Air
Liquide
Finance
SA
2.25%,
09/10/2029
(g)
24,000‌
22,234‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Chemicals
(continued)
Westlake
Corp
2.88%,
08/15/2041
$
15,000‌
$
10,123‌
3.38%,
06/15/2030
4,500‌
4,234‌
3.60%,
08/15/2026
43,000‌
42,500‌
$
79,091‌
Commercial
Services
-
0
.84
%
ERAC
USA
Finance
LLC
4.60%,
05/01/2028
(g)
38,500‌
38,819‌
5.00%,
02/15/2029
(g)
9,500‌
9,676‌
7.00%,
10/15/2037
(g)
13,000‌
14,914‌
United
Rentals
North
America
Inc
6.00%,
12/15/2029
(g)
24,000‌
24,430‌
$
87,839‌
Computers
-
1
.07
%
Apple
Inc
2.05%,
09/11/2026
30,000‌
29,294‌
2.38%,
02/08/2041
20,000‌
13,942‌
3.20%,
05/11/2027
13,000‌
12,804‌
3.25%,
02/23/2026
13,000‌
12,927‌
4.15%,
05/10/2030
24,500‌
24,593‌
4.75%,
05/12/2035
18,000‌
18,119‌
$
111,679‌
Diversified
Financial
Services
-
1
.48
%
Atlas
Warehouse
Lending
Co
LP
6.05%,
01/15/2028
(g)
22,000‌
22,250‌
6.25%,
01/15/2030
(g)
27,000‌
27,238‌
Citadel
Securities
Global
Holdings
LLC
5.50%,
06/18/2030
(g)
30,000‌
30,262‌
6.20%,
06/18/2035
(g)
10,000‌
10,197‌
Jefferies
Financial
Group
Inc
2.63%,
10/15/2031
30,000‌
26,152‌
2.75%,
10/15/2032
8,000‌
6,799‌
4.15%,
01/23/2030
19,000‌
18,557‌
4.85%,
01/15/2027
1,750‌
1,758‌
6.25%,
01/15/2036
10,325‌
10,703‌
$
153,916‌
Electric
-
9
.90
%
AEP
Transmission
Co
LLC
3.15%,
09/15/2049
24,000‌
15,964‌
5.40%,
03/15/2053
23,000‌
22,095‌
AES
Corp/The
5.80%,
03/15/2032
38,000‌
38,573‌
Alabama
Power
Co
1.45%,
09/15/2030
25,000‌
21,593‌
3.13%,
07/15/2051
19,000‌
12,599‌
3.45%,
10/01/2049
42,000‌
29,879‌
Alliant
Energy
Finance
LLC
1.40%,
03/15/2026
(g)
4,500‌
4,408‌
5.95%,
03/30/2029
(g)
10,000‌
10,449‌
American
Electric
Power
Co
Inc
1.00%,
11/01/2025
11,450‌
11,344‌
Berkshire
Hathaway
Energy
Co
2.85%,
05/15/2051
23,000‌
14,139‌
Black
Hills
Corp
2.50%,
06/15/2030
15,000‌
13,510‌
3.05%,
10/15/2029
39,500‌
36,919‌
3.15%,
01/15/2027
7,500‌
7,343‌
4.35%,
05/01/2033
8,000‌
7,540‌
Dayton
Power
&
Light
Co/The
3.95%,
06/15/2049
14,000‌
10,309‌
Entergy
Corp
2.40%,
06/15/2031
24,000‌
21,074‌
Entergy
Louisiana
LLC
2.90%,
03/15/2051
18,500‌
11,530‌
3.25%,
04/01/2028
12,000‌
11,686‌
4.20%,
09/01/2048
31,000‌
24,619‌
FirstEnergy
Pennsylvania
Electric
Co
4.30%,
01/15/2029
(g)
14,000‌
13,812‌
Schedule
of
Investments
Core
Fixed
Income
Fund
July
31,
2025
(unaudited)
6
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Electric
(continued)
FirstEnergy
Transmission
LLC
2.87%,
09/15/2028
(g)
$
25,000‌
$
23,796‌
Florida
Power
&
Light
Co
2.88%,
12/04/2051
20,000‌
12,545‌
3.15%,
10/01/2049
25,000‌
16,801‌
5.05%,
04/01/2028
14,500‌
14,792‌
5.15%,
06/15/2029
20,000‌
20,587‌
Indianapolis
Power
&
Light
Co
5.70%,
04/01/2054
(g)
15,500‌
15,168‌
Interstate
Power
and
Light
Co
2.30%,
06/01/2030
9,500‌
8,559‌
3.50%,
09/30/2049
66,000‌
46,185‌
5.60%,
06/29/2035
16,000‌
16,418‌
Louisville
Gas
and
Electric
Co
3.30%,
10/01/2025
3,000‌
2,994‌
Monongahela
Power
Co
3.55%,
05/15/2027
(g)
20,000‌
19,652‌
5.85%,
02/15/2034
(g)
10,500‌
10,916‌
Nevada
Power
Co
2.40%,
05/01/2030
20,500‌
18,670‌
NextEra
Energy
Capital
Holdings
Inc
2.75%,
11/01/2029
51,000‌
47,547‌
Northern
States
Power
Co/MN
2.90%,
03/01/2050
18,500‌
12,045‌
5.10%,
05/15/2053
28,500‌
26,423‌
Oncor
Electric
Delivery
Co
LLC
0.55%,
10/01/2025
13,000‌
12,922‌
2.70%,
11/15/2051
15,000‌
8,790‌
3.10%,
09/15/2049
33,500‌
22,028‌
4.10%,
11/15/2048
5,000‌
3,946‌
5.65%,
11/15/2033
24,000‌
25,221‌
5.75%,
03/15/2029
21,000‌
21,893‌
PacifiCorp
5.25%,
06/15/2035
5,750‌
5,707‌
5.35%,
12/01/2053
34,000‌
30,329‌
6.25%,
10/15/2037
2,500‌
2,618‌
PPL
Electric
Utilities
Corp
3.00%,
10/01/2049
17,000‌
11,064‌
4.85%,
02/15/2034
19,000‌
18,891‌
5.25%,
05/15/2053
52,000‌
49,487‌
Public
Service
Co
of
Colorado
1.88%,
06/15/2031
11,500‌
9,888‌
3.20%,
03/01/2050
15,000‌
9,916‌
Solar
Star
Funding
LLC
3.95%,
06/30/2035
(g)
4,500‌
4,247‌
5.38%,
06/30/2035
(g)
16,382‌
16,718‌
Southwestern
Electric
Power
Co
1.65%,
03/15/2026
24,000‌
23,574‌
2.75%,
10/01/2026
10,000‌
9,783‌
3.85%,
02/01/2048
12,500‌
9,077‌
Tucson
Electric
Power
Co
3.25%,
05/01/2051
18,000‌
11,650‌
4.85%,
12/01/2048
7,000‌
6,060‌
Wisconsin
Power
and
Light
Co
5.38%,
03/30/2034
19,000‌
19,428‌
Xcel
Energy
Inc
2.60%,
12/01/2029
32,000‌
29,567‌
3.50%,
12/01/2049
24,000‌
16,472‌
$
1,031,759‌
Electronics
-
0
.43
%
Keysight
Technologies
Inc
3.00%,
10/30/2029
48,000‌
45,008‌
Environmental
Control
-
1
.21
%
Republic
Services
Inc
1.75%,
02/15/2032
(i)
29,500‌
24,856‌
2.30%,
03/01/2030
16,500‌
15,048‌
4.88%,
04/01/2029
23,500‌
23,944‌
5.15%,
03/15/2035
9,000‌
9,133‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Environmental
Control
(continued)
Waste
Connections
Inc
5.25%,
09/01/2035
$
52,000‌
$
52,746‌
$
125,727‌
Food
-
0
.83
%
Kraft
Heinz
Foods
Co
3.75%,
04/01/2030
21,000‌
20,062‌
Mars
Inc
4.45%,
03/01/2027
(g)
28,000‌
28,039‌
5.00%,
03/01/2032
(g)
38,000‌
38,350‌
$
86,451‌
Gas
-
1
.00
%
NiSource
Inc
2.95%,
09/01/2029
29,000‌
27,325‌
3.60%,
05/01/2030
14,000‌
13,405‌
5.35%,
04/01/2034
39,000‌
39,604‌
5.35%,
07/15/2035
24,000‌
24,077‌
$
104,411‌
Healthcare
-
Services
-
1
.36
%
HCA
Inc
4.13%,
06/15/2029
14,000‌
13,723‌
5.60%,
04/01/2034
37,000‌
37,707‌
5.63%,
09/01/2028
2,000‌
2,052‌
7.50%,
11/06/2033
1,950‌
2,211‌
UnitedHealth
Group
Inc
2.00%,
05/15/2030
9,000‌
8,013‌
2.88%,
08/15/2029
15,000‌
14,102‌
3.50%,
08/15/2039
14,000‌
11,189‌
4.70%,
04/15/2029
28,500‌
28,700‌
4.75%,
07/15/2026
24,000‌
24,076‌
$
141,773‌
Insurance
-
2
.58
%
Berkshire
Hathaway
Finance
Corp
1.45%,
10/15/2030
36,500‌
31,762‌
1.85%,
03/12/2030
8,000‌
7,216‌
2.50%,
01/15/2051
12,500‌
7,355‌
2.85%,
10/15/2050
30,500‌
19,381‌
Fidelity
National
Financial
Inc
3.40%,
06/15/2030
32,000‌
29,881‌
4.50%,
08/15/2028
39,500‌
39,289‌
First
American
Financial
Corp
2.40%,
08/15/2031
22,000‌
18,840‌
4.00%,
05/15/2030
28,000‌
26,635‌
5.45%,
09/30/2034
30,000‌
29,400‌
Prudential
Financial
Inc
2.10%,
03/10/2030
23,000‌
20,886‌
3.88%,
03/27/2028
4,550‌
4,513‌
5.20%,
03/14/2035
34,000‌
34,241‌
$
269,399‌
Internet
-
0
.52
%
Amazon.com
Inc
2.88%,
05/12/2041
20,000‌
14,887‌
3.95%,
04/13/2052
10,000‌
7,857‌
4.05%,
08/22/2047
38,000‌
31,281‌
$
54,025‌
Lodging
-
1
.02
%
Choice
Hotels
International
Inc
3.70%,
12/01/2029
42,000‌
39,737‌
3.70%,
01/15/2031
11,000‌
10,213‌
Marriott
International
Inc/MD
2.75%,
10/15/2033
(i)
36,000‌
30,564‌
Travel
+
Leisure
Co
4.50%,
12/01/2029
(g),(i)
26,500‌
25,445‌
$
105,959‌
Schedule
of
Investments
Core
Fixed
Income
Fund
July
31,
2025
(unaudited)
7
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Media
-
1
.78
%
Comcast
Corp
2.65%,
02/01/2030
$
33,000‌
$
30,548‌
3.30%,
02/01/2027
10,000‌
9,846‌
3.95%,
10/15/2025
15,000‌
14,974‌
4.25%,
10/15/2030
4,500‌
4,453‌
4.65%,
02/15/2033
30,000‌
29,674‌
6.45%,
03/15/2037
1,800‌
1,963‌
Discovery
Communications
LLC
3.63%,
05/15/2030
9,000‌
7,972‌
4.13%,
05/15/2029
22,000‌
20,493‌
5.30%,
05/15/2049
13,000‌
7,800‌
Time
Warner
Cable
LLC
6.55%,
05/01/2037
7,400‌
7,603‌
6.75%,
06/15/2039
6,000‌
6,149‌
7.30%,
07/01/2038
7,750‌
8,357‌
Walt
Disney
Co/The
2.00%,
09/01/2029
28,000‌
25,624‌
6.40%,
12/15/2035
8,900‌
9,978‌
$
185,434‌
Oil
&
Gas
-
1
.32
%
BP
Capital
Markets
America
Inc
3.12%,
05/04/2026
10,000‌
9,909‌
3.41%,
02/11/2026
13,000‌
12,919‌
3.94%,
09/21/2028
13,000‌
12,843‌
4.70%,
04/10/2029
39,000‌
39,453‌
4.87%,
11/25/2029
24,000‌
24,434‌
Canadian
Natural
Resources
Ltd
5.00%,
12/15/2029
(g)
14,500‌
14,596‌
Marathon
Petroleum
Corp
5.13%,
12/15/2026
8,500‌
8,567‌
Phillips
66
1.30%,
02/15/2026
11,500‌
11,292‌
Suncor
Energy
Inc
4.00%,
11/15/2047
4,500‌
3,312‌
$
137,325‌
Oil
&
Gas
Services
-
0
.32
%
Schlumberger
Holdings
Corp
4.00%,
12/21/2025
(g)
33,000‌
32,900‌
Other
Asset
Backed
Securities
-
0
.69
%
PFS
Financing
Corp
5.19%,
01/15/2028
(g)
28,000‌
28,033‌
1.00
x
30
Day
Average
Secured
Overnight
Financing
Rate
+
0.85%
Verizon
Master
Trust
5.19%,
06/20/2029
43,500‌
43,656‌
1.00
x
30
Day
Average
Secured
Overnight
Financing
Rate
+
0.85%
$
71,689‌
Packaging
&
Containers
-
0
.07
%
Sealed
Air
Corp
6.88%,
07/15/2033
(g)
6,900‌
7,376‌
Pharmaceuticals
-
1
.99
%
AbbVie
Inc
4.65%,
03/15/2028
19,000‌
19,174‌
5.05%,
03/15/2034
60,000‌
60,757‌
Bristol-Myers
Squibb
Co
1.13%,
11/13/2027
12,500‌
11,694‌
1.45%,
11/13/2030
10,000‌
8,620‌
3.20%,
06/15/2026
13,124‌
13,001‌
3.40%,
07/26/2029
8,346‌
8,053‌
3.90%,
02/20/2028
10,500‌
10,418‌
5.90%,
11/15/2033
20,000‌
21,378‌
CVS
Health
Corp
1.30%,
08/21/2027
14,000‌
13,106‌
3.00%,
08/15/2026
17,000‌
16,709‌
4.30%,
03/25/2028
5,046‌
5,012‌
5.05%,
03/25/2048
23,000‌
19,790‌
$
207,712‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Pipelines
-
1
.78
%
Buckeye
Partners
LP
3.95%,
12/01/2026
$
10,500‌
$
10,323‌
El
Paso
Natural
Gas
Co
LLC
7.50%,
11/15/2026
11,400‌
11,785‌
Enterprise
Products
Operating
LLC
4.30%,
06/20/2028
22,000‌
21,976‌
4.60%,
01/15/2031
46,000‌
45,962‌
NGPL
PipeCo
LLC
3.25%,
07/15/2031
(g)
15,000‌
13,306‌
4.88%,
08/15/2027
(g)
43,000‌
42,681‌
Plains
All
American
Pipeline
LP
/
PAA
Finance
Corp
4.50%,
12/15/2026
13,500‌
13,489‌
Southern
Natural
Gas
Co
LLC
8.00%,
03/01/2032
4,750‌
5,367‌
Tennessee
Gas
Pipeline
Co
LLC
8.38%,
06/15/2032
2,000‌
2,320‌
TransCanada
PipeLines
Ltd
6.10%,
06/01/2040
7,000‌
7,132‌
7.25%,
08/15/2038
10,000‌
11,240‌
$
185,581‌
REITs
-
8
.69
%
Alexandria
Real
Estate
Equities
Inc
1.88%,
02/01/2033
13,000‌
10,453‌
2.00%,
05/18/2032
14,000‌
11,584‌
2.75%,
12/15/2029
14,500‌
13,418‌
3.38%,
08/15/2031
30,000‌
27,669‌
4.30%,
01/15/2026
9,900‌
9,883‌
4.75%,
04/15/2035
14,500‌
13,856‌
4.90%,
12/15/2030
4,250‌
4,275‌
American
Tower
Corp
1.88%,
10/15/2030
20,000‌
17,361‌
2.10%,
06/15/2030
3,000‌
2,662‌
2.75%,
01/15/2027
53,000‌
51,675‌
2.95%,
01/15/2051
10,000‌
6,290‌
3.38%,
10/15/2026
5,000‌
4,933‌
American
Tower
Trust
#1
5.49%,
03/15/2053
(g)
14,000‌
14,193‌
Crown
Castle
Inc
2.25%,
01/15/2031
18,000‌
15,732‌
2.90%,
04/01/2041
30,000‌
21,443‌
3.10%,
11/15/2029
8,000‌
7,510‌
4.00%,
11/15/2049
17,000‌
12,666‌
4.30%,
02/15/2029
13,000‌
12,829‌
5.00%,
01/11/2028
18,000‌
18,151‌
CubeSmart
LP
2.00%,
02/15/2031
26,000‌
22,442‌
3.00%,
02/15/2030
18,000‌
16,725‌
4.00%,
11/15/2025
5,000‌
4,986‌
4.38%,
02/15/2029
2,000‌
1,978‌
DOC
DR
LLC
2.63%,
11/01/2031
32,000‌
28,075‌
4.30%,
03/15/2027
22,400‌
22,293‌
Healthcare
Realty
Holdings
LP
2.40%,
03/15/2030
9,000‌
8,034‌
3.63%,
01/15/2028
3,500‌
3,398‌
Healthpeak
OP
LLC
2.88%,
01/15/2031
7,000‌
6,357‌
3.00%,
01/15/2030
50,000‌
46,872‌
5.25%,
12/15/2032
14,000‌
14,200‌
Omega
Healthcare
Investors
Inc
3.38%,
02/01/2031
46,000‌
42,069‌
3.63%,
10/01/2029
32,000‌
30,352‌
4.75%,
01/15/2028
7,000‌
7,020‌
5.25%,
01/15/2026
8,000‌
7,994‌
Schedule
of
Investments
Core
Fixed
Income
Fund
July
31,
2025
(unaudited)
8
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
REITs
(continued)
Prologis
LP
2.88%,
11/15/2029
$
12,500‌
$
11,744‌
3.25%,
06/30/2026
5,000‌
4,947‌
3.38%,
12/15/2027
25,000‌
24,501‌
SBA
Tower
Trust
1.63%,
05/15/2051
(g)
46,000‌
44,281‌
2.33%,
07/15/2052
(g)
10,000‌
9,422‌
2.59%,
10/15/2056
(g)
20,500‌
17,755‌
Store
Capital
LLC
2.75%,
11/18/2030
18,500‌
16,428‌
4.63%,
03/15/2029
33,500‌
32,970‌
Ventas
Realty
LP
3.00%,
01/15/2030
8,000‌
7,482‌
3.85%,
04/01/2027
21,000‌
20,771‌
5.63%,
07/01/2034
38,500‌
39,566‌
Welltower
OP
LLC
2.70%,
02/15/2027
12,000‌
11,706‌
2.75%,
01/15/2031
7,000‌
6,372‌
3.10%,
01/15/2030
25,000‌
23,613‌
4.13%,
03/15/2029
6,000‌
5,937‌
4.25%,
04/15/2028
4,000‌
3,997‌
4.50%,
07/01/2030
24,500‌
24,437‌
Weyerhaeuser
Co
7.38%,
03/15/2032
11,281‌
12,764‌
WP
Carey
Inc
2.40%,
02/01/2031
21,000‌
18,502‌
3.85%,
07/15/2029
30,000‌
29,159‌
$
905,732‌
Semiconductors
-
0
.39
%
NVIDIA
Corp
2.00%,
06/15/2031
19,000‌
16,766‌
2.85%,
04/01/2030
14,000‌
13,226‌
3.50%,
04/01/2040
13,000‌
10,921‌
$
40,913‌
Software
-
0
.33
%
Oracle
Corp
5.50%,
08/03/2035
33,500‌
33,970‌
Telecommunications
-
1
.55
%
Corning
Inc
4.75%,
03/15/2042
4,650‌
4,172‌
5.45%,
11/15/2079
43,500‌
39,546‌
Crown
Castle
Towers
LLC
4.24%,
07/15/2048
(g)
16,000‌
15,701‌
Sprint
Spectrum
Co
LLC
/
Sprint
Spectrum
Co
II
LLC
/
Sprint
Spectrum
Co
III
LLC
5.15%,
09/20/2029
(g)
18,975‌
19,042‌
T-Mobile
USA
Inc
2.05%,
02/15/2028
10,000‌
9,439‌
2.55%,
02/15/2031
20,000‌
17,867‌
3.00%,
02/15/2041
39,000‌
28,532‌
5.30%,
05/15/2035
27,500‌
27,711‌
$
162,010‌
Transportation
-
0
.85
%
Ryder
System
Inc
2.90%,
12/01/2026
51,000‌
49,853‌
3.35%,
09/01/2025
25,000‌
24,955‌
5.00%,
03/15/2030
14,000‌
14,181‌
$
88,989‌
Trucking
&
Leasing
-
0
.67
%
Penske
Truck
Leasing
Co
Lp
/
PTL
Finance
Corp
1.20%,
11/15/2025
(g)
22,000‌
21,773‌
1.70%,
06/15/2026
(g)
39,000‌
37,999‌
5.70%,
02/01/2028
(g)
10,000‌
10,244‌
$
70,016‌
TOTAL
BONDS
$
6,085,832‌
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
-
39
.75
%
Principal
Amount
(000's)
Value
(000's)
Federal
Home
Loan
Mortgage
Corporation
(FHLMC)
-
0
.06
%
3.50%,
03/01/2048
$
6,518‌
$
5,968‌
Federal
National
Mortgage
Association
(FNMA)/Federal
Home
Loan
Mortgage
Corporation
(FHLMC)
Uniform
Mortgage-Backed
Security
-
23
.93
%
2.00%,
10/01/2050
31,093‌
24,708‌
2.00%,
11/01/2050
31,323‌
24,925‌
2.00%,
12/01/2050
36,438‌
28,911‌
2.00%,
12/01/2050
36,166‌
28,696‌
2.50%,
09/01/2050
31,145‌
25,879‌
2.50%,
10/01/2050
31,438‌
26,059‌
2.50%,
10/01/2050
31,923‌
26,462‌
2.50%,
11/01/2050
31,994‌
26,595‌
2.50%,
11/01/2050
30,271‌
25,155‌
2.50%,
11/01/2050
29,789‌
24,759‌
2.50%,
11/01/2050
31,927‌
26,523‌
2.50%,
11/01/2050
30,686‌
25,528‌
2.50%,
02/01/2052
31,142‌
25,592‌
3.00%,
06/01/2042
11,537‌
10,339‌
3.00%,
08/01/2049
15,662‌
13,681‌
3.00%,
09/01/2049
11,316‌
9,792‌
3.00%,
10/01/2049
12,119‌
10,505‌
3.00%,
10/01/2049
14,242‌
12,402‌
3.00%,
10/01/2049
16,709‌
14,550‌
3.00%,
11/01/2049
13,924‌
12,067‌
3.00%,
11/01/2049
16,271‌
14,168‌
3.00%,
11/01/2049
11,336‌
9,840‌
3.00%,
03/01/2050
16,901‌
14,717‌
3.00%,
04/01/2050
18,294‌
15,930‌
3.00%,
09/01/2050
20,637‌
17,867‌
3.00%,
05/01/2052
15,672‌
13,578‌
3.50%,
06/01/2046
11,724‌
10,869‌
3.50%,
08/01/2047
6,693‌
6,117‌
3.50%,
09/01/2047
28,080‌
25,637‌
3.50%,
12/01/2047
6,842‌
6,215‌
3.50%,
06/01/2049
26,151‌
23,768‌
3.50%,
07/01/2049
8,428‌
7,620‌
3.50%,
09/01/2049
24,735‌
22,386‌
3.50%,
09/01/2049
7,974‌
7,209‌
3.50%,
09/01/2049
7,434‌
6,720‌
3.50%,
11/01/2049
12,265‌
11,198‌
3.50%,
11/01/2049
10,042‌
9,072‌
3.50%,
12/01/2049
11,753‌
10,619‌
3.50%,
01/01/2050
34,759‌
31,465‌
3.50%,
02/01/2050
21,959‌
19,701‌
3.50%,
06/01/2050
19,518‌
17,645‌
3.50%,
08/01/2050
26,924‌
24,352‌
3.50%,
10/01/2050
25,628‌
23,129‌
3.50%,
01/01/2051
19,394‌
17,513‌
3.50%,
01/01/2051
27,800‌
25,285‌
3.50%,
04/01/2052
31,525‌
28,275‌
3.50%,
04/01/2052
42,591‌
38,296‌
4.00%,
02/01/2044
7,304‌
6,980‌
4.00%,
06/01/2046
10,224‌
9,764‌
4.00%,
10/01/2047
27,054‌
25,414‌
4.00%,
10/01/2048
7,721‌
7,254‌
4.00%,
03/01/2049
22,166‌
20,812‌
4.00%,
04/01/2049
24,339‌
22,858‌
4.00%,
06/01/2049
36,704‌
34,476‌
4.00%,
08/01/2049
27,559‌
25,855‌
4.00%,
10/01/2049
12,477‌
11,664‌
4.00%,
12/01/2049
20,408‌
19,260‌
4.00%,
01/01/2050
17,611‌
16,437‌
4.00%,
07/01/2050
38,381‌
35,997‌
4.00%,
02/01/2052
31,626‌
29,237‌
4.00%,
02/01/2052
32,285‌
29,874‌
4.00%,
02/01/2052
37,962‌
35,184‌
4.00%,
05/01/2052
39,733‌
36,914‌
4.00%,
05/01/2052
38,266‌
35,308‌
4.00%,
06/01/2052
32,298‌
29,927‌
Schedule
of
Investments
Core
Fixed
Income
Fund
July
31,
2025
(unaudited)
9
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Federal
National
Mortgage
Association
(FNMA)/Federal
Home
Loan
Mortgage
Corporation
(FHLMC)
Uniform
Mortgage-Backed
Security
(continued)
4.50%,
06/01/2046
$
11,564‌
$
11,322‌
4.50%,
07/01/2052
37,475‌
35,570‌
4.50%,
07/01/2052
15,794‌
15,072‌
4.50%,
08/01/2052
33,204‌
31,917‌
4.50%,
08/01/2052
33,808‌
32,313‌
4.50%,
08/01/2052
37,196‌
35,497‌
4.50%,
09/01/2052
33,994‌
32,676‌
4.50%,
09/01/2052
33,877‌
32,237‌
4.50%,
09/01/2052
31,982‌
30,521‌
4.50%,
10/01/2052
33,571‌
32,123‌
4.50%,
10/01/2052
21,334‌
20,390‌
4.50%,
11/01/2052
35,431‌
33,788‌
4.50%,
11/01/2052
36,050‌
34,716‌
4.50%,
02/01/2053
31,912‌
30,483‌
5.00%,
07/01/2052
35,151‌
34,591‌
5.00%,
09/01/2052
33,809‌
33,189‌
5.00%,
10/01/2052
32,343‌
31,651‌
5.00%,
10/01/2052
20,492‌
20,113‌
5.00%,
02/01/2053
32,724‌
32,198‌
5.00%,
03/01/2053
33,971‌
33,343‌
5.00%,
07/01/2053
33,733‌
33,190‌
5.00%,
09/01/2053
25,886‌
25,407‌
5.00%,
10/01/2053
39,871‌
39,065‌
5.00%,
10/01/2053
42,597‌
41,874‌
5.00%,
02/01/2054
37,948‌
37,196‌
5.00%,
11/01/2054
40,165‌
39,437‌
5.50%,
02/01/2053
30,757‌
30,817‌
5.50%,
03/01/2053
34,361‌
34,501‌
5.50%,
04/01/2053
32,005‌
32,120‌
5.50%,
07/01/2053
34,380‌
34,493‌
5.50%,
09/01/2053
33,896‌
34,100‌
5.50%,
09/01/2053
34,283‌
34,373‌
5.50%,
03/01/2054
27,562‌
27,664‌
5.50%,
06/01/2054
28,310‌
28,401‌
5.50%,
10/01/2054
37,873‌
37,991‌
5.50%,
12/01/2054
39,555‌
39,670‌
6.00%,
10/01/2053
33,854‌
34,640‌
$
2,494,183‌
Government
National
Mortgage
Association
(GNMA)
-
0
.10
%
3.00%,
02/20/2046
11,109‌
9,859‌
U.S.
Treasury
-
15
.66
%
0.38%,
09/30/2027
40,000‌
37,088‌
0.50%,
10/31/2027
40,000‌
37,088‌
0.75%,
01/31/2028
40,000‌
37,023‌
0.88%,
11/15/2030
40,000‌
34,123‌
1.13%,
02/15/2031
40,000‌
34,397‌
1.13%,
08/15/2040
55,000‌
33,636‌
1.25%,
08/15/2031
40,000‌
34,014‌
1.25%,
05/15/2050
40,000‌
18,961‌
1.38%,
08/15/2050
40,000‌
19,444‌
1.50%,
02/15/2030
40,000‌
36,000‌
1.63%,
11/15/2050
40,000‌
20,770‌
1.75%,
11/15/2029
40,000‌
36,659‌
1.75%,
08/15/2041
55,000‌
36,216‌
1.88%,
02/15/2032
40,000‌
34,898‌
1.88%,
02/15/2051
40,000‌
22,147‌
1.88%,
11/15/2051
55,000‌
30,130‌
2.00%,
08/15/2051
55,000‌
31,243‌
2.25%,
08/15/2027
40,000‌
38,684‌
2.25%,
11/15/2027
40,000‌
38,552‌
2.25%,
08/15/2046
50,000‌
32,373‌
2.25%,
08/15/2049
40,000‌
24,750‌
2.25%,
02/15/2052
50,000‌
30,086‌
2.38%,
05/15/2051
40,000‌
24,999‌
2.63%,
02/15/2029
40,000‌
38,334‌
2.75%,
07/31/2027
(j)
40,000‌
39,086‌
2.75%,
02/15/2028
40,000‌
38,891‌
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
U.S.
Treasury
(continued)
2.75%,
08/15/2032
$
40,000‌
$
36,611‌
2.75%,
08/15/2042
50,000‌
37,867‌
2.75%,
08/15/2047
45,000‌
31,686‌
2.88%,
05/15/2028
40,000‌
38,934‌
2.88%,
08/15/2028
40,000‌
38,839‌
2.88%,
05/15/2032
20,000‌
18,521‌
2.88%,
05/15/2052
45,000‌
31,205‌
3.00%,
11/15/2045
45,000‌
33,882‌
3.00%,
08/15/2048
40,000‌
29,233‌
3.00%,
08/15/2052
45,000‌
31,990‌
3.13%,
11/15/2028
40,000‌
39,055‌
3.38%,
05/15/2033
40,000‌
37,795‌
3.50%,
02/15/2033
40,000‌
38,234‌
3.63%,
02/15/2044
45,000‌
38,080‌
3.63%,
02/15/2053
40,000‌
32,186‌
3.63%,
05/15/2053
40,000‌
32,152‌
3.75%,
11/15/2043
40,000‌
34,542‌
3.88%,
08/15/2033
40,000‌
39,039‌
4.00%,
02/15/2034
20,000‌
19,613‌
4.00%,
11/15/2052
40,000‌
34,477‌
4.13%,
11/15/2032
40,000‌
39,911‌
4.50%,
11/15/2033
40,000‌
40,709‌
4.63%,
05/15/2054
40,000‌
38,283‌
$
1,632,436‌
TOTAL
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
$
4,142,446‌
Total
Investments
$
10,342,575‌
Other
Assets
and
Liabilities
-  0.76%
79,520‌
TOTAL
NET
ASSETS
-
100.00%
$
10,422,095‌
(a)
1-day
yield
shown
is
as
of
period
end.
(b)
Security
or
a
portion
of
the
security
was
received
as
collateral
for
securities
lending.
At
the
end
of
the
period,
the
value
of
these
securities
totaled
$2,992
or
0.03%
of
net
assets.
(c)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940,
as
amended,
(the
"1940
Act"))
or
an
affiliate
as
defined
by
the
1940
Act
(controls
5.00%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
Affiliated
Securities
sub-schedule
for
transactional
information.
(d)
Non-income
producing
security
(e)
The
value
of
these
investments
was
determined
using
significant
unobservable
inputs,
in
good
faith
by
the
Manager,
under
procedures
established
and
periodically
reviewed
by
the
Board
of
Directors.
(f)
Restricted
Security.
Please
see
Restricted
Securities
sub-schedule
for
additional
information.
(g)
Security
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933.
These
securities
may
be
resold
in
transactions
exempt
from
registration,
normally
to
qualified
institutional
buyers.
At
the
end
of
the
period,
the
value
of
these
securities
totaled
$877,132
or
8.42%
of
net
assets.
(h)
Rate
shown
is
as
of
period
end.
The
rate
may
be
a
variable
or
floating
rate
or
a
fixed
rate
which
may
convert
to
a
variable
or
floating
rate
in
the
future.
(i)
Security
or
a
portion
of
the
security
was
on
loan.  At
the
end
of
the
period,
the
value
of
these
securities
totaled
$2,888
or
0.03%
of
net
assets.
(j)
Security
or
a
portion
of
the
security
was
pledged
to
cover
margin
requirements
for
futures
contracts.
At
the
end
of
the
period,
the
value
of
these
securities
totaled
$4,397
or
0.04%
of
net
assets.
Schedule
of
Investments
Core
Fixed
Income
Fund
July
31,
2025
(unaudited)
10
Affiliated
Securities
October
31,
2024
Purchases
Sales
July
31,
2025
Value
Cost
Proceeds
Value
Principal
Government
Money
Market
Fund
-
Class
R-6
4.22%
$
118,527‌
$
1,622,953‌
$
1,642,865‌
$
98,615‌
$
118,527‌
$
1,622,953‌
$
1,642,865‌
$
98,615‌
Income
(a)
Realized
Gain/(Loss)
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
(Loss)
Principal
Government
Money
Market
Fund
-
Class
R-6
4.22%
$
2,768‌
$
—‌
$
—‌
$
—‌
$
2,768‌
$
—‌
$
—‌
$
—‌
Amounts
in
thousands.
(a)
Amount
excludes
earnings
from
securities
lending
collateral.
Restricted
Securities
Security
Name
Acquisition
Date
Cost
Value
Percent
of
Net
Assets
Trailer
Bridge
Inc
05/07/2012-05/28/2019
$
21,314‌
$
15,050‌
0.15%
Total
$
15,050‌
0.15%
Amounts
in
thousands.
Futures
Contracts
Description
and
Expiration
Date
Type
Contracts
Notional
Amount
Value
and
Unrealized
Appreciation/(Depreciation)
US
2
Year
Note;
September
2025
Long
3,024‌
$
625,921‌
$
(
809‌
)
US
Ultra
Bond;
September
2025
Short
404‌
47,394‌
(
544‌
)
Total
$
(
1,353‌
)
Amounts
in
thousands
except
contracts.
Schedule
of
Investments
Core
Plus
Bond
Fund
July
31,
2025
(unaudited)
11
INVESTMENT
COMPANIES
-
8
.46
%
Shares
Held
Value
(000's)
Exchange-Traded
Funds
-
5
.56
%
iShares
Broad
USD
High
Yield
Corporate
Bond
ETF
568,000‌
$
21,238‌
Vanguard
Short-Term
Corporate
Bond
ETF
98,000‌
7,769‌
$
29,007‌
Money
Market
Funds
-
2
.90
%
BlackRock
Liquidity
FedFund
-
Institutional
Class
4.21%
(a),(b)
802,532‌
803‌
Principal
Government
Money
Market
Fund
-
Class
R-6
4.22%
(a),(b),(c)
14,293,347‌
14,293‌
$
15,096‌
TOTAL
INVESTMENT
COMPANIES
$
44,103‌
COMMON
STOCKS
-
0
.01
%
Shares
Held
Value
(000's)
Diversified
Financial
Services
-
0
.00
%
Avation
PLC
-
Warrants
(d)
3,500‌
$
1‌
Oil
&
Gas
-
0
.01
%
Mesquite
Energy
Inc
(d),(e)
407‌
29‌
Retail
-
0
.00
%
Claire's
Holdings
LLC
(d)
232‌
—‌
TOTAL
COMMON
STOCKS
$
30‌
BONDS
-
63
.42
%
Principal
Amount
(000's)
Value
(000's)
Aerospace
&
Defense
-
1
.52
%
Boeing
Co/The
2.20%,
02/04/2026
$
2,595‌
$
2,561‌
5.15%,
05/01/2030
200‌
203‌
5.81%,
05/01/2050
1,760‌
1,698‌
6.26%,
05/01/2027
430‌
441‌
Bombardier
Inc
6.75%,
06/15/2033
(f)
25‌
26‌
7.25%,
07/01/2031
(f)
40‌
42‌
7.50%,
02/01/2029
(f)
150‌
156‌
8.75%,
11/15/2030
(f)
265‌
285‌
Northrop
Grumman
Corp
4.95%,
03/15/2053
250‌
224‌
5.25%,
07/15/2035
410‌
416‌
RTX
Corp
3.03%,
03/15/2052
530‌
337‌
6.10%,
03/15/2034
545‌
588‌
6.40%,
03/15/2054
625‌
681‌
TransDigm
Inc
6.38%,
03/01/2029
(f)
270‌
276‌
$
7,934‌
Agriculture
-
0
.88
%
BAT
Capital
Corp
4.76%,
09/06/2049
125‌
103‌
5.83%,
02/20/2031
305‌
319‌
7.08%,
08/02/2053
825‌
920‌
BAT
International
Finance
PLC
5.93%,
02/02/2029
465‌
486‌
JBS
USA
LUX
Sarl
/
JBS
USA
Food
Co
/
JBS
USA
Foods
Group
5.95%,
04/20/2035
(f)
540‌
557‌
Philip
Morris
International
Inc
4.38%,
04/30/2030
(g)
510‌
506‌
4.63%,
11/01/2029
522‌
525‌
4.88%,
04/30/2035
560‌
549‌
Reynolds
American
Inc
5.70%,
08/15/2035
635‌
647‌
$
4,612‌
Airlines
-
0
.66
%
American
Airlines
2021-1
Class
B
Pass
Through
Trust
3.95%,
01/11/2032
7‌
7‌
American
Airlines
Inc
8.50%,
05/15/2029
(f)
150‌
157‌
American
Airlines
Inc/AAdvantage
Loyalty
IP
Ltd
5.75%,
04/20/2029
(f)
20‌
20‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Airlines
(continued)
AS
Mileage
Plan
IP
Ltd
5.02%,
10/20/2029
(f)
$
1,145‌
$
1,135‌
5.31%,
10/20/2031
(f)
405‌
402‌
Delta
Air
Lines
Inc
/
SkyMiles
IP
Ltd
4.50%,
10/20/2025
(f)
71‌
71‌
4.75%,
10/20/2028
(f)
705‌
705‌
Grupo
Aeromexico
SAB
de
CV
8.63%,
11/15/2031
(f),(g)
200‌
195‌
OneSky
Flight
LLC
8.88%,
12/15/2029
(f)
9‌
10‌
United
Airlines
2024-1
Class
A
Pass
Through
Trust
5.88%,
08/15/2038
719‌
720‌
United
Airlines
Inc
4.38%,
04/15/2026
(f)
35‌
35‌
$
3,457‌
Automobile
Asset
Backed
Securities
-
4
.58
%
AmeriCredit
Automobile
Receivables
Trust
2022-2
4.38%,
04/18/2028
104‌
104‌
AmeriCredit
Automobile
Receivables
Trust
2023-2
6.19%,
04/19/2027
105‌
105‌
AmeriCredit
Automobile
Receivables
Trust
2024-1
4.95%,
02/18/2028
612‌
612‌
1.00
x
30
Day
Average
Secured
Overnight
Financing
Rate
+
0.60%
5.75%,
02/18/2028
218‌
219‌
AutoNation
Finance
Trust
2025-1
5.63%,
09/10/2032
(f)
555‌
560‌
BMW
Vehicle
Owner
Trust
2024-A
5.42%,
02/25/2027
562‌
563‌
BofA
Auto
Trust
2025-1
4.90%,
11/22/2027
(f)
460‌
460‌
1.00
x
30
Day
Average
Secured
Overnight
Financing
Rate
+
0.55%
Carmax
Auto
Owner
Trust
2024-3
5.21%,
09/15/2027
734‌
736‌
Chase
Auto
Owner
Trust
2024-1
5.48%,
04/26/2027
(f)
195‌
195‌
Chase
Auto
Owner
Trust
2024-2
5.66%,
05/26/2027
(f)
278‌
279‌
Chase
Auto
Owner
Trust
2024-4
5.25%,
09/27/2027
(f)
584‌
585‌
Chase
Auto
Owner
Trust
2024-5
4.18%,
08/27/2029
(f)
1,670‌
1,663‌
Drive
Auto
Receivables
Trust
2024-2
4.94%,
12/15/2027
810‌
810‌
Ford
Credit
Floorplan
Master
Owner
Trust
A
4.30%,
09/15/2029
(f)
500‌
499‌
5.29%,
04/15/2029
(f)
575‌
583‌
GM
Financial
Automobile
Leasing
Trust
2024-1
5.18%,
06/22/2026
34‌
34‌
GM
Financial
Automobile
Leasing
Trust
2024-3
4.21%,
10/20/2027
675‌
673‌
4.82%,
01/20/2027
1,289‌
1,289‌
1.00
x
30
Day
Average
Secured
Overnight
Financing
Rate
+
0.47%
GM
Financial
Consumer
Automobile
Receivables
Trust
2023-3
5.45%,
06/16/2028
663‌
666‌
Mercedes-Benz
Auto
Lease
Trust
2024-A
5.44%,
02/16/2027
547‌
548‌
Mercedes-Benz
Auto
Lease
Trust
2025-A
4.86%,
04/17/2028
1,500‌
1,503‌
1.00
x
30
Day
Average
Secured
Overnight
Financing
Rate
+
0.52%
Nissan
Auto
Lease
Trust
2023-B
5.69%,
07/15/2026
108‌
108‌
Santander
Drive
Auto
Receivables
Trust
2023-4
5.73%,
04/17/2028
965‌
968‌
Schedule
of
Investments
Core
Plus
Bond
Fund
July
31,
2025
(unaudited)
12
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Automobile
Asset
Backed
Securities
(continued)
Santander
Drive
Auto
Receivables
Trust
2024-1
5.25%,
04/17/2028
$
679‌
$
680‌
Santander
Drive
Auto
Receivables
Trust
2024-2
5.80%,
09/15/2027
35‌
35‌
Santander
Drive
Auto
Receivables
Trust
2024-3
5.91%,
06/15/2027
10‌
10‌
Santander
Drive
Auto
Receivables
Trust
2024-4
5.41%,
07/15/2027
446‌
446‌
Santander
Drive
Auto
Receivables
Trust
2025-1
4.76%,
08/16/2027
615‌
615‌
Santander
Drive
Auto
Receivables
Trust
2025-2
4.71%,
06/15/2028
1,192‌
1,192‌
Santander
Drive
Auto
Receivables
Trust
2025-3
4.63%,
10/16/2028
2,830‌
2,832‌
Tesla
Electric
Vehicle
Trust
2023-1
5.54%,
12/21/2026
(f)
319‌
320‌
Toyota
Lease
Owner
Trust
2024-B
4.21%,
09/20/2027
(f)
1,380‌
1,378‌
USB
Auto
Owner
Trust
2025-1
5.40%,
12/15/2032
(f)
400‌
402‌
Wheels
Fleet
Lease
Funding
1
LLC
4.99%,
01/18/2040
(f)
1,590‌
1,591‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
0.67%
World
Omni
Auto
Receivables
Trust
2023-C
5.15%,
11/15/2028
619‌
621‌
$
23,884‌
Automobile
Manufacturers
-
0
.94
%
Ford
Motor
Co
3.25%,
02/12/2032
330‌
280‌
9.63%,
04/22/2030
20‌
23‌
Ford
Motor
Credit
Co
LLC
3.38%,
11/13/2025
265‌
264‌
5.80%,
03/08/2029
1,420‌
1,423‌
6.13%,
03/08/2034
335‌
327‌
6.80%,
11/07/2028
1,065‌
1,102‌
Hyundai
Capital
America
5.25%,
01/08/2027
(f)
855‌
862‌
5.30%,
06/24/2029
(f)
345‌
351‌
6.50%,
01/16/2029
(f)
265‌
279‌
$
4,911‌
Automobile
Parts
&
Equipment
-
0
.10
%
Dana
Inc
5.38%,
11/15/2027
295‌
295‌
Phinia
Inc
6.75%,
04/15/2029
(f)
95‌
98‌
Tenneco
Inc
8.00%,
11/17/2028
(f)
125‌
124‌
$
517‌
Banks
-
11
.93
%
AIB
Group
PLC
5.32%,
05/15/2031
(f),(h)
955‌
971‌
Secured
Overnight
Financing
Rate
+
1.65%
5.87%,
03/28/2035
(f),(h)
815‌
839‌
Secured
Overnight
Financing
Rate
+
1.91%
Banco
Santander
SA
5.37%,
07/15/2028
(h)
1,000‌
1,016‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
0.95%
Bank
of
America
Corp
2.68%,
06/19/2041
(h)
1,335‌
952‌
Secured
Overnight
Financing
Rate
+
1.93%
2.69%,
04/22/2032
(h)
861‌
772‌
Secured
Overnight
Financing
Rate
+
1.32%
3.85%,
03/08/2037
(h)
200‌
183‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.00%
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
Bank
of
Montreal
3.80%,
12/15/2032
(h)
$
1,045‌
$
1,015‌
USD
Swap
Semi-Annual
5
Year
+
1.43%
Barclays
PLC
2.28%,
11/24/2027
(h)
500‌
485‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.05%
5.34%,
09/10/2035
(h)
540‌
537‌
Secured
Overnight
Financing
Rate
+
1.91%
BNP
Paribas
SA
4.79%,
05/09/2029
(f),(h)
670‌
672‌
Secured
Overnight
Financing
Rate
+
1.45%
5.09%,
05/09/2031
(f),(h)
880‌
888‌
Secured
Overnight
Financing
Rate
+
1.68%
BPCE
SA
5.88%,
01/14/2031
(f),(h)
450‌
466‌
Secured
Overnight
Financing
Rate
+
1.68%
6.29%,
01/14/2036
(f),(h)
650‌
683‌
Secured
Overnight
Financing
Rate
+
2.04%
CaixaBank
SA
4.63%,
07/03/2029
(f),(h)
755‌
754‌
Secured
Overnight
Financing
Rate
+
1.14%
5.58%,
07/03/2036
(f),(h)
290‌
292‌
Secured
Overnight
Financing
Rate
+
1.79%
Citigroup
Inc
3.79%,
03/17/2033
(h)
965‌
901‌
Secured
Overnight
Financing
Rate
+
1.94%
Cooperatieve
Rabobank
UA
4.99%,
05/27/2031
(f),(h)
580‌
586‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
0.92%
Danske
Bank
A/S
4.61%,
10/02/2030
(f),(h)
1,565‌
1,560‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.10%
5.02%,
03/04/2031
(f),(h)
820‌
828‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
0.93%
Deutsche
Bank
AG/New
York
NY
5.30%,
05/09/2031
(h)
1,205‌
1,225‌
Secured
Overnight
Financing
Rate
+
1.72%
5.71%,
02/08/2028
(h)
1,165‌
1,182‌
Secured
Overnight
Financing
Rate
+
1.59%
Goldman
Sachs
Group
Inc/The
5.02%,
10/23/2035
(h)
1,085‌
1,070‌
Secured
Overnight
Financing
Rate
+
1.42%
5.21%,
01/28/2031
(h)
1,415‌
1,445‌
Secured
Overnight
Financing
Rate
+
1.08%
5.22%,
04/23/2031
(h)
1,400‌
1,432‌
Secured
Overnight
Financing
Rate
+
1.58%
5.54%,
01/28/2036
(h)
280‌
286‌
Secured
Overnight
Financing
Rate
+
1.38%
5.56%,
11/19/2045
(h)
425‌
420‌
Secured
Overnight
Financing
Rate
+
1.58%
5.73%,
01/28/2056
(h)
465‌
467‌
Secured
Overnight
Financing
Rate
+
1.70%
HSBC
Holdings
PLC
5.24%,
05/13/2031
(h)
1,405‌
1,431‌
Secured
Overnight
Financing
Rate
+
1.57%
5.60%,
05/17/2028
(h)
1,620‌
1,647‌
Secured
Overnight
Financing
Rate
+
1.06%
5.79%,
05/13/2036
(h)
785‌
809‌
Secured
Overnight
Financing
Rate
+
1.88%
Huntington
Bancshares
Inc/OH
5.27%,
01/15/2031
(h)
990‌
1,011‌
Secured
Overnight
Financing
Rate
+
1.28%
5.71%,
02/02/2035
(h)
1,545‌
1,580‌
Secured
Overnight
Financing
Rate
+
1.87%
Schedule
of
Investments
Core
Plus
Bond
Fund
July
31,
2025
(unaudited)
13
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
JPMorgan
Chase
&
Co
4.91%,
07/25/2033
(h)
$
2,055‌
$
2,067‌
Secured
Overnight
Financing
Rate
+
2.08%
4.95%,
10/22/2035
(h)
495‌
490‌
Secured
Overnight
Financing
Rate
+
1.34%
5.14%,
01/24/2031
(h)
215‌
220‌
Secured
Overnight
Financing
Rate
+
1.01%
5.34%,
01/23/2035
(h)
150‌
153‌
Secured
Overnight
Financing
Rate
+
1.62%
5.58%,
07/23/2036
(h)
480‌
486‌
Secured
Overnight
Financing
Rate
+
1.64%
6.50%,
04/01/2030
(h),(i)
420‌
431‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.15%
KeyBank
NA/Cleveland
OH
5.00%,
01/26/2033
750‌
743‌
KeyCorp
5.12%,
04/04/2031
(g),(h)
1,440‌
1,455‌
Secured
Overnight
Financing
Rate
+
1.23%
Mizuho
Financial
Group
Inc
5.38%,
05/26/2030
(h)
1,365‌
1,398‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.12%
Morgan
Stanley
0.99%,
12/10/2026
(h)
2,740‌
2,704‌
Secured
Overnight
Financing
Rate
+
0.72%
2.48%,
09/16/2036
(h)
1,140‌
972‌
Secured
Overnight
Financing
Rate
+
1.36%
5.19%,
04/17/2031
(h)
1,205‌
1,231‌
Secured
Overnight
Financing
Rate
+
1.51%
5.23%,
01/15/2031
(h)
705‌
722‌
Secured
Overnight
Financing
Rate
+
1.11%
5.32%,
07/19/2035
(h)
3,150‌
3,190‌
Secured
Overnight
Financing
Rate
+
1.56%
5.52%,
11/19/2055
(h)
322‌
315‌
Secured
Overnight
Financing
Rate
+
1.71%
5.66%,
04/17/2036
(h)
290‌
299‌
Secured
Overnight
Financing
Rate
+
1.76%
Morgan
Stanley
Private
Bank
NA
4.73%,
07/18/2031
(h)
530‌
532‌
Secured
Overnight
Financing
Rate
+
1.08%
NatWest
Group
PLC
5.12%,
05/23/2031
(h)
300‌
305‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.05%
NatWest
Markets
PLC
4.79%,
03/21/2028
(f)
520‌
524‌
PNC
Financial
Services
Group
Inc/The
4.90%,
05/13/2031
(h)
1,655‌
1,673‌
Secured
Overnight
Financing
Rate
+
1.33%
5.37%,
07/21/2036
(h)
340‌
344‌
Secured
Overnight
Financing
Rate
+
1.42%
5.40%,
07/23/2035
(h)
170‌
173‌
Secured
Overnight
Financing
Rate
+
1.60%
5.58%,
01/29/2036
(h)
350‌
359‌
Secured
Overnight
Financing
Rate
+
1.39%
5.68%,
01/22/2035
(h)
1,680‌
1,743‌
Secured
Overnight
Financing
Rate
+
1.90%
6.88%,
10/20/2034
(h)
571‌
638‌
Secured
Overnight
Financing
Rate
+
2.28%
Scotiabank
Peru
SAA
6.10%,
10/01/2035
(f),(h)
200‌
204‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
2.31%
Truist
Bank
4.67%,
05/20/2027
(h)
355‌
355‌
Secured
Overnight
Financing
Rate
+
0.59%
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
Truist
Financial
Corp
5.44%,
01/24/2030
(h)
$
1,585‌
$
1,630‌
Secured
Overnight
Financing
Rate
+
1.62%
7.16%,
10/30/2029
(h)
290‌
313‌
Secured
Overnight
Financing
Rate
+
2.45%
UBS
Group
AG
1.36%,
01/30/2027
(f),(h)
460‌
452‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.08%
4.75%,
05/12/2028
(f),(h)
320‌
321‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.75%
5.43%,
02/08/2030
(f),(h)
775‌
795‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.52%
UniCredit
SpA
1.98%,
06/03/2027
(f),(h)
600‌
587‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.20%
US
Bancorp
5.05%,
02/12/2031
(h)
560‌
569‌
Secured
Overnight
Financing
Rate
+
1.06%
5.08%,
05/15/2031
(h)
710‌
723‌
Secured
Overnight
Financing
Rate
+
1.30%
5.10%,
07/23/2030
(h)
1,065‌
1,087‌
Secured
Overnight
Financing
Rate
+
1.25%
5.42%,
02/12/2036
(h)
420‌
428‌
Secured
Overnight
Financing
Rate
+
1.41%
5.68%,
01/23/2035
(h)
1,215‌
1,259‌
Secured
Overnight
Financing
Rate
+
1.86%
US
Bank
NA/Cincinnati
OH
4.73%,
05/15/2028
(h)
465‌
467‌
Secured
Overnight
Financing
Rate
+
0.91%
Westpac
Banking
Corp
4.11%,
07/24/2034
(h)
1,465‌
1,418‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.00%
$
62,180‌
Biotechnology
-
0
.36
%
Amgen
Inc
4.56%,
06/15/2048
530‌
447‌
5.60%,
03/02/2043
780‌
770‌
CSL
Finance
PLC
4.75%,
04/27/2052
(f)
750‌
641‌
$
1,858‌
Building
Materials
-
0
.47
%
AmeriTex
HoldCo
Intermediate
LLC
7.63%,
08/15/2033
(f),(j)
522‌
531‌
10.25%,
10/15/2028
(f)
730‌
775‌
Cemex
SAB
de
CV
7.20%,
06/10/2030
(f),(h),(i)
200‌
204‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.52%
Miter
Brands
Acquisition
Holdco
Inc
/
MIWD
Borrower
LLC
6.75%,
04/01/2032
(f)
55‌
56‌
Quikrete
Holdings
Inc
6.38%,
03/01/2032
(f)
105‌
108‌
6.75%,
03/01/2033
(f)
70‌
72‌
Smyrna
Ready
Mix
Concrete
LLC
6.00%,
11/01/2028
(f)
704‌
701‌
$
2,447‌
Chemicals
-
0
.72
%
Consolidated
Energy
Finance
SA
5.63%,
10/15/2028
(f)
405‌
339‌
6.50%,
05/15/2026
(f)
150‌
147‌
Ecolab
Inc
2.70%,
12/15/2051
1,070‌
651‌
Schedule
of
Investments
Core
Plus
Bond
Fund
July
31,
2025
(unaudited)
14
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Chemicals
(continued)
International
Flavors
&
Fragrances
Inc
1.83%,
10/15/2027
(f)
$
925‌
$
870‌
3.47%,
12/01/2050
(f)
130‌
87‌
OCP
SA
6.10%,
04/30/2030
(f)
320‌
326‌
Olympus
Water
US
Holding
Corp
4.25%,
10/01/2028
(f)
375‌
357‌
6.25%,
10/01/2029
(f),(g)
205‌
196‌
Sociedad
Quimica
y
Minera
de
Chile
SA
5.50%,
09/10/2034
(f)
460‌
449‌
Vibrantz
Technologies
Inc
9.00%,
02/15/2030
(f)
481‌
308‌
$
3,730‌
Commercial
Mortgage
Backed
Securities
-
5
.22
%
ALA
Trust
2025-OANA
6.08%,
06/15/2040
(f)
1,000‌
1,005‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
1.74%
BBCMS
Mortgage
Trust
2024-5C29
5.21%,
09/15/2057
1,750‌
1,779‌
BBCMS
Mortgage
Trust
2025-5C33
6.17%,
03/15/2058
(k)
2,500‌
2,598‌
Benchmark
2021-B25
Mortgage
Trust
2.58%,
04/15/2054
500‌
437‌
BPR
Trust
2024-PMDW
5.36%,
11/05/2041
(f),(k)
2,550‌
2,573‌
BSTN
Commercial
Mortgage
Trust
2025-1C
5.37%,
06/15/2044
(f),(k)
3,000‌
3,040‌
BX
2025-BIO3
Mortgage
Trust
6.14%,
02/10/2042
(f)
1,000‌
1,021‌
BX
Commercial
Mortgage
Trust
2021-XL2
5.14%,
10/15/2038
(f)
880‌
880‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
0.80%
BX
Trust
2025-VLT6
5.79%,
03/15/2042
(f)
2,000‌
1,999‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
1.44%
Citigroup
Commercial
Mortgage
Trust
2019-C7
3.10%,
12/15/2072
1,500‌
1,402‌
COMM
2013-CCRE6
Mortgage
Trust
3.87%,
03/10/2046
(f),(k)
464‌
401‌
COMM
2025-167G
Mortgage
Trust
5.50%,
08/10/2040
(f)
800‌
796‌
DROP
Mortgage
Trust
2021-FILE
5.61%,
10/15/2043
(f)
1,500‌
1,451‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
1.26%
ELM
Trust
2024-ELM
5.80%,
06/10/2039
(f),(k)
2,000‌
2,014‌
GS
Mortgage
Securities
Trust
2020-GSA2
2.01%,
12/12/2053
2,000‌
1,738‌
JPMBB
Commercial
Mortgage
Securities
Trust
2014-C24
0.71%,
11/15/2047
(k),(l)
969‌
—‌
LBA
Trust
2024-7IND
5.78%,
10/15/2041
(f)
750‌
753‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
1.44%
ORL
Trust
2024-GLKS
5.83%,
12/15/2039
(f)
1,000‌
1,001‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
1.49%
SMRT
2022-MINI
5.34%,
01/15/2039
(f)
500‌
499‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
1.00%
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Commercial
Mortgage
Backed
Securities
(continued)
SREIT
Trust
2021-MFP
5.19%,
11/15/2038
(f)
$
839‌
$
839‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
0.85%
SREIT
Trust
2021-MFP2
5.28%,
11/15/2036
(f)
1,000‌
1,000‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
0.94%
$
27,226‌
Commercial
Services
-
0
.48
%
EquipmentShare.com
Inc
8.00%,
03/15/2033
(f)
185‌
193‌
8.63%,
05/15/2032
(f)
130‌
138‌
9.00%,
05/15/2028
(f)
100‌
105‌
Garda
World
Security
Corp
6.00%,
06/01/2029
(f)
405‌
397‌
8.38%,
11/15/2032
(f)
255‌
263‌
Prime
Security
Services
Borrower
LLC
/
Prime
Finance
Inc
6.25%,
01/15/2028
(f)
100‌
100‌
Veritiv
Operating
Co
10.50%,
11/30/2030
(f)
185‌
201‌
WASH
Multifamily
Acquisition
Inc
5.75%,
04/15/2026
(f)
710‌
710‌
Williams
Scotsman
Inc
4.63%,
08/15/2028
(f)
180‌
177‌
ZipRecruiter
Inc
5.00%,
01/15/2030
(f)
300‌
227‌
$
2,511‌
Computers
-
0
.90
%
Apple
Inc
3.95%,
08/08/2052
470‌
372‌
Hewlett
Packard
Enterprise
Co
4.55%,
10/15/2029
1,970‌
1,958‌
5.00%,
10/15/2034
900‌
873‌
5.60%,
10/15/2054
590‌
542‌
International
Business
Machines
Corp
5.70%,
02/10/2055
375‌
370‌
McAfee
Corp
7.38%,
02/15/2030
(f)
440‌
408‌
Seagate
Data
Storage
Technology
Pte
Ltd
8.50%,
07/15/2031
(f)
10‌
11‌
9.63%,
12/01/2032
(f)
139‌
157‌
$
4,691‌
Consumer
Products
-
0
.02
%
Kronos
Acquisition
Holdings
Inc
8.25%,
06/30/2031
(f)
120‌
104‌
Credit
Card
Asset
Backed
Securities
-
3
.20
%
American
Express
Credit
Account
Master
Trust
3.75%,
08/15/2027
1,960‌
1,959‌
4.87%,
05/15/2028
325‌
326‌
5.23%,
09/15/2028
1,000‌
1,010‌
5.24%,
04/15/2031
4,045‌
4,183‌
BA
Credit
Card
Trust
5.00%,
04/15/2028
1,400‌
1,402‌
Citibank
Credit
Card
Issuance
Trust
3.96%,
10/13/2030
1,300‌
1,288‌
5.23%,
12/08/2027
975‌
977‌
Discover
Card
Execution
Note
Trust
4.31%,
03/15/2028
3,055‌
3,052‌
5.03%,
10/15/2027
1,680‌
1,682‌
WF
Card
Issuance
Trust
4.34%,
05/15/2030
800‌
802‌
$
16,681‌
Schedule
of
Investments
Core
Plus
Bond
Fund
July
31,
2025
(unaudited)
15
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Diversified
Financial
Services
-
3
.81
%
AerCap
Ireland
Capital
DAC
/
AerCap
Global
Aviation
Trust
2.45%,
10/29/2026
$
1,880‌
$
1,830‌
3.00%,
10/29/2028
1,345‌
1,280‌
6.95%,
03/10/2055
(h)
640‌
670‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.72%
Air
Lease
Corp
1.88%,
08/15/2026
1,325‌
1,288‌
Aircastle
Ltd
5.95%,
02/15/2029
(f)
950‌
983‌
Aircastle
Ltd
/
Aircastle
Ireland
DAC
5.00%,
09/15/2030
(f)
790‌
789‌
5.75%,
10/01/2031
(f)
910‌
934‌
Atlas
Warehouse
Lending
Co
LP
6.05%,
01/15/2028
(f)
250‌
253‌
Aviation
Capital
Group
LLC
1.95%,
09/20/2026
(f)
1,850‌
1,793‌
Charles
Schwab
Corp/The
5.85%,
05/19/2034
(h)
330‌
350‌
Secured
Overnight
Financing
Rate
+
2.50%
Citadel
Finance
LLC
5.90%,
02/10/2030
(f)
1,000‌
1,004‌
Citadel
Securities
Global
Holdings
LLC
5.50%,
06/18/2030
(f)
500‌
504‌
6.20%,
06/18/2035
(f)
650‌
663‌
Credit
Acceptance
Corp
6.63%,
03/15/2030
(f)
330‌
334‌
9.25%,
12/15/2028
(f)
355‌
375‌
Freedom
Mortgage
Holdings
LLC
9.13%,
05/15/2031
(f)
455‌
473‌
Global
Aircraft
Leasing
Co
Ltd
8.75%,
09/01/2027
(f)
580‌
599‌
ILFC
E-Capital
Trust
II
6.68%,
12/21/2065
(f)
245‌
208‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
0.00%
Jane
Street
Group
/
JSG
Finance
Inc
4.50%,
11/15/2029
(f)
495‌
474‌
6.13%,
11/01/2032
(f)
1,045‌
1,037‌
6.75%,
05/01/2033
(f)
1,130‌
1,156‌
Nuveen
LLC
5.55%,
01/15/2030
(f)
1,100‌
1,143‌
OneMain
Finance
Corp
3.50%,
01/15/2027
410‌
400‌
4.00%,
09/15/2030
30‌
28‌
6.63%,
01/15/2028
35‌
36‌
7.13%,
11/15/2031
155‌
160‌
7.50%,
05/15/2031
80‌
83‌
Rfna
LP
7.88%,
02/15/2030
(f)
180‌
183‌
Rocket
Cos
Inc
6.13%,
08/01/2030
(f)
175‌
177‌
SLM
Corp
3.13%,
11/02/2026
335‌
327‌
TrueNoord
Capital
DAC
8.75%,
03/01/2030
(f)
305‌
316‌
$
19,850‌
Electric
-
3
.68
%
Abu
Dhabi
National
Energy
Co
PJSC
4.70%,
04/24/2033
(f)
200‌
198‌
AEP
Transmission
Co
LLC
5.38%,
06/15/2035
200‌
203‌
Alabama
Power
Co
3.13%,
07/15/2051
240‌
159‌
Alliant
Energy
Finance
LLC
5.40%,
06/06/2027
(f)
625‌
630‌
5.95%,
03/30/2029
(f)
305‌
319‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Electric
(continued)
Atlantica
Sustainable
Infrastructure
Ltd
4.13%,
06/15/2028
(f)
$
290‌
$
280‌
Berkshire
Hathaway
Energy
Co
4.60%,
05/01/2053
540‌
452‌
California
Buyer
Ltd
/
Atlantica
Sustainable
Infrastructure
PLC
6.38%,
02/15/2032
(f)
400‌
404‌
Clearway
Energy
Operating
LLC
3.75%,
02/15/2031
(f)
140‌
128‌
3.75%,
01/15/2032
(f)
170‌
151‌
4.75%,
03/15/2028
(f)
315‌
310‌
CMS
Energy
Corp
6.50%,
06/01/2055
(h)
1,070‌
1,079‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
1.96%
Commonwealth
Edison
Co
4.00%,
03/01/2049
325‌
252‌
Consolidated
Edison
Co
of
New
York
Inc
5.90%,
11/15/2053
320‌
326‌
DTE
Energy
Co
5.20%,
04/01/2030
225‌
230‌
Duke
Energy
Carolinas
LLC
3.75%,
06/01/2045
500‌
387‌
Duke
Energy
Florida
LLC
6.20%,
11/15/2053
275‌
293‌
Exelon
Corp
5.60%,
03/15/2053
250‌
239‌
FIEMEX
Energia
-
Banco
Actinver
SA
Institucion
de
Banca
Multiple
7.25%,
01/31/2041
(f)
594‌
608‌
FirstEnergy
Corp
2.25%,
09/01/2030
640‌
567‌
Indianapolis
Power
&
Light
Co
5.70%,
04/01/2054
(f)
345‌
338‌
Interstate
Power
and
Light
Co
5.60%,
06/29/2035
1,230‌
1,262‌
Lightning
Power
LLC
7.25%,
08/15/2032
(f)
380‌
397‌
Monongahela
Power
Co
3.55%,
05/15/2027
(f)
715‌
703‌
Narragansett
Electric
Co/The
3.92%,
08/01/2028
(f)
460‌
450‌
NextEra
Energy
Capital
Holdings
Inc
4.69%,
09/01/2027
(j)
565‌
568‌
5.45%,
03/15/2035
400‌
407‌
5.75%,
09/01/2025
475‌
475‌
6.38%,
08/15/2055
(h)
625‌
641‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.05%
6.70%,
09/01/2054
(h)
915‌
944‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.36%
NRG
Energy
Inc
3.88%,
02/15/2032
(f)
205‌
187‌
Pacific
Gas
and
Electric
Co
3.25%,
06/01/2031
285‌
257‌
5.55%,
05/15/2029
395‌
403‌
Perusahaan
Perseroan
Persero
PT
Perusahaan
Listrik
Negara
4.00%,
06/30/2050
(f)
600‌
433‌
Pinnacle
West
Capital
Corp
4.90%,
05/15/2028
275‌
277‌
Public
Service
Co
of
Colorado
5.25%,
04/01/2053
225‌
206‌
Saavi
Energia
Sarl
8.88%,
02/10/2035
(f)
455‌
474‌
Southern
Co/The
5.70%,
03/15/2034
1,210‌
1,260‌
Schedule
of
Investments
Core
Plus
Bond
Fund
July
31,
2025
(unaudited)
16
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Electric
(continued)
Trans-Allegheny
Interstate
Line
Co
5.00%,
01/15/2031
(f)
$
135‌
$
137‌
Vistra
Corp
7.00%,
12/15/2026
(f),(h),(i)
210‌
212‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.74%
Vistra
Operations
Co
LLC
4.38%,
05/01/2029
(f)
185‌
179‌
WEC
Energy
Group
Inc
5.00%,
09/27/2025
400‌
400‌
Xcel
Energy
Inc
4.75%,
03/21/2028
550‌
553‌
5.45%,
08/15/2033
805‌
817‌
$
19,195‌
Engineering
&
Construction
-
0
.25
%
ATP
Tower
Holdings
/
Andean
Telecom
Partners
Chile
SpA
/
Andean
Tower
Partners
Colombia
SAS
7.88%,
02/03/2030
(f)
440‌
446‌
Global
Infrastructure
Solutions
Inc
5.63%,
06/01/2029
(f)
295‌
294‌
Sitios
Latinoamerica
SAB
de
CV
5.38%,
04/04/2032
(f)
575‌
566‌
$
1,306‌
Entertainment
-
0
.44
%
Caesars
Entertainment
Inc
4.63%,
10/15/2029
(f)
540‌
510‌
6.50%,
02/15/2032
(f)
345‌
352‌
CCM
Merger
Inc
6.38%,
05/01/2026
(f)
475‌
475‌
Cinemark
USA
Inc
5.25%,
07/15/2028
(f),(g)
340‌
337‌
7.00%,
08/01/2032
(f)
55‌
57‌
Warnermedia
Holdings
Inc
3.76%,
03/15/2027
324‌
318‌
5.05%,
03/15/2042
200‌
134‌
Wynn
Resorts
Finance
LLC
/
Wynn
Resorts
Capital
Corp
7.13%,
02/15/2031
(f)
105‌
112‌
$
2,295‌
Environmental
Control
-
0
.10
%
Madison
IAQ
LLC
4.13%,
06/30/2028
(f)
270‌
261‌
Waste
Connections
Inc
5.25%,
09/01/2035
235‌
239‌
$
500‌
Food
-
1
.17
%
Albertsons
Cos
Inc
/
Safeway
Inc
/
New
Albertsons
LP
/
Albertsons
LLC
4.63%,
01/15/2027
(f)
285‌
283‌
B&G
Foods
Inc
5.25%,
09/15/2027
(g)
100‌
89‌
8.00%,
09/15/2028
(f)
125‌
117‌
Chobani
Holdco
II
LLC
8.75%,
PIK
9.50%;
10/01/2029
(f),(k),(m)
130‌
140‌
Chobani
LLC
/
Chobani
Finance
Corp
Inc
7.63%,
07/01/2029
(f)
345‌
359‌
Fiesta
Purchaser
Inc
7.88%,
03/01/2031
(f)
180‌
190‌
Grupo
Nutresa
SA
8.00%,
05/12/2030
(f)
300‌
316‌
JBS
USA
Holding
Lux
Sarl
/
JBS
USA
Foods
Group
Holdings
Inc
/
JBS
USA
Food
Co
6.38%,
04/15/2066
(f)
410‌
404‌
JBS
USA
Holding
Lux
Sarl/
JBS
USA
Food
Co/
JBS
Lux
Co
Sarl
4.38%,
02/02/2052
1,421‌
1,083‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Food
(continued)
JBS
USA
LUX
Sarl
/
JBS
USA
Food
Co
/
JBS
USA
Foods
Group
6.38%,
02/25/2055
(f)
$
340‌
$
343‌
Mars
Inc
4.80%,
03/01/2030
(f)
260‌
263‌
5.20%,
03/01/2035
(f)
1,360‌
1,366‌
5.70%,
05/01/2055
(f)
1,009‌
996‌
Post
Holdings
Inc
5.50%,
12/15/2029
(f)
175‌
173‌
$
6,122‌
Forest
Products
&
Paper
-
0
.09
%
Celulosa
Arauco
y
Constitucion
SA
6.18%,
05/05/2032
(f)
250‌
256‌
Mercer
International
Inc
5.13%,
02/01/2029
110‌
89‌
12.88%,
10/01/2028
(f)
125‌
126‌
$
471‌
Gas
-
0
.61
%
Boston
Gas
Co
5.84%,
01/10/2035
(f)
250‌
260‌
NiSource
Inc
0.95%,
08/15/2025
1,000‌
999‌
5.25%,
03/30/2028
60‌
61‌
6.95%,
11/30/2054
(h)
835‌
865‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.45%
Southern
California
Gas
Co
5.05%,
09/01/2034
345‌
345‌
6.00%,
06/15/2055
655‌
667‌
$
3,197‌
Healthcare
-
Services
-
0
.57
%
Acadia
Healthcare
Co
Inc
5.00%,
04/15/2029
(f)
425‌
411‌
Centene
Corp
2.63%,
08/01/2031
390‌
326‌
3.38%,
02/15/2030
665‌
599‌
4.25%,
12/15/2027
125‌
121‌
CHS/Community
Health
Systems
Inc
5.63%,
03/15/2027
(f)
215‌
215‌
HCA
Inc
5.45%,
04/01/2031
265‌
272‌
LifePoint
Health
Inc
8.38%,
02/15/2032
(f)
205‌
218‌
UnitedHealth
Group
Inc
4.75%,
05/15/2052
625‌
525‌
5.75%,
07/15/2064
320‌
305‌
$
2,992‌
Home
Builders
-
0
.06
%
Adams
Homes
Inc
9.25%,
10/15/2028
(f)
285‌
295‌
Home
Equity
Asset
Backed
Securities
-
0
.13
%
Chase
Funding
Trust
Series
2003-5
5.07%,
07/25/2033
412‌
413‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
0.71%
First
NLC
Trust
2005-1
0.12%,
05/25/2035
147‌
129‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
0.61%
Saxon
Asset
Securities
Trust
2004-1
1.94%,
03/25/2035
207‌
115‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
1.81%
$
657‌
Schedule
of
Investments
Core
Plus
Bond
Fund
July
31,
2025
(unaudited)
17
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Insurance
-
1
.64
%
American
International
Group
Inc
4.85%,
05/07/2030
$
420‌
$
426‌
5.45%,
05/07/2035
1,005‌
1,027‌
Aon
North
America
Inc
5.45%,
03/01/2034
505‌
517‌
5.75%,
03/01/2054
685‌
667‌
Arthur
J
Gallagher
&
Co
2.40%,
11/09/2031
665‌
580‌
5.15%,
02/15/2035
170‌
169‌
5.55%,
02/15/2055
45‌
42‌
Athene
Global
Funding
4.86%,
08/27/2026
(f)
655‌
657‌
Brown
&
Brown
Inc
4.70%,
06/23/2028
245‌
246‌
4.90%,
06/23/2030
215‌
216‌
5.55%,
06/23/2035
235‌
238‌
6.25%,
06/23/2055
135‌
138‌
Corebridge
Financial
Inc
5.75%,
01/15/2034
235‌
244‌
Equitable
America
Global
Funding
4.95%,
06/09/2030
(f)
630‌
635‌
F&G
Global
Funding
5.88%,
06/10/2027
(f)
670‌
684‌
GA
Global
Funding
Trust
4.40%,
09/23/2027
(f)
735‌
732‌
Markel
Group
Inc
6.00%,
05/16/2054
210‌
209‌
Marsh
&
McLennan
Cos
Inc
6.25%,
11/01/2052
160‌
171‌
MetLife
Inc
5.00%,
07/15/2052
140‌
126‌
5.30%,
12/15/2034
130‌
133‌
Northwestern
Mutual
Life
Insurance
Co/The
6.17%,
05/29/2055
(f)
300‌
313‌
Reinsurance
Group
of
America
Inc
5.75%,
09/15/2034
205‌
210‌
Teachers
Insurance
&
Annuity
Association
of
America
4.27%,
05/15/2047
(f)
200‌
162‌
$
8,542‌
Internet
-
0
.36
%
Alibaba
Group
Holding
Ltd
5.25%,
05/26/2035
(f)
600‌
609‌
Cogent
Communications
Group
LLC
/
Cogent
Finance
Inc
7.00%,
06/15/2027
(f)
45‌
45‌
Meta
Platforms
Inc
4.45%,
08/15/2052
925‌
778‌
5.40%,
08/15/2054
450‌
435‌
$
1,867‌
Investment
Companies
-
0
.12
%
HAT
Holdings
I
LLC
/
HAT
Holdings
II
LLC
3.38%,
06/15/2026
(f)
22‌
21‌
Icahn
Enterprises
LP
/
Icahn
Enterprises
Finance
Corp
4.38%,
02/01/2029
465‌
399‌
5.25%,
05/15/2027
155‌
151‌
6.25%,
05/15/2026
61‌
61‌
$
632‌
Leisure
Products
&
Services
-
0
.13
%
NCL
Corp
Ltd
5.88%,
02/15/2027
(f)
80‌
80‌
NCL
Finance
Ltd
6.13%,
03/15/2028
(f)
340‌
344‌
Royal
Caribbean
Cruises
Ltd
5.38%,
07/15/2027
(f)
205‌
206‌
5.63%,
09/30/2031
(f)
35‌
36‌
$
666‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Lodging
-
0
.18
%
Sands
China
Ltd
3.80%,
01/08/2026
$
350‌
$
349‌
Wynn
Macau
Ltd
5.63%,
08/26/2028
(f)
605‌
598‌
$
947‌
Machinery
-
Diversified
-
0
.13
%
Maxim
Crane
Works
Holdings
Capital
LLC
11.50%,
09/01/2028
(f)
465‌
493‌
Westinghouse
Air
Brake
Technologies
Corp
4.90%,
05/29/2030
190‌
192‌
$
685‌
Media
-
1
.03
%
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp
4.50%,
08/15/2030
(f)
409‌
383‌
5.38%,
06/01/2029
(f)
205‌
201‌
Charter
Communications
Operating
LLC
/
Charter
Communications
Operating
Capital
3.90%,
06/01/2052
1,365‌
905‌
6.10%,
06/01/2029
705‌
735‌
6.15%,
11/10/2026
280‌
284‌
6.55%,
06/01/2034
745‌
785‌
Comcast
Corp
2.94%,
11/01/2056
900‌
520‌
5.35%,
05/15/2053
150‌
138‌
CSC
Holdings
LLC
4.50%,
11/15/2031
(f)
200‌
133‌
Directv
Financing
LLC
8.88%,
02/01/2030
(f)
250‌
243‌
Directv
Financing
LLC
/
Directv
Financing
Co-
Obligor
Inc
5.88%,
08/15/2027
(f)
25‌
25‌
10.00%,
02/15/2031
(f)
20‌
19‌
Discovery
Communications
LLC
4.13%,
05/15/2029
79‌
74‌
DISH
Network
Corp
11.75%,
11/15/2027
(f)
255‌
266‌
iHeartCommunications
Inc
4.75%,
01/15/2028
(f)
45‌
37‌
Paramount
Global
4.20%,
05/19/2032
375‌
344‌
Sinclair
Television
Group
Inc
8.13%,
02/15/2033
(f)
290‌
296‌
$
5,388‌
Mining
-
0
.52
%
Glencore
Funding
LLC
5.19%,
04/01/2030
(f)
560‌
569‌
5.37%,
04/04/2029
(f)
485‌
497‌
6.13%,
10/06/2028
(f)
550‌
574‌
New
Gold
Inc
6.88%,
04/01/2032
(f)
120‌
123‌
Taseko
Mines
Ltd
8.25%,
05/01/2030
(f)
640‌
668‌
Vedanta
Resources
Finance
II
PLC
9.48%,
07/24/2030
(f)
270‌
266‌
$
2,697‌
Miscellaneous
Manufacturers
-
0
.05
%
Siemens
Funding
BV
5.80%,
05/28/2055
(f)
270‌
279‌
Mortgage
Backed
Securities
-
3
.84
%
Fannie
Mae
REMICS
1.59%,
08/25/2049
(l)
5,447‌
570‌
(1.00)
x
30
Day
Average
Secured
Overnight
Financing
Rate
+
5.94%
1.64%,
08/25/2043
(l)
1,071‌
106‌
(1.00)
x
30
Day
Average
Secured
Overnight
Financing
Rate
+
5.99%
Schedule
of
Investments
Core
Plus
Bond
Fund
July
31,
2025
(unaudited)
18
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Mortgage
Backed
Securities
(continued)
Fannie
Mae
REMICS
(continued)
1.69%,
12/25/2042
(l)
$
4,011‌
$
404‌
(1.00)
x
30
Day
Average
Secured
Overnight
Financing
Rate
+
6.04%
1.69%,
01/25/2048
(l)
1,577‌
184‌
(1.00)
x
30
Day
Average
Secured
Overnight
Financing
Rate
+
6.04%
1.74%,
03/25/2048
(l)
1,972‌
256‌
(1.00)
x
30
Day
Average
Secured
Overnight
Financing
Rate
+
6.09%
1.74%,
06/25/2048
(l)
2,075‌
233‌
(1.00)
x
30
Day
Average
Secured
Overnight
Financing
Rate
+
6.09%
3.00%,
04/25/2027
(l)
160‌
3‌
3.00%,
09/25/2050
(l)
1,875‌
300‌
3.50%,
09/25/2027
(l)
275‌
6‌
3.50%,
11/25/2027
(l)
70‌
1‌
3.50%,
05/25/2028
(l)
78‌
1‌
4.00%,
04/25/2043
(l)
96‌
5‌
Freddie
Mac
REMICS
1.60%,
10/15/2046
(l)
2,581‌
299‌
(1.00)
x
30
Day
Average
Secured
Overnight
Financing
Rate
+
5.94%
1.69%,
06/25/2050
(l)
2,161‌
282‌
(1.00)
x
30
Day
Average
Secured
Overnight
Financing
Rate
+
6.04%
2.00%,
02/15/2036
25‌
24‌
3.00%,
05/15/2027
(l)
128‌
2‌
3.00%,
10/15/2027
(l)
63‌
1‌
3.00%,
02/15/2029
(l)
292‌
5‌
3.50%,
02/15/2028
(l)
135‌
3‌
3.50%,
03/15/2041
(l)
429‌
13‌
4.90%,
05/15/2049
2,072‌
2,012‌
1.00
x
30
Day
Average
Secured
Overnight
Financing
Rate
+
0.56%
Ginnie
Mae
1.15%,
04/20/2052
(l)
2,297‌
224‌
(1.00)
x
30
Day
Average
Secured
Overnight
Financing
Rate
+
5.50%
1.58%,
11/20/2040
(l)
1,065‌
129‌
(1.00)
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
5.94%
1.58%,
05/20/2046
(l)
260‌
29‌
(1.00)
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
5.94%
1.60%,
12/16/2043
(l)
2,364‌
228‌
(1.00)
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
5.94%
1.63%,
11/20/2046
(l)
1,956‌
234‌
(1.00)
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
5.99%
1.68%,
08/20/2044
(l)
876‌
102‌
(1.00)
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
6.04%
1.68%,
03/20/2047
(l)
1,095‌
135‌
(1.00)
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
6.04%
1.73%,
10/20/2045
(l)
891‌
104‌
(1.00)
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
6.09%
1.73%,
08/20/2047
(l)
3,849‌
533‌
(1.00)
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
6.09%
1.73%,
08/20/2047
(l)
1,265‌
168‌
(1.00)
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
6.09%
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Mortgage
Backed
Securities
(continued)
Ginnie
Mae
(continued)
1.73%,
08/20/2047
(l)
$
441‌
$
62‌
(1.00)
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
6.09%
1.73%,
11/20/2047
(l)
651‌
86‌
(1.00)
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
6.09%
1.78%,
06/20/2045
(l)
1,178‌
145‌
(1.00)
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
6.14%
1.78%,
10/20/2047
(l)
1,668‌
239‌
(1.00)
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
6.14%
1.83%,
08/20/2050
(l)
2,330‌
332‌
(1.00)
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
6.19%
1.83%,
11/20/2050
(l)
1,649‌
233‌
(1.00)
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
6.19%
1.83%,
08/20/2051
(l)
1,533‌
209‌
(1.00)
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
6.19%
1.90%,
09/20/2050
(l)
1,751‌
241‌
(1.00)
x
30
Day
Average
Secured
Overnight
Financing
Rate
+
6.25%
2.18%,
04/20/2041
(l)
446‌
57‌
(1.10)
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
6.97%
2.50%,
12/20/2050
(l)
2,527‌
401‌
3.00%,
07/20/2050
(l)
511‌
83‌
3.00%,
11/20/2050
(l)
1,360‌
232‌
3.00%,
11/20/2050
(l)
1,885‌
313‌
3.00%,
11/20/2050
(l)
2,144‌
418‌
3.50%,
01/20/2043
(l)
1,682‌
257‌
3.50%,
10/20/2049
(l)
775‌
147‌
4.00%,
09/20/2040
(l)
297‌
10‌
4.50%,
05/16/2043
(l)
686‌
114‌
JP
Morgan
Mortgage
Trust
2024-1
6.00%,
06/25/2054
(f),(k)
1,774‌
1,774‌
JP
Morgan
Mortgage
Trust
2024-2
6.00%,
08/25/2054
(f),(k)
1,085‌
1,082‌
JP
Morgan
Mortgage
Trust
2025-1
6.00%,
06/25/2055
(f),(k)
1,702‌
1,707‌
JP
Morgan
Mortgage
Trust
Series
2024-4
6.00%,
10/25/2054
(f),(k)
1,324‌
1,323‌
Sequoia
Mortgage
Trust
2024-2
6.00%,
03/25/2054
(f),(k)
1,633‌
1,633‌
Sequoia
Mortgage
Trust
2024-3
6.00%,
04/25/2054
(f),(k)
2,320‌
2,320‌
$
20,014‌
Oil
&
Gas
-
1
.18
%
Aethon
United
BR
LP
/
Aethon
United
Finance
Corp
7.50%,
10/01/2029
(f)
545‌
571‌
ConocoPhillips
Co
5.50%,
01/15/2055
460‌
434‌
Crescent
Energy
Finance
LLC
8.38%,
01/15/2034
(f)
260‌
257‌
Diamondback
Energy
Inc
5.20%,
04/18/2027
425‌
429‌
5.75%,
04/18/2054
735‌
683‌
Ecopetrol
SA
8.88%,
01/13/2033
250‌
262‌
EQT
Corp
7.50%,
06/01/2027
(f)
270‌
275‌
Hilcorp
Energy
I
LP
/
Hilcorp
Finance
Co
7.25%,
02/15/2035
(f)
370‌
361‌
Matador
Resources
Co
6.25%,
04/15/2033
(f)
405‌
401‌
Schedule
of
Investments
Core
Plus
Bond
Fund
July
31,
2025
(unaudited)
19
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Oil
&
Gas
(continued)
Occidental
Petroleum
Corp
5.20%,
08/01/2029
$
330‌
$
331‌
Permian
Resources
Operating
LLC
8.00%,
04/15/2027
(f)
200‌
204‌
Pertamina
Persero
PT
3.10%,
08/27/2030
(f)
200‌
184‌
Petroleos
Mexicanos
7.69%,
01/23/2050
685‌
581‌
Saudi
Arabian
Oil
Co
4.75%,
06/02/2030
(f)
200‌
201‌
Tengizchevroil
Finance
Co
International
Ltd
2.63%,
08/15/2025
(f)
975‌
972‌
$
6,146‌
Oil
&
Gas
Services
-
0
.10
%
Archrock
Partners
LP
/
Archrock
Partners
Finance
Corp
6.25%,
04/01/2028
(f)
285‌
285‌
Enerflex
Ltd
9.00%,
10/15/2027
(f)
236‌
243‌
$
528‌
Other
Asset
Backed
Securities
-
0
.65
%
Hilton
Grand
Vacations
Trust
2024-3
4.98%,
08/27/2040
(f)
754‌
756‌
Hotwire
Funding
LLC
2.31%,
11/20/2051
(f)
1,250‌
1,203‌
Verizon
Master
Trust
4.35%,
08/20/2032
(f)
1,200‌
1,195‌
Verizon
Master
Trust
Series
2025-2
4.94%,
01/20/2033
(f)
235‌
239‌
$
3,393‌
Packaging
&
Containers
-
0
.53
%
Canpack
SA
/
Canpack
US
LLC
3.13%,
11/01/2025
(f)
200‌
198‌
Clydesdale
Acquisition
Holdings
Inc
6.63%,
04/15/2029
(f)
230‌
233‌
6.75%,
04/15/2032
(f)
225‌
231‌
6.88%,
01/15/2030
(f)
25‌
26‌
8.75%,
04/15/2030
(f)
165‌
168‌
LABL
Inc
5.88%,
11/01/2028
(f)
185‌
164‌
8.63%,
10/01/2031
(f)
100‌
83‌
9.50%,
11/01/2028
(f)
310‌
289‌
Mauser
Packaging
Solutions
Holding
Co
7.88%,
04/15/2027
(f)
230‌
232‌
Smurfit
Kappa
Treasury
ULC
5.20%,
01/15/2030
1,125‌
1,152‌
$
2,776‌
Pharmaceuticals
-
0
.55
%
1261229
BC
Ltd
10.00%,
04/15/2032
(f)
310‌
316‌
AbbVie
Inc
4.25%,
11/21/2049
615‌
502‌
5.50%,
03/15/2064
325‌
313‌
AdaptHealth
LLC
6.13%,
08/01/2028
(f)
290‌
288‌
Bayer
US
Finance
LLC
6.25%,
01/21/2029
(f),(g)
400‌
419‌
Eli
Lilly
&
Co
5.50%,
02/12/2055
330‌
328‌
Endo
Finance
Holdings
Inc
8.50%,
04/15/2031
(f),(g)
375‌
399‌
Jazz
Securities
DAC
4.38%,
01/15/2029
(f)
285‌
276‌
$
2,841‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Pipelines
-
2
.42
%
Antero
Midstream
Partners
LP
/
Antero
Midstream
Finance
Corp
5.38%,
06/15/2029
(f)
$
105‌
$
104‌
5.75%,
03/01/2027
(f)
155‌
155‌
6.63%,
02/01/2032
(f)
65‌
67‌
Cheniere
Energy
Inc
5.65%,
04/15/2034
235‌
239‌
Cheniere
Energy
Partners
LP
5.55%,
10/30/2035
(f)
375‌
377‌
Columbia
Pipelines
Holding
Co
LLC
6.04%,
08/15/2028
(f)
1,105‌
1,148‌
DT
Midstream
Inc
4.13%,
06/15/2029
(f)
1,665‌
1,603‌
Energy
Transfer
LP
3.75%,
05/15/2030
965‌
925‌
5.15%,
03/15/2045
750‌
657‌
5.25%,
07/01/2029
435‌
445‌
5.55%,
02/15/2028
1,065‌
1,091‌
Hess
Midstream
Operations
LP
4.25%,
02/15/2030
(f)
585‌
566‌
Kinder
Morgan
Inc
5.00%,
02/01/2029
520‌
527‌
5.15%,
06/01/2030
480‌
490‌
5.40%,
02/01/2034
650‌
657‌
NGL
Energy
Operating
LLC
/
NGL
Energy
Finance
Corp
8.13%,
02/15/2029
(f)
170‌
168‌
ONEOK
Inc
4.25%,
09/24/2027
550‌
548‌
4.40%,
10/15/2029
410‌
406‌
4.75%,
10/15/2031
815‌
807‌
5.70%,
11/01/2054
575‌
528‌
Venture
Global
LNG
Inc
7.00%,
01/15/2030
(f)
50‌
51‌
8.38%,
06/01/2031
(f)
70‌
72‌
9.50%,
02/01/2029
(f)
450‌
491‌
Williams
Cos
Inc/The
5.40%,
03/02/2026
475‌
477‌
$
12,599‌
REITs
-
1
.04
%
American
Homes
4
Rent
LP
3.38%,
07/15/2051
350‌
230‌
4.25%,
02/15/2028
570‌
565‌
4.95%,
06/15/2030
175‌
176‌
5.50%,
07/15/2034
425‌
431‌
Arbor
Realty
SR
Inc
7.88%,
07/15/2030
(f)
320‌
327‌
Blackstone
Mortgage
Trust
Inc
7.75%,
12/01/2029
(f)
110‌
116‌
Iron
Mountain
Inc
6.25%,
01/15/2033
(f)
45‌
46‌
Iron
Mountain
Information
Management
Services
Inc
5.00%,
07/15/2032
(f)
210‌
200‌
Ladder
Capital
Finance
Holdings
LLLP
/
Ladder
Capital
Finance
Corp
4.75%,
06/15/2029
(f)
588‌
571‌
7.00%,
07/15/2031
(f)
30‌
31‌
Mid-America
Apartments
LP
2.88%,
09/15/2051
646‌
406‌
Omega
Healthcare
Investors
Inc
5.20%,
07/01/2030
625‌
627‌
Park
Intermediate
Holdings
LLC
/
PK
Domestic
Property
LLC
/
PK
Finance
Co-Issuer
4.88%,
05/15/2029
(f)
270‌
260‌
7.00%,
02/01/2030
(f)
150‌
154‌
Schedule
of
Investments
Core
Plus
Bond
Fund
July
31,
2025
(unaudited)
20
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
REITs
(continued)
Uniti
Group
LP
/
Uniti
Fiber
Holdings
Inc
/
CSL
Capital
LLC
6.00%,
01/15/2030
(f)
$
300‌
$
284‌
Uniti
Group
LP
/
Uniti
Group
Finance
2019
Inc
/
CSL
Capital
LLC
8.63%,
06/15/2032
(f)
105‌
106‌
10.50%,
02/15/2028
(f)
142‌
150‌
VICI
Properties
LP
4.75%,
04/01/2028
310‌
312‌
XHR
LP
4.88%,
06/01/2029
(f),(g)
441‌
426‌
6.63%,
05/15/2030
(f)
15‌
15‌
$
5,433‌
Retail
-
0
.37
%
Bath
&
Body
Works
Inc
5.25%,
02/01/2028
530‌
530‌
6.63%,
10/01/2030
(f)
105‌
107‌
Carvana
Co
11.00%,
PIK
13.00%;
06/01/2030
(f),(k),(m)
390‌
408‌
Fertitta
Entertainment
LLC
/
Fertitta
Entertainment
Finance
Co
Inc
4.63%,
01/15/2029
(f)
245‌
233‌
Park
River
Holdings
Inc
6.75%,
08/01/2029
(f)
24‌
21‌
Patrick
Industries
Inc
4.75%,
05/01/2029
(f)
75‌
73‌
Victra
Holdings
LLC
/
Victra
Finance
Corp
8.75%,
09/15/2029
(f),(g)
505‌
529‌
$
1,901‌
Semiconductors
-
2
.19
%
ams-OSRAM
AG
12.25%,
03/30/2029
(f)
150‌
161‌
Broadcom
Inc
3.14%,
11/15/2035
(f)
75‌
63‌
3.42%,
04/15/2033
(f)
2,615‌
2,366‌
4.35%,
02/15/2030
450‌
447‌
4.55%,
02/15/2032
215‌
212‌
4.60%,
07/15/2030
555‌
555‌
5.05%,
07/12/2029
300‌
306‌
5.05%,
04/15/2030
895‌
915‌
5.15%,
11/15/2031
340‌
348‌
5.20%,
07/15/2035
675‌
678‌
Intel
Corp
4.75%,
03/25/2050
(g)
575‌
456‌
Kioxia
Holdings
Corp
6.25%,
07/24/2030
(f)
200‌
199‌
6.63%,
07/24/2033
(f)
200‌
198‌
Marvell
Technology
Inc
2.95%,
04/15/2031
465‌
422‌
4.75%,
07/15/2030
250‌
250‌
4.88%,
06/22/2028
575‌
580‌
5.45%,
07/15/2035
360‌
363‌
5.95%,
09/15/2033
510‌
538‌
Micron
Technology
Inc
5.30%,
01/15/2031
790‌
806‌
5.80%,
01/15/2035
945‌
969‌
6.75%,
11/01/2029
565‌
608‌
$
11,440‌
Shipbuilding
-
0
.13
%
Huntington
Ingalls
Industries
Inc
5.35%,
01/15/2030
410‌
419‌
5.75%,
01/15/2035
250‌
257‌
$
676‌
Software
-
0
.50
%
Cloud
Software
Group
Inc
9.00%,
09/30/2029
(f)
185‌
191‌
Open
Text
Corp
3.88%,
12/01/2029
(f)
170‌
159‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Software
(continued)
Oracle
Corp
3.95%,
03/25/2051
$
670‌
$
487‌
4.00%,
07/15/2046
250‌
191‌
Synopsys
Inc
5.70%,
04/01/2055
330‌
325‌
VMware
LLC
1.80%,
08/15/2028
1,360‌
1,257‌
$
2,610‌
Sovereign
-
0
.38
%
Colombia
Government
International
Bond
8.50%,
04/25/2035
300‌
317‌
Hungary
Government
International
Bond
6.13%,
05/22/2028
(f)
350‌
362‌
Israel
Government
International
Bond
4.13%,
01/17/2048
200‌
152‌
Istanbul
Metropolitan
Municipality
10.50%,
12/06/2028
(f)
300‌
324‌
Philippine
Government
International
Bond
5.90%,
02/04/2050
550‌
565‌
Romanian
Government
International
Bond
6.63%,
05/16/2036
(f)
250‌
250‌
$
1,970‌
Telecommunications
-
2
.13
%
AT&T
Inc
2.75%,
06/01/2031
315‌
285‌
3.50%,
09/15/2053
2,668‌
1,797‌
3.55%,
09/15/2055
855‌
573‌
Axian
Telecom
Holding
&
Management
PLC
7.25%,
07/11/2030
(f)
200‌
200‌
Connect
Finco
SARL
/
Connect
US
Finco
LLC
9.00%,
09/15/2029
(f)
375‌
379‌
Digicel
International
Finance
Ltd
/
Difl
US
LLC
8.63%,
08/01/2032
(f),(j)
421‌
425‌
EchoStar
Corp
10.75%,
11/30/2029
250‌
264‌
NTT
Finance
Corp
4.88%,
07/16/2030
(f)
555‌
558‌
Rogers
Communications
Inc
4.55%,
03/15/2052
370‌
300‌
T-Mobile
USA
Inc
2.40%,
03/15/2029
910‌
847‌
2.55%,
02/15/2031
820‌
733‌
2.88%,
02/15/2031
1,255‌
1,140‌
5.13%,
05/15/2032
500‌
507‌
5.88%,
11/15/2055
550‌
548‌
Verizon
Communications
Inc
2.36%,
03/15/2032
1,210‌
1,040‌
2.55%,
03/21/2031
1,131‌
1,013‌
2.88%,
11/20/2050
220‌
136‌
Viavi
Solutions
Inc
3.75%,
10/01/2029
(f)
190‌
176‌
Zayo
Group
Holdings
Inc
4.00%,
03/01/2027
(f)
205‌
195‌
$
11,116‌
Transportation
-
0
.25
%
Burlington
Northern
Santa
Fe
LLC
4.45%,
01/15/2053
185‌
154‌
Eletson
Holdings
Inc
/
Eletson
Finance
US
LLC
/
Agathonissos
Finance
LLC
0.00%,
01/15/2022
(d),(e)
1,749‌
9‌
Norfolk
Southern
Corp
5.10%,
05/01/2035
225‌
226‌
5.35%,
08/01/2054
800‌
762‌
RXO
Inc
7.50%,
11/15/2027
(f)
160‌
162‌
$
1,313‌
Schedule
of
Investments
Core
Plus
Bond
Fund
July
31,
2025
(unaudited)
21
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Water
-
0
.11
%
Aegea
Finance
Sarl
9.00%,
01/20/2031
(f)
$
550‌
$
591‌
TOTAL
BONDS
$
330,673‌
SENIOR
FLOATING
RATE
INTERESTS
-
2
.66
%
Principal
Amount
(000's)
Value
(000's)
Aerospace
&
Defense
-
0
.09
%
TransDigm
Inc
Term
Loan
J
6.80%,
02/28/2031
(n)
$
484‌
$
486‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
2.50%
Airlines
-
0
.15
%
AAdvantage
Loyalty
IP
Ltd
Term
Loan
B
6.58%,
04/20/2028
(n)
86‌
85‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
2.25%
United
Airlines
Inc
Term
Loan
B
6.35%,
02/22/2031
(n)
536‌
537‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
2.00%
WestJet
Loyalty
LP
Term
Loan
B
7.55%,
02/14/2031
(n)
146‌
146‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
3.25%
$
768‌
Automobile
Parts
&
Equipment
-
0
.01
%
Tenneco
Inc
Term
Loan
B
9.42%,
11/17/2028
(n)
30‌
30‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
5.00%
Building
Materials
-
0
.16
%
MITER
Brands
Acquisition
Holdco
Inc
Term
Loan
B2
7.51%,
03/28/2031
(n)
750‌
750‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.00%
Quikrete
Holdings
Inc
Term
Loan
B3
6.61%,
01/31/2032
(n)
75‌
75‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.25%
$
825‌
Chemicals
-
0
.20
%
Advancion
Holdings
LLC
Term
Loan
B
8.46%,
11/24/2027
(n)
157‌
151‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
4.00%
Advancion
Holdings
LLC
Term
Loan
12.21%,
11/24/2028
(n)
375‌
350‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
7.75%
Consolidated
Energy
Finance
SA
Term
Loan
B
8.83%,
11/15/2030
(n)
50‌
47‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
4.50%
Element
Solutions
Inc
Term
Loan
B3
6.11%,
12/18/2030
(n)
480‌
482‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
1.75%
$
1,030‌
Commercial
Services
-
0
.22
%
Garda
World
Security
Corp
Term
Loan
B
7.34%,
02/01/2029
(n)
631‌
630‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.00%
SENIOR
FLOATING
RATE
INTERESTS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Commercial
Services
(continued)
Veritiv
Operating
Co
Term
Loan
B
8.30%,
11/30/2030
(n)
$
507‌
$
509‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
4.00%
$
1,139‌
Consumer
Products
-
0
.12
%
Kronos
Acquisition
Holdings
Inc
Term
Loan
B
8.30%,
06/27/2031
(n)
739‌
628‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
4.00%
Diversified
Financial
Services
-
0
.29
%
Avolon
TLB
Borrower
1
US
LLC
Term
Loan
B6
6.10%,
06/22/2030
(n)
479‌
479‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
1.75%
Jane
Street
Group
LLC
Term
Loan
B
6.33%,
12/15/2031
(n)
554‌
551‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
2.00%
Russell
Investments
US
Institutional
Holdco
Inc
PIK
Term
Loan
B
9.31%,
PIK
1.50%,
05/30/2027
(m),(n)
516‌
498‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
5.00%
$
1,528‌
Food
-
0
.13
%
Fiesta
Purchaser
Inc
Term
Loan
B
7.20%,
02/12/2031
(n)
681‌
682‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.25%
Lodging
-
0
.15
%
Fertitta
Entertainment
LLC/NV
7.60%,
01/27/2029
(n)
766‌
766‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.25%
Machinery
-
Diversified
-
0
.00
%
TK
Elevator
US
Newco
Inc
Term
Loan
B
3.60%,
04/30/2030
(n)
25‌
25‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.00%
Media
-
0
.16
%
Directv
Financing
LLC
Tern
Loan
Extended
9.82%,
08/02/2029
(n)
213‌
211‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
5.25%
Directv
Financing
LLC
Term
Loan
B
9.81%,
02/15/2031
(n)
461‌
444‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
5.50%
Gray
Media
Inc
Term
Loan
F
9.58%,
05/23/2029
(n)
10‌
10‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
5.25%
iHeartCommunications
Inc
Term
Loan
10.65%,
05/01/2029
(n)
184‌
151‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
5.78%
$
816‌
Mining
-
0
.20
%
Arsenal
AIC
Parent
LLC
Term
Loan
B
7.11%,
08/18/2030
(n)
1,023‌
1,024‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.75%
Schedule
of
Investments
Core
Plus
Bond
Fund
July
31,
2025
(unaudited)
22
SENIOR
FLOATING
RATE
INTERESTS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Packaging
&
Containers
-
0
.23
%
Clydesdale
Acquisition
Holdings
Inc
Term
Loan
B
7.61%,
03/26/2032
(n)
$
378‌
$
378‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.25%
LABL
Inc
Term
Loan
B
9.86%,
10/22/2028
(n)
554‌
500‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
5.00%
Mauser
Packaging
Solutions
Holding
Co
Term
Loan
B1
7.76%,
04/15/2027
(n)
324‌
324‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.00%
$
1,202‌
Pharmaceuticals
-
0
.25
%
1261229
BC
Ltd
Term
Loan
B
10.61%,
09/25/2030
(n)
460‌
450‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
6.25%
Endo
Finance
Holdings
Inc
Term
Loan
B
8.36%,
04/23/2031
(n)
686‌
687‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
4.00%
Jazz
Financing
Lux
Sarl
Term
Loan
B2
7.01%,
05/05/2028
(n)
191‌
192‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.25%
$
1,329‌
Retail
-
0
.13
%
IRB
Holding
Corp
Term
Loan
B
6.86%,
12/15/2027
(n)
696‌
695‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.50%
Software
-
0
.09
%
Cloud
Software
Group
Inc
Term
Loan
B1
7.80%,
03/30/2029
(n)
481‌
482‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
3.50%
Telecommunications
-
0
.08
%
CommScope
LLC
Term
Loan
0.00%,
12/17/2029
(n),(o)
145‌
147‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
5.25%
Zayo
Group
Holdings
Inc
Term
Loan
B
7.47%,
03/09/2027
(n)
285‌
275‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.00%
$
422‌
TOTAL
SENIOR
FLOATING
RATE
INTERESTS
$
13,877‌
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
-
29
.88
%
Principal
Amount
(000's)
Value
(000's)
Federal
Home
Loan
Mortgage
Corporation
(FHLMC)
-
1
.09
%
3.00%,
01/01/2043
$
1,037‌
$
929‌
3.00%,
02/01/2043
490‌
439‌
4.00%,
02/01/2046
2,041‌
1,936‌
4.50%,
04/01/2031
163‌
163‌
4.50%,
04/01/2041
1,263‌
1,242‌
5.00%,
06/01/2031
116‌
117‌
5.50%,
05/01/2033
14‌
15‌
5.50%,
12/01/2033
170‌
173‌
5.50%,
11/01/2036
213‌
217‌
5.50%,
04/01/2038
45‌
45‌
5.50%,
08/01/2038
113‌
116‌
6.00%,
12/01/2031
6‌
6‌
6.00%,
12/01/2032
6‌
6‌
6.00%,
02/01/2033
35‌
35‌
6.00%,
12/01/2033
15‌
15‌
6.00%,
10/01/2036
63‌
66‌
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Federal
Home
Loan
Mortgage
Corporation
(FHLMC)
(continued)
6.00%,
07/01/2038
$
126‌
$
130‌
6.50%,
03/01/2029
1‌
1‌
6.50%,
05/01/2029
1‌
1‌
6.50%,
04/01/2031
1‌
1‌
6.50%,
02/01/2032
1‌
1‌
6.50%,
05/01/2032
2‌
2‌
6.50%,
10/01/2035
17‌
17‌
7.00%,
12/01/2029
1‌
2‌
7.00%,
06/01/2030
2‌
2‌
7.50%,
01/01/2031
2‌
3‌
7.50%,
03/01/2031
1‌
1‌
7.50%,
02/01/2032
1‌
1‌
8.00%,
09/01/2030
26‌
26‌
$
5,708‌
Federal
National
Mortgage
Association
(FNMA)
-
0
.16
%
5.00%,
07/01/2044
681‌
682‌
6.56%,
07/01/2033
171‌
174‌
1.00
x
Refinitiv
USD
IBOR
Consumer
Cash
Fallback
12-Month
+
1.57%
$
856‌
Federal
National
Mortgage
Association
(FNMA)/Federal
Home
Loan
Mortgage
Corporation
(FHLMC)
Uniform
Mortgage-Backed
Security
-
16
.27
%
2.00%,
01/01/2051
3,740‌
3,021‌
2.00%,
02/01/2051
2,001‌
1,602‌
2.00%,
11/01/2051
4,177‌
3,323‌
2.00%,
11/01/2051
1,922‌
1,529‌
2.00%,
12/01/2051
3,854‌
3,057‌
2.00%,
05/01/2052
2,741‌
2,188‌
2.50%,
10/01/2050
1,409‌
1,161‌
2.50%,
02/01/2051
2,427‌
2,034‌
2.50%,
07/01/2051
2,723‌
2,269‌
2.50%,
09/01/2051
1,253‌
1,045‌
2.50%,
11/01/2051
1,697‌
1,419‌
2.50%,
04/01/2052
2,902‌
2,406‌
3.00%,
10/01/2029
17‌
17‌
3.00%,
09/01/2032
45‌
44‌
3.00%,
04/01/2043
166‌
149‌
3.00%,
05/01/2043
318‌
284‌
3.00%,
11/01/2046
2,231‌
1,968‌
3.00%,
12/01/2048
56‌
49‌
3.00%,
11/01/2050
664‌
582‌
3.00%,
03/01/2052
2,466‌
2,145‌
3.50%,
02/01/2033
8‌
8‌
3.50%,
01/01/2044
544‌
504‌
3.50%,
04/01/2047
68‌
62‌
3.50%,
10/01/2047
29‌
27‌
3.50%,
11/01/2047
790‌
722‌
3.50%,
03/01/2048
16‌
14‌
3.50%,
04/01/2052
2,397‌
2,154‌
4.00%,
02/01/2031
56‌
55‌
4.00%,
05/01/2047
1,809‌
1,685‌
4.00%,
06/01/2048
6‌
6‌
4.00%,
08/01/2052
2,004‌
1,861‌
4.50%,
06/01/2044
282‌
274‌
4.50%,
07/01/2052
1,071‌
1,023‌
4.50%,
10/01/2052
1,211‌
1,154‌
4.50%,
05/01/2053
1,606‌
1,534‌
4.50%,
07/01/2053
662‌
635‌
4.50%,
08/01/2053
1,009‌
959‌
4.50%,
01/01/2054
1,044‌
998‌
5.00%,
06/01/2048
486‌
483‌
5.00%,
07/01/2052
921‌
906‌
5.00%,
09/01/2052
1,286‌
1,264‌
5.00%,
04/01/2053
2,157‌
2,122‌
5.00%,
06/01/2053
2,145‌
2,097‌
5.00%,
06/01/2053
2,343‌
2,298‌
5.00%,
11/01/2054
1,690‌
1,657‌
5.00%,
11/01/2054
1,052‌
1,025‌
Schedule
of
Investments
Core
Plus
Bond
Fund
July
31,
2025
(unaudited)
23
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Federal
National
Mortgage
Association
(FNMA)/Federal
Home
Loan
Mortgage
Corporation
(FHLMC)
Uniform
Mortgage-Backed
Security
(continued)
5.00%,
02/01/2055
$
2,092‌
$
2,050‌
5.50%,
07/01/2033
15‌
16‌
5.50%,
09/01/2033
35‌
35‌
5.50%,
05/01/2040
79‌
80‌
5.50%,
05/01/2053
2,497‌
2,506‌
5.50%,
07/01/2053
1,375‌
1,380‌
5.50%,
11/01/2053
1,850‌
1,859‌
5.50%,
11/01/2053
1,767‌
1,772‌
5.50%,
03/01/2054
930‌
927‌
5.50%,
05/01/2054
1,279‌
1,281‌
5.50%,
02/01/2055
2,217‌
2,219‌
5.50%,
09/01/2055
(p)
2,345‌
2,331‌
6.00%,
05/01/2038
26‌
26‌
6.00%,
08/01/2038
47‌
48‌
6.00%,
08/01/2038
120‌
123‌
6.00%,
01/01/2053
1,289‌
1,330‌
6.00%,
04/01/2054
1,296‌
1,329‌
6.00%,
05/01/2054
1,062‌
1,086‌
6.00%,
06/01/2054
865‌
885‌
6.00%,
09/01/2054
906‌
926‌
6.00%,
09/01/2054
1,282‌
1,311‌
6.00%,
11/01/2054
2,204‌
2,253‌
6.50%,
12/01/2031
1‌
1‌
6.50%,
04/01/2032
1‌
2‌
6.50%,
07/01/2037
102‌
107‌
6.50%,
12/01/2037
78‌
82‌
6.50%,
02/01/2038
129‌
137‌
6.50%,
09/01/2038
120‌
127‌
6.50%,
10/01/2053
482‌
501‌
6.50%,
05/01/2054
828‌
860‌
6.50%,
04/01/2055
659‌
688‌
6.50%,
09/01/2055
(p)
675‌
696‌
7.00%,
03/01/2032
10‌
10‌
7.50%,
08/01/2032
2‌
2‌
$
84,805‌
Government
National
Mortgage
Association
(GNMA)
-
7
.46
%
2.00%,
07/20/2051
877‌
708‌
2.00%,
11/20/2051
1,115‌
900‌
2.50%,
06/20/2050
626‌
528‌
2.50%,
04/20/2051
1,208‌
1,017‌
2.50%,
05/20/2051
821‌
691‌
3.00%,
01/20/2045
317‌
281‌
3.00%,
11/20/2046
1,055‌
935‌
3.50%,
03/15/2042
379‌
350‌
3.50%,
04/15/2042
385‌
357‌
3.50%,
09/20/2047
518‌
472‌
3.50%,
06/20/2048
657‌
599‌
4.00%,
04/20/2052
324‌
301‌
4.50%,
09/15/2039
126‌
123‌
4.50%,
03/15/2040
571‌
556‌
4.50%,
09/20/2052
1,551‌
1,481‌
4.50%,
06/20/2053
2,006‌
1,910‌
5.00%,
12/20/2052
1,102‌
1,082‌
5.00%,
02/20/2053
1,604‌
1,572‌
5.00%,
05/20/2053
1,315‌
1,287‌
5.00%,
09/20/2053
1,098‌
1,073‌
5.00%,
10/20/2053
2,239‌
2,195‌
5.00%,
04/20/2054
2,570‌
2,509‌
5.50%,
05/20/2035
18‌
19‌
5.50%,
02/15/2038
204‌
211‌
5.50%,
08/20/2055
(p)
11,805‌
11,773‌
6.00%,
07/20/2028
3‌
3‌
6.00%,
11/20/2028
4‌
4‌
6.00%,
01/20/2029
4‌
4‌
6.00%,
07/20/2029
1‌
1‌
6.00%,
08/15/2031
10‌
10‌
6.00%,
01/15/2032
1‌
1‌
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Government
National
Mortgage
Association
(GNMA)
(continued)
6.00%,
02/15/2032
$
2‌
$
2‌
6.00%,
02/15/2033
8‌
8‌
6.00%,
12/15/2033
8‌
8‌
6.00%,
08/20/2055
(p)
5,780‌
5,857‌
6.50%,
03/20/2028
1‌
1‌
6.50%,
05/20/2029
1‌
1‌
6.50%,
10/15/2032
2‌
3‌
6.50%,
12/15/2032
20‌
20‌
7.00%,
06/15/2031
2‌
2‌
7.00%,
06/15/2032
12‌
13‌
8.00%,
01/20/2031
1‌
1‌
$
38,869‌
U.S.
Treasury
-
3
.25
%
2.88%,
08/15/2045
7,200‌
5,320‌
3.75%,
06/30/2027
1,550‌
1,544‌
3.75%,
05/15/2028
4,000‌
3,986‌
3.88%,
08/15/2040
(q)
4,720‌
4,299‌
4.00%,
05/31/2030
675‌
677‌
4.00%,
04/30/2032
1,100‌
1,092‌
$
16,918‌
U.S.
Treasury
Bill
-
1
.65
%
4.14%,
08/28/2025
(r)
8,350‌
8,323‌
4.22%,
10/16/2025
(r)
300‌
297‌
$
8,620‌
TOTAL
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
$
155,776‌
Total
Investments
$
544,459‌
Other
Assets
and
Liabilities
-  (4.43)%
(
23,087‌
)
TOTAL
NET
ASSETS
-
100.00%
$
521,372‌
(a)
1-day
yield
shown
is
as
of
period
end.
(b)
Security
or
a
portion
of
the
security
was
received
as
collateral
for
securities
lending.
At
the
end
of
the
period,
the
value
of
these
securities
totaled
$3,773
or
0.72%
of
net
assets.
(c)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940,
as
amended,
(the
"1940
Act"))
or
an
affiliate
as
defined
by
the
1940
Act
(controls
5.00%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
Affiliated
Securities
sub-schedule
for
transactional
information.
(d)
Non-income
producing
security
(e)
The
value
of
these
investments
was
determined
using
significant
unobservable
inputs,
in
good
faith
by
the
Manager,
under
procedures
established
and
periodically
reviewed
by
the
Board
of
Directors.
(f)
Security
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933.
These
securities
may
be
resold
in
transactions
exempt
from
registration,
normally
to
qualified
institutional
buyers.
At
the
end
of
the
period,
the
value
of
these
securities
totaled
$130,950
or
25.12%
of
net
assets.
(g)
Security
or
a
portion
of
the
security
was
on
loan.  At
the
end
of
the
period,
the
value
of
these
securities
totaled
$3,623
or
0.69%
of
net
assets.
(h)
Rate
shown
is
as
of
period
end.
The
rate
may
be
a
variable
or
floating
rate
or
a
fixed
rate
which
may
convert
to
a
variable
or
floating
rate
in
the
future.
(i)
Perpetual
security.
Perpetual
securities
pay
an
indefinite
stream
of
interest,
but
they
may
be
called
by
the
issuer
at
an
earlier
date.
Date
shown,
if
any,
reflects
the
next
call
date
or
final
legal
maturity
date.
Rate
shown
is
as
of
period
end.
(j)
Security
purchased
on
a
when-issued
basis.
(k)
Certain
variable
rate
securities
are
not
based
on
a
published
reference
rate
and
spread
but
are
determined
by
the
issuer
or
agent
and
are
based
on
current
market
conditions.  These
securities
do
not
indicate
a
reference
rate
and
spread
in
their
description.
Rate
shown
is
the
rate
in
effect
as
of
period
end.
(l)
Security
is
an
Interest
Only
Strip.
(m)
Payment
in
kind;
the
issuer
has
the
option
of
paying
additional
securities
in
lieu
of
cash.
(n)
Rate
information
disclosed
is
based
on
an
average
weighted
rate
of
the
underlying
tranches
as
of
period
end.
(o)
This
Senior
Floating
Rate
Note
will
settle
after
July
31,
2025,
at
which
time
the
interest
rate
will
be
determined.
(p)
Security
was
purchased
in
a
"to-be-announced"
("TBA")
transaction.
Schedule
of
Investments
Core
Plus
Bond
Fund
July
31,
2025
(unaudited)
24
(q)
Security
or
a
portion
of
the
security
was
pledged
to
cover
margin
requirements
for
futures
contracts.
At
the
end
of
the
period,
the
value
of
these
securities
totaled
$4,031
or
0.77%
of
net
assets.
(r)
Rate
shown
is
the
discount
rate
of
the
original
purchase.
Affiliated
Securities
October
31,
2024
Purchases
Sales
July
31,
2025
Value
Cost
Proceeds
Value
Principal
Government
Money
Market
Fund
-
Class
R-6
4.22%
$
11,755‌
$
322,196‌
$
319,658‌
$
14,293‌
$
11,755‌
$
322,196‌
$
319,658‌
$
14,293‌
Income
(a)
Realized
Gain/(Loss)
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
(Loss)
Principal
Government
Money
Market
Fund
-
Class
R-6
4.22%
$
640‌
$
—‌
$
—‌
$
—‌
$
640‌
$
—‌
$
—‌
$
—‌
Amounts
in
thousands.
(a)
Amount
excludes
earnings
from
securities
lending
collateral.
Futures
Contracts
Description
and
Expiration
Date
Type
Contracts
Notional
Amount
Value
and
Unrealized
Appreciation/(Depreciation)
US
10
Year
Note;
September
2025
Long
216‌
$
23,989‌
$
10‌
US
10
Year
Ultra
Note;
September
2025
Short
42‌
4,749‌
4‌
US
2
Year
Note;
September
2025
Long
127‌
26,287‌
(
64‌
)
US
5
Year
Note;
September
2025
Long
88‌
9,519‌
(
2‌
)
US
Long
Bond;
September
2025
Long
206‌
23,523‌
155‌
US
Ultra
Bond;
September
2025
Long
97‌
11,379‌
113‌
Total
$
216‌
Amounts
in
thousands
except
contracts.
Schedule
of
Investments
Diversified
Income
Fund
July
31,
2025
(unaudited)
25
INVESTMENT
COMPANIES
-
7.02%
Shares
Held
Value
(000's)
Closed-End
Funds
-
0.26%
Variant
Alternative
Income
Fund
232,365‌
$
6,197‌
Exchange-Traded
Funds
-
0.72%
iShares
Broad
USD
High
Yield
Corporate
Bond
ETF
183,962‌
6,878‌
iShares
Core
U.S.
Aggregate
Bond
ETF
17,393‌
1,715‌
iShares
J.P.
Morgan
USD
Emerging
Markets
Bond
ETF
18,645‌
1,732‌
Vanguard
Intermediate-Term
Corporate
Bond
ETF
83,605‌
6,913‌
$
17,238‌
Money
Market
Funds
-
6.04%
BlackRock
Liquidity
FedFund
-
Institutional
Class
4.21%
(a),(b)
7,038,513‌
7,038‌
Principal
Government
Money
Market
Fund
-
Class
R-6
4.22%
(a),(b),(c)
137,900,605‌
137,901‌
$
144,939‌
TOTAL
INVESTMENT
COMPANIES
$
168,374‌
COMMON
STOCKS
-
1.79%
Shares
Held
Value
(000's)
Entertainment
-
0.06%
Crown
Finance
US
Inc
-
4A2
Shares
(d)
65,846‌
$
1,467‌
Healthcare
-
Services
-
0.04%
Sound
Inpatient
Physicians
Inc
-
Class
A
(d),(e)
4,565,306‌
789‌
Sound
Inpatient
Physicians
Inc
-
Class
A2
(d),(e)
204,373‌
204‌
$
993‌
Iron
&
Steel
-
0.49%
Specialty
Steel
Holdings,
Inc.
(d),(e),(f)
87‌
11,890‌
Mining
-
1.19%
Arctic
Canadian
Diamond
Co
Ltd
(d),(e),(g)
6,589‌
496‌
Real
Alloy
Holding
Inc
(e),(f)
362‌
28,011‌
$
28,507‌
Retail
-
0.00%
JOANN
Inc
(d),(e)
3,755‌
—‌
Semiconductors
-
0.00%
Bright
Bidco
-
1145
Shares
(d)
10,688‌
3‌
Bright
Bidco
-
4A2
Shares
(d)
14,600‌
3‌
$
6‌
Software
-
0.01%
Avaya
Holdings
Corp
(d)
7,245‌
48‌
Avaya
Holdings
Corp
(d)
14,104‌
95‌
Riverbed
Technology
Inc
(d),(e)
13,888‌
—‌
$
143‌
Telecommunications
-
0.00%
MLN
US
Holdco
LLC
(d)
1,028‌
—‌
TOTAL
COMMON
STOCKS
$
43,006‌
PREFERRED
STOCKS
-
1.18%
Shares
Held
Value
(000's)
Banks
-
0.28%
Citizens
Financial
Group
Inc
0.00%,
10/06/2030
(d),(h)
31,500‌
$
790‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.63%
KeyCorp
6.13%,
12/15/2026
(h)
45,339‌
1,132‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
4.15%
KeyCorp
6.20%,
12/15/2027
(h)
8,800‌
219‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.13%
Morgan
Stanley
4.25%,
01/15/2027
(h),(i)
11,085‌
193‌
Morgan
Stanley
5.85%,
04/15/2027
(h)
59,100‌
1,408‌
3
Month
USD
LIBOR
+
3.49%
Morgan
Stanley
6.50%,
10/15/2027
(h)
8,715‌
223‌
Northern
Trust
Corp
4.70%,
10/01/2025
(h)
4,858‌
98‌
Regions
Financial
Corp
4.45%,
06/15/2026
(h)
15,000‌
271‌
Regions
Financial
Corp
5.70%,
05/15/2029
(h)
39,877‌
992‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
3.41%
Regions
Financial
Corp
6.95%,
09/15/2029
(h)
5,900‌
151‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.77%
PREFERRED
STOCKS
(continued)
Shares
Held
Value
(000’s)
Banks
(continued)
UMB
Financial
Corp
7.75%,
07/15/2030
(h)
23,100‌
$
605‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.74%
Wells
Fargo
&
Co
4.70%,
12/15/2025
(h)
7,070‌
135‌
Wintrust
Financial
Corp
7.88%,
07/15/2030
(h)
16,800‌
440‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.88%
$
6,657‌
Diversified
Financial
Services
-
0.12%
Affiliated
Managers
Group
Inc
4.75%,
09/30/2060
(i)
8,045‌
140‌
Affiliated
Managers
Group
Inc
5.88%,
03/30/2059
7,463‌
159‌
Capital
One
Financial
Corp
4.80%,
12/01/2025
(h)
29,254‌
548‌
Stifel
Financial
Corp
4.50%,
08/15/2026
(h)
2,239‌
41‌
Voya
Financial
Inc
5.35%,
09/15/2029
(h)
77,215‌
1,903‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.21%
$
2,791‌
Electric
-
0.32%
CMS
Energy
Corp
5.88%,
03/01/2079
159,839‌
3,719‌
DTE
Energy
Co
4.38%,
12/01/2081
6,005‌
106‌
DTE
Energy
Co
5.25%,
12/01/2077
35,000‌
791‌
Entergy
Louisiana
LLC
4.88%,
09/01/2066
9,359‌
199‌
NextEra
Energy
Capital
Holdings
Inc
5.65%,
03/01/2079
102,304‌
2,303‌
Southern
Co/The
5.25%,
12/01/2077
30,863‌
695‌
$
7,813‌
Food
-
0.04%
Dairy
Farmers
of
America
Inc
7.88%,
12/01/2025
(h),(j)
10,000‌
960‌
Insurance
-
0.07%
Allstate
Corp/The
4.75%,
10/15/2025
(h)
4,065‌
80‌
Allstate
Corp/The
5.10%,
10/15/2025
(h)
8,460‌
183‌
Corebridge
Financial
Inc
6.38%,
12/15/2064
24,629‌
598‌
Equitable
Holdings
Inc
4.30%,
03/15/2026
(h)
5,055‌
85‌
Equitable
Holdings
Inc
5.25%,
09/15/2025
(h)
21,903‌
453‌
Prudential
Financial
Inc
5.63%,
08/15/2058
5,000‌
123‌
Prudential
Financial
Inc
5.95%,
09/01/2062
7,597‌
195‌
$
1,717‌
REITs
-
0.35%
Kimco
Realty
Corp
5.25%,
09/03/2025
(h)
12,467‌
260‌
Prologis
Inc
8.54%,
11/13/2026
(h)
63,660‌
3,485‌
Public
Storage
3.95%,
08/17/2026
(h)
6,422‌
102‌
Public
Storage
4.00%,
06/16/2026
(h)
83,560‌
1,367‌
Public
Storage
4.13%,
09/03/2025
(h)
80,000‌
1,326‌
Public
Storage
4.63%,
09/02/2025
(h)
14,712‌
278‌
Public
Storage
4.70%,
09/03/2025
(h)
25,200‌
482‌
Public
Storage
5.60%,
09/03/2025
(h)
46,261‌
1,084‌
$
8,384‌
TOTAL
PREFERRED
STOCKS
$
28,322‌
BONDS
-
70.53%
Principal
Amount
(000's)
Value
(000's)
Advertising
-
0.25%
MMS
USA
Holdings
Inc
1.25%,
06/13/2028
EUR
100‌
$
110‌
Omnicom
Group
Inc
4.20%,
06/01/2030
$
100‌
98‌
Outfront
Media
Capital
LLC
/
Outfront
Media
Capital
Corp
4.25%,
01/15/2029
(j)
350‌
333‌
4.63%,
03/15/2030
(i),(j)
1,850‌
1,756‌
5.00%,
08/15/2027
(j)
3,625‌
3,589‌
WPP
Finance
SA
4.13%,
05/30/2028
EUR
100‌
118‌
$
6,004‌
Aerospace
&
Defense
-
1.18%
Airbus
SE
1.63%,
06/09/2030
100‌
109‌
Schedule
of
Investments
Diversified
Income
Fund
July
31,
2025
(unaudited)
26
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Aerospace
&
Defense
(continued)
BAE
Systems
PLC
3.40%,
04/15/2030
(j)
$
200‌
$
191‌
Boeing
Co/The
2.95%,
02/01/2030
100‌
93‌
3.10%,
05/01/2026
200‌
198‌
3.38%,
06/15/2046
529‌
360‌
3.60%,
05/01/2034
339‌
299‌
3.75%,
02/01/2050
1,006‌
711‌
5.15%,
05/01/2030
630‌
640‌
5.71%,
05/01/2040
100‌
99‌
5.81%,
05/01/2050
488‌
471‌
5.93%,
05/01/2060
645‌
617‌
6.26%,
05/01/2027
485‌
497‌
7.01%,
05/01/2064
50‌
55‌
Czechoslovak
Group
AS
6.50%,
01/10/2031
(j)
3,525‌
3,569‌
Embraer
Netherlands
Finance
BV
5.98%,
02/11/2035
50‌
51‌
GE
Capital
Funding
LLC
4.55%,
05/15/2032
200‌
199‌
General
Dynamics
Corp
4.25%,
04/01/2050
25‌
21‌
General
Electric
Co
4.90%,
01/29/2036
296‌
295‌
L3Harris
Technologies
Inc
5.05%,
04/27/2045
100‌
93‌
5.25%,
06/01/2031
592‌
609‌
5.40%,
01/15/2027
100‌
101‌
5.40%,
07/31/2033
575‌
590‌
Lockheed
Martin
Corp
4.70%,
12/15/2031
705‌
710‌
4.75%,
02/15/2034
100‌
99‌
5.90%,
11/15/2063
(i)
100‌
102‌
Northrop
Grumman
Corp
5.15%,
05/01/2040
50‌
49‌
5.25%,
05/01/2050
100‌
94‌
RTX
Corp
3.75%,
11/01/2046
150‌
114‌
4.15%,
05/15/2045
50‌
41‌
4.45%,
11/16/2038
100‌
92‌
5.38%,
02/27/2053
784‌
745‌
5.75%,
01/15/2029
200‌
209‌
TransDigm
Inc
4.63%,
01/15/2029
25‌
24‌
4.88%,
05/01/2029
6,160‌
6,045‌
6.38%,
05/31/2033
(j)
4,750‌
4,780‌
6.63%,
03/01/2032
(j)
1,240‌
1,275‌
6.88%,
12/15/2030
(j)
1,760‌
1,824‌
7.13%,
12/01/2031
(j)
2,175‌
2,265‌
$
28,336‌
Agriculture
-
0.13%
Altria
Group
Inc
3.40%,
05/06/2030
150‌
142‌
3.70%,
02/04/2051
100‌
69‌
5.95%,
02/14/2049
100‌
99‌
Archer-Daniels-Midland
Co
2.50%,
08/11/2026
100‌
98‌
4.50%,
08/15/2033
100‌
98‌
BAT
Capital
Corp
6.34%,
08/02/2030
150‌
161‌
7.08%,
08/02/2043
100‌
110‌
7.08%,
08/02/2053
50‌
56‌
BAT
International
Finance
PLC
5.93%,
02/02/2029
100‌
104‌
British
American
Tobacco
PLC
3.75%,
06/27/2029
(h),(k)
EUR
100‌
113‌
EUR
Swap
Annual
(VS
6
Month)
5
Year
+
3.95%
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Agriculture
(continued)
Bunge
Ltd
Finance
Corp
3.75%,
09/25/2027
$
100‌
$
99‌
Cargill
Inc
4.76%,
11/23/2045
(j)
100‌
89‌
Darling
Ingredients
Inc
6.00%,
06/15/2030
(j)
1,000‌
1,006‌
Imperial
Brands
Finance
Netherlands
BV
1.75%,
03/18/2033
EUR
100‌
99‌
JBS
USA
LUX
Sarl
/
JBS
USA
Food
Co
/
JBS
USA
Foods
Group
5.95%,
04/20/2035
(j)
$
150‌
155‌
Philip
Morris
International
Inc
2.75%,
06/06/2029
EUR
100‌
113‌
2.88%,
05/14/2029
100‌
114‌
5.25%,
09/07/2028
$
75‌
77‌
5.63%,
09/07/2033
200‌
208‌
$
3,010‌
Airlines
-
0.22%
American
Airlines
2017-2
Class
AA
Pass
Through
Trust
3.35%,
04/15/2031
62‌
59‌
American
Airlines
Inc/AAdvantage
Loyalty
IP
Ltd
5.75%,
04/20/2029
(j)
750‌
750‌
British
Airways
2019-1
Class
AA
Pass
Through
Trust
3.30%,
06/15/2034
(j)
75‌
70‌
British
Airways
2021-1
Class
A
Pass
Through
Trust
2.90%,
09/15/2036
(j)
785‌
709‌
Delta
Air
Lines
Inc
4.95%,
07/10/2028
50‌
50‌
Qantas
Airways
Ltd
2.95%,
11/27/2029
AUD
100‌
59‌
Southwest
Airlines
Co
5.13%,
06/15/2027
$
100‌
101‌
United
Airlines
2023-1
Class
A
Pass
Through
Trust
5.80%,
07/15/2037
93‌
95‌
VistaJet
Malta
Finance
PLC
/
Vista
Management
Holding
Inc
6.38%,
02/01/2030
(i),(j)
1,400‌
1,323‌
9.50%,
06/01/2028
(i),(j)
1,925‌
1,973‌
$
5,189‌
Apparel
-
0.15%
Beach
Acquisition
Bidco
LLC
10.00%,
PIK
10.75%;
07/15/2033
(j),(l),(m)
3,150‌
3,284‌
Kering
SA
3.63%,
09/05/2027
EUR
100‌
117‌
3.63%,
09/05/2031
100‌
115‌
LVMH
Moet
Hennessy
Louis
Vuitton
SE
0.13%,
02/11/2028
100‌
108‌
NIKE
Inc
3.25%,
03/27/2040
$
100‌
79‌
$
3,703‌
Automobile
Asset
Backed
Securities
-
0.92%
Ally
Auto
Receivables
Trust
2024-2
4.46%,
07/15/2027
562‌
562‌
AmeriCredit
Automobile
Receivables
Trust
2022-2
4.38%,
04/18/2028
118‌
118‌
AmeriCredit
Automobile
Receivables
Trust
2023-2
6.19%,
04/19/2027
324‌
324‌
AmeriCredit
Automobile
Receivables
Trust
2024-1
4.95%,
02/18/2028
815‌
816‌
1.00
x
30
Day
Average
Secured
Overnight
Financing
Rate
+
0.60%
5.75%,
02/18/2028
255‌
256‌
BMW
Vehicle
Owner
Trust
2024-A
5.42%,
02/25/2027
667‌
668‌
Schedule
of
Investments
Diversified
Income
Fund
July
31,
2025
(unaudited)
27
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Automobile
Asset
Backed
Securities
(continued)
BofA
Auto
Trust
2025-1
4.90%,
11/22/2027
(j)
$
625‌
$
626‌
1.00
x
30
Day
Average
Secured
Overnight
Financing
Rate
+
0.55%
Carmax
Auto
Owner
Trust
2024-3
5.21%,
09/15/2027
831‌
833‌
Chase
Auto
Owner
Trust
2024-1
5.48%,
04/26/2027
(j)
173‌
173‌
Chase
Auto
Owner
Trust
2024-4
4.94%,
07/25/2029
(j)
653‌
657‌
5.25%,
09/27/2027
(j)
656‌
657‌
Drive
Auto
Receivables
Trust
4.87%,
08/15/2028
1,380‌
1,381‌
GM
Financial
Automobile
Leasing
Trust
2024-1
5.18%,
06/22/2026
31‌
31‌
GM
Financial
Automobile
Leasing
Trust
2024-3
4.82%,
01/20/2027
1,401‌
1,402‌
1.00
x
30
Day
Average
Secured
Overnight
Financing
Rate
+
0.47%
GM
Financial
Consumer
Automobile
Receivables
Trust
2021-3
0.73%,
08/16/2027
2,058‌
2,049‌
GM
Financial
Consumer
Automobile
Receivables
Trust
2024-1
4.85%,
12/18/2028
1,800‌
1,807‌
Hyundai
Auto
Receivables
Trust
2024-A
4.99%,
02/15/2029
1,000‌
1,007‌
Santander
Drive
Auto
Receivables
Trust
2024-1
5.25%,
04/17/2028
904‌
905‌
Santander
Drive
Auto
Receivables
Trust
2024-3
5.91%,
06/15/2027
11‌
11‌
Santander
Drive
Auto
Receivables
Trust
2024-4
5.41%,
07/15/2027
505‌
505‌
Santander
Drive
Auto
Receivables
Trust
2025-1
4.76%,
08/16/2027
781‌
781‌
Santander
Drive
Auto
Receivables
Trust
2025-2
4.71%,
06/15/2028
1,584‌
1,584‌
Santander
Drive
Auto
Receivables
Trust
2025-3
4.63%,
10/16/2028
2,145‌
2,146‌
SBNA
Auto
Lease
Trust
2024-B
5.67%,
11/20/2026
(j)
341‌
341‌
Tesla
Electric
Vehicle
Trust
2023-1
5.54%,
12/21/2026
(j)
304‌
304‌
Toyota
Auto
Receivables
2022-B
Owner
Trust
2.93%,
09/15/2026
108‌
108‌
Wheels
Fleet
Lease
Funding
1
LLC
4.99%,
01/18/2040
(j)
2,110‌
2,111‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
0.67%
$
22,163‌
Automobile
Manufacturers
-
0.67%
American
Honda
Finance
Corp
3.50%,
06/27/2031
EUR
100‌
115‌
4.70%,
01/12/2028
$
200‌
201‌
BMW
Finance
NV
3.63%,
05/22/2035
EUR
50‌
57‌
BMW
International
Investment
BV
3.00%,
08/27/2027
200‌
231‌
BMW
US
Capital
LLC
2.80%,
04/11/2026
(j)
$
200‌
198‌
3.75%,
04/12/2028
(j)
200‌
197‌
Cummins
Inc
5.15%,
02/20/2034
50‌
51‌
Daimler
Truck
Finance
North
America
LLC
2.50%,
12/14/2031
(j)
410‌
356‌
4.95%,
01/13/2028
(j)
370‌
373‌
5.13%,
09/25/2027
(j)
238‌
240‌
5.13%,
01/19/2028
(j)
306‌
310‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Automobile
Manufacturers
(continued)
Ford
Motor
Co
4.75%,
01/15/2043
$
298‌
$
231‌
5.29%,
12/08/2046
100‌
82‌
Ford
Motor
Credit
Co
LLC
2.90%,
02/10/2029
200‌
182‌
4.00%,
11/13/2030
1,250‌
1,147‌
4.27%,
01/09/2027
300‌
296‌
4.45%,
02/14/2030
EUR
100‌
116‌
6.05%,
11/05/2031
$
640‌
640‌
General
Motors
Co
5.35%,
04/15/2028
680‌
691‌
6.25%,
10/02/2043
100‌
99‌
6.60%,
04/01/2036
50‌
53‌
General
Motors
Financial
Co
Inc
2.70%,
06/10/2031
633‌
555‌
4.30%,
02/15/2029
EUR
100‌
119‌
5.60%,
06/18/2031
$
1,980‌
2,020‌
5.75%,
02/08/2031
290‌
298‌
5.80%,
06/23/2028
200‌
206‌
6.10%,
01/07/2034
25‌
26‌
6.40%,
01/09/2033
100‌
105‌
General
Motors
Financial
of
Canada
Ltd
5.20%,
02/09/2028
CAD
100‌
75‌
Honda
Canada
Finance
Inc
4.87%,
09/23/2027
100‌
75‌
Hyundai
Capital
America
1.65%,
09/17/2026
(j)
$
200‌
193‌
4.85%,
03/25/2027
(j)
549‌
551‌
4.88%,
11/01/2027
(j)
1,087‌
1,090‌
5.10%,
06/24/2030
(j)
50‌
50‌
5.40%,
06/23/2032
(j)
666‌
676‌
5.68%,
06/26/2028
(j)
250‌
256‌
Mercedes-Benz
Finance
North
America
LLC
5.05%,
08/03/2033
(j)
150‌
150‌
Mercedes-Benz
Group
AG
1.38%,
05/11/2028
EUR
200‌
223‌
Mercedes-Benz
International
Finance
BV
3.70%,
05/30/2031
100‌
119‌
RCI
Banque
SA
1.13%,
01/15/2027
100‌
112‌
3.88%,
01/12/2029
100‌
117‌
Stellantis
Finance
US
Inc
5.75%,
03/18/2030
(j)
$
685‌
686‌
6.45%,
03/18/2035
(j)
795‌
796‌
Stellantis
NV
1.25%,
06/20/2033
EUR
150‌
137‌
Toyota
Motor
Corp
5.28%,
07/13/2026
$
100‌
101‌
Toyota
Motor
Credit
Corp
1.90%,
04/06/2028
200‌
188‌
3.38%,
04/01/2030
100‌
96‌
3.85%,
07/24/2030
EUR
100‌
119‌
5.25%,
09/11/2028
$
200‌
206‌
Traton
Finance
Luxembourg
SA
1.25%,
03/24/2033
EUR
100‌
95‌
4.25%,
05/16/2028
100‌
119‌
Volkswagen
Financial
Services
AG
0.88%,
01/31/2028
200‌
218‌
Volkswagen
Group
of
America
Finance
LLC
4.60%,
06/08/2029
(j)
$
200‌
197‌
Volkswagen
International
Finance
NV
1.25%,
09/23/2032
EUR
100‌
97‌
3.75%,
12/28/2027
(h),(k)
100‌
114‌
EUR
Swap
Annual
(VS
6
Month)
5
Year
+
2.92%
4.13%,
11/16/2038
100‌
114‌
$
16,165‌
Schedule
of
Investments
Diversified
Income
Fund
July
31,
2025
(unaudited)
28
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Automobile
Parts
&
Equipment
-
0.47%
Aptiv
Swiss
Holdings
Ltd
5.15%,
09/13/2034
$
200‌
$
194‌
Clarios
Global
LP
/
Clarios
US
Finance
Co
6.75%,
02/15/2030
(j)
1,525‌
1,572‌
Dornoch
Debt
Merger
Sub
Inc
6.63%,
10/15/2029
(j)
3,976‌
3,138‌
IHO
Verwaltungs
GmbH
8.00%,
PIK
8.75%;
11/15/2032
(j),(l),(m)
3,975‌
4,087‌
Real
Hero
Merger
Sub
2
Inc
6.25%,
02/01/2029
(j)
3,135‌
2,154‌
Robert
Bosch
GmbH
4.00%,
06/02/2035
EUR
100‌
118‌
$
11,263‌
Banks
-
12.30%
ABN
AMRO
Bank
NV
2.47%,
12/13/2029
(j),(k)
$
200‌
187‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.10%
3.88%,
12/21/2026
EUR
100‌
117‌
4.50%,
11/21/2034
100‌
124‌
AIB
Group
PLC
4.63%,
07/23/2029
(k)
100‌
120‌
EUR
Swap
Annual
(VS
6
Month)
1
Year
+
1.95%
ANZ
New
Zealand
Int'l
Ltd/London
5.36%,
08/14/2028
(j)
$
200‌
206‌
Australia
&
New
Zealand
Banking
Group
Ltd
2.57%,
11/25/2035
(j),(k)
200‌
175‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
1.70%
Australia
&
New
Zealand
Banking
Group
Ltd/
United
Kingdom
6.75%,
06/15/2026
(h),(j),(k),(n)
2,600‌
2,637‌
USD
Swap
Rate
NY
5
Year
+
5.17%
Banco
Bilbao
Vizcaya
Argentaria
SA
3.88%,
01/15/2034
EUR
100‌
119‌
4.38%,
08/29/2036
(k)
100‌
118‌
Euribor
Swap
Rate
5
Year
+
2.00%
4.63%,
01/13/2031
(k)
100‌
122‌
3
Month
Euro
Interbank
Offered
Rate
+
1.70%
9.38%,
03/19/2029
(h),(k),(n)
$
1,500‌
1,664‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.10%
Banco
Davivienda
SA
8.13%,
07/02/2035
(j),(k),(n)
925‌
941‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.59%
Banco
de
Sabadell
SA
4.25%,
09/13/2030
(k)
EUR
100‌
120‌
Euribor
Swap
Rate
1
Year
+
1.60%
Banco
Santander
Chile
3.18%,
10/26/2031
(i)
$
150‌
137‌
Banco
Santander
SA
0.20%,
02/11/2028
EUR
100‌
108‌
3.22%,
11/22/2032
(k)
$
200‌
179‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.60%
3.50%,
02/17/2035
EUR
100‌
113‌
3.75%,
01/09/2034
100‌
118‌
4.75%,
08/30/2028
(k)
GBP
100‌
133‌
Generic
Britain
1
Year
Government
Bond
+
2.50%
5.57%,
01/17/2030
$
200‌
207‌
6.35%,
03/14/2034
1,800‌
1,890‌
9.63%,
11/21/2028
(h),(k),(n)
2,400‌
2,679‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.31%
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
Bank
of
America
Corp
1.10%,
05/24/2032
(k)
EUR
100‌
$
101‌
3
Month
Euro
Interbank
Offered
Rate
+
0.95%
1.38%,
05/09/2030
(k)
100‌
108‌
3
Month
Euro
Interbank
Offered
Rate
+
0.91%
2.59%,
04/29/2031
(k)
$
200‌
183‌
Secured
Overnight
Financing
Rate
+
2.15%
2.68%,
06/19/2041
(k)
25‌
18‌
Secured
Overnight
Financing
Rate
+
1.93%
3.31%,
04/22/2042
832‌
635‌
Secured
Overnight
Financing
Rate
+
3.16%
3.42%,
12/20/2028
(k)
1,853‌
1,809‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.30%
3.62%,
03/16/2028
(k)
CAD
200‌
145‌
Canadian
Dollar
Offered
Rate
3
Month
+
1.48%
3.85%,
03/08/2037
(k)
$
3,078‌
2,821‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.00%
3.95%,
01/23/2049
(k)
100‌
78‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.45%
4.08%,
04/23/2040
(k)
1,094‌
948‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.58%
4.08%,
03/20/2051
(k)
100‌
79‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
3.41%
4.24%,
04/24/2038
(k)
100‌
91‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
2.08%
4.25%,
10/22/2026
200‌
199‌
4.38%,
01/27/2027
(h),(i),(k)
4,000‌
3,904‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.76%
4.57%,
04/27/2033
(k)
453‌
446‌
Secured
Overnight
Financing
Rate
+
1.83%
4.75%,
04/21/2045
100‌
89‌
4.98%,
01/24/2029
(k)
100‌
101‌
Secured
Overnight
Financing
Rate
+
0.83%
5.02%,
07/22/2033
(k)
200‌
202‌
Secured
Overnight
Financing
Rate
+
2.16%
5.16%,
01/24/2031
1,507‌
1,541‌
Secured
Overnight
Financing
Rate
+
2.00%
5.20%,
04/25/2029
(k)
100‌
102‌
Secured
Overnight
Financing
Rate
+
1.63%
5.43%,
08/15/2035
(k)
595‌
596‌
Secured
Overnight
Financing
Rate
+
1.91%
5.47%,
01/23/2035
(k)
100‌
103‌
Secured
Overnight
Financing
Rate
+
1.65%
5.51%,
01/24/2036
(k)
100‌
102‌
Secured
Overnight
Financing
Rate
+
1.31%
5.52%,
10/25/2035
(k)
2,065‌
2,067‌
Secured
Overnight
Financing
Rate
+
1.74%
5.74%,
02/12/2036
434‌
442‌
Secured
Overnight
Financing
Rate
+
3.39%
5.82%,
09/15/2029
(k)
100‌
104‌
Secured
Overnight
Financing
Rate
+
1.57%
5.87%,
09/15/2034
(k)
100‌
105‌
Secured
Overnight
Financing
Rate
+
1.84%
5.93%,
09/15/2027
(k)
200‌
203‌
Secured
Overnight
Financing
Rate
+
1.34%
6.11%,
01/29/2037
769‌
808‌
Schedule
of
Investments
Diversified
Income
Fund
July
31,
2025
(unaudited)
29
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
Bank
of
America
Corp
(continued)
6.13%,
04/27/2027
(h),(k)
$
2,900‌
$
2,925‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.23%
6.63%,
05/01/2030
(h),(k)
2,300‌
2,355‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.68%
Bank
of
Georgia
JSC
9.50%,
07/16/2029
(h),(j),(k),(n)
2,225‌
2,220‌
USD
Secured
Overnight
Financing
Rate
ICE
Swap
Rate
5
Year
+
5.62%
Bank
of
Ireland
Group
PLC
4.63%,
11/13/2029
(k)
EUR
100‌
121‌
Euribor
Swap
Rate
1
Year
+
1.55%
Bank
of
Montreal
3.65%,
04/01/2027
CAD
100‌
73‌
3.73%,
06/03/2031
(k)
75‌
54‌
Canadian
Overnight
Repo
Rate
Average
Compounded
Index
+
1.15%
4.70%,
09/14/2027
$
100‌
101‌
5.04%,
05/29/2028
CAD
200‌
150‌
6.88%,
11/26/2085
(k)
$
800‌
802‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.98%
7.70%,
05/26/2084
(k)
800‌
837‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.45%
Bank
of
New
York
Mellon
Corp/The
3.70%,
03/20/2026
(h),(k)
5,588‌
5,516‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.35%
4.60%,
07/26/2030
(k)
200‌
201‌
Secured
Overnight
Financing
Rate
+
1.76%
4.70%,
09/20/2025
(h),(k)
1,800‌
1,799‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.36%
4.94%,
02/11/2031
(k)
1,087‌
1,107‌
Secured
Overnight
Financing
Rate
+
0.89%
4.97%,
04/26/2034
(k)
100‌
100‌
Secured
Overnight
Financing
Rate
+
1.61%
Bank
of
Nova
Scotia/The
1.05%,
03/02/2026
100‌
98‌
1.85%,
11/02/2026
CAD
100‌
71‌
1.95%,
02/02/2027
$
100‌
97‌
3.63%,
10/27/2081
(k)
2,100‌
1,956‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.61%
4.44%,
11/15/2035
(k)
CAD
50‌
36‌
Canadian
Overnight
Repo
Rate
Average
+
1.33%
4.59%,
05/04/2037
$
1,578‌
1,498‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.10%
5.65%,
02/01/2034
575‌
603‌
7.35%,
04/27/2085
(k)
400‌
408‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.90%
8.00%,
01/27/2084
(k)
3,000‌
3,198‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.02%
8.63%,
10/27/2082
(k)
2,000‌
2,124‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.39%
BankUnited
Inc
5.13%,
06/11/2030
1,780‌
1,763‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
Banque
Federative
du
Credit
Mutuel
SA
0.10%,
10/08/2027
EUR
100‌
$
109‌
1.88%,
11/04/2026
200‌
227‌
3.75%,
02/03/2034
100‌
116‌
4.13%,
06/14/2033
100‌
120‌
4.38%,
05/02/2030
100‌
120‌
Barclays
PLC
3.33%,
11/24/2042
(k)
$
200‌
149‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.30%
3.56%,
09/23/2035
(k)
1,581‌
1,457‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.90%
4.94%,
09/10/2030
(k)
1,330‌
1,339‌
Secured
Overnight
Financing
Rate
+
1.56%
5.26%,
01/29/2034
(k)
EUR
100‌
126‌
EUR
Swap
Annual
(VS
6
Month)
1
Year
+
2.55%
6.50%,
09/13/2027
(k)
$
200‌
204‌
Secured
Overnight
Financing
Rate
+
1.88%
6.69%,
09/13/2034
(k)
200‌
218‌
Secured
Overnight
Financing
Rate
+
2.62%
7.63%,
03/15/2035
(h),(k),(n)
400‌
407‌
USD
Secured
Overnight
Financing
Rate
ICE
Swap
Rate
5
Year
+
3.69%
8.41%,
11/14/2032
(k)
GBP
100‌
141‌
Generic
Britain
5
Year
Government
Bond
+
4.75%
9.63%,
12/15/2029
(h),(k),(n)
$
2,000‌
2,259‌
USD
Secured
Overnight
Financing
Rate
ICE
Swap
Rate
5
Year
+
5.78%
BBVA
Mexico
SA
Institucion
De
Banca
Multiple
Grupo
Financiero
BBVA
Mexico/TX
7.63%,
02/11/2035
(j),(k),(n)
1,850‌
1,901‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.38%
BNP
Paribas
SA
0.13%,
09/04/2026
EUR
200‌
224‌
1.38%,
05/28/2029
100‌
108‌
2.50%,
03/31/2032
(k)
100‌
113‌
Euribor
Swap
Rate
5
Year
+
1.60%
2.88%,
02/24/2029
GBP
100‌
124‌
3.05%,
01/13/2031
(j),(k)
$
200‌
186‌
Secured
Overnight
Financing
Rate
+
1.51%
4.13%,
05/24/2033
EUR
100‌
121‌
4.16%,
08/28/2034
(k)
100‌
117‌
Euribor
Swap
Rate
5
Year
+
1.70%
4.63%,
02/25/2031
(h),(k),(n)
$
700‌
627‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.34%
5.09%,
05/09/2031
(j),(k)
1,162‌
1,173‌
Secured
Overnight
Financing
Rate
+
1.68%
5.20%,
01/10/2030
(j),(k)
200‌
203‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
2.83%
5.28%,
11/19/2030
(j),(k)
2,252‌
2,294‌
Secured
Overnight
Financing
Rate
+
1.28%
5.75%,
06/13/2032
GBP
100‌
137‌
7.38%,
08/19/2025
(h),(j),(k),(n)
$
5,000‌
4,999‌
USD
Swap
Rate
NY
5
Year
+
5.15%
BOI
Finance
BV
7.50%,
02/16/2027
EUR
3,100‌
3,610‌
BOS
Funding
Ltd
5.25%,
09/12/2029
$
200‌
200‌
BPCE
SA
3.50%,
10/23/2027
(j)
250‌
244‌
3.58%,
10/19/2042
(j),(k)
950‌
685‌
Secured
Overnight
Financing
Rate
+
1.95%
Schedule
of
Investments
Diversified
Income
Fund
July
31,
2025
(unaudited)
30
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
BPCE
SA
(continued)
4.25%,
01/11/2035
(k)
EUR
100‌
$
119‌
3
Month
Euro
Interbank
Offered
Rate
+
1.85%
4.25%,
07/16/2035
(k)
100‌
117‌
Euribor
Swap
Rate
5
Year
+
1.95%
4.63%,
03/02/2030
(k)
100‌
121‌
3
Month
Euro
Interbank
Offered
Rate
+
1.60%
4.88%,
02/26/2036
(k)
100‌
120‌
Euribor
Swap
Rate
5
Year
+
2.30%
5.88%,
01/14/2031
(j),(k)
$
250‌
259‌
Secured
Overnight
Financing
Rate
+
1.68%
6.92%,
01/14/2046
(j),(k)
355‌
371‌
Secured
Overnight
Financing
Rate
+
2.61%
CaixaBank
SA
0.63%,
01/21/2028
(k)
EUR
200‌
223‌
3
Month
Euro
Interbank
Offered
Rate
+
0.62%
4.38%,
08/08/2036
(k)
100‌
118‌
Euribor
Swap
Rate
5
Year
+
1.95%
Canadian
Imperial
Bank
of
Commerce
3.45%,
04/07/2027
$
200‌
197‌
3.90%,
06/20/2031
(k)
CAD
100‌
72‌
Canadian
Overnight
Repo
Rate
Average
Compounded
Index
+
1.15%
5.35%,
04/20/2033
(k)
100‌
75‌
Canadian
Overnight
Repo
Rate
Average
Compounded
Index
+
2.23%
5.50%,
01/14/2028
100‌
76‌
7.00%,
10/28/2085
(i),(k)
$
1,200‌
1,211‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.00%
Ceska
sporitelna
AS
4.57%,
07/03/2031
(k)
EUR
100‌
119‌
3
Month
Euro
Interbank
Offered
Rate
+
1.80%
Citibank
NA
4.91%,
05/29/2030
$
933‌
948‌
5.57%,
04/30/2034
847‌
881‌
Citigroup
Inc
0.50%,
11/01/2028
CHF
200‌
245‌
2.52%,
11/03/2032
(k)
$
200‌
175‌
Secured
Overnight
Financing
Rate
+
1.18%
2.57%,
06/03/2031
(k)
100‌
91‌
Secured
Overnight
Financing
Rate
+
2.11%
2.67%,
01/29/2031
(k)
300‌
275‌
Secured
Overnight
Financing
Rate
+
1.15%
2.90%,
11/03/2042
(k)
311‌
220‌
Secured
Overnight
Financing
Rate
+
1.38%
3.71%,
09/22/2028
(k)
EUR
200‌
234‌
3
Month
Euro
Interbank
Offered
Rate
+
1.25%
3.79%,
03/17/2033
(k)
$
1,711‌
1,598‌
Secured
Overnight
Financing
Rate
+
1.94%
3.88%,
02/18/2026
(h),(k)
3,000‌
2,965‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.42%
4.45%,
09/29/2027
1,069‌
1,066‌
4.54%,
09/19/2030
(k)
1,816‌
1,809‌
Secured
Overnight
Financing
Rate
+
1.34%
4.66%,
05/24/2028
(k)
100‌
100‌
Secured
Overnight
Financing
Rate
+
1.89%
5.17%,
02/13/2030
(k)
200‌
204‌
Secured
Overnight
Financing
Rate
+
1.36%
5.30%,
05/06/2044
100‌
94‌
5.33%,
03/27/2036
(k)
200‌
201‌
Secured
Overnight
Financing
Rate
+
1.47%
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
Citigroup
Inc
(continued)
5.41%,
09/19/2039
(k)
$
1,536‌
$
1,504‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
1.73%
5.45%,
06/11/2035
(k)
100‌
102‌
Secured
Overnight
Financing
Rate
+
1.45%
5.88%,
02/22/2033
1,420‌
1,477‌
6.17%,
05/25/2034
(k)
100‌
105‌
Secured
Overnight
Financing
Rate
+
2.66%
6.88%,
08/15/2030
(h),(k)
300‌
303‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.89%
6.95%,
02/15/2030
(h),(k)
2,500‌
2,520‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.73%
Citizens
Financial
Group
Inc
4.00%,
10/06/2026
(h),(i),(k)
1,300‌
1,264‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.22%
5.65%,
10/06/2025
(h),(k)
2,100‌
2,095‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.31%
5.72%,
07/23/2032
(k)
2,277‌
2,349‌
Secured
Overnight
Financing
Rate
+
1.91%
5.84%,
01/23/2030
(k)
100‌
103‌
Secured
Overnight
Financing
Rate
+
2.01%
Comerica
Inc
5.98%,
01/30/2030
(k)
100‌
103‌
Secured
Overnight
Financing
Rate
+
2.16%
Commerzbank
AG
1.50%,
08/28/2028
EUR
100‌
113‌
4.88%,
10/16/2034
(k)
100‌
120‌
Euribor
Swap
Rate
5
Year
+
2.15%
Commonwealth
Bank
of
Australia
2.55%,
03/14/2027
(i),(j)
$
200‌
195‌
6.70%,
03/15/2038
(k)
AUD
200‌
139‌
3
Month
Bank
Bill
Swap
Rate
+
2.45%
Cooperatieve
Rabobank
UA
0.88%,
05/05/2028
(k)
EUR
100‌
111‌
3
Month
Euro
Interbank
Offered
Rate
+
1.18%
1.00%,
09/24/2026
(i),(j),(k)
$
1,701‌
1,691‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
0.73%
4.63%,
05/23/2029
GBP
100‌
131‌
4.99%,
05/27/2031
(j),(k)
$
250‌
253‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
0.92%
Cooperatieve
Rabobank
UA/NY
4.88%,
01/21/2028
1,263‌
1,283‌
Credit
Agricole
SA
3.75%,
01/22/2034
EUR
100‌
117‌
3.75%,
05/27/2035
100‌
115‌
3.88%,
11/28/2034
100‌
118‌
4.00%,
01/10/2033
(j),(k)
$
250‌
243‌
USD
Swap
Semi-Annual
5
Year
+
1.64%
4.88%,
10/23/2029
GBP
100‌
133‌
5.22%,
05/27/2031
(j),(k)
$
2,209‌
2,245‌
Secured
Overnight
Financing
Rate
+
1.46%
5.30%,
07/12/2028
(j)
557‌
571‌
8.13%,
12/23/2025
(h),(j),(k),(n)
5,000‌
5,056‌
USD
Swap
Semi-Annual
5
Year
+
6.19%
Credit
Agricole
SA/London
1.75%,
03/05/2029
EUR
100‌
110‌
Credit
Mutuel
Arkea
SA
0.88%,
05/07/2027
200‌
223‌
4.81%,
05/15/2035
(k)
100‌
119‌
Euribor
Swap
Rate
5
Year
+
1.90%
Schedule
of
Investments
Diversified
Income
Fund
July
31,
2025
(unaudited)
31
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
Crelan
SA
6.00%,
02/28/2030
(k)
EUR
100‌
$
126‌
Euribor
Swap
Rate
1
Year
+
2.85%
Danske
Bank
A/S
4.13%,
01/10/2031
(k)
100‌
120‌
EUR
Swap
Annual
(VS
6
Month)
1
Year
+
1.25%
4.38%,
05/18/2026
(h),(k),(n)
$
3,000‌
2,960‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.39%
Deutsche
Bank
AG
1.63%,
01/20/2027
EUR
200‌
226‌
8.13%,
04/30/2030
(h),(k),(n)
$
1,400‌
1,468‌
USD
Secured
Overnight
Financing
Rate
Spread-Adj.
ICE
Swap
Rate
5
Year
+
4.36%
Deutsche
Bank
AG/New
York
NY
3.55%,
09/18/2031
(k)
1,155‌
1,085‌
Secured
Overnight
Financing
Rate
+
3.04%
3.73%,
01/14/2032
(k)
361‌
334‌
Secured
Overnight
Financing
Rate
+
2.76%
3.74%,
01/07/2033
(k)
1,150‌
1,038‌
Secured
Overnight
Financing
Rate
+
2.26%
6.72%,
01/18/2029
(k)
190‌
199‌
Secured
Overnight
Financing
Rate
+
3.18%
7.08%,
02/10/2034
(k)
225‌
243‌
Secured
Overnight
Financing
Rate
+
3.65%
DNB
Bank
ASA
0.25%,
02/23/2029
(k)
EUR
100‌
107‌
3
Month
Euro
Interbank
Offered
Rate
+
0.53%
Eurobank
SA
4.88%,
04/30/2031
(k)
100‌
122‌
Euribor
Swap
Rate
5
Year
+
2.17%
Federation
des
Caisses
Desjardins
du
Quebec
5.48%,
08/16/2028
CAD
200‌
153‌
Fifth
Third
Bancorp
6.36%,
10/27/2028
(k)
$
50‌
52‌
Secured
Overnight
Financing
Rate
+
2.19%
Fifth
Third
Bank
NA
4.97%,
01/28/2028
(k)
647‌
651‌
Secured
Overnight
Financing
Rate
+
0.81%
First
Citizens
BancShares
Inc/NC
6.25%,
03/12/2040
(k)
439‌
439‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
1.97%
First
Horizon
Bank
5.75%,
05/01/2030
2,245‌
2,293‌
FNB
Corp/PA
5.72%,
12/11/2030
(k)
913‌
919‌
Secured
Overnight
Financing
Rate
+
1.93%
Goldman
Sachs
Group
Inc/The
0.88%,
01/21/2030
EUR
200‌
210‌
1.25%,
02/07/2029
100‌
108‌
1.54%,
09/10/2027
(k)
$
430‌
416‌
Secured
Overnight
Financing
Rate
+
0.82%
2.38%,
07/21/2032
(k)
926‌
809‌
Secured
Overnight
Financing
Rate
+
1.25%
3.10%,
02/24/2033
(k)
150‌
135‌
Secured
Overnight
Financing
Rate
+
1.41%
3.21%,
04/22/2042
(k)
901‌
673‌
Secured
Overnight
Financing
Rate
+
1.51%
3.63%,
10/29/2029
(k)
GBP
100‌
128‌
Generic
Britain
1
Year
Government
Bond
+
1.95%
4.02%,
10/31/2038
(k)
$
100‌
87‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.63%
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
Goldman
Sachs
Group
Inc/The
(continued)
4.22%,
05/01/2029
$
1,726‌
$
1,715‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
3.13%
4.69%,
10/23/2030
(k)
410‌
410‌
Secured
Overnight
Financing
Rate
+
1.14%
5.15%,
05/22/2045
100‌
90‌
5.33%,
07/23/2035
(k)
100‌
101‌
Secured
Overnight
Financing
Rate
+
1.55%
5.56%,
11/19/2045
(k)
100‌
99‌
Secured
Overnight
Financing
Rate
+
1.58%
5.73%,
04/25/2030
(k)
100‌
104‌
Secured
Overnight
Financing
Rate
+
1.27%
5.73%,
01/28/2056
(k)
518‌
520‌
Secured
Overnight
Financing
Rate
+
1.70%
5.85%,
04/25/2035
(k)
100‌
105‌
Secured
Overnight
Financing
Rate
+
1.55%
6.45%,
05/01/2036
50‌
54‌
6.56%,
10/24/2034
(k)
100‌
110‌
Secured
Overnight
Financing
Rate
+
1.95%
6.75%,
10/01/2037
2,658‌
2,919‌
6.85%,
02/10/2030
(h),(k)
2,800‌
2,860‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.46%
7.50%,
05/10/2029
(h),(k)
1,700‌
1,776‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.81%
HSBC
Holdings
PLC
3.45%,
09/25/2030
(k)
EUR
100‌
116‌
3
Month
Euro
Interbank
Offered
Rate
+
1.19%
3.97%,
05/22/2030
(k)
$
200‌
195‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.87%
5.60%,
05/17/2028
(k)
200‌
203‌
Secured
Overnight
Financing
Rate
+
1.06%
5.73%,
05/17/2032
(k)
1,110‌
1,153‌
Secured
Overnight
Financing
Rate
+
1.52%
5.87%,
11/18/2035
(k)
1,126‌
1,143‌
Secured
Overnight
Financing
Rate
+
1.90%
5.89%,
08/14/2027
(k)
200‌
202‌
Secured
Overnight
Financing
Rate
+
1.57%
6.33%,
03/09/2044
1,281‌
1,368‌
Secured
Overnight
Financing
Rate
+
5.30%
6.36%,
11/16/2032
(k)
EUR
100‌
122‌
EUR
Swap
Annual
(VS
6
Month)
5
Year
+
3.30%
6.55%,
06/20/2034
(k)
$
200‌
212‌
Secured
Overnight
Financing
Rate
+
2.98%
8.20%,
11/16/2034
(k)
GBP
150‌
219‌
Generic
Britain
5
Year
Government
Bond
+
4.55%
HSBC
USA
Inc
4.65%,
06/03/2028
$
719‌
723‌
Huntington
Bancshares
Inc/OH
4.45%,
10/15/2027
(h),(k)
3,100‌
3,045‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
7
Year
+
4.05%
5.63%,
07/15/2030
(h),(i),(k)
1,000‌
1,024‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
10
Year
+
4.95%
Huntington
National
Bank/The
4.55%,
05/17/2028
(k)
250‌
250‌
Secured
Overnight
Financing
Rate
+
1.65%
Schedule
of
Investments
Diversified
Income
Fund
July
31,
2025
(unaudited)
32
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
ING
Groep
NV
0.88%,
06/09/2032
(k)
EUR
100‌
$
110‌
Euribor
Swap
Rate
5
Year
+
1.15%
3.88%,
08/12/2029
(k)
100‌
118‌
3
Month
Euro
Interbank
Offered
Rate
+
1.72%
4.02%,
03/28/2028
(k)
$
200‌
198‌
Secured
Overnight
Financing
Rate
+
1.83%
4.75%,
05/23/2034
(k)
EUR
100‌
124‌
3
Month
Euro
Interbank
Offered
Rate
+
1.90%
4.86%,
03/25/2029
(k)
$
450‌
454‌
Secured
Overnight
Financing
Rate
+
1.01%
5.00%,
02/20/2035
(k)
EUR
100‌
121‌
Euribor
Swap
Rate
5
Year
+
2.20%
5.75%,
11/16/2026
(h),(k),(n)
$
2,600‌
2,592‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.34%
Intesa
Sanpaolo
SpA
2.50%,
01/15/2030
GBP
100‌
120‌
2.93%,
10/14/2030
EUR
100‌
112‌
4.00%,
09/23/2029
(j)
$
200‌
194‌
5.13%,
08/29/2031
EUR
100‌
126‌
JPMorgan
Chase
&
Co
0.60%,
02/17/2033
(k)
100‌
97‌
3
Month
Euro
Interbank
Offered
Rate
+
0.65%
1.47%,
09/22/2027
(k)
$
100‌
97‌
Secured
Overnight
Financing
Rate
+
0.77%
2.07%,
06/01/2029
(k)
4,974‌
4,661‌
Secured
Overnight
Financing
Rate
+
1.02%
2.52%,
04/22/2031
(k)
300‌
274‌
Secured
Overnight
Financing
Rate
+
2.04%
2.53%,
11/19/2041
(k)
3,349‌
2,349‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.51%
2.55%,
11/08/2032
(k)
394‌
346‌
Secured
Overnight
Financing
Rate
+
1.18%
3.54%,
05/01/2028
645‌
635‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
3.28%
3.65%,
06/01/2026
(h),(k)
6,400‌
6,294‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.85%
3.78%,
02/01/2028
(k)
400‌
396‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.60%
3.88%,
07/24/2038
(k)
200‌
176‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.62%
3.96%,
11/15/2048
(k)
100‌
80‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.64%
4.51%,
10/22/2028
(k)
664‌
665‌
Secured
Overnight
Financing
Rate
+
0.86%
4.85%,
02/01/2044
100‌
92‌
4.91%,
07/25/2033
(k)
359‌
361‌
Secured
Overnight
Financing
Rate
+
2.08%
4.95%,
06/01/2045
100‌
91‌
5.01%,
01/23/2030
(k)
100‌
102‌
Secured
Overnight
Financing
Rate
+
1.31%
5.29%,
07/22/2035
(k)
100‌
101‌
Secured
Overnight
Financing
Rate
+
1.46%
5.30%,
07/24/2029
(k)
200‌
205‌
Secured
Overnight
Financing
Rate
+
1.45%
5.34%,
01/23/2035
(k)
100‌
102‌
Secured
Overnight
Financing
Rate
+
1.62%
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
JPMorgan
Chase
&
Co
(continued)
5.53%,
11/29/2045
(k)
$
316‌
$
316‌
Secured
Overnight
Financing
Rate
+
1.55%
5.58%,
07/23/2036
836‌
847‌
Secured
Overnight
Financing
Rate
+
3.27%
5.72%,
09/14/2033
(k)
50‌
52‌
Secured
Overnight
Financing
Rate
+
2.58%
5.77%,
04/22/2035
(k)
100‌
105‌
Secured
Overnight
Financing
Rate
+
1.49%
6.25%,
10/23/2034
1,384‌
1,502‌
Secured
Overnight
Financing
Rate
+
3.62%
6.88%,
06/01/2029
(h),(k)
800‌
836‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.74%
KBC
Group
NV
4.38%,
11/23/2027
(k)
EUR
100‌
117‌
3
Month
Euro
Interbank
Offered
Rate
+
1.70%
4.75%,
04/17/2035
(k)
100‌
120‌
EUR
Swap
Annual
(VS
6
Month)
5
Year
+
2.25%
KeyBank
NA/Cleveland
OH
3.40%,
05/20/2026
$
1,046‌
1,035‌
4.90%,
08/08/2032
1,115‌
1,085‌
KeyCorp
2.25%,
04/06/2027
100‌
96‌
5.12%,
04/04/2031
(i),(k)
609‌
616‌
Secured
Overnight
Financing
Rate
+
1.23%
KeyCorp
Capital
III
7.75%,
07/15/2029
795‌
842‌
Lloyds
Banking
Group
PLC
2.00%,
04/12/2028
(k)
GBP
100‌
127‌
Generic
Britain
1
Year
Government
Bond
+
1.18%
3.88%,
05/14/2032
(k)
EUR
100‌
117‌
Euribor
Swap
Rate
1
Year
+
1.18%
4.00%,
05/09/2035
(k)
100‌
116‌
Euribor
Swap
Rate
5
Year
+
1.90%
4.75%,
09/21/2031
(k)
100‌
123‌
EUR
Swap
Annual
(VS
6
Month)
1
Year
+
1.60%
5.68%,
01/05/2035
(k)
$
626‌
643‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.75%
5.72%,
06/05/2030
(k)
593‌
615‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.07%
5.87%,
03/06/2029
(k)
200‌
206‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.70%
6.07%,
06/13/2036
(k)
236‌
241‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.60%
6.75%,
09/27/2031
(h),(k),(n)
300‌
298‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.15%
7.50%,
09/29/2025
(h),(k),(n)
300‌
301‌
USD
Swap
Rate
NY
5
Year
+
4.50%
8.00%,
09/27/2029
(h),(k),(n)
3,000‌
3,204‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.91%
M&T
Bank
Corp
3.50%,
09/01/2026
(h),(k)
3,000‌
2,883‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.68%
5.05%,
01/27/2034
(k)
100‌
99‌
Secured
Overnight
Financing
Rate
+
1.85%
Schedule
of
Investments
Diversified
Income
Fund
July
31,
2025
(unaudited)
33
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
M&T
Bank
Corp
(continued)
5.40%,
07/30/2035
(k)
$
624‌
$
625‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
1.43%
Macquarie
Group
Ltd
3.76%,
11/28/2028
(j),(k)
100‌
98‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.63%
5.49%,
11/09/2033
(i),(j),(k)
100‌
102‌
Secured
Overnight
Financing
Rate
+
2.87%
Mediobanca
Banca
di
Credito
Finanziario
SpA
1.00%,
07/17/2029
(k)
EUR
100‌
108‌
3
Month
Euro
Interbank
Offered
Rate
+
0.90%
Mitsubishi
UFJ
Financial
Group
Inc
0.85%,
07/19/2029
200‌
212‌
5.16%,
04/24/2031
(k)
$
451‌
460‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.17%
5.43%,
04/17/2035
(k)
200‌
204‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.00%
Mizuho
Financial
Group
Inc
2.56%,
09/13/2031
1,443‌
1,258‌
3.98%,
05/21/2034
EUR
100‌
118‌
4.16%,
05/20/2028
100‌
119‌
5.67%,
05/27/2029
(k)
$
200‌
206‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.50%
5.78%,
07/06/2029
(k)
1,559‌
1,612‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.65%
Morgan
Stanley
0.50%,
02/07/2031
(k)
EUR
200‌
204‌
3
Month
Euro
Interbank
Offered
Rate
+
0.72%
2.48%,
09/16/2036
(k)
$
886‌
755‌
Secured
Overnight
Financing
Rate
+
1.36%
2.51%,
10/20/2032
(k)
200‌
175‌
Secured
Overnight
Financing
Rate
+
1.20%
3.22%,
04/22/2042
(k)
1,111‌
843‌
Secured
Overnight
Financing
Rate
+
1.49%
3.59%,
07/22/2028
2,057‌
2,022‌
3
Month
USD
LIBOR
+
1.34%
3.62%,
04/01/2031
354‌
339‌
Secured
Overnight
Financing
Rate
+
6.24%
3.95%,
04/23/2027
200‌
198‌
4.65%,
10/18/2030
(k)
294‌
295‌
Secured
Overnight
Financing
Rate
+
1.10%
5.17%,
01/16/2030
(k)
1,969‌
2,009‌
Secured
Overnight
Financing
Rate
+
1.45%
5.23%,
01/15/2031
(k)
100‌
102‌
Secured
Overnight
Financing
Rate
+
1.11%
5.30%,
04/20/2037
(k)
1,050‌
1,050‌
Secured
Overnight
Financing
Rate
+
2.62%
5.32%,
07/19/2035
594‌
601‌
Secured
Overnight
Financing
Rate
+
3.11%
5.42%,
07/21/2034
(k)
100‌
102‌
Secured
Overnight
Financing
Rate
+
1.88%
5.52%,
11/19/2055
(k)
621‌
608‌
Secured
Overnight
Financing
Rate
+
1.71%
5.60%,
03/24/2051
(k)
200‌
197‌
Secured
Overnight
Financing
Rate
+
4.84%
5.79%,
11/18/2033
(k)
GBP
100‌
138‌
SONIA
Interest
Rate
Benchmark
+
2.25%
5.83%,
04/19/2035
(k)
$
100‌
105‌
Secured
Overnight
Financing
Rate
+
1.58%
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
Morgan
Stanley
(continued)
5.94%,
02/07/2039
$
1,351‌
$
1,395‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.60%
6.63%,
11/01/2034
(k)
100‌
110‌
Secured
Overnight
Financing
Rate
+
2.05%
Morgan
Stanley
Bank
NA
4.75%,
04/21/2026
300‌
301‌
5.50%,
05/26/2028
(k)
460‌
468‌
Secured
Overnight
Financing
Rate
+
0.87%
National
Australia
Bank
Ltd
2.13%,
05/24/2028
EUR
100‌
113‌
2.33%,
08/21/2030
(j)
$
250‌
221‌
National
Bank
of
Canada
5.43%,
08/16/2032
(k)
CAD
100‌
75‌
Canadian
Overnight
Repo
Rate
Average
+
2.32%
National
Bank
of
Uzbekistan
7.20%,
07/17/2030
$
725‌
733‌
8.50%,
07/05/2029
2,200‌
2,331‌
NatWest
Group
PLC
1.64%,
06/14/2027
(k)
709‌
691‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
0.90%
2.06%,
11/09/2028
(k)
GBP
100‌
125‌
Generic
Britain
1
Year
Government
Bond
+
1.27%
3.03%,
11/28/2035
(k)
$
2,320‌
2,093‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.35%
4.60%,
06/28/2031
(h),(k),(n)
800‌
711‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.10%
4.77%,
02/16/2029
(k)
EUR
100‌
120‌
3
Month
Euro
Interbank
Offered
Rate
+
1.83%
4.96%,
08/15/2030
(k)
$
986‌
997‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.22%
6.02%,
03/02/2034
(k)
200‌
211‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
2.10%
7.30%,
11/19/2034
(h),(k),(n)
400‌
413‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.94%
8.13%,
11/10/2033
(h),(k),(n)
500‌
548‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.75%
NatWest
Markets
PLC
4.79%,
03/21/2028
(j)
341‌
344‌
Nordea
Bank
Abp
2.88%,
08/24/2032
EUR
100‌
112‌
5.38%,
09/22/2027
(j)
$
970‌
988‌
Northern
Trust
Corp
3.15%,
05/03/2029
100‌
96‌
Nykredit
Realkredit
AS
4.00%,
07/17/2028
EUR
100‌
119‌
OP
Corporate
Bank
plc
0.38%,
06/16/2028
100‌
107‌
OTP
Bank
Nyrt
4.25%,
10/16/2030
(k)
100‌
117‌
3
Month
Euro
Interbank
Offered
Rate
+
1.95%
PNC
Financial
Services
Group
Inc/The
2.60%,
07/23/2026
$
200‌
197‌
4.63%,
06/06/2033
(k)
100‌
97‌
Secured
Overnight
Financing
Rate
+
1.85%
Schedule
of
Investments
Diversified
Income
Fund
July
31,
2025
(unaudited)
34
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
PNC
Financial
Services
Group
Inc/The
(continued)
5.07%,
01/24/2034
(k)
$
100‌
$
100‌
Secured
Overnight
Financing
Rate
+
1.93%
5.49%,
05/14/2030
(k)
100‌
104‌
Secured
Overnight
Financing
Rate
+
1.20%
6.20%,
09/15/2027
(h),(k)
500‌
505‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.24%
6.25%,
03/15/2030
(h),(i),(k)
1,800‌
1,821‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
7
Year
+
2.81%
Raiffeisen
Bank
International
AG
1.38%,
06/17/2033
(k)
EUR
100‌
108‌
Euribor
Swap
Rate
5
Year
+
1.60%
Regions
Financial
Corp
5.50%,
09/06/2035
(k)
$
536‌
540‌
Secured
Overnight
Financing
Rate
+
2.06%
5.72%,
06/06/2030
(k)
708‌
732‌
Secured
Overnight
Financing
Rate
+
1.49%
7.38%,
12/10/2037
(i)
1,240‌
1,393‌
Royal
Bank
of
Canada
1.40%,
11/02/2026
200‌
193‌
2.13%,
04/26/2029
EUR
100‌
112‌
2.14%,
11/03/2031
(k)
CAD
100‌
71‌
Canadian
Dollar
Offered
Rate
3
Month
+
0.61%
2.94%,
05/03/2032
(k)
150‌
107‌
Canadian
Dollar
Offered
Rate
3
Month
+
0.76%
4.21%,
07/03/2035
(k)
100‌
72‌
Canadian
Overnight
Repo
Rate
Average
Compounded
Index
+
1.51%
4.72%,
03/27/2028
(k)
$
1,204‌
1,209‌
Secured
Overnight
Financing
Rate
+
0.81%
5.15%,
02/01/2034
200‌
205‌
6.35%,
11/24/2084
(k)
2,600‌
2,477‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.26%
6.75%,
08/24/2085
(k)
400‌
404‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.82%
7.50%,
05/02/2084
(k)
500‌
520‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.89%
Santander
Holdings
USA
Inc
3.24%,
10/05/2026
100‌
98‌
6.57%,
06/12/2029
(k)
100‌
105‌
Secured
Overnight
Financing
Rate
+
2.70%
Santander
UK
Group
Holdings
PLC
6.53%,
01/10/2029
(k)
200‌
208‌
Secured
Overnight
Financing
Rate
+
2.60%
Skandinaviska
Enskilda
Banken
AB
3.75%,
02/07/2028
EUR
125‌
147‌
Societe
Generale
SA
0.50%,
06/12/2029
(k)
100‌
107‌
3
Month
Euro
Interbank
Offered
Rate
+
0.95%
2.63%,
05/30/2029
100‌
114‌
3.63%,
03/01/2041
(j)
$
200‌
144‌
3.75%,
05/17/2035
(k)
EUR
100‌
114‌
Euribor
Swap
Rate
5
Year
+
1.65%
5.25%,
09/06/2032
(k)
100‌
120‌
EUR
Swap
Annual
(VS
6
Month)
5
Year
+
3.10%
8.50%,
03/25/2034
(h),(j),(k),(n)
$
600‌
636‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.15%
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
Societe
Generale
SA
(continued)
10.00%,
11/14/2028
(h),(j),(k),(n)
$
200‌
$
220‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.45%
Sovcombank
Via
Sovcom
Capital
DAC
-
Escrow
0.00%,
12/31/2049
(d)
230‌
—‌
Standard
Chartered
PLC
3.27%,
02/18/2036
(j),(k)
200‌
180‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.30%
4.75%,
01/14/2031
(h),(k),(n)
1,575‌
1,449‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.81%
4.87%,
05/10/2031
(k)
EUR
100‌
123‌
EUR
Swap
Annual
(VS
6
Month)
1
Year
+
1.85%
7.63%,
01/16/2032
(h),(i),(j),(k),(n)
$
2,000‌
2,075‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.02%
State
Street
Corp
4.14%,
12/03/2029
(k)
200‌
199‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.29%
5.27%,
08/03/2026
100‌
101‌
6.70%,
03/15/2029
(h),(k)
500‌
516‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.61%
6.70%,
09/15/2029
(h),(i),(k)
2,800‌
2,904‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.63%
Sumitomo
Mitsui
Financial
Group
Inc
4.95%,
07/08/2033
(k)
1,323‌
1,324‌
Secured
Overnight
Financing
Rate
+
1.38%
5.81%,
09/14/2033
(i)
200‌
212‌
5.84%,
07/09/2044
443‌
448‌
5.88%,
07/13/2026
200‌
203‌
6.18%,
07/13/2043
100‌
106‌
Sumitomo
Mitsui
Trust
Bank
Ltd
2.80%,
03/10/2027
(j)
200‌
195‌
4.45%,
09/10/2027
(j)
763‌
763‌
Svenska
Handelsbanken
AB
0.13%,
11/03/2026
EUR
200‌
223‌
Swedbank
AB
0.20%,
01/12/2028
200‌
216‌
1.54%,
11/16/2026
(j)
$
1,805‌
1,743‌
7.75%,
03/17/2030
(h),(k),(n)
200‌
212‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.66%
Texas
Capital
Bancshares
Inc
4.00%,
05/06/2031
(k)
511‌
501‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.15%
Toronto-Dominion
Bank/The
1.20%,
06/03/2026
200‌
195‌
2.00%,
09/10/2031
(i)
100‌
87‌
2.55%,
08/03/2027
EUR
100‌
114‌
4.42%,
10/31/2035
(k)
CAD
100‌
73‌
Canadian
Overnight
Repo
Rate
Average
Compounded
Index
+
1.32%
4.48%,
01/18/2028
200‌
148‌
4.68%,
01/08/2029
200‌
150‌
8.13%,
10/31/2082
(k)
$
1,300‌
1,370‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.08%
Truist
Bank
4.42%,
07/24/2028
(k)
627‌
626‌
Secured
Overnight
Financing
Rate
+
0.77%
Schedule
of
Investments
Diversified
Income
Fund
July
31,
2025
(unaudited)
35
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
Truist
Financial
Corp
3.88%,
03/19/2029
$
100‌
$
97‌
5.10%,
03/01/2030
(h),(k)
500‌
492‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
10
Year
+
4.35%
5.71%,
01/24/2035
(k)
100‌
103‌
Secured
Overnight
Financing
Rate
+
1.92%
6.67%,
09/01/2025
(h),(k)
4,500‌
4,497‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.00%
UBS
AG/Stamford
CT
1.25%,
08/07/2026
300‌
291‌
7.50%,
02/15/2028
873‌
938‌
UBS
Group
AG
0.88%,
11/03/2031
EUR
200‌
198‌
1.49%,
08/10/2027
(j),(k)
$
985‌
954‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
0.85%
3.87%,
01/12/2029
(j),(k)
400‌
394‌
3
Month
USD
LIBOR
+
1.41%
4.38%,
02/10/2031
(h),(j),(k),(n)
1,200‌
1,076‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.31%
4.63%,
03/17/2028
(k)
EUR
200‌
236‌
Euribor
Swap
Rate
1
Year
+
1.15%
4.88%,
05/15/2045
$
250‌
226‌
5.43%,
02/08/2030
(j),(k)
958‌
982‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.52%
5.58%,
05/09/2036
(j),(k)
271‌
276‌
Secured
Overnight
Financing
Rate
+
1.76%
6.60%,
08/05/2030
(h),(j),(k),(n),(o)
400‌
399‌
USD
Secured
Overnight
Financing
Rate
ICE
Swap
Rate
5
Year
+
3.12%
6.88%,
08/07/2025
(h),(k),(n)
1,350‌
1,350‌
USD
Swap
Semi-Annual
(VS
6
Month)
5
Year
+
4.59%
9.02%,
11/15/2033
(j),(k)
330‌
409‌
Secured
Overnight
Financing
Rate
+
5.02%
UniCredit
SpA
0.85%,
01/19/2031
EUR
100‌
102‌
3.80%,
01/16/2033
(k)
150‌
174‌
3
Month
Euro
Interbank
Offered
Rate
+
1.40%
United
Overseas
Bank
Ltd/Sydney
4.64%,
03/16/2026
AUD
200‌
129‌
US
Bancorp
1.38%,
07/22/2030
$
100‌
86‌
2.49%,
11/03/2036
(k)
2,959‌
2,512‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
0.95%
3.00%,
07/30/2029
100‌
94‌
3.70%,
01/15/2027
(h),(k)
7,000‌
6,729‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.54%
5.84%,
06/12/2034
(k)
200‌
210‌
Secured
Overnight
Financing
Rate
+
2.26%
Wells
Fargo
&
Co
1.00%,
02/02/2027
EUR
200‌
224‌
2.50%,
05/02/2029
GBP
100‌
123‌
2.57%,
02/11/2031
(k)
$
614‌
563‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.26%
2.88%,
10/30/2030
(k)
413‌
386‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.43%
3.07%,
04/30/2041
1,484‌
1,119‌
Secured
Overnight
Financing
Rate
+
5.06%
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
Wells
Fargo
&
Co
(continued)
3.53%,
03/24/2028
(k)
$
100‌
$
98‌
Secured
Overnight
Financing
Rate
+
1.51%
3.90%,
05/01/2045
100‌
79‌
3.90%,
03/15/2026
(h),(k)
4,000‌
3,963‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.45%
4.15%,
01/24/2029
200‌
198‌
4.48%,
04/04/2031
(k)
200‌
199‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
4.03%
4.61%,
04/25/2053
(k)
100‌
85‌
Secured
Overnight
Financing
Rate
+
2.13%
4.75%,
12/07/2046
275‌
237‌
5.39%,
04/24/2034
(k)
685‌
701‌
Secured
Overnight
Financing
Rate
+
2.02%
5.50%,
01/23/2035
(k)
282‌
289‌
Secured
Overnight
Financing
Rate
+
1.78%
5.56%,
07/25/2034
(k)
100‌
103‌
Secured
Overnight
Financing
Rate
+
1.99%
5.57%,
07/25/2029
(k)
200‌
206‌
Secured
Overnight
Financing
Rate
+
1.74%
5.61%,
01/15/2044
649‌
631‌
5.71%,
04/22/2028
(k)
2,861‌
2,917‌
Secured
Overnight
Financing
Rate
+
1.07%
Wells
Fargo
Bank
NA
6.60%,
01/15/2038
250‌
276‌
Westpac
Banking
Corp
2.96%,
11/16/2040
50‌
37‌
3.02%,
11/18/2036
(k)
100‌
88‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
1.53%
5.46%,
11/18/2027
200‌
205‌
Westpac
Securities
NZ
Ltd/London
0.43%,
12/14/2026
EUR
150‌
167‌
Zions
Bancorp
NA
3.25%,
10/29/2029
(i)
$
2,884‌
2,653‌
6.82%,
11/19/2035
(k)
1,042‌
1,088‌
Secured
Overnight
Financing
Rate
+
2.83%
$
295,233‌
Beverages
-
0.27%
Anheuser-Busch
Cos
LLC
/
Anheuser-Busch
InBev
Worldwide
Inc
4.70%,
02/01/2036
100‌
97‌
4.90%,
02/01/2046
1,373‌
1,255‌
Anheuser-Busch
InBev
SA/NV
2.75%,
03/17/2036
EUR
100‌
107‌
2.88%,
04/02/2032
100‌
112‌
Anheuser-Busch
InBev
Worldwide
Inc
4.35%,
06/01/2040
$
80‌
71‌
5.00%,
06/15/2034
(i)
100‌
101‌
5.45%,
01/23/2039
100‌
101‌
5.55%,
01/23/2049
25‌
25‌
5.80%,
01/23/2059
100‌
101‌
Bacardi
Ltd
5.15%,
05/15/2038
100‌
93‌
CCEP
Finance
Ireland
DAC
1.50%,
05/06/2041
EUR
100‌
82‌
Coca-Cola
Co/The
0.95%,
05/06/2036
100‌
89‌
1.50%,
03/05/2028
$
200‌
188‌
1.65%,
06/01/2030
200‌
177‌
2.50%,
03/15/2051
100‌
59‌
5.20%,
01/14/2055
50‌
48‌
Constellation
Brands
Inc
4.35%,
05/09/2027
399‌
398‌
4.90%,
05/01/2033
50‌
50‌
Schedule
of
Investments
Diversified
Income
Fund
July
31,
2025
(unaudited)
36
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Beverages
(continued)
Diageo
Finance
PLC
2.50%,
03/27/2032
EUR
100‌
$
110‌
2.75%,
06/08/2038
GBP
100‌
99‌
Heineken
NV
1.50%,
10/03/2029
EUR
100‌
109‌
1.75%,
03/17/2031
100‌
107‌
JDE
Peet's
NV
0.63%,
02/09/2028
100‌
109‌
Keurig
Dr
Pepper
Inc
3.80%,
05/01/2050
$
100‌
73‌
Molson
Coors
Beverage
Co
3.00%,
07/15/2026
200‌
197‌
PepsiCo
Inc
3.00%,
10/15/2027
250‌
244‌
3.38%,
07/29/2049
200‌
142‌
3.60%,
02/18/2028
494‌
488‌
4.00%,
03/05/2042
257‌
217‌
4.45%,
02/07/2028
(i)
718‌
724‌
4.65%,
07/23/2032
648‌
647‌
Pernod
Ricard
SA
1.75%,
04/08/2030
EUR
100‌
108‌
$
6,528‌
Biotechnology
-
0.34%
Amgen
Inc
3.15%,
02/21/2040
$
1,548‌
1,186‌
4.05%,
08/18/2029
200‌
197‌
4.40%,
05/01/2045
244‌
206‌
4.40%,
02/22/2062
50‌
39‌
4.66%,
06/15/2051
200‌
169‌
5.15%,
03/02/2028
647‌
659‌
5.25%,
03/02/2030
282‌
290‌
5.25%,
03/02/2033
200‌
204‌
5.60%,
03/02/2043
50‌
49‌
5.65%,
03/02/2053
939‌
908‌
5.75%,
03/02/2063
487‌
467‌
Biogen
Inc
3.15%,
05/01/2050
100‌
62‌
6.45%,
05/15/2055
590‌
604‌
CSL
Finance
PLC
4.63%,
04/27/2042
(j)
100‌
89‌
Gilead
Sciences
Inc
4.15%,
03/01/2047
200‌
163‌
4.80%,
11/15/2029
717‌
729‌
5.10%,
06/15/2035
476‌
479‌
5.25%,
10/15/2033
100‌
103‌
Royalty
Pharma
PLC
2.15%,
09/02/2031
1,182‌
1,013‌
3.35%,
09/02/2051
100‌
65‌
5.15%,
09/02/2029
404‌
411‌
$
8,092‌
Building
Materials
-
0.83%
AmeriTex
HoldCo
Intermediate
LLC
10.25%,
10/15/2028
(j)
1,880‌
1,995‌
Amrize
Finance
US
LLC
7.13%,
07/15/2036
(j)
50‌
57‌
Carrier
Global
Corp
3.38%,
04/05/2040
976‌
770‌
3.58%,
04/05/2050
100‌
73‌
4.13%,
05/29/2028
EUR
100‌
119‌
Cemex
SAB
de
CV
7.20%,
06/10/2030
(h),(j),(k)
$
1,450‌
1,480‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.52%
Cie
de
Saint-Gobain
SA
2.38%,
10/04/2027
EUR
100‌
114‌
3.50%,
01/18/2029
100‌
117‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Building
Materials
(continued)
CRH
SMW
Finance
DAC
4.25%,
07/11/2035
EUR
100‌
$
119‌
5.13%,
01/09/2030
$
200‌
204‌
5.20%,
05/21/2029
1,692‌
1,735‌
Holcim
Finance
Luxembourg
SA
0.50%,
11/29/2026
EUR
175‌
195‌
Johnson
Controls
International
plc
4.25%,
05/23/2035
100‌
121‌
Lennox
International
Inc
5.50%,
09/15/2028
$
946‌
971‌
Limak
Cimento
Sanayi
ve
Ticaret
AS
9.75%,
07/25/2029
1,750‌
1,776‌
Martin
Marietta
Materials
Inc
2.40%,
07/15/2031
630‌
554‌
Oscar
AcquisitionCo
LLC
/
Oscar
Finance
Inc
9.50%,
04/15/2030
(j)
5,850‌
4,441‌
Owens
Corning
3.95%,
08/15/2029
100‌
98‌
5.50%,
06/15/2027
396‌
403‌
Quikrete
Holdings
Inc
6.38%,
03/01/2032
(j)
890‌
913‌
6.75%,
03/01/2033
(j)
1,440‌
1,477‌
Smyrna
Ready
Mix
Concrete
LLC
6.00%,
11/01/2028
(j)
2,125‌
2,118‌
Trane
Technologies
Financing
Ltd
3.80%,
03/21/2029
50‌
49‌
Vulcan
Materials
Co
3.50%,
06/01/2030
100‌
95‌
$
19,994‌
Chemicals
-
0.66%
Air
Liquide
Finance
SA
0.38%,
05/27/2031
EUR
100‌
99‌
Air
Products
and
Chemicals
Inc
3.25%,
06/16/2032
100‌
114‌
Akzo
Nobel
NV
2.00%,
03/28/2032
100‌
105‌
Albemarle
Corp
5.05%,
06/01/2032
$
100‌
96‌
BASF
SE
4.50%,
03/08/2035
EUR
100‌
122‌
CF
Industries
Inc
5.38%,
03/15/2044
$
1,167‌
1,089‌
Dow
Chemical
Co/The
4.80%,
05/15/2049
100‌
80‌
DuPont
de
Nemours
Inc
5.32%,
11/15/2038
30‌
31‌
Eastman
Chemical
Co
5.75%,
03/08/2033
758‌
787‌
Ecolab
Inc
2.70%,
12/15/2051
1,038‌
632‌
3.95%,
12/01/2047
100‌
79‌
4.30%,
06/15/2028
346‌
347‌
5.25%,
01/15/2028
609‌
624‌
International
Flavors
&
Fragrances
Inc
4.38%,
06/01/2047
75‌
58‌
LANXESS
AG
0.63%,
12/01/2029
EUR
100‌
102‌
Linde
PLC
0.38%,
09/30/2033
100‌
93‌
1.00%,
03/31/2027
100‌
112‌
2.63%,
02/18/2029
100‌
114‌
LYB
International
Finance
BV
4.88%,
03/15/2044
$
50‌
42‌
LYB
International
Finance
III
LLC
6.15%,
05/15/2035
50‌
51‌
Nutrien
Ltd
2.95%,
05/13/2030
250‌
232‌
5.20%,
06/21/2027
428‌
433‌
Schedule
of
Investments
Diversified
Income
Fund
July
31,
2025
(unaudited)
37
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Chemicals
(continued)
Orbia
Advance
Corp
SAB
de
CV
2.88%,
05/11/2031
(i)
$
200‌
$
166‌
RPM
International
Inc
2.95%,
01/15/2032
244‌
217‌
SCIH
Salt
Holdings
Inc
6.63%,
05/01/2029
(j)
7,910‌
7,820‌
Sherwin-Williams
Co/The
2.20%,
03/15/2032
100‌
86‌
4.80%,
09/01/2031
393‌
396‌
5.15%,
08/15/2035
1,033‌
1,030‌
Westlake
Corp
2.88%,
08/15/2041
100‌
67‌
3.38%,
08/15/2061
947‌
557‌
Yara
International
ASA
4.75%,
06/01/2028
(j)
100‌
100‌
$
15,881‌
Coal
-
0.20%
SunCoke
Energy
Inc
4.88%,
06/30/2029
(j)
5,275‌
4,824‌
Commercial
Mortgage
Backed
Securities
-
1.28%
Bayview
Commercial
Asset
Trust
2005-3
4.95%,
11/25/2035
(j)
480‌
459‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
0.59%
5.07%,
11/25/2035
(j)
369‌
357‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
0.71%
Bayview
Commercial
Asset
Trust
2006-2
4.81%,
07/25/2036
(j)
344‌
328‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
0.46%
Bayview
Commercial
Asset
Trust
2006-3
4.84%,
10/25/2036
(j)
115‌
110‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
0.49%
Bayview
Commercial
Asset
Trust
2006-4
4.81%,
12/25/2036
(j)
583‌
559‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
0.46%
Bayview
Commercial
Asset
Trust
2007-4
5.14%,
09/25/2037
(j)
579‌
542‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
0.79%
Bayview
Commercial
Asset
Trust
2008-2
8.22%,
04/25/2038
(j)
517‌
509‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.86%
BBCMS
2018-TALL
Mortgage
Trust
5.26%,
03/15/2037
(j)
1,470‌
1,397‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
0.92%
Benchmark
2019-B15
Mortgage
Trust
2.93%,
12/15/2072
390‌
359‌
Benchmark
2019-B9
Mortgage
Trust
4.02%,
03/15/2052
3,560‌
3,451‌
Benchmark
2020-B20
Mortgage
Trust
2.03%,
10/15/2053
1,450‌
1,253‌
Benchmark
2021-B27
Mortgage
Trust
2.39%,
07/15/2054
464‌
401‌
Benchmark
2022-B32
Mortgage
Trust
3.00%,
01/15/2055
(l)
426‌
373‌
Benchmark
2022-B33
Mortgage
Trust
3.46%,
03/15/2055
405‌
369‌
Benchmark
2022-B34
Mortgage
Trust
3.79%,
04/15/2055
(l)
2,641‌
2,415‌
BX
Commercial
Mortgage
Trust
2020-VIV2
3.54%,
03/09/2044
(j),(l)
200‌
184‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Commercial
Mortgage
Backed
Securities
(continued)
BX
Commercial
Mortgage
Trust
2020-VIV4
2.84%,
03/09/2044
(j)
$
1,500‌
$
1,368‌
BX
Trust
2019-OC11
3.94%,
12/09/2041
(j),(l)
1,750‌
1,631‌
COMM
2018-COR3
Mortgage
Trust
4.23%,
05/10/2051
2,107‌
2,048‌
COMM
2024-277P
Mortgage
Trust
6.34%,
08/10/2044
(j)
1,484‌
1,554‌
FRESB
2019-SB63
Mortgage
Trust
1.27%,
04/25/2039
(l),(p)
9,521‌
343‌
FRESB
2020-SB76
Mortgage
Trust
0.00%,
05/25/2030
(d),(l),(p)
5,691‌
205‌
FRESB
2020-SB77
Mortgage
Trust
0.12%,
06/25/2040
(l),(p)
17,901‌
590‌
Grace
Trust
2020-GRCE
2.35%,
12/10/2040
(j)
1,072‌
937‌
Harvest
Commercial
Capital
Loan
Trust
2019-1
4.64%,
09/25/2046
(j),(l)
2,000‌
1,867‌
Harvest
Commercial
Capital
Loan
Trust
2020-1
5.96%,
04/25/2052
(j),(l)
270‌
266‌
Harvest
Commercial
Capital
Loan
Trust
2024-1
6.16%,
10/25/2056
1,913‌
1,930‌
Houston
Galleria
Mall
Trust
2025-HGLR
5.64%,
02/05/2045
(j),(l)
1,084‌
1,100‌
JP
Morgan
Chase
Commercial
Mortgage
Securities
Trust
2024-OMNI
5.99%,
10/05/2039
(j),(l)
1,007‌
1,022‌
MKT
2020-525M
Mortgage
Trust
2.69%,
02/12/2040
(j)
1,400‌
1,225‌
ROCK
Trust
2024-CNTR
5.39%,
11/13/2041
(j)
225‌
229‌
Wells
Fargo
Commercial
Mortgage
Trust
2019-C51
3.31%,
06/15/2052
540‌
504‌
WFRBS
Commercial
Mortgage
Trust
2014-C21
4.21%,
08/15/2047
(l)
215‌
207‌
4.23%,
08/15/2047
(l)
737‌
697‌
$
30,789‌
Commercial
Services
-
2.38%
Abertis
France
SAS
1.63%,
09/18/2029
EUR
100‌
108‌
Abertis
Infraestructuras
SA
4.13%,
01/31/2028
100‌
118‌
Adani
International
Container
Terminal
Pvt
Ltd
3.00%,
02/16/2031
$
2,680‌
2,395‌
AMN
Healthcare
Inc
4.63%,
10/01/2027
(j)
2,325‌
2,273‌
APRR
SA
1.25%,
01/18/2028
EUR
100‌
111‌
Ashtead
Capital
Inc
4.25%,
11/01/2029
(j)
$
200‌
195‌
ASTM
SpA
1.00%,
11/25/2026
EUR
100‌
112‌
Autoroutes
du
Sud
de
la
France
SA
1.25%,
01/18/2027
100‌
112‌
2.75%,
09/02/2032
100‌
111‌
Autostrade
per
l'Italia
SpA
5.13%,
06/14/2033
100‌
124‌
Block
Financial
LLC
3.88%,
08/15/2030
$
100‌
95‌
Champions
Financing
Inc
8.75%,
02/15/2029
(i),(j)
2,550‌
2,361‌
Duke
University
2.76%,
10/01/2050
100‌
63‌
Edenred
SE
3.63%,
12/13/2026
EUR
100‌
116‌
EquipmentShare.com
Inc
8.00%,
03/15/2033
(j)
$
1,700‌
1,775‌
8.63%,
05/15/2032
(j)
2,525‌
2,688‌
Schedule
of
Investments
Diversified
Income
Fund
July
31,
2025
(unaudited)
38
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Commercial
Services
(continued)
ERAC
USA
Finance
LLC
4.90%,
05/01/2033
(j)
$
100‌
$
100‌
Ford
Foundation/The
2.82%,
06/01/2070
1,090‌
599‌
Global
Payments
Inc
2.90%,
11/15/2031
100‌
88‌
GXO
Logistics
Inc
6.25%,
05/06/2029
569‌
592‌
Herc
Holdings
Inc
7.00%,
06/15/2030
(j)
425‌
439‌
7.25%,
06/15/2033
(j)
700‌
725‌
Massachusetts
Institute
of
Technology
3.07%,
04/01/2052
100‌
67‌
Moody's
Corp
2.75%,
08/19/2041
100‌
70‌
Motability
Operations
Group
PLC
2.38%,
03/14/2032
GBP
100‌
112‌
3.63%,
07/24/2029
EUR
100‌
117‌
PayPal
Holdings
Inc
5.05%,
06/01/2052
$
100‌
91‌
President
and
Fellows
of
Harvard
College
3.75%,
11/15/2052
100‌
76‌
PROG
Holdings
Inc
6.00%,
11/15/2029
(j)
4,150‌
4,005‌
Quanta
Services
Inc
2.35%,
01/15/2032
697‌
601‌
2.90%,
10/01/2030
702‌
645‌
3.05%,
10/01/2041
603‌
431‌
5.25%,
08/09/2034
823‌
832‌
RELX
Finance
BV
0.50%,
03/10/2028
EUR
100‌
109‌
Rentokil
Initial
Finance
BV
3.88%,
06/27/2027
100‌
117‌
S&P
Global
Inc
2.70%,
03/01/2029
$
737‌
697‌
3.70%,
03/01/2052
100‌
75‌
Shift4
Payments
LLC
/
Shift4
Payments
Finance
Sub
Inc
6.75%,
08/15/2032
(j)
1,250‌
1,291‌
Sotheby's
7.38%,
10/15/2027
(j)
7,150‌
7,006‌
Teranet
Holdings
LP
3.72%,
02/23/2029
CAD
100‌
71‌
Thomas
Jefferson
University
3.85%,
11/01/2057
$
50‌
35‌
Transurban
Finance
Co
Pty
Ltd
3.00%,
04/08/2030
EUR
100‌
114‌
4.56%,
11/14/2028
CAD
100‌
73‌
Transurban
Queensland
Finance
Pty
Ltd
3.25%,
08/05/2031
AUD
100‌
58‌
Triton
Container
International
Ltd
3.15%,
06/15/2031
(j)
$
2,148‌
1,864‌
Triton
Container
International
Ltd
/
TAL
International
Container
Corp
3.25%,
03/15/2032
697‌
611‌
University
of
Miami
4.06%,
04/01/2052
(i)
50‌
39‌
University
of
Southern
California
4.98%,
10/01/2053
50‌
46‌
Upbound
Group
Inc
6.38%,
02/15/2029
(j)
4,575‌
4,461‌
VT
Topco
Inc
8.50%,
08/15/2030
(j)
5,495‌
5,851‌
Wand
NewCo
3
Inc
7.63%,
01/30/2032
(j)
6,145‌
6,452‌
WEX
Inc
6.50%,
03/15/2033
(j)
5,525‌
5,596‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Commercial
Services
(continued)
Wolters
Kluwer
NV
0.75%,
07/03/2030
EUR
100‌
$
103‌
Worldline
SA/France
0.88%,
06/30/2027
100‌
104‌
$
57,120‌
Computers
-
0.73%
Accenture
Capital
Inc
4.50%,
10/04/2034
$
488‌
472‌
Apple
Inc
1.38%,
05/24/2029
EUR
100‌
110‌
1.40%,
08/05/2028
$
1,632‌
1,509‌
1.65%,
02/08/2031
100‌
87‌
2.65%,
05/11/2050
1,189‌
740‌
2.70%,
08/05/2051
435‌
271‌
2.85%,
08/05/2061
200‌
119‌
3.35%,
08/08/2032
(i)
200‌
188‌
3.95%,
08/08/2052
100‌
79‌
4.15%,
05/10/2030
100‌
100‌
4.38%,
05/13/2045
668‌
588‌
4.45%,
05/06/2044
100‌
91‌
ASGN
Inc
4.63%,
05/15/2028
(j)
2,075‌
2,020‌
Booz
Allen
Hamilton
Inc
5.95%,
08/04/2033
100‌
103‌
5.95%,
04/15/2035
515‌
526‌
Capgemini
SE
2.00%,
04/15/2029
EUR
100‌
111‌
Dell
International
LLC
/
EMC
Corp
3.38%,
12/15/2041
$
1,067‌
800‌
4.35%,
02/01/2030
1,199‌
1,186‌
4.75%,
04/01/2028
1,046‌
1,054‌
5.25%,
02/01/2028
100‌
102‌
5.75%,
02/01/2033
150‌
157‌
8.10%,
07/15/2036
892‌
1,073‌
Hewlett
Packard
Enterprise
Co
4.45%,
09/25/2026
426‌
426‌
5.25%,
07/01/2028
100‌
102‌
5.60%,
10/15/2054
50‌
46‌
HP
Inc
5.50%,
01/15/2033
100‌
102‌
IBM
International
Capital
Pte
Ltd
4.75%,
02/05/2031
2,317‌
2,334‌
International
Business
Machines
Corp
0.88%,
02/09/2030
EUR
100‌
105‌
2.20%,
02/09/2027
$
200‌
194‌
3.38%,
02/06/2027
EUR
100‌
116‌
4.00%,
02/06/2043
100‌
113‌
5.10%,
02/06/2053
$
100‌
91‌
5.20%,
02/10/2035
100‌
101‌
Kyndryl
Holdings
Inc
3.15%,
10/15/2031
626‌
561‌
4.10%,
10/15/2041
50‌
39‌
Leidos
Inc
4.38%,
05/15/2030
829‌
815‌
5.50%,
03/15/2035
738‌
746‌
Teleperformance
SE
4.25%,
01/21/2030
EUR
100‌
118‌
Western
Digital
Corp
2.85%,
02/01/2029
$
100‌
93‌
$
17,588‌
Consumer
Products
-
0.01%
Kimberly-Clark
Corp
2.00%,
11/02/2031
100‌
88‌
Reckitt
Benckiser
Treasury
Services
PLC
3.63%,
09/14/2028
EUR
100‌
117‌
$
205‌
Schedule
of
Investments
Diversified
Income
Fund
July
31,
2025
(unaudited)
39
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Cosmetics
&
Personal
Care
-
0.13%
Estee
Lauder
Cos
Inc/The
5.15%,
05/15/2053
(i)
$
100‌
$
96‌
Haleon
Netherlands
Capital
BV
2.13%,
03/29/2034
EUR
100‌
104‌
Haleon
US
Capital
LLC
4.00%,
03/24/2052
$
1,550‌
1,184‌
High
Ridge
Brands
-
Escrow
0.00%,
03/15/2025
(d),(e),(g)
15,607‌
—‌
Kenvue
Inc
4.85%,
05/22/2032
648‌
653‌
5.10%,
03/22/2043
100‌
96‌
L'Oreal
SA
5.00%,
05/20/2035
(j)
473‌
477‌
Procter
&
Gamble
Co/The
3.25%,
08/02/2026
EUR
100‌
115‌
4.05%,
01/26/2033
$
200‌
197‌
Unilever
Capital
Corp
5.00%,
12/08/2033
100‌
102‌
Unilever
Finance
Netherlands
BV
1.38%,
09/04/2030
EUR
100‌
106‌
$
3,130‌
Credit
Card
Asset
Backed
Securities
-
0.44%
American
Express
Credit
Account
Master
Trust
3.75%,
08/15/2027
$
1,535‌
1,534‌
4.65%,
07/15/2029
1,305‌
1,315‌
BA
Credit
Card
Trust
5.00%,
04/15/2028
1,850‌
1,853‌
Citibank
Credit
Card
Issuance
Trust
5.23%,
12/08/2027
1,250‌
1,253‌
Discover
Card
Execution
Note
Trust
4.31%,
03/15/2028
2,405‌
2,403‌
5.03%,
10/15/2027
2,165‌
2,167‌
$
10,525‌
Distribution
&
Wholesale
-
0.10%
RB
Global
Holdings
Inc
7.75%,
03/15/2031
(j)
925‌
969‌
Telecommunications
co
Telekom
Srbija
AD
Belgrade
7.00%,
10/28/2029
(j)
825‌
824‌
7.00%,
10/28/2029
700‌
700‌
$
2,493‌
Diversified
Financial
Services
-
3.52%
AerCap
Ireland
Capital
DAC
/
AerCap
Global
Aviation
Trust
3.30%,
01/30/2032
150‌
136‌
3.85%,
10/29/2041
150‌
120‌
Air
Lease
Corp
5.30%,
02/01/2028
150‌
153‌
5.85%,
12/15/2027
200‌
206‌
Ally
Financial
Inc
6.18%,
07/26/2035
(k)
100‌
102‌
Secured
Overnight
Financing
Rate
+
2.29%
6.70%,
02/14/2033
2,200‌
2,285‌
American
Express
Co
3.13%,
05/20/2026
100‌
99‌
3.43%,
05/20/2032
(k)
EUR
100‌
115‌
3
Month
Euro
Interbank
Offered
Rate
+
1.10%
3.55%,
09/15/2026
(h),(k)
$
7,500‌
7,330‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.85%
4.92%,
07/20/2033
(k)
435‌
436‌
Secured
Overnight
Financing
Rate
+
1.22%
5.09%,
01/30/2031
705‌
720‌
Secured
Overnight
Financing
Rate
+
2.04%
5.10%,
02/16/2028
(k)
1,844‌
1,861‌
Secured
Overnight
Financing
Rate
+
1.00%
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Diversified
Financial
Services
(continued)
American
Express
Co
(continued)
5.28%,
07/27/2029
(k)
$
150‌
$
154‌
Secured
Overnight
Financing
Rate
+
1.28%
5.67%,
04/25/2036
613‌
636‌
Secured
Overnight
Financing
Rate
+
3.58%
Apollo
Global
Management
Inc
6.00%,
12/15/2054
(i),(k)
50‌
49‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.17%
Aviation
Capital
Group
LLC
6.25%,
04/15/2028
(j)
100‌
104‌
Avolon
Holdings
Funding
Ltd
2.53%,
11/18/2027
(j)
200‌
191‌
Azorra
Finance
Ltd
7.75%,
04/15/2030
(j)
3,975‌
4,140‌
Blackstone
Holdings
Finance
Co
LLC
3.50%,
06/01/2034
EUR
100‌
115‌
Blue
Owl
Finance
LLC
3.13%,
06/10/2031
$
100‌
89‌
Bread
Financial
Holdings
Inc
8.38%,
06/15/2035
(j),(k)
1,850‌
1,911‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.30%
9.75%,
03/15/2029
(j)
3,000‌
3,218‌
Burford
Capital
Global
Finance
LLC
9.25%,
07/01/2031
(j)
5,675‌
6,001‌
Cantor
Fitzgerald
LP
4.50%,
04/14/2027
(j)
100‌
99‌
Capital
One
Financial
Corp
1.65%,
06/12/2029
EUR
100‌
109‌
3.80%,
01/31/2028
$
100‌
99‌
3.95%,
09/01/2026
(h),(i),(k)
500‌
488‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.16%
4.10%,
02/09/2027
200‌
199‌
4.93%,
05/10/2028
(k)
150‌
151‌
Secured
Overnight
Financing
Rate
+
2.06%
5.88%,
07/26/2035
(i),(k)
100‌
103‌
Secured
Overnight
Financing
Rate
+
1.99%
Charles
Schwab
Corp/The
1.15%,
05/13/2026
100‌
97‌
3.30%,
04/01/2027
(i)
100‌
98‌
4.00%,
06/01/2026
(h),(k)
5,000‌
4,929‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.17%
5.64%,
05/19/2029
(k)
100‌
103‌
Secured
Overnight
Financing
Rate
+
2.21%
6.14%,
08/24/2034
(k)
100‌
108‌
Secured
Overnight
Financing
Rate
+
2.01%
CI
Financial
Corp
3.20%,
12/17/2030
100‌
89‌
4.75%,
04/03/2028
CAD
50‌
36‌
CME
Group
Inc
5.30%,
09/15/2043
$
100‌
99‌
Credit
Acceptance
Corp
9.25%,
12/15/2028
(j)
4,475‌
4,733‌
Drawbridge
Special
Opportunities
Fund
LP
/
Drawbridge
Special
Opportunities
Finance
Corp
3.88%,
02/15/2026
(j)
800‌
788‌
EZCORP
Inc
7.38%,
04/01/2032
(j)
1,020‌
1,062‌
Focus
Financial
Partners
LLC
6.75%,
09/15/2031
(j)
2,890‌
2,953‌
goeasy
Ltd
6.88%,
05/15/2030
(j)
1,650‌
1,653‌
Schedule
of
Investments
Diversified
Income
Fund
July
31,
2025
(unaudited)
40
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Diversified
Financial
Services
(continued)
Intercontinental
Exchange
Inc
1.85%,
09/15/2032
$
100‌
$
83‌
3.00%,
09/15/2060
100‌
60‌
4.95%,
06/15/2052
816‌
732‌
Jefferies
Financial
Group
Inc
2.63%,
10/15/2031
100‌
87‌
Lazard
Group
LLC
4.38%,
03/11/2029
100‌
99‌
Lseg
Netherlands
BV
0.25%,
04/06/2028
EUR
100‌
107‌
Mastercard
Inc
1.90%,
03/15/2031
$
200‌
175‌
4.35%,
01/15/2032
877‌
869‌
Nasdaq
Inc
0.90%,
07/30/2033
EUR
100‌
94‌
5.35%,
06/28/2028
$
100‌
103‌
Nationstar
Mortgage
Holdings
Inc
5.50%,
08/15/2028
(j)
425‌
424‌
6.50%,
08/01/2029
(j)
2,600‌
2,659‌
7.13%,
02/01/2032
(j)
575‌
600‌
Nomura
Holdings
Inc
3.00%,
01/22/2032
200‌
178‌
7.00%,
07/15/2030
(h),(k),(n)
200‌
203‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.08%
OneMain
Finance
Corp
4.00%,
09/15/2030
1,300‌
1,191‌
7.13%,
11/15/2031
1,425‌
1,471‌
7.50%,
05/15/2031
1,925‌
2,006‌
7.88%,
03/15/2030
2,500‌
2,632‌
ORIX
Corp
5.20%,
09/13/2032
(i)
50‌
51‌
Oxford
Finance
LLC
/
Oxford
Finance
Co-Issuer
II
Inc
6.38%,
02/01/2027
(j)
4,750‌
4,738‌
Raymond
James
Financial
Inc
4.65%,
04/01/2030
200‌
202‌
Rfna
LP
7.88%,
02/15/2030
(j)
3,475‌
3,530‌
Rocket
Cos
Inc
6.13%,
08/01/2030
(j)
500‌
507‌
6.38%,
08/01/2033
(j)
1,100‌
1,122‌
Rocket
Mortgage
LLC
/
Rocket
Mortgage
Co-Issuer
Inc
3.88%,
03/01/2031
(j)
3,475‌
3,205‌
Sagen
MI
Canada
Inc
3.26%,
03/05/2031
CAD
100‌
67‌
SOCAR
Turkey
Enerji
AS
via
Steas
Funding
1
DAC
7.23%,
03/17/2026
$
1,800‌
1,789‌
Stonex
Escrow
Issuer
LLC
6.88%,
07/15/2032
(j)
2,525‌
2,570‌
StoneX
Group
Inc
7.88%,
03/01/2031
(j)
1,850‌
1,944‌
Synchrony
Financial
2.88%,
10/28/2031
100‌
87‌
5.15%,
03/19/2029
1,174‌
1,179‌
5.45%,
03/06/2031
(k)
378‌
381‌
Secured
Overnight
Financing
Rate
+
1.68%
USAA
Capital
Corp
4.38%,
06/01/2028
(j)
775‌
777‌
Visa
Inc
2.05%,
04/15/2030
100‌
91‌
3.65%,
09/15/2047
100‌
77‌
Voya
Financial
Inc
5.00%,
09/20/2034
341‌
333‌
$
84,590‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Electric
-
2.48%
AEP
Transmission
Co
LLC
4.50%,
06/15/2052
$
357‌
$
299‌
AES
Corp/The
2.45%,
01/15/2031
(i)
228‌
202‌
5.45%,
06/01/2028
629‌
639‌
Alabama
Power
Co
3.00%,
03/15/2052
150‌
97‌
Algonquin
Power
&
Utilities
Corp
5.37%,
06/15/2026
(l)
316‌
318‌
AltaLink
LP
4.87%,
11/15/2040
CAD
100‌
73‌
Ameren
Corp
5.70%,
12/01/2026
$
378‌
383‌
Ameren
Illinois
Co
3.85%,
09/01/2032
100‌
94‌
American
Electric
Power
Co
Inc
6.95%,
12/15/2054
(k)
600‌
633‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.68%
7.05%,
12/15/2054
(i),(k)
800‌
835‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.75%
Amprion
GmbH
4.13%,
09/07/2034
EUR
100‌
119‌
Appalachian
Power
Co
4.50%,
03/01/2049
$
100‌
81‌
7.00%,
04/01/2038
100‌
111‌
Arizona
Public
Service
Co
4.50%,
04/01/2042
100‌
85‌
Ausgrid
Finance
Pty
Ltd
1.81%,
02/05/2027
AUD
100‌
62‌
AusNet
Services
Holdings
Pty
Ltd
2.60%,
07/31/2029
100‌
60‌
Avangrid
Inc
3.80%,
06/01/2029
$
100‌
97‌
Baltimore
Gas
and
Electric
Co
5.40%,
06/01/2053
100‌
96‌
Brookfield
Infrastructure
Finance
ULC
5.98%,
02/14/2033
CAD
100‌
79‌
Brookfield
Renewable
Partners
ULC
5.88%,
11/09/2032
100‌
79‌
Bruce
Power
LP
4.70%,
12/21/2027
100‌
74‌
CenterPoint
Energy
Houston
Electric
LLC
5.05%,
03/01/2035
$
100‌
99‌
5.20%,
10/01/2028
150‌
154‌
CenterPoint
Energy
Inc
2.65%,
06/01/2031
100‌
89‌
6.85%,
02/15/2055
(k)
50‌
52‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.95%
CMS
Energy
Corp
3.75%,
12/01/2050
(k)
502‌
451‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.90%
4.75%,
06/01/2050
(k)
828‌
797‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.12%
Comision
Ejecutiva
Hidroelectrica
del
Rio
Lempa
8.65%,
01/24/2033
(j)
1,125‌
1,135‌
Comision
Federal
de
Electricidad
5.00%,
09/29/2036
1,394‌
1,233‌
Commonwealth
Edison
Co
3.80%,
10/01/2042
100‌
79‌
5.95%,
06/01/2055
185‌
192‌
Connecticut
Light
and
Power
Co/The
4.95%,
08/15/2034
100‌
100‌
Schedule
of
Investments
Diversified
Income
Fund
July
31,
2025
(unaudited)
41
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Electric
(continued)
Consolidated
Edison
Co
of
New
York
Inc
4.13%,
05/15/2049
$
703‌
$
553‌
4.45%,
03/15/2044
365‌
315‌
4.50%,
12/01/2045
528‌
451‌
4.50%,
05/15/2058
100‌
81‌
4.63%,
12/01/2054
100‌
84‌
Constellation
Energy
Generation
LLC
5.80%,
03/01/2033
100‌
106‌
Consumers
Energy
Co
3.60%,
08/15/2032
(i)
100‌
93‌
4.90%,
02/15/2029
100‌
102‌
Dominion
Energy
Inc
3.38%,
04/01/2030
100‌
95‌
4.85%,
08/15/2052
100‌
85‌
6.63%,
05/15/2055
1,050‌
1,076‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.41%
DTE
Electric
Co
3.95%,
03/01/2049
1,050‌
824‌
4.05%,
05/15/2048
100‌
80‌
DTE
Energy
Co
4.88%,
06/01/2028
665‌
672‌
Duke
Energy
Carolinas
LLC
3.55%,
03/15/2052
402‌
288‌
5.25%,
03/15/2035
100‌
102‌
5.40%,
01/15/2054
247‌
238‌
Duke
Energy
Corp
3.10%,
06/15/2028
EUR
100‌
115‌
3.75%,
09/01/2046
$
50‌
37‌
5.00%,
12/08/2027
200‌
203‌
5.80%,
06/15/2054
521‌
509‌
6.45%,
09/01/2054
(k)
50‌
51‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.59%
Duke
Energy
Florida
LLC
5.95%,
11/15/2052
342‌
352‌
Duke
Energy
Indiana
LLC
3.25%,
10/01/2049
100‌
68‌
5.40%,
04/01/2053
100‌
95‌
Duke
Energy
Ohio
Inc
5.55%,
03/15/2054
50‌
49‌
5.65%,
04/01/2053
260‌
257‌
Duke
Energy
Progress
LLC
2.50%,
08/15/2050
100‌
58‌
4.00%,
04/01/2052
545‌
417‌
Duquesne
Light
Holdings
Inc
2.53%,
10/01/2030
(j)
100‌
88‌
E.ON
International
Finance
BV
5.88%,
10/30/2037
GBP
100‌
133‌
E.ON
SE
3.50%,
10/26/2037
EUR
100‌
113‌
Eastern
European
Electric
Co
BV
6.50%,
05/15/2030
(j)
675‌
795‌
Eastern
Power
Networks
PLC
1.88%,
06/01/2035
GBP
100‌
97‌
Edison
International
5.25%,
11/15/2028
$
100‌
99‌
EDP
Finance
BV
3.88%,
03/11/2030
EUR
100‌
119‌
Emera
US
Finance
LP
2.64%,
06/15/2031
$
100‌
88‌
4.75%,
06/15/2046
784‌
647‌
Enel
Americas
SA
4.00%,
10/25/2026
100‌
99‌
Enel
Finance
International
NV
3.50%,
04/06/2028
(j)
347‌
338‌
4.50%,
02/20/2043
EUR
100‌
116‌
4.75%,
05/25/2047
(j)
$
283‌
239‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Electric
(continued)
Enel
Finance
International
NV
(continued)
5.13%,
06/26/2029
(j)
$
475‌
$
482‌
6.80%,
09/15/2037
(j)
100‌
111‌
Enel
SpA
4.25%,
01/14/2030
(h),(k)
EUR
100‌
117‌
Euribor
Swap
Rate
5
Year
+
2.01%
Energo-Pro
AS
8.00%,
05/27/2030
(j)
2,550‌
3,075‌
Engie
SA
2.13%,
03/30/2032
200‌
213‌
4.25%,
01/11/2043
100‌
113‌
5.25%,
04/10/2029
(j)
$
498‌
508‌
Entergy
Arkansas
LLC
4.20%,
04/01/2049
100‌
79‌
Entergy
Louisiana
LLC
2.35%,
06/15/2032
100‌
86‌
Entergy
Mississippi
LLC
3.85%,
06/01/2049
415‌
308‌
Entergy
Texas
Inc
4.50%,
03/30/2039
1,550‌
1,406‌
5.25%,
04/15/2035
359‌
362‌
5.55%,
09/15/2054
50‌
48‌
Eurogrid
GmbH
0.74%,
04/21/2033
EUR
100‌
93‌
Evergy
Kansas
Central
Inc
4.70%,
03/13/2028
$
236‌
238‌
Evergy
Metro
Inc
4.20%,
06/15/2047
100‌
80‌
Eversource
Energy
3.45%,
01/15/2050
100‌
70‌
Exelon
Corp
3.40%,
04/15/2026
100‌
99‌
4.10%,
03/15/2052
100‌
76‌
6.50%,
03/15/2055
(k)
100‌
102‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
1.98%
FirstEnergy
Corp
2.65%,
03/01/2030
100‌
92‌
3.40%,
03/01/2050
100‌
67‌
4.85%,
07/15/2047
660‌
561‌
FirstEnergy
Pennsylvania
Electric
Co
5.20%,
04/01/2028
(j)
1,039‌
1,058‌
FirstEnergy
Transmission
LLC
4.55%,
04/01/2049
(j)
1,298‌
1,084‌
Florida
Power
&
Light
Co
3.99%,
03/01/2049
100‌
78‌
4.05%,
10/01/2044
100‌
82‌
5.15%,
06/15/2029
878‌
904‌
5.30%,
06/15/2034
150‌
154‌
5.70%,
03/15/2055
(i)
50‌
50‌
FortisAlberta
Inc
4.27%,
09/22/2045
CAD
100‌
67‌
GDZ
Elektrik
Dagitim
AS
9.00%,
10/15/2029
$
525‌
508‌
Georgia
Power
Co
3.25%,
03/15/2051
1,070‌
731‌
Hydro
One
Inc
3.63%,
06/25/2049
CAD
100‌
60‌
4.25%,
01/04/2035
100‌
72‌
Iberdrola
Finanzas
SA
1.62%,
11/29/2029
EUR
100‌
110‌
4.88%,
04/25/2028
(h),(k)
100‌
119‌
EUR
Swap
Annual
(VS
6
Month)
5
Year
+
2.26%
Indianapolis
Power
&
Light
Co
5.70%,
04/01/2054
(j)
$
50‌
49‌
Interstate
Power
and
Light
Co
3.50%,
09/30/2049
714‌
500‌
Schedule
of
Investments
Diversified
Income
Fund
July
31,
2025
(unaudited)
42
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Electric
(continued)
ITC
Holdings
Corp
3.35%,
11/15/2027
$
100‌
$
97‌
Kentucky
Power
Co
7.00%,
11/15/2033
(j)
1,243‌
1,331‌
Kentucky
Utilities
Co
5.13%,
11/01/2040
100‌
97‌
Liberty
Utilities
Finance
GP
1
2.05%,
09/15/2030
(j)
462‌
405‌
Lightning
Power
LLC
7.25%,
08/15/2032
(j)
1,675‌
1,751‌
MidAmerican
Energy
Co
5.30%,
02/01/2055
50‌
47‌
5.35%,
01/15/2034
50‌
51‌
5.85%,
09/15/2054
50‌
51‌
Narragansett
Electric
Co/The
5.35%,
05/01/2034
(j)
606‌
613‌
National
Grid
Electricity
Distribution
West
Midlands
PLC
5.75%,
04/16/2032
GBP
100‌
136‌
National
Grid
PLC
0.25%,
09/01/2028
EUR
100‌
106‌
0.55%,
09/18/2029
100‌
104‌
National
Rural
Utilities
Cooperative
Finance
Corp
4.12%,
09/16/2027
$
983‌
980‌
4.75%,
02/07/2028
673‌
679‌
Naturgy
Finance
Iberia
SA
1.50%,
01/29/2028
EUR
100‌
111‌
Network
Finance
Co
Pty
Ltd
2.58%,
10/03/2028
AUD
100‌
61‌
Nevada
Power
Co
3.13%,
08/01/2050
$
100‌
64‌
New
England
Power
Co
3.80%,
12/05/2047
(j)
100‌
76‌
New
York
State
Electric
&
Gas
Corp
5.85%,
08/15/2033
(j)
591‌
620‌
NextEra
Energy
Capital
Holdings
Inc
1.88%,
01/15/2027
200‌
193‌
4.69%,
09/01/2027
(o)
438‌
440‌
5.30%,
03/15/2032
941‌
966‌
5.65%,
05/01/2079
(k)
100‌
99‌
3
Month
USD
LIBOR
+
3.16%
5.90%,
03/15/2055
775‌
773‌
Niagara
Mohawk
Power
Corp
5.66%,
01/17/2054
(j)
50‌
48‌
Northern
Powergrid
Northeast
PLC
1.88%,
06/16/2062
GBP
100‌
50‌
Northern
States
Power
Co/MN
2.60%,
06/01/2051
$
100‌
60‌
NRG
Energy
Inc
7.00%,
03/15/2033
(j)
50‌
55‌
Oglethorpe
Power
Corp
3.75%,
08/01/2050
100‌
71‌
Oklahoma
Gas
and
Electric
Co
3.25%,
04/01/2030
(i)
100‌
94‌
Oncor
Electric
Delivery
Co
LLC
3.70%,
05/15/2050
100‌
73‌
4.15%,
06/01/2032
573‌
551‌
5.75%,
03/15/2029
200‌
208‌
Pacific
Gas
and
Electric
Co
3.30%,
03/15/2027
150‌
147‌
3.30%,
08/01/2040
150‌
110‌
3.95%,
12/01/2047
(i)
304‌
218‌
4.30%,
03/15/2045
1,200‌
923‌
5.00%,
06/04/2028
50‌
50‌
6.10%,
01/15/2029
75‌
78‌
6.75%,
01/15/2053
100‌
104‌
PacifiCorp
4.10%,
02/01/2042
100‌
80‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Electric
(continued)
PPL
Capital
Funding
Inc
5.25%,
09/01/2034
$
312‌
$
315‌
Public
Service
Co
of
Colorado
1.90%,
01/15/2031
100‌
87‌
2.70%,
01/15/2051
1,816‌
1,075‌
3.70%,
06/15/2028
681‌
671‌
4.10%,
06/15/2048
888‌
687‌
Public
Service
Co
of
Oklahoma
2.20%,
08/15/2031
804‌
696‌
5.45%,
01/15/2036
50‌
50‌
Public
Service
Electric
and
Gas
Co
4.85%,
08/01/2034
410‌
409‌
Public
Service
Enterprise
Group
Inc
2.45%,
11/15/2031
100‌
87‌
Puget
Energy
Inc
4.10%,
06/15/2030
100‌
96‌
Puget
Sound
Energy
Inc
5.69%,
06/15/2054
502‌
494‌
Red
Electrica
Financiaciones
SA
1.25%,
03/13/2027
EUR
100‌
112‌
RWE
AG
2.75%,
05/24/2030
100‌
114‌
RWE
Finance
US
LLC
6.25%,
04/16/2054
(j)
$
1,126‌
1,130‌
Saavi
Energia
Sarl
8.88%,
02/10/2035
(j)
2,175‌
2,264‌
San
Diego
Gas
&
Electric
Co
4.95%,
08/15/2028
100‌
102‌
5.40%,
04/15/2035
50‌
51‌
Sempra
4.13%,
04/01/2052
(k)
75‌
72‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.87%
6.55%,
04/01/2055
(k)
50‌
48‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.14%
Southern
California
Edison
Co
3.60%,
02/01/2045
(i)
100‌
70‌
5.95%,
11/01/2032
200‌
207‌
Southern
Co/The
3.75%,
09/15/2051
(k)
2,000‌
1,968‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.92%
4.85%,
06/15/2028
100‌
101‌
Southern
Power
Co
5.25%,
07/15/2043
100‌
94‌
Southwestern
Public
Service
Co
6.00%,
06/01/2054
50‌
50‌
SSE
PLC
4.00%,
01/21/2028
(h),(k)
EUR
100‌
116‌
EUR
Swap
Annual
(VS
6
Month)
5
Year
+
2.70%
Trans-Allegheny
Interstate
Line
Co
5.00%,
01/15/2031
(j)
$
475‌
481‌
Union
Electric
Co
3.25%,
10/01/2049
100‌
67‌
3.90%,
04/01/2052
496‌
375‌
Virginia
Electric
and
Power
Co
2.40%,
03/30/2032
150‌
130‌
4.60%,
12/01/2048
50‌
42‌
5.05%,
08/15/2034
100‌
100‌
5.55%,
08/15/2054
253‌
244‌
Vistra
Operations
Co
LLC
6.95%,
10/15/2033
(j)
100‌
110‌
WEC
Energy
Group
Inc
2.20%,
12/15/2028
100‌
93‌
Schedule
of
Investments
Diversified
Income
Fund
July
31,
2025
(unaudited)
43
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Electric
(continued)
Wisconsin
Power
and
Light
Co
3.95%,
09/01/2032
$
499‌
$
471‌
5.38%,
03/30/2034
100‌
102‌
Xcel
Energy
Inc
5.45%,
08/15/2033
100‌
101‌
$
59,589‌
Electrical
Components
&
Equipment
-
0.06%
Emerson
Electric
Co
0.88%,
10/15/2026
(i)
100‌
96‌
Schneider
Electric
SE
3.38%,
04/13/2034
EUR
100‌
115‌
WESCO
Distribution
Inc
6.63%,
03/15/2032
(j)
$
1,125‌
1,161‌
$
1,372‌
Electronics
-
0.22%
Allegion
US
Holding
Co
Inc
5.41%,
07/01/2032
567‌
582‌
5.60%,
05/29/2034
591‌
604‌
Honeywell
International
Inc
1.10%,
03/01/2027
100‌
95‌
1.95%,
06/01/2030
100‌
89‌
2.50%,
11/01/2026
100‌
98‌
4.50%,
01/15/2034
100‌
97‌
4.95%,
09/01/2031
591‌
603‌
5.35%,
03/01/2064
50‌
47‌
Keysight
Technologies
Inc
4.60%,
04/06/2027
100‌
100‌
Trimble
Inc
6.10%,
03/15/2033
418‌
443‌
Tyco
Electronics
Group
SA
5.00%,
05/09/2035
1,186‌
1,187‌
Vontier
Corp
2.40%,
04/01/2028
100‌
94‌
2.95%,
04/01/2031
1,329‌
1,195‌
$
5,234‌
Energy
-
Alternate
Sources
-
0.07%
FS
Luxembourg
Sarl
8.63%,
06/25/2033
(i),(j)
900‌
897‌
8.88%,
02/12/2031
(j)
633‌
657‌
8.88%,
02/12/2031
180‌
187‌
$
1,741‌
Engineering
&
Construction
-
0.61%
Aeroports
de
Montreal
3.03%,
04/21/2050
CAD
75‌
41‌
Aeropuertos
Dominicanos
Siglo
XXI
SA
7.00%,
06/30/2034
(j)
$
200‌
206‌
ATP
Tower
Holdings
/
Andean
Telecom
Partners
Chile
SpA
/
Andean
Tower
Partners
Colombia
SAS
7.88%,
02/03/2030
(j)
1,875‌
1,902‌
Bouygues
SA
2.25%,
06/29/2029
EUR
200‌
224‌
Brundage-Bone
Concrete
Pumping
Holdings
Inc
7.50%,
02/01/2032
(j)
$
1,400‌
1,394‌
Cellnex
Finance
Co
SA
2.00%,
02/15/2033
EUR
100‌
103‌
Gatwick
Funding
Ltd
2.88%,
07/05/2051
GBP
100‌
77‌
Heathrow
Funding
Ltd
1.88%,
03/14/2036
EUR
100‌
99‌
HOCHTIEF
AG
0.63%,
04/26/2029
100‌
106‌
ICA
ICTAS
Altyapi
Yavuz
Sultan
Selim
Koprusu
Ve
Kuzey
Cevre
Otoyolu
Yatirim
Ve
I
7.54%,
10/31/2027
$
1,850‌
1,866‌
IHS
Holding
Ltd
7.88%,
05/29/2030
(j)
1,500‌
1,519‌
8.25%,
11/29/2031
325‌
331‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Engineering
&
Construction
(continued)
IHS
Netherlands
Holdco
BV
8.00%,
09/18/2027
$
1,684‌
$
1,691‌
Jacobs
Engineering
Group
Inc
6.35%,
08/18/2028
50‌
52‌
Kingston
Airport
Revenue
Finance
Ltd
6.75%,
12/15/2036
(j)
2,125‌
2,135‌
MasTec
Inc
5.90%,
06/15/2029
560‌
579‌
Sitios
Latinoamerica
SAB
de
CV
6.00%,
11/25/2029
(j)
2,025‌
2,073‌
Sydney
Airport
Finance
Co
Pty
Ltd
4.38%,
05/03/2033
EUR
100‌
120‌
Vancouver
Airport
Authority
1.76%,
09/20/2030
CAD
250‌
166‌
$
14,684‌
Entertainment
-
1.25%
Caesars
Entertainment
Inc
4.63%,
10/15/2029
(j)
$
2,025‌
1,914‌
7.00%,
02/15/2030
(j)
4,925‌
5,080‌
Cinemark
USA
Inc
5.25%,
07/15/2028
(j)
3,825‌
3,798‌
7.00%,
08/01/2032
(j)
825‌
852‌
Light
&
Wonder
International
Inc
7.50%,
09/01/2031
(j)
1,200‌
1,251‌
Rivers
Enterprise
Borrower
LLC
/
Rivers
Enterprise
Finance
Corp
6.63%,
02/01/2033
(j)
3,675‌
3,710‌
Scientific
Games
Holdings
LP/Scientific
Games
US
FinCo
Inc
6.63%,
03/01/2030
(j)
2,960‌
2,852‌
Six
Flags
Entertainment
Corp
/Six
Flags
Theme
Parks
Inc/
Canada's
Wonderland
Co
6.63%,
05/01/2032
(j)
950‌
967‌
Speedway
Motorsports
LLC
/
Speedway
Funding
II
Inc
4.88%,
11/01/2027
(j)
2,925‌
2,893‌
Voyager
Parent
LLC
9.25%,
07/01/2032
(j)
3,525‌
3,729‌
Warnermedia
Holdings
Inc
4.28%,
03/15/2032
317‌
266‌
5.05%,
03/15/2042
1,076‌
719‌
Wynn
Resorts
Finance
LLC
/
Wynn
Resorts
Capital
Corp
5.13%,
10/01/2029
(j)
600‌
595‌
7.13%,
02/15/2031
(j)
1,350‌
1,436‌
$
30,062‌
Environmental
Control
-
0.70%
Madison
IAQ
LLC
5.88%,
06/30/2029
(j)
8,118‌
7,904‌
Republic
Services
Inc
4.75%,
07/15/2030
940‌
954‌
5.00%,
04/01/2034
100‌
101‌
Reworld
Holding
Corp
4.88%,
12/01/2029
(j)
1,875‌
1,791‌
Waste
Connections
Inc
2.20%,
01/15/2032
1,334‌
1,152‌
2.60%,
02/01/2030
50‌
46‌
5.25%,
09/01/2035
309‌
313‌
Waste
Management
Inc
3.15%,
11/15/2027
100‌
98‌
4.63%,
02/15/2033
100‌
100‌
4.95%,
07/03/2027
(i)
870‌
882‌
Waste
Pro
USA
Inc
7.00%,
02/01/2033
(j)
3,275‌
3,398‌
$
16,739‌
Schedule
of
Investments
Diversified
Income
Fund
July
31,
2025
(unaudited)
44
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Food
-
1.90%
Aragvi
Finance
International
DAC
11.13%,
11/20/2029
(j)
$
2,325‌
$
2,332‌
11.13%,
11/20/2029
575‌
577‌
Carrefour
SA
1.88%,
10/30/2026
EUR
100‌
113‌
Conagra
Brands
Inc
4.85%,
11/01/2028
$
100‌
100‌
5.00%,
08/01/2030
50‌
50‌
5.40%,
11/01/2048
429‌
378‌
7.00%,
10/01/2028
773‌
822‌
Danone
SA
0.52%,
11/09/2030
EUR
100‌
101‌
Fiesta
Purchaser
Inc
7.88%,
03/01/2031
(j)
$
4,690‌
4,956‌
9.63%,
09/15/2032
(j)
1,880‌
1,987‌
Froneri
Lux
FinCo
SARL
4.75%,
08/01/2032
(j),(o)
EUR
2,700‌
3,104‌
General
Mills
Inc
4.20%,
04/17/2028
$
100‌
100‌
Grupo
Nutresa
SA
8.00%,
05/12/2030
(j)
1,850‌
1,952‌
Hershey
Co/The
4.55%,
02/24/2028
502‌
507‌
Hormel
Foods
Corp
1.70%,
06/03/2028
100‌
93‌
4.80%,
03/30/2027
793‌
798‌
J
M
Smucker
Co/The
6.20%,
11/15/2033
50‌
53‌
JBS
USA
Holding
Lux
Sarl
/
JBS
USA
Foods
Group
Holdings
Inc
/
JBS
USA
Food
Co
6.38%,
04/15/2066
(j)
375‌
370‌
JBS
USA
Holding
Lux
Sarl/
JBS
USA
Food
Co/
JBS
Lux
Co
Sarl
6.50%,
12/01/2052
50‌
51‌
Kellanova
7.45%,
04/01/2031
1,324‌
1,507‌
Kraft
Heinz
Foods
Co
3.75%,
04/01/2030
50‌
48‌
3.88%,
05/15/2027
200‌
198‌
4.38%,
06/01/2046
1,648‌
1,309‌
5.20%,
03/15/2032
451‌
454‌
5.50%,
06/01/2050
100‌
90‌
Kroger
Co/The
3.88%,
10/15/2046
258‌
195‌
4.65%,
01/15/2048
50‌
42‌
5.00%,
09/15/2034
405‌
401‌
5.50%,
09/15/2054
849‌
801‌
5.65%,
09/15/2064
1,302‌
1,228‌
Lamb
Weston
Holdings
Inc
4.38%,
01/31/2032
(j)
1,025‌
958‌
Loblaw
Cos
Ltd
5.01%,
09/13/2032
CAD
100‌
76‌
Mars
Inc
3.95%,
04/01/2044
(j)
$
100‌
81‌
4.65%,
04/20/2031
(j)
1,071‌
1,076‌
4.80%,
03/01/2030
(j)
50‌
51‌
5.65%,
05/01/2045
(j)
751‌
746‌
5.70%,
05/01/2055
(j)
552‌
544‌
Mondelez
International
Holdings
Netherlands
BV
0.25%,
09/09/2029
EUR
100‌
104‌
Mondelez
International
Inc
0.25%,
03/17/2028
100‌
108‌
5.13%,
05/06/2035
$
50‌
50‌
Nestle
Finance
International
Ltd
1.25%,
03/29/2031
EUR
200‌
211‌
3.75%,
03/13/2033
100‌
120‌
Nestle
Holdings
Inc
2.63%,
09/14/2051
(j)
$
150‌
92‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Food
(continued)
Performance
Food
Group
Inc
6.13%,
09/15/2032
(j)
$
1,075‌
$
1,092‌
Pilgrim's
Pride
Corp
6.25%,
07/01/2033
100‌
105‌
Post
Holdings
Inc
4.50%,
09/15/2031
(j)
4,800‌
4,437‌
4.63%,
04/15/2030
(j)
200‌
191‌
6.25%,
10/15/2034
(j)
990‌
991‌
Simmons
Foods
Inc/Simmons
Prepared
Foods
Inc/
Simmons
Pet
Food
Inc/Simmons
Feed
4.63%,
03/01/2029
(j)
4,850‌
4,590‌
Smithfield
Foods
Inc
2.63%,
09/13/2031
(j)
100‌
86‌
Sysco
Corp
4.45%,
03/15/2048
1,006‌
835‌
4.50%,
04/01/2046
969‌
815‌
5.10%,
09/23/2030
896‌
915‌
6.60%,
04/01/2050
50‌
54‌
Tesco
Corporate
Treasury
Services
PLC
2.75%,
04/27/2030
GBP
100‌
121‌
Tyson
Foods
Inc
5.10%,
09/28/2048
$
100‌
89‌
US
Foods
Inc
4.63%,
06/01/2030
(j)
100‌
96‌
7.25%,
01/15/2032
(j)
2,101‌
2,189‌
Woolworths
Group
Ltd
5.91%,
11/29/2034
AUD
100‌
67‌
$
45,607‌
Forest
Products
&
Paper
-
0.20%
Georgia-Pacific
LLC
0.95%,
05/15/2026
(i),(j)
$
960‌
933‌
2.30%,
04/30/2030
(j)
100‌
90‌
4.40%,
06/30/2028
(j)
309‌
310‌
International
Paper
Co
4.40%,
08/15/2047
75‌
60‌
LD
Celulose
International
GmbH
7.95%,
01/26/2032
(j)
750‌
784‌
Magnera
Corp
4.75%,
11/15/2029
(j)
950‌
840‌
7.25%,
11/15/2031
(j)
1,875‌
1,765‌
Suzano
Austria
GmbH
3.13%,
01/15/2032
100‌
88‌
$
4,870‌
Gas
-
0.29%
APA
Infrastructure
Ltd
5.13%,
09/16/2034
(j)
100‌
99‌
Atmos
Energy
Corp
1.50%,
01/15/2031
100‌
85‌
Brooklyn
Union
Gas
Co/The
6.39%,
09/15/2033
(j)
150‌
159‌
6.42%,
07/18/2054
(j)
447‌
459‌
Cadent
Finance
PLC
5.75%,
03/14/2034
GBP
100‌
134‌
CU
Inc
5.09%,
09/20/2053
CAD
75‌
57‌
Enbridge
Gas
Inc
4.00%,
08/22/2044
100‌
64‌
ENN
Energy
Holdings
Ltd
2.63%,
09/17/2030
$
200‌
181‌
EP
Infrastructure
AS
2.05%,
10/09/2028
EUR
100‌
110‌
Italgas
SpA
1.00%,
12/11/2031
100‌
100‌
KeySpan
Gas
East
Corp
5.99%,
03/06/2033
(j)
$
822‌
852‌
Schedule
of
Investments
Diversified
Income
Fund
July
31,
2025
(unaudited)
45
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Gas
(continued)
NiSource
Inc
5.65%,
02/01/2045
$
100‌
$
97‌
5.85%,
04/01/2055
260‌
257‌
6.38%,
03/31/2055
(k)
1,800‌
1,823‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.53%
Piedmont
Natural
Gas
Co
Inc
5.10%,
02/15/2035
100‌
100‌
Snam
SpA
1.25%,
06/20/2034
EUR
100‌
95‌
Southern
California
Gas
Co
3.95%,
02/15/2050
$
25‌
19‌
5.60%,
04/01/2054
371‌
363‌
Southern
Co
Gas
Capital
Corp
1.75%,
01/15/2031
75‌
64‌
Venture
Global
Plaquemines
LNG
LLC
7.75%,
05/01/2035
(j)
1,650‌
1,809‌
Vier
Gas
Transport
GmbH
4.63%,
09/26/2032
EUR
100‌
122‌
$
7,049‌
Hand
&
Machine
Tools
-
0.05%
Stanley
Black
&
Decker
Inc
6.71%,
03/15/2060
(k)
$
1,193‌
1,161‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.66%
Healthcare
-
Products
-
0.62%
Abbott
Laboratories
3.75%,
11/30/2026
200‌
199‌
4.75%,
04/15/2043
100‌
93‌
Agilent
Technologies
Inc
2.30%,
03/12/2031
1,322‌
1,168‌
2.75%,
09/15/2029
1,114‌
1,041‌
American
Medical
Systems
Europe
BV
1.38%,
03/08/2028
EUR
100‌
111‌
Baxter
International
Inc
2.54%,
02/01/2032
(i)
$
100‌
87‌
3.95%,
04/01/2030
100‌
97‌
Boston
Scientific
Corp
2.65%,
06/01/2030
100‌
92‌
DH
Europe
Finance
II
Sarl
3.40%,
11/15/2049
100‌
71‌
EssilorLuxottica
SA
0.50%,
06/05/2028
EUR
100‌
109‌
GE
HealthCare
Technologies
Inc
5.50%,
06/15/2035
$
363‌
371‌
5.65%,
11/15/2027
1,773‌
1,818‌
Koninklijke
Philips
NV
4.25%,
09/08/2031
EUR
100‌
121‌
Medline
Borrower
LP
5.25%,
10/01/2029
(j)
$
1,675‌
1,642‌
Medtronic
Global
Holdings
SCA
1.13%,
03/07/2027
EUR
100‌
112‌
1.63%,
10/15/2050
100‌
69‌
Medtronic
Inc
4.38%,
03/15/2035
$
100‌
96‌
Molnlycke
Holding
AB
4.25%,
09/08/2028
EUR
100‌
118‌
Neogen
Food
Safety
Corp
8.63%,
07/20/2030
(i),(j)
$
885‌
894‌
Sartorius
Finance
BV
4.88%,
09/14/2035
EUR
100‌
121‌
Solventum
Corp
5.90%,
04/30/2054
$
50‌
50‌
Sotera
Health
Holdings
LLC
7.38%,
06/01/2031
(j)
4,150‌
4,293‌
STERIS
Irish
FinCo
UnLtd
Co
3.75%,
03/15/2051
1,394‌
980‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Healthcare
-
Products
(continued)
Stryker
Corp
0.75%,
03/01/2029
EUR
100‌
$
106‌
4.85%,
12/08/2028
$
100‌
102‌
Thermo
Fisher
Scientific
Inc
1.50%,
10/01/2039
EUR
100‌
85‌
2.04%,
03/07/2036
CHF
50‌
65‌
5.00%,
01/31/2029
$
548‌
561‌
5.40%,
08/10/2043
100‌
99‌
Zimmer
Biomet
Holdings
Inc
1.16%,
11/15/2027
EUR
100‌
111‌
$
14,882‌
Healthcare
-
Services
-
2.13%
Acadia
Healthcare
Co
Inc
5.00%,
04/15/2029
(j)
$
1,725‌
1,667‌
5.50%,
07/01/2028
(j)
80‌
79‌
7.38%,
03/15/2033
(i),(j)
3,790‌
3,902‌
Aetna
Inc
4.75%,
03/15/2044
100‌
84‌
Banner
Health
2.34%,
01/01/2030
50‌
46‌
Centene
Corp
2.50%,
03/01/2031
200‌
168‌
4.25%,
12/15/2027
50‌
48‌
Cigna
Group/The
2.38%,
03/15/2031
558‌
495‌
3.40%,
03/01/2027
100‌
98‌
3.40%,
03/15/2050
1,496‌
1,005‌
3.88%,
10/15/2047
291‌
216‌
4.38%,
10/15/2028
447‌
445‌
4.80%,
08/15/2038
200‌
186‌
CommonSpirit
Health
4.19%,
10/01/2049
100‌
78‌
Concentra
Health
Services
Inc
6.88%,
07/15/2032
(j)
1,075‌
1,105‌
DaVita
Inc
3.75%,
02/15/2031
(j)
650‌
589‌
4.63%,
06/01/2030
(j)
2,525‌
2,408‌
6.75%,
07/15/2033
(j)
1,525‌
1,573‌
6.88%,
09/01/2032
(j)
525‌
540‌
Elevance
Health
Inc
3.60%,
03/15/2051
150‌
104‌
4.55%,
03/01/2048
100‌
82‌
6.10%,
10/15/2052
89‌
90‌
Eurofins
Scientific
SE
4.75%,
09/06/2030
EUR
100‌
121‌
Fresenius
Medical
Care
US
Finance
III
Inc
3.75%,
06/15/2029
(j)
$
150‌
144‌
Fresenius
SE
&
Co
KGaA
2.88%,
05/24/2030
EUR
100‌
115‌
Hackensack
Meridian
Health
Inc
2.88%,
09/01/2050
$
100‌
62‌
HCA
Inc
3.38%,
03/15/2029
377‌
361‌
3.50%,
09/01/2030
798‌
752‌
3.50%,
07/15/2051
972‌
639‌
4.50%,
02/15/2027
100‌
100‌
4.63%,
03/15/2052
1,180‌
943‌
5.25%,
06/15/2049
526‌
465‌
5.45%,
04/01/2031
577‌
593‌
5.50%,
03/01/2032
666‌
684‌
5.75%,
03/01/2035
100‌
102‌
6.10%,
04/01/2064
50‌
48‌
Health
Care
Service
Corp
A
Mutual
Legal
Reserve
Co
5.45%,
06/15/2034
(j)
100‌
101‌
Schedule
of
Investments
Diversified
Income
Fund
July
31,
2025
(unaudited)
46
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Healthcare
-
Services
(continued)
Humana
Inc
3.13%,
08/15/2029
$
100‌
$
94‌
4.88%,
04/01/2030
974‌
979‌
5.55%,
05/01/2035
50‌
50‌
5.75%,
04/15/2054
50‌
46‌
5.88%,
03/01/2033
302‌
312‌
Kaiser
Foundation
Hospitals
4.15%,
05/01/2047
100‌
82‌
LifePoint
Health
Inc
9.88%,
08/15/2030
(j)
775‌
835‌
10.00%,
06/01/2032
(j)
3,125‌
3,244‌
11.00%,
10/15/2030
(j)
1,150‌
1,264‌
Lonza
Finance
International
NV
3.25%,
09/04/2030
EUR
100‌
115‌
Mass
General
Brigham
Inc
3.34%,
07/01/2060
$
100‌
65‌
Memorial
Sloan-Kettering
Cancer
Center
2.96%,
01/01/2050
100‌
65‌
Montefiore
Obligated
Group
5.25%,
11/01/2048
25‌
20‌
Providence
St
Joseph
Health
Obligated
Group
5.37%,
10/01/2032
50‌
51‌
Quest
Diagnostics
Inc
5.00%,
12/15/2034
703‌
698‌
Roche
Holdings
Inc
2.61%,
12/13/2051
(j)
200‌
121‌
4.91%,
03/08/2031
(j)
971‌
989‌
5.49%,
11/13/2030
(j)
3,341‌
3,509‌
Select
Medical
Corp
6.25%,
12/01/2032
(i),(j)
1,975‌
1,970‌
Surgery
Center
Holdings
Inc
7.25%,
04/15/2032
(j)
10,710‌
11,012‌
Team
Health
Holdings
Inc
9.00%,
PIK
4.50%;
06/30/2028
(j),(l),(m)
497‌
536‌
Tenet
Healthcare
Corp
6.13%,
10/01/2028
2,550‌
2,550‌
UnitedHealth
Group
Inc
2.88%,
08/15/2029
100‌
94‌
3.05%,
05/15/2041
50‌
36‌
4.75%,
05/15/2052
632‌
531‌
4.90%,
04/15/2031
624‌
631‌
4.95%,
05/15/2062
342‌
288‌
5.00%,
04/15/2034
200‌
198‌
5.05%,
04/15/2053
100‌
88‌
5.15%,
07/15/2034
100‌
100‌
5.20%,
04/15/2063
100‌
87‌
5.30%,
02/15/2030
100‌
103‌
5.63%,
07/15/2054
100‌
95‌
$
51,096‌
Home
Builders
-
0.02%
Lennar
Corp
5.20%,
07/30/2030
438‌
446‌
Home
Equity
Asset
Backed
Securities
-
0.06%
New
Century
Home
Equity
Loan
Trust
Series
2003-B
5.44%,
10/25/2033
114‌
113‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
1.09%
Structured
Asset
Securities
Corp
Mortgage
Loan
Trust
2007-BC2
4.77%,
03/25/2037
1,892‌
1,251‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
0.41%
$
1,364‌
Insurance
-
3.72%
Acrisure
LLC
/
Acrisure
Finance
Inc
7.50%,
11/06/2030
(j)
300‌
310‌
8.25%,
02/01/2029
(j)
3,850‌
3,984‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Insurance
(continued)
AIA
Group
Ltd
4.95%,
04/04/2033
(i),(j)
$
200‌
$
201‌
Alliant
Holdings
Intermediate
LLC
/
Alliant
Holdings
Co-Issuer
6.50%,
10/01/2031
(j)
4,950‌
5,022‌
Allianz
Finance
II
BV
0.50%,
01/14/2031
EUR
100‌
102‌
Allianz
SE
4.25%,
07/05/2052
(k)
100‌
118‌
3
Month
Euro
Interbank
Offered
Rate
+
3.55%
Allstate
Corp/The
5.25%,
03/30/2033
$
100‌
102‌
American
International
Group
Inc
5.13%,
03/27/2033
100‌
101‌
American
National
Global
Funding
5.55%,
01/28/2030
(j)
50‌
51‌
AmFam
Holdings
Inc
2.81%,
03/11/2031
(j)
50‌
43‌
AmWINS
Group
Inc
4.88%,
06/30/2029
(j)
4,475‌
4,347‌
Amynta
Agency
Borrower
Inc
and
Amynta
Warranty
Borrower
Inc
7.50%,
07/15/2033
(j)
1,700‌
1,705‌
Aon
Corp
/
Aon
Global
Holdings
PLC
3.90%,
02/28/2052
100‌
73‌
Aon
North
America
Inc
5.30%,
03/01/2031
1,137‌
1,171‌
5.75%,
03/01/2054
374‌
364‌
Ardonagh
Finco
Ltd
7.75%,
02/15/2031
(j)
200‌
209‌
Ardonagh
Group
Finance
Ltd
8.88%,
02/15/2032
(j)
7,075‌
7,440‌
Argentum
Netherlands
BV
for
Swiss
Re
Ltd
5.75%,
08/15/2050
(k)
1,500‌
1,500‌
3
Month
USD
LIBOR
+
3.59%
Arthur
J
Gallagher
&
Co
4.85%,
12/15/2029
517‌
522‌
5.15%,
02/15/2035
100‌
99‌
5.75%,
03/02/2053
819‌
793‌
ASR
Nederland
NV
3.38%,
05/02/2049
(k)
EUR
100‌
114‌
EUR
Swap
Annual
(VS
6
Month)
5
Year
+
4.00%
AssuredPartners
Inc
5.63%,
01/15/2029
(j)
$
700‌
699‌
Athene
Global
Funding
1.61%,
06/29/2026
(j)
100‌
97‌
1.73%,
10/02/2026
(j)
880‌
850‌
4.86%,
08/27/2026
(j)
830‌
833‌
5.32%,
11/13/2031
(j)
1,278‌
1,286‌
Athene
Holding
Ltd
3.45%,
05/15/2052
770‌
488‌
6.25%,
04/01/2054
100‌
99‌
Aviva
PLC
6.88%,
05/20/2058
(k)
GBP
50‌
68‌
SONIA
Interest
Rate
Benchmark
+
3.38%
AXA
SA
3.25%,
05/28/2049
(k)
EUR
100‌
115‌
3
Month
Euro
Interbank
Offered
Rate
+
3.20%
3.38%,
07/06/2047
(k)
100‌
115‌
3
Month
Euro
Interbank
Offered
Rate
+
3.75%
Berkshire
Hathaway
Finance
Corp
2.38%,
06/19/2039
GBP
100‌
91‌
2.50%,
01/15/2051
$
150‌
88‌
2.88%,
03/15/2032
100‌
92‌
Schedule
of
Investments
Diversified
Income
Fund
July
31,
2025
(unaudited)
47
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Insurance
(continued)
Brighthouse
Financial
Inc
4.70%,
06/22/2047
$
50‌
$
37‌
Brown
&
Brown
Inc
5.65%,
06/11/2034
100‌
102‌
Chubb
Corp/The
6.50%,
05/15/2038
100‌
112‌
Chubb
INA
Holdings
LLC
1.38%,
09/15/2030
100‌
86‌
4.65%,
08/15/2029
1,233‌
1,249‌
Cloverie
PLC
for
Zurich
Insurance
Co
Ltd
1.50%,
12/15/2028
EUR
200‌
219‌
Corebridge
Financial
Inc
3.90%,
04/05/2032
$
100‌
94‌
Corebridge
Global
Funding
5.90%,
09/19/2028
(j)
100‌
104‌
Credit
Agricole
Assurances
SA
2.00%,
07/17/2030
EUR
100‌
107‌
Empower
Finance
2020
LP
1.36%,
09/17/2027
(j)
$
200‌
187‌
Equitable
Financial
Life
Global
Funding
1.30%,
07/12/2026
(j)
1,458‌
1,416‌
5.00%,
03/27/2030
(j)
200‌
203‌
F&G
Annuities
&
Life
Inc
6.25%,
10/04/2034
(i)
252‌
251‌
F&G
Global
Funding
2.30%,
04/11/2027
(j)
1,080‌
1,038‌
Fairfax
Financial
Holdings
Ltd
4.23%,
06/14/2029
CAD
100‌
74‌
6.00%,
12/07/2033
$
100‌
104‌
Farmers
Insurance
Exchange
4.75%,
11/01/2057
(j),(k)
50‌
41‌
3
Month
USD
LIBOR
+
3.23%
Generali
2.12%,
10/01/2030
EUR
150‌
164‌
Global
Atlantic
Fin
Co
4.40%,
10/15/2029
(j)
$
150‌
146‌
Great-West
Lifeco
Inc
2.38%,
05/14/2030
CAD
100‌
69‌
Guardian
Life
Insurance
Co
of
America/The
4.88%,
06/19/2064
(j)
$
50‌
43‌
Hannover
Rueck
SE
5.88%,
08/26/2043
(k)
EUR
100‌
130‌
3
Month
Euro
Interbank
Offered
Rate
+
3.75%
Howden
UK
Refinance
PLC
/
Howden
UK
Refinance
2
PLC
/
Howden
US
Refinance
LLC
7.25%,
02/15/2031
(j)
$
1,975‌
2,045‌
8.13%,
02/15/2032
(j)
2,225‌
2,317‌
HUB
International
Ltd
7.38%,
01/31/2032
(j)
7,010‌
7,299‌
Jackson
Financial
Inc
5.17%,
06/08/2027
100‌
101‌
Jones
Deslauriers
Insurance
Management
Inc
8.50%,
03/15/2030
(j)
1,830‌
1,931‌
La
Mondiale
SAM
4.80%,
01/18/2048
(k)
200‌
196‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.24%
Legal
&
General
Group
PLC
4.50%,
11/01/2050
(k)
GBP
100‌
127‌
Generic
Britain
5
Year
Government
Bond
+
5.25%
Liberty
Mutual
Group
Inc
3.95%,
05/15/2060
(j)
$
100‌
68‌
4.30%,
02/01/2061
(j)
2,435‌
1,495‌
7.80%,
03/07/2087
(j)
2,000‌
2,336‌
3
Month
USD
LIBOR
+
3.58%
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Insurance
(continued)
Lincoln
National
Corp
3.40%,
03/01/2032
$
100‌
$
91‌
M&G
PLC
5.63%,
10/20/2051
(k)
GBP
100‌
130‌
Generic
Britain
5
Year
Government
Bond
+
5.00%
Manulife
Financial
Corp
2.48%,
05/19/2027
$
100‌
97‌
3.98%,
05/23/2035
(k)
CAD
50‌
36‌
Canadian
Overnight
Repo
Rate
Average
Compounded
Index
+
1.32%
Mapfre
SA
4.38%,
03/31/2047
(k)
EUR
100‌
117‌
3
Month
Euro
Interbank
Offered
Rate
+
4.54%
Markel
Group
Inc
6.00%,
05/16/2054
$
50‌
50‌
Marsh
&
McLennan
Cos
Inc
4.55%,
11/08/2027
656‌
660‌
5.40%,
09/15/2033
200‌
207‌
Massachusetts
Mutual
Life
Insurance
Co
5.67%,
12/01/2052
(j)
50‌
48‌
Meiji
Yasuda
Life
Insurance
Co
5.80%,
09/11/2054
(j),(k)
500‌
500‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.03%
6.10%,
06/11/2055
(j),(k)
1,500‌
1,516‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.91%
MetLife
Inc
3.85%,
09/15/2025
(h),(k)
900‌
897‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.58%
5.25%,
01/15/2054
100‌
94‌
9.25%,
04/08/2068
(j)
3,575‌
4,230‌
3
Month
USD
LIBOR
+
5.54%
Metropolitan
Life
Global
Funding
I
0.55%,
06/16/2027
EUR
100‌
110‌
3.63%,
03/26/2034
100‌
115‌
4.90%,
01/09/2030
(j)
$
150‌
153‌
5.40%,
09/12/2028
(j)
150‌
155‌
Muenchener
Rueckversicherungs-Gesellschaft
AG
in
Muenchen
1.25%,
05/26/2041
(k)
EUR
100‌
101‌
3
Month
Euro
Interbank
Offered
Rate
+
2.55%
Nassau
Cos
of
New
York/The
7.88%,
07/15/2030
(j)
$
3,600‌
3,634‌
Nationwide
Mutual
Insurance
Co
4.35%,
04/30/2050
(j)
100‌
76‌
New
York
Life
Global
Funding
0.13%,
07/23/2030
CHF
100‌
119‌
3.25%,
04/07/2027
(j)
$
100‌
98‌
4.85%,
01/09/2028
(j)
449‌
454‌
New
York
Life
Insurance
Co
3.75%,
05/15/2050
(j)
100‌
73‌
Nippon
Life
Insurance
Co
4.11%,
01/23/2055
(k)
EUR
100‌
114‌
Euribor
Swap
Rate
5
Year
+
2.60%
5.95%,
04/16/2054
(j),(k)
$
1,000‌
1,020‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.59%
NN
Group
NV
4.63%,
01/13/2048
(k)
EUR
100‌
118‌
3
Month
Euro
Interbank
Offered
Rate
+
4.95%
Northwestern
Mutual
Global
Funding
4.35%,
09/15/2027
(j)
$
618‌
620‌
Schedule
of
Investments
Diversified
Income
Fund
July
31,
2025
(unaudited)
48
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Insurance
(continued)
Northwestern
Mutual
Life
Insurance
Co/The
3.63%,
09/30/2059
(j)
$
50‌
$
34‌
6.17%,
05/29/2055
(j)
376‌
392‌
Pacific
Life
Global
Funding
II
5.50%,
08/28/2026
(j)
200‌
202‌
Pacific
Life
Insurance
Co
4.30%,
10/24/2067
(j),(k)
50‌
39‌
3
Month
USD
LIBOR
+
2.80%
Panther
Escrow
Issuer
LLC
7.13%,
06/01/2031
(j)
2,575‌
2,663‌
Pricoa
Global
Funding
I
4.65%,
08/27/2031
(j)
439‌
438‌
Progressive
Corp/The
3.20%,
03/26/2030
100‌
95‌
Prudential
Financial
Inc
3.70%,
10/01/2050
(k)
100‌
91‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.04%
3.94%,
12/07/2049
150‌
114‌
5.70%,
09/15/2048
(i),(k)
271‌
274‌
3
Month
USD
LIBOR
+
2.67%
6.50%,
03/15/2054
(k)
1,000‌
1,039‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.40%
Prudential
Funding
Asia
PLC
3.13%,
04/14/2030
100‌
94‌
Reinsurance
Group
of
America
Inc
3.15%,
06/15/2030
100‌
93‌
Sammons
Financial
Group
Inc
6.88%,
04/15/2034
(j)
100‌
107‌
SBL
Holdings
Inc
5.13%,
11/13/2026
(j)
100‌
99‌
Sun
Life
Financial
Inc
4.78%,
08/10/2034
(k)
CAD
100‌
75‌
Canadian
Overnight
Repo
Rate
Average
+
1.96%
Swiss
Life
Finance
I
AG
3.25%,
08/31/2029
EUR
100‌
116‌
Swiss
Re
Finance
Luxembourg
SA
5.00%,
04/02/2049
(j),(k)
$
200‌
200‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.58%
Swiss
RE
Subordinated
Finance
PLC
5.70%,
04/05/2035
(j),(k)
1,800‌
1,824‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.81%
6.19%,
04/01/2046
(j),(k)
200‌
199‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
2.13%
Teachers
Insurance
&
Annuity
Association
of
America
4.27%,
05/15/2047
(j)
100‌
81‌
Travelers
Cos
Inc/The
5.35%,
11/01/2040
100‌
100‌
Willis
North
America
Inc
4.50%,
09/15/2028
100‌
100‌
4.65%,
06/15/2027
1,185‌
1,191‌
5.90%,
03/05/2054
572‌
564‌
Zurich
Finance
Ireland
Designated
Activity
Co
3.00%,
04/19/2051
(k)
7,000‌
6,178‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.78%
$
89,218‌
Internet
-
0.40%
Alibaba
Group
Holding
Ltd
4.00%,
12/06/2037
350‌
313‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Internet
(continued)
Alphabet
Inc
2.05%,
08/15/2050
$
100‌
$
55‌
3.00%,
05/06/2033
EUR
100‌
114‌
5.25%,
05/15/2055
$
586‌
575‌
5.30%,
05/15/2065
537‌
521‌
Amazon.com
Inc
2.10%,
05/12/2031
50‌
44‌
3.15%,
08/22/2027
200‌
196‌
3.30%,
04/13/2027
733‌
723‌
3.60%,
04/13/2032
259‌
247‌
3.88%,
08/22/2037
484‌
435‌
3.95%,
04/13/2052
100‌
79‌
4.05%,
08/22/2047
453‌
373‌
4.10%,
04/13/2062
50‌
39‌
4.65%,
12/01/2029
(i)
461‌
469‌
Booking
Holdings
Inc
1.80%,
03/03/2027
EUR
100‌
113‌
4.13%,
05/09/2038
100‌
116‌
4.50%,
11/15/2031
100‌
123‌
Cablevision
Lightpath
LLC
3.88%,
09/15/2027
(j)
$
400‌
396‌
5.63%,
09/15/2028
(j)
1,075‌
1,072‌
eBay
Inc
2.70%,
03/11/2030
200‌
185‌
Gen
Digital
Inc
7.13%,
09/30/2030
(j)
1,800‌
1,860‌
Meta
Platforms
Inc
4.60%,
05/15/2028
50‌
51‌
4.75%,
08/15/2034
100‌
100‌
5.55%,
08/15/2064
463‌
449‌
5.60%,
05/15/2053
100‌
99‌
Netflix
Inc
3.63%,
06/15/2030
EUR
100‌
118‌
Prosus
NV
3.68%,
01/21/2030
$
200‌
189‌
4.85%,
07/06/2027
200‌
201‌
Tencent
Holdings
Ltd
3.93%,
01/19/2038
(i)
200‌
179‌
Uber
Technologies
Inc
4.80%,
09/15/2034
100‌
98‌
$
9,532‌
Investment
Companies
-
0.38%
Ares
Capital
Corp
7.00%,
01/15/2027
200‌
206‌
Ares
Strategic
Income
Fund
5.45%,
09/09/2028
(j)
50‌
50‌
Blackstone
Private
Credit
Fund
3.25%,
03/15/2027
200‌
195‌
Blue
Owl
Capital
Corp
2.63%,
01/15/2027
100‌
96‌
Blue
Owl
Technology
Finance
Corp
2.50%,
01/15/2027
100‌
96‌
6.75%,
04/04/2029
100‌
102‌
Groupe
Bruxelles
Lambert
NV
0.13%,
01/28/2031
EUR
100‌
97‌
HA
Sustainable
Infrastructure
Capital
Inc
6.38%,
07/01/2034
$
50‌
50‌
HAT
Holdings
I
LLC
/
HAT
Holdings
II
LLC
3.75%,
09/15/2030
(i),(j)
2,675‌
2,431‌
Icahn
Enterprises
LP
/
Icahn
Enterprises
Finance
Corp
4.38%,
02/01/2029
2,275‌
1,951‌
9.00%,
06/15/2030
2,410‌
2,341‌
9.75%,
01/15/2029
1,325‌
1,338‌
JAB
Holdings
BV
4.75%,
06/29/2032
EUR
100‌
122‌
$
9,075‌
Schedule
of
Investments
Diversified
Income
Fund
July
31,
2025
(unaudited)
49
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Iron
&
Steel
-
2.09%
ArcelorMittal
SA
6.80%,
11/29/2032
$
100‌
$
110‌
Baffinland
Iron
Mines
Corp
/
Baffinland
Iron
Mines
LP
8.75%,
07/15/2026
(j)
13,822‌
13,030‌
Nucor
Corp
3.13%,
04/01/2032
100‌
91‌
4.30%,
05/23/2027
682‌
681‌
5.10%,
06/01/2035
823‌
825‌
POSCO
5.75%,
01/17/2028
200‌
205‌
Samarco
Mineracao
SA
9.00%,
PIK
9.00%;
06/30/2031
(l),(m)
332‌
329‌
Samarco
Mineracao
SA
Escrow
Shares
0.00%,
10/24/2023
(d),(e)
550‌
—‌
Specialty
Steel
14.25%,
11/15/2026
(e),(g)
38,772‌
33,875‌
Steel
Dynamics
Inc
5.38%,
08/15/2034
412‌
417‌
5.75%,
05/15/2055
513‌
499‌
Vale
Overseas
Ltd
6.13%,
06/12/2033
100‌
104‌
$
50,166‌
Leisure
Products
&
Services
-
0.01%
Brunswick
Corp/DE
4.40%,
09/15/2032
100‌
93‌
Royal
Caribbean
Cruises
Ltd
6.00%,
02/01/2033
(j)
100‌
102‌
$
195‌
Lodging
-
0.44%
Boyd
Gaming
Corp
4.75%,
06/15/2031
(j)
2,700‌
2,572‌
Hyatt
Hotels
Corp
5.75%,
01/30/2027
100‌
102‌
InterContinental
Hotels
Group
PLC
3.38%,
10/08/2028
GBP
100‌
127‌
Marriott
International
Inc/MD
2.85%,
04/15/2031
$
1,072‌
972‌
3.50%,
10/15/2032
855‌
777‌
5.50%,
04/15/2037
357‌
356‌
Sands
China
Ltd
5.40%,
08/08/2028
200‌
202‌
Station
Casinos
LLC
4.63%,
12/01/2031
(j)
5,775‌
5,404‌
$
10,512‌
Machinery
-
Construction
&
Mining
-
0.12%
Caterpillar
Financial
Services
Corp
4.38%,
08/16/2029
(i)
361‌
362‌
4.40%,
03/03/2028
1,085‌
1,090‌
4.70%,
11/15/2029
931‌
944‌
5.00%,
05/14/2027
296‌
300‌
Caterpillar
Inc
3.80%,
08/15/2042
200‌
164‌
$
2,860‌
Machinery
-
Diversified
-
0.63%
AGCO
Corp
5.45%,
03/21/2027
1,069‌
1,077‌
Chart
Industries
Inc
9.50%,
01/01/2031
(j)
2,570‌
2,749‌
Deere
&
Co
3.75%,
04/15/2050
100‌
77‌
5.45%,
01/16/2035
556‌
577‌
Ingersoll
Rand
Inc
5.70%,
08/14/2033
100‌
105‌
John
Deere
Capital
Corp
1.70%,
01/11/2027
100‌
96‌
3.45%,
03/07/2029
100‌
97‌
4.40%,
09/08/2031
877‌
872‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Machinery
-
Diversified
(continued)
John
Deere
Capital
Corp
(continued)
4.55%,
06/05/2030
$
864‌
$
869‌
4.90%,
03/07/2031
563‌
573‌
4.95%,
07/14/2028
408‌
417‌
5.05%,
06/12/2034
100‌
101‌
5.15%,
09/08/2026
100‌
101‌
nVent
Finance
Sarl
2.75%,
11/15/2031
549‌
479‌
4.55%,
04/15/2028
150‌
149‌
Otis
Worldwide
Corp
3.36%,
02/15/2050
50‌
35‌
Regal
Rexnord
Corp
6.30%,
02/15/2030
150‌
157‌
SPX
FLOW
Inc
8.75%,
04/01/2030
(j)
5,571‌
5,754‌
Weir
Group
Inc
5.35%,
05/06/2030
(j)
640‌
648‌
Westinghouse
Air
Brake
Technologies
Corp
4.70%,
09/15/2028
50‌
50‌
Xylem
Inc/NY
2.25%,
01/30/2031
100‌
88‌
$
15,071‌
Manufactured
Housing
Asset
Backed
Securities
-
0.06%
BCMSC
Trust
2000-A
4.59%,
06/15/2030
7,432‌
274‌
1.00
x
1
Month
USD
LIBOR
+
0.16%
Greenpoint
Manufactured
Housing
9.23%,
12/15/2029
(l)
1,231‌
1,223‌
$
1,497‌
Media
-
1.70%
Bertelsmann
SE
&
Co
KGaA
2.00%,
04/01/2028
EUR
100‌
113‌
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp
4.25%,
02/01/2031
(j)
$
1,750‌
1,598‌
4.25%,
01/15/2034
(j)
5,200‌
4,480‌
4.50%,
05/01/2032
3,065‌
2,781‌
4.50%,
06/01/2033
(j)
2,550‌
2,264‌
4.75%,
03/01/2030
(j)
750‌
713‌
5.38%,
06/01/2029
(j)
1,400‌
1,375‌
Charter
Communications
Operating
LLC
/
Charter
Communications
Operating
Capital
3.50%,
06/01/2041
895‌
638‌
3.85%,
04/01/2061
1,192‌
733‌
4.80%,
03/01/2050
1,541‌
1,195‌
5.38%,
05/01/2047
50‌
42‌
6.10%,
06/01/2029
560‌
584‌
6.38%,
10/23/2035
200‌
207‌
6.48%,
10/23/2045
100‌
97‌
Comcast
Corp
1.50%,
02/20/2029
GBP
200‌
241‌
1.50%,
02/15/2031
$
200‌
170‌
2.65%,
02/01/2030
25‌
23‌
2.94%,
11/01/2056
151‌
87‌
2.99%,
11/01/2063
200‌
111‌
3.97%,
11/01/2047
100‌
76‌
4.00%,
11/01/2049
100‌
75‌
4.15%,
10/15/2028
797‌
792‌
4.60%,
10/15/2038
908‌
835‌
5.50%,
05/15/2064
496‌
457‌
6.05%,
05/15/2055
50‌
51‌
Cox
Communications
Inc
3.50%,
08/15/2027
(j)
100‌
98‌
3.60%,
06/15/2051
(j)
100‌
64‌
5.45%,
09/15/2028
(j)
592‌
605‌
5.45%,
09/01/2034
(j)
720‌
705‌
Schedule
of
Investments
Diversified
Income
Fund
July
31,
2025
(unaudited)
50
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Media
(continued)
CSC
Holdings
LLC
4.13%,
12/01/2030
(j)
$
1,325‌
$
891‌
4.50%,
11/15/2031
(j)
900‌
600‌
6.50%,
02/01/2029
(j)
300‌
237‌
7.50%,
04/01/2028
(j)
1,000‌
808‌
Discovery
Communications
LLC
3.63%,
05/15/2030
451‌
399‌
DISH
Network
Corp
11.75%,
11/15/2027
(j)
3,450‌
3,593‌
Fox
Corp
5.58%,
01/25/2049
695‌
650‌
6.50%,
10/13/2033
100‌
108‌
Grupo
Televisa
SAB
6.63%,
01/15/2040
50‌
46‌
McGraw-Hill
Education
Inc
8.00%,
08/01/2029
(j)
3,880‌
3,944‌
Paramount
Global
4.20%,
05/19/2032
50‌
46‌
5.25%,
04/01/2044
495‌
400‌
5.85%,
09/01/2043
100‌
89‌
Sirius
XM
Radio
LLC
4.13%,
07/01/2030
(j)
1,475‌
1,346‌
Time
Warner
Cable
LLC
5.50%,
09/01/2041
100‌
90‌
6.55%,
05/01/2037
1,036‌
1,064‌
Videotron
Ltd
5.00%,
07/15/2034
CAD
100‌
74‌
Virgin
Media
Finance
PLC
5.00%,
07/15/2030
(j)
$
4,425‌
3,989‌
Walt
Disney
Co/The
2.00%,
09/01/2029
887‌
812‌
2.65%,
01/13/2031
100‌
92‌
3.60%,
01/13/2051
50‌
37‌
4.75%,
09/15/2044
100‌
90‌
5.40%,
10/01/2043
100‌
99‌
$
40,714‌
Mining
-
1.28%
Anglo
American
Capital
PLC
4.50%,
09/15/2028
EUR
100‌
120‌
4.75%,
09/21/2032
100‌
122‌
Arsenal
AIC
Parent
LLC
8.00%,
10/01/2030
(j)
$
1,700‌
1,802‌
11.50%,
10/01/2031
(j)
2,700‌
3,003‌
Barrick
PD
Australia
Finance
Pty
Ltd
5.95%,
10/15/2039
50‌
51‌
BHP
Billiton
Finance
Ltd
4.30%,
09/25/2042
GBP
100‌
109‌
Century
Aluminum
Co
7.50%,
04/01/2028
(j)
$
9,530‌
9,706‌
Constellium
SE
3.75%,
04/15/2029
(j)
1,325‌
1,243‌
6.38%,
08/15/2032
(j)
1,200‌
1,216‌
Freeport-McMoRan
Inc
5.45%,
03/15/2043
50‌
47‌
Glencore
Funding
LLC
3.88%,
04/27/2051
(j)
100‌
73‌
4.00%,
03/27/2027
(j)
100‌
99‌
Ivanhoe
Mines
Ltd
7.88%,
01/23/2030
(j)
2,375‌
2,386‌
7.88%,
01/23/2030
200‌
201‌
Kinross
Gold
Corp
4.50%,
07/15/2027
150‌
150‌
Newmont
Corp
2.60%,
07/15/2032
(i)
100‌
89‌
Northwest
Acquisitions
ULC
/
Dominion
Finco
Inc
0.00%,
11/01/2022
(d),(j)
19,888‌
—‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Mining
(continued)
Novelis
Corp
3.88%,
08/15/2031
(j)
$
400‌
$
359‌
4.75%,
01/30/2030
(j)
2,939‌
2,815‌
Rio
Tinto
Finance
USA
Ltd
2.75%,
11/02/2051
100‌
60‌
Rio
Tinto
Finance
USA
PLC
5.88%,
03/14/2065
100‌
101‌
South32
Treasury
Ltd
4.35%,
04/14/2032
(j)
1,185‌
1,112‌
Southern
Copper
Corp
6.75%,
04/16/2040
100‌
109‌
Vedanta
Resources
Finance
II
PLC
9.48%,
07/24/2030
(j)
2,325‌
2,292‌
10.88%,
09/17/2029
(i)
1,170‌
1,196‌
WE
Soda
Investments
Holding
PLC
9.50%,
10/06/2028
(j)
1,775‌
1,851‌
9.50%,
10/06/2028
400‌
417‌
$
30,729‌
Miscellaneous
Manufacturers
-
0.11%
3M
Co
3.63%,
09/14/2028
100‌
98‌
3.63%,
10/15/2047
50‌
37‌
Carlisle
Cos
Inc
2.20%,
03/01/2032
100‌
85‌
Eaton
Corp
4.15%,
11/02/2042
100‌
85‌
Illinois
Tool
Works
Inc
1.00%,
06/05/2031
EUR
100‌
102‌
Parker-Hannifin
Corp
4.10%,
03/01/2047
$
50‌
40‌
Siemens
Financieringsmaatschappij
NV
0.25%,
02/20/2029
EUR
100‌
106‌
0.63%,
02/25/2027
100‌
111‌
1.38%,
09/06/2030
50‌
54‌
3.00%,
09/08/2033
100‌
114‌
3.63%,
02/22/2044
100‌
111‌
Siemens
Funding
BV
4.90%,
05/28/2032
(j)
$
1,069‌
1,087‌
5.80%,
05/28/2055
(j)
290‌
300‌
5.90%,
05/28/2065
(j)
274‌
286‌
Teledyne
Technologies
Inc
2.75%,
04/01/2031
50‌
45‌
$
2,661‌
Mortgage
Backed
Securities
-
0.99%
Alternative
Loan
Trust
2005-30CB
5.22%,
08/25/2035
965‌
630‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
0.86%
Angel
Oak
Mortgage
Trust
2022-6
4.30%,
07/25/2067
(j),(l)
1,248‌
1,229‌
Angel
Oak
Mortgage
Trust
2025-5
5.57%,
04/25/2070
(j),(l)
830‌
829‌
Banc
of
America
Funding
2007-1
Trust
6.44%,
01/25/2037
(l)
873‌
808‌
Bear
Stearns
Mortgage
Funding
Trust
2006-AR1
4.89%,
07/25/2036
399‌
371‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
0.53%
Bravo
Mortgage
Asset
Trust
5.07%,
07/25/2036
(j)
288‌
258‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
0.71%
COLT
2021-RPL1
Trust
1.67%,
09/25/2061
(j),(l)
312‌
284‌
CSMC
2021-RPL2Trust
1.11%,
01/25/2060
(j),(l)
315‌
264‌
Schedule
of
Investments
Diversified
Income
Fund
July
31,
2025
(unaudited)
51
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Mortgage
Backed
Securities
(continued)
Deutsche
Alt-A
Securities
Mortgage
Loan
Trust
Series
2006-AF1
5.07%,
04/25/2036
$
2,605‌
$
2,396‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
0.71%
Deutsche
Alt-A
Securities
Mortgage
Loan
Trust
Series
2007-AR2
4.77%,
03/25/2037
669‌
623‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
0.41%
Fannie
Mae
REMICS
1.54%,
05/25/2046
(p)
7,066‌
717‌
(1.00)
x
30
Day
Average
Secured
Overnight
Financing
Rate
+
5.89%
1.54%,
09/25/2046
(p)
1,845‌
192‌
(1.00)
x
30
Day
Average
Secured
Overnight
Financing
Rate
+
5.89%
1.54%,
01/25/2047
(p)
3,167‌
341‌
(1.00)
x
30
Day
Average
Secured
Overnight
Financing
Rate
+
5.89%
1.54%,
12/25/2049
(p)
4,205‌
447‌
(1.00)
x
30
Day
Average
Secured
Overnight
Financing
Rate
+
5.89%
1.54%,
05/25/2050
(p)
2,712‌
302‌
(1.00)
x
30
Day
Average
Secured
Overnight
Financing
Rate
+
5.89%
1.59%,
08/25/2049
(p)
2,987‌
312‌
(1.00)
x
30
Day
Average
Secured
Overnight
Financing
Rate
+
5.94%
1.59%,
11/25/2049
(p)
4,247‌
464‌
(1.00)
x
30
Day
Average
Secured
Overnight
Financing
Rate
+
5.94%
1.61%,
06/25/2050
(p)
1,849‌
222‌
(1.00)
x
30
Day
Average
Secured
Overnight
Financing
Rate
+
5.96%
1.74%,
03/25/2048
(p)
1,865‌
242‌
(1.00)
x
30
Day
Average
Secured
Overnight
Financing
Rate
+
6.09%
1.74%,
06/25/2048
(p)
1,961‌
220‌
(1.00)
x
30
Day
Average
Secured
Overnight
Financing
Rate
+
6.09%
2.24%,
12/25/2042
(p)
1,633‌
216‌
(1.00)
x
30
Day
Average
Secured
Overnight
Financing
Rate
+
6.59%
First
Horizon
Alternative
Mortgage
Securities
Trust
2006-FA8
6.25%,
02/25/2037
3,031‌
1,133‌
Freddie
Mac
REMICS
1.59%,
10/25/2049
(p)
3,218‌
341‌
(1.00)
x
30
Day
Average
Secured
Overnight
Financing
Rate
+
5.94%
2.20%,
05/15/2042
(p)
3,334‌
347‌
(1.00)
x
30
Day
Average
Secured
Overnight
Financing
Rate
+
6.54%
2.20%,
08/15/2043
(p)
3,623‌
408‌
(1.00)
x
30
Day
Average
Secured
Overnight
Financing
Rate
+
6.54%
Ginnie
Mae
1.58%,
04/20/2046
(p)
7,594‌
852‌
(1.00)
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
5.94%
1.63%,
11/20/2046
(p)
4,663‌
557‌
(1.00)
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
5.99%
1.83%,
08/20/2051
(p)
2,919‌
399‌
(1.00)
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
6.19%
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Mortgage
Backed
Securities
(continued)
Ginnie
Mae
(continued)
1.90%,
09/20/2050
(p)
$
1,982‌
$
273‌
(1.00)
x
30
Day
Average
Secured
Overnight
Financing
Rate
+
6.25%
2.00%,
04/20/2051
(p)
1,678‌
227‌
(1.00)
x
30
Day
Average
Secured
Overnight
Financing
Rate
+
6.35%
2.50%,
11/20/2050
(p)
6,881‌
1,010‌
3.00%,
12/20/2050
(p)
2,322‌
385‌
OBX
2025-NQM7
Trust
5.56%,
05/25/2055
(j),(l)
815‌
817‌
OBX
2025-NQM8
Trust
5.47%,
03/25/2065
(j),(l)
745‌
746‌
RALI
Series
2005-QS17
Trust
6.00%,
12/25/2035
856‌
736‌
6.00%,
12/25/2035
588‌
506‌
RALI
Series
2006-QS12
Trust
5.12%,
09/25/2036
2,538‌
1,882‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
0.76%
Structured
Asset
Mortgage
Investments
II
Trust
2007-AR1
4.79%,
01/25/2037
252‌
224‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
0.43%
Verus
Securitization
Trust
2025-3
5.62%,
05/25/2070
(j),(l)
558‌
560‌
Washington
Mutual
Mortgage
Pass-Through
Certificates
WMALT
Series
2006-5
Trust
6.00%,
07/25/2036
1,547‌
1,100‌
$
23,870‌
Oil
&
Gas
-
2.64%
Aker
BP
ASA
3.75%,
01/15/2030
(j)
200‌
191‌
APA
Corp
5.35%,
07/01/2049
(j)
2,893‌
2,312‌
6.10%,
02/15/2035
(j)
50‌
49‌
Azule
Energy
Finance
Plc
8.13%,
01/23/2030
(j)
3,125‌
3,148‌
BP
Capital
Markets
America
Inc
3.00%,
02/24/2050
100‌
64‌
3.38%,
02/08/2061
100‌
64‌
3.54%,
04/06/2027
1,776‌
1,754‌
4.89%,
09/11/2033
100‌
100‌
BP
Capital
Markets
PLC
2.52%,
04/07/2028
EUR
100‌
114‌
3.63%,
03/22/2029
(h),(k)
100‌
114‌
EUR
Swap
Annual
(VS
6
Month)
5
Year
+
3.78%
4.88%,
03/22/2030
(h),(k)
$
1,000‌
984‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.40%
Canadian
Natural
Resources
Ltd
2.95%,
07/15/2030
100‌
92‌
Chevron
Corp
2.24%,
05/11/2030
1,291‌
1,175‌
2.95%,
05/16/2026
225‌
223‌
Chevron
USA
Inc
4.20%,
10/15/2049
540‌
424‌
Comstock
Resources
Inc
5.88%,
01/15/2030
(j)
2,850‌
2,690‌
6.75%,
03/01/2029
(j)
775‌
766‌
ConocoPhillips
Co
5.05%,
09/15/2033
100‌
102‌
5.70%,
09/15/2063
75‌
72‌
Continental
Resources
Inc/OK
2.88%,
04/01/2032
(j)
100‌
85‌
Schedule
of
Investments
Diversified
Income
Fund
July
31,
2025
(unaudited)
52
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Oil
&
Gas
(continued)
DCC
Group
Finance
Ireland
DAC
4.38%,
06/27/2031
EUR
100‌
$
118‌
Devon
Energy
Corp
7.95%,
04/15/2032
$
100‌
115‌
Diamondback
Energy
Inc
4.40%,
03/24/2051
611‌
473‌
5.75%,
04/18/2054
50‌
46‌
6.25%,
03/15/2053
988‌
980‌
Energean
Israel
Finance
Ltd
4.88%,
03/30/2026
(j)
200‌
198‌
5.88%,
03/30/2031
(j)
3,275‌
3,059‌
Eni
SpA
0.63%,
01/23/2030
EUR
100‌
104‌
4.25%,
05/09/2029
(j)
$
200‌
199‌
4.25%,
05/19/2033
EUR
100‌
120‌
5.75%,
05/19/2035
(j)
$
560‌
571‌
5.95%,
05/15/2054
(j)
533‌
514‌
EOG
Resources
Inc
5.95%,
07/15/2055
50‌
50‌
EQT
Corp
3.63%,
05/15/2031
(j)
100‌
93‌
Expand
Energy
Corp
4.75%,
02/01/2032
908‌
882‌
Exxon
Mobil
Corp
0.84%,
06/26/2032
EUR
100‌
98‌
3.29%,
03/19/2027
$
200‌
198‌
4.23%,
03/19/2040
50‌
44‌
Helmerich
&
Payne
Inc
4.85%,
12/01/2029
(i)
100‌
97‌
HF
Sinclair
Corp
5.00%,
02/01/2028
(i)
566‌
565‌
6.25%,
01/15/2035
501‌
510‌
Hilcorp
Energy
I
LP
/
Hilcorp
Finance
Co
6.25%,
04/15/2032
(j)
1,900‌
1,824‌
8.38%,
11/01/2033
(j)
200‌
209‌
Leviathan
Bond
Ltd
6.50%,
06/30/2027
(j)
1,175‌
1,166‌
6.75%,
06/30/2030
(j)
1,700‌
1,678‌
Marathon
Petroleum
Corp
5.15%,
03/01/2030
100‌
102‌
5.70%,
03/01/2035
926‌
940‌
Matador
Resources
Co
6.25%,
04/15/2033
(j)
2,775‌
2,749‌
MEG
Energy
Corp
5.88%,
02/01/2029
(j)
150‌
150‌
North
West
Redwater
Partnership
/
NWR
Financing
Co
Ltd
4.35%,
01/10/2039
CAD
100‌
70‌
Occidental
Petroleum
Corp
4.40%,
04/15/2046
$
1,232‌
908‌
6.05%,
10/01/2054
50‌
46‌
6.13%,
01/01/2031
819‌
847‌
6.38%,
09/01/2028
150‌
155‌
6.45%,
09/15/2036
616‌
627‌
Ovintiv
Inc
7.10%,
07/15/2053
50‌
52‌
Petroleos
de
Venezuela
SA
0.00%,
05/16/2024
(d)
19,277‌
2,660‌
Petroleos
Mexicanos
6.49%,
01/23/2027
1,200‌
1,202‌
6.50%,
01/23/2029
2,525‌
2,517‌
6.84%,
01/23/2030
2,010‌
1,978‌
Phillips
66
Co
3.75%,
03/01/2028
100‌
98‌
5.50%,
03/15/2055
100‌
91‌
Pioneer
Natural
Resources
Co
5.10%,
03/29/2026
458‌
460‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Oil
&
Gas
(continued)
Puma
International
Financing
SA
7.75%,
04/25/2029
(j)
$
2,175‌
$
2,246‌
Reliance
Industries
Ltd
2.88%,
01/12/2032
250‌
222‌
Repsol
International
Finance
BV
0.25%,
08/02/2027
EUR
100‌
109‌
Shell
Finance
US
Inc
4.38%,
05/11/2045
$
100‌
84‌
Shell
International
Finance
BV
1.25%,
11/11/2032
EUR
100‌
99‌
2.50%,
09/12/2026
$
100‌
98‌
3.00%,
11/26/2051
75‌
48‌
SM
Energy
Co
7.00%,
08/01/2032
(j)
1,225‌
1,213‌
Suncor
Energy
Inc
3.75%,
03/04/2051
100‌
70‌
Tengizchevroil
Finance
Co
International
Ltd
3.25%,
08/15/2030
975‌
884‌
TotalEnergies
Capital
International
SA
1.62%,
05/18/2040
EUR
100‌
85‌
2.99%,
06/29/2041
$
100‌
74‌
3.39%,
06/29/2060
50‌
33‌
TotalEnergies
Capital
SA
5.43%,
09/10/2064
810‌
753‌
TotalEnergies
SE
1.63%,
10/25/2027
(h),(k)
EUR
100‌
110‌
EUR
Swap
Annual
(VS
6
Month)
5
Year
+
1.99%
2.13%,
07/25/2032
(h),(k)
100‌
100‌
EUR
Swap
Annual
(VS
6
Month)
5
Year
+
2.51%
Transocean
Inc
6.80%,
03/15/2038
$
1,100‌
825‌
7.50%,
04/15/2031
3,150‌
2,743‌
8.50%,
05/15/2031
(j)
1,225‌
1,125‌
Uzbekneftegaz
JSC
8.75%,
05/07/2030
(j)
1,625‌
1,707‌
8.75%,
05/07/2030
400‌
420‌
Valero
Energy
Corp
3.65%,
12/01/2051
100‌
67‌
Var
Energi
ASA
6.50%,
05/22/2035
(j)
529‌
548‌
Wildfire
Intermediate
Holdings
LLC
7.50%,
10/15/2029
(j)
3,575‌
3,557‌
Wintershall
Dea
Finance
BV
1.33%,
09/25/2028
EUR
100‌
108‌
Woodside
Finance
Ltd
4.50%,
03/04/2029
(j)
$
50‌
49‌
5.40%,
05/19/2030
1,863‌
1,889‌
$
63,352‌
Oil
&
Gas
Services
-
0.13%
Baker
Hughes
Holdings
LLC
/
Baker
Hughes
Co-
Obligor
Inc
3.14%,
11/07/2029
100‌
95‌
Halliburton
Co
4.75%,
08/01/2043
702‌
606‌
4.85%,
11/15/2035
200‌
192‌
Schlumberger
Holdings
Corp
3.90%,
05/17/2028
(j)
100‌
99‌
Yinson
Production
Financial
Services
Pte
Ltd
9.63%,
05/03/2029
(j)
2,125‌
2,214‌
$
3,206‌
Other
Asset
Backed
Securities
-
0.42%
Anchorage
Credit
Funding
6
Ltd
4.30%,
07/25/2036
(j)
547‌
543‌
Schedule
of
Investments
Diversified
Income
Fund
July
31,
2025
(unaudited)
53
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Other
Asset
Backed
Securities
(continued)
Apex
Credit
CLO
2021-II
LLC
5.82%,
10/20/2034
(j)
$
1,275‌
$
1,276‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.49%
Invitation
Homes
2024-SFR1
Trust
4.00%,
09/17/2041
(j)
1,497‌
1,451‌
Man
GLG
US
CLO
5.73%,
04/22/2030
(j)
81‌
81‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.40%
MidOcean
Credit
CLO
VI
5.56%,
04/20/2033
(j)
196‌
196‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.23%
MidOcean
Credit
CLO
X
5.63%,
10/23/2034
(j)
3,675‌
3,682‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.31%
Mountain
View
CLO
IX
Ltd
5.70%,
07/15/2031
(j)
554‌
554‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.38%
Tricon
American
Homes
2020-SFR2
Trust
1.48%,
11/17/2039
(j)
363‌
340‌
Zais
Clo
13
Ltd
5.62%,
07/15/2032
(j)
1,096‌
1,097‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.30%
Zais
Clo
16
Ltd
5.46%,
10/20/2034
(j)
782‌
782‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.13%
$
10,002‌
Packaging
&
Containers
-
0.66%
Amcor
Flexibles
North
America
Inc
2.69%,
05/25/2031
1,088‌
974‌
5.10%,
03/17/2030
(j)
319‌
324‌
Ardagh
Metal
Packaging
Finance
USA
LLC
/
Ardagh
Metal
Packaging
Finance
PLC
4.00%,
09/01/2029
(j)
4,475‌
4,076‌
Packaging
Corp
of
America
3.40%,
12/15/2027
100‌
97‌
5.70%,
12/01/2033
912‌
949‌
Sealed
Air
Corp/Sealed
Air
Corp
US
7.25%,
02/15/2031
(j)
1,900‌
1,975‌
Smurfit
Westrock
Financing
DAC
5.42%,
01/15/2035
355‌
360‌
Sonoco
Products
Co
4.60%,
09/01/2029
1,213‌
1,207‌
5.00%,
09/01/2034
593‌
577‌
Toucan
FinCo
Ltd/Toucan
FinCo
Can
Inc/Toucan
FinCo
US
LLC
9.50%,
05/15/2030
(j)
4,980‌
5,099‌
WRKCo
Inc
3.00%,
06/15/2033
100‌
88‌
$
15,726‌
Pharmaceuticals
-
1.40%
AbbVie
Inc
0.75%,
11/18/2027
EUR
200‌
221‌
4.05%,
11/21/2039
$
1,739‌
1,517‌
4.25%,
11/14/2028
100‌
100‌
4.25%,
11/21/2049
959‌
783‌
4.88%,
11/14/2048
100‌
90‌
4.95%,
03/15/2031
682‌
696‌
5.05%,
03/15/2034
50‌
51‌
5.50%,
03/15/2064
50‌
48‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Pharmaceuticals
(continued)
Astrazeneca
Finance
LLC
4.85%,
02/26/2029
$
1,071‌
$
1,090‌
4.88%,
03/03/2028
892‌
907‌
4.90%,
03/03/2030
975‌
996‌
AstraZeneca
PLC
0.70%,
04/08/2026
100‌
98‌
1.38%,
08/06/2030
200‌
173‌
3.00%,
05/28/2051
100‌
67‌
Bayer
AG
4.63%,
05/26/2033
EUR
100‌
122‌
Bayer
US
Finance
II
LLC
3.95%,
04/15/2045
(j)
$
100‌
72‌
4.25%,
12/15/2025
(j)
200‌
200‌
Becton
Dickinson
&
Co
3.79%,
05/20/2050
100‌
74‌
4.30%,
08/22/2032
323‌
312‌
4.69%,
02/13/2028
923‌
930‌
Bristol-Myers
Squibb
Co
3.25%,
08/01/2042
325‌
243‌
3.70%,
03/15/2052
100‌
72‌
3.90%,
02/20/2028
100‌
99‌
3.90%,
03/15/2062
100‌
71‌
4.13%,
06/15/2039
200‌
177‌
5.75%,
02/01/2031
983‌
1,043‌
Cardinal
Health
Inc
4.60%,
03/15/2043
2,021‌
1,732‌
4.90%,
09/15/2045
100‌
88‌
5.13%,
02/15/2029
445‌
454‌
5.75%,
11/15/2054
359‌
351‌
Cencora
Inc
2.70%,
03/15/2031
100‌
90‌
4.30%,
12/15/2047
549‌
439‌
5.13%,
02/15/2034
760‌
763‌
CVS
Health
Corp
3.00%,
08/15/2026
200‌
197‌
4.78%,
03/25/2038
100‌
91‌
5.00%,
01/30/2029
100‌
101‌
5.05%,
03/25/2048
100‌
86‌
5.13%,
07/20/2045
2,430‌
2,133‌
5.55%,
06/01/2031
655‌
679‌
6.05%,
06/01/2054
100‌
98‌
7.00%,
03/10/2055
(k)
340‌
350‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.89%
Eli
Lilly
&
Co
0.63%,
11/01/2031
EUR
100‌
99‌
3.10%,
05/15/2027
$
307‌
302‌
3.38%,
03/15/2029
150‌
146‌
4.60%,
08/14/2034
596‌
587‌
4.70%,
02/27/2033
100‌
101‌
4.75%,
02/12/2030
600‌
611‌
4.88%,
02/27/2053
100‌
90‌
GlaxoSmithKline
Capital
Inc
3.88%,
05/15/2028
100‌
99‌
4.50%,
04/15/2030
626‌
627‌
GlaxoSmithKline
Capital
PLC
1.63%,
05/12/2035
GBP
100‌
97‌
Grifols
SA
3.88%,
10/15/2028
(j)
EUR
1,125‌
1,260‌
4.75%,
10/15/2028
(j)
$
875‌
843‌
Johnson
&
Johnson
0.95%,
09/01/2027
100‌
94‌
1.15%,
11/20/2028
EUR
100‌
110‌
1.65%,
05/20/2035
100‌
100‌
2.10%,
09/01/2040
$
250‌
171‌
McKesson
Corp
4.95%,
05/30/2032
1,136‌
1,145‌
Schedule
of
Investments
Diversified
Income
Fund
July
31,
2025
(unaudited)
54
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Pharmaceuticals
(continued)
Merck
&
Co
Inc
3.40%,
03/07/2029
$
200‌
$
194‌
4.90%,
05/17/2044
100‌
93‌
Merck
Financial
Services
GmbH
0.88%,
07/05/2031
EUR
100‌
101‌
MSD
Netherlands
Capital
BV
3.70%,
05/30/2044
100‌
110‌
Novartis
Capital
Corp
2.20%,
08/14/2030
$
200‌
181‌
3.70%,
09/21/2042
100‌
81‌
4.00%,
09/18/2031
582‌
570‌
Novo
Nordisk
Finance
Netherlands
BV
1.38%,
03/31/2030
EUR
100‌
107‌
Organon
&
Co
/
Organon
Foreign
Debt
Co-Issuer
BV
5.13%,
04/30/2031
(j)
$
3,230‌
2,794‌
Pfizer
Inc
3.45%,
03/15/2029
100‌
98‌
3.90%,
03/15/2039
200‌
173‌
Pfizer
Investment
Enterprises
Pte
Ltd
4.75%,
05/19/2033
816‌
811‌
5.11%,
05/19/2043
1,008‌
954‌
5.30%,
05/19/2053
833‌
777‌
5.34%,
05/19/2063
531‌
487‌
Sanofi
SA
1.25%,
04/06/2029
EUR
100‌
109‌
Takeda
Pharmaceutical
Co
Ltd
1.00%,
07/09/2029
100‌
106‌
3.03%,
07/09/2040
$
200‌
149‌
Upjohn
Finance
BV
1.36%,
06/23/2027
EUR
100‌
111‌
Viatris
Inc
3.85%,
06/22/2040
$
245‌
179‌
4.00%,
06/22/2050
902‌
593‌
Zoetis
Inc
5.60%,
11/16/2032
428‌
450‌
$
33,614‌
Pipelines
-
2.14%
Acu
Petroleo
Luxembourg
Sarl
7.50%,
07/13/2035
1,830‌
1,843‌
Blue
Racer
Midstream
LLC
/
Blue
Racer
Finance
Corp
7.25%,
07/15/2032
(j)
1,125‌
1,186‌
Boardwalk
Pipelines
LP
4.80%,
05/03/2029
100‌
101‌
Buckeye
Partners
LP
4.50%,
03/01/2028
(j)
425‌
415‌
5.60%,
10/15/2044
225‌
190‌
5.85%,
11/15/2043
1,300‌
1,156‌
Cheniere
Energy
Partners
LP
3.25%,
01/31/2032
100‌
90‌
4.00%,
03/01/2031
100‌
96‌
5.55%,
10/30/2035
(j)
508‌
511‌
CNX
Midstream
Partners
LP
4.75%,
04/15/2030
(j)
2,875‌
2,716‌
Coastal
Gaslink
Pipeline
LP
4.69%,
09/30/2029
CAD
100‌
75‌
5.19%,
09/30/2034
100‌
77‌
Columbia
Pipelines
Operating
Co
LLC
6.50%,
08/15/2043
(j)
$
100‌
103‌
CQP
Holdco
LP
/
BIP-V
Chinook
Holdco
LLC
5.50%,
06/15/2031
(j)
2,005‌
1,959‌
DCP
Midstream
Operating
LP
3.25%,
02/15/2032
100‌
89‌
Eastern
Energy
Gas
Holdings
LLC
5.80%,
01/15/2035
100‌
104‌
Enbridge
Energy
Partners
LP
7.38%,
10/15/2045
150‌
173‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Pipelines
(continued)
Enbridge
Inc
2.99%,
10/03/2029
CAD
100‌
$
70‌
4.60%,
06/20/2028
$
348‌
349‌
4.73%,
08/22/2034
CAD
100‌
73‌
5.36%,
05/26/2033
75‌
58‌
6.00%,
01/15/2077
(k)
$
400‌
400‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
4.15%
6.25%,
03/01/2078
(k)
2,500‌
2,508‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
3.90%
7.38%,
03/15/2055
(k)
60‌
62‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.12%
8.50%,
01/15/2084
(k)
200‌
225‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.43%
Enbridge
Pipelines
Inc
3.52%,
02/22/2029
CAD
200‌
144‌
Energy
Transfer
LP
4.95%,
05/15/2028
$
287‌
290‌
5.15%,
02/01/2043
243‌
214‌
5.25%,
07/01/2029
100‌
102‌
5.35%,
05/15/2045
929‌
835‌
5.40%,
10/01/2047
1,637‌
1,457‌
5.95%,
05/15/2054
100‌
95‌
6.10%,
02/15/2042
100‌
99‌
6.25%,
04/15/2049
25‌
25‌
Enterprise
Products
Operating
LLC
3.70%,
01/31/2051
439‌
314‌
4.60%,
01/15/2031
446‌
446‌
5.10%,
02/15/2045
100‌
92‌
Flex
Intermediate
Holdco
LLC
3.36%,
06/30/2031
(j)
100‌
90‌
Galaxy
Pipeline
Assets
Bidco
Ltd
2.16%,
03/31/2034
147‌
131‌
Genesis
Energy
LP
/
Genesis
Energy
Finance
Corp
8.00%,
05/15/2033
1,375‌
1,426‌
8.25%,
01/15/2029
475‌
495‌
8.88%,
04/15/2030
1,300‌
1,376‌
Gray
Oak
Pipeline
LLC
3.45%,
10/15/2027
(j)
1,119‌
1,091‌
Greensaif
Pipelines
Bidco
Sarl
6.10%,
08/23/2042
1,525‌
1,551‌
6.13%,
02/23/2038
200‌
208‌
Harvest
Midstream
I
LP
7.50%,
05/15/2032
(j)
1,175‌
1,221‌
Inter
Pipeline
Ltd/AB
3.98%,
11/25/2031
CAD
100‌
70‌
Kinder
Morgan
Energy
Partners
LP
5.00%,
08/15/2042
$
100‌
89‌
5.50%,
03/01/2044
578‌
542‌
Kinder
Morgan
Inc
5.85%,
06/01/2035
100‌
103‌
Midwest
Connector
Capital
Co
LLC
4.63%,
04/01/2029
(j)
150‌
149‌
MPLX
LP
4.70%,
04/15/2048
50‌
40‌
4.90%,
04/15/2058
50‌
40‌
5.00%,
03/01/2033
100‌
99‌
NuStar
Logistics
LP
6.38%,
10/01/2030
975‌
1,004‌
ONEOK
Inc
4.75%,
10/15/2031
854‌
846‌
5.80%,
11/01/2030
50‌
52‌
6.05%,
09/01/2033
100‌
105‌
6.63%,
09/01/2053
100‌
103‌
Schedule
of
Investments
Diversified
Income
Fund
July
31,
2025
(unaudited)
55
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Pipelines
(continued)
ONEOK
Partners
LP
6.65%,
10/01/2036
$
1,248‌
$
1,346‌
Pembina
Pipeline
Corp
4.75%,
03/26/2048
CAD
100‌
67‌
Plains
All
American
Pipeline
LP
/
PAA
Finance
Corp
4.30%,
01/31/2043
$
473‌
375‌
4.90%,
02/15/2045
50‌
43‌
Prairie
Acquiror
LP
9.00%,
08/01/2029
(j)
3,000‌
3,107‌
Sabine
Pass
Liquefaction
LLC
4.20%,
03/15/2028
100‌
99‌
5.90%,
09/15/2037
534‌
559‌
South
Bow
USA
Infrastructure
Holdings
LLC
5.58%,
10/01/2034
(j)
50‌
49‌
Tallgrass
Energy
Partners
LP
/
Tallgrass
Energy
Finance
Corp
6.00%,
09/01/2031
(j)
675‌
661‌
7.38%,
02/15/2029
(j)
1,025‌
1,052‌
Targa
Resources
Corp
4.20%,
02/01/2033
100‌
94‌
4.95%,
04/15/2052
100‌
83‌
Targa
Resources
Partners
LP
/
Targa
Resources
Partners
Finance
Corp
5.50%,
03/01/2030
529‌
537‌
Tennessee
Gas
Pipeline
Co
LLC
2.90%,
03/01/2030
(j)
200‌
185‌
TransCanada
PipeLines
Ltd
4.75%,
05/15/2038
50‌
45‌
5.00%,
10/16/2043
100‌
92‌
5.92%,
05/12/2052
CAD
100‌
79‌
Transcanada
Trust
5.60%,
03/07/2082
(k)
$
3,800‌
3,695‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.99%
Venture
Global
LNG
Inc
7.00%,
01/15/2030
(j)
550‌
558‌
8.38%,
06/01/2031
(j)
3,850‌
3,982‌
9.88%,
02/01/2032
(j)
1,975‌
2,131‌
Venture
Global
Plaquemines
LNG
LLC
6.75%,
01/15/2036
(j)
1,000‌
1,029‌
Western
Midstream
Operating
LP
5.30%,
03/01/2048
329‌
277‌
Williams
Cos
Inc/The
2.60%,
03/15/2031
100‌
89‌
4.63%,
06/30/2030
715‌
712‌
5.30%,
08/15/2028
100‌
102‌
5.30%,
08/15/2052
100‌
91‌
5.75%,
06/24/2044
612‌
601‌
$
51,313‌
Private
Equity
-
0.02%
Brookfield
Finance
II
Inc
5.43%,
12/14/2032
CAD
100‌
77‌
Brookfield
Finance
Inc
5.97%,
03/04/2054
$
50‌
50‌
Brookfield
Finance
LLC
/
Brookfield
Finance
Inc
3.45%,
04/15/2050
50‌
34‌
Carlyle
Finance
Subsidiary
LLC
3.50%,
09/19/2029
(j)
100‌
96‌
EQT
AB
2.38%,
04/06/2028
EUR
100‌
113‌
ICG
PLC
1.63%,
02/17/2027
100‌
112‌
KKR
Group
Finance
Co
VIII
LLC
3.50%,
08/25/2050
(j)
$
50‌
35‌
$
517‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Real
Estate
-
0.45%
Acef
Holding
SCA
1.25%,
04/26/2030
EUR
100‌
$
104‌
Akelius
Residential
Property
Financing
BV
1.00%,
01/17/2028
100‌
109‌
Alpha
Star
Holding
VII
Ltd
7.75%,
04/27/2026
$
2,200‌
2,227‌
Aroundtown
SA
3.00%,
10/16/2029
GBP
100‌
120‌
Aster
Treasury
Plc
1.41%,
01/27/2036
100‌
91‌
Blend
Funding
PLC
3.46%,
09/21/2049
100‌
91‌
Castellum
Helsinki
Finance
Holding
Abp
0.88%,
09/17/2029
EUR
100‌
104‌
Clarion
Funding
PLC
1.25%,
11/13/2032
GBP
100‌
102‌
CTP
NV
1.25%,
06/21/2029
EUR
100‌
106‌
Grand
City
Properties
SA
4.38%,
01/09/2030
100‌
119‌
Heimstaden
Bostad
Treasury
BV
1.38%,
07/24/2028
100‌
109‌
Hyde
Housing
Association
Ltd
1.75%,
08/18/2055
GBP
100‌
53‌
IWG
US
Finance
LLC
6.50%,
06/28/2030
EUR
100‌
124‌
LEG
Immobilien
SE
0.75%,
06/30/2031
100‌
97‌
London
&
Quadrant
Housing
Trust
2.00%,
03/31/2032
GBP
100‌
109‌
MAF
Global
Securities
Ltd
7.88%,
06/30/2027
(h),(k)
$
2,375‌
2,451‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.89%
Notting
Hill
Genesis
2.88%,
01/31/2029
GBP
100‌
124‌
NWD
Finance
BVI
Ltd
4.13%,
03/10/2028
(h),(k)
$
1,000‌
240‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.86%
NWD
MTN
Ltd
4.13%,
07/18/2029
1,900‌
964‌
4.50%,
05/19/2030
(i)
450‌
223‌
8.63%,
02/08/2028
(i)
275‌
182‌
Ontario
Teachers'
Cadillac
Fairview
Properties
Trust
2.50%,
10/15/2031
(j)
830‌
726‌
Platform
HG
Financing
PLC
1.93%,
09/15/2041
GBP
100‌
80‌
Prologis
International
Funding
II
SA
2.38%,
11/14/2030
EUR
125‌
138‌
Sobha
Sukuk
Ltd
8.75%,
07/17/2028
(i)
$
1,700‌
1,771‌
Southern
Housing
3.50%,
10/19/2047
GBP
100‌
89‌
Vonovia
SE
0.38%,
06/16/2027
EUR
100‌
110‌
1.13%,
09/14/2034
100‌
90‌
$
10,853‌
Regional
Authority
-
0.12%
Province
of
British
Columbia
Canada
4.20%,
07/06/2033
$
1,625‌
1,590‌
Provincia
de
Buenos
Aires/Government
Bonds
6.63%,
09/01/2037
(l)
1,835‌
1,294‌
$
2,884‌
REITs
-
0.92%
Alexandria
Real
Estate
Equities
Inc
4.90%,
12/15/2030
100‌
101‌
5.25%,
05/15/2036
100‌
98‌
Schedule
of
Investments
Diversified
Income
Fund
July
31,
2025
(unaudited)
56
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
REITs
(continued)
American
Homes
4
Rent
LP
4.25%,
02/15/2028
$
100‌
$
99‌
American
Tower
Corp
0.45%,
01/15/2027
EUR
100‌
111‌
1.45%,
09/15/2026
$
25‌
24‌
1.50%,
01/31/2028
200‌
186‌
2.30%,
09/15/2031
815‌
707‌
3.13%,
01/15/2027
661‌
647‌
4.10%,
05/16/2034
EUR
100‌
118‌
5.20%,
02/15/2029
$
1,374‌
1,402‌
AvalonBay
Communities
Inc
2.45%,
01/15/2031
100‌
90‌
Boston
Properties
LP
2.55%,
04/01/2032
150‌
127‌
Brixmor
Operating
Partnership
LP
4.05%,
07/01/2030
100‌
97‌
Choice
Properties
Real
Estate
Investment
Trust
4.18%,
03/08/2028
CAD
200‌
147‌
Covivio
SA/France
1.63%,
06/23/2030
EUR
100‌
107‌
Crown
Castle
Inc
2.25%,
01/15/2031
$
100‌
87‌
2.90%,
04/01/2041
50‌
36‌
5.00%,
01/11/2028
604‌
609‌
5.60%,
06/01/2029
525‌
541‌
Digital
Dutch
Finco
BV
1.25%,
02/01/2031
EUR
100‌
102‌
Emirates
Reit
Sukuk
III
Ltd
7.50%,
12/12/2028
(l)
$
675‌
677‌
Equinix
Europe
2
Financing
Corp
LLC
3.63%,
11/22/2034
EUR
100‌
111‌
Equinix
Inc
3.90%,
04/15/2032
$
100‌
94‌
ERP
Operating
LP
3.50%,
03/01/2028
200‌
196‌
4.95%,
06/15/2032
177‌
178‌
Essex
Portfolio
LP
1.65%,
01/15/2031
100‌
84‌
Extra
Space
Storage
LP
5.70%,
04/01/2028
100‌
103‌
Gecina
SA
1.63%,
05/29/2034
EUR
100‌
98‌
GLP
Capital
LP
/
GLP
Financing
II
Inc
5.63%,
09/15/2034
$
50‌
50‌
Goodman
US
Finance
Six
LLC
5.13%,
10/07/2034
(j)
357‌
354‌
Granite
REIT
Holdings
LP
3.06%,
06/04/2027
CAD
100‌
72‌
Healthpeak
OP
LLC
3.50%,
07/15/2029
$
100‌
96‌
Host
Hotels
&
Resorts
LP
3.50%,
09/15/2030
319‌
296‌
5.50%,
04/15/2035
25‌
25‌
Invitation
Homes
Operating
Partnership
LP
5.50%,
08/15/2033
100‌
102‌
Kilroy
Realty
LP
4.75%,
12/15/2028
100‌
99‌
Kimco
Realty
OP
LLC
2.25%,
12/01/2031
100‌
86‌
4.60%,
02/01/2033
25‌
24‌
Klepierre
SA
2.00%,
05/12/2029
EUR
100‌
111‌
LXP
Industrial
Trust
2.38%,
10/01/2031
$
487‌
411‌
MPT
Operating
Partnership
LP
/
MPT
Finance
Corp
0.99%,
10/15/2026
EUR
2,050‌
2,199‌
3.50%,
03/15/2031
$
1,200‌
816‌
5.00%,
10/15/2027
2,075‌
1,904‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
REITs
(continued)
MPT
Operating
Partnership
LP
/
MPT
Finance
Corp
(continued)
8.50%,
02/15/2032
(j)
$
1,550‌
$
1,611‌
National
Health
Investors
Inc
3.00%,
02/01/2031
999‌
884‌
NNN
REIT
Inc
5.60%,
10/15/2033
50‌
52‌
Northwest
Healthcare
Properties
Real
Estate
Investment
Trust
5.51%,
02/18/2030
CAD
50‌
36‌
Omega
Healthcare
Investors
Inc
5.20%,
07/01/2030
$
50‌
50‌
Prologis
Euro
Finance
LLC
0.50%,
02/16/2032
EUR
200‌
193‌
Prologis
LP
2.25%,
04/15/2030
$
200‌
182‌
4.00%,
09/15/2028
100‌
99‌
Realty
Income
Corp
4.65%,
03/15/2047
100‌
87‌
Regency
Centers
LP
5.25%,
01/15/2034
100‌
101‌
RioCan
Real
Estate
Investment
Trust
5.61%,
10/06/2027
CAD
100‌
75‌
Scentre
Group
Trust
1
5.90%,
11/27/2034
AUD
100‌
67‌
Segro
PLC
5.13%,
12/06/2041
GBP
100‌
121‌
Service
Properties
Trust
8.63%,
11/15/2031
(j)
$
2,225‌
2,369‌
Simon
Property
Group
LP
5.85%,
03/08/2053
100‌
100‌
SmartCentres
Real
Estate
Investment
Trust
5.16%,
08/01/2030
CAD
100‌
75‌
Store
Capital
LLC
4.50%,
03/15/2028
$
100‌
99‌
UDR
Inc
3.10%,
11/01/2034
100‌
84‌
Unibail-Rodamco-Westfield
SE
2.00%,
05/29/2037
EUR
100‌
94‌
Ventas
Realty
LP
5.70%,
09/30/2043
$
50‌
49‌
VICI
Properties
LP
5.75%,
04/01/2034
100‌
102‌
WEA
Finance
LLC
3.50%,
06/15/2029
(j)
100‌
96‌
Welltower
OP
LLC
4.13%,
03/15/2029
200‌
198‌
Weyerhaeuser
Co
4.00%,
03/09/2052
654‌
494‌
4.75%,
05/15/2026
917‌
918‌
WPC
Eurobond
BV
0.95%,
06/01/2030
EUR
100‌
103‌
$
21,961‌
Retail
-
0.87%
1011778
BC
ULC
/
New
Red
Finance
Inc
4.00%,
10/15/2030
(j)
$
5,150‌
4,772‌
7-Eleven
Inc
2.50%,
02/10/2041
(j)
100‌
67‌
Alimentation
Couche-Tard
Inc
5.27%,
02/12/2034
(j)
150‌
150‌
Asbury
Automotive
Group
Inc
5.00%,
02/15/2032
(j)
600‌
568‌
AutoNation
Inc
5.89%,
03/15/2035
300‌
304‌
AutoZone
Inc
5.10%,
07/15/2029
289‌
295‌
CK
Hutchison
Europe
Finance
21
Ltd
1.00%,
11/02/2033
EUR
100‌
94‌
Schedule
of
Investments
Diversified
Income
Fund
July
31,
2025
(unaudited)
57
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Retail
(continued)
Costco
Wholesale
Corp
1.38%,
06/20/2027
$
200‌
$
190‌
Darden
Restaurants
Inc
4.35%,
10/15/2027
458‌
457‌
Dick's
Sporting
Goods
Inc
4.10%,
01/15/2052
50‌
36‌
Dollar
General
Corp
3.50%,
04/03/2030
100‌
95‌
Home
Depot
Inc/The
3.35%,
04/15/2050
200‌
140‌
4.50%,
12/06/2048
100‌
85‌
4.75%,
06/25/2029
50‌
51‌
4.90%,
04/15/2029
521‌
532‌
4.95%,
06/25/2034
100‌
101‌
LCM
Investments
Holdings
II
LLC
8.25%,
08/01/2031
(j)
1,725‌
1,824‌
Lithia
Motors
Inc
4.38%,
01/15/2031
(j)
1,350‌
1,270‌
Lowe's
Cos
Inc
2.63%,
04/01/2031
100‌
90‌
3.70%,
04/15/2046
492‌
362‌
4.05%,
05/03/2047
100‌
77‌
4.45%,
04/01/2062
75‌
58‌
4.50%,
04/15/2030
(i)
100‌
100‌
McDonald's
Corp
3.63%,
09/01/2049
725‌
526‌
3.88%,
02/20/2031
EUR
100‌
119‌
4.60%,
09/09/2032
$
100‌
100‌
4.80%,
08/14/2028
1,556‌
1,579‌
4.88%,
12/09/2045
100‌
90‌
5.20%,
05/17/2034
100‌
102‌
O'Reilly
Automotive
Inc
3.60%,
09/01/2027
1,149‌
1,130‌
5.75%,
11/20/2026
517‌
525‌
Raising
Cane's
Restaurants
LLC
9.38%,
05/01/2029
(j)
400‌
422‌
Starbucks
Corp
4.50%,
11/15/2048
50‌
41‌
4.80%,
02/15/2033
100‌
100‌
Suburban
Propane
Partners
LP/Suburban
Energy
Finance
Corp
5.00%,
06/01/2031
(j)
1,000‌
939‌
Target
Corp
2.95%,
01/15/2052
(i)
100‌
63‌
4.50%,
09/15/2032
75‌
74‌
Victra
Holdings
LLC
/
Victra
Finance
Corp
8.75%,
09/15/2029
(j)
2,925‌
3,065‌
Walmart
Inc
1.50%,
09/22/2028
50‌
46‌
1.80%,
09/22/2031
(i)
150‌
130‌
2.50%,
09/22/2041
100‌
70‌
4.50%,
04/15/2053
50‌
43‌
$
20,882‌
Savings
&
Loans
-
0.00%
Nationwide
Building
Society
3.77%,
01/27/2036
(k)
EUR
100‌
115‌
3
Month
Euro
Interbank
Offered
Rate
+
1.23%
Semiconductors
-
0.49%
Analog
Devices
Inc
5.30%,
04/01/2054
$
50‌
48‌
Applied
Materials
Inc
3.30%,
04/01/2027
100‌
98‌
4.80%,
06/15/2029
402‌
409‌
Broadcom
Inc
2.45%,
02/15/2031
(j)
1,647‌
1,470‌
3.19%,
11/15/2036
(j)
1,327‌
1,096‌
3.42%,
04/15/2033
(j)
150‌
136‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Semiconductors
(continued)
Broadcom
Inc
(continued)
3.46%,
09/15/2026
$
200‌
$
198‌
4.90%,
07/15/2032
620‌
622‌
Foundry
JV
Holdco
LLC
5.50%,
01/25/2031
(j)
200‌
204‌
5.90%,
01/25/2030
(j)
200‌
209‌
5.90%,
01/25/2033
(j)
488‌
501‌
6.15%,
01/25/2032
(j)
1,069‌
1,118‌
6.25%,
01/25/2035
(j)
627‌
653‌
6.40%,
01/25/2038
(j)
387‌
402‌
Intel
Corp
2.80%,
08/12/2041
100‌
66‌
3.73%,
12/08/2047
1,173‌
803‌
4.10%,
05/19/2046
150‌
110‌
4.15%,
08/05/2032
523‌
492‌
4.88%,
02/10/2028
200‌
201‌
5.05%,
08/05/2062
100‌
79‌
5.60%,
02/21/2054
502‌
444‌
5.70%,
02/10/2053
527‌
474‌
KLA
Corp
4.95%,
07/15/2052
100‌
91‌
Marvell
Technology
Inc
4.88%,
06/22/2028
200‌
202‌
Micron
Technology
Inc
5.88%,
02/09/2033
75‌
78‌
NVIDIA
Corp
2.00%,
06/15/2031
(i)
100‌
88‌
NXP
BV
/
NXP
Funding
LLC
/
NXP
USA
Inc
5.00%,
01/15/2033
100‌
100‌
Qorvo
Inc
4.38%,
10/15/2029
100‌
97‌
QUALCOMM
Inc
4.75%,
05/20/2032
469‌
473‌
4.80%,
05/20/2045
100‌
91‌
Texas
Instruments
Inc
3.88%,
03/15/2039
100‌
87‌
4.60%,
02/15/2028
600‌
606‌
4.90%,
03/14/2033
100‌
102‌
$
11,848‌
Software
-
2.48%
Adobe
Inc
4.75%,
01/17/2028
1,001‌
1,015‌
4.85%,
04/04/2027
371‌
375‌
AthenaHealth
Group
Inc
6.50%,
02/15/2030
(j)
14,670‌
14,421‌
Capstone
Borrower
Inc
8.00%,
06/15/2030
(j)
5,475‌
5,690‌
Central
Parent
Inc
/
CDK
Global
Inc
7.25%,
06/15/2029
(j)
1,250‌
1,027‌
Central
Parent
LLC
/
CDK
Global
II
LLC
/
CDK
Financing
Co
Inc
8.00%,
06/15/2029
(j)
3,950‌
3,351‌
CoreWeave
Inc
9.00%,
02/01/2031
(j)
4,570‌
4,551‌
Dye
&
Durham
Ltd
8.63%,
04/15/2029
(j)
5,025‌
5,236‌
Ellucian
Holdings
Inc
6.50%,
12/01/2029
(j)
1,225‌
1,241‌
Fidelity
National
Information
Services
Inc
3.10%,
03/01/2041
100‌
73‌
Fiserv
Inc
3.00%,
07/01/2031
GBP
100‌
119‌
4.40%,
07/01/2049
$
1,134‌
906‌
5.15%,
08/12/2034
580‌
576‌
Intuit
Inc
5.13%,
09/15/2028
75‌
77‌
Schedule
of
Investments
Diversified
Income
Fund
July
31,
2025
(unaudited)
58
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Software
(continued)
Microsoft
Corp
2.40%,
08/08/2026
$
200‌
$
196‌
2.68%,
06/01/2060
150‌
87‌
3.70%,
08/08/2046
100‌
80‌
4.10%,
02/06/2037
200‌
191‌
Open
Text
Corp
3.88%,
12/01/2029
(j)
450‌
421‌
Oracle
Corp
2.30%,
03/25/2028
1,591‌
1,507‌
2.88%,
03/25/2031
100‌
91‌
3.60%,
04/01/2040
200‌
158‌
3.60%,
04/01/2050
100‌
69‌
3.80%,
11/15/2037
1,350‌
1,145‌
3.85%,
04/01/2060
150‌
101‌
4.00%,
11/15/2047
1,041‌
789‌
4.13%,
05/15/2045
200‌
157‌
4.65%,
05/06/2030
100‌
100‌
4.70%,
09/27/2034
468‌
450‌
5.55%,
02/06/2053
234‌
216‌
6.13%,
07/08/2039
100‌
104‌
Playtika
Holding
Corp
4.25%,
03/15/2029
(j)
5,875‌
5,372‌
Roper
Technologies
Inc
4.20%,
09/15/2028
200‌
199‌
Salesforce
Inc
1.95%,
07/15/2031
150‌
131‌
SAP
SE
1.25%,
03/10/2028
EUR
100‌
111‌
SS&C
Technologies
Inc
6.50%,
06/01/2032
(j)
$
2,150‌
2,211‌
Synopsys
Inc
5.00%,
04/01/2032
100‌
101‌
UKG
Inc
6.88%,
02/01/2031
(j)
2,625‌
2,695‌
VMware
LLC
4.70%,
05/15/2030
100‌
100‌
ZoomInfo
Technologies
LLC/ZoomInfo
Finance
Corp
3.88%,
02/01/2029
(j)
4,350‌
4,089‌
$
59,529‌
Sovereign
-
4.13%
Angolan
Government
International
Bond
8.25%,
05/09/2028
3,000‌
2,906‌
Bahamas
Government
International
Bond
8.25%,
06/24/2036
(j)
1,350‌
1,371‌
Benin
Government
International
Bond
7.96%,
02/13/2038
1,200‌
1,162‌
Brazil
Notas
do
Tesouro
Nacional
Serie
F
9.76%,
01/01/2029
BRL
28,000‌
4,546‌
Colombia
Government
International
Bond
3.00%,
01/30/2030
$
1,400‌
1,229‌
7.38%,
04/25/2030
1,200‌
1,257‌
Colombian
TES
12.75%,
11/28/2040
COP
4,534,000‌
1,109‌
13.25%,
02/09/2033
17,148,000‌
4,366‌
Ecuador
Government
International
Bond
6.90%,
07/31/2030
(l)
$
2,900‌
2,543‌
6.90%,
07/31/2035
(l)
1,805‌
1,348‌
Egypt
Government
Bond
24.46%,
10/01/2027
EGP
55,900‌
1,144‌
25.32%,
08/13/2027
53,500‌
1,112‌
Egypt
Government
International
Bond
7.05%,
01/15/2032
$
1,225‌
1,123‌
7.63%,
05/29/2032
1,775‌
1,668‌
8.70%,
03/01/2049
2,350‌
1,933‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Sovereign
(continued)
Egypt
Treasury
Bills
20.72%,
09/16/2025
(q)
EGP
49,700‌
$
986‌
21.12%,
12/16/2025
(q)
22,500‌
418‌
23.72%,
11/18/2025
(q)
132,000‌
2,502‌
26.56%,
08/19/2025
(q)
126,000‌
2,556‌
El
Salvador
Government
International
Bond
0.25%,
04/17/2030
(j)
$
33,000‌
693‌
Gabon
Government
International
Bond
6.63%,
02/06/2031
1,050‌
861‌
7.00%,
11/24/2031
225‌
183‌
Ghana
Government
International
Bond
0.00%,
01/03/2030
(d),(j)
1,819‌
1,515‌
0.00%,
01/03/2030
(d)
976‌
813‌
5.00%,
07/03/2029
(j),(l)
2,075‌
1,972‌
Hungary
Government
International
Bond
6.00%,
09/26/2035
(i),(j)
2,525‌
2,543‌
Indonesia
Treasury
Bond
6.50%,
07/15/2030
IDR
57,400,000‌
3,537‌
Ivory
Coast
Government
International
Bond
5.88%,
10/17/2031
EUR
2,625‌
2,914‌
8.08%,
04/01/2036
(j)
$
2,325‌
2,290‌
8.08%,
04/01/2036
300‌
296‌
Japan
Government
Five
Year
Bond
0.40%,
09/20/2028
JPY
150,000‌
979‌
Japan
Government
Ten
Year
Bond
0.70%,
12/20/2033
5,000‌
31‌
Malaysia
Government
Bond
3.34%,
05/15/2030
MYR
9,700‌
2,291‌
Mexican
Bonos
8.50%,
11/18/2038
MXN
93,500‌
4,525‌
Mexico
Government
International
Bond
4.28%,
08/14/2041
$
2,281‌
1,745‌
6.34%,
05/04/2053
400‌
365‌
6.63%,
01/29/2038
802‌
806‌
Nigeria
Government
International
Bond
7.38%,
09/28/2033
3,000‌
2,763‌
Pakistan
Government
International
Bond
6.88%,
12/05/2027
1,900‌
1,862‌
7.38%,
04/08/2031
650‌
608‌
Peru
Government
Bond
5.40%,
08/12/2034
PEN
3,900‌
1,026‌
Peruvian
Government
International
Bond
6.85%,
08/12/2035
(j)
11,350‌
3,243‌
6.90%,
08/12/2037
4,825‌
1,359‌
Republic
of
Cameroon
International
Bond
9.50%,
07/31/2031
$
1,700‌
1,595‌
Republic
of
Italy
Government
International
Bond
3.88%,
05/06/2051
1,013‌
705‌
Republic
of
Poland
Government
Bond
2.00%,
08/25/2036
PLN
10,701‌
2,556‌
Republic
of
South
Africa
Government
Bond
8.75%,
01/31/2044
ZAR
93,450‌
4,300‌
8.88%,
02/28/2035
39,150‌
2,049‌
Republic
of
Uzbekistan
International
Bond
6.90%,
02/28/2032
(j)
$
1,550‌
1,604‌
Romanian
Government
International
Bond
6.38%,
09/18/2033
EUR
1,825‌
2,206‌
6.75%,
07/11/2039
425‌
499‌
Senegal
Government
International
Bond
4.75%,
03/13/2028
3,450‌
3,395‌
Turkiye
Government
International
Bond
5.20%,
08/17/2031
2,550‌
2,900‌
Ukraine
Government
International
Bond
1.75%,
02/01/2034
(j),(l)
$
573‌
289‌
1.75%,
02/01/2034
(l)
1,292‌
660‌
Zambia
Government
International
Bond
0.50%,
12/31/2053
2,450‌
1,792‌
$
99,049‌
Schedule
of
Investments
Diversified
Income
Fund
July
31,
2025
(unaudited)
59
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Student
Loan
Asset
Backed
Securities
-
0.87%
CIT
Education
Loan
Trust
2007-1
4.69%,
03/25/2042
(j)
$
1,255‌
$
1,229‌
1.00
x
90
Day
Average
Secured
Overnight
Financing
Rate
+
0.35%
Commonbond
Student
Loan
Trust
2017-B-GS
2.68%,
09/25/2042
(j)
919‌
857‌
ELFI
Graduate
Loan
Program
2024-A
LLC
5.56%,
08/25/2049
(j)
1,564‌
1,577‌
KeyCorp
Student
Loan
Trust
2006-A
5.71%,
03/27/2042
1,147‌
949‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.41%
National
Collegiate
Student
Loan
Trust
2005-2
4.84%,
06/25/2033
592‌
586‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
0.48%
Navient
Private
Education
Refi
Loan
Trust
2022-A
2.23%,
07/15/2070
(j)
835‌
761‌
Navient
Student
Loan
Trust
6.48%,
03/15/2072
(j)
647‌
659‌
Nelnet
Student
Loan
Trust
2021-D
5.16%,
04/20/2062
(j)
277‌
272‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
0.80%
Nelnet
Student
Loan
Trust
2023-A
6.55%,
02/20/2041
(j)
426‌
435‌
1.00
x
30
Day
Average
Secured
Overnight
Financing
Rate
+
2.20%
6.64%,
02/20/2041
(j)
533‌
549‌
SLM
Private
Credit
Student
Loan
Trust
2003-A
6.18%,
06/15/2032
1,939‌
938‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.86%
SLM
Private
Credit
Student
Loan
Trust
2005-B
4.91%,
06/15/2039
943‌
921‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
0.59%
SLM
Private
Credit
Student
Loan
Trust
2006-A
4.87%,
06/15/2039
1,292‌
1,240‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
0.55%
SLM
Private
Credit
Student
Loan
Trust
2006-B
4.78%,
12/15/2039
472‌
459‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
0.46%
SLM
Private
Credit
Student
Loan
Trust
2007-A
4.82%,
12/16/2041
1,495‌
1,462‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
0.50%
SLM
Student
Loan
Trust
2008-2
5.35%,
04/27/2026
479‌
478‌
1.00
x
90
Day
Average
Secured
Overnight
Financing
Rate
+
1.01%
SLM
Student
Loan
Trust
2008-3
5.60%,
07/25/2028
1,706‌
1,696‌
1.00
x
90
Day
Average
Secured
Overnight
Financing
Rate
+
1.26%
SLM
Student
Loan
Trust
2008-4
6.25%,
01/25/2028
220‌
221‌
1.00
x
90
Day
Average
Secured
Overnight
Financing
Rate
+
1.91%
SLM
Student
Loan
Trust
2008-5
6.30%,
10/25/2027
1,391‌
1,397‌
1.00
x
90
Day
Average
Secured
Overnight
Financing
Rate
+
1.96%
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Student
Loan
Asset
Backed
Securities
(continued)
SLM
Student
Loan
Trust
2008-6
5.70%,
04/25/2029
$
1,965‌
$
1,941‌
1.00
x
90
Day
Average
Secured
Overnight
Financing
Rate
+
1.36%
SMB
Private
Education
Loan
Trust
2015-B
3.50%,
12/17/2040
(j)
171‌
170‌
SMB
Private
Education
Loan
Trust
2021-A
2.31%,
01/15/2053
(j)
899‌
873‌
Towd
Point
Asset
Trust
2021-SL1
5.87%,
11/20/2061
(j)
1,200‌
1,141‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
1.51%
$
20,811‌
Supranational
Bank
-
0.49%
Africa
Finance
Corp
7.50%,
01/21/2030
(h),(j),(k)
1,525‌
1,492‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.02%
7.50%,
01/21/2030
(h),(k)
875‌
856‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.02%
European
Bank
for
Reconstruction
&
Development
6.75%,
01/13/2032
INR
116,700‌
1,339‌
Inter-American
Development
Bank
1.13%,
07/20/2028
$
2,279‌
2,101‌
7.00%,
01/25/2029
INR
131,000‌
1,511‌
7.00%,
04/17/2033
93,000‌
1,083‌
International
Bank
for
Reconstruction
&
Development
0.75%,
11/24/2027
$
1,857‌
1,725‌
6.50%,
04/17/2030
INR
136,000‌
1,545‌
$
11,652‌
Telecommunications
-
1.61%
Africell
Holding
Ltd
10.50%,
10/23/2029
(i),(j)
$
1,875‌
1,827‌
America
Movil
SAB
de
CV
6.13%,
03/30/2040
100‌
104‌
AT&T
Inc
3.15%,
06/01/2030
EUR
100‌
115‌
3.55%,
09/15/2055
$
200‌
134‌
3.65%,
06/01/2051
100‌
71‌
3.65%,
09/15/2059
100‌
67‌
3.85%,
06/01/2060
380‌
263‌
4.25%,
06/01/2043
GBP
100‌
103‌
4.30%,
02/15/2030
$
100‌
99‌
4.30%,
11/18/2034
EUR
100‌
121‌
4.50%,
05/15/2035
$
2,003‌
1,901‌
4.70%,
08/15/2030
50‌
50‌
4.75%,
05/15/2046
1,207‌
1,050‌
4.90%,
08/15/2037
1,523‌
1,453‌
5.38%,
08/15/2035
50‌
51‌
5.40%,
02/15/2034
359‌
367‌
5.55%,
08/15/2041
100‌
98‌
Axian
Telecom
Holding
&
Management
PLC
7.25%,
07/11/2030
(j)
975‌
976‌
Bell
Telephone
Co
of
Canada
or
Bell
Canada
5.20%,
02/15/2034
50‌
50‌
5.60%,
08/11/2053
CAD
50‌
38‌
British
Telecommunications
PLC
3.13%,
11/21/2031
GBP
100‌
120‌
5.13%,
12/04/2028
$
200‌
203‌
Cisco
Systems
Inc
2.50%,
09/20/2026
100‌
98‌
5.05%,
02/26/2034
100‌
102‌
5.10%,
02/24/2035
1,372‌
1,395‌
5.30%,
02/26/2054
100‌
96‌
CommScope
LLC
9.50%,
12/15/2031
(i),(j)
472‌
497‌
Schedule
of
Investments
Diversified
Income
Fund
July
31,
2025
(unaudited)
60
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Telecommunications
(continued)
Corning
Inc
3.90%,
11/15/2049
$
521‌
$
393‌
5.45%,
11/15/2079
50‌
45‌
Deutsche
Telekom
AG
1.75%,
12/09/2049
EUR
100‌
75‌
Deutsche
Telekom
International
Finance
BV
4.38%,
06/21/2028
(j)
$
150‌
150‌
Digicel
Intermediate
Holdings
Ltd
/
Digicel
International
Finance
Ltd
/
DIFL
US
9.00%,
PIK
10.50%;
05/25/2027
(i),(l),(m)
4,270‌
4,289‌
Digicel
International
Finance
Ltd
/
Difl
US
LLC
8.63%,
08/01/2032
(j),(o)
2,350‌
2,374‌
Motorola
Solutions
Inc
5.55%,
08/15/2035
683‌
697‌
NTT
Finance
Corp
0.34%,
03/03/2030
EUR
100‌
102‌
4.62%,
07/16/2028
(j)
$
200‌
200‌
5.17%,
07/16/2032
(j)
331‌
334‌
5.50%,
07/16/2035
(j)
422‌
429‌
Orange
SA
0.50%,
09/04/2032
EUR
100‌
96‌
1.38%,
02/11/2029
(h),(k)
100‌
106‌
EUR
Swap
Annual
(VS
6
Month)
5
Year
+
1.49%
1.88%,
09/12/2030
200‌
218‌
Rogers
Communications
Inc
3.20%,
03/15/2027
$
100‌
98‌
4.55%,
03/15/2052
100‌
81‌
5.30%,
02/15/2034
50‌
50‌
6.75%,
11/09/2039
CAD
100‌
83‌
SES
SA
4.13%,
06/24/2030
EUR
100‌
116‌
Sprint
Capital
Corp
6.88%,
11/15/2028
$
100‌
107‌
Telefonica
Emisiones
SA
1.45%,
01/22/2027
EUR
100‌
113‌
4.90%,
03/06/2048
$
657‌
553‌
5.52%,
03/01/2049
200‌
183‌
Telia
Co
AB
0.13%,
11/27/2030
EUR
100‌
98‌
Telstra
Group
Ltd
1.38%,
03/26/2029
100‌
109‌
TELUS
Corp
4.70%,
03/06/2048
CAD
100‌
67‌
T-Mobile
USA
Inc
3.00%,
02/15/2041
$
2,892‌
2,116‌
3.60%,
11/15/2060
633‌
418‌
3.88%,
04/15/2030
100‌
97‌
4.38%,
04/15/2040
100‌
88‌
4.80%,
07/15/2028
200‌
202‌
5.05%,
07/15/2033
100‌
100‌
5.65%,
01/15/2053
100‌
96‌
Veon
Midco
BV
3.38%,
11/25/2027
2,075‌
1,916‌
Verizon
Communications
Inc
0.19%,
03/24/2028
CHF
100‌
122‌
1.30%,
05/18/2033
EUR
100‌
98‌
1.75%,
01/20/2031
$
150‌
129‌
2.36%,
03/15/2032
200‌
172‌
2.65%,
05/06/2030
AUD
200‌
117‌
2.85%,
09/03/2041
$
1,396‌
987‌
2.99%,
10/30/2056
100‌
60‌
3.00%,
11/20/2060
986‌
579‌
3.40%,
03/22/2041
649‌
500‌
3.55%,
03/22/2051
100‌
71‌
3.88%,
03/01/2052
432‌
321‌
4.00%,
03/22/2050
100‌
76‌
4.02%,
12/03/2029
125‌
123‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Telecommunications
(continued)
Verizon
Communications
Inc
(continued)
4.25%,
10/31/2030
EUR
100‌
$
121‌
4.50%,
08/10/2033
$
1,034‌
1,000‌
4.78%,
02/15/2035
191‌
185‌
5.25%,
04/02/2035
1,086‌
1,090‌
Vmed
O2
UK
Financing
I
PLC
4.25%,
01/31/2031
(j)
3,450‌
3,143‌
Vodafone
Group
PLC
5.63%,
02/10/2053
200‌
189‌
5.75%,
02/10/2063
487‌
457‌
5.88%,
06/28/2064
1,585‌
1,526‌
$
38,714‌
Toys,
Games
&
Hobbies
-
0.01%
Hasbro
Inc
3.55%,
11/19/2026
200‌
197‌
Transportation
-
0.45%
Burlington
Northern
Santa
Fe
LLC
4.15%,
12/15/2048
886‌
718‌
4.45%,
03/15/2043
867‌
758‌
5.20%,
04/15/2054
50‌
47‌
5.80%,
03/15/2056
317‌
322‌
Canadian
National
Railway
Co
3.05%,
02/08/2050
CAD
100‌
54‌
3.85%,
08/05/2032
$
100‌
95‌
Canadian
Pacific
Railway
Co
2.88%,
11/15/2029
100‌
94‌
4.30%,
05/15/2043
100‌
84‌
4.70%,
05/01/2048
623‌
547‌
5.20%,
03/30/2035
304‌
308‌
CSX
Corp
3.35%,
09/15/2049
100‌
69‌
3.80%,
11/01/2046
100‌
77‌
DSV
Finance
BV
1.38%,
03/16/2030
EUR
100‌
107‌
East
Japan
Railway
Co
5.56%,
09/04/2054
GBP
100‌
124‌
Federal
Express
Corp
2020-1
Pass
Through
Trusts
1.88%,
08/20/2035
$
1,904‌
1,636‌
FedEx
Corp
4.95%,
10/17/2048
(j)
100‌
84‌
Norfolk
Southern
Corp
4.55%,
06/01/2053
100‌
84‌
5.55%,
03/15/2034
100‌
104‌
Ryder
System
Inc
5.25%,
06/01/2028
100‌
102‌
5.50%,
06/01/2029
652‌
674‌
Transnet
SOC
Ltd
8.25%,
02/06/2028
2,275‌
2,371‌
TTX
Co
5.50%,
09/25/2026
(j)
839‌
847‌
Union
Pacific
Corp
3.25%,
02/05/2050
100‌
68‌
3.60%,
09/15/2037
100‌
86‌
3.85%,
02/14/2072
100‌
68‌
United
Parcel
Service
Inc
5.30%,
04/01/2050
(i)
200‌
187‌
Yinson
Bergenia
Production
BV
8.50%,
01/31/2045
(j)
950‌
980‌
$
10,695‌
Trucking
&
Leasing
-
0.34%
FTAI
Aviation
Investors
LLC
7.00%,
05/01/2031
(j)
2,425‌
2,516‌
7.00%,
06/15/2032
(j)
1,100‌
1,139‌
GATX
Corp
3.25%,
09/15/2026
985‌
971‌
6.05%,
03/15/2034
100‌
106‌
Schedule
of
Investments
Diversified
Income
Fund
July
31,
2025
(unaudited)
61
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Trucking
&
Leasing
(continued)
Penske
Truck
Leasing
Co
Lp
/
PTL
Finance
Corp
5.25%,
02/01/2030
(j)
$
920‌
$
938‌
5.35%,
03/30/2029
(j)
384‌
392‌
5.88%,
11/15/2027
(j)
100‌
103‌
6.05%,
08/01/2028
(j)
940‌
976‌
6.20%,
06/15/2030
(j)
1,036‌
1,099‌
$
8,240‌
Water
-
0.12%
Aegea
Finance
Sarl
9.00%,
01/20/2031
(j)
1,575‌
1,693‌
9.00%,
01/20/2031
(i)
250‌
269‌
American
Water
Capital
Corp
4.15%,
06/01/2049
100‌
79‌
Anglian
Water
Services
Financing
PLC
2.63%,
06/15/2027
GBP
100‌
126‌
Essential
Utilities
Inc
3.35%,
04/15/2050
(i)
$
100‌
65‌
Northumbrian
Water
Finance
PLC
6.38%,
10/28/2034
GBP
100‌
137‌
Suez
SACA
5.00%,
11/03/2032
EUR
100‌
125‌
SW
Finance
I
PLC
6.19%,
03/31/2029
GBP
50‌
68‌
United
Utilities
Water
Finance
PLC
2.63%,
02/12/2031
100‌
117‌
Veolia
Environnement
SA
1.59%,
01/10/2028
EUR
200‌
224‌
$
2,903‌
TOTAL
BONDS
$
1,692,884‌
CONVERTIBLE
BONDS
-
0.07%
Principal
Amount
(000's)
Value
(000's)
Chemicals
-
0.07%
Sasol
Financing
USA
LLC
4.50%,
11/08/2027
$
1,800‌
$
1,670‌
TOTAL
CONVERTIBLE
BONDS
$
1,670‌
SENIOR
FLOATING
RATE
INTERESTS
-
11.20%
Principal
Amount
(000's)
Value
(000's)
Advertising
-
0.13%
Advantage
Sales
&
Marketing
Inc
Term
Loan
B2
8.80%,
10/28/2027
(r)
$
72‌
$
55‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
4.25%
Clear
Channel
Outdoor
Holdings
Inc
Term
Loan
B
8.44%,
08/23/2028
(r)
1,750‌
1,743‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
4.00%
8.44%,
08/23/2028
(r)
894‌
890‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
4.00%
CMG
Media
Corp
Term
Loan
B2
7.89%,
06/18/2029
(r)
137‌
134‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
3.50%
Planet
US
Buyer
LLC
Term
Loan
B
7.33%,
02/07/2031
(r)
395‌
396‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
3.00%
$
3,218‌
Aerospace
&
Defense
-
0.12%
Azorra
Soar
Tlb
Finance
Ltd
Term
Loan
B
7.82%,
10/18/2029
(r)
248‌
248‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.50%
Bleriot
US
Bidco
Inc
Term
Loan
B
7.05%,
10/31/2030
(r)
291‌
291‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
2.75%
SENIOR
FLOATING
RATE
INTERESTS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Aerospace
&
Defense
(continued)
Goat
Holdco
LLC
Term
Loan
B
7.33%,
12/10/2031
(r)
$
455‌
$
455‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.00%
Kaman
Corp
Term
Loan
B
7.05%,
01/30/2032
(r)
800‌
800‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
2.75%
Kaman
Corp
7.05%,
02/26/2032
(r)
7‌
7‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
2.75%
Signia
Aerospace
LLC
7.06%,
12/11/2031
(r)
173‌
173‌
TransDigm
Inc
Term
Loan
J
6.80%,
02/28/2031
(r)
669‌
671‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
2.50%
TransDigm
Inc
Term
Loan
L
6.80%,
01/19/2032
(r)
307‌
308‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
2.50%
$
2,953‌
Airlines
-
0.03%
AAdvantage
Loyalty
IP
Ltd
Term
Loan
B
6.58%,
04/20/2028
(r)
146‌
146‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
2.25%
Air
Canada
Term
Loan
B
6.35%,
03/21/2031
(r)
306‌
306‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
2.00%
SkyMiles
IP
Ltd
Term
Loan
B
8.07%,
10/20/2027
(r)
221‌
222‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
3.75%
United
Airlines
Inc
Term
Loan
B
6.35%,
02/22/2031
(r)
160‌
160‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
2.00%
$
834‌
Apparel
-
0.06%
ABG
Intermediate
Holdings
2
LLC
Term
Loan
B1
6.58%,
12/21/2028
(r)
283‌
282‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.25%
Beach
Acquisition
Bidco
LLC
0.00%,
06/25/2032
(r),(s)
205‌
206‌
Varsity
Brands
Inc
Term
Loan
B
7.58%,
08/26/2031
(r)
424‌
425‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
3.50%
7.58%,
08/26/2031
(r)
397‌
398‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
3.50%
WH
Borrower
LLC
Term
Loan
B
9.07%,
02/12/2032
(r)
155‌
155‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
4.75%
$
1,466‌
Automobile
Parts
&
Equipment
-
0.30%
Clarios
Global
LP
Term
Loan
B
6.83%,
05/04/2030
(r)
1,596‌
1,595‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.50%
6.83%,
05/04/2030
(r)
501‌
501‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.50%
Schedule
of
Investments
Diversified
Income
Fund
July
31,
2025
(unaudited)
62
SENIOR
FLOATING
RATE
INTERESTS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Automobile
Parts
&
Equipment
(continued)
Clarios
Global
LP
Term
Loan
B
(continued)
7.08%,
01/14/2032
(r)
$
480‌
$
480‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.75%
Dexko
Global
Inc
Term
Loan
B
8.19%,
10/04/2028
(r)
273‌
260‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.75%
First
Brands
Group
LLC
Term
Loan
B
9.54%,
03/30/2027
(r)
2,638‌
2,575‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
5.00%
9.54%,
03/30/2027
(r)
320‌
312‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
5.00%
First
Brands
Group
LLC
Term
Loan
13.04%,
03/30/2028
(r)
1,475‌
1,379‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
8.50%
$
7,102‌
Banks
-
0.00%
Ascensus
Holdings
Inc
Term
Loan
B
7.33%,
08/02/2028
(r)
85‌
85‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.00%
Beverages
-
0.12%
Arterra
Wines
Canada
Inc
Term
Loan
B1
8.06%,
11/25/2027
(r)
1,348‌
1,329‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
3.50%
BrewCo
Borrower
LLC
Term
Loan
0.00%,
04/05/2028
(d),(r)
143‌
36‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
6.25%
0.00%,
04/05/2028
(d),(r)
374‌
94‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
3.50%
BrewCo
Borrower
LLC
PIK
Term
Loan
6.09%,
PIK
7.50%,
01/05/2026
(m),(r)
38‌
36‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
1.50%
Naked
Juice
LLC
Term
Loan
9.80%,
01/24/2029
(r)
122‌
121‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
5.50%
Pegasus
Bidco
BV
Term
Loan
B
7.58%,
07/12/2029
(r)
196‌
196‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
3.25%
Primo
Brands
Corp
Term
Loan
B
6.55%,
03/31/2028
(r)
829‌
830‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
2.25%
Sazerac
Company
Inc
6.84%,
06/25/2032
(r)
145‌
145‌
$
2,787‌
Building
Materials
-
0.12%
ACProducts
Holdings
Inc
Term
Loan
B
8.81%,
05/17/2028
(r)
104‌
78‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
4.25%
Chariot
Buyer
LLC
Term
Loan
B
7.68%,
10/22/2028
(r)
422‌
422‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.25%
Chariot
Buyer
LLC
0.00%,
07/22/2032
(r),(s)
40‌
40‌
SENIOR
FLOATING
RATE
INTERESTS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Building
Materials
(continued)
Cornerstone
Building
Brands
Inc
Term
Loan
B
7.69%,
04/12/2028
(r)
$
405‌
$
368‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.25%
CP
Atlas
Buyer
Inc
Term
Loan
B
9.60%,
07/01/2030
(r)
42‌
40‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
5.25%
Eco
Material
Technologies
Inc
Term
Loan
7.47%,
01/30/2032
(r)
1,275‌
1,279‌
CME
Term
Secured
Overnight
Financing
Rate
6
Month
+
3.25%
Knife
River
Corp
Term
Loan
B
6.31%,
02/20/2032
(r)
35‌
35‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
2.00%
MI
Windows
And
Doors
LLC
Term
Loan
B3
7.08%,
03/21/2031
(r)
127‌
127‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.75%
Quikrete
Holdings
Inc
Term
Loan
B3
6.58%,
01/31/2032
(r)
402‌
401‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.25%
Quikrete
Holdings
Inc
Term
Loan
B1
6.58%,
04/14/2031
(r)
138‌
138‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.25%
$
2,928‌
Chemicals
-
0.42%
Advancion
Holdings
LLC
Term
Loan
12.18%,
10/27/2028
(r)
8,680‌
8,107‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
7.75%
Discovery
Purchaser
Corp
Term
Loan
B
8.08%,
08/04/2029
(r)
337‌
336‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.75%
Ecovyst
Catalyst
Technologies
LLC
Term
Loan
B
6.29%,
06/12/2031
(r)
215‌
214‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
2.00%
Fortis
333
Inc
Term
Loan
B
7.80%,
02/06/2032
(r)
165‌
163‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
3.50%
Herens
US
Holdco
Corp
Term
Loan
B
8.32%,
07/03/2028
(r)
113‌
100‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
3.93%
INEOS
US
Finance
LLC
Term
Loan
B
7.33%,
02/07/2031
(r)
17‌
16‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.00%
7.58%,
02/18/2030
(r)
153‌
142‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.25%
NIC
Acquisition
Corp
Term
Loan
B
8.31%,
12/29/2027
(r)
125‌
107‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
3.75%
Nouryon
Finance
BV
Term
Loan
B
7.51%,
04/03/2028
(r)
592‌
592‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
3.25%
Olympus
Water
US
Holding
Corp
0.00%,
07/23/2032
(r),(s)
80‌
80‌
Schedule
of
Investments
Diversified
Income
Fund
July
31,
2025
(unaudited)
63
SENIOR
FLOATING
RATE
INTERESTS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Chemicals
(continued)
USALCO
LLC
Term
Loan
B
8.33%,
09/30/2031
(r)
$
203‌
$
203‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
4.00%
$
10,060‌
Commercial
Services
-
0.42%
Allied
Universal
Holdco
LLC
Term
Loan
B
8.18%,
05/12/2028
(r)
604‌
605‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.75%
American
Auto
Auction
Group
LLC
Term
Loan
B
8.84%,
05/22/2032
(r)
33‌
33‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
4.50%
Anticimex
Global
AB
Term
Loan
B1
7.66%,
11/16/2028
(r)
615‌
615‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
3.15%
Anticimex
Global
AB
Term
Loan
B6
7.66%,
11/16/2028
(r)
56‌
56‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.50%
Belron
Finance
2019
LLC
Term
Loan
B
7.05%,
10/16/2031
(r)
299‌
300‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
2.75%
Boost
Newco
Borrower
LLC
Term
Loan
B2
6.30%,
01/31/2031
(r)
804‌
806‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
2.00%
Camelot
US
Acquisition
LLC
Term
Loan
B
7.08%,
01/31/2031
(r)
170‌
169‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.75%
Catawba
Nation
Gaming
Authority
Term
Loan
B
9.05%,
03/29/2032
(r)
145‌
147‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
4.75%
Champions
Financing
Inc
Term
Loan
B
9.08%,
02/23/2029
(r)
2,487‌
2,303‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
4.75%
Corp
Service
Co
Term
Loan
B
6.40%,
11/02/2029
(r)
285‌
284‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.00%
Creative
Artists
Agency
LLC
Term
Loan
B
6.85%,
10/01/2031
(r)
498‌
498‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.50%
Element
Materials
Technology
Group
US
Holdings
Inc
8.05%,
07/06/2029
(r)
389‌
389‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
4.25%
Ensemble
RCM
LLC
Term
Loan
B
7.28%,
08/01/2029
(r)
315‌
316‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
3.00%
First
Advantage
Holdings
LLC
Term
Loan
B
7.58%,
09/19/2031
(r)
254‌
254‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.25%
Garda
World
Security
Corp
Term
Loan
B
7.48%,
02/01/2029
(r)
413‌
413‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.00%
SENIOR
FLOATING
RATE
INTERESTS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Commercial
Services
(continued)
Jupiter
Buyer
Inc
Term
Loan
B
9.05%,
10/10/2031
(r)
$
273‌
$
274‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
4.75%
Mister
Car
Wash
Holdings
Inc
Term
Loan
B
6.86%,
03/27/2031
(r)
393‌
393‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
2.75%
OMNIA
Partners
LLC
Term
Loan
B
6.81%,
07/25/2030
(r)
282‌
282‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
2.75%
PG
Polaris
BidCo
Sarl
Term
Loan
B
7.05%,
03/26/2031
(r)
242‌
243‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
3.00%
Prime
Security
Services
Borrower
LLC
Term
Loan
B1
6.13%,
10/13/2030
(r)
221‌
221‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.00%
Priority
Holdings
LLC
Term
Loan
B
0.00%,
07/23/2032
(r),(s)
125‌
125‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.75%
Shift4
Payments
LLC
7.05%,
05/07/2032
(r)
60‌
60‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
2.75%
Spin
Holdco
Inc
Term
Loan
B
10.26%,
03/03/2028
(r)
701‌
616‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
4.00%
Wand
NewCo
3
Inc
Term
Loan
B2
6.83%,
01/30/2031
(r)
515‌
514‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.50%
XPLOR
T1
LLC
Term
Loan
B
7.79%,
06/24/2031
(r)
233‌
234‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
3.50%
$
10,150‌
Computers
-
0.27%
Amentum
Holdings
Inc
Term
Loan
B
6.83%,
07/30/2031
(r)
122‌
122‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.25%
Clover
Holdings
2
LLC
Term
Loan
B
7.66%,
12/09/2031
(r)
828‌
826‌
Cubic
Corp
Term
Loan
B
0.00%,
05/25/2028
(r),(s)
82‌
60‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
4.25%
Cubic
Corp
Term
Loan
C
0.00%,
05/25/2028
(r),(s)
17‌
12‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
4.25%
Fortress
Intermediate
3
Inc
Term
Loan
B
7.32%,
06/27/2031
(r)
432‌
432‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.00%
Kaseya
Inc
Term
Loan
B
7.58%,
03/06/2032
(r)
648‌
650‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.25%
7.58%,
03/06/2032
(r)
417‌
418‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.25%
Schedule
of
Investments
Diversified
Income
Fund
July
31,
2025
(unaudited)
64
SENIOR
FLOATING
RATE
INTERESTS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Computers
(continued)
KnowBe4
Inc
8.06%,
07/22/2032
(r)
$
900‌
$
899‌
McAfee
Corp
Term
Loan
B1
7.33%,
03/01/2029
(r)
525‌
507‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.00%
NCR
Atleos
Corp
Term
Loan
B
8.03%,
03/27/2029
(r)
107‌
108‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
3.75%
Perforce
Software
Inc
Term
Loan
B
9.08%,
03/21/2031
(r)
295‌
286‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
4.75%
Synechron
Inc
Term
Loan
B
8.03%,
10/03/2031
(r)
249‌
249‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
3.75%
VeriFone
Systems
Inc
Term
Loan
10.06%,
08/18/2028
(r)
484‌
466‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
5.50%
Vision
Solutions
Inc
Term
Loan
B
8.54%,
04/23/2028
(r)
299‌
288‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
4.00%
World
Wide
Technology
Holding
Co
LLC
6.35%,
03/01/2030
(r)
220‌
219‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.00%
X
Corp
Term
Loan
B1
10.93%,
10/26/2029
(r)
647‌
630‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
6.50%
X
Corp
Term
Loan
B3
9.50%,
10/26/2029
(r)
345‌
334‌
$
6,506‌
Consumer
Products
-
0.01%
Kronos
Acquisition
Holdings
Inc
Term
Loan
B
8.30%,
06/27/2031
(r)
171‌
145‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
4.00%
VC
GB
Holdings
I
Corp
Term
Loan
B
8.06%,
06/30/2028
(r)
101‌
100‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
3.50%
$
245‌
Cosmetics
&
Personal
Care
-
0.02%
Conair
Holdings
LLC
Term
Loan
B
8.19%,
05/17/2028
(r)
72‌
53‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.75%
Opal
US
LLC
Term
Loan
B
7.43%,
03/31/2032
(r)
330‌
331‌
CME
Term
Secured
Overnight
Financing
Rate
6
Month
+
3.25%
$
384‌
Distribution
&
Wholesale
-
0.29%
Gates
Corp/DE
Term
Loan
B5
6.08%,
06/04/2031
(r)
273‌
272‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
1.75%
Gloves
Buyer
Inc
Term
Loan
B
8.32%,
01/17/2032
(r)
2,590‌
2,534‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
4.00%
SENIOR
FLOATING
RATE
INTERESTS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Distribution
&
Wholesale
(continued)
Infinite
Bidco
LLC
Term
Loan
11.54%,
02/24/2029
(r)
$
4,850‌
$
4,223‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
7.00%
$
7,029‌
Diversified
Financial
Services
-
0.06%
Dechra
Finance
US
LLC
Term
Loan
B
7.45%,
12/04/2031
(r)
125‌
125‌
CME
Term
Secured
Overnight
Financing
Rate
6
Month
+
3.25%
Jump
Financial
LLC
Term
Loan
B
8.55%,
02/20/2032
(r)
923‌
923‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
4.25%
Kestra
Advisor
Services
Holdings
A
Inc
Term
Loan
B
7.33%,
03/22/2031
(r)
259‌
259‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.00%
Orion
US
Finco
Term
Loan
B
0.00%,
05/20/2032
(r),(s)
56‌
56‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.50%
$
1,363‌
Electric
-
0.15%
Cornerstone
Generation
LLC
Term
Loan
B
0.00%,
10/28/2031
(r),(s)
484‌
487‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.25%
Invenergy
Thermal
Operating
I
LLC
7.91%,
05/06/2032
(r)
108‌
109‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
3.50%
7.91%,
05/06/2032
(r)
7‌
7‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
3.50%
Kestrel
Acquisition
LLC
Term
Loan
B
7.80%,
10/29/2031
(r)
196‌
196‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
3.50%
Long
Ridge
Energy
LLC
8.80%,
02/07/2032
(r)
50‌
49‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
4.50%
NRG
Energy
Inc
Term
Loan
B
0.00%,
04/16/2031
(r),(s)
125‌
125‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.75%
Talen
Energy
Supply
LLC
Term
Loan
B
6.81%,
05/17/2030
(r)
1,307‌
1,308‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
2.50%
6.81%,
12/11/2031
(r)
1,258‌
1,260‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
2.50%
$
3,541‌
Electronics
-
0.06%
Coherent
Corp
Term
Loan
B2
6.33%,
07/02/2029
(r)
170‌
171‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.00%
Ingram
Micro
Inc
Term
Loan
B2
6.56%,
09/22/2031
(r)
162‌
163‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.25%
Schedule
of
Investments
Diversified
Income
Fund
July
31,
2025
(unaudited)
65
SENIOR
FLOATING
RATE
INTERESTS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Electronics
(continued)
Lsf12
Crown
US
Commercial
Bidco
LLC
Term
Loan
B
7.84%,
12/02/2031
(r)
$
980‌
$
985‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.50%
MX
Holdings
US
Inc
Term
Loan
B
6.58%,
02/20/2032
(r)
48‌
48‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.25%
$
1,367‌
Engineering
&
Construction
-
0.06%
Apple
Bidco
LLC
Term
Loan
B
6.83%,
09/22/2031
(r)
457‌
458‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.50%
Brown
Group
Holding
LLC
Term
Loan
B1
6.83%,
07/01/2031
(r)
222‌
222‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.75%
Brown
Group
Holding
LLC
Term
Loan
B2
6.81%,
07/01/2031
(r)
514‌
515‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
2.75%
Centuri
Group
Inc
6.59%,
07/01/2032
(r)
210‌
211‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.25%
DG
Investment
Intermediate
Holdings
2
Inc
Term
Loan
B
8.09%,
07/02/2032
(r)
83‌
83‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.75%
$
1,489‌
Entertainment
-
0.22%
AMC
Entertainment
Holdings
Inc
Term
Loan
11.35%,
01/04/2029
(r)
1,070‌
1,076‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
7.00%
Caesars
Entertainment
Inc
Term
Loan
B1
6.58%,
02/06/2031
(r)
366‌
365‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
2.25%
Churchill
Downs
Inc
Term
Loan
B1
6.08%,
03/17/2028
(r)
201‌
201‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
1.75%
Cinemark
USA
Inc
Term
Loan
B
6.57%,
05/24/2030
(r)
243‌
243‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.25%
Crown
Finance
US
Inc
Term
Loan
B
8.83%,
12/02/2031
(r)
609‌
606‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
4.50%
Entain
PLC
Term
Loan
B
7.02%,
10/31/2029
(r)
394‌
395‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
2.75%
Flutter
Financing
BV
Term
Loan
B
0.00%,
06/04/2032
(r),(s)
45‌
45‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.00%
6.05%,
11/30/2030
(r)
233‌
232‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.75%
SENIOR
FLOATING
RATE
INTERESTS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Entertainment
(continued)
Herschend
Entertainment
Co
LLC
Term
Loan
7.60%,
05/14/2032
(r)
$
125‌
$
126‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.25%
Light
&
Wonder
International
Inc
Term
Loan
B2
6.59%,
04/14/2029
(r)
166‌
166‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.25%
Merlin
Entertainment
7.80%,
11/12/2029
(r)
27‌
25‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.25%
PCI
Gaming
Authority
Term
Loan
B
6.33%,
07/18/2031
(r)
213‌
213‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.00%
Penn
Entertainment
Inc
Term
Loan
B
6.83%,
05/03/2029
(r)
187‌
188‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.50%
Scientific
Games
Holdings
LP
Term
Loan
B
7.29%,
04/04/2029
(r)
436‌
436‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
3.00%
SeaWorld
Parks
&
Entertainment
Inc
Term
Loan
B3
6.33%,
12/04/2031
(r)
310‌
309‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.00%
Six
Flags
Entertainment
Corp
Term
Loan
B
6.33%,
04/18/2031
(r)
178‌
178‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.00%
UFC
Holdings
LLC
Term
Loan
B4
6.57%,
11/14/2031
(r)
422‌
423‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
2.25%
$
5,227‌
Environmental
Control
-
0.08%
GFL
ES
US
LLC
Term
Loan
B
6.82%,
02/04/2032
(r)
294‌
294‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
2.50%
Madison
IAQ
LLC
Term
Loan
B
6.70%,
06/21/2028
(r)
212‌
212‌
CME
Term
Secured
Overnight
Financing
Rate
6
Month
+
2.50%
Reworld
Holding
Corp
Term
Loan
B1
6.59%,
11/30/2028
(r)
261‌
261‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.25%
Reworld
Holding
Corp
Term
Loan
C1
6.59%,
11/30/2028
(r)
20‌
20‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.25%
Win
Waste
Innovations
Holdings
Inc
Term
Loan
7.19%,
03/24/2028
(r)
1,108‌
1,107‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.75%
Win
Waste
Innovations
Holdings
Inc
Term
Loan
B1
8.19%,
03/24/2028
(r)
70‌
70‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.75%
$
1,964‌
Food
-
0.04%
Aspire
Bakeries
Hldgs
LLC
7.85%,
12/23/2030
(r)
139‌
140‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.50%
Schedule
of
Investments
Diversified
Income
Fund
July
31,
2025
(unaudited)
66
SENIOR
FLOATING
RATE
INTERESTS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Food
(continued)
CHG
PPC
Parent
LLC
Term
Loan
B
7.44%,
12/08/2028
(r)
$
229‌
$
229‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.00%
Fiesta
Purchaser
Inc
Term
Loan
B
7.64%,
02/12/2031
(r)
234‌
235‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.25%
Froneri
US
Inc
Term
Loan
B4
6.24%,
09/17/2031
(r)
229‌
227‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.00%
Savor
Acquisition
Inc
Term
Loan
B
7.58%,
02/04/2032
(r)
91‌
92‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.25%
$
923‌
Hand
&
Machine
Tools
-
0.01%
Madison
Safety
&
Flow
LLC
Term
Loan
B
7.14%,
09/26/2031
(r)
169‌
169‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.75%
Healthcare
-
Products
-
0.11%
Bausch
+
Lomb
Corp
Term
Loan
B
8.60%,
12/18/2030
(r)
256‌
257‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
4.25%
Insulet
Corp
Term
Loan
B
6.33%,
08/04/2031
(r)
238‌
238‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.00%
Medline
Borrower
LP
Term
Loan
B
0.00%,
10/23/2028
(r),(s)
31‌
31‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.00%
6.58%,
10/23/2028
(r)
1,383‌
1,383‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.25%
Resonetics
LLC
7.06%,
06/18/2031
(r)
271‌
271‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.75%
Viant
Medical
Holdings
Inc
Term
Loan
8.33%,
10/17/2031
(r)
387‌
386‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
4.00%
$
2,566‌
Healthcare
-
Services
-
0.80%
ADMI
Corp
Term
Loan
B1
10.08%,
12/23/2027
(r)
235‌
227‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
5.75%
AHP
Health
Partners
Inc
Term
Loan
B
7.08%,
08/24/2028
(r)
194‌
194‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.75%
Aveanna
Healthcare
LLC
Term
Loan
B
8.18%,
07/17/2028
(r)
5,592‌
5,510‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
3.75%
Aveanna
Healthcare
LLC
Term
Loan
11.48%,
12/10/2029
(r)
1,980‌
1,958‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
7.00%
Concentra
Health
Services
Inc
Term
Loan
B1
6.33%,
07/26/2031
(r)
249‌
250‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.00%
SENIOR
FLOATING
RATE
INTERESTS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Healthcare
-
Services
(continued)
Eyecare
Partners
LLC
PIK
Term
Loan
B
5.23%,
PIK
3.61%,
11/30/2028
(m),(r)
$
3,596‌
$
2,829‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.00%
5.23%,
PIK
3.61%,
11/30/2028
(m),(r)
227‌
179‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.00%
Global
Medical
Response
Inc
PIK
Term
Loan
B
9.08%,
PIK
0.75%,
10/31/2028
(m),(r)
616‌
616‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
4.75%
Heartland
Dental
LLC
Term
Loan
B
8.89%,
04/28/2028
(r)
955‌
956‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
4.50%
Medical
Solutions
Holdings
Inc
Term
Loan
B
7.88%,
10/06/2028
(r)
274‌
149‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
3.50%
National
Mentor
Holdings
Inc
Term
Loan
B
8.17%,
03/02/2028
(r)
472‌
460‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.75%
National
Mentor
Holdings
Inc
Term
Loan
C
8.14%,
03/02/2028
(r)
14‌
13‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
3.75%
Onex
TSG
Intermediate
Corp
0.00%,
07/23/2032
(r),(s)
143‌
143‌
Pacific
Dental
Services
LLC
Term
Loan
B
7.10%,
03/15/2031
(r)
388‌
389‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.75%
Phoenix
Guarantor
Inc
Term
Loan
B5
6.83%,
02/21/2031
(r)
484‌
485‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.50%
Phoenix
Newco
Inc
Term
Loan
B
6.83%,
11/15/2028
(r)
746‌
747‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.50%
Radiology
Partners
Inc
Term
Loan
B
8.80%,
06/25/2032
(r)
329‌
329‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
4.50%
Select
Medical
Corp
Term
Loan
B2
6.33%,
11/18/2031
(r)
226‌
225‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.00%
Sound
Inpatient
Physicians
Inc
PIK
Term
Loan
B
8.06%,
PIK
1.50%,
06/28/2028
(m),(r)
315‌
295‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
3.50%
Sound
Inpatient
Physicians
Inc
PIK
Term
Loan
A
11.05%,
PIK
0.00%,
06/28/2028
(r)
28‌
29‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
5.50%
Star
Parent
Inc
Term
Loan
B
8.30%,
09/27/2030
(r)
161‌
159‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
3.75%
Surgery
Center
Holdings
Inc
Term
Loan
7.08%,
12/19/2030
(r)
1,107‌
1,109‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.75%
Schedule
of
Investments
Diversified
Income
Fund
July
31,
2025
(unaudited)
67
SENIOR
FLOATING
RATE
INTERESTS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Healthcare
-
Services
(continued)
Team
Health
Holdings
Inc
Term
Loan
B
0.00%,
06/23/2028
(r),(s)
$
1,000‌
$
1,000‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
4.50%
9.53%,
03/02/2027
(r)
901‌
899‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
5.25%
$
19,150‌
Home
Builders
-
0.05%
Tecta
America
Corp
7.33%,
02/12/2032
(r)
1,300‌
1,302‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.00%
Home
Furnishings
-
0.08%
AI
Aqua
Merger
Sub
Inc
Term
Loan
B
7.32%,
07/31/2028
(r)
695‌
695‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.00%
MillerKnoll
Inc
Term
Loan
B
6.44%,
07/19/2028
(r)
382‌
382‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.00%
Somnigroup
International
Inc
Term
Loan
B
6.53%,
10/24/2031
(r)
233‌
233‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.25%
Weber-Stephen
Products
LLC
Term
Loan
B
7.69%,
10/30/2027
(r)
522‌
521‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.25%
Weber-Stephen
Products
LLC
Term
Loan
8.67%,
10/30/2027
(r)
93‌
93‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
4.25%
$
1,924‌
Insurance
-
1.16%
Acrisure
LLC
Term
Loan
B6
7.33%,
11/06/2030
(r)
997‌
996‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.00%
7.33%,
11/06/2030
(r)
457‌
456‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.00%
Alera
Group
Inc
Term
Loan
B
7.58%,
05/21/2032
(r)
350‌
351‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.25%
Alliant
Holdings
Intermediate
LLC
Term
Loan
B6
7.10%,
09/12/2031
(r)
832‌
832‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.75%
AmWINS
Group
Inc
Term
Loan
B
6.58%,
01/23/2032
(r)
312‌
312‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.25%
AssuredPartners
Inc
Term
Loan
B5
7.89%,
02/14/2031
(r)
566‌
567‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.50%
Asurion
LLC
Term
Loan
B9
7.69%,
07/31/2027
(r)
417‌
416‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.25%
SENIOR
FLOATING
RATE
INTERESTS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Insurance
(continued)
Asurion
LLC
Term
Loan
B3
9.69%,
01/31/2028
(r)
$
7,600‌
$
7,292‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
5.25%
9.69%,
01/31/2028
(r)
271‌
260‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
5.25%
Asurion
LLC
Term
Loan
B4
9.69%,
01/20/2029
(r)
9,150‌
8,582‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
5.25%
9.69%,
01/20/2029
(r)
950‌
891‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
5.25%
9.69%,
01/20/2029
(r)
175‌
164‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
5.25%
Asurion
LLC
Term
Loan
B11
8.68%,
08/19/2028
(r)
206‌
204‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
4.25%
Asurion
LLC
Term
Loan
B13
8.58%,
09/19/2030
(r)
375‌
367‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
4.25%
BroadStreet
Partners
Inc
Term
Loan
B4
7.08%,
06/14/2031
(r)
1,328‌
1,328‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.75%
CRC
Insurance
Group
LLC
Term
Loan
B
7.05%,
05/06/2031
(r)
417‌
417‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
2.75%
CRC
Insurance
Group
LLC
Term
Loan
9.05%,
05/06/2032
(r)
1,447‌
1,476‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
4.75%
HUB
International
Ltd
Term
Loan
B
6.83%,
06/20/2030
(r)
420‌
421‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
2.50%
Ryan
Specialty
LLC
Term
Loan
B
6.58%,
09/10/2031
(r)
437‌
437‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.25%
Sedgwick
Claims
Management
Services
Inc
Term
Loan
B
7.33%,
07/31/2031
(r)
788‌
789‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
3.00%
Trucordia
Insurance
Holdings
LLC
Term
Loan
7.56%,
06/14/2032
(r)
260‌
261‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.25%
USI
Inc/NY
Term
Loan
D
6.55%,
11/22/2029
(r)
693‌
692‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
2.25%
USI
Inc/NY
Term
Loan
C
6.55%,
09/27/2030
(r)
230‌
230‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
2.25%
$
27,741‌
Internet
-
0.46%
CNT
Holdings
I
Corp
Term
Loan
B
6.79%,
11/08/2032
(r)
540‌
540‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
2.50%
Schedule
of
Investments
Diversified
Income
Fund
July
31,
2025
(unaudited)
68
SENIOR
FLOATING
RATE
INTERESTS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Internet
(continued)
MH
Sub
I
LLC
Term
Loan
10.58%,
02/12/2029
(r)
$
7,550‌
$
6,587‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
6.25%
Proofpoint
Inc
Term
Loan
B
0.00%,
08/31/2028
(r),(s)
425‌
426‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.00%
0.00%,
08/31/2028
(r),(s)
72‌
72‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.00%
7.33%,
08/31/2028
(r)
615‌
616‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.00%
Ten-X
LLC
Term
Loan
10.11%,
05/26/2028
(r)
2,968‌
2,686‌
CME
Term
Secured
Overnight
Financing
Rate
6
Month
+
6.00%
$
10,927‌
Investment
Companies
-
0.34%
Acuren
Delaware
Holdco
Inc
Term
Loan
0.00%,
07/30/2031
(r),(s)
65‌
65‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.75%
Aragorn
Parent
Corp
Term
Loan
B
7.84%,
12/15/2028
(r)
183‌
184‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.50%
Nexus
Buyer
LLC
Term
Loan
10.68%,
11/05/2029
(r)
7,350‌
7,292‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
6.25%
Nexus
Buyer
LLC
Term
Loan
B
7.83%,
07/31/2031
(r)
697‌
698‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.50%
$
8,239‌
Leisure
Products
&
Services
-
0.08%
Alterra
Mountain
Co
6.85%,
08/18/2028
(r)
380‌
381‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.50%
GBT
US
III
LLC
Term
Loan
B1
6.81%,
07/28/2031
(r)
199‌
199‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
2.50%
Hayward
Industries
Inc
Term
Loan
B
6.94%,
05/28/2028
(r)
277‌
277‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.50%
MajorDrive
Holdings
IV
LLC
Term
Loan
B
8.56%,
06/01/2028
(r)
1,035‌
1,015‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
4.00%
Topgolf
Callaway
Brands
Corp
Term
Loan
B
7.33%,
03/16/2030
(r)
141‌
139‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.00%
$
2,011‌
Lodging
-
0.01%
Fertitta
Entertainment
LLC/NV
Term
Loan
B
7.60%,
01/13/2029
(r)
345‌
345‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.25%
SENIOR
FLOATING
RATE
INTERESTS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Machinery
-
Diversified
-
0.56%
Chart
Industries
Inc
Term
Loan
B
6.79%,
03/15/2030
(r)
$
172‌
$
173‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
2.50%
Engineered
Machinery
Holdings
Inc
Term
Loan
10.56%,
05/21/2029
(r)
10,613‌
10,622‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
6.00%
Husky
Injection
Molding
Systems
Ltd
Term
Loan
B
8.73%,
02/01/2029
(r)
280‌
280‌
CME
Term
Secured
Overnight
Financing
Rate
6
Month
+
4.50%
Oregon
Tool
Lux
LP
Term
Loan
8.58%,
10/15/2029
(r)
116‌
95‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
4.00%
9.68%,
10/15/2029
(r)
66‌
67‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
5.25%
TK
Elevator
US
Newco
Inc
Term
Loan
B
7.24%,
04/30/2030
(r)
1,264‌
1,270‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.00%
Victory
Buyer
LLC
Term
Loan
8.19%,
11/18/2028
(r)
904‌
902‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.75%
$
13,409‌
Media
-
0.76%
Cengage
Learning
Inc
Term
Loan
B
7.84%,
03/22/2031
(r)
492‌
492‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.50%
Century
DE
Buyer
LLC
Term
Loan
7.78%,
10/30/2030
(r)
247‌
247‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
3.50%
CSC
Holdings
LLC
Term
Loan
B5
8.88%,
04/15/2027
(r)
800‌
787‌
Prime
Rate
+
1.50%
CSC
Holdings
LLC
Term
Loan
B6
8.84%,
01/18/2028
(r)
761‌
759‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
4.50%
Directv
Financing
LLC
Term
Loan
Non-Extended
9.54%,
08/02/2027
(r)
86‌
86‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
5.00%
EW
Scripps
Co/The
Term
Loan
B2
10.21%,
06/30/2028
(r)
49‌
50‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
5.75%
EW
Scripps
Co/The
Term
Loan
B3
7.81%,
11/30/2029
(r)
50‌
48‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.35%
LCPR
Loan
Financing
LLC
Term
Loan
0.00%,
10/13/2028
(r),(s)
56‌
42‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.75%
McGraw-Hill
Education
Inc
Term
Loan
B
7.58%,
08/06/2031
(r)
190‌
190‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.25%
Sinclair
Television
Group
Inc
Term
Loan
B6
7.74%,
12/31/2029
(r)
105‌
97‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.30%
Schedule
of
Investments
Diversified
Income
Fund
July
31,
2025
(unaudited)
69
SENIOR
FLOATING
RATE
INTERESTS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Media
(continued)
SportsNet
New
York
10.25%,
PIK
7.50%,
04/10/2026
(e),(m),(r)
$
21,443‌
$
14,102‌
Sunrise
Financing
Partnership
Term
Loan
AAA
6.69%,
01/31/2032
(r)
222‌
222‌
CME
Term
Secured
Overnight
Financing
Rate
6
Month
+
2.50%
Virgin
Media
Bristol
LLC
Term
Loan
Q
7.71%,
01/31/2029
(r)
150‌
149‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.25%
Virgin
Media
Bristol
LLC
Term
Loan
Y
7.37%,
03/31/2031
(r)
300‌
294‌
CME
Term
Secured
Overnight
Financing
Rate
6
Month
+
3.25%
Ziggo
Financing
Partnership
Term
Loan
I
6.96%,
04/28/2028
(r)
683‌
658‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.50%
$
18,223‌
Mining
-
0.14%
Arctic
Canadian
Diamond
Co
Ltd
10.00%,
06/30/2026
(e),(f),(r)
4,510‌
3,180‌
Arsenal
AIC
Parent
LLC
Term
Loan
B
7.08%,
08/18/2030
(r)
103‌
103‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.75%
$
3,283‌
Packaging
&
Containers
-
0.25%
Berlin
Packaging
LLC
Term
Loan
B7
7.82%,
06/07/2031
(r)
417‌
418‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.50%
Clydesdale
Acquisition
Holdings
Inc
Term
Loan
B
7.50%,
04/13/2029
(r)
478‌
477‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.18%
7.58%,
03/26/2032
(r)
614‌
614‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.25%
Klockner
Pentaplast
of
America
Inc
Term
Loan
B
9.23%,
02/12/2026
(r)
578‌
526‌
CME
Term
Secured
Overnight
Financing
Rate
6
Month
+
4.73%
LABL
Inc
Term
Loan
B
9.43%,
10/27/2028
(r)
3,226‌
2,913‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
5.00%
Plaze
Inc
Term
Loan
B
8.19%,
08/03/2026
(r)
45‌
43‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.75%
Proampac
PG
Borrower
LLC
Term
Loan
B
8.32%,
09/15/2028
(r)
458‌
458‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
4.00%
SupplyOne
Inc
Term
Loan
B
7.83%,
03/27/2031
(r)
211‌
212‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.50%
TricorBraun
Holdings
Inc
Term
Loan
B
7.69%,
03/03/2028
(r)
420‌
419‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.25%
$
6,080‌
SENIOR
FLOATING
RATE
INTERESTS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Pharmaceuticals
-
0.50%
Amneal
Pharmaceuticals
LLC
Term
Loan
B
0.00%,
07/23/2032
(r),(s)
$
250‌
$
250‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.50%
9.83%,
05/04/2028
(r)
221‌
225‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
5.50%
Barentz
International
BV
7.65%,
03/03/2031
(r)
189‌
188‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
3.25%
Covetrus
Inc
Term
Loan
9.30%,
10/13/2029
(r)
8,910‌
8,114‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
5.00%
Gainwell
Acquisition
Corp
Term
Loan
B
8.40%,
10/01/2027
(r)
457‌
450‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
4.00%
Jazz
Financing
Lux
Sarl
Term
Loan
B2
6.58%,
05/05/2028
(r)
110‌
111‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.25%
Organon
&
Co
Term
Loan
B
6.60%,
05/19/2031
(r)
570‌
548‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.25%
Perrigo
Investments
LLC
Term
Loan
B
6.33%,
04/20/2029
(r)
184‌
185‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.00%
Sharp
Services
LLC
Term
Loan
D
7.55%,
12/31/2028
(r)
1,917‌
1,925‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
3.25%
$
11,996‌
Pipelines
-
0.11%
Colonial
Pipeline
Co
0.00%,
06/11/2032
(r),(s)
335‌
333‌
EPIC
Crude
Services
LP
Term
Loan
B
6.83%,
10/15/2031
(r)
233‌
234‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
2.50%
Freeport
LNG
Investments
LLLP
7.59%,
11/17/2026
(r)
823‌
820‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
3.00%
Freeport
LNG
Investments
LLLP
Term
Loan
B
7.58%,
12/21/2028
(r)
404‌
404‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
3.25%
New
Fortress
Energy
Inc
Term
Loan
B
9.81%,
10/27/2028
(r)
106‌
48‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
5.50%
Oryx
Midstream
Services
Permian
Basin
LLC
Term
Loan
B
6.60%,
10/05/2028
(r)
200‌
201‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.25%
TransMontaigne
Operating
Co
LP
Term
Loan
B
7.58%,
11/17/2028
(r)
280‌
280‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.25%
Schedule
of
Investments
Diversified
Income
Fund
July
31,
2025
(unaudited)
70
SENIOR
FLOATING
RATE
INTERESTS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Pipelines
(continued)
Traverse
Midstream
Partners
LLC
Term
Loan
B
7.28%,
02/16/2028
(r)
$
248‌
$
249‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
3.00%
$
2,569‌
Real
Estate
-
0.06%
CoreLogic
Inc
Term
Loan
B
7.94%,
06/02/2028
(r)
399‌
398‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.50%
Cushman
&
Wakefield
US
Borrower
LLC
Term
Loan
B2
7.08%,
01/31/2030
(r)
255‌
257‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.75%
Cushman
&
Wakefield
US
Borrower
LLC
Term
Loan
B3
7.10%,
01/31/2030
(r)
237‌
238‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.75%
Forest
City
Enterprises
LLC
Term
Loan
B
7.94%,
12/07/2025
(r)
490‌
475‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.50%
$
1,368‌
Retail
-
0.18%
Boots
Group
PLC
0.00%,
07/16/2032
(r),(s)
50‌
50‌
EG
America
LLC
Term
Loan
B2
8.58%,
02/07/2028
(r)
273‌
274‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
4.25%
Gulfside
Supply
Inc
Term
Loan
B
7.30%,
05/29/2031
(r)
212‌
212‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
3.00%
IRB
Holding
Corp
Term
Loan
B
6.83%,
12/15/2027
(r)
503‌
503‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.50%
Johnstone
Supply
LLC
Term
Loan
B
6.85%,
06/09/2031
(r)
288‌
288‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.50%
Kodiak
BP
LLC
Term
Loan
B
8.04%,
12/04/2031
(r)
60‌
58‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
3.75%
LBM
Acquisition
LLC
Term
Loan
B
8.18%,
12/17/2027
(r)
60‌
59‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.75%
8.19%,
06/06/2031
(r)
313‌
292‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.75%
LS
Group
OpCo
Acquistion
LLC
Term
Loan
B1
6.83%,
04/23/2031
(r)
198‌
198‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.50%
Michaels
Cos
Inc/The
Term
Loan
9.09%,
04/15/2028
(r)
215‌
182‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
4.25%
Petco
Health
&
Wellness
Co
Inc
Term
Loan
B
7.80%,
03/03/2028
(r)
113‌
105‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
3.25%
SENIOR
FLOATING
RATE
INTERESTS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Retail
(continued)
PetSmart
LLC
Term
Loan
B
8.18%,
02/11/2028
(r)
$
531‌
$
529‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.75%
QXO
Building
Products
Inc
Term
Loan
B
7.29%,
04/23/2032
(r)
121‌
122‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.00%
Restoration
Hardware
Inc
Term
Loan
B
6.94%,
10/20/2028
(r)
204‌
197‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.50%
Victra
Holdings
LLC
Term
Loan
B
8.55%,
03/31/2029
(r)
987‌
988‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
4.25%
White
Cap
Supply
Holdings
LLC
Term
Loan
B
7.58%,
10/19/2029
(r)
208‌
207‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.25%
$
4,264‌
Semiconductors
-
0.14%
Altar
Bidco
Inc
Term
Loan
9.75%,
02/01/2030
(r)
3,570‌
3,400‌
CME
Term
Secured
Overnight
Financing
Rate
6
Month
+
5.60%
Software
-
1.87%
Applied
Systems
Inc
Term
Loan
B1
8.80%,
02/24/2032
(r)
2,700‌
2,767‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
4.50%
Ascend
Learning
LLC
Term
Loan
B
7.33%,
12/11/2028
(r)
3,940‌
3,940‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.00%
Ascend
Learning
LLC
Term
Loan
10.18%,
12/10/2029
(r)
550‌
549‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
5.75%
AthenaHealth
Group
Inc
Term
Loan
B
7.08%,
02/15/2029
(r)
1,571‌
1,569‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.75%
Avalara
Inc
Term
Loan
B
7.55%,
03/19/2032
(r)
369‌
370‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
3.25%
Avaya
Inc
PIK
Term
Loan
Exit
11.83%,
PIK
0.00%,
07/31/2028
(r)
1,019‌
791‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
7.50%
Azalea
Topco
Inc
Term
Loan
B
7.35%,
04/30/2031
(r)
356‌
356‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.00%
BCPE
Pequod
Buyer
Inc
Term
Loan
B
7.33%,
09/19/2031
(r)
209‌
210‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.00%
Boxer
Parent
Co
Inc
Term
Loan
B
7.33%,
07/30/2031
(r)
1,125‌
1,124‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.00%
Cast
&
Crew
LLC
Term
Loan
B
8.08%,
12/29/2028
(r)
2,599‌
2,468‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.75%
Schedule
of
Investments
Diversified
Income
Fund
July
31,
2025
(unaudited)
71
SENIOR
FLOATING
RATE
INTERESTS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Software
(continued)
CCC
Intelligent
Solutions
Inc
Term
Loan
B
6.33%,
01/23/2032
(r)
$
134‌
$
134‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.00%
Cloud
Software
Group
Inc
Term
Loan
B2
8.04%,
03/21/2031
(r)
60‌
60‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
3.75%
Cotiviti
Inc
Term
Loan
B
7.08%,
05/01/2031
(r)
457‌
456‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.75%
Cotiviti
Inc
Term
Loan
7.08%,
02/13/2032
(r)
250‌
249‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.75%
Dayforce
Inc
Term
Loan
B
6.28%,
03/01/2031
(r)
195‌
195‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
2.00%
DTI
Holdco
Inc
Term
Loan
B
8.33%,
04/26/2029
(r)
140‌
138‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
4.00%
Dun
&
Bradstreet
Corp/The
Term
Loan
B2
6.60%,
01/18/2029
(r)
236‌
236‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.25%
Ellucian
Holdings
Inc
Term
Loan
B
7.08%,
10/09/2029
(r)
436‌
436‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.75%
Ellucian
Holdings
Inc
Term
Loan
9.08%,
11/15/2032
(r)
620‌
637‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
4.75%
9.08%,
11/15/2032
(r)
1,450‌
1,490‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
4.75%
Epicor
Software
Corp
Term
Loan
B
7.08%,
05/23/2031
(r)
1,506‌
1,508‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.75%
EVERTEC
Group
LLC
Term
Loan
B
7.08%,
10/30/2030
(r)
189‌
190‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.75%
FinThrive
Software
Intermediate
Holdings
Inc
Term
Loan
B
8.35%,
12/17/2028
(r)
303‌
295‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
4.00%
FinThrive
Software
Intermediate
Holdings
Inc
Term
Loan
C
8.46%,
12/15/2028
(r)
57‌
51‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
4.00%
Genesys
Cloud
Services
Inc
Term
Loan
B
6.84%,
01/23/2032
(r)
912‌
911‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.50%
Icon
Parent
Inc
7.21%,
09/11/2031
(r)
727‌
729‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
3.00%
SENIOR
FLOATING
RATE
INTERESTS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Software
(continued)
Informatica
LLC
Term
Loan
B
6.58%,
10/27/2028
(r)
$
514‌
$
516‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.25%
Isolved
Inc
7.10%,
10/15/2030
(r)
191‌
191‌
Javelin
Buyer
Inc
Term
Loan
7.33%,
10/08/2031
(r)
443‌
442‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
3.25%
Kaseya
Inc
9.33%,
03/05/2033
(r)
3,770‌
3,782‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
5.00%
9.33%,
03/05/2033
(r)
2,175‌
2,182‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
5.00%
Leia
Finco
US
LLC
Term
Loan
B
7.57%,
10/09/2031
(r)
1,644‌
1,646‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
3.25%
7.57%,
10/09/2031
(r)
574‌
574‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
3.25%
Leia
Finco
US
LLC
Term
Loan
9.57%,
10/11/2032
(r)
4,750‌
4,755‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
5.25%
Loyalty
Ventures
Inc
0.00%,
11/03/2027
(d),(r)
1,608‌
12‌
Marcel
Bidco
LLC
Term
Loan
B
7.31%,
11/12/2030
(r)
283‌
285‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.00%
Mitchell
International
Inc
Term
Loan
B
7.58%,
06/17/2031
(r)
631‌
631‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.25%
Modena
Buyer
LLC
Term
Loan
B
8.80%,
04/18/2031
(r)
2,581‌
2,528‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
4.50%
Open
Text
Corp
Term
Loan
B
6.08%,
01/31/2030
(r)
321‌
321‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
1.75%
Planview
Parent
Inc
Term
Loan
7.80%,
12/17/2027
(r)
499‌
487‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.50%
PointClickCare
Technologies
Inc
7.08%,
11/03/2031
(r)
224‌
224‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.75%
Polaris
Newco
LLC
Term
Loan
B
8.29%,
06/02/2028
(r)
184‌
180‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
4.00%
Project
Alpha
Intermediate
Holding
Inc
Term
Loan
B
7.55%,
10/28/2030
(r)
335‌
336‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
3.25%
Schedule
of
Investments
Diversified
Income
Fund
July
31,
2025
(unaudited)
72
SENIOR
FLOATING
RATE
INTERESTS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Software
(continued)
Rackspace
Finance
LLC
Term
Loan
B
7.21%,
05/15/2028
(r)
$
606‌
$
314‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.75%
10.71%,
05/15/2028
(r)
317‌
320‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
6.25%
Rocket
Software
Inc
Term
Loan
B
8.08%,
11/28/2028
(r)
567‌
568‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.75%
Sophos
Holdings
LLC
Term
Loan
B
7.94%,
03/05/2027
(r)
174‌
174‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.50%
SS&C
Technologies
Inc
Term
Loan
B8
6.33%,
05/09/2031
(r)
268‌
268‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.00%
UKG
Inc
Term
Loan
B
6.30%,
02/10/2031
(r)
1,149‌
1,148‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.00%
VS
Buyer
LLC
6.56%,
04/12/2031
(r)
312‌
312‌
West
Technology
Group
LLC
Term
Loan
B3
8.53%,
04/09/2027
(r)
427‌
227‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
4.00%
Zelis
Payments
Buyer
Inc
Term
Loan
B
7.08%,
09/28/2029
(r)
466‌
464‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.75%
7.58%,
10/25/2031
(r)
249‌
248‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.25%
$
44,994‌
Telecommunications
-
0.53%
Altice
France
SA
TERM
B14-Exit
9.82%,
08/15/2028
(r)
220‌
204‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
5.50%
Altice
France
SA
Term
Loan
B11
9.12%,
08/29/2025
(r)
168‌
151‌
CME
Term
Secured
Overnight
Financing
Rate
6
Month
+
2.75%
Altice
France
SA
Term
Loan
B12
10.05%,
01/31/2026
(r)
151‌
137‌
CME
Term
Secured
Overnight
Financing
Rate
6
Month
+
3.69%
Altice
France
SA
Term
Loan
B13
10.36%,
08/14/2026
(r)
586‌
532‌
CME
Term
Secured
Overnight
Financing
Rate
6
Month
+
4.00%
Cincinnati
Bell
Inc
Term
Loan
B4
7.08%,
11/22/2028
(r)
594‌
594‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.75%
CommScope
LLC
9.58%,
12/18/2029
(r)
1,979‌
2,010‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.25%
Connect
Finco
SARL
Term
Loan
B
8.83%,
09/27/2029
(r)
175‌
171‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
4.50%
SENIOR
FLOATING
RATE
INTERESTS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Telecommunications
(continued)
Cyborg
Oldco
DC
Holdings
Inc
Term
Loan
B
0.00%,
05/01/2024
(d),(e),(r)
$
454‌
$
—‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.00%
Delta
Topco
Inc
Term
Loan
B
7.07%,
11/30/2029
(r)
750‌
748‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
2.75%
Digicel
International
Finance
Ltd
PIK
Term
Loan
B
9.53%,
PIK
2.25%,
05/25/2027
(m),(r)
745‌
746‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
5.15%
Digicel
International
Finance
Ltd
0.00%,
07/30/2032
(r),(s)
355‌
354‌
EOS
US
Finco
LLC
Term
Loan
0.00%,
PIK
10.28%,
10/06/2029
(m),(r)
2‌
—‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
6.00%
Frontier
Communications
Holdings
LLC
Term
Loan
B
6.79%,
07/01/2031
(r)
1,065‌
1,065‌
CME
Term
Secured
Overnight
Financing
Rate
6
Month
+
2.50%
Level
3
Financing
Inc
Term
Loan
B3
8.58%,
03/22/2032
(r)
1,362‌
1,372‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
4.25%
Lumen
Technologies
Inc
Term
Loan
A
10.33%,
06/01/2028
(r)
451‌
461‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
6.00%
Lumen
Technologies
Inc
Term
Loan
B2
6.79%,
04/15/2030
(r)
916‌
910‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.35%
Syniverse
Holdings
LLC/DE
Term
Loan
11.29%,
05/13/2027
(r)
172‌
158‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
7.00%
Telesat
LLC
Term
Loan
B5
0.00%,
12/07/2026
(r),(s)
104‌
66‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
2.75%
Viasat
Inc
Term
Loan
B
8.94%,
03/04/2029
(r)
30‌
30‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
4.50%
8.95%,
05/30/2030
(r)
438‌
430‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
4.50%
Zayo
Group
Holdings
Inc
Term
Loan
B
7.44%,
03/09/2027
(r)
2,724‌
2,626‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.00%
$
12,765‌
Transportation
-
0.02%
PODS
LLC
Term
Loan
B
7.54%,
03/31/2028
(r)
179‌
169‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
3.00%
Stonepeak
Nile
Parent
LLC
Term
Loan
B
7.08%,
02/04/2032
(r)
235‌
235‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.75%
$
404‌
TOTAL
SENIOR
FLOATING
RATE
INTERESTS
$
268,750‌
Schedule
of
Investments
Diversified
Income
Fund
July
31,
2025
(unaudited)
73
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
-
10.44%
Principal
Amount
(000's)
Value
(000's)
Federal
National
Mortgage
Association
(FNMA)/Federal
Home
Loan
Mortgage
Corporation
(FHLMC)
Uniform
Mortgage-Backed
Security
-
5.58%
2.00%,
07/01/2041
$
1,382‌
$
1,179‌
2.00%,
03/01/2051
2,481‌
1,951‌
2.00%,
07/01/2051
5,361‌
4,207‌
2.00%,
09/01/2051
5,784‌
4,535‌
2.00%,
11/01/2051
4,557‌
3,625‌
2.00%,
12/01/2051
2,283‌
1,811‌
2.00%,
02/01/2052
822‌
645‌
2.00%,
02/01/2052
3,009‌
2,424‌
2.00%,
03/01/2052
1,745‌
1,379‌
2.50%,
07/01/2051
782‌
645‌
2.50%,
10/01/2051
840‌
689‌
2.50%,
12/01/2051
4,316‌
3,598‌
2.50%,
12/01/2051
3,119‌
2,595‌
2.50%,
12/01/2051
3,902‌
3,236‌
2.50%,
01/01/2052
1,937‌
1,611‌
2.50%,
01/01/2052
3,205‌
2,658‌
3.00%,
08/01/2042
955‌
863‌
3.00%,
07/01/2051
2,458‌
2,134‌
3.00%,
03/01/2052
3,838‌
3,320‌
3.00%,
03/01/2052
3,436‌
2,989‌
3.50%,
05/01/2052
2,133‌
1,924‌
3.50%,
05/01/2052
2,591‌
2,336‌
3.50%,
11/01/2052
1,368‌
1,224‌
4.00%,
07/01/2052
884‌
822‌
4.00%,
08/01/2052
3,025‌
2,810‌
4.00%,
10/01/2052
1,177‌
1,095‌
4.00%,
03/01/2053
3,565‌
3,303‌
4.50%,
06/01/2052
1,264‌
1,210‌
4.50%,
08/01/2052
1,233‌
1,177‌
4.50%,
09/01/2052
1,766‌
1,691‌
4.50%,
10/01/2052
1,949‌
1,880‌
4.50%,
10/01/2052
565‌
539‌
4.50%,
02/01/2053
2,310‌
2,204‌
4.50%,
01/01/2054
1,316‌
1,258‌
5.00%,
07/01/2052
2,330‌
2,293‌
5.00%,
04/01/2053
2,303‌
2,250‌
5.00%,
06/01/2053
4,092‌
4,016‌
5.00%,
06/01/2053
2,005‌
1,971‌
5.00%,
06/01/2053
2,574‌
2,516‌
5.00%,
08/01/2053
2,130‌
2,090‌
5.00%,
11/01/2054
1,552‌
1,521‌
5.00%,
11/01/2054
1,464‌
1,426‌
5.00%,
02/01/2055
1,162‌
1,139‌
5.50%,
08/01/2040
(t)
1,200‌
1,220‌
5.50%,
02/01/2053
2,857‌
2,873‌
5.50%,
07/01/2053
1,258‌
1,265‌
5.50%,
07/01/2053
1,569‌
1,574‌
5.50%,
11/01/2053
1,741‌
1,750‌
5.50%,
11/01/2053
1,546‌
1,550‌
5.50%,
03/01/2054
1,295‌
1,291‌
5.50%,
05/01/2054
1,442‌
1,445‌
5.50%,
06/01/2054
1,358‌
1,363‌
5.50%,
10/01/2054
2,580‌
2,588‌
5.50%,
02/01/2055
2,979‌
2,981‌
5.50%,
08/01/2055
(t)
3,684‌
3,665‌
5.50%,
09/01/2055
(t)
1,335‌
1,327‌
6.00%,
04/01/2054
1,476‌
1,513‌
6.00%,
05/01/2054
1,409‌
1,442‌
6.00%,
06/01/2054
911‌
932‌
6.00%,
09/01/2054
1,799‌
1,840‌
6.00%,
09/01/2054
1,045‌
1,069‌
6.00%,
09/01/2055
(t)
8,020‌
8,123‌
6.50%,
10/01/2053
1,441‌
1,498‌
6.50%,
05/01/2054
1,047‌
1,088‌
6.50%,
04/01/2055
917‌
957‌
6.50%,
09/01/2055
(t)
1,835‌
1,891‌
$
134,034‌
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Government
National
Mortgage
Association
(GNMA)
-
2.36%
2.00%,
01/20/2051
$
1,239‌
$
1,000‌
2.00%,
07/20/2051
1,733‌
1,399‌
2.50%,
04/20/2051
1,979‌
1,665‌
2.50%,
07/20/2051
389‌
327‌
2.50%,
09/20/2051
2,056‌
1,730‌
3.00%,
09/20/2051
880‌
769‌
3.50%,
03/20/2048
1,864‌
1,702‌
3.50%,
08/20/2048
1,197‌
1,092‌
4.00%,
03/20/2049
2,797‌
2,612‌
4.00%,
03/20/2050
576‌
537‌
4.50%,
05/20/2048
2,248‌
2,176‌
4.50%,
05/20/2052
1,061‌
1,012‌
4.50%,
09/20/2052
508‌
485‌
4.50%,
06/20/2053
1,887‌
1,797‌
5.00%,
12/20/2052
1,194‌
1,172‌
5.00%,
01/20/2053
2,471‌
2,423‌
5.00%,
02/20/2053
1,002‌
983‌
5.00%,
05/20/2053
1,781‌
1,744‌
5.00%,
08/20/2053
2,690‌
2,631‌
5.00%,
09/20/2053
1,471‌
1,438‌
5.00%,
10/20/2053
1,476‌
1,447‌
5.00%,
02/20/2054
673‌
659‌
5.00%,
04/20/2054
2,742‌
2,677‌
5.50%,
03/20/2053
930‌
932‌
5.50%,
04/20/2054
2,744‌
2,742‌
5.50%,
08/20/2055
(t)
11,780‌
11,748‌
6.00%,
08/20/2055
(t)
7,660‌
7,763‌
$
56,662‌
U.S.
Treasury
-
1.77%
1.88%,
11/15/2051
2,014‌
1,103‌
2.25%,
02/15/2052
1,268‌
763‌
2.75%,
11/15/2042
962‌
725‌
2.88%,
05/15/2052
2,042‌
1,416‌
3.25%,
05/15/2042
547‌
448‌
3.63%,
09/30/2031
690‌
673‌
3.75%,
04/15/2028
1,725‌
1,719‌
3.88%,
08/15/2034
1,311‌
1,268‌
4.13%,
08/15/2044
661‌
598‌
4.25%,
01/31/2030
450‌
456‌
4.25%,
11/15/2034
1,971‌
1,959‌
4.25%,
05/15/2035
626‌
620‌
4.25%,
08/15/2054
2,746‌
2,470‌
4.38%,
05/15/2034
1,045‌
1,051‌
4.44%,
04/30/2027
(u),(v)
10,846‌
10,852‌
US
Treasury
3
Month
Bill
Money
Market
Yield
+
0.16%
4.44%,
07/31/2027
1,279‌
1,281‌
US
Treasury
3
Month
Bill
Money
Market
Yield
+
0.16%
4.50%,
11/15/2054
3,555‌
3,335‌
4.63%,
02/15/2035
606‌
619‌
4.63%,
05/15/2044
530‌
514‌
4.63%,
11/15/2044
551‌
533‌
4.63%,
05/15/2054
1,698‌
1,625‌
4.63%,
02/15/2055
6,802‌
6,516‌
4.75%,
02/15/2045
964‌
948‌
5.00%,
05/15/2045
936‌
950‌
$
42,442‌
U.S.
Treasury
Bill
-
0.73%
4.22%,
10/16/2025
(q)
4,300‌
4,261‌
4.23%,
09/04/2025
(q)
11,000‌
10,956‌
4.23%,
09/18/2025
(q)
2,205‌
2,192‌
$
17,409‌
TOTAL
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
$
250,547‌
Schedule
of
Investments
Diversified
Income
Fund
July
31,
2025
(unaudited)
74
REPURCHASE
AGREEMENTS
-
0.79%
Maturity
Amount
(000's)
Value
(000's)
Banks
-
0.79%
Daiwa
Securities
Repurchase
Agreement;
4.35%
traded
07/31/2025
maturing
08/01/2025
(collateralized
by
US
Government
Security;
$19,402,611;
4.31%;
dated
6/30/2029
$
19,024‌
$
19,022‌
TOTAL
REPURCHASE
AGREEMENTS
$
19,022‌
TOTAL
PURCHASED
OPTIONS
-
0.00%
$
2‌
TOTAL
PURCHASED
CREDIT
DEFAULT
SWAPTIONS
-
0.00%
$
3‌
Total
Investments
$
2,472,580‌
Other
Assets
and
Liabilities
-  (3.02)%
(72,455‌)
TOTAL
NET
ASSETS
-
100.00%
$
2,400,125‌
(a)
1-day
yield
shown
is
as
of
period
end.
(b)
Security
or
a
portion
of
the
security
was
received
as
collateral
for
securities
lending.
At
the
end
of
the
period,
the
value
of
these
securities
totaled
$33,498
or
1.40%
of
net
assets.
(c)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940,
as
amended,
(the
"1940
Act"))
or
an
affiliate
as
defined
by
the
1940
Act
(controls
5.00%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
Affiliated
Securities
sub-schedule
for
transactional
information.
(d)
Non-income
producing
security
(e)
The
value
of
these
investments
was
determined
using
significant
unobservable
inputs,
in
good
faith
by
the
Manager,
under
procedures
established
and
periodically
reviewed
by
the
Board
of
Directors.
(f)
Security
is
subject
to
a
contractual
sale
restriction
but
this
feature
is
not
considered
in
measuring
the
fair
value.
At
the
end
of
the
period,
the
value
of
these
securities
totaled
$43,081.
The
sale
restriction
provision
specified
in
the
shareholder
agreements
have
no
specified
expiration
date
or
circumstances
that
could
cause
a
lapse.  
(g)
Restricted
Security.
Please
see
Restricted
Securities
sub-schedule
for
additional
information.
(h)
Perpetual
security.
Perpetual
securities
pay
an
indefinite
stream
of
interest,
but
they
may
be
called
by
the
issuer
at
an
earlier
date.
Date
shown,
if
any,
reflects
the
next
call
date
or
final
legal
maturity
date.
Rate
shown
is
as
of
period
end.
(i)
Security
or
a
portion
of
the
security
was
on
loan.  At
the
end
of
the
period,
the
value
of
these
securities
totaled
$32,135
or
1.34%
of
net
assets.
(j)
Security
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933.
These
securities
may
be
resold
in
transactions
exempt
from
registration,
normally
to
qualified
institutional
buyers.
At
the
end
of
the
period,
the
value
of
these
securities
totaled
$757,560
or
31.56%
of
net
assets.
(k)
Rate
shown
is
as
of
period
end.
The
rate
may
be
a
variable
or
floating
rate
or
a
fixed
rate
which
may
convert
to
a
variable
or
floating
rate
in
the
future.
(l)
Certain
variable
rate
securities
are
not
based
on
a
published
reference
rate
and
spread
but
are
determined
by
the
issuer
or
agent
and
are
based
on
current
market
conditions.  These
securities
do
not
indicate
a
reference
rate
and
spread
in
their
description.
Rate
shown
is
the
rate
in
effect
as
of
period
end.
(m)
Payment
in
kind;
the
issuer
has
the
option
of
paying
additional
securities
in
lieu
of
cash.
(n)
Security
is
a
contingent
convertible
security,
("CoCo").
CoCo's
are
hybrid
debt
securities
that
may
convert
to
equity
or
have
their
principal
written
down
upon
occurrence
of
certain
"triggers".
At
the
end
of
the
period,
the
value
of
these
securities
totaled
$45,505
or
1.90%
of
net
assets.
(o)
Security
purchased
on
a
when-issued
basis.
(p)
Security
is
an
Interest
Only
Strip.
(q)
Rate
shown
is
the
discount
rate
of
the
original
purchase.
(r)
Rate
information
disclosed
is
based
on
an
average
weighted
rate
of
the
underlying
tranches
as
of
period
end.
(s)
This
Senior
Floating
Rate
Note
will
settle
after
July
31,
2025,
at
which
time
the
interest
rate
will
be
determined.
(t)
Security
was
purchased
in
a
"to-be-announced"
("TBA")
transaction.
(u)
Security
or
a
portion
of
the
security
was
pledged
to
cover
margin
requirements
for
futures
contracts.
At
the
end
of
the
period,
the
value
of
these
securities
totaled
$646
or
0.03%
of
net
assets.
(v)
Security
or
a
portion
of
the
security
was
pledged
to
cover
margin
requirements
for
swap
and/or
swaption
contracts.
At
the
end
of
the
period,
the
value
of
these
securities
totaled
$21
or
0.00%
of
net
assets.
Affiliated
Securities
October
31,
2024
Purchases
Sales
July
31,
2025
Value
Cost
Proceeds
Value
Principal
Government
Money
Market
Fund
-
Class
R-6
4.22%
$
142,765‌
$
1,574,328‌
$
1,579,192‌
$
137,901‌
$
142,765‌
$
1,574,328‌
$
1,579,192‌
$
137,901‌
Income
(a)
Realized
Gain/(Loss)
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
(Loss)
Principal
Government
Money
Market
Fund
-
Class
R-6
4.22%
$
3,027‌
$
—‌
$
—‌
$
—‌
$
3,027‌
$
—‌
$
—‌
$
—‌
Amounts
in
thousands.
(a)
Amount
excludes
earnings
from
securities
lending
collateral.
Restricted
Securities
Security
Name
Acquisition
Date
Cost
Value
Percent
of
Net
Assets
Arctic
Canadian
Diamond
Co
Ltd
02/03/2021
$
—‌
$
496‌
0.02%
High
Ridge
Brands
-
Escrow  
0.00%,
03/15/2025
12/29/2020
14,671‌
—‌
0.00%
Specialty
Steel  
14.25%,
11/15/2026
02/15/2024
38,772‌
33,875‌
1.41%
Total
$
34,371‌
1.43%
Amounts
in
thousands.
Options
Purchased
Options
Outstanding
Counterparty
Contracts/
Shares
Notional
Amount
Exercise
Price
Expiration
Date
Upfront
Payments
Fair
Value
Unrealized
Appreciation/
(Depreciation)
Put
-
3
Month
Secured
Overnight
Financing
Rate
Future;
December
2025
N/A
50‌
$
125‌
$
95.63‌
12/12/2025
$
5‌
$
2‌
$
(3‌)
Total
$
5‌
$
2‌
$
(3‌)
Amounts
in
thousands
except
contracts/shares.
Schedule
of
Investments
Diversified
Income
Fund
July
31,
2025
(unaudited)
75
Credit
Default
Swaptions
Purchased
Swaptions
Outstanding
Counterparty
Paid
by
the
Fund
Received
by
the
Fund
Notional
Amount
Exercise
Rate
Expiration
Date
Upfront
Payments
Fair
Value
Unrealized
Appreciation/
(Depreciation)
Put
-
5
Year
Credit
Default
Swap
JPMorgan
Chase
5.00%
CDX.NA.HY.44
$
1,490‌
106.00%
08/20/2025
$
18‌
$
3‌
$
(15‌)
Total
$
18‌
$
3‌
$
(15‌)
Written
Swaptions
Outstanding
Counterparty
Paid
by
the
Fund
Received
by
the
Fund
Notional
Amount
Exercise
Rate
Expiration
Date
Upfront
Receipts
Fair
Value
Unrealized
Appreciation/
(Depreciation)
Put
-
5
Year
Credit
Default
Swap
Goldman
Sachs
&
Co
ITRX.FIN.
SNR.43
5.00%
EUR
4,611‌
75.00%
08/20/2025
$
(10‌)
$
(1‌)
$
9‌
Put
-
5
Year
Credit
Default
Swap
JPMorgan
Chase
CDX.NA.HY.44
5.00%
$
1,490‌
101.00%
08/20/2025
(4‌)
–‌
4‌
Put
-
5
Year
Credit
Default
Swap
JPMorgan
Chase
ITRX.FIN.
SNR.43
5.00%
EUR
4,611‌
85.00%
08/20/2025
(9‌)
–‌
9‌
Total
$
(23‌)
$
(1‌)
$
22‌
Amounts
in
thousands.
Futures
Contracts
Description
and
Expiration
Date
Type
Contracts
Notional
Amount
Value
and
Unrealized
Appreciation/(Depreciation)
US
10
Year
Note;
September
2025
Short
19‌
$
2,110‌
$
—‌
US
10
Year
Note;
September
2025
Long
196‌
21,768‌
211‌
US
10
Year
Ultra
Note;
September
2025
Long
48‌
5,428‌
42‌
US
2
Year
Note;
September
2025
Short
62‌
12,833‌
42‌
US
2
Year
Note;
September
2025
Long
48‌
9,935‌
(11‌)
US
5
Year
Note;
September
2025
Short
210‌
22,716‌
(10‌)
US
Long
Bond;
September
2025
Short
2‌
229‌
2‌
US
Ultra
Bond;
September
2025
Long
306‌
35,898‌
994‌
Total
$
1,270‌
Amounts
in
thousands
except
contracts.
Foreign
Currency
Contracts
Unrealized
Appreciation/(Depreciation)
Counterparty
Settlement
Date
Currency
to
Accept
Currency
to
Deliver
Asset
Liability
Bank
of
New
York
Mellon
08/20/2025
$
6,459‌
EUR
5,668‌
$
49‌
$
(65‌)
Citigroup
Inc
08/15/2025
EUR
2,122‌
$
2,492‌
—‌
(69‌)
Citigroup
Inc
08/29/2025
BRL
13,612‌
$
2,417‌
—‌
(2‌)
Citigroup
Inc
08/29/2025
CZK
101,850‌
$
4,861‌
—‌
(126‌)
Citigroup
Inc
08/29/2025
HUF
815,470‌
$
2,384‌
—‌
(59‌)
Citigroup
Inc
08/29/2025
$
1,512‌
ZAR
26,650‌
51‌
—‌
Goldman
Sachs
&
Co
08/29/2025
$
1,208‌
COP
4,988,400‌
19‌
—‌
Goldman
Sachs
&
Co
08/29/2025
$
2,434‌
BRL
13,612‌
19‌
—‌
HSBC
Securities
Inc
08/15/2025
EUR
183‌
$
214‌
—‌
(5‌)
HSBC
Securities
Inc
08/15/2025
$
22,577‌
EUR
19,267‌
574‌
—‌
HSBC
Securities
Inc
08/29/2025
$
1,260‌
BRL
7,100‌
—‌
—‌
HSBC
Securities
Inc
08/29/2025
$
5,667‌
PEN
20,197‌
47‌
—‌
JPMorgan
Chase
08/29/2025
$
2,265‌
COP
9,486,200‌
5‌
(2‌)
JPMorgan
Chase
08/29/2025
$
4,890‌
ZAR
88,725‌
27‌
—‌
JPMorgan
Chase
09/26/2025
TRY
390,835‌
$
9,121‌
116‌
—‌
Morgan
Stanley
&
Co
10/30/2025
EUR
197‌
$
231‌
—‌
(5‌)
Morgan
Stanley
&
Co
10/30/2025
$
857‌
EUR
731‌
18‌
—‌
Total
$
925‌
$
(333‌)
Amounts
in
thousands.
Credit
Default
Swaps
Buy
Protection
Counterparty
Reference
Entity
Implied
Credit
Spread
as
of
July
31,
2025
(a)
(Pay)/
Receive
Fixed
Rate
Payment
Frequency
Maturity
Date
Notional
Amount
Upfront
Payments/
(Receipts)
Unrealized
Appreciation/
(Depreciation)
Fair
Value
Asset
----
Liability
Goldman
Sachs
&
Co
CDX.NA.HY.43
N/A
(5.00)%
Quarterly
12/20/2029
$
1,130‌
$
(84‌)
$
8‌
$
—‌
$
(76‌)
Goldman
Sachs
&
Co
CMBX.11.BBB-
N/A
(3.00)%
Monthly
11/18/2054
650‌
82‌
(2‌)
80‌
—‌
Goldman
Sachs
&
Co
CMBX.18.BBB
N/A
(3.00)%
Monthly
12/17/2057
670‌
52‌
(6‌)
46‌
—‌
Goldman
Sachs
&
Co
CMBX.6.BBB-
N/A
(3.00)%
Monthly
05/11/2063
128‌
17‌
(7‌)
10‌
—‌
Goldman
Sachs
&
Co
CMBX.NA.11.AA
N/A
(1.50)%
Monthly
11/18/2054
1,000‌
16‌
(11‌)
5‌
—‌
Goldman
Sachs
&
Co
CMBX.NA.13.AA
N/A
(1.50)%
Monthly
12/16/2072
2,000‌
76‌
(49‌)
27‌
—‌
Goldman
Sachs
&
Co
CMBX.NA.15.A
N/A
(2.00)%
Monthly
11/18/2064
1,000‌
82‌
(36‌)
46‌
—‌
Goldman
Sachs
&
Co
CMBX.NA.18
N/A
(3.00)%
Monthly
12/17/2057
489‌
32‌
2‌
34‌
—‌
Goldman
Sachs
&
Co
CMBX.NA.BBB-
N/A
(3.00)%
Monthly
11/18/2064
1,000‌
154‌
(6‌)
148‌
—‌
Schedule
of
Investments
Diversified
Income
Fund
July
31,
2025
(unaudited)
76
Credit
Default
Swaps
(continued)
Buy
Protection
(continued)
Counterparty
Reference
Entity
Implied
Credit
Spread
as
of
July
31,
2025
(a)
(Pay)/
Receive
Fixed
Rate
Payment
Frequency
Maturity
Date
Notional
Amount
Upfront
Payments/
(Receipts)
Unrealized
Appreciation/
(Depreciation)
Fair
Value
Asset
----
Liability
Morgan
Stanley
&
Co
CMBX.NA.15.A
N/A
(2.00)%
Monthly
11/18/2064
$
1,000‌
$
63‌
$
(17‌)
$
46‌
$
—‌
Morgan
Stanley
&
Co
CMBX.NA.15.A
N/A
(2.00)%
Monthly
11/18/2064
440‌
26‌
(6‌)
20‌
—‌
Morgan
Stanley
&
Co
CMBX.NA.8.A
N/A
(2.00)%
Monthly
10/17/2057
324‌
8‌
12‌
20‌
—‌
Morgan
Stanley
&
Co
CMBX.NA.BBB-
N/A
(3.00)%
Monthly
11/18/2064
500‌
69‌
5‌
74‌
—‌
Total
$
593‌
$
(113‌)
$
556‌
$
(76‌)
Sell
Protection
Counterparty
Reference
Entity
Implied
Credit
Spread
as
of
July
31,
2025
(a)
(Pay)/
Receive
Fixed
Rate
Payment
Frequency
Maturity
Date
Notional
Amount
(b)
Upfront
Payments/
(Receipts)
Unrealized
Appreciation/
(Depreciation)
Fair
Value
Asset
----
Liability
(c)
Bank
of
America
NA
ITRX.XOVER.42  12-
100%
Index
Tranche
(d)
N/A
1.00%
Quarterly
12/20/2029
EUR
7,340‌
$
240‌
$
32‌
$
272‌
$
—‌
Citigroup
Inc
ITRX.XOVER.42  35-
100%
Index
Tranche
(d)
N/A
5.00%
Quarterly
12/20/2029
1,378‌
243‌
38‌
281‌
—‌
Goldman
Sachs
&
Co
CDX.NA.HY.43
N/A
5.00%
Quarterly
12/20/2029
$
1,730‌
259‌
(3‌)
256‌
—‌
Goldman
Sachs
&
Co
CDX.NA.HY.43  15-25%
Index
Tranche
(d)
N/A
5.00%
Quarterly
12/20/2029
250‌
22‌
15‌
37‌
—‌
Goldman
Sachs
&
Co
CDX.NA.HY.43  25-35%
Index
Tranche
(d)
N/A
5.00%
Quarterly
12/20/2029
250‌
(12‌)
29‌
17‌
—‌
Goldman
Sachs
&
Co
CMBX.NA.15.AAA
N/A
0.50%
Monthly
11/18/2064
2,000‌
(33‌)
26‌
—‌
(7‌)
Goldman
Sachs
&
Co
CMBX.NA.17
N/A
3.00%
Monthly
12/15/2056
376‌
(48‌)
(2‌)
—‌
(50‌)
JPMorgan
Chase
ITRX.XOVER.42  35-
100%
Index
Tranche
(d)
N/A
5.00%
Quarterly
12/20/2029
EUR
2,756‌
493‌
70‌
563‌
—‌
Morgan
Stanley
&
Co
CMBX.NA.15.AAA
N/A
0.50%
Monthly
11/18/2064
$
880‌
(12‌)
9‌
—‌
(3‌)
Total
$
1,152‌
$
214‌
$
1,426‌
$
(60‌)
Amounts
in
thousands.
Exchange
Cleared
Credit
Default
Swaps
Buy
Protection
Reference
Entity
Implied
Credit
Spread
as
of
July
31,
2025
(a)
(Pay)/
Receive
Fixed
Rate
Payment
Frequency
Maturity
Date
Notional
Amount
Upfront
Payments/
(Receipts)
Unrealized
Appreciation/
(Depreciation)
Fair
Value
CDX.NA.IG.44
N/A
(1.00)%
Quarterly
06/20/2030
$
11,817‌
$
(205‌)
$
(51‌)
$
(256‌)
ITRX.EUROPE.42
N/A
(1.00)%
Quarterly
12/20/2029
EUR
4,400‌
(78‌)
(28‌)
(106‌)
ITRX.FIN.SNR.43
N/A
(1.00)%
Quarterly
06/20/2030
9,221‌
(149‌)
(64‌)
(213‌)
ITRX.XOVER.42
N/A
(5.00)%
Quarterly
12/20/2029
1,890‌
(150‌)
(52‌)
(202‌)
Total
$
(582‌)
$
(195‌)
$
(777‌)
Amounts
in
thousands.
(a)
Implied
credit
spreads,
represented
in
absolute
terms,
used
in
determining
the
fair
value
of
credit
default
swap
agreements
on
corporate
issues
or
sovereign
issues
as
of
period
end
serve
as
an
indicator
of
the
current
status
of
the
payment/performance
risk
and
represent
the
likelihood
or
risk
of
default
for
the
credit
derivative.
The
implied
credit
spread
of
a
particular
referenced
entity
reflects
the
cost
of
buying/selling
protection
and
may
include
upfront
payments
required
to
be
made
to
enter
into
the
agreement.
Wider
credit
spreads
represent
a
deterioration
of
the
referenced
entity's
credit
soundness
and
a
greater
likelihood
or
risk
of
default
or
other
credit
event
occurring
as
defined
under
the
terms
of
the
agreement.
(b)
The
maximum
potential
payment
amount
that
the
seller
of
credit
protection
could
be
required
to
make
if
a
credit
event
occurs
is
$5,486
and
11,474EUR.
(c)
The
price
and
resulting
fair
value
for
credit
default
swap
agreements
serve
as
an
indicator
of
the
current
status
of
the
payment/performance
risk
and
represent
the
likelihood
of
an
expected
liability
(or
profit)
for
the
credit
default
swap
as
of
the
period
end.
Increasing
fair
values
of
the
swap,
in
absolute
terms
when
compared
to
the
notional
amount
of
the
swap,
represent
a
deterioration
of
the
referenced
entity's
credit
soundness
and
a
greater
likelihood
or
risk
of
default
or
other
credit
event
occurring
as
defined
under
the
terms
of
the
agreement.
(d)
A
credit
default
tranche
is
a
type
of
credit
default
swap
that
allows
an
investor
to
gain
exposure
to
a
particular
portion
of
the
loss
distribution
on
a
specified
credit
index.
Tranches
are
defined
by
attachment
and
detachment
points
that
specify
the
range
of
exposure
to
which
an
investor
is
receiving
or
providing
protection
with
respect
to
the
specified
credit
index.
Schedule
of
Investments
Diversified
Income
Fund
July
31,
2025
(unaudited)
77
Total
Return
Swaps
Counterparty
Fund
Pays
Fund
Receives
Payment
Frequency
Maturity
Date
Notional
Amount
Upfront
Payments/
(Receipts)
Value
and
Unrealized
Appreciation/
(Depreciation)
Asset
Liability
BNP
Paribas
iBoxx
USD
Liquid
Leveraged
Loan
Index
Secured
Overnight
Financing
Rate
+
0.00%
Maturity
09/22/2025
$
4‌
$
—‌
$
3‌
$
—‌
HSBC
Securities
Inc
US
Federal
Funds
Effective
Rate
+
0.00%
Zambia
Government
Bond,
13.00%,
12/18/2027
Maturity
12/20/2027
ZMW
14,290‌
$
—‌
$
120‌
$
—‌
JPMorgan
Chase
Secured
Overnight
Financing
Rate
+
0.60%
Egypt
Treasury
Bill,
0.00%,
12/16/2025
Maturity
12/16/2025
EGP
47,200‌
—‌
85‌
—‌
JPMorgan
Chase
Secured
Overnight
Financing
Rate
+
0.075%
Nigeria
OMO
Bill,
0.00%,
01/08/2026
Maturity
01/06/2026
NGN
791,000‌
—‌
13‌
—‌
JPMorgan
Chase
Secured
Overnight
Financing
Rate
+
0.75%
Nigeria
OMO
Bill,
0.00%,
11/18/2025
Maturity
11/18/2025
1,921,410‌
—‌
44‌
—‌
JPMorgan
Chase
Secured
Overnight
Financing
Rate
+
0.75%
Nigeria
OMO
Bill,
0.00%,
11/25/2025
Maturity
11/25/2025
680,000‌
—‌
7‌
—‌
Total
$
—‌
$
272‌
$
—‌
Amounts
in
thousands.
Schedule
of
Investments
Diversified
Income
Fund
July
31,
2025
(unaudited)
78
Short
Sales
Outstanding
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
-
(0.10)%
Principal
Amount
(000's)
Value
(000's)
Federal
National
Mortgage
Association
(FNMA)/Federal
Home
Loan
Mortgage
Corporation
(FHLMC)
Uniform
Mortgage-Backed
Security
-
(0.10)%
2.50%,
08/01/2040
$
1,800‌
$
1,671‌
6.00%,
08/01/2055
655‌
664‌
$
2,335‌
TOTAL
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
(proceeds
$2,335)
$
2,335‌
TOTAL
SHORT
SALES
(proceeds
$2,335)
$
2,335‌
Schedule
of
Investments
Diversified
International
Fund
July
31,
2025
(unaudited)
79
INVESTMENT
COMPANIES
-
1
.42
%
Shares
Held
Value
(000's)
Money
Market
Funds
-
1
.42
%
Principal
Government
Money
Market
Fund
-
Class
R-6
4.22%
(a),(b)
15,962,967‌
$
15,963‌
TOTAL
INVESTMENT
COMPANIES
$
15,963‌
COMMON
STOCKS
-
97
.54
%
Shares
Held
Value
(000's)
Aerospace
&
Defense
-
4
.12
%
Airbus
SE
103,291‌
$
20,767‌
BAE
Systems
PLC
855,478‌
20,412‌
Thales
SA
19,656‌
5,288‌
$
46,467‌
Apparel
-
1
.35
%
Hermes
International
SCA
1,395‌
3,412‌
PRADA
SpA
713,400‌
3,883‌
Samsonite
Group
SA
(c)
3,891,800‌
7,938‌
$
15,233‌
Automobile
Manufacturers
-
2
.72
%
Daimler
Truck
Holding
AG
342,098‌
16,642‌
Toyota
Motor
Corp
791,800‌
14,084‌
$
30,726‌
Banks
-
13
.82
%
AIB
Group
PLC
1,997,751‌
15,760‌
Bank
Negara
Indonesia
Persero
Tbk
PT
4,819,500‌
1,169‌
Credicorp
Ltd
25,845‌
6,125‌
DBS
Group
Holdings
Ltd
355,660‌
13,054‌
Erste
Group
Bank
AG
192,450‌
17,598‌
FinecoBank
Banca
Fineco
SpA
222,725‌
4,743‌
Grupo
Financiero
Banorte
SAB
de
CV
439,330‌
3,913‌
ICICI
Bank
Ltd
ADR
340,417‌
11,472‌
Kotak
Mahindra
Bank
Ltd
483,241‌
10,888‌
National
Bank
of
Greece
SA
1,156,348‌
16,129‌
NatWest
Group
PLC
1,596,376‌
11,081‌
Nordea
Bank
Abp
372,198‌
5,434‌
Piraeus
Financial
Holdings
SA
(d)
738,250‌
5,677‌
PT
Bank
Central
Asia
Tbk
6,489,570‌
3,253‌
Societe
Generale
SA
153,416‌
9,792‌
Swedbank
AB
169,967‌
4,526‌
UniCredit
SpA
206,612‌
15,201‌
$
155,815‌
Beverages
-
0
.76
%
Arca
Continental
SAB
de
CV
395,700‌
4,125‌
Kweichow
Moutai
Co
Ltd
22,520‌
4,432‌
$
8,557‌
Biotechnology
-
1
.00
%
Argenx
SE
(d)
15,665‌
10,521‌
Zai
Lab
Ltd
ADR
(d)
20,005‌
756‌
$
11,277‌
Building
Materials
-
1
.73
%
CRH
PLC
205,653‌
19,490‌
Commercial
Services
-
1
.38
%
Ashtead
Group
PLC
74,030‌
4,946‌
Localiza
Rent
a
Car
SA
774,287‌
4,771‌
TOPPAN
Holdings
Inc
218,100‌
5,877‌
$
15,594‌
Computers
-
1
.63
%
Fujitsu
Ltd
843,700‌
18,379‌
Cosmetics
&
Personal
Care
-
3
.68
%
Haleon
PLC
2,616,811‌
12,274‌
L'Oreal
SA
19,607‌
8,676‌
Unilever
PLC
355,165‌
20,607‌
$
41,557‌
Distribution
&
Wholesale
-
0
.31
%
Rexel
SA
116,230‌
3,513‌
Diversified
Financial
Services
-
0
.36
%
Brookfield
Asset
Management
Ltd
65,438‌
4,035‌
Electric
-
1
.04
%
Iberdrola
SA
666,044‌
11,707‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Electronics
-
1
.52
%
Halma
PLC
87,766‌
$
3,755‌
Hoya
Corp
105,860‌
13,356‌
$
17,111‌
Engineering
&
Construction
-
1
.81
%
Kajima
Corp
274,000‌
6,864‌
Obayashi
Corp
372,000‌
5,478‌
Technip
Energies
NV
185,913‌
8,028‌
$
20,370‌
Entertainment
-
2
.25
%
Entain
PLC
1,160,777‌
15,588‌
Universal
Music
Group
NV
338,410‌
9,735‌
$
25,323‌
Food
-
0
.54
%
Danone
SA
74,838‌
6,124‌
Food
Service
-
0
.51
%
Compass
Group
PLC
165,131‌
5,803‌
Forest
Products
&
Paper
-
0
.09
%
Suzano
SA
107,407‌
998‌
Healthcare
-
Products
-
1
.99
%
Alcon
AG
88,040‌
7,718‌
Smith
&
Nephew
PLC
962,516‌
14,710‌
$
22,428‌
Healthcare
-
Services
-
0
.72
%
ICON
PLC
(d)
48,269‌
8,167‌
Home
Furnishings
-
0
.31
%
Howden
Joinery
Group
PLC
298,666‌
3,457‌
Insurance
-
8
.21
%
AIA
Group
Ltd
3,508,000‌
32,709‌
ASR
Nederland
NV
81,633‌
5,423‌
AXA
SA
337,244‌
16,380‌
Fairfax
Financial
Holdings
Ltd
5,227‌
9,245‌
Hannover
Rueck
SE
44,715‌
13,564‌
Sompo
Holdings
Inc
452,000‌
13,328‌
Tryg
A/S
82,745‌
1,996‌
$
92,645‌
Internet
-
5
.85
%
JD.com
Inc
1,025,250‌
16,160‌
MercadoLibre
Inc
(d)
2,653‌
6,298‌
Spotify
Technology
SA
(d)
13,302‌
8,334‌
Tencent
Holdings
Ltd
492,200‌
34,460‌
Trip.com
Group
Ltd
11,250‌
699‌
$
65,951‌
Machinery
-
Construction
&
Mining
-
2
.20
%
Komatsu
Ltd
140,400‌
4,524‌
Mitsubishi
Electric
Corp
538,200‌
12,105‌
Weir
Group
PLC/The
233,614‌
8,207‌
$
24,836‌
Machinery
-
Diversified
-
1
.60
%
Atlas
Copco
AB
-
A
Shares
615,659‌
9,375‌
Keyence
Corp
23,832‌
8,621‌
$
17,996‌
Media
-
1
.13
%
Liberty
Media
Corp-Liberty
Formula
One
-
C
Shares
(d)
126,435‌
12,688‌
Metal
Fabrication
&
Hardware
-
0
.24
%
APL
Apollo
Tubes
Ltd
151,275‌
2,753‌
Mining
-
1
.86
%
Impala
Platinum
Holdings
Ltd
(d)
422,733‌
3,995‌
Sandfire
Resources
Ltd
(d)
883,021‌
5,941‌
Teck
Resources
Ltd
341,041‌
11,059‌
$
20,995‌
Oil
&
Gas
-
3
.75
%
Canadian
Natural
Resources
Ltd
163,531‌
5,176‌
Shell
PLC
337,117‌
12,114‌
Suncor
Energy
Inc
516,845‌
20,385‌
Tourmaline
Oil
Corp
109,160‌
4,646‌
$
42,321‌
Schedule
of
Investments
Diversified
International
Fund
July
31,
2025
(unaudited)
80
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Packaging
&
Containers
-
0
.19
%
Toyo
Seikan
Group
Holdings
Ltd
105,100‌
$
2,177‌
Pharmaceuticals
-
5
.96
%
Ascendis
Pharma
A/S
ADR
(d)
19,625‌
3,405‌
AstraZeneca
PLC
200,820‌
29,298‌
Novo
Nordisk
A/S
178,574‌
8,305‌
Roche
Holding
AG
14,907‌
4,652‌
Sanofi
SA
239,841‌
21,531‌
$
67,191‌
Private
Equity
-
2
.49
%
3i
Group
PLC
281,638‌
15,389‌
Brookfield
Corp
149,168‌
9,992‌
ICG
PLC
94,761‌
2,713‌
$
28,094‌
Retail
-
4
.18
%
Cie
Financiere
Richemont
SA
30,109‌
4,916‌
CP
ALL
PCL
2,508,100‌
3,624‌
Dollarama
Inc
64,059‌
8,755‌
Industria
de
Diseno
Textil
SA
104,316‌
4,983‌
Jumbo
SA
100,643‌
3,395‌
MatsukiyoCocokara
&
Co
108,400‌
2,226‌
Yum
China
Holdings
Inc
269,850‌
12,596‌
Yum
China
Holdings
Inc
142,581‌
6,620‌
$
47,115‌
Semiconductors
-
8
.74
%
ASML
Holding
NV
34,980‌
24,244‌
Samsung
Electronics
Co
Ltd
533,752‌
27,202‌
Taiwan
Semiconductor
Manufacturing
Co
Ltd
1,223,544‌
47,105‌
$
98,551‌
Software
-
1
.90
%
Dassault
Systemes
SE
153,260‌
5,035‌
Nemetschek
SE
77,784‌
11,589‌
Sage
Group
PLC/The
299,022‌
4,801‌
$
21,425‌
Telecommunications
-
3
.20
%
Deutsche
Telekom
AG
1,004,998‌
36,045‌
Toys,
Games
&
Hobbies
-
1
.85
%
Nintendo
Co
Ltd
250,100‌
20,903‌
Transportation
-
0
.55
%
Canadian
Pacific
Kansas
City
Ltd
84,873‌
6,242‌
TOTAL
COMMON
STOCKS
$
1,100,059‌
Total
Investments
$
1,116,022‌
Other
Assets
and
Liabilities
-  1.04%
11,784‌
TOTAL
NET
ASSETS
-
100.00%
$
1,127,806‌
(a)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940,
as
amended,
(the
"1940
Act"))
or
an
affiliate
as
defined
by
the
1940
Act
(controls
5.00%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
Affiliated
Securities
sub-schedule
for
transactional
information.
(b)
1-day
yield
shown
is
as
of
period
end.
(c)
Security
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933.
These
securities
may
be
resold
in
transactions
exempt
from
registration,
normally
to
qualified
institutional
buyers.
At
the
end
of
the
period,
the
value
of
these
securities
totaled
$7,938
or
0.70%
of
net
assets.
(d)
Non-income
producing
security
Affiliated
Securities
October
31,
2024
Purchases
Sales
July
31,
2025
Value
Cost
Proceeds
Value
Principal
Government
Money
Market
Fund
-
Class
R-6
4.22%
$
174,467‌
$
912,335‌
$
1,070,839‌
$
15,963‌
$
174,467‌
$
912,335‌
$
1,070,839‌
$
15,963‌
Income
(a)
Realized
Gain/(Loss)
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
(Loss)
Principal
Government
Money
Market
Fund
-
Class
R-6
4.22%
$
1,350‌
$
—‌
$
—‌
$
—‌
$
1,350‌
$
—‌
$
—‌
$
—‌
Amounts
in
thousands.
(a)
Amount
excludes
earnings
from
securities
lending
collateral.
Schedule
of
Investments
Equity
Income
Fund
July
31,
2025
(unaudited)
81
INVESTMENT
COMPANIES
-
1
.99
%
Shares
Held
Value
(000's)
Money
Market
Funds
-
1
.99
%
BlackRock
Liquidity
FedFund
-
Institutional
Class
4.21%
(a),(b)
15,514,574‌
$
15,515‌
Principal
Government
Money
Market
Fund
-
Class
R-6
4.22%
(a),(b),(c)
157,306,815‌
157,307‌
$
172,822‌
TOTAL
INVESTMENT
COMPANIES
$
172,822‌
COMMON
STOCKS
-
98
.62
%
Shares
Held
Value
(000's)
Advertising
-
1
.22
%
Omnicom
Group
Inc
1,467,977‌
$
105,768‌
Automobile
Manufacturers
-
4
.37
%
Cummins
Inc
543,893‌
199,946‌
PACCAR
Inc
1,823,314‌
180,070‌
$
380,016‌
Banks
-
12
.49
%
Bank
of
America
Corp
4,508,664‌
213,125‌
Citigroup
Inc
1,120,757‌
105,015‌
JPMorgan
Chase
&
Co
963,639‌
285,468‌
Morgan
Stanley
1,892,683‌
269,632‌
PNC
Financial
Services
Group
Inc/The
1,121,061‌
213,304‌
$
1,086,544‌
Beverages
-
2
.04
%
Coca-Cola
Co/The
2,612,455‌
177,359‌
Biotechnology
-
1
.98
%
Corteva
Inc
2,395,142‌
172,762‌
Building
Materials
-
3
.56
%
Carrier
Global
Corp
1,231,003‌
84,471‌
Trane
Technologies
PLC
515,141‌
225,673‌
$
310,144‌
Chemicals
-
0
.89
%
Air
Products
and
Chemicals
Inc
268,168‌
77,200‌
Computers
-
1
.75
%
Apple
Inc
735,283‌
152,623‌
Cosmetics
&
Personal
Care
-
1
.85
%
Procter
&
Gamble
Co/The
1,068,315‌
160,749‌
Diversified
Financial
Services
-
3
.22
%
Blackrock
Inc
176,579‌
195,298‌
Nasdaq
Inc
879,866‌
84,661‌
$
279,959‌
Electric
-
4
.79
%
NextEra
Energy
Inc
2,063,056‌
146,601‌
Sempra
856,414‌
69,952‌
WEC
Energy
Group
Inc
844,823‌
92,153‌
Xcel
Energy
Inc
1,467,017‌
107,738‌
$
416,444‌
Food
-
0
.95
%
Hershey
Co/The
444,208‌
82,680‌
Healthcare
-
Products
-
3
.10
%
Abbott
Laboratories
1,261,084‌
159,136‌
STERIS
PLC
489,383‌
110,840‌
$
269,976‌
Healthcare
-
Services
-
2
.54
%
HCA
Healthcare
Inc
383,752‌
135,845‌
UnitedHealth
Group
Inc
339,851‌
84,813‌
$
220,658‌
Home
Builders
-
2
.39
%
DR
Horton
Inc
1,458,863‌
208,384‌
Insurance
-
3
.43
%
Chubb
Ltd
716,006‌
190,486‌
Fidelity
National
Financial
Inc
1,917,255‌
108,191‌
$
298,677‌
Internet
-
2
.04
%
Alphabet
Inc
-
A
Shares
923,182‌
177,159‌
Iron
&
Steel
-
1
.33
%
Reliance
Inc
400,335‌
116,149‌
Lodging
-
2
.44
%
Hilton
Worldwide
Holdings
Inc
791,796‌
212,265‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Machinery
-
Diversified
-
2
.21
%
Deere
&
Co
366,773‌
$
192,325‌
Media
-
1
.43
%
Comcast
Corp
-
Class
A
3,756,203‌
124,819‌
Miscellaneous
Manufacturers
-
2
.47
%
Parker-Hannifin
Corp
293,945‌
215,138‌
Oil
&
Gas
-
4
.43
%
Chevron
Corp
578,003‌
87,648‌
EOG
Resources
Inc
1,085,028‌
130,225‌
Marathon
Petroleum
Corp
982,742‌
167,253‌
$
385,126‌
Pharmaceuticals
-
5
.64
%
AstraZeneca
PLC
ADR
1,049,999‌
76,745‌
Eli
Lilly
&
Co
92,195‌
68,231‌
Merck
&
Co
Inc
1,782,608‌
139,257‌
Novartis
AG
ADR
1,412,143‌
160,617‌
Roche
Holding
AG
ADR
(d)
1,184,404‌
46,085‌
$
490,935‌
Pipelines
-
1
.56
%
Enterprise
Products
Partners
LP
4,369,529‌
135,412‌
Private
Equity
-
3
.33
%
KKR
&
Co
Inc
1,980,015‌
290,231‌
REITs
-
3
.68
%
Alexandria
Real
Estate
Equities
Inc
1,360,605‌
103,991‌
Equity
LifeStyle
Properties
Inc
1,581,533‌
94,765‌
Prologis
Inc
648,760‌
69,275‌
Realty
Income
Corp
936,649‌
52,574‌
$
320,605‌
Retail
-
5
.11
%
Costco
Wholesale
Corp
246,732‌
231,839‌
Starbucks
Corp
1,581,182‌
140,978‌
Williams-Sonoma
Inc
384,693‌
71,957‌
$
444,774‌
Semiconductors
-
4
.41
%
Broadcom
Inc
418,472‌
122,905‌
Monolithic
Power
Systems
Inc
97,239‌
69,160‌
Taiwan
Semiconductor
Manufacturing
Co
Ltd
ADR
792,425‌
191,466‌
$
383,531‌
Software
-
4
.44
%
Fidelity
National
Information
Services
Inc
555,905‌
44,144‌
Microsoft
Corp
290,501‌
154,982‌
Salesforce
Inc
352,719‌
91,118‌
SAP
SE
ADR
(d)
336,667‌
96,523‌
$
386,767‌
Telecommunications
-
2
.33
%
T-Mobile
US
Inc
851,969‌
203,118‌
Transportation
-
1
.20
%
Expeditors
International
of
Washington
Inc
900,914‌
104,722‌
TOTAL
COMMON
STOCKS
$
8,583,019‌
Total
Investments
$
8,755,841‌
Other
Assets
and
Liabilities
-  (0.61)%
(
53,206‌
)
TOTAL
NET
ASSETS
-
100.00%
$
8,702,635‌
(a)
1-day
yield
shown
is
as
of
period
end.
(b)
Security
or
a
portion
of
the
security
was
received
as
collateral
for
securities
lending.
At
the
end
of
the
period,
the
value
of
these
securities
totaled
$73,345
or
0.84%
of
net
assets.
(c)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940,
as
amended,
(the
"1940
Act"))
or
an
affiliate
as
defined
by
the
1940
Act
(controls
5.00%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
Affiliated
Securities
sub-schedule
for
transactional
information.
(d)
Security
or
a
portion
of
the
security
was
on
loan.  At
the
end
of
the
period,
the
value
of
these
securities
totaled
$70,333
or
0.81%
of
net
assets.
Schedule
of
Investments
Equity
Income
Fund
July
31,
2025
(unaudited)
82
Affiliated
Securities
October
31,
2024
Purchases
Sales
July
31,
2025
Value
Cost
Proceeds
Value
Principal
Government
Money
Market
Fund
-
Class
R-6
4.22%
$
144,824‌
$
1,952,785‌
$
1,940,302‌
$
157,307‌
$
144,824‌
$
1,952,785‌
$
1,940,302‌
$
157,307‌
Income
(a)
Realized
Gain/(Loss)
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
(Loss)
Principal
Government
Money
Market
Fund
-
Class
R-6
4.22%
$
3,878‌
$
—‌
$
—‌
$
—‌
$
3,878‌
$
—‌
$
—‌
$
—‌
Amounts
in
thousands.
(a)
Amount
excludes
earnings
from
securities
lending
collateral.
Schedule
of
Investments
Finisterre
Emerging
Markets
Total
Return
Bond
Fund
July
31,
2025
(unaudited)
83
INVESTMENT
COMPANIES
-
6
.28
%
Shares
Held
Value
(000's)
Money
Market
Funds
-
6
.28
%
BlackRock
Liquidity
FedFund
-
Institutional
Class
4.21%
(a),(b)
2,392,719‌
$
2,393‌
Principal
Government
Money
Market
Fund
-
Class
R-6
4.22%
(a),(b),(c)
38,941,812‌
38,942‌
$
41,335‌
TOTAL
INVESTMENT
COMPANIES
$
41,335‌
BONDS
-
92
.98
%
Principal
Amount
(000's)
Value
(000's)
Aerospace
&
Defense
-
0
.96
%
Czechoslovak
Group
AS
6.50%,
01/10/2031
(d)
$
6,250‌
$
6,329‌
Banks
-
4
.50
%
Banco
Davivienda
SA
8.13%,
07/02/2035
(d),(e),(f)
2,550‌
2,595‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.59%
BBVA
Mexico
SA
Institucion
De
Banca
Multiple
Grupo
Financiero
BBVA
Mexico/TX
5.13%,
01/18/2033
(e),(f)
2,525‌
2,436‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.65%
7.63%,
02/11/2035
(d),(e),(f)
5,925‌
6,087‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.38%
BOI
Finance
BV
7.50%,
02/16/2027
EUR
5,105‌
5,945‌
Israel
Discount
Bank
Ltd
5.38%,
01/26/2028
(d),(g)
$
1,550‌
1,558‌
National
Bank
of
Uzbekistan
7.20%,
07/17/2030
2,000‌
2,022‌
8.50%,
07/05/2029
(g)
2,850‌
3,019‌
Standard
Chartered
PLC
7.63%,
01/16/2032
(d),(e),(f),(g),(h)
5,775‌
5,993‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.02%
$
29,655‌
Building
Materials
-
1
.39
%
Cemex
SAB
de
CV
7.20%,
06/10/2030
(d),(e),(h)
4,025‌
4,109‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.52%
Limak
Cimento
Sanayi
ve
Ticaret
AS
9.75%,
07/25/2029
4,975‌
5,050‌
$
9,159‌
Commercial
Services
-
0
.42
%
DP
World
Salaam
6.00%,
10/01/2025
(e),(h)
2,775‌
2,765‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.75%
Distribution
&
Wholesale
-
0
.41
%
Telecommunications
co
Telekom
Srbija
AD
Belgrade
7.00%,
10/28/2029
(d)
2,250‌
2,248‌
7.00%,
10/28/2029
450‌
450‌
$
2,698‌
Diversified
Financial
Services
-
1
.34
%
Eagle
Funding
Luxco
Sarl
5.50%,
08/17/2030
(d),(i)
6,425‌
6,454‌
SOCAR
Turkey
Enerji
AS
via
Steas
Funding
1
DAC
7.23%,
03/17/2026
2,400‌
2,385‌
$
8,839‌
Electric
-
4
.36
%
Comision
Ejecutiva
Hidroelectrica
del
Rio
Lempa
8.65%,
01/24/2033
(d)
3,050‌
3,078‌
Comision
Federal
de
Electricidad
5.00%,
09/29/2036
2,457‌
2,172‌
Eastern
European
Electric
Co
BV
6.50%,
05/15/2030
(d)
EUR
1,900‌
2,239‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Electric
(continued)
Energo-Pro
AS
8.00%,
05/27/2030
(d)
EUR
7,150‌
$
8,622‌
FIEMEX
Energia
-
Banco
Actinver
SA
Institucion
de
Banca
Multiple
7.25%,
01/31/2041
(d)
$
4,581‌
4,686‌
GDZ
Elektrik
Dagitim
AS
9.00%,
10/15/2029
1,425‌
1,378‌
Saavi
Energia
Sarl
8.88%,
02/10/2035
(d)
6,300‌
6,557‌
$
28,732‌
Energy
-
Alternate
Sources
-
0
.75
%
FS
Luxembourg
Sarl
8.63%,
06/25/2033
(d),(g)
1,900‌
1,893‌
8.88%,
02/12/2031
(d)
2,399‌
2,490‌
8.88%,
02/12/2031
(g)
519‌
539‌
$
4,922‌
Engineering
&
Construction
-
4
.65
%
Aeropuertos
Dominicanos
Siglo
XXI
SA
7.00%,
06/30/2034
(d)
450‌
464‌
ATP
Tower
Holdings
/
Andean
Telecom
Partners
Chile
SpA
/
Andean
Tower
Partners
Colombia
SAS
7.88%,
02/03/2030
(d)
5,925‌
6,010‌
HTA
Group
Ltd/Mauritius
7.50%,
06/04/2029
(d)
3,525‌
3,638‌
7.50%,
06/04/2029
825‌
852‌
IHS
Holding
Ltd
7.88%,
05/29/2030
(d)
4,225‌
4,279‌
7.88%,
05/29/2030
1,300‌
1,317‌
8.25%,
11/29/2031
650‌
662‌
IHS
Netherlands
Holdco
BV
8.00%,
09/18/2027
4,245‌
4,263‌
Kingston
Airport
Revenue
Finance
Ltd
6.75%,
12/15/2036
(d)
3,375‌
3,390‌
Sitios
Latinoamerica
SAB
de
CV
6.00%,
11/25/2029
(d)
5,650‌
5,785‌
$
30,660‌
Food
-
0
.85
%
Grupo
Nutresa
SA
8.00%,
05/12/2030
(d)
5,300‌
5,592‌
Forest
Products
&
Paper
-
0
.38
%
LD
Celulose
International
GmbH
7.95%,
01/26/2032
(d)
2,400‌
2,509‌
Iron
&
Steel
-
0
.15
%
Samarco
Mineracao
SA
9.00%,
PIK
9.00%;
06/30/2031
(j),(k)
972‌
962‌
Samarco
Mineracao
SA
Escrow
Shares
0.00%,
10/24/2023
(l),(m)
200‌
—‌
$
962‌
Mining
-
3
.22
%
Ivanhoe
Mines
Ltd
7.88%,
01/23/2030
(d)
6,600‌
6,632‌
7.88%,
01/23/2030
550‌
553‌
Vedanta
Resources
Finance
II
PLC
9.48%,
07/24/2030
(d)
4,700‌
4,632‌
10.88%,
09/17/2029
(g)
3,375‌
3,449‌
WE
Soda
Investments
Holding
PLC
9.50%,
10/06/2028
(d)
3,675‌
3,832‌
9.50%,
10/06/2028
2,000‌
2,085‌
$
21,183‌
Oil
&
Gas
-
10
.07
%
Azule
Energy
Finance
Plc
8.13%,
01/23/2030
(d)
7,375‌
7,430‌
Energean
Israel
Finance
Ltd
4.88%,
03/30/2026
(d)
650‌
643‌
5.38%,
03/30/2028
(d)
4,000‌
3,849‌
8.50%,
09/30/2033
(d),(g)
4,265‌
4,416‌
Schedule
of
Investments
Finisterre
Emerging
Markets
Total
Return
Bond
Fund
July
31,
2025
(unaudited)
84
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Oil
&
Gas
(continued)
Leviathan
Bond
Ltd
6.50%,
06/30/2027
(d)
$
5,425‌
$
5,384‌
ORLEN
SA
6.00%,
01/30/2035
(d)
1,275‌
1,310‌
Petroleos
de
Venezuela
SA
0.00%,
05/16/2024
(l)
35,600‌
4,913‌
0.00%,
11/15/2026
(l)
8,500‌
1,182‌
Petroleos
Mexicanos
5.95%,
01/28/2031
2,225‌
2,065‌
6.49%,
01/23/2027
3,275‌
3,281‌
6.50%,
03/13/2027
4,025‌
4,027‌
6.84%,
01/23/2030
5,305‌
5,220‌
Puma
International
Financing
SA
7.75%,
04/25/2029
(d)
6,400‌
6,608‌
Raizen
Fuels
Finance
SA
6.25%,
07/08/2032
(d)
3,325‌
3,270‌
6.70%,
02/25/2037
(d)
2,275‌
2,209‌
Tengizchevroil
Finance
Co
International
Ltd
3.25%,
08/15/2030
(g)
2,675‌
2,424‌
4.00%,
08/15/2026
2,440‌
2,411‌
Uzbekneftegaz
JSC
8.75%,
05/07/2030
(d)
4,675‌
4,910‌
8.75%,
05/07/2030
750‌
788‌
$
66,340‌
Oil
&
Gas
Services
-
0
.61
%
Yinson
Boronia
Production
BV
8.95%,
07/31/2042
3,704‌
3,993‌
Pipelines
-
1
.33
%
Acu
Petroleo
Luxembourg
Sarl
7.50%,
07/13/2035
4,487‌
4,519‌
Galaxy
Pipeline
Assets
Bidco
Ltd
2.16%,
03/31/2034
(d)
2,488‌
2,218‌
2.16%,
03/31/2034
1,603‌
1,429‌
Southern
Gas
Corridor
CJSC
6.88%,
03/24/2026
600‌
606‌
$
8,772‌
Real
Estate
-
0
.77
%
MAF
Global
Securities
Ltd
7.88%,
06/30/2027
(e),(h)
1,075‌
1,109‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.89%
NWD
Finance
BVI
Ltd
4.13%,
03/10/2028
(e),(h)
3,400‌
816‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.86%
NWD
MTN
Ltd
4.13%,
07/18/2029
3,875‌
1,965‌
4.50%,
05/19/2030
(g)
1,400‌
693‌
8.63%,
02/08/2028
(g)
750‌
497‌
$
5,080‌
Regional
Authority
-
0
.55
%
Provincia
de
Buenos
Aires/Government
Bonds
6.63%,
09/01/2037
(j)
5,151‌
3,633‌
REITs
-
0
.29
%
Emirates
Reit
Sukuk
III
Ltd
7.50%,
12/12/2028
(j)
1,875‌
1,882‌
Sovereign
-
48
.12
%
Angolan
Government
International
Bond
8.00%,
11/26/2029
5,150‌
4,801‌
8.25%,
05/09/2028
675‌
654‌
Bahamas
Government
International
Bond
8.25%,
06/24/2036
(d)
3,775‌
3,834‌
Benin
Government
International
Bond
7.96%,
02/13/2038
3,125‌
3,026‌
Brazil
Notas
do
Tesouro
Nacional
Serie
F
9.76%,
01/01/2027
BRL
115,854‌
19,658‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Sovereign
(continued)
Brazilian
Government
International
Bond
5.50%,
11/06/2030
$
6,250‌
$
6,256‌
Colombia
Government
International
Bond
3.00%,
01/30/2030
4,050‌
3,556‌
7.38%,
04/25/2030
3,425‌
3,588‌
Colombian
TES
12.75%,
11/28/2040
COP
12,477,000‌
3,051‌
13.25%,
02/09/2033
47,132,000‌
11,999‌
Dominican
Republic
International
Bond
4.50%,
01/30/2030
$
6,500‌
6,196‌
Ecuador
Government
International
Bond
6.90%,
07/31/2030
(j)
7,900‌
6,928‌
6.90%,
07/31/2035
(j)
4,988‌
3,724‌
Egypt
Government
Bond
24.46%,
10/01/2027
EGP
155,400‌
3,179‌
25.32%,
08/13/2027
122,200‌
2,539‌
Egypt
Government
International
Bond
7.05%,
01/15/2032
$
3,475‌
3,187‌
7.63%,
05/29/2032
2,850‌
2,677‌
8.50%,
01/31/2047
1,400‌
1,137‌
8.70%,
03/01/2049
1,950‌
1,604‌
Egypt
Treasury
Bills
20.72%,
09/16/2025
(n)
EGP
143,600‌
2,849‌
21.12%,
12/16/2025
(n)
68,100‌
1,266‌
21.80%,
10/07/2025
(n)
102,900‌
2,009‌
23.72%,
11/18/2025
(n)
335,000‌
6,349‌
26.56%,
08/19/2025
(n)
356,000‌
7,221‌
Gabon
Government
International
Bond
6.63%,
02/06/2031
$
2,925‌
2,399‌
7.00%,
11/24/2031
275‌
223‌
Ghana
Government
International
Bond
0.00%,
01/03/2030
(d),(l)
3,394‌
2,827‌
0.00%,
01/03/2030
(l)
4,225‌
3,519‌
5.00%,
07/03/2029
(d),(j)
5,525‌
5,250‌
Guatemala
Government
Bond
7.05%,
10/04/2032
2,300‌
2,461‌
Hungary
Government
Bond
4.50%,
03/23/2028
HUF
3,460,000‌
9,407‌
7.00%,
10/24/2035
1,740,000‌
4,905‌
Hungary
Government
International
Bond
5.38%,
09/26/2030
(d)
$
4,525‌
4,582‌
6.00%,
09/26/2035
(d),(g)
6,975‌
7,023‌
Ivory
Coast
Government
International
Bond
4.88%,
01/30/2032
EUR
5,875‌
6,190‌
5.88%,
10/17/2031
1,425‌
1,582‌
8.08%,
04/01/2036
(d)
$
6,650‌
6,550‌
8.08%,
04/01/2036
575‌
566‌
Lebanon
Government
International
Bond
0.00%,
03/09/2020
(l)
2,750‌
507‌
0.00%,
06/19/2020
(l)
8,075‌
1,490‌
0.00%,
04/12/2021
(l)
1,925‌
355‌
0.00%,
05/27/2022
(l)
1,900‌
351‌
0.00%,
10/04/2022
(l)
900‌
166‌
0.00%,
11/29/2027
(l)
1,675‌
311‌
0.00%,
03/20/2028
(l)
2,925‌
543‌
0.00%,
05/17/2033
(l)
5,850‌
1,088‌
Malaysia
Government
Bond
3.34%,
05/15/2030
MYR
37,125‌
8,768‌
3.83%,
07/05/2034
17,300‌
4,180‌
Mexican
Bonos
7.75%,
11/13/2042
MXN
168,500‌
7,338‌
8.50%,
11/18/2038
190,800‌
9,235‌
Morocco
Government
International
Bond
4.75%,
04/02/2035
EUR
6,825‌
7,839‌
Nigeria
Government
International
Bond
6.13%,
09/28/2028
$
4,375‌
4,255‌
7.14%,
02/23/2030
3,375‌
3,287‌
Schedule
of
Investments
Finisterre
Emerging
Markets
Total
Return
Bond
Fund
July
31,
2025
(unaudited)
85
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Sovereign
(continued)
Pakistan
Government
International
Bond
6.88%,
12/05/2027
$
5,175‌
$
5,072‌
7.38%,
04/08/2031
1,775‌
1,659‌
Peru
Government
Bond
5.40%,
08/12/2034
PEN
31,975‌
8,408‌
Peruvian
Government
International
Bond
6.85%,
08/12/2035
(d)
31,925‌
9,123‌
6.90%,
08/12/2037
13,725‌
3,867‌
Republic
of
Poland
Government
Bond
2.00%,
08/25/2036
PLN
41,973‌
10,025‌
Republic
of
South
Africa
Government
Bond
8.75%,
01/31/2044
ZAR
291,900‌
13,432‌
8.75%,
02/28/2048
38,775‌
1,765‌
8.88%,
02/28/2035
127,400‌
6,669‌
Republic
of
Uzbekistan
International
Bond
6.90%,
02/28/2032
(d)
$
3,850‌
3,985‌
Romanian
Government
International
Bond
5.13%,
09/24/2031
(d)
EUR
1,550‌
1,779‌
6.38%,
09/18/2033
5,050‌
6,104‌
6.75%,
07/11/2039
1,175‌
1,379‌
Senegal
Government
International
Bond
4.75%,
03/13/2028
7,325‌
7,208‌
6.75%,
03/13/2048
$
2,550‌
1,656‌
7.75%,
06/10/2031
1,350‌
1,103‌
Turkiye
Government
International
Bond
5.20%,
08/17/2031
EUR
7,000‌
7,962‌
Ukraine
Government
International
Bond
1.75%,
02/01/2034
(d),(j)
$
1,021‌
516‌
1.75%,
02/01/2034
(j)
3,740‌
1,909‌
Zambia
Government
International
Bond
0.50%,
12/31/2053
(d)
4,775‌
3,489‌
0.50%,
12/31/2053
1,913‌
1,400‌
$
316,995‌
Supranational
Bank
-
3
.87
%
Africa
Finance
Corp
7.50%,
01/21/2030
(d),(e),(h)
4,425‌
4,330‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.02%
Asian
Development
Bank
6.72%,
02/08/2028
INR
96,500‌
1,108‌
Banque
Ouest
Africaine
de
Developpement
5.00%,
07/27/2027
$
3,375‌
3,324‌
European
Bank
for
Reconstruction
&
Development
6.75%,
01/13/2032
INR
327,500‌
3,756‌
Inter-American
Development
Bank
7.00%,
01/25/2029
158,000‌
1,822‌
7.00%,
04/17/2033
274,000‌
3,191‌
International
Bank
for
Reconstruction
&
Development
6.50%,
04/17/2030
292,500‌
3,322‌
6.75%,
09/08/2027
101,500‌
1,162‌
6.85%,
04/24/2028
70,000‌
805‌
7.05%,
07/22/2029
229,000‌
2,649‌
$
25,469‌
Telecommunications
-
2
.06
%
Axian
Telecom
Holding
&
Management
PLC
7.25%,
07/11/2030
(d)
$
2,700‌
2,703‌
Digicel
International
Finance
Ltd
/
Difl
US
LLC
8.63%,
08/01/2032
(d),(i)
6,250‌
6,313‌
Veon
Midco
BV
3.38%,
11/25/2027
4,956‌
4,576‌
$
13,592‌
Transportation
-
1
.42
%
Transnet
SOC
Ltd
8.25%,
02/06/2028
6,400‌
6,669‌
Yinson
Bergenia
Production
BV
8.50%,
01/31/2045
(d)
2,625‌
2,709‌
$
9,378‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Water
-
0
.51
%
Aegea
Finance
Sarl
9.00%,
01/20/2031
(d)
$
2,900‌
$
3,117‌
9.00%,
01/20/2031
(g)
250‌
269‌
$
3,386‌
TOTAL
BONDS
$
612,525‌
CONVERTIBLE
BONDS
-
0
.76
%
Principal
Amount
(000's)
Value
(000's)
Chemicals
-
0
.76
%
Sasol
Financing
USA
LLC
4.50%,
11/08/2027
$
5,400‌
$
5,008‌
TOTAL
CONVERTIBLE
BONDS
$
5,008‌
Total
Investments
$
658,868‌
Other
Assets
and
Liabilities
-  (0.02)%
(
100‌
)
TOTAL
NET
ASSETS
-
100.00%
$
658,768‌
(a)
1-day
yield
shown
is
as
of
period
end.
(b)
Security
or
a
portion
of
the
security
was
received
as
collateral
for
securities
lending.
At
the
end
of
the
period,
the
value
of
these
securities
totaled
$11,323
or
1.72%
of
net
assets.
(c)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940,
as
amended,
(the
"1940
Act"))
or
an
affiliate
as
defined
by
the
1940
Act
(controls
5.00%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
Affiliated
Securities
sub-schedule
for
transactional
information.
(d)
Security
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933.
These
securities
may
be
resold
in
transactions
exempt
from
registration,
normally
to
qualified
institutional
buyers.
At
the
end
of
the
period,
the
value
of
these
securities
totaled
$222,078
or
33.71%
of
net
assets.
(e)
Rate
shown
is
as
of
period
end.
The
rate
may
be
a
variable
or
floating
rate
or
a
fixed
rate
which
may
convert
to
a
variable
or
floating
rate
in
the
future.
(f)
Security
is
a
contingent
convertible
security,
("CoCo").
CoCo's
are
hybrid
debt
securities
that
may
convert
to
equity
or
have
their
principal
written
down
upon
occurrence
of
certain
"triggers".
At
the
end
of
the
period,
the
value
of
these
securities
totaled
$17,111
or
2.60%
of
net
assets.
(g)
Security
or
a
portion
of
the
security
was
on
loan.  At
the
end
of
the
period,
the
value
of
these
securities
totaled
$10,944
or
1.66%
of
net
assets.
(h)
Perpetual
security.
Perpetual
securities
pay
an
indefinite
stream
of
interest,
but
they
may
be
called
by
the
issuer
at
an
earlier
date.
Date
shown,
if
any,
reflects
the
next
call
date
or
final
legal
maturity
date.
Rate
shown
is
as
of
period
end.
(i)
Security
purchased
on
a
when-issued
basis.
(j)
Certain
variable
rate
securities
are
not
based
on
a
published
reference
rate
and
spread
but
are
determined
by
the
issuer
or
agent
and
are
based
on
current
market
conditions.  These
securities
do
not
indicate
a
reference
rate
and
spread
in
their
description.
Rate
shown
is
the
rate
in
effect
as
of
period
end.
(k)
Payment
in
kind;
the
issuer
has
the
option
of
paying
additional
securities
in
lieu
of
cash.
(l)
Non-income
producing
security
(m)
The
value
of
these
investments
was
determined
using
significant
unobservable
inputs,
in
good
faith
by
the
Manager,
under
procedures
established
and
periodically
reviewed
by
the
Board
of
Directors.
(n)
Rate
shown
is
the
discount
rate
of
the
original
purchase.
Schedule
of
Investments
Finisterre
Emerging
Markets
Total
Return
Bond
Fund
July
31,
2025
(unaudited)
86
Affiliated
Securities
October
31,
2024
Purchases
Sales
July
31,
2025
Value
Cost
Proceeds
Value
Principal
Government
Money
Market
Fund
-
Class
R-6
4.22%
$
90,147‌
$
558,458‌
$
609,663‌
$
38,942‌
$
90,147‌
$
558,458‌
$
609,663‌
$
38,942‌
Income
(a)
Realized
Gain/(Loss)
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
(Loss)
Principal
Government
Money
Market
Fund
-
Class
R-6
4.22%
$
1,669‌
$
—‌
$
—‌
$
—‌
$
1,669‌
$
—‌
$
—‌
$
—‌
Amounts
in
thousands.
(a)
Amount
excludes
earnings
from
securities
lending
collateral.
Futures
Contracts
Description
and
Expiration
Date
Type
Contracts
Notional
Amount
Value
and
Unrealized
Appreciation/(Depreciation)
US
5
Year
Note;
September
2025
Long
1,155‌
$
124,938‌
$
284‌
US
Long
Bond;
September
2025
Short
203‌
23,180‌
(
467‌
)
Total
$
(
183‌
)
Amounts
in
thousands
except
contracts.
Foreign
Currency
Contracts
Unrealized
Appreciation/(Depreciation)
Counterparty
Settlement
Date
Currency
to
Accept
Currency
to
Deliver
Asset
Liability
Bank
of
America
NA
08/29/2025
RON
88,976‌
EUR
17,508‌
$
—‌
$
(
29‌
)
Citigroup
Inc
08/15/2025
EUR
1,046‌
$
1,229‌
—‌
(
34‌
)
Citigroup
Inc
08/29/2025
CZK
552,400‌
$
26,362‌
—‌
(
684‌
)
Citigroup
Inc
08/29/2025
EUR
17,461‌
RON
89,624‌
—‌
(
172‌
)
Citigroup
Inc
08/29/2025
EUR
5,525‌
$
6,329‌
—‌
(
14‌
)
Citigroup
Inc
08/29/2025
MXN
49,932‌
$
2,674‌
—‌
(
34‌
)
Citigroup
Inc
08/29/2025
TWD
292,200‌
$
9,953‌
—‌
(
161‌
)
Citigroup
Inc
08/29/2025
$
13,113‌
KRW
18,158,800‌
65‌
—‌
Citigroup
Inc
08/29/2025
$
17,519‌
ZAR
308,837‌
589‌
—‌
Goldman
Sachs
&
Co
08/29/2025
RON
649‌
EUR
128‌
—‌
—‌
Goldman
Sachs
&
Co
08/29/2025
$
3,611‌
BRL
20,199‌
28‌
—‌
Goldman
Sachs
&
Co
08/29/2025
$
3,327‌
COP
13,734,300‌
53‌
—‌
HSBC
Securities
Inc
08/01/2025
$
544‌
EUR
475‌
3‌
—‌
HSBC
Securities
Inc
08/15/2025
EUR
1,701‌
$
1,975‌
—‌
(
32‌
)
HSBC
Securities
Inc
08/15/2025
$
61,168‌
EUR
52,199‌
1,555‌
—‌
HSBC
Securities
Inc
08/29/2025
KRW
18,158,800‌
$
13,166‌
—‌
(
118‌
)
HSBC
Securities
Inc
08/29/2025
$
6,760‌
BRL
38,100‌
1‌
—‌
HSBC
Securities
Inc
08/29/2025
$
21,475‌
PEN
76,539‌
179‌
—‌
HSBC
Securities
Inc
08/29/2025
$
10,436‌
PLN
37,957‌
310‌
—‌
JPMorgan
Chase
08/29/2025
EUR
175‌
$
204‌
—‌
(
4‌
)
JPMorgan
Chase
08/29/2025
HUF
4,023,785‌
$
11,752‌
—‌
(
278‌
)
JPMorgan
Chase
08/29/2025
PLN
24,200‌
$
6,481‌
—‌
(
24‌
)
JPMorgan
Chase
08/29/2025
$
6,231‌
COP
26,098,400‌
15‌
(
5‌
)
JPMorgan
Chase
08/29/2025
$
4,934‌
ZAR
89,525‌
27‌
—‌
JPMorgan
Chase
09/26/2025
TRY
1,102,813‌
$
25,739‌
326‌
—‌
Total
$
3,151‌
$
(
1,589‌
)
Amounts
in
thousands.
Credit
Default
Swaps
Buy
Protection
Counterparty
Reference
Entity
Implied
Credit
Spread
as
of
July
31,
2025
(a)
(Pay)/
Receive
Fixed
Rate
Payment
Frequency
Maturity
Date
Notional
Amount
Upfront
Payments/
(Receipts)
Unrealized
Appreciation/
(Depreciation)
Fair
Value
Asset
----
Liability
Goldman
Sachs
&
Co
Bank
of
China
Ltd/Hong
Kong,
1.25%,
06/24/2025
0.23%
(1.00)%
Quarterly
12/20/2026
$
20,400‌
$
(
171‌
)
$
(
42‌
)
$
—‌
$
(
213‌
)
Goldman
Sachs
&
Co
Bank
of
China
Ltd/Hong
Kong,
1.25%,
06/24/2025
0.23%
(1.00)%
Quarterly
12/20/2026
3,300‌
(
27‌
)
(
7‌
)
—‌
(
34‌
)
Goldman
Sachs
&
Co
China
Construction
Bank
/London,
3.125%,
05/17/2025
0.15%
(1.00)%
Quarterly
12/20/2026
20,400‌
(
171‌
)
(
66‌
)
—‌
(
237‌
)
Goldman
Sachs
&
Co
China
Construction
Bank
/London,
3.125%,
05/17/2025
0.15%
(1.00)%
Quarterly
12/20/2026
3,300‌
(
27‌
)
(
11‌
)
—‌
(
38‌
)
Schedule
of
Investments
Finisterre
Emerging
Markets
Total
Return
Bond
Fund
July
31,
2025
(unaudited)
87
Credit
Default
Swaps
(continued)
Buy
Protection
(continued)
Counterparty
Reference
Entity
Implied
Credit
Spread
as
of
July
31,
2025
(a)
(Pay)/
Receive
Fixed
Rate
Payment
Frequency
Maturity
Date
Notional
Amount
Upfront
Payments/
(Receipts)
Unrealized
Appreciation/
(Depreciation)
Fair
Value
Asset
----
Liability
Goldman
Sachs
&
Co
China
Development
Bank,
3.00%,
06/01/2026
0.22%
(1.00)%
Quarterly
12/20/2026
$
16,400‌
$
(
138‌
)
$
(
37‌
)
$
—‌
$
(
175‌
)
Goldman
Sachs
&
Co
China
Development
Bank,
3.00%,
06/01/2026
0.22%
(1.00)%
Quarterly
12/20/2026
2,600‌
(
22‌
)
(
6‌
)
—‌
(
28‌
)
Goldman
Sachs
&
Co
Industrial
&
Commercial
Bank
of
China
Ltd/
Hong
Kong,
1.625%,
10/28/2026
0.18%
(1.00)%
Quarterly
12/20/2026
20,400‌
(
171‌
)
(
56‌
)
—‌
(
227‌
)
Goldman
Sachs
&
Co
Industrial
&
Commercial
Bank
of
China
Ltd/
Hong
Kong,
1.625%,
10/28/2026
0.18%
(1.00)%
Quarterly
12/20/2026
3,300‌
(
27‌
)
(
10‌
)
—‌
(
37‌
)
Total
$
(
754‌
)
$
(
235‌
)
$
—‌
$
(
989‌
)
Amounts
in
thousands.
Exchange
Cleared
Credit
Default
Swaps
Buy
Protection
Reference
Entity
Implied
Credit
Spread
as
of
July
31,
2025
(a)
(Pay)/
Receive
Fixed
Rate
Payment
Frequency
Maturity
Date
Notional
Amount
Upfront
Payments/
(Receipts)
Unrealized
Appreciation/
(Depreciation)
Fair
Value
CDX.EM.43
N/A
(1.00)%
Quarterly
06/20/2030
$
14,600‌
$
480‌
$
(
144‌
)
$
336‌
CDX.NA.HY.44
N/A
(5.00)%
Quarterly
06/20/2030
54,100‌
(
2,350‌
)
(
1,579‌
)
(
3,929‌
)
ITRX.XOVER.43
N/A
(5.00)%
Quarterly
06/20/2030
EUR
21,026‌
(
1,921‌
)
(
429‌
)
(
2,350‌
)
Total
$
(
3,791‌
)
$
(
2,152‌
)
$
(
5,943‌
)
Amounts
in
thousands.
(a)
Implied
credit
spreads,
represented
in
absolute
terms,
used
in
determining
the
fair
value
of
credit
default
swap
agreements
on
corporate
issues
or
sovereign
issues
as
of
period
end
serve
as
an
indicator
of
the
current
status
of
the
payment/performance
risk
and
represent
the
likelihood
or
risk
of
default
for
the
credit
derivative.
The
implied
credit
spread
of
a
particular
referenced
entity
reflects
the
cost
of
buying/selling
protection
and
may
include
upfront
payments
required
to
be
made
to
enter
into
the
agreement.
Wider
credit
spreads
represent
a
deterioration
of
the
referenced
entity's
credit
soundness
and
a
greater
likelihood
or
risk
of
default
or
other
credit
event
occurring
as
defined
under
the
terms
of
the
agreement.
Exchange
Cleared
Interest
Rate
Swaps
Floating
Rate
Index
(Pay)/
Receive
Floating
Rate
Fixed
Rate
Payment
Frequency
Paid
by
Fund
Payment
Frequency
Received
by
Fund
Effective
Date
(a)
Maturity
Date
Notional
Amount
Unrealized
Appreciation/
(Depreciation)
Upfront
Payments/(Receipts)
Fair
Value
1
Day
MXN
TIIE
Banxico
Receive
0.00%
Monthly
Monthly
N/A
12/24/2025
MXN
1,725,000‌
$
2,331‌
$
445‌
$
2,776‌
28
Day
MXN
TIIE
Banxico
Pay
0.00%
Monthly
Monthly
N/A
12/24/2025
1,725,000‌
(
2,349‌
)
(
448‌
)
(
2,797‌
)
3
Month
KRW
Certificate
of
Deposit
Pay
2.31%
Annual
Annual
N/A
09/17/2027
KRW
131,400,000‌
$
(
136‌
)
—‌
(
136‌
)
3
Month
KRW
Certificate
of
Deposit
Receive
2.65%
Annual
Annual
N/A
09/17/2035
14,800,000‌
(
6‌
)
—‌
(
6‌
)
3
Month
Tel
AVIV
Inter-Bank
Offered
Rate
Pay
0.00%
Annual
Annual
N/A
09/18/2025
ILS
99,400‌
$
(
318‌
)
(
12‌
)
(
330‌
)
3
Month
Tel
AVIV
Inter-Bank
Offered
Rate
Pay
0.00%
Annual
Annual
N/A
09/18/2025
13,300‌
(
42‌
)
(
2‌
)
(
44‌
)
6
Month
Prague
Interbank
Offered
Rate
Pay
3.32%
Semiannual
Annual
N/A
09/17/2030
CZK
945,000‌
$
(
1,128‌
)
2‌
(
1,126‌
)
6
Month
Prague
Interbank
Offered
Rate
Pay
3.32%
Semiannual
Annual
N/A
09/17/2030
306,000‌
(
216‌
)
(
149‌
)
(
365‌
)
Shekel
Overnight
Interest
Rate
Receive
0.00%
Annual
Annual
N/A
09/18/2025
ILS
99,400‌
$
319‌
12‌
331‌
Shekel
Overnight
Interest
Rate
Receive
0.00%
Annual
Annual
N/A
09/18/2025
13,300‌
43‌
1‌
44‌
Shekel
Overnight
Interest
Rate
Pay
4.12%
Annual
Annual
N/A
09/17/2030
105,400‌
147‌
(
1‌
)
146‌
Total
$
(
1,355‌
)
$
(
152‌
)
$
(
1,507‌
)
Amounts
in
thousands.
(a)    
Forward
swap.
Schedule
of
Investments
Finisterre
Emerging
Markets
Total
Return
Bond
Fund
July
31,
2025
(unaudited)
88
Total
Return
Swaps
Counterparty
Fund
Pays
Fund
Receives
Payment
Frequency
Maturity
Date
Notional
Amount
Upfront
Payments/
(Receipts)
Value
and
Unrealized
Appreciation/
(Depreciation)
Asset
Liability
HSBC
Securities
Inc
US
Federal
Funds
Effective
Rate
+
0.00%
Zambia
Government
Bond,
13.00%,
12/18/2027
Maturity
12/20/2027
ZMW
41,050‌
$
—‌
$
345‌
$
—‌
JPMorgan
Chase
Secured
Overnight
Financing
Rate
+
0.60%
Egypt
Treasury
Bill,
0.00%,
12/16/2025
Maturity
12/16/2025
EGP
143,150‌
—‌
259‌
—‌
JPMorgan
Chase
Secured
Overnight
Financing
Rate
+
0.075%
Nigeria
OMO
Bill,
0.00%,
01/08/2026
Maturity
01/06/2026
NGN
2,206,000‌
—‌
35‌
—‌
JPMorgan
Chase
Secured
Overnight
Financing
Rate
+
0.75%
Nigeria
OMO
Bill,
0.00%,
11/18/2025
Maturity
11/18/2025
5,362,340‌
—‌
122‌
—‌
JPMorgan
Chase
Secured
Overnight
Financing
Rate
+
0.75%
Nigeria
OMO
Bill,
0.00%,
11/25/2025
Maturity
11/25/2025
1,800,000‌
—‌
18‌
—‌
Total
$
—‌
$
779‌
$
—‌
Amounts
in
thousands.
Schedule
of
Investments
Global
Emerging
Markets
Fund
July
31,
2025
(unaudited)
89
INVESTMENT
COMPANIES
-
2
.54
%
Shares
Held
Value
(000's)
Money
Market
Funds
-
2
.54
%
BlackRock
Liquidity
FedFund
-
Institutional
Class
4.21%
(a),(b)
1,107,000‌
$
1,107‌
Principal
Government
Money
Market
Fund
-
Class
R-6
4.22%
(a),(b),(c)
76,464,354‌
76,464‌
$
77,571‌
TOTAL
INVESTMENT
COMPANIES
$
77,571‌
COMMON
STOCKS
-
96
.28
%
Shares
Held
Value
(000's)
Aerospace
&
Defense
-
1
.52
%
Korea
Aerospace
Industries
Ltd
413,650‌
$
28,012‌
LIG
Nex1
Co
Ltd
40,770‌
18,359‌
$
46,371‌
Automobile
Manufacturers
-
1
.75
%
BYD
Co
Ltd
2,298,000‌
33,553‌
Mahindra
&
Mahindra
Ltd
547,857‌
19,957‌
$
53,510‌
Automobile
Parts
&
Equipment
-
0
.94
%
Hyundai
Mobis
Co
Ltd
112,495‌
23,739‌
Weichai
Power
Co
Ltd
2,354,000‌
4,990‌
$
28,729‌
Banks
-
15
.96
%
Bank
Rakyat
Indonesia
Persero
Tbk
PT
98,965,982‌
22,162‌
Credicorp
Ltd
66,433‌
15,745‌
Grupo
Financiero
Banorte
SAB
de
CV
2,214,300‌
19,720‌
HDFC
Bank
Ltd
2,272,514‌
52,150‌
ICICI
Bank
Ltd
3,551,021‌
59,797‌
IDFC
First
Bank
Ltd
18,919,678‌
14,782‌
Kotak
Mahindra
Bank
Ltd
2,259,098‌
50,898‌
National
Bank
of
Greece
SA
4,649,628‌
64,856‌
Piraeus
Financial
Holdings
SA
(d)
5,994,055‌
46,091‌
Powszechna
Kasa
Oszczednosci
Bank
Polski
SA
2,036,892‌
44,601‌
PT
Bank
Central
Asia
Tbk
75,229,100‌
37,704‌
Saudi
National
Bank/The
3,989,415‌
39,811‌
Vietnam
Technological
&
Commercial
Joint
Stock
Bank
(d)
15,642,400‌
20,246‌
$
488,563‌
Beverages
-
1
.01
%
Arca
Continental
SAB
de
CV
914,600‌
9,535‌
Varun
Beverages
Ltd
3,603,637‌
21,418‌
$
30,953‌
Biotechnology
-
1
.33
%
BeOne
Medicines
Ltd
(d)
858,400‌
19,515‌
Zai
Lab
Ltd
(d)
5,630,550‌
21,273‌
$
40,788‌
Building
Materials
-
1
.75
%
Cemex
SAB
de
CV
26,807,714‌
23,390‌
UltraTech
Cement
Ltd
86,671‌
12,068‌
Voltas
Ltd
1,203,122‌
18,159‌
$
53,617‌
Chemicals
-
0
.23
%
Orbia
Advance
Corp
SAB
de
CV
10,202,800‌
6,939‌
Commercial
Services
-
1
.64
%
GPS
Participacoes
e
Empreendimentos
SA
(e)
2,610,807‌
6,584‌
Humansoft
Holding
Co
KSC
491,897‌
3,854‌
JSW
Infrastructure
Ltd
11,499,723‌
39,700‌
$
50,138‌
Computers
-
0
.95
%
Elm
Co
22,376‌
5,421‌
Globant
SA
(d)
125,043‌
10,536‌
WNS
Holdings
Ltd
(d)
175,862‌
13,153‌
$
29,110‌
Diversified
Financial
Services
-
2
.13
%
Bajaj
Finance
Ltd
1,945,640‌
19,471‌
Banco
BTG
Pactual
SA
1,657,550‌
11,589‌
Intercorp
Financial
Services
Inc
376,944‌
13,593‌
KB
Financial
Group
Inc
256,900‌
20,410‌
$
65,063‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Electric
-
1
.09
%
Adani
Energy
Solutions
Ltd
(d)
3,321,012‌
$
30,353‌
Emirates
Central
Cooling
Systems
Corp
6,262,800‌
2,949‌
$
33,302‌
Electrical
Components
&
Equipment
-
2
.28
%
Delta
Electronics
Inc
3,700,000‌
69,701‌
Electronics
-
1
.18
%
Avalon
Technologies
Ltd
(d),(e)
727,742‌
6,979‌
E
Ink
Holdings
Inc
2,816,000‌
19,175‌
Voltronic
Power
Technology
Corp
251,000‌
9,859‌
$
36,013‌
Engineering
&
Construction
-
1
.19
%
Cury
Construtora
e
Incorporadora
SA
3,243,200‌
17,022‌
L&T
Technology
Services
Ltd
(e)
180,040‌
8,794‌
Samsung
E&A
Co
Ltd
562,100‌
10,659‌
$
36,475‌
Food
-
2
.58
%
Bid
Corp
Ltd
590,478‌
14,843‌
Gruma
SAB
de
CV
214,830‌
3,701‌
Indofood
Sukses
Makmur
Tbk
PT
20,421,600‌
10,545‌
LT
Foods
Ltd
2,311,299‌
12,751‌
SM
Investments
Corp
213,765‌
2,988‌
WH
Group
Ltd
(e)
34,232,000‌
34,271‌
$
79,099‌
Forest
Products
&
Paper
-
1
.10
%
Suzano
SA
3,635,600‌
33,788‌
Healthcare
-
Products
-
0
.21
%
Pegavision
Corp
309,000‌
3,161‌
Universal
Vision
Biotechnology
Co
Ltd
482,000‌
3,222‌
$
6,383‌
Healthcare
-
Services
-
0
.48
%
Bangkok
Dusit
Medical
Services
PCL
11,102,800‌
7,208‌
Hygeia
Healthcare
Holdings
Co
Ltd
(d),(e),(f)
3,458,200‌
7,515‌
$
14,723‌
Home
Furnishings
-
0
.51
%
Anker
Innovations
Technology
Co
Ltd
913,979‌
15,653‌
Vestel
Beyaz
Esya
Sanayi
ve
Ticaret
AS
1‌
—‌
$
15,653‌
Insurance
-
4
.38
%
AIA
Group
Ltd
6,286,000‌
58,612‌
China
Pacific
Insurance
Group
Co
Ltd
11,677,200‌
47,029‌
Max
Financial
Services
Ltd
(d)
999,648‌
17,067‌
PICC
Property
&
Casualty
Co
Ltd
5,514,000‌
11,445‌
$
134,153‌
Internet
-
15
.03
%
Alibaba
Group
Holding
Ltd
7,386,824‌
111,059‌
Grab
Holdings
Ltd
(d)
5,629,917‌
27,531‌
JD.com
Inc
1,546,900‌
24,382‌
Meituan
(d),(e)
1,856,500‌
28,641‌
MercadoLibre
Inc
(d)
20,119‌
47,760‌
Tencent
Holdings
Ltd
2,855,900‌
199,948‌
Tencent
Music
Entertainment
Group
529,602‌
5,571‌
Trip.com
Group
Ltd
244,598‌
15,185‌
$
460,077‌
Iron
&
Steel
-
0
.12
%
Severstal
PAO
(d)
31,471‌
—‌
Ternium
SA
ADR
112,662‌
3,671‌
$
3,671‌
Leisure
Products
&
Services
-
1
.00
%
Bajaj
Auto
Ltd
254,576‌
23,178‌
Yadea
Group
Holdings
Ltd
(e)
4,766,000‌
7,500‌
$
30,678‌
Lodging
-
1
.05
%
Atour
Lifestyle
Holdings
Ltd
ADR
949,610‌
32,116‌
Machinery
-
Diversified
-
0
.41
%
WEG
SA
1,907,700‌
12,605‌
Metal
Fabrication
&
Hardware
-
0
.50
%
APL
Apollo
Tubes
Ltd
836,941‌
15,231‌
Schedule
of
Investments
Global
Emerging
Markets
Fund
July
31,
2025
(unaudited)
90
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Mining
-
2
.59
%
Anglogold
Ashanti
Plc
300,132‌
$
13,647‌
Capstone
Copper
Corp
(d)
2,299,700‌
12,896‌
Impala
Platinum
Holdings
Ltd
(d)
3,873,256‌
36,608‌
Ivanhoe
Mines
Ltd
(d)
1,236,200‌
9,644‌
Polyus
PJSC
(d)
3,430‌
—‌
Shandong
Gold
Mining
Co
Ltd
(e)
2,084,750‌
6,447‌
$
79,242‌
Miscellaneous
Manufacturers
-
0
.62
%
Escorts
Kubota
Ltd
374,956‌
14,318‌
Zhuzhou
CRRC
Times
Electric
Co
Ltd
1,160,400‌
4,707‌
$
19,025‌
Oil
&
Gas
-
1
.64
%
ADNOC
Drilling
Co
PJSC
4,742,994‌
7,540‌
HD
Hyundai
Co
Ltd
142,027‌
14,533‌
PRIO
SA/Brazil
(d)
481,500‌
3,618‌
Reliance
Industries
Ltd
1,249,369‌
19,731‌
Saudi
Arabian
Oil
Co
(e)
712,963‌
4,613‌
$
50,035‌
Pharmaceuticals
-
1
.43
%
Caplin
Point
Laboratories
Ltd
570,528‌
13,360‌
Hansoh
Pharmaceutical
Group
Co
Ltd
(e)
4,568,000‌
20,522‌
Richter
Gedeon
Nyrt
146,795‌
4,402‌
Simcere
Pharmaceutical
Group
Ltd
(e)
3,348,000‌
5,614‌
$
43,898‌
Pipelines
-
0
.32
%
Gaztransport
Et
Technigaz
SA
52,315‌
9,840‌
Real
Estate
-
0
.57
%
China
Resources
Land
Ltd
3,100,000‌
11,368‌
Sun
Hung
Kai
Properties
Ltd
509,500‌
6,051‌
$
17,419‌
Retail
-
1
.22
%
CP
ALL
PCL
10,822,300‌
15,637‌
El
Puerto
de
Liverpool
SAB
de
CV
759,758‌
3,708‌
Jumbo
SA
213,467‌
7,200‌
Yum
China
Holdings
Inc
230,800‌
10,716‌
$
37,261‌
Semiconductors
-
20
.93
%
Alchip
Technologies
Ltd
141,000‌
18,025‌
ASE
Technology
Holding
Co
Ltd
1,758,000‌
8,525‌
ASML
Holding
NV
-
NY
Reg
Shares
8,985‌
6,242‌
ASPEED
Technology
Inc
90,000‌
13,630‌
MediaTek
Inc
909,000‌
41,164‌
Samsung
Electronics
Co
Ltd
2,105,249‌
107,292‌
SK
Hynix
Inc
273,167‌
52,944‌
Taiwan
Semiconductor
Manufacturing
Co
Ltd
10,201,685‌
392,757‌
$
640,579‌
Software
-
1
.35
%
NetEase
Inc
1,579,125‌
41,282‌
Telecommunications
-
2
.53
%
Accton
Technology
Corp
1,036,000‌
30,597‌
Xiaomi
Corp
(d),(e)
6,943,800‌
46,718‌
$
77,315‌
Textiles
-
0
.15
%
SLC
Agricola
SA
1,400,406‌
4,587‌
Transportation
-
0
.32
%
Blue
Dart
Express
Ltd
29,260‌
1,995‌
JD
Logistics
Inc
(d),(e)
4,463,700‌
7,736‌
$
9,731‌
Water
-
0
.29
%
Cia
de
Saneamento
Basico
do
Estado
de
Sao
Paulo
SABESP
451,700‌
8,715‌
TOTAL
COMMON
STOCKS
$
2,946,378‌
CONVERTIBLE
PREFERRED
STOCKS
-
0
.38
%
Shares
Held
Value
(000's)
Metal
Fabrication
&
Hardware
-
0
.38
%
JSW
One
Platforms
Ltd
0.00%
(d),(g),(h)
1,820‌
$
11,738‌
TOTAL
CONVERTIBLE
PREFERRED
STOCKS
$
11,738‌
PREFERRED
STOCKS
-
0
.81
%
Shares
Held
Value
(000's)
Automobile
Manufacturers
-
0
.28
%
Hyundai
Motor
Co
13,100.00%
72,938‌
$
8,632‌
Oil
&
Gas
-
0
.53
%
Petroleo
Brasileiro
SA
-
Petrobras
1.23%
2,794,000‌
16,242‌
TOTAL
PREFERRED
STOCKS
$
24,874‌
Total
Investments
$
3,060,561‌
Other
Assets
and
Liabilities
-  (0.01)%
(
177‌
)
TOTAL
NET
ASSETS
-
100.00%
$
3,060,384‌
(a)
1-day
yield
shown
is
as
of
period
end.
(b)
Security
or
a
portion
of
the
security
was
received
as
collateral
for
securities
lending.
At
the
end
of
the
period,
the
value
of
these
securities
totaled
$5,267
or
0.17%
of
net
assets.
(c)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940,
as
amended,
(the
"1940
Act"))
or
an
affiliate
as
defined
by
the
1940
Act
(controls
5.00%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
Affiliated
Securities
sub-schedule
for
transactional
information.
(d)
Non-income
producing
security
(e)
Security
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933.
These
securities
may
be
resold
in
transactions
exempt
from
registration,
normally
to
qualified
institutional
buyers.
At
the
end
of
the
period,
the
value
of
these
securities
totaled
$191,934
or
6.27%
of
net
assets.
(f)
Security
or
a
portion
of
the
security
was
on
loan.  At
the
end
of
the
period,
the
value
of
these
securities
totaled
$4,998
or
0.16%
of
net
assets.
(g)
The
value
of
these
investments
was
determined
using
significant
unobservable
inputs,
in
good
faith
by
the
Manager,
under
procedures
established
and
periodically
reviewed
by
the
Board
of
Directors.
(h)
Restricted
Security.
Please
see
Restricted
Securities
sub-schedule
for
additional
information.
Schedule
of
Investments
Global
Emerging
Markets
Fund
July
31,
2025
(unaudited)
91
Affiliated
Securities
October
31,
2024
Purchases
Sales
July
31,
2025
Value
Cost
Proceeds
Value
Principal
Government
Money
Market
Fund
-
Class
R-6
4.22%
$
105,493‌
$
633,056‌
$
662,085‌
$
76,464‌
$
105,493‌
$
633,056‌
$
662,085‌
$
76,464‌
Income
(a)
Realized
Gain/(Loss)
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
(Loss)
Principal
Government
Money
Market
Fund
-
Class
R-6
4.22%
$
2,247‌
$
—‌
$
—‌
$
—‌
$
2,247‌
$
—‌
$
—‌
$
—‌
Amounts
in
thousands.
(a)
Amount
excludes
earnings
from
securities
lending
collateral.
Restricted
Securities
Security
Name
Acquisition
Date
Cost
Value
Percent
of
Net
Assets
JSW
One
Platforms
Ltd  
0.00%
05/08/2025-06/16/2025
$
11,987‌
$
11,738‌
0.38%
Total
$
11,738‌
0.38%
Amounts
in
thousands.
Schedule
of
Investments
Global
Real
Estate
Securities
Fund
July
31,
2025
(unaudited)
92
INVESTMENT
COMPANIES
-
1
.81
%
Shares
Held
Value
(000's)
Money
Market
Funds
-
1
.81
%
Principal
Government
Money
Market
Fund
-
Class
R-6
4.22%
(a),(b)
29,186,740‌
$
29,187‌
TOTAL
INVESTMENT
COMPANIES
$
29,187‌
COMMON
STOCKS
-
98
.20
%
Shares
Held
Value
(000's)
Engineering
&
Construction
-
1
.20
%
Cellnex
Telecom
SA
-
Rights
(c),(d)
352,022‌
$
12,423‌
Keppel
Ltd
1,073,300‌
6,973‌
$
19,396‌
Lodging
-
0
.46
%
Hyatt
Hotels
Corp
53,112‌
7,487‌
Real
Estate
-
10
.16
%
CTP
NV
(d)
111,979‌
2,375‌
Fastighets
AB
Balder
(c)
2,619,878‌
17,690‌
LEG
Immobilien
SE
18,123‌
1,438‌
Mitsubishi
Estate
Co
Ltd
1,293,100‌
24,210‌
Mitsui
Fudosan
Co
Ltd
3,742,879‌
33,455‌
Sun
Hung
Kai
Properties
Ltd
1,804,000‌
21,427‌
Swire
Properties
Ltd
4,841,400‌
12,976‌
TAG
Immobilien
AG
68,211‌
1,097‌
Vonovia
SE
895,387‌
27,789‌
Wharf
Real
Estate
Investment
Co
Ltd
2,354,000‌
7,473‌
Wihlborgs
Fastigheter
AB
1,382,585‌
13,587‌
$
163,517‌
REITs
-
85
.43
%
Advance
Residence
Investment
Corp
6,419‌
6,620‌
American
Healthcare
REIT
Inc
453,973‌
17,541‌
American
Homes
4
Rent
1,078,610‌
37,417‌
American
Tower
Corp
108,530‌
22,617‌
Americold
Realty
Trust
Inc
501,883‌
8,070‌
AvalonBay
Communities
Inc
277,344‌
51,664‌
Canadian
Apartment
Properties
REIT
407,571‌
13,016‌
CapitaLand
Integrated
Commercial
Trust
5,103,000‌
8,616‌
COPT
Defense
Properties
260,408‌
7,104‌
Cousins
Properties
Inc
566,883‌
15,362‌
Daiwa
House
REIT
Investment
Corp
6,076‌
10,161‌
Digital
Realty
Trust
Inc
205,977‌
36,343‌
EastGroup
Properties
Inc
116,180‌
18,965‌
Empire
State
Realty
Trust
Inc
758,241‌
5,490‌
Equinix
Inc
125,774‌
98,754‌
Equity
LifeStyle
Properties
Inc
358,544‌
21,484‌
Equity
Residential
433,487‌
27,396‌
Essex
Property
Trust
Inc
88,570‌
23,044‌
Extra
Space
Storage
Inc
435,390‌
58,499‌
Gaming
and
Leisure
Properties
Inc
434,018‌
19,783‌
Gecina
SA
113,082‌
11,113‌
GLP
J-Reit
11,111‌
9,737‌
Goodman
Group
2,768,544‌
61,900‌
Healthpeak
Properties
Inc
1,811,406‌
30,685‌
InterRent
Real
Estate
Investment
Trust
756,775‌
7,237‌
Invincible
Investment
Corp
16,349‌
7,272‌
Invitation
Homes
Inc
1,283,232‌
39,331‌
Iron
Mountain
Inc
148,296‌
14,438‌
Japan
Real
Estate
Investment
Corp
7,733‌
6,272‌
Keppel
DC
REIT
7,532,492‌
13,708‌
Kilroy
Realty
Corp
298,432‌
11,000‌
Klepierre
SA
807,548‌
30,826‌
Mapletree
Logistics
Trust
9,828,211‌
8,740‌
Mirvac
Group
13,344,649‌
19,147‌
National
Storage
REIT
5,984,713‌
9,177‌
Nippon
Accommodations
Fund
Inc
5,397‌
4,228‌
Nippon
Building
Fund
Inc
17,343‌
15,909‌
Nippon
Prologis
REIT
Inc
20,041‌
10,815‌
Prologis
Inc
635,707‌
67,881‌
Prologis
Property
Mexico
SA
de
CV
1,033,193‌
3,916‌
Regency
Centers
Corp
496,131‌
35,424‌
Rexford
Industrial
Realty
Inc
661,329‌
24,158‌
Ryman
Hospitality
Properties
Inc
176,690‌
16,796‌
Sabra
Health
Care
REIT
Inc
1,248,647‌
22,513‌
Safestore
Holdings
PLC
1,196,909‌
10,613‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
REITs
(continued)
Saul
Centers
Inc
58,129‌
$
1,873‌
Segro
PLC
1,587,668‌
13,531‌
Sekisui
House
Reit
Inc
18,975‌
9,857‌
Simon
Property
Group
Inc
152,681‌
25,008‌
Stockland
8,753,054‌
31,032‌
Unibail-Rodamco-Westfield
(c)
339,383‌
32,900‌
UNITE
Group
PLC/The
1,518,397‌
14,971‌
Ventas
Inc
982,878‌
66,030‌
VICI
Properties
Inc
1,426,004‌
46,488‌
Vornado
Realty
Trust
365,846‌
14,056‌
Warehouses
De
Pauw
CVA
274,049‌
6,395‌
Welltower
Inc
679,860‌
112,224‌
$
1,375,147‌
Telecommunications
-
0
.95
%
NEXTDC
Ltd
(c)
1,654,415‌
15,234‌
TOTAL
COMMON
STOCKS
$
1,580,781‌
Total
Investments
$
1,609,968‌
Other
Assets
and
Liabilities
-  (0.01)%
(
206‌
)
TOTAL
NET
ASSETS
-
100.00%
$
1,609,762‌
(a)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940,
as
amended,
(the
"1940
Act"))
or
an
affiliate
as
defined
by
the
1940
Act
(controls
5.00%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
Affiliated
Securities
sub-schedule
for
transactional
information.
(b)
1-day
yield
shown
is
as
of
period
end.
(c)
Non-income
producing
security
(d)
Security
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933.
These
securities
may
be
resold
in
transactions
exempt
from
registration,
normally
to
qualified
institutional
buyers.
At
the
end
of
the
period,
the
value
of
these
securities
totaled
$14,798
or
0.92%
of
net
assets.
Schedule
of
Investments
Global
Real
Estate
Securities
Fund
July
31,
2025
(unaudited)
93
Affiliated
Securities
October
31,
2024
Purchases
Sales
July
31,
2025
Value
Cost
Proceeds
Value
Principal
Government
Money
Market
Fund
-
Class
R-6
4.22%
$
26,078‌
$
302,310‌
$
299,201‌
$
29,187‌
$
26,078‌
$
302,310‌
$
299,201‌
$
29,187‌
Income
Realized
Gain/(Loss)
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
(Loss)
Principal
Government
Money
Market
Fund
-
Class
R-6
4.22%
$
881‌
$
—‌
$
—‌
$
—‌
$
881‌
$
—‌
$
—‌
$
—‌
Amounts
in
thousands.
Schedule
of
Investments
Government
&
High
Quality
Bond
Fund
July
31,
2025
(unaudited)
94
INVESTMENT
COMPANIES
-
2
.01
%
Shares
Held
Value
(000's)
Money
Market
Funds
-
2
.01
%
Principal
Government
Money
Market
Fund
-
Class
R-6
4.22%
(a),(b)
12,430,966‌
$
12,431‌
TOTAL
INVESTMENT
COMPANIES
$
12,431‌
BONDS
-
21
.55
%
Principal
Amount
(000's)
Value
(000's)
Automobile
Asset
Backed
Securities
-
9
.35
%
Ally
Auto
Receivables
Trust
2024-2
4.46%,
07/15/2027
$
1,962‌
$
1,961‌
AmeriCredit
Automobile
Receivables
Trust
2023-2
6.19%,
04/19/2027
298‌
298‌
AmeriCredit
Automobile
Receivables
Trust
2024-1
4.95%,
02/18/2028
2,719‌
2,720‌
1.00
x
30
Day
Average
Secured
Overnight
Financing
Rate
+
0.60%
5.75%,
02/18/2028
891‌
892‌
BMW
Vehicle
Owner
Trust
2024-A
5.42%,
02/25/2027
2,282‌
2,285‌
BofA
Auto
Trust
2024-1
5.57%,
12/15/2026
(c)
945‌
946‌
BofA
Auto
Trust
2025-1
4.90%,
11/22/2027
(c)
2,025‌
2,027‌
1.00
x
30
Day
Average
Secured
Overnight
Financing
Rate
+
0.55%
Carmax
Auto
Owner
Trust
2024-3
5.21%,
09/15/2027
2,882‌
2,887‌
Chase
Auto
Owner
Trust
2024-1
5.48%,
04/26/2027
(c)
603‌
603‌
Chase
Auto
Owner
Trust
2024-4
5.25%,
09/27/2027
(c)
2,348‌
2,352‌
Drive
Auto
Receivables
Trust
4.87%,
08/15/2028
4,510‌
4,514‌
GM
Financial
Automobile
Leasing
Trust
2024-1
5.18%,
06/22/2026
103‌
103‌
GM
Financial
Automobile
Leasing
Trust
2024-3
4.82%,
01/20/2027
4,890‌
4,892‌
1.00
x
30
Day
Average
Secured
Overnight
Financing
Rate
+
0.47%
Mercedes-Benz
Auto
Lease
Trust
2024-A
5.44%,
02/16/2027
2,232‌
2,236‌
Santander
Drive
Auto
Receivables
Trust
2024-1
5.25%,
04/17/2028
3,015‌
3,019‌
Santander
Drive
Auto
Receivables
Trust
2024-2
5.80%,
09/15/2027
121‌
122‌
Santander
Drive
Auto
Receivables
Trust
2024-3
5.91%,
06/15/2027
39‌
39‌
Santander
Drive
Auto
Receivables
Trust
2024-4
5.41%,
07/15/2027
1,778‌
1,779‌
Santander
Drive
Auto
Receivables
Trust
2025-1
4.76%,
08/16/2027
2,653‌
2,653‌
Santander
Drive
Auto
Receivables
Trust
2025-2
4.71%,
06/15/2028
5,321‌
5,321‌
Santander
Drive
Auto
Receivables
Trust
2025-3
4.63%,
10/16/2028
6,830‌
6,834‌
SBNA
Auto
Lease
Trust
2024-B
5.67%,
11/20/2026
(c)
1,189‌
1,189‌
Tesla
Electric
Vehicle
Trust
2023-1
5.54%,
12/21/2026
(c)
1,012‌
1,013‌
Wheels
Fleet
Lease
Funding
1
LLC
4.99%,
01/18/2040
(c)
7,080‌
7,083‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
0.67%
$
57,768‌
Credit
Card
Asset
Backed
Securities
-
4
.17
%
BA
Credit
Card
Trust
5.00%,
04/15/2028
6,175‌
6,184‌
Citibank
Credit
Card
Issuance
Trust
5.23%,
12/08/2027
4,250‌
4,260‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Credit
Card
Asset
Backed
Securities
(continued)
Discover
Card
Execution
Note
Trust
4.31%,
03/15/2028
$
8,087‌
$
8,078‌
5.03%,
10/15/2027
7,265‌
7,273‌
$
25,795‌
Mortgage
Backed
Securities
-
8
.03
%
Citigroup
Mortgage
Loan
Trust
2015-PS1
5.12%,
09/25/2042
(c),(d)
2,275‌
2,256‌
CSMC
Trust
2015-1
3.89%,
01/25/2045
(c),(d)
2,198‌
2,113‌
Fannie
Mae
Interest
Strip
3.50%,
12/25/2043
(d),(e)
1,230‌
164‌
Fannie
Mae
REMICS
1.54%,
09/25/2046
(e)
9,831‌
1,022‌
(1.00)
x
30
Day
Average
Secured
Overnight
Financing
Rate
+
5.89%
1.54%,
10/25/2049
(e)
10,472‌
1,279‌
(1.00)
x
30
Day
Average
Secured
Overnight
Financing
Rate
+
5.89%
1.54%,
05/25/2050
(e)
11,299‌
1,258‌
(1.00)
x
30
Day
Average
Secured
Overnight
Financing
Rate
+
5.89%
1.59%,
08/25/2049
(e)
16,455‌
1,720‌
(1.00)
x
30
Day
Average
Secured
Overnight
Financing
Rate
+
5.94%
1.59%,
09/25/2049
(e)
4,637‌
564‌
(1.00)
x
30
Day
Average
Secured
Overnight
Financing
Rate
+
5.94%
1.59%,
11/25/2049
(e)
7,768‌
848‌
(1.00)
x
30
Day
Average
Secured
Overnight
Financing
Rate
+
5.94%
1.61%,
06/25/2050
(e)
6,784‌
814‌
(1.00)
x
30
Day
Average
Secured
Overnight
Financing
Rate
+
5.96%
1.69%,
09/25/2047
(e)
14,892‌
1,689‌
(1.00)
x
30
Day
Average
Secured
Overnight
Financing
Rate
+
6.04%
1.95%,
06/25/2045
(e)
3,363‌
220‌
1.00
x
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
0.00%
2.24%,
12/25/2042
(e)
5,843‌
774‌
(1.00)
x
30
Day
Average
Secured
Overnight
Financing
Rate
+
6.59%
2.50%,
02/25/2028
(e)
1,131‌
23‌
3.00%,
07/25/2032
(e)
2,415‌
132‌
3.00%,
10/25/2040
(e)
647‌
11‌
3.00%,
04/25/2042
371‌
365‌
3.00%,
05/25/2048
684‌
597‌
3.00%,
01/25/2051
(e)
10,605‌
1,837‌
3.50%,
02/25/2036
(e)
1,740‌
135‌
3.50%,
02/25/2043
(e)
413‌
5‌
3.50%,
02/25/2043
95‌
94‌
3.50%,
07/25/2043
(e)
2,483‌
149‌
3.50%,
08/25/2045
194‌
193‌
5.06%,
04/25/2027
1‌
1‌
1.00
x
30
Day
Average
Secured
Overnight
Financing
Rate
+
0.71%
7.00%,
04/25/2032
196‌
202‌
Freddie
Mac
REMICS
1.59%,
09/25/2049
(e)
14,865‌
1,697‌
(1.00)
x
30
Day
Average
Secured
Overnight
Financing
Rate
+
5.94%
1.59%,
10/25/2049
(e)
11,791‌
1,248‌
(1.00)
x
30
Day
Average
Secured
Overnight
Financing
Rate
+
5.94%
1.59%,
11/25/2049
(e)
5,197‌
567‌
(1.00)
x
30
Day
Average
Secured
Overnight
Financing
Rate
+
5.94%
Schedule
of
Investments
Government
&
High
Quality
Bond
Fund
July
31,
2025
(unaudited)
95
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Mortgage
Backed
Securities
(continued)
Freddie
Mac
REMICS
(continued)
1.59%,
03/25/2050
(e)
$
8,673‌
$
1,050‌
(1.00)
x
30
Day
Average
Secured
Overnight
Financing
Rate
+
5.94%
1.64%,
08/25/2050
(e)
7,198‌
917‌
(1.00)
x
30
Day
Average
Secured
Overnight
Financing
Rate
+
5.99%
3.00%,
04/15/2046
736‌
683‌
4.00%,
11/15/2042
(e)
1,075‌
145‌
6.50%,
08/15/2027
5‌
5‌
Ginnie
Mae
1.63%,
03/20/2044
(e)
3,804‌
412‌
(1.00)
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
5.99%
1.63%,
06/20/2046
(e)
1,763‌
210‌
(1.00)
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
5.99%
1.63%,
08/20/2047
(e)
9,341‌
1,129‌
(1.00)
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
5.99%
1.73%,
10/20/2045
(e)
3,969‌
461‌
(1.00)
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
6.09%
1.73%,
11/20/2047
(e)
2,873‌
381‌
(1.00)
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
6.09%
1.83%,
08/20/2050
(e)
10,354‌
1,475‌
(1.00)
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
6.19%
1.83%,
07/20/2051
(e)
7,367‌
993‌
(1.00)
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
6.19%
1.83%,
08/20/2051
(e)
8,757‌
1,197‌
(1.00)
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
6.19%
1.90%,
09/20/2050
(e)
6,609‌
909‌
(1.00)
x
30
Day
Average
Secured
Overnight
Financing
Rate
+
6.25%
3.00%,
07/20/2050
(e)
6,007‌
973‌
3.00%,
11/20/2050
(e)
10,832‌
1,849‌
3.00%,
11/20/2050
(e)
16,341‌
2,716‌
3.00%,
12/20/2050
(e)
6,810‌
1,129‌
3.50%,
10/20/2049
(e)
9,916‌
1,880‌
4.00%,
04/20/2044
(e)
1,038‌
58‌
4.00%,
01/20/2046
(e)
853‌
35‌
JP
Morgan
Mortgage
Trust
2016-4
3.50%,
10/25/2046
(c),(d)
564‌
507‌
New
Residential
Mortgage
Loan
Trust
2015-2
5.28%,
08/25/2055
(c),(d)
2,365‌
2,344‌
NRP
Mortgage
Trust
2013-1
3.28%,
07/25/2043
(c),(d)
1,516‌
1,100‌
Sequoia
Mortgage
Trust
2013-2
3.64%,
02/25/2043
(d)
615‌
601‌
Sequoia
Mortgage
Trust
2017-3
3.76%,
04/25/2047
(c),(d)
1,672‌
1,565‌
Sequoia
Mortgage
Trust
2017-5
3.50%,
08/25/2047
(c),(d)
176‌
158‌
Sequoia
Mortgage
Trust
2024-5
6.00%,
06/25/2054
(c),(d)
2,787‌
2,785‌
$
49,644‌
TOTAL
BONDS
$
133,207‌
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
-
91
.94
%
Principal
Amount
(000's)
Value
(000's)
Federal
Home
Loan
Mortgage
Corporation
(FHLMC)
-
3
.33
%
3.00%,
05/01/2043
$
886‌
$
793‌
3.00%,
07/01/2045
2,285‌
2,028‌
3.00%,
10/01/2046
3,426‌
3,050‌
3.50%,
08/01/2043
1,687‌
1,565‌
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Federal
Home
Loan
Mortgage
Corporation
(FHLMC)
(continued)
3.50%,
02/01/2044
$
1,846‌
$
1,707‌
3.50%,
11/01/2046
1,525‌
1,403‌
4.00%,
12/01/2041
1,512‌
1,451‌
4.00%,
09/15/2042
445‌
429‌
4.00%,
10/01/2045
2,707‌
2,569‌
4.50%,
04/01/2041
1,522‌
1,504‌
5.00%,
12/01/2032
6‌
6‌
5.00%,
02/01/2033
81‌
82‌
5.00%,
01/01/2034
941‌
948‌
5.00%,
05/01/2034
19‌
19‌
5.00%,
07/01/2035
10‌
10‌
5.00%,
10/01/2035
2‌
2‌
5.00%,
11/01/2035
90‌
91‌
5.00%,
07/01/2044
748‌
753‌
5.00%,
03/01/2048
1,516‌
1,515‌
5.50%,
05/01/2033
1‌
1‌
5.50%,
10/01/2033
4‌
4‌
5.50%,
12/01/2033
77‌
78‌
5.50%,
07/01/2037
5‌
5‌
5.50%,
04/01/2038
2‌
2‌
5.50%,
05/01/2038
9‌
9‌
6.00%,
06/01/2028
1‌
1‌
6.00%,
05/01/2031
18‌
18‌
6.00%,
10/01/2031
1‌
1‌
6.00%,
02/01/2032
3‌
3‌
6.00%,
11/01/2033
111‌
114‌
6.00%,
09/01/2034
17‌
17‌
6.00%,
02/01/2035
9‌
9‌
6.00%,
10/01/2036
13‌
13‌
6.00%,
03/01/2037
34‌
35‌
6.00%,
05/01/2037
50‌
52‌
6.00%,
03/01/2038
18‌
19‌
6.00%,
04/01/2038
13‌
13‌
6.00%,
07/01/2038
49‌
51‌
6.00%,
10/01/2038
23‌
25‌
6.50%,
03/01/2029
5‌
5‌
6.50%,
04/01/2031
17‌
18‌
6.50%,
10/01/2031
13‌
14‌
6.50%,
02/01/2032
2‌
2‌
6.50%,
04/01/2032
2‌
2‌
7.00%,
01/01/2028
15‌
16‌
7.00%,
06/01/2029
11‌
12‌
7.00%,
04/01/2031
9‌
9‌
7.00%,
10/01/2031
17‌
18‌
7.00%,
04/01/2032
37‌
39‌
7.50%,
12/01/2030
2‌
2‌
7.50%,
02/01/2031
1‌
1‌
8.50%,
07/01/2029
34‌
34‌
$
20,567‌
Federal
National
Mortgage
Association
(FNMA)
-
0
.07
%
5.50%,
05/01/2033
30‌
30‌
6.00%,
01/01/2032
23‌
23‌
6.00%,
04/01/2033
47‌
47‌
6.00%,
09/01/2034
118‌
119‌
6.30%,
12/01/2033
10‌
10‌
1.00
x
Refinitiv
USD
IBOR
Consumer
Cash
Fallback
12-Month
+
1.70%
6.50%,
06/01/2031
18‌
19‌
6.50%,
11/01/2032
123‌
124‌
6.50%,
11/01/2032
28‌
28‌
7.00%,
08/01/2028
7‌
7‌
7.00%,
12/01/2028
10‌
10‌
7.00%,
07/01/2029
8‌
8‌
7.00%,
07/01/2032
7‌
7‌
$
432‌
Schedule
of
Investments
Government
&
High
Quality
Bond
Fund
July
31,
2025
(unaudited)
96
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Federal
National
Mortgage
Association
(FNMA)/Federal
Home
Loan
Mortgage
Corporation
(FHLMC)
Uniform
Mortgage-Backed
Security
-
59
.98
%
2.00%,
11/01/2051
$
9,224‌
$
7,337‌
2.00%,
12/01/2051
15,675‌
12,480‌
2.00%,
12/01/2051
11,745‌
9,318‌
2.00%,
01/01/2052
13,180‌
10,452‌
2.00%,
01/01/2052
10,472‌
8,354‌
2.00%,
02/01/2052
9,868‌
7,950‌
2.00%,
03/01/2052
11,272‌
8,864‌
2.50%,
10/01/2050
10,161‌
8,372‌
2.50%,
02/01/2051
6,931‌
5,809‌
2.50%,
07/01/2051
10,213‌
8,510‌
2.50%,
10/01/2051
10,847‌
8,898‌
2.50%,
11/01/2051
5,155‌
4,313‌
2.50%,
12/01/2051
11,580‌
9,774‌
3.00%,
01/01/2046
2,151‌
1,908‌
3.00%,
07/01/2046
2,335‌
2,059‌
3.00%,
10/01/2046
2,792‌
2,470‌
3.00%,
12/01/2046
3,009‌
2,653‌
3.00%,
07/01/2050
4,895‌
4,235‌
3.00%,
08/01/2050
3,795‌
3,283‌
3.00%,
09/01/2050
6,149‌
5,328‌
3.50%,
06/01/2042
864‌
803‌
3.50%,
11/01/2042
1,577‌
1,465‌
3.50%,
02/01/2043
761‌
708‌
3.50%,
05/01/2043
1,125‌
1,042‌
3.50%,
03/01/2045
1,673‌
1,545‌
3.50%,
11/01/2048
5,581‌
5,136‌
3.50%,
12/01/2049
904‌
831‌
4.00%,
03/01/2043
991‌
948‌
4.00%,
08/01/2044
1,327‌
1,266‌
4.00%,
11/01/2044
1,103‌
1,048‌
4.00%,
08/01/2045
1,949‌
1,850‌
4.00%,
08/01/2046
3,134‌
2,947‌
4.00%,
07/01/2047
2,830‌
2,678‌
4.00%,
02/01/2048
2,524‌
2,385‌
4.00%,
07/01/2052
2,457‌
2,270‌
4.50%,
08/01/2039
875‌
865‌
4.50%,
10/01/2044
1,253‌
1,209‌
4.50%,
12/01/2044
2,609‌
2,543‌
4.50%,
05/01/2045
1,184‌
1,154‌
4.50%,
09/01/2045
1,563‌
1,522‌
4.50%,
10/01/2045
2,258‌
2,202‌
4.50%,
11/01/2045
3,236‌
3,150‌
4.50%,
06/01/2052
4,487‌
4,298‌
4.50%,
08/01/2052
4,601‌
4,390‌
4.50%,
10/01/2052
7,800‌
7,432‌
4.50%,
11/01/2053
2,964‌
2,814‌
4.50%,
01/01/2054
4,493‌
4,295‌
5.00%,
04/01/2035
53‌
55‌
5.00%,
05/01/2035
18‌
19‌
5.00%,
07/01/2035
6‌
6‌
5.00%,
02/01/2038
679‌
685‌
5.00%,
03/01/2038
417‌
420‌
5.00%,
02/01/2040
1,988‌
2,019‌
5.00%,
05/01/2040
767‌
772‌
5.00%,
07/01/2040
399‌
400‌
5.00%,
07/01/2041
2,084‌
2,095‌
5.00%,
02/01/2044
1,048‌
1,047‌
5.00%,
06/01/2044
904‌
909‌
5.00%,
05/01/2048
1,658‌
1,655‌
5.00%,
09/01/2052
4,155‌
4,086‌
5.00%,
04/01/2053
14,234‌
13,906‌
5.00%,
06/01/2053
11,799‌
11,531‌
5.00%,
11/01/2054
5,395‌
5,289‌
5.00%,
11/01/2054
4,782‌
4,656‌
5.00%,
02/01/2055
2,979‌
2,919‌
5.50%,
06/01/2026
1‌
1‌
5.50%,
07/01/2033
152‌
154‌
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Federal
National
Mortgage
Association
(FNMA)/Federal
Home
Loan
Mortgage
Corporation
(FHLMC)
Uniform
Mortgage-Backed
Security
(continued)
5.50%,
12/01/2037
$
331‌
$
337‌
5.50%,
03/01/2038
64‌
66‌
5.50%,
07/01/2053
5,313‌
5,394‌
5.50%,
07/01/2053
5,136‌
5,152‌
5.50%,
11/01/2053
5,855‌
5,885‌
5.50%,
11/01/2053
5,742‌
5,759‌
5.50%,
03/01/2054
4,090‌
4,078‌
5.50%,
05/01/2054
4,652‌
4,660‌
5.50%,
10/01/2054
7,485‌
7,508‌
5.50%,
02/01/2055
9,840‌
9,847‌
5.50%,
09/01/2055
(f)
18,160‌
18,049‌
6.00%,
03/01/2029
6‌
6‌
6.00%,
11/01/2032
4‌
4‌
6.00%,
11/01/2037
9‌
9‌
6.00%,
02/01/2038
27‌
28‌
6.00%,
03/01/2038
23‌
24‌
6.00%,
04/01/2039
114‌
118‌
6.00%,
04/01/2054
4,906‌
5,030‌
6.00%,
05/01/2054
4,711‌
4,821‌
6.00%,
06/01/2054
3,415‌
3,495‌
6.00%,
09/01/2054
3,414‌
3,492‌
6.00%,
09/01/2054
5,672‌
5,800‌
6.00%,
09/01/2055
(f)
20,365‌
20,627‌
6.50%,
08/01/2028
2‌
3‌
6.50%,
03/01/2029
6‌
7‌
6.50%,
06/01/2031
37‌
38‌
6.50%,
12/01/2031
1‌
1‌
6.50%,
04/01/2032
3‌
3‌
6.50%,
08/01/2032
21‌
22‌
6.50%,
02/01/2033
30‌
31‌
6.50%,
04/01/2036
1‌
1‌
6.50%,
08/01/2036
13‌
14‌
6.50%,
08/01/2036
6‌
6‌
6.50%,
10/01/2036
11‌
12‌
6.50%,
11/01/2036
6‌
6‌
6.50%,
07/01/2037
7‌
8‌
6.50%,
08/01/2037
10‌
11‌
6.50%,
08/01/2037
103‌
109‌
6.50%,
02/01/2038
9‌
10‌
6.50%,
10/01/2053
4,457‌
4,633‌
6.50%,
05/01/2054
3,496‌
3,634‌
6.50%,
04/01/2055
2,874‌
2,999‌
6.50%,
09/01/2055
(f)
1,235‌
1,273‌
7.00%,
11/01/2031
24‌
25‌
7.50%,
08/01/2032
3‌
3‌
$
370,825‌
Government
National
Mortgage
Association
(GNMA)
-
28
.01
%
2.00%,
08/20/2050
3,491‌
2,820‌
2.00%,
02/20/2051
6,619‌
5,348‌
2.50%,
06/20/2050
11,608‌
9,796‌
3.00%,
02/15/2043
1,973‌
1,767‌
3.00%,
02/20/2047
2,365‌
2,096‌
3.00%,
12/20/2051
2,469‌
2,159‌
3.50%,
05/15/2043
2,391‌
2,207‌
3.50%,
06/20/2043
1,723‌
1,560‌
3.50%,
02/20/2047
968‌
882‌
3.50%,
10/20/2047
1,525‌
1,390‌
4.00%,
09/15/2041
2,060‌
1,945‌
4.00%,
03/15/2044
1,343‌
1,268‌
4.50%,
08/20/2048
1,248‌
1,206‌
4.50%,
05/20/2052
4,589‌
4,381‌
4.50%,
09/20/2052
5,464‌
5,216‌
4.50%,
03/20/2053
3,065‌
2,928‌
4.50%,
06/20/2053
10,248‌
9,759‌
5.00%,
12/20/2052
7,559‌
7,422‌
5.00%,
04/20/2053
12,424‌
12,195‌
5.00%,
05/20/2053
5,831‌
5,709‌
Schedule
of
Investments
Government
&
High
Quality
Bond
Fund
July
31,
2025
(unaudited)
97
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Government
National
Mortgage
Association
(GNMA)
(continued)
5.00%,
09/20/2053
$
4,831‌
$
4,721‌
5.00%,
10/20/2053
4,881‌
4,785‌
5.00%,
02/20/2054
2,195‌
2,148‌
5.00%,
04/20/2054
6,877‌
6,715‌
5.50%,
07/20/2033
259‌
264‌
5.50%,
03/20/2034
285‌
290‌
5.50%,
05/20/2035
29‌
30‌
5.50%,
03/20/2053
5,950‌
5,964‌
5.50%,
08/20/2053
12,111‌
12,131‌
5.50%,
08/20/2055
(f)
27,650‌
27,575‌
6.00%,
04/20/2026
1‌
1‌
6.00%,
10/20/2028
1‌
1‌
6.00%,
02/20/2029
8‌
8‌
6.00%,
02/15/2033
5‌
5‌
6.00%,
07/20/2033
210‌
216‌
6.00%,
08/15/2038
24‌
25‌
6.00%,
08/20/2055
(f)
25,620‌
25,963‌
6.50%,
10/20/2028
1‌
1‌
6.50%,
03/20/2031
12‌
12‌
6.50%,
04/20/2031
10‌
10‌
6.50%,
10/15/2031
3‌
4‌
6.50%,
07/15/2032
1‌
1‌
6.50%,
05/20/2034
160‌
165‌
7.00%,
10/15/2027
2‌
2‌
7.00%,
04/15/2028
1‌
1‌
7.00%,
06/15/2028
24‌
24‌
7.00%,
12/15/2028
7‌
7‌
7.00%,
01/15/2029
10‌
10‌
7.00%,
03/15/2029
9‌
9‌
7.00%,
04/15/2029
26‌
27‌
7.00%,
05/15/2031
1‌
1‌
7.50%,
08/15/2029
5‌
5‌
7.50%,
10/15/2029
8‌
8‌
8.00%,
12/15/2030
1‌
1‌
$
173,184‌
U.S.
Treasury
Bill
-
0
.55
%
4.22%,
10/16/2025
(g)
2,730‌
2,705‌
4.23%,
09/18/2025
(g)
700‌
696‌
$
3,401‌
TOTAL
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
$
568,409‌
Total
Investments
$
714,047‌
Other
Assets
and
Liabilities
-  (15.50)%
(
95,844‌
)
TOTAL
NET
ASSETS
-
100.00%
$
618,203‌
(a)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940,
as
amended,
(the
"1940
Act"))
or
an
affiliate
as
defined
by
the
1940
Act
(controls
5.00%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
Affiliated
Securities
sub-schedule
for
transactional
information.
(b)
1-day
yield
shown
is
as
of
period
end.
(c)
Security
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933.
These
securities
may
be
resold
in
transactions
exempt
from
registration,
normally
to
qualified
institutional
buyers.
At
the
end
of
the
period,
the
value
of
these
securities
totaled
$28,041
or
4.54%
of
net
assets.
(d)
Certain
variable
rate
securities
are
not
based
on
a
published
reference
rate
and
spread
but
are
determined
by
the
issuer
or
agent
and
are
based
on
current
market
conditions.  These
securities
do
not
indicate
a
reference
rate
and
spread
in
their
description.
Rate
shown
is
the
rate
in
effect
as
of
period
end.
(e)
Security
is
an
Interest
Only
Strip.
(f)
Security
was
purchased
in
a
"to-be-announced"
("TBA")
transaction.
(g)
Rate
shown
is
the
discount
rate
of
the
original
purchase.
Affiliated
Securities
October
31,
2024
Purchases
Sales
July
31,
2025
Value
Cost
Proceeds
Value
Principal
Government
Money
Market
Fund
-
Class
R-6
4.22%
$
3,266‌
$
239,237‌
$
230,072‌
$
12,431‌
$
3,266‌
$
239,237‌
$
230,072‌
$
12,431‌
Income
Realized
Gain/(Loss)
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
(Loss)
Principal
Government
Money
Market
Fund
-
Class
R-6
4.22%
$
334‌
$
—‌
$
—‌
$
—‌
$
334‌
$
—‌
$
—‌
$
—‌
Amounts
in
thousands.
Futures
Contracts
Description
and
Expiration
Date
Type
Contracts
Notional
Amount
Value
and
Unrealized
Appreciation/(Depreciation)
US
10
Year
Note;
September
2025
Short
86‌
$
9,551‌
$
(
70‌
)
US
2
Year
Note;
September
2025
Short
186‌
38,499‌
130‌
US
5
Year
Note;
September
2025
Short
345‌
37,319‌
(
8‌
)
US
Long
Bond;
September
2025
Long
82‌
9,363‌
268‌
Total
$
320‌
Amounts
in
thousands
except
contracts.
Schedule
of
Investments
High
Yield
Fund
July
31,
2025
(unaudited)
98
INVESTMENT
COMPANIES
-
3.84%
Shares
Held
Value
(000's)
Exchange-Traded
Funds
-
0.78%
SPDR
Portfolio
High
Yield
Bond
ETF
2,145,000‌
$
50,836‌
Money
Market
Funds
-
3.06%
BlackRock
Liquidity
FedFund
-
Institutional
Class
4.21%
(a),(b)
16,987,409‌
16,988‌
Principal
Government
Money
Market
Fund
-
Class
R-6
4.22%
(a),(b),(c)
183,104,491‌
183,104‌
$
200,092‌
TOTAL
INVESTMENT
COMPANIES
$
250,928‌
COMMON
STOCKS
-
0.04%
Shares
Held
Value
(000's)
Diversified
Financial
Services
-
0.00%
Avation
PLC
-
Warrants
(d)
103,250‌
$
55‌
Electric
-
0.00%
Vistra
Energy
Corp
-
Rights
(d),(e)
164,087‌
—‌
Healthcare
-
Services
-
0.01%
Sound
Inpatient
Physicians
Inc
-
Class
A
(d),(e)
3,870,585‌
669‌
Sound
Inpatient
Physicians
Inc
-
Class
A2
(d),(e)
173,273‌
173‌
$
842‌
Mining
-
0.01%
Arctic
Canadian
Diamond
Co
Ltd
(d),(e),(f)
5,247‌
394‌
Burgundy
Diamond
Mines
Ltd
(d),(g)
6,531,458‌
135‌
$
529‌
Oil
&
Gas
-
0.02%
Mesquite
Energy
Inc
(d),(e)
15,341‌
1,087‌
Sabine
Oil
&
Gas
Holdings
Inc
(d),(e)
246‌
—‌
$
1,087‌
Retail
-
0.00%
Claire's
Holdings
LLC
(d)
4,036‌
—‌
Telecommunications
-
0.00%
Goodman
Networks
Inc
(d),(e)
15,207‌
—‌
TOTAL
COMMON
STOCKS
$
2,513‌
PREFERRED
STOCKS
-
0.00%
Shares
Held
Value
(000's)
Telecommunications
-
0.00%
Goodman
Networks
Inc
0.00%
(d),(e)
18,092‌
$
—‌
TOTAL
PREFERRED
STOCKS
$
—‌
BONDS
-
89.70%
Principal
Amount
(000's)
Value
(000's)
Advertising
-
0.33%
Dotdash
Meredith
Inc
7.63%,
06/15/2032
(h)
$
22,390‌
$
21,825‌
Aerospace
&
Defense
-
1.71%
Bombardier
Inc
6.75%,
06/15/2033
(h)
2,910‌
2,991‌
7.00%,
06/01/2032
(h)
11,804‌
12,211‌
7.25%,
07/01/2031
(h)
13,761‌
14,369‌
7.50%,
02/01/2029
(h)
2,660‌
2,762‌
8.75%,
11/15/2030
(h)
20,773‌
22,354‌
TransDigm
Inc
4.88%,
05/01/2029
3,280‌
3,219‌
6.00%,
01/15/2033
(h)
30,745‌
30,897‌
6.38%,
03/01/2029
(h)
14,100‌
14,431‌
6.63%,
03/01/2032
(h)
6,872‌
7,066‌
7.13%,
12/01/2031
(h)
1,400‌
1,458‌
$
111,758‌
Airlines
-
0.84%
American
Airlines
2021-1
Class
B
Pass
Through
Trust
3.95%,
01/11/2032
2,522‌
2,391‌
American
Airlines
Inc
7.25%,
02/15/2028
(h),(i)
91‌
93‌
8.50%,
05/15/2029
(h)
1,535‌
1,604‌
American
Airlines
Inc/AAdvantage
Loyalty
IP
Ltd
5.75%,
04/20/2029
(h)
8,871‌
8,868‌
Grupo
Aeromexico
SAB
de
CV
8.63%,
11/15/2031
(h),(i)
10,300‌
10,043‌
OneSky
Flight
LLC
8.88%,
12/15/2029
(h)
7,648‌
8,058‌
United
Airlines
2016-1
Class
B
Pass
Through
Trust
3.65%,
07/07/2027
2,425‌
2,401‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Airlines
(continued)
United
Airlines
2016-2
Class
A
Pass
Through
Trust
3.10%,
04/07/2030
$
56‌
$
52‌
United
Airlines
Inc
4.38%,
04/15/2026
(h)
160‌
159‌
4.63%,
04/15/2029
(h)
21,835‌
21,322‌
$
54,991‌
Apparel
-
0.40%
S&S
Holdings
LLC
8.38%,
10/01/2031
(h)
27,427‌
26,278‌
Automobile
Manufacturers
-
0.05%
Ford
Motor
Co
3.25%,
02/12/2032
4,134‌
3,502‌
Automobile
Parts
&
Equipment
-
1.30%
American
Axle
&
Manufacturing
Inc
6.50%,
04/01/2027
87‌
87‌
6.88%,
07/01/2028
20,870‌
20,790‌
Dana
Inc
4.25%,
09/01/2030
13,495‌
13,280‌
4.50%,
02/15/2032
(i)
3,500‌
3,415‌
5.38%,
11/15/2027
7,280‌
7,293‌
5.63%,
06/15/2028
6,745‌
6,749‌
IHO
Verwaltungs
GmbH
7.75%,
PIK
8.50%;
11/15/2030
(h),(j),(k)
7,075‌
7,262‌
Phinia
Inc
6.63%,
10/15/2032
(h)
11,460‌
11,674‌
6.75%,
04/15/2029
(h)
1,274‌
1,311‌
Tenneco
Inc
8.00%,
11/17/2028
(h)
13,280‌
13,181‌
$
85,042‌
Banks
-
2.66%
Barclays
PLC
5.09%,
06/20/2030
(l)
26,300‌
26,395‌
3
Month
USD
LIBOR
+
3.05%
7.63%,
03/15/2035
(l),(m),(n)
11,725‌
11,944‌
USD
Secured
Overnight
Financing
Rate
ICE
Swap
Rate
5
Year
+
3.69%
8.00%,
03/15/2029
(l),(m),(n)
21,085‌
22,347‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.43%
JPMorgan
Chase
&
Co
6.50%,
04/01/2030
(l),(m)
35,370‌
36,257‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.15%
UBS
Group
AG
7.00%,
02/10/2030
(h),(l),(m),(n)
35,758‌
36,475‌
USD
Secured
Overnight
Financing
Rate
ICE
Swap
Rate
5
Year
+
3.08%
9.25%,
11/13/2028
(h),(l),(m),(n)
36,900‌
40,499‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.75%
$
173,917‌
Building
Materials
-
2.61%
AmeriTex
HoldCo
Intermediate
LLC
7.63%,
08/15/2033
(h),(o)
19,698‌
20,032‌
10.25%,
10/15/2028
(h)
27,570‌
29,258‌
JH
North
America
Holdings
Inc
5.88%,
01/31/2031
(h)
6,715‌
6,738‌
6.13%,
07/31/2032
(h)
8,635‌
8,725‌
Miter
Brands
Acquisition
Holdco
Inc
/
MIWD
Borrower
LLC
6.75%,
04/01/2032
(h)
14,060‌
14,355‌
MIWD
Holdco
II
LLC
/
MIWD
Finance
Corp
5.50%,
02/01/2030
(h)
15,495‌
14,749‌
Quikrete
Holdings
Inc
6.38%,
03/01/2032
(h)
15,485‌
15,881‌
6.75%,
03/01/2033
(h)
7,865‌
8,067‌
Schedule
of
Investments
High
Yield
Fund
July
31,
2025
(unaudited)
99
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Building
Materials
(continued)
Smyrna
Ready
Mix
Concrete
LLC
6.00%,
11/01/2028
(h)
$
49,622‌
$
49,458‌
8.88%,
11/15/2031
(h)
3,100‌
3,262‌
$
170,525‌
Chemicals
-
3.19%
Consolidated
Energy
Finance
SA
5.63%,
10/15/2028
(h)
19,485‌
16,317‌
6.50%,
05/15/2026
(h)
16,185‌
15,827‌
12.00%,
02/15/2031
(h),(i)
10,556‌
9,919‌
Element
Solutions
Inc
3.88%,
09/01/2028
(h)
25,703‌
24,761‌
Inversion
Escrow
Issuer
LLC
6.75%,
08/01/2032
(h),(o)
17,600‌
17,392‌
Kobe
US
Midco
2
Inc
9.25%,
PIK
10.00%;
11/01/2026
(h),(j),(k)
10,075‌
9,017‌
Olin
Corp
6.63%,
04/01/2033
(h)
8,575‌
8,344‌
Olympus
Water
US
Holding
Corp
4.25%,
10/01/2028
(h)
1,155‌
1,100‌
6.25%,
10/01/2029
(h),(i)
40,530‌
38,824‌
7.13%,
10/01/2027
(h)
3,439‌
3,492‌
7.25%,
06/15/2031
(h)
12,185‌
12,444‌
9.75%,
11/15/2028
(h)
3,584‌
3,757‌
Tronox
Inc
4.63%,
03/15/2029
(h),(i)
32,703‌
25,443‌
Vibrantz
Technologies
Inc
9.00%,
02/15/2030
(h)
33,845‌
21,661‌
$
208,298‌
Commercial
Services
-
4.49%
ADT
Security
Corp/The
4.13%,
08/01/2029
(h)
14,460‌
13,833‌
Albion
Financing
1
SARL
/
Aggreko
Holdings
Inc
7.00%,
05/21/2030
(h)
15,990‌
16,458‌
Block
Inc
6.50%,
05/15/2032
27,789‌
28,517‌
EquipmentShare.com
Inc
8.00%,
03/15/2033
(h)
15,345‌
16,020‌
8.63%,
05/15/2032
(h)
12,030‌
12,804‌
9.00%,
05/15/2028
(h)
1,000‌
1,054‌
Garda
World
Security
Corp
4.63%,
02/15/2027
(h)
107‌
106‌
6.00%,
06/01/2029
(h)
18,173‌
17,825‌
7.75%,
02/15/2028
(h)
27‌
28‌
8.25%,
08/01/2032
(h)
150‌
155‌
8.38%,
11/15/2032
(h)
20,170‌
20,777‌
Prime
Security
Services
Borrower
LLC
/
Prime
Finance
Inc
3.38%,
08/31/2027
(h)
284‌
274‌
5.75%,
04/15/2026
(h)
58‌
58‌
6.25%,
01/15/2028
(h)
30,650‌
30,648‌
Shift4
Payments
LLC
/
Shift4
Payments
Finance
Sub
Inc
6.75%,
08/15/2032
(h)
29,425‌
30,396‌
United
Rentals
North
America
Inc
3.88%,
02/15/2031
11,480‌
10,712‌
4.88%,
01/15/2028
4,136‌
4,110‌
5.25%,
01/15/2030
8,650‌
8,627‌
Veritiv
Operating
Co
10.50%,
11/30/2030
(h),(i)
34,653‌
37,560‌
WASH
Multifamily
Acquisition
Inc
5.75%,
04/15/2026
(h)
31,000‌
30,997‌
ZipRecruiter
Inc
5.00%,
01/15/2030
(h)
16,256‌
12,303‌
$
293,262‌
Computers
-
1.78%
McAfee
Corp
7.38%,
02/15/2030
(h)
40,110‌
37,190‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Computers
(continued)
NCR
Atleos
Corp
9.50%,
04/01/2029
(h)
$
26,470‌
$
28,676‌
Seagate
Data
Storage
Technology
Pte
Ltd
5.75%,
12/01/2034
(h),(i)
9,660‌
9,083‌
8.50%,
07/15/2031
(h)
3,920‌
4,140‌
9.63%,
12/01/2032
(h)
15,075‌
16,978‌
Vericast
Corp
12.50%,
12/15/2027
(h)
800‌
851‌
Virtusa
Corp
7.13%,
12/15/2028
(h)
20,062‌
19,167‌
$
116,085‌
Consumer
Products
-
0.28%
Kronos
Acquisition
Holdings
Inc
8.25%,
06/30/2031
(h)
9,075‌
7,872‌
10.75%,
06/30/2032
(h)
15,075‌
10,119‌
$
17,991‌
Cosmetics
&
Personal
Care
-
0.45%
High
Ridge
Brands
-
Escrow
0.00%,
03/15/2025
(d),(e),(f)
4,938‌
—‌
Perrigo
Finance
Unlimited
Co
6.13%,
09/30/2032
29,270‌
29,576‌
$
29,576‌
Diversified
Financial
Services
-
5.54%
AerCap
Ireland
Capital
DAC
/
AerCap
Global
Aviation
Trust
6.95%,
03/10/2055
(l)
27,625‌
28,901‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.72%
Credit
Acceptance
Corp
6.63%,
03/15/2030
(h)
8,650‌
8,760‌
9.25%,
12/15/2028
(h)
28,443‌
30,081‌
Freedom
Mortgage
Holdings
LLC
9.13%,
05/15/2031
(h)
44,315‌
46,066‌
Global
Aircraft
Leasing
Co
Ltd
8.75%,
09/01/2027
(h)
42,755‌
44,150‌
Jane
Street
Group
/
JSG
Finance
Inc
6.13%,
11/01/2032
(h)
31,170‌
30,926‌
6.75%,
05/01/2033
(h)
16,550‌
16,937‌
Macquarie
Airfinance
Holdings
Ltd
5.15%,
03/17/2030
(h)
5,250‌
5,245‌
8.13%,
03/30/2029
(h)
6,885‌
7,187‌
OneMain
Finance
Corp
3.50%,
01/15/2027
4,210‌
4,108‌
4.00%,
09/15/2030
7,638‌
6,999‌
6.63%,
01/15/2028
2,675‌
2,739‌
6.63%,
05/15/2029
11,314‌
11,555‌
7.13%,
11/15/2031
27,370‌
28,255‌
7.13%,
09/15/2032
17,185‌
17,712‌
7.50%,
05/15/2031
7,760‌
8,087‌
Rfna
LP
7.88%,
02/15/2030
(h)
14,805‌
15,038‌
Rocket
Cos
Inc
6.13%,
08/01/2030
(h)
11,530‌
11,691‌
6.38%,
08/01/2033
(h)
15,090‌
15,391‌
TrueNoord
Capital
DAC
8.75%,
03/01/2030
(h)
21,507‌
22,306‌
$
362,134‌
Electric
-
3.21%
California
Buyer
Ltd
/
Atlantica
Sustainable
Infrastructure
PLC
6.38%,
02/15/2032
(h)
29,495‌
29,793‌
Clearway
Energy
Operating
LLC
3.75%,
02/15/2031
(h)
43,120‌
39,358‌
Lightning
Power
LLC
7.25%,
08/15/2032
(h)
44,485‌
46,508‌
Schedule
of
Investments
High
Yield
Fund
July
31,
2025
(unaudited)
100
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Electric
(continued)
NextEra
Energy
Capital
Holdings
Inc
6.70%,
09/01/2054
(l)
$
29,835‌
$
30,772‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.36%
NRG
Energy
Inc
3.63%,
02/15/2031
(h)
8,060‌
7,378‌
3.88%,
02/15/2032
(h)
5,296‌
4,839‌
10.25%,
03/15/2028
(h),(l),(m)
12,125‌
13,346‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.92%
Vistra
Corp
7.00%,
12/15/2026
(h),(l),(m)
16,889‌
17,054‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.74%
Vistra
Operations
Co
LLC
4.38%,
05/01/2029
(h)
21,107‌
20,453‌
$
209,501‌
Engineering
&
Construction
-
0.38%
Global
Infrastructure
Solutions
Inc
5.63%,
06/01/2029
(h)
25,003‌
24,873‌
Entertainment
-
3.44%
Allwyn
Entertainment
Financing
UK
PLC
7.88%,
04/30/2029
(h)
19,815‌
20,583‌
Caesars
Entertainment
Inc
6.00%,
10/15/2032
(h),(i)
15,010‌
14,487‌
6.50%,
02/15/2032
(h)
30,505‌
31,110‌
CCM
Merger
Inc
6.38%,
05/01/2026
(h)
11,939‌
11,935‌
Churchill
Downs
Inc
4.75%,
01/15/2028
(h)
240‌
237‌
5.75%,
04/01/2030
(h)
28,560‌
28,489‌
6.75%,
05/01/2031
(h)
210‌
214‌
Cinemark
USA
Inc
5.25%,
07/15/2028
(h),(i)
18,440‌
18,310‌
7.00%,
08/01/2032
(h)
40,555‌
41,876‌
Starz
Capital
Holdings
LLC
5.50%,
04/15/2029
(h),(i)
13,195‌
10,927‌
Warnermedia
Holdings
Inc
5.05%,
03/15/2042
18,520‌
12,380‌
Wynn
Resorts
Finance
LLC
/
Wynn
Resorts
Capital
Corp
5.13%,
10/01/2029
(h)
104‌
103‌
6.25%,
03/15/2033
(h)
17,075‌
17,125‌
7.13%,
02/15/2031
(h)
15,966‌
16,982‌
$
224,758‌
Environmental
Control
-
0.47%
Madison
IAQ
LLC
4.13%,
06/30/2028
(h)
18,265‌
17,675‌
Waste
Pro
USA
Inc
7.00%,
02/01/2033
(h)
12,610‌
13,083‌
$
30,758‌
Food
-
3.53%
Albertsons
Cos
Inc
/
Safeway
Inc
/
New
Albertsons
LP
/
Albertsons
LLC
3.50%,
03/15/2029
(h)
11,785‌
11,114‌
4.63%,
01/15/2027
(h)
8,270‌
8,203‌
6.25%,
03/15/2033
(h)
4,740‌
4,831‌
B&G
Foods
Inc
5.25%,
09/15/2027
(i)
11,625‌
10,323‌
8.00%,
09/15/2028
(h)
17,105‌
15,993‌
Chobani
Holdco
II
LLC
8.75%,
PIK
9.50%;
10/01/2029
(h),(j),(k)
5,481‌
5,879‌
Chobani
LLC
/
Chobani
Finance
Corp
Inc
4.63%,
11/15/2028
(h)
13,095‌
12,841‌
7.63%,
07/01/2029
(h)
12,484‌
13,007‌
Fiesta
Purchaser
Inc
7.88%,
03/01/2031
(h)
3,744‌
3,956‌
9.63%,
09/15/2032
(h)
24,490‌
25,880‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Food
(continued)
Ingles
Markets
Inc
4.00%,
06/15/2031
(h)
$
20,752‌
$
19,272‌
JBS
USA
Holding
Lux
Sarl/
JBS
USA
Food
Co/
JBS
Lux
Co
Sarl
3.63%,
01/15/2032
27,275‌
24,944‌
Pilgrim's
Pride
Corp
3.50%,
03/01/2032
14,595‌
13,107‌
4.25%,
04/15/2031
15,060‌
14,395‌
Post
Holdings
Inc
4.63%,
04/15/2030
(h)
28,739‌
27,452‌
6.25%,
10/15/2034
(h)
2,870‌
2,874‌
Viking
Baked
Goods
Acquisition
Corp
8.63%,
11/01/2031
(h)
16,755‌
16,429‌
$
230,500‌
Forest
Products
&
Paper
-
0.44%
Mercer
International
Inc
5.13%,
02/01/2029
21,090‌
16,989‌
12.88%,
10/01/2028
(h)
5,860‌
5,910‌
Sappi
Papier
Holding
GmbH
7.50%,
06/15/2032
(h)
5,381‌
5,610‌
$
28,509‌
Gas
-
0.14%
Venture
Global
Plaquemines
LNG
LLC
7.75%,
05/01/2035
(h)
8,655‌
9,490‌
Healthcare
-
Products
-
0.43%
Medline
Borrower
LP
3.88%,
04/01/2029
(h)
26,645‌
25,410‌
5.25%,
10/01/2029
(h)
3,085‌
3,025‌
$
28,435‌
Healthcare
-
Services
-
3.94%
Acadia
Healthcare
Co
Inc
5.00%,
04/15/2029
(h)
41,537‌
40,137‌
7.38%,
03/15/2033
(h),(i)
3,775‌
3,887‌
Centene
Corp
2.50%,
03/01/2031
16,540‌
13,885‌
3.00%,
10/15/2030
1,820‌
1,585‌
3.38%,
02/15/2030
16,070‌
14,469‌
CHS/Community
Health
Systems
Inc
6.00%,
01/15/2029
(h)
29,751‌
28,279‌
Concentra
Health
Services
Inc
6.88%,
07/15/2032
(h)
22,130‌
22,738‌
IQVIA
Inc
6.25%,
06/01/2032
(h)
16,860‌
17,289‌
LifePoint
Health
Inc
8.38%,
02/15/2032
(h)
18,520‌
19,703‌
Molina
Healthcare
Inc
3.88%,
05/15/2032
(h)
10,385‌
9,066‌
4.38%,
06/15/2028
(h)
14,923‌
14,282‌
6.25%,
01/15/2033
(h)
6,742‌
6,652‌
Star
Parent
Inc
9.00%,
10/01/2030
(h)
15,225‌
16,011‌
Tenet
Healthcare
Corp
6.13%,
06/15/2030
30,511‌
30,787‌
6.75%,
05/15/2031
18,165‌
18,691‌
$
257,461‌
Holding
Companies
-
Diversified
-
0.19%
Clue
Opco
LLC
9.50%,
10/15/2031
(h),(i)
11,510‌
12,205‌
Home
Builders
-
1.33%
Adams
Homes
Inc
9.25%,
10/15/2028
(h)
23,814‌
24,674‌
Century
Communities
Inc
3.88%,
08/15/2029
(h)
18,585‌
17,133‌
6.75%,
06/01/2027
110‌
110‌
Dream
Finders
Homes
Inc
8.25%,
08/15/2028
(h)
16,133‌
16,697‌
Schedule
of
Investments
High
Yield
Fund
July
31,
2025
(unaudited)
101
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Home
Builders
(continued)
Forestar
Group
Inc
6.50%,
03/15/2033
(h)
$
11,530‌
$
11,575‌
LGI
Homes
Inc
4.00%,
07/15/2029
(h)
248‌
226‌
7.00%,
11/15/2032
(h)
17,201‌
16,556‌
$
86,971‌
Housewares
-
0.21%
Newell
Brands
Inc
8.50%,
06/01/2028
(h)
13,380‌
14,021‌
Insurance
-
0.27%
Acrisure
LLC
/
Acrisure
Finance
Inc
4.25%,
02/15/2029
(h)
11,190‌
10,683‌
6.00%,
08/01/2029
(h)
7,080‌
6,906‌
$
17,589‌
Investment
Companies
-
0.56%
HAT
Holdings
I
LLC
/
HAT
Holdings
II
LLC
3.38%,
06/15/2026
(h)
1,970‌
1,932‌
3.75%,
09/15/2030
(h),(i)
5,288‌
4,806‌
Icahn
Enterprises
LP
/
Icahn
Enterprises
Finance
Corp
4.38%,
02/01/2029
35,170‌
30,159‌
$
36,897‌
Iron
&
Steel
-
0.95%
Cleveland-Cliffs
Inc
4.63%,
03/01/2029
(h)
10,100‌
9,519‌
4.88%,
03/01/2031
(h)
60‌
53‌
6.75%,
04/15/2030
(h)
80‌
80‌
6.88%,
11/01/2029
(h)
60‌
60‌
7.00%,
03/15/2032
(h),(i)
5,880‌
5,737‌
7.38%,
05/01/2033
(h)
15,755‌
15,339‌
Specialty
Steel
14.25%,
11/15/2026
(e),(f)
8,096‌
7,073‌
TMS
International
Corp/DE
6.25%,
04/15/2029
(h)
25,550‌
24,325‌
$
62,186‌
Leisure
Products
&
Services
-
1.84%
Carnival
Corp
4.00%,
08/01/2028
(h)
2,220‌
2,156‌
5.75%,
03/01/2027
(h)
1,131‌
1,142‌
6.00%,
05/01/2029
(h)
9,040‌
9,120‌
6.13%,
02/15/2033
(h)
10,160‌
10,340‌
Life
Time
Inc
6.00%,
11/15/2031
(h)
23,361‌
23,533‌
NCL
Corp
Ltd
5.88%,
03/15/2026
(h)
47‌
47‌
5.88%,
02/15/2027
(h)
7,520‌
7,542‌
6.25%,
03/01/2030
(h)
19,980‌
20,220‌
6.75%,
02/01/2032
(h)
5,000‌
5,136‌
7.75%,
02/15/2029
(h)
83‌
88‌
8.13%,
01/15/2029
(h)
123‌
129‌
NCL
Finance
Ltd
6.13%,
03/15/2028
(h)
13,170‌
13,329‌
Royal
Caribbean
Cruises
Ltd
5.38%,
07/15/2027
(h)
15,890‌
15,965‌
5.50%,
08/31/2026
(h)
170‌
171‌
5.50%,
04/01/2028
(h)
240‌
243‌
5.63%,
09/30/2031
(h)
10,480‌
10,555‌
6.00%,
02/01/2033
(h)
291‌
296‌
6.25%,
03/15/2032
(h)
220‌
226‌
7.50%,
10/15/2027
84‌
89‌
$
120,327‌
Lodging
-
1.56%
Hilton
Grand
Vacations
Borrower
LLC
/
Hilton
Grand
Vacations
Borrower
Inc
6.63%,
01/15/2032
(h)
31,150‌
31,500‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Lodging
(continued)
Station
Casinos
LLC
4.50%,
02/15/2028
(h)
$
100‌
$
98‌
4.63%,
12/01/2031
(h)
1,425‌
1,334‌
6.63%,
03/15/2032
(h)
35,673‌
36,376‌
Wynn
Macau
Ltd
5.13%,
12/15/2029
(h)
73‌
70‌
5.50%,
10/01/2027
(h)
40‌
40‌
5.63%,
08/26/2028
(h)
32,585‌
32,228‌
$
101,646‌
Machinery
-
Diversified
-
0.50%
Maxim
Crane
Works
Holdings
Capital
LLC
11.50%,
09/01/2028
(h)
30,973‌
32,817‌
Media
-
6.29%
AMC
Networks
Inc
10.25%,
01/15/2029
(h)
28,990‌
29,750‌
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp
4.25%,
01/15/2034
(h)
5,300‌
4,567‌
4.50%,
08/15/2030
(h)
16,800‌
15,718‌
4.75%,
03/01/2030
(h)
10,475‌
9,953‌
4.75%,
02/01/2032
(h)
29,462‌
27,234‌
5.00%,
02/01/2028
(h)
1,325‌
1,300‌
5.13%,
05/01/2027
(h)
6,625‌
6,571‌
CSC
Holdings
LLC
4.50%,
11/15/2031
(h)
30,900‌
20,585‌
5.50%,
04/15/2027
(h)
2,450‌
2,371‌
6.50%,
02/01/2029
(h)
22,355‌
17,662‌
11.25%,
05/15/2028
(h)
12,641‌
12,707‌
Directv
Financing
LLC
8.88%,
02/01/2030
(h)
28,976‌
28,214‌
Directv
Financing
LLC
/
Directv
Financing
Co-
Obligor
Inc
5.88%,
08/15/2027
(h)
9,927‌
9,872‌
10.00%,
02/15/2031
(h)
9,645‌
9,301‌
Discovery
Communications
LLC
4.13%,
05/15/2029
21,311‌
19,851‌
DISH
DBS
Corp
5.25%,
12/01/2026
(h)
17,388‌
16,366‌
DISH
Network
Corp
11.75%,
11/15/2027
(h)
26,135‌
27,218‌
EW
Scripps
Co/The
9.88%,
08/15/2030
(h),(o)
4,112‌
4,086‌
iHeartCommunications
Inc
4.75%,
01/15/2028
(h)
5,599‌
4,627‌
LCPR
Senior
Secured
Financing
DAC
5.13%,
07/15/2029
(h),(i)
32,832‌
22,317‌
6.75%,
10/15/2027
(h)
5,507‌
4,227‌
McGraw-Hill
Education
Inc
7.38%,
09/01/2031
(h)
19,415‌
20,181‌
Scripps
Escrow
II
Inc
3.88%,
01/15/2029
(h)
20,410‌
18,119‌
Sinclair
Television
Group
Inc
8.13%,
02/15/2033
(h)
19,925‌
20,324‌
Virgin
Media
Finance
PLC
5.00%,
07/15/2030
(h)
18,741‌
16,894‌
Virgin
Media
Vendor
Financing
Notes
IV
DAC
5.00%,
07/15/2028
(h)
12,925‌
12,535‌
VZ
Secured
Financing
BV
5.00%,
01/15/2032
(h)
5,000‌
4,397‌
Ziggo
BV
4.88%,
01/15/2030
(h)
26,155‌
24,161‌
$
411,108‌
Metal
Fabrication
&
Hardware
-
0.22%
Park-Ohio
Industries
Inc
8.50%,
08/01/2030
(h)
14,735‌
14,146‌
Mining
-
2.03%
ACN
113
874
712
Pty
Ltd
0.00%,
02/15/2018
(d),(h)
10,457‌
11‌
Schedule
of
Investments
High
Yield
Fund
July
31,
2025
(unaudited)
102
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Mining
(continued)
Arsenal
AIC
Parent
LLC
8.00%,
10/01/2030
(h)
$
400‌
$
424‌
11.50%,
10/01/2031
(h)
725‌
806‌
Century
Aluminum
Co
6.88%,
08/01/2032
(h)
7,990‌
8,073‌
First
Quantum
Minerals
Ltd
6.88%,
10/15/2027
(h),(i)
6,345‌
6,356‌
8.00%,
03/01/2033
(h)
9,110‌
9,387‌
8.63%,
06/01/2031
(h)
17,095‌
17,800‌
Hudbay
Minerals
Inc
6.13%,
04/01/2029
(h)
8,405‌
8,452‌
IAMGOLD
Corp
5.75%,
10/15/2028
(h)
19,263‌
19,051‌
New
Gold
Inc
6.88%,
04/01/2032
(h)
16,140‌
16,563‌
Northwest
Acquisitions
ULC
/
Dominion
Finco
Inc
0.00%,
11/01/2022
(d),(h)
15,820‌
—‌
Taseko
Mines
Ltd
8.25%,
05/01/2030
(h)
43,832‌
45,766‌
$
132,689‌
Oil
&
Gas
-
4.52%
Aethon
United
BR
LP
/
Aethon
United
Finance
Corp
7.50%,
10/01/2029
(h)
28,032‌
29,370‌
APA
Corp
5.25%,
02/01/2042
(h)
4,094‌
3,181‌
Ascent
Resources
Utica
Holdings
LLC
/
ARU
Finance
Corp
6.63%,
10/15/2032
(h)
34,165‌
34,753‌
6.63%,
07/15/2033
(h)
1,930‌
1,957‌
9.00%,
11/01/2027
(h)
9,300‌
11,293‌
Chord
Energy
Corp
6.75%,
03/15/2033
(h)
34,125‌
34,808‌
Crescent
Energy
Finance
LLC
8.38%,
01/15/2034
(h)
21,410‌
21,191‌
EQT
Corp
7.50%,
06/01/2027
(h)
160‌
163‌
Hilcorp
Energy
I
LP
/
Hilcorp
Finance
Co
5.75%,
02/01/2029
(h)
7,158‌
7,031‌
6.00%,
02/01/2031
(h)
4,645‌
4,474‌
6.25%,
04/15/2032
(h)
1,550‌
1,488‌
6.88%,
05/15/2034
(h)
13,400‌
12,903‌
7.25%,
02/15/2035
(h)
6,650‌
6,481‌
Matador
Resources
Co
6.25%,
04/15/2033
(h)
31,120‌
30,830‌
Permian
Resources
Operating
LLC
6.25%,
02/01/2033
(h)
28,655‌
28,826‌
Puma
International
Financing
SA
5.00%,
01/24/2026
(h)
95‌
94‌
Sunoco
LP
6.25%,
07/01/2033
(h)
11,150‌
11,293‌
Sunoco
LP
/
Sunoco
Finance
Corp
4.50%,
04/30/2030
31,585‌
30,284‌
Transocean
Inc
8.50%,
05/15/2031
(h)
27,260‌
25,046‌
$
295,466‌
Oil
&
Gas
Services
-
1.15%
Archrock
Partners
LP
/
Archrock
Partners
Finance
Corp
6.25%,
04/01/2028
(h)
44,261‌
44,258‌
Enerflex
Ltd
9.00%,
10/15/2027
(h)
29,926‌
30,817‌
$
75,075‌
Packaging
&
Containers
-
2.93%
Canpack
SA
/
Canpack
US
LLC
3.13%,
11/01/2025
(h)
9,640‌
9,547‌
Cascades
Inc/Cascades
USA
Inc
5.38%,
01/15/2028
(h)
16,537‌
16,170‌
6.75%,
07/15/2030
(h)
16,000‌
15,963‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Packaging
&
Containers
(continued)
Clydesdale
Acquisition
Holdings
Inc
6.63%,
04/15/2029
(h)
$
2,205‌
$
2,231‌
6.75%,
04/15/2032
(h)
13,515‌
13,844‌
6.88%,
01/15/2030
(h)
14,990‌
15,329‌
8.75%,
04/15/2030
(h)
20,469‌
20,890‌
Crown
Americas
LLC
5.88%,
06/01/2033
(h)
9,135‌
9,152‌
Crown
Cork
&
Seal
Co
Inc
7.38%,
12/15/2026
14,495‌
14,952‌
LABL
Inc
5.88%,
11/01/2028
(h)
10,046‌
8,912‌
8.63%,
10/01/2031
(h)
23,035‌
19,133‌
9.50%,
11/01/2028
(h)
8,927‌
8,330‌
Mauser
Packaging
Solutions
Holding
Co
7.88%,
04/15/2027
(h)
12,255‌
12,362‌
9.25%,
04/15/2027
(h)
24,885‌
24,630‌
$
191,445‌
Pharmaceuticals
-
3.15%
1261229
BC
Ltd
10.00%,
04/15/2032
(h)
21,845‌
22,240‌
180
Medical
Inc
3.88%,
10/15/2029
(h)
26,920‌
25,487‌
AdaptHealth
LLC
5.13%,
03/01/2030
(h)
31,501‌
29,611‌
BellRing
Brands
Inc
7.00%,
03/15/2030
(h)
28,390‌
29,452‌
Endo
Finance
Holdings
Inc
8.50%,
04/15/2031
(h),(i)
34,096‌
36,272‌
Jazz
Securities
DAC
4.38%,
01/15/2029
(h)
47,640‌
46,086‌
Owens
&
Minor
Inc
4.50%,
03/31/2029
(h),(i)
19,277‌
16,671‌
$
205,819‌
Pipelines
-
3.41%
Antero
Midstream
Partners
LP
/
Antero
Midstream
Finance
Corp
5.38%,
06/15/2029
(h)
17,110‌
16,966‌
5.75%,
03/01/2027
(h)
13,570‌
13,576‌
6.63%,
02/01/2032
(h)
92‌
95‌
DT
Midstream
Inc
4.13%,
06/15/2029
(h)
16,060‌
15,467‌
Harvest
Midstream
I
LP
7.50%,
05/15/2032
(h)
28,683‌
29,814‌
Hess
Midstream
Operations
LP
4.25%,
02/15/2030
(h)
46,590‌
45,080‌
Venture
Global
LNG
Inc
7.00%,
01/15/2030
(h)
1,450‌
1,470‌
8.38%,
06/01/2031
(h)
26,805‌
27,726‌
9.00%,
09/30/2029
(h),(l),(m)
16,460‌
16,464‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.44%
9.50%,
02/01/2029
(h)
29,790‌
32,488‌
Venture
Global
Plaquemines
LNG
LLC
6.75%,
01/15/2036
(h)
22,830‌
23,485‌
$
222,631‌
REITs
-
4.16%
Arbor
Realty
SR
Inc
7.88%,
07/15/2030
(h)
17,790‌
18,167‌
Blackstone
Mortgage
Trust
Inc
7.75%,
12/01/2029
(h)
5,685‌
6,010‌
Iron
Mountain
Inc
4.50%,
02/15/2031
(h)
32,606‌
30,836‌
4.88%,
09/15/2027
(h)
160‌
159‌
4.88%,
09/15/2029
(h)
230‌
225‌
5.00%,
07/15/2028
(h)
100‌
99‌
5.25%,
03/15/2028
(h)
190‌
189‌
5.25%,
07/15/2030
(h)
6,345‌
6,235‌
5.63%,
07/15/2032
(h)
144‌
142‌
Schedule
of
Investments
High
Yield
Fund
July
31,
2025
(unaudited)
103
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
REITs
(continued)
Iron
Mountain
Inc
(continued)
6.25%,
01/15/2033
(h)
$
6,781‌
$
6,897‌
7.00%,
02/15/2029
(h)
200‌
205‌
Iron
Mountain
Information
Management
Services
Inc
5.00%,
07/15/2032
(h)
150‌
143‌
Ladder
Capital
Finance
Holdings
LLLP
/
Ladder
Capital
Finance
Corp
4.75%,
06/15/2029
(h)
39,082‌
37,941‌
7.00%,
07/15/2031
(h)
18,850‌
19,742‌
MPT
Operating
Partnership
LP
/
MPT
Finance
Corp
3.50%,
03/15/2031
22,150‌
15,072‌
8.50%,
02/15/2032
(h)
6,340‌
6,590‌
Park
Intermediate
Holdings
LLC
/
PK
Domestic
Property
LLC
/
PK
Finance
Co-Issuer
4.88%,
05/15/2029
(h)
17,003‌
16,356‌
5.88%,
10/01/2028
(h)
60‌
60‌
7.00%,
02/01/2030
(h),(i)
14,275‌
14,619‌
RHP
Hotel
Properties
LP
/
RHP
Finance
Corp
6.50%,
06/15/2033
(h)
12,665‌
12,970‌
Uniti
Group
LP
/
Uniti
Fiber
Holdings
Inc
/
CSL
Capital
LLC
6.00%,
01/15/2030
(h)
36,090‌
34,152‌
Uniti
Group
LP
/
Uniti
Group
Finance
2019
Inc
/
CSL
Capital
LLC
8.63%,
06/15/2032
(h)
12,475‌
12,653‌
XHR
LP
4.88%,
06/01/2029
(h),(i)
30,553‌
29,489‌
6.63%,
05/15/2030
(h)
2,634‌
2,677‌
$
271,628‌
Retail
-
4.91%
Academy
Ltd
6.00%,
11/15/2027
(h)
12,535‌
12,509‌
Bath
&
Body
Works
Inc
6.63%,
10/01/2030
(h)
17,275‌
17,683‌
6.75%,
07/01/2036
11,370‌
11,507‌
6.88%,
11/01/2035
120‌
124‌
6.95%,
03/01/2033
2,750‌
2,827‌
Carvana
Co
0.00%,
PIK
14.00%;
06/01/2031
(h),(j),(k)
385‌
458‌
9.00%,
PIK
12.00%;
12/01/2028
(h),(j),(k)
86‌
88‌
11.00%,
PIK
13.00%;
06/01/2030
(h),(j),(k)
29,415‌
30,767‌
Doman
Building
Materials
Group
Ltd
5.25%,
05/15/2026
(h)
CAD
6,370‌
4,586‌
Fertitta
Entertainment
LLC
/
Fertitta
Entertainment
Finance
Co
Inc
4.63%,
01/15/2029
(h)
$
45,420‌
43,181‌
6.75%,
01/15/2030
(h)
7,248‌
6,819‌
Gap
Inc/The
3.63%,
10/01/2029
(h)
24,530‌
22,636‌
3.88%,
10/01/2031
(h)
11,476‌
10,198‌
Macy's
Retail
Holdings
LLC
4.50%,
12/15/2034
6,445‌
5,217‌
5.88%,
03/15/2030
(h)
4,863‌
4,801‌
6.13%,
03/15/2032
(h)
21,953‌
21,019‌
6.38%,
03/15/2037
30‌
25‌
6.70%,
07/15/2034
(h)
130‌
112‌
7.38%,
08/01/2033
(h)
9,160‌
9,195‌
Park
River
Holdings
Inc
5.63%,
02/01/2029
(h)
18,563‌
16,018‌
6.75%,
08/01/2029
(h)
1,831‌
1,598‌
Patrick
Industries
Inc
4.75%,
05/01/2029
(h)
10,718‌
10,378‌
6.38%,
11/01/2032
(h)
12,870‌
12,879‌
PetSmart
Inc
/
PetSmart
Finance
Corp
4.75%,
02/15/2028
(h)
13,490‌
13,238‌
7.75%,
02/15/2029
(h)
2,980‌
2,916‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Retail
(continued)
Specialty
Building
Products
Holdings
LLC
/
SBP
Finance
Corp
7.75%,
10/15/2029
(h)
$
15,622‌
$
15,309‌
Victra
Holdings
LLC
/
Victra
Finance
Corp
8.75%,
09/15/2029
(h),(i)
42,900‌
44,961‌
$
321,049‌
Savings
&
Loans
-
0.00%
Washington
Mutual
Bank
/
Henderson
NV
0.00%,
06/15/2011
(d),(e)
3,500‌
—‌
0.00%,
01/15/2013
(d)
3,000‌
—‌
0.00%,
01/15/2015
(d),(e)
2,000‌
—‌
$
—‌
Semiconductors
-
0.95%
ams-OSRAM
AG
12.25%,
03/30/2029
(h)
31,639‌
33,980‌
Kioxia
Holdings
Corp
6.25%,
07/24/2030
(h)
6,800‌
6,775‌
6.63%,
07/24/2033
(h)
21,445‌
21,220‌
$
61,975‌
Software
-
1.24%
Central
Parent
Inc
/
CDK
Global
Inc
7.25%,
06/15/2029
(h)
1,000‌
822‌
Central
Parent
LLC
/
CDK
Global
II
LLC
/
CDK
Financing
Co
Inc
8.00%,
06/15/2029
(h)
1,050‌
891‌
Cloud
Software
Group
Inc
6.50%,
03/31/2029
(h)
440‌
444‌
9.00%,
09/30/2029
(h)
32,680‌
33,819‌
Open
Text
Corp
3.88%,
02/15/2028
(h)
156‌
150‌
3.88%,
12/01/2029
(h)
33,465‌
31,325‌
Open
Text
Holdings
Inc
4.13%,
02/15/2030
(h)
150‌
141‌
4.13%,
12/01/2031
(h)
14,960‌
13,614‌
$
81,206‌
Telecommunications
-
3.82%
Altice
Financing
SA
5.00%,
01/15/2028
(h)
24,088‌
19,306‌
Altice
France
SA
8.13%,
02/01/2027
(h)
28,862‌
26,747‌
CommScope
LLC
9.50%,
12/15/2031
(h)
3,910‌
4,118‌
Connect
Finco
SARL
/
Connect
US
Finco
LLC
9.00%,
09/15/2029
(h)
22,820‌
23,044‌
Digicel
International
Finance
Ltd
/
Difl
US
LLC
8.63%,
08/01/2032
(h),(o)
24,910‌
25,161‌
EchoStar
Corp
10.75%,
11/30/2029
29,850‌
31,454‌
Frontier
Communications
Holdings
LLC
5.88%,
11/01/2029
10,710‌
10,799‌
Level
3
Financing
Inc
4.00%,
04/15/2031
(h)
3,000‌
2,580‌
10.00%,
10/15/2032
(h)
15,830‌
15,901‌
10.75%,
12/15/2030
(h)
14,645‌
16,494‌
Sunrise
HoldCo
IV
BV
5.50%,
01/15/2028
(h)
25,285‌
25,129‌
Viasat
Inc
7.50%,
05/30/2031
(h)
10,785‌
9,391‌
Viavi
Solutions
Inc
3.75%,
10/01/2029
(h)
27,375‌
25,316‌
Vmed
O2
UK
Financing
I
PLC
4.75%,
07/15/2031
(h)
625‌
578‌
Windstream
Services
LLC
/
Windstream
Escrow
Finance
Corp
8.25%,
10/01/2031
(h)
6,950‌
7,276‌
Zayo
Group
Holdings
Inc
4.00%,
03/01/2027
(h)
6,530‌
6,203‌
$
249,497‌
Schedule
of
Investments
High
Yield
Fund
July
31,
2025
(unaudited)
104
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Textiles
-
0.22%
Eagle
Intermediate
Global
Holding
BV/Eagle
US
Finance
LLC
7.50%,
PIK
7.50%;
12/30/2025
(h),(j),(k)
$
7,781‌
$
5,836‌
Linx
Capital
Ltd
15.20%,
PIK
15.20%;
12/30/2025
(h),(j),(k)
EUR
8,337‌
8,801‌
$
14,637‌
Transportation
-
1.68%
Brightline
East
LLC
11.00%,
01/31/2030
(h),(i)
$
19,771‌
12,851‌
Eletson
Holdings
Inc
/
Eletson
Finance
US
LLC
/
Agathonissos
Finance
LLC
0.00%,
01/15/2022
(d),(e)
18,905‌
95‌
Navios
South
American
Logistics
Inc
8.88%,
07/14/2030
(h)
15,000‌
15,407‌
SFL
Corp
Ltd
7.25%,
05/12/2026
(h)
8,200‌
8,197‌
7.75%,
01/29/2030
(h)
23,600‌
23,569‌
8.25%,
04/19/2028
10,200‌
10,457‌
8.88%,
02/01/2027
8,700‌
8,827‌
Watco
Cos
LLC
/
Watco
Finance
Corp
7.13%,
08/01/2032
(h)
29,290‌
30,387‌
$
109,790‌
TOTAL
BONDS
$
5,862,289‌
CONVERTIBLE
BONDS
-
0.00%
Principal
Amount
(000's)
Value
(000's)
Food
-
0.00%
Fresh
Express
Delivery
Holding
Group
Co
Ltd
-
Escrow
0.00%,
11/09/2009
(d),(e)
HKD
46,500‌
$
—‌
0.00%,
10/18/2010
(d),(e)
CNH
245,000‌
—‌
$
—‌
TOTAL
CONVERTIBLE
BONDS
$
—‌
SENIOR
FLOATING
RATE
INTERESTS
-
4.94%
Principal
Amount
(000's)
Value
(000's)
Aerospace
&
Defense
-
0.02%
TransDigm
Inc
Term
Loan
J
6.80%,
02/28/2031
(p)
$
1,201‌
$
1,204‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
2.50%
Airlines
-
0.49%
AAdvantage
Loyalty
IP
Ltd
Term
Loan
B
6.58%,
04/20/2028
(p)
12,470‌
12,408‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
2.25%
7.58%,
05/07/2032
(p)
4,988‌
5,019‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
3.25%
SkyMiles
IP
Ltd
Term
Loan
B
8.08%,
09/16/2027
(p)
1,125‌
1,129‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
3.75%
United
Airlines
Inc
Term
Loan
B
6.35%,
02/22/2031
(p)
3,011‌
3,018‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
2.00%
WestJet
Loyalty
LP
Term
Loan
B
7.55%,
02/14/2031
(p)
10,835‌
10,829‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
3.25%
$
32,403‌
Automobile
Parts
&
Equipment
-
0.03%
Tenneco
Inc
Term
Loan
B
9.42%,
11/17/2028
(p)
1,800‌
1,776‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
5.00%
SENIOR
FLOATING
RATE
INTERESTS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Building
Materials
-
0.12%
MITER
Brands
Acquisition
Holdco
Inc
Term
Loan
B2
7.51%,
03/28/2031
(p)
$
2,401‌
$
2,402‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.00%
Quikrete
Holdings
Inc
Term
Loan
B3
6.61%,
01/31/2032
(p)
5,809‌
5,802‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.25%
$
8,204‌
Chemicals
-
0.46%
Advancion
Holdings
LLC
Term
Loan
12.21%,
11/24/2028
(p)
25,457‌
23,777‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
7.75%
Consolidated
Energy
Finance
SA
Term
Loan
B
8.83%,
11/15/2030
(p)
6,467‌
6,103‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
4.50%
$
29,880‌
Commercial
Services
-
0.30%
Aggreko
Holdings
Inc
Term
Loan
B
7.28%,
05/21/2031
(p)
5,124‌
5,142‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.00%
Garda
World
Security
Corp
Term
Loan
B
7.34%,
02/01/2029
(p)
1,995‌
1,992‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.00%
Shift4
Payments
LLC
Term
Loan
B
7.05%,
05/07/2032
(p)
2,000‌
2,013‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
2.75%
Veritiv
Operating
Co
Term
Loan
B
8.30%,
11/30/2030
(p)
10,541‌
10,574‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
4.00%
$
19,721‌
Consumer
Products
-
0.05%
Kronos
Acquisition
Holdings
Inc
Term
Loan
B
8.30%,
06/27/2031
(p)
3,915‌
3,328‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
4.00%
Diversified
Financial
Services
-
0.09%
Russell
Investments
US
Institutional
Holdco
Inc
PIK
Term
Loan
B
9.31%,
PIK
1.50%,
05/30/2027
(k),(p)
5,911‌
5,700‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
5.00%
Food
-
0.18%
Fiesta
Purchaser
Inc
Term
Loan
B
7.20%,
02/12/2031
(p)
11,642‌
11,656‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.25%
Forest
Products
&
Paper
-
0.04%
Spectrum
Group
Buyer
Inc
Term
Loan
B
10.81%,
PIK
0.00%,
05/19/2028
(k),(p)
3,095‌
2,623‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
6.50%
Healthcare
-
Services
-
0.24%
LifePoint
Health
Inc
Term
Loan
B
8.07%,
05/16/2031
(p)
15,552‌
15,512‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
3.75%
Schedule
of
Investments
High
Yield
Fund
July
31,
2025
(unaudited)
105
SENIOR
FLOATING
RATE
INTERESTS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Insurance
-
0.04%
Asurion
LLC
Term
Loan
B4
9.72%,
01/20/2029
(p)
$
2,500‌
$
2,345‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
5.25%
Investment
Companies
-
0.10%
Teide
Ltd
PIK
Term
Loan
0.00%,
PIK
10.00%,
08/01/2026
(k),(p)
EUR
15,123‌
6,831‌
Iron
&
Steel
-
0.15%
TMS
International
Corp/DE
Term
Loan
B7
7.83%,
03/02/2030
(p)
$
9,871‌
9,864‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.50%
Lodging
-
0.06%
Fertitta
Entertainment
LLC/NV
7.60%,
01/27/2029
(p)
4,179‌
4,179‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.25%
Machinery
-
Diversified
-
0.17%
TK
Elevator
US
Newco
Inc
Term
Loan
B
3.60%,
04/30/2030
(p)
10,813‌
10,867‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.00%
Media
-
0.40%
Directv
Financing
LLC
Term
Loan
B
9.81%,
02/15/2031
(p)
9,892‌
9,525‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
5.50%
Gray
Media
Inc
Term
Loan
F
9.58%,
05/23/2029
(p)
123‌
123‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
5.25%
iHeartCommunications
Inc
Term
Loan
10.65%,
05/01/2029
(p)
16,262‌
13,408‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
5.78%
SportsNet
New
York
10.25%,
PIK
7.50%,
04/10/2026
(e),(k),(p)
4,408‌
2,899‌
$
25,955‌
Mining
-
0.38%
Arctic
Canadian
Diamond
Co
Ltd
10.00%,
06/30/2026
(e),(g),(p)
3,592‌
2,532‌
Arsenal
AIC
Parent
LLC
Term
Loan
B
7.11%,
08/18/2030
(p)
22,602‌
22,630‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.75%
$
25,162‌
Packaging
&
Containers
-
0.15%
Clydesdale
Acquisition
Holdings
Inc
Term
Loan
B
7.61%,
03/26/2032
(p)
6,609‌
6,603‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.25%
Clydesdale
Acquisition
Holdings
Inc
Delayed
Draw
Term
Loan
B-DD
7.61%,
04/01/2032
(p)
3‌
3‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
3.25%
Mauser
Packaging
Solutions
Holding
Co
Term
Loan
B1
7.76%,
04/15/2027
(p)
3,299‌
3,298‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.00%
$
9,904‌
Pharmaceuticals
-
0.45%
1261229
BC
Ltd
Term
Loan
B
10.61%,
09/25/2030
(p)
23,775‌
23,263‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
6.25%
SENIOR
FLOATING
RATE
INTERESTS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Pharmaceuticals
(continued)
Endo
Finance
Holdings
Inc
Term
Loan
B
8.36%,
04/23/2031
(p)
$
6,023‌
$
6,033‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
4.00%
$
29,296‌
Retail
-
0.28%
IRB
Holding
Corp
Term
Loan
B
6.86%,
12/15/2027
(p)
15,711‌
15,703‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.50%
Victra
Holdings
LLC
Term
Loan
B
8.55%,
03/31/2029
(p)
2,438‌
2,441‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
4.25%
$
18,144‌
Software
-
0.14%
Central
Parent
LLC
Term
Loan
B
7.55%,
07/06/2029
(p)
11,666‌
9,479‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
3.25%
Telecommunications
-
0.60%
Altice
France
SA
Term
Loan
B11
9.25%,
08/29/2025
(p)
7,959‌
7,162‌
CME
Term
Secured
Overnight
Financing
Rate
6
Month
+
2.75%
CommScope
LLC
Term
Loan
0.00%,
12/17/2029
(p),(q)
14,690‌
14,920‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
5.25%
Zayo
Group
Holdings
Inc
Term
Loan
B
7.47%,
03/09/2027
(p)
17,495‌
16,863‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.00%
$
38,945‌
TOTAL
SENIOR
FLOATING
RATE
INTERESTS
$
322,978‌
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
-
2.45%
Principal
Amount
(000's)
Value
(000's)
U.S.
Treasury
-
2.45%
3.88%,
04/30/2030
$
160,635‌
$
160,146‌
TOTAL
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
$
160,146‌
Total
Investments
$
6,598,854‌
Other
Assets
and
Liabilities
-  (0.97)%
(63,402‌)
TOTAL
NET
ASSETS
-
100.00%
$
6,535,452‌
(a)
1-day
yield
shown
is
as
of
period
end.
(b)
Security
or
a
portion
of
the
security
was
received
as
collateral
for
securities
lending.
At
the
end
of
the
period,
the
value
of
these
securities
totaled
$88,778
or
1.36%
of
net
assets.
(c)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940,
as
amended,
(the
"1940
Act"))
or
an
affiliate
as
defined
by
the
1940
Act
(controls
5.00%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
Affiliated
Securities
sub-schedule
for
transactional
information.
(d)
Non-income
producing
security
(e)
The
value
of
these
investments
was
determined
using
significant
unobservable
inputs,
in
good
faith
by
the
Manager,
under
procedures
established
and
periodically
reviewed
by
the
Board
of
Directors.
(f)
Restricted
Security.
Please
see
Restricted
Securities
sub-schedule
for
additional
information.
(g)
Security
is
subject
to
a
contractual
sale
restriction
but
this
feature
is
not
considered
in
measuring
the
fair
value.
At
the
end
of
the
period,
the
value
of
these
securities
totaled
$2,667.
The
sale
restriction
provision
specified
in
the
shareholder
agreements
have
no
specified
expiration
date
or
circumstances
that
could
cause
a
lapse.  
Schedule
of
Investments
High
Yield
Fund
July
31,
2025
(unaudited)
106
(h)
Security
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933.
These
securities
may
be
resold
in
transactions
exempt
from
registration,
normally
to
qualified
institutional
buyers.
At
the
end
of
the
period,
the
value
of
these
securities
totaled
$5,111,020
or
78.20%
of
net
assets.
(i)
Security
or
a
portion
of
the
security
was
on
loan.  At
the
end
of
the
period,
the
value
of
these
securities
totaled
$84,442
or
1.29%
of
net
assets.
(j)
Certain
variable
rate
securities
are
not
based
on
a
published
reference
rate
and
spread
but
are
determined
by
the
issuer
or
agent
and
are
based
on
current
market
conditions.  These
securities
do
not
indicate
a
reference
rate
and
spread
in
their
description.
Rate
shown
is
the
rate
in
effect
as
of
period
end.
(k)
Payment
in
kind;
the
issuer
has
the
option
of
paying
additional
securities
in
lieu
of
cash.
(l)
Rate
shown
is
as
of
period
end.
The
rate
may
be
a
variable
or
floating
rate
or
a
fixed
rate
which
may
convert
to
a
variable
or
floating
rate
in
the
future.
(m)
Perpetual
security.
Perpetual
securities
pay
an
indefinite
stream
of
interest,
but
they
may
be
called
by
the
issuer
at
an
earlier
date.
Date
shown,
if
any,
reflects
the
next
call
date
or
final
legal
maturity
date.
Rate
shown
is
as
of
period
end.
(n)
Security
is
a
contingent
convertible
security,
("CoCo").
CoCo's
are
hybrid
debt
securities
that
may
convert
to
equity
or
have
their
principal
written
down
upon
occurrence
of
certain
"triggers".
At
the
end
of
the
period,
the
value
of
these
securities
totaled
$111,265
or
1.70%
of
net
assets.
(o)
Security
purchased
on
a
when-issued
basis.
(p)
Rate
information
disclosed
is
based
on
an
average
weighted
rate
of
the
underlying
tranches
as
of
period
end.
(q)
This
Senior
Floating
Rate
Note
will
settle
after
July
31,
2025,
at
which
time
the
interest
rate
will
be
determined.
Affiliated
Securities
October
31,
2024
Purchases
Sales
July
31,
2025
Value
Cost
Proceeds
Value
Principal
Government
Money
Market
Fund
-
Class
R-6
4.22%
$
329,982‌
$
2,731,524‌
$
2,878,402‌
$
183,104‌
$
329,982‌
$
2,731,524‌
$
2,878,402‌
$
183,104‌
Income
(a)
Realized
Gain/(Loss)
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
(Loss)
Principal
Government
Money
Market
Fund
-
Class
R-6
4.22%
$
6,937‌
$
—‌
$
—‌
$
—‌
$
6,937‌
$
—‌
$
—‌
$
—‌
Amounts
in
thousands.
(a)
Amount
excludes
earnings
from
securities
lending
collateral.
Restricted
Securities
Security
Name
Acquisition
Date
Cost
Value
Percent
of
Net
Assets
Arctic
Canadian
Diamond
Co
Ltd
03/03/2025
$
—‌
$
394‌
0.01%
High
Ridge
Brands
-
Escrow  
0.00%,
03/15/2025
03/03/2025
4,576‌
—‌
0.00%
Specialty
Steel  
14.25%,
11/15/2026
03/03/2025
8,096‌
7,073‌
0.11%
Total
$
7,467‌
0.12%
Amounts
in
thousands.
Foreign
Currency
Contracts
Unrealized
Appreciation/(Depreciation)
Counterparty
Settlement
Date
Currency
to
Accept
Currency
to
Deliver
Asset
Liability
JPMorgan
Chase
08/13/2025
AUD
63‌
$
42‌
$
—‌
$
—‌
JPMorgan
Chase
08/13/2025
$
56‌
GBP
41‌
1‌
—‌
JPMorgan
Chase
08/13/2025
$
17,042‌
EUR
14,588‌
384‌
—‌
JPMorgan
Chase
08/13/2025
$
4,607‌
CAD
6,307‌
52‌
—‌
JPMorgan
Chase
08/13/2025
$
183‌
AUD
280‌
3‌
—‌
Total
$
440‌
$
—‌
Amounts
in
thousands.
Schedule
of
Investments
Inflation
Protection
Fund
July
31,
2025
(unaudited)
107
INVESTMENT
COMPANIES
-
1
.32
%
Shares
Held
Value
(000's)
Money
Market
Funds
-
1
.32
%
BlackRock
Liquidity
FedFund
-
Institutional
Class
4.21%
(a),(b)
576,333‌
$
576‌
Principal
Government
Money
Market
Fund
-
Class
R-6
4.22%
(a),(c)
29,788,862‌
29,789‌
$
30,365‌
TOTAL
INVESTMENT
COMPANIES
$
30,365‌
BONDS
-
7
.39
%
Principal
Amount
(000's)
Value
(000's)
Aerospace
&
Defense
-
0
.03
%
Embraer
Netherlands
Finance
BV
5.98%,
02/11/2035
$
737‌
$
756‌
Chemicals
-
0
.04
%
Orbia
Advance
Corp
SAB
de
CV
6.80%,
05/13/2030
(d)
821‌
837‌
Commercial
Mortgage
Backed
Securities
-
1
.35
%
ARES
Commercial
Mortgage
Trust
2024-IND
6.03%,
07/15/2041
(d)
2,145‌
2,152‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
1.69%
BAHA
Trust
2024-MAR
5.97%,
12/10/2041
(d),(e)
2,130‌
2,187‌
BAMLL
Trust
2024-BHP
6.69%,
08/15/2039
(d)
1,310‌
1,313‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.35%
BFLD
2024-VICT
Mortgage
Trust
6.23%,
07/15/2041
(d)
570‌
573‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
1.89%
BFLD
Trust
2025-EWEST
5.89%,
06/15/2042
(d)
1,900‌
1,901‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
1.55%
BHMS
2018-ATLS
5.89%,
07/15/2035
(d)
900‌
900‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
1.55%
BX
Commercial
Mortgage
Trust
2024-AIRC
6.03%,
08/15/2039
(d)
702‌
705‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
1.69%
BX
Commercial
Mortgage
Trust
2024-GPA3
5.63%,
12/15/2039
(d)
619‌
621‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
1.29%
BX
Commercial
Mortgage
Trust
2024-KING
5.88%,
05/15/2034
(d)
1,895‌
1,896‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
1.54%
BX
Commercial
Mortgage
Trust
2024-MDHS
5.98%,
05/15/2041
(d)
1,201‌
1,204‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
1.64%
BX
Commercial
Mortgage
Trust
2024-XL4
7.48%,
02/15/2039
(d)
691‌
694‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.14%
BX
Trust
2024-VLT4
5.83%,
07/15/2029
(d)
1,702‌
1,703‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
1.49%
COMM
2024-WCL1
MORTGAGE
TRUST
6.18%,
06/15/2041
(d)
840‌
837‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
1.84%
CONE
Trust
2024-DFW1
5.98%,
08/15/2041
(d)
320‌
320‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
1.64%
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Commercial
Mortgage
Backed
Securities
(continued)
DBGS
2024-SBL
6.22%,
08/15/2034
(d)
$
1,545‌
$
1,546‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
1.88%
DBSG
2024-ALTA
Mortgage
Trust
5.95%,
06/10/2037
(d),(e)
330‌
334‌
ELM
Trust
2024-ELM
5.80%,
06/10/2039
(d),(e)
680‌
685‌
5.80%,
06/10/2039
(d),(e)
680‌
685‌
Ginnie
Mae
1.60%,
03/16/2047
(e),(f)
64‌
—‌
GS
Mortgage
Securities
Corp
Trust
2021-DM
5.34%,
11/15/2036
(d)
1,250‌
1,241‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
1.00%
GWT
2024-WLF2
6.03%,
05/15/2041
(d)
1,480‌
1,487‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
1.69%
HIH
Trust
2024-61P
6.18%,
10/15/2041
(d)
2,439‌
2,440‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
1.84%
HILT
COMMERCIAL
MORTGAGE
TRUST
2024-ORL
5.88%,
05/15/2037
(d)
745‌
746‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
1.54%
HONO
2021-LULU
Mortgage
Trust
5.61%,
10/15/2036
(d)
220‌
219‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
1.26%
LBA
Trust
2024-BOLT
5.93%,
06/15/2039
(d)
1,270‌
1,271‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
1.59%
NCMF
Trust
2025-MFS
4.88%,
06/10/2033
(d),(e)
1,948‌
1,935‌
PENN
Commercial
Mortgage
Trust
2025-P11
5.52%,
08/10/2042
(d),(e)
1,350‌
1,354‌
$
30,949‌
Commercial
Services
-
0
.07
%
DP
World
Ltd/United
Arab
Emirates
6.85%,
07/02/2037
750‌
832‌
Kaspi.KZ
JSC
6.25%,
03/26/2030
828‌
844‌
$
1,676‌
Diversified
Financial
Services
-
0
.04
%
SURA
Asset
Management
SA
6.35%,
05/13/2032
(d)
395‌
415‌
6.35%,
05/13/2032
479‌
503‌
$
918‌
Electric
-
0
.10
%
AES
Andes
SA
6.30%,
03/15/2029
600‌
620‌
Minejesa
Capital
BV
5.63%,
08/10/2037
869‌
850‌
MVM
Energetika
Zrt
6.50%,
03/13/2031
805‌
833‌
$
2,303‌
Forest
Products
&
Paper
-
0
.04
%
Suzano
Austria
GmbH
3.13%,
01/15/2032
960‌
844‌
Home
Equity
Asset
Backed
Securities
-
0
.00
%
Argent
Securities
Trust
2006-W3
4.71%,
04/25/2036
23‌
7‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
0.35%
Schedule
of
Investments
Inflation
Protection
Fund
July
31,
2025
(unaudited)
108
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Home
Equity
Asset
Backed
Securities
(continued)
Countrywide
Asset-Backed
Certificates
5.59%,
12/25/2032
$
4‌
$
4‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
1.24%
Long
Beach
Mortgage
Loan
Trust
2004-2
5.26%,
06/25/2034
10‌
10‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
0.91%
Option
One
Mortgage
Loan
Trust
2005-1
5.97%,
02/25/2035
23‌
16‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
1.61%
$
37‌
Internet
-
0
.04
%
Prosus
NV
4.19%,
01/19/2032
891‌
839‌
Iron
&
Steel
-
0
.04
%
Vale
Overseas
Ltd
6.40%,
06/28/2054
844‌
829‌
Mining
-
0
.04
%
Corp
Nacional
del
Cobre
de
Chile
6.44%,
01/26/2036
789‌
827‌
Mortgage
Backed
Securities
-
2
.37
%
A&D
Mortgage
Trust
2024-NQM5
5.70%,
11/25/2069
(d)
1,964‌
1,966‌
ACRA
Trust
2024-NQM1
5.61%,
10/25/2064
(d),(e)
970‌
968‌
Angel
Oak
Mortgage
Trust
2025-2
5.64%,
02/25/2070
(d),(e)
2,195‌
2,193‌
Barclays
Mortgage
Loan
Trust
2025-NQM3
5.64%,
05/25/2065
(d),(e)
2,717‌
2,720‌
BRAVO
Residential
Funding
Trust
2023-NQM3
4.85%,
09/25/2062
(d),(e)
1,426‌
1,406‌
Chase
Mortgage
Finance
Trust
Series
2007-A2
6.91%,
06/25/2035
(e)
3‌
3‌
COLT
2024-6
Mortgage
Loan
Trust
5.39%,
11/25/2069
(d),(e)
1,330‌
1,329‌
Cross
2024-H7
Mortgage
Trust
5.59%,
11/25/2069
(d),(e)
1,813‌
1,813‌
Cross
2025-H1
Mortgage
Trust
5.74%,
02/25/2070
(d),(e)
2,473‌
2,479‌
CSMC
2022-NQM4
Trust
4.82%,
06/25/2067
(d),(e)
1,137‌
1,135‌
CSMC
2022-NQM5
Trust
5.17%,
05/25/2067
(d),(e)
2,143‌
2,132‌
Deephaven
Residential
Mortgage
Trust
2024-1
5.74%,
07/25/2069
(d),(e)
1,011‌
1,014‌
Ellington
Financial
Mortgage
Trust
2021-3
1.24%,
09/25/2066
(d),(e)
1,749‌
1,444‌
Fannie
Mae
REMIC
Trust
2004-W5
4.91%,
02/25/2047
8‌
8‌
1.00
x
30
Day
Average
Secured
Overnight
Financing
Rate
+
0.56%
Freddie
Mac
REMICS
5.80%,
12/25/2054
14,695‌
14,706‌
1.00
x
30
Day
Average
Secured
Overnight
Financing
Rate
+
1.45%
GCAT
2021-NQM4
Trust
1.09%,
08/25/2066
(d),(e)
2,139‌
1,767‌
HOMES
2025-AFC1
Trust
5.73%,
01/25/2060
(d),(e)
1,268‌
1,270‌
HOMES
2025-AFC2
Trust
5.47%,
06/25/2060
(d),(e)
2,717‌
2,712‌
Impac
CMB
Trust
Series
2004-5
6.79%,
10/25/2034
1‌
1‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.44%
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Mortgage
Backed
Securities
(continued)
Impac
CMB
Trust
Series
2004-6
5.45%,
10/25/2034
$
1‌
$
1‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
1.09%
Impac
CMB
Trust
Series
2005-1
5.09%,
04/25/2035
18‌
17‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
0.73%
Impac
CMB
Trust
Series
2005-5
5.23%,
08/25/2035
4‌
4‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
0.62%
JP
Morgan
Mortgage
Trust
2023-DSC1
4.62%,
07/25/2063
(d),(e)
780‌
753‌
Merrill
Lynch
Alternative
Note
Asset
Trust
Series
2007-A3
4.89%,
04/25/2037
1,214‌
422‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
0.53%
Morgan
Stanley
Residential
Mortgage
Loan
Trust
2025-NQM1
5.74%,
11/25/2069
(d),(e)
1,278‌
1,281‌
NYMT
Loan
Trust
2024-INV1
5.38%,
06/25/2069
(d),(e)
2,135‌
2,128‌
PRKCM
2022-AFC2
Trust
5.33%,
08/25/2057
(d),(e)
389‌
387‌
PRPM
2025-NQM1
Trust
5.80%,
11/25/2069
(d),(e)
2,064‌
2,068‌
PRPM
2025-NQM3
Trust
5.61%,
05/25/2070
(d),(e)
2,110‌
2,111‌
SG
Residential
Mortgage
Trust
2021-1
1.16%,
07/25/2061
(d),(e)
2,142‌
1,760‌
SG
Residential
Mortgage
Trust
2022-2
5.35%,
08/25/2062
(d),(e)
551‌
549‌
Verus
Securitization
Trust
2022-7
5.15%,
07/25/2067
(d),(e)
1,498‌
1,493‌
Verus
Securitization
Trust
2022-INV2
6.79%,
10/25/2067
(d),(e)
505‌
504‌
WaMu
Mortgage
Pass-Through
Certificates
Series
2005-AR2
Trust
5.21%,
01/25/2045
8‌
8‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
0.85%
$
54,552‌
Oil
&
Gas
-
0
.11
%
KazMunayGas
National
Co
JSC
6.38%,
10/24/2048
954‌
894‌
ORLEN
SA
6.00%,
01/30/2035
809‌
831‌
Raizen
Fuels
Finance
SA
6.25%,
07/08/2032
(d)
558‌
549‌
6.45%,
03/05/2034
(g)
284‌
282‌
$
2,556‌
Other
Asset
Backed
Securities
-
0
.51
%
AMSR
2022-SFR3
Trust
4.00%,
10/17/2039
(d)
2,091‌
2,015‌
AMSR
2023-SFR2
Trust
3.95%,
06/17/2040
(d)
750‌
712‌
New
Residential
Mortgage
Loan
Trust
2022-SFR2
4.00%,
09/04/2039
(d)
2,035‌
1,960‌
Progress
Residential
2022-SFR6
Trust
6.04%,
07/20/2039
(d)
1,990‌
2,007‌
Progress
Residential
2022-SFR7
Trust
5.50%,
10/27/2039
(d)
3,320‌
3,291‌
Tricon
Residential
2024-SFR2
Trust
6.00%,
06/17/2040
(d)
1,805‌
1,806‌
$
11,791‌
Schedule
of
Investments
Inflation
Protection
Fund
July
31,
2025
(unaudited)
109
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Pipelines
-
0
.04
%
Greensaif
Pipelines
Bidco
Sarl
5.85%,
02/23/2036
$
819‌
$
838‌
Retail
-
0
.02
%
Arcos
Dorados
BV
6.38%,
01/29/2032
(g)
572‌
589‌
Sovereign
-
2
.55
%
Brazil
Notas
do
Tesouro
Nacional
Serie
F
9.76%,
01/01/2029
BRL
8,500‌
1,380‌
9.76%,
01/01/2035
66,832‌
9,576‌
Bundesrepublik
Deutschland
Bundesanleihe
2.50%,
08/15/2054
EUR
3,392‌
3,396‌
Colombia
Government
International
Bond
8.00%,
11/14/2035
$
1,245‌
1,276‌
European
Union
2.50%,
10/04/2052
EUR
1,175‌
1,041‌
3.00%,
03/04/2053
12,744‌
12,481‌
Israel
Government
International
Bond
5.75%,
03/12/2054
$
393‌
366‌
Italy
Buoni
Poliennali
Del
Tesoro
3.60%,
10/01/2035
EUR
2,012‌
2,317‌
Japan
Government
Thirty
Year
Bond
2.30%,
12/20/2054
JPY
673,750‌
3,825‌
2.40%,
03/20/2055
479,000‌
2,781‌
Kingdom
of
Belgium
Government
Bond
3.30%,
06/22/2054
(d)
EUR
3,432‌
3,433‌
Mexico
Government
International
Bond
3.50%,
02/12/2034
$
1,527‌
1,279‌
4.88%,
05/19/2033
400‌
375‌
6.35%,
02/09/2035
4,367‌
4,433‌
6.88%,
05/13/2037
2,582‌
2,665‌
United
Kingdom
Gilt
4.38%,
03/07/2030
GBP
4,190‌
5,619‌
4.38%,
07/31/2054
2,051‌
2,313‌
$
58,556‌
TOTAL
BONDS
$
169,697‌
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
-
99
.42
%
Principal
Amount
(000's)
Value
(000's)
Federal
National
Mortgage
Association
(FNMA)/Federal
Home
Loan
Mortgage
Corporation
(FHLMC)
Uniform
Mortgage-Backed
Security
-
8
.19
%
5.00%,
08/01/2055
(h)
$
12,703‌
$
12,362‌
5.50%,
08/01/2055
(h)
105,778‌
105,218‌
6.00%,
08/01/2055
(h)
69,523‌
70,484‌
$
188,064‌
U.S.
Treasury
Inflation-Indexed
Obligations
-
91
.23
%
0.13%,
10/15/2026
68,638‌
67,888‌
0.13%,
04/15/2027
14,545‌
14,241‌
0.13%,
01/15/2030
60,018‌
56,708‌
0.13%,
07/15/2030
77,943‌
73,299‌
0.13%,
01/15/2031
72,952‌
67,641‌
0.13%,
07/15/2031
74,297‌
68,425‌
0.13%,
01/15/2032
83,514‌
75,694‌
0.13%,
02/15/2051
25,973‌
13,887‌
0.13%,
02/15/2052
31,635‌
16,525‌
0.25%,
07/15/2029
57,100‌
54,885‌
0.25%,
02/15/2050
27,414‌
15,629‌
0.38%,
01/15/2027
3,360‌
3,315‌
0.38%,
07/15/2027
45,739‌
45,129‌
0.50%,
01/15/2028
46,413‌
45,534‌
0.63%,
07/15/2032
83,882‌
78,177‌
0.63%,
02/15/2043
27,293‌
20,121‌
0.75%,
07/15/2028
54,720‌
54,067‌
0.75%,
02/15/2042
34,601‌
26,677‌
0.75%,
02/15/2045
51,232‌
37,037‌
0.88%,
01/15/2029
47,828‌
47,103‌
0.88%,
02/15/2047
25,489‌
18,248‌
1.00%,
02/15/2046
21,830‌
16,355‌
1.00%,
02/15/2048
19,619‌
14,245‌
1.00%,
02/15/2049
17,821‌
12,746‌
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
U.S.
Treasury
Inflation-Indexed
Obligations
(continued)
1.13%,
01/15/2033
$
85,148‌
$
81,235‌
1.25%,
04/15/2028
59,674‌
59,543‌
1.38%,
07/15/2033
81,841‌
79,290‌
1.38%,
02/15/2044
28,921‌
24,092‌
1.50%,
02/15/2053
30,026‌
23,346‌
1.63%,
10/15/2027
67,184‌
67,924‌
1.63%,
10/15/2029
76,705‌
77,686‌
1.63%,
04/15/2030
73,260‌
73,779‌
1.75%,
01/15/2028
27,766‌
28,076‌
1.75%,
01/15/2034
85,729‌
84,763‌
1.88%,
07/15/2034
88,510‌
88,375‌
1.88%,
07/15/2035
34,664‌
34,348‌
2.13%,
04/15/2029
75,167‌
77,163‌
2.13%,
01/15/2035
(i)
99,673‌
100,935‌
2.13%,
02/15/2040
14,711‌
14,452‌
2.13%,
02/15/2041
21,849‌
21,253‌
2.13%,
02/15/2054
28,637‌
25,701‌
2.38%,
10/15/2028
70,182‌
72,739‌
2.38%,
02/15/2055
15,872‌
15,054‌
2.50%,
01/15/2029
24,568‌
25,539‌
3.38%,
04/15/2032
12,307‌
13,665‌
3.63%,
04/15/2028
27,398‌
29,064‌
3.88%,
04/15/2029
31,557‌
34,394‌
$
2,095,992‌
TOTAL
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
$
2,284,056‌
TOTAL
PURCHASED
OPTIONS
-
0.02%
$
518‌
TOTAL
PURCHASED
INTEREST
RATE
SWAPTIONS
-
0.01%
$
193‌
Total
Investments
$
2,484,829‌
Other
Assets
and
Liabilities
-  (8.16)%
(
187,384‌
)
TOTAL
NET
ASSETS
-
100.00%
$
2,297,445‌
(a)
1-day
yield
shown
is
as
of
period
end.
(b)
Security
or
a
portion
of
the
security
was
received
as
collateral
for
securities
lending.
At
the
end
of
the
period,
the
value
of
these
securities
totaled
$576
or
0.03%
of
net
assets.
(c)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940,
as
amended,
(the
"1940
Act"))
or
an
affiliate
as
defined
by
the
1940
Act
(controls
5.00%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
Affiliated
Securities
sub-schedule
for
transactional
information.
(d)
Security
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933.
These
securities
may
be
resold
in
transactions
exempt
from
registration,
normally
to
qualified
institutional
buyers.
At
the
end
of
the
period,
the
value
of
these
securities
totaled
$87,356
or
3.80%
of
net
assets.
(e)
Certain
variable
rate
securities
are
not
based
on
a
published
reference
rate
and
spread
but
are
determined
by
the
issuer
or
agent
and
are
based
on
current
market
conditions.  These
securities
do
not
indicate
a
reference
rate
and
spread
in
their
description.
Rate
shown
is
the
rate
in
effect
as
of
period
end.
(f)
Security
is
an
Interest
Only
Strip.
(g)
Security
or
a
portion
of
the
security
was
on
loan.  At
the
end
of
the
period,
the
value
of
these
securities
totaled
$555
or
0.02%
of
net
assets.
(h)
Security
was
purchased
in
a
"to-be-announced"
("TBA")
transaction.
(i)
Security
or
a
portion
of
the
security
was
pledged
to
cover
margin
requirements
for
swap
and/or
swaption
contracts.
At
the
end
of
the
period,
the
value
of
these
securities
totaled
$70
or
0.00%
of
net
assets.
Schedule
of
Investments
Inflation
Protection
Fund
July
31,
2025
(unaudited)
110
Affiliated
Securities
October
31,
2024
Purchases
Sales
July
31,
2025
Value
Cost
Proceeds
Value
Principal
Government
Money
Market
Fund
-
Class
R-6
4.22%
$
20,980‌
$
443,853‌
$
435,044‌
$
29,789‌
$
20,980‌
$
443,853‌
$
435,044‌
$
29,789‌
Income
(a)
Realized
Gain/(Loss)
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
(Loss)
Principal
Government
Money
Market
Fund
-
Class
R-6
4.22%
$
197‌
$
—‌
$
—‌
$
—‌
$
197‌
$
—‌
$
—‌
$
—‌
Amounts
in
thousands.
(a)
Amount
excludes
earnings
from
securities
lending
collateral.
Options
Purchased
Options
Outstanding
Counterparty
Contracts/
Shares
Notional
Amount
Exercise
Price
Expiration
Date
Upfront
Payments
Fair
Value
Unrealized
Appreciation/
(Depreciation)
Put
-
USD
versus
BRL
Morgan
Stanley
&
Co
1
$
36,671‌
$
5
.48‌
08/12/2025
$
270‌
$
46‌
$
(
224‌
)
Put
-
USD
versus
CNH
Barclays
Bank
PLC
1
39,090‌
$
7
.00‌
01/16/2026
268‌
178‌
(
90‌
)
Put
-
USD
versus
JPY
Barclays
Bank
PLC
1
18,263‌
$
150
.00‌
11/20/2025
41‌
80‌
39‌
Call
-
3
Month
Secured
Overnight
Financing
Rate
Future;
December
2025
N/A
1,627‌
4,068‌
$
96
.19‌
10/10/2025
349‌
214‌
(
135‌
)
Total
$
928‌
$
518‌
$
(
410‌
)
Written
Options
Outstanding
Counterparty
Contracts/
Shares
Notional
Amount
Exercise
Price
Expiration
Date
Upfront
Receipts
Fair
Value
Unrealized
Appreciation/
(Depreciation)
Put
-
USD
versus
BRL
Morgan
Stanley
&
Co
1
$
36,671‌
$
5
.35‌
08/12/2025
$
(
87‌
)
$
(
3‌
)
$
84‌
Put
-
USD
versus
CNH
Barclays
Bank
PLC
1
39,090‌
$
6
.85‌
01/16/2026
(
106‌
)
(
67‌
)
39‌
Call
-
3
Month
Secured
Overnight
Financing
Rate
Future;
December
2025
N/A
1,627‌
4,068‌
$
96
.44‌
10/10/2025
(
160‌
)
(
92‌
)
68‌
Total
$
(
353‌
)
$
(
162‌
)
$
191‌
Amounts
in
thousands
except
contracts/shares.
Interest
Rate
Swaptions
Purchased
Swaptions
Outstanding
Counterparty
Paid
by
the
Fund
Rate/Reference    Frequency
Received
by
the
Fund
Rate/Reference  Frequency
Notional
Amount
Exercise
Rate
Expiration
Date
Upfront
Payments
Fair
Value
Unrealized
Appreciation/
(Depreciation)
Put
-
30
Year
Interest
Rate
Swap
Citigroup
Inc
4.33%
Annual
Secured
Overnight
Financing
Rate
Annual
$
24,576‌
4.33%
10/14/2025
$
348‌
$
188‌
$
(
160‌
)
Put
-
30
Year
Interest
Rate
Swap
Deutsche
Bank
AG
4.35%
Annual
Secured
Overnight
Financing
Rate
Annual
24,751‌
4.35%
08/13/2025
359‌
5‌
(
354‌
)
Total
$
707‌
$
193‌
$
(
514‌
)
Written
Swaptions
Outstanding
Counterparty
Paid
by
the
Fund
Rate/Reference  Frequency
Received
by
the
Fund
Rate/Reference  Frequency
Notional
Amount
Exercise
Rate
Expiration
Date
Upfront
Receipts
Fair
Value
Unrealized
Appreciation/
(Depreciation)
Put
-
5
Year
Interest
Rate
Swap
Citigroup
Inc
Secured
Overnight
Financing
Rate
Annual
3.81%
Annual
$
95,098‌
3.81%
10/14/2025
$
(
367‌
)
$
(
258‌
)
$
109‌
Put
-
5
Year
Interest
Rate
Swap
Deutsche
Bank
AG
Secured
Overnight
Financing
Rate
Annual
4.03%
Annual
95,337‌
4.03%
08/13/2025
(
411‌
)
—‌
411‌
Total
$
(
778‌
)
$
(
258‌
)
$
520‌
Amounts
in
thousands.
Futures
Contracts
Description
and
Expiration
Date
Type
Contracts
Notional
Amount
Value
and
Unrealized
Appreciation/(Depreciation)
3
Month
Secured
Overnight
Financing
Rate;
December
2025
Long
356‌
$
85,413‌
$
(
24‌
)
3
Month
Secured
Overnight
Financing
Rate;
June
2026
Long
152‌
36,643‌
(
52‌
)
30
Day
Federal
Funds;
August
2025
Long
79‌
31,496‌
(
16‌
)
30
Day
Federal
Funds;
July
2025
Long
59‌
23,521‌
(
43‌
)
Australia
10
Year
Bond;
September
2025
Long
41‌
2,998‌
(
31‌
)
Australia
3
Year
Bond;
September
2025
Short
119‌
8,207‌
5‌
Euro
Buxl
30
Year
Bond;
September
2025
Short
40‌
5,358‌
138‌
Euro-Bobl
5
Year;
September
2025
Long
136‌
18,201‌
(
89‌
)
Schedule
of
Investments
Inflation
Protection
Fund
July
31,
2025
(unaudited)
111
Futures
Contracts
(continued)
Description
and
Expiration
Date
Type
Contracts
Notional
Amount
Value
and
Unrealized
Appreciation/(Depreciation)
Euro-BTP;
September
2025
Long
16‌
$
2,205‌
$
—‌
US
10
Year
Note;
September
2025
Short
357‌
39,649‌
(
3‌
)
US
10
Year
Ultra
Note;
September
2025
Short
1,711‌
193,477‌
(
555‌
)
US
2
Year
Note;
September
2025
Long
2,720‌
562,997‌
(
1,100‌
)
US
5
Year
Note;
September
2025
Short
443‌
47,920‌
231‌
US
Long
Bond;
September
2025
Short
199‌
22,723‌
(
348‌
)
US
Ultra
Bond;
September
2025
Short
21‌
2,464‌
(
5‌
)
Total
$
(
1,892‌
)
Amounts
in
thousands
except
contracts.
Foreign
Currency
Contracts
Unrealized
Appreciation/(Depreciation)
Counterparty
Settlement
Date
Currency
to
Accept
Currency
to
Deliver
Asset
Liability
Bank
of
America
NA
09/17/2025
MXN
32,720‌
$
1,711‌
$
15‌
$
—‌
Bank
of
New
York
Mellon
08/04/2025
EUR
6,959‌
$
8,093‌
—‌
(
151‌
)
Bank
of
New
York
Mellon
09/17/2025
$
347‌
BRL
1,916‌
9‌
—‌
Barclays
Bank
PLC
08/04/2025
$
5,687‌
JPY
819,821‌
251‌
—‌
Barclays
Bank
PLC
09/17/2025
BRL
6,739‌
$
1,200‌
—‌
(
10‌
)
Barclays
Bank
PLC
09/17/2025
CNH
60,532‌
$
8,466‌
—‌
(
40‌
)
BNP
Paribas
08/04/2025
GBP
5,984‌
$
7,996‌
—‌
(
94‌
)
BNP
Paribas
08/04/2025
EUR
21,526‌
$
24,723‌
—‌
(
158‌
)
BNP
Paribas
08/04/2025
$
1,225‌
JPY
180,164‌
30‌
—‌
BNP
Paribas
09/02/2025
$
7,999‌
GBP
5,984‌
95‌
—‌
BNP
Paribas
09/02/2025
$
24,771‌
EUR
21,526‌
159‌
—‌
CIBC
World
Markets
Corp
08/04/2025
$
9,818‌
GBP
7,151‌
374‌
—‌
Citigroup
Inc
09/17/2025
BRL
10,472‌
$
1,871‌
1‌
(
22‌
)
Citigroup
Inc
09/17/2025
$
3,322‌
BRL
18,831‌
—‌
(
3‌
)
Deutsche
Bank
AG
08/04/2025
$
17,681‌
EUR
15,027‌
532‌
—‌
Deutsche
Bank
AG
09/17/2025
$
787‌
BRL
4,442‌
2‌
—‌
Goldman
Sachs
&
Co
09/17/2025
MXN
32,202‌
$
1,691‌
8‌
—‌
HSBC
Securities
Inc
08/04/2025
EUR
13,338‌
$
15,616‌
—‌
(
395‌
)
HSBC
Securities
Inc
08/04/2025
JPY
981,707‌
$
6,608‌
—‌
(
97‌
)
HSBC
Securities
Inc
08/04/2025
$
364‌
EUR
309‌
11‌
—‌
HSBC
Securities
Inc
09/02/2025
$
6,629‌
JPY
981,707‌
96‌
—‌
JPMorgan
Chase
09/02/2025
$
685‌
EUR
597‌
2‌
—‌
JPMorgan
Chase
09/17/2025
$
3,075‌
BRL
17,334‌
15‌
—‌
Morgan
Stanley
&
Co
08/04/2025
GBP
4,273‌
$
5,869‌
—‌
(
226‌
)
Morgan
Stanley
&
Co
08/04/2025
$
859‌
EUR
732‌
24‌
—‌
Morgan
Stanley
&
Co
08/04/2025
$
92‌
GBP
68‌
3‌
—‌
Royal
Bank
of
Scotland
08/04/2025
$
35,233‌
EUR
29,971‌
1,030‌
—‌
Westpac
Banking
Corporation
08/04/2025
$
4,234‌
GBP
3,119‌
115‌
—‌
Total
$
2,772‌
$
(
1,196‌
)
Amounts
in
thousands.
Exchange
Cleared
Credit
Default
Swaps
Sell
Protection
Reference
Entity
Implied
Credit
Spread
as
of
July
31,
2025
(a)
(Pay)/
Receive
Fixed
Rate
Payment
Frequency
Maturity
Date
Notional
Amount
(b)
Upfront
Payments/
(Receipts)
Unrealized
Appreciation/
(Depreciation)
Fair
Value
(c)
CDX.NA.HY.44
N/A
5.00%
Quarterly
06/20/2030
$
33,432‌
$
1,790‌
$
629‌
$
2,419‌
Total
$
1,790‌
$
629‌
$
2,419‌
Amounts
in
thousands.
(a)
Implied
credit
spreads,
represented
in
absolute
terms,
used
in
determining
the
fair
value
of
credit
default
swap
agreements
on
corporate
issues
or
sovereign
issues
as
of
period
end
serve
as
an
indicator
of
the
current
status
of
the
payment/performance
risk
and
represent
the
likelihood
or
risk
of
default
for
the
credit
derivative.
The
implied
credit
spread
of
a
particular
referenced
entity
reflects
the
cost
of
buying/selling
protection
and
may
include
upfront
payments
required
to
be
made
to
enter
into
the
agreement.
Wider
credit
spreads
represent
a
deterioration
of
the
referenced
entity's
credit
soundness
and
a
greater
likelihood
or
risk
of
default
or
other
credit
event
occurring
as
defined
under
the
terms
of
the
agreement.
(b)
The
maximum
potential
payment
amount
that
the
seller
of
credit
protection
could
be
required
to
make
if
a
credit
event
occurs
is
$33,432.
(c)
The
price
and
resulting
fair
value
for
credit
default
swap
agreements
serve
as
an
indicator
of
the
current
status
of
the
payment/performance
risk
and
represent
the
likelihood
of
an
expected
liability
(or
profit)
for
the
credit
default
swap
as
of
the
period
end.
Increasing
fair
values
of
the
swap,
in
absolute
terms
when
compared
to
the
notional
amount
of
the
swap,
represent
a
deterioration
of
the
referenced
entity's
credit
soundness
and
a
greater
likelihood
or
risk
of
default
or
other
credit
event
occurring
as
defined
under
the
terms
of
the
agreement.
Schedule
of
Investments
Inflation
Protection
Fund
July
31,
2025
(unaudited)
112
Exchange
Cleared
Interest
Rate
Swaps
Floating
Rate
Index
(Pay)/
Receive
Floating
Rate
Fixed
Rate
Payment
Frequency
Paid
by
Fund
Payment
Frequency
Received
by
Fund
Effective
Date
(a)
Maturity
Date
Notional
Amount
Unrealized
Appreciation/
(Depreciation)
Upfront
Payments/(Receipts)
Fair
Value
6
Month
Euro
Interbank
Offered
Rate
Receive
2.14%
Annual
Semiannual
N/A
01/06/2055
EUR
1,000‌
$
156‌
$
6‌
$
162‌
6
Month
Euro
Interbank
Offered
Rate
Pay
2.18%
Semiannual
Annual
N/A
11/07/2054
277‌
(
40‌
)
(
2‌
)
(
42‌
)
6
Month
Euro
Interbank
Offered
Rate
Receive
2.27%
Annual
Semiannual
N/A
10/17/2054
1,800‌
228‌
9‌
237‌
6
Month
Euro
Interbank
Offered
Rate
Receive
2.25%
Annual
Semiannual
N/A
10/02/2054
3,100‌
406‌
16‌
422‌
6
Month
Euro
Interbank
Offered
Rate
Receive
2.24%
Annual
Semiannual
N/A
09/19/2054
1,550‌
208‌
8‌
216‌
6
Month
Euro
Interbank
Offered
Rate
Receive
2.43%
Annual
Semiannual
N/A
06/19/2054
414‌
38‌
1‌
39‌
6
Month
Euro
Interbank
Offered
Rate
Receive
2.54%
Annual
Semiannual
N/A
04/22/2054
1,325‌
91‌
—‌
91‌
6
Month
Euro
Interbank
Offered
Rate
Receive
2.43%
Annual
Semiannual
N/A
06/20/2054
401‌
36‌
2‌
38‌
6
Month
Euro
Interbank
Offered
Rate
Receive
2.46%
Annual
Semiannual
N/A
03/22/2054
342‌
29‌
1‌
30‌
6
Month
Euro
Interbank
Offered
Rate
Receive
2.51%
Annual
Semiannual
N/A
03/01/2054
815‌
60‌
2‌
62‌
6
Month
Euro
Interbank
Offered
Rate
Receive
2.51%
Annual
Semiannual
N/A
02/20/2054
3,392‌
246‌
11‌
257‌
6
Month
Euro
Interbank
Offered
Rate
Receive
2.51%
Annual
Semiannual
N/A
02/20/2054
1,605‌
119‌
5‌
124‌
6
Month
Euro
Interbank
Offered
Rate
Receive
2.49%
Annual
Semiannual
N/A
02/19/2054
1,605‌
124‌
6‌
130‌
Consumer
Price
All
Urban
Non-
Seasonally
Adjusted
Index
Receive
2.83%
Maturity
Maturity
N/A
04/15/2028
$
3,782‌
$
(
2‌
)
—‌
(
2‌
)
Consumer
Price
All
Urban
Non-
Seasonally
Adjusted
Index
Receive
2.84%
Maturity
Maturity
N/A
04/15/2028
2,737‌
(
2‌
)
—‌
(
2‌
)
Consumer
Price
All
Urban
Non-
Seasonally
Adjusted
Index
Receive
2.69%
Maturity
Maturity
N/A
04/15/2029
2,190‌
—‌
—‌
—‌
Consumer
Price
All
Urban
Non-
Seasonally
Adjusted
Index
Receive
2.68%
Maturity
Maturity
N/A
04/15/2029
2,190‌
—‌
—‌
—‌
Consumer
Price
All
Urban
Non-
Seasonally
Adjusted
Index
Receive
2.72%
Maturity
Maturity
N/A
04/15/2029
4,380‌
(
8‌
)
—‌
(
8‌
)
Consumer
Price
All
Urban
Non-
Seasonally
Adjusted
Index
Receive
2.87%
Maturity
Maturity
N/A
04/15/2028
5,475‌
(
13‌
)
—‌
(
13‌
)
Consumer
Price
All
Urban
Non-
Seasonally
Adjusted
Index
Receive
2.67%
Maturity
Maturity
N/A
04/15/2029
2,867‌
3‌
—‌
3‌
Consumer
Price
All
Urban
Non-
Seasonally
Adjusted
Index
Receive
2.84%
Maturity
Maturity
N/A
04/15/2028
2,737‌
(
2‌
)
—‌
(
2‌
)
Consumer
Price
All
Urban
Non-
Seasonally
Adjusted
Index
Receive
2.65%
Maturity
Maturity
N/A
04/15/2029
2,921‌
6‌
—‌
6‌
Consumer
Price
All
Urban
Non-
Seasonally
Adjusted
Index
Receive
2.61%
Maturity
Maturity
N/A
12/12/2027
16,230‌
255‌
—‌
255‌
Consumer
Price
All
Urban
Non-
Seasonally
Adjusted
Index
Receive
2.40%
Maturity
Maturity
N/A
04/09/2029
6,620‌
60‌
(
1‌
)
59‌
Consumer
Price
All
Urban
Non-
Seasonally
Adjusted
Index
Pay
2.39%
Maturity
Maturity
N/A
04/15/2030
3,243‌
(
27‌
)
(
4‌
)
(
31‌
)
Consumer
Price
All
Urban
Non-
Seasonally
Adjusted
Index
Receive
2.43%
Maturity
Maturity
N/A
04/15/2030
3,795‌
29‌
—‌
29‌
Consumer
Price
All
Urban
Non-
Seasonally
Adjusted
Index
Receive
2.43%
Maturity
Maturity
N/A
04/15/2030
1,870‌
14‌
—‌
14‌
Consumer
Price
All
Urban
Non-
Seasonally
Adjusted
Index
Receive
2.92%
Maturity
Maturity
N/A
05/12/2027
27,895‌
(
44‌
)
—‌
(
44‌
)
Consumer
Price
All
Urban
Non-
Seasonally
Adjusted
Index
Receive
2.83%
Maturity
Maturity
N/A
04/15/2028
5,475‌
(
3‌
)
—‌
(
3‌
)
Consumer
Price
All
Urban
Non-
Seasonally
Adjusted
Index
Receive
2.79%
Maturity
Maturity
N/A
04/15/2028
5,475‌
9‌
—‌
9‌
Consumer
Price
All
Urban
Non-
Seasonally
Adjusted
Index
Receive
2.64%
Maturity
Maturity
N/A
04/15/2029
4,380‌
10‌
—‌
10‌
Consumer
Price
All
Urban
Non-
Seasonally
Adjusted
Index
Receive
2.73%
Maturity
Maturity
N/A
04/15/2028
5,760‌
25‌
1‌
26‌
Consumer
Price
All
Urban
Non-
Seasonally
Adjusted
Index
Receive
2.78%
Maturity
Maturity
N/A
04/08/2027
9,500‌
4‌
—‌
4‌
Schedule
of
Investments
Inflation
Protection
Fund
July
31,
2025
(unaudited)
113
Exchange
Cleared
Interest
Rate
Swaps
(continued)
Floating
Rate
Index
(Pay)/
Receive
Floating
Rate
Fixed
Rate
Payment
Frequency
Paid
by
Fund
Payment
Frequency
Received
by
Fund
Effective
Date
(a)
Maturity
Date
Notional
Amount
Unrealized
Appreciation/
(Depreciation)
Upfront
Payments/(Receipts)
Fair
Value
Consumer
Price
All
Urban
Non-
Seasonally
Adjusted
Index
Receive
2.69%
Maturity
Maturity
N/A
04/15/2029
4,380‌
$
—‌
$
—‌
$
—‌
Consumer
Price
All
Urban
Non-
Seasonally
Adjusted
Index
Receive
2.65%
Maturity
Maturity
N/A
07/15/2027
18,670‌
58‌
—‌
58‌
Consumer
Price
All
Urban
Non-
Seasonally
Adjusted
Index
Receive
2.69%
Maturity
Maturity
N/A
04/15/2028
2,735‌
18‌
—‌
18‌
Consumer
Price
All
Urban
Non-
Seasonally
Adjusted
Index
Receive
2.42%
Maturity
Maturity
N/A
05/22/2028
13,840‌
280‌
—‌
280‌
Consumer
Price
All
Urban
Non-
Seasonally
Adjusted
Index
Receive
2.69%
Maturity
Maturity
N/A
07/17/2030
10,811‌
(
18‌
)
—‌
(
18‌
)
Consumer
Price
All
Urban
Non-
Seasonally
Adjusted
Index
Receive
2.70%
Maturity
Maturity
N/A
07/22/2030
3,543‌
(
8‌
)
—‌
(
8‌
)
Consumer
Price
All
Urban
Non-
Seasonally
Adjusted
Index
Receive
2.51%
Maturity
Maturity
N/A
03/25/2029
3,135‌
32‌
—‌
32‌
Consumer
Price
All
Urban
Non-
Seasonally
Adjusted
Index
Receive
2.56%
Maturity
Maturity
N/A
04/15/2029
4,450‌
27‌
—‌
27‌
Consumer
Price
All
Urban
Non-
Seasonally
Adjusted
Index
Receive
2.69%
Maturity
Maturity
N/A
04/15/2028
2,735‌
18‌
1‌
19‌
Consumer
Price
All
Urban
Non-
Seasonally
Adjusted
Index
Receive
2.53%
Maturity
Maturity
N/A
04/15/2029
2,188‌
17‌
—‌
17‌
Consumer
Price
All
Urban
Non-
Seasonally
Adjusted
Index
Receive
2.18%
Maturity
Maturity
N/A
08/07/2028
3,805‌
77‌
—‌
77‌
Consumer
Price
All
Urban
Non-
Seasonally
Adjusted
Index
Receive
2.54%
Maturity
Maturity
N/A
04/15/2029
2,188‌
16‌
—‌
16‌
Consumer
Price
All
Urban
Non-
Seasonally
Adjusted
Index
Receive
2.72%
Maturity
Maturity
N/A
03/07/2027
13,800‌
57‌
—‌
57‌
Consumer
Price
All
Urban
Non-
Seasonally
Adjusted
Index
Receive
2.72%
Maturity
Maturity
N/A
02/28/2027
17,830‌
85‌
—‌
85‌
Consumer
Price
All
Urban
Non-
Seasonally
Adjusted
Index
Receive
2.76%
Maturity
Maturity
N/A
02/26/2027
19,000‌
74‌
—‌
74‌
Consumer
Price
All
Urban
Non-
Seasonally
Adjusted
Index
Receive
2.59%
Maturity
Maturity
N/A
01/29/2027
46,595‌
367‌
—‌
367‌
EUR
-
France
Consumer
Price
Index
Ex
Tobacco
Pay
2.02%
Maturity
Maturity
N/A
03/15/2035
EUR
2,750‌
$
22‌
(
11‌
)
11‌
Eurostat
Eurozone
HICP
ex
Tobacco
Receive
2.06%
Maturity
Maturity
N/A
03/15/2035
2,750‌
(
22‌
)
8‌
(
14‌
)
Secured
Overnight
Financing
Rate
Receive
3.81%
Annual
Annual
N/A
05/16/2026
$
23,570‌
$
84‌
12‌
96‌
Secured
Overnight
Financing
Rate
Pay
3.80%
Annual
Annual
N/A
05/16/2026
30,713‌
(
129‌
)
—‌
(
129‌
)
Secured
Overnight
Financing
Rate
Pay
3.90%
Annual
Annual
N/A
05/16/2026
23,570‌
(
76‌
)
—‌
(
76‌
)
Secured
Overnight
Financing
Rate
Receive
3.79%
Annual
Annual
N/A
05/16/2026
30,713‌
131‌
—‌
131‌
Tokyo
Overnight
Average
Rate
Receive
0.85%
Annual
Annual
N/A
07/07/2027
JPY
6,211,380‌
$
32‌
(
1‌
)
31‌
Tokyo
Overnight
Average
Rate
Receive
0.68%
Annual
Annual
N/A
04/21/2027
2,141,418‌
29‌
(
1‌
)
28‌
Tokyo
Overnight
Average
Rate
Receive
0.69%
Annual
Annual
N/A
04/21/2027
2,166,453‌
29‌
(
1‌
)
28‌
Tokyo
Overnight
Average
Rate
Receive
1.02%
Annual
Annual
N/A
03/12/2027
5,060,093‌
(
54‌
)
1‌
(
53‌
)
Tokyo
Overnight
Average
Rate
Receive
1.00%
Annual
Annual
N/A
03/12/2027
2,231,967‌
(
21‌
)
1‌
(
20‌
)
Tokyo
Overnight
Average
Rate
Receive
0.70%
Annual
Annual
N/A
05/11/2027
1,710,053‌
23‌
(
1‌
)
22‌
Tokyo
Overnight
Average
Rate
Receive
1.03%
Annual
Annual
N/A
03/12/2027
5,462,039‌
(
61‌
)
1‌
(
60‌
)
United
Kingdom
Retail
Prices
Index
Pay
3.28%
Maturity
Maturity
N/A
07/15/2027
GBP
4,853‌
$
(
23‌
)
—‌
(
23‌
)
United
Kingdom
Retail
Prices
Index
Receive
3.41%
Maturity
Maturity
N/A
07/15/2029
4,853‌
22‌
—‌
22‌
United
Kingdom
Retail
Prices
Index
Receive
3.39%
Maturity
Maturity
N/A
07/15/2030
2,118‌
9‌
—‌
9‌
United
Kingdom
Retail
Prices
Index
Pay
3.24%
Maturity
Maturity
N/A
07/15/2035
2,118‌
(
7‌
)
—‌
(
7‌
)
United
Kingdom
Retail
Prices
Index
Pay
3.24%
Maturity
Maturity
N/A
07/15/2035
2,160‌
(
8‌
)
—‌
(
8‌
)
United
Kingdom
Retail
Prices
Index
Receive
3.42%
Maturity
Maturity
N/A
07/15/2029
4,950‌
19‌
—‌
19‌
United
Kingdom
Retail
Prices
Index
Receive
3.40%
Maturity
Maturity
N/A
07/15/2030
2,160‌
8‌
—‌
8‌
Schedule
of
Investments
Inflation
Protection
Fund
July
31,
2025
(unaudited)
114
Exchange
Cleared
Interest
Rate
Swaps
(continued)
Floating
Rate
Index
(Pay)/
Receive
Floating
Rate
Fixed
Rate
Payment
Frequency
Paid
by
Fund
Payment
Frequency
Received
by
Fund
Effective
Date
(a)
Maturity
Date
Notional
Amount
Unrealized
Appreciation/
(Depreciation)
Upfront
Payments/(Receipts)
Fair
Value
United
Kingdom
Retail
Prices
Index
Pay
3.24%
Maturity
Maturity
N/A
07/15/2035
4,231‌
$
(
16‌
)
$
1‌
$
(
15‌
)
United
Kingdom
Retail
Prices
Index
Pay
3.32%
Maturity
Maturity
N/A
07/15/2027
9,696‌
(
39‌
)
1‌
(
38‌
)
United
Kingdom
Retail
Prices
Index
Receive
3.43%
Maturity
Maturity
N/A
07/15/2029
9,696‌
35‌
—‌
35‌
United
Kingdom
Retail
Prices
Index
Receive
3.41%
Maturity
Maturity
N/A
07/15/2030
4,231‌
15‌
—‌
15‌
United
Kingdom
Retail
Prices
Index
Pay
3.27%
Maturity
Maturity
N/A
07/15/2035
2,075‌
(
1‌
)
1‌
—‌
United
Kingdom
Retail
Prices
Index
Pay
3.43%
Maturity
Maturity
N/A
07/15/2027
4,756‌
(
5‌
)
—‌
(
5‌
)
United
Kingdom
Retail
Prices
Index
Pay
3.30%
Maturity
Maturity
N/A
07/15/2027
4,950‌
(
21‌
)
—‌
(
21‌
)
United
Kingdom
Retail
Prices
Index
Receive
3.37%
Maturity
Maturity
N/A
07/15/2030
4,204‌
24‌
—‌
24‌
United
Kingdom
Retail
Prices
Index
Receive
3.35%
Maturity
Maturity
N/A
07/15/2030
5,080‌
37‌
(
1‌
)
36‌
United
Kingdom
Retail
Prices
Index
Pay
3.21%
Maturity
Maturity
N/A
07/15/2035
5,080‌
(
35‌
)
(
1‌
)
(
36‌
)
United
Kingdom
Retail
Prices
Index
Receive
3.49%
Maturity
Maturity
N/A
07/15/2029
4,756‌
3‌
(
2‌
)
1‌
United
Kingdom
Retail
Prices
Index
Receive
3.35%
Maturity
Maturity
N/A
07/15/2030
4,247‌
30‌
—‌
30‌
United
Kingdom
Retail
Prices
Index
Pay
3.20%
Maturity
Maturity
N/A
07/15/2027
11,070‌
(
75‌
)
—‌
(
75‌
)
United
Kingdom
Retail
Prices
Index
Receive
3.34%
Maturity
Maturity
N/A
07/15/2029
11,070‌
88‌
(
1‌
)
87‌
United
Kingdom
Retail
Prices
Index
Receive
3.34%
Maturity
Maturity
N/A
07/15/2030
3,345‌
26‌
(
1‌
)
25‌
United
Kingdom
Retail
Prices
Index
Pay
3.20%
Maturity
Maturity
N/A
07/15/2035
5,080‌
(
43‌
)
—‌
(
43‌
)
United
Kingdom
Retail
Prices
Index
Pay
3.23%
Maturity
Maturity
N/A
07/15/2027
11,075‌
(
69‌
)
1‌
(
68‌
)
United
Kingdom
Retail
Prices
Index
Receive
3.36%
Maturity
Maturity
N/A
07/15/2029
11,075‌
75‌
2‌
77‌
United
Kingdom
Retail
Prices
Index
Receive
3.32%
Maturity
Maturity
N/A
07/15/2030
5,080‌
44‌
1‌
45‌
United
Kingdom
Retail
Prices
Index
Receive
3.46%
Maturity
Maturity
N/A
07/15/2030
2,075‌
2‌
(
1‌
)
1‌
US
Federal
Funds
Effective
Rate
(continuous
series)
Pay
4.32%
Annual
Annual
N/A
09/17/2025
$
324,455‌
$
(
2‌
)
—‌
(
2‌
)
US
Federal
Funds
Effective
Rate
(continuous
series)
Pay
4.28%
Annual
Annual
N/A
09/17/2025
394,646‌
(
26‌
)
—‌
(
26‌
)
US
Federal
Funds
Effective
Rate
(continuous
series)
Pay
4.31%
Annual
Annual
N/A
09/17/2025
650,179‌
(
19‌
)
—‌
(
19‌
)
US
Federal
Funds
Effective
Rate
(continuous
series)
Pay
4.31%
Annual
Annual
N/A
09/17/2025
647,247‌
(
18‌
)
—‌
(
18‌
)
US
Federal
Funds
Effective
Rate
(continuous
series)
Pay
4.27%
Annual
Annual
N/A
09/17/2025
1,321,599‌
(
100‌
)
1‌
(
99‌
)
US
Federal
Funds
Effective
Rate
(continuous
series)
Pay
4.29%
Annual
Annual
N/A
09/17/2025
660,701‌
(
37‌
)
1‌
(
36‌
)
Total
$
2,995‌
$
72‌
$
3,067‌
Amounts
in
thousands.
(a)    
Forward
swap.
Schedule
of
Investments
International
Equity
Fund
July
31,
2025
(unaudited)
115
INVESTMENT
COMPANIES
-
0
.22
%
Shares
Held
Value
(000's)
Money
Market
Funds
-
0
.22
%
Principal
Government
Money
Market
Fund
-
Class
R-6
4.22%
(a),(b)
14,811,664‌
$
14,812‌
TOTAL
INVESTMENT
COMPANIES
$
14,812‌
COMMON
STOCKS
-
99
.26
%
Shares
Held
Value
(000's)
Aerospace
&
Defense
-
5
.96
%
Airbus
SE
1,022,871‌
$
205,654‌
BAE
Systems
PLC
7,925,683‌
189,112‌
$
394,766‌
Apparel
-
1
.75
%
PRADA
SpA
13,212,100‌
71,912‌
Samsonite
Group
SA
(c)
21,715,800‌
44,294‌
$
116,206‌
Automobile
Manufacturers
-
4
.28
%
Daimler
Truck
Holding
AG
3,432,986‌
166,999‌
Toyota
Motor
Corp
6,551,100‌
116,528‌
$
283,527‌
Banks
-
13
.11
%
AIB
Group
PLC
28,816,353‌
227,322‌
Erste
Group
Bank
AG
2,716,080‌
248,369‌
National
Bank
of
Greece
SA
9,954,897‌
138,857‌
NatWest
Group
PLC
16,916,292‌
117,426‌
Sberbank
of
Russia
PJSC
ADR
(d)
194,243‌
—‌
UniCredit
SpA
1,849,740‌
136,093‌
$
868,067‌
Biotechnology
-
1
.09
%
Argenx
SE
(d)
107,660‌
72,308‌
Building
Materials
-
2
.63
%
CRH
PLC
1,296,719‌
122,892‌
CRH
PLC
534,776‌
51,045‌
$
173,937‌
Computers
-
2
.09
%
Fujitsu
Ltd
6,341,500‌
138,143‌
Cosmetics
&
Personal
Care
-
5
.31
%
Haleon
PLC
27,394,059‌
128,497‌
Unilever
PLC
3,842,155‌
222,924‌
$
351,421‌
Engineering
&
Construction
-
1
.26
%
Technip
Energies
NV
1,927,448‌
83,230‌
Entertainment
-
1
.91
%
Entain
PLC
9,408,002‌
126,338‌
Food
-
0
.00
%
Magnit
PJSC
(d)
24,200‌
—‌
Healthcare
-
Products
-
2
.37
%
Smith
&
Nephew
PLC
10,270,750‌
156,968‌
Healthcare
-
Services
-
1
.10
%
ICON
PLC
(d)
430,809‌
72,889‌
Insurance
-
10
.19
%
AIA
Group
Ltd
27,277,600‌
254,341‌
AXA
SA
1,419,091‌
68,924‌
Hannover
Rueck
SE
599,937‌
181,987‌
Sompo
Holdings
Inc
5,747,300‌
169,471‌
$
674,723‌
Internet
-
6
.37
%
JD.com
Inc
10,598,100‌
167,047‌
Spotify
Technology
SA
(d)
97,235‌
60,921‌
Tencent
Holdings
Ltd
2,671,300‌
187,024‌
Trip.com
Group
Ltd
114,300‌
7,096‌
$
422,088‌
Iron
&
Steel
-
0
.00
%
Evraz
PLC
(d)
204,000‌
—‌
Machinery
-
Construction
&
Mining
-
1
.72
%
Weir
Group
PLC/The
3,240,137‌
113,829‌
Media
-
2
.54
%
Liberty
Media
Corp-Liberty
Formula
One
-
C
Shares
(d)
1,674,346‌
168,021‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Mining
-
2
.18
%
Sandfire
Resources
Ltd
(d)
941,430‌
$
6,333‌
Teck
Resources
Ltd
4,268,006‌
138,396‌
$
144,729‌
Oil
&
Gas
-
2
.82
%
Gazprom
PJSC
(d)
288,000‌
—‌
LUKOIL
PJSC
(d)
20,000‌
—‌
Novatek
PJSC
67,000‌
—‌
Suncor
Energy
Inc
4,736,716‌
186,823‌
$
186,823‌
Pharmaceuticals
-
6
.04
%
AstraZeneca
PLC
1,331,294‌
194,225‌
Novo
Nordisk
A/S
713,357‌
33,177‌
Sanofi
SA
1,924,329‌
172,749‌
$
400,151‌
Retail
-
6
.01
%
Dollarama
Inc
1,325,222‌
181,128‌
Yum
China
Holdings
Inc
2,512,507‌
117,284‌
Yum
China
Holdings
Inc
2,151,573‌
99,897‌
$
398,309‌
Semiconductors
-
10
.13
%
ASML
Holding
NV
287,363‌
199,164‌
Samsung
Electronics
Co
Ltd
4,539,980‌
231,375‌
Taiwan
Semiconductor
Manufacturing
Co
Ltd
744,000‌
28,644‌
Taiwan
Semiconductor
Manufacturing
Co
Ltd
ADR
875,275‌
211,484‌
$
670,667‌
Software
-
0
.94
%
Constellation
Software
Inc/Canada
-
Warrants
(d),(e)
500‌
—‌
Nemetschek
SE
418,575‌
62,365‌
$
62,365‌
Telecommunications
-
4
.72
%
Deutsche
Telekom
AG
8,713,450‌
312,516‌
Toys,
Games
&
Hobbies
-
2
.74
%
Nintendo
Co
Ltd
2,167,500‌
181,157‌
TOTAL
COMMON
STOCKS
$
6,573,178‌
Total
Investments
$
6,587,990‌
Other
Assets
and
Liabilities
-  0.52%
34,187‌
TOTAL
NET
ASSETS
-
100.00%
$
6,622,177‌
(a)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940,
as
amended,
(the
"1940
Act"))
or
an
affiliate
as
defined
by
the
1940
Act
(controls
5.00%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
Affiliated
Securities
sub-schedule
for
transactional
information.
(b)
1-day
yield
shown
is
as
of
period
end.
(c)
Security
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933.
These
securities
may
be
resold
in
transactions
exempt
from
registration,
normally
to
qualified
institutional
buyers.
At
the
end
of
the
period,
the
value
of
these
securities
totaled
$44,294
or
0.67%
of
net
assets.
(d)
Non-income
producing
security
(e)
The
value
of
these
investments
was
determined
using
significant
unobservable
inputs,
in
good
faith
by
the
Manager,
under
procedures
established
and
periodically
reviewed
by
the
Board
of
Directors.
Schedule
of
Investments
International
Equity
Fund
July
31,
2025
(unaudited)
116
Affiliated
Securities
October
31,
2024
Purchases
Sales
July
31,
2025
Value
Cost
Proceeds
Value
Principal
Government
Money
Market
Fund
-
Class
R-6
4.22%
$
907‌
$
1,638,091‌
$
1,624,186‌
$
14,812‌
$
907‌
$
1,638,091‌
$
1,624,186‌
$
14,812‌
Income
(a)
Realized
Gain/(Loss)
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
(Loss)
Principal
Government
Money
Market
Fund
-
Class
R-6
4.22%
$
2,872‌
$
—‌
$
—‌
$
—‌
$
2,872‌
$
—‌
$
—‌
$
—‌
Amounts
in
thousands.
(a)
Amount
excludes
earnings
from
securities
lending
collateral.
Schedule
of
Investments
LargeCap
Growth
Fund
I
July
31,
2025
(unaudited)
117
INVESTMENT
COMPANIES
-
2
.01
%
Shares
Held
Value
(000's)
Exchange-Traded
Funds
-
0
.27
%
iShares
Russell
1000
Growth
ETF
56,400‌
$
24,839‌
Money
Market
Funds
-
1
.74
%
BlackRock
Liquidity
FedFund
-
Institutional
Class
4.21%
(a),(b)
409,322‌
410‌
Principal
Government
Money
Market
Fund
-
Class
R-6
4.22%
(a),(c)
160,264,092‌
160,264‌
$
160,674‌
TOTAL
INVESTMENT
COMPANIES
$
185,513‌
CONVERTIBLE
PREFERRED
STOCKS
-
0
.14
%
Shares
Held
Value
(000's)
Automobile
Manufacturers
-
0
.06
%
Waymo
LLC
Series
A-2
0.00%
(d),(e),(f)
48,770‌
$
5,167‌
Chemicals
-
0
.02
%
Sila
Nano
Series
F
0.00%
(d),(e),(f)
103,620‌
1,888‌
Software
-
0
.06
%
Nuro
-
Series
C
0.00%
(d),(e),(f)
353,308‌
4,522‌
Rappi
Inc
-
Series
E
0.00%
(d),(e),(f)
103,387‌
1,507‌
$
6,029‌
TOTAL
CONVERTIBLE
PREFERRED
STOCKS
$
13,084‌
COMMON
STOCKS
-
97
.85
%
Shares
Held
Value
(000's)
Advertising
-
1
.09
%
Trade
Desk
Inc/The
(d)
1,156,480‌
$
100,567‌
Aerospace
&
Defense
-
2
.58
%
Boeing
Co/The
(d)
185,051‌
41,052‌
FTAI
Aviation
Ltd
3,593‌
494‌
General
Electric
Co
37,298‌
10,111‌
HEICO
Corp
1,494‌
488‌
HEICO
Corp
-
Class
A
2,643‌
682‌
Howmet
Aerospace
Inc
327,973‌
58,959‌
Karman
Holdings
Inc
(d)
1,057‌
55‌
Leonardo
DRS
Inc
1,186‌
49‌
Loar
Holdings
Inc
(d)
1,430‌
106‌
Lockheed
Martin
Corp
2,043‌
860‌
Rocket
Lab
Corp
(d)
13,865‌
637‌
Spirit
AeroSystems
Holdings
Inc
(d)
570‌
23‌
StandardAero
Inc
(d)
500‌
14‌
TransDigm
Group
Inc
77,208‌
124,186‌
$
237,716‌
Agriculture
-
0
.00
%
Darling
Ingredients
Inc
(d)
698‌
23‌
Airlines
-
0
.00
%
Alaska
Air
Group
Inc
(d)
844‌
45‌
American
Airlines
Group
Inc
(d)
1,852‌
21‌
Southwest
Airlines
Co
2,146‌
66‌
$
132‌
Apparel
-
0
.02
%
Birkenstock
Holding
Plc
(d)
635‌
32‌
Deckers
Outdoor
Corp
(d)
5,342‌
567‌
On
Holding
AG
(d)
7,798‌
379‌
Ralph
Lauren
Corp
114‌
34‌
Tapestry
Inc
6,710‌
725‌
$
1,737‌
Automobile
Manufacturers
-
0
.33
%
Tesla
Inc
(d)
99,850‌
30,781‌
Automobile
Parts
&
Equipment
-
0
.00
%
Allison
Transmission
Holdings
Inc
569‌
51‌
Banks
-
0
.04
%
Bank
of
America
Corp
19,319‌
913‌
Bank
of
New
York
Mellon
Corp/The
1,948‌
198‌
Citigroup
Inc
11,716‌
1,098‌
Goldman
Sachs
Group
Inc/The
581‌
420‌
NU
Holdings
Ltd/Cayman
Islands
(d)
113,223‌
1,384‌
Pinnacle
Financial
Partners
Inc
210‌
18‌
Popular
Inc
280‌
32‌
Western
Alliance
Bancorp
900‌
70‌
$
4,133‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Beverages
-
0
.08
%
Celsius
Holdings
Inc
(d)
5,810‌
$
263‌
Coca-Cola
Co/The
67,414‌
4,577‌
Coca-Cola
Consolidated
Inc
282‌
32‌
Monster
Beverage
Corp
(d)
24,734‌
1,453‌
PepsiCo
Inc
6,642‌
916‌
$
7,241‌
Biotechnology
-
0
.48
%
Alnylam
Pharmaceuticals
Inc
(d)
4,409‌
1,729‌
Amgen
Inc
14,061‌
4,149‌
Apellis
Pharmaceuticals
Inc
(d)
4,206‌
94‌
Argenx
SE
ADR
(d)
45,559‌
30,540‌
Exelixis
Inc
(d)
7,948‌
288‌
Gilead
Sciences
Inc
11,879‌
1,334‌
Halozyme
Therapeutics
Inc
(d)
4,352‌
261‌
Incyte
Corp
(d)
1,454‌
109‌
Insmed
Inc
(d)
5,917‌
635‌
Ionis
Pharmaceuticals
Inc
(d)
5,128‌
220‌
Sarepta
Therapeutics
Inc
(d)
2,740‌
45‌
Summit
Therapeutics
Inc
(d),(g)
4,149‌
110‌
Ultragenyx
Pharmaceutical
Inc
(d)
3,489‌
95‌
Vertex
Pharmaceuticals
Inc
(d)
9,130‌
4,171‌
Viking
Therapeutics
Inc
(d),(g)
344‌
11‌
$
43,791‌
Building
Materials
-
1
.03
%
AAON
Inc
2,441‌
204‌
Armstrong
World
Industries
Inc
475‌
89‌
Eagle
Materials
Inc
81‌
18‌
James
Hardie
Industries
PLC
(d)
3,310‌
86‌
Lennox
International
Inc
1,138‌
693‌
Simpson
Manufacturing
Co
Inc
157‌
28‌
Trane
Technologies
PLC
213,281‌
93,434‌
$
94,552‌
Chemicals
-
0
.03
%
Ecolab
Inc
2,150‌
563‌
Sherwin-Williams
Co/The
7,483‌
2,476‌
$
3,039‌
Commercial
Services
-
3
.79
%
Affirm
Holdings
Inc
(d)
79,848‌
5,475‌
Automatic
Data
Processing
Inc
13,386‌
4,143‌
Avis
Budget
Group
Inc
(d),(g)
206‌
35‌
Block
Inc
(d)
1,696,232‌
131,051‌
Booz
Allen
Hamilton
Holding
Corp
4,381‌
470‌
Bright
Horizons
Family
Solutions
Inc
(d)
294‌
33‌
Cintas
Corp
518,848‌
115,470‌
Corpay
Inc
(d)
2,390‌
772‌
Equifax
Inc
137,515‌
33,035‌
Grand
Canyon
Education
Inc
(d)
278‌
47‌
H&R
Block
Inc
796‌
43‌
Moody's
Corp
5,518‌
2,846‌
Morningstar
Inc
567‌
157‌
Paylocity
Holding
Corp
(d)
1,446‌
267‌
Quanta
Services
Inc
4,028‌
1,636‌
RB
Global
Inc
450‌
49‌
Rollins
Inc
9,939‌
569‌
S&P
Global
Inc
92,708‌
51,091‌
Shift4
Payments
Inc
(d)
2,357‌
243‌
Toast
Inc
(d)
16,038‌
783‌
U-Haul
Holding
Co
(d),(g)
129‌
8‌
U-Haul
Holding
Co
1,369‌
71‌
Valvoline
Inc
(d)
3,998‌
141‌
Verisk
Analytics
Inc
2,961‌
825‌
WEX
Inc
(d)
145‌
25‌
WillScot
Holdings
Corp
1,609‌
47‌
$
349,332‌
Computers
-
5
.11
%
Apple
Inc
2,220,134‌
460,833‌
Crowdstrike
Holdings
Inc
(d)
8,671‌
3,942‌
Dell
Technologies
Inc
1,604‌
213‌
ExlService
Holdings
Inc
(d)
5,619‌
244‌
Schedule
of
Investments
LargeCap
Growth
Fund
I
July
31,
2025
(unaudited)
118
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Computers
(continued)
Fortinet
Inc
(d)
22,559‌
$
2,254‌
Gartner
Inc
(d)
2,638‌
893‌
Globant
SA
(d)
168‌
14‌
KBR
Inc
450‌
21‌
Kyndryl
Holdings
Inc
(d)
597‌
23‌
Lumentum
Holdings
Inc
(d)
206‌
23‌
NetApp
Inc
2,826‌
294‌
Okta
Inc
(d)
2,389‌
234‌
Pure
Storage
Inc
(d)
9,295‌
553‌
Rubrik
Inc
(d)
2,173‌
206‌
Super
Micro
Computer
Inc
(d)
8,333‌
491‌
Zscaler
Inc
(d)
3,444‌
983‌
$
471,221‌
Consumer
Products
-
0
.01
%
Kimberly-Clark
Corp
4,229‌
527‌
Cosmetics
&
Personal
Care
-
0
.01
%
Colgate-Palmolive
Co
13,503‌
1,132‌
Distribution
&
Wholesale
-
0
.05
%
Copart
Inc
(d)
29,207‌
1,324‌
Core
&
Main
Inc
(d)
3,913‌
249‌
Fastenal
Co
33,473‌
1,544‌
Pool
Corp
268‌
82‌
SiteOne
Landscape
Supply
Inc
(d)
505‌
70‌
WW
Grainger
Inc
1,342‌
1,395‌
$
4,664‌
Diversified
Financial
Services
-
5
.32
%
Ally
Financial
Inc
1,155‌
44‌
American
Express
Co
6,372‌
1,907‌
Ameriprise
Financial
Inc
3,078‌
1,595‌
Apollo
Global
Management
Inc
10,170‌
1,478‌
Ares
Management
Corp
127,681‌
23,689‌
Blue
Owl
Capital
Inc
21,593‌
418‌
Brookfield
Asset
Management
Ltd
4,661‌
287‌
Charles
Schwab
Corp/The
5,274‌
515‌
Coinbase
Global
Inc
(d)
708‌
268‌
Credit
Acceptance
Corp
(d)
29‌
14‌
Freedom
Holding
Corp/NV
(d)
533‌
99‌
Hamilton
Lane
Inc
926‌
141‌
Houlihan
Lokey
Inc
732‌
140‌
Interactive
Brokers
Group
Inc
-
A
Shares
902‌
59‌
Jefferies
Financial
Group
Inc
1,494‌
86‌
Lazard
Inc
851‌
44‌
LPL
Financial
Holdings
Inc
2,806‌
1,110‌
Mastercard
Inc
533,479‌
302,200‌
SLM
Corp
1,150‌
37‌
SoFi
Technologies
Inc
(d)
5,176‌
117‌
TPG
Inc
4,316‌
246‌
Tradeweb
Markets
Inc
172,985‌
23,967‌
UWM
Holdings
Corp
633‌
3‌
Visa
Inc
380,791‌
131,552‌
XP
Inc
1,619‌
26‌
$
490,042‌
Electric
-
0
.04
%
NRG
Energy
Inc
7,012‌
1,172‌
Vistra
Corp
11,986‌
2,500‌
$
3,672‌
Electrical
Components
&
Equipment
-
0
.77
%
Generac
Holdings
Inc
(d)
363,499‌
70,770‌
Electronics
-
1
.12
%
Amphenol
Corp
967,406‌
103,038‌
Jabil
Inc
2,422‌
541‌
$
103,579‌
Energy
-
Alternate
Sources
-
0
.30
%
Enphase
Energy
Inc
(d)
4,520‌
146‌
First
Solar
Inc
(d)
156,912‌
27,417‌
$
27,563‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Engineering
&
Construction
-
0
.01
%
Comfort
Systems
USA
Inc
1,234‌
$
868‌
EMCOR
Group
Inc
542‌
340‌
MasTec
Inc
(d)
465‌
88‌
TopBuild
Corp
(d)
73‌
27‌
$
1,323‌
Entertainment
-
0
.90
%
Churchill
Downs
Inc
1,947‌
209‌
DraftKings
Inc
(d)
1,767,632‌
79,614‌
Flutter
Entertainment
PLC
(d)
5,123‌
1,549‌
Light
&
Wonder
Inc
(d)
2,916‌
281‌
Live
Nation
Entertainment
Inc
(d)
5,595‌
826‌
TKO
Group
Holdings
Inc
1,095‌
184‌
Vail
Resorts
Inc
1,034‌
155‌
$
82,818‌
Environmental
Control
-
0
.75
%
Tetra
Tech
Inc
1,762‌
65‌
Veralto
Corp
628,532‌
65,889‌
Waste
Management
Inc
13,110‌
3,004‌
$
68,958‌
Food
-
0
.02
%
Hershey
Co/The
625‌
116‌
Performance
Food
Group
Co
(d)
670‌
67‌
Sprouts
Farmers
Market
Inc
(d)
3,453‌
523‌
Sysco
Corp
9,201‌
733‌
$
1,439‌
Healthcare
-
Products
-
4
.45
%
Boston
Scientific
Corp
(d)
9,010‌
945‌
Danaher
Corp
112,319‌
22,145‌
Exact
Sciences
Corp
(d)
411‌
19‌
IDEXX
Laboratories
Inc
(d)
2,864‌
1,530‌
Inspire
Medical
Systems
Inc
(d)
1,016‌
127‌
Insulet
Corp
(d)
2,466‌
711‌
Intuitive
Surgical
Inc
(d)
411,043‌
197,748‌
Masimo
Corp
(d)
1,578‌
243‌
Natera
Inc
(d)
215,481‌
28,801‌
Penumbra
Inc
(d)
1,307‌
330‌
Repligen
Corp
(d)
313‌
37‌
ResMed
Inc
1,206‌
328‌
Sonova
Holding
AG
ADR
379,358‌
20,633‌
Stryker
Corp
155,824‌
61,197‌
Tempus
AI
Inc
(d),(g)
2,923‌
166‌
Waters
Corp
(d)
1,085‌
313‌
West
Pharmaceutical
Services
Inc
312,157‌
74,687‌
$
409,960‌
Healthcare
-
Services
-
0
.94
%
Chemed
Corp
46‌
19‌
Cigna
Group/The
132,267‌
35,366‌
DaVita
Inc
(d)
1,358‌
191‌
HCA
Healthcare
Inc
1,293‌
458‌
Medpace
Holdings
Inc
(d)
804‌
343‌
Molina
Healthcare
Inc
(d)
1,023‌
161‌
Sotera
Health
Co
(d)
597‌
7‌
UnitedHealth
Group
Inc
202,085‌
50,432‌
$
86,977‌
Home
Furnishings
-
0
.01
%
SharkNinja
Inc
(d)
427‌
49‌
Somnigroup
International
Inc
7,152‌
518‌
$
567‌
Insurance
-
1
.17
%
Aon
PLC
6,862‌
2,441‌
Arthur
J
Gallagher
&
Co
575‌
165‌
Brown
&
Brown
Inc
1,036‌
95‌
Equitable
Holdings
Inc
10,771‌
553‌
Everest
Group
Ltd
222‌
74‌
Kinsale
Capital
Group
Inc
784‌
345‌
Markel
Group
Inc
(d)
90‌
181‌
Marsh
&
McLennan
Cos
Inc
2,057‌
410‌
Progressive
Corp/The
425,545‌
102,999‌
Schedule
of
Investments
LargeCap
Growth
Fund
I
July
31,
2025
(unaudited)
119
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Insurance
(continued)
RLI
Corp
206‌
$
14‌
Ryan
Specialty
Holdings
Inc
3,728‌
228‌
$
107,505‌
Internet
-
20
.31
%
Airbnb
Inc
(d)
15,071‌
1,996‌
Alphabet
Inc
-
A
Shares
1,213,187‌
232,811‌
Alphabet
Inc
-
C
Shares
649,982‌
125,355‌
Amazon.com
Inc
(d)
2,088,627‌
488,968‌
Booking
Holdings
Inc
13,799‌
75,951‌
CDW
Corp/DE
380‌
66‌
Chewy
Inc
(d)
7,398‌
271‌
Coupang
Inc
(d)
1,415,745‌
41,666‌
DoorDash
Inc
-
Class
A
(d)
12,713‌
3,181‌
Etsy
Inc
(d)
2,104‌
123‌
Expedia
Group
Inc
4,274‌
770‌
Gen
Digital
Inc
2,381‌
70‌
GoDaddy
Inc
(d)
4,880‌
789‌
Lyft
Inc
(d)
2,547‌
36‌
MercadoLibre
Inc
(d)
15,711‌
37,296‌
Meta
Platforms
Inc
552,706‌
427,484‌
Netflix
Inc
(d)
210,292‌
243,813‌
Palo
Alto
Networks
Inc
(d)
23,291‌
4,043‌
Pinterest
Inc
(d)
10,387‌
401‌
Reddit
Inc
(d)
4,117‌
661‌
Robinhood
Markets
Inc
(d)
3,495‌
360‌
Roku
Inc
(d)
594‌
56‌
Shopify
Inc
(d)
295,801‌
36,150‌
Spotify
Technology
SA
(d)
5,461‌
3,422‌
Trump
Media
&
Technology
Group
Corp
(d),(g)
1,986‌
35‌
Uber
Technologies
Inc
(d)
1,655,973‌
145,312‌
Wayfair
Inc
(d)
670‌
44‌
$
1,871,130‌
Iron
&
Steel
-
0
.00
%
Carpenter
Technology
Corp
302‌
75‌
Steel
Dynamics
Inc
538‌
69‌
$
144‌
Leisure
Products
&
Services
-
0
.05
%
Carnival
Corp
(d)
11,798‌
351‌
Norwegian
Cruise
Line
Holdings
Ltd
(d)
13,839‌
354‌
Planet
Fitness
Inc
(d)
2,957‌
323‌
Royal
Caribbean
Cruises
Ltd
8,970‌
2,851‌
Viking
Holdings
Ltd
(d)
7,192‌
422‌
$
4,301‌
Lodging
-
1
.59
%
Choice
Hotels
International
Inc
(g)
330‌
42‌
Hilton
Worldwide
Holdings
Inc
538,395‌
144,333‌
Las
Vegas
Sands
Corp
11,345‌
594‌
Marriott
International
Inc/MD
6,178‌
1,630‌
Travel
+
Leisure
Co
821‌
49‌
Wyndham
Hotels
&
Resorts
Inc
2,415‌
208‌
$
146,856‌
Machinery
-
Construction
&
Mining
-
0
.10
%
BWX
Technologies
Inc
570‌
86‌
Caterpillar
Inc
2,002‌
877‌
GE
Vernova
Inc
9,706‌
6,409‌
Vertiv
Holdings
Co
13,480‌
1,963‌
$
9,335‌
Machinery
-
Diversified
-
0
.25
%
Ingersoll
Rand
Inc
276,094‌
23,366‌
Rockwell
Automation
Inc
323‌
113‌
$
23,479‌
Media
-
0
.00
%
FactSet
Research
Systems
Inc
99‌
40‌
Liberty
Broadband
Corp
-
A
Shares
(d)
148‌
9‌
Liberty
Broadband
Corp
-
C
Shares
(d)
892‌
55‌
Liberty
Media
Corp-Liberty
Formula
One
-
A
Shares
(d)
325‌
29‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Media
(continued)
Liberty
Media
Corp-Liberty
Formula
One
-
C
Shares
(d)
2,311‌
$
232‌
Nexstar
Media
Group
Inc
73‌
13‌
$
378‌
Metal
Fabrication
&
Hardware
-
0
.00
%
RBC
Bearings
Inc
(d)
224‌
87‌
Mining
-
0
.00
%
Anglogold
Ashanti
Plc
2,170‌
100‌
Miscellaneous
Manufacturers
-
0
.04
%
3M
Co
3,057‌
456‌
Axon
Enterprise
Inc
(d)
2,647‌
2,000‌
Carlisle
Cos
Inc
202‌
72‌
Illinois
Tool
Works
Inc
3,385‌
866‌
$
3,394‌
Oil
&
Gas
-
0
.01
%
HF
Sinclair
Corp
632‌
28‌
Phillips
66
1,035‌
128‌
Texas
Pacific
Land
Corp
682‌
660‌
$
816‌
Oil
&
Gas
Services
-
0
.19
%
Schlumberger
NV
524,760‌
17,737‌
Pharmaceuticals
-
2
.31
%
AbbVie
Inc
62,849‌
11,880‌
Bristol-Myers
Squibb
Co
13,893‌
602‌
Cardinal
Health
Inc
4,289‌
666‌
Cencora
Inc
6,477‌
1,853‌
Corcept
Therapeutics
Inc
(d)
3,337‌
224‌
Dexcom
Inc
(d)
13,854‌
1,119‌
Eli
Lilly
&
Co
139,836‌
103,488‌
McKesson
Corp
4,112‌
2,852‌
Neurocrine
Biosciences
Inc
(d)
2,921‌
374‌
Zoetis
Inc
616,391‌
89,864‌
$
212,922‌
Pipelines
-
0
.02
%
Cheniere
Energy
Inc
3,505‌
827‌
Targa
Resources
Corp
7,602‌
1,265‌
Williams
Cos
Inc/The
2,294‌
137‌
$
2,229‌
Private
Equity
-
0
.06
%
Blackstone
Inc
25,954‌
4,489‌
KKR
&
Co
Inc
5,981‌
877‌
$
5,366‌
Real
Estate
-
1
.12
%
CBRE
Group
Inc
(d)
1,221‌
190‌
CoStar
Group
Inc
(d)
1,078,060‌
102,621‌
Jones
Lang
LaSalle
Inc
(d)
451‌
122‌
$
102,933‌
REITs
-
0
.05
%
American
Tower
Corp
16,579‌
3,455‌
Lamar
Advertising
Co
3,088‌
377‌
Public
Storage
732‌
199‌
Simon
Property
Group
Inc
2,533‌
415‌
Sun
Communities
Inc
859‌
107‌
UDR
Inc
720‌
28‌
$
4,581‌
Retail
-
2
.33
%
AutoZone
Inc
(d)
92‌
347‌
BJ's
Wholesale
Club
Holdings
Inc
(d)
772‌
82‌
Burlington
Stores
Inc
(d)
2,230‌
609‌
Carvana
Co
(d)
4,536‌
1,770‌
Casey's
General
Stores
Inc
197‌
102‌
Cava
Group
Inc
(d)
3,521‌
310‌
Chipotle
Mexican
Grill
Inc
(d)
740,532‌
31,754‌
Costco
Wholesale
Corp
166,253‌
156,218‌
Darden
Restaurants
Inc
3,917‌
790‌
Domino's
Pizza
Inc
357‌
165‌
Dutch
Bros
Inc
(d)
4,083‌
242‌
Ferguson
Enterprises
Inc
405‌
90‌
Schedule
of
Investments
LargeCap
Growth
Fund
I
July
31,
2025
(unaudited)
120
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Retail
(continued)
Floor
&
Decor
Holdings
Inc
(d)
1,275‌
$
98‌
Freshpet
Inc
(d)
584‌
40‌
Home
Depot
Inc/The
26,941‌
9,901‌
Lithia
Motors
Inc
114‌
33‌
Lululemon
Athletica
Inc
(d)
2,132‌
428‌
McDonald's
Corp
1,413‌
424‌
Murphy
USA
Inc
617‌
224‌
O'Reilly
Automotive
Inc
(d)
27,775‌
2,731‌
Restaurant
Brands
International
Inc
7,297‌
495‌
RH
(d)
92‌
19‌
Ross
Stores
Inc
2,267‌
310‌
Starbucks
Corp
5,321‌
474‌
Texas
Roadhouse
Inc
2,329‌
431‌
TJX
Cos
Inc/The
19,828‌
2,469‌
Tractor
Supply
Co
18,843‌
1,073‌
Ulta
Beauty
Inc
(d)
418‌
215‌
Walmart
Inc
15,408‌
1,510‌
Wendy's
Co/The
2,848‌
28‌
Williams-Sonoma
Inc
628‌
117‌
Wingstop
Inc
979‌
369‌
Yum!
Brands
Inc
3,305‌
476‌
$
214,344‌
Semiconductors
-
15
.07
%
Advanced
Micro
Devices
Inc
(d)
201,711‌
35,564‌
Applied
Materials
Inc
8,156‌
1,469‌
Astera
Labs
Inc
(d)
5,062‌
692‌
Broadcom
Inc
722,245‌
212,123‌
Entegris
Inc
519,770‌
40,782‌
KLA
Corp
4,724‌
4,153‌
Lam
Research
Corp
45,355‌
4,301‌
Lattice
Semiconductor
Corp
(d)
386,108‌
19,240‌
MACOM
Technology
Solutions
Holdings
Inc
(d)
626‌
86‌
Marvell
Technology
Inc
1,162,877‌
93,461‌
Monolithic
Power
Systems
Inc
1,635‌
1,163‌
NVIDIA
Corp
5,073,893‌
902,493‌
NXP
Semiconductors
NV
324,523‌
69,373‌
Onto
Innovation
Inc
(d)
385‌
36‌
QUALCOMM
Inc
8,901‌
1,306‌
Texas
Instruments
Inc
13,175‌
2,385‌
$
1,388,627‌
Software
-
23
.19
%
Adobe
Inc
(d)
15,110‌
5,405‌
Appfolio
Inc
(d)
781‌
209‌
AppLovin
Corp
(d)
94,061‌
36,749‌
Atlassian
Corp
(d)
5,723‌
1,098‌
Autodesk
Inc
(d)
351,382‌
106,507‌
Bentley
Systems
Inc
5,564‌
323‌
Broadridge
Financial
Solutions
Inc
3,736‌
925‌
Cadence
Design
Systems
Inc
(d)
314,820‌
114,773‌
Cloudflare
Inc
(d)
10,930‌
2,270‌
Confluent
Inc
(d)
9,829‌
174‌
Datadog
Inc
(d)
595,927‌
83,417‌
Dayforce
Inc
(d)
455,265‌
26,255‌
Docusign
Inc
(d)
5,367‌
406‌
DoubleVerify
Holdings
Inc
(d)
2,611‌
40‌
Doximity
Inc
(d)
4,613‌
271‌
Dropbox
Inc
-
A
Shares
(d)
2,140‌
58‌
Duolingo
Inc
(d)
1,326‌
460‌
Dynatrace
Inc
(d)
402,550‌
21,178‌
Elastic
NV
(d)
3,196‌
268‌
Fair
Isaac
Corp
(d)
62,431‌
89,696‌
Fiserv
Inc
(d)
237,517‌
33,001‌
Gitlab
Inc
(d)
4,760‌
209‌
Guidewire
Software
Inc
(d)
2,951‌
668‌
HubSpot
Inc
(d)
57,105‌
29,674‌
Intuit
Inc
360,968‌
283,406‌
Magic
Leap
Inc
(d),(e),(f)
10,706‌
—‌
Manhattan
Associates
Inc
(d)
2,107‌
463‌
Microsoft
Corp
1,757,457‌
937,604‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Software
(continued)
MicroStrategy
Inc
(d)
484‌
$
194‌
MongoDB
Inc
(d)
301‌
72‌
MSCI
Inc
1,313‌
737‌
nCino
Inc
(d)
598‌
17‌
Nutanix
Inc
(d)
2,354‌
177‌
Oracle
Corp
58,792‌
14,920‌
Palantir
Technologies
Inc
(d)
77,496‌
12,271‌
Paychex
Inc
3,565‌
515‌
Paycom
Software
Inc
996‌
231‌
Pegasystems
Inc
1,152‌
68‌
Procore
Technologies
Inc
(d)
4,045‌
290‌
PTC
Inc
(d)
489‌
105‌
RingCentral
Inc
(d)
3,136‌
80‌
ROBLOX
Corp
(d)
19,975‌
2,752‌
Salesforce
Inc
3,692‌
954‌
Samsara
Inc
(d)
1,636,514‌
62,236‌
SentinelOne
Inc
(d)
7,467‌
137‌
ServiceNow
Inc
(d)
210,189‌
198,233‌
Snowflake
Inc
-
Class
A
(d)
11,071‌
2,474‌
Stripe
Inc
-
Class
B
(d),(e),(f)
114,126‌
4,051‌
Synopsys
Inc
(d)
4,809‌
3,046‌
Take-Two
Interactive
Software
Inc
(d)
2,133‌
475‌
Teradata
Corp
(d)
866‌
18‌
Twilio
Inc
(d)
858‌
111‌
Tyler
Technologies
Inc
(d)
1,260‌
737‌
Unity
Software
Inc
(d)
738‌
25‌
Veeva
Systems
Inc
(d)
191,329‌
54,376‌
Workday
Inc
(d)
7,617‌
1,747‌
$
2,136,556‌
Telecommunications
-
0
.70
%
Arista
Networks
Inc
(d)
509,689‌
62,804‌
AST
SpaceMobile
Inc
(d)
5,655‌
301‌
GCI
Liberty
Inc
(d)
29‌
1‌
GCI
Liberty
Inc
(d)
178‌
6‌
Iridium
Communications
Inc
441‌
11‌
Motorola
Solutions
Inc
2,470‌
1,084‌
Ubiquiti
Inc
168‌
73‌
$
64,280‌
Transportation
-
0
.01
%
Old
Dominion
Freight
Line
Inc
419‌
63‌
Union
Pacific
Corp
1,655‌
367‌
XPO
Inc
(d)
838‌
101‌
$
531‌
TOTAL
COMMON
STOCKS
$
9,015,938‌
Total
Investments
$
9,214,535‌
Other
Assets
and
Liabilities
-  0.00%
27‌
TOTAL
NET
ASSETS
-
100.00%
$
9,214,562‌
(a)
1-day
yield
shown
is
as
of
period
end.
(b)
Security
or
a
portion
of
the
security
was
received
as
collateral
for
securities
lending.
At
the
end
of
the
period,
the
value
of
these
securities
totaled
$410
or
0.00%
of
net
assets.
(c)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940,
as
amended,
(the
"1940
Act"))
or
an
affiliate
as
defined
by
the
1940
Act
(controls
5.00%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
Affiliated
Securities
sub-schedule
for
transactional
information.
(d)
Non-income
producing
security
(e)
The
value
of
these
investments
was
determined
using
significant
unobservable
inputs,
in
good
faith
by
the
Manager,
under
procedures
established
and
periodically
reviewed
by
the
Board
of
Directors.
(f)
Restricted
Security.
Please
see
Restricted
Securities
sub-schedule
for
additional
information.
(g)
Security
or
a
portion
of
the
security
was
on
loan.  At
the
end
of
the
period,
the
value
of
these
securities
totaled
$394
or
0.00%
of
net
assets.
Schedule
of
Investments
LargeCap
Growth
Fund
I
July
31,
2025
(unaudited)
121
Affiliated
Securities
October
31,
2024
Purchases
Sales
July
31,
2025
Value
Cost
Proceeds
Value
Principal
Government
Money
Market
Fund
-
Class
R-6
4.22%
$
229,346‌
$
2,322,918‌
$
2,392,000‌
$
160,264‌
$
229,346‌
$
2,322,918‌
$
2,392,000‌
$
160,264‌
Income
(a)
Realized
Gain/(Loss)
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
(Loss)
Principal
Government
Money
Market
Fund
-
Class
R-6
4.22%
$
5,980‌
$
—‌
$
—‌
$
—‌
$
5,980‌
$
—‌
$
—‌
$
—‌
Amounts
in
thousands.
(a)
Amount
excludes
earnings
from
securities
lending
collateral.
Restricted
Securities
Security
Name
Acquisition
Date
Cost
Value
Percent
of
Net
Assets
Magic
Leap
Inc
01/20/2016-10/12/2017
$
5,204‌
$
—‌
0.00%
Nuro
-
Series
C  
0.00%
10/30/2020
4,612‌
4,522‌
0.05%
Rappi
Inc
-
Series
E  
0.00%
09/08/2020
6,177‌
1,507‌
0.01%
Sila
Nano
Series
F  
0.00%
01/07/2021
4,277‌
1,888‌
0.02%
Stripe
Inc
-
Class
B
12/17/2019
1,791‌
4,051‌
0.04%
Waymo
LLC
Series
A-2  
0.00%
05/08/2020
4,188‌
5,167‌
0.06%
Total
$
17,135‌
0.18%
Amounts
in
thousands.
Futures
Contracts
Description
and
Expiration
Date
Type
Contracts
Notional
Amount
Value
and
Unrealized
Appreciation/(Depreciation)
S&P
500
Emini;
September
2025
Long
72‌
$
22,947‌
$
16‌
Total
$
16‌
Amounts
in
thousands
except
contracts.
Schedule
of
Investments
LargeCap
S&P
500
Index
Fund
July
31,
2025
(unaudited)
122
INVESTMENT
COMPANIES
-
1
.69
%
Shares
Held
Value
(000's)
Exchange-Traded
Funds
-
0
.32
%
iShares
Core
S&P
500
ETF
47,300‌
$
30,030‌
Money
Market
Funds
-
1
.37
%
BlackRock
Liquidity
FedFund
-
Institutional
Class
4.21%
(a),(b)
517,990‌
518‌
Principal
Government
Money
Market
Fund
-
Class
R-6
4.22%
(a),(b),(c)
129,390,974‌
129,391‌
$
129,909‌
TOTAL
INVESTMENT
COMPANIES
$
159,939‌
COMMON
STOCKS
-
98
.22
%
Shares
Held
Value
(000's)
Advertising
-
0
.11
%
Interpublic
Group
of
Cos
Inc/The
63,929‌
$
1,572‌
Omnicom
Group
Inc
33,736‌
2,431‌
Trade
Desk
Inc/The
(d)
77,484‌
6,738‌
$
10,741‌
Aerospace
&
Defense
-
2
.06
%
Boeing
Co/The
(d)
130,370‌
28,921‌
General
Dynamics
Corp
43,557‌
13,573‌
General
Electric
Co
184,383‌
49,983‌
Howmet
Aerospace
Inc
69,797‌
12,547‌
L3Harris
Technologies
Inc
32,324‌
8,883‌
Lockheed
Martin
Corp
36,055‌
15,178‌
Northrop
Grumman
Corp
23,393‌
13,489‌
RTX
Corp
230,991‌
36,397‌
TransDigm
Group
Inc
9,711‌
15,620‌
$
194,591‌
Agriculture
-
0
.73
%
Altria
Group
Inc
291,249‌
18,040‌
Archer-Daniels-Midland
Co
83,071‌
4,501‌
Bunge
Global
SA
23,239‌
1,854‌
Philip
Morris
International
Inc
269,127‌
44,150‌
$
68,545‌
Airlines
-
0
.15
%
Delta
Air
Lines
Inc
112,898‌
6,007‌
Southwest
Airlines
Co
(e)
98,533‌
3,048‌
United
Airlines
Holdings
Inc
(d)
56,471‌
4,987‌
$
14,042‌
Apparel
-
0
.25
%
Deckers
Outdoor
Corp
(d)
26,242‌
2,786‌
NIKE
Inc
203,698‌
15,214‌
Ralph
Lauren
Corp
6,895‌
2,060‌
Tapestry
Inc
35,910‌
3,880‌
$
23,940‌
Automobile
Manufacturers
-
1
.94
%
Cummins
Inc
23,818‌
8,756‌
Ford
Motor
Co
675,310‌
7,476‌
General
Motors
Co
166,236‌
8,867‌
PACCAR
Inc
90,767‌
8,964‌
Tesla
Inc
(d)
484,516‌
149,362‌
$
183,425‌
Automobile
Parts
&
Equipment
-
0
.03
%
Aptiv
PLC
(d)
37,647‌
2,584‌
Banks
-
4
.47
%
Bank
of
America
Corp
1,132,993‌
53,557‌
Bank
of
New
York
Mellon
Corp/The
123,702‌
12,550‌
Citigroup
Inc
322,939‌
30,259‌
Citizens
Financial
Group
Inc
74,980‌
3,578‌
Fifth
Third
Bancorp
115,412‌
4,798‌
Goldman
Sachs
Group
Inc/The
53,054‌
38,389‌
Huntington
Bancshares
Inc/OH
251,888‌
4,139‌
JPMorgan
Chase
&
Co
480,517‌
142,348‌
KeyCorp
170,544‌
3,056‌
M&T
Bank
Corp
27,754‌
5,237‌
Morgan
Stanley
213,592‌
30,428‌
Northern
Trust
Corp
33,637‌
4,373‌
PNC
Financial
Services
Group
Inc/The
68,395‌
13,014‌
Regions
Financial
Corp
155,429‌
3,937‌
State
Street
Corp
49,310‌
5,510‌
Truist
Financial
Corp
226,425‌
9,897‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Banks
(continued)
US
Bancorp
269,389‌
$
12,112‌
Wells
Fargo
&
Co
562,661‌
45,367‌
$
422,549‌
Beverages
-
1
.06
%
Brown-Forman
Corp
-
B
Shares
31,489‌
909‌
Coca-Cola
Co/The
669,760‌
45,470‌
Constellation
Brands
Inc
26,468‌
4,421‌
Keurig
Dr
Pepper
Inc
234,837‌
7,667‌
Molson
Coors
Beverage
Co
29,624‌
1,443‌
Monster
Beverage
Corp
(d)
121,409‌
7,133‌
PepsiCo
Inc
237,065‌
32,696‌
$
99,739‌
Biotechnology
-
1
.03
%
Amgen
Inc
92,971‌
27,436‌
Biogen
Inc
(d)
25,335‌
3,243‌
Corteva
Inc
117,950‌
8,508‌
Gilead
Sciences
Inc
215,080‌
24,151‌
Incyte
Corp
(d)
27,779‌
2,080‌
Moderna
Inc
(d)
58,844‌
1,739‌
Regeneron
Pharmaceuticals
Inc
17,956‌
9,794‌
Vertex
Pharmaceuticals
Inc
(d)
44,401‌
20,286‌
$
97,237‌
Building
Materials
-
0
.63
%
Builders
FirstSource
Inc
(d)
19,109‌
2,429‌
Carrier
Global
Corp
137,856‌
9,460‌
Johnson
Controls
International
plc
113,779‌
11,947‌
Lennox
International
Inc
5,521‌
3,362‌
Martin
Marietta
Materials
Inc
10,424‌
5,993‌
Masco
Corp
36,473‌
2,485‌
Mohawk
Industries
Inc
(d)
8,973‌
1,027‌
Trane
Technologies
PLC
38,561‌
16,893‌
Vulcan
Materials
Co
22,841‌
6,274‌
$
59,870‌
Chemicals
-
1
.04
%
Air
Products
and
Chemicals
Inc
38,478‌
11,077‌
Albemarle
Corp
20,344‌
1,380‌
CF
Industries
Holdings
Inc
28,013‌
2,600‌
Dow
Inc
122,219‌
2,847‌
DuPont
de
Nemours
Inc
72,360‌
5,203‌
Eastman
Chemical
Co
19,963‌
1,450‌
Ecolab
Inc
43,628‌
11,420‌
International
Flavors
&
Fragrances
Inc
44,227‌
3,141‌
Linde
PLC
81,391‌
37,461‌
LyondellBasell
Industries
NV
44,458‌
2,576‌
Mosaic
Co/The
54,850‌
1,975‌
PPG
Industries
Inc
39,250‌
4,141‌
Sherwin-Williams
Co/The
39,864‌
13,190‌
$
98,461‌
Commercial
Services
-
1
.49
%
Automatic
Data
Processing
Inc
70,185‌
21,722‌
Block
Inc
(d)
95,978‌
7,415‌
Cintas
Corp
59,343‌
13,207‌
Corpay
Inc
(d)
12,188‌
3,937‌
Equifax
Inc
21,474‌
5,159‌
Global
Payments
Inc
42,168‌
3,371‌
MarketAxess
Holdings
Inc
6,485‌
1,333‌
Moody's
Corp
26,750‌
13,796‌
PayPal
Holdings
Inc
(d)
168,155‌
11,562‌
Quanta
Services
Inc
25,624‌
10,407‌
Rollins
Inc
48,602‌
2,784‌
S&P
Global
Inc
54,275‌
29,911‌
United
Rentals
Inc
11,239‌
9,923‌
Verisk
Analytics
Inc
24,187‌
6,741‌
$
141,268‌
Computers
-
7
.26
%
Accenture
PLC
-
Class
A
108,242‌
28,912‌
Apple
Inc
2,582,463‌
536,042‌
Cognizant
Technology
Solutions
Corp
85,232‌
6,116‌
Schedule
of
Investments
LargeCap
S&P
500
Index
Fund
July
31,
2025
(unaudited)
123
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Computers
(continued)
Crowdstrike
Holdings
Inc
(d)
43,065‌
$
19,576‌
Dell
Technologies
Inc
51,799‌
6,873‌
EPAM
Systems
Inc
(d)
9,795‌
1,545‌
Fortinet
Inc
(d)
109,845‌
10,974‌
Gartner
Inc
(d)
13,307‌
4,507‌
Hewlett
Packard
Enterprise
Co
227,122‌
4,699‌
HP
Inc
162,997‌
4,042‌
International
Business
Machines
Corp
160,696‌
40,680‌
Leidos
Holdings
Inc
22,257‌
3,553‌
NetApp
Inc
35,170‌
3,662‌
Seagate
Technology
Holdings
PLC
36,693‌
5,761‌
Super
Micro
Computer
Inc
(d)
88,745‌
5,233‌
Western
Digital
Corp
60,322‌
4,747‌
$
686,922‌
Consumer
Products
-
0
.17
%
Avery
Dennison
Corp
13,517‌
2,268‌
Church
&
Dwight
Co
Inc
42,582‌
3,993‌
Clorox
Co/The
21,310‌
2,675‌
Kimberly-Clark
Corp
57,372‌
7,150‌
$
16,086‌
Cosmetics
&
Personal
Care
-
0
.88
%
Colgate-Palmolive
Co
140,124‌
11,749‌
Estee
Lauder
Cos
Inc/The
40,495‌
3,780‌
Kenvue
Inc
331,959‌
7,117‌
Procter
&
Gamble
Co/The
405,380‌
60,998‌
$
83,644‌
Distribution
&
Wholesale
-
0
.29
%
Copart
Inc
(d)
152,007‌
6,891‌
Fastenal
Co
198,362‌
9,150‌
LKQ
Corp
44,635‌
1,315‌
Pool
Corp
6,501‌
2,003‌
WW
Grainger
Inc
7,559‌
7,858‌
$
27,217‌
Diversified
Financial
Services
-
4
.10
%
American
Express
Co
95,696‌
28,643‌
Ameriprise
Financial
Inc
16,465‌
8,532‌
Apollo
Global
Management
Inc
78,062‌
11,344‌
Blackrock
Inc
25,180‌
27,849‌
Capital
One
Financial
Corp
110,593‌
23,777‌
Cboe
Global
Markets
Inc
18,105‌
4,364‌
Charles
Schwab
Corp/The
295,311‌
28,861‌
CME
Group
Inc
62,306‌
17,338‌
Coinbase
Global
Inc
(d)
36,553‌
13,808‌
Franklin
Resources
Inc
53,610‌
1,287‌
Intercontinental
Exchange
Inc
99,182‌
18,332‌
Invesco
Ltd
77,384‌
1,626‌
Mastercard
Inc
140,249‌
79,447‌
Nasdaq
Inc
71,472‌
6,877‌
Raymond
James
Financial
Inc
31,396‌
5,247‌
Synchrony
Financial
65,818‌
4,586‌
T
Rowe
Price
Group
Inc
38,094‌
3,865‌
Visa
Inc
295,836‌
102,202‌
$
387,985‌
Electric
-
2
.28
%
AES
Corp/The
123,091‌
1,619‌
Alliant
Energy
Corp
44,414‌
2,887‌
Ameren
Corp
46,732‌
4,726‌
American
Electric
Power
Co
Inc
92,364‌
10,450‌
CenterPoint
Energy
Inc
112,859‌
4,381‌
CMS
Energy
Corp
51,719‌
3,817‌
Consolidated
Edison
Inc
62,296‌
6,448‌
Constellation
Energy
Corp
54,191‌
18,850‌
Dominion
Energy
Inc
147,450‌
8,619‌
DTE
Energy
Co
35,880‌
4,966‌
Duke
Energy
Corp
134,390‌
16,347‌
Edison
International
66,528‌
3,467‌
Entergy
Corp
77,173‌
6,979‌
Evergy
Inc
39,783‌
2,817‌
Eversource
Energy
63,522‌
4,199‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Electric
(continued)
Exelon
Corp
174,552‌
$
7,844‌
FirstEnergy
Corp
88,815‌
3,793‌
NextEra
Energy
Inc
355,945‌
25,294‌
NRG
Energy
Inc
33,805‌
5,652‌
PG&E
Corp
379,988‌
5,327‌
Pinnacle
West
Capital
Corp
20,644‌
1,871‌
PPL
Corp
127,821‌
4,562‌
Public
Service
Enterprise
Group
Inc
86,278‌
7,747‌
Sempra
112,762‌
9,210‌
Southern
Co/The
190,030‌
17,954‌
Vistra
Corp
58,671‌
12,235‌
WEC
Energy
Group
Inc
55,179‌
6,019‌
Xcel
Energy
Inc
99,724‌
7,324‌
$
215,404‌
Electrical
Components
&
Equipment
-
0
.52
%
AMETEK
Inc
39,919‌
7,379‌
Eaton
Corp
PLC
67,658‌
26,029‌
Emerson
Electric
Co
97,258‌
14,152‌
Generac
Holdings
Inc
(d)
10,216‌
1,989‌
$
49,549‌
Electronics
-
0
.95
%
Allegion
plc
14,879‌
2,469‌
Amphenol
Corp
209,144‌
22,276‌
Fortive
Corp
58,767‌
2,817‌
Garmin
Ltd
26,632‌
5,826‌
Honeywell
International
Inc
111,123‌
24,708‌
Hubbell
Inc
9,229‌
4,037‌
Jabil
Inc
18,561‌
4,142‌
Keysight
Technologies
Inc
(d)
29,879‌
4,897‌
Mettler-Toledo
International
Inc
(d)
3,594‌
4,434‌
TE
Connectivity
PLC
51,275‌
10,550‌
Trimble
Inc
(d)
41,253‌
3,461‌
$
89,617‌
Energy
-
Alternate
Sources
-
0
.04
%
Enphase
Energy
Inc
(d)
22,687‌
734‌
First
Solar
Inc
(d)
18,542‌
3,240‌
$
3,974‌
Engineering
&
Construction
-
0
.03
%
Jacobs
Solutions
Inc
20,776‌
2,948‌
Entertainment
-
0
.07
%
Caesars
Entertainment
Inc
(d)
35,959‌
959‌
Live
Nation
Entertainment
Inc
(d)
27,250‌
4,025‌
TKO
Group
Holdings
Inc
11,590‌
1,947‌
$
6,931‌
Environmental
Control
-
0
.32
%
Pentair
PLC
28,448‌
2,907‌
Republic
Services
Inc
35,120‌
8,101‌
Veralto
Corp
42,856‌
4,493‌
Waste
Management
Inc
63,315‌
14,509‌
$
30,010‌
Food
-
0
.62
%
Conagra
Brands
Inc
82,537‌
1,507‌
General
Mills
Inc
94,683‌
4,638‌
Hershey
Co/The
25,588‌
4,763‌
Hormel
Foods
Corp
50,393‌
1,415‌
J
M
Smucker
Co/The
18,399‌
1,975‌
Kellanova
46,487‌
3,711‌
Kraft
Heinz
Co/The
149,387‌
4,102‌
Kroger
Co/The
105,919‌
7,425‌
Lamb
Weston
Holdings
Inc
24,400‌
1,392‌
McCormick
&
Co
Inc/MD
43,689‌
3,086‌
Mondelez
International
Inc
223,878‌
14,483‌
Sysco
Corp
83,816‌
6,672‌
The
Campbell's
Company
34,027‌
1,086‌
Tyson
Foods
Inc
49,489‌
2,588‌
$
58,843‌
Forest
Products
&
Paper
-
0
.05
%
International
Paper
Co
91,276‌
4,266‌
Schedule
of
Investments
LargeCap
S&P
500
Index
Fund
July
31,
2025
(unaudited)
124
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Gas
-
0
.08
%
Atmos
Energy
Corp
27,463‌
$
4,282‌
NiSource
Inc
81,386‌
3,455‌
$
7,737‌
Hand
&
Machine
Tools
-
0
.05
%
Snap-on
Inc
9,041‌
2,904‌
Stanley
Black
&
Decker
Inc
26,750‌
1,810‌
$
4,714‌
Healthcare
-
Products
-
2
.68
%
Abbott
Laboratories
300,824‌
37,961‌
Agilent
Technologies
Inc
49,295‌
5,660‌
Align
Technology
Inc
(d)
11,781‌
1,520‌
Baxter
International
Inc
88,729‌
1,931‌
Bio-Techne
Corp
27,106‌
1,484‌
Boston
Scientific
Corp
(d)
255,801‌
26,839‌
Cooper
Cos
Inc/The
(d)
34,577‌
2,444‌
Danaher
Corp
110,131‌
21,713‌
Edwards
Lifesciences
Corp
(d)
101,426‌
8,044‌
GE
HealthCare
Technologies
Inc
79,170‌
5,646‌
Hologic
Inc
(d)
38,531‌
2,575‌
IDEXX
Laboratories
Inc
(d)
13,906‌
7,430‌
Insulet
Corp
(d)
12,168‌
3,509‌
Intuitive
Surgical
Inc
(d)
61,971‌
29,814‌
Medtronic
PLC
221,756‌
20,011‌
ResMed
Inc
25,352‌
6,894‌
Revvity
Inc
20,381‌
1,791‌
Solventum
Corp
(d)
23,931‌
1,708‌
STERIS
PLC
16,987‌
3,847‌
Stryker
Corp
59,470‌
23,356‌
Thermo
Fisher
Scientific
Inc
65,271‌
30,526‌
Waters
Corp
(d)
10,289‌
2,971‌
West
Pharmaceutical
Services
Inc
12,423‌
2,972‌
Zimmer
Biomet
Holdings
Inc
34,209‌
3,135‌
$
253,781‌
Healthcare
-
Services
-
1
.04
%
Centene
Corp
(d)
86,037‌
2,243‌
Charles
River
Laboratories
International
Inc
(d)
8,493‌
1,441‌
Cigna
Group/The
46,191‌
12,350‌
DaVita
Inc
(d)
7,180‌
1,008‌
Elevance
Health
Inc
39,066‌
11,059‌
HCA
Healthcare
Inc
29,950‌
10,602‌
Humana
Inc
20,868‌
5,214‌
IQVIA
Holdings
Inc
(d)
28,417‌
5,282‌
Labcorp
Holdings
Inc
14,472‌
3,764‌
Molina
Healthcare
Inc
(d)
9,372‌
1,480‌
Quest
Diagnostics
Inc
19,302‌
3,231‌
UnitedHealth
Group
Inc
156,849‌
39,143‌
Universal
Health
Services
Inc
9,889‌
1,646‌
$
98,463‌
Home
Builders
-
0
.20
%
DR
Horton
Inc
47,802‌
6,828‌
Lennar
Corp
-
A
Shares
40,146‌
4,504‌
NVR
Inc
(d)
506‌
3,820‌
PulteGroup
Inc
34,655‌
3,913‌
$
19,065‌
Insurance
-
3
.45
%
Aflac
Inc
84,132‌
8,359‌
Allstate
Corp/The
45,788‌
9,306‌
American
International
Group
Inc
99,650‌
7,736‌
Aon
PLC
37,336‌
13,281‌
Arch
Capital
Group
Ltd
64,533‌
5,554‌
Arthur
J
Gallagher
&
Co
44,280‌
12,719‌
Assurant
Inc
8,767‌
1,642‌
Berkshire
Hathaway
Inc
-
Class
B
(d)
317,059‌
149,614‌
Brown
&
Brown
Inc
48,455‌
4,427‌
Chubb
Ltd
64,436‌
17,143‌
Cincinnati
Financial
Corp
27,025‌
3,986‌
Erie
Indemnity
Co
4,312‌
1,536‌
Everest
Group
Ltd
7,355‌
2,470‌
Globe
Life
Inc
14,273‌
2,005‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Insurance
(continued)
Hartford
Insurance
Group
Inc/The
49,123‌
$
6,110‌
Loews
Corp
30,094‌
2,725‌
Marsh
&
McLennan
Cos
Inc
85,194‌
16,971‌
MetLife
Inc
97,499‌
7,405‌
Principal
Financial
Group
Inc
35,663‌
2,776‌
Progressive
Corp/The
101,360‌
24,533‌
Prudential
Financial
Inc
61,207‌
6,340‌
Travelers
Cos
Inc/The
39,174‌
10,195‌
W
R
Berkley
Corp
51,817‌
3,565‌
Willis
Towers
Watson
PLC
17,144‌
5,414‌
$
325,812‌
Internet
-
13
.16
%
Airbnb
Inc
(d)
74,625‌
9,881‌
Alphabet
Inc
-
A
Shares
1,006,300‌
193,109‌
Alphabet
Inc
-
C
Shares
811,739‌
156,552‌
Amazon.com
Inc
(d)
1,633,691‌
382,463‌
Booking
Holdings
Inc
5,627‌
30,971‌
CDW
Corp/DE
22,769‌
3,971‌
DoorDash
Inc
-
Class
A
(d)
59,282‌
14,835‌
eBay
Inc
79,709‌
7,313‌
Expedia
Group
Inc
21,025‌
3,789‌
F5
Inc
(d)
9,931‌
3,113‌
Gen
Digital
Inc
94,371‌
2,783‌
GoDaddy
Inc
(d)
24,636‌
3,981‌
Match
Group
Inc
42,401‌
1,453‌
Meta
Platforms
Inc
375,400‌
290,349‌
Netflix
Inc
(d)
73,583‌
85,312‌
Palo
Alto
Networks
Inc
(d)
114,479‌
19,874‌
Uber
Technologies
Inc
(d)
361,571‌
31,728‌
VeriSign
Inc
13,963‌
3,754‌
$
1,245,231‌
Iron
&
Steel
-
0
.09
%
Nucor
Corp
39,898‌
5,708‌
Steel
Dynamics
Inc
23,872‌
3,045‌
$
8,753‌
Leisure
Products
&
Services
-
0
.22
%
Carnival
Corp
(d)
181,539‌
5,404‌
Norwegian
Cruise
Line
Holdings
Ltd
(d)
77,254‌
1,975‌
Royal
Caribbean
Cruises
Ltd
43,197‌
13,731‌
$
21,110‌
Lodging
-
0
.29
%
Hilton
Worldwide
Holdings
Inc
41,100‌
11,018‌
Las
Vegas
Sands
Corp
58,644‌
3,073‌
Marriott
International
Inc/MD
39,307‌
10,370‌
MGM
Resorts
International
(d)
35,763‌
1,304‌
Wynn
Resorts
Ltd
15,217‌
1,659‌
$
27,424‌
Machinery
-
Construction
&
Mining
-
0
.71
%
Caterpillar
Inc
81,320‌
35,620‌
GE
Vernova
Inc
47,192‌
31,160‌
$
66,780‌
Machinery
-
Diversified
-
0
.65
%
Deere
&
Co
43,644‌
22,886‌
Dover
Corp
23,705‌
4,294‌
IDEX
Corp
13,062‌
2,136‌
Ingersoll
Rand
Inc
69,760‌
5,904‌
Nordson
Corp
9,350‌
2,003‌
Otis
Worldwide
Corp
68,242‌
5,848‌
Rockwell
Automation
Inc
19,492‌
6,855‌
Westinghouse
Air
Brake
Technologies
Corp
29,588‌
5,682‌
Xylem
Inc/NY
42,076‌
6,085‌
$
61,693‌
Media
-
0
.82
%
Charter
Communications
Inc
(d)
16,504‌
4,446‌
Comcast
Corp
-
Class
A
643,939‌
21,398‌
FactSet
Research
Systems
Inc
6,561‌
2,643‌
Fox
Corp
-
A
Shares
37,008‌
2,064‌
Fox
Corp
-
B
Shares
22,810‌
1,166‌
Schedule
of
Investments
LargeCap
S&P
500
Index
Fund
July
31,
2025
(unaudited)
125
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Media
(continued)
News
Corp
-
A
Shares
65,219‌
$
1,912‌
News
Corp
-
B
Shares
(e)
19,258‌
644‌
Paramount
Global
-
Class
B
(e)
104,050‌
1,308‌
Walt
Disney
Co/The
310,838‌
37,024‌
Warner
Bros
Discovery
Inc
(d)
389,277‌
5,127‌
$
77,732‌
Mining
-
0
.23
%
Freeport-McMoRan
Inc
248,324‌
9,992‌
Newmont
Corp
192,442‌
11,951‌
$
21,943‌
Miscellaneous
Manufacturers
-
0
.63
%
3M
Co
93,054‌
13,886‌
A
O
Smith
Corp
20,099‌
1,423‌
Axon
Enterprise
Inc
(d)
12,787‌
9,660‌
Illinois
Tool
Works
Inc
46,101‌
11,800‌
Parker-Hannifin
Corp
22,094‌
16,171‌
Teledyne
Technologies
Inc
(d)
8,102‌
4,464‌
Textron
Inc
31,216‌
2,428‌
$
59,832‌
Office
&
Business
Equipment
-
0
.03
%
Zebra
Technologies
Corp
(d)
8,793‌
2,981‌
Oil
&
Gas
-
2
.34
%
APA
Corp
62,392‌
1,204‌
Chevron
Corp
329,955‌
50,034‌
ConocoPhillips
218,276‌
20,811‌
Coterra
Energy
Inc
131,970‌
3,219‌
Devon
Energy
Corp
111,022‌
3,688‌
Diamondback
Energy
Inc
32,330‌
4,806‌
EOG
Resources
Inc
94,369‌
11,326‌
EQT
Corp
103,504‌
5,563‌
Expand
Energy
Corp
37,444‌
3,924‌
Exxon
Mobil
Corp
745,216‌
83,196‌
Marathon
Petroleum
Corp
53,119‌
9,040‌
Occidental
Petroleum
Corp
122,515‌
5,383‌
Phillips
66
70,448‌
8,706‌
Texas
Pacific
Land
Corp
3,259‌
3,155‌
Valero
Energy
Corp
54,155‌
7,436‌
$
221,491‌
Oil
&
Gas
Services
-
0
.21
%
Baker
Hughes
Co
171,304‌
7,717‌
Halliburton
Co
148,649‌
3,330‌
Schlumberger
NV
259,505‌
8,771‌
$
19,818‌
Packaging
&
Containers
-
0
.14
%
Amcor
PLC
396,195‌
3,704‌
Ball
Corp
47,967‌
2,747‌
Packaging
Corp
of
America
15,447‌
2,993‌
Smurfit
WestRock
PLC
85,745‌
3,805‌
$
13,249‌
Pharmaceuticals
-
3
.93
%
AbbVie
Inc
305,417‌
57,730‌
Becton
Dickinson
&
Co
49,555‌
8,833‌
Bristol-Myers
Squibb
Co
351,873‌
15,239‌
Cardinal
Health
Inc
41,269‌
6,406‌
Cencora
Inc
29,826‌
8,533‌
CVS
Health
Corp
218,726‌
13,583‌
Dexcom
Inc
(d)
67,796‌
5,476‌
Eli
Lilly
&
Co
136,009‌
100,656‌
Henry
Schein
Inc
(d)
21,046‌
1,424‌
Johnson
&
Johnson
416,019‌
68,535‌
McKesson
Corp
21,632‌
15,003‌
Merck
&
Co
Inc
434,167‌
33,917‌
Pfizer
Inc
983,021‌
22,894‌
Viatris
Inc
202,935‌
1,774‌
Zoetis
Inc
76,979‌
11,223‌
$
371,226‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Pipelines
-
0
.39
%
Kinder
Morgan
Inc
334,254‌
$
9,379‌
ONEOK
Inc
108,001‌
8,868‌
Targa
Resources
Corp
37,509‌
6,242‌
Williams
Cos
Inc/The
211,116‌
12,656‌
$
37,145‌
Private
Equity
-
0
.41
%
Blackstone
Inc
126,159‌
21,821‌
KKR
&
Co
Inc
117,036‌
17,155‌
$
38,976‌
Real
Estate
-
0
.16
%
CBRE
Group
Inc
(d)
50,773‌
7,907‌
CoStar
Group
Inc
(d)
72,945‌
6,944‌
$
14,851‌
REITs
-
1
.80
%
Alexandria
Real
Estate
Equities
Inc
26,620‌
2,035‌
American
Tower
Corp
80,942‌
16,867‌
AvalonBay
Communities
Inc
24,585‌
4,580‌
BXP
Inc
25,185‌
1,648‌
Camden
Property
Trust
18,472‌
2,017‌
Crown
Castle
Inc
75,292‌
7,912‌
Digital
Realty
Trust
Inc
54,738‌
9,658‌
Equinix
Inc
16,913‌
13,280‌
Equity
Residential
59,124‌
3,737‌
Essex
Property
Trust
Inc
11,132‌
2,896‌
Extra
Space
Storage
Inc
36,692‌
4,930‌
Federal
Realty
Investment
Trust
13,423‌
1,237‌
Healthpeak
Properties
Inc
120,122‌
2,035‌
Host
Hotels
&
Resorts
Inc
119,946‌
1,886‌
Invitation
Homes
Inc
98,562‌
3,021‌
Iron
Mountain
Inc
51,014‌
4,967‌
Kimco
Realty
Corp
116,969‌
2,483‌
Mid-America
Apartment
Communities
Inc
20,239‌
2,883‌
Prologis
Inc
160,442‌
17,132‌
Public
Storage
27,299‌
7,424‌
Realty
Income
Corp
156,146‌
8,764‌
Regency
Centers
Corp
28,248‌
2,017‌
SBA
Communications
Corp
18,578‌
4,175‌
Simon
Property
Group
Inc
53,052‌
8,689‌
UDR
Inc
52,126‌
2,048‌
Ventas
Inc
78,031‌
5,242‌
VICI
Properties
Inc
182,708‌
5,956‌
Welltower
Inc
107,417‌
17,731‌
Weyerhaeuser
Co
125,402‌
3,141‌
$
170,391‌
Retail
-
4
.30
%
AutoZone
Inc
(d)
2,893‌
10,902‌
Best
Buy
Co
Inc
33,308‌
2,167‌
CarMax
Inc
(d)
26,340‌
1,491‌
Chipotle
Mexican
Grill
Inc
(d)
232,965‌
9,989‌
Costco
Wholesale
Corp
76,714‌
72,084‌
Darden
Restaurants
Inc
20,234‌
4,081‌
Dollar
General
Corp
38,029‌
3,989‌
Dollar
Tree
Inc
(d)
34,156‌
3,878‌
Domino's
Pizza
Inc
5,921‌
2,743‌
Genuine
Parts
Co
23,997‌
3,093‌
Home
Depot
Inc/The
171,854‌
63,158‌
Lowe's
Cos
Inc
96,776‌
21,636‌
Lululemon
Athletica
Inc
(d)
19,113‌
3,833‌
McDonald's
Corp
123,631‌
37,098‌
O'Reilly
Automotive
Inc
(d)
147,805‌
14,532‌
Ross
Stores
Inc
56,857‌
7,763‌
Starbucks
Corp
196,487‌
17,519‌
Target
Corp
78,561‌
7,895‌
TJX
Cos
Inc/The
193,046‌
24,040‌
Tractor
Supply
Co
91,675‌
5,221‌
Ulta
Beauty
Inc
(d)
7,807‌
4,021‌
Walgreens
Boots
Alliance
Inc
124,098‌
1,444‌
Walmart
Inc
747,028‌
73,194‌
Williams-Sonoma
Inc
21,256‌
3,976‌
Schedule
of
Investments
LargeCap
S&P
500
Index
Fund
July
31,
2025
(unaudited)
126
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Retail
(continued)
Yum!
Brands
Inc
48,062‌
$
6,928‌
$
406,675‌
Semiconductors
-
13
.18
%
Advanced
Micro
Devices
Inc
(d)
280,347‌
49,428‌
Analog
Devices
Inc
85,756‌
19,263‌
Applied
Materials
Inc
140,474‌
25,294‌
Broadcom
Inc
812,985‌
238,774‌
Intel
Corp
(d)
754,206‌
14,933‌
KLA
Corp
22,865‌
20,099‌
Lam
Research
Corp
221,165‌
20,975‌
Microchip
Technology
Inc
92,990‌
6,285‌
Micron
Technology
Inc
193,232‌
21,089‌
Monolithic
Power
Systems
Inc
8,278‌
5,888‌
NVIDIA
Corp
4,216,704‌
750,025‌
NXP
Semiconductors
NV
43,681‌
9,338‌
ON
Semiconductor
Corp
(d)
72,254‌
4,072‌
QUALCOMM
Inc
189,709‌
27,842‌
Skyworks
Solutions
Inc
25,958‌
1,779‌
Teradyne
Inc
27,738‌
2,980‌
Texas
Instruments
Inc
157,078‌
28,441‌
$
1,246,505‌
Shipbuilding
-
0
.02
%
Huntington
Ingalls
Industries
Inc
6,784‌
1,892‌
Software
-
11
.71
%
Adobe
Inc
(d)
73,692‌
26,359‌
Akamai
Technologies
Inc
(d)
25,280‌
1,929‌
Autodesk
Inc
(d)
36,992‌
11,213‌
Broadridge
Financial
Solutions
Inc
20,309‌
5,027‌
Cadence
Design
Systems
Inc
(d)
47,211‌
17,212‌
Datadog
Inc
(d)
55,193‌
7,726‌
Dayforce
Inc
(d)
27,644‌
1,594‌
Electronic
Arts
Inc
39,457‌
6,017‌
Fair
Isaac
Corp
(d)
4,208‌
6,046‌
Fidelity
National
Information
Services
Inc
90,843‌
7,214‌
Fiserv
Inc
(d)
95,864‌
13,319‌
Intuit
Inc
48,337‌
37,951‌
Jack
Henry
&
Associates
Inc
12,590‌
2,138‌
Microsoft
Corp
1,285,115‌
685,609‌
MSCI
Inc
13,378‌
7,510‌
Oracle
Corp
281,220‌
71,365‌
Palantir
Technologies
Inc
(d)
367,789‌
58,239‌
Paychex
Inc
55,427‌
8,000‌
Paycom
Software
Inc
8,426‌
1,951‌
PTC
Inc
(d)
20,741‌
4,455‌
Roper
Technologies
Inc
18,589‌
10,231‌
Salesforce
Inc
165,896‌
42,856‌
ServiceNow
Inc
(d)
35,791‌
33,755‌
Synopsys
Inc
(d)
31,900‌
20,208‌
Take-Two
Interactive
Software
Inc
(d)
29,293‌
6,524‌
Tyler
Technologies
Inc
(d)
7,456‌
4,358‌
Workday
Inc
(d)
37,457‌
8,592‌
$
1,107,398‌
Telecommunications
-
1
.85
%
Arista
Networks
Inc
(d)
178,066‌
21,941‌
AT&T
Inc
1,244,147‌
34,102‌
Cisco
Systems
Inc
687,862‌
46,830‌
Corning
Inc
133,278‌
8,429‌
Motorola
Solutions
Inc
28,860‌
12,669‌
T-Mobile
US
Inc
82,456‌
19,658‌
Verizon
Communications
Inc
728,962‌
31,170‌
$
174,799‌
Toys,
Games
&
Hobbies
-
0
.02
%
Hasbro
Inc
22,775‌
1,712‌
Transportation
-
0
.81
%
CH
Robinson
Worldwide
Inc
20,529‌
2,367‌
CSX
Corp
324,808‌
11,544‌
Expeditors
International
of
Washington
Inc
23,679‌
2,752‌
FedEx
Corp
38,114‌
8,518‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Transportation
(continued)
JB
Hunt
Transport
Services
Inc
13,550‌
$
1,952‌
Norfolk
Southern
Corp
38,981‌
10,837‌
Old
Dominion
Freight
Line
Inc
32,155‌
4,799‌
Union
Pacific
Corp
103,306‌
22,931‌
United
Parcel
Service
Inc
126,864‌
10,931‌
$
76,631‌
Water
-
0
.05
%
American
Water
Works
Co
Inc
33,718‌
4,729‌
TOTAL
COMMON
STOCKS
$
9,290,927‌
Total
Investments
$
9,450,866‌
Other
Assets
and
Liabilities
-  0.09%
8,601‌
TOTAL
NET
ASSETS
-
100.00%
$
9,459,467‌
(a)
1-day
yield
shown
is
as
of
period
end.
(b)
Security
or
a
portion
of
the
security
was
received
as
collateral
for
securities
lending.
At
the
end
of
the
period,
the
value
of
these
securities
totaled
$2,448
or
0.03%
of
net
assets.
(c)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940,
as
amended,
(the
"1940
Act"))
or
an
affiliate
as
defined
by
the
1940
Act
(controls
5.00%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
Affiliated
Securities
sub-schedule
for
transactional
information.
(d)
Non-income
producing
security
(e)
Security
or
a
portion
of
the
security
was
on
loan.  At
the
end
of
the
period,
the
value
of
these
securities
totaled
$2,309
or
0.02%
of
net
assets.
Schedule
of
Investments
LargeCap
S&P
500
Index
Fund
July
31,
2025
(unaudited)
127
Affiliated
Securities
October
31,
2024
Purchases
Sales
July
31,
2025
Value
Cost
Proceeds
Value
Principal
Government
Money
Market
Fund
-
Class
R-6
4.22%
$
280,734‌
$
663,611‌
$
814,954‌
$
129,391‌
$
280,734‌
$
663,611‌
$
814,954‌
$
129,391‌
Income
(a)
Realized
Gain/(Loss)
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
(Loss)
Principal
Government
Money
Market
Fund
-
Class
R-6
4.22%
$
7,753‌
$
—‌
$
—‌
$
—‌
$
7,753‌
$
—‌
$
—‌
$
—‌
Amounts
in
thousands.
(a)
Amount
excludes
earnings
from
securities
lending
collateral.
Futures
Contracts
Description
and
Expiration
Date
Type
Contracts
Notional
Amount
Value
and
Unrealized
Appreciation/(Depreciation)
S&P
500
Emini;
September
2025
Long
427‌
$
136,090‌
$
4,361‌
Total
$
4,361‌
Amounts
in
thousands
except
contracts.
Schedule
of
Investments
LargeCap
Value
Fund
III
July
31,
2025
(unaudited)
128
INVESTMENT
COMPANIES
-
6
.43
%
Shares
Held
Value
(000's)
Exchange-Traded
Funds
-
3
.04
%
Invesco
Exchange-Traded
Fund
Trust
-
Invesco
S&P
500
Pure
Value
ETF
1,146,183‌
$
105,518‌
Money
Market
Funds
-
3
.39
%
BlackRock
Liquidity
FedFund
-
Institutional
Class
4.21%
(a),(b)
564,182‌
564‌
Principal
Government
Money
Market
Fund
-
Class
R-6
4.22%
(a),(c)
116,881,881‌
116,882‌
$
117,446‌
TOTAL
INVESTMENT
COMPANIES
$
222,964‌
COMMON
STOCKS
-
93
.55
%
Shares
Held
Value
(000's)
Advertising
-
0
.01
%
Interpublic
Group
of
Cos
Inc/The
6,693‌
$
165‌
Omnicom
Group
Inc
3,496‌
252‌
$
417‌
Aerospace
&
Defense
-
1
.05
%
Boeing
Co/The
(d)
11,316‌
2,510‌
Curtiss-Wright
Corp
657‌
322‌
General
Dynamics
Corp
79,250‌
24,695‌
Hexcel
Corp
1,629‌
98‌
L3Harris
Technologies
Inc
3,379‌
929‌
Leonardo
DRS
Inc
933‌
39‌
Loar
Holdings
Inc
(d)
84‌
6‌
Lockheed
Martin
Corp
2,720‌
1,145‌
Northrop
Grumman
Corp
2,480‌
1,430‌
RTX
Corp
24,365‌
3,839‌
Spirit
AeroSystems
Holdings
Inc
(d)
2,119‌
83‌
StandardAero
Inc
(d)
2,626‌
75‌
TransDigm
Group
Inc
831‌
1,337‌
$
36,508‌
Agriculture
-
1
.43
%
Altria
Group
Inc
30,727‌
1,903‌
Archer-Daniels-Midland
Co
8,685‌
471‌
Bunge
Global
SA
2,391‌
191‌
Darling
Ingredients
Inc
(d)
2,826‌
91‌
Philip
Morris
International
Inc
287,298‌
47,131‌
$
49,787‌
Airlines
-
0
.05
%
Alaska
Air
Group
Inc
(d)
2,061‌
109‌
American
Airlines
Group
Inc
(d)
12,434‌
143‌
Delta
Air
Lines
Inc
11,861‌
631‌
Southwest
Airlines
Co
(e)
8,308‌
257‌
United
Airlines
Holdings
Inc
(d)
5,906‌
522‌
$
1,662‌
Apparel
-
0
.07
%
Birkenstock
Holding
Plc
(d)
760‌
38‌
Columbia
Sportswear
Co
531‌
30‌
Crocs
Inc
(d)
1,105‌
110‌
NIKE
Inc
21,063‌
1,573‌
PVH
Corp
1,063‌
78‌
Ralph
Lauren
Corp
632‌
189‌
Skechers
USA
Inc
(d)
2,493‌
158‌
Tapestry
Inc
349‌
38‌
Under
Armour
Inc
-
Class
A
(d)
3,843‌
25‌
Under
Armour
Inc
-
Class
C
(d)
3,820‌
24‌
VF
Corp
7,146‌
84‌
$
2,347‌
Automobile
Manufacturers
-
0
.11
%
Cummins
Inc
2,481‌
912‌
Ford
Motor
Co
71,071‌
787‌
General
Motors
Co
17,590‌
938‌
Lucid
Group
Inc
(d)
26,707‌
66‌
PACCAR
Inc
9,368‌
925‌
Rivian
Automotive
Inc
(d)
14,079‌
181‌
$
3,809‌
Automobile
Parts
&
Equipment
-
1
.18
%
Allison
Transmission
Holdings
Inc
1,439‌
130‌
Aptiv
PLC
(d)
583,897‌
40,079‌
Aurora
Innovation
Inc
(d)
20,041‌
116‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Automobile
Parts
&
Equipment
(continued)
BorgWarner
Inc
4,186‌
$
154‌
Gentex
Corp
4,605‌
122‌
Lear
Corp
1,086‌
102‌
QuantumScape
Corp
(d)
8,387‌
72‌
$
40,775‌
Banks
-
9
.12
%
Bank
of
America
Corp
1,773,161‌
83,817‌
Bank
of
New
York
Mellon
Corp/The
12,074‌
1,225‌
Bank
of
Nova
Scotia/The
479,278‌
26,653‌
Bank
OZK
2,174‌
107‌
BOK
Financial
Corp
499‌
51‌
Citigroup
Inc
27,718‌
2,597‌
Citizens
Financial
Group
Inc
7,901‌
377‌
Columbia
Banking
System
Inc
4,252‌
101‌
Comerica
Inc
2,503‌
169‌
Commerce
Bancshares
Inc/MO
2,363‌
145‌
Cullen/Frost
Bankers
Inc
1,134‌
145‌
East
West
Bancorp
Inc
2,463‌
247‌
Fifth
Third
Bancorp
12,110‌
503‌
First
Citizens
BancShares
Inc/NC
179‌
357‌
First
Hawaiian
Inc
2,549‌
62‌
First
Horizon
Corp
9,134‌
199‌
FNB
Corp/PA
7,223‌
111‌
Goldman
Sachs
Group
Inc/The
37,322‌
27,006‌
Huntington
Bancshares
Inc/OH
26,331‌
433‌
JPMorgan
Chase
&
Co
185,080‌
54,828‌
KeyCorp
17,207‌
308‌
M&T
Bank
Corp
2,937‌
554‌
Morgan
Stanley
20,969‌
2,987‌
Northern
Trust
Corp
3,498‌
455‌
Pinnacle
Financial
Partners
Inc
1,447‌
127‌
PNC
Financial
Services
Group
Inc/The
7,178‌
1,366‌
Popular
Inc
1,254‌
144‌
Prosperity
Bancshares
Inc
1,862‌
124‌
Regions
Financial
Corp
16,346‌
414‌
SouthState
Corp
246,990‌
23,259‌
State
Street
Corp
5,223‌
584‌
Synovus
Financial
Corp
2,823‌
133‌
Truist
Financial
Corp
23,857‌
1,043‌
US
Bancorp
28,447‌
1,279‌
Webster
Financial
Corp
3,021‌
174‌
Wells
Fargo
&
Co
674,529‌
54,387‌
Western
Alliance
Bancorp
380,088‌
29,480‌
Wintrust
Financial
Corp
1,260‌
161‌
Zions
Bancorp
NA
2,782‌
149‌
$
316,261‌
Beverages
-
2
.03
%
Boston
Beer
Co
Inc/The
(d)
196‌
41‌
Brown-Forman
Corp
-
A
Shares
889‌
25‌
Brown-Forman
Corp
-
B
Shares
3,006‌
87‌
Coca-Cola
Co/The
36,227‌
2,459‌
Coca-Cola
Consolidated
Inc
910‌
102‌
Constellation
Brands
Inc
2,356‌
393‌
Keurig
Dr
Pepper
Inc
1,603,386‌
52,351‌
Molson
Coors
Beverage
Co
3,220‌
157‌
PepsiCo
Inc
106,634‌
14,707‌
Primo
Brands
Corp
5,223‌
144‌
$
70,466‌
Biotechnology
-
0
.86
%
Amgen
Inc
2,544‌
751‌
Biogen
Inc
(d)
2,635‌
337‌
BioMarin
Pharmaceutical
Inc
(d)
3,437‌
199‌
Bio-Rad
Laboratories
Inc
(d)
395‌
96‌
Certara
Inc
(d)
2,468‌
24‌
Corteva
Inc
12,444‌
898‌
Exelixis
Inc
(d)
1,051‌
38‌
Gilead
Sciences
Inc
16,565‌
1,860‌
Illumina
Inc
(d)
2,858‌
294‌
Incyte
Corp
(d)
2,248‌
168‌
Schedule
of
Investments
LargeCap
Value
Fund
III
July
31,
2025
(unaudited)
129
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Biotechnology
(continued)
Insmed
Inc
(d)
227‌
$
24‌
Ionis
Pharmaceuticals
Inc
(d)
355‌
15‌
Moderna
Inc
(d)
6,338‌
187‌
Regeneron
Pharmaceuticals
Inc
1,889‌
1,030‌
Revolution
Medicines
Inc
(d)
3,525‌
131‌
Roivant
Sciences
Ltd
(d)
7,710‌
88‌
Royalty
Pharma
PLC
7,081‌
261‌
Sarepta
Therapeutics
Inc
(d)
317‌
5‌
United
Therapeutics
Corp
(d)
781‌
215‌
Vertex
Pharmaceuticals
Inc
(d)
51,024‌
23,311‌
Viking
Therapeutics
Inc
(d)
2,041‌
67‌
$
29,999‌
Building
Materials
-
2
.82
%
Armstrong
World
Industries
Inc
634‌
119‌
Builders
FirstSource
Inc
(d)
2,006‌
255‌
Carrier
Global
Corp
14,656‌
1,006‌
CRH
PLC
258,673‌
24,691‌
Eagle
Materials
Inc
100,946‌
22,641‌
Fortune
Brands
Innovations
Inc
2,463‌
134‌
Hayward
Holdings
Inc
(d)
3,840‌
59‌
James
Hardie
Industries
PLC
(d)
1,075‌
28‌
Johnson
Controls
International
plc
443,715‌
46,590‌
Louisiana-Pacific
Corp
1,280‌
116‌
Martin
Marietta
Materials
Inc
1,065‌
612‌
Masco
Corp
3,818‌
260‌
Mohawk
Industries
Inc
(d)
1,044‌
120‌
Owens
Corning
1,520‌
212‌
Simpson
Manufacturing
Co
Inc
783‌
140‌
Trex
Co
Inc
(d)
2,170‌
139‌
Vulcan
Materials
Co
2,383‌
655‌
$
97,777‌
Chemicals
-
2
.22
%
Air
Products
and
Chemicals
Inc
157,194‌
45,253‌
Albemarle
Corp
2,253‌
153‌
Ashland
Inc
953‌
49‌
Axalta
Coating
Systems
Ltd
(d)
826,539‌
23,408‌
Celanese
Corp
2,270‌
118‌
CF
Industries
Holdings
Inc
2,991‌
278‌
Dow
Inc
12,869‌
300‌
DuPont
de
Nemours
Inc
7,602‌
546‌
Eastman
Chemical
Co
2,063‌
150‌
Ecolab
Inc
3,406‌
891‌
Element
Solutions
Inc
4,583‌
108‌
FMC
Corp
2,526‌
99‌
Huntsman
Corp
3,345‌
32‌
International
Flavors
&
Fragrances
Inc
4,643‌
330‌
Linde
PLC
8,566‌
3,943‌
LyondellBasell
Industries
NV
4,640‌
269‌
Mosaic
Co/The
5,722‌
206‌
NewMarket
Corp
101‌
69‌
Olin
Corp
2,540‌
48‌
PPG
Industries
Inc
4,116‌
434‌
RPM
International
Inc
2,289‌
269‌
Sherwin-Williams
Co/The
420‌
139‌
Westlake
Corp
682‌
54‌
$
77,146‌
Commercial
Services
-
0
.29
%
ADT
Inc
7,193‌
60‌
Affirm
Holdings
Inc
(d)
2,214‌
152‌
API
Group
Corp
(d)
6,806‌
245‌
Aramark
4,782‌
204‌
Automatic
Data
Processing
Inc
512‌
158‌
Avis
Budget
Group
Inc
(d),(e)
240‌
41‌
Block
Inc
(d)
6,190‌
478‌
Bright
Horizons
Family
Solutions
Inc
(d)
1,008‌
114‌
Clarivate
PLC
(d)
7,204‌
28‌
Dun
&
Bradstreet
Holdings
Inc
6,650‌
60‌
Equifax
Inc
1,838‌
442‌
Euronet
Worldwide
Inc
(d)
826‌
80‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Commercial
Services
(continued)
FTI
Consulting
Inc
(d)
681‌
$
113‌
Global
Payments
Inc
4,424‌
354‌
Grand
Canyon
Education
Inc
(d)
407‌
69‌
GXO
Logistics
Inc
(d)
2,339‌
116‌
H&R
Block
Inc
2,245‌
122‌
ManpowerGroup
Inc
938‌
39‌
MarketAxess
Holdings
Inc
741‌
152‌
Morningstar
Inc
153‌
42‌
Paylocity
Holding
Corp
(d)
75‌
14‌
PayPal
Holdings
Inc
(d)
17,726‌
1,219‌
Quanta
Services
Inc
575‌
234‌
RB
Global
Inc
3,146‌
341‌
Robert
Half
Inc
2,013‌
74‌
S&P
Global
Inc
5,589‌
3,080‌
Service
Corp
International/US
2,512‌
192‌
TransUnion
3,542‌
337‌
U-Haul
Holding
Co
(d),(e)
175‌
10‌
U-Haul
Holding
Co
1,318‌
69‌
United
Rentals
Inc
1,169‌
1,032‌
Valvoline
Inc
(d)
294‌
10‌
Verisk
Analytics
Inc
989‌
276‌
WEX
Inc
(d)
635‌
108‌
WillScot
Holdings
Corp
2,700‌
79‌
$
10,144‌
Computers
-
1
.64
%
Accenture
PLC
-
Class
A
112,105‌
29,943‌
Amdocs
Ltd
1,985‌
169‌
Amentum
Holdings
Inc
(d)
3,417‌
85‌
CACI
International
Inc
(d)
367‌
169‌
Cognizant
Technology
Solutions
Corp
245,691‌
17,631‌
Crane
NXT
Co
1,079‌
64‌
Dell
Technologies
Inc
4,973‌
660‌
DXC
Technology
Co
(d)
3,934‌
54‌
EPAM
Systems
Inc
(d)
980‌
155‌
Genpact
Ltd
3,276‌
144‌
Globant
SA
(d)
792‌
67‌
Hewlett
Packard
Enterprise
Co
23,875‌
494‌
HP
Inc
17,161‌
426‌
International
Business
Machines
Corp
16,937‌
4,288‌
KBR
Inc
2,418‌
113‌
Kyndryl
Holdings
Inc
(d)
3,914‌
148‌
Leidos
Holdings
Inc
2,299‌
367‌
Lumentum
Holdings
Inc
(d)
1,294‌
142‌
NetApp
Inc
2,212‌
230‌
Okta
Inc
(d)
1,832‌
179‌
Parsons
Corp
(d)
1,061‌
79‌
Pure
Storage
Inc
(d)
904‌
54‌
Rubrik
Inc
(d)
795‌
75‌
SailPoint
Inc
(d)
1,222‌
27‌
Sandisk
Corp/DE
(d)
2,745‌
118‌
Science
Applications
International
Corp
958‌
107‌
Super
Micro
Computer
Inc
(d)
5,038‌
297‌
Western
Digital
Corp
6,281‌
494‌
$
56,779‌
Consumer
Products
-
0
.61
%
Avery
Dennison
Corp
1,389‌
233‌
Church
&
Dwight
Co
Inc
213,379‌
20,009‌
Clorox
Co/The
2,218‌
278‌
Kimberly-Clark
Corp
3,846‌
479‌
Reynolds
Consumer
Products
Inc
1,110‌
25‌
$
21,024‌
Cosmetics
&
Personal
Care
-
0
.24
%
Colgate-Palmolive
Co
7,680‌
644‌
Coty
Inc
(d)
7,026‌
34‌
elf
Beauty
Inc
(d)
1,113‌
135‌
Estee
Lauder
Cos
Inc/The
4,231‌
395‌
Kenvue
Inc
34,614‌
742‌
Perrigo
Co
PLC
2,773‌
74‌
Schedule
of
Investments
LargeCap
Value
Fund
III
July
31,
2025
(unaudited)
130
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Cosmetics
&
Personal
Care
(continued)
Procter
&
Gamble
Co/The
42,796‌
$
6,439‌
$
8,463‌
Distribution
&
Wholesale
-
0
.04
%
Copart
Inc
(d)
1,235‌
56‌
Core
&
Main
Inc
(d)
1,619‌
103‌
Fastenal
Co
3,937‌
182‌
LKQ
Corp
4,699‌
139‌
Pool
Corp
549‌
169‌
SiteOne
Landscape
Supply
Inc
(d)
653‌
90‌
Watsco
Inc
606‌
273‌
WESCO
International
Inc
843‌
174‌
WW
Grainger
Inc
115‌
120‌
$
1,306‌
Diversified
Financial
Services
-
4
.27
%
Affiliated
Managers
Group
Inc
569‌
119‌
Air
Lease
Corp
2,119‌
117‌
Ally
Financial
Inc
4,409‌
167‌
American
Express
Co
113,313‌
33,916‌
Ameriprise
Financial
Inc
180‌
93‌
Apollo
Global
Management
Inc
2,258‌
328‌
Blackrock
Inc
2,774‌
3,068‌
Brookfield
Asset
Management
Ltd
4,536‌
280‌
Capital
One
Financial
Corp
93,554‌
20,114‌
Cboe
Global
Markets
Inc
1,882‌
454‌
Charles
Schwab
Corp/The
28,369‌
2,772‌
CME
Group
Inc
6,532‌
1,818‌
Coinbase
Global
Inc
(d)
3,365‌
1,271‌
Credit
Acceptance
Corp
(d)
124‌
61‌
Evercore
Inc
-
Class
A
642‌
193‌
Franklin
Resources
Inc
6,255‌
150‌
Freedom
Holding
Corp/NV
(d)
53‌
10‌
Hamilton
Lane
Inc
281‌
43‌
Houlihan
Lokey
Inc
681‌
130‌
Interactive
Brokers
Group
Inc
-
A
Shares
7,281‌
477‌
Intercontinental
Exchange
Inc
174,635‌
32,278‌
Invesco
Ltd
6,996‌
147‌
Janus
Henderson
Group
PLC
2,555‌
111‌
Jefferies
Financial
Group
Inc
2,356‌
136‌
Lazard
Inc
1,801‌
94‌
Mr
Cooper
Group
Inc
(d)
1,115‌
174‌
Nasdaq
Inc
7,490‌
721‌
OneMain
Holdings
Inc
2,425‌
140‌
Raymond
James
Financial
Inc
3,307‌
553‌
Rocket
Cos
Inc
(e)
4,701‌
69‌
SEI
Investments
Co
1,867‌
164‌
SLM
Corp
534,654‌
17,002‌
SoFi
Technologies
Inc
(d)
16,695‌
377‌
Stifel
Financial
Corp
1,792‌
204‌
Synchrony
Financial
6,908‌
481‌
T
Rowe
Price
Group
Inc
3,961‌
402‌
TPG
Inc
162‌
9‌
Tradeweb
Markets
Inc
1,918‌
266‌
UWM
Holdings
Corp
2,195‌
9‌
Virtu
Financial
Inc
1,643‌
73‌
Visa
Inc
83,433‌
28,824‌
Voya
Financial
Inc
1,957‌
137‌
Western
Union
Co/The
6,128‌
49‌
XP
Inc
7,519‌
121‌
$
148,122‌
Electric
-
6
.53
%
AES
Corp/The
13,658‌
180‌
Alliant
Energy
Corp
4,652‌
302‌
Ameren
Corp
4,891‌
495‌
American
Electric
Power
Co
Inc
9,726‌
1,100‌
Brookfield
Renewable
Corp
2,749‌
101‌
CenterPoint
Energy
Inc
11,851‌
460‌
Clearway
Energy
Inc
-
Class
A
706‌
22‌
Clearway
Energy
Inc
-
Class
C
1,804‌
59‌
CMS
Energy
Corp
5,394‌
398‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Electric
(continued)
Consolidated
Edison
Inc
6,545‌
$
677‌
Constellation
Energy
Corp
5,682‌
1,976‌
Dominion
Energy
Inc
15,532‌
908‌
DTE
Energy
Co
3,749‌
519‌
Duke
Energy
Corp
14,157‌
1,722‌
Edison
International
6,919‌
361‌
Entergy
Corp
700,027‌
63,303‌
Evergy
Inc
4,168‌
295‌
Eversource
Energy
6,670‌
441‌
Exelon
Corp
18,398‌
827‌
FirstEnergy
Corp
9,975‌
426‌
IDACORP
Inc
1,098‌
138‌
NextEra
Energy
Inc
326,619‌
23,210‌
OGE
Energy
Corp
3,858‌
175‌
PG&E
Corp
39,918‌
560‌
Pinnacle
West
Capital
Corp
379,816‌
34,419‌
PPL
Corp
13,462‌
480‌
Public
Service
Enterprise
Group
Inc
9,076‌
815‌
Sempra
11,874‌
970‌
Southern
Co/The
262,834‌
24,833‌
Talen
Energy
Corp
(d)
796‌
300‌
WEC
Energy
Group
Inc
222,118‌
24,228‌
Xcel
Energy
Inc
567,526‌
41,679‌
$
226,379‌
Electrical
Components
&
Equipment
-
0
.16
%
Acuity
Inc
533‌
166‌
AMETEK
Inc
4,174‌
772‌
Eaton
Corp
PLC
7,118‌
2,739‌
Emerson
Electric
Co
10,248‌
1,491‌
Generac
Holdings
Inc
(d)
1,111‌
216‌
Littelfuse
Inc
499‌
128‌
Universal
Display
Corp
892‌
129‌
$
5,641‌
Electronics
-
1
.74
%
Allegion
plc
1,542‌
256‌
Arrow
Electronics
Inc
(d)
1,052‌
122‌
Avnet
Inc
1,749‌
93‌
Coherent
Corp
(d)
2,767‌
298‌
Flex
Ltd
(d)
6,918‌
345‌
Fortive
Corp
495,210‌
23,735‌
Garmin
Ltd
2,945‌
644‌
Honeywell
International
Inc
11,709‌
2,604‌
Hubbell
Inc
60,189‌
26,331‌
Ingram
Micro
Holding
Corp
(e)
446‌
9‌
Jabil
Inc
695‌
155‌
Keysight
Technologies
Inc
(d)
3,110‌
510‌
Mettler-Toledo
International
Inc
(d)
370‌
456‌
nVent
Electric
PLC
2,942‌
231‌
Ralliant
Corp
74,782‌
3,419‌
Sensata
Technologies
Holding
PLC
2,953‌
91‌
TD
SYNNEX
Corp
1,413‌
204‌
Trimble
Inc
(d)
4,316‌
362‌
Vontier
Corp
3,010‌
125‌
Woodward
Inc
1,052‌
270‌
$
60,260‌
Energy
-
Alternate
Sources
-
0
.01
%
First
Solar
Inc
(d)
1,824‌
319‌
Engineering
&
Construction
-
0
.75
%
AECOM
2,385‌
269‌
EMCOR
Group
Inc
524‌
329‌
Everus
Construction
Group
Inc
(d)
1,037‌
77‌
Jacobs
Solutions
Inc
2,187‌
310‌
MasTec
Inc
(d)
934‌
177‌
TopBuild
Corp
(d)
66,955‌
24,802‌
$
25,964‌
Entertainment
-
0
.02
%
Caesars
Entertainment
Inc
(d)
4,200‌
112‌
Churchill
Downs
Inc
207‌
22‌
Flutter
Entertainment
PLC
(d)
569‌
172‌
Schedule
of
Investments
LargeCap
Value
Fund
III
July
31,
2025
(unaudited)
131
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Entertainment
(continued)
Liberty
Media
Corp-Liberty
Live
-
A
Shares
(d)
402‌
$
33‌
Liberty
Media
Corp-Liberty
Live
-
C
Shares
(d)
933‌
78‌
Madison
Square
Garden
Sports
Corp
(d)
328‌
66‌
Penn
Entertainment
Inc
(d)
3,313‌
60‌
TKO
Group
Holdings
Inc
802‌
135‌
Vail
Resorts
Inc
132‌
20‌
$
698‌
Environmental
Control
-
1
.41
%
Clean
Harbors
Inc
(d)
895‌
211‌
Pentair
PLC
2,953‌
302‌
Republic
Services
Inc
3,666‌
846‌
Tetra
Tech
Inc
4,177‌
153‌
Veralto
Corp
234,134‌
24,544‌
Waste
Management
Inc
100,450‌
23,019‌
$
49,075‌
Food
-
0
.94
%
Albertsons
Cos
Inc
7,518‌
144‌
Conagra
Brands
Inc
8,644‌
158‌
Flowers
Foods
Inc
3,800‌
60‌
General
Mills
Inc
9,956‌
488‌
Hershey
Co/The
140,663‌
26,181‌
Hormel
Foods
Corp
5,242‌
147‌
Ingredion
Inc
1,219‌
160‌
J
M
Smucker
Co/The
1,862‌
200‌
Kellanova
5,037‌
402‌
Kraft
Heinz
Co/The
15,535‌
427‌
Kroger
Co/The
11,027‌
773‌
Lamb
Weston
Holdings
Inc
2,610‌
149‌
McCormick
&
Co
Inc/MD
4,589‌
324‌
Mondelez
International
Inc
23,594‌
1,526‌
Performance
Food
Group
Co
(d)
2,409‌
242‌
Pilgrim's
Pride
Corp
843‌
40‌
Post
Holdings
Inc
(d)
1,028‌
109‌
Seaboard
Corp
5‌
16‌
Smithfield
Foods
Inc
695‌
17‌
Sysco
Corp
4,078‌
325‌
The
Campbell's
Company
3,946‌
126‌
Tyson
Foods
Inc
5,071‌
265‌
US
Foods
Holding
Corp
(d)
4,177‌
348‌
$
32,627‌
Forest
Products
&
Paper
-
0
.01
%
International
Paper
Co
9,525‌
445‌
Gas
-
0
.03
%
Atmos
Energy
Corp
2,859‌
446‌
MDU
Resources
Group
Inc
4,127‌
71‌
National
Fuel
Gas
Co
1,715‌
149‌
NiSource
Inc
8,548‌
363‌
UGI
Corp
4,131‌
149‌
$
1,178‌
Hand
&
Machine
Tools
-
0
.02
%
Lincoln
Electric
Holdings
Inc
958‌
233‌
MSA
Safety
Inc
753‌
134‌
Snap-on
Inc
906‌
291‌
Stanley
Black
&
Decker
Inc
2,789‌
189‌
$
847‌
Healthcare
-
Products
-
3
.23
%
Abbott
Laboratories
294,842‌
37,206‌
Agilent
Technologies
Inc
5,167‌
593‌
Align
Technology
Inc
(d)
1,221‌
158‌
Avantor
Inc
(d)
1,826,081‌
24,542‌
Baxter
International
Inc
9,307‌
203‌
Bio-Techne
Corp
3,010‌
165‌
Boston
Scientific
Corp
(d)
22,245‌
2,334‌
Bruker
Corp
2,100‌
81‌
Cooper
Cos
Inc/The
(d)
3,602‌
255‌
Danaher
Corp
11,605‌
2,288‌
DENTSPLY
SIRONA
Inc
4,359‌
62‌
Edwards
Lifesciences
Corp
(d)
10,463‌
830‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Healthcare
-
Products
(continued)
Envista
Holdings
Corp
(d)
3,417‌
$
65‌
Exact
Sciences
Corp
(d)
3,176‌
149‌
GE
HealthCare
Technologies
Inc
8,315‌
593‌
Globus
Medical
Inc
(d)
2,284‌
120‌
Hologic
Inc
(d)
4,038‌
270‌
Medtronic
PLC
384,522‌
34,699‌
QIAGEN
NV
3,856‌
190‌
Repligen
Corp
(d)
940‌
110‌
ResMed
Inc
2,006‌
546‌
Revvity
Inc
2,163‌
190‌
Solventum
Corp
(d)
2,502‌
179‌
STERIS
PLC
1,763‌
399‌
Stryker
Corp
4,635‌
1,820‌
Teleflex
Inc
910‌
109‌
Thermo
Fisher
Scientific
Inc
6,868‌
3,212‌
Waters
Corp
(d)
488‌
141‌
West
Pharmaceutical
Services
Inc
1,276‌
305‌
Zimmer
Biomet
Holdings
Inc
3,583‌
328‌
$
112,142‌
Healthcare
-
Services
-
1
.30
%
Acadia
Healthcare
Co
Inc
(d)
1,852‌
40‌
Amedisys
Inc
(d)
658‌
65‌
Centene
Corp
(d)
9,021‌
235‌
Charles
River
Laboratories
International
Inc
(d)
929‌
158‌
Chemed
Corp
266‌
110‌
Cigna
Group/The
4,464‌
1,194‌
Elevance
Health
Inc
50,884‌
14,404‌
Encompass
Health
Corp
1,788‌
197‌
HCA
Healthcare
Inc
2,486‌
880‌
Humana
Inc
2,174‌
543‌
IQVIA
Holdings
Inc
(d)
3,165‌
588‌
Labcorp
Holdings
Inc
1,497‌
389‌
Molina
Healthcare
Inc
(d)
492‌
78‌
Quest
Diagnostics
Inc
2,007‌
336‌
Sotera
Health
Co
(d)
3,312‌
38‌
Tenet
Healthcare
Corp
(d)
1,643‌
265‌
UnitedHealth
Group
Inc
101,693‌
25,379‌
Universal
Health
Services
Inc
976‌
162‌
$
45,061‌
Home
Builders
-
1
.00
%
DR
Horton
Inc
4,975‌
711‌
Lennar
Corp
-
A
Shares
291,718‌
32,725‌
Lennar
Corp
-
B
Shares
195‌
21‌
NVR
Inc
(d)
50‌
377‌
PulteGroup
Inc
3,613‌
408‌
Thor
Industries
Inc
1,037‌
94‌
Toll
Brothers
Inc
1,776‌
210‌
$
34,546‌
Home
Furnishings
-
0
.01
%
Dolby
Laboratories
Inc
1,231‌
93‌
SharkNinja
Inc
(d)
1,169‌
135‌
Whirlpool
Corp
1,093‌
91‌
$
319‌
Housewares
-
0
.00
%
Newell
Brands
Inc
9,121‌
51‌
Scotts
Miracle-Gro
Co/The
890‌
56‌
$
107‌
Insurance
-
4
.97
%
Aflac
Inc
8,853‌
880‌
Allstate
Corp/The
4,783‌
972‌
American
Financial
Group
Inc/OH
1,261‌
158‌
American
International
Group
Inc
420,284‌
32,627‌
Aon
PLC
326‌
116‌
Arch
Capital
Group
Ltd
6,623‌
570‌
Arthur
J
Gallagher
&
Co
76,211‌
21,892‌
Assurant
Inc
897‌
168‌
Assured
Guaranty
Ltd
949‌
80‌
Axis
Capital
Holdings
Ltd
1,544‌
145‌
Berkshire
Hathaway
Inc
-
Class
B
(d)
71,389‌
33,687‌
Schedule
of
Investments
LargeCap
Value
Fund
III
July
31,
2025
(unaudited)
132
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Insurance
(continued)
Brighthouse
Financial
Inc
(d)
1,164‌
$
56‌
Brown
&
Brown
Inc
4,462‌
408‌
Chubb
Ltd
6,759‌
1,798‌
Cincinnati
Financial
Corp
2,782‌
410‌
CNA
Financial
Corp
427‌
19‌
Corebridge
Financial
Inc
4,613‌
164‌
Everest
Group
Ltd
46,419‌
15,587‌
Fidelity
National
Financial
Inc
4,710‌
266‌
First
American
Financial
Corp
2,001‌
120‌
Globe
Life
Inc
1,482‌
208‌
Hanover
Insurance
Group
Inc/The
729‌
125‌
Hartford
Insurance
Group
Inc/The
5,147‌
640‌
Kemper
Corp
1,245‌
77‌
Lincoln
National
Corp
3,467‌
132‌
Loews
Corp
3,087‌
280‌
Markel
Group
Inc
(d)
180‌
361‌
Marsh
&
McLennan
Cos
Inc
7,905‌
1,575‌
MetLife
Inc
10,229‌
777‌
MGIC
Investment
Corp
4,748‌
123‌
Old
Republic
International
Corp
4,390‌
159‌
Primerica
Inc
622‌
165‌
Progressive
Corp/The
124,177‌
30,056‌
Prudential
Financial
Inc
6,438‌
667‌
Reinsurance
Group
of
America
Inc
1,176‌
226‌
RenaissanceRe
Holdings
Ltd
842‌
205‌
RLI
Corp
1,577‌
104‌
Travelers
Cos
Inc/The
4,096‌
1,066‌
Unum
Group
3,126‌
224‌
W
R
Berkley
Corp
5,506‌
379‌
White
Mountains
Insurance
Group
Ltd
46‌
82‌
Willis
Towers
Watson
PLC
78,050‌
24,649‌
$
172,403‌
Internet
-
4
.49
%
Alphabet
Inc
-
A
Shares
376,232‌
72,198‌
Alphabet
Inc
-
C
Shares
30,601‌
5,902‌
Amazon.com
Inc
(d)
235,875‌
55,221‌
Booking
Holdings
Inc
37‌
204‌
CDW
Corp/DE
2,197‌
383‌
eBay
Inc
8,369‌
768‌
Etsy
Inc
(d)
896‌
52‌
F5
Inc
(d)
1,021‌
320‌
Gen
Digital
Inc
8,896‌
262‌
IAC
Inc
(d)
1,368‌
54‌
Lyft
Inc
(d)
6,799‌
96‌
Maplebear
Inc
(d)
3,307‌
159‌
Match
Group
Inc
4,696‌
161‌
Meta
Platforms
Inc
22,904‌
17,715‌
Pinterest
Inc
(d)
5,388‌
208‌
Robinhood
Markets
Inc
(d)
11,660‌
1,201‌
Roku
Inc
(d)
2,018‌
190‌
Trump
Media
&
Technology
Group
Corp
(d),(e)
749‌
13‌
VeriSign
Inc
1,540‌
414‌
Wayfair
Inc
(d)
1,565‌
103‌
Zillow
Group
Inc
-
A
Shares
(d)
1,072‌
82‌
Zillow
Group
Inc
-
C
Shares
(d)
2,953‌
235‌
$
155,941‌
Iron
&
Steel
-
0
.05
%
ATI
Inc
(d)
2,518‌
194‌
Carpenter
Technology
Corp
692‌
173‌
Cleveland-Cliffs
Inc
(d)
9,899‌
104‌
Nucor
Corp
4,160‌
595‌
Reliance
Inc
934‌
271‌
Steel
Dynamics
Inc
2,289‌
292‌
$
1,629‌
Leisure
Products
&
Services
-
2
.19
%
Amer
Sports
Inc
(d)
3,034‌
114‌
Brunswick
Corp/DE
1,333‌
78‌
Carnival
Corp
(d)
2,545,679‌
75,785‌
Harley-Davidson
Inc
2,270‌
55‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Leisure
Products
&
Services
(continued)
Norwegian
Cruise
Line
Holdings
Ltd
(d)
876‌
$
22‌
YETI
Holdings
Inc
(d)
1,677‌
62‌
$
76,116‌
Lodging
-
1
.75
%
Boyd
Gaming
Corp
1,184‌
101‌
Choice
Hotels
International
Inc
(e)
382‌
49‌
Hyatt
Hotels
Corp
818‌
115‌
Las
Vegas
Sands
Corp
574,901‌
30,125‌
Marriott
International
Inc/MD
937‌
247‌
MGM
Resorts
International
(d)
3,934‌
143‌
Travel
+
Leisure
Co
861‌
51‌
Wyndham
Hotels
&
Resorts
Inc
161‌
14‌
Wynn
Resorts
Ltd
274,008‌
29,875‌
$
60,720‌
Machinery
-
Construction
&
Mining
-
1
.67
%
BWX
Technologies
Inc
83,605‌
12,702‌
Caterpillar
Inc
7,375‌
3,231‌
Oshkosh
Corp
1,220‌
154‌
Vertiv
Holdings
Co
287,944‌
41,925‌
$
58,012‌
Machinery
-
Diversified
-
0
.57
%
AGCO
Corp
1,264‌
149‌
Applied
Industrial
Technologies
Inc
664‌
180‌
CNH
Industrial
NV
15,945‌
207‌
Cognex
Corp
3,231‌
132‌
Crane
Co
870‌
170‌
Deere
&
Co
26,407‌
13,847‌
Dover
Corp
2,445‌
443‌
Esab
Corp
1,160‌
156‌
Flowserve
Corp
2,653‌
149‌
Gates
Industrial
Corp
PLC
(d)
5,204‌
129‌
Graco
Inc
2,998‌
252‌
IDEX
Corp
1,352‌
221‌
Ingersoll
Rand
Inc
7,329‌
620‌
Middleby
Corp/The
(d)
1,027‌
149‌
Nordson
Corp
955‌
204‌
Otis
Worldwide
Corp
7,178‌
615‌
Regal
Rexnord
Corp
1,177‌
180‌
Rockwell
Automation
Inc
1,871‌
658‌
Toro
Co/The
2,029‌
151‌
Westinghouse
Air
Brake
Technologies
Corp
3,065‌
588‌
Xylem
Inc/NY
4,410‌
638‌
$
19,838‌
Media
-
1
.40
%
Charter
Communications
Inc
(d)
1,625‌
438‌
Comcast
Corp
-
Class
A
583,666‌
19,395‌
FactSet
Research
Systems
Inc
617‌
249‌
Fox
Corp
-
A
Shares
3,904‌
218‌
Fox
Corp
-
B
Shares
2,693‌
138‌
Liberty
Broadband
Corp
-
A
Shares
(d)
266‌
16‌
Liberty
Broadband
Corp
-
C
Shares
(d)
1,797‌
110‌
Liberty
Global
Ltd
-
A
Shares
(d)
3,406‌
34‌
Liberty
Global
Ltd
-
C
Shares
(d)
2,853‌
29‌
Liberty
Media
Corp-Liberty
Formula
One
-
A
Shares
(d)
319‌
29‌
Liberty
Media
Corp-Liberty
Formula
One
-
C
Shares
(d)
2,608‌
262‌
New
York
Times
Co/The
2,896‌
150‌
News
Corp
-
A
Shares
6,872‌
201‌
News
Corp
-
B
Shares
(e)
2,279‌
76‌
Nexstar
Media
Group
Inc
539‌
101‌
Paramount
Global
-
Class
B
(e)
11,452‌
144‌
Sirius
XM
Holdings
Inc
3,863‌
82‌
Walt
Disney
Co/The
220,063‌
26,212‌
Warner
Bros
Discovery
Inc
(d)
40,584‌
534‌
$
48,418‌
Schedule
of
Investments
LargeCap
Value
Fund
III
July
31,
2025
(unaudited)
133
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Metal
Fabrication
&
Hardware
-
0
.02
%
Advanced
Drainage
Systems
Inc
1,347‌
$
155‌
Mueller
Industries
Inc
1,947‌
166‌
RBC
Bearings
Inc
(d)
422‌
163‌
Timken
Co/The
1,274‌
97‌
Valmont
Industries
Inc
404‌
147‌
$
728‌
Mining
-
0
.10
%
Alcoa
Corp
4,976‌
149‌
Anglogold
Ashanti
Plc
8,038‌
372‌
Freeport-McMoRan
Inc
26,048‌
1,048‌
MP
Materials
Corp
(d)
2,455‌
151‌
Newmont
Corp
20,268‌
1,259‌
Royal
Gold
Inc
1,170‌
177‌
Southern
Copper
Corp
1,561‌
147‌
$
3,303‌
Miscellaneous
Manufacturers
-
0
.15
%
3M
Co
8,217‌
1,226‌
A
O
Smith
Corp
2,216‌
157‌
Carlisle
Cos
Inc
661‌
235‌
Donaldson
Co
Inc
2,283‌
164‌
Illinois
Tool
Works
Inc
3,556‌
910‌
ITT
Inc
1,443‌
245‌
Parker-Hannifin
Corp
2,334‌
1,708‌
Teledyne
Technologies
Inc
(d)
818‌
451‌
Textron
Inc
3,252‌
253‌
$
5,349‌
Office
&
Business
Equipment
-
0
.01
%
Zebra
Technologies
Corp
(d)
897‌
304‌
Oil
&
Gas
-
5
.98
%
Antero
Resources
Corp
(d)
5,252‌
183‌
APA
Corp
7,217‌
139‌
Chevron
Corp
326,392‌
49,494‌
Chord
Energy
Corp
1,203‌
133‌
Civitas
Resources
Inc
1,876‌
57‌
ConocoPhillips
23,052‌
2,198‌
Coterra
Energy
Inc
13,722‌
335‌
Devon
Energy
Corp
11,305‌
376‌
Diamondback
Energy
Inc
3,448‌
513‌
EOG
Resources
Inc
93,387‌
11,209‌
EQT
Corp
10,810‌
581‌
Expand
Energy
Corp
3,979‌
417‌
Exxon
Mobil
Corp
725,472‌
80,991‌
HF
Sinclair
Corp
2,929‌
129‌
Marathon
Petroleum
Corp
5,654‌
962‌
Matador
Resources
Co
2,389‌
119‌
Occidental
Petroleum
Corp
12,249‌
538‌
Ovintiv
Inc
4,703‌
194‌
Permian
Resources
Corp
1,469,000‌
20,801‌
Phillips
66
298,980‌
36,947‌
Range
Resources
Corp
4,274‌
157‌
Valero
Energy
Corp
5,664‌
778‌
Viper
Energy
Inc
2,669‌
100‌
Weatherford
International
PLC
1,446‌
82‌
$
207,433‌
Oil
&
Gas
Services
-
0
.93
%
Baker
Hughes
Co
18,052‌
813‌
Halliburton
Co
1,347,594‌
30,186‌
NOV
Inc
7,604‌
96‌
Schlumberger
NV
24,768‌
837‌
TechnipFMC
PLC
7,541‌
274‌
$
32,206‌
Packaging
&
Containers
-
0
.06
%
Amcor
PLC
41,370‌
387‌
AptarGroup
Inc
1,165‌
183‌
Ardagh
Group
SA
(d),(f)
412‌
—‌
Ball
Corp
5,120‌
293‌
Crown
Holdings
Inc
2,082‌
207‌
Graphic
Packaging
Holding
Co
6,060‌
135‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Packaging
&
Containers
(continued)
Packaging
Corp
of
America
1,582‌
$
307‌
Sealed
Air
Corp
3,028‌
89‌
Silgan
Holdings
Inc
1,824‌
85‌
Smurfit
WestRock
PLC
9,467‌
420‌
Sonoco
Products
Co
2,004‌
90‌
$
2,196‌
Pharmaceuticals
-
3
.34
%
Becton
Dickinson
&
Co
5,189‌
925‌
BellRing
Brands
Inc
(d)
2,584‌
141‌
Bristol-Myers
Squibb
Co
29,979‌
1,298‌
Cardinal
Health
Inc
2,163‌
336‌
CVS
Health
Corp
22,807‌
1,416‌
Elanco
Animal
Health
Inc
(d)
10,014‌
137‌
Henry
Schein
Inc
(d)
2,099‌
142‌
Jazz
Pharmaceuticals
PLC
(d)
1,208‌
138‌
Johnson
&
Johnson
185,248‌
30,518‌
McKesson
Corp
17,925‌
12,431‌
Merck
&
Co
Inc
446,719‌
34,898‌
Neurocrine
Biosciences
Inc
(d)
284‌
36‌
Organon
&
Co
5,285‌
51‌
Pfizer
Inc
103,547‌
2,412‌
Sanofi
SA
ADR
667,320‌
30,457‌
Viatris
Inc
21,496‌
188‌
Zoetis
Inc
1,616‌
236‌
$
115,760‌
Pipelines
-
0
.12
%
Antero
Midstream
Corp
6,804‌
125‌
Cheniere
Energy
Inc
2,184‌
515‌
DT
Midstream
Inc
1,822‌
187‌
Kinder
Morgan
Inc
35,423‌
994‌
ONEOK
Inc
11,364‌
933‌
Williams
Cos
Inc/The
20,999‌
1,259‌
$
4,013‌
Private
Equity
-
0
.05
%
Carlyle
Group
Inc/The
4,736‌
287‌
KKR
&
Co
Inc
9,255‌
1,357‌
$
1,644‌
Real
Estate
-
0
.05
%
CBRE
Group
Inc
(d)
4,798‌
747‌
CoStar
Group
Inc
(d)
6,642‌
632‌
Howard
Hughes
Holdings
Inc
(d)
682‌
47‌
Jones
Lang
LaSalle
Inc
(d)
599‌
162‌
$
1,588‌
REITs
-
4
.63
%
AGNC
Investment
Corp
17,175‌
162‌
Agree
Realty
Corp
330,787‌
23,717‌
Alexandria
Real
Estate
Equities
Inc
3,098‌
237‌
American
Homes
4
Rent
6,199‌
215‌
American
Tower
Corp
51,155‌
10,660‌
Americold
Realty
Trust
Inc
5,801‌
93‌
Annaly
Capital
Management
Inc
10,988‌
223‌
AvalonBay
Communities
Inc
2,566‌
478‌
Brixmor
Property
Group
Inc
5,850‌
153‌
BXP
Inc
2,860‌
187‌
Camden
Property
Trust
1,949‌
213‌
Cousins
Properties
Inc
3,397‌
92‌
Crown
Castle
Inc
7,883‌
828‌
CubeSmart
4,097‌
159‌
Digital
Realty
Trust
Inc
6,122‌
1,080‌
EastGroup
Properties
Inc
945‌
154‌
EPR
Properties
1,518‌
84‌
Equinix
Inc
1,770‌
1,390‌
Equity
LifeStyle
Properties
Inc
3,426‌
205‌
Equity
Residential
6,877‌
435‌
Essex
Property
Trust
Inc
1,134‌
295‌
Extra
Space
Storage
Inc
3,812‌
512‌
Federal
Realty
Investment
Trust
1,626‌
150‌
First
Industrial
Realty
Trust
Inc
2,606‌
127‌
Gaming
and
Leisure
Properties
Inc
4,781‌
218‌
Schedule
of
Investments
LargeCap
Value
Fund
III
July
31,
2025
(unaudited)
134
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
REITs
(continued)
Healthcare
Realty
Trust
Inc
6,678‌
$
103‌
Healthpeak
Properties
Inc
12,606‌
214‌
Highwoods
Properties
Inc
2,157‌
63‌
Host
Hotels
&
Resorts
Inc
12,465‌
196‌
Invitation
Homes
Inc
11,122‌
341‌
Iron
Mountain
Inc
5,319‌
518‌
Kilroy
Realty
Corp
2,388‌
88‌
Kimco
Realty
Corp
12,151‌
258‌
Lineage
Inc
1,413‌
61‌
Medical
Properties
Trust
Inc
10,151‌
42‌
Mid-America
Apartment
Communities
Inc
2,096‌
299‌
Millrose
Properties
Inc
2,439‌
73‌
National
Storage
Affiliates
Trust
1,537‌
45‌
NNN
REIT
Inc
3,589‌
148‌
Omega
Healthcare
Investors
Inc
5,212‌
203‌
Park
Hotels
&
Resorts
Inc
4,478‌
48‌
Prologis
Inc
397,688‌
42,465‌
Public
Storage
107,976‌
29,363‌
Rayonier
Inc
3,151‌
73‌
Realty
Income
Corp
16,254‌
912‌
Regency
Centers
Corp
3,265‌
233‌
Rexford
Industrial
Realty
Inc
4,307‌
157‌
Rithm
Capital
Corp
10,765‌
130‌
SBA
Communications
Corp
1,931‌
434‌
Simon
Property
Group
Inc
4,570‌
749‌
STAG
Industrial
Inc
3,799‌
130‌
Starwood
Property
Trust
Inc
6,472‌
126‌
Sun
Communities
Inc
1,833‌
227‌
UDR
Inc
5,663‌
222‌
Ventas
Inc
7,926‌
532‌
VICI
Properties
Inc
1,148,152‌
37,430‌
Vornado
Realty
Trust
3,590‌
138‌
Welltower
Inc
11,920‌
1,968‌
Weyerhaeuser
Co
13,182‌
330‌
WP
Carey
Inc
3,922‌
252‌
$
160,638‌
Retail
-
3
.04
%
AutoNation
Inc
(d)
559‌
108‌
AutoZone
Inc
(d)
256‌
965‌
Bath
&
Body
Works
Inc
4,334‌
125‌
Best
Buy
Co
Inc
3,495‌
227‌
BJ's
Wholesale
Club
Holdings
Inc
(d)
2,003‌
212‌
CarMax
Inc
(d)
2,751‌
156‌
Casey's
General
Stores
Inc
544‌
283‌
Darden
Restaurants
Inc
53,403‌
10,770‌
Dick's
Sporting
Goods
Inc
960‌
203‌
Dillard's
Inc
68‌
32‌
Dollar
General
Corp
3,977‌
417‌
Dollar
Tree
Inc
(d)
3,676‌
417‌
Domino's
Pizza
Inc
374‌
173‌
Ferguson
Enterprises
Inc
3,296‌
736‌
Five
Below
Inc
(d)
1,094‌
149‌
Floor
&
Decor
Holdings
Inc
(d)
1,466‌
112‌
Freshpet
Inc
(d)
697‌
48‌
GameStop
Corp
(d),(e)
7,438‌
167‌
Gap
Inc/The
4,463‌
87‌
Genuine
Parts
Co
2,500‌
322‌
Home
Depot
Inc/The
4,290‌
1,577‌
Lithia
Motors
Inc
463‌
133‌
Lowe's
Cos
Inc
10,193‌
2,279‌
Lululemon
Athletica
Inc
(d)
783‌
157‌
Macy's
Inc
5,639‌
71‌
McDonald's
Corp
88,801‌
26,647‌
MSC
Industrial
Direct
Co
Inc
896‌
78‌
Ollie's
Bargain
Outlet
Holdings
Inc
(d)
1,169‌
160‌
O'Reilly
Automotive
Inc
(d)
246,268‌
24,213‌
Penske
Automotive
Group
Inc
376‌
63‌
QXO
Inc
(d),(e)
10,817‌
217‌
Restaurant
Brands
International
Inc
2,247‌
152‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Retail
(continued)
RH
(d),(e)
267‌
$
55‌
Ross
Stores
Inc
4,672‌
638‌
Starbucks
Corp
17,964‌
1,602‌
Target
Corp
8,260‌
830‌
TJX
Cos
Inc/The
10,167‌
1,266‌
Ulta
Beauty
Inc
(d)
588‌
303‌
Walgreens
Boots
Alliance
Inc
13,735‌
160‌
Walmart
Inc
290,032‌
28,417‌
Wendy's
Co/The
1,877‌
18‌
Williams-Sonoma
Inc
1,807‌
338‌
Yum!
Brands
Inc
3,349‌
483‌
$
105,566‌
Savings
&
Loans
-
0
.00
%
TFS
Financial
Corp
1,067‌
14‌
Semiconductors
-
4
.65
%
Advanced
Micro
Devices
Inc
(d)
12,158‌
2,144‌
Allegro
MicroSystems
Inc
(d)
2,576‌
81‌
Amkor
Technology
Inc
2,480‌
56‌
Analog
Devices
Inc
9,019‌
2,026‌
Applied
Materials
Inc
10,578‌
1,905‌
Cirrus
Logic
Inc
(d)
1,079‌
109‌
Entegris
Inc
474,488‌
37,228‌
GLOBALFOUNDRIES
Inc
(d)
2,091‌
78‌
Intel
Corp
(d)
79,644‌
1,577‌
IPG
Photonics
Corp
(d)
508‌
38‌
Lattice
Semiconductor
Corp
(d)
498‌
25‌
MACOM
Technology
Solutions
Holdings
Inc
(d)
970‌
133‌
Marvell
Technology
Inc
231,768‌
18,627‌
Microchip
Technology
Inc
442,559‌
29,912‌
Micron
Technology
Inc
20,345‌
2,220‌
MKS
Inc
1,384‌
132‌
ON
Semiconductor
Corp
(d)
7,656‌
431‌
Onto
Innovation
Inc
(d)
771‌
73‌
Qorvo
Inc
(d)
1,782‌
149‌
QUALCOMM
Inc
279,715‌
41,051‌
Skyworks
Solutions
Inc
2,765‌
189‌
Teradyne
Inc
2,902‌
312‌
Texas
Instruments
Inc
125,580‌
22,738‌
$
161,234‌
Shipbuilding
-
0
.01
%
Huntington
Ingalls
Industries
Inc
682‌
190‌
Software
-
5
.29
%
Akamai
Technologies
Inc
(d)
2,588‌
198‌
BILL
Holdings
Inc
(d)
1,757‌
75‌
Broadridge
Financial
Solutions
Inc
224‌
55‌
CCC
Intelligent
Solutions
Holdings
Inc
(d)
10,597‌
103‌
Concentrix
Corp
1,019‌
53‌
Dayforce
Inc
(d)
2,658‌
153‌
Docusign
Inc
(d)
998‌
76‌
DoubleVerify
Holdings
Inc
(d)
1,684‌
26‌
Dropbox
Inc
-
A
Shares
(d)
3,029‌
82‌
Electronic
Arts
Inc
147,659‌
22,516‌
Fair
Isaac
Corp
(d)
65‌
93‌
Fidelity
National
Information
Services
Inc
620,919‌
49,307‌
Fiserv
Inc
(d)
7,252‌
1,008‌
Informatica
Inc
(d)
2,184‌
54‌
Jack
Henry
&
Associates
Inc
1,297‌
220‌
Microsoft
Corp
67,450‌
35,985‌
MicroStrategy
Inc
(d)
4,273‌
1,717‌
MongoDB
Inc
(d)
1,271‌
302‌
MSCI
Inc
682‌
383‌
nCino
Inc
(d)
1,863‌
52‌
Nutanix
Inc
(d)
3,425‌
257‌
Oracle
Corp
160,432‌
40,713‌
Paychex
Inc
3,988‌
576‌
Paycom
Software
Inc
473‌
110‌
Pegasystems
Inc
1,181‌
69‌
PTC
Inc
(d)
1,894‌
407‌
Roper
Technologies
Inc
1,931‌
1,063‌
Schedule
of
Investments
LargeCap
Value
Fund
III
July
31,
2025
(unaudited)
135
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Software
(continued)
Salesforce
Inc
96,894‌
$
25,031‌
SentinelOne
Inc
(d)
1,650‌
30‌
SS&C
Technologies
Holdings
Inc
3,826‌
327‌
Synopsys
Inc
(d)
914‌
579‌
Take-Two
Interactive
Software
Inc
(d)
2,132‌
475‌
Teradata
Corp
(d)
1,494‌
31‌
Twilio
Inc
(d)
2,111‌
272‌
Tyler
Technologies
Inc
(d)
148‌
87‌
UiPath
Inc
(d)
8,862‌
104‌
Unity
Software
Inc
(d)
5,730‌
191‌
Veeva
Systems
Inc
(d)
566‌
161‌
Zoom
Communications
Inc
(d)
4,761‌
353‌
ZoomInfo
Technologies
Inc
(d)
6,583‌
71‌
$
183,365‌
Telecommunications
-
1
.10
%
AST
SpaceMobile
Inc
(d)
266‌
14‌
AT&T
Inc
127,862‌
3,505‌
Ciena
Corp
(d)
2,544‌
236‌
Cisco
Systems
Inc
72,539‌
4,938‌
Corning
Inc
14,207‌
898‌
Frontier
Communications
Parent
Inc
(d)
4,504‌
166‌
GCI
Liberty
Inc
(d)
53‌
2‌
GCI
Liberty
Inc
(d)
359‌
12‌
Iridium
Communications
Inc
1,778‌
44‌
Millicom
International
Cellular
SA
2,089‌
84‌
Motorola
Solutions
Inc
1,729‌
759‌
T-Mobile
US
Inc
102,094‌
24,340‌
Verizon
Communications
Inc
76,973‌
3,291‌
$
38,289‌
Toys,
Games
&
Hobbies
-
0
.01
%
Hasbro
Inc
2,378‌
179‌
Mattel
Inc
(d)
6,535‌
111‌
$
290‌
Transportation
-
1
.70
%
CH
Robinson
Worldwide
Inc
2,114‌
244‌
CSX
Corp
845,287‌
30,041‌
Expeditors
International
of
Washington
Inc
2,469‌
287‌
FedEx
Corp
3,941‌
881‌
JB
Hunt
Transport
Services
Inc
151,054‌
21,759‌
Kirby
Corp
(d)
1,153‌
110‌
Knight-Swift
Transportation
Holdings
Inc
3,204‌
136‌
Landstar
System
Inc
707‌
94‌
Norfolk
Southern
Corp
4,092‌
1,138‌
Old
Dominion
Freight
Line
Inc
3,177‌
474‌
Ryder
System
Inc
820‌
146‌
Saia
Inc
(d)
499‌
151‌
Schneider
National
Inc
1,020‌
25‌
Union
Pacific
Corp
10,001‌
2,220‌
United
Parcel
Service
Inc
13,353‌
1,150‌
XPO
Inc
(d)
1,629‌
196‌
$
59,052‌
Water
-
0
.02
%
American
Water
Works
Co
Inc
3,523‌
494‌
Essential
Utilities
Inc
4,993‌
184‌
$
678‌
TOTAL
COMMON
STOCKS
$
3,245,317‌
Total
Investments
$
3,468,281‌
Other
Assets
and
Liabilities
-  0.02%
765‌
TOTAL
NET
ASSETS
-
100.00%
$
3,469,046‌
(a)
1-day
yield
shown
is
as
of
period
end.
(b)
Security
or
a
portion
of
the
security
was
received
as
collateral
for
securities
lending.
At
the
end
of
the
period,
the
value
of
these
securities
totaled
$564
or
0.02%
of
net
assets.
(c)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940,
as
amended,
(the
"1940
Act"))
or
an
affiliate
as
defined
by
the
1940
Act
(controls
5.00%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
Affiliated
Securities
sub-schedule
for
transactional
information.
(d)
Non-income
producing
security
(e)
Security
or
a
portion
of
the
security
was
on
loan.  At
the
end
of
the
period,
the
value
of
these
securities
totaled
$551
or
0.02%
of
net
assets.
(f)
The
value
of
these
investments
was
determined
using
significant
unobservable
inputs,
in
good
faith
by
the
Manager,
under
procedures
established
and
periodically
reviewed
by
the
Board
of
Directors.
Schedule
of
Investments
LargeCap
Value
Fund
III
July
31,
2025
(unaudited)
136
Affiliated
Securities
October
31,
2024
Purchases
Sales
July
31,
2025
Value
Cost
Proceeds
Value
Principal
Government
Money
Market
Fund
-
Class
R-6
4.22%
$
90,344‌
$
1,202,772‌
$
1,176,234‌
$
116,882‌
$
90,344‌
$
1,202,772‌
$
1,176,234‌
$
116,882‌
Income
(a)
Realized
Gain/(Loss)
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
(Loss)
Principal
Government
Money
Market
Fund
-
Class
R-6
4.22%
$
3,040‌
$
—‌
$
—‌
$
—‌
$
3,040‌
$
—‌
$
—‌
$
—‌
Amounts
in
thousands.
(a)
Amount
excludes
earnings
from
securities
lending
collateral.
Futures
Contracts
Description
and
Expiration
Date
Type
Contracts
Notional
Amount
Value
and
Unrealized
Appreciation/(Depreciation)
S&P
500
Emini;
September
2025
Long
134‌
$
42,707‌
$
54‌
Total
$
54‌
Amounts
in
thousands
except
contracts.
Schedule
of
Investments
MidCap
Fund
July
31,
2025
(unaudited)
137
INVESTMENT
COMPANIES
-
0
.11
%
Shares
Held
Value
(000's)
Money
Market
Funds
-
0
.11
%
BlackRock
Liquidity
FedFund
-
Institutional
Class
4.21%
(a),(b)
7,542,753‌
$
7,542‌
Principal
Government
Money
Market
Fund
-
Class
R-6
4.22%
(a),(b),(c)
28,292,729‌
28,293‌
$
35,835‌
TOTAL
INVESTMENT
COMPANIES
$
35,835‌
COMMON
STOCKS
-
99
.93
%
Shares
Held
Value
(000's)
Aerospace
&
Defense
-
10
.62
%
HEICO
Corp
-
Class
A
6,795,024‌
$
1,753,728‌
TransDigm
Group
Inc
1,063,834‌
1,711,134‌
$
3,464,862‌
Building
Materials
-
7
.06
%
Eagle
Materials
Inc
219,770‌
49,292‌
Martin
Marietta
Materials
Inc
1,513,782‌
870,243‌
Vulcan
Materials
Co
5,036,687‌
1,383,427‌
$
2,302,962‌
Chemicals
-
1
.54
%
Air
Products
and
Chemicals
Inc
933,112‌
268,624‌
Perimeter
Solutions
Inc
(c),(d)
8,056,257‌
129,948‌
Sherwin-Williams
Co/The
311,999‌
103,234‌
$
501,806‌
Commercial
Services
-
1
.96
%
Ashtead
Group
PLC
ADR
379,564‌
102,957‌
Moody's
Corp
195,617‌
100,885‌
Toast
Inc
(d)
4,386,051‌
214,215‌
Verisk
Analytics
Inc
787,954‌
219,611‌
$
637,668‌
Computers
-
0
.93
%
Gartner
Inc
(d)
895,012‌
303,096‌
Distribution
&
Wholesale
-
4
.71
%
Copart
Inc
(d)
25,274,952‌
1,145,713‌
Fastenal
Co
8,436,501‌
389,176‌
$
1,534,889‌
Diversified
Financial
Services
-
4
.21
%
Ares
Management
Corp
2,631,551‌
488,231‌
Brookfield
Asset
Management
Ltd
4,894,466‌
301,842‌
Brookfield
Wealth
Solutions
Ltd
(d),(e)
156,328‌
10,463‌
LPL
Financial
Holdings
Inc
1,450,577‌
574,037‌
$
1,374,573‌
Electric
-
3
.46
%
Brookfield
Infrastructure
Partners
LP
26,224,270‌
818,197‌
Brookfield
Renewable
Corp
(e)
2,542,298‌
93,125‌
Brookfield
Renewable
Partners
LP
7,902,005‌
217,700‌
$
1,129,022‌
Electrical
Components
&
Equipment
-
0
.74
%
AMETEK
Inc
1,306,857‌
241,573‌
Electronics
-
0
.88
%
Mettler-Toledo
International
Inc
(d)
231,639‌
285,768‌
Entertainment
-
3
.30
%
Liberty
Media
Corp-Liberty
Live
-
A
Shares
(d)
72,099‌
5,898‌
Liberty
Media
Corp-Liberty
Live
-
C
Shares
(d)
750,796‌
63,239‌
Live
Nation
Entertainment
Inc
(d)
6,821,420‌
1,007,524‌
$
1,076,661‌
Environmental
Control
-
1
.04
%
Veralto
Corp
605,003‌
63,422‌
Waste
Connections
Inc
1,472,028‌
274,784‌
$
338,206‌
Healthcare
-
Products
-
1
.68
%
IDEXX
Laboratories
Inc
(d)
705,779‌
377,105‌
Waters
Corp
(d)
587,980‌
169,785‌
$
546,890‌
Home
Builders
-
1
.88
%
Lennar
Corp
-
A
Shares
2,208,343‌
247,732‌
Lennar
Corp
-
B
Shares
38,636‌
4,141‌
NVR
Inc
(d)
47,804‌
360,896‌
$
612,769‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Insurance
-
9
.51
%
Arch
Capital
Group
Ltd
3,550,786‌
$
305,581‌
Arthur
J
Gallagher
&
Co
1,388,075‌
398,724‌
Brown
&
Brown
Inc
11,010,674‌
1,006,045‌
Markel
Group
Inc
(d)
406,130‌
815,627‌
Progressive
Corp/The
623,839‌
150,994‌
Ryan
Specialty
Holdings
Inc
2,892,048‌
176,964‌
W
R
Berkley
Corp
3,611,506‌
248,508‌
$
3,102,443‌
Internet
-
0
.29
%
Wix.com
Ltd
(d)
706,664‌
96,127‌
Lodging
-
5
.78
%
Hilton
Worldwide
Holdings
Inc
5,747,490‌
1,540,787‌
Hyatt
Hotels
Corp
2,448,213‌
345,125‌
$
1,885,912‌
Machinery
-
Diversified
-
0
.39
%
Graco
Inc
1,524,343‌
128,014‌
Media
-
1
.81
%
Liberty
Media
Corp-Liberty
Formula
One
-
A
Shares
(d)
505,651‌
45,569‌
Liberty
Media
Corp-Liberty
Formula
One
-
C
Shares
(d)
5,429,067‌
544,807‌
$
590,376‌
Private
Equity
-
9
.98
%
Brookfield
Corp
27,078,263‌
1,815,597‌
KKR
&
Co
Inc
9,833,222‌
1,441,354‌
$
3,256,951‌
Real
Estate
-
6
.31
%
CBRE
Group
Inc
(d)
6,594,280‌
1,026,993‌
CoStar
Group
Inc
(d)
10,841,780‌
1,032,029‌
Seaport
Entertainment
Group
Inc
(d)
16,812‌
388‌
$
2,059,410‌
REITs
-
0
.09
%
Millrose
Properties
Inc
1,020,102‌
30,593‌
Retail
-
7
.89
%
CarMax
Inc
(d)
1,277,523‌
72,321‌
Domino's
Pizza
Inc
1,199,821‌
555,769‌
Floor
&
Decor
Holdings
Inc
(d)
4,450,220‌
341,065‌
O'Reilly
Automotive
Inc
(d)
14,496,718‌
1,425,317‌
Ross
Stores
Inc
1,323,669‌
180,734‌
$
2,575,206‌
Semiconductors
-
0
.91
%
Entegris
Inc
3,763,087‌
295,252‌
Software
-
12
.96
%
Appfolio
Inc
(d)
651,233‌
174,127‌
CCC
Intelligent
Solutions
Holdings
Inc
(d)
27,438,814‌
265,333‌
Constellation
Software
Inc/Canada
166,038‌
572,964‌
Constellation
Software
Inc/Canada
-
Warrants
(d),(f)
143,533‌
—‌
Fair
Isaac
Corp
(d)
237,019‌
340,530‌
Jack
Henry
&
Associates
Inc
191,711‌
32,556‌
Lumine
Group
Inc
(d)
365,748‌
14,241‌
MSCI
Inc
1,102,899‌
619,123‌
Procore
Technologies
Inc
(d)
2,433,272‌
174,295‌
Roper
Technologies
Inc
1,280,414‌
704,740‌
Synopsys
Inc
(d)
117,346‌
74,335‌
Topicus.com
Inc
(d)
426,887‌
58,637‌
Tyler
Technologies
Inc
(d)
889,098‌
519,731‌
Veeva
Systems
Inc
(d)
2,383,227‌
677,313‌
$
4,227,925‌
TOTAL
COMMON
STOCKS
$
32,598,954‌
Total
Investments
$
32,634,789‌
Other
Assets
and
Liabilities
-  (0.04)%
(
13,116‌
)
TOTAL
NET
ASSETS
-
100.00%
$
32,621,673‌
Schedule
of
Investments
MidCap
Fund
July
31,
2025
(unaudited)
138
(a)
1-day
yield
shown
is
as
of
period
end.
(b)
Security
or
a
portion
of
the
security
was
received
as
collateral
for
securities
lending.
At
the
end
of
the
period,
the
value
of
these
securities
totaled
$35,832
or
0.11%
of
net
assets.
(c)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940,
as
amended,
(the
"1940
Act"))
or
an
affiliate
as
defined
by
the
1940
Act
(controls
5.00%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
Affiliated
Securities
sub-schedule
for
transactional
information.
(d)
Non-income
producing
security
(e)
Security
or
a
portion
of
the
security
was
on
loan.  At
the
end
of
the
period,
the
value
of
these
securities
totaled
$34,988
or
0.11%
of
net
assets.
(f)
The
value
of
these
investments
was
determined
using
significant
unobservable
inputs,
in
good
faith
by
the
Manager,
under
procedures
established
and
periodically
reviewed
by
the
Board
of
Directors.
Affiliated
Securities
October
31,
2024
Purchases
(*)
Sales
(*)
July
31,
2025
Value
Cost
Proceeds
Value
Perimeter
Solutions
Inc
$
—‌
$
85,202‌
$
—‌
$
129,948‌
Perimeter
Solutions
SA
105,909‌
8,651‌
93,853‌
—‌
Principal
Government
Money
Market
Fund
-
Class
R-6
4.22%
28,530‌
3,161,211‌
3,161,448‌
28,293‌
$
134,439‌
$
3,255,064‌
$
3,255,301‌
$
158,241‌
Income
(a)
Realized
Gain/(Loss)
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
(Loss)
Perimeter
Solutions
Inc
$
—‌
$
—‌
$
—‌
$
44,746‌
Perimeter
Solutions
SA
—‌
—‌
—‌
(
20,707‌
)
Principal
Government
Money
Market
Fund
-
Class
R-6
4.22%
906‌
—‌
—‌
—‌
$
906‌
$
—‌
$
—‌
$
24,039‌
Amounts
in
thousands.
(*)
Perimeter
Solutions
Inc
was
involved
in
a
cusip
and
name
change
effective
11/21/24.
(a)
Amount
excludes
earnings
from
securities
lending
collateral.
Schedule
of
Investments
MidCap
Growth
Fund
July
31,
2025
(unaudited)
139
INVESTMENT
COMPANIES
-
3
.73
%
Shares
Held
Value
(000's)
Money
Market
Funds
-
3
.73
%
BlackRock
Liquidity
FedFund
-
Institutional
Class
4.21%
(a),(b)
612,110‌
$
612‌
Principal
Government
Money
Market
Fund
-
Class
R-6
4.22%
(a),(b),(c)
6,791,678‌
6,792‌
$
7,404‌
TOTAL
INVESTMENT
COMPANIES
$
7,404‌
COMMON
STOCKS
-
97
.65
%
Shares
Held
Value
(000's)
Advertising
-
1
.20
%
Trade
Desk
Inc/The
(d)
27,345‌
$
2,378‌
Aerospace
&
Defense
-
0
.95
%
AeroVironment
Inc
(d)
7,061‌
1,890‌
Apparel
-
2
.53
%
Ralph
Lauren
Corp
6,749‌
2,016‌
Tapestry
Inc
27,804‌
3,004‌
$
5,020‌
Biotechnology
-
2
.67
%
Alnylam
Pharmaceuticals
Inc
(d)
13,534‌
5,309‌
Building
Materials
-
1
.01
%
Johnson
Controls
International
plc
19,079‌
2,003‌
Commercial
Services
-
2
.55
%
Toast
Inc
(d)
41,853‌
2,044‌
United
Rentals
Inc
3,418‌
3,018‌
$
5,062‌
Distribution
&
Wholesale
-
2
.56
%
Fastenal
Co
109,998‌
5,074‌
Diversified
Financial
Services
-
14
.63
%
Ameriprise
Financial
Inc
5,643‌
2,924‌
Ares
Management
Corp
12,441‌
2,308‌
Coinbase
Global
Inc
(d)
7,540‌
2,848‌
Evercore
Inc
-
Class
A
18,816‌
5,666‌
Interactive
Brokers
Group
Inc
-
A
Shares
77,494‌
5,081‌
Invesco
Ltd
192,036‌
4,035‌
Rocket
Cos
Inc
(e)
197,449‌
2,916‌
Synchrony
Financial
46,942‌
3,271‌
$
29,049‌
Electric
-
1
.87
%
Vistra
Corp
17,821‌
3,717‌
Electrical
Components
&
Equipment
-
1
.04
%
Generac
Holdings
Inc
(d)
10,566‌
2,057‌
Electronics
-
3
.10
%
Keysight
Technologies
Inc
(d)
10,963‌
1,797‌
Trimble
Inc
(d)
51,917‌
4,355‌
$
6,152‌
Energy
-
Alternate
Sources
-
1
.42
%
First
Solar
Inc
(d)
16,154‌
2,823‌
Engineering
&
Construction
-
3
.63
%
EMCOR
Group
Inc
6,336‌
3,976‌
MasTec
Inc
(d)
17,089‌
3,233‌
$
7,209‌
Entertainment
-
3
.83
%
Live
Nation
Entertainment
Inc
(d)
25,123‌
3,711‌
TKO
Group
Holdings
Inc
23,181‌
3,894‌
$
7,605‌
Healthcare
-
Products
-
1
.89
%
Natera
Inc
(d)
13,114‌
1,753‌
Penumbra
Inc
(d)
7,913‌
1,996‌
$
3,749‌
Healthcare
-
Services
-
1
.16
%
Charles
River
Laboratories
International
Inc
(d)
13,594‌
2,306‌
Home
Furnishings
-
2
.26
%
SharkNinja
Inc
(d)
18,817‌
2,185‌
Somnigroup
International
Inc
31,921‌
2,310‌
$
4,495‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Internet
-
5
.23
%
Chewy
Inc
(d)
80,210‌
$
2,944‌
DoorDash
Inc
-
Class
A
(d)
19,354‌
4,843‌
Sea
Ltd
ADR
(d)
16,628‌
2,605‌
$
10,392‌
Leisure
Products
&
Services
-
3
.95
%
Planet
Fitness
Inc
(d)
23,753‌
2,594‌
Royal
Caribbean
Cruises
Ltd
16,539‌
5,257‌
$
7,851‌
Machinery
-
Construction
&
Mining
-
3
.98
%
GE
Vernova
Inc
6,931‌
4,577‌
Vertiv
Holdings
Co
22,894‌
3,333‌
$
7,910‌
Machinery
-
Diversified
-
2
.02
%
Rockwell
Automation
Inc
11,381‌
4,003‌
Miscellaneous
Manufacturers
-
3
.17
%
Axon
Enterprise
Inc
(d)
4,310‌
3,256‌
Parker-Hannifin
Corp
4,137‌
3,028‌
$
6,284‌
Oil
&
Gas
-
2
.06
%
Expand
Energy
Corp
39,114‌
4,098‌
Pharmaceuticals
-
1
.55
%
Dexcom
Inc
(d)
38,074‌
3,075‌
Real
Estate
-
1
.13
%
Jones
Lang
LaSalle
Inc
(d)
8,287‌
2,241‌
Retail
-
5
.65
%
Carvana
Co
(d)
8,884‌
3,466‌
Dollar
Tree
Inc
(d)
19,911‌
2,261‌
Ulta
Beauty
Inc
(d)
5,972‌
3,076‌
Wingstop
Inc
6,383‌
2,408‌
$
11,211‌
Semiconductors
-
1
.57
%
STMicroelectronics
NV
122,429‌
3,113‌
Software
-
16
.22
%
Cloudflare
Inc
(d)
18,511‌
3,844‌
Datadog
Inc
(d)
27,793‌
3,891‌
HubSpot
Inc
(d)
4,234‌
2,200‌
MicroStrategy
Inc
(d)
10,601‌
4,260‌
Paycom
Software
Inc
13,789‌
3,193‌
ROBLOX
Corp
(d)
21,590‌
2,975‌
Snowflake
Inc
-
Class
A
(d)
15,899‌
3,553‌
Twilio
Inc
(d)
27,498‌
3,547‌
Veeva
Systems
Inc
(d)
16,649‌
4,732‌
$
32,195‌
Toys,
Games
&
Hobbies
-
1
.31
%
Hasbro
Inc
34,610‌
2,601‌
Transportation
-
1
.51
%
XPO
Inc
(d)
24,922‌
2,998‌
TOTAL
COMMON
STOCKS
$
193,870‌
Total
Investments
$
201,274‌
Other
Assets
and
Liabilities
-  (1.38)%
(
2,743‌
)
TOTAL
NET
ASSETS
-
100.00%
$
198,531‌
(a)
1-day
yield
shown
is
as
of
period
end.
(b)
Security
or
a
portion
of
the
security
was
received
as
collateral
for
securities
lending.
At
the
end
of
the
period,
the
value
of
these
securities
totaled
$2,932
or
1.48%
of
net
assets.
(c)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940,
as
amended,
(the
"1940
Act"))
or
an
affiliate
as
defined
by
the
1940
Act
(controls
5.00%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
Affiliated
Securities
sub-schedule
for
transactional
information.
(d)
Non-income
producing
security
(e)
Security
or
a
portion
of
the
security
was
on
loan.  At
the
end
of
the
period,
the
value
of
these
securities
totaled
$2,887
or
1.45%
of
net
assets.
Schedule
of
Investments
MidCap
Growth
Fund
July
31,
2025
(unaudited)
140
Affiliated
Securities
October
31,
2024
Purchases
Sales
July
31,
2025
Value
Cost
Proceeds
Value
Principal
Government
Money
Market
Fund
-
Class
R-6
4.22%
$
4,872‌
$
153,279‌
$
151,359‌
$
6,792‌
$
4,872‌
$
153,279‌
$
151,359‌
$
6,792‌
Income
(a)
Realized
Gain/(Loss)
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
(Loss)
Principal
Government
Money
Market
Fund
-
Class
R-6
4.22%
$
188‌
$
—‌
$
—‌
$
—‌
$
188‌
$
—‌
$
—‌
$
—‌
Amounts
in
thousands.
(a)
Amount
excludes
earnings
from
securities
lending
collateral.
Schedule
of
Investments
MidCap
Growth
Fund
III
July
31,
2025
(unaudited)
141
INVESTMENT
COMPANIES
-
2.14%
Shares
Held
Value
(000's)
Exchange-Traded
Funds
-
0.14%
iShares
Russell
Mid-Cap
Growth
ETF
2,300‌
$
325‌
Money
Market
Funds
-
2.00%
BlackRock
Liquidity
FedFund
-
Institutional
Class
4.21%
(a),(b)
343,132‌
343‌
Principal
Government
Money
Market
Fund
-
Class
R-6
4.22%
(a),(c)
4,515,768‌
4,516‌
$
4,859‌
TOTAL
INVESTMENT
COMPANIES
$
5,184‌
COMMON
STOCKS
-
97.72%
Shares
Held
Value
(000's)
Advertising
-
0.69%
Trade
Desk
Inc/The
(d)
19,158‌
$
1,666‌
Aerospace
&
Defense
-
1.73%
FTAI
Aviation
Ltd
706‌
97‌
HEICO
Corp
7,249‌
2,369‌
HEICO
Corp
-
Class
A
522‌
135‌
Howmet
Aerospace
Inc
2,790‌
502‌
Karman
Holdings
Inc
(d)
330‌
17‌
Leonardo
DRS
Inc
217‌
9‌
Loar
Holdings
Inc
(d)
266‌
20‌
Rocket
Lab
Corp
(d)
2,725‌
125‌
Spirit
AeroSystems
Holdings
Inc
(d)
89‌
3‌
StandardAero
Inc
(d)
32,586‌
930‌
$
4,207‌
Agriculture
-
0.00%
Darling
Ingredients
Inc
(d)
122‌
4‌
Airlines
-
0.01%
Alaska
Air
Group
Inc
(d)
157‌
9‌
American
Airlines
Group
Inc
(d)
286‌
3‌
Southwest
Airlines
Co
392‌
12‌
$
24‌
Apparel
-
0.55%
Birkenstock
Holding
Plc
(d)
117‌
6‌
Deckers
Outdoor
Corp
(d)
10,486‌
1,113‌
On
Holding
AG
(d)
1,531‌
74‌
Ralph
Lauren
Corp
20‌
6‌
Tapestry
Inc
1,320‌
143‌
$
1,342‌
Automobile
Manufacturers
-
0.36%
Cummins
Inc
2,374‌
873‌
Automobile
Parts
&
Equipment
-
0.00%
Allison
Transmission
Holdings
Inc
105‌
9‌
Banks
-
0.02%
Bank
of
New
York
Mellon
Corp/The
360‌
36‌
Pinnacle
Financial
Partners
Inc
44‌
4‌
Popular
Inc
45‌
5‌
Western
Alliance
Bancorp
164‌
13‌
$
58‌
Beverages
-
0.50%
Celsius
Holdings
Inc
(d)
26,833‌
1,217‌
Coca-Cola
Consolidated
Inc
51‌
5‌
$
1,222‌
Biotechnology
-
2.39%
Alnylam
Pharmaceuticals
Inc
(d)
4,242‌
1,664‌
Apellis
Pharmaceuticals
Inc
(d)
720‌
16‌
Corteva
Inc
15,557‌
1,122‌
Exelixis
Inc
(d)
1,519‌
55‌
Halozyme
Therapeutics
Inc
(d)
851‌
51‌
Illumina
Inc
(d)
16,388‌
1,683‌
Incyte
Corp
(d)
282‌
21‌
Insmed
Inc
(d)
10,131‌
1,087‌
Ionis
Pharmaceuticals
Inc
(d)
1,003‌
43‌
Sarepta
Therapeutics
Inc
(d)
538‌
9‌
Summit
Therapeutics
Inc
(d),(e)
800‌
21‌
Ultragenyx
Pharmaceutical
Inc
(d)
614‌
17‌
Viking
Therapeutics
Inc
(d),(e)
74‌
3‌
$
5,792‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Building
Materials
-
2.49%
AAON
Inc
465‌
$
39‌
Armstrong
World
Industries
Inc
88‌
16‌
Eagle
Materials
Inc
14‌
3‌
James
Hardie
Industries
PLC
(d)
639‌
16‌
Lennox
International
Inc
3,725‌
2,269‌
Martin
Marietta
Materials
Inc
2,903‌
1,669‌
Simpson
Manufacturing
Co
Inc
24‌
4‌
Trex
Co
Inc
(d)
31,486‌
2,023‌
$
6,039‌
Commercial
Services
-
8.06%
Affirm
Holdings
Inc
(d)
1,109‌
76‌
Avis
Budget
Group
Inc
(d),(e)
43‌
7‌
Block
Inc
(d)
1,403‌
108‌
Booz
Allen
Hamilton
Holding
Corp
8,608‌
924‌
Bright
Horizons
Family
Solutions
Inc
(d)
55‌
6‌
Corpay
Inc
(d)
5,935‌
1,917‌
Equifax
Inc
9,101‌
2,187‌
Grand
Canyon
Education
Inc
(d)
58‌
10‌
H&R
Block
Inc
166‌
9‌
MarketAxess
Holdings
Inc
9,094‌
1,869‌
Moody's
Corp
2,317‌
1,195‌
Morningstar
Inc
110‌
30‌
Paylocity
Holding
Corp
(d)
285‌
53‌
Quanta
Services
Inc
5,119‌
2,079‌
RB
Global
Inc
27,079‌
2,932‌
Rollins
Inc
40,666‌
2,329‌
Shift4
Payments
Inc
(d),(e)
33,548‌
3,455‌
Toast
Inc
(d)
3,143‌
153‌
U-Haul
Holding
Co
(d),(e)
30‌
2‌
U-Haul
Holding
Co
270‌
14‌
Valvoline
Inc
(d)
781‌
28‌
Verisk
Analytics
Inc
584‌
163‌
WEX
Inc
(d)
19‌
3‌
WillScot
Holdings
Corp
333‌
10‌
$
19,559‌
Computers
-
2.39%
EPAM
Systems
Inc
(d)
9,309‌
1,468‌
ExlService
Holdings
Inc
(d)
1,100‌
48‌
Gartner
Inc
(d)
2,183‌
739‌
Globant
SA
(d)
12,551‌
1,057‌
KBR
Inc
83‌
4‌
Kyndryl
Holdings
Inc
(d)
105‌
4‌
Lumentum
Holdings
Inc
(d)
36‌
4‌
NetApp
Inc
558‌
58‌
Okta
Inc
(d)
8,342‌
816‌
Pure
Storage
Inc
(d)
1,851‌
110‌
Rubrik
Inc
(d)
400‌
38‌
Super
Micro
Computer
Inc
(d)
1,639‌
97‌
Zscaler
Inc
(d)
4,714‌
1,346‌
$
5,789‌
Cosmetics
&
Personal
Care
-
0.87%
elf
Beauty
Inc
(d)
17,446‌
2,114‌
Distribution
&
Wholesale
-
1.47%
Core
&
Main
Inc
(d)
19,734‌
1,256‌
Fastenal
Co
43,637‌
2,013‌
Pool
Corp
46‌
14‌
SiteOne
Landscape
Supply
Inc
(d)
98‌
14‌
WW
Grainger
Inc
263‌
273‌
$
3,570‌
Diversified
Financial
Services
-
5.06%
Ally
Financial
Inc
240‌
9‌
Ameriprise
Financial
Inc
603‌
313‌
Ares
Management
Corp
19,673‌
3,650‌
Blue
Owl
Capital
Inc
4,229‌
82‌
Coinbase
Global
Inc
(d)
3,244‌
1,226‌
Credit
Acceptance
Corp
(d)
5‌
2‌
Freedom
Holding
Corp/NV
(d)
103‌
19‌
Hamilton
Lane
Inc
179‌
27‌
Houlihan
Lokey
Inc
9,102‌
1,735‌
Schedule
of
Investments
MidCap
Growth
Fund
III
July
31,
2025
(unaudited)
142
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Diversified
Financial
Services
(continued)
Jefferies
Financial
Group
Inc
260‌
$
15‌
Lazard
Inc
158‌
8‌
LPL
Financial
Holdings
Inc
7,061‌
2,794‌
Raymond
James
Financial
Inc
13,736‌
2,296‌
SLM
Corp
213‌
7‌
SoFi
Technologies
Inc
(d)
994‌
22‌
TPG
Inc
844‌
48‌
Tradeweb
Markets
Inc
71‌
10‌
UWM
Holdings
Corp
149‌
1‌
XP
Inc
286‌
5‌
$
12,269‌
Electric
-
1.31%
NRG
Energy
Inc
1,378‌
230‌
Vistra
Corp
14,187‌
2,959‌
$
3,189‌
Electronics
-
0.57%
Jabil
Inc
477‌
106‌
Trimble
Inc
(d)
15,258‌
1,280‌
$
1,386‌
Energy
-
Alternate
Sources
-
0.01%
Enphase
Energy
Inc
(d)
881‌
29‌
Engineering
&
Construction
-
0.11
%
Comfort
Systems
USA
Inc
242‌
170‌
EMCOR
Group
Inc
106‌
67‌
MasTec
Inc
(d)
89‌
17‌
TopBuild
Corp
(d)
14‌
5‌
$
259‌
Entertainment
-
4.20%
Churchill
Downs
Inc
22,531‌
2,412‌
DraftKings
Inc
(d)
101,581‌
4,575‌
Flutter
Entertainment
PLC
(d)
1,008‌
305‌
Light
&
Wonder
Inc
(d)
576‌
55‌
Live
Nation
Entertainment
Inc
(d)
18,772‌
2,773‌
TKO
Group
Holdings
Inc
201‌
34‌
Vail
Resorts
Inc
202‌
30‌
$
10,184‌
Environmental
Control
-
0.75%
Tetra
Tech
Inc
343‌
13‌
Veralto
Corp
659‌
69‌
Waste
Connections
Inc
9,345‌
1,744‌
$
1,826‌
Food
-
0.12%
Hershey
Co/The
122‌
23‌
Performance
Food
Group
Co
(d)
131‌
13‌
Sprouts
Farmers
Market
Inc
(d)
679‌
103‌
Sysco
Corp
1,810‌
144‌
$
283‌
Healthcare
-
Products
-
6.46%
Align
Technology
Inc
(d)
1,088‌
140‌
Bio-Techne
Corp
18,529‌
1,014‌
Exact
Sciences
Corp
(d)
72‌
3‌
IDEXX
Laboratories
Inc
(d)
2,530‌
1,352‌
Inspire
Medical
Systems
Inc
(d)
3,445‌
429‌
Insulet
Corp
(d)
10,549‌
3,042‌
Masimo
Corp
(d)
312‌
48‌
Natera
Inc
(d)
11,275‌
1,507‌
Penumbra
Inc
(d)
9,299‌
2,346‌
Repligen
Corp
(d)
14,109‌
1,652‌
ResMed
Inc
8,747‌
2,379‌
Tempus
AI
Inc
(d),(e)
570‌
32‌
Waters
Corp
(d)
217‌
63‌
West
Pharmaceutical
Services
Inc
6,976‌
1,669‌
$
15,676‌
Healthcare
-
Services
-
0.62%
Chemed
Corp
9‌
4‌
DaVita
Inc
(d)
266‌
37‌
Encompass
Health
Corp
9,861‌
1,086‌
IQVIA
Holdings
Inc
(d)
1,530‌
284‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Healthcare
-
Services
(continued)
Medpace
Holdings
Inc
(d)
158‌
$
68‌
Molina
Healthcare
Inc
(d)
204‌
32‌
Sotera
Health
Co
(d)
125‌
1‌
$
1,512‌
Home
Furnishings
-
0.05%
SharkNinja
Inc
(d)
89‌
10‌
Somnigroup
International
Inc
1,404‌
102‌
$
112‌
Insurance
-
1.41%
Brown
&
Brown
Inc
202‌
19‌
Equitable
Holdings
Inc
40,612‌
2,085‌
Everest
Group
Ltd
40‌
13‌
Kinsale
Capital
Group
Inc
153‌
67‌
Markel
Group
Inc
(d)
18‌
36‌
RLI
Corp
39‌
3‌
Ryan
Specialty
Holdings
Inc
19,636‌
1,202‌
$
3,425‌
Internet
-
2.55%
CDW
Corp/DE
5,879‌
1,025‌
Chewy
Inc
(d)
42,116‌
1,545‌
Coupang
Inc
(d)
8,642‌
254‌
DoorDash
Inc
-
Class
A
(d)
6,277‌
1,571‌
Etsy
Inc
(d)
412‌
24‌
Expedia
Group
Inc
841‌
152‌
Gen
Digital
Inc
406‌
12‌
GoDaddy
Inc
(d)
956‌
154‌
Lyft
Inc
(d)
470‌
7‌
Pinterest
Inc
(d)
31,386‌
1,212‌
Reddit
Inc
(d)
811‌
130‌
Robinhood
Markets
Inc
(d)
688‌
71‌
Roku
Inc
(d)
123‌
12‌
Trump
Media
&
Technology
Group
Corp
(d),(e)
413‌
7‌
Wayfair
Inc
(d)
124‌
8‌
$
6,184‌
Iron
&
Steel
-
0.44%
Carpenter
Technology
Corp
4,187‌
1,044‌
Steel
Dynamics
Inc
97‌
13‌
$
1,057‌
Leisure
Products
&
Services
-
1.88%
Carnival
Corp
(d)
2,315‌
69‌
Norwegian
Cruise
Line
Holdings
Ltd
(d)
2,762‌
71‌
Planet
Fitness
Inc
(d)
582‌
63‌
Royal
Caribbean
Cruises
Ltd
13,458‌
4,278‌
Viking
Holdings
Ltd
(d)
1,412‌
83‌
$
4,564‌
Lodging
-
2.77%
Choice
Hotels
International
Inc
(e)
61‌
8‌
Hilton
Worldwide
Holdings
Inc
19,164‌
5,137‌
Las
Vegas
Sands
Corp
2,230‌
117‌
Travel
+
Leisure
Co
153‌
9‌
Wyndham
Hotels
&
Resorts
Inc
471‌
40‌
Wynn
Resorts
Ltd
12,847‌
1,401‌
$
6,712‌
Machinery
-
Construction
&
Mining
-
3.25%
BWX
Technologies
Inc
17,593‌
2,673‌
GE
Vernova
Inc
1,416‌
935‌
Vertiv
Holdings
Co
29,430‌
4,285‌
$
7,893‌
Machinery
-
Diversified
-
1.82%
Graco
Inc
22,589‌
1,897‌
Rockwell
Automation
Inc
63‌
22‌
Westinghouse
Air
Brake
Technologies
Corp
13,004‌
2,498‌
$
4,417‌
Media
-
0.03%
FactSet
Research
Systems
Inc
17‌
7‌
Liberty
Broadband
Corp
-
A
Shares
(d)
31‌
2‌
Liberty
Broadband
Corp
-
C
Shares
(d)
174‌
11‌
Schedule
of
Investments
MidCap
Growth
Fund
III
July
31,
2025
(unaudited)
143
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Media
(continued)
Liberty
Media
Corp-Liberty
Formula
One
-
A
Shares
(d)
50‌
$
5‌
Liberty
Media
Corp-Liberty
Formula
One
-
C
Shares
(d)
453‌
45‌
Nexstar
Media
Group
Inc
12‌
2‌
$
72‌
Metal
Fabrication
&
Hardware
-
0.01%
RBC
Bearings
Inc
(d)
45‌
17‌
Mining
-
0.01%
Anglogold
Ashanti
Plc
422‌
20‌
Miscellaneous
Manufacturers
-
1.83%
Axon
Enterprise
Inc
(d)
4,199‌
3,172‌
Carlisle
Cos
Inc
36‌
13‌
ITT
Inc
7,327‌
1,245‌
$
4,430‌
Office
&
Business
Equipment
-
0.79%
Zebra
Technologies
Corp
(d)
5,658‌
1,918‌
Oil
&
Gas
-
1.72%
Antero
Resources
Corp
(d)
27,226‌
951‌
Diamondback
Energy
Inc
12,517‌
1,861‌
HF
Sinclair
Corp
111‌
5‌
Permian
Resources
Corp
85,579‌
1,212‌
Phillips
66
200‌
24‌
Texas
Pacific
Land
Corp
134‌
130‌
$
4,183‌
Oil
&
Gas
Services
-
0.36%
Baker
Hughes
Co
19,507‌
879‌
Pharmaceuticals
-
4.08%
BellRing
Brands
Inc
(d)
29,609‌
1,616‌
Cardinal
Health
Inc
846‌
131‌
Cencora
Inc
11,079‌
3,169‌
Corcept
Therapeutics
Inc
(d)
651‌
44‌
Dexcom
Inc
(d)
47,814‌
3,863‌
Neurocrine
Biosciences
Inc
(d)
8,355‌
1,071‌
$
9,894‌
Pipelines
-
0.17%
Cheniere
Energy
Inc
690‌
163‌
Targa
Resources
Corp
1,494‌
248‌
$
411‌
Real
Estate
-
1.02%
CBRE
Group
Inc
(d)
224‌
35‌
CoStar
Group
Inc
(d)
22,433‌
2,135‌
Jones
Lang
LaSalle
Inc
(d)
1,122‌
304‌
$
2,474‌
REITs
-
0.34%
EastGroup
Properties
Inc
3,916‌
639‌
Lamar
Advertising
Co
608‌
74‌
Simon
Property
Group
Inc
501‌
82‌
Sun
Communities
Inc
166‌
21‌
UDR
Inc
132‌
5‌
$
821‌
Retail
-
11.93%
BJ's
Wholesale
Club
Holdings
Inc
(d)
17,835‌
1,889‌
Burlington
Stores
Inc
(d)
7,153‌
1,953‌
Carvana
Co
(d)
7,382‌
2,880‌
Casey's
General
Stores
Inc
8,736‌
4,544‌
Cava
Group
Inc
(d)
24,766‌
2,180‌
Darden
Restaurants
Inc
770‌
155‌
Domino's
Pizza
Inc
66‌
31‌
Dutch
Bros
Inc
(d)
56,651‌
3,358‌
Ferguson
Enterprises
Inc
15,504‌
3,462‌
Floor
&
Decor
Holdings
Inc
(d)
14,630‌
1,121‌
Freshpet
Inc
(d)
6,096‌
416‌
Lithia
Motors
Inc
20‌
6‌
Lululemon
Athletica
Inc
(d)
420‌
84‌
Murphy
USA
Inc
124‌
45‌
Restaurant
Brands
International
Inc
1,432‌
97‌
RH
(d),(e)
18‌
4‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Retail
(continued)
Ross
Stores
Inc
12,011‌
$
1,640‌
Texas
Roadhouse
Inc
8,957‌
1,658‌
Tractor
Supply
Co
3,700‌
211‌
Ulta
Beauty
Inc
(d)
78‌
40‌
Wendy's
Co/The
524‌
5‌
Williams-Sonoma
Inc
123‌
23‌
Wingstop
Inc
8,045‌
3,036‌
Yum!
Brands
Inc
652‌
94‌
$
28,932‌
Semiconductors
-
2.99%
Astera
Labs
Inc
(d)
996‌
136‌
Entegris
Inc
13,002‌
1,020‌
Lattice
Semiconductor
Corp
(d)
802‌
40‌
MACOM
Technology
Solutions
Holdings
Inc
(d)
108‌
15‌
Marvell
Technology
Inc
17,364‌
1,395‌
Monolithic
Power
Systems
Inc
5,677‌
4,038‌
Onto
Innovation
Inc
(d)
80‌
8‌
Teradyne
Inc
5,513‌
592‌
$
7,244‌
Software
-
17
.04%
Appfolio
Inc
(d)
151‌
40‌
Bentley
Systems
Inc
1,094‌
63‌
Broadridge
Financial
Solutions
Inc
12,227‌
3,026‌
Cloudflare
Inc
(d)
13,410‌
2,785‌
Confluent
Inc
(d)
1,911‌
34‌
Datadog
Inc
(d)
30,239‌
4,233‌
Dayforce
Inc
(d)
103‌
6‌
Descartes
Systems
Group
Inc/The
(d)
13,479‌
1,426‌
Docusign
Inc
(d)
1,056‌
80‌
DoubleVerify
Holdings
Inc
(d)
482‌
7‌
Doximity
Inc
(d)
10,571‌
621‌
Dropbox
Inc
-
A
Shares
(d)
390‌
11‌
Duolingo
Inc
(d)
260‌
90‌
Dynatrace
Inc
(d)
22,274‌
1,171‌
Elastic
NV
(d)
629‌
53‌
Fair
Isaac
Corp
(d)
1,077‌
1,547‌
Gitlab
Inc
(d)
913‌
40‌
Guidewire
Software
Inc
(d)
581‌
131‌
HubSpot
Inc
(d)
5,790‌
3,009‌
Manhattan
Associates
Inc
(d)
416‌
91‌
MongoDB
Inc
(d)
3,688‌
877‌
MSCI
Inc
4,461‌
2,504‌
nCino
Inc
(d)
128‌
4‌
Nutanix
Inc
(d)
16,903‌
1,271‌
Paychex
Inc
703‌
101‌
Paycom
Software
Inc
195‌
45‌
Pegasystems
Inc
211‌
12‌
Procore
Technologies
Inc
(d)
795‌
57‌
PTC
Inc
(d)
16,087‌
3,456‌
RingCentral
Inc
(d)
549‌
14‌
ROBLOX
Corp
(d)
22,179‌
3,057‌
Samsara
Inc
(d)
1,865‌
71‌
SentinelOne
Inc
(d)
1,464‌
27‌
Take-Two
Interactive
Software
Inc
(d)
4,033‌
899‌
Teradata
Corp
(d)
151‌
3‌
Twilio
Inc
(d)
12,269‌
1,583‌
Tyler
Technologies
Inc
(d)
7,326‌
4,282‌
Unity
Software
Inc
(d)
129‌
4‌
Veeva
Systems
Inc
(d)
12,715‌
3,614‌
Zoom
Communications
Inc
(d)
13,433‌
995‌
$
41,340‌
Telecommunications
-
0.03%
AST
SpaceMobile
Inc
(d)
1,106‌
59‌
GCI
Liberty
Inc
–
Class
A
(d)
6‌
—‌
GCI
Liberty
Inc
–
Class
C
(d)
40‌
1‌
Iridium
Communications
Inc
65‌
2‌
Ubiquiti
Inc
29‌
13‌
$
75‌
Schedule
of
Investments
MidCap
Growth
Fund
III
July
31,
2025
(unaudited)
144
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Transportation
-
0.46%
Old
Dominion
Freight
Line
Inc
77‌
$
11‌
XPO
Inc
(d)
9,085‌
1,093‌
$
1,104‌
TOTAL
COMMON
STOCKS
$
237,059‌
Total
Investments
$
242,243‌
Other
Assets
and
Liabilities
-  0.14%
351‌
TOTAL
NET
ASSETS
-
100.00%
$
242,594‌
(a)
1-day
yield
shown
is
as
of
period
end.
(b)
Security
or
a
portion
of
the
security
was
received
as
collateral
for
securities
lending.
At
the
end
of
the
period,
the
value
of
these
securities
totaled
$343
or
0.14%
of
net
assets.
(c)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940,
as
amended,
(the
"1940
Act"))
or
an
affiliate
as
defined
by
the
1940
Act
(controls
5.00%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
Affiliated
Securities
sub-schedule
for
transactional
information.
(d)
Non-income
producing
security
(e)
Security
or
a
portion
of
the
security
was
on
loan.  At
the
end
of
the
period,
the
value
of
these
securities
totaled
$332
or
0.14%
of
net
assets.
Affiliated
Securities
October
31,
2024
Purchases
Sales
July
31,
2025
Value
Cost
Proceeds
Value
Principal
Government
Money
Market
Fund
-
Class
R-6
4.22%
$
5,823‌
$
133,203‌
$
134,510‌
$
4,516‌
$
5,823‌
$
133,203‌
$
134,510‌
$
4,516‌
Income
(a)
Realized
Gain/(Loss)
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
(Loss)
Principal
Government
Money
Market
Fund
-
Class
R-6
4.22%
$
186‌
$
—‌
$
—‌
$
—‌
$
186‌
$
—‌
$
—‌
$
—‌
Amounts
in
thousands.
(a)
Amount
excludes
earnings
from
securities
lending
collateral.
Futures
Contracts
Description
and
Expiration
Date
Type
Contracts
Notional
Amount
Value
and
Unrealized
Appreciation/(Depreciation)
S&P
Mid
400
Emini;
September
2025
Long
2‌
$
633‌
$
(7‌)
Total
$
(7‌)
Amounts
in
thousands
except
contracts.
Schedule
of
Investments
MidCap
S&P
400
Index
Fund
July
31,
2025
(unaudited)
145
INVESTMENT
COMPANIES
-
2
.54
%
Shares
Held
Value
(000's)
Exchange-Traded
Funds
-
0
.30
%
iShares
Core
S&P
Mid-Cap
ETF
57,500‌
$
3,624‌
Money
Market
Funds
-
2
.24
%
BlackRock
Liquidity
FedFund
-
Institutional
Class
4.21%
(a),(b)
1,135,568‌
1,136‌
Principal
Government
Money
Market
Fund
-
Class
R-6
4.22%
(a),(c)
25,954,018‌
25,954‌
$
27,090‌
TOTAL
INVESTMENT
COMPANIES
$
30,714‌
COMMON
STOCKS
-
97
.49
%
Shares
Held
Value
(000's)
Aerospace
&
Defense
-
1
.05
%
AeroVironment
Inc
(d)
12,716‌
$
3,403‌
Curtiss-Wright
Corp
15,056‌
7,381‌
Hexcel
Corp
32,123‌
1,925‌
$
12,709‌
Agriculture
-
0
.17
%
Darling
Ingredients
Inc
(d)
63,182‌
2,046‌
Airlines
-
0
.46
%
Alaska
Air
Group
Inc
(d)
48,496‌
2,569‌
American
Airlines
Group
Inc
(d)
263,468‌
3,027‌
$
5,596‌
Apparel
-
0
.90
%
Capri
Holdings
Ltd
(d)
47,103‌
857‌
Columbia
Sportswear
Co
12,247‌
693‌
Crocs
Inc
(d)
22,400‌
2,234‌
PVH
Corp
19,172‌
1,408‌
Skechers
USA
Inc
(d)
52,048‌
3,292‌
Under
Armour
Inc
-
Class
A
(d)
75,432‌
501‌
Under
Armour
Inc
-
Class
C
(d)
51,167‌
322‌
VF
Corp
132,285‌
1,550‌
$
10,857‌
Automobile
Parts
&
Equipment
-
0
.82
%
Autoliv
Inc
28,412‌
3,169‌
Gentex
Corp
89,805‌
2,373‌
Goodyear
Tire
&
Rubber
Co/The
(d)
114,134‌
1,173‌
Lear
Corp
21,357‌
2,014‌
Visteon
Corp
10,889‌
1,210‌
$
9,939‌
Banks
-
6
.29
%
Associated
Banc-Corp
65,252‌
1,614‌
Bank
OZK
42,205‌
2,081‌
Cadence
Bank
74,455‌
2,595‌
Columbia
Banking
System
Inc
83,972‌
1,999‌
Comerica
Inc
52,497‌
3,547‌
Commerce
Bancshares
Inc/MO
48,505‌
2,968‌
Cullen/Frost
Bankers
Inc
25,681‌
3,272‌
East
West
Bancorp
Inc
55,060‌
5,520‌
First
Financial
Bankshares
Inc
51,432‌
1,781‌
First
Horizon
Corp
202,634‌
4,419‌
FNB
Corp/PA
143,738‌
2,202‌
Glacier
Bancorp
Inc
47,291‌
2,073‌
Hancock
Whitney
Corp
34,213‌
2,043‌
Home
BancShares
Inc/AR
73,363‌
2,066‌
International
Bancshares
Corp
21,349‌
1,456‌
Old
National
Bancorp/IN
130,049‌
2,745‌
Pinnacle
Financial
Partners
Inc
30,710‌
2,699‌
Prosperity
Bancshares
Inc
38,064‌
2,536‌
SouthState
Corp
39,328‌
3,703‌
Synovus
Financial
Corp
55,533‌
2,623‌
Texas
Capital
Bancshares
Inc
(d)
18,338‌
1,540‌
UMB
Financial
Corp
28,508‌
3,136‌
United
Bankshares
Inc/WV
56,615‌
2,011‌
Valley
National
Bancorp
190,272‌
1,764‌
Webster
Financial
Corp
67,205‌
3,874‌
Western
Alliance
Bancorp
43,546‌
3,377‌
Wintrust
Financial
Corp
26,736‌
3,422‌
Zions
Bancorp
NA
58,953‌
3,161‌
$
76,227‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Beverages
-
0
.51
%
Boston
Beer
Co
Inc/The
(d)
3,291‌
$
681‌
Celsius
Holdings
Inc
(d)
62,809‌
2,848‌
Coca-Cola
Consolidated
Inc
23,417‌
2,617‌
$
6,146‌
Biotechnology
-
2
.39
%
BioMarin
Pharmaceutical
Inc
(d)
76,612‌
4,432‌
Bio-Rad
Laboratories
Inc
(d)
7,431‌
1,798‌
Cytokinetics
Inc
(d)
47,710‌
1,796‌
Exelixis
Inc
(d)
108,944‌
3,946‌
Halozyme
Therapeutics
Inc
(d)
49,225‌
2,952‌
Illumina
Inc
(d)
63,239‌
6,495‌
Roivant
Sciences
Ltd
(d)
168,183‌
1,910‌
Sarepta
Therapeutics
Inc
(d)
39,261‌
645‌
United
Therapeutics
Corp
(d)
18,020‌
4,950‌
$
28,924‌
Building
Materials
-
2
.05
%
AAON
Inc
26,979‌
2,253‌
Eagle
Materials
Inc
13,299‌
2,983‌
Fortune
Brands
Innovations
Inc
48,043‌
2,620‌
Knife
River
Corp
(d)
22,631‌
1,867‌
Louisiana-Pacific
Corp
24,741‌
2,237‌
Owens
Corning
33,977‌
4,737‌
Simpson
Manufacturing
Co
Inc
16,711‌
2,998‌
Trex
Co
Inc
(d)
42,835‌
2,752‌
UFP
Industries
Inc
24,127‌
2,364‌
$
24,811‌
Chemicals
-
1
.33
%
Ashland
Inc
18,254‌
941‌
Avient
Corp
36,566‌
1,154‌
Axalta
Coating
Systems
Ltd
(d)
87,311‌
2,473‌
Cabot
Corp
21,462‌
1,549‌
NewMarket
Corp
3,017‌
2,073‌
Olin
Corp
45,995‌
871‌
RPM
International
Inc
51,303‌
6,024‌
Westlake
Corp
13,319‌
1,056‌
$
16,141‌
Commercial
Services
-
4
.25
%
API
Group
Corp
(d)
145,983‌
5,265‌
Aramark
104,694‌
4,456‌
Avis
Budget
Group
Inc
(d)
6,748‌
1,149‌
Brink's
Co/The
16,778‌
1,465‌
Euronet
Worldwide
Inc
(d)
16,239‌
1,578‌
FTI
Consulting
Inc
(d)
13,454‌
2,238‌
Graham
Holdings
Co
1,358‌
1,296‌
Grand
Canyon
Education
Inc
(d)
11,176‌
1,885‌
GXO
Logistics
Inc
(d)
45,708‌
2,272‌
H&R
Block
Inc
53,482‌
2,906‌
Insperity
Inc
14,278‌
851‌
ManpowerGroup
Inc
18,488‌
763‌
Morningstar
Inc
10,635‌
2,940‌
Paylocity
Holding
Corp
(d)
17,211‌
3,182‌
RB
Global
Inc
73,982‌
8,009‌
Service
Corp
International/US
56,870‌
4,340‌
Shift4
Payments
Inc
(d)
26,953‌
2,776‌
Valvoline
Inc
(d)
50,779‌
1,790‌
WEX
Inc
(d)
13,681‌
2,321‌
$
51,482‌
Computers
-
3
.45
%
ASGN
Inc
(d)
17,497‌
877‌
CACI
International
Inc
(d)
8,787‌
4,047‌
Crane
NXT
Co
19,707‌
1,169‌
ExlService
Holdings
Inc
(d)
64,993‌
2,823‌
Genpact
Ltd
64,271‌
2,831‌
KBR
Inc
51,828‌
2,422‌
Kyndryl
Holdings
Inc
(d)
92,959‌
3,511‌
Lumentum
Holdings
Inc
(d)
27,723‌
3,052‌
Maximus
Inc
22,510‌
1,663‌
Okta
Inc
(d)
66,778‌
6,531‌
Parsons
Corp
(d)
18,785‌
1,394‌
Schedule
of
Investments
MidCap
S&P
400
Index
Fund
July
31,
2025
(unaudited)
146
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Computers
(continued)
Pure
Storage
Inc
(d)
124,155‌
$
7,390‌
Qualys
Inc
(d)
14,512‌
1,931‌
Science
Applications
International
Corp
18,841‌
2,100‌
$
41,741‌
Cosmetics
&
Personal
Care
-
0
.40
%
Coty
Inc
(d)
146,356‌
710‌
elf
Beauty
Inc
(d)
22,531‌
2,730‌
Perrigo
Co
PLC
54,920‌
1,465‌
$
4,905‌
Distribution
&
Wholesale
-
1
.22
%
Core
&
Main
Inc
(d)
75,665‌
4,815‌
Watsco
Inc
13,937‌
6,284‌
WESCO
International
Inc
17,743‌
3,672‌
$
14,771‌
Diversified
Financial
Services
-
4
.20
%
Affiliated
Managers
Group
Inc
11,358‌
2,384‌
Ally
Financial
Inc
110,442‌
4,180‌
Evercore
Inc
-
Class
A
14,363‌
4,325‌
Federated
Hermes
Inc
30,144‌
1,494‌
Hamilton
Lane
Inc
17,313‌
2,637‌
Houlihan
Lokey
Inc
21,490‌
4,097‌
Interactive
Brokers
Group
Inc
-
A
Shares
174,112‌
11,415‌
Janus
Henderson
Group
PLC
50,354‌
2,180‌
Jefferies
Financial
Group
Inc
65,093‌
3,753‌
SEI
Investments
Co
37,796‌
3,331‌
SLM
Corp
83,835‌
2,666‌
Stifel
Financial
Corp
41,037‌
4,683‌
Voya
Financial
Inc
38,467‌
2,693‌
Western
Union
Co/The
132,040‌
1,063‌
$
50,901‌
Electric
-
1
.39
%
ALLETE
Inc
23,130‌
1,525‌
Black
Hills
Corp
28,965‌
1,673‌
IDACORP
Inc
21,580‌
2,705‌
Northwestern
Energy
Group
Inc
24,519‌
1,317‌
OGE
Energy
Corp
80,428‌
3,653‌
Ormat
Technologies
Inc
23,022‌
2,058‌
Portland
General
Electric
Co
43,749‌
1,799‌
TXNM
Energy
Inc
37,015‌
2,102‌
$
16,832‌
Electrical
Components
&
Equipment
-
1
.16
%
Acuity
Inc
12,228‌
3,807‌
Belden
Inc
15,778‌
1,951‌
EnerSys
15,751‌
1,455‌
Littelfuse
Inc
9,874‌
2,541‌
Novanta
Inc
(d)
14,368‌
1,768‌
Universal
Display
Corp
17,656‌
2,549‌
$
14,071‌
Electronics
-
3
.44
%
Arrow
Electronics
Inc
(d)
20,723‌
2,404‌
Avnet
Inc
33,500‌
1,773‌
Coherent
Corp
(d)
62,096‌
6,682‌
Flex
Ltd
(d)
153,045‌
7,632‌
NEXTracker
Inc
(d)
57,411‌
3,345‌
nVent
Electric
PLC
65,770‌
5,158‌
Sensata
Technologies
Holding
PLC
58,441‌
1,798‌
TD
SYNNEX
Corp
29,838‌
4,308‌
Vontier
Corp
59,084‌
2,450‌
Woodward
Inc
23,771‌
6,111‌
$
41,661‌
Engineering
&
Construction
-
3
.39
%
AECOM
52,852‌
5,959‌
Comfort
Systems
USA
Inc
14,062‌
9,890‌
EMCOR
Group
Inc
17,882‌
11,221‌
Exponent
Inc
20,275‌
1,398‌
Fluor
Corp
(d)
65,781‌
3,734‌
MasTec
Inc
(d)
24,493‌
4,634‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Engineering
&
Construction
(continued)
TopBuild
Corp
(d)
11,353‌
$
4,205‌
$
41,041‌
Entertainment
-
0
.93
%
Churchill
Downs
Inc
28,855‌
3,089‌
Light
&
Wonder
Inc
(d)
33,708‌
3,247‌
Marriott
Vacations
Worldwide
Corp
12,692‌
945‌
Vail
Resorts
Inc
14,917‌
2,241‌
Warner
Music
Group
Corp
58,281‌
1,705‌
$
11,227‌
Environmental
Control
-
0
.71
%
Clean
Harbors
Inc
(d)
20,121‌
4,745‌
Tetra
Tech
Inc
105,266‌
3,867‌
$
8,612‌
Food
-
2
.61
%
Albertsons
Cos
Inc
161,003‌
3,094‌
Flowers
Foods
Inc
78,442‌
1,243‌
Ingredion
Inc
25,691‌
3,379‌
Marzetti
Company/The
7,711‌
1,371‌
Performance
Food
Group
Co
(d)
62,357‌
6,261‌
Pilgrim's
Pride
Corp
16,103‌
763‌
Post
Holdings
Inc
(d)
18,029‌
1,908‌
Sprouts
Farmers
Market
Inc
(d)
39,095‌
5,924‌
US
Foods
Holding
Corp
(d)
92,422‌
7,702‌
$
31,645‌
Gas
-
1
.11
%
National
Fuel
Gas
Co
36,094‌
3,133‌
New
Jersey
Resources
Corp
40,096‌
1,841‌
ONE
Gas
Inc
23,940‌
1,740‌
Southwest
Gas
Holdings
Inc
24,131‌
1,886‌
Spire
Inc
23,575‌
1,756‌
UGI
Corp
85,667‌
3,099‌
$
13,455‌
Hand
&
Machine
Tools
-
0
.68
%
Lincoln
Electric
Holdings
Inc
22,303‌
5,431‌
MSA
Safety
Inc
15,703‌
2,793‌
$
8,224‌
Healthcare
-
Products
-
1
.95
%
Avantor
Inc
(d)
272,223‌
3,659‌
Bruker
Corp
44,191‌
1,698‌
DENTSPLY
SIRONA
Inc
79,615‌
1,139‌
Envista
Holdings
Corp
(d)
67,707‌
1,279‌
Globus
Medical
Inc
(d)
45,122‌
2,375‌
Haemonetics
Corp
(d)
20,069‌
1,486‌
Lantheus
Holdings
Inc
(d)
27,639‌
1,968‌
LivaNova
PLC
(d)
21,782‌
919‌
Masimo
Corp
(d)
17,979‌
2,765‌
Penumbra
Inc
(d)
15,471‌
3,903‌
Repligen
Corp
(d)
20,872‌
2,443‌
$
23,634‌
Healthcare
-
Services
-
2
.18
%
Acadia
Healthcare
Co
Inc
(d)
36,802‌
801‌
Amedisys
Inc
(d)
13,083‌
1,290‌
Chemed
Corp
5,845‌
2,410‌
Encompass
Health
Corp
40,266‌
4,434‌
Ensign
Group
Inc/The
22,798‌
3,420‌
HealthEquity
Inc
(d)
34,607‌
3,357‌
Medpace
Holdings
Inc
(d)
9,418‌
4,023‌
Sotera
Health
Co
(d)
61,234‌
703‌
Tenet
Healthcare
Corp
(d)
37,107‌
5,985‌
$
26,423‌
Home
Builders
-
0
.87
%
KB
Home
28,656‌
1,583‌
Taylor
Morrison
Home
Corp
(d)
40,096‌
2,377‌
Thor
Industries
Inc
21,253‌
1,934‌
Toll
Brothers
Inc
39,723‌
4,702‌
$
10,596‌
Schedule
of
Investments
MidCap
S&P
400
Index
Fund
July
31,
2025
(unaudited)
147
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Home
Furnishings
-
0
.80
%
Dolby
Laboratories
Inc
24,530‌
$
1,848‌
Somnigroup
International
Inc
82,494‌
5,971‌
Whirlpool
Corp
22,214‌
1,845‌
$
9,664‌
Housewares
-
0
.09
%
Scotts
Miracle-Gro
Co/The
17,291‌
1,083‌
Insurance
-
5
.05
%
American
Financial
Group
Inc/OH
28,693‌
3,584‌
Brighthouse
Financial
Inc
(d)
22,934‌
1,097‌
CNO
Financial
Group
Inc
39,606‌
1,459‌
Equitable
Holdings
Inc
121,403‌
6,234‌
Essent
Group
Ltd
40,509‌
2,268‌
Fidelity
National
Financial
Inc
104,230‌
5,882‌
First
American
Financial
Corp
41,107‌
2,468‌
Hanover
Insurance
Group
Inc/The
14,350‌
2,463‌
Kemper
Corp
24,030‌
1,480‌
Kinsale
Capital
Group
Inc
8,847‌
3,899‌
MGIC
Investment
Corp
94,854‌
2,457‌
Old
Republic
International
Corp
90,840‌
3,286‌
Primerica
Inc
13,128‌
3,487‌
Reinsurance
Group
of
America
Inc
26,402‌
5,081‌
RenaissanceRe
Holdings
Ltd
19,436‌
4,737‌
RLI
Corp
33,362‌
2,202‌
Ryan
Specialty
Holdings
Inc
43,003‌
2,631‌
Selective
Insurance
Group
Inc
24,277‌
1,893‌
Unum
Group
64,083‌
4,602‌
$
61,210‌
Internet
-
0
.95
%
Chewy
Inc
(d)
87,621‌
3,216‌
Hims
&
Hers
Health
Inc
(d)
78,324‌
5,183‌
Maplebear
Inc
(d)
65,620‌
3,148‌
$
11,547‌
Iron
&
Steel
-
1
.63
%
ATI
Inc
(d)
56,354‌
4,336‌
Carpenter
Technology
Corp
19,887‌
4,960‌
Cleveland-Cliffs
Inc
(d)
193,657‌
2,037‌
Commercial
Metals
Co
45,143‌
2,341‌
Reliance
Inc
21,011‌
6,096‌
$
19,770‌
Leisure
Products
&
Services
-
0
.71
%
Brunswick
Corp/DE
26,240‌
1,530‌
Harley-Davidson
Inc
43,680‌
1,063‌
Planet
Fitness
Inc
(d)
33,497‌
3,658‌
Polaris
Inc
21,102‌
1,116‌
YETI
Holdings
Inc
(d)
33,083‌
1,215‌
$
8,582‌
Lodging
-
0
.89
%
Boyd
Gaming
Corp
24,390‌
2,071‌
Choice
Hotels
International
Inc
(e)
8,831‌
1,128‌
Hilton
Grand
Vacations
Inc
(d)
23,070‌
1,034‌
Hyatt
Hotels
Corp
16,755‌
2,362‌
Travel
+
Leisure
Co
26,532‌
1,572‌
Wyndham
Hotels
&
Resorts
Inc
30,759‌
2,645‌
$
10,812‌
Machinery
-
Construction
&
Mining
-
0
.84
%
BWX
Technologies
Inc
36,498‌
5,545‌
Oshkosh
Corp
25,716‌
3,254‌
Terex
Corp
26,206‌
1,333‌
$
10,132‌
Machinery
-
Diversified
-
3
.82
%
AGCO
Corp
24,728‌
2,917‌
Applied
Industrial
Technologies
Inc
15,217‌
4,132‌
Chart
Industries
Inc
(d)
17,951‌
3,569‌
CNH
Industrial
NV
349,394‌
4,528‌
Cognex
Corp
67,060‌
2,734‌
Crane
Co
19,525‌
3,822‌
Esab
Corp
22,764‌
3,054‌
Flowserve
Corp
52,224‌
2,927‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Machinery
-
Diversified
(continued)
Graco
Inc
66,767‌
$
5,607‌
Middleby
Corp/The
(d)
21,365‌
3,102‌
Regal
Rexnord
Corp
26,498‌
4,051‌
Toro
Co/The
39,877‌
2,961‌
Watts
Water
Technologies
Inc
10,956‌
2,874‌
$
46,278‌
Media
-
0
.45
%
New
York
Times
Co/The
64,825‌
3,364‌
Nexstar
Media
Group
Inc
11,322‌
2,118‌
$
5,482‌
Metal
Fabrication
&
Hardware
-
1
.38
%
Advanced
Drainage
Systems
Inc
28,205‌
3,237‌
Mueller
Industries
Inc
44,203‌
3,774‌
RBC
Bearings
Inc
(d)
12,523‌
4,851‌
Timken
Co/The
25,434‌
1,935‌
Valmont
Industries
Inc
8,019‌
2,918‌
$
16,715‌
Mining
-
0
.58
%
Alcoa
Corp
103,421‌
3,100‌
Royal
Gold
Inc
26,292‌
3,981‌
$
7,081‌
Miscellaneous
Manufacturers
-
1
.61
%
Carlisle
Cos
Inc
17,241‌
6,116‌
Donaldson
Co
Inc
47,745‌
3,436‌
Fabrinet
(d)
14,315‌
4,634‌
ITT
Inc
31,440‌
5,344‌
$
19,530‌
Oil
&
Gas
-
2
.73
%
Antero
Resources
Corp
(d)
116,610‌
4,073‌
Chord
Energy
Corp
23,072‌
2,546‌
Civitas
Resources
Inc
34,025‌
1,033‌
CNX
Resources
Corp
(d)
57,815‌
1,752‌
HF
Sinclair
Corp
63,977‌
2,811‌
Matador
Resources
Co
46,515‌
2,320‌
Murphy
Oil
Corp
53,593‌
1,330‌
Ovintiv
Inc
103,793‌
4,274‌
PBF
Energy
Inc
39,269‌
887‌
Permian
Resources
Corp
254,773‌
3,608‌
Range
Resources
Corp
95,467‌
3,506‌
Valaris
Ltd
(d)
26,119‌
1,270‌
Viper
Energy
Inc
52,366‌
1,972‌
Weatherford
International
PLC
28,985‌
1,639‌
$
33,021‌
Oil
&
Gas
Services
-
0
.16
%
NOV
Inc
150,103‌
1,888‌
Packaging
&
Containers
-
1
.27
%
AptarGroup
Inc
26,383‌
4,146‌
Crown
Holdings
Inc
45,965‌
4,567‌
Graphic
Packaging
Holding
Co
120,548‌
2,696‌
Greif
Inc
-
Class
A
10,427‌
661‌
Silgan
Holdings
Inc
32,483‌
1,511‌
Sonoco
Products
Co
39,399‌
1,776‌
$
15,357‌
Pharmaceuticals
-
1
.04
%
BellRing
Brands
Inc
(d)
50,733‌
2,769‌
Jazz
Pharmaceuticals
PLC
(d)
24,621‌
2,822‌
Neurocrine
Biosciences
Inc
(d)
39,535‌
5,070‌
Option
Care
Health
Inc
(d)
65,415‌
1,920‌
$
12,581‌
Pipelines
-
0
.55
%
Antero
Midstream
Corp
134,010‌
2,459‌
DT
Midstream
Inc
40,584‌
4,169‌
$
6,628‌
Private
Equity
-
0
.43
%
Carlyle
Group
Inc/The
85,119‌
5,163‌
Real
Estate
-
0
.42
%
Jones
Lang
LaSalle
Inc
(d)
18,966‌
5,128‌
Schedule
of
Investments
MidCap
S&P
400
Index
Fund
July
31,
2025
(unaudited)
148
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
REITs
-
6
.71
%
Agree
Realty
Corp
43,866‌
$
3,145‌
American
Homes
4
Rent
126,954‌
4,404‌
Annaly
Capital
Management
Inc
241,727‌
4,914‌
Brixmor
Property
Group
Inc
122,268‌
3,195‌
COPT
Defense
Properties
45,000‌
1,228‌
Cousins
Properties
Inc
67,079‌
1,818‌
CubeSmart
91,066‌
3,543‌
EastGroup
Properties
Inc
20,950‌
3,420‌
EPR
Properties
30,387‌
1,672‌
Equity
LifeStyle
Properties
Inc
76,378‌
4,577‌
First
Industrial
Realty
Trust
Inc
52,892‌
2,577‌
Gaming
and
Leisure
Properties
Inc
109,792‌
5,004‌
Healthcare
Realty
Trust
Inc
140,389‌
2,156‌
Independence
Realty
Trust
Inc
93,236‌
1,564‌
Kilroy
Realty
Corp
42,526‌
1,568‌
Kite
Realty
Group
Trust
87,812‌
1,930‌
Lamar
Advertising
Co
35,141‌
4,296‌
National
Storage
Affiliates
Trust
28,104‌
828‌
NNN
REIT
Inc
75,083‌
3,098‌
Omega
Healthcare
Investors
Inc
115,610‌
4,497‌
Park
Hotels
&
Resorts
Inc
79,853‌
851‌
PotlatchDeltic
Corp
28,573‌
1,168‌
Rayonier
Inc
56,008‌
1,306‌
Rexford
Industrial
Realty
Inc
94,329‌
3,446‌
Sabra
Health
Care
REIT
Inc
95,053‌
1,714‌
STAG
Industrial
Inc
74,551‌
2,559‌
Starwood
Property
Trust
Inc
138,505‌
2,695‌
Vornado
Realty
Trust
66,713‌
2,563‌
WP
Carey
Inc
87,479‌
5,613‌
$
81,349‌
Retail
-
5
.93
%
Abercrombie
&
Fitch
Co
(d)
19,031‌
1,827‌
AutoNation
Inc
(d)
9,942‌
1,915‌
Bath
&
Body
Works
Inc
85,093‌
2,464‌
BJ's
Wholesale
Club
Holdings
Inc
(d)
52,753‌
5,587‌
Burlington
Stores
Inc
(d)
25,165‌
6,869‌
Casey's
General
Stores
Inc
14,830‌
7,714‌
Cava
Group
Inc
(d)
32,804‌
2,887‌
Dick's
Sporting
Goods
Inc
22,566‌
4,773‌
FirstCash
Holdings
Inc
15,419‌
2,055‌
Five
Below
Inc
(d)
21,993‌
3,002‌
Floor
&
Decor
Holdings
Inc
(d)
42,986‌
3,294‌
GameStop
Corp
(d)
162,609‌
3,651‌
Gap
Inc/The
88,765‌
1,727‌
Lithia
Motors
Inc
10,401‌
2,995‌
Macy's
Inc
111,286‌
1,406‌
MSC
Industrial
Direct
Co
Inc
17,808‌
1,543‌
Murphy
USA
Inc
7,186‌
2,605‌
Ollie's
Bargain
Outlet
Holdings
Inc
(d)
24,528‌
3,351‌
Penske
Automotive
Group
Inc
7,403‌
1,239‌
RH
(d)
6,061‌
1,246‌
Texas
Roadhouse
Inc
26,504‌
4,907‌
Wendy's
Co/The
64,438‌
635‌
Wingstop
Inc
11,148‌
4,207‌
$
71,899‌
Savings
&
Loans
-
0
.11
%
Flagstar
Financial
Inc
121,049‌
1,367‌
Semiconductors
-
2
.28
%
Allegro
MicroSystems
Inc
(d)
52,224‌
1,640‌
Amkor
Technology
Inc
45,400‌
1,024‌
Cirrus
Logic
Inc
(d)
21,230‌
2,138‌
Entegris
Inc
60,482‌
4,746‌
IPG
Photonics
Corp
(d)
10,534‌
789‌
Lattice
Semiconductor
Corp
(d)
54,932‌
2,737‌
MACOM
Technology
Solutions
Holdings
Inc
(d)
23,774‌
3,261‌
MKS
Inc
26,794‌
2,550‌
Onto
Innovation
Inc
(d)
19,524‌
1,850‌
Power
Integrations
Inc
22,487‌
1,091‌
Rambus
Inc
(d)
42,908‌
3,172‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Semiconductors
(continued)
Silicon
Laboratories
Inc
(d)
13,010‌
$
1,714‌
Synaptics
Inc
(d)
15,397‌
966‌
$
27,678‌
Software
-
4
.01
%
Appfolio
Inc
(d)
9,209‌
2,462‌
BILL
Holdings
Inc
(d)
37,865‌
1,623‌
Blackbaud
Inc
(d)
15,054‌
1,015‌
Commvault
Systems
Inc
(d)
17,628‌
3,349‌
Concentrix
Corp
18,375‌
955‌
Docusign
Inc
(d)
80,897‌
6,119‌
Doximity
Inc
(d)
53,332‌
3,133‌
Dropbox
Inc
-
A
Shares
(d)
78,386‌
2,130‌
Duolingo
Inc
(d)
15,685‌
5,436‌
Dynatrace
Inc
(d)
119,772‌
6,301‌
Guidewire
Software
Inc
(d)
33,511‌
7,581‌
Manhattan
Associates
Inc
(d)
24,257‌
5,328‌
Pegasystems
Inc
35,555‌
2,087‌
ZoomInfo
Technologies
Inc
(d)
103,802‌
1,124‌
$
48,643‌
Telecommunications
-
0
.94
%
Ciena
Corp
(d)
56,786‌
5,272‌
EchoStar
Corp
(d)
53,605‌
1,747‌
Frontier
Communications
Parent
Inc
(d)
88,974‌
3,269‌
Iridium
Communications
Inc
43,208‌
1,057‌
$
11,345‌
Toys,
Games
&
Hobbies
-
0
.18
%
Mattel
Inc
(d)
128,995‌
2,194‌
Transportation
-
1
.53
%
Kirby
Corp
(d)
22,412‌
2,136‌
Knight-Swift
Transportation
Holdings
Inc
64,737‌
2,751‌
Landstar
System
Inc
13,960‌
1,862‌
Ryder
System
Inc
16,516‌
2,935‌
Saia
Inc
(d)
10,641‌
3,216‌
XPO
Inc
(d)
47,061‌
5,661‌
$
18,561‌
Trucking
&
Leasing
-
0
.18
%
GATX
Corp
14,261‌
2,178‌
Water
-
0
.31
%
Essential
Utilities
Inc
103,032‌
3,792‌
TOTAL
COMMON
STOCKS
$
1,181,275‌
Total
Investments
$
1,211,989‌
Other
Assets
and
Liabilities
-  (0.03)%
(
358‌
)
TOTAL
NET
ASSETS
-
100.00%
$
1,211,631‌
(a)
1-day
yield
shown
is
as
of
period
end.
(b)
Security
or
a
portion
of
the
security
was
received
as
collateral
for
securities
lending.
At
the
end
of
the
period,
the
value
of
these
securities
totaled
$1,136
or
0.09%
of
net
assets.
(c)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940,
as
amended,
(the
"1940
Act"))
or
an
affiliate
as
defined
by
the
1940
Act
(controls
5.00%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
Affiliated
Securities
sub-schedule
for
transactional
information.
(d)
Non-income
producing
security
(e)
Security
or
a
portion
of
the
security
was
on
loan.  At
the
end
of
the
period,
the
value
of
these
securities
totaled
$1,086
or
0.09%
of
net
assets.
Schedule
of
Investments
MidCap
S&P
400
Index
Fund
July
31,
2025
(unaudited)
149
Affiliated
Securities
October
31,
2024
Purchases
Sales
July
31,
2025
Value
Cost
Proceeds
Value
Principal
Government
Money
Market
Fund
-
Class
R-6
4.22%
$
17,344‌
$
333,819‌
$
325,209‌
$
25,954‌
$
17,344‌
$
333,819‌
$
325,209‌
$
25,954‌
Income
(a)
Realized
Gain/(Loss)
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
(Loss)
Principal
Government
Money
Market
Fund
-
Class
R-6
4.22%
$
891‌
$
—‌
$
—‌
$
—‌
$
891‌
$
—‌
$
—‌
$
—‌
Amounts
in
thousands.
(a)
Amount
excludes
earnings
from
securities
lending
collateral.
Futures
Contracts
Description
and
Expiration
Date
Type
Contracts
Notional
Amount
Value
and
Unrealized
Appreciation/(Depreciation)
S&P
Mid
400
Emini;
September
2025
Long
87‌
$
27,536‌
$
(
541‌
)
Total
$
(
541‌
)
Amounts
in
thousands
except
contracts.
Schedule
of
Investments
MidCap
Value
Fund
I
July
31,
2025
(unaudited)
150
INVESTMENT
COMPANIES
-
1.65%
Shares
Held
Value
(000's)
Exchange-Traded
Funds
-
0.22%
iShares
Russell
Mid-Cap
Value
ETF
(a)
37,400‌
$
5,033‌
Money
Market
Funds
-
1.43%
BlackRock
Liquidity
FedFund
-
Institutional
Class
4.21%
(b),(c)
1,277,504‌
1,278‌
Principal
Government
Money
Market
Fund
-
Class
R-6
4.22%
(b),(c),(d)
31,639,798‌
31,640‌
$
32,918‌
TOTAL
INVESTMENT
COMPANIES
$
37,951‌
COMMON
STOCKS
-
98.19%
Shares
Held
Value
(000's)
Advertising
-
0.02%
Interpublic
Group
of
Cos
Inc/The
8,987‌
$
221‌
Omnicom
Group
Inc
4,708‌
339‌
$
560‌
Aerospace
&
Defense
-
1.22%
Curtiss-Wright
Corp
909‌
445‌
Hexcel
Corp
1,944‌
116‌
Howmet
Aerospace
Inc
18,930‌
3,403‌
L3Harris
Technologies
Inc
59,748‌
16,420‌
Leonardo
DRS
Inc
111,666‌
4,645‌
Loar
Holdings
Inc
(e)
105‌
8‌
Spirit
AeroSystems
Holdings
Inc
(e)
2,682‌
106‌
StandardAero
Inc
(e)
102,683‌
2,932‌
$
28,075‌
Agriculture
-
0.04%
Archer-Daniels-Midland
Co
11,649‌
631‌
Bunge
Global
SA
3,232‌
258‌
Darling
Ingredients
Inc
(e)
3,381‌
109‌
$
998‌
Airlines
-
0.09%
Alaska
Air
Group
Inc
(e)
2,464‌
130‌
American
Airlines
Group
Inc
(e)
14,889‌
171‌
Delta
Air
Lines
Inc
15,894‌
846‌
Southwest
Airlines
Co
(a)
11,148‌
345‌
United
Airlines
Holdings
Inc
(e)
7,929‌
700‌
$
2,192‌
Apparel
-
0.70%
Birkenstock
Holding
Plc
(e)
56,182‌
2,814‌
Columbia
Sportswear
Co
672‌
38‌
Crocs
Inc
(e)
1,315‌
131‌
PVH
Corp
1,346‌
99‌
Ralph
Lauren
Corp
42,078‌
12,571‌
Skechers
USA
Inc
(e)
3,172‌
201‌
Tapestry
Inc
441‌
48‌
Under
Armour
Inc
-
Class
A
(e)
4,862‌
32‌
Under
Armour
Inc
-
Class
C
(e)
4,833‌
30‌
VF
Corp
9,041‌
106‌
$
16,070‌
Automobile
Manufacturers
-
0.11%
Cummins
Inc
3,349‌
1,231‌
Ford
Motor
Co
94,992‌
1,052‌
Lucid
Group
Inc
(e)
31,924‌
78‌
Rivian
Automotive
Inc
(e)
18,889‌
243‌
$
2,604‌
Automobile
Parts
&
Equipment
-
1.38%
Allison
Transmission
Holdings
Inc
23,016‌
2,073‌
Aptiv
PLC
(e)
5,575‌
383‌
Aurora
Innovation
Inc
(e)
23,932‌
139‌
BorgWarner
Inc
534,907‌
19,684‌
Gentex
Corp
351,448‌
9,286‌
Lear
Corp
1,296‌
122‌
QuantumScape
Corp
(e)
10,001‌
86‌
$
31,773‌
Banks
-
2.92%
Bank
of
New
York
Mellon
Corp/The
16,179‌
1,641‌
Bank
OZK
2,596‌
128‌
BOK
Financial
Corp
575‌
58‌
Citizens
Financial
Group
Inc
10,600‌
506‌
Columbia
Banking
System
Inc
5,089‌
121‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Banks
(continued)
Comerica
Inc
3,176‌
$
215‌
Commerce
Bancshares
Inc/MO
3,000‌
184‌
Cullen/Frost
Bankers
Inc
1,439‌
183‌
East
West
Bancorp
Inc
3,328‌
334‌
Fifth
Third
Bancorp
16,228‌
675‌
First
Citizens
BancShares
Inc/NC
240‌
479‌
First
Hawaiian
Inc
3,225‌
78‌
First
Horizon
Corp
12,251‌
267‌
FNB
Corp/PA
8,647‌
132‌
Huntington
Bancshares
Inc/OH
1,623,851‌
26,680‌
KeyCorp
23,048‌
413‌
M&T
Bank
Corp
13,765‌
2,598‌
Northern
Trust
Corp
4,710‌
612‌
Pinnacle
Financial
Partners
Inc
1,728‌
152‌
Popular
Inc
1,496‌
171‌
Prosperity
Bancshares
Inc
47,821‌
3,186‌
Regions
Financial
Corp
21,896‌
555‌
SouthState
Corp
2,434‌
229‌
State
Street
Corp
7,017‌
784‌
Synovus
Financial
Corp
3,376‌
159‌
Truist
Financial
Corp
594,500‌
25,986‌
Webster
Financial
Corp
4,073‌
235‌
Western
Alliance
Bancorp
2,074‌
161‌
Wintrust
Financial
Corp
1,590‌
203‌
Zions
Bancorp
NA
3,531‌
189‌
$
67,314‌
Beverages
-
0.65%
Boston
Beer
Co
Inc/The
(e)
220‌
46‌
Brown-Forman
Corp
-
A
Shares
1,123‌
32‌
Brown-Forman
Corp
-
B
Shares
3,802‌
110‌
Coca-Cola
Consolidated
Inc
1,083‌
121‌
Constellation
Brands
Inc
3,172‌
530‌
Molson
Coors
Beverage
Co
4,083‌
199‌
Primo
Brands
Corp
505,341‌
13,952‌
$
14,990‌
Biotechnology
-
1.32%
Alnylam
Pharmaceuticals
Inc
(e)
11,989‌
4,703‌
Biogen
Inc
(e)
3,556‌
455‌
BioMarin
Pharmaceutical
Inc
(e)
95,844‌
5,545‌
Bio-Rad
Laboratories
Inc
(e)
465‌
112‌
Certara
Inc
(e)
3,122‌
31‌
Corteva
Inc
16,672‌
1,202‌
Exelixis
Inc
(e)
207,148‌
7,503‌
Illumina
Inc
(e)
3,851‌
395‌
Incyte
Corp
(e)
2,855‌
214‌
Insmed
Inc
(e)
39,558‌
4,244‌
Ionis
Pharmaceuticals
Inc
(e)
265‌
11‌
Moderna
Inc
(e)
8,625‌
255‌
Revolution
Medicines
Inc
(e)
4,209‌
157‌
Roivant
Sciences
Ltd
(e)
9,754‌
111‌
Royalty
Pharma
PLC
9,503‌
350‌
Sarepta
Therapeutics
Inc
(e)
399‌
7‌
United
Therapeutics
Corp
(e)
18,403‌
5,055‌
Viking
Therapeutics
Inc
(e)
2,578‌
84‌
$
30,434‌
Building
Materials
-
1.88%
Armstrong
World
Industries
Inc
70,313‌
13,231‌
Builders
FirstSource
Inc
(e)
94,709‌
12,040‌
Carrier
Global
Corp
213,700‌
14,664‌
Eagle
Materials
Inc
746‌
167‌
Fortune
Brands
Innovations
Inc
2,944‌
161‌
Hayward
Holdings
Inc
(e)
5,099‌
79‌
James
Hardie
Industries
PLC
(e)
1,360‌
35‌
Louisiana-Pacific
Corp
1,526‌
138‌
Martin
Marietta
Materials
Inc
1,452‌
835‌
Masco
Corp
5,140‌
350‌
Mohawk
Industries
Inc
(e)
1,246‌
143‌
Owens
Corning
2,064‌
288‌
Simpson
Manufacturing
Co
Inc
925‌
166‌
Schedule
of
Investments
MidCap
Value
Fund
I
July
31,
2025
(unaudited)
151
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Building
Materials
(continued)
Trex
Co
Inc
(e)
2,590‌
$
166‌
Vulcan
Materials
Co
3,211‌
882‌
$
43,345‌
Chemicals
-
3.78%
Albemarle
Corp
2,860‌
194‌
Ashland
Inc
1,206‌
62‌
Axalta
Coating
Systems
Ltd
(e)
569,415‌
16,126‌
Celanese
Corp
2,708‌
141‌
CF
Industries
Holdings
Inc
270,532‌
25,113‌
Dow
Inc
17,245‌
402‌
DuPont
de
Nemours
Inc
10,199‌
733‌
Eastman
Chemical
Co
2,793‌
203‌
Element
Solutions
Inc
5,485‌
130‌
FMC
Corp
3,020‌
118‌
Huntsman
Corp
4,232‌
41‌
International
Flavors
&
Fragrances
Inc
6,240‌
443‌
LyondellBasell
Industries
NV
6,240‌
362‌
Mosaic
Co/The
7,688‌
277‌
NewMarket
Corp
152‌
104‌
Olin
Corp
2,958‌
56‌
PPG
Industries
Inc
5,536‌
584‌
RPM
International
Inc
207,287‌
24,338‌
Westlake
Corp
222,262‌
17,625‌
$
87,052‌
Commercial
Services
-
2.92%
ADT
Inc
9,101‌
76‌
Affirm
Holdings
Inc
(e)
2,646‌
181‌
API
Group
Corp
(e)
8,958‌
323‌
Aramark
6,430‌
274‌
Avis
Budget
Group
Inc
(a),(e)
271‌
46‌
Block
Inc
(e)
8,340‌
644‌
Bright
Horizons
Family
Solutions
Inc
(e)
1,197‌
135‌
Cintas
Corp
20,330‌
4,524‌
Clarivate
PLC
(e)
9,115‌
35‌
Dun
&
Bradstreet
Holdings
Inc
7,922‌
72‌
Equifax
Inc
2,483‌
597‌
Euronet
Worldwide
Inc
(e)
92,114‌
8,952‌
FTI
Consulting
Inc
(e)
78,908‌
13,126‌
Global
Payments
Inc
5,947‌
475‌
Grand
Canyon
Education
Inc
(e)
63,690‌
10,740‌
GXO
Logistics
Inc
(e)
2,794‌
139‌
H&R
Block
Inc
2,715‌
148‌
ManpowerGroup
Inc
1,185‌
49‌
MarketAxess
Holdings
Inc
26,101‌
5,363‌
Morningstar
Inc
193‌
53‌
Paylocity
Holding
Corp
(e)
95‌
18‌
Quanta
Services
Inc
802‌
326‌
RB
Global
Inc
4,238‌
459‌
Robert
Half
Inc
2,548‌
94‌
Service
Corp
International/US
3,392‌
259‌
TransUnion
190,637‌
18,147‌
U-Haul
Holding
Co
(a),(e)
86‌
5‌
U-Haul
Holding
Co
1,587‌
83‌
United
Rentals
Inc
1,584‌
1,399‌
Valvoline
Inc
(e)
372‌
13‌
Verisk
Analytics
Inc
1,355‌
378‌
WEX
Inc
(e)
754‌
128‌
WillScot
Holdings
Corp
3,415‌
100‌
$
67,361‌
Computers
-
2.36%
Amdocs
Ltd
2,685‌
229‌
Amentum
Holdings
Inc
(e)
4,136‌
103‌
CACI
International
Inc
(e)
522‌
240‌
Check
Point
Software
Technologies
Ltd
(e)
109,700‌
20,426‌
Cognizant
Technology
Solutions
Corp
12,030‌
863‌
Crane
NXT
Co
1,262‌
75‌
DXC
Technology
Co
(e)
4,620‌
63‌
EPAM
Systems
Inc
(e)
1,324‌
209‌
Genpact
Ltd
627,419‌
27,638‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Computers
(continued)
Globant
SA
(e)
1,001‌
$
84‌
Hewlett
Packard
Enterprise
Co
31,962‌
661‌
HP
Inc
22,947‌
569‌
KBR
Inc
2,892‌
135‌
Kyndryl
Holdings
Inc
(e)
5,268‌
199‌
Leidos
Holdings
Inc
3,104‌
496‌
Lumentum
Holdings
Inc
(e)
1,544‌
170‌
NetApp
Inc
2,985‌
311‌
Okta
Inc
(e)
2,423‌
237‌
Parsons
Corp
(e)
1,355‌
101‌
Pure
Storage
Inc
(e)
1,097‌
65‌
Rubrik
Inc
(e)
1,004‌
95‌
SailPoint
Inc
(e)
1,544‌
35‌
Sandisk
Corp/DE
(e)
3,328‌
143‌
Science
Applications
International
Corp
1,141‌
127‌
Super
Micro
Computer
Inc
(e)
6,761‌
399‌
Western
Digital
Corp
8,433‌
664‌
$
54,337‌
Consumer
Products
-
0.43%
Avery
Dennison
Corp
53,285‌
8,939‌
Church
&
Dwight
Co
Inc
5,999‌
562‌
Clorox
Co/The
2,991‌
376‌
Reynolds
Consumer
Products
Inc
1,405‌
32‌
$
9,909‌
Cosmetics
&
Personal
Care
-
0.40%
Coty
Inc
(e)
8,889‌
43‌
elf
Beauty
Inc
(e)
1,324‌
161‌
Estee
Lauder
Cos
Inc/The
83,880‌
7,829‌
Kenvue
Inc
46,321‌
993‌
Perrigo
Co
PLC
3,509‌
94‌
$
9,120‌
Distribution
&
Wholesale
-
0.07%
Core
&
Main
Inc
(e)
1,930‌
123‌
Fastenal
Co
4,985‌
230‌
LKQ
Corp
6,321‌
186‌
Pool
Corp
704‌
217‌
SiteOne
Landscape
Supply
Inc
(e)
786‌
108‌
Watsco
Inc
841‌
379‌
WESCO
International
Inc
1,159‌
240‌
WW
Grainger
Inc
152‌
158‌
$
1,641‌
Diversified
Financial
Services
-
4.42%
Affiliated
Managers
Group
Inc
23,409‌
4,913‌
Air
Lease
Corp
2,534‌
140‌
Ally
Financial
Inc
5,917‌
224‌
Ameriprise
Financial
Inc
224‌
116‌
Cboe
Global
Markets
Inc
60,057‌
14,476‌
Coinbase
Global
Inc
(e)
4,532‌
1,712‌
Credit
Acceptance
Corp
(e)
157‌
77‌
Evercore
Inc
-
Class
A
33,195‌
9,997‌
Franklin
Resources
Inc
7,489‌
180‌
Freedom
Holding
Corp/NV
(e)
67‌
12‌
Hamilton
Lane
Inc
356‌
54‌
Houlihan
Lokey
Inc
809‌
154‌
Invesco
Ltd
8,867‌
186‌
Janus
Henderson
Group
PLC
3,055‌
132‌
Jefferies
Financial
Group
Inc
2,817‌
162‌
Lazard
Inc
2,150‌
112‌
Mr
Cooper
Group
Inc
(e)
1,520‌
237‌
Nasdaq
Inc
10,049‌
967‌
OneMain
Holdings
Inc
2,892‌
167‌
Raymond
James
Financial
Inc
184,256‌
30,795‌
Rocket
Cos
Inc
(a)
5,933‌
88‌
SEI
Investments
Co
36,980‌
3,258‌
SLM
Corp
4,392‌
140‌
SoFi
Technologies
Inc
(e)
22,363‌
505‌
Stifel
Financial
Corp
28,513‌
3,254‌
Synchrony
Financial
9,269‌
646‌
T
Rowe
Price
Group
Inc
5,328‌
541‌
Schedule
of
Investments
MidCap
Value
Fund
I
July
31,
2025
(unaudited)
152
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Diversified
Financial
Services
(continued)
TPG
Inc
206‌
$
12‌
Tradeweb
Markets
Inc
74,494‌
10,321‌
UWM
Holdings
Corp
3,582‌
14‌
Virtu
Financial
Inc
202,489‌
8,938‌
Voya
Financial
Inc
2,340‌
164‌
Western
Union
Co/The
8,483‌
68‌
XP
Inc
557,822‌
9,003‌
$
101,765‌
Electric
-
4.34%
AES
Corp/The
17,301‌
227‌
Alliant
Energy
Corp
647,356‌
42,085‌
Ameren
Corp
6,575‌
665‌
Brookfield
Renewable
Corp
3,288‌
120‌
CenterPoint
Energy
Inc
15,880‌
616‌
Clearway
Energy
Inc
-
Class
A
892‌
27‌
Clearway
Energy
Inc
-
Class
C
2,095‌
68‌
CMS
Energy
Corp
366,648‌
27,059‌
Consolidated
Edison
Inc
32,850‌
3,400‌
DTE
Energy
Co
5,047‌
699‌
Edison
International
166,702‌
8,689‌
Entergy
Corp
10,502‌
950‌
Evergy
Inc
5,594‌
396‌
Eversource
Energy
8,952‌
592‌
Exelon
Corp
24,636‌
1,107‌
FirstEnergy
Corp
13,372‌
571‌
IDACORP
Inc
1,300‌
163‌
NRG
Energy
Inc
17,154‌
2,868‌
OGE
Energy
Corp
4,892‌
222‌
PG&E
Corp
53,443‌
749‌
Pinnacle
West
Capital
Corp
2,893‌
262‌
PPL
Corp
18,038‌
644‌
Public
Service
Enterprise
Group
Inc
12,169‌
1,093‌
Talen
Energy
Corp
(e)
1,097‌
414‌
WEC
Energy
Group
Inc
47,813‌
5,216‌
Xcel
Energy
Inc
14,066‌
1,033‌
$
99,935‌
Electrical
Components
&
Equipment
-
0.08%
Acuity
Inc
745‌
232‌
AMETEK
Inc
5,612‌
1,038‌
Generac
Holdings
Inc
(e)
1,412‌
275‌
Littelfuse
Inc
592‌
152‌
Universal
Display
Corp
1,062‌
153‌
$
1,850‌
Electronics
-
4.46%
Allegion
plc
2,091‌
347‌
Arrow
Electronics
Inc
(e)
1,252‌
145‌
Avnet
Inc
2,088‌
111‌
Coherent
Corp
(e)
3,725‌
401‌
Flex
Ltd
(e)
234,044‌
11,672‌
Fortive
Corp
8,292‌
398‌
Garmin
Ltd
32,678‌
7,149‌
Hubbell
Inc
49,197‌
21,522‌
Ingram
Micro
Holding
Corp
(a)
526‌
10‌
Jabil
Inc
10,330‌
2,305‌
Keysight
Technologies
Inc
(e)
154,889‌
25,388‌
Mettler-Toledo
International
Inc
(e)
505‌
623‌
nVent
Electric
PLC
3,966‌
311‌
Ralliant
Corp
2,787‌
127‌
Sensata
Technologies
Holding
PLC
3,531‌
109‌
TD
SYNNEX
Corp
1,908‌
276‌
Trimble
Inc
(e)
372,703‌
31,266‌
Vontier
Corp
3,600‌
149‌
Woodward
Inc
1,440‌
370‌
$
102,679‌
Energy
-
Alternate
Sources
-
0.02%
First
Solar
Inc
(e)
2,469‌
431‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Engineering
&
Construction
-
1.22%
AECOM
110,017‌
$
12,403‌
EMCOR
Group
Inc
16,960‌
10,642‌
Everus
Construction
Group
Inc
(e)
1,311‌
97‌
Jacobs
Solutions
Inc
2,955‌
419‌
MasTec
Inc
(e)
23,160‌
4,383‌
TopBuild
Corp
(e)
655‌
243‌
$
28,187‌
Entertainment
-
0.04%
Caesars
Entertainment
Inc
(e)
5,027‌
134‌
Churchill
Downs
Inc
262‌
28‌
Flutter
Entertainment
PLC
(e)
728‌
220‌
Liberty
Media
Corp-Liberty
Live
-
A
Shares
(e)
507‌
42‌
Liberty
Media
Corp-Liberty
Live
-
C
Shares
(e)
1,180‌
99‌
Madison
Square
Garden
Sports
Corp
(e)
414‌
84‌
Penn
Entertainment
Inc
(e)
3,841‌
69‌
TKO
Group
Holdings
Inc
956‌
161‌
Vail
Resorts
Inc
158‌
24‌
$
861‌
Environmental
Control
-
0.66%
Clean
Harbors
Inc
(e)
1,237‌
292‌
Pentair
PLC
3,982‌
407‌
Republic
Services
Inc
60,300‌
13,908‌
Tetra
Tech
Inc
5,284‌
194‌
Veralto
Corp
3,493‌
366‌
$
15,167‌
Food
-
3.04%
Albertsons
Cos
Inc
10,090‌
194‌
Conagra
Brands
Inc
11,597‌
212‌
Flowers
Foods
Inc
4,808‌
76‌
General
Mills
Inc
13,345‌
654‌
Hershey
Co/The
3,113‌
579‌
Hormel
Foods
Corp
7,047‌
198‌
Ingredion
Inc
1,551‌
204‌
J
M
Smucker
Co/The
2,523‌
271‌
Kellanova
6,755‌
539‌
Kraft
Heinz
Co/The
20,771‌
570‌
Kroger
Co/The
14,778‌
1,036‌
Lamb
Weston
Holdings
Inc
3,309‌
189‌
McCormick
&
Co
Inc/MD
6,168‌
436‌
Performance
Food
Group
Co
(e)
345,256‌
34,664‌
Pilgrim's
Pride
Corp
1,062‌
50‌
Post
Holdings
Inc
(e)
1,225‌
130‌
Seaboard
Corp
7‌
22‌
Smithfield
Foods
Inc
717‌
17‌
Sysco
Corp
5,478‌
436‌
The
Campbell's
Company
4,783‌
153‌
Tyson
Foods
Inc
6,817‌
356‌
US
Foods
Holding
Corp
(e)
348,581‌
29,047‌
$
70,033‌
Forest
Products
&
Paper
-
0.03%
International
Paper
Co
12,772‌
597‌
Gas
-
0.54%
Atmos
Energy
Corp
3,854‌
601‌
MDU
Resources
Group
Inc
5,222‌
90‌
National
Fuel
Gas
Co
128,943‌
11,191‌
NiSource
Inc
11,467‌
487‌
UGI
Corp
5,237‌
189‌
$
12,558‌
Hand
&
Machine
Tools
-
1.40%
Lincoln
Electric
Holdings
Inc
129,312‌
31,487‌
MSA
Safety
Inc
890‌
158‌
Snap-on
Inc
1,244‌
400‌
Stanley
Black
&
Decker
Inc
3,763‌
255‌
$
32,300‌
Healthcare
-
Products
-
2.90%
Agilent
Technologies
Inc
6,942‌
797‌
Align
Technology
Inc
(e)
30,460‌
3,929‌
Avantor
Inc
(e)
16,099‌
216‌
Schedule
of
Investments
MidCap
Value
Fund
I
July
31,
2025
(unaudited)
153
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Healthcare
-
Products
(continued)
Baxter
International
Inc
12,482‌
$
272‌
Bio-Techne
Corp
3,817‌
209‌
Bruker
Corp
2,654‌
102‌
Cooper
Cos
Inc/The
(e)
123,262‌
8,714‌
DENTSPLY
SIRONA
Inc
5,238‌
75‌
Envista
Holdings
Corp
(e)
4,323‌
82‌
Exact
Sciences
Corp
(e)
202,264‌
9,496‌
GE
HealthCare
Technologies
Inc
11,132‌
794‌
Globus
Medical
Inc
(e)
2,728‌
144‌
Hologic
Inc
(e)
385,733‌
25,775‌
QIAGEN
NV
5,191‌
256‌
Repligen
Corp
(e)
1,121‌
131‌
ResMed
Inc
49,691‌
13,513‌
Revvity
Inc
2,925‌
257‌
Solventum
Corp
(e)
3,380‌
241‌
STERIS
PLC
2,389‌
541‌
Teleflex
Inc
1,083‌
129‌
Waters
Corp
(e)
684‌
198‌
West
Pharmaceutical
Services
Inc
1,734‌
415‌
Zimmer
Biomet
Holdings
Inc
4,823‌
442‌
$
66,728‌
Healthcare
-
Services
-
2.99%
Acadia
Healthcare
Co
Inc
(e)
2,345‌
51‌
Amedisys
Inc
(e)
832‌
82‌
Centene
Corp
(e)
12,099‌
315‌
Charles
River
Laboratories
International
Inc
(e)
1,184‌
201‌
Chemed
Corp
312‌
129‌
Encompass
Health
Corp
35,788‌
3,941‌
Humana
Inc
2,936‌
734‌
IQVIA
Holdings
Inc
(e)
4,256‌
791‌
Labcorp
Holdings
Inc
106,132‌
27,602‌
Molina
Healthcare
Inc
(e)
56,182‌
8,870‌
Quest
Diagnostics
Inc
152,413‌
25,515‌
Sotera
Health
Co
(e)
3,588‌
41‌
Tenet
Healthcare
Corp
(e)
2,229‌
359‌
Universal
Health
Services
Inc
1,338‌
223‌
$
68,854‌
Home
Builders
-
0.13%
DR
Horton
Inc
6,685‌
955‌
Lennar
Corp
-
A
Shares
5,563‌
624‌
Lennar
Corp
-
B
Shares
245‌
26‌
NVR
Inc
(e)
68‌
513‌
PulteGroup
Inc
4,864‌
549‌
Thor
Industries
Inc
1,236‌
113‌
Toll
Brothers
Inc
2,408‌
285‌
$
3,065‌
Home
Furnishings
-
0.02%
Dolby
Laboratories
Inc
1,480‌
112‌
SharkNinja
Inc
(e)
1,412‌
164‌
Whirlpool
Corp
1,318‌
109‌
$
385‌
Housewares
-
0.01%
Newell
Brands
Inc
10,731‌
60‌
Scotts
Miracle-Gro
Co/The
1,125‌
71‌
$
131‌
Insurance
-
6.46%
Allstate
Corp/The
6,415‌
1,304‌
American
Financial
Group
Inc/OH
170,706‌
21,322‌
Arch
Capital
Group
Ltd
8,890‌
765‌
Assurant
Inc
1,230‌
230‌
Assured
Guaranty
Ltd
1,201‌
102‌
Axis
Capital
Holdings
Ltd
1,843‌
173‌
Brighthouse
Financial
Inc
(e)
1,472‌
70‌
Brown
&
Brown
Inc
31,991‌
2,923‌
Cincinnati
Financial
Corp
3,749‌
553‌
CNA
Financial
Corp
540‌
24‌
Corebridge
Financial
Inc
5,849‌
208‌
Everest
Group
Ltd
873‌
293‌
Fidelity
National
Financial
Inc
549,332‌
30,998‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Insurance
(continued)
First
American
Financial
Corp
2,392‌
$
144‌
Globe
Life
Inc
2,015‌
283‌
Hanover
Insurance
Group
Inc/The
18,013‌
3,092‌
Hartford
Insurance
Group
Inc/The
215,316‌
26,783‌
Kemper
Corp
1,575‌
97‌
Lincoln
National
Corp
4,146‌
158‌
Loews
Corp
4,160‌
377‌
Markel
Group
Inc
(e)
242‌
486‌
MGIC
Investment
Corp
5,682‌
147‌
Old
Republic
International
Corp
632,171‌
22,865‌
Primerica
Inc
798‌
212‌
Prudential
Financial
Inc
8,640‌
895‌
Reinsurance
Group
of
America
Inc
1,609‌
310‌
RenaissanceRe
Holdings
Ltd
1,159‌
283‌
RLI
Corp
43,090‌
2,843‌
Unum
Group
4,213‌
303‌
W
R
Berkley
Corp
7,383‌
508‌
White
Mountains
Insurance
Group
Ltd
58‌
104‌
Willis
Towers
Watson
PLC
94,911‌
29,973‌
$
148,828‌
Internet
-
3.89%
CDW
Corp/DE
2,963‌
517‌
eBay
Inc
11,224‌
1,030‌
Etsy
Inc
(e)
1,129‌
66‌
Expedia
Group
Inc
175,200‌
31,574‌
F5
Inc
(e)
1,397‌
438‌
Gen
Digital
Inc
11,933‌
352‌
IAC
Inc
(e)
1,730‌
68‌
Lyft
Inc
(e)
666,557‌
9,372‌
Maplebear
Inc
(e)
860,200‌
41,264‌
Match
Group
Inc
5,953‌
204‌
Pinterest
Inc
(e)
45,748‌
1,766‌
Robinhood
Markets
Inc
(e)
15,623‌
1,610‌
Roku
Inc
(e)
2,722‌
256‌
Trump
Media
&
Technology
Group
Corp
(e)
1,218‌
21‌
VeriSign
Inc
2,051‌
551‌
Wayfair
Inc
(e)
1,981‌
130‌
Zillow
Group
Inc
-
A
Shares
(e)
1,290‌
99‌
Zillow
Group
Inc
-
C
Shares
(e)
3,949‌
314‌
$
89,632‌
Iron
&
Steel
-
0.83%
ATI
Inc
(e)
3,396‌
261‌
Carpenter
Technology
Corp
956‌
239‌
Cleveland-Cliffs
Inc
(e)
11,821‌
124‌
Nucor
Corp
5,595‌
801‌
Reliance
Inc
1,281‌
372‌
Steel
Dynamics
Inc
135,392‌
17,270‌
$
19,067‌
Leisure
Products
&
Services
-
0.49%
Amer
Sports
Inc
(e)
3,623‌
136‌
Brunswick
Corp/DE
1,687‌
99‌
Carnival
Corp
(e)
363,593‌
10,824‌
Harley-Davidson
Inc
2,872‌
70‌
Norwegian
Cruise
Line
Holdings
Ltd
(e)
1,106‌
28‌
YETI
Holdings
Inc
(e)
2,119‌
78‌
$
11,235‌
Lodging
-
0.63%
Boyd
Gaming
Corp
1,410‌
120‌
Choice
Hotels
International
Inc
(a)
482‌
62‌
Hilton
Worldwide
Holdings
Inc
51,200‌
13,726‌
Hyatt
Hotels
Corp
971‌
137‌
MGM
Resorts
International
(e)
4,990‌
182‌
Travel
+
Leisure
Co
1,088‌
64‌
Wyndham
Hotels
&
Resorts
Inc
203‌
17‌
Wynn
Resorts
Ltd
2,031‌
221‌
$
14,529‌
Schedule
of
Investments
MidCap
Value
Fund
I
July
31,
2025
(unaudited)
154
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Machinery
-
Construction
&
Mining
-
0.02%
BWX
Technologies
Inc
1,822‌
$
277‌
Oshkosh
Corp
1,554‌
197‌
$
474‌
Machinery
-
Diversified
-
4.08%
AGCO
Corp
157,506‌
18,581‌
Applied
Industrial
Technologies
Inc
919‌
250‌
CNH
Industrial
NV
21,390‌
277‌
Cognex
Corp
4,084‌
167‌
Crane
Co
1,194‌
234‌
Dover
Corp
3,301‌
598‌
Esab
Corp
1,381‌
185‌
Flowserve
Corp
3,170‌
178‌
Gates
Industrial
Corp
PLC
(e)
6,163‌
153‌
Graco
Inc
4,042‌
340‌
IDEX
Corp
1,837‌
300‌
Ingersoll
Rand
Inc
9,834‌
832‌
Middleby
Corp/The
(e)
115,725‌
16,803‌
Nordson
Corp
1,308‌
280‌
Otis
Worldwide
Corp
9,629‌
825‌
Regal
Rexnord
Corp
116,305‌
17,780‌
Rockwell
Automation
Inc
14,645‌
5,151‌
Toro
Co/The
2,427‌
180‌
Westinghouse
Air
Brake
Technologies
Corp
4,128‌
793‌
Xylem
Inc/NY
208,827‌
30,200‌
$
94,107‌
Media
-
0.60%
Charter
Communications
Inc
(e)
2,204‌
594‌
FactSet
Research
Systems
Inc
855‌
344‌
Fox
Corp
-
A
Shares
5,255‌
293‌
Fox
Corp
-
B
Shares
54,579‌
2,792‌
Liberty
Broadband
Corp
-
A
Shares
(e)
329‌
20‌
Liberty
Broadband
Corp
-
C
Shares
(e)
2,142‌
131‌
Liberty
Global
Ltd
-
A
Shares
(e)
4,384‌
44‌
Liberty
Global
Ltd
-
C
Shares
(e)
3,609‌
37‌
Liberty
Media
Corp-Liberty
Formula
One
-
A
Shares
(e)
395‌
36‌
Liberty
Media
Corp-Liberty
Formula
One
-
C
Shares
(e)
3,514‌
353‌
New
York
Times
Co/The
148,933‌
7,728‌
News
Corp
-
A
Shares
9,225‌
270‌
News
Corp
-
B
Shares
(a)
2,882‌
96‌
Nexstar
Media
Group
Inc
638‌
119‌
Paramount
Global
-
Class
B
(a)
14,508‌
182‌
Sirius
XM
Holdings
Inc
4,622‌
98‌
Warner
Bros
Discovery
Inc
(e)
54,373‌
716‌
$
13,853‌
Metal
Fabrication
&
Hardware
-
0.54%
Advanced
Drainage
Systems
Inc
1,711‌
196‌
Mueller
Industries
Inc
137,314‌
11,723‌
RBC
Bearings
Inc
(e)
596‌
231‌
Timken
Co/The
1,519‌
115‌
Valmont
Industries
Inc
470‌
171‌
$
12,436‌
Mining
-
1.31%
Alcoa
Corp
6,281‌
188‌
Anglogold
Ashanti
Plc
56,521‌
2,614‌
Franco-Nevada
Corp
131,600‌
20,968‌
MP
Materials
Corp
(e)
3,146‌
193‌
Royal
Gold
Inc
41,667‌
6,310‌
$
30,273‌
Miscellaneous
Manufacturers
-
0.87%
A
O
Smith
Corp
2,813‌
199‌
Carlisle
Cos
Inc
916‌
325‌
Donaldson
Co
Inc
2,898‌
209‌
ITT
Inc
1,960‌
333‌
Teledyne
Technologies
Inc
(e)
1,128‌
621‌
Textron
Inc
235,382‌
18,306‌
$
19,993‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Office
&
Business
Equipment
-
0.90%
Zebra
Technologies
Corp
(e)
61,230‌
$
20,758‌
Oil
&
Gas
-
3.41%
Antero
Resources
Corp
(e)
7,059‌
247‌
APA
Corp
8,639‌
167‌
Chord
Energy
Corp
221,234‌
24,409‌
Civitas
Resources
Inc
2,371‌
72‌
Coterra
Energy
Inc
1,011,504‌
24,670‌
Devon
Energy
Corp
505,556‌
16,795‌
Diamondback
Energy
Inc
4,644‌
690‌
EQT
Corp
14,501‌
779‌
Expand
Energy
Corp
5,352‌
561‌
HF
Sinclair
Corp
3,502‌
154‌
Marathon
Petroleum
Corp
35,558‌
6,052‌
Matador
Resources
Co
2,835‌
141‌
Occidental
Petroleum
Corp
16,383‌
720‌
Ovintiv
Inc
6,324‌
260‌
Permian
Resources
Corp
15,501‌
220‌
Phillips
66
9,205‌
1,138‌
Range
Resources
Corp
5,750‌
211‌
Valero
Energy
Corp
7,590‌
1,042‌
Viper
Energy
Inc
3,187‌
120‌
Weatherford
International
PLC
1,828‌
103‌
$
78,551‌
Oil
&
Gas
Services
-
1.65%
Baker
Hughes
Co
550,473‌
24,799‌
Halliburton
Co
20,895‌
468‌
NOV
Inc
9,102‌
114‌
TechnipFMC
PLC
345,393‌
12,562‌
$
37,943‌
Packaging
&
Containers
-
3.72%
Amcor
PLC
55,459‌
518‌
AptarGroup
Inc
139,089‌
21,857‌
Ardagh
Group
SA
(e),(f)
901‌
—‌
Ball
Corp
6,880‌
394‌
Crown
Holdings
Inc
242,916‌
24,136‌
Graphic
Packaging
Holding
Co
780,056‌
17,442‌
Packaging
Corp
of
America
106,147‌
20,566‌
Sealed
Air
Corp
3,542‌
104‌
Silgan
Holdings
Inc
2,144‌
100‌
Smurfit
WestRock
PLC
12,696‌
563‌
Sonoco
Products
Co
2,446‌
110‌
$
85,790‌
Pharmaceuticals
-
0.20%
BellRing
Brands
Inc
(e)
3,089‌
169‌
Cardinal
Health
Inc
2,916‌
453‌
Elanco
Animal
Health
Inc
(e)
11,990‌
164‌
Henry
Schein
Inc
(e)
2,665‌
180‌
Jazz
Pharmaceuticals
PLC
(e)
1,444‌
165‌
Neurocrine
Biosciences
Inc
(e)
24,963‌
3,201‌
Organon
&
Co
6,686‌
65‌
Viatris
Inc
28,889‌
252‌
$
4,649‌
Pipelines
-
0.47%
Antero
Midstream
Corp
8,130‌
149‌
Cheniere
Energy
Inc
33,438‌
7,887‌
DT
Midstream
Inc
2,468‌
254‌
Kinder
Morgan
Inc
47,403‌
1,330‌
ONEOK
Inc
15,230‌
1,251‌
$
10,871‌
Private
Equity
-
0.02%
Carlyle
Group
Inc/The
6,358‌
386‌
Real
Estate
-
0.09%
CBRE
Group
Inc
(e)
6,449‌
1,004‌
CoStar
Group
Inc
(e)
8,914‌
849‌
Howard
Hughes
Holdings
Inc
(e)
798‌
55‌
Jones
Lang
LaSalle
Inc
(e)
832‌
225‌
$
2,133‌
Schedule
of
Investments
MidCap
Value
Fund
I
July
31,
2025
(unaudited)
155
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
REITs
-
7.28%
AGNC
Investment
Corp
23,035‌
$
217‌
Agree
Realty
Corp
2,627‌
188‌
Alexandria
Real
Estate
Equities
Inc
4,175‌
319‌
American
Homes
4
Rent
8,324‌
289‌
Americold
Realty
Trust
Inc
6,944‌
112‌
Annaly
Capital
Management
Inc
14,543‌
296‌
AvalonBay
Communities
Inc
3,462‌
645‌
Brixmor
Property
Group
Inc
7,490‌
196‌
BXP
Inc
3,856‌
252‌
Camden
Property
Trust
196,508‌
21,459‌
Cousins
Properties
Inc
4,063‌
110‌
Crown
Castle
Inc
10,573‌
1,111‌
CubeSmart
5,514‌
215‌
Digital
Realty
Trust
Inc
8,217‌
1,450‌
EastGroup
Properties
Inc
1,261‌
206‌
EPR
Properties
1,813‌
100‌
Equity
LifeStyle
Properties
Inc
420,117‌
25,174‌
Equity
Residential
97,360‌
6,153‌
Essex
Property
Trust
Inc
1,547‌
402‌
Extra
Space
Storage
Inc
5,131‌
689‌
Federal
Realty
Investment
Trust
2,085‌
192‌
First
Industrial
Realty
Trust
Inc
3,114‌
152‌
Gaming
and
Leisure
Properties
Inc
6,430‌
293‌
Healthcare
Realty
Trust
Inc
7,992‌
123‌
Healthpeak
Properties
Inc
16,891‌
286‌
Highwoods
Properties
Inc
2,731‌
79‌
Host
Hotels
&
Resorts
Inc
16,710‌
263‌
Invitation
Homes
Inc
14,912‌
457‌
Iron
Mountain
Inc
7,133‌
694‌
Kilroy
Realty
Corp
2,866‌
106‌
Kimco
Realty
Corp
16,284‌
346‌
Lamar
Advertising
Co
225,700‌
27,592‌
Lineage
Inc
1,814‌
78‌
Medical
Properties
Trust
Inc
12,844‌
53‌
Mid-America
Apartment
Communities
Inc
2,832‌
403‌
Millrose
Properties
Inc
3,086‌
93‌
National
Storage
Affiliates
Trust
1,814‌
53‌
NNN
REIT
Inc
598,454‌
24,692‌
Omega
Healthcare
Investors
Inc
6,982‌
272‌
Park
Hotels
&
Resorts
Inc
5,057‌
54‌
Rayonier
Inc
4,075‌
95‌
Realty
Income
Corp
21,768‌
1,222‌
Regency
Centers
Corp
4,400‌
314‌
Rexford
Industrial
Realty
Inc
5,760‌
210‌
Rithm
Capital
Corp
12,889‌
155‌
SBA
Communications
Corp
114,712‌
25,778‌
Simon
Property
Group
Inc
87,206‌
14,284‌
STAG
Industrial
Inc
4,578‌
157‌
Starwood
Property
Trust
Inc
8,323‌
162‌
Sun
Communities
Inc
2,487‌
308‌
UDR
Inc
7,609‌
299‌
Ventas
Inc
10,610‌
713‌
VICI
Properties
Inc
222,782‌
7,262‌
Vornado
Realty
Trust
4,295‌
165‌
Weyerhaeuser
Co
17,664‌
442‌
WP
Carey
Inc
5,279‌
339‌
$
167,769‌
Retail
-
4.93%
AutoNation
Inc
(e)
660‌
127‌
Bath
&
Body
Works
Inc
839,085‌
24,300‌
Best
Buy
Co
Inc
4,707‌
306‌
BJ's
Wholesale
Club
Holdings
Inc
(e)
2,709‌
287‌
CarMax
Inc
(e)
3,703‌
210‌
Casey's
General
Stores
Inc
41,759‌
21,720‌
Darden
Restaurants
Inc
151‌
30‌
Dick's
Sporting
Goods
Inc
1,309‌
277‌
Dillard's
Inc
76‌
36‌
Dollar
General
Corp
99,754‌
10,464‌
Dollar
Tree
Inc
(e)
4,948‌
562‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Retail
(continued)
Domino's
Pizza
Inc
532‌
$
246‌
Ferguson
Enterprises
Inc
4,440‌
992‌
Five
Below
Inc
(e)
34,300‌
4,683‌
Floor
&
Decor
Holdings
Inc
(e)
1,753‌
134‌
Freshpet
Inc
(e)
887‌
61‌
GameStop
Corp
(e)
9,964‌
224‌
Gap
Inc/The
5,591‌
109‌
Genuine
Parts
Co
3,376‌
435‌
Lithia
Motors
Inc
548‌
158‌
Lululemon
Athletica
Inc
(e)
1,078‌
216‌
Macy's
Inc
7,135‌
90‌
MSC
Industrial
Direct
Co
Inc
1,132‌
98‌
Ollie's
Bargain
Outlet
Holdings
Inc
(e)
1,501‌
205‌
Penske
Automotive
Group
Inc
79,976‌
13,389‌
QXO
Inc
(e)
14,477‌
290‌
Restaurant
Brands
International
Inc
2,848‌
193‌
RH
(a),(e)
339‌
70‌
Ross
Stores
Inc
6,250‌
853‌
Texas
Roadhouse
Inc
56,100‌
10,386‌
Tractor
Supply
Co
213,600‌
12,165‌
Ulta
Beauty
Inc
(e)
818‌
421‌
Walgreens
Boots
Alliance
Inc
272,574‌
3,173‌
Wendy's
Co/The
2,376‌
23‌
Williams-Sonoma
Inc
31,845‌
5,956‌
Yum!
Brands
Inc
4,497‌
648‌
$
113,537‌
Savings
&
Loans
-
0.00%
TFS
Financial
Corp
1,349‌
18‌
Semiconductors
-
2.19%
Allegro
MicroSystems
Inc
(e)
2,995‌
94‌
Amkor
Technology
Inc
2,942‌
66‌
Cirrus
Logic
Inc
(e)
1,284‌
129‌
Entegris
Inc
3,046‌
239‌
GLOBALFOUNDRIES
Inc
(e)
2,646‌
99‌
IPG
Photonics
Corp
(e)
644‌
48‌
Lattice
Semiconductor
Corp
(e)
76,255‌
3,800‌
MACOM
Technology
Solutions
Holdings
Inc
(e)
1,156‌
159‌
Microchip
Technology
Inc
301,062‌
20,348‌
MKS
Inc
251,827‌
23,969‌
ON
Semiconductor
Corp
(e)
10,272‌
579‌
Onto
Innovation
Inc
(e)
962‌
91‌
Qorvo
Inc
(e)
2,267‌
190‌
Skyworks
Solutions
Inc
3,732‌
256‌
Teradyne
Inc
3,907‌
420‌
$
50,487‌
Shipbuilding
-
0.01%
Huntington
Ingalls
Industries
Inc
946‌
264‌
Software
-
2.24%
Akamai
Technologies
Inc
(e)
244,792‌
18,681‌
BILL
Holdings
Inc
(e)
2,368‌
101‌
Broadridge
Financial
Solutions
Inc
284‌
70‌
CCC
Intelligent
Solutions
Holdings
Inc
(e)
12,581‌
122‌
Concentrix
Corp
1,169‌
61‌
Dayforce
Inc
(e)
3,347‌
193‌
Docusign
Inc
(e)
1,260‌
95‌
DoubleVerify
Holdings
Inc
(e)
1,644‌
25‌
Dropbox
Inc
-
A
Shares
(e)
3,832‌
104‌
Electronic
Arts
Inc
77,178‌
11,769‌
Fair
Isaac
Corp
(e)
98‌
141‌
Fidelity
National
Information
Services
Inc
12,833‌
1,019‌
Informatica
Inc
(e)
2,693‌
67‌
Jack
Henry
&
Associates
Inc
1,765‌
300‌
MongoDB
Inc
(e)
1,729‌
411‌
MSCI
Inc
924‌
519‌
nCino
Inc
(e)
2,355‌
66‌
Nutanix
Inc
(e)
52,408‌
3,939‌
Paychex
Inc
5,389‌
778‌
Paycom
Software
Inc
559‌
129‌
Pegasystems
Inc
1,492‌
88‌
Schedule
of
Investments
MidCap
Value
Fund
I
July
31,
2025
(unaudited)
156
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Software
(continued)
PTC
Inc
(e)
2,560‌
$
550‌
SentinelOne
Inc
(e)
2,087‌
38‌
SS&C
Technologies
Holdings
Inc
5,151‌
440‌
Take-Two
Interactive
Software
Inc
(e)
2,879‌
641‌
Teradata
Corp
(e)
1,888‌
40‌
Twilio
Inc
(e)
2,854‌
368‌
Tyler
Technologies
Inc
(e)
188‌
110‌
UiPath
Inc
(e)
10,588‌
124‌
Unity
Software
Inc
(e)
7,252‌
242‌
Veeva
Systems
Inc
(e)
34,226‌
9,727‌
Zoom
Communications
Inc
(e)
6,401‌
474‌
ZoomInfo
Technologies
Inc
(e)
7,500‌
81‌
$
51,513‌
Telecommunications
-
0.75%
AST
SpaceMobile
Inc
(e)
336‌
18‌
Ciena
Corp
(e)
3,434‌
319‌
Corning
Inc
262,754‌
16,616‌
Frontier
Communications
Parent
Inc
(e)
5,712‌
210‌
GCI
Liberty
Inc
-
Class
A
(e)
65‌
2‌
GCI
Liberty
Inc
-
Class
C
(e)
453‌
15‌
Iridium
Communications
Inc
2,250‌
55‌
Millicom
International
Cellular
SA
2,639‌
106‌
$
17,341‌
Toys,
Games
&
Hobbies
-
0.02%
Hasbro
Inc
3,209‌
241‌
Mattel
Inc
(e)
7,823‌
133‌
$
374‌
Transportation
-
2.79%
CH
Robinson
Worldwide
Inc
2,880‌
332‌
CSX
Corp
497,800‌
17,692‌
Expeditors
International
of
Washington
Inc
3,329‌
387‌
JB
Hunt
Transport
Services
Inc
42,241‌
6,085‌
Kirby
Corp
(e)
1,375‌
131‌
Knight-Swift
Transportation
Holdings
Inc
546,632‌
23,232‌
Landstar
System
Inc
112,939‌
15,063‌
Old
Dominion
Freight
Line
Inc
4,273‌
638‌
Ryder
System
Inc
976‌
173‌
Saia
Inc
(e)
641‌
194‌
Schneider
National
Inc
1,331‌
32‌
XPO
Inc
(e)
2,209‌
266‌
$
64,225‌
Water
-
1.21%
American
Water
Works
Co
Inc
196,560‌
27,565‌
Essential
Utilities
Inc
6,701‌
247‌
$
27,812‌
TOTAL
COMMON
STOCKS
$
2,262,149‌
Total
Investments
$
2,300,100‌
Other
Assets
and
Liabilities
-  0.16%
3,612‌
TOTAL
NET
ASSETS
-
100.00%
$
2,303,712‌
(a)
Security
or
a
portion
of
the
security
was
on
loan.  At
the
end
of
the
period,
the
value
of
these
securities
totaled
$5,833
or
0.25%
of
net
assets.
(b)
1-day
yield
shown
is
as
of
period
end.
(c)
Security
or
a
portion
of
the
security
was
received
as
collateral
for
securities
lending.
At
the
end
of
the
period,
the
value
of
these
securities
totaled
$6,007
or
0.26%
of
net
assets.
(d)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940,
as
amended,
(the
"1940
Act"))
or
an
affiliate
as
defined
by
the
1940
Act
(controls
5.00%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
Affiliated
Securities
sub-schedule
for
transactional
information.
(e)
Non-income
producing
security
(f)
The
value
of
these
investments
was
determined
using
significant
unobservable
inputs,
in
good
faith
by
the
Manager,
under
procedures
established
and
periodically
reviewed
by
the
Board
of
Directors.
Affiliated
Securities
October
31,
2024
Purchases
Sales
July
31,
2025
Value
Cost
Proceeds
Value
Principal
Government
Money
Market
Fund
-
Class
R-6
4.22%
$
51,595‌
$
939,314‌
$
959,269‌
$
31,640‌
$
51,595‌
$
939,314‌
$
959,269‌
$
31,640‌
Income
(a)
Realized
Gain/(Loss)
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
(Loss)
Principal
Government
Money
Market
Fund
-
Class
R-6
4.22%
$
2,173‌
$
—‌
$
—‌
$
—‌
$
2,173‌
$
—‌
$
—‌
$
—‌
Amounts
in
thousands.
(a)
Amount
excludes
earnings
from
securities
lending
collateral.
Schedule
of
Investments
MidCap
Value
Fund
I
July
31,
2025
(unaudited)
157
Futures
Contracts
Description
and
Expiration
Date
Type
Contracts
Notional
Amount
Value
and
Unrealized
Appreciation/(Depreciation)
S&P
Mid
400
Emini;
September
2025
Long
26‌
$
8,229‌
$
(92‌)
Total
$
(92‌)
Amounts
in
thousands
except
contracts.
Schedule
of
Investments
Overseas
Fund
July
31,
2025
(unaudited)
158
INVESTMENT
COMPANIES
-
1
.59
%
Shares
Held
Value
(000's)
Exchange-Traded
Funds
-
0
.12
%
iShares
MSCI
EAFE
Value
ETF
(a)
21,800‌
$
1,381‌
Money
Market
Funds
-
1
.47
%
BlackRock
Liquidity
FedFund
-
Institutional
Class
4.21%
(b),(c)
1,555,410‌
1,555‌
Principal
Government
Money
Market
Fund
-
Class
R-6
4.22%
(b),(d)
15,151,886‌
15,152‌
$
16,707‌
TOTAL
INVESTMENT
COMPANIES
$
18,088‌
COMMON
STOCKS
-
97
.59
%
Shares
Held
Value
(000's)
Advertising
-
0
.36
%
Dentsu
Group
Inc
1,400‌
$
28‌
Publicis
Groupe
SA
1,627‌
149‌
WPP
PLC
728,593‌
3,944‌
$
4,121‌
Aerospace
&
Defense
-
3
.98
%
IHI
Corp
500‌
55‌
QinetiQ
Group
PLC
731,944‌
4,799‌
Rheinmetall
AG
7,374‌
14,597‌
Rolls-Royce
Holdings
PLC
1,270,324‌
18,030‌
Thales
SA
29,391‌
7,906‌
$
45,387‌
Agriculture
-
0
.65
%
British
American
Tobacco
PLC
128,236‌
6,871‌
Imperial
Brands
PLC
5,564‌
217‌
Japan
Tobacco
Inc
8,500‌
243‌
Wilmar
International
Ltd
14,800‌
33‌
$
7,364‌
Airlines
-
0
.01
%
ANA
Holdings
Inc
1,200‌
22‌
Deutsche
Lufthansa
AG
4,260‌
37‌
Japan
Airlines
Co
Ltd
1,000‌
20‌
Singapore
Airlines
Ltd
10,600‌
55‌
$
134‌
Apparel
-
2
.17
%
Kering
SA
100,948‌
24,787‌
Automobile
Manufacturers
-
0
.25
%
Bayerische
Motoren
Werke
AG
2,062‌
196‌
Daimler
Truck
Holding
AG
2,197‌
107‌
Honda
Motor
Co
Ltd
30,000‌
311‌
Isuzu
Motors
Ltd
3,800‌
49‌
Mercedes-Benz
Group
AG
5,137‌
291‌
Nissan
Motor
Co
Ltd
(a)
16,000‌
34‌
Renault
SA
1,361‌
50‌
Stellantis
NV
14,338‌
127‌
Subaru
Corp
4,100‌
75‌
Suzuki
Motor
Corp
7,300‌
80‌
Toyota
Motor
Corp
67,550‌
1,202‌
Volvo
AB
-
B
Shares
11,298‌
324‌
$
2,846‌
Automobile
Parts
&
Equipment
-
0
.94
%
Aisin
Corp
3,700‌
51‌
Bridgestone
Corp
4,100‌
166‌
Cie
Generale
des
Etablissements
Michelin
SCA
4,770‌
170‌
Continental
AG
116,094‌
9,916‌
Denso
Corp
8,600‌
116‌
Sumitomo
Electric
Industries
Ltd
5,000‌
124‌
Toyota
Industries
Corp
1,200‌
128‌
$
10,671‌
Banks
-
15
.13
%
ABN
AMRO
Bank
NV
(e)
405,943‌
11,735‌
AIB
Group
PLC
14,900‌
118‌
ANZ
Group
Holdings
Ltd
21,173‌
416‌
Banca
Mediolanum
SpA
1,709‌
30‌
Banco
Bilbao
Vizcaya
Argentaria
SA
40,933‌
683‌
Banco
BPM
SpA
8,080‌
103‌
Banco
de
Sabadell
SA
38,306‌
141‌
Banco
Santander
SA
70,000‌
601‌
Bank
Hapoalim
BM
8,925‌
167‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Banks
(continued)
Bank
Leumi
Le-Israel
BM
10,665‌
$
197‌
Bank
of
Ireland
Group
PLC
6,971‌
93‌
Bank
of
Nova
Scotia/The
180,600‌
10,048‌
Bankinter
SA
4,794‌
68‌
Banque
Cantonale
Vaudoise
229‌
27‌
Barclays
PLC
3,888,579‌
19,008‌
BNP
Paribas
SA
293,677‌
26,777‌
BOC
Hong
Kong
Holdings
Ltd
26,300‌
118‌
BPER
Banca
SPA
10,415‌
103‌
CaixaBank
SA
28,064‌
264‌
Chiba
Bank
Ltd/The
4,000‌
37‌
Commerzbank
AG
6,320‌
230‌
Concordia
Financial
Group
Ltd
7,000‌
46‌
Credit
Agricole
SA
7,532‌
139‌
Danske
Bank
A/S
4,906‌
195‌
Deutsche
Bank
AG
238,225‌
7,847‌
DNB
Bank
ASA
6,339‌
160‌
Erste
Group
Bank
AG
2,189‌
200‌
Eurobank
Ergasias
Services
and
Holdings
SA
390,740‌
1,434‌
FinecoBank
Banca
Fineco
SpA
2,827‌
60‌
Grupo
Financiero
Banorte
SAB
de
CV
870,900‌
7,756‌
Hang
Seng
Bank
Ltd
5,300‌
77‌
HSBC
Holdings
PLC
125,935‌
1,534‌
ING
Groep
NV
371,662‌
8,661‌
Intesa
Sanpaolo
SpA
107,835‌
650‌
Israel
Discount
Bank
Ltd
8,699‌
83‌
Japan
Post
Bank
Co
Ltd
12,800‌
143‌
KBC
Group
NV
1,633‌
170‌
Lloyds
Banking
Group
PLC
427,735‌
439‌
Macquarie
Group
Ltd
2,575‌
357‌
Mediobanca
Banca
di
Credito
Finanziario
SpA
3,555‌
78‌
Mitsubishi
UFJ
Financial
Group
Inc
81,700‌
1,126‌
Mizrahi
Tefahot
Bank
Ltd
1,101‌
68‌
Mizuho
Financial
Group
Inc
17,100‌
502‌
National
Australia
Bank
Ltd
21,782‌
541‌
NatWest
Group
PLC
327,528‌
2,274‌
Nordea
Bank
Abp
760,604‌
11,099‌
Oversea-Chinese
Banking
Corp
Ltd
24,000‌
311‌
Resona
Holdings
Inc
5,200‌
47‌
Shinhan
Financial
Group
Co
Ltd
96,264‌
4,687‌
Skandinaviska
Enskilda
Banken
AB
11,286‌
197‌
Societe
Generale
SA
105,443‌
6,730‌
Standard
Chartered
PLC
1,229,788‌
22,046‌
Sumitomo
Mitsui
Financial
Group
Inc
135,600‌
3,421‌
Sumitomo
Mitsui
Trust
Group
Inc
4,614‌
121‌
Svenska
Handelsbanken
AB
10,320‌
126‌
Swedbank
AB
6,039‌
161‌
UniCredit
SpA
153,634‌
11,304‌
United
Overseas
Bank
Ltd
223,400‌
6,207‌
Westpac
Banking
Corp
24,346‌
526‌
$
172,487‌
Beverages
-
2
.99
%
Anheuser-Busch
InBev
SA/NV
130,903‌
7,526‌
Carlsberg
AS
55,359‌
6,902‌
Davide
Campari-Milano
NV
3,058‌
21‌
Diageo
PLC
416,359‌
10,091‌
Heineken
Holding
NV
923‌
62‌
Heineken
NV
118,376‌
9,292‌
JDE
Peet's
NV
1,300‌
39‌
Kirin
Holdings
Co
Ltd
2,100‌
28‌
Pernod
Ricard
SA
1,435‌
147‌
$
34,108‌
Building
Materials
-
1
.81
%
AGC
Inc
1,400‌
42‌
Amrize
Ltd
(f)
3,709‌
187‌
Cie
de
Saint-Gobain
SA
98,839‌
11,338‌
Heidelberg
Materials
AG
952‌
220‌
Holcim
AG
(f)
3,708‌
296‌
Svenska
Cellulosa
AB
SCA
4,297‌
54‌
Schedule
of
Investments
Overseas
Fund
July
31,
2025
(unaudited)
159
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Building
Materials
(continued)
TOTO
Ltd
332,400‌
$
8,462‌
$
20,599‌
Chemicals
-
4
.25
%
Akzo
Nobel
NV
342,994‌
21,541‌
Arkema
SA
82,604‌
5,617‌
Asahi
Kasei
Corp
8,600‌
60‌
BASF
SE
199,023‌
9,754‌
Covestro
AG
(f)
1,277‌
87‌
Croda
International
PLC
5,123‌
176‌
DSM-Firmenich
AG
1,322‌
127‌
EMS-Chemie
Holding
AG
25‌
20‌
Evonik
Industries
AG
1,815‌
36‌
ICL
Group
Ltd
5,475‌
34‌
Mitsubishi
Chemical
Group
Corp
9,600‌
52‌
Nitto
Denko
Corp
5,000‌
103‌
Syensqo
SA
57,375‌
4,547‌
Toray
Industries
Inc
9,800‌
67‌
Tosoh
Corp
407,800‌
6,139‌
Yara
International
ASA
1,178‌
44‌
$
48,404‌
Commercial
Services
-
1
.85
%
Dai
Nippon
Printing
Co
Ltd
2,900‌
45‌
Nexi
SpA
(e)
3,760‌
21‌
Persol
Holdings
Co
Ltd
3,588,900‌
6,860‌
Randstad
NV
153,748‌
7,308‌
RELX
PLC
125,950‌
6,541‌
Rentokil
Initial
PLC
17,948‌
89‌
Secom
Co
Ltd
2,000‌
72‌
Securitas
AB
3,481‌
52‌
SGS
SA
573‌
58‌
TOPPAN
Holdings
Inc
1,700‌
46‌
$
21,092‌
Computers
-
1
.28
%
Capgemini
SE
87,914‌
13,088‌
Fujitsu
Ltd
67,900‌
1,479‌
Otsuka
Corp
700‌
13‌
SCSK
Corp
300‌
10‌
Teleperformance
SE
382‌
37‌
$
14,627‌
Consumer
Products
-
1
.78
%
Henkel
AG
&
Co
KGaA
736‌
52‌
Reckitt
Benckiser
Group
PLC
270,712‌
20,289‌
$
20,341‌
Cosmetics
&
Personal
Care
-
0
.04
%
Kao
Corp
2,200‌
99‌
Unilever
PLC
6,228‌
361‌
$
460‌
Distribution
&
Wholesale
-
0
.13
%
Bunzl
PLC
2,330‌
69‌
Marubeni
Corp
10,000‌
205‌
Mitsubishi
Corp
24,300‌
479‌
Mitsui
&
Co
Ltd
17,600‌
358‌
Rexel
SA
1,584‌
48‌
Sumitomo
Corp
7,800‌
200‌
Toyota
Tsusho
Corp
4,500‌
103‌
$
1,462‌
Diversified
Financial
Services
-
3
.37
%
AerCap
Holdings
NV
1,309‌
140‌
Amundi
SA
(e)
436‌
32‌
ASX
Ltd
742‌
33‌
Azimut
Holding
SpA
365,444‌
12,422‌
Daiwa
Securities
Group
Inc
9,400‌
65‌
Euronext
NV
(e)
209‌
34‌
Japan
Exchange
Group
Inc
3,800‌
37‌
Julius
Baer
Group
Ltd
199,282‌
13,485‌
Mitsubishi
HC
Capital
Inc
6,200‌
46‌
Nomura
Holdings
Inc
21,300‌
141‌
ORIX
Corp
8,200‌
184‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Diversified
Financial
Services
(continued)
SBI
Holdings
Inc
1,300‌
$
48‌
Schroders
PLC
5,538‌
29‌
St
James's
Place
PLC
678,531‌
11,678‌
$
38,374‌
Electric
-
3
.59
%
Chubu
Electric
Power
Co
Inc
4,500‌
55‌
Contact
Energy
Ltd
6,135‌
33‌
E.ON
SE
185,769‌
3,389‌
EDP
SA
22,308‌
96‌
Elia
Group
SA/NV
349‌
40‌
Enel
SpA
1,642,822‌
14,487‌
Engie
SA
12,990‌
292‌
Fortum
Oyj
557,813‌
10,233‌
Iberdrola
SA
45,212‌
795‌
Kansai
Electric
Power
Co
Inc/The
6,800‌
82‌
Korea
Electric
Power
Corp
67,742‌
1,871‌
Meridian
Energy
Ltd
9,994‌
34‌
National
Grid
PLC
637,238‌
8,954‌
Origin
Energy
Ltd
12,249‌
92‌
Orsted
AS
(e),(f)
1,196‌
56‌
Power
Assets
Holdings
Ltd
9,500‌
63‌
Redeia
Corp
SA
2,872‌
56‌
RWE
AG
4,498‌
184‌
Sembcorp
Industries
Ltd
6,400‌
38‌
Terna
-
Rete
Elettrica
Nazionale
10,004‌
97‌
$
40,947‌
Electronics
-
2
.70
%
Kyocera
Corp
9,100‌
107‌
MINEBEA
MITSUMI
Inc
443,300‌
6,977‌
Murata
Manufacturing
Co
Ltd
1,033,586‌
15,384‌
Sensata
Technologies
Holding
PLC
269,031‌
8,275‌
Shimadzu
Corp
700‌
16‌
$
30,759‌
Energy
-
Alternate
Sources
-
0
.57
%
Vestas
Wind
Systems
A/S
355,795‌
6,496‌
Engineering
&
Construction
-
0
.71
%
Acciona
SA
93‌
18‌
Auckland
International
Airport
Ltd
11,938‌
53‌
Bouygues
SA
1,341‌
55‌
Eiffage
SA
486‌
65‌
Fraport
AG
Frankfurt
Airport
Services
Worldwide
(f)
102,109‌
7,598‌
Kajima
Corp
3,100‌
78‌
Keppel
Ltd
10,400‌
68‌
Obayashi
Corp
4,600‌
68‌
Skanska
AB
2,422‌
56‌
Taisei
Corp
1,100‌
66‌
$
8,125‌
Entertainment
-
0
.01
%
Genting
Singapore
Ltd
46,300‌
26‌
Lottery
Corp
Ltd/The
5,953‌
21‌
Toho
Co
Ltd/Tokyo
300‌
19‌
$
66‌
Food
-
0
.20
%
Barry
Callebaut
AG
(a)
17‌
21‌
Carrefour
SA
3,838‌
55‌
Danone
SA
4,592‌
376‌
J
Sainsbury
PLC
12,428‌
50‌
Kerry
Group
PLC
412‌
38‌
Kesko
Oyj
1,934‌
42‌
Koninklijke
Ahold
Delhaize
NV
6,494‌
256‌
MEIJI
Holdings
Co
Ltd
1,700‌
34‌
Nestle
SA
12,135‌
1,060‌
Orkla
ASA
1,875‌
20‌
Salmar
ASA
331‌
13‌
Tesco
PLC
47,612‌
268‌
WH
Group
Ltd
(e)
57,000‌
57‌
Yakult
Honsha
Co
Ltd
1,300‌
21‌
$
2,311‌
Schedule
of
Investments
Overseas
Fund
July
31,
2025
(unaudited)
160
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Food
Service
-
0
.00
%
Sodexo
SA
439‌
$
26‌
Forest
Products
&
Paper
-
0
.62
%
Holmen
AB
580‌
22‌
Mondi
PLC
510,665‌
6,903‌
UPM-Kymmene
Oyj
3,797‌
98‌
$
7,023‌
Gas
-
1
.85
%
Centrica
PLC
4,529,494‌
9,846‌
Osaka
Gas
Co
Ltd
2,500‌
63‌
Snam
SpA
1,935,226‌
11,215‌
$
21,124‌
Hand
&
Machine
Tools
-
0
.73
%
Fuji
Electric
Co
Ltd
900‌
45‌
Makita
Corp
263,246‌
8,149‌
Schindler
Holding
AG
-
PC
146‌
53‌
Schindler
Holding
AG
-
REG
89‌
31‌
$
8,278‌
Healthcare
-
Products
-
3
.89
%
Elekta
AB
1,013,248‌
4,996‌
FUJIFILM
Holdings
Corp
7,900‌
164‌
Getinge
AB
367,304‌
7,250‌
Koninklijke
Philips
NV
413,018‌
10,786‌
Olympus
Corp
516,627‌
6,172‌
QIAGEN
NV
769‌
38‌
Smith
&
Nephew
PLC
978,682‌
14,958‌
$
44,364‌
Healthcare
-
Services
-
0
.03
%
Eurofins
Scientific
SE
450‌
35‌
Fresenius
Medical
Care
AG
1,566‌
79‌
Fresenius
SE
&
Co
KGaA
3,005‌
144‌
Sonic
Healthcare
Ltd
3,245‌
57‌
$
315‌
Holding
Companies
-
Diversified
-
0
.80
%
Jardine
Matheson
Holdings
Ltd
166,874‌
9,062‌
Swire
Pacific
Ltd
2,500‌
22‌
$
9,084‌
Home
Builders
-
1
.04
%
Barratt
Redrow
PLC
9,762‌
48‌
Berkeley
Group
Holdings
PLC
82,240‌
3,955‌
Daiwa
House
Industry
Co
Ltd
4,000‌
132‌
Persimmon
PLC
506,442‌
7,637‌
Sekisui
Chemical
Co
Ltd
2,700‌
47‌
$
11,819‌
Home
Furnishings
-
0
.01
%
Panasonic
Holdings
Corp
16,600‌
157‌
Insurance
-
5
.69
%
Aegon
Ltd
9,400‌
67‌
Ageas
SA/NV
1,057‌
72‌
AIA
Group
Ltd
1,037,600‌
9,674‌
Allianz
SE
2,746‌
1,085‌
ASR
Nederland
NV
1,053‌
70‌
Aviva
PLC
21,709‌
185‌
AXA
SA
70,001‌
3,400‌
Dai-ichi
Life
Holdings
Inc
12,400‌
98‌
Generali
6,139‌
229‌
Helvetia
Holding
AG
263‌
63‌
Insurance
Australia
Group
Ltd
16,817‌
94‌
Japan
Post
Holdings
Co
Ltd
12,700‌
118‌
Japan
Post
Insurance
Co
Ltd
1,300‌
33‌
Legal
&
General
Group
PLC
2,647,342‌
8,957‌
M&G
PLC
2,951,807‌
10,160‌
Medibank
Pvt
Ltd
12,719‌
42‌
MS&AD
Insurance
Group
Holdings
Inc
9,200‌
197‌
Muenchener
Rueckversicherungs-Gesellschaft
AG
in
Muenchen
951‌
623‌
NN
Group
NV
1,914‌
129‌
Phoenix
Group
Holdings
PLC
4,968‌
43‌
Prudential
PLC
681,209‌
8,642‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Insurance
(continued)
QBE
Insurance
Group
Ltd
6,947‌
$
103‌
Sampo
Oyj
17,217‌
185‌
Samsung
Fire
&
Marine
Insurance
Co
Ltd
9,227‌
2,913‌
SCOR
SE
327,326‌
10,663‌
Sompo
Holdings
Inc
181,800‌
5,361‌
Suncorp
Group
Ltd
7,702‌
103‌
Swiss
Life
Holding
AG
205‌
212‌
Swiss
Re
AG
2,145‌
384‌
T&D
Holdings
Inc
3,500‌
85‌
Tryg
A/S
2,401‌
58‌
Unipol
Assicurazioni
SpA
2,539‌
51‌
Zurich
Insurance
Group
AG
1,042‌
711‌
$
64,810‌
Internet
-
0
.67
%
LY
Corp
13,200‌
48‌
Prosus
NV
(f)
6,049‌
346‌
Rakuten
Group
Inc
(f)
4,100‌
21‌
Tencent
Holdings
Ltd
103,700‌
7,260‌
$
7,675‌
Investment
Companies
-
0
.02
%
Eurazeo
SE
306‌
18‌
EXOR
NV
626‌
60‌
Groupe
Bruxelles
Lambert
NV
588‌
49‌
Industrivarden
AB
-
A
Shares
591‌
22‌
Industrivarden
AB
-
C
Shares
768‌
29‌
L
E
Lundbergforetagen
AB
578‌
28‌
Sofina
SA
118‌
36‌
Washington
H
Soul
Pattinson
&
Co
Ltd
(a)
1,693‌
44‌
$
286‌
Iron
&
Steel
-
0
.45
%
ArcelorMittal
SA
153,225‌
4,777‌
BlueScope
Steel
Ltd
2,179‌
33‌
Fortescue
Ltd
12,042‌
136‌
JFE
Holdings
Inc
4,100‌
48‌
Nippon
Steel
Corp
6,800‌
131‌
$
5,125‌
Leisure
Products
&
Services
-
1
.02
%
Carnival
Corp
(f)
386,638‌
11,510‌
Shimano
Inc
400‌
44‌
Yamaha
Motor
Co
Ltd
6,600‌
48‌
$
11,602‌
Lodging
-
0
.00
%
Whitbread
PLC
1,250‌
50‌
Machinery
-
Construction
&
Mining
-
0
.69
%
Komatsu
Ltd
236,847‌
7,631‌
Mitsubishi
Electric
Corp
8,800‌
198‌
$
7,829‌
Machinery
-
Diversified
-
3
.71
%
FANUC
Corp
433,900‌
12,078‌
Hexagon
AB
348,833‌
3,833‌
Kone
Oyj
846‌
52‌
Kubota
Corp
6,900‌
77‌
Nabtesco
Corp
375,158‌
6,902‌
Omron
Corp
285,279‌
7,353‌
SMC
Corp
34,300‌
11,936‌
Spirax
Group
PLC
196‌
16‌
$
42,247‌
Media
-
0
.00
%
Bollore
SE
5,409‌
31‌
Pearson
PLC
2,282‌
32‌
$
63‌
Metal
Fabrication
&
Hardware
-
0
.55
%
MISUMI
Group
Inc
425,869‌
6,133‌
SKF
AB
2,415‌
56‌
Tenaris
SA
2,880‌
50‌
$
6,239‌
Schedule
of
Investments
Overseas
Fund
July
31,
2025
(unaudited)
161
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Mining
-
1
.36
%
Anglo
American
PLC
7,961‌
$
224‌
Barrick
Mining
Corp
203,600‌
4,298‌
BHP
Group
Ltd
36,097‌
912‌
Boliden
AB
(f)
223,029‌
6,827‌
Glencore
PLC
(f)
618,719‌
2,483‌
Norsk
Hydro
ASA
5,374‌
32‌
Rio
Tinto
Ltd
2,642‌
188‌
Rio
Tinto
PLC
8,028‌
478‌
South32
Ltd
32,075‌
60‌
Sumitomo
Metal
Mining
Co
Ltd
1,100‌
24‌
$
15,526‌
Miscellaneous
Manufacturers
-
2
.44
%
Alstom
SA
(f)
891,278‌
20,906‌
Chemring
Group
PLC
615,155‌
4,455‌
Siemens
AG
2,702‌
688‌
Smiths
Group
PLC
57,191‌
1,772‌
$
27,821‌
Office
&
Business
Equipment
-
0
.01
%
Canon
Inc
2,300‌
65‌
Ricoh
Co
Ltd
2,000‌
18‌
$
83‌
Oil
&
Gas
-
3
.33
%
Aker
BP
ASA
364,249‌
8,763‌
BP
PLC
2,183,238‌
11,703‌
DCC
PLC
702‌
44‌
ENEOS
Holdings
Inc
12,410‌
65‌
Eni
SpA
15,666‌
267‌
Equinor
ASA
264,406‌
6,792‌
Idemitsu
Kosan
Co
Ltd
5,800‌
37‌
Inpex
Corp
6,300‌
90‌
Neste
Oyj
1,127‌
18‌
OMV
AG
1,044‌
53‌
Repsol
SA
8,231‌
125‌
Santos
Ltd
23,092‌
116‌
Shell
PLC
42,655‌
1,533‌
Suncor
Energy
Inc
183,432‌
7,235‌
TotalEnergies
SE
14,530‌
864‌
Woodside
Energy
Group
Ltd
13,437‌
227‌
$
37,932‌
Oil
&
Gas
Services
-
0
.59
%
Saipem
SpA
2,513,919‌
6,720‌
Packaging
&
Containers
-
0
.98
%
SIG
Group
AG
1,519‌
25‌
Smurfit
WestRock
PLC
100,135‌
4,444‌
Stora
Enso
Oyj
646,495‌
6,652‌
$
11,121‌
Pharmaceuticals
-
5
.20
%
Astellas
Pharma
Inc
12,700‌
132‌
AstraZeneca
PLC
112,693‌
16,441‌
Bayer
AG
6,954‌
216‌
Eisai
Co
Ltd
1,900‌
53‌
Grifols
SA
(f)
798‌
12‌
GSK
PLC
540,124‌
9,935‌
Hikma
Pharmaceuticals
PLC
1,266‌
33‌
Ipsen
SA
288‌
34‌
Kyowa
Kirin
Co
Ltd
1,700‌
29‌
Merck
KGaA
920‌
115‌
Novartis
AG
6,760‌
770‌
Novo
Nordisk
A/S
145,893‌
6,785‌
Ono
Pharmaceutical
Co
Ltd
2,900‌
32‌
Roche
Holding
AG
45,769‌
14,283‌
Sandoz
Group
AG
2,973‌
170‌
Sanofi
SA
111,389‌
10,000‌
Shionogi
&
Co
Ltd
5,300‌
89‌
Takeda
Pharmaceutical
Co
Ltd
4,000‌
110‌
Teva
Pharmaceutical
Industries
Ltd
ADR
(f)
5,277‌
81‌
$
59,320‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Pipelines
-
0
.45
%
APA
Group
9,227‌
$
50‌
Enbridge
Inc
111,103‌
5,031‌
$
5,081‌
Private
Equity
-
0
.01
%
3i
Group
PLC
2,423‌
133‌
CapitaLand
Investment
Ltd/Singapore
18,000‌
38‌
$
171‌
Real
Estate
-
0
.10
%
Azrieli
Group
Ltd
323‌
32‌
CK
Asset
Holdings
Ltd
14,000‌
64‌
Daito
Trust
Construction
Co
Ltd
400‌
41‌
Fastighets
AB
Balder
(f)
5,102‌
34‌
Henderson
Land
Development
Co
Ltd
10,438‌
37‌
Hongkong
Land
Holdings
Ltd
7,801‌
47‌
Hulic
Co
Ltd
3,300‌
32‌
LEG
Immobilien
SE
528‌
42‌
Mitsubishi
Estate
Co
Ltd
4,900‌
92‌
Mitsui
Fudosan
Co
Ltd
18,700‌
167‌
Sekisui
House
Ltd
4,200‌
88‌
Sino
Land
Co
Ltd
28,000‌
32‌
Sumitomo
Realty
&
Development
Co
Ltd
2,200‌
80‌
Sun
Hung
Kai
Properties
Ltd
10,383‌
123‌
Swiss
Prime
Site
AG
571‌
79‌
Vonovia
SE
2,635‌
82‌
Wharf
Real
Estate
Investment
Co
Ltd
12,000‌
38‌
$
1,110‌
REITs
-
1
.18
%
CapitaLand
Ascendas
REIT
26,000‌
56‌
CapitaLand
Integrated
Commercial
Trust
41,100‌
69‌
Covivio
SA/France
424‌
28‌
Gecina
SA
350‌
34‌
Goodman
Group
5,056‌
113‌
Klepierre
SA
1,523‌
58‌
Land
Securities
Group
PLC
5,030‌
38‌
Link
REIT
18,480‌
103‌
LondonMetric
Property
PLC
2,975,844‌
7,489‌
Nippon
Building
Fund
Inc
56‌
51‌
Scentre
Group
37,028‌
89‌
Segro
PLC
606,920‌
5,173‌
Stockland
17,056‌
61‌
Unibail-Rodamco-Westfield
(f)
865‌
84‌
Vicinity
Ltd
27,422‌
43‌
$
13,489‌
Retail
-
0
.21
%
Associated
British
Foods
PLC
2,308‌
67‌
CK
Hutchison
Holdings
Ltd
19,000‌
124‌
JD
Sports
Fashion
PLC
19,799‌
22‌
Kingfisher
PLC
600,476‌
2,135‌
MatsukiyoCocokara
&
Co
900‌
19‌
Nitori
Holdings
Co
Ltd
200‌
17‌
Swatch
Group
AG/The
-
BR
144‌
25‌
$
2,409‌
Semiconductors
-
6
.31
%
ASMPT
Ltd
651,554‌
5,512‌
Infineon
Technologies
AG
526,185‌
20,670‌
Renesas
Electronics
Corp
1,393,900‌
16,954‌
Samsung
Electronics
Co
Ltd
432,493‌
22,042‌
SK
Hynix
Inc
34,105‌
6,610‌
STMicroelectronics
NV
4,817‌
122‌
$
71,910‌
Shipbuilding
-
0
.00
%
Yangzijiang
Shipbuilding
Holdings
Ltd
7,100‌
14‌
Software
-
1
.21
%
Nice
Ltd
ADR
(f)
35,641‌
5,562‌
Nice
Ltd
(f)
169‌
26‌
SAP
SE
28,677‌
8,200‌
Temenos
AG
150‌
14‌
$
13,802‌
Schedule
of
Investments
Overseas
Fund
July
31,
2025
(unaudited)
162
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Telecommunications
-
1
.07
%
BT
Group
PLC
42,473‌
$
116‌
Deutsche
Telekom
AG
261,337‌
9,373‌
Elisa
Oyj
1,007‌
52‌
HKT
Trust
&
HKT
Ltd
27,000‌
42‌
KDDI
Corp
21,800‌
358‌
Koninklijke
KPN
NV
27,651‌
123‌
Nokia
OYJ
37,870‌
154‌
NTT
Inc
211,700‌
214‌
Orange
SA
13,243‌
201‌
Singapore
Telecommunications
Ltd
34,100‌
102‌
SoftBank
Corp
203,100‌
293‌
SoftBank
Group
Corp
3,400‌
260‌
Swisscom
AG
(f)
185‌
129‌
Tele2
AB
3,875‌
60‌
Telecom
Italia
SpA/Milano
(f)
76,249‌
35‌
Telefonaktiebolaget
LM
Ericsson
19,755‌
143‌
Telefonica
SA
26,078‌
135‌
Telenor
ASA
4,358‌
67‌
Telia
Co
AB
16,683‌
59‌
Telstra
Group
Ltd
28,618‌
91‌
Vodafone
Group
PLC
141,119‌
153‌
$
12,160‌
Toys,
Games
&
Hobbies
-
0
.25
%
Bandai
Namco
Holdings
Inc
1,400‌
45‌
Nintendo
Co
Ltd
33,700‌
2,817‌
$
2,862‌
Transportation
-
2
.32
%
AP
Moller
-
Maersk
A/S
-
A
20‌
39‌
AP
Moller
-
Maersk
A/S
-
B
30‌
59‌
Canadian
Pacific
Kansas
City
Ltd
167,686‌
12,332‌
Central
Japan
Railway
Co
5,400‌
126‌
Deutsche
Post
AG
163,092‌
7,308‌
East
Japan
Railway
Co
4,200‌
90‌
Getlink
SE
1,156‌
21‌
Hankyu
Hanshin
Holdings
Inc
1,600‌
42‌
Kawasaki
Kisen
Kaisha
Ltd
(a)
2,700‌
38‌
Kuehne
+
Nagel
International
AG
345‌
70‌
Mitsui
OSK
Lines
Ltd
(a)
2,500‌
84‌
MTR
Corp
Ltd
6,000‌
22‌
Nippon
Express
Holdings
Inc
269,500‌
5,920‌
Nippon
Yusen
KK
3,100‌
109‌
Poste
Italiane
SpA
(e)
3,234‌
70‌
SG
Holdings
Co
Ltd
2,500‌
28‌
SITC
International
Holdings
Co
Ltd
10,000‌
32‌
Tokyo
Metro
Co
Ltd
(a)
800‌
9‌
Tokyu
Corp
2,000‌
22‌
West
Japan
Railway
Co
3,200‌
70‌
$
26,491‌
Water
-
0
.03
%
Severn
Trent
PLC
1,923‌
68‌
United
Utilities
Group
PLC
4,849‌
72‌
Veolia
Environnement
SA
4,478‌
152‌
$
292‌
TOTAL
COMMON
STOCKS
$
1,112,398‌
PREFERRED
STOCKS
-
0
.79
%
Shares
Held
Value
(000's)
Automobile
Manufacturers
-
0
.78
%
Bayerische
Motoren
Werke
AG
4.32%
427‌
$
37‌
Dr
Ing
hc
F
Porsche
AG
1.49%
(e)
172,336‌
8,739‌
Porsche
Automobil
Holding
SE
1.91%
1,084‌
44‌
Volkswagen
AG
6.36%
1,467‌
153‌
$
8,973‌
Consumer
Products
-
0
.01
%
Henkel
AG
&
Co
KGaA
2.04%
1,204‌
92‌
TOTAL
PREFERRED
STOCKS
$
9,065‌
Total
Investments
$
1,139,551‌
Other
Assets
and
Liabilities
-  0.03%
329‌
TOTAL
NET
ASSETS
-
100.00%
$
1,139,880‌
(a)
Security
or
a
portion
of
the
security
was
on
loan.  At
the
end
of
the
period,
the
value
of
these
securities
totaled
$1,508
or
0.13%
of
net
assets.
(b)
1-day
yield
shown
is
as
of
period
end.
(c)
Security
or
a
portion
of
the
security
was
received
as
collateral
for
securities
lending.
At
the
end
of
the
period,
the
value
of
these
securities
totaled
$1,555
or
0.14%
of
net
assets.
(d)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940,
as
amended,
(the
"1940
Act"))
or
an
affiliate
as
defined
by
the
1940
Act
(controls
5.00%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
Affiliated
Securities
sub-schedule
for
transactional
information.
(e)
Security
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933.
These
securities
may
be
resold
in
transactions
exempt
from
registration,
normally
to
qualified
institutional
buyers.
At
the
end
of
the
period,
the
value
of
these
securities
totaled
$20,744
or
1.82%
of
net
assets.
(f)
Non-income
producing
security
Schedule
of
Investments
Overseas
Fund
July
31,
2025
(unaudited)
163
Affiliated
Securities
October
31,
2024
Purchases
Sales
July
31,
2025
Value
Cost
Proceeds
Value
Principal
Government
Money
Market
Fund
-
Class
R-6
4.22%
$
11,503‌
$
659,472‌
$
655,823‌
$
15,152‌
$
11,503‌
$
659,472‌
$
655,823‌
$
15,152‌
Income
(a)
Realized
Gain/(Loss)
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
(Loss)
Principal
Government
Money
Market
Fund
-
Class
R-6
4.22%
$
619‌
$
—‌
$
—‌
$
—‌
$
619‌
$
—‌
$
—‌
$
—‌
Amounts
in
thousands.
(a)
Amount
excludes
earnings
from
securities
lending
collateral.
Futures
Contracts
Description
and
Expiration
Date
Type
Contracts
Notional
Amount
Value
and
Unrealized
Appreciation/(Depreciation)
eMini
MSCI
EAFE;
September
2025
Long
19‌
$
2,483‌
$
(
46‌
)
Total
$
(
46‌
)
Amounts
in
thousands
except
contracts.
Schedule
of
Investments
Principal
Capital
Appreciation
Fund
July
31,
2025
(unaudited)
164
INVESTMENT
COMPANIES
-
0
.63
%
Shares
Held
Value
(000's)
Money
Market
Funds
-
0
.63
%
Principal
Government
Money
Market
Fund
-
Class
R-6
4.22%
(a),(b)
32,181,558‌
$
32,182‌
TOTAL
INVESTMENT
COMPANIES
$
32,182‌
COMMON
STOCKS
-
99
.39
%
Shares
Held
Value
(000's)
Aerospace
&
Defense
-
1
.04
%
Boeing
Co/The
(c)
117,008‌
$
25,957‌
RTX
Corp
171,236‌
26,982‌
$
52,939‌
Apparel
-
0
.95
%
Birkenstock
Holding
Plc
(c)
615,960‌
30,854‌
Deckers
Outdoor
Corp
(c)
165,276‌
17,547‌
$
48,401‌
Automobile
Manufacturers
-
1
.49
%
Cummins
Inc
69,042‌
25,381‌
PACCAR
Inc
180,258‌
17,803‌
Tesla
Inc
(c)
107,173‌
33,038‌
$
76,222‌
Banks
-
5
.23
%
East
West
Bancorp
Inc
284,769‌
28,548‌
JPMorgan
Chase
&
Co
570,785‌
169,089‌
Morgan
Stanley
222,557‌
31,705‌
PNC
Financial
Services
Group
Inc/The
104,412‌
19,867‌
Wintrust
Financial
Corp
140,503‌
17,982‌
$
267,191‌
Biotechnology
-
1
.69
%
Corteva
Inc
687,352‌
49,579‌
Vertex
Pharmaceuticals
Inc
(c)
80,507‌
36,781‌
$
86,360‌
Building
Materials
-
1
.38
%
CRH
PLC
433,822‌
41,408‌
Trane
Technologies
PLC
66,358‌
29,070‌
$
70,478‌
Chemicals
-
0
.94
%
Linde
PLC
104,489‌
48,092‌
Commercial
Services
-
0
.48
%
Service
Corp
International/US
319,415‌
24,375‌
Computers
-
4
.38
%
Apple
Inc
1,076,789‌
223,509‌
Consumer
Products
-
0
.38
%
Church
&
Dwight
Co
Inc
204,569‌
19,182‌
Cosmetics
&
Personal
Care
-
1
.04
%
Procter
&
Gamble
Co/The
352,648‌
53,063‌
Diversified
Financial
Services
-
5
.08
%
Ameriprise
Financial
Inc
105,058‌
54,440‌
Nasdaq
Inc
691,705‌
66,556‌
Visa
Inc
400,382‌
138,320‌
$
259,316‌
Electric
-
1
.36
%
Constellation
Energy
Corp
199,645‌
69,444‌
Electrical
Components
&
Equipment
-
0
.59
%
Eaton
Corp
PLC
78,615‌
30,245‌
Electronics
-
0
.18
%
NEXTracker
Inc
(c)
160,605‌
9,357‌
Environmental
Control
-
1
.33
%
Republic
Services
Inc
295,409‌
68,136‌
Gas
-
0
.49
%
Atmos
Energy
Corp
159,264‌
24,832‌
Healthcare
-
Products
-
1
.50
%
Abbott
Laboratories
269,253‌
33,977‌
Thermo
Fisher
Scientific
Inc
91,097‌
42,604‌
$
76,581‌
Healthcare
-
Services
-
1
.06
%
Chemed
Corp
10,721‌
4,420‌
HCA
Healthcare
Inc
111,243‌
39,379‌
UnitedHealth
Group
Inc
41,304‌
10,308‌
$
54,107‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Home
Builders
-
0
.76
%
DR
Horton
Inc
270,120‌
$
38,584‌
Insurance
-
2
.66
%
Berkshire
Hathaway
Inc
-
Class
B
(c)
132,214‌
62,389‌
Marsh
&
McLennan
Cos
Inc
170,961‌
34,055‌
Progressive
Corp/The
163,451‌
39,562‌
$
136,006‌
Internet
-
14
.36
%
Alphabet
Inc
-
A
Shares
1,012,681‌
194,334‌
Amazon.com
Inc
(c)
927,489‌
217,135‌
Meta
Platforms
Inc
221,309‌
171,169‌
Netflix
Inc
(c)
21,113‌
24,478‌
Palo
Alto
Networks
Inc
(c)
242,685‌
42,130‌
Reddit
Inc
(c)
129,324‌
20,768‌
Shopify
Inc
(c)
286,662‌
35,033‌
Uber
Technologies
Inc
(c)
321,903‌
28,247‌
$
733,294‌
Machinery
-
Construction
&
Mining
-
1
.60
%
Caterpillar
Inc
40,121‌
17,574‌
GE
Vernova
Inc
96,957‌
64,020‌
$
81,594‌
Machinery
-
Diversified
-
0
.70
%
Deere
&
Co
68,465‌
35,901‌
Media
-
0
.52
%
Nexstar
Media
Group
Inc
141,152‌
26,411‌
Mining
-
0
.52
%
Cameco
Corp
354,281‌
26,546‌
Miscellaneous
Manufacturers
-
0
.91
%
Parker-Hannifin
Corp
63,548‌
46,511‌
Oil
&
Gas
-
2
.53
%
Expand
Energy
Corp
112,642‌
11,802‌
Exxon
Mobil
Corp
504,359‌
56,307‌
Marathon
Petroleum
Corp
279,817‌
47,622‌
Permian
Resources
Corp
934,439‌
13,232‌
$
128,963‌
Pharmaceuticals
-
4
.98
%
AbbVie
Inc
210,459‌
39,781‌
BellRing
Brands
Inc
(c)
287,141‌
15,672‌
Eli
Lilly
&
Co
68,398‌
50,619‌
McKesson
Corp
104,160‌
72,239‌
Merck
&
Co
Inc
241,863‌
18,895‌
Novartis
AG
ADR
502,296‌
57,131‌
$
254,337‌
Pipelines
-
0
.90
%
Kinder
Morgan
Inc
1,641,874‌
46,071‌
Private
Equity
-
1
.19
%
KKR
&
Co
Inc
414,116‌
60,701‌
REITs
-
2
.04
%
Equinix
Inc
44,758‌
35,142‌
Extra
Space
Storage
Inc
201,970‌
27,137‌
Regency
Centers
Corp
586,932‌
41,907‌
$
104,186‌
Retail
-
6
.06
%
Casey's
General
Stores
Inc
140,752‌
73,209‌
Chipotle
Mexican
Grill
Inc
(c)
96,589‌
4,142‌
Costco
Wholesale
Corp
70,560‌
66,301‌
Domino's
Pizza
Inc
63,737‌
29,524‌
O'Reilly
Automotive
Inc
(c)
512,190‌
50,358‌
TJX
Cos
Inc/The
563,006‌
70,111‌
Tractor
Supply
Co
279,824‌
15,936‌
$
309,581‌
Semiconductors
-
13
.22
%
Broadcom
Inc
497,209‌
146,030‌
KLA
Corp
50,140‌
44,074‌
Lam
Research
Corp
587,589‌
55,727‌
NVIDIA
Corp
2,105,959‌
374,587‌
Taiwan
Semiconductor
Manufacturing
Co
Ltd
ADR
226,838‌
54,809‌
$
675,227‌
Schedule
of
Investments
Principal
Capital
Appreciation
Fund
July
31,
2025
(unaudited)
165
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Software
-
12
.06
%
Adobe
Inc
(c)
26,959‌
$
9,643‌
Broadridge
Financial
Solutions
Inc
197,296‌
48,833‌
Cloudflare
Inc
(c)
162,118‌
33,669‌
Datadog
Inc
(c)
111,470‌
15,603‌
Fair
Isaac
Corp
(c)
11,786‌
16,933‌
Microsoft
Corp
697,151‌
371,930‌
Salesforce
Inc
176,067‌
45,483‌
ServiceNow
Inc
(c)
31,562‌
29,767‌
Twilio
Inc
(c)
203,789‌
26,289‌
Workday
Inc
(c)
77,333‌
17,739‌
$
615,889‌
Telecommunications
-
2
.81
%
Arista
Networks
Inc
(c)
343,691‌
42,350‌
Motorola
Solutions
Inc
87,803‌
38,544‌
T-Mobile
US
Inc
262,457‌
62,572‌
$
143,466‌
Transportation
-
0
.32
%
Old
Dominion
Freight
Line
Inc
109,086‌
16,281‌
Water
-
0
.66
%
American
Water
Works
Co
Inc
240,238‌
33,691‌
TOTAL
COMMON
STOCKS
$
5,075,070‌
Total
Investments
$
5,107,252‌
Other
Assets
and
Liabilities
-  (0.02)%
(
1,005‌
)
TOTAL
NET
ASSETS
-
100.00%
$
5,106,247‌
(a)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940,
as
amended,
(the
"1940
Act"))
or
an
affiliate
as
defined
by
the
1940
Act
(controls
5.00%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
Affiliated
Securities
sub-schedule
for
transactional
information.
(b)
1-day
yield
shown
is
as
of
period
end.
(c)
Non-income
producing
security
Affiliated
Securities
October
31,
2024
Purchases
Sales
July
31,
2025
Value
Cost
Proceeds
Value
Principal
Government
Money
Market
Fund
-
Class
R-6
4.22%
$
24,066‌
$
1,076,503‌
$
1,068,387‌
$
32,182‌
$
24,066‌
$
1,076,503‌
$
1,068,387‌
$
32,182‌
Income
(a)
Realized
Gain/(Loss)
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
(Loss)
Principal
Government
Money
Market
Fund
-
Class
R-6
4.22%
$
1,430‌
$
—‌
$
—‌
$
—‌
$
1,430‌
$
—‌
$
—‌
$
—‌
Amounts
in
thousands.
(a)
Amount
excludes
earnings
from
securities
lending
collateral.
Schedule
of
Investments
Principal
LifeTime
2015
Fund
July
31,
2025
(unaudited)
166
INVESTMENT
COMPANIES
-
100
.01
%
Shares
Held
Value
(000's)
Principal
Funds,
Inc.
Class
R-6
-
65
.56
%
Blue
Chip
Fund
(a)
164,137‌
$
8,507‌
Core
Fixed
Income
Fund
(a)
8,339,129‌
71,550‌
Diversified
Real
Asset
Fund
(a)
67,773‌
796‌
Global
Emerging
Markets
Fund
(a)
68,592‌
2,125‌
High
Yield
Fund
(a)
1,980,023‌
13,326‌
International
Equity
Fund
(a)
1,301,494‌
19,392‌
International
Small
Company
Fund
(a)
72,782‌
860‌
LargeCap
Growth
Fund
I
(a)
479,662‌
8,720‌
MidCap
Fund
(a)
37,432‌
1,784‌
Real
Estate
Securities
Fund
(a)
122,378‌
3,434‌
SmallCap
Fund
(a)
90,048‌
2,637‌
SmallCap
S&P
600
Index
Fund
(a)
30,980‌
767‌
Small-MidCap
Dividend
Income
Fund
(a)
95,914‌
1,825‌
$
135,723‌
Principal
Funds,
Inc.
Institutional
Class
-
34
.45
%
Equity
Income
Fund
(a)
191,138‌
7,888‌
Inflation
Protection
Fund
(a)
1,498,306‌
11,807‌
LargeCap
S&P
500
Index
Fund
(a)
296,502‌
9,109‌
LargeCap
Value
Fund
III
(a)
390,874‌
7,747‌
Short-Term
Income
Fund
(a)
2,879,311‌
34,782‌
$
71,333‌
TOTAL
INVESTMENT
COMPANIES
$
207,056‌
Total
Investments
$
207,056‌
Other
Assets
and
Liabilities
-  (0.01)%
(
24‌
)
TOTAL
NET
ASSETS
-
100.00%
$
207,032‌
(a)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940,
as
amended,
(the
"1940
Act"))
or
an
affiliate
as
defined
by
the
1940
Act
(controls
5.00%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
Affiliated
Securities
sub-schedule
for
transactional
information.
Schedule
of
Investments
Principal
LifeTime
2015
Fund
July
31,
2025
(unaudited)
167
Affiliated
Securities
October
31,
2024
Purchases
(a)
Sales
(a)
July
31,
2025
Value
Cost
Proceeds
Value
Blue
Chip
Fund
$
9,912‌
$
771‌
$
3,183‌
$
8,507‌
Core
Fixed
Income
Fund
79,079‌
10,293‌
17,994‌
71,550‌
Diversified
International
Fund
18,969‌
1,270‌
20,156‌
—‌
Diversified
Real
Asset
Fund
976‌
60‌
254‌
796‌
Equity
Income
Fund
9,245‌
1,433‌
2,407‌
7,888‌
Global
Emerging
Markets
Fund
2,009‌
292‌
480‌
2,125‌
High
Income
Fund
1,855‌
50‌
2,224‌
—‌
High
Yield
Fund
15,974‌
3,816‌
6,042‌
13,326‌
High
Yield
Fund
-
Institutional
Class
—‌
2,150‌
2,150‌
—‌
Inflation
Protection
Fund
13,640‌
1,533‌
3,345‌
11,807‌
International
Equity
Fund
—‌
20,208‌
2,366‌
19,392‌
International
Small
Company
Fund
1,842‌
332‌
1,384‌
860‌
LargeCap
Growth
Fund
I
9,895‌
2,731‌
2,768‌
8,720‌
LargeCap
S&P
500
Index
Fund
10,329‌
607‌
2,638‌
9,109‌
LargeCap
Value
Fund
III
9,272‌
1,262‌
2,397‌
7,747‌
MidCap
Fund
2,415‌
175‌
886‌
1,784‌
Real
Estate
Securities
Fund
4,387‌
315‌
1,014‌
3,434‌
Short-Term
Income
Fund
41,120‌
3,998‌
10,634‌
34,782‌
SmallCap
Fund
3,277‌
311‌
993‌
2,637‌
SmallCap
S&P
600
Index
Fund
—‌
909‌
53‌
767‌
Small-MidCap
Dividend
Income
Fund
2,137‌
397‌
687‌
1,825‌
$
236,333‌
$
52,913‌
$
84,055‌
$
207,056‌
Income
Realized
Gain/(Loss)
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
(Loss)
Blue
Chip
Fund
$
13‌
$
1,590‌
$
427‌
$
(
583‌
)
Core
Fixed
Income
Fund
2,078‌
(
1,242‌
)
—‌
1,414‌
Diversified
International
Fund
447‌
6,634‌
509‌
(
6,717‌
)
Diversified
Real
Asset
Fund
15‌
(
5‌
)
—‌
19‌
Equity
Income
Fund
117‌
526‌
760‌
(
909‌
)
Global
Emerging
Markets
Fund
6‌
5‌
—‌
299‌
High
Income
Fund
50‌
(
8‌
)
—‌
327‌
High
Yield
Fund
735‌
(
41‌
)
—‌
(
381‌
)
High
Yield
Fund
-
Institutional
Class
—‌
—‌
—‌
—‌
Inflation
Protection
Fund
428‌
1‌
—‌
(
22‌
)
International
Equity
Fund
—‌
31‌
—‌
1,519‌
International
Small
Company
Fund
49‌
65‌
—‌
5‌
LargeCap
Growth
Fund
I
55‌
308‌
2,346‌
(
1,446‌
)
LargeCap
S&P
500
Index
Fund
144‌
1,535‌
132‌
(
724‌
)
LargeCap
Value
Fund
III
127‌
410‌
563‌
(
800‌
)
MidCap
Fund
5‌
30‌
71‌
50‌
Real
Estate
Securities
Fund
69‌
(
35‌
)
64‌
(
219‌
)
Short-Term
Income
Fund
1,064‌
(
34‌
)
—‌
332‌
SmallCap
Fund
31‌
5‌
31‌
37‌
SmallCap
S&P
600
Index
Fund
5‌
(
3‌
)
24‌
(
86‌
)
Small-MidCap
Dividend
Income
Fund
27‌
(
3‌
)
58‌
(
19‌
)
$
5,465‌
$
9,769‌
$
4,985‌
$
(
7,904‌
)
Amounts
in
thousands.
(a)
Purchases
and
Sales
include
transactions
related
to
the
acquisition
of
the
High
Income
Fund
by
the
High
Yield
Fund.
Schedule
of
Investments
Principal
LifeTime
2020
Fund
July
31,
2025
(unaudited)
168
INVESTMENT
COMPANIES
-
100
.01
%
Shares
Held
Value
(000's)
Principal
Funds,
Inc.
Class
R-6
-
67
.11
%
Blue
Chip
Fund
(a)
1,942,905‌
$
100,701‌
Core
Fixed
Income
Fund
(a)
78,198,212‌
670,941‌
Diversified
Real
Asset
Fund
(a)
651,520‌
7,655‌
Global
Emerging
Markets
Fund
(a)
812,432‌
25,169‌
High
Yield
Fund
(a)
17,771,305‌
119,601‌
International
Equity
Fund
(a)
15,410,630‌
229,618‌
International
Small
Company
Fund
(a)
872,994‌
10,319‌
LargeCap
Growth
Fund
I
(a)
5,676,746‌
103,203‌
MidCap
Fund
(a)
444,333‌
21,177‌
Real
Estate
Securities
Fund
(a)
1,212,149‌
34,013‌
SmallCap
Fund
(a)
1,050,169‌
30,749‌
SmallCap
S&P
600
Index
Fund
(a)
376,899‌
9,332‌
Small-MidCap
Dividend
Income
Fund
(a)
1,138,568‌
21,667‌
$
1,384,145‌
Principal
Funds,
Inc.
Institutional
Class
-
32
.90
%
Equity
Income
Fund
(a)
2,262,392‌
93,369‌
Inflation
Protection
Fund
(a)
13,470,860‌
106,150‌
LargeCap
S&P
500
Index
Fund
(a)
3,528,892‌
108,408‌
LargeCap
Value
Fund
III
(a)
4,626,885‌
91,705‌
Short-Term
Income
Fund
(a)
23,080,553‌
278,813‌
$
678,445‌
TOTAL
INVESTMENT
COMPANIES
$
2,062,590‌
Total
Investments
$
2,062,590‌
Other
Assets
and
Liabilities
-  (0.01)%
(
198‌
)
TOTAL
NET
ASSETS
-
100.00%
$
2,062,392‌
(a)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940,
as
amended,
(the
"1940
Act"))
or
an
affiliate
as
defined
by
the
1940
Act
(controls
5.00%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
Affiliated
Securities
sub-schedule
for
transactional
information.
Schedule
of
Investments
Principal
LifeTime
2020
Fund
July
31,
2025
(unaudited)
169
Affiliated
Securities
October
31,
2024
Purchases
(a)
Sales
(a)
July
31,
2025
Value
Cost
Proceeds
Value
Blue
Chip
Fund
$
118,173‌
$
5,427‌
$
34,522‌
$
100,701‌
Core
Fixed
Income
Fund
730,173‌
71,378‌
132,328‌
670,941‌
Diversified
International
Fund
225,830‌
11,553‌
236,379‌
—‌
Diversified
Real
Asset
Fund
9,355‌
152‌
1,978‌
7,655‌
Equity
Income
Fund
110,253‌
11,799‌
23,710‌
93,369‌
Global
Emerging
Markets
Fund
24,718‌
1,594‌
4,718‌
25,169‌
High
Income
Fund
16,009‌
430‌
19,075‌
—‌
High
Yield
Fund
139,663‌
30,020‌
46,534‌
119,601‌
High
Yield
Fund
-
Institutional
Class
—‌
18,437‌
18,437‌
—‌
Inflation
Protection
Fund
119,610‌
10,142‌
23,431‌
106,150‌
International
Equity
Fund
—‌
236,041‌
24,493‌
229,618‌
International
Small
Company
Fund
21,833‌
3,114‌
15,413‌
10,319‌
LargeCap
Growth
Fund
I
117,961‌
29,140‌
29,544‌
103,203‌
LargeCap
S&P
500
Index
Fund
123,994‌
3,455‌
28,411‌
108,408‌
LargeCap
Value
Fund
III
110,572‌
9,739‌
23,627‌
91,705‌
MidCap
Fund
28,767‌
948‌
9,410‌
21,177‌
Real
Estate
Securities
Fund
43,093‌
1,364‌
7,908‌
34,013‌
Short-Term
Income
Fund
318,699‌
25,238‌
67,448‌
278,813‌
SmallCap
Fund
41,006‌
836‌
11,264‌
30,749‌
SmallCap
S&P
600
Index
Fund
—‌
11,023‌
604‌
9,332‌
Small-MidCap
Dividend
Income
Fund
25,451‌
3,333‌
6,771‌
21,667‌
$
2,325,160‌
$
485,163‌
$
766,005‌
$
2,062,590‌
Income
Realized
Gain/(Loss)
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
(Loss)
Blue
Chip
Fund
$
153‌
$
18,622‌
$
5,180‌
$
(
6,999‌
)
Core
Fixed
Income
Fund
19,346‌
(
9,399‌
)
—‌
11,117‌
Diversified
International
Fund
5,380‌
1,536‌
6,157‌
(
2,540‌
)
Diversified
Real
Asset
Fund
141‌
(
333‌
)
—‌
459‌
Equity
Income
Fund
1,399‌
5,683‌
9,233‌
(
10,656‌
)
Global
Emerging
Markets
Fund
78‌
45‌
—‌
3,530‌
High
Income
Fund
430‌
(
68‌
)
—‌
2,704‌
High
Yield
Fund
6,516‌
(
351‌
)
—‌
(
3,197‌
)
High
Yield
Fund
-
Institutional
Class
—‌
—‌
—‌
—‌
Inflation
Protection
Fund
3,794‌
(
1,841‌
)
—‌
1,670‌
International
Equity
Fund
—‌
87‌
—‌
17,983‌
International
Small
Company
Fund
592‌
58‌
—‌
727‌
LargeCap
Growth
Fund
I
665‌
1,230‌
28,379‌
(
15,584‌
)
LargeCap
S&P
500
Index
Fund
1,751‌
17,456‌
1,610‌
(
8,086‌
)
LargeCap
Value
Fund
III
1,545‌
4,456‌
6,827‌
(
9,435‌
)
MidCap
Fund
57‌
258‌
862‌
614‌
Real
Estate
Securities
Fund
681‌
(
357‌
)
640‌
(
2,179‌
)
Short-Term
Income
Fund
8,346‌
(
308‌
)
—‌
2,632‌
SmallCap
Fund
391‌
(
71‌
)
398‌
242‌
SmallCap
S&P
600
Index
Fund
66‌
(
38‌
)
287‌
(
1,049‌
)
Small-MidCap
Dividend
Income
Fund
330‌
(
70‌
)
707‌
(
276‌
)
$
51,661‌
$
36,595‌
$
60,280‌
$
(
18,323‌
)
Amounts
in
thousands.
(a)
Purchases
and
Sales
include
transactions
related
to
the
acquisition
of
the
High
Income
Fund
by
the
High
Yield
Fund.
Schedule
of
Investments
Principal
LifeTime
2025
Fund
July
31,
2025
(unaudited)
170
INVESTMENT
COMPANIES
-
100
.01
%
Shares
Held
Value
(000's)
Principal
Funds,
Inc.
Class
R-6
-
69
.67
%
Blue
Chip
Fund
(a)
1,538,317‌
$
79,731‌
Core
Fixed
Income
Fund
(a)
50,910,918‌
436,816‌
Diversified
Real
Asset
Fund
(a)
455,690‌
5,354‌
Global
Emerging
Markets
Fund
(a)
638,623‌
19,784‌
High
Yield
Fund
(a)
10,542,428‌
70,950‌
International
Equity
Fund
(a)
12,140,935‌
180,900‌
International
Small
Company
Fund
(a)
667,749‌
7,893‌
LargeCap
Growth
Fund
I
(a)
4,497,386‌
81,762‌
MidCap
Fund
(a)
346,867‌
16,532‌
Real
Estate
Securities
Fund
(a)
806,584‌
22,633‌
SmallCap
Fund
(a)
828,962‌
24,272‌
SmallCap
S&P
600
Index
Fund
(a)
291,475‌
7,217‌
Small-MidCap
Dividend
Income
Fund
(a)
889,362‌
16,925‌
$
970,769‌
Principal
Funds,
Inc.
Institutional
Class
-
30
.34
%
Equity
Income
Fund
(a)
1,790,491‌
73,894‌
Inflation
Protection
Fund
(a)
7,975,545‌
62,847‌
LargeCap
S&P
500
Index
Fund
(a)
2,719,707‌
83,549‌
LargeCap
Value
Fund
III
(a)
3,660,590‌
72,553‌
Short-Term
Income
Fund
(a)
10,760,103‌
129,982‌
$
422,825‌
TOTAL
INVESTMENT
COMPANIES
$
1,393,594‌
Total
Investments
$
1,393,594‌
Other
Assets
and
Liabilities
-  (0.01)%
(
79‌
)
TOTAL
NET
ASSETS
-
100.00%
$
1,393,515‌
(a)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940,
as
amended,
(the
"1940
Act"))
or
an
affiliate
as
defined
by
the
1940
Act
(controls
5.00%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
Affiliated
Securities
sub-schedule
for
transactional
information.
Schedule
of
Investments
Principal
LifeTime
2025
Fund
July
31,
2025
(unaudited)
171
Affiliated
Securities
October
31,
2024
Purchases
(a)
Sales
(a)
July
31,
2025
Value
Cost
Proceeds
Value
Blue
Chip
Fund
$
92,702‌
$
5,527‌
$
27,761‌
$
79,731‌
Core
Fixed
Income
Fund
476,339‌
52,848‌
93,445‌
436,816‌
Diversified
International
Fund
176,852‌
9,758‌
185,791‌
—‌
Diversified
Real
Asset
Fund
6,469‌
228‌
1,436‌
5,354‌
Equity
Income
Fund
86,711‌
10,677‌
19,612‌
73,894‌
Global
Emerging
Markets
Fund
19,452‌
1,564‌
4,060‌
19,784‌
High
Income
Fund
9,415‌
253‌
11,320‌
—‌
High
Yield
Fund
81,871‌
19,510‌
28,235‌
70,950‌
High
Yield
Fund
-
Institutional
Class
—‌
10,944‌
10,944‌
—‌
Inflation
Protection
Fund
70,562‌
7,418‌
15,030‌
62,847‌
International
Equity
Fund
—‌
188,157‌
21,636‌
180,900‌
International
Small
Company
Fund
16,814‌
2,653‌
12,211‌
7,893‌
LargeCap
Growth
Fund
I
92,591‌
24,251‌
23,855‌
81,762‌
LargeCap
S&P
500
Index
Fund
94,480‌
3,871‌
22,068‌
83,549‌
LargeCap
Value
Fund
III
86,937‌
9,104‌
19,550‌
72,553‌
MidCap
Fund
22,690‌
1,136‌
7,970‌
16,532‌
Real
Estate
Securities
Fund
28,672‌
1,404‌
5,743‌
22,633‌
Short-Term
Income
Fund
146,617‌
17,172‌
34,875‌
129,982‌
SmallCap
Fund
31,006‌
1,668‌
8,638‌
24,272‌
SmallCap
S&P
600
Index
Fund
—‌
8,490‌
436‌
7,217‌
Small-MidCap
Dividend
Income
Fund
19,960‌
2,897‌
5,648‌
16,925‌
$
1,560,140‌
$
379,530‌
$
560,264‌
$
1,393,594‌
Income
Realized
Gain/(Loss)
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
(Loss)
Blue
Chip
Fund
$
120‌
$
13,320‌
$
4,059‌
$
(
4,057‌
)
Core
Fixed
Income
Fund
12,693‌
(
1,527‌
)
—‌
2,601‌
Diversified
International
Fund
4,243‌
30,316‌
4,850‌
(
31,135‌
)
Diversified
Real
Asset
Fund
99‌
(
57‌
)
—‌
150‌
Equity
Income
Fund
1,111‌
2,100‌
7,254‌
(
5,982‌
)
Global
Emerging
Markets
Fund
62‌
51‌
—‌
2,777‌
High
Income
Fund
253‌
(
42‌
)
—‌
1,694‌
High
Yield
Fund
3,876‌
(
209‌
)
—‌
(
1,987‌
)
High
Yield
Fund
-
Institutional
Class
—‌
—‌
—‌
—‌
Inflation
Protection
Fund
2,251‌
(
803‌
)
—‌
700‌
International
Equity
Fund
—‌
235‌
—‌
14,144‌
International
Small
Company
Fund
461‌
(
3‌
)
—‌
640‌
LargeCap
Growth
Fund
I
525‌
96‌
22,380‌
(
11,321‌
)
LargeCap
S&P
500
Index
Fund
1,339‌
5,835‌
1,232‌
1,431‌
LargeCap
Value
Fund
III
1,220‌
1,614‌
5,397‌
(
5,552‌
)
MidCap
Fund
45‌
233‌
680‌
443‌
Real
Estate
Securities
Fund
458‌
(
257‌
)
429‌
(
1,443‌
)
Short-Term
Income
Fund
3,865‌
(
40‌
)
—‌
1,108‌
SmallCap
Fund
298‌
(
21‌
)
303‌
257‌
SmallCap
S&P
600
Index
Fund
51‌
(
28‌
)
221‌
(
809‌
)
Small-MidCap
Dividend
Income
Fund
260‌
(
57‌
)
553‌
(
227‌
)
$
33,230‌
$
50,756‌
$
47,358‌
$
(
36,568‌
)
Amounts
in
thousands.
(a)
Purchases
and
Sales
include
transactions
related
to
the
acquisition
of
the
High
Income
Fund
by
the
High
Yield
Fund.
Schedule
of
Investments
Principal
LifeTime
2030
Fund
July
31,
2025
(unaudited)
172
INVESTMENT
COMPANIES
-
100
.01
%
Shares
Held
Value
(000's)
Principal
Funds,
Inc.
Class
R-6
-
71
.91
%
Blue
Chip
Fund
(a)
6,792,098‌
$
352,035‌
Core
Fixed
Income
Fund
(a)
169,384,025‌
1,453,315‌
Diversified
Real
Asset
Fund
(a)
2,058,648‌
24,189‌
Global
Emerging
Markets
Fund
(a)
2,809,847‌
87,049‌
High
Yield
Fund
(a)
34,890,649‌
234,814‌
International
Equity
Fund
(a)
53,321,603‌
794,492‌
International
Small
Company
Fund
(a)
3,084,965‌
36,464‌
LargeCap
Growth
Fund
I
(a)
19,839,681‌
360,685‌
MidCap
Fund
(a)
1,546,634‌
73,713‌
Real
Estate
Securities
Fund
(a)
3,070,163‌
86,149‌
SmallCap
Fund
(a)
3,733,945‌
109,330‌
SmallCap
S&P
600
Index
Fund
(a)
1,202,639‌
29,777‌
Small-MidCap
Dividend
Income
Fund
(a)
3,965,092‌
75,456‌
$
3,717,468‌
Principal
Funds,
Inc.
Institutional
Class
-
28
.10
%
Equity
Income
Fund
(a)
7,916,010‌
326,694‌
Inflation
Protection
Fund
(a)
24,603,402‌
193,875‌
LargeCap
S&P
500
Index
Fund
(a)
11,782,713‌
361,965‌
LargeCap
Value
Fund
III
(a)
16,192,298‌
320,931‌
Short-Term
Income
Fund
(a)
20,655,013‌
249,512‌
$
1,452,977‌
TOTAL
INVESTMENT
COMPANIES
$
5,170,445‌
Total
Investments
$
5,170,445‌
Other
Assets
and
Liabilities
-  (0.01)%
(
462‌
)
TOTAL
NET
ASSETS
-
100.00%
$
5,169,983‌
(a)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940,
as
amended,
(the
"1940
Act"))
or
an
affiliate
as
defined
by
the
1940
Act
(controls
5.00%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
Affiliated
Securities
sub-schedule
for
transactional
information.
Schedule
of
Investments
Principal
LifeTime
2030
Fund
July
31,
2025
(unaudited)
173
Affiliated
Securities
October
31,
2024
Purchases
(a)
Sales
(a)
July
31,
2025
Value
Cost
Proceeds
Value
Blue
Chip
Fund
$
389,421‌
$
18,568‌
$
96,209‌
$
352,035‌
Core
Fixed
Income
Fund
1,483,949‌
171,738‌
206,236‌
1,453,315‌
Diversified
International
Fund
746,648‌
39,369‌
782,697‌
—‌
Diversified
Real
Asset
Fund
26,793‌
498‌
3,514‌
24,189‌
Equity
Income
Fund
365,327‌
39,917‌
62,445‌
326,694‌
Global
Emerging
Markets
Fund
79,804‌
6,503‌
11,430‌
87,049‌
High
Income
Fund
29,338‌
788‌
35,377‌
—‌
High
Yield
Fund
252,490‌
58,158‌
68,954‌
234,814‌
High
Yield
Fund
-
Institutional
Class
—‌
34,208‌
34,208‌
—‌
Inflation
Protection
Fund
211,704‌
18,792‌
36,469‌
193,875‌
International
Equity
Fund
—‌
788,756‌
55,883‌
794,492‌
International
Small
Company
Fund
68,575‌
10,421‌
45,349‌
36,464‌
LargeCap
Growth
Fund
I
389,076‌
97,263‌
79,738‌
360,685‌
LargeCap
S&P
500
Index
Fund
393,887‌
11,618‌
74,621‌
361,965‌
LargeCap
Value
Fund
III
366,230‌
33,114‌
62,194‌
320,931‌
MidCap
Fund
96,172‌
3,374‌
28,780‌
73,713‌
Real
Estate
Securities
Fund
102,880‌
3,504‌
14,052‌
86,149‌
Short-Term
Income
Fund
267,128‌
42,830‌
62,307‌
249,512‌
SmallCap
Fund
130,201‌
5,500‌
27,768‌
109,330‌
SmallCap
S&P
600
Index
Fund
—‌
34,853‌
1,642‌
29,777‌
Small-MidCap
Dividend
Income
Fund
84,376‌
9,852‌
17,590‌
75,456‌
$
5,483,999‌
$
1,429,624‌
$
1,807,463‌
$
5,170,445‌
Income
Realized
Gain/(Loss)
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
(Loss)
Blue
Chip
Fund
$
506‌
$
15,644‌
$
17,153‌
$
24,611‌
Core
Fixed
Income
Fund
40,500‌
(
9,345‌
)
—‌
13,209‌
Diversified
International
Fund
17,917‌
41,380‌
20,582‌
(
44,700‌
)
Diversified
Real
Asset
Fund
425‌
(
44‌
)
—‌
456‌
Equity
Income
Fund
4,733‌
402‌
30,761‌
(
16,507‌
)
Global
Emerging
Markets
Fund
254‌
68‌
—‌
12,104‌
High
Income
Fund
788‌
(
135‌
)
—‌
5,386‌
High
Yield
Fund
12,284‌
(
531‌
)
—‌
(
6,349‌
)
High
Yield
Fund
-
Institutional
Class
—‌
—‌
—‌
—‌
Inflation
Protection
Fund
6,488‌
(
109‌
)
—‌
(
43‌
)
International
Equity
Fund
—‌
70‌
—‌
61,549‌
International
Small
Company
Fund
1,876‌
1,149‌
—‌
1,668‌
LargeCap
Growth
Fund
I
2,207‌
(
98‌
)
94,147‌
(
45,818‌
)
LargeCap
S&P
500
Index
Fund
5,591‌
23,788‌
5,139‌
7,293‌
LargeCap
Value
Fund
III
5,150‌
3,656‌
22,760‌
(
19,875‌
)
MidCap
Fund
192‌
722‌
2,901‌
2,225‌
Real
Estate
Securities
Fund
1,673‌
(
1,879‌
)
1,541‌
(
4,304‌
)
Short-Term
Income
Fund
6,930‌
(
33‌
)
—‌
1,894‌
SmallCap
Fund
1,251‌
7‌
1,273‌
1,390‌
SmallCap
S&P
600
Index
Fund
209‌
(
106‌
)
908‌
(
3,328‌
)
Small-MidCap
Dividend
Income
Fund
1,116‌
(
158‌
)
2,360‌
(
1,024‌
)
$
110,090‌
$
74,448‌
$
199,525‌
$
(
10,163‌
)
Amounts
in
thousands.
(a)
Purchases
and
Sales
include
transactions
related
to
the
acquisition
of
the
High
Income
Fund
by
the
High
Yield
Fund.
Schedule
of
Investments
Principal
LifeTime
2035
Fund
July
31,
2025
(unaudited)
174
INVESTMENT
COMPANIES
-
100
.01
%
Shares
Held
Value
(000's)
Principal
Funds,
Inc.
Class
R-6
-
77
.47
%
Blue
Chip
Fund
(a)
2,965,677‌
$
153,711‌
Core
Fixed
Income
Fund
(a)
65,508,472‌
562,063‌
Global
Emerging
Markets
Fund
(a)
1,233,576‌
38,216‌
High
Yield
Fund
(a)
12,526,156‌
84,301‌
International
Equity
Fund
(a)
23,398,079‌
348,631‌
International
Small
Company
Fund
(a)
1,351,254‌
15,972‌
LargeCap
Growth
Fund
I
(a)
8,663,831‌
157,508‌
MidCap
Fund
(a)
678,651‌
32,345‌
Real
Estate
Securities
Fund
(a)
1,474,605‌
41,377‌
SmallCap
Fund
(a)
1,632,059‌
47,787‌
SmallCap
S&P
600
Index
Fund
(a)
538,105‌
13,324‌
Small-MidCap
Dividend
Income
Fund
(a)
1,739,053‌
33,094‌
$
1,528,329‌
Principal
Funds,
Inc.
Institutional
Class
-
22
.54
%
Equity
Income
Fund
(a)
3,457,520‌
142,692‌
LargeCap
S&P
500
Index
Fund
(a)
5,263,017‌
161,680‌
LargeCap
Value
Fund
III
(a)
7,072,257‌
140,172‌
$
444,544‌
TOTAL
INVESTMENT
COMPANIES
$
1,972,873‌
Total
Investments
$
1,972,873‌
Other
Assets
and
Liabilities
-  (0.01)%
(
100‌
)
TOTAL
NET
ASSETS
-
100.00%
$
1,972,773‌
(a)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940,
as
amended,
(the
"1940
Act"))
or
an
affiliate
as
defined
by
the
1940
Act
(controls
5.00%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
Affiliated
Securities
sub-schedule
for
transactional
information.
Affiliated
Securities
October
31,
2024
Purchases
(a)
Sales
(a)
July
31,
2025
Value
Cost
Proceeds
Value
Blue
Chip
Fund
$
161,293‌
$
11,627‌
$
36,675‌
$
153,711‌
Core
Fixed
Income
Fund
552,431‌
76,134‌
68,000‌
562,063‌
Diversified
International
Fund
309,490‌
19,817‌
328,020‌
—‌
Equity
Income
Fund
151,781‌
20,768‌
23,255‌
142,692‌
Global
Emerging
Markets
Fund
32,871‌
3,981‌
3,952‌
38,216‌
High
Income
Fund
9,586‌
257‌
12,213‌
—‌
High
Yield
Fund
85,397‌
22,235‌
20,424‌
84,301‌
High
Yield
Fund
-
Institutional
Class
—‌
11,832‌
11,832‌
—‌
International
Equity
Fund
—‌
343,567‌
21,859‌
348,631‌
International
Small
Company
Fund
30,327‌
3,606‌
19,305‌
15,972‌
LargeCap
Growth
Fund
I
161,264‌
44,737‌
29,734‌
157,508‌
LargeCap
S&P
500
Index
Fund
164,862‌
8,711‌
25,782‌
161,680‌
LargeCap
Value
Fund
III
152,101‌
17,993‌
23,155‌
140,172‌
MidCap
Fund
40,003‌
2,585‌
11,506‌
32,345‌
Real
Estate
Securities
Fund
46,930‌
2,975‌
5,624‌
41,377‌
SmallCap
Fund
54,844‌
3,132‌
10,633‌
47,787‌
SmallCap
S&P
600
Index
Fund
—‌
15,482‌
634‌
13,324‌
Small-MidCap
Dividend
Income
Fund
35,005‌
5,159‌
6,559‌
33,094‌
$
1,988,185‌
$
614,598‌
$
659,162‌
$
1,972,873‌
Income
Realized
Gain/(Loss)
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
(Loss)
Blue
Chip
Fund
$
213‌
$
3,856‌
$
7,157‌
$
13,610‌
Core
Fixed
Income
Fund
15,341‌
4‌
—‌
1,494‌
Diversified
International
Fund
7,570‌
28,629‌
8,718‌
(
29,916‌
)
Equity
Income
Fund
2,026‌
56‌
12,882‌
(
6,658‌
)
Global
Emerging
Markets
Fund
107‌
11‌
—‌
5,305‌
High
Income
Fund
257‌
(
46‌
)
—‌
2,416‌
High
Yield
Fund
4,303‌
(
140‌
)
—‌
(
2,767‌
)
High
Yield
Fund
-
Institutional
Class
—‌
—‌
—‌
—‌
International
Equity
Fund
—‌
(
45‌
)
—‌
26,968‌
International
Small
Company
Fund
857‌
134‌
—‌
1,210‌
LargeCap
Growth
Fund
I
927‌
61‌
39,552‌
(
18,820‌
)
LargeCap
S&P
500
Index
Fund
2,374‌
1,773‌
2,180‌
12,116‌
LargeCap
Value
Fund
III
2,173‌
163‌
9,594‌
(
6,930‌
)
MidCap
Fund
82‌
525‌
1,218‌
738‌
Real
Estate
Securities
Fund
793‌
29‌
718‌
(
2,933‌
)
SmallCap
Fund
538‌
(
59‌
)
547‌
503‌
SmallCap
S&P
600
Index
Fund
93‌
(
42‌
)
403‌
(
1,482‌
)
Small-MidCap
Dividend
Income
Fund
479‌
(
72‌
)
989‌
(
439‌
)
$
38,133‌
$
34,837‌
$
83,958‌
$
(
5,585‌
)
Amounts
in
thousands.
(a)
Purchases
and
Sales
include
transactions
related
to
the
acquisition
of
the
High
Income
Fund
by
the
High
Yield
Fund.
Schedule
of
Investments
Principal
LifeTime
2040
Fund
July
31,
2025
(unaudited)
175
INVESTMENT
COMPANIES
-
100
.01
%
Shares
Held
Value
(000's)
Principal
Funds,
Inc.
Class
R-6
-
73
.46
%
Blue
Chip
Fund
(a)
8,349,810‌
$
432,771‌
Core
Fixed
Income
Fund
(a)
97,961,197‌
840,507‌
Global
Emerging
Markets
Fund
(a)
3,462,443‌
107,267‌
High
Yield
Fund
(a)
21,866,895‌
147,164‌
International
Equity
Fund
(a)
65,686,588‌
978,730‌
International
Small
Company
Fund
(a)
3,833,903‌
45,317‌
LargeCap
Growth
Fund
I
(a)
24,386,179‌
443,341‌
MidCap
Fund
(a)
1,909,934‌
91,027‌
Real
Estate
Securities
Fund
(a)
3,431,261‌
96,281‌
SmallCap
Fund
(a)
4,599,187‌
134,664‌
SmallCap
S&P
600
Index
Fund
(a)
1,505,839‌
37,285‌
Small-MidCap
Dividend
Income
Fund
(a)
4,895,758‌
93,166‌
$
3,447,520‌
Principal
Funds,
Inc.
Institutional
Class
-
26
.55
%
Equity
Income
Fund
(a)
9,734,840‌
401,757‌
LargeCap
S&P
500
Index
Fund
(a)
14,633,609‌
449,544‌
LargeCap
Value
Fund
III
(a)
19,914,748‌
394,710‌
$
1,246,011‌
TOTAL
INVESTMENT
COMPANIES
$
4,693,531‌
Total
Investments
$
4,693,531‌
Other
Assets
and
Liabilities
-  (0.01)%
(
356‌
)
TOTAL
NET
ASSETS
-
100.00%
$
4,693,175‌
(a)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940,
as
amended,
(the
"1940
Act"))
or
an
affiliate
as
defined
by
the
1940
Act
(controls
5.00%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
Affiliated
Securities
sub-schedule
for
transactional
information.
Affiliated
Securities
October
31,
2024
Purchases
(a)
Sales
(a)
July
31,
2025
Value
Cost
Proceeds
Value
Blue
Chip
Fund
$
459,086‌
$
23,674‌
$
99,046‌
$
432,771‌
Core
Fixed
Income
Fund
808,049‌
124,581‌
94,243‌
840,507‌
Diversified
International
Fund
882,611‌
47,877‌
926,882‌
—‌
Equity
Income
Fund
431,826‌
49,202‌
60,642‌
401,757‌
Global
Emerging
Markets
Fund
92,626‌
9,989‌
10,187‌
107,267‌
High
Income
Fund
16,487‌
443‌
21,014‌
—‌
High
Yield
Fund
143,355‌
40,190‌
31,499‌
147,164‌
High
Yield
Fund
-
Institutional
Class
—‌
20,356‌
20,356‌
—‌
International
Equity
Fund
—‌
951,682‌
47,954‌
978,730‌
International
Small
Company
Fund
84,687‌
9,841‌
52,837‌
45,317‌
LargeCap
Growth
Fund
I
458,919‌
116,962‌
79,413‌
443,341‌
LargeCap
S&P
500
Index
Fund
470,015‌
15,628‌
74,397‌
449,544‌
LargeCap
Value
Fund
III
432,810‌
41,215‌
60,388‌
394,710‌
MidCap
Fund
114,244‌
4,539‌
31,333‌
91,027‌
Real
Estate
Securities
Fund
111,163‌
4,324‌
12,469‌
96,281‌
SmallCap
Fund
156,294‌
4,385‌
27,401‌
134,664‌
SmallCap
S&P
600
Index
Fund
—‌
43,092‌
1,570‌
37,285‌
Small-MidCap
Dividend
Income
Fund
99,757‌
11,918‌
17,155‌
93,166‌
$
4,761,929‌
$
1,519,898‌
$
1,668,786‌
$
4,693,531‌
Income
Realized
Gain/(Loss)
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
(Loss)
Blue
Chip
Fund
$
599‌
$
11,065‌
$
20,272‌
$
37,992‌
Core
Fixed
Income
Fund
22,366‌
(
18‌
)
—‌
2,138‌
Diversified
International
Fund
21,318‌
43,737‌
24,565‌
(
47,343‌
)
Equity
Income
Fund
5,673‌
290‌
36,459‌
(
18,919‌
)
Global
Emerging
Markets
Fund
297‌
22‌
—‌
14,817‌
High
Income
Fund
443‌
(
94‌
)
—‌
4,178‌
High
Yield
Fund
7,270‌
(
181‌
)
—‌
(
4,701‌
)
High
Yield
Fund
-
Institutional
Class
—‌
—‌
—‌
—‌
International
Equity
Fund
—‌
47‌
—‌
74,955‌
International
Small
Company
Fund
2,345‌
1,428‌
—‌
2,198‌
LargeCap
Growth
Fund
I
2,615‌
(
236‌
)
111,545‌
(
52,891‌
)
LargeCap
S&P
500
Index
Fund
6,702‌
5,570‌
6,160‌
32,728‌
LargeCap
Value
Fund
III
6,118‌
676‌
27,033‌
(
19,603‌
)
MidCap
Fund
230‌
1,417‌
3,458‌
2,160‌
Real
Estate
Securities
Fund
1,841‌
186‌
1,678‌
(
6,923‌
)
SmallCap
Fund
1,514‌
(
62‌
)
1,540‌
1,448‌
SmallCap
S&P
600
Index
Fund
259‌
(
106‌
)
1,123‌
(
4,131‌
)
Small-MidCap
Dividend
Income
Fund
1,340‌
(
141‌
)
2,799‌
(
1,213‌
)
$
80,930‌
$
63,600‌
$
236,632‌
$
16,890‌
Amounts
in
thousands.
(a)
Purchases
and
Sales
include
transactions
related
to
the
acquisition
of
the
High
Income
Fund
by
the
High
Yield
Fund.
Schedule
of
Investments
Principal
LifeTime
2045
Fund
July
31,
2025
(unaudited)
176
INVESTMENT
COMPANIES
-
100
.01
%
Shares
Held
Value
(000's)
Principal
Funds,
Inc.
Class
R-6
-
70
.35
%
Blue
Chip
Fund
(a)
3,437,728‌
$
178,178‌
Core
Fixed
Income
Fund
(a)
20,182,982‌
173,170‌
Global
Emerging
Markets
Fund
(a)
1,428,972‌
44,270‌
High
Yield
Fund
(a)
5,746,063‌
38,671‌
International
Equity
Fund
(a)
27,107,274‌
403,898‌
International
Small
Company
Fund
(a)
1,590,180‌
18,796‌
LargeCap
Growth
Fund
I
(a)
10,038,741‌
182,504‌
MidCap
Fund
(a)
789,694‌
37,637‌
Real
Estate
Securities
Fund
(a)
1,264,796‌
35,490‌
SmallCap
Fund
(a)
1,921,191‌
56,253‌
SmallCap
S&P
600
Index
Fund
(a)
597,581‌
14,796‌
Small-MidCap
Dividend
Income
Fund
(a)
2,023,980‌
38,516‌
$
1,222,179‌
Principal
Funds,
Inc.
Institutional
Class
-
29
.66
%
Equity
Income
Fund
(a)
4,010,711‌
165,522‌
LargeCap
S&P
500
Index
Fund
(a)
6,094,136‌
187,212‌
LargeCap
Value
Fund
III
(a)
8,205,822‌
162,639‌
$
515,373‌
TOTAL
INVESTMENT
COMPANIES
$
1,737,552‌
Total
Investments
$
1,737,552‌
Other
Assets
and
Liabilities
-  (0.01)%
(
89‌
)
TOTAL
NET
ASSETS
-
100.00%
$
1,737,463‌
(a)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940,
as
amended,
(the
"1940
Act"))
or
an
affiliate
as
defined
by
the
1940
Act
(controls
5.00%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
Affiliated
Securities
sub-schedule
for
transactional
information.
Affiliated
Securities
October
31,
2024
Purchases
(a)
Sales
(a)
July
31,
2025
Value
Cost
Proceeds
Value
Blue
Chip
Fund
$
179,416‌
$
14,351‌
$
35,571‌
$
178,178‌
Core
Fixed
Income
Fund
157,787‌
32,588‌
17,638‌
173,170‌
Diversified
International
Fund
346,192‌
21,269‌
366,005‌
—‌
Equity
Income
Fund
169,141‌
25,628‌
22,047‌
165,522‌
Global
Emerging
Markets
Fund
36,901‌
5,088‌
3,758‌
44,270‌
High
Income
Fund
4,051‌
109‌
5,216‌
—‌
High
Yield
Fund
35,737‌
11,376‌
7,189‌
38,671‌
High
Yield
Fund
-
Institutional
Class
—‌
5,055‌
5,055‌
—‌
International
Equity
Fund
—‌
393,770‌
20,393‌
403,898‌
International
Small
Company
Fund
33,206‌
4,606‌
20,547‌
18,796‌
LargeCap
Growth
Fund
I
179,435‌
51,287‌
27,776‌
182,504‌
LargeCap
S&P
500
Index
Fund
186,411‌
11,296‌
26,255‌
187,212‌
LargeCap
Value
Fund
III
169,474‌
22,546‌
21,954‌
162,639‌
MidCap
Fund
44,877‌
3,347‌
12,024‌
37,637‌
Real
Estate
Securities
Fund
39,194‌
2,851‌
4,106‌
35,490‌
SmallCap
Fund
62,593‌
4,205‌
11,016‌
56,253‌
SmallCap
S&P
600
Index
Fund
—‌
17,004‌
538‌
14,796‌
Small-MidCap
Dividend
Income
Fund
39,405‌
5,957‌
6,258‌
38,516‌
$
1,683,820‌
$
632,333‌
$
613,346‌
$
1,737,552‌
Income
Realized
Gain/(Loss)
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
(Loss)
Blue
Chip
Fund
$
237‌
$
637‌
$
7,968‌
$
19,345‌
Core
Fixed
Income
Fund
4,508‌
—‌
—‌
433‌
Diversified
International
Fund
8,493‌
20,890‌
9,784‌
(
22,346‌
)
Equity
Income
Fund
2,280‌
70‌
14,370‌
(
7,270‌
)
Global
Emerging
Markets
Fund
120‌
(
12‌
)
—‌
6,051‌
High
Income
Fund
109‌
(
23‌
)
—‌
1,079‌
High
Yield
Fund
1,867‌
(
34‌
)
—‌
(
1,219‌
)
High
Yield
Fund
-
Institutional
Class
—‌
—‌
—‌
—‌
International
Equity
Fund
—‌
(
162‌
)
—‌
30,683‌
International
Small
Company
Fund
942‌
218‌
—‌
1,313‌
LargeCap
Growth
Fund
I
1,034‌
(
276‌
)
44,108‌
(
20,166‌
)
LargeCap
S&P
500
Index
Fund
2,689‌
670‌
2,470‌
15,090‌
LargeCap
Value
Fund
III
2,427‌
14‌
10,718‌
(
7,441‌
)
MidCap
Fund
92‌
162‌
1,368‌
1,275‌
Real
Estate
Securities
Fund
669‌
1‌
601‌
(
2,450‌
)
SmallCap
Fund
616‌
(
131‌
)
627‌
602‌
SmallCap
S&P
600
Index
Fund
102‌
(
37‌
)
443‌
(
1,633‌
)
Small-MidCap
Dividend
Income
Fund
543‌
(
68‌
)
1,115‌
(
520‌
)
$
26,728‌
$
21,919‌
$
93,572‌
$
12,826‌
Amounts
in
thousands.
(a)
Purchases
and
Sales
include
transactions
related
to
the
acquisition
of
the
High
Income
Fund
by
the
High
Yield
Fund.
Schedule
of
Investments
Principal
LifeTime
2050
Fund
July
31,
2025
(unaudited)
177
INVESTMENT
COMPANIES
-
100
.01
%
Shares
Held
Value
(000's)
Principal
Funds,
Inc.
Class
R-6
-
67
.89
%
Blue
Chip
Fund
(a)
7,226,731‌
$
374,561‌
Core
Fixed
Income
Fund
(a)
14,336,429‌
123,007‌
Global
Emerging
Markets
Fund
(a)
2,988,304‌
92,578‌
High
Yield
Fund
(a)
5,438,580‌
36,602‌
International
Equity
Fund
(a)
56,679,024‌
844,517‌
International
Small
Company
Fund
(a)
3,324,106‌
39,291‌
LargeCap
Growth
Fund
I
(a)
21,102,426‌
383,642‌
MidCap
Fund
(a)
1,651,480‌
78,710‌
Real
Estate
Securities
Fund
(a)
2,393,210‌
67,153‌
SmallCap
Fund
(a)
3,970,471‌
116,255‌
SmallCap
S&P
600
Index
Fund
(a)
1,298,142‌
32,142‌
Small-MidCap
Dividend
Income
Fund
(a)
4,233,574‌
80,565‌
$
2,269,023‌
Principal
Funds,
Inc.
Institutional
Class
-
32
.12
%
Equity
Income
Fund
(a)
8,429,278‌
347,876‌
LargeCap
S&P
500
Index
Fund
(a)
12,493,391‌
383,797‌
LargeCap
Value
Fund
III
(a)
17,246,272‌
341,821‌
$
1,073,494‌
TOTAL
INVESTMENT
COMPANIES
$
3,342,517‌
Total
Investments
$
3,342,517‌
Other
Assets
and
Liabilities
-  (0.01)%
(
246‌
)
TOTAL
NET
ASSETS
-
100.00%
$
3,342,271‌
(a)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940,
as
amended,
(the
"1940
Act"))
or
an
affiliate
as
defined
by
the
1940
Act
(controls
5.00%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
Affiliated
Securities
sub-schedule
for
transactional
information.
Affiliated
Securities
October
31,
2024
Purchases
(a)
Sales
(a)
July
31,
2025
Value
Cost
Proceeds
Value
Blue
Chip
Fund
$
387,324‌
$
23,306‌
$
78,266‌
$
374,561‌
Core
Fixed
Income
Fund
111,382‌
26,838‌
15,454‌
123,007‌
Diversified
International
Fund
744,415‌
41,835‌
782,889‌
—‌
Equity
Income
Fund
365,071‌
47,776‌
49,481‌
347,876‌
Global
Emerging
Markets
Fund
78,119‌
10,872‌
9,005‌
92,578‌
High
Income
Fund
3,683‌
99‌
4,856‌
—‌
High
Yield
Fund
33,723‌
11,117‌
7,021‌
36,602‌
High
Yield
Fund
-
Institutional
Class
—‌
4,708‌
4,708‌
—‌
International
Equity
Fund
—‌
819,781‌
38,840‌
844,517‌
International
Small
Company
Fund
72,023‌
9,771‌
45,508‌
39,291‌
LargeCap
Growth
Fund
I
387,302‌
102,065‌
61,740‌
383,642‌
LargeCap
S&P
500
Index
Fund
393,123‌
16,429‌
58,310‌
383,797‌
LargeCap
Value
Fund
III
365,834‌
41,068‌
49,301‌
341,821‌
MidCap
Fund
97,065‌
4,882‌
26,292‌
78,710‌
Real
Estate
Securities
Fund
77,113‌
3,790‌
9,033‌
67,153‌
SmallCap
Fund
132,352‌
5,377‌
22,777‌
116,255‌
SmallCap
S&P
600
Index
Fund
—‌
36,779‌
1,025‌
32,142‌
Small-MidCap
Dividend
Income
Fund
84,786‌
11,085‌
14,167‌
80,565‌
$
3,333,315‌
$
1,217,578‌
$
1,278,673‌
$
3,342,517‌
Income
Realized
Gain/(Loss)
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
(Loss)
Blue
Chip
Fund
$
506‌
$
3,791‌
$
17,101‌
$
38,406‌
Core
Fixed
Income
Fund
3,165‌
5‌
—‌
236‌
Diversified
International
Fund
18,001‌
38,367‌
20,661‌
(
41,728‌
)
Equity
Income
Fund
4,808‌
280‌
30,820‌
(
15,770‌
)
Global
Emerging
Markets
Fund
250‌
(
4‌
)
—‌
12,596‌
High
Income
Fund
99‌
(
26‌
)
—‌
1,100‌
High
Yield
Fund
1,757‌
(
33‌
)
—‌
(
1,184‌
)
High
Yield
Fund
-
Institutional
Class
—‌
—‌
—‌
—‌
International
Equity
Fund
—‌
(
296‌
)
—‌
63,872‌
International
Small
Company
Fund
1,996‌
996‌
—‌
2,009‌
LargeCap
Growth
Fund
I
2,207‌
(
271‌
)
94,159‌
(
43,714‌
)
LargeCap
S&P
500
Index
Fund
5,607‌
1,969‌
5,152‌
30,586‌
LargeCap
Value
Fund
III
5,174‌
74‌
22,856‌
(
15,854‌
)
MidCap
Fund
196‌
523‌
2,937‌
2,532‌
Real
Estate
Securities
Fund
1,277‌
89‌
1,165‌
(
4,806‌
)
SmallCap
Fund
1,281‌
(
11‌
)
1,304‌
1,314‌
SmallCap
S&P
600
Index
Fund
221‌
(
74‌
)
958‌
(
3,538‌
)
Small-MidCap
Dividend
Income
Fund
1,139‌
(
119‌
)
2,379‌
(
1,020‌
)
$
47,684‌
$
45,260‌
$
199,492‌
$
25,037‌
Amounts
in
thousands.
(a)
Purchases
and
Sales
include
transactions
related
to
the
acquisition
of
the
High
Income
Fund
by
the
High
Yield
Fund.
Schedule
of
Investments
Principal
LifeTime
2055
Fund
July
31,
2025
(unaudited)
178
INVESTMENT
COMPANIES
-
100
.01
%
Shares
Held
Value
(000's)
Principal
Funds,
Inc.
Class
R-6
-
67
.38
%
Blue
Chip
Fund
(a)
2,550,055‌
$
132,169‌
Core
Fixed
Income
Fund
(a)
3,478,202‌
29,843‌
Global
Emerging
Markets
Fund
(a)
1,055,950‌
32,713‌
High
Yield
Fund
(a)
1,458,645‌
9,817‌
International
Equity
Fund
(a)
20,036,174‌
298,539‌
International
Small
Company
Fund
(a)
1,180,587‌
13,954‌
LargeCap
Growth
Fund
I
(a)
7,445,472‌
135,359‌
MidCap
Fund
(a)
585,027‌
27,882‌
Real
Estate
Securities
Fund
(a)
841,298‌
23,607‌
SmallCap
Fund
(a)
1,416,215‌
41,467‌
SmallCap
S&P
600
Index
Fund
(a)
445,361‌
11,027‌
Small-MidCap
Dividend
Income
Fund
(a)
1,498,508‌
28,517‌
$
784,894‌
Principal
Funds,
Inc.
Institutional
Class
-
32
.63
%
Equity
Income
Fund
(a)
2,976,680‌
122,848‌
LargeCap
S&P
500
Index
Fund
(a)
4,442,984‌
136,488‌
LargeCap
Value
Fund
III
(a)
6,090,851‌
120,721‌
$
380,057‌
TOTAL
INVESTMENT
COMPANIES
$
1,164,951‌
Total
Investments
$
1,164,951‌
Other
Assets
and
Liabilities
-  (0.01)%
(
70‌
)
TOTAL
NET
ASSETS
-
100.00%
$
1,164,881‌
(a)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940,
as
amended,
(the
"1940
Act"))
or
an
affiliate
as
defined
by
the
1940
Act
(controls
5.00%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
Affiliated
Securities
sub-schedule
for
transactional
information.
Affiliated
Securities
October
31,
2024
Purchases
(a)
Sales
(a)
July
31,
2025
Value
Cost
Proceeds
Value
Blue
Chip
Fund
$
131,527‌
$
12,008‌
$
26,147‌
$
132,169‌
Core
Fixed
Income
Fund
30,671‌
3,488‌
4,392‌
29,843‌
Diversified
International
Fund
253,931‌
17,436‌
270,009‌
—‌
Equity
Income
Fund
124,436‌
21,507‌
17,794‌
122,848‌
Global
Emerging
Markets
Fund
26,939‌
4,655‌
3,295‌
32,713‌
High
Income
Fund
1,134‌
30‌
1,474‌
—‌
High
Yield
Fund
9,775‌
2,585‌
2,172‌
9,817‌
High
Yield
Fund
-
Institutional
Class
—‌
1,429‌
1,429‌
—‌
International
Equity
Fund
—‌
290,596‌
14,428‌
298,539‌
International
Small
Company
Fund
24,595‌
4,058‌
15,765‌
13,954‌
LargeCap
Growth
Fund
I
131,592‌
39,130‌
20,532‌
135,359‌
LargeCap
S&P
500
Index
Fund
134,266‌
9,612‌
18,925‌
136,488‌
LargeCap
Value
Fund
III
124,649‌
19,239‌
17,731‌
120,721‌
MidCap
Fund
33,436‌
2,906‌
9,493‌
27,882‌
Real
Estate
Securities
Fund
26,248‌
2,244‌
3,229‌
23,607‌
SmallCap
Fund
45,965‌
3,874‌
8,748‌
41,467‌
SmallCap
S&P
600
Index
Fund
—‌
12,617‌
351‌
11,027‌
Small-MidCap
Dividend
Income
Fund
29,200‌
4,884‌
5,124‌
28,517‌
$
1,128,364‌
$
452,298‌
$
441,038‌
$
1,164,951‌
Income
Realized
Gain/(Loss)
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
(Loss)
Blue
Chip
Fund
$
174‌
$
297‌
$
5,859‌
$
14,484‌
Core
Fixed
Income
Fund
839‌
2‌
—‌
74‌
Diversified
International
Fund
6,240‌
10,075‌
7,135‌
(
11,433‌
)
Equity
Income
Fund
1,673‌
20‌
10,608‌
(
5,321‌
)
Global
Emerging
Markets
Fund
88‌
(
8‌
)
—‌
4,422‌
High
Income
Fund
30‌
(
7‌
)
—‌
317‌
High
Yield
Fund
497‌
(
14‌
)
—‌
(
357‌
)
High
Yield
Fund
-
Institutional
Class
—‌
—‌
—‌
—‌
International
Equity
Fund
—‌
(
127‌
)
—‌
22,498‌
International
Small
Company
Fund
700‌
75‌
—‌
991‌
LargeCap
Growth
Fund
I
759‌
(
29‌
)
32,396‌
(
14,802‌
)
LargeCap
S&P
500
Index
Fund
1,940‌
429‌
1,782‌
11,106‌
LargeCap
Value
Fund
III
1,788‌
12‌
7,895‌
(
5,448‌
)
MidCap
Fund
69‌
98‌
1,023‌
935‌
Real
Estate
Securities
Fund
445‌
(
2‌
)
404‌
(
1,654‌
)
SmallCap
Fund
453‌
(
86‌
)
461‌
462‌
SmallCap
S&P
600
Index
Fund
76‌
(
25‌
)
329‌
(
1,214‌
)
Small-MidCap
Dividend
Income
Fund
401‌
(
45‌
)
830‌
(
398‌
)
$
16,172‌
$
10,665‌
$
68,722‌
$
14,662‌
Amounts
in
thousands.
(a)
Purchases
and
Sales
include
transactions
related
to
the
acquisition
of
the
High
Income
Fund
by
the
High
Yield
Fund.
Schedule
of
Investments
Principal
LifeTime
2060
Fund
July
31,
2025
(unaudited)
179
INVESTMENT
COMPANIES
-
100
.00
%
Shares
Held
Value
(000's)
Principal
Funds,
Inc.
Class
R-6
-
67
.41
%
Blue
Chip
Fund
(a)
2,501,003‌
$
129,627‌
Core
Fixed
Income
Fund
(a)
3,447,926‌
29,583‌
Global
Emerging
Markets
Fund
(a)
1,035,783‌
32,089‌
High
Yield
Fund
(a)
1,445,689‌
9,730‌
International
Equity
Fund
(a)
19,626,936‌
292,441‌
International
Small
Company
Fund
(a)
1,185,564‌
14,013‌
LargeCap
Growth
Fund
I
(a)
7,299,033‌
132,696‌
MidCap
Fund
(a)
577,368‌
27,517‌
Real
Estate
Securities
Fund
(a)
831,402‌
23,329‌
SmallCap
Fund
(a)
1,401,438‌
41,034‌
SmallCap
S&P
600
Index
Fund
(a)
429,865‌
10,644‌
Small-MidCap
Dividend
Income
Fund
(a)
1,478,394‌
28,134‌
$
770,837‌
Principal
Funds,
Inc.
Institutional
Class
-
32
.59
%
Equity
Income
Fund
(a)
2,921,136‌
120,555‌
LargeCap
S&P
500
Index
Fund
(a)
4,347,388‌
133,552‌
LargeCap
Value
Fund
III
(a)
5,978,818‌
118,500‌
$
372,607‌
TOTAL
INVESTMENT
COMPANIES
$
1,143,444‌
Total
Investments
$
1,143,444‌
Other
Assets
and
Liabilities
-  0.00%
(
56‌
)
TOTAL
NET
ASSETS
-
100.00%
$
1,143,388‌
(a)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940,
as
amended,
(the
"1940
Act"))
or
an
affiliate
as
defined
by
the
1940
Act
(controls
5.00%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
Affiliated
Securities
sub-schedule
for
transactional
information.
Affiliated
Securities
October
31,
2024
Purchases
(a)
Sales
(a)
July
31,
2025
Value
Cost
Proceeds
Value
Blue
Chip
Fund
$
126,062‌
$
12,661‌
$
23,542‌
$
129,627‌
Core
Fixed
Income
Fund
29,550‌
3,666‌
3,720‌
29,583‌
Diversified
International
Fund
243,614‌
17,677‌
260,153‌
—‌
Equity
Income
Fund
119,389‌
21,680‌
15,579‌
120,555‌
Global
Emerging
Markets
Fund
25,733‌
4,845‌
2,788‌
32,089‌
High
Income
Fund
1,110‌
30‌
1,406‌
—‌
High
Yield
Fund
9,322‌
2,596‌
1,866‌
9,730‌
High
Yield
Fund
-
Institutional
Class
—‌
1,362‌
1,362‌
—‌
International
Equity
Fund
—‌
281,723‌
10,965‌
292,441‌
International
Small
Company
Fund
23,689‌
4,057‌
14,799‌
14,013‌
LargeCap
Growth
Fund
I
126,137‌
38,547‌
18,140‌
132,696‌
LargeCap
S&P
500
Index
Fund
128,642‌
10,340‌
16,702‌
133,552‌
LargeCap
Value
Fund
III
119,603‌
19,469‌
15,518‌
118,500‌
MidCap
Fund
32,109‌
3,138‌
8,767‌
27,517‌
Real
Estate
Securities
Fund
25,223‌
2,425‌
2,734‌
23,329‌
SmallCap
Fund
44,030‌
4,281‌
7,724‌
41,034‌
SmallCap
S&P
600
Index
Fund
—‌
12,180‌
340‌
10,644‌
Small-MidCap
Dividend
Income
Fund
28,010‌
4,969‌
4,460‌
28,134‌
$
1,082,223‌
$
445,646‌
$
410,565‌
$
1,143,444‌
Income
Realized
Gain/(Loss)
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
(Loss)
Blue
Chip
Fund
$
166‌
$
101‌
$
5,609‌
$
14,345‌
Core
Fixed
Income
Fund
815‌
1‌
—‌
86‌
Diversified
International
Fund
5,958‌
7,221‌
6,850‌
(
8,359‌
)
Equity
Income
Fund
1,614‌
23‌
10,165‌
(
4,958‌
)
Global
Emerging
Markets
Fund
83‌
(
5‌
)
—‌
4,304‌
High
Income
Fund
30‌
(
6‌
)
—‌
272‌
High
Yield
Fund
482‌
(
9‌
)
—‌
(
313‌
)
High
Yield
Fund
-
Institutional
Class
—‌
—‌
—‌
—‌
International
Equity
Fund
—‌
(
91‌
)
—‌
21,774‌
International
Small
Company
Fund
668‌
275‌
—‌
791‌
LargeCap
Growth
Fund
I
725‌
68‌
30,937‌
(
13,916‌
)
LargeCap
S&P
500
Index
Fund
1,852‌
258‌
1,701‌
11,014‌
LargeCap
Value
Fund
III
1,709‌
20‌
7,545‌
(
5,074‌
)
MidCap
Fund
66‌
63‌
981‌
974‌
Real
Estate
Securities
Fund
430‌
(
1‌
)
386‌
(
1,584‌
)
SmallCap
Fund
432‌
(
59‌
)
439‌
506‌
SmallCap
S&P
600
Index
Fund
73‌
(
24‌
)
317‌
(
1,172‌
)
Small-MidCap
Dividend
Income
Fund
387‌
(
20‌
)
795‌
(
365‌
)
$
15,490‌
$
7,815‌
$
65,725‌
$
18,325‌
Amounts
in
thousands.
(a)
Purchases
and
Sales
include
transactions
related
to
the
acquisition
of
the
High
Income
Fund
by
the
High
Yield
Fund.
Schedule
of
Investments
Principal
LifeTime
2065
Fund
July
31,
2025
(unaudited)
180
INVESTMENT
COMPANIES
-
100.01%
Shares
Held
Value
(000's)
Principal
Funds,
Inc.
Class
R-6
-
67.48%
Blue
Chip
Fund
(a)
573,758‌
$
29,738‌
Core
Fixed
Income
Fund
(a)
807,277‌
6,926‌
Global
Emerging
Markets
Fund
(a)
237,505‌
7,358‌
High
Yield
Fund
(a)
338,405‌
2,277‌
International
Equity
Fund
(a)
4,491,744‌
66,927‌
International
Small
Company
Fund
(a)
285,036‌
3,369‌
LargeCap
Growth
Fund
I
(a)
1,673,353‌
30,422‌
MidCap
Fund
(a)
134,151‌
6,394‌
Real
Estate
Securities
Fund
(a)
193,034‌
5,417‌
SmallCap
Fund
(a)
330,529‌
9,678‌
SmallCap
S&P
600
Index
Fund
(a)
91,679‌
2,270‌
Small-MidCap
Dividend
Income
Fund
(a)
343,327‌
6,533‌
$
177,309‌
Principal
Funds,
Inc.
Institutional
Class
-
32.53%
Equity
Income
Fund
(a)
671,230‌
27,702‌
LargeCap
S&P
500
Index
Fund
(a)
993,478‌
30,519‌
LargeCap
Value
Fund
III
(a)
1,374,485‌
27,242‌
$
85,463‌
TOTAL
INVESTMENT
COMPANIES
$
262,772‌
Total
Investments
$
262,772‌
Other
Assets
and
Liabilities
-  (0.01)%
(19‌)
TOTAL
NET
ASSETS
-
100.00%
$
262,753‌
(a)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940,
as
amended,
(the
"1940
Act"))
or
an
affiliate
as
defined
by
the
1940
Act
(controls
5.00%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
Affiliated
Securities
sub-schedule
for
transactional
information.
Schedule
of
Investments
Principal
LifeTime
2065
Fund
July
31,
2025
(unaudited)
181
Affiliated
Securities
October
31,
2024
Purchases
(a)
Sales
(a)
July
31,
2025
Value
Cost
Proceeds
Value
Blue
Chip
Fund
$
25,865‌
$
5,932‌
$
5,290‌
$
29,738‌
Core
Fixed
Income
Fund
6,160‌
1,736‌
992‌
6,926‌
Diversified
International
Fund
50,198‌
5,726‌
55,718‌
—‌
Equity
Income
Fund
24,645‌
7,649‌
3,625‌
27,702‌
Global
Emerging
Markets
Fund
5,334‌
1,757‌
701‌
7,358‌
High
Income
Fund
230‌
6‌
271‌
—‌
High
Yield
Fund
1,943‌
837‌
457‌
2,277‌
High
Yield
Fund
-
Institutional
Class
—‌
262‌
262‌
—‌
International
Equity
Fund
—‌
65,267‌
3,207‌
66,927‌
International
Small
Company
Fund
4,937‌
1,519‌
3,341‌
3,369‌
LargeCap
Growth
Fund
I
25,901‌
11,368‌
4,118‌
30,422‌
LargeCap
S&P
500
Index
Fund
26,374‌
5,451‌
3,820‌
30,519‌
LargeCap
Value
Fund
III
24,680‌
7,196‌
3,612‌
27,242‌
MidCap
Fund
6,701‌
1,579‌
2,119‌
6,394‌
Real
Estate
Securities
Fund
5,257‌
1,221‌
712‌
5,417‌
SmallCap
Fund
9,244‌
2,400‌
2,106‌
9,678‌
SmallCap
S&P
600
Index
Fund
—‌
2,597‌
73‌
2,270‌
Small-MidCap
Dividend
Income
Fund
5,867‌
1,916‌
1,179‌
6,533‌
$
223,336‌
$
124,419‌
$
91,603‌
$
262,772‌
Income
Realized
Gain/(Loss)
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
(Loss)
Blue
Chip
Fund
$
35‌
$
3‌
$
1,169‌
$
3,228‌
Core
Fixed
Income
Fund
180‌
—‌
—‌
22‌
Diversified
International
Fund
1,266‌
989‌
1,463‌
(1,195‌
)
Equity
Income
Fund
353‌
—‌
2,134‌
(967‌)
Global
Emerging
Markets
Fund
18‌
(2‌)
—‌
970‌
High
Income
Fund
6‌
(1‌)
—‌
36‌
High
Yield
Fund
106‌
(2‌)
—‌
(44‌)
High
Yield
Fund
-
Institutional
Class
—‌
—‌
—‌
—‌
International
Equity
Fund
—‌
(26‌)
—‌
4,893‌
International
Small
Company
Fund
146‌
49‌
—‌
205‌
LargeCap
Growth
Fund
I
153‌
2‌
6,509‌
(2,731‌)
LargeCap
S&P
500
Index
Fund
389‌
2‌
357‌
2,512‌
LargeCap
Value
Fund
III
363‌
2‌
1,598‌
(1,024‌)
MidCap
Fund
14‌
5‌
209‌
228‌
Real
Estate
Securities
Fund
95‌
—‌
83‌
(349‌)
SmallCap
Fund
94‌
(5‌)
96‌
145‌
SmallCap
S&P
600
Index
Fund
15‌
(5‌)
67‌
(249‌)
Small-MidCap
Dividend
Income
Fund
85‌
(6‌)
170‌
(65‌)
$
3,318‌
$
1,005‌
$
13,855‌
$
5,615‌
Amounts
in
thousands.
(a)
Purchases
and
Sales
include
transactions
related
to
the
acquisition
of
the
High
Income
Fund
by
the
High
Yield
Fund.
Schedule
of
Investments
Principal
LifeTime
2070
Fund
July
31,
2025
(unaudited)
182
INVESTMENT
COMPANIES
-
100.01%
Shares
Held
Value
(000's)
Principal
Funds,
Inc.
Class
R-6
-
67.60%
Blue
Chip
Fund
(a)
168,065‌
$
8,711‌
Core
Fixed
Income
Fund
(a)
244,477‌
2,098‌
Global
Emerging
Markets
Fund
(a)
69,633‌
2,157‌
High
Yield
Fund
(a)
102,310‌
689‌
International
Equity
Fund
(a)
1,307,669‌
19,484‌
International
Small
Company
Fund
(a)
95,211‌
1,125‌
LargeCap
Growth
Fund
I
(a)
488,914‌
8,889‌
MidCap
Fund
(a)
40,829‌
1,946‌
Real
Estate
Securities
Fund
(a)
57,769‌
1,621‌
SmallCap
Fund
(a)
102,233‌
2,993‌
SmallCap
S&P
600
Index
Fund
(a)
23,884‌
591‌
Small-MidCap
Dividend
Income
Fund
(a)
104,364‌
1,986‌
$
52,290‌
Principal
Funds,
Inc.
Institutional
Class
-
32.41%
Equity
Income
Fund
(a)
197,474‌
8,150‌
LargeCap
S&P
500
Index
Fund
(a)
289,522‌
8,894‌
LargeCap
Value
Fund
III
(a)
405,001‌
8,027‌
$
25,071‌
TOTAL
INVESTMENT
COMPANIES
$
77,361‌
Total
Investments
$
77,361‌
Other
Assets
and
Liabilities
-  (0.01)%
(6‌)
TOTAL
NET
ASSETS
-
100.00%
$
77,355‌
(a)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940,
as
amended,
(the
"1940
Act"))
or
an
affiliate
as
defined
by
the
1940
Act
(controls
5.00%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
Affiliated
Securities
sub-schedule
for
transactional
information.
Schedule
of
Investments
Principal
LifeTime
2070
Fund
July
31,
2025
(unaudited)
183
Affiliated
Securities
October
31,
2024
Purchases
(a)
Sales
(a)
July
31,
2025
Value
Cost
Proceeds
Value
Blue
Chip
Fund
$
5,108‌
$
3,942‌
$
1,245‌
$
8,711‌
Core
Fixed
Income
Fund
1,248‌
1,205‌
365‌
2,098‌
Diversified
International
Fund
9,958‌
2,998‌
12,958‌
—‌
Equity
Income
Fund
4,874‌
4,295‌
913‌
8,150‌
Global
Emerging
Markets
Fund
1,078‌
1,008‌
196‌
2,157‌
High
Income
Fund
45‌
1‌
44‌
—‌
High
Yield
Fund
394‌
438‌
143‌
689‌
High
Yield
Fund
-
Institutional
Class
—‌
43‌
43‌
—‌
International
Equity
Fund
—‌
18,955‌
805‌
19,484‌
International
Small
Company
Fund
999‌
1,013‌
982‌
1,125‌
LargeCap
Growth
Fund
I
5,124‌
5,035‌
959‌
8,889‌
LargeCap
S&P
500
Index
Fund
5,200‌
3,908‌
922‌
8,894‌
LargeCap
Value
Fund
III
4,886‌
4,183‌
910‌
8,027‌
MidCap
Fund
1,338‌
1,127‌
591‌
1,946‌
Real
Estate
Securities
Fund
1,043‌
873‌
215‌
1,621‌
SmallCap
Fund
1,891‌
1,804‌
770‌
2,993‌
SmallCap
S&P
600
Index
Fund
—‌
655‌
20‌
591‌
Small-MidCap
Dividend
Income
Fund
1,180‌
1,138‌
332‌
1,986‌
$
44,366‌
$
52,621‌
$
22,413‌
$
77,361‌
Income
Realized
Gain/(Loss)
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
(Loss)
Blue
Chip
Fund
$
7‌
$
(32‌)
$
235‌
$
938‌
Core
Fixed
Income
Fund
45‌
(3‌)
—‌
13‌
Diversified
International
Fund
258‌
199‌
319‌
(197‌)
Equity
Income
Fund
85‌
(49‌)
430‌
(
57‌)
Global
Emerging
Markets
Fund
4‌
(1‌)
—‌
268‌
High
Income
Fund
1‌
—‌
—‌
(2‌)
High
Yield
Fund
27‌
(1‌)
—‌
1‌
High
Yield
Fund
-
Institutional
Class
—‌
—‌
—‌
—‌
International
Equity
Fund
—‌
(5‌)
—‌
1,339‌
International
Small
Company
Fund
31‌
3‌
—‌
92‌
LargeCap
Growth
Fund
I
31‌
(138‌)
1,314‌
(173‌)
LargeCap
S&P
500
Index
Fund
78‌
(14‌)
72‌
722‌
LargeCap
Value
Fund
III
73‌
(48‌)
324‌
(84‌)
MidCap
Fund
3‌
(20‌)
42‌
92‌
Real
Estate
Securities
Fund
24‌
(7‌)
17‌
(73‌)
SmallCap
Fund
20‌
(45‌)
20‌
113‌
SmallCap
S&P
600
Index
Fund
3‌
(5‌)
14‌
(39‌)
Small-MidCap
Dividend
Income
Fund
21‌
(12‌)
35‌
12‌
$
711‌
$
(178‌)
$
2,822‌
$
2,965‌
Amounts
in
thousands.
(a)
Purchases
and
Sales
include
transactions
related
to
the
acquisition
of
the
High
Income
Fund
by
the
High
Yield
Fund.
Schedule
of
Investments
Principal
LifeTime
Hybrid
2015
Fund
July
31,
2025
(unaudited)
184
INVESTMENT
COMPANIES
-
100
.02
%
Shares
Held
Value
(000's)
Principal
Funds,
Inc.
Class
R-6
-
22
.69
%
Diversified
Real
Asset
Fund
(a)
152,821‌
$
1,796‌
Global
Emerging
Markets
Fund
(a)
139,096‌
4,309‌
High
Yield
Fund
(a)
4,080,034‌
27,459‌
International
Equity
Fund
(a)
2,622,665‌
39,078‌
International
Small
Company
Fund
(a)
179,849‌
2,126‌
MidCap
S&P
400
Index
Fund
(a)
348,178‌
7,768‌
Real
Estate
Securities
Fund
(a)
259,417‌
7,279‌
SmallCap
S&P
600
Index
Fund
(a)
272,466‌
6,746‌
$
96,561‌
Principal
Funds,
Inc.
Institutional
Class
-
77
.33
%
Bond
Market
Index
Fund
(a)
17,079,361‌
146,882‌
Inflation
Protection
Fund
(a)
3,162,120‌
24,918‌
LargeCap
S&P
500
Index
Fund
(a)
2,792,917‌
85,798‌
Short-Term
Income
Fund
(a)
5,917,623‌
71,485‌
$
329,083‌
TOTAL
INVESTMENT
COMPANIES
$
425,644‌
Total
Investments
$
425,644‌
Other
Assets
and
Liabilities
-  (0.02)%
(
91‌
)
TOTAL
NET
ASSETS
-
100.00%
$
425,553‌
(a)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940,
as
amended,
(the
"1940
Act"))
or
an
affiliate
as
defined
by
the
1940
Act
(controls
5.00%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
Affiliated
Securities
sub-schedule
for
transactional
information.
Affiliated
Securities
October
31,
2024
Purchases
(a)
Sales
(a)
July
31,
2025
Value
Cost
Proceeds
Value
Bond
Market
Index
Fund
$
109,735‌
$
43,387‌
$
6,139‌
$
146,882‌
Diversified
International
Fund
25,739‌
3,726‌
29,431‌
—‌
Diversified
Real
Asset
Fund
1,629‌
511‌
372‌
1,796‌
Global
Emerging
Markets
Fund
2,780‌
1,143‌
174‌
4,309‌
High
Income
Fund
2,436‌
65‌
2,881‌
—‌
High
Yield
Fund
21,370‌
11,193‌
4,614‌
27,459‌
High
Yield
Fund
-
Institutional
Class
—‌
2,784‌
2,784‌
—‌
Inflation
Protection
Fund
19,179‌
7,270‌
1,633‌
24,918‌
International
Equity
Fund
—‌
37,336‌
1,039‌
39,078‌
International
Small
Company
Fund
2,610‌
1,142‌
1,789‌
2,126‌
LargeCap
S&P
500
Index
Fund
65,490‌
21,982‌
8,835‌
85,798‌
MidCap
S&P
400
Index
Fund
6,540‌
3,185‌
1,304‌
7,768‌
Real
Estate
Securities
Fund
5,904‌
2,140‌
357‌
7,279‌
Short-Term
Income
Fund
56,585‌
19,946‌
5,559‌
71,485‌
SmallCap
S&P
600
Index
Fund
4,544‌
3,561‌
761‌
6,746‌
$
324,541‌
$
159,371‌
$
67,672‌
$
425,644‌
Income
Realized
Gain/(Loss)
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
(Loss)
Bond
Market
Index
Fund
$
3,990‌
$
—‌
$
—‌
$
(
101‌
)
Diversified
International
Fund
662‌
3,556‌
779‌
(
3,590‌
)
Diversified
Real
Asset
Fund
29‌
14‌
—‌
14‌
Global
Emerging
Markets
Fund
9‌
—‌
—‌
560‌
High
Income
Fund
65‌
(
9‌
)
—‌
389‌
High
Yield
Fund
1,232‌
(
31‌
)
—‌
(
459‌
)
High
Yield
Fund
-
Institutional
Class
—‌
—‌
—‌
—‌
Inflation
Protection
Fund
652‌
—‌
—‌
102‌
International
Equity
Fund
—‌
(
5‌
)
—‌
2,786‌
International
Small
Company
Fund
79‌
25‌
—‌
138‌
LargeCap
S&P
500
Index
Fund
980‌
10‌
899‌
7,151‌
MidCap
S&P
400
Index
Fund
226‌
(
1‌
)
631‌
(
652‌
)
Real
Estate
Securities
Fund
117‌
(
1‌
)
96‌
(
407‌
)
Short-Term
Income
Fund
1,794‌
—‌
—‌
513‌
SmallCap
S&P
600
Index
Fund
85‌
1‌
368‌
(
599‌
)
$
9,920‌
$
3,559‌
$
2,773‌
$
5,845‌
Amounts
in
thousands.
(a)
Purchases
and
Sales
include
transactions
related
to
the
acquisition
of
the
High
Income
Fund
by
the
High
Yield
Fund.
Schedule
of
Investments
Principal
LifeTime
Hybrid
2020
Fund
July
31,
2025
(unaudited)
185
INVESTMENT
COMPANIES
-
100
.01
%
Shares
Held
Value
(000's)
Principal
Funds,
Inc.
Class
R-6
-
24
.69
%
Diversified
Real
Asset
Fund
(a)
205,624‌
$
2,416‌
Global
Emerging
Markets
Fund
(a)
228,754‌
7,087‌
High
Yield
Fund
(a)
5,048,421‌
33,976‌
International
Equity
Fund
(a)
4,325,491‌
64,450‌
International
Small
Company
Fund
(a)
271,204‌
3,206‌
MidCap
S&P
400
Index
Fund
(a)
559,744‌
12,488‌
Real
Estate
Securities
Fund
(a)
346,386‌
9,719‌
SmallCap
S&P
600
Index
Fund
(a)
446,046‌
11,044‌
$
144,386‌
Principal
Funds,
Inc.
Institutional
Class
-
75
.32
%
Bond
Market
Index
Fund
(a)
22,087,292‌
189,951‌
Inflation
Protection
Fund
(a)
3,876,992‌
30,551‌
LargeCap
S&P
500
Index
Fund
(a)
4,586,741‌
140,904‌
Short-Term
Income
Fund
(a)
6,543,913‌
79,050‌
$
440,456‌
TOTAL
INVESTMENT
COMPANIES
$
584,842‌
Total
Investments
$
584,842‌
Other
Assets
and
Liabilities
-  (0.01)%
(
60‌
)
TOTAL
NET
ASSETS
-
100.00%
$
584,782‌
(a)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940,
as
amended,
(the
"1940
Act"))
or
an
affiliate
as
defined
by
the
1940
Act
(controls
5.00%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
Affiliated
Securities
sub-schedule
for
transactional
information.
Affiliated
Securities
October
31,
2024
Purchases
(a)
Sales
(a)
July
31,
2025
Value
Cost
Proceeds
Value
Bond
Market
Index
Fund
$
170,802‌
$
34,653‌
$
14,711‌
$
189,951‌
Diversified
International
Fund
52,473‌
3,947‌
56,227‌
—‌
Diversified
Real
Asset
Fund
2,339‌
310‌
271‌
2,416‌
Global
Emerging
Markets
Fund
5,624‌
1,077‌
564‌
7,087‌
High
Income
Fund
3,647‌
98‌
4,352‌
—‌
High
Yield
Fund
31,977‌
10,392‌
7,595‌
33,976‌
High
Yield
Fund
-
Institutional
Class
—‌
4,206‌
4,206‌
—‌
Inflation
Protection
Fund
28,149‌
5,111‌
2,745‌
30,551‌
International
Equity
Fund
—‌
62,682‌
2,997‌
64,450‌
International
Small
Company
Fund
5,044‌
1,185‌
3,259‌
3,206‌
LargeCap
S&P
500
Index
Fund
133,703‌
17,203‌
21,825‌
140,904‌
MidCap
S&P
400
Index
Fund
12,725‌
3,286‌
2,243‌
12,488‌
Real
Estate
Securities
Fund
9,932‌
1,407‌
980‌
9,719‌
Short-Term
Income
Fund
74,272‌
13,223‌
9,040‌
79,050‌
SmallCap
S&P
600
Index
Fund
9,524‌
4,616‌
1,833‌
11,044‌
$
540,211‌
$
163,396‌
$
132,848‌
$
584,842‌
Income
Realized
Gain/(Loss)
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
(Loss)
Bond
Market
Index
Fund
$
6,022‌
$
(
4‌
)
$
—‌
$
(
789‌
)
Diversified
International
Fund
1,300‌
9,042‌
1,505‌
(
9,235‌
)
Diversified
Real
Asset
Fund
40‌
10‌
—‌
28‌
Global
Emerging
Markets
Fund
18‌
(
1‌
)
—‌
951‌
High
Income
Fund
98‌
(
14‌
)
—‌
621‌
High
Yield
Fund
1,665‌
(
64‌
)
—‌
(
734‌
)
High
Yield
Fund
-
Institutional
Class
—‌
—‌
—‌
—‌
Inflation
Protection
Fund
925‌
3‌
—‌
33‌
International
Equity
Fund
—‌
(
39‌
)
—‌
4,804‌
International
Small
Company
Fund
145‌
154‌
—‌
82‌
LargeCap
S&P
500
Index
Fund
1,947‌
358‌
1,789‌
11,465‌
MidCap
S&P
400
Index
Fund
427‌
3‌
1,192‌
(
1,283‌
)
Real
Estate
Securities
Fund
173‌
(
12‌
)
154‌
(
628‌
)
Short-Term
Income
Fund
2,139‌
(
4‌
)
—‌
599‌
SmallCap
S&P
600
Index
Fund
172‌
1‌
745‌
(
1,264‌
)
$
15,071‌
$
9,433‌
$
5,385‌
$
4,650‌
Amounts
in
thousands.
(a)
Purchases
and
Sales
include
transactions
related
to
the
acquisition
of
the
High
Income
Fund
by
the
High
Yield
Fund.
Schedule
of
Investments
Principal
LifeTime
Hybrid
2025
Fund
July
31,
2025
(unaudited)
186
INVESTMENT
COMPANIES
-
100
.01
%
Shares
Held
Value
(000's)
Principal
Funds,
Inc.
Class
R-6
-
26
.76
%
Diversified
Real
Asset
Fund
(a)
369,649‌
$
4,343‌
Global
Emerging
Markets
Fund
(a)
474,323‌
14,695‌
High
Yield
Fund
(a)
7,898,740‌
53,158‌
International
Equity
Fund
(a)
8,959,858‌
133,502‌
International
Small
Company
Fund
(a)
575,546‌
6,803‌
MidCap
S&P
400
Index
Fund
(a)
1,167,688‌
26,051‌
Real
Estate
Securities
Fund
(a)
616,787‌
17,307‌
SmallCap
S&P
600
Index
Fund
(a)
926,358‌
22,937‌
$
278,796‌
Principal
Funds,
Inc.
Institutional
Class
-
73
.25
%
Bond
Market
Index
Fund
(a)
37,931,897‌
326,214‌
Inflation
Protection
Fund
(a)
6,081,584‌
47,923‌
LargeCap
S&P
500
Index
Fund
(a)
9,504,539‌
291,980‌
Short-Term
Income
Fund
(a)
8,038,915‌
97,110‌
$
763,227‌
TOTAL
INVESTMENT
COMPANIES
$
1,042,023‌
Total
Investments
$
1,042,023‌
Other
Assets
and
Liabilities
-  (0.01)%
(
97‌
)
TOTAL
NET
ASSETS
-
100.00%
$
1,041,926‌
(a)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940,
as
amended,
(the
"1940
Act"))
or
an
affiliate
as
defined
by
the
1940
Act
(controls
5.00%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
Affiliated
Securities
sub-schedule
for
transactional
information.
Affiliated
Securities
October
31,
2024
Purchases
(a)
Sales
(a)
July
31,
2025
Value
Cost
Proceeds
Value
Bond
Market
Index
Fund
$
273,319‌
$
67,054‌
$
13,346‌
$
326,214‌
Diversified
International
Fund
100,230‌
10,977‌
110,953‌
—‌
Diversified
Real
Asset
Fund
4,073‌
724‌
524‌
4,343‌
Global
Emerging
Markets
Fund
10,796‌
2,583‌
648‌
14,695‌
High
Income
Fund
5,325‌
143‌
6,346‌
—‌
High
Yield
Fund
45,543‌
18,237‌
9,483‌
53,158‌
High
Yield
Fund
-
Institutional
Class
—‌
6,134‌
6,134‌
—‌
Inflation
Protection
Fund
40,866‌
9,721‌
2,792‌
47,923‌
International
Equity
Fund
—‌
126,625‌
2,931‌
133,502‌
International
Small
Company
Fund
9,846‌
2,722‌
6,295‌
6,803‌
LargeCap
S&P
500
Index
Fund
254,566‌
45,890‌
32,882‌
291,980‌
MidCap
S&P
400
Index
Fund
25,032‌
7,387‌
3,771‌
26,051‌
Real
Estate
Securities
Fund
16,208‌
3,166‌
994‌
17,307‌
Short-Term
Income
Fund
83,522‌
20,888‌
8,004‌
97,110‌
SmallCap
S&P
600
Index
Fund
17,916‌
10,228‌
2,787‌
22,937‌
$
887,242‌
$
332,479‌
$
207,890‌
$
1,042,023‌
Income
Realized
Gain/(Loss)
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
(Loss)
Bond
Market
Index
Fund
$
9,759‌
$
—‌
$
—‌
$
(
813‌
)
Diversified
International
Fund
2,528‌
10,904‌
2,962‌
(
11,158‌
)
Diversified
Real
Asset
Fund
71‌
9‌
—‌
61‌
Global
Emerging
Markets
Fund
36‌
1‌
—‌
1,963‌
High
Income
Fund
143‌
(
21‌
)
—‌
899‌
High
Yield
Fund
2,509‌
(
76‌
)
—‌
(
1,063‌
)
High
Yield
Fund
-
Institutional
Class
—‌
—‌
—‌
—‌
Inflation
Protection
Fund
1,362‌
—‌
—‌
128‌
International
Equity
Fund
—‌
1‌
—‌
9,807‌
International
Small
Company
Fund
291‌
69‌
—‌
461‌
LargeCap
S&P
500
Index
Fund
3,755‌
43‌
3,449‌
24,363‌
MidCap
S&P
400
Index
Fund
852‌
(
5‌
)
2,381‌
(
2,592‌
)
Real
Estate
Securities
Fund
299‌
(
2‌
)
257‌
(
1,071‌
)
Short-Term
Income
Fund
2,513‌
(
4‌
)
—‌
708‌
SmallCap
S&P
600
Index
Fund
330‌
1‌
1,427‌
(
2,421‌
)
$
24,448‌
$
10,920‌
$
10,476‌
$
19,272‌
Amounts
in
thousands.
(a)
Purchases
and
Sales
include
transactions
related
to
the
acquisition
of
the
High
Income
Fund
by
the
High
Yield
Fund.
Schedule
of
Investments
Principal
LifeTime
Hybrid
2030
Fund
July
31,
2025
(unaudited)
187
INVESTMENT
COMPANIES
-
100
.01
%
Shares
Held
Value
(000's)
Principal
Funds,
Inc.
Class
R-6
-
30
.01
%
Diversified
Real
Asset
Fund
(a)
489,569‌
$
5,752‌
Global
Emerging
Markets
Fund
(a)
662,451‌
20,523‌
High
Yield
Fund
(a)
8,297,444‌
55,842‌
International
Equity
Fund
(a)
12,503,757‌
186,306‌
International
Small
Company
Fund
(a)
819,024‌
9,681‌
MidCap
S&P
400
Index
Fund
(a)
1,641,044‌
36,612‌
Real
Estate
Securities
Fund
(a)
749,043‌
21,018‌
SmallCap
S&P
600
Index
Fund
(a)
1,301,053‌
32,214‌
$
367,948‌
Principal
Funds,
Inc.
Institutional
Class
-
70
.00
%
Bond
Market
Index
Fund
(a)
40,056,974‌
344,490‌
Inflation
Protection
Fund
(a)
5,941,882‌
46,822‌
LargeCap
S&P
500
Index
Fund
(a)
13,281,118‌
407,996‌
Short-Term
Income
Fund
(a)
4,887,033‌
59,035‌
$
858,343‌
TOTAL
INVESTMENT
COMPANIES
$
1,226,291‌
Total
Investments
$
1,226,291‌
Other
Assets
and
Liabilities
-  (0.01)%
(
162‌
)
TOTAL
NET
ASSETS
-
100.00%
$
1,226,129‌
(a)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940,
as
amended,
(the
"1940
Act"))
or
an
affiliate
as
defined
by
the
1940
Act
(controls
5.00%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
Affiliated
Securities
sub-schedule
for
transactional
information.
Affiliated
Securities
October
31,
2024
Purchases
(a)
Sales
(a)
July
31,
2025
Value
Cost
Proceeds
Value
Bond
Market
Index
Fund
$
269,539‌
$
87,368‌
$
11,879‌
$
344,490‌
Diversified
International
Fund
132,651‌
17,808‌
150,244‌
—‌
Diversified
Real
Asset
Fund
4,748‌
1,101‌
203‌
5,752‌
Global
Emerging
Markets
Fund
14,205‌
4,286‌
682‌
20,523‌
High
Income
Fund
5,186‌
139‌
6,227‌
—‌
High
Yield
Fund
44,506‌
21,007‌
8,530‌
55,842‌
High
Yield
Fund
-
Institutional
Class
—‌
6,020‌
6,020‌
—‌
Inflation
Protection
Fund
37,893‌
11,994‌
3,230‌
46,822‌
International
Equity
Fund
—‌
175,781‌
3,007‌
186,306‌
International
Small
Company
Fund
13,077‌
4,189‌
8,372‌
9,681‌
LargeCap
S&P
500
Index
Fund
337,016‌
78,165‌
40,962‌
407,996‌
MidCap
S&P
400
Index
Fund
33,305‌
12,050‌
5,299‌
36,612‌
Real
Estate
Securities
Fund
18,855‌
4,702‌
1,290‌
21,018‌
Short-Term
Income
Fund
47,156‌
17,691‌
6,205‌
59,035‌
SmallCap
S&P
600
Index
Fund
23,981‌
15,163‌
3,653‌
32,214‌
$
982,118‌
$
457,464‌
$
255,803‌
$
1,226,291‌
Income
Realized
Gain/(Loss)
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
(Loss)
Bond
Market
Index
Fund
$
9,744‌
$
1‌
$
—‌
$
(
539‌
)
Diversified
International
Fund
3,381‌
13,722‌
3,978‌
(
13,937‌
)
Diversified
Real
Asset
Fund
89‌
—‌
—‌
106‌
Global
Emerging
Markets
Fund
48‌
(
1‌
)
—‌
2,715‌
High
Income
Fund
139‌
(
20‌
)
—‌
922‌
High
Yield
Fund
2,549‌
(
61‌
)
—‌
(
1,080‌
)
High
Yield
Fund
-
Institutional
Class
—‌
—‌
—‌
—‌
Inflation
Protection
Fund
1,252‌
—‌
—‌
165‌
International
Equity
Fund
—‌
(
20‌
)
—‌
13,552‌
International
Small
Company
Fund
393‌
66‌
—‌
721‌
LargeCap
S&P
500
Index
Fund
5,006‌
(
78‌
)
4,570‌
33,855‌
MidCap
S&P
400
Index
Fund
1,140‌
(
2‌
)
3,170‌
(
3,442‌
)
Real
Estate
Securities
Fund
355‌
1‌
301‌
(
1,250‌
)
Short-Term
Income
Fund
1,442‌
(
3‌
)
—‌
396‌
SmallCap
S&P
600
Index
Fund
445‌
(
2‌
)
1,911‌
(
3,275‌
)
$
25,983‌
$
13,603‌
$
13,930‌
$
28,909‌
Amounts
in
thousands.
(a)
Purchases
and
Sales
include
transactions
related
to
the
acquisition
of
the
High
Income
Fund
by
the
High
Yield
Fund.
Schedule
of
Investments
Principal
LifeTime
Hybrid
2035
Fund
July
31,
2025
(unaudited)
188
INVESTMENT
COMPANIES
-
100
.01
%
Shares
Held
Value
(000's)
Principal
Funds,
Inc.
Class
R-6
-
33
.19
%
Global
Emerging
Markets
Fund
(a)
537,654‌
$
16,657‌
High
Yield
Fund
(a)
5,509,424‌
37,079‌
International
Equity
Fund
(a)
10,158,880‌
151,367‌
International
Small
Company
Fund
(a)
662,891‌
7,835‌
MidCap
S&P
400
Index
Fund
(a)
1,330,395‌
29,681‌
Real
Estate
Securities
Fund
(a)
657,472‌
18,449‌
SmallCap
S&P
600
Index
Fund
(a)
1,055,415‌
26,132‌
$
287,200‌
Principal
Funds,
Inc.
Institutional
Class
-
66
.82
%
Bond
Market
Index
Fund
(a)
28,685,944‌
246,699‌
LargeCap
S&P
500
Index
Fund
(a)
10,787,313‌
331,386‌
$
578,085‌
TOTAL
INVESTMENT
COMPANIES
$
865,285‌
Total
Investments
$
865,285‌
Other
Assets
and
Liabilities
-  (0.01)%
(
106‌
)
TOTAL
NET
ASSETS
-
100.00%
$
865,179‌
(a)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940,
as
amended,
(the
"1940
Act"))
or
an
affiliate
as
defined
by
the
1940
Act
(controls
5.00%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
Affiliated
Securities
sub-schedule
for
transactional
information.
Affiliated
Securities
October
31,
2024
Purchases
(a)
Sales
(a)
July
31,
2025
Value
Cost
Proceeds
Value
Bond
Market
Index
Fund
$
199,855‌
$
57,076‌
$
9,665‌
$
246,699‌
Diversified
International
Fund
111,116‌
12,609‌
123,419‌
—‌
Global
Emerging
Markets
Fund
11,784‌
3,209‌
538‌
16,657‌
High
Income
Fund
3,437‌
92‌
4,188‌
—‌
High
Yield
Fund
30,465‌
12,373‌
4,937‌
37,079‌
High
Yield
Fund
-
Institutional
Class
—‌
4,051‌
4,051‌
—‌
International
Equity
Fund
—‌
142,458‌
2,080‌
151,367‌
International
Small
Company
Fund
10,932‌
3,086‌
6,799‌
7,835‌
LargeCap
S&P
500
Index
Fund
282,174‌
53,559‌
31,771‌
331,386‌
MidCap
S&P
400
Index
Fund
27,507‌
8,827‌
3,833‌
29,681‌
Real
Estate
Securities
Fund
16,959‌
3,588‌
968‌
18,449‌
SmallCap
S&P
600
Index
Fund
20,051‌
11,635‌
2,834‌
26,132‌
$
714,280‌
$
312,563‌
$
195,083‌
$
865,285‌
Income
Realized
Gain/(Loss)
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
(Loss)
Bond
Market
Index
Fund
$
7,070‌
$
—‌
$
—‌
$
(
567‌
)
Diversified
International
Fund
2,813‌
9,130‌
3,288‌
(
9,436‌
)
Global
Emerging
Markets
Fund
40‌
—‌
—‌
2,202‌
High
Income
Fund
92‌
(
14‌
)
—‌
673‌
High
Yield
Fund
1,701‌
(
33‌
)
—‌
(
789‌
)
High
Yield
Fund
-
Institutional
Class
—‌
—‌
—‌
—‌
International
Equity
Fund
—‌
—‌
—‌
10,989‌
International
Small
Company
Fund
326‌
132‌
—‌
484‌
LargeCap
S&P
500
Index
Fund
4,174‌
(
12‌
)
3,831‌
27,436‌
MidCap
S&P
400
Index
Fund
940‌
(
1‌
)
2,623‌
(
2,819‌
)
Real
Estate
Securities
Fund
315‌
—‌
269‌
(
1,130‌
)
SmallCap
S&P
600
Index
Fund
369‌
2‌
1,598‌
(
2,722‌
)
$
17,840‌
$
9,204‌
$
11,609‌
$
24,321‌
Amounts
in
thousands.
(a)
Purchases
and
Sales
include
transactions
related
to
the
acquisition
of
the
High
Income
Fund
by
the
High
Yield
Fund.
Schedule
of
Investments
Principal
LifeTime
Hybrid
2040
Fund
July
31,
2025
(unaudited)
189
INVESTMENT
COMPANIES
-
100
.01
%
Shares
Held
Value
(000's)
Principal
Funds,
Inc.
Class
R-6
-
36
.91
%
Global
Emerging
Markets
Fund
(a)
775,482‌
$
24,024‌
High
Yield
Fund
(a)
4,949,858‌
33,312‌
International
Equity
Fund
(a)
14,617,652‌
217,803‌
International
Small
Company
Fund
(a)
997,344‌
11,789‌
MidCap
S&P
400
Index
Fund
(a)
1,942,464‌
43,336‌
Real
Estate
Securities
Fund
(a)
795,138‌
22,312‌
SmallCap
S&P
600
Index
Fund
(a)
1,530,761‌
37,902‌
$
390,478‌
Principal
Funds,
Inc.
Institutional
Class
-
63
.10
%
Bond
Market
Index
Fund
(a)
22,079,976‌
189,888‌
LargeCap
S&P
500
Index
Fund
(a)
15,551,523‌
477,743‌
$
667,631‌
TOTAL
INVESTMENT
COMPANIES
$
1,058,109‌
Total
Investments
$
1,058,109‌
Other
Assets
and
Liabilities
-  (0.01)%
(
133‌
)
TOTAL
NET
ASSETS
-
100.00%
$
1,057,976‌
(a)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940,
as
amended,
(the
"1940
Act"))
or
an
affiliate
as
defined
by
the
1940
Act
(controls
5.00%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
Affiliated
Securities
sub-schedule
for
transactional
information.
Affiliated
Securities
October
31,
2024
Purchases
(a)
Sales
(a)
July
31,
2025
Value
Cost
Proceeds
Value
Bond
Market
Index
Fund
$
133,659‌
$
60,472‌
$
4,117‌
$
189,888‌
Diversified
International
Fund
144,186‌
21,033‌
164,946‌
—‌
Global
Emerging
Markets
Fund
15,446‌
6,060‌
574‌
24,024‌
High
Income
Fund
2,703‌
73‌
3,291‌
—‌
High
Yield
Fund
23,419‌
13,729‌
3,222‌
33,312‌
High
Yield
Fund
-
Institutional
Class
—‌
3,184‌
3,184‌
—‌
International
Equity
Fund
—‌
203,936‌
1,457‌
217,803‌
International
Small
Company
Fund
14,205‌
6,034‌
9,370‌
11,789‌
LargeCap
S&P
500
Index
Fund
366,634‌
108,617‌
36,216‌
477,743‌
MidCap
S&P
400
Index
Fund
35,818‌
16,183‌
4,975‌
43,336‌
Real
Estate
Securities
Fund
18,377‌
6,089‌
867‌
22,312‌
SmallCap
S&P
600
Index
Fund
26,311‌
18,765‌
3,532‌
37,902‌
$
780,758‌
$
464,175‌
$
235,751‌
$
1,058,109‌
Income
Realized
Gain/(Loss)
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
(Loss)
Bond
Market
Index
Fund
$
4,813‌
$
—‌
$
—‌
$
(
126‌
)
Diversified
International
Fund
3,715‌
11,838‌
4,384‌
(
12,111‌
)
Global
Emerging
Markets
Fund
53‌
—‌
—‌
3,092‌
High
Income
Fund
73‌
(
11‌
)
—‌
526‌
High
Yield
Fund
1,408‌
(
22‌
)
—‌
(
592‌
)
High
Yield
Fund
-
Institutional
Class
—‌
—‌
—‌
—‌
International
Equity
Fund
—‌
(
7‌
)
—‌
15,331‌
International
Small
Company
Fund
434‌
108‌
—‌
812‌
LargeCap
S&P
500
Index
Fund
5,504‌
3‌
5,054‌
38,705‌
MidCap
S&P
400
Index
Fund
1,246‌
(
1‌
)
3,479‌
(
3,689‌
)
Real
Estate
Securities
Fund
360‌
—‌
297‌
(
1,287‌
)
SmallCap
S&P
600
Index
Fund
493‌
14‌
2,134‌
(
3,656‌
)
$
18,099‌
$
11,922‌
$
15,348‌
$
37,005‌
Amounts
in
thousands.
(a)
Purchases
and
Sales
include
transactions
related
to
the
acquisition
of
the
High
Income
Fund
by
the
High
Yield
Fund.
Schedule
of
Investments
Principal
LifeTime
Hybrid
2045
Fund
July
31,
2025
(unaudited)
190
INVESTMENT
COMPANIES
-
100
.01
%
Shares
Held
Value
(000's)
Principal
Funds,
Inc.
Class
R-6
-
39
.58
%
Global
Emerging
Markets
Fund
(a)
483,946‌
$
14,993‌
High
Yield
Fund
(a)
1,955,580‌
13,161‌
International
Equity
Fund
(a)
9,142,484‌
136,223‌
International
Small
Company
Fund
(a)
588,057‌
6,951‌
MidCap
S&P
400
Index
Fund
(a)
1,192,449‌
26,604‌
Real
Estate
Securities
Fund
(a)
435,687‌
12,225‌
SmallCap
S&P
600
Index
Fund
(a)
946,943‌
23,446‌
$
233,603‌
Principal
Funds,
Inc.
Institutional
Class
-
60
.43
%
Bond
Market
Index
Fund
(a)
6,835,135‌
58,782‌
LargeCap
S&P
500
Index
Fund
(a)
9,695,950‌
297,860‌
$
356,642‌
TOTAL
INVESTMENT
COMPANIES
$
590,245‌
Total
Investments
$
590,245‌
Other
Assets
and
Liabilities
-  (0.01)%
(
78‌
)
TOTAL
NET
ASSETS
-
100.00%
$
590,167‌
(a)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940,
as
amended,
(the
"1940
Act"))
or
an
affiliate
as
defined
by
the
1940
Act
(controls
5.00%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
Affiliated
Securities
sub-schedule
for
transactional
information.
Affiliated
Securities
October
31,
2024
Purchases
(a)
Sales
(a)
July
31,
2025
Value
Cost
Proceeds
Value
Bond
Market
Index
Fund
$
45,656‌
$
15,820‌
$
2,598‌
$
58,782‌
Diversified
International
Fund
99,185‌
11,982‌
110,929‌
—‌
Global
Emerging
Markets
Fund
10,636‌
2,967‌
599‌
14,993‌
High
Income
Fund
1,162‌
31‌
1,402‌
—‌
High
Yield
Fund
10,220‌
4,637‌
1,442‌
13,161‌
High
Yield
Fund
-
Institutional
Class
—‌
1,355‌
1,355‌
—‌
International
Equity
Fund
—‌
129,223‌
2,886‌
136,223‌
International
Small
Company
Fund
9,718‌
2,778‌
6,100‌
6,951‌
LargeCap
S&P
500
Index
Fund
252,094‌
47,728‌
26,771‌
297,860‌
MidCap
S&P
400
Index
Fund
24,617‌
7,938‌
3,439‌
26,604‌
Real
Estate
Securities
Fund
11,242‌
2,393‌
665‌
12,225‌
SmallCap
S&P
600
Index
Fund
18,266‌
10,447‌
2,779‌
23,446‌
$
482,796‌
$
237,299‌
$
160,965‌
$
590,245‌
Income
Realized
Gain/(Loss)
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
(Loss)
Bond
Market
Index
Fund
$
1,615‌
$
—‌
$
—‌
$
(
96‌
)
Diversified
International
Fund
2,507‌
7,513‌
2,948‌
(
7,751‌
)
Global
Emerging
Markets
Fund
36‌
1‌
—‌
1,988‌
High
Income
Fund
31‌
(
5‌
)
—‌
214‌
High
Yield
Fund
588‌
(
7‌
)
—‌
(
247‌
)
High
Yield
Fund
-
Institutional
Class
—‌
—‌
—‌
—‌
International
Equity
Fund
—‌
(
16‌
)
—‌
9,902‌
International
Small
Company
Fund
288‌
72‌
—‌
483‌
LargeCap
S&P
500
Index
Fund
3,726‌
6‌
3,420‌
24,803‌
MidCap
S&P
400
Index
Fund
840‌
—‌
2,345‌
(
2,512‌
)
Real
Estate
Securities
Fund
210‌
—‌
178‌
(
745‌
)
SmallCap
S&P
600
Index
Fund
335‌
11‌
1,452‌
(
2,499‌
)
$
10,176‌
$
7,575‌
$
10,343‌
$
23,540‌
Amounts
in
thousands.
(a)
Purchases
and
Sales
include
transactions
related
to
the
acquisition
of
the
High
Income
Fund
by
the
High
Yield
Fund.
Schedule
of
Investments
Principal
LifeTime
Hybrid
2050
Fund
July
31,
2025
(unaudited)
191
INVESTMENT
COMPANIES
-
100
.01
%
Shares
Held
Value
(000's)
Principal
Funds,
Inc.
Class
R-6
-
41
.51
%
Global
Emerging
Markets
Fund
(a)
496,311‌
$
15,375‌
High
Yield
Fund
(a)
949,831‌
6,392‌
International
Equity
Fund
(a)
9,361,933‌
139,493‌
International
Small
Company
Fund
(a)
622,661‌
7,360‌
MidCap
S&P
400
Index
Fund
(a)
1,231,926‌
27,484‌
Real
Estate
Securities
Fund
(a)
410,079‌
11,507‌
SmallCap
S&P
600
Index
Fund
(a)
975,717‌
24,159‌
$
231,770‌
Principal
Funds,
Inc.
Institutional
Class
-
58
.50
%
Bond
Market
Index
Fund
(a)
2,487,149‌
21,390‌
LargeCap
S&P
500
Index
Fund
(a)
9,936,079‌
305,236‌
$
326,626‌
TOTAL
INVESTMENT
COMPANIES
$
558,396‌
Total
Investments
$
558,396‌
Other
Assets
and
Liabilities
-  (0.01)%
(
69‌
)
TOTAL
NET
ASSETS
-
100.00%
$
558,327‌
(a)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940,
as
amended,
(the
"1940
Act"))
or
an
affiliate
as
defined
by
the
1940
Act
(controls
5.00%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
Affiliated
Securities
sub-schedule
for
transactional
information.
Affiliated
Securities
October
31,
2024
Purchases
(a)
Sales
(a)
July
31,
2025
Value
Cost
Proceeds
Value
Bond
Market
Index
Fund
$
14,620‌
$
7,428‌
$
652‌
$
21,390‌
Diversified
International
Fund
96,214‌
11,591‌
107,590‌
—‌
Global
Emerging
Markets
Fund
10,261‌
3,510‌
408‌
15,375‌
High
Income
Fund
489‌
13‌
578‌
—‌
High
Yield
Fund
4,387‌
2,606‌
517‌
6,392‌
High
Yield
Fund
-
Institutional
Class
—‌
558‌
558‌
—‌
International
Equity
Fund
—‌
131,188‌
1,704‌
139,493‌
International
Small
Company
Fund
9,497‌
3,316‌
6,040‌
7,360‌
LargeCap
S&P
500
Index
Fund
244,559‌
56,631‌
21,542‌
305,236‌
MidCap
S&P
400
Index
Fund
23,950‌
8,961‌
3,084‌
27,484‌
Real
Estate
Securities
Fund
10,015‌
2,632‌
466‌
11,507‌
SmallCap
S&P
600
Index
Fund
17,553‌
11,201‌
2,287‌
24,159‌
$
431,545‌
$
239,635‌
$
145,426‌
$
558,396‌
Income
Realized
Gain/(Loss)
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
(Loss)
Bond
Market
Index
Fund
$
516‌
$
—‌
$
—‌
$
(
6‌
)
Diversified
International
Fund
2,419‌
7,576‌
2,857‌
(
7,791‌
)
Global
Emerging
Markets
Fund
34‌
—‌
—‌
2,012‌
High
Income
Fund
13‌
(
1‌
)
—‌
77‌
High
Yield
Fund
266‌
(
3‌
)
—‌
(
81‌
)
High
Yield
Fund
-
Institutional
Class
—‌
—‌
—‌
—‌
International
Equity
Fund
—‌
(
16‌
)
—‌
10,025‌
International
Small
Company
Fund
280‌
72‌
—‌
515‌
LargeCap
S&P
500
Index
Fund
3,601‌
6‌
3,306‌
25,582‌
MidCap
S&P
400
Index
Fund
814‌
(
1‌
)
2,271‌
(
2,342‌
)
Real
Estate
Securities
Fund
191‌
—‌
158‌
(
674‌
)
SmallCap
S&P
600
Index
Fund
322‌
5‌
1,392‌
(
2,313‌
)
$
8,456‌
$
7,638‌
$
9,984‌
$
25,004‌
Amounts
in
thousands.
(a)
Purchases
and
Sales
include
transactions
related
to
the
acquisition
of
the
High
Income
Fund
by
the
High
Yield
Fund.
Schedule
of
Investments
Principal
LifeTime
Hybrid
2055
Fund
July
31,
2025
(unaudited)
192
INVESTMENT
COMPANIES
-
100
.02
%
Shares
Held
Value
(000's)
Principal
Funds,
Inc.
Class
R-6
-
41
.83
%
Global
Emerging
Markets
Fund
(a)
317,958‌
$
9,851‌
High
Yield
Fund
(a)
463,478‌
3,119‌
International
Equity
Fund
(a)
5,994,441‌
89,317‌
International
Small
Company
Fund
(a)
396,633‌
4,688‌
MidCap
S&P
400
Index
Fund
(a)
788,311‌
17,587‌
Real
Estate
Securities
Fund
(a)
259,106‌
7,271‌
SmallCap
S&P
600
Index
Fund
(a)
625,240‌
15,481‌
$
147,314‌
Principal
Funds,
Inc.
Institutional
Class
-
58
.19
%
Bond
Market
Index
Fund
(a)
1,100,500‌
9,464‌
LargeCap
S&P
500
Index
Fund
(a)
6,362,531‌
195,457‌
$
204,921‌
TOTAL
INVESTMENT
COMPANIES
$
352,235‌
Total
Investments
$
352,235‌
Other
Assets
and
Liabilities
-  (0.02)%
(
55‌
)
TOTAL
NET
ASSETS
-
100.00%
$
352,180‌
(a)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940,
as
amended,
(the
"1940
Act"))
or
an
affiliate
as
defined
by
the
1940
Act
(controls
5.00%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
Affiliated
Securities
sub-schedule
for
transactional
information.
Affiliated
Securities
October
31,
2024
Purchases
(a)
Sales
(a)
July
31,
2025
Value
Cost
Proceeds
Value
Bond
Market
Index
Fund
$
7,495‌
$
2,408‌
$
432‌
$
9,464‌
Diversified
International
Fund
60,686‌
8,406‌
68,980‌
—‌
Global
Emerging
Markets
Fund
6,491‌
2,402‌
328‌
9,851‌
High
Income
Fund
276‌
7‌
328‌
—‌
High
Yield
Fund
2,344‌
1,160‌
328‌
3,119‌
High
Yield
Fund
-
Institutional
Class
—‌
317‌
317‌
—‌
International
Equity
Fund
—‌
84,231‌
1,293‌
89,317‌
International
Small
Company
Fund
6,010‌
2,246‌
3,942‌
4,688‌
LargeCap
S&P
500
Index
Fund
153,858‌
38,875‌
13,468‌
195,457‌
MidCap
S&P
400
Index
Fund
15,325‌
6,084‌
2,258‌
17,587‌
Real
Estate
Securities
Fund
6,297‌
1,795‌
391‌
7,271‌
SmallCap
S&P
600
Index
Fund
11,289‌
7,485‌
1,746‌
15,481‌
$
270,071‌
$
155,416‌
$
93,811‌
$
352,235‌
Income
Realized
Gain/(Loss)
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
(Loss)
Bond
Market
Index
Fund
$
267‌
$
—‌
$
—‌
$
(
7‌
)
Diversified
International
Fund
1,540‌
4,416‌
1,822‌
(
4,528‌
)
Global
Emerging
Markets
Fund
22‌
1‌
—‌
1,285‌
High
Income
Fund
7‌
(
1‌
)
—‌
46‌
High
Yield
Fund
138‌
(
2‌
)
—‌
(
55‌
)
High
Yield
Fund
-
Institutional
Class
—‌
—‌
—‌
—‌
International
Equity
Fund
—‌
(
5‌
)
—‌
6,384‌
International
Small
Company
Fund
179‌
20‌
—‌
354‌
LargeCap
S&P
500
Index
Fund
2,283‌
10‌
2,097‌
16,182‌
MidCap
S&P
400
Index
Fund
525‌
1‌
1,467‌
(
1,565‌
)
Real
Estate
Securities
Fund
122‌
—‌
100‌
(
430‌
)
SmallCap
S&P
600
Index
Fund
209‌
3‌
903‌
(
1,550‌
)
$
5,292‌
$
4,443‌
$
6,389‌
$
16,116‌
Amounts
in
thousands.
(a)
Purchases
and
Sales
include
transactions
related
to
the
acquisition
of
the
High
Income
Fund
by
the
High
Yield
Fund.
Schedule
of
Investments
Principal
LifeTime
Hybrid
2060
Fund
July
31,
2025
(unaudited)
193
INVESTMENT
COMPANIES
-
100
.02
%
Shares
Held
Value
(000's)
Principal
Funds,
Inc.
Class
R-6
-
41
.89
%
Global
Emerging
Markets
Fund
(a)
175,213‌
$
5,428‌
High
Yield
Fund
(a)
259,247‌
1,745‌
International
Equity
Fund
(a)
3,297,570‌
49,134‌
International
Small
Company
Fund
(a)
225,812‌
2,669‌
MidCap
S&P
400
Index
Fund
(a)
437,717‌
9,766‌
Real
Estate
Securities
Fund
(a)
144,556‌
4,056‌
SmallCap
S&P
600
Index
Fund
(a)
346,260‌
8,573‌
$
81,371‌
Principal
Funds,
Inc.
Institutional
Class
-
58
.13
%
Bond
Market
Index
Fund
(a)
615,565‌
5,294‌
LargeCap
S&P
500
Index
Fund
(a)
3,502,832‌
107,607‌
$
112,901‌
TOTAL
INVESTMENT
COMPANIES
$
194,272‌
Total
Investments
$
194,272‌
Other
Assets
and
Liabilities
-  (0.02)%
(
46‌
)
TOTAL
NET
ASSETS
-
100.00%
$
194,226‌
(a)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940,
as
amended,
(the
"1940
Act"))
or
an
affiliate
as
defined
by
the
1940
Act
(controls
5.00%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
Affiliated
Securities
sub-schedule
for
transactional
information.
Affiliated
Securities
October
31,
2024
Purchases
(a)
Sales
(a)
July
31,
2025
Value
Cost
Proceeds
Value
Bond
Market
Index
Fund
$
3,992‌
$
1,596‌
$
292‌
$
5,294‌
Diversified
International
Fund
32,148‌
4,928‌
36,998‌
—‌
Global
Emerging
Markets
Fund
3,456‌
1,499‌
230‌
5,428‌
High
Income
Fund
146‌
4‌
172‌
—‌
High
Yield
Fund
1,252‌
710‌
190‌
1,745‌
High
Yield
Fund
-
Institutional
Class
—‌
166‌
166‌
—‌
International
Equity
Fund
—‌
46,422‌
792‌
49,134‌
International
Small
Company
Fund
3,202‌
1,444‌
2,188‌
2,669‌
LargeCap
S&P
500
Index
Fund
81,426‌
25,373‌
8,233‌
107,607‌
MidCap
S&P
400
Index
Fund
8,163‌
3,805‌
1,392‌
9,766‌
Real
Estate
Securities
Fund
3,358‌
1,172‌
242‌
4,056‌
SmallCap
S&P
600
Index
Fund
6,023‌
4,452‌
1,096‌
8,573‌
$
143,166‌
$
91,571‌
$
51,991‌
$
194,272‌
Income
Realized
Gain/(Loss)
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
(Loss)
Bond
Market
Index
Fund
$
144‌
$
—‌
$
—‌
$
(
2‌
)
Diversified
International
Fund
826‌
2,295‌
969‌
(
2,373‌
)
Global
Emerging
Markets
Fund
12‌
1‌
—‌
702‌
High
Income
Fund
4‌
—‌
—‌
22‌
High
Yield
Fund
74‌
(
1‌
)
—‌
(
26‌
)
High
Yield
Fund
-
Institutional
Class
—‌
—‌
—‌
—‌
International
Equity
Fund
—‌
5‌
—‌
3,499‌
International
Small
Company
Fund
97‌
3‌
—‌
208‌
LargeCap
S&P
500
Index
Fund
1,217‌
8‌
1,117‌
9,033‌
MidCap
S&P
400
Index
Fund
282‌
1‌
788‌
(
811‌
)
Real
Estate
Securities
Fund
66‌
—‌
54‌
(
232‌
)
SmallCap
S&P
600
Index
Fund
112‌
2‌
486‌
(
808‌
)
$
2,834‌
$
2,314‌
$
3,414‌
$
9,212‌
Amounts
in
thousands.
(a)
Purchases
and
Sales
include
transactions
related
to
the
acquisition
of
the
High
Income
Fund
by
the
High
Yield
Fund.
Schedule
of
Investments
Principal
LifeTime
Hybrid
2065
Fund
July
31,
2025
(unaudited)
194
INVESTMENT
COMPANIES
-
100
.02
%
Shares
Held
Value
(000's)
Principal
Funds,
Inc.
Class
R-6
-
41
.84
%
Global
Emerging
Markets
Fund
(a)
63,287‌
$
1,961‌
High
Yield
Fund
(a)
94,185‌
634‌
International
Equity
Fund
(a)
1,193,098‌
17,777‌
International
Small
Company
Fund
(a)
79,895‌
944‌
MidCap
S&P
400
Index
Fund
(a)
157,709‌
3,519‌
Real
Estate
Securities
Fund
(a)
52,437‌
1,471‌
SmallCap
S&P
600
Index
Fund
(a)
124,919‌
3,093‌
$
29,399‌
Principal
Funds,
Inc.
Institutional
Class
-
58
.18
%
Bond
Market
Index
Fund
(a)
223,499‌
1,922‌
LargeCap
S&P
500
Index
Fund
(a)
1,267,946‌
38,951‌
$
40,873‌
TOTAL
INVESTMENT
COMPANIES
$
70,272‌
Total
Investments
$
70,272‌
Other
Assets
and
Liabilities
-  (0.02)%
(
12‌
)
TOTAL
NET
ASSETS
-
100.00%
$
70,260‌
(a)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940,
as
amended,
(the
"1940
Act"))
or
an
affiliate
as
defined
by
the
1940
Act
(controls
5.00%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
Affiliated
Securities
sub-schedule
for
transactional
information.
Affiliated
Securities
October
31,
2024
Purchases
(a)
Sales
(a)
July
31,
2025
Value
Cost
Proceeds
Value
Bond
Market
Index
Fund
$
1,329‌
$
746‌
$
155‌
$
1,922‌
Diversified
International
Fund
10,531‌
2,488‌
13,019‌
—‌
Global
Emerging
Markets
Fund
1,134‌
672‌
99‌
1,961‌
High
Income
Fund
50‌
1‌
59‌
—‌
High
Yield
Fund
413‌
313‌
83‌
634‌
High
Yield
Fund
-
Institutional
Class
—‌
57‌
57‌
—‌
International
Equity
Fund
—‌
17,132‌
622‌
17,777‌
International
Small
Company
Fund
1,067‌
663‌
866‌
944‌
LargeCap
S&P
500
Index
Fund
26,583‌
12,296‌
3,113‌
38,951‌
MidCap
S&P
400
Index
Fund
2,759‌
1,701‌
658‌
3,519‌
Real
Estate
Securities
Fund
1,115‌
554‌
119‌
1,471‌
SmallCap
S&P
600
Index
Fund
2,018‌
1,837‌
474‌
3,093‌
$
46,999‌
$
38,460‌
$
19,324‌
$
70,272‌
Income
Realized
Gain/(Loss)
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
(Loss)
Bond
Market
Index
Fund
$
49‌
$
—‌
$
—‌
$
2‌
Diversified
International
Fund
277‌
545‌
336‌
(
545‌
)
Global
Emerging
Markets
Fund
4‌
—‌
—‌
254‌
High
Income
Fund
1‌
—‌
—‌
8‌
High
Yield
Fund
27‌
—‌
—‌
(
9‌
)
High
Yield
Fund
-
Institutional
Class
—‌
—‌
—‌
—‌
International
Equity
Fund
—‌
3‌
—‌
1,264‌
International
Small
Company
Fund
33‌
—‌
—‌
80‌
LargeCap
S&P
500
Index
Fund
404‌
1‌
371‌
3,184‌
MidCap
S&P
400
Index
Fund
97‌
—‌
272‌
(
283‌
)
Real
Estate
Securities
Fund
24‌
—‌
18‌
(
79‌
)
SmallCap
S&P
600
Index
Fund
38‌
—‌
166‌
(
288‌
)
$
954‌
$
549‌
$
1,163‌
$
3,588‌
Amounts
in
thousands.
(a)
Purchases
and
Sales
include
transactions
related
to
the
acquisition
of
the
High
Income
Fund
by
the
High
Yield
Fund.
Schedule
of
Investments
Principal
LifeTime
Hybrid
2070
Fund
July
31,
2025
(unaudited)
195
INVESTMENT
COMPANIES
-
99
.97
%
Shares
Held
Value
(000's)
Principal
Funds,
Inc.
Class
R-6
-
41
.91
%
Global
Emerging
Markets
Fund
(a)
8,590‌
$
266‌
High
Yield
Fund
(a)
13,092‌
88‌
International
Equity
Fund
(a)
161,654‌
2,409‌
International
Small
Company
Fund
(a)
11,773‌
139‌
MidCap
S&P
400
Index
Fund
(a)
21,958‌
490‌
Real
Estate
Securities
Fund
(a)
7,265‌
204‌
SmallCap
S&P
600
Index
Fund
(a)
17,262‌
427‌
$
4,023‌
Principal
Funds,
Inc.
Institutional
Class
-
58
.06
%
Bond
Market
Index
Fund
(a)
31,154‌
268‌
LargeCap
S&P
500
Index
Fund
(a)
172,726‌
5,306‌
$
5,574‌
TOTAL
INVESTMENT
COMPANIES
$
9,597‌
Total
Investments
$
9,597‌
Other
Assets
and
Liabilities
-  0.03%
3‌
TOTAL
NET
ASSETS
-
100.00%
$
9,600‌
(a)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940,
as
amended,
(the
"1940
Act"))
or
an
affiliate
as
defined
by
the
1940
Act
(controls
5.00%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
Affiliated
Securities
sub-schedule
for
transactional
information.
Affiliated
Securities
October
31,
2024
Purchases
(a)
Sales
(a)
July
31,
2025
Value
Cost
Proceeds
Value
Bond
Market
Index
Fund
$
114‌
$
226‌
$
73‌
$
268‌
Diversified
International
Fund
920‌
573‌
1,497‌
—‌
Global
Emerging
Markets
Fund
106‌
182‌
54‌
266‌
High
Income
Fund
6‌
—‌
6‌
—‌
High
Yield
Fund
37‌
80‌
29‌
88‌
High
Yield
Fund
-
Institutional
Class
—‌
6‌
6‌
—‌
International
Equity
Fund
—‌
2,416‌
172‌
2,409‌
International
Small
Company
Fund
91‌
189‌
153‌
139‌
LargeCap
S&P
500
Index
Fund
2,331‌
3,573‌
993‌
5,306‌
MidCap
S&P
400
Index
Fund
235‌
454‌
172‌
490‌
Real
Estate
Securities
Fund
96‌
165‌
48‌
204‌
SmallCap
S&P
600
Index
Fund
171‌
411‌
124‌
427‌
$
4,107‌
$
8,275‌
$
3,327‌
$
9,597‌
Income
Realized
Gain/(Loss)
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
(Loss)
Bond
Market
Index
Fund
$
5‌
$
—‌
$
—‌
$
1‌
Diversified
International
Fund
27‌
52‌
34‌
(
48‌
)
Global
Emerging
Markets
Fund
1‌
—‌
—‌
32‌
High
Income
Fund
—‌
—‌
—‌
—‌
High
Yield
Fund
3‌
—‌
—‌
—‌
High
Yield
Fund
-
Institutional
Class
—‌
—‌
—‌
—‌
International
Equity
Fund
—‌
(
1‌
)
—‌
166‌
International
Small
Company
Fund
3‌
1‌
—‌
11‌
LargeCap
S&P
500
Index
Fund
39‌
1‌
36‌
394‌
MidCap
S&P
400
Index
Fund
9‌
(
1‌
)
26‌
(
26‌
)
Real
Estate
Securities
Fund
3‌
—‌
2‌
(
9‌
)
SmallCap
S&P
600
Index
Fund
4‌
—‌
16‌
(
31‌
)
$
94‌
$
52‌
$
114‌
$
490‌
Amounts
in
thousands.
(a)
Purchases
and
Sales
include
transactions
related
to
the
acquisition
of
the
High
Income
Fund
by
the
High
Yield
Fund.
Schedule
of
Investments
Principal
LifeTime
Hybrid
Income
Fund
July
31,
2025
(unaudited)
196
INVESTMENT
COMPANIES
-
100
.02
%
Shares
Held
Value
(000's)
Principal
Funds,
Inc.
Class
R-6
-
22
.70
%
Diversified
Real
Asset
Fund
(a)
66,342‌
$
779‌
Global
Emerging
Markets
Fund
(a)
58,405‌
1,809‌
High
Yield
Fund
(a)
1,698,191‌
11,429‌
International
Equity
Fund
(a)
1,104,419‌
16,456‌
International
Small
Company
Fund
(a)
68,186‌
806‌
MidCap
S&P
400
Index
Fund
(a)
142,145‌
3,171‌
Real
Estate
Securities
Fund
(a)
106,404‌
2,986‌
SmallCap
S&P
600
Index
Fund
(a)
113,430‌
2,809‌
$
40,245‌
Principal
Funds,
Inc.
Institutional
Class
-
77
.32
%
Bond
Market
Index
Fund
(a)
7,111,250‌
61,157‌
Inflation
Protection
Fund
(a)
1,301,060‌
10,252‌
LargeCap
S&P
500
Index
Fund
(a)
1,169,027‌
35,913‌
Short-Term
Income
Fund
(a)
2,465,575‌
29,784‌
$
137,106‌
TOTAL
INVESTMENT
COMPANIES
$
177,351‌
Total
Investments
$
177,351‌
Other
Assets
and
Liabilities
-  (0.02)%
(
31‌
)
TOTAL
NET
ASSETS
-
100.00%
$
177,320‌
(a)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940,
as
amended,
(the
"1940
Act"))
or
an
affiliate
as
defined
by
the
1940
Act
(controls
5.00%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
Affiliated
Securities
sub-schedule
for
transactional
information.
Affiliated
Securities
October
31,
2024
Purchases
(a)
Sales
(a)
July
31,
2025
Value
Cost
Proceeds
Value
Bond
Market
Index
Fund
$
54,113‌
$
14,038‌
$
6,759‌
$
61,157‌
Diversified
International
Fund
12,646‌
1,165‌
13,768‌
—‌
Diversified
Real
Asset
Fund
914‌
149‌
295‌
779‌
Global
Emerging
Markets
Fund
1,374‌
363‌
174‌
1,809‌
High
Income
Fund
1,148‌
31‌
1,366‌
—‌
High
Yield
Fund
10,580‌
4,064‌
2,961‌
11,429‌
High
Yield
Fund
-
Institutional
Class
—‌
1,320‌
1,320‌
—‌
Inflation
Protection
Fund
9,471‌
2,205‌
1,440‌
10,252‌
International
Equity
Fund
—‌
16,191‌
973‌
16,456‌
International
Small
Company
Fund
1,266‌
377‌
904‌
806‌
LargeCap
S&P
500
Index
Fund
31,985‌
6,617‌
5,785‌
35,913‌
MidCap
S&P
400
Index
Fund
3,228‌
1,043‌
768‌
3,171‌
Real
Estate
Securities
Fund
2,811‌
743‌
380‌
2,986‌
Short-Term
Income
Fund
27,876‌
6,190‌
4,514‌
29,784‌
SmallCap
S&P
600
Index
Fund
2,341‌
1,295‌
514‌
2,809‌
$
159,753‌
$
55,791‌
$
41,921‌
$
177,351‌
Income
Realized
Gain/(Loss)
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
(Loss)
Bond
Market
Index
Fund
$
1,930‌
$
—‌
$
—‌
$
(
235‌
)
Diversified
International
Fund
317‌
810‌
366‌
(
853‌
)
Diversified
Real
Asset
Fund
14‌
19‌
—‌
(
8‌
)
Global
Emerging
Markets
Fund
5‌
—‌
—‌
246‌
High
Income
Fund
31‌
(
4‌
)
—‌
191‌
High
Yield
Fund
567‌
(
20‌
)
—‌
(
234‌
)
High
Yield
Fund
-
Institutional
Class
—‌
—‌
—‌
—‌
Inflation
Protection
Fund
312‌
1‌
—‌
15‌
International
Equity
Fund
—‌
1‌
—‌
1,237‌
International
Small
Company
Fund
37‌
24‌
—‌
43‌
LargeCap
S&P
500
Index
Fund
471‌
36‌
433‌
3,060‌
MidCap
S&P
400
Index
Fund
110‌
2‌
307‌
(
334‌
)
Real
Estate
Securities
Fund
53‌
—‌
44‌
(
188‌
)
Short-Term
Income
Fund
821‌
(
1‌
)
—‌
233‌
SmallCap
S&P
600
Index
Fund
43‌
—‌
185‌
(
313‌
)
$
4,711‌
$
868‌
$
1,335‌
$
2,860‌
Amounts
in
thousands.
(a)
Purchases
and
Sales
include
transactions
related
to
the
acquisition
of
the
High
Income
Fund
by
the
High
Yield
Fund.
Schedule
of
Investments
Principal
LifeTime
Strategic
Income
Fund
July
31,
2025
(unaudited)
197
INVESTMENT
COMPANIES
-
100
.01
%
Shares
Held
Value
(000's)
Principal
Funds,
Inc.
Class
R-6
-
65
.61
%
Blue
Chip
Fund
(a)
575,183‌
$
29,812‌
Core
Fixed
Income
Fund
(a)
29,142,480‌
250,042‌
Diversified
Real
Asset
Fund
(a)
245,755‌
2,888‌
Global
Emerging
Markets
Fund
(a)
238,628‌
7,393‌
High
Yield
Fund
(a)
6,918,637‌
46,562‌
International
Equity
Fund
(a)
4,525,827‌
67,435‌
International
Small
Company
Fund
(a)
261,530‌
3,091‌
LargeCap
Growth
Fund
I
(a)
1,679,740‌
30,538‌
MidCap
Fund
(a)
131,562‌
6,270‌
Real
Estate
Securities
Fund
(a)
431,763‌
12,115‌
SmallCap
Fund
(a)
317,191‌
9,287‌
SmallCap
S&P
600
Index
Fund
(a)
105,359‌
2,609‌
Small-MidCap
Dividend
Income
Fund
(a)
336,881‌
6,411‌
$
474,453‌
Principal
Funds,
Inc.
Institutional
Class
-
34
.40
%
Equity
Income
Fund
(a)
670,709‌
27,680‌
Inflation
Protection
Fund
(a)
5,252,833‌
41,392‌
LargeCap
S&P
500
Index
Fund
(a)
1,007,716‌
30,957‌
LargeCap
Value
Fund
III
(a)
1,372,085‌
27,195‌
Short-Term
Income
Fund
(a)
10,061,403‌
121,542‌
$
248,766‌
TOTAL
INVESTMENT
COMPANIES
$
723,219‌
Total
Investments
$
723,219‌
Other
Assets
and
Liabilities
-  (0.01)%
(
70‌
)
TOTAL
NET
ASSETS
-
100.00%
$
723,149‌
(a)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940,
as
amended,
(the
"1940
Act"))
or
an
affiliate
as
defined
by
the
1940
Act
(controls
5.00%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
Affiliated
Securities
sub-schedule
for
transactional
information.
Schedule
of
Investments
Principal
LifeTime
Strategic
Income
Fund
July
31,
2025
(unaudited)
198
Affiliated
Securities
October
31,
2024
Purchases
(a)
Sales
(a)
July
31,
2025
Value
Cost
Proceeds
Value
Blue
Chip
Fund
$
33,023‌
$
2,073‌
$
8,713‌
$
29,812‌
Core
Fixed
Income
Fund
265,468‌
28,520‌
44,592‌
250,042‌
Diversified
International
Fund
63,552‌
3,621‌
66,881‌
—‌
Diversified
Real
Asset
Fund
3,337‌
131‌
628‌
2,888‌
Equity
Income
Fund
31,023‌
4,364‌
6,373‌
27,680‌
Global
Emerging
Markets
Fund
6,637‌
929‌
1,206‌
7,393‌
High
Income
Fund
6,174‌
166‌
7,401‌
—‌
High
Yield
Fund
52,801‌
11,738‌
16,560‌
46,562‌
High
Yield
Fund
-
Institutional
Class
—‌
7,155‌
7,155‌
—‌
Inflation
Protection
Fund
45,872‌
3,870‌
8,291‌
41,392‌
International
Equity
Fund
—‌
68,210‌
6,020‌
67,435‌
International
Small
Company
Fund
6,070‌
1,022‌
4,234‌
3,091‌
LargeCap
Growth
Fund
I
32,993‌
8,733‌
7,337‌
30,538‌
LargeCap
S&P
500
Index
Fund
33,694‌
1,498‌
6,924‌
30,957‌
LargeCap
Value
Fund
III
31,095‌
3,800‌
6,349‌
27,195‌
MidCap
Fund
8,168‌
437‌
2,592‌
6,270‌
Real
Estate
Securities
Fund
14,733‌
775‌
2,512‌
12,115‌
Short-Term
Income
Fund
137,787‌
10,772‌
28,040‌
121,542‌
SmallCap
Fund
11,462‌
478‌
2,730‌
9,287‌
SmallCap
S&P
600
Index
Fund
—‌
3,078‌
166‌
2,609‌
Small-MidCap
Dividend
Income
Fund
7,192‌
1,109‌
1,797‌
6,411‌
$
791,081‌
$
162,479‌
$
236,501‌
$
723,219‌
Income
Realized
Gain/(Loss)
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
(Loss)
Blue
Chip
Fund
$
43‌
$
3,427‌
$
1,448‌
$
2‌
Core
Fixed
Income
Fund
7,104‌
(
2,846‌
)
—‌
3,492‌
Diversified
International
Fund
1,524‌
(
4,086‌
)
1,740‌
3,794‌
Diversified
Real
Asset
Fund
51‌
44‌
—‌
4‌
Equity
Income
Fund
400‌
(
58‌
)
2,599‌
(
1,276‌
)
Global
Emerging
Markets
Fund
21‌
4‌
—‌
1,029‌
High
Income
Fund
166‌
(
27‌
)
—‌
1,088‌
High
Yield
Fund
2,510‌
(
138‌
)
—‌
(
1,279‌
)
High
Yield
Fund
-
Institutional
Class
—‌
—‌
—‌
—‌
Inflation
Protection
Fund
1,461‌
(
39‌
)
—‌
(
20‌
)
International
Equity
Fund
—‌
9‌
—‌
5,236‌
International
Small
Company
Fund
166‌
231‌
—‌
2‌
LargeCap
Growth
Fund
I
187‌
(
8‌
)
7,965‌
(
3,843‌
)
LargeCap
S&P
500
Index
Fund
477‌
416‌
439‌
2,273‌
LargeCap
Value
Fund
III
437‌
23‌
1,928‌
(
1,374‌
)
MidCap
Fund
16‌
59‌
245‌
198‌
Real
Estate
Securities
Fund
236‌
(
97‌
)
220‌
(
784‌
)
Short-Term
Income
Fund
3,638‌
15‌
—‌
1,008‌
SmallCap
Fund
110‌
(
12‌
)
112‌
89‌
SmallCap
S&P
600
Index
Fund
19‌
(
10‌
)
80‌
(
293‌
)
Small-MidCap
Dividend
Income
Fund
95‌
(
15‌
)
200‌
(
78‌
)
$
18,661‌
$
(
3,108‌
)
$
16,976‌
$
9,268‌
Amounts
in
thousands.
(a)
Purchases
and
Sales
include
transactions
related
to
the
acquisition
of
the
High
Income
Fund
by
the
High
Yield
Fund.
Schedule
of
Investments
Real
Estate
Securities
Fund
July
31,
2025
(unaudited)
199
INVESTMENT
COMPANIES
-
1
.02
%
Shares
Held
Value
(000's)
Money
Market
Funds
-
1
.02
%
Principal
Government
Money
Market
Fund
-
Class
R-6
4.22%
(a),(b)
62,230,646‌
$
62,231‌
TOTAL
INVESTMENT
COMPANIES
$
62,231‌
COMMON
STOCKS
-
99
.23
%
Shares
Held
Value
(000's)
Lodging
-
0
.67
%
Hyatt
Hotels
Corp
291,809‌
$
41,136‌
REITs
-
98
.56
%
American
Healthcare
REIT
Inc
2,589,583‌
100,061‌
American
Homes
4
Rent
4,653,804‌
161,440‌
American
Tower
Corp
3,024,617‌
630,300‌
Americold
Realty
Trust
Inc
3,171,782‌
51,002‌
AvalonBay
Communities
Inc
1,445,751‌
269,315‌
Cousins
Properties
Inc
3,691,612‌
100,043‌
Digital
Realty
Trust
Inc
1,269,145‌
223,928‌
EastGroup
Properties
Inc
575,478‌
93,941‌
Equinix
Inc
616,210‌
483,830‌
Equity
LifeStyle
Properties
Inc
1,675,434‌
100,392‌
Equity
Residential
2,204,777‌
139,342‌
Essex
Property
Trust
Inc
428,103‌
111,384‌
Extra
Space
Storage
Inc
2,206,247‌
296,431‌
Gaming
and
Leisure
Properties
Inc
2,326,958‌
106,063‌
Healthpeak
Properties
Inc
10,072,005‌
170,620‌
Hudson
Pacific
Properties
Inc
(c)
5,981,175‌
14,654‌
InvenTrust
Properties
Corp
2,125,729‌
58,606‌
Invitation
Homes
Inc
5,993,086‌
183,688‌
Iron
Mountain
Inc
737,206‌
71,774‌
Kilroy
Realty
Corp
1,608,462‌
59,288‌
National
Health
Investors
Inc
841,545‌
58,790‌
NETSTREIT
Corp
4,451,754‌
81,155‌
Prologis
Inc
3,140,310‌
335,322‌
Regency
Centers
Corp
2,996,958‌
213,983‌
Rexford
Industrial
Realty
Inc
3,225,254‌
117,819‌
Ryman
Hospitality
Properties
Inc
965,166‌
91,749‌
Sabra
Health
Care
REIT
Inc
7,101,541‌
128,041‌
Saul
Centers
Inc
279,987‌
9,021‌
SBA
Communications
Corp
880,531‌
197,873‌
Simon
Property
Group
Inc
908,335‌
148,776‌
Ventas
Inc
5,353,550‌
359,652‌
VICI
Properties
Inc
7,077,330‌
230,721‌
Vornado
Realty
Trust
1,941,563‌
74,595‌
Welltower
Inc
3,183,952‌
525,575‌
Weyerhaeuser
Co
1,706,517‌
42,748‌
$
6,041,922‌
TOTAL
COMMON
STOCKS
$
6,083,058‌
Total
Investments
$
6,145,289‌
Other
Assets
and
Liabilities
-  (0.25)%
(
15,361‌
)
TOTAL
NET
ASSETS
-
100.00%
$
6,129,928‌
(a)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940,
as
amended,
(the
"1940
Act"))
or
an
affiliate
as
defined
by
the
1940
Act
(controls
5.00%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
Affiliated
Securities
sub-schedule
for
transactional
information.
(b)
1-day
yield
shown
is
as
of
period
end.
(c)
Non-income
producing
security
Affiliated
Securities
October
31,
2024
Purchases
Sales
July
31,
2025
Value
Cost
Proceeds
Value
Principal
Government
Money
Market
Fund
-
Class
R-6
4.22%
$
142,428‌
$
495,306‌
$
575,503‌
$
62,231‌
$
142,428‌
$
495,306‌
$
575,503‌
$
62,231‌
Income
Realized
Gain/(Loss)
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
(Loss)
Principal
Government
Money
Market
Fund
-
Class
R-6
4.22%
$
2,857‌
$
—‌
$
—‌
$
—‌
$
2,857‌
$
—‌
$
—‌
$
—‌
Amounts
in
thousands.
Schedule
of
Investments
SAM
Balanced
Portfolio
July
31,
2025
(unaudited)
200
INVESTMENT
COMPANIES
-
100
.04
%
Shares
Held
Value
(000's)
Money
Market
Funds
-
0
.64
%
Principal
Government
Money
Market
Fund
-
Class
R-6
4.22%
(a),(b)
29,785,172‌
$
29,785‌
Principal
Exchange-Traded
Funds
-
19
.80
%
Principal
International
Equity
ETF
(a)
5,752,387‌
167,049‌
Principal
U.S.
Mega-Cap
ETF
(a)
10,862,257‌
684,224‌
Principal
U.S.
Small-Cap
ETF
(a)
1,345,700‌
71,205‌
$
922,478‌
Principal
Funds,
Inc.
Class
R-6
-
36
.68
%
Blue
Chip
Fund
(a)
3,405,260‌
176,495‌
Core
Fixed
Income
Fund
(a)
68,297,067‌
585,989‌
Diversified
Real
Asset
Fund
(a)
9,420,039‌
110,685‌
Global
Emerging
Markets
Fund
(a)
3,436,509‌
106,463‌
High
Yield
Fund
(a)
30,765,831‌
207,054‌
International
Equity
Index
Fund
(a)
1,804,386‌
23,259‌
International
Small
Company
Fund
(a)
3,478,302‌
41,114‌
LargeCap
Growth
Fund
I
(a)
13,113,068‌
238,396‌
MidCap
Fund
(a)
479,504‌
22,853‌
Real
Estate
Securities
Fund
(a)
1,073,635‌
30,126‌
Small-MidCap
Dividend
Income
Fund
(a)
2,614,720‌
49,758‌
Spectrum
Preferred
and
Capital
Securities
Income
Fund
(a)
12,498,760‌
116,363‌
$
1,708,555‌
Principal
Funds,
Inc.
Institutional
Class
-
42
.92
%
Bond
Market
Index
Fund
(a)
32,474,440‌
279,280‌
Equity
Income
Fund
(a)
10,174,189‌
419,889‌
Finisterre
Emerging
Markets
Total
Return
Bond
Fund
(a)
7,946,923‌
73,588‌
Global
Listed
Infrastructure
Fund
(a)
1,975,887‌
22,683‌
Government
&
High
Quality
Bond
Fund
(a)
5,879,508‌
52,622‌
Inflation
Protection
Fund
(a)
14,854,565‌
117,054‌
LargeCap
S&P
500
Index
Fund
(a)
3,265,079‌
100,303‌
LargeCap
Value
Fund
III
(a)
10,706,005‌
212,193‌
Overseas
Fund
(a)
4,174,382‌
46,920‌
Principal
Capital
Appreciation
Fund
(a)
6,212,274‌
543,388‌
Short-Term
Income
Fund
(a)
10,903,567‌
131,715‌
$
1,999,635‌
TOTAL
INVESTMENT
COMPANIES
$
4,660,453‌
Total
Investments
$
4,660,453‌
Other
Assets
and
Liabilities
-  (0.04)%
(
1,983‌
)
TOTAL
NET
ASSETS
-
100.00%
$
4,658,470‌
(a)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940,
as
amended,
(the
"1940
Act"))
or
an
affiliate
as
defined
by
the
1940
Act
(controls
5.00%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
Affiliated
Securities
sub-schedule
for
transactional
information.
(b)
1-day
yield
shown
is
as
of
period
end.
Schedule
of
Investments
SAM
Balanced
Portfolio
July
31,
2025
(unaudited)
201
Affiliated
Securities
October
31,
2024
Purchases
Sales
July
31,
2025
Value
Cost
Proceeds
Value
Blue
Chip
Fund
$
231,165‌
$
12,039‌
$
88,009‌
$
176,495‌
Bond
Market
Index
Fund
203,829‌
93,432‌
17,835‌
279,280‌
Core
Fixed
Income
Fund
756,946‌
25,221‌
197,491‌
585,989‌
Diversified
International
Fund
162,466‌
8,774‌
171,474‌
—‌
Diversified
Real
Asset
Fund
140,588‌
3,010‌
35,139‌
110,685‌
Equity
Income
Fund
337,857‌
159,890‌
71,991‌
419,889‌
Finisterre
Emerging
Markets
Total
Return
Bond
Fund
86,486‌
4,489‌
20,219‌
73,588‌
Global
Emerging
Markets
Fund
90,341‌
9,796‌
8,890‌
106,463‌
Global
Listed
Infrastructure
Fund
—‌
22,782‌
—‌
22,683‌
Government
&
High
Quality
Bond
Fund
58,511‌
1,976‌
8,101‌
52,622‌
High
Yield
Fund
121,904‌
97,209‌
12,204‌
207,054‌
Inflation
Protection
Fund
92,013‌
35,198‌
11,132‌
117,054‌
International
Equity
Index
Fund
21,577‌
1,254‌
1,559‌
23,259‌
International
Small
Company
Fund
43,821‌
1,735‌
9,786‌
41,114‌
LargeCap
Growth
Fund
I
156,758‌
115,882‌
21,946‌
238,396‌
LargeCap
S&P
500
Index
Fund
98,263‌
3,721‌
10,226‌
100,303‌
LargeCap
Value
Fund
III
258,926‌
20,525‌
54,324‌
212,193‌
MidCap
Fund
177,675‌
6,987‌
164,908‌
22,853‌
Overseas
Fund
156,968‌
23,808‌
136,093‌
46,920‌
Principal
Capital
Appreciation
Fund
431,060‌
137,486‌
49,812‌
543,388‌
Principal
Government
Money
Market
Fund
-
Class
R-6
4.22%
23,647‌
69,097‌
62,959‌
29,785‌
Principal
International
Equity
ETF
—‌
167,298‌
12,575‌
167,049‌
Principal
U.S.
Mega-Cap
ETF
536,245‌
151,930‌
67,197‌
684,224‌
Principal
U.S.
Small-Cap
ETF
127,799‌
—‌
61,022‌
71,205‌
Principal
Value
ETF
—‌
59,791‌
58,539‌
—‌
Real
Estate
Securities
Fund
33,006‌
1,379‌
2,245‌
30,126‌
Short-Term
Income
Fund
82,766‌
56,235‌
7,949‌
131,715‌
Small-MidCap
Dividend
Income
Fund
69,881‌
3,473‌
21,934‌
49,758‌
Spectrum
Preferred
and
Capital
Securities
Income
Fund
119,283‌
5,591‌
9,222‌
116,363‌
$
4,619,781‌
$
1,300,008‌
$
1,394,781‌
$
4,660,453‌
Income
Realized
Gain/(Loss)
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
(Loss)
Blue
Chip
Fund
$
304‌
$
55,203‌
$
10,252‌
$
(
33,903‌
)
Bond
Market
Index
Fund
8,037‌
(
573‌
)
—‌
427‌
Core
Fixed
Income
Fund
19,407‌
(
15,341‌
)
—‌
16,654‌
Diversified
International
Fund
3,945‌
59,188‌
4,592‌
(
58,954‌
)
Diversified
Real
Asset
Fund
2,278‌
(
2,543‌
)
—‌
4,769‌
Equity
Income
Fund
4,632‌
20,563‌
28,348‌
(
26,430‌
)
Finisterre
Emerging
Markets
Total
Return
Bond
Fund
4,063‌
(
3,205‌
)
—‌
6,037‌
Global
Emerging
Markets
Fund
323‌
17‌
—‌
15,199‌
Global
Listed
Infrastructure
Fund
—‌
—‌
—‌
(
99‌
)
Government
&
High
Quality
Bond
Fund
1,535‌
(
447‌
)
—‌
683‌
High
Yield
Fund
7,632‌
(
407‌
)
—‌
552‌
Inflation
Protection
Fund
2,945‌
(
1,375‌
)
—‌
2,350‌
International
Equity
Index
Fund
723‌
143‌
227‌
1,844‌
International
Small
Company
Fund
1,668‌
1,003‌
—‌
4,341‌
LargeCap
Growth
Fund
I
896‌
(
3,186‌
)
38,211‌
(
9,112‌
)
LargeCap
S&P
500
Index
Fund
1,403‌
1,810‌
1,290‌
6,735‌
LargeCap
Value
Fund
III
3,675‌
(
385‌
)
16,253‌
(
12,549‌
)
MidCap
Fund
363‌
11,503‌
5,420‌
(
8,404‌
)
Overseas
Fund
11,505‌
2,814‌
11,376‌
(
577‌
)
Principal
Capital
Appreciation
Fund
3,008‌
3,969‌
18,940‌
20,685‌
Principal
Government
Money
Market
Fund
-
Class
R-6
4.22%
883‌
—‌
—‌
—‌
Principal
International
Equity
ETF
—‌
339‌
—‌
11,987‌
Principal
U.S.
Mega-Cap
ETF
3,782‌
20,380‌
—‌
42,866‌
Principal
U.S.
Small-Cap
ETF
589‌
10,840‌
—‌
(
6,412‌
)
Principal
Value
ETF
375‌
(
1,252‌
)
—‌
—‌
Real
Estate
Securities
Fund
558‌
103‌
502‌
(
2,117‌
)
Short-Term
Income
Fund
2,319‌
(
7‌
)
—‌
670‌
Small-MidCap
Dividend
Income
Fund
879‌
1,927‌
1,975‌
(
3,589‌
)
Spectrum
Preferred
and
Capital
Securities
Income
Fund
4,770‌
(
941‌
)
—‌
1,652‌
$
92,497‌
$
160,140‌
$
137,386‌
$
(
24,695‌
)
Amounts
in
thousands.
Schedule
of
Investments
SAM
Conservative
Balanced
Portfolio
July
31,
2025
(unaudited)
202
INVESTMENT
COMPANIES
-
100
.04
%
Shares
Held
Value
(000's)
Money
Market
Funds
-
0
.85
%
Principal
Government
Money
Market
Fund
-
Class
R-6
4.22%
(a),(b)
15,458,515‌
$
15,459‌
Principal
Exchange-Traded
Funds
-
13
.06
%
Principal
International
Equity
ETF
(a)
1,563,178‌
45,395‌
Principal
U.S.
Mega-Cap
ETF
(a)
2,842,648‌
179,061‌
Principal
U.S.
Small-Cap
ETF
(a)
266,700‌
14,112‌
$
238,568‌
Principal
Funds,
Inc.
Class
R-6
-
42
.49
%
Blue
Chip
Fund
(a)
981,839‌
50,889‌
Core
Fixed
Income
Fund
(a)
48,644,912‌
417,373‌
Diversified
Real
Asset
Fund
(a)
2,890,355‌
33,962‌
Global
Emerging
Markets
Fund
(a)
888,152‌
27,515‌
High
Yield
Fund
(a)
14,746,362‌
99,243‌
International
Equity
Index
Fund
(a)
675,947‌
8,713‌
International
Small
Company
Fund
(a)
933,879‌
11,038‌
LargeCap
Growth
Fund
I
(a)
1,252,371‌
22,768‌
MidCap
Fund
(a)
206,342‌
9,834‌
Real
Estate
Securities
Fund
(a)
410,212‌
11,510‌
Small-MidCap
Dividend
Income
Fund
(a)
1,043,657‌
19,861‌
Spectrum
Preferred
and
Capital
Securities
Income
Fund
(a)
6,767,323‌
63,004‌
$
775,710‌
Principal
Funds,
Inc.
Institutional
Class
-
43
.64
%
Bond
Market
Index
Fund
(a)
21,669,441‌
186,357‌
Equity
Income
Fund
(a)
2,959,845‌
122,153‌
Finisterre
Emerging
Markets
Total
Return
Bond
Fund
(a)
9,074,393‌
84,029‌
Global
Listed
Infrastructure
Fund
(a)
778,505‌
8,937‌
Government
&
High
Quality
Bond
Fund
(a)
4,596,973‌
41,143‌
Inflation
Protection
Fund
(a)
9,231,819‌
72,747‌
LargeCap
S&P
500
Index
Fund
(a)
909,886‌
27,952‌
LargeCap
Value
Fund
III
(a)
1,197,567‌
23,736‌
Overseas
Fund
(a)
2,591,152‌
29,124‌
Principal
Capital
Appreciation
Fund
(a)
1,515,057‌
132,522‌
Short-Term
Income
Fund
(a)
5,631,961‌
68,034‌
$
796,734‌
TOTAL
INVESTMENT
COMPANIES
$
1,826,471‌
Total
Investments
$
1,826,471‌
Other
Assets
and
Liabilities
-  (0.04)%
(
737‌
)
TOTAL
NET
ASSETS
-
100.00%
$
1,825,734‌
(a)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940,
as
amended,
(the
"1940
Act"))
or
an
affiliate
as
defined
by
the
1940
Act
(controls
5.00%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
Affiliated
Securities
sub-schedule
for
transactional
information.
(b)
1-day
yield
shown
is
as
of
period
end.
Schedule
of
Investments
SAM
Conservative
Balanced
Portfolio
July
31,
2025
(unaudited)
203
Affiliated
Securities
October
31,
2024
Purchases
Sales
July
31,
2025
Value
Cost
Proceeds
Value
Blue
Chip
Fund
$
74,185‌
$
3,846‌
$
33,297‌
$
50,889‌
Bond
Market
Index
Fund
160,210‌
41,888‌
15,330‌
186,357‌
Core
Fixed
Income
Fund
524,588‌
17,424‌
125,488‌
417,373‌
Diversified
International
Fund
45,382‌
2,567‌
48,007‌
—‌
Diversified
Real
Asset
Fund
46,769‌
1,133‌
14,628‌
33,962‌
Equity
Income
Fund
116,226‌
36,609‌
28,631‌
122,153‌
Finisterre
Emerging
Markets
Total
Return
Bond
Fund
80,298‌
5,831‌
5,091‌
84,029‌
Global
Emerging
Markets
Fund
22,894‌
5,058‌
4,483‌
27,515‌
Global
Listed
Infrastructure
Fund
—‌
9,018‌
42‌
8,937‌
Government
&
High
Quality
Bond
Fund
42,728‌
1,883‌
3,652‌
41,143‌
High
Yield
Fund
54,125‌
52,100‌
7,226‌
99,243‌
Inflation
Protection
Fund
69,272‌
11,237‌
8,015‌
72,747‌
International
Equity
Index
Fund
8,614‌
612‌
1,277‌
8,713‌
International
Small
Company
Fund
10,746‌
601‌
1,703‌
11,038‌
LargeCap
Growth
Fund
I
22,649‌
5,866‌
3,245‌
22,768‌
LargeCap
S&P
500
Index
Fund
29,539‌
1,082‌
5,077‌
27,952‌
LargeCap
Value
Fund
III
33,586‌
2,866‌
10,874‌
23,736‌
MidCap
Fund
32,407‌
1,386‌
24,541‌
9,834‌
Overseas
Fund
29,157‌
4,562‌
5,165‌
29,124‌
Principal
Capital
Appreciation
Fund
113,188‌
36,217‌
22,551‌
132,522‌
Principal
Government
Money
Market
Fund
-
Class
R-6
4.22%
10,742‌
27,798‌
23,081‌
15,459‌
Principal
International
Equity
ETF
—‌
46,619‌
4,608‌
45,395‌
Principal
U.S.
Mega-Cap
ETF
143,917‌
38,225‌
19,895‌
179,061‌
Principal
U.S.
Small-Cap
ETF
29,629‌
—‌
16,438‌
14,112‌
Principal
Value
ETF
—‌
18,298‌
17,983‌
—‌
Real
Estate
Securities
Fund
13,309‌
653‌
1,637‌
11,510‌
Short-Term
Income
Fund
50,827‌
22,555‌
5,749‌
68,034‌
Small-MidCap
Dividend
Income
Fund
32,507‌
1,774‌
13,882‌
19,861‌
Spectrum
Preferred
and
Capital
Securities
Income
Fund
61,991‌
8,136‌
7,545‌
63,004‌
$
1,859,485‌
$
405,844‌
$
479,141‌
$
1,826,471‌
Income
Realized
Gain/(Loss)
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
(Loss)
Blue
Chip
Fund
$
98‌
$
21,369‌
$
3,290‌
$
(
15,214‌
)
Bond
Market
Index
Fund
5,781‌
(
657‌
)
—‌
246‌
Core
Fixed
Income
Fund
13,503‌
(
15,403‌
)
—‌
16,252‌
Diversified
International
Fund
1,103‌
14,942‌
1,281‌
(
14,884‌
)
Diversified
Real
Asset
Fund
734‌
(
110‌
)
—‌
798‌
Equity
Income
Fund
1,493‌
4,368‌
9,747‌
(
6,419‌
)
Finisterre
Emerging
Markets
Total
Return
Bond
Fund
3,990‌
(
826‌
)
—‌
3,817‌
Global
Emerging
Markets
Fund
90‌
64‌
—‌
3,982‌
Global
Listed
Infrastructure
Fund
—‌
—‌
—‌
(
39‌
)
Government
&
High
Quality
Bond
Fund
1,164‌
(
199‌
)
—‌
383‌
High
Yield
Fund
3,386‌
(
79‌
)
—‌
323‌
Inflation
Protection
Fund
2,219‌
(
985‌
)
—‌
1,238‌
International
Equity
Index
Fund
284‌
125‌
89‌
639‌
International
Small
Company
Fund
410‌
169‌
—‌
1,225‌
LargeCap
Growth
Fund
I
129‌
132‌
5,491‌
(
2,634‌
)
LargeCap
S&P
500
Index
Fund
410‌
1,093‌
377‌
1,315‌
LargeCap
Value
Fund
III
472‌
270‌
2,087‌
(
2,112‌
)
MidCap
Fund
66‌
(
423‌
)
986‌
1,005‌
Overseas
Fund
2,147‌
(
220‌
)
2,120‌
790‌
Principal
Capital
Appreciation
Fund
783‌
2,988‌
4,914‌
2,680‌
Principal
Government
Money
Market
Fund
-
Class
R-6
4.22%
392‌
—‌
—‌
—‌
Principal
International
Equity
ETF
—‌
124‌
—‌
3,260‌
Principal
U.S.
Mega-Cap
ETF
998‌
6,117‌
—‌
10,697‌
Principal
U.S.
Small-Cap
ETF
133‌
4,255‌
—‌
(
3,334‌
)
Principal
Value
ETF
129‌
(
315‌
)
—‌
—‌
Real
Estate
Securities
Fund
221‌
66‌
203‌
(
881‌
)
Short-Term
Income
Fund
1,406‌
(
10‌
)
—‌
411‌
Small-MidCap
Dividend
Income
Fund
431‌
494‌
906‌
(
1,032‌
)
Spectrum
Preferred
and
Capital
Securities
Income
Fund
2,502‌
(
760‌
)
—‌
1,182‌
$
44,474‌
$
36,589‌
$
31,491‌
$
3,694‌
Amounts
in
thousands.
Schedule
of
Investments
SAM
Conservative
Growth
Portfolio
July
31,
2025
(unaudited)
204
INVESTMENT
COMPANIES
-
100
.04
%
Shares
Held
Value
(000's)
Money
Market
Funds
-
0
.60
%
Principal
Government
Money
Market
Fund
-
Class
R-6
4.22%
(a),(b)
19,569,116‌
$
19,569‌
Principal
Exchange-Traded
Funds
-
22
.67
%
Principal
International
Equity
ETF
(a)
4,776,025‌
138,696‌
Principal
U.S.
Mega-Cap
ETF
(a)
8,441,445‌
531,734‌
Principal
U.S.
Small-Cap
ETF
(a)
1,375,800‌
72,798‌
$
743,228‌
Principal
Funds,
Inc.
Class
R-6
-
30
.66
%
Blue
Chip
Fund
(a)
3,788,625‌
196,364‌
Core
Fixed
Income
Fund
(a)
23,583,694‌
202,348‌
Diversified
Real
Asset
Fund
(a)
6,245,252‌
73,382‌
Global
Emerging
Markets
Fund
(a)
3,342,012‌
103,536‌
High
Yield
Fund
(a)
9,365,706‌
63,031‌
International
Equity
Index
Fund
(a)
2,183,223‌
28,142‌
International
Small
Company
Fund
(a)
3,765,810‌
44,512‌
LargeCap
Growth
Fund
I
(a)
9,189,076‌
167,057‌
MidCap
Fund
(a)
441,781‌
21,055‌
Real
Estate
Securities
Fund
(a)
1,273,574‌
35,737‌
Small-MidCap
Dividend
Income
Fund
(a)
1,736,431‌
33,044‌
Spectrum
Preferred
and
Capital
Securities
Income
Fund
(a)
3,967,646‌
36,939‌
$
1,005,147‌
Principal
Funds,
Inc.
Institutional
Class
-
46
.11
%
Bond
Market
Index
Fund
(a)
13,663,614‌
117,507‌
Equity
Income
Fund
(a)
8,325,761‌
343,604‌
Finisterre
Emerging
Markets
Total
Return
Bond
Fund
(a)
3,484,241‌
32,264‌
Global
Listed
Infrastructure
Fund
(a)
2,779,614‌
31,910‌
Government
&
High
Quality
Bond
Fund
(a)
1,608,845‌
14,399‌
Inflation
Protection
Fund
(a)
5,852,503‌
46,118‌
LargeCap
S&P
500
Index
Fund
(a)
2,568,365‌
78,900‌
LargeCap
Value
Fund
III
(a)
11,830,292‌
234,476‌
Overseas
Fund
(a)
11,768,194‌
132,275‌
Principal
Capital
Appreciation
Fund
(a)
5,492,525‌
480,431‌
$
1,511,884‌
TOTAL
INVESTMENT
COMPANIES
$
3,279,828‌
Total
Investments
$
3,279,828‌
Other
Assets
and
Liabilities
-  (0.04)%
(
1,363‌
)
TOTAL
NET
ASSETS
-
100.00%
$
3,278,465‌
(a)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940,
as
amended,
(the
"1940
Act"))
or
an
affiliate
as
defined
by
the
1940
Act
(controls
5.00%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
Affiliated
Securities
sub-schedule
for
transactional
information.
(b)
1-day
yield
shown
is
as
of
period
end.
Schedule
of
Investments
SAM
Conservative
Growth
Portfolio
July
31,
2025
(unaudited)
205
Affiliated
Securities
October
31,
2024
Purchases
Sales
July
31,
2025
Value
Cost
Proceeds
Value
Blue
Chip
Fund
$
233,808‌
$
11,089‌
$
71,963‌
$
196,364‌
Bond
Market
Index
Fund
84,104‌
40,131‌
6,435‌
117,507‌
Core
Fixed
Income
Fund
252,687‌
7,593‌
58,446‌
202,348‌
Diversified
International
Fund
131,053‌
7,724‌
139,021‌
—‌
Diversified
Real
Asset
Fund
108,895‌
1,933‌
39,209‌
73,382‌
Equity
Income
Fund
349,172‌
64,814‌
56,256‌
343,604‌
Finisterre
Emerging
Markets
Total
Return
Bond
Fund
32,633‌
1,964‌
3,509‌
32,264‌
Global
Emerging
Markets
Fund
85,979‌
17,200‌
14,744‌
103,536‌
Global
Listed
Infrastructure
Fund
—‌
32,049‌
—‌
31,910‌
Government
&
High
Quality
Bond
Fund
15,494‌
612‌
1,773‌
14,399‌
High
Yield
Fund
32,683‌
33,425‌
3,154‌
63,031‌
Inflation
Protection
Fund
18,288‌
30,360‌
3,446‌
46,118‌
International
Equity
Index
Fund
28,686‌
1,592‌
4,690‌
28,142‌
International
Small
Company
Fund
45,484‌
2,000‌
8,727‌
44,512‌
LargeCap
Growth
Fund
I
140,913‌
55,755‌
15,606‌
167,057‌
LargeCap
S&P
500
Index
Fund
78,165‌
2,517‌
8,459‌
78,900‌
LargeCap
Value
Fund
III
237,492‌
19,738‌
12,548‌
234,476‌
MidCap
Fund
144,886‌
7,987‌
134,230‌
21,055‌
Overseas
Fund
124,655‌
26,543‌
21,982‌
132,275‌
Principal
Capital
Appreciation
Fund
399,651‌
91,739‌
31,913‌
480,431‌
Principal
Government
Money
Market
Fund
-
Class
R-6
4.22%
19,881‌
51,140‌
51,452‌
19,569‌
Principal
International
Equity
ETF
—‌
136,661‌
8,133‌
138,696‌
Principal
U.S.
Mega-Cap
ETF
410,885‌
107,791‌
35,625‌
531,734‌
Principal
U.S.
Small-Cap
ETF
118,718‌
—‌
50,037‌
72,798‌
Principal
Value
ETF
—‌
50,335‌
49,117‌
—‌
Real
Estate
Securities
Fund
39,260‌
1,584‌
2,709‌
35,737‌
Small-MidCap
Dividend
Income
Fund
45,348‌
2,357‌
13,535‌
33,044‌
Spectrum
Preferred
and
Capital
Securities
Income
Fund
38,224‌
1,748‌
3,260‌
36,939‌
$
3,217,044‌
$
808,381‌
$
849,979‌
$
3,279,828‌
Income
Realized
Gain/(Loss)
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
(Loss)
Blue
Chip
Fund
$
305‌
$
44,286‌
$
10,289‌
$
(
20,856‌
)
Bond
Market
Index
Fund
2,877‌
(
191‌
)
—‌
(
102‌
)
Core
Fixed
Income
Fund
6,582‌
(
6,475‌
)
—‌
6,989‌
Diversified
International
Fund
3,205‌
46,977‌
3,739‌
(
46,733‌
)
Diversified
Real
Asset
Fund
1,791‌
(
615‌
)
—‌
2,378‌
Equity
Income
Fund
4,509‌
11,001‌
29,177‌
(
25,127‌
)
Finisterre
Emerging
Markets
Total
Return
Bond
Fund
1,602‌
(
558‌
)
—‌
1,734‌
Global
Emerging
Markets
Fund
297‌
458‌
—‌
14,643‌
Global
Listed
Infrastructure
Fund
—‌
—‌
—‌
(
139‌
)
Government
&
High
Quality
Bond
Fund
417‌
(
96‌
)
—‌
162‌
High
Yield
Fund
2,219‌
(
42‌
)
—‌
119‌
Inflation
Protection
Fund
600‌
(
293‌
)
—‌
1,209‌
International
Equity
Index
Fund
963‌
541‌
303‌
2,013‌
International
Small
Company
Fund
1,721‌
868‌
—‌
4,887‌
LargeCap
Growth
Fund
I
799‌
(
2,396‌
)
34,071‌
(
11,609‌
)
LargeCap
S&P
500
Index
Fund
1,109‌
1,606‌
1,020‌
5,071‌
LargeCap
Value
Fund
III
3,373‌
63‌
14,912‌
(
10,269‌
)
MidCap
Fund
297‌
6,700‌
4,422‌
(
4,288‌
)
Overseas
Fund
9,708‌
(
1,285‌
)
9,584‌
4,344‌
Principal
Capital
Appreciation
Fund
2,841‌
1,768‌
17,802‌
19,186‌
Principal
Government
Money
Market
Fund
-
Class
R-6
4.22%
690‌
—‌
—‌
—‌
Principal
International
Equity
ETF
—‌
219‌
—‌
9,949‌
Principal
U.S.
Mega-Cap
ETF
2,987‌
12,026‌
—‌
36,657‌
Principal
U.S.
Small-Cap
ETF
569‌
8,549‌
—‌
(
4,432‌
)
Principal
Value
ETF
326‌
(
1,218‌
)
—‌
—‌
Real
Estate
Securities
Fund
660‌
129‌
600‌
(
2,527‌
)
Small-MidCap
Dividend
Income
Fund
577‌
(
59‌
)
1,283‌
(
1,067‌
)
Spectrum
Preferred
and
Capital
Securities
Income
Fund
1,525‌
(
327‌
)
—‌
554‌
$
52,549‌
$
121,636‌
$
127,202‌
$
(
17,254‌
)
Amounts
in
thousands.
Schedule
of
Investments
SAM
Flexible
Income
Portfolio
July
31,
2025
(unaudited)
206
INVESTMENT
COMPANIES
-
100
.03
%
Shares
Held
Value
(000's)
Money
Market
Funds
-
0
.83
%
Principal
Government
Money
Market
Fund
-
Class
R-6
4.22%
(a),(b)
18,454,272‌
$
18,454‌
Principal
Exchange-Traded
Funds
-
12
.31
%
Principal
Active
High
Yield
ETF
(a)
2,073,084‌
39,969‌
Principal
International
Equity
ETF
(a)
1,899,147‌
55,151‌
Principal
U.S.
Mega-Cap
ETF
(a)
2,670,095‌
168,192‌
Principal
U.S.
Small-Cap
ETF
(a)
215,000‌
11,376‌
$
274,688‌
Principal
Funds,
Inc.
Class
R-6
-
42
.61
%
Core
Fixed
Income
Fund
(a)
78,370,438‌
672,418‌
Diversified
Real
Asset
Fund
(a)
1,946,738‌
22,874‌
Global
Emerging
Markets
Fund
(a)
367,166‌
11,375‌
High
Yield
Fund
(a)
13,730,126‌
92,404‌
LargeCap
Growth
Fund
I
(a)
617,369‌
11,224‌
MidCap
Fund
(a)
466,133‌
22,216‌
Real
Estate
Securities
Fund
(a)
377,761‌
10,600‌
Small-MidCap
Dividend
Income
Fund
(a)
1,183,037‌
22,513‌
Spectrum
Preferred
and
Capital
Securities
Income
Fund
(a)
9,169,777‌
85,371‌
$
950,995‌
Principal
Funds,
Inc.
Institutional
Class
-
44
.28
%
Bond
Market
Index
Fund
(a)
32,010,032‌
275,286‌
Equity
Income
Fund
(a)
2,087,698‌
86,159‌
Finisterre
Emerging
Markets
Total
Return
Bond
Fund
(a)
13,989,384‌
129,542‌
Government
&
High
Quality
Bond
Fund
(a)
10,792,282‌
96,591‌
Inflation
Protection
Fund
(a)
16,627,185‌
131,022‌
LargeCap
S&P
500
Index
Fund
(a)
432,757‌
13,294‌
LargeCap
Value
Fund
III
(a)
2,086,551‌
41,356‌
Overseas
Fund
(a)
1,786,266‌
20,078‌
Principal
Capital
Appreciation
Fund
(a)
1,035,625‌
90,586‌
Short-Term
Income
Fund
(a)
8,641,577‌
104,390‌
$
988,304‌
TOTAL
INVESTMENT
COMPANIES
$
2,232,441‌
Total
Investments
$
2,232,441‌
Other
Assets
and
Liabilities
-  (0.03)%
(
737‌
)
TOTAL
NET
ASSETS
-
100.00%
$
2,231,704‌
(a)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940,
as
amended,
(the
"1940
Act"))
or
an
affiliate
as
defined
by
the
1940
Act
(controls
5.00%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
Affiliated
Securities
sub-schedule
for
transactional
information.
(b)
1-day
yield
shown
is
as
of
period
end.
Schedule
of
Investments
SAM
Flexible
Income
Portfolio
July
31,
2025
(unaudited)
207
Affiliated
Securities
October
31,
2024
Purchases
Sales
July
31,
2025
Value
Cost
Proceeds
Value
Bond
Market
Index
Fund
$
283,421‌
$
26,040‌
$
32,512‌
$
275,286‌
Core
Fixed
Income
Fund
820,586‌
25,724‌
175,210‌
672,418‌
Diversified
International
Fund
58,735‌
3,151‌
61,941‌
—‌
Diversified
Real
Asset
Fund
27,507‌
517‌
5,517‌
22,874‌
Equity
Income
Fund
77,317‌
34,933‌
25,724‌
86,159‌
Finisterre
Emerging
Markets
Total
Return
Bond
Fund
131,306‌
7,606‌
14,071‌
129,542‌
Global
Emerging
Markets
Fund
—‌
11,542‌
1,477‌
11,375‌
Government
&
High
Quality
Bond
Fund
100,457‌
3,860‌
8,162‌
96,591‌
High
Yield
Fund
27,590‌
71,902‌
7,547‌
92,404‌
Inflation
Protection
Fund
141,231‌
5,522‌
15,698‌
131,022‌
LargeCap
Growth
Fund
I
22,620‌
5,725‌
14,021‌
11,224‌
LargeCap
S&P
500
Index
Fund
25,294‌
914‌
15,059‌
13,294‌
LargeCap
Value
Fund
III
52,816‌
4,351‌
13,310‌
41,356‌
MidCap
Fund
23,408‌
909‌
3,070‌
22,216‌
Overseas
Fund
16,335‌
8,588‌
5,291‌
20,078‌
Principal
Active
High
Yield
ETF
40,363‌
—‌
—‌
39,969‌
Principal
Capital
Appreciation
Fund
98,927‌
11,483‌
23,823‌
90,586‌
Principal
Government
Money
Market
Fund
-
Class
R-6
4.22%
17,105‌
18,343‌
16,994‌
18,454‌
Principal
International
Equity
ETF
—‌
59,532‌
8,578‌
55,151‌
Principal
U.S.
Mega-Cap
ETF
158,989‌
17,432‌
26,079‌
168,192‌
Principal
U.S.
Small-Cap
ETF
14,467‌
—‌
3,776‌
11,376‌
Principal
Value
ETF
—‌
11,632‌
11,370‌
—‌
Real
Estate
Securities
Fund
11,876‌
619‌
1,188‌
10,600‌
Short-Term
Income
Fund
84,492‌
28,912‌
9,687‌
104,390‌
Small-MidCap
Dividend
Income
Fund
41,084‌
2,008‌
19,486‌
22,513‌
Spectrum
Preferred
and
Capital
Securities
Income
Fund
77,189‌
17,277‌
9,709‌
85,371‌
$
2,353,115‌
$
378,522‌
$
529,300‌
$
2,232,441‌
Income
Realized
Gain/(Loss)
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
(Loss)
Bond
Market
Index
Fund
$
9,924‌
$
(
1,158‌
)
$
—‌
$
(
505‌
)
Core
Fixed
Income
Fund
21,222‌
(
23,506‌
)
—‌
24,824‌
Diversified
International
Fund
1,419‌
6,435‌
1,641‌
(
6,380‌
)
Diversified
Real
Asset
Fund
401‌
504‌
—‌
(
137‌
)
Equity
Income
Fund
1,013‌
7,435‌
6,463‌
(
7,802‌
)
Finisterre
Emerging
Markets
Total
Return
Bond
Fund
6,337‌
(
2,253‌
)
—‌
6,954‌
Global
Emerging
Markets
Fund
—‌
39‌
—‌
1,271‌
Government
&
High
Quality
Bond
Fund
2,717‌
(
1,010‌
)
—‌
1,446‌
High
Yield
Fund
2,491‌
9‌
—‌
450‌
Inflation
Protection
Fund
4,513‌
(
1,911‌
)
—‌
1,878‌
LargeCap
Growth
Fund
I
129‌
1,365‌
5,489‌
(
4,465‌
)
LargeCap
S&P
500
Index
Fund
357‌
4,605‌
328‌
(
2,460‌
)
LargeCap
Value
Fund
III
737‌
(
3‌
)
3,259‌
(
2,498‌
)
MidCap
Fund
48‌
(
82‌
)
712‌
1,051‌
Overseas
Fund
1,588‌
(
275‌
)
1,568‌
721‌
Principal
Active
High
Yield
ETF
2,201‌
—‌
—‌
(
394‌
)
Principal
Capital
Appreciation
Fund
679‌
3,626‌
4,265‌
373‌
Principal
Government
Money
Market
Fund
-
Class
R-6
4.22%
520‌
—‌
—‌
—‌
Principal
International
Equity
ETF
—‌
231‌
—‌
3,966‌
Principal
U.S.
Mega-Cap
ETF
1,046‌
8,268‌
—‌
9,582‌
Principal
U.S.
Small-Cap
ETF
70‌
443‌
—‌
242‌
Principal
Value
ETF
118‌
(
262‌
)
—‌
—‌
Real
Estate
Securities
Fund
197‌
60‌
180‌
(
767‌
)
Short-Term
Income
Fund
2,350‌
17‌
—‌
656‌
Small-MidCap
Dividend
Income
Fund
480‌
2,381‌
1,142‌
(
3,474‌
)
Spectrum
Preferred
and
Capital
Securities
Income
Fund
3,202‌
(
964‌
)
—‌
1,578‌
$
63,759‌
$
3,994‌
$
25,047‌
$
26,110‌
Amounts
in
thousands.
Schedule
of
Investments
SAM
Strategic
Growth
Portfolio
July
31,
2025
(unaudited)
208
INVESTMENT
COMPANIES
-
100
.05
%
Shares
Held
Value
(000's)
Money
Market
Funds
-
0
.55
%
Principal
Government
Money
Market
Fund
-
Class
R-6
4.22%
(a),(b)
12,931,469‌
$
12,931‌
Principal
Exchange-Traded
Funds
-
25
.52
%
Principal
International
Equity
ETF
(a)
4,992,130‌
144,971‌
Principal
U.S.
Mega-Cap
ETF
(a)
5,687,800‌
358,280‌
Principal
U.S.
Small-Cap
ETF
(a)
1,102,500‌
58,337‌
Principal
Value
ETF
(a)
768,000‌
38,415‌
$
600,003‌
Principal
Funds,
Inc.
Class
R-6
-
28
.90
%
Blue
Chip
Fund
(a)
2,566,779‌
133,036‌
Diversified
Real
Asset
Fund
(a)
4,733,121‌
55,614‌
Global
Emerging
Markets
Fund
(a)
3,189,090‌
98,798‌
International
Equity
Index
Fund
(a)
1,947,550‌
25,104‌
International
Small
Company
Fund
(a)
4,433,469‌
52,404‌
LargeCap
Growth
Fund
I
(a)
9,063,633‌
164,777‌
MidCap
Fund
(a)
2,169,384‌
103,393‌
Real
Estate
Securities
Fund
(a)
673,692‌
18,904‌
Small-MidCap
Dividend
Income
Fund
(a)
1,448,155‌
27,558‌
$
679,588‌
Principal
Funds,
Inc.
Institutional
Class
-
45
.08
%
Equity
Income
Fund
(a)
6,200,477‌
255,894‌
Global
Listed
Infrastructure
Fund
(a)
1,975,493‌
22,679‌
Inflation
Protection
Fund
(a)
4,221,546‌
33,266‌
LargeCap
S&P
500
Index
Fund
(a)
2,247,191‌
69,034‌
LargeCap
Value
Fund
III
(a)
10,479,279‌
207,699‌
Overseas
Fund
(a)
10,281,155‌
115,560‌
Principal
Capital
Appreciation
Fund
(a)
4,066,804‌
355,723‌
$
1,059,855‌
TOTAL
INVESTMENT
COMPANIES
$
2,352,377‌
Total
Investments
$
2,352,377‌
Other
Assets
and
Liabilities
-  (0.05)%
(
1,067‌
)
TOTAL
NET
ASSETS
-
100.00%
$
2,351,310‌
(a)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940,
as
amended,
(the
"1940
Act"))
or
an
affiliate
as
defined
by
the
1940
Act
(controls
5.00%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
Affiliated
Securities
sub-schedule
for
transactional
information.
(b)
1-day
yield
shown
is
as
of
period
end.
Schedule
of
Investments
SAM
Strategic
Growth
Portfolio
July
31,
2025
(unaudited)
209
Affiliated
Securities
October
31,
2024
Purchases
Sales
July
31,
2025
Value
Cost
Proceeds
Value
Blue
Chip
Fund
$
190,250‌
$
9,329‌
$
82,581‌
$
133,036‌
Bond
Market
Index
Fund
—‌
16,915‌
17,165‌
—‌
Diversified
International
Fund
128,926‌
8,055‌
137,220‌
—‌
Diversified
Real
Asset
Fund
80,693‌
1,608‌
27,954‌
55,614‌
Equity
Income
Fund
284,475‌
35,481‌
51,701‌
255,894‌
Global
Emerging
Markets
Fund
78,749‌
16,865‌
10,662‌
98,798‌
Global
Listed
Infrastructure
Fund
—‌
22,803‌
25‌
22,679‌
Inflation
Protection
Fund
—‌
34,285‌
1,339‌
33,266‌
International
Equity
Index
Fund
26,301‌
1,898‌
5,377‌
25,104‌
International
Small
Company
Fund
52,595‌
3,143‌
10,112‌
52,404‌
LargeCap
Growth
Fund
I
115,081‌
68,596‌
8,872‌
164,777‌
LargeCap
S&P
500
Index
Fund
65,802‌
2,483‌
5,056‌
69,034‌
LargeCap
Value
Fund
III
209,760‌
19,776‌
12,720‌
207,699‌
MidCap
Fund
117,146‌
4,628‌
22,953‌
103,393‌
Overseas
Fund
111,750‌
28,606‌
27,255‌
115,560‌
Principal
Capital
Appreciation
Fund
333,675‌
34,810‌
27,928‌
355,723‌
Principal
Government
Money
Market
Fund
-
Class
R-6
4.22%
16,448‌
45,802‌
49,319‌
12,931‌
Principal
International
Equity
ETF
—‌
134,589‌
1‌
144,971‌
Principal
U.S.
Mega-Cap
ETF
312,846‌
31,450‌
21,339‌
358,280‌
Principal
U.S.
Small-Cap
ETF
96,419‌
—‌
41,404‌
58,337‌
Principal
Value
ETF
—‌
60,607‌
21,634‌
38,415‌
Real
Estate
Securities
Fund
18,503‌
1,671‌
73‌
18,904‌
Small-MidCap
Dividend
Income
Fund
28,754‌
1,951‌
2,572‌
27,558‌
$
2,268,173‌
$
585,351‌
$
585,262‌
$
2,352,377‌
Income
Realized
Gain/(Loss)
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
(Loss)
Blue
Chip
Fund
$
248‌
$
39,690‌
$
8,395‌
$
(
23,652‌
)
Bond
Market
Index
Fund
—‌
250‌
—‌
—‌
Diversified
International
Fund
3,163‌
42,114‌
3,684‌
(
41,875‌
)
Diversified
Real
Asset
Fund
1,308‌
(
2,245‌
)
—‌
3,512‌
Equity
Income
Fund
3,540‌
2,516‌
23,840‌
(
14,877‌
)
Global
Emerging
Markets
Fund
273‌
(
20‌
)
—‌
13,866‌
Global
Listed
Infrastructure
Fund
—‌
—‌
—‌
(
99‌
)
Inflation
Protection
Fund
—‌
21‌
—‌
299‌
International
Equity
Index
Fund
897‌
546‌
282‌
1,736‌
International
Small
Company
Fund
2,020‌
(
451‌
)
—‌
7,229‌
LargeCap
Growth
Fund
I
659‌
256‌
28,138‌
(
10,284‌
)
LargeCap
S&P
500
Index
Fund
937‌
693‌
862‌
5,112‌
LargeCap
Value
Fund
III
2,969‌
(
16‌
)
13,139‌
(
9,101‌
)
MidCap
Fund
240‌
(
525‌
)
3,577‌
5,097‌
Overseas
Fund
9,002‌
(
1,586‌
)
8,887‌
4,045‌
Principal
Capital
Appreciation
Fund
2,354‌
1,696‌
14,768‌
13,470‌
Principal
Government
Money
Market
Fund
-
Class
R-6
4.22%
509‌
—‌
—‌
—‌
Principal
International
Equity
ETF
—‌
—‌
—‌
10,383‌
Principal
U.S.
Mega-Cap
ETF
2,207‌
4,553‌
—‌
30,770‌
Principal
U.S.
Small-Cap
ETF
461‌
7,056‌
—‌
(
3,734‌
)
Principal
Value
ETF
625‌
(
499‌
)
—‌
(
59‌
)
Real
Estate
Securities
Fund
330‌
1‌
289‌
(
1,198‌
)
Small-MidCap
Dividend
Income
Fund
388‌
(
176‌
)
809‌
(
399‌
)
$
32,130‌
$
93,874‌
$
106,670‌
$
(
9,759‌
)
Amounts
in
thousands.
Schedule
of
Investments
Short-Term
Income
Fund
July
31,
2025
(unaudited)
210
INVESTMENT
COMPANIES
-
4
.57
%
Shares
Held
Value
(000's)
Money
Market
Funds
-
4
.57
%
BlackRock
Liquidity
FedFund
-
Institutional
Class
4.21%
(a),(b)
2,077,345‌
$
2,077‌
Principal
Government
Money
Market
Fund
-
Class
R-6
4.22%
(a),(b),(c)
156,716,756‌
156,717‌
$
158,794‌
TOTAL
INVESTMENT
COMPANIES
$
158,794‌
BONDS
-
86
.05
%
Principal
Amount
(000's)
Value
(000's)
Aerospace
&
Defense
-
1
.34
%
BAE
Systems
PLC
5.13%,
03/26/2029
(d)
$
8,600‌
$
8,798‌
General
Electric
Co
4.30%,
07/29/2030
6,000‌
5,972‌
Lockheed
Martin
Corp
4.50%,
02/15/2029
13,350‌
13,435‌
Northrop
Grumman
Corp
4.60%,
02/01/2029
10,000‌
10,087‌
RTX
Corp
5.75%,
11/08/2026
8,075‌
8,194‌
$
46,486‌
Agriculture
-
0
.59
%
Bunge
Ltd
Finance
Corp
1.63%,
08/17/2025
4,200‌
4,193‌
4.10%,
01/07/2028
5,500‌
5,456‌
4.20%,
09/17/2029
11,000‌
10,846‌
$
20,495‌
Airlines
-
0
.57
%
Alaska
Airlines
2020-1
Class
A
Pass
Through
Trust
4.80%,
02/15/2029
(d)
8,414‌
8,413‌
AS
Mileage
Plan
IP
Ltd
5.02%,
10/20/2029
(d)
10,600‌
10,510‌
Delta
Air
Lines
Inc
/
SkyMiles
IP
Ltd
4.50%,
10/20/2025
(d)
723‌
721‌
$
19,644‌
Automobile
Asset
Backed
Securities
-
5
.01
%
AmeriCredit
Automobile
Receivables
Trust
2024-1
5.75%,
02/18/2028
1,485‌
1,487‌
BMW
Vehicle
Owner
Trust
2024-A
5.42%,
02/25/2027
1,685‌
1,688‌
BofA
Auto
Trust
2025-1
4.52%,
11/22/2027
(d)
3,500‌
3,499‌
Chase
Auto
Owner
Trust
2024-5
4.40%,
11/26/2027
(d)
5,595‌
5,591‌
Chase
Auto
Owner
Trust
2025-1
4.40%,
07/25/2028
(d)
9,300‌
9,301‌
Consumer
Portfolio
Services
Auto
Trust
2025-A
4.77%,
10/16/2028
(d)
6,308‌
6,308‌
Consumer
Portfolio
Services
Auto
Trust
2025-B
4.74%,
02/15/2029
(d)
5,670‌
5,670‌
CPS
Auto
Receivables
Trust
2024-A
5.71%,
09/15/2027
(d)
336‌
337‌
CPS
Auto
Receivables
Trust
2024-B
5.78%,
01/18/2028
(d)
2,915‌
2,919‌
CPS
Auto
Receivables
Trust
2024-C
5.88%,
02/15/2028
(d)
3,316‌
3,325‌
CPS
Auto
Receivables
Trust
2024-D
4.91%,
06/15/2028
(d)
5,516‌
5,518‌
CPS
Auto
Receivables
Trust
2025-C
4.71%,
03/15/2029
(d)
6,500‌
6,499‌
Ford
Credit
Auto
Owner
Trust
2020-REV2
1.06%,
04/15/2033
(d)
11,000‌
10,921‌
GM
Financial
Consumer
Automobile
Receivables
Trust
2024-3
5.35%,
06/16/2027
5,548‌
5,557‌
GM
Financial
Consumer
Automobile
Receivables
Trust
2024-4
4.53%,
10/18/2027
6,203‌
6,202‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Automobile
Asset
Backed
Securities
(continued)
GM
Financial
Consumer
Automobile
Receivables
Trust
2025-1
4.44%,
01/18/2028
$
12,082‌
$
12,077‌
Gm
Financial
Consumer
Automobile
Receivables
Trust
2025-3
4.32%,
06/16/2028
8,800‌
8,798‌
Nissan
Auto
Receivables
2024-B
Owner
Trust
4.51%,
06/15/2027
9,673‌
9,670‌
OneMain
Direct
Auto
Receivables
Trust
2019-1
3.63%,
09/14/2027
(d)
2,198‌
2,193‌
Onemain
Direct
Auto
Receivables
Trust
2022-1
4.65%,
03/14/2029
(d)
3,053‌
3,050‌
Santander
Drive
Auto
Receivables
Trust
2024-5
4.88%,
09/15/2027
2,513‌
2,514‌
Toyota
Auto
Loan
Extended
Note
Trust
2023-1
4.93%,
06/25/2036
(d)
7,600‌
7,726‌
Toyota
Auto
Receivables
2024-D
Owner
Trust
4.55%,
08/16/2027
3,889‌
3,889‌
Westlake
Automobile
Receivables
Trust
2024-1
5.62%,
03/15/2027
(d)
541‌
541‌
Westlake
Automobile
Receivables
Trust
2024-2
5.75%,
08/16/2027
(d)
3,328‌
3,334‌
Westlake
Automobile
Receivables
Trust
2024-3
4.82%,
09/15/2027
(d)
5,028‌
5,031‌
Westlake
Automobile
Receivables
Trust
2025-1
4.66%,
01/18/2028
(d)
9,400‌
9,401‌
Westlake
Automobile
Receivables
Trust
2025-2
4.66%,
09/15/2028
(d)
5,900‌
5,900‌
Westlake
Automobile
Receivables
Trust
2025-P1
4.65%,
02/15/2028
(d)
7,500‌
7,506‌
World
Omni
Auto
Receivables
Trust
2025-A
4.49%,
04/17/2028
12,397‌
12,392‌
World
Omni
Select
Auto
Trust
2024-A
5.37%,
02/15/2028
4,933‌
4,942‌
$
173,786‌
Banks
-
18
.14
%
AIB
Group
PLC
5.32%,
05/15/2031
(d),(e)
2,500‌
2,543‌
Secured
Overnight
Financing
Rate
+
1.65%
Bank
of
America
Corp
1.20%,
10/24/2026
(e)
9,600‌
9,523‌
Secured
Overnight
Financing
Rate
+
1.01%
4.98%,
01/24/2029
(e)
9,400‌
9,517‌
Secured
Overnight
Financing
Rate
+
0.83%
5.16%,
01/24/2031
(e)
9,400‌
9,617‌
Secured
Overnight
Financing
Rate
+
1.00%
Bank
of
Ireland
Group
PLC
5.60%,
03/20/2030
(d),(e)
14,100‌
14,521‌
Secured
Overnight
Financing
Rate
+
1.62%
Bank
of
Montreal
0.95%,
01/22/2027
(e)
14,700‌
14,438‌
Secured
Overnight
Financing
Rate
+
0.60%
5.00%,
01/27/2029
(e)
2,000‌
2,027‌
Secured
Overnight
Financing
Rate
+
0.67%
Bank
of
New
York
Mellon
Corp/The
4.44%,
06/09/2028
(e)
9,200‌
9,218‌
Secured
Overnight
Financing
Rate
+
0.68%
Bank
of
New
York
Mellon/The
4.73%,
04/20/2029
(e)
5,750‌
5,811‌
Secured
Overnight
Financing
Rate
+
1.14%
Bank
of
Nova
Scotia/The
1.30%,
09/15/2026
5,300‌
5,121‌
4.40%,
09/08/2028
(e)
9,400‌
9,389‌
Secured
Overnight
Financing
Rate
+
1.00%
Schedule
of
Investments
Short-Term
Income
Fund
July
31,
2025
(unaudited)
211
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
Barclays
PLC
2.28%,
11/24/2027
(e)
$
7,308‌
$
7,090‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.05%
5.30%,
08/09/2026
(e)
7,250‌
7,250‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
2.30%
BNP
Paribas
SA
4.79%,
05/09/2029
(d),(e)
8,000‌
8,030‌
Secured
Overnight
Financing
Rate
+
1.45%
5.09%,
05/09/2031
(d),(e)
10,600‌
10,702‌
Secured
Overnight
Financing
Rate
+
1.68%
Canadian
Imperial
Bank
of
Commerce
5.93%,
10/02/2026
6,900‌
7,014‌
5.99%,
10/03/2028
3,440‌
3,595‌
Citibank
NA
4.88%,
11/19/2027
(e)
8,000‌
8,033‌
Secured
Overnight
Financing
Rate
+
0.71%
Citigroup
Inc
1.12%,
01/28/2027
(e)
19,600‌
19,252‌
Secured
Overnight
Financing
Rate
+
0.77%
4.54%,
09/19/2030
(e)
9,500‌
9,461‌
Secured
Overnight
Financing
Rate
+
1.34%
5.17%,
02/13/2030
(e)
8,000‌
8,146‌
Secured
Overnight
Financing
Rate
+
1.36%
Deutsche
Bank
AG/New
York
NY
4.95%,
08/04/2031
(e),(f)
11,300‌
11,319‌
Secured
Overnight
Financing
Rate
+
1.30%
5.41%,
05/10/2029
6,100‌
6,291‌
6.82%,
11/20/2029
(e)
7,100‌
7,557‌
Secured
Overnight
Financing
Rate
+
2.51%
Fifth
Third
Bancorp
4.89%,
09/06/2030
(e)
3,400‌
3,430‌
Secured
Overnight
Financing
Rate
+
1.49%
Fifth
Third
Bank
NA
4.97%,
01/28/2028
(e)
2,800‌
2,817‌
Secured
Overnight
Financing
Rate
+
0.81%
Goldman
Sachs
Group
Inc/The
2.64%,
02/24/2028
(e)
8,600‌
8,347‌
Secured
Overnight
Financing
Rate
+
1.11%
4.48%,
08/23/2028
(e)
10,500‌
10,499‌
Secured
Overnight
Financing
Rate
+
1.73%
5.18%,
12/09/2026
14,700‌
14,719‌
Secured
Overnight
Financing
Rate
+
0.79%
5.21%,
01/28/2031
(e)
12,500‌
12,765‌
Secured
Overnight
Financing
Rate
+
1.08%
5.22%,
04/23/2031
(e)
12,500‌
12,782‌
Secured
Overnight
Financing
Rate
+
1.58%
5.73%,
04/25/2030
(e)
8,235‌
8,550‌
Secured
Overnight
Financing
Rate
+
1.27%
JPMorgan
Chase
&
Co
1.04%,
02/04/2027
(e)
15,800‌
15,521‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
0.70%
1.05%,
11/19/2026
(e)
19,600‌
19,385‌
Secured
Overnight
Financing
Rate
+
0.80%
4.45%,
12/05/2029
(e)
6,650‌
6,644‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.59%
4.51%,
10/22/2028
(e)
8,400‌
8,410‌
Secured
Overnight
Financing
Rate
+
0.86%
4.92%,
01/24/2029
(e)
6,000‌
6,065‌
Secured
Overnight
Financing
Rate
+
0.80%
5.57%,
04/22/2028
(e)
6,200‌
6,310‌
Secured
Overnight
Financing
Rate
+
0.93%
5.58%,
04/22/2030
(e)
6,200‌
6,427‌
Secured
Overnight
Financing
Rate
+
1.16%
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
KeyBank
NA/Cleveland
OH
5.85%,
11/15/2027
$
15,900‌
$
16,342‌
Mizuho
Financial
Group
Inc
4.71%,
07/08/2031
(e)
9,300‌
9,280‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
0.92%
Morgan
Stanley
1.59%,
05/04/2027
(e)
10,750‌
10,507‌
Secured
Overnight
Financing
Rate
+
0.88%
2.48%,
01/21/2028
(e)
6,000‌
5,823‌
Secured
Overnight
Financing
Rate
+
1.00%
4.65%,
10/18/2030
(e)
10,000‌
10,020‌
Secured
Overnight
Financing
Rate
+
1.10%
5.05%,
01/28/2027
(e)
10,000‌
10,018‌
Secured
Overnight
Financing
Rate
+
1.30%
5.17%,
01/16/2030
(e)
9,350‌
9,538‌
Secured
Overnight
Financing
Rate
+
1.45%
5.23%,
01/15/2031
(e)
7,500‌
7,683‌
Secured
Overnight
Financing
Rate
+
1.11%
5.65%,
04/13/2028
(e)
2,575‌
2,623‌
Secured
Overnight
Financing
Rate
+
1.01%
5.66%,
04/18/2030
(e)
6,200‌
6,425‌
Secured
Overnight
Financing
Rate
+
1.26%
Morgan
Stanley
Bank
NA
5.02%,
01/12/2029
(e)
10,500‌
10,630‌
Secured
Overnight
Financing
Rate
+
0.91%
NatWest
Group
PLC
4.96%,
08/15/2030
(e)
9,500‌
9,602‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.22%
5.62%,
11/15/2028
9,500‌
9,581‌
Secured
Overnight
Financing
Rate
+
1.30%
PNC
Bank
NA
4.54%,
05/13/2027
(e)
8,750‌
8,739‌
Secured
Overnight
Financing
Rate
+
0.63%
PNC
Financial
Services
Group
Inc/The
4.90%,
05/13/2031
(e)
8,750‌
8,846‌
Secured
Overnight
Financing
Rate
+
1.33%
5.22%,
01/29/2031
(e)
6,400‌
6,566‌
Secured
Overnight
Financing
Rate
+
1.07%
Royal
Bank
of
Canada
0.88%,
01/20/2026
14,700‌
14,448‌
4.70%,
08/06/2031
(e),(f)
11,300‌
11,310‌
Secured
Overnight
Financing
Rate
+
1.06%
Societe
Generale
SA
5.50%,
04/13/2029
(d),(e)
12,500‌
12,697‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.20%
5.51%,
05/22/2031
(d),(e)
9,300‌
9,485‌
Secured
Overnight
Financing
Rate
+
1.65%
Swedbank
AB
5.00%,
11/20/2029
(d)
8,500‌
8,675‌
Toronto-Dominion
Bank/The
0.75%,
01/06/2026
(g)
14,700‌
14,456‌
Truist
Financial
Corp
1.27%,
03/02/2027
(e)
5,230‌
5,121‌
Secured
Overnight
Financing
Rate
+
0.61%
7.16%,
10/30/2029
(e)
10,000‌
10,794‌
Secured
Overnight
Financing
Rate
+
2.45%
UBS
Group
AG
3.87%,
01/12/2029
(d),(e)
15,000‌
14,759‌
3
Month
USD
LIBOR
+
1.41%
US
Bancorp
5.10%,
07/23/2030
(e)
4,800‌
4,898‌
Secured
Overnight
Financing
Rate
+
1.25%
5.38%,
01/23/2030
(e)
3,675‌
3,775‌
Secured
Overnight
Financing
Rate
+
1.56%
Schedule
of
Investments
Short-Term
Income
Fund
July
31,
2025
(unaudited)
212
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
US
Bank
NA/Cincinnati
OH
4.73%,
05/15/2028
(e)
$
8,750‌
$
8,787‌
Secured
Overnight
Financing
Rate
+
0.91%
Wells
Fargo
&
Co
5.15%,
04/23/2031
(e)
9,500‌
9,694‌
Secured
Overnight
Financing
Rate
+
1.50%
5.24%,
01/24/2031
(e)
4,250‌
4,351‌
Secured
Overnight
Financing
Rate
+
1.11%
5.71%,
04/22/2028
(e)
6,200‌
6,321‌
Secured
Overnight
Financing
Rate
+
1.07%
$
629,930‌
Biotechnology
-
0
.43
%
Amgen
Inc
5.15%,
03/02/2028
9,100‌
9,267‌
Gilead
Sciences
Inc
4.80%,
11/15/2029
(g)
5,500‌
5,588‌
$
14,855‌
Building
Materials
-
0
.26
%
Vulcan
Materials
Co
4.95%,
12/01/2029
9,000‌
9,145‌
Chemicals
-
0
.76
%
Sherwin-Williams
Co/The
4.30%,
08/15/2028
12,000‌
11,977‌
4.50%,
08/15/2030
(g)
6,500‌
6,477‌
Westlake
Corp
3.60%,
08/15/2026
7,900‌
7,808‌
$
26,262‌
Commercial
Mortgage
Backed
Securities
-
8
.62
%
1301
Trust
2025-AOA
5.23%,
08/11/2030
(f),(h)
8,400‌
8,400‌
ALA
Trust
2025-OANA
6.08%,
06/15/2040
(d)
9,300‌
9,352‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
1.74%
Arbor
Multifamily
Mortgage
Securities
Trust
2022-MF4
3.27%,
02/15/2055
(d),(h)
5,741‌
5,635‌
ARES
Trust
2025-IND3
5.84%,
04/15/2042
(d)
9,200‌
9,211‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
1.50%
BFLD
Commercial
Mortgage
Trust
2024-UNIV
5.83%,
11/15/2041
(d)
8,900‌
8,928‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
1.49%
BX
2024-PALM
5.88%,
06/15/2037
(d)
10,125‌
10,125‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
1.54%
BX
Commercial
Mortgage
Trust
2021-ACNT
5.31%,
11/15/2038
(d)
9,430‌
9,430‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
0.96%
BX
Commercial
Mortgage
Trust
2021-VOLT
5.16%,
09/15/2036
(d)
14,532‌
14,505‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
0.81%
BX
Commercial
Mortgage
Trust
2024-AIRC
6.03%,
08/15/2039
(d)
15,915‌
15,969‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
1.69%
BX
Commercial
Mortgage
Trust
2024-GPA3
5.63%,
12/15/2039
(d)
1,782‌
1,787‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
1.29%
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Commercial
Mortgage
Backed
Securities
(continued)
BX
Trust
2021-BXMF
5.09%,
10/15/2026
(d)
$
9,696‌
$
9,687‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
0.75%
BX
Trust
2021-LGCY
4.96%,
10/15/2036
(d)
10,700‌
10,673‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
0.62%
BX
Trust
2025-DIME
5.49%,
02/15/2035
(d)
9,400‌
9,384‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
1.15%
BX
Trust
2025-TAIL
5.74%,
06/15/2035
(d)
12,200‌
12,223‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
1.40%
ELP
Commercial
Mortgage
Trust
2021-ELP
5.16%,
11/15/2038
(d)
14,876‌
14,867‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
0.82%
GS
Mortgage
Securities
Corp
Trust
2023-SHIP
4.32%,
09/10/2038
(d),(h)
2,350‌
2,335‌
GSAT
Trust
2025-BMF
5.84%,
07/15/2040
(d)
8,800‌
8,803‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
1.50%
JP
Morgan
Chase
Commercial
Mortgage
Securities
Trust
2021-MHC
5.51%,
04/15/2038
(d)
11,431‌
11,430‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
1.16%
KRE
Commercial
Mortgage
Trust
2025-AIP4
5.64%,
03/15/2042
(d)
12,600‌
12,588‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
1.30%
LBA
Trust
2024-7IND
5.78%,
10/15/2041
(d)
9,200‌
9,233‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
1.44%
LBA
Trust
2024-BOLT
5.93%,
06/15/2039
(d)
12,750‌
12,762‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
1.59%
Life
2022-BMR
Mortgage
Trust
5.64%,
05/15/2039
(d)
18,400‌
17,905‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
1.30%
MED
Commercial
Mortgage
Trust
2024-MOB
5.93%,
05/15/2041
(d)
15,000‌
14,938‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
1.59%
MHC
Commercial
Mortgage
Trust
2021-MHC
5.26%,
04/15/2038
(d)
2,468‌
2,468‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
0.92%
MHP
2021-STOR
5.16%,
07/15/2038
(d)
8,800‌
8,800‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
0.81%
MHP
2022-MHIL
5.16%,
01/15/2039
(d)
7,484‌
7,484‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
0.81%
PENN
Commercial
Mortgage
Trust
2025-P11
5.52%,
08/10/2042
(d),(h)
7,000‌
7,020‌
PRM5
Trust
2025-PRM5
4.47%,
03/10/2033
(d),(h)
5,000‌
4,953‌
Schedule
of
Investments
Short-Term
Income
Fund
July
31,
2025
(unaudited)
213
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Commercial
Mortgage
Backed
Securities
(continued)
SREIT
Trust
2021-MFP
5.19%,
11/15/2038
(d)
$
10,989‌
$
10,989‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
0.85%
TEXAS
Commercial
Mortgage
Trust
2025-TWR
5.64%,
04/15/2042
(d)
7,500‌
7,500‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
1.29%
WB
Commercial
Mortgage
Trust
2024-HQ
5.94%,
03/15/2040
(d),(h)
10,000‌
10,020‌
$
299,404‌
Computers
-
1
.41
%
Apple
Inc
4.00%,
05/12/2028
11,500‌
11,500‌
Dell
International
LLC
/
EMC
Corp
4.75%,
04/01/2028
4,000‌
4,032‌
5.00%,
04/01/2030
9,250‌
9,385‌
Hewlett
Packard
Enterprise
Co
4.40%,
09/25/2027
14,500‌
14,495‌
4.55%,
10/15/2029
9,500‌
9,444‌
$
48,856‌
Diversified
Financial
Services
-
0
.27
%
AerCap
Ireland
Capital
DAC
/
AerCap
Global
Aviation
Trust
6.45%,
04/15/2027
9,127‌
9,388‌
Electric
-
6
.85
%
AES
Corp/The
1.38%,
01/15/2026
14,600‌
14,369‌
Alliant
Energy
Finance
LLC
1.40%,
03/15/2026
(d)
4,600‌
4,506‌
5.95%,
03/30/2029
(d)
8,800‌
9,196‌
Consumers
Energy
Co
4.90%,
02/15/2029
8,200‌
8,345‌
Dominion
Energy
Inc
4.60%,
05/15/2028
11,000‌
11,043‌
DTE
Energy
Co
3.40%,
06/15/2029
2,000‌
1,913‌
5.10%,
03/01/2029
5,000‌
5,087‌
Duke
Energy
Corp
0.90%,
09/15/2025
9,750‌
9,703‌
Evergy
Kansas
Central
Inc
4.70%,
03/13/2028
4,100‌
4,127‌
Exelon
Corp
5.15%,
03/15/2029
6,330‌
6,474‌
Fortis
Inc/Canada
3.06%,
10/04/2026
14,594‌
14,311‌
NextEra
Energy
Capital
Holdings
Inc
4.69%,
09/01/2027
(f)
5,000‌
5,025‌
4.90%,
02/28/2028
3,458‌
3,494‌
4.90%,
03/15/2029
10,000‌
10,140‌
5.75%,
09/01/2025
17,200‌
17,211‌
OGE
Energy
Corp
5.45%,
05/15/2029
10,000‌
10,304‌
PacifiCorp
5.10%,
02/15/2029
9,050‌
9,202‌
Public
Service
Enterprise
Group
Inc
0.80%,
08/15/2025
14,600‌
14,578‌
4.90%,
03/15/2030
4,100‌
4,154‌
5.20%,
04/01/2029
10,000‌
10,251‌
5.88%,
10/15/2028
8,000‌
8,325‌
Southern
Co/The
5.50%,
03/15/2029
10,300‌
10,672‌
Southwestern
Electric
Power
Co
1.65%,
03/15/2026
11,600‌
11,394‌
Tampa
Electric
Co
4.90%,
03/01/2029
2,340‌
2,375‌
Vistra
Operations
Co
LLC
3.70%,
01/30/2027
(d)
19,500‌
19,228‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Electric
(continued)
Wisconsin
Public
Service
Corp
4.55%,
12/01/2029
$
5,500‌
$
5,546‌
Xcel
Energy
Inc
1.75%,
03/15/2027
7,000‌
6,697‌
$
237,670‌
Environmental
Control
-
0
.26
%
Republic
Services
Inc
4.75%,
07/15/2030
9,000‌
9,139‌
Food
-
0
.46
%
Mars
Inc
4.60%,
03/01/2028
(d)
6,300‌
6,335‌
4.80%,
03/01/2030
(d)
9,400‌
9,493‌
$
15,828‌
Forest
Products
&
Paper
-
0
.29
%
Georgia-Pacific
LLC
1.75%,
09/30/2025
(d)
10,000‌
9,954‌
Gas
-
0
.50
%
NiSource
Inc
0.95%,
08/15/2025
14,600‌
14,581‌
5.25%,
03/30/2028
2,700‌
2,754‌
$
17,335‌
Healthcare
-
Products
-
0
.30
%
Solventum
Corp
5.40%,
03/01/2029
10,000‌
10,288‌
Healthcare
-
Services
-
1
.23
%
Centene
Corp
4.25%,
12/15/2027
16,500‌
16,000‌
Cigna
Group/The
1.25%,
03/15/2026
3,534‌
3,461‌
HCA
Inc
5.25%,
06/15/2026
20,000‌
20,027‌
5.88%,
02/01/2029
3,000‌
3,103‌
$
42,591‌
Home
Equity
Asset
Backed
Securities
-
1
.37
%
JP
Morgan
Mortgage
Trust
2023-HE1
6.10%,
11/25/2053
(d)
1,337‌
1,343‌
1.00
x
30
Day
Average
Secured
Overnight
Financing
Rate
+
1.75%
JP
Morgan
Mortgage
Trust
2023-HE2
6.05%,
03/20/2054
(d)
6,010‌
6,043‌
1.00
x
30
Day
Average
Secured
Overnight
Financing
Rate
+
1.70%
JP
Morgan
Mortgage
Trust
2023-HE3
5.95%,
05/20/2054
(d)
4,532‌
4,559‌
1.00
x
30
Day
Average
Secured
Overnight
Financing
Rate
+
1.60%
JP
Morgan
Mortgage
Trust
Series
2024-HE3
5.55%,
02/25/2055
(d)
11,223‌
11,234‌
1.00
x
30
Day
Average
Secured
Overnight
Financing
Rate
+
1.20%
JP
Morgan
Mortgage
Trust
Series
2025-CES2
5.59%,
06/25/2055
(d),(h)
14,041‌
14,064‌
JP
Morgan
Mortgage
Trust
Series
2025-HE1
5.50%,
07/20/2055
(d)
10,374‌
10,385‌
1.00
x
30
Day
Average
Secured
Overnight
Financing
Rate
+
1.15%
$
47,628‌
Insurance
-
2
.47
%
Aon
North
America
Inc
5.15%,
03/01/2029
14,000‌
14,294‌
Arthur
J
Gallagher
&
Co
4.85%,
12/15/2029
4,200‌
4,237‌
Brown
&
Brown
Inc
4.90%,
06/23/2030
3,700‌
3,715‌
Guardian
Life
Global
Funding
0.88%,
12/10/2025
(d),(g)
8,647‌
8,534‌
Schedule
of
Investments
Short-Term
Income
Fund
July
31,
2025
(unaudited)
214
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Insurance
(continued)
Markel
Group
Inc
3.50%,
11/01/2027
$
4,719‌
$
4,607‌
New
York
Life
Global
Funding
4.60%,
12/05/2029
(d)
4,800‌
4,833‌
4.60%,
06/03/2030
(d)
9,350‌
9,415‌
Northwestern
Mutual
Global
Funding
0.80%,
01/14/2026
(d)
14,500‌
14,258‌
4.96%,
01/13/2030
(d)
12,200‌
12,419‌
5.07%,
03/25/2027
(d)
9,500‌
9,607‌
$
85,919‌
Internet
-
0
.38
%
eBay
Inc
1.40%,
05/10/2026
13,530‌
13,214‌
Machinery
-
Diversified
-
0
.29
%
Ingersoll
Rand
Inc
5.20%,
06/15/2027
6,000‌
6,075‌
Westinghouse
Air
Brake
Technologies
Corp
4.90%,
05/29/2030
3,850‌
3,897‌
$
9,972‌
Media
-
0
.45
%
Charter
Communications
Operating
LLC
/
Charter
Communications
Operating
Capital
6.10%,
06/01/2029
15,000‌
15,647‌
Mining
-
0
.31
%
Glencore
Funding
LLC
1.63%,
09/01/2025
(d)
4,750‌
4,737‌
5.19%,
04/01/2030
(d)
6,000‌
6,096‌
$
10,833‌
Mortgage
Backed
Securities
-
4
.08
%
Chase
Home
Lending
Mortgage
Trust
2025-3
5.50%,
02/25/2056
(d),(h)
8,778‌
8,765‌
Chase
Home
Lending
Mortgage
Trust
Series
2024-2
6.50%,
02/25/2055
(d),(h)
5,941‌
5,980‌
CHL
Mortgage
Pass-Through
Trust
2003-46
6.53%,
01/19/2034
(h)
95‌
93‌
Credit
Suisse
First
Boston
Mortgage
Securities
Corp
5.00%,
01/25/2038
3‌
2‌
GS
Mortgage-Backed
Securities
Corp
Trust
2021-PJ3
2.50%,
08/25/2051
(d),(h)
3,013‌
2,679‌
JP
Morgan
Mortgage
Trust
2004-A3
6.51%,
07/25/2034
(h)
77‌
73‌
JP
Morgan
Mortgage
Trust
2004-S1
5.00%,
09/25/2034
72‌
68‌
JP
Morgan
Mortgage
Trust
2021-1
2.50%,
06/25/2051
(d),(h)
9,689‌
8,864‌
JP
Morgan
Mortgage
Trust
2023-10
6.00%,
05/25/2054
(d),(h)
677‌
677‌
JP
Morgan
Mortgage
Trust
2023-8
6.00%,
02/25/2054
(d),(h)
6,239‌
6,271‌
JP
Morgan
Mortgage
Trust
2025-1
6.00%,
06/25/2055
(d),(h)
2,128‌
2,134‌
JP
Morgan
Mortgage
Trust
Series
2024-CES1
5.92%,
06/25/2054
(d),(h)
8,577‌
8,605‌
JP
Morgan
Mortgage
Trust
Series
2025-CES1
5.67%,
05/25/2055
(d),(h)
8,166‌
8,186‌
Metlife
Securitization
Trust
2019-1
3.75%,
04/25/2058
(d),(h)
860‌
845‌
Morgan
Stanley
Residential
Mortgage
Loan
Trust
2020-1
2.50%,
12/25/2050
(d),(h)
3,914‌
3,552‌
Morgan
Stanley
Residential
Mortgage
Loan
Trust
2025-1
5.50%,
03/25/2055
(d),(h)
7,962‌
7,940‌
Oceanview
Mortgage
Trust
2021-3
2.50%,
06/25/2051
(d),(h)
9,910‌
8,783‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Mortgage
Backed
Securities
(continued)
PHH
Mortgage
Trust
Series
2008-CIM1
6.69%,
06/25/2038
$
415‌
$
372‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.36%
PSMC
2021-3
Trust
2.50%,
08/25/2051
(d),(h)
8,891‌
7,948‌
Sequoia
Mortgage
Trust
2020-4
2.50%,
11/25/2050
(d),(h)
5,958‌
5,513‌
Sequoia
Mortgage
Trust
2021-3
2.50%,
05/25/2051
(d),(h)
16,316‌
14,473‌
Sequoia
Mortgage
Trust
2021-4
2.50%,
06/25/2051
(d),(h)
16,239‌
14,407‌
Sequoia
Mortgage
Trust
2024-1
5.91%,
01/25/2054
(d),(h)
2,287‌
2,282‌
Sequoia
Mortgage
Trust
2024-2
6.00%,
03/25/2054
(d),(h)
2,643‌
2,643‌
Sequoia
Mortgage
Trust
2024-4
6.00%,
05/25/2054
(d),(h)
8,484‌
8,523‌
Sequoia
Mortgage
Trust
2025-1
6.00%,
01/25/2055
(d),(h)
2,947‌
2,959‌
Wells
Fargo
Mortgage
Backed
Securities
2020-3
Trust
3.00%,
06/25/2050
(d),(h)
162‌
160‌
Wells
Fargo
Mortgage
Backed
Securities
2020-4
Trust
3.00%,
07/25/2050
(d),(h)
4,280‌
3,598‌
Wells
Fargo
Mortgage
Backed
Securities
2020-5
Trust
2.50%,
09/25/2050
(d),(h)
3,966‌
3,654‌
Wells
Fargo
Mortgage
Backed
Securities
2021-1
Trust
2.50%,
12/25/2050
(d),(h)
1,609‌
1,454‌
$
141,503‌
Office
&
Business
Equipment
-
0
.31
%
CDW
LLC
/
CDW
Finance
Corp
2.67%,
12/01/2026
11,000‌
10,711‌
Oil
&
Gas
-
1
.13
%
Canadian
Natural
Resources
Ltd
5.00%,
12/15/2029
(d)
4,800‌
4,832‌
Chevron
USA
Inc
0.69%,
08/12/2025
4,600‌
4,594‌
Diamondback
Energy
Inc
5.15%,
01/30/2030
7,500‌
7,636‌
5.20%,
04/18/2027
8,150‌
8,229‌
EOG
Resources
Inc
4.40%,
07/15/2028
4,600‌
4,613‌
Occidental
Petroleum
Corp
5.20%,
08/01/2029
9,500‌
9,523‌
$
39,427‌
Oil
&
Gas
Services
-
0
.37
%
Schlumberger
Holdings
Corp
5.00%,
05/29/2027
(d)
6,400‌
6,466‌
5.00%,
11/15/2029
(d)
6,400‌
6,522‌
$
12,988‌
Other
Asset
Backed
Securities
-
10
.79
%
1988
CLO
2
Ltd
5.52%,
04/15/2038
(d)
9,750‌
9,733‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.20%
37
Capital
CLO
II
5.61%,
07/15/2034
(d)
10,000‌
10,011‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.29%
720
East
CLO
V
Ltd
5.86%,
07/20/2037
(d)
5,500‌
5,514‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.53%
Schedule
of
Investments
Short-Term
Income
Fund
July
31,
2025
(unaudited)
215
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Other
Asset
Backed
Securities
(continued)
AB
BSL
CLO
4
Ltd
5.63%,
04/20/2038
(d)
$
9,500‌
$
9,512‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.30%
Ares
LIV
CLO
Ltd
5.62%,
07/15/2038
(d)
4,500‌
4,500‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.31%
Bardot
CLO
Ltd
5.31%,
10/22/2032
(d)
11,130‌
11,107‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
0.98%
CCG
Receivables
Trust
2024-1
4.99%,
03/15/2032
(d)
3,835‌
3,853‌
Cerberus
Loan
Funding
XXIV
LP
5.67%,
07/15/2030
(d)
9,187‌
9,183‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.35%
CF
Hippolyta
Issuer
LLC
1.53%,
03/15/2061
(d)
24,268‌
20,080‌
1.69%,
07/15/2060
(d)
13,339‌
11,442‌
CNH
Equipment
Trust
2024-B
5.42%,
10/15/2027
2,104‌
2,109‌
Dell
Equipment
Finance
Trust
2024-1
5.58%,
03/22/2030
(d)
2,626‌
2,629‌
Dewolf
Park
CLO
Ltd
5.50%,
10/15/2030
(d)
5,190‌
5,194‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.18%
DLLAA
2023-1
LLC
5.93%,
07/20/2026
(d)
284‌
284‌
DLLAA
2025-1
LLC
4.70%,
10/20/2027
(d)
8,600‌
8,607‌
Dllad
2024-1
LLC
5.50%,
08/20/2027
(d)
3,869‌
3,884‌
DLLAD
2025-1
LLC
4.46%,
11/20/2028
(d)
12,300‌
12,290‌
DLLST
2024-1
LLC
5.33%,
01/20/2026
(d)
691‌
691‌
Empower
CLO
2025-1
Ltd
5.64%,
07/20/2038
(d)
12,600‌
12,615‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.31%
GreatAmerica
Leasing
Receivables
Funding
LLC
Series
2024-1
5.32%,
08/17/2026
(d)
4,047‌
4,055‌
KKR
CLO
18
Ltd
5.53%,
07/18/2030
(d)
2,279‌
2,278‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.20%
Kubota
Credit
Owner
Trust
2023-2
5.61%,
07/15/2026
(d)
923‌
923‌
Lake
Shore
MM
CLO
II
Ltd
5.72%,
10/17/2031
(d)
7,966‌
7,964‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.40%
Madison
Park
Funding
XVIII
Ltd
5.53%,
10/21/2030
(d)
8,497‌
8,503‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.20%
Magnetite
XLVII
Ltd
5.65%,
01/25/2038
(d)
6,250‌
6,280‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.33%
Maranon
Loan
Funding
2021-3
Ltd
6.07%,
10/15/2036
(d)
6,300‌
6,309‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.75%
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Other
Asset
Backed
Securities
(continued)
Marathon
CLO
XIII
Ltd
5.52%,
04/15/2032
(d)
$
13,732‌
$
13,737‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.20%
MVW
2021-1W
LLC
1.14%,
01/22/2041
(d)
1,418‌
1,358‌
MVW
2023-2
LLC
6.18%,
11/20/2040
(d)
5,507‌
5,612‌
MVW
2024-2
LLC
4.43%,
03/20/2042
(d)
13,685‌
13,577‌
New
Mountain
CLO
6
Ltd
5.72%,
10/15/2037
(d)
6,300‌
6,316‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.40%
New
Mountain
CLO
7
Ltd
5.48%,
03/31/2038
(d)
9,500‌
9,506‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.20%
Oaktree
CLO
2019-4
Ltd
5.84%,
07/20/2037
(d)
19,000‌
19,049‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.51%
Oaktree
CLO
2024-25
Ltd
5.88%,
04/20/2037
(d)
6,300‌
6,315‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.55%
Palmer
Square
Loan
Funding
2022-1
Ltd
5.37%,
04/15/2030
(d)
936‌
935‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.05%
PFS
Financing
Corp
4.85%,
02/15/2030
(d)
12,550‌
12,662‌
4.95%,
02/15/2029
(d)
13,350‌
13,441‌
5.52%,
10/15/2028
(d)
4,500‌
4,552‌
Signal
Peak
CLO
11
Ltd
5.78%,
07/18/2037
(d)
6,250‌
6,269‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.45%
T-Mobile
US
Trust
2022-1
4.91%,
05/22/2028
(d)
1,382‌
1,382‌
T-Mobile
US
Trust
2025-2
4.34%,
04/22/2030
(d),(f)
13,000‌
12,992‌
Trafigura
Securitisation
Finance
PLC
5.98%,
11/15/2027
(d)
15,000‌
15,115‌
Verizon
Master
Trust
4.17%,
08/20/2030
5,500‌
5,489‌
4.35%,
08/20/2032
(d)
5,500‌
5,475‌
4.49%,
01/22/2029
16,000‌
15,999‌
4.62%,
11/20/2030
9,700‌
9,777‌
5.16%,
06/20/2029
13,800‌
13,892‌
Voya
2012-4
Ltd
5.58%,
10/15/2030
(d)
1,633‌
1,633‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.26%
$
374,633‌
Packaging
&
Containers
-
0
.57
%
Graphic
Packaging
International
LLC
1.51%,
04/15/2026
(d)
9,800‌
9,548‌
Smurfit
Kappa
Treasury
ULC
5.20%,
01/15/2030
10,000‌
10,239‌
$
19,787‌
Pharmaceuticals
-
1
.46
%
AbbVie
Inc
4.80%,
03/15/2029
10,000‌
10,158‌
Astrazeneca
Finance
LLC
4.85%,
02/26/2029
9,400‌
9,569‌
Bristol-Myers
Squibb
Co
4.90%,
02/22/2029
10,000‌
10,193‌
Schedule
of
Investments
Short-Term
Income
Fund
July
31,
2025
(unaudited)
216
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Pharmaceuticals
(continued)
Eli
Lilly
&
Co
4.50%,
02/09/2029
$
10,000‌
$
10,097‌
4.55%,
02/12/2028
6,250‌
6,315‌
4.75%,
02/12/2030
4,300‌
4,381‌
$
50,713‌
Pipelines
-
2
.99
%
Columbia
Pipelines
Holding
Co
LLC
6.04%,
08/15/2028
(d)
11,350‌
11,797‌
6.06%,
08/15/2026
(d)
3,450‌
3,487‌
Enbridge
Inc
5.30%,
04/05/2029
3,850‌
3,937‌
5.90%,
11/15/2026
11,275‌
11,448‌
Energy
Transfer
LP
4.40%,
03/15/2027
5,250‌
5,233‌
5.55%,
02/15/2028
10,000‌
10,247‌
Kinder
Morgan
Inc
5.00%,
02/01/2029
10,000‌
10,129‌
5.10%,
08/01/2029
6,000‌
6,108‌
ONEOK
Inc
4.25%,
09/24/2027
11,700‌
11,649‌
4.40%,
10/15/2029
7,900‌
7,833‌
5.55%,
11/01/2026
6,000‌
6,063‌
Williams
Cos
Inc/The
4.63%,
06/30/2030
8,750‌
8,715‌
5.40%,
03/02/2026
7,000‌
7,032‌
$
103,678‌
REITs
-
2
.77
%
American
Homes
4
Rent
LP
4.95%,
06/15/2030
5,998‌
6,037‌
American
Tower
Corp
5.00%,
01/31/2030
3,800‌
3,859‌
American
Tower
Trust
#1
3.65%,
03/15/2048
(d)
6,300‌
6,122‌
5.49%,
03/15/2053
(d)
10,500‌
10,644‌
CubeSmart
LP
4.00%,
11/15/2025
3,275‌
3,266‌
Omega
Healthcare
Investors
Inc
5.20%,
07/01/2030
6,000‌
6,019‌
Public
Storage
Operating
Co
4.38%,
07/01/2030
9,250‌
9,193‌
5.03%,
04/16/2027
9,550‌
9,568‌
Secured
Overnight
Financing
Rate
+
0.70%
SBA
Tower
Trust
1.63%,
05/15/2051
(d)
19,400‌
18,675‌
1.88%,
07/15/2050
(d)
6,463‌
6,376‌
2.33%,
07/15/2052
(d)
2,800‌
2,638‌
Welltower
OP
LLC
4.50%,
07/01/2030
(g)
14,000‌
13,964‌
$
96,361‌
Semiconductors
-
1
.51
%
Advanced
Micro
Devices
Inc
4.21%,
09/24/2026
6,300‌
6,300‌
4.32%,
03/24/2028
6,300‌
6,319‌
Broadcom
Inc
4.60%,
07/15/2030
6,500‌
6,502‌
5.05%,
07/12/2029
7,400‌
7,553‌
Marvell
Technology
Inc
4.75%,
07/15/2030
6,000‌
6,003‌
Micron
Technology
Inc
6.75%,
11/01/2029
9,100‌
9,791‌
Texas
Instruments
Inc
4.60%,
02/08/2029
(g)
10,000‌
10,125‌
$
52,593‌
Software
-
1
.58
%
Oracle
Corp
4.20%,
09/27/2029
9,300‌
9,190‌
4.80%,
08/03/2028
9,400‌
9,502‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Software
(continued)
Roper
Technologies
Inc
1.00%,
09/15/2025
$
10,450‌
$
10,399‌
4.50%,
10/15/2029
7,400‌
7,378‌
Take-Two
Interactive
Software
Inc
4.95%,
03/28/2028
10,700‌
10,842‌
5.40%,
06/12/2029
7,400‌
7,609‌
$
54,920‌
Student
Loan
Asset
Backed
Securities
-
4
.13
%
Commonbond
Student
Loan
Trust
2018-BGS
3.56%,
09/25/2045
(d)
1,632‌
1,563‌
Commonbond
Student
Loan
Trust
2018-C-GS
3.87%,
02/25/2046
(d)
2,144‌
2,067‌
Commonbond
Student
Loan
Trust
2019-A-GS
2.54%,
01/25/2047
(d)
4,099‌
3,734‌
Commonbond
Student
Loan
Trust
2020-A-GS
1.98%,
08/25/2050
(d)
1,697‌
1,508‌
Commonbond
Student
Loan
Trust
2021-A-GS
1.20%,
03/25/2052
(d)
7,852‌
6,746‌
Commonbond
Student
Loan
Trust
2021-B-GS
1.17%,
09/25/2051
(d)
2,500‌
2,176‌
EDvestinU
Private
Education
Loan
Issue
No
3
LLC
1.80%,
11/25/2045
(d)
5,381‌
4,925‌
ELFI
Graduate
Loan
Program
2024-A
LLC
5.56%,
08/25/2049
(d)
3,909‌
3,942‌
Laurel
Road
Prime
Student
Loan
Trust
2019-A
2.34%,
10/25/2048
(d)
23‌
22‌
Navient
Education
Loan
Trust
2025-A
5.02%,
07/15/2055
(d)
5,100‌
5,121‌
Navient
Private
Education
Refi
Loan
Trust
2019-A
3.42%,
01/15/2043
(d)
306‌
304‌
Navient
Private
Education
Refi
Loan
Trust
2019-G
2.40%,
10/15/2068
(d)
2,017‌
1,952‌
Navient
Private
Education
Refi
Loan
Trust
2020-D
1.69%,
05/15/2069
(d)
2,870‌
2,696‌
Navient
Private
Education
Refi
Loan
Trust
2020-F
1.22%,
07/15/2069
(d)
1,891‌
1,763‌
Navient
Private
Education
Refi
Loan
Trust
2020-G
1.17%,
09/16/2069
(d)
2,064‌
1,915‌
Navient
Private
Education
Refi
Loan
Trust
2020-H
1.31%,
01/15/2069
(d)
2,662‌
2,507‌
Navient
Private
Education
Refi
Loan
Trust
2021-A
0.84%,
05/15/2069
(d)
2,823‌
2,569‌
Navient
Private
Education
Refi
Loan
Trust
2021-B
0.94%,
07/15/2069
(d)
6,250‌
5,671‌
Navient
Private
Education
Refi
Loan
Trust
2021-C
1.06%,
10/15/2069
(d)
5,986‌
5,421‌
Navient
Private
Education
Refi
Loan
Trust
2021-E
0.97%,
12/16/2069
(d)
8,818‌
7,872‌
Navient
Private
Education
Refi
Loan
Trust
2021-F
1.11%,
02/18/2070
(d)
3,810‌
3,360‌
Navient
Private
Education
Refi
Loan
Trust
2022-A
2.23%,
07/15/2070
(d)
3,538‌
3,224‌
Navient
Private
Education
Refi
Loan
Trust
2023-A
5.51%,
10/15/2071
(d)
2,095‌
2,133‌
Navient
Private
Education
Refi
Loan
Trust
2024-A
5.66%,
10/15/2072
(d)
8,435‌
8,600‌
Nelnet
Student
Loan
Trust
2021-A
1.36%,
04/20/2062
(d)
12,967‌
12,183‌
Nelnet
Student
Loan
Trust
2021-C
1.32%,
04/20/2062
(d)
4,504‌
4,204‌
Nelnet
Student
Loan
Trust
2021-D
1.63%,
04/20/2062
(d)
6,191‌
5,836‌
SLM
Private
Credit
Student
Loan
Trust
2004-A
4.98%,
06/15/2033
157‌
156‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
0.66%
Schedule
of
Investments
Short-Term
Income
Fund
July
31,
2025
(unaudited)
217
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Student
Loan
Asset
Backed
Securities
(continued)
SLM
Private
Credit
Student
Loan
Trust
2006-A
4.87%,
06/15/2039
$
8,590‌
$
8,242‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
0.55%
SLM
Private
Credit
Student
Loan
Trust
2006-B
4.78%,
12/15/2039
4,942‌
4,805‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
0.46%
SMB
Private
Education
Loan
Trust
2021-A
1.07%,
01/15/2053
(d)
5,164‌
4,662‌
SMB
Private
Education
Loan
Trust
2021-B
1.31%,
07/17/2051
(d)
7,916‌
7,395‌
SMB
Private
Education
Loan
Trust
2021-E
1.68%,
02/15/2051
(d)
7,749‌
7,237‌
SMB
Private
Education
Loan
Trust
2022-C
4.48%,
05/16/2050
(d)
6,881‌
6,803‌
$
143,314‌
Telecommunications
-
1
.49
%
AT&T
Inc
1.70%,
03/25/2026
9,400‌
9,229‌
4.70%,
08/15/2030
6,400‌
6,449‌
Cisco
Systems
Inc
4.75%,
02/24/2030
9,400‌
9,559‌
4.85%,
02/26/2029
10,000‌
10,197‌
Crown
Castle
Towers
LLC
4.24%,
07/15/2048
(d)
1,650‌
1,619‌
NTT
Finance
Corp
4.62%,
07/16/2028
(d)
9,300‌
9,320‌
Sprint
Spectrum
Co
LLC
/
Sprint
Spectrum
Co
II
LLC
/
Sprint
Spectrum
Co
III
LLC
5.15%,
09/20/2029
(d)
5,225‌
5,244‌
$
51,617‌
Transportation
-
0
.31
%
Ryder
System
Inc
1.75%,
09/01/2026
11,000‌
10,676‌
TOTAL
BONDS
$
2,987,190‌
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
-
10
.61
%
Principal
Amount
(000's)
Value
(000's)
Federal
Home
Loan
Mortgage
Corporation
(FHLMC)
-
0
.00
%
6.83%,
09/01/2035
$
11‌
$
11‌
1.00
x
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
2.25%
Federal
National
Mortgage
Association
(FNMA)
-
0
.00
%
6.30%,
02/01/2037
16‌
16‌
1.00
x
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
2.01%
6.41%,
11/01/2032
3‌
3‌
1.00
x
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
2.29%
6.46%,
07/01/2034
12‌
12‌
1.00
x
Refinitiv
USD
IBOR
Consumer
Cash
Fallback
12-Month
+
1.58%
6.51%,
02/01/2035
1‌
1‌
1.00
x
Refinitiv
USD
IBOR
Consumer
Cash
Fallback
6-Month
+
2.01%
6.52%,
12/01/2032
6‌
6‌
1.00
x
Refinitiv
USD
IBOR
Consumer
Cash
Fallback
12-Month
+
1.64%
6.69%,
07/01/2034
2‌
2‌
1.00
x
Refinitiv
USD
IBOR
Consumer
Cash
Fallback
12-Month
+
1.64%
6.75%,
01/01/2035
4‌
4‌
1.00
x
Refinitiv
USD
IBOR
Consumer
Cash
Fallback
12-Month
+
1.75%
7.18%,
08/01/2034
6‌
6‌
1.00
x
Refinitiv
USD
IBOR
Consumer
Cash
Fallback
12-Month
+
1.63%
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Federal
National
Mortgage
Association
(FNMA)
(continued)
7.18%,
10/01/2035
$
31‌
$
32‌
1.00
x
Refinitiv
USD
IBOR
Consumer
Cash
Fallback
12-Month
+
1.68%
$
82‌
Federal
National
Mortgage
Association
(FNMA)/Federal
Home
Loan
Mortgage
Corporation
(FHLMC)
Uniform
Mortgage-Backed
Security
-
0
.00
%
7.50%,
10/01/2029
1‌
1‌
U.S.
Treasury
-
10
.61
%
3.25%,
06/30/2029
100,450‌
98,041‌
3.88%,
12/31/2029
40,000‌
39,907‌
4.00%,
01/15/2027
26,600‌
26,579‌
4.50%,
07/15/2026
69,400‌
69,599‌
5.00%,
09/30/2025
133,850‌
133,968‌
$
368,094‌
TOTAL
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
$
368,188‌
Total
Investments
$
3,514,172‌
Other
Assets
and
Liabilities
-  (1.23)%
(
42,663‌
)
TOTAL
NET
ASSETS
-
100.00%
$
3,471,509‌
(a)
1-day
yield
shown
is
as
of
period
end.
(b)
Security
or
a
portion
of
the
security
was
received
as
collateral
for
securities
lending.
At
the
end
of
the
period,
the
value
of
these
securities
totaled
$9,857
or
0.28%
of
net
assets.
(c)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940,
as
amended,
(the
"1940
Act"))
or
an
affiliate
as
defined
by
the
1940
Act
(controls
5.00%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
Affiliated
Securities
sub-schedule
for
transactional
information.
(d)
Security
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933.
These
securities
may
be
resold
in
transactions
exempt
from
registration,
normally
to
qualified
institutional
buyers.
At
the
end
of
the
period,
the
value
of
these
securities
totaled
$1,383,330
or
39.85%
of
net
assets.
(e)
Rate
shown
is
as
of
period
end.
The
rate
may
be
a
variable
or
floating
rate
or
a
fixed
rate
which
may
convert
to
a
variable
or
floating
rate
in
the
future.
(f)
Security
purchased
on
a
when-issued
basis.
(g)
Security
or
a
portion
of
the
security
was
on
loan.  At
the
end
of
the
period,
the
value
of
these
securities
totaled
$9,513
or
0.27%
of
net
assets.
(h)
Certain
variable
rate
securities
are
not
based
on
a
published
reference
rate
and
spread
but
are
determined
by
the
issuer
or
agent
and
are
based
on
current
market
conditions.  These
securities
do
not
indicate
a
reference
rate
and
spread
in
their
description.
Rate
shown
is
the
rate
in
effect
as
of
period
end.
Schedule
of
Investments
Short-Term
Income
Fund
July
31,
2025
(unaudited)
218
Affiliated
Securities
October
31,
2024
Purchases
Sales
July
31,
2025
Value
Cost
Proceeds
Value
Principal
Government
Money
Market
Fund
-
Class
R-6
4.22%
$
171,923‌
$
1,076,950‌
$
1,092,156‌
$
156,717‌
$
171,923‌
$
1,076,950‌
$
1,092,156‌
$
156,717‌
Income
(a)
Realized
Gain/(Loss)
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
(Loss)
Principal
Government
Money
Market
Fund
-
Class
R-6
4.22%
$
3,461‌
$
—‌
$
—‌
$
—‌
$
3,461‌
$
—‌
$
—‌
$
—‌
Amounts
in
thousands.
(a)
Amount
excludes
earnings
from
securities
lending
collateral.
Futures
Contracts
Description
and
Expiration
Date
Type
Contracts
Notional
Amount
Value
and
Unrealized
Appreciation/(Depreciation)
US
5
Year
Note;
September
2025
Long
972‌
$
105,143‌
$
158‌
Total
$
158‌
Amounts
in
thousands
except
contracts.
Schedule
of
Investments
SmallCap
Fund
July
31,
2025
(unaudited)
219
INVESTMENT
COMPANIES
-
1
.26
%
Shares
Held
Value
(000's)
Money
Market
Funds
-
1
.26
%
BlackRock
Liquidity
FedFund
-
Institutional
Class
4.21%
(a),(b)
1,247,802‌
$
1,247‌
Principal
Government
Money
Market
Fund
-
Class
R-6
4.22%
(a),(b),(c)
24,893,867‌
24,894‌
$
26,141‌
TOTAL
INVESTMENT
COMPANIES
$
26,141‌
COMMON
STOCKS
-
98
.77
%
Shares
Held
Value
(000's)
Aerospace
&
Defense
-
1
.82
%
AAR
Corp
(d)
224,900‌
$
16,802‌
Curtiss-Wright
Corp
42,400‌
20,786‌
$
37,588‌
Agriculture
-
1
.73
%
Darling
Ingredients
Inc
(d)
403,300‌
13,059‌
Vital
Farms
Inc
(d)
608,200‌
22,625‌
$
35,684‌
Apparel
-
0
.69
%
PVH
Corp
195,300‌
14,339‌
Automobile
Parts
&
Equipment
-
0
.70
%
Visteon
Corp
130,800‌
14,538‌
Banks
-
10
.31
%
Ameris
Bancorp
327,800‌
22,405‌
First
Horizon
Corp
919,600‌
20,057‌
First
Merchants
Corp
325,600‌
12,412‌
FNB
Corp/PA
1,558,296‌
23,873‌
Independent
Bank
Corp/MI
145,100‌
4,433‌
National
Bank
Holdings
Corp
206,700‌
7,660‌
Pinnacle
Financial
Partners
Inc
203,300‌
17,868‌
Popular
Inc
315,000‌
36,093‌
UMB
Financial
Corp
303,200‌
33,349‌
Webster
Financial
Corp
185,122‌
10,672‌
Wintrust
Financial
Corp
189,000‌
24,188‌
$
213,010‌
Biotechnology
-
7
.95
%
Akero
Therapeutics
Inc
(d)
180,469‌
8,816‌
Axsome
Therapeutics
Inc
(d)
164,800‌
16,707‌
Bicycle
Therapeutics
PLC
ADR
(d)
568,300‌
4,842‌
Bridgebio
Pharma
Inc
(d)
448,000‌
21,177‌
Cytokinetics
Inc
(d)
426,200‌
16,042‌
Denali
Therapeutics
Inc
(d)
494,000‌
6,832‌
Immunocore
Holdings
PLC
ADR
(d)
211,000‌
6,915‌
Immunome
Inc
(d)
336,675‌
3,542‌
Insmed
Inc
(d)
564,400‌
60,549‌
Iovance
Biotherapeutics
Inc
(d),(e)
1,493,900‌
3,839‌
Structure
Therapeutics
Inc
ADR
(d)
394,000‌
7,013‌
Viking
Therapeutics
Inc
(d)
243,900‌
7,944‌
$
164,218‌
Building
Materials
-
4
.69
%
Eagle
Materials
Inc
46,718‌
10,478‌
Louisiana-Pacific
Corp
116,200‌
10,506‌
Modine
Manufacturing
Co
(d)
296,500‌
39,897‌
SPX
Technologies
Inc
(d)
99,800‌
18,203‌
Trex
Co
Inc
(d)
277,600‌
17,833‌
$
96,917‌
Commercial
Services
-
3
.43
%
ABM
Industries
Inc
458,900‌
21,169‌
Huron
Consulting
Group
Inc
(d)
135,600‌
17,910‌
Remitly
Global
Inc
(d)
255,300‌
4,213‌
Stride
Inc
(d)
215,800‌
27,672‌
$
70,964‌
Computers
-
2
.98
%
Parsons
Corp
(d)
275,800‌
20,464‌
SailPoint
Inc
(d)
233,100‌
5,208‌
Varonis
Systems
Inc
(d)
644,400‌
35,977‌
$
61,649‌
Distribution
&
Wholesale
-
1
.36
%
WESCO
International
Inc
135,600‌
28,064‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Diversified
Financial
Services
-
5
.37
%
Janus
Henderson
Group
PLC
567,400‌
$
24,568‌
Jefferson
Capital
Inc
(d)
354,620‌
5,982‌
Lazard
Inc
582,600‌
30,284‌
Marex
Group
PLC
254,207‌
9,807‌
OneMain
Holdings
Inc
246,500‌
14,245‌
Stifel
Financial
Corp
229,500‌
26,191‌
$
111,077‌
Electrical
Components
&
Equipment
-
0
.77
%
EnerSys
172,407‌
15,925‌
Electronics
-
2
.49
%
Advanced
Energy
Industries
Inc
191,800‌
26,645‌
TD
SYNNEX
Corp
171,677‌
24,788‌
$
51,433‌
Engineering
&
Construction
-
4
.58
%
Dycom
Industries
Inc
(d)
144,500‌
38,843‌
MYR
Group
Inc
(d)
131,600‌
25,465‌
Sterling
Infrastructure
Inc
(d)
113,700‌
30,425‌
$
94,733‌
Entertainment
-
1
.70
%
Caesars
Entertainment
Inc
(d)
320,200‌
8,543‌
TKO
Group
Holdings
Inc
158,600‌
26,646‌
$
35,189‌
Food
-
1
.33
%
Performance
Food
Group
Co
(d)
273,818‌
27,491‌
Gas
-
1
.73
%
Southwest
Gas
Holdings
Inc
457,700‌
35,765‌
Healthcare
-
Products
-
2
.63
%
Castle
Biosciences
Inc
(d)
829,938‌
12,574‌
Exact
Sciences
Corp
(d)
322,400‌
15,137‌
Natera
Inc
(d)
199,600‌
26,678‌
$
54,389‌
Healthcare
-
Services
-
3
.00
%
Addus
HomeCare
Corp
(d)
155,600‌
16,615‌
LifeStance
Health
Group
Inc
(d)
1,357,300‌
5,402‌
Privia
Health
Group
Inc
(d)
969,639‌
18,928‌
RadNet
Inc
(d)
384,400‌
21,038‌
$
61,983‌
Home
Builders
-
1
.43
%
Taylor
Morrison
Home
Corp
(d)
496,800‌
29,450‌
Insurance
-
3
.49
%
Abacus
Global
Management
Inc
(d)
319,473‌
1,728‌
Axis
Capital
Holdings
Ltd
98,800‌
9,271‌
CNO
Financial
Group
Inc
509,866‌
18,784‌
Essent
Group
Ltd
273,500‌
15,313‌
Lincoln
National
Corp
709,300‌
27,032‌
$
72,128‌
Internet
-
0
.00
%
Lulu's
Fashion
Lounge
Holdings
Inc
(d)
26,043‌
104‌
Iron
&
Steel
-
1
.19
%
Commercial
Metals
Co
474,800‌
24,623‌
Leisure
Products
&
Services
-
1
.69
%
Life
Time
Group
Holdings
Inc
(d)
958,900‌
27,540‌
Lindblad
Expeditions
Holdings
Inc
(d)
613,500‌
7,331‌
$
34,871‌
Machinery
-
Diversified
-
6
.09
%
Chart
Industries
Inc
(d)
230,900‌
45,910‌
Mueller
Water
Products
Inc
-
Class
A
1,085,300‌
26,872‌
Regal
Rexnord
Corp
166,300‌
25,424‌
Zurn
Elkay
Water
Solutions
Corp
622,600‌
27,550‌
$
125,756‌
Miscellaneous
Manufacturers
-
0
.66
%
Fabrinet
(d)
41,851‌
13,548‌
Oil
&
Gas
-
2
.32
%
Chord
Energy
Corp
138,400‌
15,270‌
Civitas
Resources
Inc
342,800‌
10,407‌
Gulfport
Energy
Corp
(d)
83,300‌
14,505‌
Schedule
of
Investments
SmallCap
Fund
July
31,
2025
(unaudited)
220
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Oil
&
Gas
(continued)
Patterson-UTI
Energy
Inc
1,303,100‌
$
7,701‌
$
47,883‌
Oil
&
Gas
Services
-
0
.84
%
Helix
Energy
Solutions
Group
Inc
(d)
1,685,400‌
9,994‌
Schlumberger
NV
216,525‌
7,319‌
$
17,313‌
Packaging
&
Containers
-
1
.00
%
Graphic
Packaging
Holding
Co
922,100‌
20,618‌
Pharmaceuticals
-
1
.82
%
AdaptHealth
Corp
(d)
750,700‌
6,734‌
BellRing
Brands
Inc
(d)
168,000‌
9,169‌
Collegium
Pharmaceutical
Inc
(d)
551,900‌
16,480‌
Dexcom
Inc
(d)
64,300‌
5,193‌
$
37,576‌
Real
Estate
-
0
.82
%
Newmark
Group
Inc
1,117,000‌
16,945‌
REITs
-
4
.79
%
Agree
Realty
Corp
430,600‌
30,874‌
American
Healthcare
REIT
Inc
337,200‌
13,029‌
Cousins
Properties
Inc
596,400‌
16,163‌
First
Industrial
Realty
Trust
Inc
424,100‌
20,662‌
Ladder
Capital
Corp
692,100‌
7,558‌
Rexford
Industrial
Realty
Inc
291,900‌
10,663‌
$
98,949‌
Retail
-
1
.75
%
American
Eagle
Outfitters
Inc
(e)
492,100‌
5,315‌
BJ's
Wholesale
Club
Holdings
Inc
(d)
222,951‌
23,610‌
Caleres
Inc
531,300‌
7,295‌
$
36,220‌
Semiconductors
-
2
.61
%
Allegro
MicroSystems
Inc
(d)
598,000‌
18,783‌
Entegris
Inc
151,040‌
11,851‌
SiTime
Corp
(d)
115,000‌
23,328‌
$
53,962‌
Software
-
5
.31
%
Agilysys
Inc
(d)
164,800‌
18,800‌
Clearwater
Analytics
Holdings
Inc
(d)
575,800‌
11,666‌
JFrog
Ltd
(d)
589,600‌
25,595‌
Progress
Software
Corp
271,800‌
13,068‌
ServiceTitan
Inc
(d)
189,000‌
22,058‌
Sophia
Genetics
SA
(d)
649,300‌
2,032‌
Sprout
Social
Inc
(d)
394,580‌
6,767‌
Vertex
Inc
(d)
291,300‌
9,663‌
$
109,649‌
Telecommunications
-
1
.56
%
Credo
Technology
Group
Holding
Ltd
(d)
289,395‌
32,282‌
Transportation
-
1
.21
%
Teekay
Tankers
Ltd
325,700‌
13,793‌
World
Kinect
Corp
409,900‌
11,178‌
$
24,971‌
Water
-
0
.93
%
American
States
Water
Co
262,400‌
19,310‌
TOTAL
COMMON
STOCKS
$
2,041,114‌
Total
Investments
$
2,067,255‌
Other
Assets
and
Liabilities
-  (0.03)%
(
636‌
)
TOTAL
NET
ASSETS
-
100.00%
$
2,066,619‌
(a)
1-day
yield
shown
is
as
of
period
end.
(b)
Security
or
a
portion
of
the
security
was
received
as
collateral
for
securities
lending.
At
the
end
of
the
period,
the
value
of
these
securities
totaled
$5,917
or
0.29%
of
net
assets.
(c)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940,
as
amended,
(the
"1940
Act"))
or
an
affiliate
as
defined
by
the
1940
Act
(controls
5.00%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
Affiliated
Securities
sub-schedule
for
transactional
information.
(d)
Non-income
producing
security
(e)
Security
or
a
portion
of
the
security
was
on
loan.  At
the
end
of
the
period,
the
value
of
these
securities
totaled
$5,556
or
0.27%
of
net
assets.
Schedule
of
Investments
SmallCap
Fund
July
31,
2025
(unaudited)
221
Affiliated
Securities
October
31,
2024
Purchases
Sales
July
31,
2025
Value
Cost
Proceeds
Value
Principal
Government
Money
Market
Fund
-
Class
R-6
4.22%
$
18,986‌
$
627,884‌
$
621,976‌
$
24,894‌
$
18,986‌
$
627,884‌
$
621,976‌
$
24,894‌
Income
(a)
Realized
Gain/(Loss)
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
(Loss)
Principal
Government
Money
Market
Fund
-
Class
R-6
4.22%
$
532‌
$
—‌
$
—‌
$
—‌
$
532‌
$
—‌
$
—‌
$
—‌
Amounts
in
thousands.
(a)
Amount
excludes
earnings
from
securities
lending
collateral.
Schedule
of
Investments
SmallCap
Growth
Fund
I
July
31,
2025
(unaudited)
222
INVESTMENT
COMPANIES
-
3
.34
%
Shares
Held
Value
(000's)
Exchange-Traded
Funds
-
0
.08
%
iShares
Russell
2000
Growth
ETF
(a)
5,500‌
$
1,596‌
Money
Market
Funds
-
3
.26
%
BlackRock
Liquidity
FedFund
-
Institutional
Class
4.21%
(b),(c)
4,694,504‌
4,695‌
Principal
Government
Money
Market
Fund
-
Class
R-6
4.22%
(b),(c),(d)
62,625,338‌
62,625‌
$
67,320‌
TOTAL
INVESTMENT
COMPANIES
$
68,916‌
COMMON
STOCKS
-
97
.78
%
Shares
Held
Value
(000's)
Advertising
-
0
.00
%
Boston
Omaha
Corp
(e)
83‌
$
1‌
Stagwell
Inc
(e)
6,152‌
35‌
TechTarget
Inc
(e)
186‌
2‌
$
38‌
Aerospace
&
Defense
-
6
.00
%
AAR
Corp
(e)
74,076‌
5,535‌
AeroVironment
Inc
(e)
102,192‌
27,351‌
Amprius
Technologies
Inc
(e)
4,965‌
34‌
Archer
Aviation
Inc
(e)
29,140‌
292‌
Astronics
Corp
(e)
1,465‌
53‌
Curtiss-Wright
Corp
35,934‌
17,616‌
Eve
Holding
Inc
(a),(e)
2,716‌
18‌
Intuitive
Machines
Inc
(e)
336‌
4‌
Joby
Aviation
Inc
(e)
24,667‌
411‌
Karman
Holdings
Inc
(e)
149,162‌
7,712‌
Kratos
Defense
&
Security
Solutions
Inc
(e)
317,754‌
18,652‌
Leonardo
DRS
Inc
207,366‌
8,626‌
Loar
Holdings
Inc
(e)
99,855‌
7,380‌
Mercury
Systems
Inc
(e)
116,927‌
6,149‌
Moog
Inc
1,505‌
291‌
Red
Cat
Holdings
Inc
(a),(e)
3,986‌
33‌
Redwire
Corp
(a),(e)
1,779‌
25‌
StandardAero
Inc
(e)
711,795‌
20,321‌
Voyager
Technologies
Inc
(e)
77,925‌
3,119‌
$
123,622‌
Agriculture
-
0
.42
%
Ispire
Technology
Inc
(a),(e)
1,342‌
4‌
Turning
Point
Brands
Inc
811‌
67‌
Vital
Farms
Inc
(e)
229,110‌
8,523‌
$
8,594‌
Airlines
-
0
.25
%
Allegiant
Travel
Co
(e)
99,280‌
5,127‌
Frontier
Group
Holdings
Inc
(e)
3,059‌
13‌
Spirit
Aviation
Holdings
Inc
(e)
62‌
—‌
Sun
Country
Airlines
Holdings
Inc
(e)
1,538‌
18‌
$
5,158‌
Apparel
-
0
.02
%
Ermenegildo
Zegna
NV
3,287‌
26‌
Hanesbrands
Inc
(e)
18,776‌
77‌
Kontoor
Brands
Inc
2,384‌
133‌
Steven
Madden
Ltd
331‌
8‌
Wolverine
World
Wide
Inc
4,293‌
97‌
$
341‌
Automobile
Manufacturers
-
0
.01
%
Blue
Bird
Corp
(e)
1,706‌
77‌
REV
Group
Inc
2,732‌
135‌
$
212‌
Automobile
Parts
&
Equipment
-
0
.07
%
Aeva
Technologies
Inc
(e)
1,621‌
30‌
Dorman
Products
Inc
(e)
1,476‌
178‌
Douglas
Dynamics
Inc
1,032‌
30‌
Fox
Factory
Holding
Corp
(e)
588‌
18‌
indie
Semiconductor
Inc
(a),(e)
3,961‌
16‌
Luminar
Technologies
Inc
(e)
1,138‌
3‌
Microvast
Holdings
Inc
(a),(e)
6,755‌
21‌
Solid
Power
Inc
(e)
915‌
3‌
Visteon
Corp
10,184‌
1,132‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Automobile
Parts
&
Equipment
(continued)
XPEL
Inc
(e)
1,279‌
$
42‌
$
1,473‌
Banks
-
1
.98
%
Amerant
Bancorp
Inc
844‌
16‌
Arrow
Financial
Corp
61‌
2‌
BancFirst
Corp
1,024‌
127‌
Bancorp
Inc/The
(e)
139,155‌
8,789‌
Bank
First
Corp
80‌
9‌
Bank
of
Hawaii
Corp
1,623‌
100‌
Bank7
Corp
24‌
1‌
Bankwell
Financial
Group
Inc
79‌
3‌
Bridgewater
Bancshares
Inc
(e)
528‌
8‌
Cadence
Bank
69,025‌
2,405‌
California
BanCorp
(e)
240‌
4‌
Capital
Bancorp
Inc
138‌
4‌
Carter
Bankshares
Inc
(e)
216‌
4‌
Citizens
Financial
Services
Inc
(a)
23‌
1‌
City
Holding
Co
485‌
59‌
Coastal
Financial
Corp/WA
(e)
14,811‌
1,424‌
Community
Financial
System
Inc
620‌
33‌
Community
West
Bancshares
163‌
3‌
ConnectOne
Bancorp
Inc
653‌
15‌
Customers
Bancorp
Inc
(e)
140‌
9‌
Dime
Community
Bancshares
Inc
385‌
11‌
Eagle
Bancorp
Inc
355‌
6‌
Eagle
Financial
Services
Inc
17‌
1‌
Esquire
Financial
Holdings
Inc
393‌
38‌
Finwise
Bancorp
(e)
291‌
5‌
First
BanCorp/Puerto
Rico
4,676‌
97‌
First
Business
Financial
Services
Inc
33‌
2‌
First
Community
Corp/SC
125‌
3‌
First
Financial
Bankshares
Inc
40,025‌
1,385‌
First
Financial
Corp
77‌
4‌
First
Internet
Bancorp
239‌
5‌
First
Merchants
Corp
184‌
7‌
First
National
Corp/VA
31‌
1‌
Five
Star
Bancorp
560‌
17‌
Glacier
Bancorp
Inc
1,229‌
54‌
Guaranty
Bancshares
Inc/TX
60‌
3‌
Hanover
Bancorp
Inc
19‌
—‌
Hope
Bancorp
Inc
316‌
3‌
International
Bancshares
Corp
315‌
21‌
Lakeland
Financial
Corp
758‌
48‌
LINKBANCORP
Inc
186‌
1‌
Live
Oak
Bancshares
Inc
804‌
25‌
MainStreet
Bancshares
Inc
26‌
—‌
Meridian
Corp
115‌
2‌
Metrocity
Bankshares
Inc
609‌
17‌
Metropolitan
Bank
Holding
Corp
122‌
9‌
NBT
Bancorp
Inc
195‌
8‌
Nicolet
Bankshares
Inc
207‌
27‌
Northeast
Bank
238‌
24‌
Northrim
BanCorp
Inc
163‌
14‌
Old
National
Bancorp/IN
1,982‌
42‌
Old
Point
Financial
Corp
(a)
89‌
4‌
OP
Bancorp
74‌
1‌
Orange
County
Bancorp
Inc
149‌
4‌
Origin
Bancorp
Inc
96‌
3‌
Pathward
Financial
Inc
1,257‌
95‌
Patriot
National
Bancorp
Inc
(e)
2,351‌
4‌
PCB
Bancorp
102‌
2‌
Peapack-Gladstone
Financial
Corp
354‌
9‌
Peoples
Financial
Services
Corp
67‌
3‌
Princeton
Bancorp
Inc
44‌
1‌
Prosperity
Bancshares
Inc
252,504‌
16,822‌
Richmond
Mutual
BanCorp
Inc
(a)
54‌
1‌
ServisFirst
Bancshares
Inc
2,761‌
217‌
Shore
Bancshares
Inc
316‌
5‌
SmartFinancial
Inc
135‌
5‌
Schedule
of
Investments
SmallCap
Growth
Fund
I
July
31,
2025
(unaudited)
223
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Banks
(continued)
Stock
Yards
Bancorp
Inc
1,325‌
$
99‌
Texas
Capital
Bancshares
Inc
(e)
342‌
29‌
Triumph
Financial
Inc
(e)
526‌
30‌
UMB
Financial
Corp
52,919‌
5,821‌
Union
Bankshares
Inc/Morrisville
VT
183‌
5‌
Unity
Bancorp
Inc
185‌
9‌
USCB
Financial
Holdings
Inc
221‌
4‌
Valley
National
Bancorp
6,350‌
59‌
WesBanco
Inc
91,172‌
2,747‌
West
BanCorp
Inc
160‌
3‌
$
40,878‌
Beverages
-
0
.53
%
BRC
Inc
(e)
3,318‌
6‌
Celsius
Holdings
Inc
(e)
237,214‌
10,755‌
National
Beverage
Corp
(e)
1,265‌
58‌
Vita
Coco
Co
Inc/The
(e)
2,132‌
75‌
Westrock
Coffee
Co
(a),(e)
1,929‌
13‌
Zevia
PBC
(e)
1,689‌
5‌
$
10,912‌
Biotechnology
-
6
.82
%
89bio
Inc
(e)
405,378‌
3,851‌
Aardvark
Therapeutics
Inc
(a),(e)
226‌
3‌
Abeona
Therapeutics
Inc
(e)
2,214‌
14‌
Absci
Corp
(a),(e)
4,901‌
14‌
ACADIA
Pharmaceuticals
Inc
(e)
124,527‌
2,967‌
ADC
Therapeutics
SA
(a),(e)
3,876‌
11‌
ADMA
Biologics
Inc
(e)
12,378‌
231‌
Akero
Therapeutics
Inc
(e)
173,410‌
8,471‌
Aldeyra
Therapeutics
Inc
(e)
2,364‌
12‌
Alpha
Teknova
Inc
(a),(e)
724‌
3‌
Altimmune
Inc
(e)
4,116‌
15‌
Amicus
Therapeutics
Inc
(e)
14,871‌
89‌
AnaptysBio
Inc
(e)
1,025‌
25‌
Anavex
Life
Sciences
Corp
(a),(e)
4,452‌
50‌
ANI
Pharmaceuticals
Inc
(e)
972‌
62‌
Apogee
Therapeutics
Inc
(e)
95,516‌
3,655‌
Arbutus
Biopharma
Corp
(e)
7,615‌
25‌
Arcellx
Inc
(e)
1,957‌
140‌
Arcturus
Therapeutics
Holdings
Inc
(e)
583‌
7‌
Arcus
Biosciences
Inc
(e)
2,697‌
25‌
Arcutis
Biotherapeutics
Inc
(e)
5,708‌
83‌
Ardelyx
Inc
(e)
12,593‌
53‌
ArriVent
Biopharma
Inc
(a),(e)
1,214‌
24‌
Arrowhead
Pharmaceuticals
Inc
(e)
6,432‌
102‌
ARS
Pharmaceuticals
Inc
(a),(e)
259,238‌
4,583‌
Atlantic
International
Corp
(e)
429‌
1‌
Aura
Biosciences
Inc
(a),(e)
649‌
4‌
Aurinia
Pharmaceuticals
Inc
(e)
6,278‌
58‌
Avidity
Biosciences
Inc
(e)
5,605‌
206‌
Axsome
Therapeutics
Inc
(e)
28,369‌
2,876‌
Beam
Therapeutics
Inc
(e)
5,095‌
100‌
Benitec
Biopharma
Inc
(a),(e)
775‌
8‌
Bicara
Therapeutics
Inc
(a),(e)
145‌
2‌
BioCryst
Pharmaceuticals
Inc
(e)
11,182‌
91‌
Biohaven
Ltd
(e)
200,145‌
3,023‌
Blueprint
Medicines
Corp
-
Contingent
Value
Rights
(e),(f)
65,056‌
—‌
Bridgebio
Pharma
Inc
(e)
314,268‌
14,856‌
Bright
Minds
Biosciences
Inc
(e)
246‌
8‌
Candel
Therapeutics
Inc
(a),(e)
1,914‌
12‌
Capricor
Therapeutics
Inc
(a),(e)
2,059‌
17‌
Cardiff
Oncology
Inc
(a),(e)
1,561‌
4‌
Cartesian
Therapeutics
Inc
(a),(e)
84‌
1‌
Cartesian
Therapeutics
Inc
-
Contingent
Value
Rights
(e),(f)
3,555‌
1‌
Celcuity
Inc
(a),(e)
51,823‌
2,029‌
CG
oncology
Inc
(e)
154,708‌
4,129‌
Chinook
Therapeutics
Inc
-
Contingent
Value
Rights
(e),(f)
1,785‌
—‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Biotechnology
(continued)
Cogent
Biosciences
Inc
(e)
412,787‌
$
4,714‌
Compass
Therapeutics
Inc
(e)
2,924‌
9‌
Crinetics
Pharmaceuticals
Inc
(e)
4,818‌
138‌
Cytokinetics
Inc
(e)
195,398‌
7,354‌
Day
One
Biopharmaceuticals
Inc
(e)
259‌
2‌
Denali
Therapeutics
Inc
(e)
209,947‌
2,903‌
DiaMedica
Therapeutics
Inc
(e)
1,583‌
7‌
Dianthus
Therapeutics
Inc
(a),(e)
150,256‌
3,106‌
Disc
Medicine
Inc
(e)
1,318‌
79‌
Dynavax
Technologies
Corp
(e)
5,611‌
62‌
Dyne
Therapeutics
Inc
(e)
1,699‌
17‌
Edgewise
Therapeutics
Inc
(e)
3,884‌
55‌
Eledon
Pharmaceuticals
Inc
(e)
260‌
1‌
Esperion
Therapeutics
Inc
(a),(e)
4,048‌
6‌
Evolus
Inc
(e)
2,847‌
25‌
Forafric
Global
PLC
(a),(e)
341‌
3‌
Geron
Corp
(e)
32,350‌
37‌
Gossamer
Bio
Inc
(e)
10,075‌
21‌
Greenwich
Lifesciences
Inc
(a),(e)
326‌
4‌
Halozyme
Therapeutics
Inc
(e)
73,451‌
4,405‌
Humacyte
Inc
(a),(e)
1,568‌
4‌
ImmunityBio
Inc
(a),(e)
10,106‌
25‌
Immunome
Inc
(a),(e)
3,923‌
41‌
Immunovant
Inc
(e)
3,635‌
58‌
Inmune
Bio
Inc
(a),(e)
1,207‌
3‌
Innoviva
Inc
(e)
2,938‌
53‌
Insmed
Inc
(e)
72,350‌
7,762‌
Janux
Therapeutics
Inc
(e)
662‌
16‌
Krystal
Biotech
Inc
(e)
1,325‌
204‌
Kymera
Therapeutics
Inc
(e)
2,484‌
109‌
Legend
Biotech
Corp
ADR
(e)
106,078‌
4,144‌
LENZ
Therapeutics
Inc
(e)
934‌
28‌
Ligand
Pharmaceuticals
Inc
(e)
125‌
16‌
Liquidia
Corp
(e)
3,416‌
64‌
MeiraGTx
Holdings
plc
(e)
1,657‌
13‌
Metsera
Inc
(a),(e)
90,718‌
2,993‌
Mind
Medicine
MindMed
Inc
(e)
1,259‌
11‌
Mineralys
Therapeutics
Inc
(e)
2,074‌
29‌
Monopar
Therapeutics
Inc
(e)
218‌
9‌
MoonLake
Immunotherapeutics
(e)
74,819‌
3,774‌
Nektar
Therapeutics
(e)
57,194‌
1,240‌
NeoGenomics
Inc
(e)
736‌
4‌
Newamsterdam
Pharma
Co
NV
(e)
167,574‌
3,655‌
Niagen
Bioscience
Inc
(e)
2,776‌
26‌
Novavax
Inc
(a),(e)
6,572‌
44‌
Nuvalent
Inc
(e)
2,297‌
180‌
Nuvation
Bio
Inc
(a),(e)
1,408‌
3‌
Omeros
Corp
(a),(e)
2,678‌
10‌
Oncternal
Therapeutics
Inc
-
Contingent
Value
Rights
(e),(f)
139‌
—‌
Organogenesis
Holdings
Inc
(e)
3,630‌
17‌
Palvella
Therapeutics
Inc
(e)
343‌
13‌
Phathom
Pharmaceuticals
Inc
(e)
607‌
5‌
Praxis
Precision
Medicines
Inc
(e)
77‌
4‌
Precigen
Inc
(a),(e)
7,502‌
13‌
Protalix
BioTherapeutics
Inc
(a),(e)
4,176‌
6‌
Prothena
Corp
PLC
(e)
257‌
2‌
PTC
Therapeutics
Inc
(e)
3,376‌
176‌
Rapport
Therapeutics
Inc
(a),(e)
122,415‌
1,758‌
Recursion
Pharmaceuticals
Inc
(a),(e)
18,137‌
108‌
Rezolute
Inc
(e)
3,072‌
18‌
Rigel
Pharmaceuticals
Inc
(e)
925‌
19‌
Rocket
Pharmaceuticals
Inc
(e)
910‌
3‌
Sana
Biotechnology
Inc
(e)
804‌
3‌
Savara
Inc
(e)
925,483‌
2,397‌
Scholar
Rock
Holding
Corp
(e)
3,972‌
147‌
Soleno
Therapeutics
Inc
(e)
149,325‌
12,912‌
Stoke
Therapeutics
Inc
(a),(e)
2,175‌
28‌
Syndax
Pharmaceuticals
Inc
(e)
4,272‌
42‌
Schedule
of
Investments
SmallCap
Growth
Fund
I
July
31,
2025
(unaudited)
224
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Biotechnology
(continued)
Tarsus
Pharmaceuticals
Inc
(e)
2,055‌
$
80‌
Taysha
Gene
Therapies
Inc
(e)
8,833‌
24‌
Tectonic
Therapeutic
Inc
(a),(e)
133‌
3‌
Tevogen
Bio
Holdings
Inc
(e)
1,666‌
2‌
TG
Therapeutics
Inc
(e)
7,747‌
275‌
Theravance
Biopharma
Inc
(e)
1,611‌
18‌
Tobira
Therapeutics
Inc
-
Contingent
Value
Rights
(e),(f)
1,559‌
—‌
Travere
Therapeutics
Inc
(e)
465,296‌
7,189‌
TriSalus
Life
Sciences
Inc
(e)
265‌
1‌
Tvardi
Therapeutics
Inc
(a),(e)
29‌
1‌
Ultragenyx
Pharmaceutical
Inc
(e)
93,762‌
2,562‌
UroGen
Pharma
Ltd
(e)
1,651‌
31‌
Vera
Therapeutics
Inc
(e)
2,737‌
57‌
Veracyte
Inc
(e)
4,174‌
98‌
Verastem
Inc
(e)
1,524‌
9‌
Vericel
Corp
(e)
2,677‌
94‌
Viridian
Therapeutics
Inc
(a),(e)
215,438‌
3,774‌
WaVe
Life
Sciences
Ltd
(e)
701,868‌
5,685‌
Xenon
Pharmaceuticals
Inc
(e)
115,044‌
3,513‌
XOMA
Royalty
Corp
(e)
355‌
9‌
Zevra
Therapeutics
Inc
(e)
2,884‌
32‌
Zymeworks
Inc
(e)
2,606‌
33‌
$
140,568‌
Building
Materials
-
4
.74
%
AAON
Inc
85,166‌
7,111‌
Armstrong
World
Industries
Inc
56,310‌
10,596‌
Eagle
Materials
Inc
19,839‌
4,450‌
Griffon
Corp
2,097‌
170‌
James
Hardie
Industries
PLC
(e)
315,036‌
8,172‌
Knife
River
Corp
(e)
107,531‌
8,869‌
LSI
Industries
Inc
1,068‌
20‌
Modine
Manufacturing
Co
(e)
199,553‌
26,851‌
Simpson
Manufacturing
Co
Inc
24,458‌
4,389‌
Smith-Midland
Corp
(e)
164‌
6‌
SPX
Technologies
Inc
(e)
147,879‌
26,972‌
Tecnoglass
Inc
1,301‌
102‌
Titan
America
SA
(a)
1,282‌
18‌
UFP
Industries
Inc
168‌
16‌
$
97,742‌
Chemicals
-
0
.81
%
Balchem
Corp
1,756‌
268‌
Cabot
Corp
2,711‌
196‌
Calumet
Inc
(e)
477‌
7‌
Chemours
Co/The
8,039‌
96‌
Codexis
Inc
(e)
3,577‌
9‌
Element
Solutions
Inc
370,874‌
8,753‌
Hawkins
Inc
1,044‌
170‌
HB
Fuller
Co
119,994‌
6,744‌
Ingevity
Corp
(e)
1,933‌
81‌
Innospec
Inc
77‌
6‌
Oil-Dri
Corp
of
America
403‌
23‌
Sensient
Technologies
Corp
2,261‌
254‌
$
16,607‌
Coal
-
0
.01
%
Alpha
Metallurgical
Resources
Inc
(e)
189‌
22‌
Core
Natural
Resources
Inc
979‌
72‌
Hallador
Energy
Co
(e)
1,529‌
27‌
Ramaco
Resources
Inc
-
A
Shares
1,885‌
39‌
$
160‌
Commercial
Services
-
3
.93
%
Acuren
Corp
(a),(e)
2,115‌
23‌
Adtalem
Global
Education
Inc
(e)
1,969‌
225‌
AirSculpt
Technologies
Inc
(a),(e)
505‌
3‌
Alarm.com
Holdings
Inc
(e)
2,531‌
138‌
Alta
Equipment
Group
Inc
(a)
250‌
2‌
American
Public
Education
Inc
(e)
861‌
25‌
Arlo
Technologies
Inc
(e)
386,687‌
6,264‌
Barrett
Business
Services
Inc
1,314‌
60‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Commercial
Services
(continued)
Bright
Horizons
Family
Solutions
Inc
(e)
173,925‌
$
19,671‌
Brink's
Co/The
2,316‌
202‌
Cadiz
Inc
(e)
2,941‌
9‌
Carriage
Services
Inc
743‌
33‌
Cass
Information
Systems
Inc
555‌
22‌
CBIZ
Inc
(e)
2,803‌
171‌
Cimpress
PLC
(e)
172‌
10‌
CompoSecure
Inc
(a),(e)
2,087‌
30‌
CoreCivic
Inc
(e)
875‌
18‌
Coursera
Inc
(e)
7,379‌
93‌
CPI
Card
Group
Inc
(e)
354‌
7‌
CRA
International
Inc
353‌
62‌
Distribution
Solutions
Group
Inc
(e)
475‌
14‌
Driven
Brands
Holdings
Inc
(e)
3,176‌
54‌
Emerald
Holding
Inc
746‌
4‌
European
Wax
Center
Inc
(a),(e)
1,467‌
7‌
EVERTEC
Inc
3,424‌
124‌
First
Advantage
Corp
(e)
321,034‌
5,551‌
Flywire
Corp
(e)
5,657‌
62‌
Franklin
Covey
Co
(e)
511‌
10‌
FTI
Consulting
Inc
(e)
46,101‌
7,669‌
GEO
Group
Inc/The
(e)
7,300‌
189‌
Hackett
Group
Inc/The
1,220‌
29‌
Healthcare
Services
Group
Inc
(e)
1,746‌
23‌
Herc
Holdings
Inc
1,748‌
204‌
Hertz
Global
Holdings
Inc
(e)
6,301‌
40‌
HireQuest
Inc
(a)
96‌
1‌
Huron
Consulting
Group
Inc
(e)
911‌
120‌
Information
Services
Group
Inc
898‌
4‌
Insperity
Inc
1,929‌
115‌
John
Wiley
&
Sons
Inc
2,057‌
79‌
Kforce
Inc
793‌
28‌
KinderCare
Learning
Cos
Inc
(e)
364,225‌
3,500‌
Korn
Ferry
1,264‌
90‌
Laureate
Education
Inc
(e)
2,373‌
54‌
Legalzoom.com
Inc
(e)
5,909‌
53‌
Lifecore
Biomedical
Inc
(e)
1,065‌
7‌
Lincoln
Educational
Services
Corp
(e)
1,566‌
36‌
Marqeta
Inc
(e)
9,388‌
54‌
Mercurity
Fintech
Holding
Inc
(a),(e)
144‌
1‌
Mister
Car
Wash
Inc
(e)
1,606,123‌
9,275‌
National
Research
Corp
677‌
8‌
NIQ
Global
Intelligence
Plc
(e)
271,521‌
5,007‌
Payoneer
Global
Inc
(e)
14,885‌
98‌
Performant
Healthcare
Inc
(e)
2,833‌
10‌
Priority
Technology
Holdings
Inc
(e)
1,336‌
9‌
Progyny
Inc
(e)
3,657‌
86‌
Quad/Graphics
Inc
1,217‌
7‌
RCM
Technologies
Inc
(e)
295‌
7‌
Remitly
Global
Inc
(e)
8,276‌
137‌
Rentokil
Initial
PLC
ADR
258,227‌
6,396‌
Sezzle
Inc
(e)
719‌
111‌
Shift4
Payments
Inc
(e)
133,469‌
13,748‌
SoundThinking
Inc
(e)
511‌
6‌
Spire
Global
Inc
(a),(e)
1,543‌
15‌
StoneCo
Ltd
(e)
12,953‌
166‌
Stride
Inc
(e)
2,285‌
293‌
Transcat
Inc
(e)
252‌
19‌
TriNet
Group
Inc
1,601‌
109‌
Udemy
Inc
(e)
5,177‌
39‌
Universal
Technical
Institute
Inc
(e)
2,392‌
77‌
Upbound
Group
Inc
956‌
20‌
Verra
Mobility
Corp
(e)
8,527‌
215‌
Willdan
Group
Inc
(e)
506‌
43‌
ZipRecruiter
Inc
(e)
3,701‌
16‌
$
81,107‌
Schedule
of
Investments
SmallCap
Growth
Fund
I
July
31,
2025
(unaudited)
225
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Computers
-
2
.13
%
Cantaloupe
Inc
(e)
2,859‌
$
32‌
CSP
Inc
318‌
3‌
Diebold
Nixdorf
Inc
(e)
1,260‌
71‌
D-Wave
Quantum
Inc
(e)
151,342‌
2,602‌
Grid
Dynamics
Holdings
Inc
(e)
2,843‌
27‌
Insight
Enterprises
Inc
(e)
505‌
60‌
Integral
Ad
Science
Holding
Corp
(e)
577‌
5‌
Lumentum
Holdings
Inc
(e)
157,610‌
17,350‌
Maximus
Inc
3,028‌
224‌
Mitek
Systems
Inc
(e)
482‌
4‌
NCR
Atleos
Corp
(e)
3,901‌
119‌
NextNav
Inc
(e)
4,693‌
69‌
OneSpan
Inc
242‌
4‌
PAR
Technology
Corp
(e)
1,249‌
76‌
Qualys
Inc
(e)
1,954‌
260‌
Rapid7
Inc
(e)
3,400‌
72‌
Rigetti
Computing
Inc
(a),(e)
15,118‌
219‌
Rimini
Street
Inc
(e)
607‌
3‌
Rubrik
Inc
(e)
64,962‌
6,168‌
Tenable
Holdings
Inc
(e)
137,197‌
4,295‌
Unisys
Corp
(e)
2,844‌
12‌
V2X
Inc
(e)
73‌
3‌
Varonis
Systems
Inc
(e)
217,142‌
12,123‌
Vuzix
Corp
(a),(e)
3,235‌
6‌
WNS
Holdings
Ltd
(e)
2,164‌
162‌
$
43,969‌
Consumer
Products
-
0
.01
%
WD-40
Co
727‌
156‌
Cosmetics
&
Personal
Care
-
0
.01
%
Beauty
Health
Co/The
(e)
5,190‌
8‌
Honest
Co
Inc/The
(e)
2,501‌
12‌
Interparfums
Inc
972‌
117‌
Prestige
Consumer
Healthcare
Inc
(e)
482‌
36‌
Solesence
Inc
(e)
1,007‌
3‌
$
176‌
Distribution
&
Wholesale
-
1
.09
%
Global
Industrial
Co
749‌
25‌
OPENLANE
Inc
(e)
316,745‌
7,805‌
Rush
Enterprises
Inc
-
Class
A
1,792‌
97‌
Rush
Enterprises
Inc
-
Class
B
266‌
14‌
SiteOne
Landscape
Supply
Inc
(e)
47,820‌
6,591‌
ThredUp
Inc
(e)
4,848‌
40‌
VSE
Corp
51,059‌
7,993‌
$
22,565‌
Diversified
Financial
Services
-
3
.23
%
Acadian
Asset
Management
Inc
1,467‌
61‌
Artisan
Partners
Asset
Management
Inc
1,823‌
82‌
Atlanticus
Holdings
Corp
(e)
34‌
2‌
Bakkt
Holdings
Inc
(e)
77‌
1‌
BGC
Group
Inc
19,150‌
178‌
Brookfield
Business
Corp
449‌
14‌
Burford
Capital
Ltd
6,503‌
84‌
Cohen
&
Steers
Inc
1,351‌
99‌
Columbia
Financial
Inc
(e)
125‌
2‌
Dave
Inc
(e)
495‌
117‌
Diamond
Hill
Investment
Group
Inc
23‌
3‌
Enova
International
Inc
(e)
1,308‌
137‌
Federal
Agricultural
Mortgage
Corp
453‌
78‌
First
Western
Financial
Inc
(e)
198‌
4‌
GBank
Financial
Holdings
Inc
(e)
43,342‌
1,627‌
GCM
Grosvenor
Inc
2,100‌
25‌
Houlihan
Lokey
Inc
67,666‌
12,901‌
International
Money
Express
Inc
(e)
1,503‌
13‌
LendingTree
Inc
(e)
81,903‌
3,823‌
Marex
Group
PLC
163,201‌
6,296‌
Moelis
&
Co
117,772‌
8,261‌
NerdWallet
Inc
(e)
2,196‌
23‌
OppFi
Inc
(a)
1,298‌
14‌
Pagseguro
Digital
Ltd
5,863‌
46‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Diversified
Financial
Services
(continued)
Paysign
Inc
(e)
1,945‌
$
14‌
Perella
Weinberg
Partners
171,033‌
3,411‌
Piper
Sandler
Cos
36,838‌
11,616‌
PJT
Partners
Inc
1,229‌
220‌
Regional
Management
Corp
81‌
3‌
Resolute
Holdings
Management
Inc
(a),(e)
88‌
4‌
Siebert
Financial
Corp
(e)
104‌
—‌
StepStone
Group
Inc
141,548‌
8,402‌
Stifel
Financial
Corp
72,355‌
8,257‌
StoneX
Group
Inc
(e)
2,417‌
235‌
Upstart
Holdings
Inc
(e)
4,506‌
368‌
Victory
Capital
Holdings
Inc
2,367‌
163‌
Vroom
Inc
(e)
9‌
—‌
WisdomTree
Inc
6,420‌
85‌
$
66,669‌
Electric
-
0
.01
%
Genie
Energy
Ltd
152‌
3‌
MGE
Energy
Inc
1,029‌
87‌
Oklo
Inc
(e)
1,285‌
99‌
Otter
Tail
Corp
142‌
11‌
$
200‌
Electrical
Components
&
Equipment
-
1
.46
%
American
Superconductor
Corp
(e)
114,119‌
6,488‌
Belden
Inc
2,118‌
262‌
Energizer
Holdings
Inc
2,764‌
62‌
EnerSys
119‌
11‌
Generac
Holdings
Inc
(e)
19,136‌
3,726‌
Graham
Corp
(e)
539‌
31‌
Insteel
Industries
Inc
530‌
19‌
Littelfuse
Inc
26,553‌
6,833‌
nLight
Inc
(e)
168‌
3‌
Novanta
Inc
(e)
35,413‌
4,356‌
Powell
Industries
Inc
510‌
121‌
Universal
Display
Corp
56,712‌
8,189‌
$
30,101‌
Electronics
-
2
.39
%
Advanced
Energy
Industries
Inc
2,016‌
280‌
Allient
Inc
61‌
2‌
Applied
Optoelectronics
Inc
(a),(e)
148,078‌
3,387‌
Atmus
Filtration
Technologies
Inc
4,022‌
157‌
Badger
Meter
Inc
1,587‌
300‌
CTS
Corp
227‌
9‌
Enovix
Corp
(a),(e)
8,795‌
118‌
ESCO
Technologies
Inc
26,097‌
5,055‌
Evolv
Technologies
Holdings
Inc
(e)
205,589‌
1,347‌
Itron
Inc
(e)
1,178‌
147‌
Knowles
Corp
(e)
354‌
7‌
Kopin
Corp
(e)
8,439‌
15‌
KULR
Technology
Group
Inc
(a),(e)
1,766‌
10‌
Mesa
Laboratories
Inc
282‌
22‌
MicroVision
Inc
(a),(e)
8,302‌
9‌
Mirion
Technologies
Inc
(e)
789,845‌
17,654‌
M-Tron
Industries
Inc
(e)
147‌
6‌
Napco
Security
Technologies
Inc
103,482‌
3,159‌
Neonode
Inc
(a),(e)
494‌
10‌
NEXTracker
Inc
(e)
6,074‌
354‌
NVE
Corp
259‌
16‌
OSI
Systems
Inc
(e)
857‌
189‌
Plexus
Corp
(e)
1,336‌
170‌
Sanmina
Corp
(e)
1,252‌
145‌
SKYX
Platforms
Corp
(e)
3,275‌
3‌
TTM
Technologies
Inc
(e)
237,820‌
11,237‌
Turtle
Beach
Corp
(e)
608‌
9‌
Vicor
Corp
(e)
1,232‌
55‌
Woodward
Inc
20,913‌
5,376‌
$
49,248‌
Schedule
of
Investments
SmallCap
Growth
Fund
I
July
31,
2025
(unaudited)
226
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Energy
-
Alternate
Sources
-
0
.01
%
Array
Technologies
Inc
(e)
1,760‌
$
11‌
ASP
Isotopes
Inc
(e)
3,021‌
27‌
Complete
Solaria
Inc
(a),(e)
1,002‌
2‌
Eos
Energy
Enterprises
Inc
(e)
11,880‌
68‌
Fluence
Energy
Inc
(a),(e)
3,274‌
27‌
Montauk
Renewables
Inc
(e)
1,021‌
2‌
OPAL
Fuels
Inc
(e)
1,312‌
3‌
REX
American
Resources
Corp
(e)
213‌
11‌
Shoals
Technologies
Group
Inc
(e)
1,446‌
8‌
Verde
Clean
Fuels
Inc
(e)
442‌
1‌
$
160‌
Engineering
&
Construction
-
2
.82
%
908
Devices
Inc
(a),(e)
1,256‌
8‌
Arcosa
Inc
728‌
63‌
Bowman
Consulting
Group
Ltd
(e)
13,909‌
482‌
Centuri
Holdings
Inc
(e)
892‌
19‌
Concrete
Pumping
Holdings
Inc
89‌
1‌
Construction
Partners
Inc
(e)
114,474‌
11,545‌
Dycom
Industries
Inc
(e)
1,499‌
403‌
Energy
Services
of
America
Corp
708‌
8‌
Everus
Construction
Group
Inc
(e)
136,555‌
10,141‌
Exponent
Inc
2,719‌
187‌
Fluor
Corp
(e)
219,070‌
12,437‌
Frontdoor
Inc
(e)
3,981‌
233‌
Granite
Construction
Inc
2,016‌
190‌
IES
Holdings
Inc
(e)
483‌
171‌
Latham
Group
Inc
(e)
293,015‌
1,986‌
Limbach
Holdings
Inc
(e)
567‌
78‌
MYR
Group
Inc
(e)
824‌
159‌
Orion
Group
Holdings
Inc
(e)
421‌
3‌
Primoris
Services
Corp
131,937‌
12,424‌
Sterling
Infrastructure
Inc
(e)
20,405‌
5,460‌
TopBuild
Corp
(e)
5,884‌
2,180‌
TSS
Inc/MD
(a),(e)
957‌
26‌
$
58,204‌
Entertainment
-
1
.05
%
Accel
Entertainment
Inc
(e)
2,875‌
37‌
Atlanta
Braves
Holdings
Inc
-
A
shares
(a),(e)
346‌
16‌
Atlanta
Braves
Holdings
Inc
-
C
shares
(e)
2,453‌
109‌
Bally's
Corp
(a),(e)
393‌
4‌
Cinemark
Holdings
Inc
5,682‌
153‌
IMAX
Corp
(e)
28,437‌
733‌
Madison
Square
Garden
Entertainment
Corp
(e)
2,103‌
80‌
Monarch
Casino
&
Resort
Inc
689‌
71‌
Pursuit
Attractions
and
Hospitality
Inc
(e)
94‌
3‌
RCI
Hospitality
Holdings
Inc
271‌
10‌
Red
Rock
Resorts
Inc
1,423‌
87‌
Reservoir
Media
Inc
(e)
178‌
1‌
Rush
Street
Interactive
Inc
(e)
990,349‌
19,966‌
Six
Flags
Entertainment
Corp
(e)
4,082‌
122‌
Super
Group
SGHC
Ltd
8,502‌
91‌
United
Parks
&
Resorts
Inc
(e)
1,363‌
65‌
$
21,548‌
Environmental
Control
-
2
.19
%
Casella
Waste
Systems
Inc
(e)
199,163‌
21,655‌
CECO
Environmental
Corp
(e)
1,544‌
69‌
Energy
Recovery
Inc
(e)
2,834‌
38‌
Perma-Fix
Environmental
Services
Inc
(a),(e)
191‌
2‌
PureCycle
Technologies
Inc
(a),(e)
6,928‌
93‌
Waste
Connections
Inc
124,941‌
23,323‌
$
45,180‌
Food
-
0
.56
%
Beyond
Meat
Inc
(a),(e)
440‌
1‌
Calavo
Growers
Inc
804‌
21‌
Cal-Maine
Foods
Inc
2,456‌
273‌
Chefs'
Warehouse
Inc/The
(e)
140,575‌
9,638‌
J
&
J
Snack
Foods
Corp
830‌
94‌
John
B
Sanfilippo
&
Son
Inc
249‌
16‌
Lifeway
Foods
Inc
(e)
308‌
8‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Food
(continued)
Mama's
Creations
Inc
(e)
1,920‌
$
16‌
Marzetti
Company/The
1,074‌
191‌
Nathan's
Famous
Inc
128‌
12‌
Natural
Grocers
by
Vitamin
Cottage
Inc
663‌
25‌
Simply
Good
Foods
Co/The
(e)
3,207‌
98‌
SunOpta
Inc
(e)
5,103‌
30‌
Tootsie
Roll
Industries
Inc
(a)
923‌
35‌
Utz
Brands
Inc
72,163‌
940‌
WK
Kellogg
Co
(a)
3,057‌
70‌
$
11,468‌
Forest
Products
&
Paper
-
0
.00
%
Sylvamo
Corp
477‌
22‌
Gas
-
0
.00
%
Chesapeake
Utilities
Corp
412‌
49‌
RGC
Resources
Inc
33‌
1‌
$
50‌
Hand
&
Machine
Tools
-
0
.40
%
Cadre
Holdings
Inc
(a)
1,506‌
50‌
Enerpac
Tool
Group
Corp
2,883‌
111‌
Franklin
Electric
Co
Inc
2,136‌
201‌
MSA
Safety
Inc
44,653‌
7,942‌
$
8,304‌
Healthcare
-
Products
-
6
.40
%
10X
Genomics
Inc
(e)
1,457‌
20‌
Accuray
Inc
(e)
5,763‌
8‌
Adaptive
Biotechnologies
Corp
(e)
7,972‌
82‌
Alphatec
Holdings
Inc
(e)
378,990‌
4,009‌
AngioDynamics
Inc
(e)
460‌
4‌
Anteris
Technologies
Global
Corp
(e)
1,151‌
4‌
Artivion
Inc
(e)
1,640‌
51‌
AtriCure
Inc
(e)
248,513‌
8,723‌
Avita
Medical
Inc
(a),(e)
1,591‌
8‌
Axogen
Inc
(e)
2,328‌
30‌
Beta
Bionics
Inc
(e)
613‌
10‌
BioLife
Solutions
Inc
(e)
2,011‌
43‌
Bio-Techne
Corp
210,284‌
11,509‌
Bioventus
Inc
(e)
2,602‌
17‌
Bruker
Corp
310,553‌
11,935‌
Butterfly
Network
Inc
(e)
10,214‌
17‌
CareDx
Inc
(e)
2,897‌
36‌
Caris
Life
Sciences
Inc
(e)
142,999‌
4,015‌
Ceribell
Inc
(e)
29,337‌
423‌
Cerus
Corp
(e)
9,879‌
13‌
ClearPoint
Neuro
Inc
(a),(e)
1,465‌
15‌
CVRx
Inc
(e)
963‌
8‌
Delcath
Systems
Inc
(e)
1,594‌
17‌
Electromed
Inc
(e)
414‌
8‌
Embecta
Corp
428‌
4‌
Establishment
Labs
Holdings
Inc
(a),(e)
266,010‌
11,160‌
Glaukos
Corp
(e)
91,613‌
7,887‌
Guardant
Health
Inc
(e)
155,868‌
6,387‌
Haemonetics
Corp
(e)
2,695‌
200‌
ICU
Medical
Inc
(e)
970‌
125‌
Integer
Holdings
Corp
(e)
38,472‌
4,175‌
iRadimed
Corp
418‌
24‌
iRhythm
Technologies
Inc
(e)
1,705‌
239‌
Kestra
Medical
Technologies
Ltd
(a),(e)
284,775‌
4,698‌
KORU
Medical
Systems
Inc
(e)
2,272‌
8‌
Lantheus
Holdings
Inc
(e)
3,610‌
257‌
LeMaitre
Vascular
Inc
1,115‌
91‌
LENSAR
Inc
(e)
564‌
7‌
LivaNova
PLC
(e)
112,311‌
4,738‌
Lucid
Diagnostics
Inc
(e)
2,113‌
2‌
Masimo
Corp
(e)
44,585‌
6,857‌
Merit
Medical
Systems
Inc
(e)
72,526‌
6,155‌
MiMedx
Group
Inc
(e)
6,309‌
45‌
Myomo
Inc
(e)
1,742‌
3‌
NeuroPace
Inc
(e)
1,288‌
11‌
Novocure
Ltd
(e)
5,416‌
63‌
Schedule
of
Investments
SmallCap
Growth
Fund
I
July
31,
2025
(unaudited)
227
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Healthcare
-
Products
(continued)
OmniAb
Inc
(e)
998‌
$
2‌
OmniAb
Inc
(e)
95‌
—‌
OmniAb
Inc
(e)
95‌
—‌
OrthoPediatrics
Corp
(e)
201,637‌
4,178‌
PROCEPT
BioRobotics
Corp
(e)
152,566‌
7,401‌
Pulmonx
Corp
(e)
2,288‌
4‌
Pulse
Biosciences
Inc
(a),(e)
1,003‌
15‌
Quanterix
Corp
(e)
252‌
1‌
QuidelOrtho
Corp
(e)
1,550‌
36‌
Repligen
Corp
(e)
60,365‌
7,067‌
RxSight
Inc
(e)
2,108‌
16‌
Sanara
Medtech
Inc
(e)
163‌
4‌
SANUWAVE
Health
Inc
(e)
375‌
14‌
Semler
Scientific
Inc
(a),(e)
99‌
4‌
SI-BONE
Inc
(e)
363,352‌
6,188‌
STAAR
Surgical
Co
(a),(e)
2,280‌
41‌
Stereotaxis
Inc
(e)
3,215‌
7‌
Surmodics
Inc
(e)
727‌
26‌
Tandem
Diabetes
Care
Inc
(e)
129,305‌
2,014‌
TransMedics
Group
Inc
(e)
89,644‌
10,665‌
Treace
Medical
Concepts
Inc
(e)
2,553‌
14‌
Twist
Bioscience
Corp
(e)
3,144‌
106‌
UFP
Technologies
Inc
(e)
402‌
91‌
$
132,035‌
Healthcare
-
Services
-
2
.78
%
Addus
HomeCare
Corp
(e)
470‌
50‌
agilon
health
Inc
(e)
16,449‌
29‌
Ardent
Health
Inc
(e)
116‌
1‌
Astrana
Health
Inc
(e)
2,166‌
52‌
Aveanna
Healthcare
Holdings
Inc
(e)
2,097‌
8‌
BrightSpring
Health
Services
Inc
(e)
373,714‌
7,717‌
Brookdale
Senior
Living
Inc
(e)
10,856‌
84‌
Clover
Health
Investments
Corp
(e)
21,550‌
62‌
Community
Health
Systems
Inc
(e)
4,676‌
12‌
Concentra
Group
Holdings
Parent
Inc
5,861‌
117‌
CorVel
Corp
(e)
1,556‌
138‌
Encompass
Health
Corp
123,632‌
13,613‌
Ensign
Group
Inc/The
3,004‌
451‌
GeneDx
Holdings
Corp
(e)
48,291‌
4,923‌
Ginkgo
Bioworks
Holdings
Inc
(a),(e)
177‌
2‌
HealthEquity
Inc
(e)
194,635‌
18,880‌
Innovage
Holding
Corp
(e)
481‌
2‌
Joint
Corp/The
(e)
808‌
9‌
LifeStance
Health
Group
Inc
(e)
614,859‌
2,448‌
Nano-X
Imaging
Ltd
(a),(e)
819‌
4‌
Neuronetics
Inc
(a),(e)
1,935‌
8‌
Oncology
Institute
Inc/The
(e)
3,157‌
12‌
Oscar
Health
Inc
(a),(e)
9,780‌
137‌
PACS
Group
Inc
(e)
2,176‌
24‌
Pennant
Group
Inc/The
(e)
1,793‌
40‌
Privia
Health
Group
Inc
(e)
6,135‌
120‌
RadNet
Inc
(e)
153,048‌
8,376‌
SBC
Medical
Group
Holdings
Inc
(e)
25‌
—‌
Sonida
Senior
Living
Inc
(e)
186‌
5‌
Teladoc
Health
Inc
(e)
1,809‌
13‌
US
Physical
Therapy
Inc
489‌
36‌
Viemed
Healthcare
Inc
(e)
1,865‌
11‌
$
57,384‌
Home
Builders
-
0
.39
%
Cavco
Industries
Inc
(e)
408‌
165‌
Champion
Homes
Inc
(e)
123,611‌
7,528‌
Dream
Finders
Homes
Inc
(e)
387‌
10‌
Green
Brick
Partners
Inc
(e)
578‌
36‌
Installed
Building
Products
Inc
1,253‌
253‌
LCI
Industries
140‌
13‌
$
8,005‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Home
Furnishings
-
0
.65
%
Arhaus
Inc
(e)
405,709‌
$
3,554‌
Daktronics
Inc
(e)
432‌
7‌
Lovesac
Co/The
(e)
454‌
8‌
SharkNinja
Inc
(e)
84,854‌
9,852‌
Sonos
Inc
(e)
5,754‌
62‌
$
13,483‌
Insurance
-
1
.94
%
American
Coastal
Insurance
Corp
774‌
8‌
AMERISAFE
Inc
514‌
23‌
Ategrity
Specialty
Holdings
LLC
(e)
89,299‌
1,784‌
Baldwin
Insurance
Group
Inc/The
(e)
174,306‌
6,422‌
Bowhead
Specialty
Holdings
Inc
(e)
53,378‌
1,735‌
Crawford
&
Co
874‌
8‌
F&G
Annuities
&
Life
Inc
87‌
3‌
Goosehead
Insurance
Inc
1,009‌
92‌
HCI
Group
Inc
458‌
64‌
Heritage
Insurance
Holdings
Inc
(e)
909‌
19‌
Hippo
Holdings
Inc
(e)
516‌
13‌
Investors
Title
Co
19‌
4‌
Kestrel
Group
Ltd
(e)
95‌
3‌
Kingstone
Cos
Inc
557‌
9‌
Kingsway
Financial
Services
Inc
(e)
971‌
14‌
Lemonade
Inc
(e)
2,957‌
111‌
Palomar
Holdings
Inc
(e)
128,671‌
17,048‌
Root
Inc/OH
(e)
569‌
69‌
Selective
Insurance
Group
Inc
2,868‌
224‌
Selectquote
Inc
(e)
5,270‌
9‌
SiriusPoint
Ltd
(e)
571‌
11‌
Skyward
Specialty
Insurance
Group
Inc
(e)
150,626‌
7,619‌
Tiptree
Inc
361‌
7‌
Trupanion
Inc
(e)
1,969‌
93‌
TWFG
Inc
(e)
146,722‌
4,529‌
Universal
Insurance
Holdings
Inc
312‌
7‌
$
39,928‌
Internet
-
1
.23
%
Arena
Group
Holdings
Inc/The
(e)
690‌
4‌
AudioEye
Inc
(e)
479‌
6‌
Backblaze
Inc
(e)
3,023‌
15‌
BARK
Inc
(e)
3,951‌
3‌
Bumble
Inc
(e)
439‌
3‌
Cargurus
Inc
(e)
4,386‌
144‌
Cogent
Communications
Holdings
Inc
235,015‌
10,714‌
Couchbase
Inc
(e)
2,283‌
55‌
Crexendo
Inc
(e)
775‌
4‌
Entravision
Communications
Corp
835‌
2‌
EverQuote
Inc
(e)
138,812‌
3,414‌
Figs
Inc
(e)
4,714‌
31‌
fuboTV
Inc
(e)
17,829‌
71‌
Gambling.com
Group
Ltd
(e)
882‌
9‌
Grindr
Inc
(e)
1,767‌
31‌
Groupon
Inc
(e)
1,320‌
41‌
HealthStream
Inc
554‌
15‌
Hims
&
Hers
Health
Inc
(e)
10,197‌
675‌
LifeMD
Inc
(e)
1,384‌
14‌
Liquidity
Services
Inc
(e)
1,227‌
29‌
Magnite
Inc
(e)
7,470‌
172‌
MediaAlpha
Inc
(e)
1,763‌
18‌
Nerdy
Inc
(e)
3,093‌
5‌
OptimizeRx
Corp
(e)
926‌
12‌
Q2
Holdings
Inc
(e)
117,195‌
9,516‌
QuinStreet
Inc
(e)
2,892‌
47‌
RealReal
Inc/The
(e)
1,460‌
8‌
Revolve
Group
Inc
(e)
2,150‌
45‌
Rumble
Inc
(a),(e)
987‌
8‌
Serve
Robotics
Inc
(a),(e)
2,212‌
23‌
Sprinklr
Inc
(e)
5,873‌
53‌
Stitch
Fix
Inc
(e)
536‌
3‌
Travelzoo
(e)
340‌
3‌
TripAdvisor
Inc
(e)
2,975‌
52‌
Schedule
of
Investments
SmallCap
Growth
Fund
I
July
31,
2025
(unaudited)
228
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Internet
(continued)
Tucows
Inc
(e)
73‌
$
1‌
Upwork
Inc
(e)
6,636‌
79‌
Vivid
Seats
Inc
(e)
2,283‌
4‌
Yelp
Inc
(e)
3,293‌
113‌
$
25,442‌
Investment
Companies
-
0
.25
%
Bitdeer
Technologies
Group
(a),(e)
4,784‌
62‌
Core
Scientific
Inc
(e)
12,263‌
166‌
FTAI
Infrastructure
Inc
5,207‌
33‌
MARA
Holdings
Inc
(a),(e)
130,120‌
2,092‌
Terawulf
Inc
(e)
13,442‌
69‌
Trinity
Capital
Inc
179,519‌
2,691‌
$
5,113‌
Iron
&
Steel
-
0
.53
%
ATI
Inc
(e)
69,716‌
5,364‌
Carpenter
Technology
Corp
22,239‌
5,546‌
$
10,910‌
Leisure
Products
&
Services
-
0
.47
%
Acushnet
Holdings
Corp
1,507‌
120‌
Global
Business
Travel
Group
I
(e)
4,471‌
29‌
Life
Time
Group
Holdings
Inc
(e)
162,411‌
4,664‌
Lindblad
Expeditions
Holdings
Inc
(e)
1,995‌
24‌
Livewire
Group
Inc
(a),(e)
1,966‌
7‌
Marine
Products
Corp
325‌
3‌
OneSpaWorld
Holdings
Ltd
217,410‌
4,809‌
Peloton
Interactive
Inc
(e)
6,927‌
50‌
Sabre
Corp
(e)
5,375‌
16‌
Xponential
Fitness
Inc
(e)
1,523‌
16‌
$
9,738‌
Lodging
-
0
.01
%
Hilton
Grand
Vacations
Inc
(e)
3,259‌
146‌
Machinery
-
Construction
&
Mining
-
0
.53
%
Argan
Inc
4,279‌
1,049‌
Bloom
Energy
Corp
(a),(e)
91,632‌
3,426‌
BWX
Technologies
Inc
39,463‌
5,996‌
Lightbridge
Corp
(a),(e)
1,004‌
13‌
NANO
Nuclear
Energy
Inc
(a),(e)
1,327‌
47‌
NuScale
Power
Corp
(a),(e)
6,763‌
339‌
$
10,870‌
Machinery
-
Diversified
-
2
.66
%
Aebi
Schmidt
Holding
AG
(e)
159‌
2‌
Alamo
Group
Inc
169‌
38‌
Albany
International
Corp
491‌
27‌
Applied
Industrial
Technologies
Inc
40,680‌
11,045‌
Cactus
Inc
72,799‌
3,080‌
Chart
Industries
Inc
(e)
26,621‌
5,293‌
CSW
Industrials
Inc
871‌
226‌
DXP
Enterprises
Inc/TX
(e)
695‌
79‌
Esab
Corp
67,009‌
8,990‌
Gorman-Rupp
Co/The
1,104‌
45‌
IDEX
Corp
26,508‌
4,334‌
Kadant
Inc
17,771‌
5,914‌
Lindsay
Corp
582‌
79‌
Mueller
Water
Products
Inc
-
Class
A
226,212‌
5,601‌
Power
Solutions
International
Inc
(e)
330‌
31‌
Pro-Dex
Inc
(a),(e)
114‌
6‌
Richtech
Robotics
Inc
(a),(e)
4,143‌
8‌
Thermon
Group
Holdings
Inc
(e)
247‌
7‌
Watts
Water
Technologies
Inc
1,469‌
385‌
Zurn
Elkay
Water
Solutions
Corp
218,774‌
9,680‌
$
54,870‌
Media
-
0
.00
%
Altice
USA
Inc
(e)
2,359‌
6‌
CuriosityStream
Inc
1,760‌
8‌
Gannett
Co
Inc
(e)
6,759‌
26‌
GCI
Liberty
Inc
-
Escrow
(e),(f)
157,046‌
—‌
Thryv
Holdings
Inc
(e)
1,953‌
26‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Media
(continued)
Value
Line
Inc
60‌
$
2‌
$
68‌
Metal
Fabrication
&
Hardware
-
0
.79
%
AZZ
Inc
1,588‌
174‌
Janus
International
Group
Inc
(e)
2,673‌
23‌
Mayville
Engineering
Co
Inc
(e)
74‌
1‌
Omega
Flex
Inc
(a)
214‌
7‌
Standex
International
Corp
516‌
85‌
Valmont
Industries
Inc
43,826‌
15,950‌
Worthington
Enterprises
Inc
524‌
32‌
Xometry
Inc
(e)
2,307‌
75‌
$
16,347‌
Mining
-
0
.05
%
American
Battery
Technology
Co
(e)
2,564‌
6‌
Centrus
Energy
Corp
(e)
613‌
132‌
Century
Aluminum
Co
(e)
2,777‌
59‌
Coeur
Mining
Inc
(e)
17,112‌
149‌
Compass
Minerals
International
Inc
(e)
1,394‌
28‌
Constellium
SE
(e)
2,791‌
38‌
Contango
ORE
Inc
(a),(e)
457‌
8‌
Critical
Metals
Corp
(e)
643‌
2‌
Dakota
Gold
Corp
(e)
4,579‌
16‌
Energy
Fuels
Inc/Canada
(a),(e)
2,955‌
27‌
Hecla
Mining
Co
7,583‌
44‌
Idaho
Strategic
Resources
Inc
(a),(e)
672‌
11‌
Ivanhoe
Electric
Inc
/
US
(e)
3,906‌
37‌
Kaiser
Aluminum
Corp
449‌
35‌
Lifezone
Metals
Ltd
(e)
1,663‌
7‌
NioCorp
Developments
Ltd
(e)
3,103‌
9‌
Novagold
Resources
Inc
(e)
12,385‌
64‌
Perpetua
Resources
Corp
(e)
2,444‌
37‌
Piedmont
Lithium
Inc
(a),(e)
1,154‌
8‌
United
States
Antimony
Corp
(e)
5,173‌
16‌
United
States
Lime
&
Minerals
Inc
579‌
58‌
Uranium
Energy
Corp
(e)
22,751‌
197‌
US
Gold
Corp
(a),(e)
660‌
7‌
US
Goldmining
Inc
(e)
115‌
1‌
Vox
Royalty
Corp
2,403‌
8‌
$
1,004‌
Miscellaneous
Manufacturers
-
2
.32
%
Byrna
Technologies
Inc
(e)
950‌
21‌
Enpro
Inc
98,770‌
20,980‌
Fabrinet
(e)
49,403‌
15,994‌
Federal
Signal
Corp
3,214‌
407‌
ITT
Inc
59,762‌
10,157‌
JBT
Marel
Corp
1,347‌
186‌
Materion
Corp
215‌
23‌
Myers
Industries
Inc
281‌
4‌
Park
Aerospace
Corp
513‌
9‌
Sight
Sciences
Inc
(e)
2,210‌
7‌
Sturm
Ruger
&
Co
Inc
299‌
10‌
Trinity
Industries
Inc
2,034‌
47‌
$
47,845‌
Office
&
Business
Equipment
-
0
.00
%
Pitney
Bowes
Inc
3,588‌
41‌
Office
Furnishings
-
0
.00
%
CompX
International
Inc
74‌
2‌
HNI
Corp
1,414‌
73‌
Interface
Inc
409‌
8‌
$
83‌
Oil
&
Gas
-
0
.41
%
Comstock
Resources
Inc
(e)
2,739‌
49‌
CVR
Energy
Inc
1,637‌
44‌
Delek
US
Holdings
Inc
3,237‌
72‌
Empire
Petroleum
Corp
(e)
743‌
3‌
Epsilon
Energy
Ltd
115‌
1‌
Evolution
Petroleum
Corp
1,646‌
8‌
Gulfport
Energy
Corp
(e)
13,394‌
2,333‌
Schedule
of
Investments
SmallCap
Growth
Fund
I
July
31,
2025
(unaudited)
229
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Oil
&
Gas
(continued)
Infinity
Natural
Resources
Inc
(e)
81,439‌
$
1,215‌
Kolibri
Global
Energy
Inc
(e)
529‌
3‌
Magnolia
Oil
&
Gas
Corp
1,978‌
47‌
NextNRG
Inc
(e)
307‌
—‌
Par
Pacific
Holdings
Inc
(e)
801‌
25‌
Permian
Resources
Corp
31,074‌
440‌
PrimeEnergy
Resources
Corp
(e)
6‌
1‌
Riley
Exploration
Permian
Inc
128‌
3‌
Sable
Offshore
Corp
(a),(e)
135,643‌
4,161‌
Seadrill
Ltd
(e)
1,210‌
35‌
VAALCO
Energy
Inc
653‌
2‌
$
8,442‌
Oil
&
Gas
Services
-
1
.61
%
Archrock
Inc
8,828‌
206‌
Aris
Water
Solutions
Inc
1,634‌
35‌
Atlas
Energy
Solutions
Inc
2,962‌
39‌
DMC
Global
Inc
(e)
336‌
3‌
Flotek
Industries
Inc
(e)
277‌
3‌
Flowco
Holdings
Inc
51,612‌
965‌
Helix
Energy
Solutions
Group
Inc
(e)
1,814‌
11‌
Kodiak
Gas
Services
Inc
2,870‌
93‌
Matrix
Service
Co
(e)
328‌
5‌
National
Energy
Services
Reunited
Corp
(a),(e)
459‌
3‌
Natural
Gas
Services
Group
Inc
144‌
4‌
Oceaneering
International
Inc
(e)
637,285‌
13,829‌
Schlumberger
NV
323,117‌
10,921‌
Select
Water
Solutions
Inc
334‌
3‌
Solaris
Energy
Infrastructure
Inc
(a)
157,702‌
5,152‌
TechnipFMC
PLC
50,648‌
1,842‌
Tidewater
Inc
(e)
2,561‌
128‌
$
33,242‌
Packaging
&
Containers
-
0
.00
%
Ardagh
Metal
Packaging
SA
1,907‌
7‌
Karat
Packaging
Inc
366‌
10‌
O-I
Glass
Inc
(e)
1,998‌
26‌
$
43‌
Pharmaceuticals
-
3
.12
%
Actuate
Therapeutics
Inc
(a),(e)
418‌
3‌
Akebia
Therapeutics
Inc
(e)
1,728‌
6‌
Alector
Inc
(e)
635‌
1‌
Alkermes
PLC
(e)
6,489‌
172‌
Amneal
Pharmaceuticals
Inc
(e)
6,967‌
54‌
Amphastar
Pharmaceuticals
Inc
(e)
139‌
3‌
Amylyx
Pharmaceuticals
Inc
(e)
2,854‌
23‌
Aquestive
Therapeutics
Inc
(e)
1,742‌
7‌
Arvinas
Inc
(e)
475‌
4‌
Ascendis
Pharma
A/S
ADR
(e)
22,481‌
3,900‌
aTyr
Pharma
Inc
(e)
4,319‌
20‌
Avadel
Pharmaceuticals
PLC
(e)
4,809‌
51‌
BellRing
Brands
Inc
(e)
141,543‌
7,725‌
Biote
Corp
(e)
620‌
2‌
Catalyst
Pharmaceuticals
Inc
(e)
6,175‌
132‌
Coherus
Oncology
Inc
(e)
2,523‌
2‌
Collegium
Pharmaceutical
Inc
(e)
213,469‌
6,375‌
Corcept
Therapeutics
Inc
(e)
53,708‌
3,608‌
CorMedix
Inc
(e)
3,422‌
40‌
Corvus
Pharmaceuticals
Inc
(a),(e)
2,802‌
12‌
Enliven
Therapeutics
Inc
(e)
1,709‌
32‌
Eton
Pharmaceuticals
Inc
(e)
1,353‌
19‌
Fennec
Pharmaceuticals
Inc
(e)
449‌
4‌
FitLife
Brands
Inc
(e)
277‌
3‌
Foghorn
Therapeutics
Inc
(e)
1,354‌
7‌
Fulcrum
Therapeutics
Inc
(e)
300‌
2‌
Guardian
Pharmacy
Services
Inc
(e)
682‌
14‌
Gyre
Therapeutics
Inc
(a),(e)
814‌
6‌
Harmony
Biosciences
Holdings
Inc
(e)
2,320‌
82‌
Harrow
Inc
(a),(e)
1,669‌
53‌
Herbalife
Ltd
(e)
3,986‌
37‌
Heron
Therapeutics
Inc
(e)
901‌
2‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Pharmaceuticals
(continued)
Indivior
PLC
(e)
5,502‌
$
111‌
Inhibikase
Therapeutics
Inc
(e)
370‌
1‌
Ironwood
Pharmaceuticals
Inc
(e)
8,816‌
7‌
Journey
Medical
Corp
(e)
650‌
5‌
KalVista
Pharmaceuticals
Inc
(e)
288,667‌
3,934‌
Lifevantage
Corp
634‌
8‌
Madrigal
Pharmaceuticals
Inc
(e)
12,608‌
3,814‌
MannKind
Corp
(e)
16,174‌
61‌
Maze
Therapeutics
Inc
(a),(e)
76‌
1‌
MediWound
Ltd
(e)
430‌
8‌
Merus
NV
(e)
71,576‌
4,741‌
Mirum
Pharmaceuticals
Inc
(e)
90,521‌
4,678‌
Nature's
Sunshine
Products
Inc
(e)
217‌
3‌
Neurocrine
Biosciences
Inc
(e)
73,802‌
9,464‌
Nuvectis
Pharma
Inc
(a),(e)
771‌
5‌
Ocular
Therapeutix
Inc
(e)
7,504‌
87‌
Option
Care
Health
Inc
(e)
8,799‌
258‌
ORIC
Pharmaceuticals
Inc
(e)
763‌
8‌
Pacira
BioSciences
Inc
(e)
240‌
5‌
Phibro
Animal
Health
Corp
1,074‌
28‌
Protagonist
Therapeutics
Inc
(e)
3,098‌
167‌
Rhythm
Pharmaceuticals
Inc
(e)
68,327‌
5,823‌
scPharmaceuticals
Inc
(a),(e)
1,832‌
9‌
SELLAS
Life
Sciences
Group
Inc
(a),(e)
5,108‌
8‌
SIGA
Technologies
Inc
1,745‌
12‌
Sionna
Therapeutics
Inc
(a),(e)
660‌
11‌
Spyre
Therapeutics
Inc
(e)
135,204‌
2,294‌
Supernus
Pharmaceuticals
Inc
(e)
243‌
9‌
Trevi
Therapeutics
Inc
(a),(e)
514,181‌
3,808‌
TuHURA
Biosciences
Inc
(e)
1,374‌
3‌
Vaxcyte
Inc
(e)
71,612‌
2,431‌
Xeris
Biopharma
Holdings
Inc
(e)
7,997‌
41‌
Y-mAbs
Therapeutics
Inc
(e)
1,971‌
9‌
$
64,253‌
Pipelines
-
0
.09
%
Excelerate
Energy
Inc
67,902‌
1,743‌
Kinetik
Holdings
Inc
1,690‌
73‌
NextDecade
Corp
(e)
7,137‌
81‌
$
1,897‌
Private
Equity
-
0
.00
%
P10
Inc
2,893‌
35‌
Patria
Investments
Ltd
3,199‌
45‌
$
80‌
Real
Estate
-
0
.28
%
Compass
Inc
(e)
24,363‌
194‌
eXp
World
Holdings
Inc
(a)
4,174‌
45‌
FirstService
Corp
26,807‌
5,287‌
Maui
Land
&
Pineapple
Co
Inc
(e)
386‌
7‌
McGrath
RentCorp
996‌
124‌
Real
Brokerage
Inc/The
(a),(e)
5,648‌
22‌
Sky
Harbour
Group
Corp
(a),(e)
1,140‌
11‌
St
Joe
Co/The
2,019‌
102‌
$
5,792‌
REITs
-
0
.60
%
ACRES
Commercial
Realty
Corp
(e)
56‌
1‌
Alexander's
Inc
119‌
30‌
American
Healthcare
REIT
Inc
2,999‌
116‌
Angel
Oak
Mortgage
REIT
Inc
350‌
3‌
Apartment
Investment
and
Management
Co
4,069‌
34‌
Apollo
Commercial
Real
Estate
Finance
Inc
3,676‌
35‌
CareTrust
REIT
Inc
978‌
31‌
CBL
&
Associates
Properties
Inc
722‌
20‌
Clipper
Realty
Inc
258‌
1‌
DiamondRock
Hospitality
Co
6,435‌
50‌
EastGroup
Properties
Inc
45,183‌
7,376‌
Gladstone
Commercial
Corp
458‌
6‌
National
Health
Investors
Inc
559‌
39‌
NETSTREIT
Corp
1,064‌
19‌
NexPoint
Residential
Trust
Inc
380‌
12‌
Schedule
of
Investments
SmallCap
Growth
Fund
I
July
31,
2025
(unaudited)
230
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
REITs
(continued)
Outfront
Media
Inc
7,436‌
$
130‌
Phillips
Edison
&
Co
Inc
1,199‌
41‌
PotlatchDeltic
Corp
226‌
9‌
Ryman
Hospitality
Properties
Inc
43,561‌
4,141‌
Saul
Centers
Inc
587‌
19‌
Strawberry
Fields
REIT
Inc
350‌
4‌
Sunstone
Hotel
Investors
Inc
826‌
7‌
Tanger
Inc
5,391‌
162‌
Two
Harbors
Investment
Corp
2,854‌
28‌
UMH
Properties
Inc
4,158‌
68‌
Universal
Health
Realty
Income
Trust
580‌
22‌
Xenia
Hotels
&
Resorts
Inc
814‌
10‌
$
12,414‌
Retail
-
6
.36
%
Abercrombie
&
Fitch
Co
(e)
2,521‌
242‌
Arko
Corp
500‌
2‌
BJ's
Restaurants
Inc
(e)
124,752‌
4,420‌
Bloomin'
Brands
Inc
2,792‌
25‌
Boot
Barn
Holdings
Inc
(e)
88,402‌
15,197‌
Brinker
International
Inc
(e)
2,368‌
373‌
Buckle
Inc/The
1,562‌
77‌
Build-A-Bear
Workshop
Inc
651‌
33‌
Camping
World
Holdings
Inc
3,206‌
44‌
Casey's
General
Stores
Inc
29,219‌
15,198‌
Cava
Group
Inc
(e)
95,090‌
8,369‌
Cheesecake
Factory
Inc/The
(a)
2,458‌
157‌
Cracker
Barrel
Old
Country
Store
Inc
334‌
21‌
Dave
&
Buster's
Entertainment
Inc
(e)
1,438‌
42‌
Denny's
Corp
(e)
292‌
1‌
Dine
Brands
Global
Inc
166‌
4‌
Dutch
Bros
Inc
(e)
149,106‌
8,838‌
Envela
Corp
(a),(e)
473‌
3‌
EVgo
Inc
(a),(e)
1,147‌
4‌
First
Watch
Restaurant
Group
Inc
(e)
284,533‌
4,919‌
FirstCash
Holdings
Inc
2,119‌
282‌
Five
Below
Inc
(e)
19,695‌
2,689‌
Freshpet
Inc
(e)
87,442‌
5,974‌
Genesco
Inc
(e)
47‌
1‌
GMS
Inc
(e)
913‌
100‌
Group
1
Automotive
Inc
294‌
121‌
Jack
in
the
Box
Inc
(a)
828‌
16‌
Krispy
Kreme
Inc
(a)
684‌
2‌
Kura
Sushi
USA
Inc
(e)
324‌
28‌
MarineMax
Inc
(e)
71‌
2‌
National
Vision
Holdings
Inc
(e)
360,066‌
8,735‌
Ollie's
Bargain
Outlet
Holdings
Inc
(e)
147,374‌
20,136‌
Papa
John's
International
Inc
169‌
7‌
Patrick
Industries
Inc
(a)
1,738‌
169‌
Petco
Health
&
Wellness
Co
Inc
(e)
434‌
1‌
Portillo's
Inc
(a),(e)
931,991‌
9,283‌
Potbelly
Corp
(e)
1,283‌
15‌
PriceSmart
Inc
1,364‌
147‌
RH
(a),(e)
28,820‌
5,926‌
Savers
Value
Village
Inc
(e)
1,164‌
12‌
Shake
Shack
Inc
(e)
2,079‌
250‌
Sonic
Automotive
Inc
286‌
21‌
Sweetgreen
Inc
(e)
5,519‌
71‌
Texas
Roadhouse
Inc
43,760‌
8,101‌
Tile
Shop
Holdings
Inc
(e)
738‌
5‌
Urban
Outfitters
Inc
(e)
1,182‌
89‌
Victoria's
Secret
&
Co
(e)
1,048‌
20‌
Warby
Parker
Inc
(e)
5,237‌
125‌
Wingstop
Inc
29,031‌
10,955‌
$
131,252‌
Savings
&
Loans
-
0
.52
%
Axos
Financial
Inc
(e)
122,625‌
10,589‌
Banc
of
California
Inc
537‌
8‌
Greene
County
Bancorp
Inc
252‌
6‌
Hingham
Institution
For
Savings
The
(a)
4‌
1‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Savings
&
Loans
(continued)
Northfield
Bancorp
Inc
327‌
$
3‌
Provident
Financial
Services
Inc
1,119‌
20‌
Southern
Missouri
Bancorp
Inc
57‌
3‌
$
10,630‌
Semiconductors
-
5
.97
%
Aehr
Test
Systems
(a),(e)
1,207‌
20‌
Aeluma
Inc
(e)
85‌
2‌
Allegro
MicroSystems
Inc
(e)
263,200‌
8,267‌
Ambarella
Inc
(e)
2,178‌
144‌
Ambiq
Micro
Inc
(e)
56,385‌
2,472‌
Arteris
Inc
(e)
187‌
2‌
Atomera
Inc
(a),(e)
1,753‌
9‌
Axcelis
Technologies
Inc
(e)
130‌
9‌
CEVA
Inc
(e)
1,126‌
24‌
Entegris
Inc
120,904‌
9,486‌
FormFactor
Inc
(e)
107,803‌
3,063‌
Impinj
Inc
(e)
36,449‌
5,635‌
Kulicke
&
Soffa
Industries
Inc
99,331‌
3,254‌
Lattice
Semiconductor
Corp
(e)
184,080‌
9,172‌
MACOM
Technology
Solutions
Holdings
Inc
(e)
111,718‌
15,321‌
MaxLinear
Inc
(e)
565‌
9‌
Navitas
Semiconductor
Corp
(a),(e)
1,201‌
9‌
Onto
Innovation
Inc
(e)
28,928‌
2,741‌
Ouster
Inc
(e)
2,700‌
63‌
Power
Integrations
Inc
102,608‌
4,978‌
Rambus
Inc
(e)
172,973‌
12,788‌
Semtech
Corp
(e)
293,817‌
15,014‌
Silicon
Laboratories
Inc
(e)
1,725‌
227‌
SiTime
Corp
(e)
136,777‌
27,745‌
SkyWater
Technology
Inc
(a),(e)
294,015‌
2,632‌
Synaptics
Inc
(e)
184‌
12‌
Ultra
Clean
Holdings
Inc
(e)
166‌
4‌
$
123,102‌
Software
-
11
.63
%
Accelerant
Holdings
(e)
181,635‌
5,002‌
ACI
Worldwide
Inc
(e)
5,625‌
239‌
ACV
Auctions
Inc
(e)
590,016‌
8,384‌
Adeia
Inc
5,076‌
66‌
Agilysys
Inc
(e)
79,094‌
9,023‌
Airship
AI
Holdings
Inc
(a),(e)
845‌
4‌
Alignment
Healthcare
Inc
(e)
6,806‌
94‌
Alkami
Technology
Inc
(e)
399,809‌
8,912‌
Amplitude
Inc
(e)
549,861‌
6,725‌
Appfolio
Inc
(e)
25,683‌
6,867‌
Appian
Corp
(e)
2,108‌
58‌
Asana
Inc
(e)
4,973‌
73‌
AvePoint
Inc
(e)
7,095‌
135‌
AvidXchange
Holdings
Inc
(e)
9,084‌
90‌
Bandwidth
Inc
(e)
380‌
5‌
BigBear.ai
Holdings
Inc
(a),(e)
3,603‌
23‌
Blackbaud
Inc
(e)
1,632‌
110‌
BlackLine
Inc
(e)
2,804‌
151‌
Blend
Labs
Inc
(e)
11,202‌
37‌
Box
Inc
(e)
5,828‌
187‌
Braze
Inc
(e)
264,427‌
7,369‌
C3.ai
Inc
(e)
6,458‌
152‌
CCC
Intelligent
Solutions
Holdings
Inc
(e)
2,377,059‌
22,986‌
Cerence
Inc
(e)
817‌
7‌
Claritev
Corp
(a),(e)
425‌
17‌
Clear
Secure
Inc
(a)
4,460‌
131‌
Clearwater
Analytics
Holdings
Inc
(e)
873,949‌
17,706‌
Climb
Global
Solutions
Inc
211‌
25‌
Commerce.com
Inc
(e)
3,496‌
17‌
Commvault
Systems
Inc
(e)
38,848‌
7,380‌
CoreCard
Corp
(e)
300‌
9‌
CS
Disco
Inc
(e)
1,012‌
4‌
CSG
Systems
International
Inc
1,312‌
82‌
Daily
Journal
Corp
(e)
52‌
21‌
Digimarc
Corp
(a),(e)
837‌
10‌
Schedule
of
Investments
SmallCap
Growth
Fund
I
July
31,
2025
(unaudited)
231
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Software
(continued)
Digital
Turbine
Inc
(e)
3,525‌
$
19‌
DigitalOcean
Holdings
Inc
(e)
3,445‌
96‌
Domo
Inc
(e)
1,584‌
26‌
Donnelley
Financial
Solutions
Inc
(e)
1,026‌
54‌
Dynatrace
Inc
(e)
356,194‌
18,739‌
eGain
Corp
(e)
674‌
4‌
EverCommerce
Inc
(a),(e)
787‌
9‌
Evolent
Health
Inc
(e)
2,026‌
20‌
Expensify
Inc
(e)
1,718‌
4‌
Five9
Inc
(e)
4,070‌
105‌
Freshworks
Inc
(e)
10,893‌
142‌
Genius
Sports
Ltd
(e)
11,827‌
133‌
Gitlab
Inc
(e)
98,730‌
4,325‌
Golden
Matrix
Group
Inc
(e)
1,027‌
2‌
Guidewire
Software
Inc
(e)
31,691‌
7,169‌
I3
Verticals
Inc
(e)
120‌
3‌
IBEX
Holdings
Ltd
(e)
553‌
16‌
Ibotta
Inc
(e)
681‌
25‌
Innodata
Inc
(a),(e)
1,602‌
88‌
Inspired
Entertainment
Inc
(e)
1,337‌
12‌
Intapp
Inc
(e)
199,979‌
8,009‌
IonQ
Inc
(a),(e)
118,073‌
4,707‌
Jamf
Holding
Corp
(e)
3,589‌
29‌
JFrog
Ltd
(e)
240,500‌
10,440‌
Kaltura
Inc
(e)
4,358‌
8‌
Klaviyo
Inc
(e)
300,189‌
9,336‌
Life360
Inc
(e)
41,648‌
3,190‌
LiveRamp
Holdings
Inc
(e)
3,443‌
113‌
Meridianlink
Inc
(e)
1,688‌
27‌
Monday.com
Ltd
(e)
30,146‌
7,907‌
Nutex
Health
Inc
(e)
182‌
15‌
Olo
Inc
(e)
3,603‌
38‌
Omada
Health
Inc
(e)
61,925‌
1,085‌
Onestream
Inc
(e)
596,762‌
14,233‌
Outset
Medical
Inc
(a),(e)
413‌
7‌
Pagaya
Technologies
Ltd
(e)
2,230‌
67‌
PagerDuty
Inc
(e)
4,512‌
73‌
PDF
Solutions
Inc
(e)
245,378‌
5,455‌
Phreesia
Inc
(e)
265,357‌
7,154‌
Planet
Labs
PBC
(e)
11,436‌
72‌
Playtika
Holding
Corp
703‌
3‌
Porch
Group
Inc
(e)
3,457‌
44‌
Progress
Software
Corp
2,275‌
109‌
PROS
Holdings
Inc
(e)
227,501‌
3,570‌
Quantum
Computing
Inc
(a),(e)
6,147‌
91‌
Rackspace
Technology
Inc
(e)
1,508‌
2‌
Red
Violet
Inc
617‌
27‌
ReposiTrak
Inc
(a)
602‌
10‌
Rezolve
AI
PLC
(a),(e)
4,864‌
14‌
Sapiens
International
Corp
NV
1,646‌
45‌
Schrodinger
Inc/United
States
(e)
2,993‌
61‌
SEMrush
Holdings
Inc
(e)
2,442‌
22‌
ServiceTitan
Inc
(e)
60,871‌
7,104‌
Simulations
Plus
Inc
(e)
894‌
12‌
SoundHound
AI
Inc
(a),(e)
19,573‌
202‌
Sprout
Social
Inc
(e)
43,138‌
740‌
SPS
Commerce
Inc
(e)
2,037‌
222‌
Synchronoss
Technologies
Inc
(e)
577‌
4‌
Take-Two
Interactive
Software
Inc
(e)
41,853‌
9,322‌
Talkspace
Inc
(e)
6,594‌
16‌
TruBridge
Inc
(e)
535‌
11‌
Vertex
Inc
(e)
119,413‌
3,961‌
Viant
Technology
Inc
(e)
839‌
12‌
Vimeo
Inc
(e)
3,525‌
13‌
VTEX
(e)
3,071‌
18‌
Waystar
Holding
Corp
(e)
237,627‌
8,787‌
Weave
Communications
Inc
(e)
3,102‌
23‌
WM
Technology
Inc
(e)
4,674‌
4‌
Workiva
Inc
(e)
2,681‌
171‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Software
(continued)
Yext
Inc
(e)
5,543‌
$
45‌
Zeta
Global
Holdings
Corp
(e)
10,049‌
157‌
Zspace
Inc
(e)
154‌
1‌
$
239,880‌
Telecommunications
-
2
.68
%
A10
Networks
Inc
3,335‌
61‌
ADTRAN
Holdings
Inc
(e)
3,959‌
37‌
Anterix
Inc
(e)
721‌
16‌
Applied
Digital
Corp
(a),(e)
7,167‌
94‌
BK
Technologies
Corp
(e)
163‌
6‌
BlackSky
Technology
Inc
(e)
1,479‌
28‌
Calix
Inc
(e)
3,155‌
179‌
Clearfield
Inc
(e)
274‌
12‌
CommScope
Holding
Co
Inc
(e)
7,014‌
57‌
Credo
Technology
Group
Holding
Ltd
(e)
354,705‌
39,568‌
DigitalBridge
Group
Inc
390,534‌
4,194‌
Extreme
Networks
Inc
(e)
7,042‌
124‌
Frequency
Electronics
Inc
352‌
9‌
Globalstar
Inc
(e)
2,665‌
63‌
Gogo
Inc
(e)
3,647‌
58‌
Harmonic
Inc
(e)
1,511‌
13‌
IDT
Corp
-
Class
B
656‌
39‌
Inseego
Corp
(e)
165‌
1‌
InterDigital
Inc
39,680‌
10,246‌
Lumen
Technologies
Inc
(e)
45,083‌
201‌
Ooma
Inc
(e)
1,426‌
16‌
Preformed
Line
Products
Co
13‌
2‌
Satellogic
Inc
(a),(e)
2,905‌
10‌
Viavi
Solutions
Inc
(e)
11,832‌
119‌
$
55,153‌
Transportation
-
0
.55
%
Costamare
Bulkers
Holdings
Ltd
(e)
51‌
1‌
Covenant
Logistics
Group
Inc
188‌
5‌
CryoPort
Inc
(e)
580‌
4‌
FLEX
LNG
Ltd
282‌
7‌
Forward
Air
Corp
(e)
451‌
14‌
Kirby
Corp
(e)
85,060‌
8,107‌
Proficient
Auto
Logistics
Inc
(a),(e)
63,427‌
438‌
RXO
Inc
(e)
162,350‌
2,508‌
Saia
Inc
(e)
900‌
272‌
Werner
Enterprises
Inc
501‌
14‌
World
Kinect
Corp
369‌
10‌
$
11,380‌
Trucking
&
Leasing
-
0
.00
%
GATX
Corp
145‌
22‌
Willis
Lease
Finance
Corp
24‌
4‌
$
26‌
Water
-
0
.01
%
American
States
Water
Co
1,351‌
99‌
Consolidated
Water
Co
Ltd
272‌
8‌
Global
Water
Resources
Inc
701‌
7‌
Middlesex
Water
Co
147‌
7‌
York
Water
Co/The
122‌
4‌
$
125‌
TOTAL
COMMON
STOCKS
$
2,016,455‌
Total
Investments
$
2,085,371‌
Other
Assets
and
Liabilities
-  (1.12)%
(
23,020‌
)
TOTAL
NET
ASSETS
-
100.00%
$
2,062,351‌
(a)
Security
or
a
portion
of
the
security
was
on
loan.  At
the
end
of
the
period,
the
value
of
these
securities
totaled
$22,324
or
1.08%
of
net
assets.
(b)
1-day
yield
shown
is
as
of
period
end.
(c)
Security
or
a
portion
of
the
security
was
received
as
collateral
for
securities
lending.
At
the
end
of
the
period,
the
value
of
these
securities
totaled
$23,185
or
1.12%
of
net
assets.
Schedule
of
Investments
SmallCap
Growth
Fund
I
July
31,
2025
(unaudited)
232
(d)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940,
as
amended,
(the
"1940
Act"))
or
an
affiliate
as
defined
by
the
1940
Act
(controls
5.00%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
Affiliated
Securities
sub-schedule
for
transactional
information.
(e)
Non-income
producing
security
(f)
The
value
of
these
investments
was
determined
using
significant
unobservable
inputs,
in
good
faith
by
the
Manager,
under
procedures
established
and
periodically
reviewed
by
the
Board
of
Directors.
Affiliated
Securities
October
31,
2024
Purchases
Sales
July
31,
2025
Value
Cost
Proceeds
Value
Principal
Government
Money
Market
Fund
-
Class
R-6
4.22%
$
82,817‌
$
1,048,907‌
$
1,069,099‌
$
62,625‌
$
82,817‌
$
1,048,907‌
$
1,069,099‌
$
62,625‌
Income
(a)
Realized
Gain/(Loss)
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
(Loss)
Principal
Government
Money
Market
Fund
-
Class
R-6
4.22%
$
1,576‌
$
—‌
$
—‌
$
—‌
$
1,576‌
$
—‌
$
—‌
$
—‌
Amounts
in
thousands.
(a)
Amount
excludes
earnings
from
securities
lending
collateral.
Futures
Contracts
Description
and
Expiration
Date
Type
Contracts
Notional
Amount
Value
and
Unrealized
Appreciation/(Depreciation)
Russell
2000
Emini;
September
2025
Long
11‌
$
1,221‌
$
(
27‌
)
Total
$
(
27‌
)
Amounts
in
thousands
except
contracts.
Schedule
of
Investments
SmallCap
S&P
600
Index
Fund
July
31,
2025
(unaudited)
233
INVESTMENT
COMPANIES
-
1
.93
%
Shares
Held
Value
(000's)
Exchange-Traded
Funds
-
0
.13
%
iShares
Core
S&P
Small-Cap
ETF
14,744‌
$
1,626‌
Money
Market
Funds
-
1
.80
%
BlackRock
Liquidity
FedFund
-
Institutional
Class
4.21%
(a),(b)
2,040,170‌
2,040‌
Principal
Government
Money
Market
Fund
-
Class
R-6
4.22%
(a),(b),(c)
20,902,509‌
20,903‌
$
22,943‌
TOTAL
INVESTMENT
COMPANIES
$
24,569‌
COMMON
STOCKS
-
98
.89
%
Shares
Held
Value
(000's)
Advertising
-
0
.01
%
TechTarget
Inc
(d)
25,619‌
$
185‌
Aerospace
&
Defense
-
1
.56
%
AAR
Corp
(d)
33,466‌
2,500‌
Kratos
Defense
&
Security
Solutions
Inc
(d)
156,928‌
9,212‌
Mercury
Systems
Inc
(d)
47,925‌
2,520‌
Moog
Inc
26,696‌
5,168‌
National
Presto
Industries
Inc
4,856‌
468‌
$
19,868‌
Agriculture
-
0
.28
%
Andersons
Inc/The
30,428‌
1,093‌
Fresh
Del
Monte
Produce
Inc
31,655‌
1,190‌
Universal
Corp/VA
23,320‌
1,270‌
$
3,553‌
Airlines
-
0
.54
%
Allegiant
Travel
Co
(d)
13,654‌
705‌
JetBlue
Airways
Corp
(d)
287,539‌
1,277‌
SkyWest
Inc
(d)
38,184‌
4,428‌
Sun
Country
Airlines
Holdings
Inc
(d)
37,151‌
430‌
$
6,840‌
Apparel
-
0
.68
%
Carter's
Inc
34,384‌
833‌
Hanesbrands
Inc
(d)
333,687‌
1,365‌
Kontoor
Brands
Inc
47,183‌
2,626‌
Oxford
Industries
Inc
13,194‌
504‌
Steven
Madden
Ltd
68,529‌
1,645‌
Wolverine
World
Wide
Inc
76,471‌
1,727‌
$
8,700‌
Automobile
Parts
&
Equipment
-
1
.61
%
Adient
PLC
(d)
79,276‌
1,700‌
American
Axle
&
Manufacturing
Holdings
Inc
(d)
111,658‌
497‌
BorgWarner
Inc
207,323‌
7,630‌
Dana
Inc
122,389‌
1,948‌
Dorman
Products
Inc
(d)
25,623‌
3,091‌
Fox
Factory
Holding
Corp
(d)
39,358‌
1,195‌
Gentherm
Inc
(d)
29,119‌
933‌
Phinia
Inc
37,560‌
1,904‌
Standard
Motor
Products
Inc
19,702‌
598‌
Titan
International
Inc
(d)
45,682‌
386‌
XPEL
Inc
(d)
21,405‌
700‌
$
20,582‌
Banks
-
7
.64
%
Ameris
Bancorp
60,883‌
4,161‌
Atlantic
Union
Bankshares
Corp
134,429‌
4,261‌
BancFirst
Corp
18,820‌
2,343‌
Bancorp
Inc/The
(d)
44,074‌
2,784‌
Bank
of
Hawaii
Corp
37,492‌
2,320‌
BankUnited
Inc
70,967‌
2,588‌
Banner
Corp
32,628‌
2,025‌
Cathay
General
Bancorp
66,155‌
2,992‌
Central
Pacific
Financial
Corp
25,454‌
679‌
City
Holding
Co
13,667‌
1,669‌
Community
Financial
System
Inc
49,868‌
2,628‌
Customers
Bancorp
Inc
(d)
27,718‌
1,767‌
CVB
Financial
Corp
122,228‌
2,284‌
Dime
Community
Bancshares
Inc
37,211‌
1,031‌
Eagle
Bancorp
Inc
28,663‌
461‌
FB
Financial
Corp
38,159‌
1,861‌
First
BanCorp/Puerto
Rico
151,402‌
3,154‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Banks
(continued)
First
Bancorp/Southern
Pines
NC
39,082‌
$
1,958‌
First
Commonwealth
Financial
Corp
98,698‌
1,630‌
First
Financial
Bancorp
90,333‌
2,190‌
First
Hawaiian
Inc
118,626‌
2,877‌
Fulton
Financial
Corp
171,538‌
3,079‌
Hanmi
Financial
Corp
28,263‌
645‌
Heritage
Financial
Corp/WA
32,180‌
725‌
Hilltop
Holdings
Inc
42,981‌
1,272‌
Hope
Bancorp
Inc
119,622‌
1,195‌
Independent
Bank
Corp
45,789‌
2,910‌
Lakeland
Financial
Corp
24,114‌
1,528‌
National
Bank
Holdings
Corp
35,944‌
1,332‌
NBT
Bancorp
Inc
49,369‌
2,043‌
OFG
Bancorp
42,379‌
1,806‌
Park
National
Corp
13,750‌
2,226‌
Pathward
Financial
Inc
22,229‌
1,681‌
Preferred
Bank/Los
Angeles
CA
10,905‌
990‌
Renasant
Corp
86,959‌
3,186‌
S&T
Bancorp
Inc
36,166‌
1,325‌
Seacoast
Banking
Corp
of
Florida
80,230‌
2,262‌
ServisFirst
Bancshares
Inc
47,409‌
3,729‌
Simmons
First
National
Corp
134,119‌
2,571‌
Southside
Bancshares
Inc
26,798‌
789‌
Stellar
Bancorp
Inc
43,226‌
1,276‌
Tompkins
Financial
Corp
11,848‌
766‌
Triumph
Financial
Inc
(d)
20,957‌
1,189‌
TrustCo
Bank
Corp
NY
17,946‌
602‌
Trustmark
Corp
57,066‌
2,126‌
United
Community
Banks
Inc/GA
114,643‌
3,497‌
Veritex
Holdings
Inc
51,210‌
1,624‌
Walker
&
Dunlop
Inc
30,461‌
2,285‌
Westamerica
BanCorp
24,704‌
1,183‌
$
97,505‌
Beverages
-
0
.11
%
MGP
Ingredients
Inc
12,846‌
363‌
National
Beverage
Corp
(d)
22,084‌
1,012‌
$
1,375‌
Biotechnology
-
2
.34
%
ACADIA
Pharmaceuticals
Inc
(d)
116,860‌
2,785‌
ADMA
Biologics
Inc
(d)
225,264‌
4,212‌
ANI
Pharmaceuticals
Inc
(d)
16,054‌
1,017‌
Arcus
Biosciences
Inc
(d)
63,942‌
584‌
Arrowhead
Pharmaceuticals
Inc
(d)
118,581‌
1,874‌
Certara
Inc
(d)
104,094‌
1,024‌
Cytek
Biosciences
Inc
(d)
96,805‌
349‌
Dynavax
Technologies
Corp
(d)
105,374‌
1,157‌
Innoviva
Inc
(d)
52,124‌
947‌
Krystal
Biotech
Inc
(d)
23,997‌
3,692‌
Ligand
Pharmaceuticals
Inc
(d)
18,205‌
2,395‌
Myriad
Genetics
Inc
(d)
86,976‌
334‌
NeoGenomics
Inc
(d)
121,433‌
588‌
TG
Therapeutics
Inc
(d)
127,957‌
4,542‌
Veracyte
Inc
(d)
73,789‌
1,735‌
Vericel
Corp
(d)
47,502‌
1,660‌
Vir
Biotechnology
Inc
(d)
87,393‌
443‌
Xencor
Inc
(d)
67,154‌
559‌
$
29,897‌
Building
Materials
-
2
.24
%
American
Woodmark
Corp
(d)
13,998‌
736‌
Apogee
Enterprises
Inc
20,356‌
855‌
Armstrong
World
Industries
Inc
40,978‌
7,711‌
Boise
Cascade
Co
35,508‌
2,976‌
Gibraltar
Industries
Inc
(d)
27,826‌
1,837‌
Griffon
Corp
36,830‌
2,993‌
Hayward
Holdings
Inc
(d)
134,695‌
2,072‌
Masterbrand
Inc
(d)
119,587‌
1,319‌
SPX
Technologies
Inc
(d)
44,071‌
8,038‌
$
28,537‌
Schedule
of
Investments
SmallCap
S&P
600
Index
Fund
July
31,
2025
(unaudited)
234
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Chemicals
-
3
.24
%
AdvanSix
Inc
25,299‌
$
509‌
Balchem
Corp
30,777‌
4,693‌
Celanese
Corp
103,234‌
5,392‌
Chemours
Co/The
141,228‌
1,692‌
Element
Solutions
Inc
210,515‌
4,968‌
FMC
Corp
117,861‌
4,601‌
Hawkins
Inc
17,862‌
2,916‌
HB
Fuller
Co
51,135‌
2,874‌
Ingevity
Corp
(d)
34,407‌
1,438‌
Innospec
Inc
23,552‌
1,882‌
Koppers
Holdings
Inc
18,881‌
620‌
Minerals
Technologies
Inc
29,942‌
1,741‌
Quaker
Chemical
Corp
12,847‌
1,470‌
Rogers
Corp
(d)
15,907‌
1,043‌
Sensient
Technologies
Corp
40,063‌
4,499‌
Stepan
Co
20,025‌
1,017‌
$
41,355‌
Coal
-
0
.76
%
Alpha
Metallurgical
Resources
Inc
(d)
10,345‌
1,222‌
Core
Natural
Resources
Inc
47,205‌
3,484‌
Peabody
Energy
Corp
114,738‌
1,853‌
SunCoke
Energy
Inc
79,874‌
590‌
Warrior
Met
Coal
Inc
49,593‌
2,548‌
$
9,697‌
Commercial
Services
-
4
.37
%
ABM
Industries
Inc
58,719‌
2,709‌
Adtalem
Global
Education
Inc
(d)
33,902‌
3,874‌
Alarm.com
Holdings
Inc
(d)
46,935‌
2,564‌
AMN
Healthcare
Services
Inc
(d)
36,124‌
663‌
Arlo
Technologies
Inc
(d)
97,566‌
1,581‌
CoreCivic
Inc
(d)
103,000‌
2,064‌
Deluxe
Corp
42,215‌
680‌
EVERTEC
Inc
60,024‌
2,170‌
GEO
Group
Inc/The
(d)
130,751‌
3,389‌
Healthcare
Services
Group
Inc
(d)
68,805‌
895‌
Heidrick
&
Struggles
International
Inc
19,457‌
867‌
Hertz
Global
Holdings
Inc
(d)
116,743‌
748‌
John
Wiley
&
Sons
Inc
38,548‌
1,488‌
Korn
Ferry
48,731‌
3,454‌
Matthews
International
Corp
29,258‌
687‌
Mister
Car
Wash
Inc
(d)
88,885‌
513‌
Monro
Inc
28,258‌
398‌
Payoneer
Global
Inc
(d)
245,710‌
1,614‌
Perdoceo
Education
Corp
58,126‌
1,673‌
PROG
Holdings
Inc
38,077‌
1,212‌
Progyny
Inc
(d)
70,366‌
1,654‌
Robert
Half
Inc
94,741‌
3,497‌
Strategic
Education
Inc
22,569‌
1,673‌
Stride
Inc
(d)
40,500‌
5,193‌
Upbound
Group
Inc
48,561‌
1,002‌
Verra
Mobility
Corp
(d)
150,434‌
3,800‌
Vestis
Corp
108,182‌
656‌
WillScot
Holdings
Corp
172,100‌
5,051‌
$
55,769‌
Computers
-
1
.62
%
Amentum
Holdings
Inc
(d)
142,347‌
3,554‌
Corsair
Gaming
Inc
(d)
42,935‌
389‌
DXC
Technology
Co
(d)
171,039‌
2,328‌
Grid
Dynamics
Holdings
Inc
(d)
59,035‌
560‌
Insight
Enterprises
Inc
(d)
25,908‌
3,072‌
NCR
Atleos
Corp
(d)
69,309‌
2,121‌
NCR
Voyix
Corp
(d)
129,980‌
1,770‌
NetScout
Systems
Inc
(d)
67,305‌
1,442‌
Sandisk
Corp/DE
(d)
127,503‌
5,473‌
$
20,709‌
Consumer
Products
-
0
.47
%
Central
Garden
&
Pet
Co
(d)
7,968‌
311‌
Central
Garden
&
Pet
Co
-
A
Shares
(d)
46,603‌
1,655‌
Helen
of
Troy
Ltd
(d)
21,647‌
476‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Consumer
Products
(continued)
Quanex
Building
Products
Corp
44,326‌
$
864‌
WD-40
Co
12,781‌
2,740‌
$
6,046‌
Cosmetics
&
Personal
Care
-
0
.52
%
Edgewell
Personal
Care
Co
44,377‌
1,120‌
Interparfums
Inc
16,975‌
2,047‌
Prestige
Consumer
Healthcare
Inc
(d)
46,628‌
3,448‌
$
6,615‌
Distribution
&
Wholesale
-
0
.87
%
G-III
Apparel
Group
Ltd
(d)
35,949‌
848‌
OPENLANE
Inc
(d)
101,325‌
2,497‌
Resideo
Technologies
Inc
(d)
140,125‌
3,825‌
Rush
Enterprises
Inc
-
Class
A
57,743‌
3,126‌
ScanSource
Inc
(d)
19,615‌
762‌
$
11,058‌
Diversified
Financial
Services
-
5
.36
%
Acadian
Asset
Management
Inc
25,332‌
1,059‌
Air
Lease
Corp
98,071‌
5,433‌
Artisan
Partners
Asset
Management
Inc
66,454‌
3,007‌
BGC
Group
Inc
357,352‌
3,313‌
Bread
Financial
Holdings
Inc
43,924‌
2,693‌
Cohen
&
Steers
Inc
25,494‌
1,875‌
Enact
Holdings
Inc
26,904‌
935‌
Encore
Capital
Group
Inc
(d)
22,032‌
813‌
Enova
International
Inc
(d)
23,937‌
2,503‌
EZCORP
Inc
(d)
49,107‌
703‌
Moelis
&
Co
69,997‌
4,910‌
Mr
Cooper
Group
Inc
(d)
60,375‌
9,402‌
Navient
Corp
68,719‌
889‌
Piper
Sandler
Cos
15,505‌
4,889‌
PJT
Partners
Inc
23,052‌
4,118‌
PRA
Group
Inc
(d)
37,421‌
569‌
Radian
Group
Inc
126,755‌
4,133‌
StepStone
Group
Inc
62,265‌
3,696‌
StoneX
Group
Inc
(d)
41,079‌
3,994‌
Victory
Capital
Holdings
Inc
44,409‌
3,060‌
Virtu
Financial
Inc
76,200‌
3,363‌
Virtus
Investment
Partners
Inc
6,131‌
1,185‌
WisdomTree
Inc
109,343‌
1,451‌
World
Acceptance
Corp
(d)
2,945‌
463‌
$
68,456‌
Electric
-
1
.03
%
Avista
Corp
76,017‌
2,835‌
Clearway
Energy
Inc
-
Class
A
32,660‌
1,005‌
Clearway
Energy
Inc
-
Class
C
78,559‌
2,563‌
MGE
Energy
Inc
34,478‌
2,929‌
Otter
Tail
Corp
39,540‌
3,052‌
Unitil
Corp
15,334‌
791‌
$
13,175‌
Electrical
Components
&
Equipment
-
0
.33
%
Energizer
Holdings
Inc
61,989‌
1,396‌
Insteel
Industries
Inc
18,315‌
661‌
Powell
Industries
Inc
8,882‌
2,106‌
$
4,163‌
Electronics
-
4
.08
%
Advanced
Energy
Industries
Inc
35,530‌
4,936‌
Badger
Meter
Inc
27,791‌
5,246‌
Benchmark
Electronics
Inc
34,058‌
1,311‌
Brady
Corp
41,307‌
2,915‌
CTS
Corp
28,160‌
1,104‌
ESCO
Technologies
Inc
24,367‌
4,720‌
Itron
Inc
(d)
43,016‌
5,357‌
Knowles
Corp
(d)
82,068‌
1,667‌
Mesa
Laboratories
Inc
5,127‌
392‌
OSI
Systems
Inc
(d)
14,733‌
3,256‌
Plexus
Corp
(d)
25,562‌
3,259‌
Ralliant
Corp
106,890‌
4,887‌
Sanmina
Corp
(d)
50,449‌
5,854‌
Schedule
of
Investments
SmallCap
S&P
600
Index
Fund
July
31,
2025
(unaudited)
235
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Electronics
(continued)
TTM
Technologies
Inc
(d)
95,896‌
$
4,531‌
Vicor
Corp
(d)
21,791‌
968‌
Vishay
Intertechnology
Inc
106,006‌
1,738‌
$
52,141‌
Energy
-
Alternate
Sources
-
0
.34
%
REX
American
Resources
Corp
(d)
13,797‌
721‌
SolarEdge
Technologies
Inc
(d)
55,712‌
1,430‌
Sunrun
Inc
(d)
215,595‌
2,212‌
$
4,363‌
Engineering
&
Construction
-
2
.70
%
Arcosa
Inc
46,062‌
3,956‌
Dycom
Industries
Inc
(d)
27,156‌
7,300‌
Everus
Construction
Group
Inc
(d)
48,122‌
3,574‌
Frontdoor
Inc
(d)
69,434‌
4,062‌
Granite
Construction
Inc
41,271‌
3,899‌
MYR
Group
Inc
(d)
14,648‌
2,834‌
NV5
Global
Inc
(d)
49,553‌
1,112‌
Sterling
Infrastructure
Inc
(d)
28,698‌
7,679‌
$
34,416‌
Entertainment
-
1
.04
%
Cinemark
Holdings
Inc
95,251‌
2,559‌
Golden
Entertainment
Inc
18,708‌
526‌
Madison
Square
Garden
Sports
Corp
(d)
15,814‌
3,196‌
Monarch
Casino
&
Resort
Inc
12,022‌
1,238‌
Penn
Entertainment
Inc
(d)
137,288‌
2,479‌
Pursuit
Attractions
and
Hospitality
Inc
(d)
20,262‌
613‌
Six
Flags
Entertainment
Corp
(d)
88,719‌
2,658‌
$
13,269‌
Environmental
Control
-
0
.05
%
Enviri
Corp
(d)
75,954‌
684‌
Food
-
1
.45
%
B&G
Foods
Inc
75,295‌
309‌
Cal-Maine
Foods
Inc
40,724‌
4,526‌
Chefs'
Warehouse
Inc/The
(d)
33,397‌
2,290‌
Grocery
Outlet
Holding
Corp
(d)
92,503‌
1,218‌
J
&
J
Snack
Foods
Corp
14,687‌
1,658‌
John
B
Sanfilippo
&
Son
Inc
8,643‌
547‌
Simply
Good
Foods
Co/The
(d)
86,739‌
2,642‌
SpartanNash
Co
31,936‌
848‌
Tootsie
Roll
Industries
Inc
15,775‌
598‌
TreeHouse
Foods
Inc
(d)
42,884‌
824‌
United
Natural
Foods
Inc
(d)
57,108‌
1,578‌
WK
Kellogg
Co
(e)
62,674‌
1,445‌
$
18,483‌
Forest
Products
&
Paper
-
0
.12
%
Sylvamo
Corp
32,277‌
1,487‌
Gas
-
0
.59
%
Chesapeake
Utilities
Corp
22,011‌
2,639‌
MDU
Resources
Group
Inc
192,802‌
3,326‌
Northwest
Natural
Holding
Co
38,035‌
1,518‌
$
7,483‌
Hand
&
Machine
Tools
-
0
.57
%
Enerpac
Tool
Group
Corp
51,033‌
1,965‌
Franklin
Electric
Co
Inc
37,002‌
3,477‌
Kennametal
Inc
71,933‌
1,781‌
$
7,223‌
Healthcare
-
Products
-
3
.52
%
Artivion
Inc
(d)
36,263‌
1,121‌
Avanos
Medical
Inc
(d)
43,634‌
487‌
Azenta
Inc
(d)
43,196‌
1,412‌
BioLife
Solutions
Inc
(d)
35,003‌
744‌
CONMED
Corp
29,193‌
1,493‌
Embecta
Corp
55,145‌
560‌
Enovis
Corp
(d)
53,899‌
1,444‌
Glaukos
Corp
(d)
53,917‌
4,642‌
ICU
Medical
Inc
(d)
23,223‌
2,982‌
Inspire
Medical
Systems
Inc
(d)
27,831‌
3,466‌
Integer
Holdings
Corp
(d)
32,924‌
3,573‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Healthcare
-
Products
(continued)
Integra
LifeSciences
Holdings
Corp
(d)
63,061‌
$
829‌
LeMaitre
Vascular
Inc
19,401‌
1,576‌
Merit
Medical
Systems
Inc
(d)
55,765‌
4,732‌
Neogen
Corp
(d)
186,361‌
867‌
OmniAb
Inc
(d)
7,689‌
—‌
OmniAb
Inc
(d)
7,689‌
—‌
Omnicell
Inc
(d)
44,200‌
1,371‌
QuidelOrtho
Corp
(d)
62,533‌
1,440‌
STAAR
Surgical
Co
(d)
46,716‌
837‌
Tandem
Diabetes
Care
Inc
(d)
62,848‌
979‌
Teleflex
Inc
41,697‌
4,983‌
TransMedics
Group
Inc
(d)
31,925‌
3,798‌
UFP
Technologies
Inc
(d)
6,908‌
1,564‌
$
44,900‌
Healthcare
-
Services
-
1
.38
%
Addus
HomeCare
Corp
(d)
17,131‌
1,829‌
Astrana
Health
Inc
(d)
39,167‌
934‌
Concentra
Group
Holdings
Parent
Inc
102,799‌
2,053‌
CorVel
Corp
(d)
25,684‌
2,276‌
Fortrea
Holdings
Inc
(d)
85,393‌
490‌
National
HealthCare
Corp
11,679‌
1,122‌
Pediatrix
Medical
Group
Inc
(d)
79,458‌
973‌
Privia
Health
Group
Inc
(d)
98,934‌
1,931‌
RadNet
Inc
(d)
63,844‌
3,494‌
Select
Medical
Holdings
Corp
98,243‌
1,453‌
US
Physical
Therapy
Inc
14,335‌
1,049‌
$
17,604‌
Home
Builders
-
2
.24
%
Cavco
Industries
Inc
(d)
7,561‌
3,052‌
Century
Communities
Inc
25,365‌
1,428‌
Champion
Homes
Inc
(d)
49,720‌
3,028‌
Dream
Finders
Homes
Inc
(d)
27,044‌
685‌
Green
Brick
Partners
Inc
(d)
28,599‌
1,771‌
Installed
Building
Products
Inc
21,501‌
4,350‌
LCI
Industries
23,815‌
2,262‌
LGI
Homes
Inc
(d)
19,435‌
1,035‌
M/I
Homes
Inc
(d)
25,274‌
3,038‌
Meritage
Homes
Corp
67,777‌
4,564‌
Tri
Pointe
Homes
Inc
(d)
85,555‌
2,635‌
Winnebago
Industries
Inc
26,444‌
786‌
$
28,634‌
Home
Furnishings
-
0
.34
%
Ethan
Allen
Interiors
Inc
21,355‌
636‌
Leggett
&
Platt
Inc
127,519‌
1,218‌
MillerKnoll
Inc
63,925‌
1,213‌
Sonos
Inc
(d)
113,311‌
1,225‌
$
4,292‌
Housewares
-
0
.17
%
Newell
Brands
Inc
394,133‌
2,211‌
Insurance
-
3
.21
%
AMERISAFE
Inc
17,962‌
804‌
Assured
Guaranty
Ltd
43,524‌
3,681‌
Employers
Holdings
Inc
22,685‌
936‌
Genworth
Financial
Inc
(d)
391,073‌
3,074‌
Goosehead
Insurance
Inc
23,644‌
2,150‌
HCI
Group
Inc
8,782‌
1,230‌
Horace
Mann
Educators
Corp
38,478‌
1,637‌
Jackson
Financial
Inc
67,410‌
5,902‌
Lincoln
National
Corp
161,100‌
6,140‌
Mercury
General
Corp
25,086‌
1,737‌
NMI
Holdings
Inc
(d)
73,716‌
2,751‌
Palomar
Holdings
Inc
(d)
25,233‌
3,343‌
ProAssurance
Corp
(d)
48,398‌
1,150‌
Safety
Insurance
Group
Inc
14,054‌
989‌
SiriusPoint
Ltd
(d)
86,909‌
1,704‌
Stewart
Information
Services
Corp
26,343‌
1,710‌
Trupanion
Inc
(d)
31,891‌
1,512‌
United
Fire
Group
Inc
20,172‌
536‌
$
40,986‌
Schedule
of
Investments
SmallCap
S&P
600
Index
Fund
July
31,
2025
(unaudited)
236
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Internet
-
1
.90
%
Angi
Inc
(d)
39,846‌
$
646‌
Cargurus
Inc
(d)
79,856‌
2,621‌
Cars.com
Inc
(d)
54,592‌
703‌
Cogent
Communications
Holdings
Inc
40,037‌
1,825‌
ePlus
Inc
24,854‌
1,610‌
Etsy
Inc
(d)
98,399‌
5,734‌
HealthStream
Inc
22,754‌
595‌
IAC
Inc
(d)
61,489‌
2,416‌
Liquidity
Services
Inc
(d)
21,505‌
513‌
QuinStreet
Inc
(d)
53,738‌
882‌
Shutterstock
Inc
22,952‌
440‌
Sprinklr
Inc
(d)
108,314‌
976‌
TripAdvisor
Inc
(d)
111,428‌
1,949‌
Yelp
Inc
(d)
60,240‌
2,074‌
Ziff
Davis
Inc
(d)
39,713‌
1,236‌
$
24,220‌
Investment
Companies
-
0
.88
%
Cleanspark
Inc
(d)
262,442‌
2,984‌
HA
Sustainable
Infrastructure
Capital
Inc
114,108‌
2,963‌
MARA
Holdings
Inc
(d)
332,071‌
5,340‌
$
11,287‌
Leisure
Products
&
Services
-
0
.34
%
Acushnet
Holdings
Corp
24,953‌
1,987‌
Sabre
Corp
(d)
365,926‌
1,108‌
Topgolf
Callaway
Brands
Corp
(d)
133,506‌
1,235‌
$
4,330‌
Machinery
-
Construction
&
Mining
-
0
.07
%
Astec
Industries
Inc
21,575‌
856‌
Machinery
-
Diversified
-
2
.67
%
Alamo
Group
Inc
9,811‌
2,184‌
Albany
International
Corp
28,497‌
1,544‌
Cactus
Inc
64,597‌
2,733‌
CSW
Industrials
Inc
15,836‌
4,109‌
DXP
Enterprises
Inc/TX
(d)
11,995‌
1,359‌
Gates
Industrial
Corp
PLC
(d)
216,472‌
5,368‌
Ichor
Holdings
Ltd
(d)
32,194‌
637‌
Kadant
Inc
11,112‌
3,698‌
Lindsay
Corp
10,253‌
1,400‌
Mueller
Water
Products
Inc
-
Class
A
147,837‌
3,660‌
Tennant
Co
17,602‌
1,453‌
Zurn
Elkay
Water
Solutions
Corp
133,358‌
5,901‌
$
34,046‌
Media
-
0
.32
%
Cable
One
Inc
4,355‌
557‌
Scholastic
Corp
22,203‌
548‌
TEGNA
Inc
151,656‌
2,533‌
Thryv
Holdings
Inc
(d)
38,793‌
510‌
$
4,148‌
Metal
Fabrication
&
Hardware
-
0
.73
%
AZZ
Inc
28,225‌
3,091‌
Metallus
Inc
(d)
34,894‌
551‌
Proto
Labs
Inc
(d)
22,429‌
967‌
Standex
International
Corp
11,391‌
1,877‌
Worthington
Enterprises
Inc
29,202‌
1,810‌
Worthington
Steel
Inc
33,035‌
1,008‌
$
9,304‌
Mining
-
0
.78
%
Century
Aluminum
Co
(d)
49,301‌
1,044‌
Kaiser
Aluminum
Corp
15,100‌
1,168‌
MP
Materials
Corp
(d)
125,692‌
7,730‌
$
9,942‌
Miscellaneous
Manufacturers
-
1
.82
%
Enpro
Inc
19,855‌
4,217‌
Federal
Signal
Corp
57,530‌
7,282‌
Hillenbrand
Inc
66,478‌
1,377‌
JBT
Marel
Corp
43,643‌
6,014‌
Materion
Corp
19,639‌
2,068‌
Sturm
Ruger
&
Co
Inc
15,621‌
534‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Miscellaneous
Manufacturers
(continued)
Trinity
Industries
Inc
77,008‌
$
1,794‌
$
23,286‌
Office
&
Business
Equipment
-
0
.17
%
Pitney
Bowes
Inc
148,793‌
1,690‌
Xerox
Holdings
Corp
110,384‌
447‌
$
2,137‌
Office
Furnishings
-
0
.27
%
HNI
Corp
43,927‌
2,260‌
Interface
Inc
55,303‌
1,140‌
$
3,400‌
Oil
&
Gas
-
1
.84
%
California
Resources
Corp
65,633‌
3,162‌
Comstock
Resources
Inc
(d)
85,680‌
1,531‌
Crescent
Energy
Co
173,407‌
1,602‌
CVR
Energy
Inc
32,251‌
864‌
Helmerich
&
Payne
Inc
93,807‌
1,521‌
Magnolia
Oil
&
Gas
Corp
176,401‌
4,202‌
Northern
Oil
&
Gas
Inc
92,693‌
2,610‌
Par
Pacific
Holdings
Inc
(d)
48,669‌
1,527‌
Patterson-UTI
Energy
Inc
331,419‌
1,959‌
SM
Energy
Co
108,003‌
2,980‌
Talos
Energy
Inc
(d)
116,187‌
993‌
Vital
Energy
Inc
(d)
25,649‌
479‌
$
23,430‌
Oil
&
Gas
Services
-
1
.24
%
Archrock
Inc
166,833‌
3,897‌
Atlas
Energy
Solutions
Inc
(e)
68,821‌
895‌
Bristow
Group
Inc
(d)
23,349‌
807‌
Core
Laboratories
Inc
44,237‌
484‌
DNOW
Inc
(d)
99,611‌
1,550‌
Helix
Energy
Solutions
Group
Inc
(d)
134,402‌
797‌
Innovex
International
Inc
(d)
36,448‌
598‌
Liberty
Energy
Inc
152,816‌
1,886‌
Oceaneering
International
Inc
(d)
94,920‌
2,060‌
ProPetro
Holding
Corp
(d)
75,495‌
405‌
RPC
Inc
79,809‌
371‌
Tidewater
Inc
(d)
42,949‌
2,148‌
$
15,898‌
Packaging
&
Containers
-
0
.47
%
O-I
Glass
Inc
(d)
145,955‌
1,899‌
Sealed
Air
Corp
138,756‌
4,061‌
$
5,960‌
Pharmaceuticals
-
2
.15
%
AdaptHealth
Corp
(d)
99,583‌
893‌
Alkermes
PLC
(d)
155,597‌
4,122‌
Amphastar
Pharmaceuticals
Inc
(d)
34,694‌
727‌
Catalyst
Pharmaceuticals
Inc
(d)
108,187‌
2,308‌
Collegium
Pharmaceutical
Inc
(d)
30,329‌
906‌
Corcept
Therapeutics
Inc
(d)
89,055‌
5,982‌
Harmony
Biosciences
Holdings
Inc
(d)
36,303‌
1,277‌
Organon
&
Co
245,288‌
2,379‌
Owens
&
Minor
Inc
(d)
69,293‌
480‌
Pacira
BioSciences
Inc
(d)
43,692‌
921‌
Phibro
Animal
Health
Corp
19,218‌
509‌
Premier
Inc
77,696‌
1,669‌
Protagonist
Therapeutics
Inc
(d)
58,484‌
3,150‌
Supernus
Pharmaceuticals
Inc
(d)
52,831‌
1,854‌
USANA
Health
Sciences
Inc
(d)
10,192‌
300‌
$
27,477‌
Real
Estate
-
0
.54
%
Cushman
&
Wakefield
PLC
(d)
218,237‌
2,660‌
eXp
World
Holdings
Inc
81,046‌
874‌
Kennedy-Wilson
Holdings
Inc
112,221‌
822‌
Marcus
&
Millichap
Inc
22,793‌
710‌
St
Joe
Co/The
35,709‌
1,803‌
$
6,869‌
Schedule
of
Investments
SmallCap
S&P
600
Index
Fund
July
31,
2025
(unaudited)
237
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
REITs
-
8
.03
%
Acadia
Realty
Trust
123,571‌
$
2,313‌
Alexander
&
Baldwin
Inc
68,609‌
1,234‌
American
Assets
Trust
Inc
44,552‌
848‌
Apollo
Commercial
Real
Estate
Finance
Inc
120,615‌
1,160‌
Apple
Hospitality
REIT
Inc
208,777‌
2,453‌
Arbor
Realty
Trust
Inc
181,318‌
2,024‌
Armada
Hoffler
Properties
Inc
75,632‌
517‌
ARMOUR
Residential
REIT
Inc
77,136‌
1,258‌
Blackstone
Mortgage
Trust
Inc
159,639‌
2,950‌
Brandywine
Realty
Trust
163,193‌
653‌
CareTrust
REIT
Inc
180,873‌
5,752‌
Centerspace
15,790‌
859‌
Curbline
Properties
Corp
89,350‌
1,975‌
DiamondRock
Hospitality
Co
194,671‌
1,503‌
Douglas
Emmett
Inc
157,998‌
2,395‌
Easterly
Government
Properties
Inc
39,800‌
876‌
Ellington
Financial
Inc
89,180‌
1,132‌
Elme
Communities
83,184‌
1,254‌
Essential
Properties
Realty
Trust
Inc
186,368‌
5,682‌
Four
Corners
Property
Trust
Inc
94,802‌
2,393‌
Franklin
BSP
Realty
Trust
Inc
77,577‌
784‌
Getty
Realty
Corp
48,128‌
1,337‌
Global
Net
Lease
Inc
180,865‌
1,264‌
Highwoods
Properties
Inc
101,727‌
2,951‌
Innovative
Industrial
Properties
Inc
26,431‌
1,366‌
JBG
SMITH
Properties
68,931‌
1,460‌
KKR
Real
Estate
Finance
Trust
Inc
53,744‌
486‌
LTC
Properties
Inc
43,339‌
1,475‌
LXP
Industrial
Trust
279,069‌
2,166‌
Macerich
Co/The
238,394‌
3,984‌
Medical
Properties
Trust
Inc
566,903‌
2,336‌
Millrose
Properties
Inc
113,478‌
3,403‌
New
York
Mortgage
Trust
Inc
85,204‌
539‌
NexPoint
Residential
Trust
Inc
21,082‌
657‌
Outfront
Media
Inc
130,847‌
2,294‌
Pebblebrook
Hotel
Trust
111,989‌
1,123‌
PennyMac
Mortgage
Investment
Trust
82,101‌
968‌
Phillips
Edison
&
Co
Inc
118,324‌
3,998‌
Ready
Capital
Corp
160,887‌
677‌
Redwood
Trust
Inc
125,607‌
686‌
Ryman
Hospitality
Properties
Inc
56,616‌
5,382‌
Safehold
Inc
43,312‌
606‌
Saul
Centers
Inc
11,424‌
368‌
SITE
Centers
Corp
44,536‌
480‌
SL
Green
Realty
Corp
67,010‌
3,836‌
Summit
Hotel
Properties
Inc
103,114‌
538‌
Sunstone
Hotel
Investors
Inc
187,640‌
1,642‌
Tanger
Inc
106,788‌
3,206‌
Terreno
Realty
Corp
97,493‌
5,410‌
Two
Harbors
Investment
Corp
98,155‌
957‌
Uniti
Group
Inc
(d)
231,604‌
1,232‌
Universal
Health
Realty
Income
Trust
12,024‌
466‌
Urban
Edge
Properties
118,654‌
2,340‌
Veris
Residential
Inc
76,549‌
1,078‌
Whitestone
REIT
42,260‌
515‌
Xenia
Hotels
&
Resorts
Inc
93,134‌
1,184‌
$
102,425‌
Retail
-
5
.80
%
Academy
Sports
&
Outdoors
Inc
62,774‌
3,188‌
Advance
Auto
Parts
Inc
(e)
56,456‌
2,996‌
American
Eagle
Outfitters
Inc
(e)
148,776‌
1,607‌
Asbury
Automotive
Group
Inc
(d)
18,550‌
4,120‌
BJ's
Restaurants
Inc
(d)
20,868‌
739‌
Bloomin'
Brands
Inc
71,432‌
651‌
Boot
Barn
Holdings
Inc
(d)
28,868‌
4,963‌
Brinker
International
Inc
(d)
41,943‌
6,610‌
Buckle
Inc/The
28,596‌
1,412‌
Caleres
Inc
32,169‌
442‌
Cheesecake
Factory
Inc/The
(e)
42,995‌
2,748‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Retail
(continued)
Cracker
Barrel
Old
Country
Store
Inc
(e)
21,006‌
$
1,302‌
Dave
&
Buster's
Entertainment
Inc
(d)
26,087‌
763‌
Foot
Locker
Inc
(d)
78,446‌
1,964‌
Freshpet
Inc
(d)
46,024‌
3,144‌
GMS
Inc
(d)
36,224‌
3,972‌
Group
1
Automotive
Inc
11,960‌
4,929‌
Guess?
Inc
26,009‌
338‌
Jack
in
the
Box
Inc
(e)
17,813‌
351‌
Kohl's
Corp
(e)
105,042‌
1,139‌
La-Z-Boy
Inc
38,960‌
1,401‌
MarineMax
Inc
(d)
17,830‌
404‌
National
Vision
Holdings
Inc
(d)
74,593‌
1,810‌
Papa
John's
International
Inc
30,890‌
1,310‌
Patrick
Industries
Inc
31,542‌
3,067‌
PC
Connection
Inc
11,263‌
694‌
PriceSmart
Inc
23,484‌
2,525‌
Sally
Beauty
Holdings
Inc
(d)
95,202‌
927‌
Shake
Shack
Inc
(d)
37,953‌
4,567‌
Shoe
Carnival
Inc
16,763‌
343‌
Signet
Jewelers
Ltd
40,477‌
3,202‌
Sonic
Automotive
Inc
13,660‌
988‌
Urban
Outfitters
Inc
(d)
53,333‌
4,015‌
Victoria's
Secret
&
Co
(d)
75,333‌
1,416‌
$
74,047‌
Savings
&
Loans
-
1
.54
%
Axos
Financial
Inc
(d)
50,533‌
4,364‌
Banc
of
California
Inc
120,790‌
1,754‌
Berkshire
Hills
Bancorp
Inc
43,056‌
1,061‌
Brookline
Bancorp
Inc
84,077‌
868‌
Capitol
Federal
Financial
Inc
115,283‌
694‌
Northwest
Bancshares
Inc
136,281‌
1,594‌
Pacific
Premier
Bancorp
Inc
91,582‌
1,985‌
Provident
Financial
Services
Inc
123,288‌
2,246‌
WaFd
Inc
75,636‌
2,201‌
WSFS
Financial
Corp
53,574‌
2,938‌
$
19,705‌
Semiconductors
-
2
.70
%
Alpha
&
Omega
Semiconductor
Ltd
(d)
23,025‌
587‌
Axcelis
Technologies
Inc
(d)
30,317‌
2,052‌
CEVA
Inc
(d)
22,565‌
482‌
Cohu
Inc
(d)
43,879‌
784‌
Diodes
Inc
(d)
43,782‌
2,162‌
FormFactor
Inc
(d)
72,729‌
2,066‌
Impinj
Inc
(d)
22,152‌
3,424‌
Kulicke
&
Soffa
Industries
Inc
49,792‌
1,631‌
MaxLinear
Inc
(d)
74,165‌
1,173‌
Penguin
Solutions
Inc
(d)
49,780‌
1,173‌
Photronics
Inc
(d)
59,975‌
1,221‌
Qorvo
Inc
(d)
88,128‌
7,368‌
Semtech
Corp
(d)
81,735‌
4,177‌
SiTime
Corp
(d)
19,694‌
3,995‌
Ultra
Clean
Holdings
Inc
(d)
42,601‌
959‌
Veeco
Instruments
Inc
(d)
56,552‌
1,175‌
$
34,429‌
Software
-
2
.93
%
ACI
Worldwide
Inc
(d)
98,981‌
4,213‌
Adeia
Inc
102,379‌
1,326‌
Agilysys
Inc
(d)
21,182‌
2,416‌
BlackLine
Inc
(d)
48,807‌
2,625‌
Box
Inc
(d)
136,641‌
4,386‌
Clear
Secure
Inc
87,060‌
2,560‌
CSG
Systems
International
Inc
26,062‌
1,628‌
Digi
International
Inc
(d)
34,974‌
1,140‌
DigitalOcean
Holdings
Inc
(d)
59,269‌
1,651‌
Donnelley
Financial
Solutions
Inc
(d)
23,993‌
1,271‌
DoubleVerify
Holdings
Inc
(d)
127,268‌
1,950‌
LiveRamp
Holdings
Inc
(d)
62,050‌
2,036‌
N-able
Inc/US
(d)
67,789‌
548‌
PDF
Solutions
Inc
(d)
29,545‌
657‌
Schedule
of
Investments
SmallCap
S&P
600
Index
Fund
July
31,
2025
(unaudited)
238
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Software
(continued)
Progress
Software
Corp
40,598‌
$
1,952‌
Schrodinger
Inc/United
States
(d)
52,712‌
1,072‌
Simulations
Plus
Inc
(d)
15,369‌
200‌
SPS
Commerce
Inc
(d)
35,834‌
3,901‌
Teradata
Corp
(d)
90,201‌
1,888‌
$
37,420‌
Telecommunications
-
2
.09
%
A10
Networks
Inc
68,014‌
1,253‌
Calix
Inc
(d)
54,435‌
3,086‌
Extreme
Networks
Inc
(d)
125,654‌
2,219‌
Gogo
Inc
(d)
56,439‌
895‌
Harmonic
Inc
(d)
106,716‌
908‌
InterDigital
Inc
24,474‌
6,319‌
Lumen
Technologies
Inc
(d)
968,027‌
4,308‌
Shenandoah
Telecommunications
Co
43,479‌
638‌
Telephone
and
Data
Systems
Inc
93,066‌
3,634‌
Viasat
Inc
(d)
80,411‌
1,321‌
Viavi
Solutions
Inc
(d)
210,641‌
2,117‌
$
26,698‌
Textiles
-
0
.19
%
UniFirst
Corp/MA
14,160‌
2,422‌
Transportation
-
1
.35
%
ArcBest
Corp
21,618‌
1,581‌
Dorian
LPG
Ltd
34,330‌
988‌
Forward
Air
Corp
(d)
19,806‌
602‌
Heartland
Express
Inc
40,766‌
319‌
Hub
Group
Inc
57,247‌
2,005‌
International
Seaways
Inc
38,174‌
1,523‌
Marten
Transport
Ltd
54,595‌
664‌
Matson
Inc
30,804‌
3,289‌
RXO
Inc
(d)
134,560‌
2,079‌
Schneider
National
Inc
44,353‌
1,085‌
Werner
Enterprises
Inc
58,268‌
1,615‌
World
Kinect
Corp
53,432‌
1,457‌
$
17,207‌
Trucking
&
Leasing
-
0
.10
%
Greenbrier
Cos
Inc/The
29,617‌
1,348‌
Water
-
0
.59
%
American
States
Water
Co
36,336‌
2,674‌
California
Water
Service
Group
56,208‌
2,556‌
H2O
America
29,351‌
1,417‌
Middlesex
Water
Co
16,908‌
873‌
$
7,520‌
TOTAL
COMMON
STOCKS
$
1,262,072‌
Total
Investments
$
1,286,641‌
Other
Assets
and
Liabilities
-  (0.82)%
(
10,435‌
)
TOTAL
NET
ASSETS
-
100.00%
$
1,276,206‌
(a)
1-day
yield
shown
is
as
of
period
end.
(b)
Security
or
a
portion
of
the
security
was
received
as
collateral
for
securities
lending.
At
the
end
of
the
period,
the
value
of
these
securities
totaled
$9,730
or
0.76%
of
net
assets.
(c)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940,
as
amended,
(the
"1940
Act"))
or
an
affiliate
as
defined
by
the
1940
Act
(controls
5.00%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
Affiliated
Securities
sub-schedule
for
transactional
information.
(d)
Non-income
producing
security
(e)
Security
or
a
portion
of
the
security
was
on
loan.  At
the
end
of
the
period,
the
value
of
these
securities
totaled
$9,201
or
0.72%
of
net
assets.
Affiliated
Securities
October
31,
2024
Purchases
Sales
July
31,
2025
Value
Cost
Proceeds
Value
Principal
Government
Money
Market
Fund
-
Class
R-6
4.22%
$
22,194‌
$
425,471‌
$
426,762‌
$
20,903‌
$
22,194‌
$
425,471‌
$
426,762‌
$
20,903‌
Income
(a)
Realized
Gain/(Loss)
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
(Loss)
Principal
Government
Money
Market
Fund
-
Class
R-6
4.22%
$
795‌
$
—‌
$
—‌
$
—‌
$
795‌
$
—‌
$
—‌
$
—‌
Amounts
in
thousands.
(a)
Amount
excludes
earnings
from
securities
lending
collateral.
Schedule
of
Investments
SmallCap
S&P
600
Index
Fund
July
31,
2025
(unaudited)
239
Futures
Contracts
Description
and
Expiration
Date
Type
Contracts
Notional
Amount
Value
and
Unrealized
Appreciation/(Depreciation)
Russell
2000
Emini;
September
2025
Long
129‌
$
14,320‌
$
1‌
Total
$
1‌
Amounts
in
thousands
except
contracts.
Schedule
of
Investments
SmallCap
Value
Fund
II
July
31,
2025
(unaudited)
240
INVESTMENT
COMPANIES
-
8
.09
%
Shares
Held
Value
(000's)
Exchange-Traded
Funds
-
2
.54
%
iShares
Russell
2000
Value
ETF
(a)
174,280‌
$
27,953‌
Money
Market
Funds
-
5
.55
%
BlackRock
Liquidity
FedFund
-
Institutional
Class
4.21%
(b),(c)
6,839,209‌
6,839‌
Principal
Government
Money
Market
Fund
-
Class
R-6
4.22%
(b),(c),(d)
54,202,761‌
54,203‌
$
61,042‌
TOTAL
INVESTMENT
COMPANIES
$
88,995‌
COMMON
STOCKS
-
94
.71
%
Shares
Held
Value
(000's)
Advertising
-
0
.30
%
Advantage
Solutions
Inc
(e)
5,866‌
$
8‌
Boston
Omaha
Corp
(e)
1,126‌
15‌
National
CineMedia
Inc
297,757‌
1,432‌
Nexxen
International
Ltd
(e)
2,072‌
21‌
Stagwell
Inc
(e)
326,600‌
1,872‌
TechTarget
Inc
(e)
1,414‌
10‌
$
3,358‌
Aerospace
&
Defense
-
1
.05
%
AAR
Corp
(e)
1,482‌
111‌
AerSale
Corp
(e)
126,099‌
761‌
Astronics
Corp
(e)
144‌
5‌
Ducommun
Inc
(e)
759‌
69‌
Hexcel
Corp
161,740‌
9,690‌
Intuitive
Machines
Inc
(e)
5,707‌
64‌
Mercury
Systems
Inc
(e)
2,221‌
117‌
National
Presto
Industries
Inc
7,535‌
727‌
$
11,544‌
Agriculture
-
0
.03
%
Alico
Inc
(a)
315‌
10‌
Andersons
Inc/The
1,821‌
65‌
Dole
PLC
3,661‌
52‌
Fresh
Del
Monte
Produce
Inc
1,848‌
70‌
Limoneira
Co
927‌
14‌
Tejon
Ranch
Co
(e)
1,195‌
21‌
Turning
Point
Brands
Inc
115‌
10‌
Universal
Corp/VA
1,338‌
73‌
$
315‌
Airlines
-
0
.09
%
Allegiant
Travel
Co
(e)
652‌
34‌
Frontier
Group
Holdings
Inc
(e)
1,529‌
7‌
JetBlue
Airways
Corp
(e)
17,874‌
79‌
SkyWest
Inc
(e)
2,244‌
260‌
Spirit
Aviation
Holdings
Inc
(e)
1,041‌
4‌
Sun
Country
Airlines
Holdings
Inc
(e)
53,303‌
618‌
$
1,002‌
Apparel
-
1
.27
%
Capri
Holdings
Ltd
(e)
6,443‌
117‌
Carter's
Inc
27,649‌
670‌
Columbia
Sportswear
Co
16,200‌
916‌
Gildan
Activewear
Inc
161,995‌
8,182‌
Kontoor
Brands
Inc
577‌
32‌
Lakeland
Industries
Inc
(a)
540‌
8‌
Oxford
Industries
Inc
38,610‌
1,474‌
PVH
Corp
13,400‌
984‌
Rocky
Brands
Inc
417‌
11‌
Steven
Madden
Ltd
64,689‌
1,553‌
Superior
Group
of
Cos
Inc
707‌
7‌
Torrid
Holdings
Inc
(a),(e)
1,621‌
4‌
Weyco
Group
Inc
343‌
10‌
$
13,968‌
Automobile
Manufacturers
-
0
.30
%
Blue
Bird
Corp
(e)
34,000‌
1,523‌
Hyliion
Holdings
Corp
(e)
7,640‌
11‌
REV
Group
Inc
15,200‌
753‌
Wabash
National
Corp
104,267‌
1,039‌
$
3,326‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Automobile
Parts
&
Equipment
-
1
.38
%
Adient
PLC
(e)
97,456‌
$
2,089‌
American
Axle
&
Manufacturing
Holdings
Inc
(e)
6,408‌
29‌
Cooper-Standard
Holdings
Inc
(e)
942‌
23‌
Dana
Inc
7,337‌
117‌
Douglas
Dynamics
Inc
47,978‌
1,372‌
Fox
Factory
Holding
Corp
(e)
1,725‌
52‌
Garrett
Motion
Inc
7,036‌
92‌
Gentex
Corp
84,400‌
2,230‌
Gentherm
Inc
(e)
1,666‌
53‌
Goodyear
Tire
&
Rubber
Co/The
(e)
102,105‌
1,050‌
Holley
Inc
(a),(e)
3,513‌
7‌
indie
Semiconductor
Inc
(a),(e)
6,759‌
26‌
Lear
Corp
22,300‌
2,103‌
Luminar
Technologies
Inc
(e)
1,659‌
5‌
Methode
Electronics
Inc
198,497‌
1,302‌
Microvast
Holdings
Inc
(a),(e)
4,256‌
14‌
Miller
Industries
Inc/TN
22,228‌
906‌
Motorcar
Parts
of
America
Inc
(e)
1,077‌
11‌
Phinia
Inc
23,186‌
1,176‌
Solid
Power
Inc
(e)
7,320‌
23‌
Standard
Motor
Products
Inc
1,169‌
35‌
Strattec
Security
Corp
(e)
229‌
15‌
Titan
International
Inc
(e)
2,633‌
22‌
Visteon
Corp
21,621‌
2,403‌
$
15,155‌
Banks
-
16
.26
%
1st
Source
Corp
24,588‌
1,471‌
ACNB
Corp
583‌
25‌
Alerus
Financial
Corp
1,222‌
26‌
Amalgamated
Financial
Corp
1,273‌
37‌
Amerant
Bancorp
Inc
69,598‌
1,343‌
Ameris
Bancorp
3,679‌
251‌
Ames
National
Corp
525‌
9‌
Arrow
Financial
Corp
20,045‌
538‌
Associated
Banc-Corp
49,132‌
1,215‌
Atlantic
Union
Bankshares
Corp
7,937‌
252‌
BancFirst
Corp
103‌
13‌
Bank
First
Corp
427‌
51‌
Bank
of
Hawaii
Corp
494‌
31‌
Bank
of
Marin
Bancorp
40,521‌
918‌
Bank
of
NT
Butterfield
&
Son
Ltd/The
2,416‌
110‌
Bank7
Corp
11,935‌
528‌
BankUnited
Inc
62,096‌
2,265‌
Bankwell
Financial
Group
Inc
332‌
13‌
Banner
Corp
1,888‌
117‌
Bar
Harbor
Bankshares
808‌
23‌
BayCom
Corp
17,076‌
462‌
BCB
Bancorp
Inc
967‌
8‌
Blue
Foundry
Bancorp
(e)
1,129‌
10‌
Blue
Ridge
Bankshares
Inc
(e)
3,789‌
14‌
Bridgewater
Bancshares
Inc
(e)
51,350‌
799‌
Burke
&
Herbert
Financial
Services
Corp
16,943‌
982‌
Business
First
Bancshares
Inc
1,554‌
37‌
Byline
Bancorp
Inc
1,489‌
39‌
C&F
Financial
Corp
180‌
11‌
Cadence
Bank
391,311‌
13,637‌
California
BanCorp
(e)
1,105‌
17‌
Camden
National
Corp
29,020‌
1,094‌
Capital
Bancorp
Inc
17,009‌
535‌
Capital
City
Bank
Group
Inc
784‌
31‌
Carter
Bankshares
Inc
(e)
30,624‌
532‌
Cathay
General
Bancorp
36,652‌
1,657‌
CB
Financial
Services
Inc
275‌
9‌
Central
Pacific
Financial
Corp
55,858‌
1,489‌
Chain
Bridge
Bancorp
Inc
(e)
160‌
4‌
Chemung
Financial
Corp
246‌
12‌
ChoiceOne
Financial
Services
Inc
766‌
23‌
Citizens
&
Northern
Corp
833‌
16‌
Citizens
Financial
Services
Inc
(a)
247‌
13‌
Schedule
of
Investments
SmallCap
Value
Fund
II
July
31,
2025
(unaudited)
241
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Banks
(continued)
City
Holding
Co
287‌
$
35‌
Civista
Bancshares
Inc
22,258‌
434‌
CNB
Financial
Corp/PA
22,759‌
523‌
Colony
Bankcorp
Inc
30,543‌
500‌
Columbia
Banking
System
Inc
40,700‌
969‌
Comerica
Inc
225,645‌
15,247‌
Community
Financial
System
Inc
2,276‌
120‌
Community
Trust
Bancorp
Inc
21,508‌
1,160‌
Community
West
Bancshares
764‌
15‌
ConnectOne
Bancorp
Inc
85,010‌
1,957‌
Cullen/Frost
Bankers
Inc
105,955‌
13,500‌
Customers
Bancorp
Inc
(e)
1,509‌
96‌
CVB
Financial
Corp
7,360‌
138‌
Dime
Community
Bancshares
Inc
73,989‌
2,051‌
Eagle
Bancorp
Inc
107,695‌
1,733‌
Eagle
Financial
Services
Inc
(a)
258‌
9‌
Eastern
Bankshares
Inc
10,915‌
169‌
ECB
Bancorp
Inc/MD
(a),(e)
454‌
7‌
Enterprise
Financial
Services
Corp
27,633‌
1,525‌
Equity
Bancshares
Inc
877‌
33‌
Farmers
&
Merchants
Bancorp
Inc/Archbold
OH
674‌
16‌
Farmers
National
Banc
Corp
26,345‌
357‌
FB
Bancorp
Inc
(a),(e)
1,054‌
12‌
FB
Financial
Corp
2,330‌
114‌
Fidelity
D&D
Bancorp
Inc
265‌
11‌
Financial
Institutions
Inc
57,095‌
1,455‌
Finwise
Bancorp
(e)
248‌
4‌
First
Bancorp
Inc/The
636‌
16‌
First
BanCorp/Puerto
Rico
4,087‌
85‌
First
Bancorp/Southern
Pines
NC
2,238‌
112‌
First
Bank/Hamilton
NJ
1,216‌
18‌
First
Busey
Corp
90,688‌
2,024‌
First
Business
Financial
Services
Inc
420‌
20‌
First
Commonwealth
Financial
Corp
5,632‌
93‌
First
Community
Bankshares
Inc
869‌
32‌
First
Community
Corp/SC
(a)
333‌
8‌
First
Financial
Bancorp
5,276‌
128‌
First
Financial
Corp
20,754‌
1,111‌
First
Foundation
Inc
(e)
273,503‌
1,332‌
First
Hawaiian
Inc
75,007‌
1,819‌
First
Internet
Bancorp
25,464‌
559‌
First
Interstate
BancSystem
Inc
55,972‌
1,611‌
First
Merchants
Corp
53,771‌
2,049‌
First
Mid
Bancshares
Inc
27,052‌
1,027‌
First
National
Corp/VA
434‌
9‌
First
United
Corp
355‌
12‌
Firstsun
Capital
Bancorp
(e)
28,320‌
1,007‌
Five
Star
Bancorp
14,025‌
422‌
FNB
Corp/PA
32,900‌
504‌
Franklin
Financial
Services
Corp
248‌
10‌
Fulton
Financial
Corp
10,130‌
182‌
FVCBankcorp
Inc
931‌
12‌
German
American
Bancorp
Inc
2,017‌
77‌
Glacier
Bancorp
Inc
5,063‌
222‌
Great
Southern
Bancorp
Inc
17,883‌
1,018‌
Guaranty
Bancshares
Inc/TX
458‌
20‌
Hancock
Whitney
Corp
4,789‌
286‌
Hanmi
Financial
Corp
60,378‌
1,378‌
Hanover
Bancorp
Inc
(a)
249‌
5‌
HarborOne
Bancorp
Inc
2,148‌
25‌
Hawthorn
Bancshares
Inc
(a)
343‌
10‌
HBT
Financial
Inc
678‌
17‌
Heritage
Commerce
Corp
160,163‌
1,481‌
Heritage
Financial
Corp/WA
40,997‌
924‌
Hilltop
Holdings
Inc
64,551‌
1,910‌
Home
BancShares
Inc/AR
10,461‌
295‌
HomeStreet
Inc
(e)
34,787‌
455‌
Hope
Bancorp
Inc
192,361‌
1,921‌
Horizon
Bancorp
Inc/IN
65,776‌
1,019‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Banks
(continued)
Independent
Bank
Corp
28,312‌
$
1,799‌
Independent
Bank
Corp/MI
1,117‌
34‌
International
Bancshares
Corp
2,708‌
185‌
Investar
Holding
Corp
540‌
12‌
John
Marshall
Bancorp
Inc
704‌
13‌
Kearny
Financial
Corp/MD
174,777‌
1,037‌
Lakeland
Financial
Corp
628‌
40‌
Landmark
Bancorp
Inc/Manhattan
KS
253‌
6‌
LCNB
Corp
795‌
12‌
LINKBANCORP
Inc
1,115‌
8‌
Live
Oak
Bancshares
Inc
65,784‌
2,079‌
MainStreet
Bancshares
Inc
394‌
8‌
Mercantile
Bank
Corp
32,175‌
1,470‌
Merchants
Bancorp/IN
54,443‌
1,595‌
Meridian
Corp
414‌
6‌
Metrocity
Bankshares
Inc
463‌
13‌
Metropolitan
Bank
Holding
Corp
420‌
30‌
Mid
Penn
Bancorp
Inc
18,479‌
508‌
Middlefield
Banc
Corp
431‌
12‌
Midland
States
Bancorp
Inc
52,356‌
888‌
MidWestOne
Financial
Group
Inc
1,110‌
31‌
MVB
Financial
Corp
680‌
15‌
National
Bank
Holdings
Corp
2,109‌
78‌
National
Bankshares
Inc
347‌
10‌
NB
Bancorp
Inc
109,817‌
1,892‌
NBT
Bancorp
Inc
2,668‌
110‌
Nicolet
Bankshares
Inc
535‌
69‌
Northeast
Bank
21,818‌
2,163‌
Northeast
Community
Bancorp
Inc
688‌
14‌
Northpointe
Bancshares
Inc
623‌
9‌
Northrim
BanCorp
Inc
155‌
13‌
Norwood
Financial
Corp
479‌
12‌
Oak
Valley
Bancorp
381‌
10‌
OFG
Bancorp
2,515‌
107‌
Ohio
Valley
Banc
Corp
224‌
7‌
Old
National
Bancorp/IN
15,733‌
332‌
Old
Point
Financial
Corp
(a)
132‌
5‌
Old
Second
Bancorp
Inc
2,403‌
41‌
OP
Bancorp
634‌
8‌
Orange
County
Bancorp
Inc
400‌
10‌
Origin
Bancorp
Inc
41,255‌
1,508‌
Orrstown
Financial
Services
Inc
1,031‌
34‌
Park
National
Corp
825‌
134‌
Parke
Bancorp
Inc
586‌
12‌
PCB
Bancorp
558‌
11‌
Peapack-Gladstone
Financial
Corp
34,623‌
882‌
Peoples
Bancorp
Inc/OH
1,932‌
55‌
Peoples
Bancorp
of
North
Carolina
Inc
249‌
7‌
Peoples
Financial
Services
Corp
472‌
23‌
Pioneer
Bancorp
Inc/NY
(e)
665‌
8‌
Plumas
Bancorp
(a)
312‌
13‌
Ponce
Financial
Group
Inc
(e)
1,162‌
16‌
Preferred
Bank/Los
Angeles
CA
23,384‌
2,124‌
Primis
Financial
Corp
1,244‌
14‌
Princeton
Bancorp
Inc
276‌
8‌
Prosperity
Bancshares
Inc
176,115‌
11,733‌
Provident
Bancorp
Inc
(e)
890‌
11‌
QCR
Holdings
Inc
22,112‌
1,570‌
RBB
Bancorp
29,190‌
529‌
Red
River
Bancshares
Inc
271‌
16‌
Renasant
Corp
5,245‌
192‌
Republic
Bancorp
Inc/KY
458‌
32‌
Rhinebeck
Bancorp
Inc
(e)
309‌
4‌
Richmond
Mutual
BanCorp
Inc
(a)
465‌
6‌
S&T
Bancorp
Inc
2,121‌
78‌
SB
Financial
Group
Inc
331‌
6‌
Seacoast
Banking
Corp
of
Florida
4,706‌
133‌
Shore
Bancshares
Inc
63,086‌
978‌
Sierra
Bancorp
17,313‌
508‌
Schedule
of
Investments
SmallCap
Value
Fund
II
July
31,
2025
(unaudited)
242
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Banks
(continued)
Simmons
First
National
Corp
102,278‌
$
1,961‌
SmartFinancial
Inc
641‌
22‌
South
Plains
Financial
Inc
735‌
27‌
Southern
First
Bancshares
Inc
(e)
430‌
18‌
Southside
Bancshares
Inc
1,608‌
47‌
SR
Bancorp
Inc
438‌
6‌
Stellar
Bancorp
Inc
2,591‌
77‌
Stock
Yards
Bancorp
Inc
90‌
7‌
Synovus
Financial
Corp
9,300‌
439‌
Texas
Capital
Bancshares
Inc
(e)
2,177‌
183‌
Third
Coast
Bancshares
Inc
(e)
735‌
28‌
Tompkins
Financial
Corp
17,641‌
1,141‌
Towne
Bank/Portsmouth
VA
32,634‌
1,143‌
TriCo
Bancshares
49,803‌
2,048‌
Triumph
Financial
Inc
(e)
675‌
38‌
TrustCo
Bank
Corp
NY
48,944‌
1,643‌
Trustmark
Corp
3,160‌
118‌
UMB
Financial
Corp
3,690‌
406‌
Union
Bankshares
Inc/Morrisville
VT
(a)
16‌
—‌
United
Bankshares
Inc/WV
7,877‌
280‌
United
Community
Banks
Inc/GA
39,378‌
1,201‌
United
Security
Bancshares/Fresno
CA
818‌
7‌
Unity
Bancorp
Inc
229‌
11‌
Univest
Financial
Corp
51,678‌
1,490‌
USCB
Financial
Holdings
Inc
(a)
411‌
7‌
Valley
National
Bancorp
172,546‌
1,600‌
Veritex
Holdings
Inc
83,418‌
2,646‌
Virginia
National
Bankshares
Corp
281‌
10‌
Walker
&
Dunlop
Inc
1,827‌
137‌
Washington
Trust
Bancorp
Inc
63,338‌
1,706‌
WesBanco
Inc
4,955‌
149‌
West
BanCorp
Inc
759‌
14‌
Westamerica
BanCorp
1,414‌
68‌
Western
Alliance
Bancorp
174,870‌
13,563‌
Western
New
England
Bancorp
Inc
1,085‌
12‌
Zions
Bancorp
NA
244,920‌
13,133‌
$
178,844‌
Beverages
-
0
.72
%
Coca-Cola
Consolidated
Inc
70,475‌
7,876‌
MGP
Ingredients
Inc
753‌
21‌
$
7,897‌
Biotechnology
-
0
.87
%
4D
Molecular
Therapeutics
Inc
(e)
2,369‌
11‌
89bio
Inc
(e)
4,537‌
43‌
Aardvark
Therapeutics
Inc
(a),(e)
170‌
2‌
Abeona
Therapeutics
Inc
(e)
157‌
1‌
Absci
Corp
(a),(e)
1,422‌
4‌
ADMA
Biologics
Inc
(e)
236,810‌
4,428‌
Aldeyra
Therapeutics
Inc
(e)
692‌
3‌
Allogene
Therapeutics
Inc
(a),(e)
8,942‌
11‌
Alpha
Teknova
Inc
(a),(e)
45‌
—‌
Alumis
Inc
(a),(e)
2,848‌
12‌
ANI
Pharmaceuticals
Inc
(e)
13,100‌
830‌
Annexon
Inc
(e)
5,651‌
14‌
Arbutus
Biopharma
Corp
(e)
627‌
2‌
Arcturus
Therapeutics
Holdings
Inc
(e)
920‌
11‌
Arcus
Biosciences
Inc
(e)
1,074‌
10‌
Astria
Therapeutics
Inc
(e)
2,521‌
17‌
Atea
Pharmaceuticals
Inc
(e)
4,492‌
16‌
Atlantic
International
Corp
(e)
324‌
—‌
Aura
Biosciences
Inc
(a),(e)
1,498‌
10‌
Avidity
Biosciences
Inc
(e)
510‌
19‌
Bicara
Therapeutics
Inc
(a),(e)
1,759‌
20‌
BioAge
Labs
Inc
(e)
1,320‌
6‌
Candel
Therapeutics
Inc
(e)
244‌
2‌
Cardiff
Oncology
Inc
(a),(e)
1,937‌
5‌
Cargo
Therapeutics
Inc
(e)
2,093‌
9‌
Cartesian
Therapeutics
Inc
(a),(e)
453‌
6‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Biotechnology
(continued)
Cartesian
Therapeutics
Inc
-
Contingent
Value
Rights
(e),(f)
12,004‌
$
2‌
Celcuity
Inc
(a),(e)
81‌
3‌
Celldex
Therapeutics
Inc
(e)
3,612‌
79‌
Chinook
Therapeutics
Inc
-
Contingent
Value
Rights
(e),(f)
4,587‌
1‌
Cogent
Biosciences
Inc
(e)
344‌
4‌
Compass
Therapeutics
Inc
(e)
2,529‌
7‌
CRISPR
Therapeutics
AG
(e)
4,599‌
259‌
Cullinan
Therapeutics
Inc
(e)
2,809‌
22‌
Cytek
Biosciences
Inc
(e)
6,547‌
24‌
Cytokinetics
Inc
(e)
5,775‌
217‌
Day
One
Biopharmaceuticals
Inc
(e)
3,771‌
25‌
Denali
Therapeutics
Inc
(e)
6,907‌
95‌
Design
Therapeutics
Inc
(e)
1,968‌
8‌
Dianthus
Therapeutics
Inc
(e)
964‌
20‌
Dyne
Therapeutics
Inc
(e)
3,521‌
35‌
Editas
Medicine
Inc
(e)
4,696‌
12‌
Eledon
Pharmaceuticals
Inc
(e)
3,244‌
10‌
Emergent
BioSolutions
Inc
(e)
2,973‌
17‌
Entrada
Therapeutics
Inc
(e)
1,565‌
9‌
Erasca
Inc
(e)
9,659‌
14‌
Esperion
Therapeutics
Inc
(a),(e)
7,791‌
11‌
EyePoint
Pharmaceuticals
Inc
(e)
3,418‌
34‌
Fate
Therapeutics
Inc
(e)
6,416‌
7‌
Forafric
Global
PLC
(e)
18‌
—‌
Halozyme
Therapeutics
Inc
(e)
28,200‌
1,691‌
Humacyte
Inc
(a),(e)
5,666‌
14‌
Ideaya
Biosciences
Inc
(e)
4,631‌
113‌
ImmunityBio
Inc
(a),(e)
2,245‌
5‌
Inhibrx
Biosciences
Inc
(e)
535‌
12‌
Innoviva
Inc
(e)
453‌
8‌
Intellia
Therapeutics
Inc
(e)
5,733‌
67‌
Iovance
Biotherapeutics
Inc
(e)
14,224‌
37‌
iTeos
Therapeutics
Inc
(e)
1,737‌
18‌
Jade
Biosciences
Inc
1,805‌
13‌
Janux
Therapeutics
Inc
(e)
1,455‌
35‌
Keros
Therapeutics
Inc
(e)
1,847‌
26‌
Kodiak
Sciences
Inc
(e)
1,931‌
13‌
Korro
Bio
Inc
(a),(e)
370‌
5‌
Kura
Oncology
Inc
(e)
4,370‌
26‌
Larimar
Therapeutics
Inc
(a),(e)
2,499‌
9‌
Lexeo
Therapeutics
Inc
(a),(e)
1,329‌
6‌
Ligand
Pharmaceuticals
Inc
(e)
931‌
122‌
Maravai
LifeSciences
Holdings
Inc
(e)
7,167‌
17‌
MBX
Biosciences
Inc
(a),(e)
1,007‌
13‌
MeiraGTx
Holdings
plc
(e)
596‌
5‌
Metsera
Inc
(a),(e)
460‌
15‌
Mind
Medicine
MindMed
Inc
(a),(e)
2,850‌
26‌
Monte
Rosa
Therapeutics
Inc
(e)
2,751‌
14‌
Myriad
Genetics
Inc
(e)
4,953‌
19‌
NeoGenomics
Inc
(e)
6,527‌
32‌
Nkarta
Inc
(e)
2,976‌
6‌
Novavax
Inc
(a),(e)
1,563‌
10‌
Nurix
Therapeutics
Inc
(e)
4,162‌
47‌
Nuvation
Bio
Inc
(a),(e)
12,737‌
30‌
Olema
Pharmaceuticals
Inc
(e)
3,512‌
18‌
Omeros
Corp
(a),(e)
436‌
2‌
Oruka
Therapeutics
Inc
(a)
1,482‌
20‌
Palvella
Therapeutics
Inc
(e)
31‌
1‌
Perspective
Therapeutics
Inc
(e)
3,517‌
13‌
Phathom
Pharmaceuticals
Inc
(a),(e)
1,823‌
16‌
Praxis
Precision
Medicines
Inc
(e)
903‌
49‌
Precigen
Inc
(a),(e)
737‌
1‌
Prime
Medicine
Inc
(a),(e)
3,442‌
13‌
Protara
Therapeutics
Inc
(a),(e)
1,798‌
6‌
Prothena
Corp
PLC
(e)
2,077‌
14‌
PTC
Therapeutics
Inc
(e)
811‌
42‌
Puma
Biotechnology
Inc
(e)
2,504‌
8‌
Schedule
of
Investments
SmallCap
Value
Fund
II
July
31,
2025
(unaudited)
243
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Biotechnology
(continued)
Rapport
Therapeutics
Inc
(a),(e)
1,037‌
$
15‌
REGENXBIO
Inc
(e)
2,543‌
22‌
Relay
Therapeutics
Inc
(e)
7,335‌
26‌
Replimune
Group
Inc
(a),(e)
3,855‌
27‌
Rezolute
Inc
(e)
628‌
4‌
Rocket
Pharmaceuticals
Inc
(e)
4,193‌
13‌
Sana
Biotechnology
Inc
(e)
6,557‌
27‌
Scholar
Rock
Holding
Corp
(e)
389‌
14‌
Septerna
Inc
(a),(e)
1,263‌
16‌
Solid
Biosciences
Inc
(e)
3,643‌
25‌
Syndax
Pharmaceuticals
Inc
(e)
390‌
4‌
Tango
Therapeutics
Inc
(a),(e)
4,240‌
26‌
Tectonic
Therapeutic
Inc
(a),(e)
537‌
12‌
Terns
Pharmaceuticals
Inc
(e)
3,908‌
23‌
Tevogen
Bio
Holdings
Inc
(e)
609‌
1‌
Theravance
Biopharma
Inc
(e)
413‌
5‌
Third
Harmonic
Bio
Inc
(e)
1,482‌
8‌
Tourmaline
Bio
Inc
(e)
1,030‌
23‌
Travere
Therapeutics
Inc
(e)
311‌
5‌
TriSalus
Life
Sciences
Inc
(a),(e)
837‌
3‌
Tvardi
Therapeutics
Inc
(a),(e)
206‌
5‌
Tyra
Biosciences
Inc
(a),(e)
1,421‌
15‌
Upstream
Bio
Inc
(a),(e)
1,908‌
29‌
UroGen
Pharma
Ltd
(e)
364‌
7‌
Verastem
Inc
(e)
1,109‌
7‌
Vir
Biotechnology
Inc
(e)
4,961‌
25‌
Viridian
Therapeutics
Inc
(e)
850‌
15‌
WaVe
Life
Sciences
Ltd
(e)
759‌
6‌
Xencor
Inc
(e)
3,887‌
32‌
XOMA
Royalty
Corp
(e)
193‌
5‌
Zenas
Biopharma
Inc
(a),(e)
959‌
15‌
$
9,524‌
Building
Materials
-
1
.64
%
AirJoule
Technologies
Corp
(a),(e)
1,196‌
5‌
American
Woodmark
Corp
(e)
24,909‌
1,311‌
Apogee
Enterprises
Inc
37,477‌
1,574‌
Armstrong
World
Industries
Inc
6,100‌
1,148‌
Aspen
Aerogels
Inc
(e)
3,657‌
28‌
Boise
Cascade
Co
2,115‌
177‌
Eagle
Materials
Inc
43,315‌
9,715‌
Fortune
Brands
Innovations
Inc
39,000‌
2,127‌
Gibraltar
Industries
Inc
(e)
1,653‌
109‌
JELD-WEN
Holding
Inc
(e)
4,703‌
21‌
LSI
Industries
Inc
350‌
6‌
Masterbrand
Inc
(e)
7,066‌
78‌
NWPX
Infrastructure
Inc
(e)
549‌
23‌
UFP
Industries
Inc
18,079‌
1,772‌
$
18,094‌
Chemicals
-
3
.19
%
AdvanSix
Inc
22,684‌
457‌
American
Vanguard
Corp
(e)
85,623‌
331‌
Avient
Corp
5,117‌
161‌
Axalta
Coating
Systems
Ltd
(e)
67,600‌
1,914‌
Cabot
Corp
11,009‌
795‌
Calumet
Inc
(a),(e)
3,365‌
54‌
Codexis
Inc
(e)
1,028‌
3‌
Ecovyst
Inc
(e)
241,582‌
2,079‌
Element
Solutions
Inc
528,845‌
12,481‌
Hawkins
Inc
54,060‌
8,827‌
HB
Fuller
Co
36,636‌
2,059‌
Huntsman
Corp
130,500‌
1,266‌
Ingevity
Corp
(e)
24,200‌
1,011‌
Innospec
Inc
19,018‌
1,519‌
Intrepid
Potash
Inc
(e)
595‌
20‌
Koppers
Holdings
Inc
1,071‌
35‌
Kronos
Worldwide
Inc
1,289‌
7‌
Mativ
Holdings
Inc
2,960‌
20‌
Minerals
Technologies
Inc
1,769‌
103‌
Oil-Dri
Corp
of
America
121‌
7‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Chemicals
(continued)
Olin
Corp
81,100‌
$
1,536‌
Orion
SA
3,057‌
30‌
Perimeter
Solutions
Inc
(e)
7,714‌
124‌
Quaker
Chemical
Corp
769‌
88‌
Rayonier
Advanced
Materials
Inc
(e)
3,804‌
15‌
Rogers
Corp
(e)
1,026‌
67‌
Stepan
Co
1,191‌
60‌
Trinseo
PLC
(a)
1,895‌
5‌
Tronox
Holdings
PLC
6,593‌
21‌
Valhi
Inc
(a)
127‌
2‌
$
35,097‌
Coal
-
0
.04
%
Alpha
Metallurgical
Resources
Inc
(e)
456‌
54‌
Core
Natural
Resources
Inc
1,917‌
141‌
Hallador
Energy
Co
(e)
147‌
3‌
NACCO
Industries
Inc
235‌
9‌
Peabody
Energy
Corp
6,808‌
110‌
SunCoke
Energy
Inc
4,611‌
34‌
Warrior
Met
Coal
Inc
2,894‌
149‌
$
500‌
Commercial
Services
-
5
.49
%
ABM
Industries
Inc
32,139‌
1,483‌
Acacia
Research
Corp
(e)
2,019‌
7‌
Acuren
Corp
(a),(e)
3,510‌
39‌
AirSculpt
Technologies
Inc
(a),(e)
227‌
1‌
Alight
Inc
23,969‌
128‌
Alta
Equipment
Group
Inc
(a)
993‌
8‌
American
Public
Education
Inc
(e)
66‌
2‌
AMN
Healthcare
Services
Inc
(e)
2,101‌
39‌
BrightView
Holdings
Inc
(e)
3,342‌
53‌
Brink's
Co/The
21,800‌
1,904‌
Cass
Information
Systems
Inc
11,297‌
452‌
Cimpress
PLC
(e)
673‌
37‌
CompoSecure
Inc
(a),(e)
317‌
4‌
CoreCivic
Inc
(e)
5,050‌
101‌
Cross
Country
Healthcare
Inc
(e)
1,711‌
23‌
Custom
Truck
One
Source
Inc
(e)
3,322‌
21‌
Deluxe
Corp
2,439‌
39‌
Distribution
Solutions
Group
Inc
(e)
52‌
2‌
Emerald
Holding
Inc
(a)
134,100‌
666‌
Ennis
Inc
26,978‌
480‌
Euronet
Worldwide
Inc
(e)
18,600‌
1,808‌
European
Wax
Center
Inc
(a),(e)
175‌
1‌
First
Advantage
Corp
(e)
1,372‌
24‌
Flywire
Corp
(e)
664‌
7‌
Forrester
Research
Inc
(e)
39,237‌
382‌
Franklin
Covey
Co
(e)
21,904‌
432‌
Graham
Holdings
Co
179‌
171‌
Green
Dot
Corp
(e)
2,941‌
30‌
GXO
Logistics
Inc
(e)
183,160‌
9,105‌
Hackett
Group
Inc/The
110‌
3‌
Healthcare
Services
Group
Inc
(e)
169,394‌
2,204‌
Heidrick
&
Struggles
International
Inc
43,532‌
1,938‌
Herc
Holdings
Inc
64,115‌
7,489‌
HireQuest
Inc
(a)
342‌
3‌
ICF
International
Inc
1,014‌
85‌
Information
Services
Group
Inc
1,258‌
5‌
Insperity
Inc
16,900‌
1,007‌
John
Wiley
&
Sons
Inc
134‌
5‌
Kelly
Services
Inc
1,627‌
20‌
Kforce
Inc
48,565‌
1,693‌
Korn
Ferry
15,418‌
1,093‌
Laureate
Education
Inc
(e)
47,148‌
1,065‌
Lifecore
Biomedical
Inc
(e)
529‌
4‌
ManpowerGroup
Inc
42,800‌
1,765‌
MarketWise
Inc
(a)
115‌
2‌
Marqeta
Inc
(e)
11,591‌
66‌
Matthews
International
Corp
1,627‌
38‌
Medifast
Inc
(e)
637‌
9‌
Schedule
of
Investments
SmallCap
Value
Fund
II
July
31,
2025
(unaudited)
244
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Commercial
Services
(continued)
Mercurity
Fintech
Holding
Inc
(a),(e)
1,768‌
$
7‌
Mister
Car
Wash
Inc
(e)
629‌
4‌
Monro
Inc
1,662‌
23‌
National
Research
Corp
41,300‌
516‌
NPK
International
Inc
(e)
4,444‌
40‌
Paysafe
Ltd
(e)
1,776‌
22‌
Perdoceo
Education
Corp
3,395‌
98‌
Performant
Healthcare
Inc
(e)
1,165‌
4‌
PROG
Holdings
Inc
2,202‌
70‌
Quad/Graphics
Inc
509‌
3‌
Repay
Holdings
Corp
(e)
4,304‌
21‌
Resources
Connection
Inc
132,238‌
669‌
Robert
Half
Inc
49,600‌
1,831‌
Sezzle
Inc
(e)
68‌
11‌
Strategic
Education
Inc
1,332‌
99‌
Target
Hospitality
Corp
(e)
1,896‌
14‌
Transcat
Inc
(e)
246‌
19‌
TriNet
Group
Inc
85,365‌
5,789‌
TrueBlue
Inc
(e)
182,891‌
1,320‌
Upbound
Group
Inc
1,880‌
39‌
Valvoline
Inc
(e)
322,800‌
11,379‌
Vestis
Corp
6,388‌
39‌
WEX
Inc
(e)
14,300‌
2,426‌
Willdan
Group
Inc
(e)
241‌
21‌
$
60,407‌
Computers
-
0
.86
%
3D
Systems
Corp
(a),(e)
7,335‌
12‌
Amentum
Holdings
Inc
(e)
42,200‌
1,054‌
ASGN
Inc
(e)
43,174‌
2,165‌
Conduent
Inc
(e)
8,525‌
23‌
Corsair
Gaming
Inc
(e)
2,564‌
23‌
Crane
NXT
Co
38,100‌
2,261‌
Cricut
Inc
2,563‌
13‌
CSP
Inc
68‌
1‌
Diebold
Nixdorf
Inc
(e)
85‌
5‌
Grid
Dynamics
Holdings
Inc
(e)
738‌
7‌
Insight
Enterprises
Inc
(e)
1,018‌
121‌
Integral
Ad
Science
Holding
Corp
(e)
3,610‌
30‌
Maximus
Inc
26,000‌
1,920‌
Mitek
Systems
Inc
(e)
1,945‌
17‌
NCR
Voyix
Corp
(e)
7,709‌
105‌
NetScout
Systems
Inc
(e)
3,861‌
83‌
OneSpan
Inc
1,726‌
25‌
PAR
Technology
Corp
(e)
922‌
56‌
Rimini
Street
Inc
(e)
2,386‌
11‌
Science
Applications
International
Corp
13,000‌
1,449‌
Telos
Corp
(e)
3,237‌
8‌
TTEC
Holdings
Inc
(e)
1,158‌
6‌
Unisys
Corp
(e)
930‌
4‌
V2X
Inc
(e)
881‌
42‌
Vuzix
Corp
(a),(e)
260‌
—‌
$
9,441‌
Consumer
Products
-
0
.41
%
ACCO
Brands
Corp
4,833‌
18‌
Acme
United
Corp
196‌
8‌
Central
Garden
&
Pet
Co
(a),(e)
25,525‌
997‌
Central
Garden
&
Pet
Co
-
A
Shares
(e)
2,876‌
102‌
Helen
of
Troy
Ltd
(e)
51,445‌
1,130‌
Quanex
Building
Products
Corp
2,589‌
50‌
Reynolds
Consumer
Products
Inc
94,500‌
2,125‌
Spectrum
Brands
Holdings
Inc
1,414‌
76‌
$
4,506‌
Cosmetics
&
Personal
Care
-
0
.12
%
Beauty
Health
Co/The
(e)
1,189‌
2‌
Edgewell
Personal
Care
Co
44,196‌
1,114‌
Honest
Co
Inc/The
(e)
2,751‌
13‌
Olaplex
Holdings
Inc
(e)
7,818‌
11‌
Prestige
Consumer
Healthcare
Inc
(e)
2,243‌
166‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Cosmetics
&
Personal
Care
(continued)
Waldencast
plc
(e)
2,356‌
$
4‌
$
1,310‌
Distribution
&
Wholesale
-
2
.81
%
A-Mark
Precious
Metals
Inc
1,025‌
22‌
EVI
Industries
Inc
298‌
7‌
G-III
Apparel
Group
Ltd
(e)
37,749‌
891‌
Global
Industrial
Co
52,461‌
1,787‌
Hudson
Technologies
Inc
(e)
2,231‌
21‌
MRC
Global
Inc
(e)
4,742‌
70‌
OPENLANE
Inc
(e)
5,890‌
145‌
Resideo
Technologies
Inc
(e)
73,338‌
2,002‌
Rush
Enterprises
Inc
-
Class
A
190,795‌
10,330‌
Rush
Enterprises
Inc
-
Class
B
249‌
13‌
ScanSource
Inc
(e)
37,192‌
1,444‌
Titan
Machinery
Inc
(e)
90,329‌
1,745‌
VSE
Corp
162‌
25‌
WESCO
International
Inc
59,730‌
12,362‌
$
30,864‌
Diversified
Financial
Services
-
3
.19
%
AlTi
Global
Inc
(a),(e)
2,513‌
10‌
Artisan
Partners
Asset
Management
Inc
324,656‌
14,691‌
Atlanticus
Holdings
Corp
(e)
279‌
14‌
Bakkt
Holdings
Inc
(e)
276‌
3‌
Better
Home
&
Finance
Holding
Co
(a),(e)
336‌
4‌
Bread
Financial
Holdings
Inc
42,390‌
2,599‌
Brookfield
Business
Corp
834‌
26‌
Burford
Capital
Ltd
3,863‌
50‌
Cohen
&
Steers
Inc
146‌
11‌
Columbia
Financial
Inc
(e)
1,348‌
19‌
Consumer
Portfolio
Services
Inc
(e)
535‌
4‌
Diamond
Hill
Investment
Group
Inc
10,026‌
1,359‌
Enact
Holdings
Inc
51,110‌
1,777‌
Encore
Capital
Group
Inc
(e)
1,279‌
47‌
Federal
Agricultural
Mortgage
Corp
46‌
8‌
Federated
Hermes
Inc
45,300‌
2,245‌
Finance
Of
America
Cos
Inc
(e)
247‌
5‌
First
Western
Financial
Inc
(e)
17,135‌
371‌
Forge
Global
Holdings
Inc
(a),(e)
602‌
13‌
GBank
Financial
Holdings
Inc
(e)
479‌
18‌
GCM
Grosvenor
Inc
277‌
3‌
International
Money
Express
Inc
(e)
105,900‌
952‌
Invesco
Ltd
61,000‌
1,282‌
Janus
Henderson
Group
PLC
25,500‌
1,104‌
LendingClub
Corp
(e)
6,270‌
98‌
LendingTree
Inc
(e)
49‌
2‌
loanDepot
Inc
(e)
4,816‌
8‌
Marex
Group
PLC
565‌
22‌
Medallion
Financial
Corp
961‌
10‌
Navient
Corp
154,445‌
1,998‌
Nelnet
Inc
773‌
96‌
Onity
Group
Inc
(e)
392‌
15‌
Oportun
Financial
Corp
(e)
1,975‌
12‌
Pagseguro
Digital
Ltd
3,723‌
29‌
PennyMac
Financial
Services
Inc
1,619‌
151‌
PRA
Group
Inc
(e)
2,142‌
33‌
Radian
Group
Inc
69,347‌
2,261‌
Regional
Management
Corp
469‌
16‌
Resolute
Holdings
Management
Inc
(a),(e)
146‌
6‌
Security
National
Financial
Corp
(e)
913‌
8‌
Siebert
Financial
Corp
(e)
867‌
3‌
Silvercrest
Asset
Management
Group
Inc
473‌
8‌
SWK
Holdings
Corp
231‌
3‌
Velocity
Financial
Inc
(e)
661‌
11‌
Virtus
Investment
Partners
Inc
11,165‌
2,158‌
Voya
Financial
Inc
21,100‌
1,477‌
Vroom
Inc
(e)
64‌
2‌
Westwood
Holdings
Group
Inc
439‌
8‌
World
Acceptance
Corp
(e)
187‌
29‌
$
35,079‌
Schedule
of
Investments
SmallCap
Value
Fund
II
July
31,
2025
(unaudited)
245
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Electric
-
1
.26
%
ALLETE
Inc
3,251‌
$
214‌
Ameresco
Inc
(e)
1,757‌
30‌
Avista
Corp
57,928‌
2,161‌
Black
Hills
Corp
40,242‌
2,326‌
Genie
Energy
Ltd
1,034‌
21‌
Hawaiian
Electric
Industries
Inc
(e)
9,711‌
104‌
MGE
Energy
Inc
975‌
83‌
Northwestern
Energy
Group
Inc
42,730‌
2,294‌
Oklo
Inc
(e)
4,372‌
335‌
Ormat
Technologies
Inc
3,393‌
303‌
Otter
Tail
Corp
18,590‌
1,435‌
Portland
General
Electric
Co
56,034‌
2,304‌
TXNM
Energy
Inc
23,294‌
1,323‌
Unitil
Corp
18,788‌
969‌
$
13,902‌
Electrical
Components
&
Equipment
-
0
.11
%
Energizer
Holdings
Inc
41,224‌
928‌
EnerSys
2,055‌
190‌
Insteel
Industries
Inc
478‌
17‌
nLight
Inc
(e)
2,472‌
52‌
$
1,187‌
Electronics
-
3
.72
%
Allient
Inc
731‌
29‌
Applied
Optoelectronics
Inc
(e)
628‌
14‌
Arrow
Electronics
Inc
(e)
12,500‌
1,450‌
Atkore
Inc
24,207‌
1,865‌
Atmus
Filtration
Technologies
Inc
54,653‌
2,127‌
Avnet
Inc
37,000‌
1,959‌
Bel
Fuse
Inc
-
A
Shares
96‌
11‌
Bel
Fuse
Inc
-
B
Shares
578‌
75‌
Benchmark
Electronics
Inc
1,982‌
76‌
Celestica
Inc
(e)
29,140‌
5,824‌
Coherent
Corp
(e)
129,775‌
13,964‌
CTS
Corp
1,409‌
55‌
Ingram
Micro
Holding
Corp
(a)
50,500‌
996‌
Itron
Inc
(e)
1,302‌
162‌
Kimball
Electronics
Inc
(e)
67,786‌
1,272‌
Knowles
Corp
(e)
4,457‌
91‌
MicroVision
Inc
(a),(e)
5,320‌
6‌
Neonode
Inc
(a),(e)
86‌
2‌
NEXTracker
Inc
(e)
41,412‌
2,413‌
Plexus
Corp
(e)
7,512‌
957‌
Sanmina
Corp
(e)
16,710‌
1,939‌
Sensata
Technologies
Holding
PLC
67,900‌
2,089‌
Standard
BioTools
Inc
(e)
16,557‌
22‌
TTM
Technologies
Inc
(e)
5,601‌
265‌
Turtle
Beach
Corp
(e)
285‌
4‌
Vishay
Intertechnology
Inc
98,688‌
1,617‌
Vontier
Corp
40,400‌
1,675‌
$
40,959‌
Energy
-
Alternate
Sources
-
0
.25
%
Array
Technologies
Inc
(e)
6,590‌
43‌
Complete
Solaria
Inc
(a),(e)
2,571‌
4‌
Fluence
Energy
Inc
(a),(e)
850‌
7‌
FutureFuel
Corp
1,486‌
6‌
Gevo
Inc
(a),(e)
12,802‌
17‌
Green
Plains
Inc
(e)
3,485‌
29‌
Montauk
Renewables
Inc
(e)
3,121‌
7‌
OPAL
Fuels
Inc
(e)
184‌
—‌
Plug
Power
Inc
(e)
50,794‌
76‌
REX
American
Resources
Corp
(e)
45,658‌
2,387‌
Shoals
Technologies
Group
Inc
(e)
7,822‌
42‌
Sunrun
Inc
(e)
11,635‌
119‌
T1
Energy
Inc
(e)
6,578‌
8‌
$
2,745‌
Engineering
&
Construction
-
0
.39
%
908
Devices
Inc
(a),(e)
441‌
3‌
Arcosa
Inc
1,937‌
166‌
Bowman
Consulting
Group
Ltd
(e)
48‌
2‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Engineering
&
Construction
(continued)
Concrete
Pumping
Holdings
Inc
1,332‌
$
9‌
Fluor
Corp
(e)
48,418‌
2,749‌
Granite
Construction
Inc
337‌
32‌
Great
Lakes
Dredge
&
Dock
Corp
(e)
3,664‌
41‌
Latham
Group
Inc
(e)
370‌
2‌
Mistras
Group
Inc
(e)
972‌
8‌
NV5
Global
Inc
(e)
3,201‌
72‌
Orion
Group
Holdings
Inc
(e)
1,813‌
13‌
Primoris
Services
Corp
183‌
17‌
Southland
Holdings
Inc
(e)
703‌
3‌
Tutor
Perini
Corp
(e)
23,680‌
1,140‌
$
4,257‌
Entertainment
-
2
.68
%
Accel
Entertainment
Inc
(e)
116,400‌
1,497‌
AMC
Entertainment
Holdings
Inc
(e)
24,199‌
70‌
Brightstar
Lottery
PLC
112,594‌
1,671‌
Golden
Entertainment
Inc
1,110‌
31‌
Light
&
Wonder
Inc
(e)
71,505‌
6,887‌
Lionsgate
Studios
Corp
(e)
10,652‌
63‌
Marriott
Vacations
Worldwide
Corp
27,572‌
2,053‌
Monarch
Casino
&
Resort
Inc
5,700‌
587‌
Pursuit
Attractions
and
Hospitality
Inc
(e)
1,078‌
33‌
RCI
Hospitality
Holdings
Inc
187‌
7‌
Red
Rock
Resorts
Inc
238,177‌
14,612‌
Reservoir
Media
Inc
(e)
1,166‌
9‌
Six
Flags
Entertainment
Corp
(e)
1,045‌
31‌
Starz
Entertainment
Corp
(e)
754‌
11‌
United
Parks
&
Resorts
Inc
(e)
39,695‌
1,879‌
Webtoon
Entertainment
Inc
(a),(e)
1,060‌
11‌
$
29,452‌
Environmental
Control
-
0
.73
%
Arq
Inc
(e)
1,867‌
10‌
Clean
Harbors
Inc
(e)
33,625‌
7,929‌
Enviri
Corp
(e)
4,197‌
38‌
Montrose
Environmental
Group
Inc
(e)
1,776‌
40‌
Perma-Fix
Environmental
Services
Inc
(a),(e)
865‌
10‌
Pure
Cycle
Corp
(e)
1,169‌
12‌
$
8,039‌
Food
-
0
.36
%
B&G
Foods
Inc
4,292‌
18‌
Beyond
Meat
Inc
(a),(e)
3,982‌
12‌
Calavo
Growers
Inc
102‌
3‌
Grocery
Outlet
Holding
Corp
(e)
5,243‌
69‌
Hain
Celestial
Group
Inc/The
(e)
5,342‌
8‌
HF
Foods
Group
Inc
(e)
2,500‌
7‌
Ingles
Markets
Inc
806‌
51‌
John
B
Sanfilippo
&
Son
Inc
20,588‌
1,303‌
Mission
Produce
Inc
(e)
2,653‌
33‌
Nathan's
Famous
Inc
15‌
1‌
Seneca
Foods
Corp
-
Class
A
(e)
257‌
27‌
Simply
Good
Foods
Co/The
(e)
1,838‌
56‌
SpartanNash
Co
1,839‌
49‌
TreeHouse
Foods
Inc
(e)
2,766‌
53‌
United
Natural
Foods
Inc
(e)
3,305‌
91‌
Utz
Brands
Inc
3,996‌
52‌
Village
Super
Market
Inc
510‌
17‌
Weis
Markets
Inc
910‌
66‌
WK
Kellogg
Co
(a)
89,666‌
2,067‌
$
3,983‌
Forest
Products
&
Paper
-
0
.09
%
Magnera
Corp
(e)
1,821‌
23‌
Sylvamo
Corp
21,192‌
976‌
$
999‌
Gas
-
2
.56
%
Brookfield
Infrastructure
Corp
6,706‌
262‌
Chesapeake
Utilities
Corp
835‌
100‌
MDU
Resources
Group
Inc
108,300‌
1,868‌
New
Jersey
Resources
Corp
50,721‌
2,329‌
Northwest
Natural
Holding
Co
250,132‌
9,985‌
Schedule
of
Investments
SmallCap
Value
Fund
II
July
31,
2025
(unaudited)
246
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Gas
(continued)
ONE
Gas
Inc
17,328‌
$
1,260‌
RGC
Resources
Inc
462‌
9‌
Southwest
Gas
Holdings
Inc
3,598‌
281‌
Spire
Inc
161,482‌
12,026‌
$
28,120‌
Hand
&
Machine
Tools
-
0
.95
%
Kennametal
Inc
25,901‌
641‌
Lincoln
Electric
Holdings
Inc
40,085‌
9,761‌
Luxfer
Holdings
PLC
1,458‌
18‌
$
10,420‌
Healthcare
-
Products
-
1
.50
%
10X
Genomics
Inc
(e)
4,311‌
58‌
Accuray
Inc
(e)
513‌
1‌
AngioDynamics
Inc
(e)
1,683‌
15‌
Artivion
Inc
(e)
420‌
13‌
Avanos
Medical
Inc
(e)
2,500‌
28‌
Azenta
Inc
(e)
2,242‌
73‌
Beta
Bionics
Inc
(e)
110‌
2‌
Bruker
Corp
201,725‌
7,752‌
Castle
Biosciences
Inc
(e)
1,550‌
24‌
CONMED
Corp
1,727‌
88‌
Embecta
Corp
2,893‌
29‌
Enovis
Corp
(e)
3,150‌
84‌
Envista
Holdings
Corp
(e)
57,500‌
1,086‌
GRAIL
Inc
(e)
1,696‌
58‌
ICU
Medical
Inc
(e)
335‌
43‌
Inmode
Ltd
(e)
135,100‌
1,845‌
Inogen
Inc
(e)
1,404‌
9‌
Integra
LifeSciences
Holdings
Corp
(e)
3,720‌
49‌
Kestra
Medical
Technologies
Ltd
(a),(e)
110‌
2‌
Lantheus
Holdings
Inc
(e)
25,800‌
1,837‌
LivaNova
PLC
(e)
50,733‌
2,140‌
Lucid
Diagnostics
Inc
(e)
2,704‌
3‌
MaxCyte
Inc
(e)
5,627‌
12‌
Merit
Medical
Systems
Inc
(e)
223‌
19‌
Neogen
Corp
(e)
12,126‌
56‌
OmniAb
Inc
(e)
476‌
—‌
OmniAb
Inc
(e)
5,074‌
10‌
OmniAb
Inc
(e)
476‌
—‌
Omnicell
Inc
(e)
2,563‌
79‌
OraSure
Technologies
Inc
(e)
4,185‌
13‌
Orthofix
Medical
Inc
(e)
2,126‌
23‌
OrthoPediatrics
Corp
(e)
716‌
15‌
Pacific
Biosciences
of
California
Inc
(a),(e)
15,043‌
21‌
Quanterix
Corp
(e)
2,171‌
13‌
Quantum-Si
Inc
(a),(e)
8,318‌
12‌
QuidelOrtho
Corp
(e)
2,111‌
49‌
Semler
Scientific
Inc
(a),(e)
413‌
15‌
STAAR
Surgical
Co
(a),(e)
415‌
7‌
Stereotaxis
Inc
(e)
228‌
1‌
Tactile
Systems
Technology
Inc
(e)
1,384‌
14‌
Utah
Medical
Products
Inc
16,483‌
916‌
Varex
Imaging
Corp
(e)
2,307‌
17‌
Zimvie
Inc
(e)
1,518‌
29‌
$
16,560‌
Healthcare
-
Services
-
0
.69
%
Acadia
Healthcare
Co
Inc
(e)
79,500‌
1,731‌
Addus
HomeCare
Corp
(e)
512‌
55‌
Ardent
Health
Inc
(e)
74,201‌
787‌
Astrana
Health
Inc
(e)
84,500‌
2,016‌
Aveanna
Healthcare
Holdings
Inc
(e)
769‌
3‌
Blade
Air
Mobility
Inc
(e)
3,782‌
15‌
Brookdale
Senior
Living
Inc
(e)
1,549‌
12‌
Community
Health
Systems
Inc
(e)
2,782‌
7‌
Concentra
Group
Holdings
Parent
Inc
65,081‌
1,299‌
DocGo
Inc
(e)
5,069‌
7‌
Enhabit
Inc
(e)
2,725‌
18‌
Fortrea
Holdings
Inc
(e)
5,054‌
29‌
Fulgent
Genetics
Inc
(e)
1,185‌
20‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Healthcare
-
Services
(continued)
Ginkgo
Bioworks
Holdings
Inc
(a),(e)
1,993‌
$
26‌
Innovage
Holding
Corp
(e)
687‌
2‌
LifeStance
Health
Group
Inc
(e)
3,279‌
13‌
Nano-X
Imaging
Ltd
(a),(e)
2,888‌
14‌
National
HealthCare
Corp
698‌
67‌
OPKO
Health
Inc
(e)
20,038‌
26‌
PACS
Group
Inc
(e)
208‌
2‌
Pediatrix
Medical
Group
Inc
(e)
4,741‌
58‌
Personalis
Inc
(e)
2,932‌
16‌
RadNet
Inc
(e)
727‌
40‌
SBC
Medical
Group
Holdings
Inc
(e)
362‌
2‌
Select
Medical
Holdings
Corp
74,993‌
1,109‌
Sonida
Senior
Living
Inc
(e)
108‌
3‌
Surgery
Partners
Inc
(e)
4,275‌
94‌
Teladoc
Health
Inc
(e)
7,878‌
57‌
US
Physical
Therapy
Inc
328‌
24‌
$
7,552‌
Home
Builders
-
2
.03
%
Beazer
Homes
USA
Inc
(e)
1,600‌
38‌
Century
Communities
Inc
15,729‌
886‌
Dream
Finders
Homes
Inc
(e)
1,247‌
31‌
Forestar
Group
Inc
(e)
1,043‌
26‌
Green
Brick
Partners
Inc
(e)
9,153‌
567‌
Hovnanian
Enterprises
Inc
(e)
266‌
32‌
Installed
Building
Products
Inc
65,795‌
13,310‌
KB
Home
13,591‌
751‌
LCI
Industries
1,218‌
116‌
LGI
Homes
Inc
(e)
1,149‌
61‌
M/I
Homes
Inc
(e)
6,058‌
728‌
Meritage
Homes
Corp
3,952‌
266‌
Taylor
Morrison
Home
Corp
(e)
5,487‌
325‌
Thor
Industries
Inc
22,400‌
2,038‌
Tri
Pointe
Homes
Inc
(e)
52,383‌
1,613‌
Winnebago
Industries
Inc
51,615‌
1,534‌
$
22,322‌
Home
Furnishings
-
0
.22
%
Daktronics
Inc
(e)
1,906‌
31‌
Ethan
Allen
Interiors
Inc
1,284‌
38‌
Flexsteel
Industries
Inc
218‌
7‌
Hamilton
Beach
Brands
Holding
Co
448‌
7‌
Leggett
&
Platt
Inc
131,190‌
1,253‌
Lovesac
Co/The
(e)
283‌
5‌
MillerKnoll
Inc
53,044‌
1,007‌
Sleep
Number
Corp
(a),(e)
1,234‌
9‌
Sonos
Inc
(e)
541‌
6‌
Traeger
Inc
(e)
2,024‌
3‌
Xperi
Inc
(e)
2,571‌
16‌
$
2,382‌
Insurance
-
4
.33
%
Ambac
Financial
Group
Inc
(e)
2,632‌
22‌
American
Coastal
Insurance
Corp
682‌
7‌
AMERISAFE
Inc
511‌
23‌
Aspen
Insurance
Holdings
Ltd
(e)
50,400‌
1,592‌
Assured
Guaranty
Ltd
11,200‌
947‌
Citizens
Inc/TX
(a),(e)
2,669‌
10‌
CNO
Financial
Group
Inc
59,985‌
2,209‌
Donegal
Group
Inc
963‌
17‌
eHealth
Inc
(e)
1,602‌
5‌
Employers
Holdings
Inc
22,889‌
945‌
Essent
Group
Ltd
37,030‌
2,074‌
F&G
Annuities
&
Life
Inc
51,580‌
1,645‌
Fidelis
Insurance
Holdings
Ltd
3,287‌
50‌
Genworth
Financial
Inc
(e)
22,907‌
180‌
GoHealth
Inc
(a),(e)
315‌
2‌
Goosehead
Insurance
Inc
271‌
25‌
Greenlight
Capital
Re
Ltd
(e)
1,446‌
19‌
Hamilton
Insurance
Group
Ltd
(e)
2,472‌
53‌
Hanover
Insurance
Group
Inc/The
72,015‌
12,360‌
Heritage
Insurance
Holdings
Inc
(e)
281‌
6‌
Schedule
of
Investments
SmallCap
Value
Fund
II
July
31,
2025
(unaudited)
247
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Insurance
(continued)
Hippo
Holdings
Inc
(e)
487‌
$
13‌
Horace
Mann
Educators
Corp
26,643‌
1,133‌
Investors
Title
Co
66‌
14‌
Jackson
Financial
Inc
3,985‌
349‌
James
River
Group
Holdings
Ltd
2,052‌
12‌
Kemper
Corp
30,400‌
1,872‌
Kestrel
Group
Ltd
(e)
26‌
1‌
Kingstone
Cos
Inc
46‌
1‌
Lincoln
National
Corp
44,600‌
1,700‌
MBIA
Inc
(e)
2,545‌
14‌
Mercury
General
Corp
1,490‌
103‌
MGIC
Investment
Corp
37,200‌
963‌
NI
Holdings
Inc
(e)
427‌
5‌
NMI
Holdings
Inc
(e)
56,049‌
2,091‌
ProAssurance
Corp
(e)
2,834‌
67‌
Safety
Insurance
Group
Inc
813‌
57‌
Selective
Insurance
Group
Inc
164,894‌
12,858‌
Selectquote
Inc
(e)
2,665‌
5‌
SiriusPoint
Ltd
(e)
5,083‌
100‌
Stewart
Information
Services
Corp
24,939‌
1,619‌
Tiptree
Inc
904‌
19‌
United
Fire
Group
Inc
21,143‌
561‌
Universal
Insurance
Holdings
Inc
1,060‌
25‌
White
Mountains
Insurance
Group
Ltd
1,040‌
1,859‌
$
47,632‌
Internet
-
0
.19
%
1-800-Flowers.com
Inc
(a),(e)
1,292‌
8‌
Angi
Inc
(e)
2,378‌
39‌
BARK
Inc
(e)
2,250‌
2‌
Beyond
Inc
(a),(e)
3,029‌
27‌
Bumble
Inc
(e)
3,564‌
28‌
Cars.com
Inc
(e)
3,206‌
41‌
Entravision
Communications
Corp
2,980‌
7‌
ePlus
Inc
23,989‌
1,553‌
Eventbrite
Inc
(e)
4,394‌
11‌
Gaia
Inc
(e)
1,166‌
5‌
Getty
Images
Holdings
Inc
(a),(e)
6,494‌
11‌
HealthStream
Inc
759‌
20‌
Lands'
End
Inc
(e)
704‌
8‌
LifeMD
Inc
(e)
647‌
7‌
Newsmax
Inc
(a),(e)
423‌
6‌
Nextdoor
Holdings
Inc
(e)
11,708‌
20‌
Open
Lending
Corp
(e)
6,046‌
13‌
RealReal
Inc/The
(e)
3,913‌
21‌
Rumble
Inc
(e)
3,326‌
28‌
Serve
Robotics
Inc
(a),(e)
353‌
4‌
Shutterstock
Inc
1,303‌
25‌
Stitch
Fix
Inc
(e)
5,539‌
26‌
Triller
Group
Inc
(e)
7,055‌
4‌
TripAdvisor
Inc
(e)
3,329‌
58‌
TrueCar
Inc
(e)
4,644‌
8‌
Tucows
Inc
(e)
337‌
6‌
Vivid
Seats
Inc
(e)
1,554‌
2‌
Ziff
Davis
Inc
(e)
2,337‌
73‌
$
2,061‌
Investment
Companies
-
0
.12
%
Bit
Digital
Inc
(e)
10,064‌
29‌
Cannae
Holdings
Inc
3,177‌
68‌
Cipher
Mining
Inc
(e)
14,724‌
80‌
Cleanspark
Inc
(e)
15,415‌
175‌
Compass
Diversified
Holdings
3,666‌
23‌
Core
Scientific
Inc
(e)
2,555‌
35‌
HA
Sustainable
Infrastructure
Capital
Inc
6,780‌
176‌
Hut
8
Corp
(e)
5,216‌
111‌
MARA
Holdings
Inc
(a),(e)
19,282‌
310‌
NewtekOne
Inc
1,463‌
17‌
Riot
Platforms
Inc
(e)
18,365‌
246‌
Terawulf
Inc
(e)
871‌
5‌
$
1,275‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Iron
&
Steel
-
0
.03
%
Commercial
Metals
Co
6,310‌
$
327‌
Friedman
Industries
Inc
370‌
6‌
$
333‌
Leisure
Products
&
Services
-
0
.68
%
American
Outdoor
Brands
Inc
(e)
725‌
7‌
Brunswick
Corp/DE
37,300‌
2,174‌
Clarus
Corp
1,644‌
6‌
Escalade
Inc
597‌
7‌
Global
Business
Travel
Group
I
(e)
728‌
5‌
Harley-Davidson
Inc
79,100‌
1,924‌
Johnson
Outdoors
Inc
324‌
11‌
Malibu
Boats
Inc
(e)
1,023‌
34‌
Marine
Products
Corp
220‌
2‌
MasterCraft
Boat
Holdings
Inc
(e)
878‌
17‌
Peloton
Interactive
Inc
(e)
13,270‌
95‌
Polaris
Inc
36,261‌
1,919‌
Sabre
Corp
(e)
14,858‌
45‌
Topgolf
Callaway
Brands
Corp
(e)
7,320‌
68‌
YETI
Holdings
Inc
(e)
31,700‌
1,164‌
$
7,478‌
Lodging
-
0
.53
%
Boyd
Gaming
Corp
12,600‌
1,070‌
Hilton
Grand
Vacations
Inc
(e)
51,800‌
2,321‌
Marcus
Corp/The
1,290‌
21‌
Travel
+
Leisure
Co
41,700‌
2,471‌
$
5,883‌
Machinery
-
Construction
&
Mining
-
0
.03
%
Astec
Industries
Inc
1,265‌
50‌
Hyster-Yale
Inc
669‌
28‌
Manitowoc
Co
Inc/The
(e)
1,866‌
24‌
NANO
Nuclear
Energy
Inc
(a),(e)
111‌
4‌
Net
Power
Inc
(a),(e)
1,889‌
6‌
Terex
Corp
3,620‌
184‌
$
296‌
Machinery
-
Diversified
-
1
.51
%
Aebi
Schmidt
Holding
AG
(e)
1,739‌
18‌
Alamo
Group
Inc
399‌
89‌
Albany
International
Corp
15,562‌
843‌
Cactus
Inc
23,200‌
982‌
Columbus
McKinnon
Corp/NY
132,593‌
1,942‌
Eastman
Kodak
Co
(e)
3,505‌
24‌
Flowserve
Corp
39,100‌
2,191‌
Gates
Industrial
Corp
PLC
(e)
43,100‌
1,069‌
Gencor
Industries
Inc
(e)
576‌
8‌
Ichor
Holdings
Ltd
(e)
1,862‌
37‌
Palladyne
AI
Corp
(a),(e)
1,507‌
12‌
Power
Solutions
International
Inc
(e)
36‌
3‌
Tennant
Co
19,538‌
1,613‌
Thermon
Group
Holdings
Inc
(e)
76,884‌
2,174‌
Watts
Water
Technologies
Inc
21,325‌
5,594‌
$
16,599‌
Media
-
0
.16
%
Altice
USA
Inc
(e)
12,315‌
32‌
AMC
Networks
Inc
(e)
1,906‌
11‌
Cable
One
Inc
283‌
36‌
CuriosityStream
Inc
177‌
1‌
EW
Scripps
Co/The
(e)
3,708‌
11‌
Gannett
Co
Inc
(e)
975‌
4‌
Gray
Media
Inc
4,948‌
22‌
iHeartMedia
Inc
(e)
7,032‌
13‌
Liberty
Latin
America
Ltd
-
Class
A
(e)
1,724‌
12‌
Liberty
Latin
America
Ltd
-
Class
C
(e)
6,949‌
50‌
Scholastic
Corp
1,178‌
29‌
Sinclair
Inc
2,117‌
31‌
Sphere
Entertainment
Co
(e)
1,546‌
67‌
TEGNA
Inc
87,331‌
1,459‌
Value
Line
Inc
8‌
—‌
WideOpenWest
Inc
(e)
2,984‌
10‌
$
1,788‌
Schedule
of
Investments
SmallCap
Value
Fund
II
July
31,
2025
(unaudited)
248
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Metal
Fabrication
&
Hardware
-
1
.89
%
Ascent
Industries
Co
(e)
443‌
$
6‌
AZZ
Inc
5,500‌
602‌
Eastern
Co/The
339‌
8‌
Helios
Technologies
Inc
1,845‌
68‌
Hillman
Solutions
Corp
(e)
10,993‌
87‌
Janus
International
Group
Inc
(e)
261,015‌
2,236‌
L
B
Foster
Co
(e)
27,602‌
649‌
Mayville
Engineering
Co
Inc
(e)
716‌
12‌
Metallus
Inc
(e)
2,012‌
32‌
Mueller
Industries
Inc
53,615‌
4,577‌
Olympic
Steel
Inc
558‌
17‌
Park-Ohio
Holdings
Corp
567‌
9‌
Proto
Labs
Inc
(e)
1,307‌
56‌
Ryerson
Holding
Corp
1,472‌
30‌
Standex
International
Corp
120‌
20‌
Timken
Co/The
28,000‌
2,131‌
Tredegar
Corp
(e)
1,576‌
14‌
Valmont
Industries
Inc
27,705‌
10,083‌
Worthington
Enterprises
Inc
1,181‌
73‌
Worthington
Steel
Inc
1,799‌
55‌
$
20,765‌
Mining
-
0
.29
%
American
Battery
Technology
Co
(e)
2,133‌
5‌
Caledonia
Mining
Corp
PLC
878‌
17‌
Centrus
Energy
Corp
(e)
184‌
40‌
Coeur
Mining
Inc
(e)
17,802‌
155‌
Compass
Minerals
International
Inc
(e)
486‌
10‌
Constellium
SE
(e)
77,167‌
1,058‌
Critical
Metals
Corp
(e)
1,384‌
5‌
Encore
Energy
Corp
(e)
10,215‌
27‌
Energy
Fuels
Inc/Canada
(a),(e)
8,469‌
77‌
Ferroglobe
PLC
(a)
6,620‌
28‌
Hecla
Mining
Co
25,471‌
146‌
Ivanhoe
Electric
Inc
/
US
(e)
740‌
7‌
Kaiser
Aluminum
Corp
18,818‌
1,454‌
MAC
Copper
Ltd
(e)
3,939‌
47‌
Novagold
Resources
Inc
(e)
959‌
5‌
Piedmont
Lithium
Inc
(e)
99‌
1‌
SSR
Mining
Inc
(e)
11,312‌
135‌
$
3,217‌
Miscellaneous
Manufacturers
-
1
.36
%
Core
Molding
Technologies
Inc
(e)
472‌
8‌
Enpro
Inc
1,025‌
218‌
Hillenbrand
Inc
87,799‌
1,819‌
JBT
Marel
Corp
80,201‌
11,052‌
LSB
Industries
Inc
(e)
2,913‌
22‌
Materion
Corp
921‌
97‌
Myers
Industries
Inc
113,342‌
1,661‌
NL
Industries
Inc
554‌
3‌
Outdoor
Holding
Co
(e)
5,473‌
6‌
Park
Aerospace
Corp
513‌
9‌
Smith
&
Wesson
Brands
Inc
2,413‌
19‌
Sturm
Ruger
&
Co
Inc
595‌
20‌
Trinity
Industries
Inc
2,394‌
56‌
$
14,990‌
Office
&
Business
Equipment
-
0
.01
%
Pitney
Bowes
Inc
6,437‌
73‌
Xerox
Holdings
Corp
6,453‌
26‌
$
99‌
Office
Furnishings
-
0
.14
%
CompX
International
Inc
65‌
1‌
HNI
Corp
1,085‌
56‌
Interface
Inc
2,853‌
59‌
Steelcase
Inc
140,738‌
1,454‌
Virco
Mfg.
Corp
613‌
5‌
$
1,575‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Oil
&
Gas
-
5
.11
%
Antero
Resources
Corp
(e)
204,150‌
$
7,131‌
Baytex
Energy
Corp
1,017,371‌
2,167‌
Berry
Corp
4,545‌
14‌
BKV
Corp
(e)
901‌
19‌
Borr
Drilling
Ltd
(e)
12,333‌
25‌
California
Resources
Corp
28,534‌
1,375‌
CNX
Resources
Corp
(e)
7,899‌
239‌
Comstock
Resources
Inc
(e)
1,226‌
22‌
Crescent
Energy
Co
220,913‌
2,041‌
CVR
Energy
Inc
67,500‌
1,808‌
Delek
US
Holdings
Inc
86,000‌
1,924‌
Diversified
Energy
Co
PLC
3,028‌
46‌
Empire
Petroleum
Corp
(e)
67‌
—‌
Epsilon
Energy
Ltd
1,041‌
6‌
Evolution
Petroleum
Corp
272‌
1‌
Granite
Ridge
Resources
Inc
3,009‌
16‌
Helmerich
&
Payne
Inc
5,351‌
87‌
HighPeak
Energy
Inc
(a)
1,080‌
11‌
Infinity
Natural
Resources
Inc
(e)
711‌
11‌
Kolibri
Global
Energy
Inc
(e)
1,642‌
10‌
Kosmos
Energy
Ltd
(e)
1,015,172‌
2,183‌
Magnolia
Oil
&
Gas
Corp
8,269‌
197‌
Matador
Resources
Co
112,365‌
5,605‌
Murphy
Oil
Corp
312,324‌
7,749‌
Nabors
Industries
Ltd
(e)
757‌
26‌
NextNRG
Inc
(e)
904‌
1‌
Noble
Corp
PLC
42,702‌
1,145‌
Northern
Oil
&
Gas
Inc
79,112‌
2,228‌
Par
Pacific
Holdings
Inc
(e)
67,391‌
2,115‌
Patterson-UTI
Energy
Inc
19,639‌
116‌
PBF
Energy
Inc
88,337‌
1,997‌
Permian
Resources
Corp
341,830‌
4,840‌
Prairie
Operating
Co
(e)
1,479‌
5‌
PrimeEnergy
Resources
Corp
(e)
16‌
3‌
Riley
Exploration
Permian
Inc
610‌
16‌
SandRidge
Energy
Inc
1,993‌
21‌
Seadrill
Ltd
(e)
2,190‌
64‌
Sitio
Royalties
Corp
4,315‌
78‌
SM
Energy
Co
80,323‌
2,216‌
Talos
Energy
Inc
(e)
245,673‌
2,100‌
Transocean
Ltd
(e)
41,439‌
121‌
VAALCO
Energy
Inc
(a)
513,886‌
1,911‌
Valaris
Ltd
(e)
25,343‌
1,232‌
Vital
Energy
Inc
(e)
118,058‌
2,206‌
Vitesse
Energy
Inc
(a)
1,611‌
38‌
W&T
Offshore
Inc
5,858‌
10‌
Weatherford
International
PLC
19,300‌
1,091‌
$
56,267‌
Oil
&
Gas
Services
-
1
.46
%
Atlas
Energy
Solutions
Inc
(a)
1,270‌
16‌
Bristow
Group
Inc
(e)
1,582‌
55‌
Core
Laboratories
Inc
65,883‌
720‌
DMC
Global
Inc
(e)
775‌
6‌
DNOW
Inc
(e)
5,968‌
93‌
Expro
Group
Holdings
NV
(e)
209,804‌
2,262‌
Flotek
Industries
Inc
(e)
611‌
7‌
Flowco
Holdings
Inc
481‌
9‌
Forum
Energy
Technologies
Inc
(e)
656‌
13‌
Helix
Energy
Solutions
Group
Inc
(e)
150,865‌
895‌
Innovex
International
Inc
(e)
99,825‌
1,639‌
Liberty
Energy
Inc
119,861‌
1,479‌
Mammoth
Energy
Services
Inc
(e)
1,437‌
4‌
Matrix
Service
Co
(e)
1,189‌
18‌
National
Energy
Services
Reunited
Corp
(a),(e)
145,205‌
968‌
Natural
Gas
Services
Group
Inc
441‌
11‌
NOV
Inc
138,700‌
1,745‌
Oceaneering
International
Inc
(e)
644‌
14‌
Oil
States
International
Inc
(e)
253,331‌
1,264‌
ProFrac
Holding
Corp
(a),(e)
184,485‌
1,295‌
Schedule
of
Investments
SmallCap
Value
Fund
II
July
31,
2025
(unaudited)
249
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Oil
&
Gas
Services
(continued)
ProPetro
Holding
Corp
(e)
169,730‌
$
910‌
Ranger
Energy
Services
Inc
1,012‌
14‌
RPC
Inc
203,845‌
948‌
SEACOR
Marine
Holdings
Inc
(e)
1,143‌
6‌
Select
Water
Solutions
Inc
117,405‌
1,130‌
TETRA
Technologies
Inc
(e)
7,038‌
29‌
Tidewater
Inc
(e)
10,759‌
538‌
$
16,088‌
Packaging
&
Containers
-
0
.95
%
Ardagh
Metal
Packaging
SA
5,749‌
23‌
Clearwater
Paper
Corp
(e)
894‌
20‌
Greif
Inc
-
Class
A
1,402‌
89‌
Greif
Inc
-
Class
B
263‌
17‌
O-I
Glass
Inc
(e)
6,428‌
84‌
Ranpak
Holdings
Corp
(e)
2,614‌
10‌
Silgan
Holdings
Inc
157,085‌
7,309‌
Sonoco
Products
Co
22,000‌
991‌
TriMas
Corp
53,321‌
1,905‌
$
10,448‌
Pharmaceuticals
-
0
.52
%
Aclaris
Therapeutics
Inc
(e)
5,354‌
8‌
AdaptHealth
Corp
(e)
5,115‌
46‌
Agios
Pharmaceuticals
Inc
(e)
3,135‌
117‌
Akebia
Therapeutics
Inc
(e)
12,337‌
45‌
Alector
Inc
(e)
4,322‌
6‌
Alkermes
PLC
(e)
2,228‌
59‌
Amneal
Pharmaceuticals
Inc
(e)
1,131‌
9‌
Amphastar
Pharmaceuticals
Inc
(e)
68,790‌
1,442‌
Amylyx
Pharmaceuticals
Inc
(e)
924‌
7‌
Anika
Therapeutics
Inc
(e)
694‌
6‌
Aquestive
Therapeutics
Inc
(e)
3,359‌
13‌
Arvinas
Inc
(e)
3,248‌
24‌
AstraZeneca
PLC
-
Contingent
Value
Rights
(e),(f)
3,047‌
1‌
aTyr
Pharma
Inc
(e)
403‌
2‌
Biote
Corp
(e)
1,139‌
5‌
Cidara
Therapeutics
Inc
(e)
927‌
59‌
Coherus
Oncology
Inc
(e)
3,985‌
4‌
Enanta
Pharmaceuticals
Inc
(e)
1,122‌
8‌
Fennec
Pharmaceuticals
Inc
(e)
1,014‌
8‌
Foghorn
Therapeutics
Inc
(e)
520‌
3‌
Fulcrum
Therapeutics
Inc
(e)
2,707‌
18‌
Herbalife
Ltd
(e)
1,552‌
14‌
Heron
Therapeutics
Inc
(a),(e)
7,559‌
13‌
Indivior
PLC
(e)
1,043‌
21‌
Inhibikase
Therapeutics
Inc
(e)
3,076‌
5‌
Ironwood
Pharmaceuticals
Inc
(e)
1,001‌
1‌
Jazz
Pharmaceuticals
PLC
(e)
19,000‌
2,178‌
Maze
Therapeutics
Inc
(a),(e)
488‌
7‌
MediWound
Ltd
(e)
38‌
1‌
Nature's
Sunshine
Products
Inc
(e)
640‌
9‌
Neurogene
Inc
(a),(e)
581‌
13‌
ORIC
Pharmaceuticals
Inc
(e)
1,757‌
17‌
Owens
&
Minor
Inc
(e)
4,164‌
29‌
Pacira
BioSciences
Inc
(e)
2,338‌
49‌
Premier
Inc
5,058‌
109‌
SIGA
Technologies
Inc
143,682‌
950‌
Spyre
Therapeutics
Inc
(e)
970‌
16‌
Supernus
Pharmaceuticals
Inc
(e)
2,721‌
95‌
Tonix
Pharmaceuticals
Holding
Corp
(a),(e)
413‌
16‌
USANA
Health
Sciences
Inc
(e)
591‌
17‌
Vanda
Pharmaceuticals
Inc
(e)
3,284‌
14‌
Vaxcyte
Inc
(e)
6,997‌
237‌
Voyager
Therapeutics
Inc
(e)
2,747‌
9‌
$
5,710‌
Pipelines
-
0
.40
%
Excelerate
Energy
Inc
55,450‌
1,423‌
Golar
LNG
Ltd
5,559‌
229‌
Kinetik
Holdings
Inc
710‌
31‌
New
Fortress
Energy
Inc
(a)
9,382‌
25‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Pipelines
(continued)
NextDecade
Corp
(e)
233,800‌
$
2,656‌
Summit
Midstream
Corp
(e)
584‌
15‌
$
4,379‌
Private
Equity
-
0
.00
%
Chicago
Atlantic
Real
Estate
Finance
Inc
1,025‌
13‌
Real
Estate
-
2
.03
%
American
Realty
Investors
Inc
(e)
142‌
2‌
Anywhere
Real
Estate
Inc
(e)
5,840‌
27‌
Cushman
&
Wakefield
PLC
(e)
1,403,980‌
17,115‌
Douglas
Elliman
Inc
(e)
345,726‌
951‌
FRP
Holdings
Inc
(e)
619‌
16‌
Kennedy-Wilson
Holdings
Inc
6,701‌
49‌
Legacy
Housing
Corp
(e)
30,909‌
691‌
Logistic
Properties
Of
The
Americas
(e)
215‌
1‌
Marcus
&
Millichap
Inc
29,204‌
910‌
Maui
Land
&
Pineapple
Co
Inc
(e)
42‌
1‌
McGrath
RentCorp
6,528‌
815‌
Mobile
Infrastructure
Corp
(e)
986‌
4‌
Newmark
Group
Inc
7,554‌
115‌
RE/MAX
Holdings
Inc
(e)
1,019‌
8‌
RMR
Group
Inc/The
54,916‌
882‌
Seaport
Entertainment
Group
Inc
(a),(e)
441‌
10‌
Seritage
Growth
Properties
(e)
243,649‌
777‌
Stratus
Properties
Inc
(e)
407‌
6‌
Transcontinental
Realty
Investors
Inc
(e)
129‌
5‌
$
22,385‌
REITs
-
3
.53
%
Acadia
Realty
Trust
7,317‌
137‌
ACRES
Commercial
Realty
Corp
(e)
299‌
6‌
Advanced
Flower
Capital
Inc
1,081‌
5‌
AG
Mortgage
Investment
Trust
Inc
1,552‌
12‌
Alexander
&
Baldwin
Inc
4,023‌
72‌
Alpine
Income
Property
Trust
Inc
747‌
10‌
American
Assets
Trust
Inc
75,762‌
1,441‌
American
Healthcare
REIT
Inc
5,725‌
221‌
Angel
Oak
Mortgage
REIT
Inc
503‌
5‌
Apartment
Investment
and
Management
Co
3,066‌
26‌
Apollo
Commercial
Real
Estate
Finance
Inc
100,502‌
967‌
Apple
Hospitality
REIT
Inc
12,438‌
146‌
Arbor
Realty
Trust
Inc
10,589‌
118‌
Ares
Commercial
Real
Estate
Corp
188,619‌
843‌
Armada
Hoffler
Properties
Inc
4,421‌
30‌
ARMOUR
Residential
REIT
Inc
4,559‌
74‌
Blackstone
Mortgage
Trust
Inc
9,027‌
167‌
Braemar
Hotels
&
Resorts
Inc
3,477‌
8‌
Brandywine
Realty
Trust
260,784‌
1,043‌
BrightSpire
Capital
Inc
196,392‌
1,017‌
Broadstone
Net
Lease
Inc
10,529‌
171‌
BRT
Apartments
Corp
640‌
9‌
CareTrust
REIT
Inc
9,471‌
301‌
CBL
&
Associates
Properties
Inc
261‌
7‌
Centerspace
929‌
51‌
Chatham
Lodging
Trust
2,605‌
18‌
Chimera
Investment
Corp
4,458‌
60‌
City
Office
REIT
Inc
2,177‌
15‌
Claros
Mortgage
Trust
Inc
292,418‌
833‌
Clipper
Realty
Inc
882‌
3‌
Community
Healthcare
Trust
Inc
1,491‌
23‌
COPT
Defense
Properties
6,315‌
172‌
CTO
Realty
Growth
Inc
1,703‌
28‌
Curbline
Properties
Corp
5,387‌
119‌
DiamondRock
Hospitality
Co
134,976‌
1,042‌
Diversified
Healthcare
Trust
11,998‌
39‌
Douglas
Emmett
Inc
142,185‌
2,155‌
Dynex
Capital
Inc
5,835‌
73‌
Easterly
Government
Properties
Inc
2,213‌
49‌
Ellington
Financial
Inc
5,106‌
65‌
Elme
Communities
4,875‌
74‌
Empire
State
Realty
Trust
Inc
134,567‌
974‌
Schedule
of
Investments
SmallCap
Value
Fund
II
July
31,
2025
(unaudited)
250
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
REITs
(continued)
Essential
Properties
Realty
Trust
Inc
11,070‌
$
338‌
Farmland
Partners
Inc
2,344‌
25‌
Four
Corners
Property
Trust
Inc
5,526‌
139‌
Franklin
BSP
Realty
Trust
Inc
4,530‌
46‌
Franklin
Street
Properties
Corp
4,479‌
7‌
FrontView
REIT
Inc
1,046‌
12‌
Getty
Realty
Corp
2,859‌
79‌
Gladstone
Commercial
Corp
2,027‌
27‌
Gladstone
Land
Corp
1,932‌
18‌
Global
Medical
REIT
Inc
218,505‌
1,460‌
Global
Net
Lease
Inc
11,082‌
77‌
Granite
Point
Mortgage
Trust
Inc
156,715‌
400‌
Hudson
Pacific
Properties
Inc
(e)
17,538‌
43‌
Independence
Realty
Trust
Inc
12,915‌
217‌
Industrial
Logistics
Properties
Trust
3,157‌
17‌
Innovative
Industrial
Properties
Inc
1,538‌
80‌
InvenTrust
Properties
Corp
4,314‌
119‌
Invesco
Mortgage
Capital
Inc
3,638‌
27‌
JBG
SMITH
Properties
4,083‌
86‌
Kite
Realty
Group
Trust
12,265‌
270‌
KKR
Real
Estate
Finance
Trust
Inc
3,146‌
28‌
Ladder
Capital
Corp
6,297‌
69‌
LTC
Properties
Inc
2,532‌
86‌
Lument
Finance
Trust
Inc
2,539‌
5‌
LXP
Industrial
Trust
16,198‌
126‌
Macerich
Co/The
14,107‌
236‌
MFA
Financial
Inc
5,674‌
52‌
Modiv
Industrial
Inc
552‌
8‌
National
Health
Investors
Inc
1,982‌
138‌
NET
Lease
Office
Properties
848‌
28‌
NETSTREIT
Corp
3,420‌
62‌
New
York
Mortgage
Trust
Inc
4,705‌
30‌
NexPoint
Diversified
Real
Estate
Trust
2,012‌
9‌
Nexpoint
Real
Estate
Finance
Inc
451‌
6‌
NexPoint
Residential
Trust
Inc
850‌
27‌
NNN
REIT
Inc
158,190‌
6,527‌
One
Liberty
Properties
Inc
989‌
22‌
Orchid
Island
Capital
Inc
5,971‌
42‌
Paramount
Group
Inc
(e)
10,298‌
63‌
Park
Hotels
&
Resorts
Inc
183,700‌
1,958‌
Peakstone
Realty
Trust
2,016‌
27‌
Pebblebrook
Hotel
Trust
197,313‌
1,979‌
PennyMac
Mortgage
Investment
Trust
4,824‌
57‌
Phillips
Edison
&
Co
Inc
5,746‌
194‌
Piedmont
Realty
Trust
Inc
6,857‌
52‌
Plymouth
Industrial
REIT
Inc
2,283‌
33‌
Postal
Realty
Trust
Inc
1,218‌
17‌
PotlatchDeltic
Corp
4,125‌
169‌
Ready
Capital
Corp
9,246‌
39‌
Redwood
Trust
Inc
7,315‌
40‌
Rithm
Property
Trust
Inc
2,344‌
6‌
RLJ
Lodging
Trust
8,277‌
61‌
Sabra
Health
Care
REIT
Inc
13,210‌
238‌
Safehold
Inc
3,096‌
43‌
Saul
Centers
Inc
72‌
2‌
Service
Properties
Trust
8,575‌
23‌
Seven
Hills
Realty
Trust
811‌
8‌
Sila
Realty
Trust
Inc
3,066‌
75‌
SITE
Centers
Corp
2,764‌
30‌
SL
Green
Realty
Corp
3,994‌
229‌
Smartstop
Self
Storage
REIT
Inc
(a)
1,574‌
53‌
STAG
Industrial
Inc
261,400‌
8,974‌
Strawberry
Fields
REIT
Inc
47‌
—‌
Summit
Hotel
Properties
Inc
6,078‌
32‌
Sunrise
Realty
Trust
Inc
566‌
6‌
Sunstone
Hotel
Investors
Inc
9,928‌
87‌
Tanger
Inc
566‌
17‌
Terreno
Realty
Corp
5,689‌
316‌
TPG
RE
Finance
Trust
Inc
3,784‌
33‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
REITs
(continued)
Two
Harbors
Investment
Corp
2,793‌
$
27‌
Uniti
Group
Inc
(e)
13,178‌
70‌
Universal
Health
Realty
Income
Trust
102‌
4‌
Urban
Edge
Properties
7,048‌
139‌
Veris
Residential
Inc
4,349‌
61‌
Whitestone
REIT
2,481‌
30‌
Xenia
Hotels
&
Resorts
Inc
4,786‌
61‌
$
38,870‌
Retail
-
3
.33
%
Academy
Sports
&
Outdoors
Inc
14,389‌
730‌
Advance
Auto
Parts
Inc
3,335‌
177‌
American
Eagle
Outfitters
Inc
(a)
9,014‌
97‌
America's
Car-Mart
Inc/TX
(e)
419‌
19‌
Arko
Corp
3,959‌
17‌
Asbury
Automotive
Group
Inc
(e)
7,066‌
1,570‌
Barnes
&
Noble
Education
Inc
(a),(e)
884‌
8‌
Bassett
Furniture
Industries
Inc
481‌
8‌
Bath
&
Body
Works
Inc
31,100‌
901‌
Biglari
Holdings
Inc
(e)
36‌
11‌
BJ's
Restaurants
Inc
(e)
431‌
15‌
Bloomin'
Brands
Inc
108,832‌
992‌
BlueLinx
Holdings
Inc
(e)
432‌
32‌
Buckle
Inc/The
117‌
6‌
Caleres
Inc
1,806‌
25‌
Citi
Trends
Inc
(e)
282‌
9‌
Clean
Energy
Fuels
Corp
(e)
9,898‌
20‌
Cracker
Barrel
Old
Country
Store
Inc
889‌
55‌
Dave
&
Buster's
Entertainment
Inc
(e)
19,500‌
570‌
Denny's
Corp
(e)
234,035‌
870‌
Designer
Brands
Inc
1,792‌
5‌
Dine
Brands
Global
Inc
735‌
17‌
El
Pollo
Loco
Holdings
Inc
(e)
88,462‌
911‌
EVgo
Inc
(a),(e)
5,931‌
20‌
FirstCash
Holdings
Inc
80,940‌
10,788‌
Foot
Locker
Inc
(e)
4,735‌
119‌
Genesco
Inc
(e)
570‌
14‌
GMS
Inc
(e)
1,189‌
130‌
Group
1
Automotive
Inc
3,726‌
1,535‌
Haverty
Furniture
Cos
Inc
74,574‌
1,539‌
J
Jill
Inc
408‌
6‌
Jack
in
the
Box
Inc
203‌
4‌
Kohl's
Corp
(a)
6,038‌
65‌
Krispy
Kreme
Inc
(a)
3,982‌
14‌
La-Z-Boy
Inc
2,283‌
82‌
MarineMax
Inc
(e)
44,269‌
1,004‌
Movado
Group
Inc
847‌
13‌
MSC
Industrial
Direct
Co
Inc
22,500‌
1,949‌
National
Vision
Holdings
Inc
(e)
4,309‌
105‌
Nu
Skin
Enterprises
Inc
2,693‌
23‌
ODP
Corp/The
(e)
1,528‌
27‌
OneWater
Marine
Inc
(a),(e)
94,859‌
1,455‌
Papa
John's
International
Inc
1,656‌
70‌
PC
Connection
Inc
11,416‌
703‌
Petco
Health
&
Wellness
Co
Inc
(e)
4,272‌
13‌
PetMed
Express
Inc
(e)
119,863‌
374‌
Portillo's
Inc
(a),(e)
3,108‌
31‌
Potbelly
Corp
(e)
185‌
2‌
Sally
Beauty
Holdings
Inc
(e)
5,618‌
55‌
Savers
Value
Village
Inc
(e)
108‌
1‌
Shoe
Carnival
Inc
1,000‌
20‌
Signet
Jewelers
Ltd
14,817‌
1,172‌
Sonic
Automotive
Inc
18,119‌
1,311‌
Tile
Shop
Holdings
Inc
(e)
916‌
6‌
Urban
Outfitters
Inc
(e)
2,284‌
172‌
Victoria's
Secret
&
Co
(e)
2,671‌
50‌
Warby
Parker
Inc
(e)
275,765‌
6,605‌
Winmark
Corp
165‌
62‌
Zumiez
Inc
(e)
932‌
13‌
$
36,617‌
Schedule
of
Investments
SmallCap
Value
Fund
II
July
31,
2025
(unaudited)
251
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Savings
&
Loans
-
2
.13
%
Axos
Financial
Inc
(e)
2,518‌
$
217‌
Banc
of
California
Inc
144,971‌
2,105‌
BankFinancial
Corp
(a)
659‌
7‌
Berkshire
Hills
Bancorp
Inc
80,155‌
1,975‌
Brookline
Bancorp
Inc
174,661‌
1,803‌
BV
Financial
Inc
(a),(e)
511‌
8‌
Capitol
Federal
Financial
Inc
349,111‌
2,102‌
CF
Bankshares
Inc
214‌
5‌
Citizens
Community
Bancorp
Inc/WI
566‌
8‌
Eagle
Bancorp
Montana
Inc
(a)
437‌
7‌
Finward
Bancorp
(a)
191‌
5‌
First
Capital
Inc
192‌
7‌
First
Savings
Financial
Group
Inc
327‌
8‌
Flagstar
Financial
Inc
182,781‌
2,064‌
Flushing
Financial
Corp
82,767‌
992‌
FS
Bancorp
Inc
392‌
15‌
Greene
County
Bancorp
Inc
192‌
5‌
Hingham
Institution
For
Savings
The
(a)
6,079‌
1,488‌
Home
Bancorp
Inc
18,783‌
982‌
HomeTrust
Bancshares
Inc
890‌
35‌
Northfield
Bancorp
Inc
103,477‌
1,102‌
Northwest
Bancshares
Inc
8,069‌
94‌
OceanFirst
Financial
Corp
119,275‌
2,001‌
Pacific
Premier
Bancorp
Inc
95,744‌
2,075‌
Provident
Financial
Services
Inc
113,900‌
2,076‌
Riverview
Bancorp
Inc
1,137‌
6‌
Sound
Financial
Bancorp
Inc
120‌
6‌
Southern
Missouri
Bancorp
Inc
9,402‌
508‌
Timberland
Bancorp
Inc/WA
415‌
13‌
WaFd
Inc
54,253‌
1,579‌
Waterstone
Financial
Inc
880‌
12‌
WSFS
Financial
Corp
3,223‌
177‌
$
23,487‌
Semiconductors
-
0
.40
%
ACM
Research
Inc
(e)
2,783‌
84‌
Aehr
Test
Systems
(e)
314‌
5‌
Aeluma
Inc
(e)
497‌
11‌
Alpha
&
Omega
Semiconductor
Ltd
(e)
1,396‌
36‌
Arteris
Inc
(e)
1,510‌
15‌
Axcelis
Technologies
Inc
(e)
1,650‌
112‌
CEVA
Inc
(e)
166‌
4‌
Cohu
Inc
(e)
2,538‌
45‌
Diodes
Inc
(e)
26,943‌
1,330‌
FormFactor
Inc
(e)
1,094‌
31‌
Kulicke
&
Soffa
Industries
Inc
1,213‌
40‌
MaxLinear
Inc
(e)
3,922‌
62‌
Navitas
Semiconductor
Corp
(a),(e)
6,205‌
45‌
Penguin
Solutions
Inc
(e)
2,938‌
69‌
Photronics
Inc
(e)
109,191‌
2,223‌
Richardson
Electronics
Ltd/United
States
674‌
7‌
Synaptics
Inc
(e)
1,973‌
124‌
Ultra
Clean
Holdings
Inc
(e)
2,281‌
51‌
Veeco
Instruments
Inc
(e)
3,154‌
66‌
Vishay
Precision
Group
Inc
(e)
664‌
18‌
$
4,378‌
Shipbuilding
-
1
.33
%
Huntington
Ingalls
Industries
Inc
52,400‌
14,612‌
Software
-
0
.96
%
8x8
Inc
(e)
7,257‌
14‌
ACI
Worldwide
Inc
(e)
33,700‌
1,434‌
Adeia
Inc
142,795‌
1,849‌
Airship
AI
Holdings
Inc
(a),(e)
290‌
2‌
Asure
Software
Inc
(e)
1,457‌
14‌
Bandwidth
Inc
(e)
1,186‌
17‌
BigBear.ai
Holdings
Inc
(a),(e)
12,311‌
78‌
Blackbaud
Inc
(e)
419‌
28‌
Box
Inc
(e)
1,713‌
55‌
CCC
Intelligent
Solutions
Holdings
Inc
(e)
659,330‌
6,376‌
Cerence
Inc
(e)
1,676‌
14‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Software
(continued)
Consensus
Cloud
Solutions
Inc
(e)
1,050‌
$
21‌
CS
Disco
Inc
(e)
565‌
2‌
CSG
Systems
International
Inc
176‌
11‌
Daily
Journal
Corp
(e)
15‌
6‌
Definitive
Healthcare
Corp
(e)
2,092‌
8‌
Digi
International
Inc
(e)
2,027‌
66‌
Digital
Turbine
Inc
(e)
2,098‌
11‌
Domo
Inc
(e)
315‌
5‌
Donnelley
Financial
Solutions
Inc
(e)
417‌
22‌
E2open
Parent
Holdings
Inc
(e)
10,153‌
34‌
eGain
Corp
(e)
393‌
2‌
Evolent
Health
Inc
(e)
4,375‌
44‌
Expensify
Inc
(e)
1,896‌
4‌
Faraday
Future
Intelligent
Electric
Inc
(e)
5,250‌
11‌
Fastly
Inc
(e)
7,592‌
52‌
GigaCloud
Technology
Inc
(a),(e)
1,442‌
32‌
Health
Catalyst
Inc
(e)
3,989‌
15‌
I3
Verticals
Inc
(e)
1,220‌
34‌
Immersion
Corp
1,748‌
12‌
N-able
Inc/US
(e)
3,982‌
32‌
Olo
Inc
(e)
2,629‌
28‌
ON24
Inc
(e)
2,209‌
11‌
Outset
Medical
Inc
(a),(e)
639‌
10‌
Playstudios
Inc
(e)
5,211‌
6‌
Playtika
Holding
Corp
2,545‌
11‌
Porch
Group
Inc
(e)
922‌
12‌
PubMatic
Inc
(e)
2,290‌
28‌
Rackspace
Technology
Inc
(e)
3,682‌
5‌
Silvaco
Group
Inc
(a),(e)
526‌
2‌
Skillsoft
Corp
(e)
305‌
4‌
Teads
Holding
Co
(e)
2,129‌
5‌
Verint
Systems
Inc
(e)
3,455‌
74‌
Vimeo
Inc
(e)
5,059‌
19‌
Waystar
Holding
Corp
(e)
801‌
30‌
$
10,550‌
Supranational
Bank
-
0
.01
%
Banco
Latinoamericano
de
Comercio
Exterior
SA
1,619‌
65‌
Telecommunications
-
0
.79
%
A10
Networks
Inc
656‌
12‌
Applied
Digital
Corp
(a),(e)
2,338‌
31‌
ATN
International
Inc
586‌
10‌
Aviat
Networks
Inc
(e)
42,545‌
919‌
Ciena
Corp
(e)
72,695‌
6,749‌
Clearfield
Inc
(a),(e)
370‌
16‌
CommScope
Holding
Co
Inc
(e)
4,528‌
37‌
DigitalBridge
Group
Inc
9,507‌
102‌
EchoStar
Corp
(e)
7,517‌
245‌
Harmonic
Inc
(e)
4,656‌
40‌
IDT
Corp
-
Class
B
218‌
13‌
Inseego
Corp
(e)
690‌
5‌
Lumen
Technologies
Inc
(e)
6,139‌
27‌
NETGEAR
Inc
(e)
1,521‌
36‌
Powerfleet
Inc
NJ
(e)
6,887‌
28‌
Preformed
Line
Products
Co
125‌
19‌
Ribbon
Communications
Inc
(e)
4,995‌
19‌
Satellogic
Inc
(a),(e)
1,002‌
3‌
Shenandoah
Telecommunications
Co
2,794‌
41‌
Spok
Holdings
Inc
1,102‌
20‌
Telephone
and
Data
Systems
Inc
5,459‌
213‌
Viasat
Inc
(e)
6,278‌
103‌
$
8,688‌
Textiles
-
0
.11
%
UniFirst
Corp/MA
6,839‌
1,170‌
Toys,
Games
&
Hobbies
-
0
.16
%
Funko
Inc
(e)
2,149‌
8‌
JAKKS
Pacific
Inc
50,726‌
898‌
Mattel
Inc
(e)
51,000‌
868‌
$
1,774‌
Schedule
of
Investments
SmallCap
Value
Fund
II
July
31,
2025
(unaudited)
252
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Transportation
-
1
.41
%
ArcBest
Corp
1,275‌
$
93‌
Ardmore
Shipping
Corp
1,889‌
21‌
Costamare
Bulkers
Holdings
Ltd
(e)
473‌
4‌
Costamare
Inc
2,432‌
25‌
Covenant
Logistics
Group
Inc
684‌
16‌
CryoPort
Inc
(e)
2,117‌
15‌
DHT
Holdings
Inc
7,063‌
78‌
Dorian
LPG
Ltd
2,038‌
59‌
FLEX
LNG
Ltd
1,448‌
36‌
Forward
Air
Corp
(e)
754‌
23‌
Genco
Shipping
&
Trading
Ltd
2,159‌
34‌
Golden
Ocean
Group
Ltd
(a)
5,661‌
46‌
Heartland
Express
Inc
173,212‌
1,354‌
Himalaya
Shipping
Ltd
(a),(e)
1,760‌
12‌
Hub
Group
Inc
3,319‌
116‌
International
Seaways
Inc
14,831‌
592‌
Kirby
Corp
(e)
82,005‌
7,816‌
Marten
Transport
Ltd
37,716‌
458‌
Matson
Inc
11,001‌
1,174‌
Navigator
Holdings
Ltd
(a)
1,787‌
28‌
Nordic
American
Tankers
Ltd
11,406‌
32‌
PAMT
CORP
(e)
340‌
4‌
Pangaea
Logistics
Solutions
Ltd
1,760‌
9‌
Proficient
Auto
Logistics
Inc
(a),(e)
1,394‌
10‌
Radiant
Logistics
Inc
(e)
1,956‌
12‌
RXO
Inc
(e)
8,481‌
131‌
Safe
Bulkers
Inc
3,401‌
13‌
Schneider
National
Inc
38,800‌
949‌
Scorpio
Tankers
Inc
2,408‌
109‌
SFL
Corp
Ltd
6,718‌
62‌
Teekay
Corp
Ltd
2,914‌
21‌
Teekay
Tankers
Ltd
1,336‌
57‌
Universal
Logistics
Holdings
Inc
(a)
399‌
10‌
Werner
Enterprises
Inc
2,789‌
77‌
World
Kinect
Corp
73,145‌
1,995‌
$
15,491‌
Trucking
&
Leasing
-
1
.00
%
GATX
Corp
63,048‌
9,626‌
Greenbrier
Cos
Inc/The
29,031‌
1,322‌
Willis
Lease
Finance
Corp
179‌
25‌
$
10,973‌
Water
-
0
.25
%
American
States
Water
Co
738‌
54‌
Artesian
Resources
Corp
15,200‌
496‌
California
Water
Service
Group
3,322‌
151‌
Consolidated
Water
Co
Ltd
600‌
18‌
Global
Water
Resources
Inc
49‌
1‌
H2O
America
40,764‌
1,968‌
Middlesex
Water
Co
839‌
43‌
York
Water
Co/The
683‌
21‌
$
2,752‌
TOTAL
COMMON
STOCKS
$
1,041,818‌
Total
Investments
$
1,130,813‌
Other
Assets
and
Liabilities
-  (2.80)%
(
30,750‌
)
TOTAL
NET
ASSETS
-
100.00%
$
1,100,063‌
(a)
Security
or
a
portion
of
the
security
was
on
loan.  At
the
end
of
the
period,
the
value
of
these
securities
totaled
$31,296
or
2.84%
of
net
assets.
(b)
1-day
yield
shown
is
as
of
period
end.
(c)
Security
or
a
portion
of
the
security
was
received
as
collateral
for
securities
lending.
At
the
end
of
the
period,
the
value
of
these
securities
totaled
$32,379
or
2.94%
of
net
assets.
(d)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940,
as
amended,
(the
"1940
Act"))
or
an
affiliate
as
defined
by
the
1940
Act
(controls
5.00%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
Affiliated
Securities
sub-schedule
for
transactional
information.
(e)
Non-income
producing
security
(f)
The
value
of
these
investments
was
determined
using
significant
unobservable
inputs,
in
good
faith
by
the
Manager,
under
procedures
established
and
periodically
reviewed
by
the
Board
of
Directors.
Affiliated
Securities
October
31,
2024
Purchases
Sales
July
31,
2025
Value
Cost
Proceeds
Value
Principal
Government
Money
Market
Fund
-
Class
R-6
4.22%
$
26,059‌
$
535,941‌
$
507,797‌
$
54,203‌
$
26,059‌
$
535,941‌
$
507,797‌
$
54,203‌
Income
(a)
Realized
Gain/(Loss)
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
(Loss)
Principal
Government
Money
Market
Fund
-
Class
R-6
4.22%
$
1,117‌
$
—‌
$
—‌
$
—‌
$
1,117‌
$
—‌
$
—‌
$
—‌
Amounts
in
thousands.
(a)
Amount
excludes
earnings
from
securities
lending
collateral.
Schedule
of
Investments
SmallCap
Value
Fund
II
July
31,
2025
(unaudited)
253
Futures
Contracts
Description
and
Expiration
Date
Type
Contracts
Notional
Amount
Value
and
Unrealized
Appreciation/(Depreciation)
Russell
2000
Emini;
September
2025
Long
34‌
$
3,774‌
$
(
57‌
)
Total
$
(
57‌
)
Amounts
in
thousands
except
contracts.
Schedule
of
Investments
Tax-Exempt
Bond
Fund
July
31,
2025
(unaudited)
254
INVESTMENT
COMPANIES
-
0
.09
%
Shares
Held
Value
(000's)
Exchange-Traded
Funds
-
0
.09
%
iShares
National
Muni
Bond
ETF
528‌
$
55‌
iShares
Short-Term
National
Muni
Bond
ETF
374‌
40‌
JPMorgan
Ultra-Short
Municipal
Income
ETF
99‌
5‌
SPDR
Nuveen
ICE
High
Yield
Municipal
Bond
ETF
9,994‌
243‌
VanEck
High
Yield
Muni
ETF
2,363‌
116‌
$
459‌
TOTAL
INVESTMENT
COMPANIES
$
459‌
MUNICIPAL
BONDS
-
105
.62
%
Principal
Amount
(000's)
Value
(000's)
Alabama
-
4
.48
%
Energy
Southeast
A
Cooperative
District
5.25%,
07/01/2054
(a)
$
3,220‌
$
3,449‌
Lower
Alabama
Gas
District/The
5.00%,
09/01/2034
5,000‌
5,210‌
5.00%,
09/01/2046
3,445‌
3,430‌
Phenix
City
Industrial
Development
Board
4.13%,
05/15/2035
3,000‌
2,845‌
Southeast
Energy
Authority
A
Cooperative
District
5.00%,
01/01/2056
(a)
5,000‌
5,045‌
Tuscaloosa
County
Industrial
Development
Authority
5.25%,
05/01/2044
(b)
1,997‌
1,923‌
$
21,902‌
Arizona
-
1
.67
%
Arizona
Industrial
Development
Authority
5.13%,
01/01/2059
575‌
521‌
Maricopa
County
Industrial
Development
Authority
4.00%,
01/01/2041
6,300‌
5,661‌
Navajo
Nation
5.50%,
12/01/2030
(b)
1,990‌
1,999‌
$
8,181‌
Arkansas
-
0
.20
%
Arkansas
Development
Finance
Authority
5.45%,
09/01/2052
1,000‌
976‌
California
-
13
.40
%
California
Community
Choice
Financing
Authority
5.00%,
07/01/2053
(a)
5,000‌
5,230‌
California
Educational
Facilities
Authority
5.00%,
04/01/2051
3,000‌
3,144‌
California
Housing
Finance
Agency
(credit
support
from
Federal
Home
Loan
Mortgage
Corporation
Collateral
)
3.75%,
03/25/2035
(c)
6,841‌
6,787‌
California
Infrastructure
&
Economic
Development
Bank
9.50%,
01/01/2065
(a),(b)
9,500‌
8,471‌
California
Municipal
Finance
Authority
4.00%,
07/15/2029
4,050‌
3,980‌
California
Municipal
Finance
Authority
(credit
support
from
Build
America
Mutual
Assurance
Corp
-
Transfer
Custodial
Receipt
)
5.00%,
05/15/2031
(c)
2,240‌
2,376‌
California
Pollution
Control
Financing
Authority
4.30%,
07/01/2040
2,000‌
2,000‌
California
Public
Finance
Authority
6.50%,
06/01/2054
(b)
8,000‌
7,330‌
California
State
Public
Works
Board
5.00%,
02/01/2032
2,500‌
2,822‌
California
Statewide
Communities
Development
Authority
(credit
support
from
Build
America
Mutual
Assurance
Corp
)
5.00%,
05/15/2031
(c)
2,000‌
2,179‌
Chino
Valley
Unified
School
District
5.00%,
08/01/2055
(d)
2,430‌
2,437‌
City
of
Long
Beach
CA
Airport
System
Revenue
(credit
support
from
Assured
Guaranty
)
5.25%,
06/01/2047
(c)
1,650‌
1,646‌
MUNICIPAL
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
California
(continued)
City
of
Los
Angeles
Department
of
Airports
5.00%,
05/15/2029
$
1,250‌
$
1,339‌
5.00%,
05/15/2037
(d)
3,824‌
3,966‌
5.00%,
05/15/2044
(d)
5,150‌
5,059‌
Sacramento
Area
Flood
Control
Agency
(credit
support
from
Build
America
Mutual
Assurance
Corp
)
5.00%,
10/01/2039
(c)
1,340‌
1,342‌
San
Diego
Unified
School
District/CA
0.00%,
07/01/2032
(e)
5,000‌
3,971‌
San
Francisco
City
&
County
Airport
Comm-San
Francisco
International
Airport
5.00%,
05/01/2040
1,500‌
1,505‌
$
65,584‌
Colorado
-
1
.46
%
Denver
Convention
Center
Hotel
Authority
5.00%,
12/01/2040
1,000‌
982‌
Rib
Floater
Trust
Various
States
3.00%,
12/15/2042
(a),(b)
3,000‌
3,000‌
Southern
Ute
Indian
Tribe
of
the
Southern
Ute
Reservation
of
Colorado
5.00%,
04/01/2035
(b)
3,000‌
3,165‌
$
7,147‌
Connecticut
-
1
.26
%
Connecticut
State
Health
&
Educational
Facilities
Authority
5.00%,
07/01/2064
(a)
2,000‌
2,254‌
Mohegan
Tribal
Finance
Authority
7.00%,
02/01/2045
(b)
3,900‌
3,930‌
$
6,184‌
District
of
Columbia
-
0
.44
%
District
of
Columbia
5.00%,
04/01/2060
(a)
2,000‌
2,156‌
Florida
-
7
.22
%
City
of
Lakeland
FL
Department
of
Electric
Utilities
5.25%,
10/01/2036
5,010‌
5,552‌
Collier
County
Health
Facilities
Authority
5.00%,
05/01/2043
3,050‌
2,954‌
Collier
County
Industrial
Development
Authority
(credit
support
from
Assured
Guaranty
)
5.00%,
10/01/2049
(c)
1,500‌
1,497‌
County
of
Miami-Dade
FL
Aviation
Revenue
5.00%,
10/01/2049
(d)
7,000‌
6,705‌
Florida
Development
Finance
Corp
3.00%,
06/01/2032
4,000‌
3,619‌
5.50%,
07/01/2053
2,500‌
2,035‌
6.13%,
07/01/2032
(a),(b)
4,000‌
4,045‌
Florida
Development
Finance
Corp
(credit
support
from
Assured
Guaranty
)
5.25%,
07/01/2047
(c)
4,985‌
4,761‌
Greater
Orlando
Aviation
Authority
5.25%,
10/01/2049
(d)
3,000‌
3,045‌
Palm
Beach
County
Health
Facilities
Authority
7.50%,
05/15/2053
1,000‌
1,093‌
$
35,306‌
Georgia
-
5
.51
%
Atlanta
Development
Authority/The
5.00%,
04/01/2034
(b)
5,650‌
5,622‌
5.50%,
04/01/2039
(b)
2,500‌
2,494‌
City
of
Atlanta
GA
Airport
Passenger
Facility
Charge
5.00%,
07/01/2032
9,235‌
10,044‌
City
of
Atlanta
GA
Department
of
Aviation
5.00%,
07/01/2032
2,180‌
2,281‌
George
L
Smith
II
Congress
Center
Authority
5.00%,
01/01/2036
(b)
1,752‌
1,754‌
Schedule
of
Investments
Tax-Exempt
Bond
Fund
July
31,
2025
(unaudited)
255
MUNICIPAL
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Georgia
(continued)
Georgia
Ports
Authority
5.00%,
07/01/2047
$
1,000‌
$
1,019‌
5.25%,
07/01/2043
3,585‌
3,762‌
$
26,976‌
Illinois
-
9
.57
%
Chicago
O'Hare
International
Airport
5.25%,
01/01/2036
2,000‌
2,037‌
City
of
Chicago
IL
6.00%,
01/01/2050
4,500‌
4,598‌
6.00%,
01/01/2050
1,000‌
1,024‌
6.00%,
01/01/2055
1,500‌
1,528‌
7.46%,
02/15/2026
346‌
242‌
County
of
Cook
IL
Sales
Tax
Revenue
5.25%,
11/15/2035
1,500‌
1,545‌
Illinois
State
Toll
Highway
Authority
4.00%,
01/01/2046
410‌
357‌
5.00%,
12/01/2031
5,200‌
5,235‌
5.00%,
01/01/2040
(d)
2,000‌
2,001‌
5.25%,
01/01/2043
(d)
2,340‌
2,444‌
Metropolitan
Pier
&
Exposition
Authority
(credit
support
from
Build
America
Mutual
Assurance
Corp
-
Transfer
Custodial
Receipt
)
4.00%,
12/15/2042
(c)
5,000‌
4,449‌
Metropolitan
Pier
&
Exposition
Authority
(credit
support
from
National
Public
Finance
Guarantee
Corp
)
5.50%,
06/15/2029
(c)
1,785‌
1,884‌
Sales
Tax
Securitization
Corp
5.00%,
01/01/2036
2,700‌
2,815‌
5.00%,
01/01/2040
3,000‌
3,031‌
State
of
Illinois
5.00%,
11/01/2028
4,590‌
4,784‌
5.00%,
12/01/2032
1,380‌
1,418‌
5.50%,
10/01/2044
6,855‌
7,022‌
United
City
of
Yorkville
IL
5.75%,
03/01/2028
300‌
300‌
Village
of
Gilberts
IL
Special
Service
Area
No
24
5.38%,
03/01/2034
124‌
116‌
$
46,830‌
Indiana
-
0
.13
%
City
of
Whiting
IN
3.00%,
11/01/2051
1,000‌
658‌
Iowa
-
0
.11
%
Iowa
Finance
Authority
7.50%,
05/15/2053
500‌
547‌
Kentucky
-
2
.33
%
County
of
Trimble
KY
1.30%,
09/01/2044
(a)
1,000‌
930‌
Kentucky
Public
Energy
Authority
5.00%,
01/01/2055
(a)
3,000‌
3,173‌
Kentucky
Turnpike
Authority
5.00%,
07/01/2031
6,550‌
7,282‌
$
11,385‌
Louisiana
-
2
.68
%
Louisiana
Local
Government
Environmental
Facilities
&
Community
Development
Authority
3.50%,
11/01/2032
7,155‌
6,837‌
4.40%,
11/01/2044
(b)
1,600‌
1,444‌
5.50%,
11/01/2039
(b)
1,715‌
1,744‌
Louisiana
Public
Facilities
Authority
0.00%,
07/01/2039
(e)
417‌
—‌
0.00%,
07/01/2039
(e)
659‌
—‌
Parish
of
St
James
LA
6.10%,
12/01/2040
(a),(b)
1,000‌
1,065‌
Parish
of
St
John
the
Baptist
LA
3.30%,
06/01/2037
(a)
2,000‌
2,011‌
$
13,101‌
MUNICIPAL
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Maryland
-
0
.62
%
Maryland
Economic
Development
Corp
5.00%,
07/01/2048
(a),(b)
$
3,000‌
$
3,013‌
Massachusetts
-
3
.79
%
Massachusetts
Development
Finance
Agency
5.00%,
07/15/2040
10,770‌
11,868‌
5.00%,
07/01/2050
1,000‌
1,030‌
5.00%,
05/15/2055
(a)
5,000‌
5,622‌
$
18,520‌
Michigan
-
2
.52
%
City
of
Detroit
MI
5.00%,
04/01/2050
1,000‌
952‌
5.50%,
04/01/2050
1,000‌
1,005‌
Detroit
City
School
District
(credit
support
from
Qualified
School
Bond
Loan
Fund
)
5.00%,
05/01/2036
(c)
1,000‌
1,048‌
5.00%,
05/01/2037
(c)
1,000‌
1,039‌
5.00%,
05/01/2038
(c)
2,000‌
2,055‌
Kentwood
Economic
Development
Corp
5.00%,
11/15/2041
1,000‌
929‌
Michigan
Finance
Authority
4.00%,
02/15/2044
3,500‌
3,018‌
Michigan
Strategic
Fund
5.00%,
06/30/2048
2,390‌
2,263‌
$
12,309‌
Minnesota
-
0
.99
%
State
of
Minnesota
4.00%,
08/01/2041
5,000‌
4,833‌
Missouri
-
0
.23
%
City
of
St
Louis
MO
Airport
Revenue
5.00%,
07/01/2044
1,100‌
1,103‌
Montana
-
0
.54
%
Montana
Board
of
Housing
(credit
support
from
Federal
Housing
Administration,
Guaranteed
by
the
Department
of
Veterans
Affairs
and
HUD
)
4.00%,
06/01/2045
(c)
805‌
709‌
Montana
Facility
Finance
Authority
4.13%,
07/01/2038
2,000‌
1,937‌
$
2,646‌
Nevada
-
1
.82
%
Las
Vegas
Convention
&
Visitors
Authority
5.00%,
07/01/2043
(d)
9,000‌
8,919‌
New
Hampshire
-
0
.42
%
New
Hampshire
Business
Finance
Authority
3.75%,
07/01/2045
(a),(b)
1,000‌
786‌
4.13%,
01/20/2034
385‌
381‌
4.88%,
11/01/2042
(b)
1,000‌
900‌
$
2,067‌
New
Jersey
-
4
.72
%
Casino
Reinvestment
Development
Authority
Inc
(credit
support
from
Assured
Guaranty
)
5.00%,
11/01/2042
(c)
1,000‌
1,022‌
New
Jersey
Economic
Development
Authority
5.75%,
04/01/2031
1,005‌
1,002‌
New
Jersey
Turnpike
Authority
5.25%,
01/01/2049
1,000‌
1,031‌
South
Jersey
Port
Corp
5.00%,
01/01/2042
5,000‌
4,967‌
State
of
New
Jersey
4.00%,
06/01/2031
5,000‌
5,300‌
Tobacco
Settlement
Financing
Corp
4.00%,
06/01/2037
5,195‌
4,814‌
5.25%,
06/01/2046
5,000‌
4,962‌
$
23,098‌
New
Mexico
-
0
.10
%
City
of
Farmington
NM
2.15%,
04/01/2033
600‌
505‌
Schedule
of
Investments
Tax-Exempt
Bond
Fund
July
31,
2025
(unaudited)
256
MUNICIPAL
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
New
York
-
12
.06
%
Metropolitan
Transportation
Authority
4.00%,
11/15/2044
$
735‌
$
637‌
5.00%,
11/15/2032
1,000‌
1,087‌
5.00%,
11/15/2045
3,025‌
2,999‌
New
York
City
Municipal
Water
Finance
Authority
5.25%,
06/15/2046
2,000‌
2,059‌
New
York
City
Transitional
Finance
Authority
5.50%,
05/01/2042
3,050‌
3,262‌
New
York
City
Transitional
Finance
Authority
Future
Tax
Secured
Revenue
5.25%,
11/01/2038
2,835‌
3,041‌
New
York
Energy
Finance
Development
Corp
5.00%,
07/01/2056
(a)
2,050‌
2,137‌
New
York
State
Dormitory
Authority
4.00%,
09/01/2045
1,500‌
1,246‌
5.00%,
10/01/2038
1,000‌
1,021‌
5.00%,
10/01/2048
(d)
2,000‌
2,091‌
5.00%,
10/01/2050
(d)
5,500‌
5,722‌
5.25%,
03/15/2049
1,000‌
1,027‌
New
York
State
Dormitory
Authority
(credit
support
from
Assured
Guaranty
)
5.25%,
10/01/2043
(c)
1,000‌
1,030‌
5.50%,
10/01/2054
(c)
3,000‌
3,072‌
New
York
Transportation
Development
Corp
4.00%,
10/31/2041
1,000‌
873‌
4.00%,
12/01/2042
1,000‌
845‌
5.00%,
01/01/2032
7,200‌
7,324‌
5.00%,
01/01/2034
3,200‌
3,240‌
5.00%,
10/01/2040
2,000‌
1,966‌
5.00%,
07/01/2046
3,500‌
3,328‌
5.63%,
04/01/2040
1,000‌
1,026‌
6.00%,
06/30/2059
1,500‌
1,537‌
New
York
Transportation
Development
Corp
(credit
support
from
Assured
Guaranty
)
6.00%,
06/30/2050
(c)
4,000‌
4,210‌
Oneida
Indian
Nation
of
New
York
6.00%,
09/01/2043
(b)
1,900‌
1,986‌
Tompkins
County
Development
Corp
0.00%,
07/01/2027
(e)
115‌
23‌
Westchester
County
Local
Development
Corp
(credit
support
from
Assured
Guaranty
)
5.75%,
11/01/2048
(c)
2,075‌
2,199‌
$
58,988‌
North
Carolina
-
0
.32
%
Raleigh
Durham
Airport
Authority
5.00%,
05/01/2033
1,500‌
1,578‌
Ohio
-
4
.20
%
Buckeye
Tobacco
Settlement
Financing
Authority
4.00%,
06/01/2037
1,125‌
1,057‌
4.00%,
06/01/2039
1,850‌
1,682‌
5.00%,
06/01/2055
5,000‌
4,062‌
County
of
Cuyahoga
OH
5.00%,
12/01/2049
2,655‌
2,667‌
County
of
Hamilton
OH
5.00%,
01/01/2036
1,435‌
1,438‌
5.00%,
01/01/2046
2,500‌
2,338‌
Ohio
Air
Quality
Development
Authority
4.25%,
01/15/2038
(b)
1,000‌
950‌
4.50%,
01/15/2048
(b)
850‌
742‌
Ohio
State
University/The
5.00%,
12/01/2033
5,000‌
5,635‌
$
20,571‌
Oklahoma
-
0
.56
%
Tulsa
Municipal
Airport
Trust
Trustees/OK
6.25%,
12/01/2035
2,500‌
2,760‌
Oregon
-
1
.10
%
State
of
Oregon
Department
of
Transportation
5.00%,
11/15/2034
4,750‌
5,386‌
MUNICIPAL
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Other
Territory
-
0
.03
%
Nuveen
AMT-Free
Municipal
Credit
Income
Fund
2.74%,
03/01/2029
(a)
$
150‌
$
150‌
Pennsylvania
-
3
.56
%
Allegheny
County
Industrial
Development
Authority
5.13%,
05/01/2030
1,630‌
1,718‌
City
of
Philadelphia
PA
5.00%,
02/01/2037
2,000‌
2,087‌
General
Authority
of
Southcentral
Pennsylvania
(credit
support
from
Assured
Guaranty
)
4.00%,
06/01/2049
(c)
3,400‌
2,863‌
Lancaster
Industrial
Development
Authority
4.00%,
07/01/2051
1,000‌
755‌
Pennsylvania
Economic
Development
Financing
Authority
5.50%,
06/30/2043
4,100‌
4,139‌
Pennsylvania
Turnpike
Commission
5.00%,
12/01/2029
2,000‌
2,188‌
5.00%,
12/01/2036
1,725‌
1,763‌
Philadelphia
Authority
for
Industrial
Development
4.00%,
07/01/2049
1,050‌
889‌
Philadelphia
Gas
Works
Co
(credit
support
from
Assured
Guaranty
)
5.25%,
08/01/2054
(c)
1,000‌
1,011‌
$
17,413‌
Puerto
Rico
-
0
.79
%
Commonwealth
of
Puerto
Rico
0.00%,
07/01/2033
(e)
428‌
297‌
0.00%,
11/01/2043
(a),(e)
1,372‌
853‌
4.00%,
07/01/2033
183‌
178‌
4.00%,
07/01/2037
257‌
242‌
4.00%,
07/01/2041
349‌
304‌
4.00%,
07/01/2046
363‌
303‌
5.75%,
07/01/2031
1‌
1‌
Puerto
Rico
Sales
Tax
Financing
Corp
Sales
Tax
Revenue
5.00%,
07/01/2058
1,850‌
1,691‌
$
3,869‌
South
Carolina
-
1
.35
%
South
Carolina
Jobs-Economic
Development
Authority
0.00%,
06/01/2031
(b),(e)
1,000‌
110‌
0.00%,
06/01/2051
(b),(e)
4,500‌
495‌
5.25%,
11/15/2047
1,830‌
1,697‌
5.25%,
11/15/2052
1,500‌
1,359‌
South
Carolina
Public
Service
Authority
5.25%,
12/01/2050
2,930‌
2,960‌
$
6,621‌
South
Dakota
-
0
.31
%
Oglala
Sioux
Tribe
5.75%,
10/01/2025
(b)
1,500‌
1,496‌
Texas
-
7
.67
%
Central
Texas
Regional
Mobility
Authority
5.00%,
01/01/2048
2,740‌
2,730‌
City
of
Galveston
TX
Wharves
&
Terminal
Revenue
5.50%,
08/01/2041
1,800‌
1,852‌
City
of
Houston
TX
Airport
System
Revenue
6.63%,
07/15/2038
5,770‌
5,783‌
Lower
Colorado
River
Authority
(credit
support
from
Assured
Guaranty
)
5.00%,
05/15/2044
(c)
4,055‌
4,145‌
Mission
Economic
Development
Corp
5.00%,
12/01/2064
(a)
2,500‌
2,539‌
Permanent
University
Fund
-
University
of
Texas
System
5.00%,
07/01/2036
6,305‌
7,079‌
Port
of
Beaumont
Navigation
District
3.63%,
01/01/2035
(b)
4,535‌
4,005‌
Schedule
of
Investments
Tax-Exempt
Bond
Fund
July
31,
2025
(unaudited)
257
MUNICIPAL
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Texas
(continued)
Tarrant
County
Cultural
Education
Facilities
Finance
Corp
4.13%,
12/01/2054
$
1,000‌
$
850‌
5.00%,
11/15/2037
2,060‌
2,061‌
5.00%,
12/01/2044
2,000‌
2,023‌
Texas
Municipal
Gas
Acquisition
&
Supply
Corp
V
5.00%,
01/01/2055
(a)
4,225‌
4,446‌
$
37,513‌
Utah
-
3
.52
%
City
of
Salt
Lake
City
UT
Airport
Revenue
5.00%,
07/01/2040
(d),(f)
2,040‌
2,075‌
5.25%,
07/01/2042
(d),(f)
2,040‌
2,092‌
5.50%,
07/01/2050
(d),(f)
1,360‌
1,403‌
5.50%,
07/01/2055
(d),(f)
1,360‌
1,396‌
Mida
Mountain
Village
Public
Infrastructure
District
6.00%,
06/15/2054
(b)
2,000‌
1,991‌
Utah
Infrastructure
Agency
5.00%,
10/15/2028
1,000‌
1,033‌
5.00%,
10/15/2032
4,385‌
4,485‌
5.00%,
10/15/2037
1,500‌
1,514‌
5.38%,
10/15/2040
1,200‌
1,213‌
$
17,202‌
Virginia
-
2
.17
%
County
of
Fairfax
VA
(credit
support
from
State
Aid
Withholding
)
4.00%,
10/01/2039
(c)
5,000‌
4,912‌
Fairfax
County
Redevelopment
&
Housing
Authority
5.00%,
10/01/2039
3,000‌
3,036‌
Virginia
Small
Business
Financing
Authority
3.00%,
01/01/2041
3,480‌
2,644‌
$
10,592‌
Washington
-
1
.15
%
Port
of
Seattle
WA
5.00%,
08/01/2030
5,250‌
5,637‌
Wisconsin
-
0
.62
%
Public
Finance
Authority
5.00%,
10/01/2043
(b)
1,500‌
1,408‌
5.75%,
06/30/2060
(f)
600‌
578‌
6.50%,
06/30/2060
(f)
1,000‌
1,051‌
$
3,037‌
TOTAL
MUNICIPAL
BONDS
$
516,759‌
Total
Investments
$
517,218‌
Liability
for
Floating
Rate
Notes
Issued
in
Conjunction
with
Securities
Held
-
(6.52)%
Notes
with
interest
rates
of
2.30%
-
2.39%
at
July
31,
2025
and
contractual
maturities
of
collateral
from
2026-2045.
(g)
$
(
31,915‌
)
(
31,915‌
)
Total
Net
Investments
$
485,303‌
Other
Assets
and
Liabilities
-  0.81%
3,951‌
TOTAL
NET
ASSETS
-
100.00%
$
489,254‌
(a)
Certain
variable
rate
securities
are
not
based
on
a
published
reference
rate
and
spread
but
are
determined
by
the
issuer
or
agent
and
are
based
on
current
market
conditions.  These
securities
do
not
indicate
a
reference
rate
and
spread
in
their
description.
Rate
shown
is
the
rate
in
effect
as
of
period
end.
(b)
Security
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933.
These
securities
may
be
resold
in
transactions
exempt
from
registration,
normally
to
qualified
institutional
buyers.
At
the
end
of
the
period,
the
value
of
these
securities
totaled
$65,868
or
13.46%
of
net
assets.
(c)
Credit
support
indicates
investments
that
benefit
from
credit
enhancement
or
liquidity
support
provided
by
a
third
party
bank,
institution,
or
government
agency.
(d)
Security
or
portion
of
underlying
security
related
to
Inverse
Floaters
entered
into
by
the
fund.
(e)
Non-income
producing
security
(f)
Security
purchased
on
a
when-issued
basis.
(g)
Floating
rate
securities.
The
interest
rate(s)
shown
reflect
the
rates
in
effect
at
July
31,
2025.
Glossary
to
the
Schedule
of
Investments
July
31,
2025
(unaudited)
258
Currency
Abbreviations
AUD
Australian
Dollar
BRL
Brazilian
Real
CAD
Canadian
Dollar
CHF
Swiss
Franc
CNH
Chinese
Renminbi
COP
Colombian
Peso
CZK
Czech
Koruna
EGP
Egyptian
Pound
EUR
Euro
GBP
British
Pound
Sterling
HKD
Hong
Kong
Dollar
HUF
Hungarian
Forint
IDR
Indonesian
Rupiah
ILS
Israeli
New
Shekel
INR
Indian
Rupee
JPY
Japanese
Yen
KRW
South
Korean
Won
MXN
Mexican
Peso
MYR
Malaysian
Ringgit
PEN
Peruvian
Nuevo
Sol
PLN
Polish
Zloty
RON
Romanian
New
Leu
TRY
Turkish
Lira
TWD
New
Taiwan
Dollar
USD/$
United
States
Dollar
ZAR
South
African
Rand