NPORT-EX 2 principal_985.htm
Schedule
of
Investments
Blue
Chip
Account
March
31,
2025
(unaudited)
See
accompanying
notes.
1
INVESTMENT
COMPANIES
-
0
.43
%
Shares
Held
Value
(000's)
Money
Market
Funds
-
0
.43
%
Principal
Government
Money
Market
Fund
-
Class
R-6
4.18%
(a),(b)
101,158‌
$
101‌
TOTAL
INVESTMENT
COMPANIES
$
101‌
COMMON
STOCKS
-
99
.03
%
Shares
Held
Value
(000's)
Aerospace
&
Defense
-
6
.94
%
HEICO
Corp
-
Class
A
2,090‌
$
441‌
TransDigm
Group
Inc
871‌
1,205‌
$
1,646‌
Building
Materials
-
1
.03
%
Vulcan
Materials
Co
1,044‌
244‌
Chemicals
-
2
.46
%
Air
Products
and
Chemicals
Inc
132‌
39‌
Linde
PLC
807‌
376‌
Sherwin-Williams
Co/The
482‌
168‌
$
583‌
Commercial
Services
-
0
.50
%
Moody's
Corp
254‌
118‌
Computers
-
0
.61
%
Gartner
Inc
(c)
342‌
144‌
Distribution
&
Wholesale
-
2
.27
%
Copart
Inc
(c)
9,544‌
540‌
Diversified
Financial
Services
-
12
.37
%
Brookfield
Asset
Management
Ltd
1,520‌
74‌
Charles
Schwab
Corp/The
6,949‌
544‌
Mastercard
Inc
2,103‌
1,153‌
Visa
Inc
3,323‌
1,164‌
$
2,935‌
Electronics
-
0
.55
%
Amphenol
Corp
1,987‌
130‌
Healthcare
-
Products
-
6
.06
%
Danaher
Corp
3,409‌
699‌
IDEXX
Laboratories
Inc
(c)
402‌
169‌
Intuitive
Surgical
Inc
(c)
186‌
92‌
Thermo
Fisher
Scientific
Inc
960‌
478‌
$
1,438‌
Insurance
-
5
.11
%
Arthur
J
Gallagher
&
Co
433‌
150‌
Progressive
Corp/The
3,757‌
1,063‌
$
1,213‌
Internet
-
20
.34
%
Airbnb
Inc
(c)
4,092‌
489‌
Alphabet
Inc
-
A
Shares
3,118‌
482‌
Alphabet
Inc
-
C
Shares
4,925‌
769‌
Amazon.com
Inc
(c)
10,313‌
1,962‌
Netflix
Inc
(c)
1,204‌
1,123‌
$
4,825‌
Lodging
-
2
.90
%
Hilton
Worldwide
Holdings
Inc
3,029‌
689‌
Pharmaceuticals
-
1
.93
%
Zoetis
Inc
2,781‌
458‌
Private
Equity
-
6
.92
%
Brookfield
Corp
21,797‌
1,142‌
KKR
&
Co
Inc
4,325‌
500‌
$
1,642‌
Real
Estate
-
2
.04
%
CoStar
Group
Inc
(c)
6,109‌
484‌
Retail
-
3
.97
%
Costco
Wholesale
Corp
277‌
262‌
O'Reilly
Automotive
Inc
(c)
474‌
679‌
$
941‌
Semiconductors
-
3
.54
%
Broadcom
Inc
2,889‌
484‌
NVIDIA
Corp
3,296‌
357‌
$
841‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Software
-
19
.49
%
Cadence
Design
Systems
Inc
(c)
3,668‌
$
933‌
Constellation
Software
Inc/Canada
47‌
149‌
Microsoft
Corp
6,743‌
2,531‌
MSCI
Inc
287‌
162‌
Roper
Technologies
Inc
1,301‌
767‌
Veeva
Systems
Inc
(c)
348‌
81‌
$
4,623‌
TOTAL
COMMON
STOCKS
$
23,494‌
Total
Investments
$
23,595‌
Other
Assets
and
Liabilities
-  0.54%
129‌
TOTAL
NET
ASSETS
-
100.00%
$
23,724‌
(a)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940,
as
amended,
(the
"1940
Act"))
or
an
affiliate
as
defined
by
the
1940
Act
(controls
5.00%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
Affiliated
Securities
sub-schedule
for
transactional
information.
(b)
1-day
yield
shown
is
as
of
period
end.
(c)
Non-income
producing
security
Schedule
of
Investments
Blue
Chip
Account
March
31,
2025
(unaudited)
See
accompanying
notes.
2
Affiliated
Securities
December
31,
2024
Purchases
Sales
March
31,
2025
Value
Cost
Proceeds
Value
Principal
Government
Money
Market
Fund
-
Class
R-6
4.18%
$
393‌
$
1,327‌
$
1,619‌
$
101‌
$
393‌
$
1,327‌
$
1,619‌
$
101‌
Income
Realized
Gain/(Loss)
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
(Loss)
Principal
Government
Money
Market
Fund
-
Class
R-6
4.18%
$
2‌
$
—‌
$
—‌
$
—‌
$
2‌
$
—‌
$
—‌
$
—‌
Amounts
in
thousands.
Schedule
of
Investments
Bond
Market
Index
Account
March
31,
2025
(unaudited)
See
accompanying
notes.
3
INVESTMENT
COMPANIES
-
2
.39
%
Shares
Held
Value
(000's)
Money
Market
Funds
-
2
.39
%
BlackRock
Liquidity
FedFund
-
Institutional
Class
4.23%
(a),(b)
536,056‌
$
536‌
Principal
Government
Money
Market
Fund
-
Class
R-6
4.18%
(a),(b),(c)
47,393,545‌
47,394‌
$
47,930‌
TOTAL
INVESTMENT
COMPANIES
$
47,930‌
BONDS
-
28
.30
%
Principal
Amount
(000's)
Value
(000's)
Advertising
-
0
.02
%
Omnicom
Group
Inc
2.45%,
04/30/2030
$
160‌
$
144‌
2.60%,
08/01/2031
295‌
258‌
$
402‌
Aerospace
&
Defense
-
0
.51
%
Boeing
Co/The
2.95%,
02/01/2030
170‌
155‌
3.25%,
02/01/2028
325‌
312‌
3.25%,
02/01/2035
170‌
140‌
3.63%,
02/01/2031
175‌
162‌
3.75%,
02/01/2050
235‌
165‌
3.95%,
08/01/2059
315‌
215‌
5.04%,
05/01/2027
310‌
311‌
5.15%,
05/01/2030
310‌
312‌
5.71%,
05/01/2040
310‌
301‌
5.81%,
05/01/2050
355‌
338‌
5.88%,
02/15/2040
154‌
152‌
6.26%,
05/01/2027
125‌
129‌
6.30%,
05/01/2029
300‌
315‌
6.53%,
05/01/2034
60‌
64‌
6.86%,
05/01/2054
230‌
250‌
General
Dynamics
Corp
1.15%,
06/01/2026
195‌
188‌
3.50%,
04/01/2027
160‌
158‌
3.75%,
05/15/2028
150‌
147‌
4.25%,
04/01/2040
160‌
141‌
L3Harris
Technologies
Inc
1.80%,
01/15/2031
90‌
76‌
2.90%,
12/15/2029
60‌
55‌
5.05%,
06/01/2029
150‌
152‌
5.40%,
01/15/2027
150‌
152‌
5.40%,
07/31/2033
150‌
152‌
5.50%,
08/15/2054
140‌
135‌
5.60%,
07/31/2053
55‌
54‌
Lockheed
Martin
Corp
1.85%,
06/15/2030
55‌
48‌
3.80%,
03/01/2045
100‌
79‌
3.90%,
06/15/2032
100‌
95‌
4.07%,
12/15/2042
47‌
39‌
4.09%,
09/15/2052
199‌
158‌
4.15%,
06/15/2053
100‌
80‌
4.50%,
02/15/2029
155‌
156‌
4.70%,
12/15/2031
130‌
130‌
4.70%,
05/15/2046
25‌
22‌
4.75%,
02/15/2034
150‌
148‌
5.10%,
11/15/2027
150‌
153‌
5.20%,
02/15/2055
130‌
123‌
5.20%,
02/15/2064
155‌
144‌
5.25%,
01/15/2033
150‌
154‌
5.70%,
11/15/2054
150‌
152‌
Northrop
Grumman
Corp
3.20%,
02/01/2027
250‌
245‌
3.85%,
04/15/2045
250‌
197‌
4.03%,
10/15/2047
300‌
240‌
4.70%,
03/15/2033
150‌
148‌
4.90%,
06/01/2034
155‌
154‌
4.95%,
03/15/2053
115‌
104‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Aerospace
&
Defense
(continued)
RTX
Corp
1.90%,
09/01/2031
$
170‌
$
143‌
2.25%,
07/01/2030
160‌
142‌
2.38%,
03/15/2032
195‌
166‌
2.82%,
09/01/2051
175‌
107‌
3.03%,
03/15/2052
195‌
124‌
3.50%,
03/15/2027
250‌
246‌
3.75%,
11/01/2046
30‌
23‌
4.05%,
05/04/2047
150‌
119‌
4.13%,
11/16/2028
220‌
217‌
4.15%,
05/15/2045
40‌
33‌
4.35%,
04/15/2047
40‌
33‌
4.50%,
06/01/2042
190‌
167‌
4.63%,
11/16/2048
210‌
180‌
5.15%,
02/27/2033
110‌
111‌
5.38%,
02/27/2053
85‌
81‌
5.75%,
11/08/2026
150‌
153‌
5.75%,
01/15/2029
150‌
156‌
6.10%,
03/15/2034
185‌
198‌
6.40%,
03/15/2054
185‌
203‌
$
10,102‌
Agriculture
-
0
.34
%
Altria
Group
Inc
2.45%,
02/04/2032
190‌
160‌
3.40%,
05/06/2030
325‌
304‌
3.70%,
02/04/2051
190‌
131‌
3.88%,
09/16/2046
60‌
44‌
4.00%,
02/04/2061
(d)
190‌
132‌
4.80%,
02/14/2029
63‌
63‌
4.88%,
02/04/2028
125‌
126‌
5.80%,
02/14/2039
380‌
382‌
Archer-Daniels-Midland
Co
2.70%,
09/15/2051
195‌
119‌
2.90%,
03/01/2032
390‌
346‌
4.50%,
08/15/2033
125‌
121‌
BAT
Capital
Corp
2.26%,
03/25/2028
170‌
159‌
2.73%,
03/25/2031
170‌
151‌
3.46%,
09/06/2029
245‌
232‌
3.56%,
08/15/2027
211‌
206‌
3.98%,
09/25/2050
170‌
121‌
4.54%,
08/15/2047
325‌
260‌
5.63%,
08/15/2035
125‌
125‌
5.83%,
02/20/2031
115‌
120‌
6.42%,
08/02/2033
155‌
165‌
7.08%,
08/02/2043
155‌
169‌
7.08%,
08/02/2053
75‌
82‌
BAT
International
Finance
PLC
5.93%,
02/02/2029
155‌
161‌
Bunge
Ltd
Finance
Corp
2.75%,
05/14/2031
195‌
173‌
Philip
Morris
International
Inc
0.88%,
05/01/2026
175‌
169‌
1.75%,
11/01/2030
175‌
150‌
4.13%,
03/04/2043
150‌
124‌
4.25%,
11/10/2044
30‌
25‌
4.38%,
11/15/2041
61‌
53‌
4.50%,
03/20/2042
200‌
176‌
4.63%,
11/01/2029
135‌
135‌
4.88%,
02/15/2028
150‌
152‌
4.88%,
02/13/2029
155‌
157‌
4.88%,
11/15/2043
35‌
32‌
4.90%,
11/01/2034
135‌
133‌
5.13%,
11/17/2027
255‌
259‌
5.25%,
02/13/2034
155‌
156‌
5.38%,
02/15/2033
150‌
153‌
5.50%,
09/07/2030
155‌
161‌
5.63%,
11/17/2029
255‌
266‌
Schedule
of
Investments
Bond
Market
Index
Account
March
31,
2025
(unaudited)
See
accompanying
notes.
4
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Agriculture
(continued)
Philip
Morris
International
Inc
(continued)
5.75%,
11/17/2032
$
130‌
$
136‌
Reynolds
American
Inc
5.70%,
08/15/2035
25‌
25‌
5.85%,
08/15/2045
265‌
253‌
$
6,767‌
Airlines
-
0
.02
%
American
Airlines
2019-1
Class
AA
Pass
Through
Trust
3.15%,
08/15/2033
124‌
113‌
Delta
Air
Lines
2020-1
Class
AA
Pass
Through
Trust
2.00%,
06/10/2028
234‌
219‌
United
Airlines
2014-2
Class
A
Pass
Through
Trust
3.75%,
03/03/2028
94‌
93‌
United
Airlines
2019-2
Class
AA
Pass
Through
Trust
2.70%,
11/01/2033
63‌
56‌
$
481‌
Apparel
-
0
.04
%
NIKE
Inc
2.75%,
03/27/2027
160‌
156‌
3.25%,
03/27/2040
160‌
126‌
3.38%,
11/01/2046
350‌
256‌
3.63%,
05/01/2043
200‌
159‌
$
697‌
Automobile
Manufacturers
-
0
.62
%
American
Honda
Finance
Corp
1.30%,
09/09/2026
195‌
187‌
2.25%,
01/12/2029
200‌
183‌
4.55%,
03/03/2028
(d)
245‌
245‌
4.60%,
04/17/2030
150‌
149‌
4.70%,
01/12/2028
150‌
151‌
4.90%,
01/10/2034
155‌
151‌
5.05%,
07/10/2031
145‌
146‌
5.65%,
11/15/2028
150‌
155‌
5.85%,
10/04/2030
115‌
121‌
Ford
Motor
Co
6.10%,
08/19/2032
225‌
221‌
Ford
Motor
Credit
Co
LLC
2.70%,
08/10/2026
225‌
217‌
5.13%,
11/05/2026
275‌
273‌
5.30%,
09/06/2029
275‌
267‌
5.80%,
03/08/2029
300‌
297‌
5.85%,
05/17/2027
300‌
302‌
5.88%,
11/07/2029
200‌
198‌
5.92%,
03/20/2028
200‌
201‌
6.05%,
03/05/2031
305‌
301‌
6.05%,
11/05/2031
200‌
196‌
6.50%,
02/07/2035
200‌
196‌
6.80%,
11/07/2028
300‌
309‌
7.12%,
11/07/2033
300‌
307‌
7.35%,
11/04/2027
225‌
233‌
General
Motors
Co
5.00%,
10/01/2028
400‌
399‌
5.00%,
04/01/2035
200‌
185‌
5.40%,
04/01/2048
180‌
154‌
6.75%,
04/01/2046
25‌
25‌
General
Motors
Financial
Co
Inc
1.50%,
06/10/2026
190‌
183‌
2.35%,
02/26/2027
105‌
100‌
2.35%,
01/08/2031
190‌
161‌
2.40%,
04/10/2028
190‌
176‌
2.40%,
10/15/2028
175‌
160‌
2.70%,
06/10/2031
190‌
162‌
4.35%,
01/17/2027
305‌
302‌
4.90%,
10/06/2029
135‌
133‌
5.35%,
07/15/2027
150‌
151‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Automobile
Manufacturers
(continued)
General
Motors
Financial
Co
Inc
(continued)
5.35%,
01/07/2030
$
130‌
$
130‌
5.40%,
05/08/2027
155‌
156‌
5.45%,
09/06/2034
(d)
135‌
130‌
5.55%,
07/15/2029
150‌
151‌
5.60%,
06/18/2031
150‌
150‌
5.80%,
01/07/2029
305‌
311‌
5.90%,
01/07/2035
(d)
130‌
129‌
6.00%,
01/09/2028
150‌
154‌
6.40%,
01/09/2033
150‌
155‌
Honda
Motor
Co
Ltd
2.53%,
03/10/2027
(d)
115‌
111‌
Mercedes-Benz
Finance
North
America
LLC
8.50%,
01/18/2031
127‌
150‌
PACCAR
Financial
Corp
4.45%,
08/06/2027
140‌
141‌
4.60%,
01/31/2029
150‌
151‌
5.00%,
05/13/2027
150‌
152‌
Toyota
Motor
Corp
3.67%,
07/20/2028
200‌
197‌
5.12%,
07/13/2028
150‌
153‌
Toyota
Motor
Credit
Corp
1.15%,
08/13/2027
165‌
153‌
1.65%,
01/10/2031
(d)
190‌
161‌
1.90%,
01/13/2027
200‌
192‌
1.90%,
09/12/2031
195‌
164‌
4.35%,
10/08/2027
135‌
135‌
4.45%,
06/29/2029
155‌
155‌
4.55%,
09/20/2027
95‌
95‌
4.55%,
05/17/2030
295‌
294‌
4.60%,
10/10/2031
95‌
94‌
4.63%,
01/12/2028
300‌
302‌
4.80%,
01/05/2034
210‌
207‌
4.95%,
01/09/2030
130‌
132‌
5.00%,
03/19/2027
190‌
192‌
5.10%,
03/21/2031
150‌
152‌
5.40%,
11/20/2026
225‌
229‌
$
12,475‌
Automobile
Parts
&
Equipment
-
0
.01
%
Aptiv
Swiss
Holdings
Ltd
3.25%,
03/01/2032
175‌
152‌
Banks
-
5
.66
%
Banco
Santander
SA
2.75%,
12/03/2030
400‌
348‌
3.22%,
11/22/2032
(e)
200‌
173‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.60%
3.49%,
05/28/2030
200‌
186‌
5.29%,
08/18/2027
200‌
203‌
5.44%,
07/15/2031
200‌
205‌
5.57%,
01/17/2030
200‌
205‌
5.59%,
08/08/2028
400‌
411‌
6.94%,
11/07/2033
400‌
445‌
Bank
of
America
Corp
1.73%,
07/22/2027
(e)
380‌
366‌
Secured
Overnight
Financing
Rate
+
0.96%
1.90%,
07/23/2031
(e)
370‌
318‌
Secured
Overnight
Financing
Rate
+
1.53%
1.92%,
10/24/2031
(e)
170‌
145‌
Secured
Overnight
Financing
Rate
+
1.37%
2.09%,
06/14/2029
(e)
190‌
176‌
Secured
Overnight
Financing
Rate
+
1.06%
2.30%,
07/21/2032
(e)
380‌
325‌
Secured
Overnight
Financing
Rate
+
1.22%
2.48%,
09/21/2036
(e)
385‌
321‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
1.20%
Schedule
of
Investments
Bond
Market
Index
Account
March
31,
2025
(unaudited)
See
accompanying
notes.
5
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
Bank
of
America
Corp
(continued)
2.50%,
02/13/2031
(e)
$
320‌
$
287‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.25%
2.55%,
02/04/2028
(e)
390‌
376‌
Secured
Overnight
Financing
Rate
+
1.05%
2.57%,
10/20/2032
(e)
130‌
112‌
Secured
Overnight
Financing
Rate
+
1.21%
2.65%,
03/11/2032
(e)
205‌
181‌
Secured
Overnight
Financing
Rate
+
1.22%
2.68%,
06/19/2041
(e)
670‌
475‌
Secured
Overnight
Financing
Rate
+
1.93%
2.83%,
10/24/2051
(e)
450‌
281‌
Secured
Overnight
Financing
Rate
+
1.88%
2.97%,
02/04/2033
(e)
240‌
210‌
Secured
Overnight
Financing
Rate
+
1.33%
2.97%,
07/21/2052
(e)
380‌
244‌
Secured
Overnight
Financing
Rate
+
1.56%
3.19%,
07/23/2030
(e)
335‌
314‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.44%
3.25%,
10/21/2027
40‌
39‌
3.31%,
04/22/2042
(e)
380‌
289‌
Secured
Overnight
Financing
Rate
+
1.58%
3.42%,
12/20/2028
(e)
536‌
519‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.30%
3.48%,
03/13/2052
(e)
190‌
135‌
Secured
Overnight
Financing
Rate
+
1.65%
3.50%,
04/19/2026
150‌
149‌
3.59%,
07/21/2028
(e)
500‌
489‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.63%
3.82%,
01/20/2028
(e)
200‌
197‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.84%
3.97%,
02/07/2030
(e)
250‌
243‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.47%
4.18%,
11/25/2027
235‌
233‌
4.27%,
07/23/2029
(e)
180‌
178‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.57%
4.33%,
03/15/2050
(e)
310‌
256‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.78%
4.38%,
04/27/2028
(e)
235‌
234‌
Secured
Overnight
Financing
Rate
+
1.58%
4.57%,
04/27/2033
(e)
290‌
280‌
Secured
Overnight
Financing
Rate
+
1.83%
4.98%,
01/24/2029
(e)
180‌
182‌
Secured
Overnight
Financing
Rate
+
0.83%
5.00%,
01/21/2044
25‌
23‌
5.02%,
07/22/2033
(e)
340‌
339‌
Secured
Overnight
Financing
Rate
+
2.16%
5.16%,
01/24/2031
(e)
180‌
183‌
Secured
Overnight
Financing
Rate
+
1.00%
5.20%,
04/25/2029
(e)
295‌
300‌
Secured
Overnight
Financing
Rate
+
1.63%
5.29%,
04/25/2034
(e)
295‌
296‌
Secured
Overnight
Financing
Rate
+
1.91%
5.43%,
08/15/2035
(e)
210‌
206‌
Secured
Overnight
Financing
Rate
+
1.91%
5.47%,
01/23/2035
(e)
185‌
188‌
Secured
Overnight
Financing
Rate
+
1.65%
5.51%,
01/24/2036
(e)
255‌
260‌
Secured
Overnight
Financing
Rate
+
1.31%
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
Bank
of
America
Corp
(continued)
5.52%,
10/25/2035
(e)
$
215‌
$
211‌
Secured
Overnight
Financing
Rate
+
1.74%
5.82%,
09/15/2029
(e)
305‌
316‌
Secured
Overnight
Financing
Rate
+
1.57%
5.87%,
09/15/2034
(e)
305‌
318‌
Secured
Overnight
Financing
Rate
+
1.84%
5.88%,
02/07/2042
113‌
118‌
5.93%,
09/15/2027
(e)
155‌
158‌
Secured
Overnight
Financing
Rate
+
1.34%
6.11%,
01/29/2037
400‌
415‌
7.75%,
05/14/2038
250‌
296‌
Bank
of
America
NA
6.00%,
10/15/2036
250‌
263‌
Bank
of
Montreal
3.09%,
01/10/2037
(e)
200‌
169‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
1.40%
4.64%,
09/10/2030
(d),(e)
275‌
274‌
Secured
Overnight
Financing
Rate
+
1.25%
4.70%,
09/14/2027
105‌
106‌
5.30%,
06/05/2026
150‌
151‌
5.37%,
06/04/2027
220‌
224‌
5.72%,
09/25/2028
305‌
316‌
Bank
of
New
York
Mellon
Corp/The
3.99%,
06/13/2028
(e)
175‌
174‌
Secured
Overnight
Financing
Rate
+
1.15%
4.54%,
02/01/2029
(e)
110‌
110‌
Secured
Overnight
Financing
Rate
+
1.17%
4.89%,
07/21/2028
(e)
145‌
146‌
Secured
Overnight
Financing
Rate
+
0.84%
4.94%,
02/11/2031
(e)
125‌
126‌
Secured
Overnight
Financing
Rate
+
0.89%
4.95%,
04/26/2027
(e)
110‌
111‌
Secured
Overnight
Financing
Rate
+
1.03%
4.97%,
04/26/2034
(e)
110‌
109‌
Secured
Overnight
Financing
Rate
+
1.61%
5.06%,
07/22/2032
(e)
145‌
147‌
Secured
Overnight
Financing
Rate
+
1.23%
5.19%,
03/14/2035
(e)
195‌
196‌
Secured
Overnight
Financing
Rate
+
1.42%
5.83%,
10/25/2033
(e)
150‌
158‌
Secured
Overnight
Financing
Rate
+
2.07%
6.32%,
10/25/2029
(e)
295‌
312‌
Secured
Overnight
Financing
Rate
+
1.60%
Bank
of
Nova
Scotia/The
1.30%,
09/15/2026
195‌
186‌
2.15%,
08/01/2031
95‌
81‌
2.70%,
08/03/2026
170‌
166‌
4.74%,
11/10/2032
(e)
135‌
133‌
Secured
Overnight
Financing
Rate
+
1.44%
4.85%,
02/01/2030
120‌
121‌
5.35%,
12/07/2026
155‌
157‌
5.40%,
06/04/2027
150‌
153‌
Barclays
PLC
2.28%,
11/24/2027
(e)
220‌
212‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.05%
2.65%,
06/24/2031
(e)
320‌
284‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.90%
3.56%,
09/23/2035
(e)
200‌
181‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.90%
3.81%,
03/10/2042
(e)
200‌
156‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.70%
Schedule
of
Investments
Bond
Market
Index
Account
March
31,
2025
(unaudited)
See
accompanying
notes.
6
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
Barclays
PLC
(continued)
4.84%,
09/10/2028
(e)
$
200‌
$
200‌
Secured
Overnight
Financing
Rate
+
1.34%
4.97%,
05/16/2029
(e)
210‌
211‌
3
Month
USD
LIBOR
+
1.90%
5.09%,
02/25/2029
(e)
200‌
201‌
Secured
Overnight
Financing
Rate
+
0.96%
5.67%,
03/12/2028
(e)
300‌
305‌
Secured
Overnight
Financing
Rate
+
1.49%
5.69%,
03/12/2030
(e)
300‌
308‌
Secured
Overnight
Financing
Rate
+
1.74%
5.79%,
02/25/2036
(e)
200‌
201‌
Secured
Overnight
Financing
Rate
+
1.59%
6.22%,
05/09/2034
(e)
295‌
307‌
Secured
Overnight
Financing
Rate
+
2.98%
6.50%,
09/13/2027
(e)
230‌
236‌
Secured
Overnight
Financing
Rate
+
1.88%
6.69%,
09/13/2034
(e)
305‌
327‌
Secured
Overnight
Financing
Rate
+
2.62%
7.44%,
11/02/2033
(e)
305‌
340‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
3.50%
Canadian
Imperial
Bank
of
Commerce
1.25%,
06/22/2026
190‌
183‌
4.63%,
09/11/2030
(e)
135‌
134‌
Secured
Overnight
Financing
Rate
+
1.34%
4.86%,
01/13/2028
(e)
190‌
191‌
Secured
Overnight
Financing
Rate
+
0.72%
5.00%,
04/28/2028
145‌
147‌
5.26%,
04/08/2029
150‌
153‌
5.93%,
10/02/2026
150‌
153‌
5.99%,
10/03/2028
150‌
157‌
Citibank
NA
5.57%,
04/30/2034
300‌
308‌
5.80%,
09/29/2028
250‌
260‌
Citigroup
Inc
1.46%,
06/09/2027
(e)
370‌
356‌
Secured
Overnight
Financing
Rate
+
0.77%
2.52%,
11/03/2032
(e)
175‌
149‌
Secured
Overnight
Financing
Rate
+
1.18%
2.56%,
05/01/2032
(e)
245‌
213‌
Secured
Overnight
Financing
Rate
+
1.17%
2.57%,
06/03/2031
(e)
320‌
285‌
Secured
Overnight
Financing
Rate
+
2.11%
2.67%,
01/29/2031
(e)
315‌
284‌
Secured
Overnight
Financing
Rate
+
1.15%
2.90%,
11/03/2042
(e)
195‌
137‌
Secured
Overnight
Financing
Rate
+
1.38%
2.98%,
11/05/2030
(e)
155‌
143‌
Secured
Overnight
Financing
Rate
+
1.42%
3.06%,
01/25/2033
(e)
185‌
162‌
Secured
Overnight
Financing
Rate
+
1.35%
3.20%,
10/21/2026
525‌
515‌
3.67%,
07/24/2028
(e)
325‌
318‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.65%
3.79%,
03/17/2033
(e)
395‌
361‌
Secured
Overnight
Financing
Rate
+
1.94%
3.89%,
01/10/2028
(e)
400‌
395‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.82%
4.07%,
04/23/2029
(e)
240‌
236‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.45%
4.28%,
04/24/2048
(e)
330‌
271‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
2.10%
4.30%,
11/20/2026
525‌
523‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
Citigroup
Inc
(continued)
4.45%,
09/29/2027
$
20‌
$
20‌
4.54%,
09/19/2030
(e)
270‌
266‌
Secured
Overnight
Financing
Rate
+
1.34%
4.65%,
07/30/2045
222‌
194‌
4.66%,
05/24/2028
(e)
365‌
365‌
Secured
Overnight
Financing
Rate
+
1.89%
4.79%,
03/04/2029
(e)
245‌
246‌
Secured
Overnight
Financing
Rate
+
0.87%
4.91%,
05/24/2033
(e)
230‌
226‌
Secured
Overnight
Financing
Rate
+
2.09%
5.17%,
02/13/2030
(e)
310‌
314‌
Secured
Overnight
Financing
Rate
+
1.36%
5.30%,
05/06/2044
25‌
23‌
5.33%,
03/27/2036
(e)
290‌
289‌
Secured
Overnight
Financing
Rate
+
1.47%
5.41%,
09/19/2039
(e)
135‌
129‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
1.73%
5.61%,
03/04/2056
(e)
125‌
122‌
Secured
Overnight
Financing
Rate
+
1.75%
5.83%,
02/13/2035
(e)
155‌
154‌
Secured
Overnight
Financing
Rate
+
2.06%
5.88%,
01/30/2042
198‌
203‌
6.02%,
01/24/2036
(e)
230‌
232‌
Secured
Overnight
Financing
Rate
+
1.83%
6.17%,
05/25/2034
(e)
295‌
302‌
Secured
Overnight
Financing
Rate
+
2.66%
6.27%,
11/17/2033
(e)
305‌
324‌
Secured
Overnight
Financing
Rate
+
2.34%
6.63%,
06/15/2032
112‌
121‌
6.68%,
09/13/2043
30‌
32‌
8.13%,
07/15/2039
132‌
164‌
Cooperatieve
Rabobank
UA
5.25%,
05/24/2041
290‌
285‌
5.25%,
08/04/2045
250‌
238‌
Cooperatieve
Rabobank
UA/NY
4.80%,
01/09/2029
305‌
309‌
Deutsche
Bank
AG/New
York
NY
5.00%,
09/11/2030
(e)
275‌
274‌
Secured
Overnight
Financing
Rate
+
1.70%
5.37%,
09/09/2027
325‌
332‌
5.37%,
01/10/2029
(e)
190‌
192‌
Secured
Overnight
Financing
Rate
+
1.21%
6.72%,
01/18/2029
(e)
300‌
314‌
Secured
Overnight
Financing
Rate
+
3.18%
7.08%,
02/10/2034
(d),(e)
305‌
321‌
Secured
Overnight
Financing
Rate
+
3.65%
Discover
Bank
2.70%,
02/06/2030
250‌
224‌
Fifth
Third
Bancorp
4.06%,
04/25/2028
(e)
150‌
148‌
Secured
Overnight
Financing
Rate
+
1.36%
5.63%,
01/29/2032
(e)
150‌
154‌
Secured
Overnight
Financing
Rate
+
1.84%
6.34%,
07/27/2029
(e)
225‌
235‌
Secured
Overnight
Financing
Rate
+
2.34%
Goldman
Sachs
Group
Inc/The
1.54%,
09/10/2027
(e)
190‌
182‌
Secured
Overnight
Financing
Rate
+
0.82%
1.95%,
10/21/2027
(e)
400‌
384‌
Secured
Overnight
Financing
Rate
+
0.91%
1.99%,
01/27/2032
(e)
245‌
207‌
Secured
Overnight
Financing
Rate
+
1.09%
2.38%,
07/21/2032
(e)
285‌
244‌
Secured
Overnight
Financing
Rate
+
1.25%
2.60%,
02/07/2030
210‌
190‌
Schedule
of
Investments
Bond
Market
Index
Account
March
31,
2025
(unaudited)
See
accompanying
notes.
7
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
Goldman
Sachs
Group
Inc/The
(continued)
2.62%,
04/22/2032
(e)
$
380‌
$
332‌
Secured
Overnight
Financing
Rate
+
1.28%
2.64%,
02/24/2028
(e)
300‌
290‌
Secured
Overnight
Financing
Rate
+
1.11%
2.65%,
10/21/2032
(e)
195‌
169‌
Secured
Overnight
Financing
Rate
+
1.26%
2.91%,
07/21/2042
(e)
385‌
272‌
Secured
Overnight
Financing
Rate
+
1.47%
3.10%,
02/24/2033
(e)
395‌
348‌
Secured
Overnight
Financing
Rate
+
1.41%
3.21%,
04/22/2042
(e)
190‌
140‌
Secured
Overnight
Financing
Rate
+
1.51%
3.44%,
02/24/2043
(e)
385‌
291‌
Secured
Overnight
Financing
Rate
+
1.63%
3.81%,
04/23/2029
(e)
315‌
308‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.42%
3.85%,
01/26/2027
60‌
59‌
4.22%,
05/01/2029
(e)
415‌
409‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.56%
4.41%,
04/23/2039
(e)
180‌
160‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.69%
4.48%,
08/23/2028
(e)
280‌
279‌
Secured
Overnight
Financing
Rate
+
1.73%
4.69%,
10/23/2030
(e)
265‌
263‌
Secured
Overnight
Financing
Rate
+
1.14%
4.80%,
07/08/2044
25‌
22‌
5.02%,
10/23/2035
(e)
265‌
258‌
Secured
Overnight
Financing
Rate
+
1.42%
5.05%,
07/23/2030
(e)
315‌
318‌
Secured
Overnight
Financing
Rate
+
1.21%
5.15%,
05/22/2045
310‌
281‌
5.21%,
01/28/2031
(e)
240‌
243‌
Secured
Overnight
Financing
Rate
+
1.08%
5.33%,
07/23/2035
(e)
250‌
249‌
Secured
Overnight
Financing
Rate
+
1.55%
5.54%,
01/28/2036
(e)
190‌
193‌
Secured
Overnight
Financing
Rate
+
1.38%
5.56%,
11/19/2045
(e)
270‌
263‌
Secured
Overnight
Financing
Rate
+
1.58%
5.73%,
04/25/2030
(e)
265‌
273‌
Secured
Overnight
Financing
Rate
+
1.27%
5.73%,
01/28/2056
(e)
120‌
120‌
Secured
Overnight
Financing
Rate
+
1.70%
5.85%,
04/25/2035
(e)
180‌
186‌
Secured
Overnight
Financing
Rate
+
1.55%
6.48%,
10/24/2029
(e)
295‌
312‌
Secured
Overnight
Financing
Rate
+
1.77%
6.56%,
10/24/2034
(e)
145‌
158‌
Secured
Overnight
Financing
Rate
+
1.95%
6.75%,
10/01/2037
530‌
573‌
HSBC
Holdings
PLC
2.01%,
09/22/2028
(e)
335‌
313‌
Secured
Overnight
Financing
Rate
+
1.73%
2.80%,
05/24/2032
(e)
200‌
175‌
Secured
Overnight
Financing
Rate
+
1.19%
2.85%,
06/04/2031
(e)
200‌
180‌
Secured
Overnight
Financing
Rate
+
2.39%
2.87%,
11/22/2032
(e)
200‌
174‌
Secured
Overnight
Financing
Rate
+
1.41%
3.97%,
05/22/2030
(e)
200‌
193‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.87%
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
HSBC
Holdings
PLC
(continued)
4.04%,
03/13/2028
(e)
$
250‌
$
247‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.81%
4.58%,
06/19/2029
(e)
365‌
362‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.80%
4.76%,
06/09/2028
(e)
200‌
200‌
Secured
Overnight
Financing
Rate
+
2.11%
4.95%,
03/31/2030
200‌
201‌
5.29%,
11/19/2030
(e)
270‌
273‌
Secured
Overnight
Financing
Rate
+
1.29%
5.40%,
08/11/2033
(e)
335‌
339‌
Secured
Overnight
Financing
Rate
+
2.87%
5.55%,
03/04/2030
(e)
310‌
317‌
Secured
Overnight
Financing
Rate
+
1.46%
5.72%,
03/04/2035
(d),(e)
310‌
317‌
Secured
Overnight
Financing
Rate
+
1.78%
5.73%,
05/17/2032
(e)
300‌
309‌
Secured
Overnight
Financing
Rate
+
1.52%
5.87%,
11/18/2035
(e)
270‌
269‌
Secured
Overnight
Financing
Rate
+
1.90%
5.89%,
08/14/2027
(e)
300‌
305‌
Secured
Overnight
Financing
Rate
+
1.57%
6.10%,
01/14/2042
174‌
184‌
6.16%,
03/09/2029
(e)
200‌
207‌
Secured
Overnight
Financing
Rate
+
1.97%
6.25%,
03/09/2034
(e)
260‌
275‌
Secured
Overnight
Financing
Rate
+
2.39%
6.33%,
03/09/2044
(e)
215‌
229‌
Secured
Overnight
Financing
Rate
+
2.65%
6.50%,
05/02/2036
420‌
445‌
6.55%,
06/20/2034
(e)
295‌
308‌
Secured
Overnight
Financing
Rate
+
2.98%
7.39%,
11/03/2028
(e)
305‌
324‌
Secured
Overnight
Financing
Rate
+
3.35%
Huntington
Bancshares
Inc/OH
2.55%,
02/04/2030
110‌
99‌
5.27%,
01/15/2031
(e)
135‌
136‌
Secured
Overnight
Financing
Rate
+
1.28%
Huntington
National
Bank/The
5.65%,
01/10/2030
305‌
315‌
ING
Groep
NV
1.73%,
04/01/2027
(e)
200‌
194‌
Secured
Overnight
Financing
Rate
+
1.01%
2.73%,
04/01/2032
(e)
200‌
176‌
Secured
Overnight
Financing
Rate
+
1.32%
4.86%,
03/25/2029
(e)
250‌
251‌
Secured
Overnight
Financing
Rate
+
1.01%
5.34%,
03/19/2030
(e)
300‌
306‌
Secured
Overnight
Financing
Rate
+
1.44%
6.11%,
09/11/2034
(e)
230‌
241‌
Secured
Overnight
Financing
Rate
+
2.09%
JPMorgan
Chase
&
Co
1.47%,
09/22/2027
(e)
155‌
148‌
Secured
Overnight
Financing
Rate
+
0.77%
1.58%,
04/22/2027
(e)
190‌
184‌
Secured
Overnight
Financing
Rate
+
0.89%
1.76%,
11/19/2031
(e)
180‌
153‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.11%
1.95%,
02/04/2032
(e)
190‌
162‌
Secured
Overnight
Financing
Rate
+
1.07%
2.07%,
06/01/2029
(e)
295‌
273‌
Secured
Overnight
Financing
Rate
+
1.02%
2.18%,
06/01/2028
(e)
265‌
252‌
Secured
Overnight
Financing
Rate
+
1.89%
Schedule
of
Investments
Bond
Market
Index
Account
March
31,
2025
(unaudited)
See
accompanying
notes.
8
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
JPMorgan
Chase
&
Co
(continued)
2.52%,
04/22/2031
(e)
$
190‌
$
171‌
Secured
Overnight
Financing
Rate
+
2.04%
2.53%,
11/19/2041
(e)
180‌
125‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.51%
2.55%,
11/08/2032
(e)
195‌
169‌
Secured
Overnight
Financing
Rate
+
1.18%
2.58%,
04/22/2032
(e)
190‌
167‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.25%
2.74%,
10/15/2030
(e)
260‌
239‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.51%
2.95%,
10/01/2026
300‌
294‌
2.96%,
05/13/2031
(e)
175‌
159‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
2.52%
3.11%,
04/22/2041
(e)
190‌
144‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
2.46%
3.11%,
04/22/2051
(e)
215‌
143‌
Secured
Overnight
Financing
Rate
+
2.44%
3.30%,
04/01/2026
250‌
247‌
3.33%,
04/22/2052
(e)
380‌
264‌
Secured
Overnight
Financing
Rate
+
1.58%
3.51%,
01/23/2029
(e)
200‌
194‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.21%
3.63%,
12/01/2027
25‌
25‌
3.88%,
07/24/2038
(e)
200‌
174‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.62%
3.96%,
11/15/2048
(e)
400‌
316‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.64%
4.01%,
04/23/2029
(e)
270‌
265‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.38%
4.03%,
07/24/2048
(e)
30‌
24‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.72%
4.20%,
07/23/2029
(e)
150‌
148‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.52%
4.25%,
10/01/2027
10‌
10‌
4.32%,
04/26/2028
(e)
290‌
289‌
Secured
Overnight
Financing
Rate
+
1.56%
4.51%,
10/22/2028
(e)
200‌
200‌
Secured
Overnight
Financing
Rate
+
0.86%
4.57%,
06/14/2030
(e)
295‌
293‌
Secured
Overnight
Financing
Rate
+
1.75%
4.59%,
04/26/2033
(e)
195‌
190‌
Secured
Overnight
Financing
Rate
+
1.80%
4.60%,
10/22/2030
(e)
265‌
263‌
Secured
Overnight
Financing
Rate
+
1.04%
4.85%,
07/25/2028
(e)
170‌
171‌
Secured
Overnight
Financing
Rate
+
1.99%
4.85%,
02/01/2044
20‌
19‌
4.91%,
07/25/2033
(e)
340‌
337‌
Secured
Overnight
Financing
Rate
+
2.08%
4.95%,
10/22/2035
(e)
255‌
250‌
Secured
Overnight
Financing
Rate
+
1.34%
4.95%,
06/01/2045
55‌
50‌
4.98%,
07/22/2028
(e)
135‌
136‌
Secured
Overnight
Financing
Rate
+
0.93%
5.00%,
07/22/2030
(e)
145‌
146‌
Secured
Overnight
Financing
Rate
+
1.13%
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
JPMorgan
Chase
&
Co
(continued)
5.01%,
01/23/2030
(e)
$
185‌
$
187‌
Secured
Overnight
Financing
Rate
+
1.31%
5.04%,
01/23/2028
(e)
350‌
353‌
Secured
Overnight
Financing
Rate
+
1.19%
5.14%,
01/24/2031
(e)
195‌
198‌
Secured
Overnight
Financing
Rate
+
0.90%
5.29%,
07/22/2035
(e)
215‌
216‌
Secured
Overnight
Financing
Rate
+
1.46%
5.30%,
07/24/2029
(e)
300‌
306‌
Secured
Overnight
Financing
Rate
+
1.45%
5.34%,
01/23/2035
(e)
215‌
217‌
Secured
Overnight
Financing
Rate
+
1.62%
5.35%,
06/01/2034
(e)
370‌
376‌
Secured
Overnight
Financing
Rate
+
1.85%
5.50%,
01/24/2036
(e)
205‌
209‌
Secured
Overnight
Financing
Rate
+
1.32%
5.53%,
11/29/2045
(e)
270‌
267‌
Secured
Overnight
Financing
Rate
+
1.55%
5.57%,
04/22/2028
(e)
300‌
306‌
Secured
Overnight
Financing
Rate
+
0.93%
5.58%,
04/22/2030
(e)
300‌
309‌
Secured
Overnight
Financing
Rate
+
1.16%
5.60%,
07/15/2041
154‌
157‌
5.63%,
08/16/2043
180‌
180‌
5.72%,
09/14/2033
(e)
160‌
164‌
Secured
Overnight
Financing
Rate
+
2.58%
5.77%,
04/22/2035
(e)
195‌
203‌
Secured
Overnight
Financing
Rate
+
1.49%
6.07%,
10/22/2027
(e)
295‌
302‌
Secured
Overnight
Financing
Rate
+
1.33%
6.09%,
10/23/2029
(e)
295‌
309‌
Secured
Overnight
Financing
Rate
+
1.57%
6.25%,
10/23/2034
(e)
295‌
317‌
Secured
Overnight
Financing
Rate
+
1.81%
6.40%,
05/15/2038
275‌
303‌
KeyBank
NA/Cleveland
OH
5.85%,
11/15/2027
250‌
257‌
KeyCorp
2.25%,
04/06/2027
410‌
391‌
2.55%,
10/01/2029
310‌
280‌
Korea
Development
Bank/The
0.80%,
04/27/2026
350‌
337‌
4.38%,
02/15/2028
305‌
306‌
4.50%,
02/15/2029
305‌
306‌
5.63%,
10/23/2033
200‌
212‌
Kreditanstalt
fuer
Wiederaufbau
0.00%,
04/18/2036
(f)
380‌
234‌
0.00%,
06/29/2037
(f)
200‌
116‌
1.00%,
10/01/2026
290‌
277‌
2.88%,
04/03/2028
275‌
267‌
3.00%,
05/20/2027
295‌
289‌
3.50%,
08/27/2027
150‌
148‌
3.63%,
04/01/2026
225‌
224‌
3.75%,
02/15/2028
225‌
224‌
3.88%,
05/15/2028
(d)
250‌
250‌
3.88%,
06/15/2028
360‌
359‌
4.00%,
03/15/2029
90‌
90‌
4.13%,
07/15/2033
300‌
297‌
4.38%,
03/01/2027
310‌
312‌
4.38%,
02/28/2034
170‌
171‌
4.63%,
08/07/2026
305‌
307‌
4.63%,
03/18/2030
90‌
92‌
4.75%,
10/29/2030
150‌
155‌
Landwirtschaftliche
Rentenbank
0.88%,
09/03/2030
330‌
279‌
3.88%,
09/28/2027
205‌
205‌
3.88%,
06/14/2028
295‌
294‌
Schedule
of
Investments
Bond
Market
Index
Account
March
31,
2025
(unaudited)
See
accompanying
notes.
9
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
Landwirtschaftliche
Rentenbank
(continued)
4.63%,
04/17/2029
$
150‌
$
153‌
Lloyds
Banking
Group
PLC
3.75%,
01/11/2027
265‌
261‌
4.98%,
08/11/2033
(e)
335‌
329‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
2.30%
5.09%,
11/26/2028
(e)
200‌
202‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
0.85%
5.30%,
12/01/2045
200‌
184‌
5.68%,
01/05/2035
(e)
305‌
309‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.75%
5.87%,
03/06/2029
(e)
200‌
206‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.70%
5.99%,
08/07/2027
(e)
305‌
310‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.48%
M&T
Bank
Corp
4.83%,
01/16/2029
(e)
130‌
130‌
Secured
Overnight
Financing
Rate
+
0.93%
Mitsubishi
UFJ
Financial
Group
Inc
1.54%,
07/20/2027
(e)
400‌
385‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
0.75%
1.64%,
10/13/2027
(e)
200‌
191‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
0.67%
2.05%,
07/17/2030
250‌
218‌
2.56%,
02/25/2030
200‌
181‌
2.76%,
09/13/2026
200‌
195‌
3.20%,
07/18/2029
200‌
189‌
4.08%,
04/19/2028
(e)
200‌
198‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.30%
4.32%,
04/19/2033
(e)
200‌
192‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.55%
5.13%,
07/20/2033
(e)
200‌
200‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
2.13%
5.35%,
09/13/2028
(d),(e)
325‌
331‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.90%
5.41%,
04/19/2034
(d),(e)
300‌
307‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.97%
5.43%,
04/17/2035
(e)
225‌
228‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.00%
5.57%,
01/16/2036
(e)
200‌
204‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
0.95%
Mizuho
Financial
Group
Inc
2.20%,
07/10/2031
(e)
200‌
175‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.77%
2.26%,
07/09/2032
(e)
200‌
171‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
0.90%
3.15%,
07/16/2030
(e)
400‌
374‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.39%
5.41%,
09/13/2028
(e)
325‌
331‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
2.05%
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
Mizuho
Financial
Group
Inc
(continued)
5.59%,
07/10/2035
(e)
$
295‌
$
302‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.30%
5.74%,
05/27/2031
(e)
305‌
316‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.65%
5.75%,
07/06/2034
(e)
300‌
310‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.90%
Morgan
Stanley
1.51%,
07/20/2027
(e)
380‌
365‌
Secured
Overnight
Financing
Rate
+
0.86%
1.59%,
05/04/2027
(e)
270‌
262‌
Secured
Overnight
Financing
Rate
+
0.88%
1.79%,
02/13/2032
(e)
355‌
297‌
Secured
Overnight
Financing
Rate
+
1.03%
1.93%,
04/28/2032
(e)
105‌
88‌
Secured
Overnight
Financing
Rate
+
1.02%
2.24%,
07/21/2032
(e)
190‌
162‌
Secured
Overnight
Financing
Rate
+
1.18%
2.48%,
01/21/2028
(e)
120‌
116‌
Secured
Overnight
Financing
Rate
+
1.00%
2.48%,
09/16/2036
(e)
265‌
220‌
Secured
Overnight
Financing
Rate
+
1.36%
2.51%,
10/20/2032
(e)
180‌
155‌
Secured
Overnight
Financing
Rate
+
1.20%
2.80%,
01/25/2052
(e)
240‌
149‌
Secured
Overnight
Financing
Rate
+
1.43%
2.94%,
01/21/2033
(e)
140‌
123‌
Secured
Overnight
Financing
Rate
+
1.29%
3.13%,
07/27/2026
360‌
354‌
3.22%,
04/22/2042
(e)
190‌
142‌
Secured
Overnight
Financing
Rate
+
1.49%
3.59%,
07/22/2028
30‌
29‌
3
Month
USD
LIBOR
+
1.34%
3.63%,
01/20/2027
265‌
262‌
3.77%,
01/24/2029
(e)
180‌
176‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.40%
3.95%,
04/23/2027
50‌
49‌
3.97%,
07/22/2038
15‌
13‌
3
Month
USD
LIBOR
+
1.46%
4.21%,
04/20/2028
(e)
390‌
387‌
Secured
Overnight
Financing
Rate
+
1.61%
4.30%,
01/27/2045
50‌
42‌
4.35%,
09/08/2026
30‌
30‌
4.38%,
01/22/2047
30‌
25‌
4.65%,
10/18/2030
(e)
170‌
169‌
Secured
Overnight
Financing
Rate
+
1.10%
4.89%,
07/20/2033
(e)
225‌
222‌
Secured
Overnight
Financing
Rate
+
2.08%
5.04%,
07/19/2030
(e)
140‌
141‌
Secured
Overnight
Financing
Rate
+
1.22%
5.12%,
02/01/2029
(e)
300‌
304‌
Secured
Overnight
Financing
Rate
+
1.73%
5.16%,
04/20/2029
(e)
150‌
152‌
Secured
Overnight
Financing
Rate
+
1.59%
5.17%,
01/16/2030
(e)
230‌
233‌
Secured
Overnight
Financing
Rate
+
1.45%
5.23%,
01/15/2031
(e)
205‌
208‌
Secured
Overnight
Financing
Rate
+
1.11%
5.25%,
04/21/2034
(e)
295‌
295‌
Secured
Overnight
Financing
Rate
+
1.87%
5.32%,
07/19/2035
(e)
290‌
290‌
Secured
Overnight
Financing
Rate
+
1.56%
5.42%,
07/21/2034
(e)
300‌
304‌
Secured
Overnight
Financing
Rate
+
1.88%
Schedule
of
Investments
Bond
Market
Index
Account
March
31,
2025
(unaudited)
See
accompanying
notes.
10
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
Morgan
Stanley
(continued)
5.45%,
07/20/2029
(e)
$
300‌
$
307‌
Secured
Overnight
Financing
Rate
+
1.63%
5.47%,
01/18/2035
(e)
155‌
157‌
Secured
Overnight
Financing
Rate
+
1.73%
5.52%,
11/19/2055
(e)
170‌
166‌
Secured
Overnight
Financing
Rate
+
1.71%
5.59%,
01/18/2036
(e)
200‌
204‌
Secured
Overnight
Financing
Rate
+
1.42%
5.60%,
03/24/2051
(e)
200‌
197‌
Secured
Overnight
Financing
Rate
+
4.84%
5.65%,
04/13/2028
(e)
130‌
133‌
Secured
Overnight
Financing
Rate
+
1.01%
5.66%,
04/18/2030
(e)
300‌
309‌
Secured
Overnight
Financing
Rate
+
1.26%
5.83%,
04/19/2035
(e)
90‌
93‌
Secured
Overnight
Financing
Rate
+
1.58%
5.95%,
01/19/2038
(e)
150‌
152‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.43%
6.30%,
10/18/2028
(e)
295‌
307‌
Secured
Overnight
Financing
Rate
+
2.24%
6.34%,
10/18/2033
(e)
295‌
317‌
Secured
Overnight
Financing
Rate
+
2.56%
6.38%,
07/24/2042
395‌
430‌
6.41%,
11/01/2029
(e)
200‌
211‌
Secured
Overnight
Financing
Rate
+
1.83%
6.63%,
11/01/2034
(e)
185‌
202‌
Secured
Overnight
Financing
Rate
+
2.05%
Morgan
Stanley
Bank
NA
4.45%,
10/15/2027
(e)
265‌
265‌
Secured
Overnight
Financing
Rate
+
0.68%
4.75%,
04/21/2026
300‌
301‌
4.97%,
07/14/2028
(e)
285‌
288‌
Secured
Overnight
Financing
Rate
+
0.93%
5.02%,
01/12/2029
(e)
290‌
294‌
Secured
Overnight
Financing
Rate
+
0.91%
National
Australia
Bank
Ltd/New
York
4.79%,
01/10/2029
250‌
253‌
4.90%,
06/13/2028
295‌
300‌
5.09%,
06/11/2027
280‌
285‌
NatWest
Group
PLC
1.64%,
06/14/2027
(e)
265‌
256‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
0.90%
4.80%,
04/05/2026
300‌
301‌
4.89%,
05/18/2029
(e)
200‌
200‌
3
Month
USD
LIBOR
+
1.75%
5.08%,
01/27/2030
(e)
400‌
403‌
3
Month
USD
LIBOR
+
1.91%
Northern
Trust
Corp
4.00%,
05/10/2027
130‌
129‌
Oesterreichische
Kontrollbank
AG
3.63%,
09/09/2027
125‌
124‌
3.75%,
09/05/2029
275‌
271‌
4.25%,
03/01/2028
300‌
302‌
4.50%,
01/24/2030
130‌
132‌
4.75%,
05/21/2027
150‌
152‌
PNC
Bank
NA
2.70%,
10/22/2029
250‌
229‌
PNC
Financial
Services
Group
Inc/The
2.31%,
04/23/2032
(e)
150‌
129‌
Secured
Overnight
Financing
Rate
+
0.98%
2.55%,
01/22/2030
160‌
145‌
2.60%,
07/23/2026
230‌
225‌
3.45%,
04/23/2029
300‌
288‌
4.63%,
06/06/2033
(e)
105‌
100‌
Secured
Overnight
Financing
Rate
+
1.85%
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
PNC
Financial
Services
Group
Inc/The
(continued)
5.22%,
01/29/2031
(e)
$
155‌
$
158‌
Secured
Overnight
Financing
Rate
+
1.07%
5.30%,
01/21/2028
(e)
155‌
157‌
Secured
Overnight
Financing
Rate
+
1.34%
5.35%,
12/02/2028
(e)
105‌
107‌
Secured
Overnight
Financing
Rate
+
1.62%
5.40%,
07/23/2035
(e)
315‌
316‌
Secured
Overnight
Financing
Rate
+
1.60%
5.68%,
01/22/2035
(e)
75‌
77‌
Secured
Overnight
Financing
Rate
+
1.90%
5.94%,
08/18/2034
(e)
305‌
318‌
Secured
Overnight
Financing
Rate
+
1.95%
6.62%,
10/20/2027
(e)
220‌
227‌
Secured
Overnight
Financing
Rate
+
1.73%
Royal
Bank
of
Canada
1.20%,
04/27/2026
175‌
169‌
3.63%,
05/04/2027
115‌
113‌
3.88%,
05/04/2032
225‌
211‌
4.51%,
10/18/2027
(e)
200‌
200‌
Secured
Overnight
Financing
Rate
+
0.72%
4.65%,
10/18/2030
(e)
200‌
199‌
Secured
Overnight
Financing
Rate
+
1.08%
4.95%,
02/01/2029
130‌
132‌
4.97%,
01/24/2029
(e)
190‌
191‌
Secured
Overnight
Financing
Rate
+
0.83%
4.97%,
05/02/2031
(e)
235‌
236‌
Secured
Overnight
Financing
Rate
+
1.13%
5.00%,
05/02/2033
145‌
145‌
5.15%,
02/04/2031
(e)
190‌
192‌
Secured
Overnight
Financing
Rate
+
1.03%
5.20%,
07/20/2026
150‌
152‌
6.00%,
11/01/2027
150‌
156‌
Santander
Holdings
USA
Inc
2.49%,
01/06/2028
(e)
270‌
259‌
Secured
Overnight
Financing
Rate
+
1.25%
5.35%,
09/06/2030
(e)
135‌
134‌
Secured
Overnight
Financing
Rate
+
1.94%
5.47%,
03/20/2029
(e)
120‌
121‌
Secured
Overnight
Financing
Rate
+
1.61%
6.12%,
05/31/2027
(e)
300‌
304‌
Secured
Overnight
Financing
Rate
+
1.23%
Santander
UK
Group
Holdings
PLC
1.67%,
06/14/2027
(e)
200‌
193‌
Secured
Overnight
Financing
Rate
+
0.99%
2.47%,
01/11/2028
(e)
200‌
192‌
Secured
Overnight
Financing
Rate
+
1.22%
State
Street
Corp
2.20%,
02/07/2028
(e)
145‌
139‌
Secured
Overnight
Financing
Rate
+
0.73%
2.20%,
03/03/2031
140‌
122‌
4.42%,
05/13/2033
(e)
185‌
179‌
Secured
Overnight
Financing
Rate
+
1.61%
4.54%,
02/28/2028
125‌
126‌
4.68%,
10/22/2032
(e)
135‌
134‌
Secured
Overnight
Financing
Rate
+
1.05%
4.82%,
01/26/2034
(e)
65‌
64‌
Secured
Overnight
Financing
Rate
+
1.57%
5.15%,
02/28/2036
(e)
125‌
125‌
Secured
Overnight
Financing
Rate
+
1.22%
5.27%,
08/03/2026
155‌
157‌
5.68%,
11/21/2029
(e)
150‌
156‌
Secured
Overnight
Financing
Rate
+
1.48%
Sumitomo
Mitsui
Financial
Group
Inc
1.90%,
09/17/2028
200‌
183‌
2.13%,
07/08/2030
265‌
232‌
2.14%,
09/23/2030
170‌
147‌
2.93%,
09/17/2041
195‌
143‌
Schedule
of
Investments
Bond
Market
Index
Account
March
31,
2025
(unaudited)
See
accompanying
notes.
11
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
Sumitomo
Mitsui
Financial
Group
Inc
(continued)
3.04%,
07/16/2029
$
200‌
$
187‌
3.36%,
07/12/2027
200‌
196‌
3.45%,
01/11/2027
(d)
140‌
138‌
5.32%,
07/09/2029
295‌
302‌
5.42%,
07/09/2031
225‌
231‌
5.63%,
01/15/2035
200‌
205‌
5.77%,
01/13/2033
200‌
208‌
5.80%,
07/13/2028
300‌
311‌
5.81%,
09/14/2033
(d)
230‌
242‌
6.18%,
07/13/2043
150‌
163‌
Toronto-Dominion
Bank/The
1.20%,
06/03/2026
190‌
183‌
1.95%,
01/12/2027
200‌
191‌
3.20%,
03/10/2032
195‌
174‌
4.11%,
06/08/2027
70‌
70‌
4.46%,
06/08/2032
(d)
175‌
169‌
4.57%,
12/17/2026
80‌
80‌
4.69%,
09/15/2027
290‌
292‌
4.78%,
12/17/2029
80‌
80‌
4.99%,
04/05/2029
155‌
157‌
5.30%,
01/30/2032
130‌
132‌
5.52%,
07/17/2028
150‌
154‌
5.53%,
07/17/2026
150‌
152‌
Truist
Financial
Corp
1.13%,
08/03/2027
215‌
199‌
1.89%,
06/07/2029
(e)
175‌
160‌
Secured
Overnight
Financing
Rate
+
0.86%
1.95%,
06/05/2030
290‌
252‌
4.12%,
06/06/2028
(e)
135‌
134‌
Secured
Overnight
Financing
Rate
+
1.37%
4.87%,
01/26/2029
(e)
150‌
151‌
Secured
Overnight
Financing
Rate
+
1.44%
5.12%,
01/26/2034
(e)
150‌
147‌
Secured
Overnight
Financing
Rate
+
1.85%
5.15%,
08/05/2032
(e)
140‌
140‌
Secured
Overnight
Financing
Rate
+
1.57%
5.44%,
01/24/2030
(e)
75‌
77‌
Secured
Overnight
Financing
Rate
+
1.62%
5.71%,
01/24/2035
(e)
60‌
61‌
Secured
Overnight
Financing
Rate
+
1.92%
5.87%,
06/08/2034
(e)
150‌
154‌
Secured
Overnight
Financing
Rate
+
2.36%
UBS
AG/Stamford
CT
1.25%,
08/07/2026
250‌
240‌
5.00%,
07/09/2027
275‌
278‌
UBS
Group
AG
4.88%,
05/15/2045
250‌
225‌
US
Bancorp
1.38%,
07/22/2030
415‌
350‌
2.22%,
01/27/2028
(e)
155‌
149‌
Secured
Overnight
Financing
Rate
+
0.73%
2.49%,
11/03/2036
(e)
175‌
145‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
0.95%
3.00%,
07/30/2029
650‌
606‌
3.15%,
04/27/2027
25‌
24‌
4.65%,
02/01/2029
(e)
130‌
130‌
Secured
Overnight
Financing
Rate
+
1.23%
4.84%,
02/01/2034
(e)
130‌
126‌
Secured
Overnight
Financing
Rate
+
1.60%
5.05%,
02/12/2031
(e)
255‌
257‌
Secured
Overnight
Financing
Rate
+
1.06%
5.38%,
01/23/2030
(e)
60‌
61‌
Secured
Overnight
Financing
Rate
+
1.56%
5.68%,
01/23/2035
(e)
45‌
46‌
Secured
Overnight
Financing
Rate
+
1.86%
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
US
Bancorp
(continued)
5.84%,
06/12/2034
(e)
$
295‌
$
304‌
Secured
Overnight
Financing
Rate
+
2.26%
5.85%,
10/21/2033
(e)
150‌
155‌
Secured
Overnight
Financing
Rate
+
2.09%
Wells
Fargo
&
Co
2.39%,
06/02/2028
(e)
250‌
239‌
Secured
Overnight
Financing
Rate
+
2.10%
3.00%,
04/22/2026
350‌
345‌
3.00%,
10/23/2026
265‌
259‌
3.07%,
04/30/2041
(e)
280‌
209‌
Secured
Overnight
Financing
Rate
+
2.53%
3.35%,
03/02/2033
(e)
235‌
211‌
Secured
Overnight
Financing
Rate
+
1.50%
3.58%,
05/22/2028
(e)
250‌
245‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.57%
4.10%,
06/03/2026
300‌
298‌
4.40%,
06/14/2046
195‌
157‌
4.48%,
04/04/2031
(e)
245‌
241‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
4.03%
4.61%,
04/25/2053
(e)
390‌
331‌
Secured
Overnight
Financing
Rate
+
2.13%
4.65%,
11/04/2044
165‌
140‌
4.81%,
07/25/2028
(e)
170‌
171‌
Secured
Overnight
Financing
Rate
+
1.98%
4.90%,
01/24/2028
(e)
190‌
191‌
Secured
Overnight
Financing
Rate
+
0.78%
4.90%,
07/25/2033
(e)
170‌
168‌
Secured
Overnight
Financing
Rate
+
2.10%
4.90%,
11/17/2045
260‌
225‌
5.01%,
04/04/2051
(e)
325‌
293‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
4.50%
5.20%,
01/23/2030
(e)
305‌
310‌
Secured
Overnight
Financing
Rate
+
1.50%
5.21%,
12/03/2035
(e)
265‌
263‌
Secured
Overnight
Financing
Rate
+
1.38%
5.24%,
01/24/2031
(e)
180‌
183‌
Secured
Overnight
Financing
Rate
+
1.11%
5.38%,
11/02/2043
20‌
19‌
5.39%,
04/24/2034
(e)
210‌
211‌
Secured
Overnight
Financing
Rate
+
2.02%
5.50%,
01/23/2035
(e)
305‌
309‌
Secured
Overnight
Financing
Rate
+
1.78%
5.56%,
07/25/2034
(e)
225‌
229‌
Secured
Overnight
Financing
Rate
+
1.99%
5.57%,
07/25/2029
(e)
225‌
231‌
Secured
Overnight
Financing
Rate
+
1.74%
5.61%,
01/15/2044
45‌
43‌
5.71%,
04/22/2028
(e)
300‌
307‌
Secured
Overnight
Financing
Rate
+
1.07%
6.30%,
10/23/2029
(e)
295‌
310‌
Secured
Overnight
Financing
Rate
+
1.79%
6.49%,
10/23/2034
(e)
295‌
318‌
Secured
Overnight
Financing
Rate
+
2.06%
Wells
Fargo
Bank
NA
5.25%,
12/11/2026
250‌
254‌
5.95%,
08/26/2036
500‌
521‌
6.60%,
01/15/2038
250‌
275‌
Westpac
Banking
Corp
1.95%,
11/20/2028
200‌
184‌
2.96%,
11/16/2040
80‌
59‌
3.02%,
11/18/2036
(e)
150‌
129‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
1.53%
3.13%,
11/18/2041
200‌
145‌
Schedule
of
Investments
Bond
Market
Index
Account
March
31,
2025
(unaudited)
See
accompanying
notes.
12
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
Westpac
Banking
Corp
(continued)
4.11%,
07/24/2034
(e)
$
165‌
$
158‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.00%
4.42%,
07/24/2039
165‌
149‌
5.05%,
04/16/2029
225‌
230‌
5.46%,
11/18/2027
310‌
319‌
$
113,329‌
Beverages
-
0
.47
%
Anheuser-Busch
Cos
LLC
/
Anheuser-Busch
InBev
Worldwide
Inc
4.70%,
02/01/2036
630‌
607‌
4.90%,
02/01/2046
824‌
760‌
Anheuser-Busch
InBev
Worldwide
Inc
3.50%,
06/01/2030
295‌
281‌
4.75%,
01/23/2029
410‌
414‌
5.00%,
06/15/2034
150‌
151‌
5.45%,
01/23/2039
500‌
508‌
5.80%,
01/23/2059
470‌
486‌
8.20%,
01/15/2039
51‌
65‌
Coca-Cola
Co/The
1.00%,
03/15/2028
170‌
155‌
1.50%,
03/05/2028
190‌
177‌
1.65%,
06/01/2030
260‌
227‌
2.13%,
09/06/2029
165‌
151‌
2.50%,
06/01/2040
260‌
187‌
2.88%,
05/05/2041
195‌
145‌
5.00%,
05/13/2034
95‌
97‌
5.30%,
05/13/2054
95‌
93‌
Constellation
Brands
Inc
2.25%,
08/01/2031
170‌
144‌
3.15%,
08/01/2029
630‌
588‌
4.35%,
05/09/2027
160‌
159‌
4.90%,
05/01/2033
75‌
73‌
Diageo
Capital
PLC
2.13%,
04/29/2032
200‌
167‌
2.38%,
10/24/2029
200‌
183‌
5.30%,
10/24/2027
295‌
301‌
5.63%,
10/05/2033
200‌
208‌
5.88%,
09/30/2036
139‌
148‌
Keurig
Dr
Pepper
Inc
2.25%,
03/15/2031
190‌
165‌
3.35%,
03/15/2051
190‌
129‌
3.95%,
04/15/2029
110‌
107‌
4.05%,
04/15/2032
110‌
105‌
4.50%,
04/15/2052
110‌
92‌
5.10%,
03/15/2027
190‌
192‌
Molson
Coors
Beverage
Co
3.00%,
07/15/2026
330‌
324‌
5.00%,
05/01/2042
50‌
46‌
PepsiCo
Inc
1.40%,
02/25/2031
165‌
138‌
1.63%,
05/01/2030
95‌
83‌
1.95%,
10/21/2031
165‌
141‌
2.63%,
07/29/2029
170‌
159‌
2.63%,
10/21/2041
160‌
113‌
2.88%,
10/15/2049
160‌
105‌
3.60%,
02/18/2028
170‌
168‌
4.20%,
07/18/2052
60‌
50‌
4.45%,
02/07/2028
125‌
126‌
4.45%,
05/15/2028
(d)
150‌
151‌
4.50%,
07/17/2029
110‌
111‌
4.80%,
07/17/2034
110‌
110‌
5.00%,
02/07/2035
100‌
101‌
Pepsico
Singapore
Financing
I
Pte
Ltd
4.55%,
02/16/2029
155‌
156‌
$
9,347‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Biotechnology
-
0
.33
%
Amgen
Inc
1.65%,
08/15/2028
$
180‌
$
165‌
2.00%,
01/15/2032
180‌
150‌
2.20%,
02/21/2027
225‌
216‌
2.45%,
02/21/2030
160‌
144‌
2.60%,
08/19/2026
250‌
244‌
3.00%,
02/22/2029
200‌
190‌
3.00%,
01/15/2052
180‌
116‌
3.15%,
02/21/2040
260‌
199‌
3.38%,
02/21/2050
160‌
112‌
4.20%,
03/01/2033
165‌
156‌
4.20%,
02/22/2052
200‌
157‌
4.40%,
05/01/2045
40‌
34‌
4.66%,
06/15/2051
300‌
256‌
4.88%,
03/01/2053
165‌
144‌
5.15%,
03/02/2028
270‌
275‌
5.25%,
03/02/2030
130‌
133‌
5.25%,
03/02/2033
155‌
157‌
5.60%,
03/02/2043
310‌
307‌
5.65%,
03/02/2053
310‌
304‌
5.75%,
03/02/2063
230‌
224‌
Baxalta
Inc
5.25%,
06/23/2045
130‌
123‌
Biogen
Inc
2.25%,
05/01/2030
115‌
101‌
5.20%,
09/15/2045
340‌
308‌
Gilead
Sciences
Inc
1.65%,
10/01/2030
165‌
141‌
2.60%,
10/01/2040
85‌
61‌
2.80%,
10/01/2050
165‌
104‌
2.95%,
03/01/2027
265‌
258‌
4.00%,
09/01/2036
300‌
270‌
4.60%,
09/01/2035
500‌
483‌
5.10%,
06/15/2035
135‌
136‌
5.25%,
10/15/2033
150‌
154‌
5.50%,
11/15/2054
135‌
134‌
5.55%,
10/15/2053
150‌
149‌
Regeneron
Pharmaceuticals
Inc
1.75%,
09/15/2030
165‌
141‌
Royalty
Pharma
PLC
1.75%,
09/02/2027
160‌
149‌
2.20%,
09/02/2030
160‌
138‌
3.30%,
09/02/2040
160‌
118‌
$
6,651‌
Building
Materials
-
0
.22
%
Carrier
Global
Corp
2.49%,
02/15/2027
36‌
35‌
2.72%,
02/15/2030
320‌
293‌
3.38%,
04/05/2040
300‌
236‌
3.58%,
04/05/2050
160‌
117‌
5.90%,
03/15/2034
125‌
131‌
6.20%,
03/15/2054
30‌
32‌
CRH
America
Finance
Inc
5.50%,
01/09/2035
255‌
258‌
Johnson
Controls
International
plc
4.50%,
02/15/2047
500‌
422‌
Johnson
Controls
International
plc
/
Tyco
Fire
&
Security
Finance
SCA
2.00%,
09/16/2031
385‌
324‌
Martin
Marietta
Materials
Inc
2.50%,
03/15/2030
250‌
225‌
3.20%,
07/15/2051
190‌
124‌
5.15%,
12/01/2034
135‌
134‌
Masco
Corp
1.50%,
02/15/2028
190‌
174‌
4.50%,
05/15/2047
(d)
260‌
213‌
Schedule
of
Investments
Bond
Market
Index
Account
March
31,
2025
(unaudited)
See
accompanying
notes.
13
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Building
Materials
(continued)
Owens
Corning
5.50%,
06/15/2027
$
150‌
$
153‌
5.70%,
06/15/2034
150‌
154‌
Trane
Technologies
Financing
Ltd
3.80%,
03/21/2029
600‌
584‌
5.10%,
06/13/2034
150‌
151‌
Vulcan
Materials
Co
3.50%,
06/01/2030
295‌
278‌
5.35%,
12/01/2034
270‌
272‌
$
4,310‌
Chemicals
-
0
.28
%
Air
Products
and
Chemicals
Inc
2.80%,
05/15/2050
155‌
99‌
4.60%,
02/08/2029
155‌
156‌
4.80%,
03/03/2033
155‌
155‌
Albemarle
Corp
5.45%,
12/01/2044
150‌
135‌
Dow
Chemical
Co/The
2.10%,
11/15/2030
165‌
142‌
3.60%,
11/15/2050
165‌
112‌
4.38%,
11/15/2042
230‌
189‌
4.80%,
05/15/2049
300‌
249‌
5.15%,
02/15/2034
(d)
155‌
154‌
9.40%,
05/15/2039
30‌
40‌
DuPont
de
Nemours
Inc
4.73%,
11/15/2028
225‌
226‌
5.32%,
11/15/2038
302‌
311‌
5.42%,
11/15/2048
245‌
247‌
Eastman
Chemical
Co
4.80%,
09/01/2042
100‌
88‌
Ecolab
Inc
1.30%,
01/30/2031
85‌
71‌
1.65%,
02/01/2027
350‌
334‌
2.75%,
08/18/2055
232‌
139‌
4.80%,
03/24/2030
160‌
162‌
LYB
International
Finance
III
LLC
2.25%,
10/01/2030
165‌
144‌
3.63%,
04/01/2051
165‌
111‌
4.20%,
10/15/2049
125‌
94‌
5.63%,
05/15/2033
150‌
153‌
Nutrien
Ltd
4.20%,
04/01/2029
300‌
294‌
4.50%,
03/12/2027
120‌
120‌
4.90%,
06/01/2043
200‌
180‌
5.40%,
06/21/2034
150‌
150‌
5.80%,
03/27/2053
155‌
153‌
Sherwin-Williams
Co/The
2.20%,
03/15/2032
160‌
135‌
2.30%,
05/15/2030
160‌
142‌
2.95%,
08/15/2029
225‌
209‌
3.30%,
05/15/2050
160‌
108‌
3.80%,
08/15/2049
175‌
131‌
Westlake
Corp
3.13%,
08/15/2051
190‌
118‌
3.60%,
08/15/2026
350‌
345‌
$
5,596‌
Commercial
Mortgage
Backed
Securities
-
1
.03
%
BANK
2018-BNK10
3.69%,
02/15/2061
1,850‌
1,800‌
CFCRE
Commercial
Mortgage
Trust
2016-C4
3.28%,
05/10/2058
1,300‌
1,280‌
Citigroup
Commercial
Mortgage
Trust
2016-GC36
3.62%,
02/10/2049
1,000‌
983‌
COMM
2016-CR28
Mortgage
Trust
3.76%,
02/10/2049
1,000‌
992‌
CSAIL
2016-C7
Commercial
Mortgage
Trust
3.31%,
11/15/2049
84‌
84‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Commercial
Mortgage
Backed
Securities
(continued)
Fannie
Mae-Aces
2.42%,
10/25/2026
(g)
$
694‌
$
674‌
2.70%,
06/25/2025
(g)
1,246‌
1,239‌
2.83%,
02/25/2027
(g)
585‌
571‌
2.96%,
02/25/2027
(g)
807‌
788‌
2.99%,
12/25/2027
(g)
638‌
619‌
3.36%,
07/25/2028
(g)
1,981‌
1,932‌
Freddie
Mac
Multifamily
Structured
Pass
Through
Certificates
2.67%,
03/25/2026
1,035‌
1,019‌
3.41%,
12/25/2026
1,500‌
1,478‌
GS
Mortgage
Securities
Trust
2015-GC34
3.51%,
10/10/2048
1,000‌
988‌
GS
Mortgage
Securities
Trust
2017-GS5
3.47%,
03/10/2050
785‌
776‌
GS
Mortgage
Securities
Trust
2018-GS9
3.99%,
03/10/2051
(g)
1,500‌
1,464‌
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust
2015-C24
3.48%,
05/15/2048
463‌
462‌
Morgan
Stanley
Capital
I
Trust
2017-H1
3.26%,
06/15/2050
2,500‌
2,419‌
SG
Commercial
Mortgage
Securities
Trust
2016-C5
3.06%,
10/10/2048
1,000‌
973‌
$
20,541‌
Commercial
Services
-
0
.18
%
American
University/The
3.67%,
04/01/2049
125‌
95‌
Automatic
Data
Processing
Inc
1.70%,
05/15/2028
195‌
181‌
California
Institute
of
Technology
4.32%,
08/01/2045
80‌
70‌
Global
Payments
Inc
3.20%,
08/15/2029
170‌
159‌
4.15%,
08/15/2049
85‌
64‌
Massachusetts
Institute
of
Technology
3.89%,
07/01/2116
250‌
177‌
4.68%,
07/01/2114
250‌
214‌
Moody's
Corp
4.25%,
08/08/2032
175‌
169‌
5.00%,
08/05/2034
140‌
139‌
5.25%,
07/15/2044
250‌
238‌
PayPal
Holdings
Inc
2.30%,
06/01/2030
160‌
143‌
2.85%,
10/01/2029
160‌
149‌
3.90%,
06/01/2027
(d)
185‌
184‌
4.40%,
06/01/2032
185‌
180‌
5.50%,
06/01/2054
150‌
145‌
S&P
Global
Inc
1.25%,
08/15/2030
165‌
140‌
2.45%,
03/01/2027
145‌
140‌
2.50%,
12/01/2029
120‌
110‌
3.25%,
12/01/2049
120‌
84‌
3.70%,
03/01/2052
295‌
223‌
5.25%,
09/15/2033
150‌
154‌
TR
Finance
LLC
5.85%,
04/15/2040
25‌
26‌
University
of
Southern
California
5.25%,
10/01/2111
30‌
28‌
William
Marsh
Rice
University
3.57%,
05/15/2045
500‌
403‌
$
3,615‌
Computers
-
0
.49
%
Apple
Inc
1.20%,
02/08/2028
345‌
318‌
1.25%,
08/20/2030
130‌
111‌
1.40%,
08/05/2028
190‌
174‌
1.65%,
05/11/2030
160‌
141‌
Schedule
of
Investments
Bond
Market
Index
Account
March
31,
2025
(unaudited)
See
accompanying
notes.
14
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Computers
(continued)
Apple
Inc
(continued)
1.65%,
02/08/2031
$
175‌
$
151‌
2.20%,
09/11/2029
165‌
152‌
2.65%,
05/11/2050
160‌
101‌
2.70%,
08/05/2051
175‌
110‌
2.80%,
02/08/2061
175‌
106‌
2.90%,
09/12/2027
300‌
292‌
2.95%,
09/11/2049
165‌
111‌
3.20%,
05/11/2027
160‌
157‌
3.25%,
08/08/2029
(d)
175‌
168‌
3.35%,
02/09/2027
335‌
331‌
3.45%,
02/09/2045
30‌
23‌
3.75%,
09/12/2047
115‌
91‌
3.75%,
11/13/2047
150‌
119‌
3.85%,
05/04/2043
300‌
252‌
3.95%,
08/08/2052
175‌
141‌
4.30%,
05/10/2033
(d)
150‌
149‌
4.65%,
02/23/2046
435‌
401‌
4.85%,
05/10/2053
(d)
145‌
139‌
Dell
International
LLC
/
EMC
Corp
3.38%,
12/15/2041
100‌
74‌
3.45%,
12/15/2051
145‌
98‌
4.35%,
02/01/2030
135‌
132‌
4.75%,
04/01/2028
(h)
75‌
75‌
5.25%,
02/01/2028
150‌
153‌
5.30%,
04/01/2032
(h)
115‌
116‌
5.40%,
04/15/2034
225‌
227‌
6.02%,
06/15/2026
317‌
321‌
8.10%,
07/15/2036
138‌
165‌
8.35%,
07/15/2046
83‌
104‌
Hewlett
Packard
Enterprise
Co
4.45%,
09/25/2026
155‌
155‌
4.55%,
10/15/2029
135‌
133‌
4.85%,
10/15/2031
205‌
203‌
5.00%,
10/15/2034
270‌
263‌
6.20%,
10/15/2035
80‌
85‌
6.35%,
10/15/2045
195‌
200‌
HP
Inc
3.00%,
06/17/2027
240‌
232‌
4.75%,
01/15/2028
175‌
176‌
6.00%,
09/15/2041
154‌
155‌
IBM
International
Capital
Pte
Ltd
4.75%,
02/05/2031
160‌
160‌
4.90%,
02/05/2034
310‌
305‌
International
Business
Machines
Corp
2.20%,
02/09/2027
100‌
96‌
3.30%,
05/15/2026
250‌
247‌
3.50%,
05/15/2029
235‌
226‌
4.00%,
06/20/2042
35‌
29‌
4.15%,
05/15/2039
230‌
202‌
4.25%,
05/15/2049
340‌
277‌
4.40%,
07/27/2032
165‌
160‌
4.50%,
02/06/2028
115‌
116‌
4.65%,
02/10/2028
255‌
257‌
4.70%,
02/19/2046
185‌
162‌
5.10%,
02/06/2053
150‌
138‌
5.60%,
11/30/2039
92‌
94‌
5.70%,
02/10/2055
125‌
124‌
5.88%,
11/29/2032
100‌
106‌
6.22%,
08/01/2027
216‌
225‌
NetApp
Inc
2.38%,
06/22/2027
160‌
152‌
$
9,881‌
Consumer
Products
-
0
.01
%
Church
&
Dwight
Co
Inc
3.95%,
08/01/2047
300‌
235‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Cosmetics
&
Personal
Care
-
0
.13
%
Estee
Lauder
Cos
Inc/The
1.95%,
03/15/2031
$
170‌
$
145‌
2.38%,
12/01/2029
240‌
217‌
Haleon
US
Capital
LLC
3.38%,
03/24/2027
475‌
466‌
3.63%,
03/24/2032
370‌
341‌
Kenvue
Inc
4.90%,
03/22/2033
155‌
155‌
5.05%,
03/22/2028
155‌
158‌
5.05%,
03/22/2053
155‌
145‌
5.10%,
03/22/2043
155‌
149‌
Procter
&
Gamble
Co/The
3.55%,
03/25/2040
160‌
136‌
Unilever
Capital
Corp
1.38%,
09/14/2030
170‌
145‌
2.13%,
09/06/2029
115‌
105‌
4.63%,
08/12/2034
105‌
103‌
4.88%,
09/08/2028
150‌
153‌
5.90%,
11/15/2032
230‌
248‌
$
2,666‌
Distribution
&
Wholesale
-
0
.01
%
WW
Grainger
Inc
4.60%,
06/15/2045
250‌
223‌
Diversified
Financial
Services
-
0
.76
%
AerCap
Ireland
Capital
DAC
/
AerCap
Global
Aviation
Trust
2.45%,
10/29/2026
225‌
217‌
3.00%,
10/29/2028
245‌
230‌
3.30%,
01/30/2032
380‌
337‌
3.40%,
10/29/2033
275‌
237‌
3.88%,
01/23/2028
300‌
293‌
4.88%,
04/01/2028
150‌
150‌
4.95%,
09/10/2034
150‌
144‌
5.10%,
01/19/2029
150‌
151‌
5.38%,
12/15/2031
150‌
151‌
6.10%,
01/15/2027
305‌
312‌
Air
Lease
Corp
1.88%,
08/15/2026
200‌
193‌
2.10%,
09/01/2028
385‌
353‌
2.88%,
01/15/2032
200‌
174‌
3.25%,
10/01/2029
95‌
89‌
5.10%,
03/01/2029
155‌
157‌
5.20%,
07/15/2031
150‌
151‌
Ally
Financial
Inc
2.20%,
11/02/2028
190‌
172‌
4.75%,
06/09/2027
160‌
160‌
8.00%,
11/01/2031
265‌
295‌
American
Express
Co
1.65%,
11/04/2026
670‌
642‌
3.30%,
05/03/2027
30‌
29‌
4.05%,
12/03/2042
25‌
21‌
5.09%,
01/30/2031
(e)
190‌
192‌
Secured
Overnight
Financing
Rate
+
1.02%
5.10%,
02/16/2028
(e)
155‌
157‌
Secured
Overnight
Financing
Rate
+
1.00%
5.28%,
07/27/2029
(e)
150‌
153‌
Secured
Overnight
Financing
Rate
+
1.28%
5.28%,
07/26/2035
(e)
215‌
215‌
Secured
Overnight
Financing
Rate
+
1.42%
5.39%,
07/28/2027
(e)
150‌
152‌
Secured
Overnight
Financing
Rate
+
0.97%
5.53%,
04/25/2030
(e)
150‌
155‌
Secured
Overnight
Financing
Rate
+
1.09%
6.49%,
10/30/2031
(e)
75‌
81‌
Secured
Overnight
Financing
Rate
+
1.94%
BlackRock
Funding
Inc
5.35%,
01/08/2055
145‌
141‌
Schedule
of
Investments
Bond
Market
Index
Account
March
31,
2025
(unaudited)
See
accompanying
notes.
15
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Diversified
Financial
Services
(continued)
Blackrock
Inc
2.10%,
02/25/2032
$
150‌
$
127‌
2.40%,
04/30/2030
125‌
113‌
Capital
One
Financial
Corp
1.88%,
11/02/2027
(e)
125‌
120‌
Secured
Overnight
Financing
Rate
+
0.86%
2.36%,
07/29/2032
(e)
190‌
156‌
Secured
Overnight
Financing
Rate
+
1.34%
3.75%,
07/28/2026
415‌
409‌
4.93%,
05/10/2028
(e)
255‌
256‌
Secured
Overnight
Financing
Rate
+
2.06%
5.46%,
07/26/2030
(e)
70‌
71‌
Secured
Overnight
Financing
Rate
+
1.56%
5.70%,
02/01/2030
(e)
155‌
158‌
Secured
Overnight
Financing
Rate
+
1.91%
5.82%,
02/01/2034
(e)
150‌
151‌
Secured
Overnight
Financing
Rate
+
2.60%
5.88%,
07/26/2035
(e)
70‌
71‌
Secured
Overnight
Financing
Rate
+
1.99%
6.05%,
02/01/2035
(e)
75‌
77‌
Secured
Overnight
Financing
Rate
+
2.26%
6.18%,
01/30/2036
(e)
65‌
65‌
Secured
Overnight
Financing
Rate
+
2.04%
6.31%,
06/08/2029
(e)
150‌
156‌
Secured
Overnight
Financing
Rate
+
2.64%
7.62%,
10/30/2031
(e)
225‌
251‌
Secured
Overnight
Financing
Rate
+
3.07%
Charles
Schwab
Corp/The
1.15%,
05/13/2026
195‌
188‌
1.65%,
03/11/2031
165‌
139‌
2.00%,
03/20/2028
385‌
360‌
5.64%,
05/19/2029
(e)
150‌
155‌
Secured
Overnight
Financing
Rate
+
2.21%
5.88%,
08/24/2026
155‌
158‌
6.14%,
08/24/2034
(e)
155‌
165‌
Secured
Overnight
Financing
Rate
+
2.01%
6.20%,
11/17/2029
(e)
150‌
158‌
Secured
Overnight
Financing
Rate
+
1.88%
Credit
Suisse
USA
LLC
7.13%,
07/15/2032
300‌
338‌
Discover
Financial
Services
4.10%,
02/09/2027
250‌
247‌
Intercontinental
Exchange
Inc
2.10%,
06/15/2030
160‌
142‌
2.65%,
09/15/2040
165‌
118‌
3.00%,
09/15/2060
165‌
99‌
4.00%,
09/15/2027
185‌
183‌
4.25%,
09/21/2048
150‌
124‌
4.95%,
06/15/2052
335‌
303‌
Jefferies
Financial
Group
Inc
2.63%,
10/15/2031
165‌
139‌
4.15%,
01/23/2030
200‌
192‌
6.50%,
01/20/2043
200‌
204‌
Mastercard
Inc
2.00%,
11/18/2031
170‌
145‌
2.95%,
11/21/2026
250‌
245‌
2.95%,
03/15/2051
190‌
126‌
3.35%,
03/26/2030
80‌
76‌
3.85%,
03/26/2050
135‌
107‌
4.55%,
03/15/2028
125‌
126‌
4.55%,
01/15/2035
275‌
268‌
Nasdaq
Inc
2.50%,
12/21/2040
185‌
126‌
5.35%,
06/28/2028
150‌
154‌
5.95%,
08/15/2053
35‌
36‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Diversified
Financial
Services
(continued)
Nomura
Holdings
Inc
2.33%,
01/22/2027
$
385‌
$
369‌
2.68%,
07/16/2030
330‌
294‌
5.84%,
01/18/2028
300‌
308‌
6.09%,
07/12/2033
300‌
317‌
Visa
Inc
1.90%,
04/15/2027
120‌
115‌
2.05%,
04/15/2030
155‌
139‌
2.70%,
04/15/2040
155‌
116‌
3.65%,
09/15/2047
85‌
66‌
4.15%,
12/14/2035
215‌
203‌
4.30%,
12/14/2045
245‌
214‌
Western
Union
Co/The
6.20%,
11/17/2036
(d)
200‌
204‌
$
15,251‌
Electric
-
2
.14
%
AEP
Texas
Inc
2.10%,
07/01/2030
165‌
144‌
3.45%,
01/15/2050
55‌
38‌
3.45%,
05/15/2051
45‌
30‌
4.70%,
05/15/2032
65‌
63‌
5.25%,
05/15/2052
65‌
58‌
AEP
Transmission
Co
LLC
2.75%,
08/15/2051
190‌
115‌
4.00%,
12/01/2046
200‌
159‌
4.50%,
06/15/2052
90‌
75‌
5.40%,
03/15/2053
155‌
148‌
AES
Corp/The
2.45%,
01/15/2031
180‌
154‌
Alabama
Power
Co
1.45%,
09/15/2030
160‌
136‌
3.13%,
07/15/2051
190‌
125‌
Ameren
Corp
1.75%,
03/15/2028
190‌
175‌
5.00%,
01/15/2029
155‌
156‌
5.70%,
12/01/2026
150‌
153‌
Ameren
Illinois
Co
1.55%,
11/15/2030
180‌
153‌
3.25%,
03/15/2050
80‌
55‌
3.85%,
09/01/2032
115‌
108‌
American
Electric
Power
Co
Inc
2.30%,
03/01/2030
160‌
142‌
5.63%,
03/01/2033
(d)
155‌
159‌
Appalachian
Power
Co
3.30%,
06/01/2027
200‌
195‌
7.00%,
04/01/2038
120‌
133‌
Arizona
Public
Service
Co
2.60%,
08/15/2029
270‌
248‌
2.65%,
09/15/2050
170‌
101‌
4.50%,
04/01/2042
77‌
66‌
Baltimore
Gas
and
Electric
Co
2.25%,
06/15/2031
190‌
165‌
4.55%,
06/01/2052
60‌
51‌
5.65%,
06/01/2054
150‌
147‌
Berkshire
Hathaway
Energy
Co
1.65%,
05/15/2031
135‌
113‌
2.85%,
05/15/2051
180‌
110‌
3.80%,
07/15/2048
150‌
113‌
4.60%,
05/01/2053
195‌
163‌
5.15%,
11/15/2043
15‌
14‌
6.13%,
04/01/2036
156‌
166‌
CenterPoint
Energy
Houston
Electric
LLC
3.35%,
04/01/2051
190‌
132‌
4.25%,
02/01/2049
150‌
121‌
4.85%,
10/01/2052
80‌
71‌
4.95%,
04/01/2033
155‌
154‌
5.20%,
10/01/2028
150‌
154‌
Schedule
of
Investments
Bond
Market
Index
Account
March
31,
2025
(unaudited)
See
accompanying
notes.
16
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Electric
(continued)
CenterPoint
Energy
Inc
1.45%,
06/01/2026
$
195‌
$
188‌
2.95%,
03/01/2030
125‌
114‌
3.70%,
09/01/2049
90‌
64‌
CMS
Energy
Corp
3.75%,
12/01/2050
(e)
180‌
158‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.90%
Commonwealth
Edison
Co
3.00%,
03/01/2050
160‌
104‌
3.13%,
03/15/2051
190‌
125‌
5.30%,
06/01/2034
150‌
152‌
5.30%,
02/01/2053
150‌
142‌
5.65%,
06/01/2054
150‌
148‌
Connecticut
Light
and
Power
Co/The
2.05%,
07/01/2031
190‌
162‌
3.20%,
03/15/2027
165‌
162‌
4.00%,
04/01/2048
250‌
198‌
4.95%,
01/15/2030
130‌
132‌
Consolidated
Edison
Co
of
New
York
Inc
2.40%,
06/15/2031
195‌
172‌
3.00%,
12/01/2060
180‌
107‌
3.70%,
11/15/2059
80‌
56‌
3.88%,
06/15/2047
325‌
250‌
4.20%,
03/15/2042
128‌
108‌
4.30%,
12/01/2056
230‌
182‌
5.20%,
03/01/2033
150‌
152‌
5.85%,
03/15/2036
51‌
54‌
6.15%,
11/15/2052
155‌
163‌
6.75%,
04/01/2038
125‌
141‌
Consumers
Energy
Co
3.10%,
08/15/2050
245‌
165‌
4.20%,
09/01/2052
175‌
142‌
4.60%,
05/30/2029
155‌
155‌
4.90%,
02/15/2029
155‌
157‌
Dominion
Energy
Inc
1.45%,
04/15/2026
190‌
184‌
3.30%,
04/15/2041
190‌
140‌
3.38%,
04/01/2030
155‌
145‌
4.70%,
12/01/2044
100‌
86‌
4.90%,
08/01/2041
77‌
69‌
5.38%,
11/15/2032
105‌
106‌
5.45%,
03/15/2035
120‌
120‌
5.95%,
06/15/2035
400‌
417‌
DTE
Electric
Co
1.90%,
04/01/2028
435‌
406‌
2.25%,
03/01/2030
160‌
143‌
2.63%,
03/01/2031
155‌
139‌
3.95%,
03/01/2049
125‌
99‌
5.20%,
03/01/2034
155‌
156‌
5.40%,
04/01/2053
155‌
152‌
DTE
Energy
Co
4.88%,
06/01/2028
100‌
101‌
5.20%,
04/01/2030
125‌
127‌
Duke
Energy
Carolinas
LLC
4.00%,
09/30/2042
100‌
82‌
4.95%,
01/15/2033
150‌
150‌
5.25%,
03/15/2035
130‌
132‌
5.30%,
02/15/2040
212‌
211‌
5.35%,
01/15/2053
150‌
143‌
5.40%,
01/15/2054
155‌
149‌
Duke
Energy
Corp
3.15%,
08/15/2027
15‌
15‌
3.30%,
06/15/2041
190‌
141‌
3.50%,
06/15/2051
190‌
129‌
3.75%,
09/01/2046
200‌
147‌
4.50%,
08/15/2032
175‌
169‌
4.85%,
01/05/2029
155‌
156‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Electric
(continued)
Duke
Energy
Corp
(continued)
5.00%,
08/15/2052
$
175‌
$
153‌
5.45%,
06/15/2034
150‌
152‌
5.80%,
06/15/2054
150‌
147‌
6.10%,
09/15/2053
150‌
153‌
Duke
Energy
Florida
LLC
1.75%,
06/15/2030
160‌
138‌
2.50%,
12/01/2029
330‌
302‌
3.40%,
10/01/2046
150‌
107‌
5.65%,
04/01/2040
25‌
26‌
5.88%,
11/15/2033
150‌
158‌
5.95%,
11/15/2052
155‌
158‌
6.40%,
06/15/2038
66‌
72‌
Duke
Energy
Indiana
LLC
2.75%,
04/01/2050
160‌
98‌
5.40%,
04/01/2053
155‌
147‌
6.12%,
10/15/2035
77‌
82‌
Duke
Energy
Ohio
Inc
2.13%,
06/01/2030
160‌
142‌
Duke
Energy
Progress
LLC
2.50%,
08/15/2050
165‌
97‌
5.55%,
03/15/2055
120‌
117‌
Emera
US
Finance
LP
3.55%,
06/15/2026
25‌
25‌
4.75%,
06/15/2046
25‌
21‌
Entergy
Arkansas
LLC
2.65%,
06/15/2051
170‌
100‌
5.15%,
01/15/2033
150‌
152‌
Entergy
Corp
1.90%,
06/15/2028
115‌
106‌
2.40%,
06/15/2031
190‌
164‌
Entergy
Louisiana
LLC
2.90%,
03/15/2051
90‌
56‌
3.10%,
06/15/2041
190‌
139‌
4.75%,
09/15/2052
105‌
91‌
5.15%,
09/15/2034
70‌
70‌
5.80%,
03/15/2055
130‌
129‌
Entergy
Texas
Inc
1.75%,
03/15/2031
165‌
140‌
4.00%,
03/30/2029
150‌
147‌
4.50%,
03/30/2039
300‌
272‌
Evergy
Kansas
Central
Inc
5.25%,
03/15/2035
100‌
100‌
5.70%,
03/15/2053
155‌
154‌
Eversource
Energy
1.65%,
08/15/2030
165‌
140‌
5.00%,
01/01/2027
155‌
156‌
5.13%,
05/15/2033
150‌
148‌
Exelon
Corp
3.35%,
03/15/2032
195‌
176‌
4.45%,
04/15/2046
20‌
17‌
5.13%,
03/15/2031
100‌
101‌
5.15%,
03/15/2029
155‌
158‌
5.63%,
06/15/2035
300‌
305‌
6.50%,
03/15/2055
(e)
55‌
55‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
1.98%
Florida
Power
&
Light
Co
2.45%,
02/03/2032
200‌
173‌
2.88%,
12/04/2051
195‌
124‌
3.70%,
12/01/2047
200‌
152‌
4.05%,
10/01/2044
175‌
144‌
4.40%,
05/15/2028
150‌
150‌
4.80%,
05/15/2033
110‌
109‌
5.10%,
04/01/2033
155‌
157‌
5.30%,
06/15/2034
150‌
153‌
5.60%,
06/15/2054
150‌
151‌
5.69%,
03/01/2040
48‌
50‌
Schedule
of
Investments
Bond
Market
Index
Account
March
31,
2025
(unaudited)
See
accompanying
notes.
17
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Electric
(continued)
Florida
Power
&
Light
Co
(continued)
5.70%,
03/15/2055
$
125‌
$
128‌
Georgia
Power
Co
4.30%,
03/15/2042
228‌
196‌
4.55%,
03/15/2030
130‌
130‌
4.65%,
05/16/2028
150‌
151‌
4.70%,
05/15/2032
185‌
183‌
Iberdrola
International
BV
6.75%,
07/15/2036
128‌
144‌
Interstate
Power
and
Light
Co
2.30%,
06/01/2030
40‌
35‌
4.10%,
09/26/2028
300‌
295‌
Kentucky
Utilities
Co
3.30%,
06/01/2050
155‌
105‌
MidAmerican
Energy
Co
3.15%,
04/15/2050
165‌
111‌
3.65%,
04/15/2029
300‌
291‌
4.25%,
07/15/2049
300‌
244‌
5.30%,
02/01/2055
150‌
142‌
Mississippi
Power
Co
4.25%,
03/15/2042
100‌
85‌
National
Rural
Utilities
Cooperative
Finance
Corp
1.00%,
06/15/2026
190‌
182‌
2.40%,
03/15/2030
105‌
95‌
4.12%,
09/16/2027
135‌
134‌
4.15%,
12/15/2032
175‌
165‌
4.80%,
03/15/2028
115‌
116‌
5.00%,
02/07/2031
150‌
153‌
5.15%,
06/15/2029
150‌
153‌
Nevada
Power
Co
2.40%,
05/01/2030
200‌
180‌
NextEra
Energy
Capital
Holdings
Inc
1.90%,
06/15/2028
195‌
180‌
2.25%,
06/01/2030
225‌
199‌
2.75%,
11/01/2029
115‌
106‌
4.90%,
02/28/2028
150‌
151‌
4.90%,
03/15/2029
155‌
156‌
5.00%,
07/15/2032
175‌
175‌
5.05%,
03/15/2030
125‌
127‌
5.25%,
03/15/2034
155‌
155‌
5.25%,
02/28/2053
150‌
138‌
5.45%,
03/15/2035
125‌
126‌
5.65%,
05/01/2079
(e)
250‌
245‌
3
Month
USD
LIBOR
+
3.16%
5.90%,
03/15/2055
125‌
125‌
6.50%,
08/15/2055
(e)
255‌
260‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
1.98%
Northern
States
Power
Co/MN
2.25%,
04/01/2031
190‌
166‌
2.60%,
06/01/2051
100‌
60‌
2.90%,
03/01/2050
80‌
52‌
3.40%,
08/15/2042
100‌
76‌
5.10%,
05/15/2053
150‌
139‌
5.35%,
11/01/2039
82‌
82‌
NorthWestern
Corp
4.18%,
11/15/2044
300‌
246‌
NSTAR
Electric
Co
4.55%,
06/01/2052
185‌
156‌
4.95%,
09/15/2052
80‌
72‌
5.20%,
03/01/2035
125‌
125‌
5.40%,
06/01/2034
150‌
153‌
Ohio
Power
Co
1.63%,
01/15/2031
150‌
125‌
Oncor
Electric
Delivery
Co
LLC
3.10%,
09/15/2049
215‌
141‌
4.15%,
06/01/2032
185‌
176‌
4.30%,
05/15/2028
250‌
249‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Electric
(continued)
Oncor
Electric
Delivery
Co
LLC
(continued)
4.50%,
03/20/2027
(i)
$
120‌
$
120‌
4.55%,
09/15/2032
115‌
112‌
4.60%,
06/01/2052
185‌
156‌
4.65%,
11/01/2029
135‌
135‌
5.25%,
09/30/2040
51‌
50‌
5.55%,
06/15/2054
130‌
127‌
Pacific
Gas
and
Electric
Co
2.10%,
08/01/2027
500‌
469‌
2.50%,
02/01/2031
320‌
275‌
3.30%,
08/01/2040
160‌
118‌
3.50%,
08/01/2050
615‌
409‌
4.20%,
06/01/2041
190‌
151‌
5.70%,
03/01/2035
125‌
125‌
5.80%,
05/15/2034
155‌
156‌
5.90%,
06/15/2032
150‌
153‌
5.90%,
10/01/2054
135‌
128‌
6.10%,
01/15/2029
150‌
155‌
6.75%,
01/15/2053
150‌
157‌
PacifiCorp
2.90%,
06/15/2052
190‌
114‌
5.30%,
02/15/2031
310‌
316‌
5.35%,
12/01/2053
155‌
142‌
5.50%,
05/15/2054
150‌
141‌
6.25%,
10/15/2037
92‌
97‌
PECO
Energy
Co
2.80%,
06/15/2050
225‌
142‌
2.85%,
09/15/2051
175‌
109‌
4.38%,
08/15/2052
115‌
94‌
4.60%,
05/15/2052
55‌
47‌
4.90%,
06/15/2033
150‌
149‌
PPL
Electric
Utilities
Corp
3.00%,
10/01/2049
80‌
53‌
3.95%,
06/01/2047
300‌
240‌
4.85%,
02/15/2034
80‌
79‌
5.00%,
05/15/2033
155‌
155‌
Progress
Energy
Inc
7.75%,
03/01/2031
136‌
155‌
Public
Service
Co
of
Colorado
1.88%,
06/15/2031
155‌
131‌
2.70%,
01/15/2051
250‌
149‌
4.50%,
06/01/2052
60‌
50‌
5.25%,
04/01/2053
110‌
102‌
5.35%,
05/15/2034
105‌
106‌
5.85%,
05/15/2055
100‌
99‌
Public
Service
Co
of
Oklahoma
5.20%,
01/15/2035
80‌
79‌
5.25%,
01/15/2033
150‌
150‌
Public
Service
Electric
and
Gas
Co
2.05%,
08/01/2050
165‌
88‌
3.00%,
05/15/2027
200‌
195‌
3.15%,
01/01/2050
160‌
109‌
3.65%,
09/01/2042
200‌
157‌
4.65%,
03/15/2033
155‌
153‌
4.85%,
08/01/2034
70‌
69‌
5.30%,
08/01/2054
70‌
67‌
5.45%,
08/01/2053
155‌
152‌
Public
Service
Enterprise
Group
Inc
4.90%,
03/15/2030
60‌
60‌
5.88%,
10/15/2028
150‌
156‌
6.13%,
10/15/2033
150‌
158‌
Puget
Sound
Energy
Inc
2.89%,
09/15/2051
170‌
106‌
3.25%,
09/15/2049
60‌
41‌
5.80%,
03/15/2040
151‌
155‌
Schedule
of
Investments
Bond
Market
Index
Account
March
31,
2025
(unaudited)
See
accompanying
notes.
18
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Electric
(continued)
San
Diego
Gas
&
Electric
Co
1.70%,
10/01/2030
$
170‌
$
145‌
3.32%,
04/15/2050
155‌
105‌
3.70%,
03/15/2052
195‌
141‌
Sempra
3.80%,
02/01/2038
300‌
247‌
4.00%,
02/01/2048
200‌
149‌
6.00%,
10/15/2039
112‌
113‌
6.55%,
04/01/2055
(e)
370‌
352‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.14%
Southern
California
Edison
Co
2.25%,
06/01/2030
160‌
140‌
2.85%,
08/01/2029
125‌
115‌
3.45%,
02/01/2052
200‌
132‌
3.65%,
02/01/2050
315‌
218‌
4.00%,
04/01/2047
225‌
168‌
4.70%,
06/01/2027
185‌
185‌
4.88%,
02/01/2027
155‌
156‌
5.30%,
03/01/2028
155‌
157‌
5.45%,
06/01/2031
75‌
76‌
5.45%,
03/01/2035
(d)
130‌
129‌
5.50%,
03/15/2040
102‌
97‌
5.65%,
10/01/2028
150‌
154‌
5.70%,
03/01/2053
155‌
145‌
5.85%,
11/01/2027
155‌
159‌
5.90%,
03/01/2055
95‌
91‌
5.95%,
02/01/2038
187‌
188‌
Southern
Co/The
1.75%,
03/15/2028
190‌
175‌
3.25%,
07/01/2026
285‌
280‌
3.75%,
09/15/2051
(e)
435‌
423‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.92%
5.20%,
06/15/2033
150‌
150‌
5.50%,
03/15/2029
150‌
155‌
5.70%,
10/15/2032
60‌
62‌
Southwestern
Electric
Power
Co
4.10%,
09/15/2028
200‌
197‌
6.20%,
03/15/2040
51‌
54‌
Southwestern
Public
Service
Co
6.00%,
06/01/2054
80‌
81‌
Tampa
Electric
Co
3.45%,
03/15/2051
185‌
129‌
4.35%,
05/15/2044
200‌
169‌
Tucson
Electric
Power
Co
1.50%,
08/01/2030
255‌
215‌
3.25%,
05/01/2051
195‌
129‌
Union
Electric
Co
2.15%,
03/15/2032
190‌
159‌
2.63%,
03/15/2051
165‌
98‌
5.45%,
03/15/2053
155‌
150‌
Virginia
Electric
and
Power
Co
2.30%,
11/15/2031
195‌
168‌
2.45%,
12/15/2050
90‌
51‌
2.95%,
11/15/2051
190‌
118‌
3.75%,
05/15/2027
115‌
113‌
4.20%,
05/15/2045
150‌
124‌
5.05%,
08/15/2034
40‌
40‌
5.45%,
04/01/2053
125‌
120‌
5.55%,
08/15/2054
40‌
39‌
6.00%,
05/15/2037
77‌
81‌
8.88%,
11/15/2038
10‌
13‌
WEC
Energy
Group
Inc
1.38%,
10/15/2027
165‌
153‌
2.20%,
12/15/2028
200‌
184‌
Wisconsin
Electric
Power
Co
4.75%,
09/30/2032
120‌
119‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Electric
(continued)
Wisconsin
Public
Service
Corp
2.85%,
12/01/2051
$
195‌
$
122‌
4.55%,
12/01/2029
80‌
80‌
Xcel
Energy
Inc
1.75%,
03/15/2027
140‌
133‌
2.60%,
12/01/2029
115‌
104‌
4.60%,
06/01/2032
110‌
106‌
4.75%,
03/21/2028
120‌
120‌
$
42,880‌
Electrical
Components
&
Equipment
-
0
.03
%
Emerson
Electric
Co
0.88%,
10/15/2026
275‌
261‌
2.20%,
12/21/2031
400‌
345‌
$
606‌
Electronics
-
0
.13
%
Amphenol
Corp
5.00%,
01/15/2035
265‌
265‌
5.05%,
04/05/2027
265‌
269‌
Fortive
Corp
3.15%,
06/15/2026
275‌
270‌
Honeywell
International
Inc
1.10%,
03/01/2027
190‌
179‌
1.75%,
09/01/2031
190‌
159‌
1.95%,
06/01/2030
310‌
273‌
2.50%,
11/01/2026
50‌
49‌
2.70%,
08/15/2029
85‌
79‌
4.25%,
01/15/2029
150‌
149‌
4.70%,
02/01/2030
280‌
281‌
5.00%,
02/15/2033
155‌
156‌
5.00%,
03/01/2035
155‌
154‌
5.25%,
03/01/2054
155‌
147‌
Jabil
Inc
1.70%,
04/15/2026
190‌
185‌
Tyco
Electronics
Group
SA
7.13%,
10/01/2037
14‌
16‌
$
2,631‌
Entertainment
-
0
.09
%
Warnermedia
Holdings
Inc
3.76%,
03/15/2027
395‌
385‌
4.05%,
03/15/2029
195‌
184‌
4.28%,
03/15/2032
290‌
255‌
5.05%,
03/15/2042
395‌
316‌
5.14%,
03/15/2052
295‌
215‌
5.39%,
03/15/2062
635‌
460‌
$
1,815‌
Environmental
Control
-
0
.12
%
Republic
Services
Inc
1.75%,
02/15/2032
90‌
74‌
2.30%,
03/01/2030
170‌
153‌
5.00%,
11/15/2029
150‌
152‌
5.00%,
04/01/2034
305‌
304‌
5.15%,
03/15/2035
60‌
60‌
Waste
Connections
Inc
2.20%,
01/15/2032
385‌
326‌
4.20%,
01/15/2033
345‌
328‌
Waste
Management
Inc
2.00%,
06/01/2029
100‌
91‌
4.15%,
04/15/2032
95‌
92‌
4.63%,
02/15/2033
150‌
148‌
4.65%,
03/15/2030
135‌
136‌
4.88%,
02/15/2029
155‌
158‌
4.95%,
07/03/2031
150‌
153‌
4.95%,
03/15/2035
135‌
134‌
5.35%,
10/15/2054
135‌
132‌
$
2,441‌
Schedule
of
Investments
Bond
Market
Index
Account
March
31,
2025
(unaudited)
See
accompanying
notes.
19
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Federal
&
Federally
Sponsored
Credit
-
0
.05
%
Federal
Farm
Credit
Banks
Funding
Corp
4.38%,
06/23/2026
$
445‌
$
447‌
4.50%,
08/14/2026
605‌
609‌
$
1,056‌
Finance
-
Mortgage
Loan/Banker
-
0
.31
%
Fannie
Mae
0.75%,
10/08/2027
500‌
463‌
0.88%,
08/05/2030
380‌
322‌
2.13%,
04/24/2026
410‌
402‌
5.63%,
07/15/2037
200‌
220‌
6.63%,
11/15/2030
302‌
340‌
7.13%,
01/15/2030
199‌
225‌
7.25%,
05/15/2030
280‌
321‌
Federal
Home
Loan
Banks
3.25%,
11/16/2028
500‌
489‌
3.63%,
09/04/2026
275‌
274‌
4.00%,
10/09/2026
265‌
265‌
4.00%,
03/10/2027
120‌
120‌
4.00%,
06/30/2028
295‌
296‌
4.13%,
01/15/2027
305‌
306‌
4.63%,
11/17/2026
300‌
303‌
4.75%,
04/09/2027
455‌
462‌
5.50%,
07/15/2036
500‌
544‌
Freddie
Mac
6.25%,
07/15/2032
231‌
261‌
6.75%,
03/15/2031
577‌
657‌
$
6,270‌
Food
-
0
.38
%
Conagra
Brands
Inc
1.38%,
11/01/2027
125‌
115‌
4.85%,
11/01/2028
205‌
206‌
5.30%,
11/01/2038
120‌
114‌
5.40%,
11/01/2048
120‌
109‌
General
Mills
Inc
2.25%,
10/14/2031
170‌
145‌
4.88%,
01/30/2030
135‌
136‌
4.95%,
03/29/2033
155‌
153‌
5.50%,
10/17/2028
145‌
149‌
Hershey
Co/The
1.70%,
06/01/2030
160‌
139‌
3.38%,
08/15/2046
350‌
258‌
J
M
Smucker
Co/The
2.13%,
03/15/2032
59‌
49‌
5.90%,
11/15/2028
130‌
136‌
6.50%,
11/15/2043
265‌
285‌
JBS
USA
Holding
Lux
Sarl/
JBS
USA
Food
Co/
JBS
Lux
Co
Sarl
5.13%,
02/01/2028
325‌
328‌
5.75%,
04/01/2033
236‌
240‌
6.50%,
12/01/2052
325‌
337‌
6.75%,
03/15/2034
140‌
151‌
JBS
USA
LUX
Sarl
/
JBS
USA
Food
Co
/
JBS
USA
Foods
Group
6.38%,
02/25/2055
(i)
130‌
133‌
Kellanova
2.10%,
06/01/2030
160‌
142‌
3.25%,
04/01/2026
500‌
495‌
Koninklijke
Ahold
Delhaize
NV
5.70%,
10/01/2040
30‌
31‌
Kroger
Co/The
1.70%,
01/15/2031
190‌
160‌
3.70%,
08/01/2027
150‌
148‌
3.95%,
01/15/2050
175‌
133‌
4.45%,
02/01/2047
55‌
46‌
5.00%,
09/15/2034
210‌
205‌
5.15%,
08/01/2043
150‌
139‌
5.40%,
07/15/2040
25‌
25‌
5.50%,
09/15/2054
210‌
198‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Food
(continued)
Kroger
Co/The
(continued)
5.65%,
09/15/2064
$
140‌
$
132‌
McCormick
&
Co
Inc/MD
1.85%,
02/15/2031
190‌
161‌
Mondelez
International
Inc
1.50%,
02/04/2031
105‌
88‌
2.63%,
03/17/2027
195‌
188‌
2.63%,
09/04/2050
625‌
371‌
4.75%,
08/28/2034
70‌
69‌
Sysco
Corp
2.40%,
02/15/2030
135‌
121‌
2.45%,
12/14/2031
115‌
99‌
4.50%,
04/01/2046
150‌
126‌
4.85%,
10/01/2045
250‌
221‌
5.38%,
09/21/2035
300‌
304‌
5.40%,
03/23/2035
125‌
126‌
5.75%,
01/17/2029
150‌
156‌
The
Campbell's
Company
4.15%,
03/15/2028
160‌
158‌
Tyson
Foods
Inc
4.55%,
06/02/2047
520‌
436‌
$
7,661‌
Forest
Products
&
Paper
-
0
.03
%
Georgia-Pacific
LLC
7.75%,
11/15/2029
51‌
58‌
International
Paper
Co
4.80%,
06/15/2044
223‌
195‌
Suzano
Austria
GmbH
2.50%,
09/15/2028
90‌
82‌
5.00%,
01/15/2030
300‌
293‌
$
628‌
Gas
-
0
.13
%
Atmos
Energy
Corp
1.50%,
01/15/2031
165‌
138‌
3.38%,
09/15/2049
165‌
115‌
4.13%,
10/15/2044
200‌
166‌
5.75%,
10/15/2052
105‌
105‌
5.90%,
11/15/2033
150‌
159‌
6.20%,
11/15/2053
110‌
118‌
CenterPoint
Energy
Resources
Corp
1.75%,
10/01/2030
165‌
141‌
4.40%,
07/01/2032
175‌
168‌
5.25%,
03/01/2028
150‌
153‌
NiSource
Inc
3.49%,
05/15/2027
20‌
20‌
3.60%,
05/01/2030
150‌
142‌
5.00%,
06/15/2052
355‌
315‌
5.25%,
03/30/2028
60‌
61‌
5.40%,
06/30/2033
150‌
151‌
Southern
California
Gas
Co
2.55%,
02/01/2030
160‌
145‌
5.05%,
09/01/2034
70‌
69‌
5.75%,
06/01/2053
150‌
147‌
Southern
Co
Gas
Capital
Corp
1.75%,
01/15/2031
165‌
139‌
3.15%,
09/30/2051
195‌
124‌
Washington
Gas
Light
Co
3.65%,
09/15/2049
95‌
70‌
$
2,646‌
Hand
&
Machine
Tools
-
0
.02
%
Stanley
Black
&
Decker
Inc
2.30%,
03/15/2030
370‌
328‌
2.75%,
11/15/2050
175‌
100‌
$
428‌
Schedule
of
Investments
Bond
Market
Index
Account
March
31,
2025
(unaudited)
See
accompanying
notes.
20
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Healthcare
-
Products
-
0
.27
%
Abbott
Laboratories
3.75%,
11/30/2026
$
166‌
$
165‌
4.75%,
11/30/2036
40‌
39‌
4.90%,
11/30/2046
300‌
284‌
5.30%,
05/27/2040
200‌
204‌
Agilent
Technologies
Inc
2.10%,
06/04/2030
160‌
141‌
2.30%,
03/12/2031
195‌
169‌
Baxter
International
Inc
1.73%,
04/01/2031
175‌
146‌
1.92%,
02/01/2027
395‌
377‌
2.27%,
12/01/2028
195‌
179‌
Boston
Scientific
Corp
2.65%,
06/01/2030
160‌
146‌
4.70%,
03/01/2049
17‌
15‌
7.38%,
01/15/2040
51‌
62‌
Danaher
Corp
2.60%,
10/01/2050
165‌
100‌
DH
Europe
Finance
II
Sarl
2.60%,
11/15/2029
155‌
143‌
3.25%,
11/15/2039
155‌
123‌
GE
HealthCare
Technologies
Inc
5.65%,
11/15/2027
155‌
159‌
5.86%,
03/15/2030
155‌
162‌
5.91%,
11/22/2032
155‌
164‌
6.38%,
11/22/2052
155‌
168‌
Koninklijke
Philips
NV
5.00%,
03/15/2042
128‌
118‌
Medtronic
Global
Holdings
SCA
4.25%,
03/30/2028
155‌
155‌
Medtronic
Inc
4.38%,
03/15/2035
335‌
322‌
Revvity
Inc
1.90%,
09/15/2028
155‌
141‌
Stryker
Corp
4.10%,
04/01/2043
200‌
167‌
4.63%,
03/15/2046
20‌
18‌
4.70%,
02/10/2028
125‌
126‌
4.85%,
12/08/2028
155‌
157‌
5.20%,
02/10/2035
125‌
126‌
Thermo
Fisher
Scientific
Inc
2.00%,
10/15/2031
190‌
163‌
2.60%,
10/01/2029
160‌
148‌
2.80%,
10/15/2041
250‌
179‌
4.80%,
11/21/2027
155‌
157‌
5.09%,
08/10/2033
350‌
355‌
5.40%,
08/10/2043
150‌
150‌
$
5,428‌
Healthcare
-
Services
-
0
.80
%
Aetna
Inc
6.63%,
06/15/2036
105‌
112‌
6.75%,
12/15/2037
112‌
120‌
Baylor
Scott
&
White
Holdings
3.97%,
11/15/2046
232‌
187‌
Centene
Corp
4.63%,
12/15/2029
500‌
479‌
Children's
Hospital
Medical
Center/Cincinnati
OH
4.27%,
05/15/2044
215‌
189‌
Cigna
Group/The
2.40%,
03/15/2030
398‌
357‌
3.20%,
03/15/2040
160‌
121‌
3.40%,
03/15/2051
185‌
124‌
4.38%,
10/15/2028
450‌
447‌
4.80%,
08/15/2038
400‌
374‌
4.80%,
07/15/2046
25‌
22‌
4.90%,
12/15/2048
360‌
313‌
5.13%,
05/15/2031
310‌
315‌
5.60%,
02/15/2054
155‌
147‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Healthcare
-
Services
(continued)
Cigna
Group/The
(continued)
6.13%,
11/15/2041
$
16‌
$
16‌
CommonSpirit
Health
4.35%,
11/01/2042
200‌
168‌
Elevance
Health
Inc
2.88%,
09/15/2029
120‌
111‌
3.13%,
05/15/2050
300‌
195‌
3.60%,
03/15/2051
190‌
135‌
3.65%,
12/01/2027
150‌
147‌
4.38%,
12/01/2047
150‌
123‌
4.63%,
05/15/2042
30‌
26‌
4.65%,
01/15/2043
115‌
101‌
4.75%,
02/15/2030
135‌
136‌
4.75%,
02/15/2033
150‌
147‌
5.20%,
02/15/2035
200‌
201‌
5.38%,
06/15/2034
150‌
152‌
5.65%,
06/15/2054
150‌
145‌
5.70%,
02/15/2055
135‌
132‌
6.10%,
10/15/2052
150‌
153‌
HCA
Inc
2.38%,
07/15/2031
190‌
162‌
3.38%,
03/15/2029
390‌
369‌
3.50%,
07/15/2051
190‌
125‌
4.38%,
03/15/2042
195‌
161‌
4.50%,
02/15/2027
520‌
518‌
5.00%,
03/01/2028
125‌
126‌
5.20%,
06/01/2028
150‌
152‌
5.25%,
06/15/2026
300‌
301‌
5.45%,
04/01/2031
145‌
147‌
5.45%,
09/15/2034
140‌
139‌
5.50%,
03/01/2032
125‌
126‌
5.50%,
06/01/2033
150‌
151‌
5.60%,
04/01/2034
155‌
156‌
5.75%,
03/01/2035
125‌
126‌
5.95%,
09/15/2054
140‌
134‌
6.00%,
04/01/2054
225‌
218‌
Humana
Inc
1.35%,
02/03/2027
190‌
179‌
2.15%,
02/03/2032
190‌
156‌
3.13%,
08/15/2029
85‌
79‌
4.95%,
10/01/2044
325‌
280‌
5.50%,
03/15/2053
155‌
139‌
5.55%,
05/01/2035
110‌
109‌
Kaiser
Foundation
Hospitals
3.27%,
11/01/2049
230‌
161‌
4.15%,
05/01/2047
470‌
391‌
Laboratory
Corp
of
America
Holdings
2.95%,
12/01/2029
310‌
287‌
4.70%,
02/01/2045
115‌
100‌
Mass
General
Brigham
Inc
3.19%,
07/01/2049
315‌
217‌
Memorial
Sloan-Kettering
Cancer
Center
4.13%,
07/01/2052
200‌
161‌
Mount
Sinai
Hospital/The
3.98%,
07/01/2048
400‌
294‌
Quest
Diagnostics
Inc
2.95%,
06/30/2030
155‌
142‌
4.60%,
12/15/2027
85‌
85‌
5.00%,
12/15/2034
85‌
84‌
UnitedHealth
Group
Inc
2.75%,
05/15/2040
160‌
116‌
2.90%,
05/15/2050
160‌
101‌
3.05%,
05/15/2041
195‌
144‌
3.25%,
05/15/2051
120‌
80‌
3.45%,
01/15/2027
110‌
109‌
3.50%,
08/15/2039
200‌
163‌
3.70%,
05/15/2027
185‌
183‌
3.70%,
08/15/2049
175‌
129‌
Schedule
of
Investments
Bond
Market
Index
Account
March
31,
2025
(unaudited)
See
accompanying
notes.
21
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Healthcare
-
Services
(continued)
UnitedHealth
Group
Inc
(continued)
4.25%,
01/15/2029
$
305‌
$
303‌
4.25%,
06/15/2048
165‌
134‌
4.45%,
12/15/2048
120‌
100‌
4.60%,
04/15/2027
135‌
136‌
4.63%,
07/15/2035
30‌
29‌
4.70%,
04/15/2029
70‌
71‌
4.75%,
07/15/2026
165‌
166‌
4.75%,
07/15/2045
350‌
313‌
4.75%,
05/15/2052
185‌
160‌
4.80%,
01/15/2030
165‌
167‌
4.95%,
01/15/2032
165‌
166‌
5.00%,
04/15/2034
135‌
134‌
5.15%,
07/15/2034
165‌
166‌
5.20%,
04/15/2063
305‌
276‌
5.25%,
02/15/2028
295‌
302‌
5.35%,
02/15/2033
145‌
149‌
5.50%,
07/15/2044
165‌
162‌
5.50%,
04/15/2064
135‌
128‌
5.63%,
07/15/2054
165‌
162‌
5.88%,
02/15/2053
295‌
299‌
6.50%,
06/15/2037
77‌
85‌
$
16,003‌
Home
Builders
-
0
.02
%
DR
Horton
Inc
1.30%,
10/15/2026
190‌
181‌
1.40%,
10/15/2027
165‌
153‌
$
334‌
Insurance
-
0
.62
%
Allstate
Corp/The
1.45%,
12/15/2030
160‌
134‌
3.28%,
12/15/2026
250‌
245‌
5.25%,
03/30/2033
125‌
127‌
American
International
Group
Inc
5.13%,
03/27/2033
450‌
451‌
Aon
Corp
2.80%,
05/15/2030
160‌
146‌
Aon
Corp
/
Aon
Global
Holdings
PLC
2.60%,
12/02/2031
120‌
104‌
2.85%,
05/28/2027
95‌
92‌
2.90%,
08/23/2051
195‌
120‌
5.00%,
09/12/2032
90‌
90‌
5.35%,
02/28/2033
155‌
158‌
Aon
North
America
Inc
5.13%,
03/01/2027
155‌
157‌
5.15%,
03/01/2029
230‌
234‌
5.45%,
03/01/2034
155‌
158‌
5.75%,
03/01/2054
75‌
74‌
Arch
Capital
Finance
LLC
5.03%,
12/15/2046
250‌
227‌
Arch
Capital
Group
US
Inc
5.14%,
11/01/2043
375‌
349‌
Arthur
J
Gallagher
&
Co
4.60%,
12/15/2027
130‌
130‌
4.85%,
12/15/2029
65‌
65‌
5.15%,
02/15/2035
260‌
258‌
5.55%,
02/15/2055
130‌
125‌
Athene
Holding
Ltd
4.13%,
01/12/2028
500‌
493‌
6.25%,
04/01/2054
150‌
150‌
Berkshire
Hathaway
Finance
Corp
2.50%,
01/15/2051
190‌
113‌
2.85%,
10/15/2050
125‌
80‌
4.20%,
08/15/2048
285‌
238‌
4.25%,
01/15/2049
200‌
169‌
Berkshire
Hathaway
Inc
4.50%,
02/11/2043
(d)
25‌
23‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Insurance
(continued)
Chubb
Corp/The
6.50%,
05/15/2038
$
10‌
$
11‌
Chubb
INA
Holdings
LLC
3.35%,
05/03/2026
30‌
30‌
4.35%,
11/03/2045
25‌
21‌
4.65%,
08/15/2029
70‌
71‌
5.00%,
03/15/2034
70‌
70‌
6.70%,
05/15/2036
250‌
281‌
Corebridge
Financial
Inc
3.85%,
04/05/2029
200‌
193‌
3.90%,
04/05/2032
200‌
185‌
6.05%,
09/15/2033
150‌
157‌
Equitable
Holdings
Inc
4.35%,
04/20/2028
605‌
600‌
Hartford
Insurance
Group
Inc/The
2.90%,
09/15/2051
165‌
104‌
3.60%,
08/19/2049
170‌
125‌
4.30%,
04/15/2043
125‌
107‌
Lincoln
National
Corp
4.35%,
03/01/2048
55‌
44‌
7.00%,
06/15/2040
47‌
53‌
Loews
Corp
4.13%,
05/15/2043
200‌
168‌
Manulife
Financial
Corp
5.38%,
03/04/2046
250‌
244‌
Markel
Group
Inc
3.45%,
05/07/2052
250‌
169‌
Marsh
&
McLennan
Cos
Inc
4.38%,
03/15/2029
50‌
50‌
4.55%,
11/08/2027
135‌
136‌
4.85%,
11/15/2031
135‌
135‌
4.90%,
03/15/2049
100‌
91‌
5.00%,
03/15/2035
270‌
267‌
5.40%,
09/15/2033
150‌
154‌
5.40%,
03/15/2055
135‌
130‌
5.70%,
09/15/2053
75‌
76‌
6.25%,
11/01/2052
150‌
161‌
MetLife
Inc
4.05%,
03/01/2045
200‌
162‌
4.60%,
05/13/2046
110‌
96‌
4.88%,
11/13/2043
20‌
18‌
5.25%,
01/15/2054
150‌
142‌
5.30%,
12/15/2034
150‌
152‌
5.70%,
06/15/2035
164‌
172‌
6.40%,
12/15/2066
288‌
292‌
Progressive
Corp/The
3.20%,
03/26/2030
160‌
150‌
3.70%,
03/15/2052
165‌
123‌
4.35%,
04/25/2044
200‌
172‌
Prudential
Financial
Inc
3.70%,
10/01/2050
(e)
165‌
149‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.04%
3.70%,
03/13/2051
630‌
464‌
3.91%,
12/07/2047
177‌
136‌
5.20%,
03/14/2035
125‌
125‌
5.70%,
12/14/2036
25‌
26‌
5.70%,
09/15/2048
(e)
200‌
201‌
3
Month
USD
LIBOR
+
2.67%
Travelers
Cos
Inc/The
3.05%,
06/08/2051
95‌
63‌
4.00%,
05/30/2047
200‌
162‌
5.45%,
05/25/2053
185‌
182‌
6.25%,
06/15/2037
12‌
13‌
6.75%,
06/20/2036
51‌
58‌
W
R
Berkley
Corp
4.00%,
05/12/2050
85‌
65‌
Schedule
of
Investments
Bond
Market
Index
Account
March
31,
2025
(unaudited)
See
accompanying
notes.
22
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Insurance
(continued)
Willis
North
America
Inc
2.95%,
09/15/2029
$
55‌
$
51‌
3.88%,
09/15/2049
165‌
121‌
5.35%,
05/15/2033
150‌
151‌
XL
Group
Ltd
5.25%,
12/15/2043
400‌
381‌
$
12,370‌
Internet
-
0
.37
%
Alibaba
Group
Holding
Ltd
2.13%,
02/09/2031
(d)
200‌
175‌
4.20%,
12/06/2047
200‌
163‌
4.40%,
12/06/2057
305‌
247‌
Alphabet
Inc
0.80%,
08/15/2027
330‌
306‌
2.00%,
08/15/2026
30‌
29‌
Amazon.com
Inc
1.50%,
06/03/2030
235‌
204‌
1.65%,
05/12/2028
280‌
260‌
2.10%,
05/12/2031
180‌
157‌
2.88%,
05/12/2041
365‌
273‌
3.10%,
05/12/2051
365‌
248‌
3.15%,
08/22/2027
490‌
479‌
3.25%,
05/12/2061
385‌
254‌
3.30%,
04/13/2027
380‌
374‌
3.60%,
04/13/2032
190‌
179‌
3.88%,
08/22/2037
340‌
306‌
3.95%,
04/13/2052
190‌
151‌
4.05%,
08/22/2047
30‌
25‌
4.65%,
12/01/2029
280‌
285‌
4.70%,
12/01/2032
280‌
282‌
4.80%,
12/05/2034
30‌
30‌
4.95%,
12/05/2044
240‌
233‌
Baidu
Inc
2.38%,
10/09/2030
200‌
178‌
eBay
Inc
2.60%,
05/10/2031
195‌
172‌
4.00%,
07/15/2042
100‌
81‌
5.95%,
11/22/2027
155‌
161‌
Expedia
Group
Inc
2.95%,
03/15/2031
195‌
175‌
Meta
Platforms
Inc
3.85%,
08/15/2032
345‌
326‌
4.45%,
08/15/2052
150‌
128‌
4.75%,
08/15/2034
270‌
268‌
4.95%,
05/15/2033
150‌
152‌
5.40%,
08/15/2054
270‌
265‌
5.55%,
08/15/2064
135‌
133‌
5.60%,
05/15/2053
295‌
297‌
Netflix
Inc
4.90%,
08/15/2034
180‌
180‌
5.88%,
11/15/2028
180‌
188‌
$
7,364‌
Iron
&
Steel
-
0
.07
%
ArcelorMittal
SA
6.00%,
06/17/2034
300‌
307‌
Nucor
Corp
3.13%,
04/01/2032
195‌
175‌
4.30%,
05/23/2027
185‌
185‌
Steel
Dynamics
Inc
1.65%,
10/15/2027
85‌
79‌
5.38%,
08/15/2034
150‌
150‌
5.75%,
05/15/2055
80‌
77‌
Vale
Overseas
Ltd
6.13%,
06/12/2033
295‌
302‌
6.40%,
06/28/2054
150‌
148‌
$
1,423‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Lodging
-
0
.05
%
Hyatt
Hotels
Corp
5.25%,
06/30/2029
$
150‌
$
151‌
Marriott
International
Inc/MD
2.85%,
04/15/2031
195‌
173‌
5.00%,
10/15/2027
300‌
304‌
5.35%,
03/15/2035
140‌
139‌
5.55%,
10/15/2028
305‌
314‌
$
1,081‌
Machinery
-
Construction
&
Mining
-
0
.06
%
Caterpillar
Financial
Services
Corp
1.10%,
09/14/2027
170‌
158‌
1.15%,
09/14/2026
195‌
187‌
4.50%,
01/08/2027
155‌
156‌
4.70%,
11/15/2029
270‌
273‌
5.00%,
05/14/2027
150‌
152‌
Caterpillar
Inc
2.60%,
04/09/2030
150‌
138‌
3.25%,
09/19/2049
160‌
112‌
3.80%,
08/15/2042
105‌
86‌
$
1,262‌
Machinery
-
Diversified
-
0
.18
%
CNH
Industrial
Capital
LLC
1.45%,
07/15/2026
200‌
192‌
Deere
&
Co
3.10%,
04/15/2030
160‌
150‌
3.90%,
06/09/2042
30‌
25‌
5.38%,
10/16/2029
100‌
104‌
5.45%,
01/16/2035
130‌
135‌
Dover
Corp
5.38%,
03/01/2041
77‌
75‌
Ingersoll
Rand
Inc
5.20%,
06/15/2027
150‌
152‌
5.31%,
06/15/2031
150‌
153‌
John
Deere
Capital
Corp
1.05%,
06/17/2026
190‌
183‌
1.50%,
03/06/2028
190‌
176‌
2.35%,
03/08/2027
95‌
92‌
2.80%,
07/18/2029
185‌
174‌
4.15%,
09/15/2027
205‌
205‌
4.35%,
09/15/2032
120‌
117‌
4.50%,
01/08/2027
155‌
156‌
4.65%,
01/07/2028
95‌
96‌
4.75%,
06/08/2026
145‌
146‌
4.85%,
06/11/2029
135‌
137‌
4.90%,
06/11/2027
135‌
137‌
4.90%,
03/07/2031
150‌
153‌
4.95%,
07/14/2028
150‌
153‌
5.10%,
04/11/2034
120‌
121‌
Otis
Worldwide
Corp
2.57%,
02/15/2030
160‌
145‌
3.36%,
02/15/2050
160‌
111‌
Rockwell
Automation
Inc
1.75%,
08/15/2031
135‌
114‌
2.80%,
08/15/2061
190‌
110‌
$
3,512‌
Media
-
0
.58
%
Charter
Communications
Operating
LLC
/
Charter
Communications
Operating
Capital
2.25%,
01/15/2029
385‌
347‌
2.30%,
02/01/2032
145‌
117‌
2.80%,
04/01/2031
205‌
177‌
3.50%,
06/01/2041
380‌
263‌
3.70%,
04/01/2051
405‌
255‌
3.85%,
04/01/2061
145‌
88‌
3.90%,
06/01/2052
195‌
126‌
4.40%,
12/01/2061
95‌
63‌
4.80%,
03/01/2050
295‌
222‌
5.75%,
04/01/2048
305‌
263‌
Schedule
of
Investments
Bond
Market
Index
Account
March
31,
2025
(unaudited)
See
accompanying
notes.
23
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Media
(continued)
Charter
Communications
Operating
LLC
/
Charter
Communications
Operating
Capital
(continued)
6.15%,
11/10/2026
$
150‌
$
153‌
6.48%,
10/23/2045
435‌
414‌
6.55%,
06/01/2034
150‌
154‌
Comcast
Corp
1.50%,
02/15/2031
165‌
138‌
2.35%,
01/15/2027
60‌
58‌
2.45%,
08/15/2052
165‌
90‌
2.65%,
02/01/2030
125‌
114‌
2.65%,
08/15/2062
165‌
87‌
2.89%,
11/01/2051
562‌
343‌
3.25%,
11/01/2039
245‌
190‌
3.40%,
07/15/2046
20‌
14‌
3.45%,
02/01/2050
215‌
149‌
3.55%,
05/01/2028
125‌
122‌
3.75%,
04/01/2040
280‌
230‌
3.90%,
03/01/2038
150‌
129‌
4.00%,
08/15/2047
30‌
23‌
4.00%,
03/01/2048
400‌
310‌
4.00%,
11/01/2049
20‌
15‌
4.15%,
10/15/2028
300‌
297‌
4.25%,
01/15/2033
120‌
114‌
4.55%,
01/15/2029
290‌
291‌
4.80%,
05/15/2033
575‌
566‌
5.10%,
06/01/2029
110‌
113‌
5.30%,
06/01/2034
(d)
110‌
112‌
5.35%,
05/15/2053
575‌
536‌
5.50%,
11/15/2032
120‌
125‌
5.65%,
06/15/2035
20‌
21‌
5.65%,
06/01/2054
95‌
93‌
7.05%,
03/15/2033
15‌
17‌
Discovery
Communications
LLC
3.63%,
05/15/2030
180‌
162‌
3.95%,
03/20/2028
250‌
240‌
Fox
Corp
5.48%,
01/25/2039
200‌
193‌
5.58%,
01/25/2049
250‌
234‌
6.50%,
10/13/2033
105‌
112‌
NBCUniversal
Media
LLC
4.45%,
01/15/2043
10‌
9‌
Paramount
Global
4.20%,
05/19/2032
200‌
179‌
4.38%,
03/15/2043
235‌
174‌
4.85%,
07/01/2042
200‌
160‌
6.88%,
04/30/2036
181‌
186‌
7.88%,
07/30/2030
178‌
196‌
Time
Warner
Cable
Enterprises
LLC
8.38%,
07/15/2033
95‌
108‌
Time
Warner
Cable
LLC
5.50%,
09/01/2041
170‌
147‌
5.88%,
11/15/2040
20‌
18‌
6.55%,
05/01/2037
176‌
175‌
6.75%,
06/15/2039
77‌
77‌
7.30%,
07/01/2038
300‌
315‌
TWDC
Enterprises
18
Corp
3.70%,
12/01/2042
100‌
80‌
7.00%,
03/01/2032
51‌
58‌
Walt
Disney
Co/The
2.00%,
09/01/2029
245‌
221‌
2.65%,
01/13/2031
200‌
181‌
2.75%,
09/01/2049
325‌
204‌
3.50%,
05/13/2040
160‌
130‌
3.60%,
01/13/2051
160‌
118‌
3.70%,
03/23/2027
120‌
119‌
4.63%,
03/23/2040
(d)
240‌
226‌
4.75%,
11/15/2046
115‌
103‌
4.95%,
10/15/2045
175‌
163‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Media
(continued)
Walt
Disney
Co/The
(continued)
6.20%,
12/15/2034
$
154‌
$
169‌
6.40%,
12/15/2035
98‌
109‌
$
11,505‌
Metal
Fabrication
&
Hardware
-
0
.01
%
Precision
Castparts
Corp
4.38%,
06/15/2045
250‌
218‌
Mining
-
0
.18
%
Barrick
North
America
Finance
LLC
5.75%,
05/01/2043
355‌
356‌
Barrick
PD
Australia
Finance
Pty
Ltd
5.95%,
10/15/2039
90‌
92‌
BHP
Billiton
Finance
USA
Ltd
4.13%,
02/24/2042
125‌
106‌
4.90%,
02/28/2033
155‌
154‌
5.00%,
02/21/2030
130‌
132‌
5.00%,
09/30/2043
270‌
253‌
5.25%,
09/08/2026
150‌
152‌
5.25%,
09/08/2030
150‌
154‌
5.50%,
09/08/2053
(d)
150‌
148‌
Newmont
Corp
2.25%,
10/01/2030
610‌
540‌
2.60%,
07/15/2032
140‌
121‌
4.88%,
03/15/2042
20‌
18‌
Rio
Tinto
Alcan
Inc
6.13%,
12/15/2033
77‌
82‌
Rio
Tinto
Finance
USA
Ltd
2.75%,
11/02/2051
175‌
107‌
Rio
Tinto
Finance
USA
PLC
4.75%,
03/22/2042
163‌
148‌
4.88%,
03/14/2030
225‌
227‌
5.00%,
03/09/2033
155‌
156‌
5.25%,
03/14/2035
120‌
121‌
5.75%,
03/14/2055
100‌
100‌
Southern
Copper
Corp
5.88%,
04/23/2045
350‌
345‌
6.75%,
04/16/2040
128‌
138‌
$
3,650‌
Miscellaneous
Manufacturers
-
0
.11
%
3M
Co
2.38%,
08/26/2029
500‌
457‌
5.15%,
03/15/2035
80‌
80‌
Eaton
Corp
3.10%,
09/15/2027
575‌
559‌
4.00%,
11/02/2032
100‌
95‌
4.15%,
03/15/2033
150‌
143‌
4.15%,
11/02/2042
50‌
43‌
Parker-Hannifin
Corp
4.25%,
09/15/2027
355‌
354‌
4.50%,
09/15/2029
355‌
355‌
Teledyne
Technologies
Inc
2.25%,
04/01/2028
190‌
178‌
$
2,264‌
Oil
&
Gas
-
0
.78
%
BP
Capital
Markets
America
Inc
1.75%,
08/10/2030
115‌
99‌
2.72%,
01/12/2032
100‌
88‌
2.77%,
11/10/2050
215‌
132‌
2.94%,
06/04/2051
190‌
120‌
3.00%,
02/24/2050
160‌
103‌
3.00%,
03/17/2052
195‌
124‌
3.06%,
06/17/2041
195‌
143‌
3.54%,
04/06/2027
135‌
133‌
3.59%,
04/14/2027
30‌
30‌
4.70%,
04/10/2029
155‌
156‌
4.81%,
02/13/2033
150‌
147‌
4.89%,
09/11/2033
150‌
148‌
4.97%,
10/17/2029
150‌
153‌
Schedule
of
Investments
Bond
Market
Index
Account
March
31,
2025
(unaudited)
See
accompanying
notes.
24
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Oil
&
Gas
(continued)
BP
Capital
Markets
America
Inc
(continued)
4.99%,
04/10/2034
$
155‌
$
153‌
5.02%,
11/17/2027
200‌
203‌
5.23%,
11/17/2034
150‌
151‌
BP
Capital
Markets
PLC
3.28%,
09/19/2027
175‌
171‌
3.72%,
11/28/2028
40‌
39‌
Canadian
Natural
Resources
Ltd
3.85%,
06/01/2027
655‌
645‌
4.95%,
06/01/2047
20‌
17‌
5.00%,
12/15/2029
(i)
40‌
40‌
6.25%,
03/15/2038
250‌
259‌
Chevron
Corp
2.00%,
05/11/2027
160‌
153‌
2.24%,
05/11/2030
160‌
144‌
3.08%,
05/11/2050
160‌
109‌
Chevron
USA
Inc
1.02%,
08/12/2027
165‌
154‌
4.69%,
04/15/2030
125‌
126‌
4.82%,
04/15/2032
100‌
101‌
ConocoPhillips
Co
3.76%,
03/15/2042
402‌
321‌
3.80%,
03/15/2052
135‌
100‌
4.03%,
03/15/2062
169‌
123‌
4.30%,
11/15/2044
420‌
352‌
4.70%,
01/15/2030
130‌
131‌
5.00%,
01/15/2035
130‌
129‌
5.05%,
09/15/2033
305‌
306‌
5.50%,
01/15/2055
130‌
126‌
5.55%,
03/15/2054
155‌
150‌
Devon
Energy
Corp
5.00%,
06/15/2045
10‌
8‌
5.20%,
09/15/2034
105‌
101‌
5.60%,
07/15/2041
425‌
397‌
5.75%,
09/15/2054
105‌
96‌
Diamondback
Energy
Inc
3.25%,
12/01/2026
155‌
152‌
5.15%,
01/30/2030
110‌
112‌
5.20%,
04/18/2027
70‌
71‌
5.40%,
04/18/2034
240‌
240‌
5.75%,
04/18/2054
180‌
170‌
EOG
Resources
Inc
5.65%,
12/01/2054
135‌
133‌
Equinor
ASA
3.00%,
04/06/2027
175‌
171‌
3.25%,
11/18/2049
285‌
199‌
3.63%,
04/06/2040
145‌
121‌
Exxon
Mobil
Corp
2.44%,
08/16/2029
150‌
140‌
2.61%,
10/15/2030
305‌
277‌
3.00%,
08/16/2039
150‌
117‌
3.10%,
08/16/2049
225‌
153‌
3.45%,
04/15/2051
405‌
290‌
4.23%,
03/19/2040
155‌
138‌
Hess
Corp
5.60%,
02/15/2041
51‌
51‌
7.13%,
03/15/2033
221‌
250‌
7.30%,
08/15/2031
25‌
28‌
Marathon
Petroleum
Corp
5.00%,
09/15/2054
200‌
164‌
5.13%,
12/15/2026
300‌
302‌
Occidental
Petroleum
Corp
5.00%,
08/01/2027
105‌
105‌
5.20%,
08/01/2029
105‌
105‌
5.38%,
01/01/2032
105‌
103‌
6.05%,
10/01/2054
105‌
98‌
6.45%,
09/15/2036
295‌
304‌
6.63%,
09/01/2030
295‌
310‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Oil
&
Gas
(continued)
Phillips
66
2.15%,
12/15/2030
$
410‌
$
356‌
5.88%,
05/01/2042
128‌
128‌
Phillips
66
Co
4.95%,
12/01/2027
155‌
157‌
5.25%,
06/15/2031
135‌
137‌
5.50%,
03/15/2055
135‌
123‌
Pioneer
Natural
Resources
Co
1.90%,
08/15/2030
165‌
143‌
2.15%,
01/15/2031
190‌
166‌
Shell
Finance
US
Inc
2.38%,
11/07/2029
155‌
142‌
2.75%,
04/06/2030
200‌
184‌
3.25%,
04/06/2050
200‌
138‌
4.00%,
05/10/2046
245‌
196‌
4.38%,
05/11/2045
245‌
209‌
4.55%,
08/12/2043
35‌
31‌
Shell
International
Finance
BV
2.50%,
09/12/2026
330‌
322‌
2.88%,
11/26/2041
180‌
130‌
3.13%,
11/07/2049
155‌
104‌
3.63%,
08/21/2042
100‌
79‌
5.50%,
03/25/2040
25‌
25‌
6.38%,
12/15/2038
43‌
48‌
Suncor
Energy
Inc
3.75%,
03/04/2051
190‌
134‌
4.00%,
11/15/2047
90‌
67‌
6.80%,
05/15/2038
7‌
8‌
6.85%,
06/01/2039
5‌
5‌
TotalEnergies
Capital
International
SA
2.83%,
01/10/2030
85‌
79‌
2.99%,
06/29/2041
170‌
124‌
3.13%,
05/29/2050
250‌
166‌
3.39%,
06/29/2060
370‌
243‌
3.46%,
07/12/2049
85‌
61‌
TotalEnergies
Capital
SA
5.15%,
04/05/2034
130‌
132‌
5.28%,
09/10/2054
135‌
127‌
5.43%,
09/10/2064
135‌
127‌
5.49%,
04/05/2054
130‌
126‌
Valero
Energy
Corp
2.80%,
12/01/2031
395‌
346‌
4.00%,
06/01/2052
195‌
141‌
6.63%,
06/15/2037
234‌
251‌
7.50%,
04/15/2032
15‌
17‌
$
15,657‌
Oil
&
Gas
Services
-
0
.06
%
Baker
Hughes
Holdings
LLC
/
Baker
Hughes
Co-
Obligor
Inc
2.06%,
12/15/2026
200‌
193‌
3.14%,
11/07/2029
155‌
146‌
3.34%,
12/15/2027
165‌
161‌
4.08%,
12/15/2047
170‌
134‌
Halliburton
Co
4.50%,
11/15/2041
51‌
44‌
4.85%,
11/15/2035
275‌
264‌
7.45%,
09/15/2039
10‌
12‌
NOV
Inc
3.60%,
12/01/2029
155‌
146‌
3.95%,
12/01/2042
200‌
149‌
$
1,249‌
Packaging
&
Containers
-
0
.04
%
Amcor
Flexibles
North
America
Inc
5.10%,
03/17/2030
(i)
75‌
76‌
Packaging
Corp
of
America
3.00%,
12/15/2029
310‌
287‌
3.05%,
10/01/2051
165‌
105‌
Schedule
of
Investments
Bond
Market
Index
Account
March
31,
2025
(unaudited)
See
accompanying
notes.
25
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Packaging
&
Containers
(continued)
Smurfit
Westrock
Financing
DAC
5.42%,
01/15/2035
(i)
$
265‌
$
266‌
WRKCo
Inc
3.00%,
06/15/2033
80‌
69‌
$
803‌
Pharmaceuticals
-
1
.33
%
AbbVie
Inc
2.95%,
11/21/2026
310‌
303‌
3.20%,
05/14/2026
175‌
173‌
3.20%,
11/21/2029
350‌
331‌
4.05%,
11/21/2039
385‌
338‌
4.25%,
11/14/2028
220‌
219‌
4.25%,
11/21/2049
300‌
249‌
4.30%,
05/14/2036
170‌
159‌
4.40%,
11/06/2042
200‌
177‌
4.45%,
05/14/2046
280‌
243‌
4.50%,
05/14/2035
300‌
288‌
4.63%,
10/01/2042
100‌
91‌
4.75%,
03/15/2045
235‌
214‌
4.80%,
03/15/2027
155‌
157‌
4.80%,
03/15/2029
155‌
157‌
4.88%,
11/14/2048
210‌
193‌
4.95%,
03/15/2031
230‌
234‌
5.05%,
03/15/2034
115‌
116‌
5.20%,
03/15/2035
125‌
127‌
5.40%,
03/15/2054
90‌
88‌
5.60%,
03/15/2055
125‌
127‌
Astrazeneca
Finance
LLC
1.75%,
05/28/2028
195‌
180‌
4.80%,
02/26/2027
155‌
157‌
4.85%,
02/26/2029
155‌
157‌
4.88%,
03/03/2028
130‌
132‌
4.88%,
03/03/2033
130‌
131‌
4.90%,
02/26/2031
155‌
158‌
AstraZeneca
PLC
0.70%,
04/08/2026
125‌
121‌
1.38%,
08/06/2030
165‌
141‌
4.00%,
09/18/2042
125‌
106‌
4.38%,
11/16/2045
90‌
78‌
4.38%,
08/17/2048
90‌
77‌
6.45%,
09/15/2037
164‌
183‌
Becton
Dickinson
&
Co
1.96%,
02/11/2031
190‌
162‌
2.82%,
05/20/2030
160‌
146‌
3.70%,
06/06/2027
600‌
589‌
4.67%,
06/06/2047
35‌
30‌
4.69%,
12/15/2044
196‌
171‌
5.08%,
06/07/2029
270‌
274‌
Bristol-Myers
Squibb
Co
1.13%,
11/13/2027
155‌
143‌
1.45%,
11/13/2030
90‌
77‌
2.55%,
11/13/2050
180‌
106‌
2.95%,
03/15/2032
255‌
228‌
3.25%,
08/01/2042
150‌
113‌
3.40%,
07/26/2029
167‌
160‌
3.55%,
03/15/2042
125‌
99‌
3.70%,
03/15/2052
300‌
221‌
3.90%,
02/20/2028
185‌
183‌
4.13%,
06/15/2039
230‌
203‌
4.25%,
10/26/2049
215‌
176‌
4.35%,
11/15/2047
150‌
126‌
4.55%,
02/20/2048
144‌
124‌
4.90%,
02/22/2027
155‌
157‌
4.90%,
02/22/2029
150‌
153‌
5.20%,
02/22/2034
155‌
158‌
5.50%,
02/22/2044
155‌
154‌
5.55%,
02/22/2054
265‌
261‌
5.75%,
02/01/2031
150‌
159‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Pharmaceuticals
(continued)
Bristol-Myers
Squibb
Co
(continued)
6.40%,
11/15/2063
$
150‌
$
164‌
Cardinal
Health
Inc
3.41%,
06/15/2027
200‌
196‌
4.60%,
03/15/2043
100‌
86‌
CVS
Health
Corp
1.30%,
08/21/2027
165‌
152‌
1.75%,
08/21/2030
165‌
140‌
1.88%,
02/28/2031
185‌
155‌
3.00%,
08/15/2026
375‌
367‌
3.25%,
08/15/2029
170‌
159‌
4.30%,
03/25/2028
219‌
216‌
4.78%,
03/25/2038
485‌
435‌
5.00%,
01/30/2029
150‌
151‌
5.05%,
03/25/2048
880‌
751‌
5.13%,
07/20/2045
370‌
323‌
5.25%,
02/21/2033
150‌
148‌
5.30%,
06/01/2033
150‌
149‌
5.30%,
12/05/2043
25‌
23‌
5.55%,
06/01/2031
150‌
153‌
5.63%,
02/21/2053
150‌
137‌
5.70%,
06/01/2034
(d)
150‌
152‌
5.88%,
06/01/2053
295‌
279‌
Eli
Lilly
&
Co
3.95%,
03/15/2049
400‌
321‌
4.50%,
02/09/2029
155‌
156‌
4.55%,
02/12/2028
125‌
126‌
4.60%,
08/14/2034
210‌
206‌
4.70%,
02/27/2033
120‌
120‌
4.70%,
02/09/2034
155‌
153‌
4.75%,
02/12/2030
95‌
96‌
4.88%,
02/27/2053
115‌
106‌
5.00%,
02/09/2054
155‌
145‌
5.05%,
08/14/2054
210‌
198‌
5.60%,
02/12/2065
255‌
257‌
GlaxoSmithKline
Capital
Inc
4.50%,
04/15/2030
120‌
120‌
4.88%,
04/15/2035
60‌
59‌
5.38%,
04/15/2034
500‌
517‌
Johnson
&
Johnson
3.63%,
03/03/2037
20‌
18‌
3.70%,
03/01/2046
225‌
182‌
4.50%,
03/01/2027
190‌
192‌
4.55%,
03/01/2028
90‌
91‌
4.80%,
06/01/2029
255‌
260‌
4.90%,
06/01/2031
255‌
261‌
4.95%,
06/01/2034
(d)
130‌
133‌
Mead
Johnson
Nutrition
Co
4.60%,
06/01/2044
250‌
220‌
Merck
&
Co
Inc
1.45%,
06/24/2030
185‌
159‌
1.70%,
06/10/2027
170‌
161‌
1.90%,
12/10/2028
190‌
175‌
2.15%,
12/10/2031
190‌
163‌
2.35%,
06/24/2040
135‌
95‌
2.75%,
12/10/2051
235‌
145‌
3.60%,
09/15/2042
100‌
79‌
3.70%,
02/10/2045
10‌
8‌
3.90%,
03/07/2039
115‌
100‌
4.00%,
03/07/2049
170‌
136‌
4.05%,
05/17/2028
145‌
145‌
4.15%,
05/18/2043
200‌
171‌
4.50%,
05/17/2033
145‌
143‌
5.00%,
05/17/2053
295‌
273‌
Novartis
Capital
Corp
2.20%,
08/14/2030
160‌
143‌
3.80%,
09/18/2029
110‌
108‌
4.20%,
09/18/2034
110‌
105‌
Schedule
of
Investments
Bond
Market
Index
Account
March
31,
2025
(unaudited)
See
accompanying
notes.
26
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Pharmaceuticals
(continued)
Novartis
Capital
Corp
(continued)
4.40%,
05/06/2044
$
350‌
$
312‌
4.70%,
09/18/2054
110‌
99‌
Pfizer
Inc
1.70%,
05/28/2030
195‌
170‌
1.75%,
08/18/2031
155‌
131‌
2.55%,
05/28/2040
225‌
160‌
2.63%,
04/01/2030
160‌
146‌
2.70%,
05/28/2050
190‌
117‌
4.00%,
03/15/2049
140‌
111‌
4.40%,
05/15/2044
30‌
26‌
7.20%,
03/15/2039
176‌
208‌
Pfizer
Investment
Enterprises
Pte
Ltd
4.45%,
05/19/2026
295‌
295‌
4.45%,
05/19/2028
445‌
446‌
4.65%,
05/19/2030
295‌
297‌
4.75%,
05/19/2033
445‌
440‌
5.11%,
05/19/2043
295‌
281‌
5.30%,
05/19/2053
445‌
423‌
5.34%,
05/19/2063
295‌
275‌
Shire
Acquisitions
Investments
Ireland
DAC
3.20%,
09/23/2026
12‌
12‌
Takeda
Pharmaceutical
Co
Ltd
2.05%,
03/31/2030
200‌
176‌
3.18%,
07/09/2050
200‌
131‌
5.30%,
07/05/2034
295‌
299‌
Utah
Acquisition
Sub
Inc
3.95%,
06/15/2026
181‌
179‌
5.25%,
06/15/2046
170‌
136‌
Viatris
Inc
2.30%,
06/22/2027
120‌
113‌
2.70%,
06/22/2030
160‌
139‌
3.85%,
06/22/2040
120‌
87‌
4.00%,
06/22/2050
160‌
105‌
Wyeth
LLC
5.95%,
04/01/2037
91‌
96‌
6.50%,
02/01/2034
144‌
159‌
Zoetis
Inc
2.00%,
05/15/2030
350‌
308‌
3.00%,
05/15/2050
175‌
115‌
3.95%,
09/12/2047
5‌
4‌
$
26,556‌
Pipelines
-
0
.89
%
Cheniere
Corpus
Christi
Holdings
LLC
3.70%,
11/15/2029
310‌
296‌
Cheniere
Energy
Partners
LP
5.75%,
08/15/2034
300‌
304‌
Eastern
Gas
Transmission
&
Storage
Inc
4.80%,
11/01/2043
300‌
269‌
Enbridge
Energy
Partners
LP
7.38%,
10/15/2045
100‌
115‌
Enbridge
Inc
1.60%,
10/04/2026
60‌
57‌
2.50%,
08/01/2033
125‌
102‌
3.13%,
11/15/2029
155‌
144‌
3.40%,
08/01/2051
195‌
131‌
5.30%,
04/05/2029
150‌
153‌
5.50%,
12/01/2046
30‌
29‌
5.70%,
03/08/2033
155‌
159‌
5.90%,
11/15/2026
275‌
281‌
5.95%,
04/05/2054
150‌
149‌
6.70%,
11/15/2053
150‌
162‌
Energy
Transfer
LP
3.75%,
05/15/2030
160‌
151‌
4.95%,
01/15/2043
200‌
173‌
5.00%,
05/15/2044
350‌
302‌
5.25%,
04/15/2029
200‌
202‌
5.30%,
04/15/2047
15‌
13‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Pipelines
(continued)
Energy
Transfer
LP
(continued)
5.35%,
05/15/2045
$
15‌
$
13‌
5.55%,
05/15/2034
155‌
155‌
5.70%,
04/01/2035
225‌
227‌
5.75%,
02/15/2033
155‌
159‌
6.05%,
09/01/2054
195‌
189‌
6.10%,
12/01/2028
295‌
308‌
6.13%,
12/15/2045
300‌
295‌
6.25%,
04/15/2049
250‌
248‌
6.40%,
12/01/2030
145‌
155‌
6.50%,
02/01/2042
202‌
209‌
Enterprise
Products
Operating
LLC
2.80%,
01/31/2030
120‌
111‌
3.30%,
02/15/2053
65‌
43‌
3.70%,
01/31/2051
250‌
182‌
4.25%,
02/15/2048
155‌
126‌
4.85%,
01/31/2034
155‌
153‌
4.85%,
08/15/2042
150‌
137‌
4.85%,
03/15/2044
215‌
195‌
4.90%,
05/15/2046
400‌
361‌
4.95%,
02/15/2035
110‌
108‌
5.55%,
02/16/2055
110‌
107‌
6.13%,
10/15/2039
123‌
130‌
6.45%,
09/01/2040
177‌
194‌
6.88%,
03/01/2033
15‌
17‌
Kinder
Morgan
Energy
Partners
LP
4.70%,
11/01/2042
200‌
170‌
5.00%,
03/01/2043
100‌
89‌
6.38%,
03/01/2041
128‌
132‌
6.50%,
09/01/2039
112‌
118‌
6.95%,
01/15/2038
112‌
123‌
7.40%,
03/15/2031
177‌
197‌
Kinder
Morgan
Inc
1.75%,
11/15/2026
190‌
182‌
2.00%,
02/15/2031
150‌
128‌
3.25%,
08/01/2050
155‌
100‌
3.60%,
02/15/2051
155‌
106‌
5.00%,
02/01/2029
155‌
156‌
5.05%,
02/15/2046
15‌
13‌
5.20%,
06/01/2033
150‌
149‌
5.40%,
02/01/2034
155‌
155‌
5.55%,
06/01/2045
50‌
47‌
5.95%,
08/01/2054
140‌
137‌
MPLX
LP
4.13%,
03/01/2027
200‌
198‌
4.25%,
12/01/2027
200‌
198‌
4.50%,
04/15/2038
220‌
193‌
4.70%,
04/15/2048
185‌
151‌
4.90%,
04/15/2058
60‌
49‌
5.00%,
03/01/2033
150‌
146‌
5.20%,
03/01/2047
165‌
145‌
5.20%,
12/01/2047
200‌
176‌
5.50%,
06/01/2034
150‌
149‌
5.50%,
02/15/2049
170‌
155‌
5.95%,
04/01/2055
120‌
116‌
ONEOK
Inc
3.40%,
09/01/2029
100‌
94‌
4.25%,
09/24/2027
275‌
273‌
4.45%,
09/01/2049
500‌
390‌
4.75%,
10/15/2031
260‌
255‌
5.55%,
11/01/2026
183‌
185‌
5.70%,
11/01/2054
115‌
108‌
5.85%,
11/01/2064
115‌
108‌
6.05%,
09/01/2033
305‌
318‌
6.63%,
09/01/2053
155‌
162‌
Plains
All
American
Pipeline
LP
5.95%,
06/15/2035
130‌
132‌
Schedule
of
Investments
Bond
Market
Index
Account
March
31,
2025
(unaudited)
See
accompanying
notes.
27
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Pipelines
(continued)
Plains
All
American
Pipeline
LP
/
PAA
Finance
Corp
4.30%,
01/31/2043
$
200‌
$
161‌
4.50%,
12/15/2026
300‌
300‌
Sabine
Pass
Liquefaction
LLC
5.00%,
03/15/2027
360‌
362‌
5.88%,
06/30/2026
345‌
348‌
Targa
Resources
Corp
5.20%,
07/01/2027
355‌
359‌
6.13%,
03/15/2033
150‌
157‌
6.13%,
05/15/2055
85‌
84‌
6.15%,
03/01/2029
150‌
157‌
6.50%,
03/30/2034
150‌
160‌
Texas
Eastern
Transmission
LP
7.00%,
07/15/2032
100‌
110‌
TransCanada
PipeLines
Ltd
4.25%,
05/15/2028
300‌
296‌
5.60%,
03/31/2034
300‌
301‌
6.10%,
06/01/2040
25‌
26‌
7.25%,
08/15/2038
51‌
58‌
Western
Midstream
Operating
LP
5.45%,
11/15/2034
140‌
137‌
6.15%,
04/01/2033
150‌
155‌
Williams
Cos
Inc/The
2.60%,
03/15/2031
290‌
255‌
3.50%,
10/15/2051
195‌
133‌
3.75%,
06/15/2027
200‌
197‌
4.90%,
03/15/2029
155‌
156‌
5.10%,
09/15/2045
180‌
163‌
5.30%,
08/15/2028
200‌
204‌
5.30%,
08/15/2052
175‌
160‌
5.65%,
03/15/2033
155‌
159‌
6.00%,
03/15/2055
105‌
106‌
6.30%,
04/15/2040
343‌
361‌
$
17,782‌
Private
Equity
-
0
.05
%
Brookfield
Finance
Inc
2.72%,
04/15/2031
190‌
169‌
3.50%,
03/30/2051
165‌
114‌
3.90%,
01/25/2028
400‌
393‌
5.68%,
01/15/2035
150‌
153‌
Brookfield
Finance
LLC
/
Brookfield
Finance
Inc
3.45%,
04/15/2050
160‌
108‌
$
937‌
Regional
Authority
-
0
.25
%
Province
of
Alberta
Canada
1.30%,
07/22/2030
300‌
258‌
3.30%,
03/15/2028
135‌
132‌
4.50%,
06/26/2029
150‌
152‌
Province
of
British
Columbia
Canada
0.90%,
07/20/2026
335‌
321‌
1.30%,
01/29/2031
185‌
156‌
4.20%,
07/06/2033
200‌
195‌
4.70%,
01/24/2028
260‌
264‌
4.75%,
06/12/2034
200‌
201‌
4.80%,
11/15/2028
150‌
153‌
Province
of
Manitoba
Canada
1.50%,
10/25/2028
190‌
174‌
4.30%,
07/27/2033
150‌
147‌
Province
of
Ontario
Canada
1.05%,
04/14/2026
380‌
368‌
1.13%,
10/07/2030
225‌
190‌
2.13%,
01/21/2032
220‌
191‌
3.10%,
05/19/2027
310‌
304‌
3.70%,
09/17/2029
275‌
269‌
4.20%,
01/18/2029
150‌
150‌
4.70%,
01/15/2030
260‌
265‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Regional
Authority
(continued)
Province
of
Quebec
Canada
1.35%,
05/28/2030
$
180‌
$
156‌
3.63%,
04/13/2028
300‌
296‌
4.25%,
09/05/2034
140‌
136‌
4.50%,
04/03/2029
305‌
308‌
4.50%,
09/08/2033
150‌
149‌
7.50%,
09/15/2029
64‌
72‌
$
5,007‌
REITs
-
0
.84
%
Alexandria
Real
Estate
Equities
Inc
1.88%,
02/01/2033
250‌
197‌
2.75%,
12/15/2029
80‌
73‌
2.95%,
03/15/2034
195‌
163‌
3.00%,
05/18/2051
190‌
117‌
3.38%,
08/15/2031
115‌
105‌
4.00%,
02/01/2050
85‌
63‌
4.90%,
12/15/2030
80‌
80‌
5.15%,
04/15/2053
150‌
133‌
American
Tower
Corp
1.60%,
04/15/2026
190‌
184‌
1.88%,
10/15/2030
165‌
141‌
2.90%,
01/15/2030
160‌
147‌
2.95%,
01/15/2051
180‌
114‌
3.38%,
10/15/2026
500‌
491‌
3.65%,
03/15/2027
200‌
197‌
3.70%,
10/15/2049
165‌
120‌
5.25%,
07/15/2028
150‌
153‌
5.65%,
03/15/2033
155‌
160‌
5.90%,
11/15/2033
150‌
157‌
AvalonBay
Communities
Inc
1.90%,
12/01/2028
200‌
182‌
2.30%,
03/01/2030
160‌
143‌
5.00%,
02/15/2033
155‌
154‌
5.35%,
06/01/2034
150‌
152‌
Boston
Properties
LP
2.55%,
04/01/2032
155‌
128‌
2.75%,
10/01/2026
275‌
267‌
2.90%,
03/15/2030
215‌
194‌
COPT
Defense
Properties
LP
2.75%,
04/15/2031
195‌
169‌
Crown
Castle
Inc
1.05%,
07/15/2026
380‌
362‌
2.50%,
07/15/2031
190‌
162‌
2.90%,
04/01/2041
190‌
133‌
3.10%,
11/15/2029
150‌
138‌
3.25%,
01/15/2051
185‌
120‌
3.30%,
07/01/2030
155‌
142‌
4.00%,
11/15/2049
110‌
82‌
4.90%,
09/01/2029
95‌
95‌
5.00%,
01/11/2028
150‌
151‌
5.10%,
05/01/2033
145‌
142‌
CubeSmart
LP
2.00%,
02/15/2031
125‌
106‌
2.25%,
12/15/2028
200‌
183‌
Digital
Realty
Trust
LP
4.45%,
07/15/2028
250‌
248‌
5.55%,
01/15/2028
120‌
123‌
Equinix
Inc
1.80%,
07/15/2027
160‌
150‌
2.50%,
05/15/2031
195‌
170‌
3.20%,
11/18/2029
260‌
243‌
3.40%,
02/15/2052
195‌
132‌
ERP
Operating
LP
2.50%,
02/15/2030
125‌
113‌
4.65%,
09/15/2034
105‌
101‌
Schedule
of
Investments
Bond
Market
Index
Account
March
31,
2025
(unaudited)
See
accompanying
notes.
28
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
REITs
(continued)
Essex
Portfolio
LP
1.70%,
03/01/2028
$
190‌
$
175‌
3.00%,
01/15/2030
170‌
157‌
4.00%,
03/01/2029
150‌
146‌
5.50%,
04/01/2034
140‌
141‌
Extra
Space
Storage
LP
2.20%,
10/15/2030
85‌
74‌
2.40%,
10/15/2031
195‌
166‌
5.40%,
02/01/2034
155‌
155‌
5.40%,
06/15/2035
100‌
99‌
5.50%,
07/01/2030
150‌
154‌
Federal
Realty
OP
LP
4.50%,
12/01/2044
250‌
212‌
GLP
Capital
LP
/
GLP
Financing
II
Inc
4.00%,
01/15/2030
170‌
161‌
5.38%,
04/15/2026
300‌
301‌
Healthcare
Realty
Holdings
LP
2.00%,
03/15/2031
170‌
143‌
Healthpeak
OP
LLC
2.13%,
12/01/2028
165‌
151‌
3.00%,
01/15/2030
150‌
138‌
5.25%,
12/15/2032
75‌
75‌
6.75%,
02/01/2041
150‌
165‌
Kilroy
Realty
LP
2.50%,
11/15/2032
165‌
131‌
Kimco
Realty
OP
LLC
2.25%,
12/01/2031
195‌
166‌
2.70%,
10/01/2030
165‌
149‌
3.70%,
10/01/2049
165‌
120‌
4.60%,
02/01/2033
175‌
169‌
6.40%,
03/01/2034
115‌
123‌
Mid-America
Apartments
LP
1.70%,
02/15/2031
125‌
105‌
5.30%,
02/15/2032
150‌
152‌
NNN
REIT
Inc
4.80%,
10/15/2048
200‌
169‌
Prologis
LP
1.75%,
07/01/2030
160‌
137‌
2.13%,
04/15/2027
145‌
139‌
2.88%,
11/15/2029
75‌
70‌
3.00%,
04/15/2050
110‌
71‌
4.00%,
09/15/2028
200‌
197‌
4.88%,
06/15/2028
150‌
152‌
5.25%,
03/15/2054
145‌
138‌
Public
Storage
Operating
Co
1.85%,
05/01/2028
380‌
352‌
5.10%,
08/01/2033
150‌
151‌
5.13%,
01/15/2029
(d)
150‌
153‌
Realty
Income
Corp
2.10%,
03/15/2028
190‌
177‌
2.20%,
06/15/2028
180‌
167‌
3.10%,
12/15/2029
195‌
182‌
3.25%,
01/15/2031
165‌
152‌
4.75%,
02/15/2029
155‌
155‌
4.85%,
03/15/2030
150‌
151‌
4.90%,
07/15/2033
150‌
147‌
5.38%,
09/01/2054
140‌
134‌
Simon
Property
Group
LP
1.75%,
02/01/2028
190‌
176‌
2.45%,
09/13/2029
140‌
128‌
2.65%,
02/01/2032
200‌
173‌
3.25%,
11/30/2026
250‌
245‌
3.25%,
09/13/2049
140‌
94‌
4.25%,
11/30/2046
130‌
107‌
4.75%,
09/26/2034
135‌
130‌
6.75%,
02/01/2040
25‌
28‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
REITs
(continued)
UDR
Inc
2.10%,
08/01/2032
$
285‌
$
232‌
3.20%,
01/15/2030
165‌
154‌
Ventas
Realty
LP
3.00%,
01/15/2030
200‌
184‌
5.63%,
07/01/2034
150‌
153‌
5.70%,
09/30/2043
150‌
147‌
VICI
Properties
LP
4.75%,
04/01/2028
(h)
55‌
55‌
5.13%,
11/15/2031
265‌
261‌
Welltower
OP
LLC
2.75%,
01/15/2032
195‌
170‌
4.13%,
03/15/2029
300‌
294‌
Weyerhaeuser
Co
7.38%,
03/15/2032
85‌
95‌
$
16,828‌
Retail
-
0
.61
%
AutoZone
Inc
1.65%,
01/15/2031
165‌
139‌
3.75%,
06/01/2027
250‌
246‌
5.10%,
07/15/2029
300‌
305‌
Costco
Wholesale
Corp
1.38%,
06/20/2027
155‌
146‌
1.60%,
04/20/2030
155‌
136‌
Dollar
Tree
Inc
4.20%,
05/15/2028
185‌
182‌
Home
Depot
Inc/The
0.90%,
03/15/2028
(d)
190‌
173‌
1.88%,
09/15/2031
195‌
165‌
2.13%,
09/15/2026
125‌
121‌
2.38%,
03/15/2051
190‌
109‌
2.75%,
09/15/2051
195‌
120‌
2.88%,
04/15/2027
195‌
190‌
2.95%,
06/15/2029
220‌
207‌
3.50%,
09/15/2056
305‌
213‌
3.90%,
06/15/2047
30‌
24‌
4.20%,
04/01/2043
260‌
223‌
4.25%,
04/01/2046
340‌
286‌
4.40%,
03/15/2045
320‌
276‌
4.85%,
06/25/2031
170‌
172‌
4.88%,
06/25/2027
150‌
152‌
4.90%,
04/15/2029
155‌
158‌
4.95%,
09/30/2026
155‌
157‌
4.95%,
06/25/2034
300‌
301‌
4.95%,
09/15/2052
160‌
147‌
5.30%,
06/25/2054
300‌
290‌
Lowe's
Cos
Inc
1.30%,
04/15/2028
165‌
150‌
1.70%,
10/15/2030
165‌
141‌
3.00%,
10/15/2050
50‌
31‌
3.10%,
05/03/2027
250‌
243‌
3.65%,
04/05/2029
125‌
121‌
3.70%,
04/15/2046
40‌
30‌
3.75%,
04/01/2032
195‌
181‌
4.05%,
05/03/2047
30‌
23‌
4.25%,
04/01/2052
195‌
153‌
4.38%,
09/15/2045
300‌
249‌
4.80%,
04/01/2026
155‌
155‌
5.00%,
04/15/2033
160‌
159‌
5.00%,
04/15/2040
160‌
151‌
5.63%,
04/15/2053
160‌
154‌
5.75%,
07/01/2053
155‌
152‌
McDonald's
Corp
2.13%,
03/01/2030
160‌
143‌
2.63%,
09/01/2029
210‌
195‌
3.50%,
07/01/2027
160‌
157‌
3.63%,
09/01/2049
115‌
84‌
3.70%,
02/15/2042
128‌
101‌
Schedule
of
Investments
Bond
Market
Index
Account
March
31,
2025
(unaudited)
See
accompanying
notes.
29
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Retail
(continued)
McDonald’s
Corp
(continued)
4.60%,
05/15/2030
$
100‌
$
100‌
4.70%,
12/09/2035
25‌
24‌
4.88%,
07/15/2040
9‌
8‌
4.88%,
12/09/2045
250‌
226‌
4.95%,
08/14/2033
305‌
306‌
5.15%,
09/09/2052
325‌
301‌
6.30%,
10/15/2037
262‌
286‌
O'Reilly
Automotive
Inc
1.75%,
03/15/2031
85‌
71‌
4.35%,
06/01/2028
300‌
299‌
Starbucks
Corp
2.00%,
03/12/2027
160‌
153‌
3.00%,
02/14/2032
135‌
120‌
4.45%,
08/15/2049
300‌
247‌
4.80%,
02/15/2033
165‌
164‌
Target
Corp
1.95%,
01/15/2027
150‌
144‌
2.35%,
02/15/2030
160‌
145‌
2.50%,
04/15/2026
300‌
295‌
2.95%,
01/15/2052
175‌
112‌
4.50%,
09/15/2032
120‌
118‌
4.50%,
09/15/2034
135‌
130‌
4.80%,
01/15/2053
(d)
150‌
135‌
TJX
Cos
Inc/The
1.60%,
05/15/2031
130‌
110‌
Walmart
Inc
1.05%,
09/17/2026
185‌
177‌
1.50%,
09/22/2028
185‌
170‌
2.50%,
09/22/2041
195‌
137‌
2.95%,
09/24/2049
145‌
99‌
3.90%,
04/15/2028
225‌
224‌
3.95%,
06/28/2038
185‌
169‌
4.00%,
04/15/2026
95‌
95‌
4.10%,
04/15/2033
95‌
92‌
4.50%,
09/09/2052
235‌
208‌
$
12,276‌
Semiconductors
-
0
.66
%
Analog
Devices
Inc
2.10%,
10/01/2031
135‌
116‌
2.80%,
10/01/2041
195‌
141‌
5.30%,
04/01/2054
150‌
145‌
Applied
Materials
Inc
1.75%,
06/01/2030
160‌
140‌
3.30%,
04/01/2027
35‌
34‌
4.35%,
04/01/2047
40‌
34‌
4.80%,
06/15/2029
120‌
122‌
5.10%,
10/01/2035
250‌
255‌
Broadcom
Corp
/
Broadcom
Cayman
Finance
Ltd
3.88%,
01/15/2027
225‌
223‌
Broadcom
Inc
1.95%,
02/15/2028
(i)
150‌
140‌
2.60%,
02/15/2033
(i)
405‌
341‌
3.14%,
11/15/2035
(i)
640‌
531‌
3.19%,
11/15/2036
(i)
14‌
12‌
3.42%,
04/15/2033
(i)
460‌
410‌
3.47%,
04/15/2034
(i)
350‌
308‌
3.50%,
02/15/2041
(i)
200‌
157‌
3.75%,
02/15/2051
(i)
50‌
37‌
4.15%,
02/15/2028
135‌
134‌
4.15%,
11/15/2030
271‌
262‌
4.30%,
11/15/2032
185‌
177‌
4.35%,
02/15/2030
210‌
207‌
4.55%,
02/15/2032
75‌
73‌
4.75%,
04/15/2029
370‌
371‌
5.15%,
11/15/2031
75‌
76‌
5.20%,
04/15/2032
255‌
259‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Semiconductors
(continued)
Intel
Corp
2.00%,
08/12/2031
$
190‌
$
159‌
2.45%,
11/15/2029
310‌
278‌
3.05%,
08/12/2051
190‌
112‌
3.15%,
05/11/2027
120‌
116‌
3.20%,
08/12/2061
190‌
108‌
3.25%,
11/15/2049
155‌
97‌
3.73%,
12/08/2047
240‌
167‌
3.75%,
03/25/2027
160‌
157‌
3.75%,
08/05/2027
175‌
171‌
4.00%,
08/05/2029
205‌
198‌
4.00%,
12/15/2032
(d)
200‌
183‌
4.15%,
08/05/2032
175‌
162‌
4.25%,
12/15/2042
200‌
159‌
4.60%,
03/25/2040
160‌
138‌
4.80%,
10/01/2041
77‌
66‌
5.20%,
02/10/2033
130‌
128‌
5.60%,
02/21/2054
225‌
205‌
5.63%,
02/10/2043
130‌
123‌
5.70%,
02/10/2053
255‌
234‌
KLA
Corp
4.70%,
02/01/2034
155‌
153‌
4.95%,
07/15/2052
355‌
325‌
Lam
Research
Corp
1.90%,
06/15/2030
155‌
136‌
2.88%,
06/15/2050
235‌
151‌
Marvell
Technology
Inc
2.45%,
04/15/2028
380‌
356‌
4.88%,
06/22/2028
300‌
301‌
Micron
Technology
Inc
2.70%,
04/15/2032
290‌
248‌
4.19%,
02/15/2027
115‌
114‌
4.66%,
02/15/2030
115‌
114‌
5.30%,
01/15/2031
90‌
91‌
5.80%,
01/15/2035
125‌
128‌
NVIDIA
Corp
1.55%,
06/15/2028
190‌
175‌
NXP
BV
/
NXP
Funding
LLC
/
NXP
USA
Inc
2.50%,
05/11/2031
385‌
333‌
3.13%,
02/15/2042
195‌
138‌
3.15%,
05/01/2027
80‌
78‌
3.25%,
05/11/2041
195‌
143‌
4.40%,
06/01/2027
220‌
219‌
QUALCOMM
Inc
1.30%,
05/20/2028
211‌
193‌
1.65%,
05/20/2032
170‌
139‌
3.25%,
05/20/2027
320‌
314‌
4.65%,
05/20/2035
(d)
115‌
114‌
4.80%,
05/20/2045
425‌
389‌
6.00%,
05/20/2053
155‌
163‌
Texas
Instruments
Inc
1.75%,
05/04/2030
125‌
110‌
4.15%,
05/15/2048
205‌
170‌
4.60%,
02/15/2028
150‌
152‌
4.60%,
02/08/2029
130‌
131‌
4.90%,
03/14/2033
150‌
152‌
5.00%,
03/14/2053
155‌
145‌
5.15%,
02/08/2054
155‌
147‌
$
13,188‌
Software
-
0
.58
%
Adobe
Inc
2.30%,
02/01/2030
160‌
145‌
Fidelity
National
Information
Services
Inc
1.65%,
03/01/2028
180‌
166‌
3.10%,
03/01/2041
90‌
66‌
5.10%,
07/15/2032
130‌
131‌
Schedule
of
Investments
Bond
Market
Index
Account
March
31,
2025
(unaudited)
See
accompanying
notes.
30
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Software
(continued)
Fiserv
Inc
3.50%,
07/01/2029
$
310‌
$
295‌
4.75%,
03/15/2030
95‌
95‌
5.15%,
08/12/2034
45‌
45‌
5.35%,
03/15/2031
155‌
159‌
5.45%,
03/02/2028
365‌
373‌
5.63%,
08/21/2033
155‌
160‌
Intuit
Inc
5.13%,
09/15/2028
150‌
154‌
5.25%,
09/15/2026
305‌
309‌
5.50%,
09/15/2053
110‌
109‌
Microsoft
Corp
2.40%,
08/08/2026
55‌
54‌
2.53%,
06/01/2050
392‌
246‌
2.68%,
06/01/2060
459‌
274‌
3.30%,
02/06/2027
80‌
79‌
3.45%,
08/08/2036
358‌
319‌
Oracle
Corp
2.30%,
03/25/2028
385‌
362‌
2.65%,
07/15/2026
250‌
244‌
2.80%,
04/01/2027
250‌
242‌
2.88%,
03/25/2031
195‌
175‌
2.95%,
04/01/2030
150‌
138‌
3.60%,
04/01/2040
150‌
118‌
3.60%,
04/01/2050
150‌
104‌
3.65%,
03/25/2041
195‌
151‌
3.80%,
11/15/2037
250‌
211‌
3.90%,
05/15/2035
600‌
534‌
3.95%,
03/25/2051
195‌
143‌
4.00%,
07/15/2046
430‌
329‌
4.10%,
03/25/2061
190‌
136‌
4.20%,
09/27/2029
135‌
132‌
4.30%,
07/08/2034
315‌
293‌
4.38%,
05/15/2055
410‌
319‌
4.50%,
05/06/2028
130‌
130‌
4.65%,
05/06/2030
265‌
264‌
4.70%,
09/27/2034
135‌
129‌
5.25%,
02/03/2032
255‌
258‌
5.38%,
09/27/2054
135‌
123‌
5.50%,
09/27/2064
135‌
122‌
5.55%,
02/06/2053
125‌
117‌
6.00%,
08/03/2055
255‌
255‌
6.13%,
08/03/2065
255‌
255‌
6.15%,
11/09/2029
55‌
58‌
6.25%,
11/09/2032
115‌
123‌
6.90%,
11/09/2052
115‌
127‌
Roper
Technologies
Inc
1.40%,
09/15/2027
165‌
153‌
2.95%,
09/15/2029
95‌
88‌
4.75%,
02/15/2032
85‌
84‌
4.90%,
10/15/2034
85‌
83‌
Salesforce
Inc
1.95%,
07/15/2031
190‌
164‌
2.70%,
07/15/2041
385‌
275‌
2.90%,
07/15/2051
195‌
126‌
Synopsys
Inc
4.65%,
04/01/2028
245‌
246‌
4.85%,
04/01/2030
120‌
121‌
5.15%,
04/01/2035
245‌
246‌
5.70%,
04/01/2055
85‌
84‌
Take-Two
Interactive
Software
Inc
4.95%,
03/28/2028
150‌
151‌
VMware
LLC
1.40%,
08/15/2026
370‌
354‌
1.80%,
08/15/2028
285‌
260‌
2.20%,
08/15/2031
385‌
327‌
$
11,533‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Sovereign
-
1
.33
%
Canada
Government
International
Bond
0.75%,
05/19/2026
$
195‌
$
188‌
3.75%,
04/26/2028
(d)
265‌
264‌
4.00%,
03/18/2030
375‌
374‌
4.63%,
04/30/2029
305‌
312‌
Chile
Government
International
Bond
2.45%,
01/31/2031
270‌
236‌
2.55%,
01/27/2032
275‌
237‌
2.75%,
01/31/2027
200‌
193‌
3.10%,
05/07/2041
250‌
183‌
3.24%,
02/06/2028
200‌
192‌
3.50%,
04/15/2053
200‌
137‌
3.86%,
06/21/2047
300‌
229‌
4.00%,
01/31/2052
200‌
151‌
4.95%,
01/05/2036
276‌
267‌
Export
Development
Canada
3.75%,
09/07/2027
135‌
134‌
3.88%,
02/14/2028
305‌
304‌
4.13%,
02/13/2029
305‌
306‌
4.38%,
06/29/2026
225‌
226‌
4.75%,
06/05/2034
150‌
155‌
Export-Import
Bank
of
Korea
1.38%,
02/09/2031
200‌
169‌
2.13%,
01/18/2032
200‌
170‌
4.00%,
09/11/2029
275‌
270‌
4.25%,
09/15/2027
200‌
200‌
4.50%,
09/15/2032
200‌
197‌
5.13%,
09/18/2028
200‌
205‌
Indonesia
Government
International
Bond
2.15%,
07/28/2031
200‌
169‌
2.85%,
02/14/2030
400‌
365‌
3.05%,
03/12/2051
200‌
128‌
3.50%,
01/11/2028
200‌
194‌
3.70%,
10/30/2049
200‌
146‌
4.15%,
09/20/2027
200‌
198‌
4.20%,
10/15/2050
250‌
200‌
4.55%,
01/11/2028
200‌
200‌
4.75%,
02/11/2029
200‌
200‌
4.75%,
09/10/2034
200‌
193‌
5.10%,
02/10/2054
(d)
200‌
182‌
5.15%,
09/10/2054
(d)
200‌
184‌
Israel
Government
AID
Bond
5.50%,
09/18/2033
12‌
13‌
Israel
Government
International
Bond
3.88%,
07/03/2050
400‌
282‌
4.50%,
01/30/2043
200‌
169‌
5.38%,
02/19/2030
200‌
201‌
5.50%,
03/12/2034
230‌
228‌
5.75%,
03/12/2054
230‌
211‌
Japan
Bank
for
International
Cooperation
1.25%,
01/21/2031
200‌
169‌
1.88%,
04/15/2031
200‌
174‌
2.13%,
02/16/2029
200‌
185‌
2.25%,
11/04/2026
200‌
194‌
4.25%,
04/27/2026
220‌
220‌
4.63%,
07/22/2027
260‌
263‌
4.63%,
07/19/2028
200‌
203‌
4.63%,
04/17/2034
200‌
203‌
4.88%,
10/18/2028
200‌
205‌
Japan
International
Cooperation
Agency
4.75%,
05/21/2029
200‌
204‌
Korea
International
Bond
1.00%,
09/16/2030
200‌
169‌
3.88%,
09/20/2048
250‌
209‌
Mexico
Government
International
Bond
2.66%,
05/24/2031
400‌
337‌
3.25%,
04/16/2030
200‌
180‌
3.50%,
02/12/2034
200‌
164‌
Schedule
of
Investments
Bond
Market
Index
Account
March
31,
2025
(unaudited)
See
accompanying
notes.
31
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Sovereign
(continued)
Mexico
Government
International
Bond
(continued)
3.75%,
01/11/2028
$
250‌
$
242‌
3.75%,
04/19/2071
400‌
225‌
3.77%,
05/24/2061
200‌
116‌
4.50%,
04/22/2029
300‌
291‌
4.50%,
01/31/2050
200‌
143‌
4.60%,
02/10/2048
450‌
330‌
4.75%,
03/08/2044
276‌
214‌
5.55%,
01/21/2045
(d)
300‌
265‌
6.00%,
05/07/2036
280‌
270‌
6.05%,
01/11/2040
264‌
248‌
6.34%,
05/04/2053
200‌
182‌
6.35%,
02/09/2035
200‌
200‌
6.40%,
05/07/2054
300‌
274‌
6.88%,
05/13/2037
260‌
266‌
7.38%,
05/13/2055
260‌
266‌
Panama
Government
International
Bond
2.25%,
09/29/2032
200‌
146‌
3.30%,
01/19/2033
200‌
155‌
3.87%,
07/23/2060
340‌
182‌
4.30%,
04/29/2053
200‌
122‌
4.50%,
05/15/2047
200‌
131‌
4.50%,
04/16/2050
200‌
127‌
6.40%,
02/14/2035
200‌
187‌
6.70%,
01/26/2036
224‌
214‌
6.85%,
03/28/2054
200‌
175‌
Peruvian
Government
International
Bond
1.86%,
12/01/2032
405‌
315‌
2.78%,
01/23/2031
145‌
127‌
2.78%,
12/01/2060
180‌
98‌
3.30%,
03/11/2041
170‌
124‌
3.55%,
03/10/2051
200‌
137‌
5.63%,
11/18/2050
203‌
193‌
5.88%,
08/08/2054
145‌
140‌
6.55%,
03/14/2037
126‌
134‌
8.75%,
11/21/2033
192‌
233‌
Philippine
Government
International
Bond
2.46%,
05/05/2030
500‌
450‌
2.65%,
12/10/2045
200‌
128‌
3.00%,
02/01/2028
300‌
288‌
3.20%,
07/06/2046
200‌
140‌
3.70%,
02/02/2042
230‌
183‌
4.75%,
03/05/2035
275‌
267‌
5.00%,
07/17/2033
200‌
198‌
5.50%,
02/04/2035
200‌
206‌
5.50%,
01/17/2048
200‌
196‌
5.60%,
05/14/2049
200‌
197‌
9.50%,
02/02/2030
400‌
483‌
Republic
of
Italy
Government
International
Bond
2.88%,
10/17/2029
200‌
185‌
3.88%,
05/06/2051
400‌
278‌
5.38%,
06/15/2033
130‌
134‌
Republic
of
Poland
Government
International
Bond
4.88%,
02/12/2030
320‌
323‌
4.88%,
10/04/2033
300‌
295‌
5.13%,
09/18/2034
200‌
198‌
5.50%,
03/18/2054
310‌
291‌
State
of
Israel
2.50%,
01/15/2030
200‌
177‌
3.38%,
01/15/2050
200‌
130‌
Svensk
Exportkredit
AB
3.75%,
09/13/2027
275‌
273‌
4.13%,
06/14/2028
295‌
296‌
4.88%,
09/14/2026
305‌
308‌
Tennessee
Valley
Authority
2.88%,
02/01/2027
250‌
245‌
3.50%,
12/15/2042
200‌
166‌
3.88%,
03/15/2028
230‌
230‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Sovereign
(continued)
Tennessee
Valley
Authority
(continued)
4.25%,
09/15/2065
$
200‌
$
164‌
4.63%,
09/15/2060
190‌
170‌
5.25%,
09/15/2039
126‌
132‌
5.38%,
04/01/2056
154‌
157‌
5.88%,
04/01/2036
200‌
221‌
Uruguay
Government
International
Bond
4.13%,
11/20/2045
100‌
85‌
4.38%,
10/27/2027
390‌
389‌
4.98%,
04/20/2055
100‌
89‌
5.10%,
06/18/2050
365‌
338‌
5.44%,
02/14/2037
130‌
131‌
5.75%,
10/28/2034
150‌
156‌
$
26,610‌
Supranational
Bank
-
1
.39
%
African
Development
Bank
0.88%,
07/22/2026
385‌
370‌
3.50%,
09/18/2029
275‌
269‌
4.00%,
03/18/2030
250‌
249‌
4.13%,
02/25/2027
150‌
150‌
4.38%,
03/14/2028
305‌
308‌
4.63%,
01/04/2027
210‌
212‌
Asian
Development
Bank
1.00%,
04/14/2026
480‌
465‌
1.25%,
06/09/2028
100‌
92‌
1.50%,
01/20/2027
400‌
383‌
1.50%,
03/04/2031
195‌
168‌
1.75%,
09/19/2029
325‌
295‌
1.88%,
03/15/2029
190‌
175‌
2.75%,
01/19/2028
250‌
242‌
3.13%,
08/20/2027
355‌
348‌
3.13%,
04/27/2032
165‌
154‌
3.63%,
08/28/2029
420‌
413‌
3.75%,
04/25/2028
150‌
149‌
3.88%,
09/28/2032
100‌
98‌
3.88%,
06/14/2033
145‌
141‌
4.00%,
01/12/2033
150‌
148‌
4.13%,
01/12/2027
300‌
301‌
4.38%,
01/14/2028
130‌
131‌
4.38%,
03/06/2029
310‌
314‌
4.38%,
03/22/2035
180‌
180‌
4.50%,
08/25/2028
365‌
371‌
5.82%,
06/16/2028
15‌
16‌
6.38%,
10/01/2028
51‌
54‌
Asian
Infrastructure
Investment
Bank/The
3.75%,
09/14/2027
160‌
159‌
4.13%,
01/18/2029
300‌
301‌
4.50%,
01/16/2030
260‌
265‌
4.88%,
09/14/2026
305‌
309‌
Council
Of
Europe
Development
Bank
3.63%,
01/26/2028
300‌
297‌
3.75%,
05/25/2026
300‌
299‌
4.50%,
01/15/2030
195‌
199‌
4.63%,
06/11/2027
150‌
152‌
European
Bank
for
Reconstruction
&
Development
4.13%,
01/25/2029
150‌
151‌
4.38%,
03/09/2028
(d)
245‌
248‌
European
Investment
Bank
0.63%,
10/21/2027
285‌
262‌
0.75%,
10/26/2026
190‌
181‌
1.25%,
02/14/2031
355‌
303‌
1.38%,
03/15/2027
400‌
381‌
1.63%,
05/13/2031
245‌
212‌
1.75%,
03/15/2029
200‌
184‌
2.38%,
05/24/2027
300‌
290‌
3.25%,
11/15/2027
325‌
319‌
3.63%,
07/15/2030
300‌
294‌
3.75%,
11/15/2029
240‌
237‌
Schedule
of
Investments
Bond
Market
Index
Account
March
31,
2025
(unaudited)
See
accompanying
notes.
32
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Supranational
Bank
(continued)
European
Investment
Bank
(continued)
3.75%,
02/14/2033
$
305‌
$
296‌
3.88%,
03/15/2028
405‌
404‌
3.88%,
06/15/2028
340‌
339‌
4.00%,
02/15/2029
335‌
335‌
4.13%,
02/13/2034
305‌
301‌
4.38%,
03/19/2027
460‌
463‌
4.38%,
10/10/2031
300‌
304‌
4.50%,
10/16/2028
305‌
310‌
4.50%,
03/14/2030
215‌
219‌
4.63%,
02/12/2035
230‌
235‌
4.75%,
06/15/2029
305‌
314‌
Inter-American
Development
Bank
0.63%,
09/16/2027
165‌
152‌
0.88%,
04/20/2026
425‌
411‌
1.13%,
07/20/2028
385‌
351‌
1.13%,
01/13/2031
385‌
326‌
1.50%,
01/13/2027
400‌
383‌
2.38%,
07/07/2027
300‌
290‌
3.13%,
09/18/2028
250‌
243‌
3.50%,
09/14/2029
320‌
313‌
3.50%,
04/12/2033
150‌
142‌
4.00%,
01/12/2028
150‌
150‌
4.13%,
02/15/2029
305‌
306‌
4.38%,
02/01/2027
300‌
302‌
4.38%,
07/17/2034
145‌
146‌
4.38%,
01/24/2044
50‌
47‌
4.50%,
05/15/2026
300‌
301‌
4.50%,
02/15/2030
260‌
265‌
4.50%,
09/13/2033
200‌
203‌
International
Bank
for
Reconstruction
&
Development
0.75%,
11/24/2027
365‌
336‌
0.75%,
08/26/2030
385‌
323‌
0.88%,
07/15/2026
580‌
557‌
1.25%,
02/10/2031
385‌
328‌
1.38%,
04/20/2028
480‌
444‌
1.63%,
11/03/2031
385‌
328‌
1.75%,
10/23/2029
550‌
498‌
2.50%,
03/29/2032
355‌
319‌
3.13%,
06/15/2027
345‌
339‌
3.50%,
07/12/2028
450‌
443‌
3.63%,
09/21/2029
315‌
310‌
3.88%,
10/16/2029
265‌
263‌
3.88%,
02/14/2030
305‌
302‌
3.88%,
08/28/2034
140‌
135‌
4.00%,
08/27/2026
140‌
140‌
4.00%,
07/25/2030
350‌
349‌
4.00%,
01/10/2031
300‌
298‌
4.13%,
03/20/2030
365‌
366‌
4.50%,
04/10/2031
235‌
239‌
4.63%,
08/01/2028
450‌
459‌
4.63%,
01/15/2032
260‌
266‌
4.75%,
04/10/2026
155‌
156‌
4.75%,
11/14/2033
300‌
310‌
International
Finance
Corp
4.25%,
07/02/2029
300‌
302‌
4.38%,
01/15/2027
105‌
106‌
4.50%,
01/21/2028
140‌
142‌
4.50%,
07/13/2028
120‌
122‌
Nordic
Investment
Bank
3.38%,
09/08/2027
325‌
320‌
4.25%,
02/28/2029
200‌
201‌
$
27,791‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Telecommunications
-
1
.09
%
America
Movil
SAB
de
CV
4.38%,
04/22/2049
$
250‌
$
207‌
6.13%,
03/30/2040
102‌
105‌
6.38%,
03/01/2035
200‌
216‌
AT&T
Inc
1.65%,
02/01/2028
330‌
305‌
2.25%,
02/01/2032
240‌
202‌
2.30%,
06/01/2027
235‌
225‌
2.75%,
06/01/2031
310‌
275‌
2.95%,
07/15/2026
20‌
20‌
3.10%,
02/01/2043
240‌
172‌
3.50%,
06/01/2041
310‌
239‌
3.50%,
09/15/2053
629‌
429‌
3.55%,
09/15/2055
783‌
531‌
3.65%,
06/01/2051
395‌
280‌
3.65%,
09/15/2059
1,057‌
713‌
3.80%,
02/15/2027
40‌
39‌
4.10%,
02/15/2028
81‌
80‌
4.25%,
03/01/2027
230‌
229‌
4.30%,
12/15/2042
221‌
186‌
4.35%,
03/01/2029
500‌
495‌
4.35%,
06/15/2045
260‌
216‌
4.50%,
03/09/2048
290‌
241‌
5.40%,
02/15/2034
295‌
300‌
Bell
Telephone
Co
of
Canada
or
Bell
Canada
5.20%,
02/15/2034
(d)
155‌
155‌
British
Telecommunications
PLC
9.62%,
12/15/2030
327‌
399‌
Cisco
Systems
Inc
2.50%,
09/20/2026
245‌
239‌
4.75%,
02/24/2030
125‌
127‌
4.80%,
02/26/2027
305‌
309‌
4.85%,
02/26/2029
305‌
310‌
4.95%,
02/24/2032
225‌
228‌
5.05%,
02/26/2034
305‌
309‌
5.30%,
02/26/2054
305‌
299‌
5.50%,
01/15/2040
170‌
175‌
Corning
Inc
4.38%,
11/15/2057
(d)
300‌
239‌
4.75%,
03/15/2042
102‌
92‌
Deutsche
Telekom
International
Finance
BV
8.75%,
06/15/2030
391‌
459‌
Juniper
Networks
Inc
2.00%,
12/10/2030
185‌
158‌
Orange
SA
5.38%,
01/13/2042
102‌
99‌
Rogers
Communications
Inc
3.20%,
03/15/2027
395‌
384‌
3.70%,
11/15/2049
225‌
157‌
3.80%,
03/15/2032
195‌
177‌
5.00%,
02/15/2029
155‌
155‌
5.00%,
03/15/2044
200‌
177‌
Sprint
Capital
Corp
6.88%,
11/15/2028
295‌
315‌
Telefonica
Emisiones
SA
5.21%,
03/08/2047
360‌
318‌
7.05%,
06/20/2036
545‌
604‌
T-Mobile
USA
Inc
2.05%,
02/15/2028
320‌
299‌
2.25%,
11/15/2031
175‌
149‌
2.40%,
03/15/2029
310‌
285‌
2.55%,
02/15/2031
245‌
216‌
3.00%,
02/15/2041
170‌
123‌
3.30%,
02/15/2051
310‌
207‌
3.40%,
10/15/2052
260‌
176‌
3.75%,
04/15/2027
295‌
291‌
3.88%,
04/15/2030
295‌
283‌
4.20%,
10/01/2029
135‌
133‌
Schedule
of
Investments
Bond
Market
Index
Account
March
31,
2025
(unaudited)
See
accompanying
notes.
33
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Telecommunications
(continued)
T-Mobile
USA
Inc
(continued)
4.38%,
04/15/2040
$
150‌
$
132‌
4.50%,
04/15/2050
145‌
121‌
4.80%,
07/15/2028
150‌
151‌
4.95%,
03/15/2028
90‌
91‌
5.05%,
07/15/2033
150‌
149‌
5.13%,
05/15/2032
235‌
236‌
5.15%,
04/15/2034
155‌
155‌
5.20%,
01/15/2033
275‌
277‌
5.25%,
06/15/2055
135‌
124‌
5.50%,
01/15/2055
155‌
147‌
5.65%,
01/15/2053
135‌
132‌
5.75%,
01/15/2034
150‌
156‌
5.75%,
01/15/2054
150‌
148‌
6.00%,
06/15/2054
150‌
153‌
Verizon
Communications
Inc
1.50%,
09/18/2030
(d)
225‌
191‌
1.68%,
10/30/2030
223‌
190‌
1.75%,
01/20/2031
360‌
304‌
2.10%,
03/22/2028
290‌
271‌
2.36%,
03/15/2032
180‌
152‌
2.55%,
03/21/2031
385‌
339‌
2.65%,
11/20/2040
135‌
95‌
2.88%,
11/20/2050
360‌
224‌
2.99%,
10/30/2056
562‌
338‌
3.00%,
11/20/2060
80‌
47‌
3.40%,
03/22/2041
385‌
296‌
3.55%,
03/22/2051
385‌
275‌
3.70%,
03/22/2061
190‌
131‌
3.85%,
11/01/2042
275‌
220‌
4.13%,
03/16/2027
300‌
298‌
4.33%,
09/21/2028
500‌
497‌
4.40%,
11/01/2034
750‌
708‌
4.50%,
08/10/2033
360‌
346‌
4.81%,
03/15/2039
185‌
173‌
5.25%,
04/02/2035
(h)
120‌
120‌
Vodafone
Group
PLC
4.25%,
09/17/2050
165‌
127‌
5.63%,
02/10/2053
150‌
141‌
5.75%,
06/28/2054
150‌
143‌
5.88%,
06/28/2064
150‌
144‌
6.15%,
02/27/2037
72‌
76‌
$
21,769‌
Transportation
-
0
.45
%
Burlington
Northern
Santa
Fe
LLC
3.05%,
02/15/2051
200‌
133‌
3.30%,
09/15/2051
200‌
139‌
3.55%,
02/15/2050
115‌
84‌
4.45%,
03/15/2043
20‌
18‌
4.45%,
01/15/2053
100‌
85‌
4.55%,
09/01/2044
15‌
13‌
5.15%,
09/01/2043
350‌
340‌
5.20%,
04/15/2054
150‌
143‌
5.50%,
03/15/2055
150‌
149‌
Canadian
National
Railway
Co
2.45%,
05/01/2050
65‌
38‌
3.65%,
02/03/2048
75‌
57‌
3.85%,
08/05/2032
175‌
163‌
4.38%,
09/18/2034
110‌
104‌
Canadian
Pacific
Railway
Co
1.75%,
12/02/2026
390‌
373‌
3.00%,
12/02/2041
190‌
137‌
3.10%,
12/02/2051
190‌
124‌
4.80%,
03/30/2030
85‌
85‌
4.80%,
09/15/2035
285‌
276‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Transportation
(continued)
CSX
Corp
2.40%,
02/15/2030
$
65‌
$
59‌
3.25%,
06/01/2027
40‌
39‌
3.35%,
09/15/2049
70‌
49‌
3.80%,
03/01/2028
100‌
98‌
3.80%,
11/01/2046
30‌
23‌
4.25%,
11/01/2066
200‌
155‌
4.30%,
03/01/2048
105‌
88‌
4.50%,
11/15/2052
155‌
132‌
4.75%,
05/30/2042
137‌
126‌
4.90%,
03/15/2055
135‌
122‌
5.20%,
11/15/2033
150‌
153‌
FedEx
Corp
3.10%,
08/05/2029
(i)
315‌
295‌
3.88%,
08/01/2042
(i)
100‌
76‌
4.40%,
01/15/2047
(i)
205‌
162‌
4.55%,
04/01/2046
(i)
400‌
325‌
4.75%,
11/15/2045
(i)
130‌
109‌
Norfolk
Southern
Corp
2.30%,
05/15/2031
195‌
170‌
2.55%,
11/01/2029
155‌
142‌
2.90%,
08/25/2051
190‌
119‌
3.94%,
11/01/2047
198‌
155‌
4.15%,
02/28/2048
200‌
161‌
4.45%,
03/01/2033
150‌
145‌
4.55%,
06/01/2053
70‌
59‌
4.84%,
10/01/2041
100‌
92‌
5.35%,
08/01/2054
120‌
115‌
Ryder
System
Inc
2.90%,
12/01/2026
150‌
146‌
4.30%,
06/15/2027
55‌
55‌
4.95%,
09/01/2029
140‌
141‌
Union
Pacific
Corp
2.15%,
02/05/2027
230‌
221‌
2.38%,
05/20/2031
195‌
173‌
2.80%,
02/14/2032
185‌
164‌
2.89%,
04/06/2036
210‌
172‌
3.20%,
05/20/2041
195‌
148‌
3.38%,
02/14/2042
190‌
147‌
3.80%,
10/01/2051
182‌
138‌
3.80%,
04/06/2071
175‌
121‌
3.84%,
03/20/2060
375‌
272‌
4.50%,
01/20/2033
160‌
157‌
4.95%,
09/09/2052
(d)
160‌
148‌
5.60%,
12/01/2054
125‌
126‌
United
Parcel
Service
Inc
2.50%,
09/01/2029
125‌
116‌
3.40%,
09/01/2049
220‌
155‌
4.88%,
03/03/2033
110‌
110‌
4.88%,
11/15/2040
25‌
24‌
5.05%,
03/03/2053
110‌
101‌
5.15%,
05/22/2034
150‌
152‌
5.20%,
04/01/2040
125‌
123‌
5.50%,
05/22/2054
150‌
147‌
6.20%,
01/15/2038
23‌
25‌
$
8,912‌
Trucking
&
Leasing
-
0
.02
%
GATX
Corp
1.90%,
06/01/2031
380‌
317‌
5.50%,
06/15/2035
100‌
100‌
$
417‌
Water
-
0
.05
%
American
Water
Capital
Corp
2.30%,
06/01/2031
195‌
169‌
3.25%,
06/01/2051
195‌
131‌
3.75%,
09/01/2047
180‌
136‌
4.45%,
06/01/2032
110‌
107‌
6.59%,
10/15/2037
5‌
5‌
Schedule
of
Investments
Bond
Market
Index
Account
March
31,
2025
(unaudited)
See
accompanying
notes.
34
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Water
(continued)
Essential
Utilities
Inc
2.40%,
05/01/2031
$
190‌
$
166‌
5.30%,
05/01/2052
185‌
169‌
5.38%,
01/15/2034
155‌
156‌
$
1,039‌
TOTAL
BONDS
$
566,551‌
MUNICIPAL
BONDS
-
0
.55
%
Principal
Amount
(000's)
Value
(000's)
California
-
0
.15
%
Bay
Area
Toll
Authority
6.26%,
04/01/2049
$
300‌
$
320‌
6.92%,
04/01/2040
60‌
68‌
California
State
University
2.98%,
11/01/2051
160‌
108‌
East
Bay
Municipal
Utility
District
Water
System
Revenue
5.87%,
06/01/2040
60‌
63‌
Los
Angeles
Department
of
Water
&
Power
6.57%,
07/01/2045
150‌
159‌
Regents
of
the
University
of
California
Medical
Center
Pooled
Revenue
6.55%,
05/15/2048
250‌
271‌
San
Diego
County
Water
Authority
6.14%,
05/01/2049
260‌
272‌
State
of
California
3.50%,
04/01/2028
165‌
162‌
7.30%,
10/01/2039
375‌
436‌
7.35%,
11/01/2039
500‌
583‌
7.60%,
11/01/2040
180‌
219‌
7.63%,
03/01/2040
280‌
337‌
$
2,998‌
District
of
Columbia
-
0
.02
%
District
of
Columbia
Water
&
Sewer
Authority
4.81%,
10/01/2114
450‌
396‌
Georgia
-
0
.02
%
Municipal
Electric
Authority
of
Georgia
6.64%,
04/01/2057
144‌
158‌
7.06%,
04/01/2057
188‌
211‌
$
369‌
Illinois
-
0
.07
%
Chicago
Transit
Authority
Sales
&
Transfer
Tax
Receipts
Revenue
6.90%,
12/01/2040
183‌
203‌
Chicago
Transit
Authority
Sales
Tax
Receipts
Fund
6.20%,
12/01/2040
70‌
73‌
County
of
Cook
IL
6.23%,
11/15/2034
102‌
108‌
State
of
Illinois
5.10%,
06/01/2033
941‌
939‌
7.35%,
07/01/2035
55‌
60‌
$
1,383‌
Nevada
-
0
.00
%
County
of
Clark
Department
of
Aviation
6.82%,
07/01/2045
25‌
28‌
New
Jersey
-
0
.06
%
New
Jersey
Economic
Development
Authority
(credit
support
from
National
Public
Finance
Guarantee
Corp
)
7.43%,
02/15/2029
(j)
700‌
739‌
New
Jersey
Transportation
Trust
Fund
Authority
6.56%,
12/15/2040
210‌
231‌
New
Jersey
Turnpike
Authority
7.10%,
01/01/2041
147‌
168‌
Rutgers
The
State
University
of
New
Jersey
5.67%,
05/01/2040
130‌
132‌
$
1,270‌
MUNICIPAL
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
New
York
-
0
.09
%
City
of
New
York
NY
5.52%,
10/01/2037
$
25‌
$
25‌
Metropolitan
Transportation
Authority
6.81%,
11/15/2040
135‌
148‌
New
York
City
Municipal
Water
Finance
Authority
5.72%,
06/15/2042
270‌
277‌
5.95%,
06/15/2042
125‌
131‌
New
York
State
Dormitory
Authority
5.60%,
03/15/2040
435‌
445‌
Port
Authority
of
New
York
&
New
Jersey
4.46%,
10/01/2062
400‌
340‌
4.96%,
08/01/2046
300‌
286‌
6.04%,
12/01/2029
50‌
54‌
$
1,706‌
Ohio
-
0
.01
%
American
Municipal
Power
Inc
6.27%,
02/15/2050
64‌
67‌
Ohio
State
University/The
4.91%,
06/01/2040
125‌
121‌
$
188‌
Pennsylvania
-
0
.03
%
State
Public
School
Building
Authority
5.00%,
09/15/2027
500‌
508‌
Texas
-
0
.09
%
City
of
San
Antonio
TX
Electric
&
Gas
Systems
Revenue
5.81%,
02/01/2041
135‌
138‌
Dallas
Area
Rapid
Transit
5.02%,
12/01/2048
50‌
46‌
Dallas
Convention
Center
Hotel
Development
Corp
7.09%,
01/01/2042
70‌
78‌
Dallas
County
Hospital
District
5.62%,
08/15/2044
83‌
84‌
Dallas
Independent
School
District
(credit
support
from
Permanent
School
Fund
Guarantee
Program
)
6.45%,
02/15/2035
(j)
50‌
50‌
Grand
Parkway
Transportation
Corp
5.18%,
10/01/2042
300‌
297‌
State
of
Texas
4.68%,
04/01/2040
100‌
95‌
5.52%,
04/01/2039
405‌
415‌
Texas
Department
of
Transportation
State
Highway
Fund
5.18%,
04/01/2030
625‌
635‌
$
1,838‌
Utah
-
0
.00
%
State
of
Utah
3.54%,
07/01/2025
59‌
59‌
Wisconsin
-
0
.01
%
State
of
Wisconsin
(credit
support
from
Assured
Guaranty
Municipal
Corp
)
5.70%,
05/01/2026
(j)
175‌
176‌
TOTAL
MUNICIPAL
BONDS
$
10,919‌
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
-
70
.60
%
Principal
Amount
(000's)
Value
(000's)
Federal
Home
Loan
Mortgage
Corporation
(FHLMC)
-
1
.15
%
2.00%,
08/01/2029
$
92‌
$
88‌
2.00%,
03/01/2032
58‌
55‌
2.50%,
10/01/2027
15‌
15‌
2.50%,
03/01/2028
51‌
49‌
2.50%,
06/01/2028
31‌
30‌
2.50%,
06/01/2028
77‌
75‌
2.50%,
07/01/2028
54‌
53‌
2.50%,
10/01/2028
48‌
47‌
2.50%,
10/01/2028
26‌
26‌
2.50%,
10/01/2029
76‌
73‌
2.50%,
12/01/2029
93‌
90‌
Schedule
of
Investments
Bond
Market
Index
Account
March
31,
2025
(unaudited)
See
accompanying
notes.
35
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Federal
Home
Loan
Mortgage
Corporation
(FHLMC)
(continued)
2.50%,
09/01/2030
$
180‌
$
173‌
2.50%,
01/01/2031
21‌
20‌
2.50%,
01/01/2031
200‌
192‌
2.50%,
02/01/2031
22‌
21‌
2.50%,
03/01/2031
61‌
58‌
2.50%,
12/01/2031
80‌
77‌
2.50%,
12/01/2031
72‌
68‌
2.50%,
02/01/2032
94‌
90‌
2.50%,
03/01/2032
125‌
119‌
2.50%,
11/01/2032
235‌
224‌
2.50%,
02/01/2033
66‌
63‌
2.50%,
03/01/2033
168‌
161‌
2.50%,
03/01/2033
47‌
45‌
2.50%,
04/01/2033
77‌
74‌
2.50%,
05/01/2033
32‌
31‌
2.50%,
06/01/2033
54‌
51‌
2.50%,
11/01/2036
52‌
48‌
2.50%,
02/01/2043
73‌
63‌
2.50%,
03/01/2043
57‌
49‌
3.00%,
01/01/2027
13‌
13‌
3.00%,
03/01/2027
10‌
10‌
3.00%,
05/01/2027
13‌
13‌
3.00%,
10/01/2028
57‌
56‌
3.00%,
07/01/2029
78‌
76‌
3.00%,
08/01/2029
35‌
34‌
3.00%,
10/01/2029
21‌
21‌
3.00%,
11/01/2029
36‌
35‌
3.00%,
07/01/2030
87‌
84‌
3.00%,
09/01/2030
120‌
117‌
3.00%,
11/01/2030
34‌
33‌
3.00%,
11/01/2030
21‌
21‌
3.00%,
01/01/2031
43‌
42‌
3.00%,
04/01/2031
99‌
95‌
3.00%,
02/01/2032
20‌
20‌
3.00%,
05/01/2032
35‌
33‌
3.00%,
12/01/2032
155‌
149‌
3.00%,
12/01/2032
145‌
140‌
3.00%,
01/01/2033
210‌
203‌
3.00%,
02/01/2033
120‌
116‌
3.00%,
03/01/2033
77‌
75‌
3.00%,
04/01/2033
57‌
55‌
3.00%,
04/01/2033
71‌
68‌
3.00%,
06/01/2033
44‌
42‌
3.00%,
09/01/2033
69‌
66‌
3.00%,
09/01/2033
62‌
59‌
3.00%,
12/01/2034
17‌
16‌
3.00%,
01/01/2035
11‌
11‌
3.00%,
02/01/2035
17‌
16‌
3.00%,
05/01/2035
139‌
131‌
3.00%,
02/01/2036
33‌
31‌
3.00%,
09/01/2036
35‌
33‌
3.00%,
02/01/2037
45‌
42‌
3.00%,
05/01/2037
46‌
43‌
3.00%,
06/01/2037
47‌
44‌
3.00%,
07/01/2037
74‌
69‌
3.00%,
09/01/2037
16‌
15‌
3.00%,
01/01/2043
113‌
102‌
3.00%,
01/01/2043
113‌
102‌
3.00%,
02/01/2043
499‌
450‌
3.00%,
03/01/2043
294‌
265‌
3.00%,
04/01/2043
104‌
93‌
3.00%,
05/01/2043
101‌
91‌
3.00%,
07/01/2043
285‌
256‌
3.00%,
07/01/2043
324‌
292‌
3.00%,
08/01/2043
552‌
497‌
3.00%,
08/01/2043
39‌
35‌
3.00%,
08/01/2043
55‌
49‌
3.00%,
09/01/2043
205‌
185‌
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Federal
Home
Loan
Mortgage
Corporation
(FHLMC)
(continued)
3.00%,
10/01/2043
$
199‌
$
180‌
3.00%,
03/01/2045
173‌
155‌
3.00%,
04/01/2045
62‌
56‌
3.00%,
06/01/2045
225‌
199‌
3.00%,
07/01/2045
133‌
118‌
3.00%,
08/01/2045
258‌
230‌
3.00%,
12/01/2045
358‌
317‌
3.00%,
03/01/2046
154‌
137‌
3.00%,
03/01/2046
17‌
15‌
3.00%,
04/01/2046
212‌
188‌
3.00%,
05/01/2046
54‌
48‌
3.00%,
09/01/2046
253‌
225‌
3.00%,
10/01/2046
256‌
228‌
3.00%,
11/01/2046
289‌
256‌
3.00%,
11/01/2046
270‌
239‌
3.00%,
11/01/2046
443‌
393‌
3.00%,
12/01/2046
329‌
292‌
3.00%,
12/01/2046
365‌
323‌
3.00%,
01/01/2047
499‌
442‌
3.00%,
03/01/2047
498‌
441‌
3.00%,
03/01/2048
181‌
159‌
3.50%,
10/01/2025
3‌
3‌
3.50%,
11/01/2025
3‌
3‌
3.50%,
12/01/2026
6‌
6‌
3.50%,
01/01/2029
32‌
31‌
3.50%,
01/01/2032
29‌
28‌
3.50%,
02/01/2032
17‌
17‌
3.50%,
03/01/2032
21‌
20‌
3.50%,
04/01/2032
22‌
21‌
3.50%,
08/01/2032
17‌
17‌
3.50%,
09/01/2033
59‌
57‌
3.50%,
01/01/2034
20‌
20‌
3.50%,
01/01/2035
46‌
45‌
3.50%,
02/01/2035
37‌
36‌
3.50%,
07/01/2035
68‌
66‌
3.50%,
09/01/2035
87‌
84‌
3.50%,
04/01/2037
26‌
25‌
3.50%,
06/01/2037
51‌
49‌
3.50%,
05/01/2041
9‌
9‌
3.50%,
02/01/2042
96‌
90‌
3.50%,
04/01/2042
34‌
32‌
3.50%,
06/01/2042
79‌
74‌
3.50%,
07/01/2042
87‌
81‌
3.50%,
07/01/2042
117‌
109‌
3.50%,
08/01/2042
114‌
106‌
3.50%,
08/01/2042
51‌
48‌
3.50%,
02/01/2044
162‌
150‌
3.50%,
06/01/2044
151‌
140‌
3.50%,
09/01/2044
86‌
80‌
3.50%,
02/01/2045
98‌
91‌
3.50%,
03/01/2045
140‌
130‌
3.50%,
06/01/2045
160‌
148‌
3.50%,
07/01/2045
262‌
242‌
3.50%,
09/01/2045
135‌
125‌
3.50%,
10/01/2045
156‌
144‌
3.50%,
11/01/2045
257‌
237‌
3.50%,
12/01/2045
188‌
173‌
3.50%,
12/01/2045
208‌
192‌
3.50%,
12/01/2045
26‌
24‌
3.50%,
01/01/2046
17‌
15‌
3.50%,
01/01/2046
72‌
66‌
3.50%,
03/01/2046
128‌
118‌
3.50%,
03/01/2046
651‌
600‌
3.50%,
04/01/2046
156‌
143‌
3.50%,
05/01/2046
168‌
155‌
3.50%,
06/01/2046
200‌
184‌
3.50%,
08/01/2046
139‌
129‌
3.50%,
04/01/2047
208‌
190‌
Schedule
of
Investments
Bond
Market
Index
Account
March
31,
2025
(unaudited)
See
accompanying
notes.
36
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Federal
Home
Loan
Mortgage
Corporation
(FHLMC)
(continued)
3.50%,
11/01/2047
$
151‌
$
138‌
3.50%,
11/01/2047
238‌
218‌
3.50%,
05/01/2048
27‌
24‌
4.00%,
12/01/2030
8‌
8‌
4.00%,
08/01/2031
8‌
8‌
4.00%,
10/01/2031
14‌
14‌
4.00%,
11/01/2031
4‌
5‌
4.00%,
12/01/2031
7‌
8‌
4.00%,
11/01/2033
20‌
20‌
4.00%,
01/01/2034
38‌
38‌
4.00%,
07/01/2035
14‌
14‌
4.00%,
03/01/2037
63‌
62‌
4.00%,
05/01/2038
22‌
22‌
4.00%,
02/01/2041
54‌
52‌
4.00%,
06/01/2042
36‌
34‌
4.00%,
06/01/2042
42‌
40‌
4.00%,
08/01/2043
308‌
296‌
4.00%,
01/01/2044
53‌
51‌
4.00%,
02/01/2044
105‌
100‌
4.00%,
03/01/2044
42‌
41‌
4.00%,
04/01/2044
112‌
107‌
4.00%,
05/01/2044
30‌
28‌
4.00%,
07/01/2044
71‌
67‌
4.00%,
10/01/2044
79‌
75‌
4.00%,
11/01/2044
172‌
163‌
4.00%,
12/01/2044
176‌
167‌
4.00%,
01/01/2045
49‌
46‌
4.00%,
02/01/2045
50‌
47‌
4.00%,
04/01/2045
55‌
52‌
4.00%,
06/01/2045
69‌
65‌
4.00%,
08/01/2045
241‌
229‌
4.00%,
09/01/2045
253‌
240‌
4.00%,
10/01/2045
269‌
255‌
4.00%,
11/01/2045
173‌
164‌
4.00%,
12/01/2045
81‌
76‌
4.00%,
03/01/2047
203‌
194‌
4.00%,
08/01/2047
219‌
207‌
4.00%,
10/01/2047
155‌
145‌
4.00%,
12/01/2047
249‌
236‌
4.00%,
07/01/2048
136‌
128‌
4.00%,
08/01/2048
81‌
76‌
4.00%,
09/01/2048
242‌
228‌
4.50%,
02/01/2030
2‌
3‌
4.50%,
08/01/2030
2‌
2‌
4.50%,
05/01/2031
3‌
3‌
4.50%,
06/01/2031
19‌
19‌
4.50%,
06/01/2039
40‌
40‌
4.50%,
10/01/2039
27‌
27‌
4.50%,
10/01/2040
34‌
34‌
4.50%,
03/01/2041
109‌
107‌
4.50%,
03/01/2041
92‌
91‌
4.50%,
11/01/2041
90‌
88‌
4.50%,
09/01/2043
44‌
43‌
4.50%,
11/01/2043
51‌
50‌
4.50%,
11/01/2043
25‌
24‌
4.50%,
01/01/2044
42‌
41‌
4.50%,
01/01/2044
45‌
44‌
4.50%,
05/01/2044
64‌
62‌
4.50%,
07/01/2044
30‌
30‌
4.50%,
10/01/2045
83‌
81‌
4.50%,
02/01/2046
108‌
106‌
4.50%,
03/01/2047
30‌
29‌
4.50%,
04/01/2047
26‌
25‌
4.50%,
06/01/2047
61‌
59‌
4.50%,
09/01/2047
62‌
61‌
4.50%,
05/01/2048
48‌
47‌
4.50%,
07/01/2048
98‌
95‌
4.50%,
11/01/2048
48‌
47‌
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Federal
Home
Loan
Mortgage
Corporation
(FHLMC)
(continued)
4.50%,
01/01/2049
$
201‌
$
196‌
4.50%,
05/01/2049
536‌
522‌
5.00%,
12/01/2027
7‌
7‌
5.00%,
02/01/2030
1‌
1‌
5.00%,
03/01/2030
1‌
1‌
5.00%,
04/01/2034
35‌
36‌
5.00%,
06/01/2035
40‌
40‌
5.00%,
01/01/2038
65‌
66‌
5.00%,
11/01/2038
58‌
59‌
5.00%,
12/01/2038
63‌
64‌
5.00%,
09/01/2039
101‌
102‌
5.00%,
01/01/2040
68‌
69‌
5.00%,
05/01/2040
25‌
25‌
5.00%,
04/01/2041
39‌
40‌
5.00%,
06/01/2041
37‌
38‌
5.00%,
11/01/2041
33‌
33‌
5.00%,
11/01/2041
51‌
52‌
5.50%,
01/01/2028
9‌
9‌
5.50%,
04/01/2036
38‌
39‌
5.50%,
12/01/2036
37‌
38‌
5.50%,
12/01/2036
37‌
38‌
5.50%,
03/01/2039
59‌
60‌
5.50%,
04/01/2039
36‌
37‌
5.50%,
02/01/2040
52‌
53‌
5.50%,
06/01/2041
80‌
82‌
6.00%,
02/01/2027
1‌
1‌
$
23,120‌
Federal
National
Mortgage
Association
(FNMA)/Federal
Home
Loan
Mortgage
Corporation
(FHLMC)
Uniform
Mortgage-Backed
Security
-
17
.63
%
1.50%,
03/01/2036
1,281‌
1,127‌
1.50%,
05/01/2036
5,771‌
5,079‌
1.50%,
11/01/2036
2,719‌
2,401‌
1.50%,
11/01/2050
1,898‌
1,444‌
1.50%,
01/01/2051
3,160‌
2,390‌
1.50%,
06/01/2051
6,553‌
4,966‌
2.00%,
09/01/2028
26‌
25‌
2.00%,
05/01/2030
53‌
51‌
2.00%,
04/01/2032
53‌
49‌
2.00%,
02/01/2036
1,522‌
1,379‌
2.00%,
02/01/2036
3,005‌
2,737‌
2.00%,
04/01/2036
5,281‌
4,837‌
2.00%,
05/01/2036
2,757‌
2,508‌
2.00%,
06/01/2036
2,568‌
2,327‌
2.00%,
11/01/2041
5,527‌
4,713‌
2.00%,
05/01/2042
1,487‌
1,266‌
2.00%,
04/01/2051
19,961‌
16,112‌
2.00%,
04/01/2051
7,104‌
5,747‌
2.00%,
04/01/2051
11,740‌
9,449‌
2.00%,
05/01/2051
14,906‌
11,996‌
2.00%,
10/01/2051
2,312‌
1,868‌
2.00%,
11/01/2051
6,304‌
5,088‌
2.00%,
12/01/2051
10,254‌
8,252‌
2.00%,
12/01/2051
8,067‌
6,492‌
2.00%,
01/01/2052
7,574‌
6,095‌
2.00%,
02/01/2052
6,305‌
5,014‌
2.50%,
01/01/2028
24‌
23‌
2.50%,
07/01/2028
30‌
29‌
2.50%,
08/01/2028
12‌
11‌
2.50%,
08/01/2028
31‌
30‌
2.50%,
09/01/2028
36‌
35‌
2.50%,
07/01/2029
28‌
28‌
2.50%,
07/01/2029
12‌
12‌
2.50%,
07/01/2029
76‌
74‌
2.50%,
09/01/2029
45‌
44‌
2.50%,
12/01/2029
43‌
41‌
2.50%,
01/01/2030
43‌
41‌
2.50%,
04/01/2030
59‌
57‌
2.50%,
05/01/2030
110‌
106‌
Schedule
of
Investments
Bond
Market
Index
Account
March
31,
2025
(unaudited)
See
accompanying
notes.
37
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Federal
National
Mortgage
Association
(FNMA)/Federal
Home
Loan
Mortgage
Corporation
(FHLMC)
Uniform
Mortgage-Backed
Security
(continued)
2.50%,
06/01/2030
$
72‌
$
69‌
2.50%,
08/01/2030
147‌
141‌
2.50%,
08/01/2030
17‌
16‌
2.50%,
01/01/2031
40‌
39‌
2.50%,
01/01/2031
66‌
64‌
2.50%,
02/01/2031
84‌
80‌
2.50%,
02/01/2031
57‌
54‌
2.50%,
05/01/2031
32‌
30‌
2.50%,
06/01/2031
64‌
61‌
2.50%,
11/01/2031
669‌
640‌
2.50%,
12/01/2031
107‌
102‌
2.50%,
01/01/2032
130‌
124‌
2.50%,
01/01/2032
237‌
227‌
2.50%,
02/01/2032
184‌
176‌
2.50%,
03/01/2032
67‌
64‌
2.50%,
03/01/2032
35‌
33‌
2.50%,
11/01/2032
12‌
12‌
2.50%,
12/01/2032
33‌
32‌
2.50%,
01/01/2033
42‌
39‌
2.50%,
02/01/2033
161‌
154‌
2.50%,
04/01/2033
322‌
306‌
2.50%,
07/01/2033
30‌
28‌
2.50%,
10/01/2034
357‌
334‌
2.50%,
02/01/2035
1,031‌
964‌
2.50%,
10/01/2036
14‌
13‌
2.50%,
10/01/2036
29‌
26‌
2.50%,
12/01/2036
66‌
61‌
2.50%,
07/01/2040
1,344‌
1,199‌
2.50%,
01/01/2043
216‌
187‌
2.50%,
08/01/2043
81‌
70‌
2.50%,
10/01/2043
134‌
116‌
2.50%,
12/01/2046
51‌
44‌
2.50%,
08/01/2050
1,893‌
1,603‌
2.50%,
10/01/2050
2,958‌
2,488‌
2.50%,
02/01/2051
5,643‌
4,793‌
2.50%,
02/01/2051
1,700‌
1,433‌
2.50%,
07/01/2051
1,759‌
1,476‌
2.50%,
09/01/2051
2,732‌
2,285‌
2.50%,
09/01/2051
7,314‌
6,141‌
2.50%,
11/01/2051
5,136‌
4,352‌
2.50%,
11/01/2051
6,111‌
5,161‌
2.50%,
01/01/2052
3,764‌
3,180‌
2.50%,
02/01/2052
2,741‌
2,297‌
2.50%,
02/01/2052
5,592‌
4,715‌
2.50%,
02/01/2052
4,268‌
3,568‌
2.50%,
02/01/2052
3,401‌
2,861‌
2.50%,
03/01/2052
5,165‌
4,342‌
2.50%,
04/01/2052
783‌
658‌
2.50%,
04/01/2052
5,753‌
4,840‌
2.50%,
05/01/2052
2,986‌
2,524‌
3.00%,
11/01/2026
11‌
10‌
3.00%,
02/01/2027
20‌
20‌
3.00%,
04/01/2027
80‌
79‌
3.00%,
08/01/2027
17‌
17‌
3.00%,
10/01/2028
93‌
91‌
3.00%,
11/01/2028
29‌
28‌
3.00%,
02/01/2029
24‌
23‌
3.00%,
03/01/2029
41‌
40‌
3.00%,
03/01/2029
31‌
30‌
3.00%,
04/01/2029
38‌
37‌
3.00%,
05/01/2029
30‌
29‌
3.00%,
06/01/2029
30‌
29‌
3.00%,
08/01/2029
16‌
15‌
3.00%,
10/01/2029
32‌
31‌
3.00%,
10/01/2029
19‌
19‌
3.00%,
10/01/2029
19‌
19‌
3.00%,
11/01/2029
33‌
32‌
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Federal
National
Mortgage
Association
(FNMA)/Federal
Home
Loan
Mortgage
Corporation
(FHLMC)
Uniform
Mortgage-Backed
Security
(continued)
3.00%,
01/01/2030
$
105‌
$
102‌
3.00%,
01/01/2030
41‌
40‌
3.00%,
01/01/2030
117‌
114‌
3.00%,
03/01/2030
71‌
69‌
3.00%,
06/01/2030
51‌
50‌
3.00%,
06/01/2030
62‌
60‌
3.00%,
09/01/2030
24‌
23‌
3.00%,
09/01/2030
83‌
81‌
3.00%,
10/01/2030
67‌
65‌
3.00%,
02/01/2031
29‌
28‌
3.00%,
04/01/2032
330‌
319‌
3.00%,
05/01/2032
46‌
44‌
3.00%,
08/01/2032
70‌
67‌
3.00%,
01/01/2033
12‌
11‌
3.00%,
02/01/2033
706‌
678‌
3.00%,
02/01/2033
188‌
182‌
3.00%,
08/01/2033
223‌
213‌
3.00%,
05/01/2034
34‌
32‌
3.00%,
05/01/2034
50‌
48‌
3.00%,
08/01/2034
151‌
144‌
3.00%,
10/01/2034
17‌
16‌
3.00%,
11/01/2034
47‌
45‌
3.00%,
12/01/2034
592‌
567‌
3.00%,
02/01/2035
50‌
47‌
3.00%,
02/01/2035
49‌
46‌
3.00%,
03/01/2035
22‌
21‌
3.00%,
04/01/2035
23‌
21‌
3.00%,
06/01/2035
60‌
56‌
3.00%,
07/01/2035
21‌
20‌
3.00%,
11/01/2035
32‌
30‌
3.00%,
07/01/2036
47‌
44‌
3.00%,
12/01/2036
76‌
71‌
3.00%,
12/01/2036
168‌
157‌
3.00%,
12/01/2036
110‌
103‌
3.00%,
02/01/2037
68‌
64‌
3.00%,
02/01/2037
11‌
10‌
3.00%,
04/01/2037
32‌
30‌
3.00%,
04/01/2037
53‌
49‌
3.00%,
07/01/2037
19‌
18‌
3.00%,
08/01/2037
31‌
28‌
3.00%,
09/01/2037
85‌
79‌
3.00%,
06/01/2040
1,055‌
972‌
3.00%,
04/01/2042
60‌
54‌
3.00%,
09/01/2042
28‌
25‌
3.00%,
02/01/2043
209‌
188‌
3.00%,
02/01/2043
324‌
291‌
3.00%,
02/01/2043
164‌
147‌
3.00%,
04/01/2043
125‌
113‌
3.00%,
04/01/2043
179‌
161‌
3.00%,
04/01/2043
86‌
77‌
3.00%,
04/01/2043
347‌
312‌
3.00%,
04/01/2043
95‌
86‌
3.00%,
04/01/2043
130‌
117‌
3.00%,
04/01/2043
208‌
187‌
3.00%,
04/01/2043
158‌
142‌
3.00%,
04/01/2043
121‌
109‌
3.00%,
05/01/2043
16‌
14‌
3.00%,
05/01/2043
131‌
117‌
3.00%,
05/01/2043
84‌
75‌
3.00%,
05/01/2043
152‌
136‌
3.00%,
06/01/2043
316‌
284‌
3.00%,
06/01/2043
168‌
151‌
3.00%,
06/01/2043
114‌
102‌
3.00%,
06/01/2043
281‌
253‌
3.00%,
07/01/2043
211‌
190‌
3.00%,
07/01/2043
91‌
82‌
3.00%,
08/01/2043
13‌
13‌
Schedule
of
Investments
Bond
Market
Index
Account
March
31,
2025
(unaudited)
See
accompanying
notes.
38
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Federal
National
Mortgage
Association
(FNMA)/Federal
Home
Loan
Mortgage
Corporation
(FHLMC)
Uniform
Mortgage-Backed
Security
(continued)
3.00%,
08/01/2043
$
58‌
$
52‌
3.00%,
08/01/2043
288‌
259‌
3.00%,
08/01/2043
176‌
158‌
3.00%,
09/01/2043
249‌
224‌
3.00%,
10/01/2043
298‌
268‌
3.00%,
11/01/2043
101‌
91‌
3.00%,
01/01/2045
145‌
130‌
3.00%,
05/01/2045
205‌
183‌
3.00%,
09/01/2045
24‌
22‌
3.00%,
10/01/2045
126‌
112‌
3.00%,
11/01/2045
65‌
58‌
3.00%,
12/01/2045
184‌
163‌
3.00%,
02/01/2046
178‌
160‌
3.00%,
09/01/2046
85‌
75‌
3.00%,
10/01/2046
445‌
394‌
3.00%,
11/01/2046
197‌
174‌
3.00%,
11/01/2046
222‌
197‌
3.00%,
11/01/2046
320‌
283‌
3.00%,
11/01/2046
288‌
255‌
3.00%,
12/01/2046
345‌
306‌
3.00%,
12/01/2046
611‌
541‌
3.00%,
01/01/2047
341‌
302‌
3.00%,
02/01/2047
68‌
60‌
3.00%,
02/01/2047
257‌
226‌
3.00%,
05/01/2047
144‌
127‌
3.00%,
10/01/2048
18‌
16‌
3.00%,
10/01/2049
4,099‌
3,605‌
3.00%,
11/01/2049
1,266‌
1,114‌
3.00%,
11/01/2049
947‌
832‌
3.00%,
12/01/2049
3,234‌
2,845‌
3.00%,
03/01/2050
2,975‌
2,613‌
3.00%,
03/01/2050
2,763‌
2,427‌
3.00%,
07/01/2050
1,073‌
941‌
3.00%,
03/01/2052
2,535‌
2,234‌
3.00%,
03/01/2052
2,960‌
2,586‌
3.00%,
04/01/2052
1,722‌
1,519‌
3.50%,
10/01/2025
5‌
5‌
3.50%,
11/01/2025
8‌
8‌
3.50%,
11/01/2025
3‌
3‌
3.50%,
01/01/2026
7‌
7‌
3.50%,
03/01/2026
12‌
12‌
3.50%,
12/01/2026
17‌
16‌
3.50%,
02/01/2027
11‌
11‌
3.50%,
11/01/2028
33‌
33‌
3.50%,
12/01/2028
18‌
18‌
3.50%,
03/01/2029
36‌
35‌
3.50%,
01/01/2031
2‌
2‌
3.50%,
04/01/2031
4‌
4‌
3.50%,
02/01/2032
17‌
17‌
3.50%,
04/01/2032
18‌
17‌
3.50%,
05/01/2032
39‌
38‌
3.50%,
06/01/2032
80‌
78‌
3.50%,
07/01/2032
26‌
26‌
3.50%,
09/01/2032
39‌
38‌
3.50%,
12/01/2032
817‌
800‌
3.50%,
09/01/2033
22‌
21‌
3.50%,
09/01/2033
28‌
27‌
3.50%,
10/01/2033
46‌
45‌
3.50%,
10/01/2033
113‌
110‌
3.50%,
11/01/2033
49‌
48‌
3.50%,
01/01/2034
31‌
30‌
3.50%,
06/01/2034
54‌
52‌
3.50%,
08/01/2034
13‌
13‌
3.50%,
11/01/2034
34‌
32‌
3.50%,
02/01/2035
503‌
488‌
3.50%,
12/01/2035
67‌
65‌
3.50%,
07/01/2036
76‌
73‌
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Federal
National
Mortgage
Association
(FNMA)/Federal
Home
Loan
Mortgage
Corporation
(FHLMC)
Uniform
Mortgage-Backed
Security
(continued)
3.50%,
02/01/2037
$
53‌
$
51‌
3.50%,
03/01/2037
64‌
62‌
3.50%,
05/01/2037
11‌
11‌
3.50%,
07/01/2037
24‌
23‌
3.50%,
10/01/2037
28‌
26‌
3.50%,
01/01/2038
76‌
73‌
3.50%,
01/01/2041
276‌
257‌
3.50%,
03/01/2041
381‌
355‌
3.50%,
10/01/2041
33‌
30‌
3.50%,
12/01/2041
121‌
112‌
3.50%,
12/01/2041
124‌
115‌
3.50%,
01/01/2042
42‌
39‌
3.50%,
03/01/2042
111‌
104‌
3.50%,
03/01/2042
39‌
37‌
3.50%,
03/01/2042
27‌
25‌
3.50%,
05/01/2042
36‌
33‌
3.50%,
05/01/2042
205‌
191‌
3.50%,
07/01/2042
28‌
26‌
3.50%,
07/01/2042
48‌
45‌
3.50%,
10/01/2042
226‌
211‌
3.50%,
04/01/2043
85‌
79‌
3.50%,
05/01/2043
233‌
217‌
3.50%,
05/01/2043
201‌
188‌
3.50%,
05/01/2043
69‌
64‌
3.50%,
06/01/2043
200‌
186‌
3.50%,
07/01/2043
225‌
210‌
3.50%,
07/01/2043
80‌
74‌
3.50%,
08/01/2043
153‌
143‌
3.50%,
08/01/2043
48‌
45‌
3.50%,
09/01/2043
56‌
52‌
3.50%,
12/01/2043
38‌
35‌
3.50%,
01/01/2044
650‌
606‌
3.50%,
02/01/2044
51‌
48‌
3.50%,
07/01/2044
322‌
300‌
3.50%,
10/01/2044
126‌
117‌
3.50%,
10/01/2044
43‌
40‌
3.50%,
11/01/2044
129‌
119‌
3.50%,
12/01/2044
28‌
26‌
3.50%,
12/01/2044
144‌
133‌
3.50%,
12/01/2044
98‌
90‌
3.50%,
01/01/2045
159‌
147‌
3.50%,
04/01/2045
139‌
128‌
3.50%,
05/01/2045
52‌
48‌
3.50%,
07/01/2045
149‌
138‌
3.50%,
07/01/2045
26‌
24‌
3.50%,
08/01/2045
149‌
138‌
3.50%,
08/01/2045
131‌
121‌
3.50%,
09/01/2045
146‌
134‌
3.50%,
09/01/2045
222‌
205‌
3.50%,
09/01/2045
67‌
62‌
3.50%,
11/01/2045
114‌
105‌
3.50%,
11/01/2045
64‌
59‌
3.50%,
12/01/2045
153‌
141‌
3.50%,
12/01/2045
122‌
113‌
3.50%,
12/01/2045
217‌
201‌
3.50%,
01/01/2046
187‌
172‌
3.50%,
01/01/2046
234‌
216‌
3.50%,
02/01/2046
96‌
88‌
3.50%,
02/01/2046
40‌
37‌
3.50%,
03/01/2046
154‌
141‌
3.50%,
03/01/2046
133‌
122‌
3.50%,
05/01/2046
167‌
153‌
3.50%,
06/01/2046
49‌
45‌
3.50%,
07/01/2046
138‌
127‌
3.50%,
09/01/2046
131‌
121‌
3.50%,
11/01/2046
283‌
262‌
3.50%,
12/01/2046
156‌
143‌
Schedule
of
Investments
Bond
Market
Index
Account
March
31,
2025
(unaudited)
See
accompanying
notes.
39
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Federal
National
Mortgage
Association
(FNMA)/Federal
Home
Loan
Mortgage
Corporation
(FHLMC)
Uniform
Mortgage-Backed
Security
(continued)
3.50%,
01/01/2047
$
359‌
$
329‌
3.50%,
02/01/2047
264‌
242‌
3.50%,
09/01/2047
74‌
68‌
3.50%,
11/01/2047
304‌
277‌
3.50%,
01/01/2048
295‌
270‌
3.50%,
02/01/2048
235‌
215‌
3.50%,
03/01/2048
185‌
169‌
3.50%,
04/01/2048
119‌
108‌
3.50%,
10/01/2048
24‌
22‌
3.50%,
04/01/2049
138‌
126‌
3.50%,
06/01/2049
386‌
352‌
3.50%,
08/01/2049
488‌
445‌
3.50%,
11/01/2049
2,860‌
2,632‌
3.50%,
11/01/2049
913‌
833‌
3.50%,
12/01/2049
1,208‌
1,113‌
3.50%,
04/01/2052
2,251‌
2,044‌
3.50%,
05/01/2052
3,967‌
3,616‌
3.50%,
06/01/2052
1,639‌
1,491‌
4.00%,
07/01/2025
1‌
1‌
4.00%,
04/01/2029
1‌
1‌
4.00%,
10/01/2030
3‌
3‌
4.00%,
12/01/2030
25‌
25‌
4.00%,
02/01/2031
8‌
8‌
4.00%,
03/01/2031
47‌
46‌
4.00%,
07/01/2031
6‌
6‌
4.00%,
10/01/2031
25‌
24‌
4.00%,
11/01/2031
6‌
6‌
4.00%,
12/01/2031
5‌
5‌
4.00%,
01/01/2032
7‌
6‌
4.00%,
09/01/2033
60‌
59‌
4.00%,
01/01/2036
58‌
57‌
4.00%,
02/01/2036
42‌
41‌
4.00%,
06/01/2036
36‌
36‌
4.00%,
01/01/2037
47‌
46‌
4.00%,
02/01/2037
105‌
103‌
4.00%,
07/01/2038
69‌
68‌
4.00%,
02/01/2039
20‌
19‌
4.00%,
01/01/2041
116‌
112‌
4.00%,
02/01/2041
79‌
76‌
4.00%,
02/01/2041
29‌
28‌
4.00%,
09/01/2041
42‌
40‌
4.00%,
02/01/2043
43‌
41‌
4.00%,
12/01/2043
41‌
39‌
4.00%,
01/01/2044
132‌
127‌
4.00%,
06/01/2044
107‌
102‌
4.00%,
07/01/2044
68‌
65‌
4.00%,
07/01/2044
76‌
72‌
4.00%,
09/01/2044
43‌
41‌
4.00%,
10/01/2044
70‌
66‌
4.00%,
02/01/2045
100‌
95‌
4.00%,
07/01/2045
81‌
76‌
4.00%,
10/01/2045
88‌
83‌
4.00%,
11/01/2045
144‌
136‌
4.00%,
12/01/2045
39‌
37‌
4.00%,
02/01/2046
30‌
28‌
4.00%,
03/01/2046
45‌
42‌
4.00%,
04/01/2047
194‌
183‌
4.00%,
06/01/2047
147‌
139‌
4.00%,
08/01/2047
113‌
106‌
4.00%,
08/01/2047
218‌
205‌
4.00%,
08/01/2047
31‌
29‌
4.00%,
08/01/2047
171‌
161‌
4.00%,
09/01/2047
198‌
187‌
4.00%,
11/01/2047
381‌
360‌
4.00%,
01/01/2048
309‌
292‌
4.00%,
02/01/2048
139‌
131‌
4.00%,
03/01/2048
68‌
64‌
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Federal
National
Mortgage
Association
(FNMA)/Federal
Home
Loan
Mortgage
Corporation
(FHLMC)
Uniform
Mortgage-Backed
Security
(continued)
4.00%,
05/01/2048
$
423‌
$
401‌
4.00%,
06/01/2048
112‌
106‌
4.00%,
06/01/2048
292‌
275‌
4.00%,
07/01/2048
83‌
78‌
4.00%,
08/01/2048
37‌
35‌
4.00%,
08/01/2048
38‌
36‌
4.00%,
09/01/2048
102‌
96‌
4.00%,
09/01/2048
163‌
153‌
4.00%,
01/01/2049
1,591‌
1,500‌
4.00%,
01/01/2049
928‌
873‌
4.00%,
03/01/2049
123‌
116‌
4.00%,
04/01/2049
212‌
199‌
4.00%,
04/01/2049
162‌
153‌
4.00%,
08/01/2049
481‌
453‌
4.00%,
10/01/2049
275‌
259‌
4.00%,
10/01/2049
373‌
352‌
4.00%,
11/01/2049
337‌
318‌
4.00%,
04/01/2050
1,504‌
1,417‌
4.00%,
06/01/2052
1,925‌
1,819‌
4.00%,
08/01/2052
3,375‌
3,155‌
4.00%,
09/01/2052
4,315‌
4,059‌
4.50%,
02/01/2030
2‌
2‌
4.50%,
04/01/2030
1‌
1‌
4.50%,
08/01/2030
16‌
16‌
4.50%,
09/01/2030
13‌
13‌
4.50%,
01/01/2031
3‌
3‌
4.50%,
04/01/2031
2‌
2‌
4.50%,
05/01/2031
3‌
3‌
4.50%,
07/01/2031
12‌
13‌
4.50%,
08/01/2031
7‌
7‌
4.50%,
02/01/2035
28‌
28‌
4.50%,
08/01/2040
27‌
26‌
4.50%,
08/01/2040
99‌
98‌
4.50%,
06/01/2041
45‌
45‌
4.50%,
09/01/2041
78‌
77‌
4.50%,
09/01/2043
34‌
33‌
4.50%,
10/01/2043
64‌
63‌
4.50%,
01/01/2044
174‌
170‌
4.50%,
01/01/2044
127‌
124‌
4.50%,
02/01/2044
98‌
96‌
4.50%,
03/01/2044
49‌
48‌
4.50%,
03/01/2044
51‌
50‌
4.50%,
05/01/2044
38‌
38‌
4.50%,
05/01/2044
46‌
45‌
4.50%,
05/01/2044
131‌
128‌
4.50%,
06/01/2044
83‌
82‌
4.50%,
08/01/2044
64‌
63‌
4.50%,
12/01/2044
211‌
206‌
4.50%,
04/01/2046
60‌
59‌
4.50%,
08/01/2046
46‌
45‌
4.50%,
02/01/2047
21‌
21‌
4.50%,
02/01/2047
76‌
74‌
4.50%,
03/01/2047
62‌
60‌
4.50%,
10/01/2047
51‌
50‌
4.50%,
11/01/2047
105‌
102‌
4.50%,
02/01/2048
76‌
73‌
4.50%,
04/01/2048
219‌
213‌
4.50%,
05/01/2048
129‌
126‌
4.50%,
07/01/2048
1,490‌
1,445‌
4.50%,
08/01/2048
42‌
41‌
4.50%,
08/01/2048
35‌
34‌
4.50%,
10/01/2048
246‌
239‌
4.50%,
10/01/2048
165‌
161‌
4.50%,
12/01/2048
855‌
839‌
4.50%,
03/01/2049
1,677‌
1,632‌
4.50%,
04/01/2049
143‌
139‌
4.50%,
05/01/2049
1,110‌
1,078‌
Schedule
of
Investments
Bond
Market
Index
Account
March
31,
2025
(unaudited)
See
accompanying
notes.
40
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Federal
National
Mortgage
Association
(FNMA)/Federal
Home
Loan
Mortgage
Corporation
(FHLMC)
Uniform
Mortgage-Backed
Security
(continued)
4.50%,
07/01/2049
$
231‌
$
224‌
4.50%,
07/01/2049
420‌
408‌
4.50%,
09/01/2049
243‌
236‌
4.50%,
09/01/2049
1,748‌
1,698‌
4.50%,
06/01/2052
407‌
392‌
4.50%,
09/01/2052
2,016‌
1,954‌
4.50%,
10/01/2052
1,660‌
1,600‌
4.50%,
10/01/2052
2,041‌
1,967‌
4.50%,
05/01/2053
2,239‌
2,154‌
5.00%,
04/01/2029
1‌
1‌
5.00%,
09/01/2029
24‌
24‌
5.00%,
03/01/2030
3‌
3‌
5.00%,
08/01/2030
4‌
4‌
5.00%,
07/01/2035
50‌
50‌
5.00%,
04/01/2037
82‌
82‌
5.00%,
07/01/2039
45‌
46‌
5.00%,
07/01/2039
41‌
42‌
5.00%,
03/01/2044
64‌
64‌
5.00%,
03/01/2044
44‌
44‌
5.00%,
05/01/2044
36‌
36‌
5.00%,
11/01/2044
76‌
76‌
5.00%,
04/01/2048
64‌
63‌
5.00%,
09/01/2048
394‌
392‌
5.00%,
05/01/2049
33‌
33‌
5.00%,
06/01/2049
281‌
281‌
5.00%,
07/01/2049
166‌
166‌
5.00%,
08/01/2049
180‌
180‌
5.00%,
07/01/2052
2,936‌
2,905‌
5.00%,
08/01/2052
1,965‌
1,950‌
5.00%,
11/01/2052
3,964‌
3,908‌
5.00%,
05/01/2053
4,974‌
4,934‌
5.00%,
06/01/2053
2,629‌
2,601‌
5.00%,
10/01/2053
2,291‌
2,275‌
5.50%,
02/01/2026
2‌
2‌
5.50%,
03/01/2027
5‌
5‌
5.50%,
06/01/2028
1‌
1‌
5.50%,
01/01/2029
2‌
2‌
5.50%,
12/01/2029
3‌
3‌
5.50%,
11/01/2035
78‌
80‌
5.50%,
12/01/2036
37‌
38‌
5.50%,
03/01/2037
43‌
44‌
5.50%,
08/01/2037
50‌
51‌
5.50%,
08/01/2037
35‌
36‌
5.50%,
08/01/2037
36‌
37‌
5.50%,
05/01/2038
68‌
69‌
5.50%,
06/01/2038
29‌
30‌
5.50%,
03/01/2053
3,114‌
3,144‌
5.50%,
07/01/2053
2,295‌
2,346‌
5.50%,
08/01/2053
5,516‌
5,546‌
5.50%,
11/01/2053
4,948‌
4,994‌
5.50%,
04/01/2054
3,645‌
3,674‌
5.50%,
08/01/2054
2,462‌
2,461‌
5.50%,
10/01/2054
1,943‌
1,959‌
5.50%,
04/01/2055
(k)
1,000‌
999‌
6.00%,
05/01/2041
65‌
67‌
6.00%,
01/01/2053
3,865‌
3,995‌
6.00%,
05/01/2053
1,274‌
1,307‌
6.00%,
11/01/2053
3,698‌
3,793‌
6.00%,
07/01/2054
2,814‌
2,888‌
6.00%,
09/01/2054
2,851‌
2,926‌
6.00%,
04/01/2055
(k)
5,300‌
5,383‌
6.50%,
01/01/2038
30‌
31‌
6.50%,
01/01/2054
2,810‌
2,939‌
6.50%,
01/01/2054
2,543‌
2,645‌
6.50%,
02/01/2054
3,313‌
3,451‌
6.50%,
05/01/2054
1,091‌
1,136‌
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Federal
National
Mortgage
Association
(FNMA)/Federal
Home
Loan
Mortgage
Corporation
(FHLMC)
Uniform
Mortgage-Backed
Security
(continued)
6.50%,
04/01/2055
(k)
$
1,375‌
$
1,418‌
$
352,849‌
Government
National
Mortgage
Association
(GNMA)
-
6
.01
%
2.00%,
08/20/2050
4,157‌
3,401‌
2.00%,
01/20/2051
6,306‌
5,160‌
2.00%,
02/20/2051
7,695‌
6,299‌
2.00%,
05/20/2051
4,349‌
3,559‌
2.50%,
03/20/2028
13‌
13‌
2.50%,
07/20/2028
16‌
16‌
2.50%,
03/20/2031
26‌
25‌
2.50%,
05/20/2032
34‌
33‌
2.50%,
07/20/2043
71‌
62‌
2.50%,
06/20/2045
40‌
35‌
2.50%,
12/20/2046
83‌
72‌
2.50%,
01/20/2047
127‌
110‌
2.50%,
06/20/2050
8,105‌
6,943‌
2.50%,
05/20/2051
7,224‌
6,165‌
2.50%,
09/20/2051
7,334‌
6,258‌
3.00%,
07/20/2030
40‌
39‌
3.00%,
01/20/2031
27‌
27‌
3.00%,
07/20/2032
33‌
32‌
3.00%,
01/20/2033
16‌
15‌
3.00%,
10/15/2042
29‌
26‌
3.00%,
03/20/2043
87‌
80‌
3.00%,
04/20/2043
298‌
270‌
3.00%,
06/15/2043
108‌
98‌
3.00%,
07/15/2043
22‌
20‌
3.00%,
08/15/2043
49‌
44‌
3.00%,
08/15/2043
53‌
48‌
3.00%,
11/15/2044
125‌
112‌
3.00%,
02/15/2045
121‌
108‌
3.00%,
05/20/2045
99‌
89‌
3.00%,
07/15/2045
43‌
39‌
3.00%,
07/20/2045
780‌
702‌
3.00%,
08/15/2045
126‌
113‌
3.00%,
08/20/2045
249‌
223‌
3.00%,
10/20/2045
216‌
195‌
3.00%,
11/20/2045
128‌
115‌
3.00%,
12/20/2045
179‌
161‌
3.00%,
01/20/2046
44‌
39‌
3.00%,
02/20/2046
59‌
53‌
3.00%,
03/20/2046
276‌
248‌
3.00%,
04/20/2046
179‌
161‌
3.00%,
05/20/2046
164‌
147‌
3.00%,
06/20/2046
248‌
223‌
3.00%,
07/20/2046
742‌
667‌
3.00%,
08/20/2046
512‌
460‌
3.00%,
09/20/2046
297‌
267‌
3.00%,
10/20/2046
197‌
177‌
3.00%,
11/20/2046
302‌
271‌
3.00%,
12/20/2046
371‌
333‌
3.00%,
01/20/2047
245‌
220‌
3.00%,
07/20/2047
11‌
10‌
3.00%,
10/20/2047
251‌
225‌
3.00%,
11/20/2047
119‌
107‌
3.00%,
12/20/2047
394‌
353‌
3.00%,
01/20/2048
170‌
152‌
3.00%,
02/20/2048
179‌
161‌
3.00%,
03/20/2048
162‌
145‌
3.00%,
11/20/2049
3,897‌
3,468‌
3.00%,
09/20/2051
5,751‌
5,097‌
3.50%,
09/20/2028
20‌
20‌
3.50%,
01/15/2043
64‌
60‌
3.50%,
03/20/2043
146‌
134‌
3.50%,
03/20/2043
314‌
293‌
3.50%,
04/15/2043
44‌
41‌
3.50%,
04/20/2043
214‌
197‌
Schedule
of
Investments
Bond
Market
Index
Account
March
31,
2025
(unaudited)
See
accompanying
notes.
41
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Government
National
Mortgage
Association
(GNMA)
(continued)
3.50%,
04/20/2043
$
305‌
$
284‌
3.50%,
07/20/2043
366‌
341‌
3.50%,
08/15/2043
29‌
27‌
3.50%,
08/20/2043
277‌
258‌
3.50%,
09/20/2043
185‌
173‌
3.50%,
07/20/2044
195‌
181‌
3.50%,
08/20/2044
207‌
192‌
3.50%,
09/20/2044
78‌
72‌
3.50%,
10/20/2044
83‌
78‌
3.50%,
11/20/2044
89‌
82‌
3.50%,
12/20/2044
98‌
91‌
3.50%,
02/20/2045
96‌
89‌
3.50%,
05/20/2045
126‌
117‌
3.50%,
06/20/2045
26‌
24‌
3.50%,
07/20/2045
188‌
174‌
3.50%,
08/20/2045
88‌
82‌
3.50%,
09/20/2045
47‌
43‌
3.50%,
10/20/2045
348‌
323‌
3.50%,
11/20/2045
289‌
268‌
3.50%,
12/20/2045
182‌
168‌
3.50%,
01/20/2046
455‌
422‌
3.50%,
02/20/2046
25‌
23‌
3.50%,
03/20/2046
1,096‌
1,020‌
3.50%,
04/20/2046
179‌
166‌
3.50%,
05/20/2046
239‌
222‌
3.50%,
06/20/2046
1,045‌
967‌
3.50%,
07/15/2046
26‌
25‌
3.50%,
07/20/2046
125‌
116‌
3.50%,
08/20/2046
564‌
522‌
3.50%,
09/20/2046
231‌
214‌
3.50%,
10/20/2046
280‌
259‌
3.50%,
11/20/2046
211‌
195‌
3.50%,
12/20/2046
237‌
219‌
3.50%,
01/20/2047
237‌
219‌
3.50%,
02/20/2047
139‌
128‌
3.50%,
03/20/2047
185‌
171‌
3.50%,
04/20/2047
443‌
410‌
3.50%,
05/20/2047
132‌
122‌
3.50%,
06/20/2047
201‌
185‌
3.50%,
07/20/2047
1,684‌
1,558‌
3.50%,
08/20/2047
583‌
539‌
3.50%,
09/20/2047
42‌
39‌
3.50%,
10/20/2047
142‌
131‌
3.50%,
11/20/2047
187‌
173‌
3.50%,
12/20/2047
212‌
196‌
3.50%,
01/20/2048
295‌
273‌
3.50%,
02/20/2048
46‌
43‌
3.50%,
07/20/2048
91‌
84‌
4.00%,
08/15/2040
25‌
24‌
4.00%,
12/20/2040
14‌
14‌
4.00%,
08/15/2041
25‌
24‌
4.00%,
11/15/2041
36‌
35‌
4.00%,
03/15/2042
25‌
23‌
4.00%,
03/20/2042
59‌
57‌
4.00%,
04/20/2042
52‌
50‌
4.00%,
05/15/2042
83‌
79‌
4.00%,
10/20/2043
28‌
27‌
4.00%,
11/20/2043
64‌
62‌
4.00%,
02/20/2044
155‌
149‌
4.00%,
03/15/2044
49‌
47‌
4.00%,
05/20/2044
100‌
95‌
4.00%,
06/20/2044
75‌
72‌
4.00%,
07/20/2044
306‌
292‌
4.00%,
08/20/2044
215‌
206‌
4.00%,
09/20/2044
198‌
189‌
4.00%,
10/20/2044
257‌
245‌
4.00%,
11/20/2044
114‌
109‌
4.00%,
12/20/2044
211‌
202‌
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Government
National
Mortgage
Association
(GNMA)
(continued)
4.00%,
01/20/2045
$
176‌
$
169‌
4.00%,
04/20/2045
110‌
105‌
4.00%,
05/15/2045
49‌
47‌
4.00%,
07/20/2045
41‌
39‌
4.00%,
08/20/2045
105‌
101‌
4.00%,
09/20/2045
150‌
143‌
4.00%,
10/20/2045
80‌
77‌
4.00%,
11/20/2045
29‌
28‌
4.00%,
12/15/2045
27‌
25‌
4.00%,
12/20/2045
75‌
72‌
4.00%,
01/20/2046
46‌
44‌
4.00%,
02/20/2046
68‌
65‌
4.00%,
04/20/2046
110‌
105‌
4.00%,
05/20/2046
55‌
53‌
4.00%,
07/20/2046
115‌
110‌
4.00%,
01/20/2047
221‌
210‌
4.00%,
02/20/2047
171‌
162‌
4.00%,
03/20/2047
156‌
148‌
4.00%,
05/20/2047
208‌
196‌
4.00%,
06/20/2047
209‌
198‌
4.00%,
07/20/2047
500‌
474‌
4.00%,
08/20/2047
25‌
23‌
4.00%,
10/20/2047
117‌
110‌
4.00%,
11/20/2047
954‌
903‌
4.00%,
04/20/2052
2,625‌
2,462‌
4.50%,
02/15/2039
59‌
58‌
4.50%,
05/15/2039
43‌
42‌
4.50%,
11/15/2039
152‌
153‌
4.50%,
04/15/2040
103‌
101‌
4.50%,
01/20/2041
15‌
15‌
4.50%,
02/20/2041
16‌
15‌
4.50%,
03/20/2041
11‌
11‌
4.50%,
07/15/2041
38‌
37‌
4.50%,
05/20/2043
47‌
46‌
4.50%,
06/20/2043
55‌
54‌
4.50%,
10/20/2043
44‌
43‌
4.50%,
11/20/2043
144‌
141‌
4.50%,
03/20/2044
209‌
205‌
4.50%,
04/20/2044
9‌
9‌
4.50%,
05/20/2044
150‌
147‌
4.50%,
07/20/2044
78‌
76‌
4.50%,
12/20/2044
32‌
31‌
4.50%,
02/20/2045
84‌
82‌
4.50%,
03/20/2045
36‌
35‌
4.50%,
04/20/2045
44‌
43‌
4.50%,
06/20/2046
43‌
42‌
4.50%,
12/20/2046
129‌
126‌
4.50%,
02/20/2047
76‌
74‌
4.50%,
04/20/2047
49‌
47‌
4.50%,
06/15/2047
39‌
39‌
4.50%,
08/20/2047
104‌
101‌
4.50%,
10/20/2047
48‌
47‌
4.50%,
02/20/2048
758‌
738‌
4.50%,
05/20/2048
558‌
543‌
4.50%,
08/20/2048
141‌
137‌
4.50%,
10/20/2048
84‌
82‌
4.50%,
11/20/2048
129‌
125‌
4.50%,
12/20/2048
37‌
36‌
4.50%,
02/20/2049
2,396‌
2,330‌
4.50%,
05/20/2052
1,527‌
1,474‌
4.50%,
09/20/2052
2,870‌
2,757‌
5.00%,
07/15/2035
30‌
30‌
5.00%,
04/15/2041
90‌
90‌
5.00%,
08/20/2041
33‌
33‌
5.00%,
04/20/2042
27‌
27‌
5.00%,
12/20/2042
73‌
74‌
5.00%,
07/20/2043
44‌
45‌
5.00%,
02/20/2044
48‌
48‌
Schedule
of
Investments
Bond
Market
Index
Account
March
31,
2025
(unaudited)
See
accompanying
notes.
42
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Government
National
Mortgage
Association
(GNMA)
(continued)
5.00%,
03/20/2044
$
28‌
$
29‌
5.00%,
12/20/2045
44‌
44‌
5.00%,
03/20/2048
32‌
32‌
5.00%,
06/20/2048
602‌
601‌
5.00%,
10/20/2048
42‌
42‌
5.00%,
01/20/2053
5,713‌
5,628‌
5.00%,
04/20/2053
3,664‌
3,616‌
5.50%,
01/15/2040
36‌
37‌
5.50%,
06/20/2040
20‌
21‌
5.50%,
01/20/2041
81‌
83‌
5.50%,
10/20/2042
26‌
27‌
5.50%,
09/20/2043
33‌
34‌
5.50%,
04/20/2055
(k)
14,680‌
14,710‌
6.00%,
04/15/2035
4‌
4‌
6.00%,
04/20/2055
(k)
6,025‌
6,115‌
6.50%,
04/20/2055
(k)
4,590‌
4,699‌
$
120,325‌
U.S.
Treasury
-
45
.81
%
0.38%,
09/30/2027
4,520‌
4,145‌
0.50%,
04/30/2027
2,100‌
1,958‌
0.50%,
05/31/2027
3,290‌
3,060‌
0.50%,
06/30/2027
4,645‌
4,309‌
0.50%,
08/31/2027
5,260‌
4,852‌
0.50%,
10/31/2027
10,120‌
9,284‌
0.63%,
07/31/2026
4,210‌
4,028‌
0.63%,
03/31/2027
5,975‌
5,601‌
0.63%,
11/30/2027
4,645‌
4,264‌
0.63%,
12/31/2027
8,210‌
7,516‌
0.63%,
05/15/2030
14,925‌
12,627‌
0.63%,
08/15/2030
21,135‌
17,728‌
0.75%,
04/30/2026
2,800‌
2,703‌
0.75%,
05/31/2026
8,885‌
8,556‌
0.75%,
08/31/2026
21,975‌
21,010‌
0.75%,
01/31/2028
7,610‌
6,975‌
0.88%,
06/30/2026
6,910‌
6,649‌
0.88%,
09/30/2026
7,660‌
7,320‌
0.88%,
11/15/2030
15,755‌
13,296‌
1.00%,
07/31/2028
5,825‌
5,301‌
1.13%,
10/31/2026
3,635‌
3,479‌
1.13%,
02/28/2027
2,670‌
2,534‌
1.13%,
02/29/2028
5,895‌
5,452‌
1.13%,
08/31/2028
4,875‌
4,446‌
1.13%,
02/15/2031
10,150‌
8,639‌
1.13%,
05/15/2040
1,820‌
1,152‌
1.13%,
08/15/2040
1,655‌
1,037‌
1.25%,
11/30/2026
3,775‌
3,613‌
1.25%,
12/31/2026
3,175‌
3,032‌
1.25%,
03/31/2028
7,125‌
6,599‌
1.25%,
04/30/2028
7,750‌
7,161‌
1.25%,
05/31/2028
8,910‌
8,214‌
1.25%,
06/30/2028
4,550‌
4,186‌
1.25%,
09/30/2028
8,870‌
8,104‌
1.25%,
08/15/2031
11,020‌
9,297‌
1.25%,
05/15/2050
2,600‌
1,291‌
1.38%,
08/31/2026
3,400‌
3,280‌
1.38%,
10/31/2028
5,855‌
5,363‌
1.38%,
12/31/2028
7,840‌
7,153‌
1.38%,
11/15/2031
13,595‌
11,481‌
1.38%,
11/15/2040
1,610‌
1,046‌
1.38%,
08/15/2050
2,580‌
1,315‌
1.50%,
08/15/2026
3,015‌
2,916‌
1.50%,
01/31/2027
5,200‌
4,979‌
1.50%,
11/30/2028
6,695‌
6,148‌
1.50%,
02/15/2030
15,115‌
13,484‌
1.63%,
05/15/2026
5,200‌
5,064‌
1.63%,
09/30/2026
1,265‌
1,223‌
1.63%,
10/31/2026
7,275‌
7,018‌
1.63%,
11/30/2026
7,960‌
7,668‌
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
U.S.
Treasury
(continued)
1.63%,
08/15/2029
$
11,255‌
$
10,232‌
1.63%,
05/15/2031
10,330‌
8,990‌
1.63%,
11/15/2050
3,630‌
1,976‌
1.75%,
12/31/2026
8,315‌
8,011‌
1.75%,
01/31/2029
8,425‌
7,781‌
1.75%,
11/15/2029
4,890‌
4,446‌
1.75%,
08/15/2041
4,110‌
2,785‌
1.88%,
07/31/2026
4,170‌
4,057‌
1.88%,
02/28/2027
9,400‌
9,049‌
1.88%,
02/28/2029
9,990‌
9,256‌
1.88%,
02/15/2032
10,430‌
9,057‌
1.88%,
02/15/2041
1,245‌
873‌
1.88%,
02/15/2051
5,390‌
3,125‌
1.88%,
11/15/2051
5,600‌
3,221‌
2.00%,
11/15/2026
9,295‌
9,013‌
2.00%,
11/15/2041
5,650‌
3,969‌
2.00%,
02/15/2050
2,785‌
1,685‌
2.00%,
08/15/2051
5,685‌
3,386‌
2.13%,
05/31/2026
2,520‌
2,466‌
2.25%,
02/15/2027
8,160‌
7,916‌
2.25%,
11/15/2027
8,485‌
8,140‌
2.25%,
05/15/2041
3,770‌
2,794‌
2.25%,
08/15/2046
3,195‌
2,149‌
2.25%,
08/15/2049
3,855‌
2,487‌
2.25%,
02/15/2052
5,915‌
3,732‌
2.38%,
05/15/2027
6,155‌
5,964‌
2.38%,
03/31/2029
9,010‌
8,497‌
2.38%,
05/15/2029
4,695‌
4,420‌
2.38%,
02/15/2042
1,865‌
1,384‌
2.38%,
11/15/2049
3,205‌
2,120‌
2.38%,
05/15/2051
5,440‌
3,558‌
2.50%,
03/31/2027
4,305‌
4,191‌
2.50%,
02/15/2046
2,925‌
2,080‌
2.50%,
05/15/2046
2,520‌
1,786‌
2.63%,
05/31/2027
3,330‌
3,242‌
2.63%,
02/15/2029
8,305‌
7,922‌
2.63%,
07/31/2029
2,325‌
2,205‌
2.75%,
04/30/2027
3,660‌
3,576‌
2.75%,
02/15/2028
5,775‌
5,598‌
2.75%,
05/31/2029
7,280‌
6,953‌
2.75%,
08/15/2032
10,275‌
9,394‌
2.75%,
08/15/2042
1,591‌
1,242‌
2.75%,
11/15/2042
2,610‌
2,030‌
2.75%,
08/15/2047
3,060‌
2,238‌
2.75%,
11/15/2047
3,405‌
2,484‌
2.88%,
05/15/2028
4,500‌
4,365‌
2.88%,
08/15/2028
6,030‌
5,835‌
2.88%,
04/30/2029
7,835‌
7,527‌
2.88%,
05/15/2032
11,675‌
10,801‌
2.88%,
05/15/2043
2,333‌
1,837‌
2.88%,
08/15/2045
2,145‌
1,643‌
2.88%,
11/15/2046
1,465‌
1,107‌
2.88%,
05/15/2049
3,415‌
2,517‌
2.88%,
05/15/2052
5,525‌
4,012‌
3.00%,
05/15/2042
1,200‌
977‌
3.00%,
11/15/2044
1,475‌
1,162‌
3.00%,
05/15/2045
1,845‌
1,447‌
3.00%,
11/15/2045
1,320‌
1,030‌
3.00%,
02/15/2047
3,115‌
2,399‌
3.00%,
05/15/2047
2,050‌
1,575‌
3.00%,
02/15/2048
2,990‌
2,279‌
3.00%,
08/15/2048
3,620‌
2,749‌
3.00%,
02/15/2049
3,200‌
2,420‌
3.00%,
08/15/2052
3,500‌
2,606‌
3.13%,
08/31/2027
6,040‌
5,933‌
3.13%,
11/15/2028
6,045‌
5,885‌
3.13%,
08/31/2029
3,885‌
3,758‌
3.13%,
11/15/2041
1,700‌
1,421‌
Schedule
of
Investments
Bond
Market
Index
Account
March
31,
2025
(unaudited)
See
accompanying
notes.
43
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
U.S.
Treasury
(continued)
3.13%,
02/15/2042
$
805‌
$
671‌
3.13%,
02/15/2043
2,660‌
2,183‌
3.13%,
08/15/2044
3,045‌
2,456‌
3.13%,
05/15/2048
100‌
78‌
3.25%,
06/30/2029
2,055‌
2,000‌
3.25%,
05/15/2042
3,650‌
3,084‌
3.38%,
05/15/2033
7,870‌
7,455‌
3.38%,
08/15/2042
3,540‌
3,035‌
3.38%,
05/15/2044
3,425‌
2,881‌
3.38%,
11/15/2048
3,275‌
2,658‌
3.50%,
01/31/2028
100‌
99‌
3.50%,
04/30/2028
5,785‌
5,718‌
3.50%,
01/31/2030
2,375‌
2,328‌
3.50%,
02/15/2033
6,095‌
5,838‌
3.50%,
02/15/2039
530‌
483‌
3.63%,
05/31/2028
4,475‌
4,438‌
3.63%,
03/31/2030
6,035‌
5,942‌
3.63%,
08/15/2043
1,880‌
1,653‌
3.63%,
02/15/2044
1,755‌
1,536‌
3.63%,
02/15/2053
10,575‌
8,907‌
3.63%,
05/15/2053
3,440‌
2,898‌
3.75%,
06/30/2030
3,040‌
3,006‌
3.75%,
08/15/2041
940‌
857‌
3.75%,
11/15/2043
1,935‌
1,728‌
3.88%,
03/31/2027
4,285‌
4,284‌
3.88%,
09/30/2029
470‌
469‌
3.88%,
11/30/2029
4,885‌
4,870‌
3.88%,
08/15/2033
8,305‌
8,140‌
3.88%,
08/15/2034
5,660‌
5,517‌
3.88%,
08/15/2040
1,569‌
1,468‌
3.88%,
02/15/2043
4,275‌
3,913‌
3.88%,
05/15/2043
3,595‌
3,282‌
4.00%,
06/30/2028
7,340‌
7,365‌
4.00%,
10/31/2029
7,165‌
7,181‌
4.00%,
02/28/2030
8,115‌
8,133‌
4.00%,
02/15/2034
8,510‌
8,394‌
4.00%,
11/15/2042
2,365‌
2,206‌
4.00%,
11/15/2052
4,335‌
3,910‌
4.13%,
06/15/2026
13,065‌
13,085‌
4.13%,
01/31/2027
12,180‌
12,221‌
4.13%,
09/30/2027
460‌
463‌
4.13%,
10/31/2027
4,930‌
4,958‌
4.13%,
11/15/2027
4,570‌
4,596‌
4.13%,
02/29/2032
6,160‌
6,176‌
4.13%,
11/15/2032
8,220‌
8,232‌
4.13%,
08/15/2053
3,395‌
3,128‌
4.25%,
11/30/2026
2,950‌
2,964‌
4.25%,
12/31/2026
6,405‌
6,438‌
4.25%,
03/15/2027
5,405‌
5,439‌
4.25%,
06/30/2029
7,725‌
7,819‌
4.25%,
02/28/2031
4,605‌
4,659‌
4.25%,
11/15/2034
7,140‌
7,161‌
4.25%,
05/15/2039
715‌
704‌
4.25%,
11/15/2040
1,245‌
1,214‌
4.25%,
02/15/2054
2,605‌
2,454‌
4.25%,
08/15/2054
3,490‌
3,294‌
4.38%,
07/31/2026
4,200‌
4,221‌
4.38%,
05/15/2034
7,800‌
7,905‌
4.38%,
02/15/2038
890‌
896‌
4.38%,
11/15/2039
920‌
915‌
4.38%,
05/15/2040
1,489‌
1,478‌
4.38%,
05/15/2041
4,325‌
4,264‌
4.38%,
08/15/2043
3,605‌
3,513‌
4.50%,
11/15/2033
8,965‌
9,179‌
4.50%,
02/15/2036
3,065‌
3,156‌
4.50%,
05/15/2038
710‌
724‌
4.50%,
08/15/2039
1,465‌
1,480‌
4.50%,
02/15/2044
1,310‌
1,294‌
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
U.S.
Treasury
(continued)
4.50%,
11/15/2054
$
900‌
$
887‌
4.63%,
06/30/2026
5,620‌
5,662‌
4.63%,
02/15/2040
1,120‌
1,144‌
4.63%,
05/15/2054
9,955‌
9,987‌
4.63%,
02/15/2055
2,315‌
2,331‌
4.75%,
02/15/2037
2,235‌
2,345‌
4.75%,
02/15/2041
2,810‌
2,897‌
4.75%,
02/15/2045
1,540‌
1,568‌
4.75%,
11/15/2053
4,065‌
4,155‌
4.88%,
04/30/2026
1,460‌
1,473‌
5.00%,
05/15/2037
1,130‌
1,210‌
5.25%,
02/15/2029
3,000‌
3,153‌
5.38%,
02/15/2031
3,616‌
3,871‌
6.13%,
11/15/2027
2,225‌
2,349‌
6.13%,
08/15/2029
900‌
979‌
6.25%,
05/15/2030
1,500‌
1,657‌
6.38%,
08/15/2027
1,830‌
1,934‌
$
917,017‌
TOTAL
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
$
1,413,311‌
Total
Investments
$
2,038,711‌
Other
Assets
and
Liabilities
-  (1.84)%
(
36,854‌
)
TOTAL
NET
ASSETS
-
100.00%
$
2,001,857‌
(a)
1-day
yield
shown
is
as
of
period
end.
(b)
Security
or
a
portion
of
the
security
was
received
as
collateral
for
securities
lending.
At
the
end
of
the
period,
the
value
of
these
securities
totaled
$6,556
or
0.33%
of
net
assets.
(c)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940,
as
amended,
(the
"1940
Act"))
or
an
affiliate
as
defined
by
the
1940
Act
(controls
5.00%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
Affiliated
Securities
sub-schedule
for
transactional
information.
(d)
Security
or
a
portion
of
the
security
was
on
loan.  At
the
end
of
the
period,
the
value
of
these
securities
totaled
$6,346
or
0.32%
of
net
assets.
(e)
Rate
shown
is
as
of
period
end.
The
rate
may
be
a
variable
or
floating
rate
or
a
fixed
rate
which
may
convert
to
a
variable
or
floating
rate
in
the
future.
(f)
Non-income
producing
security
(g)
Certain
variable
rate
securities
are
not
based
on
a
published
reference
rate
and
spread
but
are
determined
by
the
issuer
or
agent
and
are
based
on
current
market
conditions.  These
securities
do
not
indicate
a
reference
rate
and
spread
in
their
description.
Rate
shown
is
the
rate
in
effect
as
of
period
end.
(h)
Security
purchased
on
a
when-issued
basis.
(i)
Security
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933.
These
securities
may
be
resold
in
transactions
exempt
from
registration,
normally
to
qualified
institutional
buyers.
At
the
end
of
the
period,
the
value
of
these
securities
totaled
$3,538
or
0.18%
of
net
assets.
(j)
Credit
support
indicates
investments
that
benefit
from
credit
enhancement
or
liquidity
support
provided
by
a
third
party
bank,
institution,
or
government
agency.
(k)
Security
was
purchased
in
a
"to-be-announced"
("TBA")
transaction.
Schedule
of
Investments
Bond
Market
Index
Account
March
31,
2025
(unaudited)
See
accompanying
notes.
44
Affiliated
Securities
December
31,
2024
Purchases
Sales
March
31,
2025
Value
Cost
Proceeds
Value
Principal
Government
Money
Market
Fund
-
Class
R-6
4.18%
$
46,078‌
$
138,318‌
$
137,002‌
$
47,394‌
$
46,078‌
$
138,318‌
$
137,002‌
$
47,394‌
Income
(a)
Realized
Gain/(Loss)
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
(Loss)
Principal
Government
Money
Market
Fund
-
Class
R-6
4.18%
$
376‌
$
—‌
$
—‌
$
—‌
$
376‌
$
—‌
$
—‌
$
—‌
Amounts
in
thousands.
(a)
Amount
excludes
earnings
from
securities
lending
collateral.
Schedule
of
Investments
Core
Plus
Bond
Account
March
31,
2025
(unaudited)
See
accompanying
notes.
45
INVESTMENT
COMPANIES
-
4
.17
%
Shares
Held
Value
(000's)
Money
Market
Funds
-
4
.17
%
BlackRock
Liquidity
FedFund
-
Institutional
Class
4.23%
(a),(b)
1,685,453‌
$
1,685‌
Principal
Government
Money
Market
Fund
-
Class
R-6
4.18%
(a),(c)
7,234,968‌
7,235‌
$
8,920‌
TOTAL
INVESTMENT
COMPANIES
$
8,920‌
BONDS
-
67
.00
%
Principal
Amount
(000's)
Value
(000's)
Aerospace
&
Defense
-
1
.37
%
Boeing
Co/The
2.20%,
02/04/2026
$
1,235‌
$
1,208‌
5.81%,
05/01/2050
280‌
267‌
6.26%,
05/01/2027
220‌
226‌
Bombardier
Inc
7.25%,
07/01/2031
(d)
15‌
15‌
7.50%,
02/01/2029
(d),(e)
120‌
123‌
8.75%,
11/15/2030
(d)
80‌
84‌
RTX
Corp
4.13%,
11/16/2028
270‌
266‌
6.10%,
03/15/2034
235‌
252‌
TransDigm
Inc
4.88%,
05/01/2029
30‌
29‌
6.00%,
01/15/2033
(d)
15‌
15‌
6.38%,
03/01/2029
(d)
290‌
293‌
6.63%,
03/01/2032
(d)
10‌
10‌
Triumph
Group
Inc
9.00%,
03/15/2028
(d)
125‌
132‌
$
2,920‌
Agriculture
-
0
.67
%
BAT
Capital
Corp
4.54%,
08/15/2047
120‌
96‌
4.76%,
09/06/2049
45‌
37‌
5.35%,
08/15/2032
200‌
201‌
5.83%,
02/20/2031
110‌
114‌
7.08%,
08/02/2053
240‌
264‌
BAT
International
Finance
PLC
5.93%,
02/02/2029
150‌
156‌
JBS
USA
LUX
Sarl
/
JBS
USA
Food
Co
/
JBS
USA
Foods
Group
5.95%,
04/20/2035
(d)
200‌
206‌
Philip
Morris
International
Inc
4.63%,
11/01/2029
192‌
192‌
Reynolds
American
Inc
5.70%,
08/15/2035
165‌
166‌
$
1,432‌
Airlines
-
0
.97
%
American
Airlines
2021-1
Class
B
Pass
Through
Trust
3.95%,
01/11/2032
4‌
4‌
American
Airlines
Inc
8.50%,
05/15/2029
(d)
120‌
122‌
American
Airlines
Inc/AAdvantage
Loyalty
IP
Ltd
5.75%,
04/20/2029
(d)
10‌
10‌
AS
Mileage
Plan
IP
Ltd
5.02%,
10/20/2029
(d)
320‌
313‌
5.31%,
10/20/2031
(d)
145‌
142‌
Delta
Air
Lines
Inc
/
SkyMiles
IP
Ltd
4.50%,
10/20/2025
(d)
64‌
63‌
4.75%,
10/20/2028
(d)
875‌
871‌
OneSky
Flight
LLC
8.88%,
12/15/2029
(d)
10‌
10‌
United
Airlines
2024-1
Class
A
Pass
Through
Trust
5.88%,
08/15/2038
511‌
514‌
United
Airlines
Inc
4.38%,
04/15/2026
(d)
20‌
20‌
$
2,069‌
Automobile
Asset
Backed
Securities
-
5
.68
%
Ally
Auto
Receivables
Trust
2023-1
5.46%,
05/15/2028
470‌
474‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Automobile
Asset
Backed
Securities
(continued)
AmeriCredit
Automobile
Receivables
Trust
2022-2
4.38%,
04/18/2028
$
219‌
$
219‌
AmeriCredit
Automobile
Receivables
Trust
2023-2
6.19%,
04/19/2027
145‌
146‌
AmeriCredit
Automobile
Receivables
Trust
2024-1
4.94%,
02/18/2028
452‌
453‌
1.00
x
30
Day
Average
Secured
Overnight
Financing
Rate
+
0.60%
5.75%,
02/18/2028
150‌
150‌
BMW
Vehicle
Owner
Trust
2024-A
5.42%,
02/25/2027
384‌
385‌
Carmax
Auto
Owner
Trust
2024-3
5.21%,
09/15/2027
405‌
406‌
Chase
Auto
Owner
Trust
2024-1
5.48%,
04/26/2027
(d)
227‌
228‌
Chase
Auto
Owner
Trust
2024-2
5.66%,
05/26/2027
(d)
251‌
252‌
Chase
Auto
Owner
Trust
2024-4
5.25%,
09/27/2027
(d)
369‌
370‌
Chase
Auto
Owner
Trust
2024-5
4.18%,
08/27/2029
(d)
555‌
552‌
Drive
Auto
Receivables
Trust
2024-1
5.83%,
12/15/2026
15‌
15‌
Drive
Auto
Receivables
Trust
2024-2
4.94%,
12/15/2027
543‌
543‌
Ford
Credit
Auto
Lease
Trust
2023-A
4.83%,
05/15/2026
396‌
396‌
Ford
Credit
Floorplan
Master
Owner
Trust
A
4.30%,
09/15/2029
(d)
800‌
798‌
GM
Financial
Automobile
Leasing
Trust
2024-1
5.18%,
06/22/2026
240‌
241‌
GM
Financial
Automobile
Leasing
Trust
2024-3
4.21%,
10/20/2027
225‌
224‌
4.81%,
01/20/2027
650‌
650‌
1.00
x
30
Day
Average
Secured
Overnight
Financing
Rate
+
0.47%
GM
Financial
Consumer
Automobile
Receivables
Trust
2023-3
5.45%,
06/16/2028
270‌
272‌
Mercedes-Benz
Auto
Lease
Trust
2024-A
5.44%,
02/16/2027
327‌
328‌
Nissan
Auto
Lease
Trust
2023-B
5.69%,
07/15/2026
137‌
137‌
Porsche
Innovative
Lease
Owner
Trust
2024-1
4.84%,
01/20/2027
(d)
615‌
615‌
Santander
Drive
Auto
Receivables
Trust
2023-4
5.73%,
04/17/2028
981‌
985‌
Santander
Drive
Auto
Receivables
Trust
2023-6
6.08%,
05/17/2027
217‌
217‌
Santander
Drive
Auto
Receivables
Trust
2024-1
5.71%,
02/16/2027
32‌
32‌
Santander
Drive
Auto
Receivables
Trust
2024-2
5.80%,
09/15/2027
132‌
133‌
Santander
Drive
Auto
Receivables
Trust
2024-3
5.91%,
06/15/2027
211‌
211‌
Santander
Drive
Auto
Receivables
Trust
2024-4
5.41%,
07/15/2027
430‌
431‌
Santander
Drive
Auto
Receivables
Trust
2025-1
4.76%,
08/16/2027
375‌
375‌
Santander
Drive
Auto
Receivables
Trust
2025-2
4.71%,
06/15/2028
500‌
500‌
SBNA
Auto
Receivables
Trust
2024-A
5.70%,
03/15/2027
(d)
57‌
57‌
Tesla
Electric
Vehicle
Trust
2023-1
5.54%,
12/21/2026
(d)
229‌
230‌
Toyota
Lease
Owner
Trust
2024-B
4.21%,
09/20/2027
(d)
475‌
473‌
Schedule
of
Investments
Core
Plus
Bond
Account
March
31,
2025
(unaudited)
See
accompanying
notes.
46
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Automobile
Asset
Backed
Securities
(continued)
Volkswagen
Auto
Lease
Trust
2023-A
5.87%,
01/20/2026
$
16‌
$
16‌
Wheels
Fleet
Lease
Funding
1
LLC
4.99%,
01/18/2040
(d)
615‌
615‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
0.67%
$
12,129‌
Automobile
Manufacturers
-
0
.73
%
Ford
Motor
Credit
Co
LLC
5.80%,
03/08/2029
875‌
867‌
6.13%,
03/08/2034
200‌
192‌
Hyundai
Capital
America
5.25%,
01/08/2027
(d)
290‌
292‌
5.30%,
06/24/2029
(d)
125‌
126‌
6.50%,
01/16/2029
(d)
80‌
84‌
$
1,561‌
Automobile
Parts
&
Equipment
-
0
.19
%
Dana
Inc
5.38%,
11/15/2027
270‌
267‌
Phinia
Inc
6.75%,
04/15/2029
(d)
100‌
101‌
Tenneco
Inc
8.00%,
11/17/2028
(d)
40‌
38‌
$
406‌
Banks
-
10
.82
%
AIB
Group
PLC
5.87%,
03/28/2035
(d),(f)
400‌
407‌
Secured
Overnight
Financing
Rate
+
1.91%
Banco
Mercantil
del
Norte
SA/Grand
Cayman
8.38%,
05/20/2031
(d),(f),(g),(h)
200‌
198‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.07%
Banco
Santander
SA
5.37%,
07/15/2028
(f)
400‌
406‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
0.95%
Bank
of
America
Corp
1.73%,
07/22/2027
(f)
430‌
415‌
Secured
Overnight
Financing
Rate
+
0.96%
2.68%,
06/19/2041
(f)
680‌
482‌
Secured
Overnight
Financing
Rate
+
1.93%
2.69%,
04/22/2032
(f)
105‌
92‌
Secured
Overnight
Financing
Rate
+
1.32%
3.85%,
03/08/2037
(f)
50‌
45‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.00%
5.52%,
10/25/2035
(f)
95‌
93‌
Secured
Overnight
Financing
Rate
+
1.74%
Bank
of
Montreal
3.80%,
12/15/2032
(f)
395‌
382‌
USD
Swap
Semi-Annual
5
Year
+
1.43%
Barclays
PLC
2.28%,
11/24/2027
(f)
200‌
192‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.05%
2.85%,
05/07/2026
(f)
600‌
599‌
Secured
Overnight
Financing
Rate
+
2.71%
4.84%,
09/10/2028
(f)
300‌
300‌
Secured
Overnight
Financing
Rate
+
1.34%
5.34%,
09/10/2035
(f)
450‌
439‌
Secured
Overnight
Financing
Rate
+
1.91%
5.37%,
02/25/2031
(f)
200‌
202‌
Secured
Overnight
Financing
Rate
+
1.23%
BPCE
SA
5.88%,
01/14/2031
(d),(f)
250‌
256‌
Secured
Overnight
Financing
Rate
+
1.68%
6.29%,
01/14/2036
(d),(f)
250‌
258‌
Secured
Overnight
Financing
Rate
+
2.04%
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
Citigroup
Inc
3.11%,
04/08/2026
(f)
$
495‌
$
495‌
Secured
Overnight
Financing
Rate
+
2.84%
Citizens
Financial
Group
Inc
5.25%,
03/05/2031
(f)
165‌
166‌
Secured
Overnight
Financing
Rate
+
1.26%
Danske
Bank
A/S
4.61%,
10/02/2030
(d),(f)
600‌
592‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.10%
5.02%,
03/04/2031
(d),(f)
210‌
211‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
0.93%
Deutsche
Bank
AG/New
York
NY
5.00%,
09/11/2030
(f)
245‌
244‌
Secured
Overnight
Financing
Rate
+
1.70%
5.71%,
02/08/2028
(f)
415‌
421‌
Secured
Overnight
Financing
Rate
+
1.59%
Goldman
Sachs
Group
Inc/The
5.02%,
10/23/2035
(f)
395‌
384‌
Secured
Overnight
Financing
Rate
+
1.42%
5.21%,
01/28/2031
(f)
540‌
547‌
Secured
Overnight
Financing
Rate
+
1.08%
5.54%,
01/28/2036
(f)
250‌
254‌
Secured
Overnight
Financing
Rate
+
1.38%
5.56%,
11/19/2045
(f)
155‌
151‌
Secured
Overnight
Financing
Rate
+
1.58%
5.73%,
01/28/2056
(f)
170‌
169‌
Secured
Overnight
Financing
Rate
+
1.70%
HSBC
Holdings
PLC
5.29%,
11/19/2030
(f)
310‌
313‌
Secured
Overnight
Financing
Rate
+
1.29%
5.60%,
05/17/2028
(f)
270‌
275‌
Secured
Overnight
Financing
Rate
+
1.06%
Huntington
Bancshares
Inc/OH
5.27%,
01/15/2031
(f)
380‌
384‌
Secured
Overnight
Financing
Rate
+
1.28%
5.71%,
02/02/2035
(f)
700‌
708‌
Secured
Overnight
Financing
Rate
+
1.87%
6.14%,
11/18/2039
(f)
140‌
141‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
1.70%
JPMorgan
Chase
&
Co
4.91%,
07/25/2033
(f)
705‌
699‌
Secured
Overnight
Financing
Rate
+
2.08%
4.95%,
10/22/2035
(f)
180‌
176‌
Secured
Overnight
Financing
Rate
+
1.34%
5.14%,
01/24/2031
(f)
240‌
244‌
Secured
Overnight
Financing
Rate
+
0.90%
5.34%,
01/23/2035
(f)
95‌
96‌
Secured
Overnight
Financing
Rate
+
1.62%
6.50%,
04/01/2030
(f),(g)
250‌
256‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.15%
KBC
Group
NV
4.93%,
10/16/2030
(d),(f)
255‌
255‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.07%
KeyBank
NA/Cleveland
OH
5.00%,
01/26/2033
250‌
244‌
KeyCorp
5.12%,
04/04/2031
(f)
460‌
462‌
Secured
Overnight
Financing
Rate
+
1.23%
6.40%,
03/06/2035
(f)
470‌
497‌
Secured
Overnight
Financing
Rate
+
2.42%
Schedule
of
Investments
Core
Plus
Bond
Account
March
31,
2025
(unaudited)
See
accompanying
notes.
47
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
Mizuho
Financial
Group
Inc
5.38%,
05/26/2030
(f)
$
485‌
$
495‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.12%
Morgan
Stanley
0.99%,
12/10/2026
(f)
2,211‌
2,156‌
Secured
Overnight
Financing
Rate
+
0.72%
2.48%,
09/16/2036
(f)
225‌
187‌
Secured
Overnight
Financing
Rate
+
1.36%
5.17%,
01/16/2030
(f)
100‌
101‌
Secured
Overnight
Financing
Rate
+
1.45%
5.23%,
01/15/2031
(f)
180‌
183‌
Secured
Overnight
Financing
Rate
+
1.11%
5.32%,
07/19/2035
(f)
640‌
640‌
Secured
Overnight
Financing
Rate
+
1.56%
5.47%,
01/18/2035
(f)
280‌
283‌
Secured
Overnight
Financing
Rate
+
1.73%
5.52%,
11/19/2055
(f)
120‌
117‌
Secured
Overnight
Financing
Rate
+
1.71%
5.59%,
01/18/2036
(f)
140‌
143‌
Secured
Overnight
Financing
Rate
+
1.42%
5.83%,
04/19/2035
(f)
65‌
67‌
Secured
Overnight
Financing
Rate
+
1.58%
NatWest
Markets
PLC
4.79%,
03/21/2028
(d)
200‌
201‌
5.02%,
03/21/2030
(d)
200‌
201‌
PNC
Financial
Services
Group
Inc/The
5.22%,
01/29/2031
(f)
120‌
122‌
Secured
Overnight
Financing
Rate
+
1.07%
5.40%,
07/23/2035
(f)
130‌
130‌
Secured
Overnight
Financing
Rate
+
1.60%
5.49%,
05/14/2030
(f)
350‌
359‌
Secured
Overnight
Financing
Rate
+
1.20%
5.58%,
01/29/2036
(f)
230‌
234‌
Secured
Overnight
Financing
Rate
+
1.39%
5.68%,
01/22/2035
(f)
635‌
650‌
Secured
Overnight
Financing
Rate
+
1.90%
6.88%,
10/20/2034
(f)
205‌
227‌
Secured
Overnight
Financing
Rate
+
2.28%
Truist
Financial
Corp
5.44%,
01/24/2030
(f)
580‌
592‌
Secured
Overnight
Financing
Rate
+
1.62%
7.16%,
10/30/2029
(f)
100‌
108‌
Secured
Overnight
Financing
Rate
+
2.45%
UBS
Group
AG
2.19%,
06/05/2026
(d),(f)
250‌
249‌
Secured
Overnight
Financing
Rate
+
2.04%
5.43%,
02/08/2030
(d),(f)
400‌
407‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.52%
UniCredit
SpA
1.98%,
06/03/2027
(d),(f)
200‌
193‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.20%
US
Bancorp
5.05%,
02/12/2031
(f)
215‌
217‌
Secured
Overnight
Financing
Rate
+
1.06%
5.10%,
07/23/2030
(f)
395‌
400‌
Secured
Overnight
Financing
Rate
+
1.25%
5.42%,
02/12/2036
(f)
155‌
156‌
Secured
Overnight
Financing
Rate
+
1.41%
5.68%,
01/23/2035
(f)
550‌
562‌
Secured
Overnight
Financing
Rate
+
1.86%
Wells
Fargo
&
Co
3.07%,
04/30/2041
(f)
130‌
97‌
Secured
Overnight
Financing
Rate
+
2.53%
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
Westpac
Banking
Corp
4.11%,
07/24/2034
(f)
$
525‌
$
502‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.00%
$
23,129‌
Biotechnology
-
0
.31
%
Amgen
Inc
4.56%,
06/15/2048
195‌
164‌
5.60%,
03/02/2043
300‌
297‌
CSL
Finance
PLC
4.75%,
04/27/2052
(d)
240‌
209‌
$
670‌
Building
Materials
-
0
.64
%
AmeriTex
HoldCo
Intermediate
LLC
10.25%,
10/15/2028
(d)
525‌
539‌
Miter
Brands
Acquisition
Holdco
Inc
/
MIWD
Borrower
LLC
6.75%,
04/01/2032
(d)
35‌
35‌
Quikrete
Holdings
Inc
6.38%,
03/01/2032
(d)
65‌
65‌
6.75%,
03/01/2033
(d)
75‌
75‌
Smyrna
Ready
Mix
Concrete
LLC
6.00%,
11/01/2028
(d)
668‌
648‌
$
1,362‌
Chemicals
-
0
.78
%
Consolidated
Energy
Finance
SA
5.63%,
10/15/2028
(d)
260‌
224‌
6.50%,
05/15/2026
(d)
150‌
145‌
Ecolab
Inc
2.70%,
12/15/2051
400‌
244‌
Element
Solutions
Inc
3.88%,
09/01/2028
(d)
111‌
105‌
International
Flavors
&
Fragrances
Inc
1.83%,
10/15/2027
(d)
210‌
195‌
3.47%,
12/01/2050
(d)
50‌
33‌
OCP
SA
6.75%,
05/02/2034
(d)
200‌
205‌
Olympus
Water
US
Holding
Corp
4.25%,
10/01/2028
(d)
275‌
254‌
Vibrantz
Technologies
Inc
9.00%,
02/15/2030
(d)
313‌
255‌
$
1,660‌
Commercial
Mortgage
Backed
Securities
-
4
.71
%
BAHA
Trust
2024-MAR
5.57%,
12/10/2041
(d),(i)
500‌
507‌
BBCMS
Mortgage
Trust
2024-5C29
5.21%,
09/15/2057
250‌
253‌
BBCMS
Mortgage
Trust
2025-5C33
6.17%,
03/15/2058
(i)
1,000‌
1,037‌
Benchmark
2019-B15
Mortgage
Trust
3.56%,
12/15/2072
250‌
215‌
Benchmark
2021-B25
Mortgage
Trust
2.58%,
04/15/2054
150‌
130‌
BPR
Trust
2024-PMDW
5.36%,
11/05/2041
(d),(i)
900‌
906‌
BX
2025-BIO3
Mortgage
Trust
6.14%,
02/10/2042
(d)
500‌
512‌
BX
Commercial
Mortgage
Trust
2023-VLT3
6.26%,
11/15/2028
(d)
425‌
426‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
1.94%
BX
Trust
2025-VLT6
5.76%,
03/15/2042
(d)
1,000‌
995‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
1.44%
ELM
Trust
2024-ELM
5.41%,
06/10/2039
(d),(i)
850‌
861‌
Schedule
of
Investments
Core
Plus
Bond
Account
March
31,
2025
(unaudited)
See
accompanying
notes.
48
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Commercial
Mortgage
Backed
Securities
(continued)
GS
Mortgage
Securities
Trust
2011-GC5
0.00%,
08/10/2044
(d),(i),(j),(k)
$
862‌
$
—‌
GS
Mortgage
Securities
Trust
2014-GC26
0.31%,
11/10/2047
(i),(k)
10‌
—‌
GS
Mortgage
Securities
Trust
2015-GC34
3.51%,
10/10/2048
375‌
370‌
GS
Mortgage
Securities
Trust
2020-GSA2
2.01%,
12/12/2053
350‌
298‌
JP
Morgan
Chase
Commercial
Mortgage
Securities
Trust
2016-JP3
3.14%,
08/15/2049
500‌
465‌
JPMBB
Commercial
Mortgage
Securities
Trust
2014-C24
4.41%,
11/15/2047
(i)
500‌
427‌
ORL
Trust
2024-GLKS
5.81%,
12/15/2039
(d)
500‌
500‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
1.49%
ROCK
Trust
2024-CNTR
6.47%,
11/13/2041
(d)
750‌
774‌
SMRT
2022-MINI
5.32%,
01/15/2039
(d)
600‌
595‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
1.00%
SREIT
Trust
2021-MFP
5.16%,
11/15/2038
(d)
793‌
788‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
0.85%
$
10,059‌
Commercial
Services
-
0
.93
%
DP
World
Ltd/United
Arab
Emirates
6.85%,
07/02/2037
100‌
111‌
EquipmentShare.com
Inc
8.00%,
03/15/2033
(d)
135‌
136‌
8.63%,
05/15/2032
(d)
40‌
41‌
9.00%,
05/15/2028
(d)
105‌
109‌
Garda
World
Security
Corp
6.00%,
06/01/2029
(d)
350‌
328‌
8.38%,
11/15/2032
(d)
170‌
167‌
Prime
Security
Services
Borrower
LLC
/
Prime
Finance
Inc
6.25%,
01/15/2028
(d)
62‌
62‌
Veritiv
Operating
Co
10.50%,
11/30/2030
(d)
160‌
170‌
WASH
Multifamily
Acquisition
Inc
5.75%,
04/15/2026
(d)
520‌
515‌
Williams
Scotsman
Inc
4.63%,
08/15/2028
(d)
165‌
160‌
ZipRecruiter
Inc
5.00%,
01/15/2030
(d)
215‌
189‌
$
1,988‌
Computers
-
0
.90
%
Apple
Inc
3.95%,
08/08/2052
185‌
149‌
Hewlett
Packard
Enterprise
Co
4.55%,
10/15/2029
595‌
589‌
5.00%,
10/15/2034
185‌
180‌
5.60%,
10/15/2054
215‌
205‌
International
Business
Machines
Corp
5.70%,
02/10/2055
140‌
139‌
McAfee
Corp
7.38%,
02/15/2030
(d)
275‌
243‌
NCR
Atleos
Corp
9.50%,
04/01/2029
(d)
170‌
184‌
Seagate
HDD
Cayman
8.50%,
07/15/2031
5‌
5‌
9.63%,
12/01/2032
204‌
229‌
$
1,923‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Consumer
Products
-
0
.03
%
Kronos
Acquisition
Holdings
Inc
8.25%,
06/30/2031
(d)
$
80‌
$
71‌
Credit
Card
Asset
Backed
Securities
-
3
.26
%
American
Express
Credit
Account
Master
Trust
3.75%,
08/15/2027
625‌
623‌
4.87%,
05/15/2028
100‌
101‌
5.23%,
09/15/2028
1,000‌
1,012‌
5.24%,
04/15/2031
1,100‌
1,137‌
BA
Credit
Card
Trust
5.00%,
04/15/2028
550‌
552‌
Barclays
Dryrock
Issuance
Trust
3.07%,
02/15/2028
485‌
485‌
Citibank
Credit
Card
Issuance
Trust
3.96%,
10/13/2030
500‌
494‌
5.23%,
12/08/2027
375‌
377‌
Discover
Card
Execution
Note
Trust
3.56%,
07/15/2027
610‌
608‌
4.31%,
03/15/2028
950‌
949‌
5.03%,
10/15/2027
630‌
631‌
$
6,969‌
Diversified
Financial
Services
-
3
.26
%
AerCap
Ireland
Capital
DAC
/
AerCap
Global
Aviation
Trust
2.45%,
10/29/2026
560‌
541‌
3.00%,
10/29/2028
470‌
442‌
3.40%,
10/29/2033
150‌
129‌
6.95%,
03/10/2055
(f)
345‌
353‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.72%
Air
Lease
Corp
1.88%,
08/15/2026
465‌
448‌
Aircastle
Ltd
5.95%,
02/15/2029
(d)
355‌
365‌
Aircastle
Ltd
/
Aircastle
Ireland
DAC
5.75%,
10/01/2031
(d)
205‌
209‌
Ally
Financial
Inc
5.80%,
05/01/2025
(e)
210‌
210‌
Aviation
Capital
Group
LLC
1.95%,
09/20/2026
(d)
650‌
624‌
Blackstone
Holdings
Finance
Co
LLC
2.85%,
08/05/2051
(d)
120‌
73‌
Charles
Schwab
Corp/The
5.85%,
05/19/2034
(f)
75‌
78‌
Secured
Overnight
Financing
Rate
+
2.50%
Credit
Acceptance
Corp
6.63%,
03/15/2030
(d)
275‌
271‌
9.25%,
12/15/2028
(d)
170‌
180‌
Freedom
Mortgage
Holdings
LLC
9.13%,
05/15/2031
(d)
265‌
267‌
Global
Aircraft
Leasing
Co
Ltd
8.75%,
09/01/2027
(d)
395‌
402‌
ILFC
E-Capital
Trust
II
6.37%,
12/21/2065
(d)
250‌
210‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
2.06%
Jane
Street
Group
/
JSG
Finance
Inc
4.50%,
11/15/2029
(d)
190‌
179‌
6.13%,
11/01/2032
(d)
425‌
418‌
Macquarie
Airfinance
Holdings
Ltd
6.40%,
03/26/2029
(d)
60‌
62‌
Nuveen
LLC
5.55%,
01/15/2030
(d)
375‌
387‌
OneMain
Finance
Corp
3.50%,
01/15/2027
315‌
302‌
4.00%,
09/15/2030
25‌
22‌
6.63%,
01/15/2028
7‌
7‌
7.13%,
11/15/2031
120‌
121‌
7.50%,
05/15/2031
70‌
71‌
Schedule
of
Investments
Core
Plus
Bond
Account
March
31,
2025
(unaudited)
See
accompanying
notes.
49
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Diversified
Financial
Services
(continued)
Rfna
LP
7.88%,
02/15/2030
(d)
$
60‌
$
59‌
SLM
Corp
3.13%,
11/02/2026
450‌
435‌
TrueNoord
Capital
DAC
8.75%,
03/01/2030
(d)
105‌
107‌
$
6,972‌
Electric
-
4
.30
%
Alabama
Power
Co
5.10%,
04/02/2035
130‌
130‌
Alliant
Energy
Finance
LLC
5.40%,
06/06/2027
(d)
535‌
541‌
5.95%,
03/30/2029
(d)
95‌
98‌
Atlantica
Sustainable
Infrastructure
PLC
4.13%,
06/15/2028
(d)
255‌
240‌
Avangrid
Inc
3.20%,
04/15/2025
490‌
490‌
California
Buyer
Ltd
/
Atlantica
Sustainable
Infrastructure
PLC
6.38%,
02/15/2032
(d)
235‌
228‌
CenterPoint
Energy
Inc
5.25%,
08/10/2026
350‌
353‌
Clearway
Energy
Operating
LLC
3.75%,
02/15/2031
(d)
70‌
61‌
3.75%,
01/15/2032
(d)
200‌
171‌
4.75%,
03/15/2028
(d)
275‌
267‌
CMS
Energy
Corp
6.50%,
06/01/2055
(f)
700‌
682‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
1.96%
Commonwealth
Edison
Co
4.00%,
03/01/2049
180‌
140‌
DTE
Energy
Co
5.20%,
04/01/2030
225‌
228‌
Duke
Energy
Carolinas
LLC
3.75%,
06/01/2045
150‌
116‌
Duke
Energy
Florida
LLC
6.20%,
11/15/2053
85‌
90‌
Eversource
Energy
5.45%,
03/01/2028
200‌
204‌
Exelon
Corp
6.50%,
03/15/2055
(f)
130‌
129‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
1.98%
FirstEnergy
Corp
2.25%,
09/01/2030
358‌
311‌
Indianapolis
Power
&
Light
Co
5.70%,
04/01/2054
(d)
180‌
179‌
Lightning
Power
LLC
7.25%,
08/15/2032
(d)
225‌
232‌
MidAmerican
Energy
Co
3.15%,
04/15/2050
210‌
141‌
Monongahela
Power
Co
3.55%,
05/15/2027
(d)
215‌
210‌
NextEra
Energy
Capital
Holdings
Inc
5.45%,
03/15/2035
175‌
177‌
5.75%,
09/01/2025
165‌
166‌
6.38%,
08/15/2055
(f)
475‌
476‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.05%
6.70%,
09/01/2054
(f)
335‌
339‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.36%
NRG
Energy
Inc
3.63%,
02/15/2031
(d)
115‌
102‌
3.88%,
02/15/2032
(d)
150‌
132‌
Oncor
Electric
Delivery
Co
LLC
5.55%,
06/15/2054
90‌
88‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Electric
(continued)
Pacific
Gas
and
Electric
Co
4.20%,
06/01/2041
$
185‌
$
147‌
5.55%,
05/15/2029
195‌
198‌
Perusahaan
Perseroan
Persero
PT
Perusahaan
Listrik
Negara
4.00%,
06/30/2050
(d)
250‌
173‌
Sempra
6.55%,
04/01/2055
(f)
330‌
314‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.14%
Southern
Co/The
5.70%,
03/15/2034
525‌
542‌
Southwestern
Public
Service
Co
4.50%,
08/15/2041
80‌
69‌
6.00%,
06/01/2054
460‌
465‌
Vistra
Corp
7.00%,
12/15/2026
(d),(f),(g)
125‌
127‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.74%
Vistra
Operations
Co
LLC
4.38%,
05/01/2029
(d)
115‌
109‌
WEC
Energy
Group
Inc
5.00%,
09/27/2025
100‌
100‌
Xcel
Energy
Inc
5.45%,
08/15/2033
225‌
226‌
$
9,191‌
Electrical
Components
&
Equipment
-
0
.05
%
WESCO
Distribution
Inc
7.25%,
06/15/2028
(d)
113‌
115‌
Engineering
&
Construction
-
0
.26
%
ATP
Tower
Holdings
/
Andean
Telecom
Partners
Chile
SpA
/
Andean
Tower
Partners
Colombia
SAS
7.88%,
02/03/2030
(d)
200‌
200‌
CIMIC
Finance
USA
Pty
Ltd
7.00%,
03/25/2034
(d)
94‌
100‌
Global
Infrastructure
Solutions
Inc
5.63%,
06/01/2029
(d)
265‌
255‌
$
555‌
Entertainment
-
1
.05
%
Caesars
Entertainment
Inc
4.63%,
10/15/2029
(d)
515‌
473‌
6.50%,
02/15/2032
(d)
285‌
284‌
CCM
Merger
Inc
6.38%,
05/01/2026
(d)
410‌
411‌
Cinemark
USA
Inc
5.25%,
07/15/2028
(d),(e)
110‌
107‌
7.00%,
08/01/2032
(d)
140‌
141‌
Warnermedia
Holdings
Inc
3.76%,
03/15/2027
460‌
449‌
5.05%,
03/15/2042
230‌
184‌
5.14%,
03/15/2052
175‌
127‌
Wynn
Resorts
Finance
LLC
/
Wynn
Resorts
Capital
Corp
7.13%,
02/15/2031
(d)
60‌
62‌
$
2,238‌
Environmental
Control
-
0
.19
%
Madison
IAQ
LLC
4.13%,
06/30/2028
(d)
225‌
212‌
Waste
Management
Inc
4.95%,
03/15/2035
195‌
194‌
$
406‌
Food
-
1
.74
%
Albertsons
Cos
Inc
/
Safeway
Inc
/
New
Albertsons
LP
/
Albertsons
LLC
3.50%,
03/15/2029
(d)
45‌
41‌
4.63%,
01/15/2027
(d)
205‌
202‌
Schedule
of
Investments
Core
Plus
Bond
Account
March
31,
2025
(unaudited)
See
accompanying
notes.
50
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Food
(continued)
B&G
Foods
Inc
5.25%,
09/15/2027
$
55‌
$
52‌
8.00%,
09/15/2028
(d)
120‌
121‌
Chobani
Holdco
II
LLC
8.75%,
PIK
9.50%;
10/01/2029
(d),(i),(l)
42‌
45‌
Chobani
LLC
/
Chobani
Finance
Corp
Inc
7.63%,
07/01/2029
(d)
310‌
318‌
Fiesta
Purchaser
Inc
7.88%,
03/01/2031
(d)
145‌
150‌
JBS
USA
Holding
Lux
Sarl/
JBS
USA
Food
Co/
JBS
Lux
Co
Sarl
4.38%,
02/02/2052
526‌
408‌
5.13%,
02/01/2028
735‌
742‌
JBS
USA
LUX
Sarl
/
JBS
USA
Food
Co
/
JBS
USA
Foods
Group
6.38%,
02/25/2055
(d)
125‌
128‌
Mars
Inc
4.60%,
03/01/2028
(d)
50‌
50‌
4.80%,
03/01/2030
(d)
245‌
246‌
5.20%,
03/01/2035
(d)
540‌
543‌
5.70%,
05/01/2055
(d)
398‌
398‌
Post
Holdings
Inc
4.50%,
09/15/2031
(d)
110‌
100‌
5.50%,
12/15/2029
(d)
180‌
175‌
$
3,719‌
Forest
Products
&
Paper
-
0
.08
%
Mercer
International
Inc
5.13%,
02/01/2029
80‌
68‌
12.88%,
10/01/2028
(d)
100‌
106‌
$
174‌
Gas
-
0
.45
%
Boston
Gas
Co
5.84%,
01/10/2035
(d)
100‌
103‌
NiSource
Inc
0.95%,
08/15/2025
400‌
395‌
5.25%,
03/30/2028
20‌
20‌
6.95%,
11/30/2054
(f)
310‌
314‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.45%
Southern
California
Gas
Co
5.05%,
09/01/2034
125‌
123‌
$
955‌
Healthcare
-
Products
-
0
.02
%
Medline
Borrower
LP
3.88%,
04/01/2029
(d)
45‌
42‌
Healthcare
-
Services
-
1
.04
%
Acadia
Healthcare
Co
Inc
5.00%,
04/15/2029
(d)
250‌
236‌
Centene
Corp
2.63%,
08/01/2031
350‌
294‌
3.38%,
02/15/2030
250‌
226‌
4.25%,
12/15/2027
120‌
117‌
CHS/Community
Health
Systems
Inc
5.63%,
03/15/2027
(d)
190‌
181‌
HCA
Inc
3.50%,
07/15/2051
195‌
129‌
5.25%,
03/01/2030
235‌
238‌
5.45%,
04/01/2031
90‌
91‌
LifePoint
Health
Inc
8.38%,
02/15/2032
(d)
70‌
71‌
Star
Parent
Inc
9.00%,
10/01/2030
(d)
275‌
271‌
Tenet
Healthcare
Corp
6.13%,
06/15/2030
45‌
45‌
UnitedHealth
Group
Inc
4.75%,
05/15/2052
235‌
203‌
5.75%,
07/15/2064
115‌
113‌
$
2,215‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Holding
Companies
-
Diversified
-
0
.01
%
Clue
Opco
LLC
9.50%,
10/15/2031
(d),(e)
$
25‌
$
25‌
Home
Builders
-
0
.04
%
Adams
Homes
Inc
9.25%,
10/15/2028
(d)
85‌
86‌
Home
Equity
Asset
Backed
Securities
-
0
.02
%
Saxon
Asset
Securities
Trust
2004-1
2.10%,
03/25/2035
93‌
51‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
1.81%
Insurance
-
1
.36
%
Acrisure
LLC
/
Acrisure
Finance
Inc
4.25%,
02/15/2029
(d)
80‌
75‌
Aon
North
America
Inc
5.45%,
03/01/2034
155‌
158‌
5.75%,
03/01/2054
270‌
266‌
Arch
Capital
Finance
LLC
4.01%,
12/15/2026
125‌
124‌
Arthur
J
Gallagher
&
Co
2.40%,
11/09/2031
(e)
325‌
278‌
4.85%,
12/15/2029
215‌
217‌
5.55%,
02/15/2055
45‌
43‌
Athene
Global
Funding
4.86%,
08/27/2026
(d)
245‌
246‌
Athene
Holding
Ltd
6.25%,
04/01/2054
175‌
175‌
Corebridge
Financial
Inc
5.75%,
01/15/2034
90‌
92‌
F&G
Global
Funding
5.88%,
06/10/2027
(d)
220‌
224‌
GA
Global
Funding
Trust
4.40%,
09/23/2027
(d)
275‌
273‌
Markel
Group
Inc
6.00%,
05/16/2054
75‌
76‌
Marsh
&
McLennan
Cos
Inc
6.25%,
11/01/2052
60‌
65‌
MetLife
Inc
5.00%,
07/15/2052
50‌
45‌
5.30%,
12/15/2034
(e)
55‌
56‌
Reinsurance
Group
of
America
Inc
5.75%,
09/15/2034
180‌
183‌
RGA
Global
Funding
5.25%,
01/09/2030
(d)
235‌
239‌
Teachers
Insurance
&
Annuity
Association
of
America
4.27%,
05/15/2047
(d)
85‌
69‌
$
2,904‌
Internet
-
0
.41
%
Alibaba
Group
Holding
Ltd
5.25%,
05/26/2035
(d)
250‌
251‌
Cogent
Communications
Group
Inc
/
Cogent
Communications
Finance
Inc
7.00%,
06/15/2027
(d)
40‌
40‌
Meituan
4.63%,
10/02/2029
(d)
300‌
297‌
Meta
Platforms
Inc
4.45%,
08/15/2052
160‌
136‌
5.40%,
08/15/2054
165‌
162‌
$
886‌
Investment
Companies
-
0
.20
%
Icahn
Enterprises
LP
/
Icahn
Enterprises
Finance
Corp
4.38%,
02/01/2029
270‌
225‌
5.25%,
05/15/2027
210‌
200‌
$
425‌
Schedule
of
Investments
Core
Plus
Bond
Account
March
31,
2025
(unaudited)
See
accompanying
notes.
51
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Leisure
Products
&
Services
-
0
.18
%
NCL
Finance
Ltd
6.13%,
03/15/2028
(d)
$
200‌
$
200‌
Royal
Caribbean
Cruises
Ltd
5.38%,
07/15/2027
(d)
195‌
194‌
$
394‌
Lodging
-
0
.21
%
Sands
China
Ltd
3.80%,
01/08/2026
200‌
198‌
Station
Casinos
LLC
6.63%,
03/15/2032
(d)
60‌
60‌
Wynn
Macau
Ltd
5.63%,
08/26/2028
(d)
200‌
192‌
$
450‌
Machinery
-
Diversified
-
0
.12
%
Maxim
Crane
Works
Holdings
Capital
LLC
11.50%,
09/01/2028
(d)
255‌
256‌
Media
-
1
.01
%
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp
4.50%,
08/15/2030
(d)
210‌
191‌
5.38%,
06/01/2029
(d)
175‌
169‌
Charter
Communications
Operating
LLC
/
Charter
Communications
Operating
Capital
3.90%,
06/01/2052
185‌
120‌
4.80%,
03/01/2050
185‌
139‌
5.25%,
04/01/2053
(e)
235‌
190‌
6.10%,
06/01/2029
195‌
201‌
Comcast
Corp
2.94%,
11/01/2056
400‌
235‌
5.65%,
06/01/2054
55‌
54‌
Directv
Financing
LLC
8.88%,
02/01/2030
(d)
195‌
186‌
Directv
Financing
LLC
/
Directv
Financing
Co-
Obligor
Inc
5.88%,
08/15/2027
(d)
6‌
6‌
10.00%,
02/15/2031
(d)
10‌
10‌
DISH
DBS
Corp
5.25%,
12/01/2026
(d)
16‌
15‌
DISH
Network
Corp
11.75%,
11/15/2027
(d)
201‌
212‌
iHeartCommunications
Inc
4.75%,
01/15/2028
(d)
35‌
26‌
McGraw-Hill
Education
Inc
7.38%,
09/01/2031
(d)
115‌
116‌
Paramount
Global
4.20%,
05/19/2032
115‌
103‌
Sinclair
Television
Group
Inc
8.13%,
02/15/2033
(d)
190‌
187‌
$
2,160‌
Mining
-
0
.53
%
Glencore
Funding
LLC
5.19%,
04/01/2030
(d),(m)
210‌
211‌
5.37%,
04/04/2029
(d)
175‌
178‌
6.13%,
10/06/2028
(d)
200‌
208‌
Hudbay
Minerals
Inc
4.50%,
04/01/2026
(d)
145‌
143‌
6.13%,
04/01/2029
(d)
10‌
10‌
IAMGOLD
Corp
5.75%,
10/15/2028
(d)
57‌
56‌
New
Gold
Inc
6.88%,
04/01/2032
(d)
40‌
40‌
Taseko
Mines
Ltd
8.25%,
05/01/2030
(d)
275‌
281‌
$
1,127‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Mortgage
Backed
Securities
-
3
.56
%
Fannie
Mae
REMICS
1.55%,
10/25/2040
(k)
$
2,133‌
$
192‌
(1.00)
x
30
Day
Average
Secured
Overnight
Financing
Rate
+
5.89%
1.55%,
12/25/2049
(k)
2,118‌
243‌
(1.00)
x
30
Day
Average
Secured
Overnight
Financing
Rate
+
5.89%
1.60%,
08/25/2049
(k)
1,979‌
220‌
(1.00)
x
30
Day
Average
Secured
Overnight
Financing
Rate
+
5.94%
1.65%,
02/25/2043
(k)
109‌
11‌
(1.00)
x
30
Day
Average
Secured
Overnight
Financing
Rate
+
5.99%
1.65%,
08/25/2043
(k)
348‌
35‌
(1.00)
x
30
Day
Average
Secured
Overnight
Financing
Rate
+
5.99%
1.70%,
12/25/2042
(k)
1,349‌
161‌
(1.00)
x
30
Day
Average
Secured
Overnight
Financing
Rate
+
6.04%
1.70%,
01/25/2048
(k)
506‌
59‌
(1.00)
x
30
Day
Average
Secured
Overnight
Financing
Rate
+
6.04%
1.75%,
03/25/2048
(k)
678‌
91‌
(1.00)
x
30
Day
Average
Secured
Overnight
Financing
Rate
+
6.09%
1.75%,
06/25/2048
(k)
726‌
84‌
(1.00)
x
30
Day
Average
Secured
Overnight
Financing
Rate
+
6.09%
3.00%,
04/25/2027
(k)
20‌
—‌
3.00%,
09/25/2050
(k)
782‌
123‌
3.50%,
11/25/2027
(k)
13‌
—‌
Freddie
Mac
REMICS
1.59%,
10/15/2046
(k)
897‌
104‌
(1.00)
x
30
Day
Average
Secured
Overnight
Financing
Rate
+
5.94%
1.70%,
06/25/2050
(k)
732‌
98‌
(1.00)
x
30
Day
Average
Secured
Overnight
Financing
Rate
+
6.04%
3.00%,
05/15/2027
(k)
13‌
—‌
3.00%,
10/15/2027
(k)
12‌
—‌
4.91%,
05/15/2049
757‌
739‌
1.00
x
30
Day
Average
Secured
Overnight
Financing
Rate
+
0.56%
Ginnie
Mae
1.07%,
05/20/2042
(k)
421‌
46‌
(1.00)
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
5.39%
1.62%,
12/16/2043
(k)
769‌
77‌
(1.00)
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
5.94%
1.67%,
11/20/2041
(k)
118‌
15‌
(1.00)
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
5.99%
1.67%,
06/20/2046
(k)
261‌
32‌
(1.00)
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
5.99%
1.67%,
11/20/2046
(k)
677‌
81‌
(1.00)
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
5.99%
1.71%,
12/20/2043
(k)
130‌
14‌
(1.00)
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
6.03%
1.77%,
10/20/2045
(k)
303‌
37‌
(1.00)
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
6.09%
1.77%,
08/20/2047
(k)
740‌
99‌
(1.00)
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
6.09%
Schedule
of
Investments
Core
Plus
Bond
Account
March
31,
2025
(unaudited)
See
accompanying
notes.
52
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Mortgage
Backed
Securities
(continued)
Ginnie
Mae
(continued)
1.77%,
11/20/2047
(k)
$
220‌
$
29‌
(1.00)
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
6.09%
1.82%,
06/20/2045
(k)
379‌
48‌
(1.00)
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
6.14%
1.87%,
08/20/2050
(k)
803‌
117‌
(1.00)
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
6.19%
1.87%,
11/20/2050
(k)
554‌
82‌
(1.00)
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
6.19%
1.87%,
08/20/2051
(k)
542‌
79‌
(1.00)
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
6.19%
1.91%,
09/20/2050
(k)
660‌
96‌
(1.00)
x
30
Day
Average
Secured
Overnight
Financing
Rate
+
6.25%
2.22%,
04/20/2041
(k)
464‌
61‌
(1.10)
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
6.97%
2.22%,
02/20/2042
(k)
74‌
10‌
(1.00)
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
6.54%
2.50%,
12/20/2050
(k)
947‌
154‌
3.00%,
07/20/2050
(k)
209‌
33‌
3.00%,
11/20/2050
(k)
473‌
81‌
3.00%,
11/20/2050
(k)
742‌
126‌
3.00%,
11/20/2050
(k)
951‌
188‌
3.50%,
10/20/2049
(k)
334‌
64‌
JP
Morgan
Mortgage
Trust
2024-1
6.00%,
06/25/2054
(d),(i)
646‌
647‌
JP
Morgan
Mortgage
Trust
2024-2
6.00%,
08/25/2054
(d),(i)
592‌
592‌
JP
Morgan
Mortgage
Trust
2025-1
6.00%,
06/25/2055
(d),(i)
585‌
588‌
JP
Morgan
Mortgage
Trust
Series
2024-4
6.00%,
10/25/2054
(d),(i)
586‌
587‌
Sequoia
Mortgage
Trust
2024-2
6.00%,
03/25/2054
(d),(i)
608‌
609‌
Sequoia
Mortgage
Trust
2024-3
6.00%,
04/25/2054
(d),(i)
859‌
861‌
$
7,613‌
Office
&
Business
Equipment
-
0
.01
%
Xerox
Holdings
Corp
5.50%,
08/15/2028
(d)
35‌
25‌
Oil
&
Gas
-
1
.65
%
Aethon
United
BR
LP
/
Aethon
United
Finance
Corp
7.50%,
10/01/2029
(d)
390‌
397‌
Ascent
Resources
Utica
Holdings
LLC
/
ARU
Finance
Corp
6.63%,
10/15/2032
(d)
50‌
50‌
Diamondback
Energy
Inc
5.75%,
04/18/2054
165‌
155‌
Ecopetrol
SA
8.88%,
01/13/2033
170‌
175‌
Hilcorp
Energy
I
LP
/
Hilcorp
Finance
Co
7.25%,
02/15/2035
(d)
115‌
110‌
Matador
Resources
Co
6.25%,
04/15/2033
(d)
240‌
234‌
Occidental
Petroleum
Corp
5.20%,
08/01/2029
120‌
120‌
5.55%,
03/15/2026
330‌
331‌
5.88%,
09/01/2025
375‌
376‌
6.60%,
03/15/2046
200‌
202‌
Permian
Resources
Operating
LLC
8.00%,
04/15/2027
(d)
185‌
188‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Oil
&
Gas
(continued)
Petroleos
Mexicanos
6.70%,
02/16/2032
$
287‌
$
252‌
Puma
International
Financing
SA
7.75%,
04/25/2029
(d)
200‌
202‌
Tengizchevroil
Finance
Co
International
Ltd
2.63%,
08/15/2025
(d)
325‌
321‌
Transocean
Inc
8.25%,
05/15/2029
(d)
190‌
186‌
8.50%,
05/15/2031
(d)
235‌
228‌
$
3,527‌
Oil
&
Gas
Services
-
0
.29
%
Archrock
Partners
LP
/
Archrock
Partners
Finance
Corp
6.25%,
04/01/2028
(d)
425‌
425‌
Enerflex
Ltd
9.00%,
10/15/2027
(d)
190‌
195‌
$
620‌
Other
Asset
Backed
Securities
-
1
.48
%
Blue
Stream
Issuer
LLC
5.41%,
11/20/2054
(d)
350‌
353‌
CNH
Equipment
Trust
2025-A
4.54%,
09/15/2032
150‌
150‌
Hilton
Grand
Vacations
Trust
2024-3
4.98%,
08/27/2040
(d)
309‌
311‌
Hotwire
Funding
LLC
2.31%,
11/20/2051
(d)
600‌
574‌
MMAF
Equipment
Finance
LLC
2019-B
2.07%,
07/13/2026
(d)
116‌
116‌
MVW
2024-2
LLC
4.43%,
03/20/2042
(d)
291‌
288‌
Sierra
Timeshare
2024-3
Receivables
Funding
LLC
4.83%,
08/20/2041
(d)
311‌
312‌
Verizon
Master
Trust
4.35%,
08/20/2032
(d)
750‌
746‌
Verizon
Master
Trust
Series
2025-2
4.94%,
01/20/2033
(d)
300‌
306‌
$
3,156‌
Packaging
&
Containers
-
0
.99
%
Amcor
Flexibles
North
America
Inc
5.10%,
03/17/2030
(d)
160‌
161‌
Canpack
SA
/
Canpack
US
LLC
3.13%,
11/01/2025
(d)
200‌
196‌
Clydesdale
Acquisition
Holdings
Inc
6.63%,
04/15/2029
(d)
70‌
70‌
6.75%,
04/15/2032
(d),(m)
175‌
176‌
6.88%,
01/15/2030
(d)
15‌
15‌
8.75%,
04/15/2030
(d)
150‌
152‌
Crown
Cork
&
Seal
Co
Inc
7.38%,
12/15/2026
77‌
79‌
LABL
Inc
5.88%,
11/01/2028
(d)
175‌
138‌
9.50%,
11/01/2028
(d)
695‌
588‌
Mauser
Packaging
Solutions
Holding
Co
7.88%,
04/15/2027
(d)
120‌
118‌
Smurfit
Kappa
Treasury
ULC
5.20%,
01/15/2030
(d)
425‌
432‌
$
2,125‌
Pharmaceuticals
-
1
.24
%
1261229
BC
Ltd
10.00%,
04/15/2032
(d),(m)
200‌
199‌
AbbVie
Inc
4.05%,
11/21/2039
350‌
307‌
4.25%,
11/21/2049
190‌
158‌
5.50%,
03/15/2064
120‌
118‌
AdaptHealth
LLC
5.13%,
03/01/2030
(d)
255‌
232‌
6.13%,
08/01/2028
(d),(e)
255‌
250‌
Schedule
of
Investments
Core
Plus
Bond
Account
March
31,
2025
(unaudited)
See
accompanying
notes.
53
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Pharmaceuticals
(continued)
Bausch
Health
Cos
Inc
5.50%,
11/01/2025
(d)
$
255‌
$
255‌
Bayer
US
Finance
LLC
6.25%,
01/21/2029
(d),(e)
200‌
207‌
BellRing
Brands
Inc
7.00%,
03/15/2030
(d)
95‌
98‌
Bristol-Myers
Squibb
Co
4.25%,
10/26/2049
225‌
184‌
Eli
Lilly
&
Co
5.50%,
02/12/2055
125‌
127‌
Endo
Finance
Holdings
Inc
8.50%,
04/15/2031
(d),(e)
220‌
229‌
Jazz
Securities
DAC
4.38%,
01/15/2029
(d)
295‌
280‌
$
2,644‌
Pipelines
-
2
.17
%
Antero
Midstream
Partners
LP
/
Antero
Midstream
Finance
Corp
5.38%,
06/15/2029
(d)
60‌
59‌
5.75%,
03/01/2027
(d)
50‌
50‌
6.63%,
02/01/2032
(d)
45‌
46‌
Cheniere
Energy
Inc
5.65%,
04/15/2034
75‌
76‌
Columbia
Pipelines
Holding
Co
LLC
6.04%,
08/15/2028
(d)
370‌
383‌
DT
Midstream
Inc
4.13%,
06/15/2029
(d)
555‌
522‌
5.80%,
12/15/2034
(d)
75‌
75‌
Energy
Transfer
LP
3.75%,
05/15/2030
505‌
477‌
5.15%,
03/15/2045
275‌
241‌
5.25%,
07/01/2029
180‌
183‌
5.55%,
02/15/2028
352‌
360‌
Enterprise
Products
Operating
LLC
3.13%,
07/31/2029
150‌
142‌
EQM
Midstream
Partners
LP
7.50%,
06/01/2027
(d)
240‌
245‌
Harvest
Midstream
I
LP
7.50%,
05/15/2032
(d)
105‌
108‌
Hess
Midstream
Operations
LP
4.25%,
02/15/2030
(d)
370‌
348‌
Kinder
Morgan
Inc
5.00%,
02/01/2029
250‌
252‌
5.40%,
02/01/2034
240‌
240‌
NGL
Energy
Operating
LLC
/
NGL
Energy
Finance
Corp
8.13%,
02/15/2029
(d)
165‌
166‌
ONEOK
Inc
4.40%,
10/15/2029
80‌
78‌
Venture
Global
LNG
Inc
7.00%,
01/15/2030
(d)
25‌
25‌
8.38%,
06/01/2031
(d)
40‌
41‌
9.50%,
02/01/2029
(d)
335‌
359‌
Williams
Cos
Inc/The
5.40%,
03/02/2026
165‌
166‌
$
4,642‌
Private
Equity
-
0
.09
%
HAT
Holdings
I
LLC
/
HAT
Holdings
II
LLC
3.38%,
06/15/2026
(d)
90‌
87‌
3.75%,
09/15/2030
(d),(e)
120‌
107‌
$
194‌
REITs
-
1
.05
%
American
Homes
4
Rent
LP
3.38%,
07/15/2051
130‌
86‌
4.25%,
02/15/2028
215‌
213‌
5.50%,
07/15/2034
155‌
155‌
Blackstone
Mortgage
Trust
Inc
7.75%,
12/01/2029
(d)
210‌
216‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
REITs
(continued)
Ladder
Capital
Finance
Holdings
LLLP
/
Ladder
Capital
Finance
Corp
4.75%,
06/15/2029
(d)
$
343‌
$
327‌
7.00%,
07/15/2031
(d)
140‌
144‌
Mid-America
Apartments
LP
2.88%,
09/15/2051
(e)
229‌
144‌
Park
Intermediate
Holdings
LLC
/
PK
Domestic
Property
LLC
/
PK
Finance
Co-Issuer
4.88%,
05/15/2029
(d)
215‌
201‌
7.00%,
02/01/2030
(d)
65‌
66‌
Uniti
Group
LP
/
Uniti
Fiber
Holdings
Inc
/
CSL
Capital
LLC
6.00%,
01/15/2030
(d)
220‌
190‌
Uniti
Group
LP
/
Uniti
Group
Finance
2019
Inc
/
CSL
Capital
LLC
10.50%,
02/15/2028
(d)
149‌
158‌
VICI
Properties
LP
4.75%,
04/01/2028
(m)
120‌
120‌
XHR
LP
4.88%,
06/01/2029
(d)
230‌
215‌
6.63%,
05/15/2030
(d)
10‌
10‌
$
2,245‌
Retail
-
0
.57
%
Bath
&
Body
Works
Inc
5.25%,
02/01/2028
470‌
464‌
6.63%,
10/01/2030
(d)
64‌
65‌
Carvana
Co
11.00%,
PIK
13.00%;
06/01/2030
(d),(i),(l)
170‌
180‌
Fertitta
Entertainment
LLC
/
Fertitta
Entertainment
Finance
Co
Inc
4.63%,
01/15/2029
(d)
320‌
295‌
Victra
Holdings
LLC
/
Victra
Finance
Corp
8.75%,
09/15/2029
(d)
205‌
211‌
$
1,215‌
Semiconductors
-
1
.79
%
Broadcom
Inc
3.14%,
11/15/2035
(d)
34‌
28‌
3.42%,
04/15/2033
(d)
872‌
776‌
4.35%,
02/15/2030
165‌
163‌
4.55%,
02/15/2032
85‌
83‌
5.05%,
07/12/2029
110‌
112‌
5.05%,
04/15/2030
505‌
512‌
5.15%,
11/15/2031
125‌
127‌
Intel
Corp
4.75%,
03/25/2050
(e)
210‌
169‌
Marvell
Technology
Inc
2.95%,
04/15/2031
170‌
152‌
4.88%,
06/22/2028
215‌
216‌
5.95%,
09/15/2033
190‌
198‌
Micron
Technology
Inc
5.30%,
01/15/2031
355‌
359‌
5.80%,
01/15/2035
349‌
357‌
6.75%,
11/01/2029
195‌
209‌
NXP
BV
/
NXP
Funding
LLC
5.35%,
03/01/2026
300‌
301‌
NXP
BV
/
NXP
Funding
LLC
/
NXP
USA
Inc
2.70%,
05/01/2025
60‌
60‌
$
3,822‌
Shipbuilding
-
0
.17
%
Huntington
Ingalls
Industries
Inc
5.35%,
01/15/2030
155‌
157‌
5.75%,
01/15/2035
(e)
200‌
202‌
$
359‌
Software
-
0
.94
%
Cloud
Software
Group
Inc
9.00%,
09/30/2029
(d)
335‌
334‌
Open
Text
Corp
3.88%,
12/01/2029
(d)
80‌
73‌
Schedule
of
Investments
Core
Plus
Bond
Account
March
31,
2025
(unaudited)
See
accompanying
notes.
54
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Software
(continued)
Oracle
Corp
2.50%,
04/01/2025
$
140‌
$
140‌
2.80%,
04/01/2027
240‌
232‌
3.95%,
03/25/2051
205‌
151‌
4.00%,
07/15/2046
95‌
73‌
6.15%,
11/09/2029
115‌
122‌
Synopsys
Inc
5.70%,
04/01/2055
120‌
119‌
Take-Two
Interactive
Software
Inc
4.00%,
04/14/2032
145‌
136‌
4.95%,
03/28/2028
130‌
131‌
5.40%,
06/12/2029
100‌
102‌
VMware
LLC
1.80%,
08/15/2028
440‌
401‌
$
2,014‌
Sovereign
-
0
.39
%
Export-Import
Bank
of
Korea
5.25%,
01/14/2035
200‌
207‌
Israel
Government
International
Bond
4.13%,
01/17/2048
200‌
152‌
Istanbul
Metropolitan
Municipality
10.50%,
12/06/2028
(d)
200‌
214‌
Philippine
Government
International
Bond
5.90%,
02/04/2050
200‌
206‌
Republic
of
Poland
Government
International
Bond
4.88%,
02/12/2030
45‌
45‌
$
824‌
Telecommunications
-
1
.77
%
AT&T
Inc
2.55%,
12/01/2033
190‌
156‌
3.50%,
09/15/2053
969‌
661‌
3.55%,
09/15/2055
360‌
244‌
Cisco
Systems
Inc
5.50%,
02/24/2055
210‌
211‌
Connect
Finco
SARL
/
Connect
US
Finco
LLC
9.00%,
09/15/2029
(d)
200‌
182‌
EchoStar
Corp
10.75%,
11/30/2029
30‌
31‌
Level
3
Financing
Inc
10.50%,
05/15/2030
(d)
100‌
107‌
T-Mobile
USA
Inc
2.40%,
03/15/2029
340‌
312‌
2.55%,
02/15/2031
365‌
322‌
5.13%,
05/15/2032
200‌
201‌
5.88%,
11/15/2055
300‌
302‌
Verizon
Communications
Inc
2.36%,
03/15/2032
445‌
377‌
2.55%,
03/21/2031
276‌
243‌
2.88%,
11/20/2050
190‌
118‌
Viavi
Solutions
Inc
3.75%,
10/01/2029
(d)
110‌
101‌
Vodafone
Group
PLC
5.75%,
06/28/2054
135‌
129‌
Zayo
Group
Holdings
Inc
4.00%,
03/01/2027
(d),(e)
95‌
87‌
$
3,784‌
Transportation
-
0
.22
%
Burlington
Northern
Santa
Fe
LLC
4.45%,
01/15/2053
60‌
51‌
Eletson
Holdings
Inc
/
Eletson
Finance
US
LLC
/
Agathonissos
Finance
LLC
0.00%,
01/15/2022
(j),(n)
121‌
—‌
Norfolk
Southern
Corp
5.35%,
08/01/2054
(e)
295‌
283‌
RXO
Inc
7.50%,
11/15/2027
(d)
135‌
139‌
$
473‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Water
-
0
.10
%
Aegea
Finance
Sarl
9.00%,
01/20/2031
(d)
$
200‌
$
210‌
TOTAL
BONDS
$
143,186‌
SENIOR
FLOATING
RATE
INTERESTS
-
4
.73
%
Principal
Amount
(000's)
Value
(000's)
Aerospace
&
Defense
-
0
.17
%
TransDigm
Inc
Term
Loan
J
6.80%,
02/28/2031
(o)
$
363‌
$
361‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
2.50%
Airlines
-
0
.48
%
AAdvantage
Loyalty
IP
Ltd
Term
Loan
B
6.54%,
04/20/2028
(o)
68‌
68‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
2.25%
United
Airlines
Inc
Term
Loan
B
5.25%,
02/22/2031
(o)
391‌
390‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
2.00%
WestJet
Loyalty
LP
Term
Loan
B
3.85%,
02/14/2031
(o)
596‌
572‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
3.25%
$
1,030‌
Automobile
Parts
&
Equipment
-
0
.09
%
Tenneco
Inc
Term
Loan
B
9.42%,
11/17/2028
(o)
205‌
199‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
5.00%
Building
Materials
-
0
.26
%
MITER
Brands
Acquisition
Holdco
Inc
Term
Loan
B2
7.76%,
03/28/2031
(o)
519‌
509‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.00%
Quikrete
Holdings
Inc
Term
Loan
B3
6.57%,
01/31/2032
(o)
50‌
49‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.25%
$
558‌
Chemicals
-
0
.14
%
Advancion
Holdings
LLC
Term
Loan
B
8.42%,
11/24/2027
(o)
159‌
155‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
4.00%
Advancion
Holdings
LLC
Term
Loan
12.17%,
11/24/2028
(o)
143‌
134‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
7.75%
$
289‌
Commercial
Services
-
0
.34
%
Aggreko
Holdings
Inc
Term
Loan
B
7.29%,
08/16/2029
(o)
90‌
90‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.00%
Garda
World
Security
Corp
Term
Loan
B
7.76%,
02/01/2029
(o)
448‌
446‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.00%
Veritiv
Operating
Co
Term
Loan
B
8.30%,
11/30/2030
(o)
190‌
188‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
4.50%
$
724‌
Schedule
of
Investments
Core
Plus
Bond
Account
March
31,
2025
(unaudited)
See
accompanying
notes.
55
SENIOR
FLOATING
RATE
INTERESTS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Consumer
Products
-
0
.14
%
Kronos
Acquisition
Holdings
Inc
Term
Loan
B
8.30%,
06/27/2031
(o)
$
338‌
$
289‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
4.00%
Diversified
Financial
Services
-
0
.02
%
Russell
Investments
US
Institutional
Holdco
Inc
PIK
Term
Loan
B
7.79%,
PIK
1.50%,
05/30/2027
(l),(o)
39‌
38‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
5.00%
Food
-
0
.21
%
Fiesta
Purchaser
Inc
Term
Loan
B
7.57%,
02/12/2031
(o)
443‌
439‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.25%
Healthcare
-
Products
-
0
.07
%
Medline
Borrower
LP
Term
Loan
B
7.02%,
10/23/2028
(o)
157‌
156‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.25%
Healthcare
-
Services
-
0
.24
%
LifePoint
Health
Inc
Term
Loan
B
8.05%,
05/16/2031
(o)
529‌
512‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
3.75%
Insurance
-
0
.08
%
Acrisure
LLC
Term
Loan
B6
7.76%,
02/15/2027
(o)
180‌
179‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.00%
Lodging
-
0
.25
%
Fertitta
Entertainment
LLC/NV
Term
Loan
B
8.26%,
01/27/2029
(o)
546‌
537‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.50%
Machinery
-
Diversified
-
0
.00
%
TK
Elevator
US
Newco
Inc
Term
Loan
B
0.00%,
04/30/2030
(o),(p)
10‌
10‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.00%
Media
-
0
.42
%
CSC
Holdings
LLC
Term
Loan
B5
7.17%,
04/15/2027
(o)
91‌
86‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.50%
Directv
Financing
LLC
Tern
Loan
Extended
9.80%,
08/02/2029
(o)
487‌
479‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
5.25%
Directv
Financing
LLC
Term
Loan
B
0.00%,
02/15/2031
(o),(p)
50‌
48‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
5.50%
Gray
Media
Inc
Term
Loan
F
9.57%,
05/23/2029
(o)
194‌
187‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
5.25%
iHeartCommunications
Inc
Term
Loan
10.09%,
05/01/2029
(o)
130‌
105‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
5.78%
$
905‌
Mining
-
0
.28
%
Arsenal
AIC
Parent
LLC
Term
Loan
B
7.07%,
08/18/2030
(o)
606‌
600‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.75%
SENIOR
FLOATING
RATE
INTERESTS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Oil
&
Gas
-
0
.03
%
Hilcorp
Energy
I
LP
Term
Loan
B
6.76%,
02/05/2030
(o)
$
65‌
$
65‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.00%
Packaging
&
Containers
-
0
.38
%
Clydesdale
Acquisition
Holdings
Inc
Term
Loan
B
0.00%,
03/26/2032
(o),(p)
150‌
149‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.25%
LABL
Inc
Term
Loan
B
8.75%,
10/22/2028
(o)
364‌
301‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
5.00%
Mauser
Packaging
Solutions
Holding
Co
Term
Loan
B1
6.99%,
04/15/2027
(o)
364‌
362‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.00%
$
812‌
Pharmaceuticals
-
0
.43
%
1261229
BC
Ltd
Term
Loan
B
0.00%,
09/25/2030
(o),(p)
290‌
279‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
6.25%
Endo
Finance
Holdings
Inc
Term
Loan
B
8.32%,
04/23/2031
(o)
458‌
453‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
4.00%
Jazz
Financing
Lux
Sarl
Term
Loan
B2
7.01%,
05/05/2028
(o)
184‌
184‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.25%
$
916‌
Retail
-
0
.31
%
IRB
Holding
Corp
Term
Loan
B
7.26%,
12/15/2027
(o)
660‌
656‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.50%
Software
-
0
.17
%
Cloud
Software
Group
Inc
Term
Loan
B1
7.99%,
03/30/2029
(o)
364‌
360‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
3.50%
Telecommunications
-
0
.22
%
CommScope
LLC
Term
Loan
0.00%,
12/17/2029
(o),(p)
55‌
54‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
5.25%
Zayo
Group
Holdings
Inc
Term
Loan
B
7.87%,
03/09/2027
(o)
255‌
237‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
3.00%
8.57%,
03/09/2027
(o)
189‌
177‌
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
4.25%
$
468‌
TOTAL
SENIOR
FLOATING
RATE
INTERESTS
$
10,103‌
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
-
34
.30
%
Principal
Amount
(000's)
Value
(000's)
Federal
Home
Loan
Mortgage
Corporation
(FHLMC)
-
0
.77
%
3.00%,
11/01/2042
$
119‌
$
107‌
3.00%,
11/01/2042
21‌
19‌
3.00%,
12/01/2046
44‌
39‌
3.50%,
10/01/2041
11‌
10‌
3.50%,
04/01/2042
41‌
38‌
3.50%,
04/01/2042
15‌
14‌
3.50%,
10/01/2045
304‌
282‌
Schedule
of
Investments
Core
Plus
Bond
Account
March
31,
2025
(unaudited)
See
accompanying
notes.
56
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Federal
Home
Loan
Mortgage
Corporation
(FHLMC)
(continued)
3.50%,
03/01/2048
$
45‌
$
42‌
4.00%,
02/01/2045
5‌
5‌
4.00%,
02/01/2046
87‌
83‌
4.00%,
02/01/2046
26‌
25‌
4.00%,
06/01/2046
19‌
18‌
4.00%,
04/01/2047
92‌
87‌
4.00%,
11/01/2047
137‌
130‌
4.50%,
10/01/2041
11‌
11‌
4.50%,
12/01/2043
261‌
256‌
5.00%,
06/01/2031
22‌
22‌
5.00%,
10/01/2035
9‌
9‌
5.00%,
06/01/2041
367‌
371‌
6.00%,
06/01/2032
8‌
8‌
6.00%,
10/01/2032
4‌
4‌
6.00%,
01/01/2038
20‌
21‌
6.50%,
03/01/2029
1‌
1‌
6.50%,
05/01/2029
1‌
1‌
6.50%,
04/01/2031
1‌
1‌
6.50%,
02/01/2032
1‌
1‌
6.50%,
05/01/2032
1‌
1‌
7.00%,
12/01/2029
4‌
4‌
7.00%,
06/01/2030
1‌
1‌
7.00%,
12/01/2031
9‌
9‌
7.50%,
03/01/2031
3‌
3‌
8.00%,
09/01/2030
19‌
20‌
$
1,643‌
Federal
National
Mortgage
Association
(FNMA)/Federal
Home
Loan
Mortgage
Corporation
(FHLMC)
Uniform
Mortgage-Backed
Security
-
17
.38
%
2.00%,
01/01/2051
915‌
751‌
2.00%,
02/01/2051
3,220‌
2,614‌
2.00%,
11/01/2051
1,016‌
820‌
2.00%,
12/01/2051
1,578‌
1,270‌
2.00%,
12/01/2051
450‌
366‌
2.00%,
05/01/2052
487‌
394‌
2.50%,
11/01/2050
305‌
257‌
2.50%,
02/01/2051
1,233‌
1,047‌
2.50%,
07/01/2051
924‌
778‌
2.50%,
11/01/2051
549‌
465‌
2.50%,
12/01/2051
1,085‌
918‌
2.50%,
04/01/2052
1,312‌
1,103‌
3.00%,
03/01/2034
81‌
77‌
3.00%,
11/01/2050
347‌
307‌
3.00%,
03/01/2052
897‌
791‌
3.00%,
04/01/2052
1,132‌
996‌
3.00%,
06/01/2052
346‌
303‌
3.50%,
04/01/2030
73‌
72‌
3.50%,
08/01/2034
89‌
86‌
3.50%,
12/01/2040
22‌
20‌
3.50%,
12/01/2041
5‌
5‌
3.50%,
03/01/2042
12‌
11‌
3.50%,
04/01/2042
23‌
22‌
3.50%,
11/01/2042
286‌
267‌
3.50%,
01/01/2044
103‌
96‌
3.50%,
11/01/2044
476‌
443‌
3.50%,
05/01/2046
9‌
9‌
3.50%,
10/01/2047
582‌
539‌
3.50%,
06/01/2051
185‌
168‌
4.00%,
09/01/2040
28‌
27‌
4.00%,
05/01/2041
60‌
57‌
4.00%,
10/01/2041
8‌
7‌
4.00%,
10/01/2041
20‌
19‌
4.00%,
11/01/2041
14‌
13‌
4.00%,
04/01/2042
10‌
9‌
4.00%,
02/01/2044
42‌
40‌
4.00%,
09/01/2044
7‌
7‌
4.00%,
09/01/2045
35‌
33‌
4.00%,
12/01/2045
172‌
163‌
4.00%,
01/01/2047
14‌
13‌
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Federal
National
Mortgage
Association
(FNMA)/Federal
Home
Loan
Mortgage
Corporation
(FHLMC)
Uniform
Mortgage-Backed
Security
(continued)
4.00%,
05/01/2048
$
26‌
$
25‌
4.00%,
10/01/2048
112‌
106‌
4.00%,
01/01/2049
55‌
52‌
4.00%,
03/01/2053
1,173‌
1,097‌
4.50%,
08/01/2040
15‌
14‌
4.50%,
11/01/2040
259‌
256‌
4.50%,
08/01/2041
9‌
9‌
4.50%,
09/01/2041
111‌
109‌
4.50%,
06/01/2046
9‌
9‌
4.50%,
05/01/2047
14‌
14‌
4.50%,
05/01/2047
7‌
7‌
4.50%,
05/01/2049
61‌
59‌
4.50%,
05/01/2053
520‌
500‌
4.50%,
08/01/2053
387‌
371‌
4.50%,
01/01/2054
399‌
385‌
4.50%,
04/01/2055
(q)
1,095‌
1,047‌
5.00%,
10/01/2041
57‌
57‌
5.00%,
06/01/2048
116‌
116‌
5.00%,
07/01/2052
419‌
416‌
5.00%,
09/01/2052
447‌
442‌
5.00%,
04/01/2053
608‌
604‌
5.00%,
06/01/2053
769‌
761‌
5.00%,
11/01/2054
645‌
636‌
5.00%,
02/01/2055
384‌
378‌
5.00%,
04/01/2055
(q)
1,735‌
1,700‌
5.50%,
07/01/2033
35‌
36‌
5.50%,
08/01/2036
189‌
193‌
5.50%,
05/01/2040
7‌
7‌
5.50%,
07/01/2053
525‌
529‌
5.50%,
11/01/2053
630‌
636‌
5.50%,
11/01/2053
635‌
640‌
5.50%,
05/01/2054
503‌
506‌
5.50%,
04/01/2055
(q)
3,595‌
3,590‌
6.00%,
05/01/2031
1‌
1‌
6.00%,
07/01/2035
50‌
52‌
6.00%,
02/01/2037
15‌
16‌
6.00%,
02/01/2038
17‌
18‌
6.00%,
01/01/2053
1,183‌
1,223‌
6.00%,
04/01/2054
481‌
495‌
6.00%,
05/01/2054
432‌
443‌
6.00%,
06/01/2054
327‌
336‌
6.00%,
09/01/2054
337‌
346‌
6.00%,
04/01/2055
(q)
1,990‌
2,021‌
6.50%,
03/01/2032
1‌
1‌
6.50%,
07/01/2037
12‌
13‌
6.50%,
02/01/2038
15‌
16‌
6.50%,
09/01/2038
43‌
45‌
6.50%,
05/01/2054
327‌
341‌
6.50%,
04/01/2055
(q)
1,065‌
1,098‌
$
37,155‌
Government
National
Mortgage
Association
(GNMA)
-
7
.36
%
2.00%,
07/20/2051
1,024‌
838‌
2.50%,
06/20/2050
370‌
317‌
2.50%,
04/20/2051
465‌
397‌
2.50%,
09/20/2051
305‌
260‌
3.00%,
02/15/2043
128‌
116‌
3.00%,
07/20/2044
146‌
131‌
3.00%,
01/20/2046
93‌
83‌
3.00%,
12/20/2046
404‌
362‌
3.00%,
09/20/2051
337‌
299‌
3.50%,
04/20/2046
87‌
80‌
3.50%,
10/20/2046
91‌
85‌
4.00%,
02/15/2042
46‌
45‌
4.00%,
06/20/2046
14‌
13‌
4.00%,
04/20/2052
402‌
377‌
4.50%,
09/15/2039
230‌
226‌
4.50%,
11/15/2040
38‌
37‌
Schedule
of
Investments
Core
Plus
Bond
Account
March
31,
2025
(unaudited)
See
accompanying
notes.
57
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Government
National
Mortgage
Association
(GNMA)
(continued)
4.50%,
09/20/2052
$
557‌
$
535‌
5.00%,
10/15/2034
24‌
25‌
5.00%,
02/20/2053
1,302‌
1,283‌
5.00%,
04/20/2055
(q)
2,845‌
2,798‌
5.50%,
12/20/2033
35‌
35‌
5.50%,
05/20/2035
4‌
4‌
5.50%,
12/20/2048
78‌
80‌
5.50%,
04/20/2055
(q)
4,150‌
4,159‌
6.00%,
01/20/2029
4‌
4‌
6.00%,
07/20/2029
1‌
1‌
6.00%,
12/15/2033
6‌
6‌
6.00%,
12/20/2036
23‌
24‌
6.00%,
04/20/2055
(q)
2,900‌
2,943‌
6.50%,
03/20/2028
1‌
1‌
6.50%,
05/20/2029
1‌
1‌
6.50%,
12/15/2032
148‌
152‌
8.00%,
12/15/2030
2‌
2‌
$
15,719‌
U.S.
Treasury
-
4
.52
%
3.00%,
05/15/2045
1,140‌
894‌
3.00%,
11/15/2045
(r)
2,750‌
2,147‌
4.25%,
12/31/2026
2,000‌
2,010‌
4.50%,
11/15/2033
2,000‌
2,048‌
4.63%,
02/15/2055
470‌
473‌
4.75%,
02/15/2037
1,435‌
1,505‌
4.75%,
02/15/2045
579‌
590‌
$
9,667‌
U.S.
Treasury
Bill
-
4
.27
%
4.14%,
08/28/2025
(s)
2,000‌
1,966‌
4.18%,
04/22/2025
(s)
475‌
474‌
4.18%,
06/24/2025
(s)
6,755‌
6,689‌
$
9,129‌
TOTAL
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
$
73,313‌
Total
Investments
$
235,522‌
Other
Assets
and
Liabilities
-  (10.20)%
(
21,797‌
)
TOTAL
NET
ASSETS
-
100.00%
$
213,725‌
(a)
1-day
yield
shown
is
as
of
period
end.
(b)
Security
or
a
portion
of
the
security
was
received
as
collateral
for
securities
lending.
At
the
end
of
the
period,
the
value
of
these
securities
totaled
$1,685
or
0.79%
of
net
assets.
(c)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940,
as
amended,
(the
"1940
Act"))
or
an
affiliate
as
defined
by
the
1940
Act
(controls
5.00%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
Affiliated
Securities
sub-schedule
for
transactional
information.
(d)
Security
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933.
These
securities
may
be
resold
in
transactions
exempt
from
registration,
normally
to
qualified
institutional
buyers.
At
the
end
of
the
period,
the
value
of
these
securities
totaled
$60,853
or
28.47%
of
net
assets.
(e)
Security
or
a
portion
of
the
security
was
on
loan.  At
the
end
of
the
period,
the
value
of
these
securities
totaled
$1,624
or
0.76%
of
net
assets.
(f)
Rate
shown
is
as
of
period
end.
The
rate
may
be
a
variable
or
floating
rate
or
a
fixed
rate
which
may
convert
to
a
variable
or
floating
rate
in
the
future.
(g)
Perpetual
security.
Perpetual
securities
pay
an
indefinite
stream
of
interest,
but
they
may
be
called
by
the
issuer
at
an
earlier
date.
Date
shown,
if
any,
reflects
the
next
call
date
or
final
legal
maturity
date.
Rate
shown
is
as
of
period
end.
(h)
Security
is
a
contingent
convertible
security,
("CoCo").
CoCo's
are
hybrid
debt
securities
that
may
convert
to
equity
or
have
their
principal
written
down
upon
occurrence
of
certain
"triggers".
At
the
end
of
the
period,
the
value
of
these
securities
totaled
$198
or
0.09%
of
net
assets.
(i)
Certain
variable
rate
securities
are
not
based
on
a
published
reference
rate
and
spread
but
are
determined
by
the
issuer
or
agent
and
are
based
on
current
market
conditions.  These
securities
do
not
indicate
a
reference
rate
and
spread
in
their
description.
Rate
shown
is
the
rate
in
effect
as
of
period
end.
(j)
Non-income
producing
security
(k)
Security
is
an
Interest
Only
Strip.
(l)
Payment
in
kind;
the
issuer
has
the
option
of
paying
additional
securities
in
lieu
of
cash.
(m)
Security
purchased
on
a
when-issued
basis.
(n)
The
value
of
these
investments
was
determined
using
significant
unobservable
inputs,
in
good
faith
by
the
Manager,
under
procedures
established
and
periodically
reviewed
by
the
Board
of
Directors.
(o)
Rate
information
disclosed
is
based
on
an
average
weighted
rate
of
the
underlying
tranches
as
of
period
end.
(p)
This
Senior
Floating
Rate
Note
will
settle
after
March
31,
2025,
at
which
time
the
interest
rate
will
be
determined.
(q)
Security
was
purchased
in
a
"to-be-announced"
("TBA")
transaction.
(r)
Security
or
a
portion
of
the
security
was
pledged
to
cover
margin
requirements
for
futures
contracts.
At
the
end
of
the
period,
the
value
of
these
securities
totaled
$1,471
or
0.69%
of
net
assets.
(s)
Rate
shown
is
the
discount
rate
of
the
original
purchase.
Affiliated
Securities
December
31,
2024
Purchases
Sales
March
31,
2025
Value
Cost
Proceeds
Value
Principal
Government
Money
Market
Fund
-
Class
R-6
4.18%
$
12,737‌
$
32,540‌
$
38,042‌
$
7,235‌
$
12,737‌
$
32,540‌
$
38,042‌
$
7,235‌
Income
(a)
Realized
Gain/(Loss)
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
(Loss)
Principal
Government
Money
Market
Fund
-
Class
R-6
4.18%
$
109‌
$
—‌
$
—‌
$
—‌
$
109‌
$
—‌
$
—‌
$
—‌
Amounts
in
thousands.
(a)
Amount
excludes
earnings
from
securities
lending
collateral.
Futures
Contracts
Description
and
Expiration
Date
Type
Contracts
Notional
Amount
Value
and
Unrealized
Appreciation/(Depreciation)
US
10
Year
Note;
June
2025
Long
165‌
$
18,351‌
$
165‌
US
10
Year
Ultra
Note;
June
2025
Long
2‌
228‌
(
1‌
)
US
2
Year
Note;
June
2025
Long
76‌
15,745‌
25‌
US
5
Year
Note;
June
2025
Long
98‌
10,599‌
115‌
US
Long
Bond;
June
2025
Long
87‌
10,204‌
173‌
Schedule
of
Investments
Core
Plus
Bond
Account
March
31,
2025
(unaudited)
See
accompanying
notes.
58
Futures
Contracts
(continued)
Description
and
Expiration
Date
Type
Contracts
Notional
Amount
Value
and
Unrealized
Appreciation/(Depreciation)
US
Ultra
Bond;
June
2025
Long
41‌
$
5,012‌
$
63‌
Total
$
540‌
Amounts
in
thousands
except
contracts.
Exchange
Cleared
Credit
Default
Swaps
Buy
Protection
Reference
Entity
Implied
Credit
Spread
as
of
March
31,
2025
(a)
(Pay)/
Receive
Fixed
Rate
Payment
Frequency
Maturity
Date
Notional
Amount
Upfront
Payments/
(Receipts)
Unrealized
Appreciation/
(Depreciation)
Fair
Value
CDX.NA.HY.44
N/A
(5.00)%
Quarterly
06/20/2030
$
5,100‌
$
(
263‌
)
$
2‌
$
(
261‌
)
Total
$
(
263‌
)
$
2‌
$
(
261‌
)
Amounts
in
thousands.
(a)
Implied
credit
spreads,
represented
in
absolute
terms,
used
in
determining
the
fair
value
of
credit
default
swap
agreements
on
corporate
issues
or
sovereign
issues
as
of
period
end
serve
as
an
indicator
of
the
current
status
of
the
payment/performance
risk
and
represent
the
likelihood
or
risk
of
default
for
the
credit
derivative.
The
implied
credit
spread
of
a
particular
referenced
entity
reflects
the
cost
of
buying/selling
protection
and
may
include
upfront
payments
required
to
be
made
to
enter
into
the
agreement.
Wider
credit
spreads
represent
a
deterioration
of
the
referenced
entity's
credit
soundness
and
a
greater
likelihood
or
risk
of
default
or
other
credit
event
occurring
as
defined
under
the
terms
of
the
agreement.
Schedule
of
Investments
Diversified
Balanced
Account
March
31,
2025
(unaudited)
See
accompanying
notes.
59
INVESTMENT
COMPANIES
-
100
.03
%
Shares
Held
Value
(000's)
Principal
Funds,
Inc.
Class
R-6
-
14
.74
%
International
Equity
Index
Fund
(a)
3,335,392‌
$
39,524‌
MidCap
S&P
400
Index
Fund
(a)
1,085,805‌
22,346‌
SmallCap
S&P
600
Index
Fund
(a)
955,664‌
22,344‌
$
84,214‌
Principal
Variable
Contracts
Funds,
Inc.  Class
1
-
85
.29
%
Bond
Market
Index
Account
(a)
30,684,267‌
290,580‌
LargeCap
S&P
500
Index
Account
(a)
8,194,219‌
196,661‌
$
487,241‌
TOTAL
INVESTMENT
COMPANIES
$
571,455‌
Total
Investments
$
571,455‌
Other
Assets
and
Liabilities
-  (0.03)%
(
146‌
)
TOTAL
NET
ASSETS
-
100.00%
$
571,309‌
(a)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940,
as
amended,
(the
"1940
Act"))
or
an
affiliate
as
defined
by
the
1940
Act
(controls
5.00%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
Affiliated
Securities
sub-schedule
for
transactional
information.
Affiliated
Securities
December
31,
2024
Purchases
Sales
March
31,
2025
Value
Cost
Proceeds
Value
Bond
Market
Index
Account
$
315,233‌
$
1,975‌
$
35,099‌
$
290,580‌
International
Equity
Index
Fund
43,356‌
15‌
7,247‌
39,524‌
LargeCap
S&P
500
Index
Account
215,573‌
9,007‌
19,173‌
196,661‌
MidCap
S&P
400
Index
Fund
24,252‌
1,617‌
2,078‌
22,346‌
SmallCap
S&P
600
Index
Fund
23,979‌
2,573‌
2,026‌
22,344‌
$
622,393‌
$
15,187‌
$
65,623‌
$
571,455‌
Income
Realized
Gain/(Loss)
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
(Loss)
Bond
Market
Index
Account
$
—‌
$
(
2,306‌
)
$
—‌
$
10,777‌
International
Equity
Index
Fund
—‌
1,303‌
—‌
2,097‌
LargeCap
S&P
500
Index
Account
—‌
9,782‌
—‌
(
18,528‌
)
MidCap
S&P
400
Index
Fund
—‌
—‌
—‌
(
1,445‌
)
SmallCap
S&P
600
Index
Fund
—‌
(
30‌
)
—‌
(
2,152‌
)
$
—‌
$
8,749‌
$
—‌
$
(
9,251‌
)
Amounts
in
thousands.
Schedule
of
Investments
Diversified
Balanced
Adaptive
Allocation
Account
March
31,
2025
(unaudited)
See
accompanying
notes.
60
INVESTMENT
COMPANIES
-
100
.14
%
Shares
Held
Value
(000's)
Exchange-Traded
Funds
-
11
.59
%
iShares
Core
S&P
500
ETF
46,594‌
$
26,182‌
Money
Market
Funds
-
8
.44
%
Principal
Government
Money
Market
Fund
-
Class
R-6
4.18%
(a),(b)
19,070,455‌
19,070‌
Principal
Funds,
Inc.
Class
R-6
-
14
.66
%
International
Equity
Index
Fund
(a)
1,314,961‌
15,582‌
MidCap
S&P
400
Index
Fund
(a)
423,168‌
8,709‌
SmallCap
S&P
600
Index
Fund
(a)
376,733‌
8,808‌
$
33,099‌
Principal
Variable
Contracts
Funds,
Inc.  Class
1
-
65
.45
%
Bond
Market
Index
Account
(a)
12,098,235‌
114,570‌
LargeCap
S&P
500
Index
Account
(a)
1,384,451‌
33,227‌
$
147,797‌
TOTAL
INVESTMENT
COMPANIES
$
226,148‌
Total
Investments
$
226,148‌
Other
Assets
and
Liabilities
-  (0.14)%
(
312‌
)
TOTAL
NET
ASSETS
-
100.00%
$
225,836‌
(a)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940,
as
amended,
(the
"1940
Act"))
or
an
affiliate
as
defined
by
the
1940
Act
(controls
5.00%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
Affiliated
Securities
sub-schedule
for
transactional
information.
(b)
1-day
yield
shown
is
as
of
period
end.
Affiliated
Securities
December
31,
2024
Purchases
Sales
March
31,
2025
Value
Cost
Proceeds
Value
Bond
Market
Index
Account
$
119,015‌
$
1,014‌
$
8,746‌
$
114,570‌
International
Equity
Index
Fund
16,471‌
41‌
2,229‌
15,582‌
LargeCap
S&P
500
Index
Account
34,886‌
1,482‌
1,638‌
33,227‌
MidCap
S&P
400
Index
Fund
9,156‌
498‌
373‌
8,709‌
Principal
Government
Money
Market
Fund
-
Class
R-6
4.18%
2‌
31,130‌
12,062‌
19,070‌
SmallCap
S&P
600
Index
Fund
8,971‌
1,071‌
372‌
8,808‌
$
188,501‌
$
35,236‌
$
25,420‌
$
199,966‌
Income
Realized
Gain/(Loss)
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
(Loss)
Bond
Market
Index
Account
$
—‌
$
(
8‌
)
$
—‌
$
3,295‌
International
Equity
Index
Fund
—‌
(
18‌
)
—‌
1,317‌
LargeCap
S&P
500
Index
Account
—‌
211‌
—‌
(
1,714‌
)
MidCap
S&P
400
Index
Fund
—‌
4‌
—‌
(
576‌
)
Principal
Government
Money
Market
Fund
-
Class
R-6
4.18%
63‌
—‌
—‌
—‌
SmallCap
S&P
600
Index
Fund
—‌
1‌
—‌
(
863‌
)
$
63‌
$
190‌
$
—‌
$
1,459‌
Amounts
in
thousands.
Schedule
of
Investments
Diversified
Balanced
Strategic
Allocation
Account
March
31,
2025
(unaudited)
See
accompanying
notes.
61
INVESTMENT
COMPANIES
-
100
.03
%
Shares
Held
Value
(000's)
Principal
Funds,
Inc.
Class
R-6
-
14
.73
%
International
Equity
Index
Fund
(a)
608,288‌
$
7,208‌
MidCap
S&P
400
Index
Fund
(a)
198,038‌
4,076‌
SmallCap
S&P
600
Index
Fund
(a)
174,308‌
4,075‌
$
15,359‌
Principal
Variable
Contracts
Funds,
Inc.  Class
1
-
85
.30
%
Bond
Market
Index
Account
(a)
5,596,137‌
52,996‌
LargeCap
S&P
500
Managed
Volatility
Index
Account
(a)
2,160,263‌
35,968‌
$
88,964‌
TOTAL
INVESTMENT
COMPANIES
$
104,323‌
Total
Investments
$
104,323‌
Other
Assets
and
Liabilities
-  (0.03)%
(
27‌
)
TOTAL
NET
ASSETS
-
100.00%
$
104,296‌
(a)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940,
as
amended,
(the
"1940
Act"))
or
an
affiliate
as
defined
by
the
1940
Act
(controls
5.00%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
Affiliated
Securities
sub-schedule
for
transactional
information.
Affiliated
Securities
December
31,
2024
Purchases
Sales
March
31,
2025
Value
Cost
Proceeds
Value
Bond
Market
Index
Account
$
56,979‌
$
765‌
$
6,271‌
$
52,996‌
International
Equity
Index
Fund
7,838‌
64‌
1,301‌
7,208‌
LargeCap
S&P
500
Managed
Volatility
Index
Account
39,029‌
1,693‌
3,506‌
35,968‌
MidCap
S&P
400
Index
Fund
4,385‌
340‌
388‌
4,076‌
SmallCap
S&P
600
Index
Fund
4,336‌
509‌
374‌
4,075‌
$
112,567‌
$
3,371‌
$
11,840‌
$
104,323‌
Income
Realized
Gain/(Loss)
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
(Loss)
Bond
Market
Index
Account
$
—‌
$
(
528‌
)
$
—‌
$
2,051‌
International
Equity
Index
Fund
—‌
170‌
—‌
437‌
LargeCap
S&P
500
Managed
Volatility
Index
Account
—‌
996‌
—‌
(
2,244‌
)
MidCap
S&P
400
Index
Fund
—‌
—‌
—‌
(
261‌
)
SmallCap
S&P
600
Index
Fund
—‌
(
1‌
)
—‌
(
395‌
)
$
—‌
$
637‌
$
—‌
$
(
412‌
)
Amounts
in
thousands.
Schedule
of
Investments
Diversified
Growth
Account
March
31,
2025
(unaudited)
See
accompanying
notes.
62
INVESTMENT
COMPANIES
-
100
.03
%
Shares
Held
Value
(000's)
Principal
Funds,
Inc.
Class
R-6
-
19
.76
%
International
Equity
Index
Fund
(a)
17,810,925‌
$
211,059‌
MidCap
S&P
400
Index
Fund
(a)
5,073,044‌
104,403‌
SmallCap
S&P
600
Index
Fund
(a)
4,464,911‌
104,390‌
$
419,852‌
Principal
Variable
Contracts
Funds,
Inc.  Class
1
-
80
.27
%
Bond
Market
Index
Account
(a)
80,288,774‌
760,335‌
LargeCap
S&P
500
Index
Account
(a)
39,379,861‌
945,117‌
$
1,705,452‌
TOTAL
INVESTMENT
COMPANIES
$
2,125,304‌
Total
Investments
$
2,125,304‌
Other
Assets
and
Liabilities
-  (0.03)%
(
573‌
)
TOTAL
NET
ASSETS
-
100.00%
$
2,124,731‌
(a)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940,
as
amended,
(the
"1940
Act"))
or
an
affiliate
as
defined
by
the
1940
Act
(controls
5.00%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
Affiliated
Securities
sub-schedule
for
transactional
information.
Affiliated
Securities
December
31,
2024
Purchases
Sales
March
31,
2025
Value
Cost
Proceeds
Value
Bond
Market
Index
Account
$
848,673‌
$
6,606‌
$
117,454‌
$
760,335‌
International
Equity
Index
Fund
238,204‌
—‌
45,737‌
211,059‌
LargeCap
S&P
500
Index
Account
1,065,904‌
34,734‌
113,491‌
945,117‌
MidCap
S&P
400
Index
Fund
116,588‌
6,672‌
12,069‌
104,403‌
SmallCap
S&P
600
Index
Fund
115,272‌
11,485‌
12,067‌
104,390‌
$
2,384,641‌
$
59,497‌
$
300,818‌
$
2,125,304‌
Income
Realized
Gain/(Loss)
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
(Loss)
Bond
Market
Index
Account
$
—‌
$
(
7,733‌
)
$
—‌
$
30,243‌
International
Equity
Index
Fund
—‌
7,053‌
—‌
11,539‌
LargeCap
S&P
500
Index
Account
—‌
57,995‌
—‌
(
100,025‌
)
MidCap
S&P
400
Index
Fund
—‌
(
15‌
)
—‌
(
6,773‌
)
SmallCap
S&P
600
Index
Fund
—‌
(
181‌
)
—‌
(
10,119‌
)
$
—‌
$
57,119‌
$
—‌
$
(
75,135‌
)
Amounts
in
thousands.
Schedule
of
Investments
Diversified
Growth
Adaptive
Allocation
Account
March
31,
2025
(unaudited)
See
accompanying
notes.
63
INVESTMENT
COMPANIES
-
100
.07
%
Shares
Held
Value
(000's)
Exchange-Traded
Funds
-
9
.09
%
iShares
Core
S&P
500
ETF
240,982‌
$
135,408‌
Money
Market
Funds
-
11
.02
%
Principal
Government
Money
Market
Fund
-
Class
R-6
4.18%
(a),(b)
164,121,694‌
164,122‌
Principal
Funds,
Inc.
Class
R-6
-
19
.67
%
International
Equity
Index
Fund
(a)
12,439,676‌
147,410‌
MidCap
S&P
400
Index
Fund
(a)
3,523,173‌
72,507‌
SmallCap
S&P
600
Index
Fund
(a)
3,118,427‌
72,909‌
$
292,826‌
Principal
Variable
Contracts
Funds,
Inc.  Class
1
-
60
.29
%
Bond
Market
Index
Account
(a)
56,073,519‌
531,016‌
LargeCap
S&P
500
Index
Account
(a)
15,280,169‌
366,724‌
$
897,740‌
TOTAL
INVESTMENT
COMPANIES
$
1,490,096‌
Total
Investments
$
1,490,096‌
Other
Assets
and
Liabilities
-  (0.07)%
(
1,100‌
)
TOTAL
NET
ASSETS
-
100.00%
$
1,488,996‌
(a)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940,
as
amended,
(the
"1940
Act"))
or
an
affiliate
as
defined
by
the
1940
Act
(controls
5.00%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
Affiliated
Securities
sub-schedule
for
transactional
information.
(b)
1-day
yield
shown
is
as
of
period
end.
Affiliated
Securities
December
31,
2024
Purchases
Sales
March
31,
2025
Value
Cost
Proceeds
Value
Bond
Market
Index
Account
$
551,294‌
$
5,342‌
$
40,910‌
$
531,016‌
International
Equity
Index
Fund
155,417‌
233‌
20,585‌
147,410‌
LargeCap
S&P
500
Index
Account
384,732‌
12,408‌
13,781‌
366,724‌
MidCap
S&P
400
Index
Fund
75,768‌
3,901‌
2,393‌
72,507‌
Principal
Government
Money
Market
Fund
-
Class
R-6
4.18%
2‌
263,038‌
98,918‌
164,122‌
SmallCap
S&P
600
Index
Fund
74,920‌
7,527‌
2,393‌
72,909‌
$
1,242,133‌
$
292,449‌
$
178,980‌
$
1,354,688‌
Income
Realized
Gain/(Loss)
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
(Loss)
Bond
Market
Index
Account
$
—‌
$
(
43‌
)
$
—‌
$
15,333‌
International
Equity
Index
Fund
—‌
(
21‌
)
—‌
12,366‌
LargeCap
S&P
500
Index
Account
—‌
596‌
—‌
(
17,231‌
)
MidCap
S&P
400
Index
Fund
—‌
1‌
—‌
(
4,770‌
)
Principal
Government
Money
Market
Fund
-
Class
R-6
4.18%
536‌
—‌
—‌
—‌
SmallCap
S&P
600
Index
Fund
—‌
6‌
—‌
(
7,151‌
)
$
536‌
$
539‌
$
—‌
$
(
1,453‌
)
Amounts
in
thousands.
Schedule
of
Investments
Diversified
Growth
Strategic
Allocation
Account
March
31,
2025
(unaudited)
See
accompanying
notes.
64
INVESTMENT
COMPANIES
-
100
.03
%
Shares
Held
Value
(000's)
Principal
Funds,
Inc.
Class
R-6
-
19
.74
%
International
Equity
Index
Fund
(a)
1,874,239‌
$
22,210‌
MidCap
S&P
400
Index
Fund
(a)
533,873‌
10,987‌
SmallCap
S&P
600
Index
Fund
(a)
469,886‌
10,986‌
$
44,183‌
Principal
Variable
Contracts
Funds,
Inc.  Class
1
-
80
.29
%
Bond
Market
Index
Account
(a)
8,448,828‌
80,010‌
LargeCap
S&P
500
Managed
Volatility
Index
Account
(a)
5,990,462‌
99,741‌
$
179,751‌
TOTAL
INVESTMENT
COMPANIES
$
223,934‌
Total
Investments
$
223,934‌
Other
Assets
and
Liabilities
-  (0.03)%
(
60‌
)
TOTAL
NET
ASSETS
-
100.00%
$
223,874‌
(a)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940,
as
amended,
(the
"1940
Act"))
or
an
affiliate
as
defined
by
the
1940
Act
(controls
5.00%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
Affiliated
Securities
sub-schedule
for
transactional
information.
Affiliated
Securities
December
31,
2024
Purchases
Sales
March
31,
2025
Value
Cost
Proceeds
Value
Bond
Market
Index
Account
$
86,573‌
$
803‌
$
9,715‌
$
80,010‌
International
Equity
Index
Fund
24,299‌
51‌
4,055‌
22,210‌
LargeCap
S&P
500
Managed
Volatility
Index
Account
108,896‌
3,305‌
8,925‌
99,741‌
MidCap
S&P
400
Index
Fund
11,893‌
772‌
954‌
10,987‌
SmallCap
S&P
600
Index
Fund
11,758‌
1,261‌
945‌
10,986‌
$
243,419‌
$
6,192‌
$
24,594‌
$
223,934‌
Income
Realized
Gain/(Loss)
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
(Loss)
Bond
Market
Index
Account
$
—‌
$
(
815‌
)
$
—‌
$
3,164‌
International
Equity
Index
Fund
—‌
564‌
—‌
1,351‌
LargeCap
S&P
500
Managed
Volatility
Index
Account
—‌
2,450‌
—‌
(
5,985‌
)
MidCap
S&P
400
Index
Fund
—‌
(
8‌
)
—‌
(
716‌
)
SmallCap
S&P
600
Index
Fund
—‌
(
1‌
)
—‌
(
1,087‌
)
$
—‌
$
2,190‌
$
—‌
$
(
3,273‌
)
Amounts
in
thousands.
Schedule
of
Investments
Diversified
Income
Account
March
31,
2025
(unaudited)
See
accompanying
notes.
65
INVESTMENT
COMPANIES
-
100
.03
%
Shares
Held
Value
(000's)
Principal
Funds,
Inc.
Class
R-6
-
9
.77
%
International
Equity
Index
Fund
(a)
662,486‌
$
7,850‌
MidCap
S&P
400
Index
Fund
(a)
283,067‌
5,826‌
SmallCap
S&P
600
Index
Fund
(a)
249,145‌
5,825‌
$
19,501‌
Principal
Variable
Contracts
Funds,
Inc.  Class
1
-
90
.26
%
Bond
Market
Index
Account
(a)
13,866,518‌
131,316‌
LargeCap
S&P
500
Index
Account
(a)
2,034,461‌
48,827‌
$
180,143‌
TOTAL
INVESTMENT
COMPANIES
$
199,644‌
Total
Investments
$
199,644‌
Other
Assets
and
Liabilities
-  (0.03)%
(
53‌
)
TOTAL
NET
ASSETS
-
100.00%
$
199,591‌
(a)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940,
as
amended,
(the
"1940
Act"))
or
an
affiliate
as
defined
by
the
1940
Act
(controls
5.00%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
Affiliated
Securities
sub-schedule
for
transactional
information.
Affiliated
Securities
December
31,
2024
Purchases
Sales
March
31,
2025
Value
Cost
Proceeds
Value
Bond
Market
Index
Account
$
140,681‌
$
1,606‌
$
14,788‌
$
131,316‌
International
Equity
Index
Fund
8,504‌
65‌
1,386‌
7,850‌
LargeCap
S&P
500
Index
Account
52,851‌
3,095‌
4,893‌
48,827‌
MidCap
S&P
400
Index
Fund
6,243‌
523‌
559‌
5,826‌
SmallCap
S&P
600
Index
Fund
6,173‌
758‌
531‌
5,825‌
$
214,452‌
$
6,047‌
$
22,157‌
$
199,644‌
Income
Realized
Gain/(Loss)
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
(Loss)
Bond
Market
Index
Account
$
—‌
$
(
1,158‌
)
$
—‌
$
4,975‌
International
Equity
Index
Fund
—‌
183‌
—‌
484‌
LargeCap
S&P
500
Index
Account
—‌
1,511‌
—‌
(
3,737‌
)
MidCap
S&P
400
Index
Fund
—‌
(
5‌
)
—‌
(
376‌
)
SmallCap
S&P
600
Index
Fund
—‌
(
13‌
)
—‌
(
562‌
)
$
—‌
$
518‌
$
—‌
$
784‌
Amounts
in
thousands.
Schedule
of
Investments
Diversified
International
Account
March
31,
2025
(unaudited)
See
accompanying
notes.
66
INVESTMENT
COMPANIES
-
0
.57
%
Shares
Held
Value
(000's)
Money
Market
Funds
-
0
.57
%
Principal
Government
Money
Market
Fund
-
Class
R-6
4.18%
(a),(b)
1,489,950‌
$
1,490‌
TOTAL
INVESTMENT
COMPANIES
$
1,490‌
COMMON
STOCKS
-
99
.60
%
Shares
Held
Value
(000's)
Aerospace
&
Defense
-
4
.32
%
Airbus
SE
24,576‌
$
4,327‌
BAE
Systems
PLC
260,435‌
5,259‌
Thales
SA
6,064‌
1,612‌
$
11,198‌
Apparel
-
1
.84
%
Hermes
International
SCA
354‌
931‌
LVMH
Moet
Hennessy
Louis
Vuitton
SE
1,517‌
940‌
PRADA
SpA
128,500‌
894‌
Samsonite
Group
SA
(c)
847,200‌
2,009‌
$
4,774‌
Automobile
Manufacturers
-
2
.65
%
Daimler
Truck
Holding
AG
70,958‌
2,875‌
Toyota
Motor
Corp
225,500‌
3,986‌
$
6,861‌
Automobile
Parts
&
Equipment
-
0
.70
%
Toyota
Industries
Corp
21,100‌
1,805‌
Banks
-
14
.54
%
AIB
Group
PLC
466,603‌
3,014‌
Banco
do
Brasil
SA
227,500‌
1,125‌
Bank
Negara
Indonesia
Persero
Tbk
PT
3,523,600‌
894‌
Bank
Rakyat
Indonesia
Persero
Tbk
PT
7,036,308‌
1,701‌
Credicorp
Ltd
5,160‌
961‌
DBS
Group
Holdings
Ltd
96,700‌
3,321‌
Erste
Group
Bank
AG
44,854‌
3,103‌
FinecoBank
Banca
Fineco
SpA
57,827‌
1,145‌
Grupo
Financiero
Banorte
SAB
de
CV
127,859‌
888‌
ICICI
Bank
Ltd
ADR
88,857‌
2,801‌
Kotak
Mahindra
Bank
Ltd
121,007‌
3,063‌
National
Bank
of
Greece
SA
280,453‌
2,883‌
NatWest
Group
PLC
347,702‌
2,053‌
Nordea
Bank
Abp
101,088‌
1,289‌
Piraeus
Financial
Holdings
SA
213,534‌
1,173‌
PT
Bank
Central
Asia
Tbk
1,598,000‌
816‌
Societe
Generale
SA
61,139‌
2,758‌
Swedbank
AB
43,157‌
983‌
UniCredit
SpA
66,686‌
3,743‌
$
37,714‌
Beverages
-
0
.72
%
Arca
Continental
SAB
de
CV
69,900‌
731‌
Kweichow
Moutai
Co
Ltd
5,298‌
1,139‌
$
1,870‌
Biotechnology
-
0
.59
%
Argenx
SE
(d)
1,833‌
1,082‌
Zai
Lab
Ltd
ADR
(d)
12,762‌
461‌
$
1,543‌
Building
Materials
-
1
.66
%
CRH
PLC
49,221‌
4,314‌
Chemicals
-
0
.29
%
Shin-Etsu
Chemical
Co
Ltd
26,500‌
756‌
Coal
-
1
.18
%
Teck
Resources
Ltd
84,100‌
3,063‌
Commercial
Services
-
1
.01
%
Localiza
Rent
a
Car
SA
208,634‌
1,229‌
TOPPAN
Holdings
Inc
50,700‌
1,386‌
$
2,615‌
Computers
-
1
.42
%
Fujitsu
Ltd
184,500‌
3,672‌
Cosmetics
&
Personal
Care
-
3
.35
%
Haleon
PLC
343,510‌
1,735‌
L'Oreal
SA
5,135‌
1,909‌
Unilever
PLC
84,604‌
5,048‌
$
8,692‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Distribution
&
Wholesale
-
0
.28
%
Rexel
SA
26,742‌
$
721‌
Diversified
Financial
Services
-
0
.38
%
Brookfield
Asset
Management
Ltd
20,267‌
981‌
Electric
-
1
.16
%
Iberdrola
SA
186,212‌
3,007‌
Electrical
Components
&
Equipment
-
0
.86
%
Schneider
Electric
SE
9,668‌
2,232‌
Electronics
-
0
.94
%
Halma
PLC
22,680‌
761‌
Hoya
Corp
14,796‌
1,670‌
$
2,431‌
Engineering
&
Construction
-
1
.49
%
Kajima
Corp
72,700‌
1,487‌
Obayashi
Corp
97,200‌
1,296‌
Technip
Energies
NV
32,939‌
1,075‌
$
3,858‌
Entertainment
-
1
.45
%
Entain
PLC
181,639‌
1,372‌
Universal
Music
Group
NV
86,144‌
2,379‌
$
3,751‌
Food
-
0
.59
%
Danone
SA
20,084‌
1,536‌
Food
Service
-
0
.55
%
Compass
Group
PLC
43,051‌
1,424‌
Healthcare
-
Products
-
1
.45
%
Alcon
AG
12,303‌
1,167‌
Smith
&
Nephew
PLC
184,111‌
2,589‌
$
3,756‌
Healthcare
-
Services
-
0
.39
%
ICON
PLC
(d)
5,810‌
1,017‌
Home
Builders
-
0
.46
%
Taylor
Wimpey
PLC
842,029‌
1,183‌
Home
Furnishings
-
0
.29
%
Howden
Joinery
Group
PLC
79,611‌
744‌
Insurance
-
9
.21
%
AIA
Group
Ltd
917,800‌
6,948‌
ASR
Nederland
NV
23,336‌
1,342‌
AXA
SA
91,790‌
3,922‌
Fairfax
Financial
Holdings
Ltd
1,700‌
2,457‌
Hannover
Rueck
SE
11,301‌
3,368‌
MS&AD
Insurance
Group
Holdings
Inc
43,400‌
944‌
Muenchener
Rueckversicherungs-Gesellschaft
AG
in
Muenchen
1,697‌
1,072‌
Sompo
Holdings
Inc
104,400‌
3,179‌
Tryg
A/S
28,015‌
666‌
$
23,898‌
Internet
-
6
.37
%
JD.com
Inc
243,500‌
5,009‌
MercadoLibre
Inc
(d)
720‌
1,405‌
Tencent
Holdings
Ltd
158,100‌
10,102‌
$
16,516‌
Investment
Companies
-
0
.10
%
EXOR
NV
2,958‌
269‌
Machinery
-
Construction
&
Mining
-
2
.00
%
Komatsu
Ltd
32,300‌
946‌
Mitsubishi
Electric
Corp
138,900‌
2,562‌
Weir
Group
PLC/The
55,890‌
1,688‌
$
5,196‌
Machinery
-
Diversified
-
1
.82
%
Atlas
Copco
AB
-
A
Shares
162,067‌
2,589‌
Keyence
Corp
5,400‌
2,123‌
$
4,712‌
Media
-
0
.77
%
Liberty
Media
Corp-Liberty
Formula
One
-
C
Shares
(d)
22,207‌
1,999‌
Schedule
of
Investments
Diversified
International
Account
March
31,
2025
(unaudited)
See
accompanying
notes.
67
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Mining
-
0
.53
%
Sandfire
Resources
Ltd
(d)
212,338‌
$
1,387‌
Oil
&
Gas
-
4
.09
%
Canadian
Natural
Resources
Ltd
45,100‌
1,388‌
Shell
PLC
87,269‌
3,177‌
Suncor
Energy
Inc
118,000‌
4,569‌
Tourmaline
Oil
Corp
30,700‌
1,480‌
$
10,614‌
Oil
&
Gas
Services
-
0
.37
%
Schlumberger
NV
23,251‌
972‌
Pharmaceuticals
-
8
.52
%
AstraZeneca
PLC
49,988‌
7,341‌
Merck
KGaA
5,952‌
819‌
Novo
Nordisk
A/S
44,535‌
3,045‌
Roche
Holding
AG
9,992‌
3,289‌
Sanofi
SA
68,797‌
7,617‌
$
22,111‌
Private
Equity
-
2
.43
%
3i
Group
PLC
77,285‌
3,634‌
Brookfield
Corp
39,369‌
2,060‌
Intermediate
Capital
Group
PLC
24,346‌
620‌
$
6,314‌
Retail
-
4
.00
%
Dollarama
Inc
23,500‌
2,513‌
Industria
de
Diseno
Textil
SA
25,865‌
1,288‌
MatsukiyoCocokara
&
Co
47,800‌
748‌
Wal-Mart
de
Mexico
SAB
de
CV
516,622‌
1,428‌
Yum
China
Holdings
Inc
84,314‌
4,389‌
$
10,366‌
Semiconductors
-
7
.87
%
ASML
Holding
NV
7,649‌
5,062‌
Renesas
Electronics
Corp
129,000‌
1,730‌
Samsung
Electronics
Co
Ltd
129,634‌
5,140‌
Taiwan
Semiconductor
Manufacturing
Co
Ltd
301,140‌
8,481‌
$
20,413‌
Software
-
0
.99
%
Dassault
Systemes
SE
26,905‌
1,024‌
Nemetschek
SE
8,729‌
1,018‌
Sage
Group
PLC/The
33,949‌
533‌
$
2,575‌
Telecommunications
-
3
.52
%
Deutsche
Telekom
AG
247,330‌
9,131‌
Toys,
Games
&
Hobbies
-
1
.80
%
Nintendo
Co
Ltd
68,700‌
4,670‌
Transportation
-
0
.65
%
Canadian
Pacific
Kansas
City
Ltd
24,000‌
1,684‌
TOTAL
COMMON
STOCKS
$
258,345‌
Total
Investments
$
259,835‌
Other
Assets
and
Liabilities
-  (0.17)%
(
432‌
)
TOTAL
NET
ASSETS
-
100.00%
$
259,403‌
(a)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940,
as
amended,
(the
"1940
Act"))
or
an
affiliate
as
defined
by
the
1940
Act
(controls
5.00%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
Affiliated
Securities
sub-schedule
for
transactional
information.
(b)
1-day
yield
shown
is
as
of
period
end.
(c)
Security
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933.
These
securities
may
be
resold
in
transactions
exempt
from
registration,
normally
to
qualified
institutional
buyers.
At
the
end
of
the
period,
the
value
of
these
securities
totaled
$2,009
or
0.77%
of
net
assets.
(d)
Non-income
producing
security
Affiliated
Securities
December
31,
2024
Purchases
Sales
March
31,
2025
Value
Cost
Proceeds
Value
Principal
Government
Money
Market
Fund
-
Class
R-6
4.18%
$
2,079‌
$
11,263‌
$
11,852‌
$
1,490‌
$
2,079‌
$
11,263‌
$
11,852‌
$
1,490‌
Income
(a)
Realized
Gain/(Loss)
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
(Loss)
Principal
Government
Money
Market
Fund
-
Class
R-6
4.18%
$
17‌
$
—‌
$
—‌
$
—‌
$
17‌
$
—‌
$
—‌
$
—‌
Amounts
in
thousands.
(a)
Amount
excludes
earnings
from
securities
lending
collateral.
Schedule
of
Investments
Equity
Income
Account
March
31,
2025
(unaudited)
See
accompanying
notes.
68
INVESTMENT
COMPANIES
-
1
.35
%
Shares
Held
Value
(000's)
Money
Market
Funds
-
1
.35
%
Principal
Government
Money
Market
Fund
-
Class
R-6
4.18%
(a),(b)
8,976,922‌
$
8,977‌
TOTAL
INVESTMENT
COMPANIES
$
8,977‌
COMMON
STOCKS
-
98
.61
%
Shares
Held
Value
(000's)
Advertising
-
1
.13
%
Omnicom
Group
Inc
90,239‌
$
7,482‌
Automobile
Manufacturers
-
4
.41
%
Cummins
Inc
45,829‌
14,364‌
PACCAR
Inc
152,929‌
14,891‌
$
29,255‌
Banks
-
11
.65
%
Bank
of
America
Corp
366,872‌
15,310‌
Citigroup
Inc
111,914‌
7,945‌
JPMorgan
Chase
&
Co
78,012‌
19,136‌
Morgan
Stanley
163,241‌
19,045‌
PNC
Financial
Services
Group
Inc/The
90,449‌
15,898‌
$
77,334‌
Beverages
-
1
.94
%
Coca-Cola
Co/The
180,328‌
12,915‌
Biotechnology
-
1
.91
%
Corteva
Inc
201,197‌
12,661‌
Building
Materials
-
3
.40
%
Carrier
Global
Corp
119,043‌
7,547‌
Trane
Technologies
PLC
44,635‌
15,039‌
$
22,586‌
Chemicals
-
1
.10
%
Air
Products
and
Chemicals
Inc
24,851‌
7,329‌
Computers
-
1
.90
%
Apple
Inc
56,875‌
12,634‌
Cosmetics
&
Personal
Care
-
1
.98
%
Procter
&
Gamble
Co/The
77,279‌
13,170‌
Diversified
Financial
Services
-
3
.12
%
Blackrock
Inc
16,036‌
15,178‌
Nasdaq
Inc
73,456‌
5,572‌
$
20,750‌
Electric
-
4
.87
%
NextEra
Energy
Inc
165,094‌
11,704‌
Sempra
68,334‌
4,876‌
WEC
Energy
Group
Inc
67,963‌
7,407‌
Xcel
Energy
Inc
117,493‌
8,317‌
$
32,304‌
Food
-
0
.92
%
Hershey
Co/The
35,576‌
6,085‌
Healthcare
-
Products
-
3
.99
%
Abbott
Laboratories
118,339‌
15,698‌
STERIS
PLC
47,569‌
10,781‌
$
26,479‌
Healthcare
-
Services
-
4
.40
%
HCA
Healthcare
Inc
36,318‌
12,550‌
UnitedHealth
Group
Inc
31,767‌
16,638‌
$
29,188‌
Home
Builders
-
1
.81
%
DR
Horton
Inc
94,339‌
11,993‌
Insurance
-
4
.48
%
Chubb
Ltd
63,423‌
19,153‌
Fidelity
National
Financial
Inc
163,107‌
10,615‌
$
29,768‌
Iron
&
Steel
-
1
.40
%
Reliance
Inc
32,316‌
9,331‌
Lodging
-
2
.02
%
Hilton
Worldwide
Holdings
Inc
58,919‌
13,407‌
Machinery
-
Diversified
-
2
.40
%
Deere
&
Co
33,920‌
15,921‌
Media
-
1
.02
%
Comcast
Corp
-
Class
A
183,683‌
6,778‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Miscellaneous
Manufacturers
-
2
.43
%
Parker-Hannifin
Corp
26,581‌
$
16,157‌
Oil
&
Gas
-
4
.60
%
Chevron
Corp
36,224‌
6,060‌
EOG
Resources
Inc
98,319‌
12,608‌
Marathon
Petroleum
Corp
81,412‌
11,861‌
$
30,529‌
Oil
&
Gas
Services
-
0
.44
%
Halliburton
Co
114,708‌
2,910‌
Pharmaceuticals
-
6
.76
%
AstraZeneca
PLC
ADR
83,218‌
6,117‌
Eli
Lilly
&
Co
7,335‌
6,058‌
Merck
&
Co
Inc
138,107‌
12,397‌
Novartis
AG
ADR
125,747‌
14,018‌
Roche
Holding
AG
ADR
153,737‌
6,326‌
$
44,916‌
Pipelines
-
2
.14
%
Enterprise
Products
Partners
LP
416,119‌
14,206‌
Private
Equity
-
2
.75
%
KKR
&
Co
Inc
157,848‌
18,249‌
REITs
-
4
.19
%
Alexandria
Real
Estate
Equities
Inc
98,102‌
9,075‌
Equity
LifeStyle
Properties
Inc
128,181‌
8,550‌
Prologis
Inc
52,124‌
5,827‌
Realty
Income
Corp
75,370‌
4,372‌
$
27,824‌
Retail
-
4
.39
%
Costco
Wholesale
Corp
19,901‌
18,822‌
Starbucks
Corp
105,188‌
10,318‌
$
29,140‌
Semiconductors
-
3
.19
%
Broadcom
Inc
36,991‌
6,193‌
Monolithic
Power
Systems
Inc
7,435‌
4,312‌
Taiwan
Semiconductor
Manufacturing
Co
Ltd
ADR
64,305‌
10,675‌
$
21,180‌
Software
-
4
.07
%
Fidelity
National
Information
Services
Inc
46,420‌
3,466‌
Microsoft
Corp
26,642‌
10,001‌
Salesforce
Inc
23,296‌
6,252‌
SAP
SE
ADR
27,208‌
7,304‌
$
27,023‌
Telecommunications
-
2
.47
%
T-Mobile
US
Inc
61,420‌
16,381‌
Transportation
-
1
.33
%
Expeditors
International
of
Washington
Inc
73,426‌
8,830‌
TOTAL
COMMON
STOCKS
$
654,715‌
Total
Investments
$
663,692‌
Other
Assets
and
Liabilities
-  0.04%
241‌
TOTAL
NET
ASSETS
-
100.00%
$
663,933‌
(a)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940,
as
amended,
(the
"1940
Act"))
or
an
affiliate
as
defined
by
the
1940
Act
(controls
5.00%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
Affiliated
Securities
sub-schedule
for
transactional
information.
(b)
1-day
yield
shown
is
as
of
period
end.
Schedule
of
Investments
Equity
Income
Account
March
31,
2025
(unaudited)
See
accompanying
notes.
69
Affiliated
Securities
December
31,
2024
Purchases
Sales
March
31,
2025
Value
Cost
Proceeds
Value
Principal
Government
Money
Market
Fund
-
Class
R-6
4.18%
$
11,384‌
$
60,827‌
$
63,234‌
$
8,977‌
$
11,384‌
$
60,827‌
$
63,234‌
$
8,977‌
Income
(a)
Realized
Gain/(Loss)
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
(Loss)
Principal
Government
Money
Market
Fund
-
Class
R-6
4.18%
$
107‌
$
—‌
$
—‌
$
—‌
$
107‌
$
—‌
$
—‌
$
—‌
Amounts
in
thousands.
(a)
Amount
excludes
earnings
from
securities
lending
collateral.
Schedule
of
Investments
Global
Emerging
Markets
Account
March
31,
2025
(unaudited)
See
accompanying
notes.
70
INVESTMENT
COMPANIES
-
1
.83
%
Shares
Held
Value
(000's)
Money
Market
Funds
-
1
.83
%
BlackRock
Liquidity
FedFund
-
Institutional
Class
4.23%
(a),(b)
179,210‌
$
179‌
Principal
Government
Money
Market
Fund
-
Class
R-6
4.18%
(a),(c)
1,042,886‌
1,043‌
$
1,222‌
TOTAL
INVESTMENT
COMPANIES
$
1,222‌
COMMON
STOCKS
-
97
.78
%
Shares
Held
Value
(000's)
Aerospace
&
Defense
-
1
.15
%
Korea
Aerospace
Industries
Ltd
8,417‌
$
432‌
LIG
Nex1
Co
Ltd
1,973‌
336‌
$
768‌
Automobile
Manufacturers
-
1
.14
%
BYD
Co
Ltd
10,000‌
506‌
Kia
Corp
4,076‌
258‌
$
764‌
Automobile
Parts
&
Equipment
-
1
.11
%
Fuyao
Glass
Industry
Group
Co
Ltd
(d)
12,000‌
86‌
Hyundai
Mobis
Co
Ltd
2,868‌
510‌
Weichai
Power
Co
Ltd
69,000‌
145‌
$
741‌
Banks
-
15
.92
%
Banco
do
Brasil
SA
68,900‌
341‌
Bank
Negara
Indonesia
Persero
Tbk
PT
1,687,200‌
428‌
Bank
Polska
Kasa
Opieki
SA
20,630‌
943‌
Bank
Rakyat
Indonesia
Persero
Tbk
PT
2,507,776‌
606‌
Grupo
Financiero
Banorte
SAB
de
CV
24,600‌
171‌
HDFC
Bank
Ltd
54,434‌
1,160‌
ICICI
Bank
Ltd
85,180‌
1,339‌
Kotak
Mahindra
Bank
Ltd
56,079‌
1,420‌
National
Bank
of
Greece
SA
135,443‌
1,392‌
Piraeus
Financial
Holdings
SA
151,448‌
832‌
PT
Bank
Central
Asia
Tbk
1,074,600‌
549‌
Saudi
National
Bank/The
103,221‌
983‌
Vietnam
Technological
&
Commercial
Joint
Stock
Bank
426,900‌
462‌
$
10,626‌
Beverages
-
1
.52
%
Arca
Continental
SAB
de
CV
23,800‌
249‌
Ichitan
Group
PCL
637,900‌
213‌
Varun
Beverages
Ltd
87,694‌
552‌
$
1,014‌
Biotechnology
-
0
.77
%
Zai
Lab
Ltd
ADR
(e)
14,145‌
511‌
Building
Materials
-
2
.34
%
Cemex
SAB
de
CV
1,857,814‌
1,043‌
Voltas
Ltd
30,322‌
516‌
$
1,559‌
Chemicals
-
0
.27
%
Orbia
Advance
Corp
SAB
de
CV
241,200‌
183‌
Commercial
Services
-
1
.48
%
GPS
Participacoes
e
Empreendimentos
SA
(d)
72,630‌
167‌
Humansoft
Holding
Co
KSC
13,552‌
115‌
JSW
Infrastructure
Ltd
189,394‌
704‌
$
986‌
Computers
-
1
.71
%
Elm
Co
549‌
142‌
Globant
SA
(e)
3,065‌
361‌
Quanta
Computer
Inc
58,000‌
403‌
WNS
Holdings
Ltd
(e)
3,836‌
236‌
$
1,142‌
Distribution
&
Wholesale
-
0
.10
%
AKR
Corporindo
Tbk
PT
995,100‌
66‌
Diversified
Financial
Services
-
3
.42
%
Bajaj
Finance
Ltd
5,078‌
529‌
Banco
BTG
Pactual
SA
40,812‌
242‌
Fubon
Financial
Holding
Co
Ltd
190,617‌
496‌
Intercorp
Financial
Services
Inc
9,789‌
325‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Diversified
Financial
Services
(continued)
KB
Financial
Group
Inc
12,772‌
$
692‌
$
2,284‌
Electric
-
1
.34
%
Adani
Energy
Solutions
Ltd
(e)
81,051‌
819‌
Emirates
Central
Cooling
Systems
Corp
172,406‌
76‌
$
895‌
Electrical
Components
&
Equipment
-
1
.79
%
Delta
Electronics
Inc
108,000‌
1,194‌
Electronics
-
1
.37
%
Avalon
Technologies
Ltd
(d),(e)
15,654‌
137‌
E
Ink
Holdings
Inc
61,000‌
497‌
Voltronic
Power
Technology
Corp
6,000‌
281‌
$
915‌
Engineering
&
Construction
-
1
.29
%
Cury
Construtora
e
Incorporadora
SA
98,700‌
422‌
L&T
Technology
Services
Ltd
(d)
4,247‌
222‌
Samsung
E&A
Co
Ltd
15,977‌
216‌
$
860‌
Food
-
2
.85
%
Bid
Corp
Ltd
14,866‌
357‌
Indofood
Sukses
Makmur
Tbk
PT
498,600‌
214‌
LT
Foods
Ltd
57,806‌
256‌
Nestle
India
Ltd
8,184‌
215‌
SM
Investments
Corp
5,155‌
71‌
WH
Group
Ltd
(d)
858,500‌
788‌
$
1,901‌
Forest
Products
&
Paper
-
1
.51
%
Suzano
SA
108,300‌
1,008‌
Gas
-
0
.33
%
ENN
Natural
Gas
Co
Ltd
81,893‌
221‌
Healthcare
-
Products
-
0
.22
%
Pegavision
Corp
8,000‌
87‌
Universal
Vision
Biotechnology
Co
Ltd
10,000‌
60‌
$
147‌
Healthcare
-
Services
-
0
.50
%
Bangkok
Dusit
Medical
Services
PCL
305,000‌
196‌
Hygeia
Healthcare
Holdings
Co
Ltd
(d),(e),(f)
81,400‌
141‌
$
337‌
Home
Furnishings
-
0
.88
%
Anker
Innovations
Technology
Co
Ltd
41,296‌
587‌
Insurance
-
3
.92
%
AIA
Group
Ltd
161,400‌
1,222‌
China
Pacific
Insurance
Group
Co
Ltd
302,400‌
953‌
Max
Financial
Services
Ltd
(e)
23,519‌
314‌
PICC
Property
&
Casualty
Co
Ltd
68,000‌
126‌
$
2,615‌
Internet
-
17
.42
%
Alibaba
Group
Holding
Ltd
147,092‌
2,434‌
Grab
Holdings
Ltd
(e)
119,995‌
543‌
JD.com
Inc
69,550‌
1,431‌
Meituan
(d),(e)
46,420‌
934‌
MercadoLibre
Inc
(e)
507‌
989‌
Tencent
Holdings
Ltd
75,000‌
4,792‌
Tencent
Music
Entertainment
Group
ADR
7,751‌
112‌
Trip.com
Group
Ltd
ADR
6,113‌
389‌
$
11,624‌
Iron
&
Steel
-
0
.10
%
Severstal
PAO
(e)
9,865‌
—‌
Ternium
SA
ADR
2,090‌
65‌
$
65‌
Leisure
Products
&
Services
-
1
.23
%
Bajaj
Auto
Ltd
6,223‌
571‌
Yadea
Group
Holdings
Ltd
(d)
128,000‌
250‌
$
821‌
Lodging
-
0
.94
%
Atour
Lifestyle
Holdings
Ltd
ADR
22,091‌
626‌
Schedule
of
Investments
Global
Emerging
Markets
Account
March
31,
2025
(unaudited)
See
accompanying
notes.
71
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Machinery
-
Diversified
-
0
.58
%
WEG
SA
48,600‌
$
386‌
Metal
Fabrication
&
Hardware
-
0
.17
%
APL
Apollo
Tubes
Ltd
6,268‌
112‌
Mining
-
2
.29
%
Aluminum
Corp
of
China
Ltd
144,000‌
90‌
Anglogold
Ashanti
Plc
11,595‌
435‌
Capstone
Copper
Corp
(e)
53,700‌
277‌
Impala
Platinum
Holdings
Ltd
(e)
53,496‌
368‌
Ivanhoe
Mines
Ltd
(e)
26,200‌
223‌
Polyus
PJSC
(e)
108‌
—‌
Shandong
Gold
Mining
Co
Ltd
(d)
56,000‌
134‌
$
1,527‌
Miscellaneous
Manufacturers
-
0
.75
%
Escorts
Kubota
Ltd
9,503‌
360‌
Zhuzhou
CRRC
Times
Electric
Co
Ltd
33,600‌
140‌
$
500‌
Oil
&
Gas
-
1
.13
%
ADNOC
Drilling
Co
PJSC
133,824‌
187‌
Geopark
Ltd
(f)
8,693‌
70‌
HD
Hyundai
Co
Ltd
5,387‌
266‌
PRIO
SA/Brazil
(e)
12,800‌
90‌
Saudi
Arabian
Oil
Co
(d)
19,800‌
141‌
$
754‌
Pharmaceuticals
-
1
.56
%
Caplin
Point
Laboratories
Ltd
14,728‌
343‌
Hansoh
Pharmaceutical
Group
Co
Ltd
(d)
158,000‌
497‌
Richter
Gedeon
Nyrt
3,919‌
108‌
Simcere
Pharmaceutical
Group
Ltd
(d)
91,000‌
93‌
$
1,041‌
Pipelines
-
0
.43
%
Gaztransport
Et
Technigaz
SA
1,904‌
289‌
Real
Estate
-
0
.69
%
China
Overseas
Land
&
Investment
Ltd
22,500‌
40‌
China
Resources
Land
Ltd
87,500‌
290‌
Sun
Hung
Kai
Properties
Ltd
13,500‌
129‌
$
459‌
Retail
-
1
.34
%
El
Puerto
de
Liverpool
SAB
de
CV
17,711‌
83‌
Jumbo
SA
6,026‌
165‌
Wal-Mart
de
Mexico
SAB
de
CV
113,400‌
314‌
Yum
China
Holdings
Inc
6,350‌
332‌
$
894‌
Semiconductors
-
17
.59
%
Alchip
Technologies
Ltd
3,000‌
253‌
ASE
Technology
Holding
Co
Ltd
49,000‌
215‌
ASML
Holding
NV
-
NY
Reg
Shares
247‌
164‌
ASPEED
Technology
Inc
2,000‌
185‌
MediaTek
Inc
23,000‌
991‌
Samsung
Electronics
Co
Ltd
47,468‌
1,882‌
SK
Hynix
Inc
6,279‌
837‌
Taiwan
Semiconductor
Manufacturing
Co
Ltd
256,164‌
7,215‌
$
11,742‌
Software
-
0
.91
%
NetEase
Inc
29,500‌
606‌
Telecommunications
-
2
.75
%
Accton
Technology
Corp
28,000‌
496‌
Xiaomi
Corp
(d),(e)
211,400‌
1,338‌
$
1,834‌
Textiles
-
0
.18
%
SLC
Agricola
SA
37,556‌
123‌
Transportation
-
0
.40
%
Blue
Dart
Express
Ltd
836‌
60‌
JD
Logistics
Inc
(d),(e)
127,400‌
206‌
$
266‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Water
-
0
.39
%
Cia
de
Saneamento
Basico
do
Estado
de
Sao
Paulo
SABESP
14,600‌
$
261‌
TOTAL
COMMON
STOCKS
$
65,254‌
PREFERRED
STOCKS
-
1
.26
%
Shares
Held
Value
(000's)
Automobile
Manufacturers
-
0
.52
%
Hyundai
Motor
Co
12,100.00%
3,440‌
$
349‌
Oil
&
Gas
-
0
.74
%
Petroleo
Brasileiro
SA
1.42%
75,100‌
490‌
TOTAL
PREFERRED
STOCKS
$
839‌
Total
Investments
$
67,315‌
Other
Assets
and
Liabilities
-  (0.87)%
(
578‌
)
TOTAL
NET
ASSETS
-
100.00%
$
66,737‌
(a)
1-day
yield
shown
is
as
of
period
end.
(b)
Security
or
a
portion
of
the
security
was
received
as
collateral
for
securities
lending.
At
the
end
of
the
period,
the
value
of
these
securities
totaled
$179
or
0.27%
of
net
assets.
(c)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940,
as
amended,
(the
"1940
Act"))
or
an
affiliate
as
defined
by
the
1940
Act
(controls
5.00%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
Affiliated
Securities
sub-schedule
for
transactional
information.
(d)
Security
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933.
These
securities
may
be
resold
in
transactions
exempt
from
registration,
normally
to
qualified
institutional
buyers.
At
the
end
of
the
period,
the
value
of
these
securities
totaled
$5,134
or
7.69%
of
net
assets.
(e)
Non-income
producing
security
(f)
Security
or
a
portion
of
the
security
was
on
loan.  At
the
end
of
the
period,
the
value
of
these
securities
totaled
$171
or
0.26%
of
net
assets.
Schedule
of
Investments
Global
Emerging
Markets
Account
March
31,
2025
(unaudited)
See
accompanying
notes.
72
Affiliated
Securities
December
31,
2024
Purchases
Sales
March
31,
2025
Value
Cost
Proceeds
Value
Principal
Government
Money
Market
Fund
-
Class
R-6
4.18%
$
854‌
$
4,689‌
$
4,500‌
$
1,043‌
$
854‌
$
4,689‌
$
4,500‌
$
1,043‌
Income
(a)
Realized
Gain/(Loss)
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
(Loss)
Principal
Government
Money
Market
Fund
-
Class
R-6
4.18%
$
11‌
$
—‌
$
—‌
$
—‌
$
11‌
$
—‌
$
—‌
$
—‌
Amounts
in
thousands.
(a)
Amount
excludes
earnings
from
securities
lending
collateral.
Schedule
of
Investments
Government
&
High
Quality
Bond
Account
March
31,
2025
(unaudited)
See
accompanying
notes.
73
INVESTMENT
COMPANIES
-
0
.70
%
Shares
Held
Value
(000's)
Money
Market
Funds
-
0
.70
%
Principal
Government
Money
Market
Fund
-
Class
R-6
4.18%
(a),(b)
780,893‌
$
781‌
TOTAL
INVESTMENT
COMPANIES
$
781‌
BONDS
-
30
.14
%
Principal
Amount
(000's)
Value
(000's)
Automobile
Asset
Backed
Securities
-
10
.15
%
Ally
Auto
Receivables
Trust
2023-1
5.76%,
11/15/2026
$
29‌
$
29‌
AmeriCredit
Automobile
Receivables
Trust
2023-2
6.19%,
04/19/2027
242‌
243‌
AmeriCredit
Automobile
Receivables
Trust
2024-1
4.94%,
02/18/2028
890‌
891‌
1.00
x
30
Day
Average
Secured
Overnight
Financing
Rate
+
0.60%
5.75%,
02/18/2028
302‌
303‌
BMW
Vehicle
Owner
Trust
2024-A
5.42%,
02/25/2027
802‌
804‌
BofA
Auto
Trust
2024-1
5.57%,
12/15/2026
(c)
462‌
463‌
Carmax
Auto
Owner
Trust
2024-3
5.21%,
09/15/2027
767‌
769‌
Chase
Auto
Owner
Trust
2024-1
5.48%,
04/26/2027
(c)
366‌
367‌
Drive
Auto
Receivables
Trust
2024-1
5.83%,
12/15/2026
24‌
24‌
GM
Financial
Automobile
Leasing
Trust
2024-1
5.18%,
06/22/2026
397‌
397‌
GM
Financial
Automobile
Leasing
Trust
2024-3
4.81%,
01/20/2027
1,145‌
1,145‌
1.00
x
30
Day
Average
Secured
Overnight
Financing
Rate
+
0.47%
Mercedes-Benz
Auto
Lease
Trust
2024-A
5.44%,
02/16/2027
663‌
665‌
Santander
Drive
Auto
Receivables
Trust
2022-7
5.75%,
04/15/2027
7‌
7‌
Santander
Drive
Auto
Receivables
Trust
2024-1
5.71%,
02/16/2027
54‌
54‌
Santander
Drive
Auto
Receivables
Trust
2024-2
5.80%,
09/15/2027
223‌
223‌
Santander
Drive
Auto
Receivables
Trust
2024-3
5.91%,
06/15/2027
375‌
376‌
Santander
Drive
Auto
Receivables
Trust
2024-4
5.41%,
07/15/2027
430‌
431‌
Santander
Drive
Auto
Receivables
Trust
2025-1
4.76%,
08/16/2027
735‌
735‌
Santander
Drive
Auto
Receivables
Trust
2025-2
4.71%,
06/15/2028
965‌
965‌
SBNA
Auto
Lease
Trust
2024-B
5.67%,
11/20/2026
(c)
611‌
613‌
SBNA
Auto
Receivables
Trust
2024-A
5.70%,
03/15/2027
(c)
92‌
92‌
Tesla
Electric
Vehicle
Trust
2023-1
5.54%,
12/21/2026
(c)
397‌
398‌
Toyota
Auto
Receivables
2023-C
Owner
Trust
5.60%,
08/17/2026
157‌
158‌
Wheels
Fleet
Lease
Funding
1
LLC
4.99%,
01/18/2040
(c)
1,215‌
1,215‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
0.67%
$
11,367‌
Credit
Card
Asset
Backed
Securities
-
6
.85
%
American
Express
Credit
Account
Master
Trust
3.39%,
05/15/2027
1,075‌
1,073‌
3.75%,
08/15/2027
900‌
897‌
BA
Credit
Card
Trust
5.00%,
04/15/2028
1,050‌
1,053‌
Barclays
Dryrock
Issuance
Trust
3.07%,
02/15/2028
960‌
959‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Credit
Card
Asset
Backed
Securities
(continued)
Capital
One
Multi-Asset
Execution
Trust
3.49%,
05/15/2027
$
1,142‌
$
1,141‌
Citibank
Credit
Card
Issuance
Trust
5.23%,
12/08/2027
750‌
753‌
Discover
Card
Execution
Note
Trust
4.31%,
03/15/2028
540‌
540‌
5.03%,
10/15/2027
1,250‌
1,253‌
$
7,669‌
Mortgage
Backed
Securities
-
12
.44
%
EverBank
Mortgage
Loan
Trust
18-1
3.50%,
02/25/2048
(c),(d)
84‌
76‌
Fannie
Mae
Grantor
Trust
2005-T1
4.78%,
05/25/2035
94‌
90‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
0.46%
Fannie
Mae
Interest
Strip
3.50%,
12/25/2043
(d),(e)
467‌
63‌
Fannie
Mae
REMICS
1.55%,
10/25/2049
(e)
1,956‌
244‌
(1.00)
x
30
Day
Average
Secured
Overnight
Financing
Rate
+
5.89%
1.55%,
05/25/2050
(e)
2,164‌
264‌
(1.00)
x
30
Day
Average
Secured
Overnight
Financing
Rate
+
5.89%
1.60%,
08/25/2049
(e)
3,067‌
341‌
(1.00)
x
30
Day
Average
Secured
Overnight
Financing
Rate
+
5.94%
1.60%,
09/25/2049
(e)
882‌
111‌
(1.00)
x
30
Day
Average
Secured
Overnight
Financing
Rate
+
5.94%
1.60%,
11/25/2049
(e)
1,473‌
170‌
(1.00)
x
30
Day
Average
Secured
Overnight
Financing
Rate
+
5.94%
1.62%,
06/25/2050
(e)
1,294‌
161‌
(1.00)
x
30
Day
Average
Secured
Overnight
Financing
Rate
+
5.96%
1.70%,
09/25/2047
(e)
2,774‌
339‌
(1.00)
x
30
Day
Average
Secured
Overnight
Financing
Rate
+
6.04%
2.23%,
06/25/2045
(e)
862‌
53‌
1.00
x
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
0.00%
2.25%,
12/25/2042
(e)
1,062‌
147‌
(1.00)
x
30
Day
Average
Secured
Overnight
Financing
Rate
+
6.59%
3.00%,
10/25/2040
(e)
150‌
3‌
3.00%,
04/25/2042
59‌
58‌
3.00%,
05/25/2048
68‌
60‌
3.00%,
01/25/2051
(e)
1,629‌
268‌
7.00%,
04/25/2032
32‌
33‌
Freddie
Mac
REMICS
1.50%,
04/15/2028
126‌
122‌
1.60%,
09/25/2049
(e)
2,657‌
310‌
(1.00)
x
30
Day
Average
Secured
Overnight
Financing
Rate
+
5.94%
1.60%,
10/25/2049
(e)
2,274‌
249‌
(1.00)
x
30
Day
Average
Secured
Overnight
Financing
Rate
+
5.94%
1.60%,
11/25/2049
(e)
938‌
105‌
(1.00)
x
30
Day
Average
Secured
Overnight
Financing
Rate
+
5.94%
1.93%,
05/15/2038
(e)
710‌
33‌
1.00
x
12
Month
Treasury
Average
Index
+
0.00%
3.00%,
04/15/2046
84‌
78‌
Schedule
of
Investments
Government
&
High
Quality
Bond
Account
March
31,
2025
(unaudited)
See
accompanying
notes.
74
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Mortgage
Backed
Securities
(continued)
Ginnie
Mae
1.67%,
06/20/2046
(e)
$
261‌
$
32‌
(1.00)
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
5.99%
1.67%,
08/20/2047
(e)
1,748‌
216‌
(1.00)
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
5.99%
1.71%,
12/20/2043
(e)
586‌
65‌
(1.00)
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
6.03%
1.77%,
10/20/2045
(e)
708‌
85‌
(1.00)
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
6.09%
1.77%,
11/20/2047
(e)
520‌
69‌
(1.00)
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
6.09%
1.87%,
08/20/2050
(e)
1,873‌
273‌
(1.00)
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
6.19%
1.87%,
11/20/2050
(e)
1,141‌
168‌
(1.00)
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
6.19%
1.87%,
07/20/2051
(e)
1,251‌
176‌
(1.00)
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
6.19%
1.87%,
08/20/2051
(e)
1,495‌
218‌
(1.00)
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
6.19%
1.91%,
09/20/2050
(e)
1,182‌
172‌
(1.00)
x
30
Day
Average
Secured
Overnight
Financing
Rate
+
6.25%
3.00%,
07/20/2050
(e)
935‌
149‌
3.00%,
11/20/2050
(e)
1,677‌
286‌
3.00%,
11/20/2050
(e)
2,634‌
449‌
3.00%,
12/20/2050
(e)
1,067‌
176‌
3.50%,
10/20/2049
(e)
1,550‌
296‌
4.00%,
02/20/2044
(e)
423‌
19‌
4.00%,
04/20/2044
(e)
339‌
20‌
4.00%,
01/20/2046
(e)
173‌
8‌
J.P.
Morgan
Mortgage
Trust
2023-8
6.00%,
02/25/2054
(c),(d)
1,462‌
1,469‌
JP
Morgan
Mortgage
Trust
2016-4
3.50%,
10/25/2046
(c),(d)
102‌
92‌
JP
Morgan
Mortgage
Trust
2017-3
3.78%,
08/25/2047
(c),(d)
427‌
396‌
JP
Morgan
Mortgage
Trust
2023-10
6.00%,
05/25/2054
(c),(d)
1,117‌
1,118‌
JP
Morgan
Mortgage
Trust
2024-1
6.00%,
06/25/2054
(c),(d)
646‌
647‌
New
Residential
Mortgage
Loan
Trust
2014-1
5.00%,
01/25/2054
(c),(d)
644‌
639‌
New
Residential
Mortgage
Loan
Trust
2015-2
5.31%,
08/25/2055
(c),(d)
511‌
508‌
Sequoia
Mortgage
Trust
2013-2
3.64%,
02/25/2043
(d)
79‌
77‌
Sequoia
Mortgage
Trust
2017-3
3.76%,
04/25/2047
(c),(d)
340‌
318‌
Sequoia
Mortgage
Trust
2023-4
6.00%,
11/25/2053
(c),(d)
1,041‌
1,042‌
Sequoia
Mortgage
Trust
2024-1
5.99%,
01/25/2054
(c),(d)
632‌
632‌
Sequoia
Mortgage
Trust
2024-5
6.00%,
06/25/2054
(c),(d)
735‌
736‌
$
13,929‌
Other
Asset
Backed
Securities
-
0
.70
%
MMAF
Equipment
Finance
LLC
2019-B
2.07%,
07/13/2026
(c)
185‌
185‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Other
Asset
Backed
Securities
(continued)
Verizon
Master
Trust
4.89%,
04/13/2028
$
600‌
$
600‌
$
785‌
TOTAL
BONDS
$
33,750‌
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
-
92
.59
%
Principal
Amount
(000's)
Value
(000's)
Federal
Home
Loan
Mortgage
Corporation
(FHLMC)
-
3
.64
%
3.00%,
03/01/2037
$
120‌
$
112‌
3.00%,
05/01/2043
285‌
257‌
3.00%,
10/01/2046
345‌
310‌
3.50%,
02/01/2032
266‌
260‌
3.50%,
07/01/2042
727‌
679‌
3.50%,
02/01/2044
270‌
252‌
4.00%,
07/01/2042
342‌
329‌
4.00%,
01/01/2043
325‌
312‌
4.00%,
06/01/2043
348‌
333‌
4.00%,
10/01/2045
434‌
416‌
4.50%,
11/01/2043
296‌
290‌
5.00%,
10/01/2025
3‌
3‌
5.00%,
02/01/2033
35‌
35‌
5.00%,
06/01/2033
62‌
63‌
5.00%,
01/01/2034
130‌
131‌
5.00%,
07/01/2035
6‌
7‌
5.00%,
07/01/2035
2‌
2‌
5.00%,
07/01/2035
31‌
32‌
5.00%,
10/01/2035
11‌
11‌
5.50%,
03/01/2033
31‌
31‌
5.50%,
04/01/2038
2‌
2‌
5.50%,
05/01/2038
9‌
9‌
6.00%,
05/01/2031
3‌
3‌
6.00%,
12/01/2031
3‌
3‌
6.00%,
11/01/2033
16‌
16‌
6.00%,
09/01/2034
14‌
15‌
6.00%,
02/01/2035
8‌
8‌
6.00%,
10/01/2036
16‌
16‌
6.00%,
03/01/2037
18‌
19‌
6.00%,
01/01/2038
28‌
29‌
6.00%,
04/01/2038
7‌
7‌
6.50%,
01/01/2028
1‌
—‌
6.50%,
10/01/2028
3‌
3‌
6.50%,
11/01/2028
1‌
1‌
6.50%,
12/01/2028
1‌
1‌
6.50%,
03/01/2029
1‌
1‌
6.50%,
07/01/2031
12‌
12‌
6.50%,
08/01/2031
2‌
2‌
6.50%,
10/01/2031
5‌
5‌
6.50%,
10/01/2031
2‌
2‌
6.50%,
12/01/2031
4‌
4‌
6.50%,
02/01/2032
4‌
4‌
6.50%,
05/01/2032
9‌
10‌
7.00%,
01/01/2028
3‌
3‌
7.00%,
04/01/2028
3‌
3‌
7.00%,
10/01/2031
3‌
3‌
7.00%,
10/01/2031
2‌
2‌
7.00%,
04/01/2032
15‌
15‌
7.35%,
09/01/2032
3‌
3‌
1.00
x
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
2.23%
7.50%,
10/01/2030
2‌
2‌
7.50%,
02/01/2031
2‌
2‌
8.00%,
10/01/2030
3‌
3‌
8.50%,
07/01/2029
8‌
9‌
$
4,082‌
Schedule
of
Investments
Government
&
High
Quality
Bond
Account
March
31,
2025
(unaudited)
See
accompanying
notes.
75
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Federal
National
Mortgage
Association
(FNMA)
-
0
.12
%
5.50%,
05/01/2033
$
6‌
$
6‌
6.00%,
05/01/2037
92‌
94‌
6.30%,
12/01/2033
16‌
16‌
1.00
x
Refinitiv
USD
IBOR
Consumer
Cash
Fallback
12-Month
+
1.70%
6.50%,
11/01/2032
5‌
5‌
6.52%,
12/01/2032
5‌
5‌
1.00
x
Refinitiv
USD
IBOR
Consumer
Cash
Fallback
12-Month
+
1.64%
7.00%,
08/01/2028
3‌
3‌
7.00%,
12/01/2028
3‌
3‌
$
132‌
Federal
National
Mortgage
Association
(FNMA)/Federal
Home
Loan
Mortgage
Corporation
(FHLMC)
Uniform
Mortgage-Backed
Security
-
57
.84
%
2.00%,
10/01/2050
705‌
568‌
2.00%,
11/01/2051
1,229‌
981‌
2.00%,
11/01/2051
1,576‌
1,272‌
2.00%,
12/01/2051
2,424‌
1,960‌
2.00%,
12/01/2051
2,420‌
1,944‌
2.00%,
01/01/2052
1,968‌
1,593‌
2.00%,
01/01/2052
1,650‌
1,328‌
2.00%,
03/01/2052
1,657‌
1,324‌
2.50%,
02/01/2051
2,291‌
1,946‌
2.50%,
07/01/2051
2,985‌
2,515‌
2.50%,
12/01/2051
1,991‌
1,699‌
2.50%,
04/01/2052
4,272‌
3,638‌
3.00%,
08/01/2031
360‌
349‌
3.00%,
12/01/2034
313‌
300‌
3.00%,
10/01/2036
229‌
214‌
3.00%,
10/01/2042
629‌
566‌
3.00%,
10/01/2046
432‌
384‌
3.00%,
11/01/2046
824‌
730‌
3.00%,
01/01/2050
819‌
720‌
3.00%,
07/01/2050
771‌
676‌
3.00%,
08/01/2050
591‌
519‌
3.00%,
09/01/2050
968‌
851‌
3.00%,
06/01/2052
1,669‌
1,462‌
3.50%,
08/01/2031
203‌
199‌
3.50%,
06/01/2039
164‌
156‌
3.50%,
11/01/2042
471‌
439‌
3.50%,
02/01/2043
216‌
201‌
3.50%,
03/01/2045
224‌
208‌
3.50%,
09/01/2045
332‌
307‌
3.50%,
11/01/2048
915‌
850‌
3.50%,
08/01/2050
809‌
743‌
3.50%,
06/01/2052
872‌
791‌
4.00%,
01/01/2034
150‌
148‌
4.00%,
10/01/2037
219‌
214‌
4.00%,
02/01/2041
469‌
449‌
4.00%,
02/01/2042
306‌
294‌
4.00%,
10/01/2043
105‌
101‌
4.00%,
08/01/2044
213‌
205‌
4.00%,
10/01/2044
625‌
597‌
4.00%,
11/01/2044
211‌
202‌
4.00%,
08/01/2045
303‌
290‌
4.00%,
08/01/2046
535‌
508‌
4.00%,
07/01/2047
432‌
412‌
4.00%,
07/01/2052
359‌
335‌
4.50%,
08/01/2039
575‌
568‌
4.50%,
10/01/2043
360‌
351‌
4.50%,
09/01/2045
246‌
241‌
4.50%,
10/01/2045
355‌
348‌
4.50%,
11/01/2045
578‌
566‌
4.50%,
08/01/2052
830‌
798‌
4.50%,
01/01/2054
799‌
770‌
5.00%,
05/01/2033
348‌
350‌
5.00%,
04/01/2035
37‌
37‌
5.00%,
04/01/2035
37‌
37‌
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Federal
National
Mortgage
Association
(FNMA)/Federal
Home
Loan
Mortgage
Corporation
(FHLMC)
Uniform
Mortgage-Backed
Security
(continued)
5.00%,
07/01/2035
$
2‌
$
2‌
5.00%,
02/01/2038
151‌
152‌
5.00%,
02/01/2040
462‌
471‌
5.00%,
07/01/2041
334‌
337‌
5.00%,
09/01/2052
773‌
764‌
5.00%,
04/01/2053
1,739‌
1,725‌
5.00%,
11/01/2054
953‌
939‌
5.00%,
02/01/2055
499‌
492‌
5.00%,
04/01/2055
(f)
2,915‌
2,857‌
5.50%,
06/01/2033
19‌
19‌
5.50%,
03/01/2038
37‌
37‌
5.50%,
07/01/2053
928‌
935‌
5.50%,
11/01/2053
900‌
908‌
5.50%,
11/01/2053
1,089‌
1,097‌
5.50%,
05/01/2054
838‌
843‌
5.50%,
10/01/2054
1,297‌
1,307‌
5.50%,
04/01/2055
(f)
3,335‌
3,331‌
6.00%,
11/01/2028
6‌
6‌
6.00%,
12/01/2031
1‌
1‌
6.00%,
01/01/2033
16‌
16‌
6.00%,
07/01/2037
43‌
45‌
6.00%,
11/01/2037
3‌
3‌
6.00%,
12/01/2037
1‌
1‌
6.00%,
03/01/2038
28‌
29‌
6.00%,
04/01/2054
843‌
868‌
6.00%,
05/01/2054
854‌
877‌
6.00%,
06/01/2054
607‌
624‌
6.00%,
09/01/2054
594‌
610‌
6.00%,
04/01/2055
(f)
3,490‌
3,545‌
6.50%,
03/01/2029
2‌
2‌
6.50%,
06/01/2031
6‌
6‌
6.50%,
08/01/2032
3‌
3‌
6.50%,
02/01/2033
4‌
4‌
6.50%,
12/01/2036
8‌
8‌
6.50%,
07/01/2037
9‌
10‌
6.50%,
02/01/2038
12‌
12‌
6.50%,
05/01/2054
633‌
659‌
6.50%,
04/01/2055
(f)
1,900‌
1,959‌
7.00%,
10/01/2029
2‌
2‌
7.00%,
05/01/2031
2‌
2‌
7.00%,
11/01/2031
4‌
4‌
$
64,766‌
Government
National
Mortgage
Association
(GNMA)
-
24
.57
%
2.00%,
01/20/2051
1,324‌
1,084‌
2.00%,
02/20/2051
962‌
787‌
2.50%,
06/20/2050
2,249‌
1,927‌
3.00%,
02/15/2043
614‌
558‌
3.00%,
05/15/2043
729‌
662‌
3.00%,
02/20/2047
353‌
317‌
3.50%,
01/15/2043
449‌
423‌
3.50%,
05/15/2043
467‌
438‌
3.50%,
06/20/2043
284‌
262‌
3.50%,
06/20/2046
37‌
34‌
3.50%,
02/20/2047
376‌
349‌
4.00%,
08/15/2041
263‌
252‌
4.00%,
07/20/2047
271‌
263‌
4.00%,
04/20/2052
756‌
709‌
4.50%,
07/15/2040
142‌
139‌
4.50%,
08/20/2048
866‌
842‌
4.50%,
05/20/2052
1,005‌
970‌
5.00%,
09/15/2033
1‌
1‌
5.00%,
09/15/2039
12‌
12‌
5.00%,
12/20/2052
2,198‌
2,172‌
5.00%,
04/20/2055
(f)
3,175‌
3,123‌
5.50%,
11/15/2033
15‌
16‌
5.50%,
05/20/2035
38‌
39‌
5.50%,
04/20/2055
(f)
7,015‌
7,031‌
Schedule
of
Investments
Government
&
High
Quality
Bond
Account
March
31,
2025
(unaudited)
See
accompanying
notes.
76
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Government
National
Mortgage
Association
(GNMA)
(continued)
6.00%,
06/20/2028
$
3‌
$
3‌
6.00%,
07/20/2028
1‌
1‌
6.00%,
02/20/2029
1‌
1‌
6.00%,
03/20/2029
3‌
3‌
6.00%,
07/20/2029
3‌
3‌
6.00%,
07/20/2033
35‌
37‌
6.00%,
04/20/2055
(f)
4,915‌
4,988‌
6.50%,
03/20/2031
3‌
3‌
6.50%,
04/20/2031
3‌
3‌
7.00%,
01/15/2028
1‌
1‌
7.00%,
03/15/2028
23‌
23‌
7.00%,
01/15/2029
5‌
5‌
7.00%,
03/15/2029
2‌
2‌
7.00%,
05/15/2031
2‌
2‌
7.00%,
09/15/2031
13‌
13‌
7.00%,
06/15/2032
19‌
20‌
$
27,518‌
U.S.
Treasury
Bill
-
6
.42
%
4.18%,
04/22/2025
(g)
3,750‌
3,741‌
4.18%,
06/24/2025
(g)
3,485‌
3,451‌
$
7,192‌
TOTAL
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
$
103,690‌
Total
Investments
$
138,221‌
Other
Assets
and
Liabilities
-  (23.43)%
(
26,240‌
)
TOTAL
NET
ASSETS
-
100.00%
$
111,981‌
(a)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940,
as
amended,
(the
"1940
Act"))
or
an
affiliate
as
defined
by
the
1940
Act
(controls
5.00%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
Affiliated
Securities
sub-schedule
for
transactional
information.
(b)
1-day
yield
shown
is
as
of
period
end.
(c)
Security
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933.
These
securities
may
be
resold
in
transactions
exempt
from
registration,
normally
to
qualified
institutional
buyers.
At
the
end
of
the
period,
the
value
of
these
securities
totaled
$11,006
or
9.83%
of
net
assets.
(d)
Certain
variable
rate
securities
are
not
based
on
a
published
reference
rate
and
spread
but
are
determined
by
the
issuer
or
agent
and
are
based
on
current
market
conditions.  These
securities
do
not
indicate
a
reference
rate
and
spread
in
their
description.
Rate
shown
is
the
rate
in
effect
as
of
period
end.
(e)
Security
is
an
Interest
Only
Strip.
(f)
Security
was
purchased
in
a
"to-be-announced"
("TBA")
transaction.
(g)
Rate
shown
is
the
discount
rate
of
the
original
purchase.
Affiliated
Securities
December
31,
2024
Purchases
Sales
March
31,
2025
Value
Cost
Proceeds
Value
Principal
Government
Money
Market
Fund
-
Class
R-6
4.18%
$
2,761‌
$
13,272‌
$
15,252‌
$
781‌
$
2,761‌
$
13,272‌
$
15,252‌
$
781‌
Income
Realized
Gain/(Loss)
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
(Loss)
Principal
Government
Money
Market
Fund
-
Class
R-6
4.18%
$
21‌
$
—‌
$
—‌
$
—‌
$
21‌
$
—‌
$
—‌
$
—‌
Amounts
in
thousands.
Futures
Contracts
Description
and
Expiration
Date
Type
Contracts
Notional
Amount
Value
and
Unrealized
Appreciation/(Depreciation)
US
10
Year
Note;
June
2025
Long
38‌
$
4,226‌
$
35‌
US
2
Year
Note;
June
2025
Short
18‌
3,729‌
(
2‌
)
US
5
Year
Note;
June
2025
Short
40‌
4,326‌
(
29‌
)
US
Long
Bond;
June
2025
Long
26‌
3,049‌
34‌
Total
$
38‌
Amounts
in
thousands
except
contracts.
Schedule
of
Investments
LargeCap
Growth
Account
I
March
31,
2025
(unaudited)
See
accompanying
notes.
77
INVESTMENT
COMPANIES
-
2
.31
%
Shares
Held
Value
(000's)
Exchange-Traded
Funds
-
0
.39
%
iShares
Russell
1000
Growth
ETF
6,100‌
$
2,202‌
Money
Market
Funds
-
1
.92
%
BlackRock
Liquidity
FedFund
-
Institutional
Class
4.23%
(a),(b)
55,561‌
56‌
Principal
Government
Money
Market
Fund
-
Class
R-6
4.18%
(a),(c)
10,569,304‌
10,569‌
$
10,625‌
TOTAL
INVESTMENT
COMPANIES
$
12,827‌
CONVERTIBLE
PREFERRED
STOCKS
-
0
.13
%
Shares
Held
Value
(000's)
Automobile
Manufacturers
-
0
.05
%
Waymo
LLC
Series
A-2
0.00%
(d),(e),(f)
2,489‌
$
264‌
Chemicals
-
0
.02
%
Sila
Nano
Series
F
0.00%
(d),(e),(f)
4,929‌
96‌
Software
-
0
.06
%
Nuro
-
Series
C
0.00%
(d),(e),(f)
17,442‌
225‌
Rappi
Inc
-
Series
E
0.00%
(d),(e),(f)
5,133‌
112‌
$
337‌
TOTAL
CONVERTIBLE
PREFERRED
STOCKS
$
697‌
COMMON
STOCKS
-
97
.60
%
Shares
Held
Value
(000's)
Advertising
-
0
.71
%
Trade
Desk
Inc/The
(d)
71,736‌
$
3,925‌
Aerospace
&
Defense
-
2
.16
%
Boeing
Co/The
(d)
11,279‌
1,923‌
General
Electric
Co
876‌
175‌
HEICO
Corp
166‌
44‌
HEICO
Corp
-
Class
A
307‌
65‌
Howmet
Aerospace
Inc
20,626‌
2,676‌
Loar
Holdings
Inc
(d)
121‌
9‌
Lockheed
Martin
Corp
255‌
114‌
Spirit
AeroSystems
Holdings
Inc
(d)
35‌
1‌
Standardaero
Inc
(d)
78‌
2‌
TransDigm
Group
Inc
5,045‌
6,979‌
$
11,988‌
Airlines
-
0
.00
%
American
Airlines
Group
Inc
(d)
188‌
2‌
Apparel
-
0
.04
%
Crocs
Inc
(d)
38‌
4‌
Deckers
Outdoor
Corp
(d)
573‌
64‌
NIKE
Inc
2,768‌
176‌
Skechers
USA
Inc
(d)
51‌
3‌
$
247‌
Automobile
Manufacturers
-
0
.49
%
Tesla
Inc
(d)
10,501‌
2,721‌
Automobile
Parts
&
Equipment
-
0
.10
%
Aurora
Innovation
Inc
(d)
81,497‌
548‌
Banks
-
0
.06
%
Goldman
Sachs
Group
Inc/The
307‌
168‌
Morgan
Stanley
250‌
29‌
NU
Holdings
Ltd/Cayman
Islands
(d)
12,316‌
126‌
Popular
Inc
30‌
3‌
$
326‌
Beverages
-
0
.25
%
Boston
Beer
Co
Inc/The
(d)
5‌
1‌
Celsius
Holdings
Inc
(d)
650‌
23‌
Coca-Cola
Co/The
8,416‌
603‌
Monster
Beverage
Corp
(d)
2,141‌
126‌
PepsiCo
Inc
4,109‌
616‌
$
1,369‌
Biotechnology
-
0
.64
%
Alnylam
Pharmaceuticals
Inc
(d)
433‌
117‌
Amgen
Inc
1,579‌
492‌
Apellis
Pharmaceuticals
Inc
(d)
404‌
9‌
Argenx
SE
ADR
(d)
3,278‌
1,940‌
Exelixis
Inc
(d)
859‌
32‌
Incyte
Corp
(d)
44‌
3‌
Intra-Cellular
Therapies
Inc
(d)
389‌
51‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Biotechnology
(continued)
Ionis
Pharmaceuticals
Inc
(d)
538‌
$
16‌
Legend
Biotech
Corp
ADR
(d)
17,674‌
600‌
Regeneron
Pharmaceuticals
Inc
33‌
21‌
Sarepta
Therapeutics
Inc
(d)
334‌
21‌
Ultragenyx
Pharmaceutical
Inc
(d)
329‌
12‌
Vertex
Pharmaceuticals
Inc
(d)
489‌
237‌
Viking
Therapeutics
Inc
(d)
393‌
9‌
$
3,560‌
Building
Materials
-
0
.87
%
AAON
Inc
248‌
19‌
Armstrong
World
Industries
Inc
54‌
8‌
AZEK
Co
Inc/The
(d)
373‌
18‌
Builders
FirstSource
Inc
(d)
39‌
5‌
Eagle
Materials
Inc
93‌
21‌
Lennox
International
Inc
121‌
68‌
Louisiana-Pacific
Corp
162‌
15‌
Martin
Marietta
Materials
Inc
13‌
6‌
Simpson
Manufacturing
Co
Inc
16‌
2‌
Trane
Technologies
PLC
13,669‌
4,605‌
Trex
Co
Inc
(d)
391‌
23‌
Vulcan
Materials
Co
128‌
30‌
$
4,820‌
Chemicals
-
0
.09
%
Celanese
Corp
103‌
6‌
Chemours
Co/The
31‌
—‌
Ecolab
Inc
820‌
208‌
RPM
International
Inc
111‌
13‌
Sherwin-Williams
Co/The
808‌
282‌
$
509‌
Commercial
Services
-
3
.91
%
Affirm
Holdings
Inc
(d)
12,476‌
564‌
Automatic
Data
Processing
Inc
1,441‌
440‌
Avis
Budget
Group
Inc
(d),(g)
29‌
2‌
Block
Inc
(d)
53,868‌
2,926‌
Booz
Allen
Hamilton
Holding
Corp
468‌
49‌
Bright
Horizons
Family
Solutions
Inc
(d)
31‌
4‌
Cintas
Corp
34,248‌
7,040‌
Corpay
Inc
(d)
255‌
89‌
Equifax
Inc
9,106‌
2,218‌
Grand
Canyon
Education
Inc
(d)
35‌
6‌
H&R
Block
Inc
96‌
5‌
Moody's
Corp
597‌
278‌
Morningstar
Inc
98‌
29‌
Paylocity
Holding
Corp
(d)
163‌
31‌
Quanta
Services
Inc
167‌
42‌
Rollins
Inc
1,057‌
57‌
S&P
Global
Inc
14,927‌
7,584‌
Shift4
Payments
Inc
(d)
226‌
18‌
Toast
Inc
(d)
1,753‌
58‌
TransUnion
38‌
3‌
U-Haul
Holding
Co
161‌
10‌
U-Haul
Holding
Co
(d),(g)
11‌
1‌
United
Rentals
Inc
60‌
38‌
Valvoline
Inc
(d)
477‌
17‌
Verisk
Analytics
Inc
532‌
158‌
WEX
Inc
(d)
10‌
2‌
WillScot
Holdings
Corp
195‌
5‌
$
21,674‌
Computers
-
6
.52
%
Apple
Inc
158,534‌
35,215‌
Crowdstrike
Holdings
Inc
(d)
871‌
307‌
Dell
Technologies
Inc
159‌
14‌
EPAM
Systems
Inc
(d)
15‌
3‌
Fortinet
Inc
(d)
1,951‌
188‌
Gartner
Inc
(d)
285‌
120‌
Globant
SA
(d)
116‌
14‌
HP
Inc
843‌
23‌
KBR
Inc
48‌
2‌
NetApp
Inc
341‌
30‌
Schedule
of
Investments
LargeCap
Growth
Account
I
March
31,
2025
(unaudited)
See
accompanying
notes.
78
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Computers
(continued)
Okta
Inc
(d)
266‌
$
28‌
Pure
Storage
Inc
(d)
1,013‌
45‌
Super
Micro
Computer
Inc
(d)
1,877‌
64‌
Zscaler
Inc
(d)
352‌
70‌
$
36,123‌
Consumer
Products
-
0
.03
%
Avery
Dennison
Corp
112‌
20‌
Clorox
Co/The
469‌
69‌
Kimberly-Clark
Corp
510‌
73‌
$
162‌
Cosmetics
&
Personal
Care
-
0
.10
%
Colgate-Palmolive
Co
1,692‌
159‌
elf
Beauty
Inc
(d)
199‌
12‌
Estee
Lauder
Cos
Inc/The
307‌
20‌
Procter
&
Gamble
Co/The
1,988‌
339‌
$
530‌
Distribution
&
Wholesale
-
0
.10
%
Copart
Inc
(d)
3,079‌
174‌
Core
&
Main
Inc
(d)
464‌
23‌
Fastenal
Co
1,827‌
142‌
Pool
Corp
137‌
44‌
SiteOne
Landscape
Supply
Inc
(d)
61‌
7‌
WW
Grainger
Inc
142‌
140‌
$
530‌
Diversified
Financial
Services
-
5
.98
%
Ally
Financial
Inc
158‌
6‌
American
Express
Co
787‌
212‌
Ameriprise
Financial
Inc
333‌
161‌
Apollo
Global
Management
Inc
1,478‌
202‌
Ares
Management
Corp
701‌
103‌
Blue
Owl
Capital
Inc
1,986‌
40‌
Charles
Schwab
Corp/The
23,542‌
1,843‌
Coinbase
Global
Inc
(d)
644‌
111‌
Credit
Acceptance
Corp
(d)
19‌
10‌
Houlihan
Lokey
Inc
21‌
3‌
Jefferies
Financial
Group
Inc
182‌
10‌
Lazard
Inc
379‌
16‌
LPL
Financial
Holdings
Inc
282‌
92‌
Mastercard
Inc
35,362‌
19,383‌
SoFi
Technologies
Inc
(d)
649‌
7‌
TPG
Inc
74‌
3‌
Tradeweb
Markets
Inc
10,081‌
1,496‌
UWM
Holdings
Corp
108‌
1‌
Visa
Inc
26,815‌
9,398‌
Western
Union
Co/The
252‌
3‌
XP
Inc
155‌
2‌
$
33,102‌
Electric
-
0
.04
%
Constellation
Energy
Corp
190‌
38‌
NRG
Energy
Inc
316‌
30‌
Vistra
Corp
1,284‌
151‌
$
219‌
Electrical
Components
&
Equipment
-
0
.49
%
Generac
Holdings
Inc
(d)
21,326‌
2,701‌
Universal
Display
Corp
87‌
12‌
$
2,713‌
Electronics
-
0
.84
%
Amphenol
Corp
69,583‌
4,564‌
Honeywell
International
Inc
382‌
81‌
Ingram
Micro
Holding
Corp
50‌
1‌
Jabil
Inc
32‌
4‌
$
4,650‌
Energy
-
Alternate
Sources
-
0
.01
%
Enphase
Energy
Inc
(d)
498‌
31‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Engineering
&
Construction
-
0
.01
%
Comfort
Systems
USA
Inc
133‌
$
43‌
EMCOR
Group
Inc
67‌
25‌
TopBuild
Corp
(d)
7‌
2‌
$
70‌
Entertainment
-
0
.04
%
Churchill
Downs
Inc
256‌
28‌
DraftKings
Inc
(d)
1,715‌
57‌
Light
&
Wonder
Inc
(d)
335‌
29‌
Live
Nation
Entertainment
Inc
(d)
597‌
78‌
Madison
Square
Garden
Sports
Corp
(d)
4‌
1‌
TKO
Group
Holdings
Inc
40‌
6‌
Vail
Resorts
Inc
116‌
19‌
$
218‌
Environmental
Control
-
0
.83
%
Tetra
Tech
Inc
213‌
6‌
Veralto
Corp
43,258‌
4,216‌
Waste
Management
Inc
1,518‌
351‌
$
4,573‌
Food
-
0
.02
%
Hershey
Co/The
75‌
13‌
Lamb
Weston
Holdings
Inc
169‌
9‌
Performance
Food
Group
Co
(d)
81‌
6‌
Pilgrim's
Pride
Corp
(d)
19‌
1‌
Sysco
Corp
1,155‌
87‌
$
116‌
Hand
&
Machine
Tools
-
0
.00
%
Lincoln
Electric
Holdings
Inc
57‌
11‌
Healthcare
-
Products
-
4
.89
%
10X
Genomics
Inc
(d)
249‌
2‌
Align
Technology
Inc
(d)
167‌
26‌
Bruker
Corp
256‌
11‌
Danaher
Corp
7,634‌
1,565‌
Edwards
Lifesciences
Corp
(d)
414‌
30‌
Exact
Sciences
Corp
(d)
267‌
11‌
GE
HealthCare
Technologies
Inc
158‌
13‌
IDEXX
Laboratories
Inc
(d)
307‌
129‌
Inspire
Medical
Systems
Inc
(d)
108‌
17‌
Insulet
Corp
(d)
264‌
69‌
Intuitive
Surgical
Inc
(d)
27,164‌
13,454‌
Masimo
Corp
(d)
84‌
14‌
Natera
Inc
(d)
10,608‌
1,500‌
Penumbra
Inc
(d)
139‌
37‌
Repligen
Corp
(d)
28‌
4‌
ResMed
Inc
146‌
33‌
Sonova
Holding
AG
ADR
26,216‌
1,528‌
Stryker
Corp
10,843‌
4,036‌
Waters
Corp
(d)
135‌
50‌
West
Pharmaceutical
Services
Inc
20,484‌
4,586‌
$
27,115‌
Healthcare
-
Services
-
1
.90
%
Chemed
Corp
6‌
4‌
Cigna
Group/The
11,621‌
3,823‌
DaVita
Inc
(d)
173‌
26‌
Elevance
Health
Inc
141‌
61‌
Fortrea
Holdings
Inc
(d)
30‌
—‌
HCA
Healthcare
Inc
171‌
59‌
IQVIA
Holdings
Inc
(d)
79‌
14‌
Medpace
Holdings
Inc
(d)
94‌
29‌
Molina
Healthcare
Inc
(d)
135‌
45‌
UnitedHealth
Group
Inc
12,338‌
6,462‌
$
10,523‌
Home
Furnishings
-
0
.01
%
SharkNinja
Inc
(d)
56‌
5‌
Somnigroup
International
Inc
(g)
633‌
38‌
$
43‌
Schedule
of
Investments
LargeCap
Growth
Account
I
March
31,
2025
(unaudited)
See
accompanying
notes.
79
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Insurance
-
1
.57
%
Allstate
Corp/The
151‌
$
31‌
Arthur
J
Gallagher
&
Co
63‌
22‌
Brown
&
Brown
Inc
396‌
49‌
Equitable
Holdings
Inc
1,165‌
61‌
Everest
Group
Ltd
26‌
9‌
Kinsale
Capital
Group
Inc
81‌
39‌
Markel
Group
Inc
(d)
12‌
22‌
Marsh
&
McLennan
Cos
Inc
256‌
63‌
Progressive
Corp/The
29,517‌
8,354‌
RLI
Corp
14‌
1‌
Ryan
Specialty
Holdings
Inc
377‌
28‌
$
8,679‌
Internet
-
21
.59
%
Airbnb
Inc
(d)
1,612‌
192‌
Alphabet
Inc
-
A
Shares
113,145‌
17,497‌
Alphabet
Inc
-
C
Shares
63,002‌
9,843‌
Amazon.com
Inc
(d)
185,028‌
35,203‌
Booking
Holdings
Inc
960‌
4,423‌
CDW
Corp/DE
255‌
41‌
Coupang
Inc
(d)
102,714‌
2,252‌
DoorDash
Inc
-
Class
A
(d)
1,168‌
213‌
Etsy
Inc
(d)
269‌
13‌
Expedia
Group
Inc
462‌
78‌
GoDaddy
Inc
(d)
528‌
95‌
Lyft
Inc
(d)
934‌
11‌
MercadoLibre
Inc
(d)
903‌
1,762‌
Meta
Platforms
Inc
38,749‌
22,333‌
Netflix
Inc
(d)
15,160‌
14,137‌
Palo
Alto
Networks
Inc
(d)
2,444‌
417‌
Pinterest
Inc
(d)
2,218‌
69‌
Roku
Inc
(d)
81‌
6‌
Shopify
Inc
(d)
23,165‌
2,212‌
Spotify
Technology
SA
(d)
555‌
305‌
TripAdvisor
Inc
(d)
40‌
—‌
Trump
Media
&
Technology
Group
Corp
(d),(g)
197‌
4‌
Uber
Technologies
Inc
(d)
116,318‌
8,475‌
VeriSign
Inc
(d)
19‌
5‌
$
119,586‌
Iron
&
Steel
-
0
.00
%
Cleveland-Cliffs
Inc
(d)
582‌
5‌
Leisure
Products
&
Services
-
0
.02
%
Norwegian
Cruise
Line
Holdings
Ltd
(d)
1,662‌
32‌
Planet
Fitness
Inc
(d)
170‌
16‌
Royal
Caribbean
Cruises
Ltd
311‌
64‌
YETI
Holdings
Inc
(d)
90‌
3‌
$
115‌
Lodging
-
1
.45
%
Choice
Hotels
International
Inc
(g)
86‌
11‌
Hilton
Worldwide
Holdings
Inc
34,975‌
7,959‌
Hyatt
Hotels
Corp
25‌
3‌
Las
Vegas
Sands
Corp
1,319‌
51‌
Wyndham
Hotels
&
Resorts
Inc
31‌
3‌
Wynn
Resorts
Ltd
21‌
2‌
$
8,029‌
Machinery
-
Construction
&
Mining
-
0
.03
%
BWX
Technologies
Inc
69‌
7‌
Caterpillar
Inc
256‌
84‌
Vertiv
Holdings
Co
1,355‌
98‌
$
189‌
Machinery
-
Diversified
-
0
.35
%
Cognex
Corp
22‌
1‌
Ingersoll
Rand
Inc
24,101‌
1,929‌
Rockwell
Automation
Inc
39‌
10‌
$
1,940‌
Media
-
0
.01
%
FactSet
Research
Systems
Inc
50‌
23‌
Liberty
Broadband
Corp
-
A
Shares
(d)
12‌
1‌
Liberty
Broadband
Corp
-
C
Shares
(d)
100‌
8‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Media
(continued)
Liberty
Media
Corp-Liberty
Formula
One
-
A
Shares
(d)
35‌
$
3‌
Liberty
Media
Corp-Liberty
Formula
One
-
C
Shares
(d)
275‌
25‌
Nexstar
Media
Group
Inc
44‌
8‌
$
68‌
Metal
Fabrication
&
Hardware
-
0
.00
%
Advanced
Drainage
Systems
Inc
98‌
11‌
Mining
-
0
.01
%
Southern
Copper
Corp
323‌
30‌
Miscellaneous
Manufacturers
-
0
.06
%
3M
Co
383‌
56‌
Axon
Enterprise
Inc
(d)
275‌
145‌
Carlisle
Cos
Inc
23‌
8‌
Illinois
Tool
Works
Inc
415‌
103‌
$
312‌
Office
&
Business
Equipment
-
0
.00
%
Zebra
Technologies
Corp
(d)
43‌
12‌
Oil
&
Gas
-
0
.04
%
Civitas
Resources
Inc
115‌
4‌
EQT
Corp
135‌
7‌
Hess
Corp
684‌
109‌
Matador
Resources
Co
21‌
1‌
Permian
Resources
Corp
515‌
7‌
Texas
Pacific
Land
Corp
71‌
94‌
Viper
Energy
Inc
127‌
6‌
Weatherford
International
PLC
267‌
15‌
$
243‌
Oil
&
Gas
Services
-
0
.26
%
Schlumberger
NV
34,835‌
1,456‌
Packaging
&
Containers
-
0
.00
%
Sealed
Air
Corp
22‌
1‌
Pharmaceuticals
-
3
.32
%
AbbVie
Inc
2,894‌
606‌
Becton
Dickinson
&
Co
4,718‌
1,081‌
Cardinal
Health
Inc
548‌
75‌
Cencora
Inc
656‌
182‌
Dexcom
Inc
(d)
1,477‌
101‌
Eli
Lilly
&
Co
10,430‌
8,614‌
McKesson
Corp
206‌
139‌
Merck
&
Co
Inc
9,580‌
860‌
Neurocrine
Biosciences
Inc
(d)
368‌
41‌
Zoetis
Inc
40,715‌
6,704‌
$
18,403‌
Pipelines
-
0
.05
%
Antero
Midstream
Corp
479‌
9‌
Cheniere
Energy
Inc
431‌
100‌
New
Fortress
Energy
Inc
177‌
1‌
Targa
Resources
Corp
818‌
164‌
$
274‌
Private
Equity
-
0
.08
%
Blackstone
Inc
2,726‌
381‌
KKR
&
Co
Inc
734‌
85‌
$
466‌
Real
Estate
-
1
.11
%
CoStar
Group
Inc
(d)
77,270‌
6,122‌
Jones
Lang
LaSalle
Inc
(d)
54‌
13‌
$
6,135‌
REITs
-
0
.10
%
American
Tower
Corp
1,764‌
384‌
Equinix
Inc
20‌
16‌
Iron
Mountain
Inc
629‌
54‌
Lamar
Advertising
Co
85‌
10‌
Public
Storage
88‌
26‌
Simon
Property
Group
Inc
313‌
52‌
$
542‌
Schedule
of
Investments
LargeCap
Growth
Account
I
March
31,
2025
(unaudited)
See
accompanying
notes.
80
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Retail
-
3
.18
%
AutoZone
Inc
(d)
58‌
$
221‌
Burlington
Stores
Inc
(d)
241‌
58‌
CarMax
Inc
(d)
46‌
4‌
Carvana
Co
(d)
140‌
29‌
Casey's
General
Stores
Inc
24‌
10‌
Cava
Group
Inc
(d)
284‌
25‌
Chipotle
Mexican
Grill
Inc
(d)
46,566‌
2,338‌
Costco
Wholesale
Corp
11,810‌
11,170‌
Darden
Restaurants
Inc
234‌
49‌
Dick's
Sporting
Goods
Inc
18‌
4‌
Domino's
Pizza
Inc
45‌
21‌
Dutch
Bros
Inc
(d)
160‌
10‌
Ferguson
Enterprises
Inc
50‌
8‌
Five
Below
Inc
(d)
160‌
12‌
Floor
&
Decor
Holdings
Inc
(d)
142‌
11‌
Freshpet
Inc
(d)
55‌
5‌
Home
Depot
Inc/The
2,990‌
1,096‌
Lululemon
Athletica
Inc
(d)
3,983‌
1,127‌
McDonald's
Corp
175‌
55‌
Murphy
USA
Inc
69‌
32‌
O'Reilly
Automotive
Inc
(d)
201‌
288‌
RH
(d)
14‌
3‌
Ross
Stores
Inc
283‌
36‌
Starbucks
Corp
3,331‌
327‌
Texas
Roadhouse
Inc
251‌
42‌
TJX
Cos
Inc/The
2,538‌
309‌
Tractor
Supply
Co
2,022‌
111‌
Ulta
Beauty
Inc
(d)
150‌
55‌
Wendy's
Co/The
300‌
4‌
Williams-Sonoma
Inc
270‌
43‌
Wingstop
Inc
108‌
24‌
Yum!
Brands
Inc
409‌
64‌
$
17,591‌
Semiconductors
-
11
.35
%
Advanced
Micro
Devices
Inc
(d)
4,014‌
412‌
Applied
Materials
Inc
2,823‌
410‌
ASML
Holding
NV
-
NY
Reg
Shares
1,708‌
1,132‌
Astera
Labs
Inc
(d)
23‌
1‌
Broadcom
Inc
49,703‌
8,322‌
Entegris
Inc
26,602‌
2,327‌
KLA
Corp
503‌
342‌
Lam
Research
Corp
4,856‌
353‌
Lattice
Semiconductor
Corp
(d)
432‌
23‌
Marvell
Technology
Inc
98,318‌
6,053‌
MKS
Instruments
Inc
9‌
1‌
Monolithic
Power
Systems
Inc
177‌
103‌
NVIDIA
Corp
359,384‌
38,950‌
NXP
Semiconductors
NV
19,538‌
3,713‌
Onto
Innovation
Inc
(d)
47‌
6‌
QUALCOMM
Inc
3,963‌
609‌
Teradyne
Inc
538‌
44‌
Texas
Instruments
Inc
416‌
75‌
$
62,876‌
Software
-
21
.73
%
Adobe
Inc
(d)
1,647‌
632‌
Appfolio
Inc
(d)
83‌
18‌
AppLovin
Corp
(d)
6,944‌
1,840‌
Atlassian
Corp
(d)
612‌
130‌
Autodesk
Inc
(d)
28,925‌
7,573‌
Bentley
Systems
Inc
508‌
20‌
BILL
Holdings
Inc
(d)
93‌
4‌
Broadridge
Financial
Solutions
Inc
405‌
98‌
Cadence
Design
Systems
Inc
(d)
20,189‌
5,135‌
Cloudflare
Inc
(d)
1,152‌
130‌
Confluent
Inc
(d)
905‌
21‌
Datadog
Inc
(d)
35,227‌
3,495‌
Dayforce
Inc
(d)
57‌
3‌
Docusign
Inc
(d)
749‌
61‌
DoubleVerify
Holdings
Inc
(d)
351‌
5‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Software
(continued)
Doximity
Inc
(d)
27‌
$
2‌
Dropbox
Inc
-
A
Shares
(d)
267‌
7‌
Duolingo
Inc
(d)
143‌
44‌
Dynatrace
Inc
(d)
19,658‌
927‌
Elastic
NV
(d)
329‌
29‌
Fair
Isaac
Corp
(d)
1,060‌
1,955‌
Fiserv
Inc
(d)
30,463‌
6,728‌
Five9
Inc
(d)
275‌
7‌
Gitlab
Inc
(d)
476‌
22‌
Guidewire
Software
Inc
(d)
136‌
25‌
HubSpot
Inc
(d)
3,806‌
2,174‌
Intuit
Inc
26,605‌
16,336‌
Magic
Leap
Inc
(d),(e),(f)
371‌
—‌
Manhattan
Associates
Inc
(d)
225‌
39‌
Microsoft
Corp
126,660‌
47,547‌
MicroStrategy
Inc
(d)
55‌
16‌
MongoDB
Inc
(d)
270‌
47‌
MSCI
Inc
166‌
94‌
nCino
Inc
(d)
218‌
6‌
Nutanix
Inc
(d)
262‌
18‌
Oracle
Corp
6,040‌
844‌
Palantir
Technologies
Inc
(d)
7,777‌
656‌
Paychex
Inc
436‌
67‌
Paycom
Software
Inc
121‌
26‌
Paycor
HCM
Inc
(d)
39‌
1‌
Pegasystems
Inc
165‌
11‌
Procore
Technologies
Inc
(d)
395‌
26‌
PTC
Inc
(d)
271‌
42‌
RingCentral
Inc
(d)
304‌
8‌
ROBLOX
Corp
(d)
1,989‌
116‌
Salesforce
Inc
2,961‌
795‌
SentinelOne
Inc
(d)
156‌
3‌
ServiceNow
Inc
(d)
14,830‌
11,807‌
Snowflake
Inc
-
Class
A
(d)
1,182‌
173‌
Stripe
Inc
-
Class
B
(d),(e),(f)
5,754‌
204‌
Synopsys
Inc
(d)
583‌
250‌
Teradata
Corp
(d)
353‌
8‌
Twilio
Inc
(d)
111‌
11‌
Tyler
Technologies
Inc
(d)
136‌
79‌
UiPath
Inc
(d)
1,352‌
14‌
Unity
Software
Inc
(d)
519‌
10‌
Veeva
Systems
Inc
(d)
15,244‌
3,531‌
Workday
Inc
(d)
27,749‌
6,480‌
$
120,350‌
Telecommunications
-
0
.08
%
Arista
Networks
Inc
(d)
3,892‌
301‌
Iridium
Communications
Inc
28‌
1‌
Motorola
Solutions
Inc
296‌
130‌
Ubiquiti
Inc
5‌
1‌
$
433‌
Toys,
Games
&
Hobbies
-
0
.00
%
Hasbro
Inc
458‌
28‌
Transportation
-
0
.08
%
Expeditors
International
of
Washington
Inc
85‌
10‌
Old
Dominion
Freight
Line
Inc
732‌
121‌
Saia
Inc
(d)
57‌
20‌
Union
Pacific
Corp
1,106‌
261‌
XPO
Inc
(d)
432‌
47‌
$
459‌
TOTAL
COMMON
STOCKS
$
540,651‌
Total
Investments
$
554,175‌
Other
Assets
and
Liabilities
-  (0.04)%
(
220‌
)
TOTAL
NET
ASSETS
-
100.00%
$
553,955‌
Schedule
of
Investments
LargeCap
Growth
Account
I
March
31,
2025
(unaudited)
See
accompanying
notes.
81
(a)
1-day
yield
shown
is
as
of
period
end.
(b)
Security
or
a
portion
of
the
security
was
received
as
collateral
for
securities
lending.
At
the
end
of
the
period,
the
value
of
these
securities
totaled
$56
or
0.01%
of
net
assets.
(c)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940,
as
amended,
(the
"1940
Act"))
or
an
affiliate
as
defined
by
the
1940
Act
(controls
5.00%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
Affiliated
Securities
sub-schedule
for
transactional
information.
(d)
Non-income
producing
security
(e)
The
value
of
these
investments
was
determined
using
significant
unobservable
inputs,
in
good
faith
by
the
Manager,
under
procedures
established
and
periodically
reviewed
by
the
Board
of
Directors.
(f)
Restricted
Security.
Please
see
Restricted
Securities
sub-schedule
for
additional
information.
(g)
Security
or
a
portion
of
the
security
was
on
loan.  At
the
end
of
the
period,
the
value
of
these
securities
totaled
$55
or
0.01%
of
net
assets.
Affiliated
Securities
December
31,
2024
Purchases
Sales
March
31,
2025
Value
Cost
Proceeds
Value
Principal
Government
Money
Market
Fund
-
Class
R-6
4.18%
$
12,206‌
$
51,531‌
$
53,168‌
$
10,569‌
$
12,206‌
$
51,531‌
$
53,168‌
$
10,569‌
Income
(a)
Realized
Gain/(Loss)
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
(Loss)
Principal
Government
Money
Market
Fund
-
Class
R-6
4.18%
$
140‌
$
—‌
$
—‌
$
—‌
$
140‌
$
—‌
$
—‌
$
—‌
Amounts
in
thousands.
(a)
Amount
excludes
earnings
from
securities
lending
collateral.
Restricted
Securities
Security
Name
Acquisition
Date
Cost
Value
Percent
of
Net
Assets
Magic
Leap
Inc
01/20/2016-10/12/2017
$
182‌
$
—‌
0.00%
Nuro
-
Series
C  
0.00%
10/30/2020
228‌
225‌
0.04%
Rappi
Inc
-
Series
E  
0.00%
09/08/2020
306‌
112‌
0.02%
Sila
Nano
Series
F  
0.00%
01/07/2021
204‌
96‌
0.02%
Stripe
Inc
-
Class
B
12/17/2019
90‌
204‌
0.04%
Waymo
LLC
Series
A-2  
0.00%
05/08/2020
214‌
264‌
0.05%
Total
$
901‌
0.17%
Amounts
in
thousands.
Futures
Contracts
Description
and
Expiration
Date
Type
Contracts
Notional
Amount
Value
and
Unrealized
Appreciation/(Depreciation)
S&P
500
Emini;
June
2025
Long
11‌
$
3,109‌
$
(
44‌
)
Total
$
(
44‌
)
Amounts
in
thousands
except
contracts.
Schedule
of
Investments
LargeCap
S&P
500
Index
Account
March
31,
2025
(unaudited)
See
accompanying
notes.
82
INVESTMENT
COMPANIES
-
3
.17
%
Shares
Held
Value
(000's)
Exchange-Traded
Funds
-
0
.36
%
iShares
Core
S&P
500
ETF
15,516‌
$
8,718‌
Money
Market
Funds
-
2
.81
%
BlackRock
Liquidity
FedFund
-
Institutional
Class
4.23%
(a),(b)
352,009‌
352‌
Principal
Government
Money
Market
Fund
-
Class
R-6
4.18%
(a),(c)
68,183,616‌
68,184‌
$
68,536‌
TOTAL
INVESTMENT
COMPANIES
$
77,254‌
COMMON
STOCKS
-
97
.11
%
Shares
Held
Value
(000's)
Advertising
-
0
.05
%
Interpublic
Group
of
Cos
Inc/The
18,558‌
$
504‌
Omnicom
Group
Inc
9,784‌
811‌
$
1,315‌
Aerospace
&
Defense
-
1
.88
%
Boeing
Co/The
(d)
37,354‌
6,371‌
General
Dynamics
Corp
12,638‌
3,445‌
General
Electric
Co
53,453‌
10,699‌
Howmet
Aerospace
Inc
20,172‌
2,617‌
L3Harris
Technologies
Inc
9,379‌
1,963‌
Lockheed
Martin
Corp
10,434‌
4,661‌
Northrop
Grumman
Corp
6,777‌
3,470‌
RTX
Corp
66,341‌
8,787‌
TransDigm
Group
Inc
2,794‌
3,865‌
$
45,878‌
Agriculture
-
0
.78
%
Altria
Group
Inc
84,405‌
5,066‌
Archer-Daniels-Midland
Co
23,831‌
1,144‌
Bunge
Global
SA
6,648‌
508‌
Philip
Morris
International
Inc
77,435‌
12,291‌
$
19,009‌
Airlines
-
0
.14
%
Delta
Air
Lines
Inc
31,954‌
1,393‌
Southwest
Airlines
Co
29,516‌
991‌
United
Airlines
Holdings
Inc
(d)
16,379‌
1,131‌
$
3,515‌
Apparel
-
0
.24
%
Deckers
Outdoor
Corp
(d)
7,559‌
845‌
NIKE
Inc
58,829‌
3,734‌
Ralph
Lauren
Corp
1,987‌
439‌
Tapestry
Inc
10,310‌
726‌
$
5,744‌
Automobile
Manufacturers
-
1
.85
%
Cummins
Inc
6,845‌
2,146‌
Ford
Motor
Co
193,859‌
1,944‌
General
Motors
Co
49,554‌
2,331‌
PACCAR
Inc
26,117‌
2,543‌
Tesla
Inc
(d)
139,363‌
36,117‌
$
45,081‌
Automobile
Parts
&
Equipment
-
0
.03
%
Aptiv
PLC
(d)
11,427‌
680‌
Banks
-
4
.23
%
Bank
of
America
Corp
329,761‌
13,761‌
Bank
of
New
York
Mellon
Corp/The
35,743‌
2,998‌
Citigroup
Inc
93,484‌
6,636‌
Citizens
Financial
Group
Inc
21,771‌
892‌
Fifth
Third
Bancorp
33,361‌
1,308‌
Goldman
Sachs
Group
Inc/The
15,541‌
8,490‌
Huntington
Bancshares
Inc/OH
72,399‌
1,087‌
JPMorgan
Chase
&
Co
139,252‌
34,158‌
KeyCorp
49,607‌
793‌
M&T
Bank
Corp
8,264‌
1,477‌
Morgan
Stanley
61,625‌
7,190‌
Northern
Trust
Corp
9,760‌
963‌
PNC
Financial
Services
Group
Inc/The
19,719‌
3,466‌
Regions
Financial
Corp
45,278‌
984‌
State
Street
Corp
14,367‌
1,286‌
Truist
Financial
Corp
65,537‌
2,697‌
US
Bancorp
77,691‌
3,280‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Banks
(continued)
Wells
Fargo
&
Co
163,794‌
$
11,759‌
$
103,225‌
Beverages
-
1
.25
%
Brown-Forman
Corp
-
B
Shares
9,072‌
308‌
Coca-Cola
Co/The
192,823‌
13,810‌
Constellation
Brands
Inc
7,740‌
1,420‌
Keurig
Dr
Pepper
Inc
59,460‌
2,035‌
Molson
Coors
Beverage
Co
8,575‌
522‌
Monster
Beverage
Corp
(d)
34,873‌
2,041‌
PepsiCo
Inc
68,304‌
10,241‌
$
30,377‌
Biotechnology
-
1
.19
%
Amgen
Inc
26,755‌
8,336‌
Biogen
Inc
(d)
7,288‌
997‌
Corteva
Inc
34,143‌
2,149‌
Gilead
Sciences
Inc
62,068‌
6,955‌
Incyte
Corp
(d)
7,998‌
484‌
Moderna
Inc
(d)
16,867‌
478‌
Regeneron
Pharmaceuticals
Inc
5,240‌
3,323‌
Vertex
Pharmaceuticals
Inc
(d)
12,789‌
6,200‌
$
28,922‌
Building
Materials
-
0
.60
%
Builders
FirstSource
Inc
(d)
5,732‌
716‌
Carrier
Global
Corp
40,219‌
2,550‌
Johnson
Controls
International
plc
32,877‌
2,634‌
Lennox
International
Inc
1,595‌
895‌
Martin
Marietta
Materials
Inc
3,044‌
1,455‌
Masco
Corp
10,558‌
734‌
Mohawk
Industries
Inc
(d)
2,610‌
298‌
Trane
Technologies
PLC
11,171‌
3,764‌
Vulcan
Materials
Co
6,577‌
1,534‌
$
14,580‌
Chemicals
-
1
.21
%
Air
Products
and
Chemicals
Inc
11,078‌
3,267‌
Albemarle
Corp
5,855‌
422‌
CF
Industries
Holdings
Inc
8,669‌
677‌
Dow
Inc
35,051‌
1,224‌
DuPont
de
Nemours
Inc
20,819‌
1,555‌
Eastman
Chemical
Co
5,736‌
505‌
Ecolab
Inc
12,551‌
3,182‌
International
Flavors
&
Fragrances
Inc
12,734‌
988‌
Linde
PLC
23,714‌
11,042‌
LyondellBasell
Industries
NV
12,909‌
909‌
Mosaic
Co/The
15,825‌
427‌
PPG
Industries
Inc
11,555‌
1,264‌
Sherwin-Williams
Co/The
11,540‌
4,030‌
$
29,492‌
Commercial
Services
-
1
.46
%
Automatic
Data
Processing
Inc
20,264‌
6,191‌
Cintas
Corp
17,081‌
3,511‌
Corpay
Inc
(d)
3,472‌
1,211‌
Equifax
Inc
6,173‌
1,503‌
Global
Payments
Inc
12,332‌
1,208‌
MarketAxess
Holdings
Inc
1,878‌
406‌
Moody's
Corp
7,710‌
3,590‌
PayPal
Holdings
Inc
(d)
49,267‌
3,215‌
Quanta
Services
Inc
7,352‌
1,869‌
Rollins
Inc
13,988‌
756‌
S&P
Global
Inc
15,688‌
7,971‌
United
Rentals
Inc
3,253‌
2,039‌
Verisk
Analytics
Inc
7,033‌
2,093‌
$
35,563‌
Computers
-
8
.47
%
Accenture
PLC
-
Class
A
31,149‌
9,720‌
Apple
Inc
748,127‌
166,181‌
Cognizant
Technology
Solutions
Corp
24,634‌
1,885‌
Crowdstrike
Holdings
Inc
(d)
12,265‌
4,324‌
Dell
Technologies
Inc
15,535‌
1,416‌
Schedule
of
Investments
LargeCap
S&P
500
Index
Account
March
31,
2025
(unaudited)
See
accompanying
notes.
83
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Computers
(continued)
EPAM
Systems
Inc
(d)
2,825‌
$
477‌
Fortinet
Inc
(d)
31,683‌
3,050‌
Gartner
Inc
(d)
3,826‌
1,606‌
Hewlett
Packard
Enterprise
Co
65,409‌
1,009‌
HP
Inc
46,705‌
1,293‌
International
Business
Machines
Corp
46,050‌
11,451‌
Leidos
Holdings
Inc
6,533‌
882‌
NetApp
Inc
10,126‌
889‌
Seagate
Technology
Holdings
PLC
10,542‌
896‌
Super
Micro
Computer
Inc
(d)
25,080‌
859‌
Western
Digital
Corp
(d)
17,321‌
700‌
$
206,638‌
Consumer
Products
-
0
.22
%
Avery
Dennison
Corp
4,001‌
712‌
Church
&
Dwight
Co
Inc
12,248‌
1,348‌
Clorox
Co/The
6,136‌
904‌
Kimberly-Clark
Corp
16,519‌
2,349‌
$
5,313‌
Cosmetics
&
Personal
Care
-
1
.10
%
Colgate-Palmolive
Co
40,417‌
3,787‌
Estee
Lauder
Cos
Inc/The
11,661‌
770‌
Kenvue
Inc
95,483‌
2,290‌
Procter
&
Gamble
Co/The
(e)
116,779‌
19,901‌
$
26,748‌
Distribution
&
Wholesale
-
0
.33
%
Copart
Inc
(d)
43,668‌
2,471‌
Fastenal
Co
28,556‌
2,214‌
LKQ
Corp
12,951‌
551‌
Pool
Corp
1,896‌
604‌
WW
Grainger
Inc
2,208‌
2,181‌
$
8,021‌
Diversified
Financial
Services
-
4
.12
%
American
Express
Co
27,641‌
7,437‌
Ameriprise
Financial
Inc
4,791‌
2,319‌
Apollo
Global
Management
Inc
22,262‌
3,049‌
Blackrock
Inc
7,251‌
6,863‌
Capital
One
Financial
Corp
18,985‌
3,404‌
Cboe
Global
Markets
Inc
5,214‌
1,180‌
Charles
Schwab
Corp/The
84,868‌
6,643‌
CME
Group
Inc
17,947‌
4,761‌
Discover
Financial
Services
12,501‌
2,134‌
Franklin
Resources
Inc
15,437‌
297‌
Intercontinental
Exchange
Inc
28,613‌
4,936‌
Invesco
Ltd
22,312‌
338‌
Mastercard
Inc
40,560‌
22,232‌
Nasdaq
Inc
20,610‌
1,564‌
Raymond
James
Financial
Inc
9,183‌
1,276‌
Synchrony
Financial
19,361‌
1,025‌
T
Rowe
Price
Group
Inc
11,086‌
1,018‌
Visa
Inc
85,827‌
30,079‌
$
100,555‌
Electric
-
2
.32
%
AES
Corp/The
35,421‌
440‌
Alliant
Energy
Corp
12,783‌
823‌
Ameren
Corp
13,440‌
1,349‌
American
Electric
Power
Co
Inc
26,554‌
2,902‌
CenterPoint
Energy
Inc
32,458‌
1,176‌
CMS
Energy
Corp
14,881‌
1,118‌
Consolidated
Edison
Inc
17,256‌
1,908‌
Constellation
Energy
Corp
15,581‌
3,142‌
Dominion
Energy
Inc
41,835‌
2,346‌
DTE
Energy
Co
10,320‌
1,427‌
Duke
Energy
Corp
38,645‌
4,714‌
Edison
International
19,281‌
1,136‌
Entergy
Corp
21,357‌
1,826‌
Evergy
Inc
11,454‌
790‌
Eversource
Energy
18,265‌
1,134‌
Exelon
Corp
50,055‌
2,307‌
FirstEnergy
Corp
25,545‌
1,032‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Electric
(continued)
NextEra
Energy
Inc
102,413‌
$
7,260‌
NRG
Energy
Inc
10,091‌
963‌
PG&E
Corp
109,243‌
1,877‌
Pinnacle
West
Capital
Corp
5,662‌
539‌
PPL
Corp
36,764‌
1,328‌
Public
Service
Enterprise
Group
Inc
24,813‌
2,042‌
Sempra
31,545‌
2,251‌
Southern
Co/The
54,568‌
5,017‌
Vistra
Corp
16,945‌
1,990‌
WEC
Energy
Group
Inc
15,820‌
1,724‌
Xcel
Energy
Inc
28,599‌
2,024‌
$
56,585‌
Electrical
Components
&
Equipment
-
0
.44
%
AMETEK
Inc
11,520‌
1,983‌
Eaton
Corp
PLC
19,682‌
5,350‌
Emerson
Electric
Co
28,084‌
3,079‌
Generac
Holdings
Inc
(d)
2,967‌
376‌
$
10,788‌
Electronics
-
0
.87
%
Allegion
plc
4,329‌
565‌
Amphenol
Corp
60,313‌
3,956‌
Fortive
Corp
16,993‌
1,244‌
Garmin
Ltd
7,651‌
1,661‌
Honeywell
International
Inc
32,384‌
6,857‌
Hubbell
Inc
2,673‌
884‌
Jabil
Inc
5,456‌
742‌
Keysight
Technologies
Inc
(d)
8,612‌
1,290‌
Mettler-Toledo
International
Inc
(d)
1,042‌
1,230‌
TE
Connectivity
PLC
14,859‌
2,100‌
Trimble
Inc
(d)
12,240‌
804‌
$
21,333‌
Energy
-
Alternate
Sources
-
0
.04
%
Enphase
Energy
Inc
(d)
6,598‌
410‌
First
Solar
Inc
(d)
5,333‌
674‌
$
1,084‌
Engineering
&
Construction
-
0
.03
%
Jacobs
Solutions
Inc
6,103‌
738‌
Entertainment
-
0
.07
%
Caesars
Entertainment
Inc
(d)
10,585‌
265‌
Live
Nation
Entertainment
Inc
(d)
7,810‌
1,020‌
TKO
Group
Holdings
Inc
3,315‌
506‌
$
1,791‌
Environmental
Control
-
0
.35
%
Pentair
PLC
8,229‌
720‌
Republic
Services
Inc
10,110‌
2,448‌
Veralto
Corp
12,317‌
1,201‌
Waste
Management
Inc
18,190‌
4,211‌
$
8,580‌
Food
-
0
.75
%
Conagra
Brands
Inc
23,776‌
634‌
General
Mills
Inc
27,453‌
1,641‌
Hershey
Co/The
7,358‌
1,259‌
Hormel
Foods
Corp
14,490‌
448‌
J
M
Smucker
Co/The
5,301‌
628‌
Kellanova
13,392‌
1,105‌
Kraft
Heinz
Co/The
43,445‌
1,322‌
Kroger
Co/The
33,158‌
2,245‌
Lamb
Weston
Holdings
Inc
7,104‌
379‌
McCormick
&
Co
Inc/MD
12,575‌
1,035‌
Mondelez
International
Inc
64,421‌
4,371‌
Sysco
Corp
24,365‌
1,828‌
The
Campbell's
Company
9,797‌
391‌
Tyson
Foods
Inc
14,251‌
909‌
$
18,195‌
Forest
Products
&
Paper
-
0
.06
%
International
Paper
Co
26,257‌
1,401‌
Schedule
of
Investments
LargeCap
S&P
500
Index
Account
March
31,
2025
(unaudited)
See
accompanying
notes.
84
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Gas
-
0
.09
%
Atmos
Energy
Corp
7,904‌
$
1,222‌
NiSource
Inc
23,403‌
938‌
$
2,160‌
Hand
&
Machine
Tools
-
0
.06
%
Snap-on
Inc
2,610‌
880‌
Stanley
Black
&
Decker
Inc
7,677‌
590‌
$
1,470‌
Healthcare
-
Products
-
3
.05
%
Abbott
Laboratories
86,380‌
11,458‌
Agilent
Technologies
Inc
14,209‌
1,662‌
Align
Technology
Inc
(d)
3,495‌
555‌
Baxter
International
Inc
25,429‌
870‌
Bio-Techne
Corp
7,874‌
462‌
Boston
Scientific
Corp
(d)
73,401‌
7,405‌
Cooper
Cos
Inc/The
(d)
9,938‌
838‌
Danaher
Corp
31,874‌
6,534‌
Edwards
Lifesciences
Corp
(d)
29,374‌
2,129‌
GE
HealthCare
Technologies
Inc
22,773‌
1,838‌
Hologic
Inc
(d)
11,176‌
690‌
IDEXX
Laboratories
Inc
(d)
4,079‌
1,713‌
Insulet
Corp
(d)
3,494‌
918‌
Intuitive
Surgical
Inc
(d)
17,761‌
8,797‌
Medtronic
PLC
63,861‌
5,739‌
ResMed
Inc
7,313‌
1,637‌
Revvity
Inc
6,063‌
642‌
Solventum
Corp
(d)
6,885‌
524‌
STERIS
PLC
4,894‌
1,109‌
Stryker
Corp
17,102‌
6,366‌
Thermo
Fisher
Scientific
Inc
19,050‌
9,479‌
Waters
Corp
(d)
2,958‌
1,090‌
West
Pharmaceutical
Services
Inc
3,607‌
808‌
Zimmer
Biomet
Holdings
Inc
9,915‌
1,122‌
$
74,385‌
Healthcare
-
Services
-
1
.85
%
Centene
Corp
(d)
24,698‌
1,499‌
Charles
River
Laboratories
International
Inc
(d)
2,548‌
384‌
Cigna
Group/The
13,636‌
4,486‌
DaVita
Inc
(d)
2,192‌
335‌
Elevance
Health
Inc
11,551‌
5,024‌
HCA
Healthcare
Inc
8,905‌
3,077‌
Humana
Inc
6,007‌
1,589‌
IQVIA
Holdings
Inc
(d)
8,332‌
1,469‌
Labcorp
Holdings
Inc
4,154‌
967‌
Molina
Healthcare
Inc
(d)
2,765‌
911‌
Quest
Diagnostics
Inc
5,529‌
936‌
UnitedHealth
Group
Inc
45,833‌
24,005‌
Universal
Health
Services
Inc
2,925‌
550‌
$
45,232‌
Home
Builders
-
0
.21
%
DR
Horton
Inc
14,125‌
1,796‌
Lennar
Corp
-
A
Shares
11,630‌
1,335‌
NVR
Inc
(d)
149‌
1,079‌
PulteGroup
Inc
10,083‌
1,037‌
$
5,247‌
Insurance
-
4
.32
%
Aflac
Inc
24,651‌
2,741‌
Allstate
Corp/The
13,196‌
2,732‌
American
International
Group
Inc
29,550‌
2,569‌
Aon
PLC
10,771‌
4,299‌
Arch
Capital
Group
Ltd
18,670‌
1,796‌
Arthur
J
Gallagher
&
Co
12,666‌
4,373‌
Assurant
Inc
2,554‌
536‌
Berkshire
Hathaway
Inc
-
Class
B
(d)
91,285‌
48,616‌
Brown
&
Brown
Inc
11,820‌
1,470‌
Chubb
Ltd
18,560‌
5,605‌
Cincinnati
Financial
Corp
7,787‌
1,150‌
Erie
Indemnity
Co
1,243‌
521‌
Everest
Group
Ltd
2,141‌
778‌
Globe
Life
Inc
4,182‌
551‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Insurance
(continued)
Hartford
Insurance
Group
Inc/The
14,324‌
$
1,772‌
Loews
Corp
8,799‌
809‌
Marsh
&
McLennan
Cos
Inc
24,460‌
5,969‌
MetLife
Inc
28,832‌
2,315‌
Principal
Financial
Group
Inc
10,480‌
884‌
Progressive
Corp/The
29,175‌
8,257‌
Prudential
Financial
Inc
17,631‌
1,969‌
Travelers
Cos
Inc/The
11,292‌
2,986‌
W
R
Berkley
Corp
14,954‌
1,064‌
Willis
Towers
Watson
PLC
4,971‌
1,680‌
$
105,442‌
Internet
-
11
.82
%
Airbnb
Inc
(d)
21,559‌
2,575‌
Alphabet
Inc
-
A
Shares
290,495‌
44,922‌
Alphabet
Inc
-
C
Shares
235,434‌
36,782‌
Amazon.com
Inc
(d)
469,728‌
89,370‌
Booking
Holdings
Inc
1,649‌
7,597‌
CDW
Corp/DE
6,637‌
1,064‌
DoorDash
Inc
-
Class
A
(d)
16,894‌
3,088‌
eBay
Inc
23,856‌
1,616‌
Expedia
Group
Inc
6,141‌
1,032‌
F5
Inc
(d)
2,872‌
765‌
Gen
Digital
Inc
27,013‌
717‌
GoDaddy
Inc
(d)
7,031‌
1,267‌
Match
Group
Inc
12,509‌
390‌
Meta
Platforms
Inc
109,060‌
62,858‌
Netflix
Inc
(d)
21,302‌
19,865‌
Palo
Alto
Networks
Inc
(d)
32,973‌
5,626‌
Uber
Technologies
Inc
(d)
104,037‌
7,580‌
VeriSign
Inc
(d)
4,052‌
1,029‌
$
288,143‌
Iron
&
Steel
-
0
.09
%
Nucor
Corp
11,695‌
1,407‌
Steel
Dynamics
Inc
7,052‌
882‌
$
2,289‌
Leisure
Products
&
Services
-
0
.16
%
Carnival
Corp
(d)
52,181‌
1,019‌
Norwegian
Cruise
Line
Holdings
Ltd
(d)
21,906‌
416‌
Royal
Caribbean
Cruises
Ltd
12,330‌
2,533‌
$
3,968‌
Lodging
-
0
.28
%
Hilton
Worldwide
Holdings
Inc
11,983‌
2,727‌
Las
Vegas
Sands
Corp
17,115‌
661‌
Marriott
International
Inc/MD
11,397‌
2,715‌
MGM
Resorts
International
(d)
11,143‌
330‌
Wynn
Resorts
Ltd
4,462‌
372‌
$
6,805‌
Machinery
-
Construction
&
Mining
-
0
.49
%
Caterpillar
Inc
23,803‌
7,850‌
GE
Vernova
Inc
13,739‌
4,194‌
$
12,044‌
Machinery
-
Diversified
-
0
.67
%
Deere
&
Co
12,615‌
5,921‌
Dover
Corp
6,835‌
1,201‌
IDEX
Corp
3,773‌
683‌
Ingersoll
Rand
Inc
20,065‌
1,606‌
Nordson
Corp
2,701‌
545‌
Otis
Worldwide
Corp
19,748‌
2,038‌
Rockwell
Automation
Inc
5,630‌
1,454‌
Westinghouse
Air
Brake
Technologies
Corp
8,509‌
1,543‌
Xylem
Inc/NY
12,100‌
1,445‌
$
16,436‌
Media
-
0
.89
%
Charter
Communications
Inc
(d)
4,808‌
1,772‌
Comcast
Corp
-
Class
A
187,832‌
6,931‌
FactSet
Research
Systems
Inc
1,894‌
861‌
Fox
Corp
-
A
Shares
10,850‌
614‌
Fox
Corp
-
B
Shares
6,572‌
346‌
Schedule
of
Investments
LargeCap
S&P
500
Index
Account
March
31,
2025
(unaudited)
See
accompanying
notes.
85
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Media
(continued)
News
Corp
-
A
Shares
18,829‌
$
513‌
News
Corp
-
B
Shares
5,564‌
169‌
Paramount
Global
-
Class
B
(f)
29,631‌
354‌
Walt
Disney
Co/The
90,032‌
8,886‌
Warner
Bros
Discovery
Inc
(d)
111,177‌
1,193‌
$
21,639‌
Mining
-
0
.22
%
Freeport-McMoRan
Inc
71,570‌
2,710‌
Newmont
Corp
56,698‌
2,737‌
$
5,447‌
Miscellaneous
Manufacturers
-
0
.63
%
3M
Co
27,038‌
3,971‌
A
O
Smith
Corp
5,882‌
384‌
Axon
Enterprise
Inc
(d)
3,608‌
1,898‌
Illinois
Tool
Works
Inc
13,302‌
3,299‌
Parker-Hannifin
Corp
6,413‌
3,898‌
Teledyne
Technologies
Inc
(d)
2,321‌
1,155‌
Textron
Inc
9,093‌
657‌
$
15,262‌
Office
&
Business
Equipment
-
0
.03
%
Zebra
Technologies
Corp
(d)
2,559‌
723‌
Oil
&
Gas
-
2
.83
%
APA
Corp
18,429‌
387‌
Chevron
Corp
83,234‌
13,924‌
ConocoPhillips
63,542‌
6,673‌
Coterra
Energy
Inc
36,677‌
1,060‌
Devon
Energy
Corp
32,716‌
1,223‌
Diamondback
Energy
Inc
9,307‌
1,488‌
EOG
Resources
Inc
28,012‌
3,592‌
EQT
Corp
29,717‌
1,588‌
Expand
Energy
Corp
10,472‌
1,166‌
Exxon
Mobil
Corp
216,788‌
25,783‌
Hess
Corp
13,765‌
2,199‌
Marathon
Petroleum
Corp
15,738‌
2,293‌
Occidental
Petroleum
Corp
33,647‌
1,661‌
Phillips
66
20,568‌
2,540‌
Texas
Pacific
Land
Corp
939‌
1,244‌
Valero
Energy
Corp
15,767‌
2,082‌
$
68,903‌
Oil
&
Gas
Services
-
0
.25
%
Baker
Hughes
Co
49,308‌
2,167‌
Halliburton
Co
43,234‌
1,097‌
Schlumberger
NV
69,766‌
2,916‌
$
6,180‌
Packaging
&
Containers
-
0
.14
%
Amcor
PLC
71,982‌
698‌
Ball
Corp
14,866‌
774‌
Packaging
Corp
of
America
4,442‌
880‌
Smurfit
WestRock
PLC
24,616‌
1,109‌
$
3,461‌
Pharmaceuticals
-
4
.80
%
AbbVie
Inc
87,918‌
18,421‌
Becton
Dickinson
&
Co
14,301‌
3,276‌
Bristol-Myers
Squibb
Co
101,062‌
6,164‌
Cardinal
Health
Inc
12,031‌
1,657‌
Cencora
Inc
8,596‌
2,390‌
CVS
Health
Corp
62,789‌
4,254‌
Dexcom
Inc
(d)
19,458‌
1,329‌
Eli
Lilly
&
Co
39,241‌
32,409‌
Henry
Schein
Inc
(d)
6,211‌
425‌
Johnson
&
Johnson
119,905‌
19,885‌
McKesson
Corp
6,242‌
4,201‌
Merck
&
Co
Inc
125,981‌
11,308‌
Pfizer
Inc
282,227‌
7,152‌
Viatris
Inc
59,462‌
518‌
Zoetis
Inc
22,302‌
3,672‌
$
117,061‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Pipelines
-
0
.48
%
Kinder
Morgan
Inc
96,273‌
$
2,747‌
ONEOK
Inc
30,900‌
3,066‌
Targa
Resources
Corp
10,861‌
2,177‌
Williams
Cos
Inc/The
60,710‌
3,628‌
$
11,618‌
Private
Equity
-
0
.37
%
Blackstone
Inc
36,450‌
5,095‌
KKR
&
Co
Inc
33,620‌
3,887‌
$
8,982‌
Real
Estate
-
0
.15
%
CBRE
Group
Inc
(d)
14,721‌
1,925‌
CoStar
Group
Inc
(d)
20,987‌
1,663‌
$
3,588‌
REITs
-
2
.06
%
Alexandria
Real
Estate
Equities
Inc
7,673‌
710‌
American
Tower
Corp
23,273‌
5,064‌
AvalonBay
Communities
Inc
7,075‌
1,518‌
BXP
Inc
7,245‌
487‌
Camden
Property
Trust
5,313‌
650‌
Crown
Castle
Inc
21,645‌
2,256‌
Digital
Realty
Trust
Inc
15,758‌
2,258‌
Equinix
Inc
4,847‌
3,952‌
Equity
Residential
17,018‌
1,218‌
Essex
Property
Trust
Inc
3,201‌
981‌
Extra
Space
Storage
Inc
10,558‌
1,568‌
Federal
Realty
Investment
Trust
3,839‌
375‌
Healthpeak
Properties
Inc
34,845‌
705‌
Host
Hotels
&
Resorts
Inc
34,824‌
495‌
Invitation
Homes
Inc
28,374‌
989‌
Iron
Mountain
Inc
14,628‌
1,259‌
Kimco
Realty
Corp
33,839‌
719‌
Mid-America
Apartment
Communities
Inc
5,823‌
976‌
Prologis
Inc
46,158‌
5,160‌
Public
Storage
7,849‌
2,349‌
Realty
Income
Corp
43,588‌
2,528‌
Regency
Centers
Corp
8,130‌
600‌
SBA
Communications
Corp
5,355‌
1,178‌
Simon
Property
Group
Inc
15,275‌
2,537‌
UDR
Inc
14,993‌
677‌
Ventas
Inc
21,769‌
1,497‌
VICI
Properties
Inc
52,501‌
1,713‌
Welltower
Inc
30,340‌
4,648‌
Weyerhaeuser
Co
36,136‌
1,058‌
$
50,125‌
Retail
-
4
.78
%
AutoZone
Inc
(d)
836‌
3,188‌
Best
Buy
Co
Inc
9,690‌
713‌
CarMax
Inc
(d)
7,660‌
597‌
Chipotle
Mexican
Grill
Inc
(d)
67,500‌
3,389‌
Costco
Wholesale
Corp
22,106‌
20,907‌
Darden
Restaurants
Inc
5,835‌
1,212‌
Dollar
General
Corp
10,953‌
963‌
Dollar
Tree
Inc
(d)
10,068‌
756‌
Domino's
Pizza
Inc
1,720‌
790‌
Genuine
Parts
Co
6,926‌
825‌
Home
Depot
Inc/The
49,472‌
18,131‌
Lowe's
Cos
Inc
28,121‌
6,559‌
Lululemon
Athletica
Inc
(d)
5,580‌
1,579‌
McDonald's
Corp
35,690‌
11,149‌
O'Reilly
Automotive
Inc
(d)
2,863‌
4,102‌
Ross
Stores
Inc
16,432‌
2,100‌
Starbucks
Corp
56,569‌
5,549‌
Target
Corp
22,821‌
2,382‌
TJX
Cos
Inc/The
55,986‌
6,819‌
Tractor
Supply
Co
26,605‌
1,466‌
Ulta
Beauty
Inc
(d)
2,310‌
847‌
Walgreens
Boots
Alliance
Inc
35,732‌
399‌
Walmart
Inc
216,043‌
18,966‌
Williams-Sonoma
Inc
6,129‌
969‌
Schedule
of
Investments
LargeCap
S&P
500
Index
Account
March
31,
2025
(unaudited)
See
accompanying
notes.
86
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Retail
(continued)
Yum!
Brands
Inc
13,899‌
$
2,187‌
$
116,544‌
Semiconductors
-
9
.55
%
Advanced
Micro
Devices
Inc
(d)
80,703‌
8,291‌
Analog
Devices
Inc
24,708‌
4,983‌
Applied
Materials
Inc
40,475‌
5,874‌
Broadcom
Inc
233,437‌
39,084‌
Intel
Corp
215,641‌
4,897‌
KLA
Corp
6,619‌
4,500‌
Lam
Research
Corp
63,930‌
4,648‌
Microchip
Technology
Inc
26,783‌
1,297‌
Micron
Technology
Inc
55,487‌
4,821‌
Monolithic
Power
Systems
Inc
2,382‌
1,382‌
NVIDIA
Corp
1,219,645‌
132,185‌
NXP
Semiconductors
NV
12,658‌
2,406‌
ON
Semiconductor
Corp
(d)
20,988‌
854‌
QUALCOMM
Inc
55,082‌
8,461‌
Skyworks
Solutions
Inc
8,004‌
517‌
Teradyne
Inc
8,113‌
670‌
Texas
Instruments
Inc
45,337‌
8,147‌
$
233,017‌
Shipbuilding
-
0
.02
%
Huntington
Ingalls
Industries
Inc
1,949‌
398‌
Software
-
9
.74
%
Adobe
Inc
(d)
21,680‌
8,315‌
Akamai
Technologies
Inc
(d)
7,483‌
602‌
ANSYS
Inc
(d)
4,356‌
1,379‌
Autodesk
Inc
(d)
10,708‌
2,803‌
Broadridge
Financial
Solutions
Inc
5,826‌
1,413‌
Cadence
Design
Systems
Inc
(d)
13,659‌
3,474‌
Dayforce
Inc
(d)
7,917‌
462‌
Electronic
Arts
Inc
11,812‌
1,707‌
Fair
Isaac
Corp
(d)
1,215‌
2,241‌
Fidelity
National
Information
Services
Inc
26,380‌
1,970‌
Fiserv
Inc
(d)
28,334‌
6,257‌
Intuit
Inc
13,941‌
8,560‌
Jack
Henry
&
Associates
Inc
3,631‌
663‌
Microsoft
Corp
370,227‌
138,979‌
MSCI
Inc
3,868‌
2,187‌
Oracle
Corp
80,789‌
11,295‌
Palantir
Technologies
Inc
(d)
102,085‌
8,616‌
Paychex
Inc
15,957‌
2,462‌
Paycom
Software
Inc
2,346‌
513‌
PTC
Inc
(d)
5,991‌
928‌
Roper
Technologies
Inc
5,341‌
3,149‌
Salesforce
Inc
47,659‌
12,790‌
ServiceNow
Inc
(d)
10,260‌
8,168‌
Synopsys
Inc
(d)
7,697‌
3,301‌
Take-Two
Interactive
Software
Inc
(d)
8,173‌
1,694‌
Tyler
Technologies
Inc
(d)
2,131‌
1,239‌
Workday
Inc
(d)
10,656‌
2,488‌
$
237,655‌
Telecommunications
-
1
.98
%
Arista
Networks
Inc
(d)
51,447‌
3,986‌
AT&T
Inc
357,485‌
10,110‌
Cisco
Systems
Inc
198,349‌
12,240‌
Corning
Inc
38,389‌
1,757‌
Juniper
Networks
Inc
16,492‌
597‌
Motorola
Solutions
Inc
8,324‌
3,644‌
T-Mobile
US
Inc
23,882‌
6,370‌
Verizon
Communications
Inc
209,652‌
9,510‌
$
48,214‌
Toys,
Games
&
Hobbies
-
0
.02
%
Hasbro
Inc
6,533‌
402‌
Transportation
-
0
.94
%
CH
Robinson
Worldwide
Inc
5,910‌
605‌
CSX
Corp
96,039‌
2,826‌
Expeditors
International
of
Washington
Inc
6,973‌
839‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Transportation
(continued)
FedEx
Corp
11,036‌
$
2,690‌
JB
Hunt
Transport
Services
Inc
3,957‌
585‌
Norfolk
Southern
Corp
11,275‌
2,671‌
Old
Dominion
Freight
Line
Inc
9,357‌
1,548‌
Union
Pacific
Corp
30,095‌
7,110‌
United
Parcel
Service
Inc
36,424‌
4,006‌
$
22,880‌
Water
-
0
.06
%
American
Water
Works
Co
Inc
9,707‌
1,432‌
TOTAL
COMMON
STOCKS
$
2,368,303‌
Total
Investments
$
2,445,557‌
Other
Assets
and
Liabilities
-  (0.28)%
(
6,823‌
)
TOTAL
NET
ASSETS
-
100.00%
$
2,438,734‌
(a)
1-day
yield
shown
is
as
of
period
end.
(b)
Security
or
a
portion
of
the
security
was
received
as
collateral
for
securities
lending.
At
the
end
of
the
period,
the
value
of
these
securities
totaled
$352
or
0.01%
of
net
assets.
(c)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940,
as
amended,
(the
"1940
Act"))
or
an
affiliate
as
defined
by
the
1940
Act
(controls
5.00%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
Affiliated
Securities
sub-schedule
for
transactional
information.
(d)
Non-income
producing
security
(e)
Security
or
a
portion
of
the
security
was
pledged
to
cover
margin
requirements
for
futures
contracts.
At
the
end
of
the
period,
the
value
of
these
securities
totaled
$10,540
or
0.43%
of
net
assets.
(f)
Security
or
a
portion
of
the
security
was
on
loan.  At
the
end
of
the
period,
the
value
of
these
securities
totaled
$351
or
0.01%
of
net
assets.
Schedule
of
Investments
LargeCap
S&P
500
Index
Account
March
31,
2025
(unaudited)
See
accompanying
notes.
87
Affiliated
Securities
December
31,
2024
Purchases
Sales
March
31,
2025
Value
Cost
Proceeds
Value
Principal
Government
Money
Market
Fund
-
Class
R-6
4.18%
$
85,468‌
$
184,733‌
$
202,017‌
$
68,184‌
$
85,468‌
$
184,733‌
$
202,017‌
$
68,184‌
Income
(a)
Realized
Gain/(Loss)
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
(Loss)
Principal
Government
Money
Market
Fund
-
Class
R-6
4.18%
$
556‌
$
—‌
$
—‌
$
—‌
$
556‌
$
—‌
$
—‌
$
—‌
Amounts
in
thousands.
(a)
Amount
excludes
earnings
from
securities
lending
collateral.
Futures
Contracts
Description
and
Expiration
Date
Type
Contracts
Notional
Amount
Value
and
Unrealized
Appreciation/(Depreciation)
S&P
500
Emini;
June
2025
Long
245‌
$
69,252‌
$
(
1,260‌
)
Total
$
(
1,260‌
)
Amounts
in
thousands
except
contracts.
Schedule
of
Investments
LargeCap
S&P
500
Managed
Volatility
Index
Account
March
31,
2025
(unaudited)
See
accompanying
notes.
88
INVESTMENT
COMPANIES
-
8
.82
%
Shares
Held
Value
(000's)
Exchange-Traded
Funds
-
0
.96
%
iShares
Core
S&P
500
ETF
2,316‌
$
1,301‌
Money
Market
Funds
-
7
.86
%
BlackRock
Liquidity
FedFund
-
Institutional
Class
4.23%
(a),(b)
18,228‌
18‌
Principal
Government
Money
Market
Fund
-
Class
R-6
4.18%
(a),(c)
10,643,238‌
10,643‌
$
10,661‌
TOTAL
INVESTMENT
COMPANIES
$
11,962‌
COMMON
STOCKS
-
90
.52
%
Shares
Held
Value
(000's)
Advertising
-
0
.05
%
Interpublic
Group
of
Cos
Inc/The
963‌
$
26‌
Omnicom
Group
Inc
504‌
42‌
$
68‌
Aerospace
&
Defense
-
1
.75
%
Boeing
Co/The
(d)
1,936‌
330‌
General
Dynamics
Corp
656‌
179‌
General
Electric
Co
2,773‌
555‌
Howmet
Aerospace
Inc
1,047‌
136‌
L3Harris
Technologies
Inc
487‌
102‌
Lockheed
Martin
Corp
542‌
242‌
Northrop
Grumman
Corp
352‌
180‌
RTX
Corp
3,439‌
455‌
TransDigm
Group
Inc
145‌
201‌
$
2,380‌
Agriculture
-
0
.73
%
Altria
Group
Inc
4,379‌
263‌
Archer-Daniels-Midland
Co
1,235‌
59‌
Bunge
Global
SA
345‌
26‌
Philip
Morris
International
Inc
4,017‌
638‌
$
986‌
Airlines
-
0
.13
%
Delta
Air
Lines
Inc
1,657‌
72‌
Southwest
Airlines
Co
1,531‌
51‌
United
Airlines
Holdings
Inc
(d)
849‌
59‌
$
182‌
Apparel
-
0
.22
%
Deckers
Outdoor
Corp
(d)
392‌
44‌
NIKE
Inc
3,052‌
194‌
Ralph
Lauren
Corp
103‌
23‌
Tapestry
Inc
535‌
37‌
$
298‌
Automobile
Manufacturers
-
1
.72
%
Cummins
Inc
356‌
111‌
Ford
Motor
Co
10,054‌
101‌
General
Motors
Co
2,571‌
121‌
PACCAR
Inc
1,354‌
132‌
Tesla
Inc
(d)
7,227‌
1,873‌
$
2,338‌
Automobile
Parts
&
Equipment
-
0
.03
%
Aptiv
PLC
(d)
593‌
35‌
Banks
-
3
.95
%
Bank
of
America
Corp
17,103‌
714‌
Bank
of
New
York
Mellon
Corp/The
1,854‌
155‌
Citigroup
Inc
4,849‌
344‌
Citizens
Financial
Group
Inc
1,130‌
46‌
Fifth
Third
Bancorp
1,732‌
68‌
Goldman
Sachs
Group
Inc/The
806‌
440‌
Huntington
Bancshares
Inc/OH
3,752‌
56‌
JPMorgan
Chase
&
Co
7,223‌
1,772‌
KeyCorp
2,559‌
41‌
M&T
Bank
Corp
428‌
77‌
Morgan
Stanley
3,197‌
373‌
Northern
Trust
Corp
507‌
50‌
PNC
Financial
Services
Group
Inc/The
1,023‌
180‌
Regions
Financial
Corp
2,348‌
51‌
State
Street
Corp
746‌
67‌
Truist
Financial
Corp
3,400‌
140‌
US
Bancorp
4,030‌
170‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Banks
(continued)
Wells
Fargo
&
Co
8,496‌
$
610‌
$
5,354‌
Beverages
-
1
.16
%
Brown-Forman
Corp
-
B
Shares
471‌
16‌
Coca-Cola
Co/The
10,000‌
716‌
Constellation
Brands
Inc
403‌
74‌
Keurig
Dr
Pepper
Inc
3,082‌
106‌
Molson
Coors
Beverage
Co
445‌
27‌
Monster
Beverage
Corp
(d)
1,809‌
106‌
PepsiCo
Inc
3,544‌
531‌
$
1,576‌
Biotechnology
-
1
.11
%
Amgen
Inc
1,388‌
432‌
Biogen
Inc
(d)
377‌
52‌
Corteva
Inc
1,771‌
111‌
Gilead
Sciences
Inc
3,219‌
361‌
Incyte
Corp
(d)
412‌
25‌
Moderna
Inc
(d)
874‌
25‌
Regeneron
Pharmaceuticals
Inc
272‌
172‌
Vertex
Pharmaceuticals
Inc
(d)
664‌
322‌
$
1,500‌
Building
Materials
-
0
.56
%
Builders
FirstSource
Inc
(d)
298‌
37‌
Carrier
Global
Corp
2,086‌
132‌
Johnson
Controls
International
plc
1,706‌
137‌
Lennox
International
Inc
83‌
47‌
Martin
Marietta
Materials
Inc
158‌
76‌
Masco
Corp
548‌
38‌
Mohawk
Industries
Inc
(d)
134‌
15‌
Trane
Technologies
PLC
580‌
195‌
Vulcan
Materials
Co
341‌
80‌
$
757‌
Chemicals
-
1
.13
%
Air
Products
and
Chemicals
Inc
575‌
170‌
Albemarle
Corp
302‌
22‌
CF
Industries
Holdings
Inc
449‌
35‌
Dow
Inc
1,816‌
63‌
DuPont
de
Nemours
Inc
1,079‌
81‌
Eastman
Chemical
Co
300‌
26‌
Ecolab
Inc
651‌
165‌
International
Flavors
&
Fragrances
Inc
660‌
51‌
Linde
PLC
1,230‌
573‌
LyondellBasell
Industries
NV
670‌
47‌
Mosaic
Co/The
820‌
22‌
PPG
Industries
Inc
599‌
66‌
Sherwin-Williams
Co/The
599‌
209‌
$
1,530‌
Commercial
Services
-
1
.36
%
Automatic
Data
Processing
Inc
1,051‌
321‌
Cintas
Corp
885‌
182‌
Corpay
Inc
(d)
181‌
63‌
Equifax
Inc
320‌
78‌
Global
Payments
Inc
640‌
63‌
MarketAxess
Holdings
Inc
97‌
21‌
Moody's
Corp
400‌
186‌
PayPal
Holdings
Inc
(d)
2,556‌
167‌
Quanta
Services
Inc
381‌
97‌
Rollins
Inc
725‌
39‌
S&P
Global
Inc
814‌
413‌
United
Rentals
Inc
169‌
106‌
Verisk
Analytics
Inc
365‌
109‌
$
1,845‌
Computers
-
7
.90
%
Accenture
PLC
-
Class
A
1,615‌
504‌
Apple
Inc
38,798‌
8,618‌
Cognizant
Technology
Solutions
Corp
1,280‌
98‌
Crowdstrike
Holdings
Inc
(d)
636‌
224‌
Dell
Technologies
Inc
804‌
73‌
Schedule
of
Investments
LargeCap
S&P
500
Managed
Volatility
Index
Account
March
31,
2025
(unaudited)
See
accompanying
notes.
89
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Computers
(continued)
EPAM
Systems
Inc
(d)
146‌
$
25‌
Fortinet
Inc
(d)
1,642‌
158‌
Gartner
Inc
(d)
199‌
84‌
Hewlett
Packard
Enterprise
Co
3,391‌
52‌
HP
Inc
2,423‌
67‌
International
Business
Machines
Corp
2,387‌
594‌
Leidos
Holdings
Inc
339‌
46‌
NetApp
Inc
528‌
46‌
Seagate
Technology
Holdings
PLC
545‌
46‌
Super
Micro
Computer
Inc
(d)
1,300‌
45‌
Western
Digital
Corp
(d)
897‌
36‌
$
10,716‌
Consumer
Products
-
0
.20
%
Avery
Dennison
Corp
207‌
37‌
Church
&
Dwight
Co
Inc
634‌
69‌
Clorox
Co/The
319‌
47‌
Kimberly-Clark
Corp
857‌
122‌
$
275‌
Cosmetics
&
Personal
Care
-
1
.02
%
Colgate-Palmolive
Co
2,097‌
196‌
Estee
Lauder
Cos
Inc/The
603‌
40‌
Kenvue
Inc
4,953‌
119‌
Procter
&
Gamble
Co/The
6,057‌
1,032‌
$
1,387‌
Distribution
&
Wholesale
-
0
.31
%
Copart
Inc
(d)
2,264‌
128‌
Fastenal
Co
1,480‌
115‌
LKQ
Corp
671‌
29‌
Pool
Corp
99‌
31‌
WW
Grainger
Inc
115‌
114‌
$
417‌
Diversified
Financial
Services
-
3
.84
%
American
Express
Co
1,434‌
386‌
Ameriprise
Financial
Inc
249‌
120‌
Apollo
Global
Management
Inc
1,154‌
158‌
Blackrock
Inc
376‌
356‌
Capital
One
Financial
Corp
985‌
177‌
Cboe
Global
Markets
Inc
270‌
61‌
Charles
Schwab
Corp/The
4,403‌
345‌
CME
Group
Inc
930‌
247‌
Discover
Financial
Services
648‌
111‌
Franklin
Resources
Inc
797‌
15‌
Intercontinental
Exchange
Inc
1,483‌
256‌
Invesco
Ltd
1,159‌
17‌
Mastercard
Inc
2,104‌
1,153‌
Nasdaq
Inc
1,068‌
81‌
Raymond
James
Financial
Inc
475‌
66‌
Synchrony
Financial
1,006‌
53‌
T
Rowe
Price
Group
Inc
573‌
53‌
Visa
Inc
4,452‌
1,560‌
$
5,215‌
Electric
-
2
.16
%
AES
Corp/The
1,835‌
23‌
Alliant
Energy
Corp
662‌
42‌
Ameren
Corp
696‌
70‌
American
Electric
Power
Co
Inc
1,375‌
150‌
CenterPoint
Energy
Inc
1,684‌
61‌
CMS
Energy
Corp
771‌
58‌
Consolidated
Edison
Inc
894‌
99‌
Constellation
Energy
Corp
807‌
163‌
Dominion
Energy
Inc
2,169‌
122‌
DTE
Energy
Co
534‌
74‌
Duke
Energy
Corp
2,003‌
244‌
Edison
International
999‌
59‌
Entergy
Corp
1,107‌
95‌
Evergy
Inc
593‌
41‌
Eversource
Energy
945‌
59‌
Exelon
Corp
2,595‌
119‌
FirstEnergy
Corp
1,324‌
53‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Electric
(continued)
NextEra
Energy
Inc
5,313‌
$
377‌
NRG
Energy
Inc
523‌
50‌
PG&E
Corp
5,664‌
97‌
Pinnacle
West
Capital
Corp
293‌
28‌
PPL
Corp
1,906‌
69‌
Public
Service
Enterprise
Group
Inc
1,286‌
106‌
Sempra
1,635‌
117‌
Southern
Co/The
2,830‌
260‌
Vistra
Corp
878‌
103‌
WEC
Energy
Group
Inc
819‌
89‌
Xcel
Energy
Inc
1,482‌
105‌
$
2,933‌
Electrical
Components
&
Equipment
-
0
.41
%
AMETEK
Inc
597‌
103‌
Eaton
Corp
PLC
1,021‌
277‌
Emerson
Electric
Co
1,457‌
160‌
Generac
Holdings
Inc
(d)
152‌
19‌
$
559‌
Electronics
-
0
.82
%
Allegion
plc
224‌
29‌
Amphenol
Corp
3,127‌
205‌
Fortive
Corp
882‌
64‌
Garmin
Ltd
396‌
86‌
Honeywell
International
Inc
1,680‌
356‌
Hubbell
Inc
139‌
46‌
Jabil
Inc
283‌
38‌
Keysight
Technologies
Inc
(d)
447‌
67‌
Mettler-Toledo
International
Inc
(d)
55‌
65‌
TE
Connectivity
PLC
771‌
109‌
Trimble
Inc
(d)
633‌
42‌
$
1,107‌
Energy
-
Alternate
Sources
-
0
.04
%
Enphase
Energy
Inc
(d)
343‌
21‌
First
Solar
Inc
(d)
275‌
35‌
$
56‌
Engineering
&
Construction
-
0
.03
%
Jacobs
Solutions
Inc
317‌
38‌
Entertainment
-
0
.07
%
Caesars
Entertainment
Inc
(d)
548‌
14‌
Live
Nation
Entertainment
Inc
(d)
404‌
53‌
TKO
Group
Holdings
Inc
171‌
26‌
$
93‌
Environmental
Control
-
0
.33
%
Pentair
PLC
426‌
38‌
Republic
Services
Inc
525‌
127‌
Veralto
Corp
638‌
62‌
Waste
Management
Inc
942‌
218‌
$
445‌
Food
-
0
.70
%
Conagra
Brands
Inc
1,233‌
33‌
General
Mills
Inc
1,424‌
85‌
Hershey
Co/The
381‌
65‌
Hormel
Foods
Corp
750‌
23‌
J
M
Smucker
Co/The
273‌
32‌
Kellanova
694‌
57‌
Kraft
Heinz
Co/The
2,254‌
69‌
Kroger
Co/The
1,719‌
116‌
Lamb
Weston
Holdings
Inc
368‌
20‌
McCormick
&
Co
Inc/MD
651‌
54‌
Mondelez
International
Inc
3,342‌
227‌
Sysco
Corp
1,264‌
95‌
The
Campbell's
Company
508‌
20‌
Tyson
Foods
Inc
737‌
47‌
$
943‌
Forest
Products
&
Paper
-
0
.05
%
International
Paper
Co
1,360‌
73‌
Schedule
of
Investments
LargeCap
S&P
500
Managed
Volatility
Index
Account
March
31,
2025
(unaudited)
See
accompanying
notes.
90
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Gas
-
0
.08
%
Atmos
Energy
Corp
408‌
$
63‌
NiSource
Inc
1,212‌
49‌
$
112‌
Hand
&
Machine
Tools
-
0
.06
%
Snap-on
Inc
136‌
46‌
Stanley
Black
&
Decker
Inc
397‌
30‌
$
76‌
Healthcare
-
Products
-
2
.84
%
Abbott
Laboratories
4,480‌
594‌
Agilent
Technologies
Inc
737‌
86‌
Align
Technology
Inc
(d)
181‌
29‌
Baxter
International
Inc
1,318‌
45‌
Bio-Techne
Corp
410‌
24‌
Boston
Scientific
Corp
(d)
3,808‌
384‌
Cooper
Cos
Inc/The
(d)
513‌
43‌
Danaher
Corp
1,654‌
339‌
Edwards
Lifesciences
Corp
(d)
1,524‌
110‌
GE
HealthCare
Technologies
Inc
1,179‌
95‌
Hologic
Inc
(d)
580‌
36‌
IDEXX
Laboratories
Inc
(d)
212‌
89‌
Insulet
Corp
(d)
181‌
48‌
Intuitive
Surgical
Inc
(d)
921‌
456‌
Medtronic
PLC
3,313‌
298‌
ResMed
Inc
379‌
85‌
Revvity
Inc
314‌
33‌
Solventum
Corp
(d)
356‌
27‌
STERIS
PLC
254‌
58‌
Stryker
Corp
887‌
330‌
Thermo
Fisher
Scientific
Inc
988‌
492‌
Waters
Corp
(d)
154‌
57‌
West
Pharmaceutical
Services
Inc
187‌
42‌
Zimmer
Biomet
Holdings
Inc
514‌
58‌
$
3,858‌
Healthcare
-
Services
-
1
.73
%
Centene
Corp
(d)
1,281‌
78‌
Charles
River
Laboratories
International
Inc
(d)
131‌
20‌
Cigna
Group/The
708‌
233‌
DaVita
Inc
(d)
114‌
17‌
Elevance
Health
Inc
600‌
261‌
HCA
Healthcare
Inc
462‌
160‌
Humana
Inc
311‌
82‌
IQVIA
Holdings
Inc
(d)
433‌
76‌
Labcorp
Holdings
Inc
215‌
50‌
Molina
Healthcare
Inc
(d)
144‌
47‌
Quest
Diagnostics
Inc
287‌
49‌
UnitedHealth
Group
Inc
2,378‌
1,246‌
Universal
Health
Services
Inc
151‌
28‌
$
2,347‌
Home
Builders
-
0
.20
%
DR
Horton
Inc
733‌
93‌
Lennar
Corp
-
A
Shares
604‌
69‌
NVR
Inc
(d)
8‌
58‌
PulteGroup
Inc
523‌
54‌
$
274‌
Insurance
-
4
.03
%
Aflac
Inc
1,279‌
142‌
Allstate
Corp/The
683‌
141‌
American
International
Group
Inc
1,533‌
133‌
Aon
PLC
559‌
223‌
Arch
Capital
Group
Ltd
967‌
93‌
Arthur
J
Gallagher
&
Co
656‌
227‌
Assurant
Inc
132‌
28‌
Berkshire
Hathaway
Inc
-
Class
B
(d)
4,735‌
2,522‌
Brown
&
Brown
Inc
612‌
76‌
Chubb
Ltd
963‌
291‌
Cincinnati
Financial
Corp
403‌
60‌
Erie
Indemnity
Co
65‌
27‌
Everest
Group
Ltd
112‌
41‌
Globe
Life
Inc
216‌
28‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Insurance
(continued)
Hartford
Insurance
Group
Inc/The
743‌
$
92‌
Loews
Corp
457‌
42‌
Marsh
&
McLennan
Cos
Inc
1,269‌
310‌
MetLife
Inc
1,496‌
120‌
Principal
Financial
Group
Inc
544‌
46‌
Progressive
Corp/The
1,514‌
429‌
Prudential
Financial
Inc
915‌
102‌
Travelers
Cos
Inc/The
586‌
155‌
W
R
Berkley
Corp
777‌
55‌
Willis
Towers
Watson
PLC
258‌
87‌
$
5,470‌
Internet
-
11
.01
%
Airbnb
Inc
(d)
1,118‌
133‌
Alphabet
Inc
-
A
Shares
15,066‌
2,330‌
Alphabet
Inc
-
C
Shares
12,210‌
1,908‌
Amazon.com
Inc
(d)
24,359‌
4,634‌
Booking
Holdings
Inc
85‌
392‌
CDW
Corp/DE
343‌
55‌
DoorDash
Inc
-
Class
A
(d)
875‌
160‌
eBay
Inc
1,237‌
84‌
Expedia
Group
Inc
317‌
53‌
F5
Inc
(d)
149‌
40‌
Gen
Digital
Inc
1,400‌
37‌
GoDaddy
Inc
(d)
364‌
66‌
Match
Group
Inc
648‌
20‌
Meta
Platforms
Inc
5,655‌
3,259‌
Netflix
Inc
(d)
1,105‌
1,030‌
Palo
Alto
Networks
Inc
(d)
1,709‌
292‌
Uber
Technologies
Inc
(d)
5,396‌
393‌
VeriSign
Inc
(d)
211‌
54‌
$
14,940‌
Iron
&
Steel
-
0
.09
%
Nucor
Corp
606‌
73‌
Steel
Dynamics
Inc
365‌
46‌
$
119‌
Leisure
Products
&
Services
-
0
.15
%
Carnival
Corp
(d)
2,705‌
53‌
Norwegian
Cruise
Line
Holdings
Ltd
(d)
1,134‌
21‌
Royal
Caribbean
Cruises
Ltd
638‌
131‌
$
205‌
Lodging
-
0
.26
%
Hilton
Worldwide
Holdings
Inc
622‌
142‌
Las
Vegas
Sands
Corp
888‌
34‌
Marriott
International
Inc/MD
592‌
141‌
MGM
Resorts
International
(d)
584‌
17‌
Wynn
Resorts
Ltd
232‌
19‌
$
353‌
Machinery
-
Construction
&
Mining
-
0
.46
%
Caterpillar
Inc
1,235‌
407‌
GE
Vernova
Inc
712‌
218‌
$
625‌
Machinery
-
Diversified
-
0
.63
%
Deere
&
Co
655‌
308‌
Dover
Corp
354‌
62‌
IDEX
Corp
195‌
35‌
Ingersoll
Rand
Inc
1,041‌
83‌
Nordson
Corp
140‌
28‌
Otis
Worldwide
Corp
1,025‌
106‌
Rockwell
Automation
Inc
292‌
76‌
Westinghouse
Air
Brake
Technologies
Corp
442‌
80‌
Xylem
Inc/NY
627‌
75‌
$
853‌
Media
-
0
.83
%
Charter
Communications
Inc
(d)
250‌
92‌
Comcast
Corp
-
Class
A
9,741‌
359‌
FactSet
Research
Systems
Inc
99‌
45‌
Fox
Corp
-
A
Shares
563‌
32‌
Fox
Corp
-
B
Shares
340‌
18‌
Schedule
of
Investments
LargeCap
S&P
500
Managed
Volatility
Index
Account
March
31,
2025
(unaudited)
See
accompanying
notes.
91
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Media
(continued)
News
Corp
-
A
Shares
978‌
$
27‌
News
Corp
-
B
Shares
289‌
9‌
Paramount
Global
-
Class
B
(e)
1,535‌
18‌
Walt
Disney
Co/The
4,670‌
461‌
Warner
Bros
Discovery
Inc
(d)
5,767‌
62‌
$
1,123‌
Mining
-
0
.21
%
Freeport-McMoRan
Inc
3,712‌
140‌
Newmont
Corp
2,941‌
142‌
$
282‌
Miscellaneous
Manufacturers
-
0
.58
%
3M
Co
1,403‌
206‌
A
O
Smith
Corp
306‌
20‌
Axon
Enterprise
Inc
(d)
188‌
99‌
Illinois
Tool
Works
Inc
690‌
171‌
Parker-Hannifin
Corp
333‌
203‌
Teledyne
Technologies
Inc
(d)
121‌
60‌
Textron
Inc
472‌
34‌
$
793‌
Office
&
Business
Equipment
-
0
.03
%
Zebra
Technologies
Corp
(d)
133‌
38‌
Oil
&
Gas
-
2
.63
%
APA
Corp
955‌
20‌
Chevron
Corp
4,318‌
723‌
ConocoPhillips
3,296‌
346‌
Coterra
Energy
Inc
1,904‌
55‌
Devon
Energy
Corp
1,696‌
64‌
Diamondback
Energy
Inc
483‌
77‌
EOG
Resources
Inc
1,453‌
186‌
EQT
Corp
1,541‌
82‌
Expand
Energy
Corp
542‌
60‌
Exxon
Mobil
Corp
11,243‌
1,337‌
Hess
Corp
713‌
114‌
Marathon
Petroleum
Corp
817‌
119‌
Occidental
Petroleum
Corp
1,745‌
86‌
Phillips
66
1,066‌
132‌
Texas
Pacific
Land
Corp
49‌
65‌
Valero
Energy
Corp
817‌
108‌
$
3,574‌
Oil
&
Gas
Services
-
0
.24
%
Baker
Hughes
Co
2,556‌
112‌
Halliburton
Co
2,243‌
57‌
Schlumberger
NV
3,619‌
151‌
$
320‌
Packaging
&
Containers
-
0
.13
%
Amcor
PLC
3,733‌
36‌
Ball
Corp
771‌
40‌
Packaging
Corp
of
America
229‌
45‌
Smurfit
WestRock
PLC
1,275‌
58‌
$
179‌
Pharmaceuticals
-
4
.48
%
AbbVie
Inc
4,560‌
955‌
Becton
Dickinson
&
Co
742‌
170‌
Bristol-Myers
Squibb
Co
5,240‌
320‌
Cardinal
Health
Inc
625‌
86‌
Cencora
Inc
446‌
124‌
CVS
Health
Corp
3,255‌
221‌
Dexcom
Inc
(d)
1,009‌
69‌
Eli
Lilly
&
Co
2,036‌
1,682‌
Henry
Schein
Inc
(d)
322‌
22‌
Johnson
&
Johnson
6,220‌
1,031‌
McKesson
Corp
324‌
218‌
Merck
&
Co
Inc
6,535‌
587‌
Pfizer
Inc
14,640‌
371‌
Viatris
Inc
3,081‌
27‌
Zoetis
Inc
1,157‌
190‌
$
6,073‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Pipelines
-
0
.44
%
Kinder
Morgan
Inc
4,992‌
$
142‌
ONEOK
Inc
1,601‌
159‌
Targa
Resources
Corp
563‌
113‌
Williams
Cos
Inc/The
3,149‌
188‌
$
602‌
Private
Equity
-
0
.34
%
Blackstone
Inc
1,889‌
264‌
KKR
&
Co
Inc
1,743‌
202‌
$
466‌
Real
Estate
-
0
.14
%
CBRE
Group
Inc
(d)
764‌
100‌
CoStar
Group
Inc
(d)
1,088‌
86‌
$
186‌
REITs
-
1
.91
%
Alexandria
Real
Estate
Equities
Inc
398‌
37‌
American
Tower
Corp
1,207‌
263‌
AvalonBay
Communities
Inc
366‌
79‌
BXP
Inc
375‌
25‌
Camden
Property
Trust
274‌
33‌
Crown
Castle
Inc
1,121‌
117‌
Digital
Realty
Trust
Inc
816‌
117‌
Equinix
Inc
251‌
205‌
Equity
Residential
881‌
63‌
Essex
Property
Trust
Inc
166‌
51‌
Extra
Space
Storage
Inc
546‌
81‌
Federal
Realty
Investment
Trust
197‌
19‌
Healthpeak
Properties
Inc
1,807‌
37‌
Host
Hotels
&
Resorts
Inc
1,805‌
26‌
Invitation
Homes
Inc
1,472‌
51‌
Iron
Mountain
Inc
757‌
65‌
Kimco
Realty
Corp
1,754‌
37‌
Mid-America
Apartment
Communities
Inc
301‌
50‌
Prologis
Inc
2,392‌
267‌
Public
Storage
408‌
122‌
Realty
Income
Corp
2,260‌
131‌
Regency
Centers
Corp
421‌
31‌
SBA
Communications
Corp
277‌
61‌
Simon
Property
Group
Inc
791‌
131‌
UDR
Inc
775‌
35‌
Ventas
Inc
1,128‌
78‌
VICI
Properties
Inc
2,722‌
89‌
Welltower
Inc
1,572‌
241‌
Weyerhaeuser
Co
1,877‌
55‌
$
2,597‌
Retail
-
4
.45
%
AutoZone
Inc
(d)
43‌
164‌
Best
Buy
Co
Inc
505‌
37‌
CarMax
Inc
(d)
400‌
31‌
Chipotle
Mexican
Grill
Inc
(d)
3,501‌
176‌
Costco
Wholesale
Corp
1,146‌
1,084‌
Darden
Restaurants
Inc
302‌
63‌
Dollar
General
Corp
567‌
50‌
Dollar
Tree
Inc
(d)
521‌
39‌
Domino's
Pizza
Inc
90‌
41‌
Genuine
Parts
Co
359‌
43‌
Home
Depot
Inc/The
2,566‌
940‌
Lowe's
Cos
Inc
1,459‌
340‌
Lululemon
Athletica
Inc
(d)
290‌
82‌
McDonald's
Corp
1,852‌
578‌
O'Reilly
Automotive
Inc
(d)
149‌
213‌
Ross
Stores
Inc
853‌
109‌
Starbucks
Corp
2,933‌
288‌
Target
Corp
1,184‌
124‌
TJX
Cos
Inc/The
2,904‌
354‌
Tractor
Supply
Co
1,380‌
76‌
Ulta
Beauty
Inc
(d)
120‌
44‌
Walgreens
Boots
Alliance
Inc
1,852‌
21‌
Walmart
Inc
11,205‌
984‌
Williams-Sonoma
Inc
317‌
50‌
Schedule
of
Investments
LargeCap
S&P
500
Managed
Volatility
Index
Account
March
31,
2025
(unaudited)
See
accompanying
notes.
92
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Retail
(continued)
Yum!
Brands
Inc
721‌
$
113‌
$
6,044‌
Semiconductors
-
8
.91
%
Advanced
Micro
Devices
Inc
(d)
4,186‌
430‌
Analog
Devices
Inc
1,282‌
258‌
Applied
Materials
Inc
2,100‌
305‌
Broadcom
Inc
12,105‌
2,027‌
Intel
Corp
11,182‌
254‌
KLA
Corp
344‌
234‌
Lam
Research
Corp
3,316‌
241‌
Microchip
Technology
Inc
1,387‌
67‌
Micron
Technology
Inc
2,876‌
250‌
Monolithic
Power
Systems
Inc
124‌
72‌
NVIDIA
Corp
63,251‌
6,855‌
NXP
Semiconductors
NV
656‌
125‌
ON
Semiconductor
Corp
(d)
1,089‌
44‌
QUALCOMM
Inc
2,857‌
439‌
Skyworks
Solutions
Inc
412‌
26‌
Teradyne
Inc
420‌
35‌
Texas
Instruments
Inc
2,352‌
423‌
$
12,085‌
Shipbuilding
-
0
.02
%
Huntington
Ingalls
Industries
Inc
101‌
21‌
Software
-
9
.08
%
Adobe
Inc
(d)
1,125‌
431‌
Akamai
Technologies
Inc
(d)
387‌
31‌
ANSYS
Inc
(d)
226‌
72‌
Autodesk
Inc
(d)
555‌
145‌
Broadridge
Financial
Solutions
Inc
302‌
73‌
Cadence
Design
Systems
Inc
(d)
708‌
180‌
Dayforce
Inc
(d)
407‌
24‌
Electronic
Arts
Inc
613‌
89‌
Fair
Isaac
Corp
(d)
63‌
116‌
Fidelity
National
Information
Services
Inc
1,369‌
102‌
Fiserv
Inc
(d)
1,469‌
324‌
Intuit
Inc
724‌
445‌
Jack
Henry
&
Associates
Inc
187‌
34‌
Microsoft
Corp
(f)
19,200‌
7,207‌
MSCI
Inc
201‌
114‌
Oracle
Corp
4,189‌
586‌
Palantir
Technologies
Inc
(d)
5,294‌
447‌
Paychex
Inc
826‌
127‌
Paycom
Software
Inc
122‌
27‌
PTC
Inc
(d)
309‌
48‌
Roper
Technologies
Inc
277‌
163‌
Salesforce
Inc
2,470‌
663‌
ServiceNow
Inc
(d)
533‌
424‌
Synopsys
Inc
(d)
399‌
171‌
Take-Two
Interactive
Software
Inc
(d)
423‌
88‌
Tyler
Technologies
Inc
(d)
111‌
65‌
Workday
Inc
(d)
552‌
129‌
$
12,325‌
Telecommunications
-
1
.84
%
Arista
Networks
Inc
(d)
2,668‌
207‌
AT&T
Inc
18,536‌
524‌
Cisco
Systems
Inc
10,287‌
635‌
Corning
Inc
1,990‌
91‌
Juniper
Networks
Inc
854‌
31‌
Motorola
Solutions
Inc
432‌
189‌
T-Mobile
US
Inc
1,239‌
331‌
Verizon
Communications
Inc
10,875‌
493‌
$
2,501‌
Toys,
Games
&
Hobbies
-
0
.02
%
Hasbro
Inc
337‌
21‌
Transportation
-
0
.87
%
CH
Robinson
Worldwide
Inc
304‌
31‌
CSX
Corp
4,981‌
147‌
Expeditors
International
of
Washington
Inc
362‌
43‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Transportation
(continued)
FedEx
Corp
573‌
$
140‌
JB
Hunt
Transport
Services
Inc
206‌
30‌
Norfolk
Southern
Corp
583‌
138‌
Old
Dominion
Freight
Line
Inc
485‌
80‌
Union
Pacific
Corp
1,561‌
369‌
United
Parcel
Service
Inc
1,889‌
208‌
$
1,186‌
Water
-
0
.05
%
American
Water
Works
Co
Inc
503‌
74‌
TOTAL
COMMON
STOCKS
$
122,828‌
TOTAL
PURCHASED
OPTIONS
-
0.54%
$
739‌
Total
Investments
$
135,529‌
Other
Assets
and
Liabilities
-  0.12%
168‌
TOTAL
NET
ASSETS
-
100.00%
$
135,697‌
(a)
1-day
yield
shown
is
as
of
period
end.
(b)
Security
or
a
portion
of
the
security
was
received
as
collateral
for
securities
lending.
At
the
end
of
the
period,
the
value
of
these
securities
totaled
$18
or
0.01%
of
net
assets.
(c)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940,
as
amended,
(the
"1940
Act"))
or
an
affiliate
as
defined
by
the
1940
Act
(controls
5.00%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
Affiliated
Securities
sub-schedule
for
transactional
information.
(d)
Non-income
producing
security
(e)
Security
or
a
portion
of
the
security
was
on
loan.  At
the
end
of
the
period,
the
value
of
these
securities
totaled
$18
or
0.01%
of
net
assets.
(f)
Security
or
a
portion
of
the
security
was
pledged
to
cover
margin
requirements
for
futures
contracts.
At
the
end
of
the
period,
the
value
of
these
securities
totaled
$1,792
or
1.32%
of
net
assets.
Schedule
of
Investments
LargeCap
S&P
500
Managed
Volatility
Index
Account
March
31,
2025
(unaudited)
See
accompanying
notes.
93
Affiliated
Securities
December
31,
2024
Purchases
Sales
March
31,
2025
Value
Cost
Proceeds
Value
Principal
Government
Money
Market
Fund
-
Class
R-6
4.18%
$
10,999‌
$
16,233‌
$
16,589‌
$
10,643‌
$
10,999‌
$
16,233‌
$
16,589‌
$
10,643‌
Income
(a)
Realized
Gain/(Loss)
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
(Loss)
Principal
Government
Money
Market
Fund
-
Class
R-6
4.18%
$
96‌
$
—‌
$
—‌
$
—‌
$
96‌
$
—‌
$
—‌
$
—‌
Amounts
in
thousands.
(a)
Amount
excludes
earnings
from
securities
lending
collateral.
Options
Purchased
Options
Outstanding
Counterparty
Contracts/
Shares
Notional
Amount
Exercise
Price
Expiration
Date
Upfront
Payments
Fair
Value
Unrealized
Appreciation/
(Depreciation)
Put
-
S&P
500
Index
N/A
125‌
$
13‌
$
5,500
.00‌
04/17/2025
$
645‌
$
739‌
$
94‌
Total
$
645‌
$
739‌
$
94‌
Written
Options
Outstanding
Counterparty
Contracts/
Shares
Notional
Amount
Exercise
Price
Expiration
Date
Upfront
Receipts
Fair
Value
Unrealized
Appreciation/
(Depreciation)
Put
-
S&P
500
Index
N/A
125‌
$
13‌
$
5,400
.00‌
04/17/2025
$
(
415‌
)
$
(
453‌
)
$
(
38‌
)
Total
$
(
415‌
)
$
(
453‌
)
$
(
38‌
)
Amounts
in
thousands
except
contracts/shares.
Futures
Contracts
Description
and
Expiration
Date
Type
Contracts
Notional
Amount
Value
and
Unrealized
Appreciation/(Depreciation)
S&P
500
Emini;
June
2025
Long
14‌
$
3,957‌
$
(
53‌
)
Total
$
(
53‌
)
Amounts
in
thousands
except
contracts.
Schedule
of
Investments
MidCap
Account
March
31,
2025
(unaudited)
See
accompanying
notes.
94
INVESTMENT
COMPANIES
-
0
.58
%
Shares
Held
Value
(000's)
Money
Market
Funds
-
0
.58
%
BlackRock
Liquidity
FedFund
-
Institutional
Class
4.23%
(a),(b)
63,360‌
$
63‌
Principal
Government
Money
Market
Fund
-
Class
R-6
4.18%
(a),(c)
3,790,994‌
3,791‌
$
3,854‌
TOTAL
INVESTMENT
COMPANIES
$
3,854‌
COMMON
STOCKS
-
99
.51
%
Shares
Held
Value
(000's)
Aerospace
&
Defense
-
10
.07
%
HEICO
Corp
-
Class
A
161,464‌
$
34,064‌
TransDigm
Group
Inc
24,269‌
33,571‌
$
67,635‌
Building
Materials
-
5
.74
%
Martin
Marietta
Materials
Inc
32,547‌
15,562‌
Vulcan
Materials
Co
98,598‌
23,003‌
$
38,565‌
Chemicals
-
1
.43
%
Air
Products
and
Chemicals
Inc
17,822‌
5,256‌
Perimeter
Solutions
Inc
(d)
185,261‌
1,865‌
Sherwin-Williams
Co/The
7,136‌
2,492‌
$
9,613‌
Commercial
Services
-
1
.52
%
Moody's
Corp
4,365‌
2,033‌
Toast
Inc
(d)
96,157‌
3,189‌
Verisk
Analytics
Inc
16,799‌
5,000‌
$
10,222‌
Computers
-
1
.83
%
Gartner
Inc
(d)
29,301‌
12,299‌
Distribution
&
Wholesale
-
5
.92
%
Copart
Inc
(d)
565,110‌
31,980‌
Fastenal
Co
100,392‌
7,785‌
$
39,765‌
Diversified
Financial
Services
-
2
.98
%
Ares
Management
Corp
58,725‌
8,610‌
Brookfield
Asset
Management
Ltd
112,864‌
5,468‌
Brookfield
Wealth
Solutions
Ltd
(d),(e)
3,667‌
191‌
LPL
Financial
Holdings
Inc
17,585‌
5,753‌
$
20,022‌
Electric
-
3
.24
%
Brookfield
Infrastructure
Partners
LP
556,534‌
16,579‌
Brookfield
Renewable
Corp
56,079‌
1,566‌
Brookfield
Renewable
Partners
LP
164,821‌
3,652‌
$
21,797‌
Electrical
Components
&
Equipment
-
0
.69
%
AMETEK
Inc
26,742‌
4,603‌
Electronics
-
0
.88
%
Mettler-Toledo
International
Inc
(d)
4,983‌
5,885‌
Entertainment
-
3
.21
%
Liberty
Media
Corp-Liberty
Live
-
A
Shares
(d)
623‌
42‌
Liberty
Media
Corp-Liberty
Live
-
C
Shares
(d)
3,795‌
259‌
Live
Nation
Entertainment
Inc
(d)
128,950‌
16,838‌
Vail
Resorts
Inc
27,730‌
4,437‌
$
21,576‌
Environmental
Control
-
1
.18
%
Veralto
Corp
12,966‌
1,264‌
Waste
Connections
Inc
34,260‌
6,687‌
$
7,951‌
Healthcare
-
Products
-
1
.38
%
IDEXX
Laboratories
Inc
(d)
12,224‌
5,133‌
Waters
Corp
(d)
11,229‌
4,139‌
$
9,272‌
Home
Builders
-
1
.94
%
Lennar
Corp
-
A
Shares
47,643‌
5,469‌
Lennar
Corp
-
B
Shares
966‌
105‌
NVR
Inc
(d)
1,026‌
7,433‌
$
13,007‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Insurance
-
12
.43
%
Arch
Capital
Group
Ltd
138,013‌
$
13,274‌
Arthur
J
Gallagher
&
Co
25,835‌
8,919‌
Brown
&
Brown
Inc
219,454‌
27,300‌
Markel
Group
Inc
(d)
9,408‌
17,589‌
Progressive
Corp/The
25,904‌
7,331‌
Ryan
Specialty
Holdings
Inc
48,348‌
3,572‌
W
R
Berkley
Corp
77,356‌
5,505‌
$
83,490‌
Internet
-
0
.40
%
VeriSign
Inc
(d)
147‌
38‌
Wix.com
Ltd
(d)
16,423‌
2,683‌
$
2,721‌
Lodging
-
5
.18
%
Hilton
Worldwide
Holdings
Inc
127,025‌
28,904‌
Hyatt
Hotels
Corp
47,851‌
5,862‌
$
34,766‌
Machinery
-
Diversified
-
0
.43
%
Graco
Inc
34,596‌
2,889‌
Media
-
1
.84
%
Liberty
Media
Corp-Liberty
Formula
One
-
A
Shares
(d)
11,391‌
928‌
Liberty
Media
Corp-Liberty
Formula
One
-
C
Shares
(d)
126,951‌
11,427‌
$
12,355‌
Private
Equity
-
8
.41
%
Brookfield
Corp
613,317‌
32,144‌
KKR
&
Co
Inc
210,610‌
24,349‌
$
56,493‌
Real
Estate
-
5
.54
%
CBRE
Group
Inc
(d)
131,510‌
17,199‌
CoStar
Group
Inc
(d)
252,685‌
20,020‌
$
37,219‌
REITs
-
0
.10
%
Millrose
Properties
Inc
24,319‌
645‌
Retail
-
9
.16
%
CarMax
Inc
(d)
106,026‌
8,262‌
Domino's
Pizza
Inc
27,495‌
12,633‌
Floor
&
Decor
Holdings
Inc
(d)
47,996‌
3,862‌
O'Reilly
Automotive
Inc
(d)
23,109‌
33,105‌
Ross
Stores
Inc
28,449‌
3,635‌
$
61,497‌
Semiconductors
-
0
.98
%
Entegris
Inc
75,368‌
6,593‌
Software
-
13
.03
%
ANSYS
Inc
(d)
8,035‌
2,544‌
Appfolio
Inc
(d)
5,827‌
1,281‌
CCC
Intelligent
Solutions
Holdings
Inc
(d)
476,567‌
4,303‌
Constellation
Software
Inc/Canada
3,847‌
12,180‌
Constellation
Software
Inc/Canada
-
Warrants
(d),(f)
4,165‌
—‌
Fair
Isaac
Corp
(d)
5,120‌
9,442‌
Jack
Henry
&
Associates
Inc
4,451‌
813‌
Lumine
Group
Inc
(d)
7,913‌
224‌
MSCI
Inc
23,411‌
13,239‌
Procore
Technologies
Inc
(d)
48,762‌
3,219‌
Roper
Technologies
Inc
29,013‌
17,105‌
Tyler
Technologies
Inc
(d)
20,693‌
12,031‌
Veeva
Systems
Inc
(d)
48,237‌
11,173‌
$
87,554‌
TOTAL
COMMON
STOCKS
$
668,434‌
Total
Investments
$
672,288‌
Other
Assets
and
Liabilities
-  (0.09)%
(
587‌
)
TOTAL
NET
ASSETS
-
100.00%
$
671,701‌
Schedule
of
Investments
MidCap
Account
March
31,
2025
(unaudited)
See
accompanying
notes.
95
(a)
1-day
yield
shown
is
as
of
period
end.
(b)
Security
or
a
portion
of
the
security
was
received
as
collateral
for
securities
lending.
At
the
end
of
the
period,
the
value
of
these
securities
totaled
$63
or
0.01%
of
net
assets.
(c)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940,
as
amended,
(the
"1940
Act"))
or
an
affiliate
as
defined
by
the
1940
Act
(controls
5.00%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
Affiliated
Securities
sub-schedule
for
transactional
information.
(d)
Non-income
producing
security
(e)
Security
or
a
portion
of
the
security
was
on
loan.  At
the
end
of
the
period,
the
value
of
these
securities
totaled
$63
or
0.01%
of
net
assets.
(f)
The
value
of
these
investments
was
determined
using
significant
unobservable
inputs,
in
good
faith
by
the
Manager,
under
procedures
established
and
periodically
reviewed
by
the
Board
of
Directors.
Affiliated
Securities
December
31,
2024
Purchases
Sales
March
31,
2025
Value
Cost
Proceeds
Value
Principal
Government
Money
Market
Fund
-
Class
R-6
4.18%
$
1,386‌
$
22,715‌
$
20,310‌
$
3,791‌
$
1,386‌
$
22,715‌
$
20,310‌
$
3,791‌
Income
(a)
Realized
Gain/(Loss)
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
(Loss)
Principal
Government
Money
Market
Fund
-
Class
R-6
4.18%
$
17‌
$
—‌
$
—‌
$
—‌
$
17‌
$
—‌
$
—‌
$
—‌
Amounts
in
thousands.
(a)
Amount
excludes
earnings
from
securities
lending
collateral.
Schedule
of
Investments
Principal
Capital
Appreciation
Account
March
31,
2025
(unaudited)
See
accompanying
notes.
96
INVESTMENT
COMPANIES
-
1
.78
%
Shares
Held
Value
(000's)
Money
Market
Funds
-
1
.78
%
Principal
Government
Money
Market
Fund
-
Class
R-6
4.18%
(a),(b)
3,792,442‌
$
3,792‌
TOTAL
INVESTMENT
COMPANIES
$
3,792‌
COMMON
STOCKS
-
98
.11
%
Shares
Held
Value
(000's)
Aerospace
&
Defense
-
0
.55
%
RTX
Corp
8,849‌
$
1,172‌
Apparel
-
1
.18
%
Birkenstock
Holding
Plc
(c)
25,858‌
1,185‌
Deckers
Outdoor
Corp
(c)
11,849‌
1,325‌
$
2,510‌
Automobile
Manufacturers
-
1
.56
%
Cummins
Inc
4,953‌
1,552‌
PACCAR
Inc
12,569‌
1,224‌
Tesla
Inc
(c)
2,075‌
538‌
$
3,314‌
Banks
-
4
.97
%
East
West
Bancorp
Inc
11,822‌
1,061‌
JPMorgan
Chase
&
Co
26,052‌
6,391‌
Morgan
Stanley
11,996‌
1,400‌
PNC
Financial
Services
Group
Inc/The
7,304‌
1,284‌
Wintrust
Financial
Corp
3,756‌
422‌
$
10,558‌
Biotechnology
-
1
.68
%
Corteva
Inc
27,507‌
1,731‌
Vertex
Pharmaceuticals
Inc
(c)
3,802‌
1,843‌
$
3,574‌
Building
Materials
-
1
.21
%
CRH
PLC
17,298‌
1,522‌
Trane
Technologies
PLC
3,126‌
1,053‌
$
2,575‌
Chemicals
-
0
.92
%
Linde
PLC
4,179‌
1,946‌
Commercial
Services
-
0
.20
%
Service
Corp
International/US
5,284‌
424‌
Computers
-
6
.11
%
Accenture
PLC
-
Class
A
3,125‌
975‌
Apple
Inc
54,073‌
12,011‌
$
12,986‌
Consumer
Products
-
1
.33
%
Church
&
Dwight
Co
Inc
25,750‌
2,835‌
Cosmetics
&
Personal
Care
-
1
.79
%
Procter
&
Gamble
Co/The
22,270‌
3,795‌
Diversified
Financial
Services
-
5
.20
%
Ameriprise
Financial
Inc
4,562‌
2,208‌
Blackrock
Inc
469‌
444‌
Nasdaq
Inc
25,842‌
1,960‌
Visa
Inc
18,409‌
6,452‌
$
11,064‌
Electric
-
1
.54
%
Constellation
Energy
Corp
5,873‌
1,184‌
NextEra
Energy
Inc
29,563‌
2,096‌
$
3,280‌
Electronics
-
0
.26
%
NEXTracker
Inc
(c)
13,046‌
550‌
Environmental
Control
-
1
.78
%
Republic
Services
Inc
15,636‌
3,786‌
Healthcare
-
Products
-
2
.41
%
Abbott
Laboratories
13,129‌
1,742‌
GE
HealthCare
Technologies
Inc
16,088‌
1,298‌
Thermo
Fisher
Scientific
Inc
4,195‌
2,087‌
$
5,127‌
Healthcare
-
Services
-
2
.57
%
Chemed
Corp
1,577‌
970‌
HCA
Healthcare
Inc
6,585‌
2,275‌
UnitedHealth
Group
Inc
4,215‌
2,208‌
$
5,453‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Insurance
-
3
.46
%
Berkshire
Hathaway
Inc
-
Class
B
(c)
6,125‌
$
3,262‌
Marsh
&
McLennan
Cos
Inc
8,056‌
1,966‌
Progressive
Corp/The
7,490‌
2,120‌
$
7,348‌
Internet
-
11
.06
%
Airbnb
Inc
(c)
4,130‌
493‌
Alphabet
Inc
-
A
Shares
44,224‌
6,839‌
Amazon.com
Inc
(c)
35,347‌
6,725‌
Meta
Platforms
Inc
10,934‌
6,302‌
Netflix
Inc
(c)
949‌
885‌
Palo
Alto
Networks
Inc
(c)
8,891‌
1,517‌
Shopify
Inc
(c)
7,937‌
758‌
$
23,519‌
Machinery
-
Construction
&
Mining
-
1
.10
%
Caterpillar
Inc
2,667‌
880‌
GE
Vernova
Inc
3,713‌
1,133‌
Vertiv
Holdings
Co
4,639‌
335‌
$
2,348‌
Machinery
-
Diversified
-
0
.92
%
Deere
&
Co
4,162‌
1,953‌
Mining
-
0
.28
%
Cameco
Corp
14,534‌
598‌
Miscellaneous
Manufacturers
-
0
.96
%
Parker-Hannifin
Corp
3,361‌
2,043‌
Oil
&
Gas
-
3
.25
%
EOG
Resources
Inc
7,351‌
943‌
Exxon
Mobil
Corp
29,138‌
3,465‌
Marathon
Petroleum
Corp
12,102‌
1,763‌
Permian
Resources
Corp
52,827‌
732‌
$
6,903‌
Pharmaceuticals
-
5
.88
%
AbbVie
Inc
8,684‌
1,820‌
Eli
Lilly
&
Co
4,220‌
3,485‌
McKesson
Corp
4,837‌
3,255‌
Merck
&
Co
Inc
15,313‌
1,375‌
Novartis
AG
ADR
23,127‌
2,578‌
$
12,513‌
Pipelines
-
0
.82
%
Kinder
Morgan
Inc
60,842‌
1,736‌
Private
Equity
-
0
.62
%
KKR
&
Co
Inc
11,465‌
1,326‌
REITs
-
2
.23
%
Equinix
Inc
1,938‌
1,580‌
Extra
Space
Storage
Inc
12,660‌
1,880‌
Prologis
Inc
11,519‌
1,288‌
$
4,748‌
Retail
-
8
.07
%
Casey's
General
Stores
Inc
6,978‌
3,029‌
Chipotle
Mexican
Grill
Inc
(c)
20,141‌
1,011‌
Costco
Wholesale
Corp
3,799‌
3,593‌
Domino's
Pizza
Inc
3,188‌
1,465‌
Lululemon
Athletica
Inc
(c)
3,222‌
912‌
O'Reilly
Automotive
Inc
(c)
2,490‌
3,567‌
TJX
Cos
Inc/The
24,060‌
2,930‌
Tractor
Supply
Co
11,884‌
655‌
$
17,162‌
Semiconductors
-
8
.76
%
Broadcom
Inc
29,063‌
4,866‌
KLA
Corp
1,803‌
1,226‌
Lam
Research
Corp
25,112‌
1,826‌
NVIDIA
Corp
83,660‌
9,067‌
Taiwan
Semiconductor
Manufacturing
Co
Ltd
ADR
9,869‌
1,638‌
$
18,623‌
Software
-
11
.66
%
Adobe
Inc
(c)
1,936‌
743‌
Broadridge
Financial
Solutions
Inc
8,898‌
2,157‌
Datadog
Inc
(c)
4,436‌
440‌
Schedule
of
Investments
Principal
Capital
Appreciation
Account
March
31,
2025
(unaudited)
See
accompanying
notes.
97
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Software
(continued)
Fair
Isaac
Corp
(c)
1,387‌
$
2,558‌
Fiserv
Inc
(c)
8,101‌
1,789‌
Microsoft
Corp
28,819‌
10,818‌
Salesforce
Inc
9,942‌
2,668‌
ServiceNow
Inc
(c)
1,841‌
1,466‌
Twilio
Inc
(c)
7,802‌
764‌
Workday
Inc
(c)
5,986‌
1,398‌
$
24,801‌
Telecommunications
-
1
.85
%
Arista
Networks
Inc
(c)
8,721‌
676‌
T-Mobile
US
Inc
12,241‌
3,265‌
$
3,941‌
Transportation
-
0
.89
%
Old
Dominion
Freight
Line
Inc
6,352‌
1,051‌
Union
Pacific
Corp
3,564‌
842‌
$
1,893‌
Water
-
1
.04
%
American
Water
Works
Co
Inc
15,007‌
2,214‌
TOTAL
COMMON
STOCKS
$
208,618‌
Total
Investments
$
212,410‌
Other
Assets
and
Liabilities
-  0.11%
242‌
TOTAL
NET
ASSETS
-
100.00%
$
212,652‌
(a)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940,
as
amended,
(the
"1940
Act"))
or
an
affiliate
as
defined
by
the
1940
Act
(controls
5.00%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
Affiliated
Securities
sub-schedule
for
transactional
information.
(b)
1-day
yield
shown
is
as
of
period
end.
(c)
Non-income
producing
security
Affiliated
Securities
December
31,
2024
Purchases
Sales
March
31,
2025
Value
Cost
Proceeds
Value
Principal
Government
Money
Market
Fund
-
Class
R-6
4.18%
$
4,286‌
$
18,331‌
$
18,825‌
$
3,792‌
$
4,286‌
$
18,331‌
$
18,825‌
$
3,792‌
Income
Realized
Gain/(Loss)
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
(Loss)
Principal
Government
Money
Market
Fund
-
Class
R-6
4.18%
$
36‌
$
—‌
$
—‌
$
—‌
$
36‌
$
—‌
$
—‌
$
—‌
Amounts
in
thousands.
Schedule
of
Investments
Principal
LifeTime
2020
Account
March
31,
2025
(unaudited)
See
accompanying
notes.
98
INVESTMENT
COMPANIES
-
100
.00
%
Shares
Held
Value
(000's)
Principal
Funds,
Inc.
Class
R-6
-
66
.65
%
Blue
Chip
Fund
(a)
166,264‌
$
7,326‌
Core
Fixed
Income
Fund
(a)
5,562,933‌
47,786‌
Diversified
Real
Asset
Fund
(a)
52,336‌
599‌
Global
Emerging
Markets
Fund
(a)
57,728‌
1,556‌
High
Yield
Fund
(a)
1,250,130‌
8,301‌
International
Equity
Fund
(a)
1,067,149‌
14,438‌
International
Small
Company
Fund
(a)
64,509‌
669‌
LargeCap
Growth
Fund
I
(a)
462,633‌
7,041‌
MidCap
Fund
(a)
40,760‌
1,812‌
Real
Estate
Securities
Fund
(a)
90,825‌
2,628‌
SmallCap
Fund
(a)
90,833‌
2,364‌
SmallCap
S&P
600
Index
Fund
(a)
25,990‌
608‌
Small-MidCap
Dividend
Income
Fund
(a)
84,638‌
1,519‌
$
96,647‌
Principal
Funds,
Inc.
Institutional
Class
-
33
.35
%
Equity
Income
Fund
(a)
172,673‌
6,755‌
Inflation
Protection
Fund
(a)
978,571‌
7,662‌
LargeCap
S&P
500
Index
Fund
(a)
276,823‌
7,499‌
LargeCap
Value
Fund
III
(a)
355,286‌
6,737‌
Short-Term
Income
Fund
(a)
1,634,513‌
19,712‌
$
48,365‌
TOTAL
INVESTMENT
COMPANIES
$
145,012‌
Total
Investments
$
145,012‌
Other
Assets
and
Liabilities
-  0.00%
(
1‌
)
TOTAL
NET
ASSETS
-
100.00%
$
145,011‌
(a)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940,
as
amended,
(the
"1940
Act"))
or
an
affiliate
as
defined
by
the
1940
Act
(controls
5.00%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
Affiliated
Securities
sub-schedule
for
transactional
information.
Schedule
of
Investments
Principal
LifeTime
2020
Account
March
31,
2025
(unaudited)
See
accompanying
notes.
99
Affiliated
Securities
December
31,
2024
Purchases
(a)
Sales
March
31,
2025
Value
Cost
Proceeds
Value
Blue
Chip
Fund
$
7,740‌
$
274‌
$
355‌
$
7,326‌
Core
Fixed
Income
Fund
46,291‌
3,410‌
2,665‌
47,786‌
Diversified
International
Fund
13,650‌
585‌
15,157‌
—‌
Diversified
Real
Asset
Fund
590‌
33‌
40‌
599‌
Equity
Income
Fund
6,793‌
305‌
355‌
6,755‌
Global
Emerging
Markets
Fund
1,504‌
65‌
84‌
1,556‌
High
Income
Fund
1,045‌
12‌
1,249‌
—‌
High
Yield
Fund
8,635‌
1,759‌
1,806‌
8,301‌
High
Yield
Fund
-
Institutional
Class
—‌
1,208‌
1,208‌
—‌
Inflation
Protection
Fund
7,483‌
363‌
478‌
7,662‌
International
Equity
Fund
—‌
14,806‌
151‌
14,438‌
International
Small
Company
Fund
997‌
71‌
437‌
669‌
LargeCap
Growth
Fund
I
7,746‌
274‌
355‌
7,041‌
LargeCap
S&P
500
Index
Fund
7,917‌
271‌
352‌
7,499‌
LargeCap
Value
Fund
III
6,831‌
274‌
354‌
6,737‌
MidCap
Fund
1,844‌
83‌
107‌
1,812‌
Real
Estate
Securities
Fund
2,576‌
139‌
160‌
2,628‌
Short-Term
Income
Fund
19,247‌
1,424‌
1,087‌
19,712‌
SmallCap
Fund
2,623‌
135‌
175‌
2,364‌
SmallCap
S&P
600
Index
Fund
326‌
345‌
—‌
608‌
Small-MidCap
Dividend
Income
Fund
1,599‌
89‌
109‌
1,519‌
$
145,437‌
$
25,925‌
$
26,684‌
$
145,012‌
Income
Realized
Gain/(Loss)
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
(Loss)
(a)
Blue
Chip
Fund
$
—‌
$
—‌
$
—‌
$
(
333‌
)
Core
Fixed
Income
Fund
419‌
(
11‌
)
—‌
761‌
Diversified
International
Fund
—‌
(
1,564‌
)
201‌
2,486‌
Diversified
Real
Asset
Fund
2‌
—‌
—‌
16‌
Equity
Income
Fund
31‌
(
2‌
)
—‌
14‌
Global
Emerging
Markets
Fund
—‌
—‌
—‌
71‌
High
Income
Fund
12‌
(
5‌
)
—‌
197‌
High
Yield
Fund
147‌
(
16‌
)
—‌
(
271‌
)
High
Yield
Fund
-
Institutional
Class
—‌
—‌
—‌
—‌
Inflation
Protection
Fund
—‌
1‌
—‌
293‌
International
Equity
Fund
—‌
—‌
—‌
(
217‌
)
International
Small
Company
Fund
—‌
(
25‌
)
—‌
63‌
LargeCap
Growth
Fund
I
—‌
(
1‌
)
—‌
(
623‌
)
LargeCap
S&P
500
Index
Fund
—‌
(
1‌
)
—‌
(
336‌
)
LargeCap
Value
Fund
III
—‌
(
1‌
)
—‌
(
13‌
)
MidCap
Fund
—‌
—‌
—‌
(
8‌
)
Real
Estate
Securities
Fund
16‌
(
1‌
)
—‌
74‌
Short-Term
Income
Fund
179‌
1‌
—‌
127‌
SmallCap
Fund
—‌
—‌
—‌
(
219‌
)
SmallCap
S&P
600
Index
Fund
—‌
—‌
—‌
(
63‌
)
Small-MidCap
Dividend
Income
Fund
6‌
—‌
—‌
(
60‌
)
$
812‌
$
(
1,625‌
)
$
201‌
$
1,959‌
Amounts
in
thousands.
(a)
Purchases
and
Sales
include
transactions
related
to
the
acquisition
of
the
High
Income
Fund
by
the
High
Yield
Fund.
Schedule
of
Investments
Principal
LifeTime
2030
Account
March
31,
2025
(unaudited)
See
accompanying
notes.
100
INVESTMENT
COMPANIES
-
100
.00
%
Shares
Held
Value
(000's)
Principal
Funds,
Inc.
Class
R-6
-
71
.45
%
Blue
Chip
Fund
(a)
484,329‌
$
21,339‌
Core
Fixed
Income
Fund
(a)
10,047,496‌
86,308‌
Diversified
Real
Asset
Fund
(a)
128,264‌
1,469‌
Global
Emerging
Markets
Fund
(a)
165,957‌
4,473‌
High
Yield
Fund
(a)
2,056,928‌
13,658‌
International
Equity
Fund
(a)
3,113,276‌
42,123‌
International
Small
Company
Fund
(a)
189,563‌
1,966‌
LargeCap
Growth
Fund
I
(a)
1,349,592‌
20,541‌
MidCap
Fund
(a)
119,715‌
5,321‌
Real
Estate
Securities
Fund
(a)
195,081‌
5,646‌
SmallCap
Fund
(a)
257,478‌
6,702‌
SmallCap
S&P
600
Index
Fund
(a)
69,526‌
1,625‌
Small-MidCap
Dividend
Income
Fund
(a)
250,749‌
4,501‌
$
215,672‌
Principal
Funds,
Inc.
Institutional
Class
-
28
.55
%
Equity
Income
Fund
(a)
507,156‌
19,840‌
Inflation
Protection
Fund
(a)
1,475,080‌
11,550‌
LargeCap
S&P
500
Index
Fund
(a)
778,193‌
21,081‌
LargeCap
Value
Fund
III
(a)
1,042,869‌
19,773‌
Short-Term
Income
Fund
(a)
1,154,925‌
13,928‌
$
86,172‌
TOTAL
INVESTMENT
COMPANIES
$
301,844‌
Total
Investments
$
301,844‌
Other
Assets
and
Liabilities
-  0.00%
(
2‌
)
TOTAL
NET
ASSETS
-
100.00%
$
301,842‌
(a)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940,
as
amended,
(the
"1940
Act"))
or
an
affiliate
as
defined
by
the
1940
Act
(controls
5.00%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
Affiliated
Securities
sub-schedule
for
transactional
information.
Schedule
of
Investments
Principal
LifeTime
2030
Account
March
31,
2025
(unaudited)
See
accompanying
notes.
101
Affiliated
Securities
December
31,
2024
Purchases
(a)
Sales
March
31,
2025
Value
Cost
Proceeds
Value
Blue
Chip
Fund
$
22,069‌
$
739‌
$
500‌
$
21,339‌
Core
Fixed
Income
Fund
81,727‌
5,544‌
2,323‌
86,308‌
Diversified
International
Fund
39,067‌
1,116‌
42,852‌
—‌
Diversified
Real
Asset
Fund
1,404‌
64‌
40‌
1,469‌
Equity
Income
Fund
19,480‌
829‌
500‌
19,840‌
Global
Emerging
Markets
Fund
4,215‌
176‌
119‌
4,473‌
High
Income
Fund
1,653‌
19‌
1,977‌
—‌
High
Yield
Fund
13,646‌
2,762‌
2,291‌
13,658‌
High
Yield
Fund
-
Institutional
Class
—‌
1,911‌
1,911‌
—‌
Inflation
Protection
Fund
10,989‌
504‌
381‌
11,550‌
International
Equity
Fund
—‌
43,155‌
401‌
42,123‌
International
Small
Company
Fund
2,721‌
188‌
1,049‌
1,966‌
LargeCap
Growth
Fund
I
22,111‌
739‌
500‌
20,541‌
LargeCap
S&P
500
Index
Fund
21,793‌
721‌
489‌
21,081‌
LargeCap
Value
Fund
III
19,579‌
739‌
501‌
19,773‌
MidCap
Fund
5,269‌
229‌
156‌
5,321‌
Real
Estate
Securities
Fund
5,378‌
268‌
158‌
5,646‌
Short-Term
Income
Fund
12,955‌
1,247‌
362‌
13,928‌
SmallCap
Fund
7,202‌
364‌
246‌
6,702‌
SmallCap
S&P
600
Index
Fund
872‌
923‌
1‌
1,625‌
Small-MidCap
Dividend
Income
Fund
4,591‌
240‌
151‌
4,501‌
$
296,721‌
$
62,477‌
$
56,908‌
$
301,844‌
Income
Realized
Gain/(Loss)
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
(Loss)
(a)
Blue
Chip
Fund
$
—‌
$
1‌
$
—‌
$
(
970‌
)
Core
Fixed
Income
Fund
748‌
(
2‌
)
—‌
1,362‌
Diversified
International
Fund
—‌
2,264‌
582‌
405‌
Diversified
Real
Asset
Fund
5‌
—‌
—‌
41‌
Equity
Income
Fund
90‌
—‌
—‌
31‌
Global
Emerging
Markets
Fund
—‌
—‌
—‌
201‌
High
Income
Fund
19‌
(
7‌
)
—‌
312‌
High
Yield
Fund
234‌
(
18‌
)
—‌
(
441‌
)
High
Yield
Fund
-
Institutional
Class
—‌
—‌
—‌
—‌
Inflation
Protection
Fund
—‌
—‌
—‌
438‌
International
Equity
Fund
—‌
7‌
—‌
(
638‌
)
International
Small
Company
Fund
—‌
(
7‌
)
—‌
113‌
LargeCap
Growth
Fund
I
—‌
(
3‌
)
—‌
(
1,806‌
)
LargeCap
S&P
500
Index
Fund
—‌
1‌
—‌
(
945‌
)
LargeCap
Value
Fund
III
—‌
—‌
—‌
(
44‌
)
MidCap
Fund
—‌
—‌
—‌
(
21‌
)
Real
Estate
Securities
Fund
34‌
(
1‌
)
—‌
159‌
Short-Term
Income
Fund
122‌
—‌
—‌
88‌
SmallCap
Fund
—‌
(
2‌
)
—‌
(
616‌
)
SmallCap
S&P
600
Index
Fund
—‌
—‌
—‌
(
169‌
)
Small-MidCap
Dividend
Income
Fund
17‌
(
1‌
)
—‌
(
178‌
)
$
1,269‌
$
2,232‌
$
582‌
$
(
2,678‌
)
Amounts
in
thousands.
(a)
Purchases
and
Sales
include
transactions
related
to
the
acquisition
of
the
High
Income
Fund
by
the
High
Yield
Fund.
Schedule
of
Investments
Principal
LifeTime
2040
Account
March
31,
2025
(unaudited)
See
accompanying
notes.
102
INVESTMENT
COMPANIES
-
100
.00
%
Shares
Held
Value
(000's)
Principal
Funds,
Inc.
Class
R-6
-
72
.52
%
Blue
Chip
Fund
(a)
396,937‌
$
17,489‌
Core
Fixed
Income
Fund
(a)
3,775,885‌
32,435‌
Global
Emerging
Markets
Fund
(a)
135,120‌
3,642‌
High
Yield
Fund
(a)
853,203‌
5,665‌
International
Equity
Fund
(a)
2,576,512‌
34,860‌
International
Small
Company
Fund
(a)
173,918‌
1,804‌
LargeCap
Growth
Fund
I
(a)
1,106,460‌
16,840‌
MidCap
Fund
(a)
103,359‌
4,594‌
Real
Estate
Securities
Fund
(a)
148,593‌
4,300‌
SmallCap
Fund
(a)
219,660‌
5,718‌
SmallCap
S&P
600
Index
Fund
(a)
58,926‌
1,378‌
Small-MidCap
Dividend
Income
Fund
(a)
214,969‌
3,859‌
$
132,584‌
Principal
Funds,
Inc.
Institutional
Class
-
27
.48
%
Equity
Income
Fund
(a)
419,455‌
16,409‌
LargeCap
S&P
500
Index
Fund
(a)
645,584‌
17,489‌
LargeCap
Value
Fund
III
(a)
862,471‌
16,352‌
$
50,250‌
TOTAL
INVESTMENT
COMPANIES
$
182,834‌
Total
Investments
$
182,834‌
Other
Assets
and
Liabilities
-  0.00%
(
1‌
)
TOTAL
NET
ASSETS
-
100.00%
$
182,833‌
(a)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940,
as
amended,
(the
"1940
Act"))
or
an
affiliate
as
defined
by
the
1940
Act
(controls
5.00%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
Affiliated
Securities
sub-schedule
for
transactional
information.
Schedule
of
Investments
Principal
LifeTime
2040
Account
March
31,
2025
(unaudited)
See
accompanying
notes.
103
Affiliated
Securities
December
31,
2024
Purchases
(a)
Sales
March
31,
2025
Value
Cost
Proceeds
Value
Blue
Chip
Fund
$
17,589‌
$
943‌
$
249‌
$
17,489‌
Core
Fixed
Income
Fund
29,668‌
2,784‌
524‌
32,435‌
Diversified
International
Fund
31,392‌
1,388‌
34,955‌
—‌
Equity
Income
Fund
15,623‌
1,017‌
249‌
16,409‌
Global
Emerging
Markets
Fund
3,320‌
221‌
59‌
3,642‌
High
Income
Fund
611‌
7‌
787‌
—‌
High
Yield
Fund
5,278‌
1,230‌
611‌
5,665‌
High
Yield
Fund
-
Institutional
Class
—‌
762‌
762‌
—‌
International
Equity
Fund
—‌
35,496‌
110‌
34,860‌
International
Small
Company
Fund
2,312‌
243‌
846‌
1,804‌
LargeCap
Growth
Fund
I
17,629‌
943‌
248‌
16,840‌
LargeCap
S&P
500
Index
Fund
17,588‌
932‌
245‌
17,489‌
LargeCap
Value
Fund
III
15,700‌
943‌
248‌
16,352‌
MidCap
Fund
4,403‌
286‌
76‌
4,594‌
Real
Estate
Securities
Fund
3,957‌
295‌
72‌
4,300‌
SmallCap
Fund
5,916‌
447‌
118‌
5,718‌
SmallCap
S&P
600
Index
Fund
739‌
782‌
—‌
1,378‌
Small-MidCap
Dividend
Income
Fund
3,788‌
300‌
75‌
3,859‌
$
175,513‌
$
49,019‌
$
40,234‌
$
182,834‌
Income
Realized
Gain/(Loss)
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
(Loss)
(a)
Blue
Chip
Fund
$
—‌
$
—‌
$
—‌
$
(
794‌
)
Core
Fixed
Income
Fund
278‌
—‌
—‌
507‌
Diversified
International
Fund
—‌
795‌
478‌
1,380‌
Equity
Income
Fund
74‌
—‌
—‌
18‌
Global
Emerging
Markets
Fund
—‌
—‌
—‌
160‌
High
Income
Fund
7‌
(
3‌
)
—‌
172‌
High
Yield
Fund
93‌
(
4‌
)
—‌
(
228‌
)
High
Yield
Fund
-
Institutional
Class
—‌
—‌
—‌
—‌
International
Equity
Fund
—‌
1‌
—‌
(
527‌
)
International
Small
Company
Fund
—‌
(
4‌
)
—‌
99‌
LargeCap
Growth
Fund
I
—‌
(
1‌
)
—‌
(
1,483‌
)
LargeCap
S&P
500
Index
Fund
—‌
—‌
—‌
(
786‌
)
LargeCap
Value
Fund
III
—‌
—‌
—‌
(
43‌
)
MidCap
Fund
—‌
—‌
—‌
(
19‌
)
Real
Estate
Securities
Fund
26‌
—‌
—‌
120‌
SmallCap
Fund
—‌
—‌
—‌
(
527‌
)
SmallCap
S&P
600
Index
Fund
—‌
—‌
—‌
(
143‌
)
Small-MidCap
Dividend
Income
Fund
15‌
—‌
—‌
(
154‌
)
$
493‌
$
784‌
$
478‌
$
(
2,248‌
)
Amounts
in
thousands.
(a)
Purchases
and
Sales
include
transactions
related
to
the
acquisition
of
the
High
Income
Fund
by
the
High
Yield
Fund.
Schedule
of
Investments
Principal
LifeTime
2050
Account
March
31,
2025
(unaudited)
See
accompanying
notes.
104
INVESTMENT
COMPANIES
-
100
.00
%
Shares
Held
Value
(000's)
Principal
Funds,
Inc.
Class
R-6
-
66
.73
%
Blue
Chip
Fund
(a)
218,765‌
$
9,639‌
Core
Fixed
Income
Fund
(a)
338,466‌
2,907‌
Global
Emerging
Markets
Fund
(a)
73,924‌
1,992‌
High
Yield
Fund
(a)
134,012‌
890‌
International
Equity
Fund
(a)
1,413,267‌
19,121‌
International
Small
Company
Fund
(a)
87,292‌
905‌
LargeCap
Growth
Fund
I
(a)
610,027‌
9,285‌
MidCap
Fund
(a)
57,572‌
2,559‌
Real
Estate
Securities
Fund
(a)
66,614‌
1,928‌
SmallCap
Fund
(a)
119,544‌
3,112‌
SmallCap
S&P
600
Index
Fund
(a)
34,372‌
804‌
Small-MidCap
Dividend
Income
Fund
(a)
119,704‌
2,149‌
$
55,291‌
Principal
Funds,
Inc.
Institutional
Class
-
33
.27
%
Equity
Income
Fund
(a)
230,437‌
9,015‌
LargeCap
S&P
500
Index
Fund
(a)
353,323‌
9,571‌
LargeCap
Value
Fund
III
(a)
473,518‌
8,978‌
$
27,564‌
TOTAL
INVESTMENT
COMPANIES
$
82,855‌
Total
Investments
$
82,855‌
Other
Assets
and
Liabilities
-  0.00%
(
1‌
)
TOTAL
NET
ASSETS
-
100.00%
$
82,854‌
(a)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940,
as
amended,
(the
"1940
Act"))
or
an
affiliate
as
defined
by
the
1940
Act
(controls
5.00%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
Affiliated
Securities
sub-schedule
for
transactional
information.
Schedule
of
Investments
Principal
LifeTime
2050
Account
March
31,
2025
(unaudited)
See
accompanying
notes.
105
Affiliated
Securities
December
31,
2024
Purchases
(a)
Sales
March
31,
2025
Value
Cost
Proceeds
Value
Blue
Chip
Fund
$
9,954‌
$
414‌
$
295‌
$
9,639‌
Core
Fixed
Income
Fund
2,736‌
238‌
112‌
2,907‌
Diversified
International
Fund
17,701‌
639‌
19,560‌
—‌
Equity
Income
Fund
8,836‌
455‌
293‌
9,015‌
Global
Emerging
Markets
Fund
1,874‌
98‌
69‌
1,992‌
High
Income
Fund
93‌
1‌
122‌
—‌
High
Yield
Fund
832‌
185‌
90‌
890‌
High
Yield
Fund
-
Institutional
Class
—‌
118‌
118‌
—‌
International
Equity
Fund
—‌
19,487‌
78‌
19,121‌
International
Small
Company
Fund
1,280‌
107‌
532‌
905‌
LargeCap
Growth
Fund
I
9,982‌
414‌
293‌
9,285‌
LargeCap
S&P
500
Index
Fund
9,879‌
412‌
293‌
9,571‌
LargeCap
Value
Fund
III
8,875‌
414‌
294‌
8,978‌
MidCap
Fund
2,531‌
127‌
90‌
2,559‌
Real
Estate
Securities
Fund
1,833‌
109‌
69‌
1,928‌
SmallCap
Fund
3,338‌
203‌
144‌
3,112‌
SmallCap
S&P
600
Index
Fund
430‌
457‌
—‌
804‌
Small-MidCap
Dividend
Income
Fund
2,189‌
133‌
89‌
2,149‌
$
82,363‌
$
24,011‌
$
22,541‌
$
82,855‌
Income
Realized
Gain/(Loss)
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
(Loss)
(a)
Blue
Chip
Fund
$
—‌
$
—‌
$
—‌
$
(
434‌
)
Core
Fixed
Income
Fund
25‌
—‌
—‌
45‌
Diversified
International
Fund
—‌
221‌
264‌
999‌
Equity
Income
Fund
41‌
—‌
—‌
17‌
Global
Emerging
Markets
Fund
—‌
—‌
—‌
89‌
High
Income
Fund
1‌
—‌
—‌
28‌
High
Yield
Fund
14‌
—‌
—‌
(
37‌
)
High
Yield
Fund
-
Institutional
Class
—‌
—‌
—‌
—‌
International
Equity
Fund
—‌
—‌
—‌
(
288‌
)
International
Small
Company
Fund
—‌
12‌
—‌
38‌
LargeCap
Growth
Fund
I
—‌
—‌
—‌
(
818‌
)
LargeCap
S&P
500
Index
Fund
—‌
2‌
—‌
(
429‌
)
LargeCap
Value
Fund
III
—‌
—‌
—‌
(
17‌
)
MidCap
Fund
—‌
1‌
—‌
(
10‌
)
Real
Estate
Securities
Fund
12‌
—‌
—‌
55‌
SmallCap
Fund
—‌
1‌
—‌
(
286‌
)
SmallCap
S&P
600
Index
Fund
—‌
—‌
—‌
(
83‌
)
Small-MidCap
Dividend
Income
Fund
8‌
—‌
—‌
(
84‌
)
$
101‌
$
237‌
$
264‌
$
(
1,215‌
)
Amounts
in
thousands.
(a)
Purchases
and
Sales
include
transactions
related
to
the
acquisition
of
the
High
Income
Fund
by
the
High
Yield
Fund.
Schedule
of
Investments
Principal
LifeTime
2060
Account
March
31,
2025
(unaudited)
See
accompanying
notes.
106
INVESTMENT
COMPANIES
-
100
.00
%
Shares
Held
Value
(000's)
Principal
Funds,
Inc.
Class
R-6
-
66
.02
%
Blue
Chip
Fund
(a)
79,737‌
$
3,513‌
Core
Fixed
Income
Fund
(a)
98,208‌
844‌
Global
Emerging
Markets
Fund
(a)
26,711‌
720‌
High
Yield
Fund
(a)
40,776‌
271‌
International
Equity
Fund
(a)
511,847‌
6,925‌
International
Small
Company
Fund
(a)
30,004‌
311‌
LargeCap
Growth
Fund
I
(a)
222,555‌
3,387‌
MidCap
Fund
(a)
20,096‌
893‌
Real
Estate
Securities
Fund
(a)
23,850‌
690‌
SmallCap
Fund
(a)
42,792‌
1,114‌
SmallCap
S&P
600
Index
Fund
(a)
12,832‌
300‌
Small-MidCap
Dividend
Income
Fund
(a)
41,249‌
741‌
$
19,709‌
Principal
Funds,
Inc.
Institutional
Class
-
33
.98
%
Equity
Income
Fund
(a)
84,616‌
3,310‌
LargeCap
S&P
500
Index
Fund
(a)
130,966‌
3,548‌
LargeCap
Value
Fund
III
(a)
173,408‌
3,288‌
$
10,146‌
TOTAL
INVESTMENT
COMPANIES
$
29,855‌
Total
Investments
$
29,855‌
Other
Assets
and
Liabilities
-  0.00%
—‌
TOTAL
NET
ASSETS
-
100.00%
$
29,855‌
(a)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940,
as
amended,
(the
"1940
Act"))
or
an
affiliate
as
defined
by
the
1940
Act
(controls
5.00%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
Affiliated
Securities
sub-schedule
for
transactional
information.
Schedule
of
Investments
Principal
LifeTime
2060
Account
March
31,
2025
(unaudited)
See
accompanying
notes.
107
Affiliated
Securities
December
31,
2024
Purchases
(a)
Sales
March
31,
2025
Value
Cost
Proceeds
Value
Blue
Chip
Fund
$
3,552‌
$
301‌
$
182‌
$
3,513‌
Core
Fixed
Income
Fund
822‌
101‌
92‌
844‌
Diversified
International
Fund
6,429‌
336‌
7,210‌
—‌
Equity
Income
Fund
3,198‌
288‌
182‌
3,310‌
Global
Emerging
Markets
Fund
694‌
58‌
65‌
720‌
High
Income
Fund
24‌
—‌
31‌
—‌
High
Yield
Fund
264‌
60‌
43‌
271‌
High
Yield
Fund
-
Institutional
Class
—‌
30‌
30‌
—‌
International
Equity
Fund
—‌
7,087‌
54‌
6,925‌
International
Small
Company
Fund
494‌
62‌
264‌
311‌
LargeCap
Growth
Fund
I
3,565‌
301‌
183‌
3,387‌
LargeCap
S&P
500
Index
Fund
3,547‌
339‌
180‌
3,548‌
LargeCap
Value
Fund
III
3,209‌
266‌
181‌
3,288‌
MidCap
Fund
895‌
74‌
74‌
893‌
Real
Estate
Securities
Fund
668‌
61‌
58‌
690‌
SmallCap
Fund
1,256‌
120‌
168‌
1,114‌
SmallCap
S&P
600
Index
Fund
142‌
190‌
(
2‌
)
300‌
Small-MidCap
Dividend
Income
Fund
789‌
76‌
98‌
741‌
$
29,548‌
$
9,750‌
$
9,093‌
$
29,855‌
Income
Realized
Gain/(Loss)
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
(Loss)
(a)
Blue
Chip
Fund
$
—‌
$
—‌
$
—‌
$
(
158‌
)
Core
Fixed
Income
Fund
7‌
—‌
—‌
13‌
Diversified
International
Fund
—‌
139‌
94‌
306‌
Equity
Income
Fund
15‌
—‌
—‌
6‌
Global
Emerging
Markets
Fund
—‌
—‌
—‌
33‌
High
Income
Fund
—‌
—‌
—‌
7‌
High
Yield
Fund
5‌
—‌
—‌
(
10‌
)
High
Yield
Fund
-
Institutional
Class
—‌
—‌
—‌
—‌
International
Equity
Fund
—‌
—‌
—‌
(
108‌
)
International
Small
Company
Fund
—‌
(
3‌
)
—‌
22‌
LargeCap
Growth
Fund
I
—‌
—‌
—‌
(
296‌
)
LargeCap
S&P
500
Index
Fund
—‌
—‌
—‌
(
158‌
)
LargeCap
Value
Fund
III
—‌
—‌
—‌
(
6‌
)
MidCap
Fund
—‌
—‌
—‌
(
2‌
)
Real
Estate
Securities
Fund
4‌
—‌
—‌
19‌
SmallCap
Fund
—‌
1‌
—‌
(
95‌
)
SmallCap
S&P
600
Index
Fund
—‌
—‌
—‌
(
34‌
)
Small-MidCap
Dividend
Income
Fund
3‌
—‌
—‌
(
26‌
)
$
34‌
$
137‌
$
94‌
$
(
487‌
)
Amounts
in
thousands.
(a)
Purchases
and
Sales
include
transactions
related
to
the
acquisition
of
the
High
Income
Fund
by
the
High
Yield
Fund.
Schedule
of
Investments
Principal
LifeTime
Strategic
Income
Account
March
31,
2025
(unaudited)
See
accompanying
notes.
108
INVESTMENT
COMPANIES
-
100
.00
%
Shares
Held
Value
(000's)
Principal
Funds,
Inc.
Class
R-6
-
65
.04
%
Blue
Chip
Fund
(a)
49,308‌
$
2,172‌
Core
Fixed
Income
Fund
(a)
2,153,819‌
18,501‌
Diversified
Real
Asset
Fund
(a)
19,370‌
222‌
Global
Emerging
Markets
Fund
(a)
16,838‌
454‌
High
Yield
Fund
(a)
509,120‌
3,381‌
International
Equity
Fund
(a)
320,561‌
4,337‌
International
Small
Company
Fund
(a)
19,134‌
198‌
LargeCap
Growth
Fund
I
(a)
137,168‌
2,088‌
MidCap
Fund
(a)
12,829‌
570‌
Real
Estate
Securities
Fund
(a)
33,022‌
956‌
SmallCap
Fund
(a)
27,507‌
716‌
SmallCap
S&P
600
Index
Fund
(a)
7,684‌
180‌
Small-MidCap
Dividend
Income
Fund
(a)
26,740‌
480‌
$
34,255‌
Principal
Funds,
Inc.
Institutional
Class
-
34
.96
%
Equity
Income
Fund
(a)
51,456‌
2,013‌
Inflation
Protection
Fund
(a)
397,803‌
3,115‌
LargeCap
S&P
500
Index
Fund
(a)
79,900‌
2,164‌
LargeCap
Value
Fund
III
(a)
105,805‌
2,006‌
Short-Term
Income
Fund
(a)
755,456‌
9,111‌
$
18,409‌
TOTAL
INVESTMENT
COMPANIES
$
52,664‌
Total
Investments
$
52,664‌
Other
Assets
and
Liabilities
-  0.00%
2‌
TOTAL
NET
ASSETS
-
100.00%
$
52,666‌
(a)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940,
as
amended,
(the
"1940
Act"))
or
an
affiliate
as
defined
by
the
1940
Act
(controls
5.00%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
Affiliated
Securities
sub-schedule
for
transactional
information.
Schedule
of
Investments
Principal
LifeTime
Strategic
Income
Account
March
31,
2025
(unaudited)
See
accompanying
notes.
109
Affiliated
Securities
December
31,
2024
Purchases
(a)
Sales
March
31,
2025
Value
Cost
Proceeds
Value
Blue
Chip
Fund
$
2,327‌
$
71‌
$
128‌
$
2,172‌
Core
Fixed
Income
Fund
18,193‌
1,237‌
1,226‌
18,501‌
Diversified
International
Fund
4,150‌
148‌
4,582‌
—‌
Diversified
Real
Asset
Fund
222‌
10‌
16‌
222‌
Equity
Income
Fund
2,054‌
80‌
127‌
2,013‌
Global
Emerging
Markets
Fund
445‌
16‌
29‌
454‌
High
Income
Fund
444‌
5‌
531‌
—‌
High
Yield
Fund
3,557‌
720‌
775‌
3,381‌
High
Yield
Fund
-
Institutional
Class
—‌
514‌
514‌
—‌
Inflation
Protection
Fund
3,101‌
128‌
236‌
3,115‌
International
Equity
Fund
—‌
4,511‌
110‌
4,337‌
International
Small
Company
Fund
303‌
18‌
135‌
198‌
LargeCap
Growth
Fund
I
2,329‌
71‌
126‌
2,088‌
LargeCap
S&P
500
Index
Fund
2,317‌
71‌
126‌
2,164‌
LargeCap
Value
Fund
III
2,064‌
71‌
127‌
2,006‌
MidCap
Fund
589‌
21‌
38‌
570‌
Real
Estate
Securities
Fund
952‌
44‌
68‌
956‌
Short-Term
Income
Fund
9,059‌
589‌
597‌
9,111‌
SmallCap
Fund
807‌
31‌
56‌
716‌
SmallCap
S&P
600
Index
Fund
96‌
102‌
—‌
180‌
Small-MidCap
Dividend
Income
Fund
514‌
23‌
38‌
480‌
$
53,523‌
$
8,481‌
$
9,585‌
$
52,664‌
Income
Realized
Gain/(Loss)
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
(Loss)
(a)
Blue
Chip
Fund
$
—‌
$
—‌
$
—‌
$
(
98‌
)
Core
Fixed
Income
Fund
165‌
—‌
—‌
297‌
Diversified
International
Fund
—‌
(
316‌
)
61‌
600‌
Diversified
Real
Asset
Fund
1‌
—‌
—‌
6‌
Equity
Income
Fund
9‌
—‌
—‌
6‌
Global
Emerging
Markets
Fund
—‌
—‌
—‌
22‌
High
Income
Fund
5‌
(
2‌
)
—‌
84‌
High
Yield
Fund
60‌
(
7‌
)
—‌
(
114‌
)
High
Yield
Fund
-
Institutional
Class
—‌
—‌
—‌
—‌
Inflation
Protection
Fund
—‌
—‌
—‌
122‌
International
Equity
Fund
—‌
1‌
—‌
(
65‌
)
International
Small
Company
Fund
—‌
9‌
—‌
3‌
LargeCap
Growth
Fund
I
—‌
(
1‌
)
—‌
(
185‌
)
LargeCap
S&P
500
Index
Fund
—‌
1‌
—‌
(
99‌
)
LargeCap
Value
Fund
III
—‌
—‌
—‌
(
2‌
)
MidCap
Fund
—‌
—‌
—‌
(
2‌
)
Real
Estate
Securities
Fund
6‌
—‌
—‌
28‌
Short-Term
Income
Fund
84‌
—‌
—‌
60‌
SmallCap
Fund
—‌
(
1‌
)
—‌
(
65‌
)
SmallCap
S&P
600
Index
Fund
—‌
—‌
—‌
(
18‌
)
Small-MidCap
Dividend
Income
Fund
2‌
—‌
—‌
(
19‌
)
$
332‌
$
(
316‌
)
$
61‌
$
561‌
Amounts
in
thousands.
(a)
Purchases
and
Sales
include
transactions
related
to
the
acquisition
of
the
High
Income
Fund
by
the
High
Yield
Fund.
Schedule
of
Investments
Real
Estate
Securities
Account
March
31,
2025
(unaudited)
See
accompanying
notes.
110
INVESTMENT
COMPANIES
-
1
.05
%
Shares
Held
Value
(000's)
Money
Market
Funds
-
1
.05
%
Principal
Government
Money
Market
Fund
-
Class
R-6
4.18%
(a),(b)
2,704,044‌
$
2,704‌
TOTAL
INVESTMENT
COMPANIES
$
2,704‌
COMMON
STOCKS
-
98
.58
%
Shares
Held
Value
(000's)
Entertainment
-
0
.45
%
Marriott
Vacations
Worldwide
Corp
18,203‌
$
1,170‌
REITs
-
98
.13
%
American
Healthcare
REIT
Inc
143,492‌
4,348‌
American
Homes
4
Rent
195,501‌
7,392‌
American
Tower
Corp
124,820‌
27,161‌
Americold
Realty
Trust
Inc
229,441‌
4,924‌
AvalonBay
Communities
Inc
58,927‌
12,647‌
Broadstone
Net
Lease
Inc
153,016‌
2,607‌
Cousins
Properties
Inc
148,840‌
4,391‌
Digital
Realty
Trust
Inc
51,771‌
7,418‌
EastGroup
Properties
Inc
12,305‌
2,167‌
Equinix
Inc
22,948‌
18,711‌
Equity
LifeStyle
Properties
Inc
54,043‌
3,605‌
Equity
Residential
94,429‌
6,759‌
Essex
Property
Trust
Inc
17,802‌
5,458‌
Extra
Space
Storage
Inc
79,585‌
11,818‌
Gaming
and
Leisure
Properties
Inc
94,531‌
4,812‌
Healthpeak
Properties
Inc
262,098‌
5,300‌
InvenTrust
Properties
Corp
82,968‌
2,437‌
Invitation
Homes
Inc
254,017‌
8,852‌
Iron
Mountain
Inc
6,955‌
598‌
Kilroy
Realty
Corp
65,883‌
2,158‌
National
Health
Investors
Inc
34,085‌
2,517‌
NETSTREIT
Corp
161,299‌
2,557‌
Prologis
Inc
128,091‌
14,319‌
Regency
Centers
Corp
129,528‌
9,554‌
Rexford
Industrial
Realty
Inc
114,831‌
4,496‌
Ryman
Hospitality
Properties
Inc
42,033‌
3,843‌
Sabra
Health
Care
REIT
Inc
288,784‌
5,045‌
Saul
Centers
Inc
6,320‌
228‌
SBA
Communications
Corp
36,271‌
7,980‌
Simon
Property
Group
Inc
40,076‌
6,656‌
Sunstone
Hotel
Investors
Inc
149,371‌
1,406‌
Terreno
Realty
Corp
6,288‌
397‌
Ventas
Inc
218,555‌
15,028‌
VICI
Properties
Inc
301,043‌
9,820‌
Vornado
Realty
Trust
78,980‌
2,921‌
Welltower
Inc
139,628‌
21,392‌
Weyerhaeuser
Co
70,727‌
2,071‌
$
253,793‌
TOTAL
COMMON
STOCKS
$
254,963‌
Total
Investments
$
257,667‌
Other
Assets
and
Liabilities
-  0.37%
963‌
TOTAL
NET
ASSETS
-
100.00%
$
258,630‌
(a)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940,
as
amended,
(the
"1940
Act"))
or
an
affiliate
as
defined
by
the
1940
Act
(controls
5.00%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
Affiliated
Securities
sub-schedule
for
transactional
information.
(b)
1-day
yield
shown
is
as
of
period
end.
Affiliated
Securities
December
31,
2024
Purchases
Sales
March
31,
2025
Value
Cost
Proceeds
Value
Principal
Government
Money
Market
Fund
-
Class
R-6
4.18%
$
6,031‌
$
9,077‌
$
12,404‌
$
2,704‌
$
6,031‌
$
9,077‌
$
12,404‌
$
2,704‌
Income
Realized
Gain/(Loss)
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
(Loss)
Principal
Government
Money
Market
Fund
-
Class
R-6
4.18%
$
39‌
$
—‌
$
—‌
$
—‌
$
39‌
$
—‌
$
—‌
$
—‌
Amounts
in
thousands.
Schedule
of
Investments
SAM
Balanced
Portfolio
March
31,
2025
(unaudited)
See
accompanying
notes.
111
INVESTMENT
COMPANIES
-
100
.02
%
Shares
Held
Value
(000's)
Money
Market
Funds
-
0
.55
%
Principal
Government
Money
Market
Fund
-
Class
R-6
4.18%
(a),(b)
3,050,540‌
$
3,051‌
Principal
Exchange-Traded
Funds
-
18
.31
%
Principal
International
Equity
ETF
(a)
797,853‌
21,009‌
Principal
U.S.
Mega-Cap
ETF
(a)
1,056,807‌
60,006‌
Principal
U.S.
Small-Cap
ETF
(a)
275,600‌
13,383‌
Principal
Value
ETF
(a)
148,000‌
7,262‌
$
101,660‌
Principal
Funds,
Inc.
Class
R-6
-
36
.53
%
Blue
Chip
Fund
(a)
459,026‌
20,225‌
Core
Fixed
Income
Fund
(a)
10,581,034‌
90,891‌
Diversified
Real
Asset
Fund
(a)
1,369,855‌
15,685‌
Global
Emerging
Markets
Fund
(a)
433,371‌
11,679‌
High
Yield
Fund
(a)
2,616,359‌
17,373‌
International
Equity
Index
Fund
(a)
217,646‌
2,579‌
International
Small
Company
Fund
(a)
483,822‌
5,017‌
LargeCap
Growth
Fund
I
(a)
1,129,026‌
17,184‌
Small-MidCap
Dividend
Income
Fund
(a)
437,820‌
7,859‌
Spectrum
Preferred
and
Capital
Securities
Income
Fund
(a)
1,559,798‌
14,319‌
$
202,811‌
Principal
Funds,
Inc.
Institutional
Class
-
32
.70
%
Bond
Market
Index
Fund
(a)
4,173,167‌
35,555‌
Finisterre
Emerging
Markets
Total
Return
Bond
Fund
(a)
1,212,504‌
10,840‌
Inflation
Protection
Fund
(a)
1,975,611‌
15,469‌
LargeCap
S&P
500
Index
Fund
(a)
398,628‌
10,799‌
LargeCap
Value
Fund
III
(a)
1,571,880‌
29,803‌
Overseas
Fund
(a)
1,880,091‌
19,102‌
Principal
Capital
Appreciation
Fund
(a)
642,506‌
49,974‌
Short-Term
Income
Fund
(a)
833,764‌
10,055‌
$
181,597‌
Principal
Variable
Contracts
Funds,
Inc.  Class
1
-
11
.93
%
Equity
Income
Account
(a)
1,118,349‌
34,702‌
Government
&
High
Quality
Bond
Account
(a)
820,762‌
6,952‌
MidCap
Account
(a)
300,504‌
20,732‌
Real
Estate
Securities
Account
(a)
205,278‌
3,865‌
$
66,251‌
TOTAL
INVESTMENT
COMPANIES
$
555,370‌
Total
Investments
$
555,370‌
Other
Assets
and
Liabilities
-  (0.02)%
(
134‌
)
TOTAL
NET
ASSETS
-
100.00%
$
555,236‌
(a)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940,
as
amended,
(the
"1940
Act"))
or
an
affiliate
as
defined
by
the
1940
Act
(controls
5.00%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
Affiliated
Securities
sub-schedule
for
transactional
information.
(b)
1-day
yield
shown
is
as
of
period
end.
Schedule
of
Investments
SAM
Balanced
Portfolio
March
31,
2025
(unaudited)
See
accompanying
notes.
112
Affiliated
Securities
December
31,
2024
Purchases
Sales
March
31,
2025
Value
Cost
Proceeds
Value
Blue
Chip
Fund
$
30,669‌
$
81‌
$
9,760‌
$
20,225‌
Bond
Market
Index
Fund
29,595‌
6,292‌
1,248‌
35,555‌
Core
Fixed
Income
Fund
95,295‌
1,220‌
7,142‌
90,891‌
Diversified
International
Fund
19,951‌
460‌
21,870‌
—‌
Diversified
Real
Asset
Fund
16,308‌
85‌
1,167‌
15,685‌
Equity
Income
Account
41,295‌
248‌
7,306‌
34,702‌
Finisterre
Emerging
Markets
Total
Return
Bond
Fund
11,079‌
267‌
623‌
10,840‌
Global
Emerging
Markets
Fund
12,289‌
106‌
1,307‌
11,679‌
Government
&
High
Quality
Bond
Account
7,468‌
53‌
788‌
6,952‌
High
Yield
Fund
15,304‌
2,776‌
506‌
17,373‌
Inflation
Protection
Fund
11,514‌
3,952‌
542‌
15,469‌
International
Equity
Index
Fund
2,598‌
30‌
259‌
2,579‌
International
Small
Company
Fund
5,236‌
46‌
591‌
5,017‌
LargeCap
Growth
Fund
I
20,291‌
90‌
1,726‌
17,184‌
LargeCap
S&P
500
Index
Fund
12,449‌
63‌
1,230‌
10,799‌
LargeCap
Value
Fund
III
32,339‌
227‌
2,752‌
29,803‌
MidCap
Account
22,905‌
118‌
2,268‌
20,732‌
Overseas
Fund
19,033‌
183‌
2,162‌
19,102‌
Principal
Capital
Appreciation
Fund
53,194‌
3,624‌
3,886‌
49,974‌
Principal
Government
Money
Market
Fund
-
Class
R-6
4.18%
4,522‌
6,159‌
7,630‌
3,051‌
Principal
International
Equity
ETF
—‌
21,510‌
—‌
21,009‌
Principal
U.S.
Mega-Cap
ETF
66,922‌
—‌
3,649‌
60,006‌
Principal
U.S.
Small-Cap
ETF
16,591‌
—‌
2,589‌
13,383‌
Principal
Value
ETF
—‌
7,462‌
—‌
7,262‌
Real
Estate
Securities
Account
3,947‌
35‌
260‌
3,865‌
Short-Term
Income
Fund
10,561‌
177‌
752‌
10,055‌
Small-MidCap
Dividend
Income
Fund
8,809‌
72‌
713‌
7,859‌
Spectrum
Preferred
and
Capital
Securities
Income
Fund
14,984‌
266‌
951‌
14,319‌
$
585,148‌
$
55,602‌
$
83,677‌
$
555,370‌
Income
Realized
Gain/(Loss)
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
(Loss)
Blue
Chip
Fund
$
—‌
$
6,225‌
$
—‌
$
(
6,990‌
)
Bond
Market
Index
Fund
—‌
(
61‌
)
—‌
977‌
Core
Fixed
Income
Fund
841‌
(
859‌
)
—‌
2,377‌
Diversified
International
Fund
—‌
4,271‌
295‌
(
2,812‌
)
Diversified
Real
Asset
Fund
56‌
(
113‌
)
—‌
572‌
Equity
Income
Account
—‌
4,659‌
—‌
(
4,194‌
)
Finisterre
Emerging
Markets
Total
Return
Bond
Fund
191‌
(
100‌
)
—‌
217‌
Global
Emerging
Markets
Fund
—‌
(
19‌
)
—‌
610‌
Government
&
High
Quality
Bond
Account
—‌
(
35‌
)
—‌
254‌
High
Yield
Fund
274‌
—‌
—‌
(
201‌
)
Inflation
Protection
Fund
—‌
(
73‌
)
—‌
618‌
International
Equity
Index
Fund
—‌
16‌
—‌
194‌
International
Small
Company
Fund
—‌
31‌
—‌
295‌
LargeCap
Growth
Fund
I
—‌
(
300‌
)
—‌
(
1,171‌
)
LargeCap
S&P
500
Index
Fund
—‌
245‌
—‌
(
728‌
)
LargeCap
Value
Fund
III
—‌
7‌
—‌
(
18‌
)
MidCap
Account
—‌
7‌
—‌
(
30‌
)
Overseas
Fund
—‌
(
184‌
)
—‌
2,232‌
Principal
Capital
Appreciation
Fund
—‌
376‌
—‌
(
3,334‌
)
Principal
Government
Money
Market
Fund
-
Class
R-6
4.18%
39‌
—‌
—‌
—‌
Principal
International
Equity
ETF
—‌
—‌
—‌
(
501‌
)
Principal
U.S.
Mega-Cap
ETF
—‌
1,282‌
—‌
(
4,549‌
)
Principal
U.S.
Small-Cap
ETF
—‌
516‌
—‌
(
1,135‌
)
Principal
Value
ETF
—‌
—‌
—‌
(
200‌
)
Real
Estate
Securities
Account
—‌
8‌
—‌
135‌
Short-Term
Income
Fund
97‌
(
8‌
)
—‌
77‌
Small-MidCap
Dividend
Income
Fund
30‌
(
40‌
)
—‌
(
269‌
)
Spectrum
Preferred
and
Capital
Securities
Income
Fund
183‌
(
92‌
)
—‌
112‌
$
1,711‌
$
15,759‌
$
295‌
$
(
17,462‌
)
Amounts
in
thousands.
Schedule
of
Investments
SAM
Conservative
Balanced
Portfolio
March
31,
2025
(unaudited)
See
accompanying
notes.
113
INVESTMENT
COMPANIES
-
100
.02
%
Shares
Held
Value
(000's)
Money
Market
Funds
-
0
.67
%
Principal
Government
Money
Market
Fund
-
Class
R-6
4.18%
(a),(b)
1,036,804‌
$
1,037‌
Principal
Exchange-Traded
Funds
-
11
.97
%
Principal
International
Equity
ETF
(a)
149,241‌
3,930‌
Principal
U.S.
Mega-Cap
ETF
(a)
192,030‌
10,904‌
Principal
U.S.
Small-Cap
ETF
(a)
45,200‌
2,195‌
Principal
Value
ETF
(a)
31,000‌
1,521‌
$
18,550‌
Principal
Funds,
Inc.
Class
R-6
-
44
.86
%
Blue
Chip
Fund
(a)
90,992‌
4,009‌
Core
Fixed
Income
Fund
(a)
5,146,119‌
44,205‌
Diversified
Real
Asset
Fund
(a)
299,957‌
3,435‌
Global
Emerging
Markets
Fund
(a)
81,696‌
2,202‌
High
Yield
Fund
(a)
726,022‌
4,821‌
International
Equity
Index
Fund
(a)
62,224‌
737‌
International
Small
Company
Fund
(a)
84,805‌
879‌
LargeCap
Growth
Fund
I
(a)
108,647‌
1,654‌
Small-MidCap
Dividend
Income
Fund
(a)
139,898‌
2,511‌
Spectrum
Preferred
and
Capital
Securities
Income
Fund
(a)
549,359‌
5,043‌
$
69,496‌
Principal
Funds,
Inc.
Institutional
Class
-
32
.56
%
Bond
Market
Index
Fund
(a)
1,945,312‌
16,574‌
Finisterre
Emerging
Markets
Total
Return
Bond
Fund
(a)
792,827‌
7,088‌
Inflation
Protection
Fund
(a)
847,183‌
6,633‌
LargeCap
S&P
500
Index
Fund
(a)
80,783‌
2,188‌
LargeCap
Value
Fund
III
(a)
134,605‌
2,552‌
Overseas
Fund
(a)
242,975‌
2,469‌
Principal
Capital
Appreciation
Fund
(a)
113,532‌
8,831‌
Short-Term
Income
Fund
(a)
340,561‌
4,107‌
$
50,442‌
Principal
Variable
Contracts
Funds,
Inc.  Class
1
-
9
.96
%
Equity
Income
Account
(a)
260,361‌
8,079‌
Government
&
High
Quality
Bond
Account
(a)
429,525‌
3,638‌
MidCap
Account
(a)
37,653‌
2,598‌
Real
Estate
Securities
Account
(a)
59,351‌
1,117‌
$
15,432‌
TOTAL
INVESTMENT
COMPANIES
$
154,957‌
Total
Investments
$
154,957‌
Other
Assets
and
Liabilities
-  (0.02)%
(
35‌
)
TOTAL
NET
ASSETS
-
100.00%
$
154,922‌
(a)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940,
as
amended,
(the
"1940
Act"))
or
an
affiliate
as
defined
by
the
1940
Act
(controls
5.00%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
Affiliated
Securities
sub-schedule
for
transactional
information.
(b)
1-day
yield
shown
is
as
of
period
end.
Schedule
of
Investments
SAM
Conservative
Balanced
Portfolio
March
31,
2025
(unaudited)
See
accompanying
notes.
114
Affiliated
Securities
December
31,
2024
Purchases
Sales
March
31,
2025
Value
Cost
Proceeds
Value
Blue
Chip
Fund
$
6,845‌
$
49‌
$
2,743‌
$
4,009‌
Bond
Market
Index
Fund
14,986‌
2,003‌
846‌
16,574‌
Core
Fixed
Income
Fund
45,030‌
1,227‌
2,768‌
44,205‌
Diversified
International
Fund
3,846‌
75‌
4,195‌
—‌
Diversified
Real
Asset
Fund
3,633‌
108‌
407‌
3,435‌
Equity
Income
Account
9,991‌
148‌
2,186‌
8,079‌
Finisterre
Emerging
Markets
Total
Return
Bond
Fund
7,515‌
292‌
798‌
7,088‌
Global
Emerging
Markets
Fund
2,402‌
25‌
335‌
2,202‌
Government
&
High
Quality
Bond
Account
3,968‌
54‌
495‌
3,638‌
High
Yield
Fund
4,654‌
523‌
303‌
4,821‌
Inflation
Protection
Fund
6,104‌
619‌
340‌
6,633‌
International
Equity
Index
Fund
709‌
23‌
52‌
737‌
International
Small
Company
Fund
861‌
25‌
60‌
879‌
LargeCap
Growth
Fund
I
2,057‌
29‌
284‌
1,654‌
LargeCap
S&P
500
Index
Fund
2,422‌
315‌
460‌
2,188‌
LargeCap
Value
Fund
III
2,866‌
51‌
367‌
2,552‌
MidCap
Account
2,904‌
63‌
367‌
2,598‌
Overseas
Fund
2,478‌
20‌
289‌
2,469‌
Principal
Capital
Appreciation
Fund
9,654‌
838‌
1,160‌
8,831‌
Principal
Government
Money
Market
Fund
-
Class
R-6
4.18%
1,525‌
1,341‌
1,829‌
1,037‌
Principal
International
Equity
ETF
—‌
4,023‌
—‌
3,930‌
Principal
U.S.
Mega-Cap
ETF
12,488‌
—‌
1,006‌
10,904‌
Principal
U.S.
Small-Cap
ETF
2,728‌
—‌
432‌
2,195‌
Principal
Value
ETF
—‌
1,561‌
—‌
1,521‌
Real
Estate
Securities
Account
1,127‌
19‌
70‌
1,117‌
Short-Term
Income
Fund
4,417‌
98‌
436‌
4,107‌
Small-MidCap
Dividend
Income
Fund
2,787‌
85‌
267‌
2,511‌
Spectrum
Preferred
and
Capital
Securities
Income
Fund
5,408‌
131‌
503‌
5,043‌
$
163,405‌
$
13,745‌
$
22,998‌
$
154,957‌
Income
Realized
Gain/(Loss)
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
(Loss)
Blue
Chip
Fund
$
—‌
$
1,824‌
$
—‌
$
(
1,966‌
)
Bond
Market
Index
Fund
—‌
(
48‌
)
—‌
479‌
Core
Fixed
Income
Fund
397‌
(
351‌
)
—‌
1,067‌
Diversified
International
Fund
—‌
833‌
55‌
(
559‌
)
Diversified
Real
Asset
Fund
12‌
16‌
—‌
85‌
Equity
Income
Account
—‌
1,285‌
—‌
(
1,159‌
)
Finisterre
Emerging
Markets
Total
Return
Bond
Fund
126‌
(
131‌
)
—‌
210‌
Global
Emerging
Markets
Fund
—‌
(
10‌
)
—‌
120‌
Government
&
High
Quality
Bond
Account
—‌
(
26‌
)
—‌
137‌
High
Yield
Fund
78‌
8‌
—‌
(
61‌
)
Inflation
Protection
Fund
—‌
(
47‌
)
—‌
297‌
International
Equity
Index
Fund
—‌
2‌
—‌
55‌
International
Small
Company
Fund
—‌
—‌
—‌
53‌
LargeCap
Growth
Fund
I
—‌
(
5‌
)
—‌
(
143‌
)
LargeCap
S&P
500
Index
Fund
—‌
93‌
—‌
(
182‌
)
LargeCap
Value
Fund
III
—‌
11‌
—‌
(
9‌
)
MidCap
Account
—‌
—‌
—‌
(
2‌
)
Overseas
Fund
—‌
(
20‌
)
—‌
280‌
Principal
Capital
Appreciation
Fund
—‌
199‌
—‌
(
700‌
)
Principal
Government
Money
Market
Fund
-
Class
R-6
4.18%
13‌
—‌
—‌
—‌
Principal
International
Equity
ETF
—‌
—‌
—‌
(
93‌
)
Principal
U.S.
Mega-Cap
ETF
—‌
330‌
—‌
(
908‌
)
Principal
U.S.
Small-Cap
ETF
—‌
104‌
—‌
(
205‌
)
Principal
Value
ETF
—‌
—‌
—‌
(
40‌
)
Real
Estate
Securities
Account
—‌
1‌
—‌
40‌
Short-Term
Income
Fund
40‌
(
3‌
)
—‌
31‌
Small-MidCap
Dividend
Income
Fund
10‌
(
12‌
)
—‌
(
82‌
)
Spectrum
Preferred
and
Capital
Securities
Income
Fund
64‌
(
47‌
)
—‌
54‌
$
740‌
$
4,006‌
$
55‌
$
(
3,201‌
)
Amounts
in
thousands.
Schedule
of
Investments
SAM
Conservative
Growth
Portfolio
March
31,
2025
(unaudited)
See
accompanying
notes.
115
INVESTMENT
COMPANIES
-
100
.03
%
Shares
Held
Value
(000's)
Money
Market
Funds
-
0
.53
%
Principal
Government
Money
Market
Fund
-
Class
R-6
4.18%
(a),(b)
2,079,962‌
$
2,080‌
Principal
Exchange-Traded
Funds
-
21
.25
%
Principal
International
Equity
ETF
(a)
644,356‌
16,967‌
Principal
U.S.
Mega-Cap
ETF
(a)
837,311‌
47,543‌
Principal
U.S.
Small-Cap
ETF
(a)
264,400‌
12,839‌
Principal
Value
ETF
(a)
124,000‌
6,085‌
$
83,434‌
Principal
Funds,
Inc.
Class
R-6
-
30
.48
%
Blue
Chip
Fund
(a)
515,015‌
22,692‌
Core
Fixed
Income
Fund
(a)
3,603,385‌
30,953‌
Diversified
Real
Asset
Fund
(a)
1,112,125‌
12,734‌
Global
Emerging
Markets
Fund
(a)
471,407‌
12,704‌
High
Yield
Fund
(a)
769,410‌
5,109‌
International
Equity
Index
Fund
(a)
322,240‌
3,818‌
International
Small
Company
Fund
(a)
548,959‌
5,693‌
LargeCap
Growth
Fund
I
(a)
1,041,473‌
15,851‌
Small-MidCap
Dividend
Income
Fund
(a)
296,783‌
5,327‌
Spectrum
Preferred
and
Capital
Securities
Income
Fund
(a)
523,291‌
4,804‌
$
119,685‌
Principal
Funds,
Inc.
Institutional
Class
-
31
.74
%
Bond
Market
Index
Fund
(a)
1,301,059‌
11,085‌
Finisterre
Emerging
Markets
Total
Return
Bond
Fund
(a)
484,544‌
4,332‌
Inflation
Protection
Fund
(a)
785,221‌
6,148‌
LargeCap
S&P
500
Index
Fund
(a)
331,969‌
8,993‌
LargeCap
Value
Fund
III
(a)
1,513,599‌
28,698‌
Overseas
Fund
(a)
1,638,441‌
16,647‌
Principal
Capital
Appreciation
Fund
(a)
626,297‌
48,713‌
$
124,616‌
Principal
Variable
Contracts
Funds,
Inc.  Class
1
-
16
.03
%
Equity
Income
Account
(a)
1,230,704‌
38,189‌
Government
&
High
Quality
Bond
Account
(a)
246,158‌
2,085‌
MidCap
Account
(a)
260,394‌
17,964‌
Real
Estate
Securities
Account
(a)
249,229‌
4,693‌
$
62,931‌
TOTAL
INVESTMENT
COMPANIES
$
392,746‌
Total
Investments
$
392,746‌
Other
Assets
and
Liabilities
-  (0.03)%
(
114‌
)
TOTAL
NET
ASSETS
-
100.00%
$
392,632‌
(a)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940,
as
amended,
(the
"1940
Act"))
or
an
affiliate
as
defined
by
the
1940
Act
(controls
5.00%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
Affiliated
Securities
sub-schedule
for
transactional
information.
(b)
1-day
yield
shown
is
as
of
period
end.
Schedule
of
Investments
SAM
Conservative
Growth
Portfolio
March
31,
2025
(unaudited)
See
accompanying
notes.
116
Affiliated
Securities
December
31,
2024
Purchases
Sales
March
31,
2025
Value
Cost
Proceeds
Value
Blue
Chip
Fund
$
30,657‌
$
5‌
$
7,067‌
$
22,692‌
Bond
Market
Index
Fund
10,493‌
446‌
154‌
11,085‌
Core
Fixed
Income
Fund
31,692‌
377‌
1,627‌
30,953‌
Diversified
International
Fund
16,144‌
256‌
17,576‌
—‌
Diversified
Real
Asset
Fund
12,805‌
48‌
483‌
12,734‌
Equity
Income
Account
41,986‌
52‌
4,220‌
38,189‌
Finisterre
Emerging
Markets
Total
Return
Bond
Fund
4,280‌
101‌
93‌
4,332‌
Global
Emerging
Markets
Fund
11,139‌
1,506‌
437‌
12,704‌
Government
&
High
Quality
Bond
Account
2,086‌
11‌
75‌
2,085‌
High
Yield
Fund
4,118‌
1,179‌
126‌
5,109‌
Inflation
Protection
Fund
2,705‌
3,293‌
40‌
6,148‌
International
Equity
Index
Fund
3,652‌
24‌
149‌
3,818‌
International
Small
Company
Fund
5,649‌
31‌
331‌
5,693‌
LargeCap
Growth
Fund
I
17,855‌
45‌
642‌
15,851‌
LargeCap
S&P
500
Index
Fund
9,872‌
74‌
548‌
8,993‌
LargeCap
Value
Fund
III
29,404‌
101‌
759‌
28,698‌
MidCap
Account
18,790‌
402‌
1,187‌
17,964‌
Overseas
Fund
15,967‌
44‌
1,049‌
16,647‌
Principal
Capital
Appreciation
Fund
51,280‌
1,618‌
1,326‌
48,713‌
Principal
Government
Money
Market
Fund
-
Class
R-6
4.18%
4,573‌
3,536‌
6,029‌
2,080‌
Principal
International
Equity
ETF
—‌
17,371‌
—‌
16,967‌
Principal
U.S.
Mega-Cap
ETF
52,665‌
—‌
2,516‌
47,543‌
Principal
U.S.
Small-Cap
ETF
15,350‌
—‌
1,887‌
12,839‌
Principal
Value
ETF
—‌
6,280‌
—‌
6,085‌
Real
Estate
Securities
Account
4,723‌
23‌
218‌
4,693‌
Small-MidCap
Dividend
Income
Fund
5,683‌
47‌
192‌
5,327‌
Spectrum
Preferred
and
Capital
Securities
Income
Fund
4,954‌
81‌
237‌
4,804‌
$
408,522‌
$
36,951‌
$
48,968‌
$
392,746‌
Income
Realized
Gain/(Loss)
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
(Loss)
Blue
Chip
Fund
$
—‌
$
4,262‌
$
—‌
$
(
5,165‌
)
Bond
Market
Index
Fund
—‌
(
5‌
)
—‌
305‌
Core
Fixed
Income
Fund
283‌
(
264‌
)
—‌
775‌
Diversified
International
Fund
—‌
3,670‌
239‌
(
2,494‌
)
Diversified
Real
Asset
Fund
46‌
(
47‌
)
—‌
411‌
Equity
Income
Account
—‌
1,016‌
—‌
(
645‌
)
Finisterre
Emerging
Markets
Total
Return
Bond
Fund
75‌
(
15‌
)
—‌
59‌
Global
Emerging
Markets
Fund
—‌
(
13‌
)
—‌
509‌
Government
&
High
Quality
Bond
Account
—‌
(
3‌
)
—‌
66‌
High
Yield
Fund
77‌
—‌
—‌
(
62‌
)
Inflation
Protection
Fund
—‌
(
3‌
)
—‌
193‌
International
Equity
Index
Fund
—‌
8‌
—‌
283‌
International
Small
Company
Fund
—‌
5‌
—‌
339‌
LargeCap
Growth
Fund
I
—‌
(
144‌
)
—‌
(
1,263‌
)
LargeCap
S&P
500
Index
Fund
—‌
43‌
—‌
(
448‌
)
LargeCap
Value
Fund
III
—‌
(
2‌
)
—‌
(
46‌
)
MidCap
Account
—‌
2‌
—‌
(
43‌
)
Overseas
Fund
—‌
(
119‌
)
—‌
1,804‌
Principal
Capital
Appreciation
Fund
—‌
21‌
—‌
(
2,880‌
)
Principal
Government
Money
Market
Fund
-
Class
R-6
4.18%
36‌
—‌
—‌
—‌
Principal
International
Equity
ETF
—‌
—‌
—‌
(
404‌
)
Principal
U.S.
Mega-Cap
ETF
—‌
905‌
—‌
(
3,511‌
)
Principal
U.S.
Small-Cap
ETF
—‌
376‌
—‌
(
1,000‌
)
Principal
Value
ETF
—‌
—‌
—‌
(
195‌
)
Real
Estate
Securities
Account
—‌
2‌
—‌
163‌
Small-MidCap
Dividend
Income
Fund
20‌
(
11‌
)
—‌
(
200‌
)
Spectrum
Preferred
and
Capital
Securities
Income
Fund
61‌
(
23‌
)
—‌
29‌
$
598‌
$
9,661‌
$
239‌
$
(
13,420‌
)
Amounts
in
thousands.
Schedule
of
Investments
SAM
Flexible
Income
Portfolio
March
31,
2025
(unaudited)
See
accompanying
notes.
117
INVESTMENT
COMPANIES
-
100
.02
%
Shares
Held
Value
(000's)
Money
Market
Funds
-
0
.73
%
Principal
Government
Money
Market
Fund
-
Class
R-6
4.18%
(a),(b)
869,530‌
$
870‌
Principal
Exchange-Traded
Funds
-
11
.67
%
Principal
Active
High
Yield
ETF
(a)
121,116‌
2,307‌
Principal
International
Equity
ETF
(a)
117,630‌
3,097‌
Principal
U.S.
Mega-Cap
ETF
(a)
128,407‌
7,291‌
Principal
U.S.
Small-Cap
ETF
(a)
12,000‌
583‌
Principal
Value
ETF
(a)
12,000‌
589‌
$
13,867‌
Principal
Funds,
Inc.
Class
R-6
-
43
.41
%
Core
Fixed
Income
Fund
(a)
4,860,660‌
41,753‌
Diversified
Real
Asset
Fund
(a)
82,955‌
950‌
Global
Emerging
Markets
Fund
(a)
21,911‌
591‌
High
Yield
Fund
(a)
315,728‌
2,096‌
LargeCap
Growth
Fund
I
(a)
35,159‌
535‌
Small-MidCap
Dividend
Income
Fund
(a)
103,289‌
1,854‌
Spectrum
Preferred
and
Capital
Securities
Income
Fund
(a)
412,623‌
3,788‌
$
51,567‌
Principal
Funds,
Inc.
Institutional
Class
-
35
.74
%
Bond
Market
Index
Fund
(a)
1,788,792‌
15,240‌
Finisterre
Emerging
Markets
Total
Return
Bond
Fund
(a)
765,006‌
6,839‌
Inflation
Protection
Fund
(a)
918,137‌
7,189‌
LargeCap
S&P
500
Index
Fund
(a)
42,246‌
1,144‌
LargeCap
Value
Fund
III
(a)
133,293‌
2,527‌
Overseas
Fund
(a)
107,839‌
1,096‌
Principal
Capital
Appreciation
Fund
(a)
53,999‌
4,200‌
Short-Term
Income
Fund
(a)
349,962‌
4,221‌
$
42,456‌
Principal
Variable
Contracts
Funds,
Inc.  Class
1
-
8
.47
%
Equity
Income
Account
(a)
102,756‌
3,189‌
Government
&
High
Quality
Bond
Account
(a)
611,980‌
5,183‌
MidCap
Account
(a)
15,268‌
1,053‌
Real
Estate
Securities
Account
(a)
33,881‌
638‌
$
10,063‌
TOTAL
INVESTMENT
COMPANIES
$
118,823‌
Total
Investments
$
118,823‌
Other
Assets
and
Liabilities
-  (0.02)%
(
27‌
)
TOTAL
NET
ASSETS
-
100.00%
$
118,796‌
(a)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940,
as
amended,
(the
"1940
Act"))
or
an
affiliate
as
defined
by
the
1940
Act
(controls
5.00%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
Affiliated
Securities
sub-schedule
for
transactional
information.
(b)
1-day
yield
shown
is
as
of
period
end.
Schedule
of
Investments
SAM
Flexible
Income
Portfolio
March
31,
2025
(unaudited)
See
accompanying
notes.
118
Affiliated
Securities
December
31,
2024
Purchases
Sales
March
31,
2025
Value
Cost
Proceeds
Value
Bond
Market
Index
Fund
$
15,939‌
$
183‌
$
1,305‌
$
15,240‌
Core
Fixed
Income
Fund
43,753‌
613‌
3,308‌
41,753‌
Diversified
International
Fund
3,041‌
51‌
3,309‌
—‌
Diversified
Real
Asset
Fund
1,220‌
14‌
317‌
950‌
Equity
Income
Account
3,952‌
11‌
821‌
3,189‌
Finisterre
Emerging
Markets
Total
Return
Bond
Fund
7,245‌
182‌
665‌
6,839‌
Global
Emerging
Markets
Fund
—‌
620‌
17‌
591‌
Government
&
High
Quality
Bond
Account
5,623‌
45‌
645‌
5,183‌
High
Yield
Fund
1,376‌
981‌
233‌
2,096‌
Inflation
Protection
Fund
7,498‌
49‌
642‌
7,189‌
LargeCap
Growth
Fund
I
1,268‌
3‌
711‌
535‌
LargeCap
S&P
500
Index
Fund
1,322‌
10‌
137‌
1,144‌
LargeCap
Value
Fund
III
2,761‌
22‌
255‌
2,527‌
MidCap
Account
1,297‌
6‌
251‌
1,053‌
Overseas
Fund
1,147‌
9‌
179‌
1,096‌
Principal
Active
High
Yield
ETF
2,323‌
—‌
—‌
2,307‌
Principal
Capital
Appreciation
Fund
5,034‌
534‌
1,124‌
4,200‌
Principal
Government
Money
Market
Fund
-
Class
R-6
4.18%
1,222‌
583‌
935‌
870‌
Principal
International
Equity
ETF
—‌
3,171‌
—‌
3,097‌
Principal
U.S.
Mega-Cap
ETF
8,789‌
—‌
1,133‌
7,291‌
Principal
U.S.
Small-Cap
ETF
769‌
—‌
162‌
583‌
Principal
Value
ETF
—‌
618‌
—‌
589‌
Real
Estate
Securities
Account
658‌
9‌
53‌
638‌
Short-Term
Income
Fund
4,638‌
79‌
525‌
4,221‌
Small-MidCap
Dividend
Income
Fund
2,218‌
26‌
320‌
1,854‌
Spectrum
Preferred
and
Capital
Securities
Income
Fund
4,178‌
77‌
472‌
3,788‌
$
127,271‌
$
7,896‌
$
17,519‌
$
118,823‌
Income
Realized
Gain/(Loss)
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
(Loss)
Bond
Market
Index
Fund
$
—‌
$
(
62‌
)
$
—‌
$
485‌
Core
Fixed
Income
Fund
385‌
(
400‌
)
—‌
1,095‌
Diversified
International
Fund
—‌
361‌
44‌
(
144‌
)
Diversified
Real
Asset
Fund
3‌
28‌
—‌
5‌
Equity
Income
Account
—‌
534‌
—‌
(
487‌
)
Finisterre
Emerging
Markets
Total
Return
Bond
Fund
121‌
(
109‌
)
—‌
186‌
Global
Emerging
Markets
Fund
—‌
—‌
—‌
(
12‌
)
Government
&
High
Quality
Bond
Account
—‌
(
33‌
)
—‌
193‌
High
Yield
Fund
28‌
19‌
—‌
(
47‌
)
Inflation
Protection
Fund
—‌
(
87‌
)
—‌
371‌
LargeCap
Growth
Fund
I
—‌
64‌
—‌
(
89‌
)
LargeCap
S&P
500
Index
Fund
—‌
26‌
—‌
(
77‌
)
LargeCap
Value
Fund
III
—‌
(
1‌
)
—‌
—‌
MidCap
Account
—‌
—‌
—‌
1‌
Overseas
Fund
—‌
(
22‌
)
—‌
141‌
Principal
Active
High
Yield
ETF
29‌
—‌
—‌
(
16‌
)
Principal
Capital
Appreciation
Fund
—‌
240‌
—‌
(
484‌
)
Principal
Government
Money
Market
Fund
-
Class
R-6
4.18%
11‌
—‌
—‌
—‌
Principal
International
Equity
ETF
—‌
—‌
—‌
(
74‌
)
Principal
U.S.
Mega-Cap
ETF
—‌
371‌
—‌
(
736‌
)
Principal
U.S.
Small-Cap
ETF
—‌
19‌
—‌
(
43‌
)
Principal
Value
ETF
—‌
—‌
—‌
(
29‌
)
Real
Estate
Securities
Account
—‌
—‌
—‌
24‌
Short-Term
Income
Fund
41‌
(
4‌
)
—‌
33‌
Small-MidCap
Dividend
Income
Fund
7‌
(
16‌
)
—‌
(
54‌
)
Spectrum
Preferred
and
Capital
Securities
Income
Fund
49‌
(
33‌
)
—‌
38‌
$
674‌
$
895‌
$
44‌
$
280‌
Amounts
in
thousands.
Schedule
of
Investments
SAM
Strategic
Growth
Portfolio
March
31,
2025
(unaudited)
See
accompanying
notes.
119
INVESTMENT
COMPANIES
-
100
.03
%
Shares
Held
Value
(000's)
Money
Market
Funds
-
0
.55
%
Principal
Government
Money
Market
Fund
-
Class
R-6
4.18%
(a),(b)
2,404,522‌
$
2,405‌
Principal
Exchange-Traded
Funds
-
26
.16
%
Principal
International
Equity
ETF
(a)
1,007,722‌
26,536‌
Principal
U.S.
Mega-Cap
ETF
(a)
1,045,000‌
59,335‌
Principal
U.S.
Small-Cap
ETF
(a)
339,100‌
16,467‌
Principal
Value
ETF
(a)
238,000‌
11,678‌
$
114,016‌
Principal
Funds,
Inc.
Class
R-6
-
22
.83
%
Blue
Chip
Fund
(a)
539,193‌
23,757‌
Diversified
Real
Asset
Fund
(a)
1,297,870‌
14,861‌
Global
Emerging
Markets
Fund
(a)
677,171‌
18,250‌
International
Equity
Index
Fund
(a)
460,088‌
5,452‌
International
Small
Company
Fund
(a)
1,033,506‌
10,717‌
LargeCap
Growth
Fund
I
(a)
1,389,555‌
21,149‌
Small-MidCap
Dividend
Income
Fund
(a)
295,157‌
5,298‌
$
99,484‌
Principal
Funds,
Inc.
Institutional
Class
-
33
.35
%
Bond
Market
Index
Fund
(a)
393,712‌
3,354‌
Inflation
Protection
Fund
(a)
296,178‌
2,319‌
LargeCap
S&P
500
Index
Fund
(a)
469,278‌
12,713‌
LargeCap
Value
Fund
III
(a)
2,107,472‌
39,958‌
Overseas
Fund
(a)
2,328,901‌
23,662‌
Principal
Capital
Appreciation
Fund
(a)
814,035‌
63,315‌
$
145,321‌
Principal
Variable
Contracts
Funds,
Inc.  Class
1
-
17
.14
%
Equity
Income
Account
(a)
1,542,326‌
47,858‌
MidCap
Account
(a)
328,181‌
22,641‌
Real
Estate
Securities
Account
(a)
221,332‌
4,168‌
$
74,667‌
TOTAL
INVESTMENT
COMPANIES
$
435,893‌
Total
Investments
$
435,893‌
Other
Assets
and
Liabilities
-  (0.03)%
(
129‌
)
TOTAL
NET
ASSETS
-
100.00%
$
435,764‌
(a)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940,
as
amended,
(the
"1940
Act"))
or
an
affiliate
as
defined
by
the
1940
Act
(controls
5.00%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
Affiliated
Securities
sub-schedule
for
transactional
information.
(b)
1-day
yield
shown
is
as
of
period
end.
Schedule
of
Investments
SAM
Strategic
Growth
Portfolio
March
31,
2025
(unaudited)
See
accompanying
notes.
120
Affiliated
Securities
December
31,
2024
Purchases
Sales
March
31,
2025
Value
Cost
Proceeds
Value
Blue
Chip
Fund
$
38,705‌
$
131‌
$
14,181‌
$
23,757‌
Bond
Market
Index
Fund
—‌
3,380‌
69‌
3,354‌
Diversified
International
Fund
24,772‌
792‌
27,379‌
—‌
Diversified
Real
Asset
Fund
14,910‌
53‌
528‌
14,861‌
Equity
Income
Account
55,040‌
340‌
8,074‌
47,858‌
Global
Emerging
Markets
Fund
15,789‌
2,655‌
907‌
18,250‌
Inflation
Protection
Fund
—‌
2,330‌
68‌
2,319‌
International
Equity
Index
Fund
5,379‌
108‌
466‌
5,452‌
International
Small
Company
Fund
10,321‌
299‌
544‌
10,717‌
LargeCap
Growth
Fund
I
23,707‌
157‌
832‌
21,149‌
LargeCap
S&P
500
Index
Fund
13,668‌
146‌
526‌
12,713‌
LargeCap
Value
Fund
III
40,715‌
400‌
1,080‌
39,958‌
MidCap
Account
23,354‌
168‌
811‌
22,641‌
Overseas
Fund
22,763‌
205‌
1,741‌
23,662‌
Principal
Capital
Appreciation
Fund
67,368‌
2,315‌
2,629‌
63,315‌
Principal
Government
Money
Market
Fund
-
Class
R-6
4.18%
3,194‌
8,283‌
9,072‌
2,405‌
Principal
International
Equity
ETF
—‌
27,168‌
—‌
26,536‌
Principal
U.S.
Mega-Cap
ETF
62,852‌
—‌
125‌
59,335‌
Principal
U.S.
Small-Cap
ETF
18,667‌
—‌
1,349‌
16,467‌
Principal
Value
ETF
—‌
12,013‌
—‌
11,678‌
Real
Estate
Securities
Account
3,892‌
135‌
—‌
4,168‌
Small-MidCap
Dividend
Income
Fund
5,696‌
76‌
261‌
5,298‌
$
450,792‌
$
61,154‌
$
70,642‌
$
435,893‌
Income
Realized
Gain/(Loss)
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
(Loss)
Blue
Chip
Fund
$
—‌
$
6,753‌
$
—‌
$
(
7,651‌
)
Bond
Market
Index
Fund
—‌
—‌
—‌
43‌
Diversified
International
Fund
—‌
4,732‌
373‌
(
2,917‌
)
Diversified
Real
Asset
Fund
53‌
(
60‌
)
—‌
486‌
Equity
Income
Account
—‌
1,268‌
—‌
(
716‌
)
Global
Emerging
Markets
Fund
—‌
(
8‌
)
—‌
721‌
Inflation
Protection
Fund
—‌
1‌
—‌
56‌
International
Equity
Index
Fund
—‌
20‌
—‌
411‌
International
Small
Company
Fund
—‌
(
76‌
)
—‌
717‌
LargeCap
Growth
Fund
I
—‌
(
13‌
)
—‌
(
1,870‌
)
LargeCap
S&P
500
Index
Fund
—‌
(
3‌
)
—‌
(
572‌
)
LargeCap
Value
Fund
III
—‌
(
11‌
)
—‌
(
66‌
)
MidCap
Account
—‌
(
7‌
)
—‌
(
63‌
)
Overseas
Fund
—‌
(
183‌
)
—‌
2,618‌
Principal
Capital
Appreciation
Fund
—‌
(
24‌
)
—‌
(
3,715‌
)
Principal
Government
Money
Market
Fund
-
Class
R-6
4.18%
29‌
—‌
—‌
—‌
Principal
International
Equity
ETF
—‌
—‌
—‌
(
632‌
)
Principal
U.S.
Mega-Cap
ETF
—‌
39‌
—‌
(
3,431‌
)
Principal
U.S.
Small-Cap
ETF
—‌
269‌
—‌
(
1,120‌
)
Principal
Value
ETF
—‌
—‌
—‌
(
335‌
)
Real
Estate
Securities
Account
—‌
—‌
—‌
141‌
Small-MidCap
Dividend
Income
Fund
20‌
(
18‌
)
—‌
(
195‌
)
$
102‌
$
12,679‌
$
373‌
$
(
18,090‌
)
Amounts
in
thousands.
Schedule
of
Investments
Short-Term
Income
Account
March
31,
2025
(unaudited)
See
accompanying
notes.
121
INVESTMENT
COMPANIES
-
2
.50
%
Shares
Held
Value
(000's)
Money
Market
Funds
-
2
.50
%
BlackRock
Liquidity
FedFund
-
Institutional
Class
4.23%
(a),(b)
1,509,920‌
$
1,510‌
Principal
Government
Money
Market
Fund
-
Class
R-6
4.18%
(a),(c)
1,687,840‌
1,688‌
$
3,198‌
TOTAL
INVESTMENT
COMPANIES
$
3,198‌
BONDS
-
92
.85
%
Principal
Amount
(000's)
Value
(000's)
Aerospace
&
Defense
-
1
.52
%
BAE
Systems
PLC
5.13%,
03/26/2029
(d)
$
400‌
$
406‌
Lockheed
Martin
Corp
4.50%,
02/15/2029
650‌
652‌
Northrop
Grumman
Corp
4.60%,
02/01/2029
500‌
502‌
RTX
Corp
5.75%,
11/08/2026
375‌
382‌
$
1,942‌
Agriculture
-
0
.73
%
Bunge
Ltd
Finance
Corp
1.63%,
08/17/2025
200‌
198‌
4.10%,
01/07/2028
250‌
247‌
4.20%,
09/17/2029
500‌
491‌
$
936‌
Airlines
-
0
.76
%
Alaska
Airlines
2020-1
Class
A
Pass
Through
Trust
4.80%,
02/15/2029
(d)
453‌
451‌
AS
Mileage
Plan
IP
Ltd
5.02%,
10/20/2029
(d)
400‌
392‌
Delta
Air
Lines
Inc
/
SkyMiles
IP
Ltd
4.50%,
10/20/2025
(d)
132‌
132‌
$
975‌
Automobile
Asset
Backed
Securities
-
5
.31
%
AmeriCredit
Automobile
Receivables
Trust
2024-1
5.75%,
02/18/2028
113‌
113‌
BMW
Vehicle
Owner
Trust
2024-A
5.42%,
02/25/2027
134‌
134‌
Chase
Auto
Owner
Trust
2024-5
4.40%,
11/26/2027
(d)
312‌
312‌
Consumer
Portfolio
Services
Auto
Trust
2025-A
4.77%,
10/16/2028
(d)
312‌
312‌
CPS
Auto
Receivables
Trust
2024-A
5.71%,
09/15/2027
(d)
91‌
91‌
CPS
Auto
Receivables
Trust
2024-B
5.78%,
01/18/2028
(d)
272‌
272‌
CPS
Auto
Receivables
Trust
2024-C
5.88%,
02/15/2028
(d)
167‌
168‌
CPS
Auto
Receivables
Trust
2024-D
4.91%,
06/15/2028
(d)
208‌
208‌
Ford
Credit
Auto
Owner
Trust
2020-REV2
1.06%,
04/15/2033
(d)
475‌
466‌
GM
Financial
Consumer
Automobile
Receivables
Trust
2023-3
5.74%,
09/16/2026
31‌
31‌
GM
Financial
Consumer
Automobile
Receivables
Trust
2023-4
5.89%,
11/16/2026
160‌
160‌
GM
Financial
Consumer
Automobile
Receivables
Trust
2024-3
5.35%,
06/16/2027
388‌
389‌
GM
Financial
Consumer
Automobile
Receivables
Trust
2024-4
4.53%,
10/18/2027
350‌
350‌
GM
Financial
Consumer
Automobile
Receivables
Trust
2025-1
4.44%,
01/18/2028
600‌
600‌
Honda
Auto
Receivables
2023-2
Owner
Trust
5.41%,
04/15/2026
37‌
37‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Automobile
Asset
Backed
Securities
(continued)
Nissan
Auto
Receivables
2024-B
Owner
Trust
4.51%,
06/15/2027
$
400‌
$
400‌
OneMain
Direct
Auto
Receivables
Trust
2019-1
3.63%,
09/14/2027
(d)
290‌
289‌
Onemain
Direct
Auto
Receivables
Trust
2022-1
4.65%,
03/14/2029
(d)
235‌
235‌
Santander
Drive
Auto
Receivables
Trust
2024-5
4.88%,
09/15/2027
160‌
160‌
Toyota
Auto
Loan
Extended
Note
Trust
2020-1
1.35%,
05/25/2033
(d)
200‌
199‌
Toyota
Auto
Loan
Extended
Note
Trust
2023-1
4.93%,
06/25/2036
(d)
400‌
406‌
Toyota
Auto
Receivables
2024-D
Owner
Trust
4.55%,
08/16/2027
200‌
200‌
Westlake
Automobile
Receivables
Trust
2024-1
5.62%,
03/15/2027
(d)
191‌
192‌
Westlake
Automobile
Receivables
Trust
2024-3
4.82%,
09/15/2027
(d)
335‌
336‌
Westlake
Automobile
Receivables
Trust
2025-1
4.66%,
01/18/2028
(d)
350‌
350‌
World
Omni
Select
Auto
Trust
2023-A
5.92%,
03/15/2027
17‌
17‌
World
Omni
Select
Auto
Trust
2024-A
5.37%,
02/15/2028
376‌
377‌
$
6,804‌
Banks
-
17
.32
%
Bank
of
America
Corp
1.20%,
10/24/2026
(e)
400‌
392‌
Secured
Overnight
Financing
Rate
+
1.01%
1.32%,
06/19/2026
(e)
600‌
596‌
Secured
Overnight
Financing
Rate
+
1.15%
4.98%,
01/24/2029
(e)
350‌
353‌
Secured
Overnight
Financing
Rate
+
0.83%
5.16%,
01/24/2031
(e)
350‌
355‌
Secured
Overnight
Financing
Rate
+
1.00%
Bank
of
Ireland
Group
PLC
5.60%,
03/20/2030
(d),(e)
500‌
512‌
Secured
Overnight
Financing
Rate
+
1.62%
Bank
of
Montreal
0.95%,
01/22/2027
(e)
600‌
583‌
Secured
Overnight
Financing
Rate
+
0.60%
5.00%,
01/27/2029
(e)
350‌
354‌
Secured
Overnight
Financing
Rate
+
0.67%
Bank
of
Nova
Scotia/The
1.30%,
09/15/2026
307‌
293‌
4.40%,
09/08/2028
(e)
400‌
398‌
Secured
Overnight
Financing
Rate
+
1.00%
Barclays
PLC
2.28%,
11/24/2027
(e)
500‌
481‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.05%
BNP
Paribas
SA
5.13%,
01/13/2029
(d),(e)
400‌
404‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.45%
Canadian
Imperial
Bank
of
Commerce
5.93%,
10/02/2026
300‌
306‌
5.99%,
10/03/2028
160‌
167‌
Citibank
NA
4.88%,
11/19/2027
(e)
250‌
251‌
Secured
Overnight
Financing
Rate
+
0.71%
Citigroup
Inc
1.12%,
01/28/2027
(e)
900‌
874‌
Secured
Overnight
Financing
Rate
+
0.77%
4.54%,
09/19/2030
(e)
400‌
395‌
Secured
Overnight
Financing
Rate
+
1.34%
5.17%,
02/13/2030
(e)
400‌
405‌
Secured
Overnight
Financing
Rate
+
1.36%
Schedule
of
Investments
Short-Term
Income
Account
March
31,
2025
(unaudited)
See
accompanying
notes.
122
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
Deutsche
Bank
AG/New
York
NY
5.41%,
05/10/2029
$
200‌
$
205‌
6.82%,
11/20/2029
(e)
400‌
424‌
Secured
Overnight
Financing
Rate
+
2.51%
Fifth
Third
Bancorp
4.89%,
09/06/2030
(e),(f)
100‌
100‌
Secured
Overnight
Financing
Rate
+
1.49%
Goldman
Sachs
Group
Inc/The
2.64%,
02/24/2028
(e)
500‌
483‌
Secured
Overnight
Financing
Rate
+
1.11%
4.48%,
08/23/2028
(e)
500‌
499‌
Secured
Overnight
Financing
Rate
+
1.73%
5.16%,
12/09/2026
320‌
320‌
Secured
Overnight
Financing
Rate
+
0.79%
5.21%,
01/28/2031
(e)
500‌
507‌
Secured
Overnight
Financing
Rate
+
1.08%
5.73%,
04/25/2030
(e)
400‌
413‌
Secured
Overnight
Financing
Rate
+
1.27%
JPMorgan
Chase
&
Co
1.04%,
02/04/2027
(e)
700‌
680‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
0.70%
1.05%,
11/19/2026
(e)
700‌
685‌
Secured
Overnight
Financing
Rate
+
0.80%
4.45%,
12/05/2029
(e)
350‌
348‌
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.59%
4.51%,
10/22/2028
(e)
200‌
200‌
Secured
Overnight
Financing
Rate
+
0.86%
4.92%,
01/24/2029
(e)
250‌
252‌
Secured
Overnight
Financing
Rate
+
0.80%
5.57%,
04/22/2028
(e)
300‌
306‌
Secured
Overnight
Financing
Rate
+
0.93%
5.58%,
04/22/2030
(e)
300‌
309‌
Secured
Overnight
Financing
Rate
+
1.16%
KeyBank
NA/Cleveland
OH
5.85%,
11/15/2027
600‌
616‌
Morgan
Stanley
1.59%,
05/04/2027
(e)
550‌
533‌
Secured
Overnight
Financing
Rate
+
0.88%
2.48%,
01/21/2028
(e)
300‌
289‌
Secured
Overnight
Financing
Rate
+
1.00%
4.65%,
10/18/2030
(e)
300‌
298‌
Secured
Overnight
Financing
Rate
+
1.10%
5.05%,
01/28/2027
(e)
250‌
251‌
Secured
Overnight
Financing
Rate
+
1.30%
5.17%,
01/16/2030
(e)
450‌
456‌
Secured
Overnight
Financing
Rate
+
1.45%
5.23%,
01/15/2031
(e)
300‌
305‌
Secured
Overnight
Financing
Rate
+
1.11%
5.65%,
04/13/2028
(e)
125‌
128‌
Secured
Overnight
Financing
Rate
+
1.01%
5.66%,
04/18/2030
(e)
300‌
309‌
Secured
Overnight
Financing
Rate
+
1.26%
Morgan
Stanley
Bank
NA
5.02%,
01/12/2029
(e)
400‌
405‌
Secured
Overnight
Financing
Rate
+
0.91%
NatWest
Group
PLC
4.96%,
08/15/2030
(e)
400‌
400‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.22%
5.64%,
11/15/2028
400‌
404‌
Secured
Overnight
Financing
Rate
+
1.30%
PNC
Financial
Services
Group
Inc/The
5.22%,
01/29/2031
(e)
250‌
254‌
Secured
Overnight
Financing
Rate
+
1.07%
Royal
Bank
of
Canada
0.88%,
01/20/2026
(f)
600‌
584‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Banks
(continued)
Societe
Generale
SA
5.50%,
04/13/2029
(d),(e)
$
500‌
$
507‌
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.20%
Swedbank
AB
5.00%,
11/20/2029
(d),(f)
400‌
405‌
Toronto-Dominion
Bank/The
0.75%,
01/06/2026
600‌
583‌
Truist
Financial
Corp
1.27%,
03/02/2027
(e)
348‌
337‌
Secured
Overnight
Financing
Rate
+
0.61%
7.16%,
10/30/2029
(e)
300‌
323‌
Secured
Overnight
Financing
Rate
+
2.45%
UBS
Group
AG
3.87%,
01/12/2029
(d),(e)
750‌
733‌
3
Month
USD
LIBOR
+
1.41%
US
Bancorp
5.10%,
07/23/2030
(e),(f)
150‌
152‌
Secured
Overnight
Financing
Rate
+
1.25%
5.38%,
01/23/2030
(e)
175‌
178‌
Secured
Overnight
Financing
Rate
+
1.56%
Wells
Fargo
&
Co
2.19%,
04/30/2026
(e)
400‌
399‌
Secured
Overnight
Financing
Rate
+
2.00%
5.24%,
01/24/2031
(e)
175‌
178‌
Secured
Overnight
Financing
Rate
+
1.11%
5.71%,
04/22/2028
(e)
300‌
307‌
Secured
Overnight
Financing
Rate
+
1.07%
$
22,184‌
Biotechnology
-
0
.47
%
Amgen
Inc
5.15%,
03/02/2028
400‌
407‌
Gilead
Sciences
Inc
4.80%,
11/15/2029
200‌
202‌
$
609‌
Building
Materials
-
0
.24
%
Vulcan
Materials
Co
4.95%,
12/01/2029
300‌
303‌
Chemicals
-
0
.21
%
Westlake
Corp
3.60%,
08/15/2026
268‌
264‌
Commercial
Mortgage
Backed
Securities
-
9
.38
%
Arbor
Multifamily
Mortgage
Securities
Trust
2022-MF4
3.27%,
02/15/2055
(d),(g)
459‌
448‌
BFLD
Commercial
Mortgage
Trust
2024-UNIV
5.81%,
11/15/2041
(d)
300‌
300‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
1.49%
BX
2024-PALM
5.86%,
06/15/2037
(d)
260‌
259‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
1.54%
BX
Commercial
Mortgage
Trust
2021-ACNT
5.28%,
11/15/2038
(d)
343‌
342‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
0.96%
BX
Commercial
Mortgage
Trust
2021-SOAR
5.10%,
06/15/2038
(d)
263‌
262‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
0.78%
BX
Commercial
Mortgage
Trust
2021-VOLT
5.13%,
09/15/2036
(d)
1,000‌
991‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
0.81%
Schedule
of
Investments
Short-Term
Income
Account
March
31,
2025
(unaudited)
See
accompanying
notes.
123
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Commercial
Mortgage
Backed
Securities
(continued)
BX
Commercial
Mortgage
Trust
2024-AIRC
6.01%,
08/15/2039
(d)
$
500‌
$
500‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
1.69%
BX
Commercial
Mortgage
Trust
2024-GPA3
5.61%,
12/15/2039
(d)
188‌
187‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
1.29%
BX
Trust
2021-BXMF
5.07%,
10/15/2026
(d)
303‌
301‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
0.75%
BX
Trust
2021-LGCY
4.94%,
10/15/2036
(d)
300‌
298‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
0.62%
BX
Trust
2025-DIME
5.47%,
02/15/2035
(d)
350‌
346‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
1.15%
ELP
Commercial
Mortgage
Trust
2021-ELP
5.14%,
11/15/2038
(d)
749‌
746‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
0.82%
GS
Mortgage
Securities
Corp
Trust
2023-SHIP
4.32%,
09/10/2038
(d),(g)
460‌
456‌
JP
Morgan
Chase
Commercial
Mortgage
Securities
Trust
2021-MHC
5.48%,
04/15/2038
(d)
718‌
717‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
1.16%
KRE
Commercial
Mortgage
Trust
2025-AIP4
5.62%,
03/15/2042
(d)
400‌
398‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
1.30%
LBA
Trust
2024-7IND
5.76%,
10/15/2041
(d)
300‌
299‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
1.44%
LBA
Trust
2024-BOLT
5.91%,
06/15/2039
(d)
500‌
499‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
1.59%
Life
2022-BMR
Mortgage
Trust
5.61%,
05/15/2039
(d)
800‌
775‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
1.30%
MED
Commercial
Mortgage
Trust
2024-MOB
5.91%,
05/15/2041
(d)
500‌
494‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
1.59%
MHC
Commercial
Mortgage
Trust
2021-MHC
5.23%,
04/15/2038
(d)
305‌
304‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
0.92%
MHP
2021-STOR
5.13%,
07/15/2038
(d)
650‌
646‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
0.81%
MHP
2022-MHIL
5.13%,
01/15/2039
(d)
456‌
453‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
0.81%
OPG
Trust
2021-PORT
4.92%,
10/15/2036
(d)
577‌
573‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
0.60%
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Commercial
Mortgage
Backed
Securities
(continued)
PRM5
Trust
2025-PRM5
4.17%,
03/10/2033
(d),(g)
$
200‌
$
196‌
SREIT
Trust
2021-MFP
5.16%,
11/15/2038
(d)
528‌
525‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
0.85%
TEXAS
Commercial
Mortgage
Trust
2025-TWR
5.60%,
04/15/2042
(d)
200‌
200‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
1.29%
WB
Commercial
Mortgage
Trust
2024-HQ
5.54%,
03/15/2040
(d),(g)
500‌
501‌
$
12,016‌
Computers
-
1
.44
%
Apple
Inc
1.13%,
05/11/2025
600‌
598‌
Dell
International
LLC
/
EMC
Corp
4.75%,
04/01/2028
(h)
100‌
100‌
5.00%,
04/01/2030
(h)
150‌
151‌
Hewlett
Packard
Enterprise
Co
4.40%,
09/25/2027
600‌
598‌
4.55%,
10/15/2029
400‌
396‌
$
1,843‌
Diversified
Financial
Services
-
0
.28
%
AerCap
Ireland
Capital
DAC
/
AerCap
Global
Aviation
Trust
6.45%,
04/15/2027
350‌
361‌
Electric
-
7
.48
%
AES
Corp/The
1.38%,
01/15/2026
600‌
584‌
Alliant
Energy
Finance
LLC
1.40%,
03/15/2026
(d)
150‌
145‌
5.95%,
03/30/2029
(d)
500‌
518‌
Consumers
Energy
Co
4.90%,
02/15/2029
(f)
375‌
380‌
DTE
Energy
Co
1.05%,
06/01/2025
250‌
248‌
3.40%,
06/15/2029
200‌
190‌
Duke
Energy
Corp
0.90%,
09/15/2025
500‌
492‌
Evergy
Kansas
Central
Inc
4.70%,
03/13/2028
100‌
100‌
Exelon
Corp
5.15%,
03/15/2029
320‌
325‌
Fortis
Inc/Canada
3.06%,
10/04/2026
656‌
641‌
NextEra
Energy
Capital
Holdings
Inc
4.90%,
02/28/2028
167‌
169‌
4.90%,
03/15/2029
300‌
303‌
5.75%,
09/01/2025
800‌
803‌
OGE
Energy
Corp
5.45%,
05/15/2029
400‌
409‌
PacifiCorp
5.10%,
02/15/2029
450‌
458‌
Public
Service
Enterprise
Group
Inc
0.80%,
08/15/2025
700‌
690‌
4.90%,
03/15/2030
100‌
100‌
5.20%,
04/01/2029
300‌
306‌
5.88%,
10/15/2028
350‌
364‌
Southern
Co/The
5.50%,
03/15/2029
500‌
516‌
Southwestern
Electric
Power
Co
1.65%,
03/15/2026
600‌
583‌
Tampa
Electric
Co
4.90%,
03/01/2029
110‌
111‌
Vistra
Operations
Co
LLC
3.70%,
01/30/2027
(d)
800‌
783‌
Schedule
of
Investments
Short-Term
Income
Account
March
31,
2025
(unaudited)
See
accompanying
notes.
124
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Electric
(continued)
Wisconsin
Public
Service
Corp
4.55%,
12/01/2029
$
125‌
$
125‌
Xcel
Energy
Inc
1.75%,
03/15/2027
250‌
237‌
$
9,580‌
Environmental
Control
-
0
.08
%
Republic
Services
Inc
4.75%,
07/15/2030
100‌
101‌
Food
-
0
.64
%
JBS
USA
Holding
Lux
Sarl/
JBS
USA
Food
Co/
JBS
Lux
Co
Sarl
5.13%,
02/01/2028
310‌
313‌
Mars
Inc
4.60%,
03/01/2028
(d)
200‌
201‌
4.80%,
03/01/2030
(d)
300‌
302‌
$
816‌
Forest
Products
&
Paper
-
0
.31
%
Georgia-Pacific
LLC
1.75%,
09/30/2025
(d)
400‌
394‌
Gas
-
0
.66
%
NiSource
Inc
0.95%,
08/15/2025
700‌
691‌
5.25%,
03/30/2028
150‌
152‌
$
843‌
Healthcare
-
Products
-
0
.40
%
Solventum
Corp
5.40%,
03/01/2029
500‌
510‌
Healthcare
-
Services
-
1
.40
%
Centene
Corp
4.25%,
12/15/2027
750‌
732‌
Cigna
Group/The
1.25%,
03/15/2026
208‌
202‌
HCA
Inc
5.25%,
06/15/2026
700‌
702‌
5.88%,
02/01/2029
150‌
154‌
$
1,790‌
Home
Equity
Asset
Backed
Securities
-
1
.21
%
JP
Morgan
Mortgage
Trust
2023-HE1
6.09%,
11/25/2053
(d)
68‌
69‌
1.00
x
30
Day
Average
Secured
Overnight
Financing
Rate
+
1.75%
JP
Morgan
Mortgage
Trust
2023-HE2
6.04%,
03/20/2054
(d)
377‌
379‌
1.00
x
30
Day
Average
Secured
Overnight
Financing
Rate
+
1.70%
JP
Morgan
Mortgage
Trust
2023-HE3
5.94%,
05/25/2054
(d)
235‌
236‌
1.00
x
30
Day
Average
Secured
Overnight
Financing
Rate
+
1.60%
JP
Morgan
Mortgage
Trust
Series
2024-HE3
5.54%,
02/25/2055
(d)
478‌
478‌
1.00
x
30
Day
Average
Secured
Overnight
Financing
Rate
+
1.20%
JP
Morgan
Mortgage
Trust
Series
2025-HE1
5.49%,
07/20/2055
(d)
385‌
384‌
1.00
x
30
Day
Average
Secured
Overnight
Financing
Rate
+
1.15%
$
1,546‌
Insurance
-
2
.69
%
Aon
North
America
Inc
5.15%,
03/01/2029
700‌
712‌
Arthur
J
Gallagher
&
Co
4.85%,
12/15/2029
150‌
151‌
Guardian
Life
Global
Funding
0.88%,
12/10/2025
(d)
300‌
293‌
1.10%,
06/23/2025
(d)
600‌
595‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Insurance
(continued)
Markel
Group
Inc
3.50%,
11/01/2027
$
209‌
$
204‌
New
York
Life
Global
Funding
4.60%,
12/05/2029
(d)
200‌
201‌
Northwestern
Mutual
Global
Funding
0.80%,
01/14/2026
(d)
500‌
486‌
4.96%,
01/13/2030
(d)
300‌
304‌
5.07%,
03/25/2027
(d)
500‌
507‌
$
3,453‌
Internet
-
0
.38
%
eBay
Inc
1.40%,
05/10/2026
500‌
483‌
Machinery
-
Diversified
-
0
.16
%
Ingersoll
Rand
Inc
5.20%,
06/15/2027
200‌
203‌
Media
-
0
.45
%
Charter
Communications
Operating
LLC
/
Charter
Communications
Operating
Capital
4.91%,
07/23/2025
68‌
68‌
6.10%,
06/01/2029
500‌
516‌
$
584‌
Mining
-
0
.58
%
Anglo
American
Capital
PLC
5.38%,
04/01/2025
(d)
400‌
400‌
Glencore
Funding
LLC
1.63%,
09/01/2025
(d)
250‌
247‌
5.19%,
04/01/2030
(d),(h)
100‌
100‌
$
747‌
Mortgage
Backed
Securities
-
5
.53
%
Chase
Home
Lending
Mortgage
Trust
2025-3
5.50%,
02/25/2056
(d),(g)
250‌
250‌
Chase
Home
Lending
Mortgage
Trust
Series
2024-2
6.50%,
02/25/2055
(d),(g)
351‌
354‌
CHL
Mortgage
Pass-Through
Trust
2003-46
6.54%,
01/19/2034
(g)
8‌
7‌
GS
Mortgage-Backed
Securities
Corp
Trust
2021-PJ3
2.50%,
08/25/2051
(d),(g)
97‌
87‌
J.P.
Morgan
Mortgage
Trust
2023-8
6.00%,
02/25/2054
(d),(g)
900‌
905‌
JP
Morgan
Mortgage
Trust
2004-A3
6.95%,
07/25/2034
(g)
3‌
3‌
JP
Morgan
Mortgage
Trust
2004-S1
5.00%,
09/25/2034
10‌
9‌
JP
Morgan
Mortgage
Trust
2021-1
2.50%,
06/25/2051
(d),(g)
254‌
232‌
JP
Morgan
Mortgage
Trust
2023-10
6.00%,
05/25/2054
(d),(g)
279‌
280‌
JP
Morgan
Mortgage
Trust
Series
2024-CES1
5.92%,
06/25/2054
(d),(g)
487‌
488‌
JP
Morgan
Mortgage
Trust
Series
2025-CES1
5.67%,
05/25/2055
(d),(g)
291‌
292‌
JP
Morgan
Mortgage
Trust
Series
2025-CES2
5.59%,
06/25/2055
(d)
300‌
300‌
Morgan
Stanley
Residential
Mortgage
Loan
Trust
2020-1
2.50%,
12/25/2050
(d),(g)
130‌
117‌
Morgan
Stanley
Residential
Mortgage
Loan
Trust
2025-1
5.50%,
03/25/2055
(d),(g)
250‌
249‌
Oceanview
Mortgage
Trust
2021-3
2.50%,
06/25/2051
(d),(g)
347‌
309‌
PHH
Mortgage
Trust
Series
2008-CIM1
6.69%,
06/25/2038
28‌
25‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
1
Month
+
2.36%
PSMC
2021-3
Trust
2.50%,
08/25/2051
(d),(g)
669‌
595‌
Schedule
of
Investments
Short-Term
Income
Account
March
31,
2025
(unaudited)
See
accompanying
notes.
125
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Mortgage
Backed
Securities
(continued)
Sequoia
Mortgage
Trust
2020-4
2.50%,
11/25/2050
(d),(g)
$
124‌
$
115‌
Sequoia
Mortgage
Trust
2021-3
2.50%,
05/25/2051
(d),(g)
346‌
308‌
Sequoia
Mortgage
Trust
2021-4
2.50%,
06/25/2051
(d),(g)
491‌
435‌
Sequoia
Mortgage
Trust
2024-1
5.99%,
01/25/2054
(d),(g)
421‌
421‌
Sequoia
Mortgage
Trust
2024-2
6.00%,
03/25/2054
(d),(g)
149‌
149‌
Sequoia
Mortgage
Trust
2024-4
6.00%,
05/25/2054
(d),(g)
846‌
850‌
Wells
Fargo
Mortgage
Backed
Securities
2020-3
Trust
3.00%,
06/25/2050
(d),(g)
6‌
6‌
Wells
Fargo
Mortgage
Backed
Securities
2020-4
Trust
3.00%,
07/25/2050
(d),(g)
205‌
174‌
Wells
Fargo
Mortgage
Backed
Securities
2020-5
Trust
2.50%,
09/25/2050
(d),(g)
79‌
73‌
Wells
Fargo
Mortgage
Backed
Securities
2021-1
Trust
2.50%,
12/25/2050
(d),(g)
58‌
52‌
$
7,085‌
Office
&
Business
Equipment
-
0
.30
%
CDW
LLC
/
CDW
Finance
Corp
2.67%,
12/01/2026
400‌
386‌
Oil
&
Gas
-
1
.23
%
Canadian
Natural
Resources
Ltd
5.00%,
12/15/2029
(d)
165‌
165‌
Chevron
USA
Inc
0.69%,
08/12/2025
200‌
197‌
Diamondback
Energy
Inc
5.15%,
01/30/2030
350‌
355‌
5.20%,
04/18/2027
400‌
405‌
Occidental
Petroleum
Corp
5.20%,
08/01/2029
300‌
300‌
Phillips
66
3.85%,
04/09/2025
150‌
150‌
$
1,572‌
Oil
&
Gas
Services
-
0
.32
%
Schlumberger
Holdings
Corp
5.00%,
05/29/2027
(d)
200‌
203‌
5.00%,
11/15/2029
(d)
200‌
203‌
$
406‌
Other
Asset
Backed
Securities
-
13
.83
%
1988
CLO
2
Ltd
5.49%,
04/15/2038
(d)
250‌
250‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.20%
37
Capital
CLO
II
5.59%,
07/15/2034
(d)
300‌
300‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.29%
720
East
CLO
V
Ltd
5.82%,
07/20/2037
(d)
250‌
251‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.53%
AB
BSL
CLO
4
Ltd
0.00%,
04/20/2038
(d),(h),(i)
250‌
250‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.30%
AMMC
CLO
15
Ltd
5.68%,
01/15/2032
(d)
146‌
146‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.38%
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Other
Asset
Backed
Securities
(continued)
Bardot
CLO
Ltd
5.27%,
10/22/2032
(d)
$
450‌
$
448‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
0.98%
CCG
Receivables
Trust
2024-1
4.99%,
03/15/2032
(d)
197‌
198‌
CF
Hippolyta
Issuer
LLC
1.53%,
03/15/2061
(d)
1,649‌
1,576‌
1.69%,
07/15/2060
(d)
450‌
444‌
CNH
Equipment
Trust
2024-B
5.42%,
10/15/2027
139‌
139‌
Dell
Equipment
Finance
Trust
2024-1
5.58%,
03/22/2030
(d)
212‌
213‌
Dewolf
Park
CLO
Ltd
5.48%,
10/15/2030
(d)
444‌
444‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.18%
DLLAA
2023-1
LLC
5.93%,
07/20/2026
(d)
76‌
76‌
DLLAA
2025-1
LLC
4.70%,
10/20/2027
(d)
300‌
300‌
Dllad
2024-1
LLC
5.50%,
08/20/2027
(d)
254‌
256‌
DLLST
2024-1
LLC
5.33%,
01/20/2026
(d)
132‌
132‌
GreatAmerica
Leasing
Receivables
Funding
LLC
Series
2024-1
5.32%,
08/17/2026
(d)
353‌
354‌
John
Deere
Owner
Trust
2023-B
5.59%,
06/15/2026
20‌
20‌
KKR
CLO
18
Ltd
5.49%,
07/18/2030
(d)
208‌
208‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.20%
KKR
Lending
Partners
III
Clo
LLC
6.10%,
10/20/2030
(d)
332‌
332‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.81%
Kubota
Credit
Owner
Trust
2023-2
5.61%,
07/15/2026
(d)
180‌
181‌
Lake
Shore
MM
CLO
II
Ltd
5.70%,
10/17/2031
(d)
645‌
644‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.40%
Madison
Park
Funding
XVIII
Ltd
5.49%,
10/21/2030
(d)
651‌
651‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.20%
Maranon
Loan
Funding
2021-3
Ltd
6.05%,
10/15/2036
(d)
300‌
302‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.75%
Marathon
CLO
XIII
Ltd
5.50%,
04/15/2032
(d)
873‌
873‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.20%
MVW
2021-1W
LLC
1.14%,
01/22/2041
(d)
22‌
21‌
MVW
2023-2
LLC
6.18%,
11/20/2040
(d)
325‌
335‌
MVW
2024-2
LLC
4.43%,
03/20/2042
(d)
447‌
443‌
New
Mountain
CLO
6
Ltd
6.04%,
10/15/2037
(d)
300‌
301‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.40%
Schedule
of
Investments
Short-Term
Income
Account
March
31,
2025
(unaudited)
See
accompanying
notes.
126
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Other
Asset
Backed
Securities
(continued)
New
Mountain
CLO
7
Ltd
5.48%,
03/31/2038
(d)
$
250‌
$
249‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.20%
Oaktree
CLO
2019-4
Ltd
5.80%,
07/20/2037
(d)
500‌
501‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.51%
Oaktree
CLO
2024-25
Ltd
5.84%,
04/20/2037
(d)
500‌
501‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.55%
Palmer
Square
Loan
Funding
2022-1
Ltd
5.35%,
04/15/2030
(d)
129‌
129‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.05%
Parliament
Funding
II
ltd
5.80%,
10/20/2031
(d)
49‌
49‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.51%
PFS
Financing
Corp
4.85%,
02/15/2030
(d)
450‌
454‌
4.95%,
02/15/2029
(d)
650‌
655‌
5.52%,
10/15/2028
(d)
200‌
203‌
TCI-Flatiron
CLO
2016-1
Ltd
5.40%,
01/17/2032
(d)
139‌
139‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.10%
T-Mobile
US
Trust
2022-1
4.91%,
05/22/2028
(d)
714‌
715‌
Trafigura
Securitisation
Finance
PLC
5.98%,
11/15/2027
(d)
750‌
758‌
Verizon
Master
Trust
4.17%,
08/20/2030
250‌
249‌
4.35%,
08/20/2032
(d)
250‌
249‌
4.49%,
01/22/2029
700‌
700‌
4.62%,
11/20/2030
300‌
302‌
4.89%,
04/13/2028
1,000‌
1,000‌
5.16%,
06/20/2029
600‌
605‌
Voya
2012-4
Ltd
5.56%,
10/15/2030
(d)
177‌
177‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
1.26%
$
17,723‌
Packaging
&
Containers
-
0
.66
%
Graphic
Packaging
International
LLC
1.51%,
04/15/2026
(d)
450‌
434‌
Smurfit
Kappa
Treasury
ULC
5.20%,
01/15/2030
(d)
400‌
407‌
$
841‌
Pharmaceuticals
-
2
.01
%
AbbVie
Inc
4.80%,
03/15/2029
500‌
506‌
Astrazeneca
Finance
LLC
4.85%,
02/26/2029
400‌
406‌
Bristol-Myers
Squibb
Co
4.90%,
02/22/2029
500‌
509‌
Eli
Lilly
&
Co
4.50%,
02/09/2029
500‌
504‌
4.55%,
02/12/2028
250‌
252‌
4.75%,
02/12/2030
100‌
102‌
Pfizer
Investment
Enterprises
Pte
Ltd
4.65%,
05/19/2025
300‌
300‌
$
2,579‌
Pipelines
-
3
.15
%
Columbia
Pipelines
Holding
Co
LLC
6.04%,
08/15/2028
(d)
525‌
543‌
6.06%,
08/15/2026
(d)
150‌
152‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Pipelines
(continued)
Enbridge
Inc
5.30%,
04/05/2029
$
150‌
$
153‌
5.90%,
11/15/2026
525‌
535‌
Energy
Transfer
LP
4.40%,
03/15/2027
250‌
249‌
5.55%,
02/15/2028
300‌
307‌
Kinder
Morgan
Inc
5.00%,
02/01/2029
500‌
504‌
5.10%,
08/01/2029
200‌
202‌
ONEOK
Inc
4.25%,
09/24/2027
500‌
496‌
4.40%,
10/15/2029
300‌
295‌
5.55%,
11/01/2026
300‌
304‌
Williams
Cos
Inc/The
5.40%,
03/02/2026
300‌
302‌
$
4,042‌
REITs
-
2
.29
%
American
Tower
Corp
5.00%,
01/31/2030
200‌
201‌
American
Tower
Trust
#1
3.65%,
03/15/2048
(d)
270‌
261‌
5.49%,
03/15/2053
(d)
500‌
508‌
Crown
Castle
Inc
1.35%,
07/15/2025
250‌
248‌
CubeSmart
LP
4.00%,
11/15/2025
65‌
65‌
Public
Storage
Operating
Co
5.08%,
04/16/2027
450‌
452‌
Secured
Overnight
Financing
Rate
+
0.70%
SBA
Tower
Trust
1.63%,
05/15/2051
(d)
500‌
475‌
1.88%,
07/15/2050
(d)
125‌
122‌
2.33%,
07/15/2052
(d)
653‌
608‌
$
2,940‌
Semiconductors
-
1
.41
%
Advanced
Micro
Devices
Inc
4.21%,
09/24/2026
(f)
200‌
200‌
4.32%,
03/24/2028
200‌
201‌
Broadcom
Inc
5.05%,
07/12/2029
350‌
355‌
Micron
Technology
Inc
6.75%,
11/01/2029
325‌
349‌
NXP
BV
/
NXP
Funding
LLC
/
NXP
USA
Inc
2.70%,
05/01/2025
200‌
200‌
Texas
Instruments
Inc
4.60%,
02/08/2029
(f)
500‌
505‌
$
1,810‌
Software
-
1
.60
%
Oracle
Corp
4.20%,
09/27/2029
400‌
392‌
4.80%,
08/03/2028
350‌
353‌
Roper
Technologies
Inc
1.00%,
09/15/2025
300‌
296‌
4.50%,
10/15/2029
300‌
298‌
Take-Two
Interactive
Software
Inc
4.95%,
03/28/2028
500‌
505‌
5.40%,
06/12/2029
200‌
205‌
$
2,049‌
Student
Loan
Asset
Backed
Securities
-
4
.61
%
Commonbond
Student
Loan
Trust
2018-BGS
3.56%,
09/25/2045
(d)
48‌
46‌
Commonbond
Student
Loan
Trust
2018-C-GS
3.87%,
02/25/2046
(d)
53‌
51‌
Commonbond
Student
Loan
Trust
2019-A-GS
2.54%,
01/25/2047
(d)
101‌
92‌
Commonbond
Student
Loan
Trust
2020-A-GS
1.98%,
08/25/2050
(d)
198‌
173‌
Schedule
of
Investments
Short-Term
Income
Account
March
31,
2025
(unaudited)
See
accompanying
notes.
127
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Student
Loan
Asset
Backed
Securities
(continued)
Commonbond
Student
Loan
Trust
2021-A-GS
1.20%,
03/25/2052
(d)
$
198‌
$
164‌
Commonbond
Student
Loan
Trust
2021-B-GS
1.17%,
09/25/2051
(d)
250‌
218‌
EDvestinU
Private
Education
Loan
Issue
No
3
LLC
1.80%,
11/25/2045
(d)
112‌
103‌
ELFI
Graduate
Loan
Program
2024-A
LLC
5.56%,
08/25/2049
(d)
515‌
520‌
Laurel
Road
Prime
Student
Loan
Trust
2019-A
2.34%,
10/25/2048
(d)
2‌
2‌
Navient
Private
Education
Refi
Loan
Trust
2019-A
3.42%,
01/15/2043
(d)
9‌
9‌
Navient
Private
Education
Refi
Loan
Trust
2019-G
2.40%,
10/15/2068
(d)
46‌
45‌
Navient
Private
Education
Refi
Loan
Trust
2020-D
1.69%,
05/15/2069
(d)
80‌
76‌
Navient
Private
Education
Refi
Loan
Trust
2020-F
1.22%,
07/15/2069
(d)
84‌
78‌
Navient
Private
Education
Refi
Loan
Trust
2020-G
1.17%,
09/16/2069
(d)
95‌
88‌
Navient
Private
Education
Refi
Loan
Trust
2020-H
1.31%,
01/15/2069
(d)
55‌
52‌
Navient
Private
Education
Refi
Loan
Trust
2021-A
0.84%,
05/15/2069
(d)
70‌
64‌
Navient
Private
Education
Refi
Loan
Trust
2021-B
0.94%,
07/15/2069
(d)
537‌
488‌
Navient
Private
Education
Refi
Loan
Trust
2021-C
1.06%,
10/15/2069
(d)
94‌
85‌
Navient
Private
Education
Refi
Loan
Trust
2021-E
0.97%,
12/16/2069
(d)
252‌
223‌
Navient
Private
Education
Refi
Loan
Trust
2021-F
1.11%,
02/18/2070
(d)
275‌
241‌
Navient
Private
Education
Refi
Loan
Trust
2022-A
2.23%,
07/15/2070
(d)
160‌
144‌
Navient
Private
Education
Refi
Loan
Trust
2023-A
5.51%,
10/15/2071
(d)
187‌
190‌
Navient
Private
Education
Refi
Loan
Trust
2024-A
5.66%,
10/15/2072
(d)
321‌
326‌
Nelnet
Student
Loan
Trust
2021-A
1.36%,
04/20/2062
(d)
368‌
342‌
Nelnet
Student
Loan
Trust
2021-C
1.32%,
04/20/2062
(d)
118‌
109‌
Nelnet
Student
Loan
Trust
2021-D
1.63%,
04/20/2062
(d)
232‌
217‌
SLM
Private
Credit
Student
Loan
Trust
2004-A
4.96%,
06/15/2033
17‌
17‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
0.66%
SLM
Private
Credit
Student
Loan
Trust
2006-A
4.85%,
06/15/2039
265‌
257‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
0.55%
SLM
Private
Credit
Student
Loan
Trust
2006-B
4.76%,
12/15/2039
104‌
101‌
1.00
x
CME
Term
Secured
Overnight
Financing
Rate
3
Month
+
0.46%
SMB
Private
Education
Loan
Trust
2021-A
1.07%,
01/15/2053
(d)
238‌
213‌
SMB
Private
Education
Loan
Trust
2021-B
1.31%,
07/17/2051
(d)
234‌
218‌
SMB
Private
Education
Loan
Trust
2021-D
1.34%,
03/17/2053
(d)
420‌
392‌
SMB
Private
Education
Loan
Trust
2021-E
1.68%,
02/15/2051
(d)
295‌
276‌
SMB
Private
Education
Loan
Trust
2022-C
4.48%,
05/16/2050
(d)
295‌
293‌
$
5,913‌
BONDS
(continued)
Principal
Amount
(000’s)
Value
(000’s)
Telecommunications
-
1
.51
%
AT&T
Inc
1.70%,
03/25/2026
$
400‌
$
389‌
Cisco
Systems
Inc
4.75%,
02/24/2030
350‌
355‌
4.85%,
02/26/2029
500‌
509‌
Crown
Castle
Towers
LLC
3.66%,
05/15/2045
(d)
100‌
100‌
4.24%,
07/15/2048
(d)
290‌
283‌
Sprint
Spectrum
Co
LLC
/
Sprint
Spectrum
Co
II
LLC
/
Sprint
Spectrum
Co
III
LLC
5.15%,
09/20/2029
(d)
300‌
301‌
$
1,937‌
Transportation
-
0
.30
%
Ryder
System
Inc
1.75%,
09/01/2026
400‌
384‌
TOTAL
BONDS
$
118,954‌
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
-
5
.93
%
Principal
Amount
(000's)
Value
(000's)
Federal
Home
Loan
Mortgage
Corporation
(FHLMC)
-
0
.00
%
6.94%,
09/01/2035
$
3‌
$
3‌
1.00
x
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
2.25%
Federal
National
Mortgage
Association
(FNMA)
-
0
.02
%
6.49%,
04/01/2033
6‌
6‌
1.00
x
Refinitiv
USD
IBOR
Consumer
Cash
Fallback
6-Month
+
1.51%
6.52%,
12/01/2032
2‌
2‌
1.00
x
Refinitiv
USD
IBOR
Consumer
Cash
Fallback
12-Month
+
1.64%
6.71%,
02/01/2037
5‌
5‌
1.00
x
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
2.01%
6.75%,
01/01/2035
2‌
2‌
1.00
x
Refinitiv
USD
IBOR
Consumer
Cash
Fallback
12-Month
+
1.75%
7.37%,
08/01/2034
1‌
1‌
1.00
x
Refinitiv
USD
IBOR
Consumer
Cash
Fallback
12-Month
+
1.63%
7.54%,
07/01/2034
3‌
3‌
1.00
x
Refinitiv
USD
IBOR
Consumer
Cash
Fallback
12-Month
+
1.58%
$
19‌
U.S.
Treasury
-
5
.91
%
3.25%,
06/30/2029
1,350‌
1,314‌
3.88%,
12/31/2029
400‌
399‌
4.63%,
06/30/2025
3,300‌
3,302‌
5.00%,
09/30/2025
2,550‌
2,560‌
$
7,575‌
TOTAL
U.S.
GOVERNMENT
&
GOVERNMENT
AGENCY
OBLIGATIONS
$
7,597‌
Total
Investments
$
129,749‌
Other
Assets
and
Liabilities
-  (1.28)%
(
1,637‌
)
TOTAL
NET
ASSETS
-
100.00%
$
128,112‌
(a)
1-day
yield
shown
is
as
of
period
end.
(b)
Security
or
a
portion
of
the
security
was
received
as
collateral
for
securities
lending.
At
the
end
of
the
period,
the
value
of
these
securities
totaled
$1,510
or
1.18%
of
net
assets.
(c)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940,
as
amended,
(the
"1940
Act"))
or
an
affiliate
as
defined
by
the
1940
Act
(controls
5.00%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
Affiliated
Securities
sub-schedule
for
transactional
information.
(d)
Security
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933.
These
securities
may
be
resold
in
transactions
exempt
from
registration,
normally
to
qualified
institutional
buyers.
At
the
end
of
the
period,
the
value
of
these
securities
totaled
$58,868
or
45.95%
of
net
assets.
Schedule
of
Investments
Short-Term
Income
Account
March
31,
2025
(unaudited)
See
accompanying
notes.
128
(e)
Rate
shown
is
as
of
period
end.
The
rate
may
be
a
variable
or
floating
rate
or
a
fixed
rate
which
may
convert
to
a
variable
or
floating
rate
in
the
future.
(f)
Security
or
a
portion
of
the
security
was
on
loan.  At
the
end
of
the
period,
the
value
of
these
securities
totaled
$1,468
or
1.15%
of
net
assets.
(g)
Certain
variable
rate
securities
are
not
based
on
a
published
reference
rate
and
spread
but
are
determined
by
the
issuer
or
agent
and
are
based
on
current
market
conditions.  These
securities
do
not
indicate
a
reference
rate
and
spread
in
their
description.
Rate
shown
is
the
rate
in
effect
as
of
period
end.
(h)
Security
purchased
on
a
when-issued
basis.
(i)
Non-income
producing
security
Affiliated
Securities
December
31,
2024
Purchases
Sales
March
31,
2025
Value
Cost
Proceeds
Value
Principal
Government
Money
Market
Fund
-
Class
R-6
4.18%
$
8,662‌
$
15,282‌
$
22,256‌
$
1,688‌
$
8,662‌
$
15,282‌
$
22,256‌
$
1,688‌
Income
(a)
Realized
Gain/(Loss)
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
(Loss)
Principal
Government
Money
Market
Fund
-
Class
R-6
4.18%
$
41‌
$
—‌
$
—‌
$
—‌
$
41‌
$
—‌
$
—‌
$
—‌
Amounts
in
thousands.
(a)
Amount
excludes
earnings
from
securities
lending
collateral.
Futures
Contracts
Description
and
Expiration
Date
Type
Contracts
Notional
Amount
Value
and
Unrealized
Appreciation/(Depreciation)
US
5
Year
Note;
June
2025
Long
38‌
$
4,110‌
$
54‌
Total
$
54‌
Amounts
in
thousands
except
contracts.
Schedule
of
Investments
SmallCap
Account
March
31,
2025
(unaudited)
See
accompanying
notes.
129
INVESTMENT
COMPANIES
-
1
.78
%
Shares
Held
Value
(000's)
Money
Market
Funds
-
1
.78
%
BlackRock
Liquidity
FedFund
-
Institutional
Class
4.23%
(a),(b)
1,390,200‌
$
1,390‌
Principal
Government
Money
Market
Fund
-
Class
R-6
4.18%
(a),(c)
1,324,060‌
1,324‌
$
2,714‌
TOTAL
INVESTMENT
COMPANIES
$
2,714‌
COMMON
STOCKS
-
98
.76
%
Shares
Held
Value
(000's)
Aerospace
&
Defense
-
1
.46
%
AAR
Corp
(d)
18,300‌
$
1,024‌
Curtiss-Wright
Corp
3,800‌
1,206‌
$
2,230‌
Agriculture
-
1
.38
%
Darling
Ingredients
Inc
(d)
32,500‌
1,015‌
Vital
Farms
Inc
(d)
35,800‌
1,091‌
$
2,106‌
Apparel
-
0
.66
%
PVH
Corp
15,500‌
1,002‌
Automobile
Parts
&
Equipment
-
0
.50
%
Visteon
Corp
(d)
9,800‌
761‌
Banks
-
10
.70
%
Ameris
Bancorp
26,500‌
1,526‌
First
Horizon
Corp
110,200‌
2,140‌
First
Merchants
Corp
20,600‌
833‌
FNB
Corp/PA
126,658‌
1,704‌
Independent
Bank
Corp/MI
17,700‌
545‌
National
Bank
Holdings
Corp
16,100‌
616‌
Pinnacle
Financial
Partners
Inc
18,300‌
1,940‌
Popular
Inc
26,100‌
2,411‌
Trustmark
Corp
13,100‌
452‌
UMB
Financial
Corp
25,300‌
2,558‌
Webster
Financial
Corp
14,807‌
763‌
Wintrust
Financial
Corp
7,300‌
821‌
$
16,309‌
Biotechnology
-
8
.32
%
Akero
Therapeutics
Inc
(d)
8,656‌
350‌
Axsome
Therapeutics
Inc
(d)
10,800‌
1,260‌
Bicycle
Therapeutics
PLC
ADR
(d)
21,900‌
186‌
Bridgebio
Pharma
Inc
(d)
36,000‌
1,245‌
Cytokinetics
Inc
(d)
12,600‌
506‌
Denali
Therapeutics
Inc
(d)
39,000‌
530‌
Immunocore
Holdings
PLC
ADR
(d)
16,300‌
484‌
Immunovant
Inc
(d)
27,600‌
472‌
Insmed
Inc
(d)
58,847‌
4,489‌
Iovance
Biotherapeutics
Inc
(d)
160,900‌
536‌
SpringWorks
Therapeutics
Inc
(d)
38,300‌
1,690‌
Structure
Therapeutics
Inc
ADR
(d)
26,700‌
462‌
Viking
Therapeutics
Inc
(d)
19,400‌
468‌
$
12,678‌
Building
Materials
-
3
.71
%
Eagle
Materials
Inc
3,657‌
811‌
Louisiana-Pacific
Corp
9,400‌
865‌
Modine
Manufacturing
Co
(d)
24,000‌
1,842‌
SPX
Technologies
Inc
(d)
6,300‌
811‌
Trex
Co
Inc
(d)
22,700‌
1,319‌
$
5,648‌
Chemicals
-
0
.20
%
Koppers
Holdings
Inc
10,816‌
303‌
Commercial
Services
-
3
.39
%
Huron
Consulting
Group
Inc
(d)
9,100‌
1,305‌
Remitly
Global
Inc
(d)
20,200‌
420‌
Stride
Inc
(d)
17,500‌
2,214‌
Verra
Mobility
Corp
(d)
54,600‌
1,229‌
$
5,168‌
Computers
-
2
.27
%
Parsons
Corp
(d)
22,300‌
1,320‌
SailPoint
Inc
(d),(e)
18,500‌
347‌
Varonis
Systems
Inc
(d)
44,400‌
1,796‌
$
3,463‌
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Consumer
Products
-
0
.63
%
Quanex
Building
Products
Corp
51,800‌
$
963‌
Distribution
&
Wholesale
-
1
.13
%
WESCO
International
Inc
11,100‌
1,724‌
Diversified
Financial
Services
-
4
.72
%
Janus
Henderson
Group
PLC
48,200‌
1,742‌
Lazard
Inc
48,000‌
2,078‌
Marex
Group
PLC
14,400‌
509‌
OneMain
Holdings
Inc
20,900‌
1,022‌
Stifel
Financial
Corp
19,500‌
1,838‌
$
7,189‌
Electric
-
1
.23
%
Portland
General
Electric
Co
41,900‌
1,869‌
Electrical
Components
&
Equipment
-
1
.03
%
EnerSys
17,200‌
1,575‌
Electronics
-
2
.56
%
Advanced
Energy
Industries
Inc
15,500‌
1,477‌
TD
SYNNEX
Corp
14,032‌
1,459‌
Vishay
Intertechnology
Inc
60,400‌
960‌
$
3,896‌
Engineering
&
Construction
-
2
.74
%
Dycom
Industries
Inc
(d)
12,600‌
1,920‌
MYR
Group
Inc
(d)
8,400‌
950‌
Sterling
Infrastructure
Inc
(d)
9,600‌
1,087‌
TopBuild
Corp
(d)
700‌
213‌
$
4,170‌
Entertainment
-
2
.27
%
Caesars
Entertainment
Inc
(d)
25,600‌
640‌
TKO
Group
Holdings
Inc
18,500‌
2,827‌
$
3,467‌
Food
-
1
.45
%
Performance
Food
Group
Co
(d)
28,200‌
2,217‌
Gas
-
1
.35
%
Southwest
Gas
Holdings
Inc
28,600‌
2,054‌
Hand
&
Machine
Tools
-
1
.05
%
Regal
Rexnord
Corp
14,100‌
1,605‌
Healthcare
-
Products
-
2
.88
%
Castle
Biosciences
Inc
(d)
49,100‌
983‌
Exact
Sciences
Corp
(d)
26,200‌
1,134‌
Natera
Inc
(d)
16,099‌
2,277‌
$
4,394‌
Healthcare
-
Services
-
2
.30
%
Addus
HomeCare
Corp
(d)
12,500‌
1,236‌
LifeStance
Health
Group
Inc
(d)
108,500‌
723‌
RadNet
Inc
(d)
31,100‌
1,546‌
$
3,505‌
Home
Builders
-
1
.73
%
Taylor
Morrison
Home
Corp
(d)
43,900‌
2,636‌
Insurance
-
4
.10
%
Abacus
Global
Management
Inc
(d)
24,462‌
183‌
Axis
Capital
Holdings
Ltd
7,900‌
792‌
CNO
Financial
Group
Inc
38,571‌
1,607‌
Essent
Group
Ltd
23,200‌
1,339‌
Lincoln
National
Corp
64,700‌
2,323‌
$
6,244‌
Internet
-
0
.01
%
Lulu's
Fashion
Lounge
Holdings
Inc
(d)
30,928‌
12‌
Iron
&
Steel
-
1
.16
%
Commercial
Metals
Co
38,400‌
1,767‌
Leisure
Products
&
Services
-
1
.79
%
Life
Time
Group
Holdings
Inc
(d)
77,700‌
2,347‌
Lindblad
Expeditions
Holdings
Inc
(d)
40,900‌
379‌
$
2,726‌
Machinery
-
Diversified
-
4
.38
%
Chart
Industries
Inc
(d)
18,700‌
2,700‌
Mueller
Water
Products
Inc
-
Class
A
87,700‌
2,229‌
Zurn
Elkay
Water
Solutions
Corp
52,800‌
1,741‌
$
6,670‌
Schedule
of
Investments
SmallCap
Account
March
31,
2025
(unaudited)
See
accompanying
notes.
130
COMMON
STOCKS
(continued)
Shares
Held
Value
(000’s)
Miscellaneous
Manufacturers
-
0
.43
%
Fabrinet
(d)
3,340‌
$
660‌
Oil
&
Gas
-
2
.45
%
Chord
Energy
Corp
11,200‌
1,263‌
Civitas
Resources
Inc
27,700‌
966‌
Gulfport
Energy
Corp
(d)
3,600‌
663‌
Patterson-UTI
Energy
Inc
102,700‌
844‌
$
3,736‌
Oil
&
Gas
Services
-
1
.10
%
ChampionX
Corp
46,900‌
1,397‌
Helix
Energy
Solutions
Group
Inc
(d)
33,900‌
282‌
$
1,679‌
Packaging
&
Containers
-
1
.27
%
Graphic
Packaging
Holding
Co
74,300‌
1,929‌
Pharmaceuticals
-
2
.33
%
AdaptHealth
Corp
(d)
32,800‌
356‌
BellRing
Brands
Inc
(d)
13,500‌
1,005‌
Collegium
Pharmaceutical
Inc
(d)
44,800‌
1,337‌
Dexcom
Inc
(d)
4,600‌
314‌
Vaxcyte
Inc
(d)
14,200‌
536‌
$
3,548‌
Real
Estate
-
0
.72
%
Newmark
Group
Inc
90,500‌
1,101‌
REITs
-
5
.73
%
Agree
Realty
Corp
34,800‌
2,686‌
American
Healthcare
REIT
Inc
19,600‌
594‌
Cousins
Properties
Inc
47,800‌
1,410‌
First
Industrial
Realty
Trust
Inc
34,200‌
1,846‌
Ladder
Capital
Corp
55,800‌
637‌
Rexford
Industrial
Realty
Inc
39,700‌
1,554‌
$
8,727‌
Retail
-
2
.12
%
American
Eagle
Outfitters
Inc
38,500‌
447‌
BJ's
Wholesale
Club
Holdings
Inc
(d)
18,000‌
2,054‌
Caleres
Inc
42,700‌
736‌
$
3,237‌
Semiconductors
-
2
.23
%
Allegro
MicroSystems
Inc
(d)
49,200‌
1,237‌
Entegris
Inc
12,300‌
1,076‌
SiTime
Corp
(d)
7,100‌
1,085‌
$
3,398‌
Software
-
6
.92
%
Agilysys
Inc
(d)
9,600‌
696‌
Clearwater
Analytics
Holdings
Inc
(d)
43,400‌
1,163‌
DigitalOcean
Holdings
Inc
(d)
26,400‌
882‌
DoubleVerify
Holdings
Inc
(d)
31,000‌
415‌
Jamf
Holding
Corp
(d)
33,500‌
407‌
JFrog
Ltd
(d)
40,200‌
1,286‌
Manhattan
Associates
Inc
(d)
4,400‌
761‌
Privia
Health
Group
Inc
(d)
68,200‌
1,531‌
Progress
Software
Corp
18,700‌
963‌
ServiceTitan
Inc
(d),(e)
10,636‌
1,012‌
Sophia
Genetics
SA
(d)
49,800‌
165‌
Sprout
Social
Inc
(d)
31,837‌
700‌
Vertex
Inc
(d)
16,391‌
574‌
$
10,555‌
Telecommunications
-
0
.62
%
Credo
Technology
Group
Holding
Ltd
(d)
23,375‌
939‌
Transportation
-
1
.26
%
Teekay
Tankers
Ltd
25,900‌
991‌
World
Kinect
Corp
32,600‌
925‌
$
1,916‌
Water
-
0
.48
%
American
States
Water
Co
9,400‌
740‌
TOTAL
COMMON
STOCKS
$
150,516‌
Total
Investments
$
153,230‌
Other
Assets
and
Liabilities
-  (0.54)%
(
816‌
)
TOTAL
NET
ASSETS
-
100.00%
$
152,414‌
(a)
1-day
yield
shown
is
as
of
period
end.
(b)
Security
or
a
portion
of
the
security
was
received
as
collateral
for
securities
lending.
At
the
end
of
the
period,
the
value
of
these
securities
totaled
$1,390
or
0.91%
of
net
assets.
(c)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940,
as
amended,
(the
"1940
Act"))
or
an
affiliate
as
defined
by
the
1940
Act
(controls
5.00%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
Affiliated
Securities
sub-schedule
for
transactional
information.
(d)
Non-income
producing
security
(e)
Security
or
a
portion
of
the
security
was
on
loan.  At
the
end
of
the
period,
the
value
of
these
securities
totaled
$1,345
or
0.88%
of
net
assets.
Schedule
of
Investments
SmallCap
Account
March
31,
2025
(unaudited)
See
accompanying
notes.
131
Affiliated
Securities
December
31,
2024
Purchases
Sales
March
31,
2025
Value
Cost
Proceeds
Value
Principal
Government
Money
Market
Fund
-
Class
R-6
4.18%
$
494‌
$
8,454‌
$
7,624‌
$
1,324‌
$
494‌
$
8,454‌
$
7,624‌
$
1,324‌
Income
(a)
Realized
Gain/(Loss)
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
(Loss)
Principal
Government
Money
Market
Fund
-
Class
R-6
4.18%
$
10‌
$
—‌
$
—‌
$
—‌
$
10‌
$
—‌
$
—‌
$
—‌
Amounts
in
thousands.
(a)
Amount
excludes
earnings
from
securities
lending
collateral.
Schedule
of
Investments
U.S.
LargeCap
Buffer
April
Account
March
31,
2025
(unaudited)
See
accompanying
notes.
132
INVESTMENT
COMPANIES
-
81
.25
%
Shares
Held
Value
(000's)
Exchange-Traded
Funds
-
80
.90
%
iShares
Core
S&P
500
ETF
(a)
31,831‌
$
17,886‌
SPDR
Portfolio
S&P
500
ETF
(a)
70,711‌
4,650‌
SPDR
S&P
500
ETF
Trust
(a)
6,397‌
3,578‌
Vanguard
S&P
500
ETF
(a)
10,439‌
5,365‌
$
31,479‌
Money
Market
Funds
-
0
.35
%
Principal
Government
Money
Market
Fund
-
Class
R-6
4.18%
(b),(c)
137,958‌
138‌
TOTAL
INVESTMENT
COMPANIES
$
31,617‌
TOTAL
PURCHASED
OPTIONS
-
16.42%
$
6,389‌
Total
Investments
$
38,006‌
Other
Assets
and
Liabilities
-  2.33%
905‌
TOTAL
NET
ASSETS
-
100.00%
$
38,911‌
(a)
Security
or
a
portion
of
the
security
was
pledged
to
cover
margin
requirements
for
options
contracts.
At
the
end
of
the
period,
the
value
of
these
securities
totaled
$15,744
or
40.46%
of
net
assets.
(b)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940,
as
amended,
(the
"1940
Act"))
or
an
affiliate
as
defined
by
the
1940
Act
(controls
5.00%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
Affiliated
Securities
sub-schedule
for
transactional
information.
(c)
1-day
yield
shown
is
as
of
period
end.
Affiliated
Securities
December
31,
2024
Purchases
Sales
March
31,
2025
Value
Cost
Proceeds
Value
Principal
Government
Money
Market
Fund
-
Class
R-6
4.18%
$
124‌
$
2,825‌
$
2,811‌
$
138‌
$
124‌
$
2,825‌
$
2,811‌
$
138‌
Income
Realized
Gain/(Loss)
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
(Loss)
Principal
Government
Money
Market
Fund
-
Class
R-6
4.18%
$
1‌
$
—‌
$
—‌
$
—‌
$
1‌
$
—‌
$
—‌
$
—‌
Amounts
in
thousands.
Options
Purchased
Options
Outstanding
Counterparty
Contracts/
Shares
Notional
Amount
Exercise
Price
Expiration
Date
Upfront
Payments
Fair
Value
Unrealized
Appreciation/
(Depreciation)
Call
-
S&P
500
Mini
Index
(a)
N/A
78‌
$
8‌
$
5
.61‌
03/31/2026
$
4,290‌
$
4,303‌
$
13‌
Put
-
S&P
500
Mini
Index
(a)
N/A
648‌
65‌
$
561
.19‌
03/31/2026
2,106‌
2,086‌
(
20‌
)
Total
$
6,396‌
$
6,389‌
$
(
7‌
)
Written
Options
Outstanding
Counterparty
Contracts/
Shares
Notional
Amount
Exercise
Price
Expiration
Date
Upfront
Receipts
Fair
Value
Unrealized
Appreciation/
(Depreciation)
Call
-
S&P
500
Mini
Index
(a)
N/A
203‌
$
20‌
$
617
.31‌
03/31/2026
$
(
395‌
)
$
(
387‌
)
$
8‌
Put
-
S&P
500
Mini
Index
(a)
N/A
648‌
65‌
$
505
.07‌
03/31/2026
(
1,116‌
)
(
1,116‌
)
—‌
Total
$
(
1,511‌
)
$
(
1,503‌
)
$
8‌
Amounts
in
thousands
except
contracts/shares.
(a)
FLEX
Options
which
are
customized
exchange-traded
option
contracts.
Schedule
of
Investments
U.S.
LargeCap
Buffer
January
Account
March
31,
2025
(unaudited)
See
accompanying
notes.
133
INVESTMENT
COMPANIES
-
89
.05
%
Shares
Held
Value
(000's)
Exchange-Traded
Funds
-
88
.93
%
iShares
Core
S&P
500
ETF
(a)
65,245‌
$
36,661‌
SPDR
Portfolio
S&P
500
ETF
144,920‌
9,530‌
SPDR
S&P
500
ETF
Trust
(a)
13,103‌
7,330‌
Vanguard
S&P
500
ETF
21,381‌
10,988‌
$
64,509‌
Money
Market
Funds
-
0
.12
%
Principal
Government
Money
Market
Fund
-
Class
R-6
4.18%
(b),(c)
89,278‌
89‌
TOTAL
INVESTMENT
COMPANIES
$
64,598‌
TOTAL
PURCHASED
OPTIONS
-
17.84%
$
12,944‌
Total
Investments
$
77,542‌
Other
Assets
and
Liabilities
-  (6.89)%
(
4,995‌
)
TOTAL
NET
ASSETS
-
100.00%
$
72,547‌
(a)
Security
or
a
portion
of
the
security
was
pledged
to
cover
margin
requirements
for
options
contracts.
At
the
end
of
the
period,
the
value
of
these
securities
totaled
$27,162
or
37.44%
of
net
assets.
(b)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940,
as
amended,
(the
"1940
Act"))
or
an
affiliate
as
defined
by
the
1940
Act
(controls
5.00%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
Affiliated
Securities
sub-schedule
for
transactional
information.
(c)
1-day
yield
shown
is
as
of
period
end.
Affiliated
Securities
December
31,
2024
Purchases
Sales
March
31,
2025
Value
Cost
Proceeds
Value
Principal
Government
Money
Market
Fund
-
Class
R-6
4.18%
$
—‌
$
41,200‌
$
41,111‌
$
89‌
$
—‌
$
41,200‌
$
41,111‌
$
89‌
Income
Realized
Gain/(Loss)
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
(Loss)
Principal
Government
Money
Market
Fund
-
Class
R-6
4.18%
$
8‌
$
—‌
$
—‌
$
—‌
$
8‌
$
—‌
$
—‌
$
—‌
Amounts
in
thousands.
Options
Purchased
Options
Outstanding
Counterparty
Contracts/
Shares
Notional
Amount
Exercise
Price
Expiration
Date
Upfront
Payments
Fair
Value
Unrealized
Appreciation/
(Depreciation)
Call
-
S&P
500
Mini
Index
(a)
N/A
142‌
$
14‌
$
5
.88‌
12/31/2025
$
8,252‌
$
7,826‌
$
(
426‌
)
Put
-
S&P
500
Mini
Index
(a)
N/A
1,305‌
131‌
$
588
.16‌
12/31/2025
3,631‌
5,118‌
1,487‌
Total
$
11,883‌
$
12,944‌
$
1,061‌
Written
Options
Outstanding
Counterparty
Contracts/
Shares
Notional
Amount
Exercise
Price
Expiration
Date
Upfront
Receipts
Fair
Value
Unrealized
Appreciation/
(Depreciation)
Call
-
S&P
500
Mini
Index
(a)
N/A
474‌
$
47‌
$
646
.98‌
12/31/2025
$
(
824‌
)
$
(
227‌
)
$
597‌
Put
-
S&P
500
Mini
Index
(a)
N/A
1,305‌
131‌
$
529
.34‌
12/31/2025
(
1,959‌
)
(
2,556‌
)
(
597‌
)
Total
$
(
2,783‌
)
$
(
2,783‌
)
$
—‌
Amounts
in
thousands
except
contracts/shares.
(a)
FLEX
Options
which
are
customized
exchange-traded
option
contracts.
Schedule
of
Investments
U.S.
LargeCap
Buffer
July
Account
March
31,
2025
(unaudited)
See
accompanying
notes.
134
INVESTMENT
COMPANIES
-
86
.99
%
Shares
Held
Value
(000's)
Exchange-Traded
Funds
-
86
.88
%
iShares
Core
S&P
500
ETF
(a)
31,514‌
$
17,708‌
SPDR
Portfolio
S&P
500
ETF
(a)
70,219‌
4,618‌
SPDR
S&P
500
ETF
Trust
(a)
6,315‌
3,532‌
Vanguard
S&P
500
ETF
(a)
10,328‌
5,308‌
$
31,166‌
Money
Market
Funds
-
0
.11
%
Principal
Government
Money
Market
Fund
-
Class
R-6
4.18%
(b),(c)
40,007‌
40‌
TOTAL
INVESTMENT
COMPANIES
$
31,206‌
TOTAL
PURCHASED
OPTIONS
-
13.31%
$
4,773‌
Total
Investments
$
35,979‌
Other
Assets
and
Liabilities
-  (0.30)%
(
107‌
)
TOTAL
NET
ASSETS
-
100.00%
$
35,872‌
(a)
Security
or
a
portion
of
the
security
was
pledged
to
cover
margin
requirements
for
options
contracts.
At
the
end
of
the
period,
the
value
of
these
securities
totaled
$12,176
or
33.94%
of
net
assets.
(b)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940,
as
amended,
(the
"1940
Act"))
or
an
affiliate
as
defined
by
the
1940
Act
(controls
5.00%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
Affiliated
Securities
sub-schedule
for
transactional
information.
(c)
1-day
yield
shown
is
as
of
period
end.
Affiliated
Securities
December
31,
2024
Purchases
Sales
March
31,
2025
Value
Cost
Proceeds
Value
Principal
Government
Money
Market
Fund
-
Class
R-6
4.18%
$
871‌
$
1,058‌
$
1,889‌
$
40‌
$
871‌
$
1,058‌
$
1,889‌
$
40‌
Income
Realized
Gain/(Loss)
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
(Loss)
Principal
Government
Money
Market
Fund
-
Class
R-6
4.18%
$
1‌
$
—‌
$
—‌
$
—‌
$
1‌
$
—‌
$
—‌
$
—‌
Amounts
in
thousands.
Options
Purchased
Options
Outstanding
Counterparty
Contracts/
Shares
Notional
Amount
Exercise
Price
Expiration
Date
Upfront
Payments
Fair
Value
Unrealized
Appreciation/
(Depreciation)
Call
-
S&P
500
Mini
Index
(a)
N/A
71‌
$
7‌
$
5
.46‌
06/30/2025
$
3,881‌
$
3,929‌
$
48‌
Put
-
S&P
500
Mini
Index
(a)
N/A
630‌
63‌
$
546
.05‌
06/30/2025
1,405‌
844‌
(
561‌
)
Total
$
5,286‌
$
4,773‌
$
(
513‌
)
Written
Options
Outstanding
Counterparty
Contracts/
Shares
Notional
Amount
Exercise
Price
Expiration
Date
Upfront
Receipts
Fair
Value
Unrealized
Appreciation/
(Depreciation)
Call
-
S&P
500
Mini
Index
(a)
N/A
159‌
$
16‌
$
600
.66‌
06/30/2025
$
(
262‌
)
$
(
64‌
)
$
198‌
Put
-
S&P
500
Mini
Index
(a)
N/A
630‌
63‌
$
491
.45‌
06/30/2025
(
707‌
)
(
277‌
)
430‌
Total
$
(
969‌
)
$
(
341‌
)
$
628‌
Amounts
in
thousands
except
contracts/shares.
(a)
FLEX
Options
which
are
customized
exchange-traded
option
contracts.
Schedule
of
Investments
U.S.
LargeCap
Buffer
October
Account
March
31,
2025
(unaudited)
See
accompanying
notes.
135
INVESTMENT
COMPANIES
-
87
.65
%
Shares
Held
Value
(000's)
Exchange-Traded
Funds
-
87
.49
%
iShares
Core
S&P
500
ETF
(a)
47,077‌
$
26,452‌
SPDR
Portfolio
S&P
500
ETF
104,633‌
6,881‌
SPDR
S&P
500
ETF
Trust
9,440‌
5,281‌
Vanguard
S&P
500
ETF
(a)
15,424‌
7,926‌
$
46,540‌
Money
Market
Funds
-
0
.16
%
Principal
Government
Money
Market
Fund
-
Class
R-6
4.18%
(b),(c)
86,581‌
87‌
TOTAL
INVESTMENT
COMPANIES
$
46,627‌
TOTAL
PURCHASED
OPTIONS
-
15.00%
$
7,981‌
Total
Investments
$
54,608‌
Other
Assets
and
Liabilities
-  (2.65)%
(
1,409‌
)
TOTAL
NET
ASSETS
-
100.00%
$
53,199‌
(a)
Security
or
a
portion
of
the
security
was
pledged
to
cover
margin
requirements
for
options
contracts.
At
the
end
of
the
period,
the
value
of
these
securities
totaled
$23,662
or
44.48%
of
net
assets.
(b)
Affiliated
Security.
Security
is
either
an
affiliate
(and
registered
under
the
Investment
Company
Act
of
1940,
as
amended,
(the
"1940
Act"))
or
an
affiliate
as
defined
by
the
1940
Act
(controls
5.00%
or
more
of
the
outstanding
voting
shares
of
the
security).
Please
see
Affiliated
Securities
sub-schedule
for
transactional
information.
(c)
1-day
yield
shown
is
as
of
period
end.
Affiliated
Securities
December
31,
2024
Purchases
Sales
March
31,
2025
Value
Cost
Proceeds
Value
Principal
Government
Money
Market
Fund
-
Class
R-6
4.18%
$
7,529‌
$
1,686‌
$
9,128‌
$
87‌
$
7,529‌
$
1,686‌
$
9,128‌
$
87‌
Income
Realized
Gain/(Loss)
on
Investments
Realized
Gain
from
Capital
Gain
Distributions
Change
in
Unrealized
Gain/
(Loss)
Principal
Government
Money
Market
Fund
-
Class
R-6
4.18%
$
2‌
$
—‌
$
—‌
$
—‌
$
2‌
$
—‌
$
—‌
$
—‌
Amounts
in
thousands.
Options
Purchased
Options
Outstanding
Counterparty
Contracts/
Shares
Notional
Amount
Exercise
Price
Expiration
Date
Upfront
Payments
Fair
Value
Unrealized
Appreciation/
(Depreciation)
Call
-
S&P
500
Mini
Index
(a)
N/A
94‌
$
9‌
$
5
.76‌
09/30/2025
$
5,372‌
$
5,192‌
$
(
180‌
)
Put
-
S&P
500
Mini
Index
(a)
N/A
930‌
93‌
$
576
.25‌
09/30/2025
2,727‌
2,789‌
62‌
Total
$
8,099‌
$
7,981‌
$
(
118‌
)
Written
Options
Outstanding
Counterparty
Contracts/
Shares
Notional
Amount
Exercise
Price
Expiration
Date
Upfront
Receipts
Fair
Value
Unrealized
Appreciation/
(Depreciation)
Call
-
S&P
500
Mini
Index
(a)
N/A
364‌
$
36‌
$
633
.88‌
09/30/2025
$
(
545‌
)
$
(
115‌
)
$
430‌
Put
-
S&P
500
Mini
Index
(a)
N/A
930‌
93‌
$
518
.63‌
09/30/2025
(
1,519‌
)
(
1,207‌
)
312‌
Total
$
(
2,064‌
)
$
(
1,322‌
)
$
742‌
Amounts
in
thousands
except
contracts/shares.
(a)
FLEX
Options
which
are
customized
exchange-traded
option
contracts.
Glossary
to
the
Schedule
of
Investments
March
31,
2025
(unaudited)
See
accompanying
notes.
136
Currency
Abbreviations
USD/$
United
States
Dollar