|
Schedule of Investments
|
|
ARIZONA TAX-EXEMPT FUND
|
June 30, 2026 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS – 97.6%
|
||
|
Arizona – 95.5%
|
||
|
Arizona Board of Regents Revenue
Bonds, Series A, Green Bonds,
|
|
|
|
5.00%, 7/1/43
|
$850
|
$913
|
|
Arizona Board of Regents State
University System Revenue Refunding
Bonds, Series B,
|
|
|
|
5.00%, 7/1/36
|
495
|
504
|
|
Arizona Board of Regents State
University System SPEED Revenue
Bonds,
|
|
|
|
5.00%, 8/1/46
|
500
|
545
|
|
Arizona Board of Regents University of
Arizona System Revenue Refunding
Bonds,
|
|
|
|
5.00%, 6/1/28
|
400
|
419
|
|
Arizona Board of Regents University of
Arizona System Revenue Refunding
Bonds, Stimulus Plan For Economic
(BAM Insured),
|
|
|
|
5.00%, 8/1/41
|
750
|
829
|
|
5.00%, 8/1/43
|
705
|
773
|
|
Arizona Board of Regents University of
Arizona System SPEED Revenue
Bonds,
|
|
|
|
5.00%, 8/1/28
|
400
|
420
|
|
Arizona Board of Regents University
System Revenue Refunding Bonds,
Stimulus Plan For Economic,
|
|
|
|
3.13%, 8/1/39
|
430
|
394
|
|
Arizona IDA Hospital Revenue
Refunding Bonds, Phoenix Children's
Hospital,
|
|
|
|
5.00%, 2/1/32
|
500
|
553
|
|
Arizona State IDA Education Revenue
Bonds, Series A-Social, Macombs
Facility Project,
|
|
|
|
4.00%, 7/1/41
|
500
|
456
|
|
Arizona State IDA National Charter
Equitable School Revolving Loan
Fund Revenue Bonds,
|
|
|
|
5.00%, 11/1/31
|
625
|
679
|
|
5.00%, 11/1/41
|
545
|
585
|
|
5.00%, 11/1/43
|
500
|
537
|
|
Arizona State University Sustainable
Revenue Bonds, Series A,
|
|
|
|
5.00%, 7/1/36
|
795
|
840
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 97.6%continued
|
||
|
Arizona – 95.5%continued
|
||
|
Buckeye Arizona Excise TRB,
|
|
|
|
5.00%, 7/1/38
|
$650
|
$735
|
|
Bullhead City Excise TRB,
|
|
|
|
4.00%, 7/1/52
|
1,000
|
920
|
|
Bullhead Water & Wastewater System
Revenue Bonds,
|
|
|
|
7/1/46(1)
|
325
|
333
|
|
Chandler IDA IDR Bonds, Series 1
(AMT), Intel Corp. Project,
|
|
|
|
5.00%, 9/1/27(2) (3)
|
425
|
430
|
|
Chandler IDA IDR Variable Revenue
Bonds (AMT), Intel Corp. Project,
|
|
|
|
5.00%, 9/1/27(2) (3)
|
600
|
607
|
|
4.00%, 6/1/29(2) (3)
|
550
|
559
|
|
Gilbert Water Resource Municipal
Property Corp. Utility System
Revenue Bonds,
|
|
|
|
5.00%, 7/1/28
|
500
|
501
|
|
5.00%, 7/1/30
|
500
|
501
|
|
5.00%, 7/1/31
|
600
|
601
|
|
Glendale IDA Revenue Bonds,
Midwestern University,
|
|
|
|
5.00%, 5/15/33
|
500
|
560
|
|
Glendale IDA Revenue Refunding
Bonds, Midwestern University,
|
|
|
|
5.00%, 5/15/32
|
500
|
536
|
|
Glendale Senior Excise Tax Revenue
Refunding Bonds,
|
|
|
|
5.00%, 7/1/32
|
500
|
562
|
|
5.00%, 7/1/37
|
1,000
|
1,128
|
|
Glendale Water & Sewer Senior Lien
Revenue Bonds,
|
|
|
|
5.00%, 7/1/37
|
300
|
345
|
|
Goodyear McDowell Road
Commercial Corridor Improvement
District Special Assessment Refunding
Bonds (BAM Insured),
|
|
|
|
3.35%, 1/1/28
|
785
|
793
|
|
Lake Havasu City Wastewater System
Senior Lien Revenue G.O. Unlimited
Refunding Bonds,
|
|
|
|
5.00%, 7/1/42
|
500
|
556
|
|
Schedule of Investments
|
|
ARIZONA TAX-EXEMPT FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 97.6%continued
|
||
|
Arizona – 95.5%continued
|
||
|
Maricopa County Agua Fria Union
High School District No. 216 G.O.
Unlimited Bonds, Series B, Project of
2024,
|
|
|
|
5.00%, 7/1/27
|
$350
|
$359
|
|
Maricopa County Arizona Unified
School District No. 69 Paradise
Valley G.O. Unlimited Bonds, School
Improvement Project,
|
|
|
|
4.00%, 7/1/39
|
275
|
277
|
|
Maricopa County Buckeye Elementary
School District No. 33 G.O.
Unlimited Bonds, Series 2020,
School Improvement Bonds Projects
of 2015 & 2019 (AG Insured),
|
|
|
|
4.00%, 7/1/36
|
305
|
311
|
|
Maricopa County Elementary School
District No. 1 G.O. Unlimited Bonds,
Series B, Project of 2022 (BAM
Insured),
|
|
|
|
5.00%, 7/1/42
|
540
|
592
|
|
Maricopa County Elementary School
District No. 28 Kyrene Elementary
G.O. Unlimited Bonds, Series A,
School Improvement Project of 2017,
|
|
|
|
5.00%, 7/1/32
|
250
|
262
|
|
Maricopa County Elementary School
District No. 33 Buckeye G.O.
Unlimited Bonds, Series B, School
Improvement Project of 2015 (BAM
Insured),
|
|
|
|
5.00%, 7/1/38
|
1,000
|
1,016
|
|
Maricopa County Elementary School
District No. 66 Roosevelt Elementary
G.O. Unlimited Bonds, Series C,
Project of 2020 (AG Insured),
|
|
|
|
5.00%, 7/1/30
|
275
|
298
|
|
Maricopa County Elementary School
District No. 8 G.O. Unlimited Bonds,
Series B, Osborn School
Improvement Project of 2017 (AG
Insured),
|
|
|
|
5.00%, 7/1/35
|
625
|
648
|
|
Maricopa County IDA Education
Revenue Bonds, Legacy Traditional
Schools - Clemmons Campus Project,
|
|
|
|
4.00%, 7/1/34
|
250
|
246
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 97.6%continued
|
||
|
Arizona – 95.5%continued
|
||
|
Maricopa County IDA Education
Revenue Bonds, Legacy Traditional
Schools Project,
|
|
|
|
5.00%, 7/1/35
|
$965
|
$1,011
|
|
Maricopa County IDA Educational
Facilities Revenue Bonds, Creighton
University Project,
|
|
|
|
5.00%, 7/1/47
|
1,000
|
1,015
|
|
Maricopa County IDA Educational
Revenue Refunding Bonds, Legacy
Traditional School,
|
|
|
|
4.25%, 7/1/44
|
300
|
274
|
|
Maricopa County IDA Hospital
Revenue Refunding Bonds, Series A,
HonorHealth,
|
|
|
|
5.00%, 9/1/42
|
1,000
|
1,022
|
|
Maricopa County IDA Hospital
Revenue Refunding Bonds, Series D,
Honor Health,
|
|
|
|
5.00%, 12/1/41
|
500
|
537
|
|
Maricopa County IDA Revenue
Refunding Bonds, Banner Health
Obligation Group,
|
|
|
|
5.00%, 1/1/38
|
1,250
|
1,264
|
|
Maricopa County IDA Revenue
Refunding Bonds, Series D, Banner
Health,
|
|
|
|
1/1/33(1)
|
500
|
550
|
|
Maricopa County Special Health Care
District G.O. Unlimited Bonds,
|
|
|
|
4.00%, 7/1/38
|
1,000
|
1,003
|
|
Maricopa County Tempe Elementary
School District No. 3 G.O. Unlimited
Bonds, Series A, Project of 2022,
|
|
|
|
5.00%, 7/1/36
|
725
|
824
|
|
Mesa Utility Systems Revenue Bonds,
|
|
|
|
3.00%, 7/1/44
|
500
|
413
|
|
5.00%, 7/1/44
|
500
|
536
|
|
Northern Arizona University Revenue
Refunding Bonds (BAM Insured),
|
|
|
|
5.00%, 6/1/37
|
400
|
460
|
|
Phoenix Civic Airport Improvement
Corp. Revenue Refunding Bonds,
Series B,
|
|
|
|
5.00%, 7/1/34
|
1,000
|
1,022
|
|
|
June 30, 2026 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 97.6%continued
|
||
|
Arizona – 95.5%continued
|
||
|
Phoenix Civic Improvement Corp.
Excise Tax Subordinate Revenue
Refunding Bonds, Series A,
|
|
|
|
4.00%, 7/1/45
|
$750
|
$753
|
|
Phoenix Civic Improvement Corp. Junior
Lien Airport Revenue Bonds,
|
|
|
|
5.00%, 7/1/44
|
1,000
|
1,038
|
|
Phoenix Civic Improvement Corp. Junior
Lien Airport Revenue Bonds, Series B
(AMT),
|
|
|
|
3.25%, 7/1/49
|
1,330
|
1,036
|
|
Phoenix Civic Improvement Corp. Junior
Lien Airport Revenue Refunding
Bonds,
|
|
|
|
5.00%, 7/1/33
|
840
|
858
|
|
Phoenix Civic Improvement Corp.
Wastewater System Junior Lien
Revenue Bonds, Series A,
|
|
|
|
5.00%, 7/1/34
|
700
|
731
|
|
Phoenix Civic Improvement Corp.
Water System Junior Lien Revenue
Bonds, Series A,
|
|
|
|
5.00%, 7/1/44
|
750
|
792
|
|
Phoenix G.O. Unlimited Bonds, Series
A,
|
|
|
|
5.00%, 7/1/41
|
750
|
832
|
|
5.00%, 7/1/47
|
750
|
800
|
|
Phoenix IDA Healthcare Facilities
Revenue Bonds, Mayo Clinic,
|
|
|
|
4.00%, 11/15/57
|
1,000
|
886
|
|
Pima County COPS,
|
|
|
|
5.00%, 12/1/35
|
555
|
637
|
|
Pima County IDA Revenue Refunding
Bonds, Tucson Medical Center,
|
|
|
|
3.00%, 4/1/51
|
1,000
|
730
|
|
Pima County Unified School District No.
1 Tucson G.O. Unlimited Bonds,
Series B, Project of 2023,
|
|
|
|
5.00%, 7/1/44
|
750
|
821
|
|
Pinal County Revenue Obligations
Bonds (BAM Insured),
|
|
|
|
5.25%, 8/1/50
|
1,000
|
1,076
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 97.6%continued
|
||
|
Arizona – 95.5%continued
|
||
|
Pinal County Unified School District No.
20 G.O. Unlimited Bonds, Series A,
Maricopa Project of 2024 (BAM
Insured),
|
|
|
|
5.00%, 7/1/32
|
$150
|
$166
|
|
5.00%, 7/1/43
|
200
|
215
|
|
Queen Creek Excise Tax & State
Shared Revenue Bonds,
|
|
|
|
4.00%, 8/1/45
|
1,000
|
998
|
|
5.00%, 8/1/54
|
1,000
|
1,040
|
|
Salt River Project Agricultural
Improvement & Power District Electric
System Revenue Bonds, Series A,
|
|
|
|
5.00%, 1/1/50
|
725
|
760
|
|
Salt River Project Agricultural
Improvement & Power District Electric
System Revenue Bonds, Series B,
|
|
|
|
5.25%, 1/1/53
|
600
|
639
|
|
Salt Verde Financial Corp. Senior Gas
Revenue Bonds,
|
|
|
|
5.00%, 12/1/32
|
500
|
530
|
|
5.00%, 12/1/37
|
1,000
|
1,053
|
|
Scottsdale Municipal Property Corp.
Excise Tax Revenue Refunding Bonds,
|
|
|
|
5.00%, 7/1/30
|
500
|
529
|
|
Sedona Excise TRB (AG Insured),
|
|
|
|
5.00%, 7/1/41
|
100
|
108
|
|
Tempe Excise TRB,
|
|
|
|
5.00%, 7/1/38
|
500
|
567
|
|
Vistancia Community Facilities District
G.O. Unlimited Refunding Bonds
(BAM Insured),
|
|
|
|
4.00%, 7/15/26
|
450
|
450
|
|
Yuma IDA Hospital Revenue Refunding
Bonds, Yuma Regional Medical
Center,
|
|
|
|
5.00%, 8/1/29
|
700
|
745
|
|
5.00%, 8/1/40
|
700
|
763
|
|
Yuma Utility System Revenue Bonds,
Series A (AG Insured),
|
|
|
|
5.00%, 7/1/43
|
300
|
330
|
|
|
|
51,937
|
|
Schedule of Investments
|
|
ARIZONA TAX-EXEMPT FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 97.6%continued
|
||
|
California – 0.3%
|
||
|
California Community Choice Financing
Authority Clean Energy Project
Sustainable Revenue Bonds,
|
|
|
|
5.00%, 3/1/36
|
$155
|
$161
|
|
Iowa – 0.4%
|
||
|
Guthrie County Hospital Revenue
BANS, Guthrie County Hospital
Project,
|
|
|
|
4.50%, 2/1/29
|
200
|
200
|
|
Ohio – 0.3%
|
||
|
Ohio State Housing Finance Agency
Residential Mortgage Backed
Sustainable Revenue Bonds (GNMA,
FNMA, FHLMC Insured),
|
|
|
|
5.50%, 9/1/29
|
160
|
173
|
|
Virginia – 1.1%
|
||
|
Richmond G.O. Unlimited Refunding
Bonds, Series B,
|
|
|
|
4.00%, 7/15/29
|
600
|
608
|
|
Total Municipal Bonds
|
|
|
|
(Cost $55,176)
|
|
53,079
|
|
|
NUMBER
OF SHARES
|
VALUE
(000S)
|
|
INVESTMENT COMPANIES – 1.4%
|
||
|
Northern Institutional Funds -
U.S. Government Portfolio (Shares),
3.46%(4) (5)
|
765,062
|
$765
|
|
Total Investment Companies
|
|
|
|
(Cost $765)
|
|
765
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
SHORT-TERM INVESTMENTS – 0.9%
|
||
|
Mesa Utility Systems Revenue Bonds
(AG Insured),
|
|
|
|
5.00%, 7/1/26
|
$500
|
$500
|
|
Total Short-Term Investments
|
|
|
|
(Cost $500)
|
500
|
|
|
|
|
|
|
Total Investments – 99.9%
|
|
|
|
(Cost $56,441)
|
54,344
|
|
|
Other Assets less Liabilities – 0.1%
|
70
|
|
|
NET ASSETS – 100.0%
|
$54,414
|
|
|
(1)
|
When-Issued Security. Coupon rate is not in effect at June 30, 2026.
|
|
(2)
|
Maturity date represents the puttable date.
|
|
(3)
|
Variable or floating rate security. These securities are remarketed by an
agent, and the rate at which these securities are set are determined by
general market conditions and supply and demand. Rate as of June 30,
2026 is disclosed.
|
|
(4)
|
Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the
investment adviser to the Fund and the investment adviser to Northern
Institutional Funds.
|
|
(5)
|
7-day current yield as of June 30, 2026 is disclosed.
|
|
|
|
EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT
THE SCHEDULE OF INVESTMENTS:
|
|
|
|
AMT - Alternative Minimum Tax
|
|
|
|
BAM - Build America Mutual
|
|
|
|
BANS - Bond Anticipation Notes
|
|
|
|
COPS - Certificates of Participation
|
|
|
|
FHLMC - Federal Home Loan Mortgage Corporation
|
|
|
|
FNMA - Federal National Mortgage Association
|
|
|
|
G.O. - General Obligation
|
|
|
|
GNMA - Government National Mortgage Association
|
|
|
|
IDA - Industrial Development Authority
|
|
|
|
IDR - Industrial Development Revenue
|
|
|
|
TRB - Tax Revenue Bonds
|
|
INVESTMENTS
|
LEVEL 1
(000s)
|
LEVEL 2
(000s)
|
LEVEL 3
(000s)
|
TOTAL
(000s)
|
|
Municipal Bonds(1)
|
$—
|
$53,079
|
$—
|
$53,079
|
|
Investment Companies
|
765
|
—
|
—
|
765
|
|
Short-Term Investments
|
—
|
500
|
—
|
500
|
|
Total Investments
|
$765
|
$53,579
|
$—
|
$54,344
|
|
(1)
|
Classifications as defined in the Schedule of Investments.
|
|
|
June 30, 2026 (UNAUDITED)
|
|
SECURITY
|
VALUE,
BEGINNING
OF PERIOD
(000S)
|
PURCHASES
(000S)
|
SALES
PROCEEDS
(000S)
|
VALUE,
END OF PERIOD
(000S)
|
SHARES/PAR,
END
OF PERIOD
|
DIVIDEND/
INTEREST
INCOME
(000S)
|
|
Northern Institutional Funds - U.S. Government Portfolio (Shares)
|
$469
|
$3,690
|
$3,394
|
$765
|
765,062
|
$5
|
|
Schedule of Investments
|
|
BOND INDEX FUND
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
ASSET-BACKED SECURITIES – 0.4%
|
||
|
Auto Loan – 0.2%
|
||
|
Ally Auto Receivables Trust, Series
2026-1, Class A3
|
|
|
|
3.92%, 10/15/30
|
$100
|
$99
|
|
AmeriCredit Automobile Receivables
Trust, Series 2023-2, Class C
|
|
|
|
6.00%, 7/18/29
|
50
|
51
|
|
BMW Vehicle Lease Trust, Series
2025-2, Class A3
|
|
|
|
3.97%, 9/25/28
|
50
|
50
|
|
Bridgecrest Lending Auto Securitization
Trust, Series 2025-4, Class B
|
|
|
|
4.30%, 8/15/31
|
50
|
50
|
|
Bridgecrest Lending Auto Securitization
Trust, Series 2025-4, Class C
|
|
|
|
4.80%, 8/15/31
|
25
|
25
|
|
Bridgecrest Lending Auto Securitization
Trust, Series 2025-4, Class D
|
|
|
|
5.41%, 8/15/31
|
50
|
50
|
|
Capital One Prime Auto Receivables
Trust, Series 2025-1, Class A3
|
|
|
|
3.85%, 7/15/30
|
100
|
99
|
|
CarMax Auto Owner Trust, Series
2024-2, Class B
|
|
|
|
5.69%, 11/15/29
|
100
|
102
|
|
Carmax Auto Owner Trust, Series
2025-2, Class A3
|
|
|
|
4.48%, 3/15/30
|
100
|
100
|
|
Carmax Auto Owner Trust, Series
2025-4, Class A3
|
|
|
|
3.97%, 12/16/30
|
100
|
99
|
|
CarMax Auto Owner Trust, Series
2026-2, Class A3
|
|
|
|
4.22%, 6/16/31
|
150
|
149
|
|
CarMax Select Receivables Trust,
Series 2026-B, Class A3
|
|
|
|
4.64%, 12/16/30
|
50
|
50
|
|
Carvana Auto Receivables Trust, Series
2024-P3, Class A4
|
|
|
|
4.31%, 9/10/30
|
25
|
25
|
|
Carvana Auto Receivables Trust, Series
2025-P3, Class A3
|
|
|
|
4.04%, 11/11/30
|
100
|
99
|
|
Carvana Auto Receivables Trust, Series
2025-P4, Class A3
|
|
|
|
4.14%, 12/10/30
|
50
|
50
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
ASSET-BACKED SECURITIES - 0.4%continued
|
||
|
Auto Loan – 0.2%continued
|
||
|
Carvana Auto Receivables Trust, Series
2025-P4, Class A4
|
|
|
|
4.25%, 11/10/31
|
$50
|
$49
|
|
Carvana Auto Receivables Trust, Series
2026-P1, Class A4
|
|
|
|
4.35%, 7/12/32
|
25
|
25
|
|
Carvana Auto Receivables Trust, Series
2026-P2, Class A3
|
|
|
|
4.77%, 4/10/31
|
100
|
100
|
|
Carvana Auto Receivables Trust, Series
2026-P2, Class A4
|
|
|
|
4.91%, 8/10/32
|
25
|
25
|
|
Drive Auto Receivables Trust, Series
2024-2, Class C
|
|
|
|
4.67%, 5/17/32
|
25
|
25
|
|
Drive Auto Receivables Trust, Series
2025-1, Class C
|
|
|
|
4.99%, 9/15/32
|
25
|
25
|
|
Drive Auto Receivables Trust, Series
2025-1, Class D
|
|
|
|
5.41%, 9/15/32
|
25
|
25
|
|
Drive Auto Receivables Trust, Series
2025-2, Class B
|
|
|
|
4.14%, 9/15/32
|
25
|
25
|
|
Drive Auto Receivables Trust, Series
2025-2, Class C
|
|
|
|
4.39%, 9/15/32
|
25
|
25
|
|
Drive Auto Receivables Trust, Series
2025-2, Class D
|
|
|
|
4.90%, 12/15/32
|
25
|
25
|
|
Exeter Automobile Receivables Trust,
Series 2024-2A, Class D
|
|
|
|
5.92%, 2/15/30
|
50
|
51
|
|
Exeter Automobile Receivables Trust,
Series 2024-4A, Class D
|
|
|
|
5.81%, 12/16/30
|
50
|
51
|
|
Exeter Automobile Receivables Trust,
Series 2025-3A, Class B
|
|
|
|
4.86%, 2/15/30
|
50
|
50
|
|
Exeter Automobile Receivables Trust,
Series 2025-3A, Class C
|
|
|
|
5.09%, 10/15/31
|
25
|
25
|
|
Exeter Automobile Receivables Trust,
Series 2025-3A, Class D
|
|
|
|
5.57%, 10/15/31
|
25
|
25
|
|
|
June 30, 2026 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
ASSET-BACKED SECURITIES - 0.4%continued
|
||
|
Auto Loan – 0.2%continued
|
||
|
Exeter Automobile Receivables Trust,
Series 2025-5A, Class C
|
|
|
|
4.68%, 3/15/32
|
$50
|
$50
|
|
Exeter Automobile Receivables Trust,
Series 2026-1A, Class A3
|
|
|
|
4.03%, 3/15/30
|
100
|
99
|
|
Exeter Automobile Receivables Trust,
Series 2026-1A, Class D
|
|
|
|
5.00%, 5/17/32
|
50
|
49
|
|
Exeter Automobile Receivables Trust,
Series 2026-3A, Class B
|
|
|
|
4.70%, 3/17/31
|
50
|
50
|
|
Exeter Automobile Receivables Trust,
Series 2026-3A, Class D
|
|
|
|
5.44%, 10/15/32
|
25
|
25
|
|
Ford Credit Auto Lease Trust, Series
2026-A, Class A3
|
|
|
|
4.00%, 7/15/29
|
100
|
99
|
|
Ford Credit Auto Owner Trust, Series
2024-A, Class A4
|
|
|
|
5.01%, 9/15/29
|
100
|
101
|
|
Ford Credit Auto Owner Trust, Series
2024-C, Class B
|
|
|
|
4.40%, 8/15/30
|
25
|
25
|
|
Ford Credit Auto Owner Trust, Series
2025-A, Class A3
|
|
|
|
4.45%, 10/15/29
|
50
|
50
|
|
Ford Credit Auto Owner Trust, Series
2025-B, Class A3
|
|
|
|
3.91%, 4/15/30
|
100
|
99
|
|
Ford Credit Auto Owner Trust, Series
2025-B, Class A4
|
|
|
|
3.95%, 7/15/31
|
100
|
98
|
|
Ford Credit Auto Owner Trust, Series
2026-A, Class A3
|
|
|
|
4.05%, 10/15/30
|
100
|
99
|
|
Ford Credit Auto Owner Trust, Series
2026-A, Class B
|
|
|
|
4.34%, 4/15/32
|
25
|
25
|
|
Ford Credit Floorplan Master Owner
Trust, Series 2026-2, Class A
|
|
|
|
4.60%, 5/15/33
|
125
|
125
|
|
GM Financial Automobile Leasing Trust,
Series 2025-3, Class A4
|
|
|
|
4.20%, 8/20/29
|
50
|
50
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
ASSET-BACKED SECURITIES - 0.4%continued
|
||
|
Auto Loan – 0.2%continued
|
||
|
GM Financial Automobile Leasing Trust,
Series 2026-1, Class A3
|
|
|
|
3.88%, 1/22/29
|
$50
|
$50
|
|
GM Financial Automobile Leasing Trust,
Series 2026-2, Class A3
|
|
|
|
4.30%, 3/20/29
|
50
|
50
|
|
GM Financial Consumer Automobile
Receivables Trust, Series 2025-4,
Class A4
|
|
|
|
3.93%, 4/16/32
|
100
|
98
|
|
Honda Auto Receivables Owner Trust,
Series 2024-1, Class A4
|
|
|
|
5.17%, 5/15/30
|
50
|
50
|
|
Honda Auto Receivables Owner Trust,
Series 2025-2, Class A3
|
|
|
|
4.15%, 10/15/29
|
100
|
100
|
|
Honda Auto Receivables Owner Trust,
Series 2025-3, Class A3
|
|
|
|
4.04%, 2/21/30
|
75
|
75
|
|
Honda Auto Receivables Owner Trust,
Series 2025-4, Class A3
|
|
|
|
3.98%, 6/17/30
|
50
|
50
|
|
Honda Auto Receivables Owner Trust,
Series 2025-4, Class A4
|
|
|
|
4.05%, 2/17/32
|
25
|
25
|
|
Honda Auto Receivables Owner Trust,
Series 2026-1, Class A3
|
|
|
|
3.78%, 9/23/30
|
100
|
99
|
|
Honda Auto Receivables Owner Trust,
Series 2026-2, Class A3
|
|
|
|
4.30%, 11/15/30
|
100
|
100
|
|
Honda Auto Receivables Owner Trust,
Series 2026-2, Class A4
|
|
|
|
4.33%, 8/16/32
|
25
|
25
|
|
Hyundai Auto Receivables Trust, Series
2025-B, Class A3
|
|
|
|
4.36%, 12/17/29
|
100
|
100
|
|
Hyundai Auto Receivables Trust, Series
2025-C, Class A3
|
|
|
|
3.88%, 4/15/30
|
100
|
99
|
|
Hyundai Auto Receivables Trust, Series
2025-C, Class A4
|
|
|
|
3.89%, 1/15/32
|
50
|
49
|
|
Hyundai Auto Receivables Trust, Series
2025-D, Class A3
|
|
|
|
3.99%, 9/16/30
|
100
|
99
|
|
Schedule of Investments
|
|
BOND INDEX FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
ASSET-BACKED SECURITIES - 0.4%continued
|
||
|
Auto Loan – 0.2%continued
|
||
|
Hyundai Auto Receivables Trust, Series
2026-A, Class B
|
|
|
|
4.10%, 12/15/32
|
$50
|
$49
|
|
Hyundai Auto Receivables Trust, Series
2026-A, Class C
|
|
|
|
4.31%, 6/15/33
|
50
|
49
|
|
Hyundai Auto Receivables Trust, Series
2026-B, Class A3
|
|
|
|
4.51%, 2/18/31
|
100
|
100
|
|
Mercedes-Benz Auto Lease Trust, Series
2025-A, Class A3
|
|
|
|
4.61%, 4/16/29
|
50
|
50
|
|
Mercedes-Benz Auto Lease Trust, Series
2025-B, Class A3
|
|
|
|
3.88%, 4/16/29
|
50
|
50
|
|
Mercedes-Benz Auto Lease Trust, Series
2025-B, Class A4
|
|
|
|
3.93%, 7/15/31
|
25
|
25
|
|
Mercedes-Benz Auto Lease Trust, Series
2026-A, Class A3
|
|
|
|
3.93%, 1/15/30
|
50
|
50
|
|
Mercedes-Benz Auto Receivables Trust,
Series 2026-1, Class A3
|
|
|
|
4.36%, 10/15/30
|
100
|
100
|
|
Nissan Auto Lease Trust, Series
2026-A, Class A3
|
|
|
|
3.87%, 3/15/29
|
200
|
198
|
|
Nissan Auto Receivables Owner Trust,
Series 2025-A, Class A3
|
|
|
|
4.49%, 12/17/29
|
150
|
150
|
|
Nissan Auto Receivables Owner Trust,
Series 2025-B, Class A3
|
|
|
|
3.99%, 4/15/30
|
50
|
50
|
|
Porsche Innovative Lease Owner Trust,
Series 2026-1A, Class A3
|
|
|
|
4.41%, 8/20/29
|
100
|
100
|
|
Santander Drive Auto Receivables Trust,
Series 2023-4, Class C
|
|
|
|
6.04%, 12/15/31
|
50
|
51
|
|
Santander Drive Auto Receivables Trust,
Series 2024-2, Class D
|
|
|
|
6.28%, 8/15/31
|
25
|
25
|
|
Santander Drive Auto Receivables Trust,
Series 2024-5, Class C
|
|
|
|
4.78%, 1/15/31
|
25
|
25
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
ASSET-BACKED SECURITIES - 0.4%continued
|
||
|
Auto Loan – 0.2%continued
|
||
|
Santander Drive Auto Receivables Trust,
Series 2024-5, Class D
|
|
|
|
5.14%, 2/17/32
|
$25
|
$25
|
|
Santander Drive Auto Receivables Trust,
Series 2025-4, Class B
|
|
|
|
4.27%, 1/15/32
|
50
|
50
|
|
Santander Drive Auto Receivables Trust,
Series 2025-4, Class C
|
|
|
|
4.52%, 1/15/32
|
50
|
50
|
|
Santander Drive Auto Receivables Trust,
Series 2025-4, Class D
|
|
|
|
4.95%, 1/15/32
|
50
|
50
|
|
Santander Drive Auto Receivables Trust,
Series 2026-1, Class A3
|
|
|
|
3.93%, 7/15/30
|
50
|
49
|
|
Santander Drive Auto Receivables Trust,
Series 2026-1, Class B
|
|
|
|
4.07%, 4/15/32
|
50
|
49
|
|
Santander Drive Auto Receivables Trust,
Series 2026-1, Class C
|
|
|
|
4.26%, 4/15/32
|
50
|
49
|
|
Toyota Auto Receivables Owner Trust,
Series 2024-C, Class A4
|
|
|
|
4.83%, 11/15/29
|
100
|
100
|
|
Toyota Auto Receivables Owner Trust,
Series 2025-D, Class A3
|
|
|
|
3.84%, 6/17/30
|
150
|
149
|
|
Toyota Auto Receivables Owner Trust,
Series 2025-D, Class A4
|
|
|
|
3.94%, 2/17/31
|
100
|
98
|
|
Toyota Auto Receivables Owner Trust,
Series 2026-A, Class A3
|
|
|
|
3.86%, 9/16/30
|
100
|
99
|
|
Volkswagen Auto Lease Trust, Series
2025-A, Class A3
|
|
|
|
4.50%, 6/20/28
|
50
|
50
|
|
Volkswagen Auto Lease Trust, Series
2025-B, Class A3
|
|
|
|
4.01%, 1/22/29
|
50
|
50
|
|
Volkswagen Auto Lease Trust, Series
2026-A, Class A3
|
|
|
|
4.17%, 3/20/29
|
75
|
75
|
|
Volkswagen Auto Loan Enhanced Trust,
Series 2025-1, Class A3
|
|
|
|
4.50%, 8/20/29
|
50
|
50
|
|
|
June 30, 2026 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
ASSET-BACKED SECURITIES - 0.4%continued
|
||
|
Auto Loan – 0.2%continued
|
||
|
Volkswagen Auto Loan Enhanced Trust,
Series 2025-2, Class A3
|
|
|
|
3.92%, 3/20/30
|
$100
|
$99
|
|
World Omni Auto Receivables Trust,
Series 2025-A, Class A4
|
|
|
|
4.86%, 11/15/30
|
150
|
151
|
|
World Omni Auto Receivables Trust,
Series 2025-D, Class A4
|
|
|
|
4.07%, 2/17/32
|
100
|
99
|
|
World Omni Auto Receivables Trust,
Series 2026-B, Class A3
|
|
|
|
4.37%, 6/16/31
|
75
|
75
|
|
World Omni Automobile Lease
Securitization Trust, Series 2026-A,
Class A3
|
|
|
|
4.14%, 5/15/29
|
50
|
50
|
|
|
|
6,301
|
|
Credit Card – 0.1%
|
||
|
American Express Credit Account
Master Trust, Series 2023-2, Class A
|
|
|
|
4.80%, 5/15/30
|
100
|
101
|
|
American Express Credit Account
Master Trust, Series 2023-4, Class A
|
|
|
|
5.15%, 9/15/30
|
100
|
102
|
|
American Express Credit Account
Master Trust, Series 2024-2, Class A
|
|
|
|
5.24%, 4/15/31
|
100
|
102
|
|
American Express Credit Account
Master Trust, Series 2025-1, Class A
|
|
|
|
4.56%, 12/17/29
|
100
|
100
|
|
American Express Credit Account
Master Trust, Series 2025-2, Class A
|
|
|
|
4.28%, 4/15/30
|
200
|
200
|
|
American Express Credit Account
Master Trust, Series 2025-3, Class A
|
|
|
|
4.51%, 4/15/32
|
100
|
100
|
|
American Express Credit Account
Master Trust, Series 2025-4, Class A
|
|
|
|
4.30%, 7/15/30
|
200
|
200
|
|
American Express Credit Account
Master Trust, Series 2025-5, Class A
|
|
|
|
4.51%, 7/15/32
|
100
|
100
|
|
BA Credit Card Trust, Series 2025-A1,
Class A
|
|
|
|
4.31%, 5/15/30
|
100
|
100
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
ASSET-BACKED SECURITIES - 0.4%continued
|
||
|
Credit Card – 0.1%continued
|
||
|
BA Credit Card Trust, Series 2026-A1,
Class A
|
|
|
|
4.22%, 4/15/31
|
$150
|
$149
|
|
Capital One Multi-Asset Execution Trust,
Series 2021-A2, Class A2
|
|
|
|
1.39%, 7/15/30
|
150
|
141
|
|
Capital One Multi-Asset Execution Trust,
Series 2025-A1, Class A
|
|
|
|
3.82%, 9/15/30
|
75
|
74
|
|
Capital One Multi-Asset Execution Trust,
Series 2025-A2, Class A
|
|
|
|
4.02%, 9/15/32
|
75
|
74
|
|
Capital One Multi-Asset Execution Trust,
Series 2025-A3, Class A
|
|
|
|
4.65%, 10/15/37
|
125
|
123
|
|
Chase Issuance Trust, Series 2023-A2,
Class A
|
|
|
|
5.08%, 9/15/30
|
100
|
101
|
|
Chase Issuance Trust, Series 2024-A2,
Class A
|
|
|
|
4.63%, 1/15/31
|
100
|
101
|
|
Chase Issuance Trust, Series 2025-A1,
Class A
|
|
|
|
4.16%, 7/15/30
|
100
|
100
|
|
Chase Issuance Trust, Series 2026-A1I,
Class A
|
|
|
|
4.40%, 5/15/31
|
100
|
100
|
|
Citibank Credit Card Issuance Trust,
Series 2007-A3, Class A3
|
|
|
|
6.15%, 6/15/39
|
50
|
55
|
|
Citibank Credit Card Issuance Trust,
Series 2018-A7, Class A7
|
|
|
|
3.96%, 10/13/30
|
100
|
99
|
|
Citibank Credit Card Issuance Trust,
Series 2025-A1, Class A
|
|
|
|
4.30%, 6/21/30
|
150
|
150
|
|
Citibank Credit Card Issuance Trust,
Series 2025-A2, Class A
|
|
|
|
4.49%, 6/21/32
|
100
|
100
|
|
First National Master Note Trust, Series
2025-1, Class A
|
|
|
|
4.85%, 2/15/30
|
100
|
101
|
|
First National Master Note Trust, Series
2026-1I, Class A
|
|
|
|
4.61%, 5/15/31
|
100
|
100
|
|
Schedule of Investments
|
|
BOND INDEX FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
ASSET-BACKED SECURITIES - 0.4%continued
|
||
|
Credit Card – 0.1%continued
|
||
|
Synchrony Card Funding LLC, Series
2025-A2, Class A
|
|
|
|
4.49%, 5/15/31
|
$100
|
$100
|
|
Synchrony Card Funding LLC, Series
2026-A1, Class A
|
|
|
|
4.18%, 3/15/32
|
100
|
99
|
|
Synchrony Card Issuance Trust, Series
2025-A1, Class A
|
|
|
|
4.78%, 2/15/31
|
75
|
75
|
|
Synchrony Card Issuance Trust, Series
2025-A3, Class A
|
|
|
|
4.06%, 11/15/31
|
75
|
74
|
|
WF Card Issuance Trust, Series
2024-A2, Class A
|
|
|
|
4.29%, 10/15/29
|
100
|
100
|
|
WF Card Issuance Trust, Series
2025-A1, Class A
|
|
|
|
4.34%, 5/15/30
|
100
|
100
|
|
WF Card Issuance Trust, Series
2026-A1, Class A
|
|
|
|
4.08%, 4/15/31
|
150
|
149
|
|
|
|
3,370
|
|
Other – 0.1%
|
||
|
CNH Equipment Trust, Series 2024-C,
Class A3
|
|
|
|
4.03%, 1/15/30
|
49
|
49
|
|
CNH Equipment Trust, Series 2026-A,
Class A3
|
|
|
|
4.00%, 5/15/31
|
75
|
74
|
|
CNH Equipment Trust, Series 2026-A,
Class A4
|
|
|
|
4.14%, 7/15/33
|
100
|
99
|
|
CNH Equipment Trust, Series 2026-B,
Class A3
|
|
|
|
4.59%, 9/15/31
|
75
|
75
|
|
Ford Credit Floorplan Master Owner
Trust A, Series 2025-1, Class A1
|
|
|
|
4.63%, 4/15/30
|
100
|
100
|
|
Ford Credit Floorplan Master Owner
Trust, Series 2018-4, Class A
|
|
|
|
4.06%, 11/15/30
|
100
|
99
|
|
Ford Credit Floorplan Master Owner
Trust, Series 2026-1, Class A
|
|
|
|
4.42%, 5/15/31
|
100
|
100
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
ASSET-BACKED SECURITIES - 0.4%continued
|
||
|
Other – 0.1%continued
|
||
|
John Deere Owner Trust, Series
2025-A, Class A3
|
|
|
|
4.23%, 9/17/29
|
$100
|
$100
|
|
John Deere Owner Trust, Series
2025-B, Class A3
|
|
|
|
4.17%, 12/17/29
|
50
|
50
|
|
John Deere Owner Trust, Series
2026-A, Class A3
|
|
|
|
3.87%, 8/15/30
|
50
|
49
|
|
PSNH Funding LLC 3, Series 2018-1,
Class A3
|
|
|
|
3.81%, 2/1/35
|
100
|
97
|
|
Verizon Master Trust, Series 2024-3,
Class A1A
|
|
|
|
5.34%, 4/22/30
|
100
|
101
|
|
Verizon Master Trust, Series 2024-6,
Class A1A
|
|
|
|
4.17%, 8/20/30
|
100
|
100
|
|
Verizon Master Trust, Series 2024-8,
Class A1A
|
|
|
|
4.62%, 11/20/30
|
100
|
100
|
|
Verizon Master Trust, Series 2025-1,
Class A
|
|
|
|
4.71%, 1/21/31
|
100
|
101
|
|
Verizon Master Trust, Series 2025-3,
Class A1A
|
|
|
|
4.51%, 3/20/30
|
50
|
50
|
|
Verizon Master Trust, Series 2025-5,
Class A1A
|
|
|
|
4.40%, 6/20/31
|
100
|
100
|
|
Verizon Master Trust, Series 2026-1,
Class A1A
|
|
|
|
3.94%, 2/20/31
|
150
|
149
|
|
Verizon Master Trust, Series 2026-2,
Class A1A
|
|
|
|
4.51%, 6/21/32
|
100
|
100
|
|
|
|
1,693
|
|
Total Asset-Backed Securities
|
|
|
|
(Cost $11,409)
|
|
11,364
|
|
|
|
|
|
COMMERCIAL MORTGAGE-BACKED SECURITIES – 0.6%
|
||
|
Non Agency – 0.6%
|
||
|
BANK, Series 2018-BN11, Class A3
|
|
|
|
4.05%, 3/15/61
|
400
|
395
|
|
|
June 30, 2026 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
COMMERCIAL MORTGAGE-BACKED SECURITIES - 0.6%continued
|
||
|
Non Agency – 0.6%continued
|
||
|
BANK, Series 2018-BN12, Class A4
|
|
|
|
4.26%, 5/15/61
|
$300
|
$296
|
|
BANK, Series 2018-BN13, Class A5
|
|
|
|
4.22%, 8/15/61
|
100
|
99
|
|
BANK, Series 2018-BN14, Class A4
|
|
|
|
4.23%, 9/15/60
|
200
|
197
|
|
BANK, Series 2018-BN15, Class A4
|
|
|
|
4.41%, 11/15/61
|
300
|
297
|
|
BANK, Series 2019-BN18, Class A3
|
|
|
|
3.33%, 5/15/62
|
200
|
192
|
|
BANK, Series 2019-BN19, Class A3
|
|
|
|
3.18%, 8/15/61
|
300
|
284
|
|
BANK, Series 2020-BN28, Class A4
|
|
|
|
1.84%, 3/15/63
|
500
|
442
|
|
BANK, Series 2021-BN31, Class A4
|
|
|
|
2.04%, 2/15/54
|
200
|
177
|
|
BANK, Series 2021-BN37, Class A5
|
|
|
|
2.62%, 11/15/64
|
200
|
177
|
|
BANK, Series 2021-BN38, Class A5
|
|
|
|
2.52%, 12/15/64
|
300
|
264
|
|
BANK, Series 2022-BNK42, Class A5
|
|
|
|
4.49%, 6/15/55
|
200
|
194
|
|
BANK, Series 2022-BNK44, Class A5
|
|
|
|
5.74%, 11/15/55(1)
|
500
|
518
|
|
BANK, Series 2024-BNK47, Class A5
|
|
|
|
5.72%, 6/15/57
|
200
|
208
|
|
BANK, Series 2024-BNK48, Class A5
|
|
|
|
5.05%, 10/15/57
|
200
|
200
|
|
BANK, Series 2025-BNK49, Class A5
|
|
|
|
5.62%, 3/15/58
|
200
|
208
|
|
BANK, Series 2026-BNK52, Class A5
|
|
|
|
6/15/36(2)
|
100
|
104
|
|
BANK5, Series 2025-5YR19, Class A3
|
|
|
|
5.27%, 12/15/30
|
500
|
507
|
|
BANK5, Series 2026-5YR20, Class A3
|
|
|
|
5.10%, 2/15/59
|
500
|
504
|
|
BANK5, Series 2026-5YR22, Class A3
|
|
|
|
5.71%, 6/15/59
|
300
|
310
|
|
Barclays Commercial Mortgage Trust,
Series 2019-C3, Class A4
|
|
|
|
3.58%, 5/15/52
|
200
|
193
|
|
Barclays Commercial Mortgage Trust,
Series 2019-C4, Class A5
|
|
|
|
2.92%, 8/15/52
|
500
|
472
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
COMMERCIAL MORTGAGE-BACKED SECURITIES - 0.6%continued
|
||
|
Non Agency – 0.6%continued
|
||
|
Barclays Commercial Mortgage Trust,
Series 2019-C5, Class C
|
|
|
|
3.71%, 11/15/52
|
$150
|
$138
|
|
BBCMS Mortgage Trust, Series
2018-C2, Class A5
|
|
|
|
4.31%, 12/15/51
|
350
|
345
|
|
BBCMS Mortgage Trust, Series
2024-5C27, Class A3
|
|
|
|
6.01%, 7/15/57
|
500
|
514
|
|
BBCMS Mortgage Trust, Series
2024-C30, Class A5
|
|
|
|
5.53%, 11/15/57
|
200
|
206
|
|
BBCMS Mortgage Trust, Series
2025-C35, Class A5
|
|
|
|
5.59%, 7/15/58
|
250
|
259
|
|
BBCMS Mortgage Trust, Series
2025-C39, Class A5
|
|
|
|
5.30%, 12/15/58
|
250
|
254
|
|
Benchmark Mortgage Trust, Series
2018-B3, Class A5
|
|
|
|
4.03%, 4/10/51
|
100
|
98
|
|
Benchmark Mortgage Trust, Series
2018-B5, Class A4
|
|
|
|
4.21%, 7/15/51
|
200
|
197
|
|
Benchmark Mortgage Trust, Series
2018-B6, Class B
|
|
|
|
4.59%, 10/10/51(1)
|
125
|
118
|
|
Benchmark Mortgage Trust, Series
2018-B8, Class A5
|
|
|
|
4.23%, 1/15/52
|
100
|
98
|
|
Benchmark Mortgage Trust, Series
2020-B16, Class A5
|
|
|
|
2.73%, 2/15/53
|
200
|
186
|
|
Benchmark Mortgage Trust, Series
2020-B18, Class A5
|
|
|
|
1.93%, 7/15/53
|
500
|
442
|
|
Benchmark Mortgage Trust, Series
2020-IG1, Class A3
|
|
|
|
2.69%, 9/15/43
|
100
|
87
|
|
Benchmark Mortgage Trust, Series
2021-B23, Class A5
|
|
|
|
2.07%, 2/15/54
|
200
|
176
|
|
Benchmark Mortgage Trust, Series
2026-B42, Class A5
|
|
|
|
5.10%, 3/15/59
|
250
|
250
|
|
Schedule of Investments
|
|
BOND INDEX FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
COMMERCIAL MORTGAGE-BACKED SECURITIES - 0.6%continued
|
||
|
Non Agency – 0.6%continued
|
||
|
Benchmark Mortgage Trust, Series
2026-V21, Class A3
|
|
|
|
5.13%, 3/15/59
|
$500
|
$504
|
|
Benchmark, Series 2026-V22,
Class A3
|
|
|
|
5.47%, 5/15/59
|
500
|
511
|
|
BenchmarkMortgage Trust, Series
2021-B26, Class A5
|
|
|
|
2.61%, 6/15/54
|
200
|
179
|
|
BMO Mortgage Trust, Series
2024-C10, Class A5
|
|
|
|
5.48%, 11/15/57
|
200
|
205
|
|
BMO Mortgage Trust, Series
2026-5C14, Class A3
|
|
|
|
5.21%, 3/15/59
|
500
|
505
|
|
CD Mortgage Trust, Series 2018-CD7,
Class A4
|
|
|
|
4.28%, 8/15/51
|
200
|
198
|
|
CD Mortgage Trust, Series 2019-CD8,
Class A4
|
|
|
|
2.91%, 8/15/57
|
150
|
140
|
|
Citigroup Commercial Mortgage Trust,
Series 2017-P8, Class A4
|
|
|
|
3.47%, 9/15/50
|
250
|
244
|
|
Citigroup Commercial Mortgage Trust,
Series 2018-B2, Class A4
|
|
|
|
4.01%, 3/10/51
|
100
|
99
|
|
Citigroup Commercial Mortgage Trust,
Series 2018-C5, Class A4
|
|
|
|
4.23%, 6/10/51
|
200
|
198
|
|
Citigroup Commercial Mortgage Trust,
Series 2018-C6, Class A4
|
|
|
|
4.41%, 11/10/51
|
200
|
198
|
|
Commercial Mortgage Trust, Series
2018-COR3, Class A3
|
|
|
|
4.23%, 5/10/51
|
200
|
196
|
|
Commercial Mortgage Trust, Series
2019-GC44, Class C
|
|
|
|
3.51%, 8/15/57(1)
|
150
|
124
|
|
CSAIL Commercial Mortgage Trust,
Series 2018-C14, Class A4
|
|
|
|
4.42%, 11/15/51
|
300
|
297
|
|
DBJPM Mortgage Trust, Series
2020-C9, Class A5
|
|
|
|
1.93%, 8/15/53
|
100
|
89
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
COMMERCIAL MORTGAGE-BACKED SECURITIES - 0.6%continued
|
||
|
Non Agency – 0.6%continued
|
||
|
GS Mortgage Securities Trust, Series
2017-GS7, Class A4
|
|
|
|
3.43%, 8/10/50
|
$250
|
$247
|
|
GS Mortgage Securities Trust, Series
2019-GC40, Class A4
|
|
|
|
3.16%, 7/10/52
|
150
|
142
|
|
GS Mortgage Securities Trust, Series
2020-GC45, Class A5
|
|
|
|
2.91%, 2/13/53
|
300
|
281
|
|
JP Morgan Chase Commercial
Mortgage Securities Trust, Series
2019-COR5, Class A4
|
|
|
|
3.39%, 6/13/52
|
200
|
191
|
|
Morgan Stanley Bank of America
Merrill Lynch Trust, Series 2025-C35,
Class A5
|
|
|
|
5.63%, 8/15/58
|
500
|
519
|
|
Morgan Stanley Capital I Trust, Series
2018-H4, Class A4
|
|
|
|
4.31%, 12/15/51
|
100
|
98
|
|
Morgan Stanley Capital I Trust, Series
2018-L1, Class A4
|
|
|
|
4.41%, 10/15/51
|
200
|
198
|
|
Morgan Stanley Capital I Trust, Series
2019-H7, Class A4
|
|
|
|
3.26%, 7/15/52
|
250
|
239
|
|
Morgan Stanley Capital I Trust, Series
2020-HR8, Class A4
|
|
|
|
2.04%, 7/15/53
|
500
|
451
|
|
Morgan Stanley Capital I, Series
2017-HR2, Class A4
|
|
|
|
3.59%, 12/15/50
|
200
|
196
|
|
MSWF Commercial Mortgage Trust,
Series 2023-1, Class A5
|
|
|
|
5.75%, 5/15/56
|
250
|
260
|
|
UBS Commercial Mortgage Trust,
Series 2017-C2, Class B
|
|
|
|
3.99%, 8/15/50
|
100
|
97
|
|
UBS Commercial Mortgage Trust,
Series 2017-C7, Class A4
|
|
|
|
3.68%, 12/15/50
|
150
|
148
|
|
UBS Commercial Mortgage Trust,
Series 2018-C10, Class A4
|
|
|
|
4.31%, 5/15/51
|
200
|
197
|
|
|
June 30, 2026 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
COMMERCIAL MORTGAGE-BACKED SECURITIES - 0.6%continued
|
||
|
Non Agency – 0.6%continued
|
||
|
UBS Commercial Mortgage Trust,
Series 2018-C11, Class A5
|
|
|
|
4.24%, 6/15/51
|
$150
|
$148
|
|
UBS Commercial Mortgage Trust,
Series 2018-C13, Class A4
|
|
|
|
4.33%, 10/15/51
|
200
|
197
|
|
UBS Commercial Mortgage Trust,
Series 2018-C14, Class A4
|
|
|
|
4.45%, 12/15/51
|
100
|
99
|
|
UBS Commercial Mortgage Trust,
Series 2018-C8, Class A4
|
|
|
|
3.98%, 2/15/51
|
150
|
147
|
|
Wells Fargo Commercial Mortgage
Trust, Series 2017-C42, Class A4
|
|
|
|
3.59%, 12/15/50
|
100
|
98
|
|
Wells Fargo Commercial Mortgage
Trust, Series 2018-C48, Class A5
|
|
|
|
4.30%, 1/15/52
|
100
|
99
|
|
Wells Fargo Commercial Mortgage
Trust, Series 2019-C50, Class A5
|
|
|
|
3.73%, 5/15/52
|
200
|
193
|
|
Wells Fargo Commercial Mortgage
Trust, Series 2020-C55, Class A5
|
|
|
|
2.73%, 2/15/53
|
100
|
93
|
|
Wells Fargo Commercial Mortgage
Trust, Series 2020-C56, Class A5
|
|
|
|
2.45%, 6/15/53
|
500
|
460
|
|
Wells Fargo Commercial Mortgage
Trust, Series 2025-5C3, Class A3
|
|
|
|
6.10%, 1/15/58
|
250
|
259
|
|
Wells Fargo Commercial Mortgage
Trust, Series 2025-5C5, Class A3
|
|
|
|
5.59%, 7/15/58
|
200
|
204
|
|
Wells Fargo Commercial Mortgage
Trust, Series 2025-5C7, Class A3
|
|
|
|
5.20%, 12/15/58
|
500
|
504
|
|
Wells Fargo Commercial Mortgage
Trust, Series 2026-5C9, Class A3
|
|
|
|
5.49%, 5/15/59
|
500
|
511
|
|
|
|
19,569
|
|
Total Commercial Mortgage-Backed
Securities
|
|
|
|
(Cost $20,177)
|
|
19,569
|
|
|
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS – 21.1%
|
||
|
Advertising & Marketing – 0.0%
|
||
|
AppLovin Corp.,
|
|
|
|
5.13%, 12/1/29
|
$500
|
$504
|
|
Omnicom Group, Inc.,
|
|
|
|
4.75%, 3/30/30
|
500
|
500
|
|
2.40%, 3/1/31
|
500
|
449
|
|
|
|
1,453
|
|
Aerospace & Defense – 0.5%
|
||
|
Boeing (The) Co.,
|
|
|
|
3.25%, 2/1/28
|
366
|
358
|
|
3.25%, 3/1/28
|
55
|
54
|
|
3.20%, 3/1/29
|
159
|
153
|
|
6.30%, 5/1/29
|
600
|
625
|
|
2.95%, 2/1/30
|
250
|
235
|
|
5.15%, 5/1/30
|
43
|
44
|
|
6.39%, 5/1/31
|
500
|
531
|
|
6.13%, 2/15/33
|
135
|
143
|
|
6.53%, 5/1/34
|
400
|
435
|
|
6.63%, 2/15/38
|
100
|
109
|
|
5.71%, 5/1/40
|
200
|
203
|
|
5.81%, 5/1/50†
|
1,060
|
1,047
|
|
6.86%, 5/1/54
|
500
|
562
|
|
GE Capital Funding LLC,
|
|
|
|
4.55%, 5/15/32
|
700
|
695
|
|
General Dynamics Corp.,
|
|
|
|
2.63%, 11/15/27
|
104
|
102
|
|
3.75%, 5/15/28
|
246
|
244
|
|
4.25%, 4/1/40
|
100
|
90
|
|
2.85%, 6/1/41
|
160
|
119
|
|
General Electric Co.,
|
|
|
|
4.90%, 1/29/36
|
250
|
250
|
|
HEICO Corp.,
|
|
|
|
5.35%, 8/1/33
|
150
|
152
|
|
Honeywell Aerospace, Inc.,
|
|
|
|
4.95%, 3/16/36(3)
|
1,410
|
1,388
|
|
5.73%, 3/16/56(3)
|
720
|
720
|
|
Howmet Aerospace, Inc.,
|
|
|
|
3.00%, 1/15/29
|
200
|
193
|
|
Huntington Ingalls Industries, Inc.,
|
|
|
|
2.04%, 8/16/28
|
200
|
189
|
|
L3Harris Technologies, Inc.,
|
|
|
|
4.40%, 6/15/28
|
449
|
447
|
|
5.25%, 6/1/31
|
500
|
509
|
|
5.50%, 8/15/54
|
100
|
97
|
|
Schedule of Investments
|
|
BOND INDEX FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 21.1% continued
|
||
|
Aerospace & Defense – 0.5%continued
|
||
|
Lockheed Martin Corp.,
|
|
|
|
5.25%, 1/15/33
|
$1,200
|
$1,240
|
|
3.60%, 3/1/35
|
135
|
123
|
|
5.00%, 8/15/35
|
500
|
502
|
|
4.07%, 12/15/42
|
168
|
142
|
|
3.80%, 3/1/45
|
230
|
183
|
|
4.09%, 9/15/52
|
20
|
16
|
|
5.20%, 2/15/64
|
200
|
184
|
|
Northrop Grumman Corp.,
|
|
|
|
3.25%, 1/15/28
|
500
|
491
|
|
5.25%, 7/15/35
|
400
|
407
|
|
5.05%, 11/15/40
|
250
|
241
|
|
4.75%, 6/1/43
|
250
|
228
|
|
3.85%, 4/15/45
|
8
|
6
|
|
4.03%, 10/15/47
|
252
|
201
|
|
Precision Castparts Corp.,
|
|
|
|
4.38%, 6/15/45
|
100
|
86
|
|
RTX Corp.,
|
|
|
|
6.00%, 3/15/31
|
120
|
127
|
|
1.90%, 9/1/31
|
71
|
62
|
|
2.38%, 3/15/32
|
68
|
60
|
|
4.50%, 6/1/42
|
250
|
224
|
|
4.80%, 12/15/43
|
400
|
364
|
|
3.75%, 11/1/46
|
750
|
576
|
|
4.35%, 4/15/47
|
200
|
167
|
|
6.40%, 3/15/54
|
880
|
966
|
|
Textron, Inc.,
|
|
|
|
2.45%, 3/15/31
|
250
|
226
|
|
|
|
16,516
|
|
Apparel & Textile Products – 0.0%
|
||
|
NIKE, Inc.,
|
|
|
|
2.85%, 3/27/30
|
1,050
|
990
|
|
3.25%, 3/27/40
|
75
|
59
|
|
Ralph Lauren Corp.,
|
|
|
|
2.95%, 6/15/30
|
100
|
94
|
|
|
|
1,143
|
|
Asset Management – 0.4%
|
||
|
Apollo Debt Solutions BDC,
|
|
|
|
6.55%, 3/15/32
|
500
|
504
|
|
Apollo Global Management, Inc.,
|
|
|
|
6.38%, 11/15/33
|
200
|
213
|
|
5.70%, 3/30/36†
|
400
|
401
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 21.1% continued
|
||
|
Asset Management – 0.4%continued
|
||
|
Ares Capital Corp.,
|
|
|
|
5.95%, 7/15/29
|
$300
|
$303
|
|
5.55%, 1/15/30
|
500
|
497
|
|
Ares Management Corp.,
|
|
|
|
6.38%, 11/10/28
|
100
|
103
|
|
Ares Strategic Income Fund,
|
|
|
|
5.55%, 4/15/31
|
150
|
146
|
|
6.20%, 3/21/32
|
150
|
148
|
|
BlackRock Funding, Inc.,
|
|
|
|
4.60%, 7/26/27
|
160
|
161
|
|
4.70%, 3/14/29
|
500
|
505
|
|
4.90%, 1/8/35
|
200
|
200
|
|
Blackrock, Inc.,
|
|
|
|
1.90%, 1/28/31
|
720
|
642
|
|
Blackstone Private Credit Fund,
|
|
|
|
6.00%, 1/29/32
|
200
|
197
|
|
6.00%, 11/22/34†
|
200
|
193
|
|
Blackstone Reg Finance Co. LLC,
|
|
|
|
4.95%, 2/15/36
|
100
|
97
|
|
Blackstone Secured Lending Fund,
|
|
|
|
5.30%, 6/30/30
|
200
|
195
|
|
Blue Owl Capital Corp.,
|
|
|
|
5.95%, 3/15/29
|
400
|
400
|
|
Blue Owl Credit Income Corp.,
|
|
|
|
7.75%, 9/16/27
|
200
|
204
|
|
5.80%, 3/15/30
|
400
|
390
|
|
Blue Owl Finance LLC,
|
|
|
|
4.13%, 10/7/51†
|
200
|
137
|
|
Blue Owl Technology Finance Corp.,
|
|
|
|
6.10%, 3/15/28
|
200
|
199
|
|
6.75%, 4/4/29†
|
100
|
100
|
|
Charles Schwab (The) Corp.,
|
|
|
|
(Variable, U.S. SOFR + 2.21%),
5.64%, 5/19/29(4) †
|
400
|
408
|
|
(Variable, U.S. SOFR + 0.94%),
4.34%, 11/14/31(4)
|
500
|
492
|
|
(Variable, U.S. SOFR + 2.50%),
5.85%, 5/19/34(4) †
|
200
|
209
|
|
(Variable, U.S. SOFR + 2.01%),
6.14%, 8/24/34(4)
|
300
|
319
|
|
Franklin Resources, Inc.,
|
|
|
|
2.95%, 8/12/51
|
150
|
94
|
|
Goldman Sachs Private Credit Corp.,
|
|
|
|
5.05%, 2/23/28
|
570
|
567
|
|
|
June 30, 2026 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 21.1% continued
|
||
|
Asset Management – 0.4%continued
|
||
|
Golub Capital Private Credit Fund,
|
|
|
|
5.60%, 4/15/31(3)
|
$810
|
$776
|
|
HA Sustainable Infrastructure Capital,
Inc.,
|
|
|
|
6.38%, 7/1/34
|
100
|
102
|
|
6.00%, 3/15/36
|
170
|
168
|
|
HPS Corporate Lending Fund,
|
|
|
|
5.45%, 1/14/28†
|
200
|
199
|
|
5.45%, 11/15/30
|
1,040
|
1,005
|
|
Janus Henderson U.S. Holdings, Inc.,
|
|
|
|
5.45%, 9/10/34
|
30
|
30
|
|
Main Street Capital Corp.,
|
|
|
|
6.95%, 3/1/29
|
100
|
103
|
|
Morgan Stanley Direct Lending Fund,
|
|
|
|
6.15%, 5/17/29
|
200
|
202
|
|
New Mountain Finance Corp.,
|
|
|
|
6.20%, 10/15/27
|
200
|
201
|
|
Oaktree Specialty Lending Corp.,
|
|
|
|
6.34%, 2/27/30
|
100
|
99
|
|
Raymond James Financial, Inc.,
|
|
|
|
4.90%, 9/11/35
|
150
|
146
|
|
3.75%, 4/1/51
|
100
|
73
|
|
5.65%, 9/11/55†
|
300
|
292
|
|
Sixth Street Specialty Lending, Inc.,
|
|
|
|
6.13%, 3/1/29
|
100
|
101
|
|
TPG Operating Group II L.P.,
|
|
|
|
5.88%, 3/5/34
|
50
|
51
|
|
Voya Financial, Inc.,
|
|
|
|
4.80%, 6/15/46
|
100
|
88
|
|
|
|
11,660
|
|
Automotive – 0.4%
|
||
|
American Honda Finance Corp.,
|
|
|
|
4.80%, 3/5/30
|
500
|
499
|
|
4.50%, 9/4/30
|
500
|
493
|
|
5.15%, 7/9/32
|
500
|
501
|
|
Aptiv Swiss Holdings Ltd.,
|
|
|
|
4.15%, 5/1/52
|
162
|
122
|
|
BorgWarner, Inc.,
|
|
|
|
4.38%, 3/15/45
|
170
|
142
|
|
Ford Motor Credit Co. LLC,
|
|
|
|
5.88%, 11/7/29
|
400
|
405
|
|
5.73%, 9/5/30
|
200
|
201
|
|
5.75%, 4/6/33
|
800
|
793
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 21.1% continued
|
||
|
Automotive – 0.4%continued
|
||
|
7.12%, 11/7/33
|
$1,800
|
$1,915
|
|
General Motors Co.,
|
|
|
|
6.80%, 10/1/27
|
118
|
121
|
|
5.00%, 10/1/28
|
227
|
228
|
|
5.60%, 10/15/32
|
183
|
187
|
|
6.25%, 10/2/43†
|
350
|
352
|
|
6.75%, 4/1/46
|
145
|
153
|
|
5.40%, 4/1/48
|
267
|
240
|
|
General Motors Financial Co., Inc.,
|
|
|
|
2.70%, 8/20/27
|
658
|
645
|
|
6.00%, 1/9/28
|
500
|
509
|
|
2.40%, 4/10/28
|
119
|
114
|
|
5.80%, 6/23/28
|
500
|
510
|
|
5.65%, 1/17/29
|
84
|
86
|
|
4.30%, 4/6/29
|
82
|
81
|
|
4.90%, 10/6/29
|
870
|
872
|
|
5.35%, 1/7/30
|
300
|
305
|
|
3.60%, 6/21/30
|
99
|
94
|
|
2.35%, 1/8/31
|
33
|
29
|
|
3.10%, 1/12/32
|
33
|
30
|
|
5.63%, 4/4/32
|
600
|
615
|
|
5.90%, 1/7/35†
|
150
|
154
|
|
Lear Corp.,
|
|
|
|
3.55%, 1/15/52
|
200
|
137
|
|
Toyota Motor Credit Corp.,
|
|
|
|
4.35%, 10/8/27†
|
500
|
500
|
|
4.05%, 3/13/29
|
410
|
405
|
|
4.80%, 5/15/30
|
300
|
302
|
|
4.70%, 1/12/33
|
500
|
497
|
|
4.80%, 1/5/34
|
500
|
496
|
|
|
|
12,733
|
|
Banking – 2.4%
|
||
|
Associated Banc-Corp,
|
|
|
|
(Variable, U.S. SOFR + 3.03%),
6.46%, 8/29/30(4)
|
100
|
103
|
|
Bank of America Corp.,
|
|
|
|
4.18%, 11/25/27
|
146
|
145
|
|
(Variable, U.S. SOFR + 2.04%),
4.95%, 7/22/28(4)
|
1,500
|
1,506
|
|
(Variable, U.S. SOFR + 0.83%),
4.98%, 1/24/29(4)
|
500
|
503
|
|
(Variable, CME Term SOFR 3M +
1.33%), 3.97%, 3/5/29(4)
|
837
|
828
|
|
Schedule of Investments
|
|
BOND INDEX FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 21.1% continued
|
||
|
Banking – 2.4%continued
|
||
|
(Variable, U.S. SOFR + 1.11%),
4.62%, 5/9/29(4)
|
$1,540
|
$1,539
|
|
(Variable, U.S. SOFR + 1.57%),
5.82%, 9/15/29(4)
|
500
|
512
|
|
(Variable, U.S. SOFR + 1.00%),
5.16%, 1/24/31(4)
|
1,500
|
1,520
|
|
(Variable, CME Term SOFR 3M +
1.25%), 2.50%, 2/13/31(4)
|
2
|
2
|
|
(Variable, U.S. SOFR + 2.15%),
2.59%, 4/29/31(4)
|
3
|
3
|
|
(Variable, U.S. SOFR + 0.87%),
4.46%, 2/6/32(4)
|
1,550
|
1,523
|
|
(Variable, U.S. SOFR + 1.32%),
2.69%, 4/22/32(4)
|
380
|
344
|
|
(Variable, U.S. SOFR + 2.16%),
5.02%, 7/22/33(4)
|
1,403
|
1,405
|
|
(Variable, U.S. SOFR + 1.91%),
5.29%, 4/25/34(4)
|
1,000
|
1,013
|
|
(Variable, U.S. SOFR + 1.84%),
5.87%, 9/15/34(4)
|
400
|
418
|
|
(Variable, U.S. SOFR + 1.65%),
5.47%, 1/23/35(4)
|
600
|
612
|
|
(Variable, U.S. SOFR + 1.31%),
5.51%, 1/24/36(4) †
|
200
|
204
|
|
(Variable, U.S. SOFR + 1.70%),
5.74%, 2/12/36(4)
|
700
|
714
|
|
(Variable, U.S. SOFR + 1.64%),
5.46%, 5/9/36(4)
|
250
|
255
|
|
6.11%, 1/29/37
|
150
|
158
|
|
(Variable, U.S. SOFR + 1.13%),
5.05%, 2/6/37(4)
|
1,000
|
985
|
|
(Variable, U.S. SOFR + 1.58%),
3.31%, 4/22/42(4)
|
600
|
465
|
|
(Variable, CME Term SOFR 3M +
1.45%), 3.95%, 1/23/49(4)
|
600
|
470
|
|
(Variable, CME Term SOFR 3M +
1.78%), 4.33%, 3/15/50(4)
|
755
|
623
|
|
(Variable, CME Term SOFR 3M +
3.41%), 4.08%, 3/20/51(4)
|
810
|
641
|
|
Bank of America N.A.,
|
|
|
|
6.00%, 10/15/36
|
250
|
264
|
|
BankUnited, Inc.,
|
|
|
|
5.13%, 6/11/30
|
100
|
99
|
|
Capital One N.A.,
|
|
|
|
2.70%, 2/6/30
|
250
|
234
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 21.1% continued
|
||
|
Banking – 2.4%continued
|
||
|
Citigroup, Inc.,
|
|
|
|
(Variable, CME Term SOFR 3M +
1.65%), 3.67%, 7/24/28(4)
|
$28
|
$28
|
|
(Variable, U.S. SOFR + 0.87%),
4.79%, 3/4/29(4)
|
980
|
982
|
|
(Variable, U.S. SOFR + 1.36%),
5.17%, 2/13/30(4)
|
500
|
505
|
|
(Variable, U.S. SOFR + 3.91%),
4.41%, 3/31/31(4)
|
500
|
493
|
|
(Variable, U.S. SOFR + 1.17%),
4.50%, 9/11/31(4)
|
500
|
494
|
|
(Variable, U.S. SOFR + 1.17%),
2.56%, 5/1/32(4)
|
800
|
719
|
|
6.63%, 6/15/32
|
100
|
109
|
|
(Variable, U.S. SOFR + 2.66%),
6.17%, 5/25/34(4)
|
1,400
|
1,461
|
|
(Variable, U.S. Treasury Yield Curve
Rate CMT 5Y + 1.28%), 5.59%,
11/19/34(4)
|
2,000
|
2,025
|
|
(Variable, U.S. SOFR + 1.83%),
6.02%, 1/24/36(4)
|
500
|
515
|
|
(Variable, U.S. SOFR + 1.47%),
5.33%, 3/27/36(4)
|
600
|
604
|
|
6.13%, 8/25/36
|
125
|
131
|
|
(Variable, U.S. SOFR + 1.49%),
5.17%, 9/11/36(4)
|
400
|
398
|
|
8.13%, 7/15/39
|
332
|
415
|
|
(Variable, U.S. SOFR + 4.55%),
5.32%, 3/26/41(4)
|
180
|
178
|
|
5.88%, 1/30/42
|
30
|
31
|
|
(Variable, U.S. SOFR + 1.75%),
5.61%, 3/4/56(4)
|
500
|
489
|
|
Citizens Bank N.A.,
|
|
|
|
(Variable, U.S. SOFR + 2.00%),
4.58%, 8/9/28(4)
|
500
|
500
|
|
Citizens Financial Group, Inc.,
|
|
|
|
(Variable, U.S. SOFR + 2.33%),
6.65%, 4/25/35(4)
|
200
|
215
|
|
Fifth Third Bancorp,
|
|
|
|
(Variable, U.S. SOFR + 1.24%),
5.14%, 1/29/37(4)
|
400
|
393
|
|
8.25%, 3/1/38
|
275
|
335
|
|
Fifth Third Bank N.A.,
|
|
|
|
(Variable, U.S. SOFR + 2.61%),
5.33%, 8/25/33(4)
|
250
|
250
|
|
|
June 30, 2026 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 21.1% continued
|
||
|
Banking – 2.4%continued
|
||
|
First Citizens BancShares, Inc.,
|
|
|
|
(Variable, U.S. Treasury Yield Curve
Rate CMT 5Y + 1.97%), 6.25%,
3/12/40(4)
|
$100
|
$99
|
|
First Horizon Corp.,
|
|
|
|
(Variable, U.S. SOFR + 1.77%),
5.51%, 3/7/31(4)
|
100
|
101
|
|
First-Citizens Bank & Trust Co.,
|
|
|
|
6.13%, 3/9/28
|
50
|
51
|
|
FNB Corp.,
|
|
|
|
(Variable, U.S. SOFR Compounded
Index + 1.93%), 5.72%,
12/11/30(4)
|
50
|
50
|
|
HSBC Bank U.S.A. N.A.,
|
|
|
|
7.00%, 1/15/39
|
350
|
395
|
|
Huntington Bancshares, Inc.,
|
|
|
|
(Variable, U.S. SOFR + 1.97%),
4.44%, 8/4/28(4)
|
500
|
499
|
|
(Variable, U.S. SOFR + 2.02%),
6.21%, 8/21/29(4)
|
500
|
515
|
|
(Variable, U.S. SOFR + 0.99%),
4.62%, 1/28/32(4)
|
400
|
393
|
|
Independent Bank Corp.,
|
|
|
|
(Variable, CME Term SOFR 3M +
3.53%), 7.25%, 4/1/35(4)
|
50
|
52
|
|
JPMorgan Chase & Co.,
|
|
|
|
4.25%, 10/1/27
|
299
|
299
|
|
(Variable, U.S. SOFR + 0.93%),
4.98%, 7/22/28(4)
|
250
|
251
|
|
(Variable, U.S. SOFR + 1.99%),
4.85%, 7/25/28(4)
|
33
|
33
|
|
(Variable, CME Term SOFR 3M +
1.21%), 3.51%, 1/23/29(4)
|
1,090
|
1,072
|
|
(Variable, U.S. SOFR + 0.80%),
4.92%, 1/24/29(4)
|
990
|
995
|
|
(Variable, CME Term SOFR 3M +
1.38%), 4.01%, 4/23/29(4)
|
34
|
34
|
|
(Variable, U.S. SOFR + 1.45%),
5.30%, 7/24/29(4)
|
800
|
810
|
|
(Variable, CME Term SOFR 3M +
1.59%), 4.45%, 12/5/29(4)
|
59
|
59
|
|
(Variable, U.S. SOFR + 1.31%),
5.01%, 1/23/30(4)
|
500
|
503
|
|
(Variable, U.S. SOFR + 1.16%),
5.58%, 4/22/30(4)
|
500
|
511
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 21.1% continued
|
||
|
Banking – 2.4%continued
|
||
|
(Variable, U.S. SOFR + 0.82%),
4.41%, 4/23/30(4)
|
$1,490
|
$1,477
|
|
(Variable, U.S. SOFR + 1.01%),
5.14%, 1/24/31(4)
|
1,500
|
1,517
|
|
(Variable, U.S. SOFR + 1.44%),
5.10%, 4/22/31(4) †
|
500
|
506
|
|
(Variable, CME Term SOFR 3M +
2.52%), 2.96%, 5/13/31(4)
|
545
|
509
|
|
(Variable, U.S. SOFR + 0.93%),
4.26%, 10/22/31(4)
|
500
|
489
|
|
(Variable, U.S. SOFR + 1.80%),
4.59%, 4/26/33(4)
|
300
|
295
|
|
(Variable, U.S. SOFR + 2.58%),
5.72%, 9/14/33(4)
|
500
|
516
|
|
(Variable, U.S. SOFR + 1.81%),
6.25%, 10/23/34(4)
|
1,000
|
1,070
|
|
(Variable, U.S. SOFR + 1.49%),
5.77%, 4/22/35(4)
|
1,000
|
1,040
|
|
(Variable, U.S. SOFR + 1.68%),
5.57%, 4/22/36(4)
|
600
|
617
|
|
(Variable, U.S. SOFR + 1.64%),
5.58%, 7/23/36(4) †
|
400
|
406
|
|
(Variable, U.S. SOFR + 1.19%),
4.81%, 10/22/36(4)
|
500
|
486
|
|
(Variable, U.S. SOFR + 1.07%),
4.90%, 1/22/37(4)
|
880
|
857
|
|
(Variable, CME Term SOFR 3M +
2.46%), 3.11%, 4/22/41(4)
|
100
|
77
|
|
5.60%, 7/15/41
|
405
|
412
|
|
5.63%, 8/16/43
|
150
|
152
|
|
(Variable, U.S. SOFR + 1.55%),
5.53%, 11/29/45(4)
|
500
|
496
|
|
(Variable, CME Term SOFR 3M +
1.84%), 4.26%, 2/22/48(4)
|
114
|
94
|
|
(Variable, CME Term SOFR 3M +
1.72%), 4.03%, 7/24/48(4)
|
85
|
68
|
|
(Variable, CME Term SOFR 3M +
1.64%), 3.96%, 11/15/48(4)
|
400
|
315
|
|
(Variable, CME Term SOFR 3M +
1.48%), 3.90%, 1/23/49(4)
|
700
|
545
|
|
(Variable, U.S. SOFR + 2.44%),
3.11%, 4/22/51(4)
|
1,300
|
870
|
|
Keybank National Association,
|
|
|
|
5.00%, 1/26/33
|
500
|
495
|
|
M&T Bank Corp.,
|
|
|
|
(Variable, U.S. SOFR + 2.26%),
6.08%, 3/13/32(4)
|
100
|
104
|
|
Schedule of Investments
|
|
BOND INDEX FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 21.1% continued
|
||
|
Banking – 2.4%continued
|
||
|
(Variable, U.S. SOFR + 1.61%),
5.39%, 1/16/36(4)
|
$300
|
$300
|
|
Manufacturers & Traders Trust Co.,
|
|
|
|
4.70%, 1/27/28
|
500
|
501
|
|
Morgan Stanley Bank N.A.,
|
|
|
|
(Variable, U.S. SOFR + 0.91%),
5.02%, 1/12/29(4)
|
700
|
704
|
|
Morgan Stanley Private Bank N.A.,
|
|
|
|
(Variable, U.S. SOFR + 0.77%),
4.47%, 7/6/28(4)
|
500
|
499
|
|
(Variable, U.S. SOFR + 1.08%),
4.73%, 7/18/31(4)
|
500
|
498
|
|
Pinnacle Bank,
|
|
|
|
5.63%, 2/15/28
|
250
|
253
|
|
PNC Financial Services Group (The),
Inc.,
|
|
|
|
(Variable, U.S. SOFR + 1.84%),
5.58%, 6/12/29(4)
|
420
|
428
|
|
(Variable, U.S. SOFR + 1.20%),
5.49%, 5/14/30(4)
|
700
|
715
|
|
(Variable, U.S. SOFR + 1.26%),
4.81%, 10/21/32(4)
|
700
|
697
|
|
(Variable, U.S. SOFR + 1.93%),
5.07%, 1/24/34(4)
|
300
|
300
|
|
(Variable, U.S. SOFR + 2.28%),
6.88%, 10/20/34(4)
|
400
|
442
|
|
(Variable, U.S. Treasury Yield Curve
Rate CMT 5Y + 1.17%), 5.42%,
1/25/41(4)
|
600
|
589
|
|
Regions Financial Corp.,
|
|
|
|
(Variable, U.S. SOFR + 2.06%),
5.50%, 9/6/35(4)
|
300
|
304
|
|
Santander Holdings U.S.A., Inc.,
|
|
|
|
(Variable, U.S. SOFR + 2.36%),
6.50%, 3/9/29(4)
|
300
|
308
|
|
(Variable, U.S. SOFR + 2.50%),
6.17%, 1/9/30(4) †
|
500
|
514
|
|
Truist Bank,
|
|
|
|
(Variable, U.S. SOFR + 0.66%),
4.14%, 1/27/29(4)
|
700
|
695
|
|
Truist Financial Corp.,
|
|
|
|
1.13%, 8/3/27
|
221
|
213
|
|
(Variable, U.S. SOFR + 1.44%),
4.87%, 1/26/29(4)
|
1,000
|
1,004
|
|
(Variable, U.S. SOFR + 0.86%),
1.89%, 6/7/29(4)
|
57
|
54
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 21.1% continued
|
||
|
Banking – 2.4%continued
|
||
|
(Variable, U.S. SOFR + 1.62%),
5.44%, 1/24/30(4) †
|
$800
|
$813
|
|
(Variable, U.S. SOFR + 1.09%),
4.68%, 4/23/32(4)
|
500
|
494
|
|
(Variable, U.S. SOFR + 1.92%),
5.71%, 1/24/35(4)
|
500
|
515
|
|
U.S. Bancorp,
|
|
|
|
3.90%, 4/26/28
|
402
|
398
|
|
(Variable, U.S. SOFR + 2.02%),
5.78%, 6/12/29(4)
|
500
|
510
|
|
1.38%, 7/22/30†
|
143
|
126
|
|
(Variable, U.S. SOFR + 0.87%),
4.48%, 1/26/32(4) †
|
500
|
493
|
|
(Variable, U.S. SOFR + 1.60%),
4.84%, 2/1/34(4)
|
500
|
493
|
|
(Variable, U.S. SOFR + 1.41%),
5.42%, 2/12/36(4) †
|
300
|
305
|
|
(Variable, U.S. SOFR + 1.10%),
5.03%, 1/26/37(4) †
|
300
|
296
|
|
Webster Financial Corp.,
|
|
|
|
4.10%, 3/25/29
|
30
|
29
|
|
Wells Fargo & Co.,
|
|
|
|
(Variable, U.S. SOFR + 1.37%),
4.97%, 4/23/29(4)
|
500
|
502
|
|
(Variable, U.S. SOFR + 1.74%),
5.57%, 7/25/29(4)
|
390
|
397
|
|
(Variable, U.S. SOFR + 1.50%),
5.20%, 1/23/30(4)
|
500
|
506
|
|
(Variable, U.S. SOFR + 1.11%),
5.24%, 1/24/31(4)
|
1,000
|
1,014
|
|
(Variable, U.S. SOFR + 0.97%),
4.84%, 5/20/32(4)
|
1,000
|
997
|
|
(Variable, U.S. SOFR + 2.10%),
4.90%, 7/25/33(4)
|
800
|
795
|
|
(Variable, U.S. SOFR + 1.99%),
5.56%, 7/25/34(4)
|
700
|
717
|
|
(Variable, U.S. SOFR + 2.06%),
6.49%, 10/23/34(4)
|
300
|
324
|
|
(Variable, U.S. SOFR + 1.78%),
5.50%, 1/23/35(4)
|
600
|
612
|
|
(Variable, U.S. SOFR + 1.74%),
5.61%, 4/23/36(4)
|
300
|
308
|
|
(Variable, U.S. SOFR + 1.10%),
4.96%, 1/23/37(4) †
|
1,620
|
1,582
|
|
(Variable, U.S. SOFR + 2.53%),
3.07%, 4/30/41(4)
|
100
|
76
|
|
|
June 30, 2026 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 21.1% continued
|
||
|
Banking – 2.4%continued
|
||
|
(Variable, CME Term SOFR 3M +
4.50%), 5.01%, 4/4/51(4)
|
$800
|
$717
|
|
(Variable, U.S. SOFR + 2.13%),
4.61%, 4/25/53(4)
|
1,000
|
840
|
|
Wells Fargo Bank N.A.,
|
|
|
|
5.85%, 2/1/37
|
500
|
519
|
|
6.60%, 1/15/38
|
50
|
55
|
|
Wintrust Financial Corp.,
|
|
|
|
4.85%, 6/6/29
|
100
|
99
|
|
Zions Bancorp N.A.,
|
|
|
|
3.25%, 10/29/29
|
250
|
236
|
|
|
|
72,279
|
|
Beverages – 0.3%
|
||
|
Brown-Forman Corp.,
|
|
|
|
4.50%, 7/15/45
|
200
|
171
|
|
Coca-Cola (The) Co.,
|
|
|
|
1.50%, 3/5/28
|
81
|
78
|
|
2.13%, 9/6/29
|
243
|
228
|
|
1.65%, 6/1/30
|
179
|
161
|
|
2.00%, 3/5/31
|
1,204
|
1,081
|
|
5.00%, 5/13/34
|
500
|
512
|
|
4.65%, 8/14/34†
|
500
|
500
|
|
4.20%, 3/25/50
|
300
|
248
|
|
Coca-Cola Consolidated, Inc.,
|
|
|
|
5.45%, 6/1/34
|
200
|
205
|
|
Constellation Brands, Inc.,
|
|
|
|
4.65%, 11/15/28
|
44
|
44
|
|
2.25%, 8/1/31
|
284
|
251
|
|
4.75%, 5/9/32
|
400
|
396
|
|
5.25%, 11/15/48
|
167
|
153
|
|
Keurig Dr. Pepper, Inc.,
|
|
|
|
5.05%, 3/15/29
|
500
|
504
|
|
4.05%, 4/15/32
|
200
|
190
|
|
4.42%, 12/15/46
|
300
|
241
|
|
Maple Parent Holdings Corp.,
|
|
|
|
5.70%, 3/26/36(3) †
|
300
|
304
|
|
Molson Coors Beverage Co.,
|
|
|
|
4.20%, 7/15/46
|
300
|
239
|
|
Pepsico Singapore Financing I Pte. Ltd.,
|
|
|
|
4.55%, 2/16/29
|
1,800
|
1,806
|
|
PepsiCo, Inc.,
|
|
|
|
2.75%, 3/19/30
|
483
|
455
|
|
1.63%, 5/1/30
|
77
|
69
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 21.1% continued
|
||
|
Beverages – 0.3%continued
|
||
|
1.95%, 10/21/31
|
$500
|
$440
|
|
5.00%, 2/7/35†
|
300
|
301
|
|
2.63%, 10/21/41
|
200
|
144
|
|
5.25%, 7/17/54
|
400
|
386
|
|
|
|
9,107
|
|
Biotechnology & Pharmaceuticals – 1.2%
|
||
|
AbbVie, Inc.,
|
|
|
|
4.80%, 3/15/29
|
500
|
504
|
|
4.95%, 3/15/31
|
500
|
507
|
|
5.05%, 3/15/34
|
900
|
910
|
|
4.05%, 11/21/39
|
1,110
|
978
|
|
5.35%, 3/15/44
|
200
|
195
|
|
4.85%, 6/15/44
|
750
|
688
|
|
4.25%, 11/21/49
|
500
|
408
|
|
5.40%, 3/15/54
|
700
|
673
|
|
Amgen, Inc.,
|
|
|
|
5.15%, 3/2/28
|
500
|
505
|
|
2.00%, 1/15/32
|
1,000
|
864
|
|
5.15%, 11/15/41
|
126
|
120
|
|
5.60%, 3/2/43
|
1,000
|
994
|
|
3.38%, 2/21/50
|
400
|
283
|
|
5.65%, 3/2/53†
|
1,000
|
973
|
|
5.65%, 2/19/56
|
500
|
488
|
|
5.75%, 3/2/63
|
200
|
194
|
|
Biogen, Inc.,
|
|
|
|
2.25%, 5/1/30
|
40
|
37
|
|
3.15%, 5/1/50
|
400
|
260
|
|
3.25%, 2/15/51
|
200
|
132
|
|
Bristol-Myers Squibb Co.,
|
|
|
|
5.10%, 2/22/31
|
430
|
438
|
|
5.20%, 2/22/34
|
500
|
510
|
|
4.35%, 11/15/47
|
1,083
|
901
|
|
5.55%, 2/22/54†
|
700
|
684
|
|
5.65%, 2/22/64†
|
200
|
197
|
|
Eli Lilly & Co.,
|
|
|
|
4.90%, 2/12/32
|
1,000
|
1,014
|
|
4.55%, 10/15/32
|
800
|
795
|
|
4.60%, 8/14/34
|
500
|
494
|
|
5.55%, 10/15/55
|
250
|
250
|
|
5.60%, 5/20/56
|
500
|
502
|
|
4.95%, 2/27/63
|
100
|
89
|
|
5.60%, 2/12/65
|
500
|
496
|
|
5.65%, 10/15/65
|
250
|
250
|
|
Schedule of Investments
|
|
BOND INDEX FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 21.1% continued
|
||
|
Biotechnology & Pharmaceuticals – 1.2%continued
|
||
|
Gilead Sciences, Inc.,
|
|
|
|
1.20%, 10/1/27
|
$720
|
$693
|
|
5.25%, 10/15/33
|
1,000
|
1,028
|
|
2.60%, 10/1/40
|
100
|
73
|
|
4.80%, 4/1/44
|
185
|
169
|
|
4.50%, 2/1/45
|
150
|
131
|
|
4.75%, 3/1/46
|
168
|
150
|
|
4.15%, 3/1/47
|
60
|
49
|
|
2.80%, 10/1/50
|
500
|
316
|
|
GlaxoSmithKline Capital, Inc.,
|
|
|
|
3.88%, 5/15/28
|
300
|
298
|
|
5.38%, 4/15/34
|
150
|
155
|
|
6.38%, 5/15/38
|
274
|
302
|
|
Johnson & Johnson,
|
|
|
|
4.80%, 6/1/29
|
690
|
702
|
|
4.90%, 6/1/31
|
500
|
511
|
|
4.38%, 12/5/33†
|
332
|
329
|
|
5.95%, 8/15/37
|
32
|
35
|
|
2.10%, 9/1/40
|
460
|
322
|
|
3.70%, 3/1/46
|
600
|
479
|
|
5.25%, 6/1/54†
|
400
|
399
|
|
2.45%, 9/1/60
|
120
|
65
|
|
Merck & Co., Inc.,
|
|
|
|
1.90%, 12/10/28
|
279
|
263
|
|
3.40%, 3/7/29
|
389
|
379
|
|
2.15%, 12/10/31
|
688
|
607
|
|
4.50%, 5/17/33†
|
1,000
|
989
|
|
3.60%, 9/15/42
|
25
|
20
|
|
3.70%, 2/10/45
|
60
|
47
|
|
5.50%, 3/15/46
|
400
|
395
|
|
4.00%, 3/7/49
|
500
|
398
|
|
5.70%, 9/15/55
|
400
|
403
|
|
5.85%, 5/22/56
|
500
|
512
|
|
5.15%, 5/17/63
|
200
|
182
|
|
Mylan, Inc.,
|
|
|
|
4.55%, 4/15/28
|
171
|
170
|
|
5.40%, 11/29/43
|
400
|
353
|
|
Novartis Capital Corp.,
|
|
|
|
2.20%, 8/14/30
|
524
|
480
|
|
4.10%, 11/5/30
|
1,010
|
992
|
|
5.20%, 11/5/45
|
400
|
386
|
|
5.60%, 3/18/46†
|
500
|
505
|
|
4.70%, 9/18/54
|
300
|
264
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 21.1% continued
|
||
|
Biotechnology & Pharmaceuticals – 1.2%continued
|
||
|
Pfizer Investment Enterprises Pte. Ltd.,
|
|
|
|
4.45%, 5/19/28
|
$520
|
$520
|
|
4.75%, 5/19/33
|
700
|
693
|
|
5.11%, 5/19/43
|
560
|
531
|
|
5.30%, 5/19/53
|
1,010
|
952
|
|
Pfizer, Inc.,
|
|
|
|
3.45%, 3/15/29
|
204
|
199
|
|
2.63%, 4/1/30
|
500
|
467
|
|
7.20%, 3/15/39
|
311
|
364
|
|
2.55%, 5/28/40
|
130
|
94
|
|
5.60%, 9/15/40
|
194
|
199
|
|
4.30%, 6/15/43
|
100
|
86
|
|
4.13%, 12/15/46
|
262
|
215
|
|
5.70%, 11/15/65
|
400
|
392
|
|
Pharmacia LLC,
|
|
|
|
6.60%, 12/1/28
|
125
|
131
|
|
Regeneron Pharmaceuticals, Inc.,
|
|
|
|
1.75%, 9/15/30
|
300
|
265
|
|
Royalty Pharma PLC,
|
|
|
|
3.55%, 9/2/50
|
300
|
210
|
|
5.90%, 9/2/54
|
100
|
99
|
|
5.95%, 9/25/55
|
250
|
249
|
|
Sanofi S.A.,
|
|
|
|
3.63%, 6/19/28
|
250
|
247
|
|
Takeda U.S. Financing, Inc.,
|
|
|
|
5.90%, 7/7/55†
|
250
|
252
|
|
Viatris, Inc.,
|
|
|
|
4.00%, 6/22/50
|
500
|
343
|
|
Wyeth LLC,
|
|
|
|
5.95%, 4/1/37
|
625
|
664
|
|
Zoetis, Inc.,
|
|
|
|
3.95%, 9/12/47
|
250
|
195
|
|
4.45%, 8/20/48
|
40
|
33
|
|
|
|
37,284
|
|
Cable & Satellite – 0.4%
|
||
|
Charter Communications
Operating LLC/Charter
Communications Operating Capital,
|
|
|
|
6.10%, 6/1/29
|
500
|
512
|
|
6.55%, 6/1/34
|
500
|
510
|
|
5.85%, 12/1/35
|
900
|
871
|
|
5.75%, 4/1/48
|
520
|
438
|
|
4.80%, 3/1/50
|
300
|
224
|
|
|
June 30, 2026 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 21.1% continued
|
||
|
Cable & Satellite – 0.4%continued
|
||
|
3.90%, 6/1/52†
|
$800
|
$510
|
|
3.95%, 6/30/62
|
240
|
142
|
|
5.50%, 4/1/63†
|
600
|
460
|
|
Comcast Corp.,
|
|
|
|
3.40%, 4/1/30†
|
1,370
|
1,309
|
|
4.95%, 5/15/32
|
200
|
201
|
|
4.25%, 1/15/33
|
400
|
381
|
|
7.05%, 3/15/33
|
140
|
156
|
|
4.80%, 5/15/33
|
500
|
492
|
|
3.75%, 4/1/40
|
1,000
|
799
|
|
3.45%, 2/1/50
|
300
|
193
|
|
2.80%, 1/15/51
|
700
|
390
|
|
2.89%, 11/1/51
|
100
|
57
|
|
5.35%, 5/15/53†
|
700
|
604
|
|
6.05%, 5/15/55†
|
600
|
574
|
|
2.99%, 11/1/63
|
500
|
260
|
|
5.50%, 5/15/64†
|
550
|
470
|
|
Space Exploration Technologies Corp.,
|
|
|
|
5.65%, 7/15/33(3)
|
2,000
|
1,988
|
|
6.60%, 7/15/46(3)
|
500
|
486
|
|
Time Warner Cable LLC,
|
|
|
|
7.30%, 7/1/38
|
600
|
617
|
|
|
|
12,644
|
|
Capital Goods – 0.0%
|
||
|
Ferguson Enterprises, Inc.,
|
|
|
|
5.00%, 10/3/34
|
100
|
99
|
|
Chemicals – 0.2%
|
||
|
Air Products and Chemicals, Inc.,
|
|
|
|
4.30%, 6/11/28
|
250
|
250
|
|
2.80%, 5/15/50
|
300
|
190
|
|
Avery Dennison Corp.,
|
|
|
|
2.65%, 4/30/30
|
200
|
185
|
|
Cabot Corp.,
|
|
|
|
5.00%, 6/30/32
|
70
|
70
|
|
Dow Chemical (The) Co.,
|
|
|
|
4.80%, 1/15/31
|
250
|
246
|
|
4.25%, 10/1/34
|
470
|
427
|
|
9.40%, 5/15/39
|
174
|
226
|
|
5.25%, 11/15/41
|
200
|
180
|
|
5.55%, 11/30/48
|
200
|
177
|
|
5.95%, 3/15/55
|
250
|
232
|
|
DuPont de Nemours, Inc.,
|
|
|
|
4.73%, 11/15/28(3)
|
208
|
208
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 21.1% continued
|
||
|
Chemicals – 0.2%continued
|
||
|
5.42%, 11/15/48
|
$64
|
$60
|
|
Eastman Chemical Co.,
|
|
|
|
4.80%, 9/1/42
|
200
|
178
|
|
Ecolab, Inc.,
|
|
|
|
4.30%, 6/15/28
|
1,130
|
1,127
|
|
2.75%, 8/18/55
|
10
|
6
|
|
International Flavors & Fragrances, Inc.,
|
|
|
|
5.00%, 9/26/48
|
41
|
36
|
|
Linde, Inc.,
|
|
|
|
2.00%, 8/10/50
|
200
|
107
|
|
Lubrizol (The) Corp.,
|
|
|
|
6.50%, 10/1/34
|
50
|
55
|
|
LYB International Finance B.V.,
|
|
|
|
5.25%, 7/15/43
|
565
|
498
|
|
LYB International Finance III LLC,
|
|
|
|
3.38%, 10/1/40
|
500
|
366
|
|
4.20%, 5/1/50
|
35
|
26
|
|
Mosaic (The) Co.,
|
|
|
|
5.45%, 11/15/33†
|
250
|
253
|
|
NewMarket Corp.,
|
|
|
|
2.70%, 3/18/31
|
100
|
91
|
|
PPG Industries, Inc.,
|
|
|
|
2.55%, 6/15/30
|
100
|
93
|
|
Sherwin-Williams (The) Co.,
|
|
|
|
4.30%, 8/15/28
|
250
|
249
|
|
2.95%, 8/15/29
|
167
|
159
|
|
2.30%, 5/15/30
|
153
|
140
|
|
4.50%, 8/15/30
|
250
|
248
|
|
2.20%, 3/15/32
|
325
|
284
|
|
4.55%, 8/1/45
|
30
|
26
|
|
Westlake Corp.,
|
|
|
|
3.38%, 6/15/30
|
249
|
236
|
|
6.38%, 11/15/55
|
300
|
296
|
|
|
|
6,925
|
|
Commercial Support Services – 0.1%
|
||
|
Automatic Data Processing, Inc.,
|
|
|
|
1.70%, 5/15/28
|
300
|
286
|
|
5.00%, 5/7/36
|
500
|
496
|
|
Block Financial LLC,
|
|
|
|
3.88%, 8/15/30†
|
200
|
190
|
|
Cintas Corp. No. 2,
|
|
|
|
4.00%, 5/1/32
|
150
|
145
|
|
Schedule of Investments
|
|
BOND INDEX FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 21.1% continued
|
||
|
Commercial Support Services – 0.1%continued
|
||
|
Mobility Global, Inc.,
|
|
|
|
5.45%, 6/15/31(3)
|
$300
|
$303
|
|
Paychex, Inc.,
|
|
|
|
5.35%, 4/15/32
|
400
|
405
|
|
Republic Services, Inc.,
|
|
|
|
3.38%, 11/15/27
|
296
|
293
|
|
3.95%, 5/15/28
|
432
|
428
|
|
2.30%, 3/1/30
|
118
|
109
|
|
5.00%, 12/15/33
|
300
|
303
|
|
5.00%, 7/15/36
|
500
|
496
|
|
Waste Connections, Inc.,
|
|
|
|
2.95%, 1/15/52†
|
300
|
193
|
|
Waste Management, Inc.,
|
|
|
|
4.95%, 7/3/27
|
400
|
403
|
|
4.15%, 7/15/49
|
200
|
163
|
|
2.50%, 11/15/50
|
500
|
299
|
|
|
|
4,512
|
|
Construction Materials – 0.1%
|
||
|
Amrize Finance U.S. LLC,
|
|
|
|
5.40%, 4/7/35
|
200
|
203
|
|
Carlisle Cos., Inc.,
|
|
|
|
2.75%, 3/1/30
|
300
|
280
|
|
CRH America Finance, Inc.,
|
|
|
|
5.50%, 1/9/35
|
200
|
203
|
|
5.00%, 2/9/36
|
250
|
245
|
|
5.60%, 2/9/56
|
250
|
244
|
|
CRH SMW Finance DAC,
|
|
|
|
5.20%, 5/21/29
|
200
|
203
|
|
Eagle Materials, Inc.,
|
|
|
|
2.50%, 7/1/31
|
100
|
89
|
|
Martin Marietta Materials, Inc.,
|
|
|
|
5.50%, 12/1/54
|
200
|
191
|
|
Owens Corning,
|
|
|
|
3.88%, 6/1/30
|
500
|
484
|
|
Vulcan Materials Co.,
|
|
|
|
3.50%, 6/1/30
|
200
|
191
|
|
5.35%, 12/1/34
|
300
|
305
|
|
|
|
2,638
|
|
Consumer Non-Cyclical – 0.0%
|
||
|
Solventum Corp.,
|
|
|
|
5.90%, 4/30/54
|
293
|
290
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 21.1% continued
|
||
|
Consumer Services – 0.1%
|
||
|
California Endowment (The),
|
|
|
|
2.50%, 4/1/51
|
$100
|
$60
|
|
California Institute of Technology,
|
|
|
|
4.70%, 11/1/11(5)
|
110
|
90
|
|
Duke University,
|
|
|
|
2.68%, 10/1/44
|
200
|
147
|
|
Emory University,
|
|
|
|
2.97%, 9/1/50
|
500
|
325
|
|
Johns Hopkins University (The),
|
|
|
|
4.08%, 7/1/53
|
100
|
80
|
|
Massachusetts Institute of Technology,
|
|
|
|
5.60%, 7/1/11(5)
|
190
|
188
|
|
4.68%, 7/1/14(6)
|
15
|
12
|
|
3.89%, 7/1/16(7)
|
300
|
202
|
|
Nature Conservancy (The),
|
|
|
|
3.96%, 3/1/52
|
50
|
39
|
|
Northwestern University,
|
|
|
|
4.64%, 12/1/44
|
50
|
47
|
|
President and Fellows of Harvard
College,
|
|
|
|
2.52%, 10/15/50
|
300
|
183
|
|
Rockefeller Foundation (The),
|
|
|
|
2.49%, 10/1/50
|
710
|
430
|
|
Trustees of the University of
Pennsylvania (The),
|
|
|
|
4.67%, 9/1/12(8)
|
100
|
82
|
|
University of Southern California,
|
|
|
|
2.81%, 10/1/50
|
500
|
319
|
|
|
|
2,204
|
|
Containers & Packaging – 0.1%
|
||
|
Amcor Flexibles North America, Inc.,
|
|
|
|
5.10%, 3/17/30
|
200
|
202
|
|
AptarGroup, Inc.,
|
|
|
|
3.60%, 3/15/32
|
150
|
139
|
|
Berry Global, Inc.,
|
|
|
|
5.80%, 6/15/31
|
300
|
311
|
|
International Paper Co.,
|
|
|
|
6.00%, 11/15/41
|
350
|
353
|
|
Packaging Corp. of America,
|
|
|
|
3.05%, 10/1/51
|
200
|
129
|
|
Sonoco Products Co.,
|
|
|
|
2.85%, 2/1/32†
|
300
|
270
|
|
|
June 30, 2026 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 21.1% continued
|
||
|
Containers & Packaging – 0.1%continued
|
||
|
WestRock MWV LLC,
|
|
|
|
7.95%, 2/15/31
|
$100
|
$112
|
|
|
|
1,516
|
|
Diversified Industrials – 0.0%
|
||
|
3M Co.,
|
|
|
|
3.05%, 4/15/30
|
1,000
|
945
|
|
3.70%, 4/15/50
|
200
|
149
|
|
Dover Corp.,
|
|
|
|
2.95%, 11/4/29
|
10
|
10
|
|
Illinois Tool Works, Inc.,
|
|
|
|
3.90%, 9/1/42
|
100
|
83
|
|
Parker-Hannifin Corp.,
|
|
|
|
4.45%, 11/21/44
|
300
|
264
|
|
|
|
1,451
|
|
E-Commerce Discretionary – 0.3%
|
||
|
Amazon.com, Inc.,
|
|
|
|
1.65%, 5/12/28
|
533
|
508
|
|
4.00%, 3/13/29
|
790
|
782
|
|
4.65%, 12/1/29
|
500
|
503
|
|
4.55%, 3/13/33
|
500
|
492
|
|
4.88%, 3/13/36
|
650
|
640
|
|
3.88%, 8/22/37
|
250
|
224
|
|
2.88%, 5/12/41
|
600
|
444
|
|
4.95%, 12/5/44
|
156
|
146
|
|
5.65%, 3/13/46
|
1,030
|
1,020
|
|
2.50%, 6/3/50
|
200
|
116
|
|
3.10%, 5/12/51
|
800
|
520
|
|
5.45%, 11/20/55
|
1,000
|
945
|
|
5.80%, 3/13/56
|
750
|
745
|
|
4.25%, 8/22/57
|
400
|
310
|
|
eBay, Inc.,
|
|
|
|
2.60%, 5/10/31
|
167
|
150
|
|
4.00%, 7/15/42
|
235
|
187
|
|
|
|
7,732
|
|
Electric & Gas Marketing & Trading – 0.1%
|
||
|
Evergy Metro, Inc.,
|
|
|
|
5.30%, 10/1/41
|
50
|
49
|
|
4.20%, 3/15/48
|
300
|
241
|
|
Jersey Central Power & Light Co.,
|
|
|
|
5.15%, 1/15/36
|
1,300
|
1,293
|
|
|
|
1,583
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 21.1% continued
|
||
|
Electric Utilities – 2.4%
|
||
|
AEP Texas, Inc.,
|
|
|
|
5.20%, 4/15/36
|
$500
|
$493
|
|
4.15%, 5/1/49
|
200
|
153
|
|
AEP Transmission Co. LLC,
|
|
|
|
4.00%, 12/1/46
|
200
|
161
|
|
3.65%, 4/1/50
|
100
|
74
|
|
AES (The) Corp.,
|
|
|
|
5.45%, 6/1/28
|
350
|
354
|
|
Alabama Power Co.,
|
|
|
|
4.30%, 7/15/48
|
300
|
245
|
|
Alliant Energy Corp.,
|
|
|
|
(Variable, U.S. Treasury Yield Curve
Rate CMT 5Y + 2.08%), 5.75%,
4/1/56(4)
|
500
|
494
|
|
Ameren Corp.,
|
|
|
|
5.00%, 5/15/36
|
500
|
488
|
|
Ameren Illinois Co.,
|
|
|
|
3.85%, 9/1/32†
|
500
|
475
|
|
3.25%, 3/15/50
|
300
|
205
|
|
American Electric Power Co., Inc.,
|
|
|
|
(Variable, U.S. Treasury Yield Curve
Rate CMT 5Y + 2.75%), 7.05%,
12/15/54(4)
|
1,000
|
1,040
|
|
(Variable, U.S. Treasury Yield Curve
Rate CMT 5Y + 2.13%), 5.80%,
3/15/56(4)
|
500
|
497
|
|
Appalachian Power Co.,
|
|
|
|
7.00%, 4/1/38
|
75
|
84
|
|
Appalachian Power Recovery
Funding LLC,
|
|
|
|
4.96%, 10/1/35
|
100
|
100
|
|
5.37%, 4/1/42
|
100
|
102
|
|
5.84%, 4/1/46
|
100
|
102
|
|
Arizona Public Service Co.,
|
|
|
|
4.50%, 4/1/42
|
230
|
200
|
|
4.20%, 8/15/48
|
100
|
80
|
|
4.25%, 3/1/49
|
200
|
157
|
|
Avangrid, Inc.,
|
|
|
|
3.80%, 6/1/29
|
200
|
195
|
|
Avista Corp.,
|
|
|
|
4.00%, 4/1/52
|
100
|
76
|
|
Baltimore Gas and Electric Co.,
|
|
|
|
3.75%, 8/15/47
|
475
|
356
|
|
5.40%, 6/1/53
|
200
|
190
|
|
Schedule of Investments
|
|
BOND INDEX FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 21.1% continued
|
||
|
Electric Utilities – 2.4%continued
|
||
|
Berkshire Hathaway Energy Co.,
|
|
|
|
5.15%, 11/15/43
|
$300
|
$283
|
|
4.45%, 1/15/49
|
200
|
164
|
|
4.25%, 10/15/50
|
200
|
160
|
|
Black Hills Corp.,
|
|
|
|
2.50%, 6/15/30
|
500
|
457
|
|
CenterPoint Energy Houston
Electric LLC,
|
|
|
|
3.55%, 8/1/42
|
40
|
32
|
|
2.90%, 7/1/50
|
400
|
257
|
|
CenterPoint Energy, Inc.,
|
|
|
|
(Variable, U.S. Treasury Yield Curve
Rate CMT 5Y + 2.22%), 5.95%,
4/1/56(4) †
|
500
|
500
|
|
Cleco Corporate Holdings LLC,
|
|
|
|
4.97%, 5/1/46
|
100
|
85
|
|
CMS Energy Corp.,
|
|
|
|
3.45%, 8/15/27
|
500
|
494
|
|
4.88%, 3/1/44†
|
500
|
444
|
|
(Variable, U.S. Treasury Yield Curve
Rate CMT 5Y + 1.96%), 6.50%,
6/1/55(4)
|
250
|
256
|
|
Commonwealth Edison Co.,
|
|
|
|
5.30%, 6/1/34
|
300
|
307
|
|
6.45%, 1/15/38
|
200
|
220
|
|
4.60%, 8/15/43
|
100
|
88
|
|
5.95%, 6/1/55
|
380
|
387
|
|
Connecticut Light and Power (The) Co.,
|
|
|
|
4.00%, 4/1/48
|
250
|
199
|
|
5.25%, 1/15/53
|
500
|
470
|
|
Consolidated Edison Co. of New York,
Inc.,
|
|
|
|
3.35%, 4/1/30
|
1,000
|
956
|
|
5.38%, 5/15/34
|
300
|
307
|
|
5.85%, 3/15/36
|
100
|
105
|
|
6.75%, 4/1/38
|
100
|
112
|
|
5.50%, 12/1/39†
|
85
|
85
|
|
3.95%, 3/1/43
|
120
|
97
|
|
4.45%, 3/15/44
|
100
|
86
|
|
3.85%, 6/15/46
|
100
|
77
|
|
4.65%, 12/1/48
|
100
|
85
|
|
3.95%, 4/1/50
|
200
|
156
|
|
6.15%, 11/15/52
|
500
|
520
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 21.1% continued
|
||
|
Electric Utilities – 2.4%continued
|
||
|
Constellation Energy Generation LLC,
|
|
|
|
4.40%, 1/15/31
|
$750
|
$737
|
|
5.75%, 10/1/41
|
430
|
431
|
|
5.88%, 1/15/66
|
200
|
195
|
|
Consumers 2023 Securitization
Funding LLC,
|
|
|
|
5.21%, 9/1/30
|
50
|
51
|
|
Consumers Energy Co.,
|
|
|
|
4.50%, 1/15/31
|
250
|
248
|
|
Cumberland Combined Cycle
Generation LLC,
|
|
|
|
5.82%, 5/15/56
|
300
|
307
|
|
Dominion Energy South Carolina, Inc.,
|
|
|
|
6.05%, 1/15/38
|
265
|
282
|
|
5.10%, 6/1/65
|
50
|
45
|
|
Dominion Energy, Inc.,
|
|
|
|
4.25%, 6/1/28
|
500
|
497
|
|
5.25%, 8/1/33
|
250
|
252
|
|
5.95%, 6/15/35
|
500
|
525
|
|
7.00%, 6/15/38
|
20
|
23
|
|
4.90%, 8/1/41
|
35
|
32
|
|
4.05%, 9/15/42
|
100
|
82
|
|
(Variable, U.S. Treasury Yield Curve
Rate CMT 5Y + 2.51%), 7.00%,
6/1/54(4)
|
500
|
529
|
|
(Variable, U.S. Treasury Yield Curve
Rate CMT 5Y + 2.21%), 6.63%,
5/15/55(4)
|
250
|
258
|
|
(Variable, U.S. Treasury Yield Curve
Rate CMT 5Y + 2.26%), 6.00%,
2/15/56(4)
|
500
|
502
|
|
DTE Electric Co.,
|
|
|
|
5.25%, 5/15/35
|
200
|
202
|
|
4.85%, 3/1/36
|
500
|
489
|
|
4.05%, 5/15/48
|
300
|
239
|
|
5.85%, 5/15/55
|
200
|
202
|
|
DTE Electric Securitization Funding
II LLC,
|
|
|
|
6.09%, 9/1/37†
|
30
|
32
|
|
DTE Energy Co.,
|
|
|
|
4.95%, 7/1/27
|
1,190
|
1,196
|
|
5.20%, 4/1/30
|
250
|
254
|
|
Duke Energy Carolinas LLC,
|
|
|
|
4.85%, 3/15/30
|
500
|
505
|
|
6.45%, 10/15/32
|
106
|
114
|
|
|
June 30, 2026 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 21.1% continued
|
||
|
Electric Utilities – 2.4%continued
|
||
|
6.10%, 6/1/37
|
$150
|
$159
|
|
3.75%, 6/1/45
|
350
|
271
|
|
Duke Energy Carolinas Nc Storm
Funding II LLC,
|
|
|
|
5.07%, 1/1/46
|
50
|
48
|
|
Duke Energy Carolinas SC Storm
Funding LLC,
|
|
|
|
4.90%, 3/1/46
|
100
|
98
|
|
Duke Energy Corp.,
|
|
|
|
2.55%, 6/15/31
|
420
|
379
|
|
4.50%, 8/15/32
|
551
|
540
|
|
4.95%, 9/15/35
|
250
|
245
|
|
3.75%, 9/1/46
|
120
|
90
|
|
5.80%, 6/15/54
|
200
|
195
|
|
Duke Energy Florida LLC,
|
|
|
|
6.35%, 9/15/37
|
340
|
369
|
|
3.40%, 10/1/46
|
290
|
210
|
|
Duke Energy Indiana LLC,
|
|
|
|
6.12%, 10/15/35
|
500
|
531
|
|
6.35%, 8/15/38
|
25
|
27
|
|
4.90%, 7/15/43
|
500
|
460
|
|
2.75%, 4/1/50
|
400
|
246
|
|
Duke Energy Ohio, Inc.,
|
|
|
|
5.55%, 3/15/54
|
400
|
386
|
|
Duke Energy Progress LLC,
|
|
|
|
2.50%, 8/15/50
|
600
|
348
|
|
5.55%, 3/15/55
|
300
|
291
|
|
Duke Energy Progress NC Storm
Funding LLC,
|
|
|
|
2.39%, 7/1/37
|
50
|
43
|
|
Edison International,
|
|
|
|
6.25%, 3/15/30
|
250
|
257
|
|
Entergy Arkansas LLC,
|
|
|
|
5.75%, 6/1/54
|
300
|
300
|
|
Entergy Corp.,
|
|
|
|
3.75%, 6/15/50
|
300
|
218
|
|
Entergy Louisiana LLC,
|
|
|
|
3.05%, 6/1/31
|
950
|
878
|
|
3.10%, 6/15/41
|
300
|
227
|
|
4.75%, 9/15/52
|
300
|
258
|
|
Entergy Texas, Inc.,
|
|
|
|
5.20%, 6/15/36
|
500
|
497
|
|
Evergy Kansas Central, Inc.,
|
|
|
|
5.25%, 3/15/35
|
200
|
201
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 21.1% continued
|
||
|
Electric Utilities – 2.4%continued
|
||
|
Eversource Energy,
|
|
|
|
5.45%, 3/1/28
|
$390
|
$394
|
|
1.65%, 8/15/30†
|
165
|
146
|
|
3.45%, 1/15/50
|
300
|
209
|
|
Exelon Corp.,
|
|
|
|
5.13%, 3/15/31
|
500
|
507
|
|
5.63%, 6/15/35
|
75
|
77
|
|
4.70%, 4/15/50
|
100
|
84
|
|
4.10%, 3/15/52
|
550
|
421
|
|
5.88%, 3/15/55
|
200
|
198
|
|
(Variable, U.S. Treasury Yield Curve
Rate CMT 5Y + 1.98%), 6.50%,
3/15/55(4)
|
500
|
513
|
|
FirstEnergy Corp.,
|
|
|
|
3.40%, 3/1/50
|
300
|
204
|
|
Florida Power & Light Co.,
|
|
|
|
5.65%, 2/1/37
|
335
|
350
|
|
5.95%, 2/1/38
|
150
|
159
|
|
5.96%, 4/1/39
|
250
|
264
|
|
3.99%, 3/1/49
|
200
|
157
|
|
5.60%, 6/15/54
|
300
|
294
|
|
5.80%, 3/15/65
|
300
|
298
|
|
Georgia Power Co.,
|
|
|
|
4.65%, 5/16/28
|
100
|
100
|
|
4.00%, 10/1/28†
|
1,190
|
1,178
|
|
4.85%, 3/15/31
|
300
|
302
|
|
5.20%, 3/15/35
|
300
|
304
|
|
Idaho Power Co.,
|
|
|
|
5.50%, 3/15/53
|
100
|
97
|
|
Indiana Michigan Power Co.,
|
|
|
|
6.05%, 3/15/37
|
200
|
211
|
|
5.63%, 4/1/53
|
500
|
491
|
|
Interstate Power and Light Co.,
|
|
|
|
3.10%, 11/30/51
|
300
|
192
|
|
ITC Holdings Corp.,
|
|
|
|
3.35%, 11/15/27
|
200
|
197
|
|
Johnsonville Aeroderivative Combustion
Turbine Generation LLC,
|
|
|
|
5.08%, 10/1/54
|
510
|
481
|
|
MidAmerican Energy Co.,
|
|
|
|
3.65%, 8/1/48
|
300
|
222
|
|
National Grid U.S.A.,
|
|
|
|
5.80%, 4/1/35
|
50
|
52
|
|
Schedule of Investments
|
|
BOND INDEX FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 21.1% continued
|
||
|
Electric Utilities – 2.4%continued
|
||
|
National Rural Utilities Cooperative
Finance Corp.,
|
|
|
|
8.00%, 3/1/32
|
$50
|
$58
|
|
5.00%, 8/15/34
|
600
|
600
|
|
4.30%, 3/15/49†
|
125
|
104
|
|
(Variable, U.S. Treasury Yield Curve
Rate CMT 5Y + 3.53%), 7.13%,
9/15/53(4)
|
400
|
415
|
|
Nevada Power Co.,
|
|
|
|
6.65%, 4/1/36
|
100
|
110
|
|
3.13%, 8/1/50
|
1,000
|
658
|
|
5.90%, 5/1/53
|
400
|
401
|
|
6.00%, 3/15/54
|
200
|
203
|
|
NextEra Energy Capital Holdings, Inc.,
|
|
|
|
4.63%, 7/15/27
|
820
|
821
|
|
4.69%, 9/1/27
|
250
|
251
|
|
4.85%, 2/4/28
|
250
|
251
|
|
5.05%, 3/15/30
|
250
|
253
|
|
2.25%, 6/1/30
|
400
|
365
|
|
2.44%, 1/15/32
|
439
|
387
|
|
(Variable, U.S. Treasury Yield Curve
Rate CMT 5Y + 2.46%), 6.75%,
6/15/54(4)
|
500
|
521
|
|
5.90%, 3/15/55
|
200
|
198
|
|
(Variable, U.S. Treasury Yield Curve
Rate CMT 5Y + 2.05%), 6.38%,
8/15/55(4)
|
500
|
509
|
|
(Variable, U.S. Treasury Yield Curve
Rate CMT 5Y + 1.98%), 6.50%,
8/15/55(4)
|
250
|
257
|
|
(Variable, U.S. Treasury Yield Curve
Rate CMT 5Y + 1.84%), 6.00%,
10/1/56(4)
|
1,000
|
1,000
|
|
Northern States Power Co.,
|
|
|
|
5.65%, 6/15/54
|
400
|
395
|
|
Oglethorpe Power Corp.,
|
|
|
|
4.50%, 4/1/47
|
300
|
248
|
|
Ohio Power Co.,
|
|
|
|
5.65%, 6/1/34
|
300
|
310
|
|
Oklahoma Gas and Electric Co.,
|
|
|
|
4.15%, 4/1/47
|
200
|
161
|
|
Oncor Electric Delivery Co. LLC,
|
|
|
|
4.15%, 6/1/32
|
200
|
194
|
|
7.50%, 9/1/38
|
145
|
172
|
|
4.10%, 11/15/48
|
300
|
237
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 21.1% continued
|
||
|
Electric Utilities – 2.4%continued
|
||
|
3.70%, 5/15/50
|
$300
|
$219
|
|
4.60%, 6/1/52
|
300
|
253
|
|
Pacific Gas and Electric Co.,
|
|
|
|
5.55%, 5/15/29
|
500
|
510
|
|
4.55%, 7/1/30
|
1,509
|
1,486
|
|
5.90%, 6/15/32
|
800
|
827
|
|
5.05%, 10/15/32
|
250
|
248
|
|
5.70%, 3/1/35
|
800
|
808
|
|
5.20%, 5/1/36
|
500
|
486
|
|
4.50%, 7/1/40
|
500
|
430
|
|
4.20%, 6/1/41
|
400
|
328
|
|
4.95%, 7/1/50
|
300
|
250
|
|
PacifiCorp,
|
|
|
|
4.25%, 3/15/29
|
770
|
760
|
|
5.30%, 2/15/31
|
400
|
406
|
|
6.10%, 8/1/36
|
200
|
208
|
|
6.25%, 10/15/37
|
275
|
288
|
|
4.13%, 1/15/49
|
50
|
38
|
|
5.80%, 1/15/55
|
100
|
95
|
|
PECO Energy Co.,
|
|
|
|
3.90%, 3/1/48
|
610
|
473
|
|
PG&E Energy Recovery Funding LLC,
|
|
|
|
2.82%, 7/15/46
|
50
|
37
|
|
PG&E Recovery Funding LLC,
|
|
|
|
5.05%, 7/15/32
|
18
|
18
|
|
4.84%, 6/1/33
|
82
|
82
|
|
5.26%, 1/15/38
|
25
|
25
|
|
5.54%, 7/15/47
|
50
|
49
|
|
PG&E Wildfire Recovery Funding LLC,
|
|
|
|
3.59%, 6/1/30
|
10
|
10
|
|
4.02%, 6/1/31
|
50
|
48
|
|
4.72%, 6/1/37
|
100
|
98
|
|
4.45%, 12/1/47
|
135
|
117
|
|
5.21%, 12/1/47
|
100
|
95
|
|
4.67%, 12/1/51
|
100
|
87
|
|
5.10%, 6/1/52
|
75
|
69
|
|
PPL Capital Funding, Inc.,
|
|
|
|
5.25%, 9/1/34
|
350
|
352
|
|
PPL Electric Utilities Corp.,
|
|
|
|
6.25%, 5/15/39
|
275
|
297
|
|
4.15%, 6/15/48
|
300
|
242
|
|
5.75%, 5/15/56
|
300
|
300
|
|
|
June 30, 2026 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 21.1% continued
|
||
|
Electric Utilities – 2.4%continued
|
||
|
Public Service Co. of Colorado,
|
|
|
|
4.15%, 3/13/29
|
$650
|
$644
|
|
4.10%, 6/15/48
|
300
|
239
|
|
Public Service Electric and Gas Co.,
|
|
|
|
3.95%, 5/1/42
|
50
|
42
|
|
3.65%, 9/1/42
|
30
|
24
|
|
4.05%, 5/1/48
|
300
|
239
|
|
2.05%, 8/1/50
|
300
|
160
|
|
5.50%, 3/1/55
|
150
|
145
|
|
5.63%, 1/1/56
|
100
|
99
|
|
Public Service Enterprise Group, Inc.,
|
|
|
|
5.20%, 4/1/29
|
600
|
608
|
|
4.90%, 3/15/30
|
700
|
706
|
|
Puget Sound Energy, Inc.,
|
|
|
|
5.33%, 6/15/34
|
500
|
510
|
|
6.27%, 3/15/37
|
75
|
80
|
|
5.64%, 4/15/41
|
340
|
338
|
|
San Diego Gas & Electric Co.,
|
|
|
|
4.50%, 8/15/40
|
150
|
135
|
|
5.35%, 4/1/53
|
300
|
280
|
|
SCE Recovery Funding LLC,
|
|
|
|
5.34%, 3/15/45
|
200
|
197
|
|
5.11%, 12/15/47
|
100
|
93
|
|
5.54%, 9/15/50
|
50
|
49
|
|
Sempra,
|
|
|
|
6.00%, 10/15/39
|
250
|
256
|
|
(Variable, U.S. Treasury Yield Curve
Rate CMT 5Y + 2.63%), 6.40%,
10/1/54(4)
|
500
|
503
|
|
(Variable, U.S. Treasury Yield Curve
Rate CMT 5Y + 2.63%), 6.38%,
4/1/56(4)
|
500
|
505
|
|
Southern (The) Co.,
|
|
|
|
4.85%, 3/15/35
|
400
|
391
|
|
4.40%, 7/1/46
|
1,000
|
836
|
|
(Variable, U.S. Treasury Yield Curve
Rate CMT 5Y + 2.07%), 6.38%,
3/15/55(4)
|
250
|
257
|
|
Southern California Edison Co.,
|
|
|
|
6.00%, 1/15/34
|
100
|
104
|
|
5.35%, 7/15/35
|
400
|
394
|
|
5.55%, 1/15/37
|
275
|
274
|
|
5.95%, 2/1/38
|
710
|
721
|
|
6.05%, 3/15/39
|
50
|
51
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 21.1% continued
|
||
|
Electric Utilities – 2.4%continued
|
||
|
5.50%, 3/15/40
|
$150
|
$144
|
|
3.90%, 3/15/43
|
150
|
115
|
|
4.13%, 3/1/48
|
90
|
68
|
|
2.95%, 2/1/51
|
300
|
181
|
|
Southwestern Electric Power Co.,
|
|
|
|
4.10%, 9/15/28
|
250
|
247
|
|
3.90%, 4/1/45
|
170
|
131
|
|
Southwestern Public Service Co.,
|
|
|
|
3.15%, 5/1/50
|
400
|
263
|
|
6.00%, 6/1/54
|
300
|
303
|
|
Tampa Electric Co.,
|
|
|
|
4.10%, 6/15/42
|
50
|
42
|
|
4.30%, 6/15/48
|
100
|
83
|
|
Tucson Electric Power Co.,
|
|
|
|
5.50%, 4/15/53
|
200
|
191
|
|
Union Electric Co.,
|
|
|
|
3.90%, 9/15/42†
|
50
|
41
|
|
4.00%, 4/1/48
|
250
|
197
|
|
5.25%, 1/15/54
|
250
|
232
|
|
Virginia Electric and Power Co.,
|
|
|
|
4.90%, 9/15/35
|
250
|
245
|
|
6.00%, 5/15/37
|
15
|
16
|
|
6.35%, 11/30/37
|
40
|
43
|
|
8.88%, 11/15/38
|
100
|
131
|
|
4.65%, 8/15/43
|
150
|
133
|
|
4.45%, 2/15/44
|
75
|
65
|
|
3.80%, 9/15/47
|
125
|
95
|
|
5.35%, 1/15/54
|
300
|
281
|
|
5.65%, 3/15/55
|
200
|
196
|
|
5.70%, 3/15/56
|
230
|
226
|
|
Virginia Power Fuel Securitization LLC,
|
|
|
|
4.88%, 5/1/31
|
100
|
101
|
|
Vistra Operations Co. LLC,
|
|
|
|
5.55%, 4/30/36(3)
|
500
|
497
|
|
Wisconsin Electric Power Co.,
|
|
|
|
4.30%, 10/15/48
|
100
|
82
|
|
Wisconsin Public Service Corp.,
|
|
|
|
4.75%, 11/1/44
|
100
|
90
|
|
3.30%, 9/1/49
|
150
|
103
|
|
Xcel Energy, Inc.,
|
|
|
|
4.60%, 6/1/32
|
1,000
|
982
|
|
Schedule of Investments
|
|
BOND INDEX FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 21.1% continued
|
||
|
Electric Utilities – 2.4%continued
|
||
|
5.60%, 4/15/35
|
$200
|
$204
|
|
6.50%, 7/1/36
|
100
|
108
|
|
|
|
71,647
|
|
Electrical Equipment – 0.2%
|
||
|
ABB Finance U.S.A., Inc.,
|
|
|
|
3.80%, 4/3/28†
|
200
|
198
|
|
Allegion U.S. Holding Co., Inc.,
|
|
|
|
5.60%, 5/29/34
|
200
|
204
|
|
Amphenol Corp.,
|
|
|
|
2.20%, 9/15/31
|
200
|
177
|
|
5.00%, 1/15/35
|
300
|
300
|
|
4.63%, 2/15/36
|
800
|
772
|
|
Carrier Global Corp.,
|
|
|
|
2.72%, 2/15/30
|
1,000
|
935
|
|
6.20%, 3/15/54†
|
75
|
81
|
|
Emerson Electric Co.,
|
|
|
|
2.80%, 12/21/51
|
300
|
189
|
|
Fortive Corp.,
|
|
|
|
4.30%, 6/15/46
|
105
|
86
|
|
GE Vernova, Inc.,
|
|
|
|
5.50%, 2/4/56
|
220
|
214
|
|
Honeywell International, Inc.,
|
|
|
|
2.70%, 8/15/29
|
137
|
130
|
|
3.81%, 11/21/47
|
425
|
329
|
|
Hubbell, Inc.,
|
|
|
|
2.30%, 3/15/31
|
150
|
135
|
|
Johnson Controls International PLC,
|
|
|
|
4.95%, 7/2/64
|
110
|
96
|
|
Keysight Technologies, Inc.,
|
|
|
|
3.00%, 10/30/29
|
200
|
190
|
|
Lennox International, Inc.,
|
|
|
|
5.50%, 9/15/28
|
200
|
203
|
|
Otis Worldwide Corp.,
|
|
|
|
5.13%, 9/4/35
|
250
|
249
|
|
3.36%, 2/15/50
|
200
|
140
|
|
Rockwell Automation, Inc.,
|
|
|
|
4.20%, 3/1/49
|
100
|
83
|
|
Trane Technologies Financing Ltd.,
|
|
|
|
4.65%, 11/1/44
|
35
|
31
|
|
Trane Technologies Holdco, Inc.,
|
|
|
|
5.75%, 6/15/43
|
150
|
154
|
|
Trimble, Inc.,
|
|
|
|
6.10%, 3/15/33
|
200
|
209
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 21.1% continued
|
||
|
Electrical Equipment – 0.2%continued
|
||
|
Vertiv Holdings Co.,
|
|
|
|
4.85%, 3/15/36
|
$300
|
$291
|
|
Vontier Corp.,
|
|
|
|
2.95%, 4/1/31
|
200
|
181
|
|
|
|
5,577
|
|
Engineering & Construction – 0.0%
|
||
|
MasTec, Inc.,
|
|
|
|
5.90%, 6/15/29
|
100
|
103
|
|
Quanta Services, Inc.,
|
|
|
|
5.25%, 8/9/34
|
200
|
202
|
|
|
|
305
|
|
Entertainment Content – 0.2%
|
||
|
Electronic Arts, Inc.,
|
|
|
|
1.85%, 2/15/31
|
300
|
281
|
|
Fox Corp.,
|
|
|
|
5.58%, 1/25/49†
|
490
|
454
|
|
Netflix, Inc.,
|
|
|
|
6.38%, 5/15/29
|
600
|
630
|
|
5.40%, 8/15/54†
|
200
|
192
|
|
Take-Two Interactive Software, Inc.,
|
|
|
|
4.95%, 3/28/28
|
400
|
402
|
|
TWDC Enterprises 18 Corp.,
|
|
|
|
4.13%, 12/1/41
|
105
|
90
|
|
Walt Disney (The) Co.,
|
|
|
|
4.00%, 3/14/31
|
1,610
|
1,573
|
|
6.40%, 12/15/35
|
31
|
34
|
|
4.95%, 10/15/45
|
800
|
732
|
|
4.70%, 3/23/50
|
300
|
263
|
|
3.60%, 1/13/51
|
300
|
219
|
|
|
|
4,870
|
|
Food – 0.3%
|
||
|
Campbell's (The) Co.,
|
|
|
|
4.80%, 3/15/48
|
240
|
197
|
|
3.13%, 4/24/50
|
350
|
216
|
|
Conagra Brands, Inc.,
|
|
|
|
1.38%, 11/1/27
|
85
|
81
|
|
7.00%, 10/1/28
|
200
|
209
|
|
4.85%, 11/1/28
|
100
|
100
|
|
5.30%, 11/1/38
|
200
|
190
|
|
Flowers Foods, Inc.,
|
|
|
|
6.20%, 3/15/55
|
200
|
171
|
|
|
June 30, 2026 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 21.1% continued
|
||
|
Food – 0.3%continued
|
||
|
General Mills, Inc.,
|
|
|
|
2.88%, 4/15/30
|
$218
|
$204
|
|
2.25%, 10/14/31
|
432
|
381
|
|
Hershey (The) Co.,
|
|
|
|
4.25%, 5/4/28
|
200
|
200
|
|
4.95%, 2/24/32
|
200
|
203
|
|
Hormel Foods Corp.,
|
|
|
|
1.70%, 6/3/28
|
500
|
475
|
|
3.05%, 6/3/51
|
100
|
65
|
|
J.M. Smucker (The) Co.,
|
|
|
|
4.38%, 3/15/45
|
250
|
211
|
|
6.50%, 11/15/53†
|
100
|
109
|
|
JBS N.V./JBS U.S.A. Foods Group
Holdings Inc./JBS U.S.A. Food Co.
Holdings,
|
|
|
|
3.63%, 1/15/32
|
400
|
370
|
|
5.50%, 1/15/36
|
800
|
799
|
|
7.25%, 11/15/53
|
400
|
438
|
|
Kellanova,
|
|
|
|
5.75%, 5/16/54
|
200
|
198
|
|
Kraft Heinz Foods Co.,
|
|
|
|
5.20%, 3/15/32
|
300
|
304
|
|
4.88%, 10/1/49
|
800
|
671
|
|
McCormick & Co., Inc.,
|
|
|
|
4.15%, 2/15/29
|
900
|
890
|
|
4.95%, 4/15/33
|
200
|
199
|
|
Mondelez International, Inc.,
|
|
|
|
4.25%, 5/6/28
|
600
|
598
|
|
3.00%, 3/17/32
|
500
|
454
|
|
Pilgrim's Pride Corp.,
|
|
|
|
6.88%, 5/15/34
|
350
|
378
|
|
Tyson Foods, Inc.,
|
|
|
|
5.10%, 9/28/48
|
300
|
270
|
|
|
|
8,581
|
|
Forestry, Paper & Wood Products – 0.0%
|
||
|
Georgia-Pacific LLC,
|
|
|
|
7.75%, 11/15/29
|
500
|
548
|
|
Gas & Water Utilities – 0.2%
|
||
|
American Water Capital Corp.,
|
|
|
|
2.95%, 9/1/27
|
1,000
|
984
|
|
6.59%, 10/15/37
|
105
|
117
|
|
4.30%, 12/1/42
|
75
|
65
|
|
3.45%, 5/1/50
|
12
|
8
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 21.1% continued
|
||
|
Gas & Water Utilities – 0.2%continued
|
||
|
3.25%, 6/1/51
|
$58
|
$39
|
|
5.45%, 3/1/54
|
300
|
287
|
|
Atmos Energy Corp.,
|
|
|
|
4.13%, 10/15/44
|
75
|
63
|
|
4.13%, 3/15/49
|
300
|
240
|
|
6.20%, 11/15/53
|
200
|
213
|
|
CenterPoint Energy Resources Corp.,
|
|
|
|
5.25%, 3/1/28
|
500
|
507
|
|
5.85%, 1/15/41
|
50
|
51
|
|
Essential Utilities, Inc.,
|
|
|
|
4.80%, 8/15/27
|
600
|
602
|
|
National Fuel Gas Co.,
|
|
|
|
5.95%, 3/15/35
|
200
|
206
|
|
NiSource, Inc.,
|
|
|
|
1.70%, 2/15/31
|
500
|
436
|
|
5.35%, 7/15/35†
|
300
|
303
|
|
4.80%, 2/15/44
|
580
|
514
|
|
5.85%, 4/1/55
|
100
|
99
|
|
Northwest Natural Holding Co.,
|
|
|
|
(Variable, U.S. Treasury Yield Curve
Rate CMT 5Y + 2.70%), 7.00%,
9/15/55(4)
|
250
|
259
|
|
ONE Gas, Inc.,
|
|
|
|
4.25%, 9/1/32
|
150
|
146
|
|
Piedmont Natural Gas Co., Inc.,
|
|
|
|
5.05%, 5/15/52
|
200
|
179
|
|
Southern California Gas Co.,
|
|
|
|
5.45%, 6/15/35
|
300
|
307
|
|
3.75%, 9/15/42
|
250
|
198
|
|
4.30%, 1/15/49
|
125
|
101
|
|
5.60%, 4/1/54
|
150
|
144
|
|
Southern Co. Gas Capital Corp.,
|
|
|
|
5.88%, 3/15/41
|
300
|
308
|
|
Southwest Gas Corp.,
|
|
|
|
3.80%, 9/29/46
|
50
|
38
|
|
Spire Missouri, Inc.,
|
|
|
|
3.30%, 6/1/51
|
100
|
68
|
|
Washington Gas Light Co.,
|
|
|
|
3.65%, 9/15/49
|
100
|
72
|
|
|
|
6,554
|
|
Health Care Facilities & Services – 1.0%
|
||
|
Advocate Health & Hospitals Corp.,
|
|
|
|
3.01%, 6/15/50
|
265
|
176
|
|
Schedule of Investments
|
|
BOND INDEX FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 21.1% continued
|
||
|
Health Care Facilities & Services – 1.0%continued
|
||
|
Aetna, Inc.,
|
|
|
|
6.63%, 6/15/36
|
$40
|
$44
|
|
6.75%, 12/15/37
|
150
|
163
|
|
AHS Hospital Corp.,
|
|
|
|
5.02%, 7/1/45
|
100
|
93
|
|
Ascension Health,
|
|
|
|
2.53%, 11/15/29
|
750
|
703
|
|
Cardinal Health, Inc.,
|
|
|
|
4.50%, 9/15/30
|
250
|
248
|
|
5.35%, 11/15/34
|
200
|
202
|
|
4.50%, 11/15/44
|
200
|
169
|
|
Cencora, Inc.,
|
|
|
|
4.85%, 12/15/29
|
150
|
151
|
|
5.13%, 2/15/34
|
150
|
151
|
|
4.90%, 2/13/36
|
100
|
97
|
|
4.25%, 3/1/45
|
60
|
50
|
|
4.30%, 12/15/47
|
100
|
83
|
|
Cigna Group (The),
|
|
|
|
4.38%, 10/15/28†
|
1,150
|
1,145
|
|
4.50%, 9/15/30†
|
450
|
447
|
|
4.88%, 9/15/32
|
300
|
299
|
|
4.80%, 7/15/46
|
880
|
774
|
|
5.60%, 2/15/54
|
200
|
194
|
|
6.00%, 1/15/56
|
300
|
306
|
|
CommonSpirit Health,
|
|
|
|
4.35%, 9/1/30
|
250
|
244
|
|
4.98%, 9/1/35
|
250
|
243
|
|
3.82%, 10/1/49
|
200
|
149
|
|
CVS Health Corp.,
|
|
|
|
1.30%, 8/21/27
|
39
|
38
|
|
4.30%, 3/25/28
|
234
|
233
|
|
3.25%, 8/15/29
|
191
|
183
|
|
3.75%, 4/1/30
|
386
|
373
|
|
5.00%, 9/15/32†
|
300
|
301
|
|
5.70%, 6/1/34†
|
250
|
258
|
|
5.45%, 9/15/35
|
600
|
608
|
|
5.30%, 12/5/43
|
150
|
140
|
|
5.13%, 7/20/45
|
1,286
|
1,165
|
|
5.05%, 3/25/48
|
319
|
282
|
|
6.05%, 6/1/54
|
200
|
200
|
|
6.00%, 6/1/63
|
400
|
391
|
|
Dignity Health,
|
|
|
|
5.27%, 11/1/64
|
200
|
180
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 21.1% continued
|
||
|
Health Care Facilities & Services – 1.0%continued
|
||
|
Elevance Health, Inc.,
|
|
|
|
4.10%, 3/1/28
|
$245
|
$243
|
|
4.00%, 9/15/28
|
1,190
|
1,176
|
|
4.60%, 9/15/32
|
250
|
245
|
|
6.38%, 6/15/37
|
500
|
539
|
|
4.63%, 5/15/42
|
325
|
289
|
|
3.60%, 3/15/51
|
100
|
71
|
|
5.65%, 6/15/54
|
300
|
288
|
|
5.70%, 2/15/55
|
300
|
292
|
|
5.70%, 9/15/55
|
250
|
243
|
|
HCA, Inc.,
|
|
|
|
5.00%, 3/1/28
|
450
|
452
|
|
5.25%, 3/1/30
|
300
|
304
|
|
5.50%, 6/1/33
|
500
|
511
|
|
5.75%, 3/1/35
|
300
|
309
|
|
4.90%, 11/15/35
|
500
|
484
|
|
5.13%, 6/15/39
|
200
|
191
|
|
5.50%, 6/15/47
|
330
|
307
|
|
5.25%, 6/15/49
|
50
|
45
|
|
6.00%, 4/1/54
|
300
|
296
|
|
5.95%, 9/15/54
|
100
|
98
|
|
6.20%, 3/1/55
|
200
|
204
|
|
6.10%, 4/1/64†
|
200
|
199
|
|
Humana, Inc.,
|
|
|
|
5.75%, 12/1/28
|
500
|
511
|
|
3.13%, 8/15/29
|
85
|
81
|
|
5.38%, 4/15/31
|
300
|
304
|
|
5.50%, 3/15/53
|
300
|
272
|
|
6.00%, 5/1/55†
|
250
|
242
|
|
Icon Investments Six DAC,
|
|
|
|
5.85%, 5/8/29†
|
250
|
255
|
|
IQVIA, Inc.,
|
|
|
|
6.25%, 2/1/29
|
250
|
258
|
|
Kaiser Foundation Hospitals,
|
|
|
|
3.27%, 11/1/49
|
500
|
347
|
|
Laboratory Corp. of America Holdings,
|
|
|
|
4.70%, 2/1/45
|
300
|
268
|
|
McKesson Corp.,
|
|
|
|
4.65%, 5/30/30
|
500
|
500
|
|
Memorial Sloan-Kettering Cancer
Center,
|
|
|
|
4.13%, 7/1/52
|
100
|
80
|
|
Novant Health, Inc.,
|
|
|
|
3.32%, 11/1/61†
|
120
|
75
|
|
|
June 30, 2026 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 21.1% continued
|
||
|
Health Care Facilities & Services – 1.0%continued
|
||
|
NYU Langone Hospitals,
|
|
|
|
4.37%, 7/1/47
|
$200
|
$172
|
|
Providence St. Joseph Health Obligated
Group,
|
|
|
|
5.37%, 10/1/32
|
250
|
255
|
|
Quest Diagnostics, Inc.,
|
|
|
|
4.20%, 6/30/29
|
59
|
58
|
|
6.40%, 11/30/33
|
200
|
216
|
|
Sutter Health,
|
|
|
|
4.09%, 8/15/48
|
500
|
401
|
|
UnitedHealth Group, Inc.,
|
|
|
|
3.88%, 12/15/28
|
218
|
215
|
|
4.25%, 1/15/29
|
500
|
497
|
|
4.00%, 5/15/29
|
600
|
592
|
|
4.80%, 1/15/30
|
1,000
|
1,008
|
|
2.00%, 5/15/30
|
216
|
197
|
|
4.65%, 1/15/31
|
300
|
300
|
|
2.30%, 5/15/31†
|
200
|
179
|
|
5.15%, 7/15/34
|
300
|
303
|
|
6.63%, 11/15/37
|
640
|
717
|
|
6.88%, 2/15/38
|
170
|
194
|
|
3.05%, 5/15/41
|
330
|
249
|
|
4.38%, 3/15/42
|
219
|
191
|
|
4.75%, 7/15/45
|
281
|
250
|
|
2.90%, 5/15/50
|
400
|
255
|
|
5.05%, 4/15/53
|
300
|
270
|
|
5.95%, 6/15/55
|
250
|
258
|
|
5.50%, 4/15/64
|
100
|
94
|
|
5.75%, 7/15/64
|
1,100
|
1,074
|
|
Universal Health Services, Inc.,
|
|
|
|
4.63%, 10/15/29
|
250
|
247
|
|
5.05%, 10/15/34
|
250
|
239
|
|
|
|
28,893
|
|
Home & Office Products – 0.0%
|
||
|
Leggett & Platt, Inc.,
|
|
|
|
3.50%, 11/15/27
|
500
|
490
|
|
Home Construction – 0.1%
|
||
|
D.R. Horton, Inc.,
|
|
|
|
5.50%, 10/15/35†
|
200
|
204
|
|
Fortune Brands Innovations, Inc.,
|
|
|
|
4.50%, 3/25/52
|
50
|
41
|
|
Lennar Corp.,
|
|
|
|
4.75%, 11/29/27
|
200
|
200
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 21.1% continued
|
||
|
Home Construction – 0.1%continued
|
||
|
Masco Corp.,
|
|
|
|
1.50%, 2/15/28
|
$500
|
$476
|
|
Meritage Homes Corp.,
|
|
|
|
5.65%, 3/15/35†
|
100
|
101
|
|
Mohawk Industries, Inc.,
|
|
|
|
5.85%, 9/18/28
|
100
|
102
|
|
NVR, Inc.,
|
|
|
|
3.00%, 5/15/30
|
100
|
94
|
|
Sekisui House U.S., Inc.,
|
|
|
|
2.50%, 1/15/31
|
200
|
176
|
|
Toll Brothers Finance Corp.,
|
|
|
|
3.80%, 11/1/29
|
150
|
146
|
|
|
|
1,540
|
|
Household Products – 0.1%
|
||
|
Church & Dwight Co., Inc.,
|
|
|
|
3.95%, 8/1/47
|
100
|
79
|
|
Colgate-Palmolive Co.,
|
|
|
|
4.60%, 3/1/33†
|
200
|
201
|
|
Estee Lauder (The) Cos., Inc.,
|
|
|
|
6.00%, 5/15/37
|
100
|
106
|
|
4.38%, 6/15/45
|
150
|
125
|
|
4.15%, 3/15/47
|
70
|
56
|
|
5.15%, 5/15/53
|
100
|
90
|
|
Haleon U.S. Capital LLC,
|
|
|
|
3.63%, 3/24/32
|
600
|
562
|
|
Kenvue, Inc.,
|
|
|
|
4.90%, 3/22/33
|
200
|
201
|
|
5.10%, 3/22/43
|
200
|
191
|
|
5.05%, 3/22/53
|
200
|
182
|
|
Kimberly-Clark Corp.,
|
|
|
|
2.00%, 11/2/31
|
200
|
176
|
|
6.63%, 8/1/37
|
350
|
397
|
|
3.20%, 7/30/46
|
25
|
18
|
|
2.88%, 2/7/50
|
200
|
130
|
|
Procter & Gamble (The) Co.,
|
|
|
|
3.00%, 3/25/30
|
794
|
756
|
|
1.20%, 10/29/30
|
300
|
263
|
|
2.30%, 2/1/32
|
200
|
180
|
|
3.55%, 3/25/40
|
200
|
171
|
|
|
|
3,884
|
|
Industrial Intermediate Products – 0.0%
|
||
|
Timken (The) Co.,
|
|
|
|
4.13%, 4/1/32
|
100
|
95
|
|
Schedule of Investments
|
|
BOND INDEX FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 21.1% continued
|
||
|
Industrial Support Services – 0.0%
|
||
|
WW Grainger, Inc.,
|
|
|
|
4.60%, 6/15/45
|
$100
|
$89
|
|
Institutional Financial Services – 1.1%
|
||
|
Bank of New York Mellon (The) Corp.,
|
|
|
|
(Variable, U.S. SOFR + 0.63%),
4.03%, 1/22/30(4)
|
730
|
720
|
|
(Variable, U.S. SOFR + 1.09%),
4.98%, 3/14/30(4)
|
500
|
504
|
|
(Variable, U.S. SOFR + 1.23%),
5.06%, 7/22/32(4)
|
250
|
253
|
|
(Variable, U.S. SOFR + 1.51%),
4.71%, 2/1/34(4)
|
500
|
492
|
|
(Variable, U.S. SOFR + 1.25%),
5.23%, 11/20/35(4)
|
500
|
507
|
|
BGC Group, Inc.,
|
|
|
|
6.60%, 6/10/29
|
100
|
103
|
|
Cboe Global Markets, Inc.,
|
|
|
|
3.00%, 3/16/32
|
100
|
91
|
|
CME Group, Inc.,
|
|
|
|
3.75%, 6/15/28
|
300
|
297
|
|
4.40%, 3/15/30
|
610
|
607
|
|
5.30%, 9/15/43
|
45
|
44
|
|
Goldman Sachs Group (The), Inc.,
|
|
|
|
(Variable, CME Term SOFR 3M +
1.42%), 3.81%, 4/23/29(4)
|
70
|
69
|
|
(Variable, U.S. SOFR + 0.90%),
4.15%, 10/21/29(4)
|
500
|
493
|
|
(Variable, U.S. SOFR + 0.99%),
4.59%, 4/20/30(4)
|
1,200
|
1,193
|
|
(Variable, U.S. SOFR + 1.08%),
5.21%, 1/28/31(4)
|
1,000
|
1,011
|
|
(Variable, U.S. SOFR + 1.06%),
4.37%, 10/21/31(4)
|
500
|
489
|
|
(Variable, U.S. SOFR + 0.96%),
4.52%, 1/21/32(4)
|
640
|
628
|
|
(Variable, U.S. SOFR + 1.09%),
1.99%, 1/27/32(4)
|
1,500
|
1,319
|
|
(Variable, U.S. SOFR + 1.95%),
6.56%, 10/24/34(4)
|
400
|
433
|
|
(Variable, U.S. SOFR + 1.55%),
5.85%, 4/25/35(4)
|
700
|
726
|
|
(Variable, U.S. SOFR + 1.38%),
5.54%, 1/28/36(4)
|
400
|
406
|
|
(Variable, U.S. SOFR + 1.33%),
4.94%, 10/21/36(4)
|
500
|
486
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 21.1% continued
|
||
|
Institutional Financial Services – 1.1%continued
|
||
|
(Variable, U.S. SOFR + 1.19%),
5.07%, 1/21/37(4)
|
$610
|
$596
|
|
(Variable, CME Term SOFR 3M +
1.69%), 4.41%, 4/23/39(4)
|
500
|
452
|
|
6.25%, 2/1/41
|
192
|
204
|
|
(Variable, U.S. SOFR + 1.51%),
3.21%, 4/22/42(4)
|
808
|
610
|
|
(Variable, U.S. SOFR + 1.63%),
3.44%, 2/24/43(4)
|
400
|
306
|
|
4.80%, 7/8/44
|
350
|
314
|
|
(Variable, U.S. SOFR + 1.58%),
5.56%, 11/19/45(4)
|
500
|
486
|
|
(Variable, U.S. SOFR + 1.32%),
5.54%, 1/21/47(4)
|
300
|
290
|
|
(Variable, U.S. SOFR + 1.70%),
5.73%, 1/28/56(4) †
|
500
|
492
|
|
Intercontinental Exchange, Inc.,
|
|
|
|
5.25%, 6/15/31
|
400
|
408
|
|
4.25%, 9/21/48
|
500
|
414
|
|
5.20%, 6/15/62
|
600
|
544
|
|
Jefferies Financial Group, Inc.,
|
|
|
|
2.63%, 10/15/31
|
400
|
348
|
|
6.20%, 4/14/34
|
200
|
205
|
|
Lazard Group LLC,
|
|
|
|
6.00%, 3/15/31
|
125
|
130
|
|
LPL Holdings, Inc.,
|
|
|
|
5.20%, 3/15/30
|
250
|
252
|
|
Morgan Stanley,
|
|
|
|
(Variable, U.S. SOFR + 0.91%),
4.13%, 10/18/29(4)
|
500
|
493
|
|
(Variable, U.S. SOFR + 1.26%),
5.66%, 4/18/30(4)
|
1,000
|
1,022
|
|
(Variable, U.S. SOFR + 1.11%),
5.23%, 1/15/31(4)
|
2,400
|
2,427
|
|
(Variable, U.S. SOFR + 3.12%),
3.62%, 4/1/31(4)
|
3,050
|
2,921
|
|
(Variable, U.S. SOFR + 1.07%),
4.36%, 10/22/31(4)
|
500
|
489
|
|
(Variable, U.S. SOFR + 1.03%),
1.79%, 2/13/32(4)
|
36
|
31
|
|
(Variable, U.S. SOFR + 1.20%),
4.71%, 3/12/32(4)
|
1,580
|
1,560
|
|
(Variable, U.S. SOFR + 1.02%),
1.93%, 4/28/32(4)
|
66
|
57
|
|
(Variable, U.S. SOFR + 1.88%),
5.42%, 7/21/34(4)
|
500
|
508
|
|
|
June 30, 2026 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 21.1% continued
|
||
|
Institutional Financial Services – 1.1%continued
|
||
|
(Variable, U.S. SOFR + 1.73%),
5.47%, 1/18/35(4)
|
$700
|
$711
|
|
(Variable, U.S. SOFR + 1.42%),
5.59%, 1/18/36(4)
|
300
|
306
|
|
(Variable, U.S. SOFR + 1.76%),
5.66%, 4/17/36(4)
|
300
|
308
|
|
(Variable, U.S. SOFR + 1.36%),
2.48%, 9/16/36(4)
|
600
|
520
|
|
(Variable, U.S. SOFR + 1.31%),
4.89%, 10/22/36(4)
|
500
|
484
|
|
(Variable, U.S. Treasury Yield Curve
Rate CMT 5Y + 2.43%), 5.95%,
1/19/38(4)
|
800
|
823
|
|
(Variable, U.S. Treasury Yield Curve
Rate CMT 5Y + 1.80%), 5.94%,
2/7/39(4)
|
200
|
206
|
|
(Variable, U.S. Treasury Yield Curve
Rate CMT 5Y + 1.17%), 5.31%,
1/18/41(4)
|
290
|
283
|
|
6.38%, 7/24/42
|
300
|
326
|
|
4.30%, 1/27/45
|
784
|
661
|
|
(Variable, U.S. SOFR + 4.84%),
5.60%, 3/24/51(4)
|
300
|
294
|
|
(Variable, U.S. SOFR + 1.71%),
5.52%, 11/19/55(4)
|
300
|
290
|
|
Nasdaq, Inc.,
|
|
|
|
5.95%, 8/15/53(9)
|
300
|
304
|
|
State Street Corp.,
|
|
|
|
4.73%, 2/28/30
|
500
|
503
|
|
(Variable, U.S. SOFR + 1.05%),
4.68%, 10/22/32(4)
|
1,020
|
1,014
|
|
(Variable, U.S. SOFR + 1.57%),
4.82%, 1/26/34(4)
|
300
|
298
|
|
(Variable, U.S. SOFR + 1.89%),
5.16%, 5/18/34(4)
|
400
|
404
|
|
|
|
34,165
|
|
Insurance – 0.6%
|
||
|
Aflac, Inc.,
|
|
|
|
3.60%, 4/1/30
|
500
|
482
|
|
Allstate (The) Corp.,
|
|
|
|
4.50%, 6/15/43
|
45
|
39
|
|
4.20%, 12/15/46
|
100
|
81
|
|
(Variable, ICE LIBOR USD 3M +
2.12%), 6.50%, 5/15/57(4)
|
225
|
231
|
|
American International Group, Inc.,
|
|
|
|
4.50%, 7/16/44
|
9
|
8
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 21.1% continued
|
||
|
Insurance – 0.6%continued
|
||
|
4.38%, 6/30/50
|
$300
|
$248
|
|
American National Group, Inc.,
|
|
|
|
5.75%, 10/1/29
|
150
|
152
|
|
Aon Corp./Aon Global Holdings PLC,
|
|
|
|
5.35%, 2/28/33
|
200
|
204
|
|
3.90%, 2/28/52
|
300
|
222
|
|
Aon North America, Inc.,
|
|
|
|
5.30%, 3/1/31
|
300
|
305
|
|
5.75%, 3/1/54
|
500
|
490
|
|
Arch Capital Group Ltd.,
|
|
|
|
3.64%, 6/30/50
|
200
|
146
|
|
Arthur J Gallagher & Co.,
|
|
|
|
5.15%, 2/15/35
|
300
|
298
|
|
5.75%, 3/2/53
|
250
|
243
|
|
5.55%, 2/15/55
|
200
|
190
|
|
Assurant, Inc.,
|
|
|
|
4.90%, 3/27/28
|
215
|
215
|
|
Assured Guaranty U.S. Holdings, Inc.,
|
|
|
|
6.13%, 9/15/28
|
120
|
123
|
|
Athene Holding Ltd.,
|
|
|
|
6.65%, 2/1/33
|
300
|
316
|
|
6.25%, 4/1/54
|
100
|
92
|
|
6.63%, 5/19/55
|
100
|
97
|
|
AXIS Specialty Finance LLC,
|
|
|
|
(Variable, U.S. Treasury Yield Curve
Rate CMT 5Y + 3.19%), 4.90%,
1/15/40(4)
|
200
|
195
|
|
Berkshire Hathaway Finance Corp.,
|
|
|
|
2.88%, 3/15/32
|
178
|
165
|
|
4.40%, 5/15/42
|
100
|
89
|
|
4.30%, 5/15/43
|
300
|
265
|
|
4.25%, 1/15/49
|
300
|
247
|
|
2.50%, 1/15/51
|
300
|
177
|
|
Berkshire Hathaway, Inc.,
|
|
|
|
4.50%, 2/11/43†
|
255
|
230
|
|
Brighthouse Financial, Inc.,
|
|
|
|
3.85%, 12/22/51
|
250
|
143
|
|
Brown & Brown, Inc.,
|
|
|
|
4.95%, 3/17/52
|
200
|
169
|
|
6.25%, 6/23/55
|
200
|
202
|
|
Chubb INA Holdings LLC,
|
|
|
|
4.90%, 8/15/35
|
300
|
296
|
|
6.70%, 5/15/36
|
50
|
56
|
|
6.00%, 5/11/37
|
50
|
53
|
|
Schedule of Investments
|
|
BOND INDEX FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 21.1% continued
|
||
|
Insurance – 0.6%continued
|
||
|
6.50%, 5/15/38
|
$85
|
$95
|
|
4.15%, 3/13/43
|
100
|
85
|
|
2.85%, 12/15/51
|
100
|
64
|
|
3.05%, 12/15/61
|
200
|
122
|
|
CNA Financial Corp.,
|
|
|
|
5.50%, 6/15/33
|
200
|
203
|
|
Corebridge Financial, Inc.,
|
|
|
|
3.85%, 4/5/29
|
1,420
|
1,388
|
|
Enstar Group Ltd.,
|
|
|
|
3.10%, 9/1/31
|
150
|
134
|
|
Equitable Holdings, Inc.,
|
|
|
|
5.00%, 4/20/48
|
136
|
119
|
|
Everest Reinsurance Holdings, Inc.,
|
|
|
|
3.13%, 10/15/52
|
200
|
124
|
|
F&G Annuities & Life, Inc.,
|
|
|
|
7.40%, 1/13/28
|
100
|
103
|
|
Globe Life, Inc.,
|
|
|
|
5.85%, 9/15/34
|
150
|
155
|
|
Hartford Insurance Group (The), Inc.,
|
|
|
|
5.95%, 10/15/36
|
285
|
300
|
|
Horace Mann Educators Corp.,
|
|
|
|
7.25%, 9/15/28
|
150
|
157
|
|
Lincoln National Corp.,
|
|
|
|
3.80%, 3/1/28
|
117
|
115
|
|
6.30%, 10/9/37
|
100
|
105
|
|
Loews Corp.,
|
|
|
|
4.13%, 5/15/43
|
75
|
63
|
|
Markel Group, Inc.,
|
|
|
|
5.00%, 5/20/49
|
200
|
175
|
|
3.45%, 5/7/52
|
100
|
68
|
|
Marsh & McLennan Cos., Inc.,
|
|
|
|
5.88%, 8/1/33
|
100
|
106
|
|
5.15%, 3/15/34
|
500
|
504
|
|
5.45%, 3/15/53
|
200
|
190
|
|
5.45%, 3/15/54
|
400
|
382
|
|
5.40%, 3/15/55
|
300
|
284
|
|
MetLife, Inc.,
|
|
|
|
6.38%, 6/15/34
|
485
|
527
|
|
4.72%, 12/15/44
|
370
|
327
|
|
5.25%, 1/15/54†
|
400
|
374
|
|
Old Republic International Corp.,
|
|
|
|
5.75%, 3/28/34
|
150
|
153
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 21.1% continued
|
||
|
Insurance – 0.6%continued
|
||
|
Principal Financial Group, Inc.,
|
|
|
|
5.50%, 3/15/53
|
$200
|
$193
|
|
Progressive (The) Corp.,
|
|
|
|
4.20%, 3/15/48
|
300
|
245
|
|
3.95%, 3/26/50
|
400
|
311
|
|
Prudential Financial, Inc.,
|
|
|
|
5.20%, 3/14/35
|
400
|
401
|
|
3.00%, 3/10/40
|
300
|
229
|
|
3.94%, 12/7/49
|
335
|
254
|
|
3.70%, 3/13/51
|
200
|
145
|
|
(Variable, U.S. Treasury Yield Curve
Rate CMT 5Y + 2.40%), 6.50%,
3/15/54(4)
|
400
|
414
|
|
Reinsurance Group of America, Inc.,
|
|
|
|
6.00%, 9/15/33
|
200
|
209
|
|
(Variable, U.S. Treasury Yield Curve
Rate CMT 5Y + 2.39%), 6.65%,
9/15/55(4)
|
250
|
253
|
|
Selective Insurance Group, Inc.,
|
|
|
|
5.90%, 4/15/35
|
100
|
104
|
|
Transatlantic Holdings, Inc.,
|
|
|
|
8.00%, 11/30/39
|
70
|
85
|
|
Travelers (The) Cos., Inc.,
|
|
|
|
6.25%, 6/15/37
|
375
|
409
|
|
5.45%, 5/25/53
|
200
|
194
|
|
5.70%, 7/24/55
|
250
|
251
|
|
Unum Group,
|
|
|
|
4.13%, 6/15/51
|
200
|
149
|
|
W R Berkley Corp.,
|
|
|
|
3.55%, 3/30/52
|
200
|
141
|
|
Willis North America, Inc.,
|
|
|
|
2.95%, 9/15/29
|
500
|
473
|
|
3.88%, 9/15/49
|
200
|
149
|
|
|
|
17,500
|
|
Internet Media & Services – 0.5%
|
||
|
Airbnb, Inc.,
|
|
|
|
4.40%, 3/16/29
|
810
|
806
|
|
Alphabet, Inc.,
|
|
|
|
4.00%, 5/15/30
|
1,300
|
1,281
|
|
4.80%, 2/15/36
|
820
|
806
|
|
5.35%, 11/15/45
|
1,940
|
1,882
|
|
2.05%, 8/15/50
|
75
|
40
|
|
5.65%, 2/15/56
|
400
|
395
|
|
2.25%, 8/15/60†
|
400
|
200
|
|
|
June 30, 2026 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 21.1% continued
|
||
|
Internet Media & Services – 0.5%continued
|
||
|
5.30%, 5/15/65
|
$370
|
$339
|
|
5.70%, 11/15/75
|
120
|
115
|
|
Expedia Group, Inc.,
|
|
|
|
4.63%, 8/1/27
|
300
|
300
|
|
5.50%, 4/15/36
|
300
|
297
|
|
Meta Platforms, Inc.,
|
|
|
|
4.60%, 5/15/28†
|
300
|
302
|
|
4.55%, 8/15/31
|
1,000
|
996
|
|
4.60%, 11/15/32
|
2,000
|
1,967
|
|
4.95%, 5/15/33
|
1,800
|
1,799
|
|
5.25%, 5/15/36
|
1,500
|
1,489
|
|
6.20%, 5/15/46
|
1,500
|
1,501
|
|
5.63%, 11/15/55
|
1,200
|
1,087
|
|
5.75%, 11/15/65
|
200
|
180
|
|
Uber Technologies, Inc.,
|
|
|
|
4.15%, 1/15/31†
|
250
|
244
|
|
4.80%, 9/15/35†
|
250
|
243
|
|
5.35%, 9/15/54†
|
250
|
233
|
|
|
|
16,502
|
|
IT Services – 0.1%
|
||
|
Accenture Capital, Inc.,
|
|
|
|
4.25%, 10/4/31
|
200
|
195
|
|
IBM International Capital Pte. Ltd.,
|
|
|
|
4.90%, 2/5/34†
|
300
|
296
|
|
5.30%, 2/5/54
|
300
|
269
|
|
International Business Machines Corp.,
|
|
|
|
6.50%, 1/15/28
|
226
|
233
|
|
1.95%, 5/15/30
|
797
|
721
|
|
5.00%, 2/10/32
|
500
|
503
|
|
5.20%, 2/10/35
|
700
|
702
|
|
4.25%, 5/15/49
|
300
|
235
|
|
5.80%, 2/3/56
|
240
|
233
|
|
Kyndryl Holdings, Inc.,
|
|
|
|
2.70%, 10/15/28
|
500
|
470
|
|
Leidos, Inc.,
|
|
|
|
5.75%, 3/15/33
|
300
|
309
|
|
|
|
4,166
|
|
Leisure Facilities & Services – 0.2%
|
||
|
Hyatt Hotels Corp.,
|
|
|
|
5.25%, 6/30/29
|
300
|
305
|
|
5.75%, 3/30/32
|
300
|
309
|
|
Las Vegas Sands Corp.,
|
|
|
|
6.20%, 8/15/34
|
200
|
206
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 21.1% continued
|
||
|
Leisure Facilities & Services – 0.2%continued
|
||
|
Marriott International, Inc.,
|
|
|
|
4.80%, 3/15/30
|
$400
|
$402
|
|
2.85%, 4/15/31
|
500
|
460
|
|
5.10%, 4/15/32
|
300
|
303
|
|
5.50%, 4/15/37
|
400
|
404
|
|
McDonald's Corp.,
|
|
|
|
4.80%, 8/14/28
|
700
|
705
|
|
5.00%, 5/17/29
|
400
|
405
|
|
5.00%, 2/13/36
|
250
|
249
|
|
4.88%, 12/9/45
|
200
|
181
|
|
4.45%, 3/1/47
|
200
|
169
|
|
4.45%, 9/1/48
|
112
|
94
|
|
4.20%, 4/1/50
|
300
|
240
|
|
5.45%, 8/14/53†
|
300
|
288
|
|
Royal Caribbean Cruises Ltd.,
|
|
|
|
5.25%, 2/27/38
|
500
|
484
|
|
Starbucks Corp.,
|
|
|
|
5.00%, 2/15/34
|
139
|
139
|
|
3.50%, 11/15/50
|
600
|
420
|
|
|
|
5,763
|
|
Leisure Products – 0.0%
|
||
|
Hasbro, Inc.,
|
|
|
|
6.35%, 3/15/40
|
50
|
52
|
|
Machinery – 0.3%
|
||
|
AGCO Corp.,
|
|
|
|
5.80%, 3/21/34
|
100
|
102
|
|
Caterpillar Financial Services Corp.,
|
|
|
|
3.60%, 8/12/27
|
500
|
497
|
|
4.15%, 1/8/31
|
500
|
492
|
|
Caterpillar, Inc.,
|
|
|
|
5.20%, 5/15/35
|
300
|
306
|
|
3.80%, 8/15/42
|
185
|
154
|
|
4.30%, 5/15/44
|
235
|
204
|
|
3.25%, 9/19/49
|
220
|
156
|
|
CNH Industrial Capital LLC,
|
|
|
|
5.10%, 4/20/29
|
300
|
303
|
|
Deere & Co.,
|
|
|
|
3.75%, 4/15/50
|
633
|
487
|
|
Eaton Corp.,
|
|
|
|
3.10%, 9/15/27
|
250
|
247
|
|
4.35%, 5/18/28
|
500
|
500
|
|
4.80%, 3/6/36
|
1,000
|
981
|
|
4.70%, 8/23/52
|
100
|
89
|
|
Schedule of Investments
|
|
BOND INDEX FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 21.1% continued
|
||
|
Machinery – 0.3%continued
|
||
|
Flowserve Corp.,
|
|
|
|
2.80%, 1/15/32
|
$100
|
$89
|
|
IDEX Corp.,
|
|
|
|
2.63%, 6/15/31
|
100
|
90
|
|
Ingersoll Rand, Inc.,
|
|
|
|
5.31%, 6/15/31
|
500
|
510
|
|
John Deere Capital Corp.,
|
|
|
|
4.15%, 9/15/27
|
118
|
118
|
|
4.65%, 1/7/28
|
400
|
402
|
|
4.95%, 7/14/28
|
1,000
|
1,012
|
|
4.40%, 9/8/31
|
300
|
297
|
|
Oshkosh Corp.,
|
|
|
|
3.10%, 3/1/30
|
100
|
94
|
|
Regal Rexnord Corp.,
|
|
|
|
6.05%, 4/15/28
|
500
|
511
|
|
Snap-on, Inc.,
|
|
|
|
3.10%, 5/1/50
|
100
|
67
|
|
Stanley Black & Decker, Inc.,
|
|
|
|
2.75%, 11/15/50
|
300
|
178
|
|
Xylem, Inc.,
|
|
|
|
2.25%, 1/30/31†
|
200
|
180
|
|
|
|
8,066
|
|
Medical Equipment & Devices – 0.4%
|
||
|
Abbott Laboratories,
|
|
|
|
1.15%, 1/30/28†
|
110
|
105
|
|
1.40%, 6/30/30
|
2,500
|
2,222
|
|
4.65%, 3/15/36
|
800
|
777
|
|
4.75%, 11/30/36
|
353
|
345
|
|
6.15%, 11/30/37
|
202
|
220
|
|
4.75%, 4/15/43
|
100
|
92
|
|
5.60%, 3/15/66
|
130
|
127
|
|
Agilent Technologies, Inc.,
|
|
|
|
2.30%, 3/12/31
|
300
|
269
|
|
Baxter International, Inc.,
|
|
|
|
3.50%, 8/15/46
|
350
|
238
|
|
3.13%, 12/1/51
|
150
|
90
|
|
Becton Dickinson & Co.,
|
|
|
|
4.69%, 2/13/28
|
800
|
801
|
|
5.11%, 2/8/34
|
400
|
401
|
|
Boston Scientific Corp.,
|
|
|
|
7.38%, 1/15/40
|
240
|
285
|
|
DH Europe Finance II S.a.r.l.,
|
|
|
|
2.60%, 11/15/29
|
1,100
|
1,031
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 21.1% continued
|
||
|
Medical Equipment & Devices – 0.4%continued
|
||
|
GE HealthCare Technologies, Inc.,
|
|
|
|
5.91%, 11/22/32
|
$600
|
$631
|
|
Medtronic, Inc.,
|
|
|
|
4.63%, 3/15/45
|
406
|
364
|
|
Revvity, Inc.,
|
|
|
|
2.25%, 9/15/31
|
300
|
264
|
|
Stryker Corp.,
|
|
|
|
3.65%, 3/7/28
|
152
|
150
|
|
4.85%, 2/10/30
|
250
|
252
|
|
4.10%, 4/1/43
|
50
|
42
|
|
4.38%, 5/15/44
|
200
|
172
|
|
2.90%, 6/15/50
|
200
|
130
|
|
Thermo Fisher Scientific, Inc.,
|
|
|
|
1.75%, 10/15/28
|
38
|
36
|
|
5.00%, 1/31/29
|
250
|
253
|
|
4.20%, 3/1/31
|
250
|
245
|
|
4.47%, 10/7/32
|
250
|
246
|
|
4.89%, 10/7/37
|
860
|
846
|
|
2.80%, 10/15/41
|
500
|
365
|
|
5.55%, 2/12/46
|
190
|
188
|
|
Zimmer Biomet Holdings, Inc.,
|
|
|
|
2.60%, 11/24/31
|
400
|
359
|
|
|
|
11,546
|
|
Metals & Mining – 0.0%
|
||
|
Freeport-McMoRan, Inc.,
|
|
|
|
4.25%, 3/1/30
|
500
|
491
|
|
4.63%, 8/1/30
|
500
|
497
|
|
Newmont Corp.,
|
|
|
|
5.88%, 4/1/35
|
100
|
106
|
|
Newmont Corp./Newcrest Finance Pty.
Ltd.,
|
|
|
|
4.20%, 5/13/50
|
300
|
242
|
|
|
|
1,336
|
|
Oil & Gas Services & Equipment – 0.1%
|
||
|
Baker Hughes Holdings LLC,
|
|
|
|
5.13%, 9/15/40
|
100
|
96
|
|
Baker Hughes Holdings LLC/Baker
Hughes Co-Obligor, Inc.,
|
|
|
|
4.35%, 6/15/31
|
1,110
|
1,088
|
|
4.08%, 12/15/47
|
110
|
87
|
|
Halliburton Co.,
|
|
|
|
2.92%, 3/1/30†
|
300
|
282
|
|
4.85%, 11/15/35
|
275
|
267
|
|
|
June 30, 2026 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 21.1% continued
|
||
|
Oil & Gas Services & Equipment – 0.1%continued
|
||
|
7.45%, 9/15/39
|
$160
|
$187
|
|
4.75%, 8/1/43
|
15
|
13
|
|
Helmerich & Payne, Inc.,
|
|
|
|
5.50%, 12/1/34
|
200
|
196
|
|
NOV, Inc.,
|
|
|
|
3.60%, 12/1/29
|
150
|
144
|
|
|
|
2,360
|
|
Oil & Gas Supply Chain – 1.4%
|
||
|
APA Corp.,
|
|
|
|
6.10%, 2/15/35
|
200
|
206
|
|
Boardwalk Pipelines L.P.,
|
|
|
|
4.45%, 7/15/27
|
150
|
150
|
|
BP Capital Markets America, Inc.,
|
|
|
|
4.23%, 11/6/28
|
428
|
425
|
|
2.72%, 1/12/32
|
110
|
99
|
|
4.99%, 4/10/34
|
500
|
499
|
|
5.23%, 11/17/34
|
800
|
810
|
|
3.38%, 2/8/61
|
800
|
515
|
|
BP Capital Markets PLC,
|
|
|
|
3.28%, 9/19/27
|
138
|
136
|
|
Cheniere Corpus Christi Holdings LLC,
|
|
|
|
3.70%, 11/15/29
|
300
|
290
|
|
2.74%, 12/31/39
|
300
|
256
|
|
Cheniere Energy Partners L.P.,
|
|
|
|
5.95%, 6/30/33
|
500
|
522
|
|
5.55%, 10/30/35
|
250
|
254
|
|
Cheniere Energy, Inc.,
|
|
|
|
5.65%, 4/15/34
|
250
|
257
|
|
Chevron U.S.A., Inc.,
|
|
|
|
1.02%, 8/12/27
|
31
|
30
|
|
4.69%, 4/15/30
|
500
|
503
|
|
4.50%, 10/15/32
|
400
|
398
|
|
4.85%, 10/15/35
|
250
|
249
|
|
2.34%, 8/12/50
|
200
|
115
|
|
ConocoPhillips,
|
|
|
|
4.88%, 10/1/47
|
500
|
445
|
|
ConocoPhillips Co.,
|
|
|
|
5.05%, 9/15/33
|
200
|
203
|
|
3.76%, 3/15/42
|
100
|
81
|
|
5.30%, 5/15/53
|
300
|
279
|
|
5.50%, 1/15/55
|
200
|
192
|
|
4.03%, 3/15/62
|
405
|
295
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 21.1% continued
|
||
|
Oil & Gas Supply Chain – 1.4%continued
|
||
|
Continental Resources, Inc.,
|
|
|
|
4.38%, 1/15/28
|
$200
|
$199
|
|
DCP Midstream Operating L.P.,
|
|
|
|
5.63%, 7/15/27
|
300
|
303
|
|
Devon Energy Corp.,
|
|
|
|
5.25%, 10/15/27
|
250
|
250
|
|
4.38%, 3/15/29(3)
|
200
|
198
|
|
5.75%, 9/15/54†
|
500
|
482
|
|
Diamondback Energy, Inc.,
|
|
|
|
5.40%, 4/18/34
|
400
|
406
|
|
6.25%, 3/15/53
|
200
|
207
|
|
5.75%, 4/18/54
|
300
|
292
|
|
5.90%, 4/18/64
|
100
|
98
|
|
Eastern Gas Transmission & Storage,
Inc.,
|
|
|
|
4.60%, 12/15/44
|
200
|
171
|
|
Enbridge Energy Partners L.P.,
|
|
|
|
7.50%, 4/15/38
|
50
|
58
|
|
Energy Transfer L.P.,
|
|
|
|
4.95%, 6/15/28†
|
27
|
27
|
|
5.25%, 4/15/29
|
752
|
762
|
|
4.15%, 9/15/29
|
183
|
180
|
|
6.40%, 12/1/30
|
400
|
423
|
|
5.80%, 6/15/38†
|
400
|
408
|
|
7.50%, 7/1/38
|
310
|
358
|
|
4.95%, 1/15/43
|
500
|
442
|
|
5.15%, 2/1/43
|
309
|
279
|
|
5.30%, 4/1/44
|
15
|
14
|
|
5.35%, 5/15/45
|
80
|
73
|
|
6.25%, 4/15/49
|
400
|
399
|
|
6.05%, 9/1/54†
|
200
|
194
|
|
6.30%, 1/15/56
|
500
|
502
|
|
Enterprise Products Operating LLC,
|
|
|
|
3.13%, 7/31/29
|
138
|
132
|
|
6.88%, 3/1/33
|
50
|
56
|
|
5.20%, 1/15/36
|
1,380
|
1,384
|
|
7.55%, 4/15/38
|
515
|
609
|
|
5.95%, 2/1/41
|
40
|
42
|
|
4.80%, 2/1/49
|
200
|
175
|
|
4.20%, 1/31/50
|
700
|
565
|
|
5.55%, 2/16/55
|
300
|
291
|
|
EOG Resources, Inc.,
|
|
|
|
5.35%, 1/15/36
|
250
|
253
|
|
4.95%, 4/15/50
|
100
|
89
|
|
Schedule of Investments
|
|
BOND INDEX FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 21.1% continued
|
||
|
Oil & Gas Supply Chain – 1.4%continued
|
||
|
5.95%, 7/15/55
|
$150
|
$153
|
|
EQT Corp.,
|
|
|
|
5.75%, 2/1/34
|
200
|
204
|
|
Exxon Mobil Corp.,
|
|
|
|
3.48%, 3/19/30
|
125
|
121
|
|
2.61%, 10/15/30
|
1,010
|
937
|
|
3.00%, 8/16/39
|
200
|
158
|
|
4.23%, 3/19/40
|
400
|
360
|
|
4.33%, 3/19/50
|
500
|
417
|
|
Hess Corp.,
|
|
|
|
7.13%, 3/15/33
|
390
|
438
|
|
HF Sinclair Corp.,
|
|
|
|
4.50%, 10/1/30
|
250
|
244
|
|
Kinder Morgan Energy Partners L.P.,
|
|
|
|
7.30%, 8/15/33
|
175
|
197
|
|
6.55%, 9/15/40
|
205
|
220
|
|
7.50%, 11/15/40
|
305
|
355
|
|
6.38%, 3/1/41
|
35
|
37
|
|
5.63%, 9/1/41
|
310
|
304
|
|
5.40%, 9/1/44
|
50
|
47
|
|
Kinder Morgan, Inc.,
|
|
|
|
5.85%, 6/1/35
|
340
|
355
|
|
5.45%, 8/1/52
|
300
|
280
|
|
5.95%, 8/1/54†
|
200
|
201
|
|
Marathon Petroleum Corp.,
|
|
|
|
3.80%, 4/1/28
|
38
|
37
|
|
6.50%, 3/1/41
|
300
|
322
|
|
MPLX L.P.,
|
|
|
|
4.80%, 2/15/29
|
300
|
301
|
|
2.65%, 8/15/30
|
300
|
276
|
|
4.80%, 2/15/31
|
980
|
976
|
|
5.40%, 9/15/35
|
500
|
499
|
|
5.20%, 12/1/47
|
407
|
365
|
|
4.70%, 4/15/48
|
400
|
332
|
|
5.65%, 3/1/53
|
100
|
93
|
|
Occidental Petroleum Corp.,
|
|
|
|
6.60%, 3/15/46
|
100
|
107
|
|
6.05%, 10/1/54†
|
500
|
508
|
|
ONEOK Partners L.P.,
|
|
|
|
6.65%, 10/1/36
|
80
|
87
|
|
ONEOK, Inc.,
|
|
|
|
4.55%, 7/15/28
|
23
|
23
|
|
4.35%, 3/15/29
|
12
|
12
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 21.1% continued
|
||
|
Oil & Gas Supply Chain – 1.4%continued
|
||
|
4.75%, 10/15/31
|
$700
|
$692
|
|
4.95%, 10/15/32
|
300
|
298
|
|
6.05%, 9/1/33
|
300
|
314
|
|
5.40%, 10/15/35
|
250
|
250
|
|
5.15%, 10/15/43†
|
20
|
18
|
|
5.45%, 6/1/47
|
100
|
92
|
|
7.15%, 1/15/51
|
400
|
443
|
|
5.70%, 11/1/54
|
300
|
278
|
|
5.85%, 11/1/64
|
100
|
93
|
|
Ovintiv, Inc.,
|
|
|
|
7.10%, 7/15/53
|
50
|
55
|
|
Phillips 66,
|
|
|
|
5.88%, 5/1/42
|
140
|
142
|
|
Phillips 66 Co.,
|
|
|
|
4.95%, 3/15/35†
|
400
|
394
|
|
4.68%, 2/15/45
|
400
|
342
|
|
4.90%, 10/1/46
|
200
|
174
|
|
5.65%, 6/15/54
|
350
|
331
|
|
Plains All American Pipeline L.P./PAA
Finance Corp.,
|
|
|
|
3.55%, 12/15/29
|
554
|
533
|
|
3.80%, 9/15/30
|
137
|
131
|
|
5.60%, 1/15/36
|
250
|
251
|
|
Sabine Pass Liquefaction LLC,
|
|
|
|
4.50%, 5/15/30
|
300
|
297
|
|
Shell Finance U.S., Inc.,
|
|
|
|
3.88%, 11/13/28(3)
|
9
|
9
|
|
2.38%, 11/7/29
|
287
|
269
|
|
4.13%, 5/11/35†
|
300
|
283
|
|
6.38%, 12/15/38(3)
|
200
|
219
|
|
4.55%, 8/12/43
|
60
|
53
|
|
4.38%, 5/11/45
|
390
|
332
|
|
4.00%, 5/10/46
|
300
|
239
|
|
3.75%, 9/12/46
|
230
|
178
|
|
3.13%, 11/7/49(3)
|
100
|
68
|
|
3.00%, 11/26/51(3) †
|
150
|
97
|
|
Shell International Finance B.V.,
|
|
|
|
3.63%, 8/21/42
|
230
|
182
|
|
Spectra Energy Partners L.P.,
|
|
|
|
5.95%, 9/25/43
|
89
|
90
|
|
4.50%, 3/15/45
|
110
|
93
|
|
Targa Resources Corp.,
|
|
|
|
6.15%, 3/1/29
|
1,080
|
1,118
|
|
6.13%, 3/15/33
|
500
|
527
|
|
|
June 30, 2026 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 21.1% continued
|
||
|
Oil & Gas Supply Chain – 1.4%continued
|
||
|
5.65%, 2/15/36
|
$250
|
$254
|
|
6.50%, 2/15/53
|
200
|
209
|
|
6.13%, 5/15/55
|
200
|
200
|
|
Tennessee Gas Pipeline Co. LLC,
|
|
|
|
7.00%, 10/15/28
|
295
|
309
|
|
7.63%, 4/1/37
|
5
|
6
|
|
Valero Energy Corp.,
|
|
|
|
7.50%, 4/15/32
|
765
|
865
|
|
Western Midstream Operating L.P.,
|
|
|
|
6.15%, 4/1/33
|
700
|
730
|
|
Williams (The) Cos., Inc.,
|
|
|
|
4.90%, 3/15/29
|
500
|
503
|
|
4.65%, 8/15/32
|
600
|
591
|
|
5.15%, 3/15/34
|
500
|
500
|
|
5.30%, 9/30/35
|
250
|
249
|
|
5.15%, 3/15/36
|
400
|
393
|
|
5.80%, 11/15/43
|
200
|
198
|
|
4.85%, 3/1/48
|
100
|
87
|
|
5.95%, 3/15/56†
|
400
|
396
|
|
|
|
40,871
|
|
Real Estate Investment Trusts – 0.9%
|
||
|
Alexandria Real Estate Equities, Inc.,
|
|
|
|
2.75%, 12/15/29
|
1,000
|
932
|
|
5.25%, 5/15/36
|
400
|
391
|
|
4.85%, 4/15/49
|
200
|
170
|
|
American Homes 4 Rent L.P.,
|
|
|
|
4.30%, 4/15/52
|
200
|
158
|
|
American Tower Corp.,
|
|
|
|
4.70%, 12/15/32
|
1,000
|
984
|
|
5.90%, 11/15/33
|
300
|
313
|
|
5.45%, 2/15/34
|
300
|
305
|
|
2.95%, 1/15/51
|
100
|
63
|
|
Americold Realty Operating Partnership
L.P.,
|
|
|
|
5.60%, 5/15/32
|
100
|
100
|
|
AvalonBay Communities, Inc.,
|
|
|
|
3.90%, 10/15/46
|
300
|
236
|
|
Boston Properties L.P.,
|
|
|
|
4.50%, 12/1/28
|
100
|
99
|
|
6.50%, 1/15/34
|
500
|
531
|
|
Brixmor Operating Partnership L.P.,
|
|
|
|
2.50%, 8/16/31
|
300
|
267
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 21.1% continued
|
||
|
Real Estate Investment Trusts – 0.9%continued
|
||
|
Camden Property Trust,
|
|
|
|
4.10%, 10/15/28
|
$300
|
$298
|
|
COPT Defense Properties L.P.,
|
|
|
|
2.90%, 12/1/33
|
200
|
171
|
|
Crown Castle, Inc.,
|
|
|
|
3.30%, 7/1/30
|
200
|
188
|
|
5.80%, 3/1/34
|
300
|
308
|
|
5.20%, 2/15/49
|
350
|
313
|
|
CubeSmart L.P.,
|
|
|
|
3.00%, 2/15/30
|
400
|
376
|
|
Digital Realty Trust L.P.,
|
|
|
|
3.60%, 7/1/29
|
300
|
291
|
|
EPR Properties,
|
|
|
|
3.60%, 11/15/31
|
250
|
229
|
|
Equinix Europe 2 Financing Corp. LLC,
|
|
|
|
4.70%, 3/15/33
|
600
|
585
|
|
Equinix, Inc.,
|
|
|
|
2.15%, 7/15/30
|
1,000
|
902
|
|
ERP Operating L.P.,
|
|
|
|
3.50%, 3/1/28
|
500
|
492
|
|
4.50%, 6/1/45
|
55
|
48
|
|
Essential Properties L.P.,
|
|
|
|
2.95%, 7/15/31
|
100
|
90
|
|
Essex Portfolio L.P.,
|
|
|
|
4.00%, 3/1/29
|
146
|
144
|
|
3.00%, 1/15/30
|
154
|
145
|
|
1.65%, 1/15/31
|
300
|
262
|
|
Extra Space Storage L.P.,
|
|
|
|
5.70%, 4/1/28
|
700
|
712
|
|
5.90%, 1/15/31
|
300
|
311
|
|
Federal Realty OP L.P.,
|
|
|
|
5.38%, 5/1/28
|
250
|
253
|
|
First Industrial L.P.,
|
|
|
|
5.25%, 1/15/31
|
100
|
101
|
|
GLP Capital L.P./GLP Financing II, Inc.,
|
|
|
|
3.25%, 1/15/32
|
300
|
269
|
|
5.75%, 11/1/37
|
200
|
197
|
|
Healthcare Realty Holdings L.P.,
|
|
|
|
2.00%, 3/15/31
|
100
|
87
|
|
Healthpeak OP LLC,
|
|
|
|
3.50%, 7/15/29
|
277
|
267
|
|
4.75%, 1/15/33
|
300
|
294
|
|
5.38%, 2/15/35
|
300
|
302
|
|
Schedule of Investments
|
|
BOND INDEX FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 21.1% continued
|
||
|
Real Estate Investment Trusts – 0.9%continued
|
||
|
Host Hotels & Resorts L.P.,
|
|
|
|
3.50%, 9/15/30
|
$118
|
$112
|
|
Invitation Homes Operating Partnership
L.P.,
|
|
|
|
2.30%, 11/15/28
|
200
|
189
|
|
Kilroy Realty L.P.,
|
|
|
|
4.75%, 12/15/28
|
112
|
111
|
|
Kimco Realty OP LLC,
|
|
|
|
6.40%, 3/1/34
|
200
|
216
|
|
4.25%, 4/1/45
|
200
|
168
|
|
Kite Realty Group L.P.,
|
|
|
|
4.95%, 12/15/31
|
100
|
100
|
|
Kite Realty Group Trust,
|
|
|
|
4.75%, 9/15/30
|
100
|
100
|
|
LXP Industrial Trust,
|
|
|
|
2.38%, 10/1/31
|
100
|
87
|
|
Mid-America Apartments L.P.,
|
|
|
|
2.88%, 9/15/51
|
200
|
127
|
|
NNN REIT, Inc.,
|
|
|
|
3.10%, 4/15/50
|
300
|
195
|
|
Omega Healthcare Investors, Inc.,
|
|
|
|
3.25%, 4/15/33†
|
300
|
267
|
|
Phillips Edison Grocery Center
Operating Partnership I L.P.,
|
|
|
|
5.75%, 7/15/34
|
100
|
103
|
|
Piedmont Operating Partnership L.P.,
|
|
|
|
5.63%, 1/15/33
|
300
|
299
|
|
Prologis L.P.,
|
|
|
|
4.88%, 6/15/28
|
150
|
151
|
|
1.75%, 7/1/30
|
200
|
179
|
|
4.75%, 1/15/31
|
400
|
402
|
|
4.25%, 6/15/31
|
500
|
491
|
|
4.75%, 6/15/33
|
300
|
297
|
|
5.00%, 1/31/35
|
300
|
298
|
|
5.25%, 5/15/35
|
200
|
202
|
|
5.25%, 6/15/53
|
100
|
95
|
|
Public Storage Operating Co.,
|
|
|
|
5.13%, 1/15/29
|
300
|
305
|
|
4.38%, 7/1/30
|
500
|
497
|
|
2.30%, 5/1/31
|
300
|
269
|
|
2.25%, 11/9/31
|
200
|
177
|
|
Realty Income Corp.,
|
|
|
|
3.40%, 1/15/28
|
61
|
60
|
|
2.10%, 3/15/28
|
600
|
577
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 21.1% continued
|
||
|
Real Estate Investment Trusts – 0.9%continued
|
||
|
3.95%, 2/1/29
|
$1,000
|
$985
|
|
3.10%, 12/15/29
|
123
|
117
|
|
4.90%, 7/15/33
|
300
|
298
|
|
Regency Centers L.P.,
|
|
|
|
3.70%, 6/15/30
|
400
|
386
|
|
Rexford Industrial Realty L.P.,
|
|
|
|
5.00%, 6/15/28
|
200
|
201
|
|
Sabra Health Care L.P.,
|
|
|
|
3.90%, 10/15/29
|
150
|
146
|
|
Safehold GL Holdings LLC,
|
|
|
|
6.10%, 4/1/34†
|
100
|
105
|
|
Simon Property Group L.P.,
|
|
|
|
2.45%, 9/13/29
|
1,001
|
938
|
|
4.30%, 1/15/31
|
600
|
590
|
|
5.50%, 3/8/33
|
300
|
310
|
|
4.75%, 9/26/34
|
300
|
293
|
|
6.75%, 2/1/40
|
242
|
273
|
|
4.25%, 10/1/44
|
148
|
125
|
|
Store Capital LLC,
|
|
|
|
2.70%, 12/1/31
|
200
|
176
|
|
Sun Communities Operating L.P.,
|
|
|
|
2.30%, 11/1/28
|
300
|
284
|
|
Tanger Properties L.P.,
|
|
|
|
2.75%, 9/1/31
|
100
|
90
|
|
UDR, Inc.,
|
|
|
|
2.10%, 6/15/33
|
300
|
249
|
|
Ventas Realty L.P.,
|
|
|
|
4.75%, 11/15/30
|
300
|
299
|
|
5.00%, 1/15/35
|
300
|
296
|
|
5.70%, 9/30/43
|
100
|
100
|
|
VICI Properties L.P.,
|
|
|
|
5.63%, 4/1/35
|
200
|
200
|
|
5.63%, 5/15/52†
|
200
|
184
|
|
Welltower OP LLC,
|
|
|
|
2.05%, 1/15/29
|
67
|
63
|
|
4.13%, 3/15/29
|
260
|
257
|
|
3.10%, 1/15/30
|
218
|
207
|
|
4.95%, 9/1/48
|
100
|
92
|
|
Weyerhaeuser Co.,
|
|
|
|
4.00%, 3/9/52
|
200
|
151
|
|
|
|
25,673
|
|
|
June 30, 2026 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 21.1% continued
|
||
|
Real Estate Services – 0.0%
|
||
|
CBRE Services, Inc.,
|
|
|
|
5.95%, 8/15/34
|
$200
|
$208
|
|
Retail - Consumer Staples – 0.2%
|
||
|
Costco Wholesale Corp.,
|
|
|
|
1.75%, 4/20/32
|
300
|
260
|
|
Dollar General Corp.,
|
|
|
|
5.50%, 11/1/52
|
200
|
192
|
|
Dollar Tree, Inc.,
|
|
|
|
2.65%, 12/1/31
|
200
|
178
|
|
Kroger (The) Co.,
|
|
|
|
5.00%, 9/15/34
|
800
|
789
|
|
6.90%, 4/15/38
|
100
|
112
|
|
5.40%, 7/15/40
|
100
|
98
|
|
3.95%, 1/15/50
|
200
|
151
|
|
5.50%, 9/15/54
|
200
|
187
|
|
5.65%, 9/15/64
|
100
|
94
|
|
Target Corp.,
|
|
|
|
4.35%, 6/15/28
|
250
|
250
|
|
5.00%, 4/15/35
|
300
|
300
|
|
5.25%, 2/15/36†
|
250
|
254
|
|
4.80%, 1/15/53†
|
400
|
357
|
|
Walmart, Inc.,
|
|
|
|
3.70%, 6/26/28
|
251
|
249
|
|
4.35%, 4/28/30
|
500
|
501
|
|
1.80%, 9/22/31
|
2,000
|
1,767
|
|
4.75%, 4/30/36
|
500
|
496
|
|
3.95%, 6/28/38
|
200
|
184
|
|
2.95%, 9/24/49
|
200
|
134
|
|
4.50%, 4/15/53†
|
190
|
165
|
|
|
|
6,718
|
|
Retail - Discretionary – 0.3%
|
||
|
AutoNation, Inc.,
|
|
|
|
3.85%, 3/1/32
|
300
|
280
|
|
AutoZone, Inc.,
|
|
|
|
3.75%, 4/18/29
|
121
|
118
|
|
4.00%, 4/15/30
|
129
|
126
|
|
6.55%, 11/1/33
|
300
|
325
|
|
Dick's Sporting Goods, Inc.,
|
|
|
|
4.10%, 1/15/52
|
100
|
73
|
|
Home Depot (The), Inc.,
|
|
|
|
3.75%, 9/15/28
|
250
|
247
|
|
4.75%, 6/25/29
|
180
|
182
|
|
3.95%, 9/15/30
|
250
|
245
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 21.1% continued
|
||
|
Retail - Discretionary – 0.3%continued
|
||
|
4.85%, 6/25/31
|
$500
|
$506
|
|
4.65%, 9/15/35
|
250
|
243
|
|
5.40%, 9/15/40
|
680
|
682
|
|
5.95%, 4/1/41
|
405
|
429
|
|
4.50%, 12/6/48
|
400
|
341
|
|
3.63%, 4/15/52
|
323
|
234
|
|
5.40%, 6/25/64
|
300
|
285
|
|
Lowe's Cos., Inc.,
|
|
|
|
3.95%, 10/15/27
|
250
|
248
|
|
4.00%, 10/15/28
|
250
|
247
|
|
3.65%, 4/5/29
|
76
|
74
|
|
4.25%, 3/15/31
|
250
|
245
|
|
3.75%, 4/1/32
|
500
|
474
|
|
4.50%, 10/15/32
|
300
|
294
|
|
4.85%, 10/15/35†
|
1,170
|
1,141
|
|
2.80%, 9/15/41
|
200
|
143
|
|
4.05%, 5/3/47
|
94
|
74
|
|
3.00%, 10/15/50
|
540
|
342
|
|
5.85%, 4/1/63
|
300
|
295
|
|
O'Reilly Automotive, Inc.,
|
|
|
|
3.90%, 6/1/29
|
500
|
490
|
|
Ross Stores, Inc.,
|
|
|
|
1.88%, 4/15/31
|
200
|
176
|
|
TJX (The) Cos., Inc.,
|
|
|
|
1.15%, 5/15/28
|
74
|
70
|
|
|
|
8,629
|
|
Semiconductors – 0.5%
|
||
|
Advanced Micro Devices, Inc.,
|
|
|
|
4.39%, 6/1/52
|
150
|
126
|
|
Analog Devices, Inc.,
|
|
|
|
4.50%, 6/15/30
|
500
|
499
|
|
2.80%, 10/1/41
|
300
|
218
|
|
Applied Materials, Inc.,
|
|
|
|
1.75%, 6/1/30
|
500
|
450
|
|
5.85%, 6/15/41
|
100
|
105
|
|
Broadcom, Inc.,
|
|
|
|
4.30%, 1/15/31
|
1,200
|
1,180
|
|
2.45%, 2/15/31
|
1,024
|
926
|
|
4.15%, 4/15/32(3)
|
500
|
481
|
|
5.20%, 7/15/35
|
700
|
702
|
|
4.80%, 2/15/36
|
250
|
243
|
|
3.50%, 2/15/41
|
200
|
160
|
|
3.75%, 2/15/51
|
700
|
520
|
|
Schedule of Investments
|
|
BOND INDEX FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 21.1% continued
|
||
|
Semiconductors – 0.5%continued
|
||
|
5.70%, 1/15/56
|
$300
|
$298
|
|
Intel Corp.,
|
|
|
|
5.13%, 2/10/30
|
250
|
253
|
|
5.00%, 2/21/31
|
400
|
403
|
|
2.00%, 8/12/31
|
50
|
44
|
|
5.20%, 2/10/33
|
300
|
303
|
|
5.30%, 5/15/36
|
600
|
597
|
|
4.80%, 10/1/41
|
80
|
72
|
|
3.73%, 12/8/47
|
741
|
533
|
|
3.25%, 11/15/49
|
200
|
130
|
|
4.75%, 3/25/50
|
200
|
166
|
|
3.05%, 8/12/51
|
350
|
219
|
|
5.70%, 2/10/53
|
700
|
660
|
|
5.90%, 2/10/63
|
200
|
191
|
|
KLA Corp.,
|
|
|
|
4.70%, 2/1/34
|
400
|
395
|
|
5.25%, 7/15/62
|
250
|
233
|
|
Lam Research Corp.,
|
|
|
|
1.90%, 6/15/30
|
700
|
634
|
|
Marvell Technology, Inc.,
|
|
|
|
5.75%, 2/15/29
|
300
|
308
|
|
NVIDIA Corp.,
|
|
|
|
4.95%, 6/15/36
|
2,000
|
1,982
|
|
3.50%, 4/1/50†
|
400
|
293
|
|
QUALCOMM, Inc.,
|
|
|
|
5.40%, 5/20/33†
|
300
|
311
|
|
4.80%, 5/20/45
|
300
|
268
|
|
3.25%, 5/20/50
|
200
|
135
|
|
6.00%, 5/20/53
|
200
|
204
|
|
Texas Instruments, Inc.,
|
|
|
|
2.25%, 9/4/29†
|
200
|
187
|
|
4.90%, 3/14/33
|
800
|
810
|
|
5.15%, 2/8/54
|
200
|
188
|
|
5.05%, 5/18/63
|
300
|
268
|
|
|
|
15,695
|
|
Software – 0.8%
|
||
|
Adobe, Inc.,
|
|
|
|
5.30%, 1/17/35
|
200
|
202
|
|
Cadence Design Systems, Inc.,
|
|
|
|
4.30%, 9/10/29
|
400
|
397
|
|
Concentrix Corp.,
|
|
|
|
6.85%, 8/2/33†
|
200
|
174
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 21.1% continued
|
||
|
Software – 0.8%continued
|
||
|
Fortinet, Inc.,
|
|
|
|
2.20%, 3/15/31
|
$100
|
$89
|
|
Intuit, Inc.,
|
|
|
|
5.13%, 9/15/28
|
1,000
|
1,011
|
|
5.20%, 9/15/33
|
300
|
301
|
|
Microsoft Corp.,
|
|
|
|
1.35%, 9/15/30
|
1,510
|
1,342
|
|
4.50%, 6/15/47
|
900
|
785
|
|
2.53%, 6/1/50
|
540
|
321
|
|
2.50%, 9/15/50
|
200
|
118
|
|
2.92%, 3/17/52
|
500
|
317
|
|
2.68%, 6/1/60
|
100
|
55
|
|
3.04%, 3/17/62
|
1,000
|
602
|
|
Oracle Corp.,
|
|
|
|
4.50%, 5/6/28
|
600
|
596
|
|
4.55%, 2/4/29
|
500
|
493
|
|
4.45%, 9/26/30
|
500
|
483
|
|
2.88%, 3/25/31
|
509
|
455
|
|
5.25%, 2/3/32
|
900
|
887
|
|
4.80%, 9/26/32
|
2,200
|
2,093
|
|
4.90%, 2/6/33
|
300
|
285
|
|
4.70%, 9/27/34
|
1,000
|
916
|
|
3.90%, 5/15/35†
|
336
|
285
|
|
5.70%, 2/4/36
|
270
|
262
|
|
3.80%, 11/15/37†
|
5
|
4
|
|
3.60%, 4/1/40
|
150
|
109
|
|
5.38%, 7/15/40
|
590
|
520
|
|
5.88%, 9/26/45
|
500
|
438
|
|
6.55%, 2/4/46
|
210
|
198
|
|
3.60%, 4/1/50
|
1,000
|
608
|
|
5.55%, 2/6/53
|
500
|
403
|
|
4.38%, 5/15/55
|
25
|
17
|
|
5.95%, 9/26/55
|
300
|
255
|
|
6.70%, 2/4/56
|
700
|
659
|
|
6.10%, 9/26/65
|
500
|
418
|
|
6.85%, 2/4/66
|
210
|
196
|
|
Roper Technologies, Inc.,
|
|
|
|
4.90%, 10/15/34
|
400
|
387
|
|
Salesforce, Inc.,
|
|
|
|
1.50%, 7/15/28
|
1,300
|
1,224
|
|
4.65%, 3/15/29
|
430
|
430
|
|
1.95%, 7/15/31
|
300
|
261
|
|
5.55%, 3/15/36
|
1,070
|
1,069
|
|
|
June 30, 2026 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 21.1% continued
|
||
|
Software – 0.8%continued
|
||
|
6.55%, 3/15/56
|
$220
|
$220
|
|
6.70%, 3/15/66
|
500
|
504
|
|
ServiceNow, Inc.,
|
|
|
|
5.40%, 5/15/36
|
700
|
700
|
|
Synopsys, Inc.,
|
|
|
|
4.65%, 4/1/28
|
400
|
401
|
|
4.85%, 4/1/30
|
530
|
531
|
|
5.15%, 4/1/35
|
500
|
497
|
|
VMware LLC,
|
|
|
|
2.20%, 8/15/31
|
300
|
264
|
|
Workday, Inc.,
|
|
|
|
3.80%, 4/1/32†
|
300
|
279
|
|
|
|
23,061
|
|
Specialty Finance – 0.7%
|
||
|
Ally Financial, Inc.,
|
|
|
|
(Variable, U.S. SOFR Compounded
Index + 1.96%), 5.74%,
5/15/29(4)
|
400
|
406
|
|
(Variable, U.S. SOFR + 2.82%),
6.85%, 1/3/30(4) †
|
500
|
520
|
|
American Express Co.,
|
|
|
|
5.85%, 11/5/27
|
500
|
509
|
|
(Variable, U.S. SOFR + 1.26%),
4.73%, 4/25/29(4)
|
870
|
872
|
|
4.05%, 5/3/29
|
72
|
71
|
|
(Variable, U.S. SOFR + 0.81%),
4.35%, 7/20/29(4)
|
420
|
418
|
|
(Variable, U.S. SOFR Compounded
Index + 1.28%), 5.28%,
7/27/29(4)
|
200
|
203
|
|
(Variable, U.S. SOFR + 1.94%),
6.49%, 10/30/31(4)
|
700
|
747
|
|
(Variable, U.S. SOFR + 1.93%),
5.63%, 7/28/34(4)
|
300
|
307
|
|
(Variable, U.S. SOFR + 1.79%),
5.67%, 4/25/36(4)
|
300
|
311
|
|
(Variable, U.S. SOFR + 1.24%),
4.80%, 10/24/36(4) †
|
200
|
194
|
|
Capital One Financial Corp.,
|
|
|
|
(Variable, U.S. SOFR + 2.08%),
5.47%, 2/1/29(4)
|
700
|
709
|
|
(Variable, U.S. SOFR + 2.64%),
6.31%, 6/8/29(4)
|
500
|
514
|
|
(Variable, U.S. SOFR + 2.86%),
6.38%, 6/8/34(4)
|
400
|
423
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 21.1% continued
|
||
|
Specialty Finance – 0.7%continued
|
||
|
(Variable, U.S. SOFR Compounded
Index + 3.37%), 7.96%,
11/2/34(4)
|
$300
|
$345
|
|
(Variable, U.S. SOFR + 2.04%),
6.18%, 1/30/36(4)
|
930
|
951
|
|
Equifax, Inc.,
|
|
|
|
2.35%, 9/15/31
|
380
|
334
|
|
FactSet Research Systems, Inc.,
|
|
|
|
3.45%, 3/1/32
|
100
|
90
|
|
Fidelity National Financial, Inc.,
|
|
|
|
3.20%, 9/17/51
|
200
|
126
|
|
Fidelity National Information Services,
Inc.,
|
|
|
|
4.80%, 3/10/31
|
500
|
495
|
|
5.10%, 7/15/32†
|
400
|
400
|
|
Fiserv, Inc.,
|
|
|
|
5.38%, 8/21/28
|
500
|
505
|
|
3.50%, 7/1/29†
|
200
|
192
|
|
4.55%, 2/15/31
|
600
|
586
|
|
5.15%, 8/12/34
|
500
|
486
|
|
GATX Corp.,
|
|
|
|
3.50%, 3/15/28
|
500
|
490
|
|
5.20%, 3/15/44
|
35
|
33
|
|
6.05%, 6/5/54
|
150
|
151
|
|
Global Payments, Inc.,
|
|
|
|
4.95%, 8/15/27
|
1,000
|
1,002
|
|
5.20%, 11/15/32
|
600
|
586
|
|
4.15%, 8/15/49
|
400
|
292
|
|
Mastercard, Inc.,
|
|
|
|
4.60%, 6/8/31
|
500
|
499
|
|
4.35%, 1/15/32
|
500
|
493
|
|
3.80%, 11/21/46
|
500
|
392
|
|
Moody's Corp.,
|
|
|
|
4.25%, 8/8/32
|
500
|
485
|
|
PayPal Holdings, Inc.,
|
|
|
|
2.85%, 10/1/29
|
300
|
283
|
|
5.15%, 6/1/34
|
500
|
497
|
|
5.55%, 6/1/36
|
400
|
400
|
|
S&P Global, Inc.,
|
|
|
|
2.90%, 3/1/32†
|
300
|
272
|
|
5.25%, 9/15/33
|
300
|
306
|
|
3.70%, 3/1/52
|
100
|
74
|
|
Sumisho Air Lease Corp.,
|
|
|
|
3.63%, 12/1/27
|
163
|
161
|
|
Schedule of Investments
|
|
BOND INDEX FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 21.1% continued
|
||
|
Specialty Finance – 0.7%continued
|
||
|
2.10%, 9/1/28
|
$131
|
$124
|
|
4.63%, 10/1/28
|
551
|
549
|
|
3.25%, 10/1/29
|
400
|
380
|
|
Synchrony Financial,
|
|
|
|
3.95%, 12/1/27
|
400
|
396
|
|
Verisk Analytics, Inc.,
|
|
|
|
5.75%, 4/1/33†
|
300
|
311
|
|
Visa, Inc.,
|
|
|
|
2.05%, 4/15/30
|
400
|
368
|
|
4.15%, 12/14/35
|
100
|
95
|
|
2.70%, 4/15/40
|
760
|
576
|
|
2.00%, 8/15/50†
|
500
|
268
|
|
|
|
20,197
|
|
Steel – 0.0%
|
||
|
Nucor Corp.,
|
|
|
|
2.98%, 12/15/55
|
275
|
172
|
|
Steel Dynamics, Inc.,
|
|
|
|
3.45%, 4/15/30
|
300
|
287
|
|
5.75%, 5/15/55
|
250
|
248
|
|
|
|
707
|
|
Technology Hardware – 0.5%
|
||
|
Apple, Inc.,
|
|
|
|
2.90%, 9/12/27
|
400
|
394
|
|
4.00%, 5/10/28
|
500
|
498
|
|
3.25%, 8/8/29
|
37
|
36
|
|
2.20%, 9/11/29
|
188
|
177
|
|
4.15%, 5/10/30
|
400
|
399
|
|
1.65%, 2/8/31
|
670
|
595
|
|
4.50%, 5/12/32
|
300
|
302
|
|
3.35%, 8/8/32
|
450
|
425
|
|
4.30%, 5/10/33
|
300
|
297
|
|
2.38%, 2/8/41
|
215
|
152
|
|
3.85%, 5/4/43
|
305
|
252
|
|
3.45%, 2/9/45
|
25
|
19
|
|
4.38%, 5/13/45
|
160
|
138
|
|
4.65%, 2/23/46
|
206
|
184
|
|
3.85%, 8/4/46
|
20
|
16
|
|
4.25%, 2/9/47
|
11
|
9
|
|
3.75%, 9/12/47
|
8
|
6
|
|
3.75%, 11/13/47
|
25
|
19
|
|
2.95%, 9/11/49†
|
1,400
|
912
|
|
4.85%, 5/10/53
|
900
|
826
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 21.1% continued
|
||
|
Technology Hardware – 0.5%continued
|
||
|
Arrow Electronics, Inc.,
|
|
|
|
3.88%, 1/12/28
|
$250
|
$247
|
|
CDW LLC/CDW Finance Corp.,
|
|
|
|
3.28%, 12/1/28
|
500
|
480
|
|
Cisco Systems, Inc.,
|
|
|
|
4.95%, 2/24/32
|
400
|
405
|
|
5.10%, 2/24/35
|
500
|
505
|
|
5.90%, 2/15/39
|
200
|
212
|
|
5.50%, 1/15/40
|
90
|
92
|
|
5.35%, 2/26/64
|
500
|
468
|
|
Corning, Inc.,
|
|
|
|
5.35%, 11/15/48
|
300
|
286
|
|
3.90%, 11/15/49
|
300
|
228
|
|
Dell International LLC/EMC Corp.,
|
|
|
|
5.00%, 4/1/30
|
500
|
504
|
|
8.35%, 7/15/46
|
223
|
282
|
|
3.45%, 12/15/51
|
500
|
349
|
|
Dell, Inc.,
|
|
|
|
7.10%, 4/15/28
|
1,000
|
1,045
|
|
Flex Ltd.,
|
|
|
|
6.00%, 1/15/28
|
300
|
305
|
|
Hewlett Packard Enterprise Co.,
|
|
|
|
4.85%, 10/15/31
|
800
|
797
|
|
6.35%, 10/15/45
|
200
|
206
|
|
5.60%, 10/15/54
|
230
|
213
|
|
HP, Inc.,
|
|
|
|
6.00%, 9/15/41†
|
275
|
276
|
|
Jabil, Inc.,
|
|
|
|
3.00%, 1/15/31
|
300
|
276
|
|
Juniper Networks, Inc.,
|
|
|
|
5.95%, 3/15/41
|
100
|
100
|
|
Motorola Solutions, Inc.,
|
|
|
|
5.60%, 6/1/32
|
400
|
412
|
|
TD SYNNEX Corp.,
|
|
|
|
2.65%, 8/9/31
|
150
|
134
|
|
Teledyne Technologies, Inc.,
|
|
|
|
2.75%, 4/1/31
|
200
|
183
|
|
|
|
13,661
|
|
Telecommunications – 0.7%
|
||
|
AT&T, Inc.,
|
|
|
|
4.70%, 8/15/30
|
400
|
400
|
|
2.75%, 6/1/31
|
359
|
326
|
|
5.40%, 2/15/34
|
1,700
|
1,723
|
|
|
June 30, 2026 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 21.1% continued
|
||
|
Telecommunications – 0.7%continued
|
||
|
4.90%, 11/1/35
|
$250
|
$242
|
|
3.50%, 6/1/41†
|
670
|
515
|
|
3.10%, 2/1/43†
|
900
|
644
|
|
5.55%, 11/1/45
|
250
|
235
|
|
4.50%, 3/9/48
|
574
|
460
|
|
5.15%, 2/15/50
|
300
|
264
|
|
3.30%, 2/1/52
|
550
|
348
|
|
5.70%, 11/1/54
|
400
|
372
|
|
6.00%, 4/30/56
|
500
|
483
|
|
6.05%, 8/15/56
|
250
|
243
|
|
3.80%, 12/1/57
|
700
|
467
|
|
3.65%, 9/15/59
|
500
|
320
|
|
3.85%, 6/1/60
|
800
|
534
|
|
T-Mobile U.S.A., Inc.,
|
|
|
|
4.20%, 10/1/29
|
600
|
593
|
|
3.88%, 4/15/30
|
330
|
320
|
|
4.63%, 1/15/33
|
1,000
|
977
|
|
5.15%, 4/15/34
|
500
|
501
|
|
5.30%, 5/15/35
|
250
|
251
|
|
3.00%, 2/15/41
|
300
|
221
|
|
4.50%, 4/15/50
|
400
|
323
|
|
3.30%, 2/15/51
|
400
|
261
|
|
6.00%, 6/15/54
|
200
|
198
|
|
5.50%, 1/15/55
|
500
|
459
|
|
5.88%, 11/15/55
|
300
|
292
|
|
5.70%, 1/15/56
|
250
|
237
|
|
5.80%, 9/15/62
|
100
|
96
|
|
Verizon Communications, Inc.,
|
|
|
|
3.15%, 3/22/30
|
1,352
|
1,284
|
|
1.68%, 10/30/30
|
818
|
722
|
|
4.78%, 2/15/35
|
1,465
|
1,417
|
|
5.00%, 1/15/36†
|
2,000
|
1,951
|
|
3.40%, 3/22/41†
|
300
|
232
|
|
5.75%, 11/30/45
|
990
|
962
|
|
5.50%, 2/23/54†
|
200
|
189
|
|
2.99%, 10/30/56
|
700
|
412
|
|
3.70%, 3/22/61
|
1,000
|
669
|
|
|
|
20,143
|
|
Tobacco & Cannabis – 0.2%
|
||
|
Altria Group, Inc.,
|
|
|
|
6.20%, 11/1/28
|
500
|
517
|
|
2.45%, 2/4/32
|
200
|
176
|
|
5.25%, 8/6/35
|
400
|
400
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 21.1% continued
|
||
|
Tobacco & Cannabis – 0.2%continued
|
||
|
5.80%, 2/14/39
|
$570
|
$578
|
|
4.50%, 5/2/43
|
410
|
345
|
|
5.95%, 2/14/49
|
517
|
508
|
|
Philip Morris International, Inc.,
|
|
|
|
5.25%, 9/7/28
|
800
|
812
|
|
4.88%, 2/13/29
|
600
|
605
|
|
1.75%, 11/1/30†
|
181
|
161
|
|
4.75%, 11/1/31
|
400
|
401
|
|
4.88%, 4/30/35
|
500
|
493
|
|
4.63%, 10/29/35
|
400
|
385
|
|
4.13%, 3/4/43
|
591
|
496
|
|
4.88%, 11/15/43
|
100
|
91
|
|
|
|
5,968
|
|
Transportation & Logistics – 0.4%
|
||
|
American Airlines Pass Through Trust,
Series 2021-1, Class A,
|
|
|
|
2.88%, 7/11/34
|
244
|
219
|
|
Burlington Northern Santa Fe LLC,
|
|
|
|
6.20%, 8/15/36
|
455
|
496
|
|
5.15%, 9/1/43
|
280
|
269
|
|
3.55%, 2/15/50
|
400
|
291
|
|
5.50%, 3/15/55
|
150
|
146
|
|
5.55%, 3/15/56
|
400
|
392
|
|
5.80%, 3/15/56
|
200
|
202
|
|
CH Robinson Worldwide, Inc.,
|
|
|
|
4.20%, 4/15/28
|
100
|
99
|
|
CSX Corp.,
|
|
|
|
5.20%, 11/15/33
|
200
|
204
|
|
5.05%, 6/15/35
|
500
|
501
|
|
6.00%, 10/1/36
|
100
|
107
|
|
6.15%, 5/1/37
|
190
|
205
|
|
6.22%, 4/30/40
|
365
|
394
|
|
4.75%, 11/15/48
|
200
|
177
|
|
4.50%, 3/15/49
|
100
|
85
|
|
Delta Air Lines Pass Through Trust,
Series 2020-1, Class AA,
|
|
|
|
2.00%, 6/10/28
|
96
|
93
|
|
Delta Air Lines, Inc.,
|
|
|
|
4.95%, 7/10/28
|
520
|
522
|
|
FedEx Corp.,
|
|
|
|
3.10%, 8/5/29
|
250
|
239
|
|
4.25%, 5/15/30†
|
95
|
94
|
|
2.40%, 5/15/31
|
400
|
361
|
|
Schedule of Investments
|
|
BOND INDEX FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 21.1% continued
|
||
|
Transportation & Logistics – 0.4%continued
|
||
|
4.10%, 4/15/43
|
$300
|
$254
|
|
4.75%, 11/15/45
|
200
|
180
|
|
GXO Logistics, Inc.,
|
|
|
|
6.50%, 5/6/34
|
200
|
210
|
|
JetBlue Pass Through Trust, Series
2020-1, Class A,
|
|
|
|
4.00%, 11/15/32†
|
128
|
121
|
|
Kirby Corp.,
|
|
|
|
4.20%, 3/1/28
|
100
|
99
|
|
Norfolk Southern Corp.,
|
|
|
|
5.05%, 8/1/30
|
400
|
406
|
|
4.45%, 6/15/45
|
275
|
237
|
|
3.94%, 11/1/47
|
300
|
234
|
|
5.35%, 8/1/54†
|
100
|
94
|
|
5.95%, 3/15/64
|
600
|
608
|
|
Ryder System, Inc.,
|
|
|
|
6.60%, 12/1/33
|
100
|
109
|
|
Union Pacific Corp.,
|
|
|
|
4.50%, 1/20/33†
|
500
|
496
|
|
2.89%, 4/6/36
|
300
|
253
|
|
3.38%, 2/14/42
|
100
|
79
|
|
3.25%, 2/5/50
|
800
|
550
|
|
5.60%, 12/1/54
|
100
|
99
|
|
5.15%, 1/20/63
|
900
|
827
|
|
United Airlines Pass Through Trust,
Series 2019-1, Class AA,
|
|
|
|
4.15%, 8/25/31†
|
306
|
297
|
|
United Airlines Pass Through Trust,
Series 2024-1, Class A,
|
|
|
|
5.88%, 2/15/37
|
188
|
189
|
|
United Parcel Service, Inc.,
|
|
|
|
5.20%, 4/1/40
|
500
|
494
|
|
3.75%, 11/15/47†
|
180
|
136
|
|
5.30%, 4/1/50
|
377
|
357
|
|
5.95%, 5/14/55
|
250
|
255
|
|
5.60%, 5/22/64
|
200
|
193
|
|
6.05%, 5/14/65
|
250
|
256
|
|
|
|
12,129
|
|
Transportation Equipment – 0.0%
|
||
|
Cummins, Inc.,
|
|
|
|
1.50%, 9/1/30
|
500
|
443
|
|
5.30%, 5/9/35
|
500
|
510
|
|
4.88%, 10/1/43
|
90
|
85
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 21.1% continued
|
||
|
Transportation Equipment – 0.0%continued
|
||
|
PACCAR Financial Corp.,
|
|
|
|
4.00%, 9/26/29
|
$200
|
$198
|
|
Westinghouse Air Brake Technologies
Corp.,
|
|
|
|
4.70%, 9/15/28
|
250
|
250
|
|
|
|
1,486
|
|
Wholesale - Consumer Staples – 0.1%
|
||
|
Archer-Daniels-Midland Co.,
|
|
|
|
3.75%, 9/15/47
|
295
|
225
|
|
Bunge Ltd. Finance Corp.,
|
|
|
|
3.20%, 4/21/31
|
200
|
187
|
|
5.15%, 3/19/36
|
500
|
497
|
|
Sysco Corp.,
|
|
|
|
3.25%, 7/15/27
|
523
|
517
|
|
5.38%, 9/21/35
|
250
|
249
|
|
4.95%, 3/25/36
|
100
|
96
|
|
4.45%, 3/15/48
|
300
|
244
|
|
|
|
2,015
|
|
Wholesale - Discretionary – 0.0%
|
||
|
LKQ Corp.,
|
|
|
|
5.75%, 6/15/28
|
200
|
203
|
|
Total Corporate Bonds
|
|
|
|
(Cost $661,649)
|
|
635,662
|
|
|
|
|
|
FOREIGN ISSUER BONDS – 6.1%
|
||
|
Aerospace & Defense – 0.0%
|
||
|
Embraer Netherlands Finance B.V.,
|
|
|
|
5.98%, 2/11/35
|
100
|
104
|
|
Asset Management – 0.1%
|
||
|
Brookfield Asset Management Ltd.,
|
|
|
|
5.80%, 4/24/35
|
200
|
204
|
|
Brookfield Finance LLC/Brookfield
Finance, Inc.,
|
|
|
|
3.45%, 4/15/50
|
500
|
339
|
|
Brookfield Finance, Inc.,
|
|
|
|
4.85%, 3/29/29
|
300
|
301
|
|
4.35%, 4/15/30
|
500
|
491
|
|
5.68%, 1/15/35
|
300
|
305
|
|
CI Financial Corp.,
|
|
|
|
4.10%, 6/15/51
|
100
|
67
|
|
|
June 30, 2026 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
FOREIGN ISSUER BONDS - 6.1% continued
|
||
|
Asset Management – 0.1%continued
|
||
|
UBS A.G.,
|
|
|
|
5.65%, 9/11/28
|
$1,300
|
$1,331
|
|
4.50%, 6/26/48
|
300
|
260
|
|
|
|
3,298
|
|
Automotive – 0.0%
|
||
|
Honda Motor Co. Ltd.,
|
|
|
|
5.34%, 7/8/35
|
200
|
200
|
|
Magna International, Inc.,
|
|
|
|
5.50%, 3/21/33
|
200
|
205
|
|
Mercedes-Benz Finance North
America LLC,
|
|
|
|
8.50%, 1/18/31
|
175
|
200
|
|
|
|
605
|
|
Banking – 1.5%
|
||
|
Australia & New Zealand Banking
Group Ltd.,
|
|
|
|
4.62%, 12/16/29†
|
350
|
353
|
|
Banco Bilbao Vizcaya Argentaria S.A.,
|
|
|
|
(Variable, U.S. Treasury Yield Curve
Rate CMT 1Y + 2.70%), 6.14%,
9/14/28(4)
|
400
|
407
|
|
5.13%, 3/3/36
|
400
|
389
|
|
Banco Santander S.A.,
|
|
|
|
3.31%, 6/27/29
|
1,400
|
1,349
|
|
5.44%, 7/15/31
|
400
|
410
|
|
6.94%, 11/7/33
|
400
|
446
|
|
5.44%, 4/15/36
|
400
|
400
|
|
Bank of Montreal,
|
|
|
|
(Variable, U.S. SOFR + 1.25%),
4.64%, 9/10/30(4)
|
300
|
299
|
|
(Variable, U.S. SOFR Compounded
Index + 1.08%), 4.35%,
9/22/31(4)
|
500
|
492
|
|
Bank of Nova Scotia (The),
|
|
|
|
(Variable, U.S. SOFR + 0.73%),
4.25%, 2/2/30(4) †
|
600
|
593
|
|
5.65%, 2/1/34
|
500
|
518
|
|
Barclays PLC,
|
|
|
|
(Variable, U.S. SOFR + 1.08%),
4.48%, 11/11/29(4)
|
1,990
|
1,976
|
|
(Variable, U.S. SOFR + 1.74%),
5.69%, 3/12/30(4)
|
500
|
510
|
|
(Variable, U.S. Treasury Yield Curve
Rate CMT 1Y + 3.50%), 7.44%,
11/2/33(4)
|
500
|
557
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
FOREIGN ISSUER BONDS - 6.1% continued
|
||
|
Banking – 1.5%continued
|
||
|
(Variable, U.S. SOFR + 2.98%),
6.22%, 5/9/34(4)
|
$1,000
|
$1,052
|
|
(Variable, U.S. SOFR + 1.59%),
5.79%, 2/25/36(4)
|
300
|
306
|
|
(Variable, U.S. Treasury Yield Curve
Rate CMT 1Y + 1.30%), 3.33%,
11/24/42(4)
|
100
|
75
|
|
5.25%, 8/17/45
|
144
|
135
|
|
(Variable, U.S. SOFR + 1.83%),
5.86%, 8/11/46(4)
|
400
|
399
|
|
Canadian Imperial Bank of Commerce,
|
|
|
|
(Variable, U.S. SOFR Compounded
Index + 1.17%), 4.58%,
9/8/31(4) †
|
500
|
495
|
|
6.09%, 10/3/33
|
300
|
319
|
|
Cooperatieve Rabobank U.A.,
|
|
|
|
3.96%, 10/17/28
|
600
|
594
|
|
4.16%, 1/14/31
|
500
|
491
|
|
5.75%, 12/1/43
|
250
|
248
|
|
Deutsche Bank A.G.,
|
|
|
|
(Variable, U.S. SOFR + 3.65%),
7.08%, 2/10/34(4)
|
900
|
972
|
|
(Variable, U.S. SOFR + 2.05%),
5.40%, 9/11/35(4)
|
300
|
300
|
|
HSBC Holdings PLC,
|
|
|
|
(Variable, U.S. SOFR + 1.04%),
5.13%, 11/19/28(4)
|
1,500
|
1,510
|
|
(Variable, U.S. SOFR + 1.97%),
6.16%, 3/9/29(4)
|
750
|
768
|
|
(Variable, CME Term SOFR 3M +
1.80%), 4.58%, 6/19/29(4)
|
340
|
339
|
|
(Variable, U.S. SOFR + 1.29%),
2.21%, 8/17/29(4)
|
150
|
142
|
|
(Variable, U.S. SOFR + 1.46%),
5.55%, 3/4/30(4)
|
430
|
438
|
|
(Variable, U.S. SOFR + 1.29%),
5.13%, 3/3/31(4)
|
500
|
503
|
|
(Variable, U.S. SOFR + 1.95%),
2.36%, 8/18/31(4)
|
1,300
|
1,177
|
|
(Variable, U.S. SOFR + 1.21%),
4.68%, 3/10/32(4)
|
500
|
493
|
|
(Variable, U.S. SOFR + 1.52%),
5.73%, 5/17/32(4)
|
800
|
825
|
|
(Variable, U.S. SOFR + 2.87%),
5.40%, 8/11/33(4)
|
500
|
506
|
|
Schedule of Investments
|
|
BOND INDEX FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
FOREIGN ISSUER BONDS - 6.1% continued
|
||
|
Banking – 1.5%continued
|
||
|
(Variable, U.S. SOFR + 1.32%),
5.21%, 5/12/34(4)
|
$500
|
$498
|
|
(Variable, U.S. SOFR + 1.96%),
5.74%, 9/10/36(4)
|
460
|
463
|
|
(Variable, U.S. SOFR + 1.55%),
5.28%, 3/10/37(4)
|
400
|
395
|
|
6.80%, 6/1/38
|
150
|
164
|
|
(Variable, U.S. SOFR + 2.65%),
6.33%, 3/9/44(4)
|
500
|
535
|
|
5.25%, 3/14/44†
|
200
|
189
|
|
ING Groep N.V.,
|
|
|
|
(Variable, U.S. SOFR + 1.01%),
4.86%, 3/25/29(4)
|
700
|
703
|
|
(Variable, U.S. SOFR + 2.09%),
6.11%, 9/11/34(4)
|
200
|
212
|
|
(Variable, U.S. SOFR + 1.61%),
5.53%, 3/25/36(4)
|
200
|
203
|
|
(Variable, U.S. SOFR Compounded
Index + 1.61%), 5.42%,
3/23/37(4)
|
400
|
401
|
|
Lloyds Banking Group PLC,
|
|
|
|
(Variable, U.S. Treasury Yield Curve
Rate CMT 1Y + 0.85%), 5.09%,
11/26/28(4)
|
500
|
503
|
|
(Variable, U.S. Treasury Yield Curve
Rate CMT 1Y + 1.60%), 6.07%,
6/13/36(4)
|
780
|
804
|
|
4.34%, 1/9/48
|
500
|
410
|
|
Mitsubishi UFJ Financial Group, Inc.,
|
|
|
|
3.29%, 7/25/27
|
378
|
374
|
|
3.74%, 3/7/29
|
1,500
|
1,470
|
|
(Variable, U.S. Treasury Yield Curve
Rate CMT 1Y + 1.53%), 5.48%,
2/22/31(4) †
|
1,000
|
1,021
|
|
(Variable, U.S. Treasury Yield Curve
Rate CMT 1Y + 0.80%), 4.53%,
9/12/31(4)
|
800
|
790
|
|
(Variable, U.S. Treasury Yield Curve
Rate CMT 1Y + 0.80%), 4.51%,
1/14/32(4)
|
400
|
393
|
|
(Variable, U.S. Treasury Yield Curve
Rate CMT 1Y + 2.13%), 5.13%,
7/20/33(4)
|
200
|
201
|
|
(Variable, U.S. Treasury Yield Curve
Rate CMT 1Y + 1.27%), 5.62%,
4/24/36(4)
|
200
|
205
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
FOREIGN ISSUER BONDS - 6.1% continued
|
||
|
Banking – 1.5%continued
|
||
|
(Variable, U.S. Treasury Yield Curve
Rate CMT 1Y + 0.93%), 5.19%,
9/12/36(4)
|
$200
|
$199
|
|
(Variable, U.S. Treasury Yield Curve
Rate CMT 1Y + 0.90%), 5.06%,
1/14/37(4)
|
200
|
196
|
|
Mizuho Financial Group, Inc.,
|
|
|
|
(Variable, CME Term SOFR 3M +
1.57%), 2.87%, 9/13/30(4)
|
1,210
|
1,142
|
|
(Variable, CME Term SOFR 3M +
1.33%), 2.59%, 5/25/31(4)
|
1,000
|
919
|
|
(Variable, U.S. Treasury Yield Curve
Rate CMT 1Y + 1.80%), 5.75%,
5/27/34(4) †
|
500
|
519
|
|
(Variable, U.S. Treasury Yield Curve
Rate CMT 1Y + 1.07%), 5.32%,
7/8/36(4)
|
300
|
301
|
|
National Australia Bank Ltd.,
|
|
|
|
4.90%, 1/14/30
|
500
|
508
|
|
NatWest Group PLC,
|
|
|
|
(Variable, ICE LIBOR USD 3M +
1.75%), 4.89%, 5/18/29(4)
|
1,000
|
1,003
|
|
(Variable, U.S. Treasury Yield Curve
Rate CMT 1Y + 1.50%), 5.78%,
3/1/35(4)
|
300
|
311
|
|
Royal Bank of Canada,
|
|
|
|
(Variable, U.S. SOFR Compounded
Index + 0.86%), 4.52%,
10/18/28(4)
|
1,000
|
1,000
|
|
(Variable, U.S. SOFR + 0.98%),
4.31%, 11/3/31(4) †
|
500
|
490
|
|
3.88%, 5/4/32
|
600
|
574
|
|
5.15%, 2/1/34
|
200
|
204
|
|
Santander UK Group Holdings PLC,
|
|
|
|
(Variable, U.S. SOFR + 2.60%),
6.53%, 1/10/29(4)
|
700
|
718
|
|
Standard Chartered Bank,
|
|
|
|
4.85%, 12/3/27
|
250
|
252
|
|
Sumitomo Mitsui Financial Group, Inc.,
|
|
|
|
(Variable, U.S. SOFR + 1.38%),
4.95%, 7/8/33(4)
|
200
|
199
|
|
5.78%, 7/13/33
|
800
|
830
|
|
5.81%, 9/14/33†
|
300
|
313
|
|
(Variable, U.S. SOFR + 1.78%),
5.80%, 7/8/46(4)
|
1,350
|
1,329
|
|
|
June 30, 2026 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
FOREIGN ISSUER BONDS - 6.1% continued
|
||
|
Banking – 1.5%continued
|
||
|
Toronto-Dominion Bank (The),
|
|
|
|
4.41%, 1/13/31
|
$1,200
|
$1,187
|
|
4.46%, 6/8/32
|
400
|
393
|
|
Westpac Banking Corp.,
|
|
|
|
5.46%, 11/18/27
|
500
|
508
|
|
1.95%, 11/20/28
|
308
|
291
|
|
5.05%, 4/16/29
|
500
|
509
|
|
6.82%, 11/17/33†
|
300
|
327
|
|
(Variable, U.S. Treasury Yield Curve
Rate CMT 5Y + 1.75%), 2.67%,
11/15/35(4)
|
170
|
153
|
|
4.42%, 7/24/39
|
300
|
269
|
|
|
|
45,364
|
|
Beverages – 0.2%
|
||
|
Anheuser-Busch Cos.
LLC/Anheuser-Busch InBev
Worldwide, Inc.,
|
|
|
|
4.90%, 2/1/46
|
1,500
|
1,367
|
|
Anheuser-Busch InBev Worldwide, Inc.,
|
|
|
|
3.50%, 6/1/30
|
600
|
579
|
|
8.00%, 11/15/39
|
310
|
387
|
|
4.95%, 1/15/42
|
190
|
179
|
|
5.55%, 1/23/49
|
700
|
688
|
|
4.50%, 6/1/50
|
200
|
180
|
|
Coca-Cola Femsa S.A.B. de C.V.,
|
|
|
|
1.85%, 9/1/32
|
200
|
167
|
|
Diageo Capital PLC,
|
|
|
|
5.63%, 10/5/33
|
500
|
521
|
|
Diageo Investment Corp.,
|
|
|
|
5.13%, 8/15/30
|
200
|
203
|
|
5.63%, 4/15/35†
|
300
|
310
|
|
|
|
4,581
|
|
Biotechnology & Pharmaceuticals – 0.1%
|
||
|
Astrazeneca Finance LLC,
|
|
|
|
4.60%, 3/2/36
|
500
|
485
|
|
AstraZeneca PLC,
|
|
|
|
1.38%, 8/6/30
|
731
|
645
|
|
6.45%, 9/15/37
|
450
|
500
|
|
4.00%, 9/18/42
|
250
|
212
|
|
Takeda Pharmaceutical Co. Ltd.,
|
|
|
|
3.03%, 7/9/40
|
500
|
379
|
|
3.18%, 7/9/50
|
204
|
136
|
|
|
|
2,357
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
FOREIGN ISSUER BONDS - 6.1% continued
|
||
|
Chemicals – 0.0%
|
||
|
Nutrien Ltd.,
|
|
|
|
4.13%, 3/15/35
|
$23
|
$21
|
|
5.88%, 12/1/36
|
27
|
28
|
|
5.63%, 12/1/40
|
150
|
150
|
|
6.13%, 1/15/41
|
200
|
209
|
|
5.80%, 3/27/53
|
200
|
198
|
|
|
|
606
|
|
Commercial Support Services – 0.0%
|
||
|
RELX Capital, Inc.,
|
|
|
|
4.75%, 3/27/30
|
300
|
301
|
|
Containers & Packaging – 0.0%
|
||
|
Smurfit Kappa Treasury ULC,
|
|
|
|
5.78%, 4/3/54†
|
200
|
199
|
|
E-Commerce Discretionary – 0.0%
|
||
|
Alibaba Group Holding Ltd.,
|
|
|
|
5.25%, 5/26/35
|
200
|
205
|
|
3.15%, 2/9/51
|
250
|
168
|
|
4.40%, 12/6/57
|
600
|
488
|
|
3.25%, 2/9/61
|
200
|
127
|
|
JD.com, Inc.,
|
|
|
|
3.38%, 1/14/30
|
300
|
290
|
|
|
|
1,278
|
|
Electric Utilities – 0.0%
|
||
|
Emera U.S. Finance L.P.,
|
|
|
|
2.64%, 6/15/31
|
300
|
269
|
|
National Grid PLC,
|
|
|
|
5.60%, 6/12/28
|
150
|
153
|
|
|
|
422
|
|
Electrical Equipment – 0.0%
|
||
|
nVent Finance S.a.r.l.,
|
|
|
|
5.65%, 5/15/33
|
200
|
206
|
|
Tyco Electronics Group S.A.,
|
|
|
|
7.13%, 10/1/37
|
50
|
57
|
|
|
|
263
|
|
Forestry, Paper & Wood Products – 0.0%
|
||
|
Suzano Austria GmbH,
|
|
|
|
3.13%, 1/15/32
|
400
|
355
|
|
Suzano Netherlands B.V.,
|
|
|
|
5.50%, 1/15/36
|
530
|
515
|
|
|
|
870
|
|
Schedule of Investments
|
|
BOND INDEX FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
FOREIGN ISSUER BONDS - 6.1% continued
|
||
|
Governmental Banks – 0.4%
|
||
|
Export Development Canada,
|
|
|
|
3.88%, 2/14/28
|
$500
|
$498
|
|
4.13%, 2/13/29
|
1,000
|
998
|
|
Export-Import Bank of Korea,
|
|
|
|
5.25%, 1/14/35
|
300
|
311
|
|
2.50%, 6/29/41
|
500
|
363
|
|
Japan Bank for International
Cooperation,
|
|
|
|
2.75%, 11/16/27
|
1,373
|
1,345
|
|
4.63%, 7/19/28
|
200
|
201
|
|
3.50%, 10/31/28
|
301
|
296
|
|
1.88%, 4/15/31
|
500
|
446
|
|
Korea Development Bank (The),
|
|
|
|
4.88%, 2/3/30
|
200
|
203
|
|
4.38%, 2/15/33
|
800
|
791
|
|
Kreditanstalt fuer Wiederaufbau,
|
|
|
|
2.88%, 4/3/28
|
1,215
|
1,189
|
|
3.88%, 5/15/28
|
1,000
|
995
|
|
4.63%, 3/18/30
|
1,000
|
1,014
|
|
3.75%, 7/15/30
|
1,000
|
983
|
|
4.38%, 2/28/34
|
1,500
|
1,501
|
|
0.00%, 4/18/36(10)
|
500
|
323
|
|
Landwirtschaftliche Rentenbank,
|
|
|
|
3.88%, 6/14/28
|
500
|
497
|
|
Oesterreichische Kontrollbank A.G.,
|
|
|
|
4.25%, 3/1/28
|
500
|
500
|
|
|
|
12,454
|
|
Household Products – 0.0%
|
||
|
Unilever Capital Corp.,
|
|
|
|
4.88%, 9/8/28
|
400
|
404
|
|
5.90%, 11/15/32
|
125
|
134
|
|
4.63%, 8/12/34
|
100
|
98
|
|
|
|
636
|
|
Industrial Support Services – 0.0%
|
||
|
Triton Container International Ltd./TAL
International Container Corp.,
|
|
|
|
3.25%, 3/15/32
|
200
|
179
|
|
Institutional Financial Services – 0.1%
|
||
|
Marex Group PLC,
|
|
|
|
5.83%, 5/8/28
|
810
|
816
|
|
6.40%, 11/4/29
|
50
|
51
|
|
Nomura Holdings, Inc.,
|
|
|
|
5.39%, 7/6/27
|
1,200
|
1,211
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
FOREIGN ISSUER BONDS - 6.1% continued
|
||
|
Institutional Financial Services – 0.1%continued
|
||
|
6.07%, 7/12/28
|
$270
|
$277
|
|
(Variable, U.S. Treasury Yield Curve
Rate CMT 5Y + 1.30%), 5.04%,
6/10/36(4) †
|
300
|
293
|
|
|
|
2,648
|
|
Insurance – 0.1%
|
||
|
Fairfax Financial Holdings Ltd.,
|
|
|
|
6.35%, 3/22/54
|
200
|
204
|
|
6.50%, 5/20/55
|
250
|
261
|
|
Manulife Financial Corp.,
|
|
|
|
3.70%, 3/16/32
|
300
|
285
|
|
RenaissanceRe Holdings Ltd.,
|
|
|
|
5.75%, 6/5/33
|
500
|
513
|
|
XL Group Ltd.,
|
|
|
|
5.25%, 12/15/43
|
50
|
47
|
|
|
|
1,310
|
|
Internet Media & Services – 0.0%
|
||
|
Baidu, Inc.,
|
|
|
|
4.38%, 3/29/28
|
870
|
868
|
|
Weibo Corp.,
|
|
|
|
3.38%, 7/8/30†
|
200
|
188
|
|
|
|
1,056
|
|
Medical Equipment & Devices – 0.0%
|
||
|
Koninklijke Philips N.V.,
|
|
|
|
6.88%, 3/11/38
|
225
|
250
|
|
5.00%, 3/15/42
|
100
|
92
|
|
Smith & Nephew PLC,
|
|
|
|
5.40%, 3/20/34
|
250
|
252
|
|
|
|
594
|
|
Metals & Mining – 0.2%
|
||
|
AngloGold Ashanti Holdings PLC,
|
|
|
|
3.75%, 10/1/30
|
200
|
189
|
|
Barrick North America Finance LLC,
|
|
|
|
5.70%, 5/30/41
|
300
|
304
|
|
BHP Billiton Finance U.S.A. Ltd.,
|
|
|
|
5.00%, 2/21/30
|
400
|
405
|
|
5.00%, 2/15/36
|
500
|
499
|
|
4.13%, 2/24/42
|
200
|
172
|
|
5.50%, 9/8/53†
|
300
|
296
|
|
Kinross Gold Corp.,
|
|
|
|
6.25%, 7/15/33
|
100
|
105
|
|
|
June 30, 2026 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
FOREIGN ISSUER BONDS - 6.1% continued
|
||
|
Metals & Mining – 0.2%continued
|
||
|
Rio Tinto Alcan, Inc.,
|
|
|
|
6.13%, 12/15/33
|
$100
|
$107
|
|
5.75%, 6/1/35
|
100
|
105
|
|
Rio Tinto Finance U.S.A. PLC,
|
|
|
|
4.50%, 3/14/28
|
250
|
250
|
|
4.75%, 3/22/42
|
150
|
139
|
|
4.13%, 8/21/42
|
300
|
256
|
|
5.75%, 3/14/55
|
250
|
253
|
|
5.88%, 3/14/65
|
300
|
305
|
|
Southern Copper Corp.,
|
|
|
|
7.50%, 7/27/35
|
300
|
346
|
|
6.75%, 4/16/40
|
90
|
100
|
|
Vale Overseas Ltd.,
|
|
|
|
6.13%, 6/12/33
|
600
|
628
|
|
6.40%, 6/28/54
|
400
|
408
|
|
|
|
4,867
|
|
Oil & Gas Supply Chain – 0.3%
|
||
|
Canadian Natural Resources Ltd.,
|
|
|
|
7.20%, 1/15/32
|
15
|
17
|
|
6.45%, 6/30/33
|
135
|
146
|
|
6.75%, 2/1/39
|
200
|
219
|
|
Cenovus Energy, Inc.,
|
|
|
|
3.75%, 2/15/52
|
200
|
142
|
|
Enbridge, Inc.,
|
|
|
|
6.00%, 11/15/28
|
400
|
412
|
|
6.20%, 11/15/30
|
500
|
526
|
|
4.85%, 3/27/31
|
700
|
700
|
|
5.70%, 3/8/33
|
300
|
310
|
|
5.63%, 4/5/34
|
300
|
309
|
|
3.40%, 8/1/51
|
300
|
204
|
|
5.95%, 4/5/54
|
100
|
100
|
|
Equinor ASA,
|
|
|
|
2.38%, 5/22/30
|
870
|
802
|
|
4.25%, 11/23/41
|
350
|
307
|
|
South Bow U.S.A. Infrastructure
Holdings LLC,
|
|
|
|
5.03%, 10/1/29
|
400
|
401
|
|
Suncor Energy, Inc.,
|
|
|
|
7.15%, 2/1/32
|
200
|
220
|
|
5.95%, 12/1/34
|
50
|
52
|
|
6.80%, 5/15/38
|
130
|
143
|
|
3.75%, 3/4/51
|
100
|
72
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
FOREIGN ISSUER BONDS - 6.1% continued
|
||
|
Oil & Gas Supply Chain – 0.3%continued
|
||
|
TotalEnergies Capital International S.A.,
|
|
|
|
2.83%, 1/10/30
|
$500
|
$472
|
|
TotalEnergies Capital S.A.,
|
|
|
|
5.15%, 4/5/34
|
400
|
406
|
|
5.28%, 9/10/54
|
500
|
471
|
|
5.64%, 4/5/64
|
250
|
242
|
|
5.43%, 9/10/64
|
250
|
234
|
|
TransCanada PipeLines Ltd.,
|
|
|
|
6.10%, 6/1/40
|
200
|
209
|
|
5.10%, 3/15/49
|
400
|
375
|
|
Woodside Finance Ltd.,
|
|
|
|
5.70%, 9/12/54
|
100
|
96
|
|
|
|
7,587
|
|
Regional – 0.3%
|
||
|
Province of Alberta Canada,
|
|
|
|
4.50%, 1/24/34
|
500
|
499
|
|
Province of British Columbia Canada,
|
|
|
|
4.80%, 11/15/28
|
750
|
759
|
|
4.90%, 4/24/29
|
500
|
508
|
|
4.75%, 6/12/34
|
250
|
252
|
|
4.80%, 6/11/35
|
1,000
|
1,011
|
|
7.25%, 9/1/36
|
175
|
207
|
|
Province of Manitoba Canada,
|
|
|
|
4.90%, 5/31/34
|
500
|
509
|
|
Province of Ontario Canada,
|
|
|
|
4.20%, 1/18/29†
|
1,000
|
999
|
|
3.90%, 9/4/30
|
2,000
|
1,970
|
|
1.13%, 10/7/30
|
426
|
374
|
|
2.13%, 1/21/32
|
60
|
53
|
|
5.05%, 4/24/34
|
500
|
516
|
|
Province of Quebec Canada,
|
|
|
|
3.63%, 4/13/28
|
250
|
247
|
|
7.50%, 9/15/29
|
375
|
411
|
|
4.50%, 9/8/33
|
500
|
499
|
|
4.63%, 8/28/35
|
800
|
797
|
|
|
|
9,611
|
|
Retail - Consumer Staples – 0.0%
|
||
|
Koninklijke Ahold Delhaize N.V.,
|
|
|
|
5.70%, 10/1/40
|
116
|
117
|
|
Semiconductors – 0.1%
|
||
|
NXP B.V./NXP Funding LLC/NXP
U.S.A., Inc.,
|
|
|
|
3.40%, 5/1/30
|
1,280
|
1,219
|
|
Schedule of Investments
|
|
BOND INDEX FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
FOREIGN ISSUER BONDS - 6.1% continued
|
||
|
Semiconductors – 0.1%continued
|
||
|
TSMC Arizona Corp.,
|
|
|
|
3.13%, 10/25/41
|
$500
|
$406
|
|
|
|
1,625
|
|
Sovereign Agencies – 0.0%
|
||
|
Japan International Cooperation
Agency,
|
|
|
|
4.00%, 5/23/28
|
400
|
397
|
|
Sovereign Government – 1.0%
|
||
|
Canada Government International
Bond,
|
|
|
|
4.63%, 4/30/29
|
1,200
|
1,215
|
|
4.00%, 3/18/30
|
470
|
467
|
|
Chile Government International Bond,
|
|
|
|
5.65%, 1/13/37
|
300
|
311
|
|
3.50%, 1/25/50
|
210
|
152
|
|
5.33%, 1/5/54†
|
500
|
481
|
|
3.10%, 1/22/61
|
500
|
312
|
|
Indonesia Government International
Bond,
|
|
|
|
3.50%, 1/11/28
|
500
|
494
|
|
5.60%, 1/15/35†
|
1,000
|
1,017
|
|
5.35%, 2/11/49
|
1,000
|
957
|
|
5.65%, 1/11/53†
|
300
|
294
|
|
Israel Government International Bond,
|
|
|
|
5.38%, 3/12/29
|
1,000
|
1,010
|
|
5.63%, 2/19/35
|
500
|
511
|
|
4.50%, 1/30/43
|
200
|
171
|
|
3.88%, 7/3/50
|
600
|
435
|
|
5.88%, 1/13/56
|
790
|
767
|
|
Korea International Bond,
|
|
|
|
3.50%, 9/20/28
|
500
|
492
|
|
Mexico Government International
Bond,
|
|
|
|
5.40%, 2/9/28
|
1,000
|
1,006
|
|
3.25%, 4/16/30
|
742
|
691
|
|
4.88%, 5/19/33
|
258
|
244
|
|
3.50%, 2/12/34(11)
|
—
|
—
|
|
6.35%, 2/9/35
|
500
|
511
|
|
5.63%, 9/22/35
|
1,000
|
971
|
|
6.88%, 5/13/37
|
2,000
|
2,096
|
|
6.13%, 2/9/38
|
200
|
196
|
|
4.75%, 3/8/44
|
1,000
|
804
|
|
5.55%, 1/21/45
|
500
|
450
|
|
4.60%, 1/23/46
|
500
|
386
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
FOREIGN ISSUER BONDS - 6.1% continued
|
||
|
Sovereign Government – 1.0%continued
|
||
|
4.35%, 1/15/47
|
$500
|
$370
|
|
4.40%, 2/12/52
|
700
|
500
|
|
6.34%, 5/4/53
|
500
|
468
|
|
6.75%, 2/9/56
|
200
|
196
|
|
Panama Government International
Bond,
|
|
|
|
3.88%, 3/17/28
|
565
|
555
|
|
3.16%, 1/23/30
|
33
|
31
|
|
2.25%, 9/29/32
|
102
|
85
|
|
6.88%, 1/31/36
|
500
|
545
|
|
5.66%, 2/23/38
|
2,220
|
2,212
|
|
Peruvian Government International
Bond,
|
|
|
|
5.50%, 3/30/36
|
530
|
535
|
|
6.55%, 3/14/37
|
500
|
547
|
|
3.30%, 3/11/41
|
500
|
387
|
|
5.63%, 11/18/50†
|
600
|
584
|
|
Philippine Government International
Bond,
|
|
|
|
4.38%, 3/5/30
|
700
|
695
|
|
7.75%, 1/14/31
|
500
|
561
|
|
6.38%, 10/23/34
|
500
|
538
|
|
5.00%, 1/13/37
|
500
|
488
|
|
3.70%, 2/2/42
|
500
|
403
|
|
5.75%, 1/27/51
|
220
|
220
|
|
Republic of Italy Government
International Bond,
|
|
|
|
2.88%, 10/17/29
|
1,200
|
1,144
|
|
5.38%, 6/15/33
|
175
|
181
|
|
Republic of Poland Government
International Bond,
|
|
|
|
5.13%, 9/18/34
|
1,000
|
1,005
|
|
5.38%, 2/12/35
|
400
|
408
|
|
5.50%, 4/4/53
|
500
|
473
|
|
5.50%, 3/18/54
|
200
|
189
|
|
Uruguay Government International
Bond,
|
|
|
|
7.63%, 3/21/36
|
250
|
295
|
|
5.10%, 6/18/50
|
750
|
701
|
|
|
|
30,757
|
|
Specialty Finance – 0.1%
|
||
|
AerCap Ireland Capital DAC/AerCap
Global Aviation Trust,
|
|
|
|
3.88%, 1/23/28
|
124
|
122
|
|
|
June 30, 2026 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
FOREIGN ISSUER BONDS - 6.1% continued
|
||
|
Specialty Finance – 0.1%continued
|
||
|
5.75%, 6/6/28
|
$300
|
$306
|
|
3.00%, 10/29/28
|
1,230
|
1,184
|
|
6.15%, 9/30/30
|
300
|
313
|
|
3.30%, 1/30/32
|
1,000
|
914
|
|
5.30%, 1/19/34
|
200
|
200
|
|
ORIX Corp.,
|
|
|
|
5.00%, 9/13/27
|
300
|
302
|
|
4.45%, 9/9/30
|
700
|
689
|
|
|
|
4,030
|
|
Steel – 0.0%
|
||
|
ArcelorMittal S.A.,
|
|
|
|
6.80%, 11/29/32
|
500
|
549
|
|
Supranationals – 1.2%
|
||
|
African Development Bank,
|
|
|
|
4.38%, 3/14/28
|
1,000
|
1,003
|
|
4.00%, 3/18/30
|
800
|
794
|
|
Asian Development Bank,
|
|
|
|
2.50%, 11/2/27
|
500
|
489
|
|
4.50%, 8/25/28
|
700
|
705
|
|
4.13%, 5/30/30†
|
1,750
|
1,744
|
|
4.00%, 1/12/33
|
2,000
|
1,964
|
|
Asian Infrastructure Investment Bank
(The),
|
|
|
|
4.13%, 1/18/29
|
1,000
|
999
|
|
Corp. Andina de Fomento,
|
|
|
|
5.00%, 1/24/29
|
800
|
812
|
|
Council of Europe Development Bank,
|
|
|
|
4.13%, 1/24/29
|
500
|
499
|
|
European Bank for Reconstruction &
Development,
|
|
|
|
4.38%, 3/9/28
|
1,000
|
1,003
|
|
European Investment Bank,
|
|
|
|
3.88%, 3/15/28
|
1,000
|
995
|
|
3.88%, 6/15/28
|
500
|
497
|
|
4.00%, 2/15/29
|
1,000
|
996
|
|
3.75%, 11/15/29
|
500
|
493
|
|
3.88%, 10/15/30
|
2,000
|
1,974
|
|
3.75%, 3/13/31†
|
900
|
882
|
|
4.38%, 10/10/31
|
900
|
906
|
|
3.75%, 2/14/33
|
1,900
|
1,839
|
|
4.88%, 2/15/36
|
200
|
206
|
|
Inter-American Development Bank,
|
|
|
|
1.13%, 7/20/28
|
197
|
185
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
FOREIGN ISSUER BONDS - 6.1% continued
|
||
|
Supranationals – 1.2%continued
|
||
|
3.13%, 9/18/28
|
$1,000
|
$978
|
|
3.75%, 6/14/30
|
1,000
|
983
|
|
1.13%, 1/13/31
|
1,000
|
873
|
|
3.50%, 4/12/33
|
300
|
285
|
|
3.88%, 10/28/41
|
200
|
177
|
|
International Bank for Reconstruction &
Development,
|
|
|
|
3.63%, 5/5/28
|
2,000
|
1,981
|
|
3.50%, 7/12/28
|
2,000
|
1,974
|
|
4.00%, 7/25/30
|
500
|
496
|
|
3.50%, 10/28/30
|
2,000
|
1,944
|
|
2.50%, 3/29/32
|
1,000
|
910
|
|
4.00%, 5/6/32
|
1,400
|
1,379
|
|
3.88%, 8/28/34
|
500
|
483
|
|
4.70%, 11/8/34
|
500
|
500
|
|
4.75%, 2/15/35
|
25
|
26
|
|
5.06%, 2/28/39
|
1,000
|
982
|
|
International Finance Corp.,
|
|
|
|
4.25%, 7/2/29
|
1,000
|
1,002
|
|
Nordic Investment Bank,
|
|
|
|
4.38%, 3/14/28
|
700
|
702
|
|
|
|
34,660
|
|
Telecommunications – 0.2%
|
||
|
America Movil S.A.B. de C.V.,
|
|
|
|
6.13%, 11/15/37
|
505
|
529
|
|
4.38%, 4/22/49
|
500
|
419
|
|
Bell Telephone Co. of Canada or Bell
Canada,
|
|
|
|
5.10%, 5/11/33
|
800
|
800
|
|
British Telecommunications Ltd.,
|
|
|
|
5.13%, 12/4/28
|
200
|
202
|
|
9.63%, 12/15/30
|
100
|
118
|
|
Deutsche Telekom International Finance
B.V.,
|
|
|
|
8.25%, 6/15/30
|
400
|
450
|
|
Orange S.A.,
|
|
|
|
9.00%, 3/1/31
|
610
|
712
|
|
Rogers Communications, Inc.,
|
|
|
|
4.50%, 3/15/42
|
400
|
339
|
|
5.45%, 10/1/43
|
49
|
46
|
|
4.55%, 3/15/52
|
500
|
397
|
|
Telefonica Emisiones S.A.,
|
|
|
|
5.21%, 3/8/47
|
570
|
506
|
|
Schedule of Investments
|
|
BOND INDEX FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
FOREIGN ISSUER BONDS - 6.1% continued
|
||
|
Telecommunications – 0.2%continued
|
||
|
TELUS Corp.,
|
|
|
|
3.40%, 5/13/32
|
$400
|
$364
|
|
Vodafone Group PLC,
|
|
|
|
7.88%, 2/15/30
|
2
|
2
|
|
6.15%, 2/27/37
|
59
|
62
|
|
4.25%, 9/17/50
|
400
|
308
|
|
5.63%, 2/10/53
|
400
|
372
|
|
5.88%, 6/28/64†
|
300
|
284
|
|
|
|
5,910
|
|
Tobacco & Cannabis – 0.1%
|
||
|
BAT Capital Corp.,
|
|
|
|
4.91%, 4/2/30
|
400
|
402
|
|
5.83%, 2/20/31
|
400
|
417
|
|
4.63%, 3/22/33
|
300
|
293
|
|
5.63%, 8/15/35†
|
250
|
258
|
|
4.39%, 8/15/37
|
330
|
302
|
|
7.08%, 8/2/53
|
100
|
113
|
|
Reynolds American, Inc.,
|
|
|
|
7.25%, 6/15/37
|
250
|
284
|
|
6.15%, 9/15/43
|
65
|
66
|
|
5.85%, 8/15/45
|
795
|
783
|
|
|
|
2,918
|
|
Transportation & Logistics – 0.1%
|
||
|
Canadian National Railway Co.,
|
|
|
|
6.90%, 7/15/28
|
25
|
26
|
|
4.20%, 3/12/31
|
500
|
490
|
|
6.25%, 8/1/34
|
15
|
16
|
|
6.20%, 6/1/36
|
40
|
44
|
|
6.38%, 11/15/37
|
20
|
22
|
|
4.40%, 8/5/52
|
300
|
252
|
|
Canadian Pacific Railway Co.,
|
|
|
|
4.80%, 3/30/30
|
600
|
603
|
|
5.95%, 5/15/37
|
710
|
751
|
|
4.95%, 8/15/45
|
100
|
92
|
|
|
|
2,296
|
|
Total Foreign Issuer Bonds
|
|
|
|
(Cost $188,275)
|
|
184,449
|
|
|
|
|
|
U.S. GOVERNMENT AGENCIES – 24.8% (12)
|
||
|
Fannie Mae – 12.4%
|
||
|
0.75%, 10/8/27
|
350
|
336
|
|
7.13%, 1/15/30
|
1,175
|
1,287
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
U.S. GOVERNMENT AGENCIES - 24.8% (12)continued
|
||
|
Fannie Mae – 12.4%continued
|
||
|
0.88%, 8/5/30
|
$600
|
$526
|
|
6.63%, 11/15/30
|
200
|
219
|
|
5.63%, 7/15/37
|
250
|
272
|
|
Fannie Mae-Aces, Series 2017-M11,
Class A2,
|
|
|
|
2.98%, 8/25/29
|
266
|
255
|
|
Fannie Mae-Aces, Series 2018-M1,
Class A2,
|
|
|
|
2.99%, 12/25/27(1)
|
146
|
143
|
|
Fannie Mae-Aces, Series 2018-M10,
Class A2,
|
|
|
|
3.35%, 7/25/28(1)
|
177
|
174
|
|
Fannie Mae-Aces, Series 2018-M12,
Class A2,
|
|
|
|
3.63%, 8/25/30(1)
|
99
|
96
|
|
Fannie Mae-Aces, Series 2018-M13,
Class A2,
|
|
|
|
3.74%, 9/25/30(1)
|
131
|
128
|
|
Fannie Mae-Aces, Series 2018-M2,
Class A2,
|
|
|
|
2.90%, 1/25/28(1)
|
95
|
93
|
|
Fannie Mae-Aces, Series 2018-M4,
Class A2,
|
|
|
|
3.06%, 3/25/28(1)
|
60
|
59
|
|
Fannie Mae-Aces, Series 2018-M8,
Class A2,
|
|
|
|
3.30%, 6/25/28(1)
|
75
|
74
|
|
Fannie Mae-Aces, Series 2019-M1,
Class A2,
|
|
|
|
3.54%, 9/25/28(1)
|
211
|
207
|
|
Fannie Mae-Aces, Series 2019-M18,
Class A2,
|
|
|
|
2.47%, 8/25/29
|
89
|
84
|
|
Fannie Mae-Aces, Series 2019-M2,
Class A2,
|
|
|
|
3.62%, 11/25/28(1)
|
259
|
255
|
|
Fannie Mae-Aces, Series 2019-M4,
Class A2,
|
|
|
|
3.61%, 2/25/31
|
124
|
120
|
|
Fannie Mae-Aces, Series 2019-M7,
Class A2,
|
|
|
|
3.14%, 4/25/29
|
150
|
145
|
|
Fannie Mae-Aces, Series 2019-M9,
Class A2,
|
|
|
|
2.94%, 6/25/29
|
98
|
94
|
|
|
June 30, 2026 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
U.S. GOVERNMENT AGENCIES - 24.8% (12)continued
|
||
|
Fannie Mae – 12.4%continued
|
||
|
Fannie Mae-Aces, Series 2020-M42,
Class A2,
|
|
|
|
1.27%, 7/25/30
|
$200
|
$178
|
|
Fannie Mae-Aces, Series 2020-M46,
Class A2,
|
|
|
|
1.32%, 5/25/30
|
483
|
436
|
|
Fannie Mae-Aces, Series 2020-M52,
Class A2,
|
|
|
|
1.32%, 10/25/30(1)
|
321
|
285
|
|
Fannie Mae-Aces, Series 2020-M53,
Class A2,
|
|
|
|
1.69%, 11/25/32(1)
|
200
|
171
|
|
Fannie Mae-Aces, Series 2021-M1,
Class A2,
|
|
|
|
1.39%, 11/25/30(1)
|
987
|
874
|
|
Fannie Mae-Aces, Series 2021-M11,
Class A2,
|
|
|
|
1.46%, 3/25/31(1)
|
200
|
175
|
|
Fannie Mae-Aces, Series 2022-M1,
Class A2,
|
|
|
|
1.67%, 10/25/31(1)
|
200
|
173
|
|
Fannie Mae-Aces, Series 2022-M10,
Class A2,
|
|
|
|
1.93%, 1/25/32(1)
|
239
|
210
|
|
Fannie Mae-Aces, Series 2022-M2,
Class A2,
|
|
|
|
2.40%, 11/25/31
|
100
|
91
|
|
Fannie Mae-Aces, Series 2023-M1S,
Class A2,
|
|
|
|
4.50%, 4/25/33(1)
|
350
|
348
|
|
Fannie Mae-Aces, Series 2025-M1,
Class A2,
|
|
|
|
4.70%, 1/25/35
|
150
|
150
|
|
Fannie Mae-Aces, Series 2025-M4,
Class A2,
|
|
|
|
4.39%, 4/25/35
|
300
|
293
|
|
Fannie Mae-Aces, Series 2026-G1,
Class A2,
|
|
|
|
4.50%, 11/25/32
|
100
|
100
|
|
Fannie Mae-Aces, Series 2026-M9,
Class A2,
|
|
|
|
1.62%, 1/25/33(1)
|
100
|
84
|
|
Pool #256925,
|
|
|
|
6.00%, 10/1/37
|
3
|
4
|
|
Pool #256959,
|
|
|
|
6.00%, 11/1/37
|
24
|
26
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
U.S. GOVERNMENT AGENCIES - 24.8% (12)continued
|
||
|
Fannie Mae – 12.4%continued
|
||
|
Pool #257042,
|
|
|
|
6.50%, 1/1/38
|
$55
|
$58
|
|
Pool #257237,
|
|
|
|
4.50%, 6/1/28
|
1
|
1
|
|
Pool #707791,
|
|
|
|
5.00%, 6/1/33
|
20
|
20
|
|
Pool #725425,
|
|
|
|
5.50%, 4/1/34
|
9
|
9
|
|
Pool #730811,
|
|
|
|
4.50%, 8/1/33
|
8
|
8
|
|
Pool #735222,
|
|
|
|
5.00%, 2/1/35
|
6
|
6
|
|
Pool #735358,
|
|
|
|
5.50%, 2/1/35
|
22
|
22
|
|
Pool #735502,
|
|
|
|
6.00%, 4/1/35
|
3
|
4
|
|
Pool #737853,
|
|
|
|
5.00%, 9/1/33
|
55
|
54
|
|
Pool #745336,
|
|
|
|
5.00%, 3/1/36
|
116
|
117
|
|
Pool #745418,
|
|
|
|
5.50%, 4/1/36
|
9
|
9
|
|
Pool #745754,
|
|
|
|
5.00%, 9/1/34
|
82
|
82
|
|
Pool #745826,
|
|
|
|
6.00%, 7/1/36
|
35
|
37
|
|
Pool #747383,
|
|
|
|
5.50%, 10/1/33
|
13
|
13
|
|
Pool #755632,
|
|
|
|
5.00%, 4/1/34
|
17
|
17
|
|
Pool #772730,
|
|
|
|
5.00%, 4/1/34
|
19
|
18
|
|
Pool #790406,
|
|
|
|
6.00%, 9/1/34
|
9
|
9
|
|
Pool #793666,
|
|
|
|
5.50%, 9/1/34
|
6
|
6
|
|
Pool #796250,
|
|
|
|
5.50%, 11/1/34
|
12
|
13
|
|
Pool #800471,
|
|
|
|
5.50%, 10/1/34
|
24
|
25
|
|
Pool #817795,
|
|
|
|
6.00%, 8/1/36
|
6
|
7
|
|
Schedule of Investments
|
|
BOND INDEX FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
U.S. GOVERNMENT AGENCIES - 24.8% (12)continued
|
||
|
Fannie Mae – 12.4%continued
|
||
|
Pool #826057,
|
|
|
|
5.00%, 7/1/35
|
$21
|
$21
|
|
Pool #826585,
|
|
|
|
5.00%, 8/1/35
|
25
|
25
|
|
Pool #828523,
|
|
|
|
5.00%, 7/1/35
|
11
|
11
|
|
Pool #831676,
|
|
|
|
6.50%, 8/1/36
|
3
|
3
|
|
Pool #833067,
|
|
|
|
5.50%, 9/1/35
|
50
|
52
|
|
Pool #833163,
|
|
|
|
5.00%, 9/1/35
|
18
|
18
|
|
Pool #845425,
|
|
|
|
6.00%, 2/1/36
|
4
|
4
|
|
Pool #868435,
|
|
|
|
6.00%, 4/1/36
|
48
|
50
|
|
Pool #869710,
|
|
|
|
6.00%, 4/1/36
|
10
|
11
|
|
Pool #871135,
|
|
|
|
6.00%, 1/1/37
|
14
|
15
|
|
Pool #885866,
|
|
|
|
6.00%, 6/1/36
|
51
|
54
|
|
Pool #888100,
|
|
|
|
5.50%, 9/1/36
|
40
|
40
|
|
Pool #888205,
|
|
|
|
6.50%, 2/1/37
|
10
|
10
|
|
Pool #889224,
|
|
|
|
5.50%, 1/1/37
|
43
|
44
|
|
Pool #889401,
|
|
|
|
6.00%, 3/1/38
|
22
|
23
|
|
Pool #889579,
|
|
|
|
6.00%, 5/1/38
|
47
|
50
|
|
Pool #889630,
|
|
|
|
6.50%, 3/1/38
|
5
|
5
|
|
Pool #889970,
|
|
|
|
5.00%, 12/1/36
|
32
|
32
|
|
Pool #890234,
|
|
|
|
6.00%, 10/1/38
|
23
|
24
|
|
Pool #890796,
|
|
|
|
3.50%, 12/1/45
|
408
|
379
|
|
Pool #893363,
|
|
|
|
5.00%, 6/1/36
|
7
|
7
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
U.S. GOVERNMENT AGENCIES - 24.8% (12)continued
|
||
|
Fannie Mae – 12.4%continued
|
||
|
Pool #893366,
|
|
|
|
5.00%, 4/1/35
|
$15
|
$15
|
|
Pool #898417,
|
|
|
|
6.00%, 10/1/36
|
7
|
7
|
|
Pool #899079,
|
|
|
|
5.00%, 3/1/37
|
13
|
13
|
|
Pool #902414,
|
|
|
|
5.50%, 11/1/36
|
26
|
27
|
|
Pool #906090,
|
|
|
|
5.50%, 1/1/37
|
23
|
24
|
|
Pool #918515,
|
|
|
|
5.00%, 6/1/37
|
23
|
24
|
|
Pool #923123,
|
|
|
|
5.00%, 4/1/36
|
7
|
7
|
|
Pool #928261,
|
|
|
|
4.50%, 3/1/36
|
22
|
21
|
|
Pool #928584,
|
|
|
|
6.50%, 8/1/37
|
74
|
78
|
|
Pool #928909,
|
|
|
|
6.00%, 12/1/37(11)
|
—
|
—
|
|
Pool #928915,
|
|
|
|
6.00%, 11/1/37
|
2
|
2
|
|
Pool #930606,
|
|
|
|
4.00%, 2/1/39
|
101
|
98
|
|
Pool #932023,
|
|
|
|
5.00%, 1/1/38
|
18
|
18
|
|
Pool #940623,
|
|
|
|
5.50%, 8/1/37
|
6
|
6
|
|
Pool #943388,
|
|
|
|
6.00%, 6/1/37
|
18
|
19
|
|
Pool #943617,
|
|
|
|
6.00%, 8/1/37
|
9
|
9
|
|
Pool #945876,
|
|
|
|
5.50%, 8/1/37
|
3
|
4
|
|
Pool #947216,
|
|
|
|
6.00%, 10/1/37
|
16
|
16
|
|
Pool #953018,
|
|
|
|
6.50%, 10/1/37
|
24
|
25
|
|
Pool #953910,
|
|
|
|
6.00%, 11/1/37
|
14
|
15
|
|
Pool #955771,
|
|
|
|
6.50%, 10/1/37
|
10
|
10
|
|
|
June 30, 2026 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
U.S. GOVERNMENT AGENCIES - 24.8% (12)continued
|
||
|
Fannie Mae – 12.4%continued
|
||
|
Pool #959604,
|
|
|
|
6.50%, 11/1/37
|
$2
|
$2
|
|
Pool #959880,
|
|
|
|
5.50%, 11/1/37
|
4
|
4
|
|
Pool #962687,
|
|
|
|
5.00%, 4/1/38
|
26
|
26
|
|
Pool #968037,
|
|
|
|
6.00%, 1/1/38
|
20
|
21
|
|
Pool #969632,
|
|
|
|
6.50%, 1/1/38
|
14
|
14
|
|
Pool #970013,
|
|
|
|
4.50%, 6/1/38
|
57
|
57
|
|
Pool #972452,
|
|
|
|
5.50%, 3/1/38
|
34
|
34
|
|
Pool #981854,
|
|
|
|
5.50%, 7/1/38
|
6
|
7
|
|
Pool #986760,
|
|
|
|
5.50%, 7/1/38
|
73
|
74
|
|
Pool #992472,
|
|
|
|
6.00%, 10/1/38
|
7
|
7
|
|
Pool #995018,
|
|
|
|
5.50%, 6/1/38
|
15
|
16
|
|
Pool #995203,
|
|
|
|
5.00%, 7/1/35
|
90
|
90
|
|
Pool #995879,
|
|
|
|
6.00%, 4/1/39
|
19
|
20
|
|
Pool #AA0649,
|
|
|
|
5.00%, 12/1/38
|
74
|
75
|
|
Pool #AA4482,
|
|
|
|
4.00%, 4/1/39
|
91
|
88
|
|
Pool #AA8978,
|
|
|
|
4.50%, 7/1/39
|
12
|
12
|
|
Pool #AA9357,
|
|
|
|
4.50%, 8/1/39
|
81
|
81
|
|
Pool #AB2067,
|
|
|
|
3.50%, 1/1/41
|
196
|
184
|
|
Pool #AB2092,
|
|
|
|
4.00%, 1/1/41
|
128
|
124
|
|
Pool #AB2693,
|
|
|
|
4.50%, 4/1/41
|
132
|
131
|
|
Pool #AB2768,
|
|
|
|
4.50%, 4/1/41
|
119
|
117
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
U.S. GOVERNMENT AGENCIES - 24.8% (12)continued
|
||
|
Fannie Mae – 12.4%continued
|
||
|
Pool #AB3035,
|
|
|
|
5.00%, 5/1/41
|
$207
|
$208
|
|
Pool #AB3246,
|
|
|
|
5.00%, 7/1/41
|
45
|
45
|
|
Pool #AB4293,
|
|
|
|
3.50%, 1/1/42
|
244
|
228
|
|
Pool #AB6016,
|
|
|
|
3.50%, 8/1/42
|
148
|
138
|
|
Pool #AB7076,
|
|
|
|
3.00%, 11/1/42
|
732
|
664
|
|
Pool #AB7503,
|
|
|
|
3.00%, 1/1/43
|
268
|
242
|
|
Pool #AB7733,
|
|
|
|
3.00%, 1/1/43
|
584
|
529
|
|
Pool #AB9019,
|
|
|
|
3.00%, 4/1/43
|
311
|
279
|
|
Pool #AB9136,
|
|
|
|
2.50%, 4/1/43
|
33
|
29
|
|
Pool #AB9990,
|
|
|
|
3.00%, 7/1/33
|
56
|
54
|
|
Pool #AC3263,
|
|
|
|
4.50%, 9/1/29
|
16
|
16
|
|
Pool #AC6118,
|
|
|
|
4.50%, 11/1/39
|
49
|
49
|
|
Pool #AC8518,
|
|
|
|
5.00%, 12/1/39
|
79
|
80
|
|
Pool #AD0119,
|
|
|
|
6.00%, 7/1/38
|
60
|
63
|
|
Pool #AD0639,
|
|
|
|
6.00%, 12/1/38
|
15
|
16
|
|
Pool #AD0969,
|
|
|
|
5.50%, 8/1/37
|
72
|
75
|
|
Pool #AD5241,
|
|
|
|
4.50%, 7/1/40
|
64
|
63
|
|
Pool #AD5525,
|
|
|
|
5.00%, 6/1/40
|
90
|
91
|
|
Pool #AD7859,
|
|
|
|
5.00%, 6/1/40
|
36
|
36
|
|
Pool #AE0981,
|
|
|
|
3.50%, 3/1/41
|
154
|
144
|
|
Pool #AE1807,
|
|
|
|
4.00%, 10/1/40
|
239
|
232
|
|
Schedule of Investments
|
|
BOND INDEX FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
U.S. GOVERNMENT AGENCIES - 24.8% (12)continued
|
||
|
Fannie Mae – 12.4%continued
|
||
|
Pool #AE3873,
|
|
|
|
4.50%, 10/1/40
|
$33
|
$33
|
|
Pool #AE5436,
|
|
|
|
4.50%, 10/1/40
|
63
|
62
|
|
Pool #AH3226,
|
|
|
|
5.00%, 2/1/41
|
33
|
33
|
|
Pool #AH4158,
|
|
|
|
4.00%, 1/1/41
|
44
|
43
|
|
Pool #AH8854,
|
|
|
|
4.50%, 4/1/41
|
53
|
53
|
|
Pool #AI3470,
|
|
|
|
4.50%, 6/1/41
|
90
|
89
|
|
Pool #AI4361,
|
|
|
|
(Floating, Refinitiv USD IBOR
Consumer Cash Fallbacks 1Y
Index + 1.80%, 1.80% Floor,
8.09% Cap), 6.55%, 9/1/41(13)
|
2
|
2
|
|
Pool #AI4380,
|
|
|
|
(Floating, Refinitiv USD IBOR
Consumer Cash Fallbacks 1Y
Index + 1.80%, 1.80% Floor,
7.93% Cap), 6.18%, 11/1/41(13)
|
5
|
5
|
|
Pool #AI5603,
|
|
|
|
4.50%, 7/1/41
|
50
|
49
|
|
Pool #AI7743,
|
|
|
|
4.00%, 8/1/41
|
52
|
50
|
|
Pool #AI9555,
|
|
|
|
4.00%, 9/1/41
|
112
|
108
|
|
Pool #AI9828,
|
|
|
|
(Floating, Refinitiv USD IBOR
Consumer Cash Fallbacks 1Y
Index + 1.82%, 1.82% Floor,
7.93% Cap), 6.35%, 11/1/41(13)
|
2
|
2
|
|
Pool #AJ4093,
|
|
|
|
3.50%, 10/1/26(11)
|
—
|
—
|
|
Pool #AJ4408,
|
|
|
|
4.50%, 10/1/41
|
41
|
40
|
|
Pool #AJ6086,
|
|
|
|
3.00%, 12/1/26
|
2
|
2
|
|
Pool #AJ9218,
|
|
|
|
4.00%, 2/1/42
|
189
|
182
|
|
Pool #AJ9326,
|
|
|
|
3.50%, 1/1/42
|
394
|
368
|
|
Pool #AJ9355,
|
|
|
|
3.00%, 1/1/27
|
7
|
7
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
U.S. GOVERNMENT AGENCIES - 24.8% (12)continued
|
||
|
Fannie Mae – 12.4%continued
|
||
|
Pool #AK4813,
|
|
|
|
3.50%, 3/1/42
|
$133
|
$124
|
|
Pool #AK4945,
|
|
|
|
3.50%, 2/1/42
|
102
|
96
|
|
Pool #AK7766,
|
|
|
|
2.50%, 3/1/27
|
13
|
13
|
|
Pool #AK9444,
|
|
|
|
4.00%, 3/1/42
|
22
|
21
|
|
Pool #AL0442,
|
|
|
|
5.50%, 6/1/40
|
23
|
24
|
|
Pool #AL1849,
|
|
|
|
6.00%, 2/1/39
|
85
|
89
|
|
Pool #AL1939,
|
|
|
|
3.50%, 6/1/42
|
380
|
355
|
|
Pool #AL2243,
|
|
|
|
4.00%, 3/1/42
|
256
|
248
|
|
Pool #AL2397,
|
|
|
|
(Floating, Refinitiv USD IBOR
Consumer Cash Fallbacks 1Y
Index + 1.71%, 1.71% Floor,
7.77% Cap), 6.31%, 8/1/42(13)
|
3
|
4
|
|
Pool #AL3803,
|
|
|
|
3.00%, 6/1/28
|
25
|
24
|
|
Pool #AL4462,
|
|
|
|
2.50%, 6/1/28
|
41
|
41
|
|
Pool #AL5167,
|
|
|
|
3.50%, 1/1/34
|
55
|
53
|
|
Pool #AL5254,
|
|
|
|
3.00%, 11/1/27
|
12
|
12
|
|
Pool #AL5377,
|
|
|
|
4.00%, 6/1/44
|
845
|
814
|
|
Pool #AL5734,
|
|
|
|
3.50%, 9/1/29
|
85
|
84
|
|
Pool #AL5785,
|
|
|
|
4.00%, 9/1/44
|
499
|
477
|
|
Pool #AL6488,
|
|
|
|
3.50%, 8/1/43
|
187
|
175
|
|
Pool #AL7807,
|
|
|
|
3.00%, 11/1/30
|
92
|
90
|
|
Pool #AL8951,
|
|
|
|
3.00%, 8/1/46
|
250
|
224
|
|
Pool #AO0752,
|
|
|
|
3.00%, 4/1/42
|
159
|
144
|
|
|
June 30, 2026 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
U.S. GOVERNMENT AGENCIES - 24.8% (12)continued
|
||
|
Fannie Mae – 12.4%continued
|
||
|
Pool #AO0800,
|
|
|
|
3.00%, 4/1/27
|
$11
|
$11
|
|
Pool #AO4136,
|
|
|
|
3.50%, 6/1/42
|
207
|
194
|
|
Pool #AO8629,
|
|
|
|
3.50%, 7/1/42
|
81
|
76
|
|
Pool #AP6273,
|
|
|
|
3.00%, 10/1/42
|
221
|
200
|
|
Pool #AQ6784,
|
|
|
|
3.50%, 12/1/42
|
202
|
189
|
|
Pool #AQ8185,
|
|
|
|
2.50%, 1/1/28
|
12
|
12
|
|
Pool #AQ8647,
|
|
|
|
3.50%, 12/1/42
|
309
|
289
|
|
Pool #AR1706,
|
|
|
|
2.50%, 1/1/28
|
106
|
104
|
|
Pool #AR3054,
|
|
|
|
3.00%, 1/1/28
|
33
|
33
|
|
Pool #AR3792,
|
|
|
|
3.00%, 2/1/43
|
165
|
149
|
|
Pool #AR9188,
|
|
|
|
2.50%, 3/1/43
|
53
|
46
|
|
Pool #AR9582,
|
|
|
|
3.00%, 3/1/43
|
131
|
119
|
|
Pool #AS0018,
|
|
|
|
3.00%, 7/1/43
|
157
|
142
|
|
Pool #AS0275,
|
|
|
|
3.00%, 8/1/33
|
65
|
62
|
|
Pool #AS3294,
|
|
|
|
4.00%, 9/1/44
|
310
|
297
|
|
Pool #AS3600,
|
|
|
|
3.00%, 10/1/29
|
197
|
193
|
|
Pool #AS4085,
|
|
|
|
4.00%, 12/1/44
|
141
|
135
|
|
Pool #AS4306,
|
|
|
|
3.00%, 1/1/45
|
225
|
203
|
|
Pool #AS5500,
|
|
|
|
3.00%, 7/1/35
|
83
|
79
|
|
Pool #AS5666,
|
|
|
|
4.00%, 8/1/45
|
209
|
200
|
|
Pool #AS5892,
|
|
|
|
3.50%, 10/1/45
|
233
|
217
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
U.S. GOVERNMENT AGENCIES - 24.8% (12)continued
|
||
|
Fannie Mae – 12.4%continued
|
||
|
Pool #AS6262,
|
|
|
|
3.50%, 11/1/45
|
$298
|
$276
|
|
Pool #AS6398,
|
|
|
|
3.50%, 12/1/45
|
259
|
241
|
|
Pool #AS6730,
|
|
|
|
3.50%, 2/1/46
|
389
|
359
|
|
Pool #AS7149,
|
|
|
|
3.00%, 5/1/46
|
443
|
399
|
|
Pool #AS7157,
|
|
|
|
3.00%, 5/1/46
|
173
|
155
|
|
Pool #AS7247,
|
|
|
|
4.00%, 5/1/46
|
85
|
81
|
|
Pool #AS7343,
|
|
|
|
3.00%, 6/1/46
|
167
|
150
|
|
Pool #AS7480,
|
|
|
|
2.00%, 7/1/31
|
33
|
31
|
|
Pool #AS7580,
|
|
|
|
3.00%, 7/1/46
|
199
|
178
|
|
Pool #AS8067,
|
|
|
|
3.00%, 10/1/46
|
455
|
408
|
|
Pool #AS8074,
|
|
|
|
3.00%, 10/1/46
|
144
|
129
|
|
Pool #AS8178,
|
|
|
|
3.00%, 10/1/36
|
45
|
42
|
|
Pool #AS8194,
|
|
|
|
2.50%, 10/1/31
|
445
|
427
|
|
Pool #AS8424,
|
|
|
|
3.00%, 12/1/36
|
80
|
75
|
|
Pool #AS8699,
|
|
|
|
4.00%, 1/1/47
|
502
|
477
|
|
Pool #AS8960,
|
|
|
|
4.00%, 3/1/47
|
171
|
162
|
|
Pool #AS9505,
|
|
|
|
3.00%, 4/1/32
|
128
|
124
|
|
Pool #AS9615,
|
|
|
|
4.50%, 5/1/47
|
110
|
107
|
|
Pool #AT2720,
|
|
|
|
3.00%, 5/1/43
|
363
|
329
|
|
Pool #AT3180,
|
|
|
|
3.00%, 5/1/43
|
190
|
172
|
|
Pool #AU1657,
|
|
|
|
2.50%, 7/1/28
|
31
|
31
|
|
Schedule of Investments
|
|
BOND INDEX FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
U.S. GOVERNMENT AGENCIES - 24.8% (12)continued
|
||
|
Fannie Mae – 12.4%continued
|
||
|
Pool #AU1689,
|
|
|
|
3.50%, 8/1/43
|
$915
|
$852
|
|
Pool #AU3164,
|
|
|
|
3.00%, 8/1/33
|
65
|
62
|
|
Pool #AU5919,
|
|
|
|
3.50%, 9/1/43
|
286
|
266
|
|
Pool #AV2339,
|
|
|
|
4.00%, 12/1/43
|
139
|
134
|
|
Pool #AW8167,
|
|
|
|
3.50%, 2/1/42
|
133
|
124
|
|
Pool #AW8595,
|
|
|
|
3.00%, 8/1/29
|
38
|
37
|
|
Pool #AX2163,
|
|
|
|
3.50%, 11/1/44
|
166
|
155
|
|
Pool #AX4413,
|
|
|
|
4.00%, 11/1/44
|
182
|
174
|
|
Pool #AX4839,
|
|
|
|
3.50%, 11/1/44
|
240
|
223
|
|
Pool #AY9555,
|
|
|
|
3.00%, 5/1/45
|
219
|
197
|
|
Pool #AZ1449,
|
|
|
|
3.00%, 7/1/45
|
173
|
156
|
|
Pool #AZ2936,
|
|
|
|
3.00%, 9/1/45
|
121
|
109
|
|
Pool #AZ2947,
|
|
|
|
4.00%, 9/1/45
|
241
|
230
|
|
Pool #AZ4775,
|
|
|
|
3.50%, 10/1/45
|
159
|
147
|
|
Pool #AZ6684,
|
|
|
|
3.00%, 2/1/31
|
152
|
147
|
|
Pool #BA2911,
|
|
|
|
3.00%, 11/1/30
|
52
|
50
|
|
Pool #BC0326,
|
|
|
|
3.50%, 12/1/45
|
122
|
113
|
|
Pool #BC0822,
|
|
|
|
3.50%, 4/1/46
|
1,048
|
973
|
|
Pool #BC1510,
|
|
|
|
3.00%, 8/1/46
|
152
|
136
|
|
Pool #BC9096,
|
|
|
|
3.50%, 12/1/46
|
214
|
196
|
|
Pool #BE3171,
|
|
|
|
2.50%, 2/1/32
|
147
|
141
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
U.S. GOVERNMENT AGENCIES - 24.8% (12)continued
|
||
|
Fannie Mae – 12.4%continued
|
||
|
Pool #BH1130,
|
|
|
|
3.50%, 4/1/32
|
$79
|
$78
|
|
Pool #BH7032,
|
|
|
|
3.50%, 12/1/47
|
97
|
89
|
|
Pool #BH7106,
|
|
|
|
3.50%, 1/1/48
|
205
|
189
|
|
Pool #BJ0648,
|
|
|
|
3.50%, 3/1/48
|
224
|
207
|
|
Pool #BJ9181,
|
|
|
|
5.00%, 5/1/48
|
173
|
173
|
|
Pool #BJ9260,
|
|
|
|
4.00%, 4/1/48
|
169
|
161
|
|
Pool #BJ9977,
|
|
|
|
4.00%, 5/1/48
|
143
|
135
|
|
Pool #BK0276,
|
|
|
|
4.00%, 9/1/48
|
66
|
62
|
|
Pool #BK0920,
|
|
|
|
4.00%, 7/1/48
|
284
|
270
|
|
Pool #BK0922,
|
|
|
|
4.50%, 7/1/48
|
47
|
46
|
|
Pool #BK3044,
|
|
|
|
2.50%, 9/1/50
|
382
|
323
|
|
Pool #BK4740,
|
|
|
|
4.00%, 8/1/48
|
87
|
83
|
|
Pool #BK4764,
|
|
|
|
4.00%, 8/1/48
|
88
|
84
|
|
Pool #BK4816,
|
|
|
|
4.00%, 9/1/48
|
123
|
117
|
|
Pool #BM1787,
|
|
|
|
4.00%, 9/1/47
|
97
|
93
|
|
Pool #BM2001,
|
|
|
|
3.50%, 12/1/46
|
62
|
57
|
|
Pool #BM3286,
|
|
|
|
4.50%, 11/1/47
|
35
|
34
|
|
Pool #BM5288,
|
|
|
|
3.50%, 1/1/34
|
81
|
78
|
|
Pool #BM5804,
|
|
|
|
5.00%, 1/1/49
|
204
|
204
|
|
Pool #BN1176,
|
|
|
|
4.50%, 11/1/48
|
86
|
83
|
|
Pool #BN1628,
|
|
|
|
4.50%, 11/1/48
|
53
|
52
|
|
|
June 30, 2026 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
U.S. GOVERNMENT AGENCIES - 24.8% (12)continued
|
||
|
Fannie Mae – 12.4%continued
|
||
|
Pool #BN5947,
|
|
|
|
3.50%, 6/1/49
|
$145
|
$133
|
|
Pool #BN6097,
|
|
|
|
4.00%, 6/1/49
|
409
|
387
|
|
Pool #BN6683,
|
|
|
|
3.50%, 6/1/49
|
195
|
179
|
|
Pool #BN8985,
|
|
|
|
2.00%, 3/1/51
|
282
|
226
|
|
Pool #BN9007,
|
|
|
|
2.00%, 3/1/51
|
658
|
534
|
|
Pool #BO1012,
|
|
|
|
3.50%, 8/1/49
|
72
|
66
|
|
Pool #BO1021,
|
|
|
|
3.50%, 8/1/49
|
90
|
83
|
|
Pool #BO1169,
|
|
|
|
3.50%, 7/1/49
|
66
|
61
|
|
Pool #BO1444,
|
|
|
|
3.00%, 10/1/49
|
154
|
137
|
|
Pool #BO1461,
|
|
|
|
3.00%, 10/1/49
|
96
|
85
|
|
Pool #BO3181,
|
|
|
|
2.50%, 10/1/49
|
356
|
301
|
|
Pool #BO4708,
|
|
|
|
3.00%, 11/1/49
|
301
|
267
|
|
Pool #BO8620,
|
|
|
|
3.00%, 12/1/49
|
341
|
301
|
|
Pool #BP3454,
|
|
|
|
2.00%, 5/1/36
|
333
|
304
|
|
Pool #BP4660,
|
|
|
|
2.50%, 5/1/50
|
99
|
83
|
|
Pool #BP6496,
|
|
|
|
2.00%, 7/1/35
|
457
|
417
|
|
Pool #BP6626,
|
|
|
|
2.00%, 8/1/50
|
716
|
578
|
|
Pool #BP6683,
|
|
|
|
2.50%, 9/1/50
|
471
|
397
|
|
Pool #BP7273,
|
|
|
|
2.50%, 8/1/50
|
269
|
227
|
|
Pool #BP7585,
|
|
|
|
2.00%, 9/1/50
|
2,347
|
1,893
|
|
Pool #BQ0202,
|
|
|
|
2.50%, 8/1/50
|
348
|
297
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
U.S. GOVERNMENT AGENCIES - 24.8% (12)continued
|
||
|
Fannie Mae – 12.4%continued
|
||
|
Pool #BQ1147,
|
|
|
|
2.50%, 10/1/50
|
$529
|
$453
|
|
Pool #BQ1351,
|
|
|
|
2.50%, 8/1/50
|
448
|
382
|
|
Pool #BQ4077,
|
|
|
|
2.00%, 12/1/50
|
785
|
628
|
|
Pool #BQ5056,
|
|
|
|
2.00%, 10/1/50
|
278
|
227
|
|
Pool #BQ5979,
|
|
|
|
2.00%, 11/1/50
|
1,136
|
922
|
|
Pool #BR1035,
|
|
|
|
2.00%, 5/1/51
|
4,775
|
3,845
|
|
Pool #BR4450,
|
|
|
|
1.50%, 2/1/36
|
448
|
401
|
|
Pool #BR6042,
|
|
|
|
2.00%, 2/1/51
|
1,734
|
1,396
|
|
Pool #BR9755,
|
|
|
|
2.00%, 4/1/51
|
1,145
|
937
|
|
Pool #BR9761,
|
|
|
|
2.00%, 4/1/51
|
858
|
689
|
|
Pool #BT1034,
|
|
|
|
2.00%, 7/1/51
|
1,635
|
1,319
|
|
Pool #BT2034,
|
|
|
|
2.50%, 3/1/42
|
684
|
607
|
|
Pool #BT4528,
|
|
|
|
2.50%, 9/1/51
|
7,444
|
6,408
|
|
Pool #BT8308,
|
|
|
|
4.50%, 8/1/52
|
673
|
650
|
|
Pool #BT9031,
|
|
|
|
2.00%, 8/1/41
|
673
|
582
|
|
Pool #BU0066,
|
|
|
|
2.50%, 10/1/51
|
765
|
654
|
|
Pool #BU4046,
|
|
|
|
5.00%, 7/1/53
|
806
|
798
|
|
Pool #BX1915,
|
|
|
|
6.00%, 1/1/53
|
627
|
651
|
|
Pool #BX6021,
|
|
|
|
5.00%, 2/1/53
|
303
|
300
|
|
Pool #BY0545,
|
|
|
|
5.00%, 5/1/53
|
1,792
|
1,770
|
|
Pool #BY4424,
|
|
|
|
5.50%, 7/1/53
|
692
|
699
|
|
Schedule of Investments
|
|
BOND INDEX FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
U.S. GOVERNMENT AGENCIES - 24.8% (12)continued
|
||
|
Fannie Mae – 12.4%continued
|
||
|
Pool #CA0110,
|
|
|
|
3.50%, 8/1/47
|
$191
|
$176
|
|
Pool #CA0619,
|
|
|
|
4.00%, 10/1/47
|
54
|
51
|
|
Pool #CA0620,
|
|
|
|
4.00%, 10/1/47
|
683
|
648
|
|
Pool #CA0656,
|
|
|
|
3.50%, 11/1/47
|
510
|
471
|
|
Pool #CA0859,
|
|
|
|
3.50%, 12/1/47
|
367
|
338
|
|
Pool #CA0917,
|
|
|
|
3.50%, 12/1/47
|
329
|
303
|
|
Pool #CA1370,
|
|
|
|
4.00%, 3/1/48
|
176
|
167
|
|
Pool #CA1378,
|
|
|
|
4.00%, 3/1/48
|
141
|
133
|
|
Pool #CA1564,
|
|
|
|
4.50%, 4/1/48
|
60
|
59
|
|
Pool #CA1711,
|
|
|
|
4.50%, 5/1/48
|
178
|
173
|
|
Pool #CA1902,
|
|
|
|
4.50%, 6/1/48
|
172
|
168
|
|
Pool #CA1909,
|
|
|
|
4.50%, 6/1/48
|
88
|
86
|
|
Pool #CA1951,
|
|
|
|
4.00%, 7/1/48
|
95
|
90
|
|
Pool #CA1952,
|
|
|
|
4.50%, 6/1/48
|
41
|
40
|
|
Pool #CA2056,
|
|
|
|
4.50%, 7/1/48
|
54
|
53
|
|
Pool #CA2208,
|
|
|
|
4.50%, 8/1/48
|
55
|
53
|
|
Pool #CA2256,
|
|
|
|
3.50%, 8/1/33
|
67
|
65
|
|
Pool #CA2366,
|
|
|
|
3.50%, 9/1/48
|
62
|
57
|
|
Pool #CA2375,
|
|
|
|
4.00%, 9/1/48
|
260
|
247
|
|
Pool #CA2559,
|
|
|
|
4.00%, 11/1/33
|
79
|
78
|
|
Pool #CA2729,
|
|
|
|
4.50%, 11/1/48
|
207
|
202
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
U.S. GOVERNMENT AGENCIES - 24.8% (12)continued
|
||
|
Fannie Mae – 12.4%continued
|
||
|
Pool #CA3640,
|
|
|
|
4.00%, 6/1/49
|
$228
|
$216
|
|
Pool #CA4029,
|
|
|
|
4.00%, 8/1/49
|
643
|
609
|
|
Pool #CA4143,
|
|
|
|
3.00%, 9/1/49
|
2,007
|
1,783
|
|
Pool #CA4420,
|
|
|
|
3.00%, 10/1/49
|
303
|
269
|
|
Pool #CA4792,
|
|
|
|
3.00%, 12/1/49
|
177
|
157
|
|
Pool #CA5020,
|
|
|
|
3.50%, 1/1/50
|
334
|
306
|
|
Pool #CA5452,
|
|
|
|
3.00%, 3/1/50
|
571
|
503
|
|
Pool #CA5508,
|
|
|
|
3.00%, 4/1/50
|
710
|
622
|
|
Pool #CA5700,
|
|
|
|
2.50%, 5/1/50
|
3,094
|
2,641
|
|
Pool #CA6072,
|
|
|
|
2.50%, 6/1/50
|
299
|
253
|
|
Pool #CA6074,
|
|
|
|
2.50%, 6/1/50
|
410
|
347
|
|
Pool #CA6144,
|
|
|
|
2.50%, 6/1/50
|
471
|
398
|
|
Pool #CA6290,
|
|
|
|
3.00%, 7/1/50
|
345
|
305
|
|
Pool #CA6305,
|
|
|
|
2.50%, 7/1/50
|
806
|
681
|
|
Pool #CA6339,
|
|
|
|
2.50%, 7/1/50
|
812
|
686
|
|
Pool #CA6346,
|
|
|
|
2.50%, 7/1/50
|
467
|
394
|
|
Pool #CA6563,
|
|
|
|
2.50%, 8/1/35
|
344
|
323
|
|
Pool #CA6601,
|
|
|
|
2.50%, 8/1/50
|
345
|
293
|
|
Pool #CA6951,
|
|
|
|
2.50%, 9/1/50
|
323
|
274
|
|
Pool #CA6962,
|
|
|
|
2.50%, 9/1/50
|
479
|
408
|
|
Pool #CA7216,
|
|
|
|
2.00%, 10/1/50
|
2,100
|
1,704
|
|
|
June 30, 2026 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
U.S. GOVERNMENT AGENCIES - 24.8% (12)continued
|
||
|
Fannie Mae – 12.4%continued
|
||
|
Pool #CA7232,
|
|
|
|
2.50%, 10/1/50
|
$918
|
$775
|
|
Pool #CA7596,
|
|
|
|
2.00%, 11/1/50
|
366
|
294
|
|
Pool #CA7600,
|
|
|
|
2.50%, 11/1/50
|
961
|
811
|
|
Pool #CA7697,
|
|
|
|
1.50%, 11/1/50
|
1,168
|
898
|
|
Pool #CA7736,
|
|
|
|
2.50%, 11/1/50
|
966
|
819
|
|
Pool #CA8043,
|
|
|
|
2.50%, 12/1/50
|
575
|
490
|
|
Pool #CA9143,
|
|
|
|
2.00%, 2/1/36
|
599
|
547
|
|
Pool #CA9355,
|
|
|
|
2.00%, 3/1/41
|
373
|
325
|
|
Pool #CA9418,
|
|
|
|
1.50%, 3/1/36
|
99
|
89
|
|
Pool #CB0113,
|
|
|
|
2.00%, 4/1/41
|
574
|
502
|
|
Pool #CB0325,
|
|
|
|
2.00%, 4/1/51
|
1,354
|
1,090
|
|
Pool #CB1903,
|
|
|
|
2.50%, 10/1/51
|
1,299
|
1,113
|
|
Pool #CB2049,
|
|
|
|
2.50%, 11/1/51
|
1,508
|
1,261
|
|
Pool #CB2079,
|
|
|
|
2.00%, 11/1/51
|
3,405
|
2,760
|
|
Pool #CB3597,
|
|
|
|
3.50%, 5/1/52
|
1,317
|
1,196
|
|
Pool #CB3705,
|
|
|
|
3.00%, 5/1/37
|
178
|
169
|
|
Pool #CB4377,
|
|
|
|
4.00%, 8/1/52
|
437
|
411
|
|
Pool #CB5094,
|
|
|
|
6.50%, 11/1/52
|
1,054
|
1,112
|
|
Pool #CB6031,
|
|
|
|
5.00%, 4/1/53
|
74
|
74
|
|
Pool #CB6034,
|
|
|
|
6.50%, 4/1/53
|
174
|
182
|
|
Pool #CB6750,
|
|
|
|
5.50%, 7/1/53
|
811
|
820
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
U.S. GOVERNMENT AGENCIES - 24.8% (12)continued
|
||
|
Fannie Mae – 12.4%continued
|
||
|
Pool #CB6755,
|
|
|
|
6.00%, 7/1/53
|
$647
|
$666
|
|
Pool #CB6933,
|
|
|
|
6.50%, 8/1/53
|
189
|
199
|
|
Pool #CB7120,
|
|
|
|
6.00%, 9/1/53
|
265
|
271
|
|
Pool #CB7123,
|
|
|
|
6.00%, 9/1/53
|
269
|
277
|
|
Pool #CB7444,
|
|
|
|
6.50%, 11/1/53
|
649
|
684
|
|
Pool #CB8484,
|
|
|
|
5.50%, 5/1/54
|
565
|
572
|
|
Pool #CB8821,
|
|
|
|
6.00%, 7/1/54
|
742
|
766
|
|
Pool #CB9323,
|
|
|
|
5.50%, 10/1/54
|
851
|
864
|
|
Pool #CB9485,
|
|
|
|
5.50%, 11/1/54
|
3,805
|
3,857
|
|
Pool #CB9506,
|
|
|
|
6.00%, 11/1/54
|
853
|
885
|
|
Pool #CC0102,
|
|
|
|
5.50%, 3/1/55
|
2,164
|
2,188
|
|
Pool #CC0260,
|
|
|
|
6.00%, 4/1/55
|
522
|
542
|
|
Pool #CC1056,
|
|
|
|
6.50%, 9/1/55
|
1,828
|
1,921
|
|
Pool #CC1666,
|
|
|
|
4.50%, 12/1/55
|
295
|
282
|
|
Pool #DA0508,
|
|
|
|
6.00%, 10/1/53
|
180
|
184
|
|
Pool #FA0386,
|
|
|
|
5.00%, 12/1/54
|
911
|
903
|
|
Pool #FA0460,
|
|
|
|
2.50%, 9/1/42
|
870
|
776
|
|
Pool #FA0684,
|
|
|
|
6.00%, 2/1/55
|
1,503
|
1,538
|
|
Pool #FA0689,
|
|
|
|
6.00%, 3/1/55
|
2,007
|
2,061
|
|
Pool #FA1595,
|
|
|
|
5.50%, 5/1/55
|
883
|
897
|
|
Pool #FA1856,
|
|
|
|
5.50%, 6/1/55
|
1,247
|
1,254
|
|
Schedule of Investments
|
|
BOND INDEX FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
U.S. GOVERNMENT AGENCIES - 24.8% (12)continued
|
||
|
Fannie Mae – 12.4%continued
|
||
|
Pool #FA2470,
|
|
|
|
3.50%, 5/1/53
|
$1,361
|
$1,237
|
|
Pool #FA4423,
|
|
|
|
11/1/55(2)
|
917
|
968
|
|
Pool #FA4929,
|
|
|
|
2.00%, 6/1/42
|
195
|
170
|
|
Pool #FA5228,
|
|
|
|
6.50%, 4/1/56
|
475
|
494
|
|
Pool #FA5255,
|
|
|
|
5.00%, 4/1/56
|
498
|
491
|
|
Pool #FA5354,
|
|
|
|
5.50%, 4/1/56
|
489
|
496
|
|
Pool #FA5431,
|
|
|
|
4.50%, 4/1/56
|
496
|
478
|
|
Pool #FA5676,
|
|
|
|
5.00%, 5/1/56
|
996
|
985
|
|
Pool #FA5712,
|
|
|
|
5.00%, 5/1/56
|
992
|
983
|
|
Pool #FM1496,
|
|
|
|
3.50%, 9/1/49
|
953
|
874
|
|
Pool #FM1708,
|
|
|
|
3.00%, 12/1/45
|
183
|
166
|
|
Pool #FM1742,
|
|
|
|
3.00%, 10/1/49
|
193
|
171
|
|
Pool #FM1938,
|
|
|
|
4.50%, 9/1/49
|
289
|
281
|
|
Pool #FM2305,
|
|
|
|
3.50%, 2/1/50
|
490
|
450
|
|
Pool #FM2715,
|
|
|
|
3.00%, 3/1/50
|
126
|
111
|
|
Pool #FM2778,
|
|
|
|
3.00%, 3/1/50
|
796
|
707
|
|
Pool #FM2963,
|
|
|
|
3.00%, 2/1/50
|
674
|
602
|
|
Pool #FM3125,
|
|
|
|
3.50%, 3/1/50
|
652
|
596
|
|
Pool #FM3225,
|
|
|
|
3.00%, 5/1/50
|
458
|
407
|
|
Pool #FM3610,
|
|
|
|
4.00%, 6/1/50
|
187
|
176
|
|
Pool #FM3747,
|
|
|
|
2.50%, 8/1/50
|
754
|
640
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
U.S. GOVERNMENT AGENCIES - 24.8% (12)continued
|
||
|
Fannie Mae – 12.4%continued
|
||
|
Pool #FM4055,
|
|
|
|
2.50%, 8/1/50
|
$5,321
|
$4,539
|
|
Pool #FM4149,
|
|
|
|
3.00%, 9/1/50
|
2,193
|
1,945
|
|
Pool #FM4193,
|
|
|
|
2.50%, 9/1/50
|
514
|
439
|
|
Pool #FM4476,
|
|
|
|
2.00%, 10/1/50
|
1,370
|
1,111
|
|
Pool #FM4544,
|
|
|
|
2.00%, 10/1/50
|
734
|
593
|
|
Pool #FM4598,
|
|
|
|
2.00%, 11/1/40
|
161
|
140
|
|
Pool #FM4734,
|
|
|
|
2.00%, 11/1/35
|
798
|
729
|
|
Pool #FM4799,
|
|
|
|
2.00%, 11/1/50
|
617
|
500
|
|
Pool #FM4868,
|
|
|
|
2.00%, 11/1/50
|
1,035
|
845
|
|
Pool #FM4951,
|
|
|
|
1.50%, 11/1/35
|
360
|
323
|
|
Pool #FM5087,
|
|
|
|
2.00%, 12/1/50
|
425
|
345
|
|
Pool #FM5210,
|
|
|
|
2.00%, 12/1/50
|
617
|
508
|
|
Pool #FM5534,
|
|
|
|
2.00%, 1/1/41
|
239
|
208
|
|
Pool #FM5570,
|
|
|
|
2.00%, 1/1/36
|
435
|
398
|
|
Pool #FM5849,
|
|
|
|
2.00%, 12/1/50
|
828
|
664
|
|
Pool #FM6055,
|
|
|
|
2.00%, 2/1/51
|
1,589
|
1,290
|
|
Pool #FM6099,
|
|
|
|
2.00%, 2/1/51
|
1,643
|
1,319
|
|
Pool #FM6338,
|
|
|
|
2.00%, 2/1/51
|
978
|
794
|
|
Pool #FM6496,
|
|
|
|
2.00%, 2/1/51
|
443
|
363
|
|
Pool #FM6550,
|
|
|
|
2.00%, 3/1/51
|
314
|
256
|
|
Pool #FM6943,
|
|
|
|
2.00%, 4/1/51
|
1,069
|
875
|
|
|
June 30, 2026 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
U.S. GOVERNMENT AGENCIES - 24.8% (12)continued
|
||
|
Fannie Mae – 12.4%continued
|
||
|
Pool #FM6964,
|
|
|
|
2.00%, 5/1/51
|
$832
|
$681
|
|
Pool #FM6991,
|
|
|
|
2.00%, 4/1/51
|
1,324
|
1,074
|
|
Pool #FM7078,
|
|
|
|
2.00%, 4/1/51
|
987
|
810
|
|
Pool #FM7080,
|
|
|
|
2.00%, 4/1/51
|
506
|
414
|
|
Pool #FM7411,
|
|
|
|
2.00%, 5/1/51
|
2,713
|
2,168
|
|
Pool #FM7429,
|
|
|
|
1.50%, 5/1/36
|
156
|
139
|
|
Pool #FM7622,
|
|
|
|
2.00%, 5/1/51
|
672
|
550
|
|
Pool #FM8146,
|
|
|
|
2.00%, 7/1/36
|
1,032
|
941
|
|
Pool #FM8848,
|
|
|
|
2.50%, 9/1/41
|
641
|
571
|
|
Pool #FS0153,
|
|
|
|
2.00%, 12/1/36
|
281
|
256
|
|
Pool #FS1096,
|
|
|
|
2.00%, 1/1/51
|
1,147
|
926
|
|
Pool #FS2039,
|
|
|
|
2.00%, 2/1/51
|
757
|
611
|
|
Pool #FS2442,
|
|
|
|
4.00%, 7/1/52
|
667
|
627
|
|
Pool #FS2815,
|
|
|
|
4.00%, 9/1/52
|
371
|
350
|
|
Pool #FS3086,
|
|
|
|
5.50%, 10/1/52
|
1,387
|
1,398
|
|
Pool #FS3402,
|
|
|
|
5.00%, 11/1/52
|
292
|
289
|
|
Pool #FS3421,
|
|
|
|
5.00%, 12/1/52
|
292
|
289
|
|
Pool #FS3452,
|
|
|
|
5.00%, 12/1/52
|
502
|
503
|
|
Pool #FS3747,
|
|
|
|
5.50%, 12/1/52
|
520
|
526
|
|
Pool #FS3762,
|
|
|
|
5.00%, 12/1/52
|
417
|
414
|
|
Pool #FS3921,
|
|
|
|
5.50%, 2/1/53
|
334
|
342
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
U.S. GOVERNMENT AGENCIES - 24.8% (12)continued
|
||
|
Fannie Mae – 12.4%continued
|
||
|
Pool #FS4041,
|
|
|
|
5.50%, 3/1/53
|
$494
|
$500
|
|
Pool #FS4047,
|
|
|
|
3.50%, 12/1/42
|
149
|
140
|
|
Pool #FS4463,
|
|
|
|
1.50%, 8/1/37
|
424
|
378
|
|
Pool #FS4485,
|
|
|
|
6.00%, 5/1/53
|
451
|
468
|
|
Pool #FS4522,
|
|
|
|
5.00%, 5/1/53
|
156
|
154
|
|
Pool #FS4842,
|
|
|
|
5.50%, 6/1/53
|
216
|
219
|
|
Pool #FS4931,
|
|
|
|
6.00%, 6/1/53
|
603
|
622
|
|
Pool #FS5050,
|
|
|
|
3.00%, 6/1/52
|
5,270
|
4,598
|
|
Pool #FS5115,
|
|
|
|
5.50%, 6/1/53
|
394
|
398
|
|
Pool #FS5116,
|
|
|
|
5.50%, 6/1/53
|
346
|
349
|
|
Pool #FS5119,
|
|
|
|
6.00%, 7/1/53
|
2,083
|
2,162
|
|
Pool #FS5304,
|
|
|
|
5.50%, 7/1/53
|
145
|
147
|
|
Pool #FS5396,
|
|
|
|
5.00%, 7/1/53
|
1,602
|
1,595
|
|
Pool #FS5436,
|
|
|
|
5.50%, 8/1/53
|
261
|
266
|
|
Pool #FS5562,
|
|
|
|
2.00%, 3/1/52
|
2,778
|
2,254
|
|
Pool #FS5584,
|
|
|
|
6.50%, 8/1/53
|
302
|
318
|
|
Pool #FS5696,
|
|
|
|
2.00%, 4/1/51
|
248
|
200
|
|
Pool #FS5709,
|
|
|
|
5.00%, 8/1/53
|
705
|
700
|
|
Pool #FS5838,
|
|
|
|
6.00%, 9/1/53
|
962
|
989
|
|
Pool #FS5946,
|
|
|
|
2.00%, 3/1/37
|
2,102
|
1,915
|
|
Pool #FS5965,
|
|
|
|
6.00%, 10/1/53
|
285
|
296
|
|
Schedule of Investments
|
|
BOND INDEX FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
U.S. GOVERNMENT AGENCIES - 24.8% (12)continued
|
||
|
Fannie Mae – 12.4%continued
|
||
|
Pool #FS6092,
|
|
|
|
6.00%, 10/1/53
|
$242
|
$249
|
|
Pool #FS6315,
|
|
|
|
6.50%, 11/1/53
|
282
|
294
|
|
Pool #FS6461,
|
|
|
|
6.00%, 10/1/53
|
351
|
362
|
|
Pool #FS6533,
|
|
|
|
6.00%, 6/1/53
|
1,528
|
1,589
|
|
Pool #FS6598,
|
|
|
|
3.50%, 8/1/52
|
2,388
|
2,174
|
|
Pool #FS6611,
|
|
|
|
7.00%, 12/1/53
|
881
|
930
|
|
Pool #FS6635,
|
|
|
|
3.00%, 11/1/53
|
1,266
|
1,106
|
|
Pool #FS6855,
|
|
|
|
6.50%, 2/1/54
|
332
|
346
|
|
Pool #FS7033,
|
|
|
|
6.00%, 8/1/53
|
504
|
519
|
|
Pool #FS8129,
|
|
|
|
5.50%, 5/1/54
|
497
|
505
|
|
Pool #FS8144,
|
|
|
|
5.50%, 5/1/54
|
654
|
665
|
|
Pool #MA0361,
|
|
|
|
4.00%, 3/1/30
|
15
|
15
|
|
Pool #MA0711,
|
|
|
|
3.50%, 4/1/31
|
33
|
32
|
|
Pool #MA1138,
|
|
|
|
3.50%, 8/1/32
|
68
|
66
|
|
Pool #MA1141,
|
|
|
|
3.00%, 8/1/32
|
32
|
31
|
|
Pool #MA1200,
|
|
|
|
3.00%, 10/1/32
|
191
|
183
|
|
Pool #MA2320,
|
|
|
|
3.00%, 7/1/35
|
172
|
162
|
|
Pool #MA2473,
|
|
|
|
3.50%, 12/1/35
|
69
|
67
|
|
Pool #MA2512,
|
|
|
|
4.00%, 1/1/46
|
98
|
94
|
|
Pool #MA2670,
|
|
|
|
3.00%, 7/1/46
|
469
|
421
|
|
Pool #MA2672,
|
|
|
|
3.00%, 7/1/36
|
91
|
86
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
U.S. GOVERNMENT AGENCIES - 24.8% (12)continued
|
||
|
Fannie Mae – 12.4%continued
|
||
|
Pool #MA2705,
|
|
|
|
3.00%, 8/1/46
|
$339
|
$304
|
|
Pool #MA2737,
|
|
|
|
3.00%, 9/1/46
|
158
|
142
|
|
Pool #MA2771,
|
|
|
|
3.00%, 10/1/46
|
172
|
153
|
|
Pool #MA2775,
|
|
|
|
2.50%, 10/1/31
|
67
|
64
|
|
Pool #MA2781,
|
|
|
|
2.50%, 10/1/46
|
129
|
111
|
|
Pool #MA2804,
|
|
|
|
3.00%, 11/1/36
|
179
|
169
|
|
Pool #MA2863,
|
|
|
|
3.00%, 1/1/47
|
2,835
|
2,531
|
|
Pool #MA2895,
|
|
|
|
3.00%, 2/1/47
|
177
|
157
|
|
Pool #MA3028,
|
|
|
|
3.50%, 6/1/37
|
139
|
133
|
|
Pool #MA3057,
|
|
|
|
3.50%, 7/1/47
|
262
|
241
|
|
Pool #MA3058,
|
|
|
|
4.00%, 7/1/47
|
97
|
92
|
|
Pool #MA3059,
|
|
|
|
3.50%, 7/1/37
|
23
|
22
|
|
Pool #MA3073,
|
|
|
|
4.50%, 7/1/47
|
197
|
192
|
|
Pool #MA3127,
|
|
|
|
3.00%, 9/1/37
|
57
|
53
|
|
Pool #MA3150,
|
|
|
|
4.50%, 10/1/47
|
106
|
104
|
|
Pool #MA3181,
|
|
|
|
3.50%, 11/1/37
|
38
|
36
|
|
Pool #MA3182,
|
|
|
|
3.50%, 11/1/47
|
324
|
298
|
|
Pool #MA3184,
|
|
|
|
4.50%, 11/1/47
|
39
|
38
|
|
Pool #MA3185,
|
|
|
|
3.00%, 11/1/37
|
63
|
59
|
|
Pool #MA3188,
|
|
|
|
3.00%, 11/1/32
|
156
|
150
|
|
Pool #MA3211,
|
|
|
|
4.00%, 12/1/47
|
61
|
58
|
|
|
June 30, 2026 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
U.S. GOVERNMENT AGENCIES - 24.8% (12)continued
|
||
|
Fannie Mae – 12.4%continued
|
||
|
Pool #MA3239,
|
|
|
|
4.00%, 1/1/48
|
$262
|
$247
|
|
Pool #MA3276,
|
|
|
|
3.50%, 2/1/48
|
268
|
246
|
|
Pool #MA3281,
|
|
|
|
4.00%, 2/1/38
|
131
|
128
|
|
Pool #MA3334,
|
|
|
|
4.50%, 4/1/48
|
202
|
195
|
|
Pool #MA3385,
|
|
|
|
4.50%, 6/1/48
|
66
|
65
|
|
Pool #MA3413,
|
|
|
|
4.00%, 7/1/38
|
23
|
22
|
|
Pool #MA3443,
|
|
|
|
4.00%, 8/1/48
|
62
|
59
|
|
Pool #MA3444,
|
|
|
|
4.50%, 8/1/48
|
57
|
56
|
|
Pool #MA3467,
|
|
|
|
4.00%, 9/1/48
|
59
|
56
|
|
Pool #MA3492,
|
|
|
|
4.00%, 10/1/38
|
20
|
19
|
|
Pool #MA3547,
|
|
|
|
3.00%, 12/1/33
|
94
|
90
|
|
Pool #MA3590,
|
|
|
|
4.00%, 2/1/39
|
20
|
19
|
|
Pool #MA3685,
|
|
|
|
3.00%, 6/1/49
|
103
|
92
|
|
Pool #MA3692,
|
|
|
|
3.50%, 7/1/49
|
79
|
72
|
|
Pool #MA3695,
|
|
|
|
3.00%, 7/1/34
|
36
|
34
|
|
Pool #MA3744,
|
|
|
|
3.00%, 8/1/49
|
115
|
102
|
|
Pool #MA3765,
|
|
|
|
2.50%, 9/1/49
|
250
|
210
|
|
Pool #MA3870,
|
|
|
|
2.50%, 12/1/49
|
131
|
110
|
|
Pool #MA3871,
|
|
|
|
3.00%, 12/1/49
|
120
|
106
|
|
Pool #MA3896,
|
|
|
|
2.50%, 1/1/35
|
598
|
561
|
|
Pool #MA3898,
|
|
|
|
3.50%, 1/1/35
|
192
|
186
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
U.S. GOVERNMENT AGENCIES - 24.8% (12)continued
|
||
|
Fannie Mae – 12.4%continued
|
||
|
Pool #MA3902,
|
|
|
|
2.50%, 1/1/50
|
$127
|
$107
|
|
Pool #MA3934,
|
|
|
|
3.00%, 2/1/40
|
73
|
67
|
|
Pool #MA3958,
|
|
|
|
3.00%, 3/1/40
|
75
|
69
|
|
Pool #MA4013,
|
|
|
|
2.50%, 5/1/35
|
127
|
119
|
|
Pool #MA4014,
|
|
|
|
3.00%, 5/1/35
|
199
|
189
|
|
Pool #MA4047,
|
|
|
|
2.00%, 6/1/50
|
503
|
407
|
|
Pool #MA4053,
|
|
|
|
2.50%, 6/1/35
|
536
|
503
|
|
Pool #MA4072,
|
|
|
|
2.50%, 7/1/40
|
171
|
154
|
|
Pool #MA4078,
|
|
|
|
2.50%, 7/1/50
|
1,074
|
908
|
|
Pool #MA4094,
|
|
|
|
2.50%, 8/1/40
|
191
|
171
|
|
Pool #MA4096,
|
|
|
|
2.50%, 8/1/50
|
672
|
568
|
|
Pool #MA4099,
|
|
|
|
2.50%, 8/1/35
|
560
|
524
|
|
Pool #MA4100,
|
|
|
|
2.00%, 8/1/50
|
1,349
|
1,087
|
|
Pool #MA4119,
|
|
|
|
2.00%, 9/1/50
|
1,586
|
1,280
|
|
Pool #MA4122,
|
|
|
|
1.50%, 9/1/35
|
199
|
179
|
|
Pool #MA4123,
|
|
|
|
2.00%, 9/1/35
|
692
|
633
|
|
Pool #MA4128,
|
|
|
|
2.00%, 9/1/40
|
330
|
289
|
|
Pool #MA4153,
|
|
|
|
2.50%, 10/1/40
|
95
|
85
|
|
Pool #MA4154,
|
|
|
|
1.50%, 10/1/35
|
305
|
274
|
|
Pool #MA4155,
|
|
|
|
2.00%, 10/1/35
|
764
|
698
|
|
Pool #MA4181,
|
|
|
|
1.50%, 11/1/50
|
2,048
|
1,572
|
|
Schedule of Investments
|
|
BOND INDEX FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
U.S. GOVERNMENT AGENCIES - 24.8% (12)continued
|
||
|
Fannie Mae – 12.4%continued
|
||
|
Pool #MA4232,
|
|
|
|
2.00%, 1/1/41
|
$286
|
$249
|
|
Pool #MA4237,
|
|
|
|
2.00%, 1/1/51
|
3,527
|
2,842
|
|
Pool #MA4254,
|
|
|
|
1.50%, 2/1/51
|
453
|
347
|
|
Pool #MA4266,
|
|
|
|
1.50%, 2/1/41
|
431
|
363
|
|
Pool #MA4278,
|
|
|
|
1.50%, 3/1/36
|
1,401
|
1,250
|
|
Pool #MA4280,
|
|
|
|
1.50%, 3/1/51
|
787
|
604
|
|
Pool #MA4305,
|
|
|
|
2.00%, 4/1/51
|
2,467
|
1,991
|
|
Pool #MA4310,
|
|
|
|
1.50%, 4/1/41
|
258
|
217
|
|
Pool #MA4326,
|
|
|
|
2.50%, 5/1/51
|
932
|
786
|
|
Pool #MA4333,
|
|
|
|
2.00%, 5/1/41
|
680
|
591
|
|
Pool #MA4334,
|
|
|
|
2.50%, 5/1/41
|
249
|
222
|
|
Pool #MA4355,
|
|
|
|
2.00%, 6/1/51
|
10,695
|
8,611
|
|
Pool #MA4418,
|
|
|
|
2.00%, 9/1/36
|
378
|
344
|
|
Pool #MA4437,
|
|
|
|
2.00%, 10/1/51
|
3,707
|
2,978
|
|
Pool #MA4466,
|
|
|
|
11/1/51(2)
|
977
|
821
|
|
Pool #MA4470,
|
|
|
|
2.00%, 11/1/36
|
3,314
|
3,020
|
|
Pool #MA4473,
|
|
|
|
1.50%, 11/1/41
|
1,032
|
857
|
|
Pool #MA4492,
|
|
|
|
2.00%, 12/1/51
|
3,037
|
2,438
|
|
Pool #MA4493,
|
|
|
|
2.50%, 12/1/51
|
7,932
|
6,679
|
|
Pool #MA4496,
|
|
|
|
1.50%, 12/1/36
|
3,231
|
2,880
|
|
Pool #MA4500,
|
|
|
|
1.50%, 12/1/41
|
351
|
293
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
U.S. GOVERNMENT AGENCIES - 24.8% (12)continued
|
||
|
Fannie Mae – 12.4%continued
|
||
|
Pool #MA4501,
|
|
|
|
2.00%, 12/1/41
|
$1,019
|
$881
|
|
Pool #MA4511,
|
|
|
|
2.00%, 1/1/52
|
1,303
|
1,045
|
|
Pool #MA4548,
|
|
|
|
2.50%, 2/1/52
|
7,003
|
5,886
|
|
Pool #MA4626,
|
|
|
|
4.00%, 6/1/52
|
3,690
|
3,464
|
|
Pool #MA4628,
|
|
|
|
2.50%, 6/1/37
|
122
|
114
|
|
Pool #MA4652,
|
|
|
|
2.50%, 7/1/52
|
5,170
|
4,337
|
|
Pool #MA4664,
|
|
|
|
2.00%, 7/1/37
|
634
|
577
|
|
Pool #MA4692,
|
|
|
|
2.50%, 8/1/37
|
125
|
117
|
|
Pool #MA4731,
|
|
|
|
3.50%, 9/1/52
|
870
|
790
|
|
Pool #MA4732,
|
|
|
|
4.00%, 9/1/52
|
4,153
|
3,893
|
|
Pool #MA4733,
|
|
|
|
4.50%, 9/1/52
|
4,455
|
4,300
|
|
Pool #MA4779,
|
|
|
|
4.00%, 10/1/42
|
134
|
130
|
|
Pool #MA4805,
|
|
|
|
4.50%, 11/1/52
|
2,072
|
1,999
|
|
Pool #MA4823,
|
|
|
|
4.50%, 10/1/37
|
147
|
146
|
|
Pool #MA4915,
|
|
|
|
5.00%, 2/1/38
|
124
|
125
|
|
Pool #MA4991,
|
|
|
|
5.50%, 4/1/38
|
71
|
72
|
|
Pool #MA5039,
|
|
|
|
5.50%, 6/1/53
|
542
|
548
|
|
Pool #MA5042,
|
|
|
|
4.50%, 6/1/38
|
58
|
57
|
|
Pool #MA5060,
|
|
|
|
5.00%, 6/1/43
|
59
|
58
|
|
Pool #MA5072,
|
|
|
|
5.50%, 7/1/53
|
1,534
|
1,546
|
|
Pool #MA5088,
|
|
|
|
6.00%, 7/1/38
|
86
|
89
|
|
|
June 30, 2026 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
U.S. GOVERNMENT AGENCIES - 24.8% (12)continued
|
||
|
Fannie Mae – 12.4%continued
|
||
|
Pool #MA5136,
|
|
|
|
4.50%, 9/1/53
|
$1,864
|
$1,793
|
|
Pool #MA5330,
|
|
|
|
5.50%, 4/1/39
|
48
|
49
|
|
Pool #MA5353,
|
|
|
|
5.50%, 5/1/54
|
5,717
|
5,763
|
|
Pool #MA5389,
|
|
|
|
6.00%, 6/1/54
|
725
|
742
|
|
Pool #MA5445,
|
|
|
|
6.00%, 8/1/54
|
2,837
|
2,902
|
|
Pool #MA5470,
|
|
|
|
5.50%, 9/1/54
|
1,809
|
1,819
|
|
Pool #MA5496,
|
|
|
|
5.00%, 10/1/54
|
3,424
|
3,373
|
|
Pool #MA5557,
|
|
|
|
4.50%, 12/1/39
|
152
|
150
|
|
Pool #MA5559,
|
|
|
|
5.50%, 12/1/39
|
190
|
193
|
|
Pool #MA5590,
|
|
|
|
5.00%, 1/1/40
|
333
|
335
|
|
Pool #MA5596,
|
|
|
|
4.50%, 1/1/45
|
84
|
82
|
|
Pool #MA5597,
|
|
|
|
5.00%, 1/1/45
|
156
|
154
|
|
Pool #MA5711,
|
|
|
|
5.00%, 5/1/40
|
416
|
418
|
|
Pool #MA5744,
|
|
|
|
4.50%, 6/1/40
|
147
|
145
|
|
Pool #MA5773,
|
|
|
|
6.00%, 7/1/40
|
191
|
196
|
|
Pool #MA5792,
|
|
|
|
5.50%, 8/1/55
|
4,225
|
4,242
|
|
Pool #MA5830,
|
|
|
|
5.50%, 8/1/40
|
305
|
310
|
|
Pool #MA5861,
|
|
|
|
5.50%, 10/1/40
|
230
|
234
|
|
Pool #MA5864,
|
|
|
|
5.00%, 10/1/45
|
431
|
427
|
|
Pool #MA5879,
|
|
|
|
5.50%, 11/1/55
|
1,807
|
1,814
|
|
Pool #MA5891,
|
|
|
|
5.50%, 11/1/45
|
574
|
581
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
U.S. GOVERNMENT AGENCIES - 24.8% (12)continued
|
||
|
Fannie Mae – 12.4%continued
|
||
|
Pool #MA5910,
|
|
|
|
5.50%, 12/1/55
|
$1,401
|
$1,406
|
|
Pool #MA5914,
|
|
|
|
4.00%, 12/1/40
|
281
|
273
|
|
Pool #MA5950,
|
|
|
|
4.50%, 1/1/41
|
650
|
643
|
|
Pool #MA5981,
|
|
|
|
4.50%, 2/1/46
|
583
|
566
|
|
Pool #MA6002,
|
|
|
|
4.00%, 3/1/41
|
583
|
566
|
|
Pool #MA6005,
|
|
|
|
5.50%, 3/1/41
|
488
|
496
|
|
Pool #MA6028,
|
|
|
|
4.50%, 4/1/56
|
594
|
570
|
|
Pool #MA6037,
|
|
|
|
4.50%, 4/1/41
|
777
|
768
|
|
Pool #MA6087,
|
|
|
|
5.00%, 6/1/41
|
393
|
395
|
|
Pool #MB0301,
|
|
|
|
5.00%, 2/1/55
|
1,789
|
1,762
|
|
Pool CC0990,
|
|
|
|
5.00%, 9/1/55
|
1,040
|
1,035
|
|
Pool CC1442,
|
|
|
|
5.50%, 11/1/55
|
2,351
|
2,365
|
|
Pool FA3751,
|
|
|
|
5.00%, 12/1/55
|
1,049
|
1,037
|
|
Pool MA4577,
|
|
|
|
2.00%, 4/1/52
|
3,185
|
2,552
|
|
Pool MA4868,
|
|
|
|
5.00%, 1/1/53
|
4,481
|
4,440
|
|
Pool MA5584,
|
|
|
|
4.50%, 1/1/55
|
2,386
|
2,287
|
|
Pool MA5699,
|
|
|
|
5.00%, 5/1/55
|
3,616
|
3,559
|
|
Pool TBA,
|
|
|
|
7/1/41(2)
|
1,200
|
1,122
|
|
7/1/41(2)
|
500
|
472
|
|
7/1/52(2)
|
4,100
|
3,832
|
|
7/1/53(2)
|
6,600
|
5,753
|
|
7/1/53(2)
|
4,400
|
3,992
|
|
7/1/53(2)
|
2,300
|
2,203
|
|
7/1/53(2)
|
6,500
|
6,386
|
|
7/1/53(2)
|
4,000
|
4,013
|
|
Schedule of Investments
|
|
BOND INDEX FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
U.S. GOVERNMENT AGENCIES - 24.8% (12)continued
|
||
|
Fannie Mae – 12.4%continued
|
||
|
7/1/53(2)
|
$5,600
|
$5,725
|
|
7/1/53(2)
|
6,300
|
6,517
|
|
7/1/56(2)
|
1,100
|
1,161
|
|
8/1/56(2)
|
600
|
544
|
|
8/1/56(2)
|
600
|
560
|
|
8/1/56(2)
|
800
|
766
|
|
8/1/56(2)
|
2,000
|
1,963
|
|
8/1/56(2)
|
1,700
|
1,703
|
|
8/1/56(2)
|
200
|
204
|
|
|
|
374,383
|
|
Federal Farm Credit Bank – 0.3%
|
||
|
Federal Farm Credit Banks Funding
Corp.,
|
|
|
|
3.97%, 8/26/27
|
3,918
|
3,911
|
|
3.38%, 9/15/27
|
1,475
|
1,460
|
|
3.50%, 1/21/28
|
1,000
|
990
|
|
4.47%, 2/23/34
|
1,000
|
982
|
|
4.95%, 3/11/41
|
500
|
496
|
|
|
|
7,839
|
|
Federal Home Loan Bank – 0.1%
|
||
|
Federal Home Loan Banks,
|
|
|
|
4.13%, 9/10/27
|
875
|
875
|
|
4.38%, 9/8/28
|
1,500
|
1,506
|
|
3.25%, 11/16/28
|
1,000
|
980
|
|
5.50%, 7/15/36
|
500
|
539
|
|
|
|
3,900
|
|
Freddie Mac – 6.3%
|
||
|
Federal Home Loan Mortgage Corp.,
|
|
|
|
4.10%, 1/9/31
|
500
|
494
|
|
6.75%, 3/15/31
|
700
|
775
|
|
Freddie Mac Multifamily Structured
Pass Through Certificates, Series
K067, Class A2,
|
|
|
|
3.19%, 7/25/27
|
250
|
247
|
|
Freddie Mac Multifamily Structured
Pass Through Certificates, Series
K068, Class A2,
|
|
|
|
3.24%, 8/25/27
|
150
|
148
|
|
Freddie Mac Multifamily Structured
Pass Through Certificates, Series
K069, Class A2,
|
|
|
|
3.19%, 9/25/27
|
144
|
142
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
U.S. GOVERNMENT AGENCIES - 24.8% (12)continued
|
||
|
Freddie Mac – 6.3%continued
|
||
|
Freddie Mac Multifamily Structured
Pass Through Certificates, Series
K072, Class A2,
|
|
|
|
3.44%, 12/25/27
|
$150
|
$148
|
|
Freddie Mac Multifamily Structured
Pass Through Certificates, Series
K074, Class A2,
|
|
|
|
3.60%, 1/25/28
|
148
|
146
|
|
Freddie Mac Multifamily Structured
Pass Through Certificates, Series
K075, Class A2,
|
|
|
|
3.65%, 2/25/28
|
149
|
147
|
|
Freddie Mac Multifamily Structured
Pass Through Certificates, Series
K076, Class A2,
|
|
|
|
3.90%, 4/25/28
|
150
|
149
|
|
Freddie Mac Multifamily Structured
Pass Through Certificates, Series
K077, Class A2,
|
|
|
|
3.85%, 5/25/28
|
200
|
198
|
|
Freddie Mac Multifamily Structured
Pass Through Certificates, Series
K078, Class A2,
|
|
|
|
3.85%, 6/25/28
|
150
|
148
|
|
Freddie Mac Multifamily Structured
Pass Through Certificates, Series
K079, Class A2,
|
|
|
|
3.93%, 6/25/28
|
200
|
198
|
|
Freddie Mac Multifamily Structured
Pass Through Certificates, Series
K080, Class A2,
|
|
|
|
3.93%, 7/25/28
|
200
|
198
|
|
Freddie Mac Multifamily Structured
Pass Through Certificates, Series
K081, Class A2,
|
|
|
|
3.90%, 8/25/28
|
200
|
198
|
|
Freddie Mac Multifamily Structured
Pass Through Certificates, Series
K083, Class A2,
|
|
|
|
4.05%, 9/25/28
|
200
|
198
|
|
Freddie Mac Multifamily Structured
Pass Through Certificates, Series
K086, Class A2,
|
|
|
|
3.86%, 11/25/28
|
200
|
197
|
|
|
June 30, 2026 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
U.S. GOVERNMENT AGENCIES - 24.8% (12)continued
|
||
|
Freddie Mac – 6.3%continued
|
||
|
Freddie Mac Multifamily Structured
Pass Through Certificates, Series
K091, Class A2,
|
|
|
|
3.51%, 3/25/29
|
$150
|
$146
|
|
Freddie Mac Multifamily Structured
Pass Through Certificates, Series
K092, Class A2,
|
|
|
|
3.30%, 4/25/29
|
300
|
291
|
|
Freddie Mac Multifamily Structured
Pass Through Certificates, Series
K093, Class A2,
|
|
|
|
2.98%, 5/25/29
|
196
|
188
|
|
Freddie Mac Multifamily Structured
Pass Through Certificates, Series
K094, Class A2,
|
|
|
|
2.90%, 6/25/29
|
300
|
287
|
|
Freddie Mac Multifamily Structured
Pass Through Certificates, Series
K096, Class A2,
|
|
|
|
2.52%, 7/25/29
|
300
|
284
|
|
Freddie Mac Multifamily Structured
Pass Through Certificates, Series
K102, Class A2,
|
|
|
|
2.54%, 10/25/29
|
250
|
236
|
|
Freddie Mac Multifamily Structured
Pass Through Certificates, Series
K104, Class A2,
|
|
|
|
2.25%, 1/25/30
|
250
|
233
|
|
Freddie Mac Multifamily Structured
Pass Through Certificates, Series
K105, Class A2,
|
|
|
|
1.87%, 1/25/30
|
200
|
183
|
|
Freddie Mac Multifamily Structured
Pass Through Certificates, Series
K111, Class A2,
|
|
|
|
1.35%, 5/25/30
|
500
|
446
|
|
Freddie Mac Multifamily Structured
Pass Through Certificates, Series
K112, Class A2,
|
|
|
|
1.31%, 5/25/30
|
500
|
445
|
|
Freddie Mac Multifamily Structured
Pass Through Certificates, Series
K113, Class A2,
|
|
|
|
1.34%, 6/25/30
|
500
|
445
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
U.S. GOVERNMENT AGENCIES - 24.8% (12)continued
|
||
|
Freddie Mac – 6.3%continued
|
||
|
Freddie Mac Multifamily Structured
Pass Through Certificates, Series
K117, Class A2,
|
|
|
|
1.41%, 8/25/30
|
$100
|
$89
|
|
Freddie Mac Multifamily Structured
Pass Through Certificates, Series
K119, Class A2,
|
|
|
|
1.57%, 9/25/30
|
250
|
223
|
|
Freddie Mac Multifamily Structured
Pass Through Certificates, Series
K122, Class A2,
|
|
|
|
1.52%, 11/25/30
|
200
|
177
|
|
Freddie Mac Multifamily Structured
Pass Through Certificates, Series
K129, Class A2,
|
|
|
|
1.91%, 5/25/31
|
300
|
268
|
|
Freddie Mac Multifamily Structured
Pass Through Certificates, Series
K141, Class A2,
|
|
|
|
2.25%, 2/25/32
|
300
|
267
|
|
Freddie Mac Multifamily Structured
Pass Through Certificates, Series
K144, Class A2,
|
|
|
|
2.45%, 4/25/32
|
500
|
448
|
|
Freddie Mac Multifamily Structured
Pass Through Certificates, Series
K147, Class A2,
|
|
|
|
3.00%, 6/25/32
|
250
|
230
|
|
Freddie Mac Multifamily Structured
Pass Through Certificates, Series
K148, Class A2,
|
|
|
|
3.50%, 7/25/32
|
450
|
425
|
|
Freddie Mac Multifamily Structured
Pass Through Certificates, Series
K-151, Class A2,
|
|
|
|
3.80%, 10/25/32
|
500
|
479
|
|
Freddie Mac Multifamily Structured
Pass Through Certificates, Series
K-1510, Class A2,
|
|
|
|
3.72%, 1/25/31
|
100
|
97
|
|
Freddie Mac Multifamily Structured
Pass Through Certificates, Series
K-1510, Class A3,
|
|
|
|
3.79%, 1/25/34
|
100
|
94
|
|
Schedule of Investments
|
|
BOND INDEX FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
U.S. GOVERNMENT AGENCIES - 24.8% (12)continued
|
||
|
Freddie Mac – 6.3%continued
|
||
|
Freddie Mac Multifamily Structured
Pass Through Certificates, Series
K-1511, Class A2,
|
|
|
|
3.47%, 3/25/31
|
$100
|
$96
|
|
Freddie Mac Multifamily Structured
Pass Through Certificates, Series
K-1511, Class A3,
|
|
|
|
3.54%, 3/25/34
|
100
|
93
|
|
Freddie Mac Multifamily Structured
Pass Through Certificates, Series
K-1512, Class A2,
|
|
|
|
2.99%, 5/25/31
|
100
|
94
|
|
Freddie Mac Multifamily Structured
Pass Through Certificates, Series
K-1512, Class A3,
|
|
|
|
3.06%, 4/25/34
|
100
|
90
|
|
Freddie Mac Multifamily Structured
Pass Through Certificates, Series
K-1515, Class A2,
|
|
|
|
1.94%, 2/25/35
|
100
|
81
|
|
Freddie Mac Multifamily Structured
Pass Through Certificates, Series
K-1517, Class A2,
|
|
|
|
1.72%, 7/25/35
|
200
|
159
|
|
Freddie Mac Multifamily Structured
Pass Through Certificates, Series
K-1518, Class A2,
|
|
|
|
1.86%, 10/25/35
|
100
|
79
|
|
Freddie Mac Multifamily Structured
Pass Through Certificates, Series
K-1519, Class A2,
|
|
|
|
2.01%, 12/25/35
|
150
|
119
|
|
Freddie Mac Multifamily Structured
Pass Through Certificates, Series
K-1520, Class A2,
|
|
|
|
2.44%, 2/25/36
|
225
|
185
|
|
Freddie Mac Multifamily Structured
Pass Through Certificates, Series
K1522, Class A2,
|
|
|
|
2.36%, 10/25/36
|
100
|
81
|
|
Freddie Mac Multifamily Structured
Pass Through Certificates, Series
K-153, Class A2,
|
|
|
|
3.82%, 12/25/32
|
500
|
479
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
U.S. GOVERNMENT AGENCIES - 24.8% (12)continued
|
||
|
Freddie Mac – 6.3%continued
|
||
|
Freddie Mac Multifamily Structured
Pass Through Certificates, Series
K154, Class A2,
|
|
|
|
3.42%, 4/25/32
|
$100
|
$97
|
|
Freddie Mac Multifamily Structured
Pass Through Certificates, Series
K-154, Class A2,
|
|
|
|
4.35%, 1/25/33
|
200
|
197
|
|
Freddie Mac Multifamily Structured
Pass Through Certificates, Series
K155, Class A3,
|
|
|
|
3.75%, 4/25/33
|
100
|
95
|
|
Freddie Mac Multifamily Structured
Pass Through Certificates, Series
K157, Class A2,
|
|
|
|
3.99%, 5/25/33
|
100
|
98
|
|
Freddie Mac Multifamily Structured
Pass Through Certificates, Series
K157, Class A3,
|
|
|
|
3.99%, 8/25/33
|
100
|
96
|
|
Freddie Mac Multifamily Structured
Pass Through Certificates, Series
K-158, Class A2,
|
|
|
|
4.05%, 7/25/33
|
200
|
193
|
|
Freddie Mac Multifamily Structured
Pass Through Certificates, Series
K159, Class A2,
|
|
|
|
3.95%, 11/25/30
|
500
|
490
|
|
Freddie Mac Multifamily Structured
Pass Through Certificates, Series
K-159, Class A2,
|
|
|
|
4.50%, 7/25/33
|
200
|
199
|
|
Freddie Mac Multifamily Structured
Pass Through Certificates, Series
K-161, Class A2,
|
|
|
|
4.90%, 10/25/33
|
100
|
102
|
|
Freddie Mac Multifamily Structured
Pass Through Certificates, Series
K-164, Class A2,
|
|
|
|
5.00%, 5/25/34
|
150
|
153
|
|
Freddie Mac Multifamily Structured
Pass Through Certificates, Series
K-169, Class A2,
|
|
|
|
4.66%, 12/25/34
|
200
|
200
|
|
|
June 30, 2026 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
U.S. GOVERNMENT AGENCIES - 24.8% (12)continued
|
||
|
Freddie Mac – 6.3%continued
|
||
|
Freddie Mac Multifamily Structured
Pass Through Certificates, Series
K-173, Class A2,
|
|
|
|
4.60%, 9/25/35
|
$300
|
$298
|
|
Freddie Mac Multifamily Structured
Pass Through Certificates, Series
K-174, Class A2,
|
|
|
|
4.53%, 10/25/35
|
100
|
99
|
|
Freddie Mac Multifamily Structured
Pass Through Certificates, Series
K-175, Class A2,
|
|
|
|
4.42%, 10/25/35
|
200
|
196
|
|
Freddie Mac Multifamily Structured
Pass Through Certificates, Series
K-176, Class A2,
|
|
|
|
4.39%, 12/25/35
|
200
|
195
|
|
Freddie Mac Multifamily Structured
Pass Through Certificates, Series
K-177, Class A2,
|
|
|
|
4.30%, 1/25/36
|
100
|
97
|
|
Freddie Mac Multifamily Structured
Pass Through Certificates, Series
K508, Class A2,
|
|
|
|
4.74%, 8/25/28
|
100
|
100
|
|
Freddie Mac Multifamily Structured
Pass Through Certificates, Series
K510, Class A2,
|
|
|
|
5.07%, 10/25/28
|
500
|
505
|
|
Freddie Mac Multifamily Structured
Pass Through Certificates, Series
K522, Class A2,
|
|
|
|
4.80%, 5/25/29
|
389
|
392
|
|
Freddie Mac Multifamily Structured
Pass Through Certificates, Series
K533, Class A2,
|
|
|
|
4.23%, 12/25/29
|
500
|
496
|
|
Freddie Mac Multifamily Structured
Pass Through Certificates, Series
K545, Class A2,
|
|
|
|
4.29%, 7/25/30
|
500
|
496
|
|
Freddie Mac Multifamily Structured
Pass Through Certificates, Series
K554, Class A2,
|
|
|
|
4.22%, 12/25/30
|
200
|
198
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
U.S. GOVERNMENT AGENCIES - 24.8% (12)continued
|
||
|
Freddie Mac – 6.3%continued
|
||
|
Freddie Mac Multifamily Structured
Pass Through Certificates, Series
K754, Class A2,
|
|
|
|
4.94%, 11/25/30
|
$250
|
$254
|
|
Freddie Mac Multifamily Structured
Pass Through Certificates, Series
K755, Class A2,
|
|
|
|
5.20%, 2/25/31
|
150
|
154
|
|
Freddie Mac Multifamily Structured
Pass Through Certificates, Series
K757, Class A2,
|
|
|
|
4.46%, 8/25/31
|
100
|
100
|
|
Freddie Mac Multifamily Structured
Pass Through Certificates, Series
K760, Class A2,
|
|
|
|
4.55%, 1/25/32
|
100
|
100
|
|
Freddie Mac Multifamily Structured
Pass Through Certificates, Series
K761, Class A2,
|
|
|
|
4.40%, 6/25/32
|
200
|
198
|
|
Freddie Mac Multifamily Structured
Pass Through Certificates, Series
K765, Class A2,
|
|
|
|
4.17%, 2/25/33
|
500
|
488
|
|
Freddie Mac Multifamily Structured
Pass Through Certificates,
Series-K516, Class A2,
|
|
|
|
5.48%, 1/25/29
|
500
|
511
|
|
Freddie Mac Multifamily Structured
Pass Through Certificates,
Series-K518, Class A2,
|
|
|
|
5.40%, 1/25/29
|
500
|
510
|
|
Pool #QA0127,
|
|
|
|
3.50%, 6/1/49
|
454
|
415
|
|
Pool #QA1132,
|
|
|
|
3.50%, 7/1/49
|
168
|
154
|
|
Pool #QA1263,
|
|
|
|
3.50%, 7/1/49
|
164
|
152
|
|
Pool #QA1752,
|
|
|
|
3.50%, 8/1/49
|
855
|
784
|
|
Pool #QA1883,
|
|
|
|
4.00%, 8/1/49
|
234
|
222
|
|
Pool #QA3149,
|
|
|
|
3.00%, 10/1/49
|
290
|
258
|
|
Pool #QA4699,
|
|
|
|
3.00%, 11/1/49
|
165
|
145
|
|
Schedule of Investments
|
|
BOND INDEX FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
U.S. GOVERNMENT AGENCIES - 24.8% (12)continued
|
||
|
Freddie Mac – 6.3%continued
|
||
|
Pool #QA8043,
|
|
|
|
3.00%, 3/1/50
|
$1,248
|
$1,110
|
|
Pool #QB0211,
|
|
|
|
2.50%, 6/1/50
|
405
|
341
|
|
Pool #QB2516,
|
|
|
|
2.50%, 8/1/50
|
299
|
252
|
|
Pool #QB2545,
|
|
|
|
2.00%, 8/1/50
|
1,642
|
1,326
|
|
Pool #QB2682,
|
|
|
|
2.50%, 8/1/50
|
342
|
289
|
|
Pool #QB2966,
|
|
|
|
2.50%, 9/1/50
|
101
|
86
|
|
Pool #QB3199,
|
|
|
|
2.00%, 9/1/50
|
590
|
477
|
|
Pool #QB4275,
|
|
|
|
2.00%, 10/1/50
|
246
|
198
|
|
Pool #QB5128,
|
|
|
|
2.00%, 10/1/50
|
865
|
698
|
|
Pool #QB5507,
|
|
|
|
2.00%, 11/1/50
|
635
|
518
|
|
Pool #QB6246,
|
|
|
|
2.00%, 12/1/50
|
283
|
232
|
|
Pool #QB6448,
|
|
|
|
2.00%, 12/1/50
|
949
|
766
|
|
Pool #QB8131,
|
|
|
|
2.00%, 2/1/51
|
3,042
|
2,449
|
|
Pool #QB8132,
|
|
|
|
2.00%, 1/1/51
|
799
|
641
|
|
Pool #QB9266,
|
|
|
|
2.00%, 3/1/51
|
397
|
324
|
|
Pool #QB9410,
|
|
|
|
2.00%, 1/1/51
|
1,217
|
981
|
|
Pool #QC1443,
|
|
|
|
2.00%, 5/1/51
|
1,609
|
1,316
|
|
Pool #QC1809,
|
|
|
|
2.00%, 5/1/51
|
383
|
309
|
|
Pool #QC2062,
|
|
|
|
2.00%, 5/1/51
|
687
|
549
|
|
Pool #QC3259,
|
|
|
|
2.00%, 6/1/51
|
2,639
|
2,109
|
|
Pool #QC9442,
|
|
|
|
2.50%, 10/1/51
|
3,384
|
2,868
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
U.S. GOVERNMENT AGENCIES - 24.8% (12)continued
|
||
|
Freddie Mac – 6.3%continued
|
||
|
Pool #QD0822,
|
|
|
|
3.00%, 11/1/51
|
$866
|
$769
|
|
Pool #QD2146,
|
|
|
|
2.00%, 12/1/51
|
735
|
596
|
|
Pool #QE9161,
|
|
|
|
4.50%, 9/1/52
|
694
|
670
|
|
Pool #QF7121,
|
|
|
|
5.50%, 2/1/53
|
712
|
719
|
|
Pool #QG5959,
|
|
|
|
5.00%, 7/1/53
|
793
|
783
|
|
Pool #QG7215,
|
|
|
|
5.50%, 7/1/53
|
785
|
796
|
|
Pool #QG8401,
|
|
|
|
5.50%, 8/1/53
|
512
|
517
|
|
Pool #QG8408,
|
|
|
|
5.00%, 8/1/53
|
976
|
966
|
|
Pool #QH1135,
|
|
|
|
7.00%, 9/1/53
|
296
|
317
|
|
Pool #QI2828,
|
|
|
|
5.50%, 4/1/54
|
802
|
809
|
|
Pool #QJ5279,
|
|
|
|
6.00%, 10/1/54
|
799
|
818
|
|
Pool #QK0622,
|
|
|
|
1.50%, 2/1/41
|
417
|
352
|
|
Pool #QN0818,
|
|
|
|
2.50%, 10/1/34
|
159
|
150
|
|
Pool #QN5018,
|
|
|
|
2.00%, 1/1/36
|
399
|
364
|
|
Pool #QN5866,
|
|
|
|
2.00%, 4/1/36
|
220
|
201
|
|
Pool #QN6394,
|
|
|
|
1.50%, 5/1/36
|
1,206
|
1,079
|
|
Pool #QN7743,
|
|
|
|
2.00%, 9/1/36
|
630
|
575
|
|
Pool #QN8899,
|
|
|
|
2.00%, 12/1/36
|
594
|
541
|
|
Pool #RA1196,
|
|
|
|
4.00%, 8/1/49
|
594
|
563
|
|
Pool #RA1343,
|
|
|
|
3.00%, 9/1/49
|
1,779
|
1,580
|
|
Pool #RA1493,
|
|
|
|
3.00%, 10/1/49
|
324
|
288
|
|
|
June 30, 2026 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
U.S. GOVERNMENT AGENCIES - 24.8% (12)continued
|
||
|
Freddie Mac – 6.3%continued
|
||
|
Pool #RA1501,
|
|
|
|
3.00%, 10/1/49
|
$104
|
$92
|
|
Pool #RA2010,
|
|
|
|
3.50%, 1/1/50
|
191
|
175
|
|
Pool #RA2117,
|
|
|
|
3.00%, 2/1/50
|
257
|
229
|
|
Pool #RA2386,
|
|
|
|
3.00%, 4/1/50
|
660
|
585
|
|
Pool #RA2457,
|
|
|
|
3.00%, 4/1/50
|
395
|
351
|
|
Pool #RA2730,
|
|
|
|
2.50%, 6/1/50
|
236
|
201
|
|
Pool #RA2790,
|
|
|
|
2.50%, 6/1/50
|
365
|
308
|
|
Pool #RA2853,
|
|
|
|
2.50%, 6/1/50
|
444
|
375
|
|
Pool #RA2959,
|
|
|
|
2.50%, 7/1/50
|
431
|
365
|
|
Pool #RA3086,
|
|
|
|
2.50%, 7/1/50
|
332
|
281
|
|
Pool #RA3306,
|
|
|
|
2.50%, 8/1/50
|
308
|
260
|
|
Pool #RA3524,
|
|
|
|
2.00%, 9/1/50
|
1,662
|
1,354
|
|
Pool #RA3563,
|
|
|
|
2.00%, 9/1/50
|
818
|
665
|
|
Pool #RA3578,
|
|
|
|
2.00%, 9/1/50
|
1,105
|
897
|
|
Pool #RA3580,
|
|
|
|
2.00%, 9/1/50
|
1,014
|
826
|
|
Pool #RA3662,
|
|
|
|
2.50%, 10/1/50
|
489
|
412
|
|
Pool #RA3663,
|
|
|
|
2.50%, 10/1/50
|
522
|
445
|
|
Pool #RA3723,
|
|
|
|
2.00%, 10/1/50
|
1,050
|
852
|
|
Pool #RA3765,
|
|
|
|
2.50%, 10/1/50
|
498
|
422
|
|
Pool #RA3913,
|
|
|
|
2.50%, 11/1/50
|
2,520
|
2,152
|
|
Pool #RA4209,
|
|
|
|
1.50%, 12/1/50
|
1,568
|
1,204
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
U.S. GOVERNMENT AGENCIES - 24.8% (12)continued
|
||
|
Freddie Mac – 6.3%continued
|
||
|
Pool #RA4218,
|
|
|
|
2.50%, 12/1/50
|
$6,359
|
$5,428
|
|
Pool #RA5204,
|
|
|
|
2.00%, 5/1/51
|
1,390
|
1,111
|
|
Pool #RA5373,
|
|
|
|
2.00%, 6/1/51
|
630
|
513
|
|
Pool #RA6333,
|
|
|
|
2.00%, 11/1/51
|
3,198
|
2,561
|
|
Pool #RA6340,
|
|
|
|
2.50%, 11/1/51
|
2,103
|
1,774
|
|
Pool #RA7097,
|
|
|
|
3.50%, 4/1/52
|
718
|
655
|
|
Pool #RA7099,
|
|
|
|
2.00%, 1/1/51
|
2,353
|
1,899
|
|
Pool #RA8761,
|
|
|
|
5.50%, 3/1/53
|
425
|
432
|
|
Pool #RA8791,
|
|
|
|
5.00%, 4/1/53
|
1,065
|
1,056
|
|
Pool #RB0452,
|
|
|
|
2.00%, 2/1/41
|
709
|
617
|
|
Pool #RB5032,
|
|
|
|
2.50%, 2/1/40
|
55
|
50
|
|
Pool #RB5033,
|
|
|
|
3.00%, 2/1/40
|
204
|
188
|
|
Pool #RB5043,
|
|
|
|
2.50%, 4/1/40
|
103
|
93
|
|
Pool #RB5048,
|
|
|
|
2.50%, 5/1/40
|
56
|
50
|
|
Pool #RB5059,
|
|
|
|
2.50%, 7/1/40
|
71
|
64
|
|
Pool #RB5066,
|
|
|
|
2.50%, 8/1/40
|
193
|
173
|
|
Pool #RB5076,
|
|
|
|
2.00%, 8/1/40
|
418
|
364
|
|
Pool #RB5085,
|
|
|
|
2.00%, 11/1/40
|
377
|
329
|
|
Pool #RB5095,
|
|
|
|
2.00%, 1/1/41
|
285
|
248
|
|
Pool #RB5110,
|
|
|
|
1.50%, 5/1/41
|
921
|
773
|
|
Pool #RB5111,
|
|
|
|
2.00%, 5/1/41
|
381
|
328
|
|
Schedule of Investments
|
|
BOND INDEX FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
U.S. GOVERNMENT AGENCIES - 24.8% (12)continued
|
||
|
Freddie Mac – 6.3%continued
|
||
|
Pool #RB5118,
|
|
|
|
2.00%, 7/1/41
|
$1,275
|
$1,101
|
|
Pool #RB5131,
|
|
|
|
2.00%, 10/1/41
|
665
|
575
|
|
Pool #RB5374,
|
|
|
|
5.00%, 11/1/45
|
379
|
376
|
|
Pool #RC1857,
|
|
|
|
1.50%, 2/1/36
|
395
|
353
|
|
Pool #RC2045,
|
|
|
|
2.00%, 6/1/36
|
199
|
181
|
|
Pool #RJ1229,
|
|
|
|
6.00%, 4/1/54
|
621
|
636
|
|
Pool #RJ2693,
|
|
|
|
5.00%, 10/1/54
|
447
|
443
|
|
Pool #RJ4695,
|
|
|
|
6.00%, 8/1/55
|
2,426
|
2,488
|
|
Pool #RJ6158,
|
|
|
|
5.00%, 2/1/56
|
1,035
|
1,018
|
|
Pool #RR0034,
|
|
|
|
6.00%, 10/1/40
|
143
|
146
|
|
Pool #RR0054,
|
|
|
|
5.00%, 1/1/41
|
545
|
548
|
|
Pool #RR0067,
|
|
|
|
5.00%, 3/1/41
|
567
|
570
|
|
Pool #RR0083,
|
|
|
|
4.50%, 5/1/41
|
294
|
290
|
|
Pool #SB0048,
|
|
|
|
3.00%, 8/1/34
|
293
|
280
|
|
Pool #SB0330,
|
|
|
|
2.00%, 5/1/35
|
248
|
226
|
|
Pool #SB0434,
|
|
|
|
2.00%, 10/1/35
|
432
|
395
|
|
Pool #SB0571,
|
|
|
|
2.00%, 10/1/36
|
868
|
791
|
|
Pool #SB0726,
|
|
|
|
4.00%, 8/1/37
|
220
|
214
|
|
Pool #SB0834,
|
|
|
|
2.50%, 2/1/36
|
677
|
636
|
|
Pool #SB0955,
|
|
|
|
5.50%, 8/1/38
|
49
|
50
|
|
Pool #SB8045,
|
|
|
|
2.50%, 5/1/35
|
110
|
103
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
U.S. GOVERNMENT AGENCIES - 24.8% (12)continued
|
||
|
Freddie Mac – 6.3%continued
|
||
|
Pool #SB8046,
|
|
|
|
3.00%, 5/1/35
|
$182
|
$173
|
|
Pool #SB8057,
|
|
|
|
2.00%, 8/1/35
|
395
|
361
|
|
Pool #SB8058,
|
|
|
|
2.50%, 8/1/35
|
447
|
418
|
|
Pool #SB8061,
|
|
|
|
2.00%, 9/1/35
|
699
|
639
|
|
Pool #SB8067,
|
|
|
|
1.50%, 9/1/35
|
185
|
166
|
|
Pool #SB8068,
|
|
|
|
1.50%, 10/1/35
|
200
|
179
|
|
Pool #SB8069,
|
|
|
|
2.00%, 10/1/35
|
561
|
513
|
|
Pool #SB8073,
|
|
|
|
1.50%, 11/1/35
|
259
|
233
|
|
Pool #SB8078,
|
|
|
|
1.50%, 12/1/35
|
548
|
492
|
|
Pool #SB8083,
|
|
|
|
1.50%, 1/1/36
|
319
|
286
|
|
Pool #SB8092,
|
|
|
|
1.50%, 3/1/36
|
575
|
514
|
|
Pool #SB8102,
|
|
|
|
1.50%, 5/1/36
|
1,325
|
1,183
|
|
Pool #SB8122,
|
|
|
|
1.50%, 10/1/36
|
1,223
|
1,090
|
|
Pool #SB8177,
|
|
|
|
3.50%, 9/1/37
|
169
|
161
|
|
Pool #SB8178,
|
|
|
|
4.00%, 9/1/37
|
155
|
151
|
|
Pool #SB8182,
|
|
|
|
3.00%, 10/1/37
|
241
|
228
|
|
Pool #SB8206,
|
|
|
|
5.00%, 1/1/38
|
97
|
98
|
|
Pool #SB8208,
|
|
|
|
5.50%, 1/1/38
|
46
|
46
|
|
Pool #SB8233,
|
|
|
|
4.50%, 6/1/38
|
153
|
151
|
|
Pool #SB8247,
|
|
|
|
5.00%, 8/1/38
|
54
|
54
|
|
Pool #SB8332,
|
|
|
|
4.00%, 10/1/39
|
133
|
129
|
|
|
June 30, 2026 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
U.S. GOVERNMENT AGENCIES - 24.8% (12)continued
|
||
|
Freddie Mac – 6.3%continued
|
||
|
Pool #SB8501,
|
|
|
|
2.00%, 8/1/35
|
$432
|
$395
|
|
Pool #SD0163,
|
|
|
|
3.00%, 12/1/49
|
490
|
436
|
|
Pool #SD0261,
|
|
|
|
3.00%, 2/1/50
|
196
|
174
|
|
Pool #SD0262,
|
|
|
|
3.50%, 2/1/50
|
320
|
296
|
|
Pool #SD0410,
|
|
|
|
2.50%, 8/1/50
|
1,008
|
860
|
|
Pool #SD0414,
|
|
|
|
2.50%, 8/1/50
|
175
|
150
|
|
Pool #SD0467,
|
|
|
|
2.00%, 12/1/50
|
487
|
391
|
|
Pool #SD0537,
|
|
|
|
2.00%, 3/1/51
|
2,728
|
2,184
|
|
Pool #SD0608,
|
|
|
|
2.50%, 5/1/51
|
2,366
|
2,037
|
|
Pool #SD0764,
|
|
|
|
2.50%, 10/1/51
|
2,087
|
1,770
|
|
Pool #SD1592,
|
|
|
|
4.00%, 8/1/52
|
602
|
565
|
|
Pool #SD1596,
|
|
|
|
4.00%, 9/1/52
|
502
|
474
|
|
Pool #SD1855,
|
|
|
|
5.00%, 9/1/52
|
446
|
443
|
|
Pool #SD1958,
|
|
|
|
5.00%, 11/1/52
|
278
|
277
|
|
Pool #SD2236,
|
|
|
|
5.50%, 11/1/52
|
911
|
918
|
|
Pool #SD2258,
|
|
|
|
5.00%, 1/1/53
|
547
|
542
|
|
Pool #SD2266,
|
|
|
|
5.00%, 1/1/53
|
468
|
465
|
|
Pool #SD2666,
|
|
|
|
5.00%, 3/1/53
|
543
|
540
|
|
Pool #SD2693,
|
|
|
|
6.50%, 4/1/53
|
439
|
462
|
|
Pool #SD2922,
|
|
|
|
5.00%, 5/1/53
|
389
|
385
|
|
Pool #SD2936,
|
|
|
|
5.00%, 4/1/53
|
299
|
298
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
U.S. GOVERNMENT AGENCIES - 24.8% (12)continued
|
||
|
Freddie Mac – 6.3%continued
|
||
|
Pool #SD3074,
|
|
|
|
5.50%, 5/1/53
|
$692
|
$700
|
|
Pool #SD3683,
|
|
|
|
5.50%, 9/1/53
|
798
|
810
|
|
Pool #SD3713,
|
|
|
|
6.50%, 8/1/53
|
656
|
690
|
|
Pool #SD3714,
|
|
|
|
6.50%, 8/1/53
|
334
|
347
|
|
Pool #SD3904,
|
|
|
|
6.50%, 9/1/53
|
285
|
297
|
|
Pool #SD3913,
|
|
|
|
5.50%, 9/1/53
|
211
|
213
|
|
Pool #SD3990,
|
|
|
|
5.50%, 9/1/53
|
753
|
769
|
|
Pool #SD3992,
|
|
|
|
5.50%, 9/1/53
|
462
|
468
|
|
Pool #SD4204,
|
|
|
|
6.50%, 10/1/53
|
481
|
503
|
|
Pool #SD4262,
|
|
|
|
6.00%, 11/1/53
|
499
|
520
|
|
Pool #SD4668,
|
|
|
|
6.00%, 10/1/53
|
308
|
318
|
|
Pool #SD4702,
|
|
|
|
6.50%, 1/1/54
|
405
|
426
|
|
Pool #SD4869,
|
|
|
|
6.50%, 2/1/54
|
480
|
499
|
|
Pool #SD4882,
|
|
|
|
6.00%, 2/1/54
|
1,075
|
1,116
|
|
Pool #SD4919,
|
|
|
|
6.50%, 2/1/54
|
356
|
378
|
|
Pool #SD5058,
|
|
|
|
5.50%, 3/1/54
|
249
|
253
|
|
Pool #SD5316,
|
|
|
|
6.00%, 4/1/54
|
624
|
641
|
|
Pool #SD5958,
|
|
|
|
6.50%, 8/1/54
|
671
|
696
|
|
Pool #SD6004,
|
|
|
|
6.00%, 8/1/54
|
1,514
|
1,570
|
|
Pool #SD7440,
|
|
|
|
5.00%, 1/1/55
|
884
|
879
|
|
Pool #SD7512,
|
|
|
|
3.00%, 2/1/50
|
405
|
360
|
|
Schedule of Investments
|
|
BOND INDEX FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
U.S. GOVERNMENT AGENCIES - 24.8% (12)continued
|
||
|
Freddie Mac – 6.3%continued
|
||
|
Pool #SD7536,
|
|
|
|
2.50%, 2/1/51
|
$4,655
|
$3,972
|
|
Pool #SD7539,
|
|
|
|
2.00%, 4/1/51
|
318
|
260
|
|
Pool #SD7541,
|
|
|
|
2.00%, 5/1/51
|
1,728
|
1,413
|
|
Pool #SD8019,
|
|
|
|
4.50%, 10/1/49
|
259
|
251
|
|
Pool #SD8023,
|
|
|
|
2.50%, 11/1/49
|
237
|
201
|
|
Pool #SD8029,
|
|
|
|
2.50%, 12/1/49
|
267
|
226
|
|
Pool #SD8037,
|
|
|
|
2.50%, 1/1/50
|
270
|
229
|
|
Pool #SD8083,
|
|
|
|
2.50%, 8/1/50
|
614
|
518
|
|
Pool #SD8090,
|
|
|
|
2.00%, 9/1/50
|
4,211
|
3,399
|
|
Pool #SD8097,
|
|
|
|
2.00%, 8/1/50
|
1,710
|
1,378
|
|
Pool #SD8104,
|
|
|
|
1.50%, 11/1/50
|
3,396
|
2,601
|
|
Pool #SD8112,
|
|
|
|
1.50%, 12/1/50
|
1,008
|
774
|
|
Pool #SD8139,
|
|
|
|
1.50%, 4/1/51
|
1,932
|
1,480
|
|
Pool #SD8145,
|
|
|
|
1.50%, 5/1/51
|
3,098
|
2,375
|
|
Pool #SD8213,
|
|
|
|
3.00%, 5/1/52
|
1,306
|
1,142
|
|
Pool #SD8225,
|
|
|
|
3.00%, 7/1/52
|
1,585
|
1,383
|
|
Pool #SD8266,
|
|
|
|
4.50%, 11/1/52
|
2,091
|
2,017
|
|
Pool #SD8325,
|
|
|
|
6.00%, 5/1/53
|
626
|
643
|
|
Pool #SD8331,
|
|
|
|
5.50%, 6/1/53
|
480
|
485
|
|
Pool #SD8332,
|
|
|
|
6.00%, 6/1/53
|
469
|
481
|
|
Pool #SD8374,
|
|
|
|
6.50%, 11/1/53
|
202
|
209
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
U.S. GOVERNMENT AGENCIES - 24.8% (12)continued
|
||
|
Freddie Mac – 6.3%continued
|
||
|
Pool #SD8386,
|
|
|
|
7.00%, 12/1/53
|
$144
|
$152
|
|
Pool #SD8399,
|
|
|
|
7.50%, 1/1/54
|
75
|
80
|
|
Pool #SL0231,
|
|
|
|
5.00%, 1/1/55
|
890
|
881
|
|
Pool #SL1560,
|
|
|
|
5.50%, 6/1/55
|
889
|
899
|
|
Pool #SL2062,
|
|
|
|
5.50%, 7/1/55
|
1,389
|
1,411
|
|
Pool #SL3022,
|
|
|
|
6.00%, 10/1/55
|
1,869
|
1,945
|
|
Pool #SL3125,
|
|
|
|
6.00%, 11/1/55
|
2,153
|
2,224
|
|
Pool #SL3246,
|
|
|
|
6.00%, 11/1/55
|
1,921
|
1,989
|
|
Pool #SL4981,
|
|
|
|
5.00%, 12/1/55
|
1,991
|
1,967
|
|
Pool #SL5035,
|
|
|
|
4.50%, 4/1/56
|
496
|
477
|
|
Pool #SL5245,
|
|
|
|
5.00%, 6/1/56
|
499
|
493
|
|
Pool #ZA1036,
|
|
|
|
4.50%, 2/1/40
|
52
|
51
|
|
Pool #ZA1159,
|
|
|
|
3.50%, 4/1/42
|
142
|
133
|
|
Pool #ZA1165,
|
|
|
|
3.50%, 4/1/42
|
244
|
229
|
|
Pool #ZA1254,
|
|
|
|
3.00%, 10/1/42
|
732
|
664
|
|
Pool #ZA1334,
|
|
|
|
3.50%, 7/1/42
|
82
|
76
|
|
Pool #ZA1361,
|
|
|
|
3.50%, 5/1/43
|
120
|
112
|
|
Pool #ZA1375,
|
|
|
|
4.00%, 9/1/44
|
66
|
63
|
|
Pool #ZA1378,
|
|
|
|
3.50%, 10/1/44
|
110
|
102
|
|
Pool #ZA2773,
|
|
|
|
2.50%, 8/1/27
|
10
|
10
|
|
Pool #ZA3862,
|
|
|
|
2.50%, 5/1/31
|
129
|
124
|
|
|
June 30, 2026 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
U.S. GOVERNMENT AGENCIES - 24.8% (12)continued
|
||
|
Freddie Mac – 6.3%continued
|
||
|
Pool #ZA4194,
|
|
|
|
3.00%, 4/1/43
|
$168
|
$152
|
|
Pool #ZA4214,
|
|
|
|
3.00%, 5/1/43
|
265
|
240
|
|
Pool #ZA4715,
|
|
|
|
4.00%, 9/1/46
|
435
|
414
|
|
Pool #ZA5107,
|
|
|
|
4.00%, 11/1/47
|
121
|
115
|
|
Pool #ZA5642,
|
|
|
|
4.00%, 9/1/48
|
113
|
107
|
|
Pool #ZA5950,
|
|
|
|
4.50%, 11/1/48
|
319
|
309
|
|
Pool #ZI6135,
|
|
|
|
5.00%, 9/1/34
|
217
|
217
|
|
Pool #ZI6854,
|
|
|
|
4.50%, 12/1/37
|
36
|
36
|
|
Pool #ZI7645,
|
|
|
|
5.00%, 6/1/38
|
50
|
50
|
|
Pool #ZI8519,
|
|
|
|
4.50%, 2/1/39
|
11
|
11
|
|
Pool #ZI9349,
|
|
|
|
4.50%, 10/1/39
|
181
|
177
|
|
Pool #ZI9657,
|
|
|
|
4.50%, 1/1/40
|
247
|
243
|
|
Pool #ZI9939,
|
|
|
|
4.50%, 4/1/40
|
66
|
65
|
|
Pool #ZJ0631,
|
|
|
|
4.50%, 10/1/40
|
81
|
81
|
|
Pool #ZJ1046,
|
|
|
|
4.00%, 1/1/41
|
124
|
120
|
|
Pool #ZJ1052,
|
|
|
|
4.00%, 1/1/41
|
108
|
104
|
|
Pool #ZJ1228,
|
|
|
|
4.00%, 2/1/41
|
155
|
151
|
|
Pool #ZJ1359,
|
|
|
|
4.50%, 3/1/41
|
82
|
81
|
|
Pool #ZK5468,
|
|
|
|
2.00%, 5/1/28
|
76
|
74
|
|
Pool #ZL1714,
|
|
|
|
4.50%, 7/1/41
|
113
|
111
|
|
Pool #ZL1806,
|
|
|
|
4.50%, 8/1/41
|
310
|
306
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
U.S. GOVERNMENT AGENCIES - 24.8% (12)continued
|
||
|
Freddie Mac – 6.3%continued
|
||
|
Pool #ZL1922,
|
|
|
|
4.00%, 9/1/41
|
$35
|
$34
|
|
Pool #ZL2350,
|
|
|
|
3.50%, 11/1/41
|
55
|
51
|
|
Pool #ZL3211,
|
|
|
|
3.50%, 6/1/42
|
224
|
209
|
|
Pool #ZL3551,
|
|
|
|
3.50%, 8/1/42
|
336
|
314
|
|
Pool #ZL4709,
|
|
|
|
3.00%, 1/1/43
|
239
|
216
|
|
Pool #ZL5074,
|
|
|
|
3.00%, 2/1/43
|
106
|
96
|
|
Pool #ZL5915,
|
|
|
|
3.50%, 5/1/43
|
489
|
456
|
|
Pool #ZL5927,
|
|
|
|
3.00%, 5/1/43
|
131
|
118
|
|
Pool #ZL6381,
|
|
|
|
3.00%, 6/1/43
|
237
|
214
|
|
Pool #ZL6467,
|
|
|
|
3.00%, 7/1/43
|
184
|
166
|
|
Pool #ZL6920,
|
|
|
|
3.50%, 8/1/43
|
68
|
63
|
|
Pool #ZL7780,
|
|
|
|
4.00%, 2/1/44
|
176
|
170
|
|
Pool #ZL8709,
|
|
|
|
4.00%, 11/1/44
|
53
|
51
|
|
Pool #ZM0489,
|
|
|
|
4.00%, 11/1/45
|
136
|
130
|
|
Pool #ZM0617,
|
|
|
|
3.50%, 12/1/45
|
169
|
158
|
|
Pool #ZM1194,
|
|
|
|
3.00%, 6/1/46
|
210
|
189
|
|
Pool #ZM1933,
|
|
|
|
3.00%, 10/1/46
|
237
|
212
|
|
Pool #ZM2167,
|
|
|
|
3.00%, 11/1/46
|
385
|
344
|
|
Pool #ZM2286,
|
|
|
|
3.50%, 12/1/46
|
626
|
579
|
|
Pool #ZM3525,
|
|
|
|
3.50%, 6/1/47
|
92
|
85
|
|
Pool #ZM4305,
|
|
|
|
3.50%, 9/1/47
|
326
|
301
|
|
Schedule of Investments
|
|
BOND INDEX FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
U.S. GOVERNMENT AGENCIES - 24.8% (12)continued
|
||
|
Freddie Mac – 6.3%continued
|
||
|
Pool #ZM4711,
|
|
|
|
4.00%, 11/1/47
|
$529
|
$503
|
|
Pool #ZM4736,
|
|
|
|
3.50%, 11/1/47
|
129
|
119
|
|
Pool #ZM4908,
|
|
|
|
3.50%, 11/1/47
|
242
|
224
|
|
Pool #ZM5133,
|
|
|
|
3.50%, 12/1/47
|
107
|
99
|
|
Pool #ZM5397,
|
|
|
|
3.50%, 1/1/48
|
178
|
164
|
|
Pool #ZM5659,
|
|
|
|
3.50%, 2/1/48
|
203
|
187
|
|
Pool #ZM5917,
|
|
|
|
4.00%, 3/1/48
|
145
|
137
|
|
Pool #ZM6682,
|
|
|
|
4.50%, 5/1/48
|
98
|
96
|
|
Pool #ZM7370,
|
|
|
|
4.00%, 7/1/48
|
92
|
87
|
|
Pool #ZM7378,
|
|
|
|
5.00%, 7/1/48
|
115
|
115
|
|
Pool #ZM7849,
|
|
|
|
4.00%, 8/1/48
|
41
|
39
|
|
Pool #ZM8045,
|
|
|
|
4.00%, 9/1/48
|
136
|
129
|
|
Pool #ZM8575,
|
|
|
|
4.50%, 10/1/48
|
65
|
64
|
|
Pool #ZN1506,
|
|
|
|
3.50%, 11/1/48
|
503
|
464
|
|
Pool #ZN3447,
|
|
|
|
3.50%, 2/1/49
|
110
|
101
|
|
Pool #ZS0932,
|
|
|
|
4.50%, 8/1/34
|
5
|
5
|
|
Pool #ZS1567,
|
|
|
|
5.00%, 8/1/37
|
7
|
7
|
|
Pool #ZS2391,
|
|
|
|
5.00%, 9/1/38
|
16
|
16
|
|
Pool #ZS2499,
|
|
|
|
5.00%, 3/1/38
|
33
|
33
|
|
Pool #ZS2533,
|
|
|
|
4.50%, 2/1/39
|
37
|
36
|
|
Pool #ZS2827,
|
|
|
|
4.50%, 11/1/39
|
84
|
83
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
U.S. GOVERNMENT AGENCIES - 24.8% (12)continued
|
||
|
Freddie Mac – 6.3%continued
|
||
|
Pool #ZS3554,
|
|
|
|
3.50%, 7/1/42
|
$149
|
$140
|
|
Pool #ZS3596,
|
|
|
|
4.00%, 6/1/42
|
371
|
358
|
|
Pool #ZS4078,
|
|
|
|
3.50%, 1/1/45
|
209
|
194
|
|
Pool #ZS4127,
|
|
|
|
4.50%, 7/1/44
|
86
|
84
|
|
Pool #ZS4472,
|
|
|
|
3.50%, 2/1/42
|
145
|
135
|
|
Pool #ZS4536,
|
|
|
|
3.50%, 10/1/43
|
218
|
203
|
|
Pool #ZS4584,
|
|
|
|
3.00%, 9/1/44
|
80
|
72
|
|
Pool #ZS4600,
|
|
|
|
4.00%, 1/1/45
|
222
|
212
|
|
Pool #ZS4607,
|
|
|
|
3.50%, 3/1/45
|
287
|
267
|
|
Pool #ZS4617,
|
|
|
|
3.00%, 6/1/45
|
149
|
133
|
|
Pool #ZS4618,
|
|
|
|
3.50%, 6/1/45
|
232
|
216
|
|
Pool #ZS4621,
|
|
|
|
3.00%, 7/1/45
|
359
|
324
|
|
Pool #ZS4627,
|
|
|
|
4.00%, 8/1/45
|
75
|
72
|
|
Pool #ZS4629,
|
|
|
|
3.00%, 9/1/45
|
459
|
413
|
|
Pool #ZS4630,
|
|
|
|
3.50%, 9/1/45
|
157
|
146
|
|
Pool #ZS4634,
|
|
|
|
4.00%, 10/1/45
|
93
|
89
|
|
Pool #ZS4639,
|
|
|
|
4.00%, 11/1/45
|
94
|
90
|
|
Pool #ZS4642,
|
|
|
|
3.50%, 12/1/45
|
321
|
298
|
|
Pool #ZS4655,
|
|
|
|
3.50%, 3/1/46
|
158
|
147
|
|
Pool #ZS4667,
|
|
|
|
3.00%, 6/1/46
|
229
|
205
|
|
Pool #ZS4671,
|
|
|
|
3.00%, 8/1/46
|
518
|
464
|
|
|
June 30, 2026 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
U.S. GOVERNMENT AGENCIES - 24.8% (12)continued
|
||
|
Freddie Mac – 6.3%continued
|
||
|
Pool #ZS4677,
|
|
|
|
3.00%, 9/1/46
|
$144
|
$129
|
|
Pool #ZS4703,
|
|
|
|
3.00%, 2/1/47
|
152
|
136
|
|
Pool #ZS4722,
|
|
|
|
3.50%, 6/1/47
|
141
|
131
|
|
Pool #ZS4730,
|
|
|
|
3.50%, 8/1/47
|
54
|
50
|
|
Pool #ZS4740,
|
|
|
|
4.00%, 10/1/47
|
253
|
239
|
|
Pool #ZS4743,
|
|
|
|
3.50%, 11/1/47
|
353
|
325
|
|
Pool #ZS4745,
|
|
|
|
4.50%, 11/1/47
|
235
|
230
|
|
Pool #ZS4747,
|
|
|
|
3.50%, 12/1/47
|
97
|
90
|
|
Pool #ZS4748,
|
|
|
|
4.00%, 12/1/47
|
265
|
251
|
|
Pool #ZS4749,
|
|
|
|
4.50%, 12/1/47
|
79
|
78
|
|
Pool #ZS4752,
|
|
|
|
4.00%, 1/1/48
|
211
|
201
|
|
Pool #ZS4759,
|
|
|
|
3.50%, 3/1/48
|
209
|
193
|
|
Pool #ZS4769,
|
|
|
|
4.00%, 5/1/48
|
110
|
103
|
|
Pool #ZS4773,
|
|
|
|
4.50%, 6/1/48
|
34
|
34
|
|
Pool #ZS4781,
|
|
|
|
4.50%, 7/1/48
|
85
|
83
|
|
Pool #ZS4785,
|
|
|
|
4.00%, 8/1/48
|
85
|
81
|
|
Pool #ZS8023,
|
|
|
|
2.00%, 8/1/32
|
25
|
24
|
|
Pool #ZS8628,
|
|
|
|
2.00%, 11/1/31
|
42
|
40
|
|
Pool #ZS8639,
|
|
|
|
2.00%, 1/1/32
|
15
|
14
|
|
Pool #ZS9449,
|
|
|
|
3.50%, 8/1/45
|
231
|
215
|
|
Pool #ZS9495,
|
|
|
|
3.50%, 10/1/45
|
363
|
338
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
U.S. GOVERNMENT AGENCIES - 24.8% (12)continued
|
||
|
Freddie Mac – 6.3%continued
|
||
|
Pool #ZS9580,
|
|
|
|
3.50%, 12/1/45
|
$336
|
$312
|
|
Pool #ZS9805,
|
|
|
|
3.00%, 9/1/46
|
356
|
319
|
|
Pool #ZS9827,
|
|
|
|
3.00%, 10/1/46
|
313
|
281
|
|
Pool #ZT0495,
|
|
|
|
4.50%, 8/1/48
|
36
|
35
|
|
Pool #ZT0524,
|
|
|
|
4.50%, 9/1/48
|
192
|
187
|
|
Pool #ZT0712,
|
|
|
|
4.00%, 10/1/48
|
121
|
115
|
|
Pool #ZT0787,
|
|
|
|
4.00%, 10/1/48
|
112
|
106
|
|
Pool #ZT1702,
|
|
|
|
4.00%, 1/1/49
|
214
|
203
|
|
Pool #ZT2091,
|
|
|
|
3.00%, 6/1/34
|
41
|
39
|
|
Pool RJ4376,
|
|
|
|
5.50%, 6/1/55
|
1,339
|
1,345
|
|
Pool SL2010,
|
|
|
|
6.00%, 8/1/55
|
1,756
|
1,809
|
|
|
|
189,899
|
|
Freddie Mac Gold – 0.1%
|
||
|
Pool #A16753,
|
|
|
|
5.00%, 11/1/33
|
19
|
19
|
|
Pool #A17665,
|
|
|
|
5.00%, 1/1/34
|
15
|
15
|
|
Pool #A27950,
|
|
|
|
5.50%, 11/1/34
|
41
|
42
|
|
Pool #A31136,
|
|
|
|
5.50%, 1/1/35
|
67
|
67
|
|
Pool #A39306,
|
|
|
|
5.50%, 11/1/35
|
8
|
8
|
|
Pool #A46224,
|
|
|
|
5.00%, 7/1/35
|
4
|
4
|
|
Pool #A48104,
|
|
|
|
5.00%, 1/1/36
|
15
|
15
|
|
Pool #A57604,
|
|
|
|
5.00%, 3/1/37
|
13
|
13
|
|
Pool #A58718,
|
|
|
|
5.50%, 3/1/37
|
4
|
4
|
|
Schedule of Investments
|
|
BOND INDEX FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
U.S. GOVERNMENT AGENCIES - 24.8% (12)continued
|
||
|
Freddie Mac Gold – 0.1%continued
|
||
|
Pool #A59081,
|
|
|
|
5.50%, 4/1/37
|
$21
|
$21
|
|
Pool #A61560,
|
|
|
|
5.50%, 10/1/36
|
50
|
51
|
|
Pool #A64474,
|
|
|
|
5.50%, 9/1/37
|
5
|
6
|
|
Pool #A67116,
|
|
|
|
7.00%, 10/1/37
|
11
|
12
|
|
Pool #A68761,
|
|
|
|
5.50%, 9/1/37
|
89
|
91
|
|
Pool #A69303,
|
|
|
|
6.00%, 11/1/37
|
3
|
3
|
|
Pool #A73778,
|
|
|
|
5.00%, 2/1/38
|
27
|
28
|
|
Pool #A74134,
|
|
|
|
7.00%, 2/1/38
|
15
|
16
|
|
Pool #A83008,
|
|
|
|
5.50%, 11/1/38
|
75
|
76
|
|
Pool #A91541,
|
|
|
|
5.00%, 3/1/40
|
53
|
53
|
|
Pool #C91009,
|
|
|
|
5.00%, 11/1/26(11)
|
—
|
—
|
|
Pool #C91247,
|
|
|
|
5.00%, 4/1/29
|
11
|
11
|
|
Pool #C91370,
|
|
|
|
4.50%, 5/1/31
|
30
|
30
|
|
Pool #C91826,
|
|
|
|
3.00%, 5/1/35
|
55
|
52
|
|
Pool #C91858,
|
|
|
|
3.00%, 12/1/35
|
57
|
54
|
|
Pool #C91879,
|
|
|
|
3.00%, 6/1/36
|
70
|
66
|
|
Pool #C91908,
|
|
|
|
3.00%, 1/1/37
|
34
|
32
|
|
Pool #D97564,
|
|
|
|
5.00%, 1/1/28
|
21
|
21
|
|
Pool #D99094,
|
|
|
|
3.00%, 3/1/32
|
41
|
40
|
|
Pool #E04044,
|
|
|
|
3.50%, 8/1/27
|
13
|
13
|
|
Pool #G02064,
|
|
|
|
5.00%, 2/1/36
|
27
|
27
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
U.S. GOVERNMENT AGENCIES - 24.8% (12)continued
|
||
|
Freddie Mac Gold – 0.1%continued
|
||
|
Pool #G02069,
|
|
|
|
5.50%, 3/1/36
|
$4
|
$4
|
|
Pool #G02386,
|
|
|
|
6.00%, 11/1/36
|
38
|
40
|
|
Pool #G02391,
|
|
|
|
6.00%, 11/1/36
|
1
|
1
|
|
Pool #G02540,
|
|
|
|
5.00%, 11/1/34
|
13
|
13
|
|
Pool #G02649,
|
|
|
|
6.00%, 1/1/37
|
2
|
2
|
|
Pool #G02789,
|
|
|
|
6.00%, 4/1/37
|
203
|
214
|
|
Pool #G02911,
|
|
|
|
6.00%, 4/1/37
|
4
|
4
|
|
Pool #G02973,
|
|
|
|
6.00%, 6/1/37
|
6
|
6
|
|
Pool #G03121,
|
|
|
|
5.00%, 6/1/36
|
22
|
22
|
|
Pool #G03134,
|
|
|
|
5.50%, 8/1/36
|
11
|
11
|
|
Pool #G03218,
|
|
|
|
6.00%, 9/1/37
|
4
|
4
|
|
Pool #G03351,
|
|
|
|
6.00%, 9/1/37
|
10
|
11
|
|
Pool #G03513,
|
|
|
|
6.00%, 11/1/37
|
15
|
15
|
|
Pool #G03600,
|
|
|
|
7.00%, 11/1/37
|
6
|
7
|
|
Pool #G03737,
|
|
|
|
6.50%, 11/1/37
|
78
|
83
|
|
Pool #G03992,
|
|
|
|
6.00%, 3/1/38
|
10
|
10
|
|
Pool #G04287,
|
|
|
|
5.00%, 5/1/38
|
17
|
17
|
|
Pool #G04459,
|
|
|
|
5.50%, 6/1/38
|
22
|
23
|
|
Pool #G04611,
|
|
|
|
6.00%, 7/1/38
|
36
|
37
|
|
Pool #G04650,
|
|
|
|
6.50%, 9/1/38
|
19
|
20
|
|
Pool #G05733,
|
|
|
|
5.00%, 11/1/39
|
73
|
73
|
|
|
June 30, 2026 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
U.S. GOVERNMENT AGENCIES - 24.8% (12)continued
|
||
|
Freddie Mac Gold – 0.1%continued
|
||
|
Pool #G05969,
|
|
|
|
5.00%, 8/1/40
|
$33
|
$34
|
|
Pool #G06767,
|
|
|
|
5.00%, 10/1/41
|
153
|
154
|
|
Pool #G06947,
|
|
|
|
6.00%, 5/1/40
|
50
|
53
|
|
Pool #G08189,
|
|
|
|
7.00%, 3/1/37
|
10
|
11
|
|
Pool #G08192,
|
|
|
|
5.50%, 4/1/37
|
11
|
11
|
|
Pool #G08341,
|
|
|
|
5.00%, 4/1/39
|
180
|
181
|
|
Pool #G14554,
|
|
|
|
4.50%, 7/1/26(11)
|
—
|
—
|
|
Pool #G14891,
|
|
|
|
3.00%, 10/1/28
|
21
|
21
|
|
Pool #G15134,
|
|
|
|
3.00%, 5/1/29
|
19
|
19
|
|
Pool #G16774,
|
|
|
|
3.50%, 2/1/34
|
55
|
54
|
|
Pool #G18438,
|
|
|
|
2.50%, 6/1/27
|
12
|
11
|
|
Pool #G18571,
|
|
|
|
2.50%, 10/1/30
|
59
|
57
|
|
Pool #G18664,
|
|
|
|
3.50%, 10/1/32
|
53
|
51
|
|
Pool #G30327,
|
|
|
|
4.50%, 1/1/27(11)
|
—
|
—
|
|
Pool #G67713,
|
|
|
|
4.00%, 6/1/48
|
408
|
388
|
|
Pool #J16932,
|
|
|
|
3.00%, 10/1/26
|
2
|
2
|
|
Pool #J17055,
|
|
|
|
3.00%, 11/1/26
|
2
|
2
|
|
Pool #J17232,
|
|
|
|
3.00%, 11/1/26
|
2
|
2
|
|
Pool #J20834,
|
|
|
|
2.50%, 10/1/27
|
22
|
22
|
|
Pool #J22069,
|
|
|
|
2.50%, 1/1/28
|
7
|
7
|
|
Pool #K90641,
|
|
|
|
3.50%, 6/1/33
|
16
|
16
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
U.S. GOVERNMENT AGENCIES - 24.8% (12)continued
|
||
|
Freddie Mac Gold – 0.1%continued
|
||
|
Pool #V60886,
|
|
|
|
2.50%, 8/1/30
|
$37
|
$36
|
|
Pool #V60902,
|
|
|
|
2.50%, 8/1/30
|
29
|
28
|
|
Pool #V61347,
|
|
|
|
2.50%, 10/1/31
|
142
|
136
|
|
|
|
2,803
|
|
Government National Mortgage Association I – 0.1%
|
||
|
Pool #510835,
|
|
|
|
5.50%, 2/15/35
|
6
|
6
|
|
Pool #553463,
|
|
|
|
3.50%, 1/15/42
|
198
|
183
|
|
Pool #597889,
|
|
|
|
5.50%, 6/15/33
|
45
|
45
|
|
Pool #614169,
|
|
|
|
5.00%, 7/15/33
|
9
|
9
|
|
Pool #616879,
|
|
|
|
3.50%, 2/15/42
|
137
|
127
|
|
Pool #617739,
|
|
|
|
6.00%, 10/15/37
|
2
|
2
|
|
Pool #634431,
|
|
|
|
6.00%, 9/15/34
|
8
|
8
|
|
Pool #641416,
|
|
|
|
5.50%, 4/15/35
|
35
|
35
|
|
Pool #646341,
|
|
|
|
6.00%, 11/15/36
|
5
|
5
|
|
Pool #648538,
|
|
|
|
5.00%, 12/15/35
|
40
|
40
|
|
Pool #651753,
|
|
|
|
5.50%, 3/15/36
|
3
|
3
|
|
Pool #670030,
|
|
|
|
3.00%, 7/15/45
|
135
|
121
|
|
Pool #675211,
|
|
|
|
6.50%, 3/15/38
|
3
|
4
|
|
Pool #675484,
|
|
|
|
5.50%, 6/15/38
|
9
|
9
|
|
Pool #676360,
|
|
|
|
6.50%, 10/15/37
|
1
|
1
|
|
Pool #682899,
|
|
|
|
6.00%, 9/15/40
|
44
|
46
|
|
Pool #687824,
|
|
|
|
5.50%, 8/15/38
|
29
|
30
|
|
Schedule of Investments
|
|
BOND INDEX FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
U.S. GOVERNMENT AGENCIES - 24.8% (12)continued
|
||
|
Government National Mortgage Association I – 0.1%continued
|
||
|
Pool #687900,
|
|
|
|
5.00%, 9/15/38
|
$45
|
$46
|
|
Pool #687901,
|
|
|
|
5.00%, 9/15/38
|
14
|
14
|
|
Pool #692309,
|
|
|
|
6.00%, 1/15/39
|
12
|
13
|
|
Pool #697645,
|
|
|
|
5.50%, 10/15/38
|
14
|
14
|
|
Pool #698236,
|
|
|
|
5.00%, 6/15/39
|
79
|
79
|
|
Pool #698336,
|
|
|
|
4.50%, 5/15/39
|
77
|
76
|
|
Pool #699277,
|
|
|
|
6.00%, 9/15/38
|
2
|
2
|
|
Pool #700918,
|
|
|
|
5.50%, 11/15/38
|
14
|
14
|
|
Pool #700972,
|
|
|
|
5.50%, 11/15/38
|
7
|
8
|
|
Pool #703677,
|
|
|
|
5.50%, 6/15/39
|
55
|
56
|
|
Pool #704185,
|
|
|
|
5.50%, 1/15/39
|
8
|
8
|
|
Pool #704514,
|
|
|
|
4.50%, 5/15/39
|
147
|
145
|
|
Pool #717175,
|
|
|
|
4.50%, 6/15/39
|
83
|
82
|
|
Pool #719262,
|
|
|
|
5.00%, 8/15/40
|
46
|
46
|
|
Pool #720202,
|
|
|
|
4.50%, 7/15/39
|
62
|
61
|
|
Pool #723231,
|
|
|
|
4.00%, 10/15/39
|
60
|
57
|
|
Pool #723339,
|
|
|
|
5.00%, 9/15/39
|
35
|
35
|
|
Pool #728629,
|
|
|
|
4.50%, 1/15/40
|
109
|
108
|
|
Pool #736768,
|
|
|
|
3.00%, 11/15/42
|
358
|
329
|
|
Pool #737286,
|
|
|
|
4.50%, 5/15/40
|
84
|
82
|
|
Pool #738247,
|
|
|
|
4.50%, 4/15/41
|
44
|
44
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
U.S. GOVERNMENT AGENCIES - 24.8% (12)continued
|
||
|
Government National Mortgage Association I – 0.1%continued
|
||
|
Pool #747643,
|
|
|
|
4.50%, 8/15/40
|
$118
|
$117
|
|
Pool #768800,
|
|
|
|
4.50%, 6/15/41
|
22
|
21
|
|
Pool #773939,
|
|
|
|
4.00%, 11/15/41
|
153
|
146
|
|
Pool #778957,
|
|
|
|
3.50%, 3/15/42
|
179
|
165
|
|
Pool #782131,
|
|
|
|
5.50%, 12/15/36
|
10
|
11
|
|
Pool #782150,
|
|
|
|
5.50%, 4/15/37
|
15
|
15
|
|
Pool #782259,
|
|
|
|
5.00%, 2/15/36
|
27
|
27
|
|
Pool #782272,
|
|
|
|
5.50%, 2/15/38
|
28
|
29
|
|
Pool #782498,
|
|
|
|
6.00%, 12/15/38
|
12
|
13
|
|
Pool #782584,
|
|
|
|
5.00%, 3/15/39
|
19
|
19
|
|
Pool #782696,
|
|
|
|
5.00%, 6/15/39
|
73
|
74
|
|
Pool #782831,
|
|
|
|
6.00%, 12/15/39
|
9
|
10
|
|
Pool #783176,
|
|
|
|
4.00%, 11/15/40
|
211
|
200
|
|
Pool #783740,
|
|
|
|
2.50%, 12/15/27
|
5
|
5
|
|
Pool #AA5391,
|
|
|
|
3.50%, 6/15/42
|
12
|
11
|
|
Pool #AA6089,
|
|
|
|
3.00%, 2/15/43
|
139
|
128
|
|
Pool #AB2761,
|
|
|
|
3.50%, 8/15/42
|
36
|
33
|
|
Pool #AB2891,
|
|
|
|
3.00%, 9/15/42
|
51
|
47
|
|
Pool #AD8781,
|
|
|
|
3.00%, 3/15/43
|
123
|
113
|
|
Pool #AD9016,
|
|
|
|
3.00%, 4/15/43
|
101
|
93
|
|
Pool #AL1763,
|
|
|
|
3.50%, 1/15/45
|
52
|
48
|
|
|
|
3,318
|
|
|
June 30, 2026 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
U.S. GOVERNMENT AGENCIES - 24.8% (12)continued
|
||
|
Government National Mortgage Association II – 5.5%
|
||
|
Pool #3570,
|
|
|
|
6.00%, 6/20/34
|
$12
|
$12
|
|
Pool #3665,
|
|
|
|
5.50%, 1/20/35
|
31
|
32
|
|
Pool #3852,
|
|
|
|
6.00%, 5/20/36
|
6
|
6
|
|
Pool #3879,
|
|
|
|
6.00%, 7/20/36
|
16
|
17
|
|
Pool #3910,
|
|
|
|
6.00%, 10/20/36
|
9
|
9
|
|
Pool #3994,
|
|
|
|
5.00%, 6/20/37
|
6
|
6
|
|
Pool #4018,
|
|
|
|
6.50%, 8/20/37
|
22
|
23
|
|
Pool #4026,
|
|
|
|
5.00%, 9/20/37
|
7
|
7
|
|
Pool #4027,
|
|
|
|
5.50%, 9/20/37
|
4
|
4
|
|
Pool #4040,
|
|
|
|
6.50%, 10/20/37
|
5
|
5
|
|
Pool #4098,
|
|
|
|
5.50%, 3/20/38
|
27
|
28
|
|
Pool #4116,
|
|
|
|
6.50%, 4/20/38
|
11
|
11
|
|
Pool #4170,
|
|
|
|
6.00%, 6/20/38
|
21
|
22
|
|
Pool #4194,
|
|
|
|
5.50%, 7/20/38
|
48
|
49
|
|
Pool #4243,
|
|
|
|
5.00%, 9/20/38
|
11
|
12
|
|
Pool #4244,
|
|
|
|
5.50%, 9/20/38
|
14
|
14
|
|
Pool #4245,
|
|
|
|
6.00%, 9/20/38
|
8
|
8
|
|
Pool #4269,
|
|
|
|
6.50%, 10/20/38
|
11
|
11
|
|
Pool #4290,
|
|
|
|
5.50%, 11/20/38
|
9
|
10
|
|
Pool #4344,
|
|
|
|
6.00%, 1/20/39
|
16
|
17
|
|
Pool #4345,
|
|
|
|
6.50%, 1/20/39
|
11
|
12
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
U.S. GOVERNMENT AGENCIES - 24.8% (12)continued
|
||
|
Government National Mortgage Association II – 5.5%continued
|
||
|
Pool #4425,
|
|
|
|
5.50%, 4/20/39
|
$26
|
$27
|
|
Pool #4559,
|
|
|
|
5.00%, 10/20/39
|
59
|
60
|
|
Pool #4561,
|
|
|
|
6.00%, 10/20/39
|
33
|
35
|
|
Pool #4617,
|
|
|
|
4.50%, 1/20/40
|
17
|
17
|
|
Pool #4619,
|
|
|
|
5.50%, 1/20/40
|
64
|
66
|
|
Pool #4713,
|
|
|
|
4.50%, 6/20/40
|
50
|
50
|
|
Pool #4747,
|
|
|
|
5.00%, 7/20/40
|
45
|
46
|
|
Pool #4923,
|
|
|
|
4.50%, 1/20/41
|
46
|
45
|
|
Pool #5081,
|
|
|
|
4.00%, 6/20/41
|
76
|
73
|
|
Pool #5082,
|
|
|
|
4.50%, 6/20/41
|
76
|
74
|
|
Pool #5114,
|
|
|
|
4.00%, 7/20/41
|
281
|
270
|
|
Pool #5141,
|
|
|
|
5.00%, 8/20/41
|
43
|
44
|
|
Pool #5175,
|
|
|
|
4.50%, 9/20/41
|
45
|
44
|
|
Pool #5202,
|
|
|
|
3.50%, 10/20/41
|
119
|
112
|
|
Pool #5203,
|
|
|
|
4.00%, 10/20/41
|
70
|
67
|
|
Pool #5232,
|
|
|
|
3.50%, 11/20/41
|
221
|
208
|
|
Pool #5264,
|
|
|
|
5.50%, 12/20/41
|
5
|
5
|
|
Pool #5280,
|
|
|
|
4.00%, 1/20/42
|
82
|
79
|
|
Pool #5304,
|
|
|
|
3.50%, 2/20/42
|
83
|
78
|
|
Pool #5317,
|
|
|
|
5.50%, 2/20/42
|
37
|
38
|
|
Pool #5331,
|
|
|
|
3.50%, 3/20/42
|
131
|
123
|
|
Schedule of Investments
|
|
BOND INDEX FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
U.S. GOVERNMENT AGENCIES - 24.8% (12)continued
|
||
|
Government National Mortgage Association II – 5.5%continued
|
||
|
Pool #737602,
|
|
|
|
4.00%, 11/20/40
|
$103
|
$98
|
|
Pool #752757,
|
|
|
|
4.50%, 11/20/40
|
146
|
143
|
|
Pool #755677,
|
|
|
|
4.00%, 12/20/40
|
60
|
57
|
|
Pool #782433,
|
|
|
|
6.00%, 10/20/38
|
30
|
31
|
|
Pool #784345,
|
|
|
|
3.50%, 7/20/47
|
285
|
267
|
|
Pool #AA5970,
|
|
|
|
3.00%, 1/20/43
|
391
|
357
|
|
Pool #AA6160,
|
|
|
|
3.50%, 3/20/43
|
112
|
102
|
|
Pool #AA6243,
|
|
|
|
3.50%, 4/20/43
|
39
|
36
|
|
Pool #AF5097,
|
|
|
|
4.00%, 8/20/43
|
333
|
315
|
|
Pool #AJ0645,
|
|
|
|
3.50%, 7/20/44
|
87
|
79
|
|
Pool #AJ3643,
|
|
|
|
4.00%, 10/20/44
|
227
|
214
|
|
Pool #AO7682,
|
|
|
|
4.00%, 8/20/45
|
230
|
217
|
|
Pool #BE9902,
|
|
|
|
4.50%, 6/20/48
|
34
|
33
|
|
Pool #MA0022,
|
|
|
|
3.50%, 4/20/42
|
129
|
121
|
|
Pool #MA0088,
|
|
|
|
3.50%, 5/20/42
|
297
|
279
|
|
Pool #MA0220,
|
|
|
|
3.50%, 7/20/42
|
153
|
144
|
|
Pool #MA0318,
|
|
|
|
3.50%, 8/20/42
|
288
|
270
|
|
Pool #MA0321,
|
|
|
|
5.00%, 8/20/42
|
60
|
60
|
|
Pool #MA0391,
|
|
|
|
3.00%, 9/20/42
|
664
|
607
|
|
Pool #MA0392,
|
|
|
|
3.50%, 9/20/42
|
127
|
120
|
|
Pool #MA0698,
|
|
|
|
3.00%, 1/20/43
|
156
|
142
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
U.S. GOVERNMENT AGENCIES - 24.8% (12)continued
|
||
|
Government National Mortgage Association II – 5.5%continued
|
||
|
Pool #MA0826,
|
|
|
|
3.00%, 3/20/28
|
$8
|
$8
|
|
Pool #MA0850,
|
|
|
|
2.50%, 3/20/43
|
65
|
57
|
|
Pool #MA0851,
|
|
|
|
3.00%, 3/20/43
|
225
|
205
|
|
Pool #MA0934,
|
|
|
|
3.50%, 4/20/43
|
89
|
84
|
|
Pool #MA1011,
|
|
|
|
3.00%, 5/20/43
|
264
|
240
|
|
Pool #MA1012,
|
|
|
|
3.50%, 5/20/43
|
242
|
227
|
|
Pool #MA1089,
|
|
|
|
3.00%, 6/20/43
|
279
|
254
|
|
Pool #MA1224,
|
|
|
|
3.50%, 8/20/43
|
195
|
183
|
|
Pool #MA1285,
|
|
|
|
3.50%, 9/20/43
|
116
|
108
|
|
Pool #MA1839,
|
|
|
|
4.00%, 4/20/44
|
58
|
56
|
|
Pool #MA1920,
|
|
|
|
4.00%, 5/20/44
|
62
|
59
|
|
Pool #MA2224,
|
|
|
|
4.00%, 9/20/44
|
350
|
336
|
|
Pool #MA2444,
|
|
|
|
3.00%, 12/20/44
|
41
|
37
|
|
Pool #MA2521,
|
|
|
|
3.50%, 1/20/45
|
172
|
159
|
|
Pool #MA2522,
|
|
|
|
4.00%, 1/20/45
|
74
|
72
|
|
Pool #MA2677,
|
|
|
|
3.00%, 3/20/45
|
83
|
75
|
|
Pool #MA2753,
|
|
|
|
3.00%, 4/20/45
|
229
|
207
|
|
Pool #MA2754,
|
|
|
|
3.50%, 4/20/45
|
92
|
86
|
|
Pool #MA2891,
|
|
|
|
3.00%, 6/20/45
|
256
|
231
|
|
Pool #MA2892,
|
|
|
|
3.50%, 6/20/45
|
87
|
81
|
|
Pool #MA2960,
|
|
|
|
3.00%, 7/20/45
|
210
|
190
|
|
|
June 30, 2026 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
U.S. GOVERNMENT AGENCIES - 24.8% (12)continued
|
||
|
Government National Mortgage Association II – 5.5%continued
|
||
|
Pool #MA3034,
|
|
|
|
3.50%, 8/20/45
|
$258
|
$237
|
|
Pool #MA3104,
|
|
|
|
3.00%, 9/20/45
|
304
|
274
|
|
Pool #MA3106,
|
|
|
|
4.00%, 9/20/45
|
221
|
212
|
|
Pool #MA3172,
|
|
|
|
3.00%, 10/20/45
|
56
|
50
|
|
Pool #MA3174,
|
|
|
|
4.00%, 10/20/45
|
123
|
118
|
|
Pool #MA3244,
|
|
|
|
3.50%, 11/20/45
|
196
|
180
|
|
Pool #MA3245,
|
|
|
|
4.00%, 11/20/45
|
452
|
433
|
|
Pool #MA3310,
|
|
|
|
3.50%, 12/20/45
|
731
|
674
|
|
Pool #MA3378,
|
|
|
|
4.50%, 1/20/46
|
285
|
280
|
|
Pool #MA3521,
|
|
|
|
3.50%, 3/20/46
|
363
|
333
|
|
Pool #MA3522,
|
|
|
|
4.00%, 3/20/46
|
104
|
99
|
|
Pool #MA3596,
|
|
|
|
3.00%, 4/20/46
|
207
|
186
|
|
Pool #MA3597,
|
|
|
|
3.50%, 4/20/46
|
367
|
339
|
|
Pool #MA3662,
|
|
|
|
3.00%, 5/20/46
|
345
|
311
|
|
Pool #MA3663,
|
|
|
|
3.50%, 5/20/46
|
217
|
199
|
|
Pool #MA3664,
|
|
|
|
4.00%, 5/20/46
|
101
|
97
|
|
Pool #MA3735,
|
|
|
|
3.00%, 6/20/46
|
414
|
372
|
|
Pool #MA3736,
|
|
|
|
3.50%, 6/20/46
|
282
|
260
|
|
Pool #MA3778,
|
|
|
|
3.00%, 7/20/31
|
29
|
28
|
|
Pool #MA3802,
|
|
|
|
3.00%, 7/20/46
|
491
|
441
|
|
Pool #MA3873,
|
|
|
|
3.00%, 8/20/46
|
189
|
170
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
U.S. GOVERNMENT AGENCIES - 24.8% (12)continued
|
||
|
Government National Mortgage Association II – 5.5%continued
|
||
|
Pool #MA3874,
|
|
|
|
3.50%, 8/20/46
|
$197
|
$182
|
|
Pool #MA3936,
|
|
|
|
3.00%, 9/20/46
|
430
|
387
|
|
Pool #MA4002,
|
|
|
|
2.50%, 10/20/46
|
33
|
29
|
|
Pool #MA4003,
|
|
|
|
3.00%, 10/20/46
|
289
|
260
|
|
Pool #MA4067,
|
|
|
|
2.50%, 11/20/46
|
264
|
230
|
|
Pool #MA4125,
|
|
|
|
2.50%, 12/20/46
|
18
|
16
|
|
Pool #MA4196,
|
|
|
|
3.50%, 1/20/47
|
299
|
275
|
|
Pool #MA4322,
|
|
|
|
4.00%, 3/20/47
|
114
|
108
|
|
Pool #MA4382,
|
|
|
|
3.50%, 4/20/47
|
93
|
86
|
|
Pool #MA4509,
|
|
|
|
3.00%, 6/20/47
|
455
|
405
|
|
Pool #MA4512,
|
|
|
|
4.50%, 6/20/47
|
164
|
161
|
|
Pool #MA4624,
|
|
|
|
3.00%, 8/20/32
|
27
|
26
|
|
Pool #MA4652,
|
|
|
|
3.50%, 8/20/47
|
389
|
358
|
|
Pool #MA4718,
|
|
|
|
3.00%, 9/20/47
|
227
|
204
|
|
Pool #MA4778,
|
|
|
|
3.50%, 10/20/47
|
378
|
346
|
|
Pool #MA4838,
|
|
|
|
4.00%, 11/20/47
|
52
|
50
|
|
Pool #MA4900,
|
|
|
|
3.50%, 12/20/47
|
381
|
350
|
|
Pool #MA4962,
|
|
|
|
3.50%, 1/20/48
|
351
|
323
|
|
Pool #MA4963,
|
|
|
|
4.00%, 1/20/48
|
129
|
122
|
|
Pool #MA5021,
|
|
|
|
4.50%, 2/20/48
|
166
|
163
|
|
Pool #MA5077,
|
|
|
|
3.50%, 3/20/48
|
406
|
373
|
|
Schedule of Investments
|
|
BOND INDEX FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
U.S. GOVERNMENT AGENCIES - 24.8% (12)continued
|
||
|
Government National Mortgage Association II – 5.5%continued
|
||
|
Pool #MA5137,
|
|
|
|
4.00%, 4/20/48
|
$54
|
$52
|
|
Pool #MA5191,
|
|
|
|
3.50%, 5/20/48
|
240
|
220
|
|
Pool #MA5264,
|
|
|
|
4.00%, 6/20/48
|
136
|
129
|
|
Pool #MA5265,
|
|
|
|
4.50%, 6/20/48
|
137
|
134
|
|
Pool #MA5266,
|
|
|
|
5.00%, 6/20/48
|
173
|
174
|
|
Pool #MA5330,
|
|
|
|
4.00%, 7/20/48
|
182
|
172
|
|
Pool #MA5331,
|
|
|
|
4.50%, 7/20/48
|
274
|
268
|
|
Pool #MA5398,
|
|
|
|
4.00%, 8/20/48
|
128
|
122
|
|
Pool #MA5399,
|
|
|
|
4.50%, 8/20/48
|
136
|
133
|
|
Pool #MA5466,
|
|
|
|
4.00%, 9/20/48
|
312
|
296
|
|
Pool #MA5467,
|
|
|
|
4.50%, 9/20/48
|
160
|
156
|
|
Pool #MA5528,
|
|
|
|
4.00%, 10/20/48
|
180
|
171
|
|
Pool #MA5529,
|
|
|
|
4.50%, 10/20/48
|
156
|
152
|
|
Pool #MA5595,
|
|
|
|
4.00%, 11/20/48
|
63
|
60
|
|
Pool #MA5653,
|
|
|
|
5.00%, 12/20/48
|
201
|
201
|
|
Pool #MA5818,
|
|
|
|
4.50%, 3/20/49
|
158
|
154
|
|
Pool #MA5931,
|
|
|
|
4.00%, 5/20/49
|
323
|
306
|
|
Pool #MA5985,
|
|
|
|
3.50%, 6/20/49
|
338
|
309
|
|
Pool #MA6040,
|
|
|
|
4.00%, 7/20/49
|
383
|
362
|
|
Pool #MA6218,
|
|
|
|
3.00%, 10/20/49
|
568
|
508
|
|
Pool #MA6310,
|
|
|
|
3.00%, 12/20/34
|
25
|
24
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
U.S. GOVERNMENT AGENCIES - 24.8% (12)continued
|
||
|
Government National Mortgage Association II – 5.5%continued
|
||
|
Pool #MA6337,
|
|
|
|
2.50%, 12/20/49
|
$123
|
$105
|
|
Pool #MA6338,
|
|
|
|
3.00%, 12/20/49
|
1,292
|
1,150
|
|
Pool #MA6339,
|
|
|
|
3.50%, 12/20/49
|
651
|
593
|
|
Pool #MA6408,
|
|
|
|
2.50%, 1/20/50
|
323
|
278
|
|
Pool #MA6409,
|
|
|
|
3.00%, 1/20/50
|
371
|
330
|
|
Pool #MA6410,
|
|
|
|
3.50%, 1/20/50
|
655
|
600
|
|
Pool #MA6474,
|
|
|
|
2/20/50(2)
|
940
|
836
|
|
Pool #MA6654,
|
|
|
|
2.00%, 5/20/50
|
951
|
784
|
|
Pool #MA6655,
|
|
|
|
2.50%, 5/20/50
|
266
|
228
|
|
Pool #MA6709,
|
|
|
|
2.50%, 6/20/50
|
1,243
|
1,063
|
|
Pool #MA6765,
|
|
|
|
2.50%, 7/20/50
|
1,430
|
1,223
|
|
Pool #MA6819,
|
|
|
|
2.50%, 8/20/50
|
793
|
678
|
|
Pool #MA6820,
|
|
|
|
3.00%, 8/20/50
|
613
|
546
|
|
Pool #MA6865,
|
|
|
|
2.50%, 9/20/50
|
621
|
531
|
|
Pool #MA6866,
|
|
|
|
3.00%, 9/20/50
|
2,924
|
2,601
|
|
Pool #MA6930,
|
|
|
|
2.00%, 10/20/50
|
955
|
785
|
|
Pool #MA6994,
|
|
|
|
2.00%, 11/20/50
|
2,124
|
1,743
|
|
Pool #MA6995,
|
|
|
|
2.50%, 11/20/50
|
990
|
847
|
|
Pool #MA7051,
|
|
|
|
2.00%, 12/20/50
|
2,223
|
1,824
|
|
Pool #MA7052,
|
|
|
|
2.50%, 12/20/50
|
2,536
|
2,169
|
|
Pool #MA7135,
|
|
|
|
2.00%, 1/20/51
|
2,258
|
1,852
|
|
|
June 30, 2026 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
U.S. GOVERNMENT AGENCIES - 24.8% (12)continued
|
||
|
Government National Mortgage Association II – 5.5%continued
|
||
|
Pool #MA7136,
|
|
|
|
2.50%, 1/20/51
|
$1,305
|
$1,116
|
|
Pool #MA7164,
|
|
|
|
2.00%, 2/20/36
|
228
|
211
|
|
Pool #MA7192,
|
|
|
|
2.00%, 2/20/51
|
2,639
|
2,165
|
|
Pool #MA7254,
|
|
|
|
2.00%, 3/20/51
|
2,917
|
2,393
|
|
Pool #MA7311,
|
|
|
|
2.00%, 4/20/51
|
1,498
|
1,229
|
|
Pool #MA7312,
|
|
|
|
2.50%, 4/20/51
|
1,110
|
949
|
|
Pool #MA7366,
|
|
|
|
2.00%, 5/20/51
|
2,266
|
1,859
|
|
Pool #MA7367,
|
|
|
|
2.50%, 5/20/51
|
1,723
|
1,474
|
|
Pool #MA7417,
|
|
|
|
2.00%, 6/20/51
|
2,669
|
2,190
|
|
Pool #MA7418,
|
|
|
|
2.50%, 6/20/51
|
2,702
|
2,311
|
|
Pool #MA7471,
|
|
|
|
2.00%, 7/20/51
|
2,431
|
1,994
|
|
Pool #MA7472,
|
|
|
|
2.50%, 7/20/51
|
1,865
|
1,595
|
|
Pool #MA7534,
|
|
|
|
2.50%, 8/20/51
|
2,854
|
2,441
|
|
Pool #MA7535,
|
|
|
|
3.00%, 8/20/51
|
1,546
|
1,374
|
|
Pool #MA7588,
|
|
|
|
2.00%, 9/20/51
|
1,324
|
1,086
|
|
Pool #MA7589,
|
|
|
|
2.50%, 9/20/51
|
1,934
|
1,654
|
|
Pool #MA7590,
|
|
|
|
3.00%, 9/20/51
|
832
|
739
|
|
Pool #MA7647,
|
|
|
|
1.50%, 10/20/51
|
351
|
276
|
|
Pool #MA7649,
|
|
|
|
2.50%, 10/20/51
|
1,257
|
1,075
|
|
Pool #MA7704,
|
|
|
|
2.00%, 11/20/51
|
1,371
|
1,125
|
|
Pool #MA7705,
|
|
|
|
2.50%, 11/20/51
|
1,338
|
1,144
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
U.S. GOVERNMENT AGENCIES - 24.8% (12)continued
|
||
|
Government National Mortgage Association II – 5.5%continued
|
||
|
Pool #MA7768,
|
|
|
|
3.00%, 12/20/51
|
$1,624
|
$1,443
|
|
Pool #MA7880,
|
|
|
|
2.00%, 2/20/52
|
1,430
|
1,173
|
|
Pool #MA7881,
|
|
|
|
2.50%, 2/20/52
|
1,044
|
893
|
|
Pool #MA7883,
|
|
|
|
3.50%, 2/20/52
|
1,365
|
1,239
|
|
Pool #MA7936,
|
|
|
|
2.50%, 3/20/52
|
2,080
|
1,779
|
|
Pool #MA7988,
|
|
|
|
3.00%, 4/20/52
|
1,398
|
1,242
|
|
Pool #MA7989,
|
|
|
|
3.50%, 4/20/52
|
426
|
386
|
|
Pool #MA8148,
|
|
|
|
3.00%, 7/20/52
|
1,180
|
1,050
|
|
Pool #MA8151,
|
|
|
|
4.50%, 7/20/52
|
1,418
|
1,375
|
|
Pool #MA8199,
|
|
|
|
3.50%, 8/20/52
|
788
|
714
|
|
Pool #MA8201,
|
|
|
|
4.50%, 8/20/52
|
568
|
550
|
|
Pool #MA8266,
|
|
|
|
3.50%, 9/20/52
|
740
|
669
|
|
Pool #MA8267,
|
|
|
|
4.00%, 9/20/52
|
1,483
|
1,394
|
|
Pool #MA8268,
|
|
|
|
4.50%, 9/20/52
|
719
|
697
|
|
Pool #MA8346,
|
|
|
|
4.00%, 10/20/52
|
1,188
|
1,120
|
|
Pool #MA8429,
|
|
|
|
5.50%, 11/20/52
|
185
|
188
|
|
Pool #MA8430,
|
|
|
|
6.00%, 11/20/52
|
44
|
46
|
|
Pool #MA8487,
|
|
|
|
3.50%, 12/20/52
|
843
|
762
|
|
Pool #MA8489,
|
|
|
|
4.50%, 12/20/52
|
1,508
|
1,460
|
|
Pool #MA8490,
|
|
|
|
5.00%, 12/20/52
|
1,410
|
1,399
|
|
Pool #MA8491,
|
|
|
|
5.50%, 12/20/52
|
1,169
|
1,185
|
|
Schedule of Investments
|
|
BOND INDEX FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
U.S. GOVERNMENT AGENCIES - 24.8% (12)continued
|
||
|
Government National Mortgage Association II – 5.5%continued
|
||
|
Pool #MA8492,
|
|
|
|
6.00%, 12/20/52
|
$833
|
$858
|
|
Pool #MA8569,
|
|
|
|
5.00%, 1/20/53
|
1,381
|
1,370
|
|
Pool #MA8647,
|
|
|
|
5.00%, 2/20/53
|
420
|
416
|
|
Pool #MA8723,
|
|
|
|
4.00%, 3/20/53
|
1,437
|
1,350
|
|
Pool #MA8945,
|
|
|
|
4.00%, 6/20/53
|
243
|
229
|
|
Pool #MA8947,
|
|
|
|
5.00%, 6/20/53
|
768
|
761
|
|
Pool #MA8948,
|
|
|
|
5.50%, 6/20/53
|
654
|
662
|
|
Pool #MA8949,
|
|
|
|
6.00%, 6/20/53
|
1,204
|
1,238
|
|
Pool #MA8950,
|
|
|
|
6.50%, 6/20/53
|
481
|
501
|
|
Pool #MA9015,
|
|
|
|
4.50%, 7/20/53
|
816
|
788
|
|
Pool #MA9016,
|
|
|
|
5.00%, 7/20/53
|
1,866
|
1,849
|
|
Pool #MA9017,
|
|
|
|
5.50%, 7/20/53
|
1,052
|
1,065
|
|
Pool #MA9104,
|
|
|
|
4.50%, 8/20/53
|
833
|
804
|
|
Pool #MA9106,
|
|
|
|
5.50%, 8/20/53
|
658
|
665
|
|
Pool #MA9107,
|
|
|
|
6.00%, 8/20/53
|
242
|
249
|
|
Pool #MA9240,
|
|
|
|
5.00%, 10/20/53
|
669
|
663
|
|
Pool #MA9241,
|
|
|
|
5.50%, 10/20/53
|
533
|
541
|
|
Pool #MA9242,
|
|
|
|
6.00%, 10/20/53
|
506
|
520
|
|
Pool #MA9243,
|
|
|
|
6.50%, 10/20/53
|
177
|
184
|
|
Pool #MA9244,
|
|
|
|
7.00%, 10/20/53
|
125
|
130
|
|
Pool #MA9305,
|
|
|
|
5.50%, 11/20/53
|
904
|
914
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
U.S. GOVERNMENT AGENCIES - 24.8% (12)continued
|
||
|
Government National Mortgage Association II – 5.5%continued
|
||
|
Pool #MA9306,
|
|
|
|
6.00%, 11/20/53
|
$356
|
$367
|
|
Pool #MA9307,
|
|
|
|
6.50%, 11/20/53
|
180
|
187
|
|
Pool #MA9366,
|
|
|
|
7.50%, 12/20/53
|
32
|
33
|
|
Pool #MA9424,
|
|
|
|
6.00%, 1/20/54
|
222
|
228
|
|
Pool #MA9425,
|
|
|
|
6.50%, 1/20/54
|
386
|
401
|
|
Pool #MA9426,
|
|
|
|
7.00%, 1/20/54
|
175
|
182
|
|
Pool #MA9541,
|
|
|
|
5.50%, 3/20/54
|
1,648
|
1,664
|
|
Pool #MA9604,
|
|
|
|
5.00%, 4/20/54
|
993
|
982
|
|
Pool #MA9605,
|
|
|
|
5.50%, 4/20/54
|
1,849
|
1,866
|
|
Pool #MA9606,
|
|
|
|
6.00%, 4/20/54
|
382
|
392
|
|
Pool #MA9669,
|
|
|
|
6.00%, 5/20/54
|
972
|
996
|
|
Pool #MA9670,
|
|
|
|
6.50%, 5/20/54
|
533
|
553
|
|
Pool #MA9906,
|
|
|
|
5.50%, 9/20/54
|
1,576
|
1,588
|
|
Pool #MA9907,
|
|
|
|
6.00%, 9/20/54
|
1,022
|
1,047
|
|
Pool #MA9908,
|
|
|
|
6.50%, 9/20/54
|
426
|
442
|
|
Pool #MA9963,
|
|
|
|
4.50%, 10/20/54
|
1,522
|
1,467
|
|
Pool #MB0022,
|
|
|
|
3.50%, 11/20/54
|
571
|
513
|
|
Pool #MB0025,
|
|
|
|
5.00%, 11/20/54
|
1,856
|
1,832
|
|
Pool #MB0090,
|
|
|
|
4.50%, 12/20/54
|
1,287
|
1,238
|
|
Pool #MB0091,
|
|
|
|
5.00%, 12/20/54
|
2,215
|
2,189
|
|
Pool #MB0092,
|
|
|
|
5.50%, 12/20/54
|
738
|
743
|
|
|
June 30, 2026 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
U.S. GOVERNMENT AGENCIES - 24.8% (12)continued
|
||
|
Government National Mortgage Association II – 5.5%continued
|
||
|
Pool #MB0204,
|
|
|
|
5.00%, 2/20/55
|
$288
|
$284
|
|
Pool #MB0310,
|
|
|
|
6.50%, 4/20/55
|
1,528
|
1,584
|
|
Pool #MB0555,
|
|
|
|
5.00%, 8/20/55
|
2,479
|
2,446
|
|
Pool #MB0556,
|
|
|
|
5.50%, 8/20/55
|
2,579
|
2,594
|
|
Pool #MB0557,
|
|
|
|
6.00%, 8/20/55
|
1,414
|
1,444
|
|
Pool #MB0619,
|
|
|
|
3.50%, 9/20/55
|
786
|
706
|
|
Pool #MB0685,
|
|
|
|
5.00%, 10/20/55
|
489
|
482
|
|
Pool #MB0686,
|
|
|
|
5.50%, 10/20/55
|
3,850
|
3,872
|
|
Pool #MB0687,
|
|
|
|
6.00%, 10/20/55
|
2,685
|
2,743
|
|
Pool #MB0745,
|
|
|
|
5.00%, 11/20/55
|
3,722
|
3,673
|
|
Pool #MB0870,
|
|
|
|
4.50%, 1/20/56
|
494
|
475
|
|
Pool #MB0995,
|
|
|
|
4.50%, 3/20/56
|
1,988
|
1,910
|
|
Pool #MB0997,
|
|
|
|
5.50%, 3/20/56
|
2,673
|
2,689
|
|
Pool #MB0998,
|
|
|
|
6.00%, 3/20/56
|
495
|
506
|
|
Pool #MB1070,
|
|
|
|
5.00%, 4/20/56
|
1,991
|
1,964
|
|
Pool #MB1142,
|
|
|
|
5.00%, 5/20/56
|
3,393
|
3,348
|
|
Pool MA8878,
|
|
|
|
5.00%, 5/20/53
|
602
|
596
|
|
Pool MA9542,
|
|
|
|
6.00%, 3/20/54
|
689
|
706
|
|
Pool MB0366,
|
|
|
|
5.50%, 5/20/55
|
1,949
|
1,962
|
|
Pool MB0422,
|
|
|
|
4.50%, 6/20/55
|
1,946
|
1,870
|
|
Pool MB0869,
|
|
|
|
4.00%, 1/20/56
|
990
|
920
|
|
|
|
165,744
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
U.S. GOVERNMENT AGENCIES - 24.8% (12)continued
|
||
|
Tennessee Valley Authority – 0.0%
|
||
|
5.25%, 9/15/39
|
$1,050
|
$1,091
|
|
Total U.S. Government Agencies
|
|
|
|
(Cost $805,646)
|
|
748,977
|
|
|
|
|
|
U.S. GOVERNMENT OBLIGATIONS – 45.5%
|
||
|
U.S. Treasury Bonds – 9.8%
|
||
|
4.50%, 2/15/36
|
1,000
|
1,012
|
|
4.75%, 2/15/37
|
500
|
514
|
|
5.00%, 5/15/37
|
750
|
787
|
|
4.38%, 2/15/38
|
750
|
744
|
|
4.50%, 5/15/38
|
750
|
751
|
|
3.50%, 2/15/39
|
1,000
|
900
|
|
4.25%, 5/15/39
|
1,000
|
966
|
|
4.50%, 8/15/39
|
1,000
|
986
|
|
4.38%, 11/15/39
|
1,500
|
1,457
|
|
4.63%, 2/15/40
|
1,500
|
1,491
|
|
1.13%, 5/15/40
|
3,500
|
2,214
|
|
4.38%, 5/15/40
|
1,500
|
1,450
|
|
1.13%, 8/15/40
|
5,000
|
3,132
|
|
3.88%, 8/15/40
|
1,500
|
1,368
|
|
1.38%, 11/15/40
|
5,500
|
3,555
|
|
4.25%, 11/15/40
|
1,500
|
1,423
|
|
1.88%, 2/15/41
|
6,600
|
4,579
|
|
4.75%, 2/15/41
|
1,500
|
1,500
|
|
2.25%, 5/15/41
|
3,750
|
2,734
|
|
4.38%, 5/15/41
|
1,400
|
1,341
|
|
1.75%, 8/15/41
|
6,000
|
4,021
|
|
3.75%, 8/15/41
|
800
|
711
|
|
2.00%, 11/15/41
|
6,000
|
4,155
|
|
3.13%, 11/15/41
|
1,000
|
817
|
|
2.38%, 2/15/42
|
4,000
|
2,917
|
|
3.13%, 2/15/42
|
1,000
|
813
|
|
3.00%, 5/15/42
|
1,000
|
796
|
|
3.25%, 5/15/42
|
3,500
|
2,882
|
|
2.75%, 8/15/42
|
1,500
|
1,146
|
|
3.38%, 8/15/42
|
3,750
|
3,129
|
|
2.75%, 11/15/42
|
2,000
|
1,520
|
|
4.00%, 11/15/42
|
2,700
|
2,436
|
|
3.13%, 2/15/43
|
1,500
|
1,199
|
|
3.88%, 2/15/43
|
3,800
|
3,367
|
|
2.88%, 5/15/43
|
2,500
|
1,919
|
|
3.88%, 5/15/43
|
3,000
|
2,652
|
|
3.63%, 8/15/43
|
2,000
|
1,704
|
|
Schedule of Investments
|
|
BOND INDEX FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
U.S. GOVERNMENT OBLIGATIONS - 45.5%continued
|
||
|
U.S. Treasury Bonds – 9.8%continued
|
||
|
4.38%, 8/15/43
|
$3,500
|
$3,291
|
|
3.75%, 11/15/43
|
2,000
|
1,729
|
|
4.75%, 11/15/43
|
3,500
|
3,443
|
|
3.63%, 2/15/44
|
2,000
|
1,694
|
|
4.50%, 2/15/44
|
4,000
|
3,809
|
|
3.38%, 5/15/44
|
1,600
|
1,304
|
|
4.63%, 5/15/44
|
3,500
|
3,381
|
|
3.13%, 8/15/44
|
8,800
|
6,886
|
|
4.13%, 8/15/44
|
4,100
|
3,708
|
|
3.00%, 11/15/44
|
2,000
|
1,530
|
|
4.63%, 11/15/44
|
4,000
|
3,855
|
|
2.50%, 2/15/45
|
3,000
|
2,104
|
|
4.75%, 2/15/45
|
3,820
|
3,737
|
|
3.00%, 5/15/45
|
2,600
|
1,977
|
|
5.00%, 5/15/45
|
4,000
|
4,034
|
|
2.88%, 8/15/45
|
1,500
|
1,113
|
|
4.88%, 8/15/45
|
4,170
|
4,138
|
|
3.00%, 11/15/45
|
1,000
|
755
|
|
4.63%, 11/15/45
|
4,120
|
3,957
|
|
2.50%, 2/15/46
|
2,000
|
1,379
|
|
4.63%, 2/15/46
|
3,000
|
2,880
|
|
2.50%, 5/15/46
|
2,000
|
1,374
|
|
5.00%, 5/15/46
|
3,500
|
3,526
|
|
2.25%, 8/15/46
|
3,000
|
1,957
|
|
2.88%, 11/15/46
|
1,500
|
1,096
|
|
3.00%, 2/15/47
|
2,000
|
1,488
|
|
3.00%, 5/15/47
|
2,000
|
1,485
|
|
2.75%, 8/15/47
|
2,750
|
1,944
|
|
2.75%, 11/15/47
|
3,000
|
2,115
|
|
3.00%, 2/15/48
|
3,000
|
2,209
|
|
3.13%, 5/15/48
|
4,500
|
3,381
|
|
3.00%, 8/15/48
|
3,500
|
2,564
|
|
3.38%, 11/15/48
|
4,000
|
3,129
|
|
3.00%, 2/15/49
|
5,000
|
3,645
|
|
2.88%, 5/15/49
|
4,500
|
3,196
|
|
2.25%, 8/15/49
|
5,300
|
3,297
|
|
2.38%, 11/15/49
|
3,500
|
2,229
|
|
2.00%, 2/15/50
|
6,400
|
3,729
|
|
1.25%, 5/15/50
|
6,000
|
2,855
|
|
1.38%, 8/15/50
|
6,000
|
2,943
|
|
1.63%, 11/15/50
|
6,000
|
3,136
|
|
1.88%, 2/15/51
|
7,300
|
4,057
|
|
2.38%, 5/15/51
|
9,500
|
5,941
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
U.S. GOVERNMENT OBLIGATIONS - 45.5%continued
|
||
|
U.S. Treasury Bonds – 9.8%continued
|
||
|
2.00%, 8/15/51
|
$7,000
|
$3,985
|
|
1.88%, 11/15/51
|
6,700
|
3,682
|
|
2.25%, 2/15/52
|
6,000
|
3,612
|
|
2.88%, 5/15/52
|
5,500
|
3,805
|
|
3.00%, 8/15/52
|
5,500
|
3,900
|
|
4.00%, 11/15/52
|
5,850
|
5,005
|
|
3.63%, 2/15/53
|
5,000
|
3,998
|
|
3.63%, 5/15/53
|
6,000
|
4,795
|
|
4.13%, 8/15/53
|
6,000
|
5,241
|
|
4.75%, 11/15/53
|
6,750
|
6,530
|
|
4.25%, 2/15/54
|
6,500
|
5,800
|
|
4.63%, 5/15/54
|
6,540
|
6,211
|
|
4.25%, 8/15/54
|
6,000
|
5,357
|
|
4.50%, 11/15/54
|
6,500
|
6,051
|
|
4.63%, 2/15/55
|
6,000
|
5,702
|
|
4.75%, 5/15/55
|
6,750
|
6,548
|
|
4.75%, 8/15/55
|
7,700
|
7,471
|
|
4.63%, 11/15/55
|
6,590
|
6,270
|
|
4.75%, 2/15/56
|
8,200
|
7,966
|
|
5.00%, 5/15/56
|
3,400
|
3,436
|
|
|
|
296,453
|
|
U.S. Treasury Notes – 35.7%
|
||
|
4.38%, 7/15/27
|
5,000
|
5,013
|
|
0.38%, 7/31/27
|
4,000
|
3,842
|
|
2.75%, 7/31/27
|
5,000
|
4,927
|
|
3.88%, 7/31/27
|
5,100
|
5,085
|
|
2.25%, 8/15/27
|
5,000
|
4,896
|
|
3.75%, 8/15/27
|
5,000
|
4,979
|
|
0.50%, 8/31/27
|
2,500
|
2,397
|
|
3.13%, 8/31/27
|
5,000
|
4,943
|
|
3.63%, 8/31/27
|
7,640
|
7,596
|
|
3.38%, 9/15/27
|
5,000
|
4,955
|
|
0.38%, 9/30/27
|
5,110
|
4,878
|
|
3.50%, 9/30/27
|
7,000
|
6,945
|
|
4.13%, 9/30/27
|
5,000
|
4,999
|
|
3.88%, 10/15/27
|
6,400
|
6,377
|
|
0.50%, 10/31/27
|
5,070
|
4,832
|
|
3.50%, 10/31/27
|
7,000
|
6,940
|
|
4.13%, 10/31/27
|
5,000
|
4,997
|
|
2.25%, 11/15/27
|
5,000
|
4,873
|
|
4.13%, 11/15/27
|
5,020
|
5,017
|
|
0.63%, 11/30/27
|
5,000
|
4,759
|
|
3.38%, 11/30/27
|
7,000
|
6,925
|
|
|
June 30, 2026 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
U.S. GOVERNMENT OBLIGATIONS - 45.5%continued
|
||
|
U.S. Treasury Notes – 35.7%continued
|
||
|
3.88%, 11/30/27
|
$5,000
|
$4,980
|
|
4.00%, 12/15/27
|
5,000
|
4,988
|
|
0.63%, 12/31/27
|
5,000
|
4,745
|
|
3.38%, 12/31/27
|
7,000
|
6,920
|
|
3.88%, 12/31/27
|
5,000
|
4,979
|
|
4.25%, 1/15/28
|
5,000
|
5,005
|
|
0.75%, 1/31/28
|
5,000
|
4,740
|
|
3.50%, 1/31/28
|
10,000
|
9,897
|
|
2.75%, 2/15/28
|
5,000
|
4,889
|
|
4.25%, 2/15/28
|
5,000
|
5,006
|
|
1.13%, 2/29/28
|
5,700
|
5,424
|
|
3.38%, 2/29/28
|
4,000
|
3,950
|
|
4.00%, 2/29/28†
|
5,000
|
4,987
|
|
3.88%, 3/15/28
|
5,000
|
4,976
|
|
1.25%, 3/31/28
|
5,000
|
4,756
|
|
3.63%, 3/31/28
|
5,000
|
4,954
|
|
3.88%, 3/31/28
|
7,000
|
6,966
|
|
3.75%, 4/15/28
|
5,000
|
4,964
|
|
1.25%, 4/30/28
|
5,000
|
4,745
|
|
3.50%, 4/30/28
|
5,000
|
4,941
|
|
3.75%, 4/30/28
|
5,000
|
4,964
|
|
2.88%, 5/15/28
|
7,000
|
6,838
|
|
3.75%, 5/15/28
|
5,000
|
4,963
|
|
1.25%, 5/31/28
|
5,500
|
5,208
|
|
3.63%, 5/31/28
|
5,000
|
4,951
|
|
4.00%, 5/31/28
|
7,000
|
6,980
|
|
3.88%, 6/15/28
|
5,000
|
4,973
|
|
1.25%, 6/30/28
|
5,120
|
4,837
|
|
4.00%, 6/30/28
|
5,000
|
4,985
|
|
4.13%, 6/30/28
|
3,000
|
2,998
|
|
3.88%, 7/15/28
|
5,500
|
5,468
|
|
1.00%, 7/31/28
|
6,000
|
5,625
|
|
4.13%, 7/31/28
|
5,000
|
4,996
|
|
2.88%, 8/15/28
|
6,000
|
5,844
|
|
3.63%, 8/15/28†
|
6,000
|
5,934
|
|
1.13%, 8/31/28
|
6,000
|
5,625
|
|
4.38%, 8/31/28
|
5,000
|
5,021
|
|
3.38%, 9/15/28
|
5,000
|
4,917
|
|
1.25%, 9/30/28
|
5,000
|
4,689
|
|
4.63%, 9/30/28
|
5,000
|
5,048
|
|
3.50%, 10/15/28
|
5,000
|
4,927
|
|
1.38%, 10/31/28
|
5,000
|
4,692
|
|
4.88%, 10/31/28
|
5,000
|
5,077
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
U.S. GOVERNMENT OBLIGATIONS - 45.5%continued
|
||
|
U.S. Treasury Notes – 35.7%continued
|
||
|
3.13%, 11/15/28
|
$6,000
|
$5,860
|
|
3.50%, 11/15/28
|
5,000
|
4,925
|
|
1.50%, 11/30/28
|
5,000
|
4,696
|
|
4.38%, 11/30/28
|
5,000
|
5,023
|
|
3.50%, 12/15/28
|
5,000
|
4,923
|
|
1.38%, 12/31/28
|
5,000
|
4,672
|
|
3.75%, 12/31/28
|
5,000
|
4,950
|
|
3.50%, 1/15/29
|
5,000
|
4,920
|
|
1.75%, 1/31/29
|
5,000
|
4,706
|
|
4.00%, 1/31/29
|
6,000
|
5,974
|
|
2.63%, 2/15/29
|
5,000
|
4,810
|
|
3.50%, 2/15/29
|
5,000
|
4,917
|
|
1.88%, 2/28/29
|
5,000
|
4,713
|
|
4.25%, 2/28/29
|
6,000
|
6,012
|
|
3.50%, 3/15/29
|
6,000
|
5,899
|
|
2.38%, 3/31/29
|
5,000
|
4,770
|
|
4.13%, 3/31/29
|
6,000
|
5,993
|
|
3.88%, 4/15/29
|
5,000
|
4,962
|
|
2.88%, 4/30/29
|
4,000
|
3,863
|
|
4.63%, 4/30/29
|
8,000
|
8,096
|
|
2.38%, 5/15/29
|
5,000
|
4,761
|
|
3.88%, 5/15/29
|
10,000
|
9,923
|
|
2.75%, 5/31/29
|
3,500
|
3,366
|
|
4.50%, 5/31/29
|
7,500
|
7,568
|
|
4.13%, 6/15/29
|
6,000
|
5,994
|
|
3.25%, 6/30/29
|
4,000
|
3,897
|
|
4.25%, 6/30/29
|
10,000
|
10,023
|
|
2.63%, 7/31/29
|
3,500
|
3,345
|
|
4.00%, 7/31/29
|
7,000
|
6,967
|
|
1.63%, 8/15/29
|
5,000
|
4,633
|
|
3.13%, 8/31/29
|
5,000
|
4,846
|
|
3.63%, 8/31/29
|
7,000
|
6,888
|
|
3.50%, 9/30/29
|
5,000
|
4,898
|
|
3.88%, 9/30/29
|
5,000
|
4,955
|
|
4.00%, 10/31/29
|
3,000
|
2,983
|
|
4.13%, 10/31/29
|
5,000
|
4,992
|
|
1.75%, 11/15/29
|
3,500
|
3,238
|
|
3.88%, 11/30/29
|
5,000
|
4,952
|
|
4.13%, 11/30/29
|
5,000
|
4,992
|
|
3.88%, 12/31/29
|
1,900
|
1,881
|
|
4.38%, 12/31/29
|
7,000
|
7,045
|
|
3.50%, 1/31/30
|
5,000
|
4,888
|
|
4.25%, 1/31/30
|
5,000
|
5,011
|
|
Schedule of Investments
|
|
BOND INDEX FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
U.S. GOVERNMENT OBLIGATIONS - 45.5%continued
|
||
|
U.S. Treasury Notes – 35.7%continued
|
||
|
1.50%, 2/15/30
|
$5,000
|
$4,555
|
|
4.00%, 2/28/30
|
10,000
|
9,939
|
|
3.63%, 3/31/30
|
3,730
|
3,658
|
|
4.00%, 3/31/30
|
5,000
|
4,968
|
|
3.50%, 4/30/30
|
5,000
|
4,879
|
|
3.88%, 4/30/30
|
7,000
|
6,924
|
|
0.63%, 5/15/30
|
6,540
|
5,714
|
|
3.75%, 5/31/30
|
5,000
|
4,921
|
|
4.00%, 5/31/30
|
5,000
|
4,966
|
|
3.75%, 6/30/30
|
2,190
|
2,154
|
|
3.88%, 6/30/30
|
5,800
|
5,733
|
|
3.88%, 7/31/30
|
5,000
|
4,941
|
|
4.00%, 7/31/30
|
2,000
|
1,985
|
|
0.63%, 8/15/30
|
10,000
|
8,660
|
|
3.63%, 8/31/30
|
6,500
|
6,359
|
|
4.13%, 8/31/30
|
5,000
|
4,986
|
|
3.63%, 9/30/30
|
5,000
|
4,890
|
|
4.63%, 9/30/30
|
5,000
|
5,082
|
|
3.63%, 10/31/30
|
6,000
|
5,865
|
|
4.88%, 10/31/30
|
2,340
|
2,402
|
|
0.88%, 11/15/30
|
7,000
|
6,079
|
|
3.50%, 11/30/30
|
8,000
|
7,776
|
|
4.38%, 11/30/30
|
5,000
|
5,034
|
|
3.63%, 12/31/30
|
8,000
|
7,812
|
|
3.75%, 12/31/30
|
5,000
|
4,907
|
|
3.75%, 1/31/31
|
3,500
|
3,434
|
|
4.00%, 1/31/31
|
5,000
|
4,957
|
|
1.13%, 2/15/31
|
10,000
|
8,726
|
|
3.50%, 2/28/31
|
6,000
|
5,824
|
|
4.25%, 2/28/31
|
5,000
|
5,008
|
|
3.88%, 3/31/31
|
7,000
|
6,900
|
|
4.13%, 3/31/31
|
5,000
|
4,981
|
|
3.88%, 4/30/31
|
5,000
|
4,928
|
|
4.63%, 4/30/31
|
5,000
|
5,089
|
|
1.63%, 5/15/31
|
10,000
|
8,872
|
|
4.13%, 5/31/31
|
7,000
|
6,974
|
|
4.63%, 5/31/31
|
5,000
|
5,090
|
|
4.13%, 6/30/31
|
2,300
|
2,292
|
|
4.25%, 6/30/31
|
5,000
|
5,007
|
|
4.13%, 7/31/31
|
5,000
|
4,979
|
|
1.25%, 8/15/31
|
10,000
|
8,643
|
|
3.75%, 8/31/31
|
5,000
|
4,891
|
|
3.63%, 9/30/31
|
5,000
|
4,860
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
U.S. GOVERNMENT OBLIGATIONS - 45.5%continued
|
||
|
U.S. Treasury Notes – 35.7%continued
|
||
|
4.13%, 10/31/31
|
$5,000
|
$4,975
|
|
1.38%, 11/15/31
|
10,000
|
8,636
|
|
4.13%, 11/30/31
|
5,000
|
4,973
|
|
4.50%, 12/31/31
|
5,000
|
5,064
|
|
4.38%, 1/31/32
|
5,000
|
5,032
|
|
1.88%, 2/15/32
|
10,000
|
8,821
|
|
4.13%, 2/29/32
|
5,000
|
4,970
|
|
4.13%, 3/31/32
|
5,000
|
4,968
|
|
4.00%, 4/30/32
|
6,500
|
6,414
|
|
2.88%, 5/15/32
|
9,000
|
8,356
|
|
4.13%, 5/31/32
|
5,000
|
4,964
|
|
4.00%, 6/30/32
|
5,000
|
4,930
|
|
4.00%, 7/31/32
|
5,000
|
4,928
|
|
2.75%, 8/15/32
|
9,000
|
8,266
|
|
3.88%, 8/31/32
|
3,500
|
3,425
|
|
3.88%, 9/30/32
|
5,000
|
4,889
|
|
3.75%, 10/31/32
|
5,000
|
4,852
|
|
4.13%, 11/15/32
|
9,000
|
8,919
|
|
3.75%, 11/30/32
|
5,000
|
4,850
|
|
3.88%, 12/31/32
|
5,000
|
4,882
|
|
4.00%, 1/31/33
|
2,500
|
2,457
|
|
3.50%, 2/15/33
|
5,000
|
4,771
|
|
3.75%, 2/28/33
|
7,000
|
6,780
|
|
4.25%, 3/31/33
|
4,500
|
4,486
|
|
3.38%, 5/15/33
|
9,500
|
8,973
|
|
4.25%, 5/31/33
|
3,000
|
2,989
|
|
3.88%, 8/15/33
|
10,000
|
9,724
|
|
4.50%, 11/15/33
|
10,000
|
10,100
|
|
4.00%, 2/15/34
|
10,000
|
9,770
|
|
4.38%, 5/15/34
|
10,000
|
10,003
|
|
3.88%, 8/15/34
|
10,000
|
9,659
|
|
4.25%, 11/15/34
|
11,800
|
11,685
|
|
4.63%, 2/15/35
|
11,500
|
11,682
|
|
4.25%, 5/15/35
|
15,500
|
15,317
|
|
4.25%, 8/15/35
|
13,700
|
13,526
|
|
4.00%, 11/15/35
|
12,000
|
11,608
|
|
4.13%, 2/15/36
|
12,500
|
12,195
|
|
4.38%, 5/15/36
|
4,000
|
3,979
|
|
|
|
1,076,739
|
|
Total U.S. Government Obligations
|
|
|
|
(Cost $1,429,624)
|
|
1,373,192
|
|
|
|
|
|
|
June 30, 2026 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS – 0.3%
|
||
|
Arizona – 0.0%
|
||
|
Salt River Project Agricultural
Improvement & Power District Electric
Revenue Bonds, Build America
Bonds,
|
|
|
|
4.84%, 1/1/41
|
$110
|
$106
|
|
California – 0.1%
|
||
|
Bay Area Toll Authority Toll Bridge
Subordinate Revenue Bonds, Series
S1, Build America Bonds,
|
|
|
|
7.04%, 4/1/50
|
112
|
128
|
|
Bay Area Toll Authority Toll Bridge
Taxable Revenue Bonds, Series S3,
Build America Bonds,
|
|
|
|
6.91%, 10/1/50
|
150
|
168
|
|
California State G.O. Unlimited Bonds,
Build America Bonds,
|
|
|
|
7.30%, 10/1/39
|
920
|
1,050
|
|
7.63%, 3/1/40
|
405
|
478
|
|
7.60%, 11/1/40
|
100
|
120
|
|
Los Angeles Community College District
G.O. Unlimited Bonds, Build America
Bonds,
|
|
|
|
6.75%, 8/1/49
|
150
|
162
|
|
San Diego County Water Authority
Financing Agency Water Revenue
Bonds, Build America Bonds,
|
|
|
|
6.14%, 5/1/49
|
100
|
102
|
|
San Francisco City & County Public
Utilities Commission Water Revenue
Bonds, Build America Bonds,
|
|
|
|
6.95%, 11/1/50
|
75
|
83
|
|
University of California Taxable
General Revenue Bonds, Series AD,
|
|
|
|
4.86%, 5/15/12(8)
|
500
|
414
|
|
|
|
2,705
|
|
Connecticut – 0.0%
|
||
|
Connecticut State Taxable G.O.
Unlimited Bonds, Series A,
|
|
|
|
5.85%, 3/15/32
|
300
|
315
|
|
Georgia – 0.0%
|
||
|
Municipal Electric Authority of Georgia
Revenue Bonds, Build America
Bonds,
|
|
|
|
6.66%, 4/1/57
|
91
|
98
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 0.3%continued
|
||
|
Georgia – 0.0%continued
|
||
|
Municipal Electric Authority of Georgia
Taxable Revenue Bonds, Build
America Bonds,
|
|
|
|
6.64%, 4/1/57
|
$62
|
$66
|
|
7.06%, 4/1/57
|
275
|
303
|
|
|
|
467
|
|
Illinois – 0.0%
|
||
|
Chicago Transit Authority Sales &
Transfer Tax Receipts Pension
Funding Taxable Revenue Bonds,
Series A,
|
|
|
|
6.90%, 12/1/40
|
263
|
289
|
|
Chicago Transit Authority Sales Tax
Receipts Revenue Bonds, Series B,
Build America Bonds,
|
|
|
|
6.20%, 12/1/40
|
135
|
142
|
|
Illinois State Taxable Pension G.O.
Unlimited Bonds,
|
|
|
|
5.10%, 6/1/33
|
562
|
568
|
|
|
|
999
|
|
Massachusetts – 0.0%
|
||
|
Massachusetts State G.O. Limited
Bonds, Series D, Build America
Bonds,
|
|
|
|
4.50%, 8/1/31
|
250
|
248
|
|
Massachusetts State School Building
Authority Sales TRB, Build America
Bonds,
|
|
|
|
5.72%, 8/15/39
|
100
|
103
|
|
|
|
351
|
|
Mississippi – 0.0%
|
||
|
Mississippi State G.O. Unlimited Bonds,
Series F, Build America Bonds,
|
|
|
|
5.25%, 11/1/34
|
100
|
102
|
|
Nevada – 0.0%
|
||
|
Clark County Airport System Taxable
Revenue Bonds, Series C, Build
America Bonds,
|
|
|
|
6.82%, 7/1/45
|
200
|
220
|
|
New Jersey – 0.0%
|
||
|
New Jersey State Transportation Trust
Fund Authority Revenue Bonds,
Series B, Build America Bonds,
|
|
|
|
6.56%, 12/15/40
|
200
|
219
|
|
Schedule of Investments
|
|
BOND INDEX FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 0.3%continued
|
||
|
New Jersey – 0.0%continued
|
||
|
New Jersey State Turnpike Authority
Taxable Revenue Bonds, Build
America Bonds,
|
|
|
|
7.41%, 1/1/40
|
$125
|
$146
|
|
Rutgers State University Revenue Bonds,
Build America Bonds,
|
|
|
|
5.67%, 5/1/40
|
145
|
148
|
|
|
|
513
|
|
New York – 0.1%
|
||
|
Metropolitan Transportation Authority
Dedicated Tax Fund, Build America
Revenue Bonds,
|
|
|
|
7.34%, 11/15/39
|
70
|
81
|
|
New York City Municipal Water
Finance Authority Water & Sewer
System Revenue Bonds, Build
America Bonds,
|
|
|
|
5.72%, 6/15/42
|
250
|
245
|
|
New York G.O. Unlimited Bonds, Build
America Bonds,
|
|
|
|
5.52%, 10/1/37
|
100
|
101
|
|
New York State Dormitory Authority
State Personal Income TRB, Build
America Bonds, Unrefunded
Balance,
|
|
|
|
5.63%, 3/15/39
|
70
|
71
|
|
New York State Urban Development
Corp. Taxable Revenue Bonds, Build
America Bonds,
|
|
|
|
5.77%, 3/15/39
|
65
|
66
|
|
New York Taxable Sustainable G.O.
Unlimited Bonds, Series E2,
|
|
|
|
5.39%, 10/1/55
|
400
|
385
|
|
Port Authority of New York & New
Jersey Consolidated Revenue
Refunding Bonds, Series 168,
|
|
|
|
4.93%, 10/1/51
|
250
|
233
|
|
Port Authority of New York & New
Jersey Consolidated Taxable
Revenue Refunding Bonds, Series
164,
|
|
|
|
5.65%, 11/1/40
|
350
|
367
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 0.3%continued
|
||
|
New York – 0.1%continued
|
||
|
Port Authority of New York & New
Jersey Consolidated Taxable
Revenue Refunding Bonds, Series
165,
|
|
|
|
5.65%, 11/1/40
|
$200
|
$210
|
|
|
|
1,759
|
|
Ohio – 0.0%
|
||
|
American Municipal Power-Ohio, Inc.,
Revenue Bonds, Subseries B, Build
America Bonds,
|
|
|
|
6.45%, 2/15/44
|
200
|
208
|
|
American Municipal Power-Ohio, Inc.,
Taxable Revenue Bonds, Series B,
Build America Bonds, Combined
Hydroelectric Projects,
|
|
|
|
8.08%, 2/15/50
|
300
|
373
|
|
Ohio State University Taxable Revenue
Bonds, Series A,
|
|
|
|
4.80%, 6/1/11(5)
|
200
|
166
|
|
|
|
747
|
|
Pennsylvania – 0.0%
|
||
|
State Public School Building Authority
Taxable Revenue Bonds, Series A,
Qualified School Construction
Bonds,
|
|
|
|
5.00%, 9/15/27
|
193
|
194
|
|
Tennessee – 0.0%
|
||
|
Metropolitan Government of Nashville
& Davidson County Convention
Center Authority Subordinate
Taxable Revenue Bonds, Series B,
Build America Bonds,
|
|
|
|
6.73%, 7/1/43
|
100
|
105
|
|
Texas – 0.1%
|
||
|
Dallas Area Rapid Transit Sales TRB,
Build America Bonds,
|
|
|
|
5.02%, 12/1/48
|
180
|
167
|
|
Dallas Independent School District
Taxable G.O. Unlimited Bonds,
Series C, Build America Bonds (PSF,
Gtd.),
|
|
|
|
6.45%, 2/15/35
|
200
|
204
|
|
North Texas Tollway Authority Revenue
Bonds, Build America Bonds,
|
|
|
|
6.72%, 1/1/49
|
125
|
137
|
|
|
June 30, 2026 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 0.3%continued
|
||
|
Texas – 0.1%continued
|
||
|
Texas State Taxable G.O. Unlimited
Bonds, Build America Bonds,
|
|
|
|
5.52%, 4/1/39
|
$187
|
$190
|
|
Texas State Transportation Commission
State Highway Fund Taxable
Revenue Bonds, Series B, First Tier,
|
|
|
|
5.18%, 4/1/30
|
300
|
306
|
|
University of Texas Revenue Bonds,
Series C, Build America Bonds,
|
|
|
|
4.79%, 8/15/46
|
100
|
95
|
|
|
|
1,099
|
|
Virginia – 0.0%
|
||
|
University of Virginia University Taxable
Revenue Refunding Bonds,
|
|
|
|
2.26%, 9/1/50
|
300
|
172
|
|
Washington – 0.0%
|
||
|
Central Puget Sound Regional
Transportation Authority Sales & Use
TRB, Build America Bonds,
|
|
|
|
5.49%, 11/1/39
|
80
|
81
|
|
Total Municipal Bonds
|
|
|
|
(Cost $10,048)
|
|
9,935
|
|
|
NUMBER
OF SHARES
|
VALUE
(000S)
|
|
INVESTMENT COMPANIES – 3.0%
|
||
|
Northern Institutional Funds - Liquid
Assets Portfolio (Shares),
3.68%(14) (15) (16)
|
37,958,443
|
$37,958
|
|
Northern Institutional Funds -
U.S. Government Portfolio (Shares),
3.46%(14) (15)
|
52,287,566
|
52,288
|
|
Total Investment Companies
|
|
|
|
(Cost $90,246)
|
|
90,246
|
|
|
|
|
|
Total Investments – 101.8%
|
|
|
|
(Cost $3,217,074)
|
3,073,394
|
|
|
Liabilities less Other Assets – (1.8%)
|
(54,516
)
|
|
|
NET ASSETS – 100.0%
|
$3,018,878
|
|
|
(1)
|
Variable or floating rate security, the interest rate of which adjusts
periodically based on changes in current interest rates and prepayments on
the underlying pool of assets.
|
|
(2)
|
When-Issued Security. Coupon rate is not in effect at June 30, 2026.
|
|
(3)
|
Security exempt from registration pursuant to Rule 144A under the Securities
Act of 1933, as amended. These securities may be resold in transactions
exempt from registration to qualified institutional investors. At June 30,
2026, the value of these securities amounted to approximately $7,742,000
or 0.3% of net assets.
|
|
(4)
|
Variable or floating rate security. Security issued at a fixed coupon rate,
which converts to a variable rate at a future date. Rate shown is the rate in
effect as of June 30, 2026.
|
|
(5)
|
Century bond maturing in 2111.
|
|
(6)
|
Century bond maturing in 2114.
|
|
(7)
|
Century bond maturing in 2116.
|
|
(8)
|
Century bond maturing in 2112.
|
|
(9)
|
Investment in affiliate.
|
|
(10)
|
Zero coupon bond.
|
|
(11)
|
Principal Amount and Value rounds to less than one thousand.
|
|
(12)
|
The obligations of certain U.S. government-sponsored entities are neither
issued nor guaranteed by the United States Treasury.
|
|
(13)
|
Variable or floating rate security. Rate as of June 30, 2026 is disclosed.
|
|
(14)
|
Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the
investment adviser to the Fund and the investment adviser to Northern
Institutional Funds.
|
|
(15)
|
7-day current yield as of June 30, 2026 is disclosed.
|
|
(16)
|
Investment of cash collateral received from securities lending activities.
|
|
†
|
Security is either wholly or partially on loan.
|
|
|
|
EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT
THE SCHEDULE OF INVESTMENTS:
|
|
|
|
1Y - 1 Year
|
|
|
|
3M - 3 Month
|
|
|
|
5Y - 5 Year
|
|
|
|
CME - Chicago Mercantile Exchange
|
|
|
|
CMT - Constant Maturity
|
|
|
|
Fannie Mae - Federal National Mortgage Association
|
|
|
|
Freddie Mac - Federal Home Loan Mortgage Corporation
|
|
|
|
G.O. - General Obligation
|
|
|
|
Gtd. - Guaranteed
|
|
|
|
IBOR - Interbank Offered Rates
|
|
|
|
ICE - Intercontinental Exchange
|
|
|
|
LIBOR - London Interbank Offered Rate
|
|
|
|
PSF - Permanent School Fund
|
|
|
|
SOFR - Secured Overnight Financing Rate
|
|
|
|
TBA - To be announced
|
|
|
|
TRB - Tax Revenue Bonds
|
|
|
|
Schedule of Investments
|
|
BOND INDEX FUND continued
|
June 30, 2026 (UNAUDITED)
|
|
USD - United States Dollar
|
|
INVESTMENTS
|
LEVEL 1
(000s)
|
LEVEL 2
(000s)
|
LEVEL 3
(000s)
|
TOTAL
(000s)
|
|
Asset-Backed Securities(1)
|
$—
|
$11,364
|
$—
|
$11,364
|
|
Commercial
Mortgage-Backed
Securities
|
—
|
19,569
|
—
|
19,569
|
|
Corporate Bonds(1)
|
—
|
635,662
|
—
|
635,662
|
|
Foreign Issuer Bonds(1)
|
—
|
184,449
|
—
|
184,449
|
|
U.S. Government
Agencies(1)
|
—
|
748,977
|
—
|
748,977
|
|
U.S. Government
Obligations(1)
|
—
|
1,373,192
|
—
|
1,373,192
|
|
Municipal Bonds(1)
|
—
|
9,935
|
—
|
9,935
|
|
Investment Companies
|
90,246
|
—
|
—
|
90,246
|
|
Total Investments
|
$90,246
|
$2,983,148
|
$—
|
$3,073,394
|
|
(1)
|
Classifications as defined in the Schedule of Investments.
|
|
SECURITY
|
VALUE,
BEGINNING
OF PERIOD
(000S)
|
PURCHASES
(000S)
|
SALES
PROCEEDS
(000S)
|
NET CHANGE
IN UNREALIZED
APPRECIATION
(DEPRECIATION)
(000S)
|
VALUE,
END OF PERIOD
(000S)
|
SHARES/PAR,
END
OF PERIOD
|
DIVIDEND/
INTEREST
INCOME
(000S)
|
|
Nasdaq, Inc.
|
$301
|
$—
|
$—
|
$3
|
$304
|
300,000
|
$4
|
|
Northern Institutional Funds - Liquid Assets Portfolio (Shares)
|
25,054
|
60,673
|
47,769
|
—
|
37,958
|
37,958,443
|
47
(1)
|
|
Northern Institutional Funds - U.S. Government Portfolio (Shares)
|
120,268
|
97,139
|
165,119
|
—
|
52,288
|
52,287,566
|
726
|
|
Total
|
$145,623
|
$157,812
|
$212,888
|
$3
|
$90,550
|
90,546,009
|
$777
|
|
(1)
|
Represents income from the investment of cash collateral and loan premiums or fees
paid by borrowers, net of applicable taxes, rebate fees paid or accrued to the
Fund, and other related expenses.
|
|
Schedule of Investments
|
|
CALIFORNIA INTERMEDIATE TAX-EXEMPT FUND
|
June 30, 2026 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS – 99.6%
|
||
|
California – 99.6%
|
||
|
Alameda County Unified School District
G.O. Unlimited Bonds, Series B,
Election of 2014,
|
|
|
|
5.00%, 8/1/42
|
$1,000
|
$1,018
|
|
Albany Unified School District G.O.
Unlimited Bonds, Series B, Measure
B, Election of 2016,
|
|
|
|
5.00%, 8/1/43
|
1,000
|
1,002
|
|
Alum Rock Union Elementary School
District G.O. Unlimited Refunding
Bonds, Series B (BAM Insured),
|
|
|
|
5.00%, 8/1/33
|
1,750
|
2,008
|
|
Azusa Unified School District G.O.
Unlimited Bonds, Series C, Election
of 2014,
|
|
|
|
5.00%, 8/1/44
|
1,700
|
1,760
|
|
Bay Area Toll Authority Toll Bridge
Subordinate Revenue Refunding
Bonds, Series S-11,
|
|
|
|
5.00%, 4/1/32
|
795
|
898
|
|
Burbank-Glendale Pasadena Airport
Authority Revenue Bonds, Series B,
(AMT),
|
|
|
|
5.00%, 7/1/35
|
1,000
|
1,131
|
|
California Community Choice Financing
Authority Clean Energy Project
Revenue Bonds, Green Bond, Series
B-1,
|
|
|
|
4.00%, 8/1/31(1) (2)
|
3,500
|
3,553
|
|
California Community Choice Financing
Authority Clean Energy Project
Sustainable Revenue Bonds,
|
|
|
|
4.00%, 12/1/27(1) (2)
|
1,400
|
1,420
|
|
5.25%, 4/1/30(1) (2)
|
1,800
|
1,903
|
|
5.00%, 12/1/32(1) (2)
|
3,250
|
3,344
|
|
5.00%, 8/1/33(1) (2)
|
2,000
|
2,159
|
|
5.00%, 10/1/33(1) (2)
|
2,000
|
2,097
|
|
5.00%, 7/1/34(1) (2)
|
2,000
|
2,056
|
|
5.00%, 5/1/35(1) (2)
|
1,500
|
1,623
|
|
5.00%, 7/1/35
|
640
|
704
|
|
5.00%, 3/1/36
|
1,000
|
1,043
|
|
6/1/36(3)
|
1,000
|
1,084
|
|
California Community Choice Financing
Authority Clean Energy Project
Sustainable Revenue Bonds, Series E,
|
|
|
|
5.00%, 9/1/32(1) (2)
|
2,320
|
2,472
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 99.6%continued
|
||
|
California – 99.6%continued
|
||
|
California Community Choice Financing
Authority Clean Energy Project
Variable Sustainable Revenue Bonds,
|
|
|
|
5.00%, 8/1/29(1) (2)
|
$750
|
$785
|
|
5.00%, 9/1/32(1) (2)
|
2,720
|
2,945
|
|
5.00%, 9/1/32
|
725
|
783
|
|
California Housing Finance Agency
Municipal Certificates Revenue
Bonds, Series 2021-2, Class A Social
Certificates (FHLMC Insured),
|
|
|
|
3.75%, 3/25/35
|
1,864
|
1,887
|
|
California PFA Revenue Refunding
Bonds, Series A, PIH Health,
|
|
|
|
5.00%, 6/1/32
|
1,500
|
1,645
|
|
California School Finance Authority
Educational Facilities Revenue Bonds,
Series A,
|
|
|
|
4.00%, 7/1/40
|
800
|
771
|
|
California State Educational Facilities
Authority Revenue Bonds, The
Master's University,
|
|
|
|
5.25%, 8/1/40
|
1,500
|
1,573
|
|
California State Educational Facilities
Authority Revenue Bonds, University
of the Pacific,
|
|
|
|
5.00%, 11/1/43
|
610
|
680
|
|
5.00%, 11/1/44
|
700
|
774
|
|
California State Educational Facilities
Authority Revenue Refunding Bonds,
University of the Pacific,
|
|
|
|
5.00%, 11/1/35
|
750
|
875
|
|
California State Educational Facilities
Authority Revenue Refunding Bonds,
Western University of Health
Sciences,
|
|
|
|
5.00%, 6/1/38
|
900
|
1,035
|
|
California State Enterprise Development
Authority Lease Revenue Bonds,
Riverside County - Mead Valley
Wellness Village Project,
|
|
|
|
5.00%, 11/1/32
|
2,875
|
3,284
|
|
California State Enterprise Development
Authority Lease Revenue Bonds,
Riverside County Library Facilities
Project,
|
|
|
|
3.00%, 11/1/44
|
3,000
|
2,499
|
|
Schedule of Investments
|
|
CALIFORNIA INTERMEDIATE TAX-EXEMPT FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 99.6%continued
|
||
|
California – 99.6%continued
|
||
|
California State Enterprise Development
Authority Revenue Refunding Bonds,
Series A, Milken Community School
Project,
|
|
|
|
5.00%, 7/1/33
|
$550
|
$613
|
|
California State G.O. Unlimited Bonds,
Prerefunded,
|
|
|
|
5.00%, 11/1/30(4)
|
25
|
28
|
|
California State G.O. Unlimited Bonds,
Unrefunded Balance,
|
|
|
|
5.00%, 11/1/32
|
1,515
|
1,662
|
|
California State G.O. Unlimited
Refunding Bonds,
|
|
|
|
5.00%, 8/1/33
|
2,500
|
2,871
|
|
5.00%, 8/1/34
|
2,000
|
2,321
|
|
California State G.O. Unlimited
Refunding Bonds, Bid Group C,
|
|
|
|
5.00%, 8/1/28
|
2,000
|
2,004
|
|
California State Health Facilities
Financing Authority Revenue Bonds,
Adventist Health System/West,
|
|
|
|
5.00%, 12/1/28
|
1,500
|
1,569
|
|
5.00%, 12/1/35
|
2,500
|
2,794
|
|
California State Health Facilities
Financing Authority Revenue
Refunding Bonds, Cedars-Sinai
Medical Center,
|
|
|
|
5.00%, 11/15/27
|
250
|
251
|
|
California State Health Facilities
Financing Authority Revenue
Refunding Bonds, Series A, El
Camino Health,
|
|
|
|
5.00%, 2/1/33
|
700
|
806
|
|
California State Health Facilities
Financing Authority Revenue
Refunding Bonds, Series B, Stanford
Health Care,
|
|
|
|
5.00%, 8/15/33
|
690
|
801
|
|
California State Health Facilities
Financing Authority Variable
Revenue Bonds, Children's Hospital
of Orange County,
|
|
|
|
5.00%, 5/1/31(1) (2)
|
1,855
|
2,037
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 99.6%continued
|
||
|
California – 99.6%continued
|
||
|
California State Health Facilities
Financing Authority Variable
Revenue Bonds, Providence St.
Joseph Health,
|
|
|
|
5.00%, 10/1/32(1) (2)
|
$2,000
|
$2,226
|
|
California State Health Facilities
Financing Authority Variable
Revenue Bonds, Series B-2, Scripps
Health,
|
|
|
|
5.00%, 2/4/31(1) (2)
|
1,350
|
1,479
|
|
California State Health Facilities
Financing Authority Variable
Revenue Refunding Bonds, Rady
Children's Health,
|
|
|
|
5.00%, 5/1/34(1) (2)
|
2,000
|
2,281
|
|
California State Infrastructure &
Economic Development Bank
National Charter Equitable School
Revolving Fund Revenue Bonds,
|
|
|
|
5.00%, 11/1/29
|
2,045
|
2,166
|
|
5.00%, 11/1/33
|
200
|
221
|
|
California State Infrastructure &
Economic Development Bank
Revenue Bonds, California Science
Center Phase III Project,
|
|
|
|
5.00%, 11/1/31
|
1,500
|
1,656
|
|
California State Infrastructure &
Economic Development Bank
Revenue Bonds, Los Angeles County
Museum of Natural History
Foundation,
|
|
|
|
7/1/56(3)
|
1,500
|
1,568
|
|
California State Infrastructure &
Economic Development Bank
Revenue Bonds, UCSF
2130 Third Street,
|
|
|
|
5.00%, 5/15/36
|
1,000
|
1,040
|
|
California State Infrastructure &
Economic Development Bank
Variable Revenue Refunding Bonds,
Los Angeles Museum of Art Project,
|
|
|
|
1.20%, 6/1/28(1) (2)
|
3,000
|
2,867
|
|
California State Municipal Finance
Authority MFH Revenue Bonds,
Pass-Through Park Western
Apartments (FNMA Insured),
|
|
|
|
2.65%, 8/1/36
|
3,210
|
2,859
|
|
|
June 30, 2026 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 99.6%continued
|
||
|
California – 99.6%continued
|
||
|
California State Municipal Finance
Authority MFH Revenue Bonds,
Series A, 707 by Vintage (FHLMC
Insured),
|
|
|
|
4.40%, 12/1/43
|
$1,000
|
$1,003
|
|
California State Municipal Finance
Authority MFH Variable Revenue
Bonds, The Green at Warner Center,
|
|
|
|
2.95%, 2/1/29(1) (2)
|
500
|
500
|
|
California State Municipal Finance
Authority Revenue Bonds, Gateways
Hospital and Mental Health Centers,
|
|
|
|
5.00%, 9/1/41
|
635
|
660
|
|
California State Municipal Finance
Authority Revenue Bonds,
HumanGood, California Obligated
Group,
|
|
|
|
3.00%, 10/1/46
|
1,000
|
798
|
|
California State Municipal Finance
Authority Revenue Bonds, Series A,
National University,
|
|
|
|
5.00%, 4/1/36
|
2,245
|
2,343
|
|
California State Municipal Finance
Authority Revenue Bonds, SFMTA
Potrero Yard Modernization Project,
|
|
|
|
5.00%, 9/1/35
|
1,000
|
1,144
|
|
5.00%, 3/1/36
|
500
|
574
|
|
5.00%, 9/1/36
|
500
|
573
|
|
California State Municipal Finance
Authority Revenue Refunding Bonds,
Southwestern Law School,
|
|
|
|
4.00%, 11/1/41
|
400
|
370
|
|
California State Public Works Board
Lease Revenue Bonds, Series A,
Various Capital Project,
|
|
|
|
5.00%, 9/1/29
|
1,250
|
1,345
|
|
California State Public Works Board
Lease Revenue Bonds, Series C,
Various Capital Projects,
|
|
|
|
5.00%, 11/1/35
|
405
|
475
|
|
5.00%, 11/1/39
|
500
|
571
|
|
California State Public Works Board
Lease Revenue Refunding Bonds,
Series C,
|
|
|
|
5.00%, 8/1/31
|
1,500
|
1,671
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 99.6%continued
|
||
|
California – 99.6%continued
|
||
|
California State Public Works Board
Lease Revenue Refunding Bonds,
Various Capital Projects,
|
|
|
|
5.00%, 9/1/32
|
$3,500
|
$3,961
|
|
California State Statewide Communities
Development Authority Special
Assessment Revenue Refunding
Bonds, Statewide Community
Infrastructure (AG Insured),
|
|
|
|
5.00%, 9/2/34
|
300
|
344
|
|
5.00%, 9/2/35
|
275
|
317
|
|
California State Statewide Communities
Development Authority Student
Housing Revenue Refunding Bonds,
CHF-Irvine, LLC-Phase I (BAM
Insured),
|
|
|
|
5.00%, 5/15/33
|
3,630
|
3,941
|
|
California State Various Purpose G.O.
Unlimited Bonds,
|
|
|
|
5.00%, 11/1/31
|
4,560
|
4,701
|
|
California Statewide Communities
Development Authority Revenue
Bonds, Kaiser Foundation Hospitals,
|
|
|
|
5.00%, 10/1/35
|
2,000
|
2,280
|
|
California Statewide Communities
Development Authority Revenue
Bonds, Odd Fellows Home of
California Project (California
Mortgage Insured),
|
|
|
|
5.00%, 4/1/45
|
265
|
288
|
|
Central Valley Energy Authority
Commodity Supply Revenue Bonds,
|
|
|
|
5.00%, 8/1/34
|
500
|
536
|
|
CSCDA Community Improvement
Authority Essential Housing Senior
Revenue Bonds, Crescent West
Hollywood,
|
|
|
|
3.25%, 7/1/43
|
1,000
|
793
|
|
Desert Sands Unified School District
G.O. Unlimited Bonds, Election of
2014,
|
|
|
|
5.00%, 8/1/39
|
1,330
|
1,358
|
|
East Side Union High School District
Santa Clara County G.O. Unlimited
Bonds, Series D, Election of 2016,
|
|
|
|
5.00%, 8/1/32
|
750
|
852
|
|
Schedule of Investments
|
|
CALIFORNIA INTERMEDIATE TAX-EXEMPT FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 99.6%continued
|
||
|
California – 99.6%continued
|
||
|
Evergreen School District G.O.
Unlimited Bonds, Election of 2014,
|
|
|
|
5.00%, 8/1/46
|
$1,000
|
$1,026
|
|
Fontana PFA Lease Revenue Refunding
Bonds, Series A,
|
|
|
|
5.00%, 11/1/32
|
425
|
486
|
|
5.00%, 11/1/37
|
450
|
523
|
|
Garden Grove PFA Lease Revenue
Bonds, Series A,
|
|
|
|
5.00%, 4/1/29
|
300
|
322
|
|
Garden Grove PFA Lease Revenue
Bonds, Series A (BAM Insured),
|
|
|
|
5.00%, 4/1/32
|
580
|
662
|
|
Golden State Tobacco Securitization
Corp. Tobacco Settlement Taxable
Revenue Refunding Bonds, Series
A-1,
|
|
|
|
2.53%, 6/1/28
|
1,500
|
1,437
|
|
Hayward Unified School District G.O.
Unlimited Refunding Bonds, Series B
(AG Insured),
|
|
|
|
5.00%, 8/1/33
|
3,750
|
4,333
|
|
Imperial Irrigation District Electric
Revenue Bonds, Series B-1,
|
|
|
|
5.00%, 11/1/46
|
2,500
|
2,508
|
|
Inglewood Joint Powers Authority Lease
Revenue Bonds, Inglewood Main
Library Renovation (BAM Insured),
|
|
|
|
5.00%, 8/1/40
|
1,070
|
1,224
|
|
Irvine Unified School District Financing
Authority Special Tax Refunding
Bonds (BAM Insured),
|
|
|
|
5.00%, 9/1/28
|
500
|
526
|
|
Irvine Unified School District Special
Refunding Tax Refunding Bonds,
Community Facilities District No. 01-1
(BAM Insured),
|
|
|
|
5.00%, 9/1/32
|
1,400
|
1,586
|
|
Jefferson Union High School District
San Mateo County G.O. Unlimited
Bonds, Series C, Measure Z, Election
of 2020,
|
|
|
|
5.00%, 8/1/34
|
300
|
350
|
|
Lake Elsinore Facilities Financing
Authority Local Agency Special TRB,
Series A (AG Insured),
|
|
|
|
5.00%, 9/1/33
|
1,750
|
2,005
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 99.6%continued
|
||
|
California – 99.6%continued
|
||
|
Long Beach Community College District
G.O. Unlimited Bonds, Series E,
|
|
|
|
5.00%, 8/1/52
|
$2,000
|
$2,140
|
|
Long Beach Harbor Revenue Bonds,
Series A (AMT),
|
|
|
|
5.00%, 5/15/30
|
1,300
|
1,324
|
|
Long Beach Harbor Revenue Refunding
Bonds, Series C,
|
|
|
|
5.00%, 5/15/47
|
1,500
|
1,517
|
|
Long Beach Marina Revenue Refunding
Bonds, Alamitos Bay Marina Project,
|
|
|
|
5.00%, 5/15/33
|
700
|
790
|
|
Los Alamitos Unified School District
COPS, Capital Projects,
|
|
|
|
5.95%, 8/1/34
|
1,100
|
1,205
|
|
Los Angeles County Metropolitan
Transportation Authority Sales Senior
TRB, Series B,
|
|
|
|
5.00%, 7/1/36
|
2,975
|
3,110
|
|
Los Angeles County Public Works
Financing Authority Lease Revenue
Bonds, Series D,
|
|
|
|
5.00%, 12/1/29
|
1,665
|
1,669
|
|
Los Angeles County Public Works
Financing Authority Lease Revenue
Bonds, Series J,
|
|
|
|
5.00%, 12/1/43
|
1,750
|
1,977
|
|
Los Angeles County Public Works
Financing Authority Revenue Bonds,
Los Angeles County Flood Control
District,
|
|
|
|
5.00%, 3/1/38
|
550
|
644
|
|
Los Angeles Department of Airports
Subordinate Revenue Bonds (AMT),
Los Angeles International Airport,
|
|
|
|
5.00%, 5/15/30
|
1,465
|
1,535
|
|
5.25%, 5/15/31
|
2,000
|
2,086
|
|
5.00%, 5/15/44
|
1,500
|
1,537
|
|
Los Angeles Department of Airports
Subordinate Revenue Refunding
Bonds (AMT), Unrefunded Balance,
|
|
|
|
5.00%, 5/15/32
|
2,840
|
3,113
|
|
Los Angeles Department of Water &
Power Revenue Refunding Bonds,
Series C,
|
|
|
|
5.00%, 7/1/35
|
1,850
|
2,096
|
|
|
June 30, 2026 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 99.6%continued
|
||
|
California – 99.6%continued
|
||
|
Los Angeles Department of Water &
Power Revenue Refunding Bonds,
Series D,
|
|
|
|
5.00%, 7/1/29
|
$500
|
$530
|
|
5.00%, 7/1/34
|
1,500
|
1,690
|
|
Los Angeles Department of Water &
Power Revenue Refunding Bonds,
Series E,
|
|
|
|
5.00%, 7/1/33
|
4,210
|
4,709
|
|
Los Angeles Department of Water &
Power Waterworks Revenue
Refunding Bonds, Series B,
|
|
|
|
5.00%, 7/1/43
|
1,850
|
1,896
|
|
Los Angeles Municipal Improvement
Corp. Lease Revenue Bonds, Capital
Equipment & Real Property,
|
|
|
|
5.00%, 5/1/30
|
600
|
654
|
|
5.00%, 5/1/34
|
750
|
866
|
|
Los Angeles Municipal Improvement
Corp. Lease Revenue Bonds, Los
Angeles Convention Center,
|
|
|
|
5.00%, 5/1/40
|
1,000
|
1,129
|
|
Los Angeles Special Tax Refunding
Bonds, Community Facilities District
No. 4 Playa Vista (AG Insured),
|
|
|
|
5.00%, 9/1/30
|
775
|
848
|
|
Los Angeles Unified School District
G.O. Unlimited Bonds, Series B-1,
Election of 2008,
|
|
|
|
5.00%, 7/1/30
|
190
|
197
|
|
Los Angeles Unified School District
G.O. Unlimited Bonds, Series B-1,
Election of 2008 (BAM-TCRS
Insured),
|
|
|
|
5.00%, 7/1/31
|
1,500
|
1,556
|
|
Los Angeles Unified School District
G.O. Unlimited Refunding Bonds,
Series A,
|
|
|
|
5.00%, 7/1/33
|
3,500
|
4,017
|
|
Menifee Community Facilities District
Special Tax Bonds, McCall,
|
|
|
|
3.00%, 9/1/42
|
385
|
314
|
|
4.00%, 9/1/51
|
1,000
|
862
|
|
Metropolitan Water District of Southern
California Waterworks Revenue
Bonds, Series B-3,
|
|
|
|
5.00%, 7/1/31(1) (2)
|
2,920
|
3,183
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 99.6%continued
|
||
|
California – 99.6%continued
|
||
|
Moreland School District G.O.
Unlimited Refunding Bonds, Series A,
|
|
|
|
5.00%, 8/1/32
|
$1,300
|
$1,480
|
|
Morongo Unified School District G.O.
Unlimited Bonds, Election of 2024,
|
|
|
|
5.00%, 8/1/41
|
375
|
424
|
|
Mount Diablo Unified School District
COPS (AG Insured),
|
|
|
|
5.00%, 9/1/32
|
400
|
456
|
|
Mount Diablo Unified School District
G.O. Unlimited Refunding Bonds,
|
|
|
|
5.00%, 8/1/32
|
750
|
854
|
|
Natomas Unified School District G.O.
Unlimited Bonds (AG Insured),
|
|
|
|
3.00%, 8/1/39
|
1,655
|
1,510
|
|
3.00%, 8/1/40
|
2,000
|
1,782
|
|
Northern California Energy Authority
Commodity Supply Revenue
Refunding Bonds,
|
|
|
|
5.00%, 8/1/30(1) (2)
|
2,000
|
2,118
|
|
Northern California Transmission
Agency Revenue Refunding Bonds,
California-Oregon Transmission
Project,
|
|
|
|
5.00%, 5/1/36
|
1,100
|
1,299
|
|
Oakland Unified School District
Alameda County, G.O. Unlimited
Bonds, Series A, Election of 2020,
|
|
|
|
5.00%, 8/1/28
|
2,000
|
2,103
|
|
Ontario PFA Lease Revenue Bonds,
Series A,
|
|
|
|
5.00%, 11/1/32
|
300
|
341
|
|
5.00%, 11/1/33
|
475
|
547
|
|
Ontario PFA Taxable Lease Revenue
Bonds, Series A,
|
|
|
|
4.57%, 10/1/34
|
500
|
492
|
|
Orange County Community Facilities
District No. 2021-1 Rienda Special
Tax Bonds, Series A,
|
|
|
|
5.00%, 8/15/37
|
1,000
|
1,059
|
|
Palm Springs Unified School District
G.O. Unlimited Bonds, Series D,
Election of 2008,
|
|
|
|
2.00%, 8/1/27
|
1,970
|
1,956
|
|
Schedule of Investments
|
|
CALIFORNIA INTERMEDIATE TAX-EXEMPT FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 99.6%continued
|
||
|
California – 99.6%continued
|
||
|
Paramount Unified School District G.O.
Unlimited Bonds, Election of 2024,
|
|
|
|
8/1/41(3)
|
$150
|
$171
|
|
8/1/42(3)
|
220
|
249
|
|
8/1/43(3)
|
300
|
339
|
|
Peralta Community College District
G.O. Unlimited Refunding Bonds,
|
|
|
|
5.00%, 8/1/33
|
2,150
|
2,501
|
|
Pittsburg Unified School District G.O.
Unlimited Refunding Bonds (BAM
Insured),
|
|
|
|
5.00%, 8/1/29
|
150
|
162
|
|
Placentia-Yorba Linda Unified School
District Refunding COPS,
|
|
|
|
5.00%, 10/1/32
|
1,000
|
1,139
|
|
Rancho Cucamonga Redevelopment
Agency Successor Agency Tax
Allocation Refunding Bonds, Rancho
Redevelopment Project,
|
|
|
|
5.00%, 9/1/32
|
1,500
|
1,714
|
|
Redding Electric System Revenue
Refunding Bonds,
|
|
|
|
6/1/30(3)
|
2,000
|
2,169
|
|
Redding Joint Powers Financing
Authority Electric System Revenue
Bonds, Series A,
|
|
|
|
5.00%, 6/1/55
|
2,250
|
2,346
|
|
Redlands Unified School District G.O.
Unlimited Refunding Bonds, San
Bernardino County,
|
|
|
|
3.00%, 7/1/30
|
2,295
|
2,298
|
|
Rialto Unified School District COPS,
Kitchen & Meeting (BAM Insured),
|
|
|
|
5.00%, 9/1/31
|
270
|
302
|
|
River Islands PFA Local Agency Special
TRB, Series A (AG Insured),
|
|
|
|
5.00%, 9/1/46
|
575
|
628
|
|
Sacramento City Unified School District
G.O. Unlimited Refunding Bonds,
Series B (AG Insured),
|
|
|
|
5.00%, 8/1/34
|
1,295
|
1,450
|
|
5.00%, 8/1/35
|
845
|
950
|
|
Sacramento County Airport System
Revenue Bonds, Series A (AMT),
|
|
|
|
5.00%, 7/1/32
|
325
|
356
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 99.6%continued
|
||
|
California – 99.6%continued
|
||
|
Sacramento County Airport System
Subordinate Revenue Refunding
Bonds, Series B,
|
|
|
|
7/1/41(3)
|
$245
|
$277
|
|
Sacramento County Special Tax
Refunding Bonds, Metro Air Park
Community Facilities,
|
|
|
|
5.00%, 9/1/27
|
1,000
|
1,022
|
|
San Diego Association of Governments
South Bay Expressway Toll Senior
Lien Revenue Bonds, Series A,
|
|
|
|
5.00%, 7/1/37
|
1,000
|
1,019
|
|
San Diego County Regional Airport
Authority Senior Revenue Bonds,
(AMT), Private Activity,
|
|
|
|
5.00%, 7/1/36
|
1,100
|
1,227
|
|
San Diego Public Facilities Financing
Authority Lease Revenue Refunding
Bonds, Series A,
|
|
|
|
5.00%, 10/15/38
|
1,500
|
1,732
|
|
San Diego Unified School District G.O.
Unlimited Refunding Bonds, Series
SR-6, Election of 2008,
|
|
|
|
5.00%, 7/1/32
|
1,000
|
1,141
|
|
San Francisco City & County Airports
Commission International Airport
Revenue Refunding Bonds, Second
Series (AMT),
|
|
|
|
5.25%, 5/1/41
|
1,000
|
1,102
|
|
San Francisco City & County Airports
Commission International Airport
Revenue Refunding Bonds, Second
Series A (AMT),
|
|
|
|
5.00%, 5/1/30
|
1,000
|
1,076
|
|
San Francisco City & County Airports
Commission International Airport
Revenue Refunding Bonds, Series A
(AMT),
|
|
|
|
5.25%, 5/1/45
|
500
|
547
|
|
San Francisco City & County
Infrastructure & Revitalization Tax
Allocation Bonds, Facilities
Increment, Treasure Island,
|
|
|
|
5.00%, 9/1/37
|
375
|
393
|
|
|
June 30, 2026 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 99.6%continued
|
||
|
California – 99.6%continued
|
||
|
San Francisco City & County
Redevelopment Successor Agency
Tax Allocation Refunding Bonds,
Mission Bay South Redevelopment
(AG Insured),
|
|
|
|
5.00%, 8/1/31
|
$1,150
|
$1,286
|
|
5.00%, 8/1/32
|
1,420
|
1,613
|
|
San Francisco City & County Refunding
COPS, Multiple Capital Projects,
|
|
|
|
2.00%, 10/1/33
|
2,800
|
2,492
|
|
San Francisco City & County Unified
School District G.O. Unlimited
Bonds, Proposition A, Series F&C,
|
|
|
|
3.25%, 6/15/32
|
1,500
|
1,496
|
|
San Francisco City & County Unified
School District G.O. Unlimited
Bonds, Series A, Election of 2016,
|
|
|
|
4.00%, 6/15/35
|
1,000
|
1,000
|
|
San Joaquin Valley Clean Energy
Authority Variable Sustainable
Revenue Bonds, Clean Energy
Project,
|
|
|
|
5.50%, 7/1/35(1) (2)
|
1,500
|
1,667
|
|
San Leandro Unified School District
G.O. Unlimited Bonds, Series B,
Election of 2016 (BAM Insured),
|
|
|
|
5.00%, 8/1/32
|
560
|
589
|
|
San Mateo Union High School District
G.O. Unlimited Refunding Bonds,
|
|
|
|
5.00%, 9/1/35
|
600
|
716
|
|
Santa Cruz County Redevelopment
Successor Agency Tax Allocation
Refunding Bonds, Series B (BAM
Insured),
|
|
|
|
5.00%, 9/1/32
|
560
|
639
|
|
Santa Rosa Elementary School District
G.O. Unlimited Bonds, Series D,
Election of 2014 (AG Insured),
Prerefunded,
|
|
|
|
5.00%, 8/1/26(4)
|
1,145
|
1,146
|
|
Santa Rosa High School District G.O.
Unlimited Bonds, Series C, Election
of 2014 (AG Insured),
|
|
|
|
5.00%, 8/1/43
|
1,000
|
1,002
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 99.6%continued
|
||
|
California – 99.6%continued
|
||
|
Southern California Logistics Airport
Authority Junior Lien Tax Allocation
Refunding Bonds, Series A (AG
Insured),
|
|
|
|
5.00%, 12/1/35
|
$360
|
$424
|
|
Southern California Public Power
Authority Sustainable Revenue
Bonds, Clean Energy II Project,
|
|
|
|
5.00%, 11/1/33
|
1,200
|
1,280
|
|
Southern California State Public Power
Authority Revenue Refunding Bonds,
Series A, Canyon Power Project,
|
|
|
|
5.00%, 7/1/35
|
1,000
|
1,085
|
|
Sutter Butte Flood Control Agency
Special Assessment Revenue
Refunding Bonds (AG Insured),
|
|
|
|
5.00%, 10/1/35
|
500
|
583
|
|
Temecula Valley Unified School District
Financing Authority Special Tax
Revenue Refunding Bonds (BAM
Insured),
|
|
|
|
5.00%, 9/1/32
|
670
|
762
|
|
Transbay Joint Powers Authority Senior
Tax Allocation Bonds, Green Bonds,
|
|
|
|
5.00%, 10/1/29
|
465
|
487
|
|
5.00%, 10/1/34
|
600
|
623
|
|
Twin Rivers Unified School District G.O.
Unlimited Refunding Bonds, Series A
(AG Insured),
|
|
|
|
5.00%, 8/1/34
|
1,500
|
1,752
|
|
University of California Revenue Bonds,
Series CD,
|
|
|
|
5.00%, 5/15/36
|
3,000
|
3,521
|
|
University of California Revenue Bonds,
Series CH,
|
|
|
|
5.25%, 5/15/38
|
1,000
|
1,201
|
|
University of California Revenue
Refunding Bonds, Series B,
|
|
|
|
5.00%, 5/15/31
|
3,000
|
3,328
|
|
University of California Revenue
Refunding Bonds, Series CE,
|
|
|
|
5.00%, 11/15/39
|
2,000
|
2,362
|
|
Val Verde Unified School District
Special Tax Refunding Bonds,
|
|
|
|
5.00%, 9/1/32
|
245
|
282
|
|
Schedule of Investments
|
|
CALIFORNIA INTERMEDIATE TAX-EXEMPT FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 99.6%continued
|
||
|
California – 99.6%continued
|
||
|
Vista Joint Powers Financing Authority
Revenue Refunding Bonds, Series A,
|
|
|
|
5.00%, 5/1/33
|
$900
|
$1,043
|
|
West Contra Costa Unified School
District G.O. Unlimited Bonds, Series
B, Election of 2020 (BAM Insured),
|
|
|
|
5.00%, 8/1/31
|
235
|
263
|
|
|
|
257,884
|
|
Total Municipal Bonds
|
|
|
|
(Cost $262,501)
|
|
257,884
|
|
|
NUMBER
OF SHARES
|
VALUE
(000S)
|
|
INVESTMENT COMPANIES – 1.1%
|
||
|
Northern Institutional Funds -
U.S. Government Portfolio (Shares),
3.46%(5) (6)
|
2,925,006
|
$2,925
|
|
Total Investment Companies
|
|
|
|
(Cost $2,925)
|
|
2,925
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
SHORT-TERM INVESTMENTS – 0.6%
|
||
|
California State Floating Rate G.O.
Unlimited Bonds, Series A-1
(Barclays Bank PLC LOC),
|
|
|
|
1.00%, 6/30/26(7)
|
$1,400
|
$1,400
|
|
Pittsburg Unified School District G.O.
Unlimited Refunding Bonds,
|
|
|
|
5.00%, 8/1/26
|
250
|
250
|
|
Total Short-Term Investments
|
|
|
|
(Cost $1,651)
|
1,650
|
|
|
|
|
|
|
Total Investments – 101.3%
|
|
|
|
(Cost $267,077)
|
262,459
|
|
|
Liabilities less Other Assets – (1.3%)
|
(3,480
)
|
|
|
NET ASSETS – 100.0%
|
$258,979
|
|
|
(1)
|
Maturity date represents the puttable date.
|
|
(2)
|
Variable or floating rate security. These securities are remarketed by an
agent, and the rate at which these securities are set are determined by
general market conditions and supply and demand. Rate as of June 30,
2026 is disclosed.
|
|
(3)
|
When-Issued Security. Coupon rate is not in effect at June 30, 2026.
|
|
(4)
|
Maturity date represents the prerefunded date.
|
|
(5)
|
Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the
investment adviser to the Fund and the investment adviser to Northern
Institutional Funds.
|
|
(6)
|
7-day current yield as of June 30, 2026 is disclosed.
|
|
(7)
|
Variable or floating rate security. Rate as of June 30, 2026 is disclosed.
|
|
|
|
EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT
THE SCHEDULE OF INVESTMENTS:
|
|
|
|
AMT - Alternative Minimum Tax
|
|
|
|
BAM - Build America Mutual
|
|
|
|
CD - Certificate of Deposit
|
|
|
|
CHF - Collegiate Housing Foundation
|
|
|
|
COPS - Certificates of Participation
|
|
|
|
CSCDA - California Statewide Communities Development Authority
|
|
|
|
FHLMC - Federal Home Loan Mortgage Corporation
|
|
|
|
FNMA - Federal National Mortgage Association
|
|
|
|
G.O. - General Obligation
|
|
|
|
LOC - Letter of Credit
|
|
|
|
MFH - Multi-Family Housing
|
|
|
|
PFA - Public Finance Authority
|
|
|
|
TCRS - Transferable Custodial Receipts
|
|
|
|
TRB - Tax Revenue Bonds
|
|
INVESTMENTS
|
LEVEL 1
(000s)
|
LEVEL 2
(000s)
|
LEVEL 3
(000s)
|
TOTAL
(000s)
|
|
Municipal Bonds
|
$—
|
$257,884
|
$—
|
$257,884
|
|
Investment Companies
|
2,925
|
—
|
—
|
2,925
|
|
Short-Term Investments
|
—
|
1,650
|
—
|
1,650
|
|
Total Investments
|
$2,925
|
$259,534
|
$—
|
$262,459
|
|
|
June 30, 2026 (UNAUDITED)
|
|
SECURITY
|
VALUE,
BEGINNING
OF PERIOD
(000S)
|
PURCHASES
(000S)
|
SALES
PROCEEDS
(000S)
|
VALUE,
END OF PERIOD
(000S)
|
SHARES/PAR,
END
OF PERIOD
|
DIVIDEND/
INTEREST
INCOME
(000S)
|
|
Northern Institutional Funds - U.S. Government Portfolio (Shares)
|
$3,880
|
$19,986
|
$20,941
|
$2,925
|
2,925,006
|
$25
|
|
Schedule of Investments
|
|
CALIFORNIA TAX-EXEMPT FUND
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS – 97.2%
|
||
|
California – 97.2%
|
||
|
Burbank-Glendale-Pasadena Airport
Authority Revenue Bonds, Series B
(AMT) (AG Insured),
|
|
|
|
5.25%, 7/1/46
|
$550
|
$597
|
|
California Community Choice Financing
Authority Clean Energy Project
Sustainable Revenue Bonds,
|
|
|
|
4.00%, 12/1/27(1) (2)
|
600
|
609
|
|
5.25%, 4/1/30(1) (2)
|
1,000
|
1,057
|
|
5.00%, 12/1/32(1) (2)
|
1,750
|
1,801
|
|
5.00%, 8/1/33(1) (2)
|
1,500
|
1,619
|
|
5.00%, 10/1/33(1) (2)
|
1,000
|
1,049
|
|
5.00%, 5/1/35(1) (2)
|
500
|
541
|
|
5.00%, 3/1/36
|
500
|
521
|
|
California Community Choice Financing
Authority Clean Energy Project
Sustainable Revenue Bonds, Series E,
|
|
|
|
5.00%, 9/1/32(1) (2)
|
1,385
|
1,476
|
|
California Community Choice Financing
Authority Clean Energy Project
Variable Sustainable Revenue Bonds,
|
|
|
|
5.00%, 9/1/32(1) (2)
|
500
|
541
|
|
California County Tobacco
Securitization Agency Tobacco
Settlement Revenue Refunding Bonds,
Series A,
|
|
|
|
4.00%, 6/1/35
|
885
|
893
|
|
California County Tobacco
Securitization Agency Tobacco
Settlement Revenue Refunding Bonds,
Sonoma County Securitization,
|
|
|
|
5.00%, 6/1/29
|
310
|
329
|
|
California Housing Finance Agency
Municipal Certificates Revenue
Bonds, Series 2021-1, Class A
Certificates,
|
|
|
|
3.50%, 11/20/35
|
1,146
|
1,137
|
|
California Housing Finance Agency
Municipal Certificates Revenue
Bonds, Series 2021-2, Class A Social
Certificates (FHLMC Insured),
|
|
|
|
3.75%, 3/25/35
|
466
|
472
|
|
California State Educational Facilities
Authority Revenue Bonds, Art Center
College of Design,
|
|
|
|
3.00%, 12/1/51
|
600
|
430
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 97.2%continued
|
||
|
California – 97.2%continued
|
||
|
California State Educational Facilities
Authority Revenue Bonds, The
Master's University,
|
|
|
|
5.25%, 8/1/40
|
$750
|
$786
|
|
California State Educational Facilities
Authority Revenue Bonds, University
of the Pacific,
|
|
|
|
5.00%, 11/1/55
|
1,500
|
1,574
|
|
California State Educational Facilities
Authority Revenue Refunding Bonds,
Western University of Health
Sciences,
|
|
|
|
5.00%, 6/1/36
|
1,000
|
1,148
|
|
California State Enterprise Development
Authority Lease Revenue Bonds,
Riverside County - Mead Valley
Wellness Village Project,
|
|
|
|
5.00%, 11/1/32
|
905
|
1,034
|
|
California State Enterprise Development
Authority Revenue Refunding Bonds,
Series A, Milken Community School
Project,
|
|
|
|
5.00%, 7/1/33
|
500
|
557
|
|
California State G.O. Unlimited Bonds,
|
|
|
|
5.00%, 3/1/55
|
1,000
|
1,071
|
|
California State G.O. Unlimited
Refunding Bonds,
|
|
|
|
5.00%, 8/1/45
|
2,000
|
2,217
|
|
California State Health Facilities
Financing Authority Revenue Bonds,
Adventist Health System/West,
|
|
|
|
5.00%, 12/1/28
|
500
|
523
|
|
5.00%, 12/1/35
|
1,300
|
1,453
|
|
California State Health Facilities
Financing Authority Revenue Bonds,
Subseries A-2, Kaiser Permanente,
|
|
|
|
4.00%, 11/1/44
|
2,000
|
1,933
|
|
California State Health Facilities
Financing Authority Revenue
Refunding Bonds, Series A, El
Camino Health,
|
|
|
|
5.00%, 2/1/34
|
800
|
931
|
|
California State Health Facilities
Financing Authority Variable
Revenue Bonds, Children's Hospital
of Orange County,
|
|
|
|
5.00%, 5/1/31(1) (2)
|
225
|
247
|
|
|
June 30, 2026 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 97.2%continued
|
||
|
California – 97.2%continued
|
||
|
California State Health Facilities
Financing Authority Variable
Revenue Bonds, Providence St.
Joseph Health,
|
|
|
|
5.00%, 10/1/32(1) (2)
|
$1,000
|
$1,113
|
|
California State Health Facilities
Financing Authority Variable
Revenue Refunding Bonds, Rady
Children's Health,
|
|
|
|
5.00%, 5/1/31(1) (2)
|
1,500
|
1,652
|
|
California State Infrastructure &
Economic Development Bank
National Charter Equitable School
Revolving Fund Revenue Bonds,
|
|
|
|
5.00%, 11/1/44
|
625
|
638
|
|
California State Infrastructure &
Economic Development Bank
Revenue Bonds, Los Angeles County
Museum of Natural History
Foundation,
|
|
|
|
7/1/56(3)
|
1,000
|
1,045
|
|
California State Infrastructure &
Economic Development Bank
Variable Revenue Refunding Bonds,
Los Angeles Museum of Art Project,
|
|
|
|
1.20%, 6/1/28(1) (2)
|
2,000
|
1,911
|
|
California State Municipal Finance
Authority MFH Revenue Bonds,
Series A, 707 by Vintage (FHLMC
Insured),
|
|
|
|
4.40%, 12/1/43
|
500
|
502
|
|
California State Municipal Finance
Authority MFH Variable Revenue
Bonds, The Green at Warner Center,
|
|
|
|
2.95%, 2/1/29(1) (2)
|
500
|
500
|
|
California State Municipal Finance
Authority Revenue Bonds, California
Institute of the Arts,
|
|
|
|
4.00%, 10/1/51
|
250
|
214
|
|
California State Municipal Finance
Authority Revenue Bonds, Gateways
Hospital and Mental Health Centers,
|
|
|
|
5.00%, 9/1/46
|
675
|
689
|
|
California State Municipal Finance
Authority Revenue Bonds,
HumanGood, California Obligated
Group,
|
|
|
|
3.00%, 10/1/49
|
1,000
|
754
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 97.2%continued
|
||
|
California – 97.2%continued
|
||
|
California State Municipal Finance
Authority Revenue Bonds, Samuel
Merritt University,
|
|
|
|
5.25%, 6/1/53
|
$500
|
$521
|
|
California State Municipal Finance
Authority Revenue Bonds, Series A,
National University,
|
|
|
|
5.00%, 4/1/40
|
1,000
|
1,036
|
|
California State Municipal Finance
Authority Revenue Bonds, SFMTA
Potrero Yard Modernization Project,
|
|
|
|
5.25%, 9/1/51
|
750
|
809
|
|
California State Municipal Finance
Authority Revenue Refunding Bonds,
Southwestern Law School,
|
|
|
|
4.00%, 11/1/41
|
175
|
162
|
|
California State Public Works Board
Lease Revenue Bonds, Series A,
Various Capital Project,
|
|
|
|
5.00%, 9/1/29
|
750
|
807
|
|
California State Public Works Board
Lease Revenue Bonds, Series C,
Various Capital Projects,
|
|
|
|
5.00%, 11/1/50
|
1,000
|
1,077
|
|
California State Public Works Board
Lease Revenue Refunding Bonds,
Various Capital Projects,
|
|
|
|
5.00%, 9/1/27
|
1,750
|
1,806
|
|
California State Statewide Communities
Development Authority Special
Assessment Refunding Bonds,
Statewide Community Infrastructure,
|
|
|
|
5.00%, 9/2/28
|
270
|
284
|
|
5.00%, 9/2/29
|
200
|
214
|
|
California State Statewide Communities
Development Authority Student
Housing Revenue Refunding Bonds,
CHF-Irvine, LLC-Phase I (BAM
Insured),
|
|
|
|
5.00%, 5/15/33
|
500
|
543
|
|
3.00%, 5/15/51
|
500
|
386
|
|
California State Various Purpose G.O.
Unlimited Bonds,
|
|
|
|
5.00%, 11/1/31
|
1,000
|
1,031
|
|
Schedule of Investments
|
|
CALIFORNIA TAX-EXEMPT FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 97.2%continued
|
||
|
California – 97.2%continued
|
||
|
California State Various Purpose G.O.
Unlimited Refunding Bonds
(BAM-TCRS Insured),
|
|
|
|
5.00%, 9/1/35
|
$2,000
|
$2,007
|
|
California Statewide Communities
Development Authority Revenue
Bonds, Odd Fellows Home of
California Project (California
Mortgage Insured),
|
|
|
|
5.00%, 4/1/47
|
300
|
318
|
|
Carlsbad Unified School District G.O.
Unlimited Bonds, Series A, Election
of 2018,
|
|
|
|
3.00%, 8/1/42
|
550
|
480
|
|
Central Valley Energy Authority
Commodity Supply Revenue Bonds,
|
|
|
|
5.00%, 8/1/30
|
500
|
525
|
|
CSCDA Community Improvement
Authority Essential Housing Senior
Revenue Bonds, Crescent West
Hollywood,
|
|
|
|
4.30%, 7/1/59
|
500
|
410
|
|
Evergreen School District G.O.
Unlimited Bonds, Election of 2014,
|
|
|
|
5.00%, 8/1/46
|
1,300
|
1,334
|
|
Foothill Eastern Transportation Corridor
Agency Toll Road Senior Lien
Revenue Bonds, Series A,
|
|
|
|
4.00%, 1/15/46
|
250
|
246
|
|
Imperial Irrigation District Electric
Revenue Bonds, Series B-1,
|
|
|
|
5.00%, 11/1/46
|
1,500
|
1,505
|
|
Irvine Special Tax Refunding Bonds,
Community Facilities District 2013-3
Improvements (BAM Insured),
|
|
|
|
9/1/46(3)
|
500
|
551
|
|
Irvine Unified School District Financing
Authority Special Tax Refunding
Bonds (BAM Insured),
|
|
|
|
5.00%, 9/1/30
|
425
|
463
|
|
Lake Elsinore Facilities Financing
Authority Local Agency Special TRB,
Series A (AG Insured),
|
|
|
|
5.00%, 9/1/34
|
1,000
|
1,159
|
|
Long Beach Community College District
G.O. Unlimited Bonds, Series E,
|
|
|
|
5.00%, 8/1/52
|
1,000
|
1,070
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 97.2%continued
|
||
|
California – 97.2%continued
|
||
|
Long Beach Marina Revenue Refunding
Bonds, Alamitos Bay Marina Project,
|
|
|
|
5.00%, 5/15/34
|
$700
|
$798
|
|
Los Angeles Community College District
G.O. Unlimited Bonds, Series K,
Election of 2008,
|
|
|
|
4.00%, 8/1/39
|
2,915
|
2,918
|
|
Los Angeles County Public Works
Financing Authority Lease Revenue
Bonds, Series F, Green Bonds,
|
|
|
|
2.63%, 12/1/51
|
1,600
|
1,120
|
|
Los Angeles County Public Works
Financing Authority Lease Revenue
Bonds, Series J,
|
|
|
|
5.25%, 12/1/50
|
1,500
|
1,649
|
|
Los Angeles County Public Works
Financing Authority Lease Revenue
Refunding Bonds, Series H,
|
|
|
|
5.25%, 12/1/41
|
1,000
|
1,148
|
|
Los Angeles County Public Works
Financing Authority Revenue Bonds,
Los Angeles County Flood Control
District,
|
|
|
|
5.00%, 3/1/38
|
300
|
351
|
|
Los Angeles Department of Airports
Senior Revenue Bonds (AMT), Private
Activity,
|
|
|
|
5.50%, 5/15/47
|
1,000
|
1,062
|
|
Los Angeles Department of Airports
Subordinate Revenue Bonds (AMT),
Los Angeles International Airport,
|
|
|
|
5.00%, 5/15/31
|
1,000
|
1,046
|
|
5.00%, 5/15/44
|
500
|
512
|
|
Los Angeles Department of Airports
Subordinate Revenue Refunding
Bonds, Series A (AMT), P3 Project,
|
|
|
|
5.00%, 5/15/46
|
500
|
515
|
|
Los Angeles Department of Water &
Power Revenue Refunding Bonds,
Series B,
|
|
|
|
5.00%, 7/1/38
|
1,000
|
1,115
|
|
5.00%, 7/1/39
|
525
|
552
|
|
5.00%, 7/1/40
|
1,000
|
1,049
|
|
Los Angeles Department of Water &
Power Revenue Refunding Bonds,
Series C,
|
|
|
|
5.00%, 7/1/52
|
500
|
514
|
|
|
June 30, 2026 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 97.2%continued
|
||
|
California – 97.2%continued
|
||
|
Los Angeles Department of Water &
Power Revenue Refunding Bonds,
Series D,
|
|
|
|
5.00%, 7/1/29
|
$1,250
|
$1,326
|
|
Los Angeles Department of Water &
Power Waterworks Revenue
Refunding Bonds, Series A,
|
|
|
|
5.00%, 7/1/38
|
450
|
490
|
|
Los Angeles Municipal Improvement
Corp. Lease Revenue Bonds, Capital
Equipment & Real Property,
|
|
|
|
5.00%, 5/1/42
|
775
|
872
|
|
Los Angeles Municipal Improvement
Corp. Lease Revenue Bonds, Los
Angeles Convention Center,
|
|
|
|
5.00%, 5/1/55
|
1,000
|
1,041
|
|
Los Rios Community College District
G.O. Unlimited Bonds, Series D,
|
|
|
|
3.00%, 8/1/44
|
1,000
|
843
|
|
Lucia Mar Unified School District G.O.
Unlimited Bonds, Series B, Election of
2016,
|
|
|
|
5.00%, 8/1/42
|
650
|
672
|
|
Menifee Community Facilities District
Special Tax Bonds, McCall,
|
|
|
|
3.00%, 9/1/42
|
165
|
135
|
|
Mesa Water District COPS,
|
|
|
|
4.00%, 3/15/45
|
1,150
|
1,158
|
|
Metropolitan Water District of Southern
California Waterworks Revenue
Bonds, Series B-3,
|
|
|
|
5.00%, 7/1/31(1) (2)
|
1,000
|
1,090
|
|
Monterey County Financing Authority
Revenue Refunding Bonds,
|
|
|
|
5.00%, 9/1/37
|
1,170
|
1,220
|
|
Mount Diablo Unified School District
COPS (AG Insured),
|
|
|
|
5.00%, 9/1/29
|
600
|
648
|
|
Mount Diablo Unified School District
G.O. Unlimited Refunding Bonds,
|
|
|
|
5.00%, 8/1/34
|
750
|
876
|
|
Mountain View Whisman School
District G.O. Unlimited Bonds, Series
B,
|
|
|
|
4.25%, 9/1/45
|
500
|
503
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 97.2%continued
|
||
|
California – 97.2%continued
|
||
|
Newport Mesa Unified School District
G.O. Unlimited CABS, Election of
2005,
|
|
|
|
0.00%, 8/1/33(4)
|
$5,000
|
$4,052
|
|
Northern California Energy Authority
Commodity Supply Revenue
Refunding Bonds,
|
|
|
|
5.00%, 8/1/30(1) (2)
|
775
|
821
|
|
Northern California Transmission
Agency Revenue Refunding Bonds,
California-Oregon Transmission
Project,
|
|
|
|
5.00%, 5/1/36
|
400
|
472
|
|
Oakland G.O. Unlimited Bonds, Series
B-1, Measure U,
|
|
|
|
5.00%, 7/15/55
|
750
|
789
|
|
Oakland Unified School District
Alameda County, G.O. Unlimited
Bonds, Series A, Election of 2020,
|
|
|
|
5.00%, 8/1/28
|
1,065
|
1,120
|
|
Pasadena Unified School District G.O.
Unlimited Bonds, Series D, Election of
2020,
|
|
|
|
5.25%, 8/1/47
|
1,000
|
1,112
|
|
Pittsburg Unified School District G.O.
Unlimited Refunding Bonds (BAM
Insured),
|
|
|
|
5.00%, 8/1/30
|
200
|
220
|
|
Redding Electric System Revenue
Refunding Bonds,
|
|
|
|
6/1/31(3)
|
1,250
|
1,377
|
|
Redding Joint Powers Financing
Authority Electric System Revenue
Bonds, Series A,
|
|
|
|
5.00%, 6/1/55
|
1,250
|
1,303
|
|
Redwood City Public Facilities &
Infrastructure Authority Lease
Revenue Bonds, Veterans Memorial
Building,
|
|
|
|
3.00%, 6/1/51
|
1,750
|
1,344
|
|
River Islands PFA Local Agency Special
TRB, Series A (AG Insured),
|
|
|
|
5.00%, 9/1/52
|
515
|
544
|
|
Schedule of Investments
|
|
CALIFORNIA TAX-EXEMPT FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 97.2%continued
|
||
|
California – 97.2%continued
|
||
|
Riverside County Transportation
Commission Toll Senior Lien Revenue
Refunding Bonds, RCTC 91 Express
Lanes,
|
|
|
|
4.00%, 6/1/46
|
$750
|
$746
|
|
Sacramento City Unified School District
G.O. Unlimited Bonds, Series C,
Measure H, Election of 2020 (AG
Insured),
|
|
|
|
5.00%, 8/1/43
|
1,330
|
1,416
|
|
Sacramento County Airport System
Revenue Bonds, Series A (AMT),
|
|
|
|
5.00%, 7/1/32
|
300
|
329
|
|
Sacramento County Special Tax
Refunding Bonds, Metro Air Park
Community Facilities,
|
|
|
|
5.00%, 9/1/34
|
1,000
|
1,061
|
|
San Carlos School District G.O.
Unlimited Refunding Bonds,
|
|
|
|
5.00%, 10/1/41
|
400
|
450
|
|
San Diego Community College District
G.O. Unlimited Bonds, Series A-1,
|
|
|
|
5.00%, 8/1/55
|
1,500
|
1,607
|
|
San Francisco City & County Airports
Commission International Airport
Revenue Bonds, Series A (AMT),
|
|
|
|
5.00%, 5/1/42
|
1,500
|
1,514
|
|
San Francisco City & County Airports
Commission International Airport
Revenue Bonds, Series E (AMT),
|
|
|
|
5.00%, 5/1/45
|
1,000
|
1,021
|
|
5.00%, 5/1/50
|
1,500
|
1,517
|
|
San Francisco City & County Airports
Commission International Airport
Revenue Refunding Bonds, Second
Series A (AMT),
|
|
|
|
5.00%, 5/1/30
|
1,170
|
1,259
|
|
San Francisco City & County Public
Utilities Commission Water Revenue
Bonds, Series D, Hetch Hetchy
Water,
|
|
|
|
3.00%, 11/1/50
|
600
|
468
|
|
San Francisco City & County Public
Utilities Commission Water Revenue
Refunding Bonds, Subseries C,
Green Bonds,
|
|
|
|
4.00%, 11/1/41
|
1,000
|
1,031
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 97.2%continued
|
||
|
California – 97.2%continued
|
||
|
San Francisco City & County Public
Utilities Commission Water Revenue
Refunding Bonds, Sustainable Bonds,
|
|
|
|
5.00%, 11/1/32
|
$205
|
$235
|
|
San Francisco City & County Refunding
COPS, Multiple Capital Projects,
|
|
|
|
2.00%, 10/1/33
|
1,200
|
1,068
|
|
San Francisco City & County Unified
School District G.O. Unlimited
Bonds, Series A, Election of 2016,
|
|
|
|
4.00%, 6/15/35
|
500
|
500
|
|
San Francisco Community College
District G.O. Unlimited Bonds, Series
A, Election of 2020,
|
|
|
|
3.00%, 6/15/45
|
1,000
|
836
|
|
San Joaquin Hills Transportation
Corridor Agency Toll Road Senior
Lien Revenue Refunding Bonds,
|
|
|
|
4.00%, 1/15/34
|
500
|
518
|
|
San Joaquin Valley Clean Energy
Authority Variable Sustainable
Revenue Bonds, Clean Energy
Project,
|
|
|
|
5.50%, 7/1/35(1) (2)
|
1,000
|
1,112
|
|
Santa Clarita Community College
District G.O. Unlimited Bonds,
Election of 2016,
|
|
|
|
5.25%, 8/1/48
|
1,000
|
1,090
|
|
Santa Cruz County Capital Financing
Authority Lease Revenue Bonds,
Series A-1,
|
|
|
|
4.00%, 6/1/32
|
300
|
311
|
|
4.00%, 6/1/34
|
330
|
339
|
|
Sonoma County Junior College District
G.O. Unlimited Bonds, Series B,
|
|
|
|
3.00%, 8/1/36
|
900
|
860
|
|
Southern California Logistics Airport
Authority Junior Lien Tax Allocation
Refunding Bonds, Series A (AG
Insured),
|
|
|
|
5.00%, 12/1/43
|
500
|
561
|
|
Southern California Public Power
Authority Sustainable Revenue
Bonds, Clean Energy II Project,
|
|
|
|
5.00%, 11/1/33
|
765
|
816
|
|
|
June 30, 2026 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 97.2%continued
|
||
|
California – 97.2%continued
|
||
|
Sutter Butte Flood Control Agency
Special Assessment Revenue
Refunding Bonds (AG Insured),
|
|
|
|
5.00%, 10/1/38
|
$750
|
$860
|
|
Tobacco Securitization Authority
Tobacco Settlement Senior Revenue
Refunding Bonds, Sacramento
County,
|
|
|
|
4.00%, 6/1/37
|
700
|
705
|
|
Transbay Joint Powers Authority Senior
Tax Allocation Bonds, Green Bonds,
|
|
|
|
5.00%, 10/1/45
|
1,000
|
1,014
|
|
Turlock Irrigation District Revenue
Refunding Bonds,
|
|
|
|
5.00%, 1/1/37
|
805
|
863
|
|
Twin Rivers Unified School District G.O.
Unlimited Refunding Bonds, Series B
(AG Insured),
|
|
|
|
5.00%, 8/1/28
|
1,000
|
1,057
|
|
University of California General
Revenue Refunding Bonds, Series AZ,
|
|
|
|
5.00%, 5/15/34
|
85
|
89
|
|
University of California Revenue Bonds,
Series CD,
|
|
|
|
5.25%, 5/15/40
|
600
|
725
|
|
University of California Revenue Bonds,
Series CH,
|
|
|
|
5.25%, 5/15/38
|
500
|
601
|
|
University of California Revenue
Refunding Bonds, Series BH,
|
|
|
|
4.00%, 5/15/46
|
2,000
|
2,003
|
|
University of California Revenue
Refunding Bonds, Series CE,
|
|
|
|
5.00%, 11/15/39
|
855
|
1,010
|
|
University of California Revenue
Refunding Bonds, Series O, Limited
Project,
|
|
|
|
5.00%, 5/15/58
|
1,500
|
1,527
|
|
Upper Santa Clara Valley Joint Powers
Authority Revenue Refunding Bonds,
Series A,
|
|
|
|
4.00%, 8/1/45
|
1,200
|
1,200
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 97.2%continued
|
||
|
California – 97.2%continued
|
||
|
Western Placer Waste Management
Authority Solid Waste Revenue
Bonds, Material Recovery Facility
Project,
|
|
|
|
5.00%, 6/1/40
|
$625
|
$688
|
|
|
|
125,692
|
|
Total Municipal Bonds
|
|
|
|
(Cost $129,697)
|
|
125,692
|
|
|
NUMBER
OF SHARES
|
VALUE
(000S)
|
|
INVESTMENT COMPANIES – 2.0%
|
||
|
Northern Institutional Funds -
U.S. Government Portfolio (Shares),
3.46%(5) (6)
|
2,599,116
|
$2,599
|
|
Total Investment Companies
|
|
|
|
(Cost $2,599)
|
|
2,599
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
SHORT-TERM INVESTMENTS – 2.7%
|
||
|
California State Infrastructure &
Economic Development Bank
Variable Revenue Refunding Bonds,
|
|
|
|
1.75%, 8/1/26(1) (2)
|
$3,500
|
$3,492
|
|
Total Short-Term Investments
|
|
|
|
(Cost $3,500)
|
3,492
|
|
|
|
|
|
|
Total Investments – 101.9%
|
|
|
|
(Cost $135,796)
|
131,783
|
|
|
Liabilities less Other Assets – (1.9%)
|
(2,510
)
|
|
|
NET ASSETS – 100.0%
|
$129,273
|
|
|
(1)
|
Maturity date represents the puttable date.
|
|
(2)
|
Variable or floating rate security. These securities are remarketed by an
agent, and the rate at which these securities are set are determined by
general market conditions and supply and demand. Rate as of June 30,
2026 is disclosed.
|
|
(3)
|
When-Issued Security. Coupon rate is not in effect at June 30, 2026.
|
|
(4)
|
Zero coupon bond.
|
|
(5)
|
Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the
investment adviser to the Fund and the investment adviser to Northern
Institutional Funds.
|
|
(6)
|
7-day current yield as of June 30, 2026 is disclosed.
|
|
|
|
Schedule of Investments
|
|
CALIFORNIA TAX-EXEMPT FUND continued
|
June 30, 2026 (UNAUDITED)
|
|
EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT
THE SCHEDULE OF INVESTMENTS:
|
|
|
|
AMT - Alternative Minimum Tax
|
|
|
|
BAM - Build America Mutual
|
|
|
|
CABS - Capital Appreciation Bonds
|
|
|
|
CHF - Collegiate Housing Foundation
|
|
|
|
COPS - Certificates of Participation
|
|
|
|
CSCDA - California Statewide Communities Development Authority
|
|
|
|
FHLMC - Federal Home Loan Mortgage Corporation
|
|
|
|
G.O. - General Obligation
|
|
|
|
MFH - Multi-Family Housing
|
|
|
|
PFA - Public Finance Authority
|
|
|
|
TCRS - Transferable Custodial Receipts
|
|
|
|
TRB - Tax Revenue Bonds
|
|
INVESTMENTS
|
LEVEL 1
(000s)
|
LEVEL 2
(000s)
|
LEVEL 3
(000s)
|
TOTAL
(000s)
|
|
Municipal Bonds
|
$—
|
$125,692
|
$—
|
$125,692
|
|
Investment Companies
|
2,599
|
—
|
—
|
2,599
|
|
Short-Term Investments
|
—
|
3,492
|
—
|
3,492
|
|
Total Investments
|
$2,599
|
$129,184
|
$—
|
$131,783
|
|
SECURITY
|
VALUE,
BEGINNING
OF PERIOD
(000S)
|
PURCHASES
(000S)
|
SALES
PROCEEDS
(000S)
|
VALUE,
END OF PERIOD
(000S)
|
SHARES/PAR,
END
OF PERIOD
|
DIVIDEND/
INTEREST
INCOME
(000S)
|
|
Northern Institutional Funds - U.S. Government Portfolio (Shares)
|
$2,433
|
$14,211
|
$14,045
|
$2,599
|
2,599,116
|
$15
|
|
Schedule of Investments
|
|
CORE BOND FUND
|
June 30, 2026 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
ASSET-BACKED SECURITIES – 24.6%
|
||
|
Auto Loan – 7.3%
|
||
|
Carvana Auto Receivables Trust, Series
2025-P2, Class C
|
|
|
|
5.48%, 11/10/31
|
$400
|
$404
|
|
Drive Auto Receivables Trust, Series
2024-1, Class B
|
|
|
|
5.31%, 1/16/29
|
109
|
110
|
|
Drive Auto Receivables Trust, Series
2024-2, Class A3
|
|
|
|
4.50%, 9/15/28
|
344
|
344
|
|
Exeter Automobile Receivables Trust,
Series 2025-1A, Class D
|
|
|
|
5.49%, 5/15/31
|
185
|
186
|
|
Exeter Automobile Receivables Trust,
Series 2025-2A, Class D
|
|
|
|
5.89%, 7/15/31
|
180
|
183
|
|
Ford Credit Auto Owner Trust, Series
2023-B, Class A3
|
|
|
|
5.23%, 5/15/28
|
37
|
37
|
|
Ford Credit Auto Owner Trust, Series
2024-B, Class A4
|
|
|
|
4.96%, 5/15/30
|
150
|
151
|
|
Harley-Davidson Motorcycle Trust,
Series 2024-A, Class A3
|
|
|
|
5.37%, 3/15/29
|
60
|
60
|
|
Hyundai Auto Lease Securitization
Trust, Series 2024-B, Class A3
|
|
|
|
5.41%, 5/17/27(1)
|
33
|
33
|
|
Research-Driven Pagaya Motor Asset
Trust, Series 2026-1A, Class D
|
|
|
|
6.52%, 1/25/35(1)
|
653
|
630
|
|
Research-Driven Pagaya Motor Asset
Trust, Series 2026-2A, Class D
|
|
|
|
6.86%, 2/26/35(1)
|
300
|
291
|
|
Research-Driven Pagaya Motor Trust,
Series 2025-5A, Class B
|
|
|
|
5.23%, 6/26/34(1)
|
300
|
297
|
|
Research-Driven Pagaya Motor Trust,
Series 2025-6A, Class B
|
|
|
|
5.09%, 8/25/34(1)
|
700
|
691
|
|
Santander Bank Auto Credit-Linked
Notes, Series 2025-A, Class D
|
|
|
|
5.15%, 1/16/34(1)
|
270
|
269
|
|
Santander Drive Auto Receivables Trust,
Series 2025-2, Class C
|
|
|
|
5.06%, 5/15/31
|
549
|
552
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
ASSET-BACKED SECURITIES - 24.6%continued
|
||
|
Auto Loan – 7.3%continued
|
||
|
Santander Drive Auto Receivables Trust,
Series 2025-2, Class D
|
|
|
|
5.47%, 5/15/31
|
$570
|
$575
|
|
Santander Drive Auto Receivables Trust,
Series 2026-1, Class D
|
|
|
|
4.75%, 4/15/32
|
890
|
877
|
|
SFS Auto Receivables Securitization
Trust, Series 2025-2A, Class A3
|
|
|
|
4.44%, 12/20/30(1)
|
190
|
190
|
|
Tesla Auto Lease Trust, Series 2024-B,
Class B
|
|
|
|
5.11%, 8/21/28(1)
|
500
|
501
|
|
Westlake Automobile Receivables Trust,
Series 2025-P1, Class B
|
|
|
|
4.86%, 5/15/30(1)
|
100
|
100
|
|
Westlake Automobile Receivables Trust,
Series 2025-P1, Class C
|
|
|
|
5.15%, 11/15/30(1)
|
200
|
201
|
|
|
|
6,682
|
|
Credit Card – 0.1%
|
||
|
Synchrony Card Funding LLC, Series
2024-A1, Class A
|
|
|
|
5.04%, 3/15/30
|
77
|
77
|
|
Other – 7.5%
|
||
|
321 Henderson Receivables I LLC,
Series 2007-3A, Class A
|
|
|
|
6.15%, 10/15/48(1)
|
199
|
203
|
|
CNH Equipment Trust, Series 2024-A,
Class A3
|
|
|
|
4.77%, 6/15/29
|
58
|
58
|
|
CNH Equipment Trust, Series 2024-C,
Class A3
|
|
|
|
4.03%, 1/15/30
|
195
|
195
|
|
J.G. Wentworth XLI LLC
|
|
|
|
3.74%, 10/17/72(1)
|
552
|
493
|
|
JGWPT XXVII LLC, Series 2012-3A,
Class A
|
|
|
|
3.22%, 9/15/65(1)
|
196
|
176
|
|
JGWPT XXX LLC, Series 2013-3A,
Class A
|
|
|
|
4.08%, 1/17/73(1)
|
291
|
274
|
|
John Deere Owner Trust, Series
2024-A, Class A3
|
|
|
|
4.96%, 11/15/28
|
109
|
110
|
|
Schedule of Investments
|
|
CORE BOND FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
ASSET-BACKED SECURITIES - 24.6%continued
|
||
|
Other – 7.5%continued
|
||
|
John Deere Owner Trust, Series
2024-C, Class A3
|
|
|
|
4.06%, 6/15/29
|
$396
|
$395
|
|
Oryx Funding LLC, Series 2026-1A,
Class A2
|
|
|
|
6.30%, 6/5/56(1)
|
660
|
662
|
|
Pagaya AI Debt Grantor Trust, Series
2024-PT1, Class D
|
|
|
|
6.26%, 2/16/32(1)
|
249
|
250
|
|
Pagaya AI Debt Trust, Series 2025-4,
Class B
|
|
|
|
5.69%, 1/17/33(1)
|
280
|
280
|
|
PK Alift Loan Funding 8 LP, Series
2026-1, Class C
|
|
|
|
5.00%, 9/15/43(1)
|
1,347
|
1,318
|
|
Santander Mortgage Asset Receivable
Trust, Series 2025-CES1, Class A2
|
|
|
|
(Step to 6.22% on 1/25/30),
5.22%, 9/25/55(1) (2)
|
730
|
721
|
|
Santander Mortgage Asset Receivable
Trust, Series 2025-CES1, Class A3
|
|
|
|
(Step to 6.37% on 11/25/29),
5.37%, 9/25/55(1) (2)
|
500
|
494
|
|
Santander Mortgage Asset Receivable
Trust, Series 2026-CES1, Class A3
|
|
|
|
(Step to 6.35% on 2/25/30),
5.35%, 1/1/56(1) (2)
|
630
|
619
|
|
Sotheby's Artfi Master Trust, Series
2026-1A, Class A1
|
|
|
|
4.80%, 6/20/33(1)
|
119
|
118
|
|
Sotheby's Artfi Master Trust, Series
2026-1A, Class B
|
|
|
|
4.90%, 6/20/33(1)
|
204
|
203
|
|
Sotheby's Artfi Master Trust, Series
2026-1A, Class C
|
|
|
|
5.00%, 6/20/33(1)
|
169
|
168
|
|
Sotheby's Artfi Master Trust, Series
2026-1A, Class D
|
|
|
|
5.54%, 6/20/33(1)
|
200
|
199
|
|
|
|
6,936
|
|
Whole Loan – 9.7%
|
||
|
Angel Oak Mortgage Trust, Series
2023-1, Class A1
|
|
|
|
(Step to 4.67% on 10/25/26),
4.75%, 9/26/67(1) (2)
|
194
|
194
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
ASSET-BACKED SECURITIES - 24.6%continued
|
||
|
Whole Loan – 9.7%continued
|
||
|
Angel Oak Mortgage Trust, Series
2024-4, Class A1
|
|
|
|
(Step to 6.51% on 4/25/28),
6.20%, 1/25/69(1) (2)
|
$382
|
$383
|
|
BINOM Mortgage Loan Trust, Series
2026-NQM1, Class A3
|
|
|
|
(Step to 6.11% on 5/25/30),
5.47%, 2/25/66(1) (2)
|
386
|
383
|
|
Chase Home Lending Mortgage Trust,
Series 2023-1, Class B3
|
|
|
|
6.31%, 6/25/54(1) (3)
|
334
|
328
|
|
Colt Mortgage Loan Trust, Series
2024-7, Class A2
|
|
|
|
(Step to 6.79% on 12/25/28),
5.79%, 12/26/69(1) (2)
|
199
|
199
|
|
J.P. Morgan Mortgage Trust, Series
2022-7, Class 1A2
|
|
|
|
3.00%, 12/25/52(1) (3)
|
248
|
212
|
|
J.P. Morgan Mortgage Trust, Series
2023-1, Class A3A
|
|
|
|
5.00%, 6/25/53(1) (3)
|
162
|
158
|
|
JP Morgan Mortgage Trust, Series
2025-NQM5, Class A3
|
|
|
|
(Step to 6.23% on 1/25/30),
5.23%, 5/25/65(1) (2)
|
227
|
224
|
|
JP Morgan Mortgage Trust, Series
2026-NQM2, Class A3
|
|
|
|
(Step to 6.71% on 5/25/30),
5.71%, 9/25/66(1) (2)
|
446
|
444
|
|
Mello Mortgage Capital Acceptance,
Series 2021-MTG2, Class A1
|
|
|
|
2.50%, 6/25/51(1) (3)
|
243
|
201
|
|
New Residential Mortgage Loan Trust,
Series 2018-1A, Class A1A
|
|
|
|
4.00%, 12/25/57(1) (3)
|
871
|
844
|
|
NRZT, Series 2025-NQM6, Class A3
|
|
|
|
(Step to 6.34% on 12/25/29),
5.34%, 10/25/65(1) (2)
|
314
|
311
|
|
OBX Trust, Series 2023-NQM7,
Class A1
|
|
|
|
(Step to 7.46% on 10/25/27),
6.84%, 4/25/63(1) (2)
|
201
|
201
|
|
OBX Trust, Series 2023-NQM7,
Class A3
|
|
|
|
(Step to 7.46% on 10/25/27),
7.30%, 4/25/63(1) (2)
|
43
|
43
|
|
|
June 30, 2026 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
ASSET-BACKED SECURITIES - 24.6%continued
|
||
|
Whole Loan – 9.7%continued
|
||
|
OBX Trust, Series 2024-NQM2,
Class A1
|
|
|
|
(Step to 6.88% on 2/25/28),
5.88%, 12/25/63(1) (2)
|
$112
|
$112
|
|
OBX Trust, Series 2024-NQM9,
Class A1
|
|
|
|
(Step to 7.20% on 7/25/28),
6.03%, 1/25/64(1) (2)
|
156
|
157
|
|
OBX Trust, Series 2025-NQM21,
Class A3
|
|
|
|
(Step to 6.29% on 12/25/29),
5.29%, 10/25/65(1) (2)
|
213
|
211
|
|
PMT Loan Trust, Series 2024-INV1,
Class A2
|
|
|
|
6.00%, 10/25/59(1) (3)
|
376
|
383
|
|
Provident Funding Mortgage Trust,
Series 2024-1, Class A13
|
|
|
|
5.50%, 12/25/54(1) (3)
|
578
|
574
|
|
Santander Mortgage Asset Receivable
Trust, Series 2025-NQM1,
Class M1A
|
|
|
|
6.42%, 1/25/65(1)
|
508
|
508
|
|
Santander Mortgage Asset Receivable
Trust, Series 2025-NQM2, Class M1
|
|
|
|
(Step to 6.82% on 5/25/41),
6.83%, 2/25/65(1) (2)
|
210
|
212
|
|
Santander Mortgage Asset Receivable
Trust, Series 2025-NQM3, Class M1
|
|
|
|
6.33%, 5/25/65(1) (3)
|
160
|
160
|
|
Santander Mortgage Asset Receivable
Trust, Series 2025-NQM4, Class A3
|
|
|
|
(Step to 6.76% on 8/25/29),
5.76%, 7/25/65(1) (2)
|
395
|
394
|
|
Santander Mortgage Asset Receivable
Trust, Series 2025-NQM5, Class A3
|
|
|
|
(Step to 6.47% on 10/25/29),
5.47%, 8/25/65(1) (2)
|
130
|
129
|
|
Santander Mortgage Asset Receivable
Trust, Series 2025-NQM6, Class A1
|
|
|
|
5.14%, 11/25/65(1) (3)
|
204
|
203
|
|
Santander Mortgage Asset Receivable
Trust, Series 2025-NQM6, Class A3
|
|
|
|
(Step to 6.44% on 11/25/29),
5.44%, 11/25/65(1) (2)
|
98
|
97
|
|
Santander Mortgage Asset Receivable
Trust, Series 2026-NQM3, Class M1
|
|
|
|
5.86%, 2/25/66(1) (3)
|
139
|
138
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
ASSET-BACKED SECURITIES - 24.6%continued
|
||
|
Whole Loan – 9.7%continued
|
||
|
Santander Mortgage Asset Receivable
Trust, Series 2026-NQM4, Class A3
|
|
|
|
(Step to 6.38% on 6/25/30),
5.87%, 5/25/66(1) (2)
|
$797
|
$795
|
|
Sequoia Mortgage Trust, Series
2023-1, Class A1
|
|
|
|
5.00%, 1/25/53(1)
|
75
|
73
|
|
Sequoia Mortgage Trust, Series
2024-6, Class A11
|
|
|
|
6.00%, 7/27/54(1) (3)
|
98
|
98
|
|
Towd Point Mortgage Trust, Series
2022-1, Class A1
|
|
|
|
3.75%, 7/25/62(1)
|
512
|
483
|
|
Towd Point Mortgage Trust, Series
2022-4, Class A1
|
|
|
|
3.75%, 9/25/62(1)
|
58
|
55
|
|
|
|
8,907
|
|
Total Asset-Backed Securities
|
|
|
|
(Cost $22,771)
|
|
22,602
|
|
|
|
|
|
COMMERCIAL MORTGAGE-BACKED SECURITIES – 4.6%
|
||
|
Non Agency – 4.6%
|
||
|
BANK, Series 2021-BN37, Class A5
|
|
|
|
2.62%, 11/15/64
|
250
|
221
|
|
BANK5, Series 2023-5YR2, Class A3
|
|
|
|
6.66%, 7/15/56
|
210
|
216
|
|
Benchmark Mortgage Trust, Series
2023-V3, Class A3
|
|
|
|
6.36%, 7/15/56
|
260
|
266
|
|
BMARK, Series 2023-V4, Class C
|
|
|
|
7.46%, 11/15/56(3)
|
352
|
359
|
|
BPR Trust, Series 2023-BRK2, Class A
|
|
|
|
6.90%, 10/5/38(1) (3)
|
120
|
122
|
|
Citigroup Commercial Mortgage Trust,
Series 2016-P3, Class AS
|
|
|
|
3.59%, 4/15/49
|
105
|
104
|
|
Fashion Show Mall LLC, Series
2024-SHOW, Class B
|
|
|
|
5.64%, 10/10/41(1) (3)
|
135
|
137
|
|
FIVE Mortgage Trust, Series 2023-V1,
Class A3
|
|
|
|
5.67%, 2/10/56
|
260
|
263
|
|
MAD Commercial Mortgage Trust,
Series 2025-11MD, Class C
|
|
|
|
5.82%, 10/15/42(1) (3)
|
130
|
130
|
|
Schedule of Investments
|
|
CORE BOND FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
COMMERCIAL MORTGAGE-BACKED SECURITIES - 4.6%continued
|
||
|
Non Agency – 4.6%continued
|
||
|
Morgan Stanley Bank of America
Merrill Lynch Trust, Series 2016-C32,
Class A4
|
|
|
|
3.72%, 12/15/49
|
$80
|
$80
|
|
Morgan Stanley Capital I Trust, Series
2016-UBS9, Class AS
|
|
|
|
3.90%, 3/15/49
|
92
|
91
|
|
MSRW Pass-Through Trust, Series
2025-CC, Class A
|
|
|
|
5.89%, 8/15/30(1)
|
587
|
576
|
|
MSRW Pass-Through Trust, Series
2025-CC, Class B
|
|
|
|
6.65%, 8/15/30(1)
|
300
|
294
|
|
SCMS Mortgage Trust, Series
2025-BNC1, Class AS
|
|
|
|
5.31%, 4/15/28(1)
|
300
|
300
|
|
Wells Fargo Commercial Mortgage
Trust, Series 2024-C63, Class A5
|
|
|
|
5.31%, 8/15/57
|
1,100
|
1,118
|
|
|
|
4,277
|
|
Total Commercial Mortgage-Backed
Securities
|
|
|
|
(Cost $4,282)
|
|
4,277
|
|
|
|
|
|
CORPORATE BONDS – 21.4%
|
||
|
Aerospace & Defense – 0.7%
|
||
|
Boeing (The) Co.,
|
|
|
|
6.53%, 5/1/34
|
200
|
218
|
|
General Dynamics Corp.,
|
|
|
|
2.25%, 6/1/31
|
105
|
94
|
|
Huntington Ingalls Industries, Inc.,
|
|
|
|
2.04%, 8/16/28
|
385
|
364
|
|
|
|
676
|
|
Asset Management – 1.9%
|
||
|
Affiliated Managers Group, Inc.,
|
|
|
|
5.50%, 2/15/36
|
235
|
233
|
|
Ameriprise Financial, Inc.,
|
|
|
|
4.80%, 6/15/31
|
62
|
62
|
|
Apollo Debt Solutions BDC,
|
|
|
|
5.70%, 1/23/31(1)
|
175
|
171
|
|
Apollo Global Management, Inc.,
|
|
|
|
5.70%, 3/30/36
|
300
|
301
|
|
Ares Capital Corp.,
|
|
|
|
5.95%, 7/15/29
|
135
|
136
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 21.4% continued
|
||
|
Asset Management – 1.9%continued
|
||
|
Blackstone Private Credit Fund,
|
|
|
|
5.95%, 7/16/29
|
$135
|
$135
|
|
5.25%, 4/1/30
|
125
|
121
|
|
Blue Owl Credit Income Corp.,
|
|
|
|
7.95%, 6/13/28
|
400
|
414
|
|
Citadel L.P.,
|
|
|
|
6.38%, 1/23/32(1)
|
190
|
198
|
|
|
|
1,771
|
|
Banking – 3.8%
|
||
|
Bank of America Corp.,
|
|
|
|
(Variable, U.S. SOFR + 1.57%),
5.82%, 9/15/29(4)
|
165
|
169
|
|
(Variable, CME Term SOFR 3M +
1.47%), 3.97%, 2/7/30(4)
|
180
|
177
|
|
Citigroup, Inc.,
|
|
|
|
(Variable, CME Term SOFR 3M +
1.41%), 3.52%, 10/27/28(4)
|
131
|
129
|
|
(Variable, U.S. SOFR + 0.87%),
4.79%, 3/4/29(4)
|
180
|
181
|
|
Citizens Bank N.A.,
|
|
|
|
(Variable, U.S. SOFR + 0.70%),
4.19%, 1/29/29(4)
|
400
|
397
|
|
JPMorgan Chase & Co.,
|
|
|
|
(Variable, U.S. SOFR + 1.16%),
5.58%, 4/22/30(4)
|
700
|
715
|
|
Morgan Stanley Bank N.A.,
|
|
|
|
(Variable, U.S. SOFR Compounded
Index + 0.97%), 4.79%,
5/10/30(4)
|
260
|
260
|
|
PNC Financial Services Group (The),
Inc.,
|
|
|
|
(Variable, U.S. SOFR + 0.68%),
4.62%, 10/26/29(4)
|
580
|
579
|
|
U.S. Bancorp,
|
|
|
|
(Variable, U.S. Treasury Yield Curve
Rate CMT 5Y + 1.25%), 5.72%,
5/20/41(4)
|
380
|
381
|
|
Wells Fargo & Co.,
|
|
|
|
(Variable, U.S. SOFR + 2.10%),
2.39%, 6/2/28(4)
|
159
|
156
|
|
(Variable, U.S. SOFR + 1.50%),
5.20%, 1/23/30(4)
|
300
|
303
|
|
|
|
3,447
|
|
|
June 30, 2026 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 21.4% continued
|
||
|
Beverages – 0.5%
|
||
|
Constellation Brands, Inc.,
|
|
|
|
2.88%, 5/1/30
|
$19
|
$18
|
|
Molson Coors Beverage Co.,
|
|
|
|
4.90%, 7/8/31
|
400
|
399
|
|
|
|
417
|
|
Cable & Satellite – 0.7%
|
||
|
Space Exploration Technologies Corp.,
|
|
|
|
5.88%, 7/15/36(1)
|
675
|
666
|
|
Chemicals – 2.5%
|
||
|
CF Industries, Inc.,
|
|
|
|
5.30%, 11/26/35†
|
580
|
578
|
|
Dow Chemical (The) Co.,
|
|
|
|
5.65%, 3/15/36
|
580
|
577
|
|
LYB International Finance III LLC,
|
|
|
|
5.88%, 1/15/36†
|
580
|
582
|
|
Westlake Corp.,
|
|
|
|
5.55%, 11/15/35
|
580
|
575
|
|
|
|
2,312
|
|
Commercial Support Services – 0.2%
|
||
|
Block Financial LLC,
|
|
|
|
5.38%, 9/15/32
|
220
|
216
|
|
Construction Materials – 0.4%
|
||
|
Carlisle Cos., Inc.,
|
|
|
|
5.55%, 9/15/40
|
80
|
79
|
|
Vulcan Materials Co.,
|
|
|
|
5.35%, 12/1/34
|
250
|
254
|
|
|
|
333
|
|
Electric Utilities – 1.7%
|
||
|
Ameren Corp.,
|
|
|
|
3.50%, 1/15/31
|
43
|
41
|
|
Berkshire Hathaway Energy Co.,
|
|
|
|
1.65%, 5/15/31
|
55
|
48
|
|
Consolidated Edison Co. of New York,
Inc.,
|
|
|
|
3.35%, 4/1/30
|
2
|
2
|
|
Constellation Energy Generation LLC,
|
|
|
|
3.90%, 1/8/28
|
190
|
188
|
|
DTE Energy Co.,
|
|
|
|
(Variable, U.S. Treasury Yield Curve
Rate CMT 5Y + 1.81%), 6.20%,
7/1/58(4)
|
210
|
212
|
|
Duke Energy Progress LLC,
|
|
|
|
3.40%, 4/1/32
|
64
|
59
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 21.4% continued
|
||
|
Electric Utilities – 1.7%continued
|
||
|
5.25%, 3/15/33
|
$98
|
$100
|
|
Evergy Missouri West, Inc.,
|
|
|
|
4.70%, 5/21/29(1)
|
150
|
150
|
|
NextEra Energy Capital Holdings, Inc.,
|
|
|
|
(Variable, U.S. Treasury Yield Curve
Rate CMT 5Y + 1.84%), 6.00%,
10/1/56(4)
|
515
|
515
|
|
PacifiCorp,
|
|
|
|
5.45%, 2/15/34
|
105
|
106
|
|
Public Service Co. of Colorado,
|
|
|
|
5.15%, 9/15/35
|
135
|
134
|
|
Virginia Electric and Power Co.,
|
|
|
|
2.40%, 3/30/32
|
42
|
37
|
|
|
|
1,592
|
|
Electrical Equipment – 0.4%
|
||
|
Hubbell, Inc.,
|
|
|
|
2.30%, 3/15/31
|
80
|
72
|
|
Vertiv Holdings Co.,
|
|
|
|
5.80%, 3/15/56
|
300
|
295
|
|
|
|
367
|
|
Food – 0.2%
|
||
|
Kraft Heinz Foods Co.,
|
|
|
|
3.75%, 4/1/30
|
155
|
150
|
|
Tyson Foods, Inc.,
|
|
|
|
4.35%, 3/1/29
|
47
|
47
|
|
|
|
197
|
|
Gas & Water Utilities – 0.5%
|
||
|
American Water Capital Corp.,
|
|
|
|
4.63%, 6/1/29
|
260
|
260
|
|
National Fuel Gas Co.,
|
|
|
|
5.50%, 5/15/36
|
192
|
191
|
|
|
|
451
|
|
Health Care Facilities & Services – 0.8%
|
||
|
Cencora, Inc.,
|
|
|
|
4.25%, 11/15/30†
|
110
|
108
|
|
2.70%, 3/15/31
|
122
|
111
|
|
CVS Health Corp.,
|
|
|
|
5.45%, 9/15/35
|
200
|
203
|
|
HCA, Inc.,
|
|
|
|
4.13%, 6/15/29
|
180
|
177
|
|
4.90%, 11/15/35
|
95
|
92
|
|
|
|
691
|
|
Schedule of Investments
|
|
CORE BOND FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 21.4% continued
|
||
|
Home Construction – 0.0%
|
||
|
Mohawk Industries, Inc.,
|
|
|
|
5.85%, 9/18/28
|
$2
|
$2
|
|
Household Products – 0.7%
|
||
|
Clorox (The) Co.,
|
|
|
|
4.70%, 5/15/31
|
620
|
616
|
|
Institutional Financial Services – 0.2%
|
||
|
Goldman Sachs Group (The), Inc.,
|
|
|
|
(Variable, U.S. SOFR + 0.90%),
4.15%, 10/21/29(4)
|
180
|
177
|
|
Insurance – 1.1%
|
||
|
Arch Capital Group Ltd.,
|
|
|
|
5.95%, 6/15/56
|
526
|
531
|
|
New York Life Global Funding,
|
|
|
|
4.40%, 4/25/28(1)
|
440
|
439
|
|
|
|
970
|
|
Internet Media & Services – 0.9%
|
||
|
Alphabet, Inc.,
|
|
|
|
4.80%, 2/15/36
|
116
|
114
|
|
Beignet Investor LLC,
|
|
|
|
6.58%, 5/30/49(1)
|
175
|
179
|
|
Expedia Group, Inc.,
|
|
|
|
5.40%, 2/15/35
|
230
|
228
|
|
Meta Platforms, Inc.,
|
|
|
|
6.45%, 5/15/66
|
285
|
281
|
|
|
|
802
|
|
Leisure Facilities & Services – 0.1%
|
||
|
Las Vegas Sands Corp.,
|
|
|
|
5.30%, 5/15/31
|
90
|
90
|
|
Oil & Gas Supply Chain – 0.2%
|
||
|
Targa Resources Corp.,
|
|
|
|
4.95%, 4/15/52
|
250
|
215
|
|
Real Estate Investment Trusts – 0.3%
|
||
|
Boston Properties L.P.,
|
|
|
|
2.55%, 4/1/32
|
19
|
16
|
|
Essex Portfolio L.P.,
|
|
|
|
2.65%, 3/15/32
|
41
|
36
|
|
Omega Healthcare Investors, Inc.,
|
|
|
|
3.38%, 2/1/31
|
18
|
17
|
|
Store Capital LLC,
|
|
|
|
5.40%, 4/30/30
|
230
|
232
|
|
|
|
301
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 21.4% continued
|
||
|
Real Estate Services – 0.1%
|
||
|
CBRE Services, Inc.,
|
|
|
|
4.90%, 1/15/33
|
$125
|
$123
|
|
Retail - Discretionary – 0.0%
|
||
|
Tractor Supply Co.,
|
|
|
|
1.75%, 11/1/30
|
23
|
20
|
|
Semiconductors – 0.8%
|
||
|
Foundry JV Holdco LLC,
|
|
|
|
6.30%, 1/25/39(1)
|
225
|
239
|
|
NVIDIA Corp.,
|
|
|
|
5.63%, 6/15/56
|
515
|
511
|
|
|
|
750
|
|
Software – 1.7%
|
||
|
Oracle Corp.,
|
|
|
|
4.45%, 9/26/30
|
430
|
415
|
|
6.00%, 8/3/55
|
450
|
383
|
|
Salesforce, Inc.,
|
|
|
|
4.90%, 9/15/31
|
800
|
798
|
|
|
|
1,596
|
|
Specialty Finance – 0.2%
|
||
|
Broadridge Financial Solutions, Inc.,
|
|
|
|
2.90%, 12/1/29
|
42
|
40
|
|
Synchrony Financial,
|
|
|
|
(Variable, U.S. SOFR Compounded
Index + 2.13%), 5.94%,
8/2/30(4)
|
120
|
122
|
|
|
|
162
|
|
Technology Hardware – 0.2%
|
||
|
Jabil, Inc.,
|
|
|
|
4.75%, 2/1/33
|
230
|
225
|
|
Telecommunications – 0.5%
|
||
|
QTS Fayetteville I Dc1-2 LLC/QTS TRS
Fayetteville I DC1-2 LLC,
|
|
|
|
5.70%, 4/15/36(1)
|
460
|
437
|
|
Tobacco & Cannabis – 0.1%
|
||
|
Philip Morris International, Inc.,
|
|
|
|
1.75%, 11/1/30†
|
52
|
46
|
|
Transportation & Logistics – 0.0%
|
||
|
Union Pacific Corp.,
|
|
|
|
2.38%, 5/20/31(5)
|
1
|
—
|
|
Total Corporate Bonds
|
|
|
|
(Cost $19,834)
|
|
19,668
|
|
|
|
|
|
|
June 30, 2026 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
FOREIGN ISSUER BONDS – 5.6%
|
||
|
Aerospace & Defense – 0.1%
|
||
|
Rolls-Royce PLC,
|
|
|
|
5.75%, 10/15/27(1)
|
$70
|
$71
|
|
Asset Management – 0.3%
|
||
|
UBS Group A.G.,
|
|
|
|
(Variable, USD SOFR ICE Swap Rate
5Y + 3.09%), 6.88%,
6/5/32(1) (4)
|
290
|
291
|
|
Banking – 3.8%
|
||
|
Banco Bilbao Vizcaya Argentaria S.A.,
|
|
|
|
4.15%, 3/3/29
|
400
|
394
|
|
Bank of Ireland Group PLC,
|
|
|
|
(Variable, U.S. SOFR Compounded
Index + 1.16%), 5.00%,
11/12/32(1) (4)
|
450
|
450
|
|
Barclays PLC,
|
|
|
|
(Variable, U.S. Treasury Yield Curve
Rate CMT 1Y + 2.65%), 5.50%,
8/9/28(4)
|
200
|
202
|
|
(Variable, U.S. SOFR + 1.74%),
5.69%, 3/12/30(4)
|
200
|
204
|
|
HSBC Holdings PLC,
|
|
|
|
(Variable, U.S. SOFR + 1.32%),
5.21%, 5/12/34(4)
|
600
|
598
|
|
KBC Group N.V.,
|
|
|
|
(Variable, U.S. Treasury Yield Curve
Rate CMT 1Y + 2.10%), 5.80%,
1/19/29(1) (4)
|
200
|
203
|
|
NatWest Group PLC,
|
|
|
|
(Variable, U.S. Treasury Yield Curve
Rate CMT 1Y + 2.55%), 3.07%,
5/22/28(4)
|
250
|
247
|
|
Santander UK Group Holdings PLC,
|
|
|
|
(Variable, U.S. SOFR Compounded
Index + 1.07%), 4.32%,
9/22/29(4)
|
200
|
198
|
|
Sumitomo Mitsui Financial Group, Inc.,
|
|
|
|
7/7/34(6)
|
337
|
335
|
|
Toronto-Dominion Bank (The),
|
|
|
|
3.91%, 1/13/28
|
675
|
669
|
|
|
|
3,500
|
|
Beverages – 0.1%
|
||
|
Coca-Cola Femsa S.A.B. de C.V.,
|
|
|
|
1.85%, 9/1/32
|
55
|
46
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
FOREIGN ISSUER BONDS - 5.6% continued
|
||
|
Institutional Financial Services – 0.1%
|
||
|
Nomura Holdings, Inc.,
|
|
|
|
(Variable, U.S. Treasury Yield Curve
Rate CMT 5Y + 1.30%), 5.04%,
6/10/36(4)
|
$125
|
$122
|
|
Insurance – 0.3%
|
||
|
Nippon Life Insurance Co.,
|
|
|
|
5.05%, 4/2/33(1)
|
300
|
301
|
|
Oil & Gas Supply Chain – 0.4%
|
||
|
Saudi Arabian Oil Co.,
|
|
|
|
5.00%, 2/2/36(1)
|
340
|
333
|
|
Specialty Finance – 0.5%
|
||
|
AerCap Ireland Capital DAC/AerCap
Global Aviation Trust,
|
|
|
|
4.13%, 2/28/29
|
200
|
197
|
|
Avolon Holdings Funding Ltd.,
|
|
|
|
4.85%, 4/1/33(1)
|
250
|
242
|
|
Macquarie Airfinance Holdings Ltd.,
|
|
|
|
6.50%, 3/26/31(1)
|
47
|
49
|
|
|
|
488
|
|
Total Foreign Issuer Bonds
|
|
|
|
(Cost $5,190)
|
|
5,152
|
|
|
|
|
|
U.S. GOVERNMENT AGENCIES – 21.0% (7)
|
||
|
Fannie Mae – 10.6%
|
||
|
Fannie Mae-Aces, Series 2013-M6,
Class 1AC,
|
|
|
|
3.38%, 2/25/43(3)
|
619
|
597
|
|
Pool #889641,
|
|
|
|
5.50%, 8/1/37
|
68
|
69
|
|
Pool #995802,
|
|
|
|
5.50%, 12/1/35
|
68
|
68
|
|
Pool #AB5209,
|
|
|
|
3.00%, 5/1/32
|
120
|
116
|
|
Pool #AD0248,
|
|
|
|
5.50%, 11/1/37
|
122
|
124
|
|
Pool #AD0494,
|
|
|
|
5.50%, 8/1/37
|
69
|
69
|
|
Pool #AD0925,
|
|
|
|
5.00%, 4/1/40
|
73
|
74
|
|
Pool #AL5119,
|
|
|
|
4.00%, 4/1/34
|
68
|
66
|
|
Pool #AL6041,
|
|
|
|
4.00%, 8/1/33
|
313
|
308
|
|
Schedule of Investments
|
|
CORE BOND FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
U.S. GOVERNMENT AGENCIES - 21.0% (7)continued
|
||
|
Fannie Mae – 10.6%continued
|
||
|
Pool #AL7497,
|
|
|
|
3.50%, 9/1/40
|
$148
|
$139
|
|
Pool #AL8352,
|
|
|
|
3.00%, 10/1/44
|
186
|
168
|
|
Pool #AS3655,
|
|
|
|
4.50%, 10/1/44
|
93
|
91
|
|
Pool #AS6520,
|
|
|
|
3.50%, 1/1/46
|
180
|
167
|
|
Pool #AS6730,
|
|
|
|
3.50%, 2/1/46
|
233
|
216
|
|
Pool #AS7088,
|
|
|
|
2.50%, 5/1/31
|
45
|
44
|
|
Pool #AS8576,
|
|
|
|
4.50%, 12/1/46
|
138
|
135
|
|
Pool #BM1761,
|
|
|
|
4.00%, 8/1/44
|
92
|
88
|
|
Pool #BM5984,
|
|
|
|
5.00%, 5/1/49
|
48
|
48
|
|
Pool #BM5996,
|
|
|
|
5.00%, 12/1/48
|
34
|
34
|
|
Pool #BX4910,
|
|
|
|
5.00%, 1/1/53
|
178
|
177
|
|
Pool #BY5368,
|
|
|
|
6.00%, 7/1/53
|
53
|
55
|
|
Pool #CA6359,
|
|
|
|
2.50%, 7/1/50
|
230
|
196
|
|
Pool #CB1666,
|
|
|
|
2.50%, 9/1/51
|
138
|
118
|
|
Pool #CB2286,
|
|
|
|
2.50%, 12/1/51
|
212
|
181
|
|
Pool #CB3515,
|
|
|
|
3.50%, 5/1/52
|
185
|
169
|
|
Pool #CB4842,
|
|
|
|
5.50%, 10/1/52
|
205
|
208
|
|
Pool #CB4844,
|
|
|
|
5.50%, 10/1/52
|
108
|
109
|
|
Pool #CB5113,
|
|
|
|
5.50%, 11/1/52
|
62
|
62
|
|
Pool #CB7114,
|
|
|
|
5.50%, 9/1/53
|
110
|
111
|
|
Pool #CB8223,
|
|
|
|
6.00%, 3/1/54
|
143
|
147
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
U.S. GOVERNMENT AGENCIES - 21.0% (7)continued
|
||
|
Fannie Mae – 10.6%continued
|
||
|
Pool #FM1303,
|
|
|
|
3.00%, 1/1/48
|
$350
|
$314
|
|
Pool #FM1472,
|
|
|
|
3.50%, 3/1/34
|
14
|
13
|
|
Pool #FM1534,
|
|
|
|
4.50%, 9/1/49
|
169
|
164
|
|
Pool #FM2671,
|
|
|
|
4.00%, 1/1/48
|
82
|
78
|
|
Pool #FM3173,
|
|
|
|
3.50%, 7/1/47
|
278
|
260
|
|
Pool #FM3201,
|
|
|
|
3.50%, 4/1/34
|
44
|
43
|
|
Pool #FM3727,
|
|
|
|
3.00%, 7/1/50
|
219
|
193
|
|
Pool #FM4491,
|
|
|
|
3.50%, 12/1/36
|
170
|
163
|
|
Pool #FM5237,
|
|
|
|
5.00%, 7/1/47
|
107
|
108
|
|
Pool #FM6125,
|
|
|
|
2.50%, 1/1/51
|
255
|
218
|
|
Pool #FM8215,
|
|
|
|
2.50%, 3/1/51
|
229
|
195
|
|
Pool #FP0012,
|
|
|
|
3.00%, 8/1/51
|
206
|
183
|
|
Pool #FS3063,
|
|
|
|
4.50%, 10/1/52
|
312
|
302
|
|
Pool #FS3384,
|
|
|
|
4.50%, 10/1/50
|
269
|
260
|
|
Pool #FS3391,
|
|
|
|
2.50%, 8/1/51
|
268
|
230
|
|
Pool #FS3662,
|
|
|
|
5.00%, 1/1/53
|
233
|
232
|
|
Pool #FS4040,
|
|
|
|
5.00%, 2/1/53
|
210
|
208
|
|
Pool #FS4045,
|
|
|
|
5.50%, 2/1/53
|
193
|
195
|
|
Pool #FS4267,
|
|
|
|
4.50%, 3/1/38
|
220
|
221
|
|
Pool #FS4300,
|
|
|
|
5.50%, 4/1/53
|
137
|
139
|
|
Pool #FS4610,
|
|
|
|
6.50%, 6/1/40
|
90
|
95
|
|
|
June 30, 2026 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
U.S. GOVERNMENT AGENCIES - 21.0% (7)continued
|
||
|
Fannie Mae – 10.6%continued
|
||
|
Pool #FS4653,
|
|
|
|
5.50%, 5/1/53
|
$145
|
$147
|
|
Pool #FS4663,
|
|
|
|
5.00%, 5/1/53
|
236
|
235
|
|
Pool #FS5441,
|
|
|
|
6.00%, 8/1/53
|
209
|
217
|
|
Pool #FS5952,
|
|
|
|
6.50%, 10/1/53
|
131
|
138
|
|
Pool #FS6869,
|
|
|
|
7.00%, 1/1/40
|
49
|
52
|
|
Pool #MA2232,
|
|
|
|
3.50%, 4/1/35
|
123
|
118
|
|
Pool #MA2864,
|
|
|
|
3.50%, 1/1/47
|
227
|
209
|
|
Pool #MA3088,
|
|
|
|
4.00%, 8/1/47
|
157
|
149
|
|
Pool #MA3183,
|
|
|
|
4.00%, 11/1/47
|
308
|
293
|
|
Pool #MA3184,
|
|
|
|
4.50%, 11/1/47
|
58
|
57
|
|
Pool #MA4186,
|
|
|
|
3.00%, 10/1/35
|
74
|
71
|
|
Pool #MA5098,
|
|
|
|
5.50%, 7/1/43
|
122
|
124
|
|
|
|
9,778
|
|
Freddie Mac – 7.7%
|
||
|
Freddie Mac REMICS, Series 3013,
Class HZ,
|
|
|
|
5.00%, 8/15/35
|
117
|
118
|
|
Freddie Mac REMICS, Series 4077,
Class TO,
|
|
|
|
0.00%, 5/15/41(8)
|
245
|
186
|
|
Freddie Mac REMICS, Series 5391,
Class A,
|
|
|
|
5.50%, 11/25/51
|
100
|
101
|
|
Freddie Mac Seasoned Credit Risk
Transfer Trust, Series 2021-1,
Class TT,
|
|
|
|
2.00%, 9/25/60
|
314
|
284
|
|
Pool #1B3575,
|
|
|
|
(Floating, Refinitiv USD IBOR
Consumer Cash Fallbacks 1Y
Index + 1.80%, 1.80% Floor,
11.42% Cap), 6.55%, 9/1/37(9)
|
3
|
3
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
U.S. GOVERNMENT AGENCIES - 21.0% (7)continued
|
||
|
Freddie Mac – 7.7%continued
|
||
|
Pool #1G2296,
|
|
|
|
(Floating, Refinitiv USD IBOR
Consumer Cash Fallbacks 1Y
Index + 2.09%, 2.09% Floor,
11.34% Cap), 6.46%, 11/1/37(9)
|
$8
|
$8
|
|
Pool #QF3725,
|
|
|
|
5.00%, 11/1/52
|
231
|
229
|
|
Pool #QF8053,
|
|
|
|
5.50%, 2/1/53
|
258
|
260
|
|
Pool #RA7677,
|
|
|
|
5.00%, 7/1/52
|
209
|
209
|
|
Pool #RA8880,
|
|
|
|
5.50%, 4/1/53
|
207
|
209
|
|
Pool #RA9840,
|
|
|
|
5.50%, 9/1/53
|
220
|
224
|
|
Pool #RD5026,
|
|
|
|
3.00%, 4/1/30
|
23
|
23
|
|
Pool #SB0084,
|
|
|
|
3.00%, 2/1/32
|
112
|
110
|
|
Pool #SB0216,
|
|
|
|
3.00%, 12/1/32
|
44
|
42
|
|
Pool #SB0328,
|
|
|
|
3.00%, 6/1/34
|
141
|
136
|
|
Pool #SB0826,
|
|
|
|
2.50%, 1/1/35
|
141
|
134
|
|
Pool #SB8502,
|
|
|
|
2.00%, 8/1/35
|
362
|
331
|
|
Pool #SD1518,
|
|
|
|
4.50%, 8/1/52
|
230
|
223
|
|
Pool #SD2347,
|
|
|
|
5.50%, 2/1/53
|
212
|
217
|
|
Pool #SD2477,
|
|
|
|
5.50%, 3/1/53
|
248
|
251
|
|
Pool #SD2642,
|
|
|
|
5.50%, 4/1/53
|
235
|
237
|
|
Pool #SD2665,
|
|
|
|
6.00%, 4/1/53
|
63
|
65
|
|
Pool #SD2757,
|
|
|
|
5.00%, 5/1/53
|
225
|
223
|
|
Pool #SD2920,
|
|
|
|
5.50%, 5/1/53
|
213
|
215
|
|
Pool #SD2922,
|
|
|
|
5.00%, 5/1/53
|
233
|
231
|
|
Schedule of Investments
|
|
CORE BOND FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
U.S. GOVERNMENT AGENCIES - 21.0% (7)continued
|
||
|
Freddie Mac – 7.7%continued
|
||
|
Pool #SD2999,
|
|
|
|
5.50%, 6/1/53
|
$225
|
$227
|
|
Pool #SD3133,
|
|
|
|
5.00%, 6/1/53
|
173
|
170
|
|
Pool #SD3136,
|
|
|
|
5.50%, 6/1/53
|
228
|
231
|
|
Pool #SD3174,
|
|
|
|
5.50%, 6/1/53
|
212
|
214
|
|
Pool #SD3189,
|
|
|
|
6.00%, 6/1/53
|
148
|
153
|
|
Pool #SD3251,
|
|
|
|
6.00%, 7/1/53
|
195
|
202
|
|
Pool #SD3515,
|
|
|
|
6.00%, 7/1/53
|
130
|
135
|
|
Pool #SD3760,
|
|
|
|
6.00%, 8/1/53
|
154
|
158
|
|
Pool #SD4013,
|
|
|
|
4.00%, 5/1/53
|
157
|
148
|
|
Pool #SD4027,
|
|
|
|
6.50%, 10/1/53
|
169
|
178
|
|
Pool #SD4285,
|
|
|
|
5.50%, 11/1/53
|
184
|
186
|
|
Pool #SD5136,
|
|
|
|
6.00%, 4/1/54
|
149
|
155
|
|
Pool #ZK7457,
|
|
|
|
3.50%, 2/1/29
|
23
|
22
|
|
Pool #ZM5332,
|
|
|
|
3.00%, 1/1/48
|
171
|
152
|
|
Pool #ZT1333,
|
|
|
|
2.50%, 10/1/31
|
268
|
257
|
|
Seasoned Loans Structured Transaction
Trust, Series 2019-2, Class A1C,
|
|
|
|
2.75%, 9/25/29
|
230
|
219
|
|
|
|
7,076
|
|
Freddie Mac Gold – 0.5%
|
||
|
Pool #G07505,
|
|
|
|
7.00%, 2/1/39
|
97
|
104
|
|
Pool #G16396,
|
|
|
|
3.50%, 2/1/33
|
37
|
37
|
|
Pool #G30926,
|
|
|
|
3.50%, 4/1/36
|
40
|
38
|
|
Pool #Q15842,
|
|
|
|
3.00%, 2/1/43
|
247
|
224
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
U.S. GOVERNMENT AGENCIES - 21.0% (7)continued
|
||
|
Freddie Mac Gold – 0.5%continued
|
||
|
Pool #Q63667,
|
|
|
|
4.50%, 5/1/49
|
$54
|
$53
|
|
|
|
456
|
|
Government National Mortgage Association – 0.2%
|
||
|
Government National Mortgage
Association, Series 2017-95,
Class QG,
|
|
|
|
2.50%, 8/20/46
|
138
|
128
|
|
Government National Mortgage Association I – 0.4%
|
||
|
Pool #604183,
|
|
|
|
5.50%, 4/15/33
|
1
|
—
|
|
Pool #633627,
|
|
|
|
5.50%, 9/15/34
|
2
|
2
|
|
Pool #757013,
|
|
|
|
3.50%, 12/15/40
|
198
|
182
|
|
Pool #786470,
|
|
|
|
5.00%, 11/15/40
|
201
|
205
|
|
|
|
389
|
|
Government National Mortgage Association II – 1.6%
|
||
|
Pool #784801,
|
|
|
|
3.50%, 6/20/47
|
211
|
192
|
|
Pool #786922,
|
|
|
|
5.50%, 9/1/53
|
197
|
200
|
|
Pool #MA0089,
|
|
|
|
4.00%, 5/20/42
|
312
|
299
|
|
Pool #MA0782,
|
|
|
|
3.00%, 2/20/43
|
111
|
101
|
|
Pool #MA1287,
|
|
|
|
4.50%, 9/20/43
|
54
|
53
|
|
Pool #MA1996,
|
|
|
|
4.00%, 6/20/44
|
55
|
53
|
|
Pool #MA2755,
|
|
|
|
4.00%, 4/20/45
|
42
|
41
|
|
Pool #MA3666,
|
|
|
|
5.00%, 5/20/46
|
105
|
106
|
|
Pool #MA8346,
|
|
|
|
4.00%, 10/20/52
|
223
|
210
|
|
Pool #MA8724,
|
|
|
|
4.50%, 3/20/53
|
227
|
220
|
|
|
|
1,475
|
|
Total U.S. Government Agencies
|
|
|
|
(Cost $19,960)
|
|
19,302
|
|
|
|
|
|
|
June 30, 2026 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
U.S. GOVERNMENT OBLIGATIONS – 21.2%
|
||
|
U.S. Treasury Bonds – 8.1%
|
||
|
4.63%, 11/15/45
|
$3,763
|
$3,614
|
|
4.63%, 11/15/55
|
3,826
|
3,640
|
|
5.00%, 5/15/56
|
200
|
202
|
|
|
|
7,456
|
|
U.S. Treasury Notes – 10.7%
|
||
|
3.88%, 10/15/27(10)
|
118
|
118
|
|
3.88%, 7/15/28(10)
|
15
|
15
|
|
3.88%, 6/30/30
|
2,506
|
2,477
|
|
4.00%, 11/15/35
|
5,379
|
5,203
|
|
4.13%, 2/15/36
|
1,570
|
1,532
|
|
4.38%, 5/15/36
|
525
|
522
|
|
|
|
9,867
|
|
U.S. Treasury Strips – 2.4%
|
||
|
1.47%, 2/15/51(11)
|
7,762
|
2,236
|
|
Total U.S. Government Obligations
|
|
|
|
(Cost $22,298)
|
|
19,559
|
|
|
NUMBER
OF SHARES
|
VALUE
(000S)
|
|
INVESTMENT COMPANIES – 3.0%
|
||
|
Northern Institutional Funds - Liquid
Assets Portfolio (Shares),
3.68%(12) (13) (14)
|
1,218,700
|
$1,219
|
|
Northern Institutional Funds -
U.S. Government Portfolio (Shares),
3.46%(12) (13)
|
1,550,763
|
1,551
|
|
Total Investment Companies
|
|
|
|
(Cost $2,770)
|
|
2,770
|
|
|
|
|
|
Total Investments – 101.4%
|
|
|
|
(Cost $97,105)
|
93,330
|
|
|
Liabilities less Other Assets – (1.4%)
|
(1,297
)
|
|
|
NET ASSETS – 100.0%
|
$92,033
|
|
|
(1)
|
Security exempt from registration pursuant to Rule 144A under the Securities
Act of 1933, as amended. These securities may be resold in transactions
exempt from registration to qualified institutional investors. At June 30,
2026, the value of these securities amounted to approximately
$24,266,000 or 26.4% of net assets.
|
|
(2)
|
Step coupon bond. Rate as of June 30, 2026 is disclosed.
|
|
(3)
|
Variable or floating rate security, the interest rate of which adjusts
periodically based on changes in current interest rates and prepayments on
the underlying pool of assets.
|
|
(4)
|
Variable or floating rate security. Security issued at a fixed coupon rate,
which converts to a variable rate at a future date. Rate shown is the rate in
effect as of June 30, 2026.
|
|
(5)
|
Value rounds to less than one thousand.
|
|
(6)
|
When-Issued Security. Coupon rate is not in effect at June 30, 2026.
|
|
(7)
|
The obligations of certain U.S. government-sponsored entities are neither
issued nor guaranteed by the United States Treasury.
|
|
(8)
|
Zero coupon bond.
|
|
(9)
|
Variable or floating rate security. Rate as of June 30, 2026 is disclosed.
|
|
(10)
|
All or a portion of this security has been pledged as collateral to cover
margin requirements for open futures contracts.
|
|
(11)
|
Discount rate at the time of purchase.
|
|
(12)
|
Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the
investment adviser to the Fund and the investment adviser to Northern
Institutional Funds.
|
|
(13)
|
7-day current yield as of June 30, 2026 is disclosed.
|
|
(14)
|
Investment of cash collateral received from securities lending activities.
|
|
†
|
Security is either wholly or partially on loan.
|
|
|
|
EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT
THE SCHEDULE OF INVESTMENTS:
|
|
|
|
1Y - 1 Year
|
|
|
|
3M - 3 Month
|
|
|
|
5Y - 5 Year
|
|
|
|
CME - Chicago Mercantile Exchange
|
|
|
|
CMT - Constant Maturity
|
|
|
|
Fannie Mae - Federal National Mortgage Association
|
|
|
|
Freddie Mac - Federal Home Loan Mortgage Corporation
|
|
|
|
IBOR - Interbank Offered Rates
|
|
|
|
ICE - Intercontinental Exchange
|
|
|
|
REMICS - Real Estate Mortgage Investment Conduits
|
|
|
|
SOFR - Secured Overnight Financing Rate
|
|
|
|
USD - United States Dollar
|
|
Schedule of Investments
|
|
CORE BOND FUND continued
|
June 30, 2026 (UNAUDITED)
|
|
TYPE
|
NUMBER OF
CONTRACTS
|
NOTIONAL
AMOUNT
(000s)
|
CONTRACT
POSITION
|
CONTRACT
EXP.
|
VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION)
(000s)
|
|
2-Year
U.S. Treasury
Note
|
21
|
$4,329
|
Long
|
9/26
|
$1
|
|
5-Year
U.S. Treasury
Note
|
35
|
3,747
|
Long
|
9/26
|
14
|
|
U.S. Treasury
Long Bond
|
30
|
3,405
|
Long
|
9/26
|
75
|
|
Ultra 10-Year
U.S. Treasury
Note
|
(46
)
|
(5,174
)
|
Short
|
9/26
|
(65
)
|
|
Ultra Long
U.S. Treasury
Bond
|
(13
)
|
(1,510
)
|
Short
|
9/26
|
(43
)
|
|
Total
|
|
|
|
|
$(18
)
|
|
INVESTMENTS
|
LEVEL 1
(000s)
|
LEVEL 2
(000s)
|
LEVEL 3
(000s)
|
TOTAL
(000s)
|
|
Asset-Backed Securities(1)
|
$—
|
$22,602
|
$—
|
$22,602
|
|
Commercial Mortgage-Backed
Securities
|
—
|
4,277
|
—
|
4,277
|
|
Corporate Bonds(1)
|
—
|
19,668
|
—
|
19,668
|
|
Foreign Issuer Bonds(1)
|
—
|
5,152
|
—
|
5,152
|
|
U.S. Government Agencies(1)
|
—
|
19,302
|
—
|
19,302
|
|
U.S. Government Obligations(1)
|
—
|
19,559
|
—
|
19,559
|
|
Investment Companies
|
2,770
|
—
|
—
|
2,770
|
|
Total Investments
|
$2,770
|
$90,560
|
$—
|
$93,330
|
|
OTHER FINANCIAL
INSTRUMENTS
|
|
|
|
|
|
Assets
|
|
|
|
|
|
Futures Contracts
|
$90
|
$—
|
$—
|
$90
|
|
Liabilities
|
|
|
|
|
|
Futures Contracts
|
(108
)
|
—
|
—
|
(108
)
|
|
Total Other Financial Instruments
|
$(18
)
|
$—
|
$—
|
$(18
)
|
|
(1)
|
Classifications as defined in the Schedule of Investments.
|
|
SECURITY
|
VALUE,
BEGINNING
OF PERIOD
(000S)
|
PURCHASES
(000S)
|
SALES
PROCEEDS
(000S)
|
VALUE,
END OF PERIOD
(000S)
|
SHARES/PAR,
END
OF PERIOD
|
DIVIDEND/
INTEREST
INCOME
(000S)
|
|
Northern Institutional Funds - Liquid Assets Portfolio (Shares)
|
$—
|
$5,511
|
$4,292
|
$1,219
|
1,218,700
|
$1
(1)
|
|
Northern Institutional Funds - U.S. Government Portfolio (Shares)
|
1,037
|
12,107
|
11,593
|
1,551
|
1,550,763
|
9
|
|
Total
|
$1,037
|
$17,618
|
$15,885
|
$2,770
|
2,769,463
|
$10
|
|
(1)
|
Represents income from the investment of cash collateral and loan premiums or fees
paid by borrowers, net of applicable taxes, rebate fees paid or accrued to the
Fund, and other related expenses.
|
|
Schedule of Investments
|
|
FIXED INCOME FUND
|
June 30, 2026 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
ASSET-BACKED SECURITIES – 24.1%
|
||
|
Auto Loan – 7.6%
|
||
|
Carvana Auto Receivables Trust, Series
2025-P2, Class C
|
|
|
|
5.48%, 11/10/31
|
$1,692
|
$1,710
|
|
Drive Auto Receivables Trust, Series
2024-1, Class B
|
|
|
|
5.31%, 1/16/29
|
365
|
366
|
|
Exeter Automobile Receivables Trust,
Series 2025-1A, Class D
|
|
|
|
5.49%, 5/15/31
|
615
|
620
|
|
Exeter Automobile Receivables Trust,
Series 2025-2A, Class D
|
|
|
|
5.89%, 7/15/31
|
590
|
599
|
|
Ford Credit Auto Owner Trust, Series
2023-B, Class A3
|
|
|
|
5.23%, 5/15/28
|
138
|
138
|
|
Ford Credit Auto Owner Trust, Series
2024-B, Class A4
|
|
|
|
4.96%, 5/15/30
|
510
|
514
|
|
Harley-Davidson Motorcycle Trust,
Series 2024-A, Class A3
|
|
|
|
5.37%, 3/15/29
|
222
|
223
|
|
Hyundai Auto Lease Securitization
Trust, Series 2024-B, Class A3
|
|
|
|
5.41%, 5/17/27(1)
|
122
|
123
|
|
Research-Driven Pagaya Motor Asset
Trust, Series 2026-1A, Class D
|
|
|
|
6.52%, 1/25/35(1)
|
2,026
|
1,955
|
|
Research-Driven Pagaya Motor Asset
Trust, Series 2026-2A, Class D
|
|
|
|
6.86%, 2/26/35(1)
|
1,000
|
968
|
|
Research-Driven Pagaya Motor Trust,
Series 2025-5A, Class B
|
|
|
|
5.23%, 6/26/34(1)
|
1,000
|
990
|
|
Research-Driven Pagaya Motor Trust,
Series 2025-6A, Class B
|
|
|
|
5.09%, 8/25/34(1)
|
2,500
|
2,466
|
|
Santander Bank Auto Credit-Linked
Notes, Series 2025-A, Class D
|
|
|
|
5.15%, 1/16/34(1)
|
730
|
728
|
|
Santander Drive Auto Receivables Trust,
Series 2025-2, Class C
|
|
|
|
5.06%, 5/15/31
|
1,805
|
1,813
|
|
Santander Drive Auto Receivables Trust,
Series 2025-2, Class D
|
|
|
|
5.47%, 5/15/31
|
1,830
|
1,845
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
ASSET-BACKED SECURITIES - 24.1%continued
|
||
|
Auto Loan – 7.6%continued
|
||
|
Santander Drive Auto Receivables Trust,
Series 2026-1, Class D
|
|
|
|
4.75%, 4/15/32
|
$2,730
|
$2,691
|
|
SFS Auto Receivables Securitization
Trust, Series 2025-2A, Class A3
|
|
|
|
4.44%, 12/20/30(1)
|
630
|
631
|
|
Tesla Auto Lease Trust, Series 2024-B,
Class B
|
|
|
|
5.11%, 8/21/28(1)
|
1,600
|
1,603
|
|
Westlake Automobile Receivables Trust,
Series 2025-P1, Class B
|
|
|
|
4.86%, 5/15/30(1)
|
300
|
300
|
|
Westlake Automobile Receivables Trust,
Series 2025-P1, Class C
|
|
|
|
5.15%, 11/15/30(1)
|
800
|
803
|
|
|
|
21,086
|
|
Credit Card – 0.1%
|
||
|
Synchrony Card Funding LLC, Series
2024-A1, Class A
|
|
|
|
5.04%, 3/15/30
|
301
|
303
|
|
Other – 7.6%
|
||
|
321 Henderson Receivables I LLC,
Series 2007-3A, Class A
|
|
|
|
6.15%, 10/15/48(1)
|
853
|
870
|
|
CNH Equipment Trust, Series 2024-A,
Class A3
|
|
|
|
4.77%, 6/15/29
|
232
|
232
|
|
CNH Equipment Trust, Series 2024-C,
Class A3
|
|
|
|
4.03%, 1/15/30
|
975
|
973
|
|
J.G. Wentworth XLI LLC
|
|
|
|
3.74%, 10/17/72(1)
|
2,458
|
2,192
|
|
JGWPT XXVII LLC, Series 2012-3A,
Class A
|
|
|
|
3.22%, 9/15/65(1)
|
754
|
680
|
|
JGWPT XXX LLC, Series 2013-3A,
Class A
|
|
|
|
4.08%, 1/17/73(1)
|
1,044
|
986
|
|
John Deere Owner Trust, Series
2024-A, Class A3
|
|
|
|
4.96%, 11/15/28
|
364
|
366
|
|
John Deere Owner Trust, Series
2024-C, Class A3
|
|
|
|
4.06%, 6/15/29
|
1,584
|
1,581
|
|
Schedule of Investments
|
|
FIXED INCOME FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
ASSET-BACKED SECURITIES - 24.1%continued
|
||
|
Other – 7.6%continued
|
||
|
MMAF Equipment Finance LLC, Series
2024-A, Class A3
|
|
|
|
4.95%, 7/14/31(1)
|
$500
|
$503
|
|
Oryx Funding LLC, Series 2026-1A,
Class A2
|
|
|
|
6.30%, 6/5/56(1)
|
2,060
|
2,067
|
|
Pagaya AI Debt Grantor Trust, Series
2024-PT1, Class D
|
|
|
|
6.26%, 2/16/32(1)
|
775
|
776
|
|
Pagaya AI Debt Trust, Series 2025-4,
Class B
|
|
|
|
5.69%, 1/17/33(1)
|
900
|
901
|
|
PK Alift Loan Funding 8 LP, Series
2026-1, Class B
|
|
|
|
4.79%, 9/15/43(1)
|
976
|
959
|
|
PK Alift Loan Funding 8 LP, Series
2026-1, Class C
|
|
|
|
5.00%, 9/15/43(1)
|
3,942
|
3,859
|
|
Santander Mortgage Asset Receivable
Trust, Series 2025-CES1, Class A3
|
|
|
|
(Step to 6.37% on 11/25/29),
5.37%, 9/25/55(1) (2)
|
1,650
|
1,630
|
|
Sotheby's Artfi Master Trust, Series
2026-1A, Class A1
|
|
|
|
4.80%, 6/20/33(1)
|
380
|
378
|
|
Sotheby's Artfi Master Trust, Series
2026-1A, Class B
|
|
|
|
4.90%, 6/20/33(1)
|
639
|
635
|
|
Sotheby's Artfi Master Trust, Series
2026-1A, Class C
|
|
|
|
5.00%, 6/20/33(1)
|
536
|
533
|
|
Sotheby's Artfi Master Trust, Series
2026-1A, Class D
|
|
|
|
5.54%, 6/20/33(1)
|
510
|
509
|
|
StoneX SBA Trust, Series 2026-1,
Class A
|
|
|
|
3.88%, 2/25/57(1) (3)
|
12,686
|
660
|
|
|
|
21,290
|
|
Whole Loan – 8.8%
|
||
|
Angel Oak Mortgage Trust, Series
2023-1, Class A1
|
|
|
|
(Step to 4.67% on 10/25/26),
4.75%, 9/26/67(1) (2)
|
783
|
781
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
ASSET-BACKED SECURITIES - 24.1%continued
|
||
|
Whole Loan – 8.8%continued
|
||
|
Angel Oak Mortgage Trust, Series
2024-4, Class A1
|
|
|
|
(Step to 6.51% on 4/25/28),
6.20%, 1/25/69(1) (2)
|
$1,418
|
$1,424
|
|
BINOM Mortgage Loan Trust, Series
2026-NQM1, Class A3
|
|
|
|
(Step to 6.11% on 5/25/30),
5.47%, 2/25/66(1) (2)
|
1,197
|
1,186
|
|
Colt Mortgage Loan Trust, Series
2024-7, Class A2
|
|
|
|
(Step to 6.79% on 12/25/28),
5.79%, 12/26/69(1) (2)
|
928
|
929
|
|
J.P. Morgan Mortgage Trust, Series
2022-7, Class 1A2
|
|
|
|
3.00%, 12/25/52(1) (3)
|
1,073
|
920
|
|
J.P. Morgan Mortgage Trust, Series
2023-1, Class A3A
|
|
|
|
5.00%, 6/25/53(1) (3)
|
679
|
663
|
|
JP Morgan Mortgage Trust, Series
2025-NQM5, Class A3
|
|
|
|
(Step to 6.23% on 1/25/30),
5.23%, 5/25/65(1) (2)
|
686
|
679
|
|
JP Morgan Mortgage Trust, Series
2026-NQM2, Class A3
|
|
|
|
(Step to 6.71% on 5/25/30),
5.71%, 9/25/66(1) (2)
|
1,379
|
1,374
|
|
Mello Mortgage Capital Acceptance,
Series 2021-MTG2, Class A1
|
|
|
|
2.50%, 6/25/51(1) (3)
|
1,034
|
854
|
|
NRZT, Series 2025-NQM6, Class A3
|
|
|
|
(Step to 6.34% on 12/25/29),
5.34%, 10/25/65(1) (2)
|
979
|
969
|
|
OBX Trust, Series 2023-NQM7,
Class A1
|
|
|
|
(Step to 7.46% on 10/25/27),
6.84%, 4/25/63(1) (2)
|
721
|
723
|
|
OBX Trust, Series 2023-NQM7,
Class A3
|
|
|
|
(Step to 7.46% on 10/25/27),
7.30%, 4/25/63(1) (2)
|
183
|
183
|
|
OBX Trust, Series 2024-NQM2,
Class A1
|
|
|
|
(Step to 6.88% on 2/25/28),
5.88%, 12/25/63(1) (2)
|
443
|
444
|
|
|
June 30, 2026 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
ASSET-BACKED SECURITIES - 24.1%continued
|
||
|
Whole Loan – 8.8%continued
|
||
|
OBX Trust, Series 2024-NQM9,
Class A1
|
|
|
|
(Step to 7.20% on 7/25/28),
6.03%, 1/25/64(1) (2)
|
$583
|
$586
|
|
OBX Trust, Series 2025-NQM21,
Class A3
|
|
|
|
(Step to 6.29% on 12/25/29),
5.29%, 10/25/65(1) (2)
|
662
|
656
|
|
PMT Loan Trust, Series 2024-INV1,
Class A2
|
|
|
|
6.00%, 10/25/59(1) (3)
|
1,355
|
1,378
|
|
Provident Funding Mortgage Trust,
Series 2024-1, Class A13
|
|
|
|
5.50%, 12/25/54(1) (3)
|
2,097
|
2,080
|
|
Santander Mortgage Asset Receivable
Trust, Series 2025-NQM1,
Class M1A
|
|
|
|
6.42%, 1/25/65(1)
|
1,676
|
1,676
|
|
Santander Mortgage Asset Receivable
Trust, Series 2025-NQM4, Class A3
|
|
|
|
(Step to 6.76% on 8/25/29),
5.76%, 7/25/65(1) (2)
|
1,733
|
1,728
|
|
Santander Mortgage Asset Receivable
Trust, Series 2025-NQM4, Class M1
|
|
|
|
6.08%, 7/25/65(1) (3)
|
820
|
816
|
|
Santander Mortgage Asset Receivable
Trust, Series 2025-NQM6, Class A1
|
|
|
|
5.14%, 11/25/65(1) (3)
|
950
|
943
|
|
Santander Mortgage Asset Receivable
Trust, Series 2025-NQM6, Class A3
|
|
|
|
(Step to 6.44% on 11/25/29),
5.44%, 11/25/65(1) (2)
|
329
|
326
|
|
Santander Mortgage Asset Receivable
Trust, Series 2026-NQM3, Class M1
|
|
|
|
5.86%, 2/25/66(1) (3)
|
445
|
441
|
|
Sequoia Mortgage Trust, Series
2023-1, Class A1
|
|
|
|
5.00%, 1/25/53(1)
|
522
|
510
|
|
Sequoia Mortgage Trust, Series
2024-6, Class A11
|
|
|
|
6.00%, 7/27/54(1) (3)
|
303
|
303
|
|
Towd Point Mortgage Trust, Series
2022-1, Class A1
|
|
|
|
3.75%, 7/25/62(1)
|
1,597
|
1,505
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
ASSET-BACKED SECURITIES - 24.1%continued
|
||
|
Whole Loan – 8.8%continued
|
||
|
Towd Point Mortgage Trust, Series
2022-4, Class A1
|
|
|
|
3.75%, 9/25/62(1)
|
$292
|
$277
|
|
|
|
24,354
|
|
Total Asset-Backed Securities
|
|
|
|
(Cost $67,530)
|
|
67,033
|
|
|
|
|
|
COMMERCIAL MORTGAGE-BACKED SECURITIES – 5.7%
|
||
|
Non Agency – 5.7%
|
||
|
BANK, Series 2021-BN37, Class A5
|
|
|
|
2.62%, 11/15/64
|
898
|
796
|
|
BANK5, Series 2023-5YR2, Class A3
|
|
|
|
6.66%, 7/15/56
|
853
|
877
|
|
Benchmark Mortgage Trust, Series
2023-V3, Class A3
|
|
|
|
6.36%, 7/15/56
|
1,090
|
1,117
|
|
BMARK, Series 2023-V4, Class C
|
|
|
|
7.46%, 11/15/56(3)
|
1,265
|
1,288
|
|
BPR Trust, Series 2023-BRK2, Class A
|
|
|
|
6.90%, 10/5/38(1) (3)
|
380
|
388
|
|
Citigroup Commercial Mortgage Trust,
Series 2016-P3, Class AS
|
|
|
|
3.59%, 4/15/49
|
388
|
383
|
|
Fashion Show Mall LLC, Series
2024-SHOW, Class B
|
|
|
|
5.64%, 10/10/41(1) (3)
|
580
|
587
|
|
FIVE Mortgage Trust, Series 2023-V1,
Class A3
|
|
|
|
5.67%, 2/10/56
|
1,140
|
1,153
|
|
MAD Commercial Mortgage Trust,
Series 2025-11MD, Class C
|
|
|
|
5.82%, 10/15/42(1) (3)
|
460
|
462
|
|
Morgan Stanley Bank of America
Merrill Lynch Trust, Series 2016-C32,
Class A4
|
|
|
|
3.72%, 12/15/49
|
350
|
348
|
|
Morgan Stanley Capital I Trust, Series
2016-UBS9, Class AS
|
|
|
|
3.90%, 3/15/49
|
356
|
354
|
|
MSRW Pass-Through Trust, Series
2025-CC, Class A
|
|
|
|
5.89%, 8/15/30(1)
|
1,958
|
1,922
|
|
MSRW Pass-Through Trust, Series
2025-CC, Class B
|
|
|
|
6.65%, 8/15/30(1)
|
940
|
921
|
|
Schedule of Investments
|
|
FIXED INCOME FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
COMMERCIAL MORTGAGE-BACKED SECURITIES - 5.7%continued
|
||
|
Non Agency – 5.7%continued
|
||
|
SCMS Mortgage Trust, Series
2025-BNC1, Class AS
|
|
|
|
5.31%, 4/15/28(1)
|
$1,200
|
$1,199
|
|
Wells Fargo Commercial Mortgage
Trust, Series 2024-C63, Class A5
|
|
|
|
5.31%, 8/15/57
|
3,960
|
4,023
|
|
|
|
15,818
|
|
Total Commercial Mortgage-Backed
Securities
|
|
|
|
(Cost $15,826)
|
|
15,818
|
|
|
|
|
|
CORPORATE BONDS – 27.5%
|
||
|
Aerospace & Defense – 0.4%
|
||
|
Boeing (The) Co.,
|
|
|
|
6.53%, 5/1/34
|
675
|
735
|
|
General Dynamics Corp.,
|
|
|
|
2.25%, 6/1/31
|
390
|
350
|
|
|
|
1,085
|
|
Asset Management – 2.3%
|
||
|
Affiliated Managers Group, Inc.,
|
|
|
|
5.50%, 2/15/36
|
705
|
698
|
|
Ameriprise Financial, Inc.,
|
|
|
|
4.80%, 6/15/31
|
188
|
188
|
|
Apollo Debt Solutions BDC,
|
|
|
|
5.70%, 1/23/31(1)
|
405
|
397
|
|
Apollo Global Management, Inc.,
|
|
|
|
5.70%, 3/30/36
|
940
|
943
|
|
Ares Capital Corp.,
|
|
|
|
5.95%, 7/15/29
|
410
|
414
|
|
Blackstone Private Credit Fund,
|
|
|
|
5.95%, 7/16/29
|
395
|
395
|
|
5.25%, 4/1/30
|
350
|
340
|
|
Blue Owl Credit Income Corp.,
|
|
|
|
7.95%, 6/13/28
|
1,300
|
1,344
|
|
Citadel L.P.,
|
|
|
|
6.38%, 1/23/32(1)
|
715
|
744
|
|
Icahn Enterprises L.P./Icahn Enterprises
Finance Corp.,
|
|
|
|
5.25%, 5/15/27†
|
835
|
825
|
|
|
|
6,288
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 27.5% continued
|
||
|
Automotive – 0.2%
|
||
|
Ford Motor Credit Co. LLC,
|
|
|
|
4.95%, 5/28/27
|
$313
|
$313
|
|
6.80%, 11/7/28
|
305
|
315
|
|
|
|
628
|
|
Banking – 4.2%
|
||
|
Bank of America Corp.,
|
|
|
|
(Variable, U.S. SOFR + 1.57%),
5.82%, 9/15/29(4)
|
1,092
|
1,117
|
|
(Variable, CME Term SOFR 3M +
1.47%), 3.97%, 2/7/30(4)
|
550
|
540
|
|
Citigroup, Inc.,
|
|
|
|
(Variable, CME Term SOFR 3M +
1.41%), 3.52%, 10/27/28(4)
|
1,010
|
996
|
|
(Variable, U.S. SOFR + 0.87%),
4.79%, 3/4/29(4)
|
550
|
551
|
|
Citizens Bank N.A.,
|
|
|
|
(Variable, U.S. SOFR + 0.70%),
4.19%, 1/29/29(4)
|
1,093
|
1,084
|
|
JPMorgan Chase & Co.,
|
|
|
|
(Variable, U.S. SOFR + 1.16%),
5.58%, 4/22/30(4)
|
2,000
|
2,044
|
|
Morgan Stanley Bank N.A.,
|
|
|
|
(Variable, U.S. SOFR Compounded
Index + 0.97%), 4.79%,
5/10/30(4)
|
610
|
611
|
|
PNC Financial Services Group (The),
Inc.,
|
|
|
|
(Variable, U.S. SOFR + 0.68%),
4.62%, 10/26/29(4)
|
1,780
|
1,776
|
|
U.S. Bancorp,
|
|
|
|
(Variable, U.S. Treasury Yield Curve
Rate CMT 5Y + 1.25%), 5.72%,
5/20/41(4)
|
1,165
|
1,169
|
|
Wells Fargo & Co.,
|
|
|
|
(Variable, U.S. SOFR + 2.10%),
2.39%, 6/2/28(4)
|
810
|
794
|
|
(Variable, U.S. SOFR + 1.50%),
5.20%, 1/23/30(4)
|
1,000
|
1,011
|
|
|
|
11,693
|
|
Beverages – 0.4%
|
||
|
Molson Coors Beverage Co.,
|
|
|
|
4.90%, 7/8/31
|
1,215
|
1,213
|
|
Cable & Satellite – 0.7%
|
||
|
Space Exploration Technologies Corp.,
|
|
|
|
5.88%, 7/15/36(1)
|
2,085
|
2,058
|
|
|
June 30, 2026 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 27.5% continued
|
||
|
Chemicals – 2.6%
|
||
|
CF Industries, Inc.,
|
|
|
|
5.30%, 11/26/35†
|
$1,825
|
$1,818
|
|
Dow Chemical (The) Co.,
|
|
|
|
5.65%, 3/15/36
|
1,825
|
1,816
|
|
LYB International Finance III LLC,
|
|
|
|
5.88%, 1/15/36†
|
1,825
|
1,830
|
|
Westlake Corp.,
|
|
|
|
5.55%, 11/15/35
|
1,825
|
1,809
|
|
|
|
7,273
|
|
Commercial Support Services – 0.2%
|
||
|
Block Financial LLC,
|
|
|
|
5.38%, 9/15/32
|
690
|
676
|
|
Construction Materials – 0.5%
|
||
|
Carlisle Cos., Inc.,
|
|
|
|
5.55%, 9/15/40
|
284
|
282
|
|
Vulcan Materials Co.,
|
|
|
|
5.35%, 12/1/34
|
975
|
990
|
|
|
|
1,272
|
|
Electric Utilities – 1.6%
|
||
|
Berkshire Hathaway Energy Co.,
|
|
|
|
1.65%, 5/15/31
|
195
|
169
|
|
Consolidated Edison Co. of New York,
Inc.,
|
|
|
|
3.35%, 4/1/30
|
7
|
7
|
|
Constellation Energy Generation LLC,
|
|
|
|
3.90%, 1/8/28
|
610
|
605
|
|
DTE Energy Co.,
|
|
|
|
(Variable, U.S. Treasury Yield Curve
Rate CMT 5Y + 1.81%), 6.20%,
7/1/58(4)
|
640
|
645
|
|
Evergy Missouri West, Inc.,
|
|
|
|
4.70%, 5/21/29(1)
|
450
|
450
|
|
NextEra Energy Capital Holdings, Inc.,
|
|
|
|
(Variable, U.S. Treasury Yield Curve
Rate CMT 5Y + 1.84%), 6.00%,
10/1/56(4)
|
1,580
|
1,579
|
|
PacifiCorp,
|
|
|
|
5.45%, 2/15/34
|
450
|
455
|
|
Pattern Energy Operations L.P./Pattern
Energy Operations, Inc.,
|
|
|
|
4.50%, 8/15/28(1)
|
230
|
225
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 27.5% continued
|
||
|
Electric Utilities – 1.6%continued
|
||
|
Public Service Co. of Colorado,
|
|
|
|
5.15%, 9/15/35
|
$415
|
$412
|
|
|
|
4,547
|
|
Electrical Equipment – 0.4%
|
||
|
Hubbell, Inc.,
|
|
|
|
2.30%, 3/15/31
|
335
|
301
|
|
Vertiv Holdings Co.,
|
|
|
|
5.80%, 3/15/56
|
915
|
901
|
|
|
|
1,202
|
|
Engineering & Construction – 0.0%
|
||
|
Installed Building Products, Inc.,
|
|
|
|
5.63%, 2/1/34(1)
|
130
|
129
|
|
Finance Companies – 0.3%
|
||
|
Sumisho Air Lease Corp.,
|
|
|
|
(Variable, U.S. Treasury Yield Curve
Rate CMT 5Y + 3.44%), 6.00%,
9/24/29(4) (5)
|
800
|
773
|
|
Food – 0.2%
|
||
|
Kraft Heinz Foods Co.,
|
|
|
|
3.75%, 4/1/30
|
465
|
450
|
|
Gas & Water Utilities – 0.5%
|
||
|
American Water Capital Corp.,
|
|
|
|
4.63%, 6/1/29
|
800
|
800
|
|
National Fuel Gas Co.,
|
|
|
|
5.50%, 5/15/36
|
566
|
563
|
|
|
|
1,363
|
|
Health Care Facilities & Services – 0.8%
|
||
|
Cencora, Inc.,
|
|
|
|
4.25%, 11/15/30†
|
325
|
318
|
|
2.70%, 3/15/31
|
365
|
333
|
|
CVS Health Corp.,
|
|
|
|
5.45%, 9/15/35
|
675
|
684
|
|
HCA, Inc.,
|
|
|
|
4.13%, 6/15/29
|
550
|
541
|
|
4.90%, 11/15/35
|
255
|
247
|
|
|
|
2,123
|
|
Home Construction – 0.0%
|
||
|
Mohawk Industries, Inc.,
|
|
|
|
5.85%, 9/18/28
|
7
|
7
|
|
Household Products – 0.7%
|
||
|
Clorox (The) Co.,
|
|
|
|
4.70%, 5/15/31
|
1,870
|
1,858
|
|
Schedule of Investments
|
|
FIXED INCOME FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 27.5% continued
|
||
|
Institutional Financial Services – 0.3%
|
||
|
Depository Trust (The) Co.,
|
|
|
|
4.55%, 3/27/31(1)
|
$250
|
$249
|
|
Goldman Sachs Group (The), Inc.,
|
|
|
|
(Variable, U.S. SOFR + 0.90%),
4.15%, 10/21/29(4)
|
550
|
542
|
|
|
|
791
|
|
Insurance – 0.6%
|
||
|
Arch Capital Group Ltd.,
|
|
|
|
5.95%, 6/15/56
|
1,584
|
1,599
|
|
Internet Media & Services – 0.9%
|
||
|
Alphabet, Inc.,
|
|
|
|
4.80%, 2/15/36
|
349
|
343
|
|
Beignet Investor LLC,
|
|
|
|
6.58%, 5/30/49(1)
|
600
|
612
|
|
Expedia Group, Inc.,
|
|
|
|
5.40%, 2/15/35
|
710
|
703
|
|
Meta Platforms, Inc.,
|
|
|
|
6.45%, 5/15/66
|
950
|
938
|
|
|
|
2,596
|
|
Leisure Facilities & Services – 0.1%
|
||
|
Las Vegas Sands Corp.,
|
|
|
|
5.30%, 5/15/31
|
260
|
259
|
|
Leisure Products – 0.1%
|
||
|
Patrick Industries, Inc.,
|
|
|
|
6.38%, 11/1/32(1)
|
260
|
259
|
|
Metals & Mining – 0.2%
|
||
|
Novelis Corp.,
|
|
|
|
3.88%, 8/15/31(1)
|
520
|
474
|
|
Oil & Gas Supply Chain – 1.7%
|
||
|
Antero Midstream Partners L.P./Antero
Midstream Finance Corp.,
|
|
|
|
5.75%, 7/1/34(1)
|
450
|
444
|
|
Chord Energy Corp.,
|
|
|
|
6.75%, 3/15/33(1)
|
850
|
863
|
|
Crescent Energy Finance LLC,
|
|
|
|
7.63%, 4/1/32(1)
|
300
|
303
|
|
Targa Resources Corp.,
|
|
|
|
4.95%, 4/15/52
|
800
|
686
|
|
Venture Global LNG, Inc.,
|
|
|
|
7.00%, 1/15/30(1)
|
850
|
867
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 27.5% continued
|
||
|
Oil & Gas Supply Chain – 1.7%continued
|
||
|
WPX Energy, Inc.,
|
|
|
|
4.50%, 1/15/30
|
$1,593
|
$1,478
|
|
|
|
4,641
|
|
Real Estate Investment Trusts – 0.3%
|
||
|
Store Capital LLC,
|
|
|
|
5.40%, 4/30/30
|
780
|
785
|
|
Real Estate Services – 0.1%
|
||
|
CBRE Services, Inc.,
|
|
|
|
4.90%, 1/15/33
|
400
|
394
|
|
Semiconductors – 0.9%
|
||
|
Foundry JV Holdco LLC,
|
|
|
|
6.30%, 1/25/39(1)
|
825
|
876
|
|
NVIDIA Corp.,
|
|
|
|
5.63%, 6/15/56
|
1,572
|
1,561
|
|
|
|
2,437
|
|
Software – 2.1%
|
||
|
Cloud Software Group, Inc.,
|
|
|
|
8.25%, 6/30/32(1)
|
860
|
806
|
|
Oracle Corp.,
|
|
|
|
4.45%, 9/26/30
|
1,430
|
1,381
|
|
6.00%, 8/3/55
|
1,370
|
1,166
|
|
Salesforce, Inc.,
|
|
|
|
4.90%, 9/15/31
|
2,450
|
2,445
|
|
|
|
5,798
|
|
Specialty Finance – 2.7%
|
||
|
Block, Inc.,
|
|
|
|
5.63%, 8/15/30(1)
|
455
|
456
|
|
6.00%, 8/15/33(1)
|
900
|
906
|
|
Encore Capital Group, Inc.,
|
|
|
|
6.63%, 6/1/32(1)
|
820
|
821
|
|
Fair Isaac Corp.,
|
|
|
|
6.25%, 9/15/34(1)
|
1,615
|
1,591
|
|
Ladder Capital Finance
Holdings LLLP/Ladder Capital
Finance Corp.,
|
|
|
|
4.25%, 2/1/27(1)
|
690
|
686
|
|
OneMain Finance Corp.,
|
|
|
|
5.38%, 11/15/29
|
825
|
810
|
|
PennyMac Financial Services, Inc.,
|
|
|
|
7.13%, 11/15/30(1)
|
855
|
867
|
|
|
June 30, 2026 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 27.5% continued
|
||
|
Specialty Finance – 2.7%continued
|
||
|
Synchrony Financial,
|
|
|
|
(Variable, U.S. SOFR Compounded
Index + 2.13%), 5.94%,
8/2/30(4)
|
$450
|
$459
|
|
WEX, Inc.,
|
|
|
|
6.50%, 3/15/33(1)
|
855
|
851
|
|
|
|
7,447
|
|
Technology Hardware – 0.4%
|
||
|
Jabil, Inc.,
|
|
|
|
4.75%, 2/1/33
|
755
|
737
|
|
Zebra Technologies Corp.,
|
|
|
|
6.50%, 6/1/32(1)
|
520
|
526
|
|
|
|
1,263
|
|
Telecommunications – 1.0%
|
||
|
Black Pearl Compute LLC,
|
|
|
|
6.13%, 2/15/31(1)
|
65
|
66
|
|
Cipher Compute LLC,
|
|
|
|
7.13%, 11/15/30(1)
|
1,375
|
1,429
|
|
QTS Fayetteville I Dc1-2 LLC/QTS TRS
Fayetteville I DC1-2 LLC,
|
|
|
|
5.70%, 4/15/36(1)
|
1,440
|
1,369
|
|
|
|
2,864
|
|
Tobacco & Cannabis – 0.1%
|
||
|
Philip Morris International, Inc.,
|
|
|
|
1.75%, 11/1/30†
|
175
|
155
|
|
Total Corporate Bonds
|
|
|
|
(Cost $77,031)
|
|
76,400
|
|
|
|
|
|
FOREIGN ISSUER BONDS – 5.2%
|
||
|
Aerospace & Defense – 0.1%
|
||
|
Rolls-Royce PLC,
|
|
|
|
5.75%, 10/15/27(1)
|
375
|
380
|
|
Asset Management – 0.3%
|
||
|
UBS Group A.G.,
|
|
|
|
(Variable, USD SOFR ICE Swap Rate
5Y + 3.09%), 6.88%,
6/5/32(1) (4)
|
875
|
877
|
|
Automotive – 0.2%
|
||
|
Volkswagen Group of America
Finance LLC,
|
|
|
|
4.85%, 9/11/30(1)
|
430
|
426
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
FOREIGN ISSUER BONDS - 5.2% continued
|
||
|
Banking – 2.7%
|
||
|
Banco Bilbao Vizcaya Argentaria S.A.,
|
|
|
|
4.15%, 3/3/29
|
$600
|
$591
|
|
Bank of Ireland Group PLC,
|
|
|
|
(Variable, U.S. SOFR Compounded
Index + 1.16%), 5.00%,
11/12/32(1) (4)
|
1,390
|
1,389
|
|
Barclays PLC,
|
|
|
|
(Variable, U.S. Treasury Yield Curve
Rate CMT 1Y + 2.65%), 5.50%,
8/9/28(4)
|
200
|
202
|
|
(Variable, U.S. SOFR + 1.74%),
5.69%, 3/12/30(4)
|
550
|
561
|
|
BNP Paribas S.A.,
|
|
|
|
(Variable, U.S. SOFR + 1.22%),
2.16%, 9/15/29(1) (4)
|
430
|
406
|
|
HSBC Holdings PLC,
|
|
|
|
(Variable, U.S. Treasury Yield Curve
Rate CMT 5Y + 2.51%), 6.75%,
11/18/32(4) (5)
|
225
|
227
|
|
(Variable, U.S. SOFR + 1.32%),
5.21%, 5/12/34(4)
|
1,700
|
1,694
|
|
KBC Group N.V.,
|
|
|
|
(Variable, U.S. Treasury Yield Curve
Rate CMT 1Y + 2.10%), 5.80%,
1/19/29(1) (4)
|
620
|
631
|
|
Santander UK Group Holdings PLC,
|
|
|
|
(Variable, U.S. SOFR Compounded
Index + 1.07%), 4.32%,
9/22/29(4)
|
800
|
792
|
|
Sumitomo Mitsui Financial Group, Inc.,
|
|
|
|
7/7/34(6)
|
1,159
|
1,154
|
|
|
|
7,647
|
|
Institutional Financial Services – 0.2%
|
||
|
Nomura Holdings, Inc.,
|
|
|
|
(Variable, U.S. Treasury Yield Curve
Rate CMT 5Y + 1.30%), 5.04%,
6/10/36(4)
|
525
|
513
|
|
Insurance – 0.3%
|
||
|
Nippon Life Insurance Co.,
|
|
|
|
5.05%, 4/2/33(1)
|
700
|
702
|
|
Metals & Mining – 0.4%
|
||
|
Australian Metcoal Financing Pty. Ltd.,
|
|
|
|
6.75%, 4/22/34(1)
|
210
|
216
|
|
Schedule of Investments
|
|
FIXED INCOME FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
FOREIGN ISSUER BONDS - 5.2% continued
|
||
|
Metals & Mining – 0.4%continued
|
||
|
Trekor Metals Ltd.,
|
|
|
|
8.25%, 5/1/30(1)
|
$935
|
$976
|
|
|
|
1,192
|
|
Oil & Gas Supply Chain – 0.4%
|
||
|
Saudi Arabian Oil Co.,
|
|
|
|
5.00%, 2/2/36(1)
|
1,065
|
1,042
|
|
Specialty Finance – 0.6%
|
||
|
AerCap Ireland Capital DAC/AerCap
Global Aviation Trust,
|
|
|
|
4.13%, 2/28/29
|
600
|
591
|
|
Avolon Holdings Funding Ltd.,
|
|
|
|
4.85%, 4/1/33(1)
|
790
|
765
|
|
Macquarie Airfinance Holdings Ltd.,
|
|
|
|
6.50%, 3/26/31(1)
|
175
|
183
|
|
|
|
1,539
|
|
Total Foreign Issuer Bonds
|
|
|
|
(Cost $14,393)
|
|
14,318
|
|
|
|
|
|
U.S. GOVERNMENT AGENCIES – 22.7% (7)
|
||
|
Fannie Mae – 10.6%
|
||
|
Fannie Mae-Aces, Series 2013-M6,
Class 1AC,
|
|
|
|
3.38%, 2/25/43(3)
|
2,281
|
2,200
|
|
Pool #545003,
|
|
|
|
8.00%, 5/1/31(8)
|
—
|
—
|
|
Pool #545437,
|
|
|
|
7.00%, 2/1/32
|
8
|
9
|
|
Pool #545556,
|
|
|
|
7.00%, 4/1/32
|
5
|
5
|
|
Pool #555189,
|
|
|
|
7.00%, 12/1/32
|
48
|
51
|
|
Pool #581806,
|
|
|
|
7.00%, 7/1/31
|
8
|
9
|
|
Pool #585617,
|
|
|
|
7.00%, 5/1/31(8)
|
—
|
—
|
|
Pool #889641,
|
|
|
|
5.50%, 8/1/37
|
293
|
296
|
|
Pool #995802,
|
|
|
|
5.50%, 12/1/35
|
291
|
294
|
|
Pool #AB5209,
|
|
|
|
3.00%, 5/1/32
|
1,044
|
1,007
|
|
Pool #AB9546,
|
|
|
|
3.50%, 6/1/28
|
13
|
13
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
U.S. GOVERNMENT AGENCIES - 22.7% (7)continued
|
||
|
Fannie Mae – 10.6%continued
|
||
|
Pool #AD0248,
|
|
|
|
5.50%, 11/1/37
|
$525
|
$531
|
|
Pool #AD0494,
|
|
|
|
5.50%, 8/1/37
|
294
|
297
|
|
Pool #AD0925,
|
|
|
|
5.00%, 4/1/40
|
36
|
37
|
|
Pool #AK9457,
|
|
|
|
3.50%, 3/1/32
|
51
|
49
|
|
Pool #AL3063,
|
|
|
|
3.50%, 1/1/28
|
20
|
20
|
|
Pool #AL5119,
|
|
|
|
4.00%, 4/1/34
|
444
|
435
|
|
Pool #AL7497,
|
|
|
|
3.50%, 9/1/40
|
722
|
679
|
|
Pool #AL8876,
|
|
|
|
3.00%, 10/1/44
|
234
|
211
|
|
Pool #AO2961,
|
|
|
|
4.00%, 5/1/42
|
122
|
118
|
|
Pool #AQ9360,
|
|
|
|
2.50%, 1/1/28
|
10
|
10
|
|
Pool #AS1991,
|
|
|
|
3.50%, 3/1/29
|
81
|
80
|
|
Pool #AS3655,
|
|
|
|
4.50%, 10/1/44
|
351
|
344
|
|
Pool #AS6520,
|
|
|
|
3.50%, 1/1/46
|
786
|
730
|
|
Pool #AS7088,
|
|
|
|
2.50%, 5/1/31
|
531
|
510
|
|
Pool #AS8576,
|
|
|
|
4.50%, 12/1/46
|
662
|
648
|
|
Pool #BM1761,
|
|
|
|
4.00%, 8/1/44
|
131
|
125
|
|
Pool #BM5984,
|
|
|
|
5.00%, 5/1/49
|
87
|
87
|
|
Pool #BM5996,
|
|
|
|
5.00%, 12/1/48
|
61
|
61
|
|
Pool #BX4910,
|
|
|
|
5.00%, 1/1/53
|
833
|
827
|
|
Pool #BY5368,
|
|
|
|
6.00%, 7/1/53
|
211
|
216
|
|
Pool #CA6359,
|
|
|
|
2.50%, 7/1/50
|
897
|
767
|
|
|
June 30, 2026 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
U.S. GOVERNMENT AGENCIES - 22.7% (7)continued
|
||
|
Fannie Mae – 10.6%continued
|
||
|
Pool #CB1666,
|
|
|
|
2.50%, 9/1/51
|
$549
|
$469
|
|
Pool #CB2286,
|
|
|
|
2.50%, 12/1/51
|
988
|
843
|
|
Pool #CB4844,
|
|
|
|
5.50%, 10/1/52
|
395
|
400
|
|
Pool #CB5113,
|
|
|
|
5.50%, 11/1/52
|
246
|
249
|
|
Pool #CB7114,
|
|
|
|
5.50%, 9/1/53
|
483
|
487
|
|
Pool #FM1303,
|
|
|
|
3.00%, 1/1/48
|
782
|
702
|
|
Pool #FM1438,
|
|
|
|
3.00%, 8/1/38
|
260
|
246
|
|
Pool #FM1472,
|
|
|
|
3.50%, 3/1/34
|
11
|
11
|
|
Pool #FM1534,
|
|
|
|
4.50%, 9/1/49
|
712
|
694
|
|
Pool #FM1572,
|
|
|
|
3.00%, 9/1/48
|
496
|
442
|
|
Pool #FM2671,
|
|
|
|
4.00%, 1/1/48
|
263
|
251
|
|
Pool #FM3201,
|
|
|
|
3.50%, 4/1/34
|
237
|
233
|
|
Pool #FM4491,
|
|
|
|
3.50%, 12/1/36
|
681
|
654
|
|
Pool #FM6125,
|
|
|
|
2.50%, 1/1/51
|
1,014
|
868
|
|
Pool #FM8215,
|
|
|
|
2.50%, 3/1/51
|
874
|
746
|
|
Pool #FP0012,
|
|
|
|
3.00%, 8/1/51
|
755
|
671
|
|
Pool #FS3063,
|
|
|
|
4.50%, 10/1/52
|
901
|
872
|
|
Pool #FS3391,
|
|
|
|
2.50%, 8/1/51
|
1,029
|
882
|
|
Pool #FS3662,
|
|
|
|
5.00%, 1/1/53
|
934
|
927
|
|
Pool #FS4045,
|
|
|
|
5.50%, 2/1/53
|
836
|
847
|
|
Pool #FS4267,
|
|
|
|
4.50%, 3/1/38
|
716
|
717
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
U.S. GOVERNMENT AGENCIES - 22.7% (7)continued
|
||
|
Fannie Mae – 10.6%continued
|
||
|
Pool #FS4610,
|
|
|
|
6.50%, 6/1/40
|
$352
|
$372
|
|
Pool #FS4653,
|
|
|
|
5.50%, 5/1/53
|
653
|
660
|
|
Pool #FS5441,
|
|
|
|
6.00%, 8/1/53
|
766
|
795
|
|
Pool #FS5952,
|
|
|
|
6.50%, 10/1/53
|
519
|
546
|
|
Pool #FS5965,
|
|
|
|
6.00%, 10/1/53
|
114
|
118
|
|
Pool #FS6176,
|
|
|
|
5.00%, 12/1/47
|
636
|
642
|
|
Pool #FS6869,
|
|
|
|
7.00%, 1/1/40
|
183
|
193
|
|
Pool #MA0878,
|
|
|
|
4.00%, 10/1/31
|
182
|
180
|
|
Pool #MA2522,
|
|
|
|
3.50%, 2/1/46
|
1,000
|
929
|
|
Pool #MA2864,
|
|
|
|
3.50%, 1/1/47
|
636
|
586
|
|
Pool #MA3004,
|
|
|
|
4.00%, 5/1/37
|
236
|
230
|
|
Pool #MA3088,
|
|
|
|
4.00%, 8/1/47
|
485
|
460
|
|
Pool #MA3183,
|
|
|
|
4.00%, 11/1/47
|
228
|
216
|
|
Pool #MA3184,
|
|
|
|
4.50%, 11/1/47
|
20
|
20
|
|
Pool #MA4186,
|
|
|
|
3.00%, 10/1/35
|
273
|
259
|
|
Pool #MA5098,
|
|
|
|
5.50%, 7/1/43
|
469
|
477
|
|
|
|
29,560
|
|
Freddie Mac – 9.0%
|
||
|
Freddie Mac REMICS, Series 3013,
Class HZ,
|
|
|
|
5.00%, 8/15/35
|
398
|
401
|
|
Freddie Mac REMICS, Series 4077,
Class TO,
|
|
|
|
0.00%, 5/15/41(9)
|
807
|
612
|
|
Freddie Mac REMICS, Series 4835,
Class CA,
|
|
|
|
3.50%, 1/15/47
|
7
|
7
|
|
Schedule of Investments
|
|
FIXED INCOME FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
U.S. GOVERNMENT AGENCIES - 22.7% (7)continued
|
||
|
Freddie Mac – 9.0%continued
|
||
|
Freddie Mac REMICS, Series 5391,
Class A,
|
|
|
|
5.50%, 11/25/51
|
$390
|
$392
|
|
Pool #1B3575,
|
|
|
|
(Floating, Refinitiv USD IBOR
Consumer Cash Fallbacks 1Y
Index + 1.80%, 1.80% Floor,
11.42% Cap), 6.55%, 9/1/37(10)
|
40
|
41
|
|
Pool #1G2296,
|
|
|
|
(Floating, Refinitiv USD IBOR
Consumer Cash Fallbacks 1Y
Index + 2.09%, 2.09% Floor,
11.34% Cap), 6.46%,
11/1/37(10)
|
82
|
84
|
|
Pool #QF8053,
|
|
|
|
5.50%, 2/1/53
|
1,062
|
1,072
|
|
Pool #RA7677,
|
|
|
|
5.00%, 7/1/52
|
908
|
904
|
|
Pool #RA8880,
|
|
|
|
5.50%, 4/1/53
|
827
|
837
|
|
Pool #RA9840,
|
|
|
|
5.50%, 9/1/53
|
877
|
893
|
|
Pool #RD5026,
|
|
|
|
3.00%, 4/1/30
|
153
|
150
|
|
Pool #SB0084,
|
|
|
|
3.00%, 2/1/32
|
442
|
433
|
|
Pool #SB0216,
|
|
|
|
3.00%, 12/1/32
|
247
|
240
|
|
Pool #SB0328,
|
|
|
|
3.00%, 6/1/34
|
572
|
552
|
|
Pool #SB0826,
|
|
|
|
2.50%, 1/1/35
|
613
|
583
|
|
Pool #SB8502,
|
|
|
|
2.00%, 8/1/35
|
1,450
|
1,325
|
|
Pool #SD0033,
|
|
|
|
3.00%, 12/1/47
|
534
|
479
|
|
Pool #SD1518,
|
|
|
|
4.50%, 8/1/52
|
996
|
965
|
|
Pool #SD2347,
|
|
|
|
5.50%, 2/1/53
|
850
|
866
|
|
Pool #SD2477,
|
|
|
|
5.50%, 3/1/53
|
1,073
|
1,089
|
|
Pool #SD2642,
|
|
|
|
5.50%, 4/1/53
|
1,017
|
1,027
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
U.S. GOVERNMENT AGENCIES - 22.7% (7)continued
|
||
|
Freddie Mac – 9.0%continued
|
||
|
Pool #SD2665,
|
|
|
|
6.00%, 4/1/53
|
$107
|
$111
|
|
Pool #SD2757,
|
|
|
|
5.00%, 5/1/53
|
973
|
965
|
|
Pool #SD2920,
|
|
|
|
5.50%, 5/1/53
|
922
|
932
|
|
Pool #SD2999,
|
|
|
|
5.50%, 6/1/53
|
974
|
985
|
|
Pool #SD3133,
|
|
|
|
5.00%, 6/1/53
|
605
|
597
|
|
Pool #SD3136,
|
|
|
|
5.50%, 6/1/53
|
836
|
847
|
|
Pool #SD3174,
|
|
|
|
5.50%, 6/1/53
|
778
|
785
|
|
Pool #SD3189,
|
|
|
|
6.00%, 6/1/53
|
577
|
598
|
|
Pool #SD3251,
|
|
|
|
6.00%, 7/1/53
|
793
|
821
|
|
Pool #SD3515,
|
|
|
|
6.00%, 7/1/53
|
506
|
526
|
|
Pool #SD3760,
|
|
|
|
6.00%, 8/1/53
|
638
|
653
|
|
Pool #SD4027,
|
|
|
|
6.50%, 10/1/53
|
679
|
714
|
|
Pool #SD4285,
|
|
|
|
5.50%, 11/1/53
|
682
|
690
|
|
Pool #SD5136,
|
|
|
|
6.00%, 4/1/54
|
597
|
618
|
|
Pool #ZK7457,
|
|
|
|
3.50%, 2/1/29
|
265
|
262
|
|
Pool #ZM5332,
|
|
|
|
3.00%, 1/1/48
|
409
|
365
|
|
Pool #ZT1333,
|
|
|
|
2.50%, 10/1/31
|
969
|
931
|
|
Seasoned Loans Structured Transaction
Trust, Series 2019-2, Class A1C,
|
|
|
|
2.75%, 9/25/29
|
779
|
741
|
|
|
|
25,093
|
|
Freddie Mac Gold – 0.6%
|
||
|
Pool #A87842,
|
|
|
|
4.50%, 8/1/39
|
125
|
123
|
|
Pool #C00910,
|
|
|
|
7.50%, 1/1/30
|
24
|
24
|
|
|
June 30, 2026 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
U.S. GOVERNMENT AGENCIES - 22.7% (7)continued
|
||
|
Freddie Mac Gold – 0.6%continued
|
||
|
Pool #G07068,
|
|
|
|
5.00%, 7/1/41
|
$190
|
$192
|
|
Pool #G07505,
|
|
|
|
7.00%, 2/1/39
|
393
|
421
|
|
Pool #G15612,
|
|
|
|
3.50%, 12/1/29
|
6
|
6
|
|
Pool #G16396,
|
|
|
|
3.50%, 2/1/33
|
438
|
429
|
|
Pool #G18643,
|
|
|
|
2.50%, 5/1/32
|
39
|
38
|
|
Pool #G30926,
|
|
|
|
3.50%, 4/1/36
|
169
|
162
|
|
Pool #G61723,
|
|
|
|
3.50%, 1/1/43
|
63
|
59
|
|
Pool #Q63667,
|
|
|
|
4.50%, 5/1/49
|
179
|
175
|
|
|
|
1,629
|
|
Government National Mortgage Association – 0.3%
|
||
|
Government National Mortgage
Association, Series 2017-95,
Class QG,
|
|
|
|
2.50%, 8/20/46
|
584
|
543
|
|
Government National Mortgage
Association, Series 2025-33,
Class LH,
|
|
|
|
5.00%, 5/20/54
|
247
|
245
|
|
|
|
788
|
|
Government National Mortgage Association I – 0.6%
|
||
|
Pool #757013,
|
|
|
|
3.50%, 12/15/40
|
791
|
727
|
|
Pool #786470,
|
|
|
|
5.00%, 11/15/40
|
873
|
888
|
|
|
|
1,615
|
|
Government National Mortgage Association II – 1.6%
|
||
|
Pool #786922,
|
|
|
|
5.50%, 9/1/53
|
799
|
812
|
|
Pool #MA0089,
|
|
|
|
4.00%, 5/20/42
|
930
|
894
|
|
Pool #MA1996,
|
|
|
|
4.00%, 6/20/44
|
174
|
167
|
|
Pool #MA3666,
|
|
|
|
5.00%, 5/20/46
|
397
|
401
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
U.S. GOVERNMENT AGENCIES - 22.7% (7)continued
|
||
|
Government National Mortgage Association II – 1.6%continued
|
||
|
Pool #MA4008,
|
|
|
|
5.50%, 10/20/46
|
$55
|
$57
|
|
Pool #MA6870,
|
|
|
|
5.00%, 9/20/50
|
289
|
292
|
|
Pool #MA8346,
|
|
|
|
4.00%, 10/20/52
|
965
|
910
|
|
Pool #MA8724,
|
|
|
|
4.50%, 3/20/53
|
984
|
952
|
|
|
|
4,485
|
|
Total U.S. Government Agencies
|
|
|
|
(Cost $64,976)
|
|
63,170
|
|
|
|
|
|
U.S. GOVERNMENT OBLIGATIONS – 14.8%
|
||
|
U.S. Treasury Bonds – 4.2%
|
||
|
4.63%, 11/15/45
|
4,849
|
4,657
|
|
4.63%, 11/15/55
|
6,446
|
6,133
|
|
5.00%, 5/15/56
|
900
|
910
|
|
|
|
11,700
|
|
U.S. Treasury Notes – 7.6%
|
||
|
4.38%, 12/31/29(11)
|
400
|
402
|
|
4.25%, 1/31/30(11)
|
50
|
50
|
|
3.88%, 6/30/30
|
2,760
|
2,728
|
|
4.25%, 5/15/35
|
105
|
104
|
|
4.00%, 11/15/35
|
13,912
|
13,458
|
|
4.13%, 2/15/36
|
2,800
|
2,732
|
|
4.38%, 5/15/36
|
1,585
|
1,576
|
|
|
|
21,050
|
|
U.S. Treasury Strips – 3.0%
|
||
|
1.48%, 2/15/51(12)
|
29,423
|
8,475
|
|
Total U.S. Government Obligations
|
|
|
|
(Cost $51,161)
|
|
41,225
|
|
Schedule of Investments
|
|
FIXED INCOME FUND continued
|
|
|
|
NUMBER
OF SHARES
|
VALUE
(000S)
|
|
INVESTMENT COMPANIES – 1.9%
|
||
|
Northern Institutional Funds - Liquid
Assets Portfolio (Shares),
3.68%(13) (14) (15)
|
4,752,446
|
$4,753
|
|
Northern Institutional Funds -
U.S. Government Portfolio (Shares),
3.46%(13) (14)
|
643,430
|
643
|
|
Total Investment Companies
|
|
|
|
(Cost $5,396)
|
|
5,396
|
|
|
|
|
|
Total Investments – 101.9%
|
|
|
|
(Cost $296,313)
|
283,360
|
|
|
Liabilities less Other Assets – (1.9%)
|
(5,202
)
|
|
|
NET ASSETS – 100.0%
|
$278,158
|
|
|
(1)
|
Security exempt from registration pursuant to Rule 144A under the Securities
Act of 1933, as amended. These securities may be resold in transactions
exempt from registration to qualified institutional investors. At June 30,
2026, the value of these securities amounted to approximately
$85,855,000 or 30.9% of net assets.
|
|
(2)
|
Step coupon bond. Rate as of June 30, 2026 is disclosed.
|
|
(3)
|
Variable or floating rate security, the interest rate of which adjusts
periodically based on changes in current interest rates and prepayments on
the underlying pool of assets.
|
|
(4)
|
Variable or floating rate security. Security issued at a fixed coupon rate,
which converts to a variable rate at a future date. Rate shown is the rate in
effect as of June 30, 2026.
|
|
(5)
|
Perpetual bond. Maturity date represents next call date.
|
|
(6)
|
When-Issued Security. Coupon rate is not in effect at June 30, 2026.
|
|
(7)
|
The obligations of certain U.S. government-sponsored entities are neither
issued nor guaranteed by the United States Treasury.
|
|
(8)
|
Principal Amount and Value rounds to less than one thousand.
|
|
(9)
|
Zero coupon bond.
|
|
(10)
|
Variable or floating rate security. Rate as of June 30, 2026 is disclosed.
|
|
(11)
|
All or a portion of this security has been pledged as collateral to cover
margin requirements for open futures contracts.
|
|
(12)
|
Discount rate at the time of purchase.
|
|
(13)
|
Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the
investment adviser to the Fund and the investment adviser to Northern
Institutional Funds.
|
|
(14)
|
7-day current yield as of June 30, 2026 is disclosed.
|
|
(15)
|
Investment of cash collateral received from securities lending activities.
|
|
†
|
Security is either wholly or partially on loan.
|
|
|
|
EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT
THE SCHEDULE OF INVESTMENTS:
|
|
|
|
1Y - 1 Year
|
|
|
|
3M - 3 Month
|
|
|
|
5Y - 5 Year
|
|
|
|
CME - Chicago Mercantile Exchange
|
|
|
|
CMT - Constant Maturity
|
|
|
|
Fannie Mae - Federal National Mortgage Association
|
|
|
|
Freddie Mac - Federal Home Loan Mortgage Corporation
|
|
|
|
IBOR - Interbank Offered Rates
|
|
|
|
ICE - Intercontinental Exchange
|
|
|
|
REMICS - Real Estate Mortgage Investment Conduits
|
|
|
|
SOFR - Secured Overnight Financing Rate
|
|
|
|
USD - United States Dollar
|
|
TYPE
|
NUMBER OF
CONTRACTS
|
NOTIONAL
AMOUNT
(000s)
|
CONTRACT
POSITION
|
CONTRACT
EXP.
|
VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION)
(000s)
|
|
2-Year
U.S. Treasury
Note
|
77
|
$15,872
|
Long
|
9/26
|
$(3
)
|
|
5-Year
U.S. Treasury
Note
|
28
|
2,997
|
Long
|
9/26
|
11
|
|
U.S. Treasury
Long Bond
|
141
|
16,004
|
Long
|
9/26
|
353
|
|
Ultra 10-Year
U.S. Treasury
Note
|
(102
)
|
(11,472
)
|
Short
|
9/26
|
(145
)
|
|
Ultra Long
U.S. Treasury
Bond
|
(27
)
|
(3,136
)
|
Short
|
9/26
|
(91
)
|
|
Total
|
|
|
|
|
$125
|
|
|
June 30, 2026 (UNAUDITED)
|
|
INVESTMENTS
|
LEVEL 1
(000s)
|
LEVEL 2
(000s)
|
LEVEL 3
(000s)
|
TOTAL
(000s)
|
|
Asset-Backed Securities(1)
|
$—
|
$67,033
|
$—
|
$67,033
|
|
Commercial Mortgage-Backed
Securities
|
—
|
15,818
|
—
|
15,818
|
|
Corporate Bonds(1)
|
—
|
76,400
|
—
|
76,400
|
|
Foreign Issuer Bonds(1)
|
—
|
14,318
|
—
|
14,318
|
|
U.S. Government Agencies(1)
|
—
|
63,170
|
—
|
63,170
|
|
U.S. Government
Obligations(1)
|
—
|
41,225
|
—
|
41,225
|
|
Investment Companies
|
5,396
|
—
|
—
|
5,396
|
|
Total Investments
|
$5,396
|
$277,964
|
$—
|
$283,360
|
|
INVESTMENTS
|
LEVEL 1
(000s)
|
LEVEL 2
(000s)
|
LEVEL 3
(000s)
|
TOTAL
(000s)
|
|
OTHER FINANCIAL
INSTRUMENTS
|
|
|
|
|
|
Assets
|
|
|
|
|
|
Futures Contracts
|
$364
|
$—
|
$—
|
$364
|
|
Liabilities
|
|
|
|
|
|
Futures Contracts
|
(239
)
|
—
|
—
|
(239
)
|
|
Total Other Financial
Instruments
|
$125
|
$—
|
$—
|
$125
|
|
(1)
|
Classifications as defined in the Schedule of Investments.
|
|
SECURITY
|
VALUE,
BEGINNING
OF PERIOD
(000S)
|
PURCHASES
(000S)
|
SALES
PROCEEDS
(000S)
|
VALUE,
END OF PERIOD
(000S)
|
SHARES/PAR,
END
OF PERIOD
|
DIVIDEND/
INTEREST
INCOME
(000S)
|
|
Northern Institutional Funds - Liquid Assets Portfolio (Shares)
|
$751
|
$18,665
|
$14,663
|
$4,753
|
4,752,446
|
$3
(1)
|
|
Northern Institutional Funds - U.S. Government Portfolio (Shares)
|
6,848
|
29,031
|
35,236
|
643
|
643,430
|
19
|
|
Total
|
$7,599
|
$47,696
|
$49,899
|
$5,396
|
5,395,876
|
$22
|
|
(1)
|
Represents income from the investment of cash collateral and loan premiums or fees
paid by borrowers, net of applicable taxes, rebate fees paid or accrued to the
Fund, and other related expenses.
|
|
Schedule of Investments
|
|
HIGH YIELD FIXED INCOME FUND
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS – 80.2%
|
||
|
Advertising & Marketing – 0.8%
|
||
|
Neptune Bidco U.S., Inc.,
|
|
|
|
9.29%, 4/15/29(1)
|
$8,057
|
$8,217
|
|
10.38%, 5/15/31(1)
|
6,875
|
7,125
|
|
9.50%, 2/15/33(1)
|
2,255
|
2,280
|
|
|
|
17,622
|
|
Aerospace & Defense – 1.6%
|
||
|
AAR Escrow Issuer LLC,
|
|
|
|
6.75%, 3/15/29(1)
|
5,290
|
5,404
|
|
Axon Enterprise, Inc.,
|
|
|
|
6.13%, 3/15/30(1)
|
2,330
|
2,377
|
|
6.25%, 3/15/33(1)
|
1,630
|
1,671
|
|
Moog, Inc.,
|
|
|
|
5.50%, 10/15/34(1)
|
1,355
|
1,334
|
|
Spirit AeroSystems, Inc.,
|
|
|
|
4.60%, 6/15/28
|
3,535
|
3,522
|
|
TransDigm, Inc.,
|
|
|
|
6.88%, 12/15/30(1)
|
3,555
|
3,653
|
|
7.13%, 12/1/31(1)
|
1,090
|
1,129
|
|
6.00%, 1/15/33(1)
|
1,634
|
1,650
|
|
6.38%, 5/31/33(1)
|
8,655
|
8,737
|
|
6.25%, 1/31/34(1)
|
2,655
|
2,709
|
|
6.75%, 1/31/34(1)
|
1,345
|
1,380
|
|
6.13%, 7/31/34(1)
|
400
|
399
|
|
|
|
33,965
|
|
Asset Management – 1.1%
|
||
|
First Eagle Holdings, Inc.,
|
|
|
|
7.25%, 8/15/32(1)
|
2,480
|
2,497
|
|
Hightower Holding LLC,
|
|
|
|
9.13%, 1/31/30(1)
|
6,565
|
6,810
|
|
Icahn Enterprises L.P./Icahn Enterprises
Finance Corp.,
|
|
|
|
9.75%, 1/15/29
|
4,750
|
4,658
|
|
10.00%, 11/15/29(1)
|
3,120
|
3,077
|
|
9.00%, 6/15/30
|
3,320
|
3,096
|
|
Osaic Holdings, Inc.,
|
|
|
|
6.75%, 8/1/32(1)
|
460
|
461
|
|
8.00%, 8/1/33(1)
|
1,875
|
1,882
|
|
|
|
22,481
|
|
Automotive – 2.1%
|
||
|
Adient Global Holdings Ltd.,
|
|
|
|
7.50%, 2/15/33(1) †
|
4,050
|
4,178
|
|
American Axle & Manufacturing, Inc.,
|
|
|
|
6.88%, 7/1/28
|
2,091
|
2,095
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 80.2% continued
|
||
|
Automotive – 2.1%continued
|
||
|
6.38%, 10/15/32(1)
|
$1,925
|
$1,918
|
|
7.75%, 10/15/33(1) †
|
4,325
|
4,273
|
|
Clarios Global L.P./Clarios
U.S. Finance Co.,
|
|
|
|
6.75%, 5/15/28(1)
|
3,000
|
3,044
|
|
Dana, Inc.,
|
|
|
|
4.25%, 9/1/30
|
3,389
|
3,378
|
|
Dorman Products, Inc.,
|
|
|
|
6.25%, 6/15/34(1)
|
4,807
|
4,862
|
|
Ford Motor Co.,
|
|
|
|
9.63%, 4/22/30
|
1,165
|
1,321
|
|
4.75%, 1/15/43
|
2,065
|
1,624
|
|
Goodyear Tire & Rubber (The) Co.,
|
|
|
|
5.25%, 4/30/31†
|
2,645
|
2,387
|
|
Nissan Motor Acceptance Co. LLC,
|
|
|
|
5.63%, 9/29/28(1)
|
1,795
|
1,791
|
|
6.13%, 9/30/30(1) †
|
8,840
|
8,690
|
|
Phinia, Inc.,
|
|
|
|
6.75%, 4/15/29(1) †
|
5,370
|
5,499
|
|
|
|
45,060
|
|
Banking – 0.3%
|
||
|
Bank of America Corp.,
|
|
|
|
(Variable, U.S. Treasury Yield Curve
Rate CMT 5Y + 2.35%), 6.25%,
7/26/30(2) (3)
|
2,720
|
2,753
|
|
Citigroup, Inc.,
|
|
|
|
(Variable, U.S. Treasury Yield Curve
Rate CMT 5Y + 2.89%), 6.88%,
8/15/30(2) (3)
|
1,000
|
1,024
|
|
Huntington Bancshares, Inc.,
|
|
|
|
(Variable, U.S. Treasury Yield Curve
Rate CMT 5Y + 2.65%), 6.25%,
10/15/30(2) (3)
|
2,455
|
2,480
|
|
|
|
6,257
|
|
Basic Industry – 0.3%
|
||
|
Avient Corp.,
|
|
|
|
6.25%, 11/1/31(1)
|
5,464
|
5,537
|
|
Biotechnology & Pharmaceuticals – 1.5%
|
||
|
1261229 B.C. Ltd.,
|
|
|
|
10.00%, 4/15/32(1)
|
8,290
|
8,396
|
|
Bausch Health Americas, Inc.,
|
|
|
|
8.50%, 1/31/27(1) †
|
11,270
|
11,249
|
|
|
June 30, 2026 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 80.2% continued
|
||
|
Biotechnology & Pharmaceuticals – 1.5%continued
|
||
|
Organon & Co./Organon Foreign Debt
Co-Issuer B.V.,
|
|
|
|
4.13%, 4/30/28(1)
|
$5,190
|
$5,126
|
|
5.13%, 4/30/31(1)
|
6,455
|
6,386
|
|
|
|
31,157
|
|
Cable & Satellite – 5.0%
|
||
|
CCO Holdings LLC/CCO Holdings
Capital Corp.,
|
|
|
|
5.00%, 2/1/28(1)
|
19,202
|
18,961
|
|
4.25%, 2/1/31(1)
|
9,775
|
8,803
|
|
4.75%, 2/1/32(1)
|
11,310
|
10,088
|
|
4.50%, 6/1/33(1) †
|
7,395
|
6,416
|
|
4.25%, 1/15/34(1)
|
1,876
|
1,588
|
|
CSC Holdings LLC,
|
|
|
|
11.75%, 1/31/29(1) †
|
3,025
|
1,861
|
|
6.50%, 2/1/29(1) †
|
10,775
|
6,445
|
|
5.75%, 1/15/30(1)
|
7,235
|
1,678
|
|
4.63%, 12/1/30(1)
|
3,735
|
868
|
|
Directv Financing LLC,
|
|
|
|
8.88%, 2/1/30(1)
|
2,410
|
2,453
|
|
Directv Financing LLC/Directv Financing
Co-Obligor, Inc.,
|
|
|
|
5.88%, 8/15/27(1)
|
589
|
588
|
|
9.25%, 6/1/32(1)
|
4,510
|
4,582
|
|
DISH DBS Corp.,
|
|
|
|
7.75%, 7/1/26(4)
|
9,005
|
9,005
|
|
5.25%, 12/1/26(1)
|
7,122
|
7,046
|
|
DISH Network Corp.,
|
|
|
|
11.75%, 11/15/27(1)
|
2,380
|
2,446
|
|
EchoStar Corp.,
|
|
|
|
10.75%, 11/30/29
|
13,320
|
14,394
|
|
Midcontinent Communications,
|
|
|
|
8.00%, 8/15/32(1) †
|
5,980
|
5,243
|
|
Sirius XM Radio LLC,
|
|
|
|
5.88%, 4/15/32(1) †
|
3,370
|
3,331
|
|
|
|
105,796
|
|
Chemicals – 1.8%
|
||
|
Celanese U.S. Holdings LLC,
|
|
|
|
6.50%, 4/15/30
|
2,610
|
2,660
|
|
7.00%, 2/15/31
|
970
|
998
|
|
6.75%, 4/15/33
|
3,545
|
3,611
|
|
7.38%, 2/15/34
|
1,880
|
1,942
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 80.2% continued
|
||
|
Chemicals – 1.8%continued
|
||
|
Huntsman International LLC,
|
|
|
|
5.70%, 10/15/34†
|
$3,690
|
$3,552
|
|
Illuminate Buyer LLC/Illuminate
Holdings IV, Inc.,
|
|
|
|
9.00%, 7/1/28(1)
|
851
|
851
|
|
LSB Industries, Inc.,
|
|
|
|
6.25%, 10/15/28(1)
|
10,335
|
10,338
|
|
Olympus Water U.S. Holding Corp.,
|
|
|
|
6.75%, 8/1/32(1)
|
6,345
|
6,200
|
|
7.25%, 2/15/33(1)
|
3,995
|
3,951
|
|
Qnity Electronics, Inc.,
|
|
|
|
5.75%, 8/15/32(1)
|
2,220
|
2,232
|
|
6.25%, 8/15/33(1)
|
2,930
|
2,981
|
|
|
|
39,316
|
|
Commercial Support Services – 2.5%
|
||
|
ADT Security (The) Corp.,
|
|
|
|
4.13%, 8/1/29(1)
|
2,230
|
2,138
|
|
Allied Universal Holdco LLC,
|
|
|
|
7.88%, 2/15/31(1)
|
5,085
|
5,316
|
|
Brink's (The) Co.,
|
|
|
|
6.50%, 6/15/29(1)
|
4,158
|
4,241
|
|
GFL Environmental Holdings U.S., Inc.,
|
|
|
|
5.50%, 2/1/34(1)
|
1,480
|
1,447
|
|
GFL Environmental, Inc.,
|
|
|
|
6.75%, 1/15/31(1)
|
3,540
|
3,642
|
|
Luna 1.5 S.a.r.l.,
|
|
|
|
12.00%, 7/1/32(1)
|
6,085
|
6,510
|
|
OT Midco, Inc.,
|
|
|
|
10.00%, 2/15/30(1)
|
4,000
|
1,590
|
|
Raven Acquisition Holdings LLC,
|
|
|
|
6.88%, 11/15/31(1)
|
7,311
|
7,146
|
|
RR Donnelley & Sons Co.,
|
|
|
|
9.50%, 8/1/29(1)
|
3,366
|
3,490
|
|
Sotheby's,
|
|
|
|
8.25%, 4/15/31(1)
|
4,220
|
4,198
|
|
VM Consolidated, Inc.,
|
|
|
|
5.50%, 4/15/29(1) †
|
3,470
|
3,061
|
|
VT Topco, Inc.,
|
|
|
|
8.50%, 8/15/30(1) †
|
7,505
|
7,614
|
|
Williams Scotsman, Inc.,
|
|
|
|
6.63%, 6/15/29(1)
|
2,515
|
2,568
|
|
|
|
52,961
|
|
Schedule of Investments
|
|
HIGH YIELD FIXED INCOME FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 80.2% continued
|
||
|
Construction Materials – 0.9%
|
||
|
Arcosa, Inc.,
|
|
|
|
6.88%, 8/15/32(1)
|
$2,656
|
$2,771
|
|
Quikrete Holdings, Inc.,
|
|
|
|
6.38%, 3/1/32(1)
|
4,896
|
5,000
|
|
6.75%, 3/1/33(1)
|
4,820
|
4,913
|
|
Smyrna Ready Mix Concrete LLC,
|
|
|
|
8.88%, 11/15/31(1)
|
3,470
|
3,659
|
|
Standard Industries, Inc.,
|
|
|
|
3.38%, 1/15/31(1)
|
2,770
|
2,493
|
|
|
|
18,836
|
|
Consumer Non-Cyclical – 0.5%
|
||
|
Prestige Brands, Inc.,
|
|
|
|
7/15/34(5)
|
1,725
|
1,725
|
|
Prime Healthcare Services, Inc.,
|
|
|
|
9.38%, 9/1/29(1)
|
7,815
|
8,164
|
|
|
|
9,889
|
|
Consumer Services – 0.3%
|
||
|
StoneMor, Inc.,
|
|
|
|
8.50%, 5/15/29(1) †
|
5,970
|
5,878
|
|
Containers & Packaging – 0.6%
|
||
|
Canpack Group, Inc./CANPACK S.A.,
|
|
|
|
6.00%, 5/15/31(1)
|
2,718
|
2,734
|
|
Clydesdale Acquisition Holdings, Inc.,
|
|
|
|
6.63%, 4/15/29(1)
|
1,340
|
1,338
|
|
8.75%, 4/15/30(1) †
|
2,940
|
2,900
|
|
Mauser Packaging Solutions Holding
Co.,
|
|
|
|
9.25%, 4/15/30(1)
|
1,407
|
1,384
|
|
Owens-Brockway Glass Container, Inc.,
|
|
|
|
7.25%, 5/15/31(1)
|
1,400
|
1,384
|
|
Sword Purchaser LLC,
|
|
|
|
8.25%, 4/15/33(1) †
|
3,660
|
3,787
|
|
|
|
13,527
|
|
Electric Utilities – 2.1%
|
||
|
Alpha Generation LLC,
|
|
|
|
6.25%, 1/15/34(1)
|
995
|
979
|
|
Hawaiian Electric Co., Inc.,
|
|
|
|
6.00%, 10/1/33(1)
|
5,980
|
5,925
|
|
NRG Energy, Inc.,
|
|
|
|
5.75%, 1/15/28
|
7,440
|
7,443
|
|
5.75%, 7/15/29(1)
|
4,250
|
4,251
|
|
5.75%, 1/15/34(1)
|
1,175
|
1,166
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 80.2% continued
|
||
|
Electric Utilities – 2.1%continued
|
||
|
5.88%, 5/15/34(1)
|
$1,070
|
$1,064
|
|
6.25%, 11/1/34(1)
|
6,240
|
6,318
|
|
6.00%, 1/15/36(1)
|
5,045
|
5,029
|
|
6.13%, 5/15/36(1)
|
875
|
875
|
|
Pattern Energy Operations L.P./Pattern
Energy Operations, Inc.,
|
|
|
|
4.50%, 8/15/28(1)
|
2,675
|
2,619
|
|
Talen Energy Supply LLC,
|
|
|
|
6.25%, 2/1/34(1)
|
3,345
|
3,325
|
|
6.50%, 2/1/36(1)
|
2,390
|
2,409
|
|
Vistra Operations Co. LLC,
|
|
|
|
5.35%, 1/31/36(1)
|
2,620
|
2,568
|
|
XPLR Infrastructure Operating Partners
L.P.,
|
|
|
|
8.38%, 1/15/31(1) †
|
610
|
651
|
|
|
|
44,622
|
|
Electrical Equipment – 0.5%
|
||
|
EMRLD Borrower L.P./Emerald
Co-Issuer, Inc.,
|
|
|
|
6.63%, 12/15/30(1)
|
9,640
|
9,855
|
|
Energy – 0.2%
|
||
|
Aethon United BR L.P./Aethon United
Finance Corp.,
|
|
|
|
7.50%, 10/1/29(1)
|
4,065
|
4,228
|
|
Engineering & Construction – 0.5%
|
||
|
AECOM,
|
|
|
|
6.00%, 8/1/33(1)
|
3,045
|
3,049
|
|
Brundage-Bone Concrete Pumping
Holdings, Inc.,
|
|
|
|
7.50%, 2/1/32(1)
|
4,745
|
4,923
|
|
Global Infrastructure Solutions, Inc.,
|
|
|
|
6.38%, 7/15/34(1)
|
1,660
|
1,669
|
|
|
|
9,641
|
|
Entertainment Content – 2.6%
|
||
|
Allen Media LLC/Allen Media
Co-Issuer, Inc.,
|
|
|
|
10.50%, 2/15/28(1)
|
11,835
|
4,734
|
|
AMC Global Media, Inc.,
|
|
|
|
10.50%, 7/15/32(1)
|
8,075
|
8,300
|
|
Discovery Global Holdings, Inc.,
|
|
|
|
4.28%, 3/15/32
|
4,125
|
3,702
|
|
5.05%, 3/15/42
|
6,080
|
4,454
|
|
5.14%, 3/15/52
|
4,775
|
3,199
|
|
|
June 30, 2026 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 80.2% continued
|
||
|
Entertainment Content – 2.6%continued
|
||
|
OAK-Eagle Acquireco, Inc.,
|
|
|
|
7.25%, 7/1/33(1)
|
$5,465
|
$5,717
|
|
8.75%, 7/1/34(1)
|
7,280
|
7,727
|
|
Paramount Global,
|
|
|
|
4.95%, 1/15/31†
|
2,280
|
2,119
|
|
6.88%, 4/30/36†
|
6,305
|
5,914
|
|
5.85%, 9/1/43
|
4,830
|
3,617
|
|
4.60%, 1/15/45
|
920
|
586
|
|
Univision Communications, Inc.,
|
|
|
|
7.38%, 6/30/30(1)
|
2,308
|
2,314
|
|
8.50%, 7/31/31(1)
|
3,550
|
3,565
|
|
|
|
55,948
|
|
Food – 1.4%
|
||
|
Fiesta Purchaser, Inc.,
|
|
|
|
7.88%, 3/1/31(1)
|
8,465
|
8,539
|
|
9.63%, 9/15/32(1) †
|
9,565
|
9,369
|
|
HLF Financing S.a.r.l. LLC/Herbalife
International, Inc.,
|
|
|
|
7.75%, 5/1/33(1)
|
7,240
|
7,338
|
|
Industrial F&B Investments III, Inc.,
|
|
|
|
7.75%, 2/11/33(1)
|
3,175
|
3,236
|
|
Post Holdings, Inc.,
|
|
|
|
6.50%, 3/15/36(1)
|
1,755
|
1,735
|
|
|
|
30,217
|
|
Forestry, Paper & Wood Products – 0.3%
|
||
|
Magnera Corp.,
|
|
|
|
4.75%, 11/15/29(1) †
|
6,732
|
6,284
|
|
Gas & Water Utilities – 0.3%
|
||
|
Ferrellgas L.P./Ferrellgas Finance Corp.,
|
|
|
|
9.25%, 1/15/31(1)
|
6,360
|
6,703
|
|
Health Care Facilities & Services – 2.9%
|
||
|
Adapthealth LLC,
|
|
|
|
5.13%, 3/1/30(1) †
|
7,035
|
6,826
|
|
CHS/Community Health Systems, Inc.,
|
|
|
|
6.88%, 4/15/29(1)
|
2,090
|
2,056
|
|
6.13%, 4/1/30(1) †
|
6,620
|
5,944
|
|
10.88%, 1/15/32(1)
|
5,682
|
6,119
|
|
9.75%, 1/15/34(1)
|
6,050
|
6,317
|
|
CVS Health Corp.,
|
|
|
|
(Variable, U.S. Treasury Yield Curve
Rate CMT 5Y + 2.52%), 6.75%,
12/10/54(2) †
|
8,647
|
9,009
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 80.2% continued
|
||
|
Health Care Facilities & Services – 2.9%continued
|
||
|
DaVita, Inc.,
|
|
|
|
6.88%, 9/1/32(1)
|
$3,590
|
$3,702
|
|
6.75%, 7/15/33(1)
|
2,415
|
2,492
|
|
Encompass Health Corp.,
|
|
|
|
5.88%, 6/1/34(1)
|
2,250
|
2,245
|
|
HealthEquity, Inc.,
|
|
|
|
4.50%, 10/1/29(1)
|
1,189
|
1,155
|
|
LifePoint Health, Inc.,
|
|
|
|
9.88%, 8/15/30(1)
|
3,960
|
4,173
|
|
10.00%, 6/1/32(1) †
|
1,565
|
1,562
|
|
Star Parent, Inc.,
|
|
|
|
9.00%, 10/1/30(1)
|
4,526
|
4,737
|
|
Surgery Center Holdings, Inc.,
|
|
|
|
7.25%, 4/15/32(1) †
|
5,181
|
5,245
|
|
|
|
61,582
|
|
Home & Office Products – 0.5%
|
||
|
CD&R Smokey Buyer, Inc./Radio
Systems Corp.,
|
|
|
|
9.50%, 10/15/29(1) †
|
1,690
|
896
|
|
FXI Holdings, Inc.,
|
|
|
|
14.00%, 11/15/29(1) (6) †
|
3,145
|
810
|
|
Newell Brands, Inc.,
|
|
|
|
6.63%, 5/15/32†
|
1,840
|
1,863
|
|
7.38%, 4/1/36†
|
4,600
|
4,665
|
|
Whirlpool Corp.,
|
|
|
|
6.13%, 6/15/30
|
1,335
|
1,232
|
|
7.50%, 7/1/31(1) †
|
1,010
|
1,022
|
|
7.88%, 7/1/34(1)
|
775
|
778
|
|
|
|
11,266
|
|
Home Construction – 1.5%
|
||
|
Ashton Woods U.S.A. LLC/Ashton
Woods Finance Co.,
|
|
|
|
6.88%, 8/1/33(1) †
|
4,420
|
4,381
|
|
Beazer Homes U.S.A., Inc.,
|
|
|
|
8.00%, 1/15/32(1)
|
695
|
697
|
|
Century Communities, Inc.,
|
|
|
|
6.63%, 9/15/33(1)
|
2,370
|
2,393
|
|
Dream Finders Homes, Inc.,
|
|
|
|
6.88%, 9/15/30(1) †
|
2,465
|
2,447
|
|
K Hovnanian Enterprises, Inc.,
|
|
|
|
8.00%, 4/1/31(1)
|
1,025
|
1,057
|
|
8.38%, 10/1/33(1)
|
1,015
|
1,043
|
|
Schedule of Investments
|
|
HIGH YIELD FIXED INCOME FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 80.2% continued
|
||
|
Home Construction – 1.5%continued
|
||
|
KB Home,
|
|
|
|
7.25%, 7/15/30
|
$3,965
|
$4,042
|
|
LGI Homes, Inc.,
|
|
|
|
8.75%, 12/15/28(1)
|
2,345
|
2,423
|
|
M/I Homes, Inc.,
|
|
|
|
3.95%, 2/15/30
|
2,010
|
1,910
|
|
New Home (The) Co., Inc.,
|
|
|
|
8.50%, 11/1/30(1)
|
6,700
|
6,840
|
|
Weekley Homes LLC/Weekley Finance
Corp.,
|
|
|
|
6.75%, 1/15/34(1)
|
4,053
|
4,064
|
|
|
|
31,297
|
|
Household Products – 0.1%
|
||
|
Perrigo Finance Unlimited Co.,
|
|
|
|
5.15%, 6/15/30
|
340
|
327
|
|
6.13%, 9/30/32†
|
2,960
|
2,827
|
|
|
|
3,154
|
|
Industrial Intermediate Products – 0.4%
|
||
|
Anagram Holdings LLC/Anagram
International, Inc.,
|
|
|
|
10.00%, 8/15/26(1) (4) (7)
|
2,820
|
—
|
|
Chart Industries, Inc.,
|
|
|
|
7.50%, 1/1/30(1)
|
6,050
|
6,246
|
|
9.50%, 1/1/31(1)
|
2,865
|
3,000
|
|
|
|
9,246
|
|
Industrial Support Services – 1.2%
|
||
|
APi Group DE, Inc.,
|
|
|
|
5.75%, 6/1/34(1)
|
2,150
|
2,126
|
|
Core & Main L.P.,
|
|
|
|
6.00%, 7/1/34(1)
|
2,030
|
2,040
|
|
EquipmentShare.com, Inc.,
|
|
|
|
8.63%, 5/15/32(1)
|
2,457
|
2,556
|
|
8.00%, 3/15/33(1) †
|
4,646
|
4,756
|
|
7/1/34(1) (5)
|
3,410
|
3,350
|
|
Herc Holdings, Inc.,
|
|
|
|
7.00%, 6/15/30(1)
|
1,910
|
1,978
|
|
6.00%, 3/15/34(1)
|
2,720
|
2,702
|
|
NESCO Holdings II, Inc.,
|
|
|
|
5.50%, 4/15/29(1)
|
1,940
|
1,930
|
|
Synergy Infrastructure Holdings LLC,
|
|
|
|
7.88%, 12/1/30(1)
|
3,755
|
3,924
|
|
|
|
25,362
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 80.2% continued
|
||
|
Institutional Financial Services – 0.7%
|
||
|
Aretec Group, Inc.,
|
|
|
|
7.50%, 4/1/29(1) †
|
$3,682
|
$3,663
|
|
10.00%, 8/15/30(1)
|
2,884
|
3,038
|
|
Armor Holdco, Inc.,
|
|
|
|
8.50%, 11/15/29(1)
|
4,075
|
4,099
|
|
Coinbase Global, Inc.,
|
|
|
|
3.63%, 10/1/31(1)
|
5,930
|
5,165
|
|
|
|
15,965
|
|
Insurance – 0.6%
|
||
|
Acrisure LLC/Acrisure Finance, Inc.,
|
|
|
|
4.25%, 2/15/29(1)
|
1,825
|
1,665
|
|
Alliant Holdings
Intermediate LLC/Alliant Holdings
Co-Issuer,
|
|
|
|
6.50%, 10/1/31(1)
|
4,820
|
4,807
|
|
Asurion LLC/Asurion Co-Issuer, Inc.,
|
|
|
|
8.00%, 12/31/32(1)
|
2,297
|
2,314
|
|
8.38%, 2/1/34(1)
|
3,460
|
3,203
|
|
|
|
11,989
|
|
Internet Media & Services – 0.1%
|
||
|
Snap, Inc.,
|
|
|
|
6.88%, 3/15/34(1) †
|
1,950
|
1,888
|
|
IT Services – 0.5%
|
||
|
Insight Enterprises, Inc.,
|
|
|
|
6.63%, 5/15/32(1)
|
8,157
|
8,290
|
|
Virtusa Corp.,
|
|
|
|
7.13%, 12/15/28(1)
|
2,605
|
2,064
|
|
|
|
10,354
|
|
Leisure Facilities & Services – 4.0%
|
||
|
Boyne U.S.A., Inc.,
|
|
|
|
4.75%, 5/15/29(1)
|
5,070
|
4,984
|
|
Caesars Entertainment, Inc.,
|
|
|
|
4.63%, 10/15/29(1)
|
2,275
|
2,187
|
|
7.00%, 2/15/30(1)
|
3,630
|
3,651
|
|
6.50%, 2/15/32(1)
|
6,537
|
6,377
|
|
6.00%, 10/15/32(1) †
|
2,115
|
1,916
|
|
Fertitta Entertainment LLC/Fertitta
Entertainment Finance Co., Inc.,
|
|
|
|
6.75%, 1/15/30(1) †
|
3,995
|
3,918
|
|
Full House Resorts, Inc.,
|
|
|
|
8.25%, 2/15/28(1)
|
5,086
|
4,972
|
|
Gaia Purchaser, Inc.,
|
|
|
|
7/15/33(1) (5)
|
440
|
445
|
|
|
June 30, 2026 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 80.2% continued
|
||
|
Leisure Facilities & Services – 4.0%continued
|
||
|
GPS Hospitality Holding Co. LLC/GPS
Fin,
|
|
|
|
7.00%, 8/15/28(1)
|
$6,450
|
$2,580
|
|
Jacobs Entertainment, Inc.,
|
|
|
|
6.75%, 2/15/29(1)
|
1,825
|
1,788
|
|
Light & Wonder International, Inc.,
|
|
|
|
6.25%, 10/1/33(1)
|
3,130
|
3,113
|
|
Marriott Ownership Resorts, Inc.,
|
|
|
|
6.50%, 10/1/33(1) †
|
4,045
|
4,020
|
|
NCL Corp. Ltd.,
|
|
|
|
6.25%, 3/1/30(1)
|
4,400
|
4,389
|
|
5.88%, 1/15/31(1)
|
560
|
543
|
|
6.75%, 2/1/32(1)
|
7,318
|
7,302
|
|
6.25%, 9/15/33(1)
|
410
|
398
|
|
Penn Entertainment, Inc.,
|
|
|
|
4.13%, 7/1/29(1) †
|
4,725
|
4,530
|
|
6.75%, 4/1/31(1) †
|
3,060
|
3,076
|
|
Premier Entertainment Sub LLC/Premier
Entertainment Finance Corp.,
|
|
|
|
5.88%, 9/1/31(1)
|
2,155
|
1,401
|
|
Sabre GLBL, Inc.,
|
|
|
|
11.13%, 7/15/30(1)
|
7,300
|
7,002
|
|
Scientific Games Holdings L.P.,Scientific
Games U.S. FinCo, Inc.,
|
|
|
|
6.63%, 3/1/30(1)
|
2,520
|
2,154
|
|
Travel + Leisure Co.,
|
|
|
|
6.13%, 9/1/33(1)
|
4,035
|
3,993
|
|
Viking Cruises Ltd.,
|
|
|
|
7.00%, 2/15/29(1)
|
5,590
|
5,597
|
|
5.88%, 10/15/33(1)
|
2,575
|
2,579
|
|
Wyndham Hotels & Resorts, Inc.,
|
|
|
|
5.63%, 3/1/33(1)
|
1,395
|
1,377
|
|
|
|
84,292
|
|
Leisure Products – 0.5%
|
||
|
Patrick Industries, Inc.,
|
|
|
|
6.38%, 11/1/32(1)
|
8,470
|
8,435
|
|
Thor Industries, Inc.,
|
|
|
|
4.00%, 10/15/29(1) †
|
2,300
|
2,183
|
|
|
|
10,618
|
|
Machinery – 1.3%
|
||
|
Amsted Industries, Inc.,
|
|
|
|
6.38%, 3/15/33(1)
|
3,520
|
3,559
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 80.2% continued
|
||
|
Machinery – 1.3%continued
|
||
|
Columbus McKinnon Corp.,
|
|
|
|
7.13%, 2/1/33(1) †
|
$1,270
|
$1,273
|
|
Esab Corp.,
|
|
|
|
5.63%, 4/1/31(1)
|
1,210
|
1,211
|
|
Madison IAQ LLC,
|
|
|
|
4.13%, 6/30/28(1)
|
4,465
|
4,392
|
|
5.88%, 6/30/29(1) †
|
3,020
|
3,022
|
|
Manitowoc (The) Co., Inc.,
|
|
|
|
9.25%, 10/1/31(1) †
|
2,845
|
3,058
|
|
Maxim Crane Works Holdings
Capital LLC,
|
|
|
|
11.50%, 9/1/28(1)
|
6,550
|
6,784
|
|
Titan International, Inc.,
|
|
|
|
7.00%, 4/30/28
|
5,060
|
5,054
|
|
|
|
28,353
|
|
Metals & Mining – 0.5%
|
||
|
Alcoa Nederland Holding B.V.,
|
|
|
|
7.13%, 3/15/31(1)
|
2,555
|
2,652
|
|
Alliance Resource Operating Partners
L.P./Alliance Resource Finance
Corp.,
|
|
|
|
8.63%, 6/15/29(1)
|
2,850
|
2,981
|
|
Constellium S.E.,
|
|
|
|
6.38%, 8/15/32(1)
|
3,943
|
4,018
|
|
|
|
9,651
|
|
Oil & Gas Services & Equipment – 1.5%
|
||
|
CHC Group LLC,
|
|
|
|
11.75%, 9/1/30(1)
|
1,555
|
1,306
|
|
Kodiak Gas Services LLC,
|
|
|
|
6.50%, 10/1/33(1)
|
1,855
|
1,880
|
|
6.75%, 10/1/35(1)
|
1,695
|
1,739
|
|
Noble Finance II LLC,
|
|
|
|
8.00%, 4/15/30(1)
|
1,376
|
1,426
|
|
Oceaneering International, Inc.,
|
|
|
|
6.00%, 2/1/28
|
2,615
|
2,652
|
|
7/15/34(1) (5)
|
3,105
|
3,154
|
|
Tidewater, Inc.,
|
|
|
|
9.13%, 7/15/30(1)
|
2,650
|
2,836
|
|
Transocean Aquila Ltd.,
|
|
|
|
8.00%, 9/30/28(1)
|
1,274
|
1,303
|
|
Transocean International Ltd.,
|
|
|
|
8.75%, 2/15/30(1)
|
2,852
|
2,964
|
|
8.50%, 5/15/31(1)
|
1,440
|
1,495
|
|
Schedule of Investments
|
|
HIGH YIELD FIXED INCOME FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 80.2% continued
|
||
|
Oil & Gas Services & Equipment – 1.5%continued
|
||
|
7.88%, 10/15/32(1)
|
$1,065
|
$1,112
|
|
U.S.A. Compression Partners
L.P./U.S.A. Compression Finance
Corp.,
|
|
|
|
7.13%, 3/15/29(1)
|
4,485
|
4,594
|
|
6.25%, 10/1/33(1)
|
515
|
511
|
|
Weatherford International Ltd.,
|
|
|
|
6.75%, 10/15/33(1)
|
3,830
|
3,908
|
|
|
|
30,880
|
|
Oil & Gas Supply Chain – 8.5%
|
||
|
California Resources Corp.,
|
|
|
|
7.00%, 1/15/34(1)
|
4,940
|
4,885
|
|
7.25%, 1/15/35(1)
|
5,035
|
4,995
|
|
CNX Resources Corp.,
|
|
|
|
7.38%, 1/15/31(1)
|
1,631
|
1,670
|
|
7.25%, 3/1/32(1)
|
3,397
|
3,500
|
|
5.88%, 3/1/34(1)
|
3,810
|
3,708
|
|
Comstock Resources, Inc.,
|
|
|
|
6.75%, 3/1/29(1)
|
3,175
|
3,126
|
|
6.75%, 3/1/29(1)
|
1,960
|
1,924
|
|
Crescent Energy Finance LLC,
|
|
|
|
7.75%, 7/31/29(1)
|
8,232
|
8,253
|
|
7.63%, 4/1/32(1)
|
2,050
|
2,067
|
|
7.88%, 4/15/32(1) †
|
780
|
790
|
|
8.38%, 1/15/34(1)
|
1,935
|
1,993
|
|
CVR Energy, Inc.,
|
|
|
|
7.50%, 2/15/31(1)
|
2,085
|
2,075
|
|
7.88%, 2/15/34(1)
|
1,565
|
1,548
|
|
Delek Logistics Partners L.P./Delek
Logistics Finance Corp.,
|
|
|
|
8.63%, 3/15/29(1)
|
3,520
|
3,659
|
|
7.38%, 6/30/33(1)
|
2,910
|
2,965
|
|
6.88%, 6/1/34(1)
|
3,100
|
3,085
|
|
Genesis Energy L.P./Genesis Energy
Finance Corp.,
|
|
|
|
8.25%, 1/15/29
|
5,410
|
5,586
|
|
6.75%, 3/15/34
|
1,530
|
1,518
|
|
Global Partners L.P./GLP Finance
Corp.,
|
|
|
|
6.88%, 1/15/29†
|
3,565
|
3,597
|
|
7.13%, 7/1/33(1)
|
1,480
|
1,498
|
|
Harvest Midstream I L.P.,
|
|
|
|
6.75%, 5/15/34(1)
|
2,000
|
2,029
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 80.2% continued
|
||
|
Oil & Gas Supply Chain – 8.5%continued
|
||
|
Hilcorp Energy I L.P./Hilcorp Finance
Co.,
|
|
|
|
6.25%, 11/1/28(1)
|
$5,857
|
$5,872
|
|
8.38%, 11/1/33(1)
|
1,515
|
1,578
|
|
Howard Midstream Energy
Partners LLC,
|
|
|
|
6.63%, 1/15/34(1)
|
2,010
|
2,027
|
|
Infinity Natural Resources LLC,
|
|
|
|
7.63%, 4/1/31(1)
|
2,325
|
2,309
|
|
ITT Holdings LLC,
|
|
|
|
6.50%, 8/1/29(1)
|
4,985
|
4,927
|
|
Martin Midstream Partners L.P./Martin
Midstream Finance Corp.,
|
|
|
|
11.50%, 2/15/28(1)
|
5,490
|
5,531
|
|
Matador Resources Co.,
|
|
|
|
6.00%, 4/15/34(1)
|
1,535
|
1,497
|
|
NGL Energy Operating LLC/NGL
Energy Finance Corp.,
|
|
|
|
8.38%, 2/15/32(1)
|
6,263
|
6,520
|
|
Par Petroleum LLC,
|
|
|
|
7.38%, 6/1/34(1)
|
2,590
|
2,621
|
|
PBF Holding Co. LLC/PBF Finance
Corp.,
|
|
|
|
7.25%, 6/1/34(1)
|
5,025
|
4,975
|
|
SM Energy Co.,
|
|
|
|
6.75%, 8/1/29(1)
|
6,564
|
6,683
|
|
8.63%, 11/1/30(1)
|
2,830
|
2,972
|
|
8.75%, 7/1/31(1) †
|
3,715
|
3,880
|
|
7.00%, 8/1/32(1) †
|
1,865
|
1,882
|
|
9.63%, 6/15/33(1)
|
3,430
|
3,761
|
|
6.63%, 4/15/34(1)
|
2,550
|
2,510
|
|
Sunoco L.P.,
|
|
|
|
7.00%, 5/1/29(1)
|
4,075
|
4,187
|
|
4.50%, 10/1/29(1)
|
1,100
|
1,068
|
|
Tallgrass Energy Partners L.P./Tallgrass
Energy Finance Corp.,
|
|
|
|
7.38%, 2/15/29(1)
|
3,815
|
3,913
|
|
Talos Production, Inc.,
|
|
|
|
9.00%, 2/1/29(1)
|
790
|
823
|
|
9.38%, 2/1/31(1)
|
4,910
|
5,157
|
|
TransMontaigne Partners LLC,
|
|
|
|
8.50%, 6/15/30(1)
|
5,215
|
5,313
|
|
Venture Global Calcasieu Pass LLC,
|
|
|
|
3.88%, 11/1/33(1)
|
6,670
|
5,946
|
|
|
June 30, 2026 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 80.2% continued
|
||
|
Oil & Gas Supply Chain – 8.5%continued
|
||
|
6.00%, 5/1/36(1)
|
$107
|
$108
|
|
Venture Global LNG, Inc.,
|
|
|
|
9.50%, 2/1/29(1)
|
12,025
|
12,943
|
|
8.38%, 6/1/31(1)
|
6,168
|
6,420
|
|
Venture Global Plaquemines LNG LLC,
|
|
|
|
6.13%, 12/15/30(1)
|
1,330
|
1,361
|
|
6.50%, 1/15/34(1)
|
3,515
|
3,663
|
|
6.50%, 6/15/34(1)
|
1,010
|
1,052
|
|
6.75%, 1/15/36(1)
|
3,800
|
4,029
|
|
|
|
179,999
|
|
Publishing & Broadcasting – 2.0%
|
||
|
Beasley Mezzanine Holdings LLC,
|
|
|
|
10.00%, 12/31/27(1) (6)
|
3,119
|
2,156
|
|
Clear Channel Outdoor Holdings, Inc.,
|
|
|
|
7.50%, 6/1/29(1)
|
5,381
|
5,384
|
|
7.88%, 4/1/30(1)
|
2,225
|
2,318
|
|
7.13%, 2/15/31(1)
|
1,780
|
1,843
|
|
Dotdash Meredith, Inc.,
|
|
|
|
7.63%, 6/15/32(1)
|
3,817
|
3,613
|
|
EW Scripps (The) Co.,
|
|
|
|
9.88%, 8/15/30(1)
|
4,870
|
4,262
|
|
Gray Media, Inc.,
|
|
|
|
10.50%, 7/15/29(1) †
|
4,742
|
5,006
|
|
5.38%, 11/15/31(1) †
|
4,371
|
2,933
|
|
9.63%, 7/15/32(1)
|
2,050
|
1,978
|
|
iHeartCommunications, Inc.,
|
|
|
|
10.88%, 5/1/30(1) †
|
1,826
|
1,583
|
|
7.75%, 8/15/30(1)
|
3,051
|
2,846
|
|
McGraw-Hill Education, Inc.,
|
|
|
|
7.38%, 9/1/31(1)
|
3,795
|
3,857
|
|
Nexstar Media, Inc.,
|
|
|
|
6.50%, 9/15/33(1)
|
3,130
|
3,129
|
|
7.25%, 4/15/34(1)
|
2,280
|
2,274
|
|
|
|
43,182
|
|
Real Estate Investment Trusts – 1.0%
|
||
|
Brookfield Property REIT, Inc./BPR
Cumulus LLC/BPR Nimbus LLC/GGSI
Sellco LL,
|
|
|
|
4.50%, 4/1/27(1)
|
3,503
|
3,463
|
|
Global Net Lease, Inc.,
|
|
|
|
4.50%, 9/30/28(1)
|
3,600
|
3,508
|
|
Iron Mountain, Inc.,
|
|
|
|
6.25%, 1/15/35(1)
|
2,205
|
2,214
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 80.2% continued
|
||
|
Real Estate Investment Trusts – 1.0%continued
|
||
|
Millrose Properties, Inc.,
|
|
|
|
6.38%, 8/1/30(1)
|
$2,710
|
$2,747
|
|
6.25%, 9/15/32(1)
|
2,110
|
2,128
|
|
MPT Operating Partnership L.P./MPT
Finance Corp.,
|
|
|
|
5.00%, 10/15/27†
|
3,430
|
3,327
|
|
8.50%, 2/15/32(1)
|
395
|
404
|
|
Park Intermediate Holdings LLC/PK
Domestic Property LLC/PK Finance
Co-Issuer,
|
|
|
|
4.88%, 5/15/29(1)
|
2,720
|
2,660
|
|
RHP Hotel Properties L.P./RHP Finance
Corp.,
|
|
|
|
5.75%, 3/15/34(1)
|
890
|
882
|
|
|
|
21,333
|
|
Renewable Energy – 0.2%
|
||
|
EnerSys,
|
|
|
|
6.63%, 1/15/32(1)
|
4,135
|
4,225
|
|
Retail - Consumer Staples – 0.4%
|
||
|
Albertsons Cos., Inc./Safeway,
Inc./New Albertsons
L.P./Albertsons LLC,
|
|
|
|
5.63%, 3/31/32(1)
|
1,195
|
1,155
|
|
5.75%, 3/31/34(1) †
|
7,405
|
7,052
|
|
|
|
8,207
|
|
Retail - Discretionary – 3.9%
|
||
|
Academy Ltd.,
|
|
|
|
5.88%, 5/15/31(1)
|
4,520
|
4,520
|
|
Advance Auto Parts, Inc.,
|
|
|
|
7.00%, 8/1/30(1) †
|
2,230
|
2,286
|
|
Bath & Body Works, Inc.,
|
|
|
|
6.63%, 10/1/30(1)
|
4,160
|
4,244
|
|
6.75%, 7/1/36
|
7,330
|
7,342
|
|
Builders FirstSource, Inc.,
|
|
|
|
6.75%, 5/15/35(1)
|
1,025
|
1,045
|
|
Carvana Co.,
|
|
|
|
9.00%, 6/1/30(1)
|
1,174
|
1,214
|
|
9.00%, 6/1/31(1)
|
1,608
|
1,775
|
|
Gee Automotive Holdings LLC,
|
|
|
|
7.25%, 3/1/31(1)
|
3,593
|
3,641
|
|
Ken Garff Automotive LLC,
|
|
|
|
4.88%, 9/15/28(1)
|
5,320
|
5,268
|
|
LBM Acquisition LLC,
|
|
|
|
9.50%, 6/15/31(1) †
|
3,735
|
3,312
|
|
Schedule of Investments
|
|
HIGH YIELD FIXED INCOME FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 80.2% continued
|
||
|
Retail - Discretionary – 3.9%continued
|
||
|
Macy's Retail Holdings LLC,
|
|
|
|
4.50%, 12/15/34
|
$4,945
|
$4,447
|
|
Mavis Tire Express Services Topco
Corp.,
|
|
|
|
6.50%, 5/15/29(1) †
|
6,904
|
6,875
|
|
Men's Wearhouse (The) LLC,
|
|
|
|
9.00%, 2/1/31(1)
|
4,950
|
5,259
|
|
Michaels (The) Cos., Inc.,
|
|
|
|
8.50%, 3/15/33(1)
|
4,050
|
4,011
|
|
11.00%, 3/15/34(1) †
|
1,340
|
1,312
|
|
Park River Holdings, Inc.,
|
|
|
|
8.00%, 3/15/31(1)
|
3,975
|
4,010
|
|
PetSmart LLC/PetSmart Finance Corp.,
|
|
|
|
7.50%, 9/15/32(1)
|
3,215
|
3,216
|
|
QXO Building Products, Inc.,
|
|
|
|
6.50%, 7/15/31(1)
|
1,315
|
1,340
|
|
Staples, Inc.,
|
|
|
|
10.75%, 9/1/29(1)
|
7,450
|
7,107
|
|
Victoria's Secret & Co.,
|
|
|
|
4.63%, 7/15/29(1) †
|
3,385
|
3,297
|
|
Victra Holdings LLC/Victra Finance
Corp.,
|
|
|
|
8.75%, 9/15/29(1) †
|
6,135
|
6,328
|
|
|
|
81,849
|
|
Software – 2.7%
|
||
|
Capstone Borrower, Inc.,
|
|
|
|
8.00%, 6/15/30(1)
|
3,265
|
3,102
|
|
Cloud Software Group, Inc.,
|
|
|
|
9.00%, 9/30/29(1)
|
6,630
|
6,435
|
|
8.25%, 6/30/32(1)
|
7,120
|
6,673
|
|
6.63%, 8/15/33(1) †
|
2,075
|
1,799
|
|
CoreWeave, Inc.,
|
|
|
|
9.25%, 6/1/30(1)
|
7,010
|
7,056
|
|
9.00%, 2/1/31(1)
|
640
|
632
|
|
9.75%, 10/1/31(1)
|
5,585
|
5,573
|
|
9.63%, 7/15/32(1)
|
1,235
|
1,217
|
|
McAfee Corp.,
|
|
|
|
7.38%, 2/15/30(1) †
|
12,119
|
10,298
|
|
Pagaya U.S. Holdings Co. LLC,
|
|
|
|
8.88%, 8/1/30(1)
|
8,870
|
7,622
|
|
UKG, Inc.,
|
|
|
|
6.88%, 2/1/31(1)
|
7,825
|
7,602
|
|
|
|
58,009
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 80.2% continued
|
||
|
Specialty Finance – 9.0%
|
||
|
Ally Financial, Inc.,
|
|
|
|
(Variable, U.S. Treasury Yield Curve
Rate CMT 7Y + 3.48%), 4.70%,
5/15/28(2) (3) †
|
$1,490
|
$1,443
|
|
(Variable, U.S. Treasury Yield Curve
Rate CMT 5Y + 3.15%), 7.10%,
8/15/31(2) (3)
|
3,225
|
3,268
|
|
Azorra Finance Ltd.,
|
|
|
|
6.25%, 2/15/34(1)
|
4,445
|
4,296
|
|
Blackstone Mortgage Trust, Inc.,
|
|
|
|
7.75%, 12/1/29(1)
|
2,165
|
2,243
|
|
6.25%, 6/1/31(1)
|
3,790
|
3,666
|
|
Block, Inc.,
|
|
|
|
6.00%, 8/15/33(1)
|
2,400
|
2,417
|
|
Bread Financial Holdings, Inc.,
|
|
|
|
6.75%, 5/15/31(1)
|
3,670
|
3,753
|
|
(Variable, U.S. Treasury Yield Curve
Rate CMT 5Y + 4.30%), 8.38%,
6/15/35(1) (2) †
|
2,892
|
3,019
|
|
Burford Capital Global Finance LLC,
|
|
|
|
6.88%, 4/15/30(1) †
|
7,929
|
7,548
|
|
9.25%, 7/1/31(1) †
|
9,340
|
9,094
|
|
7.50%, 7/15/33(1)
|
540
|
458
|
|
8.50%, 1/15/34(1) †
|
295
|
259
|
|
Capital One Financial Corp.,
|
|
|
|
(Variable, CME Term SOFR 3M +
3.34%), 5.50%, 10/30/27(2)
|
5,485
|
5,475
|
|
CPI CG, Inc.,
|
|
|
|
10.00%, 7/15/29(1)
|
5,345
|
5,603
|
|
CrossCountry Intermediate HoldCo LLC,
|
|
|
|
6.50%, 10/1/30(1)
|
1,035
|
1,020
|
|
6.75%, 12/1/32(1)
|
2,810
|
2,713
|
|
EF Holdco/EF Cayman Hold/Ellington
Fin REIT Cayman/TRS/EF Cayman
Non-MTM,
|
|
|
|
7.38%, 9/30/30(1)
|
2,460
|
2,448
|
|
Encore Capital Group, Inc.,
|
|
|
|
8.50%, 5/15/30(1) †
|
6,310
|
6,702
|
|
6.63%, 4/15/31(1)
|
1,545
|
1,563
|
|
6.63%, 6/1/32(1)
|
2,045
|
2,048
|
|
Enova International, Inc.,
|
|
|
|
9.13%, 8/1/29(1) †
|
6,555
|
6,859
|
|
EZCORP, Inc.,
|
|
|
|
7.38%, 4/1/32(1)
|
2,010
|
2,107
|
|
|
June 30, 2026 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 80.2% continued
|
||
|
Specialty Finance – 9.0%continued
|
||
|
Fair Isaac Corp.,
|
|
|
|
6.25%, 9/15/34(1)
|
$4,520
|
$4,452
|
|
Freedom Mortgage Corp.,
|
|
|
|
12.25%, 10/1/30(1)
|
4,530
|
4,888
|
|
Freedom Mortgage Holdings LLC,
|
|
|
|
9.25%, 2/1/29(1)
|
3,175
|
3,281
|
|
6.88%, 5/1/31(1)
|
2,000
|
1,941
|
|
8.38%, 4/1/32(1)
|
5,698
|
5,796
|
|
ION Platform Finance U.S., Inc.,
|
|
|
|
7.88%, 9/30/32(1)
|
3,395
|
2,460
|
|
ION Platform Finance U.S., Inc./ION
Platform Finance S.A.R.L.,
|
|
|
|
8.75%, 5/1/29(1)
|
3,770
|
3,364
|
|
Jefferies Finance LLC/JFIN Co-Issuer
Corp.,
|
|
|
|
5.00%, 8/15/28(1)
|
2,750
|
2,655
|
|
Jefferson Capital Holdings LLC,
|
|
|
|
6.00%, 8/15/26(1)
|
7,115
|
7,097
|
|
9.50%, 2/15/29(1)
|
3,060
|
3,200
|
|
8.25%, 5/15/30(1)
|
1,218
|
1,281
|
|
JPR Royalty Sub LLC,
|
|
|
|
14.00%, 9/1/20(1) (4) (7)
|
8,000
|
—
|
|
Ladder Capital Finance
Holdings LLLP/Ladder Capital
Finance Corp.,
|
|
|
|
4.25%, 2/1/27(1)
|
8,885
|
8,833
|
|
Midcap Financial Issuer Trust,
|
|
|
|
6.50%, 5/1/28(1)
|
4,615
|
4,608
|
|
Navient Corp.,
|
|
|
|
5.00%, 3/15/27
|
8,600
|
8,532
|
|
OneMain Finance Corp.,
|
|
|
|
6.50%, 3/15/33
|
1,878
|
1,848
|
|
PennyMac Financial Services, Inc.,
|
|
|
|
7.13%, 11/15/30(1)
|
4,895
|
4,960
|
|
5.75%, 9/15/31(1)
|
4,063
|
3,854
|
|
6.88%, 5/15/32(1)
|
4,210
|
4,120
|
|
6.75%, 2/15/34(1)
|
3,900
|
3,744
|
|
Planet Financial Group LLC,
|
|
|
|
10.50%, 12/15/29(1)
|
6,750
|
6,666
|
|
Rfna L.P.,
|
|
|
|
7.88%, 2/15/30(1)
|
8,605
|
8,669
|
|
Rocket Cos., Inc.,
|
|
|
|
6.50%, 8/1/29(1)
|
5,652
|
5,769
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 80.2% continued
|
||
|
Specialty Finance – 9.0%continued
|
||
|
UWM Holdings LLC,
|
|
|
|
6.25%, 3/15/31(1) †
|
$3,050
|
$2,718
|
|
Voyager Aviation Holdings LLC,
|
|
|
|
8.50%, 5/9/26(1) (4) (7)
|
2,524
|
—
|
|
WEX, Inc.,
|
|
|
|
6.50%, 3/15/33(1) †
|
6,125
|
6,099
|
|
WS Escrow LLC,
|
|
|
|
7.75%, 6/1/33(1)
|
2,750
|
2,824
|
|
|
|
191,661
|
|
Steel – 0.3%
|
||
|
Commercial Metals Co.,
|
|
|
|
5.75%, 11/15/33(1)
|
1,420
|
1,412
|
|
6.00%, 12/15/35(1)
|
1,780
|
1,775
|
|
TMS International Corp.,
|
|
|
|
6.25%, 4/15/29(1)
|
2,130
|
2,131
|
|
United States Steel Corp.,
|
|
|
|
6.88%, 3/1/29
|
1,004
|
1,005
|
|
|
|
6,323
|
|
Technology Hardware – 0.9%
|
||
|
NCR Atleos Corp.,
|
|
|
|
9.50%, 4/1/29(1)
|
10,984
|
11,712
|
|
Seagate Data Storage Technology Pte.
Ltd.,
|
|
|
|
3.38%, 7/15/31(1)
|
2,615
|
2,250
|
|
Zebra Technologies Corp.,
|
|
|
|
6.50%, 6/1/32(1)
|
4,459
|
4,513
|
|
|
|
18,475
|
|
Telecommunications – 4.4%
|
||
|
APLD ComputeCo LLC,
|
|
|
|
9.25%, 12/15/30(1)
|
3,715
|
4,008
|
|
Cipher Compute LLC,
|
|
|
|
7.13%, 11/15/30(1)
|
4,015
|
4,174
|
|
Core Scientific Finance I LLC,
|
|
|
|
7.75%, 5/15/31(1)
|
5,315
|
5,390
|
|
ELK Grove Village Property LLC,
|
|
|
|
7.50%, 6/15/31(1)
|
3,215
|
3,237
|
|
Flash Compute LLC,
|
|
|
|
7.25%, 12/31/30(1)
|
2,180
|
2,242
|
|
Level 3 Financing, Inc.,
|
|
|
|
6.88%, 6/30/33(1)
|
3,945
|
4,053
|
|
7.00%, 3/31/34(1)
|
3,090
|
3,186
|
|
8.50%, 1/15/36(1)
|
6,110
|
6,561
|
|
7.50%, 2/15/37(1)
|
4,250
|
4,362
|
|
Schedule of Investments
|
|
HIGH YIELD FIXED INCOME FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 80.2% continued
|
||
|
Telecommunications – 4.4%continued
|
||
|
Lumen Technologies, Inc.,
|
|
|
|
4.50%, 1/15/29(1)
|
$500
|
$480
|
|
7.60%, 9/15/39†
|
335
|
320
|
|
7.65%, 3/15/42
|
335
|
317
|
|
Meridian Arc Holdco LLC,
|
|
|
|
6.25%, 4/30/31(1)
|
6,807
|
6,822
|
|
PR RNO Property Owner 1 LLC,
|
|
|
|
6.50%, 5/1/31(1)
|
4,555
|
4,548
|
|
SV RNO Property Owner 1 LLC,
|
|
|
|
5.88%, 3/1/31(1)
|
9,314
|
9,180
|
|
Uniti Group L.P./Uniti Group Finance
2019, Inc./CSL Capital LLC,
|
|
|
|
6.50%, 2/15/29(1)
|
7,320
|
7,262
|
|
8.63%, 6/15/32(1) †
|
3,195
|
3,333
|
|
Viasat, Inc.,
|
|
|
|
5.63%, 4/15/27(1)
|
6,350
|
6,344
|
|
6.50%, 7/15/28(1)
|
1,106
|
1,103
|
|
Windstream Services LLC/Windstream
Escrow Finance Corp.,
|
|
|
|
8.25%, 10/1/31(1)
|
9,431
|
9,945
|
|
Yondr JK 1 LLC,
|
|
|
|
6.88%, 6/30/31(1)
|
3,505
|
3,514
|
|
Zayo Group Holdings, Inc.,
|
|
|
|
9.25%, 3/9/30(1) (6)
|
434
|
433
|
|
13.75%, 9/9/30(1) (6)
|
3,464
|
3,422
|
|
|
|
94,236
|
|
Tobacco & Cannabis – 0.2%
|
||
|
Turning Point Brands, Inc.,
|
|
|
|
7.63%, 3/15/32(1)
|
4,845
|
5,014
|
|
Transportation & Logistics – 3.0%
|
||
|
Allegiant Travel Co.,
|
|
|
|
7.13%, 7/1/31(1) †
|
4,570
|
4,626
|
|
American Airlines, Inc.,
|
|
|
|
7.25%, 2/15/28(1) †
|
1,840
|
1,862
|
|
American Airlines, Inc./AAdvantage
Loyalty IP Ltd.,
|
|
|
|
5.75%, 4/20/29(1)
|
13,010
|
13,035
|
|
Beacon Mobility Corp.,
|
|
|
|
7.25%, 8/1/30(1)
|
3,680
|
3,820
|
|
First Student Bidco, Inc./First Transit
Parent, Inc.,
|
|
|
|
4.00%, 7/31/29(1)
|
5,385
|
5,157
|
|
Genesee & Wyoming, Inc.,
|
|
|
|
6.25%, 4/15/32(1)
|
2,115
|
2,145
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 80.2% continued
|
||
|
Transportation & Logistics – 3.0%continued
|
||
|
OneSky Flight LLC,
|
|
|
|
8.88%, 12/15/29(1)
|
$5,140
|
$5,436
|
|
RXO, Inc.,
|
|
|
|
6.38%, 5/15/31(1)
|
2,615
|
2,651
|
|
Star Leasing Co. LLC,
|
|
|
|
7.63%, 2/15/30(1)
|
5,425
|
5,346
|
|
Stonepeak Nile Parent LLC,
|
|
|
|
7.25%, 3/15/32(1)
|
6,435
|
6,664
|
|
United Airlines, Inc.,
|
|
|
|
4.63%, 4/15/29(1)
|
5,750
|
5,670
|
|
XPO, Inc.,
|
|
|
|
7.13%, 6/1/31(1)
|
8,069
|
8,344
|
|
|
|
64,756
|
|
Transportation Equipment – 0.2%
|
||
|
Trinity Industries, Inc.,
|
|
|
|
7.75%, 7/15/28(1)
|
4,942
|
5,057
|
|
Total Corporate Bonds
|
|
|
|
(Cost $1,739,930)
|
|
1,704,003
|
|
|
|
|
|
FOREIGN ISSUER BONDS – 14.7%
|
||
|
Aerospace & Defense – 0.2%
|
||
|
Bombardier, Inc.,
|
|
|
|
7.25%, 7/1/31(1)
|
2,285
|
2,391
|
|
7.00%, 6/1/32(1) †
|
1,361
|
1,410
|
|
6.75%, 6/15/33(1)
|
1,095
|
1,133
|
|
|
|
4,934
|
|
Asset Management – 0.4%
|
||
|
CI Financial Corp.,
|
|
|
|
7.50%, 5/30/29(1)
|
4,500
|
4,716
|
|
UBS Group A.G.,
|
|
|
|
(Variable, USD SOFR ICE Swap Rate
5Y + 3.09%), 6.88%,
6/5/32(1) (2)
|
1,425
|
1,429
|
|
(Variable, USD SOFR ICE Swap Rate
5Y + 3.18%), 7.13%,
8/10/34(1) (2) (3)
|
2,000
|
2,018
|
|
|
|
8,163
|
|
Automotive – 0.5%
|
||
|
IHO Verwaltungs GmbH,
|
|
|
|
7.75%, (100% Cash),
11/15/30(1) (6)
|
3,434
|
3,554
|
|
|
June 30, 2026 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
FOREIGN ISSUER BONDS - 14.7% continued
|
||
|
Automotive – 0.5%continued
|
||
|
ZF North America Capital, Inc.,
|
|
|
|
7.13%, 4/14/30(1)
|
$2,770
|
$2,792
|
|
6.88%, 4/23/32(1)
|
5,000
|
4,919
|
|
|
|
11,265
|
|
Banking – 0.7%
|
||
|
Banco Bilbao Vizcaya Argentaria S.A.,
|
|
|
|
(Variable, U.S. Treasury Yield Curve
Rate CMT 5Y + 5.10%), 9.38%,
3/19/29(2) (3) †
|
3,775
|
4,122
|
|
(Variable, U.S. Treasury Yield Curve
Rate CMT 5Y + 2.99%), 7.13%,
5/8/33(2) (3)
|
1,857
|
1,881
|
|
Banco Santander S.A.,
|
|
|
|
(Variable, U.S. Treasury Yield Curve
Rate CMT 5Y + 3.91%), 8.00%,
2/1/34(2) (3)
|
2,200
|
2,374
|
|
Barclays PLC,
|
|
|
|
(Variable, USD SOFR ICE Swap Rate
5Y + 5.78%), 9.63%,
12/15/29(2) (3)
|
1,635
|
1,813
|
|
HSBC Holdings PLC,
|
|
|
|
(Variable, U.S. Treasury Yield Curve
Rate CMT 5Y + 2.51%), 6.75%,
11/18/32(2) (3)
|
550
|
554
|
|
Societe Generale S.A.,
|
|
|
|
(Variable, U.S. Treasury Yield Curve
Rate CMT 5Y + 5.45%), 10.00%,
11/14/28(1) (2) (3)
|
3,110
|
3,394
|
|
|
|
14,138
|
|
Biotechnology & Pharmaceuticals – 0.2%
|
||
|
Bausch Health Cos., Inc.,
|
|
|
|
4.88%, 6/1/28(1) †
|
4,135
|
3,823
|
|
Cable & Satellite – 0.4%
|
||
|
Virgin Media O2 Vendor Financing
Notes VI DAC,
|
|
|
|
8.50%, 3/15/33(1)
|
1,355
|
1,089
|
|
Ziggo Bond Co. B.V.,
|
|
|
|
5.13%, 2/28/30(1) †
|
7,815
|
6,863
|
|
|
|
7,952
|
|
Chemicals – 1.2%
|
||
|
Cerdia Finanz GmbH,
|
|
|
|
9.38%, 10/3/31(1)
|
13,420
|
12,044
|
|
Consolidated Energy Finance S.A.,
|
|
|
|
5.63%, 10/15/28(1) †
|
6,655
|
6,389
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
FOREIGN ISSUER BONDS - 14.7% continued
|
||
|
Chemicals – 1.2%continued
|
||
|
12.00%, 2/15/31(1) †
|
$2,635
|
$2,727
|
|
Nufarm Australia Ltd./Nufarm
Americas, Inc.,
|
|
|
|
5.00%, 1/27/30(1)
|
4,060
|
3,877
|
|
|
|
25,037
|
|
Commercial Support Services – 0.1%
|
||
|
Garda World Security Corp.,
|
|
|
|
6.50%, 1/15/31(1)
|
1,530
|
1,551
|
|
Consumer Cyclical – 0.1%
|
||
|
Forvia S.E.,
|
|
|
|
6.75%, 9/15/33(1) †
|
1,930
|
1,929
|
|
Containers & Packaging – 0.0%
|
||
|
ARD Finance S.A.,
|
|
|
|
6.50%, 6/30/27(1) (4) (8)
|
—
|
—
|
|
E-Commerce Discretionary – 0.2%
|
||
|
Rakuten Group, Inc.,
|
|
|
|
9.75%, 4/15/29(1)
|
2,947
|
3,203
|
|
Electric Utilities – 0.2%
|
||
|
California Buyer Ltd./Atlantica
Sustainable Infrastructure PLC,
|
|
|
|
6.38%, 2/15/32(1)
|
3,540
|
3,549
|
|
Electrical Equipment – 0.0%
|
||
|
TK Elevator U.S. Newco, Inc.,
|
|
|
|
5.25%, 7/15/27(1)
|
203
|
203
|
|
Home Construction – 0.1%
|
||
|
Mattamy Group Corp.,
|
|
|
|
6.00%, 12/15/33(1)
|
2,345
|
2,251
|
|
Industrial Support Services – 0.1%
|
||
|
Albion Financing 1 S.A.R.L./Aggreko
Holdings, Inc.,
|
|
|
|
7.00%, 5/21/30(1)
|
2,940
|
3,044
|
|
Insurance – 1.1%
|
||
|
Ardonagh Group Finance Ltd.,
|
|
|
|
8.88%, 2/15/32(1) †
|
12,077
|
11,732
|
|
Howden UK Refinance PLC/Howden
UK Refinance 2 PLC/Howden
U.S. Refinance LLC,
|
|
|
|
8.13%, 2/15/32(1)
|
8,040
|
7,207
|
|
Jones Deslauriers Insurance
Management, Inc.,
|
|
|
|
6.88%, 10/1/33(1)
|
5,770
|
5,351
|
|
|
|
24,290
|
|
Schedule of Investments
|
|
HIGH YIELD FIXED INCOME FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
FOREIGN ISSUER BONDS - 14.7% continued
|
||
|
Leisure Facilities & Services – 2.2%
|
||
|
1011778 B.C. ULC/New Red Finance,
Inc.,
|
|
|
|
4.00%, 10/15/30(1)
|
$4,335
|
$4,093
|
|
Allwyn Entertainment Financing UK PLC,
|
|
|
|
7.88%, 4/30/29(1)
|
4,795
|
4,927
|
|
Brightstar Lottery PLC/Brightstar Global
Solutions Corp.,
|
|
|
|
5.75%, 1/15/33(1)
|
1,980
|
1,941
|
|
Cruise Yacht Upper HoldCo Ltd.,
|
|
|
|
11.88%, 7/5/28
|
8,050
|
7,546
|
|
Melco Resorts Finance Ltd.,
|
|
|
|
5.63%, 7/17/27(1)
|
6,475
|
6,460
|
|
5.38%, 12/4/29(1) †
|
2,500
|
2,436
|
|
6.50%, 9/24/33(1)
|
5,015
|
4,911
|
|
MGM China Holdings Ltd.,
|
|
|
|
6.25%, 5/15/33(1)
|
5,630
|
5,503
|
|
Studio City Finance Ltd.,
|
|
|
|
5.00%, 1/15/29(1)
|
5,435
|
5,208
|
|
Wynn Macau Ltd.,
|
|
|
|
6.75%, 2/15/34(1)
|
3,860
|
3,837
|
|
|
|
46,862
|
|
Metals & Mining – 1.9%
|
||
|
Aris Mining Corp.,
|
|
|
|
8.00%, 10/31/29(1) †
|
4,220
|
4,373
|
|
Capstone Copper Corp.,
|
|
|
|
6.75%, 3/31/33(1)
|
9,738
|
9,870
|
|
First Quantum Minerals Ltd.,
|
|
|
|
8.63%, 6/1/31(1) †
|
8,860
|
9,225
|
|
7.25%, 2/15/34(1)
|
2,345
|
2,404
|
|
Fortescue Treasury Pty. Ltd.,
|
|
|
|
4.38%, 4/1/31(1)
|
7,040
|
6,698
|
|
Mineral Resources Ltd.,
|
|
|
|
6.00%, 5/1/32(1)
|
940
|
930
|
|
6.25%, 5/1/34(1)
|
940
|
924
|
|
Trekor Metals Ltd.,
|
|
|
|
8.25%, 5/1/30(1)
|
6,346
|
6,623
|
|
|
|
41,047
|
|
Oil & Gas Services & Equipment – 0.7%
|
||
|
Borr IHC Ltd./Borr Finance LLC,
|
|
|
|
8.75%, 1/15/32(1)
|
2,590
|
2,529
|
|
9.00%, 1/15/34(1) †
|
1,550
|
1,499
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
FOREIGN ISSUER BONDS - 14.7% continued
|
||
|
Oil & Gas Services & Equipment – 0.7%continued
|
||
|
Seadrill Finance Ltd.,
|
|
|
|
8.38%, 8/1/30(1)
|
$5,355
|
$5,597
|
|
6.75%, 7/15/34(1)
|
6,335
|
6,116
|
|
|
|
15,741
|
|
Oil & Gas Supply Chain – 0.1%
|
||
|
Baytex Energy Corp.,
|
|
|
|
7.38%, 3/15/32(1)
|
2,055
|
2,115
|
|
Retail - Discretionary – 0.1%
|
||
|
Global Auto Holdings Ltd./AAG FH UK
Ltd.,
|
|
|
|
8.38%, 1/15/29(1)
|
2,190
|
2,157
|
|
Software – 0.4%
|
||
|
Open Text Holdings, Inc.,
|
|
|
|
4.13%, 2/15/30(1)
|
5,450
|
4,993
|
|
4.13%, 12/1/31(1) †
|
3,650
|
3,204
|
|
|
|
8,197
|
|
Specialty Finance – 0.9%
|
||
|
goeasy Ltd.,
|
|
|
|
9.25%, 12/1/28(1)
|
7,815
|
7,672
|
|
6.88%, 5/15/30(1) †
|
5,976
|
5,319
|
|
6.88%, 2/15/31(1) †
|
1,175
|
1,039
|
|
Phoenix Aviation Capital Ltd.,
|
|
|
|
9.25%, 7/15/30(1)
|
5,300
|
5,475
|
|
|
|
19,505
|
|
Steel – 0.2%
|
||
|
Infrabuild Australia Pty. Ltd.,
|
|
|
|
14.50%, 11/15/28(1)
|
3,334
|
3,565
|
|
Telecommunications – 2.1%
|
||
|
Altice Financing S.A.,
|
|
|
|
5.00%, 1/15/28(1) †
|
2,610
|
1,840
|
|
5.75%, 8/15/29(1) †
|
2,160
|
1,510
|
|
Altice France Lux 3/Altice Holdings 1,
|
|
|
|
10.00%, 1/15/33(1)
|
2,052
|
2,018
|
|
Altice France S.A.,
|
|
|
|
6.88%, 10/15/30(1)
|
2,467
|
2,393
|
|
6.50%, 4/15/32(1)
|
4,958
|
4,792
|
|
6.88%, 7/15/32(1)
|
6,898
|
6,689
|
|
Connect Finco S.A.R.L./Connect
U.S. Finco LLC,
|
|
|
|
9.00%, 9/15/29(1)
|
3,952
|
4,158
|
|
Fibercop S.p.A.,
|
|
|
|
6.38%, 11/15/33(1)
|
3,000
|
3,002
|
|
|
June 30, 2026 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
FOREIGN ISSUER BONDS - 14.7% continued
|
||
|
Telecommunications – 2.1%continued
|
||
|
Iliad Holding SAS,
|
|
|
|
7.00%, 10/15/28(1)
|
$2,950
|
$2,963
|
|
8.50%, 4/15/31(1)
|
1,175
|
1,245
|
|
7.00%, 4/15/32(1)
|
2,400
|
2,446
|
|
Telesat Canada/Telesat LLC,
|
|
|
|
5.63%, 12/6/26(1)
|
1,920
|
1,709
|
|
Vmed O2 UK Financing I PLC,
|
|
|
|
4.25%, 1/31/31(1)
|
5,250
|
4,317
|
|
4.75%, 7/15/31(1)
|
4,740
|
3,895
|
|
6.75%, 1/15/33(1)
|
3,200
|
2,709
|
|
|
|
45,686
|
|
Transportation & Logistics – 0.5%
|
||
|
Avianca Midco 2 PLC,
|
|
|
|
1/7/32(1) (5)
|
865
|
864
|
|
VistaJet Malta Finance PLC/Vista
Management Holding, Inc.,
|
|
|
|
6.38%, 2/1/30(1) †
|
4,055
|
3,859
|
|
8.75%, 1/15/32(1) †
|
6,080
|
6,013
|
|
|
|
10,736
|
|
Transportation Equipment – 0.1%
|
||
|
New Flyer Holdings, Inc.,
|
|
|
|
9.25%, 7/1/30(1)
|
1,780
|
1,914
|
|
Total Foreign Issuer Bonds
|
|
|
|
(Cost $317,805)
|
|
312,857
|
|
|
|
|
|
TERM LOANS – 0.1% (9)
|
||
|
Biotechnology & Pharmaceuticals – 0.1%
|
||
|
Alvogen Pharma U.S., Inc., Loan,
|
|
|
|
(Floating, CME Term SOFR USD 3M
+ 2.50%, 3.00% Floor), 6.23%,
3/1/29
|
2,751
|
1,513
|
|
Total Term Loans
|
|
|
|
(Cost $2,695)
|
|
1,513
|
|
|
NUMBER
OF SHARES
|
VALUE
(000S)
|
|
COMMON STOCKS – 0.0%
|
||
|
Passenger Airlines – 0.0%
|
||
|
Voyager Aviation Holdings LLC(7) (10) *
|
2,621
|
$—
|
|
Total Common Stocks
|
|
|
|
(Cost $3)
|
|
—
|
|
|
|
|
|
|
NUMBER
OF SHARES
|
VALUE
(000S)
|
|
PREFERRED STOCKS – 0.0%
|
||
|
Specialized Finance – 0.0%
|
||
|
Cayenne Aviation LLC(7) (10) *
|
15,725
|
$—
|
|
Total Preferred Stocks
|
|
|
|
(Cost $1,573)
|
|
—
|
|
|
|
|
|
INVESTMENT COMPANIES – 8.6%
|
||
|
Northern Institutional Funds - Liquid
Assets Portfolio (Shares),
3.68%(11) (12) (13)
|
98,836,406
|
98,836
|
|
Northern Institutional Funds -
U.S. Government Portfolio (Shares),
3.46%(11) (12)
|
82,872,035
|
82,872
|
|
Total Investment Companies
|
|
|
|
(Cost $181,708)
|
|
181,708
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
SHORT-TERM INVESTMENTS – 0.0%
|
||
|
U.S. Treasury Bill,
|
|
|
|
3.59%, 10/15/26(14) (15)
|
$1,386
|
$1,371
|
|
Total Short-Term Investments
|
|
|
|
(Cost $1,371)
|
1,371
|
|
|
|
|
|
|
Total Investments – 103.6%
|
|
|
|
(Cost $2,245,085)
|
2,201,452
|
|
|
Liabilities less Other Assets – (3.6%)
|
(77,218
)
|
|
|
NET ASSETS – 100.0%
|
$2,124,234
|
|
|
(1)
|
Security exempt from registration pursuant to Rule 144A under the Securities
Act of 1933, as amended. These securities may be resold in transactions
exempt from registration to qualified institutional investors. At June 30,
2026, the value of these securities amounted to approximately
$1,819,705,000 or 85.7% of net assets.
|
|
(2)
|
Variable or floating rate security. Security issued at a fixed coupon rate,
which converts to a variable rate at a future date. Rate shown is the rate in
effect as of June 30, 2026.
|
|
(3)
|
Perpetual bond. Maturity date represents next call date.
|
|
(4)
|
Issuer has defaulted on terms of debt obligation. Income is not being
accrued.
|
|
(5)
|
When-Issued Security. Coupon rate is not in effect at June 30, 2026.
|
|
(6)
|
Security is a payment in-kind bond (PIK), distributions received in-kind unless
otherwise noted in the description.
|
|
(7)
|
Security is valued using significant unobservable inputs and is classified as
Level 3 in the fair value hierarchy.
|
|
(8)
|
Principal amount is less than one thousand.
|
|
(9)
|
Variable or floating rate security. Rate as of June 30, 2026 is disclosed.
|
|
Schedule of Investments
|
|
HIGH YIELD FIXED INCOME FUND continued
|
|
|
(10)
|
Restricted security. At June 30, 2026, the value of these restricted securities
amounted to $0 or 0.0% of net assets. Additional information on these
restricted securities are as follows:
|
|
SECURITY
|
ACQUISITION
AND
ENFORCEABLE
DATE
|
COST
(000S)
|
|
Cayenne Aviation LLC
|
5/18/21
|
$1,573
|
|
Voyager Aviation Holdings LLC
|
5/18/21
|
3
|
|
|
|
|
(11)
|
Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the
investment adviser to the Fund and the investment adviser to Northern
Institutional Funds.
|
|
(12)
|
7-day current yield as of June 30, 2026 is disclosed.
|
|
(13)
|
Investment of cash collateral received from securities lending activities.
|
|
(14)
|
Discount rate at the time of purchase.
|
|
(15)
|
A portion of this security has been pledged as collateral to cover margin
requirements for open futures contracts.
|
|
†
|
Security is either wholly or partially on loan.
|
|
*
|
Non-Income Producing Security
|
|
|
|
EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT
THE SCHEDULE OF INVESTMENTS:
|
|
|
|
3M - 3 Month
|
|
|
|
5Y - 5 Year
|
|
|
|
7Y - 7 Year
|
|
|
|
CME - Chicago Mercantile Exchange
|
|
|
|
CMT - Constant Maturity
|
|
|
|
ICE - Intercontinental Exchange
|
|
|
|
SOFR - Secured Overnight Financing Rate
|
|
|
|
USD - United States Dollar
|
|
TYPE
|
NUMBER OF
CONTRACTS
|
NOTIONAL
AMOUNT
(000s)
|
CONTRACT
POSITION
|
CONTRACT
EXP.
|
VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION)
(000s)
|
|
2-Year
U.S. Treasury
Note
|
400
|
$82,453
|
Long
|
9/26
|
$26
|
|
TYPE
|
NUMBER OF
CONTRACTS
|
NOTIONAL
AMOUNT
(000s)
|
CONTRACT
POSITION
|
CONTRACT
EXP.
|
VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION)
(000s)
|
|
5-Year
U.S. Treasury
Note
|
600
|
$64,228
|
Long
|
9/26
|
$236
|
|
Ultra 10-Year
U.S. Treasury
Note
|
(150
)
|
(16,870
)
|
Short
|
9/26
|
(224
)
|
|
Total
|
|
|
|
|
$38
|
|
|
June 30, 2026 (UNAUDITED)
|
|
INVESTMENTS
|
LEVEL 1
(000s)
|
LEVEL 2
(000s)
|
LEVEL 3
(000s)
|
TOTAL
(000s)
|
|
Corporate Bonds(1)
|
$—
|
$1,704,003
|
$—
|
$1,704,003
|
|
Foreign Issuer Bonds(1)
|
—
|
312,857
|
—
|
312,857
|
|
Term Loans
|
—
|
1,513
|
—
|
1,513
|
|
Investment Companies
|
181,708
|
—
|
—
|
181,708
|
|
Short-Term Investments
|
—
|
1,371
|
—
|
1,371
|
|
Total Investments
|
$181,708
|
$2,019,744
|
$—
|
$2,201,452
|
|
INVESTMENTS
|
LEVEL 1
(000s)
|
LEVEL 2
(000s)
|
LEVEL 3
(000s)
|
TOTAL
(000s)
|
|
OTHER FINANCIAL
INSTRUMENTS
|
|
|
|
|
|
Assets
|
|
|
|
|
|
Futures Contracts
|
$262
|
$—
|
$—
|
$262
|
|
Liabilities
|
|
|
|
|
|
Futures Contracts
|
(224
)
|
—
|
—
|
(224
)
|
|
Total Other Financial
Instruments
|
$38
|
$—
|
$—
|
$38
|
|
(1)
|
Classifications as defined in the Schedule of Investments.
|
|
SECURITY
|
VALUE,
BEGINNING
OF PERIOD
(000S)
|
PURCHASES
(000S)
|
SALES
PROCEEDS
(000S)
|
VALUE,
END OF PERIOD
(000S)
|
SHARES/PAR,
END
OF PERIOD
|
DIVIDEND/
INTEREST
INCOME
(000S)
|
|
Northern Institutional Funds - Liquid Assets Portfolio (Shares)
|
$115,081
|
$108,501
|
$124,746
|
$98,836
|
98,836,406
|
$346
(1)
|
|
Northern Institutional Funds - U.S. Government Portfolio (Shares)
|
71,222
|
169,666
|
158,016
|
82,872
|
82,872,035
|
513
|
|
Total
|
$186,303
|
$278,167
|
$282,762
|
$181,708
|
181,708,441
|
$859
|
|
(1)
|
Represents income from the investment of cash collateral and loan premiums or fees
paid by borrowers, net of applicable taxes, rebate fees paid or accrued to the
Fund, and other related expenses.
|
|
Schedule of Investments
|
|
INTERMEDIATE TAX-EXEMPT FUND
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS – 0.5%
|
||
|
Consumer Services – 0.1%
|
||
|
Nature Conservancy (The),
|
|
|
|
1.30%, 7/1/28
|
$1,350
|
$1,260
|
|
Health Care Facilities & Services – 0.4%
|
||
|
Bon Secours Mercy Health, Inc.,
|
|
|
|
3.46%, 6/1/30
|
500
|
479
|
|
Seattle Children's Hospital,
|
|
|
|
1.21%, 10/1/27
|
5,000
|
4,802
|
|
|
|
5,281
|
|
Total Corporate Bonds
|
|
|
|
(Cost $6,850)
|
|
6,541
|
|
|
|
|
|
MUNICIPAL BONDS – 98.2%
|
||
|
Alabama – 3.4%
|
||
|
Black Belt Energy Gas District Gas
Project Revenue Bonds, Series A,
|
|
|
|
5.00%, 12/1/27
|
1,250
|
1,278
|
|
Black Belt Energy Gas District Gas
Project Revenue Bonds, Series A,
Project No. 8,
|
|
|
|
4.00%, 12/1/29(1) (2)
|
7,500
|
7,574
|
|
Black Belt Energy Gas District Gas
Project Revenue Bonds, Series B,
|
|
|
|
5.00%, 9/1/32(1) (2)
|
1,500
|
1,577
|
|
Black Belt Energy Gas District Gas
Project Revenue Bonds, Series D,
|
|
|
|
5.00%, 11/1/32
|
6,000
|
6,350
|
|
Black Belt Energy Gas District Gas
Project Revenue Bonds, Series E,
|
|
|
|
5.00%, 7/1/29
|
945
|
984
|
|
Black Belt Energy Gas District Gas
Project Revenue Bonds, Series J,
|
|
|
|
5.00%, 11/1/36
|
2,000
|
2,103
|
|
Black Belt Energy Gas District Gas
Project Revenue Refunding Bonds,
Series H-2-1,
|
|
|
|
5.00%, 12/1/31
|
4,000
|
4,195
|
|
Black Belt Energy Gas District Gas
Supply Revenue Refunding Bonds,
|
|
|
|
4.00%, 12/1/31(1) (2)
|
3,930
|
4,016
|
|
Huntsville Health Care Authority
Revenue Bonds, Series B,
|
|
|
|
5.00%, 6/1/35
|
6,000
|
6,734
|
|
Jefferson County Sewer Revenue
Refunding Warrants,
|
|
|
|
5.00%, 10/1/38
|
1,325
|
1,439
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 98.2%continued
|
||
|
Alabama – 3.4%continued
|
||
|
Mobile County Board of School
Commissioners Special Tax
Refunding Bonds (AG Insured),
|
|
|
|
5.00%, 3/1/29
|
$1,500
|
$1,586
|
|
Southeast Energy Authority
Cooperative District Energy Supply
Revenue Bonds, Series C,
|
|
|
|
5.00%, 2/1/31(1) (2)
|
2,000
|
2,130
|
|
|
|
39,966
|
|
Alaska – 0.8%
|
||
|
Alaska State Housing Finance Corp.
Revenue Refunding Bonds, Series A,
|
|
|
|
5.00%, 6/1/30
|
3,000
|
3,062
|
|
Alaska State Railroad Corp. Cruise Port
Revenue Bonds (AMT) (AG Insured),
|
|
|
|
5.50%, 10/1/40
|
500
|
560
|
|
5.50%, 10/1/41
|
500
|
554
|
|
Anchorage Port Revenue Bonds, Series
A (AMT),
|
|
|
|
5.50%, 2/1/32
|
2,010
|
2,226
|
|
Juneau City & Borough G.O. Unlimited
Bonds,
|
|
|
|
5.00%, 6/1/35
|
2,000
|
2,303
|
|
Matanuska-Susitna Borough G.O.
Unlimited Bonds, Series A,
|
|
|
|
5.00%, 11/1/44
|
725
|
793
|
|
|
|
9,498
|
|
Arizona – 3.3%
|
||
|
Arizona Board of Regents Revenue
Refunding Bonds, Series A, Arizona
State University,
|
|
|
|
5.00%, 7/1/41
|
1,000
|
1,124
|
|
Arizona State IDA Education Revenue
Bonds, Series A-Social, Macombs
Facility Project,
|
|
|
|
4.00%, 7/1/36
|
315
|
300
|
|
4.00%, 7/1/41
|
800
|
731
|
|
Arizona State IDA National Charter
Equitable School Revolving Loan
Fund Revenue Bonds, Social Bonds,
|
|
|
|
4.00%, 11/1/46
|
1,000
|
942
|
|
Chandler IDA IDR Variable Revenue
Bonds (AMT), Intel Corp. Project,
|
|
|
|
5.00%, 9/1/27(1) (2)
|
5,310
|
5,373
|
|
|
June 30, 2026 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 98.2%continued
|
||
|
Arizona – 3.3%continued
|
||
|
Glendale IDA Revenue Bonds,
Midwestern University,
|
|
|
|
5.00%, 5/15/40
|
$1,375
|
$1,523
|
|
Maricopa County IDA Education
Revenue Bonds, Legacy Traditional
Schools - Clemmons Campus Project,
|
|
|
|
4.00%, 7/1/34
|
2,500
|
2,463
|
|
Maricopa County IDA Revenue
Refunding Bonds, Banner Health
Obligation Group,
|
|
|
|
4.00%, 1/1/36
|
180
|
181
|
|
Maricopa County IDA Revenue
Refunding Bonds, Series D, Banner
Health,
|
|
|
|
1/1/33(3)
|
3,100
|
3,409
|
|
Maricopa County Special Health Care
District G.O. Unlimited Bonds,
|
|
|
|
4.00%, 7/1/38
|
2,500
|
2,507
|
|
Mesa Utility Systems Revenue Bonds
(AG Insured),
|
|
|
|
5.00%, 7/1/45
|
1,055
|
1,140
|
|
Phoenix Civic Improvement Corp.
Excise Tax Subordinate Revenue
Refunding Bonds, Series C,
|
|
|
|
5.00%, 7/1/39
|
12,000
|
13,589
|
|
Phoenix Civic Improvement Corp.
Wastewater System Junior Lien
Revenue Refunding Bonds,
|
|
|
|
5.00%, 7/1/30
|
2,000
|
2,004
|
|
Salt Verde Financial Corp. Senior Gas
Revenue Bonds,
|
|
|
|
5.00%, 12/1/37
|
1,500
|
1,579
|
|
Western Maricopa Education Center
District No. 402 G.O. Unlimited
Refunding Bonds (AG Insured),
|
|
|
|
5.00%, 7/1/27
|
585
|
599
|
|
5.00%, 7/1/28
|
1,000
|
1,049
|
|
|
|
38,513
|
|
Arkansas – 1.3%
|
||
|
Arkansas Development Finance
Authority Environmental Variable
Revenue Bonds (AMT), United States
Steel Corp. Project,
|
|
|
|
4.00%, 3/1/33(1) (2)
|
10,000
|
10,103
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 98.2%continued
|
||
|
Arkansas – 1.3%continued
|
||
|
Little Rock School District G.O. Limited
Refunding Bonds, Series A (AGM
Insured State Aid Withholding),
|
|
|
|
2.00%, 2/1/34
|
$4,000
|
$3,472
|
|
2.25%, 2/1/41
|
1,485
|
1,117
|
|
|
|
14,692
|
|
California – 7.0%
|
||
|
Anaheim Housing & Public
Improvements Authority Revenue
Refunding Bonds, Electric Utility
Distribution System,
|
|
|
|
5.00%, 10/1/34
|
1,250
|
1,285
|
|
5.00%, 10/1/52
|
5,000
|
5,056
|
|
California Community Choice Financing
Authority Clean Energy Project
Revenue Bonds, Green Bond, Series
B-1,
|
|
|
|
4.00%, 8/1/31(1) (2)
|
4,525
|
4,594
|
|
California Community Choice Financing
Authority Clean Energy Project
Sustainable Revenue Bonds,
|
|
|
|
4.00%, 12/1/27(1) (2)
|
5,000
|
5,072
|
|
5.00%, 4/1/32(1) (2)
|
5,705
|
6,071
|
|
5.00%, 12/1/32(1) (2)
|
2,000
|
2,058
|
|
5.00%, 8/1/33(1) (2)
|
5,000
|
5,396
|
|
California Housing Finance Agency
Municipal Certificates Revenue
Bonds, Series 2021-1, Class A
Certificates,
|
|
|
|
3.50%, 11/20/35
|
3,209
|
3,184
|
|
California State Educational Facilities
Authority Revenue Bonds, The
Master's University,
|
|
|
|
5.25%, 8/1/40
|
3,000
|
3,145
|
|
California State G.O. Unlimited Bonds,
Series 2007, Unrefunded Balance,
|
|
|
|
5.75%, 5/1/30
|
80
|
80
|
|
California State Health Facilities
Financing Authority Variable
Revenue Bonds, Providence St.
Joseph Health,
|
|
|
|
5.00%, 10/1/32(1) (2)
|
4,000
|
4,452
|
|
California State Municipal Finance
Authority Revenue Bonds, SFMTA
Potrero Yard Modernization Project,
|
|
|
|
5.00%, 9/1/40
|
1,450
|
1,616
|
|
Schedule of Investments
|
|
INTERMEDIATE TAX-EXEMPT FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 98.2%continued
|
||
|
California – 7.0%continued
|
||
|
California State Municipal Finance
Authority Revenue Refunding Bonds,
The Master's University,
|
|
|
|
5.00%, 8/1/34
|
$1,585
|
$1,620
|
|
Carlsbad Unified School District G.O.
Unlimited Convertible CABS, Series
C, Election,
|
|
|
|
(Step to 6.63% on 8/1/26), 0.00%,
8/1/35(4)
|
11,850
|
14,744
|
|
Los Angeles Department of Airports
Senior Revenue Bonds, Series C
(AMT),
|
|
|
|
5.00%, 5/15/33
|
4,420
|
4,722
|
|
Los Angeles Department of Airports
Subordinate Revenue Bonds (AMT),
Los Angeles International Airport,
|
|
|
|
5.00%, 5/15/35
|
600
|
602
|
|
Los Angeles Department of Water &
Power Revenue Refunding Bonds,
Series D,
|
|
|
|
5.00%, 7/1/31
|
2,480
|
2,712
|
|
5.00%, 7/1/34
|
1,500
|
1,690
|
|
Los Angeles Department of Water &
Power System Revenue Refunding
Bonds, Series B,
|
|
|
|
5.25%, 7/1/38
|
3,000
|
3,025
|
|
Oakland Unified School District
Alameda County, G.O. Unlimited
Bonds, Series A, Election of 2020,
|
|
|
|
5.00%, 8/1/28
|
1,000
|
1,052
|
|
San Francisco City & County Airports
Commission International Airport
Revenue Bonds, Second Series A
(AMT),
|
|
|
|
5.00%, 5/1/33
|
2,500
|
2,777
|
|
San Francisco City & County Airports
Commission International Airport
Revenue Bonds, Series E (AMT),
|
|
|
|
5.00%, 5/1/39
|
2,355
|
2,440
|
|
Southern California State Public Power
Authority Variable Revenue Bonds,
Southern Transmission System,
|
|
|
|
5.00%, 7/1/29(1) (2)
|
2,655
|
2,787
|
|
University of California Revenue
Refunding Bonds, Series BZ,
|
|
|
|
5.00%, 5/15/39
|
1,635
|
1,850
|
|
|
|
82,030
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 98.2%continued
|
||
|
Colorado – 4.6%
|
||
|
Adams County School District No. 1
Taxable G.O. Unlimited Refunding
Bonds, Series B (State Aid
Withholding),
|
|
|
|
5.25%, 12/1/40
|
$4,775
|
$4,811
|
|
Adams County School District No. 1
Taxable G.O. Unlimited Refunding
Bonds, Series B (State Aid
Withholding), Prerefunded,
|
|
|
|
5.25%, 12/1/26(5)
|
225
|
227
|
|
Adams County School District No. 14
G.O. Unlimited Bonds (State Aid
Withholding),
|
|
|
|
5.50%, 12/1/40
|
1,500
|
1,727
|
|
Arvada Sales & Use TRB,
|
|
|
|
5.00%, 12/1/31
|
2,000
|
2,110
|
|
Colorado Bridge & Tunnel Enterprise
Senior Infrastructure Revenue Bonds,
Series A (AG Insured),
|
|
|
|
5.25%, 12/1/44
|
930
|
1,035
|
|
5.25%, 12/1/45
|
1,300
|
1,434
|
|
Colorado Educational & Cultural
Authority Revenue Bonds, Series A,
University of Denver Project,
|
|
|
|
5.00%, 3/1/43
|
1,735
|
1,895
|
|
Colorado State COPS, Series A,
|
|
|
|
4.00%, 12/15/36
|
5,000
|
5,053
|
|
Colorado State Health Facilities
Authority Hospital Revenue
Refunding Bonds, Adventist Health
System/Sunbelt,
|
|
|
|
4.00%, 11/15/41
|
1,000
|
990
|
|
Colorado State Health Facilities
Authority Revenue Bonds, Series A,
Craig Hospital Project,
|
|
|
|
5.00%, 12/1/44
|
1,625
|
1,722
|
|
5.00%, 12/1/45
|
2,225
|
2,345
|
|
Colorado State Health Facilities
Authority Revenue Refunding Bonds,
Intermountain Healthcare,
|
|
|
|
5.00%, 5/15/32
|
2,000
|
2,230
|
|
Colorado State Health Facilities
Authority Revenue Refunding Bonds,
Series A, CommonSpirit Health,
|
|
|
|
5.00%, 12/1/29
|
2,000
|
2,127
|
|
|
June 30, 2026 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 98.2%continued
|
||
|
Colorado – 4.6%continued
|
||
|
Colorado State Health Facilities
Authority Variable Revenue Bonds,
AdventHealth Obligated Group,
|
|
|
|
5.00%, 11/15/28(1) (2)
|
$4,000
|
$4,184
|
|
Denver City & County Airport Revenue
Bonds, Series A (AMT),
|
|
|
|
5.50%, 11/15/35
|
10,000
|
11,276
|
|
5.00%, 11/15/41
|
1,000
|
1,063
|
|
Denver City & County Airport System
Subordinate Revenue Refunding
Bonds, Series A (AMT),
|
|
|
|
5.00%, 12/1/43
|
4,500
|
4,599
|
|
Denver City & County Dedicated TRB,
Series A-1,
|
|
|
|
5.00%, 8/1/48
|
2,750
|
2,751
|
|
Larimer & Weld Counties School District
No. RE-5J G.O. Unlimited Bonds
(State Aid Withholding),
|
|
|
|
4.00%, 12/1/34
|
1,850
|
1,897
|
|
|
|
53,476
|
|
Connecticut – 0.9%
|
||
|
Connecticut State G.O. Unlimited
Bonds, Series C,
|
|
|
|
5.00%, 8/15/34
|
2,000
|
2,296
|
|
Connecticut State Special Tax
Obligation Revenue Refunding
Bonds, Transportation Infrastructure,
|
|
|
|
5.00%, 7/1/41
|
2,000
|
2,243
|
|
University of Connecticut Revenue
Bonds, Series A,
|
|
|
|
5.25%, 11/15/47
|
6,000
|
6,250
|
|
|
|
10,789
|
|
Delaware – 0.3%
|
||
|
Delaware State EDA Variable Revenue
Refunding Bonds, Series A, NRG
Energy Project,
|
|
|
|
4.00%, 10/1/35(1) (2)
|
3,350
|
3,385
|
|
District of Columbia – 0.9%
|
||
|
Metropolitan Washington Airports
Authority Airport System Revenue
Refunding Bonds (AMT),
|
|
|
|
5.00%, 10/1/30
|
2,630
|
2,693
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 98.2%continued
|
||
|
District Of Columbia – 0.9%continued
|
||
|
Metropolitan Washington Airports
Authority Airport System Revenue
Refunding Bonds, Series A (AMT),
|
|
|
|
5.00%, 10/1/30
|
$7,500
|
$8,086
|
|
|
|
10,779
|
|
Florida – 7.4%
|
||
|
Broward County Airport System
Revenue Bonds (AMT),
|
|
|
|
5.00%, 10/1/37
|
1,500
|
1,523
|
|
Broward County Port Facilities Revenue
Bonds (AMT),
|
|
|
|
5.00%, 9/1/40
|
795
|
856
|
|
Broward County School Board
Refunding COPS, Series A,
|
|
|
|
5.00%, 7/1/27
|
2,760
|
2,826
|
|
Broward County School Board
Refunding COPS, Series C,
|
|
|
|
5.00%, 7/1/26
|
3,000
|
3,000
|
|
Capital Trust Authority Health Care
Facilities Revenue Refunding Bonds,
Series A, UF Health Projects,
|
|
|
|
5.00%, 12/1/32
|
1,300
|
1,433
|
|
Central Florida Expressway Authority
Senior Lien Revenue Refunding
Bonds, Series B, Prerefunded,
|
|
|
|
4.00%, 7/1/26(5)
|
2,000
|
2,000
|
|
Central Florida State Tourism Oversight
District Utilities Revenue Bonds,
Series 1,
|
|
|
|
5.00%, 10/1/40
|
3,105
|
3,472
|
|
Columbia County School Board COPS
(AG Insured),
|
|
|
|
5.00%, 7/1/37
|
1,135
|
1,272
|
|
Greater Orlando Aviation Authority
Airport Facilities Revenue Bonds
(AMT),
|
|
|
|
5.00%, 10/1/33
|
2,100
|
2,338
|
|
Greater Orlando Aviation Authority
Special Purpose Airport Facilities
Revenue Bonds (AMT), United
Airlines Inc. Project,
|
|
|
|
5.50%, 11/1/37
|
1,500
|
1,611
|
|
JEA Water & Sewer Revenue Refunding
Bonds, Series A,
|
|
|
|
5.00%, 10/1/31
|
8,000
|
8,220
|
|
Schedule of Investments
|
|
INTERMEDIATE TAX-EXEMPT FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 98.2%continued
|
||
|
Florida – 7.4%continued
|
||
|
Lake County School Board Refunding
COPS, Series A (AG Insured),
|
|
|
|
5.00%, 6/1/31
|
$2,000
|
$2,191
|
|
Lee County Airport Variable Revenue
Bonds, Series A-2 (AMT),
|
|
|
|
5.00%, 10/1/31(1) (2)
|
1,500
|
1,610
|
|
Manatee County School Board COPS,
Master Lease Program (AG Insured),
|
|
|
|
5.00%, 7/1/42
|
2,000
|
2,217
|
|
Miami Beach Redevelopment Agency
Tax Allocation Bonds, City
Center/Historic Convention (AG
Insured),
|
|
|
|
5.00%, 2/1/37
|
1,500
|
1,671
|
|
Miami-Dade County Aviation Revenue
Refunding Bonds, Series A (AMT),
|
|
|
|
5.00%, 10/1/35
|
2,810
|
3,104
|
|
Miami-Dade County G.O. Unlimited
Bonds, Building Better Communities
Program,
|
|
|
|
5.00%, 7/1/46
|
6,800
|
7,264
|
|
Miami-Dade County School Board
Refunding COPS, Series A,
|
|
|
|
5.00%, 2/1/31
|
5,500
|
6,000
|
|
Miami-Dade County Seaport Revenue
Refunding Bonds, Subseries A-1
(AMT) (AGM Insured),
|
|
|
|
4.00%, 10/1/45
|
2,325
|
2,170
|
|
Miami-Dade County Seaport Revenue
Refunding Bonds, Subseries A-2
(AGM Insured),
|
|
|
|
3.00%, 10/1/50
|
7,500
|
5,617
|
|
Miami-Dade County Water & Sewer
System Revenue Bonds, Series A,
|
|
|
|
4.00%, 10/1/37
|
2,500
|
2,509
|
|
North Miami Community
Redevelopment Agency Revenue
Bonds,
|
|
|
|
5.00%, 3/1/39
|
1,250
|
1,343
|
|
5.00%, 3/1/40
|
1,000
|
1,069
|
|
5.00%, 3/1/41
|
1,000
|
1,060
|
|
Orlando Utilities Commission Utility
System Revenue Bonds, Series B,
|
|
|
|
1.25%, 10/1/28(1) (2)
|
1,000
|
944
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 98.2%continued
|
||
|
Florida – 7.4%continued
|
||
|
Palm Beach County Educational
Facilities Authority Revenue Bonds,
Palm Beach Atlantic University,
|
|
|
|
5.00%, 10/1/43
|
$625
|
$638
|
|
Palm Beach County School Board
Refunding COPS, Series A,
|
|
|
|
5.00%, 8/1/32
|
1,300
|
1,455
|
|
Pasco County School Board COPS,
Series A (BAM Insured),
|
|
|
|
5.00%, 8/1/43
|
5,000
|
5,146
|
|
South Broward Hospital District
Revenue Refunding Bonds, Series A,
|
|
|
|
4.00%, 5/1/44
|
4,000
|
3,707
|
|
Tallahassee Consolidated Utility
Revenue Refunding Bonds, Series A,
|
|
|
|
5.00%, 10/1/39
|
2,500
|
2,798
|
|
USF Financing Corp. Capital
Improvement Revenue Refunding
Bonds, Student Housing Project,
|
|
|
|
5.00%, 7/1/29
|
2,000
|
2,131
|
|
5.00%, 7/1/34
|
1,000
|
1,131
|
|
Volusia County Educational Facilities
Authority Revenue Bonds, Embry
Riddle Aeronautical University,
|
|
|
|
5.00%, 10/15/35
|
2,500
|
2,827
|
|
|
|
87,153
|
|
Georgia – 2.3%
|
||
|
Atlanta Airport Passenger Facility
Charge Subordinate Revenue Bonds,
|
|
|
|
5.00%, 7/1/37
|
5,000
|
5,264
|
|
Atlanta Airport Sustainable Revenue
Bonds, Series B-1 (AMT),
|
|
|
|
5.00%, 7/1/33
|
1,100
|
1,215
|
|
Burke County Development Authority
PCR Bonds, Go Power Company
Plant Vogtle Project-FIF,
|
|
|
|
2.20%, 10/1/32
|
650
|
584
|
|
Downtown Savannah Authority
Revenue Bonds, Chatham County
Judicial Complex,
|
|
|
|
5.00%, 6/1/32
|
1,250
|
1,252
|
|
Main Street Natural Gas, Inc., Gas
Supply Revenue Bonds, Series A,
|
|
|
|
4.00%, 9/1/27(1) (2)
|
5,000
|
5,064
|
|
|
June 30, 2026 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 98.2%continued
|
||
|
Georgia – 2.3%continued
|
||
|
Main Street Natural Gas, Inc., Gas
Supply Revenue Bonds, Series B,
|
|
|
|
5.00%, 3/1/30(1) (2)
|
$5,000
|
$5,276
|
|
Main Street Natural Gas, Inc., Gas
Supply Revenue Bonds, Series E,
|
|
|
|
5.00%, 12/1/32(1) (2)
|
2,500
|
2,666
|
|
Municipal Electric Authority of Georgia
Revenue Bonds, Plant Vogtle Units 3
& 4 Project,
|
|
|
|
5.50%, 7/1/60
|
2,500
|
2,501
|
|
Private Colleges & Universities Authority
Exchangeable Revenue Bonds,
Series B, Emory University,
|
|
|
|
5.00%, 9/1/33
|
3,000
|
3,408
|
|
|
|
27,230
|
|
Hawaii – 0.6%
|
||
|
Hawaii State Airports System Revenue
Bonds, Series A (AMT),
|
|
|
|
5.00%, 7/1/43
|
5,000
|
5,088
|
|
Hawaii State Department of Budget &
Finance Special Purpose Revenue
Bonds, Hawaii Pacific Health
Obligated Group,
|
|
|
|
5.00%, 7/1/26
|
2,510
|
2,510
|
|
|
|
7,598
|
|
Illinois – 8.6%
|
||
|
Champaign County Community Unit
School District No. 4 G.O. Unlimited
Bonds, Series A,
|
|
|
|
5.00%, 1/1/32
|
2,300
|
2,374
|
|
Chicago Board of Education G.O.
Unlimited Bonds, Series A,
|
|
|
|
5.75%, 12/1/50
|
2,000
|
2,036
|
|
Chicago G.O. Unlimited Refunding
Bonds, Series A,
|
|
|
|
5.00%, 1/1/33
|
2,640
|
2,726
|
|
Chicago Midway Airport Senior
Revenue Refunding Bonds, Series C
(AMT),
|
|
|
|
5.00%, 1/1/33
|
2,500
|
2,721
|
|
Chicago O'Hare International Airport
Senior Lien Revenue Refunding
Bonds, Series A (AMT),
|
|
|
|
5.00%, 1/1/39
|
2,400
|
2,468
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 98.2%continued
|
||
|
Illinois – 8.6%continued
|
||
|
Chicago Park District G.O. Limited
Bonds, Series A,
|
|
|
|
5.00%, 1/1/40
|
$1,500
|
$1,643
|
|
Chicago Waterworks Revenue Bonds,
Series A,
|
|
|
|
5.00%, 11/1/48
|
3,500
|
3,666
|
|
Chicago Waterworks Revenue
Refunding Bonds, Series B,
|
|
|
|
11/1/30(3)
|
2,300
|
2,479
|
|
Chicago Waterworks Second Lien
Revenue Refunding Bonds, Series A,
|
|
|
|
5.00%, 11/1/27
|
1,220
|
1,256
|
|
Cook County Community Consolidated
School District No. 34 G.O.
Unlimited Bonds, Series A,
|
|
|
|
2.00%, 12/1/38
|
2,425
|
1,837
|
|
Cook County High School District No.
201J Sterling Morton Township G.O.
Limited Bonds (AG Insured),
|
|
|
|
5.00%, 6/1/42
|
1,400
|
1,544
|
|
Cook County Sales Tax Revenue
Refunding Bonds,
|
|
|
|
5.00%, 11/15/33
|
5,000
|
5,127
|
|
5.25%, 11/15/35
|
5,000
|
5,134
|
|
Cook Kane Lake & Mc Henry Counties
Community College District No. 512
G.O. Unlimited Bonds,
|
|
|
|
4.00%, 12/15/30
|
5,000
|
5,140
|
|
DuPage County High School District
No. 87 Glenbard Township G.O.
Unlimited Bonds,
|
|
|
|
5.00%, 1/1/43
|
1,500
|
1,626
|
|
Illinois State Finance Authority
Academic Facilities Lease Revenue
Bonds, University of Illinois at
Urbana-Champaign,
|
|
|
|
5.00%, 10/1/44
|
1,030
|
1,061
|
|
Illinois State Finance Authority Revenue
Bonds, The Chicago School,
|
|
|
|
5.00%, 4/1/27
|
300
|
304
|
|
Illinois State Finance Authority Revenue
Bonds, Township High School
District,
|
|
|
|
4.00%, 12/1/32
|
1,940
|
1,989
|
|
Schedule of Investments
|
|
INTERMEDIATE TAX-EXEMPT FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 98.2%continued
|
||
|
Illinois – 8.6%continued
|
||
|
Illinois State Finance Authority Revenue
Refunding Bonds, Moorings of
Arlington Heights,
|
|
|
|
5.00%, 11/1/36
|
$1,940
|
$2,084
|
|
Illinois State Finance Authority Revenue
Refunding Bonds, OSF Healthcare
System,
|
|
|
|
5.00%, 11/15/34
|
3,000
|
3,300
|
|
Illinois State Finance Authority Revenue
Refunding Bonds, Series A, Rush
University System for Health,
|
|
|
|
5.00%, 11/15/30
|
3,650
|
3,887
|
|
Illinois State Finance Authority Revenue
Refunding Bonds, Series A, University
of Chicago,
|
|
|
|
5.00%, 10/1/31
|
4,150
|
4,576
|
|
Illinois State Finance Authority Variable
Revenue Bonds, Series A-3,
UChicago Medicine,
|
|
|
|
5.00%, 8/15/35(1) (2)
|
2,500
|
2,797
|
|
Illinois State Finance Authority Variable
Revenue Refunding Bonds, Silver
Cross Hospital,
|
|
|
|
5.00%, 8/15/30(1) (2)
|
1,750
|
1,861
|
|
Illinois State G.O. Unlimited Bonds,
Series B,
|
|
|
|
5.00%, 5/1/34
|
2,700
|
3,004
|
|
Illinois State G.O. Unlimited Bonds,
Series C,
|
|
|
|
5.00%, 11/1/29
|
3,425
|
3,528
|
|
5.00%, 9/1/35
|
4,000
|
4,427
|
|
Illinois State G.O. Unlimited Bonds,
Series D,
|
|
|
|
5.00%, 9/1/39
|
5,000
|
5,411
|
|
Illinois State Sales TRB, Junior
Obligation Series B,
|
|
|
|
5.00%, 6/15/38
|
3,000
|
3,306
|
|
Illinois State Toll Highway Authority
Senior Revenue Bonds, Series A,
|
|
|
|
5.00%, 1/1/41
|
2,825
|
3,087
|
|
Illinois State Toll Highway Authority
Senior Revenue Bonds, Series B,
|
|
|
|
5.00%, 1/1/33
|
1,720
|
1,723
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 98.2%continued
|
||
|
Illinois – 8.6%continued
|
||
|
Lake County Community Consolidated
School District No. 34 Antioch G.O.
Unlimited Bonds, Series C,
|
|
|
|
5.00%, 1/1/44
|
$2,545
|
$2,726
|
|
5.00%, 1/1/45
|
2,670
|
2,840
|
|
Lake County Community Consolidated
School District No. 41 Lake Villa
G.O. Unlimited Bonds (BAM
Insured),
|
|
|
|
4.00%, 11/1/31
|
1,000
|
1,032
|
|
Lake County Forest Preservation District
G.O. Unlimited Refunding Bonds,
|
|
|
|
2.00%, 12/15/31
|
1,765
|
1,594
|
|
Oak Park G.O. Unlimited Refunding
Bonds,
|
|
|
|
5.00%, 11/1/29
|
1,000
|
1,070
|
|
Peoria G.O. Unlimited Bonds, Series A
(AGM Insured),
|
|
|
|
5.00%, 1/1/36
|
500
|
543
|
|
Regional Transportation Authority
Revenue Bonds, Series B (NATL
Insured),
|
|
|
|
5.75%, 6/1/33
|
2,000
|
2,219
|
|
Southwestern Development Authority
Revenue Bonds, Pontiac-William
Holliday School District No. 105
(BAM Insured),
|
|
|
|
6.00%, 12/1/43
|
750
|
879
|
|
|
|
101,025
|
|
Indiana – 2.9%
|
||
|
Bloomington Public Building Corp.
Lease Rental Revenue Bonds,
|
|
|
|
5.00%, 2/1/45
|
800
|
850
|
|
Hamilton County Public Building Corp.
Lease Rental Revenue Bonds,
|
|
|
|
5.00%, 7/10/41
|
3,910
|
4,204
|
|
Indiana Finance Authority Wastewater
Utility First Lien Revenue Bonds,
Series A, CWA Authority,
|
|
|
|
4.25%, 10/1/44
|
5,000
|
4,972
|
|
Indiana Finance Authority Water Utility
Revenue Refunding Bonds, Citizens
Energy Group Project,
|
|
|
|
10/1/46(3)
|
1,915
|
2,037
|
|
|
June 30, 2026 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 98.2%continued
|
||
|
Indiana – 2.9%continued
|
||
|
Indiana State Finance Authority Health
System Variable Revenue Bonds,
Series B-1, Indiana University Health,
|
|
|
|
5.00%, 7/1/28(1) (2)
|
$3,000
|
$3,116
|
|
Indiana State Finance Authority
Thermal Energy System Utility
Revenue Refunding Bonds, Citizens
Energy Group Project,
|
|
|
|
5.25%, 10/1/43
|
1,360
|
1,502
|
|
Indianapolis Local Public Improvement
Bond Bank Revenue Refunding
Bonds, Indianapolis Airport Authority
Project,
|
|
|
|
5.25%, 1/1/50
|
3,000
|
3,189
|
|
Indianapolis Local Public Improvement
Bond Bank Revenue Refunding
Bonds, Unlimited Ad Valorem Project
(State Aid Intercept Program),
|
|
|
|
5.00%, 1/15/38
|
5,250
|
5,861
|
|
IPS Multi-School Building Corp.
Sustainable First Mortgage Revenue
Bonds (State Aid Intercept Program),
|
|
|
|
5.00%, 7/15/38
|
1,600
|
1,795
|
|
IPS Multi-School Building Corp.
Sustainable First Mortgage Revenue
Bonds (State Intercept Program),
|
|
|
|
5.00%, 7/15/38
|
2,440
|
2,664
|
|
IPS Multi-School Building Corp.
Sustainable Revenue Bonds (State
Aid Intercept Program),
|
|
|
|
5.00%, 7/15/41
|
1,000
|
1,087
|
|
Lebanon Middle School Building Corp.
First Mortgage Revenue Bonds (State
Intercept Program),
|
|
|
|
5.00%, 7/15/40
|
1,000
|
1,094
|
|
Whiting Environmental Facilities
Variable Revenue Refunding Bonds
(AMT), BP Products North America,
Inc. Project,
|
|
|
|
4.00%, 6/10/33(1) (2)
|
1,800
|
1,834
|
|
|
|
34,205
|
|
Iowa – 0.2%
|
||
|
Le Mars Community School District
G.O. Unlimited Bonds (AG Insured),
|
|
|
|
5.00%, 6/1/35
|
1,890
|
2,071
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 98.2%continued
|
||
|
Kansas – 0.3%
|
||
|
Johnson County Unified School District
No. 233 G.O. Unlimited Refunding
Bonds, Series A (BAM Insured),
|
|
|
|
5.00%, 9/1/46
|
$1,400
|
$1,510
|
|
Leavenworth County Unified School
District No. 458 G.O. Unlimited
Bonds,
|
|
|
|
5.50%, 9/1/35
|
670
|
742
|
|
University of Kansas Hospital Authority
Health Facilities Revenue Refunding
Bonds, The University of Kansas
Health System,
|
|
|
|
5.00%, 3/1/28
|
875
|
909
|
|
|
|
3,161
|
|
Kentucky – 5.3%
|
||
|
Carroll County Environmental Facilities
Revenue Refunding Bonds (AMT),
Kentucky Utilities Company,
|
|
|
|
2.00%, 2/1/32
|
5,250
|
4,687
|
|
Fayette County School District Finance
Corp. Revenue Bonds, Series A
(State Intercept Program),
|
|
|
|
4.00%, 5/1/38
|
2,500
|
2,471
|
|
Jefferson County School District Finance
Corp. School Building Revenue
Bonds, Series A (State Intercept
Program),
|
|
|
|
4.00%, 6/1/31
|
3,935
|
3,937
|
|
Kentucky State Economic Development
Finance Authority Revenue Refunding
Bonds, Series A, CommonSpirit
Health,
|
|
|
|
5.00%, 8/1/34
|
750
|
785
|
|
5.00%, 8/1/35
|
550
|
575
|
|
5.00%, 8/1/36
|
750
|
782
|
|
Kentucky State Property & Buildings
Commission Revenue Bonds, Project
No. 130, Series A,
|
|
|
|
5.00%, 11/1/30
|
2,425
|
2,651
|
|
Kentucky State Property & Buildings
Commission Revenue Bonds, Series
A, Project No. 133,
|
|
|
|
5.00%, 9/1/38
|
4,500
|
5,084
|
|
Kentucky State Public Energy Authority
Gas Supply Revenue Bonds, Series
B,
|
|
|
|
5.00%, 12/1/33
|
2,885
|
2,969
|
|
Schedule of Investments
|
|
INTERMEDIATE TAX-EXEMPT FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 98.2%continued
|
||
|
Kentucky – 5.3%continued
|
||
|
Kentucky State Public Energy Authority
Gas Supply Revenue Refunding
Bonds, Series A,
|
|
|
|
5.25%, 12/1/29(1) (2)
|
$6,000
|
$6,357
|
|
Kentucky State Public Energy Authority
Gas Supply Revenue Refunding
Bonds, Series A-1,
|
|
|
|
5.25%, 2/1/32(1) (2)
|
9,000
|
9,632
|
|
Kentucky State Public Energy Authority
Gas Supply Revenue Refunding
Bonds, Series B,
|
|
|
|
5.00%, 8/1/32(1) (2)
|
8,130
|
8,595
|
|
Louisville & Jefferson County Metro
Government Health System Revenue
Refunding Bonds, Norton
Healthcare, Inc.,
|
|
|
|
4.00%, 10/1/36
|
1,315
|
1,309
|
|
Louisville & Jefferson County Metro
Government PCR Refunding Bonds
(AMT), Gas & Electric,
|
|
|
|
1.35%, 11/1/27
|
2,500
|
2,421
|
|
Louisville & Jefferson County Metro
Government PCR Refunding Bonds,
Gas & Electric,
|
|
|
|
2.00%, 10/1/33
|
6,000
|
5,205
|
|
Oldham School District Finance Corp.
Revenue Refunding Bonds (BAM
Insured),
|
|
|
|
5.00%, 8/1/31
|
2,170
|
2,387
|
|
Richmond G.O. Unlimited Bonds,
|
|
|
|
5.00%, 6/1/42
|
1,550
|
1,655
|
|
Trimble County Pollution Control
Variable Revenue Bonds (AMT),
Louisville Gas & Electric Co.,
|
|
|
|
1.30%, 9/1/27(1) (2)
|
1,000
|
974
|
|
|
|
62,476
|
|
Louisiana – 1.4%
|
||
|
East Baton Rouge Parish Sewerage
Commission Variable Revenue
Refunding Bonds, Series A,
|
|
|
|
1.30%, 2/1/28(1) (2)
|
2,500
|
2,392
|
|
Louisiana Public Facilities Authority
Revenue Bonds, Department of Public
Safety Crime (AGC Insured),
|
|
|
|
5.00%, 8/1/43
|
795
|
865
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 98.2%continued
|
||
|
Louisiana – 1.4%continued
|
||
|
Louisiana Public Facilities Authority
Revenue Refunding Bonds, Ochsner
Clinic Foundation Project,
|
|
|
|
5.25%, 5/15/50
|
$3,500
|
$3,682
|
|
Louisiana Public Facilities Authority
Revenue Refunding Bonds, Ochsner
Clinic, Unrefunded Balance,
|
|
|
|
5.00%, 5/15/47
|
2,925
|
2,925
|
|
Louisiana State Local Government
Environmental Facilities & Community
Development Authority Revenue
Refunding Bonds, Entergy
Louisiana LLC Project,
|
|
|
|
2.50%, 4/1/36
|
5,500
|
4,789
|
|
Louisiana State Local Government
Environmental Facilities & Community
Development Authority Revenue
Refunding Bonds, Series A, Woman's
Hospital Foundation Project,
|
|
|
|
5.00%, 10/1/30
|
1,505
|
1,539
|
|
|
|
16,192
|
|
Maryland – 1.2%
|
||
|
Maryland State Department of
Transportation Consolidated Revenue
Bonds, Series A,
|
|
|
|
3.00%, 10/1/31
|
5,000
|
5,007
|
|
3.00%, 10/1/32
|
2,000
|
1,992
|
|
Maryland State Health & Higher
Educational Facilities Authority
Revenue Refunding Bonds, Series C,
Medstar Health Issue,
|
|
|
|
5.00%, 8/15/29
|
1,500
|
1,601
|
|
Washington Suburban Sanitary District
Consolidated Public Improvement
Revenue Bonds, Second Series
(County Gtd.),
|
|
|
|
5.00%, 6/1/37
|
5,000
|
5,005
|
|
|
|
13,605
|
|
Massachusetts – 1.9%
|
||
|
Massachusetts State Bay Transportation
Authority Senior Sales Tax Revenue
Refunding Bonds, Series A,
|
|
|
|
5.00%, 7/1/40
|
4,000
|
4,476
|
|
Massachusetts State Consolidated Loan
G.O. Unlimited Bonds, Series G,
|
|
|
|
5.00%, 12/1/40
|
1,625
|
1,835
|
|
|
June 30, 2026 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 98.2%continued
|
||
|
Massachusetts – 1.9%continued
|
||
|
Massachusetts State Development
Finance Agency Revenue Bonds,
Lasell Village, Inc.,
|
|
|
|
5.25%, 7/1/45
|
$2,000
|
$2,112
|
|
Massachusetts State Development
Finance Agency Revenue Bonds,
Middlesex Sustainable Energy
Partners,
|
|
|
|
5.00%, 10/1/29
|
750
|
790
|
|
5.50%, 10/1/45
|
1,250
|
1,353
|
|
Massachusetts State Development
Finance Agency Revenue Refunding
Bonds, Suffolk University,
|
|
|
|
5.00%, 7/1/29
|
500
|
512
|
|
Massachusetts State Development
Finance Agency Variable Revenue
Bonds, Brown Health University
Obligated Group,
|
|
|
|
5.00%, 8/15/31(1) (2)
|
2,000
|
2,142
|
|
Massachusetts State G.O. Limited
Bonds, Series A,
|
|
|
|
5.00%, 4/1/50
|
2,000
|
2,116
|
|
Massachusetts State G.O. Limited
Bonds, Series D,
|
|
|
|
5.00%, 6/1/40
|
3,000
|
3,415
|
|
Massachusetts State Port Authority
Revenue Bonds, Series C (AMT),
|
|
|
|
5.00%, 7/1/30
|
3,000
|
3,169
|
|
|
|
21,920
|
|
Michigan – 3.0%
|
||
|
Comstock Park Public Schools G.O.
Unlimited Bonds, Series II (Q-SBLF
Insured),
|
|
|
|
5.00%, 11/1/44
|
1,170
|
1,272
|
|
5.00%, 11/1/49
|
2,230
|
2,338
|
|
Great Lakes Water Authority Water
Supply System Second Lien Revenue
Refunding Bonds, Series B,
|
|
|
|
5.00%, 7/1/36
|
1,250
|
1,433
|
|
Grosse Pointe Public School System
G.O. Unlimited Bonds,
|
|
|
|
3.00%, 5/1/34
|
1,815
|
1,754
|
|
Holt Public Schools G.O. Unlimited
Bonds, Series I (Q-SBLF Insured),
|
|
|
|
3.00%, 5/1/34
|
1,175
|
1,136
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 98.2%continued
|
||
|
Michigan – 3.0%continued
|
||
|
Lincoln Consolidated School District
Refunding G.O. Unlimited Bonds,
(Q-SBLF Insured),
|
|
|
|
5.00%, 5/1/28
|
$1,750
|
$1,827
|
|
Michigan State Finance Authority
Limited Obligation Revenue
Refunding Bonds, Lawrence
Technology University,
|
|
|
|
4.00%, 2/1/42
|
745
|
654
|
|
Michigan State Finance Authority
Variable Revenue Refunding Bonds,
McLaren Health Care,
|
|
|
|
1.20%, 4/13/28(1) (2)
|
1,250
|
1,199
|
|
Michigan State HDA SFM Revenue
Bonds, Series A, Social Bonds,
|
|
|
|
4.00%, 12/1/37
|
2,505
|
2,498
|
|
Michigan State Hospital Finance
Authority Revenue Refunding Bonds,
Bronson Healthcare Group,
|
|
|
|
5.00%, 11/15/29
|
6,000
|
6,373
|
|
Oakland University Revenue Refunding
Bonds, Series A,
|
|
|
|
5.00%, 3/1/42
|
1,000
|
1,089
|
|
5.00%, 3/1/44
|
875
|
943
|
|
Portage Public Schools G.O. Unlimited
Refunding Bonds (AG Insured),
|
|
|
|
5.00%, 11/1/38
|
1,875
|
2,113
|
|
Rockford Public School District G.O.
Unlimited Bonds, Series II (Q-SBLF
Insured),
|
|
|
|
5.00%, 5/1/44
|
3,805
|
4,075
|
|
Wayne County Airport Authority
Revenue Refunding Bonds (AMT),
Detroit Metropolitan,
|
|
|
|
5.00%, 12/1/30
|
1,760
|
1,895
|
|
West Bloomfield School District G.O.
Unlimited Bonds, Series I (Q-SBLF
Insured),
|
|
|
|
5.00%, 5/1/42
|
4,200
|
4,589
|
|
|
|
35,188
|
|
Minnesota – 1.0%
|
||
|
Minneapolis & Saint Paul Housing &
Redevelopment Authority Health
Care Revenue Refunding Bonds,
Allina Health System,
|
|
|
|
5.00%, 11/15/26
|
2,000
|
2,015
|
|
Schedule of Investments
|
|
INTERMEDIATE TAX-EXEMPT FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 98.2%continued
|
||
|
Minnesota – 1.0%continued
|
||
|
Minnesota Municipal Gas Agency Gas
Project Revenue Bonds, Series A,
|
|
|
|
5.00%, 9/1/35
|
$4,650
|
$4,852
|
|
Rochester Health Care Facilities
Revenue Bonds, Series A, Mayo
Clinic,
|
|
|
|
5.00%, 11/15/36
|
2,250
|
2,583
|
|
5.00%, 11/15/38
|
2,150
|
2,442
|
|
|
|
11,892
|
|
Mississippi – 0.1%
|
||
|
Mississippi State Business Finance
Corp. Revenue Bonds, System
Energy Resources, Inc. Project,
|
|
|
|
2.38%, 6/1/44
|
1,000
|
683
|
|
Missouri – 0.6%
|
||
|
Joplin Schools G.O. Unlimited
Refunding Bonds, Missouri Direct
Deposit Program (State Aid Direct
Deposit Program),
|
|
|
|
5.00%, 3/1/30
|
1,215
|
1,233
|
|
Missouri Joint Municipal Electric Utility
Commission Power Project Revenue
Bonds, Marshall Energy Center
Project,
|
|
|
|
5.00%, 1/1/51
|
1,000
|
1,041
|
|
Platte County Reorganized School
District No. R-3 G.O. Unlimited
Bonds, School Building Bonds,
|
|
|
|
5.25%, 3/1/34
|
2,710
|
3,001
|
|
Wentzville School District No. R-4 G.O.
Unlimited Refunding CABS, Missouri
Direct Deposit Program (State Aid
Direct Deposit Program),
|
|
|
|
0.00%, 3/1/27(6)
|
2,100
|
2,055
|
|
|
|
7,330
|
|
Nebraska – 1.8%
|
||
|
Lancaster County School District No. 1
G.O. Unlimited Refunding Bonds,
|
|
|
|
5.00%, 1/15/27
|
3,760
|
3,767
|
|
McCook Revenue BANS,
|
|
|
|
4.50%, 9/1/27
|
2,000
|
2,006
|
|
Nebraska State Public Power District
Revenue Refunding Bonds, Series A,
|
|
|
|
5.00%, 1/1/41
|
2,075
|
2,319
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 98.2%continued
|
||
|
Nebraska – 1.8%continued
|
||
|
Nebraska State Public Power District
Revenue Refunding Bonds, Series B,
|
|
|
|
5.00%, 7/1/28
|
$5,000
|
$5,180
|
|
Omaha G.O. Unlimited Bonds,
|
|
|
|
5.00%, 4/15/43
|
1,250
|
1,373
|
|
Omaha Public Power District Electric
Revenue Bonds, Series A,
|
|
|
|
5.00%, 2/1/41
|
6,000
|
6,555
|
|
|
|
21,200
|
|
Nevada – 0.7%
|
||
|
Reno-Tahoe Airport Authority Revenue
Bonds (AMT), Taho International
Airport,
|
|
|
|
5.00%, 7/1/31
|
850
|
910
|
|
5.00%, 7/1/32
|
1,000
|
1,087
|
|
Washoe County School District G.O.
Limited Bonds, Series C, School
Improvement Bonds (AGM Insured),
|
|
|
|
3.25%, 10/1/42
|
6,500
|
5,782
|
|
|
|
7,779
|
|
New Hampshire – 0.3%
|
||
|
New Hampshire State Health &
Education Facilities Authority
Revenue Refunding Bonds, Southern
New Hampshire University Issue,
|
|
|
|
5.00%, 1/1/30
|
1,070
|
1,144
|
|
5.00%, 1/1/32
|
835
|
919
|
|
5.00%, 1/1/33
|
1,245
|
1,385
|
|
|
|
3,448
|
|
New Jersey – 0.7%
|
||
|
New Jersey State Transportation Trust
Fund Authority Program Revenue
Bonds, Series AA,
|
|
|
|
5.00%, 6/15/38
|
1,600
|
1,805
|
|
New Jersey State Transportation Trust
Fund Authority Revenue Bonds,
Transformation Program Notes,
|
|
|
|
5.00%, 6/15/33
|
3,325
|
3,484
|
|
Passaic Valley Sewage Commissioners
Revenue Refunding Bonds, Series J
(AGM Insured),
|
|
|
|
3.00%, 12/1/27
|
2,870
|
2,887
|
|
|
|
8,176
|
|
|
June 30, 2026 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 98.2%continued
|
||
|
New Mexico – 0.3%
|
||
|
Albuquerque Bernalillo County Water
Utility Authority Joint Water & Sewer
Senior Lien Revenue Bonds,
|
|
|
|
4.00%, 7/1/31
|
$1,300
|
$1,342
|
|
New Mexico Finance Authority
Subordinate Lien Public Project
Revenue Bonds,
|
|
|
|
5.00%, 6/15/43
|
1,475
|
1,637
|
|
5.00%, 6/15/44
|
1,000
|
1,102
|
|
|
|
4,081
|
|
New York – 10.3%
|
||
|
Glens Falls G.O. Limited BANS,
|
|
|
|
4.00%, 2/26/27
|
5,453
|
5,490
|
|
Metropolitan Transportation Authority
Dedicated Tax Fund Sustainable
Revenue Refunding Bonds, Series
B-2,
|
|
|
|
5.00%, 11/15/47
|
7,000
|
7,429
|
|
New York City Housing Development
Corp. MFH Sustainable
Development Revenue Bonds,
|
|
|
|
2.75%, 11/1/33
|
2,870
|
2,713
|
|
New York City Municipal Water
Finance Authority Water & Sewer
System Revenue Refunding Bonds,
Series DD, Fiscal 2025,
|
|
|
|
5.50%, 6/15/39
|
1,500
|
1,767
|
|
New York City Municipal Water
Finance Authority Water & Sewer
System Revenue Refunding Bonds,
Series DD-2 Block 5,
|
|
|
|
5.00%, 6/15/40
|
5,000
|
5,133
|
|
New York City Transitional Finance
Authority Building Aid Revenue
Bonds, Series S-3 (State Aid
Withholding),
|
|
|
|
5.00%, 7/15/43
|
3,000
|
3,095
|
|
New York City Transitional Finance
Authority Future Tax Secured
Revenue Bonds, Subseries C-2,
|
|
|
|
5.00%, 5/1/36
|
1,575
|
1,628
|
|
New York City Transitional Finance
Authority Future Tax Secured
Subordinate Revenue Bonds,
|
|
|
|
5.00%, 8/1/40
|
2,000
|
2,065
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 98.2%continued
|
||
|
New York – 10.3%continued
|
||
|
New York City Transitional Finance
Authority Subordinate Revenue
Bonds, Fiscal 2026,
|
|
|
|
5.00%, 11/1/39
|
$1,000
|
$1,126
|
|
5.00%, 11/1/47
|
1,000
|
1,071
|
|
New York City Transitional Finance
Authority Subordinate Revenue
Bonds, Series A-1,
|
|
|
|
5.00%, 8/1/44
|
2,500
|
2,668
|
|
New York City Transitional Finance
Authority Subordinate Revenue
Bonds, Series C-3,
|
|
|
|
5.00%, 5/1/41
|
2,100
|
2,158
|
|
New York City Transitional Finance
Authority Subordinate Revenue
Bonds, Series E,
|
|
|
|
5.00%, 11/1/46
|
3,815
|
4,078
|
|
New York City Transitional Finance
Authority Subordinate Revenue
Bonds, Series H, Fiscal 2025,
|
|
|
|
5.00%, 11/1/43
|
2,750
|
3,019
|
|
New York City Transitional Finance
Authority Subordinate Revenue
Refunding Bonds, Fiscal 2026,
|
|
|
|
5.00%, 11/1/34
|
1,150
|
1,313
|
|
New York G.O. Unlimited Bonds, Series
A-1,
|
|
|
|
5.00%, 8/1/47
|
5,000
|
5,157
|
|
New York G.O. Unlimited Bonds, Series
D, Subseries D1,
|
|
|
|
5.00%, 12/1/39
|
10,000
|
10,361
|
|
New York G.O. Unlimited Bonds, Series
E-1,
|
|
|
|
5.00%, 3/1/37
|
3,700
|
3,807
|
|
New York G.O. Unlimited Bonds, Series
G,
|
|
|
|
5.00%, 2/1/42
|
2,000
|
2,210
|
|
New York G.O. Unlimited Bonds, Series
H, Unrefunded Balance,
|
|
|
|
5.00%, 8/1/30
|
5
|
5
|
|
New York G.O. Unlimited Bonds,
Subseries F-1,
|
|
|
|
5.00%, 4/1/45
|
5,000
|
5,084
|
|
Schedule of Investments
|
|
INTERMEDIATE TAX-EXEMPT FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 98.2%continued
|
||
|
New York – 10.3%continued
|
||
|
New York State Dormitory Authority
Non State Supported Debt Revenue
Bonds, School Districts Building
Financing Program (State Aid
Withholding),
|
|
|
|
5.00%, 10/1/31
|
$1,460
|
$1,469
|
|
New York State Dormitory Authority
Non State Supported Debt Revenue
Bonds, Series C,
|
|
|
|
5.00%, 10/1/31
|
665
|
699
|
|
5.00%, 10/8/32
|
575
|
603
|
|
New York State Dormitory Authority
Sales TRB, Series A, Group C,
|
|
|
|
5.00%, 3/15/44
|
3,755
|
3,796
|
|
New York State Dormitory Authority
State Personal Income Tax Revenue
Refunding Bonds, Series A,
|
|
|
|
5.25%, 3/15/39
|
2,000
|
2,088
|
|
New York State Dormitory Authority
State Personal Income Tax Revenue
Refunding Bonds, Series E,
|
|
|
|
3.25%, 3/15/36
|
3,000
|
2,911
|
|
New York State Dormitory Authority
State Personal Income TRB, Series A,
Unrefunded Balance,
|
|
|
|
5.00%, 2/15/43
|
2,000
|
2,003
|
|
New York State Mortgage Agency
Homeowner Mortgage Revenue
Refunding Bonds, Series 220,
|
|
|
|
2.60%, 10/1/39
|
3,300
|
2,752
|
|
New York State Mortgage Agency
Homeowner Revenue Bonds, Series
244, Social Bonds (SonyMA
Insured),
|
|
|
|
2.75%, 4/1/35
|
3,150
|
2,905
|
|
New York State Mortgage Agency
Homeowner Revenue Refunding
Bonds, Series 233, Social Bonds,
|
|
|
|
2.05%, 4/1/33
|
3,000
|
2,670
|
|
New York State Transportation
Development Corp. Special Facilities
Revenue Bonds (AMT), Terminal 4
John F. Kennedy International Airport
Project,
|
|
|
|
4.00%, 12/1/42
|
500
|
471
|
|
5.00%, 12/1/42
|
255
|
265
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 98.2%continued
|
||
|
New York – 10.3%continued
|
||
|
New York State Transportation
Development Corp. Special Facilities
Revenue Refunding Bonds (AMT),
Terminal 4 John F. Kennedy
International Airport,
|
|
|
|
5.00%, 12/1/30
|
$350
|
$373
|
|
New York State Transportation
Development Corp. Special Facilities
Revenue Refunding Bonds, Terminal
4 John F. Kennedy International
Airport,
|
|
|
|
5.00%, 12/1/31
|
550
|
596
|
|
New York State Transportation
Development Corp. Special Facilities
Sustainable Revenue Bonds (AMT),
John F. Kennedy International Airport
New Terminal One Project,
|
|
|
|
5.50%, 6/30/39
|
2,250
|
2,465
|
|
6.00%, 6/30/50
|
1,375
|
1,479
|
|
New York State Urban Development
Corp. General Purpose Personal
Income TRB,
|
|
|
|
5.00%, 3/15/37
|
5,000
|
5,212
|
|
5.00%, 3/15/40
|
2,500
|
2,595
|
|
Onondaga Civic Development Corp.
Revenue Bonds, Syracuse University
Project,
|
|
|
|
5.25%, 12/1/45
|
1,000
|
1,111
|
|
Port Authority of New York & New
Jersey Revenue Refunding Bonds,
Series 207 (AMT),
|
|
|
|
5.00%, 9/15/28
|
2,000
|
2,068
|
|
Port Authority of New York & New
Jersey Revenue Refunding Bonds,
Series 227 (AMT),
|
|
|
|
2.00%, 10/1/32
|
6,695
|
6,023
|
|
2.00%, 10/1/34
|
1,500
|
1,288
|
|
Port Authority of New York & New
Jersey Revenue Refunding Bonds,
Series 246 (AMT),
|
|
|
|
5.00%, 9/1/28
|
2,000
|
2,091
|
|
Troy Capital Resource Corp. Revenue
Refunding Bonds, Rensselaer
Polytechnic Institute,
|
|
|
|
5.00%, 9/1/38
|
1,300
|
1,361
|
|
|
|
120,671
|
|
|
June 30, 2026 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 98.2%continued
|
||
|
North Carolina – 0.8%
|
||
|
Charlotte-Mecklenburg Hospital
Authority Health Care System
Variable Revenue Bonds, Series B,
Atrium Health,
|
|
|
|
1.95%, 11/1/29(1) (2)
|
$4,500
|
$4,267
|
|
North Carolina State Grant
Anticipation Revenue Refunding
GARVEE Bonds,
|
|
|
|
5.00%, 3/1/40
|
1,250
|
1,392
|
|
North Carolina State Medical Care
Commission Health Care Facilities
Revenue Bonds, Advocate Health
Nonprofit Credit Group,
|
|
|
|
5.00%, 8/1/38
|
3,000
|
3,434
|
|
|
|
9,093
|
|
Ohio – 1.9%
|
||
|
Akron Income Tax Revenue Refunding
Bonds,
|
|
|
|
4.00%, 12/1/32
|
1,285
|
1,320
|
|
Columbus City School District G.O.
Unlimited Refunding Bonds, Series A
(School District Credit Program),
|
|
|
|
5.00%, 12/1/28
|
1,775
|
1,878
|
|
Franklin County Convention Facilities
Authority Revenue Refunding Bonds,
|
|
|
|
5.00%, 12/1/34
|
10,600
|
12,063
|
|
North Ridgeville City School District
G.O. Unlimited Bonds,
|
|
|
|
5.00%, 12/1/39
|
600
|
626
|
|
Northeast Ohio Medical University
General Receipts Revenue Refunding
Bonds, Series A,
|
|
|
|
5.00%, 12/1/29
|
100
|
105
|
|
4.00%, 12/1/35
|
300
|
301
|
|
Ohio State Higher Educational Facility
Revenue Bonds, Denison University
Project,
|
|
|
|
5.00%, 11/1/39
|
1,365
|
1,423
|
|
Ohio State Hospital Revenue Refunding
Bonds, University Hospitals Health,
|
|
|
|
5.00%, 1/15/34
|
2,260
|
2,509
|
|
5.00%, 1/15/36
|
1,500
|
1,651
|
|
|
|
21,876
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 98.2%continued
|
||
|
Oklahoma – 0.3%
|
||
|
Oklahoma State Capitol Improvement
Authority State Highways Capital
Improvement Revenue Bonds,
Department of Transportation,
|
|
|
|
5.00%, 7/1/45
|
$1,000
|
$1,084
|
|
Oklahoma State Municipal Power
Authority Revenue Refunding Bonds,
Series A (AG Insured),
|
|
|
|
5.00%, 1/1/37
|
1,250
|
1,414
|
|
Oklahoma State Water Resources
Board State Loan Program Revenue
Bonds, Series C,
|
|
|
|
5.00%, 10/1/41
|
1,020
|
1,109
|
|
|
|
3,607
|
|
Oregon – 0.4%
|
||
|
Clackamas Community College District
G.O. Unlimited Bonds, Series B,
|
|
|
|
5.00%, 6/15/36
|
1,600
|
1,631
|
|
Lane County Eugene School District
No. 4J G.O. Unlimited Bonds,
(School Board Guaranty Program),
|
|
|
|
4.00%, 6/15/35
|
475
|
483
|
|
Metropolitan Dedicated TRB, Oregon
Convention Center Hotel,
|
|
|
|
5.00%, 6/15/42
|
2,065
|
2,091
|
|
|
|
4,205
|
|
Pennsylvania – 2.0%
|
||
|
Cumberland County Municipal
Authority Revenue Refunding Bonds,
Series A, Messiah Village Project,
|
|
|
|
5.25%, 6/1/44
|
1,500
|
1,581
|
|
Lehigh County General Purpose
Hospital Revenue Refunding Bonds,
Lehigh Valley Health Network,
|
|
|
|
5.00%, 7/1/29
|
2,400
|
2,537
|
|
Pennsylvania State Higher Educational
Facilities Authority Revenue Bonds,
University of Pennsylvania Health
System,
|
|
|
|
5.00%, 8/15/37
|
5,000
|
5,099
|
|
Pennsylvania State Higher Educational
Facilities Authority Revenue
Refunding Bonds, Drexel University,
|
|
|
|
5.00%, 5/1/28
|
2,800
|
2,898
|
|
5.00%, 5/1/31
|
2,300
|
2,456
|
|
Schedule of Investments
|
|
INTERMEDIATE TAX-EXEMPT FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 98.2%continued
|
||
|
Pennsylvania – 2.0%continued
|
||
|
Pennsylvania State Housing Finance
Agency SFM Revenue Bonds, Series
137, Social Bonds,
|
|
|
|
2.20%, 10/1/33
|
$2,420
|
$2,132
|
|
Pennsylvania State Housing Finance
Agency SFM Revenue Refunding
Bonds, Series 136, Social Bonds,
|
|
|
|
5.00%, 4/1/31
|
1,845
|
1,994
|
|
Pennsylvania State Turnpike
Commission Revenue Bonds, Series
A-2,
|
|
|
|
5.00%, 12/1/37
|
5,000
|
5,211
|
|
|
|
23,908
|
|
Rhode Island – 0.5%
|
||
|
Rhode Island Infrastructure Bank State
Revolving Fund Revenue Refunding
Bonds, Series B, Master Trust,
|
|
|
|
5.00%, 10/1/29
|
4,000
|
4,312
|
|
Rhode Island State Housing &
Mortgage Finance Corp. Revenue
Bonds, Series 77-A, Social Bonds,
|
|
|
|
3.80%, 4/1/33
|
1,535
|
1,550
|
|
|
|
5,862
|
|
South Carolina – 0.9%
|
||
|
Patriots Energy Group Financing
Agency Gas Supply Variable
Revenue Refunding Bonds, Series
B-1,
|
|
|
|
5.25%, 3/1/31(1) (2)
|
10,000
|
10,758
|
|
South Dakota – 0.2%
|
||
|
South Dakota State Health &
Educational Facilities Authority
Variable Revenue Refunding Bonds,
Sanford Series C-2,
|
|
|
|
5.00%, 11/1/32(1) (2)
|
2,355
|
2,566
|
|
Tennessee – 1.4%
|
||
|
Knox County G.O. Unlimited Bonds,
|
|
|
|
4.00%, 6/1/28
|
1,000
|
1,001
|
|
Metropolitan Government of Nashville
& Davidson County Health &
Educational Facilities Board Revenue
Refunding Bonds, The Vanderbilt
University Medical Center,
|
|
|
|
5.00%, 7/1/29
|
1,045
|
1,106
|
|
5.00%, 7/1/42
|
1,750
|
1,911
|
|
5.00%, 10/1/49
|
1,000
|
1,062
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 98.2%continued
|
||
|
Tennessee – 1.4%continued
|
||
|
Metropolitan Nashville Airport
Authority Revenue Bonds, Series B
(AMT),
|
|
|
|
5.00%, 7/1/29
|
$1,250
|
$1,322
|
|
Tennergy Corp. Gas Revenue Bonds,
Series A,
|
|
|
|
4.00%, 9/1/28(1) (2)
|
10,000
|
10,126
|
|
|
|
16,528
|
|
Texas – 7.5%
|
||
|
Austin Certificates of Obligation G.O.
Limited Bonds,
|
|
|
|
5.00%, 9/1/39
|
4,000
|
4,484
|
|
Austin Texas Electric Utility System
Revenue Refunding Bonds,
|
|
|
|
5.00%, 11/15/38
|
3,000
|
3,364
|
|
Clifton Higher Education Finance Corp.
Revenue Bonds, Series A, Idea Public
Schools,
|
|
|
|
4.00%, 8/15/37
|
780
|
767
|
|
Dallas & Fort Worth International
Airport Revenue Bonds, Series A-1
(AMT),
|
|
|
|
5.25%, 11/1/39
|
2,000
|
2,208
|
|
Dallas County Community College
District G.O. Limited Bonds,
|
|
|
|
5.00%, 2/15/36
|
25
|
25
|
|
El Paso Independent School District
G.O. Unlimited Bonds (PSF, Gtd.),
|
|
|
|
4.00%, 8/15/39
|
2,630
|
2,642
|
|
Forney Independent School District
G.O. Unlimited Refunding CABS,
Series C,
|
|
|
|
0.00%, 8/15/39(6)
|
1,000
|
574
|
|
Fort Worth Independent School District
G.O. Unlimited Refunding Bonds,
Series A (PSF, Gtd.),
|
|
|
|
5.00%, 2/15/35
|
1,500
|
1,730
|
|
5.00%, 2/15/36
|
1,500
|
1,741
|
|
Harris County Cultural Education
Facilities Finance Corp. Medical
Facilities Variable Revenue Bonds,
Baylor College of Medicine,
|
|
|
|
5.00%, 5/15/32(1) (2)
|
2,000
|
2,161
|
|
|
June 30, 2026 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 98.2%continued
|
||
|
Texas – 7.5%continued
|
||
|
Harris County Cultural Education
Facilities Finance Corp. Revenue
Refunding Bonds, Series A, Houston
Methodist,
|
|
|
|
5.00%, 12/1/29
|
$5,000
|
$5,352
|
|
Houston Airport System Revenue
Refunding Bonds (AMT), United
Airlines Inc., Terminal,
|
|
|
|
5.25%, 7/15/32
|
5,000
|
5,344
|
|
Houston Utility System Subordinate First
Lien Revenue Refunding Bonds,
|
|
|
|
5.00%, 11/15/28
|
2,500
|
2,523
|
|
New Braunfels Utility Revenue
Refunding Bonds,
|
|
|
|
5.00%, 7/1/47
|
1,750
|
1,875
|
|
New Hope Cultural Education Facilities
Finance Corp. Hospital Revenue
Bonds, Children's Health System of
Texas,
|
|
|
|
5.25%, 8/15/45
|
1,250
|
1,364
|
|
North Texas Tollway Authority Revenue
Refunding Bonds, Series A, First Tier,
|
|
|
|
5.00%, 1/1/39
|
5,000
|
5,114
|
|
Port Houston Authority G.O. Unlimited
Refunding Bonds, Series A (AMT),
|
|
|
|
5.00%, 10/1/29
|
4,000
|
4,188
|
|
San Antonio Certificates of Obligation
G.O. Limited Bonds,
|
|
|
|
5.00%, 8/1/30
|
2,820
|
2,890
|
|
San Antonio Electric & Gas Junior Lien
Variable Revenue Bonds, Series A,
|
|
|
|
2.90%, 12/1/27(1) (2)
|
2,750
|
2,733
|
|
San Antonio Electric & Gas Revenue
Refunding Bonds, Series A,
|
|
|
|
5.00%, 2/1/39
|
3,000
|
3,377
|
|
5.00%, 2/1/40
|
2,600
|
2,907
|
|
5.00%, 2/1/41
|
2,400
|
2,667
|
|
San Antonio Water System Junior Lien
Revenue Refunding Bonds, Series C,
|
|
|
|
5.00%, 5/15/35
|
3,500
|
3,524
|
|
Sherman Certificates of Obligation
G.O. Limited Bonds,
|
|
|
|
5.00%, 8/15/48
|
4,000
|
4,168
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 98.2%continued
|
||
|
Texas – 7.5%continued
|
||
|
Tarrant County Cultural Education
Facilities Finance Corp. Hospital
Revenue Bonds, Methodist Hospitals
of Dallas,
|
|
|
|
5.00%, 10/1/31
|
$1,000
|
$1,104
|
|
Tarrant County Cultural Education
Facilities Finance Corp. Variable
Revenue Refunding Bonds, Ascension
Senior Credit,
|
|
|
|
5.00%, 11/15/35(1) (2)
|
2,000
|
2,256
|
|
Tarrant County Cultural Education
Facilities Finance Corp. Variable
Revenue Refunding Bonds, Texas
Health Resources System,
|
|
|
|
5.00%, 11/15/29(1) (2)
|
3,905
|
4,160
|
|
Texas State A&M University Revenue
Refunding Bonds, Series C,
|
|
|
|
4.00%, 5/15/31
|
1,655
|
1,656
|
|
Texas State G.O. Unlimited Refunding
Bonds,
|
|
|
|
5.00%, 10/1/36
|
1,500
|
1,722
|
|
Texas State G.O. Unlimited Refunding
Bonds, Series B,
|
|
|
|
2.00%, 8/1/35
|
1,000
|
874
|
|
Texas State Transportation Commission
G.O. Unlimited Refunding Bonds,
|
|
|
|
5.00%, 4/1/29
|
6,000
|
6,398
|
|
Wylie Independent School District G.O.
Unlimited Bonds, Series B, Collin
County (PSF, Gtd.),
|
|
|
|
3.25%, 8/15/41(2)
|
1,750
|
1,750
|
|
|
|
87,642
|
|
Utah – 1.0%
|
||
|
Downtown Revitalization Public
Infrastructure District First Lien Sales
Revenue Bonds, Seg Redevelopment
Project (AG Insured),
|
|
|
|
5.00%, 6/1/35
|
1,600
|
1,824
|
|
Salt Lake City Airport Revenue Bonds,
Series A (AMT),
|
|
|
|
5.00%, 7/1/32
|
1,250
|
1,353
|
|
5.00%, 7/1/36
|
5,000
|
5,332
|
|
5.00%, 7/1/42
|
2,000
|
2,020
|
|
Schedule of Investments
|
|
INTERMEDIATE TAX-EXEMPT FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 98.2%continued
|
||
|
Utah – 1.0%continued
|
||
|
Summit County Resort Communities
Sales TRB,
|
|
|
|
5.00%, 12/15/39
|
$1,315
|
$1,474
|
|
|
|
12,003
|
|
Virginia – 1.1%
|
||
|
Albemarle County EDA Residential
Care Facility Revenue Refunding
Bonds, Westminster-Canterbury of
the Blue Ridge,
|
|
|
|
4.00%, 6/1/49
|
1,905
|
1,780
|
|
Lynchburg EDA Hospital Revenue
Bonds, Centra Health Obligated
Group,
|
|
|
|
5.00%, 1/1/36
|
2,000
|
2,242
|
|
Roanoke EDA Hospital Variable
Revenue Refunding Bonds, Carilion
Clinic Obligated Group,
|
|
|
|
5.00%, 7/1/30(1) (2)
|
4,425
|
4,726
|
|
Virginia State HDA Revenue Bonds,
Series D,
|
|
|
|
1.60%, 5/1/31
|
880
|
780
|
|
Virginia State HDA Revenue Bonds,
Series K (GNMA, FNMA, FHLMC
Insured),
|
|
|
|
1.95%, 12/1/32
|
1,440
|
1,277
|
|
Virginia State Small Business Financing
Authority Senior Lien Revenue Bonds
(AMT), Elizabeth River,
|
|
|
|
3.00%, 1/1/41
|
1,810
|
1,497
|
|
|
|
12,302
|
|
Washington – 2.7%
|
||
|
Grant County G.O. Limited Bonds
(BAM Insured),
|
|
|
|
5.25%, 12/1/45
|
1,280
|
1,405
|
|
King County School District No. 401
Highline G.O. Unlimited Bonds
(School Board Guaranty Program),
|
|
|
|
5.00%, 12/1/30
|
7,000
|
7,070
|
|
Pierce County School District No. 403
Bethel G.O. Unlimited Bonds (School
Board Guaranty Program),
|
|
|
|
5.00%, 12/1/36
|
1,750
|
1,844
|
|
Washington State G.O. Unlimited
Bonds, Series B,
|
|
|
|
5.00%, 8/1/36
|
2,500
|
2,505
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 98.2%continued
|
||
|
Washington – 2.7%continued
|
||
|
Washington State G.O. Unlimited
Refunding Bonds, Series R-2017A,
|
|
|
|
5.00%, 8/1/29
|
$2,895
|
$2,900
|
|
Washington State G.O. Unlimited
Refunding Bonds, Series R-2018C,
|
|
|
|
5.00%, 8/1/33
|
4,000
|
4,096
|
|
Washington State Health Care Facilities
Authority Revenue Bonds, Providence
St. Joseph Health,
|
|
|
|
5.00%, 10/1/35
|
6,000
|
6,728
|
|
Washington State Housing Finance
Commission Nonprofit Housing
Revenue Refunding Bonds, Horizon
House Project,
|
|
|
|
4.38%, 1/1/33
|
1,750
|
1,758
|
|
Washington State Motor Vehicle Fuel
Tax G.O. Unlimited Bonds, Series D,
|
|
|
|
5.00%, 2/1/31
|
1,930
|
2,005
|
|
Whatcom County Public Utility District
No. 1 G.O. Limited Bonds, Series A
(AMT) (BAM Insured),
|
|
|
|
5.50%, 12/1/41
|
700
|
768
|
|
5.50%, 12/1/42
|
1,000
|
1,094
|
|
|
|
32,173
|
|
West Virginia – 0.4%
|
||
|
Ohio County Commission Special
District Excise Tax Revenue Refunding
Bonds, Fort Henry Opportunity
Development (AG Insured),
|
|
|
|
5.00%, 6/1/40
|
500
|
545
|
|
West Virginia State Hospital Finance
Authority Variable Revenue Bonds,
United Health System Obligated
Group,
|
|
|
|
5.00%, 6/1/33(1) (2)
|
3,640
|
3,956
|
|
|
|
4,501
|
|
Wisconsin – 3.7%
|
||
|
Central Brown County Water Authority
Water System Revenue Refunding
Bonds, Series A,
|
|
|
|
5.00%, 11/1/31
|
3,425
|
3,787
|
|
PFA Educational Facilities Revenue
Refunding Bonds, Lindenwood
Education System,
|
|
|
|
5.00%, 6/1/37
|
455
|
476
|
|
5.00%, 6/1/38
|
475
|
493
|
|
|
June 30, 2026 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 98.2%continued
|
||
|
Wisconsin – 3.7%continued
|
||
|
PFA Hospital Taxable Revenue Bonds,
Series 2021A, UNC Health
Southeastern,
|
|
|
|
2.35%, 2/1/29
|
$2,000
|
$1,743
|
|
PFA Revenue Bonds, Maniilaq
Association Employee,
|
|
|
|
5.25%, 12/1/42
|
1,810
|
1,914
|
|
5.25%, 12/1/44
|
1,730
|
1,808
|
|
PFA Revenue Bonds, PAFAF-Mid States
Leasing Project,
|
|
|
|
5.00%, 12/31/35
|
5,350
|
5,898
|
|
PFA Student Housing Revenue Bonds,
PRG-Oxford Properties LLC Project
(BAM Insured),
|
|
|
|
5.00%, 7/1/45
|
1,000
|
1,044
|
|
Union Grove Union High School District
G.O. Unlimited Refunding Promissory
Notes,
|
|
|
|
4.00%, 3/1/41
|
1,565
|
1,584
|
|
Wisconsin Center District Appropriation
Revenue Refunding Bonds,
|
|
|
|
5.00%, 12/15/28
|
3,495
|
3,693
|
|
Wisconsin State G.O. Unlimited
Refunding Bonds, Series 2025-2,
|
|
|
|
5.00%, 5/1/38
|
2,000
|
2,269
|
|
Wisconsin State Health & Educational
Facilities Authority Revenue
Refunding Bonds, Ascension Health
Credit Group,
|
|
|
|
4.00%, 11/15/36
|
3,000
|
3,006
|
|
Wisconsin State Health & Educational
Facilities Authority Revenue
Refunding Bonds, Hospital Sisters
Credit Group,
|
|
|
|
5.00%, 8/15/30
|
1,500
|
1,618
|
|
Wisconsin State Health & Educational
Facilities Authority Revenue
Refunding Bonds, Marquette
University,
|
|
|
|
5.00%, 10/1/28
|
670
|
673
|
|
Wisconsin State Health & Educational
Facilities Authority Revenue
Refunding Bonds, Milwaukee
Regional Medical Center,
|
|
|
|
5.00%, 4/1/36
|
3,875
|
4,009
|
|
4.00%, 4/1/39
|
4,250
|
4,264
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 98.2%continued
|
||
|
Wisconsin – 3.7%continued
|
||
|
Wisconsin State Health & Educational
Facilities Authority Variable Revenue
Refunding Bonds, Mercy Health
Corp.,
|
|
|
|
5.00%, 12/1/33(1) (2)
|
$5,000
|
$5,473
|
|
Wisconsin State Housing & EDA Home
Ownership Revenue Refunding
Bonds, Series A,
|
|
|
|
3.00%, 3/1/39
|
165
|
148
|
|
|
|
43,900
|
|
Wyoming – 0.0%
|
||
|
Laramie County Hospital Revenue
Refunding Bonds, Cheyenne
Regional Medical Center,
|
|
|
|
4.00%, 5/1/36
|
200
|
202
|
|
Total Municipal Bonds
|
|
|
|
(Cost $1,168,964)
|
|
1,151,338
|
|
|
NUMBER
OF SHARES
|
VALUE
(000S)
|
|
INVESTMENT COMPANIES – 0.3%
|
||
|
Northern Institutional Funds -
U.S. Government Portfolio (Shares),
3.46%(7) (8)
|
3,155,602
|
$3,156
|
|
Total Investment Companies
|
|
|
|
(Cost $3,156)
|
|
3,156
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
SHORT-TERM INVESTMENTS – 0.7%
|
||
|
Black Belt Energy Gas District Gas
Supply Revenue Refunding Bonds,
Series D1,
|
|
|
|
4.00%, 6/1/27(1) (2)
|
$2,500
|
$2,523
|
|
New York State Housing Finance
Agency Affordable Housing Variable
Sustainability Revenue Bonds, Series
J (SonyMA Insured),
|
|
|
|
1.10%, 5/1/27(1) (2)
|
3,145
|
3,081
|
|
PEFA, Inc., Iowa Gas Project Revenue
Bonds,
|
|
|
|
5.00%, 9/1/26(1) (2)
|
1,000
|
1,003
|
|
Schedule of Investments
|
|
INTERMEDIATE TAX-EXEMPT FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
SHORT-TERM INVESTMENTS - 0.7%continued
|
||
|
Saint John The Baptist Parish Revenue
Refunding Bonds, Marathon Oil
Corp. Project,
|
|
|
|
2.20%, 7/1/26(1) (2)
|
$1,000
|
$1,000
|
|
Total Short-Term Investments
|
|
|
|
(Cost $7,629)
|
7,607
|
|
|
|
|
|
|
Total Investments – 99.7%
|
|
|
|
(Cost $1,186,599)
|
1,168,642
|
|
|
Other Assets less Liabilities – 0.3%
|
4,056
|
|
|
NET ASSETS – 100.0%
|
$1,172,698
|
|
|
(1)
|
Maturity date represents the puttable date.
|
|
(2)
|
Variable or floating rate security. These securities are remarketed by an
agent, and the rate at which these securities are set are determined by
general market conditions and supply and demand. Rate as of June 30,
2026 is disclosed.
|
|
(3)
|
When-Issued Security. Coupon rate is not in effect at June 30, 2026.
|
|
(4)
|
Step coupon bond. Rate as of June 30, 2026 is disclosed.
|
|
(5)
|
Maturity date represents the prerefunded date.
|
|
(6)
|
Zero coupon bond.
|
|
(7)
|
Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the
investment adviser to the Fund and the investment adviser to Northern
Institutional Funds.
|
|
(8)
|
7-day current yield as of June 30, 2026 is disclosed.
|
|
|
|
EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT
THE SCHEDULE OF INVESTMENTS:
|
|
|
|
AGC - Assured Guaranty Corporation
|
|
|
|
AGM - Assured Guaranty Municipal Corporation
|
|
|
|
AMT - Alternative Minimum Tax
|
|
|
|
BAM - Build America Mutual
|
|
|
|
BANS - Bond Anticipation Notes
|
|
|
|
CABS - Capital Appreciation Bonds
|
|
|
|
COPS - Certificates of Participation
|
|
|
|
CWA - Clean Water Act
|
|
|
|
EDA - Economic Development Authority
|
|
|
|
FHLMC - Federal Home Loan Mortgage Corporation
|
|
|
|
FNMA - Federal National Mortgage Association
|
|
|
|
G.O. - General Obligation
|
|
|
|
GARVEE - Grant Anticipation Revenue Vehicle
|
|
|
|
GNMA - Government National Mortgage Association
|
|
|
|
Gtd. - Guaranteed
|
|
|
|
HDA - Housing Development Authority
|
|
|
|
IDA - Industrial Development Authority
|
|
|
|
IDR - Industrial Development Revenue
|
|
|
|
MFH - Multi-Family Housing
|
|
|
|
NATL - National Public Finance Guarantee Corporation
|
|
|
|
PCR - Pollution Control Revenue
|
|
|
|
PFA - Public Finance Authority
|
|
|
|
PSF - Permanent School Fund
|
|
|
|
Q-SBLF - Qualified School Bond Loan Fund
|
|
|
|
SFM - Single Family Mortgage
|
|
|
|
SonyMA - State of New York Mortgage Agency
|
|
|
|
TRB - Tax Revenue Bonds
|
|
INVESTMENTS
|
LEVEL 1
(000s)
|
LEVEL 2
(000s)
|
LEVEL 3
(000s)
|
TOTAL
(000s)
|
|
Corporate Bonds(1)
|
$—
|
$6,541
|
$—
|
$6,541
|
|
Municipal Bonds(1)
|
—
|
1,151,338
|
—
|
1,151,338
|
|
Investment Companies
|
3,156
|
—
|
—
|
3,156
|
|
Short-Term Investments
|
—
|
7,607
|
—
|
7,607
|
|
Total Investments
|
$3,156
|
$1,165,486
|
$—
|
$1,168,642
|
|
(1)
|
Classifications as defined in the Schedule of Investments.
|
|
|
June 30, 2026 (UNAUDITED)
|
|
SECURITY
|
VALUE,
BEGINNING
OF PERIOD
(000S)
|
PURCHASES
(000S)
|
SALES
PROCEEDS
(000S)
|
VALUE,
END OF PERIOD
(000S)
|
SHARES/PAR,
END
OF PERIOD
|
DIVIDEND/
INTEREST
INCOME
(000S)
|
|
Northern Institutional Funds - U.S. Government Portfolio (Shares)
|
$6,373
|
$86,917
|
$90,134
|
$3,156
|
3,155,602
|
$84
|
|
Schedule of Investments
|
|
LIMITED TERM TAX-EXEMPT FUND
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS – 97.3%
|
||
|
Alabama – 6.4%
|
||
|
Black Belt Energy Gas District Gas
Project Revenue Bonds, Series C-1,
|
|
|
|
5.25%, 6/1/29(1) (2)
|
$3,000
|
$3,153
|
|
Black Belt Energy Gas District Gas
Project Revenue Bonds, Series E,
|
|
|
|
5.00%, 6/1/28(1) (2)
|
8,000
|
8,273
|
|
5.00%, 7/1/28
|
285
|
294
|
|
Black Belt Energy Gas District Gas
Project Revenue Bonds, Series F,
|
|
|
|
5.00%, 12/1/28
|
500
|
518
|
|
Black Belt Energy Gas District Gas
Project Revenue Refunding Bonds,
Series H-2-1,
|
|
|
|
5.00%, 12/1/31
|
1,500
|
1,573
|
|
Energy Southeast, A Cooperative
District Energy Supply Revenue
Bonds, Series B,
|
|
|
|
5.25%, 6/1/32(1) (2)
|
2,500
|
2,692
|
|
Southeast Energy Authority
Cooperative District Commodity
Supply Revenue Bonds, Series B,
Project No. 6,
|
|
|
|
5.00%, 6/1/30
|
500
|
527
|
|
Southeast Energy Authority
Cooperative District Energy Supply
Revenue Bonds, Series C,
|
|
|
|
5.00%, 2/1/31(1) (2)
|
1,500
|
1,598
|
|
Southeast Energy Authority
Cooperative Revenue Bonds, Series
E,
|
|
|
|
5.00%, 10/1/30
|
1,000
|
1,068
|
|
|
|
19,696
|
|
Alaska – 0.9%
|
||
|
Alaska State Railroad Corp. Cruise Port
Revenue Bonds (AMT) (AG Insured),
|
|
|
|
5.50%, 10/1/32
|
200
|
224
|
|
5.50%, 10/1/33
|
460
|
522
|
|
Anchorage Port Revenue Bonds, Series
A (AMT),
|
|
|
|
5.50%, 2/1/31
|
1,900
|
2,076
|
|
|
|
2,822
|
|
Arizona – 3.9%
|
||
|
Arizona IDA Hospital Revenue
Refunding Bonds, Phoenix Children's
Hospital,
|
|
|
|
5.00%, 2/1/32
|
600
|
664
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 97.3%continued
|
||
|
Arizona – 3.9%continued
|
||
|
Chandler IDA IDR Bonds, Series 1
(AMT), Intel Corp. Project,
|
|
|
|
5.00%, 9/1/27(1) (2)
|
$2,575
|
$2,605
|
|
Chandler IDA IDR Variable Revenue
Bonds (AMT), Intel Corp. Project,
|
|
|
|
5.00%, 9/1/27(1) (2)
|
1,000
|
1,012
|
|
4.00%, 6/1/29(1) (2)
|
700
|
711
|
|
Maricopa County IDA Education
Revenue Bonds, Legacy Traditional
Schools - Clemmons Campus Project,
|
|
|
|
4.00%, 7/1/34
|
750
|
739
|
|
Maricopa County IDA Variable
Revenue Bonds, Series A-2, Banner
Health,
|
|
|
|
5.00%, 5/15/28(1) (2)
|
2,400
|
2,483
|
|
Phoenix Civic Improvement Corp.
Senior Lien Airport Revenue
Refunding Bonds (AMT),
|
|
|
|
5.00%, 7/1/31
|
1,095
|
1,189
|
|
Salt River Project Agricultural
Improvement & Power District Electric
System Revenue Refunding Bonds,
|
|
|
|
5.00%, 1/1/33
|
2,700
|
2,791
|
|
|
|
12,194
|
|
California – 5.0%
|
||
|
California Community Choice Financing
Authority Clean Energy Project
Revenue Bonds, Green Bond, Series
B-1,
|
|
|
|
4.00%, 2/1/27
|
1,125
|
1,130
|
|
4.00%, 8/1/31(1) (2)
|
3,150
|
3,198
|
|
California Community Choice Financing
Authority Clean Energy Project
Sustainable Revenue Bonds,
|
|
|
|
5.00%, 8/1/31
|
500
|
536
|
|
California Community Choice Financing
Authority Clean Energy Project
Variable Revenue Bonds, Green
Bonds,
|
|
|
|
5.00%, 10/1/26
|
630
|
632
|
|
5.00%, 10/1/27
|
675
|
686
|
|
5.00%, 10/1/28
|
475
|
489
|
|
5.00%, 10/1/29
|
650
|
674
|
|
|
June 30, 2026 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 97.3%continued
|
||
|
California – 5.0%continued
|
||
|
California State Health Facilities
Financing Authority Variable
Revenue Bonds, Providence St.
Joseph Health,
|
|
|
|
5.00%, 10/1/32(1) (2)
|
$1,000
|
$1,113
|
|
California State Infrastructure &
Economic Development Bank
Revenue Bonds, California Science
Center Phase III Project,
|
|
|
|
5.00%, 11/1/31
|
500
|
552
|
|
Local Public Schools Funding Authority
School Facilities Improvement District
No. 2016-1 G.O. Unlimited Bonds,
Series B (AGM Insured),
|
|
|
|
3.00%, 8/1/26
|
805
|
805
|
|
Los Angeles Department of Airports
Subordinate Revenue Refunding
Bonds (AMT),
|
|
|
|
5.00%, 5/15/33
|
1,670
|
1,863
|
|
Los Angeles Department of Airports
Subordinate Revenue Refunding
Bonds (AMT), Private Activity,
|
|
|
|
5.00%, 5/15/32
|
615
|
669
|
|
Los Angeles Department of Water &
Power Revenue Refunding Bonds,
Series D,
|
|
|
|
5.00%, 7/1/29
|
1,000
|
1,060
|
|
San Francisco City & County Airports
Commission International Airport
Revenue Bonds, Second Series A
(AMT),
|
|
|
|
5.00%, 5/1/30
|
2,000
|
2,153
|
|
|
|
15,560
|
|
Colorado – 3.9%
|
||
|
Arapahoe County School District No. 6
Littleton G.O. Unlimited Bonds,
Series A (State Aid Withholding),
|
|
|
|
5.50%, 12/1/43
|
3,825
|
4,009
|
|
Colorado State Health Facilities
Authority Variable Revenue Bonds,
AdventHealth Obligated Group,
|
|
|
|
5.00%, 11/15/28(1) (2)
|
1,220
|
1,276
|
|
5.00%, 11/15/29(1) (2)
|
3,660
|
3,908
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 97.3%continued
|
||
|
Colorado – 3.9%continued
|
||
|
Colorado State Health Facilities
Authority Variable Revenue
Refunding Bonds, AdventHealth
Obligated Group, Prerefunded,
|
|
|
|
5.00%, 11/19/26(2) (3)
|
$95
|
$96
|
|
Denver City & Country Airport Revenue
Refunding Bonds, Series D (AMT),
|
|
|
|
5.25%, 11/15/27
|
1,750
|
1,810
|
|
E-470 Public Highway Authority
Variable Revenue Bonds, Series B,
|
|
|
|
9/1/28(1) (4)
|
1,000
|
999
|
|
|
|
12,098
|
|
Delaware – 0.2%
|
||
|
Delaware State Health Facilities
Authority Revenue Bonds, Christiana
Care Health System,
|
|
|
|
5.00%, 10/1/28
|
480
|
505
|
|
District of Columbia – 1.4%
|
||
|
Metropolitan Washington Airports
Authority Airport System Revenue
Refunding Bonds, Series A (AMT),
|
|
|
|
5.00%, 10/1/32
|
3,150
|
3,377
|
|
5.00%, 10/1/34
|
1,000
|
1,114
|
|
|
|
4,491
|
|
Florida – 6.2%
|
||
|
Broward County Airport System
Revenue Bonds, Series A (AMT),
|
|
|
|
5.00%, 10/1/32
|
1,315
|
1,387
|
|
Broward County Port Facilities Revenue
Bonds (AMT),
|
|
|
|
5.00%, 9/1/33
|
1,265
|
1,382
|
|
Capital Trust Authority Health Care
Facilities Revenue Refunding Bonds,
Series A, UF Health Projects,
|
|
|
|
5.00%, 12/1/32
|
1,000
|
1,103
|
|
Collier County IDA Revenue Bonds,
NCH Healthcare System Projects,
|
|
|
|
5.00%, 10/1/31(1) (2)
|
2,000
|
2,139
|
|
Duval County School Board COPS,
Series A (AGM Insured),
|
|
|
|
5.00%, 7/1/26
|
1,750
|
1,750
|
|
Greater Orlando Aviation Authority
Airport Facilities Revenue Bonds
(AMT),
|
|
|
|
5.00%, 10/1/32
|
700
|
772
|
|
Schedule of Investments
|
|
LIMITED TERM TAX-EXEMPT FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 97.3%continued
|
||
|
Florida – 6.2%continued
|
||
|
Lee County Airport Variable Revenue
Bonds, Series A-2 (AMT),
|
|
|
|
5.00%, 10/1/31(1) (2)
|
$1,000
|
$1,073
|
|
Miami-Dade County Aviation Revenue
Refunding Bonds, Series A (AMT),
|
|
|
|
5.00%, 10/1/27
|
3,000
|
3,078
|
|
Miami-Dade County School Board
Refunding COPS, Series A,
|
|
|
|
5.00%, 2/1/31
|
1,500
|
1,636
|
|
Pasco Country School District Sales
TRB,
|
|
|
|
5.00%, 10/1/32
|
2,500
|
2,803
|
|
Saint Johns County School Board
COPS, Series A (AGM Insured),
|
|
|
|
5.00%, 7/1/31
|
1,270
|
1,404
|
|
Tallahassee Consolidated Utility
Revenue Refunding Bonds, Series A,
|
|
|
|
5.00%, 10/1/32
|
535
|
604
|
|
|
|
19,131
|
|
Georgia – 2.4%
|
||
|
Douglas County School District G.O.
Unlimited Bonds (State Aid
Withholding),
|
|
|
|
5.00%, 4/1/33
|
825
|
937
|
|
Main Street Natural Gas, Inc., Gas
Supply Revenue Bonds, Series A,
|
|
|
|
4.00%, 9/1/27(1) (2)
|
1,535
|
1,555
|
|
Main Street Natural Gas, Inc., Gas
Supply Revenue Bonds, Series C,
|
|
|
|
5.00%, 12/1/31(1) (2)
|
2,715
|
2,874
|
|
Main Street Natural Gas, Inc., Gas
Supply Revenue Bonds, Series E,
|
|
|
|
5.00%, 12/1/32(1) (2)
|
1,000
|
1,066
|
|
Private Colleges & Universities Authority
Exchangeable Revenue Bonds,
Series B, Emory University,
|
|
|
|
5.00%, 9/1/33
|
975
|
1,108
|
|
|
|
7,540
|
|
Hawaii – 0.2%
|
||
|
Honolulu City & County G.O. Unlimited
Refunding Bonds, Series F,
|
|
|
|
5.00%, 7/1/26
|
725
|
725
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 97.3%continued
|
||
|
Illinois – 7.3%
|
||
|
Chicago G.O. Unlimited Bonds, Series
B,
|
|
|
|
5.00%, 1/1/33
|
$1,000
|
$1,046
|
|
Chicago Midway Airport Senior Lien
Revenue Refunding Bonds, Series A
(AMT),
|
|
|
|
5.00%, 1/1/30
|
2,000
|
2,123
|
|
5.00%, 1/1/30
|
1,755
|
1,863
|
|
Chicago Midway Airport Senior
Revenue Refunding Bonds, Series C
(AMT),
|
|
|
|
5.00%, 1/1/27
|
2,000
|
2,021
|
|
Chicago Waterworks Revenue
Refunding Bonds, Series B,
|
|
|
|
11/1/30(4)
|
1,500
|
1,616
|
|
Chicago Waterworks Second Lien
Revenue Refunding Bonds, Series A,
|
|
|
|
5.00%, 11/1/27
|
3,640
|
3,748
|
|
Cook County High School District No.
201J Sterling Morton Township G.O.
Limited Bonds (AG Insured),
|
|
|
|
5.00%, 6/1/28
|
300
|
313
|
|
5.00%, 6/1/29
|
225
|
239
|
|
Illinois State Finance Authority Revenue
Refunding Bonds, Moorings of
Arlington Heights,
|
|
|
|
4.10%, 5/1/31
|
1,600
|
1,601
|
|
Illinois State Finance Authority Revenue
Refunding Bonds, Series A, Rush
University System for Health,
|
|
|
|
5.00%, 11/15/30
|
2,500
|
2,662
|
|
Illinois State Finance Authority Variable
Revenue Refunding Bonds, Silver
Cross Hospital,
|
|
|
|
5.00%, 8/15/30(1) (2)
|
1,000
|
1,063
|
|
Illinois State G.O. Unlimited Bonds,
Series B,
|
|
|
|
5.00%, 5/1/27
|
1,500
|
1,528
|
|
Illinois State G.O. Unlimited Refunding
Bonds,
|
|
|
|
5.00%, 2/1/27
|
2,100
|
2,127
|
|
|
June 30, 2026 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 97.3%continued
|
||
|
Illinois – 7.3%continued
|
||
|
Monroe & Saint Clair Counties
Community Unit School District No. 5
G.O. Unlimited Refunding Bonds
(BAM Insured),
|
|
|
|
5.00%, 4/15/28
|
$710
|
$737
|
|
|
|
22,687
|
|
Indiana – 3.7%
|
||
|
Greater Clark County School Building
Corp. Revenue Refunding Bonds,
Series A (State Intercept Program),
|
|
|
|
5.00%, 7/15/32
|
1,100
|
1,223
|
|
Indiana Finance Authority Water Utility
Revenue Refunding Bonds, Citizens
Energy Group Project,
|
|
|
|
10/1/30(4)
|
1,500
|
1,642
|
|
Indianapolis Local Public Improvement
Bond Bank Revenue Refunding
Bonds, Series B,
|
|
|
|
5.00%, 2/1/32
|
1,040
|
1,147
|
|
Indianapolis Local Public Improvement
Bond Bank Revenue Refunding
Bonds, Unlimited Ad Valorem Project
(State Aid Intercept Program),
|
|
|
|
5.00%, 1/15/30
|
2,000
|
2,152
|
|
MSD of Washington Township School
Building Corp. Revenue Bonds (State
Intercept Program),
|
|
|
|
5.00%, 7/15/35
|
1,090
|
1,148
|
|
MSD of Washington Township School
Building Corp. Revenue Bonds, 2016
Refferendum Projects (State Intercept
Program),
|
|
|
|
5.00%, 7/15/27
|
1,075
|
1,102
|
|
MSD of Washington Township School
Building Corp. Revenue Bonds, 2020
Refferendum Projects (State Intercept
Program),
|
|
|
|
5.00%, 7/15/27
|
2,195
|
2,249
|
|
Whiting Environmental Facilities
Variable Revenue Refunding Bonds
(AMT), BP Products North America,
Inc. Project,
|
|
|
|
4.00%, 6/10/33(1) (2)
|
750
|
764
|
|
|
|
11,427
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 97.3%continued
|
||
|
Iowa – 2.2%
|
||
|
Guthrie County Hospital Revenue
BANS, Guthrie County Hospital
Project,
|
|
|
|
4.50%, 2/1/29
|
$500
|
$501
|
|
Iowa State Finance Authority Variable
Revenue Refunding Bonds, Lifespace
Community,
|
|
|
|
3.95%, 5/15/31(1) (2)
|
950
|
950
|
|
Le Mars Community School District
G.O. Unlimited Bonds (AG Insured),
|
|
|
|
5.00%, 6/1/33
|
1,000
|
1,104
|
|
Polk County G.O. Unlimited Capital
Loan Notes, Series A (AMT),
|
|
|
|
5.00%, 6/1/31
|
2,280
|
2,474
|
|
Waterloo G.O. Unlimited Bonds, Series
D,
|
|
|
|
4.50%, 6/1/27
|
1,700
|
1,702
|
|
|
|
6,731
|
|
Kansas – 0.4%
|
||
|
Wichita G.O. Unlimited Bonds, Series
811,
|
|
|
|
3.00%, 6/1/27
|
1,185
|
1,185
|
|
Kentucky – 1.9%
|
||
|
Kentucky State Property & Buildings
Commission Revenue Bonds, Series
A, Project No. 133,
|
|
|
|
5.00%, 9/1/29
|
3,000
|
3,220
|
|
Kentucky State Public Energy Authority
Gas Supply Revenue Refunding
Bonds, Series A,
|
|
|
|
5.25%, 12/1/29(1) (2)
|
2,570
|
2,723
|
|
|
|
5,943
|
|
Louisiana – 1.1%
|
||
|
Jefferson Parish Consolidated
Waterworks District No. 2 Revenue
Refunding Bonds, (BAM Insured),
|
|
|
|
4.00%, 2/1/29
|
1,800
|
1,853
|
|
Louisiana State Local Government
Environmental Facilities & Community
Development Authority Insurance
Revenue Bonds, Louisiana Insurance
Guaranty Association,
|
|
|
|
5.00%, 8/15/26
|
1,500
|
1,504
|
|
|
|
3,357
|
|
Schedule of Investments
|
|
LIMITED TERM TAX-EXEMPT FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 97.3%continued
|
||
|
Maine – 0.9%
|
||
|
Maine State Governmental Facilities
Authority Revenue Bonds, Series A,
|
|
|
|
4.00%, 10/1/33
|
$2,640
|
$2,689
|
|
Maryland – 1.0%
|
||
|
Montgomery County G.O. Unlimited
Refunding Bonds, Series D,
|
|
|
|
4.00%, 11/1/29
|
2,925
|
2,975
|
|
Massachusetts – 1.5%
|
||
|
Massachusetts State Development
Finance Agency Revenue Bonds,
Lasell Village, Inc.,
|
|
|
|
5.00%, 7/1/29
|
1,000
|
1,049
|
|
Massachusetts State Development
Finance Agency Variable Revenue
Bonds, Brown Health University
Obligated Group,
|
|
|
|
5.00%, 8/15/31(1) (2)
|
1,000
|
1,071
|
|
Massachusetts State G.O. Limited
Bonds, Series C,
|
|
|
|
5.00%, 5/1/30
|
595
|
648
|
|
Massachusetts State G.O. Limited
Refunding Bonds, Series B, Escrowed
to Maturity,
|
|
|
|
5.00%, 7/1/26
|
1,040
|
1,040
|
|
University of Massachusetts Building
Authority Revenue Refunding Bonds,
Series 2,
|
|
|
|
5.00%, 11/1/29
|
840
|
842
|
|
|
|
4,650
|
|
Michigan – 3.0%
|
||
|
Michigan State Finance Authority
Revenue Refunding Bonds, Henry
Ford Health System,
|
|
|
|
5.00%, 11/15/29
|
3,840
|
3,869
|
|
Michigan State HDA Rental Housing
Revenue Bonds, Series A,
|
|
|
|
3.38%, 10/1/26
|
465
|
465
|
|
Michigan State Hospital Finance
Authority Revenue Refunding Bonds,
Bronson Healthcare Group,
|
|
|
|
5.00%, 5/15/29
|
430
|
455
|
|
5.00%, 11/15/29
|
1,500
|
1,593
|
|
Warren Consolidated School District
G.O. Unlimited Refunding Bonds
(Q-SBLF Insured),
|
|
|
|
5.00%, 5/1/28
|
900
|
939
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 97.3%continued
|
||
|
Michigan – 3.0%continued
|
||
|
5.00%, 5/1/29
|
$750
|
$796
|
|
Wayne County Airport Authority
Revenue Refunding Bonds (AMT),
Detroit Metropolitan,
|
|
|
|
5.00%, 12/1/30
|
1,000
|
1,077
|
|
|
|
9,194
|
|
Minnesota – 0.7%
|
||
|
Minnesota Municipal Gas Agency
Commodity Supply Revenue Bonds,
Series A,
|
|
|
|
4.00%, 12/1/27(1) (2)
|
2,000
|
2,027
|
|
Missouri – 0.7%
|
||
|
Saint Joseph School District G.O.
Unlimited Bonds (State Aid Direct
Deposit Program),
|
|
|
|
5.00%, 3/1/31
|
2,000
|
2,115
|
|
Montana – 0.5%
|
||
|
Montana State Facility Finance
Authority Variable Revenue Bonds,
Benefis Health System Obligated
Group,
|
|
|
|
5.00%, 2/15/30(1) (2)
|
1,390
|
1,479
|
|
Nebraska – 1.3%
|
||
|
McCook Revenue BANS,
|
|
|
|
4.50%, 9/1/27
|
1,000
|
1,003
|
|
Nebraska State Public Power District
Revenue Refunding Bonds, Series B,
|
|
|
|
5.00%, 7/1/28
|
1,500
|
1,554
|
|
Omaha Airport Authority Airport
Facilities Revenue Bonds (AMT)
(AGC Insured),
|
|
|
|
5.00%, 12/15/31
|
1,275
|
1,395
|
|
|
|
3,952
|
|
Nevada – 1.0%
|
||
|
Clark County School District G.O.
Limited Bonds, Series B (AGM
Insured),
|
|
|
|
4.00%, 6/15/32
|
3,000
|
3,076
|
|
New Hampshire – 0.4%
|
||
|
New Hampshire State Health &
Education Facilities Authority
Revenue Refunding Bonds, Southern
New Hampshire University Issue,
|
|
|
|
5.00%, 1/1/34
|
1,000
|
1,121
|
|
|
June 30, 2026 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 97.3%continued
|
||
|
New Jersey – 1.4%
|
||
|
Clifton Board of Education G.O.
Unlimited Bonds (AGM School
Board Resource Fund Insured),
|
|
|
|
2.00%, 8/15/26
|
$1,200
|
$1,197
|
|
New Jersey State EDA Revenue School
Facilities Construction Revenue
Refunding Bonds, Series GGG,
|
|
|
|
5.25%, 9/1/26
|
3,000
|
3,013
|
|
|
|
4,210
|
|
New York – 4.8%
|
||
|
Metropolitan Transportation Authority
Sustainable Revenue Refunding
Bonds, Climate Bond Certified,
|
|
|
|
5.00%, 11/15/32
|
1,500
|
1,683
|
|
New York City Transitional Finance
Authority Future Tax Secured
Revenue Bonds, Subseries F-1,
|
|
|
|
5.00%, 5/1/31
|
1,000
|
1,019
|
|
New York City Transitional Finance
Authority Subordinate Revenue
Refunding Bonds, Fiscal 2026,
|
|
|
|
5.00%, 11/1/34
|
750
|
856
|
|
New York G.O. Unlimited Bonds, Series
J-10, Fiscal 2008,
|
|
|
|
5.00%, 8/1/26
|
605
|
606
|
|
New York G.O. Unlimited Refunding
Bonds, Series C,
|
|
|
|
5.00%, 8/1/27
|
1,795
|
1,845
|
|
New York State Dormitory Authority
Non State Supported Debt Revenue
Bonds, Series A, Pace University,
|
|
|
|
5.25%, 5/1/31
|
400
|
433
|
|
5.25%, 5/1/32
|
600
|
656
|
|
New York State Energy Research &
Development Authority Pollution
Control Variable Revenue Refunding
Bonds (AMT), Electric and Gas Corp.
Project,
|
|
|
|
7/1/31(1) (4)
|
1,500
|
1,506
|
|
New York State Liberty Development
Corp. Revenue Refunding Bonds,
Four World Trade, Green Bonds,
|
|
|
|
1.20%, 11/15/28
|
2,000
|
1,866
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 97.3%continued
|
||
|
New York – 4.8%continued
|
||
|
Port Authority of New York & New
Jersey Revenue Refunding Bonds,
Series 207 (AMT),
|
|
|
|
5.00%, 9/15/32
|
$1,500
|
$1,545
|
|
Port Authority of New York & New
Jersey Revenue Refunding Bonds,
Series 249 (AMT),
|
|
|
|
5.00%, 10/15/26
|
2,850
|
2,867
|
|
|
|
14,882
|
|
North Carolina – 0.5%
|
||
|
Charlotte Water & Sewer System
Revenue Bonds,
|
|
|
|
5.00%, 7/1/30
|
225
|
246
|
|
North Carolina State Municipal Power
Agency No. 1 Catawba Electric
Revenue Refunding Bonds,
|
|
|
|
5.00%, 1/1/30
|
1,150
|
1,233
|
|
|
|
1,479
|
|
North Dakota – 0.4%
|
||
|
Fargo Annual Appropriation Revenue
Bonds, Series G,
|
|
|
|
5.00%, 12/1/32
|
1,010
|
1,126
|
|
Ohio – 1.9%
|
||
|
American Municipal Power-Ohio, Inc.
Revenue Refunding Bonds,
Combined Hydroelectric Projects,
|
|
|
|
5.00%, 2/15/30
|
500
|
538
|
|
Columbus Regional Airport Authority
Revenue Refunding Bonds, John
Glenn Columbus International
(AMT),
|
|
|
|
5.00%, 1/1/33
|
1,000
|
1,094
|
|
North Ridgeville City School District
G.O. Unlimited Bonds,
|
|
|
|
5.00%, 12/1/33
|
870
|
919
|
|
Ohio State G.O. Unlimited Refunding
Bonds, Series A, Conservation
Project,
|
|
|
|
5.00%, 3/1/32
|
1,500
|
1,679
|
|
Ohio State Revenue Refunding Bonds,
Major New State Infrastructure
Project,
|
|
|
|
5.00%, 12/15/30
|
1,500
|
1,649
|
|
|
|
5,879
|
|
Schedule of Investments
|
|
LIMITED TERM TAX-EXEMPT FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 97.3%continued
|
||
|
Oklahoma – 1.8%
|
||
|
Rogers County Educational Facilities
Authority Lease Revenue Bonds,
Oologah-Talala Public Schools
Project,
|
|
|
|
5.00%, 9/1/31
|
$585
|
$622
|
|
Tulsa G.O. Unlimited Bonds, Series C,
|
|
|
|
3.00%, 10/1/28
|
4,865
|
4,877
|
|
|
|
5,499
|
|
Oregon – 0.8%
|
||
|
Washington County School District No.
48J Beaverton G.O. Unlimited
Convertible CABS (School Board
Guaranty Program),
|
|
|
|
5.00%, 6/15/35
|
2,500
|
2,549
|
|
Pennsylvania – 5.3%
|
||
|
Delaware Valley Regional Financial
Authority Revenue Bonds, Series A,
|
|
|
|
2.00%, 10/1/29
|
2,275
|
2,175
|
|
Delaware Valley Regional Financial
Authority Revenue Bonds, Series A
(AMBAC Insured),
|
|
|
|
5.50%, 8/1/28
|
2,505
|
2,640
|
|
Pennsylvania State Higher Educational
Facilities Authority Revenue
Refunding Bonds, Drexel University,
|
|
|
|
5.00%, 5/1/31
|
1,000
|
1,068
|
|
Pennsylvania State Turnpike
Commission Revenue Refunding
Bonds, Series B,
|
|
|
|
5.00%, 12/1/26
|
275
|
278
|
|
Pennsylvania State Turnpike
Commission Revenue Refunding
Bonds, Subseries B-2,
|
|
|
|
5.00%, 6/1/32
|
1,875
|
1,912
|
|
Pennsylvania State Turnpike
Commission Subordinate Revenue
Refunding Bonds, First Series of
2025,
|
|
|
|
5.00%, 6/1/30
|
2,500
|
2,710
|
|
Pennsylvania State Turnpike
Commission Subordinate Revenue
Refunding Bonds, Series 2017-3,
|
|
|
|
5.00%, 12/1/30
|
860
|
887
|
|
Philadelphia G.O. Unlimited Refunding
Bonds,
|
|
|
|
5.00%, 8/1/26
|
3,535
|
3,540
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 97.3%continued
|
||
|
Pennsylvania – 5.3%continued
|
||
|
Philadelphia Redevelopment Authority
Revenue Refunding Bonds, Series A,
|
|
|
|
5.00%, 4/15/31
|
$1,000
|
$1,093
|
|
|
|
16,303
|
|
South Carolina – 1.2%
|
||
|
Scago Educational Facilities Corp. For
Pickens School District Revenue
Refunding Bonds,
|
|
|
|
5.00%, 12/1/31
|
1,500
|
1,666
|
|
South Carolina State Jobs EDA Hospital
Facilities Variable Revenue Refunding
Bonds, Bon Secours Mercy Health,
Inc.,
|
|
|
|
5.00%, 11/1/32(1) (2)
|
1,000
|
1,103
|
|
South Carolina State Jobs-EDA
Educational Facilities Revenue
Refunding Bonds,
|
|
|
|
5.00%, 10/1/26
|
1,000
|
1,005
|
|
|
|
3,774
|
|
Tennessee – 0.8%
|
||
|
Metropolitan Government of Nashville
& Davidson County Health &
Educational Facilities Board Revenue
Refunding Bonds, The Vanderbilt
University Medical Center,
|
|
|
|
5.00%, 7/1/29
|
1,000
|
1,059
|
|
Metropolitan Nashville Airport
Authority Revenue Refunding Bonds,
Series D (AMT),
|
|
|
|
5.00%, 7/1/27
|
400
|
408
|
|
5.00%, 7/1/28
|
400
|
417
|
|
5.00%, 7/1/29
|
555
|
587
|
|
|
|
2,471
|
|
Texas – 13.6%
|
||
|
Austin Water & Wastewater System
Revenue Refunding Bonds,
|
|
|
|
5.00%, 11/15/26
|
1,000
|
1,009
|
|
Bexar County Certificates of Obligation
G.O. Limited Bonds,
|
|
|
|
5.00%, 6/15/31
|
1,250
|
1,380
|
|
Dallas Area Rapid Transit Senior Lien
Sales Tax Revenue Refunding Bonds,
|
|
|
|
5.00%, 12/1/32
|
3,395
|
3,616
|
|
|
June 30, 2026 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 97.3%continued
|
||
|
Texas – 13.6%continued
|
||
|
Grand Prairie Independent School
District G.O. Unlimited Refunding
Bonds (PSF, Gtd.),
|
|
|
|
4.00%, 2/15/33
|
$5,420
|
$5,423
|
|
Harlingen Consolidated Independent
School District G.O. Unlimited
Refunding Bonds (PSF, Gtd.),
|
|
|
|
5.00%, 8/15/26
|
1,105
|
1,108
|
|
Harris County Cultural Education
Facilities Finance Corp. Medical
Facilities Variable Revenue Bonds,
Baylor College of Medicine,
|
|
|
|
5.00%, 5/15/32(1) (2)
|
1,000
|
1,080
|
|
Harris County Cultural Education
Facilities Finance Corp. Revenue
Refunding Bonds, Series A, Houston
Methodist,
|
|
|
|
5.00%, 12/1/29
|
1,500
|
1,606
|
|
Harris County Toll Road First Lien
Revenue Refunding Bonds, Series A,
|
|
|
|
5.00%, 8/15/31
|
1,635
|
1,806
|
|
Hays County G.O. Limited Refunding
Bonds,
|
|
|
|
5.00%, 2/15/29
|
655
|
694
|
|
Houston Airport System Revenue
Refunding Bonds (AMT), United
Airlines Inc., Terminal,
|
|
|
|
5.25%, 7/15/32
|
1,500
|
1,603
|
|
Houston G.O. Limited Bonds, Series A,
|
|
|
|
5.00%, 3/1/31
|
2,200
|
2,410
|
|
Klein Independent School District G.O.
Unlimited Refunding Bonds (PSF,
Gtd.),
|
|
|
|
5.00%, 8/1/32
|
1,575
|
1,706
|
|
Laredo Public Property Finance
Contractual Obligation G.O. Limited
Bonds,
|
|
|
|
5.00%, 2/15/27
|
800
|
811
|
|
North Texas Tollway Authority Revenue
Refunding Bonds, Series A, First Tier,
|
|
|
|
5.00%, 1/1/31
|
595
|
652
|
|
Port Houston Authority G.O. Unlimited
Refunding Bonds, Series A (AMT),
|
|
|
|
5.00%, 10/1/29
|
1,000
|
1,047
|
|
San Antonio Electric & Gas Junior Lien
Variable Revenue Bonds,
|
|
|
|
2.00%, 12/1/27(1) (2)
|
3,150
|
3,091
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 97.3%continued
|
||
|
Texas – 13.6%continued
|
||
|
San Antonio Electric & Gas Revenue
Refunding Bonds, Series B,
|
|
|
|
5.00%, 2/1/30
|
$3,000
|
$3,243
|
|
Tarrant County Cultural Education
Facilities Finance Corp. Variable
Revenue Refunding Bonds, Texas
Health Resources System,
|
|
|
|
5.00%, 11/15/29(1) (2)
|
1,000
|
1,065
|
|
Tarrant Regional Water District
Transmission Facility Contract
Revenue Bonds, Series A, City of
Dallas Project,
|
|
|
|
4.00%, 9/1/31
|
1,370
|
1,422
|
|
Texas State G.O. Unlimited Refunding
Bonds, Series B,
|
|
|
|
4.00%, 8/1/27
|
2,135
|
2,138
|
|
Texas State Municipal Gas Acquisition
& Supply Corp. III Gas Supply
Revenue Refunding Bonds,
|
|
|
|
5.00%, 12/15/26
|
1,400
|
1,412
|
|
Texas State Transportation Commission
G.O. Unlimited Refunding Bonds,
|
|
|
|
5.00%, 4/1/29
|
1,500
|
1,600
|
|
Trinity River Authority Regional
Wastewater System Revenue
Refunding Bonds,
|
|
|
|
5.00%, 8/1/32
|
1,000
|
1,022
|
|
University of North Texas Revenue
Refunding Bonds, Series A,
|
|
|
|
5.00%, 4/15/32
|
1,000
|
1,077
|
|
|
|
42,021
|
|
Utah – 1.8%
|
||
|
Davis County School District G.O.
Unlimited Refunding Bonds, Utah
School Bond Guaranty (School
Board Guaranty Program),
|
|
|
|
3.00%, 6/1/28
|
4,095
|
4,092
|
|
Salt Lake City Airport Revenue Bonds,
Series A (AMT),
|
|
|
|
5.00%, 7/1/32
|
1,500
|
1,624
|
|
|
|
5,716
|
|
Schedule of Investments
|
|
LIMITED TERM TAX-EXEMPT FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 97.3%continued
|
||
|
Washington – 2.6%
|
||
|
Benton County School District No. 17
Kennewick G.O. Unlimited Refunding
Bonds (School Board Guaranty
Program),
|
|
|
|
4.00%, 12/1/28
|
$1,000
|
$1,001
|
|
Pierce County School District No. 320
G.O. Unlimited Refunding Bonds
(School Board Guaranty Program),
|
|
|
|
4.00%, 12/1/28
|
650
|
650
|
|
Washington State G.O. Unlimited
Refunding Bonds, Series R-2023B,
|
|
|
|
5.00%, 7/1/26
|
2,000
|
2,000
|
|
Washington State Health Care Facilities
Authority Revenue Bonds, Providence
Saint Joseph Health,
|
|
|
|
5.00%, 10/1/30
|
1,525
|
1,643
|
|
Washington State Health Care Facilities
Authority Revenue Refunding Bonds,
Series A, CommonSpirit Health,
|
|
|
|
5.00%, 9/1/30
|
1,750
|
1,879
|
|
Whatcom County Public Utility District
No. 1 G.O. Limited Bonds, Series A
(AMT) (BAM Insured),
|
|
|
|
5.00%, 12/1/27
|
450
|
461
|
|
5.00%, 12/1/28
|
450
|
468
|
|
|
|
8,102
|
|
West Virginia – 0.6%
|
||
|
West Virginia State EDA Solid Waste
Disposal Facilities Variable Revenue
Refunding Bonds (AMT), Kentucky
Power Company - Mitchell Project,
|
|
|
|
3.75%, 6/13/30(1) (2)
|
1,750
|
1,755
|
|
Wisconsin – 1.7%
|
||
|
PFA Educational Facilities Revenue
Refunding Bonds, Lindenwood
Education System,
|
|
|
|
5.00%, 6/1/29
|
225
|
233
|
|
5.00%, 6/1/30
|
800
|
834
|
|
PFA Revenue Bonds, Maniilaq
Association Employee,
|
|
|
|
5.00%, 12/1/29
|
375
|
392
|
|
5.00%, 12/1/30
|
425
|
448
|
|
Waushara County G.O. Unlimited
Bonds, Series B,
|
|
|
|
5.50%, 6/1/31
|
450
|
502
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 97.3%continued
|
||
|
Wisconsin – 1.7%continued
|
||
|
Wisconsin State Health & Educational
Facilities Authority Revenue
Refunding Bonds, Hospital Sisters
Credit Group,
|
|
|
|
5.00%, 8/15/30
|
$1,000
|
$1,078
|
|
Wisconsin State Health & Educational
Facilities Authority Variable Revenue
Refunding Bonds, Mercy Health
Corp.,
|
|
|
|
5.00%, 12/1/33(1) (2)
|
1,500
|
1,642
|
|
|
|
5,129
|
|
Total Municipal Bonds
|
|
|
|
(Cost $299,994)
|
|
300,265
|
|
|
NUMBER
OF SHARES
|
VALUE
(000S)
|
|
INVESTMENT COMPANIES – 0.7%
|
||
|
Northern Institutional Funds -
U.S. Government Portfolio (Shares),
3.46%(5) (6)
|
2,163,144
|
$2,163
|
|
Total Investment Companies
|
|
|
|
(Cost $2,163)
|
|
2,163
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
SHORT-TERM INVESTMENTS – 3.5%
|
||
|
Black Belt Energy Gas District Gas
Project Revenue Bonds, Project No.
7-S,
|
|
|
|
4.00%, 12/1/26(1) (2)
|
$2,500
|
$2,507
|
|
Black Belt Energy Gas District Gas
Supply Revenue Refunding Bonds,
Series D1,
|
|
|
|
4.00%, 6/1/27(1) (2)
|
440
|
444
|
|
Colorado State Health Facilities
Authority Variable Revenue
Refunding Bonds, AdventHealth
Obligated Group, Unrefunded
Balance,
|
|
|
|
5.00%, 11/19/26(1) (2)
|
905
|
913
|
|
Fayette County Board of Education
G.O. Unlimited TRANS (State
Intercept Program),
|
|
|
|
4.00%, 6/15/27
|
700
|
707
|
|
|
June 30, 2026 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
SHORT-TERM INVESTMENTS - 3.5%continued
|
||
|
New York State Housing Finance
Agency Affordable Housing
Sustainability Variable Revenue
Bonds, Series B (SonyMA Insured,
HUD Sector 8 Program),
|
|
|
|
3.60%, 5/1/27(1) (2)
|
$1,500
|
$1,501
|
|
New York State Housing Finance
Agency Affordable Housing Variable
Revenue Bonds, Series F,
Sustainability Bonds (SonyMA, FHA
Insured),
|
|
|
|
3.85%, 5/1/27(1) (2)
|
1,225
|
1,226
|
|
San Antonio Electric & Gas Junior Lien
Variable Revenue Bonds,
|
|
|
|
1.13%, 12/1/26(1) (2)
|
3,500
|
3,464
|
|
Total Short-Term Investments
|
|
|
|
(Cost $10,815)
|
10,762
|
|
|
|
|
|
|
Total Investments – 101.5%
|
|
|
|
(Cost $312,972)
|
313,190
|
|
|
Liabilities less Other Assets – (1.5%)
|
(4,728
)
|
|
|
NET ASSETS – 100.0%
|
$308,462
|
|
|
(1)
|
Maturity date represents the puttable date.
|
|
(2)
|
Variable or floating rate security. These securities are remarketed by an
agent, and the rate at which these securities are set are determined by
general market conditions and supply and demand. Rate as of June 30,
2026 is disclosed.
|
|
(3)
|
Maturity date represents the prerefunded date.
|
|
(4)
|
When-Issued Security. Coupon rate is not in effect at June 30, 2026.
|
|
(5)
|
Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the
investment adviser to the Fund and the investment adviser to Northern
Institutional Funds.
|
|
(6)
|
7-day current yield as of June 30, 2026 is disclosed.
|
|
|
|
EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT
THE SCHEDULE OF INVESTMENTS:
|
|
|
|
AGC - Assured Guaranty Corporation
|
|
|
|
AGM - Assured Guaranty Municipal Corporation
|
|
|
|
AMBAC - American Municipal Bond Assurance Corporation
|
|
|
|
AMT - Alternative Minimum Tax
|
|
|
|
BAM - Build America Mutual
|
|
|
|
BANS - Bond Anticipation Notes
|
|
|
|
CABS - Capital Appreciation Bonds
|
|
|
|
COPS - Certificates of Participation
|
|
|
|
EDA - Economic Development Authority
|
|
|
|
FHA - Federal Housing Administration
|
|
|
|
G.O. - General Obligation
|
|
|
|
Gtd. - Guaranteed
|
|
|
|
HDA - Housing Development Authority
|
|
|
|
HUD - Housing and Urban Development
|
|
|
|
IDA - Industrial Development Authority
|
|
|
|
IDR - Industrial Development Revenue
|
|
|
|
PFA - Public Finance Authority
|
|
|
|
PSF - Permanent School Fund
|
|
|
|
Q-SBLF - Qualified School Bond Loan Fund
|
|
|
|
SonyMA - State of New York Mortgage Agency
|
|
|
|
TRANS - Tax and Revenue Anticipation Notes
|
|
|
|
TRB - Tax Revenue Bonds
|
|
INVESTMENTS
|
LEVEL 1
(000s)
|
LEVEL 2
(000s)
|
LEVEL 3
(000s)
|
TOTAL
(000s)
|
|
Municipal Bonds(1)
|
$—
|
$300,265
|
$—
|
$300,265
|
|
Investment Companies
|
2,163
|
—
|
—
|
2,163
|
|
Short-Term Investments
|
—
|
10,762
|
—
|
10,762
|
|
Total Investments
|
$2,163
|
$311,027
|
$—
|
$313,190
|
|
(1)
|
Classifications as defined in the Schedule of Investments.
|
|
Schedule of Investments
|
|
LIMITED TERM TAX-EXEMPT FUND continued
|
June 30, 2026 (UNAUDITED)
|
|
SECURITY
|
VALUE,
BEGINNING
OF PERIOD
(000S)
|
PURCHASES
(000S)
|
SALES
PROCEEDS
(000S)
|
VALUE,
END OF PERIOD
(000S)
|
SHARES/PAR,
END
OF PERIOD
|
DIVIDEND/
INTEREST
INCOME
(000S)
|
|
Northern Institutional Funds - U.S. Government Portfolio (Shares)
|
$2,844
|
$28,365
|
$29,046
|
$2,163
|
2,163,144
|
$30
|
|
Schedule of Investments
|
|
LIMITED TERM U.S. GOVERNMENT FUND
|
June 30, 2026 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
U.S. GOVERNMENT AGENCIES – 2.8% (1)
|
||
|
Fannie Mae – 0.4%
|
||
|
Pool #555649,
|
|
|
|
7.50%, 10/1/32
|
$3
|
$4
|
|
Pool #BH9277,
|
|
|
|
3.50%, 2/1/48
|
95
|
87
|
|
|
|
91
|
|
Freddie Mac – 0.6%
|
||
|
Pool #RA8880,
|
|
|
|
5.50%, 4/1/53
|
69
|
70
|
|
Pool #SD2665,
|
|
|
|
6.00%, 4/1/53
|
63
|
65
|
|
Pool #ZS7735,
|
|
|
|
2.00%, 1/1/32
|
1
|
1
|
|
|
|
136
|
|
Freddie Mac Gold – 0.3%
|
||
|
Pool #D99701,
|
|
|
|
3.00%, 11/1/32
|
86
|
82
|
|
Government National Mortgage Association – 0.2%
|
||
|
Government National Mortgage
Association, Series 2017-95,
Class QG,
|
|
|
|
2.50%, 8/20/46
|
66
|
61
|
|
Sovereign Agencies – 1.3%
|
||
|
Resolution Funding Corp. Interest Strip,
|
|
|
|
3.89%, 10/15/28(2)
|
357
|
325
|
|
Total U.S. Government Agencies
|
|
|
|
(Cost $713)
|
|
695
|
|
|
|
|
|
U.S. GOVERNMENT OBLIGATIONS – 96.3%
|
||
|
U.S. Treasury Inflation Indexed Notes – 0.8%
|
||
|
0.13%, 4/15/27
|
166
|
192
|
|
U.S. Treasury Notes – 95.5%
|
||
|
4.38%, 7/15/27
|
250
|
251
|
|
3.88%, 7/31/27
|
875
|
872
|
|
3.63%, 8/31/27
|
225
|
224
|
|
3.38%, 9/15/27
|
100
|
99
|
|
3.50%, 9/30/27
|
100
|
99
|
|
3.50%, 10/31/27
|
100
|
99
|
|
3.38%, 11/30/27
|
50
|
49
|
|
3.88%, 11/30/27
|
904
|
900
|
|
3.38%, 12/31/27
|
770
|
761
|
|
3.50%, 1/31/28
|
770
|
762
|
|
3.38%, 2/29/28
|
30
|
30
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
U.S. GOVERNMENT OBLIGATIONS - 96.3%continued
|
||
|
U.S. Treasury Notes – 95.5%continued
|
||
|
4.00%, 2/29/28
|
$525
|
$524
|
|
3.88%, 3/15/28
|
500
|
498
|
|
3.63%, 3/31/28
|
750
|
743
|
|
3.75%, 4/15/28
|
335
|
333
|
|
3.75%, 4/30/28
|
200
|
199
|
|
3.75%, 5/15/28
|
125
|
124
|
|
3.63%, 5/31/28
|
525
|
520
|
|
3.88%, 6/15/28
|
325
|
323
|
|
3.88%, 7/15/28
|
350
|
348
|
|
3.63%, 8/15/28
|
440
|
435
|
|
4.38%, 8/31/28
|
400
|
402
|
|
3.38%, 9/15/28
|
590
|
580
|
|
3.50%, 10/15/28
|
435
|
429
|
|
3.50%, 11/15/28
|
925
|
911
|
|
4.38%, 11/30/28
|
350
|
352
|
|
3.50%, 12/15/28
|
400
|
394
|
|
3.75%, 12/31/28
|
250
|
247
|
|
3.50%, 1/15/29
|
220
|
216
|
|
4.00%, 1/31/29
|
250
|
249
|
|
3.50%, 2/15/29
|
125
|
123
|
|
4.25%, 2/28/29
|
200
|
200
|
|
3.50%, 3/15/29
|
250
|
246
|
|
4.13%, 3/31/29
|
300
|
300
|
|
3.88%, 4/15/29
|
300
|
298
|
|
2.88%, 4/30/29
|
150
|
145
|
|
4.63%, 4/30/29
|
220
|
223
|
|
3.88%, 5/15/29
|
100
|
99
|
|
4.50%, 5/31/29
|
150
|
151
|
|
4.13%, 6/15/29
|
150
|
150
|
|
4.25%, 6/30/29
|
300
|
301
|
|
4.00%, 7/31/29
|
450
|
448
|
|
3.63%, 8/31/29
|
475
|
467
|
|
3.50%, 9/30/29
|
275
|
269
|
|
4.13%, 10/31/29
|
300
|
299
|
|
4.13%, 11/30/29
|
650
|
649
|
|
4.38%, 12/31/29
|
250
|
252
|
|
4.25%, 1/31/30
|
225
|
225
|
|
4.00%, 2/28/30
|
650
|
646
|
|
4.00%, 3/31/30
|
200
|
199
|
|
3.88%, 4/30/30
|
275
|
272
|
|
4.00%, 5/31/30
|
450
|
447
|
|
3.88%, 6/30/30
|
250
|
247
|
|
3.88%, 7/31/30
|
435
|
430
|
|
Schedule of Investments
|
|
LIMITED TERM U.S. GOVERNMENT FUND continued
|
June 30, 2026 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
U.S. GOVERNMENT OBLIGATIONS - 96.3%continued
|
||
|
U.S. Treasury Notes – 95.5%continued
|
||
|
3.63%, 8/31/30
|
$575
|
$563
|
|
3.63%, 9/30/30
|
370
|
362
|
|
3.63%, 10/31/30
|
300
|
293
|
|
3.50%, 11/30/30
|
445
|
432
|
|
3.63%, 12/31/30
|
545
|
532
|
|
3.75%, 1/31/31
|
360
|
353
|
|
3.50%, 2/28/31
|
335
|
325
|
|
3.88%, 3/31/31
|
340
|
335
|
|
3.88%, 4/30/31
|
365
|
360
|
|
4.13%, 5/31/31
|
570
|
568
|
|
4.13%, 6/30/31
|
310
|
309
|
|
|
|
23,491
|
|
Total U.S. Government Obligations
|
|
|
|
(Cost $23,887)
|
|
23,683
|
|
|
NUMBER
OF SHARES
|
VALUE
(000S)
|
|
INVESTMENT COMPANIES – 0.2%
|
||
|
Northern Institutional Funds -
U.S. Government Portfolio (Shares),
3.46%(3) (4)
|
53,719
|
$54
|
|
Total Investment Companies
|
|
|
|
(Cost $54)
|
|
54
|
|
|
|
|
|
Total Investments – 99.3%
|
|
|
|
(Cost $24,654)
|
24,432
|
|
|
Other Assets less Liabilities – 0.7%
|
176
|
|
|
NET ASSETS – 100.0%
|
$24,608
|
|
|
(1)
|
The obligations of certain U.S. government-sponsored entities are neither
issued nor guaranteed by the United States Treasury.
|
|
(2)
|
Discount rate at the time of purchase.
|
|
(3)
|
Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the
investment adviser to the Fund and the investment adviser to Northern
Institutional Funds.
|
|
(4)
|
7-day current yield as of June 30, 2026 is disclosed.
|
|
|
|
EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT
THE SCHEDULE OF INVESTMENTS:
|
|
|
|
Fannie Mae - Federal National Mortgage Association
|
|
|
|
Freddie Mac - Federal Home Loan Mortgage Corporation
|
|
INVESTMENTS
|
LEVEL 1
(000s)
|
LEVEL 2
(000s)
|
LEVEL 3
(000s)
|
TOTAL
(000s)
|
|
U.S. Government Agencies(1)
|
$—
|
$695
|
$—
|
$695
|
|
U.S. Government Obligations(1)
|
—
|
23,683
|
—
|
23,683
|
|
Investment Companies
|
54
|
—
|
—
|
54
|
|
Total Investments
|
$54
|
$24,378
|
$—
|
$24,432
|
|
(1)
|
Classifications as defined in the Schedule of Investments.
|
|
SECURITY
|
VALUE,
BEGINNING
OF PERIOD
(000S)
|
PURCHASES
(000S)
|
SALES
PROCEEDS
(000S)
|
VALUE,
END OF PERIOD
(000S)
|
SHARES/PAR,
END
OF PERIOD
|
DIVIDEND/
INTEREST
INCOME
(000S)
|
|
Northern Institutional Funds - U.S. Government Portfolio (Shares)
|
$57
|
$725
|
$728
|
$54
|
53,719
|
$1
|
|
Schedule of Investments
|
|
MULTI-MANAGER HIGH YIELD OPPORTUNITY FUND
|
June 30, 2026 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CONVERTIBLE BONDS – 0.1%
|
||
|
Home Construction – 0.1%
|
||
|
Meritage Homes Corp.,
|
|
|
|
1.75%, 5/15/28
|
$79
|
$81
|
|
Real Estate Investment Trusts – 0.0%
|
||
|
Digital Realty Trust L.P.,
|
|
|
|
1.88%, 11/15/29(1)
|
16
|
17
|
|
Semiconductors – 0.0%
|
||
|
ON Semiconductor Corp.,
|
|
|
|
0.50%, 3/1/29
|
48
|
58
|
|
0.00%, 5/1/31(1) (2)
|
10
|
10
|
|
|
|
68
|
|
Total Convertible Bonds
|
|
|
|
(Cost $154)
|
|
166
|
|
|
|
|
|
CORPORATE BONDS – 81.1%
|
||
|
Advertising & Marketing – 0.5%
|
||
|
CMG Media Corp.,
|
|
|
|
8.88%, 6/18/29(1)
|
7
|
5
|
|
Neptune Bidco U.S., Inc.,
|
|
|
|
9.29%, 4/15/29(1)
|
183
|
187
|
|
10.38%, 5/15/31(1)
|
18
|
19
|
|
9.50%, 2/15/33(1)
|
107
|
108
|
|
Outfront Media Capital LLC/Outfront
Media Capital Corp.,
|
|
|
|
4.25%, 1/15/29(1)
|
40
|
39
|
|
4.63%, 3/15/30(1)
|
64
|
62
|
|
6.00%, 6/15/34(1)
|
227
|
226
|
|
|
|
646
|
|
Aerospace & Defense – 2.3%
|
||
|
AAR Escrow Issuer LLC,
|
|
|
|
6.75%, 3/15/29(1)
|
27
|
28
|
|
ATI, Inc.,
|
|
|
|
5.88%, 12/1/27
|
18
|
18
|
|
4.88%, 10/1/29
|
37
|
37
|
|
7.25%, 8/15/30
|
25
|
26
|
|
5.13%, 10/1/31
|
101
|
100
|
|
5.88%, 6/15/33
|
38
|
39
|
|
Axon Enterprise, Inc.,
|
|
|
|
6.13%, 3/15/30(1)
|
75
|
76
|
|
6.25%, 3/15/33(1)
|
100
|
102
|
|
Boeing (The) Co.,
|
|
|
|
6.53%, 5/1/34
|
25
|
27
|
|
6.86%, 5/1/54
|
50
|
56
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 81.1% continued
|
||
|
Aerospace & Defense – 2.3%continued
|
||
|
Goat Holdco LLC,
|
|
|
|
6.75%, 2/1/32(1)
|
$232
|
$238
|
|
Howmet Aerospace, Inc.,
|
|
|
|
5.95%, 2/1/37
|
25
|
26
|
|
Moog, Inc.,
|
|
|
|
5.50%, 10/15/34(1)
|
45
|
44
|
|
Spirit AeroSystems, Inc.,
|
|
|
|
4.60%, 6/15/28
|
50
|
50
|
|
TransDigm, Inc.,
|
|
|
|
6.75%, 8/15/28(1)
|
75
|
76
|
|
6.38%, 3/1/29(1)
|
25
|
25
|
|
4.88%, 5/1/29
|
25
|
25
|
|
6.88%, 12/15/30(1)
|
25
|
26
|
|
7.13%, 12/1/31(1)
|
50
|
52
|
|
6.63%, 3/1/32(1)
|
151
|
155
|
|
6.00%, 1/15/33(1)
|
252
|
254
|
|
6.38%, 5/31/33(1)
|
878
|
886
|
|
6.25%, 1/31/34(1)
|
45
|
46
|
|
6.75%, 1/31/34(1)
|
595
|
610
|
|
6.13%, 7/31/34(1)
|
333
|
333
|
|
|
|
3,355
|
|
Apparel & Textile Products – 0.5%
|
||
|
Beach Acquisition Bidco LLC,
|
|
|
|
10.00%, 7/15/33(1)
|
467
|
531
|
|
Crocs, Inc.,
|
|
|
|
4.25%, 3/15/29(1)
|
25
|
24
|
|
4.13%, 8/15/31(1)
|
72
|
67
|
|
Levi Strauss & Co.,
|
|
|
|
3.50%, 3/1/31(1)
|
47
|
44
|
|
|
|
666
|
|
Asset Management – 1.2%
|
||
|
Apollo Debt Solutions BDC,
|
|
|
|
5.88%, 8/30/30
|
16
|
16
|
|
6.55%, 3/15/32
|
4
|
4
|
|
Apollo Global Management, Inc.,
|
|
|
|
(Variable, U.S. Treasury Yield Curve
Rate CMT 5Y + 2.17%), 6.00%,
12/15/54(3)
|
69
|
67
|
|
Bain Capital Specialty Finance, Inc.,
|
|
|
|
5.95%, 3/15/30
|
15
|
14
|
|
Blackstone Secured Lending Fund,
|
|
|
|
5.90%, 5/21/31
|
25
|
25
|
|
Schedule of Investments
|
|
MULTI-MANAGER HIGH YIELD OPPORTUNITY FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 81.1% continued
|
||
|
Asset Management – 1.2%continued
|
||
|
Blue Owl Capital Corp.,
|
|
|
|
6.20%, 7/15/30
|
$22
|
$22
|
|
6.30%, 8/15/31
|
13
|
13
|
|
Compass Group Diversified
Holdings LLC,
|
|
|
|
5.25%, 4/15/29(1)
|
73
|
70
|
|
5.00%, 1/15/32(1) †
|
26
|
23
|
|
First Eagle Holdings, Inc.,
|
|
|
|
7.25%, 8/15/32(1)
|
14
|
14
|
|
Focus Financial Partners LLC,
|
|
|
|
6.75%, 9/15/31(1)
|
567
|
570
|
|
FS KKR Capital Corp.,
|
|
|
|
2.63%, 1/15/27
|
10
|
10
|
|
7.50%, 8/1/31
|
25
|
25
|
|
HA Sustainable Infrastructure Capital,
Inc.,
|
|
|
|
(Variable, U.S. Treasury Yield Curve
Rate CMT 5Y + 3.48%), 7.13%,
11/15/56(3)
|
25
|
25
|
|
Icahn Enterprises L.P./Icahn Enterprises
Finance Corp.,
|
|
|
|
5.25%, 5/15/27
|
263
|
260
|
|
9.75%, 1/15/29
|
63
|
62
|
|
4.38%, 2/1/29
|
50
|
43
|
|
10.00%, 11/15/29(1)
|
124
|
122
|
|
9.00%, 6/15/30
|
50
|
47
|
|
Osaic Holdings, Inc.,
|
|
|
|
6.75%, 8/1/32(1)
|
80
|
80
|
|
8.00%, 8/1/33(1)
|
204
|
205
|
|
|
|
1,717
|
|
Automotive – 1.6%
|
||
|
Adient Global Holdings Ltd.,
|
|
|
|
7.50%, 2/15/33(1)
|
25
|
26
|
|
American Axle & Manufacturing, Inc.,
|
|
|
|
5.00%, 10/1/29†
|
75
|
73
|
|
6.38%, 10/15/32(1)
|
50
|
50
|
|
7.75%, 10/15/33(1)
|
51
|
50
|
|
Clarios Global L.P./Clarios
U.S. Finance Co.,
|
|
|
|
6.75%, 5/15/28(1)
|
58
|
59
|
|
6.75%, 2/15/30(1)
|
75
|
77
|
|
6.75%, 9/15/32(1)
|
291
|
297
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 81.1% continued
|
||
|
Automotive – 1.6%continued
|
||
|
Cyprium Corp./Cyprium Holdings
Luxembourg S.a.r.l.,
|
|
|
|
6.13%, 4/15/31(1)
|
$58
|
$58
|
|
Dana, Inc.,
|
|
|
|
4.25%, 9/1/30
|
9
|
9
|
|
4.50%, 2/15/32
|
14
|
14
|
|
Dexko Global, Inc.,
|
|
|
|
7.50%, 4/15/32(1) †
|
1,004
|
829
|
|
Dorman Products, Inc.,
|
|
|
|
6.25%, 6/15/34(1)
|
6
|
6
|
|
Garrett Motion Holdings, Inc./Garrett
LX I S.a.r.l.,
|
|
|
|
7.75%, 5/31/32(1)
|
65
|
68
|
|
Goodyear Tire & Rubber (The) Co.,
|
|
|
|
5.00%, 7/15/29
|
75
|
72
|
|
6.63%, 7/15/30
|
3
|
3
|
|
5.25%, 7/15/31(1)
|
50
|
44
|
|
8.88%, 7/15/32
|
70
|
71
|
|
5.63%, 4/30/33†
|
25
|
22
|
|
Nissan Motor Acceptance Co. LLC,
|
|
|
|
5.63%, 9/29/28(1)
|
25
|
25
|
|
6.13%, 9/30/30(1)
|
164
|
161
|
|
Phinia, Inc.,
|
|
|
|
6.63%, 10/15/32(1)
|
25
|
26
|
|
Realtruck Group, Inc.,
|
|
|
|
6.25%, 7/31/31(1)
|
545
|
103
|
|
Rivian Holdings LLC/Rivian LLC/Rivian
Automotive LLC,
|
|
|
|
10.00%, 1/15/31(1)
|
40
|
40
|
|
Tenneco, Inc.,
|
|
|
|
8.00%, 11/17/28(1)
|
179
|
180
|
|
|
|
2,363
|
|
Basic Industry – 0.0%
|
||
|
Avient Corp.,
|
|
|
|
6.25%, 11/1/31(1)
|
27
|
27
|
|
Beverages – 0.1%
|
||
|
Primo Water Holdings, Inc./Triton
Water Holdings, Inc.,
|
|
|
|
6.25%, 4/1/29(1)
|
50
|
50
|
|
4.38%, 4/30/29(1)
|
75
|
73
|
|
|
|
123
|
|
|
June 30, 2026 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 81.1% continued
|
||
|
Biotechnology & Pharmaceuticals – 1.0%
|
||
|
1261229 B.C. Ltd.,
|
|
|
|
10.00%, 4/15/32(1)
|
$1,086
|
$1,100
|
|
AbbVie, Inc.,
|
|
|
|
5.60%, 3/15/55
|
25
|
25
|
|
Amneal Pharmaceuticals LLC,
|
|
|
|
6.88%, 8/1/32(1)
|
55
|
57
|
|
Bausch Health Americas, Inc.,
|
|
|
|
8.50%, 1/31/27(1)
|
75
|
75
|
|
Endo Finance Holdings, Inc.,
|
|
|
|
8.50%, 4/15/31(1) †
|
25
|
26
|
|
Organon & Co./Organon Foreign Debt
Co-Issuer B.V.,
|
|
|
|
5.13%, 4/30/31(1)
|
200
|
198
|
|
|
|
1,481
|
|
Cable & Satellite – 3.4%
|
||
|
Block Communications, Inc.,
|
|
|
|
10.25%, 3/1/31(1)
|
13
|
12
|
|
CCO Holdings LLC/CCO Holdings
Capital Corp.,
|
|
|
|
5.00%, 2/1/28(1)
|
25
|
25
|
|
5.38%, 6/1/29(1)
|
50
|
49
|
|
6.38%, 9/1/29(1)
|
150
|
150
|
|
4.75%, 3/1/30(1)
|
65
|
62
|
|
4.50%, 8/15/30(1)
|
25
|
23
|
|
4.25%, 2/1/31(1)
|
130
|
117
|
|
4.75%, 2/1/32(1)
|
232
|
207
|
|
4.50%, 5/1/32
|
52
|
46
|
|
7.00%, 2/1/33(1)
|
148
|
145
|
|
4.50%, 6/1/33(1)
|
152
|
132
|
|
4.25%, 1/15/34(1)
|
496
|
420
|
|
7.38%, 2/1/36(1) †
|
437
|
428
|
|
CSC Holdings LLC,
|
|
|
|
5.75%, 1/15/30(1)
|
275
|
64
|
|
4.50%, 11/15/31(1)
|
400
|
236
|
|
Directv Financing LLC,
|
|
|
|
8.88%, 2/1/30(1)
|
128
|
130
|
|
Directv Financing LLC/Directv Financing
Co-Obligor, Inc.,
|
|
|
|
5.88%, 8/15/27(1)
|
16
|
16
|
|
10.00%, 2/15/31(1)
|
260
|
270
|
|
9.25%, 6/1/32(1)
|
179
|
182
|
|
DISH DBS Corp.,
|
|
|
|
7.75%, 7/1/26(4)
|
75
|
75
|
|
5.25%, 12/1/26(1)
|
100
|
99
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 81.1% continued
|
||
|
Cable & Satellite – 3.4%continued
|
||
|
7.38%, 7/1/28(4)
|
$50
|
$48
|
|
5.75%, 12/1/28(1) †
|
75
|
73
|
|
5.13%, 6/1/29(4)
|
75
|
67
|
|
DISH Network Corp.,
|
|
|
|
11.75%, 11/15/27(1)
|
359
|
369
|
|
EchoStar Corp.,
|
|
|
|
10.75%, 11/30/29
|
497
|
537
|
|
6.75%, (100% Cash), 11/30/30(5)
|
355
|
360
|
|
Midcontinent Communications,
|
|
|
|
8.00%, 8/15/32(1)
|
82
|
72
|
|
Sirius XM Radio LLC,
|
|
|
|
5.00%, 8/1/27(1)
|
78
|
78
|
|
4.00%, 7/15/28(1)
|
80
|
78
|
|
3.88%, 9/1/31(1)
|
100
|
91
|
|
5.88%, 4/15/32(1)
|
75
|
74
|
|
Space Exploration Technologies Corp.,
|
|
|
|
5.88%, 7/15/36(1)
|
50
|
49
|
|
6.65%, 7/15/56(1)
|
25
|
24
|
|
|
|
4,808
|
|
Capital Goods – 0.0%
|
||
|
Clydesdale Acquisition Holdings, Inc.,
|
|
|
|
6.88%, 1/15/30(1)
|
27
|
27
|
|
Chemicals – 2.9%
|
||
|
Avient Corp.,
|
|
|
|
7.13%, 8/1/30(1)
|
25
|
25
|
|
Bond U.S. Bidco 1, Inc./Bidco 2/Bidco
3/German Bidco 1 GmbH/German
Bidco 2,
|
|
|
|
6.50%, 6/15/33 [EUR](1)
|
100
|
115
|
|
Celanese U.S. Holdings LLC,
|
|
|
|
7.33%, 7/15/29
|
25
|
26
|
|
7.55%, 11/15/30
|
25
|
26
|
|
7.00%, 2/15/31
|
29
|
30
|
|
7.38%, 7/15/32
|
150
|
158
|
|
6.75%, 4/15/33
|
356
|
363
|
|
7.70%, 11/15/33
|
125
|
134
|
|
7.38%, 2/15/34
|
59
|
61
|
|
Chemours (The) Co.,
|
|
|
|
5.75%, 11/15/28(1)
|
228
|
228
|
|
4.63%, 11/15/29(1) †
|
85
|
81
|
|
8.00%, 1/15/33(1)
|
25
|
25
|
|
7.88%, 3/15/34(1)
|
102
|
102
|
|
Schedule of Investments
|
|
MULTI-MANAGER HIGH YIELD OPPORTUNITY FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 81.1% continued
|
||
|
Chemicals – 2.9%continued
|
||
|
Element Solutions, Inc.,
|
|
|
|
3.88%, 9/1/28(1)
|
$111
|
$108
|
|
FMC Corp.,
|
|
|
|
3.45%, 10/1/29
|
60
|
56
|
|
8.00%, 6/1/31(1)
|
87
|
91
|
|
5.65%, 5/18/33†
|
75
|
67
|
|
6.38%, 5/18/53†
|
25
|
20
|
|
GrafTech Global Enterprises, Inc.,
|
|
|
|
9.88%, 12/23/29(1)
|
81
|
60
|
|
Huntsman International LLC,
|
|
|
|
5.70%, 10/15/34†
|
90
|
87
|
|
Innophos Holdings, Inc.,
|
|
|
|
11.50%, 6/15/29(1)
|
76
|
70
|
|
Mativ Holdings, Inc.,
|
|
|
|
8.00%, 10/1/29(1)
|
25
|
25
|
|
Methanex U.S. Operations, Inc.,
|
|
|
|
6.25%, 3/15/32(1) †
|
41
|
42
|
|
Minerals Technologies, Inc.,
|
|
|
|
5.00%, 7/1/28(1)
|
47
|
47
|
|
Olin Corp.,
|
|
|
|
5.63%, 8/1/29
|
75
|
74
|
|
6.63%, 4/1/33(1)
|
25
|
25
|
|
Olympus Water U.S. Holding Corp.,
|
|
|
|
7.25%, 6/15/31(1)
|
200
|
203
|
|
6.75%, 8/1/32(1)
|
200
|
195
|
|
7.25%, 2/15/33(1)
|
570
|
564
|
|
Perimeter Holdings LLC,
|
|
|
|
6.25%, 1/15/34(1)
|
82
|
82
|
|
Qnity Electronics, Inc.,
|
|
|
|
5.75%, 8/15/32(1)
|
71
|
71
|
|
6.25%, 8/15/33(1)
|
55
|
56
|
|
SCIH Salt Holdings, Inc.,
|
|
|
|
6.63%, 5/1/29(1)
|
75
|
74
|
|
SK Invictus Intermediate II S.a.r.l.,
|
|
|
|
5.00%, 10/30/29(1)
|
100
|
98
|
|
Solstice Advanced Materials, Inc.,
|
|
|
|
5.63%, 9/30/33(1)
|
94
|
93
|
|
Trinseo Luxco Finance SPV
S.a.r.l./Trinseo N.A. Finance
SPV LLC,
|
|
|
|
7.63%, 5/3/29(1) (4) (6)
|
87
|
—
|
|
Tronox, Inc.,
|
|
|
|
4.63%, 3/15/29(1) †
|
50
|
35
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 81.1% continued
|
||
|
Chemicals – 2.9%continued
|
||
|
WR Grace Holdings LLC,
|
|
|
|
5.63%, 8/15/29(1)
|
$330
|
$310
|
|
7.38%, 3/1/31(1)
|
45
|
45
|
|
6.63%, 8/15/32(1)
|
88
|
85
|
|
7.00%, 8/1/33(1)
|
101
|
98
|
|
|
|
4,155
|
|
Commercial Support Services – 2.8%
|
||
|
ADT Security (The) Corp.,
|
|
|
|
4.13%, 8/1/29(1)
|
50
|
48
|
|
4.88%, 7/15/32(1) †
|
25
|
24
|
|
5.88%, 10/15/33(1)
|
110
|
108
|
|
Allied Universal Holdco LLC,
|
|
|
|
7.88%, 2/15/31(1)
|
482
|
504
|
|
Allied Universal Holdco LLC/Allied
Universal Finance Corp.,
|
|
|
|
6.00%, 6/1/29(1) †
|
525
|
523
|
|
6.88%, 6/15/30(1)
|
165
|
170
|
|
Allied Universal Holdco LLC/Allied
Universal Finance Corp./Atlas Luxco
4 S.a.r.l.,
|
|
|
|
4.63%, 6/1/28(1)
|
185
|
182
|
|
AMN Healthcare, Inc.,
|
|
|
|
4.00%, 4/15/29(1) †
|
75
|
73
|
|
6.50%, 1/15/31(1) †
|
265
|
267
|
|
Brink's (The) Co.,
|
|
|
|
6.50%, 6/15/29(1)
|
25
|
25
|
|
6.75%, 6/15/32(1)
|
97
|
99
|
|
Clarivate Science Holdings Corp.,
|
|
|
|
3.88%, 7/1/28(1)
|
14
|
13
|
|
4.88%, 7/1/29(1)
|
110
|
98
|
|
Clean Harbors, Inc.,
|
|
|
|
6.38%, 2/1/31(1)
|
34
|
34
|
|
5.75%, 10/15/33(1)
|
25
|
25
|
|
CompoSecure Holdings LLC,
|
|
|
|
5.63%, 2/1/33(1)
|
147
|
143
|
|
Deluxe Corp.,
|
|
|
|
8.13%, 9/15/29(1)
|
25
|
26
|
|
GEO Group (The), Inc.,
|
|
|
|
8.63%, 4/15/29
|
25
|
26
|
|
10.25%, 4/15/31†
|
25
|
27
|
|
GFL Environmental Holdings U.S., Inc.,
|
|
|
|
5.63%, 7/1/31(1)
|
74
|
74
|
|
5.50%, 2/1/34(1)
|
185
|
181
|
|
|
June 30, 2026 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 81.1% continued
|
||
|
Commercial Support Services – 2.8%continued
|
||
|
GFL Environmental, Inc.,
|
|
|
|
4.38%, 8/15/29(1)
|
$12
|
$12
|
|
6.75%, 1/15/31(1)
|
35
|
36
|
|
Raven Acquisition Holdings LLC,
|
|
|
|
6.88%, 11/15/31(1)
|
460
|
450
|
|
Reworld Holding Corp.,
|
|
|
|
5.00%, 9/1/30
|
25
|
21
|
|
RR Donnelley & Sons Co.,
|
|
|
|
9.50%, 8/1/29(1)
|
193
|
200
|
|
10.88%, 8/1/29(1)
|
25
|
26
|
|
11.00%, 6/1/31(1) (5)
|
70
|
68
|
|
RRD Parent, Inc.,
|
|
|
|
13.00%, 2/4/30(1) (7)
|
25
|
27
|
|
TKC Holdings, Inc.,
|
|
|
|
8.50%, 8/15/30(1)
|
50
|
51
|
|
12.00%, 2/15/31(1)
|
50
|
53
|
|
Waste Pro U.S.A., Inc.,
|
|
|
|
7.00%, 2/1/33(1)
|
228
|
233
|
|
Williams Scotsman, Inc.,
|
|
|
|
4.63%, 8/15/28(1)
|
50
|
50
|
|
6.63%, 6/15/29(1)
|
33
|
34
|
|
6.63%, 4/15/30(1)
|
69
|
71
|
|
7.38%, 10/1/31(1)
|
35
|
36
|
|
|
|
4,038
|
|
Construction Materials – 1.2%
|
||
|
Advanced Drainage Systems, Inc.,
|
|
|
|
5.38%, 3/1/34(1)
|
25
|
24
|
|
Ameritex Holdco Intermediate LLC,
|
|
|
|
7.63%, 8/15/33(1)
|
268
|
280
|
|
JH North America Holdings, Inc.,
|
|
|
|
5.88%, 1/31/31(1)
|
25
|
25
|
|
6.13%, 7/31/32(1)
|
25
|
25
|
|
Knife River Corp.,
|
|
|
|
7.75%, 5/1/31(1)
|
25
|
26
|
|
New Enterprise Stone & Lime Co., Inc.,
|
|
|
|
5.25%, 7/15/28(1)
|
69
|
69
|
|
9.75%, 7/15/28(1)
|
138
|
138
|
|
Quikrete Holdings, Inc.,
|
|
|
|
6.38%, 3/1/32(1)
|
297
|
303
|
|
6.75%, 3/1/33(1)
|
25
|
26
|
|
Smyrna Ready Mix Concrete LLC,
|
|
|
|
6.00%, 11/1/28(1)
|
125
|
125
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 81.1% continued
|
||
|
Construction Materials – 1.2%continued
|
||
|
Standard Building Solutions, Inc.,
|
|
|
|
6.50%, 8/15/32(1)
|
$50
|
$50
|
|
6.25%, 8/1/33(1)
|
206
|
205
|
|
5.88%, 3/15/34(1)
|
136
|
131
|
|
Standard Industries, Inc.,
|
|
|
|
4.38%, 7/15/30(1)
|
124
|
118
|
|
Wilsonart LLC,
|
|
|
|
11.00%, 8/15/32(1)
|
134
|
109
|
|
|
|
1,654
|
|
Consumer Cyclical – 0.0%
|
||
|
Group 1 Automotive, Inc.,
|
|
|
|
6.38%, 1/15/30(1)
|
26
|
26
|
|
Consumer Non-Cyclical – 0.1%
|
||
|
Prestige Brands, Inc.,
|
|
|
|
7/15/34(8)
|
25
|
25
|
|
Prime Healthcare Services, Inc.,
|
|
|
|
9.38%, 9/1/29(1)
|
44
|
46
|
|
SES S.A.,
|
|
|
|
0.00%, 1/14/33(2) (7)
|
1
|
18
|
|
|
|
89
|
|
Consumer Services – 0.2%
|
||
|
Carriage Services, Inc.,
|
|
|
|
4.25%, 5/15/29(1)
|
25
|
24
|
|
Service Corp. International,
|
|
|
|
4.00%, 5/15/31
|
111
|
105
|
|
5.75%, 10/15/32
|
127
|
127
|
|
|
|
256
|
|
Containers & Packaging – 1.4%
|
||
|
Ardagh Group S.A.,
|
|
|
|
9.50%, 12/1/30(1)
|
376
|
401
|
|
11.00%, 12/1/30 [EUR](5) (9)
|
104
|
113
|
|
Ardagh Metal Packaging Finance
U.S.A. LLC/Ardagh Metal Packaging
Finance PLC,
|
|
|
|
4.00%, 9/1/29(1) †
|
280
|
266
|
|
Ball Corp.,
|
|
|
|
3.13%, 9/15/31
|
25
|
23
|
|
5.50%, 9/15/33†
|
25
|
25
|
|
Clydesdale Acquisition Holdings, Inc.,
|
|
|
|
6.63%, 4/15/29(1)
|
4
|
4
|
|
8.75%, 4/15/30(1)
|
25
|
25
|
|
6.75%, 4/15/32(1)
|
144
|
140
|
|
Schedule of Investments
|
|
MULTI-MANAGER HIGH YIELD OPPORTUNITY FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 81.1% continued
|
||
|
Containers & Packaging – 1.4%continued
|
||
|
Crown Americas LLC,
|
|
|
|
5.88%, 6/1/33
|
$99
|
$100
|
|
LABL, Inc.,
|
|
|
|
5.88%, 11/1/28(1) (4)
|
19
|
8
|
|
9.50%, 11/1/28(1) (4)
|
130
|
57
|
|
8.63%, 10/1/31(1) (4)
|
32
|
14
|
|
Mauser Packaging Solutions Holding
Co.,
|
|
|
|
7.88%, 4/15/30(1)
|
396
|
405
|
|
9.25%, 4/15/30(1)
|
54
|
53
|
|
Multi-Color Corp.,
|
|
|
|
8.50%, 5/11/33(1) (5) (10)
|
—
|
—
|
|
OI European Group B.V.,
|
|
|
|
4.75%, 2/15/30(1)
|
100
|
95
|
|
Owens-Brockway Glass Container, Inc.,
|
|
|
|
7.25%, 5/15/31(1)
|
75
|
74
|
|
7.38%, 6/1/32(1)
|
25
|
24
|
|
9.50%, 6/1/33(1)
|
25
|
26
|
|
Sword Purchaser LLC,
|
|
|
|
8.25%, 4/15/33(1)
|
50
|
52
|
|
10.50%, 4/15/34(1)
|
50
|
52
|
|
TriMas Corp.,
|
|
|
|
4.13%, 4/15/29(1) †
|
50
|
48
|
|
|
|
2,005
|
|
E-Commerce Discretionary – 0.1%
|
||
|
Wayfair LLC,
|
|
|
|
6.75%, 11/15/32(1)
|
175
|
180
|
|
7.13%, 5/31/34(1)
|
19
|
19
|
|
|
|
199
|
|
Electric Utilities – 3.4%
|
||
|
AES (The) Corp.,
|
|
|
|
(Variable, U.S. Treasury Yield Curve
Rate CMT 5Y + 3.20%), 7.60%,
1/15/55(3)
|
107
|
109
|
|
Alpha Generation LLC,
|
|
|
|
6.75%, 10/15/32(1)
|
93
|
95
|
|
6.25%, 1/15/34(1)
|
25
|
25
|
|
American Electric Power Co., Inc.,
|
|
|
|
(Variable, U.S. Treasury Yield Curve
Rate CMT 5Y + 2.68%), 6.95%,
12/15/54(3)
|
25
|
27
|
|
(Variable, U.S. Treasury Yield Curve
Rate CMT 5Y + 2.75%), 7.05%,
12/15/54(3)
|
25
|
26
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 81.1% continued
|
||
|
Electric Utilities – 3.4%continued
|
||
|
Clearway Energy Operating LLC,
|
|
|
|
3.75%, 1/15/32(1)
|
$30
|
$27
|
|
5.75%, 1/15/34(1)
|
25
|
24
|
|
Constellation Energy Generation LLC,
|
|
|
|
5.00%, 2/1/31(1)
|
100
|
100
|
|
Dominion Energy, Inc.,
|
|
|
|
(Variable, U.S. Treasury Yield Curve
Rate CMT 5Y + 1.87%), 6.15%,
12/15/56(3)
|
20
|
20
|
|
(Variable, U.S. Treasury Yield Curve
Rate CMT 5Y + 1.70%), 6.25%,
12/15/56(3)
|
15
|
15
|
|
Edison International,
|
|
|
|
(Variable, U.S. Treasury Yield Curve
Rate CMT 5Y + 3.66%), 7.88%,
6/15/54(3)
|
50
|
51
|
|
Hawaiian Electric Co., Inc.,
|
|
|
|
6.00%, 10/1/33(1)
|
25
|
25
|
|
Long Ridge Energy LLC,
|
|
|
|
8.75%, 2/15/32(1)
|
25
|
26
|
|
NextEra Energy Capital Holdings, Inc.,
|
|
|
|
(Variable, U.S. Treasury Yield Curve
Rate CMT 5Y + 1.84%), 6.00%,
10/1/56(3)
|
50
|
50
|
|
(Variable, U.S. Treasury Yield Curve
Rate CMT 5Y + 1.77%), 6.20%,
10/1/56(3)
|
76
|
76
|
|
NRG Energy, Inc.,
|
|
|
|
5.75%, 1/15/28
|
25
|
25
|
|
(Variable, U.S. Treasury Yield Curve
Rate CMT 5Y + 5.92%), 10.25%,
3/15/28(1) (3) (11)
|
170
|
183
|
|
5.25%, 6/15/29(1)
|
50
|
50
|
|
5.75%, 7/15/29(1)
|
125
|
125
|
|
3.88%, 2/15/32(1)
|
25
|
23
|
|
6.00%, 2/1/33(1)
|
155
|
156
|
|
7.00%, 3/15/33(1)
|
25
|
27
|
|
5.75%, 1/15/34(1)
|
175
|
174
|
|
5.88%, 5/15/34(1)
|
86
|
85
|
|
6.25%, 11/1/34(1)
|
126
|
128
|
|
6.00%, 1/15/36(1)
|
388
|
387
|
|
6.13%, 5/15/36(1)
|
146
|
146
|
|
Pattern Energy Operations L.P./Pattern
Energy Operations, Inc.,
|
|
|
|
4.50%, 8/15/28(1)
|
8
|
8
|
|
|
June 30, 2026 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 81.1% continued
|
||
|
Electric Utilities – 3.4%continued
|
||
|
PG&E Corp.,
|
|
|
|
5.00%, 7/1/28
|
$50
|
$50
|
|
(Variable, U.S. Treasury Yield Curve
Rate CMT 5Y + 3.88%), 7.38%,
3/15/55(3)
|
100
|
102
|
|
(Variable, U.S. Treasury Yield Curve
Rate CMT 5Y + 3.23%), 6.85%,
9/15/56(3)
|
78
|
78
|
|
Talen Energy Supply LLC,
|
|
|
|
6.13%, 5/1/31(1)
|
464
|
464
|
|
6.38%, 5/1/33(1)
|
594
|
593
|
|
6.25%, 2/1/34(1)
|
100
|
99
|
|
6.50%, 2/1/36(1)
|
50
|
50
|
|
TerraForm Power Operating LLC,
|
|
|
|
4.75%, 1/15/30(1)
|
25
|
24
|
|
Vistra Corp.,
|
|
|
|
(Variable, U.S. Treasury Yield Curve
Rate CMT 5Y + 6.93%), 8.00%,
10/15/26(1) (3) (11)
|
136
|
137
|
|
(Variable, U.S. Treasury Yield Curve
Rate CMT 5Y + 5.74%), 7.00%,
12/15/26(1) (3) (11)
|
245
|
247
|
|
Vistra Operations Co. LLC,
|
|
|
|
4.38%, 5/1/29(1) †
|
25
|
25
|
|
7.75%, 10/15/31(1)
|
100
|
105
|
|
6.88%, 4/15/32(1)
|
100
|
104
|
|
5.25%, 4/30/33(1)
|
25
|
25
|
|
5.55%, 4/30/36(1)
|
50
|
50
|
|
VoltaGrid LLC,
|
|
|
|
7.38%, 11/1/30(1)
|
242
|
251
|
|
XPLR Infrastructure Operating Partners
L.P.,
|
|
|
|
4.50%, 9/15/27(1)
|
25
|
25
|
|
8.38%, 1/15/31(1)
|
90
|
96
|
|
8.63%, 3/15/33(1)
|
20
|
21
|
|
7.75%, 4/15/34(1) †
|
138
|
145
|
|
|
|
4,904
|
|
Electrical Equipment – 0.5%
|
||
|
Atkore, Inc.,
|
|
|
|
4.25%, 6/1/31(1)
|
25
|
24
|
|
BWX Technologies, Inc.,
|
|
|
|
4.13%, 6/30/28(1)
|
11
|
11
|
|
EMRLD Borrower L.P./Emerald
Co-Issuer, Inc.,
|
|
|
|
6.63%, 12/15/30(1)
|
133
|
136
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 81.1% continued
|
||
|
Electrical Equipment – 0.5%continued
|
||
|
6.75%, 7/15/31(1)
|
$110
|
$114
|
|
Gates Corp.,
|
|
|
|
6.88%, 7/1/29(1)
|
42
|
43
|
|
Sensata Technologies B.V.,
|
|
|
|
4.00%, 4/15/29(1)
|
150
|
146
|
|
Sensata Technologies, Inc.,
|
|
|
|
3.75%, 2/15/31(1)
|
33
|
31
|
|
Solaris Energy Infrastructure LLC,
|
|
|
|
6.38%, 5/15/31(1)
|
37
|
37
|
|
WESCO Distribution, Inc.,
|
|
|
|
5.25%, 4/15/31(1)
|
57
|
56
|
|
5.50%, 4/15/34(1)
|
53
|
52
|
|
|
|
650
|
|
Energy – 0.1%
|
||
|
Aethon United BR L.P./Aethon United
Finance Corp.,
|
|
|
|
7.50%, 10/1/29(1)
|
77
|
80
|
|
Hilcorp Energy I L.P./Hilcorp Finance
Co.,
|
|
|
|
7.25%, 2/15/35(1)
|
16
|
16
|
|
Matador Resources Co.,
|
|
|
|
6.25%, 4/15/33(1)
|
75
|
75
|
|
NFE Brazil Financing Ltd.,
|
|
|
|
12.00%, 5/15/29 (1) (5)
|
27
|
24
|
|
|
|
195
|
|
Engineering & Construction – 0.6%
|
||
|
AECOM,
|
|
|
|
6.00%, 8/1/33(1)
|
50
|
50
|
|
Brand Industrial Services, Inc.,
|
|
|
|
10.38%, 8/1/30(1)
|
246
|
201
|
|
Brundage-Bone Concrete Pumping
Holdings, Inc.,
|
|
|
|
7.50%, 2/1/32(1)
|
340
|
353
|
|
Dycom Industries, Inc.,
|
|
|
|
4.50%, 4/15/29(1)
|
42
|
41
|
|
Global Infrastructure Solutions, Inc.,
|
|
|
|
6.38%, 7/15/34(1)
|
32
|
32
|
|
Granite Construction, Inc.,
|
|
|
|
6.38%, 6/15/34(1)
|
75
|
76
|
|
Installed Building Products, Inc.,
|
|
|
|
5.63%, 2/1/34(1)
|
67
|
67
|
|
Schedule of Investments
|
|
MULTI-MANAGER HIGH YIELD OPPORTUNITY FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 81.1% continued
|
||
|
Engineering & Construction – 0.6%continued
|
||
|
TopBuild Corp.,
|
|
|
|
4.13%, 2/15/32(1)
|
$25
|
$25
|
|
|
|
845
|
|
Entertainment Content – 1.9%
|
||
|
AMC Global Media, Inc.,
|
|
|
|
4.25%, 2/15/29†
|
27
|
24
|
|
10.50%, 7/15/32(1)
|
25
|
26
|
|
Discovery Communications LLC,
|
|
|
|
3.95%, 3/20/28
|
45
|
44
|
|
4.13%, 5/15/29
|
139
|
138
|
|
3.63%, 5/15/30
|
75
|
70
|
|
Discovery Global Holdings, Inc.,
|
|
|
|
4.05%, 3/15/29
|
109
|
108
|
|
4.28%, 3/15/32
|
205
|
184
|
|
5.05%, 3/15/42
|
467
|
342
|
|
OAK-Eagle Acquireco, Inc.,
|
|
|
|
7.25%, 7/1/33(1)
|
578
|
605
|
|
8.75%, 7/1/34(1)
|
201
|
213
|
|
Paramount Global,
|
|
|
|
3.38%, 2/15/28
|
25
|
24
|
|
4.20%, 6/1/29
|
50
|
48
|
|
4.95%, 1/15/31
|
150
|
139
|
|
4.20%, 5/19/32
|
25
|
22
|
|
6.88%, 4/30/36†
|
100
|
94
|
|
4.38%, 3/15/43
|
25
|
16
|
|
5.85%, 9/1/43
|
25
|
19
|
|
4.95%, 5/19/50
|
75
|
48
|
|
Playtika Holding Corp.,
|
|
|
|
4.25%, 3/15/29(1) †
|
71
|
64
|
|
Starz Capital Holdings 1, Inc.,
|
|
|
|
6.00%, 8/15/29(1)
|
66
|
63
|
|
Univision Communications, Inc.,
|
|
|
|
4.50%, 5/1/29(1)
|
100
|
95
|
|
7.38%, 6/30/30(1)
|
40
|
40
|
|
8.50%, 7/31/31(1)
|
135
|
136
|
|
9.38%, 8/1/32(1)
|
90
|
91
|
|
8.88%, 4/15/33(1)
|
107
|
105
|
|
Versant Media Group, Inc.,
|
|
|
|
7.25%, 1/30/31(1)
|
19
|
20
|
|
|
|
2,778
|
|
Food – 1.5%
|
||
|
B&G Foods, Inc.,
|
|
|
|
8.00%, 9/15/28(1) †
|
68
|
68
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 81.1% continued
|
||
|
Food – 1.5%continued
|
||
|
BellRing Brands, Inc.,
|
|
|
|
7.00%, 3/15/30(1)
|
$75
|
$75
|
|
Chobani LLC/Chobani Finance Corp.,
Inc.,
|
|
|
|
4.63%, 11/15/28(1)
|
63
|
62
|
|
7.63%, 7/1/29(1) †
|
76
|
78
|
|
6.38%, 4/15/34(1)
|
301
|
306
|
|
Darling Ingredients, Inc.,
|
|
|
|
5.25%, 4/15/27(1) †
|
25
|
25
|
|
6.00%, 6/15/30(1)
|
51
|
51
|
|
Fiesta Purchaser, Inc.,
|
|
|
|
7.88%, 3/1/31(1)
|
85
|
86
|
|
9.63%, 9/15/32(1)
|
485
|
475
|
|
HLF Financing S.a.r.l. LLC/Herbalife
International, Inc.,
|
|
|
|
4.88%, 6/1/29(1)
|
50
|
47
|
|
Industrial F&B Investments III, Inc.,
|
|
|
|
7.75%, 2/11/33(1)
|
25
|
26
|
|
Lamb Weston Holdings, Inc.,
|
|
|
|
4.13%, 1/31/30(1)
|
25
|
24
|
|
4.38%, 1/31/32(1)
|
81
|
76
|
|
Post Holdings, Inc.,
|
|
|
|
4.63%, 4/15/30(1)
|
25
|
24
|
|
4.50%, 9/15/31(1)
|
25
|
23
|
|
6.38%, 3/1/33(1)
|
74
|
73
|
|
6.25%, 10/15/34(1)
|
352
|
346
|
|
6.50%, 3/15/36(1)
|
122
|
121
|
|
Simmons Foods, Inc./Simmons
Prepared Foods, Inc./Simmons Pet
Food, Inc./Simmons Feed,
|
|
|
|
4.63%, 3/1/29(1)
|
83
|
80
|
|
Viking Baked Goods Acquisition Corp.,
|
|
|
|
8.63%, 11/1/31(1)
|
50
|
51
|
|
|
|
2,117
|
|
Gas & Water Utilities – 0.3%
|
||
|
AmeriGas Partners L.P./AmeriGas
Finance Corp.,
|
|
|
|
9.38%, 6/1/28(1)
|
25
|
25
|
|
9.50%, 6/1/30(1)
|
22
|
24
|
|
6.88%, 6/1/31(1)
|
83
|
84
|
|
Ferrellgas L.P./Ferrellgas Finance Corp.,
|
|
|
|
5.88%, 4/1/29(1)
|
125
|
121
|
|
9.25%, 1/15/31(1)
|
127
|
134
|
|
|
June 30, 2026 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 81.1% continued
|
||
|
Gas & Water Utilities – 0.3%continued
|
||
|
Suburban Propane Partners
L.P./Suburban Energy Finance Corp.,
|
|
|
|
5.00%, 6/1/31(1)
|
$25
|
$24
|
|
|
|
412
|
|
Health Care Facilities & Services – 4.3%
|
||
|
Acadia Healthcare Co., Inc.,
|
|
|
|
5.50%, 7/1/28(1)
|
50
|
50
|
|
7.38%, 3/15/33(1) †
|
314
|
323
|
|
Accendra Health, Inc.,
|
|
|
|
9.00%, 6/15/32(1) †
|
19
|
18
|
|
9.75%, 6/15/33(1)
|
15
|
10
|
|
9.75%, 6/15/33(1)
|
21
|
15
|
|
AHP Health Partners, Inc.,
|
|
|
|
5.75%, 7/15/29(1)
|
155
|
153
|
|
Centene Corp.,
|
|
|
|
2.45%, 7/15/28
|
40
|
38
|
|
4.63%, 12/15/29
|
100
|
97
|
|
3.38%, 2/15/30
|
50
|
47
|
|
3.00%, 10/15/30
|
75
|
68
|
|
2.50%, 3/1/31
|
50
|
44
|
|
2.63%, 8/1/31
|
50
|
44
|
|
Charles River Laboratories
International, Inc.,
|
|
|
|
4.00%, 3/15/31(1)
|
25
|
23
|
|
Charlotte Buyer, Inc.,
|
|
|
|
8.00%, 6/30/31(1)
|
140
|
142
|
|
CHS/Community Health Systems, Inc.,
|
|
|
|
6.00%, 1/15/29(1)
|
50
|
50
|
|
6.88%, 4/15/29(1)
|
100
|
98
|
|
6.13%, 4/1/30(1)
|
75
|
67
|
|
5.25%, 5/15/30(1)
|
224
|
211
|
|
4.75%, 2/15/31(1)
|
113
|
104
|
|
10.88%, 1/15/32(1)
|
63
|
68
|
|
9.75%, 1/15/34(1)
|
338
|
353
|
|
Concentra Health Services, Inc.,
|
|
|
|
6.88%, 7/15/32(1)
|
110
|
114
|
|
CVS Health Corp.,
|
|
|
|
(Variable, U.S. Treasury Yield Curve
Rate CMT 5Y + 2.52%), 6.75%,
12/10/54(3)
|
25
|
26
|
|
(Variable, U.S. Treasury Yield Curve
Rate CMT 5Y + 2.89%), 7.00%,
3/10/55(3)
|
50
|
52
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 81.1% continued
|
||
|
Health Care Facilities & Services – 4.3%continued
|
||
|
DaVita, Inc.,
|
|
|
|
4.63%, 6/1/30(1)
|
$125
|
$121
|
|
6.88%, 9/1/32(1)
|
10
|
10
|
|
6.75%, 7/15/33(1)
|
36
|
37
|
|
Encompass Health Corp.,
|
|
|
|
4.75%, 2/1/30†
|
50
|
49
|
|
5.88%, 6/1/34(1)
|
25
|
25
|
|
Fortrea Holdings, Inc.,
|
|
|
|
7.50%, 7/1/30(1) †
|
33
|
34
|
|
Global Medical Response, Inc.,
|
|
|
|
7.38%, 10/1/32(1)
|
405
|
420
|
|
HAH Group Holding Co. LLC,
|
|
|
|
9.75%, 10/1/31(1)
|
32
|
29
|
|
HealthEquity, Inc.,
|
|
|
|
4.50%, 10/1/29(1)
|
58
|
56
|
|
IQVIA, Inc.,
|
|
|
|
6.25%, 6/1/32(1)
|
118
|
120
|
|
LifePoint Health, Inc.,
|
|
|
|
9.88%, 8/15/30(1)
|
25
|
26
|
|
8.38%, 2/15/32(1)
|
25
|
26
|
|
10.00%, 6/1/32(1) †
|
113
|
113
|
|
7.00%, 5/1/34(1)
|
187
|
179
|
|
Molina Healthcare, Inc.,
|
|
|
|
4.38%, 6/15/28(1)
|
50
|
49
|
|
3.88%, 11/15/30(1)
|
24
|
22
|
|
6.50%, 2/15/31(1)
|
127
|
129
|
|
3.88%, 5/15/32(1)
|
100
|
90
|
|
6.25%, 1/15/33(1)
|
133
|
133
|
|
MPH Acquisition Holdings LLC,
|
|
|
|
5.75%, 12/31/30(1)
|
34
|
28
|
|
11.50%, 12/31/30(1) †
|
26
|
25
|
|
6.75%, 3/31/31(1) †
|
27
|
17
|
|
National Mentor Holdings, Inc.,
|
|
|
|
10.50%, 12/15/30(1)
|
400
|
422
|
|
Radiology Partners, Inc.,
|
|
|
|
8.50%, 7/15/32(1)
|
25
|
26
|
|
Select Medical Corp.,
|
|
|
|
6.25%, 12/1/32(1) †
|
130
|
126
|
|
Sotera Health Holdings LLC,
|
|
|
|
7.38%, 6/1/31(1)
|
89
|
92
|
|
Star Parent, Inc.,
|
|
|
|
9.00%, 10/1/30(1)
|
71
|
74
|
|
Schedule of Investments
|
|
MULTI-MANAGER HIGH YIELD OPPORTUNITY FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 81.1% continued
|
||
|
Health Care Facilities & Services – 4.3%continued
|
||
|
Surgery Center Holdings, Inc.,
|
|
|
|
7.25%, 4/15/32(1) †
|
$766
|
$776
|
|
TEAM Services Holding, Inc.,
|
|
|
|
9.00%, 2/15/33(1) †
|
25
|
25
|
|
Tenet Healthcare Corp.,
|
|
|
|
5.13%, 11/1/27
|
50
|
50
|
|
6.13%, 10/1/28
|
87
|
87
|
|
4.25%, 6/1/29
|
75
|
73
|
|
4.38%, 1/15/30
|
25
|
24
|
|
6.13%, 6/15/30
|
150
|
151
|
|
6.75%, 5/15/31
|
99
|
101
|
|
5.50%, 11/15/32(1)
|
67
|
67
|
|
6.00%, 11/15/33(1)
|
58
|
59
|
|
U.S. Acute Care Solutions LLC,
|
|
|
|
9.75%, 5/15/29(1)
|
105
|
99
|
|
|
|
6,205
|
|
Home & Office Products – 0.6%
|
||
|
Central Garden & Pet Co.,
|
|
|
|
4.13%, 10/15/30†
|
25
|
24
|
|
4.13%, 4/30/31(1)
|
25
|
24
|
|
FXI Holdings, Inc.,
|
|
|
|
14.00%, 11/15/29(1) (5)
|
51
|
13
|
|
11.00%, 11/15/30(1) †
|
78
|
66
|
|
Newell Brands, Inc.,
|
|
|
|
6.38%, 9/15/27
|
25
|
25
|
|
8.50%, 6/1/28(1)
|
77
|
80
|
|
6.63%, 9/15/29
|
59
|
60
|
|
6.38%, 5/15/30†
|
37
|
38
|
|
6.63%, 5/15/32†
|
58
|
59
|
|
7.38%, 4/1/36
|
25
|
25
|
|
7.50%, 4/1/46
|
25
|
23
|
|
Scotts Miracle-Gro (The) Co.,
|
|
|
|
4.00%, 4/1/31
|
50
|
47
|
|
4.38%, 2/1/32
|
50
|
47
|
|
Somnigroup International, Inc.,
|
|
|
|
4.00%, 4/15/29(1)
|
25
|
24
|
|
3.88%, 10/15/31(1)
|
25
|
23
|
|
Whirlpool Corp.,
|
|
|
|
6.13%, 6/15/30
|
25
|
23
|
|
7.50%, 7/1/31(1)
|
80
|
81
|
|
6.50%, 6/15/33†
|
25
|
22
|
|
7.88%, 7/1/34(1)
|
63
|
63
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 81.1% continued
|
||
|
Home & Office Products – 0.6%continued
|
||
|
5.15%, 3/1/43
|
$50
|
$31
|
|
4.50%, 6/1/46
|
25
|
15
|
|
|
|
813
|
|
Home Construction – 1.2%
|
||
|
Adams Homes, Inc.,
|
|
|
|
9.25%, 10/15/28(1)
|
125
|
129
|
|
Ashton Woods U.S.A. LLC/Ashton
Woods Finance Co.,
|
|
|
|
4.63%, 8/1/29(1)
|
50
|
48
|
|
4.63%, 4/1/30(1)
|
75
|
71
|
|
6.88%, 8/1/33(1)
|
92
|
91
|
|
Beazer Homes U.S.A., Inc.,
|
|
|
|
7.25%, 10/15/29
|
25
|
25
|
|
7.50%, 3/15/31(1)
|
75
|
75
|
|
8.00%, 1/15/32(1)
|
42
|
42
|
|
Camelot Return Merger Sub, Inc.,
|
|
|
|
8.75%, 8/1/28(1) †
|
25
|
16
|
|
Century Communities, Inc.,
|
|
|
|
3.88%, 8/15/29(1)
|
50
|
48
|
|
6.63%, 9/15/33(1)
|
53
|
54
|
|
Dream Finders Homes, Inc.,
|
|
|
|
8.25%, 8/15/28(1)
|
71
|
73
|
|
6.88%, 9/15/30(1)
|
25
|
25
|
|
Forestar Group, Inc.,
|
|
|
|
5.00%, 3/1/28(1)
|
50
|
50
|
|
Griffon Corp.,
|
|
|
|
5.75%, 3/1/28
|
100
|
100
|
|
JELD-WEN, Inc.,
|
|
|
|
4.88%, 12/15/27(1) †
|
45
|
36
|
|
K Hovnanian Enterprises, Inc.,
|
|
|
|
8.00%, 4/1/31(1)
|
78
|
80
|
|
8.38%, 10/1/33(1)
|
101
|
104
|
|
KB Home,
|
|
|
|
7.25%, 7/15/30
|
50
|
51
|
|
4.00%, 6/15/31
|
25
|
23
|
|
LGI Homes, Inc.,
|
|
|
|
8.75%, 12/15/28(1)
|
31
|
32
|
|
4.00%, 7/15/29(1)
|
25
|
23
|
|
7.00%, 11/15/32(1) †
|
97
|
96
|
|
Miter Brands Acquisition Holdco,
Inc./MIWD Borrower LLC,
|
|
|
|
6.75%, 4/1/32(1)
|
25
|
25
|
|
|
June 30, 2026 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 81.1% continued
|
||
|
Home Construction – 1.2%continued
|
||
|
New Home (The) Co., Inc.,
|
|
|
|
9.25%, 10/1/29(1)
|
$73
|
$76
|
|
8.50%, 11/1/30(1)
|
9
|
9
|
|
Shea Homes L.P./Shea Homes Funding
Corp.,
|
|
|
|
4.75%, 2/15/28
|
50
|
50
|
|
4.75%, 4/1/29†
|
25
|
24
|
|
STL Holding Co. LLC,
|
|
|
|
8.75%, 2/15/29(1)
|
52
|
54
|
|
Taylor Morrison Communities, Inc.,
|
|
|
|
5.75%, 11/15/32(1)
|
33
|
34
|
|
Tri Pointe Homes, Inc.,
|
|
|
|
5.25%, 6/1/27
|
25
|
25
|
|
Weekley Homes LLC/Weekley Finance
Corp.,
|
|
|
|
4.88%, 9/15/28(1)
|
50
|
49
|
|
6.75%, 1/15/34(1)
|
42
|
42
|
|
|
|
1,680
|
|
Household Products – 0.1%
|
||
|
P&L Development LLC/PLD Finance
Corp.,
|
|
|
|
12.00%, 5/15/29(1) (5)
|
41
|
40
|
|
Perrigo Finance Unlimited Co.,
|
|
|
|
6.13%, 9/30/32†
|
66
|
63
|
|
Prestige Brands, Inc.,
|
|
|
|
3.75%, 4/1/31(1)
|
25
|
23
|
|
|
|
126
|
|
Industrial Intermediate Products – 0.1%
|
||
|
Chart Industries, Inc.,
|
|
|
|
7.50%, 1/1/30(1)
|
24
|
25
|
|
Enpro, Inc.,
|
|
|
|
6.13%, 6/1/33(1)
|
28
|
28
|
|
Roller Bearing Co. of America, Inc.,
|
|
|
|
4.38%, 10/15/29(1)
|
50
|
49
|
|
|
|
102
|
|
Industrial Support Services – 0.8%
|
||
|
Alta Equipment Group, Inc.,
|
|
|
|
9.00%, 6/1/29(1) †
|
25
|
24
|
|
APi Group DE, Inc.,
|
|
|
|
4.13%, 7/15/29(1)
|
84
|
81
|
|
4.75%, 10/15/29(1)
|
52
|
51
|
|
5.75%, 6/1/34(1)
|
43
|
43
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 81.1% continued
|
||
|
Industrial Support Services – 0.8%continued
|
||
|
Core & Main L.P.,
|
|
|
|
6.00%, 7/1/34(1)
|
$157
|
$158
|
|
EquipmentShare.com, Inc.,
|
|
|
|
9.00%, 5/15/28(1)
|
25
|
25
|
|
8.63%, 5/15/32(1)
|
50
|
52
|
|
8.00%, 3/15/33(1) †
|
50
|
51
|
|
7/1/34(1) (8)
|
31
|
30
|
|
Herc Holdings, Inc.,
|
|
|
|
7.00%, 6/15/30(1)
|
9
|
9
|
|
5.75%, 3/15/31(1)
|
48
|
48
|
|
7.25%, 6/15/33(1)
|
69
|
72
|
|
6.00%, 3/15/34(1)
|
74
|
73
|
|
NESCO Holdings II, Inc.,
|
|
|
|
5.50%, 4/15/29(1)
|
50
|
50
|
|
Resideo Funding, Inc.,
|
|
|
|
6.50%, 7/15/32(1)
|
50
|
50
|
|
Synergy Infrastructure Holdings LLC,
|
|
|
|
7.88%, 12/1/30(1)
|
25
|
26
|
|
United Rentals North America, Inc.,
|
|
|
|
4.00%, 7/15/30
|
100
|
96
|
|
3.88%, 2/15/31
|
25
|
24
|
|
3.75%, 1/15/32
|
50
|
46
|
|
5.38%, 11/15/33(1)
|
136
|
134
|
|
6.13%, 3/15/34(1)
|
25
|
26
|
|
|
|
1,169
|
|
Institutional Financial Services – 0.6%
|
||
|
Coinbase Global, Inc.,
|
|
|
|
3.38%, 10/1/28(1)
|
175
|
166
|
|
3.63%, 10/1/31(1)
|
150
|
131
|
|
Goldman Sachs Group (The), Inc.,
|
|
|
|
(Variable, U.S. Treasury Yield Curve
Rate CMT 5Y + 2.46%), 6.85%,
2/10/30(3) (11)
|
48
|
49
|
|
(Variable, U.S. Treasury Yield Curve
Rate CMT 10Y + 2.40%), 6.13%,
11/10/34(3) (11) †
|
122
|
122
|
|
Jane Street Group/JSG Finance, Inc.,
|
|
|
|
4.50%, 11/15/29(1) †
|
75
|
73
|
|
6.13%, 11/1/32(1)
|
105
|
105
|
|
6.75%, 5/1/33(1)
|
273
|
281
|
|
|
|
927
|
|
Schedule of Investments
|
|
MULTI-MANAGER HIGH YIELD OPPORTUNITY FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 81.1% continued
|
||
|
Insurance – 2.8%
|
||
|
Acrisure LLC/Acrisure Finance, Inc.,
|
|
|
|
8.25%, 2/1/29(1)
|
$50
|
$47
|
|
4.25%, 2/15/29(1)
|
25
|
23
|
|
8.50%, 6/15/29(1)
|
50
|
47
|
|
6.00%, 8/1/29(1)
|
25
|
22
|
|
7.50%, 11/6/30(1)
|
75
|
71
|
|
Alliant Holdings
Intermediate LLC/Alliant Holdings
Co-Issuer,
|
|
|
|
4.25%, 10/15/27(1)
|
123
|
121
|
|
6.75%, 4/15/28(1)
|
25
|
25
|
|
5.88%, 11/1/29(1)
|
197
|
193
|
|
7.00%, 1/15/31(1)
|
72
|
73
|
|
6.50%, 10/1/31(1)
|
31
|
31
|
|
7.38%, 10/1/32(1)
|
442
|
439
|
|
AmWINS Group, Inc.,
|
|
|
|
6.38%, 2/15/29(1)
|
8
|
8
|
|
4.88%, 6/30/29(1)
|
37
|
36
|
|
Amynta Agency Borrower, Inc. and
Amynta Warranty Borrower, Inc.,
|
|
|
|
7.50%, 7/15/33(1)
|
135
|
129
|
|
APH Somerset Investor 2 LLC/APH2
Somerset Investor 2 LLC/APH3
Somerset Inves,
|
|
|
|
7.88%, 11/1/29(1)
|
115
|
116
|
|
Asurion LLC/Asurion Co-Issuer, Inc.,
|
|
|
|
8.00%, 12/31/32(1)
|
232
|
234
|
|
8.38%, 2/1/34(1)
|
491
|
454
|
|
Baldwin Insurance Group
Holdings LLC/Baldwin Insurance
Group Holdings Finance,
|
|
|
|
7.13%, 5/15/31(1)
|
50
|
50
|
|
Corebridge Financial, Inc.,
|
|
|
|
(Variable, U.S. Treasury Yield Curve
Rate CMT 5Y + 2.65%), 6.38%,
9/15/54(3)
|
48
|
48
|
|
CRC Insurance Group LLC,
|
|
|
|
7.13%, 6/1/31(1)
|
284
|
283
|
|
HUB International Ltd.,
|
|
|
|
7.25%, 6/15/30(1)
|
326
|
335
|
|
7.38%, 1/31/32(1)
|
1,004
|
1,022
|
|
Nassau Cos. of New York (The),
|
|
|
|
7.88%, 7/15/30(1)
|
25
|
24
|
|
Ryan Specialty LLC,
|
|
|
|
4.38%, 2/1/30(1)
|
5
|
5
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 81.1% continued
|
||
|
Insurance – 2.8%continued
|
||
|
5.88%, 8/1/32(1)
|
$57
|
$56
|
|
USI, Inc.,
|
|
|
|
7.50%, 1/15/32(1)
|
115
|
116
|
|
|
|
4,008
|
|
Internet Media & Services – 0.9%
|
||
|
Arches Buyer, Inc.,
|
|
|
|
4.25%, 6/1/28(1)
|
25
|
24
|
|
Beignet Investor LLC,
|
|
|
|
6.58%, 5/30/49(1)
|
877
|
895
|
|
Getty Images, Inc.,
|
|
|
|
11.25%, 2/21/30(1)
|
36
|
30
|
|
10.50%, 11/15/30(1)
|
19
|
16
|
|
Go Daddy Operating Co. LLC/GD
Finance Co., Inc.,
|
|
|
|
5.25%, 12/1/27(1)
|
25
|
25
|
|
Match Group Holdings II LLC,
|
|
|
|
3.63%, 10/1/31(1)
|
4
|
3
|
|
6.13%, 9/15/33(1)
|
68
|
67
|
|
Snap, Inc.,
|
|
|
|
6.88%, 3/1/33(1)
|
157
|
153
|
|
6.88%, 3/15/34(1)
|
65
|
63
|
|
|
|
1,276
|
|
IT Services – 0.3%
|
||
|
Amentum Holdings, Inc.,
|
|
|
|
7.25%, 8/1/32(1)
|
42
|
43
|
|
CACI International, Inc.,
|
|
|
|
6.38%, 6/15/33(1)
|
79
|
80
|
|
Fortress Intermediate 3, Inc.,
|
|
|
|
7.50%, 6/1/31(1)
|
165
|
168
|
|
Insight Enterprises, Inc.,
|
|
|
|
6.63%, 5/15/32(1)
|
25
|
26
|
|
KBR, Inc.,
|
|
|
|
4.75%, 9/30/28(1)
|
54
|
53
|
|
Science Applications International
Corp.,
|
|
|
|
4.88%, 4/1/28(1)
|
35
|
35
|
|
5.88%, 11/1/33(1)
|
48
|
47
|
|
|
|
452
|
|
Leisure Facilities & Services – 5.2%
|
||
|
Affinity Interactive,
|
|
|
|
6.88%, 12/15/27(1) †
|
50
|
28
|
|
AMC Entertainment Holdings, Inc.,
|
|
|
|
7.50%, 2/15/29(1) †
|
100
|
93
|
|
|
June 30, 2026 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 81.1% continued
|
||
|
Leisure Facilities & Services – 5.2%continued
|
||
|
BCPE Flavor Debt Merger Sub LLC and
BCPE Flavor Issuer, Inc.,
|
|
|
|
9.50%, 7/1/32(1)
|
$50
|
$47
|
|
Boyd Gaming Corp.,
|
|
|
|
4.75%, 6/15/31(1)
|
125
|
121
|
|
Boyne U.S.A., Inc.,
|
|
|
|
4.75%, 5/15/29(1)
|
57
|
56
|
|
Caesars Entertainment, Inc.,
|
|
|
|
4.63%, 10/15/29(1)
|
117
|
112
|
|
6.50%, 2/15/32(1)
|
187
|
182
|
|
6.00%, 10/15/32(1)
|
480
|
435
|
|
Carnival Corp. Ltd.,
|
|
|
|
6.65%, 1/15/28
|
25
|
26
|
|
5.13%, 5/1/29(1)
|
25
|
25
|
|
5.88%, 6/15/31(1)
|
65
|
66
|
|
5.75%, 8/1/32(1)
|
106
|
107
|
|
6.13%, 2/15/33(1)
|
234
|
237
|
|
Carnival UK Ltd.,
|
|
|
|
4.13%, 7/15/31 [EUR](1)
|
100
|
115
|
|
Churchill Downs, Inc.,
|
|
|
|
4.75%, 1/15/28(1)
|
25
|
25
|
|
5.75%, 4/1/30(1)
|
170
|
170
|
|
6.75%, 5/1/31(1)
|
5
|
5
|
|
Cinemark U.S.A., Inc.,
|
|
|
|
5.25%, 7/15/28(1)
|
50
|
50
|
|
7.00%, 8/1/32(1) †
|
41
|
42
|
|
Fertitta Entertainment LLC/Fertitta
Entertainment Finance Co., Inc.,
|
|
|
|
4.63%, 1/15/29(1)
|
25
|
24
|
|
6.75%, 1/15/30(1) †
|
329
|
323
|
|
Full House Resorts, Inc.,
|
|
|
|
8.25%, 2/15/28(1) †
|
50
|
49
|
|
Gaia Purchaser, Inc.,
|
|
|
|
7/15/33(1) (8)
|
111
|
112
|
|
GPS Hospitality Holding Co. LLC/GPS
Fin,
|
|
|
|
7.00%, 8/15/28
|
75
|
30
|
|
Hilton Domestic Operating Co., Inc.,
|
|
|
|
4.00%, 5/1/31(1)
|
100
|
95
|
|
5.50%, 9/15/31(1)
|
113
|
113
|
|
3.63%, 2/15/32(1)
|
25
|
23
|
|
5.88%, 3/15/33(1)
|
81
|
82
|
|
5.75%, 9/15/33(1)
|
50
|
50
|
|
5.50%, 3/31/34(1)
|
86
|
85
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 81.1% continued
|
||
|
Leisure Facilities & Services – 5.2%continued
|
||
|
Hilton Grand Vacations
Borrower LLC/Hilton Grand
Vacations Borrower, Inc.,
|
|
|
|
5.00%, 6/1/29(1)
|
$100
|
$98
|
|
4.88%, 7/1/31(1)
|
50
|
47
|
|
Jacobs Entertainment, Inc.,
|
|
|
|
6.75%, 2/15/29(1)
|
175
|
172
|
|
Life Time, Inc.,
|
|
|
|
6.00%, 11/15/31(1) †
|
75
|
76
|
|
Light & Wonder International, Inc.,
|
|
|
|
7.50%, 9/1/31(1) †
|
45
|
47
|
|
6.25%, 10/1/33(1)
|
167
|
166
|
|
Lindblad Expeditions LLC,
|
|
|
|
7.00%, 9/15/30(1)
|
95
|
98
|
|
Live Nation Entertainment, Inc.,
|
|
|
|
6.50%, 5/15/27(1)
|
25
|
25
|
|
4.75%, 10/15/27(1) †
|
75
|
75
|
|
Marriott Ownership Resorts, Inc.,
|
|
|
|
4.50%, 6/15/29(1)
|
25
|
24
|
|
6.50%, 10/1/33(1)
|
50
|
50
|
|
MGM Resorts International,
|
|
|
|
4.63%, 9/1/26
|
25
|
25
|
|
6.13%, 9/15/29
|
31
|
31
|
|
6.50%, 4/15/32
|
50
|
50
|
|
Midwest Gaming
Borrower LLC/Midwest Gaming
Finance Corp.,
|
|
|
|
4.88%, 5/1/29(1)
|
38
|
37
|
|
Mohegan Tribal Gaming Authority/MS
Digital Entertainment Holdings LLC,
|
|
|
|
8.25%, 4/15/30(1)
|
49
|
51
|
|
Muvico LLC,
|
|
|
|
15.00%, 2/19/29(1) (5) †
|
156
|
171
|
|
NCL Corp. Ltd.,
|
|
|
|
7.75%, 2/15/29(1)
|
25
|
26
|
|
6.25%, 3/1/30(1)
|
25
|
25
|
|
5.88%, 1/15/31(1)
|
40
|
39
|
|
6.75%, 2/1/32(1)
|
75
|
75
|
|
6.25%, 9/15/33(1)
|
72
|
70
|
|
NCL Finance Ltd.,
|
|
|
|
6.13%, 3/15/28(1)
|
25
|
25
|
|
Penn Entertainment, Inc.,
|
|
|
|
4.13%, 7/1/29(1) †
|
100
|
96
|
|
6.75%, 4/1/31(1)
|
170
|
171
|
|
Schedule of Investments
|
|
MULTI-MANAGER HIGH YIELD OPPORTUNITY FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 81.1% continued
|
||
|
Leisure Facilities & Services – 5.2%continued
|
||
|
Pioneer Opco LLC,
|
|
|
|
7.00%, 5/15/33(1)
|
$172
|
$175
|
|
Premier Entertainment Sub LLC/Premier
Entertainment Finance Corp.,
|
|
|
|
5.63%, 9/1/29(1)
|
50
|
35
|
|
5.88%, 9/1/31(1)
|
140
|
91
|
|
Rivers Enterprise Borrower LLC,
|
|
|
|
6.25%, 10/15/30(1)
|
23
|
23
|
|
Rivers Enterprise Borrower LLC/Rivers
Enterprise Finance Corp.,
|
|
|
|
6.63%, 2/1/33(1)
|
28
|
28
|
|
Royal Caribbean Cruises Ltd.,
|
|
|
|
5.63%, 9/30/31(1)
|
75
|
76
|
|
6.25%, 3/15/32(1)
|
25
|
26
|
|
6.00%, 2/1/33(1)
|
125
|
127
|
|
Sabre Financial Borrower LLC,
|
|
|
|
11.13%, 6/15/29(1) †
|
131
|
138
|
|
Sabre GLBL, Inc.,
|
|
|
|
11.13%, 7/15/30(1)
|
25
|
24
|
|
Scientific Games Holdings L.P.,Scientific
Games U.S. FinCo, Inc.,
|
|
|
|
6.63%, 3/1/30(1)
|
396
|
338
|
|
SeaWorld Parks & Entertainment, Inc.,
|
|
|
|
5.25%, 8/15/29(1) †
|
50
|
49
|
|
Six Flags Entertainment Corp.,
|
|
|
|
7.25%, 5/15/31(1) †
|
105
|
104
|
|
Six Flags Entertainment
Corp./Canada's Wonderland
Co./Magnum Management Corp.,
|
|
|
|
6.50%, 10/1/28
|
100
|
100
|
|
5.25%, 7/15/29†
|
25
|
24
|
|
Six Flags Entertainment
Corp./Canada's Wonderland
Co./Millennium Operations LLC,
|
|
|
|
8.63%, 1/15/32(1)
|
92
|
95
|
|
Six Flags Entertainment Corp./Six Flags
Theme Parks, Inc./Canada's
Wonderland Co.,
|
|
|
|
6.63%, 5/1/32(1)
|
60
|
61
|
|
Station Casinos LLC,
|
|
|
|
4.50%, 2/15/28(1)
|
25
|
25
|
|
4.63%, 12/1/31(1)
|
55
|
52
|
|
6.63%, 3/15/32(1)
|
217
|
220
|
|
Travel + Leisure Co.,
|
|
|
|
4.63%, 3/1/30(1)
|
25
|
24
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 81.1% continued
|
||
|
Leisure Facilities & Services – 5.2%continued
|
||
|
6.13%, 9/1/33(1)
|
$25
|
$25
|
|
Vail Resorts, Inc.,
|
|
|
|
5.63%, 7/15/30(1)
|
13
|
13
|
|
6.50%, 5/15/32(1)
|
39
|
40
|
|
Viking Cruises Ltd.,
|
|
|
|
9.13%, 7/15/31(1)
|
109
|
114
|
|
5.88%, 10/15/33(1)
|
128
|
128
|
|
Viking Ocean Cruises Ship VII Ltd.,
|
|
|
|
5.63%, 2/15/29(1)
|
59
|
59
|
|
VOC Escrow Ltd.,
|
|
|
|
5.00%, 2/15/28(1)
|
25
|
25
|
|
Voyager Parent LLC,
|
|
|
|
9.25%, 7/1/32(1)
|
69
|
73
|
|
Wyndham Hotels & Resorts, Inc.,
|
|
|
|
5.63%, 3/1/33(1)
|
68
|
67
|
|
Wynn Resorts Finance LLC/Wynn
Resorts Capital Corp.,
|
|
|
|
5.13%, 10/1/29(1)
|
85
|
84
|
|
6.25%, 3/15/33(1)
|
168
|
169
|
|
Yum! Brands, Inc.,
|
|
|
|
5.38%, 4/1/32
|
100
|
99
|
|
|
|
7,429
|
|
Leisure Products – 0.2%
|
||
|
Acushnet Co.,
|
|
|
|
5.63%, 12/1/33(1)
|
42
|
42
|
|
MajorDrive Holdings IV LLC,
|
|
|
|
6.38%, 6/1/29(1)
|
113
|
95
|
|
Mattel, Inc.,
|
|
|
|
5.45%, 11/1/41
|
25
|
23
|
|
Patrick Industries, Inc.,
|
|
|
|
4.75%, 5/1/29(1)
|
50
|
49
|
|
6.38%, 11/1/32(1)
|
60
|
59
|
|
Winnebago Industries, Inc.,
|
|
|
|
6.25%, 7/15/28(1)
|
10
|
10
|
|
|
|
278
|
|
Machinery – 0.6%
|
||
|
Amsted Industries, Inc.,
|
|
|
|
6.38%, 3/15/33(1)
|
36
|
37
|
|
Columbus McKinnon Corp.,
|
|
|
|
7.13%, 2/1/33(1)
|
74
|
74
|
|
Esab Corp.,
|
|
|
|
6.25%, 4/15/29(1)
|
26
|
26
|
|
5.63%, 4/1/31(1)
|
104
|
104
|
|
|
June 30, 2026 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 81.1% continued
|
||
|
Machinery – 0.6%continued
|
||
|
Lsf12 Helix Parent LLC,
|
|
|
|
7.13%, 2/1/33(1)
|
$385
|
$373
|
|
Madison IAQ LLC,
|
|
|
|
4.13%, 6/30/28(1)
|
25
|
25
|
|
5.88%, 6/30/29(1)
|
89
|
89
|
|
Manitowoc (The) Co., Inc.,
|
|
|
|
9.25%, 10/1/31(1)
|
69
|
74
|
|
Terex Corp.,
|
|
|
|
5.00%, 5/15/29(1)
|
75
|
74
|
|
6.25%, 10/15/32(1)
|
29
|
29
|
|
|
|
905
|
|
Medical Equipment & Devices – 0.6%
|
||
|
Avantor Funding, Inc.,
|
|
|
|
4.63%, 7/15/28(1) †
|
79
|
78
|
|
3.88%, 11/1/29(1)
|
108
|
103
|
|
Bausch + Lomb Corp.,
|
|
|
|
8.38%, 10/1/28(1)
|
234
|
240
|
|
Insulet Corp.,
|
|
|
|
6.50%, 4/1/33(1)
|
42
|
43
|
|
Medline Borrower L.P.,
|
|
|
|
5.25%, 10/1/29(1)
|
234
|
233
|
|
Medline Borrower L.P./Medline
Co-Issuer, Inc.,
|
|
|
|
6.25%, 4/1/29(1)
|
17
|
17
|
|
Neogen Food Safety Corp.,
|
|
|
|
8.63%, 7/20/30(1) †
|
71
|
75
|
|
Teleflex, Inc.,
|
|
|
|
5.88%, 1/15/32(1)
|
25
|
25
|
|
|
|
814
|
|
Metals & Mining – 1.2%
|
||
|
Arsenal AIC Parent LLC,
|
|
|
|
8.00%, 10/1/30(1)
|
79
|
82
|
|
11.50%, 10/1/31(1)
|
255
|
273
|
|
Century Aluminum Co.,
|
|
|
|
6.88%, 8/1/32(1)
|
450
|
463
|
|
Coeur Mining, Inc.,
|
|
|
|
6.88%, 4/1/32(1)
|
54
|
55
|
|
Compass Minerals International, Inc.,
|
|
|
|
8.00%, 7/1/30(1)
|
220
|
232
|
|
Kaiser Aluminum Corp.,
|
|
|
|
4.50%, 6/1/31(1)
|
165
|
158
|
|
5.88%, 3/1/34(1)
|
113
|
112
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 81.1% continued
|
||
|
Metals & Mining – 1.2%continued
|
||
|
Northwest Acquisitions ULC/Dominion
Finco, Inc.,
|
|
|
|
7.13%, 11/1/22(1) (4) (7) (12)
|
$1,905
|
$—
|
|
Novelis Corp.,
|
|
|
|
4.75%, 1/30/30(1)
|
25
|
24
|
|
6.88%, 1/30/30(1)
|
72
|
74
|
|
3.88%, 8/15/31(1)
|
80
|
73
|
|
6.38%, 8/15/33(1)
|
189
|
191
|
|
|
|
1,737
|
|
Oil & Gas Services & Equipment – 1.5%
|
||
|
Archrock Partners L.P./Archrock
Partners Finance Corp.,
|
|
|
|
6.63%, 9/1/32(1)
|
149
|
152
|
|
Archrock Services L.P./Archrock
Partners Finance Corp.,
|
|
|
|
6.00%, 2/1/34(1)
|
71
|
71
|
|
Bristow Group, Inc.,
|
|
|
|
6.75%, 2/1/33(1)
|
50
|
50
|
|
CHC Group LLC,
|
|
|
|
11.75%, 9/1/30(1)
|
50
|
42
|
|
Global Marine, Inc.,
|
|
|
|
7.00%, 6/1/28
|
66
|
67
|
|
Helix Energy Solutions Group, Inc.,
|
|
|
|
9.75%, 3/1/29(1)
|
50
|
52
|
|
Kodiak Gas Services LLC,
|
|
|
|
5.88%, 4/1/31(1)
|
123
|
123
|
|
6.50%, 10/1/33(1)
|
77
|
78
|
|
6.75%, 10/1/35(1)
|
68
|
70
|
|
Nabors Industries, Inc.,
|
|
|
|
8.88%, 8/15/31(1) †
|
50
|
51
|
|
7.63%, 11/15/32(1)
|
52
|
53
|
|
Noble Finance II LLC,
|
|
|
|
8.00%, 4/15/30(1)
|
74
|
77
|
|
6.25%, 6/15/34(1)
|
76
|
75
|
|
Oceaneering International, Inc.,
|
|
|
|
6.00%, 2/1/28
|
18
|
18
|
|
SESI LLC,
|
|
|
|
7.88%, 9/30/30(1)
|
25
|
25
|
|
Star Holding LLC,
|
|
|
|
8.75%, 8/1/31(1)
|
76
|
76
|
|
Tidewater, Inc.,
|
|
|
|
9.13%, 7/15/30(1)
|
35
|
38
|
|
Transocean Aquila Ltd.,
|
|
|
|
8.00%, 9/30/28(1)
|
15
|
16
|
|
Schedule of Investments
|
|
MULTI-MANAGER HIGH YIELD OPPORTUNITY FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 81.1% continued
|
||
|
Oil & Gas Services & Equipment – 1.5%continued
|
||
|
Transocean International Ltd.,
|
|
|
|
8.25%, 5/15/29(1)
|
$79
|
$82
|
|
8.75%, 2/15/30(1)
|
16
|
16
|
|
7.50%, 4/15/31†
|
75
|
76
|
|
8.50%, 5/15/31(1)
|
116
|
121
|
|
7.88%, 10/15/32(1)
|
54
|
56
|
|
6.80%, 3/15/38
|
146
|
135
|
|
U.S.A. Compression Partners
L.P./U.S.A. Compression Finance
Corp.,
|
|
|
|
7.13%, 3/15/29(1)
|
96
|
98
|
|
6.25%, 10/1/33(1)
|
199
|
197
|
|
Valaris Ltd.,
|
|
|
|
8.38%, 4/30/30(1)
|
93
|
97
|
|
Weatherford International Ltd.,
|
|
|
|
6.75%, 10/15/33(1)
|
185
|
189
|
|
|
|
2,201
|
|
Oil & Gas Supply Chain – 7.8%
|
||
|
Antero Midstream Partners L.P./Antero
Midstream Finance Corp.,
|
|
|
|
6.63%, 2/1/32(1)
|
25
|
26
|
|
5.75%, 10/15/33(1) †
|
50
|
50
|
|
5.75%, 7/1/34(1)
|
50
|
49
|
|
Ascent Resources Utica
Holdings LLC/ARU Finance Corp.,
|
|
|
|
9.00%, 11/1/27(1)
|
86
|
95
|
|
5.88%, 6/30/29(1)
|
42
|
42
|
|
6.63%, 10/15/32(1)
|
25
|
25
|
|
6.63%, 7/15/33(1)
|
45
|
46
|
|
Blue Racer Midstream LLC/Blue Racer
Finance Corp.,
|
|
|
|
7.00%, 7/15/29(1)
|
70
|
72
|
|
7.25%, 7/15/32(1)
|
42
|
43
|
|
Buckeye Partners L.P.,
|
|
|
|
6.88%, 7/1/29(1)
|
53
|
54
|
|
6.75%, 2/1/30(1)
|
39
|
40
|
|
5.85%, 11/15/43
|
25
|
23
|
|
5.60%, 10/15/44
|
25
|
22
|
|
California Resources Corp.,
|
|
|
|
7.00%, 1/15/34(1)
|
50
|
49
|
|
7.25%, 1/15/35(1)
|
35
|
35
|
|
Caturus Energy LLC,
|
|
|
|
8.50%, 2/15/30(1)
|
153
|
159
|
|
7.13%, 5/15/31(1)
|
105
|
104
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 81.1% continued
|
||
|
Oil & Gas Supply Chain – 7.8%continued
|
||
|
Chord Energy Corp.,
|
|
|
|
6.00%, 10/1/30(1)
|
$25
|
$25
|
|
6.75%, 3/15/33(1)
|
25
|
25
|
|
CITGO Petroleum Corp.,
|
|
|
|
8.38%, 1/15/29(1)
|
154
|
158
|
|
CNX Midstream Partners L.P.,
|
|
|
|
4.75%, 4/15/30(1)
|
15
|
14
|
|
CNX Resources Corp.,
|
|
|
|
7.38%, 1/15/31(1)
|
25
|
26
|
|
7.25%, 3/1/32(1)
|
41
|
42
|
|
5.88%, 3/1/34(1)
|
67
|
65
|
|
Comstock Resources, Inc.,
|
|
|
|
6.75%, 3/1/29(1)
|
76
|
75
|
|
6.75%, 3/1/29(1)
|
54
|
53
|
|
5.88%, 1/15/30(1)
|
174
|
164
|
|
CQP Holdco L.P./BIP-V Chinook
Holdco LLC,
|
|
|
|
5.50%, 6/15/31(1)
|
265
|
260
|
|
Crescent Energy Finance LLC,
|
|
|
|
7.75%, 7/31/29(1)
|
13
|
13
|
|
9.75%, 10/15/30(1)
|
65
|
69
|
|
7.63%, 4/1/32(1)
|
71
|
72
|
|
7.88%, 4/15/32(1)
|
191
|
193
|
|
7.38%, 1/15/33(1)
|
129
|
128
|
|
8.38%, 1/15/34(1)
|
31
|
32
|
|
CVR Energy, Inc.,
|
|
|
|
7.50%, 2/15/31(1)
|
45
|
45
|
|
7.88%, 2/15/34(1)
|
38
|
38
|
|
DBR Land Holdings LLC,
|
|
|
|
6.25%, 12/1/30(1)
|
53
|
54
|
|
Delek Logistics Partners L.P./Delek
Logistics Finance Corp.,
|
|
|
|
8.63%, 3/15/29(1)
|
62
|
64
|
|
7.38%, 6/30/33(1)
|
75
|
76
|
|
6.88%, 6/1/34(1)
|
70
|
70
|
|
Energy Transfer L.P.,
|
|
|
|
(Variable, U.S. Treasury Yield Curve
Rate CMT 5Y + 4.02%), 8.00%,
5/15/54(3)
|
100
|
106
|
|
(Variable, U.S. Treasury Yield Curve
Rate CMT 5Y + 2.83%), 7.13%,
10/1/54(3)
|
110
|
113
|
|
(Variable, U.S. Treasury Yield Curve
Rate CMT 5Y + 2.68%), 6.50%,
2/15/56(3)
|
50
|
50
|
|
|
June 30, 2026 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 81.1% continued
|
||
|
Oil & Gas Supply Chain – 7.8%continued
|
||
|
(Variable, U.S. Treasury Yield Curve
Rate CMT 5Y + 2.48%), 6.75%,
2/15/56(3)
|
$25
|
$26
|
|
Excelerate Energy L.P.,
|
|
|
|
8.00%, 5/15/30(1)
|
50
|
53
|
|
Genesis Energy L.P./Genesis Energy
Finance Corp.,
|
|
|
|
8.88%, 4/15/30
|
25
|
26
|
|
7.88%, 5/15/32
|
75
|
77
|
|
8.00%, 5/15/33†
|
58
|
60
|
|
6.75%, 3/15/34
|
87
|
86
|
|
Global Partners L.P./GLP Finance
Corp.,
|
|
|
|
7.13%, 7/1/33(1)
|
72
|
73
|
|
Gulfport Energy Operating Corp.,
|
|
|
|
6.75%, 9/1/29(1)
|
55
|
56
|
|
Harvest Midstream I L.P.,
|
|
|
|
7.50%, 5/15/32(1)
|
43
|
45
|
|
6.75%, 5/15/34(1)
|
263
|
267
|
|
Hess Midstream Operations L.P.,
|
|
|
|
6.50%, 6/1/29(1)
|
68
|
69
|
|
4.25%, 2/15/30(1)
|
18
|
17
|
|
5.50%, 10/15/30(1)
|
25
|
25
|
|
Hilcorp Energy I L.P./Hilcorp Finance
Co.,
|
|
|
|
6.25%, 11/1/28(1)
|
25
|
25
|
|
5.75%, 2/1/29(1)
|
8
|
8
|
|
6.00%, 4/15/30(1)
|
27
|
27
|
|
6.00%, 2/1/31(1)
|
50
|
48
|
|
6.25%, 4/15/32(1)
|
1
|
1
|
|
8.38%, 11/1/33(1)
|
141
|
147
|
|
6.88%, 5/15/34(1)
|
46
|
45
|
|
Howard Midstream Energy
Partners LLC,
|
|
|
|
7.38%, 7/15/32(1)
|
75
|
78
|
|
6.63%, 1/15/34(1)
|
76
|
77
|
|
Infinity Natural Resources LLC,
|
|
|
|
7.63%, 4/1/31(1)
|
58
|
58
|
|
ITT Holdings LLC,
|
|
|
|
6.50%, 8/1/29(1)
|
151
|
149
|
|
Kinetik Holdings L.P.,
|
|
|
|
6.63%, 12/15/28(1)
|
25
|
25
|
|
5.88%, 6/15/30(1)
|
35
|
35
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 81.1% continued
|
||
|
Oil & Gas Supply Chain – 7.8%continued
|
||
|
Kraken Oil & Gas Partners LLC,
|
|
|
|
7.63%, 8/15/29(1)
|
$100
|
$101
|
|
7.13%, 5/15/31(1)
|
38
|
37
|
|
Magnolia Oil & Gas
Operating LLC/Magnolia Oil & Gas
Finance Corp.,
|
|
|
|
6.88%, 12/1/32(1)
|
78
|
79
|
|
Martin Midstream Partners L.P./Martin
Midstream Finance Corp.,
|
|
|
|
11.50%, 2/15/28(1)
|
75
|
76
|
|
Matador Resources Co.,
|
|
|
|
6.50%, 4/15/32(1)
|
124
|
125
|
|
6.00%, 4/15/34(1)
|
66
|
64
|
|
Moss Creek Resources Holdings, Inc.,
|
|
|
|
8.25%, 9/1/31(1)
|
50
|
50
|
|
Murphy Oil Corp.,
|
|
|
|
6.00%, 10/1/32†
|
25
|
25
|
|
6.50%, 2/15/34
|
25
|
25
|
|
Murphy Oil U.S.A., Inc.,
|
|
|
|
4.75%, 9/15/29
|
50
|
49
|
|
5.88%, 6/1/34(1)
|
25
|
25
|
|
New Fortress Energy, Inc.,
|
|
|
|
6.50%, 9/30/26(1)
|
25
|
4
|
|
NFE Financing LLC,
|
|
|
|
12.00%, 11/15/29(1)
|
75
|
26
|
|
NGL Energy Operating LLC/NGL
Energy Finance Corp.,
|
|
|
|
8.13%, 2/15/29(1)
|
152
|
157
|
|
8.38%, 2/15/32(1)
|
180
|
187
|
|
Northern Oil & Gas, Inc.,
|
|
|
|
8.75%, 6/15/31(1)
|
50
|
52
|
|
7.88%, 10/15/33(1)
|
134
|
133
|
|
NuStar Logistics L.P.,
|
|
|
|
6.38%, 10/1/30
|
75
|
78
|
|
ONEOK, Inc.,
|
|
|
|
5.05%, 4/1/45
|
25
|
22
|
|
5.45%, 6/1/47
|
50
|
46
|
|
Par Petroleum LLC,
|
|
|
|
7.38%, 6/1/34(1)
|
70
|
71
|
|
PBF Holding Co. LLC/PBF Finance
Corp.,
|
|
|
|
9.88%, 3/15/30(1) †
|
25
|
27
|
|
7.88%, 9/15/30(1)
|
42
|
43
|
|
7.25%, 6/1/34(1)
|
38
|
38
|
|
Schedule of Investments
|
|
MULTI-MANAGER HIGH YIELD OPPORTUNITY FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 81.1% continued
|
||
|
Oil & Gas Supply Chain – 7.8%continued
|
||
|
Permian Resources Operating LLC,
|
|
|
|
5.88%, 7/1/29(1)
|
$50
|
$50
|
|
7.00%, 1/15/32(1)
|
26
|
27
|
|
6.25%, 2/1/33(1)
|
92
|
94
|
|
Plains All American Pipeline L.P.,
|
|
|
|
(Variable, CME Term SOFR 3M +
4.37%), 8.02%, 7/30/26(11) (13)
|
75
|
75
|
|
Prairie Acquiror L.P.,
|
|
|
|
9.00%, 8/1/29(1)
|
76
|
79
|
|
Rockies Express Pipeline LLC,
|
|
|
|
4.95%, 7/15/29(1)
|
50
|
49
|
|
4.80%, 5/15/30(1)
|
25
|
24
|
|
6.88%, 4/15/40(1)
|
25
|
26
|
|
SM Energy Co.,
|
|
|
|
6.75%, 8/1/29(1)
|
25
|
25
|
|
8.63%, 11/1/30(1)
|
100
|
105
|
|
8.75%, 7/1/31(1)
|
27
|
28
|
|
7.00%, 8/1/32(1)
|
25
|
25
|
|
9.63%, 6/15/33(1)
|
75
|
82
|
|
6.63%, 4/15/34(1)
|
130
|
128
|
|
Sunoco L.P.,
|
|
|
|
4.50%, 10/1/29(1)
|
100
|
97
|
|
4.63%, 5/1/30(1)
|
50
|
48
|
|
(Variable, U.S. Treasury Yield Curve
Rate CMT 5Y + 4.23%), 7.88%,
9/18/30(1) (3) (11)
|
291
|
303
|
|
5.63%, 3/15/31(1)
|
45
|
45
|
|
5.38%, 7/15/31(1)
|
70
|
69
|
|
6.63%, 8/15/32(1)
|
36
|
37
|
|
6.25%, 7/1/33(1)
|
99
|
100
|
|
5.88%, 3/15/34(1)
|
39
|
38
|
|
5.63%, 7/15/34(1)
|
180
|
176
|
|
Sunoco L.P./Sunoco Finance Corp.,
|
|
|
|
7.00%, 9/15/28(1)
|
25
|
26
|
|
4.50%, 4/30/30
|
50
|
49
|
|
Tallgrass Energy Partners L.P./Tallgrass
Energy Finance Corp.,
|
|
|
|
5.50%, 1/15/28(1)
|
24
|
24
|
|
7.38%, 2/15/29(1)
|
112
|
115
|
|
6.00%, 12/31/30(1)
|
25
|
25
|
|
6.00%, 9/1/31(1)
|
50
|
49
|
|
Talos Production, Inc.,
|
|
|
|
9.00%, 2/1/29(1)
|
25
|
26
|
|
9.38%, 2/1/31(1)
|
50
|
53
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 81.1% continued
|
||
|
Oil & Gas Supply Chain – 7.8%continued
|
||
|
Targa Resources Corp.,
|
|
|
|
6.13%, 5/15/55
|
$50
|
$50
|
|
TGNR Intermediate Holdings LLC,
|
|
|
|
5.50%, 10/15/29(1)
|
118
|
116
|
|
TransMontaigne Partners LLC,
|
|
|
|
8.50%, 6/15/30(1)
|
37
|
38
|
|
Venture Global Calcasieu Pass LLC,
|
|
|
|
6.25%, 1/15/30(1)
|
50
|
51
|
|
4.13%, 8/15/31(1)
|
50
|
47
|
|
6.00%, 5/1/36(1)
|
25
|
25
|
|
Venture Global LNG, Inc.,
|
|
|
|
9.50%, 2/1/29(1)
|
194
|
209
|
|
(Variable, U.S. Treasury Yield Curve
Rate CMT 5Y + 5.44%), 9.00%,
9/30/29(1) (3) (11) †
|
385
|
376
|
|
9.88%, 2/1/32(1)
|
425
|
454
|
|
6.38%, 12/15/34(1)
|
226
|
222
|
|
6.63%, 6/15/36(1)
|
161
|
159
|
|
Venture Global Plaquemines LNG LLC,
|
|
|
|
6.13%, 12/15/30(1)
|
114
|
117
|
|
7.50%, 5/1/33(1)
|
90
|
99
|
|
6.50%, 1/15/34(1)
|
322
|
336
|
|
6.50%, 6/15/34(1)
|
75
|
78
|
|
7.75%, 5/1/35(1)
|
110
|
123
|
|
6.75%, 1/15/36(1)
|
414
|
439
|
|
Western Midstream Operating L.P.,
|
|
|
|
7.25%, 4/1/30(1)
|
25
|
26
|
|
Wildfire Intermediate Holdings LLC,
|
|
|
|
7.50%, 10/15/29(1)
|
71
|
73
|
|
|
|
11,242
|
|
Publishing & Broadcasting – 1.9%
|
||
|
Clear Channel Outdoor Holdings, Inc.,
|
|
|
|
7.75%, 4/15/28(1)
|
225
|
225
|
|
7.50%, 6/1/29(1)
|
82
|
82
|
|
7.88%, 4/1/30(1)
|
228
|
238
|
|
7.13%, 2/15/31(1)
|
177
|
183
|
|
7.50%, 3/15/33(1)
|
176
|
185
|
|
EW Scripps (The) Co.,
|
|
|
|
9.88%, 8/15/30(1)
|
50
|
44
|
|
Gray Media, Inc.,
|
|
|
|
4.75%, 10/15/30(1)
|
100
|
72
|
|
5.38%, 11/15/31(1)
|
100
|
67
|
|
9.63%, 7/15/32(1)
|
120
|
116
|
|
|
June 30, 2026 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 81.1% continued
|
||
|
Publishing & Broadcasting – 1.9%continued
|
||
|
7.25%, 8/15/33(1) †
|
$115
|
$113
|
|
iHeartCommunications, Inc.,
|
|
|
|
4.75%, 1/15/28(1)
|
75
|
72
|
|
9.13%, 5/1/29(1)
|
70
|
69
|
|
10.88%, 5/1/30(1) †
|
90
|
78
|
|
7.75%, 8/15/30(1)
|
64
|
60
|
|
Lamar Media Corp.,
|
|
|
|
5.38%, 11/1/33(1)
|
152
|
149
|
|
McGraw-Hill Education, Inc.,
|
|
|
|
8.00%, 8/1/29(1)
|
575
|
576
|
|
7.38%, 9/1/31(1)
|
25
|
25
|
|
News Corp.,
|
|
|
|
5.13%, 2/15/32(1)
|
50
|
49
|
|
Nexstar Media, Inc.,
|
|
|
|
6.50%, 9/15/33(1)
|
125
|
125
|
|
7.25%, 4/15/34(1)
|
25
|
25
|
|
Scripps Escrow II, Inc.,
|
|
|
|
5.38%, 1/15/31(1)
|
25
|
15
|
|
Sinclair Television Group, Inc.,
|
|
|
|
5.50%, 3/1/30(1) †
|
25
|
22
|
|
4.38%, 12/31/32(1)
|
25
|
19
|
|
8.13%, 2/15/33(1)
|
148
|
152
|
|
|
|
2,761
|
|
Real Estate Investment Trusts – 2.1%
|
||
|
Brandywine Operating Partnership L.P.,
|
|
|
|
6.13%, 1/15/31
|
25
|
24
|
|
Brookfield Property REIT, Inc./BPR
Cumulus LLC/BPR Nimbus LLC/GGSI
Sellco LL,
|
|
|
|
4.50%, 4/1/27(1)
|
64
|
63
|
|
CTR Partnership L.P./CareTrust Capital
Corp.,
|
|
|
|
3.88%, 6/30/28(1)
|
50
|
49
|
|
Diversified Healthcare Trust,
|
|
|
|
7.25%, 10/15/30(1)
|
41
|
42
|
|
Iron Mountain Information
Management Services, Inc.,
|
|
|
|
5.00%, 7/15/32(1)
|
175
|
168
|
|
Iron Mountain, Inc.,
|
|
|
|
4.88%, 9/15/27(1)
|
50
|
50
|
|
5.25%, 3/15/28(1)
|
50
|
50
|
|
5.00%, 7/15/28(1)
|
25
|
25
|
|
5.25%, 7/15/30(1)
|
125
|
123
|
|
4.50%, 2/15/31(1)
|
75
|
72
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 81.1% continued
|
||
|
Real Estate Investment Trusts – 2.1%continued
|
||
|
6.25%, 1/15/33(1)
|
$85
|
$86
|
|
6.25%, 1/15/35(1)
|
226
|
227
|
|
Millrose Properties, Inc.,
|
|
|
|
6.38%, 8/1/30(1)
|
194
|
197
|
|
6.25%, 9/15/32(1)
|
105
|
106
|
|
MPT Operating Partnership L.P./MPT
Finance Corp.,
|
|
|
|
5.00%, 10/15/27†
|
100
|
97
|
|
4.63%, 8/1/29
|
50
|
40
|
|
3.50%, 3/15/31
|
50
|
34
|
|
8.50%, 2/15/32(1)
|
252
|
258
|
|
Park Intermediate Holdings LLC/PK
Domestic Property LLC/PK Finance
Co-Issuer,
|
|
|
|
5.88%, 10/1/28(1)
|
25
|
25
|
|
4.88%, 5/15/29(1)
|
50
|
49
|
|
7.00%, 2/1/30(1)
|
70
|
72
|
|
Pebblebrook Hotel L.P./PEB Finance
Corp.,
|
|
|
|
6.38%, 10/15/29(1)
|
49
|
50
|
|
Prologis L.P.,
|
|
|
|
5.25%, 3/15/54
|
50
|
47
|
|
RHP Hotel Properties L.P./RHP Finance
Corp.,
|
|
|
|
4.50%, 2/15/29(1)
|
25
|
24
|
|
6.50%, 4/1/32(1)
|
50
|
51
|
|
6.50%, 6/15/33(1)
|
107
|
110
|
|
5.75%, 3/15/34(1)
|
99
|
98
|
|
RLJ Lodging Trust L.P.,
|
|
|
|
3.75%, 7/1/26(1)
|
25
|
25
|
|
4.00%, 9/15/29(1) †
|
114
|
109
|
|
Service Properties Trust,
|
|
|
|
0.00%, 9/30/27(1) (2)
|
42
|
39
|
|
4.95%, 10/1/29†
|
50
|
47
|
|
4.38%, 2/15/30†
|
25
|
23
|
|
8.63%, 11/15/31(1)
|
261
|
275
|
|
8.88%, 6/15/32
|
51
|
52
|
|
Uniti Group L.P./Uniti Fiber Holdings,
Inc./CSL Capital LLC,
|
|
|
|
6.00%, 1/15/30(1)
|
85
|
83
|
|
XHR L.P.,
|
|
|
|
4.88%, 6/1/29(1)
|
25
|
24
|
|
6.63%, 5/15/30(1)
|
48
|
49
|
|
|
|
2,963
|
|
Schedule of Investments
|
|
MULTI-MANAGER HIGH YIELD OPPORTUNITY FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 81.1% continued
|
||
|
Real Estate Owners & Developers – 0.2%
|
||
|
Five Point Operating Co. L.P.,
|
|
|
|
8.00%, 10/1/30(1)
|
$39
|
$40
|
|
Howard Hughes (The) Corp.,
|
|
|
|
4.13%, 2/1/29(1)
|
50
|
48
|
|
4.38%, 2/1/31(1)
|
36
|
34
|
|
5.88%, 3/1/32(1)
|
48
|
48
|
|
6.13%, 3/1/34(1)
|
77
|
76
|
|
|
|
246
|
|
Real Estate Services – 0.4%
|
||
|
Anywhere Real Estate
Group LLC/Anywhere Co-Issuer
Corp.,
|
|
|
|
7.00%, 4/15/30(1)
|
108
|
109
|
|
7.00%, 4/15/30
|
86
|
87
|
|
Anywhere Real Estate
Group LLC/Realogy Co-Issuer Corp.,
|
|
|
|
5.75%, 1/15/29(1)
|
50
|
50
|
|
5.25%, 4/15/30(1)
|
50
|
48
|
|
9.75%, 4/15/30(1)
|
25
|
27
|
|
CoreLogic, Inc.,
|
|
|
|
4.50%, 5/1/28(1)
|
235
|
229
|
|
Cushman & Wakefield U.S. Borrower
LLC,
|
|
|
|
6.75%, 5/15/28(1)
|
7
|
7
|
|
8.88%, 9/1/31(1)
|
25
|
26
|
|
|
|
583
|
|
Retail - Consumer Staples – 0.5%
|
||
|
Albertsons Cos., Inc./Safeway,
Inc./New Albertsons
L.P./Albertsons LLC,
|
|
|
|
6.50%, 2/15/28(1)
|
75
|
75
|
|
4.88%, 2/15/30(1)
|
50
|
48
|
|
5.50%, 3/31/31(1)
|
51
|
50
|
|
5.63%, 3/31/32(1)
|
97
|
94
|
|
6.25%, 3/15/33(1)
|
27
|
27
|
|
5.75%, 3/31/34(1)
|
204
|
194
|
|
Ingles Markets, Inc.,
|
|
|
|
4.00%, 6/15/31(1)
|
75
|
71
|
|
Kroger (The) Co.,
|
|
|
|
5.00%, 9/15/34
|
25
|
25
|
|
5.50%, 9/15/54
|
100
|
94
|
|
5.65%, 9/15/64
|
50
|
47
|
|
|
|
725
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 81.1% continued
|
||
|
Retail - Discretionary – 2.5%
|
||
|
Academy Ltd.,
|
|
|
|
5.88%, 5/15/31(1)
|
$25
|
$25
|
|
Advance Auto Parts, Inc.,
|
|
|
|
7.00%, 8/1/30(1)
|
53
|
54
|
|
7.38%, 8/1/33(1) †
|
25
|
26
|
|
Asbury Automotive Group, Inc.,
|
|
|
|
4.63%, 11/15/29(1)
|
25
|
24
|
|
Avis Budget Car Rental LLC/Avis
Budget Finance, Inc.,
|
|
|
|
5.75%, 7/15/27(1)
|
11
|
11
|
|
4.75%, 4/1/28(1)
|
50
|
49
|
|
8.25%, 1/15/30(1) †
|
125
|
129
|
|
8.00%, 2/15/31(1)
|
25
|
25
|
|
8.38%, 6/15/32(1) †
|
135
|
136
|
|
Bath & Body Works, Inc.,
|
|
|
|
6.63%, 10/1/30(1)
|
25
|
26
|
|
6.75%, 7/1/36
|
75
|
75
|
|
Builders FirstSource, Inc.,
|
|
|
|
5.00%, 3/1/30(1)
|
75
|
74
|
|
4.25%, 2/1/32(1)
|
125
|
116
|
|
6.38%, 6/15/32(1)
|
100
|
101
|
|
6.38%, 3/1/34(1)
|
125
|
126
|
|
6.75%, 5/15/35(1)
|
118
|
120
|
|
Carvana Co.,
|
|
|
|
9.00%, 6/1/30(1)
|
140
|
144
|
|
9.00%, 6/1/31(1)
|
265
|
292
|
|
Cougar JV Subsidiary LLC,
|
|
|
|
8.00%, 5/15/32(1)
|
41
|
43
|
|
Gap (The), Inc.,
|
|
|
|
3.63%, 10/1/29(1)
|
25
|
24
|
|
Hertz (The) Corp.,
|
|
|
|
12.63%, 7/15/29(1) †
|
50
|
41
|
|
5.00%, 12/1/29(1) †
|
25
|
8
|
|
LBM Acquisition LLC,
|
|
|
|
6.25%, 1/15/29(1) †
|
50
|
36
|
|
LCM Investments Holdings II LLC,
|
|
|
|
4.88%, 5/1/29(1)
|
71
|
69
|
|
8.25%, 8/1/31(1)
|
51
|
53
|
|
Lithia Motors, Inc.,
|
|
|
|
4.63%, 12/15/27(1)
|
50
|
50
|
|
3.88%, 6/1/29(1)
|
50
|
48
|
|
5.50%, 10/1/30(1)
|
53
|
52
|
|
Macy's Retail Holdings LLC,
|
|
|
|
4.50%, 12/15/34
|
25
|
22
|
|
|
June 30, 2026 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 81.1% continued
|
||
|
Retail - Discretionary – 2.5%continued
|
||
|
5.13%, 1/15/42
|
$75
|
$62
|
|
Mavis Tire Express Services Topco
Corp.,
|
|
|
|
6.50%, 5/15/29(1)
|
25
|
25
|
|
Michaels (The) Cos., Inc.,
|
|
|
|
8.50%, 3/15/33(1)
|
150
|
149
|
|
Park River Holdings, Inc.,
|
|
|
|
8.00%, 3/15/31(1)
|
25
|
25
|
|
QXO Building Products, Inc.,
|
|
|
|
6.50%, 7/15/31(1)
|
139
|
142
|
|
6.75%, 4/30/32(1)
|
206
|
213
|
|
6.88%, 7/15/34(1)
|
132
|
136
|
|
Saks Global Enterprises LLC,
|
|
|
|
11.00%, 12/15/29(4) (6)
|
67
|
—
|
|
Sonic Automotive, Inc.,
|
|
|
|
4.63%, 11/15/29(1)
|
50
|
49
|
|
Staples, Inc.,
|
|
|
|
10.75%, 9/1/29(1)
|
87
|
83
|
|
12.75%, 1/15/30(1)
|
38
|
29
|
|
Wand NewCo 3, Inc.,
|
|
|
|
7.63%, 1/30/32(1)
|
367
|
380
|
|
White Cap Supply Holdings LLC,
|
|
|
|
7.38%, 11/15/30(1) †
|
336
|
341
|
|
|
|
3,633
|
|
Semiconductors – 0.2%
|
||
|
Amkor Technology, Inc.,
|
|
|
|
5.88%, 10/1/33(1)
|
38
|
38
|
|
Coherent Corp.,
|
|
|
|
5.00%, 12/15/29(1) †
|
157
|
155
|
|
Entegris, Inc.,
|
|
|
|
5.95%, 6/15/30(1)
|
25
|
25
|
|
ON Semiconductor Corp.,
|
|
|
|
3.88%, 9/1/28(1)
|
50
|
49
|
|
Synaptics, Inc.,
|
|
|
|
4.00%, 6/15/29(1) †
|
50
|
49
|
|
|
|
316
|
|
Software – 2.4%
|
||
|
AthenaHealth Group, Inc.,
|
|
|
|
6.50%, 2/15/30(1)
|
1,128
|
1,082
|
|
Capstone Borrower, Inc.,
|
|
|
|
8.00%, 6/15/30(1)
|
49
|
47
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 81.1% continued
|
||
|
Software – 2.4%continued
|
||
|
Central Parent LLC/CDK Global
II LLC/CDK Financing Co., Inc.,
|
|
|
|
8.00%, 6/15/29(1)
|
$5
|
$3
|
|
Central Parent, Inc./CDK Global, Inc.,
|
|
|
|
7.25%, 6/15/29(1) †
|
88
|
47
|
|
Cloud Software Group, Inc.,
|
|
|
|
6.50%, 3/31/29(1)
|
368
|
357
|
|
9.00%, 9/30/29(1)
|
342
|
332
|
|
8.25%, 6/30/32(1)
|
25
|
23
|
|
6.63%, 8/15/33(1)
|
25
|
22
|
|
CoreWeave, Inc.,
|
|
|
|
9.25%, 6/1/30(1)
|
107
|
108
|
|
9.00%, 2/1/31(1) †
|
441
|
436
|
|
9.75%, 10/1/31(1)
|
403
|
402
|
|
9.63%, 7/15/32(1)
|
75
|
74
|
|
Ellucian Holdings, Inc.,
|
|
|
|
6.50%, 12/1/29(1)
|
290
|
280
|
|
Gen Digital, Inc.,
|
|
|
|
6.75%, 9/30/27(1)
|
25
|
25
|
|
7.13%, 9/30/30(1) †
|
50
|
51
|
|
McAfee Corp.,
|
|
|
|
7.38%, 2/15/30(1)
|
50
|
42
|
|
SS&C Technologies, Inc.,
|
|
|
|
6.50%, 6/1/32(1)
|
25
|
25
|
|
UKG, Inc.,
|
|
|
|
6.88%, 2/1/31(1)
|
121
|
117
|
|
|
|
3,473
|
|
Specialty Finance – 4.9%
|
||
|
Ally Financial, Inc.,
|
|
|
|
(Variable, U.S. Treasury Yield Curve
Rate CMT 5Y + 3.15%), 7.10%,
8/15/31(3) (11)
|
25
|
25
|
|
6.70%, 2/14/33†
|
50
|
51
|
|
Arbor Realty SR, Inc.,
|
|
|
|
8.50%, 12/15/28(1)
|
25
|
25
|
|
7.88%, 7/15/30(1)
|
50
|
47
|
|
Azorra Finance Ltd.,
|
|
|
|
7.75%, 4/15/30(1)
|
75
|
78
|
|
7.25%, 1/15/31(1)
|
35
|
36
|
|
6.25%, 2/15/34(1)
|
34
|
33
|
|
Blackstone Mortgage Trust, Inc.,
|
|
|
|
3.75%, 1/15/27(1)
|
101
|
100
|
|
7.75%, 12/1/29(1)
|
25
|
26
|
|
Schedule of Investments
|
|
MULTI-MANAGER HIGH YIELD OPPORTUNITY FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 81.1% continued
|
||
|
Specialty Finance – 4.9%continued
|
||
|
Block, Inc.,
|
|
|
|
5.63%, 8/15/30(1)
|
$107
|
$107
|
|
6.50%, 5/15/32
|
21
|
21
|
|
6.00%, 8/15/33(1)
|
180
|
181
|
|
CrossCountry Intermediate HoldCo LLC,
|
|
|
|
6.50%, 10/1/30(1)
|
41
|
40
|
|
6.75%, 12/1/32(1)
|
63
|
61
|
|
Fair Isaac Corp.,
|
|
|
|
6.00%, 5/15/33(1)
|
113
|
111
|
|
6.25%, 9/15/34(1)
|
140
|
138
|
|
FirstCash, Inc.,
|
|
|
|
4.63%, 9/1/28(1)
|
25
|
25
|
|
5.63%, 1/1/30(1)
|
25
|
25
|
|
6.88%, 3/1/32(1)
|
50
|
51
|
|
Freedom Mortgage Corp.,
|
|
|
|
6.63%, 1/15/27(1)
|
125
|
125
|
|
Freedom Mortgage Holdings LLC,
|
|
|
|
9.25%, 2/1/29(1)
|
50
|
52
|
|
6.88%, 5/1/31(1)
|
6
|
6
|
|
9.13%, 5/15/31(1)
|
45
|
47
|
|
8.38%, 4/1/32(1)
|
20
|
20
|
|
7.88%, 4/1/33(1)
|
33
|
32
|
|
FTAI Aviation Investors LLC,
|
|
|
|
5.50%, 5/1/28(1)
|
83
|
83
|
|
7.88%, 12/1/30(1)
|
39
|
41
|
|
7.00%, 5/1/31(1)
|
143
|
148
|
|
7.00%, 6/15/32(1)
|
250
|
258
|
|
5.88%, 4/15/33(1)
|
204
|
204
|
|
ION Platform Finance U.S., Inc./ION
Platform Finance S.A.R.L.,
|
|
|
|
5.00%, 5/1/28(1)
|
105
|
96
|
|
8.75%, 5/1/29(1)
|
25
|
22
|
|
Jefferson Capital Holdings LLC,
|
|
|
|
6.00%, 8/15/26(1)
|
50
|
50
|
|
9.50%, 2/15/29(1)
|
25
|
26
|
|
8.25%, 5/15/30(1)
|
75
|
79
|
|
Ladder Capital Finance
Holdings LLLP/Ladder Capital
Finance Corp.,
|
|
|
|
4.25%, 2/1/27(1)
|
25
|
25
|
|
7.00%, 7/15/31(1)
|
25
|
26
|
|
LD Holdings Group LLC,
|
|
|
|
8.75%, 11/1/27(1) †
|
17
|
16
|
|
6.13%, 4/1/28(1)
|
25
|
21
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 81.1% continued
|
||
|
Specialty Finance – 4.9%continued
|
||
|
LFS Topco LLC,
|
|
|
|
8.75%, 7/15/30(1) †
|
$100
|
$100
|
|
Navient Corp.,
|
|
|
|
5.50%, 3/15/29
|
75
|
72
|
|
11.50%, 3/15/31
|
50
|
53
|
|
9.38%, 10/15/31
|
26
|
26
|
|
7.88%, 6/15/32†
|
24
|
22
|
|
OneMain Finance Corp.,
|
|
|
|
6.63%, 5/15/29
|
14
|
14
|
|
5.38%, 11/15/29
|
87
|
85
|
|
7.88%, 3/15/30
|
97
|
101
|
|
6.13%, 5/15/30
|
74
|
74
|
|
4.00%, 9/15/30†
|
45
|
42
|
|
7.50%, 5/15/31
|
64
|
66
|
|
7.13%, 11/15/31
|
93
|
95
|
|
6.75%, 3/15/32
|
198
|
199
|
|
7.13%, 9/15/32
|
51
|
52
|
|
6.50%, 3/15/33
|
102
|
100
|
|
6.75%, 9/15/33
|
159
|
157
|
|
Oxford Finance LLC/Oxford Finance
Co-Issuer II, Inc.,
|
|
|
|
7.75%, 5/15/31(1)
|
25
|
25
|
|
PennyMac Financial Services, Inc.,
|
|
|
|
4.25%, 2/15/29(1)
|
50
|
48
|
|
7.88%, 12/15/29(1)
|
49
|
51
|
|
7.13%, 11/15/30(1)
|
25
|
25
|
|
5.75%, 9/15/31(1)
|
75
|
71
|
|
6.88%, 5/15/32(1)
|
66
|
65
|
|
6.88%, 2/15/33(1)
|
75
|
73
|
|
6.75%, 2/15/34(1)
|
98
|
94
|
|
PHH Escrow Issuer LLC/PHH Corp.,
|
|
|
|
9.88%, 11/1/29(1)
|
75
|
73
|
|
PRA Group, Inc.,
|
|
|
|
8.38%, 2/1/28(1)
|
25
|
25
|
|
8.88%, 1/31/30(1)
|
50
|
52
|
|
Rithm Capital Corp.,
|
|
|
|
8.00%, 4/1/29(1)
|
50
|
50
|
|
8.00%, 7/15/30(1)
|
25
|
25
|
|
8.50%, 6/1/31(1)
|
50
|
50
|
|
Rocket Cos., Inc.,
|
|
|
|
6.50%, 8/1/29(1)
|
34
|
35
|
|
6.13%, 8/1/30(1)
|
120
|
122
|
|
6.13%, 8/1/31(1)
|
82
|
84
|
|
7.13%, 2/1/32(1)
|
171
|
178
|
|
|
June 30, 2026 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 81.1% continued
|
||
|
Specialty Finance – 4.9%continued
|
||
|
6.38%, 8/1/33(1)
|
$224
|
$228
|
|
6.50%, 6/15/34(1)
|
72
|
74
|
|
Rocket Mortgage LLC/Rocket
Mortgage Co-Issuer, Inc.,
|
|
|
|
4.00%, 10/15/33(1)
|
186
|
167
|
|
Shift4 Payments LLC/Shift4 Payments
Finance Sub, Inc.,
|
|
|
|
6.75%, 8/15/32(1)
|
269
|
270
|
|
SLM Corp.,
|
|
|
|
6.50%, 1/31/30
|
25
|
25
|
|
(Variable, U.S. SOFR Compounded
Index + 2.71%), 6.50%,
5/15/32(3)
|
45
|
45
|
|
Starwood Property Trust, Inc.,
|
|
|
|
7.25%, 4/1/29(1)
|
29
|
30
|
|
8/15/29(1) (8)
|
26
|
26
|
|
6.00%, 4/15/30(1)
|
67
|
67
|
|
6.50%, 7/1/30(1)
|
40
|
41
|
|
6.50%, 10/15/30(1)
|
47
|
48
|
|
6.13%, 6/1/31(1)
|
25
|
25
|
|
Stonebriar ABF Issuer LLC,
|
|
|
|
8.13%, 12/15/30(1)
|
50
|
52
|
|
Synchrony Financial,
|
|
|
|
7.25%, 2/2/33
|
50
|
52
|
|
United Wholesale Mortgage LLC,
|
|
|
|
5.75%, 6/15/27(1)
|
25
|
25
|
|
5.50%, 4/15/29(1)
|
59
|
55
|
|
UWM Holdings LLC,
|
|
|
|
6.63%, 2/1/30(1)
|
113
|
105
|
|
6.25%, 3/15/31(1) †
|
121
|
108
|
|
Walker & Dunlop, Inc.,
|
|
|
|
6.63%, 4/1/33(1)
|
72
|
73
|
|
WEX, Inc.,
|
|
|
|
6.50%, 3/15/33(1)
|
463
|
461
|
|
WS Escrow LLC,
|
|
|
|
7.75%, 6/1/33(1)
|
63
|
65
|
|
|
|
7,004
|
|
Steel – 2.4%
|
||
|
Big River Steel LLC/BRS Finance Corp.,
|
|
|
|
6.63%, 1/31/29(1)
|
86
|
86
|
|
Carpenter Technology Corp.,
|
|
|
|
5.63%, 3/1/34(1)
|
68
|
68
|
|
Cleveland-Cliffs, Inc.,
|
|
|
|
6.88%, 11/1/29(1)
|
109
|
110
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 81.1% continued
|
||
|
Steel – 2.4%continued
|
||
|
6.75%, 4/15/30(1)
|
$25
|
$25
|
|
4.88%, 3/1/31(1)
|
25
|
23
|
|
7.50%, 9/15/31(1)
|
25
|
25
|
|
7.00%, 3/15/32(1)
|
155
|
154
|
|
7.38%, 5/1/33(1)
|
130
|
130
|
|
Commercial Metals Co.,
|
|
|
|
4.13%, 1/15/30
|
25
|
24
|
|
4.38%, 3/15/32†
|
25
|
24
|
|
5.75%, 11/15/33(1)
|
75
|
75
|
|
6.00%, 12/15/35(1)
|
71
|
71
|
|
Hybar LLC,
|
|
|
|
7.38%, 7/1/34(1)
|
86
|
86
|
|
Specialty Building Products
Holdings LLC/SBP Finance Corp.,
|
|
|
|
12.00%, 11/15/33(7) (12)
|
2,490
|
2,490
|
|
TMS International Corp.,
|
|
|
|
6.25%, 4/15/29(1)
|
25
|
25
|
|
|
|
3,416
|
|
Technology Hardware – 0.5%
|
||
|
Diebold Nixdorf, Inc.,
|
|
|
|
7.75%, 3/31/30(1)
|
25
|
26
|
|
Ingram Micro, Inc.,
|
|
|
|
4.75%, 5/15/29(1)
|
200
|
197
|
|
NCR Atleos Corp.,
|
|
|
|
9.50%, 4/1/29(1)
|
25
|
27
|
|
NCR Voyix Corp.,
|
|
|
|
5.00%, 10/1/28(1)
|
25
|
25
|
|
5.13%, 4/15/29(1)
|
30
|
29
|
|
Seagate Data Storage Technology Pte.
Ltd.,
|
|
|
|
4.09%, 6/1/29(1)
|
25
|
24
|
|
8.25%, 12/15/29(1)
|
23
|
24
|
|
5.88%, 7/15/30(1)
|
64
|
65
|
|
4.13%, 1/15/31(1)
|
55
|
52
|
|
8.50%, 7/15/31(1)
|
40
|
42
|
|
9.63%, 12/1/32(1)
|
70
|
77
|
|
5.75%, 12/1/34
|
12
|
12
|
|
TTM Technologies, Inc.,
|
|
|
|
4.00%, 3/1/29(1) †
|
50
|
48
|
|
Viavi Solutions, Inc.,
|
|
|
|
3.75%, 10/1/29(1) †
|
37
|
35
|
|
Schedule of Investments
|
|
MULTI-MANAGER HIGH YIELD OPPORTUNITY FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 81.1% continued
|
||
|
Technology Hardware – 0.5%continued
|
||
|
Zebra Technologies Corp.,
|
|
|
|
6.50%, 6/1/32(1)
|
$73
|
$74
|
|
|
|
757
|
|
Telecommunications – 5.2%
|
||
|
APLD ComputeCo 2 LLC,
|
|
|
|
6.75%, 3/15/31(1) †
|
107
|
107
|
|
APLD ComputeCo 3 LLC,
|
|
|
|
7.00%, 6/15/31(1)
|
392
|
391
|
|
APLD ComputeCo LLC,
|
|
|
|
9.25%, 12/15/30(1)
|
578
|
624
|
|
AT&T, Inc.,
|
|
|
|
3.55%, 9/15/55
|
25
|
16
|
|
6.00%, 4/30/56
|
100
|
97
|
|
Black Pearl Compute LLC,
|
|
|
|
6.13%, 2/15/31(1)
|
65
|
66
|
|
Cipher Compute LLC,
|
|
|
|
7.13%, 11/15/30(1)
|
117
|
122
|
|
Core Scientific Finance I LLC,
|
|
|
|
7.75%, 5/15/31(1)
|
275
|
279
|
|
ELK Grove Village Property LLC,
|
|
|
|
7.50%, 6/15/31(1)
|
80
|
81
|
|
Embarq LLC,
|
|
|
|
8.00%, 6/1/36
|
50
|
14
|
|
Flash Compute LLC,
|
|
|
|
7.25%, 12/31/30(1)
|
221
|
227
|
|
Hughes Satellite Systems Corp.,
|
|
|
|
6.63%, 8/1/26
|
25
|
15
|
|
Level 3 Financing, Inc.,
|
|
|
|
3.75%, 7/15/29(1) †
|
4
|
4
|
|
6.88%, 6/30/33(1)
|
371
|
381
|
|
7.00%, 3/31/34(1)
|
381
|
393
|
|
8.50%, 1/15/36(1)
|
382
|
410
|
|
7.50%, 2/15/37(1)
|
140
|
144
|
|
Lumen Technologies, Inc.,
|
|
|
|
4.50%, 1/15/29(1)
|
50
|
48
|
|
5.38%, 6/15/29(1)
|
25
|
24
|
|
Meridian Arc Holdco LLC,
|
|
|
|
6.25%, 4/30/31(1)
|
1,212
|
1,215
|
|
PR RNO Property Owner 1 LLC,
|
|
|
|
6.50%, 5/1/31(1)
|
231
|
231
|
|
Sable International Finance Ltd.,
|
|
|
|
7.13%, 10/15/32(1)
|
200
|
198
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 81.1% continued
|
||
|
Telecommunications – 5.2%continued
|
||
|
SE Cosmos LLC,
|
|
|
|
8.88%, 5/1/31(1)
|
$426
|
$438
|
|
Stingray Compute LLC,
|
|
|
|
6.00%, 6/15/31(1)
|
77
|
77
|
|
SV RNO Property Owner 1 LLC,
|
|
|
|
5.88%, 3/1/31(1)
|
418
|
412
|
|
Uniti Group L.P./Uniti Group Finance
2019, Inc./CSL Capital LLC,
|
|
|
|
4.75%, 4/15/28(1)
|
25
|
25
|
|
6.50%, 2/15/29(1)
|
89
|
88
|
|
8.63%, 6/15/32(1)
|
175
|
183
|
|
8.63%, 6/15/32(1)
|
179
|
187
|
|
Verizon Communications, Inc.,
|
|
|
|
6.73%, 2/15/28(1)
|
25
|
25
|
|
Viasat, Inc.,
|
|
|
|
6.50%, 7/15/28(1)
|
25
|
25
|
|
7.50%, 5/30/31(1) †
|
25
|
25
|
|
Windstream Services LLC,
|
|
|
|
7.50%, 10/15/33(1)
|
93
|
98
|
|
Windstream Services LLC/Windstream
Escrow Finance Corp.,
|
|
|
|
8.25%, 10/1/31(1)
|
326
|
344
|
|
WULF Compute LLC,
|
|
|
|
7.75%, 10/15/30(1)
|
200
|
210
|
|
Yondr JK 1 LLC,
|
|
|
|
6.88%, 6/30/31(1)
|
93
|
93
|
|
Zayo Group Holdings, Inc.,
|
|
|
|
9.25%, 3/9/30(1) (5)
|
49
|
48
|
|
13.75%, 9/9/30(1) (5)
|
164
|
163
|
|
|
|
7,528
|
|
Transportation & Logistics – 0.9%
|
||
|
Alaska Airlines, Inc.,
|
|
|
|
6.50%, 6/1/31(1)
|
25
|
25
|
|
American Airlines, Inc.,
|
|
|
|
7.25%, 2/15/28(1) †
|
50
|
51
|
|
American Airlines, Inc./AAdvantage
Loyalty IP Ltd.,
|
|
|
|
5.75%, 4/20/29(1)
|
175
|
175
|
|
Beacon Mobility Corp.,
|
|
|
|
7.25%, 8/1/30(1)
|
25
|
26
|
|
GB AIT Buyer, Inc.,
|
|
|
|
8.75%, 4/30/34(1)
|
164
|
164
|
|
Genesee & Wyoming, Inc.,
|
|
|
|
6.25%, 4/15/32(1)
|
99
|
100
|
|
|
June 30, 2026 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 81.1% continued
|
||
|
Transportation & Logistics – 0.9%continued
|
||
|
JetBlue Airways Corp./JetBlue Loyalty
L.P.,
|
|
|
|
9.88%, 9/20/31(1)
|
$177
|
$160
|
|
OneSky Flight LLC,
|
|
|
|
8.88%, 12/15/29(1)
|
72
|
76
|
|
PODS LLC,
|
|
|
|
8.75%, 5/15/31(1)
|
94
|
92
|
|
Rand Parent LLC,
|
|
|
|
8.50%, 2/15/30(1)
|
72
|
75
|
|
RXO, Inc.,
|
|
|
|
6.38%, 5/15/31(1)
|
13
|
13
|
|
Star Leasing Co. LLC,
|
|
|
|
7.63%, 2/15/30(1)
|
25
|
25
|
|
Stonepeak Nile Parent LLC,
|
|
|
|
7.25%, 3/15/32(1)
|
14
|
15
|
|
United Airlines Holdings, Inc.,
|
|
|
|
5.38%, 3/1/31
|
97
|
96
|
|
United Airlines, Inc.,
|
|
|
|
4.63%, 4/15/29(1)
|
25
|
25
|
|
Watco Cos. LLC/Watco Finance Corp.,
|
|
|
|
7.13%, 8/1/32(1)
|
88
|
90
|
|
XPO, Inc.,
|
|
|
|
6.25%, 6/1/28(1)
|
25
|
25
|
|
7.13%, 6/1/31(1)
|
25
|
26
|
|
7.13%, 2/1/32(1)
|
25
|
26
|
|
|
|
1,285
|
|
Transportation Equipment – 0.2%
|
||
|
Allison Transmission, Inc.,
|
|
|
|
4.75%, 10/1/27(1)
|
25
|
25
|
|
3.75%, 1/30/31(1)
|
25
|
23
|
|
5.88%, 12/1/33(1)
|
76
|
76
|
|
JB Poindexter & Co., Inc.,
|
|
|
|
8.75%, 12/15/31(1)
|
50
|
52
|
|
Trinity Industries, Inc.,
|
|
|
|
7.75%, 7/15/28(1)
|
50
|
51
|
|
|
|
227
|
|
Wholesale - Consumer Staples – 0.4%
|
||
|
C&S Group Enterprises LLC,
|
|
|
|
5.00%, 12/15/28(1)
|
25
|
24
|
|
KeHE Distributors LLC/KeHE Finance
Corp./NextWave Distribution, Inc.,
|
|
|
|
9.00%, 2/15/29(1)
|
106
|
111
|
|
7.13%, 4/30/33(1) †
|
61
|
62
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 81.1% continued
|
||
|
Wholesale - Consumer Staples – 0.4%continued
|
||
|
Performance Food Group, Inc.,
|
|
|
|
4.25%, 8/1/29(1)
|
$50
|
$48
|
|
6.13%, 9/15/32(1)
|
64
|
65
|
|
5.63%, 3/1/34(1)
|
79
|
77
|
|
U.S. Foods, Inc.,
|
|
|
|
6.88%, 9/15/28(1)
|
25
|
26
|
|
7.25%, 1/15/32(1)
|
25
|
26
|
|
5.75%, 4/15/33(1)
|
50
|
50
|
|
United Natural Foods, Inc.,
|
|
|
|
6.75%, 10/15/28(1)
|
50
|
50
|
|
|
|
539
|
|
Wholesale - Discretionary – 0.0%
|
||
|
Dealer Tire Financial LLC,
|
|
|
|
10/1/31(1) (8)
|
15
|
15
|
|
Dealer Tire LLC/DT Issuer LLC,
|
|
|
|
8.00%, 2/1/28(1)
|
25
|
25
|
|
S&S Holdings LLC,
|
|
|
|
8.38%, 10/1/31(1)
|
25
|
24
|
|
|
|
64
|
|
Total Corporate Bonds
|
|
|
|
(Cost $117,987)
|
|
116,420
|
|
|
|
|
|
FOREIGN ISSUER BONDS – 7.8%
|
||
|
Aerospace & Defense – 0.3%
|
||
|
Bombardier, Inc.,
|
|
|
|
8.75%, 11/15/30(1)
|
25
|
27
|
|
7.25%, 7/1/31(1)
|
50
|
52
|
|
6.75%, 6/15/33(1)
|
65
|
67
|
|
5.88%, 1/15/35(1)
|
25
|
25
|
|
Efesto Bidco S.p.A. Efesto U.S. LLC,
|
|
|
|
7.50%, 2/15/32(1)
|
200
|
200
|
|
|
|
371
|
|
Asset Management – 0.1%
|
||
|
Brookfield Finance, Inc.,
|
|
|
|
(Variable, U.S. Treasury Yield Curve
Rate CMT 5Y + 2.08%), 6.30%,
1/15/55(3)
|
115
|
112
|
|
Automotive – 0.4%
|
||
|
IHO Verwaltungs GmbH,
|
|
|
|
7.38%, 5/15/33(1) (5)
|
200
|
208
|
|
Schedule of Investments
|
|
MULTI-MANAGER HIGH YIELD OPPORTUNITY FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
FOREIGN ISSUER BONDS - 7.8% continued
|
||
|
Automotive – 0.4%continued
|
||
|
Nissan Motor Co. Ltd.,
|
|
|
|
8.13%, 7/17/35(1)
|
$400
|
$423
|
|
|
|
631
|
|
Banking – 0.4%
|
||
|
Barclays PLC,
|
|
|
|
(Variable, U.S. Treasury Yield Curve
Rate CMT 5Y + 3.41%), 4.38%,
3/15/28(3) (11) †
|
200
|
194
|
|
(Variable, USD SOFR ICE Swap Rate
5Y + 5.78%), 9.63%,
12/15/29(3) (11)
|
200
|
222
|
|
(Variable, USD SOFR ICE Swap Rate
5Y + 3.69%), 7.63%,
3/15/35(3) (11)
|
200
|
209
|
|
|
|
625
|
|
Biotechnology & Pharmaceuticals – 0.6%
|
||
|
Bausch Health Cos., Inc.,
|
|
|
|
7.00%, 1/15/28(1)
|
25
|
23
|
|
5.00%, 1/30/28(1)
|
50
|
44
|
|
4.88%, 6/1/28(1)
|
46
|
42
|
|
11.00%, 9/30/28(1)
|
341
|
347
|
|
7.25%, 5/30/29(1)
|
25
|
19
|
|
5.25%, 1/30/30(1)
|
25
|
16
|
|
5.25%, 2/15/31(1)
|
25
|
15
|
|
GENMAB A/S/GENMAB
FINANCE LLC,
|
|
|
|
7.25%, 12/15/33(1)
|
200
|
208
|
|
Teva Pharmaceutical Finance
Netherlands III B.V.,
|
|
|
|
3.15%, 10/1/26
|
81
|
81
|
|
|
|
795
|
|
Chemicals – 0.2%
|
||
|
Methanex Corp.,
|
|
|
|
5.13%, 10/15/27
|
25
|
25
|
|
NOVA Chemicals Corp.,
|
|
|
|
5.25%, 6/1/27(1)
|
25
|
25
|
|
8.50%, 11/15/28(1)
|
50
|
52
|
|
4.25%, 5/15/29(1)
|
25
|
24
|
|
9.00%, 2/15/30(1)
|
50
|
53
|
|
7.00%, 12/1/31(1)
|
25
|
26
|
|
|
|
205
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
FOREIGN ISSUER BONDS - 7.8% continued
|
||
|
Commercial Support Services – 0.4%
|
||
|
Garda World Security Corp.,
|
|
|
|
7.75%, 2/15/28(1)
|
$77
|
$78
|
|
6.00%, 6/1/29(1)
|
90
|
89
|
|
6.50%, 1/15/31(1)
|
25
|
25
|
|
8.25%, 8/1/32(1)
|
200
|
205
|
|
8.38%, 11/15/32(1)
|
152
|
156
|
|
|
|
553
|
|
Containers & Packaging – 0.1%
|
||
|
ARD Finance S.A.,
|
|
|
|
6.50%, 6/30/27(1) (4) (14)
|
—
|
—
|
|
Trivium Packaging Finance B.V.,
|
|
|
|
8.25%, 7/15/30(1)
|
180
|
190
|
|
|
|
190
|
|
Electric Utilities – 0.0%
|
||
|
TransAlta Corp.,
|
|
|
|
5.88%, 2/1/34
|
33
|
32
|
|
Electrical Equipment – 0.0%
|
||
|
TK Elevator Midco GmbH,
|
|
|
|
4.38%, 7/15/27(9)
|
19
|
22
|
|
Gas & Water Utilities – 0.1%
|
||
|
AltaGas Ltd.,
|
|
|
|
(Variable, U.S. Treasury Yield Curve
Rate CMT 5Y + 3.57%), 7.20%,
10/15/54(1) (3)
|
42
|
44
|
|
Superior Plus L.P./Superior General
Partner, Inc.,
|
|
|
|
4.50%, 3/15/29(1)
|
25
|
24
|
|
|
|
68
|
|
Home Construction – 0.2%
|
||
|
Brookfield Residential Properties,
Inc./Brookfield Residential U.S. LLC,
|
|
|
|
5.00%, 6/15/29(1)
|
126
|
120
|
|
4.88%, 2/15/30(1)
|
25
|
23
|
|
Empire Communities Corp.,
|
|
|
|
9.75%, 5/1/29(1)
|
60
|
62
|
|
Mattamy Group Corp.,
|
|
|
|
4.63%, 3/1/30(1)
|
65
|
62
|
|
6.00%, 12/15/33(1)
|
11
|
11
|
|
|
|
278
|
|
Insurance – 1.1%
|
||
|
Ardonagh Finco Ltd.,
|
|
|
|
7.75%, 2/15/31(1)
|
200
|
202
|
|
|
June 30, 2026 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
FOREIGN ISSUER BONDS - 7.8% continued
|
||
|
Insurance – 1.1%continued
|
||
|
Ardonagh Group Finance Ltd.,
|
|
|
|
8.88%, 2/15/32(1)
|
$400
|
$389
|
|
Howden UK Refinance PLC/Howden
UK Refinance 2 PLC/Howden
U.S. Refinance LLC,
|
|
|
|
7.25%, 2/15/31(1)
|
230
|
223
|
|
8.13%, 2/15/32(1)
|
213
|
191
|
|
Jones Deslauriers Insurance
Management, Inc.,
|
|
|
|
8.50%, 3/15/30(1)
|
57
|
58
|
|
6.88%, 10/1/33(1)
|
475
|
440
|
|
|
|
1,503
|
|
Leisure Facilities & Services – 0.8%
|
||
|
1011778 B.C. ULC/New Red Finance,
Inc.,
|
|
|
|
4.38%, 1/15/28(1)
|
8
|
8
|
|
6.13%, 6/15/29(1)
|
25
|
25
|
|
4.00%, 10/15/30(1)
|
282
|
266
|
|
A&K Travel Group Holdings Ltd.,
|
|
|
|
7.50%, 5/15/33(1)
|
210
|
212
|
|
Great Canadian Gaming
Corp./Raptor LLC,
|
|
|
|
8.75%, 11/15/29(1)
|
91
|
91
|
|
Melco Resorts Finance Ltd.,
|
|
|
|
5.38%, 12/4/29(1)
|
200
|
195
|
|
Wynn Macau Ltd.,
|
|
|
|
5.63%, 8/26/28(1)
|
200
|
199
|
|
6.75%, 2/15/34(1)
|
200
|
199
|
|
|
|
1,195
|
|
Metals & Mining – 0.9%
|
||
|
Baffinland Iron Mines Corp./Baffinland
Iron Mines L.P.,
|
|
|
|
8.75%, 7/15/26(1)
|
1,665
|
716
|
|
Capstone Copper Corp.,
|
|
|
|
6.75%, 3/31/33(1)
|
25
|
25
|
|
Champion Iron Canada, Inc.,
|
|
|
|
7.88%, 7/15/32(1)
|
25
|
26
|
|
ERO Copper Corp.,
|
|
|
|
6.50%, 2/15/30(1)
|
129
|
129
|
|
Fortescue Treasury Pty. Ltd.,
|
|
|
|
5.88%, 4/15/30(1)
|
13
|
13
|
|
4.38%, 4/1/31(1)
|
56
|
53
|
|
6.13%, 4/15/32(1)
|
75
|
77
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
FOREIGN ISSUER BONDS - 7.8% continued
|
||
|
Metals & Mining – 0.9%continued
|
||
|
IAMGOLD Corp.,
|
|
|
|
5.75%, 10/15/28(1)
|
$25
|
$25
|
|
Mineral Resources Ltd.,
|
|
|
|
8.50%, 5/1/30(1)
|
50
|
52
|
|
7.00%, 4/1/31(1)
|
25
|
26
|
|
6.00%, 5/1/32(1)
|
45
|
44
|
|
6.25%, 5/1/34(1)
|
45
|
44
|
|
Skeena Resources Ltd.,
|
|
|
|
8.50%, 4/1/31(1)
|
32
|
34
|
|
Trekor Metals Ltd.,
|
|
|
|
8.25%, 5/1/30(1)
|
25
|
26
|
|
|
|
1,290
|
|
Oil & Gas Services & Equipment – 0.0%
|
||
|
Enerflex, Inc.,
|
|
|
|
6.88%, 1/15/31(1)
|
31
|
32
|
|
Precision Drilling Corp.,
|
|
|
|
6.88%, 1/15/29(1)
|
25
|
25
|
|
|
|
57
|
|
Oil & Gas Supply Chain – 0.4%
|
||
|
Enbridge, Inc.,
|
|
|
|
(Variable, U.S. Treasury Yield Curve
Rate CMT 5Y + 2.97%), 7.20%,
6/27/54(3) †
|
35
|
37
|
|
(Variable, U.S. Treasury Yield Curve
Rate CMT 5Y + 3.12%), 7.38%,
3/15/55(3)
|
31
|
33
|
|
Northriver Midstream Finance L.P.,
|
|
|
|
6.75%, 7/15/32(1)
|
70
|
71
|
|
OGX Austria GmbH,
|
|
|
|
8.50%, 6/1/18(1) (4) (6) (12)
|
2,420
|
—
|
|
8.38%, 4/1/22(1) (4) (7) (12)
|
1,800
|
—
|
|
South Bow Canadian Infrastructure
Holdings Ltd.,
|
|
|
|
(Variable, U.S. Treasury Yield Curve
Rate CMT 5Y + 3.67%), 7.50%,
3/1/55(3)
|
25
|
27
|
|
(Variable, U.S. Treasury Yield Curve
Rate CMT 5Y + 3.95%), 7.63%,
3/1/55(3)
|
25
|
26
|
|
Teine Energy Ltd.,
|
|
|
|
6.88%, 4/15/29(1)
|
325
|
325
|
|
Schedule of Investments
|
|
MULTI-MANAGER HIGH YIELD OPPORTUNITY FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
FOREIGN ISSUER BONDS - 7.8% continued
|
||
|
Oil & Gas Supply Chain – 0.4%continued
|
||
|
Vermilion Energy, Inc.,
|
|
|
|
6.88%, 5/1/30(1)
|
$25
|
$25
|
|
7.25%, 2/15/33(1)
|
25
|
24
|
|
|
|
568
|
|
Retail - Consumer Staples – 0.1%
|
||
|
Boots Group Finco L.P.,
|
|
|
|
5.38%, 8/31/32(1)
|
100
|
118
|
|
Software – 0.1%
|
||
|
Open Text Corp.,
|
|
|
|
3.88%, 2/15/28(1)
|
50
|
49
|
|
Open Text Holdings, Inc.,
|
|
|
|
4.13%, 2/15/30(1)
|
25
|
23
|
|
4.13%, 12/1/31(1)
|
25
|
22
|
|
|
|
94
|
|
Specialty Finance – 0.3%
|
||
|
GGAM Finance Ltd.,
|
|
|
|
6.88%, 4/15/29(1)
|
29
|
30
|
|
5.88%, 3/15/30(1)
|
25
|
25
|
|
Global Aircraft Leasing Co. Ltd.,
|
|
|
|
8.75%, 9/1/27(1) †
|
100
|
102
|
|
goeasy Ltd.,
|
|
|
|
9.25%, 12/1/28(1)
|
25
|
24
|
|
7.63%, 7/1/29(1)
|
25
|
23
|
|
6.88%, 5/15/30(1)
|
25
|
22
|
|
Phoenix Aviation Capital Ltd.,
|
|
|
|
9.25%, 7/15/30(1)
|
171
|
177
|
|
TrueNoord Capital DAC,
|
|
|
|
8.75%, 3/1/30(1)
|
25
|
26
|
|
|
|
429
|
|
Steel – 0.0%
|
||
|
Algoma Steel, Inc.,
|
|
|
|
9.13%, 4/15/29(1)
|
25
|
23
|
|
Infrabuild Australia Pty. Ltd.,
|
|
|
|
14.50%, 11/15/28(1)
|
25
|
27
|
|
|
|
50
|
|
Technology Hardware – 0.0%
|
||
|
Nokia Oyj,
|
|
|
|
6.63%, 5/15/39
|
50
|
53
|
|
Telecommunications – 1.2%
|
||
|
Altice France Lux 3/Altice Holdings 1,
|
|
|
|
10.00%, 1/15/33(1)
|
55
|
54
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
FOREIGN ISSUER BONDS - 7.8% continued
|
||
|
Telecommunications – 1.2%continued
|
||
|
Altice France S.A.,
|
|
|
|
4.25%, 10/15/29 [EUR](7)
|
$6
|
$131
|
|
9.50%, 11/1/29(1)
|
128
|
130
|
|
6.88%, 10/15/30(1)
|
317
|
307
|
|
6.50%, 10/15/31(1)
|
39
|
38
|
|
6.50%, 4/15/32(1)
|
170
|
165
|
|
6.88%, 7/15/32(1)
|
87
|
85
|
|
0.00%, 12/31/49 [EUR](1) (2) (11) (14)
|
—
|
5
|
|
Digicel Group Holdings Ltd.,
|
|
|
|
0.00%, 12/31/30(1) (2) (7)
|
25
|
1
|
|
0.00%, 12/31/30(1) (2) (6) (7)
|
9
|
—
|
|
Digicel International Finance Ltd./Difl
U.S. LLC,
|
|
|
|
8.63%, 8/1/32(1)
|
200
|
206
|
|
Rogers Communications, Inc.,
|
|
|
|
(Variable, U.S. Treasury Yield Curve
Rate CMT 5Y + 2.62%), 7.13%,
4/15/55(3)
|
25
|
26
|
|
Telecom Italia Capital S.A.,
|
|
|
|
7.72%, 6/4/38
|
68
|
78
|
|
Telesat Canada/Telesat LLC,
|
|
|
|
5.63%, 12/6/26(1)
|
50
|
44
|
|
4.88%, 6/1/27(1)
|
50
|
43
|
|
6.50%, 10/15/27(1)
|
25
|
18
|
|
Vmed O2 UK Financing I PLC,
|
|
|
|
4.25%, 1/31/31(1)
|
200
|
164
|
|
4.75%, 7/15/31(1)
|
200
|
164
|
|
Vodafone Group PLC,
|
|
|
|
(Variable, USD Swap 5Y + 4.87%),
7.00%, 4/4/79(3)
|
50
|
52
|
|
|
|
1,711
|
|
Transportation & Logistics – 0.1%
|
||
|
Latam Airlines Group S.A.,
|
|
|
|
7.88%, 4/15/30(1)
|
50
|
52
|
|
Seaspan Corp. Pte. Ltd.,
|
|
|
|
5.50%, 8/1/29(1)
|
25
|
25
|
|
VistaJet Malta Finance PLC/Vista
Management Holding, Inc.,
|
|
|
|
9.50%, 6/1/28(1) †
|
25
|
25
|
|
6.38%, 2/1/30(1) †
|
50
|
48
|
|
|
June 30, 2026 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
FOREIGN ISSUER BONDS - 7.8% continued
|
||
|
Transportation & Logistics – 0.1%continued
|
||
|
WestJet Airlines Ltd.,
|
|
|
|
8.00%, 2/14/31(1)
|
$34
|
$34
|
|
|
|
184
|
|
Total Foreign Issuer Bonds
|
|
|
|
(Cost $15,785)
|
|
11,134
|
|
|
|
|
|
TERM LOANS – 3.4% (13)
|
||
|
Advertising & Marketing – 0.1%
|
||
|
CMG Media Corp., Term B-2 Loan,
|
|
|
|
(Floating, CME Term SOFR USD 3M
+ 3.50%), 7.33%, 6/18/29
|
48
|
43
|
|
Neptune BidCo U.S., Inc., 2026 Dollar
Term B Loan,
|
|
|
|
(Floating, CME Term SOFR USD 3M
+ 5.00%, 0.50% Floor), 8.77%,
2/3/33
|
26
|
26
|
|
Summer Bidco B LLC, Extended Facility
B,
|
|
|
|
(Floating, CME Term SOFR USD 3M
+ 5.00%), 8.99%, 2/15/29
|
17
|
14
|
|
|
|
83
|
|
Aerospace & Defense – 0.0%
|
||
|
Kaman Corp., 2026-1 New Term Loan,
|
|
|
|
(Floating, CME Term SOFR USD 3M
+ 2.00%, 0.50% Floor), 5.67%,
2/26/32
|
7
|
7
|
|
Propulsion Newco LLC, Initial Term
Loan,
|
|
|
|
(Floating, CME Term SOFR USD 3M
+ 2.50%, 0.50% Floor), 6.23%,
12/1/32
|
10
|
10
|
|
Signia Aerospace LLC, 2025 Delayed
Draw Term Loan Retired
06/23/2026,
|
|
|
|
12/11/31(15) (16)
|
1
|
1
|
|
Signia Aerospace LLC, 2026 Initial
Term Loan,
|
|
|
|
(Floating, CME Term SOFR USD 3M
+ 2.50%, 0.50% Floor), 6.20%,
12/11/31
|
11
|
11
|
|
TransDigm, Inc., Tranche N Term Loan,
|
|
|
|
(Floating, CME Term SOFR USD 1M
+ 2.50%), 6.14%, 2/13/33
|
26
|
26
|
|
|
|
55
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
TERM LOANS - 3.4% (13)continued
|
||
|
Apparel & Textile Products – 0.0%
|
||
|
Beach Acquisition Bidco LLC, Tranche
B-1 Term Loan,
|
|
|
|
(Floating, CME Term SOFR USD 1M
+ 2.75%), 6.39%, 9/12/32
|
$25
|
$25
|
|
Asset Management – 0.0%
|
||
|
Acuren Delaware Holdco, Inc.,
Amendment No. 3 Term Loan,
|
|
|
|
(Floating, CME Term SOFR USD 1M
+ 2.50%), 6.14%, 7/30/31
|
8
|
8
|
|
Jupiter Borrower, Inc., Initial Term Loan,
|
|
|
|
6/30/33(16)
|
17
|
17
|
|
|
|
25
|
|
Automotive – 0.1%
|
||
|
Clarios Global L.P., 2026 Refinancing
Dollar Term Loan,
|
|
|
|
(Floating, CME Term SOFR USD 1M
+ 2.50%), 6.14%, 1/28/32
|
45
|
45
|
|
Tenneco, Inc., Term A Loan,
|
|
|
|
(Floating, CME Term SOFR USD 3M
+ 4.75%, 0.50% Floor), 8.49%,
11/17/28
|
6
|
6
|
|
Tenneco, Inc., Term B Loan,
|
|
|
|
(Floating, CME Term SOFR USD 3M
+ 5.00%, 0.50% Floor), 8.74%,
11/17/28
|
37
|
37
|
|
(Floating, CME Term SOFR USD 3M
+ 5.00%, 0.50% Floor), 8.83%,
11/17/28(10)
|
—
|
—
|
|
|
|
88
|
|
Biotechnology & Pharmaceuticals – 0.1%
|
||
|
1261229 B.C. Ltd., Initial Term Loan,
|
|
|
|
(Floating, CME Term SOFR USD 1M
+ 6.25%), 9.89%, 10/8/30
|
25
|
24
|
|
Amneal Pharmaceuticals LLC,
Amendment No. 2 Term Loan,
|
|
|
|
(Floating, CME Term SOFR USD 1M
+ 3.00%, 0.50% Floor), 6.64%,
8/1/32
|
46
|
47
|
|
Endo Finance Holdings, Inc., 2024
Refinancing Term Loan,
|
|
|
|
(Floating, CME Term SOFR USD 1M
+ 3.75%, 0.50% Floor), 7.39%,
4/23/31
|
35
|
35
|
|
|
|
106
|
|
Schedule of Investments
|
|
MULTI-MANAGER HIGH YIELD OPPORTUNITY FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
TERM LOANS - 3.4% (13)continued
|
||
|
Cable & Satellite – 0.1%
|
||
|
DIRECTV Financing LLC, 2025
Incremental Term B Loan,
|
|
|
|
(Floating, CME Term SOFR USD 3M
+ 5.50%, 0.75% Floor), 9.16%,
2/17/31
|
$124
|
$124
|
|
Radiate Holdco LLC, First Out Term
Loan,
|
|
|
|
(Floating, CME Term SOFR USD 1M
+ 3.50%, 0.75% Floor), 7.26%,
9/25/29
|
73
|
65
|
|
|
|
189
|
|
Capital Goods – 0.0%
|
||
|
PECF U.S.S. Intermediate Holding
III LLC, Initial Term Loan,
|
|
|
|
(Floating, CME Term SOFR USD 3M
+ 7.50%, 2.00% Floor), 11.18%,
3/3/33
|
6
|
5
|
|
Vortex Opco LLC, Second-Out New
Money Term Loan,
|
|
|
|
(Floating, CME Term SOFR USD 3M
+ 4.25%), 8.03%, 12/17/28(7)
|
30
|
4
|
|
|
|
9
|
|
Chemicals – 0.2%
|
||
|
Aruba Investments Holdings LLC, Initial
Dollar Term Loan,
|
|
|
|
(Floating, CME Term SOFR USD 3M
+ 4.00%), 7.77%, 11/24/27
|
10
|
9
|
|
Bond German BidCo 2 GmbH, Initial
Term B-1 Loan,
|
|
|
|
6/29/33(16)
|
34
|
34
|
|
Discovery Purchaser Corp., Initial Term
Loan,
|
|
|
|
(Floating, CME Term SOFR USD 3M
+ 3.75%, 0.50% Floor), 7.41%,
10/4/29
|
56
|
56
|
|
GrafTech Global Enterprises, Inc.,
Delayed Draw Term Loan,
|
|
|
|
(Floating, CME Term SOFR USD 1M
+ 6.00%, 2.00% Floor), 9.64%,
12/21/29
|
13
|
12
|
|
GrafTech Global Enterprises, Inc., Term
Loan,
|
|
|
|
(Floating, CME Term SOFR USD 3M
+ 6.00%, 2.00% Floor), 9.67%,
12/21/29
|
23
|
22
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
TERM LOANS - 3.4% (13)continued
|
||
|
Chemicals – 0.2%continued
|
||
|
Herens Holdco S.a.r.l., Facility B,
|
|
|
|
(Floating, CME Term SOFR USD 3M
+ 3.93%, 0.75% Floor), 7.76%,
7/3/28
|
$80
|
$76
|
|
Olympus Water U.S. Holding Corp.,
2025 Incremental Term Loan,
|
|
|
|
(Floating, CME Term SOFR USD 3M
+ 3.25%), 6.98%, 11/3/32
|
34
|
34
|
|
SCUR-Alpha 2505 GmbH & Co. KG,
Tranche B-2 Term Loan,
|
|
|
|
(Floating, CME Term SOFR USD 3M
+ 4.75%), 8.53%, 4/8/31
|
8
|
5
|
|
|
|
248
|
|
Commercial Support Services – 0.1%
|
||
|
Allied Universal Holdco LLC,
Amendment No. 7 Replacement
U.S. Dollar Term Loan,
|
|
|
|
(Floating, CME Term SOFR USD 1M
+ 3.25%), 6.89%, 8/20/32
|
39
|
39
|
|
Arcwood Environmental, Inc., Initial
Term Loan,
|
|
|
|
(Floating, CME Term SOFR USD 1M
+ 3.00%), 6.64%, 4/1/33
|
12
|
12
|
|
Camelot U.S. Acquisition LLC,
Amendment No. 7 Incremental Term
Loan,
|
|
|
|
(Floating, CME Term SOFR USD 1M
+ 3.25%), 6.89%, 1/31/31
|
28
|
25
|
|
CompoSecure Holdings LLC, Term
Loan,
|
|
|
|
(Floating, CME Term SOFR USD 3M
+ 2.25%), 5.92%, 1/14/33
|
38
|
38
|
|
|
|
114
|
|
Communications – 0.0%
|
||
|
Coral-U.S. Co-Borrower LLC, Term B-7
Loan,
|
|
|
|
(Floating, CME Term SOFR USD 3M
+ 3.25%), 6.92%, 1/31/32
|
16
|
16
|
|
Sterling Entertainment Enterprises LLC,
Initial Loan,
|
|
|
|
10.25%, 4/10/26(6) (7) (12)
|
1,225
|
—
|
|
|
|
16
|
|
|
June 30, 2026 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
TERM LOANS - 3.4% (13)continued
|
||
|
Construction Materials – 0.1%
|
||
|
Quikrete Holdings, Inc., Tranche B-3
Term Loan,
|
|
|
|
(Floating, CME Term SOFR USD 1M
+ 2.25%), 5.89%, 2/10/32
|
$49
|
$49
|
|
Wilsonart LLC, Initial Term Loan,
|
|
|
|
(Floating, CME Term SOFR USD 3M
+ 4.25%), 7.98%, 8/5/31
|
29
|
26
|
|
|
|
75
|
|
Containers & Packaging – 0.2%
|
||
|
Clydesdale Acquisition Holdings, Inc.,
Term B Loan,
|
|
|
|
4/13/29(16)
|
58
|
57
|
|
LABL, Inc., Initial Dollar Term Loan,
|
|
|
|
(Floating, CME Term SOFR USD 3M
+ 7.00%, 0.50% Floor), 8.94%,
10/30/28
|
28
|
12
|
|
Mauser Packaging Solutions Holding
Co., 2025 Term Loan,
|
|
|
|
4/15/30 (16)
|
9
|
9
|
|
(Floating, CME Term SOFR USD 1M
+ 3.50%), 7.12%, 4/15/30
|
81
|
80
|
|
Multi-Color Corp., Interim New Money
Dollar Term Loan,
|
|
|
|
12/2/26 (7) (16)
|
4
|
3
|
|
(Floating, CME Term SOFR USD 3M
+ 6.75%, 0.50% Floor), 10.41%,
12/2/26(7) (10)
|
—
|
—
|
|
Sword Purchaser LLC, Initial Dollar Term
Loan,
|
|
|
|
4/9/33 (16)
|
36
|
36
|
|
(Floating, CME Term SOFR USD 1M
+ 4.00%), 7.64%, 4/9/33
|
34
|
33
|
|
|
|
230
|
|
Electric Utilities – 0.0%
|
||
|
Alpha Generation LLC, Initial Term B
Loan,
|
|
|
|
(Floating, CME Term SOFR USD 1M
+ 1.75%), 5.39%, 9/30/31
|
49
|
49
|
|
Lightning Power LLC, Initial Term B Loan,
|
|
|
|
(Floating, CME Term SOFR USD 1M
+ 2.00%), 5.64%, 8/18/31
|
25
|
24
|
|
|
|
73
|
|
Electrical Equipment – 0.1%
|
||
|
Belden, Inc., Initial Term Loan,
|
|
|
|
7/1/33(16)
|
17
|
17
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
TERM LOANS - 3.4% (13)continued
|
||
|
Electrical Equipment – 0.1%continued
|
||
|
LSF12 Crown U.S. Commercial
Bidco LLC, 2026 Refinancing Term
Loan,
|
|
|
|
(Floating, CME Term SOFR USD 1M
+ 3.00%), 6.62%, 12/2/31
|
$30
|
$30
|
|
Resilience Parent LLC, Initial Term Loan,
|
|
|
|
(Floating, CME Term SOFR USD 3M
+ 2.50%), 6.23%, 2/28/33
|
42
|
42
|
|
Tega MC U.S., Inc., Term B Loan,
|
|
|
|
(Floating, CME Term SOFR USD 3M
+ 3.50%), 7.16%, 6/1/33
|
14
|
14
|
|
|
|
103
|
|
Engineering & Construction – 0.1%
|
||
|
Azuria Water Solutions, Inc., Initial
DDTL Loan,
|
|
|
|
4/25/33(15) (16)
|
4
|
4
|
|
Azuria Water Solutions, Inc., Initial Term
Loan,
|
|
|
|
(Floating, CME Term SOFR USD 3M
+ 2.75%), 6.48%, 4/25/33
|
27
|
27
|
|
Brand Industrial Services, Inc., Tranche
C Term Loan,
|
|
|
|
(Floating, CME Term SOFR USD 3M
+ 4.50%, 0.50% Floor), 8.16%,
8/1/30
|
130
|
102
|
|
|
|
133
|
|
Entertainment Content – 0.1%
|
||
|
Allen Media LLC, Initial Term Loan,
|
|
|
|
(Floating, CME Term SOFR USD 3M
+ 5.50%), 9.38%, 2/10/27
|
46
|
31
|
|
Discovery Global Holdings, Inc., Initial
Dollar Term Loan,
|
|
|
|
(Floating, CME Term SOFR USD 1M
+ 2.50%), 6.14%, 6/3/33
|
53
|
53
|
|
|
|
84
|
|
Forestry, Paper & Wood Products – 0.0%
|
||
|
Glatfelter Corp., Term Loan,
|
|
|
|
(Floating, CME Term SOFR USD 1M
+ 4.25%), 7.89%, 11/4/31
|
45
|
45
|
|
Health Care Facilities & Services – 0.1%
|
||
|
LifePoint Health, Inc., 2024-1
Refinancing Term Loan,
|
|
|
|
(Floating, CME Term SOFR USD 3M
+ 3.75%), 7.42%, 5/17/31
|
31
|
31
|
|
Schedule of Investments
|
|
MULTI-MANAGER HIGH YIELD OPPORTUNITY FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
TERM LOANS - 3.4% (13)continued
|
||
|
Health Care Facilities & Services – 0.1%continued
|
||
|
LifePoint Health, Inc., 2024-2
Refinancing Term Loan,
|
|
|
|
(Floating, CME Term SOFR USD 3M
+ 3.50%), 7.18%, 5/17/31
|
$30
|
$29
|
|
Paradigm Parent LLC, Initial Term Loan,
|
|
|
|
(Floating, CME Term SOFR USD 3M
+ 4.50%), 8.23%, 4/16/32
|
49
|
42
|
|
Star Parent, Inc., Term Loan B,
|
|
|
|
(Floating, CME Term SOFR USD 3M
+ 4.00%), 7.73%, 9/27/30
|
48
|
48
|
|
|
|
150
|
|
Home & Office Products – 0.0%
|
||
|
Hunter Douglas Holding B.V.,
Amendment No. 3 Tranche B-1 Term
Loan,
|
|
|
|
(Floating, CME Term SOFR USD 3M
+ 3.00%), 6.73%, 1/17/32
|
10
|
10
|
|
SWF Holdings I Corp., Delayed Draw
Term Loan,
|
|
|
|
(Floating, CME Term SOFR USD 1M
+ 4.50%, 1.00% Floor), 8.14%,
12/19/29
|
17
|
17
|
|
SWF Holdings I Corp., Tranche A-1
Term Loan,
|
|
|
|
(Floating, CME Term SOFR USD 1M
+ 4.50%, 1.00% Floor), 8.14%,
12/19/29
|
12
|
12
|
|
|
|
39
|
|
Home Construction – 0.0%
|
||
|
CP Atlas Buyer, Inc., 2025 Term B
Loan,
|
|
|
|
(Floating, CME Term SOFR USD 1M
+ 5.25%), 8.89%, 7/8/30
|
17
|
15
|
|
Industrial Support Services – 0.0%
|
||
|
BCPE Empire Holdings, Inc.,
Amendment No. 10 Incremental
Term Loan,
|
|
|
|
(Floating, CME Term SOFR USD 1M
+ 3.50%, 0.50% Floor), 7.14%,
12/29/32
|
60
|
59
|
|
Institutional Financial Services – 0.0%
|
||
|
Summit Acquisition, Inc., Amendment
No. 1 Term Loan,
|
|
|
|
(Floating, CME Term SOFR USD 1M
+ 3.50%), 7.14%, 10/16/31
|
28
|
28
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
TERM LOANS - 3.4% (13)continued
|
||
|
Insurance – 0.1%
|
||
|
Amynta Agency Borrower, Inc., 2026
Refinancing Term Loan,
|
|
|
|
(Floating, CME Term SOFR USD 1M
+ 2.50%), 6.14%, 12/29/31
|
$9
|
$8
|
|
Ardonagh Midco 3 Ltd., Syndicated
Facility B,
|
|
|
|
(Floating, CME Term SOFR USD 6M
+ 3.00%), 6.62%, 2/15/31
|
32
|
31
|
|
(Floating, CME Term SOFR USD 3M
+ 3.00%), 6.73%, 2/15/31
|
2
|
2
|
|
Asurion LLC, New B-12 Term Loan,
|
|
|
|
(Floating, CME Term SOFR USD 3M
+ 4.25%), 7.91%, 9/19/30
|
9
|
9
|
|
Asurion LLC, New Term B-13 Term Loan,
|
|
|
|
9/19/30 (16)
|
7
|
7
|
|
(Floating, CME Term SOFR USD 3M
+ 4.25%), 7.91%, 9/19/30
|
59
|
58
|
|
CRC Insurance Group LLC, Initial Term
Loan,
|
|
|
|
(Floating, CME Term SOFR USD 3M
+ 4.75%), 8.48%, 5/6/32
|
43
|
42
|
|
HIG Finance 2 Ltd., 2025-3 Dollar
Refinancing Term Loan,
|
|
|
|
(Floating, CME Term SOFR USD 1M
+ 2.75%, 0.50% Floor), 6.39%,
4/18/30
|
6
|
6
|
|
Jones DesLauriers Insurance
Management, Inc., 2026-1 Term
Loan,
|
|
|
|
(Floating, CME Term SOFR USD 3M
+ 3.00%), 6.66%, 2/2/33
|
30
|
29
|
|
|
|
192
|
|
IT Services – 0.0%
|
||
|
Fortress Intermediate 3, Inc., Tranche B
Term Loan,
|
|
|
|
(Floating, CME Term SOFR USD 1M
+ 3.00%), 6.62%, 6/27/31
|
7
|
7
|
|
Leisure Facilities & Services – 0.1%
|
||
|
Caesars Entertainment, Inc., 2023
Incremental Term B Loan,
|
|
|
|
2/6/30(16)
|
26
|
25
|
|
City Football Group Ltd., Term B-1 Loan,
|
|
|
|
(Floating, CME Term SOFR USD 3M
+ 3.00%, 0.50% Floor), 6.93%,
7/21/30
|
36
|
36
|
|
|
June 30, 2026 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
TERM LOANS - 3.4% (13)continued
|
||
|
Leisure Facilities & Services – 0.1%continued
|
||
|
GAIA Purchaser, Inc., Term Loan B,
|
|
|
|
6/25/33(16)
|
$47
|
$47
|
|
Great Canadian Gaming Corp., 2024
Refinancing Term Loan,
|
|
|
|
(Floating, CME Term SOFR USD 3M
+ 4.75%), 8.43%, 11/1/29
|
21
|
21
|
|
OVG Business Services LLC, Initial Term
Loan,
|
|
|
|
(Floating, CME Term SOFR USD 1M
+ 3.00%), 6.64%, 6/25/31
|
2
|
2
|
|
Pioneer Opco LLC, Term B Loan,
|
|
|
|
(Floating, CME Term SOFR USD 1M
+ 3.25%), 6.89%, 5/15/33
|
52
|
52
|
|
Sabre GLBL, Inc., 2024 Term B-1 Loan,
|
|
|
|
(Floating, CME Term SOFR USD 1M
+ 6.00%, 0.50% Floor), 9.74%,
11/15/29
|
7
|
6
|
|
Sabre GLBL, Inc., 2024 Term B-2 Loan,
|
|
|
|
(Floating, CME Term SOFR USD 1M
+ 6.00%, 0.50% Floor), 9.74%,
11/15/29
|
2
|
2
|
|
Sabre GLBL, Inc., 2025 Other Term B-2
Loan,
|
|
|
|
(Floating, CME Term SOFR USD 1M
+ 6.25%, 0.50% Floor), 9.99%,
7/30/29
|
2
|
1
|
|
|
|
192
|
|
Leisure Products – 0.0%
|
||
|
Majordrive Holdings IV LLC, Initial Term
Loan,
|
|
|
|
(Floating, CME Term SOFR USD 3M
+ 4.00%, 0.50% Floor), 7.99%,
6/1/28
|
8
|
7
|
|
Machinery – 0.0%
|
||
|
Arcline FM Holdings LLC, 2025-1 New
Term Loan,
|
|
|
|
6/23/30(10) (16)
|
—
|
—
|
|
Husky Injection Molding Systems Ltd.,
2026 Delayed Draw Term Loan,
|
|
|
|
2/15/29(7) (15) (16)
|
18
|
18
|
|
LSF12 Helix Parent LLC, Initial Term
Loan,
|
|
|
|
(Floating, CME Term SOFR USD 1M
+ 3.50%), 7.14%, 2/10/33
|
33
|
32
|
|
|
|
50
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
TERM LOANS - 3.4% (13)continued
|
||
|
Medical Equipment & Devices – 0.1%
|
||
|
Bausch + Lomb Corp., Fourth
Amendment Term Loan,
|
|
|
|
(Floating, CME Term SOFR USD 1M
+ 3.75%), 7.39%, 1/15/31
|
$138
|
$138
|
|
Hologic, Inc., USD Initial Term B Loan,
|
|
|
|
(Floating, CME Term SOFR USD 3M
+ 2.25%), 5.99%, 4/7/33
|
38
|
37
|
|
|
|
175
|
|
Oil & Gas Supply Chain – 0.0%
|
||
|
Calcasieu Pass Funding LLC, Initial Term
Loan,
|
|
|
|
(Floating, CME Term SOFR USD 6M
+ 3.25%), 6.95%, 4/11/33
|
21
|
21
|
|
NGL Energy Operating LLC, Initial Term
Loan,
|
|
|
|
(Floating, CME Term SOFR USD 1M
+ 3.50%), 7.13%, 3/11/33
|
19
|
19
|
|
|
|
40
|
|
Other Industrial – 0.0%
|
||
|
Jupiter Buyer, Inc., Initial Term Loan,
|
|
|
|
(Floating, CME Term SOFR USD 3M
+ 4.00%), 7.73%, 11/3/31
|
14
|
14
|
|
Publishing & Broadcasting – 0.2%
|
||
|
Clear Channel Outdoor Holdings, Inc.,
2024 Refinancing Term Loan,
|
|
|
|
(Floating, CME Term SOFR USD 1M
+ 4.00%), 7.76%, 8/21/28
|
89
|
89
|
|
Gray Television, Inc., Term D Loan,
|
|
|
|
(Floating, CME Term SOFR USD 1M
+ 3.00%), 6.73%, 12/1/28
|
25
|
25
|
|
iHeartCommunications, Inc., Initial Term
Loan,
|
|
|
|
(Floating, CME Term SOFR USD 1M
+ 5.78%), 9.53%, 5/1/29
|
99
|
94
|
|
Sinclair Television Group, Inc., Term B-6
Loan,
|
|
|
|
12/31/29(16)
|
25
|
22
|
|
|
|
230
|
|
Real Estate Services – 0.0%
|
||
|
CoreLogic, Inc., Initial Term Loan,
|
|
|
|
6/2/28 (16)
|
13
|
13
|
|
(Floating, CME Term SOFR USD 1M
+ 3.50%, 0.50% Floor), 7.26%,
6/2/28
|
29
|
28
|
|
|
|
41
|
|
Schedule of Investments
|
|
MULTI-MANAGER HIGH YIELD OPPORTUNITY FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
TERM LOANS - 3.4% (13)continued
|
||
|
Retail - Consumer Staples – 0.1%
|
||
|
Boots Group Finco L.P., Closing Date
Dollar Term Loan,
|
|
|
|
(Floating, CME Term SOFR USD 3M
+ 3.25%), 6.92%, 8/30/32
|
$117
|
$118
|
|
Retail - Discretionary – 0.2%
|
||
|
Champions Holdco, Inc., Initial Term
Loan,
|
|
|
|
(Floating, CME Term SOFR USD 3M
+ 4.75%), 8.42%, 2/23/29
|
74
|
69
|
|
Hertz (The) Corp., Initial Term B Loan,
|
|
|
|
(Floating, CME Term SOFR USD 3M
+ 3.50%), 7.43%, 6/30/28
|
24
|
17
|
|
Hertz (The) Corp., Initial Term C Loan,
|
|
|
|
(Floating, CME Term SOFR USD 3M
+ 3.50%), 7.43%, 6/30/28
|
5
|
3
|
|
QXO Building Products, Inc., 2026
Incremental Term B Loan,
|
|
|
|
7/1/33(16)
|
40
|
40
|
|
White Cap Supply Holdings LLC,
Tranche C Term Loan,
|
|
|
|
(Floating, CME Term SOFR USD 1M
+ 3.25%), 6.89%, 10/19/29
|
79
|
79
|
|
White Cap Supply Holdings LLC,
Tranche D Term Loan,
|
|
|
|
(Floating, CME Term SOFR USD 1M
+ 3.50%), 7.14%, 2/10/33
|
48
|
48
|
|
|
|
256
|
|
Software – 0.6%
|
||
|
athenahealth Group, Inc., Fourth
Amendment Term Loan,
|
|
|
|
(Floating, CME Term SOFR USD 1M
+ 3.25%, 0.50% Floor), 6.89%,
2/16/32
|
29
|
29
|
|
Clover Holdings 2 LLC, Initial Fixed Rate
Term Loan,
|
|
|
|
7.75%, 12/9/31
|
309
|
292
|
|
Coreweave Financing DDTL V LLC,
Delayed Draw Loan,
|
|
|
|
11/15/31 (15) (16)
|
149
|
152
|
|
(Floating, SOFR USD 1M + 4.50%),
8.12%, 11/15/31
|
61
|
63
|
|
Cotiviti, Inc., Initial Fixed Rate Term
Loan,
|
|
|
|
7.63%, 5/1/31
|
281
|
262
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
TERM LOANS - 3.4% (13)continued
|
||
|
Software – 0.6%continued
|
||
|
McAfee Corp., Second Amendment
Tranche B-1 Term Loan,
|
|
|
|
(Floating, CME Term SOFR USD 1M
+ 3.00%, 0.50% Floor), 6.64%,
3/1/29
|
$35
|
$31
|
|
Proofpoint, Inc., 2025-B Incremental
Term Loan,
|
|
|
|
(Floating, CME Term SOFR USD 3M
+ 3.00%, 0.50% Floor), 6.73%,
8/31/28
|
9
|
9
|
|
|
|
838
|
|
Technology Hardware – 0.0%
|
||
|
Atlas CC Acquisition Corp., Second
Out Term B Loan,
|
|
|
|
(Floating, CME Term SOFR USD 3M
+ 4.50%, 0.75% Floor), 8.43%,
5/25/29
|
32
|
2
|
|
(Floating, PRIME USD 3M + 2.50%,
0.75% Floor), 9.25%,
5/25/29 (6)
|
1
|
—
|
|
Atlas CC Acquisition Corp., Second
Out Term C Loan,
|
|
|
|
(Floating, CME Term SOFR USD 3M
+ 4.50%, 0.75% Floor), 8.43%,
5/25/29
|
5
|
1
|
|
|
|
3
|
|
Telecommunications – 0.4%
|
||
|
Altice France S.A., USD TLB Loan,
|
|
|
|
(Floating, CME Term SOFR USD 3M
+ 6.88%), 10.55%, 5/31/31(12)
|
82
|
84
|
|
Digicel International Finance Ltd., 2026
Refinancing Term Loan,
|
|
|
|
(Floating, CME Term SOFR USD 3M
+ 4.50%), 8.23%, 8/6/32
|
43
|
43
|
|
Level 3 Financing, Inc., Term B-5
Refinancing Loans,
|
|
|
|
(Floating, CME Term SOFR USD 1M
+ 2.75%), 6.39%, 3/29/32
|
182
|
182
|
|
Windstream Services LLC, 2025 Term
Loan,
|
|
|
|
(Floating, CME Term SOFR USD 1M
+ 4.00%), 7.64%, 10/6/32
|
33
|
33
|
|
|
June 30, 2026 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
TERM LOANS - 3.4% (13)continued
|
||
|
Telecommunications – 0.4%continued
|
||
|
Zayo Group Holdings, Inc., Initial
Dollar Term Loan,
|
|
|
|
3/11/30 (16)
|
$17
|
$17
|
|
(Floating, CME Term SOFR USD 1M
+ 3.00%), 6.76%, 3/11/30
|
213
|
213
|
|
|
|
572
|
|
Transportation & Logistics – 0.1%
|
||
|
GB AIT Buyer, Inc., Initial Term Loan,
|
|
|
|
(Floating, CME Term SOFR USD 3M
+ 4.25%), 7.91%, 4/29/33
|
26
|
26
|
|
JetBlue Airways Corp., Initial Term
Loan,
|
|
|
|
8/27/29(16)
|
17
|
15
|
|
PODS LLC, Initial Term Loan,
|
|
|
|
(Floating, CME Term SOFR USD 1M
+ 4.50%), 8.13%, 5/14/31
|
7
|
7
|
|
WestJet Loyalty L.P., Initial Term Loan,
|
|
|
|
(Floating, CME Term SOFR USD 3M
+ 2.75%), 6.48%, 2/14/31
|
73
|
71
|
|
|
|
119
|
|
Wholesale - Consumer Staples – 0.1%
|
||
|
Northeast Grocery, Inc., Initial Term
Loan,
|
|
|
|
(Floating, CME Term SOFR USD 3M
+ 7.50%, 1.00% Floor), 11.14%,
12/13/28
|
83
|
83
|
|
Total Term Loans
|
|
|
|
(Cost $6,304)
|
|
4,929
|
|
|
NUMBER
OF SHARES
|
VALUE
(000S)
|
|
COMMON STOCKS – 3.0%
|
||
|
Biotechnology & Pharmaceuticals – 0.0%
|
||
|
Endo Guc Trust, Class A(7) *
|
10,702
|
$—
|
|
Chemicals – 0.0%
|
||
|
Cornerstone Chemical Co. LLC(7) (12) *
|
602
|
—
|
|
SK Mohawk Holdings SCS(7) *
|
329
|
3
|
|
UTEX Industries, Inc.(12) *
|
2,200
|
62
|
|
|
|
65
|
|
Construction Materials – 0.0%
|
||
|
Hardwoods Holdings, Inc.(6) (7) *
|
187
|
—
|
|
Consumer Cyclical – 0.0%
|
||
|
Rite Aid Corp.(6) (7) (12) *
|
3,929
|
—
|
|
|
NUMBER
OF SHARES
|
VALUE
(000S)
|
|
COMMON STOCKS - 3.0%continued
|
||
|
Consumer Finance – 0.0%
|
||
|
Curo Group Holdings LLC(7) *
|
549
|
$6
|
|
Containers & Packaging – 0.0%
|
||
|
Ardagh Holdings S.A.(1) *
|
889
|
6
|
|
Energy Equipment & Services – 0.0%
|
||
|
Nine Energy Service, Inc.*
|
2,325
|
30
|
|
Food Products – 0.0%
|
||
|
Lamb Weston Holdings, Inc.
|
697
|
30
|
|
Health Care Equipment & Supplies – 0.1%
|
||
|
Medline, Inc., Class A*
|
1,883
|
74
|
|
Health Care Facilities & Services – 0.0%
|
||
|
CHPPR Holdings, Inc.(7) (12) *
|
20
|
3
|
|
Par Health, Inc.(7) (12) *
|
897
|
3
|
|
|
|
6
|
|
Metals & Mining – 2.6%
|
||
|
Constellium S.E.*
|
2,080
|
67
|
|
Real Alloy Parent, Inc.(7) (12) *
|
48
|
3,678
|
|
|
|
3,745
|
|
Oil, Gas & Consumable Fuels – 0.0%
|
||
|
Cloud Peak Energy, Inc.(7) *
|
20
|
—
|
|
Pharmaceuticals – 0.1%
|
||
|
Keenova Therapeutics PLC(7) *
|
416
|
40
|
|
Mallinckrodt, Inc.(7) (12) *
|
481
|
46
|
|
|
|
86
|
|
Specialized Finance – 0.1%
|
||
|
Carnelian Point Holdings A-1-B(7) (12) *
|
8,610
|
92
|
|
Carnelian Point Holdings L.P. (New
York Stock Exchange)(7) (12) *
|
50
|
1
|
|
|
|
93
|
|
Specialized Real Estate Investment Trusts – 0.1%
|
||
|
VICI Properties, Inc.
|
4,579
|
122
|
|
Total Common Stocks
|
|
|
|
(Cost $2,638)
|
|
4,263
|
|
|
|
|
|
CONVERTIBLE PREFERRED STOCKS – 0.1%
|
||
|
Financial Services – 0.0%
|
||
|
Shift4 Payments, Inc., 6.00%
|
241
|
15
|
|
Schedule of Investments
|
|
MULTI-MANAGER HIGH YIELD OPPORTUNITY FUND continued
|
|
|
|
NUMBER
OF SHARES
|
VALUE
(000S)
|
|
CONVERTIBLE PREFERRED STOCKS - 0.1%continued
|
||
|
Interactive Media & Services – 0.1%
|
||
|
Alphabet, Inc.*
|
650
|
$33
|
|
Alphabet, Inc. (NASDAQ Global
Select)* †
|
650
|
33
|
|
|
|
66
|
|
Total Convertible Preferred Stocks
|
|
|
|
(Cost $89)
|
|
81
|
|
|
|
|
|
MASTER LIMITED PARTNERSHIPS – 0.1%
|
||
|
Gas Utilities – 0.0%
|
||
|
Ferrellgas Partners L.P.*
|
900
|
22
|
|
Oil, Gas & Consumable Fuels – 0.1%
|
||
|
Energy Transfer L.P.
|
7,215
|
138
|
|
Enterprise Products Partners L.P.
|
1,291
|
47
|
|
|
|
185
|
|
Total Master Limited Partnerships
|
|
|
|
(Cost $211)
|
|
207
|
|
|
|
|
|
PREFERRED STOCKS – 0.0%
|
||
|
Containers & Packaging – 0.0%
|
||
|
Labels Buyer LLC*
|
31
|
31
|
|
Total Preferred Stocks
|
|
|
|
(Cost $31)
|
|
31
|
|
|
|
|
|
OTHER – 0.0%
|
||
|
Escrow Cloud Peak Energy,
Inc. (7) (12) *
|
250,000
|
2
|
|
Escrow GenOn Energy, Inc. (7) (12) *
|
25,000
|
—
|
|
Escrow Hertz (The) Corp. (1) (7) (12) *
|
125,000
|
—
|
|
Escrow High Ridge Brands
Co. (1) (7) (12) *
|
1,100,000
|
—
|
|
Escrow Washington Mutual
Bank (6) (7) (12) *
|
250,000
|
—
|
|
Total Other
|
|
|
|
(Cost $110)
|
|
2
|
|
|
NUMBER
OF WARRANTS
|
VALUE
(000S)
|
|
WARRANTS – 0.0%
|
||
|
Audacy, Inc., Exp. 12/31/49, Strike
$0.00(6) (7) *
|
38
|
$—
|
|
Audacy, Inc., Exp. 12/31/49, Strike
$0.00(7) *
|
46
|
—
|
|
Audacy, Inc., Exp. 12/31/49, Strike
$0.00(7) *
|
8
|
—
|
|
CHPPR Holdings, Inc., Exp. 12/31/49,
Strike $0.00(7) *
|
111
|
—
|
|
|
NUMBER
OF WARRANTS
|
VALUE
(000S)
|
|
WARRANTS - 0.0%continued
|
||
|
CHPPR Holdings, Inc., Exp. 12/31/49,
Strike $0.00(7) *
|
53
|
$—
|
|
Curo Group Holdings LLC, Exp.
7/19/31, Strike $0.00(7) *
|
960
|
1
|
|
Total Warrants
|
|
|
|
(Cost $1)
|
|
1
|
|
|
NUMBER
OF SHARES
|
VALUE
(000S)
|
|
INVESTMENT COMPANIES – 9.3%
|
||
|
Northern Institutional Funds - Liquid
Assets Portfolio (Shares),
3.68%(17) (18) (19)
|
8,490,823
|
$8,491
|
|
Northern Institutional Funds -
U.S. Government Portfolio (Shares),
3.46%(17) (18)
|
4,829,888
|
4,830
|
|
Total Investment Companies
|
|
|
|
(Cost $13,321)
|
|
13,321
|
|
|
|
|
|
Total Investments – 104.9%
|
|
|
|
(Cost $156,631)
|
150,555
|
|
|
Liabilities less Other Assets – (4.9%)
|
(7,099
)
|
|
|
NET ASSETS – 100.0%
|
$143,456
|
|
|
(1)
|
Security exempt from registration pursuant to Rule 144A under the Securities
Act of 1933, as amended. These securities may be resold in transactions
exempt from registration to qualified institutional investors. At June 30,
2026, the value of these securities amounted to approximately
$111,318,000 or 77.6% of net assets.
|
|
(2)
|
Zero coupon bond.
|
|
(3)
|
Variable or floating rate security. Security issued at a fixed coupon rate,
which converts to a variable rate at a future date. Rate shown is the rate in
effect as of June 30, 2026.
|
|
(4)
|
Issuer has defaulted on terms of debt obligation. Income is not being
accrued.
|
|
(5)
|
Security is a payment in-kind bond (PIK), distributions received in-kind unless
otherwise noted in the description.
|
|
(6)
|
Value rounds to less than one thousand.
|
|
(7)
|
Security is valued using significant unobservable inputs and is classified as
Level 3 in the fair value hierarchy.
|
|
(8)
|
When-Issued Security. Coupon rate is not in effect at June 30, 2026.
|
|
(9)
|
Security exempt from registration pursuant to Regulation S under the
Securities Act of 1933. Regulation S applies to securities offerings that are
made outside of the United States and do not involve direct selling efforts in
the United States and as such may have restrictions on resale.
|
|
(10)
|
Principal Amount and Value rounds to less than one thousand.
|
|
(11)
|
Perpetual bond. Maturity date represents next call date.
|
|
|
June 30, 2026 (UNAUDITED)
|
|
(12)
|
Restricted security. At June 30, 2026, the value of these restricted securities
amounted to approximately $6,461,000 or 4.5% of net assets. Additional
information on these restricted securities are as follows:
|
|
SECURITY
|
ACQUISITION
AND
ENFORCEABLE
DATE
|
COST
(000S)
|
|
Altice France S.A., USD TLB Loan,
10.55%, 5/31/31
|
10/1/25-12/17/25
|
$82
|
|
Carnelian Point Holdings A-1-B
|
7/5/22-8/6/24
|
53
|
|
Carnelian Point Holdings L.P. (New York
Stock Exchange)
|
9/21/22
|
115
|
|
CHPPR Holdings, Inc.
|
3/1/24
|
—
|
|
Cornerstone Chemical Co. LLC
|
1/26/24
|
25
|
|
Escrow Cloud Peak Energy,
Inc.
|
7/29/16-12/11/18
|
110
|
|
Escrow GenOn Energy, Inc.
|
12/19/18
|
—
|
|
Escrow Hertz (The) Corp.
|
7/1/21
|
—
|
|
Escrow High Ridge Brands
Co.
|
12/18/20
|
—
|
|
Escrow Washington Mutual
Bank
|
10/11/17
|
—
|
|
Mallinckrodt, Inc.
|
8/1/25
|
44
|
|
Northwest Acquisitions ULC/Dominion
Finco, Inc.,
7.13%, 11/1/22
|
10/6/17-11/18/19
|
1,733
|
|
OGX Austria GmbH,
8.38%, 4/1/22
|
5/30/12-4/18/13
|
1,497
|
|
OGX Austria GmbH,
8.50%, 6/1/18
|
5/26/11-4/17/13
|
2,265
|
|
Par Health, Inc.
|
11/10/25
|
9
|
|
Real Alloy Parent, Inc.
|
5/31/18
|
1,738
|
|
Rite Aid Corp.
|
9/4/24
|
6
|
|
Specialty Building Products
Holdings LLC/SBP Finance Corp.,
12.00%, 11/15/33
|
8/11/25-5/20/26
|
2,490
|
|
Sterling Entertainment Enterprises LLC,
Initial Loan,
10.25%, 4/10/26
|
2/6/25-2/4/26
|
1,225
|
|
UTEX Industries, Inc.
|
12/3/20
|
108
|
|
|
|
|
(13)
|
Variable or floating rate security. Rate as of June 30, 2026 is disclosed.
|
|
(14)
|
Principal amount is less than one thousand.
|
|
(15)
|
Unfunded loan commitment. An unfunded loan commitment is a contractual
obligation for future funding at the option of the Borrower. The Fund receives
a stated coupon rate until the borrower draws on the loan commitment, at
which time the rate will become the stated rate in the loan agreement.
|
|
(16)
|
Position is unsettled. Contract rate was not determined at June 30, 2026
and does not take effect until settlement date.
|
|
(17)
|
Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the
investment adviser to the Fund and the investment adviser to Northern
Institutional Funds.
|
|
(18)
|
7-day current yield as of June 30, 2026 is disclosed.
|
|
(19)
|
Investment of cash collateral received from securities lending activities.
|
|
†
|
Security is either wholly or partially on loan.
|
|
*
|
Non-Income Producing Security
|
|
|
|
EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT
THE SCHEDULE OF INVESTMENTS:
|
|
|
|
10Y - 10 Year
|
|
|
|
1M - 1 Month
|
|
|
|
3M - 3 Month
|
|
|
|
5Y - 5 Year
|
|
|
|
6M - 6 Month
|
|
|
|
CME - Chicago Mercantile Exchange
|
|
|
|
CMT - Constant Maturity
|
|
|
|
ICE - Intercontinental Exchange
|
|
|
|
SOFR - Secured Overnight Financing Rate
|
|
|
|
USD - United States Dollar
|
|
COUNTERPARTY
|
CONTRACTS
TO
DELIVER
CURRENCY
|
AMOUNT
(LOCAL
CURRENCY)
(000s)
|
IN
EXCHANGE
FOR
CURRENCY
|
AMOUNT
(LOCAL
CURRENCY)
(000s)
|
SETTLEMENT
DATE
|
UNREALIZED
APPRECIATION
(DEPRECIATION)
(000s)
|
|
BNP Paribas
|
Euro
|
438
|
United States
Dollar
|
510
|
9/16/26
|
$8
|
|
Subtotal Appreciation
|
|
|
|
|
8
|
|
|
Total
|
|
|
|
|
|
$8
|
|
TYPE
|
NUMBER OF
CONTRACTS
|
NOTIONAL
AMOUNT
(000s)
|
CONTRACT
POSITION
|
CONTRACT
EXP.
|
VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION)
(000s)
|
|
U.S. Treasury
Long Bond
(United States
Dollar)
|
(3
)
|
$(341
)
|
Short
|
9/26
|
$(9
)
|
|
Ultra 10-Year
U.S. Treasury
Note
(United States
Dollar)
|
(5
)
|
(562
)
|
Short
|
9/26
|
(8
)
|
|
Total
|
|
|
|
|
$(17
)
|
|
Schedule of Investments
|
|
MULTI-MANAGER HIGH YIELD OPPORTUNITY FUND continued
|
|
|
BUY/SELL
PROTECTION
|
Implied Credit
Spread
|
(Pay)/
Receive
Fixed Rate
|
Reference
Entity/Security
|
Currency
|
Notional
Amount
|
Maturity
Date
|
Market
Value
(000s)
|
Upfront
Premiums
Paid/
(Received)
(000s)
|
Unrealized
Appreciation
(Depreciation)
(000s)
|
|
Sell
|
0.0303
%
|
5.00
%(1)
|
Markit
CDX N.A. High Yield Index Series 46(1)
|
USD
|
648,303
|
6/20/31
|
$53
|
$26
|
$27
|
|
Total
|
|
|
|
|
|
|
$53
|
$26
|
$27
|
|
(1)
|
Payment frequency is quarterly.
|
|
COUNTERPARTY
|
FINANCING RATE/
PAY RATE
|
REFERENCE
ENTITY/ASSET
|
NOTIONAL
AMOUNT
|
CURRENCY
|
MATURITY
DATE
|
MARKET
VALUE
(000S)
|
UPFRONT
PREMIUMS
PAID/
(RECEIVED)
(000S)
|
UNREALIZED
APPRECIATION
(DEPRECIATION)
(000s)
|
|
Morgan Stanley
|
SOFR 3M + 0.00%, 3.63%(1)
|
IBOXX $ Liquid High Yield Index(2)
|
440,000
|
USD
|
3/22/27
|
$12
|
$(4)
|
$16
|
|
Morgan Stanley
|
SOFR 3M + 0.00%, 3.63%(1)
|
IBOXX $ Liquid High Yield Index(2)
|
85,000
|
USD
|
3/22/27
|
1
|
—*
|
1
|
|
Morgan Stanley
|
SOFR 3M + 0.00%, 3.63%(1)
|
IBOXX $ Liquid High Yield Index(2)
|
85,000
|
USD
|
3/22/27
|
—*
|
(1)
|
1
|
|
Morgan Stanley
|
SOFR 3M + 0.00%, 3.63%(1)
|
IBOXX $ Liquid High Yield Index(2)
|
85,000
|
USD
|
3/22/27
|
—*
|
(1)
|
1
|
|
Morgan Stanley
|
SOFR 3M + 0.00%, 3.63%(1)
|
IBOXX $ Liquid High Yield Index(2)
|
1,284,000
|
USD
|
3/22/27
|
3
|
(11)
|
14
|
|
Total
|
|
|
|
|
|
$16
|
$(17)
|
$33
|
|
(1)
|
Payment frequency is quarterly.
|
|
(2)
|
Payment frequency is at maturity.
|
|
*
|
Amount rounds to less than one thousand.
|
|
|
June 30, 2026 (UNAUDITED)
|
|
INVESTMENTS
|
LEVEL 1
(000s)
|
LEVEL 2
(000s)
|
LEVEL 3
(000s)
|
TOTAL
(000s)
|
|
Assets
|
|
|
|
|
|
Convertible Bonds(1)
|
$—
|
$166
|
$—
|
$166
|
|
Corporate Bonds:
|
|
|
|
|
|
Commercial Support
Services
|
—
|
4,011
|
27
|
4,038
|
|
Consumer Non-Cyclical
|
—
|
71
|
18
|
89
|
|
Steel
|
—
|
926
|
2,490
|
3,416
|
|
All Other Industries(1)
|
—
|
108,877
|
—
|
108,877
|
|
Total Corporate Bonds
|
—
|
113,885
|
2,535
|
116,420
|
|
Foreign Issuer Bonds:
|
|
|
|
|
|
Telecommunications
|
—
|
1,579
|
132
|
1,711
|
|
All Other Industries(1)
|
—
|
9,423
|
—
|
9,423
|
|
Total Foreign Issuer Bonds
|
—
|
11,002
|
132
|
11,134
|
|
Term Loans:
|
|
|
|
|
|
Capital Goods
|
—
|
5
|
4
|
9
|
|
Containers & Packaging
|
—
|
227
|
3
|
230
|
|
Machinery
|
—
|
32
|
18
|
50
|
|
All Other Industries(1)
|
—
|
4,640
|
—
|
4,640
|
|
Total Term Loans
|
—
|
4,904
|
25
|
4,929
|
|
Common Stocks:
|
|
|
|
|
|
Chemicals
|
—
|
62
|
3
|
65
|
|
Consumer Finance
|
—
|
—
|
6
|
6
|
|
Containers & Packaging
|
—
|
6
|
—
|
6
|
|
Health Care Facilities &
Services
|
—
|
—
|
6
|
6
|
|
Metals & Mining
|
67
|
—
|
3,678
|
3,745
|
|
Pharmaceuticals
|
—
|
—
|
86
|
86
|
|
Specialized Finance
|
—
|
—
|
93
|
93
|
|
All Other Industries(1)
|
256
|
—
|
—
|
256
|
|
Total Common Stocks
|
323
|
68
|
3,872
|
4,263
|
|
Convertible Preferred Stocks(1)
|
81
|
—
|
—
|
81
|
|
Master Limited Partnerships(1)
|
207
|
—
|
—
|
207
|
|
Preferred Stocks
|
—
|
31
|
—
|
31
|
|
Other
|
—
|
—
|
2
|
2
|
|
Warrants
|
—
|
—
|
1
|
1
|
|
Investment Companies
|
13,321
|
—
|
—
|
13,321
|
|
Total Investments
|
13,932
|
130,056
|
6,567
|
150,555
|
|
INVESTMENTS
|
LEVEL 1
(000s)
|
LEVEL 2
(000s)
|
LEVEL 3
(000s)
|
TOTAL
(000s)
|
|
OTHER FINANCIAL
INSTRUMENTS
|
|
|
|
|
|
Assets
|
|
|
|
|
|
Forward Foreign Currency
Exchange Contracts
|
$—
|
$8
|
$—
|
$8
|
|
Centrally Cleared Credit
Default Swap
Agreements
|
—
|
—
|
27
|
27
|
|
Bilateral Total Return
Swaps
|
—
|
33
|
—
|
33
|
|
Liabilities
|
|
|
|
|
|
Futures Contracts Sold
Short
|
(17
)
|
—
|
—
|
(17
)
|
|
Total Other Financial
Instruments
|
$(17
)
|
$40
|
$27
|
$50
|
|
(1)
|
Classifications as defined in the Schedule of Investments.
|
|
Schedule of Investments
|
|
MULTI-MANAGER HIGH YIELD OPPORTUNITY FUND continued
|
|
|
|
BALANCE
AS OF
3/31/26
(000S)
|
ACCRUED
DISCOUNTS
(PREMIUMS)
(000s)
|
REALIZED
GAIN
(LOSS)
(000s)
|
CHANGE IN
UNREALIZED
APPRECIATION
(DEPRECIATION)
(000s)
|
PURCHASES
(000s)
|
SALES
(000s)
|
TRANSFERS
INTO
LEVEL 3
(000s)
|
TRANSFERS
OUT OF
LEVEL 3
(000s)
|
BALANCE
AS OF
6/30/26
(000S)
|
CHANGE IN
UNREALIZED
APPRECIATION
(DEPRECIATION)
FROM
INVESTMENTS
STILL HELD
AT 6/30/26
(000S)
|
|
Corporate Bonds
|
|
|
|
|
|
|
|
|
|
|
|
Commercial Support
Services
|
$—
|
$—
|
$—
|
$4
|
$23
|
$—
|
$—
|
$—
|
$27
|
$4
|
|
Consumer Non-Cyclical
|
18
|
(6
)
|
—
|
6
|
—
|
—
|
—
|
—
|
18
|
6
|
|
Steel
|
2,490
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
2,490
|
—
|
|
Foreign Issuer Bonds
|
|
|
|
|
|
|
|
|
|
|
|
Telecommunications
|
112
|
—*
|
—
|
20
|
—
|
—
|
—
|
—
|
132
|
20
|
|
Term Loans
|
|
|
|
|
|
|
|
|
|
|
|
Capital Goods
|
4
|
(—
)*
|
(—
)*
|
1
|
—
|
(1
)
|
—
|
—
|
4
|
1
|
|
Communications
|
—*
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—*
|
—
|
|
Containers & Packaging
|
—
|
—
|
—
|
—
|
—
|
—
|
3
|
—
|
3
|
—
|
|
Machinery
|
—
|
—
|
—
|
—
|
—
|
—
|
18
|
—
|
18
|
—*
|
|
Common Stocks
|
|
|
|
|
|
|
|
|
|
|
|
Chemicals
|
4
|
—
|
—
|
(1
)
|
—
|
—
|
—
|
—
|
3
|
(1
)
|
|
Construction Materials
|
—*
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—*
|
—
|
|
Consumer Cyclical
|
—*
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—*
|
—
|
|
Consumer Finance
|
5
|
—
|
—
|
1
|
—
|
—
|
—
|
—
|
6
|
1
|
|
Health Care Facilities &
Services
|
10
|
—
|
—
|
(4
)
|
—
|
—
|
—
|
—
|
6
|
(4
)
|
|
Metals & Mining
|
3522
|
—
|
—
|
156
|
—
|
—
|
—
|
—
|
3,678
|
156
|
|
Pharmaceuticals
|
81
|
—
|
—
|
5
|
16
|
(16
)
|
—
|
—
|
86
|
26
|
|
Specialized Finance
|
92
|
—
|
—
|
1
|
—
|
—
|
—
|
—
|
93
|
1
|
|
Other
|
2
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
2
|
—
|
|
Warrants
|
1
|
—
|
—
|
—*
|
—
|
—
|
—
|
—
|
1
|
—*
|
|
Total
|
$6,341
|
($6
)
|
($—
)
|
($189
)
|
$39
|
($17
)
|
$21
|
$—
|
$6,567
|
$210
|
|
|
June 30, 2026 (UNAUDITED)
|
|
|
FAIR VALUE AT
6/30/26
(000S)
|
VALUATION
TECHNIQUES
|
UNOBSERVABLE
INPUTS
|
RANGE (WEIGHTED
AVERAGE)
|
|
Corporate Bonds
|
$2,490
|
Market Comparables
|
Yield(2)
|
6.0%
|
|
Common Stocks
|
$3,678
|
Discounted Cash Flow/Market Comparables
|
Discount Rate/EBITDA multiple(1)
|
13.8%/6.8x
|
|
|
93
|
Market Comparables
|
Adjusted LTM EBITDA(1)
|
12.7x
|
|
|
—*
|
Liquidation
|
Future Liquidation Payments(1)
|
$0.01
|
|
Term Loan
|
$—*
|
Discounted Cash Flow/Market Comparables
|
Discount Rate/EBITDA forward multiple(1)
|
16.1%/6.3x
|
|
Other
|
$2
|
Liquidation
|
Future Liquidation Payments(1)
|
$0.75
|
|
*
|
Amount rounds to less than one thousand.
|
|
(1)
|
The significant unobservable inputs that can be used in the fair value measurement
are; Discount Rate, EBITDA Multiple and future liquidation payments. Significant
increases (decreases) in the discount rate in isolation would have resulted in a significantly
lower (higher) fair value measurement while an increase (decrease) in
EBITDA multiple in isolation would have resulted in a significantly higher (lower)
fair value measurement. Significant decreases in the trading value of previous notes
would result in lower fair values and significant increases in the trading value would
result in higher fair values. Future liquidation payments are at the sole discretion
of the company in which we have an ownership interest in, there are no increases/decreases
based upon an increase or decrease in multiple or discount rate. There
are no value increases or decreases in multiple or discount rate.
|
|
(2)
|
The significant unobservable inputs that can be used in the fair value measurement
are; Yield. Significant decreases (increase) in yield would have resulted in a
significantly higher (lower) fair value measurement.
|
|
SECURITY
|
VALUE,
BEGINNING
OF PERIOD
(000S)
|
PURCHASES
(000S)
|
SALES
PROCEEDS
(000S)
|
VALUE,
END OF PERIOD
(000S)
|
SHARES/PAR,
END
OF PERIOD
|
DIVIDEND/
INTEREST
INCOME
(000S)
|
|
Northern Institutional Funds - Liquid Assets Portfolio (Shares)
|
$8,511
|
$15,981
|
$16,001
|
$8,491
|
8,490,823
|
$26
(1)
|
|
Northern Institutional Funds - U.S. Government Portfolio (Shares)
|
5,659
|
19,994
|
20,823
|
4,830
|
4,829,888
|
47
|
|
Total
|
$14,170
|
$35,975
|
$36,824
|
$13,321
|
13,320,711
|
$73
|
|
(1)
|
Represents income from the investment of cash collateral and loan premiums or fees
paid by borrowers, net of applicable taxes, rebate fees paid or accrued to the
Fund, and other related expenses.
|
|
Schedule of Investments
|
|
SHORT BOND FUND
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
ASSET-BACKED SECURITIES – 10.8%
|
||
|
Auto Loan – 6.6%
|
||
|
Carvana Auto Receivables Trust, Series
2025-P2, Class C
|
|
|
|
5.48%, 11/10/31
|
$1,300
|
$1,314
|
|
Drive Auto Receivables Trust, Series
2024-1, Class B
|
|
|
|
5.31%, 1/16/29
|
292
|
293
|
|
Drive Auto Receivables Trust, Series
2024-2, Class B
|
|
|
|
4.52%, 7/16/29
|
896
|
897
|
|
Exeter Automobile Receivables Trust,
Series 2025-1A, Class D
|
|
|
|
5.49%, 5/15/31
|
490
|
494
|
|
Exeter Automobile Receivables Trust,
Series 2025-2A, Class D
|
|
|
|
5.89%, 7/15/31
|
456
|
463
|
|
GLS Auto Receivables Issuer Trust,
Series 2024-3A, Class D
|
|
|
|
5.53%, 2/18/31(1)
|
1,985
|
1,998
|
|
Honda Auto Receivables Owner Trust,
Series 2024-1, Class A3
|
|
|
|
5.21%, 8/15/28
|
167
|
168
|
|
Mercedes-Benz Auto Receivables Trust,
Series 2023-2, Class A3
|
|
|
|
5.95%, 11/15/28
|
203
|
205
|
|
Research-Driven Pagaya Motor Asset
Trust, Series 2026-1A, Class D
|
|
|
|
6.52%, 1/25/35(1)
|
1,281
|
1,236
|
|
Research-Driven Pagaya Motor Asset
Trust, Series 2026-2A, Class D
|
|
|
|
6.86%, 2/26/35(1)
|
900
|
871
|
|
Research-Driven Pagaya Motor Trust,
Series 2025-6A, Class B
|
|
|
|
5.09%, 8/25/34(1)
|
1,800
|
1,776
|
|
Santander Bank Auto Credit-Linked
Notes, Series 2025-A, Class D
|
|
|
|
5.15%, 1/16/34(1)
|
500
|
499
|
|
Santander Bank Auto Credit-Linked
Notes, Series 2026-A, Class B
|
|
|
|
4.81%, 7/17/34(1)
|
370
|
369
|
|
Santander Drive Auto Receivables Trust,
Series 2025-4, Class D
|
|
|
|
4.95%, 1/15/32
|
100
|
99
|
|
SFS Auto Receivables Securitization
Trust, Series 2025-2A, Class A3
|
|
|
|
4.44%, 12/20/30(1)
|
480
|
480
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
ASSET-BACKED SECURITIES - 10.8%continued
|
||
|
Auto Loan – 6.6%continued
|
||
|
Westlake Automobile Receivables Trust,
Series 2025-P1, Class B
|
|
|
|
4.86%, 5/15/30(1)
|
$300
|
$300
|
|
Westlake Automobile Receivables Trust,
Series 2025-P1, Class C
|
|
|
|
5.15%, 11/15/30(1)
|
600
|
602
|
|
World Omni Auto Receivables Trust,
Series 2024-A, Class A3
|
|
|
|
4.86%, 3/15/29
|
173
|
174
|
|
World Omni Auto Receivables Trust,
Series 2024-B, Class A3
|
|
|
|
5.27%, 9/17/29
|
161
|
161
|
|
|
|
12,399
|
|
Credit Card – 0.2%
|
||
|
Synchrony Card Funding LLC, Series
2023-A1, Class A
|
|
|
|
5.54%, 7/15/29
|
180
|
180
|
|
Synchrony Card Funding LLC, Series
2024-A1, Class A
|
|
|
|
5.04%, 3/15/30
|
236
|
237
|
|
|
|
417
|
|
Other – 1.6%
|
||
|
John Deere Owner Trust, Series
2024-A, Class A3
|
|
|
|
4.96%, 11/15/28
|
205
|
206
|
|
Oryx Funding LLC, Series 2026-1A,
Class A2
|
|
|
|
6.30%, 6/5/56(1)
|
660
|
662
|
|
Pagaya AI Debt Grantor Trust, Series
2024-PT1, Class D
|
|
|
|
6.26%, 2/16/32(1)
|
493
|
493
|
|
Pagaya AI Debt Trust, Series 2025-4,
Class B
|
|
|
|
5.69%, 1/17/33(1)
|
760
|
761
|
|
PK Alift Loan Funding 8 LP, Series
2026-1, Class C
|
|
|
|
5.00%, 9/15/43(1)
|
244
|
239
|
|
Sotheby's Artfi Master Trust, Series
2026-1A, Class A1
|
|
|
|
4.80%, 6/20/33(1)
|
243
|
242
|
|
StoneX SBA Trust, Series 2026-1,
Class A
|
|
|
|
3.88%, 2/25/57(1) (2)
|
7,953
|
414
|
|
|
|
3,017
|
|
|
June 30, 2026 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
ASSET-BACKED SECURITIES - 10.8%continued
|
||
|
Whole Loan – 2.4%
|
||
|
Bravo Residential Funding Trust, Series
2025-NQM1, Class A3
|
|
|
|
(Step to 6.91% on 2/25/29),
5.91%, 12/25/64(1) (3)
|
$1,539
|
$1,539
|
|
JP Morgan Mortgage Trust, Series
2025-NQM5, Class A3
|
|
|
|
(Step to 6.23% on 1/25/30),
5.23%, 5/25/65(1) (3)
|
507
|
502
|
|
OBX Trust, Series 2024-NQM16,
Class A1
|
|
|
|
(Step to 6.53% on 11/25/28),
5.53%, 10/25/64(1) (3)
|
346
|
347
|
|
OBX Trust, Series 2025-NQM21,
Class A3
|
|
|
|
(Step to 6.29% on 12/25/29),
5.29%, 10/25/65(1) (3)
|
418
|
415
|
|
Provident Funding Mortgage Trust,
Series 2025-2, Class A4
|
|
|
|
5.50%, 6/25/55(1) (2)
|
456
|
455
|
|
Santander Mortgage Asset Receivable
Trust, Series 2025-NQM3, Class A2
|
|
|
|
(Step to 6.85% on 7/25/29),
5.85%, 5/25/65(1) (3)
|
560
|
561
|
|
Santander Mortgage Asset Receivable
Trust, Series 2025-NQM3, Class A3
|
|
|
|
(Step to 6.86% on 7/25/29),
6.06%, 5/25/65(1) (3)
|
459
|
460
|
|
Sequoia Mortgage Trust, Series
2024-6, Class A11
|
|
|
|
6.00%, 7/27/54(1) (2)
|
191
|
190
|
|
|
|
4,469
|
|
Total Asset-Backed Securities
|
|
|
|
(Cost $20,419)
|
|
20,302
|
|
|
|
|
|
COMMERCIAL MORTGAGE-BACKED SECURITIES – 6.3%
|
||
|
Non Agency – 6.3%
|
||
|
BANK, Series 2021-BN37, Class A5
|
|
|
|
2.62%, 11/15/64
|
1,525
|
1,351
|
|
BX Commercial Mortgage Trust, Series
2019-IMC, Class A
|
|
|
|
(Floating, CME Term SOFR 1M +
1.05%, 1.00% Floor), 4.67%,
4/15/34(1) (4)
|
236
|
235
|
|
FS Commercial Mortgage Trust, Series
2023-4SZN, Class B
|
|
|
|
7.54%, 11/10/39(1) (2)
|
1,220
|
1,227
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
COMMERCIAL MORTGAGE-BACKED SECURITIES - 6.3%continued
|
||
|
Non Agency – 6.3%continued
|
||
|
FS Commercial Mortgage Trust, Series
2023-4SZN, Class C
|
|
|
|
8.12%, 11/10/39(1) (2)
|
$800
|
$805
|
|
GS Mortgage Securities Trust, Series
2021-GSA3, Class A1
|
|
|
|
1.37%, 12/15/54(1)
|
322
|
319
|
|
JP Morgan Chase Commercial
Mortgage Securities Trust, Series
2019-COR5, Class A4
|
|
|
|
3.39%, 6/13/52
|
3,780
|
3,616
|
|
JP Morgan Chase Commercial
Mortgage Securities Trust, Series
2019-OSB, Class A
|
|
|
|
3.40%, 6/5/39(1)
|
1,080
|
1,020
|
|
MSRW Pass-Through Trust, Series
2025-CC, Class A
|
|
|
|
5.89%, 8/15/30(1)
|
1,566
|
1,537
|
|
MSRW Pass-Through Trust, Series
2025-CC, Class B
|
|
|
|
6.65%, 8/15/30(1)
|
800
|
784
|
|
SCMS Mortgage Trust, Series
2025-BNC1, Class AS
|
|
|
|
5.31%, 4/15/28(1)
|
900
|
899
|
|
|
|
11,793
|
|
Total Commercial Mortgage-Backed
Securities
|
|
|
|
(Cost $11,833)
|
|
11,793
|
|
|
|
|
|
CORPORATE BONDS – 40.7%
|
||
|
Aerospace & Defense – 1.1%
|
||
|
General Dynamics Corp.,
|
|
|
|
3.75%, 5/15/28
|
400
|
396
|
|
Huntington Ingalls Industries, Inc.,
|
|
|
|
2.04%, 8/16/28
|
790
|
748
|
|
5.35%, 1/15/30
|
170
|
173
|
|
Lockheed Martin Corp.,
|
|
|
|
4.45%, 5/15/28
|
825
|
826
|
|
|
|
2,143
|
|
Asset Management – 0.6%
|
||
|
Apollo Debt Solutions BDC,
|
|
|
|
5.70%, 1/23/31(1)
|
900
|
881
|
|
Citadel Finance LLC,
|
|
|
|
4.75%, 2/14/29(1)
|
200
|
197
|
|
|
|
1,078
|
|
Schedule of Investments
|
|
SHORT BOND FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 40.7% continued
|
||
|
Automotive – 0.9%
|
||
|
Ford Motor Credit Co. LLC,
|
|
|
|
4.97%, 4/6/29
|
$375
|
$371
|
|
Hyundai Capital America,
|
|
|
|
5.28%, 6/24/27(1)
|
1,340
|
1,349
|
|
|
|
1,720
|
|
Banking – 4.8%
|
||
|
Bank of America Corp.,
|
|
|
|
(Variable, U.S. SOFR + 0.96%),
1.73%, 7/22/27(5)
|
1,000
|
998
|
|
(Variable, CME Term SOFR 3M +
1.47%), 3.97%, 2/7/30(5)
|
370
|
363
|
|
Citigroup, Inc.,
|
|
|
|
(Variable, U.S. SOFR + 0.87%),
4.79%, 3/4/29(5)
|
370
|
371
|
|
Citizens Bank N.A.,
|
|
|
|
(Variable, U.S. SOFR + 0.70%),
4.19%, 1/29/29(5)
|
675
|
670
|
|
Huntington National Bank (The),
|
|
|
|
(Variable, U.S. SOFR + 0.72%),
4.87%, 4/12/28(5)
|
500
|
501
|
|
JPMorgan Chase & Co.,
|
|
|
|
(Variable, U.S. SOFR + 0.77%),
1.47%, 9/22/27(5)
|
1,000
|
993
|
|
(Variable, U.S. SOFR + 1.56%),
4.32%, 4/26/28(5)
|
1,710
|
1,707
|
|
Manufacturers & Traders Trust Co.,
|
|
|
|
4.70%, 1/27/28
|
400
|
401
|
|
Morgan Stanley Bank N.A.,
|
|
|
|
(Variable, U.S. SOFR Compounded
Index + 0.97%), 4.79%,
5/10/30(5)
|
400
|
400
|
|
PNC Financial Services Group (The),
Inc.,
|
|
|
|
(Variable, U.S. SOFR Compounded
Index + 1.73%), 6.62%,
10/20/27(5)
|
635
|
639
|
|
U.S. Bank N.A.,
|
|
|
|
(Variable, U.S. SOFR + 0.67%),
4.54%, 5/20/29(5)
|
1,060
|
1,058
|
|
Wells Fargo & Co.,
|
|
|
|
(Variable, U.S. SOFR + 1.07%),
5.71%, 4/22/28(5)
|
840
|
848
|
|
|
|
8,949
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 40.7% continued
|
||
|
Biotechnology & Pharmaceuticals – 1.0%
|
||
|
AbbVie, Inc.,
|
|
|
|
4.65%, 3/15/28
|
$1,950
|
$1,958
|
|
Cable & Satellite – 0.4%
|
||
|
Space Exploration Technologies Corp.,
|
|
|
|
5.35%, 7/15/31(1)
|
841
|
839
|
|
Chemicals – 1.3%
|
||
|
Dow Chemical (The) Co.,
|
|
|
|
2.10%, 11/15/30
|
990
|
875
|
|
Ecolab, Inc.,
|
|
|
|
4.30%, 6/15/28
|
710
|
708
|
|
LYB International Finance III LLC,
|
|
|
|
5.13%, 1/15/31
|
800
|
799
|
|
|
|
2,382
|
|
Commercial Support Services – 0.5%
|
||
|
Republic Services, Inc.,
|
|
|
|
5.00%, 11/15/29
|
485
|
491
|
|
Waste Management, Inc.,
|
|
|
|
4.50%, 3/15/28
|
400
|
401
|
|
|
|
892
|
|
Construction Materials – 0.1%
|
||
|
Vulcan Materials Co.,
|
|
|
|
4.95%, 12/1/29
|
260
|
262
|
|
Containers & Packaging – 1.1%
|
||
|
Berry Global, Inc.,
|
|
|
|
1.65%, 1/15/27
|
950
|
936
|
|
Graphic Packaging International LLC,
|
|
|
|
4.75%, 7/15/27(1)
|
1,180
|
1,175
|
|
|
|
2,111
|
|
Diversified Industrials – 0.8%
|
||
|
Parker-Hannifin Corp.,
|
|
|
|
4.25%, 9/15/27
|
1,540
|
1,537
|
|
Electric Utilities – 1.0%
|
||
|
Constellation Energy Generation LLC,
|
|
|
|
3.90%, 1/8/28
|
430
|
426
|
|
Dominion Energy, Inc.,
|
|
|
|
4.60%, 5/15/28
|
640
|
640
|
|
DTE Energy Co.,
|
|
|
|
5.20%, 4/1/30
|
800
|
812
|
|
|
|
1,878
|
|
Electrical Equipment – 0.5%
|
||
|
Carrier Global Corp.,
|
|
|
|
2.49%, 2/15/27
|
950
|
939
|
|
|
June 30, 2026 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 40.7% continued
|
||
|
Engineering & Construction – 0.1%
|
||
|
Installed Building Products, Inc.,
|
|
|
|
5.63%, 2/1/34(1)
|
$95
|
$94
|
|
Entertainment Content – 0.5%
|
||
|
Netflix, Inc.,
|
|
|
|
6.38%, 5/15/29
|
825
|
867
|
|
Finance Companies – 0.3%
|
||
|
Sumisho Air Lease Corp.,
|
|
|
|
(Variable, U.S. Treasury Yield Curve
Rate CMT 5Y + 3.44%), 6.00%,
9/24/29(5) (6)
|
650
|
628
|
|
Food – 1.4%
|
||
|
Cargill, Inc.,
|
|
|
|
4.63%, 2/11/28(1)
|
1,000
|
1,004
|
|
Kraft Heinz Foods Co.,
|
|
|
|
3.75%, 4/1/30
|
315
|
305
|
|
Mondelez International, Inc.,
|
|
|
|
4.13%, 5/7/28
|
1,400
|
1,389
|
|
|
|
2,698
|
|
Gas & Water Utilities – 0.3%
|
||
|
National Fuel Gas Co.,
|
|
|
|
4.75%, 5/15/29
|
618
|
616
|
|
Health Care Facilities & Services – 2.2%
|
||
|
Cardinal Health, Inc.,
|
|
|
|
4.70%, 11/15/26
|
1,130
|
1,132
|
|
Cencora, Inc.,
|
|
|
|
4.63%, 12/15/27
|
410
|
410
|
|
CHS/Community Health Systems, Inc.,
|
|
|
|
5.25%, 5/15/30(1)
|
675
|
637
|
|
HCA, Inc.,
|
|
|
|
5.00%, 3/1/28
|
560
|
563
|
|
4.13%, 6/15/29
|
370
|
364
|
|
LifePoint Health, Inc.,
|
|
|
|
9.88%, 8/15/30(1)
|
1,000
|
1,054
|
|
|
|
4,160
|
|
Institutional Financial Services – 1.0%
|
||
|
Depository Trust (The) Co.,
|
|
|
|
4.55%, 3/27/31(1)
|
250
|
248
|
|
Goldman Sachs Group (The), Inc.,
|
|
|
|
(Variable, U.S. SOFR + 0.90%),
4.15%, 10/21/29(5)
|
370
|
365
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 40.7% continued
|
||
|
Institutional Financial Services – 1.0%continued
|
||
|
LPL Holdings, Inc.,
|
|
|
|
4.90%, 4/3/28
|
$1,250
|
$1,251
|
|
|
|
1,864
|
|
Insurance – 2.3%
|
||
|
Aon North America, Inc.,
|
|
|
|
5.15%, 3/1/29
|
725
|
735
|
|
Arthur J Gallagher & Co.,
|
|
|
|
4.60%, 12/15/27
|
1,230
|
1,232
|
|
New York Life Global Funding,
|
|
|
|
4.40%, 4/25/28(1)
|
1,350
|
1,348
|
|
Principal Financial Group, Inc.,
|
|
|
|
3.10%, 11/15/26
|
1,000
|
995
|
|
|
|
4,310
|
|
Internet Media & Services – 0.2%
|
||
|
VeriSign, Inc.,
|
|
|
|
5.10%, 7/15/31
|
307
|
308
|
|
IT Services – 0.2%
|
||
|
International Business Machines Corp.,
|
|
|
|
4.65%, 2/10/28
|
400
|
401
|
|
Leisure Facilities & Services – 0.2%
|
||
|
Hyatt Hotels Corp.,
|
|
|
|
5.75%, 1/30/27
|
400
|
402
|
|
Leisure Products – 0.1%
|
||
|
Patrick Industries, Inc.,
|
|
|
|
6.38%, 11/1/32(1)
|
180
|
179
|
|
Machinery – 1.4%
|
||
|
Caterpillar Financial Services Corp.,
|
|
|
|
1.10%, 9/14/27
|
400
|
385
|
|
4.40%, 10/15/27
|
1,275
|
1,277
|
|
CNH Industrial Capital LLC,
|
|
|
|
4.50%, 10/8/27
|
480
|
480
|
|
John Deere Capital Corp.,
|
|
|
|
4.20%, 7/15/27
|
570
|
570
|
|
|
|
2,712
|
|
Medical Equipment & Devices – 1.3%
|
||
|
Edwards Lifesciences Corp.,
|
|
|
|
4.30%, 6/15/28
|
1,140
|
1,134
|
|
Medtronic Global Holdings S.C.A.,
|
|
|
|
4.25%, 3/30/28
|
400
|
399
|
|
Zimmer Biomet Holdings, Inc.,
|
|
|
|
4.70%, 2/19/27
|
950
|
951
|
|
|
|
2,484
|
|
Schedule of Investments
|
|
SHORT BOND FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 40.7% continued
|
||
|
Metals & Mining – 0.2%
|
||
|
Novelis Corp.,
|
|
|
|
3.88%, 8/15/31(1)
|
$430
|
$392
|
|
Oil & Gas Supply Chain – 3.7%
|
||
|
Antero Midstream Partners L.P./Antero
Midstream Finance Corp.,
|
|
|
|
5.75%, 7/1/34(1)
|
340
|
336
|
|
Cheniere Energy Partners L.P.,
|
|
|
|
4.50%, 10/1/29
|
730
|
725
|
|
Crescent Energy Finance LLC,
|
|
|
|
7.63%, 4/1/32(1)
|
275
|
277
|
|
HF Sinclair Corp.,
|
|
|
|
5.75%, 1/15/31†
|
1,200
|
1,226
|
|
Marathon Petroleum Corp.,
|
|
|
|
5.15%, 3/1/30
|
545
|
552
|
|
ONEOK, Inc.,
|
|
|
|
5.55%, 11/1/26
|
2,210
|
2,217
|
|
Plains All American Pipeline L.P.,
|
|
|
|
(Variable, CME Term SOFR 3M +
4.37%), 8.02%, 7/30/26(4) (6)
|
525
|
525
|
|
Tallgrass Energy Partners L.P./Tallgrass
Energy Finance Corp.,
|
|
|
|
7.38%, 2/15/29(1)
|
1,000
|
1,026
|
|
|
|
6,884
|
|
Real Estate Investment Trusts – 1.8%
|
||
|
Extra Space Storage L.P.,
|
|
|
|
5.70%, 4/1/28
|
1,410
|
1,435
|
|
Public Storage Operating Co.,
|
|
|
|
5.13%, 1/15/29
|
825
|
839
|
|
Simon Property Group L.P.,
|
|
|
|
1.75%, 2/1/28
|
400
|
384
|
|
Store Capital LLC,
|
|
|
|
5.40%, 4/30/30
|
705
|
710
|
|
|
|
3,368
|
|
Retail - Consumer Staples – 0.2%
|
||
|
7-Eleven, Inc.,
|
|
|
|
1.80%, 2/10/31(1)
|
386
|
336
|
|
Software – 2.5%
|
||
|
Cloud Software Group, Inc.,
|
|
|
|
8.25%, 6/30/32(1)
|
590
|
553
|
|
Oracle Corp.,
|
|
|
|
2.65%, 7/15/26
|
1,000
|
999
|
|
4.55%, 2/4/29
|
1,250
|
1,232
|
|
4.45%, 9/26/30
|
1,110
|
1,072
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 40.7% continued
|
||
|
Software – 2.5%continued
|
||
|
Salesforce, Inc.,
|
|
|
|
4.65%, 3/15/29
|
$813
|
$813
|
|
|
|
4,669
|
|
Specialty Finance – 3.7%
|
||
|
Ally Financial, Inc.,
|
|
|
|
(Variable, U.S. SOFR Compounded
Index + 1.96%), 5.74%,
5/15/29(5)
|
723
|
733
|
|
American Express Co.,
|
|
|
|
(Variable, U.S. SOFR + 0.93%),
5.04%, 7/26/28(5)
|
1,185
|
1,192
|
|
Block, Inc.,
|
|
|
|
5.63%, 8/15/30(1)
|
335
|
336
|
|
6.00%, 8/15/33(1)
|
675
|
680
|
|
Encore Capital Group, Inc.,
|
|
|
|
6.63%, 6/1/32(1)
|
550
|
551
|
|
Fair Isaac Corp.,
|
|
|
|
6.25%, 9/15/34(1)
|
1,020
|
1,005
|
|
Mastercard, Inc.,
|
|
|
|
4.55%, 3/15/28
|
400
|
401
|
|
OneMain Finance Corp.,
|
|
|
|
5.38%, 11/15/29
|
675
|
663
|
|
PennyMac Financial Services, Inc.,
|
|
|
|
7.13%, 11/15/30(1)
|
570
|
578
|
|
Synchrony Financial,
|
|
|
|
(Variable, U.S. SOFR Compounded
Index + 2.13%), 5.94%,
8/2/30(5)
|
175
|
178
|
|
WEX, Inc.,
|
|
|
|
6.50%, 3/15/33(1)
|
570
|
567
|
|
|
|
6,884
|
|
Technology Hardware – 1.3%
|
||
|
CDW LLC/CDW Finance Corp.,
|
|
|
|
2.67%, 12/1/26
|
1,100
|
1,091
|
|
Dell International LLC/EMC Corp.,
|
|
|
|
4.75%, 4/1/28
|
990
|
993
|
|
Zebra Technologies Corp.,
|
|
|
|
6.50%, 6/1/32(1)
|
430
|
435
|
|
|
|
2,519
|
|
Telecommunications – 0.6%
|
||
|
Black Pearl Compute LLC,
|
|
|
|
6.13%, 2/15/31(1)
|
40
|
40
|
|
|
June 30, 2026 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 40.7% continued
|
||
|
Telecommunications – 0.6%continued
|
||
|
Cipher Compute LLC,
|
|
|
|
7.13%, 11/15/30(1)
|
$1,000
|
$1,040
|
|
|
|
1,080
|
|
Tobacco & Cannabis – 0.2%
|
||
|
Philip Morris International, Inc.,
|
|
|
|
4.13%, 4/28/28
|
400
|
398
|
|
Transportation & Logistics – 0.8%
|
||
|
CSX Corp.,
|
|
|
|
3.80%, 3/1/28
|
400
|
396
|
|
Delta Air Lines, Inc.,
|
|
|
|
4.95%, 7/10/28
|
850
|
853
|
|
United Airlines, Inc.,
|
|
|
|
4.63%, 4/15/29(1)
|
200
|
197
|
|
|
|
1,446
|
|
Transportation Equipment – 0.1%
|
||
|
Cummins, Inc.,
|
|
|
|
4.25%, 5/9/28
|
175
|
175
|
|
Total Corporate Bonds
|
|
|
|
(Cost $76,627)
|
|
76,562
|
|
|
|
|
|
FOREIGN ISSUER BONDS – 13.0%
|
||
|
Aerospace & Defense – 0.4%
|
||
|
Rolls-Royce PLC,
|
|
|
|
5.75%, 10/15/27(1)
|
810
|
820
|
|
Banking – 8.4%
|
||
|
Banco Bilbao Vizcaya Argentaria S.A.,
|
|
|
|
4.15%, 3/3/29
|
400
|
394
|
|
Banco Santander S.A.,
|
|
|
|
4.60%, 4/15/29
|
1,200
|
1,195
|
|
(Variable, U.S. Treasury Yield Curve
Rate CMT 1Y + 1.45%), 5.54%,
3/14/30(5)
|
800
|
815
|
|
Barclays PLC,
|
|
|
|
(Variable, U.S. SOFR + 1.49%),
5.67%, 3/12/28(5)
|
1,280
|
1,290
|
|
(Variable, U.S. SOFR + 1.74%),
5.69%, 3/12/30(5)
|
370
|
378
|
|
Cooperatieve Rabobank U.A.,
|
|
|
|
3.75%, 7/21/26
|
1,600
|
1,599
|
|
Credit Agricole S.A.,
|
|
|
|
(Variable, U.S. SOFR + 1.21%),
4.63%, 9/11/28(1) (5)
|
1,430
|
1,430
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
FOREIGN ISSUER BONDS - 13.0% continued
|
||
|
Banking – 8.4%continued
|
||
|
HSBC Holdings PLC,
|
|
|
|
(Variable, U.S. SOFR + 1.57%),
5.89%, 8/14/27(5)
|
$500
|
$501
|
|
(Variable, U.S. SOFR + 1.06%),
5.60%, 5/17/28(5)
|
840
|
847
|
|
(Variable, U.S. SOFR + 0.94%),
4.71%, 5/12/30(5)
|
1,300
|
1,294
|
|
Lloyds Banking Group PLC,
|
|
|
|
(Variable, U.S. Treasury Yield Curve
Rate CMT 1Y + 1.70%), 5.87%,
3/6/29(5)
|
1,650
|
1,682
|
|
Mizuho Bank Ltd.,
|
|
|
|
4.40%, 4/16/29(1)
|
400
|
399
|
|
NatWest Group PLC,
|
|
|
|
(Variable, U.S. Treasury Yield Curve
Rate CMT 1Y + 1.10%), 5.58%,
3/1/28(5)
|
840
|
846
|
|
Royal Bank of Canada,
|
|
|
|
(Variable, U.S. SOFR + 1.01%),
4.61%, 5/3/32(5)
|
750
|
741
|
|
Societe Generale S.A.,
|
|
|
|
(Variable, U.S. Treasury Yield Curve
Rate CMT 1Y + 1.50%), 5.52%,
1/19/28(1) (5)
|
1,000
|
1,005
|
|
Toronto-Dominion Bank (The),
|
|
|
|
3.91%, 1/13/28
|
1,475
|
1,462
|
|
|
|
15,878
|
|
Biotechnology & Pharmaceuticals – 0.2%
|
||
|
Astrazeneca Finance LLC,
|
|
|
|
4.88%, 3/3/28
|
400
|
403
|
|
Chemicals – 0.8%
|
||
|
Nutrien Ltd.,
|
|
|
|
4.85%, 5/29/31
|
785
|
784
|
|
5.25%, 3/12/32
|
610
|
620
|
|
|
|
1,404
|
|
Electric Utilities – 0.2%
|
||
|
Electricite de France S.A.,
|
|
|
|
4.50%, 9/21/28(1)
|
350
|
349
|
|
Electrical Equipment – 0.2%
|
||
|
Tyco Electronics Group S.A.,
|
|
|
|
4.50%, 2/9/31
|
420
|
418
|
|
Industrial Support Services – 0.3%
|
||
|
Ashtead Capital, Inc.,
|
|
|
|
4.38%, 8/15/27(1)
|
500
|
498
|
|
Schedule of Investments
|
|
SHORT BOND FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
FOREIGN ISSUER BONDS - 13.0% continued
|
||
|
Insurance – 0.1%
|
||
|
Nippon Life Insurance Co.,
|
|
|
|
4.75%, 4/2/31(1)
|
$200
|
$199
|
|
Metals & Mining – 0.8%
|
||
|
Rio Tinto Finance U.S.A. PLC,
|
|
|
|
4.50%, 3/14/28
|
850
|
851
|
|
Trekor Metals Ltd.,
|
|
|
|
8.25%, 5/1/30(1)
|
680
|
710
|
|
|
|
1,561
|
|
Oil & Gas Supply Chain – 0.2%
|
||
|
Saudi Arabian Oil Co.,
|
|
|
|
4.00%, 2/2/29(1)
|
390
|
383
|
|
Specialty Finance – 0.9%
|
||
|
AerCap Ireland Capital DAC/AerCap
Global Aviation Trust,
|
|
|
|
6.10%, 1/15/27
|
950
|
957
|
|
4.13%, 2/28/29
|
225
|
222
|
|
Avolon Holdings Funding Ltd.,
|
|
|
|
4.20%, 4/15/29(1)
|
500
|
491
|
|
|
|
1,670
|
|
Telecommunications – 0.3%
|
||
|
NTT Finance Corp.,
|
|
|
|
4.88%, 7/16/30(1)
|
600
|
599
|
|
Transportation & Logistics – 0.2%
|
||
|
Air Canada,
|
|
|
|
3.88%, 8/15/26(1)
|
320
|
320
|
|
Total Foreign Issuer Bonds
|
|
|
|
(Cost $24,521)
|
|
24,502
|
|
|
|
|
|
U.S. GOVERNMENT AGENCIES – 8.1% (7)
|
||
|
Fannie Mae – 2.4%
|
||
|
Pool #555649,
|
|
|
|
7.50%, 10/1/32
|
2
|
2
|
|
Pool #AD0915,
|
|
|
|
5.50%, 12/1/38
|
11
|
12
|
|
Pool #AI3471,
|
|
|
|
5.00%, 6/1/41
|
39
|
39
|
|
Pool #BA6574,
|
|
|
|
3.00%, 1/1/31
|
220
|
215
|
|
Pool #BC0266,
|
|
|
|
3.50%, 2/1/31
|
201
|
198
|
|
Pool #BC1465,
|
|
|
|
2.50%, 7/1/31
|
143
|
137
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
U.S. GOVERNMENT AGENCIES - 8.1% (7)continued
|
||
|
Fannie Mae – 2.4%continued
|
||
|
Pool #BE0514,
|
|
|
|
2.50%, 11/1/31
|
$433
|
$415
|
|
Pool #BM1239,
|
|
|
|
3.50%, 2/1/32
|
214
|
210
|
|
Pool #BM4485,
|
|
|
|
3.00%, 9/1/30
|
183
|
180
|
|
Pool #BM5017,
|
|
|
|
3.00%, 3/1/30
|
174
|
170
|
|
Pool #BM5525,
|
|
|
|
4.00%, 3/1/31
|
1
|
1
|
|
Pool #BM5708,
|
|
|
|
3.00%, 12/1/29
|
13
|
13
|
|
Pool #FM1534,
|
|
|
|
4.50%, 9/1/49
|
524
|
512
|
|
Pool #FM1773,
|
|
|
|
3.00%, 12/1/31
|
124
|
121
|
|
Pool #FM1849,
|
|
|
|
3.50%, 12/1/33
|
237
|
231
|
|
Pool #FM1852,
|
|
|
|
3.00%, 7/1/33
|
242
|
236
|
|
Pool #FM1897,
|
|
|
|
3.00%, 9/1/32
|
163
|
159
|
|
Pool #FM3308,
|
|
|
|
3.00%, 4/1/32
|
380
|
372
|
|
Pool #FS4618,
|
|
|
|
4.50%, 2/1/51
|
586
|
568
|
|
Pool #FS4653,
|
|
|
|
5.50%, 5/1/53
|
508
|
513
|
|
Pool #MA3090,
|
|
|
|
3.00%, 8/1/32
|
115
|
111
|
|
|
|
4,415
|
|
Freddie Mac – 5.4%
|
||
|
Freddie Mac REMICS, Series 4835,
Class CA,
|
|
|
|
3.50%, 1/15/47
|
184
|
181
|
|
Pool #1B3617,
|
|
|
|
(Floating, Refinitiv USD IBOR
Consumer Cash Fallbacks 1Y
Index + 1.92%, 1.92% Floor,
10.97% Cap), 6.59%,
10/1/37(4)
|
32
|
33
|
|
Pool #RA8880,
|
|
|
|
5.50%, 4/1/53
|
620
|
628
|
|
|
June 30, 2026 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
U.S. GOVERNMENT AGENCIES - 8.1% (7)continued
|
||
|
Freddie Mac – 5.4%continued
|
||
|
Pool #SB0084,
|
|
|
|
3.00%, 2/1/32
|
$476
|
$466
|
|
Pool #SB0093,
|
|
|
|
2.50%, 12/1/31
|
1,349
|
1,292
|
|
Pool #SB0215,
|
|
|
|
3.00%, 2/1/32
|
148
|
145
|
|
Pool #SB0216,
|
|
|
|
3.00%, 12/1/32
|
419
|
407
|
|
Pool #SB0329,
|
|
|
|
3.00%, 9/1/32
|
421
|
411
|
|
Pool #SD1959,
|
|
|
|
6.50%, 12/1/52
|
458
|
475
|
|
Pool #SD2342,
|
|
|
|
5.00%, 12/1/44
|
684
|
689
|
|
Pool #SD2665,
|
|
|
|
6.00%, 4/1/53
|
566
|
586
|
|
Pool #SD2922,
|
|
|
|
5.00%, 5/1/53
|
778
|
770
|
|
Pool #SD2999,
|
|
|
|
5.50%, 6/1/53
|
749
|
757
|
|
Pool #SD3133,
|
|
|
|
5.00%, 6/1/53
|
628
|
620
|
|
Pool #SD3136,
|
|
|
|
5.50%, 6/1/53
|
608
|
616
|
|
Pool #SD3174,
|
|
|
|
5.50%, 6/1/53
|
566
|
571
|
|
Pool #ZA2807,
|
|
|
|
2.50%, 2/1/28
|
15
|
15
|
|
Pool #ZK9070,
|
|
|
|
3.00%, 11/1/32
|
230
|
222
|
|
Pool #ZS6689,
|
|
|
|
2.50%, 4/1/28
|
50
|
49
|
|
Pool #ZS8598,
|
|
|
|
3.00%, 2/1/31
|
281
|
273
|
|
Pool #ZS8675,
|
|
|
|
2.50%, 11/1/32
|
495
|
471
|
|
Seasoned Loans Structured Transaction
Trust, Series 2019-2, Class A1C,
|
|
|
|
2.75%, 9/25/29
|
559
|
532
|
|
|
|
10,209
|
|
Freddie Mac Gold – 0.2%
|
||
|
Pool #A92650,
|
|
|
|
5.50%, 6/1/40
|
21
|
22
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
U.S. GOVERNMENT AGENCIES - 8.1% (7)continued
|
||
|
Freddie Mac Gold – 0.2%continued
|
||
|
Pool #E04360,
|
|
|
|
2.50%, 4/1/28
|
$65
|
$63
|
|
Pool #G18641,
|
|
|
|
3.00%, 4/1/32
|
86
|
83
|
|
Pool #G18647,
|
|
|
|
3.00%, 6/1/32
|
209
|
202
|
|
|
|
370
|
|
Government National Mortgage Association – 0.1%
|
||
|
Government National Mortgage
Association, Series 2017-95,
Class QG,
|
|
|
|
2.50%, 8/20/46
|
259
|
240
|
|
Government National Mortgage
Association, Series 2025-33,
Class LH,
|
|
|
|
5.00%, 5/20/54
|
25
|
25
|
|
|
|
265
|
|
Total U.S. Government Agencies
|
|
|
|
(Cost $15,663)
|
|
15,259
|
|
|
|
|
|
U.S. GOVERNMENT OBLIGATIONS – 14.6%
|
||
|
U.S. Treasury Notes – 14.6%
|
||
|
3.88%, 7/15/28(8)
|
1,312
|
1,305
|
|
3.50%, 11/15/28
|
7,700
|
7,584
|
|
3.50%, 2/15/29
|
6,675
|
6,564
|
|
3.63%, 10/31/30
|
100
|
98
|
|
3.88%, 3/31/31
|
11,955
|
11,785
|
|
|
|
27,336
|
|
Total U.S. Government Obligations
|
|
|
|
(Cost $27,478)
|
|
27,336
|
|
|
NUMBER
OF SHARES
|
VALUE
(000S)
|
|
INVESTMENT COMPANIES – 1.3%
|
||
|
Northern Institutional Funds - Liquid
Assets Portfolio (Shares),
3.68%(9) (10) (11)
|
8,640
|
$9
|
|
Northern Institutional Funds -
U.S. Government Portfolio (Shares),
3.46%(9) (10)
|
2,426,007
|
2,426
|
|
Total Investment Companies
|
|
|
|
(Cost $2,435)
|
|
2,435
|
|
Schedule of Investments
|
|
SHORT BOND FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
SHORT-TERM INVESTMENTS – 5.2%
|
||
|
U.S. Treasury Bill,
|
|
|
|
3.35%, 1/21/27(8) (12)
|
$10,000
|
$9,791
|
|
Total Short-Term Investments
|
|
|
|
(Cost $9,810)
|
9,791
|
|
|
|
|
|
|
Total Investments – 100.0%
|
|
|
|
(Cost $188,786)
|
187,980
|
|
|
Other Assets less Liabilities – 0.0%
|
38
|
|
|
NET ASSETS – 100.0%
|
$188,018
|
|
|
(1)
|
Security exempt from registration pursuant to Rule 144A under the Securities
Act of 1933, as amended. These securities may be resold in transactions
exempt from registration to qualified institutional investors. At June 30,
2026, the value of these securities amounted to approximately
$46,794,000 or 24.9% of net assets.
|
|
(2)
|
Variable or floating rate security, the interest rate of which adjusts
periodically based on changes in current interest rates and prepayments on
the underlying pool of assets.
|
|
(3)
|
Step coupon bond. Rate as of June 30, 2026 is disclosed.
|
|
(4)
|
Variable or floating rate security. Rate as of June 30, 2026 is disclosed.
|
|
(5)
|
Variable or floating rate security. Security issued at a fixed coupon rate,
which converts to a variable rate at a future date. Rate shown is the rate in
effect as of June 30, 2026.
|
|
(6)
|
Perpetual bond. Maturity date represents next call date.
|
|
(7)
|
The obligations of certain U.S. government-sponsored entities are neither
issued nor guaranteed by the United States Treasury.
|
|
(8)
|
A portion of this security has been pledged as collateral to cover margin
requirements for open futures contracts.
|
|
(9)
|
Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the
investment adviser to the Fund and the investment adviser to Northern
Institutional Funds.
|
|
(10)
|
7-day current yield as of June 30, 2026 is disclosed.
|
|
(11)
|
Investment of cash collateral received from securities lending activities.
|
|
(12)
|
Discount rate at the time of purchase.
|
|
†
|
Security is either wholly or partially on loan.
|
|
|
|
EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT
THE SCHEDULE OF INVESTMENTS:
|
|
|
|
1M - 1 Month
|
|
|
|
1Y - 1 Year
|
|
|
|
3M - 3 Month
|
|
|
|
5Y - 5 Year
|
|
|
|
CME - Chicago Mercantile Exchange
|
|
|
|
CMT - Constant Maturity
|
|
|
|
Fannie Mae - Federal National Mortgage Association
|
|
|
|
Freddie Mac - Federal Home Loan Mortgage Corporation
|
|
|
|
IBOR - Interbank Offered Rates
|
|
|
|
REMICS - Real Estate Mortgage Investment Conduits
|
|
|
|
SOFR - Secured Overnight Financing Rate
|
|
|
|
USD - United States Dollar
|
|
TYPE
|
NUMBER OF
CONTRACTS
|
NOTIONAL
AMOUNT
(000s)
|
CONTRACT
POSITION
|
CONTRACT
EXP.
|
VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION)
(000s)
|
|
2-Year
U.S. Treasury
Note
|
337
|
$69,467
|
Long
|
9/26
|
$22
|
|
5-Year
U.S. Treasury
Note
|
(306
)
|
(32,756
)
|
Short
|
9/26
|
(112
)
|
|
Ultra 10-Year
U.S. Treasury
Note
|
(32
)
|
(3,599
)
|
Short
|
9/26
|
(47
)
|
|
Ultra Long
U.S. Treasury
Bond
|
(8
)
|
(929
)
|
Short
|
9/26
|
(27
)
|
|
Total
|
|
|
|
|
$(164
)
|
|
|
June 30, 2026 (UNAUDITED)
|
|
INVESTMENTS
|
LEVEL 1
(000s)
|
LEVEL 2
(000s)
|
LEVEL 3
(000s)
|
TOTAL
(000s)
|
|
Asset-Backed Securities(1)
|
$—
|
$20,302
|
$—
|
$20,302
|
|
Commercial Mortgage-Backed
Securities
|
—
|
11,793
|
—
|
11,793
|
|
Corporate Bonds(1)
|
—
|
76,562
|
—
|
76,562
|
|
Foreign Issuer Bonds(1)
|
—
|
24,502
|
—
|
24,502
|
|
U.S. Government Agencies(1)
|
—
|
15,259
|
—
|
15,259
|
|
U.S. Government Obligations
|
—
|
27,336
|
—
|
27,336
|
|
Investment Companies
|
2,435
|
—
|
—
|
2,435
|
|
Short-Term Investments
|
—
|
9,791
|
—
|
9,791
|
|
Total Investments
|
$2,435
|
$185,545
|
$—
|
$187,980
|
|
INVESTMENTS
|
LEVEL 1
(000s)
|
LEVEL 2
(000s)
|
LEVEL 3
(000s)
|
TOTAL
(000s)
|
|
OTHER FINANCIAL
INSTRUMENTS
|
|
|
|
|
|
Assets
|
|
|
|
|
|
Futures Contracts
|
$22
|
$—
|
$—
|
$22
|
|
Liabilities
|
|
|
|
|
|
Futures Contracts
|
(186
)
|
—
|
—
|
(186
)
|
|
Total Other Financial
Instruments
|
$(164
)
|
$—
|
$—
|
$(164
)
|
|
(1)
|
Classifications as defined in the Schedule of Investments.
|
|
SECURITY
|
VALUE,
BEGINNING
OF PERIOD
(000S)
|
PURCHASES
(000S)
|
SALES
PROCEEDS
(000S)
|
VALUE,
END OF PERIOD
(000S)
|
SHARES/PAR,
END
OF PERIOD
|
DIVIDEND/
INTEREST
INCOME
(000S)
|
|
Northern Institutional Funds - Liquid Assets Portfolio (Shares)
|
$707
|
$10,735
|
$11,433
|
$9
|
8,640
|
$—
(1),*
|
|
Northern Institutional Funds - U.S. Government Portfolio (Shares)
|
2,525
|
20,951
|
21,050
|
2,426
|
2,426,007
|
22
|
|
Total
|
$3,232
|
$31,686
|
$32,483
|
$2,435
|
2,434,647
|
$22
|
|
(1)
|
Represents income from the investment of cash collateral and loan premiums or fees
paid by borrowers, net of applicable taxes, rebate fees paid or accrued to the
Fund, and other related expenses.
|
|
*
|
Amount rounds to less than one thousand.
|
|
Schedule of Investments
|
|
TAX-ADVANTAGED ULTRA-SHORT FIXED INCOME FUND
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
ASSET-BACKED SECURITIES – 1.4%
|
||
|
Auto Loan – 0.5%
|
||
|
CarMax Auto Owner Trust, Series
2024-1, Class A3
|
|
|
|
4.92%, 10/16/28
|
$569
|
$571
|
|
Exeter Automobile Receivables Trust,
Series 2025-2A, Class D
|
|
|
|
5.89%, 7/15/31
|
2,300
|
2,336
|
|
Mercedes-Benz Auto Receivables Trust,
Series 2024-1, Class A3
|
|
|
|
4.80%, 4/16/29
|
3,172
|
3,181
|
|
Santander Drive Auto Receivables Trust,
Series 2024-5, Class D
|
|
|
|
5.14%, 2/17/32
|
6,545
|
6,563
|
|
World Omni Auto Receivables Trust,
Series 2024-A, Class A3
|
|
|
|
4.86%, 3/15/29
|
1,494
|
1,499
|
|
|
|
14,150
|
|
Credit Card – 0.1%
|
||
|
WF Card Issuance Trust, Series
2024-A1, Class A
|
|
|
|
4.94%, 2/15/29
|
5,000
|
5,023
|
|
Other – 0.6%
|
||
|
CNH Equipment Trust, Series 2024-A,
Class A3
|
|
|
|
4.77%, 6/15/29
|
648
|
651
|
|
Kubota Credit Owner Trust, Series
2025-1A, Class A2
|
|
|
|
4.61%, 12/15/27(1)
|
1,473
|
1,475
|
|
Pagaya Ai Debt Grantor Trust, Series
2025-6, Class A2
|
|
|
|
4.50%, 4/15/33(1)
|
1,424
|
1,414
|
|
Pagaya Ai Debt Grantor Trust, Series
2025-6, Class B
|
|
|
|
4.88%, 4/15/33(1)
|
6,699
|
6,662
|
|
Pagaya Ai Debt Grantor Trust, Series
2025-6, Class C
|
|
|
|
5.01%, 4/15/33(1)
|
2,400
|
2,387
|
|
PK ALIFT Loan Funding 7 L.P., Series
2025-2, Class A
|
|
|
|
4.75%, 3/15/43(1)
|
4,043
|
4,009
|
|
|
|
16,598
|
|
Whole Loan – 0.2%
|
||
|
OBX Trust, Series 2026-NQM8,
Class A1B
|
|
|
|
(Step to 6.30% on 7/25/30),
5.30%, 5/25/66(1) (2)
|
2,000
|
1,988
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
ASSET-BACKED SECURITIES - 1.4%continued
|
||
|
Whole Loan – 0.2%continued
|
||
|
Santander Mortgage Asset Receivable
Trust, Series 2025-NQM1, Class A1
|
|
|
|
(Step to 6.55% on 4/25/29),
5.55%, 1/25/65(1) (2)
|
$4,449
|
$4,448
|
|
|
|
6,436
|
|
Total Asset-Backed Securities
|
|
|
|
(Cost $42,350)
|
|
42,207
|
|
|
|
|
|
COMMERCIAL PAPER – 0.9%
|
||
|
Regional – 0.9%
|
||
|
Board of Regents of the University of
Texas System,
|
|
|
|
2.40%, 7/1/26
|
6,330
|
6,330
|
|
Illinois Finance Authority,
|
|
|
|
2.55%, 9/22/26
|
12,000
|
11,996
|
|
2.50%, 10/5/26
|
6,950
|
6,947
|
|
|
|
25,273
|
|
Total Commercial Paper
|
|
|
|
(Cost $25,280)
|
|
25,273
|
|
|
|
|
|
CORPORATE BONDS – 4.4%
|
||
|
Automotive – 0.9%
|
||
|
American Honda Finance Corp.,
|
|
|
|
4.25%, 9/1/28
|
10,000
|
9,927
|
|
General Motors Financial Co., Inc.,
|
|
|
|
5.40%, 5/8/27
|
5,000
|
5,038
|
|
Hyundai Capital America,
|
|
|
|
5.25%, 1/8/27(1)
|
5,000
|
5,021
|
|
4.25%, 1/8/29(1)
|
5,000
|
4,933
|
|
|
|
24,919
|
|
Banking – 1.8%
|
||
|
Citigroup, Inc.,
|
|
|
|
(Floating, U.S. SOFR + 0.87%),
4.55%, 3/4/29(3)
|
12,900
|
12,937
|
|
Huntington National Bank (The),
|
|
|
|
(Variable, U.S. SOFR + 0.72%),
4.87%, 4/12/28(4)
|
7,400
|
7,415
|
|
JPMorgan Chase & Co.,
|
|
|
|
(Floating, U.S. SOFR + 0.77%),
4.45%, 9/22/27(3)
|
11,400
|
11,408
|
|
|
June 30, 2026 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 4.4% continued
|
||
|
Banking – 1.8%continued
|
||
|
Santander Holdings U.S.A., Inc.,
|
|
|
|
(Floating, U.S. SOFR + 1.61%),
5.30%, 3/20/29(3)
|
$20,000
|
$20,203
|
|
|
|
51,963
|
|
Electric Utilities – 0.1%
|
||
|
DTE Energy Co.,
|
|
|
|
4.88%, 6/1/28
|
4,200
|
4,218
|
|
Health Care Facilities & Services – 0.1%
|
||
|
HCA, Inc.,
|
|
|
|
5.00%, 3/1/28
|
3,470
|
3,489
|
|
Institutional Financial Services – 0.3%
|
||
|
Goldman Sachs Group (The), Inc.,
|
|
|
|
(Variable, U.S. SOFR + 0.71%),
4.15%, 1/21/29(4)
|
10,000
|
9,914
|
|
Insurance – 0.5%
|
||
|
Marsh & McLennan Cos., Inc.,
|
|
|
|
(Floating, U.S. SOFR Compounded
Index + 0.70%), 4.35%,
11/8/27(3)
|
3,530
|
3,545
|
|
Met Tower Global Funding,
|
|
|
|
4.00%, 1/14/29(1)
|
10,000
|
9,861
|
|
|
|
13,406
|
|
Real Estate Owners & Developers – 0.2%
|
||
|
Jefferson Exchange at Riverside LLC,
|
|
|
|
3.72%, 6/1/62(5)
|
6,400
|
6,400
|
|
Software – 0.5%
|
||
|
Oracle Corp.,
|
|
|
|
4.55%, 2/4/29
|
14,560
|
14,353
|
|
Total Corporate Bonds
|
|
|
|
(Cost $128,895)
|
|
128,662
|
|
|
|
|
|
FOREIGN ISSUER BONDS – 5.9%
|
||
|
Automotive – 0.5%
|
||
|
BMW U.S. Capital LLC,
|
|
|
|
(Floating, U.S. SOFR + 0.71%),
4.36%, 8/11/27(1) (3)
|
1,700
|
1,705
|
|
Volkswagen Group of America
Finance LLC,
|
|
|
|
4.45%, 9/11/27(1)
|
12,300
|
12,259
|
|
|
|
13,964
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
FOREIGN ISSUER BONDS - 5.9% continued
|
||
|
Banking – 4.5%
|
||
|
ABN AMRO Bank N.V.,
|
|
|
|
(Floating, U.S. SOFR Compounded
Index + 0.75%), 4.43%,
7/7/28(1) (3)
|
$20,000
|
$20,086
|
|
Bank of Montreal,
|
|
|
|
(Variable, U.S. SOFR Compounded
Index + 0.75%), 4.06%,
9/22/28(4) †
|
16,600
|
16,508
|
|
Bank of Nova Scotia (The),
|
|
|
|
(Variable, U.S. SOFR + 0.76%),
4.04%, 9/15/28(4) †
|
24,500
|
24,358
|
|
Cooperatieve Rabobank U.A.,
|
|
|
|
(Variable, U.S. Treasury Yield Curve
Rate CMT 1Y + 1.22%), 3.65%,
4/6/28(1) (4)
|
10,000
|
9,938
|
|
Deutsche Bank A.G.,
|
|
|
|
(Floating, U.S. SOFR + 1.22%),
4.88%, 11/16/27(3)
|
7,500
|
7,510
|
|
(Variable, U.S. SOFR + 2.51%),
6.82%, 11/20/29(4)
|
20,809
|
21,767
|
|
HSBC Holdings PLC,
|
|
|
|
(Floating, U.S. SOFR + 1.03%),
4.71%, 3/3/29(3)
|
6,000
|
6,034
|
|
Nationwide Building Society,
|
|
|
|
(Floating, U.S. SOFR + 1.29%),
4.95%, 2/16/28(1) (3)
|
4,300
|
4,318
|
|
NatWest Markets PLC,
|
|
|
|
(Floating, U.S. SOFR + 0.76%),
4.45%, 9/29/26(1) (3)
|
2,800
|
2,804
|
|
Santander UK Group Holdings PLC,
|
|
|
|
(Variable, U.S. SOFR Compounded
Index + 1.07%), 4.32%,
9/22/29(4)
|
4,800
|
4,750
|
|
Sumitomo Mitsui Financial Group, Inc.,
|
|
|
|
(Floating, U.S. SOFR + 0.88%),
4.52%, 1/14/27(3)
|
9,880
|
9,913
|
|
4.11%, 1/15/29
|
3,500
|
3,457
|
|
|
|
131,443
|
|
Oil & Gas Supply Chain – 0.2%
|
||
|
Saudi Arabian Oil Co.,
|
|
|
|
4.00%, 2/2/29(1)
|
5,620
|
5,522
|
|
Specialty Finance – 0.2%
|
||
|
AerCap Ireland Capital DAC/AerCap
Global Aviation Trust,
|
|
|
|
6.45%, 4/15/27
|
5,000
|
5,064
|
|
Schedule of Investments
|
|
TAX-ADVANTAGED ULTRA-SHORT FIXED INCOME FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
FOREIGN ISSUER BONDS - 5.9% continued
|
||
|
Telecommunications – 0.2%
|
||
|
Orange S.A.,
|
|
|
|
4.00%, 1/13/29(1)
|
$5,000
|
$4,933
|
|
Transportation Equipment – 0.3%
|
||
|
Daimler Truck Finance North
America LLC,
|
|
|
|
4.15%, 1/12/29(1)
|
9,300
|
9,184
|
|
Total Foreign Issuer Bonds
|
|
|
|
(Cost $170,759)
|
|
170,110
|
|
|
|
|
|
U.S. GOVERNMENT AGENCIES – 0.2% (6)
|
||
|
Freddie Mac – 0.2%
|
||
|
Seasoned Loans Structured Transaction
Trust, Series 2018-2, Class A1,
|
|
|
|
3.50%, 11/25/28
|
5,617
|
5,481
|
|
Total U.S. Government Agencies
|
|
|
|
(Cost $5,522)
|
|
5,481
|
|
|
|
|
|
MUNICIPAL BONDS – 81.7%
|
||
|
Alabama – 6.3%
|
||
|
Alabama State HFA MFH Variable
Revenue Bonds, Fred Marshall Court
Project,
|
|
|
|
3.15%, 6/1/28(7) (8)
|
1,900
|
1,907
|
|
Alabama State HFA MFH Variable
Revenue Bonds, Providence Park
Apartments Project,
|
|
|
|
3.15%, 7/1/28(7) (8)
|
1,200
|
1,204
|
|
Black Belt Energy Gas District Gas
Project Revenue Bonds, Series A,
|
|
|
|
5.00%, 12/1/27
|
1,250
|
1,278
|
|
5.00%, 12/1/28
|
1,000
|
1,035
|
|
Black Belt Energy Gas District Gas
Project Revenue Bonds, Series B-1,
|
|
|
|
4.00%, 10/1/27(7) (8)
|
1,150
|
1,162
|
|
Black Belt Energy Gas District Gas
Project Revenue Bonds, Series C-1,
|
|
|
|
5.25%, 6/1/29(7) (8)
|
34,930
|
36,709
|
|
Black Belt Energy Gas District Gas
Project Revenue Bonds, Series E,
|
|
|
|
5.00%, 5/1/28
|
510
|
525
|
|
Black Belt Energy Gas District Gas
Project Revenue Bonds, Series F,
|
|
|
|
5.00%, 6/1/27
|
310
|
314
|
|
5.00%, 6/1/28
|
2,180
|
2,239
|
|
5.00%, 6/1/29
|
2,960
|
3,068
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 81.7%continued
|
||
|
Alabama – 6.3%continued
|
||
|
Black Belt Energy Gas District Gas
Project Revenue Refunding Bonds,
Series H-2-1,
|
|
|
|
5.00%, 12/1/27
|
$750
|
$766
|
|
Black Belt Energy Gas District Gas
Project Variable Revenue Bonds,
Project No. 7,
|
|
|
|
(Floating, SIFMA Municipal Swap
Index Yield + 0.35%), 1.99%,
12/1/26(3) (7)
|
29,000
|
28,925
|
|
Black Belt Energy Gas District Gas
Project Variable Revenue Refunding
Bonds, Series D-1,
|
|
|
|
5.50%, 2/1/29(7) (8)
|
20,040
|
21,034
|
|
Black Belt Energy Gas District Gas
Supply Revenue Bonds, Subseries
D2,
|
|
|
|
(Floating, U.S. SOFR + 1.40%),
3.87%, 6/1/27(3) (7)
|
20,000
|
20,069
|
|
Mobile County Board of School
Commissioners Special Tax
Refunding Bonds (AG Insured),
|
|
|
|
5.00%, 3/1/27
|
715
|
726
|
|
5.00%, 3/1/29
|
1,015
|
1,073
|
|
Mobile IDB Variable PCR Bonds,
Alabama Power Company Barry
Plant,
|
|
|
|
2.75%, 3/15/29(7) (8)
|
16,735
|
16,646
|
|
Southeast Energy Authority Commodity
Supply Revenue Bonds, Series A,
Project No. 1,
|
|
|
|
4.00%, 10/1/28(7) (8)
|
23,950
|
24,329
|
|
Southeast Energy Authority Commodity
Supply Revenue Bonds, Series B-1,
Project No. 4,
|
|
|
|
5.00%, 8/1/28(7) (8)
|
12,395
|
12,821
|
|
Southeast Energy Authority
Cooperative Revenue Bonds, Series
A,
|
|
|
|
5.00%, 11/1/28
|
500
|
513
|
|
Southeast Energy Authority
Cooperative Revenue Bonds, Series
E,
|
|
|
|
5.00%, 10/1/28
|
5,000
|
5,211
|
|
|
June 30, 2026 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 81.7%continued
|
||
|
Alabama – 6.3%continued
|
||
|
University of South Alabama Revenue
Refunding Bonds (AG Insured),
|
|
|
|
5.00%, 11/1/28
|
$1,225
|
$1,234
|
|
|
|
182,788
|
|
Alaska – 0.5%
|
||
|
Alaska State Housing Finance Corp.
Revenue Refunding Bonds, State
Capital Project,
|
|
|
|
5.00%, 6/1/27
|
2,605
|
2,660
|
|
Civic Ventures Revenue Refunding
Bonds, Anchorage Convention
Center,
|
|
|
|
5.00%, 9/1/27
|
930
|
952
|
|
5.00%, 9/1/28
|
975
|
1,018
|
|
North Slope Borough G.O. Unlimited
Bonds,
|
|
|
|
5.00%, 6/30/27
|
4,100
|
4,202
|
|
5.00%, 6/30/28
|
6,000
|
6,293
|
|
|
|
15,125
|
|
Arizona – 2.2%
|
||
|
Chandler IDA IDR Variable Revenue
Bonds (AMT), Intel Corp. Project,
|
|
|
|
4.00%, 6/1/29(7) (8)
|
7,500
|
7,617
|
|
Gilbert G.O. Unlimited Refunding
Bonds,
|
|
|
|
3.00%, 7/1/28
|
3,020
|
3,024
|
|
Glendale Water & Sewer Revenue
Refunding Bonds,
|
|
|
|
5.00%, 7/1/26
|
3,000
|
3,000
|
|
Maricopa County IDA Revenue
Refunding Bonds, Series A, Banner
Health,
|
|
|
|
5.00%, 1/1/29
|
4,000
|
4,207
|
|
Maricopa County IDA Variable
Revenue Bonds, Series A-2, Banner
Health,
|
|
|
|
5.00%, 5/15/28(7) (8)
|
10,000
|
10,344
|
|
Maricopa County Litchfield Elementary
School District No. 79 G.O.
Unlimited Bonds, Series A, Project of
2023,
|
|
|
|
5.00%, 7/1/26
|
1,830
|
1,830
|
|
Phoenix Civic Improvement Corp.
Water System Junior Lien Revenue
Refunding Bonds, Series B,
|
|
|
|
5.00%, 7/1/26
|
1,750
|
1,750
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 81.7%continued
|
||
|
Arizona – 2.2%continued
|
||
|
Pima County IDA MFH Variable
Revenue Bonds, Flats At Ballpark
Village,
|
|
|
|
2.71%, 4/1/28(7) (8)
|
$7,595
|
$7,557
|
|
Pima County Refunding COPS,
|
|
|
|
5.00%, 12/1/27
|
2,860
|
2,958
|
|
Pinal County Revenue Refunding
Obligation Bonds (BAM Insured),
|
|
|
|
5.00%, 8/1/28
|
1,000
|
1,051
|
|
Salt Verde Financial Corp. Senior Gas
Revenue Bonds,
|
|
|
|
5.25%, 12/1/27
|
3,750
|
3,855
|
|
5.25%, 12/1/28
|
9,485
|
9,888
|
|
Tucson G.O. Unlimited Bonds, Series
2018-B,
|
|
|
|
5.00%, 7/1/27
|
6,460
|
6,631
|
|
|
|
63,712
|
|
Arkansas – 0.1%
|
||
|
Fort Smith Water & Sewer Revenue
Refunding Bonds,
|
|
|
|
5.00%, 10/1/26
|
2,385
|
2,398
|
|
California – 4.5%
|
||
|
Bay Area Toll Authority Toll Bridge
Variable Revenue Bonds, San
Francisco Bay Area Toll,
|
|
|
|
(Floating, SIFMA Municipal Swap
Index Yield + 0.30%), 1.94%,
4/1/27(3) (7)
|
8,500
|
8,474
|
|
California Community Choice Financing
Authority Clean Energy Project
Sustainable Revenue Bonds,
|
|
|
|
5.00%, 9/1/27
|
1,000
|
1,021
|
|
5.00%, 10/1/28
|
1,750
|
1,804
|
|
5.00%, 8/1/29(7) (8)
|
14,570
|
15,216
|
|
California Community Choice Financing
Authority Clean Energy Project
Sustainable Revenue Bonds, Series
A-1,
|
|
|
|
4.00%, 8/1/27
|
2,475
|
2,497
|
|
4.00%, 8/1/28(7) (8)
|
8,725
|
8,830
|
|
California Community Choice Financing
Authority Clean Energy Project
Sustainable Revenue Bonds, Series
D,
|
|
|
|
5.50%, 11/1/28(7) (8)
|
2,500
|
2,612
|
|
Schedule of Investments
|
|
TAX-ADVANTAGED ULTRA-SHORT FIXED INCOME FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 81.7%continued
|
||
|
California – 4.5%continued
|
||
|
California Housing Finance Agency
Limited Obligation MFH Variable
Revenue Bonds, Series C-1,
Creekside Commons,
|
|
|
|
2.95%, 10/1/28(7) (8)
|
$1,810
|
$1,813
|
|
California State Health Facilities
Financing Authority Revenue Bonds,
Adventist Health System/West,
|
|
|
|
5.00%, 12/1/28
|
10,200
|
10,672
|
|
California State Municipal Finance
Authority MFH Variable Revenue
Bonds, El Camino Real Multifamily,
|
|
|
|
2.50%, 3/1/29(7) (8)
|
4,280
|
4,225
|
|
California State Municipal Finance
Authority MFH Variable Revenue
Bonds, Palmdale Family Apartments,
|
|
|
|
2.95%, 1/1/28(7) (8)
|
2,280
|
2,284
|
|
California State Municipal Finance
Authority Taxable Revenue Bonds,
Gateways Hospital and Mental
Health Centers,
|
|
|
|
5.43%, 9/1/28
|
350
|
350
|
|
Los Angeles Department of Airports
Subordinate Revenue Refunding
Bonds (AMT),
|
|
|
|
5.00%, 5/15/28
|
5,000
|
5,209
|
|
5.00%, 5/15/28
|
4,530
|
4,720
|
|
Los Angeles Department of Airports
Subordinate Sustainable Revenue
Refunding Bonds (AMT),
|
|
|
|
5.00%, 5/15/28
|
6,500
|
6,772
|
|
Los Angeles Department of Water &
Power Revenue Refunding Bonds
Series B,
|
|
|
|
5.00%, 7/1/26
|
2,600
|
2,600
|
|
5.00%, 7/1/27
|
2,225
|
2,280
|
|
Los Angeles Department of Water &
Power Revenue Refunding Bonds,
Series A,
|
|
|
|
5.00%, 7/1/26
|
4,035
|
4,035
|
|
5.00%, 7/1/26
|
1,990
|
1,990
|
|
Los Angeles Department of Water &
Power System Revenue Bonds,
Escrowed to Maturity,
|
|
|
|
5.00%, 7/1/26
|
6,270
|
6,270
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 81.7%continued
|
||
|
California – 4.5%continued
|
||
|
Los Angeles Department of Water &
Power System Revenue Refunding
Bonds, Series A,
|
|
|
|
5.00%, 7/1/26
|
$1,930
|
$1,930
|
|
5.00%, 7/1/27
|
3,040
|
3,115
|
|
Los Angeles Department of Water &
Power System Revenue Refunding
Bonds, Series B,
|
|
|
|
5.00%, 7/1/27
|
3,180
|
3,218
|
|
Los Angeles Department of Water &
Power Waterworks Revenue
Refunding Bonds, Series C,
|
|
|
|
5.00%, 7/1/27
|
2,675
|
2,739
|
|
5.00%, 7/1/28
|
6,630
|
6,930
|
|
San Francisco City & County Airport
Commission International Airport
Special Facilities Lease Revenue
Refunding Bonds (AMT), SFO Fuel,
Prerefunded,
|
|
|
|
5.00%, 1/2/29(9)
|
1,715
|
1,804
|
|
San Francisco City & County Airports
Commission International Airport
Revenue Refunding Bonds, Second
Series (AMT), Unrefunded Balance,
|
|
|
|
5.00%, 5/1/27
|
10,880
|
11,073
|
|
San Francisco City & County Airports
Commission International Airport
Revenue Refunding Bonds, Second
Series A (AMT),
|
|
|
|
5.00%, 5/1/28
|
2,300
|
2,387
|
|
Santa Barbara County Solid Waste
System Revenue COPS (AMT), Series
B,
|
|
|
|
5.00%, 12/1/27
|
1,195
|
1,230
|
|
Southern California State Public Power
Authority Revenue Bonds, Southern
Transmission System,
|
|
|
|
5.00%, 7/1/29
|
1,600
|
1,697
|
|
|
|
129,797
|
|
Colorado – 2.4%
|
||
|
Colorado State Health Facilities
Authority Revenue Refunding Bonds,
Series A, CommonSpirit Health,
|
|
|
|
5.00%, 8/1/27
|
5,000
|
5,116
|
|
|
June 30, 2026 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 81.7%continued
|
||
|
Colorado – 2.4%continued
|
||
|
Colorado State Health Facilities
Authority Revenue Refunding Bonds,
Series A, Sanford Health,
|
|
|
|
5.00%, 11/1/27
|
$1,010
|
$1,038
|
|
Colorado State Health Facilities
Authority Variable Revenue Bonds,
Intermountain Healthcare,
|
|
|
|
(Floating, SIFMA Municipal Swap
Index Yield + 0.55%), 2.19%,
8/17/26(3) (7)
|
22,100
|
22,099
|
|
Colorado State Health Facilities
Authority Variable Revenue
Refunding Bonds, Intermountain
Healthcare,
|
|
|
|
5.00%, 8/15/28(7) (8)
|
14,170
|
14,836
|
|
Denver City & County Airport
Subordinate Revenue Refunding
Bonds, Series A,
|
|
|
|
5.00%, 11/15/26
|
15,560
|
15,691
|
|
Denver City & County Airport System
Subordinate Revenue Refunding
Bonds, Series A (AMT),
|
|
|
|
5.00%, 12/1/27
|
3,865
|
3,989
|
|
Park Creek Metropolitan District Limited
Property Tax Supported Senior Tax
Allocation Revenue Refunding Bonds
(AG Insured),
|
|
|
|
5.00%, 12/1/26
|
700
|
707
|
|
5.00%, 12/1/27
|
1,000
|
1,035
|
|
Public Authority for Colorado State
Energy Natural Gas Purchase
Revenue Bonds,
|
|
|
|
6.25%, 11/15/28
|
5,225
|
5,440
|
|
|
|
69,951
|
|
Connecticut – 1.0%
|
||
|
Connecticut State G.O. Unlimited
Refunding Bonds, Series B,
|
|
|
|
5.00%, 9/15/28
|
3,040
|
3,203
|
|
Connecticut State Health & Educational
Facilities Authority Revenue
Refunding Bonds, Yale New Haven,
|
|
|
|
5.00%, 7/1/27
|
5,500
|
5,629
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 81.7%continued
|
||
|
Connecticut – 1.0%continued
|
||
|
Connecticut State Health & Educational
Facilities Authority Variable Revenue
Refunding Bonds, Yale New Haven,
|
|
|
|
5.00%, 7/1/29(7) (8)
|
$20,000
|
$21,222
|
|
|
|
30,054
|
|
District of Columbia – 0.5%
|
||
|
District of Columbia G.O. Unlimited
Refunding Bonds, Series A,
|
|
|
|
5.00%, 6/1/28
|
2,175
|
2,223
|
|
District of Columbia Housing Finance
Agency MFH Revenue Bonds,
Wagner Senior Residences Project,
|
|
|
|
2.95%, 9/1/28
|
4,500
|
4,495
|
|
District of Columbia Water & Sewer
Authority Public Utility Subordinate
Sustainable Revenue Refunding
Bonds,
|
|
|
|
5.00%, 10/1/28
|
765
|
807
|
|
Metropolitan Washington Airports
Authority Airport System Revenue
Refunding Bonds, Series A (AMT),
|
|
|
|
5.00%, 10/1/27
|
550
|
565
|
|
5.00%, 10/1/28
|
2,940
|
3,076
|
|
5.00%, 10/1/28
|
3,500
|
3,662
|
|
|
|
14,828
|
|
Florida – 6.1%
|
||
|
Broward County Port Facilities Revenue
Bonds (AMT),
|
|
|
|
5.00%, 9/1/27
|
1,000
|
1,022
|
|
5.00%, 9/1/28
|
2,125
|
2,205
|
|
Broward County School Board
Refunding COPS, Series A,
|
|
|
|
5.00%, 7/1/27
|
7,710
|
7,895
|
|
5.00%, 7/1/28
|
5,575
|
5,823
|
|
Broward County School Board
Refunding COPS, Series A (AG
Insured),
|
|
|
|
5.00%, 7/1/28
|
6,710
|
7,024
|
|
Broward County School Board
Refunding COPS, Series C,
|
|
|
|
5.00%, 7/1/26
|
5,000
|
5,000
|
|
Duval County School Board Refunding
COPS, Series A (AG Insured),
|
|
|
|
5.00%, 7/1/27
|
2,850
|
2,920
|
|
Schedule of Investments
|
|
TAX-ADVANTAGED ULTRA-SHORT FIXED INCOME FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 81.7%continued
|
||
|
Florida – 6.1%continued
|
||
|
Florida State Housing Finance Corp.
Multi Family Mortgage Variable
Revenue Bonds, Hermosa North Fort
Myers II,
|
|
|
|
3.50%, 7/1/27(7) (8)
|
$3,000
|
$3,019
|
|
Florida State Housing Finance Corp.
Multi Family Mortgage Variable
Revenue Bonds, New York Avenue
Apartments,
|
|
|
|
2.80%, 3/1/29(7) (8)
|
3,000
|
2,989
|
|
Florida State Housing Finance Corp.
Multi Family Mortgage Variable
Revenue Bonds, Ninth Street
Apartments,
|
|
|
|
3.15%, 12/1/28(7) (8)
|
2,505
|
2,514
|
|
Florida State Housing Finance Corp.
Multi Family Mortgage Variable
Revenue Bonds, Series E, Citrus Glen
Apartments,
|
|
|
|
3.10%, 1/1/28(7) (8)
|
1,675
|
1,678
|
|
Florida State Housing Finance Corp.
Multi Family Mortgage Variable
Revenue Bonds, Series E, Mariposa
Grove,
|
|
|
|
3.15%, 1/1/29(7) (8)
|
7,750
|
7,765
|
|
Florida State Housing Finance Corp.
Multi Family Mortgage Variable
Revenue Bonds, Series E, Southward
Village Phase 2,
|
|
|
|
3.20%, 12/1/28(7) (8)
|
9,325
|
9,353
|
|
Florida State Housing Finance Corp.
Variable Revenue Bonds, Series D,
Osprey Sound,
|
|
|
|
3.00%, 9/1/28(7) (8)
|
6,000
|
6,002
|
|
Florida State Mid-Bay Bridge Authority
First Senior Lien Revenue Refunding
Bonds (AG Insured),
|
|
|
|
5.00%, 10/1/26
|
3,250
|
3,266
|
|
5.00%, 10/1/27
|
1,700
|
1,745
|
|
5.00%, 10/1/28
|
3,145
|
3,292
|
|
Florida State Municipal Power Agency
Revenue Refunding Bonds,
All-Requirements Power Supply
Project,
|
|
|
|
5.00%, 10/1/27
|
795
|
818
|
|
5.00%, 10/1/28
|
1,300
|
1,369
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 81.7%continued
|
||
|
Florida – 6.1%continued
|
||
|
Greater Orlando Aviation Authority
Airport Facilities Revenue Bonds,
Series A (AMT),
|
|
|
|
5.00%, 10/1/27
|
$5,045
|
$5,184
|
|
Hillsborough County HFA Multi Family
Variable Revenue Bonds,
|
|
|
|
3.13%, 12/1/27(7) (8)
|
2,605
|
2,609
|
|
Hillsborough County HFA Multi Family
Variable Revenue Bonds Silver Oaks
Apartment (Housing & Urban
Development Sector 8 Program),
|
|
|
|
2.90%, 5/1/29(7) (8)
|
5,050
|
5,042
|
|
Jacksonville Special Revenue Refunding
Bonds, Series B,
|
|
|
|
5.00%, 10/1/27
|
8,650
|
8,704
|
|
Lake County School Board Refunding
COPS, Series A (AG Insured),
|
|
|
|
5.00%, 6/1/27
|
1,945
|
1,986
|
|
5.00%, 6/1/28
|
1,135
|
1,184
|
|
Lee County Airport Revenue Refunding
Bonds, Series A (AMT),
|
|
|
|
5.00%, 10/1/27
|
3,525
|
3,618
|
|
5.00%, 10/1/28
|
2,500
|
2,613
|
|
Lee County School Board Refunding
COPS, Series B,
|
|
|
|
5.00%, 8/1/28
|
5,350
|
5,613
|
|
Manatee County School Board COPS,
Florida Master Lease Program,
|
|
|
|
5.00%, 7/1/28
|
595
|
623
|
|
Manatee County School Board
Refunding COPS, Florida Master
Lease Program,
|
|
|
|
5.00%, 7/1/28
|
6,250
|
6,547
|
|
Miami Beach Redevelopment Agency
Tax Allocation Bonds, City
Center/Historic Convention (AG
Insured),
|
|
|
|
5.00%, 2/1/28
|
1,700
|
1,760
|
|
Miami-Dade County Aviation Revenue
Refunding Bonds, Series A (AMT),
|
|
|
|
5.00%, 10/1/27
|
3,700
|
3,796
|
|
5.00%, 10/1/28
|
4,100
|
4,282
|
|
Miami-Dade County HFA MFH
Variable Revenue Bonds, Bonita
Pointe (FHA Insured),
|
|
|
|
2.65%, 4/1/28(7) (8)
|
2,750
|
2,730
|
|
|
June 30, 2026 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 81.7%continued
|
||
|
Florida – 6.1%continued
|
||
|
Miami-Dade County School Board
Refunding COPS, Series A,
|
|
|
|
5.00%, 5/1/27
|
$8,840
|
$9,010
|
|
5.00%, 2/1/29
|
11,470
|
12,122
|
|
Osceola County HFA MFH Variable
Revenue Bonds, Series A, San Jose
Apartments,
|
|
|
|
2.75%, 4/1/28(7) (8)
|
2,675
|
2,669
|
|
Osceola County HFA MFH Variable
Revenue Bonds, Series B, Crestwood
Apartments,
|
|
|
|
2.65%, 9/1/28(7) (8)
|
1,850
|
1,832
|
|
Palm Beach County HFA Mortgage
Variable Revenue Bonds, Series B,
Calusa Pointe II,
|
|
|
|
2.90%, 2/1/29(7) (8)
|
1,525
|
1,524
|
|
Palm Beach County School Board
Refunding COPS, Series A,
|
|
|
|
5.00%, 8/1/27
|
4,675
|
4,799
|
|
Pasco County School Board Refunding
COPS, Series A,
|
|
|
|
5.00%, 8/1/28
|
1,000
|
1,048
|
|
Pensacola Airport Revenue Bonds
(AMT),
|
|
|
|
5.00%, 10/1/27
|
890
|
913
|
|
5.00%, 10/1/28
|
1,180
|
1,233
|
|
Polk County HFA MFH Variable
Revenue Bonds, Cypress Oaks
Apartments,
|
|
|
|
3.15%, 12/1/27(7) (8)
|
2,250
|
2,255
|
|
Polk County HFA MFH Variable
Revenue Bonds, Lakewood Terrace
Aparment (Housing & Urban
Development Sector 8 Program),
|
|
|
|
2.90%, 7/1/28(7) (8)
|
1,500
|
1,502
|
|
Polk County Public Facilities Revenue
Refunding Bonds,
|
|
|
|
5.00%, 12/1/26
|
795
|
803
|
|
Putnam County School District G.O.
Unlimited Bonds (BAM Insured),
|
|
|
|
5.00%, 7/1/28
|
1,685
|
1,761
|
|
Sarasota County School Board COPS,
Master Lease Program,
|
|
|
|
5.00%, 7/1/26
|
1,375
|
1,375
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 81.7%continued
|
||
|
Florida – 6.1%continued
|
||
|
Seminole County Water & Sewer
Revenue Refunding Bonds, Series A,
|
|
|
|
5.00%, 10/1/27
|
$700
|
$720
|
|
USF Financing Corp. Capital
Improvement Revenue Refunding
Bonds, Student Housing Project,
|
|
|
|
5.00%, 7/1/27
|
1,000
|
1,023
|
|
5.00%, 7/1/28
|
1,135
|
1,188
|
|
|
|
177,767
|
|
Georgia – 3.7%
|
||
|
Atlanta Airport Revenue Refunding
Bonds, Series G (AMT),
|
|
|
|
5.00%, 7/1/28
|
2,500
|
2,605
|
|
Atlanta Airport Sustainable Revenue
Bonds, Series B-1 (AMT),
|
|
|
|
5.00%, 7/1/28
|
4,000
|
4,168
|
|
Atlanta Urban Residential Finance
Authority MFH Variable Revenue
Bonds, Series B, Flats at Stone
Hogan,
|
|
|
|
2.92%, 5/1/28(7) (8)
|
4,820
|
4,826
|
|
Atlanta Urban Residential Finance
Authority MFH Variable Revenue
Bonds, Villas at Stone Hogan,
|
|
|
|
2.92%, 5/1/28(7) (8)
|
4,100
|
4,103
|
|
Cobb County Development Authority
Student Housing Senior Revenue
Refunding Bonds, KSU Housing Real
Estate,
|
|
|
|
5.00%, 6/15/27
|
445
|
455
|
|
5.00%, 6/15/28
|
750
|
782
|
|
5.00%, 6/15/29
|
1,000
|
1,059
|
|
Decatur Housing Authority MFH
Variable Revenue Bonds, Philips
Tower Project,
|
|
|
|
3.25%, 9/1/27(7) (8)
|
4,500
|
4,513
|
|
Macon-Bibb County Housing Authority
MFH Variable Revenue Bonds,
Cahec Portfolio II Project,
|
|
|
|
3.15%, 2/1/28(7) (8)
|
3,500
|
3,508
|
|
Main Street Natural Gas, Inc., Gas
Supply Revenue Bonds, Series A,
|
|
|
|
4.00%, 9/1/27(7) (8)
|
300
|
304
|
|
5.00%, 5/15/28
|
2,510
|
2,591
|
|
Schedule of Investments
|
|
TAX-ADVANTAGED ULTRA-SHORT FIXED INCOME FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 81.7%continued
|
||
|
Georgia – 3.7%continued
|
||
|
Main Street Natural Gas, Inc., Gas
Supply Revenue Bonds, Series B,
|
|
|
|
5.00%, 6/1/29(7) (8)
|
$38,005
|
$39,653
|
|
Main Street Natural Gas, Inc., Gas
Supply Revenue Bonds, Series C,
|
|
|
|
4.00%, 12/1/28(7) (8)
|
11,045
|
11,218
|
|
Main Street Natural Gas, Inc., Gas
Supply Variable Revenue Bonds,
Series C,
|
|
|
|
4.00%, 11/1/27(7) (8)
|
10,960
|
11,003
|
|
Municipal Electric Authority of Georgia
Revenue Refunding Bonds, Subseries
A, Project 1 (BAM-TCRS Insured),
|
|
|
|
5.00%, 1/1/28
|
9,040
|
9,098
|
|
Paulding County School District G.O.
Unlimited Bonds (State Aid
Withholding),
|
|
|
|
5.00%, 2/1/27
|
3,000
|
3,042
|
|
Savannah Housing Authority Variable
Revenue Bonds, Montgomery
Landing Project,
|
|
|
|
3.15%, 7/1/28(7) (8)
|
3,115
|
3,124
|
|
|
|
106,052
|
|
Hawaii – 0.2%
|
||
|
Hawaii State G.O. Unlimited Bonds,
Series FB,
|
|
|
|
5.00%, 4/1/27
|
6,895
|
6,909
|
|
Idaho – 0.1%
|
||
|
Kootenai County Coeur d'Alene School
District No. 271 G.O. Unlimited
Bonds (Idaho Sales Tax Guaranty
Insured),
|
|
|
|
4.00%, 9/15/27
|
3,000
|
3,031
|
|
Illinois – 5.4%
|
||
|
Adams County School District No. 172
G.O. Unlimited Refunding Bonds,
|
|
|
|
5.00%, 2/1/28
|
355
|
367
|
|
Bolingbrook G.O. Unlimited Refunding
Bonds, Series A (AG Insured),
|
|
|
|
5.00%, 1/1/29
|
1,490
|
1,538
|
|
Chicago Midway Airport Senior Lien
Revenue Refunding Bonds, Series A
(AMT),
|
|
|
|
5.00%, 1/1/27
|
3,615
|
3,653
|
|
5.00%, 1/1/28
|
1,565
|
1,617
|
|
5.00%, 1/1/29
|
3,500
|
3,662
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 81.7%continued
|
||
|
Illinois – 5.4%continued
|
||
|
Chicago O'Hare International Airport
General Senior Lien Revenue
Refunding Bonds, Series A,
|
|
|
|
5.00%, 1/1/28
|
$2,290
|
$2,317
|
|
Chicago O'Hare International Airport
Revenue Refunding Bonds, Series C
(AMT),
|
|
|
|
5.00%, 1/1/29
|
3,000
|
3,150
|
|
Chicago O'Hare International Airport
Senior Lien Revenue Refunding
Bonds, Series D,
|
|
|
|
5.00%, 1/1/29
|
5,465
|
5,783
|
|
Chicago Transit Authority Sales Tax
Receipts Revenue Refunding Bonds,
Series A,
|
|
|
|
5.00%, 12/1/27
|
2,250
|
2,320
|
|
Chicago Wastewater Transmission
Second Lien Revenue Refunding
Bonds, Series B,
|
|
|
|
5.00%, 1/1/27
|
2,300
|
2,324
|
|
Chicago Waterworks Revenue
Refunding Bonds, Series B,
|
|
|
|
11/1/27(10)
|
12,000
|
12,330
|
|
Cook County Sales Tax Revenue
Refunding Bonds,
|
|
|
|
5.00%, 11/15/28
|
1,000
|
1,053
|
|
DuPage County Forest Preserve District
G.O. Limited Bonds,
|
|
|
|
5.00%, 11/1/27
|
1,600
|
1,651
|
|
Illinois State Finance Authority Revenue
Refunding Bonds, NorthShore
University Health System,
|
|
|
|
5.00%, 8/15/28
|
3,000
|
3,143
|
|
Illinois State Finance Authority Variable
Revenue Bonds, Series B-2,
UChicago Medicine,
|
|
|
|
5.00%, 8/15/27(7) (8)
|
1,490
|
1,516
|
|
Illinois State Finance Authority Variable
Revenue Refunding Bonds, Field
Museum of Natural History,
|
|
|
|
(Floating, U.S. SOFR + 1.20%),
3.73%, 9/1/28(3) (7)
|
7,250
|
7,275
|
|
Illinois State G.O. Unlimited Bonds,
Series B,
|
|
|
|
5.00%, 10/1/26
|
7,000
|
7,039
|
|
5.00%, 10/1/27
|
3,430
|
3,525
|
|
5.25%, 9/1/28
|
23,415
|
24,630
|
|
|
June 30, 2026 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 81.7%continued
|
||
|
Illinois – 5.4%continued
|
||
|
Illinois State G.O. Unlimited Bonds,
Series D,
|
|
|
|
3.25%, 11/1/26
|
$6,855
|
$6,864
|
|
5.00%, 11/1/26
|
12,435
|
12,528
|
|
Illinois State G.O. Unlimited Refunding
Bonds, Series A,
|
|
|
|
5.00%, 10/1/27
|
1,100
|
1,130
|
|
Illinois State HDA MFH Variable
Revenue Bonds, Corcoran Place,
|
|
|
|
3.15%, 7/1/28(7) (8)
|
2,200
|
2,207
|
|
Illinois State HDA MFH Variable
Revenue Bonds, Island Terrace,
|
|
|
|
2.80%, 4/1/28(7) (8)
|
3,100
|
3,094
|
|
2.80%, 4/1/28(7) (8)
|
1,750
|
1,747
|
|
Illinois State HDA MFH Variable
Revenue Bonds, Series B, Lakeside
Tower,
|
|
|
|
3.15%, 8/1/28(7) (8)
|
1,500
|
1,505
|
|
Illinois State HDA Sustainable Revenue
Bonds, Series N (GNMA, FNMA,
FHLMC Insured),
|
|
|
|
3.80%, 10/1/26
|
600
|
601
|
|
Illinois State Municipal Electric Agency
Power Supply Revenue Refunding
Bonds, Series A,
|
|
|
|
5.00%, 2/1/28
|
9,450
|
9,806
|
|
Illinois State Sales TRB, Junior
Obligation Series A,
|
|
|
|
5.00%, 6/15/27
|
2,250
|
2,302
|
|
5.00%, 6/15/28
|
4,000
|
4,186
|
|
5.00%, 6/15/29
|
3,965
|
4,211
|
|
Kane County Community Unit School
District No. 304 Geneva G.O.
Unlimited Refunding Bonds, Series A,
|
|
|
|
5.00%, 1/1/28
|
2,725
|
2,819
|
|
Kane County School District No. 131
Aurora East Side G.O. Unlimited
Refunding Bonds (BAM Insured),
|
|
|
|
5.00%, 12/1/27
|
3,920
|
4,044
|
|
5.00%, 12/1/28
|
365
|
377
|
|
Monroe & Saint Clair Counties
Community Unit School District No. 5
G.O. Unlimited Refunding Bonds
(BAM Insured),
|
|
|
|
5.00%, 4/15/29
|
1,110
|
1,173
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 81.7%continued
|
||
|
Illinois – 5.4%continued
|
||
|
Sales Tax Securitization Corp. Revenue
Refunding Bonds,
|
|
|
|
5.00%, 1/1/28
|
$5,170
|
$5,346
|
|
Springfield Electric Senior Lien Revenue
Refunding Bonds (BAM Insured),
|
|
|
|
5.00%, 3/1/27
|
3,220
|
3,267
|
|
|
|
156,100
|
|
Indiana – 2.7%
|
||
|
Carmel Clay Schools G.O. Limited
Bonds (State Intercept Program),
|
|
|
|
5.00%, 1/15/27
|
2,405
|
2,435
|
|
Decatur Township Multi-School Building
Corp. Revenue Refunding Bonds
(State Intercept Program),
|
|
|
|
5.00%, 1/15/27
|
1,320
|
1,335
|
|
5.00%, 7/15/27
|
1,385
|
1,417
|
|
5.00%, 1/15/28
|
1,650
|
1,705
|
|
5.00%, 7/15/28
|
2,530
|
2,639
|
|
Fort Wayne Community Schools G.O.
Limited Bonds (State Intercept
Program),
|
|
|
|
5.00%, 1/15/28
|
725
|
750
|
|
5.00%, 1/15/29
|
400
|
422
|
|
Hamilton County G.O. Limited Bonds,
Series A,
|
|
|
|
5.00%, 12/31/26
|
1,260
|
1,274
|
|
Indiana Finance Authority Water Utility
Revenue Refunding Bonds, Citizens
Energy Group Project,
|
|
|
|
10/1/27(10)
|
7,750
|
7,966
|
|
Indiana State Finance Authority
Revenue Refunding Bonds, Ascension
Senior Credit Group,
|
|
|
|
5.00%, 11/15/28
|
6,290
|
6,631
|
|
Indiana State Finance Authority
Revenue Refunding Bonds, Series A,
Stadium Project,
|
|
|
|
5.00%, 2/1/28
|
2,710
|
2,817
|
|
Indiana State Finance Authority
Variable Revenue Refunding Bonds,
Deaconess Health System,
|
|
|
|
(Floating, SIFMA Municipal Swap
Index Yield + 0.30%), 1.94%,
3/1/27(3) (7)
|
5,975
|
5,960
|
|
Schedule of Investments
|
|
TAX-ADVANTAGED ULTRA-SHORT FIXED INCOME FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 81.7%continued
|
||
|
Indiana – 2.7%continued
|
||
|
Indianapolis Local Public Improvement
Bond Bank Revenue Refunding
Bonds (AMT), Indianapolis Airport
Authority Project,
|
|
|
|
5.00%, 1/1/28
|
$6,325
|
$6,523
|
|
Indianapolis Local Public Improvement
Bond Bank Revenue Refunding
Bonds, Series E,
|
|
|
|
5.00%, 2/1/27
|
780
|
790
|
|
Indianapolis Local Public Improvement
Bond Bank Revenue Refunding
Bonds, Unlimited Ad Valorem Project
(State Aid Intercept Program),
|
|
|
|
5.00%, 1/15/27
|
2,500
|
2,529
|
|
IPS Multi-School Building Corp. First
Mortgage Revenue Refunding Bonds
(State Intercept Program),
|
|
|
|
4.00%, 7/15/27
|
7,200
|
7,304
|
|
New Albany-Floyd County School
Building Corp. Revenue Bonds (State
Aid Intercept Program),
|
|
|
|
5.00%, 1/15/27
|
4,905
|
4,962
|
|
5.00%, 7/15/27
|
1,725
|
1,766
|
|
Noblesville Schools G.O. Limited Bonds
(State Intercept Program),
|
|
|
|
6.00%, 1/15/27
|
500
|
509
|
|
6.00%, 7/15/27
|
1,325
|
1,371
|
|
6.00%, 1/15/28
|
1,345
|
1,413
|
|
6.00%, 7/15/28
|
1,635
|
1,743
|
|
North West Hendricks Multi-Building
Corp. First Mortgage Revenue
Refunding Bonds (State Aid Intercept
Program),
|
|
|
|
5.00%, 7/15/27
|
785
|
801
|
|
5.00%, 1/15/28
|
680
|
701
|
|
5.00%, 7/15/28
|
700
|
732
|
|
Tippecanoe School Corp. G.O. Limited
Bonds (State Aid Intercept Program),
|
|
|
|
5.00%, 1/15/27
|
1,635
|
1,654
|
|
Tippecanoe School Corp. G.O. Limited
Bonds (State Intercept Program),
|
|
|
|
5.00%, 7/15/27
|
1,250
|
1,280
|
|
5.00%, 1/15/28
|
1,250
|
1,294
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 81.7%continued
|
||
|
Indiana – 2.7%continued
|
||
|
Valparaiso 21st Century School
Building Corp. First Mortgage
Revenue Refunding Bonds (State Aid
Intercept Program),
|
|
|
|
5.00%, 1/15/27
|
$1,020
|
$1,032
|
|
5.00%, 7/15/27
|
400
|
409
|
|
5.00%, 7/15/28
|
4,025
|
4,208
|
|
Zionsville Community Schools Building
Corp. Revenue Bonds (State Intercept
Program),
|
|
|
|
5.00%, 1/15/27
|
1,400
|
1,417
|
|
5.00%, 7/15/27
|
510
|
523
|
|
|
|
78,312
|
|
Iowa – 0.1%
|
||
|
Guthrie County Hospital Revenue
BANS, Guthrie County Hospital
Project,
|
|
|
|
4.50%, 2/1/29
|
2,000
|
2,002
|
|
Kansas – 1.7%
|
||
|
Finney County Unified School District
No. 457 G.O. Unlimited Refunding
Bonds,
|
|
|
|
5.00%, 9/1/27
|
1,230
|
1,263
|
|
5.00%, 9/1/28
|
1,500
|
1,572
|
|
Kansas State Development Finance
Authority Hospital Variable Revenue
Refunding Bonds, Unrefunded
Balance,
|
|
|
|
5.00%, 11/15/28(7) (8)
|
4,130
|
4,341
|
|
Kansas State Development Finance
Authority MFH Variable Revenue
Bonds, Series F, Floret Hill,
|
|
|
|
3.05%, 12/1/28(7) (8)
|
2,300
|
2,309
|
|
Manhattan G.O. Unlimited Temporary
Notes,
|
|
|
|
4.00%, 6/15/28
|
19,150
|
19,166
|
|
Manhattan G.O. Unlimited Temporary
Notes, Series 0-1,
|
|
|
|
4.00%, 6/15/28
|
1,485
|
1,502
|
|
4.00%, 6/15/29
|
7,130
|
7,206
|
|
Spring Hill G.O. Unlimited Notes,
Series B,
|
|
|
|
4.00%, 9/1/27
|
9,990
|
10,010
|
|
|
June 30, 2026 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 81.7%continued
|
||
|
Kansas – 1.7%continued
|
||
|
Wyandotte County Kansas City Unified
Government G.O. Unlimited Bonds,
Series A (BAM Insured),
|
|
|
|
4.00%, 8/1/27
|
$2,065
|
$2,098
|
|
|
|
49,467
|
|
Kentucky – 3.5%
|
||
|
Kentucky State Asset/Liability
Commission Agency Fund Revenue
Refunding Bonds, Federal Highway
Trust Fund Project Notes,
|
|
|
|
5.00%, 9/1/26
|
6,290
|
6,313
|
|
Kentucky State Property & Buildings
Commission Revenue Bonds, Series
A, Project No. 132,
|
|
|
|
5.00%, 4/1/28
|
1,500
|
1,565
|
|
Kentucky State Property & Buildings
Commission Revenue Bonds, Series
A, Project No. 133,
|
|
|
|
5.00%, 9/1/27
|
2,630
|
2,707
|
|
5.00%, 9/1/28
|
3,000
|
3,156
|
|
Kentucky State Property & Buildings
Commission Revenue Refunding
Bonds, Series B, Project No. 133,
|
|
|
|
5.00%, 9/1/27
|
3,500
|
3,603
|
|
5.00%, 9/1/28
|
11,600
|
12,202
|
|
Kentucky State Property & Buildings
Commission Revenue Refunding
Bonds, Series B, Project No. 135,
|
|
|
|
3/1/28(10)
|
6,500
|
6,756
|
|
Kentucky State Public Energy Authority
Gas Supply Revenue Refunding
Bonds, Series B,
|
|
|
|
5.00%, 8/1/28
|
1,050
|
1,085
|
|
Kentucky State Public Energy Authority
Gas Supply Variable Revenue Bonds,
Series C,
|
|
|
|
4.00%, 2/1/28(7) (8)
|
19,150
|
19,383
|
|
Owensboro-Daviess County Kentucky
Regional Water Resource Agency
Revenue Bonds, Series A,
|
|
|
|
5.00%, 12/1/27
|
2,205
|
2,273
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 81.7%continued
|
||
|
Kentucky – 3.5%continued
|
||
|
Rural Water Financing Agency Revenue
Bonds, Public Projects Construction
Notes,
|
|
|
|
3.05%, 5/1/27
|
$10,000
|
$10,000
|
|
2.75%, 5/1/28
|
32,025
|
31,829
|
|
|
|
100,872
|
|
Louisiana – 1.0%
|
||
|
Livingston Parish Sales TRB (AG
Insured),
|
|
|
|
5.00%, 10/1/28
|
5,835
|
6,130
|
|
Louisiana State Local Government
Environmental Facilities & Community
Development Authority Revenue
Refunding Bonds,
|
|
|
|
5.00%, 6/1/27
|
1,000
|
1,022
|
|
New Orleans Aviation Board Revenue
Refunding Bonds, Series B (AMT),
|
|
|
|
5.00%, 1/1/27
|
5,225
|
5,276
|
|
New Orleans G.O. Unlimited
Refunding Bonds,
|
|
|
|
5.00%, 12/1/28
|
500
|
521
|
|
Ruston Sales Tax Revenue Refunding
Bonds (AG Insured),
|
|
|
|
5.00%, 6/1/27
|
920
|
938
|
|
5.00%, 6/1/28
|
1,390
|
1,447
|
|
5.00%, 6/1/29
|
400
|
423
|
|
Saint John the Baptist Parish Variable
Revenue Refunding Bonds, Marathon
Oil Corp. Project,
|
|
|
|
7/2/29(7) (10)
|
9,120
|
9,138
|
|
Saint John The Baptist Parish Variable
Revenue Refunding Bonds, Marathon
Oil Corp. Project,
|
|
|
|
3.30%, 7/3/28(7) (8)
|
500
|
510
|
|
Shreveport Water & Sewer Revenue
Refunding Bonds (AG Insured),
|
|
|
|
5.00%, 12/1/27
|
775
|
797
|
|
5.00%, 12/1/28
|
1,350
|
1,418
|
|
|
|
27,620
|
|
Maine – 0.2%
|
||
|
Maine State Housing Authority
Mortgage Purchase Sustainable
Revenue Bonds, Series C,
|
|
|
|
2.90%, 11/15/27
|
4,400
|
4,395
|
|
Schedule of Investments
|
|
TAX-ADVANTAGED ULTRA-SHORT FIXED INCOME FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 81.7%continued
|
||
|
Maine – 0.2%continued
|
||
|
Maine State Municipal Bond Bank
Revenue Refunding Bonds, Series C,
|
|
|
|
5.00%, 11/1/27
|
$2,150
|
$2,223
|
|
|
|
6,618
|
|
Maryland – 0.1%
|
||
|
Maryland State Health & Higher
Educational Facilities Authority
Revenue Refunding Bonds, Series C,
Medstar Health Issue,
|
|
|
|
5.00%, 8/15/27
|
1,000
|
1,027
|
|
5.00%, 8/15/28
|
1,035
|
1,085
|
|
|
|
2,112
|
|
Massachusetts – 0.3%
|
||
|
Massachusetts State Development
Finance Agency Revenue Refunding
Bonds, Beth Israel Lahey Health Issue
(AG Insured),
|
|
|
|
5.00%, 7/1/27
|
1,400
|
1,434
|
|
Quincy G.O. Limited BANS,
|
|
|
|
5.00%, 7/24/26
|
6,460
|
6,468
|
|
|
|
7,902
|
|
Michigan – 3.6%
|
||
|
Chippewa Valley Schools G.O.
Unlimited Refunding Bonds (Q-SBLF
Insured),
|
|
|
|
5.00%, 5/1/27
|
1,280
|
1,306
|
|
Fraser Public Schools District G.O.
Unlimited Refunding Bonds (Q-SBLF
Insured),
|
|
|
|
5.00%, 5/1/27
|
2,850
|
2,905
|
|
Grand Rapids Public Schools G.O.
Unlimited Refunding Bonds (AG
Insured),
|
|
|
|
5.00%, 5/1/27
|
3,965
|
4,039
|
|
Lansing School District G.O. Unlimited
Refunding Bonds (Q-SBLF Insured),
|
|
|
|
5.00%, 5/1/27
|
345
|
352
|
|
Michigan State Finance Authority
Revenue Notes, Series A-2
(JPMorgan Chase Bank N.A. LOC),
|
|
|
|
5.00%, 8/20/26
|
7,060
|
7,081
|
|
Michigan State Finance Authority
Revenue Refunding Bonds,
Beaumont-Spectrum Consolidation,
|
|
|
|
5.00%, 4/15/27
|
3,915
|
3,984
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 81.7%continued
|
||
|
Michigan – 3.6%continued
|
||
|
Michigan State Finance Authority
Revenue Refunding Bonds, Henry
Ford Health System,
|
|
|
|
5.00%, 11/15/28
|
$2,785
|
$2,807
|
|
Michigan State Finance Authority
Revenue Refunding Bonds, Public
Lighting Authority (BAM Insured),
|
|
|
|
5.00%, 7/1/28
|
2,645
|
2,771
|
|
Michigan State Finance Authority
Variable Revenue Bonds, Trinity
Health Credit Group,
|
|
|
|
5.00%, 12/1/28(7) (8)
|
2,905
|
3,023
|
|
Michigan State Finance Authority
Variable Revenue Refunding Bonds,
Beaumont-Spectrum Consolidation,
|
|
|
|
(Floating, SIFMA Municipal Swap
Index Yield + 0.75%), 2.39%,
4/15/27(3) (7)
|
11,495
|
11,476
|
|
Michigan State Finance Authority
Variable Revenue Refunding Bonds,
McLaren Health Care,
|
|
|
|
1.20%, 4/13/28(7) (8)
|
8,600
|
8,247
|
|
Michigan State Hospital Finance
Authority Revenue Refunding Bonds,
Bronson Healthcare Group,
|
|
|
|
5.00%, 5/15/27
|
340
|
347
|
|
5.00%, 5/15/28
|
795
|
828
|
|
5.00%, 5/15/28
|
295
|
307
|
|
5.00%, 5/15/29
|
500
|
530
|
|
5.00%, 5/15/29
|
425
|
450
|
|
Michigan State Revenue Refunding
GARVEE Bonds GANS,
|
|
|
|
5.00%, 3/15/27
|
4,435
|
4,510
|
|
Michigan State Strategic Fund Ltd.
Obligation Revenue Refunding
Bonds, Facility for Rare Isotope
Beam,
|
|
|
|
5.00%, 12/1/26
|
3,090
|
3,121
|
|
Portage Public Schools G.O. Unlimited
Refunding Bonds (AG Insured),
|
|
|
|
5.50%, 11/1/27
|
1,165
|
1,210
|
|
South Lyon Community Schools G.O.
Unlimited Bonds, Series I,
|
|
|
|
5.00%, 5/1/29
|
850
|
904
|
|
Sparta Area Schools G.O. Unlimited
Refunding Bonds (Q-SBLF Insured),
|
|
|
|
5.00%, 5/1/28
|
260
|
271
|
|
|
June 30, 2026 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 81.7%continued
|
||
|
Michigan – 3.6%continued
|
||
|
5.00%, 5/1/29
|
$390
|
$415
|
|
Traverse City Area Public Schools G.O.
Unlimited Bonds,
|
|
|
|
5.00%, 5/1/27
|
8,100
|
8,259
|
|
Troy Michigan City School District G.O.
Unlimited Refunding Bonds (Q-SBLF
Insured),
|
|
|
|
5.00%, 5/1/29
|
1,535
|
1,634
|
|
Utica Community Schools G.O.
Unlimited Refunding Bonds (Q-SBLF
Insured),
|
|
|
|
5.00%, 5/1/28
|
1,700
|
1,776
|
|
5.00%, 5/1/29
|
750
|
800
|
|
Washtenaw County Intermediate
School District G.O. Unlimited
Bonds,
|
|
|
|
5.00%, 5/1/27
|
4,360
|
4,447
|
|
Wayne County Airport Authority
Revenue Refunding Bonds (AMT),
Detroit Metropolitan,
|
|
|
|
5.00%, 12/1/28
|
7,750
|
8,114
|
|
Wayne County Airport Authority
Revenue Refunding Bonds (AMT),
Detroit Metropolitan Wayne County,
|
|
|
|
5.00%, 12/1/27
|
3,000
|
3,086
|
|
Wayne Michigan State University
Revenue Refunding Bonds, Series A,
|
|
|
|
5.00%, 11/15/27
|
500
|
516
|
|
West Ottawa Public School District
G.O. Unlimited Bonds, Series I,
|
|
|
|
5.00%, 11/1/26
|
9,125
|
9,189
|
|
Western Michigan University Revenue
Refunding Bonds, Series A (AG
Insured),
|
|
|
|
5.00%, 11/15/27
|
4,595
|
4,736
|
|
|
|
103,441
|
|
Minnesota – 4.2%
|
||
|
Hennepin County Housing &
Redevelopment Authority Multi
Family Variable Revenue Bonds,
South Haven & Summit Point
Apartments (Housing & Urban
Development Sector 8 Program),
|
|
|
|
3.15%, 8/1/28(7) (8)
|
4,500
|
4,511
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 81.7%continued
|
||
|
Minnesota – 4.2%continued
|
||
|
Minneapolis-St. Paul Metropolitan
Airports Commission Senior Airport
Revenue Refunding Bonds, Series A,
|
|
|
|
5.00%, 1/1/28
|
$11,705
|
$11,849
|
|
Minnesota Municipal Gas Agency
Commodity Supply Revenue Bonds,
Series A,
|
|
|
|
4.00%, 12/1/27(7) (8)
|
5,875
|
5,954
|
|
Minnesota Municipal Gas Agency
Commodity Supply Variable Revenue
Bonds, Series B,
|
|
|
|
(Floating, U.S. SOFR + 1.00%),
3.47%, 12/1/27(3) (7)
|
40,000
|
40,015
|
|
Minnesota State Housing Finance
Agency Revenue Bonds, Series A-2,
Hilltop Manor,
|
|
|
|
2.60%, 8/1/27
|
2,780
|
2,775
|
|
Minnesota State Housing Finance
Agency Revenue Bonds, Series B-2,
|
|
|
|
2.85%, 8/1/28
|
2,265
|
2,263
|
|
Minnesota State Housing Finance
Agency Revenue Bonds, Series G
(Housing & Urban Development
Sector 8 Program),
|
|
|
|
3.25%, 8/1/27
|
5,875
|
5,877
|
|
Minnesota State Rural Water Finance
Authority Revenue BANS,
|
|
|
|
3.30%, 8/1/26
|
10,000
|
10,001
|
|
Minnesota State Rural Water Finance
Authority Revenue Notes, Public
Projects Construction,
|
|
|
|
2.88%, 1/1/28
|
8,500
|
8,503
|
|
Moorhead Temporary Tax Increment
Financing G.O. Unlimited Bonds,
|
|
|
|
4.00%, 10/1/27
|
18,845
|
19,031
|
|
Saint Cloud Health Care Revenue
Refunding Bonds, CentraCare Health
System,
|
|
|
|
5.00%, 5/1/28
|
4,625
|
4,814
|
|
5.00%, 5/1/29
|
2,145
|
2,275
|
|
Southern Minnesota State Municipal
Power Agency Supply System
Revenue Refunding Bonds, Series A,
|
|
|
|
5.00%, 1/1/27
|
1,240
|
1,254
|
|
5.00%, 1/1/28
|
1,200
|
1,244
|
|
|
|
120,366
|
|
Schedule of Investments
|
|
TAX-ADVANTAGED ULTRA-SHORT FIXED INCOME FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 81.7%continued
|
||
|
Missouri – 2.1%
|
||
|
Clay County Public School District No.
53 Liberty G.O Unlimited Refunding
Bonds,
|
|
|
|
4.00%, 3/1/28
|
$2,150
|
$2,204
|
|
Fort Zumwalt School District G.O.
Unlimited Bonds (State Aid Direct
Deposit Program),
|
|
|
|
5.00%, 3/1/28
|
8,415
|
8,748
|
|
Jackson County Consolidated School
District No. 4 G.O. Unlimited
Refunding Bonds (State Aid Direct
Deposit Program),
|
|
|
|
6.00%, 3/1/27
|
2,830
|
2,893
|
|
Ladue School District G.O. Unlimited
Bonds,
|
|
|
|
2.13%, 3/1/28
|
2,310
|
2,278
|
|
Missouri Joint Municipal Electric Utility
Commission Power Project Revenue
Refunding Bonds, Prairie State
Project,
|
|
|
|
5.00%, 12/1/26
|
3,885
|
3,918
|
|
5.00%, 12/1/28
|
1,425
|
1,503
|
|
Missouri State Health & Educational
Facilities Authority Health Facilities
Revenue Refunding Bonds, Series C,
|
|
|
|
5.00%, 5/1/28(7) (8)
|
17,500
|
18,177
|
|
Missouri State Health & Educational
Facilities Revenue Refunding Bonds,
CoxHealth Obligated Group,
|
|
|
|
5.00%, 11/15/28
|
750
|
787
|
|
Missouri States Public Utilities
Commission Revenue Refunding
Notes, Interim Construction Notes,
|
|
|
|
4.00%, 10/1/27
|
4,700
|
4,748
|
|
Platte County Reorganized School
District No. R-3 G.O. Unlimited
Bonds,
|
|
|
|
6.25%, 3/1/27
|
2,960
|
3,030
|
|
Saint Charles County Public Water
Supply District No. 2 Refunding
COPS, Series A,
|
|
|
|
5.00%, 12/1/27
|
765
|
790
|
|
5.00%, 12/1/28
|
870
|
918
|
|
Saint Louis Airport Revenue Refunding
Bonds, Series B (AMT) (AG Insured),
|
|
|
|
5.00%, 7/1/27
|
2,500
|
2,552
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 81.7%continued
|
||
|
Missouri – 2.1%continued
|
||
|
Springfield School District No. R-12
G.O. Unlimited Bonds (State Aid
Direct Deposit Program),
|
|
|
|
5.50%, 3/1/28
|
$4,000
|
$4,193
|
|
Springfield Special Obligation Revenue
Refunding Bonds, Series B (AMT),
|
|
|
|
5.00%, 7/1/27
|
2,275
|
2,322
|
|
5.00%, 7/1/28
|
1,220
|
1,245
|
|
|
|
60,306
|
|
Montana – 0.1%
|
||
|
Montana State Board of Housing
Multifamily Housing Variable
Revenue Bonds, Hidden Creek 4
Project,
|
|
|
|
3.05%, 5/1/29(7) (8)
|
2,150
|
2,154
|
|
Nebraska – 0.0%
|
||
|
Central Plains Energy Gas Project
Revenue Refunding Bonds, Series A
(Project No. 3),
|
|
|
|
5.00%, 9/1/27
|
1,000
|
1,020
|
|
Nevada – 0.1%
|
||
|
Clark County Airport Subordinate
Revenue Refunding Bonds, Series B
(AMT),
|
|
|
|
5.00%, 7/1/27
|
2,060
|
2,106
|
|
New Hampshire – 0.1%
|
||
|
New Hampshire State HFA Multi-Family
Revenue Bonds, Series 3 (FHA
Insured),
|
|
|
|
3.80%, 7/1/26
|
1,000
|
1,000
|
|
New Hampshire State Municipal Bond
Bank Revenue Bonds, Series B,
|
|
|
|
5.00%, 8/15/27
|
2,000
|
2,057
|
|
|
|
3,057
|
|
New Jersey – 3.2%
|
||
|
Essex County G.O. Unlimited BANS,
|
|
|
|
4.00%, 7/8/26
|
12,305
|
12,308
|
|
7/7/27(10)
|
11,595
|
11,752
|
|
New Jersey G.O. Limited BANS, Series
A,
|
|
|
|
7/7/27(10)
|
5,555
|
5,623
|
|
New Jersey State EDA Revenue School
Facilities Construction Revenue
Refunding Bonds, Series GGG,
|
|
|
|
5.25%, 9/1/26
|
5,000
|
5,021
|
|
|
June 30, 2026 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 81.7%continued
|
||
|
New Jersey – 3.2%continued
|
||
|
New Jersey State Health Care Facilities
Financing Authority Department
Human Services Revenue Refunding
Bonds, Marlboro Psychiatric
Hospital,
|
|
|
|
5.00%, 9/15/27
|
$2,305
|
$2,375
|
|
New Jersey State Health Care Facilities
Financing Authority Revenue
Refunding Bonds, RWJ Barnabas
Health Obligated Group,
|
|
|
|
5.00%, 7/1/29
|
6,730
|
7,172
|
|
New Jersey State Housing & Mortgage
Finance Agency Multi Family
Sustainable Revenue Bonds, Series B,
|
|
|
|
2.95%, 11/1/27
|
15,795
|
15,803
|
|
2.95%, 11/1/28
|
16,795
|
16,777
|
|
New Jersey State Housing & Mortgage
Finance Agency Multi Family
Sustainable Revenue Bonds,
Subseries D (GNMA, FNMA,
FHLMC Insured),
|
|
|
|
2.90%, 11/1/27
|
3,750
|
3,744
|
|
2.95%, 5/1/28
|
2,770
|
2,764
|
|
New Jersey State Turnpike Authority
Revenue Exchange Refunding Bonds,
Series A,
|
|
|
|
5.00%, 1/1/27
|
4,490
|
4,544
|
|
New Jersey State Turnpike Authority
Revenue Refunding Bonds, Series B,
|
|
|
|
5.00%, 1/1/27
|
3,835
|
3,881
|
|
|
|
91,764
|
|
New Mexico – 0.5%
|
||
|
Albuquerque G.O. Unlimited Bonds,
Series A,
|
|
|
|
5.00%, 7/1/26
|
1,715
|
1,715
|
|
Albuquerque Municipal School District
No. 12 G.O. Unlimited Bonds, Series
A (State Aid Withholding),
|
|
|
|
5.00%, 8/1/26
|
2,150
|
2,153
|
|
Farmington Pollution Control Variable
Revenue Refunding Bonds, Series C,
San Juan Project,
|
|
|
|
3.88%, 6/1/29(7) (8)
|
2,500
|
2,554
|
|
New Mexico State Finance Authority
Revenue Bonds, Series D,
|
|
|
|
2.00%, 6/1/28
|
4,600
|
4,522
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 81.7%continued
|
||
|
New Mexico – 0.5%continued
|
||
|
New Mexico State Severance TRB,
Series A,
|
|
|
|
5.00%, 7/1/28
|
$4,000
|
$4,199
|
|
Santa Fe Public School District G.O.
Unlimited Bonds (State Aid
Withholding),
|
|
|
|
5.00%, 8/1/27
|
415
|
426
|
|
|
|
15,569
|
|
New York – 2.1%
|
||
|
Hempstead Town Local Development
Corp. Revenue Refunding Bonds,
Adelphi University Project,
|
|
|
|
5.00%, 10/1/27
|
905
|
928
|
|
5.00%, 10/1/28
|
935
|
973
|
|
Metropolitan Transportation Authority
Sustainable Revenue Refunding
Bonds, Climate Bond Certified,
|
|
|
|
5.00%, 11/15/27
|
1,120
|
1,158
|
|
Metropolitan Transportation Authority
Sustainable Revenue Refunding
Bonds, Series B,
|
|
|
|
5.00%, 11/15/27
|
2,675
|
2,766
|
|
Metropolitan Transportation Authority
Variable Revenue Refunding Bonds,
Subseries G-1,
|
|
|
|
(Floating, U.S. SOFR + 0.43%),
2.90%, 11/1/26(3)
|
200
|
200
|
|
New York City Transitional Finance
Authority Subordinate Revenue
Bonds, Fiscal 2026,
|
|
|
|
5.00%, 2/1/28
|
2,250
|
2,339
|
|
5.00%, 2/1/29
|
2,500
|
2,646
|
|
New York City Transitional Finance
Authority Subordinate Revenue
Refunding Bonds, Fiscal 2026,
|
|
|
|
5.00%, 11/1/28
|
4,195
|
4,432
|
|
New York G.O. Unlimited Refunding
Bonds, Series B-1, Fiscal 2026,
|
|
|
|
5.00%, 8/1/28
|
10,000
|
10,506
|
|
New York State Housing Finance
Agency Affordable Housing
Sustainable Variable Revenue Bonds,
Series C-2 (SonyMA Insured, HUD
Sector 8 Program),
|
|
|
|
3.60%, 5/1/29(7) (8)
|
4,000
|
4,011
|
|
Schedule of Investments
|
|
TAX-ADVANTAGED ULTRA-SHORT FIXED INCOME FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 81.7%continued
|
||
|
New York – 2.1%continued
|
||
|
Port Authority of New York & New
Jersey Revenue Refunding Bonds,
Series 226 (AMT),
|
|
|
|
5.00%, 10/15/28
|
$3,520
|
$3,687
|
|
Port Authority of New York & New
Jersey Revenue Refunding Bonds,
Series 246 (AMT),
|
|
|
|
5.00%, 9/1/27
|
15,005
|
15,403
|
|
Port Authority of New York & New
Jersey Revenue Refunding Bonds,
Series 249 (AMT),
|
|
|
|
5.00%, 10/15/27
|
3,750
|
3,860
|
|
5.00%, 10/15/28
|
6,975
|
7,307
|
|
|
|
60,216
|
|
North Carolina – 1.5%
|
||
|
Charlotte-Mecklenburg Hospital
Authority Health Care System
Variable Revenue Bonds, Atrium
Health Obiligation Group,
|
|
|
|
5.00%, 12/1/28(7) (8)
|
9,420
|
9,921
|
|
North Carolina State Housing Finance
Agency MFH Revenue Bonds,
Harmony Housing Development,
|
|
|
|
3.15%, 2/1/29(7) (8)
|
7,000
|
7,008
|
|
North Carolina State Medical Care
Commission Health Care Facilities
Revenue Refunding Bonds, Series A,
Duke University Health System,
|
|
|
|
5.00%, 6/1/27
|
1,750
|
1,787
|
|
5.00%, 6/1/28
|
2,115
|
2,211
|
|
North Carolina State Municipal Power
Agency No. 1 Catawba Electric
Revenue Refunding Bonds,
|
|
|
|
5.00%, 1/1/29
|
14,910
|
15,733
|
|
North Carolina State Turnpike Authority
Senior Lien Revenue Refunding
Bonds,
|
|
|
|
5.00%, 1/1/29
|
2,395
|
2,514
|
|
Raleigh Housing Authority Multi Family
Housing Revenue Bonds, Maple
Ridge Apartments,
|
|
|
|
3.15%, 2/1/29(7) (8)
|
3,450
|
3,463
|
|
|
|
42,637
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 81.7%continued
|
||
|
Ohio – 1.8%
|
||
|
Akron Bath & Copley Joint Township
Hospital District Revenue Refunding
Bonds, Children's Medical Hospital,
|
|
|
|
5.00%, 11/15/27
|
$1,825
|
$1,883
|
|
Allen County Hospital Facilities
Variable Revenue Bonds, Bon
Secours Mercy Health I,
|
|
|
|
5.00%, 8/3/27(7) (8)
|
3,855
|
3,943
|
|
American Municipal Power-Ohio, Inc.,
Revenue Refunding Bonds, Prairie
State Energy Campus Project,
|
|
|
|
5.00%, 2/15/27
|
6,765
|
6,854
|
|
5.00%, 2/15/28
|
10,000
|
10,355
|
|
Columbus-Franklin County Finance
Authority MFH Variable Revenue
Bonds, Castle Creek Apartments,
|
|
|
|
3.20%, 6/1/29(7) (8)
|
1,700
|
1,709
|
|
Hamilton County Healthcare Facilities
Revenue Refunding Bonds, The Christ
Hospital,
|
|
|
|
5.00%, 6/1/28
|
220
|
229
|
|
Ohio State Hospital Facilities Revenue
Refunding Bonds, Cleveland Clinic
Health System,
|
|
|
|
5.00%, 1/1/27
|
3,220
|
3,257
|
|
Ohio State Hospital Revenue Bonds,
Cleveland Clinic Health System
Obligated Group,
|
|
|
|
5.00%, 1/1/29
|
12,800
|
13,523
|
|
Ohio State Hospital Revenue Refunding
Bonds, University Hospitals Health,
|
|
|
|
5.00%, 1/15/27
|
2,160
|
2,182
|
|
5.00%, 1/15/28
|
6,240
|
6,433
|
|
Ohio State Housing Finance Agency
MFH Variable Revenue Bonds,
Palmer Gardens Apartments
(Housing & Urban Development
Sector 8 Program),
|
|
|
|
2.68%, 7/1/28(7) (8)
|
900
|
895
|
|
|
|
51,263
|
|
Oklahoma – 1.9%
|
||
|
Cleaveland County Independent
School District No. 29 Norman G.O.
Unlimited Bonds,
|
|
|
|
4.00%, 3/1/29
|
680
|
703
|
|
|
June 30, 2026 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 81.7%continued
|
||
|
Oklahoma – 1.9%continued
|
||
|
Cleveland County Independent School
District No. 2 G.O. Unlimited Bonds,
|
|
|
|
4.00%, 3/1/27
|
$5,520
|
$5,564
|
|
4.00%, 3/1/28
|
7,440
|
7,597
|
|
Garfield County Educational Facilities
Authority Revenue Bonds, Series A,
Enid Public Schools Project,
|
|
|
|
5.00%, 9/1/28
|
945
|
948
|
|
Oklahoma City Public Property
Authority Arena Sales TRB,
|
|
|
|
5.00%, 6/1/29
|
4,480
|
4,789
|
|
Oklahoma County Independent School
District No. 1 G.O. Unlimited Bonds,
|
|
|
|
3.25%, 5/1/27
|
17,375
|
17,425
|
|
Oklahoma County Independent School
District No. 12 G.O. Unlimited
Bonds, Edmond School District,
|
|
|
|
4.00%, 3/1/27
|
3,425
|
3,453
|
|
Oklahoma State Capitol Improvement
Authority State Highways Capital
Improvement Revenue Bonds,
Department of Transportation,
|
|
|
|
5.00%, 7/1/28
|
510
|
535
|
|
Tulsa County Industrial Authority
Educational Facilities Lease Revenue
Bonds, Broken Arrow Public Schools
Project,
|
|
|
|
5.00%, 9/1/27
|
8,480
|
8,705
|
|
Tulsa County Industrial Authority
Educational Facilities Lease Revenue
Bonds, Owasso Public Schools
Project,
|
|
|
|
5.00%, 9/1/27
|
550
|
564
|
|
5.00%, 9/1/28
|
1,300
|
1,364
|
|
Tulsa G.O. Unlimited Bonds, Series D,
|
|
|
|
3.00%, 10/1/26
|
3,000
|
3,002
|
|
|
|
54,649
|
|
Oregon – 0.3%
|
||
|
Multnomah County School District No.
7 Reynolds G.O. Unlimited
Refunding Bonds (School Board
Guaranty Program),
|
|
|
|
5.00%, 6/15/27
|
4,680
|
4,784
|
|
5.00%, 6/15/28
|
695
|
727
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 81.7%continued
|
||
|
Oregon – 0.3%continued
|
||
|
Port of Portland International Airport
Revenue Refunding Bonds (AMT),
|
|
|
|
5.00%, 7/1/27
|
$1,000
|
$1,024
|
|
Redmond G.O. Limited Bonds (AMT),
Airport Expansion Projects,
|
|
|
|
5.00%, 6/1/28
|
1,000
|
1,036
|
|
Washington County School District No.
48J Beaverton G.O. Unlimited
Bonds, Series B (School Board
Guaranty Program),
|
|
|
|
5.00%, 6/15/28
|
1,355
|
1,422
|
|
|
|
8,993
|
|
Pennsylvania – 3.8%
|
||
|
Allegheny County Higher Education
Building Authority College Variable
Revenue Refunding Bonds, Carnegie
Mellon University,
|
|
|
|
(Floating, U.S. SOFR + 0.29%),
2.87%, 8/1/27(3) (7)
|
5,000
|
4,998
|
|
Allegheny County Hospital
Development Authority UPMC
Variable Revenue Bonds,
|
|
|
|
(Floating, SIFMA Municipal Swap
Index Yield + 0.70%), 2.34%,
5/15/27(3) (7)
|
40,000
|
39,773
|
|
Commonwealth Financing Authority
Tobacco Master Settlement Payment
Revenue Bonds,
|
|
|
|
5.00%, 6/1/28
|
2,280
|
2,381
|
|
Cumberland County Municipal
Authority Revenue Refunding Bonds,
Series A, Messiah Village Project,
|
|
|
|
5.00%, 6/1/27
|
395
|
401
|
|
5.00%, 6/1/28
|
415
|
428
|
|
Delaware Valley Regional Financial
Authority Variable Revenue Bonds,
Series C,
|
|
|
|
(Floating, U.S. SOFR + 0.49%),
2.96%, 3/1/27(3) (7)
|
11,000
|
10,999
|
|
Luzerne County G.O. Unlimited
Refunding Bonds (AG Insured),
|
|
|
|
5.00%, 6/15/27
|
2,380
|
2,432
|
|
5.00%, 6/15/28
|
3,490
|
3,646
|
|
Schedule of Investments
|
|
TAX-ADVANTAGED ULTRA-SHORT FIXED INCOME FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 81.7%continued
|
||
|
Pennsylvania – 3.8%continued
|
||
|
Pennsylvania State Economic
Development Financing Authority
UPMC Revenue Refunding Bonds,
Series A,
|
|
|
|
5.00%, 11/15/29
|
$4,270
|
$4,393
|
|
Pennsylvania State Economic
Development Financing Authority
UPMC Revenue Refunding Bonds,
Series B, UPMC Obligated Group,
|
|
|
|
5.00%, 3/15/27
|
2,680
|
2,720
|
|
5.00%, 3/15/28
|
3,500
|
3,628
|
|
Pennsylvania State G.O Unlimited
Bonds, Second Series of 2016,
|
|
|
|
5.00%, 9/15/27
|
7,170
|
7,207
|
|
Pennsylvania State Higher Educational
Facilities Authority Revenue
Refunding Bonds, University of
Pennsylvania,
|
|
|
|
5.00%, 8/15/26
|
2,240
|
2,245
|
|
Pennsylvania State Housing Finance
Agency MFH Variable Revenue
Bonds, Monarch PA Portfolio,
|
|
|
|
2.65%, 9/1/28(7) (8)
|
1,685
|
1,669
|
|
Pennsylvania State Turnpike
Commission Subordinate Revenue
Refunding Bonds, First Series of
2025,
|
|
|
|
5.00%, 6/1/27
|
8,000
|
8,179
|
|
Pennsylvania State Turnpike
Commission Subordinate Revenue
Refunding Bonds, First Series of
2026,
|
|
|
|
5.00%, 6/1/27
|
2,410
|
2,464
|
|
Philadelphia Airport Revenue Refunding
Bonds, Series B (AMT), Private
Activity,
|
|
|
|
5.00%, 7/1/27
|
1,000
|
1,022
|
|
5.00%, 7/1/28
|
860
|
895
|
|
Philadelphia G.O. Unlimited Refunding
Bonds, Series C,
|
|
|
|
5.00%, 8/1/28
|
2,725
|
2,856
|
|
Seneca Valley School District G.O.
Limited Refunding Bonds, Series B
(State Aid Withholding),
|
|
|
|
5.00%, 3/1/27
|
925
|
941
|
|
5.00%, 3/1/28
|
1,775
|
1,845
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 81.7%continued
|
||
|
Pennsylvania – 3.8%continued
|
||
|
State Public School Building Authority
Revenue Refunding Bonds,
Community College of Philadelphia,
|
|
|
|
5.00%, 6/15/27
|
$1,010
|
$1,032
|
|
5.00%, 6/15/28
|
1,080
|
1,126
|
|
Westmoreland County Municipal
Authority Revenue Refunding Bonds,
Series A (BAM Insured),
|
|
|
|
5.00%, 8/15/27
|
1,830
|
1,877
|
|
|
|
109,157
|
|
Rhode Island – 0.4%
|
||
|
Bristol Warren Regional School District
G.O. Unlimited Refunding BANS,
Series 2,
|
|
|
|
4.00%, 6/2/27
|
6,160
|
6,223
|
|
Rhode Island Commerce Corp. Revenue
Refunding Bonds, Rhode Island
Department of Transportation,
|
|
|
|
6/15/29(10)
|
1,520
|
1,617
|
|
Rhode Island Infrastructure Bank State
Revolving Fund Revenue Refunding
Bonds, Series B, Master Trust,
|
|
|
|
5.00%, 10/1/28
|
500
|
528
|
|
Rhode Island State G.O. Unlimited
Refunding Bonds, Series C,
|
|
|
|
5.00%, 8/1/26
|
1,040
|
1,042
|
|
5.00%, 8/1/27
|
1,210
|
1,244
|
|
|
|
10,654
|
|
South Carolina – 0.2%
|
||
|
Medical University Hospital Authority
Mortgage Revenue Bonds, Indian
Land Project (FHA Insured),
|
|
|
|
5.00%, 11/15/28
|
1,000
|
1,053
|
|
South Carolina State Public Service
Authority Revenue Refunding Bonds,
Series B,
|
|
|
|
5.00%, 12/1/26
|
4,395
|
4,435
|
|
|
|
5,488
|
|
South Dakota – 0.1%
|
||
|
South Dakota State Health &
Educational Facilities Authority
Revenue Refunding Bonds, Series B,
Sanford,
|
|
|
|
5.00%, 11/1/26
|
360
|
362
|
|
5.00%, 11/1/27
|
915
|
940
|
|
|
June 30, 2026 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 81.7%continued
|
||
|
South Dakota – 0.1%continued
|
||
|
5.00%, 11/1/28
|
$1,165
|
$1,222
|
|
South Dakota State Health &
Educational Facilities Authority
Revenue Refunding Bonds,
Vocational Educational Program,
|
|
|
|
5.00%, 8/1/27
|
1,075
|
1,103
|
|
|
|
3,627
|
|
Tennessee – 2.4%
|
||
|
Dickson Health & Educational Facilities
Board Multifamily Variable Revenue
Bonds, 841 Cowan Apartments,
|
|
|
|
3.05%, 4/1/29(7) (8)
|
5,000
|
5,009
|
|
Metropolitan Government of Nashville
& Davidson County Health &
Educational Facilities Board Revenue
Refunding Bonds, The Vanderbilt
University Medical Center,
|
|
|
|
5.00%, 7/1/29
|
16,365
|
17,324
|
|
Metropolitan Government of Nashville
& Davidson County Health &
Educational Facilities Board Variable
Revenue Bonds, HV land Co.
Apartments,
|
|
|
|
3.35%, 12/1/26(7) (8)
|
6,900
|
6,922
|
|
Metropolitan Government of Nashville
& Davidson County Health &
Facilities Board Variable Revenue
Bonds, Parkwood Villa Apartments,
|
|
|
|
3.15%, 12/1/27(7) (8)
|
2,240
|
2,245
|
|
Oak Ridge Housing Authority MFH
Variable Revenue Bonds, Oak Ridge
Redevelopment,
|
|
|
|
3.20%, 12/1/28(7) (8)
|
4,485
|
4,497
|
|
Tennergy Corp. Gas Revenue Bonds,
Series A,
|
|
|
|
4.00%, 9/1/28(7) (8)
|
17,805
|
18,028
|
|
Tennessee Housing Development
Agency Residential Finance Program
Revenue Bonds, Series 2B,
|
|
|
|
3.30%, 1/1/28
|
1,750
|
1,750
|
|
Tennessee State Energy Acquisition
Corp. Variable Revenue Refunding
Bonds, Series A-1, Gas Project,
|
|
|
|
5.00%, 5/1/28(7) (8)
|
14,100
|
14,516
|
|
|
|
70,291
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 81.7%continued
|
||
|
Texas – 7.1%
|
||
|
Alamo Area Housing Finance Corp.
MFH Variable Revenue Notes,
Kerrville 3 Apartments,
|
|
|
|
3.00%, 12/1/28(7) (8)
|
$1,765
|
$1,767
|
|
Austin Airport System Revenue Bonds,
Series B (AMT),
|
|
|
|
5.00%, 11/15/28
|
1,000
|
1,047
|
|
Austin Airport System Revenue
Refunding Bonds (AMT),
|
|
|
|
5.00%, 11/15/26
|
900
|
906
|
|
5.00%, 11/15/27
|
1,425
|
1,465
|
|
5.00%, 11/15/28
|
1,525
|
1,597
|
|
Austin G.O. Limited Refunding Bonds,
|
|
|
|
5.00%, 9/1/28
|
3,500
|
3,680
|
|
Bexar Management & Development
Corp. MFH Variable Revenue Bonds,
Miller's Pond Apartments (FHA
Insured),
|
|
|
|
2.65%, 3/1/28(7) (8)
|
1,600
|
1,590
|
|
Brownsville Utility System Revenue
Refunding Bonds (AG Insured),
|
|
|
|
5.00%, 9/1/27
|
660
|
677
|
|
5.00%, 9/1/28
|
625
|
655
|
|
Burleson Independent School District
G.O. Unlimited Refunding Bonds
(PSF, Gtd.),
|
|
|
|
5.00%, 8/1/27
|
2,230
|
2,291
|
|
Clifton Higher Education Finance Corp.
Revenue Refunding Bonds, Idea
Public Schools (PSF, Gtd.),
|
|
|
|
4.00%, 8/15/29
|
1,000
|
1,010
|
|
Clifton Higher Education Finance Corp.
Revenue Refunding Bonds,
International Leadership of Texas,
Inc. (PSF, Gtd.),
|
|
|
|
5.00%, 2/15/27
|
3,000
|
3,038
|
|
Collin County Community College
District G.O. Unlimited Bonds,
|
|
|
|
5.00%, 8/15/27
|
5,580
|
5,733
|
|
Dallas & Fort Worth International
Airport Revenue Bonds, Series A-1
(AMT),
|
|
|
|
5.00%, 11/1/28
|
1,000
|
1,048
|
|
Dallas G.O. Limited Bonds, Series A,
|
|
|
|
5.00%, 8/15/27
|
1,160
|
1,193
|
|
Schedule of Investments
|
|
TAX-ADVANTAGED ULTRA-SHORT FIXED INCOME FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 81.7%continued
|
||
|
Texas – 7.1%continued
|
||
|
Dallas G.O. Limited Refunding Bonds,
Series A,
|
|
|
|
5.00%, 2/15/28
|
$5,565
|
$5,789
|
|
Del Mar College District G.O. Limited
Refunding Bonds,
|
|
|
|
8/15/28(10)
|
1,710
|
1,795
|
|
8/15/29(10)
|
2,000
|
2,139
|
|
Denton Independent School District
G.O. Unlimited Refunding Bonds,
Series C (PSF, Gtd.),
|
|
|
|
5.00%, 8/15/28
|
5,000
|
5,256
|
|
Ector County Certificates of Obligation
G.O. Limited Bonds,
|
|
|
|
5.00%, 2/15/27
|
3,105
|
3,150
|
|
El Paso County Certificates of
Obligation G.O. Limited Bonds,
|
|
|
|
5.00%, 8/15/26
|
1,275
|
1,279
|
|
El Paso County G.O. Limited Bonds,
|
|
|
|
5.00%, 8/15/26
|
4,000
|
4,011
|
|
El Paso G.O. Limited Refunding Bonds,
|
|
|
|
5.00%, 8/15/27
|
2,000
|
2,055
|
|
8/15/27(10)
|
1,500
|
1,540
|
|
5.00%, 8/15/28
|
1,000
|
1,051
|
|
8/15/28(10)
|
3,450
|
3,622
|
|
Fort Bend County Certificates of
Obligation G.O. Unlimited Bonds,
|
|
|
|
5.00%, 3/1/27
|
2,765
|
2,808
|
|
5.00%, 3/1/28
|
3,550
|
3,694
|
|
Fort Bend County G.O. Limited
Refunding Bonds,
|
|
|
|
5.00%, 3/1/27
|
1,535
|
1,560
|
|
Fort Bend County G.O. Unlimited
Refunding Bonds,
|
|
|
|
5.00%, 3/1/28
|
865
|
900
|
|
Fort Bend Independent School District
G.O. Unlimited Refunding Bonds,
Series A (PSF, Gtd.),
|
|
|
|
5.00%, 8/15/26
|
1,360
|
1,364
|
|
Garland Certificates of Obligation
G.O. Limited Bonds,
|
|
|
|
5.00%, 2/15/27
|
1,000
|
1,015
|
|
Georgetown Utility System Revenue
Bonds,
|
|
|
|
5.00%, 8/15/29
|
3,400
|
3,634
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 81.7%continued
|
||
|
Texas – 7.1%continued
|
||
|
Grand Prairie Independent School
District G.O. Unlimited Refunding
Bonds, Series A (PSF, Gtd.),
|
|
|
|
2/15/29(10)
|
$4,095
|
$4,331
|
|
Harris County Cultural Education
Facilities Finance Corp. Revenue
Bonds, Memorial Hermann Health
System,
|
|
|
|
7/1/29(10)
|
2,680
|
2,851
|
|
Harris County Flood Control District
G.O. Limited Refunding Bonds,
|
|
|
|
5.00%, 9/15/28
|
1,500
|
1,578
|
|
Harris County Flood Control District
G.O. Limited Refunding Bonds,
Series A,
|
|
|
|
5.00%, 9/15/28
|
13,500
|
14,201
|
|
Harris County Housing Finance Corp.
Revenue Bonds, Baypointe
Apartments,
|
|
|
|
2.95%, 9/1/28(7) (8)
|
4,150
|
4,145
|
|
Hays County Certificates of Obligation
G.O. Limited Bonds,
|
|
|
|
5.00%, 2/15/29
|
635
|
673
|
|
Hays County G.O. Limited Refunding
Bonds,
|
|
|
|
5.00%, 2/15/28
|
400
|
416
|
|
5.00%, 2/15/29
|
655
|
694
|
|
HHA Fountainview PFC MFH Variable
Revenue Bonds, Idlewide
Apartments,
|
|
|
|
2.75%, 10/1/28(7) (8)
|
2,125
|
2,120
|
|
Hidalgo County Drain District No. 1
G.O. Unlimited Refunding Bonds,
|
|
|
|
5.00%, 9/1/27
|
1,560
|
1,605
|
|
Houston Airport System Subordinate
Lien Revenue Bonds, Series A (AMT),
|
|
|
|
5.00%, 7/1/28
|
1,500
|
1,559
|
|
Houston G.O. Limited Bonds, Series A,
|
|
|
|
5.00%, 3/1/28
|
1,000
|
1,042
|
|
Humble Independent School District
G.O. Unlimited Refunding Bonds,
Series B,
|
|
|
|
5.00%, 2/15/28
|
1,350
|
1,403
|
|
5.00%, 2/15/29
|
2,040
|
2,161
|
|
|
June 30, 2026 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 81.7%continued
|
||
|
Texas – 7.1%continued
|
||
|
Irving Waterworks & Sewer Revenue
Refunding Bonds,
|
|
|
|
5.00%, 8/15/26
|
$1,585
|
$1,589
|
|
Lancaster Independent School District
G.O. Unlimited Refunding Bonds,
Series B (BAM Insured),
|
|
|
|
5.00%, 2/15/27
|
980
|
994
|
|
Leander Certificates of Obligation G.O.
Limited Bonds,
|
|
|
|
5.00%, 8/15/28
|
1,250
|
1,313
|
|
Lower Colorado River Authority
Revenue Refunding Bonds, Series A,
|
|
|
|
5.00%, 5/15/27
|
2,100
|
2,144
|
|
5.00%, 5/15/28
|
1,565
|
1,635
|
|
Lower Colorado River Authority
Transmission Contract Revenue
Refunding Bonds, LCRA Transmission
Services,
|
|
|
|
5.00%, 5/15/27
|
4,000
|
4,084
|
|
5.00%, 5/15/27
|
750
|
766
|
|
5.00%, 5/15/28
|
2,500
|
2,611
|
|
5.00%, 5/15/29
|
3,210
|
3,417
|
|
Lubbock Housing Finance Corp. MFH
Variable Revenue Bonds, The Ella
Apartments (Housing & Urban
Development Sector 8 Program),
|
|
|
|
2.80%, 3/1/28(7) (8)
|
1,500
|
1,497
|
|
Mesquite Independent School District
G.O. Unlimited Refunding Bonds
(PSF, Gtd.),
|
|
|
|
5.00%, 8/15/27
|
1,500
|
1,541
|
|
5.00%, 8/15/28
|
1,500
|
1,579
|
|
Pearland Certificates of Obligation
G.O. Limited Bonds,
|
|
|
|
5.00%, 3/1/28
|
2,605
|
2,710
|
|
Pearland Independent School District
G.O. Unlimited Refunding Bonds
(PSF, Gtd.),
|
|
|
|
5.00%, 2/15/28
|
1,500
|
1,562
|
|
Plano G.O. Limited Refunding Bonds,
|
|
|
|
5.00%, 9/1/27
|
3,250
|
3,342
|
|
Prosper Independent School District
G.O. Unlimited Refunding Bonds
(PSF, Gtd.),
|
|
|
|
5.00%, 2/15/27
|
2,110
|
2,142
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 81.7%continued
|
||
|
Texas – 7.1%continued
|
||
|
Richardson City G.O. Limited Bonds,
|
|
|
|
5.00%, 2/15/27
|
$2,000
|
$2,030
|
|
San Antonio Certificates of Obligation
G.O. Limited Bonds,
|
|
|
|
5.00%, 2/1/28
|
2,325
|
2,419
|
|
San Antonio Electric & Gas Revenue
Refunding Bonds, Series B,
|
|
|
|
5.00%, 2/1/28
|
8,200
|
8,532
|
|
San Antonio G.O. Limited Refunding
Bonds,
|
|
|
|
5.00%, 2/1/28
|
5,240
|
5,452
|
|
San Antonio Taxable G.O. Limited
Notes,
|
|
|
|
5.00%, 2/1/28
|
6,350
|
6,607
|
|
Tarrant County Cultural Education
Facilities Finance Corp. Hospital
Revenue Bonds, Methodist Hospitals
of Dallas,
|
|
|
|
5.00%, 10/1/27
|
870
|
896
|
|
5.00%, 10/1/28
|
600
|
631
|
|
Tarrant County Cultural Education
Facilities Finance Corp. Hospital
Revenue Refunding Bonds, Baylor
Scott & White Health Project,
|
|
|
|
5.00%, 11/15/28
|
2,150
|
2,263
|
|
Texas State A&M University Fund
Revenue Refunding Bonds, Series A,
|
|
|
|
7/1/29(10)
|
15,970
|
17,049
|
|
Texas State Municipal Gas Acquisition
& Supply Corp. III Gas Supply
Revenue Refunding Bonds,
|
|
|
|
5.00%, 12/15/27
|
4,285
|
4,401
|
|
Texas State Municipal Gas Acquisition
& Supply Corp. VI Gas Supply
Revenue Bonds,
|
|
|
|
5.00%, 1/1/29
|
625
|
649
|
|
Texas State University Financing System
Revenue Refunding Bonds, Series C,
|
|
|
|
3/15/29(10)
|
3,500
|
3,655
|
|
Texas State Water Development Board
Revolving Fund Revenue Bonds,
|
|
|
|
5.00%, 8/1/26
|
3,865
|
3,873
|
|
Texas State Woman's University
Financing System Revenue Refunding
Bonds,
|
|
|
|
5.00%, 7/1/29
|
1,210
|
1,289
|
|
Schedule of Investments
|
|
TAX-ADVANTAGED ULTRA-SHORT FIXED INCOME FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 81.7%continued
|
||
|
Texas – 7.1%continued
|
||
|
Williamson County G.O. Unlimited
Bonds,
|
|
|
|
5.00%, 2/15/27
|
$900
|
$914
|
|
|
|
206,724
|
|
Utah – 0.5%
|
||
|
Morgan County School District G.O.
Unlimited Bonds (School Board
Guaranty Program),
|
|
|
|
3.00%, 8/1/29
|
3,200
|
3,198
|
|
Salt Lake City Airport Revenue Bonds,
Series A (AMT),
|
|
|
|
5.00%, 7/1/27
|
3,000
|
3,063
|
|
5.00%, 7/1/28
|
2,250
|
2,342
|
|
5.00%, 7/1/28
|
2,655
|
2,763
|
|
Utah State MFH Corp. Variable
Revenue Bonds, The Cooperative
1881,
|
|
|
|
2.65%, 3/1/29(7) (8)
|
2,500
|
2,479
|
|
Utah State Municipal Power Agency
Power Supply System Revenue
Refunding Bonds, Series A,
|
|
|
|
5.00%, 7/1/29
|
1,250
|
1,334
|
|
Utah State Municipal Power Agency
Revenue Refunding Bonds, Series A,
Power Supply System,
|
|
|
|
5.00%, 7/1/28
|
595
|
623
|
|
|
|
15,802
|
|
Virginia – 0.2%
|
||
|
Brunswick County IDA MFH Variable
Revenue Bonds, Pinecrest
Apartments,
|
|
|
|
3.15%, 12/1/27(7) (8)
|
575
|
577
|
|
Hampton Roads Sanitation District
Wastewater Subordinate Revenue
Notes, Series A,
|
|
|
|
5.00%, 7/15/26
|
3,355
|
3,358
|
|
Richmond Redevelopment & Housing
Authority Multi Family Variable
Revenue Bonds, Joyfield at German
School,
|
|
|
|
3.05%, 6/1/28(7) (8)
|
1,355
|
1,359
|
|
Roanoke EDA Hospital Revenue Bonds,
Carilion Clinic Obligated Group,
|
|
|
|
5.00%, 7/1/27
|
800
|
818
|
|
|
|
6,112
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 81.7%continued
|
||
|
Washington – 1.2%
|
||
|
Energy Northwest Electric Revenue
Refunding Bonds, Series A, Project 1,
|
|
|
|
5.00%, 7/1/28
|
$3,260
|
$3,424
|
|
Port of Seattle Intermediate Lien
Revenue Bonds (AMT),
|
|
|
|
5.00%, 4/1/28
|
2,055
|
2,134
|
|
Port of Seattle Intermediate Lien
Revenue Bonds, Series B (AMT),
|
|
|
|
5.00%, 10/1/28
|
3,100
|
3,247
|
|
Port of Seattle Revenue Bonds, Series B
(AMT),
|
|
|
|
5.00%, 5/1/28
|
1,035
|
1,077
|
|
Seattle Municipal Light & Power
Variable Revenue Refunding Bonds,
Series B,
|
|
|
|
(Floating, SIFMA Municipal Swap
Index Yield + 0.25%), 1.89%,
11/1/26(3) (7)
|
7,270
|
7,248
|
|
Snohomish County School District No.
201 G.O. Unlimited Refunding
Bonds (School Board Guaranty
Program),
|
|
|
|
5.00%, 12/1/26
|
2,525
|
2,551
|
|
Washington State Health Care Facilities
Authority Revenue Refunding Bonds,
Providence St. Joseph Health,
|
|
|
|
5.00%, 10/1/27
|
4,870
|
4,999
|
|
Washington State Health Care Facilities
Authority Revenue Refunding Bonds,
Series A, CommonSpirit Health,
|
|
|
|
5.00%, 9/1/27
|
790
|
810
|
|
5.00%, 9/1/28
|
650
|
678
|
|
Washington State Health Care Facilities
Authority Revenue Refunding Bonds,
Series A, MultiCare Health System,
|
|
|
|
5.00%, 8/15/27
|
2,675
|
2,735
|
|
5.00%, 8/15/28
|
2,790
|
2,907
|
|
Yakima County East Valley School
District No. 90 G.O. Unlimited
Refunding Bonds (School Board
Guaranty Program),
|
|
|
|
5.00%, 12/1/27
|
1,605
|
1,661
|
|
|
|
33,471
|
|
|
June 30, 2026 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 81.7%continued
|
||
|
West Virginia – 0.1%
|
||
|
West Virginia State Housing
Development Fund MFH Variable
Revenue Bonds, Highlawn Place
(Housing & Urban Development
Sector 8 Program),
|
|
|
|
2.88%, 2/1/28(7) (8)
|
$3,300
|
$3,298
|
|
West Virginia State Housing
Development Fund Sustainable
Revenue Bonds, Series D,
|
|
|
|
3.55%, 11/1/26
|
475
|
475
|
|
|
|
3,773
|
|
Wisconsin – 1.6%
|
||
|
Dane County G.O. Unlimited
Promissory Notes, Series C (AMT),
|
|
|
|
4.00%, 6/1/27
|
3,965
|
4,010
|
|
Dane County G.O. Unlimited
Promissory Notes, Series D (AMT),
Airport Project,
|
|
|
|
5.00%, 6/1/27
|
4,560
|
4,652
|
|
5.00%, 6/1/28
|
3,400
|
3,543
|
|
Green Bay G.O. Unlimited Promissory
Notes, Series B,
|
|
|
|
5.00%, 4/1/29
|
1,090
|
1,156
|
|
Madison Metropolitan School District
G.O. Unlimited Promissory Notes,
Series A,
|
|
|
|
5.00%, 3/1/28
|
2,560
|
2,665
|
|
Milwaukee G.O. Unlimited Promissory
Notes, Series N-2 (AG Insured),
|
|
|
|
5.00%, 12/1/28
|
9,480
|
9,963
|
|
Milwaukee G.O. Unlimited Promissory
Notes, Series N3,
|
|
|
|
5.00%, 4/1/28
|
8,440
|
8,757
|
|
Milwaukee G.O. Unlimited Refunding
Promissory Notes, Series N4,
|
|
|
|
5.00%, 4/1/28
|
2,500
|
2,594
|
|
PFA Educational Facilities Revenue
Refunding Bonds, Lindenwood
Education System,
|
|
|
|
5.00%, 6/1/27
|
265
|
268
|
|
5.00%, 6/1/28
|
550
|
564
|
|
Wisconsin State Health & Educational
Facilities Authority Revenue
Refunding Bonds, Children's Hospital
of Wisconsin,
|
|
|
|
5.00%, 8/15/28
|
1,600
|
1,642
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 81.7%continued
|
||
|
Wisconsin – 1.6%continued
|
||
|
Wisconsin State Health & Educational
Facilities Authority Revenue
Refunding Bonds, Marshfield Clinic
Health System, Inc. (AG Insured),
|
|
|
|
5.00%, 2/15/28
|
$2,685
|
$2,781
|
|
Wisconsin State Health & Educational
Facilities Authority Revenue
Refunding Bonds, Mercy Health
Corp. Obligated Group,
|
|
|
|
5.00%, 6/1/27
|
1,220
|
1,243
|
|
5.00%, 6/1/28
|
1,000
|
1,040
|
|
Wisconsin State Health & Educational
Facilities Authority Variable Revenue
Refunding Bonds, Advocate Aurora
Health Credit Group,
|
|
|
|
5.00%, 7/1/27(7) (8)
|
2,595
|
2,596
|
|
|
|
47,474
|
|
Wyoming – 0.0%
|
||
|
Wyoming State Community
Development Authority Housing
Revenue Refunding Bonds, Series 1,
|
|
|
|
3.05%, 12/1/28
|
1,030
|
1,033
|
|
Total Municipal Bonds
|
|
|
|
(Cost $2,365,983)
|
|
2,364,564
|
|
|
NUMBER
OF SHARES
|
VALUE
(000S)
|
|
INVESTMENT COMPANIES – 0.9%
|
||
|
Northern Institutional Funds - Liquid
Assets Portfolio (Shares),
3.68%(11) (12) (13)
|
5,711,703
|
$5,712
|
|
Northern Institutional Funds -
U.S. Government Portfolio (Shares),
3.46%(11) (12)
|
19,758,261
|
19,758
|
|
Total Investment Companies
|
|
|
|
(Cost $25,470)
|
|
25,470
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
SHORT-TERM INVESTMENTS – 7.6%
|
||
|
Adams County School District No. 172
G.O. Unlimited Refunding Bonds,
|
|
|
|
5.00%, 2/1/27
|
$300
|
$304
|
|
Schedule of Investments
|
|
TAX-ADVANTAGED ULTRA-SHORT FIXED INCOME FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
SHORT-TERM INVESTMENTS - 7.6%continued
|
||
|
Alaska State Industrial Development &
Export Authority Revenue Refunding
Bonds, Greater Fairbanks Community
Hospital Foundation Project,
|
|
|
|
5.00%, 4/1/27
|
$4,720
|
$4,794
|
|
Albuquerque Municipal School District
No. 12 G.O. Unlimited Bonds, Series
A (State Aid Withholding),
|
|
|
|
5.00%, 8/1/26
|
2,500
|
2,504
|
|
Alexandria Redevelopment & Housing
Authority MFH Variable Revenue
Bonds, 431 S Columbus Street Block
4 (Housing & Urban Development
Sector 8 Program),
|
|
|
|
3.20%, 6/1/27(7) (8)
|
3,635
|
3,639
|
|
Arkansas State Development Finance
Authority SFM Variable Revenue
Bonds, Mortgage-Backed Securities
(GNMA, FNMA, FHLMC Insured),
|
|
|
|
2.88%, 5/15/27(7) (8)
|
4,725
|
4,725
|
|
Black Belt Energy Gas District Gas
Project Revenue Bonds, Project No.
7-S,
|
|
|
|
4.00%, 12/1/26(7) (8)
|
13,855
|
13,897
|
|
Bonneville & Bingham Counties Joint
School District No. 93 G.O.
Unlimited Refunding Bonds (Idaho
Sales Tax Guaranty Insured),
|
|
|
|
5.00%, 9/15/26
|
525
|
528
|
|
Brockton G.O. Limited BANS,
|
|
|
|
5.00%, 10/8/26
|
6,145
|
6,182
|
|
Broward County Port Facilities Revenue
Bonds (AMT),
|
|
|
|
5.00%, 9/1/26
|
1,000
|
1,003
|
|
Brownsville Utility System Revenue
Refunding Bonds (AG Insured),
|
|
|
|
5.00%, 9/1/26
|
720
|
722
|
|
Burke County Development Authority
Pollution Control Variable Revenue
Refunding Bonds, Georgia Power
Company Plant Vogtle Project,
|
|
|
|
3.38%, 3/12/27(7) (8)
|
3,800
|
3,811
|
|
California State Infrastructure &
Economic Development Bank
Variable Revenue Bonds (AMT),
Brightline West Passenger,
|
|
|
|
3.50%, 11/2/26(1) (7) (8)
|
42,500
|
42,488
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
SHORT-TERM INVESTMENTS - 7.6%continued
|
||
|
Charlotte-Mecklenburg Hospital
Authority Health Care System
Variable Revenue Bonds, Series B,
Atrium Health,
|
|
|
|
3.25%, 6/15/27(7) (8)
|
$5,860
|
$5,888
|
|
Colorado State Health Facilities
Authority Revenue Refunding Bonds,
Children's Hospital of Colorado
Project,
|
|
|
|
5.00%, 12/1/26
|
1,225
|
1,236
|
|
Cumberland County Industrial Facilities
& Pollution Control Financing
Authority Solid Waste Disposal
Variable Revenue Bonds (AMT),
Project Aero,
|
|
|
|
3.13%, 12/1/26(7) (8)
|
20,500
|
20,485
|
|
District of Columbia Housing Finance
Agency MFH Variable Revenue
Bonds, Parcel 42 Apartments Project,
|
|
|
|
2.88%, 9/1/26(7) (8)
|
2,500
|
2,499
|
|
Fayette County Board of Education
G.O. Unlimited TRANS (State
Intercept Program),
|
|
|
|
4.00%, 6/15/27
|
7,425
|
7,505
|
|
Hempstead Town Local Development
Corp. Revenue Refunding Bonds,
Adelphi University Project,
|
|
|
|
5.00%, 10/1/26
|
2,615
|
2,627
|
|
Indiana State Finance Authority
Environmental Variable Revenue
Refunding Bonds (AMT), Duke
Energy Indiana,
|
|
|
|
3.75%, 6/1/27(7) (8)
|
5,750
|
5,783
|
|
Johnson City Health & Educational
Facilities Board Multi Family Variable
Revenue Bonds, Tapestry At Roan
Hill (Housing & Urban Development
Sector 8 Program),
|
|
|
|
3.60%, 12/1/26(7) (8)
|
3,000
|
3,008
|
|
Knox County Health Educational &
Housing Facility Board MFH Revenue
Bonds, Callahan Flats Project,
|
|
|
|
4.05%, 12/1/26(7) (8)
|
4,665
|
4,686
|
|
Los Angeles TRANS,
|
|
|
|
6/24/27(10)
|
13,585
|
13,876
|
|
|
June 30, 2026 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
SHORT-TERM INVESTMENTS - 7.6%continued
|
||
|
Massachusetts State Development
Finance Agency Revenue Refunding
Bonds, Beth Israel Lahey Health Issue
(AG Insured),
|
|
|
|
5.00%, 7/1/26
|
$2,500
|
$2,500
|
|
Michigan State Finance Authority
Revenue Notes, Series A-1,
|
|
|
|
5.00%, 7/20/26
|
7,220
|
7,228
|
|
Michigan State HDA MFH Variable
Revenue Bonds, Clark Road Family
Apartments Project,
|
|
|
|
2.67%, 10/1/26(7) (8)
|
1,565
|
1,564
|
|
Michigan State HDA MFH Variable
Revenue Bonds, Clark Road Senior
Apartments Project,
|
|
|
|
2.67%, 10/1/26(7) (8)
|
980
|
979
|
|
New Albany-Floyd County School
Building Corp. Revenue Bonds (State
Aid Intercept Program),
|
|
|
|
5.00%, 7/15/26
|
1,490
|
1,491
|
|
New Mexico State Mortgage Finance
Authority Variable Revenue Bonds,
Series G-3, Class I (GNMA, FNMA,
FHLMC Insured),
|
|
|
|
3.00%, 12/1/26(7) (8)
|
4,895
|
4,896
|
|
Ohio State Air Quality Development
Authority Variable Revenue
Refunding Bonds (AMT), Dayton
Power & Light Project,
|
|
|
|
4.25%, 6/1/27(7) (8)
|
7,000
|
7,074
|
|
Palm Beach County HFA MFH Revenue
Bonds, Everglades Townhomes,
|
|
|
|
2.80%, 2/1/27(14)
|
1,000
|
998
|
|
PEFA, Inc., Iowa Gas Project Revenue
Bonds,
|
|
|
|
5.00%, 9/1/26(7) (8)
|
11,645
|
11,686
|
|
Perry Township Schools Marion County
G.O. Limited Bonds (State Aid
Intercept Program),
|
|
|
|
5.00%, 7/15/26
|
1,350
|
1,351
|
|
Portage Public Schools G.O. Unlimited
Refunding Bonds (AG Insured),
|
|
|
|
5.50%, 11/1/26
|
3,160
|
3,189
|
|
Roanoke EDA Hospital Revenue Bonds,
Carilion Clinic Obligated Group,
|
|
|
|
5.00%, 7/1/26
|
1,010
|
1,010
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
SHORT-TERM INVESTMENTS - 7.6%continued
|
||
|
Saint Charles County Public Water
Supply District No. 2 Refunding
COPS, Series A,
|
|
|
|
5.00%, 12/1/26
|
$900
|
$908
|
|
Santa Fe Public School District G.O.
Unlimited Bonds (State Aid
Withholding),
|
|
|
|
5.00%, 8/1/26
|
6,550
|
6,562
|
|
South Carolina State Ports Authority
Revenue Bonds (AMT),
|
|
|
|
5.00%, 7/1/26
|
2,920
|
2,920
|
|
Texas State Affordable Housing Corp.
MFH Revenue Bonds, La Vista de
Lopez Apartments (Housing & Urban
Development Sector 8 Program, FHA
Insured),
|
|
|
|
2.80%, 2/1/27(15)
|
1,200
|
1,199
|
|
Texas State Affordable Housing Corp.
MFH Variable Revenue Bonds,
Norman Commons,
|
|
|
|
3.63%, 1/1/27(7) (8)
|
3,400
|
3,410
|
|
Tulsa County Industrial Authority
Educational Facilities Lease Revenue
Bonds, Owasso Public Schools
Project,
|
|
|
|
5.00%, 9/1/26
|
1,500
|
1,505
|
|
University of Colorado University
Enterprise System Variable Revenue
Refunding Bonds,
|
|
|
|
2.00%, 10/15/26(7) (8)
|
4,510
|
4,494
|
|
University of Oklahoma Revenue
Refunding Bonds, Series A,
|
|
|
|
5.00%, 7/1/26
|
375
|
375
|
|
Wayne Township School Building Corp.
Marion County Revenue Bonds,
Series B (State Aid Intercept
Program),
|
|
|
|
5.00%, 7/15/26
|
1,155
|
1,156
|
|
Schedule of Investments
|
|
TAX-ADVANTAGED ULTRA-SHORT FIXED INCOME FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
SHORT-TERM INVESTMENTS - 7.6%continued
|
||
|
Yuma Pledged Revenue Refunding
Bonds, Series B,
|
|
|
|
5.00%, 7/1/26
|
$865
|
$865
|
|
Total Short-Term Investments
|
|
|
|
(Cost $219,568)
|
219,550
|
|
|
|
|
|
|
Total Investments – 103.0%
|
|
|
|
(Cost $2,983,827)
|
2,981,317
|
|
|
Liabilities less Other Assets – (3.0%)
|
(88,189
)
|
|
|
NET ASSETS – 100.0%
|
$2,893,128
|
|
|
(1)
|
Security exempt from registration pursuant to Rule 144A under the Securities
Act of 1933, as amended. These securities may be resold in transactions
exempt from registration to qualified institutional investors. At June 30,
2026, the value of these securities amounted to approximately
$155,435,000 or 5.4% of net assets.
|
|
(2)
|
Step coupon bond. Rate as of June 30, 2026 is disclosed.
|
|
(3)
|
Variable or floating rate security. Rate as of June 30, 2026 is disclosed.
|
|
(4)
|
Variable or floating rate security. Security issued at a fixed coupon rate,
which converts to a variable rate at a future date. Rate shown is the rate in
effect as of June 30, 2026.
|
|
(5)
|
Variable or floating rate security. Rate is determined by a remarketing agent
and, in the agent's judgment, on the basis of prevailing financial markets,
will be the lowest interest rate necessary to enable the remarketing agent to
sell the bonds at a price equal to 100% of the principal amount.
|
|
(6)
|
The obligations of certain U.S. government-sponsored entities are neither
issued nor guaranteed by the United States Treasury.
|
|
(7)
|
Maturity date represents the puttable date.
|
|
(8)
|
Variable or floating rate security. These securities are remarketed by an
agent, and the rate at which these securities are set are determined by
general market conditions and supply and demand. Rate as of June 30,
2026 is disclosed.
|
|
(9)
|
Maturity date represents the prerefunded date.
|
|
(10)
|
When-Issued Security. Coupon rate is not in effect at June 30, 2026.
|
|
(11)
|
Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the
investment adviser to the Fund and the investment adviser to Northern
Institutional Funds.
|
|
(12)
|
7-day current yield as of June 30, 2026 is disclosed.
|
|
(13)
|
Investment of cash collateral received from securities lending activities.
|
|
(14)
|
Security has converted to a fixed rate as of February 2, 2026, and will
continue at a fixed rate going forward.
|
|
(15)
|
Security has converted to a fixed rate as of February 1, 2026, and will
continue at a fixed rate going forward.
|
|
†
|
Security is either wholly or partially on loan.
|
|
|
|
EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT
THE SCHEDULE OF INVESTMENTS:
|
|
|
|
1Y - 1 Year
|
|
|
|
AMT - Alternative Minimum Tax
|
|
|
|
BAM - Build America Mutual
|
|
|
|
BANS - Bond Anticipation Notes
|
|
|
|
CMT - Constant Maturity
|
|
|
|
COPS - Certificates of Participation
|
|
|
|
EDA - Economic Development Authority
|
|
|
|
FHA - Federal Housing Administration
|
|
|
|
FHLMC - Federal Home Loan Mortgage Corporation
|
|
|
|
FNMA - Federal National Mortgage Association
|
|
|
|
Freddie Mac - Federal Home Loan Mortgage Corporation
|
|
|
|
G.O. - General Obligation
|
|
|
|
GANS - Grant Anticipation Notes
|
|
|
|
GARVEE - Grant Anticipation Revenue Vehicle
|
|
|
|
GNMA - Government National Mortgage Association
|
|
|
|
Gtd. - Guaranteed
|
|
|
|
HDA - Housing Development Authority
|
|
|
|
HFA - Housing Finance Authority
|
|
|
|
HUD - Housing and Urban Development
|
|
|
|
IDA - Industrial Development Authority
|
|
|
|
IDB - Industrial Development Board
|
|
|
|
IDR - Industrial Development Revenue
|
|
|
|
LCRA - Lower Colorado River Authority
|
|
|
|
LOC - Letter of Credit
|
|
|
|
MFH - Multi-Family Housing
|
|
|
|
PCR - Pollution Control Revenue
|
|
|
|
PFA - Public Finance Authority
|
|
|
|
PSF - Permanent School Fund
|
|
|
|
Q-SBLF - Qualified School Bond Loan Fund
|
|
|
|
SFM - Single Family Mortgage
|
|
|
|
SIFMA - Securities Industry and Financial Markets Association
|
|
|
|
SOFR - Secured Overnight Financing Rate
|
|
|
|
SonyMA - State of New York Mortgage Agency
|
|
|
|
TCRS - Transferable Custodial Receipts
|
|
|
|
TRANS - Tax and Revenue Anticipation Notes
|
|
|
June 30, 2026 (UNAUDITED)
|
|
|
|
TRB - Tax Revenue Bonds
|
|
INVESTMENTS
|
LEVEL 1
(000s)
|
LEVEL 2
(000s)
|
LEVEL 3
(000s)
|
TOTAL
(000s)
|
|
Asset-Backed Securities(1)
|
$—
|
$42,207
|
$—
|
$42,207
|
|
Commercial Paper
|
—
|
25,273
|
—
|
25,273
|
|
Corporate Bonds(1)
|
—
|
128,662
|
—
|
128,662
|
|
Foreign Issuer Bonds(1)
|
—
|
170,110
|
—
|
170,110
|
|
U.S. Government Agencies
|
—
|
5,481
|
—
|
5,481
|
|
Municipal Bonds(1)
|
—
|
2,364,564
|
—
|
2,364,564
|
|
Investment Companies
|
25,470
|
—
|
—
|
25,470
|
|
Short-Term Investments
|
—
|
219,550
|
—
|
219,550
|
|
Total Investments
|
$25,470
|
$2,955,847
|
$—
|
$2,981,317
|
|
(1)
|
Classifications as defined in the Schedule of Investments.
|
|
SECURITY
|
VALUE,
BEGINNING
OF PERIOD
(000S)
|
PURCHASES
(000S)
|
SALES
PROCEEDS
(000S)
|
VALUE,
END OF PERIOD
(000S)
|
SHARES/PAR,
END
OF PERIOD
|
DIVIDEND/
INTEREST
INCOME
(000S)
|
|
Northern Institutional Funds - Liquid Assets Portfolio (Shares)
|
$101
|
$5,798
|
$187
|
$5,712
|
5,711,703
|
$1
(1)
|
|
Northern Institutional Funds - U.S. Government Portfolio (Shares)
|
9,672
|
462,342
|
452,256
|
19,758
|
19,758,261
|
376
|
|
Total
|
$9,773
|
$468,140
|
$452,443
|
$25,470
|
25,469,964
|
$377
|
|
(1)
|
Represents income from the investment of cash collateral and loan premiums or fees
paid by borrowers, net of applicable taxes, rebate fees paid or accrued to the
Fund, and other related expenses.
|
|
Schedule of Investments
|
|
TAX-EXEMPT FUND
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS – 98.8%
|
||
|
Alabama – 3.3%
|
||
|
Black Belt Energy Gas District Gas
Project Revenue Bonds, Series B,
|
|
|
|
5.00%, 9/1/32(1) (2)
|
$1,500
|
$1,577
|
|
Black Belt Energy Gas District Gas
Project Revenue Bonds, Series D,
|
|
|
|
5.00%, 11/1/32
|
4,000
|
4,233
|
|
Black Belt Energy Gas District Gas
Project Revenue Bonds, Series J,
|
|
|
|
5.00%, 11/1/36
|
1,500
|
1,578
|
|
Black Belt Energy Gas District Gas
Project Revenue Refunding Bonds,
Series H-1,
|
|
|
|
5.00%, 1/1/34
|
2,115
|
2,217
|
|
Black Belt Energy Gas District Gas
Supply Revenue Refunding Bonds,
|
|
|
|
4.00%, 12/1/31(1) (2)
|
3,000
|
3,066
|
|
Huntsville Health Care Authority
Revenue Bonds, Series B,
|
|
|
|
5.00%, 6/1/35
|
4,000
|
4,489
|
|
Jefferson County Sewer Revenue
Refunding Warrants,
|
|
|
|
5.50%, 10/1/53
|
2,425
|
2,552
|
|
Limestone County Water & Sewer
Revenue Bonds,
|
|
|
|
5.00%, 12/1/44
|
500
|
541
|
|
Mobile County Board of School
Commissioners Special Tax
Refunding Bonds (AG Insured),
|
|
|
|
5.00%, 3/1/27
|
710
|
721
|
|
5.00%, 3/1/28
|
420
|
436
|
|
Southeast Energy Authority Commodity
Supply Variable Revenue Bonds,
Series A-1, Project No. 3,
|
|
|
|
5.50%, 12/1/29(1) (2)
|
1,000
|
1,065
|
|
Southeast Energy Authority
Cooperative District Energy Supply
Revenue Bonds, Series C,
|
|
|
|
5.00%, 2/1/31(1) (2)
|
3,000
|
3,195
|
|
|
|
25,670
|
|
Alaska – 0.4%
|
||
|
Alaska State Railroad Corp. Cruise Port
Revenue Bonds (AMT) (AG Insured),
|
|
|
|
5.50%, 10/1/42
|
385
|
424
|
|
6.00%, 10/1/50
|
500
|
549
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 98.8%continued
|
||
|
Alaska – 0.4%continued
|
||
|
Anchorage Port Revenue Bonds, Series
A (AMT),
|
|
|
|
5.50%, 2/1/33
|
$2,120
|
$2,376
|
|
|
|
3,349
|
|
Arizona – 3.5%
|
||
|
Arizona Board of Regents University of
Arizona System Revenue Refunding
Bonds,
|
|
|
|
5.00%, 6/1/28
|
600
|
628
|
|
Arizona Board of Regents University of
Arizona System Revenue Refunding
Bonds, Stimulus Plan For Economic
(BAM Insured),
|
|
|
|
5.00%, 8/1/41
|
1,350
|
1,493
|
|
Arizona State IDA National Charter
Equitable School Revolving Loan
Fund Revenue Bonds, Social Bonds,
|
|
|
|
4.00%, 11/1/46
|
1,000
|
942
|
|
Chandler IDA IDR Variable Revenue
Bonds (AMT), Intel Corp. Project,
|
|
|
|
5.00%, 9/1/27(1) (2)
|
2,000
|
2,024
|
|
4.00%, 6/1/29(1) (2)
|
1,500
|
1,523
|
|
Maricopa County IDA Education
Revenue Bonds, Legacy Traditional
Schools - Clemmons Campus Project,
|
|
|
|
4.00%, 7/1/34
|
1,500
|
1,478
|
|
Maricopa County IDA Revenue
Refunding Bonds, Series D, Banner
Health,
|
|
|
|
1/1/33(3)
|
2,000
|
2,199
|
|
Maricopa County IDA Variable
Revenue Bonds, Series A-2, Banner
Health,
|
|
|
|
5.00%, 5/15/28(1) (2)
|
4,000
|
4,138
|
|
Maricopa County Roosevelt Elementary
School District No. 66 G.O.
Unlimited Bonds, Series B (BAM
Insured),
|
|
|
|
5.00%, 7/1/40
|
730
|
786
|
|
Phoenix Civic Improvement Corp.
Senior Lien Airport Revenue
Refunding Bonds (AMT),
|
|
|
|
5.00%, 7/1/31
|
2,500
|
2,716
|
|
|
June 30, 2026 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 98.8%continued
|
||
|
Arizona – 3.5%continued
|
||
|
Pima County Unified School District No.
1 Tucson G.O. Unlimited Bonds,
Series B, Project of 2023,
|
|
|
|
5.00%, 7/1/44
|
$400
|
$438
|
|
Pinal County Revenue Obligations
Bonds (BAM Insured),
|
|
|
|
5.25%, 8/1/50
|
1,500
|
1,614
|
|
Pinal County Unified School District No.
20 G.O. Unlimited Bonds, Series A,
Maricopa Project of 2024 (BAM
Insured),
|
|
|
|
5.00%, 7/1/43
|
1,000
|
1,075
|
|
Queen Creek Excise Tax & State
Shared Revenue Bonds,
|
|
|
|
5.00%, 8/1/54
|
4,720
|
4,909
|
|
Yuma IDA Hospital Revenue Refunding
Bonds, Yuma Regional Medical
Center,
|
|
|
|
5.00%, 8/1/29
|
680
|
724
|
|
5.00%, 8/1/40
|
700
|
763
|
|
|
|
27,450
|
|
Arkansas – 0.4%
|
||
|
Little Rock School District G.O. Limited
Refunding Bonds, Series A (AGM
Insured State Aid Withholding),
|
|
|
|
2.00%, 2/1/34
|
2,610
|
2,265
|
|
2.25%, 2/1/41
|
1,000
|
752
|
|
|
|
3,017
|
|
California – 6.4%
|
||
|
Alameda Corridor Transportation
Authority Senior Lien Convertible
Revenue Refunding CABS, Series A,
|
|
|
|
(Step to 5.40% on 10/1/37),
0.00%, 10/1/50(4)
|
1,500
|
905
|
|
California Community Choice Financing
Authority Clean Energy Project
Revenue Bonds, Green Bond, Series
B-1,
|
|
|
|
4.00%, 8/1/31(1) (2)
|
1,095
|
1,112
|
|
California Community Choice Financing
Authority Clean Energy Project
Sustainable Revenue Bonds,
|
|
|
|
5.00%, 4/1/32(1) (2)
|
6,000
|
6,385
|
|
5.00%, 8/1/33(1) (2)
|
3,000
|
3,238
|
|
5.00%, 10/1/33(1) (2)
|
3,875
|
4,063
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 98.8%continued
|
||
|
California – 6.4%continued
|
||
|
California Community Choice Financing
Authority Clean Energy Project
Variable Sustainable Revenue Bonds,
|
|
|
|
5.00%, 9/1/32(1) (2)
|
$3,500
|
$3,789
|
|
California Housing Finance Agency
Municipal Certificates Revenue
Bonds, Series 2021-1, Class A
Certificates,
|
|
|
|
3.50%, 11/20/35
|
3,209
|
3,184
|
|
California School Finance Authority
Educational Facilities Revenue Bonds,
Series A,
|
|
|
|
4.00%, 7/1/55
|
1,075
|
914
|
|
California State Educational Facilities
Authority Revenue Bonds, The
Master's University,
|
|
|
|
5.25%, 8/1/40
|
1,975
|
2,070
|
|
California State G.O. Unlimited Bonds,
Series 2007, Unrefunded Balance,
|
|
|
|
5.75%, 5/1/30
|
75
|
75
|
|
California State Health Facilities
Financing Authority Variable
Revenue Bonds, Providence St.
Joseph Health,
|
|
|
|
5.00%, 10/1/32(1) (2)
|
2,500
|
2,783
|
|
California State Health Facilities
Financing Authority Variable
Revenue Refunding Bonds, Rady
Children's Health,
|
|
|
|
5.00%, 5/1/31(1) (2)
|
1,000
|
1,101
|
|
California State Municipal Finance
Authority Revenue Bonds, SFMTA
Potrero Yard Modernization Project,
|
|
|
|
5.00%, 9/1/39
|
1,425
|
1,591
|
|
California State Municipal Finance
Authority Revenue Refunding Bonds,
The Master's University,
|
|
|
|
5.00%, 8/1/34
|
1,385
|
1,416
|
|
California State Municipal Finance
Authority Student Housing Revenue
Bonds, CHF-Davis I, LLC -West
Village,
|
|
|
|
5.00%, 5/15/43
|
2,000
|
2,042
|
|
Schedule of Investments
|
|
TAX-EXEMPT FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 98.8%continued
|
||
|
California – 6.4%continued
|
||
|
California State Municipal Finance
Authority Student Housing Revenue
Bonds, Orchard Park Student
Housing Project, Green Bonds (BAM
Insured),
|
|
|
|
3.00%, 5/15/54
|
$1,000
|
$753
|
|
Los Angeles Department of Airports
Revenue Refunding Bonds, Series B
(AMT),
|
|
|
|
5.00%, 5/15/34
|
3,000
|
3,098
|
|
Los Angeles Department of Water &
Power Revenue Refunding Bonds,
Series D,
|
|
|
|
5.00%, 7/1/34
|
1,000
|
1,126
|
|
Los Angeles Department of Water &
Power System Revenue Bonds, Series
C,
|
|
|
|
5.00%, 7/1/37
|
2,380
|
2,485
|
|
Los Angeles Department of Water &
Power Waterworks Revenue Bonds,
Series A,
|
|
|
|
5.00%, 7/1/50
|
1,245
|
1,293
|
|
Los Angeles Department of Water &
Power Waterworks Revenue
Refunding Bonds, Series B,
|
|
|
|
5.00%, 7/1/36
|
1,370
|
1,481
|
|
Los Angeles Municipal Improvement
Corp. Lease Revenue Bonds, Los
Angeles Convention Center,
|
|
|
|
5.00%, 5/1/55
|
750
|
781
|
|
Oakland G.O. Unlimited Bonds, Series
B-1, Measure U,
|
|
|
|
5.00%, 7/15/55
|
1,250
|
1,314
|
|
Poway Unified School District PFA
Special Tax Revenue Refunding
Bonds, Series B,
|
|
|
|
5.00%, 9/1/35
|
1,150
|
1,252
|
|
San Francisco City & County Airports
Commission International Airport
Revenue Bonds, Series A (AMT),
|
|
|
|
5.00%, 5/1/42
|
1,500
|
1,514
|
|
|
|
49,765
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 98.8%continued
|
||
|
Colorado – 4.3%
|
||
|
Adams County School District No. 1
Taxable G.O. Unlimited Refunding
Bonds, Series B (State Aid
Withholding), Prerefunded,
|
|
|
|
5.25%, 12/1/26(5)
|
$225
|
$227
|
|
Adams County School District No. 14
G.O. Unlimited Bonds (State Aid
Withholding),
|
|
|
|
5.50%, 12/1/44
|
2,620
|
2,962
|
|
Central Weld County Water District
Revenue Bonds (BAM Insured),
|
|
|
|
5.00%, 12/1/45
|
1,100
|
1,179
|
|
5.00%, 12/1/50
|
1,000
|
1,041
|
|
Colorado Educational & Cultural
Authority Revenue Bonds, Series A,
University of Denver Project,
|
|
|
|
5.00%, 3/1/44
|
1,925
|
2,084
|
|
5.00%, 3/1/46
|
1,620
|
1,720
|
|
Colorado State COPS, Series A,
|
|
|
|
4.00%, 12/15/37
|
5,000
|
5,043
|
|
Colorado State Health Facilities
Authority Hospital Revenue
Refunding Bonds, Adventist Health
System/Sunbelt,
|
|
|
|
4.00%, 11/15/41
|
1,000
|
990
|
|
Colorado State Health Facilities
Authority Revenue Refunding Bonds,
Series A, CommonSpirit Health,
|
|
|
|
5.00%, 12/1/29
|
3,000
|
3,190
|
|
Colorado State Health Facilities
Authority Variable Revenue Bonds,
AdventHealth Obligated Group,
|
|
|
|
5.00%, 11/15/28(1) (2)
|
2,500
|
2,615
|
|
Denver City & County Airport Revenue
Bonds, Series A (AMT),
|
|
|
|
5.00%, 11/15/37
|
2,000
|
2,155
|
|
5.00%, 11/15/41
|
1,000
|
1,062
|
|
Denver City & County Airport System
Subordinate Revenue Refunding
Bonds, Series A (AMT),
|
|
|
|
5.00%, 12/1/43
|
2,000
|
2,044
|
|
Denver City & County Dedicated Tax
Revenue CABS, Series A-2,
|
|
|
|
0.00%, 8/1/37(6)
|
2,750
|
1,718
|
|
0.00%, 8/1/39(6)
|
2,805
|
1,569
|
|
|
June 30, 2026 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 98.8%continued
|
||
|
Colorado – 4.3%continued
|
||
|
Denver City & County Dedicated Tax
Revenue Refunding & Improvement
Bonds, Series A,
|
|
|
|
5.00%, 8/1/42
|
$1,500
|
$1,501
|
|
Denver Health & Hospital Authority
Healthcare Revenue Bonds, Series A,
|
|
|
|
5.13%, 12/1/50
|
1,000
|
1,007
|
|
E-470 Public Highway Authority
Revenue Refunding CABS, Series
A-2,
|
|
|
|
9/1/38(3) (6)
|
1,000
|
627
|
|
Metro Water Recovery Sewer Revenue
Bonds, Series A,
|
|
|
|
5.00%, 4/1/51
|
1,000
|
1,066
|
|
|
|
33,800
|
|
Connecticut – 0.8%
|
||
|
Connecticut State G.O. Unlimited
Bonds, Series C,
|
|
|
|
5.00%, 8/15/34
|
1,700
|
1,951
|
|
Connecticut State Special Tax
Obligation Revenue Bonds,
Transportation Infrastructure,
|
|
|
|
5.00%, 7/1/39
|
565
|
634
|
|
Connecticut State Special Tax
Obligation Revenue Refunding
Bonds, Transportation Infrastructure,
|
|
|
|
5.00%, 7/1/41
|
1,500
|
1,682
|
|
University of Connecticut Revenue
Bonds, Series A,
|
|
|
|
5.25%, 11/15/47
|
2,000
|
2,084
|
|
|
|
6,351
|
|
Delaware – 0.5%
|
||
|
Delaware State EDA Variable Revenue
Refunding Bonds, Series A, NRG
Energy Project,
|
|
|
|
4.00%, 10/1/35(1) (2)
|
2,250
|
2,274
|
|
Delaware State Health Facilities
Authority Revenue Bonds, Christiana
Care Health System,
|
|
|
|
5.00%, 10/1/29
|
1,265
|
1,357
|
|
|
|
3,631
|
|
District of Columbia – 1.5%
|
||
|
District of Columbia G.O. Unlimited
Bonds, Series A,
|
|
|
|
5.00%, 6/1/28
|
3,150
|
3,304
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 98.8%continued
|
||
|
District Of Columbia – 1.5%continued
|
||
|
District of Columbia Income Tax
Secured Revenue Refunding Bonds,
Series A,
|
|
|
|
5.00%, 6/1/50
|
$2,750
|
$2,904
|
|
Metropolitan Washington Airports
Authority Airport System Revenue
Refunding Bonds, Series A (AMT),
|
|
|
|
5.00%, 10/1/34
|
2,750
|
3,063
|
|
4.00%, 10/1/41
|
2,580
|
2,522
|
|
|
|
11,793
|
|
Florida – 8.6%
|
||
|
Broward County Airport System
Revenue Bonds (AMT),
|
|
|
|
5.00%, 10/1/30
|
2,250
|
2,301
|
|
5.00%, 10/1/42
|
2,500
|
2,527
|
|
Broward County Airport System
Revenue Bonds, Series A (AMT),
|
|
|
|
5.00%, 10/1/27
|
1,750
|
1,796
|
|
5.00%, 10/1/29
|
1,170
|
1,242
|
|
Broward County Airport System
Revenue Refunding Bonds, Series B
(AMT),
|
|
|
|
5.00%, 10/1/29
|
1,030
|
1,094
|
|
Broward County School Board
Refunding COPS, Series A,
|
|
|
|
5.00%, 7/1/28
|
5,575
|
5,823
|
|
Florida State Development Finance
Corp. Educational Facility Revenue
Bonds, Mater Academy Project,
Series A,
|
|
|
|
5.00%, 6/15/50
|
2,000
|
1,999
|
|
Fort Myers Utility Revenue Refunding
Bonds,
|
|
|
|
5.25%, 10/1/53
|
3,145
|
3,334
|
|
Greater Orlando Aviation Authority
Airport Facilities Priority
Subordinated Revenue Bonds, Series
A (AMT),
|
|
|
|
5.00%, 10/1/42
|
1,965
|
1,991
|
|
Lakeland Hospital System Revenue
Refunding Bonds, Lakeland Regional
Health System,
|
|
|
|
5.00%, 11/15/45
|
1,000
|
1,059
|
|
Lee County Airport Revenue Bonds
(AMT),
|
|
|
|
5.25%, 10/1/44
|
2,250
|
2,425
|
|
Schedule of Investments
|
|
TAX-EXEMPT FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 98.8%continued
|
||
|
Florida – 8.6%continued
|
||
|
Lee County School Board COPS, Series
A,
|
|
|
|
5.00%, 8/1/40
|
$3,410
|
$3,784
|
|
Miami-Dade County Aviation Revenue
Refunding Bonds, Series A (AMT),
|
|
|
|
5.00%, 10/1/38
|
5,000
|
5,011
|
|
Miami-Dade County School Board
Refunding COPS, Series A,
|
|
|
|
5.00%, 2/1/31
|
3,500
|
3,818
|
|
Miami-Dade County Seaport Revenue
Refunding Bonds, Subseries A-2
(AGM Insured),
|
|
|
|
3.00%, 10/1/50
|
7,500
|
5,617
|
|
Miami-Dade County Water & Sewer
System Revenue Bonds, Series A,
|
|
|
|
4.00%, 10/1/37
|
2,500
|
2,509
|
|
North Miami Community
Redevelopment Agency Revenue
Bonds,
|
|
|
|
5.00%, 3/1/42
|
1,000
|
1,054
|
|
5.00%, 3/1/43
|
1,100
|
1,154
|
|
Orlando Water Reclamation System
Revenue Bonds, Series A,
|
|
|
|
5.00%, 10/1/54
|
3,500
|
3,676
|
|
Palm Beach County Educational
Facilities Authority Revenue Bonds,
Palm Beach Atlantic University,
|
|
|
|
5.00%, 10/1/43
|
375
|
383
|
|
Palm Beach County Health Facilities
Authority Revenue Bonds, Lifespace
Communities Inc.,
|
|
|
|
5.13%, 5/15/46
|
1,000
|
1,018
|
|
Palm Coast Utility System Revenue
Refunding Bonds,
|
|
|
|
5.00%, 10/1/40
|
1,150
|
1,288
|
|
Pasco County School Board COPS,
Series A (BAM Insured),
|
|
|
|
5.00%, 8/1/43
|
3,000
|
3,088
|
|
Seminole County Special Obligation
Revenue Refunding Bonds,
|
|
|
|
5.00%, 10/1/52
|
1,325
|
1,394
|
|
South Broward Hospital District
Revenue Refunding Bonds, Series A,
|
|
|
|
4.00%, 5/1/44
|
3,500
|
3,243
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 98.8%continued
|
||
|
Florida – 8.6%continued
|
||
|
Tampa Bay Water Regional Water
Supply Authority Utility System
Revenue Refunding Bonds, Series A,
|
|
|
|
5.00%, 10/1/36
|
$1,750
|
$1,759
|
|
Winter Garden Water & Wastewater
Revenue Bonds,
|
|
|
|
5.25%, 8/1/54
|
3,000
|
3,202
|
|
|
|
67,589
|
|
Georgia – 2.2%
|
||
|
Atlanta Airport Sustainable Revenue
Bonds, Series B-1 (AMT),
|
|
|
|
5.00%, 7/1/38
|
2,000
|
2,180
|
|
Georgia State Housing & Finance
Authority Revenue Bonds, Series A,
|
|
|
|
4.40%, 12/1/41
|
3,000
|
3,042
|
|
Main Street Natural Gas, Inc., Gas
Supply Revenue Bonds, Series A,
|
|
|
|
4.00%, 9/1/27(1) (2)
|
5,000
|
5,064
|
|
5.00%, 5/15/43
|
500
|
508
|
|
Main Street Natural Gas, Inc., Gas
Supply Revenue Bonds, Series E,
|
|
|
|
5.00%, 12/1/32(1) (2)
|
1,500
|
1,600
|
|
Municipal Electric Authority of Georgia
Revenue Bonds, Plant Vogtle Units 3
& 4 Project,
|
|
|
|
5.50%, 7/1/60
|
2,500
|
2,501
|
|
Paulding County Hospital Authority
Anticipation Certificates Revenue
Bonds, Wellstar,
|
|
|
|
5.00%, 4/1/36
|
2,410
|
2,730
|
|
|
|
17,625
|
|
Hawaii – 0.3%
|
||
|
Honolulu City & County G.O. Unlimited
Bonds, Series A,
|
|
|
|
5.00%, 9/1/43
|
2,000
|
2,061
|
|
Idaho – 0.3%
|
||
|
Idaho State Housing & Finance
Association Sales TRB, Transportation
Expansion & Mitigation,
|
|
|
|
5.00%, 8/15/47
|
2,000
|
2,100
|
|
Illinois – 9.0%
|
||
|
Aurora Waterworks & Sewerage
Revenue Refunding Bonds, Series B,
|
|
|
|
4.00%, 12/1/36
|
800
|
791
|
|
|
June 30, 2026 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 98.8%continued
|
||
|
Illinois – 9.0%continued
|
||
|
Chicago Board of Education G.O.
Unlimited Bonds, Series A,
|
|
|
|
5.75%, 12/1/50
|
$1,500
|
$1,527
|
|
Chicago G.O. Unlimited Bonds, Series
A,
|
|
|
|
6.00%, 1/1/50
|
1,000
|
1,054
|
|
Chicago Midway Airport Senior Lien
Revenue Refunding Bonds, Series A
(AMT),
|
|
|
|
5.00%, 1/1/30
|
2,000
|
2,123
|
|
Chicago Midway Airport Senior
Revenue Refunding Bonds, Series C
(AMT),
|
|
|
|
5.00%, 1/1/33
|
2,500
|
2,721
|
|
Chicago O'Hare International Airport
Revenue Refunding Bonds, Series C
(AMT),
|
|
|
|
5.00%, 1/1/38
|
1,000
|
1,092
|
|
Chicago O'Hare International Airport
Senior Lien Revenue Bonds, Series A
(AMT),
|
|
|
|
5.00%, 1/1/39
|
2,000
|
2,172
|
|
Chicago O'Hare International Airport
Senior Lien Revenue Refunding
Bonds, Series A (AMT),
|
|
|
|
5.00%, 1/1/39
|
1,600
|
1,645
|
|
Chicago O'Hare International Airport
Senior Lien Revenue Refunding
Bonds, Series C,
|
|
|
|
5.25%, 1/1/54
|
2,000
|
2,121
|
|
Chicago Park District G.O. Limited
Bonds, Series A,
|
|
|
|
5.00%, 1/1/47
|
1,750
|
1,828
|
|
5.00%, 1/1/48
|
1,500
|
1,559
|
|
Chicago Waterworks Revenue Bonds,
Series A,
|
|
|
|
5.00%, 11/1/47
|
2,500
|
2,637
|
|
Chicago Waterworks Revenue
Refunding Bonds, Series B,
|
|
|
|
11/1/30(3)
|
2,000
|
2,155
|
|
Chicago Waterworks Second Lien
Revenue Bonds, Series A (AGM
Insured),
|
|
|
|
5.25%, 11/1/53
|
2,000
|
2,083
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 98.8%continued
|
||
|
Illinois – 9.0%continued
|
||
|
Cook County Community College
District No. 508 G.O. Unlimited
Bonds (BAM Insured),
|
|
|
|
5.50%, 12/1/51
|
$2,000
|
$2,152
|
|
Cook County High School District No.
201J Sterling Morton Township G.O.
Limited Bonds (AG Insured),
|
|
|
|
5.00%, 6/1/45
|
1,100
|
1,187
|
|
Illinois State Educational Facilities
Authority Revenue Bonds, Field
Museum of Natural History,
|
|
|
|
3.90%, 11/1/36
|
1,740
|
1,764
|
|
Illinois State Finance Authority Revenue
Bonds, The Chicago School,
|
|
|
|
5.00%, 4/1/32
|
1,110
|
1,183
|
|
Illinois State Finance Authority Revenue
Refunding Bonds, Moorings of
Arlington Heights,
|
|
|
|
5.13%, 11/1/46
|
1,490
|
1,516
|
|
Illinois State Finance Authority Revenue
Refunding Bonds, NorthShore
University Health System,
|
|
|
|
3.25%, 8/15/49
|
2,500
|
1,993
|
|
Illinois State Finance Authority Revenue
Refunding Bonds, Series A, Lake
Forest College,
|
|
|
|
5.25%, 10/1/52
|
500
|
496
|
|
Illinois State Finance Authority Variable
Revenue Bonds, Series A-3,
UChicago Medicine,
|
|
|
|
5.00%, 8/15/35(1) (2)
|
1,750
|
1,958
|
|
Illinois State Finance Authority Variable
Revenue Refunding Bonds, Silver
Cross Hospital,
|
|
|
|
5.00%, 8/15/30(1) (2)
|
1,000
|
1,063
|
|
Illinois State G.O. Unlimited Bonds,
Series B,
|
|
|
|
5.00%, 4/1/29
|
4,000
|
4,227
|
|
5.00%, 5/1/37
|
1,460
|
1,593
|
|
5.25%, 5/1/45
|
1,000
|
1,058
|
|
5.25%, 5/1/49
|
2,060
|
2,135
|
|
Illinois State Sales TRB, Junior
Obligation Series A,
|
|
|
|
5.00%, 6/15/46
|
1,250
|
1,329
|
|
Schedule of Investments
|
|
TAX-EXEMPT FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 98.8%continued
|
||
|
Illinois – 9.0%continued
|
||
|
Illinois State Sales TRB, Junior
Obligation Series B,
|
|
|
|
5.00%, 6/15/36
|
$2,000
|
$2,231
|
|
Illinois State University Revenue
Refunding Bonds,
|
|
|
|
5.25%, 4/1/50
|
3,600
|
3,779
|
|
Joliet Waterworks & Sewage Revenue
Bonds (BAM Insured),
|
|
|
|
5.25%, 1/1/50
|
3,000
|
3,162
|
|
Schaumburg G.O. Unlimited Refunding
Bonds, Series A,
|
|
|
|
4.00%, 12/1/41
|
5,000
|
5,000
|
|
Southwestern Development Authority
Revenue Bonds, Pontiac-William
Holliday School District No. 105
(BAM Insured),
|
|
|
|
6.00%, 12/1/45
|
480
|
554
|
|
Springfield Electric Senior Lien Revenue
Refunding Bonds (BAM Insured),
|
|
|
|
5.00%, 3/1/37
|
2,325
|
2,560
|
|
Westmont G.O. Unlimited Bonds,
|
|
|
|
5.00%, 12/1/38
|
1,715
|
1,914
|
|
5.00%, 12/1/39
|
1,805
|
2,002
|
|
|
|
70,364
|
|
Indiana – 2.5%
|
||
|
Fishers Sewage Works Revenue Bonds
(BAM Insured),
|
|
|
|
3.00%, 7/1/51
|
1,000
|
760
|
|
Hamilton County Public Building Corp.
Lease Rental Revenue Bonds,
|
|
|
|
5.00%, 7/10/42
|
1,000
|
1,070
|
|
Indiana Finance Authority Water Utility
Revenue Refunding Bonds, Citizens
Energy Group Project,
|
|
|
|
10/1/30(3)
|
2,340
|
2,561
|
|
10/1/45(3)
|
1,825
|
1,959
|
|
Indiana State Finance Authority Health
System Variable Revenue Bonds,
Series B-1, Indiana University Health,
|
|
|
|
5.00%, 7/1/28(1) (2)
|
2,000
|
2,077
|
|
Indiana State Finance Authority State
Revolving Fund Program Sustainable
Revenue Bonds, Series A,
|
|
|
|
5.00%, 2/1/51
|
1,500
|
1,595
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 98.8%continued
|
||
|
Indiana – 2.5%continued
|
||
|
Indiana State Finance Authority Student
Housing Revenue Bonds, Senior
Student Housing Project,
|
|
|
|
5.00%, 7/1/49
|
$1,075
|
$1,076
|
|
Indianapolis Local Public Improvement
Bond Bank Revenue Refunding
Bonds, Indianapolis Airport Authority
Project,
|
|
|
|
5.25%, 1/1/50
|
2,000
|
2,126
|
|
Indianapolis Local Public Improvement
Bond Bank Revenue Refunding
Bonds, Series F, Stormwater Project,
|
|
|
|
5.00%, 1/1/49
|
895
|
939
|
|
IPS Multi-School Building Corp.
Sustainable First Mortgage Revenue
Bonds (State Intercept Program),
|
|
|
|
5.00%, 7/15/43
|
1,230
|
1,312
|
|
IPS Multi-School Building Corp.
Sustainable Revenue Bonds (State
Aid Intercept Program),
|
|
|
|
5.00%, 7/15/45
|
1,000
|
1,059
|
|
Noblesville Redevelopment Authority
Revenue Refunding Bonds, Event
Center Public Improvement Projects
(AGM State Intercept Program),
|
|
|
|
5.00%, 8/1/37
|
750
|
826
|
|
Northwest Allen School Building Corp.
First Mortgage Revenue Bonds (State
Intercept Program),
|
|
|
|
5.00%, 7/15/31
|
600
|
660
|
|
Whiting Environmental Facilities
Variable Revenue Refunding Bonds
(AMT), BP Products North America,
Inc. Project,
|
|
|
|
4.00%, 6/10/33(1) (2)
|
1,200
|
1,223
|
|
|
|
19,243
|
|
Iowa – 0.4%
|
||
|
Cedar Rapids Community School
District Infrastructure Sales Services
Revenue Bonds (BAM Insured),
|
|
|
|
5.00%, 7/1/42
|
500
|
547
|
|
5.25%, 1/1/51
|
1,000
|
1,056
|
|
|
June 30, 2026 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 98.8%continued
|
||
|
Iowa – 0.4%continued
|
||
|
Guthrie County Hospital Revenue
BANS, Guthrie County Hospital
Project,
|
|
|
|
4.50%, 2/1/29
|
$1,300
|
$1,302
|
|
|
|
2,905
|
|
Kansas – 0.3%
|
||
|
Johnson County Unified School District
No. 233 G.O. Unlimited Refunding
Bonds, Series A (BAM Insured),
|
|
|
|
5.00%, 9/1/46
|
1,000
|
1,079
|
|
University of Kansas Hospital Authority
Health Facilities Revenue Refunding
Bonds, The University of Kansas
Health System,
|
|
|
|
5.25%, 3/1/46
|
1,500
|
1,633
|
|
|
|
2,712
|
|
Kentucky – 2.3%
|
||
|
Fayette County School District Finance
Corp. Revenue Bonds, Series A
(State Intercept Program),
|
|
|
|
4.00%, 5/1/38
|
2,500
|
2,471
|
|
Kentucky Bond Development Corp.
Hospital Variable Revenue Bonds,
Baptist Healthcare System (AG
Insured),
|
|
|
|
5.00%, 8/15/35(1) (2)
|
2,640
|
2,960
|
|
Kentucky State Property & Buildings
Commission Revenue Bonds, Series
A, Project No. 133,
|
|
|
|
5.00%, 9/1/45
|
1,700
|
1,847
|
|
Kentucky State Public Energy Authority
Gas Supply Revenue Refunding
Bonds, Series A,
|
|
|
|
5.25%, 12/1/29(1) (2)
|
6,000
|
6,357
|
|
Louisville & Jefferson County Metro
Government Health System Revenue
Refunding Bonds, Norton
Healthcare, Inc.,
|
|
|
|
5.00%, 10/1/26
|
600
|
603
|
|
Louisville & Jefferson County Metro
Government PCR Refunding Bonds,
Gas & Electric,
|
|
|
|
2.00%, 10/1/33
|
4,500
|
3,904
|
|
|
|
18,142
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 98.8%continued
|
||
|
Louisiana – 2.6%
|
||
|
Greater New Orleans Expressway
Commission Toll Subordinate Lien
Revenue Refunding Bonds (AG
Insured),
|
|
|
|
5.00%, 11/1/32
|
$435
|
$484
|
|
5.00%, 11/1/34
|
575
|
652
|
|
Louisiana Public Facilities Authority
Revenue Refunding Bonds, Ochsner
Clinic Foundation Project,
|
|
|
|
5.25%, 5/15/50
|
2,500
|
2,630
|
|
Louisiana Public Facilities Authority
Revenue Refunding Bonds, Ochsner
Clinic, Unrefunded Balance,
|
|
|
|
5.00%, 5/15/47
|
2,000
|
2,000
|
|
Louisiana Stadium & Exposition District
Senior Revenue Refunding Bonds,
Series A,
|
|
|
|
5.25%, 7/1/53
|
2,695
|
2,800
|
|
Louisiana State Local Government
Environmental Facilities & Community
Development Authority Revenue
Refunding Bonds, Entergy
Louisiana LLC Project,
|
|
|
|
2.50%, 4/1/36
|
4,250
|
3,701
|
|
New Orleans G.O. Unlimited Bonds,
Series A,
|
|
|
|
5.00%, 12/1/47
|
3,000
|
3,064
|
|
Shreveport Water & Sewer Revenue
Bonds, Series B (BAM Insured),
|
|
|
|
5.00%, 12/1/41
|
5,000
|
5,017
|
|
|
|
20,348
|
|
Maryland – 0.9%
|
||
|
Maryland State Health & Higher
Educational Facilities Authority
Revenue Refunding Bonds, LifeBridge
Health,
|
|
|
|
5.00%, 7/1/44
|
1,100
|
1,110
|
|
Maryland State Health & Higher
Educational Facilities Authority
Revenue Refunding Bonds, Series A,
Medstar Health Issue,
|
|
|
|
5.00%, 8/15/29
|
850
|
907
|
|
Maryland State Health & Higher
Educational Facilities Authority
Revenue Refunding Bonds, Series C,
Medstar Health Issue,
|
|
|
|
5.00%, 8/15/27
|
1,000
|
1,027
|
|
Schedule of Investments
|
|
TAX-EXEMPT FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 98.8%continued
|
||
|
Maryland – 0.9%continued
|
||
|
5.00%, 8/15/28
|
$1,030
|
$1,080
|
|
Maryland State Transportation
Authority Passenger Facility Charge
Revenue Bonds (AMT),
Baltimore/Washington International,
|
|
|
|
5.00%, 6/1/30
|
2,615
|
2,741
|
|
|
|
6,865
|
|
Massachusetts – 2.6%
|
||
|
Massachusetts State Bay Transportation
Authority Sales Tax Revenue
Refunding CABS, Series A,
|
|
|
|
0.00%, 7/1/29(6)
|
2,500
|
2,290
|
|
Massachusetts State Consolidated Loan
G.O. Unlimited Bonds, Series C,
|
|
|
|
5.25%, 10/1/47
|
5,000
|
5,342
|
|
Massachusetts State Development
Finance Agency Revenue Bonds,
Lasell Village, Inc.,
|
|
|
|
5.25%, 7/1/50
|
1,500
|
1,544
|
|
Massachusetts State Development
Finance Agency Revenue Bonds,
Middlesex Sustainable Energy
Partners,
|
|
|
|
6.00%, 10/1/49
|
500
|
549
|
|
Massachusetts State G.O. Limited
Bonds, Series D,
|
|
|
|
5.00%, 6/1/40
|
2,000
|
2,277
|
|
5.00%, 10/1/50
|
4,525
|
4,748
|
|
Massachusetts State Port Authority
Revenue Bonds, Series A,
|
|
|
|
5.00%, 7/1/40
|
2,725
|
2,729
|
|
Massachusetts State Water Resources
Authority General Revenue Bonds,
Series B,
|
|
|
|
5.00%, 8/1/43
|
920
|
949
|
|
|
|
20,428
|
|
Michigan – 3.5%
|
||
|
Great Lakes Water Authority Water
Supply System Second Lien Revenue
Refunding Bonds, Series B,
|
|
|
|
5.00%, 7/1/36
|
2,000
|
2,293
|
|
Great Lakes Water Authority Water
Supply System Senior Lien Revenue
Bonds, Series B,
|
|
|
|
5.25%, 7/1/53
|
1,000
|
1,061
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 98.8%continued
|
||
|
Michigan – 3.5%continued
|
||
|
Howell Public Schools G.O. Unlimited
Bonds, Series II (Q-SBLF Insured),
|
|
|
|
5.00%, 5/1/41
|
$1,000
|
$1,105
|
|
5.00%, 5/1/42
|
1,000
|
1,099
|
|
5.00%, 5/1/43
|
750
|
821
|
|
5.00%, 5/1/44
|
750
|
814
|
|
Kenowa Hills Public Schools G.O.
Unlimited Refunding Bonds, Series III
(Q-SBLF Insured),
|
|
|
|
5.00%, 11/1/40
|
1,575
|
1,752
|
|
L'Anse Creuse Public Schools G.O.
Unlimited Bonds, Series I (Q-SBLF
Insured),
|
|
|
|
5.00%, 5/1/43
|
1,250
|
1,370
|
|
5.00%, 5/1/49
|
610
|
639
|
|
Lincoln Consolidated School District
Refunding G.O. Unlimited Bonds,
(Q-SBLF Insured),
|
|
|
|
5.00%, 5/1/27
|
1,500
|
1,529
|
|
Michigan State HDA SFM Revenue
Bonds, Series A, Social Bonds,
|
|
|
|
4.10%, 6/1/43
|
1,875
|
1,862
|
|
Michigan State Hospital Finance
Authority Revenue Refunding Bonds,
Bronson Healthcare Group,
|
|
|
|
5.00%, 11/15/29
|
4,000
|
4,249
|
|
Oakland University Revenue Refunding
Bonds, Series A,
|
|
|
|
5.00%, 3/1/47
|
1,000
|
1,049
|
|
Portage Public Schools G.O. Unlimited
Refunding Bonds (AG Insured),
|
|
|
|
5.00%, 11/1/38
|
2,000
|
2,254
|
|
South Lyon Community Schools G.O.
Unlimited Bonds, Series I,
|
|
|
|
5.00%, 5/1/28
|
1,100
|
1,149
|
|
Southfield Public Schools G.O.
Unlimited Bonds (Q-SBLF Insured),
|
|
|
|
5.25%, 5/1/50
|
1,200
|
1,276
|
|
Wayne County Airport Authority
Revenue Refunding Bonds (AMT),
Detroit Metropolitan,
|
|
|
|
5.00%, 12/1/34
|
1,000
|
1,109
|
|
West Bloomfield School District G.O.
Unlimited Bonds, Series I (Q-SBLF
Insured),
|
|
|
|
5.00%, 5/1/42
|
1,750
|
1,912
|
|
|
June 30, 2026 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 98.8%continued
|
||
|
Michigan – 3.5%continued
|
||
|
West Ottawa Public School District
G.O. Unlimited Bonds, Series I,
|
|
|
|
5.00%, 11/1/28
|
$25
|
$26
|
|
|
|
27,369
|
|
Minnesota – 1.3%
|
||
|
Minneapolis & Saint Paul Housing &
Redevelopment Authority Health
Care Revenue Refunding Bonds,
Allina Health System,
|
|
|
|
5.00%, 11/15/29
|
1,380
|
1,403
|
|
Minnesota Municipal Gas Agency Gas
Project Revenue Bonds, Series A,
|
|
|
|
5.00%, 9/1/35
|
3,000
|
3,131
|
|
Rochester Health Care Facilities
Revenue Bonds, Series A, Mayo
Clinic,
|
|
|
|
4.00%, 11/15/43
|
2,500
|
2,515
|
|
Saint Cloud Health Care Revenue
Refunding Bonds, CentraCare Health
System,
|
|
|
|
5.00%, 5/1/29
|
2,145
|
2,275
|
|
Truman Independent School District No.
458 G.O. Unlimited Bonds, Series A
(School District Credit Program),
|
|
|
|
5.00%, 2/1/40
|
770
|
852
|
|
|
|
10,176
|
|
Mississippi – 0.1%
|
||
|
Mississippi State Business Finance
Corp. Revenue Bonds, System
Energy Resources, Inc. Project,
|
|
|
|
2.38%, 6/1/44
|
1,000
|
683
|
|
Missouri – 1.5%
|
||
|
Greene County Reorganized School
District No. R-3 Republic G.O.
Unlimited Bonds (State Aid Direct
Deposit Program),
|
|
|
|
5.00%, 3/1/38
|
1,000
|
1,093
|
|
Kansas City Sanitary Sewer System
Revenue Bonds, Series A,
|
|
|
|
4.00%, 1/1/49
|
1,000
|
968
|
|
Lebanon Reorganized School District
No. R-3 Laclede County G.O.
Unlimited Bonds (State Aid Direct
Deposit Program),
|
|
|
|
5.50%, 3/1/45
|
915
|
1,016
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 98.8%continued
|
||
|
Missouri – 1.5%continued
|
||
|
Marion & Ralls County School District
No. 60 G.O. Unlimited Refunding
Bonds, Missouri Direct Deposit
Program (State Aid Direct Deposit
Program),
|
|
|
|
5.75%, 3/1/44
|
$50
|
$57
|
|
Missouri Joint Municipal Electric Utility
Commission Power Project Revenue
Bonds, Marshall Energy Center
Project,
|
|
|
|
5.00%, 1/1/51
|
3,500
|
3,644
|
|
Missouri State Development Finance
Board Infrastructure Facilities
Revenue Bonds, Series A, Public
Safety Projects (AG Insured),
|
|
|
|
5.50%, 12/1/50
|
1,080
|
1,156
|
|
Missouri State Health & Educational
Facilities Authority Health Facilities
Revenue Refunding Bonds, Series A,
St. Luke's Health System,
|
|
|
|
5.00%, 11/15/43
|
1,280
|
1,313
|
|
Missouri State Health & Educational
Facilities Authority Revenue Bonds,
Series A, Saint Louis University,
|
|
|
|
5.00%, 10/1/38
|
2,500
|
2,502
|
|
|
|
11,749
|
|
Montana – 0.0%
|
||
|
Montana State Board of Housing
Single Family Program Revenue
Refunding Bonds, Series A (FHA INS
HUD VA Insured),
|
|
|
|
3.90%, 12/1/48
|
50
|
46
|
|
Nebraska – 1.3%
|
||
|
Douglas County Hospital Authority No.
2 Health Facilities Revenue Bonds,
Children's Hospital Obligated
Group,
|
|
|
|
5.00%, 11/15/36
|
1,000
|
1,011
|
|
Nebraska State Public Power District
Revenue Refunding Bonds, Series A,
|
|
|
|
5.00%, 1/1/37
|
1,250
|
1,433
|
|
Nebraska State Public Power District
Revenue Refunding Bonds, Series B,
|
|
|
|
5.00%, 7/1/28
|
3,500
|
3,626
|
|
Schedule of Investments
|
|
TAX-EXEMPT FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 98.8%continued
|
||
|
Nebraska – 1.3%continued
|
||
|
Omaha Public Power District Electric
Revenue Refunding Bonds, Series A,
|
|
|
|
5.00%, 2/1/42
|
$4,250
|
$4,333
|
|
|
|
10,403
|
|
New Hampshire – 0.2%
|
||
|
National Finance Authority Revenue
Bonds,
|
|
|
|
4.25%, 7/20/41
|
1,398
|
1,312
|
|
New Jersey – 0.6%
|
||
|
Casino Reinvestment Development
Authority Luxury Tax Revenue
Refunding Bonds, Series A (AGC
Insured),
|
|
|
|
5.00%, 11/1/39
|
1,145
|
1,257
|
|
New Jersey State Transportation Trust
Fund Authority Program Revenue
Bonds, Series AA,
|
|
|
|
5.00%, 6/15/36
|
1,250
|
1,432
|
|
New Jersey State Transportation Trust
Fund Authority Revenue Bonds,
Series BB, Transformation Program,
|
|
|
|
5.00%, 6/15/46
|
2,000
|
2,111
|
|
|
|
4,800
|
|
New Mexico – 0.2%
|
||
|
New Mexico State Mortgage Finance
Authority Revenue Bonds, Series C
(GNMA, FNMA, FHLMC Insured),
|
|
|
|
4.00%, 9/1/52
|
990
|
896
|
|
New Mexico State Mortgage Finance
Authority Revenue Bonds, Series D,
Class I (GNMA, FNMA, FHLMC
Insured),
|
|
|
|
4.30%, 9/1/52
|
980
|
935
|
|
|
|
1,831
|
|
New York – 10.9%
|
||
|
Glens Falls G.O. Limited BANS,
|
|
|
|
4.00%, 2/26/27
|
4,000
|
4,027
|
|
Metropolitan Transportation Authority
Sustainable Revenue Refunding
Bonds, Climate Bond Certified,
|
|
|
|
5.00%, 11/15/42
|
1,435
|
1,575
|
|
Metropolitan Transportation Authority
Sustainable Revenue Refunding
Bonds, Series A,
|
|
|
|
5.00%, 11/15/37
|
2,500
|
2,766
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 98.8%continued
|
||
|
New York – 10.9%continued
|
||
|
New York City Housing Development
Corp. MFH Revenue Bonds,
Sustainable Neighborhood Bonds,
|
|
|
|
3.00%, 11/1/39
|
$1,370
|
$1,222
|
|
New York City Housing Development
Corp. MFH Revenue Refunding
Bonds, Sustainable Neighborhood
Bonds,
|
|
|
|
3.00%, 11/1/44
|
1,535
|
1,288
|
|
New York City Municipal Water
Finance Authority Water & Sewer
System Revenue Refunding Bonds,
Series DD, Fiscal 2026,
|
|
|
|
5.00%, 6/15/46
|
1,000
|
1,083
|
|
New York City Transitional Finance
Authority Building Aid Revenue
Bonds, Series S-3 (State Aid
Withholding),
|
|
|
|
5.00%, 7/15/43
|
3,000
|
3,095
|
|
New York City Transitional Finance
Authority Future Tax Subordinate
Revenue Bonds,
|
|
|
|
3.00%, 5/1/48
|
4,750
|
3,719
|
|
New York City Transitional Finance
Authority Subordinate Multi-modal
Revenue Bonds, Series F-1,
|
|
|
|
5.25%, 2/1/53
|
1,000
|
1,055
|
|
New York City Transitional Finance
Authority Subordinate Revenue
Bonds, Fiscal 2026,
|
|
|
|
5.00%, 11/1/39
|
895
|
1,008
|
|
5.00%, 11/1/47
|
1,000
|
1,071
|
|
New York City Transitional Finance
Authority Subordinate Revenue
Bonds, Series A-3,
|
|
|
|
3.00%, 5/1/45
|
5,000
|
4,160
|
|
New York City Transitional Finance
Authority Subordinate Revenue
Bonds, Series B, Fiscal 2026,
|
|
|
|
5.00%, 5/1/40
|
1,500
|
1,670
|
|
5.25%, 5/1/48
|
2,840
|
3,071
|
|
New York City Transitional Finance
Authority Subordinate Revenue
Bonds, Series C-3,
|
|
|
|
5.00%, 5/1/41
|
3,450
|
3,546
|
|
|
June 30, 2026 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 98.8%continued
|
||
|
New York – 10.9%continued
|
||
|
New York City Transitional Finance
Authority Subordinate Revenue
Bonds, Series E,
|
|
|
|
5.00%, 11/1/46
|
$3,000
|
$3,206
|
|
New York City Transitional Finance
Authority Subordinate Revenue
Bonds, Series H, Fiscal 2025,
|
|
|
|
5.00%, 11/1/46
|
1,150
|
1,233
|
|
New York City Transitional Finance
Authority Subordinate Revenue
Refunding Bonds, Fiscal 2026,
|
|
|
|
5.00%, 11/1/34
|
1,000
|
1,142
|
|
New York G.O. Unlimited Bonds, Series
D, Fiscal 2026,
|
|
|
|
5.00%, 10/1/36
|
1,000
|
1,132
|
|
New York G.O. Unlimited Bonds, Series
D, Subseries D1,
|
|
|
|
5.00%, 12/1/44
|
3,000
|
3,075
|
|
New York G.O. Unlimited Bonds, Series
G,
|
|
|
|
5.25%, 2/1/47
|
1,500
|
1,634
|
|
New York State Dormitory Authority
Non State Supported Debt Revenue
Bonds, School Districts Building
Financing Program (State Aid
Withholding),
|
|
|
|
5.00%, 10/1/31
|
720
|
724
|
|
New York State Dormitory Authority
Non State Supported Debt Revenue
Bonds, School Districts Financing
Program (AGM Insured),
Prerefunded,
|
|
|
|
5.00%, 10/1/28(5)
|
5
|
5
|
|
New York State Dormitory Authority
State Personal Income Tax Revenue
Refunding Bonds, Series A,
|
|
|
|
5.25%, 3/15/39
|
2,500
|
2,610
|
|
New York State Dormitory Authority
State Personal Income Tax Revenue
Refunding Bonds, Series D,
|
|
|
|
5.00%, 2/15/48
|
4,500
|
4,617
|
|
New York State Dormitory Authority
State Personal Income TRB, Series A,
Unrefunded Balance,
|
|
|
|
5.00%, 2/15/43
|
2,000
|
2,003
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 98.8%continued
|
||
|
New York – 10.9%continued
|
||
|
New York State Liberty Development
Corp. Revenue Refunding Bonds,
Series 1,
|
|
|
|
2.25%, 2/15/41
|
$5,000
|
$3,732
|
|
New York State Mortgage Agency
Homeowner Revenue Refunding
Bonds, Series 233, Social Bonds,
|
|
|
|
2.05%, 4/1/33
|
1,555
|
1,384
|
|
New York State Transportation
Development Corp. Special Facilities
Revenue Bonds (AMT), Terminal 4
John F. Kennedy International Airport
Project,
|
|
|
|
5.00%, 12/1/28
|
625
|
651
|
|
New York State Transportation
Development Corp. Special Facilities
Revenue Refunding Bonds, Terminal
4 John F. Kennedy International
Airport,
|
|
|
|
5.00%, 12/1/31
|
550
|
596
|
|
New York State Transportation
Development Corp. Special Facilities
Sustainable Revenue Bonds (AMT),
John F. Kennedy International Airport
New Terminal One Project,
|
|
|
|
5.25%, 6/30/41
|
1,600
|
1,694
|
|
6.00%, 6/30/50
|
1,000
|
1,076
|
|
Port Authority of New York & New
Jersey Revenue Refunding Bonds,
Series 207 (AMT),
|
|
|
|
5.00%, 9/15/28
|
1,000
|
1,034
|
|
Port Authority of New York & New
Jersey Revenue Refunding Bonds,
Series 227 (AMT),
|
|
|
|
2.00%, 10/1/32
|
2,000
|
1,799
|
|
Port Authority of New York & New
Jersey Revenue Refunding Bonds,
Series 246 (AMT),
|
|
|
|
5.00%, 9/1/28
|
2,000
|
2,091
|
|
5.00%, 9/1/33
|
2,500
|
2,784
|
|
Triborough Bridge & Tunnel Authority
Sales TRB, Series A-1,
|
|
|
|
5.00%, 5/15/54
|
2,975
|
3,096
|
|
Schedule of Investments
|
|
TAX-EXEMPT FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 98.8%continued
|
||
|
New York – 10.9%continued
|
||
|
Triborough MTA Bridge & Tunnel
Authority Real Estate Transfer TRB,
TBTA Capital Lockbox Fund,
|
|
|
|
5.00%, 12/1/50
|
$6,300
|
$6,600
|
|
5.25%, 12/1/54
|
3,295
|
3,512
|
|
|
|
85,786
|
|
North Carolina – 0.6%
|
||
|
North Carolina State Housing Finance
Agency Home Ownership Revenue
Bonds, Series 44,
|
|
|
|
3.00%, 7/1/46
|
915
|
746
|
|
North Carolina State Medical Care
Commission Health Care Facilities
Revenue Bonds, Advocate Health
Nonprofit Credit Group,
|
|
|
|
5.00%, 8/1/38
|
2,000
|
2,289
|
|
North Carolina State Medical Care
Commission Retirement Facilities
Revenue Bonds, United Methodist
Retirement Homes,
|
|
|
|
5.00%, 10/1/40
|
910
|
985
|
|
5.13%, 10/1/45
|
535
|
566
|
|
|
|
4,586
|
|
North Dakota – 0.1%
|
||
|
Grand Forks Health Care System
Revenue Refunding Bonds, Altru
Health System (AGM Insured),
|
|
|
|
3.00%, 12/1/46
|
1,500
|
1,152
|
|
Ohio – 2.1%
|
||
|
Columbus Regional Airport Authority
Revenue Refunding Bonds, John
Glenn Columbus International
(AMT),
|
|
|
|
5.00%, 1/1/34
|
650
|
717
|
|
Northeast Ohio Medical University
General Receipts Revenue Refunding
Bonds, Series A,
|
|
|
|
4.00%, 12/1/45
|
225
|
206
|
|
Ohio State Revenue Refunding Bonds,
Major New State Infrastructure
Project,
|
|
|
|
5.00%, 12/15/30
|
2,400
|
2,638
|
|
Ohio State Water Development
Authority Revenue Refunding Bonds,
Fresh Water Revolving Fund,
|
|
|
|
5.00%, 12/1/35
|
2,000
|
2,324
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 98.8%continued
|
||
|
Ohio – 2.1%continued
|
||
|
Springboro G.O. Limited BANS (State
Standby Purchase Program),
|
|
|
|
4.00%, 2/23/27
|
$2,000
|
$2,014
|
|
Troy City School District G.O. Unlimited
Bonds,
|
|
|
|
5.00%, 12/1/54
|
2,650
|
2,746
|
|
Washington Local School District Lucas
County G.O. Unlimited Bonds, Series
A (School District Credit Program),
|
|
|
|
3.13%, 12/1/51
|
2,000
|
1,491
|
|
Wyoming City School District G.O.
Unlimited Bonds,
|
|
|
|
5.00%, 12/1/43
|
1,530
|
1,667
|
|
5.00%, 12/1/55
|
2,500
|
2,590
|
|
|
|
16,393
|
|
Oklahoma – 1.1%
|
||
|
Lawton Industrial Developmental
Authority Sales TRB, Series A,
|
|
|
|
5.00%, 7/1/51
|
2,000
|
2,070
|
|
Oklahoma State Capitol Improvement
Authority State Facilities Revenue
Refunding Bonds, Series B,
|
|
|
|
5.00%, 7/1/29
|
280
|
299
|
|
Oklahoma State Capitol Improvement
Authority State Highways Capital
Improvement Revenue Bonds,
Department of Transportation,
|
|
|
|
5.25%, 7/1/50
|
2,000
|
2,166
|
|
Oklahoma State Water Resources
Board State Loan Program Revenue
Bonds, Series C,
|
|
|
|
4.50%, 10/1/50
|
4,400
|
4,442
|
|
|
|
8,977
|
|
Oregon – 0.6%
|
||
|
Clackamas County School District No.
12 North Clackamas Capital
Appreciation G.O. Unlimited Bonds,
Series A, Unrefunded Balance
(School Board Guaranty Program),
|
|
|
|
0.00%, 6/15/38(6)
|
2,235
|
1,319
|
|
Clackamas County School District No.
12 North Clackamas G.O. Unlimited
CABS, Series A (School Board
Guaranty Program), Prerefunded,
|
|
|
|
0.00%, 6/15/27(5) (6)
|
265
|
158
|
|
|
June 30, 2026 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 98.8%continued
|
||
|
Oregon – 0.6%continued
|
||
|
Clackamas County School District No.
62C Oregon City G.O. Unlimited
CABS, Series A (School Board
Guaranty Program),
|
|
|
|
0.00%, 6/15/37(6)
|
$1,000
|
$644
|
|
Union County Hospital Facility Authority
Revenue Bonds, Grand Ronde
Hospital Project,
|
|
|
|
5.00%, 7/1/52
|
750
|
732
|
|
Washington County School District No.
48J Beaverton G.O. Unlimited
CABS, Series A (School Board
Guaranty Program),
|
|
|
|
0.00%, 6/15/48(6)
|
5,000
|
1,736
|
|
|
|
4,589
|
|
Pennsylvania – 2.9%
|
||
|
Cumberland County Municipal
Authority Revenue Refunding Bonds,
Series A, Messiah Village Project,
|
|
|
|
5.25%, 6/1/44
|
1,000
|
1,054
|
|
Delaware County Regional Water
Quality Control Authority Sewer
Revenue Bonds,
|
|
|
|
5.00%, 5/1/32
|
820
|
821
|
|
5.00%, 5/1/35
|
865
|
866
|
|
Delaware Valley Regional Financial
Authority Revenue Bonds, Series A
(AMBAC Insured),
|
|
|
|
5.50%, 8/1/28
|
1,460
|
1,539
|
|
Pennsylvania State Economic
Development Financing Authority
University Revenue Bonds, Eastern
University Project,
|
|
|
|
5.00%, 10/1/45
|
2,200
|
2,209
|
|
Pennsylvania State Higher Educational
Facilities Authority Revenue
Refunding Bonds, Drexel University,
|
|
|
|
5.00%, 5/1/29
|
1,515
|
1,586
|
|
5.00%, 5/1/31
|
1,500
|
1,602
|
|
Pennsylvania State Turnpike
Commission Oil Franchise Tax
Subordinate Revenue Bonds, Series
B,
|
|
|
|
5.00%, 12/1/43
|
2,500
|
2,583
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 98.8%continued
|
||
|
Pennsylvania – 2.9%continued
|
||
|
Pennsylvania State Turnpike
Commission Variable Revenue
Refunding, Subseries-2,
|
|
|
|
5.00%, 12/1/32(1) (2)
|
$2,575
|
$2,856
|
|
Pennsylvania State University Revenue
Bonds,
|
|
|
|
5.00%, 9/1/43
|
5,000
|
5,158
|
|
Philadelphia Authority for Industrial
Development Revenue Refunding
Bonds, Greater Philadelphia Health,
|
|
|
|
6.00%, 6/1/45
|
2,000
|
2,178
|
|
|
|
22,452
|
|
Rhode Island – 0.2%
|
||
|
Providence Public Buildings Authority
Revenue Bonds, Capital Improvement
Program Project (AGC Insured),
|
|
|
|
5.00%, 9/15/37
|
740
|
809
|
|
Rhode Island Infrastructure Bank State
Revolving Fund Revenue Refunding
Bonds, Series B, Master Trust,
|
|
|
|
5.00%, 10/1/28
|
500
|
528
|
|
|
|
1,337
|
|
South Carolina – 0.7%
|
||
|
Aiken Water & Sewer Revenue Bonds,
Series A,
|
|
|
|
4.00%, 8/1/49
|
1,000
|
952
|
|
Patriots Energy Group Financing
Agency Gas Supply Variable
Revenue Refunding Bonds, Series
B-1,
|
|
|
|
5.25%, 3/1/31(1) (2)
|
2,000
|
2,152
|
|
Patriots Energy Group Gas System
Revenue Refunding Bonds, Series A,
|
|
|
|
4.00%, 6/1/51
|
2,500
|
2,266
|
|
|
|
5,370
|
|
Tennessee – 1.1%
|
||
|
Metropolitan Government of Nashville
& Davidson County Health &
Educational Facilities Board Revenue
Refunding Bonds, The Vanderbilt
University Medical Center,
|
|
|
|
5.00%, 7/1/36
|
1,750
|
1,977
|
|
Metropolitan Nashville Airport
Authority Revenue Bonds, Series B
(AMT),
|
|
|
|
5.00%, 7/1/30
|
1,500
|
1,611
|
|
Schedule of Investments
|
|
TAX-EXEMPT FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 98.8%continued
|
||
|
Tennessee – 1.1%continued
|
||
|
Tennergy Corp. Gas Revenue Bonds,
Series A,
|
|
|
|
4.00%, 9/1/28(1) (2)
|
$5,000
|
$5,063
|
|
Tennessee Housing Development
Agency Residential Financing
Program Revenue Bonds, Series 1B,
|
|
|
|
3.38%, 7/1/38
|
50
|
49
|
|
|
|
8,700
|
|
Texas – 7.3%
|
||
|
Austin Water & Wastewater System
Revenue Refunding Bonds,
|
|
|
|
5.00%, 11/15/47
|
2,350
|
2,514
|
|
Bexar County Certificates of Obligation
G.O. Limited Bonds,
|
|
|
|
4.00%, 6/15/46
|
5,000
|
4,881
|
|
Brazos County Certificates of
Obligation G.O. Limited Bonds,
|
|
|
|
4.25%, 9/1/44
|
2,565
|
2,594
|
|
Dallas & Fort Worth International
Airport Revenue Bonds, Series A-1
(AMT),
|
|
|
|
5.25%, 11/1/42
|
1,440
|
1,570
|
|
Denver City Independent School District
G.O. Unlimited Refunding Bonds
(PSF, Gtd.),
|
|
|
|
5.00%, 2/15/40
|
1,000
|
1,123
|
|
El Paso G.O. Unlimited Refunding
Bonds,
|
|
|
|
5.00%, 8/15/31
|
1,020
|
1,125
|
|
Greenville Waterworks & Sewer System
Revenue Bonds (BAM Insured),
|
|
|
|
4.38%, 2/15/48
|
1,115
|
1,108
|
|
4.38%, 2/15/49
|
1,250
|
1,236
|
|
Harris County Cultural Education
Facilities Finance Corp. Revenue
Refunding Bonds, Series A, Houston
Methodist,
|
|
|
|
5.00%, 12/1/29
|
3,500
|
3,746
|
|
Houston Airport System Revenue
Refunding Bonds (AMT), United
Airlines Inc., Terminal,
|
|
|
|
5.25%, 7/15/32
|
3,500
|
3,741
|
|
Huffman Independent School District
G.O. Unlimited Bonds (PSF, Gtd.),
|
|
|
|
5.25%, 2/15/49
|
1,750
|
1,866
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 98.8%continued
|
||
|
Texas – 7.3%continued
|
||
|
Hutto Independent School District
Variable G.O. Unlimited Bonds (PSF,
Gtd.),
|
|
|
|
4.00%, 8/1/28(1) (2)
|
$550
|
$562
|
|
New Braunfels Utility Revenue
Refunding Bonds,
|
|
|
|
5.00%, 7/1/47
|
1,315
|
1,408
|
|
Port Houston Authority G.O. Unlimited
Refunding Bonds, Series A (AMT),
|
|
|
|
5.00%, 10/1/29
|
2,500
|
2,617
|
|
Roma Independent School District G.O.
Unlimited Bonds (PSF, Gtd.),
|
|
|
|
5.00%, 2/15/49
|
1,500
|
1,568
|
|
Round Rock Independent School District
G.O. Unlimited Refunding Bonds,
Series A (PSF, Gtd.),
|
|
|
|
5.00%, 8/1/31
|
1,500
|
1,601
|
|
San Antonio Electric & Gas Revenue
Refunding Bonds, Series A,
|
|
|
|
5.00%, 2/1/39
|
2,500
|
2,814
|
|
San Marcos Certificates of Obligation
G.O. Limited Bonds,
|
|
|
|
4.00%, 8/15/44
|
2,045
|
2,005
|
|
Tarrant County Cultural Education
Facilities Finance Corp. Hospital
Revenue Bonds, Methodist Hospitals
of Dallas,
|
|
|
|
5.00%, 10/1/27
|
875
|
901
|
|
5.00%, 10/1/28
|
600
|
631
|
|
5.00%, 10/1/29
|
625
|
669
|
|
Tarrant County Cultural Education
Facilities Finance Corp. Variable
Revenue Refunding Bonds, Ascension
Senior Credit,
|
|
|
|
5.00%, 11/15/35(1) (2)
|
1,330
|
1,500
|
|
Tarrant County Cultural Education
Facilities Finance Corp. Variable
Revenue Refunding Bonds, Texas
Health Resources System,
|
|
|
|
5.00%, 11/15/29(1) (2)
|
2,000
|
2,131
|
|
Texas State G.O. Unlimited Refunding
Bonds,
|
|
|
|
5.00%, 10/1/36
|
1,000
|
1,148
|
|
|
June 30, 2026 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 98.8%continued
|
||
|
Texas – 7.3%continued
|
||
|
Texas State Transportation Commission
Central Texas Turnpike System
Second Tier Revenue Refunding
Bonds, Series C,
|
|
|
|
5.00%, 8/15/39
|
$1,800
|
$1,968
|
|
Texas State Transportation Commission
G.O. Unlimited Refunding Bonds,
|
|
|
|
5.00%, 4/1/29
|
4,500
|
4,798
|
|
Texas Water Development Board
Revenue Bonds, Series A, Master
Trust,
|
|
|
|
4.25%, 10/15/51
|
3,000
|
2,912
|
|
Trinity River Authority Denton Creek
Wastewater Revenue Bonds,
|
|
|
|
5.00%, 2/1/46
|
2,360
|
2,550
|
|
|
|
57,287
|
|
Utah – 1.4%
|
||
|
Salt Lake City Airport Revenue Bonds,
Series A (AMT),
|
|
|
|
5.00%, 7/1/35
|
5,000
|
5,352
|
|
Summit County Resort Communities
Sales TRB,
|
|
|
|
5.00%, 12/15/39
|
3,000
|
3,362
|
|
Tooele County School District G.O.
Unlimited Bonds (School Board
Guaranty Program),
|
|
|
|
5.00%, 6/1/30
|
505
|
550
|
|
Utah State Municipal Power Agency
Revenue Refunding Bonds, Series A,
Power Supply System,
|
|
|
|
5.00%, 7/1/37
|
1,750
|
1,996
|
|
|
|
11,260
|
|
Virginia – 0.3%
|
||
|
Rockingham County EDA Facilities
Revenue Refunding Bonds, Sentara
RMH Medical Center,
|
|
|
|
3.00%, 11/1/46
|
2,000
|
1,581
|
|
Virginia State Small Business Financing
Authority Senior Lien Revenue Bonds
(AMT), Elizabeth River,
|
|
|
|
3.00%, 1/1/41
|
1,000
|
827
|
|
|
|
2,408
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 98.8%continued
|
||
|
Washington – 4.0%
|
||
|
Benton County Public Utility District No.
1 Electric Revenue Bonds,
|
|
|
|
5.00%, 11/1/48
|
$1,100
|
$1,149
|
|
Clark County Public Utility District No. 1
Electric Revenue Refunding Bonds,
|
|
|
|
5.00%, 1/1/38
|
850
|
939
|
|
Grant County G.O. Limited Bonds
(BAM Insured),
|
|
|
|
5.25%, 12/1/50
|
1,350
|
1,441
|
|
Kent G.O. Limited Refunding Bonds,
|
|
|
|
5.00%, 12/1/51
|
1,950
|
2,070
|
|
King County Public Hospital District No.
2 G.O. Limited Bonds,
EvergreenHealth,
|
|
|
|
5.50%, 12/1/50
|
2,000
|
2,164
|
|
Pasco Public Facilities District Sales TRB
(AGC Insured),
|
|
|
|
5.00%, 11/1/40
|
1,050
|
1,145
|
|
Port of Everett Revenue Refunding
Bonds, Series A (AG Insured),
|
|
|
|
12/1/51(3)
|
2,000
|
2,086
|
|
Port of Seattle Intermediate Lien
Revenue Refunding Bonds (AMT),
|
|
|
|
5.00%, 8/1/36
|
3,570
|
3,857
|
|
Washington State G.O. Unlimited
Bonds, Series D,
|
|
|
|
5.00%, 6/1/49
|
4,000
|
4,280
|
|
Washington State Health Care Facilities
Authority Revenue Bonds, Providence
St. Joseph Health,
|
|
|
|
5.00%, 10/1/35
|
3,500
|
3,924
|
|
Washington State Health Care Facilities
Authority Revenue Refunding Bonds,
Providence Health & Services,
|
|
|
|
5.00%, 10/1/38
|
5,000
|
5,004
|
|
Washington State Housing Finance
Commission Nonprofit Housing
Revenue Refunding Bonds, Horizon
House Project,
|
|
|
|
4.38%, 1/1/33
|
1,500
|
1,507
|
|
Whatcom County Public Utility District
No. 1 G.O. Limited Bonds, Series A
(AMT) (BAM Insured),
|
|
|
|
5.50%, 12/1/43
|
1,500
|
1,634
|
|
|
|
31,200
|
|
Schedule of Investments
|
|
TAX-EXEMPT FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 98.8%continued
|
||
|
West Virginia – 0.2%
|
||
|
Ohio County Commission Special
District Excise Tax Revenue Refunding
Bonds, Fort Henry Opportunity
Development (AG Insured),
|
|
|
|
5.25%, 6/1/45
|
$1,500
|
$1,622
|
|
Wisconsin – 3.5%
|
||
|
Central Brown County Water Authority
Water System Revenue Refunding
Bonds, Series A,
|
|
|
|
5.00%, 11/1/30
|
1,320
|
1,439
|
|
PFA Educational Facilities Revenue
Refunding Bonds, Lindenwood
Education System,
|
|
|
|
5.00%, 6/1/39
|
500
|
515
|
|
5.00%, 6/1/40
|
525
|
539
|
|
PFA Revenue Bonds,
|
|
|
|
4.48%, 12/5/40(7)
|
1,550
|
1,558
|
|
PFA Revenue Bonds, Maniilaq
Association Employee,
|
|
|
|
5.25%, 12/1/48
|
3,000
|
3,035
|
|
PFA Revenue Bonds, Maniilaq
Association Patient Housing,
|
|
|
|
5.00%, 12/1/36
|
3,425
|
3,679
|
|
PFA Revenue Bonds, PAFAF-Mid States
Leasing Project,
|
|
|
|
5.00%, 12/31/35
|
3,750
|
4,134
|
|
PFA Revenue Refunding Bonds, Kahala
Nui Project,
|
|
|
|
5.25%, 11/15/50
|
1,000
|
1,034
|
|
Westfield School District G.O.
Unlimited Promissory Notes (AGC
Insured),
|
|
|
|
5.00%, 3/1/39
|
685
|
743
|
|
Wisconsin State Health & Educational
Facilities Authority Revenue Bonds,
Three Pillars Senior Living
Communities,
|
|
|
|
4.40%, 8/15/29
|
1,100
|
1,100
|
|
Wisconsin State Health & Educational
Facilities Authority Revenue
Refunding Bonds, Milwaukee
Regional Medical Center,
|
|
|
|
4.13%, 4/1/46
|
1,500
|
1,410
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
MUNICIPAL BONDS - 98.8%continued
|
||
|
Wisconsin – 3.5%continued
|
||
|
Wisconsin State Health & Educational
Facilities Authority Revenue
Refunding Bonds, Unrefunded
Balance,
|
|
|
|
4.00%, 11/15/46
|
$4,905
|
$4,513
|
|
Wisconsin State Health & Educational
Facilities Authority Variable Revenue
Refunding Bonds, Mercy Health
Corp.,
|
|
|
|
5.00%, 12/1/33(1) (2)
|
3,500
|
3,831
|
|
|
|
27,530
|
|
Total Municipal Bonds
|
|
|
|
(Cost $789,379)
|
|
774,226
|
|
|
NUMBER
OF SHARES
|
VALUE
(000S)
|
|
INVESTMENT COMPANIES – 0.3%
|
||
|
Northern Institutional Funds -
U.S. Government Portfolio (Shares),
3.46%(8) (9)
|
2,596,612
|
$2,597
|
|
Total Investment Companies
|
|
|
|
(Cost $2,597)
|
|
2,597
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
SHORT-TERM INVESTMENTS – 0.9%
|
||
|
Black Belt Energy Gas District Gas
Project Revenue Bonds, Project No.
7-S,
|
|
|
|
4.00%, 12/1/26(1) (2)
|
$1,000
|
$1,003
|
|
Black Belt Energy Gas District Gas
Supply Revenue Refunding Bonds,
Series D1,
|
|
|
|
4.00%, 6/1/27(1) (2)
|
1,000
|
1,009
|
|
Carroll County Environmental Facilities
Revenue Bonds (AMT), Kentucky
Utilities Co. Project,
|
|
|
|
1.75%, 9/1/26(1) (2)
|
1,500
|
1,493
|
|
|
June 30, 2026 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
SHORT-TERM INVESTMENTS - 0.9%continued
|
||
|
PEFA, Inc., Iowa Gas Project Revenue
Bonds,
|
|
|
|
5.00%, 9/1/26(1) (2)
|
$3,500
|
$3,512
|
|
Total Short-Term Investments
|
|
|
|
(Cost $7,003)
|
7,017
|
|
|
|
|
|
|
Total Investments – 100.0%
|
|
|
|
(Cost $798,979)
|
783,840
|
|
|
Liabilities less Other Assets – (0.0%)
|
(280
)
|
|
|
NET ASSETS – 100.0%
|
$783,560
|
|
|
(1)
|
Maturity date represents the puttable date.
|
|
(2)
|
Variable or floating rate security. These securities are remarketed by an
agent, and the rate at which these securities are set are determined by
general market conditions and supply and demand. Rate as of June 30,
2026 is disclosed.
|
|
(3)
|
When-Issued Security. Coupon rate is not in effect at June 30, 2026.
|
|
(4)
|
Step coupon bond. Rate as of June 30, 2026 is disclosed.
|
|
(5)
|
Maturity date represents the prerefunded date.
|
|
(6)
|
Zero coupon bond.
|
|
(7)
|
Variable or floating rate security, the interest rate of which adjusts
periodically based on changes in current interest rates and prepayments on
the underlying pool of assets.
|
|
(8)
|
Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the
investment adviser to the Fund and the investment adviser to Northern
Institutional Funds.
|
|
(9)
|
7-day current yield as of June 30, 2026 is disclosed.
|
|
|
|
EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT
THE SCHEDULE OF INVESTMENTS:
|
|
|
|
AGC - Assured Guaranty Corporation
|
|
|
|
AGM - Assured Guaranty Municipal Corporation
|
|
|
|
AMBAC - American Municipal Bond Assurance Corporation
|
|
|
|
AMT - Alternative Minimum Tax
|
|
|
|
BAM - Build America Mutual
|
|
|
|
BANS - Bond Anticipation Notes
|
|
|
|
CABS - Capital Appreciation Bonds
|
|
|
|
CHF - Collegiate Housing Foundation
|
|
|
|
COPS - Certificates of Participation
|
|
|
|
EDA - Economic Development Authority
|
|
|
|
FHA - Federal Housing Administration
|
|
|
|
FHLMC - Federal Home Loan Mortgage Corporation
|
|
|
|
FNMA - Federal National Mortgage Association
|
|
|
|
G.O. - General Obligation
|
|
|
|
GNMA - Government National Mortgage Association
|
|
|
|
Gtd. - Guaranteed
|
|
|
|
HDA - Housing Development Authority
|
|
|
|
HUD - Housing and Urban Development
|
|
|
|
IDA - Industrial Development Authority
|
|
|
|
IDR - Industrial Development Revenue
|
|
|
|
INS - Insured
|
|
|
|
MFH - Multi-Family Housing
|
|
|
|
PCR - Pollution Control Revenue
|
|
|
|
PFA - Public Finance Authority
|
|
|
|
PSF - Permanent School Fund
|
|
|
|
Q-SBLF - Qualified School Bond Loan Fund
|
|
|
|
SFM - Single Family Mortgage
|
|
|
|
TRB - Tax Revenue Bonds
|
|
|
|
VA - Veterans Affairs
|
|
INVESTMENTS
|
LEVEL 1
(000s)
|
LEVEL 2
(000s)
|
LEVEL 3
(000s)
|
TOTAL
(000s)
|
|
Municipal Bonds(1)
|
$—
|
$774,226
|
$—
|
$774,226
|
|
Investment Companies
|
2,597
|
—
|
—
|
2,597
|
|
Short-Term Investments
|
—
|
7,017
|
—
|
7,017
|
|
Total Investments
|
$2,597
|
$781,243
|
$—
|
$783,840
|
|
(1)
|
Classifications as defined in the Schedule of Investments.
|
|
Schedule of Investments
|
|
TAX-EXEMPT FUND continued
|
June 30, 2026 (UNAUDITED)
|
|
SECURITY
|
VALUE,
BEGINNING
OF PERIOD
(000S)
|
PURCHASES
(000S)
|
SALES
PROCEEDS
(000S)
|
VALUE,
END OF PERIOD
(000S)
|
SHARES/PAR,
END
OF PERIOD
|
DIVIDEND/
INTEREST
INCOME
(000S)
|
|
Northern Institutional Funds - U.S. Government Portfolio (Shares)
|
$3,033
|
$98,915
|
$99,351
|
$2,597
|
2,596,612
|
$81
|
|
Schedule of Investments
|
|
ULTRA-SHORT FIXED INCOME FUND
|
June 30, 2026 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
ASSET-BACKED SECURITIES – 11.5%
|
||
|
Auto Loan – 3.4%
|
||
|
American Credit Acceptance
Receivables Trust, Series 2025-3,
Class B
|
|
|
|
4.75%, 9/12/29(1)
|
$8,565
|
$8,574
|
|
Americredit Automobile Receivables
Trust, Series 2022-1, Class D
|
|
|
|
3.23%, 2/18/28
|
4,500
|
4,484
|
|
Bank of America Auto Trust, Series
2023-1A, Class A3
|
|
|
|
5.53%, 2/15/28(1)
|
451
|
452
|
|
CarMax Auto Owner Trust, Series
2023-1, Class D
|
|
|
|
6.27%, 11/15/29
|
3,400
|
3,434
|
|
CarMax Auto Owner Trust, Series
2023-4, Class A3
|
|
|
|
6.00%, 7/17/28
|
181
|
182
|
|
Carvana Auto Receivables Trust, Series
2025-P2, Class A2
|
|
|
|
4.56%, 8/10/28
|
1,696
|
1,697
|
|
Exeter Automobile Receivables Trust,
Series 2025-2A, Class D
|
|
|
|
5.89%, 7/15/31
|
1,400
|
1,422
|
|
GM Financial Consumer Automobile
Receivables Trust, Series 2023-2,
Class A3
|
|
|
|
4.47%, 2/16/28
|
772
|
773
|
|
GM Financial Consumer Automobile
Receivables Trust, Series 2024-1,
Class A3
|
|
|
|
4.85%, 12/18/28
|
1,294
|
1,297
|
|
Harley-Davidson Motorcycle Trust,
Series 2024-A, Class A3
|
|
|
|
5.37%, 3/15/29
|
1,111
|
1,117
|
|
Honda Auto Receivables Owner Trust,
Series 2024-1, Class A3
|
|
|
|
5.21%, 8/15/28
|
861
|
866
|
|
Hyundai Auto Lease Securitization
Trust, Series 2024-B, Class A3
|
|
|
|
5.41%, 5/17/27(1)
|
619
|
620
|
|
Hyundai Auto Receivables Trust, Series
2024-A, Class A3
|
|
|
|
4.99%, 2/15/29
|
602
|
604
|
|
Mercedes-Benz Auto Receivables Trust,
Series 2023-2, Class A3
|
|
|
|
5.95%, 11/15/28
|
3,942
|
3,972
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
ASSET-BACKED SECURITIES - 11.5%continued
|
||
|
Auto Loan – 3.4%continued
|
||
|
Research-Driven Pagaya Motor Asset
Trust, Series 2026-1A, Class A3
|
|
|
|
4.86%, 1/25/35(1)
|
$4,860
|
$4,833
|
|
Research-Driven Pagaya Motor Asset
Trust, Series 2026-2A, Class B
|
|
|
|
5.82%, 2/26/35(1)
|
5,900
|
5,842
|
|
Santander Drive Auto Receivables Trust,
Series 2024-2, Class D
|
|
|
|
6.28%, 8/15/31
|
3,365
|
3,436
|
|
Santander Drive Auto Receivables Trust,
Series 2025-2, Class A2
|
|
|
|
4.71%, 6/15/28
|
434
|
434
|
|
Santander Drive Auto Receivables Trust,
Series 2026-1, Class A3
|
|
|
|
3.93%, 7/15/30
|
5,300
|
5,251
|
|
Westlake Automobile Receivables Trust,
Series 2025-1A, Class B
|
|
|
|
4.98%, 9/16/30(1)
|
2,750
|
2,762
|
|
Westlake Automobile Receivables Trust,
Series 2025-1A, Class C
|
|
|
|
5.14%, 10/15/30(1)
|
1,250
|
1,259
|
|
Westlake Automobile Receivables Trust,
Series 2025-2A, Class D
|
|
|
|
5.08%, 5/15/31(1)
|
3,965
|
3,965
|
|
Westlake Automobile Receivables Trust,
Series 2025-P1, Class A2
|
|
|
|
4.65%, 2/15/28(1)
|
1,888
|
1,890
|
|
World Omni Auto Receivables Trust,
Series 2024-A, Class A3
|
|
|
|
4.86%, 3/15/29
|
612
|
614
|
|
World Omni Auto Receivables Trust,
Series 2024-B, Class A3
|
|
|
|
5.27%, 9/17/29
|
1,042
|
1,048
|
|
|
|
60,828
|
|
Credit Card – 1.9%
|
||
|
Chase Issuance Trust, Series 2023-A1,
Class A
|
|
|
|
5.16%, 9/15/28
|
4,000
|
4,010
|
|
Evergreen Credit Card Trust, Series
2024-1A, Class B
|
|
|
|
5.51%, 7/15/28(1)
|
4,769
|
4,772
|
|
Evergreen Credit Card Trust, Series
2024-CRT4, Class B
|
|
|
|
5.25%, 10/15/28(1)
|
6,770
|
6,787
|
|
Schedule of Investments
|
|
ULTRA-SHORT FIXED INCOME FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
ASSET-BACKED SECURITIES - 11.5%continued
|
||
|
Credit Card – 1.9%continued
|
||
|
Synchrony Card Funding LLC, Series
2023-A1, Class A
|
|
|
|
5.54%, 7/15/29
|
$1,250
|
$1,251
|
|
Synchrony Card Funding LLC, Series
2024-A1, Class A
|
|
|
|
5.04%, 3/15/30
|
1,458
|
1,465
|
|
Synchrony Card Funding LLC, Series
2024-A2, Class A
|
|
|
|
4.93%, 7/15/30
|
2,835
|
2,852
|
|
Trillium Credit Card Trust II, Series
2025-1A, Class B
|
|
|
|
4.41%, 9/26/30(1)
|
2,957
|
2,944
|
|
Trillium Credit Card Trust II, Series
2026-1A, Class A
|
|
|
|
(Floating, U.S. SOFR + 0.60%),
4.26%, 3/26/31(1) (2)
|
4,300
|
4,307
|
|
Trillium Credit Card Trust II, Series
2026-1A, Class B
|
|
|
|
4.61%, 3/26/31(1)
|
4,300
|
4,278
|
|
WF Card Issuance Trust, Series
2024-A1, Class A
|
|
|
|
4.94%, 2/15/29
|
2,530
|
2,542
|
|
|
|
35,208
|
|
Other – 0.8%
|
||
|
CNH Equipment Trust, Series 2024-B,
Class A3
|
|
|
|
5.19%, 9/17/29
|
761
|
767
|
|
John Deere Owner Trust, Series
2024-A, Class A3
|
|
|
|
4.96%, 11/15/28
|
414
|
416
|
|
Kubota Credit Owner Trust, Series
2025-1A, Class A2
|
|
|
|
4.61%, 12/15/27(1)
|
946
|
947
|
|
MMAF Equipment Finance LLC, Series
2024-A, Class A2
|
|
|
|
5.20%, 9/13/27(1)
|
84
|
84
|
|
Navient Private Education Refi Loan
Trust, Series 2020-IA, Class A1A
|
|
|
|
1.33%, 4/15/69(1)
|
771
|
705
|
|
Pagaya Ai Debt Grantor Trust, Series
2025-6, Class A2
|
|
|
|
4.50%, 4/15/33(1)
|
890
|
884
|
|
Pagaya Ai Debt Grantor Trust, Series
2025-6, Class B
|
|
|
|
4.88%, 4/15/33(1)
|
4,100
|
4,077
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
ASSET-BACKED SECURITIES - 11.5%continued
|
||
|
Other – 0.8%continued
|
||
|
Pagaya Ai Debt Grantor Trust, Series
2025-6, Class C
|
|
|
|
5.01%, 4/15/33(1)
|
$1,500
|
$1,492
|
|
Santander Mortgage Asset Receivable
Trust Series 2026-CES1, Class A1A
|
|
|
|
(Step to 5.88% on 2/25/30),
4.88%, 1/1/56(1) (3)
|
4,754
|
4,699
|
|
|
|
14,071
|
|
Whole Loan – 5.4%
|
||
|
BINOM Mortgage Loan Trust, Series
2026-NQM1, Class A1B
|
|
|
|
(Step to 6.06% on 5/25/30),
5.06%, 2/25/66(1) (3)
|
4,231
|
4,187
|
|
Bravo Residential Funding Trust, Series
2025-NQM1, Class A1
|
|
|
|
(Step to 6.60% on 2/25/29),
5.60%, 12/25/64(1) (3)
|
8,232
|
8,252
|
|
BRAVO Residential Funding Trust, Series
2026-NQM5, Class A3
|
|
|
|
(Step to 6.69% on 6/25/30),
5.72%, 6/25/66(1) (3)
|
2,880
|
2,874
|
|
Chase Home Lending Mortgage Trust,
Series 2024-2, Class A4A
|
|
|
|
6.00%, 2/25/55(1)
|
1,604
|
1,602
|
|
Cross 2026-NQM8, Class A1B
|
|
|
|
(Step to 6.59% on 7/25/30),
5.58%, 7/25/71(3)
|
7,491
|
7,480
|
|
Cross 2026-NQM8, Class A3
|
|
|
|
(Step to 6.59% on 7/25/30),
5.79%, 7/25/71(3)
|
6,000
|
6,000
|
|
JP Morgan Mortgage Trust, Series
2024-12, Class A4
|
|
|
|
6.00%, 6/25/55(1) (2)
|
2,736
|
2,742
|
|
JP Morgan Mortgage Trust, Series
2024-8, Class A7A
|
|
|
|
5.50%, 1/25/55(1) (2)
|
2,577
|
2,570
|
|
JP Morgan Mortgage Trust, Series
2025-NQM1, Class A1
|
|
|
|
(Step to 6.59% on 4/25/29),
5.59%, 6/25/65(1) (3)
|
3,983
|
3,979
|
|
JP Morgan Mortgage Trust, Series
2026-NQM3, Class A1
|
|
|
|
5.48%, 10/25/66(1) (2)
|
10,708
|
10,683
|
|
|
June 30, 2026 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
ASSET-BACKED SECURITIES - 11.5%continued
|
||
|
Whole Loan – 5.4%continued
|
||
|
JP Morgan Mortgage Trust, Series
2026-NQM3, Class A1B
|
|
|
|
(Step to 6.48% on 6/25/30),
5.48%, 10/25/66(1) (3)
|
$1,091
|
$1,086
|
|
OBX Trust, Series 2024-NQM16,
Class A1
|
|
|
|
(Step to 6.53% on 11/25/28),
5.53%, 10/25/64(1) (3)
|
1,729
|
1,733
|
|
Provident Funding Mortgage Trust,
Series 2025-2, Class A4
|
|
|
|
5.50%, 6/25/55(1) (2)
|
5,366
|
5,358
|
|
PRPM Trust, Series 2025-NQM1,
Class A3
|
|
|
|
(Step to 7.26% on 3/25/29),
6.26%, 11/25/69(1) (3)
|
3,269
|
3,284
|
|
RATE Mortgage Trust, Series 2025-J2,
Class A5
|
|
|
|
5.50%, 7/25/55(1) (2)
|
3,062
|
3,054
|
|
Santander Mortgage Asset Receivable
Trust, Series 2025-NQM1, Class A1
|
|
|
|
(Step to 6.55% on 4/25/29),
5.55%, 1/25/65(1) (3)
|
2,966
|
2,966
|
|
Santander Mortgage Asset Receivable
Trust, Series 2025-NQM3,
Class A1B
|
|
|
|
(Step to 6.60% on 7/25/29),
5.60%, 5/25/65(1) (3)
|
6,691
|
6,685
|
|
Santander Mortgage Asset Receivable
Trust, Series 2026-NQM3,
Class A1FC
|
|
|
|
(Step to 6.09% on 4/25/30),
5.09%, 2/25/66(1) (3)
|
3,212
|
3,193
|
|
Santander Mortgage Asset Receivable
Trust, Series 2026-NQM4,
Class A1B
|
|
|
|
(Step to 6.38% on 6/25/30),
5.49%, 5/25/66(1) (3)
|
1,955
|
1,949
|
|
Santander Mortgage Asset Receivable
Trust, Series 2026-NQM5,
Class A1B
|
|
|
|
(Step to 6.20% on 7/25/30),
5.46%, 6/25/66(1) (3) (4)
|
8,000
|
7,971
|
|
Santander Mortgage Asset Receivable
Trust, Series 2026-NQMS1
|
|
|
|
10/25/65(1) (5)
|
5,000
|
5,000
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
ASSET-BACKED SECURITIES - 11.5%continued
|
||
|
Whole Loan – 5.4%continued
|
||
|
Sequoia Mortgage Trust, Series
2025-11, Class A5
|
|
|
|
5.00%, 11/25/55(1)
|
$2,682
|
$2,650
|
|
Verus Securitization Trust, Series
2026-5, Class A3
|
|
|
|
(Step to 6.69% on 7/25/30),
5.72%, 5/25/71(1) (3)
|
2,900
|
2,896
|
|
|
|
98,194
|
|
Total Asset-Backed Securities
|
|
|
|
(Cost $208,736)
|
|
208,301
|
|
|
|
|
|
COMMERCIAL MORTGAGE-BACKED SECURITIES – 1.7%
|
||
|
Non Agency – 1.7%
|
||
|
BAMLL Commercial Mortgage
Securities Trust, Series 2018-PARK,
Class A
|
|
|
|
4.09%, 8/10/38(1) (2)
|
10,440
|
10,211
|
|
BPR Trust, Series 2023-BRK2, Class A
|
|
|
|
6.90%, 10/5/38(1) (2)
|
2,490
|
2,542
|
|
BX Commercial Mortgage Trust, Series
2019-IMC, Class A
|
|
|
|
(Floating, CME Term SOFR 1M +
1.05%, 1.00% Floor), 4.67%,
4/15/34(1) (6)
|
2,308
|
2,297
|
|
BX Commercial Mortgage Trust, Series
2024-XL4, Class A
|
|
|
|
(Floating, CME Term SOFR 1M +
1.44%, 1.44% Floor), 5.07%,
2/15/39(1) (2)
|
4,790
|
4,799
|
|
BXP Trust, Series 2017-GM, Class A
|
|
|
|
3.38%, 6/13/39(1)
|
5,505
|
5,425
|
|
Legends Outlets Kansas City KS
Mortgage Secured Pass Through
Trust, Series 2024-LGND, Class A
|
|
|
|
6.25%, 11/5/39(1)
|
5,000
|
4,986
|
|
|
|
30,260
|
|
Total Commercial Mortgage-Backed
Securities
|
|
|
|
(Cost $30,396)
|
|
30,260
|
|
|
|
|
|
Schedule of Investments
|
|
ULTRA-SHORT FIXED INCOME FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS – 50.7%
|
||
|
Aerospace & Defense – 1.3%
|
||
|
Honeywell Aerospace, Inc.,
|
|
|
|
(Floating, U.S. SOFR Compounded
Index + 0.63%), 4.32%,
3/16/29(1) (6)
|
$10,000
|
$10,003
|
|
L3Harris Technologies, Inc.,
|
|
|
|
3.85%, 12/15/26
|
6,149
|
6,138
|
|
5.40%, 1/15/27
|
6,900
|
6,934
|
|
|
|
23,075
|
|
Asset Management – 1.8%
|
||
|
BlackRock Funding, Inc.,
|
|
|
|
4.60%, 7/26/27
|
7,340
|
7,364
|
|
Blackstone Private Credit Fund,
|
|
|
|
4.95%, 9/26/27
|
2,310
|
2,300
|
|
Charles Schwab (The) Corp.,
|
|
|
|
(Floating, U.S. SOFR Compounded
Index + 1.05%), 4.73%,
3/3/27(6)
|
20,000
|
20,078
|
|
Citadel Finance LLC,
|
|
|
|
4.75%, 2/14/29(1)
|
2,900
|
2,854
|
|
|
|
32,596
|
|
Automotive – 3.0%
|
||
|
American Honda Finance Corp.,
|
|
|
|
(Floating, U.S. SOFR + 0.72%),
4.36%, 10/22/27(6)
|
9,000
|
9,003
|
|
General Motors Financial Co., Inc.,
|
|
|
|
(Floating, U.S. SOFR + 1.29%),
4.93%, 1/7/30(6)
|
11,500
|
11,582
|
|
Hyundai Capital America,
|
|
|
|
5.95%, 9/21/26(1)
|
4,000
|
4,013
|
|
(Floating, U.S. SOFR + 1.50%),
5.14%, 1/8/27(1) (6)
|
10,000
|
10,046
|
|
(Floating, U.S. SOFR + 1.04%),
4.73%, 6/24/27(1) (6)
|
10,000
|
10,048
|
|
4.25%, 9/18/28(1)
|
1,700
|
1,681
|
|
Toyota Motor Credit Corp.,
|
|
|
|
(Floating, U.S. SOFR Compounded
Index + 0.45%), 4.09%,
1/12/28(6)
|
8,800
|
8,799
|
|
|
|
55,172
|
|
Banking – 11.6%
|
||
|
Bank of America Corp.,
|
|
|
|
(Floating, U.S. SOFR + 1.11%),
4.76%, 5/9/29(6)
|
34,000
|
34,289
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 50.7% continued
|
||
|
Banking – 11.6%continued
|
||
|
Bank of America N.A.,
|
|
|
|
(Floating, U.S. SOFR + 1.02%),
4.68%, 8/18/26(6)
|
$2,250
|
$2,251
|
|
Citigroup, Inc.,
|
|
|
|
(Floating, U.S. SOFR + 1.28%),
4.95%, 2/24/28(6)
|
21,000
|
21,097
|
|
(Floating, U.S. SOFR + 0.87%),
4.55%, 3/4/29(6)
|
5,514
|
5,530
|
|
Fifth Third Bank N.A.,
|
|
|
|
(Floating, U.S. SOFR + 0.81%),
4.46%, 1/28/28(6)
|
7,300
|
7,305
|
|
Huntington National Bank (The),
|
|
|
|
(Variable, U.S. SOFR + 0.72%),
4.87%, 4/12/28(7)
|
3,800
|
3,807
|
|
JPMorgan Chase & Co.,
|
|
|
|
(Floating, U.S. SOFR + 0.77%),
4.45%, 9/22/27(6)
|
10,100
|
10,108
|
|
(Floating, U.S. SOFR + 1.18%),
4.85%, 2/24/28(6)
|
13,000
|
13,055
|
|
(Floating, U.S. SOFR + 0.80%),
4.44%, 1/24/29(6)
|
4,300
|
4,315
|
|
Morgan Stanley Bank N.A.,
|
|
|
|
(Floating, U.S. SOFR + 0.87%),
4.54%, 5/26/28(6)
|
13,110
|
13,146
|
|
(Floating, U.S. SOFR + 0.77%),
4.42%, 2/8/30(6)
|
10,700
|
10,689
|
|
PNC Bank N.A.,
|
|
|
|
(Floating, U.S. SOFR + 0.73%),
4.37%, 7/21/28(6)
|
750
|
752
|
|
PNC Financial Services Group (The),
Inc.,
|
|
|
|
(Variable, U.S. SOFR Compounded
Index + 1.73%), 6.62%,
10/20/27(7)
|
3,105
|
3,125
|
|
(Floating, U.S. SOFR + 0.62%),
4.27%, 1/26/29(6)
|
11,500
|
11,504
|
|
(Floating, U.S. SOFR Compounded
Index + 0.68%), 4.33%,
10/26/29(6)
|
11,600
|
11,600
|
|
Santander Holdings U.S.A., Inc.,
|
|
|
|
(Floating, U.S. SOFR + 1.61%),
5.30%, 3/20/29(6)
|
11,000
|
11,112
|
|
Societe Generale S.A.,
|
|
|
|
(Variable, U.S. SOFR + 0.86%),
4.86%, 7/7/29 (1) (7)
|
15,000
|
14,994
|
|
|
June 30, 2026 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 50.7% continued
|
||
|
Banking – 11.6%continued
|
||
|
Truist Bank,
|
|
|
|
(Variable, U.S. SOFR + 0.91%),
4.14%, 10/23/29(7)
|
$7,000
|
$6,918
|
|
U.S. Bancorp,
|
|
|
|
3.15%, 4/27/27†
|
5,000
|
4,957
|
|
Wells Fargo & Co.,
|
|
|
|
3.00%, 10/23/26
|
5,000
|
4,980
|
|
(Floating, U.S. SOFR + 0.78%),
4.42%, 1/24/28(6)
|
11,500
|
11,519
|
|
Wells Fargo Bank N.A.,
|
|
|
|
5.25%, 12/11/26
|
2,955
|
2,968
|
|
|
|
210,021
|
|
Beverages – 0.3%
|
||
|
Keurig Dr. Pepper, Inc.,
|
|
|
|
(Floating, U.S. SOFR + 0.58%),
4.24%, 11/15/26(6)
|
6,190
|
6,189
|
|
Biotechnology & Pharmaceuticals – 1.1%
|
||
|
AbbVie, Inc.,
|
|
|
|
(Floating, U.S. SOFR Compounded
Index + 0.48%), 4.16%,
3/3/28(6)
|
4,000
|
4,004
|
|
Merck & Co., Inc.,
|
|
|
|
(Floating, U.S. SOFR + 0.57%),
4.26%, 3/15/29(6)
|
13,700
|
13,740
|
|
Roche Holdings, Inc.,
|
|
|
|
(Floating, U.S. SOFR + 0.74%),
4.40%, 11/13/26(1) (6) †
|
1,742
|
1,745
|
|
|
|
19,489
|
|
Cable & Satellite – 0.1%
|
||
|
Comcast Corp.,
|
|
|
|
3.30%, 2/1/27
|
2,740
|
2,725
|
|
Chemicals – 0.7%
|
||
|
Chevron Phillips Chemical Co.
LLC/Chevron Phillips Chemical Co.
L.P.,
|
|
|
|
3.40%, 12/1/26(1)
|
13,147
|
13,101
|
|
Containers & Packaging – 0.4%
|
||
|
Amcor Flexibles North America, Inc.,
|
|
|
|
4.80%, 3/17/28
|
7,120
|
7,143
|
|
Electric Utilities – 1.5%
|
||
|
Constellation Energy Generation LLC,
|
|
|
|
(Floating, U.S. SOFR + 0.60%),
4.24%, 1/8/28(6)
|
5,600
|
5,605
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 50.7% continued
|
||
|
Electric Utilities – 1.5%continued
|
||
|
Exelon Corp.,
|
|
|
|
2.75%, 3/15/27
|
$13,500
|
$13,351
|
|
Georgia Power Co.,
|
|
|
|
4.00%, 10/1/28†
|
800
|
792
|
|
NextEra Energy Capital Holdings, Inc.,
|
|
|
|
(Floating, U.S. SOFR Compounded
Index + 0.80%), 4.45%,
2/4/28(6)
|
6,600
|
6,627
|
|
|
|
26,375
|
|
Electrical Equipment – 0.7%
|
||
|
Amphenol Corp.,
|
|
|
|
(Floating, U.S. SOFR + 0.53%),
4.19%, 11/15/27(6)
|
8,700
|
8,708
|
|
Carrier Global Corp.,
|
|
|
|
2.49%, 2/15/27
|
5,000
|
4,944
|
|
|
|
13,652
|
|
Entertainment Content – 2.3%
|
||
|
Walt Disney (The) Co.,
|
|
|
|
(Floating, U.S. SOFR Compounded
Index + 0.47%), 4.16%,
3/14/29(6)
|
41,500
|
41,499
|
|
Food – 1.5%
|
||
|
Cargill, Inc.,
|
|
|
|
(Floating, U.S. SOFR + 0.61%),
4.26%, 2/11/28(1) (6)
|
7,500
|
7,513
|
|
Mars, Inc.,
|
|
|
|
4.60%, 3/1/28(1)
|
5,200
|
5,209
|
|
Mondelez International, Inc.,
|
|
|
|
2.63%, 3/17/27
|
15,000
|
14,817
|
|
|
|
27,539
|
|
Health Care Facilities & Services – 1.0%
|
||
|
Cencora, Inc.,
|
|
|
|
4.63%, 12/15/27
|
3,280
|
3,284
|
|
Elevance Health, Inc.,
|
|
|
|
4.50%, 10/30/26
|
2,320
|
2,323
|
|
HCA, Inc.,
|
|
|
|
5.00%, 3/1/28
|
2,220
|
2,233
|
|
UnitedHealth Group, Inc.,
|
|
|
|
(Floating, U.S. SOFR + 0.50%),
4.14%, 7/15/26(6) †
|
10,082
|
10,083
|
|
|
|
17,923
|
|
Schedule of Investments
|
|
ULTRA-SHORT FIXED INCOME FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 50.7% continued
|
||
|
Home Construction – 0.3%
|
||
|
D.R. Horton, Inc.,
|
|
|
|
1.30%, 10/15/26†
|
$5,655
|
$5,608
|
|
Institutional Financial Services – 1.5%
|
||
|
LPL Holdings, Inc.,
|
|
|
|
5.70%, 5/20/27
|
5,222
|
5,262
|
|
4.90%, 4/3/28
|
4,370
|
4,372
|
|
Morgan Stanley,
|
|
|
|
(Floating, U.S. SOFR + 1.02%),
4.66%, 4/13/28(6)
|
11,000
|
11,033
|
|
State Street Corp.,
|
|
|
|
4.33%, 10/22/27
|
7,040
|
7,042
|
|
|
|
27,709
|
|
Insurance – 1.2%
|
||
|
Arthur J Gallagher & Co.,
|
|
|
|
4.60%, 12/15/27
|
13,050
|
13,073
|
|
Marsh & McLennan Cos., Inc.,
|
|
|
|
(Floating, U.S. SOFR Compounded
Index + 0.70%), 4.35%,
11/8/27(6)
|
5,280
|
5,303
|
|
New York Life Global Funding,
|
|
|
|
(Floating, U.S. SOFR + 0.67%),
4.37%, 4/2/27(1) (6)
|
2,480
|
2,485
|
|
Pacific Life Global Funding II,
|
|
|
|
(Floating, U.S. SOFR Compounded
Index + 1.05%), 4.70%,
7/28/26(1) (6)
|
1,500
|
1,501
|
|
|
|
22,362
|
|
Leisure Facilities & Services – 0.9%
|
||
|
McDonald's Corp.,
|
|
|
|
3.50%, 3/1/27
|
15,000
|
14,930
|
|
Starbucks Corp.,
|
|
|
|
4.50%, 5/15/28
|
790
|
790
|
|
|
|
15,720
|
|
Machinery – 2.8%
|
||
|
AGCO Corp.,
|
|
|
|
5.45%, 3/21/27
|
1,710
|
1,719
|
|
Caterpillar Financial Services Corp.,
|
|
|
|
(Floating, U.S. SOFR + 0.69%),
4.33%, 10/16/26(6)
|
3,836
|
3,841
|
|
CNH Industrial Capital LLC,
|
|
|
|
1.45%, 7/15/26
|
5,450
|
5,444
|
|
4.50%, 10/8/27
|
2,620
|
2,618
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 50.7% continued
|
||
|
Machinery – 2.8%continued
|
||
|
Eaton Corp.,
|
|
|
|
3.85%, 3/6/28
|
$7,200
|
$7,130
|
|
Ingersoll Rand, Inc.,
|
|
|
|
5.20%, 6/15/27
|
25,000
|
25,152
|
|
John Deere Capital Corp.,
|
|
|
|
(Floating, U.S. SOFR + 0.60%),
4.24%, 4/19/27(6)
|
5,000
|
5,014
|
|
|
|
50,918
|
|
Medical Equipment & Devices – 3.5%
|
||
|
Abbott Laboratories,
|
|
|
|
(Floating, U.S. SOFR Compounded
Index + 0.50%), 4.18%,
3/9/29(6)
|
26,900
|
26,905
|
|
Agilent Technologies, Inc.,
|
|
|
|
4.20%, 9/9/27
|
7,800
|
7,780
|
|
Augusta SpinCo Corp.,
|
|
|
|
4.32%, 9/23/27
|
2,500
|
2,494
|
|
GE HealthCare Technologies, Inc.,
|
|
|
|
4.15%, 12/15/28
|
2,100
|
2,081
|
|
Medline Borrower L.P.,
|
|
|
|
3.88%, 4/1/29(1)
|
4,400
|
4,273
|
|
Stryker Corp.,
|
|
|
|
4.55%, 2/10/27
|
9,500
|
9,520
|
|
Zimmer Biomet Holdings, Inc.,
|
|
|
|
4.70%, 2/19/27
|
10,932
|
10,950
|
|
|
|
64,003
|
|
Oil & Gas Services & Equipment – 0.4%
|
||
|
Schlumberger Holdings Corp.,
|
|
|
|
5.00%, 5/29/27(1)
|
7,799
|
7,843
|
|
Oil & Gas Supply Chain – 2.2%
|
||
|
Chevron U.S.A., Inc.,
|
|
|
|
(Floating, U.S. SOFR + 0.57%),
4.23%, 8/13/28(6) †
|
8,800
|
8,843
|
|
Diamondback Energy, Inc.,
|
|
|
|
5.20%, 4/18/27
|
10,000
|
10,057
|
|
Energy Transfer L.P.,
|
|
|
|
6.05%, 12/1/26
|
3,654
|
3,678
|
|
Hess Corp.,
|
|
|
|
4.30%, 4/1/27
|
10,000
|
9,996
|
|
Kinder Morgan, Inc.,
|
|
|
|
1.75%, 11/15/26
|
2,800
|
2,774
|
|
|
June 30, 2026 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 50.7% continued
|
||
|
Oil & Gas Supply Chain – 2.2%continued
|
||
|
ONEOK, Inc.,
|
|
|
|
5.55%, 11/1/26
|
$5,000
|
$5,016
|
|
|
|
40,364
|
|
Real Estate Investment Trusts – 1.4%
|
||
|
American Tower Corp.,
|
|
|
|
3.38%, 10/15/26
|
6,980
|
6,960
|
|
Boston Properties L.P.,
|
|
|
|
2.75%, 10/1/26
|
7,700
|
7,675
|
|
Public Storage Operating Co.,
|
|
|
|
(Floating, U.S. SOFR Compounded
Index + 0.70%), 4.34%,
4/16/27(6)
|
8,145
|
8,163
|
|
Simon Property Group L.P.,
|
|
|
|
3.25%, 11/30/26
|
3,041
|
3,030
|
|
|
|
25,828
|
|
Retail - Discretionary – 0.3%
|
||
|
AutoZone, Inc.,
|
|
|
|
5.05%, 7/15/26
|
2,980
|
2,981
|
|
O'Reilly Automotive, Inc.,
|
|
|
|
5.75%, 11/20/26
|
1,890
|
1,898
|
|
|
|
4,879
|
|
Semiconductors – 0.3%
|
||
|
Advanced Micro Devices, Inc.,
|
|
|
|
4.21%, 9/24/26
|
4,600
|
4,601
|
|
Software – 2.8%
|
||
|
Intuit, Inc.,
|
|
|
|
5.25%, 9/15/26
|
11,455
|
11,469
|
|
Oracle Corp.,
|
|
|
|
(Floating, U.S. SOFR + 0.76%),
4.41%, 8/3/28(6)
|
11,600
|
11,500
|
|
Salesforce, Inc.,
|
|
|
|
4.50%, 3/15/28
|
10,800
|
10,787
|
|
Synopsys, Inc.,
|
|
|
|
4.55%, 4/1/27
|
10,800
|
10,815
|
|
VMware LLC,
|
|
|
|
1.40%, 8/15/26
|
5,989
|
5,966
|
|
|
|
50,537
|
|
Specialty Finance – 2.0%
|
||
|
American Express Co.,
|
|
|
|
(Floating, U.S. SOFR Compounded
Index + 0.97%), 4.62%,
7/28/27(6)
|
5,000
|
5,002
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
CORPORATE BONDS - 50.7% continued
|
||
|
Specialty Finance – 2.0%continued
|
||
|
(Floating, U.S. SOFR + 0.59%),
4.24%, 2/9/29(6)
|
$5,700
|
$5,705
|
|
(Floating, U.S. SOFR + 1.02%),
4.67%, 1/30/31(6) †
|
3,000
|
3,022
|
|
Mastercard, Inc.,
|
|
|
|
(Floating, U.S. SOFR Compounded
Index + 0.44%), 4.13%,
3/15/28(6)
|
4,700
|
4,699
|
|
PayPal Holdings, Inc.,
|
|
|
|
(Floating, U.S. SOFR + 0.67%),
4.35%, 3/6/28(6)
|
7,800
|
7,816
|
|
Sumisho Air Lease Corp.,
|
|
|
|
1.88%, 8/15/26
|
9,700
|
9,669
|
|
|
|
35,913
|
|
Technology Hardware – 0.7%
|
||
|
Dell International LLC/EMC Corp.,
|
|
|
|
4.90%, 10/1/26
|
3,425
|
3,427
|
|
4.75%, 4/1/28
|
3,660
|
3,670
|
|
Hewlett Packard Enterprise Co.,
|
|
|
|
4.45%, 9/25/26
|
5,711
|
5,713
|
|
|
|
12,810
|
|
Telecommunications – 1.9%
|
||
|
AT&T, Inc.,
|
|
|
|
3.80%, 2/15/27
|
2,000
|
1,992
|
|
4.25%, 3/1/27
|
10,000
|
9,988
|
|
T-Mobile U.S.A., Inc.,
|
|
|
|
3.75%, 4/15/27
|
12,000
|
11,938
|
|
Verizon Communications, Inc.,
|
|
|
|
4.13%, 3/16/27
|
5,000
|
4,993
|
|
4.33%, 9/21/28
|
4,850
|
4,835
|
|
|
|
33,746
|
|
Transportation & Logistics – 0.2%
|
||
|
Ryder System, Inc.,
|
|
|
|
1.75%, 9/1/26
|
4,527
|
4,506
|
|
Wholesale - Consumer Staples – 1.0%
|
||
|
Bunge Ltd. Finance Corp.,
|
|
|
|
4.90%, 4/21/27
|
10,000
|
10,039
|
|
Sysco Corp.,
|
|
|
|
3.25%, 7/15/27
|
7,760
|
7,673
|
|
|
|
17,712
|
|
Total Corporate Bonds
|
|
|
|
(Cost $920,799)
|
|
921,558
|
|
|
|
|
|
Schedule of Investments
|
|
ULTRA-SHORT FIXED INCOME FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
FOREIGN ISSUER BONDS – 33.3%
|
||
|
Asset Management – 0.3%
|
||
|
UBS A.G./Stamford CT,
|
|
|
|
(Variable, U.S. SOFR + 0.81%),
4.30%, 3/16/29(7)
|
$5,500
|
$5,477
|
|
Automotive – 1.7%
|
||
|
BMW U.S. Capital LLC,
|
|
|
|
(Floating, U.S. SOFR Compounded
Index + 0.78%), 4.47%,
3/19/27(1) (6)
|
12,400
|
12,437
|
|
4.90%, 4/2/27(1)
|
3,000
|
3,011
|
|
(Floating, U.S. SOFR + 0.71%),
4.36%, 8/11/27(1) (6)
|
1,700
|
1,705
|
|
Mercedes-Benz Finance North
America LLC,
|
|
|
|
4.75%, 8/1/27(1)
|
7,350
|
7,374
|
|
(Floating, U.S. SOFR + 0.71%),
4.39%, 3/10/28(1) (6)
|
6,500
|
6,507
|
|
|
|
31,034
|
|
Banking – 24.5%
|
||
|
ANZ New Zealand International Ltd.,
|
|
|
|
(Floating, U.S. SOFR + 0.61%),
4.25%, 1/22/29(1) (6)
|
6,200
|
6,200
|
|
Australia & New Zealand Banking
Group Ltd.,
|
|
|
|
(Floating, U.S. SOFR + 0.65%),
4.34%, 9/30/27(1) (6)
|
2,000
|
2,008
|
|
(Floating, U.S. SOFR + 0.59%),
4.27%, 12/8/28(1) (6)
|
5,600
|
5,615
|
|
Bank of Montreal,
|
|
|
|
(Floating, U.S. SOFR Compounded
Index + 0.62%), 4.31%,
9/15/26(6)
|
10,800
|
10,808
|
|
(Variable, U.S. SOFR Compounded
Index + 0.75%), 4.06%,
9/22/28(7) †
|
9,500
|
9,447
|
|
(Floating, U.S. SOFR + 0.86%),
4.51%, 1/27/29(6)
|
3,500
|
3,510
|
|
Bank of New Zealand,
|
|
|
|
(Floating, U.S. SOFR + 0.81%),
4.45%, 1/27/27(1) (6)
|
21,000
|
21,065
|
|
Banque Federative du Credit Mutuel
S.A.,
|
|
|
|
(Floating, U.S. SOFR Compounded
Index + 1.40%), 5.04%,
7/13/26(1) (6)
|
17,485
|
17,492
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
FOREIGN ISSUER BONDS - 33.3% continued
|
||
|
Banking – 24.5%continued
|
||
|
(Floating, U.S. SOFR Compounded
Index + 1.23%), 4.87%,
1/22/30(1) (6) †
|
$5,100
|
$5,166
|
|
Barclays PLC,
|
|
|
|
(Floating, U.S. SOFR + 1.49%),
5.18%, 3/12/28(6)
|
9,000
|
9,054
|
|
(Floating, U.S. SOFR + 1.08%),
4.73%, 11/11/29(6)
|
5,700
|
5,740
|
|
BNP Paribas S.A.,
|
|
|
|
(Variable, U.S. SOFR + 0.94%),
4.89%, 6/30/30(1) (7)
|
7,500
|
7,499
|
|
Canadian Imperial Bank of Commerce,
|
|
|
|
(Floating, U.S. SOFR + 0.72%),
4.36%, 1/13/28(6)
|
15,000
|
15,022
|
|
(Variable, U.S. SOFR + 0.67%),
4.72%, 6/16/29(7) †
|
2,242
|
2,245
|
|
Commonwealth Bank of Australia,
|
|
|
|
(Floating, U.S. SOFR + 0.46%),
4.13%, 11/27/26(1) (6)
|
3,425
|
3,428
|
|
Cooperatieve Rabobank U.A.,
|
|
|
|
(Floating, U.S. SOFR Compounded
Index + 0.62%), 4.30%,
8/28/26(6)
|
3,217
|
3,219
|
|
Credit Agricole S.A.,
|
|
|
|
(Floating, U.S. SOFR + 1.29%),
4.92%, 7/5/26(1) (6)
|
6,497
|
6,498
|
|
(Floating, U.S. SOFR + 0.87%),
4.55%, 3/11/27(1) (6)
|
4,660
|
4,678
|
|
(Variable, U.S. SOFR + 1.21%),
4.63%, 9/11/28(1) (7)
|
8,080
|
8,077
|
|
(Floating, U.S. SOFR + 1.21%),
4.89%, 9/11/28(1) (6)
|
6,000
|
6,036
|
|
Deutsche Bank A.G.,
|
|
|
|
(Floating, U.S. SOFR + 1.22%),
4.88%, 11/16/27(6)
|
6,500
|
6,509
|
|
(Floating, U.S. SOFR + 1.21%),
4.85%, 1/10/29(6)
|
7,000
|
7,041
|
|
(Variable, U.S. SOFR + 2.51%),
6.82%, 11/20/29(7)
|
5,000
|
5,230
|
|
HSBC Holdings PLC,
|
|
|
|
(Floating, U.S. SOFR + 1.04%),
4.70%, 11/19/28(6)
|
3,200
|
3,216
|
|
(Floating, U.S. SOFR + 1.03%),
4.71%, 3/3/29(6)
|
10,000
|
10,057
|
|
|
June 30, 2026 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
FOREIGN ISSUER BONDS - 33.3% continued
|
||
|
Banking – 24.5%continued
|
||
|
Lloyds Banking Group PLC,
|
|
|
|
(Floating, U.S. SOFR Compounded
Index + 1.06%), 4.72%,
11/26/28(6)
|
$11,000
|
$11,054
|
|
Macquarie Bank Ltd.,
|
|
|
|
5.27%, 7/2/27(1)
|
9,430
|
9,513
|
|
(Floating, U.S. SOFR + 0.74%),
4.43%, 6/12/28(1) (6)
|
17,000
|
17,092
|
|
Mizuho Financial Group, Inc.,
|
|
|
|
7/13/30(5)
|
25,500
|
25,501
|
|
National Australia Bank Ltd.,
|
|
|
|
(Floating, U.S. SOFR + 0.53%),
4.22%, 12/13/28(1) (6)
|
12,300
|
12,308
|
|
National Bank of Canada,
|
|
|
|
(Floating, U.S. SOFR Compounded
Index + 1.03%), 4.67%,
7/2/27(6)
|
6,260
|
6,260
|
|
Nationwide Building Society,
|
|
|
|
(Floating, U.S. SOFR + 1.29%),
4.95%, 2/16/28(1) (6) †
|
10,700
|
10,745
|
|
NatWest Markets PLC,
|
|
|
|
(Floating, U.S. SOFR + 0.76%),
4.45%, 9/29/26(1) (6)
|
27,900
|
27,935
|
|
Nordea Bank Abp,
|
|
|
|
(Floating, U.S. SOFR + 0.74%),
4.43%, 3/19/27(1) (6)
|
8,500
|
8,526
|
|
(Floating, U.S. SOFR + 0.70%),
4.39%, 3/17/28(1) (6)
|
14,300
|
14,371
|
|
Royal Bank of Canada,
|
|
|
|
(Floating, U.S. SOFR Compounded
Index + 0.83%), 4.47%,
1/24/29(6)
|
9,000
|
9,026
|
|
Santander UK Group Holdings PLC,
|
|
|
|
(Variable, U.S. SOFR Compounded
Index + 1.07%), 4.32%,
9/22/29(7)
|
4,800
|
4,750
|
|
Skandinaviska Enskilda Banken A.B.,
|
|
|
|
(Floating, U.S. SOFR Compounded
Index + 0.68%), 4.37%,
3/12/29(1) (6)
|
3,700
|
3,713
|
|
Societe Generale S.A.,
|
|
|
|
(Floating, U.S. SOFR + 1.41%),
5.05%, 4/13/29(1) (6)
|
3,100
|
3,127
|
|
Sumitomo Mitsui Financial Group, Inc.,
|
|
|
|
5.88%, 7/13/26
|
7,172
|
7,176
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
FOREIGN ISSUER BONDS - 33.3% continued
|
||
|
Banking – 24.5%continued
|
||
|
(Floating, U.S. SOFR + 0.88%),
4.52%, 1/14/27(6)
|
$5,840
|
$5,859
|
|
(Floating, U.S. SOFR + 1.17%),
4.80%, 7/9/29(6)
|
3,807
|
3,843
|
|
Sumitomo Mitsui Trust Bank Ltd.,
|
|
|
|
4.45%, 9/10/27(1) †
|
5,000
|
5,002
|
|
Svenska Handelsbanken AB,
|
|
|
|
(Floating, U.S. SOFR + 0.66%),
4.34%, 5/28/27(1) (6) †
|
15,220
|
15,263
|
|
(Floating, U.S. SOFR + 0.56%),
4.24%, 6/11/29(1) (6)
|
10,000
|
10,009
|
|
Swedbank AB,
|
|
|
|
6.14%, 9/12/26(1)
|
7,000
|
7,022
|
|
(Floating, U.S. SOFR + 1.03%),
4.69%, 11/20/29(1) (6)
|
4,200
|
4,252
|
|
Toronto-Dominion Bank (The),
|
|
|
|
(Floating, U.S. SOFR + 1.08%),
4.72%, 7/17/26(6)
|
6,640
|
6,643
|
|
(Floating, U.S. SOFR + 0.59%),
4.27%, 9/10/26(6)
|
5,000
|
5,004
|
|
4.57%, 12/17/26
|
5,000
|
5,009
|
|
Westpac Banking Corp.,
|
|
|
|
(Floating, U.S. SOFR + 0.46%),
4.10%, 10/20/26(6)
|
5,000
|
5,002
|
|
(Floating, U.S. SOFR + 0.44%),
4.09%, 5/11/28(1) (6) †
|
14,800
|
14,808
|
|
(Floating, U.S. SOFR + 0.82%),
4.52%, 7/1/30(6)
|
1,380
|
1,394
|
|
|
|
445,067
|
|
Chemicals – 0.3%
|
||
|
Nutrien Ltd.,
|
|
|
|
4.50%, 3/12/27
|
5,000
|
5,005
|
|
Household Products – 0.3%
|
||
|
Reckitt Benckiser Treasury Services PLC,
|
|
|
|
3.00%, 6/26/27(1)
|
5,000
|
4,934
|
|
Institutional Financial Services – 0.2%
|
||
|
Sumitomo Mitsui Trust Bank Ltd.,
|
|
|
|
(Floating, U.S. SOFR + 0.71%),
4.39%, 3/5/29(1) (6)
|
3,500
|
3,513
|
|
Metals & Mining – 2.6%
|
||
|
BHP Billiton Finance U.S.A. Ltd.,
|
|
|
|
5.25%, 9/8/26
|
12,125
|
12,148
|
|
Schedule of Investments
|
|
ULTRA-SHORT FIXED INCOME FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
FOREIGN ISSUER BONDS - 33.3% continued
|
||
|
Metals & Mining – 2.6%continued
|
||
|
Glencore Funding LLC,
|
|
|
|
(Floating, U.S. SOFR Compounded
Index + 0.75%), 4.45%,
10/1/26(1) (6)
|
$21,450
|
$21,472
|
|
Rio Tinto Finance U.S.A. PLC,
|
|
|
|
(Floating, U.S. SOFR Compounded
Index + 0.84%), 4.53%,
3/14/28(6)
|
13,500
|
13,587
|
|
|
|
47,207
|
|
Oil & Gas Supply Chain – 0.2%
|
||
|
Saudi Arabian Oil Co.,
|
|
|
|
4.00%, 2/2/29(1)
|
3,070
|
3,017
|
|
Semiconductors – 0.1%
|
||
|
NXP B.V./NXP Funding LLC/NXP
U.S.A., Inc.,
|
|
|
|
4.30%, 8/19/28
|
2,200
|
2,184
|
|
Specialty Finance – 1.0%
|
||
|
AerCap Ireland Capital DAC/AerCap
Global Aviation Trust,
|
|
|
|
2.45%, 10/29/26
|
12,000
|
11,927
|
|
Avolon Holdings Funding Ltd.,
|
|
|
|
4.95%, 1/15/28(1)
|
4,600
|
4,610
|
|
4.20%, 4/15/29(1)
|
2,450
|
2,406
|
|
|
|
18,943
|
|
Telecommunications – 0.8%
|
||
|
NTT Finance Corp.,
|
|
|
|
(Floating, U.S. SOFR + 1.08%),
4.72%, 7/16/28(1) (6)
|
10,700
|
10,783
|
|
(Floating, U.S. SOFR + 1.03%),
4.72%, 6/20/31(1) (6)
|
3,864
|
3,861
|
|
|
|
14,644
|
|
Transportation & Logistics – 0.2%
|
||
|
Canadian Pacific Railway Co.,
|
|
|
|
1.75%, 12/2/26
|
3,156
|
3,124
|
|
Transportation Equipment – 1.1%
|
||
|
Daimler Truck Finance North
America LLC,
|
|
|
|
5.00%, 1/15/27(1)
|
4,000
|
4,015
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
FOREIGN ISSUER BONDS - 33.3% continued
|
||
|
Transportation Equipment – 1.1%continued
|
||
|
(Floating, U.S. SOFR + 0.96%),
4.65%, 9/25/27(1) (6)
|
$10,720
|
$10,758
|
|
(Floating, U.S. SOFR + 0.84%),
4.48%, 1/13/28(1) (6)
|
5,900
|
5,914
|
|
|
|
20,687
|
|
Total Foreign Issuer Bonds
|
|
|
|
(Cost $603,646)
|
|
604,836
|
|
|
|
|
|
U.S. GOVERNMENT AGENCIES – 0.5% (8)
|
||
|
Fannie Mae – 0.1%
|
||
|
Pool #FM3019,
|
|
|
|
3.50%, 2/1/35
|
1,298
|
1,260
|
|
Pool #MA3932,
|
|
|
|
3.50%, 2/1/35
|
1,176
|
1,139
|
|
|
|
2,399
|
|
Freddie Mac – 0.4%
|
||
|
FRESB Mortgage Trust, Series
2022-SB94, Class A5F,
|
|
|
|
1.64%, 11/25/26
|
4,874
|
4,821
|
|
Pool #ZS8641,
|
|
|
|
2.50%, 2/1/32
|
1,718
|
1,643
|
|
|
|
6,464
|
|
Government National Mortgage Association – 0.0%
|
||
|
Government National Mortgage
Association, Series 2013-149,
Class MA,
|
|
|
|
2.50%, 5/20/40
|
264
|
262
|
|
Total U.S. Government Agencies
|
|
|
|
(Cost $9,420)
|
|
9,125
|
|
|
|
|
|
U.S. GOVERNMENT OBLIGATIONS – 3.3%
|
||
|
U.S. Treasury Notes – 3.3%
|
||
|
4.13%, 2/15/27
|
10,000
|
10,006
|
|
3.50%, 9/30/27
|
30,000
|
29,764
|
|
3.88%, 3/31/28
|
20,000
|
19,902
|
|
|
|
59,672
|
|
Total U.S. Government Obligations
|
|
|
|
(Cost $59,987)
|
|
59,672
|
|
|
June 30, 2026 (UNAUDITED)
|
|
|
NUMBER
OF SHARES
|
VALUE
(000S)
|
|
INVESTMENT COMPANIES – 2.8%
|
||
|
Northern Institutional Funds - Liquid
Assets Portfolio (Shares),
3.68%(9) (10) (11)
|
17,676,525
|
$17,676
|
|
Northern Institutional Funds -
U.S. Government Portfolio (Shares),
3.46%(9) (10)
|
33,643,853
|
33,644
|
|
Total Investment Companies
|
|
|
|
(Cost $51,320)
|
|
51,320
|
|
|
|
|
|
Total Investments – 103.8%
|
|
|
|
(Cost $1,884,304)
|
1,885,072
|
|
|
Liabilities less Other Assets – (3.8%)
|
(68,991
)
|
|
|
NET ASSETS – 100.0%
|
$1,816,081
|
|
|
(1)
|
Security exempt from registration pursuant to Rule 144A under the Securities
Act of 1933, as amended. These securities may be resold in transactions
exempt from registration to qualified institutional investors. At June 30,
2026, the value of these securities amounted to approximately
$642,221,000 or 35.4% of net assets.
|
|
(2)
|
Variable or floating rate security, the interest rate of which adjusts
periodically based on changes in current interest rates and prepayments on
the underlying pool of assets.
|
|
(3)
|
Step coupon bond. Rate as of June 30, 2026 is disclosed.
|
|
(4)
|
Security is valued using significant unobservable inputs and is classified as
Level 3 in the fair value hierarchy.
|
|
(5)
|
When-Issued Security. Coupon rate is not in effect at June 30, 2026.
|
|
(6)
|
Variable or floating rate security. Rate as of June 30, 2026 is disclosed.
|
|
(7)
|
Variable or floating rate security. Security issued at a fixed coupon rate,
which converts to a variable rate at a future date. Rate shown is the rate in
effect as of June 30, 2026.
|
|
(8)
|
The obligations of certain U.S. government-sponsored entities are neither
issued nor guaranteed by the United States Treasury.
|
|
(9)
|
Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the
investment adviser to the Fund and the investment adviser to Northern
Institutional Funds.
|
|
(10)
|
7-day current yield as of June 30, 2026 is disclosed.
|
|
(11)
|
Investment of cash collateral received from securities lending activities.
|
|
†
|
Security is either wholly or partially on loan.
|
|
|
|
EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT
THE SCHEDULE OF INVESTMENTS:
|
|
|
|
1M - 1 Month
|
|
|
|
CME - Chicago Mercantile Exchange
|
|
|
|
Fannie Mae - Federal National Mortgage Association
|
|
|
|
Freddie Mac - Federal Home Loan Mortgage Corporation
|
|
|
|
SOFR - Secured Overnight Financing Rate
|
|
INVESTMENTS
|
LEVEL 1
(000s)
|
LEVEL 2
(000s)
|
LEVEL 3
(000s)
|
TOTAL
(000s)
|
|
Asset-Backed Securities:
|
|
|
|
|
|
Whole Loan
|
$—
|
$90,223
|
$7,971
|
$98,194
|
|
All Other Industries(1)
|
—
|
110,107
|
—
|
110,107
|
|
Total Asset-Backed
Securities
|
—
|
200,330
|
7,971
|
208,301
|
|
Commercial
Mortgage-Backed
Securities
|
—
|
30,260
|
—
|
30,260
|
|
Corporate Bonds(1)
|
—
|
921,558
|
—
|
921,558
|
|
Foreign Issuer Bonds(1)
|
—
|
604,836
|
—
|
604,836
|
|
U.S. Government
Agencies(1)
|
—
|
9,125
|
—
|
9,125
|
|
U.S. Government
Obligations
|
—
|
59,672
|
—
|
59,672
|
|
Investment Companies
|
51,320
|
—
|
—
|
51,320
|
|
Total Investments
|
$51,320
|
$1,825,781
|
$7,971
|
$1,885,072
|
|
(1)
|
Classifications as defined in the Schedule of Investments.
|
|
Schedule of Investments
|
|
ULTRA-SHORT FIXED INCOME FUND continued
|
June 30, 2026 (UNAUDITED)
|
|
SECURITY
|
VALUE,
BEGINNING
OF PERIOD
(000S)
|
PURCHASES
(000S)
|
SALES
PROCEEDS
(000S)
|
VALUE,
END OF PERIOD
(000S)
|
SHARES/PAR,
END
OF PERIOD
|
DIVIDEND/
INTEREST
INCOME
(000S)
|
|
Northern Institutional Funds - Liquid Assets Portfolio (Shares)
|
$3,235
|
$30,860
|
$16,419
|
$17,676
|
17,676,525
|
$7
(1)
|
|
Northern Institutional Funds - U.S. Government Portfolio (Shares)
|
80,039
|
409,393
|
455,788
|
33,644
|
33,643,853
|
515
|
|
Total
|
$83,274
|
$440,253
|
$472,207
|
$51,320
|
51,320,378
|
$522
|
|
(1)
|
Represents income from the investment of cash collateral and loan premiums or fees
paid by borrowers, net of applicable taxes, rebate fees paid or accrued to the
Fund, and other related expenses.
|
|
Schedule of Investments
|
|
U.S. GOVERNMENT FUND
|
June 30, 2026 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
U.S. GOVERNMENT AGENCIES – 5.0% (1)
|
||
|
Fannie Mae – 2.1%
|
||
|
Pool #555649,
|
|
|
|
7.50%, 10/1/32
|
$4
|
$4
|
|
Pool #BH9277,
|
|
|
|
3.50%, 2/1/48
|
92
|
85
|
|
Pool #CB7509,
|
|
|
|
6.00%, 11/1/53
|
53
|
55
|
|
Pool #DA0021,
|
|
|
|
6.00%, 9/1/53
|
49
|
51
|
|
Pool #FS3063,
|
|
|
|
4.50%, 10/1/52
|
139
|
134
|
|
Pool #FS4669,
|
|
|
|
6.00%, 3/1/53
|
50
|
51
|
|
Pool #FS5952,
|
|
|
|
6.50%, 10/1/53
|
38
|
40
|
|
Pool #FS6176,
|
|
|
|
5.00%, 12/1/47
|
48
|
49
|
|
Pool #FS6177,
|
|
|
|
6.50%, 5/1/40
|
52
|
55
|
|
|
|
524
|
|
Freddie Mac – 1.1%
|
||
|
Pool #RA8880,
|
|
|
|
5.50%, 4/1/53
|
69
|
70
|
|
Pool #SD2347,
|
|
|
|
5.50%, 2/1/53
|
59
|
60
|
|
Pool #SD2665,
|
|
|
|
6.00%, 4/1/53
|
63
|
65
|
|
Pool #SD3817,
|
|
|
|
6.00%, 9/1/53
|
78
|
79
|
|
Pool #ZS7735,
|
|
|
|
2.00%, 1/1/32
|
1
|
1
|
|
|
|
275
|
|
Freddie Mac Gold – 0.0%
|
||
|
Pool #G30926,
|
|
|
|
3.50%, 4/1/36
|
13
|
13
|
|
Government National Mortgage Association – 0.2%
|
||
|
Government National Mortgage
Association, Series 2017-95,
Class QG,
|
|
|
|
2.50%, 8/20/46
|
50
|
46
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
U.S. GOVERNMENT AGENCIES - 5.0% (1)continued
|
||
|
Sovereign Agencies – 1.6%
|
||
|
Resolution Funding Corp. Interest Strip,
|
|
|
|
3.89%, 10/15/28(2)
|
$425
|
$387
|
|
Total U.S. Government Agencies
|
|
|
|
(Cost $1,238)
|
|
1,245
|
|
|
|
|
|
U.S. GOVERNMENT OBLIGATIONS – 94.0%
|
||
|
U.S. Treasury Bonds – 21.2%
|
||
|
4.50%, 8/15/39
|
50
|
49
|
|
4.38%, 11/15/39
|
150
|
146
|
|
4.63%, 2/15/40
|
60
|
60
|
|
1.13%, 5/15/40
|
225
|
142
|
|
4.38%, 5/15/40
|
45
|
43
|
|
3.88%, 8/15/40
|
35
|
32
|
|
4.25%, 11/15/40
|
105
|
100
|
|
1.88%, 2/15/41
|
25
|
17
|
|
3.88%, 2/15/43
|
460
|
408
|
|
3.88%, 5/15/43
|
385
|
340
|
|
4.38%, 8/15/43
|
325
|
306
|
|
4.75%, 11/15/43
|
135
|
133
|
|
4.63%, 5/15/44
|
100
|
97
|
|
4.63%, 11/15/44
|
165
|
159
|
|
4.75%, 2/15/45
|
140
|
137
|
|
5.00%, 5/15/45
|
125
|
126
|
|
4.88%, 8/15/45
|
60
|
59
|
|
4.63%, 11/15/45
|
40
|
38
|
|
4.63%, 2/15/46
|
10
|
10
|
|
5.00%, 5/15/46
|
10
|
10
|
|
2.75%, 11/15/47
|
295
|
208
|
|
3.38%, 11/15/48
|
240
|
188
|
|
2.88%, 5/15/49
|
100
|
71
|
|
2.38%, 11/15/49
|
535
|
341
|
|
1.25%, 5/15/50
|
25
|
12
|
|
1.38%, 8/15/50
|
305
|
150
|
|
1.63%, 11/15/50
|
10
|
5
|
|
2.38%, 5/15/51
|
435
|
272
|
|
1.88%, 11/15/51
|
25
|
14
|
|
4.00%, 11/15/52
|
50
|
43
|
|
4.75%, 11/15/53
|
495
|
479
|
|
4.63%, 5/15/54
|
225
|
214
|
|
4.25%, 8/15/54
|
175
|
156
|
|
4.50%, 11/15/54
|
140
|
130
|
|
4.63%, 2/15/55
|
155
|
147
|
|
4.75%, 5/15/55
|
140
|
136
|
|
Schedule of Investments
|
|
U.S. GOVERNMENT FUND continued
|
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
U.S. GOVERNMENT OBLIGATIONS - 94.0%continued
|
||
|
U.S. Treasury Bonds – 21.2%continued
|
||
|
4.75%, 8/15/55
|
$120
|
$116
|
|
4.63%, 11/15/55
|
120
|
114
|
|
4.75%, 2/15/56
|
50
|
48
|
|
5.00%, 5/15/56
|
35
|
35
|
|
|
|
5,291
|
|
U.S. Treasury Inflation Indexed Notes – 0.7%
|
||
|
0.13%, 4/15/27
|
137
|
159
|
|
0.13%, 7/15/30
|
2
|
2
|
|
|
|
161
|
|
U.S. Treasury Notes – 72.1%
|
||
|
4.38%, 7/15/27
|
200
|
200
|
|
0.38%, 9/30/27
|
161
|
154
|
|
3.50%, 9/30/27
|
150
|
149
|
|
3.50%, 10/31/27
|
75
|
74
|
|
2.25%, 11/15/27
|
126
|
123
|
|
4.13%, 11/15/27
|
50
|
50
|
|
0.63%, 11/30/27
|
36
|
34
|
|
3.38%, 11/30/27
|
175
|
173
|
|
3.88%, 11/30/27
|
163
|
162
|
|
4.00%, 12/15/27
|
60
|
60
|
|
4.25%, 1/15/28
|
50
|
50
|
|
0.75%, 1/31/28
|
104
|
99
|
|
3.50%, 1/31/28
|
260
|
257
|
|
4.25%, 2/15/28
|
150
|
150
|
|
3.88%, 3/15/28
|
155
|
154
|
|
3.75%, 4/15/28
|
150
|
149
|
|
3.50%, 4/30/28
|
150
|
148
|
|
3.75%, 4/30/28
|
25
|
25
|
|
3.75%, 5/15/28
|
175
|
174
|
|
1.25%, 5/31/28
|
215
|
204
|
|
3.63%, 5/31/28
|
125
|
124
|
|
4.00%, 5/31/28
|
200
|
199
|
|
3.88%, 6/15/28
|
100
|
99
|
|
3.88%, 7/15/28
|
200
|
199
|
|
2.88%, 8/15/28
|
245
|
239
|
|
3.63%, 8/15/28
|
200
|
198
|
|
1.13%, 8/31/28
|
208
|
195
|
|
4.38%, 8/31/28
|
100
|
100
|
|
3.38%, 9/15/28
|
225
|
221
|
|
3.50%, 10/15/28
|
500
|
493
|
|
4.88%, 10/31/28
|
175
|
178
|
|
3.13%, 11/15/28
|
388
|
379
|
|
3.50%, 11/15/28
|
325
|
320
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
U.S. GOVERNMENT OBLIGATIONS - 94.0%continued
|
||
|
U.S. Treasury Notes – 72.1%continued
|
||
|
3.50%, 12/15/28
|
$430
|
$423
|
|
3.50%, 1/15/29
|
300
|
295
|
|
4.00%, 1/31/29
|
200
|
199
|
|
3.50%, 2/15/29
|
250
|
246
|
|
4.25%, 2/28/29
|
100
|
100
|
|
3.50%, 3/15/29
|
175
|
172
|
|
4.13%, 3/31/29
|
100
|
100
|
|
3.88%, 4/15/29
|
200
|
198
|
|
3.88%, 5/15/29
|
375
|
372
|
|
4.50%, 5/31/29
|
100
|
101
|
|
4.13%, 6/15/29
|
220
|
220
|
|
4.00%, 7/31/29
|
100
|
99
|
|
3.63%, 8/31/29
|
100
|
98
|
|
4.13%, 10/31/29
|
65
|
65
|
|
4.38%, 12/31/29
|
260
|
262
|
|
4.25%, 1/31/30
|
400
|
401
|
|
4.00%, 2/28/30
|
375
|
373
|
|
4.00%, 3/31/30
|
250
|
248
|
|
3.88%, 4/30/30
|
105
|
104
|
|
4.00%, 5/31/30
|
65
|
65
|
|
3.88%, 6/30/30
|
225
|
222
|
|
3.88%, 7/31/30
|
50
|
49
|
|
3.63%, 8/31/30
|
40
|
39
|
|
4.13%, 8/31/30
|
850
|
848
|
|
3.63%, 9/30/30
|
85
|
83
|
|
3.63%, 10/31/30
|
65
|
64
|
|
3.50%, 11/30/30
|
160
|
155
|
|
4.38%, 11/30/30
|
165
|
166
|
|
3.63%, 12/31/30
|
100
|
98
|
|
3.75%, 12/31/30
|
150
|
147
|
|
3.75%, 1/31/31
|
70
|
69
|
|
4.00%, 1/31/31
|
100
|
99
|
|
4.25%, 2/28/31
|
150
|
150
|
|
3.88%, 3/31/31
|
75
|
74
|
|
3.88%, 4/30/31
|
25
|
25
|
|
4.63%, 4/30/31
|
75
|
76
|
|
4.13%, 5/31/31
|
50
|
50
|
|
4.63%, 5/31/31
|
200
|
204
|
|
4.25%, 6/30/31
|
150
|
150
|
|
4.13%, 7/31/31
|
250
|
249
|
|
3.75%, 8/31/31
|
100
|
98
|
|
3.63%, 9/30/31
|
100
|
97
|
|
4.13%, 10/31/31
|
65
|
65
|
|
|
June 30, 2026 (UNAUDITED)
|
|
|
PRINCIPAL
AMOUNT
(000S)
|
VALUE
(000S)
|
|
U.S. GOVERNMENT OBLIGATIONS - 94.0%continued
|
||
|
U.S. Treasury Notes – 72.1%continued
|
||
|
4.13%, 11/30/31
|
$200
|
$199
|
|
4.50%, 12/31/31
|
160
|
162
|
|
4.38%, 1/31/32
|
325
|
327
|
|
4.13%, 2/29/32
|
260
|
258
|
|
4.13%, 3/31/32
|
240
|
238
|
|
4.00%, 4/30/32
|
150
|
148
|
|
4.13%, 5/31/32
|
125
|
124
|
|
4.00%, 6/30/32
|
125
|
123
|
|
4.00%, 7/31/32
|
135
|
133
|
|
3.88%, 8/31/32
|
175
|
171
|
|
3.88%, 9/30/32
|
65
|
64
|
|
3.75%, 10/31/32
|
150
|
146
|
|
3.75%, 11/30/32
|
140
|
136
|
|
3.88%, 12/31/32
|
90
|
88
|
|
4.00%, 1/31/33
|
70
|
69
|
|
3.50%, 2/15/33
|
180
|
172
|
|
4.25%, 3/31/33
|
60
|
60
|
|
4.13%, 4/30/33
|
75
|
74
|
|
3.38%, 5/15/33
|
195
|
184
|
|
4.25%, 5/31/33
|
75
|
75
|
|
4.25%, 6/30/33
|
80
|
80
|
|
4.00%, 2/15/34
|
465
|
454
|
|
4.38%, 5/15/34
|
175
|
175
|
|
3.88%, 8/15/34
|
125
|
121
|
|
4.25%, 11/15/34
|
240
|
238
|
|
4.63%, 2/15/35
|
230
|
234
|
|
4.25%, 5/15/35
|
220
|
217
|
|
4.25%, 8/15/35
|
160
|
158
|
|
4.00%, 11/15/35
|
160
|
155
|
|
4.13%, 2/15/36
|
95
|
93
|
|
4.38%, 5/15/36
|
125
|
124
|
|
|
|
17,951
|
|
Total U.S. Government Obligations
|
|
|
|
(Cost $23,878)
|
|
23,403
|
|
|
NUMBER
OF SHARES
|
VALUE
(000S)
|
|
INVESTMENT COMPANIES – 0.2%
|
||
|
Northern Institutional Funds -
U.S. Government Portfolio (Shares),
3.46%(3) (4)
|
46,032
|
$46
|
|
Total Investment Companies
|
|
|
|
(Cost $46)
|
|
46
|
|
|
|
|
|
Total Investments – 99.2%
|
|
|
|
(Cost $25,162)
|
24,694
|
|
|
Other Assets less Liabilities – 0.8%
|
210
|
|
|
NET ASSETS – 100.0%
|
$24,904
|
|
|
(1)
|
The obligations of certain U.S. government-sponsored entities are neither
issued nor guaranteed by the United States Treasury.
|
|
(2)
|
Discount rate at the time of purchase.
|
|
(3)
|
Investment in affiliated Portfolio. Northern Trust Investments, Inc. is the
investment adviser to the Fund and the investment adviser to Northern
Institutional Funds.
|
|
(4)
|
7-day current yield as of June 30, 2026 is disclosed.
|
|
|
|
EXPLANATION OF ABBREVIATIONS AND ACRONYMS USED THROUGHOUT
THE SCHEDULE OF INVESTMENTS:
|
|
|
|
Fannie Mae - Federal National Mortgage Association
|
|
|
|
Freddie Mac - Federal Home Loan Mortgage Corporation
|
|
INVESTMENTS
|
LEVEL 1
(000s)
|
LEVEL 2
(000s)
|
LEVEL 3
(000s)
|
TOTAL
(000s)
|
|
U.S. Government Agencies(1)
|
$—
|
$1,245
|
$—
|
$1,245
|
|
U.S. Government Obligations(1)
|
—
|
23,403
|
—
|
23,403
|
|
Investment Companies
|
46
|
—
|
—
|
46
|
|
Total Investments
|
$46
|
$24,648
|
$—
|
$24,694
|
|
(1)
|
Classifications as defined in the Schedule of Investments.
|
|
Schedule of Investments
|
|
U.S. GOVERNMENT FUND continued
|
June 30, 2026 (UNAUDITED)
|
|
SECURITY
|
VALUE,
BEGINNING
OF PERIOD
(000S)
|
PURCHASES
(000S)
|
SALES
PROCEEDS
(000S)
|
VALUE,
END OF PERIOD
(000S)
|
SHARES/PAR,
END
OF PERIOD
|
DIVIDEND/
INTEREST
INCOME
(000S)
|
|
Northern Institutional Funds - U.S. Government Portfolio (Shares)
|
$25
|
$593
|
$572
|
$46
|
46,032
|
$1
|